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Published With The New York Times and The Washington Post 


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.31,743 


ZURICH, TUESDAY, MARCH 12, 1985 


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ESTABLISHED 1887 


Chernenko Dies at 73 After 13 Months in Office; 
jorbachov, 54, Succeeds Him as Soviet Leader 

Tass Reports President 
Was III 'along Time ’ 


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Party Choice Represents 
A Break With Old Guard 


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Mikhail Sergeericfa Gorbachov 


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4s f Star Wars’ Advances 

.! By Philip M. Boffey 

Sew York Tima Service 


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™ ‘WASHINGTON — President 
T aald Reagan’s proposal for a 
’ ■ .1 system of space defense 
-inst ballistic missiles appears to 
-[ lY .gaining strong momentum, even 
* : members of Congress and ex- 

. Weapons in Space 

jLhe 'Star Wars’ 

^ -^Controverey 



si ve system and its potential impli- 
cations are raising questions mid 
causing tempers to foie.as debate 
proceeds on the president’s propos- 
al to more than double the current 
annual spending on research, 
spending S30 billion dollars on the 
research program over the next five 
years. 

Both Republican and Democrat- 
ic members tit Congress expect that 
the president’s Strategic Defense 
Initiative, known popularly as 
“Star wars,” will eventually become 
controversial in Congress. How 
soon this will happen is open to 


Compiled fy Ovr Staff From Dts pa c k a 

MOSCOW — The choice of 
Mikhail S. Gorbachov as the new 
Soviet leader to replace Konstantin 
U. Chernenko indicates that the 
Kremlin has finally decided to 
break from the succession of old 
guard leaders who have ruled the 
country for decades and to turn 
over control to a new generation. 

Mr. Gorbachov, who turned 54 
on March 2, is the youngest mem- 
ber of the rating Politburo. After a 
spectacular rise in the Communist 
Party hierarchy, he was elected 
Monday as the Communist Party’s 
general secretary. 

For the past year, political ob- 
servers here had considered Mr. 
Gorbachov to be the No. 2 man in 
the Kremlin. He took power Mon- 
day only four hours after Tass re- 
ported Mr. Cher n enko ’s Hw>th in a 
transition that appeared to have 
been planned well m advance. 

Mr. Gorbachov is said to epito- 
mize a new generation of Soviet 
leaders — unscathed by party ser- 
vice under Stalin, well-educated 
and reared in the postwar 
that saw major advances in 
standards. 

A law graduate from Moscow 
State University, Mr. Gorbachov 
has appeared as the apostle of 

rhangg Bn ri fills to shake Up long- 
staudmg and sluggish Soviet eco- 
nomic practices and introduce 
modern managemen t methods and 
new technology. 

While every previous leader 
since the death of Stalin in 1953 
bad started the long climb to power 
by filling the jobs left vacant from 
and war, Mr. Gorbachov is 
_ a postwar product 
He was 14 when World War II 
ended and did not join the Com- 
munist Party until 1952, the year 
before Stalin died. 

“There is an entire generation 
that has missed out,” a West Euro- 


served during Mr. Gorbachov's trip 
to London in December. “This is a 
new style of Soviet leader — 
charming, with a very attractive 
wife, and absolutely straightfor- 
ward” 

Mr. Gorbachov impressed the 
British media and those Britans he 
met with his affable mann er and 
j^tingnessjuragage in give-and- 

Prime Minister Margaret 
Thatcher said: “I like Mr. Gorba- 
chov. We can do business togeth- 
er." 

But she also noted that, while 
Mr. Gorbachov may be associated 
with a movement to ref cam the 
Soviet economic system, she did 
not perceive him as a liberal anx- 
ious to change Soviet society. 

Mr. Gorbachov gave a measure 
of his self-confidence an that trip 
to Britain when be dropped plans 
to lay flowers at Karl Marx’s grave 
and instead view the crown jewds. 

Answering even difficult 
dons with ease in excellent ~ _ 
he was firm on human rights issues. 
“You gpvem your society, you 
leave us to govern ours,” he said. 

Another aspect of the tiro to 
Britain was the emergence of Mr. 
Gorbachov’s wife, Raisa, who is 
trained as a philosopher. She won 
over Britons with smiles and fash- 
ionable clothes, which are rarely 
worn by older Kremlin wives. 

Mr. Gorbachov’s boldness con- 
trasts markedly with the caution 
and distance displayed by his two 
predecessors, Yuri V. Andropov, 
wbo was 68 when he took over the 
leadership post, and Konstantin U. 
Chernenko, who was 71 

Mr. Gorbachov’s swift rise to the 
top of the conservative Soviet lead- 
ership suggests that he is an ortho- 
dox politician, a tough infighter 
careful not to offend the oM.guaid 
with radical views. 



Konstantin Ustinorich Chernenko, 1911-1985 

Leaders Hail Chernenko 
For Return to Talks 


While be has called for “deep 
pean diplomat told United Press transformations" in the Soviet 
Inter n ational, in Moscow. economy, it is not cIbw how far he 

“Tbe fact that they bad an elder- supports economic reform. 


cly impressive lead- 
been a problem,” 
“There 


ly and not] 
er has 

the diplomat said. “There have 
beat few windows of opportunity 
in recent years to travel to meet an 
American president." 

Mi. Gorbachov has impressed 
Western leaders with his broad 
knowledge and polished manners 
in successive trips to Belgium, Can- 


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’ is outside the government ask 
ether it is putting the United 
aes onto a new strategic course 
s^ore the implications can be fully 
isidered. 

Fn Critics fear that tbe president's 
fra: a defense that would 
^tder nuclear weapons “impotent 
d obsolete” will fail and yet is 
eady driving the world's military 
cnpetition in new directions. 
Although the Soviet Union is be- 
bed to be substantially behind in 
technology needed to put effec- 
weapons in space, its leaders 
t sara that they will have to 
i^u^riexate research in this area and 
they will expand production of 
ensive weapons in response to 
- Reagan’s plan. 

, rategic thinkers disagree 
upty on whether the world will 


question, but no one has eroressed 
a desire yet to cut back the pro- ~ 


“There is an important tmderiy 
(Continued on Page 4, CqL 2) 


many, Italy 
Britain. 

Denis 
foreign and 


and, most recently, 


a former British 
cure secretary, ob- 


Mr. Gorbachov's views on for- 
eign affairs, where he has little ex- 
perience, are even less wdl-known. 

Alone among top Politburo 
members, he has not had a collec- 
tion of speeches and articles pub- 
lished in the Soviet Union. 

In his public speeches, Mr. Gor- 
bachov nas made s tandar d Krem- 
lin attacks an the West but also 
gmphadzed ditcntG in a way that 
suggests to some Western analysts 
that he favors limiting military ex- 

(Continued on Page 5. Col 1) 


Qmpded by Ow Staff From Dispatches 

.. LONDON — Foreign leaders 
paid their condolences Monday af- 
ter die death of the Soviet presi- 
dent, Konstantin U. Chernenko. 

Some praised Mm for a period of 
internal stability and for Ms deci- 
sion to return to arms negotiations 
with the United Stales. 

Among heads of government 
and state wbo said they would at- 
tend Mr. Chernenko’s funeral in 
Moscow on Wednesday were Prime 
Minister Margaret Thatcher of 
Britain. Chancellor Helmut Kohl 
of West Germany, Prime Minister 
Rajiv Gandhi of India, President. 
Mauno Koivislo of Finland, Gen- 
eral Mohammed Zia ul-Haq of Pa- 
kistan and President Sandro Per- 
tim of Italy. 


President Ronald Reagan said he 
would send Vice Presidait George 
Bush. Mr. Reagan said he would 
send Moscow a message of condo- 
lences. 

The 35-nation European disar- 
mament conference in Stockholm 
observed a minute's silence and 
suspended normal business for a 
day. 

Javier Pferez de Cuellar, the Unit- 
ed Nations secretary-general, paid 
tribute to Mr. Chernenko's “gra li- 
me interest in a peaceful solution of 
international problems.” 

A Chinese statement hailed Mr. 
Chernenko as an outstanding Sovi- 
et leader who had preaded over an 
improvement in Chinese-Soviet 
ties. (Reuters, AP. UPI ) 


Compiled by Our Staff From Dupoidm 

MOSCOW — President Kon- 
stantin U. Chernenko, 73. who 
look power 13 months ago, died 
Sunday night He was succeeded 
Monday as tbe leader of the Com- 
munist Party by Mikhail S. Gorba- 
chov, Tass reported. 

Mr. Chernenko died from com- 
plications of chronic emphysema, 
aggravated by a heart deficiency 
and cirrhosis of the Over, which the 
news agency said he had had “for a 
long time.” He will be buried 
Wednesday in Red Square, the tra- 
ditional resting place- of Soviet 
leaders. 

Mr. Gorbachov, 54, an econom- 
ics specialist, will be the Soviet 
Union's fourth leader in 28 months 
and the youngest since Lenin. 

His appointment as general sec- 
retary by the party Central Com- 
mittee signals the emergence of a 
new generation of postwar Soviet 
leaders, observers noted. But it will 
not necessarily mean major 
changes in Soviet policy. 

In an address to the Soviet pub- 
lic, carried by Tass. the Central 
Committee, the Presidium of the 
Supreme Soviet and the govern- 
ment emphasized Monday what 
analysis interpreted as a determi- 
nation to continue current foreign 
and domestic policies. 

The state and party organiza- 
tions said that the Soviet Union 
remained committed to construc- 
tive dialogue with the West but that 
it was determined to strengthen the 
country’s defenses. 

In Geneva, it was announced 
that U.S.-Soviet negotiations on 
nuclear arms would begin Tuesday 
as planned. (Page 4.) 

Mr. Gorbachov is eventually ex- 
pected to be named Soviet presi- 
dent as well as party leader but that 
must be done by the Supreme Sovi- 
et, the nominal parliament. 

Although he has been a full 
member of the ruling Politburo 
only five years, the choice of Mr. 
Gorbachov was not surprising. 
Western diplomats and other ob- 
servers had considered him to be 
the Kremlin's No. 2 leader. 

The tinting of the announce- 
ment, four hours after the an- 
nouncement of Mr. Chernenko's 
death, made it dear that the succes- 
sion “had been worked out in ad- 
vance,” a Western diplomat, who 
asked not to be identified, told The 
Associated Press. 

Mr. Gorbachov had earlier been 


appointed chairman of Mr. Cher- 
nenko’s funeral committee, a posi- 
tion that signaled he was the lead- 
ing candidate for party secretary. 

Tass announced the death of Mr. 
Chernenko almost 19 hours after 
he died, following a night of specu- 
lation prompted by programming 
changes on Soviet media, the play- 
ing of somber music on Moscow 
radio and the unexpected depar- 
ture from the United States of a 
high-level Soviet delegation led by 
a Politburo member. Vladimir V. 
Shcherbusky. as well as the depar- 
tures of high-ranking delegations 
visiting West Germany and Yugo- 
slavia. 

Toss said an autopsy found that 
Mr. Chernenko had long suffered 
from “pulmonary emphysema, 
complicated by pulmonary and 
cardiac insufficiency.” 

It said the autopsy report, signed 
by Yevgeny Chaiov, the chief 
Kremlin doctor, and nine other 
doctors, said: “The gravity of the 
condition was furthered by con- 
comitant chronic hepatitis, which 
worsened into cirrhosis.” 

Tass said that Mr. Gorbachov 
would lead the 10 remaining mem- 
bers of the Politburo in mourning 
Mr. Chernenko. Mr. Chernenko 
led the mounting for his predeces- 
sor, Yuri V. Andropov, who died 
Feb. 9, 1984, as did Andropov for 
Leonid I. Brezhnev, who died Nov. 
10, 1982. 

Speculation that Mr. Chernenko 
was seriously ill began last summer, 
when he disappeared from public 
view for 54 days. Andropov had 
been absent for six months before 
bis death. 

In December. Mr. Chernenko 
failed to appear for the funeral of 
Defense Minister Dmitri F. Us- 
tinov. 

In mid-January, Soriet officials 
admitted that Mr. Chernenko was 
too ill to go abroad for a meeting of 
Warsaw Pact leaders, but they gave 
no indication of the nature or seri- 
ousness of the Alness. 

Mr. Chernenko was the oldest 
person to take over the Soviet lead- 
ership. The previous leaders were 
Vladimir 1. Lenin, 1917-1924; Josef 
Stalin. 1924-1953; Nikita S. Khru- 
shchev, 1953-1964; Brezhnev, 
1964-1982, and Andropov, 1982- 
1984, Georgi M. Malenkov was 
party and government leader for 
one week in 1953, but he is not 
recognized by official Soviet chro- 
nologies. (UPI. AP, AFP) 


The Post-Petrodollar Era: Japanese Investing Trade Profits Worldwide 


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By Peter T. Kilbom 

jVw York Tims Service 

WASHINGTON — An enormous tide of money, 
rivaling the “petrodollars” from OPEC's profits 
amasse d in the oil crisis years, is rolling through the 
world economy at a rate of $50 billion to $100 bution a 
year. 

The new money comes from Japan, and about half 
of it is landing in the United States, according to 
Japanese government authorities here. 

It represents Japan’s growing surplus in foreign 
trade, and a lot of tbe money is bring invested in the 
e safer or more dangerous as Treasury securities issued to finance the Reagan ad-' 
missile-defense research pro- ministration’s huge budget deficits, 
im goes forward. “It's potentially the biggest single flow of capital in 

“ said Brian Fernandez, chid invest- 
the New York branch of Nomura 
the Japanese investment firm, 
o diminution of ibis at all,” said John F. 
ms of discussion on how the two Loughran. head of Moigan Guaranty Trust Co.’s 

operations in Tokyo. 

The funds represent t he nest eggs of Japanese con- 
sumers, wbo save more than 20 percent of their wages, 
and the profits of Japanese industry’s conquest of 
„„ world markets with automobiles, video recorders, 

p f.'ln Congress^ the proposed ddtsi- cameras, and computers. 

540>:- ■ 


Japanese people turn much of their savings over to 
insurance companies, which try to outbid one another 
in offering consumers the highest possible return. The 
insurance companies, like Japanese corporations and 


from the unusual condition of a world economy that is 
driven by the unique characteristics of the U.S. econo- 
my — its exceptionally strong dollar, its federal bud- 
get deficits, its relatively high interest rates, and its 


One expert predicts that, at the current rate of investment and 
borrowing, the U.S. will owe the rest of the world $1 trillion five years 
from now and the rest of the world will owe Japan $500 billion. 



- perpowers could put space de- 
: * ise systems into effect — not on 
ictber research and development 
"ograms could or should be limit- 
( in any way. 


pension mist funds, find the highest yields right now 
in the United States. 

In the first three months of 1984, tbe net outflow of 
Japanese capital totaled just S5.8 billion, according to 
the Japan Economic Institute, a Japanese government 
information agency in Washington. But by December, 
the monthly outflow had soared to $8.4 bDHon. an 
annual rate erf more than $100 billion. For tbe whole 
year of 1 984 the figure was $49.8 billion — $10 billion 
more than the total of the three preceding years. 

In addition, the Japanese recorded S4.7 billion in 
net short-term investments, mostly three-month and 
six-month U5. Treasury tails. 

To many economists, tbe monetary flood arises 


record trade deficits. Japan has been the principal 
beneficiary of these developments. It is becoming the 
world’s biggest creditor, while 
the biggest creditor, is becoming the biggest borrower. 

C. Fred Bergsten, director of the Institute for Inter- 
national Economics, a research organization in Wash- 
ington , predicts that, at tbe current rate of Japanese 
investment abroad and U.S. government borrowing, 
the United States will owe the rest of the world $1 
trillion five years from now and that the rest of the 
world will owe Japan $500 billion. 

But, he said, sharp declines of either the dollar’s 
value oc Uh. interest rates could send the Japanese 


fleeing elsewhere for greater returns and cause further 
dollar declines and a recession. 

Economists also suggest a quite different possibili- 
ty, however. To make investments in (he United 
States, tbe Japanese have to sell yea and buy dollars. 

In helping to keep the dollar up and the yen down, 
the Japanese help protect the price advantage of the 
goods their industries export to ibe United Stales. Asa 
result. Japan’s surplus in trade with the United States 
— $44.4 billion last year — would persist and continue 
to provide new funds for the Japanese to invest in tbe 
United States. 

Last May, after prolonged negotiations, the Trea- 

alize banking regulations that held interest rates well 
below those prevailing in the world market. 


As a result, the administration expected the dollar 
to decline somewhat as demand rose for investment in 
yen-denominated holdings. , 

Instead, the_yen has declined and the dollar is 
stronger than ever largely because the Japanese “start- 


Iran Bombs 
Near Baghdad 
In Escalation 

The Associated Pros 

BAGHDAD — Iranian jet fight- 
ers rocketed and strafed residential 
areas in Baghdad on Monday, and 
Iraqi warplanes bombed Bakh- 
laran. a major dty in western Iran, 
as tbe Gulf war again escalated. 

At least 83 people were reported 
killed and more than 500 injured in 
the raids. 

A few hours after an Iranian mil- 
itary communique announced the 
bombing, the Iranian national 
press agency, monitored in Cyprus, 
said Iran had accepted a proposal 
by the United Nations secretary- 
general, Javier Perez de Cuellar, to 
halt attacks againsL civ ilian targets 


ed looking at the very high yields they could get in the as °f midnight Monday. 

T CtAiw ** Wa r * n .L / UratmtAi* Tr-Ifl’c fsinae 


United States,” according to Mr. Loughran at Morgan 
Guaranty. 


‘70.^: 


INSIDE 


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oney f 

I?* Kir 

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■ ■ Vietnamese troops overran 
....... ; ■ the last guerrill a base in Cam- 

; •."bodia. Page! 

• ' - *0 '• 

r< V*- '■ Prime Minister Papudreon’s 
“ ' move to block thereiketiontrf 
• - President Caramanlis is seen as" 

. an appeal to the left. Page 3. 

BUSINESS/FINANCE 

■The doDsr (efl sharply on 
Monday, triggered by a drop in 
U.S. interest rates. Page 17. 


#*An 


^trolling interest in 
I^' *■ , ish company that owtu 




a 

Brit- 
ish company that owns Harrods 
department store. Page 19. 






SPECIAL REPORT 

■ Going it alone: The Nigerian 
government's austerity policies 
test the nation. Pace 7. 


Israel’s 'Iron Fist’ Strengthens Lebanese Resolve 


By John Kifner 
New York Times Smite 

MARAKAH. Lebanon — IsraeTs crackdown 
in southern Lebanon, aimed at curbing attacks 
by Shiite Moslems on Israeli troops, is deepen- 
ing a resentment among the population that 
could strengthen support for anti-Israeli guerril- 
las. 

The new policy, called “iron fist" by some 
Israeli leaders — surrounding villages, rounding 
up tnate inhabitants and conducting house-to- 
house searches for weapons — is also fostering a 
growth in the popularity of an Iraoian-style 
Islamic fundamentalism. 

These conclusions emerge from interviews 
with many residents and foreigners, including 
United Nations personnel during a three-day 
tour of tbe region last week. The Israeli Army 
has barred journalists based in Beirut from 
entering the territory it controls, but several 
correspondents, induding this one, were aWe to 
slip througfa the Israeli lines. 

The Israelis, wbo invaded Lebanon in June 
1982, announced a three-stage withdrawal in 
mid-January. They imposed the stricter policy 


after die first pullback in February was followed 
by an upsurge in attacks on Israeli soldiers. 

The region has new become a batileground, a 
place of guerrilla attack and Israeli retaliation, a 
scene of fear and violence under the bright, early 
spring Mediterranean sky. 

Israeli soldiers huddle along roadsides by 

Israetitroopskffl24gutmB2stoara«iona 

Shote village. Page 2. 

huge earthen mounds heaped with barbed wire 
and screens, or crouch over their guns when they 
venture forth in armored caravans. 


The toads are little traveled and 
midafternoon; residents say they are fi 
being seized or shot by the Israelis. 

The hostQitv from the Shiites is a si, 
turnaround. In the months before 


E 


by 
ul of 


ificant 


1982 


Israeli invasion of Lebanon, residents of tbe 
area east of Tyre had turned increasingly 

against the Palestinian guerrillas wbo t h en dom- 
inated it; they welcomed (he Israelis with rice 
and flowers. 


But because of a series of incidents with the 
Israelis, many Shiites have turned against them. 

Attempts by the Israelis to maintain control, 
including cutting off roads, which local resi- 
dents say has devastated the local economy, 
have only led to mounting guerrilla attacks. 

“When thqr came here, they bad a 90-percent 
chance to be the friends of the people;” a weQ- 
to-do merchant in Tyre said this week, “but they 
had to show they were the masters.” 

Villagers say recent actions have made things 
even worse. People interviewed in both Sila and 
Marakab said Israeli troops had rained thor 
stores of food by throwing the supplies of grain, 
sugar and flour together so they could not be 
used. 

Israeli officials said their raids were designed 
to turn the population against the guerrillas by 
making the cost of supporting thou too high. 
But the Israeli policy seems to have increased 
the militancy of the Shntes, whose religion fos- 
ters a unique regard for suffering. 

A Western security source with It 
ence in southern Lebanon said the 

(Continued on Page 2, CoL 5) 



Uh Aaeeatadhan 


A woman whose house was demolished by the Israeli Army 
in south Lebanon angrily vows to fight the occupation. 


However, Iran’s foreign minis- 
ter, Ali-Akbar Velayati, said in a 
message to Mr. Perez de Cu£Uar 
thai Iran would continue retalia- 
tory attacks “with full force” if Iraq 
opposed the cease-fire proposals. 

The official Iraqi News Agency 
quoted an unidentified military 
source as saying “one Iranian jet 
fighter infiltrated across the eastern 
border in the morning and attacked 
the Fdailiyeh area.” 18 miles (29 
kilometers) east of Baghdad. 

The report said the Iranian war- 
plane was “intercepted by Iraqi jet 
fighters.” Tbe attack, according to 
the agency report, “wounded three 
children.” 

ers^ded a “large nava/ target,” 
which usually means an oil tanker, 
in the Gulf, the second such raid in 
two days. 

Witnesses reached by telephone 
in Baghdad said Iranian jets fired 
rockets and guns on die three resi- 
dential areas of Kasra, Atash and 
Saddam dty, east of Baghdad, kill- 
ing at least 13 persons and wound- 
ing scores of others. 

Tbe Iranian military communi- 
que issued in Tdiran and carried by 
the official Islamic Republic News 

(Continued on Page 2, CoL 7) 


tf 1 





Page 2 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 




Israel Attacks Village, Kills 24 Guerrillas 


*MWJ 

TEL AVIV — The Israeli Annv 
said Monday that it killed 24 guer- 
rillas and fought a gun battle with 
Lebanese soldiers during an at tack 
on a Shiite village in southern Leb- 
anon. 

The raid came as Israeli leaders 
vowed to strike back strongly after 
a suicide car bomb attack that 
killed 12 Israeli soldiers and 
wounded 14 near the Lebanon- Is- 
rael border Sunday. 

A military spokesman said 10 
Lebanese Army soldiers were de- 
tained during Monday’s operation 
that began when Israeli troops 
moved into the village of Zrariyeh, 
about a half mile (one kilometer) 
beyond their front line in territory 
nominally controlled by the Leba- 
nese Army. 

The Lebanese Army was warned 
not to interfere, but it opened fire 
on the advancing Israelis, the 


spokesman said. He added, "It was 
only then we fired back." 

The guerrilla death toll was the 
highest since Israel began its “iron 


fist” policy a gains t Shiite villages 
around Tyre last month in an at- 
tempt to curb attacks on its troops. 

Lebanese military sources in Si- 
don said heavy fighting erupted at 
dawn when Israeli infantry ad- 
vanced on Zrariyeh and Arzay. Is- 
raeli tanks shelled the villages and 
Lebanese Army positions nearby, 
wounding 12 villagers, the sources 
said. 

Lebanese troops returned fire 
but officers in Sidon. sending rein- 
forcements, lost contact with Zrar- 
iyeh soon afterward, the sources 
said. 

They said that helicopters landed 
Israeli troops at the villages at 
dawn. Villagers helped the Leba- 
nese Army fight the Israelis, Beirut 


radio quoted army sources as say- 
ing- 

Witnesses later said that Israeli 
troops were sealing the approach 
roads to ihe two vipages. 

Israeli leaders rejected calls for a 
quick withdrawal from Lebanon 
after the car bombing. Leftist and 
centrist parties presented parlia- 
mentary motions urging an imme- 
diate pullback, and blade-bordered 
newspapers published editorials 
urging Israel to get out erf Lebanon. 

Defense Minister Yitzhak Rabin 
responded by pledging that the 
army would toughen its anti-Shiite 
campaign and continue its planned 
phased withdrawal, expected to be 
completed by autumn. 

“Shiite terrorism is the only one 
in the world which has a stockpile 
of maniacs ready to commiL sui- 
cide,” he said. 

Prime Minister Shimon Peres 
said that terrorism would not be 


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allowed to dictate security policy. 

The Israeli Army said that Mon- 
day's attack was based on intelli- 
gence that local Shiites were plan- 
ning “to strike at our forces.” 

“During the raid. 24 terrorists 
were killed, many suspects were ar- 
rested and troops uncovered a vast 
quantity of weapons.” the military 
spokesman said. 

It was the second time in four 
days that Israeli and Lebanese 
Army units have clashed. The army 
said the 10 Lebanese soldiers had 
been detained rather than cap- 
tured. apparently indicating that 
they would be released. 

Shiite Moslem guerrillas fighting 
Israel's occupation also kept up at- 
tacks with two roadside bombs 
near Tyre. The bombs exploded as 
Israeli patrols passed. There were 
no immediate reports of casualties. 
Lebanese security sources said. 

Nightlong gunbadies raged 
around Tyre, the scene of daily 
arrests by patrols of Israelis and 
their militia allies. 

The sources said that Israeli heli- 
copters machine-gunned civilians 
crossing the Israeli front line along 
sideroads, wounding two. and 
tanks shelled Lebanese Army-held 
territory further north near Zrar- 
iyeh. 

At the village of Yatar. southeast 
of Tyre, Irish members of the UN 
peacekeeping force were caught in 
crossfire during a dash Sunday 
night between pro- Israeli militia- 
men and Lebanese guerrillas, a 
spokesman for the UN Interim 
Force in Lebanon said. 

The spokesman. Timor GdkseL 
said there were no casualties but 
that the UN unit would ask the 
Israeli Array to prevent a recur- 
rence. 

The Israeli Army announced 
that it was increasing security in the 
predominantly Christian area 
where Sunday’s car bomb explod- 
ed. Vehicles must now carry at least 
two persons, as in the Tyre region, 
to reduce the risk of car bombings. 


Curb on Travel Imposed 
In Namibia's War Zone 

Nr*' York Time Service 

JOHANNESBURG — The au- 
, thorities in South-West Africa im- 
posed new measures Monday re- 
stricting access to the north of the 
territory, also known as Namibia, 
where guenillas have been fi ghting 
I a low-key war for 18 years against 
the South African administration. 

A police spokesman in Wind- 
hoek, the capital said travelers 
would be required to have a police 
permit if they washed to visit an 
area stretching 600 miles (960 kilo- 
meters) along the territory's north- 
ern bonder with Angola and Zam- 
bia and 300 miles down its frontier 
with Botswana. 



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A Cambodian guerrilla with a foot injury receives treat- 
ment from the Red Cross at a field hospital in Thailand. 

Vietnam Takes last Base 
Of Cambodian Guerrillas 


By William Branigin 

Washington Post Service 

BANGKOK — The last Cambo- 
dian guerrilla base along the Tbai- 
Cambodian border fell to Vietnam- 
ese forces Monday, according to 
Thai military sources and Western 
diplomats. 

Fierce shelling and ground as- 
saults on the Green Hill base 
forced most of the guerrillas loyal 
to Prince Norodom Sihanouk to 
withdraw across the northern Cam- 
bodian border into Thailand near 
the village of Tatum, the sources 
said. 

Thai forces continued to battle 
Vietnamese troops who crossed 
into Thailand last week in an effort 
to surround the resistance base, the 
sources said. 

They said F-5 aircraft of the Thai 
Air Force carried out air strikes 
early Monday in support of ground 
troops fighting to dislodge more 
than 1,000 Vietnamese from two 
hills about one and a half miles (14 
kilometers) inside Thailand- The 
two sides also traded artillery fire 
across the border. 

The fighting coincided with the 
arrival Monday in Bangkok of 
President Li Xiannian of China. 
.The Thai authorities hope Mr. Lfs 
five-day state visit as a guest of 
King Bhumibol Aduiyaaej will 
demonstrate Chinese support for 
Thailand in its conflict with Viet- 
namese forces occupying Cambo- 
dia. 

China backs the Cambodian re- 


sistance groups battling the six- 
year Vietnamese occupation of 
their country. Beqing has repeated- 
ly warned Hanoi that its dry-season 
offensive along the Thai -Cambodi- 
an bonier might provoke a “second 
lesson” reminiscent of the brief 
Chinese invasion of northern Viet- 
nam in 1979. 

The Vietnamese offensive ap- 
peared to overcome its final obsta- 
cle Monday to wiping out a guerril- 
la “liberated zone” on the 
Thai -Cambodian border after a 
weeklong siege at the Green Hill 
base. 

Spokesmen for Prince Sihanouk 
in Bangkok would neither confirm 
nor deny the pullout They said 
only that the pro-Sihanouk guerril- 
las at Green Hill have “changed 
tactics.” They tndjearerf that some 
fighting was still going on in the 
area and that they had killed more 
than 1,000 Vietnamese and lost 
only 20 to 30 guerrillas. 

Since the Vietnamese began their 
dry-season offensive in November, 
they have systematically wiped out 
all the bases of three Cambodian 
resistance groups along the 450- 
mile border with Thailand. This 
has forced about 250,000 Cambo- 
dian ci vilians to flee to evacuation 
rites on Thai territory. 

Vietnam, which maintains 
160,000 to 180.000 troops in Cam- 
bodia. is now expected to turn its 
efforts to sealing the border against 
future guerrilla infiltration. 


WORLD BRIEFS j 

7 Bombs Explode in Portuguese Cities 

LISBON (AP) -Seven bomb of&mon 

telephone call to a Lisbon radio station that it ^ 

boS^A caller told the state-nm press agamy 

had been carried out “against private interests and L m .deSmtioaSKw 

izatioas." The government of Prime Minister MAno Soares 

plans last week to permit private investment m -g 

P Three of the bombs went off at fivc-mumte intervals, 

AM., in Evora, 96 miles (155 kilometers) east of Lisbon. The other too 
bombs went off a short time later in Lisbon, the capital. 

4 Men Held in Dortmund Bombing 

KARLSRUHE, West Germany (UPI) — Four men an^tedon^p‘‘ 
cion of planting explosives that injured eight persons ml 
dep artmen t store, two seriously, may have been on a bombin*, “joynae, 
an official said Monday. , _ , , 

Hans-Georg Fuchs, spokesman for the Federri Pn»wmtor s Offioem 
- Karlsruhe, gave few details of the four arrests but said chat the motrve 
behind the bombing Thursday of the Hertie department store in uon- 
mnwd was not apparently. political “They had some insane monve. 

not elaborate on when and where they woe picked up. After bombing 

a man called a local newspaper office to say that an extreme tefnst group 

carried out the attack. But a spokesman for the Interior Ministry saw 
Monday that despite the “phone cafl, police investigations now suggested 
the bombers were not part of any recognized terrorist group, lot or 
right” 

Nimeiri Dismisses 11 Fundamentalists^ 

KHARTOUM, Sudan (Reuters) —President Gaafar Nimeiri of Sudan 
has diwnigsflri 1 1 members of the Moslem Brotherhood from his govern- 
ment, accusing the fun damentalis t movement of plotting to overthrow 
him. 

In a radio broadcast Sunday, General Nimeiri announced that he had 
removed Hassan Abdalla al-Turabl a leader of the Moslem Brotherhood, 
from his posts as foreign affairs adviser and member of the central 
committee of the governing Sudanese Socialist Union. 

General Nimem also dismissed three prominent judges. One of them is 
al- Mikashfi Taha al-Kabbashy, former chairman of the Court of Appeals 
and the man who confirmed the sentence last month cm a 76-year-old 
Sudanese dissident who was hanged for heresy. In addition, Mr. Nimeiri 
dismissed die let 

Bush Urges Coordination on Food Aid 

GENEVA (AP) — Vice President Gouge Bush, saying that ideology 
and vague pledges will not feed starving people m Africa, appealed 
Monday to delegates at a UN conference for better coordination of 
shipments of food aid to sub-Saharan Africa. 

Mr. Bush addressed the conference an Africa a day after he arrived 
from a weeklong trip in which he met with officials in Sudan, Niger and 
Mali and visited camps for drought victims in Sudan. The delegates are 
ttf discuss a report that says that 21 African countries wfll need more than _ 
Sl.5 billion maid this year. V 

Mr. Bush said that a greater tragedy can be avoided If we pot aside 
ideology, open our hurts, strengthen vital institutions of cooperation, get 
to the root of Africa’s crisis, and have the courage and perseverance to see 
the problem through.” He added, “Just as threatened populations cannot 
' eat ideology, they also cannot eat vague pledges.” 

Mubarak Asks Weinberger for Aid 

WASHINGTON (UPI) — President Hosm Mubarak of Egypt asked 
Defense Secretary Caspar W. W ein berger on Monday for more U.S. aid, 
but a U£ official said that the administration must consider the federal 
budget deficit in reviewing the request 

Sources also held out little hope of success for Mr. Mubarak's other 
goal to persuade the United States to approve ins plan for hew Middle 
East peace talks. This plan calls for the United Sates to meet with a 
Jbrdaman-Palestmian delegation to prepare for direct Israeli- Jordanian- 
Pales tinian contacts. 

Mr. Weinberger declined to detail the hourToeg talks, except to say: “I 
think we had a very good meeting.” Another US. official who had 
attend ed the mapping said no agreem ents had been reached. Before the 
meeting, Egyptian and US. officials said that Mr. Mubarak would seek 
$870 million in extra aid this year. Egypt is receiving about Si billion in 
economic aid and $1-2 billion in mflitaiy aid for fiscal 1985. 




Israel’s 'Iron Fist’ Strengthens Lebanese Resolve 


(Cautioned from Page 1) 


Israel has issued a categorical dy by the Israelis, according to Ali withdraw those forces, an army 


had led to a growth in popularity of denial that it had any role in the Jaffer ShprafadHwn a 35-year-old spokesman said in Tel Aviv last 
Islamic fundamentalism. blasL architect, and other witnesses. week, according to The New York 

“This is purely an Israeli ere- But Shiite residents say they be- They were blindfolded, their Tunes, 
ation,” he said. “We never had this Keve **1 Israeli operatives placed hands tied behind them and forced “At * time when we have 


religious fervor here before” the bomb the day before after a 
Marakah is a small hilltop vfl- large force of Israeli soldiers took 
l age. almost medieval in appear- c ^ ver the town for a search opera- 
ance. which has played a critical bon. 

role in the Shii te resistance. At the After the explosion, first-aid 
entrance to the town, the roadway workers in Tyre drove through the 
is scorched black from burning city with a loudspeaker calling for 
tires and the rusted wrecks of cars blood demon to oome to Jebd 
used as barricades against the Is- Amei Hospital What happened 
raelis. next is one of the most contested 

When the Israelis come, lookouts incidents since the withdrawal be- 
shout alarms of “God is great!” gan. 


hands tied behind them and forced “At a time when we could have 
to kned in the dirt outride for sev- e xp ected a decrease in such acts 
eral hours, Mr. Sherafaddein said dnetothefactthalweareonbur 


ppear. over the town for a search opera- in an account that was also com*- way out, terrorist leaders apparent- 
Endcal orated by Weston idkf workers, ly preferred to score poinKm their 

A , 1 ** Af 1 U “ts® TVy said some were driven away imercammimal fights by using Is- 

SSiSLSS £ s E apped 10 annored r** 50 ™* nun soMiere as maSSand 

off with a loudspeaker callin g for ners. convenient target,” Marling to 

s r~,r* hliYid donors tn mme to u. . «-s. ~~ ulv r A *e ‘V 


strapped lo annored personnel car- raefi soldiers as an expedient and 

cu • -A*. . convenient target,” according to 

Mr. Sherafaddein said they spent the spokesman. Brigadier General 
the night m a foul-smdlmg cargo Ephraim Lapid. 
coDtainer and were givo, wet bto- Under the dtrnmMnnces. he 

LCU). -JJ.J L-J «L ■ I a 




from the minarets of the mosques; 
the women pour into the streets to 
confront the armored cars while the 
young men slip away into the hiDs. 


As about 100 people assembled 
in the parking lot, an Israeli patrol 
came on the scene, according to 
accounts by witnesses, including 


uuu " Under the rircmmtances, he 
Since the “iron fist” policy took 

effect, at least 22 residents have appropriate re- 

sen reported failed. Seven have . _ 

ed in the last week, not counting General Lapid said that in each 


been reported failed. Seven have 
die d in the last week, not counting 


In the town square, as in almost Western relief workers andjournal- 
every village in the region, the ists. The Israelis say that the crowd 


green flag of the Shiite movement was whipped ml 
Amal flies. Just off the square is the tors and mat soli 
Hussenieh. a Shiite religious assem- to restore order, 
bly hall and office building that People in the 
was the site of a bombing March 4 raeh soldiers chi 
ihai killed 15 people, including two pitol throwing « 


d into a frenzy by agita- 
t soldiers were called in 


died in £be lost week, not counting '-rcnerai Lapia said that in each 
those killed in the Marakah explo- «se troops were sent into a village, 
non. Some of the d e a d were quite found substantial quantities of 
likely guerrillas. weapons and explosives” including 


L,. j 


People in tbe village said the Is- 
raeli soldiers charged into the hos- 
pital throwing concussion grenades 


likely guerrillas. 

■ Israel Explains PoBcy 
The Israeli crackdown in occu- 
pied southern Lebanon was a po- 
lity forced upon Israel “by a dra- 
matic increase in terrorist acts” 


important guerrilla leaders. Mo- ttod shooting into tbe eating. Peo- 
bammed Saad and Khalil Jeradl pie waiting in the lobby to give 

blood were seized, beaten, kicked 

and then arrested the witnesses 
said 

Dr. Mohammed Makfa, who was 
on duty at tbe time, said that “in- 
ride tbe hospital it was tike a bat- 
tle.” 


nusaks and other sophisticated ar- 
mament 

Tbe general said that relatively 
few people had been seized and 
that “all those who have been ar- 
rested were either identified terror- 


against its forces since the decision ists or members of various hostile 
was reached in mid- January to organizations.” 

Iran Raids Baghdad Area 

(Continued from Page 1) ties at Bandar Khomeini formerly 

Agency said the warplanes struck Bandar Shahpur, on the northern 







About 25 men at the hospital ^ “predetermined” pmnts in Bagh- tip of the Gulf, and bombed the 
including a man who had just ™ore than three mil- town of Bongerd in Lorestan prov- 

broughi his pregnant wife to ddiv- “ oa ’ m ^ c ” n 6 “ eav y casualties and wee ca us i ng unspecified casualties 


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added, 
sen a£ war 


In a Tehran radio interview, an Iraamifiraq haveSeen at war 
““identified Iranian coland said: since September 1980 but the 
“We did not bomb houses, only fighting fias escalated i the past 
gratsa^ Weflewoverhousesand week with dafly reports from SS 
bombed the military concentration countries of attackson their dtisT 
pom £5 m Baghdad to show them An I rani wunan «vW#% mtlJ -J— 


points m Baghdad to show them An Iraqi woman, wbo said she 
w power and the fad we were Wrane into central Baghdad 
able to bomb any target we from tbe attacked area, reSorted 


J UE minrawi area n*nni Iwl 

' , die Iranian planes fired two 
Die press agency tdso reported rockets at Saddam city aooorS^ 
that two Iraqi planes flew over Teh- dential ndghboriioodon^ th?S" 

ran, the Iranian capital but it said ern edgeorKasra. 016 WCSt ~ 
they wot chased away by the Irani- One of the rockets hit a jmveni- 

An eartier Iraqi air raid on the 

city of Bakhtaran. formerly called the houses.” saidfcv^n-f^ 1 
Kennanshah, failed at least 70 peo- refused -to be identiffcd™ 8 ^ 
pie and wounded more than 500 .. Another wit**.* . 

SESfi ■iwfiSassisssi 


others, die agency? 
more than 200 horn 
Lshed in the bombii 
Iraqi p lane* ailcn 


said. It n 
ises were 


ssastsfwtr* 


iMvsvsmr 


attadr tfiai lasted “Q ^ 
nnnutes” against Kasra and t 
seven imus east erf Baghdad. 



sss 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


Page 3 


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liftl Tfe* i'-AW . • 


Senators 

.,;%5ay Taxes Are 
inevitable if 
deficit Grows 

L ‘ By Bob Secter 

■■'.•.••• Lot Angela Tuna Semcc 

- - ‘ WASHINGTON— Tberanking 
' - republican and Democrat on the 
enaie Budget Committee have 
' -anted panel members that if they 
' 3ndnuetor»stagmficantcutsin 

OI>t. ideral spending, tax increases may 

* ‘tiling It e theraily solution to reducing the 
u %.S. deficit. 

PeteV. Domenka, Itepublkan of 
- -lew Mexico and chairman of the 
ommittee, said Sunday on televi- 
ioh, “We’re moving rather quickly 
... s i see it toward taxes.” 

•/■ • Although he vowed to oppose 
• V ny tax increase in the fiscal 1986 
' ‘udget, Mr. Domenid said that if 
■ ' ommittee members continued to 
eject domestic budget cuts, 
they’re going to have to put taxes” 
'i the budget resdution to signifi- 
antly cut deficits. 



Papandreou Move Seen as Pitch to the Left 

By Henry 

New York Tin 


Pete V. Domenid 

move strongly opposed by state 
and local officials of both parties. 

Mr. Domenid suggested that the 
budget fight was still in its “early 
innings." 

“From what I can tell,” he said, 
“there will be a dosed reality when 
we're finished with this first round” 
of hearings. 

Bat Senator Lawton Chiles of 
Mf. Dotnexdd hopes to reduce Florida, the ranking Democrat on 
ext year's projected deficit of $220 ^ <«"*""»•* *■»«! *k» hh» 

illion by $60 billion, but aides 


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ave calculated that the spending 
ats approved so far amount to less 
Ull Aii*. 14111 a Of the $60 billion. 

in four days of hearings last 
. .-eek, the committee repeatedly 

- ‘ araed down administr&iion- 

- ' acked proposals to end subsidies 
x student lunches; mass transit 

.. /stems and Am Irak, the national 
’■ assenger rail system. It refused to 

- . ..jam spending on student loan pro- 
/rams; the Medicare health insur- 

oce for the elderly and the dis- 
' 7 " bled; and the state-federal 
; fedicaid program of health care 
or the poor. It also failed to reach a 

- bnsensus on whether to freeze So- 
is] Security benefits to retired and 
isabled people. 

(in [. The hearings resumed Tuesday 
dth the committee taking up Mr. 
-.eagan’s plan to eliminate the gen- 
• ral revenue sharing program, a 


the committee, said on the same 
program that he believed that 
enough committee members would 
support cuts in both domestic and 
military spending to reach the oomr 
mittee’s goal of cutting federal 
spending by .$150 billion over the 
next three years. “So, if you want to 
get to tins goal,” he said, there 
would probably have to be new 
revenues. 

Both Mr. Chiles and Senator 
Gary Han of Colorado, another 
Democrat on the budget panel 
said that President Ronald Rea- 
gan's refusal to compromise cm the 
military budget was the major ob- 
stacle to overall budget reduction. 

Mr. Hart, who appeared on an- 
other program, criticized Mr. Rea- 
gan for staying aloof, contending 
he “could have 10 Democrats and 
10 Republicans at the White House 
and in four hours we could have a 
budget that everyone agreed on." 


Kamm 

Times Service 

ATHENS — Prime Minis ter A n- 
dreas Papandreon’s astonishing re- 
vere: ! in barring the re-election of 
President Constantine Canunanlic 
has led to the removal from a posi- 
tion of power of the man whom 
Greece’s U3. and West European 
allies considered the principal re- 
straining influence on the Socialist 
prime minister's anti-Western poli- 
cies. 

The Socialist Party made a last- 
minute decision Saturday to nomi- 
nate its own candidate rather than 
support the conservative president, 
as Mr. Papandreou had earlier said 
he would. The decision is regarded 
as an indication that the prime 
minister will lead his party into 

NEWS ANALYSIS 

national elections later tins year in 
acampaigu pitched to appeal to the 
Marxist wing of his party and the 
two Communist parties, the Com- 
munist Party of Greece and the 
smaller Greek Communist Party. 

The expectation is that leftist po- 
lemics wfll be high in the campaign 
and that the United States mil be 
the principal whipping boy. The 
Communist Party of Greece, which 
is represented m Parliament, is 
fiercely loyal to the Soviet Union. 

But Mr. Papandreou is known 
not only for electoral shrewdness 
and rhetorical volalfljtybut also for 
pragmatism in action. Thus it is not 
a foregone conclusion that if his 
shift of tactics succeeds and he is 
re-elected he will necessarily move 
Greece further from its Western 
allies or closer to the Communist 
camp. 

Until the Socialist Central Com- 
mittee and the party’s parliamenta- 
ry canons voted unanimously to 
withhold support from Mr. Cara- 
manlis when Parliament convenes 
in special session to choose a presi- 
dent, Greek analysts, including 
members of Mr. Papandreou’s own 
party, assumed that the prime min- 
ister would arm his main appeal to 



DmAwoSUAw 

Andreas Papandreon at a meeting of tbe Greek Socialist Party’s Central Committee. . 


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Salvadoran Rebels Revive Urban War 

Inalysta Say Guerrillas Were Ineffective in Countryside 


political moderates, reassuring 
them by the continued presence as 
head of state of Mr. Car amanlis. 

The session had been scheduled 
for Friday, but was postponed until 
Sunday. 

The Greek political spectrum is 
sharply polarized between the So- 
cialists, who stand to the left of 
most European Socialist parties, 
and the New Democracy Party, 
which was founded by Mr. Cara- 
manlis and is staunchly conserva- 
tive. As a consequence, the parlia- 
mentary elections, which must be 
held by October, were expected to 
be a battle mainly for the uncom- 
mitted center, with the Commu- 
nists left on the ridelines angry at 
both major parties. 

Mr. Papandreou’s expressions of 
support for Mr. Caramanlis, as weD 
as a new election law adapted earli- 
er this year, gave substance to these 
expectations. The new law modi- 


The Associated Pres 

' SAN SALVADOR — E Salva- 
or’s leftist guerrillas are bringing 
irir war back from the conntry- 
de to the city where it began five 
sirs ago. according to Salvadoran 
■nd U.S. officials. 

President Josfe Napoledn Duane 
alls the shift in tactics by the gner- 
llas “an urban campaign of desta- 
ilization." 

One reason for their move, nriti- 
lry analysts say, is that in mare 
ian a year the guerrillas have not 


countryside against the army and rillas were in the capital in contrast Sed the system of pit^ortional 
the air force. »- «i - — resentatron to favor the two a 


The assassination at aSan Salva- 
dor tennis dub last Thursday of 
lieutenant Colonel Ricardo uen- 
fuegos — one of the highest-rank- 
ing officers lolled by guerrillas — 
was the latest indication that urban 
conflict is on the rise. 

Sabotage and other killings at- 
tributed to the left have increased 
in San Salvador in the past few 
months. 

A Roman Catholic human rights 
jorad any major successes in. the and legal group that is associated 

with the office of the archbishop of 
San Salvador has estimated that in 
one week recently, more politically 
motivated murders of civilians 
were attributable to the left than to 
rightist death squads. The death 
squads and rightist paramilitary or- 
ganizations have been held respon- 
sible for most of the 53,000 dvD- 
| inns killed during the war. 

Urban terrorism dropped sharp- 
ly after tbe failure of the rebels’ 
"final offensive” in January 1981. 

Life in San Salvador — which 
had been mailed by a dusk-to- 
dawn curfew imposed to crack 
down on the kidnappings, bomb- 
ings and sabotage — gradually re- 
turned to near-normal. 

The curfew was lifted. New 
restaurants and dubs opened, and 
movie theaters once again offered 
late-night screenings. 

Even so, bodyguards remain on 
duty for the wealthy, for govern- 
ment officials and for diplomats. 

Asked about the increase of 
guerrilla activity in the dries, Mr. 
Duarte said: “It is difficult to con- 
trol assassination in the city, and 
the left has unleashed an urban 
campaign of destabilization.” 

Gen. Paul F. Gorman, recently 
retired as ihe head of the U£. 
Southern Command, in Panama, 
told Congress in Washington last 
month that an estimated 500 gner- 


onight could be 


:o..ch of eiega^ce ard styit 
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to SO a year ago. 

In Washington, a State Depart- 
ment specialist said it was “indis- 
putable'' that the war was returning 
to urban areas bat labeled the esti- 
mate of 500 rebels in the capital as 
“guesswork-” 

A tiny, maverick urban guerrilla 
force, the Clara Elizabeth Ramirez 
Metropolitan Front, has been ac- 
tive in San Salvador for some time. 

However, the Farabundo Marti 
National Liberation Front, the um- 
brella gimp for the five main- 
stream guerrilla armies, denies any 
connection with it The Metropoli- 
tan Front has claimed responsibil- 
ity for most of the leftist killings in 
the capital — including the Cien- 
fuegos assassination. 

But in recent weeks the main- 
stream rebels have claimed respon- 
sibility for several of tbe other kill- 
ings. 

Guerrillas ambushed a truck car- 
rying national police Feb. 20 on tbe 
western side of San Salvador. Two 
police agents were IdDed and 10 
were wounded. 

A military observer, who poke 
on the condition he not be identi- 
fied, said the Salvadoran Army 
started training some troops in ur- 
ban anti-guernQa tactics about two 


He said the guerrillas would not 
find “the fertile ground here that 
they (fid in 1980.” 

In 1979, the leftists were basical- 
ly a street movement involved in 
protest marches and kidnappings. 
Government troops frequently 
fired point-blank into the demon- 
strations: 

Government forces now are rely- 
ing more on smaD-unit tactics, con- 
stant patrols and increased air 
power to keep the rebels in the 
countryside from massing for any 
spectacular attacks. 


Ex-Senator W.E. Jenner Dies 




New York Times Service 

NEW YORK — Wffliam E. Jen- 
ner, 76, a former Republican sena- 
tor from Indiana who became 
chairman of the internal security 
subcommittee of the Judiciary 
Committee that investigated 


In 1944 at 36, he became the UA 
Senate's youngest member and its 
first Wood War n veteran when he 
won election to KD out the lew 
remaining weeks of the term of 
Frederick Van Nuys, who had died. 
In 1946, he was ejected to the first 


charges of Communist subversion of two full terms in the Senate. 

- inen. wi Du). ’ ' _ 


in the 1950s, died Saturday in Bed- 
ford, Indiana. 

In 1950, be caused a controversy 
when he accused General George 
C Marshall erf befriending Com- 
munists. He referred to Marshall, a 
former secretary of state, as a “liv- 
ing lie” and a “front man for trai 


In addition to being conservative 
on domestic matters, Mr. Jenner 
consistently opposed U.S. foreign 
aid and any involvement in nnti- 
taiy alliances. 

In 1957, he announced, that he 
would not seek re-dection in 1958. 
a "iroai man iar trai- , After leaving politics, he divided 
Mr. Jenner said later time hetween Inw and business. 


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Conference on Seabed Starts 

Awnee France •Presse 

KINGSTON, Jamaica —Repre- 
sentatives of 138 countries and del- 
egates from several international 
organizations begin a monthlong 
meeting Monday in this Caribbean 
capital to discuss a treaty to govern 
the future exploitation of the inter- 
national 


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rep- 
major 

parties and reduce even further 
parties with lower national ballot 
totals. It was hailed by the Social- 
ists. who drafted it, and tbe New 
Democracy Party, but bitterly de- 
nounced by the Communists. 

The Socialists hold 165 seats in 
the present assembly, New Democ- 
racy 112 and the Communists IX 
Tbe remaining 1 1 deputies are in- 
dependents, three of whom usually 
vote with Mr. Papandreou. Tbs 
would seem to assure election to 
the presidency of the surprise So- 
cialist candidate. Supreme Court 
Justice Christos Sartzetakis, who is 
56. 

In the first two ballots for the 
presidency, a two-thirds vote is re- 
quired. However, a third ballot 
lowers the minimum to 180. This 
gives Mr. Sartzetakis a likelihood 
of winning, with the expected sup- 
port of toe Communists and at 
least three independents. Failure to 
elect a president in three ballots 
automatically dissolves Parliament 
and makes early national elections 
a necessity. 

The withdrawal of Mr. Cara- 
manlis removes from a direct polit- 
ical role the man who is regarded as 
the most powerful friend of a firm 
Greek commitment to the West. At 
the age of 78, he was believed to be 
eager for a second five-year term, 
after already having served 14 years 
as prime minister. 

Brought back from exile in 1974 
after the CRH of the military dicta- 
torship, he led the country not only 
bad: to parliamentary democracy 
bat also into the European Com- 
munity and bade into the North 
Atlantic Treaty Organization after 
Greece withdrew in anger over the 
Turkish invasion of Cyprus. 

Mr. Papandreou was elected in 
1981 after a campaign in which he 
vigorously denounced U.S. influ- 
ence in Greece and Greek member- 
ship in the two Western groupings. 
Mr. Caramanlis is given major 
credit by well-informed Greeks and 
diplomats for rest raining Mr. Pa- 
pandreou from fully redrasninghis 
campaign pledges. There are differ- 
ences in interpretation, but many 
Greeks believed that the Socialist 
leaders had vowed to withdraw 
Greece’s memberships in NATO 
and the European Community and 
remove US. milrtajy bases. 

Mr. Caramanlis, who has re- 
frained from pubhekmg ttis actions 
during a notably aloof presidency, 
is said to have drawn on two 
sources of strength in limiting dam- 
age to Greece's alliances. 

One is institutional in that the 
president is empowered to dissolve 
Parliament or to hold a referendum 
on any government policy that he 


judges to be contrary to the popu- 
lar wilL Significantly, Mr. Papan- 
dreou also announced Saturday 
that his party would in trod ace con- 
stitutional changes to reduce the 
power of the president and enhan ce 
that of the government and Parlia- 
ment. 

Mr. Caramanlis did not invoke 
these powers. But sources at the 
Presidential Palace often said that 
in the frequent private conversa- 
tions between the president and the 
prime minister, toe possibility of 
Mr. Caramanlis* exercise of his pre- 
rogatives was a real if unspoken, 
factor. 

The second source of Mr. Cara- 
manlis’ strength is his own unri- 
valed prestige as Greece's most du- 
rable political leader in modem 
history. Although his position for- 
mally removed him from party 
politics, he continues to be regard- 
ed as Lbe dominant figure among 
conservatives. 

With a more 
dent, especially one with 
powers, and spurred by the tradi- 
tional heated rhetoric cif Greek po- 
litical campaigns, analysis said it 
was hard to tell bow far leftward 
Mr. Papandreou might move. 
However, in a two-and-a-half-hour 
interview last month, when be still 
endorsed Mr. Caramanlis, the 
prime minister emphasized that be 
intended to keep Greece in NATO 
and the European Community. 



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INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


WEAPONS IN SPACE / The 'Star Wars’ Controversy 




<». Ilie ' 


Proposed Space Defense 
Has Offensive Capability 


By Philip M. Baffey 

New York Tima Service 

WASHINGTON — President 


defensive system has offensive capabilities against 
targets in space, there is considerable disagreement 
whether the system would make a feasible and likely 
weapon against targets on the ground or in the lower 
atmosphere. 

Attacking such targets would not be easy. Many of 
the technologies undo' investigation for ballistic mis* 
sfle defense have limited abilities to penetrate the 

atmosphere. Panicle beam weapons, for example, dis- 

destruction, like the current nudear'arsenals, spate when they collide with other particles in the 
that could obliterate tens of millions of people, experts atmosphere. The X-ray beams emitted by one class of 

laser weapons are unable to reach very far toward 


15 

proposed defensive shield against ballistic missile at- 
tack could readily be used for devastating offensive 
warfare, according to both supporters and critics or 
Mr. Reagan's visionary program. 

The president's Strategic Defense Initiative, known 
popularly as “star wars/' would not use weapons of 


that could obliterate tens of millions of people, experts 
agree. 

But — if it is actually built and deployed at full 
strength — the supposedly defensive system could 
serve several major offensive functions, according to a 
range of experts. 

• It could be used as a defensive adjunct to an 
offensive nuclear attack, allowing nudear-armed mis- 
siles to be launched in an offensive strike while the 
defense is held in reserve to cope with any retaliatory 
strike. 

• It could attack and destroy enemy space satellites, 
which are generally far easier targets than the ballistic 
missiles the system would be designed to intercept and 
which have become an increasingly important part of 
the military systems of the 
United States and the Soviet 
Union. 

• It could unleash ligh tiling- 
fast offensive strikes from 
space against relatively “soft" 
ground targets, such as planes, 

od umkers, power plants and weapons fc begUlllillfi tO 
gram fields, causing, mstanta- ^ D 

neous fires and damage that 


Hie ambiguity between 
defensive and offensive 


cause concern even among 
scientists who are strong 
proponents of a belter 
defense. 


could, in the words of one pro- 
ponent of the system, “take an 
industrialized country back to 
an ISth-cemury level in 30 
minutes." 

• There is even a degree of 
concern among some military 
experts that the system might 
ultimately prove able to de- 
stroy the concrete and steel silos that protect missiles 
underground, thus providing a first-strike weapon that 
could disable an opponent's missiles before they could 
be fired. 

These offensive uses would not be unique to the 
kind of weapons that will be explored under the 
Strategic Defense Initiative. If the Soviet Union 
should deploy a similar defensive shield, it too would 
almost certainly have the same offensive uses. 

The potential offensive uses of a reputedly defensive 


system have so far received only passing attention in 
tnef 


: debate over Mr. Reagan’s proposal. But the ambi- 
guity between defensive and offensive weapons is 
beginning to cause concern among some of the scien- 
tists who are strong proponents of a better defease, as 
well as those who oppose the general thrust of the 
Strategic Defense Initiative. 

*Tve been thoroughly aware of the problem for 
years." said John D.G. Rather, vice prescient of the 
Kaman Aerospace Corp_ a space-laser expert who has 
often testified in Congress in favor of a defensive 
system. 

“Anything that involves large amounts of energy 
can be used for good or evil purposes," Mr. Rather 
said. “A system of space battle stations designed to 
stop a nuclear attack also may have the potential to 
attack selected targets in space, in the atmosphere or 
down on the surface of the Earth." 

He said the possible misuse of a defensive system 
for war-making purposes is “something that has to be 
thoroughly studied and dealt with” before such a 
shield is deployed. 

But Edward Teller, a nuclear physicist with close 
ties to the Reagan administration, said the Strategic 
Defense Initiative was “unequivocally defensive and 
not offensive." 

Mr. Teller said be hoped that uew weapons could be 
designed to be strong enough to “destroy the vulnera- 
ble. flimsy structure of a missile in the boost phase." 
But he said such weapons would almost certainly be 
“completely helpless against silos" and would proba- 
bly have great difficulty finding and tracking ground 
targets, which could be more readily destroyed by 
existing weapons. 

“To use this expensive system to accomplish some- 
thing as pedestrian as that, something that could be 
accomplished much more easily by methods already 
available, what kind of sense is that?” Mr. Teller 
asked. 

At this point, of course, no one knows whether an 
effective defense can be built or what it would look 
like. The Strategic Defense Initiative is a research 
program designed to investigate a range of possibili- 
ties for disabling Soviet missiles that are 


Earth. Arid many of the high-speed projectiles that 
might be used to destroy missies by the impact of 
collision would probably burn up in the atmosphere 
long before reaching the ground. 

But the proposed defensive system, if it works weU, 
will have to have some weapons able to bit ballistic 
tniwilas shortly after launch, when they are still in the 
atmosphere. U.S. military officials are also hoping to 
find weapons that can disable low-flying cruise mis- 
siles and bombers. Nobody knows if they will be 
successful. But if they can do that, many experts say, it 
should not be much more difficult to increase the 
range slightly and shift the aim to hit ground targets. 

In principle, at least two of 
the weapons systems under in- 
vestigation should ultimately 
be able to reach the ground 
from outer space. High-speed 
projectiles, if made large 
enough and durable enough, 
could presumably be sent to 
collide with surface targets, 
gnashing them by the force of 
impact 

And optical lasers, which fo- 
cus narrow beams of intense, 
hot light on their targets, 
should be able ultimately to 
bum targets on the ground. 
The so-called exdmer laser, for 
example, will almost certainly 
be able to transit the atmo- 
basing plan, the laser 
and fire its beam op through 
the atmosphere lo mirrors based in. space, which 
would redirect the beam back down toward ballistic 
missiles taking off. 

In a recent interview, Mr. Rather, a proponent of a 
space-based defense, said any defensive laser system 
hot enough and fast enough to destroy 1,400 ballistic 
missiles in a few minutes as they are boosted from the 
Earth could almost certainly be designed to “burn 
down through the atmosphere and easily kill an air- 
plane or cruise missile or surface target because these 
are essentially sitting ducks.” It was Mr. Rather who 
said such an attack could reduce an industrialized 
country “to an 18th-century level in 30 minutes." 

But such feats would have to be carried out in good 
weather. Clauds block the laser light from reaching the 
Earth. And finding targets that move, like p lanes and 

if the new “stealth" technologies^are used tolidetiie 
target from radar and other sensors. 

The most devastating offensive use of space weap- 
ons would be for a first strike against ‘‘hardened” 
military targets, particularly the concretc-and-sted 



U.S., Soviet Union to Start 
Arms Talks on Schedule 
Despite Chernenko Death 


West Germany and Italy have said that ai 
deployment of space-weapons technology ma 
be negotiated with the Soviet Union. 

Mr. Reagan has instructed the U.S. neroth 
mg team to discuss the Strategic Defense Taft 
live but not to negotiate limitations on rescan 
or testing. 


CHEMICAL LASER 

When certain chemicals react, they 
emit infrared radiation. This is 
amplified into laser beam and bounced 
off a mirror that swivels to aim beam at 
targets. 


The Atsocimed Press 

GENEVA — The United States and the Sovi- 
et Union decided Monday to open talks Tues- 
day on nuclear weapons as planned, despite the 
death of the Soviet leader, Konstantin U. Cher- 
nenko. 

The decision was made at a one-hour meeting 
between Warren Zimmerman, a deputy to the 
chief U.S. negotiator Max M. Kampehmm, and 
Vladimir Alexandrov, a member of the Soviet 
delegation, a U.S. spokesman said. 

“The executive secretaries of the UJS. and 

Soviet delegations have agreed that the heads of of Soviet SS-20 missiles, 
the delegations will meet at 11 A.M. at the The U^. secretary of state, George P. Shnli 
Soviet mission," the spokesman, Joseph Leb- and the Soviet foreign minister, Andrei A. Gr 
man, said. . . . myko, set up the new talks during two days 


The Russians abandoned talks in late 1983 f 
long-range and medium-range missiles after tf . 


North Atlantic Treaty Organization began d 
of 572 cruise and Pershhu 


ploying the first 
missiles in Western Europe to Counter a 


The meeting was designed to set a schedule meetings in January. They said their mum 
eks. It was not immediately ^ m the negotiations would be “prevents 




for the next few weeks. It was not immediately goal in the negotiations would be “prevents 
dear when the two sides would begin to discuss ^ ^ race in space and terminating in 
the substantive issues. Earth." 

Soviet journalists said it was unlikely that the For the U.S. side, Mir. Kampelman, who n 
chief Soviet delegate, Viktor P. Karpov, and the ^ ^ Soviet Union between IS 

two other Soviet negotiators, Yuli A. Kwtsinsky 2adl983 in Madrid at the Conference on Sec * 
and Alexei A. Obukhov, would go to Moscow 




sphere. Under one 
would sit on the 


sDos that house miss iles on the ground. Most experts 

difficult. 



for Mr. Chernenko’s funeral on Wednesday. 

But that does not rule out a pause here for a 
few days. 

[Western officials told Reuters that the deci- 
sion to open the talks on schedule was encourag- 
ing. They said it showed the Soviet government 
wanted to demonstrate a continuing line in 
foreign policy, despite the leadership change. 

[It also appeared to underline the urgency 
that the Soviet Union attached to the talks on 
space arms, long-range nuclear weapons, and 
European-based grissfles. the officials said-1 

The talks win open with the two sides far 
apart on the issues even though their stated 
goals are nearly identical 

Both sides have said they want to prevent an 
arms race in space and end it on Earth, but they 
differ on how to achieve their goals. 

The United States wants to resume the quest 
for deep cuts in offensive weapons, which was 
suspended when talks broke down 15 months 
ago. The Soviet Union wants to stop President 
Ronald Reagan’s space-based missil e-defense 
program, arguing that it will lead to a dangerous 
militarization of outer space. 

When he arrived in Geneva on Saturday, Mr. 
Kampelmao pledged his efforts toward the 
“taming and then the elimina tion of nuclear 
weapons." 

Mr. Karpov, when he anived Sunday, said 
that the Soviet Union also hopes to attain the 


rity and Cooperation in Europe, will deal wi 
space arms. John G. Tower, a former Repub 
can senator from Texas, will negotiate on loo 
range missiles, and Maynard W. Glitman t 
intermediate-range. 


tilUH i 


For the Soviet side. Mr. Karpov will deal wi 
r. Obukhov win be cti 


long-range missiles, Mr. 1 
negotiator on intermediate weapons, and ft 
Kvitsinsky on space weajxms. 

Mr. Kampdman, Mr. Tower and Mr. Q ‘ 
man were in Brussels on Monday, where th : 
briefed ambassadors to NATO on the talks ai 7 
met Prime Minister Wilfried Martens, wbd 
government is expected soon to announce 
timetable for the deployment of the first of • - 
cruise missiles in Belgium. 

Senator Richard G. Lugar, the Republic 
rhnirman of the U.S. Senate Foreign Rdatio - 
Committee, and Tun Wright, the Democra 
majority leader of the House of Represeolalfa 
were in Geneva with nine other senators a ’ 
seven other members of the House to obset . 
tbe start of the talks. 

Mr. Lugar suggested Sunday that Soviet c 
position to U.S. research on space weapons q 
be part of a propaganda campaign designed 
split the Western alliance. “We must wait a 
see why they are here and what they are up ti ‘ 
he said. 

He said the legislators' presence meant “t . 
Soviets will know there is absolute solidarity " 


weapons, fcsaidndther side shouldhave “uni- take this seriously from the very begmnmg- 


believc that this task would be formidably 
even impossible. The silos of both superpowers are 
built to withstand the ehormous pressure and beat of a 
nearby hydrogen bomb explosion. 


-• ■ . The W mKn tftw Pott 

The chemical laser, above, considered die type of space-based 
weapon most suitable for e&gknal use against targets on die ground. 
X-ray lasers, below, jire unable to reach very far toward Earth. 


lateral advantage” over the other. 

The talks are likely to be long and difficult, 
complicated by the sharp dispute over the Stra- 
tegic Defense Initiative, the official name for the 
space-based defensive system. 

Mr. Kampelman said his negotiating strategy 
could be summarized in “one important word — 
patience.” 

The main European allies of the United 
States, while concerned about the possible mili- 
tarization of space, have reluctantly supported 
Mr. Reagan's plan for a research program, 
which might take 10 to 15 years. But Britain, 


Mr. Lugar said Congress was determined 1 
follow each nuance down the trail" even if 
takes years to reach an agreement 

“In the past" Mr. Lugar continued, “trot 
have had a very tough time being ratified in r 
country, in large pan because senators an b 
sides of the aisle said they weren’t there at 
takeoff but were expected to be there ati. * 
landing.” fr^ 

The 10 senators were to receive briefings) 
the talks from Mr. Kampelman and othc^ 
the delegation before leaving Geneva f " 
Wednesday. . 


kion hv 



As Research Gains Momentum , Basic Questions Remain Unresolved 


against the United States! The study will investigate 
weapons such as high-speed projectile 


3es and {110015110 
laser beams or particle beams that might be directed at 
Soviet missiles and warheads at all points along their' 
flight paths, from the boost phase through the release 
of the warheads to the terminal phase, where the 
warheads plunge back into the atmosphere toward 
their targets. 

Tbe new defensive weapons might be based in space 
cm hundreds of special platforms, or popped up into 


space at the first sign of attack, or based on the ground 
to fire upward. Depend! 


ling on which weapons are 
ultimately selected and where they are based, the 
system would possess a range of potential offensive 
uses. 

The most obvious offensive use, recognized by both 
proponents and critics of the system, would be as a 
defensive adjunct to a midear attack. Some anus- 
control strategists fear that a nation that possessed a 
defensive shield, however imperfect, might be tempted 
to launch a first strike against its enemy, secure in the 
knowledge that the shield could knock down a ragged 
and uncoordinated retaliatory strike. 

American officials stress that the United States, 
even with a defensive shield in place, has no intention 
of launching an unprovoked attack upon the Soviet 
Union. But Mr. Reagan himself acknowledged, in his 
speech on March 23, 1983, announcing the program, 
that defensive systems could raise fears of an attack. 
“If paired with offensive systems,” he said, “they can 
be viewed as fostering an aggressive policy, and no one 
wants that." 

Beyond acting as an adjunct to an offensive attack, 
virtually any system that could be used to shoot down 


(Continued from Rage 1) 
ing debate there, but it's hard to see how the 
issue wiH get joined in a legislative context,” 
said Representative Les Asp in. Democrat of 
Wisconsin, who is the new chairman of tbe 
House Armed Services Committee. “As long as 
the program is only research, there is no legis- 
lative issue on which the opponents and propo- 
nents can line up on opposite sides. Even the 
most vociferous opponents say we ought to do 
research.” 

The only issue this year. Mr. Aspin added, 
win be how much addi 
tional money to provide for research. 

Yet the national debate over “star wars” 
goes on, as more and more fundamental ques- 
tions are raised about it The following are 
chief among them: 

• Is this really only a research program, or a 
virtual commitment to deploy a defense should 
one become technically feasible? 

• Is the president's goal of rendering nuclear 
weapons obsolete in fact a desirable objective, 
or do nuclear weapons play an essential role in 
preventing war between the superpowers? 

• Is the goal realistically attainable? 

• Is a lesser goal say a partial defense that 
would protect missiles and bombers but not 
the public, desirable in its own right even 
though it would protect and enhance nuclear 
weapons, which is exactly counter to the presi- 
dent's stated goal of making such weapons 
obsolete? 

• How would a future president manage the 
precarious business of actually deploying, a 
defensive system? 

• Are there any better alternatives? 

When, on March 23, 

1983. Mr. Reagan unex- - 
pectedly called for in- 
tensified research 


billioa But now tbe program is posed for 
substantial expansion. The president has re- 
3.7 billic ‘ " 


quested $3.7 billion for fiscal 1986. Additional 
money, roughly $300 million for fiscal year 
1986, is in the budget of the Energy Depart- 
ment, which supports work at the national 
weapons laboratories. 

What Congress mQ do to this budget in a 
year when it is looking for ways to reduce 
spending no one can say at this poinL Key 
Republicans in the Senate are generally sup- 
portive of the president. 

Senator John Warner, Republican of Virgin- 
ia and chairman of the Senate subcommittee 
on strategic and theater nuclear forces, said in 
an interview that be favored giving the pro- 
gram roughly what the president has request- 
ed, although he added, “I am oot going to 
commit myself to the entire request." 

Senator Ted Stevens, Republican of Alaska 
and chairman of the Senate subcommittee for 
defense appropriations, called the Strategic 
Defense Initiative “the highest priority I have.” 
He said he might not endorse the full amount 
requested, but added that the program was at 
“a critical juncture," at which it “needs more 
money" to determine whether breakthroughs 
are possible. 



stressed that, even if a leak-proof fulkc; . 
defease system is eventually found to n6fc_ . 
possible, a partial defense good enough 
ensure that American missiles and boo#.,., 
will survive may become feasible and will 0 ; . v . ; 
tainly be achievable much sooner than afi- ; , 
scale defense system. 

Thus the argument over tbe defense sysfl?- 
is splitting into two debates that are sdd^ 
carefully distinguished. One is tbe debatel 
gered by the president's original vision: ’ 
er the United States should move away : 
the threat of massive nuclear retaliation - c 
deter attacks and rely instead on a new, hi& . 
effective, defensive shield to prevent attacks .v „ . 
American sofl. 

The other is whether the United 
should turn to a partial defense to protect] ~ - 
missiles and bombers, ilms ensuring that to,.. . 
could survive a surprise attack 
devastating retaliatory atta ck an an ; 

The two kinds of defense have 
objectives. Mr. Reagan’s full-scale 
seeks to do away with nuclear weapons^'.; 
partial defense seeks to enhance their real ” ' 
tory power. 


TO* 

Kimii 


Supporters of the president’s program see/"** 
conflict between the two goals. They say ll.*- 


) Vi 

I*' 


Key Democrats in the House are less sup- 
portive. Representative Aspin said it was “like- 
ly that Congress will cut the money back some” 
from what the administration requested. Rep- 
resentative Joseph F. Addabbo, Democrat or 
New York, chairman of the subcommittee on 
defense appropriations, said he hoped to bold 
the program at roughly its current level with a 
small increase tocov- 
er inflation. 

Critics say they fear 
that the program will 
now steamroll,. with 
support from an ever- 
larger array of military 
contractors, lobbyists, 
technologists and con- 
gressmen, to the point 
where it cannot be 


Edward Teller 


Hans A, Bethe 


introduced the defense initiative in a speech. 
“Converting hydrogen bombs into hitherto 


effective defense for the entire population may 
become feasible. 


unprecedented forms and then directing these After interviewing key figures in the debate, 

r- John Maddox, the editor ofNature, the British 


wiuuui uciwccu uk iwu gudix. iirey “,r 

the president has always said that, until lujfin,, 
effective defease is realty, the nation will cc ' 
tinue to rely on the threat of nuclear retahari - 
to deter attacks. But critics of the program ?- 
it makes little sense to spend vast amounts *' . 
protect nudear weapons if the ultimate gear . . 
to get rid of them. 

Some critics contend that a limited defer : t 
would be especially provocative to the Sov 
Union because the system would dearly not 


il UwtU Huadb 


to 

find a defense against Critics fc£LT that the 
ballistic .missiles, he ™ „ ... 

caught many of his sub- program will steamroll^ with 

JiSTho^s^ore 1 ^ support from an ever-larger 

array of military contractors, 

a eCt ° d 'ra < fSirof°S laky's* 8 ? technologists and 

newdefensive program, congressmen, to the point 
_ . .. . n . .. , , . ... had told a Senate sub- , 0 . _ r _ 

baJlisttymraiks m fli^tccMdd also be used, probably . committee that, on where it Cannot be Stopped, 
more effecuvdy, to shoot down enemy satellites in technical grounds, he . 

could not recommend ^^^H^^BIaRPueHSKRMflsSs 

spending more money 

on a program for research on such armaments, fense to protect American missiles, but then 
Since then, Mr. Reagan's program has taken dismantled it as unworkable and expensive. 

on a life of its own in the vast federal bureau- iJ JJ ’ 

cracy. The administration has stressed that the 

program is merely in a research stage and that Uy of the goal itself. The president's long-range 


“Whatever weapons are useful in an anti-ballistic 
missile role are even more useful in an anti-satellite 
role,” said Wolfgang K_H. Panofsky, director of the 
Stanford Linear Accelerator Center at Stanford Uni- 
versity in California, who is an expert on beam weap- 
ons and a critic of the president's program. 

A workshop of experts brought together by the 
Congressional Office of Technology Assessment con- 
cluded last year that any effective defense against 
ballistic missiles “is an even more effective anti-satel- 
lite weapon” because “satellites are much easier to 
destroy 1 ' than missile warheads. 

Satellites are more fragile than missile warheads, far 
fewer in number and situated above the distorting and 
blunting effects of tbe atmosphere These atmospheric 
effects make it difficult to nit missiles in the initial 
stages of their flights. Satellites also follow predictable 
orbits Tor months or years and can thus be targeted at 
leisure, whereas ballistic missiles would probably be 
launched without warning and would have to be 
destroyed in minutes. 

Although there is little dispute among experts that a 


there is at least 
one precedent demon- 
strating that reversal is 
possible. In the early 
1970s, the United 
States started 
ing an anti-missile 


In highly effective fashions against enemy tar- 
gets, he said, would “commence a period of science journal concluded that “the most coin- 
assured survival on terms favorable to the man complaints against SDL that it cannot 
Western alliance." work, seem to outsiders 10 be belied by the 

Although the administration now down- numbers of intelligent people who are passion- able to cope with a massive Soviet attack,! -.. 
plays the role of nuclear weapons in a “star atdy persuaded otherwise." might be effective against a weak retaliatf 

wars" defense, the plan’s central vision still But an equally impressive array of experts is blow after a large, pre-emptive Amerk .' 
strikes a resonant chord among many citizens, skeptical that a leak-proof defense is possible, strike. _ / ' 

who live in dread that some day the thousands particularly if a determined enemy is simuita- Hans A. Bethe, the Nobel Prize-wimri 
of existing nuclear warheads will be fired. Even neotisly trying to find ways to overcome it A physicist, and three colleagues warned last y» ' 
leading critics of the president's proposed sys- second team of outside experts assembled by ma magazine article: “It is difficult to imagj - ‘ 

the Reagan administration, beaded by Fred S. a system more likely to induce catasUOf ^ 
Hoffman, performed a study under the aegis of than one that requires critical decisions by 1 
the the Institute for Defense Analyses. The second, is itself untested and fragile, auti Y® 
study concluded that, while a defense effective threatening to the other side’s retaliatory caj 
enough to preclude nudear attacks might re- biliiy.” 

suit from the program, “it is more limy that If the research program does come up wit! 
the results mil be more modest" — namely a full-scale defense that is technically and « 
Some arms control experts say that the fear system that could protect military targets but nomically feasible, then it would require < 
of nuclear weapons has preserved the peace might not be able to prevent “catastrophic traordinaiy cooperation between the S ov 
between the two superpowers for the last four damage" to people, 
decades. And, while these experts say they are In an all-out attack, the study said, even 
eager to see the overwhelming size of world modest leakage of missiles through the defense 
nudear arsenals reduced to protect the world shield would be 


- - .v! kgij 
• •■»■*• *M 

•i-’; lT W»» 


I -14 

t -r-.t ■ 


- :** 


1.4 jfc 

'■**-«*» 


tern say that if they really thought it would 
work, they would be all for iL 
But not everyone agrees that a perfect de- 
fense against nudear weapons, and their even- 
tual elimination, would be desirable, at least 
not without much more thought about the 
consequences. 


■ '-*1 :*• 


sufficient to destroy a very 

from complete destruction in a nuclear holo- large part of our urban structure and popula- 
The most surprising u n a d dressed question caust, they are reluctant to give up nuclear lion." 
in the emerging “star wars" debate is the valid- weapons entirely unless some better guarantor Experts on both sties agree that it will be an 

of the peace is at band. uphill batf 


a decision to actually build and deploy a defai- objective is, in a sense, breathtaking. It is The most thoroughly debated question is the effectively at long distances, sensors and trade- 
si ve system will be made by Future presidents nothing less than a defensive system that could one that cannot be answered yet, the question ing devices that can find and follow thousands 

and congresses. intercept and destroy Soviet ballistic missiles that the space-defense research program will of missiles and warheads and d i sti n gu i s h them 

Critics are skeptical that any program to in flight before they reached America’s soil or explore: Is a defense that would protect the from tens of thousands of decoys, and prodi- 

which the president has committed himself so the soil of American allies. nation from ballistic mi ssile attack both tech- gious computer capabilities to manage a battle 

fully will wind up unfulfilled. “If things work Such a system could eliminate the threat nologically and economically feasible? tor survival that would be over in minutes, 

out at all they’re going to do it," predicts posed by nuclear weapons and make it posable Ten to 15 years ago, the nation confronted Such capabilities are not in hand now and may 


Spurgeon M. Keeny Jr_ executive director of 


eny jr_ j 

the private Arms Control Association, 
lire Defense Department has centralized its 


previously existing research programs mto a 
single office, under 


1 Lieutenant General James 
A. Abrahamson. The level of actual spending 
in Fiscal year 1985, the current year, is roughly 
comparable to what it would have been wi th- 
at the preside 


to get rid of such weapons entirely through 
arms control agreements. The president has 
made it unequivocally clear what his ultimate 
goal is: “To eliminate the weapons them- 
selves." 

Edward Teller, a physicist who played a 
central role in developing tbe hydrogen bomb. 


that issue and concluded that the job could not 


be done. But since then, many experts agree, 
n tne tedmol- 


there have been great strides in 
ogjes needed to build such a system, and the 
answer is a little less dear. 


Union and the United States to get it deploy 
without major incident; according to expe 
cm both sides of the debate. 

Unless both sides deploy comparable ‘ 
femes simultaneously, experts say, the 9 
with no defense might become terrified a 
start shooting at the emerging defenses of 1 
battle to develop weapons that can shoot other before they could be deployed. 

Tbe president himself pot his finger on J 
fundamental truth when be announced, " 
statement that was later much ridiculed, 
he would be w illin g «> share with the 
Union any defensive technologies that are 
vdoped by his new program. 

p«.m ia i for success in ttu . The WWia House has subseoumtty pl»: 
endeavor probalSywill not be known for <te- cm 

. . the nation's most soptiLstirauti'Campo 1 
Since the president announced his original sensors and other 


out the president's new emphasis, namely $1.4 July 1983, a few month's after the president 


put it another way in a letter to Mr. Reagan in 


technology ^ items 

•» - r-r- -rr ~r“- , , goal of a full-scale defense that would protect items that could be used not just madtf 

The administration has assembled an 1 m- the population and make nudear weapons ob- system, but in a variety of offensive 
presave array of technical experts who say that solete, his program has moved toward lesser wdL 

il « at last possible, if vigorous research is goals as well In particular, many of the admin- Some critics doubt that such coopera 

pursued for the next two decades, that an istration's expats and study groups have likely. 
















INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


Page 5 


t Lnion to the f Gray Man of the Old Guard,’ Was the Ultimate Party Bureaucrat 


^ Tuna Service 

Oil 1 MOSCOW — Konstantin U. 

** • I liemenka, the sixth leader of the 

Mlj fvia Union, was a compromise 
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preside over the Kremlin 
a lime of worsening Soviet- 
nerican relations. 

protfcgfe of the former Soviet 
lent, Leonid (. Brezhnev, Mr. 
lemenko had no political base of 
i own and apparently ruled in 
Jlaboration with other powerful 
>> •litburo members. 

_ . In some ways, he was the ulti- 
■ tie Communist Party bureaucrat. 
• " - ■ apparatchik, who believed that 
swerving loyalty was the most 
portent virtue. 

> 1 A U.S. diplomat described him 
■ a “gray man of the old guard,” 
■ ' . t to Soviet propagandists he rep- 

- waited the “glorious traditions of 
J . : older generation." For Mr. 

temenko was, at 72, the oldest 
. in ever to assume power in the 
viet Union and, therefore, was 
.-« .. ver regarded as more than a traa- 
. ional leader. 

• . . Severe health problems, indud- 
- . >2 a lung disease that made him 

' pear to gasp for breath at times, 
otributed to an image of weak- 
- -t ss. His only public appearance 
l v ice late last December was at a 
. j’^eting of the Politburo on Feb. 7. 

' -However, be was seen twee on 
. .. evisron news broadcasts in Feb- 
. ’ary. The first time, on Feb. 24, he 
-"is shown voting in local Soviet 
„ ctioos; the second, on Feb. 28, 
owed him being presented with 
credentials as a parliamentary 
1 7'puty following the elections. In 
th appearances, he was pale and 
•:.ably weak. 

. . 7 -Under Mr. Chernenko, the Sovi- 
• ‘ ] ‘foreign minister, Andrei A Gro- 
-‘./ko, appeared to dominate for- 
p policy issues, while Defense 
nister Dmitri F. Ustinov, who 
d Dec. 20. apparently controlled 
--• Ktary matters. 

-- : Mr. Chernenko’s public speak- 
s . • style was so poor that it embar- 
ssed his colleagues. He rushed 
-ougb his texts, swallowing some 
' jrds and bandy pronouncing otb- 
. so that he was very hard to 

* . derstand. At one appearance, be 
-.4 his place and skipped a whole 

--.ge- • • 

• Shortly after he took office a on 

- b. 13, 1984, there were signs that 
r. Chernenko would take a more 

' derate approach to the West 
• -in his predecessor, Yuri V, An- 
' opov. That initial optimism was 
oled as Mr. Chernenko repeated- 
. insisted that President Ronald 
agan could not be dealt with. 
-Last fall, however, Mr. Cher- 
nko presided over a turnaround 
the Soviet position. In Novem- 
t, he proposed a meeting be- 



three years until he was assigned to ‘ thin g himself, or led a district or 
Moldavia to head the Agitation city branch of the Communist Par- 


M fci* kaenaionot 


Konstantin Chernenko and Leonid Brezhnev at signing of SALT-2 treaty in Vienna in 1979. 


tween Mr. Gromyko and the U.S. 
secretary of state, George P. Shultz. 
He went on to cooperate in forging 
an agreement on reviving the arms 
control negotiations thatare sched- 
uled to resume Tuesday in Geneva. 

Domestically, Mr. Chernenko 
believed in a conservative, authori- 
tarian approach that leaned heavily 
on exhortations to improve work- 
ers’ productivity. 

He expanded programs to give 
workers and managers more finan- 
cial incentive and responsibility. 
Statistics for 1984 showed that in- 
dustrial output rose 4 percent and 
that labor productivity in industry 
was up 18 percent. 

He also sustained the anti-cor- 
ruption campaign started by An- 
dropov. The leader of Rostov prov- 
ince was dismissed and a major 
purge was begun in Central Asia. 
More surprisingly, he pressed a 
corruption case against Nikolai A 
Sfachelokov, Brezhnev’s friend and 
interior minister. Mr. Shchelokov 
died, possibly by his own Hand 
after bong stripped of his general's 
rank in September. 

Mr. Chernenko was a simple 
man who lacked a university edu- 


cation. He scorned proposals for 
economic reform and, as a critic 
said, seemed to pursue an all-stick, 
no-carrot policy so far as workers’ 
incentives were concerned. 

He was a fundamentalist on ar- 
tistic matters, dedaring his belief in 
“socialist realism" and other slo- 
gans to glorify (he Communists 
and the working class. Soviet artists 
ridiculed what they called a return 
to “tractors and muscle” of the 
1930s, but Mr. Chernenko’s criti- 
cism took its toll on some avant- 
garde film and theater directors. 

Mr. Chernenko was a lifelong 
Communist Party official, special- 
izing in. ideology. But it was his 
connection with Brezhnev, solidi- 
fied when they worked together in 
the Soviet republic of Moldavia in 
the late 1940s. that allowed him to 
rise from obscurity in Siberia to the 
most powerful post in the Soviet 
Union. 

Konstantin Ustinnvich Cher- 
nenko was bom in the Siberian 
village of Bolshaya Tes on Sept. 24, 
1911, about six years before the 
October Revolution swept the 
Communists to power in 1917. 

According to his own account, it 


was a hard life in a large and poor 
family and he left home at the age 
of 12 to work for a wealthy farmer, 
known as a kulak. 

In propagandist’s prose, he later 
wrote of his childhood: “We were 
underfed and poorly clothed, but 
the dreams of a radiant future for 
all fascinated, us and made us fed 
happy.” 

By the agp of IS. however, he was 
doing propaganda work in his 
home region near the city of Kras- 
noyarsk. He volunteered for the 
Red Army in 1930 and was as- 
signed to a border unit, patrolling 
the frontier on horseback. He be- 
came secretary erf his party ceQ 
thane. 

After army service, Mr. Cher- 
nenko went bad: to work for the 
party, directing agitation and pro- 
paganda in two districts near his 
native village. While millions of 
other Soviet men went to the front 
to fight the invading Nazis, he re- 
mained in his- Siberian post and 
studied party organization at a spe- 
cial Moscow school from 1943 to 
1945. 

Then he became secretary of the 
Penza regional party committee for 


and Propaganda Department, 
where he worked with Brezhnev. 

Some repons said that he was 
Brezhnev’s driver for a time. The 
two men became friends and, al- 
though Mr. Chernenko stayed duti- 
fully in the background, the friend- 
ship clearly helped his career. 

In Moldavia. Mr. Chernenko 
went to night school to complete 
his education, interrupted at the 
age of 12 when be quit to start 
work. He was graduated from Mol- 
davian Teachers’ College in 1953, 
at the age of 42. 

What Mr. Chernenko's mentor, 
Brezhnev, was transferred to Mos- 
cow, Mr. Chernenko soon fol- 
lowed, getting a prized post in the 
Agitation and Propaganda Depart- 
ment of the Central Committee in 
1956. 

It was not until the removal of 
Nikita S. Khrushchev as party 
leader in 1964, however, that 
Brezhnev and Mr. Chernenko 
moved into positions of power. 

Brezhnev, who became first sec- 
retary of the Central Committee of 
the Communist Party, named Mr. 
Chernenko as secretary of the com- 
mittee's General Department. It 
was a key post in the most powerful 
group in the Soviet Union, compa- 
rable to being a cabinet secretary in 
Europe or the White House chief of 
staff in the United States. 

With Brezhnev’s backing, Mr. 
Chernenko became a nonvoting 
member of the Central Committee 
in 1966. Five years later, he became 
a full member. His rise, in Soviet 
terms, was rapid, for he became an 
alternate member of the Politburo 
in 1977 and he was elevated to full 
membership in that ruling body the 
following year. 

Brezhnev was clearly grooming 
Mr. Chernenko to be his successor. 


ty. He had no managerial experi- 
ence. either, and his chief patron, 
Brezhnev, was dead. 

Early in 1983. Mr. Chernenko 
dropped out of sight. He had to 
cancel a scheduled trip to East Ber- 
lin and he missed the spring spec- 
tacular in Moscow, the May Day 
military parade. His office at first 
said he had a cold and later report- 
ed that he had pneumonia after Ins 
two-month absence. 

But he apparently retained An- 
dropov's confidence despite ru- 
mors that he was about to be re- 
moved from his Politburo post. 
Then Andropov became ill with a 
fatal kidney disease; he was not 
seen in public after Aug. 15. 19S3. 
Andropov died on Feb. 9, 1984. 
The announcement of his death, 
which interrupted solemn music on 
Moscow radio stations, was made 
the following day. 

In a remarkable political come- 
back, Mr. Chernenko became the 
compromise candidate to replace 
Andropov. He was named general 
secretary of the Communist Party 
after serving as chairman of the 
funeral commission for his riv&L 

Bui there were signs of opposi- 
tion within .the Politburo to his se- 
lection and the announced unani- 
mous vote in favor of Mr. 
Chernenko was suspect. 

After his election, the new leader 
had a whirlwind five months, meet- 
ing with world leaders who attend- 
ed the Andropov funeral and later 
was host.to Spain's king, Juan Car- 
los L. and President Francois Mit- 
terrand of France. 

Westerners were encouraged 
when Mr. Chernenko said in 
March 1984 that he favored 
“drastic change in Soviet- Ameri- 
can relations" from their 20-year 
low point. 

But others said Mr. Chernenko 
had little leeway for altering the 


Succession by Gorbachov Seen as a Break With the Old Guard 


l tin wiki. 


(Continued front Page i) 
nditure and devoting resources 
the civilian economy. 

Some aspects of Mr. Gorba- 
ov's background are as obscure 
his views. 

e was boro March 2, 1931, toa 
asant family in the village of Pri- 
.inoye in the Stavropol region of 
: northern Caucasus. He was a 
n-ager during Worid War n, but 
s not known u he was in the area 
en the Nazis occupied it from 
i 2 to 1 943 or if he was evacuated. 
From 1946 to 1950, he worked at 
machine tractor station in the 
ivropol region. He then went to 
kcow State University, graduat- 
; in 1955 after taking the stan- 
rd five-year law course 
U was in Moscow, in 1952, that 
Gorbachov joined the Com- 
inist Party. Returning home, he 
‘ * steadily through the ranks to 
mme first secretary there in 
70. 

In 1978, he transferred to Mos- 
# to take the agriculture portfo- 
in the Central Committee secre- 
iat, the administrative body 
Might responsible for the day-to- 
Y running of the country. 

He succeeded his former Stavro- 



It 


were, front row, from left Fi 
Gromyko, Konstantin U. 


in 1983 
Andrei A 
and Prime Minister 



Nikolai A Tikhonov. Second row, from left: Grigori V. 
Romanov, Viktor V. Grishin, the head of the city party 
organization in Moscow, and Mikhail S. Gorbachov. 


pol party leader, Fyodor D. Kula- 
kov, in the agriculture job. Mikhail 


A Suslov, the then-] 
buro ideologist. 


PoBt- 
his territorial 


London Council Heeds Thatcher’s Local Tax Curbs 




The Associated Pros 

LONDON — The left-! 
r eater London Council has voi 
set a property tax rate within the 
•al limit, ending a showdown 
th Prime Minister Margaret 
mcher’s Conservative govem- 
tBL 

The council members approved 
: new rate Sunday night. If they 
d failed to set a rate by midnight, 
■ set one over the government ceD- 
J. they could have faced stiff fr- 
actal penalties and posable div 
alifreation from office. 


Mrs. Thatcher’s government has 
already passed legislation paving 
the way for abolition of the Lon- 
don Council next year. The Conser- 
vatives argue that this council and 
six other like it are expensive and 
unnecessary and that their respon- 
sibilities could be given to borough 
councils. 

The government had set the rate 
ceiling in an attempt to curb spend- 
ing by city governments. 

The vote of 60-26 to approve & 
legal property tax rate occurred af- 


ter a 23-hour debate over two days. 
Rightist members of the Labor Par- 
ty joined Conservatives and mem- 
bers or the moderate Social Demo- 
cratic-Liberal alliance in approving 
the new rate. 

Ken Livingstone, leader of the 
council, which has overall author- 
ity for the capital said he would 
plan a deficit budget to preserve 
existing jobs and services. The 
council’s budget for the coming 
year has been set at £786 million 
(about $833 million). 


power base in Stavropol and An- 
dropov, then head of the KGB, the 
state security agency, also was bom 
there. 

Continued poor performances in 
agriculture did not appear to hin- 
der Mr. Gorbachov’s further rise. 
He became a candidate, or nonvot- 
in& member of the Politburo in 
1979 and a full monber in 1980. 

He acquired his reputation as a 
reformer when he led a group in Lhe 
Kremlin that tried to cany out eco- 
nomic reforms and anti-corruption 
campaigns initialed by Andropov. 

Soviet sources said that Mr. Gor- 
bachov was personally and profes- 
sionally dose to Andropov during 
the latter’s rule from November 
1982 to Febmary 1984. 

When Andropov feD ffl, Mr. 


Gorbachov was described as the 
leader’s chosen successor as Com- 
munist Party general secretary. 

Perhaps because the Kremlin old 
guard still resisted having a _ 
leader, Mr. Chernenko succeed 
Andropov. 

The Gorbachovs have at least 
one daughter and one granddaugh- 
ter, but little is known about the 
firmly. (AP, AFP. UPI) 


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sending him to the Helsinki Con- 
ference on Security and Coopera- 
tion in Em ope, m 1975, and bring- Soviet foreign policy stance, panic- 
ing him alon£ for the 1979 Vienna ularly in view of Mr. Gromyko’s 
summit meeting with the U.S. pres- hard-line views. Relations with the 
ident, Jimmy Carter. 

Early in 1 982, in a sign of his new 
eminence, Mr. Chernenko was 
named the third-ranking member 
of the Politburo. But when Brezh- 
nev died on Nov. 10, 1982, the 
leadership did not go to his protfe- 

It went instead to Andropov, the 
former head of the KGB security- 
police. Mr. Chernenko nominated 
his rival to be general secretary of 
the Communist Party. In return, 

Mr. Chernenko got a relatively 
prestigious job, although he was 
dropped from the post of secretary 
of the General Department- 

One of Mr. Chernenko's prob- 
lems was that he never ran any- 



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United States remained icy until 
Mr. Chernenko’s proposal in No- 
vember for a meeting between Mr. 
Gromyko and Mr. Shultz. 

On April U, 1984. Mr. Cher- 
nenko was named president of the 
Supreme Soviet, the nominal par- 
liament. giving him the same proto- 
col rank as any head of state. 

Despite his prominence, little 
was known about Mr. Chernenko's 
private life. Friends said he was 
warm-hearted and sentimental, a 
man who could break into tears 
during a sad movie or after discus- 
sions of Worid War II. 

Arman d Hammer, an American 
industrialist who has known every 
Soviet leader since Lenin's time, 
said of Mr. Chernenko. “He’s a 
very warm-hearted man just like 
Brezhnev was. A very pragmatic 
man." 

Mr. Chernenko's wife. Anna 
Dmitrievna, was rarely seen in pub- 
lic. A daughter. Yelena Konstan- 
tinova, worked as a senior research- 
er at the Marxism-Leninism 
Institute. 


In addition, he had two sons. 
According to the little information 
available, one works at Goskino. 
the state film organization, the oth- 
er at the Agitation and Propaganda 
Department in the provincial dry 
of Tomsk. 

Concern over Mr. Chernenko’s 
health was again expressed in the 
summer of 1984 when he failed to 
show up in public for more than 
seven weeks after ostensibly leav- 
ing on vacation. 

But he reappeared on Sept. 5 at a 
ceremony honoring three Soviet 
cosmonauts and seemed in good 
form. 

Mr. Chernenko's style was 
shown vividly by an article he once 
wrote. It included a warning that 
reflected his own unswerving faith 
in the party and all its works. 

“Both at work and in party life." 
he wrote, “in study and everyday 
life, always and everywhere," the 
Communist should remain a Com- 
munist. and carry with dignity the 
lofty title of a member of our party 
of Lenin." 


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Page 6 


TUESDAY, MARCH 12, 1985 


lieralh 


INTERNATIONAL 



Eribune 


Published With Tbc Not York Tana* and Tb« WtAisfpoa Post 


The Road to 'Star Wars’ 


Step back for a minute from the epic argu- 
ment raging over President Reagan's “star 
wars" idea. How is it that Mr. Reagan and his 
critics, and the United States and the Soviet 
Union, find themselves at this pass? 

• Arms control had reached a stalemate, if 
not a general crisis. This was signified not 
merely by the Soviet Union's boycott of the 
START and INF talks. A substantive dead- 
lock had been reached in those talks. And, in 
the view of many experts, difficulties in agree- 
ing on a strategic balance., in arranging verifi- 
cation and, in the West, in securing political 
support for the arms control process had made 
it increasingly difficult to move ahead. So 
there was a readiness to look for some new way 
to transform the situation or at least to create a 
new chemistry or a new combination. 

• Deterrence had engendered ever wider 
skepticism and doubt bordering on the left as 
well as on the right, on fear and contempt For 
years the right had feared a “window of strate- 
gic vulnerability." More recently, the left had 
come to fear a general breakdown of the nucle- 
ar peace. In broaching his idea of a Strategic 
Defense Initiative, President Reagan was re- 
sponding to a pervasive discontent with the 
viability of the theory of mutual deterrence. 
There was a market for another theory. 

• Technology, as always, was marching on. 
making possible inquiries and inventions that 
had not been thought of in earlier years. AH of 
the separate pieces of the SDI that are now in 
the administration's budget were already be- 
ing worked on, separately, at the time Mr. 
Reagan made his maiden speech on the idea 


two yean ago. He did not invent the idea of 
defense. He assembled its potential in a form 
that caught the public's attention. Sooner or 
later America was going to have to deal with 
the idea of strategic defense in some form. 

A crisis of anns control, a perceived erosion 
of deterrence, the march of technology: This is 
how we got where we are today, with the 
Reagan adminis tration carrying proposals to 
Geneva that axe fundamentally new and, to 
many, upsetting in their current combination 
but are not new in their separate conception. 
“Star wars” is not an idea bam out of nowhere. 
It is a particular solution to problems that were 
recognized as problems even, and especially, 
by many of those who are now sharp critics of 
Mr. Reagan’s proposed solution. 

Whether the SDI is the right solution is, as 
far as we are concerned, a long way from 
proven. Certainly on its face it presents ex- 
treme new difficulties in technology and no 
less in politics. A strong case can be made that 
President Reagan, in investing it with the cer- 
tainty and fervor at his command, has raised 
anxiety and opposition unnecessarily and, 
more im p or tant , has marie a commitment far 
in advance of and in excess of what further 
inquiry win show to be sensible. 

Meanwhile, the president, by malting the 
SDI the centerpiece of his Geneva offer and of 
his whole global strategy, has made it unavoid- 
able for all of ns, no matter how we fed now 
about tbe SDI, to keep studying iL We note 
that no one has a greater responsibility to have 
an open mind than President Reagan. 

— THE WASHINGTON POST. 


Japan-Bashing Is Unwise 


. If Japan does not lower barriers to Ameri- 
cas imports, warns BiU Brock, President Rea- 
gan's trade representative, “we will have to 
decide what steps to take.” Members of the 
Senate Foreign Relations Committee are even 
less diplomatic. C hairman Richard Lugar 
wants a 20-percent tariff on Japanese products 
until Tokyo cries unde. Japan-bashing is in, 
and there is reason. Japan has resisted pleas to 
.open its markets to products ranging from 
medical equipment to communications satel- 
lites. Now, as pan of a campaign to convince 
the Japanese that Washington means business, 
the adminis tration is hinting at retaliation. 

Such tactics might make sense if they were 
sure to work and sure to do no lasting damage 
to the political alliance. A lowering of Japa- 
nese import barriers would be a good thingxor 
both economies. Japan's policymakers owe 
foreigners, and themselves, an honest effort to 
open their economy to foreign competition. 

Bnt liberalized trade cannot do much for 
beleaguered American exporters — not until 
the exchange value of the dollar declines. So 
there is little logic in potting tbe political 
alliance at risk or penalizing American con- 
sumers with retaliatory tariffs. 

Protectionism is bad for the Japanese eco- 
nomy. It sharply raises costs for Japanese 
consumers and deprives Japan’s less-efficient 
industries of the competition they need to 
become productive. Bnt tbe Japanese govern- 
ment's tenacious defense of trade barriers is 
nonetheless understandable in political terms. 

The ruling liberal Democratic Party copes 
with conflict by smothering it, until a consen- 


sus can be reached in private. That gives inter- 
ests that speak stubbornly and with a single 
voice great power to prevent change. It is 
because of such politics that Japan's tiny farm 
sector can get away with charging 45 percent 
more than world prices for food; that mom- 
and-pop grocery stores can block construction 
of supermarkets; that a few hundred fisher- 
men can dictate Japan's diplomatic stance on 
whaling. Consensus politics also explains why 
foreign demands for access to Japanese mar- 
kets have met with so little success. 

Even if exporters got their way, it is om dear 
that America would gain much. Some indus- 
tries, notably teleco mmunicatio ns, could prof- 
it. Bnt for all the huffing about fair’s fair, 
nobody who has bothered to look at the num- 
ber believes that eliminating all tradebamers 
could increase exports to Japan by more than 
$10 billion a year. That would hardly be more 
than a statistical blip in the S140-bflQon U.S. 
trade deficit. Mr. Brock candidly admits bis 
“nightmare that the Japanese do all the things 
we ask them to do and nothing changes." 

The 7B-percent rise of tbe dollar in the last 
four years has devastated efficient American 
exporters and cost them thousands of jobs. It 
is only natural that these companies now de- 
mand a chance to sdl their goods in the few 
markets where they still have a price edge. Bnt 
Japanese trade policies, however stacked Ja- 
pan's way, are not a primary cause of Ameri- 
ca’s export problem. Reforms would be only a 
minor pan of the solution. With so little to 
gain. Japan-bashing just is not the answer. 

— THE NEW YORK TIMES. 


Going Alter the Mafia 


A federal grand jury in New York has in- 
dicted nine Mafia figures, charging them with 
such crimes as extortion, labor racketeering 
and complicity in murder. Last year there were 
more than 3,000 indictments of organized 
crime figures in America, but this case is dif- 
ferent Prosecutors say they have, in this one 
sweep, reached top leaders of the Mafia, which 
the indictment depicts as an ongoing criminal 
operation in America since 1900. 

The investigation was a cooperative effort 
involving the Justice Department, the FBI, 
state and dty police, the New York State 
Organized Crane Task Force and the Brook- 
lyn district attorney. U.S. officials received 
assistance from their counterparts in Italy. 
Crucial evidence was obtained by state officers 
Who were able to plant a bug in a Mafia car. 
Leadership and determination were provided 
by FBI Director William Webster, whose deci- 
sion to make the Mafia a top FBI priority is a 
welcome departure from the policies or his 
predecessors and deserves praise. 

Forget about that nice Marion Brando wor- 
rying about his tomatoes and his grandchil- 
dren. Don't be misled by the cutesy names — 
“Tony Ducks," “Joe Bananas.” Not only are 
these people charged with specific acts of vio- 
lence and crime, they also run a tightly orga- 
nized crime empire More than gambling, 
drugs, loan-sharking and prostitution are in- 


volved. Legitimate industries are nearly cap- 
tured through the use of force, threats and 
sabotage, and forced to pay tribute. The New 
York indictment, for example, charges that the 
Mafia decided which companies would get 
large concrete-pouring contracts in New York. 
They designated the contractor who would 
make the successful bid, took large kickbacks 
on the contracts and punished businessmen 
who would not cooperate by stopping their 
access to supplies or by creating “labor prob- 
lems," with the cooperation of corrupt union 
leaders. The indictment charges Mafia leaders 
with ordering murders both of outsiders and of 
competing bosses within the organization. 

The Mafia does not run all the organized 
crime in America. A Florida law enforcement 
official warned last week that Colombian 
crime families who control cocaine traffic and 
counterfeiting are, in his opinion, “totally psy- 
chopathic . . . cold-blooded killers” who 
make the Mafia look good by comparison. 
Justice Department lawyers have no illusions 
about the difficulty of combating those syndi- 
cates. But they ore very optimistic about 
breaking the Mafia. UJ3. Attorney Rudolph 
Giuliani says that four or five years of indict- 
ments like the ones handed down last week, 
and prosecutions of successive waves of lead- 
ers will destroy the organization. 

— THE WASHINGTON POST. 


FROM OUR MARCH 12 PAGES, 75 AND 50 YEARS AGO 


1910: U.S. Warships to Use Oil Fuel 
WASHINGTON — The American naval au- 
thorities have not been found asleep by the 
report that Great Britain has decided to adopt 
oil as fuel The keen competition between the 
two navies is to continue. Naval officers say 
that the real test will be round in the develop- 
ment of oil fuel as an agent in an increased 
steaming radius for greater speed. Realizing 
the tremendous advantage which the Ameri- 
can oil fields offer, naval officers say that the 
lime has come to take advantage of the situa- 
tion and that oil for warships is here to stay. 
While practically every ship is constructed so 
that its machinery can be converted from coal 
to oiL all new battleships will have oil tanks. 


1935: Dane Stages a TVazT Hamlet 
COPENHAGEN — The line from Hamlet, 
“Something is rotten in the stale of Denmark,” 
has provided tbe young Danish dramatist Raj 
Munk with the theme of a work that has stirred 
up a violent controversy in theatrical and po- 
litical circles here. Mr. Munk thinks that there 
is something rotten in the present state of 
Denmark. To emphasize his opinion be staged 
a fantastic version of Shakespeare’s tragedy 
with plenty of interpellations embodying his 
views. In the Munk version, Fortinbras is a 
Nazi who arrives by airplane to save the coun- 
try from the failure of democracy and parlia- 
mentary rule. The first-night audience couldn’t 
make up its mind whether to boo or laugh. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 1958-1982 


KATHARINE GRAHAM, WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


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WALTER WELLS 
ROBERT K. McCABE 
SAMUEL ABT 
CARLGEWIRTZ 


LEE W. HUEBNER. Puftfafar. 

Exeaahe EeBor RENEBONDY Deputy Pub/aker 

Editor ALAIN LECOUR Associate Pi&tshw 

Deputy Editor RICHARD H. MORGAN Associate PubBsher 

Deputy Editor STEPHAN W. CONAWAY Director , 

Aaodait Editor FRANCOIS DESMABONS Director i 

Era 


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O 1985, International Herod Tribune. AB rights reserved 



iy 



The Question in Geneva: 
Is Arms Control the Aim? 


By Flora Lewis 


P ARIS — After &U the briefing, 
there is still considerable confu- 
sion among allied officials as wdl as 
in tbe general public about the Amer- 
ican approach to the Geneva arms 
talks, this is not surprising. 

. At the last minute the White House 
said that the American negotiators 
would have “half a dozen options” 
to pursue from the start This was 
explained as providing “more flexi- 
bility" to the team. In fact it shows 
that the long fight on aims control 
the Reagan adminis tration StiH 
has not bam settled. 

A soup of the best-informed con- 
gressional leaders found it necessary 
last week to condition support of tbe 
president's nuclear weapons program 
on signs of U.S. “good faith in Ge- 
neva. Questions of Soviet “good 
faith” are usual, but this means con- 


gressional leaders know that key ad. 
ministration battles continue. 

All indications are that the Soviets 
have not decided on their basic ap- 
proach, either, so in a sense therei 
still time for Washington. But there t, 
a better chance for orovakine Soviet ! ft 1 


Exit Chernenko, as His Men Return to Arms Talks 


WASHINGTON — Death had 


its logic in claiming Konstan- 
tin Chernenko just before Big Two 
arms control talks resumed in Gene- 
va. For the one achievement of Mr. 
Chernenko's brief time in authority 
was the renewal of the aims talks. ' 

It is fit, too, that ax the time of 
death a colleague in the Politburo, 
Vladimir Shdierbitsky, was in the 
United States probing American atti- 
tudes. For what Mr. Shdierbitsky has 
been saying provides a strong sense 
of how the Soviet political leadership 
views arms control and its problems. 

Technically, Mr. Shcnerbitsky 
came to America in an exchange pro- 
gram between the U.S. Congress and 
the Supreme Soviet, Russia's rubber- 
stamp parliament Before cutting 
short the trip to return to Moscow for 
tbe funeral tbe delegation of 33 per- 
sons spent four days in Washington. 
Both m public and in a private ses- 
sion with President Reagan, aims 
centred was the prime subject 

Most of tiie public statements were 
made by weO-knowu members of the 
delegation. General Nikolai Cbverov, 
a lining mili tary figure in arms con- 
trol, repeatedly let it be known that if 
the United States went along with its 
“star wars” program for anti-missile 
defense, tbe Russians would take ap- 


By Joseph Kraft 


early 1970s. Mr. Shdierbitsky was talks. To keep their own people alert 
naifi^d Ukrainian firs t secretary on end disciplined, Russian officials 
the eve of the Brczfancv-NIxon sum- have to enter the talks sou n di ng off 
mit meeting of 1972. That move as- about the menace of Western imperi- 
sured Mr/Brezhnev a majority for .afism. That is particularly true now 
detente within the Politburo. during the time of transition required 

La a formal statement distributed by Mikhail Gorbachov to consolidate 
byTass, Mi. Shcherbitsfcy echoed the his power as^ general secretary in 


hard line on “star wars" set out by 
General Chverov and Mr. Arbatov. 
But he sounded a different note when 
he spoke to reporters on the White 
House lawn after a session with Presi- 
dent Reagan. Asked whether a Big 
Two agreement on arms control was 
possible, Mr. Sbcherbitsky said: 

“In all tbe previous agreements 
there were some compromises and we 
are ready to agree to a number of 
compromises. If the United States 
will go along that line, then a com- 
promise agreement could be achieved 
and tbe people would breathe freer. 
The Soviet Union regards the United 
States with great respect, and no one 
in my country thinks about attacking 
the United Stales ...” 

The contrast between that concilia- 
tory tone and the harsh line of the 
lesser tights underlines a problem 
confronting Russia in the Geneva 


place of Mr. Chernenko- 

But the Russians cannot huff and 
puff about tbe talks on the long-range 
intercontinental missiles; nor about 
the negotiations on the iniennediaie- 
range Euro-missiles. They walked out 
of those sessions in 1983. Bnt since 
they have now returned voluntarily, 
the talks cannot be all bad. Threats, 
far from uniting Russians and divid- 
ing Westerners, only serve to remind 
the world of a Soviet failure. 

“Star wars,” however, is a new item 
on the agenda. It has aroused appre- 

European&If^stm wars,” as claimed 
by its proponents, puts the United 
States on tie road to a more effective 
defense against missil es, it is only 
logical for the Russians to step up 
their offensive capabilities. 

So for all these reasons, dutiful 
exponents of the Moscow line are 


bound to bang away at “star wars.” 
But top^rawer political people take 
a Larger view. The fact is that the 
Russians themselves are working at 
their own anti-missile defense. Pre- 
sumably they want to continue re- 
search — at least until the point 
where they have tbe capacity to ren- 
der virtually useless the national nu- 
clear forces that are now being mod- 
ernized in France and Britain. 


compromise if the United 

knows what it is really after. " l 

So far the two crucial elements 
of the American position that 
to be common to the variety 
rial statements arc. r 

• Persuade the Soviets to dmnp 
their arsenal from prime reliance on 
heavy, multiple- warhead land-based 
missiles to a mix that would reduce! 
their capacity for a fust strike. Thii 
is implicit in the call for “deep re- 
ductions” and for a change in the' 
method for counting forces. 

• Persuade them to consider even, 
tuai revision of (he anti-ballistic mis- 
site treaty looking toward introduc- 
tion of widespread missik defenses. 

But how to go about this, and most ' 

important, the real goal are still 
very much in dispute. 

Paul Nitze, now special adviser tc 
the secretary of stale, has detivered 
the one comprehensive, lurid answer 
to come from the administration. Ml 
N itze is no longer a negotiator. He 
says he is laying out the agreed post- ' 
lion, and he is a veteran, loyal public ‘ 
servant. But almost everybody ebc 



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At that point, a couple of years 
wfllbeix 


from now, Moscow will be in a posi- 
tion to call for cuts in offensive weap- 
ons, and for limited deployment of 
anti-missile defenses. Toe burden of 
decision would then be on the United 
States. Maintenance of the unremit- 


Nitse’saimuxnddbeto 

sell die Soviet side on 
agreements that 'serve 
their national interests 
as well as ours . 9 




>.*i*i*r 


by President Reagan would cast the 
United States as the chief obstacle to 
an accord. Acceptance of the Soviet 
offer would confirm fears that the 
United States does not care about 
West European defense. 

So far the Reagan adminis tration 
has had the luck to deal with Soviet 
leaders who were dead men above 
ground. Tim passing of Mr. Cher- 
nenko is a reminder that Washington 
cannot go on forever merely postur- 
ing about arms control 

Los Angeles Times Syndicate. 


a buildup of offensive weapons. . 
Gnorei Arbatov, of tbe Institute of 
the USA, intimated in a Washing- 
ton television broadcast that U.S. 
pursuit of “star wars” would “ruin” 
chances for anus control 
But Mr. Shcherbitsky is not-to be 


Meanwhile, Proliferation Approaches 


Q.ENEVA — Readers of the In- 


confused with those smaller fry. He is 
lePolit 


a Soviet pol a member of the Politbu- 
ro since 1971, and first secretary for 
the Ukraine since 1972. One Reagan 
administration official who spent 
time with him was reminded of 
America’s last potent big-city politi- 
cal boss. “Shdierbitsky,” he said, “is 
a Russian Mayor Daley.” 

Like the late Chicago mayor, Mr. 
Shdierbitsky is associated with a dis- 
tinct wing m national politics. He 
rose as a protege of Leonid Brezhnev. 
He had close ties to another Brezhnev 
: — Mr. Chernenko. Like Mr. 
i he was identified with the 
faction in the Kremlin that promoted 
detente with the United States in the 


jroi 


ternational Herald Tribune 
have been treated to a number of 
interesting articles an nuclear dis- 
armament. However, the most im- 
portant dimension of the nudear 
arms race has, with one or two nota- 
ble exceptions, been missing. 

As under the are lights the 
American and Soviet negotiating 
teams begin the painstaking business 
of trying to decide how many high- 
tech w arhead* to allow each other, 
and whether they can take their com- 
petition into space, probably at least 
a dozen countries are pressing on 
with a much more mundane activity. 

Those countries are building un- 
pretentious little bombs that the 
Americans and Soviets would barely 
deign to count in their estimates of 


By Sadruddin Aga Khan- 


Mere Growth Can’t Cure 
The U.S. Budget Deficit 


By William H. Gray 3d 


The writer, a Democrat from Pennsylvania, is chairman of the 
Budget Committee of the US. House of Representatives. 


W ASHINGTON — Will the 
real President Reagan please 
siand up? Or, at tbe very least, will 
he teD us whether be thinks Ameri- 
ca has a deficit problem? 

On the one hand there is the 
President Reagan who delivered, 
as only he can, a stirring and uplift- 
ing State of the Union address on 
Feb. 6. He said that the best way to 
-reduce deficits is through econom- 
ic growth — that “each added per- 
centage point per year of real GNP 
growth will lead to a cumulative 
reduction in deficits of nearly S200 
billion over five years.” 

Then there is the President Rea- 
gan who signed the president's 
budget message of Feb. 4. Here he 
acknowledges that America faces 
deficits of 5225 to S250 billion un- 
der current policies, and says that 
he wants to cut spending by about 
$240 billion over tbe next three 
years to reduce them. 


While the budget message does 
ay of tl 


not name any of the “excessive 
federal benefits” that Mr. Reagan 
proposes to eliminate or reduce, 
David Stockman follows with sev- 
eral hundred pages of painful de- 
tail. Strangest of all, mere is no 
mention of“growing our way out” 
of the defiriL Indeed, Pari 3 of the 
budget explains why it is “highly 
unlikely” that the economy could 
prow continuously, without high 
inflation, at 5 percent a year — Le^ 
that “added percentage point per 
year" above the optimistic 4 per- 
cent assumed in the budget 
Becanse the presdent has given 
such ambivalent signals , there is 
real doubt in the land whether a 
deficit-reduction effort is neces- 
sary. The House Budget Commit- 
tee recently held hearings across 
tbe country to find out what the 
deficit and the president's budget 
proposals mean to Main Street 
Not surprisingly, we found many 
citizens who were not eager to 
climb aboard the Spending Cut 
Special Many are simply puzzled. 
If the president’s economic pro* 
gram has worked as well as he 
claims, if indeed we are safely 
launched on a second American 
revolution of hope and opportuni- 


ty, why worry about the deficit? 

Main Street’s puzzlement and 
reluctance, of course, are reflected 
in Congress, especially as spending 
reduction moves from rhetoric to 
painfully real choices. 

Unfortunately, the reality is 
this: We are not going to outgrow 
Mr. Reagan's deficits. The evi- 
dence of tbe last several years is 
compelling: The United States has 
now had more than two years of 
near-record recovery, faster than 
almost anyone projected, yet the 
deficit has not fallen. The reces- 
sion -bloated deficit in 1983 was 
$195 billion; in more prosperous 
1985 we expect $203 biltioa. 

Why? Simply because the Rea- 
gan administration's tax and 
spending policies have produced a 
structural deficit — that part of the 
deficit not related to economic per- 
formance — that rises too rapidly 
to be submerged by the rising reve- 
nues from economic growth. 

Without the growing structural 
deficit, the strong economic recov- 
ery should have reduced the deficit 
by about $70 billion in the last two 
years. However, the structural defi- 
cit has expanded at the same time 
by slightly more than $70 billion, 
offsetting the effects of recovery. 

In the next few years the situa- 
tion will get worse. As expansion 
inevitably slows, Us deficit-reduc- 
ing effects are sharply reduced. But 
the stractnral deficit keeps growing 
by about $25 billion each year to 
the end of tbe decade. 

So the problem is real enough, 
and many of us in tbe House and 
Senate, Democrats and Republi- 
cans alike, are trying to mobilize 
our colleagues and the American 
people to accept the harsh necessi- 
ty of painful spending cuts. 

We need the president's 
We will need his support event 
ly for a budget that is fairer and 
more balanced than his proposal 
Most of all we need his leadership 
now in explaining to America that 
the deficit problem is real; that we 
are not going to outgrow it with 
supply-side hormones. And that 
the cuts are going to hurt. 

The Washington Post. 


each other's firepower. But these are 
still nudear warheads that would 
cause huge human suffering and 
could blow a big hole in world peace. 

East-West relations have for so 
long been tbe frame within which 
some people have viewed the threat 
of the bomb that proliferation — that 
is, an increase m the number of 
bomb-owning countries — is over- 
looked. There are four reasons for 
believing that proliferation wiQ not 
lie low for muen longer. 

First, the dimate of thinking in the 
Third World is changing significant- 
ly. When a group of national leaders 
met late in January in Delhi under 
the chairmanship of Rajiv Gandhi, 
they were bitterly critical of tbe su- 
perpower arms race but they no long- 
er repeated a pledge against prolifer- 
ation. There is a groundsweQ of 
thinking, th at , yes, the bomb is dan- 
gerous and has a destabilizing effect, 
but if others are not going to re- 
nounce it, why should the Third 
World leaders continue to postpone 
ambitions for a bomb oL their own? 

In a world with bombs, not to have 
it may seem more dangerous than 
having iL There are a handful of 
confrontations around the world — 
in the Indian subcontinent, the Mid- 
dle East, southern Africa — where if 
one side announced it had the bomb, 
that would radically change the reck- 
oning, at least in the short term. 

Second, overly ing this thinkin g is a 
belief that the five nudear powers 
behave as though the bomb were 
their exclusive business. Now the 
U.S. Defense Department has con- 
ceded that the damag e to the climate 
which even a limited nudear ex- 
change would cause would be wide- 
spread. Like it or not. Third Woriders 
would be victims of the First World's 
war, should it ever happen. This trig- 
gers a deep sense of grievance. 

Third, “star wars” talk is mislead- 
ing because it revives the myth that 


nuclear weapons are somehow a fan- 
cy technology. Not so anymore. And 
the commercial ambition of Western 
firms, pushing nudear power as hard 
as they can, means quite enough plu- 
tonium or uranium has bear left 
around to provide the means for a 
bomb. Bomb-making is now a feasi- 
ble option for many governments and 
also for terrorists. One government 
reputedly is developing a suitcase- 
size bomb because mat happened to 
be the set of plans that its nudear 
industrial espionage turned up. 

Fourth, even if proliferation has 
been a hidden sub-plot to the super- 
power nudear drama, leading mem- 
bers of the cast are interested. I am 
organizing a meeting in Geneva in 
June to give the issue the airing it 
deserves, and I have been agreeably 
surprised by Soviet and American 
response. On the American side, 
Richard Perle, the Pentagon hard- 
liner, and Senator Edward Kennedy 
have both said they will be coming. 
Anatoli Gromyko, son of the foreign 
minister and head of his country's 
Africa institute, win lead tbe Russian 
group. They are going to meet equally 
prominent figures from elsewhere in 
the worid ana their discussions wlQ 
be in front of the world's press. 

But such a meeting must do more 
than put the issue higher on the inter- 
national agenda. Nudear weapons 
have, according to their supporters, 
given Europe 40 years of an underly- 
ing balance of interest in restraint on 
both the Soviet and (he American 
sides. Now both must face up to the 
fact that they have effectively lost 
their nudear monopoly and that the 
potential for nudear conflict is being 
imported into regional situations 
where they do not so dearly call the 
shots and where the incentives for 
restraint may be fewer. 

If ihe superpowers want to make 
the worid a less dangerous place, they 
must not talk just to each other but 
rum outward and start listening to 
and bargaining with the rest of us. 

International Herald Tribune. 


speaking for the administration i: 
saying something different 

Mr. Nitze’s “strategic concept" e& 
visions three phases, in the near tarn-' 
the next decade, it would seek torn " 
back “entirely too high” offensive ar- ’ 
senals but still rely on retaliation fa 
deterrence. Both the United State- 
and the Soviet Union would condnc 
research an missile defense bnt “en - 
tirely in conformity with the ABN 
treaty." Any changes would require- 
agreements beforehand. 

In a transition period during late * 
decades, the concept envisions a “co :. 
operative endeavor" to move tovro 
an offense-defense mix. First t- 
would have to be established that : 
“star wars” defense meets two ai\ 
ceedingly tough requirements: 1/ 
would have lobe “invulnerable," al 
that it would not just add targets t>\ 
tempt a first strike: and it would hat 
to be “cost-effective” —cheaper thaf 
adding offensive missiles ana conr 
termeasures to overwhelm it, air 






—K-» 

kii.4- 


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thus not just escalating the arms rate 
[r. Nitze stresses that if this c a" 


Mr. 




be achieved, defenses would be intre 
duced only by agreement, “at a mea- 
sured pace” and in a “regulated a®-' - 
phased way.” Ultimately tbe goel-f 
to rely on defenses, banging otbP- 
nudear powers -and other types o- ' 
nudear arms under the agreementx. - 

This makes sense. One may <fia _ 
agree at various points, but it is co 
hereto. It is an arms control position 

Mr. Nitze says realistically that ih 
transition “could be tricky," which i 
quite different from U 
of Defease Fred Ode's claim that tS 
process is inherently “stabDiang. 1 ' 

Mr. Nitze’s conception reflects thr. 
underlying argument in Washingor . 
and the reason for the congressiaDL. 
group’s unease. At all steps, he ac- 
cepts the need for “mutuality" a'.* 
Soviet and American interests. Hi / 
says that the aim of the exercise a? 
to convince tbe Soviet side that pip ' - 
jected accords will “serve their a&> ' 
tiooal interests as well as ours." Tbr - , ■ ■ 
goal he sets forth is “stable and icti-”. . • 
able” strategic relations. . 

Mr. Nitze has an established re- _ 
cord as a hawk. He has no doubt dut . 
Moscow wants a communist wodd . ^ 
and no intention of ceding anytime. . 
that would make it more possible. 

But be also knows that the Unitec 
Stales cannot expect to “prevail" bj._. / . 
force, and that the worid needs peace*. . . 

This is the aided, central pant 
Should the United States arm ant'- 
negotiate to “stabilize” or to gBB.." - 
time in tbe illusion that it can win: ' 
The fate of humanity may hang ot 
the answer. Let us hope that Mr ' ' '■ 
Nitze’s concept will be included ir - - 
President Reagan’s instructions 
the American team. 

The New York Times. 


sis Run 


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LETTERS TO THE EDITOR 


Europe in Perspective 


Regarding the editorial “ Europe, 
Don't Despair ” (March 2): 


Congratulations- Your editorial is 
.right on target and puts the current 
malaise in Europe in perspective. Eu- 
rope does have difficulties, but they 
need not be permanent America's 
recent recovery is due in large part to 
a renewed faith in itself, kindled by 
an administration with a strong and 
determined leader. Europe cannot 
have a single “knight on horseback,” 
but, as you so rightly point out, a 
cooperative consensus and creative 
leadership within the European Com- 
munity and the European Free Trade 
Association can help restore both her 
economic and her moral strength. 

BARRY EDGAR 
Epalinges, Switzerland. 


Apparently America is split be- 
tween those who oppose abortion on 
demand and contraception, and (hose 
in favor of both. Yet there must be 
many Americans who feel that abor- 
tion is wrong and should be used only 
with an overriding reason, while con- 
traception is practical and a matter 
of good sense, with no moral dimen- 
sion one way or the other, and it 
should be fredy available. Is there no 
organization for them? 

America seems to be experiencing 
a collective blindness to an obvious 
fact of late 20th century life; We need 
more birth control so that we trill 
have fewer abortions. 


In Defense of the Miners 

In response to the editorial “Afta : 
the Coaf Strike" (March 5): 


I was amazed by your fatc qgtfff 
tion of the facts. The miners’ strik^ 
was a long and biller industrial dis- 
pute, complicated by violen ce ant 
intransigence. But study the. show 
deserve more than a par mnmng di& 
missal of their cause because.of TdiVl 
ket economy” reasons. 

The issues were complex, and 
assertion that the strikers weri 
man*" 

ish people is offensive. 


DAVID MILLER 
Brussels. 


MARGARITA MacLAREN. 

London, 


Why Macmillan Resigned 


Contraception, Abortion 


As an American firing abroad, I 
am deeply interested in the politics of 
toy country but, currently, more mid 
more puzzled by them. President 
Reagan has cut off funds to the Inter- 
national Planned Parenthood Feder- 
ation because some of those funds 
went for abortions or abortion coun- 
seling. Of eight anti-abortion bomb- 
ings in the Washington area, three 
were of Planned Parenthood Offices. 
The anti-abortion lobby opposes 
contraceptive ads on tetaosioo. 


Columnist W illiam Safire, in 
“Steps Britain Should Take to Pre- 
vent a ‘Maggiegaie’ ” (Feb. 19). was 


Whither Philosophy? 


quitewroug to say that Prime Minis- 


ter Harold MaanHfiau “honorably 
resigned” over the scandal surround- 
ing John Proftimo. Mr. Macmillan 
resigned in October 1963 because of 
in health —indeed, from Ins hospital 
bed — several months after making 
dear that be was not going to resign 
because a minister in ms government 
had lied to the House of Commons. 

JEFFERY PHILLIPS. 

Limassol Cyprus. 


In response to the report 
in 'Disarray' .U.S. Cofi 
Says" (Feb. 12) by Edward 


listed among the “experiences 
ommeuded by the Assoddtkm 
American Colleges. No 
that tbe “science of wisdom 1 
We should not cram philosophy 
theology down anyone's throat, ! 
“Quo vadis?** is stul pertinent 

JJ\ CANNEZO. 

. Zorich. 








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NIGERIA 


A SPECIAL ECONOMIC REPORT 


. K 


TUESDAY, MARCH 12, 1985 


Page? 


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Foreign Policy 
Puts Economic 
Shield First 

By Alexander Thomson 

- ' -.LAGOS — Hardly a day goes by without a report in 
w Nigerian press of yet another government measure 
•'. j stamp out smug glin g and control the country's 
! . orous borders. Yet, it is still possible, although morn 

\ . . \ ifficult, to drive along bush trades to the "«*»■« in 
btonou, Benin's capital and buy contraband with 
^ lack-market naira. To the narth,Hausa traders cross 
; -- . re borders to deal with their counterparts in Niger, 
c- 0-lon trucks noar across the remote eastern state of 
- -rtmgola into Cameroon, and T^gerian goods are 
:'pemy on sale in Chad’s capital of Ndjamena. ' 

. „ - ; c v Nigoia is surrounded by four francophone coon- 

- ’ •ries, aH of which use the Fnaich-snpported CFA 
" "V.m, a firm currencyin con^arison to toe overvalued 

'ifir'.* fujj, aira. Nigeria is the (ar^st and most attractive market 
^ the region, the price of its oil is the cheapest, and the 
*< il { ht \trjri dghhoong countries have for years benefited from 
^Jegal cross-border trade to vriudi they usually have 
, * , i. , nvnioj ftl L Jmed a blind eye. 

, . ^ Inevitably, this has led to tcnsiotis. The dedsioa to 

Hair Hi^^ulose all borders, taken last year by the military 
.. 'ovemment in the midst of a currency changeover 
1,5 “<« tijfujfl nertise, hurt Nigeria’s neighbors badly. Dopiie 
axmg pressure, Nigeria has kept those borders do^d, 
S though it is allowing, on a case by case bass, 
1 ' : -emergency food aid to cross its borders into famine- 

kl : J.^rickra Chad and Niger. 

x r - Earlier this year, Nigeria also signed agreements 
Fith Togo, Ghana and Renin to further control cioss- 
'order smuggling through cross-border cooperation, 
* -“n extradition agreement and measures to stop the 

: - .ow of i mmi grants, an issue that flared np two 

ears ago with the expulsion erf mflfions of illegal 
v • ixrigners and that could pose further problems with 
; -je drift Into Nigeria of families and tribes displaced 
• - " y the famine and drought in the Sahel 

Nigeria is aware of ^e smsitivities of its smaller 
■ eighbors and is anxious not to appear the inconader- 

- te bully. Despite what may seem sdfish measures, it 

. . . r .‘i setting out to revamp the largely moribund regional 

rouping of the Economic Community of West Afri- 
.. .an States (ECOWAS), m which it hopes to play a 
. ‘lore active nde. 

, But while re^onalcocperatian is apriority, Nigeria 

rgues that it must put its own interests first As the 

- xteraal affairs minister, Ibrahim Gambari, bluntly 
utit in a recent interview; “Thedosnre of the borders 
iay be a bad thing, but the coQapse of the Nigerian 

.conomy would be worse for at” 

One of the major obstacles to true regional coopera- 
-ion, as seen from Lagos, is the existence of other 
egkmal groupings, particnlariy the Economic Com- 

- junity of West Africa (CEAO), which brings together 
. . .'-anoophone African countries that are tied to the 

. v urse strings of the former colonial power, France. 

Although Nigeria seam to have forgiven France's 
. Clive support of the Biafran seooessiomst movement, 

. riations remain ambiguous. France is a major trading 
aimer, French interests in Nigeria are more snbstan- 
. al than in any of its former colonial possessions. Bui 

(Continued on Page 9) 



Going It Alone: 
Austerity Puts 
Nation to Test 


PK<n M n p n oi fi — Oroyhic-hob«l C ur t Mo uam fiHT 


Investment Needed to Assure Oil Output 


LAGOS — Nigeria faces huge sp ending to de- 
velop new oil fields over the next lew years if the 
country is to avoid a steep decline in production 
capacity, industry executives here say. 

The need for heavy investment in developing 
fields comes at a time when the government is 
desperately short of funds, but oil executives here 
seelittle alternative. 

“Oil is so far the only thing of substance that 
makes our economy tick.” Tam David-West, the 
oil minister, observed in an interview. 

He added, however, that, in line with its auster- 
ity program, the government was likely to post- 
pone parts of its ambitious plan to develop a 
petrochemical industry. 

The country’s production capacity has fallen 
swiftiy from a peak of about 14 million barrels a 
day in 1979. 

Mr. David-West estimated current capacity at 2 
milli on barrels a day, but foreign cal executives put 
it at 1.8 million or 1.9 milli on. 

While capacity r emains well above Nigeria’s 
OPEC production quota of 1.43 million, it is fall- 
ing about 10 percent a year, and some oil execu- 
tives say it is likely to be around 1 J million barrels 
a day by the end of 1987. 

That would limit Nigeria's ability to take advan- 
tage of any rise in oil ripmand. 

Nigeria has plenty of undeveloped reserves to 
tap. The local affiliates of Mobil Coip., Royal 
Dutch/ Shell and Chevron Corp. all appear eager 
to develop sizable discoveries, provided the terms 
are attractive. 

But Nigerian National Petroleum Coip., or 
NNPC, the state oil company, which on average 
puts up 70 percent of the cost, has not scheduled 
any major developments for tins year. 

Since fields take two or three years to develop, 
there is little prospect of reversing the slide in 


production capacity for several years, some execu- 
tives argue. 

Others contend that there is no need to rush 
development of new fields, given the outlook for 
demand , and Mr. David-West said he did not 
foresee any squeeze on capacity over the next few 
years. 

Exploration also is dedining, partly because oil 
companies doubt they will be able to increase their 
Nigerian production substantially anytime soon. 
The number of drilling rigs operating has fallen 
below 10 from around 30 four years ago. Dresser 
Industries Ino, a big U.S. oil-services company, 
has slashed its staff and dosed its office in Port 


Harcourt Other oil-services concerns also have 
reduced their staffs or pulled out. 

For its part, NNPC is drilling in the Chad basin, 
an untested area in northeastern Nigeria. That 
program so far appears io have prod nod nothing 
exciting. For thor part, the fordgn-affiliated oil 
companies have sinra away from drilling in north- 
ern Nigeria, preferring to stick to the southern 
deltas and onshore areas, where Nigeria's oil pro- 
duction is concentrated. 

Despite the strengthening of world oil prices. 
Mr. David-West said Nigeria remained ready to 

(Continued on Page 10) 


NIGERIAN LIGHT: A HISTORY OF PRICE-CUTTING 

Billions of dollars 
40 



■251 


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■ i.; t ♦ • . « ■ i • il - . •• » Li L 


1981 


1982 


1983 1984 

Source: Petroleum Argus 


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Journalists Run Counter New Restraints on to Tradition 


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Special to the JHT 
ABIDJAN, Ivory Coast — Nige- 
a. which once had the reputation 
f having the freest press in Africa, 
as had to cope with restrictions on 
ie media since the military seized 
over 14 months ago. 

Two prominent Nigerian jour- 
alists are serving prison sentences 
ir their reporting Another has 
sen held without trial for more 
. ian a year, and many others have 
sen detained for weeks for ques- 
oning without being charged. Ni- 
erian journalists say that the situs- 
on has led to a considerable 
•eakening of the mass media's in- 
ependeot stance and has virtually 
aded investigative reporting. 
Nigeria’s journalistic tradition is 
mg and distinguished, dating back 
<23 years, when the first Nigerian 
- ewspaper was founded. It is a tra- 
ition that, like the Nigerian peo- 
le, includes a feisty independence 


and love of palaver. It is also a 
tradition that places its leaders un- 
der close scrutiny. 

The electronic media in Nigeria, 
including more than 20 television 
and 40 radio stations, is entirely 
owned by the federal and state gov- 
ernments. As a result, they tend to 

be more conservative and less con- 
troversial In the print media, how- 
ever, private ownership is allowed, 
and 16 major daily newspapers and 
countless weeklies compete for 
readership and advertising reve- 
nue. 

Many of the largest dailies are 
owned by wealthy individuals with 
political ambitions or, during the 
era of civilian rule, by political par- 
ties. As a result, during the 1983 
election campaign, many members 
of the mass media became highly 
partisan. Charges and counter- 
charges against politicians, often 
unsubstantiated, were published, 
and the only recourse for an of- 


fended party was a lengthy and 
costly court case. 

In 1983, when the mflitary over- 
threw the civilian government of 
Shrfm Sbagari, it made ft dear dm 
h would impose scxne restraints on 
the media. The head of state; Major 
General Mohammed Bohari, told 
Nigerians ax weeks after the coop 
that although he supported a free 
press, a section of the media was 
capable of abusing that freedom to 
the pant of endangering nati onal 
security. 

The general said be had been 
unfairly treated by the press when, 
as head of the Nigerian National 
Petroleum Corp. miring the gov- 
ernment of Lieutenant General 
Olusegun Obasanjo, who took oyer 

2J5 biffion naira (about S3jTbiT 
lionX He said that u R had not bear 
for the judicial inquiry that dis- 
missed the allegation, he would 
have been “lynched.’* 


In April 1984, the federal mili- 
tary government issued Decree No. 
4, which stated, in part, that any 
person who disseminated false in- 
formation about the government 
could be sentenced to op to two 
years in prison; an orga ni zation 
that gave out false information 
would be fined a minimum of 
10,000 naira. 

The decree also gave the govern- 
meat the right to seize any equip- 
ment used to disseminate such in- 
formation, thus making it possible 
to dose down virtually any offend- 
ing organ, ration. The decree was 
welcomed by some journalists, who 
had criticized certain of their col- 
leagues for a lack of reroonsibility. 
However, most objected to sections 
of the decree that stated that pub- 
lishing any news repeats that ridi- 
culed or embarrassed a government 
official was also an offense, that the 
burden of proof was on the journal- 
ist and drat cases would be judged 


by a special military tribunal com- 
posed primarily of military offi- 
cers. 

The tribunal soon had its hand s 
full. Two journalists for The 
Guardian, a young newspaper th3t 
bad been outspoken and often criti- 
cal of government, were put on (rial 
under Decree No. 4. The diplomat- 
ic correspondent, Tunde Thomp- 
son. and the assistant news editor, 
Nduka Lrabor, were charged with 
publishing a false report on pro- 
posed ambassadorial changes in a 
number of Nigerian embassies. 
When, much later, the appoint- 
ment list was released officially, 
nearly half of the dozen change 
announced by The Guardian wen 
correct. Because of the inaccura- 
cies, however, Mr. Thompson and 
Mr. lrabor were each sentenced to 
a year in prison and the newspaper 
was fined 50,000 naira. 

Sources close to the case say that 
the military government was less 


upset by the inaccuracies in the 
article than by the fact that it had 
been leaked from a senior level in 
the mHiiaiy command. The govern- 
ment wanted to know the source of 
the list but the journalists refused 
to reveal it 

Other, more prominent journal- 
ists were detained sometimes for 
weeks for questioning. They in- 
cluded the editors of The Guard- 
ian, the National Concord and The 
Punch. In fact, the editor of The 
Punch has been in prison for more 
than a year. He has yet to be 
charged. 

In July 1984, many senior execu- 
tives in tire government-owned me- 
dia were removed. In August, it was 
reported that aril servants had 
been forbidden to talk to reporters. 
And in September, the government 
established a committee to monitor 
tire media 

The government’s moves pro- 
(Confirmed on Page 9) - 


By Bob Hagerty 

LAGOS —Nigeria is testing the 
limits of how much austerity an oil- 
rich country can bear. 

In an attempt to resurrect the 
economy and pay its debts on time, 
the military government has 
slashed imports and spending in a 
way few countries have managed. 
“We are paying our debts ana we 
are no longer begging anybody,” 
Major General Mohammed Bu- 
bari, the bead of state, said in his 
budget speech in January. 

In most countries, the foreign 
bankers would be cheering. Hoe, 
they credit the government with 
impressive belt-tightening but are 
uneasy with the Nigerians' insis- 
tence on healing their economy in 
their own way. 

Many foreign bankers and busi- 
nessmen — and a few Nigerians — 
argue that the country needs to 
take the conventional cure: a major 
devaluation of the currency, an 
agreement to borrow from the In- 
ternational Monetary Fund and a 
modest postponement of its medi- 
um- ana long-term loan payments. 
The present course, these critics 
'say, threatens to strangle what little 
industry Nigeria has and fails to 
address the fundamental problem 
of an overvalued currency. 

“You wonder," says a foreign 
accountant, “if the belt isn't 
around their neck ingimri of their 
stomach." 

Whatever the merits of the gov- 
ernment's self-reliant strategy, Ni- 
geria is for now a case of arrested 
development The office lowers in 
central Lagos glint on the outside 
and crumble within for lack of 
maintenance. Hawkers wade 
through the dust and the traffic 
jams, waving mops, toilet paper 
and even telephones. Business is 
slow all over, and everyone is wait- 
ing for a recovery that the govern- 
ment says will take several more 
years to attain. 

Four years of falling oil prices 
have been devastating. Although 
the country still exports small 
amounts of cocoa, tin and rubber, 
oil accounts for more than 90 per- 
cent of export earnings. 

The slump has reduced Nigeria’s 
oil revenue to about half the 1980 
peak at a time when the country 
faces a bunching up of repayments 
on debt contracted in the euphoria 
of the 1 970s-. Meanwhile, farm pro- 
duction continues to fail short of. 
population growth and the country 
relies on heavy imports of grain 
and rice. 

Faced with this situation, the 
government has laid off many aril 
servants, reduced social benefits, 
postponed major industrial pro- 
jects and imposed harsh penalties 
for those caught stealing from the 
state, including the death sen lance 
for smugglers of oil products. 

Through such stem measures, 
the generals reduced the govern- 
ment's budget deficit to 33 billion 
naira (S4 billion at the official ex- 
change rate) in 1984 from 62 bil- 
lion naira in 1983. 

They also have shown determi- 
nation to pay off Nigeria’s $20 bil- 
lion or so of external debt. Pay- 
ments on medium- and long-term 
debt have been kept ament, and 

to refinance the estimted^KLWJ^ 
Hon to S9 billion of arrears on trade 
debt built up in the last two years of 
civilian government 

Paying debts so quickly is pain- 



boW 


ful. however. General Buhari esti- 
mated that this year’s debt pay- 
ments would consume 44 percent 
of the government's foreign-ex- 
change spending. Estimates of debt 
payments over the next few years 
vary widely, but manv bankers be- 
lieve debt servicing vofl continue to 
eat up about half of available for- 
eign currency through 1987. 

So there is little left over for 
imports. This year the government 
projects that they will fall another 
33 percent to around 32 billion 
naira, less than a third of the aver- 
age for 1980-1982. 

“We are paying the price for the 
oil boom.” said E.A.O. Shonckan, 
chairman and managing director of 
UAC of Nigeria Ltd., an affiliate of 
Unilever and the country's biggest 
company. What the government 
must teach Nigerians, he added, is 
“that you have got to work hard 
before you can spend monev ” 

Only the favored industries will 
receive enough import licenses to 
stay healthy. Others face the choice 
of scrabbling for local raw materi- 
als or closing down. 

As one way to reduce imports, 
the government is stressing agricul- 
ture, to which nearly a fifth of 1983 
capital spending is devoted. But 
Nigeria’s farm economy is in sorry 
shape. 

“It's full circle," lamented an 
American banker with decades of 
experience in Africa. “Nigerian ag- 
riculture has literally gone to seed." 

Oil riches in rite 1970s allowed 
the Nigerians to acquire the habit 
of eating more of such import-de- 
pendent luxuries as rice and bread 
and less of sucb local staples as 
cassava, yam and plantain. Twenty 
years ago Nigeria was a big export- 
er of palm oil and peanuts; now 
both are imported. 

To deal with the situation, the 
government is requiring banks to 
lend more to fanners. Big Nigerian 
food companies, such as A.G. Le- 
ventis & Co. and UAC of Nigeria, 
are bemg forced into agricultural 
projects as a way to obtain raw 
materials they can no longer im- 

pprt 

The government hints that it 
might allow foreign companies to 
take as much as 80-percent owner- 
ship in some agricultural projects, 
though there have been conflicting 
statements on the matter. “Our 
doors are open," insists Bukax 
Shaib, the agriculture minis ter But 
most foreign companies are waiting 
for details of the incentives before 
striding in. 

Certain industries are receiving 
favorable treatment as government 
priorities, among them petrochemi- 
cals, fertilizer, cement, sugar, pai 
per. sled and the long-discussed 
proposal to produce liquefied naru- 

(Continued on Next Page) 




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As sembling Peugeot automobiles at the Kaduna State factory. 


AlUaTuI/ 


U. S. -Nigerian Relations in a Holding Pattern 


By John M. Goshko 

WASHINGTON — As Nigeria’s 14-month- 
-old military government struggles to restore the 
country to prosperity, relations between the 
United States and black Africa’s economically 
troubled, ad-exporting giant have lost the higb- 
-priority character they had in the days when 
Washington viewed Nigeria as the pivotal coun- 
try of the region. 

But they remain generally cordial. 

U3. officials and diplomatic sources say that 
relations have not been affected adversely by 
the fact that Nigeria’s financial plight has been 
caused, in pan, by the precipitous drop in 
American Hmum A for the oil that provides the 
bulk of Nigeria’s foreign exchange earnings. 

According to the officials, Nigeria recognizes 
that the loss of its once pre-eminent position in 
the U.S. oil mar La was due to natural martaa 
forces rather than any calculated trade discrimi- 
nation. Despite greatly decreased US. pur- 
chases of Nigeria’s expensive, high-grade oil the 
United States still absorbs roughly 30 percent of 
Nigeria's total exports, while providing only 7 
percent of Nigerian imports. 

The officials said that present U3. polity 
assumes that the government of Major General 
Mohammed Buhari, which took power after a 
mflitaiy coup at the end of 1983, will be preoc- 
cupied for some time with internal problems of 
debt management, imposing economic austerity 
OQ its people and attacking inept manwgwngnt 
and corruption at every level of government. 

Given the inward-looking nature of Nigeria’s 
policy priorities, the officials added, (he United 
States is basically in the postion of a friend, 
standing ready to offer encouragement and ad- 


vice. But, the officials stressed, even that must 
be done with a discreet concern for Nigerian 
smsitivities about outside interference. 

That is particularly the case in respect to 
Nigeria’s hopes of rescheduling payment on the 
insured trade debt that it owes to foreign gov- 
ernments. This plan would be along the same 
lines as the rescheduling agreement it reached in 
1983 with 60 foreign banks. Under present dr- 
ew instances, the Buhari government will have to 
spend an estimated 40 percent of its foreign 
exchange earnings on debt service, and il wants 
to stretch out payments to its government credi- 
tors. 


The relationship reflects 
restrictions and diminished 
expectations stemming from 
Nigeria’s straggle to recover. 


However, the major creditor countries — the 
United Slates and the members of the European 
Community — have adhered to a stria pohey of 
not rescheduling insured debt until the debtor 
nation has agreed with the International Mone- 
tary Fund on putting an austerity program in 
plate. 

Up to now, the government has been unable 
to come to terms with the IMF. It fears' the 
political consequences of asking its people to 
accept even bigger doses of austerity in the form 
.of currency devaluations and reductions of do- 
mestic subsidies for petroleum products. 

The U.S. position, as described by one State 


Department official “is to avoid any suggestion 
that we are beating on them to accept the IMF's 
demands" 

Instead, the United States, while quietly 
pointing out the advantages of being able to tap 
IMF technical expertise and posable loans, has 
said that it is up to the Nigerians and the IMF to 
work out their differences. 

The restricted nature of the present relation- 
ship represents a major shift from the high 
hopes thal U3. policymakers had for Nigeria 
when it gained its independence from Britain in 
I960. Then, U.S. diplomats assumed that Nige- 
ria. with its large population, its oil wealth and 
its British-trained ruling elite, inevitably would 
reach beyond West Africa to become the leader 
of the black African bloc of nations. 

TTie visit of President Jimmy Carter to Nige- 
ria in 1979 was intended as a symbolic recogni- 
tion of Nigeria’s importance and of Washing- 
ton’s hope that close ties would make Nigeria an 
interlocutor for U.S. views and interests 
throughout the continent 

But the idea that America's Nigerian connec- 
tion could transcend bilateral relations and have 
a regionwide impact has been frustrated contin- 
ually by tribal animosities and other problems, 
which have resulted in civil war, in 1967, and a 
cycle of political corruption and miliiary coups. 

More recently, the world oil surplus has 
shown that Nigeria is not immune to die prob- 
lems of countries whose economies rise and fall 
on the export of a single commodity. Following 
the shakeouts in oil supply patterns produced 
by the energy crisis of the 1970s, Nigeria suc- 
ceeded, for a time, in standing alongside Saudi 
(Continued on Page 9} 








Page 8 


INTERNATIONAL HERALD TRIBUNE. TUESDAV, MARCH 12, 1985 



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A SPECIAL REPORT ON NIGERIA 


Going It Alone: 
Austerity Puts 
Nation to Test 


(Confirmed From Previous Page) 
rai gas for export. Pans of the pet- 


rochemical project are expected to 
, howevc 


be delayed, however, and the steel 
industry is widely dismissed as a 
failure of planning. 

Some state-owned companies, 
soch as the telephone monopoly 
and certain agricultural operations, 
are candidates for sale to the pub- 
lic, though no major sales seem 
imminent. 


While the government says it 
wants to attract more foreign in- 
vestment, businessmen, say it is still 
far too difficult to convert naira 


profits into foreign currency and to 
nhtflin annrovals from Ni 


from Nigeria s 


obtain 
grinding 

“God help anyone who wants to 
set up a new business," said a se- 
nior British executive at one of Ni- 
geria's biggest manufacturing com- 
panies. “I’ve come across people 
who sat in the hotel lobby for two 
years, even though their projects 
were thing s the government was 
keen to promote.” 

Nevertheless, General Buhari 
said in his budget speech that 1985 
“will be a year in which the country 
can start to recover. 11 He predicted 
ihat gross domestic product would 
grow 1 percent after shrinking 
more than 10 percent, ova the pre- 
vious three years. 

Foreign observers are not so 
sure. 

They do acknowledge that the 
government has managed to keep 
Lagos cleaner and that electricity 
and water supplies are more reli- 
able, only partly because the reces- 
sion has reduced demand. Foreign 
businessmen also generally say the 
new government's economic man- 
agement is superior to that of the 
civilian government 

Still, the costs of the govern- 
ment's economic strategy are 
heavy. 

Prominent among them is unem- 
ployment No figures are available, 
but the an guish is evident. Nige- 
ria's big trading and industrial con- 
glomerates have let go as many as 
half of their employees since the 
recession began. 

Many foreign companies also are 
shrinking them- staffs. Continental 
Illinois fcorp. is trying to sell its 
local affiliate, and some other U-S. 
banks are believed to be eager to 
depart Most foreign companies, 
however, appear willing to wait for 
Africa's largest economy to recov- 
er. 

'‘Inflation also punishes the Ivo- 
rian masses. The government esti- 
mated 1984 inflation at 40 percent; 
many foreign analysts say it is high- 


er. though no reliable statistics are 
available. 

Feeding the inflation are severe 
shortages caused by import restno- 
tionsTCar tires cost the equivalent 
oT at least 5350 (converting the 
naira at the official rate) and have 
become popular as cany-on bag- 
gage on flights to Lagos. A box of 
100 tea ha g* that sells for 70 pence 
in Britain is offered in Lagos at 
about 20 times as much. Eggs cost 
as much as 54.80 a dozen. 

The need to ration imports 
means cumbersome regulations. A 
businessman may receive a license 
to import vital materials after 
months of waiting, but he still does 
not know when be will receive the 
foreign-exchange allotment needed 
to buy the goods. 

As a result of such shortages and 
uncertainty, Nigerian factories, 
which mostly are mere assembly 
operations, typically operate at 
around a fifth of capacity, accord- 
ing to Oladapo Fafowora, execu- 
tive director of the Manufacturers' 
Association of Nigeria. 

In some cases, shortages produce 
fat profit margins on what little 
product can be sold. But the cost is 
high inflation and unemployment. 

In addition, Nigeria’s economy 
suffers from all the distortions that 
go with an overvalued currency. 
The official rate is about $120 to 
the naira. On the black market the 
nair a is worth only a fourth or a 
fifth as much, as almost any hotel 
clerk Can tell a foreign guest 


So, despite the harsh penalties, 
much of Nigeria's energy and inge- 
nuity goes into smuggling and oth- 
er black-market dealings. 

Imports are artificially cheap, 
and exports other than ofl, which is 
priced m dollars, are hopelessly ex- 
pensive. 

That is why many foreign ob- 
servers hope Nigeria eventually will 
cave in to IMF terms similar to 
those agreed upon in 33 other cash- 
starved countries with loans from 
the fund. Discussions on Nigeria's 
request for a 52.4-billion IMF loan 
have stalled over the fund's call for 
a devaluation and a reduction in 
subsidies for local users of oil prod- 
ucts. 

An IMF agreement would make 
foreign banks and export-credit 
agencies more willing to stretch out 
Nigeria’s loan payments. Some 
bankers say, however, that the 
banks just might agree on a re- 
scheduling without an IMF pro- 
gram, especially if Nigeria seemed 
to be fulfilling most of the usual 
IMF demands. 

In any case, many banks and 



businessmen think some kind of 
rescheduling is necessary to keep 
the economy functioning. Without 
rescheduling, warned Mr. 
Fafowora of the Manufacturers' 
Association, “it’s going to be even 
tougher next year.” 


they hope the naira can gradually 
be nudged down toward a realistic 
level. In the past four months, the 
ak hi 


The government has made it dif-‘ 
ficult to reschedule, however, by 
makin g an etnotijoiial issue of its 


resistance to IMF terms. "They 
lelMF 


have painted the image of the 1 
as a rapacious vulture hovering 
over Nigeria," said a British econo- 
mist here. 


The government's main fear on 
devaluation appears to be that it 


would pump up inflation farther by 
multiplying the naira cost of im- 


ports. Thus, say the government's 
defenders, any sudden devaluation 
would bar huge political risks. 
Too can't repay your loans if peo- 
ple are fighting in the streets," a 
Nigerian banker observed. 


central bank has lowered the 
naira's official rate nearly 10 per- 
cent against the soaring dollar, bat 
the naira has risen against other' 
major currencies. 

Some bankers here have accused, 
the IMF of being inflexible in its ' 
demands. But even some IMF in-' 
siders say it is not entirely clear that 
the standard cure is right for Nige- . 
ria, which, unlike many poor couth . 
tries, has a large home market Ul 
fall back on. Rescheduling is ex- , 
pensive in terms of interest, and . 
many outsiders doubt that Nigeria 
is ready just now to invest wudjj ; 


any infusion of borrowed money.J 


Tt's better to starve ourselves, 
reasons a young Nigerian banker, 
expressing the popular view. “Wir 
will see what we can do without tbd ' 
IMF." 



Exchange-Rate Pride Blocks IMF Loan Package 


By Howard French 

LAGOS — No economic issue in 
Nigeria has been so widely dis- 
cussed and debated as the coun- 
try's running negotiations with the 
International Monetary Fund for a 
major loan. Perhaps the most con- 
troversial element of any loan 
package is the fund's insistence 
that Nigeria devalue the naira. 


allowing unrestricted commerce," 
the banker said. 

A prominent American business- 
man said: “The only convincing 
argument against the IMF loan and 
devaluation is that self-confidence 
in economic management is lacking 
and the government fears taking on 
any more lending because they are 


mart's moves to restructure the 
economy, pointing out that many 
of the measures it has taken are 
along the lines of what was pro- 
posed by the IMF. Recently, atten- 
tion has been drawn to the fact that 
the naira has been allowed to slide 
downward in relation to the U.S. 


Another move bound to please: 
the fund’s economists has been the. 
restructuring of the import tarifT 
code, which one diplomat qualified" 
as “IMF- inspired." 


IMF- inspired. Vi 9 

In lieu of an agreement with itejXi nr- a 
fund, which would provide the * ‘^v 1 liltl 
economy with sorely needed fi- _ L 
nances, the most important reform 3 :" ; r - 


Relat 


An agree mait with the IMF 
would dear the way for a refinanc- 
ing of Nigeria's trade debt of more 
than $2 billion and inject new 
funds into the economy. 


Hie military has made a sticking point of the devaluation 
issue. As a Lagos banker put it, f A high exchange rate has become 
a matter of national pride here. 9 


■ is. *m 
***** 




Since negotiations between the 
government and the fund broke off 
in 1983, a military government has 
come to power, instituting some of 
the elements included in the loan 
package. It had been expected that 


not sure that it could be used effec- 
tively." He added that “the same 
national pride that trill not allow 
the Nigerians to devalue gives one 


dollar and, to a lesser extent, the 
British pound. 


likely to be enacted by the Supreme^ 
Mititary Coundl will bepenmssai^- 


confidence that, one way or auoth- 
debts." 


the militaiy leaders would accept 
an IMF deal, placing responsibility 
sacrifice 


er, Nigeria will pay its i 


May. 

51.337 


for the sacrifices required for eco- 
nomic restructuring on the largely 
discredited government of former 
President Shehu Shagari. Instead, 
the militaiy has made a sticking 
point of the devaluation issue. 


Observers in Lagos have noted 
with interest the Buhari govem- 


fallen from 51.3376 to 51.2046. 
Some bankers speculate that this 
gradual devaluation is bang al- 
lowed in view of “meeting the IMF 
halfway” on the issue. 


to allow companies to maintain , 
foreign -currency accounts in Nige-. 
rian h anks. This measure would - 
permit companies to use foreign ' 
exchange earned from domestic 
production without haring to seek- 
central hank approval 


Jarir 


'-•rmr-i'* 


As a Lagos banker put it, “A. 
high exchange rate has become a 
matter of national pride here” 

Nigerian officials have argued 
against a devaluation, accusing the 
IMF of imposing “stock solutions 
that inevitably indude a massive 
devaluation" without carefully an- 
alyzing Nigerian realities. Oppo- 
nents of a devaluation say that it is 
only appropriate for export-orient- 
ed economies, whereas Nigeria ex- 
ports a very narrow range of goods, 
principally petroleum products, 
whose prices are fixed by member- 
ship in international cartels. More- 
over, it is feared that a devaluation 
would cause a sudden surge in in- 
flation that could threaten the gov- 
ernment's stability. 


Proponents of devaluation argue 
that Nigeria must diversify its ex- 
ports away from oil and devalua- 
tion would make foreign suppliers 
of both foods and industrial goods 
less competitive, thus giving an in- 
centive to local producers. A World 
Bank official said that production 
of the country’s only significant 
cash crop, cocoa, is rapidly declin- 
ing, “partly because inte rnational 
prices, set in dollars, become ridic- 
ulously low when converted into 
overpriced naira.” 


A banker suggested that “the 
most ‘honest’ market is the black 
market, where goods are traded 
freely and find their real value ” On 
Nigeria's black market the naira 
trades at less than a quarter of its 
official rate of 5121 to the naira. 
“The whole aim of devaluation and 
trade liberalization is to put the 
black market out of business by 



V.. Va 


f 










INTERNATIONAL HERALD TRIBVNE. TUESDAY, MARCH 12, 1985 


A SPECIAL REPORT ON NIGERIA 


Page 9 



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«■ J 

W4 ' ■ 


(Contmncd From Page 7) 
Nigerians feel uncomforu 


Nigerians feel uncomfortable 
th what is seen as an excessively 
ternalistic attitude in French 
s in Africa, although it is 
x. ar that economically thefranco- 
iOce states have benefited from 
! f v^iai the French call their “African 
Dr\ Ti)ty n and their common heri- 
*p makes tham an effective, if at 
ne& troublesome, pressure bloc. 
Mr. Gambari likes to describe 
v gpria's current foreign-policy ap- 
.oach as a series of concentnc 
cIk wi th hngeria’s security, teni- 
. rial integrity and political inde- 
cdence at the center. 
-.ECOWAS would come next, 
-at wider African issues such as 
■ .colonization, with the outer rir- 
: being Nigeria’s relations with 
ganizations, institutions, and 
un tries beyond Africa’s shores. It 
. -not a rigid model but there is 

- tie doubt that the military regime 
keeping to the promise, made 

- Jy days after seizing power, to 
-ike Africa the centerpiece of Ni- 

.. ria’s foreign policy. 

This, together with the promise 
. an activist foreign policy, harked 
sk to the heady days of former 
_ esident General Mortals Mo- 
mmed. who, in the few months 
had in power before his assa^si- 
.'lion, transformed Nigerian di- 
jmacy. He made it dear that ids 
' is a country that would not be 
shed around and that deserved 

d insisted on bong beard. 

But the days of nationalizing 
j iiish Petroleum, paving the way 
■LVJir a Rhodesian — the pre-inde- 
.*ndenee name for Zimbabwe — 
dement, ushering in Angolan in- 
. pendencc and shaming the Unit- 
States came, it is felt here, to an 


ignominious end with the second 
republic of Shehu Shagari when, in 
Mr. Gambon's words, Nigeria be- 
came a “diplomatic parasite.” 

Mr. Gambari, a former director 
of Nigeria's Institute for Interna- 
tional Affairs, has set out to change 
that image and to show that Nige- 
ria can and must play a more active 
role, especially within the Organi- 
zation of African Unity. 

Nigeria takes much of the credit 
far salvaging that mling body, 
whose future, until last year’s sum- 
mit in Addis Ababa, was in doubt. 
On the eve of the summit, Mr. 
Gambari issued a statement recog- 
nizing the Folisario Front and call- 
ing on other states to follow suit, 
not necessarily in approval of Foli- 
sario policies, but because it was 
absurd to let one issue endanger the 
existence of the OAU. 

In public, and behind the scenes, 
Nigeria argued a gain and again 
that the massive practical problems 
facing the continent should be 
tackled first and that rhetoric and 
politically contentious and divisive 
issues should be put to one side. 
Nigeria also used the clout that 
comes from being one of the few, 
member states that pays its dues, 
which are milch hi gher than mOSL 

For the Nigerian delegation, led 
by . bead of state Major General 
Mo hammed Buhari, aid Mr. Gam- 
bari, the summit was a dear ac- 
cess. It was businesslike, frank and 
to the point, and although Morocco 
and Zaire withdrew in protest over 
the Polisario’s admission, the orga- 
nization survived. 

Nigeria also has been taking an 
mcreasingjy tough line on the prob- 
lems of southern Africa and has 
called repeatedly for an intensifica- 
tion of the political and material 


support for the armed liberation 
movements in the region. In his 
most recent speech on foreign af- 
fairs, General Buhari described 
Sou th Africa as the “greatest threat 
to Nigeria’s national interests” and 
criticized what he called the en- 
couragement of South Africa’s in- 
transigence by a possibly well-in- 
tentioned but rms giwdwt policy of 
constructive engagement being 
pursued in Washington. 

The United States also has been 
criticized for complicating the Na- 
mibian iggnw — — independence for 
South-West Africa — by regarding 
it as part of the East-West conflict. 
This, to Mr. Gambari. is simply a 
complete red herring. 

He also is alarmed at what he 
sees as South Africa’s attempts to 
break out of international isolation 
and achieve some degree of re- 
spectability. The visit by Prime 
Minister Pieter W. Botha to West- 
ern Europe and in particular, his 
visit to Loudon, was strongly criti- 
cized. What made this worse, in 
Nigerian eyes, was the fact that 
shortly before Mr. Botha’s London 
visit, the British foreign secretary. 
Sir Geoffrey Howe, had canceled a 
visit to Lagos. This was offensive 
because it is many years since a 
high-ranking British has 

visited Nigeria —in stark contrast 
to the frequent visits to franco- 
phone Africa by senior Frencb fig- 
ures. 

The tangled love-hale relation- 
ship between Nigeria and Britain 
flared up last year following the 
kidnap attempt in Britain of 
Umaru Dfldro, minister of trans- 
port in the Shagari eovenunent 
Britain has not yet made a decision 
on Nigerian requests for the extra- 
dition of Mr. Dikko, who has been 


charged with corruption. There was 
as much hurt as outrage that Brit- 
ain could show so little understand- 
ing of the Nigerian position. 

High commissioners were with- 
drawn from London and Lagos bnt 
both sides were anxious that things 
not be tat™ too far. There is still a 
bitterness, however, that Britain 
continues to harbor Nigeria’s most 
wanted man and the issue could 
erupt once more when Nigeria’s 
application for extradition and Mr. 
Dike’s appeal for political asylum 
are heard. 

Britain’s relations with Nigeria 
are complicated farther by the fact 
that both countries produce almost 
the same quality of erode oil al- 
though bout pursue different pric- 
ing policies. And the Nigerians feel 
that Britain has been less than un- 
derstanding over the rescheduling 
negotiations at the Club of Paris, 
with Britain among those pushing 
hard for Nigeria to accept Interna- 
tional Monetary Fund conditions 
that seem increasingly inappropri- 
ate to the Nigerian case. It is felt 
that Britain and the West in general 
does not want to see Nigeria turn- 
ing up its nose at the IMF lest this 
set a precedent, as it no doubt 
would. 

It is 25 years since Nigeria, 
gained its independence from Brit- 
ain. and the silver jubilee celebra- 
tions later this year should be quite 
spectacular. But the Nigerians are 
increasingly, realizing that political 
independence can he feeble with- 
out economic independence as 
wefl. That is why Nigeria stresses 
self-sufficiency not only within Ni- 
geria but also within Africa. Many 
years of Western aid, investment 
and advice have failed to radically 
transform Africa. 


J.S.-Nigerian Relations in a Holding Pattern 


iw.iw 


(Continued From Page 7) 

"abia as one of the two main 
■ppb’ers of crude oQ to the United 
ales. 

But that position was eroded by 
increasing U.S. shift to imports 
tm neighboring Mexico, by re- 
cced demand resulting from the 
^irldwide recession and by the 
ji that has enabled American re- 
ars to fill their needs with readily 
ailable heavy oil which is dteap- 
tban Nigeria’s high-grade crude. 
With little expectation of a near- 
xm return to the days of fat dl 
mings, Nigeria has neither the 
ne nor the resources to play the 
le of a regional power. 


As a resuh. its ties with the Unit- 
ed States have taken on an essen- 
tially parochial character. 

When diplomats from both 
countries tick off the noneconomic 
issues that currently figure in the 
relationship, they come down to 
such a matter as the plight of the 
more titan 20,000 Nigerian stu- 
dents in the United States who are 
having trouble getting the money to 
continue their studies because of 
their government’s crackdown os 
cuirency exports. 

Washington is also concerned by 
the case of an American woman 
who is faring trial in Nigeria on 


charges of illegal petroleum trans- 
actions. 

On a broader scale, Nigeria has 
joined with the rest of blade. Africa 
in criticizing President Ronald 
Reagan’s “constructive engage- 
ment” policy toward the white- 
-minority government in South Af- 
rica. 

But it has not become a major 
issue of contention. 

Similarly, US. officials privately 
regard Nigeria’s return to nnlhary 
rule as a setback to the process of. 
African political democratization. 

But they have been careful not to 
press the military to step aside or to 


pursue allegations of human-rights 
violations, on the pounds that it 
would only have counterproductive 
effects.. 

“I still wouldn’t coral Nigeria 
out,” said one U.S. official echoing 
the hope that the country eventual- 
ly will extricate itself from its fi- 
nancial straits, find a basis for po- 
litical stability and begin to live up 
to its potential as a regional force. 

In the meantime, however, the 
relationship between the two coun- 
tries reflects the restrictions and 
diminished expectations tfrar stem 
from Nigeria’s continuing struggle 
to get its house in order. 




*4 i 




■a i -- 

lr 








■ . > v .t 


Neif high-rise under construction in Lagos. 



A Journalistic 
Tradition Uneasy 
Under Restraint 

(Coofiimed From Page 7) 

voked a lively debate. Information 
Minister Samson Omeruah argued 
that the law was not meant to muz- 
zle the press but rather to stimulate 
higher standards of reporting. 
Journalists asked who would pro* 
tect the public from government 
abase and speak in the interests of 
the common man. Moreover, they 
said, the news media should be en- 
couraged to increase its investiga- 
tive repotting in order to help the 
raiBtaiy rid government of corrup- 
tion. . . 

Although there have been no fur- - 
ther t ri als of journalists, a new cau- 
tion has entered the profession. 
The independent daffies publish fax 
fewer investigative reports and 
many of the once outspoken news- 
papers now content themselves 
with printing official communiques 
verbatim and giving straight news 
reports on the daily amities of 
government officials. 

. Criticism of government policies 
continues, but it has been mnted 
and many writers are tur n i ng their 
attention to safer topics like inter- 
national affairs. Finally, there is far 
less mention of corruption in high 
places, although the public feds 
that a great deal of it still is going 
on. 

The situation led one journalist 
recently to antdode that although 
the Nigatim press may be a giant 
in Africa, it easts a far smaller 
shadow today than it did a few 
J years ago. 




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Page 10 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 198$ 


A SPECIAL REPORT ON NIGERIA 



Cos Project Appears Deflated 
Despite Huge Proven Reserves 



- : r 

- T- 


LAGOS — Gas, long Nigeria's 
great export hope, will not come to 
the market is time to rescue the 
country from its current slump. 

The country's proposed liquefied 
natural gas (LNG) plant at Bonny 
is unlikely to be completed before 
the mid-1990s, industry executives 
say, and even then, there is consid- 
erable doubt whether the project 
will go ahead. 

“There's a huge amount of skep- 
ticism about it,” a senior European 
gas consultant said of the project. 

A plan to use more gas at home 
also has stalled. Saipem SpA, the 
I talian stale-owned energy engi- 
neering company, and Mannesman 
AG ofWest Germany are to build a 
SI -billion gas-gathering system 
and pipeline between Esaavos and 
Igbin, near Lagos, where the gas 
would feed into a new power plant 
But work cannot resume until the 
government approves a new fi- 
nancing proposal from Italy. Tam 
David-West, Nigeria's oO minister, 
said that approval should be forth- 
coming and the project could' be 
completed as early as next year, 
one year behind schedule. 

Some of Nigeria's gas is to be 
used in the country’s new petro- 
chemical plants, although parts of 
that project also are likely to be 
postponed as the government re- 
views its spending priorities. - 

Despite the delays and outsiders’ 
doubts, the Nigerian government is 
determined to find ways to use gas 
and reduce its overwhelming reli- 
ance on exports of crude oil. Petro- 
leum Information International es- 
timates Nigeria's proven reserves at 
45.7 trillion cubic feet (about 129 
trillion cubic meters). That is the 


energy equivalent of about 8 billion 
barrels of oil and compares with 
the country’s oil reserves of about 
16 billion barrels. 

A determined search for gas, 
moreover, probably would uncover 
far larger reserves, opens say. 


atmg in Nigeria are lianng on gas 
produced as a byproduct of oil at a 
rate of well over l billion cubic feet 
a day. In January, new penalties 
were introduced m an attempt to 
discourage this waste. 


Most industiy executives here 
see Europe as the more likely mar- 
ket for Nigeria. Even so, cautions 
Tom Cox, managing director of the 
British energy consulting firm of 
Gaffney, Cline & Associates, “the 
European market for LNG really 
does not look too healthy until at 
least the late 1990s.” 

In his budget speech in January, 
Major General Mohammed Bu- 
hari, the bead of state, reaffirmed 


. . , I ' 



that the government is “fully com- 
mitted” to building the LNG plant. 


Despite the delays and outsiders’ doubts, 
the government is determined to find ways 
to use gas and reduce its overwhelming 
reliance on exports of erode ofl. 



4* tail 


But oil executives say the penal- 
ties have made little difference. The 
cost of reinjecting gas into the 
ground for later use is so high in 
most cases that the government has 
had to grant exemptions to ihe 
roles to keep the oil flowing. 

The trouble with Nigeria's huge 
gas reserves is that they are far 
from the major markets. Demand 
at home is small, given. Nigeria’s 
scam industrial bare and .tropical 
dimate. Subsidies on fuel ofl, more- 
over, make it ar tificially cheap, un- 
dercutting demand for gas. 

In the West European market, 
the established suppliers are the 
Soviet Union, Norway, the Nether- 
lands and Algeria. Canada and 
Mexico are well placed to sell to the 
United States. 


He did not say when, however.' 


. -- 

***** m 


Mr. David- West said in an inter- 
view that three committees were to 
work on plans for the project this 
year: one comprising government 
ministers, one made up of experts 
from Nigerian National Petroleum 
Corp. and the third including 
NNPC officials and representa- 
tives of ofl companies that might 
want to invest in the project. 


Fbring iof natural gas in a Nigerian field. 


:• « »*■ 


Shell and NNPC officials working 
on the project. 

Shell and the government still 
.need to reach a formal agreement 


on the project and sign up any 
other interested partners. Both ELF 


Just days before the military 
coup in December 1983, the civil- 
ian government signed a letter of 
intent for the local affiliate of the 
Royal Dutch/ Shell Group to man- 
age the project. The letter remains 
in effect and Shell has set up a 
team to work out plans. But there 
has been little or no liaison between 


rive. The other foreign oil compa- 
nies operating here are standing 
back. 

After reaching a formal agree- 
ment, the partners would have to 
line up financing for the project, 
whose cost has been roughly esti- 
mated at $7 billion. If Nigeria does 


not come to terms with the Interna- 
tional Monetary Fund, many 
banks might shy away from partici- 
pating in a major loan for the pro- 
ject. 

The partners also would have to 
find customers willing to commit 
themselves to buying the LNG over 
a long period, perhaps 20 years. 
Such commitments are difficult to 
obtain in a glutted market, as Nor- 
way found when it failed to clinch a 
530-biilion long-term gas sale to 
Britain in February. Nigeria faces 
the added disadvantage of worries 
about its political stability. 

After receiving financing and 


sales commitments, the partners 
would need six to eight years to 
build the plant, industry experts 
say. 

Mr. David-West still holds out 
hope that the plant could be pro- 
ducing in the early 1990s. Others, 
with an eye on the glutted market, 
say tlx mid-1990s or beyond. 

The LNG project already has a 
long history of delays and false 
slam. In the mid- 197 Os, British Pe- 
troleum Co. and Shell formed a 
company called Beamy LNG to de- 
velop the project. That company, in 
1980, Signed a letter of intent to sell 
LNG to a group of European utili- 


’ ties under a 20-year contract But 
the government hesitated, the pro- 
posal sale fell through and Bonny 
LNG eventually slid into oblivion. 

Since then, LNG and other gas 
prices have declined considerably. 
For instance; the price Belgium 
pays for Algerian LNG has fallen 


may be too late,” said a leading 
consultant, who declined to be 
identified. 


James Ball, editor of Interna- 


tional Gas Report, said Nigeria 
world not be able to undercut At. 


23 percent over the past four years 
to S3.70per milli on British thermal 
units on a free-on-board basis, ac- 
cording to estimates by Goiaas- 
Larsen Shipping Corp. 

Some European gas experts now 
doubt that the Nigerian project 
would be profitable at a price low 
enough to lure customers. “They 


world not be able to undercut At. 
geria and other established suppfr. 
ers on price. But be argued dot 
some European countries, notably 
West Germany. France and Beh 
gium. might choose Nigerian LNG 
anyway to diversify their sources of 
supply, especially because Shrift 
presence gives the project an air of 
reliability. 


. -vW H 

.-*x» 

*.s4 

K&t 

< IN* 


— BOB HAGEKTV 


■- to- 
rn to Nfe-9 


Heavy Investment Needed lor Oil-Field Development to Avoid Production Decline 


(Continued From Page 7) geria is more- candid than most them cent for cent — and maybe 
reduce prices again whenever nee- other OPEC members in acknowl- even more.” 
essary. The price increases, which edging that its devotion to the Nigeria has chosen to undercut 
came into effect Feb. 1, would pro- group s rules stops where vital na- Britain and Norway In the past 


them cent for cent — and maybe because new techniques allow oil 
even more.” refiners to make better use of the 


does not want to lake its share of as long as the country resists an lion a day, Mr. David-West esti- 

production. On the additional lift- economic agreement with the In- mated.) P^. . j 


cheaper heavy crudes. 


production. On the additional lift- economic i 
ings, the foreign partners are al- temational 


Construction of the first phage * ' 
e project is 60-percent complete 


Oil rampant here are still as- lowed to make a profit of S2 a 


etary Fund. 


duce more than S200 milli on a year tional Interests begin. Those inter- partly to jolt than into recognizing sesring the package offer, but some barrel. 


The new refu 
cost about $470 


and production should begin na' 
A decision to postpone the pet- year, Mr. Lolomari said. The fia - 
rocheatical project would affect its phase involves plants near Warn it- 


, •* to* 

14 M 


and have a second phase, whose cost 


in additional revenue if Nigeria ests center on the need to compete what it considers the dangers of a say it appears to make Nigerian oil Some executives label this a dis- omacitv of 150 000 barrels a dav ed to be well over 


manages to continue exporting with Britain. Norway and other price war, oil executives here sug- 
about 12 million barrels a day. The producers outside of OPEC. gesL 

country's benchmark crude. Bonny In early 1983 and again last Oo- Aside from warning other sup- 
light, was raised 65 cents to $28.65 tober, Nigeria reacted to price cuts pliers, Nigeria is trying to provide 
a barreL That is equal to theoffidal by Britain and Norway by imp os- incentives to its own customers, 
price of Britain's most important ing even deeper reductions or its With the new prices, NNPC in- 
crude, Brent, which competes di- own. without waiting for OFECs • traduced a special discount for 


crude, Brent, which competes di- 


ay and other price war, oil executives here sug- slightly more attractive. One oil ex- gujsed discount, but NNPC dis- T^ecountiVs three existing refin- 
9?EC. _ gKt- raitive : estimated the savings for putes that interpretation. eries have a combined capacity of 

Aside from warning other sup- those that accept the package at 13 . ... , iMinnn harreU Nwerismaffirials 

iers, Nigeria is trying to provide cents a barreL Another put the sav- Nigeria also is trying to press • R ^ ^ 

ceutivestoits own customers. ings at less than 10 cents and add- ^ with plans to maease its 

With the new prices, NNPC in- Tjt _*■* look Jo m » if SSte 


would affect its phase involves plan' 
c cost is expect- southeastern Nigeri 
$1 billion. This in the north. It eml 


Aside from warning other sap- 
iens, Nigeria is trying to provide 


putes that interpretation. eries have a combined capacity of 

Nigeria also is trying to press 260,000 barrels. Nigerian officials 
aheaawith plans to increase its say the new refinery will save the 
refining capacity. Late last year, it country money by reduangitsde- 


tse had been due for completion 
1990. 


southeastern Nigerian and Kadmtl ' 
in the north. It embraces potypro^ 
pyiene, used for making pbsticr- 
and other synthetic materials; car . 


Odoliyi Lolomari, general man- jxabtocLMdinto m uultor 
ager of the pcbodiraS Svisioii 


rectfy with Nigerian oil in the inter- approval. 


buyers willing to accept at least 


national market “I have my two legs in OPEC 20,000 barrels a day of a set pack- 

The new price brings Nigeria and my two eyes on the North age of crudes. The idea is to per- 
ack into line with the price struc- Sea,” Mr. David-West said. Should suade companies to buy more light 


there's enough in itto make it excit- 
ing.” 


awarded contract to Japan Gaso- pendence on imported ofl products, 
line Corp. Marubeni and Spie-Ba- (A vigorous crackdown on smug- 


tore of the O rganisatio n of Petro- Britain reduce its prices again, he crudes. Such crudes in recent years 
leum Exporting Countries. But Ni- said, “we are prepared to match have proved hard to sell, largely 


Vtsr—w issfeafAifc ftsssrsassc sssaran 

-*> has reached agreements i with Jteal Etane. nearFort "J** f or tf* country, two years ago. the second phase also is to include e 

export *c^Sts to finance thepro- smuggling of ofl products wa; cost- yieneoxid^ ethylene glycol pla 
SSLi? r JEriKror iecL and that could Drove difficult mg the government at least $1 mil- cazer and chlorine-caustic units. 


priority on rapid development of further along in developing a pet4~ • 


r* 

i 


the polyethylene, polypropylene chemical industry, Nigeria is aij 
and polyvinyl chloride units. The ing almost entirely at serving 1 
second phase also is to include eth- home market and thus reducing ii 


SSdLrl WrortStoS export credits to finance the ipro- smuggling of ofl products wx cost- ytene oxid^ ethylene glycol plasti- 
Se^dr SSligs whm NNTC j«t, and that could prove difficult mg the government at least $1 mil- ozer and chlonne-caustic units. 


home market and thus redudngm 
ports. f- 

— BOB HAGEim 


•' •« 4 

..... k 


t 

IP* , 





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A SPECIAL REPORT ON NIGERIA 



Minister 
Vlixes Oil 
Business 


: LAGOS — When Tam David- 

Vcst was nam ed Nigeria’s oil min- 
ster early last year, many oflmen 
wondered about his qualifications. 
By training, Mr. David-West was 
virologist and professor who had 
ved as education commissioner 
Nigeria’s Rivers State. By IncH- 
'onj he was an outspoken critic 
re deposed avflian govennneoL 
or oil, however, he lacked expe- 


Lining Up Nigerians for National Resurrection 


LAGOS — Passengers arriving at the Lagos airport 
would be surprised tint a “War Against Indiscipline" is 
deemed necessary in Nigeria. My recent arrival at the 
airport was smooth, including baggage and customs clear- 
ance and currency controls. 


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A year later, oil executives here 
that Mi. David-W en, who is 49 
old, has mastered at least the 
outlines of the business. He 
has set a new standard for 
and colorful speech. 

At a meeting of the Organization 
f Petroleum exporting Countries 
st December, be told journalists 
mi he thought of OPEC’s bench- 
■ iark price as a “mascot" While it 
„iay no longer correspond with 
isrkel reality, he explained, it still 
ad psychological value and should 
_ _ ot be changed lightly. 

After all, Mr. David-West said, 
- eople do not change their names 
\nce a yean “Tm not going to 
;aange my name to David-East" 

■* When be explains Nigerian oil 
"-olicy, the minister often resorts to 
tedical analogies. “Oil is like the 
- earl of the nation," he has said. “It 
as 10 p ump all the time" 

Mr. David-West, who holds a 
octorate from Canada’s McGill 
'diversity, also is fond of Biblical 
-__jferences. Confronted with cdti- 
sm from other OPEC members of 
Nigeria's maverick policies, be likes 
quote the Biblical injunction: 
“(Let the one amongst yon without 
n cast the first stone." 

At OPEC meetings, he recently 
. . >ld reporters, “we talk about disa- 
line Hlfw a litany." 

. ‘ Discussing British oil poiky, he 
escribed that country’s' staie- 
r. «med oil trading company as “a 
. rankenslein monster that is 
lunting them." 

? Sometimes Mr. David- West’s 
ee speech gets him into trouble, 
t last Januaiy's meeting of 
PECs market-monitoring com- 
linee, he observed that the com- 
. uttee’s report sounded remark- 
. My faxmhar. An aide to Mr. 
. iavid-West later explained that 
re minister was trying to underline 
iat the oil world had failed to heed 
. PECs warnings time and again. 
But Mans Said al-Otriba, oil 





Nigerian Oil Minister Tam David- West 


minister of the United Arab Emir- 
ates and chairman of the commit- 
tee, took the remark as an affront 
to his committee. The UAE minis' 
ter stalked out of the meeting, ac- 
cusing Nigeria of “stabbing OPEC 
in the bade." It took a diplomatic 
intervention .by Saudi Arabia’s oil 
minister. Sheikh Ahmed Zafci Ya- 
mani to clear the matter up. 

Mr. David- West’s maimer con- 
trasts sharply with that of his pre- 
decessor, Yahaya Dikko, who rare- 
ly said a word to the press. One 
exasperated reporter approached 
the solemn Mr. Dikko at an OPEC 
meeting and demanded, “Your Ex- 
cellency, are you still mute?" 

“Yes," Mr. Dikko replied, mak- 
ing one of his few recorded com- 
ments. 

Like journalists, oD executives in 
Lagps say they generally get along 
better with the new minister than 
they did with Mr. Dikko. “He lis- 
tens — not always, but at times 
quite well," a senior foreign execu- 
tive said. 

Mr. David-West also gets credit 
for hard work. He has bom known 
to be “on seat" — the local phrase 
meaning at his desk — as early as 
7:15 A^M. far meetings with oil- 
men. “Whatever Tm doing, I like to 
be intensely involved," Mr. David- 
West said in an interview. 

Some foreign oilmen complain, 
however, that they cannot get deri- 
sions out of the state oil company, 
Nigerian National Petroleum 
Crap., when Mr. David-West and 
Chief Festus Marinbo, the corpora- 
tion's managing director, are away 
at OPEC meetings. 

“NNPC is a ship without a cap- 
tain” at such times, an American 
oil executive said. “You really can’t 
get anything done.” 



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In any case, it is clear that the big 
derisions ultimately are made by 
Nigeria's military government, 
headed by Major General Moham- 
med Buhari, himself a former oO 
minister. 

Much of Mr. David- West’s en- 
thusiasm has gone into Nigeria’s 
crackdown on smug gling of oil 
products, a crusade he described as 
“my baby." The crackdown must 
be working, he reasoned, because 
he receives death threats over the 


“indiscipline that Major General Mohammed Buhari has 
called “the bane of Nigerian society”: a heated discussion 
among taxi drivers that ended in an exchange of blows. 

At the hotel, the staff was surprisingly diligent. I was 
asked to pay a full deposit covering room and board for 
the length of my stay. 1 explained that I had come directly 
from the airport and had not yet had time to change my 
money at the bank. That was not necessary, I was told, 
because the hold requires that foreign currency be ex- 
changed on the spot, “so as to rule out the possibility of 
ill egal transactions." 

It appeared that the War Against Indiscipline, or WAI, 
had brat firmly planted-in the national spirit Protesting 
that the bold offers a considerably lower exchange rate for 
the dollar than does the bank, I was allowed to pay a one- 
day deposit and change the rest erf my money at the bank, 
provided that I could produce a valid currency-exchange 
stamp on my receipt. 

But race in my room, 1 received a visit from one of the 
employees I had seen at the reception desk. He said, “If 
you tike, I can help you change your money." 1 replied that 
I wanted to avoid trouble for currency violations and, at 
any rate, could not use my foreign currency without 
justifying its use cm my airport-issued declaration. The 
employee smiled, saying, “No problem," as be produced 
the hold cashier's stamp used to validate foreign exchange 
transactions. I realized that the WAI had a long way to go. 


bribe, a fiimly entrenched Nigerian tradition. Although 
stiff penalties have been imposed for currency violations, 
the authorities appear to have more than their hands full 
on this front of the campaign. Recently, the Nigerian 
singer Fda Ransome Kuri was sentenced to five years' 
imprisonment for his alleged failure to declare bus re- 
export of £1,600. 

The most dramatic measure taken to combat illegal 
currency traffic was the recall and replacement of all the 
country’s circulating currency, the naira, and the closure 
of Nigeria's borders, in late April 1984. Lagos residents 
say that the chief effect of the currency changeover was to 
inconvenience people and set off a' surge in inflation. 

Abroad, most holders of naira were, as intended, caught 
unaware, unable to repatriate their illegally exported cur- 
rency in time to meet the one-week exchange deadline. 
Tabs of woe were common along the West African coast 

TRAVELER’S NOTEBOOK 


among traders who, surprised by the move, lost small and 
large fortunes in suddenly worthless naira. Market ven- 
dors in Lagos used their hoarded naira to dear the shelves 
of the city’s stores, selling the accumulated merchandise 
only for the new bank notes and at high' prices. 

The deeply engrained trading ethos of Nigerian society 
had proven a sturdy obstacle to the pursuit of the War 


Mr. David-West said such bound tope 
threats do not disturb him, but he country’s ec 
conceded that he sometimes pines launched a 
for his test tabes. “I don’t think I’ve volved prix 
said my final goodbye to virology," Nigerian 
be said. fraud, ford, 


esta blishm ent of orderly behavior among Nigerians as 
indispensable for national resurrection. Initially focusing 
on basics, such as encouraging people to form lines when 
watting, the WAI is becoming more ambitious and is 
bound to point out some of the major contradictions in the 
country’s economy. In its latest phase. General Buhari has 
launched an attack on economic saboteurs who are in- 
volved primarily in illegal currency dealings. 

Nigerian television carries frequent warnings against 
fraud, foreign-currency trafficking, arson and the dash, or 


—BOB HAGERTY 


of the population, largely because of the national anguish 
provokeaby the high inflation that characterized the final 
period of President Shehu Shawn’s civilian, government. 

Military leadership provided the hope that inflation 
could once again be man ag ed, and indeed, one of General 
Buharfs first initiatives as head of state was an attempt to 
control market prices of essential commodities, particular- 
ly rice. 

The Supreme Military Council learned its first lesson in 
the resilience of the Nigerian trader well before the WAI 
had been announced. In the early weeks of the regime, 
when the government began to fix retail prices by decree, 
goods simply vanished from the market. Since then, great- 
er success has been achieved in controlling inflation 


through limiting the role of middlemen in the commercial 
circuit 

Another important element of the campaign is the 
g0veram6m's imperative need to increase tax revenues. 
One way that this has been attempted is by forcing much 
of the large parallel economy into legitimacy. The first 
targets of this drive were the ubiquitous “small boys” and 
women street vendors, who sell all manner of goods, 
usually available in stores, from improvised stalls in busi- 
ness areas. 

Claiming that these vendors do not pay taxes and that 
they encourage inflation by hoarding goods, the govern- 
ment has razed most of these stalls ana chased the boys 
out in recent weeks, especially in the central Marina area, 
where the vendors competed tor business with targe stores 
nearby. 

French residents of Lagos tell the story of “Rose/’ a 
Ghanaian vendor whose stall came to be known as Chez 
Fauchon (after the exclusive Paris store), because it was 
the only place in town where fine wines, champagne and 
other luxury items could be found. 

Chez Fauchon was razed twice in recent months, but 
French residents say that Rose can still be found in the 
Marina area, where she keeps her goods under heavy 
plastic sheets, exposing them only to regular customers, 
who communicate her shifting locations by word of 
mouth. 

Long-time residents of Lagos cite cleanliness and cour- 
tesy as the two areas where the government campaign has 
made the greatest progress. One businessman said: “There 
is no longer a shoving match at every public elevator. 
People Hue up Tor entry, and those who would cut in face 
hostile cries of ‘WAI, WAI.’ " 

A banker said; “One no longer needs to constantly 
reach into one’s pocket to get people to do their jobs. 
Previously, electrical power could be cut off every three 
days, so that a power company employee could collect a 
dash for switching your bouse back on." 

A Nigerian newspaper editor reflected a note of dissen- 
sion against the indiscipline campaign that is gaming 
popularity among intellectuals. “This campaign has only 
dealt with the most superficial of this country’s problems, 
and it is disquieting to see it being pursued as the regime's 
top priority ” he said. 

— HOWARD FRENCH 


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Page 12 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


A SPECIAL REPORT ON NIGERIA, 


Americans Try to Help Nation 
Get Back to Its Farming Roots 


LAGOS — The Anderson broth- 
ers of East Bernard, Texas, have 
what it takes to attempt an agricul- 
tural project in Nigeria: patience. 

Off and on since 1978, Everett 
and Jay Anderson, who are among 
the biggest rice growers in Texas, 
have been trying to apply their 
skills to Nigerian scfl. For much of 
that period, Everett Anderson says, 
“we’ve just been twiddling oar 
thumbs.” 

But the Andersens, whose borne 
operations have been squeezed by 


They see rich potential in Nigeria, 
where demand is intense and re- 
strictions on imports have forced 
local prices far above the world 
average. 

To reduce the country’s reliance 
on imports, Nigeria's government 
is trying to make agriculture attrac- 
tive again, both for its own peas- 
ants and for skilled foreigners like 
the Andersons. The government is 
forcing big local companies to in- 
vest in farm projects. It also is at- 


tracting a few hardy foreign inves- 
tors, though most are waiting for 
Nigeria to transform its rhetoric 
into action. 

“People are scared stiff,” said a 
British executive at one or Nigeria's 
big manufacturing companies. “So 
often Nigeria has looked good and 
then thing s have gone all wrong.” 

But Nigerians insist that they 
cannot afford to let their farm 
economy go on floundering as they 
did when oil income was surging. 
“We have all learned a lesson,” said 
EA.O. Shonekan, chairman and 
managing director of UAC of Ni- 
geria LuL. an affiliate of Unilever 
that is returning to its roots in jpalm 
oil and other agricultural projects. 

On wealth gave Nigeria the luxu- 


subsistence fanning. Millions of 
farm workers streamed to the dries. 

In the 1960s, Nigeria was sclf- 
suffident in food and a major ex- 
porter of palm ofl, cocoa, peanuts, 
cotton and rubber. Now the coun- 
try imports both palm oil and pea- 
nuts. Food production has in- 
creased too slowly to keep up with 
population growth. On a per-capita 
baas, food output has fallen IS 
percent since 1969, according to a 
recent estimate by the US. Agri- 
culture Department. 

Alarmed by the trend, Nigerian 
governments in the 1970s mounted 
such campaigns as Operation Feed 


the Nation (OFN) and the Green 
.There 


ry of importing huge quantities of 
' other foods that 


rice, wheat and ot 
were not part of the traditional 
diet, dominated by such starchy 


staples as yam and cassava. 


leap imports de 
and many small fanners aban- 
doned cash crops to slide back into 


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Revolution. 
wial 

“Charges of squandermania 
have been labeled against both the 
OFN and the Green Revolution 
program with some justification,” 
Nigeria's new agriculture minister, 
Bukar Shaib, said in a speech earli- 
er this year. “That, however, was 
the ofl-boom syndrome common to 
all ^government activities.” 

The current government is still 
throwing money at agriculture, 
which accounts for 18 percent of 
the capital-spending budget for 
1985, but it promises to do so more 
efficiently. 

Toward that end, the govern- 
ment is trying to streamline agricul- 
tural agencies and state-owned ag- 
ricultural companies, many of 
which have suffered staggering 
losses in recent years. Mr. Shaib 
said the government would simply 
dose down the National livestock 
Production Co., which had total 
losses of 21.7 million naira ($26 
million at the official exchange 
rate) between 1979 and 1983. 

Seven other state-owned compa- 
nies are to be sold to private inves- 
tors. Others remain under review. 

The government also is cracking 
down on corruption. Investigations 
of the Benin-Owene River Basin 
Development Authority, for in- 
stance, produced “some shocking 
revelations,” Mr. Shaib said, and 
some top officials have been de- 
tained. 

In addition, the government is 
Examining the usefulness of mar- 



results were abys- 


w 

Work under way on the irrigation network of the Bakalori Dam project 


ketrng boards, which act as middle- 
men between fanners and the mar- 
kets. Some food companies want to 
buy directly from fanners and hope 
the government will dintinaie the 
boards. 

H anks are under orders to in- 
crease their lending to agricultural 
projects, and the government is 
studying a proposal that all local 
.companies with annual sales of 
more than 5 {pillion naira be re- 
quired to invest 10 percent of their 
sales in agriculture. 

To lure private investment into 
big projects, the government re- 
cently set up an Agricultural In- 
vestment Bureau. 

For now, however, the govern- 
ment’s most successful impetus to 
fanning is its import restrictions, 
which keep prices high- Everett An- 
derson figures that over the last 10 
years Nigerian rice prices have av- 
eraged two or three times the pre- 
vailing international level Local 
com prices are about five times 


such as electricity and health care,- 
but funds are short now. Compa- 
nies that want to start projects of- 
ten have to build their own roads 
and provide their own electric gen- 
erators. 

In the face of all these problems, 
Nigeria can point to a growing list 
of projects. 

Some oil companies, among 
them the local affiliates of Texaco 
Inc, Royal/ Dutch Shell and Cie. 
Framjaise des Phtroles, are invest- 
ing in small agricultural projects, 


mainly as a public rdations excer- 
Overf 


lOyears, J 
has sunk about $5 million into an- 
operation that grows cassava and ~ 


then crushes and ferme nts it into 
gari, a grainy flour that serves as a 
staple for the pots. Other oil com- 
panies are under pressure to start 
similar projects. 

Assembly and trading compa- 
nies with a big stake in Nigeria 
have little choice but to heed the 
call for agricultural investment 
They rely on import licenses, and 
the government can withhold these 
from companies that do not coop- 
erate. Such companies also have 
local currency that cannot be sent 
overseas aim must -be invested 
somehow. 

AG. Leventis ft Co_ a widely 
diversified concern run by a Cypri- 


ot family, is growing com to be 
used in a planned fructose plant 
which would provide sweetener for 
Leventis soft drinks. 

The Anderson brothers have 
teamed up with Leventis on certain 
com and rice projects. 

Leventis also is expanding its pig 
farms and plans to produce citrus 
fhtit and soybeans. Thus, an old- 
line trading company is turning it- 
self into an integrated operation 
stretching from the soil to the su- 
permarket shelf. 

UAC of Africa, Nigeria’s biggest 
company, is investing in timber- 
land ana palm-oil plantations. The 
company also plans to raise cattle 


and pigs, and may go into poultry 
as wdL Mr. Shonekan said. 

Another company looking at fur- 
ther farm-related investments is the 
Geneva-based Vulcan Inlaks 
Group. The company already 
grows fruit and vegetables and pro- 
duces tomato and mango juice. 

Nigerian Tobacco Co, a unit of 
London-based BAT Industries 
PLC that has grown tobacco in 
Nigeria since the 1930s, is experi- 
menting with corn and cassava. 
John Brewis, NTCs managing di- 
rector, says corn appears to nave 
the best prospects. 

Several local brewers are consid- 
ering the use of locally grown sor- 


ghum instead of imported barley, 
istewfll 


but they worry that the taste « 
suffer. Experiments in growing 
barley in Nigeria have not been 
encouraging. 

All concerned, inducting the ag- 
riculture minister, acknowledge 
that reviving Nigerian fanning is a 
very long-term project. 

“If they could get rid of the bu- 
reaucratic red tape.” said an Amer- 
ican banker with long experience 
here, “it still would take 10 to 20 
years to get bock to where they 
were in the mid-1960s.” That, hie 
added, would be a signal achieve-. 
menL 

—BOB HAGERTY 


Agriculture, Oil’s Poor Cousin, Gets Rehabilitate 


higher than the cast of imports. 

e daunting 


Still the obstacles are 
Businessmen say that they need to 
go to half a dozen agencies for 
approvals and that functionaries 
do not seem aware that the govern- 
ment wants to encourage invest- 
ment. 

Bureaucracy also makes it diffi- 
cult to import machinery and other 
vital supplies. Nigeria’s poultry in- 
dustry was devastated last year be- 
cause farmers could not import 
enough com to feed their chickens. 

Obtaining clear title to land is 
notoriously complicated. “Every- 
body in the village has to okay it," a 
foreign investor said. 

Currency regulations mean that 
it is often impossible to repatriate 
profits, and the overvalued naira 
prices Nigerian crops out of export 
markets. 

Labor is scarce in the fertile 
north of Nigeria. To keep Nigeri- 
ans on the farm, the government 
! needs to provide more amenities 


LAGOS — Nigeria’s external 
trade situation is critical and mea- 
sures to restrain imports and gener- 
ate new products are essential to 
recovery. 

On the export side, there is oil, 
more than 90 percent of the coun- 
try's export revenue. Imports in- 
clude foodstuffs, consumer goods 
and a wide range of items needed to 


tive in Nigeria, “the government 
used its windfall profits daring the 
ofl-boom years on physical infra- 
structure and industrial projects. 


particularly in urban areas, driving 
up wages for 


fuel the country’s relatively large 
industrial 


but highly dependent 
sector. 

With a population growing by as 
much as 3/1 percent a year, a weak 
oil market and the medium- tom 
prospect of a depletion of commer- 


ria’s military 
move quickly. 


leadership needs to 


nas 
move 

Most analysts agree that the 
most important step to be taken is 
the revitalization of the nation’s 
agricultural sector. Like most of its 
neighbors, Nigeria once lived by its 
agriculture. It was the world’s larg- 
est producer (and exporter) of palm 
oil and ranked as a major supplier 
of a number of other commodities, 
including cocoa, peanuts and rub- 
ber. 

Agriculture has suffered badly 
from the country’s preoccupation 
with a£L According to Ishrat Hus- 
sein, the World Bank represen ta- 


up wages for workers, while wages 
in the agricultural sector stagnated. 
Meanwhile, Nigeria’s import bill 
leaped from between 2 billion and 
3 biltion naira to more than 20 
billion in 1980, creating extraonfr- 
nary opportunities for traders in a 
society already given to com- 
merce.” (In 1980, 2 bflhaa naira 
was officially worth $3.5 billion.) 

The net result of these factors 
was to draw both young and edu- 
cated Nigerians away from agricul- 
ture and into industry and com- 
merce. 

So long as the market for oil 
remained firm, the effects of Nige- 
ria’s agricultural decline were not 
painful However, the lack of in- 
vestment in the sector came to be 
sorely felt once the bottom fell out 
of the oil market. Nigeria entered 
the 1980s importing nearly $100 
million of wheat every year, with 
similar amounts spent on rice. New 
food habits nurtured by the pros- 
perous years proved hard to break, 
and successive governments have 
realized that any disruption in the 
avaflabfliiy of bread and rice might 
threaten stability. 


With a debt-service ratio esti- 
mated at 44 percent in 1984, the 
Buhari government is moving to 
restructure the country’s economy 
by severely limiting imports and 
relaunching agriculture. Observers 
agree that modest signs of the reha- 
bflitation of agriculture are already 
becoming apparent and this trend 
is likely to continue under the com- 
bined effects of urban unemploy- 
ment, which is forcing more and 
more people back to the land, and 
both public and private investment 
in agriculture and rural develop- 
ment. 


derisions, such as obliging banks to 
allocate between 6 and 10 percent 
of tbeir loans to the agricultural 
sector, allowing up to 80-percent 
foreign equity in- agro-industrial 
ventures (foreign equity is limited 
to 40 percent in most sectors) and a 
reduction of foreign-exchange allo- 
cations for imported foods. 

Diplomats say drat with a greatly 
reduced financial base, the federal 
government is “^pending as much, 
in constant naira, in the 1985 bud- 
get on agriculture and rural devel- 
opment as it did at the height of the 
cal boom.” 


“Nigeria's imports have already 
shrunk to one-quarter of tbeir lev- 
els of two years ago following an 
identical trend in export revenues,” 
a diplomat said. Foreign-exchange 
earnings have fallen from approxi- 
mately $27 billion at the start of the 
decade to a projected $9 billion to 
$10 billion in 1985, and import li- 
censes have been reduced to about 
a quarter of their level before the 
ceD crisis. 


“It finally appears that a Nigeri- 
an government has realized that 
rehabilitation of agricul core is es- 
sential to the rehabilitation of the 
economy” a Lagos banker said. 
The government’s determination 
can be seen in a number of recent 


One expert said that “although 
the per-capita decline in agricultur- 
al production has been halted, self- 
sufficiency cannot be reached as 
long as the artificially strong naira 
acts as a disincentive to Nigerian 
farmers to produce.” 

Nigerian industry boasts no sig- 
nificant exports. Chi the contrary, 
the counuys industrial sector is 
slated to be (he largest recipient of 
the 3.15 billion naira that the gov- 
ernment has aUoted for imports, 
taking 58 percent of this outlay. 
Critics of Nigerian industrial po- 
licy, as it has evolved under sncces- 


raw materials. Industry^ 
estimated to be operating at 
30 percent of capacity. 

Bankers in Lagos say that 
parties that approach 
capacity production have 
been able to do so by running down 
inventory.” It is widely feared that 
with the tight squeeze on foreign 9 
currency allotments, many indus- 
tries wifi be forced to dose, increas- 
ing the ranks of the unemployed by 
the thousands. 

Bankers and industrialists say 
that an International Monetary 
Fund loan would bring with it (be 
liberalization of trade, allowing the 
market to determine who imports 
what, thus eliminatin g the corrup- 
tion and inefficiency associated 
with the practice of import licens- 
ing. It is argued that under these 
conditions, only the companies 
that are net earners of foreign ex- 
change would be able to compete 
effectively for access to available 
resources. 

One industrialist complained 
that although the government’s 
tough restrictions on access to for- 



** • • S!.«* E*c 



unproductive industries, it is 


sive governments, point to the pre- ... - 

dominance of industries that are vu, ** e coffi P aiues 88 

—HOWARD FRENCH 


threatening the minority of truly 


highly reliant on forrigu-sourced 



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VEHICLE 
RENTAL 



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... Investing in Nigeria^ development 




The development of Mandilas from a single business endeavour to a huge multi-company 
organisation is symbolic of the achievement ot indigenous Nigerian enterprise. 

The Volkswagen Beetle, and the world renowned Carrier airconditionere, among many 
other products were introduced into the Nigerian market by Mandilas more than 30 years ago. 
Mandilas’ dedication to Nigeria’s technological development is symbolised by Norman Indust- 
ries Limited, a subsidiary of Mandilas which pioneered the manufacture of airconditioners in 


Nigeria and Africa. 

Being totally committed to the progressive development of Nigeria. Mandilas has conti- 
nued to invest itsprofits in providing more quality goods and services for Nigeria. 

We intend to continue investing in ventures consistent with the development of Nigeria, 
the aspirations of her people and the commercial interest of Mandilas. 




Hi 

'0*5 a 




mandilas MANDILAS GROUP LIMITED, MANDILAS HOUSE 96'102 BROAD STREET, P.0.B0X35, LAGOS NIGERIA 



l; a 60 ' 6! 
' 66 0Q’3 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


Page 13 



A SPECIAL REPORT ON NIGERIA 


Hotter Competition Challenges 
Traditional Banking Markets 


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By Patrick Smith 

LONDON — After a decade of 
booming balance sheas, Africa's 
fastest-growing banking sector is in 
[the throes of a major snake-op. 

Increased competition is chal- 
lenging the traditional market 
i If shares, of the bigger banks while 
^government demands for more fi- 
nancial discipline mean tighter 
tools on credit and money sup- 
this is set against a further 
t drop in imports this 
which wQl cut deeper into the 
lu ? lucrative eafflingq from 
trade finance. 

Nigeria's banks have fared much 
than the rest of the economy 
the current recession, and as 
the chief executive of Nigeria's big- 

a commercial bank — Union 
— Paul Ogwiuna pointed out, 
/“the return on capital in Nigerian 
^ banks is still wnni higftflr than in 
Europe or the USA." Mr. Og- 
wuma was speaking after the publi- 
cation of Union Bank’s latest annu- 
"■'■al report, which showed a decline in 
M the bants profits from 64S million 
, --. naira ($783 million) to 613 million 
_*#». ‘naira. 

. : /h3t i Banks should be prepared to see 
a drop of around 15 percent in their 
profits this year, Mr. Ogwuma said, 
out he is confident that when Nige- 
rian banks come oat of the reces- 
sion they wlQ be ^giving their cus- 
- ,-tomers better service and playing a 
jjftpore effective role in the national 
Jfcraconomy. 

Internationally Nigeria’s bank- 
f mg sector still looks healthy — its 
r big three commercial banks are 
moving up the roster of the world’s 
. biggest 500 banks as drawn up by 
^ ^Tbe Banker journal.- And interna- 
4 > • 'Jonal banks still are seeking part- 

r ** . jerships with local banking inter- 
’ f .}• ssts in Nigeria. America's 
- i i ranking group re-established it 
n Nigeria last year, having left the 
» untry when the government in- 
xoduced indigemzatioo laws in the 
• 1970s. 

. With an aggressive marketing 
jolicy and the introduction of new 
- uniting technology, financial dr- 
ies in Lagos believe Gticoip’s Ni- 
.Herian associate bank will start lak- 
* ng customers away from the four 
~ : >r five biggest commercial banks, 
tat there are plenty of oportunities 
or expansion, since Nigeria is tm- 
lerbanked with about one bank 
- tranch for every 100,000 Nigcri- 
ms. 

But under present conditions of 
- ecession the emphasis will be on 
mproving customer services both 
or Nigeria's 26 commercial banks 
k ind its 11 merchant banks. 



For the commercial banks this 
will mean the increasing computer- 
ization of operations and the set- 
ting up of an improved branch-to- 
branen communications network 
as well as building new branches in 
the more remote areas of the conn- 
try. Merchant banks will have to 
concentrate on improving their 
range of corporate finanokl ser- 
vices like equity issues, investment 
advice, company notation, stock 
market quotation, credit facilities 
and loan syndication. 

Both merchant and commercial 
banks have been hit by successive 
years of import cuts and the corre- 
sponding loss of their trade finance 
business, although the merchant 
banks are confident of increasing 
their share of the foreign-trade 
business. 

Under the new system of for- 
eign-exchange allocations from the 
Central Bank of Nigeria, the banks 
compete with each other for the 
limited amount of foreign ex- 
change — about S4 billion — avail- 
able for imports this year. 

Banks will be dependent on how 
many letters of credit they can get 
confirmed from their fomgn corre- 
spondents, and in this area the mer- 
chant banks claim greater efficien- 
cy over the larger and sometimes 
unwieldy commercial banks. But as 
access to short-term credit remains 
tight for importers in Nigeria, some 
banks are looking at a possible in- 
crease in countertrade business. 

Nigeria recently concluded a Si- 

crude oil for raw materialman I 
manufactured goods from Brazil 
There is talk of further private- 
sector countertrade deals, and 
some bankers see such deals as an 
effective way to increase imported 
supplies without disrupting the 
government's tight foreign-ex- 
change bud geting 

In the financial counterpart to its 
much publicized war against indis- 
cipline, the government has adopt- 
ed much more rigorous standards 
of public accounting. State govern- 
ment and government-owned cor- 

C ons have been directed to 
x their budgets, while the 
public-sector borrowing require- 
ment has beta cut dramatically and 
Nigeria’s banks have been issued 
with tough new directives on the 
growth of private-sector credit. The 
government-controlled central 
bank is monitoring the private-sec- 
tor banking activities much more 
closely. 

The central bank’s watchdog role 
consists of issuing polity guidelines 
to the banking sector in line with 
the government's broad economic 


Reliability 


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1 5th Floor Mandilas House 
96/1 02 Broad Street 
P.O. Box 698, Lagos 
Tel. 66001 3, 663203, 
664888, 661 01 7 


strategy. The guidelines require 
banks to lend more to the produc- 
tive sectors of the economy, like 
manufacturing and agriculture, 
based on local resources and to 
lead less to the trading sector. 

All commercial banks are re- 
quired to she a certain number of 
the new brandies in rural areas of 
the country, although this plan has 
met with some resistance as dearly 
the banks' most profitable 
brandies are in the urban areas. 

Just as government wants to play 
a bigger role in the country’s bank- 
ing operations. Nigeria’s banks ap- 
parently want to play a bigger role 
in the running of the economy. 
Typical of this are tbe views of 
Umaru MutaBab, chief executive 
of the United Bank for Africa, one 
of tbe country’s top three banks. 
“Imaginative ways must be found 
for greatly increasing tbe coopera- 
tion and collaboration between Ni- 
geria’s public and private sectors in 
every stage of external external fi- 
nancing, tbe choice of and the ne- 
gotiations for sources of externa] 
finance, project management and 
overall external li n* n( y manage- 
ment,” be said. 



A merchant banker at work in Lagos. 




of the short-term trade arrears, and 
speakers at a recent conference ou 
economic policy at Ibadan Univer- 
sity said that Nigerian bankers 
should join their governments 
team in negotiations with the Inter- 
national Monetary Fund. So far, 
the private-sector bankers have 
provided government with finan- 


Mr. Mutallab echoes the views of aal information ralher than play 
many senior bankers in the country an active advisory role. 


who argue that the government 
should make more use of finandal 
expertise from Nigeria's indige- 
nous private sector in preference to 
relying so heavily on advice from 
foreign financial interests. 

Nigeria's bankers want to be 
brought further into the ongoing 
negotiations over the rescheduling 


While the banks are sponsoring 
several new public-relations cam- 
paigns and want to take a higher 
profile in the society, the govern- 
ment seems likely to support this 
development, according to one se- 
nior Lagos banker. “Traditionally, 
military governments in Nigeria 


have been much keener in brin ging 
professionals in from the private 
sector as the military’s cult of effi- 
ciency tends to override vested in- 
terests in the civil service," he said 
Govenuneai plans to privatize 
many of Nigeria *s state-owned cor- 
porations wffl call for a major in- 
volvement from the banks, as will 
the government’s campaign to at- 
tract new private investment — 
both domestic and foreign — into 
agriculture and industries based on 
local resources in Nigeria. The 
banks also will play a major role in 
the government’s operation to refi- 
nance debts of some tens of mo- 
tions of naira incurred by stale gov- 
ernment to numerous construction 
companies. 


The Coming Debt-Service Crisis 


By Richard Synge 

LAGOS — Nigeria is entering the 1985-1987 
' of high debt-service obligations with tittle 
of substantial foreign exchange earnings 
from oil to enable it to withstand the shock. If oil 
earnings do not increase significantly, it is possible 
that the debt-service ratio will rise above the 50- 
perceni mark, causing further problems in the day- 
to-day running of the economy. 

In his December budget statement, the head of 
state. Major General Mohammed Buhari, showed 
the military government's intention to service Ni- 
geria’s external debt commitments in 1985 when be 
pot tbe cost of debt servicing for the year at 33 
billion naira ($435 billion). This is around 44 
percent of Nigeria’s projected foreign exchange 
earnings, a sharp rise in the debt-service ratio from 
24 percent in 1984 and 173 percent in 1983. 

Bankers assume that in Lhe absence of an Inter- 
national Monetary Fund loan and stabilization 
program, Nigeria will at tempi to put a ceiling on 
its debt servicing by delaying its verification of 
claim* for sbon-tenn debt, the one area of its 
commi talents that the government can tailor ac- 
cording to the availability of funds. 

Nigeria's debts fall into two categories: the 
short-term and the medium- to long-term. In the 
latter, Nigeria has not drawn on all the loan 
commitments that have been made and the level of 
debt is thought to be little more than $10 billion, 
which is not unduly high. In the short-term catego- 
ry. cl aims have been made by international export- 
ers in excess of $8 billion. If this is verified, Nigeria 
is committed to amortizing it from the third quar- 
ter of next year, lhe poini at which the "bunchmg” 
of the country’s debt-service commitments will be 
heaviest 

In public statements, the government has set its 
face against new borrowing in an effort to show 
that Nigeria can pay its way in the world. This is 
where the country’s need to buy tune to repay its 
existing debts comes into sharper focus. The coun- 
try has no alternative but to borrow more, and 
heavily, if it is to lay the basis of a more balanced 
economy. 


Any substantial foreign borrowing for the kinds 
of projects that Nigeria is planning, such as a new 
5500-million oil refinery, depends heavily on sup- 
port from Western export credit agencies, which in 
the past two years have refusal cover pending a 
Nigerian agreement with the IMF. With commer- 
rial banks reluctant to confirm letters of credit for 
Nigeria and with export credit cover limited, there 
is increasing pressure ou Nigeria to consider using 
direct oQ sales to guarantee credit tines. 

There is tittle question that a deal with the IMF 
would bring Substantial relief to Nigeria's external 
financial position, but the political risks inherent 
in the IMF's conditions have created what now 
appears to be an insuperable stumbling block 

Any substantial foreign 
borrowing for the kinds of 
projects thal Nigeria is 
[donning, such as a new §500- 
milUon oil refinery 9 depends 
heavily on support from 
Western export credit agencies . 

between the two sides. The military government is 
determined to display its ability to go it alone with 
its own austerity program. 

The government's internal debts are also high. 
The government proposes to issue naira promis- 
sory notes to be redeemed over a five-year period, 
but bankers want the government to pay interest 
on these debts. 

The methods of paying internal debts and tbe 
short-term trade debts to Nigeria's overseas sup- 
pliers are now being thrashed out by Finance 
Ministry officials. The delays experienced by local 
contractors and overseas suppliers are frustrating, 
but without an upsurge in the country's oil earn- 
ings. there is unlikely to be arty quick relief at hand. 


Wherever you find today’s 
Nigerians working, you will find 
First Bank helping with their needs. 


First Bank is the largest and longest established 
bank in the country. Our network of over 200 
branches spans all over major conurbations 
and centres of regional development. 

Consequently, First Bank is totally 
involved with every aspect of this country's 
economic expansion. 

We pride ourselves on our commitment 
to the people of Nigeria. Many sectors of 


agriculture, industry, commerce and social 
services find First Bank helping with their 
needs. 

Whether you are a private individual or 
corporate manager, talk to the expert bankers. 

For further information and details of 
your nearest branch, write to: 

The Marketing Manager, 35 Marina, 

P.O. Box 5216, Lagos. Tel: 665900-20. 



FIRST BANK 
...working with the people 




Bsinalk 

ESTAMiswfD mqj 


Expert Banking By The Leader 





Page 14 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


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A SPECIAL REPORT ON NIGERIA 

Military Leadership 
Changes the Face of 
Federalized System 


LAGOS — Ever since the end of 
the Biafran war IS years ago, politi- 
cal theorists and constitutional 
lawyers have struggled long and 
hard to devise a formula for the 
distribution of power within Nige- 
ria. They sought a system that on 
the one hand would encompass the 
demand for national unity but that 
on the other would accommodate 
the specific needs of 'one of the 
most diverse countries in Africa. 

With nuns than 390 language 
groups coexisting in Nigeria with- 
out spawning a serious separatist 
movement and with a potentially 
strong base of oil revenues, Nigeri- 
ans argue that national unity and 
economic strength can go hand in 
hand and they say that they owe it 
to the continent to try to prove it. 
Foreigners who were surprised at 
the speed of reconciliation after the 
war failed to understand the wide- 
spread feeling that Nigeria should 
never again be brought to the brink 
of destruction through separatism. 
The citizens of the biggest country 
in Africa — with an estimated pop- 
ulation of about 100 million — see 
a continent that is ravaged by se- 
cessionist movements and crippled 
by economic adversity. 

The division of Nigeria into re- 
gions on the old colonial-style uni- 
tary system of government was 
judged a failure after the civil war, 
and the first tentative moves to- 
ward federalism were made. 

First, 12 states were carved out 
of the old regions, the argument 


being that the states should reflect 
the real diversity of Nigeria's peo- 
ples and not just the stereotyped 
division of the country into north- 
erners, westerners and easterners. 
But the 12-state system of federal- 
ism was unsatisfactory, so the head 
of state, Major General Murtala 
Mohammed, ordered that a further 
seven states should be drawn up in 
addition to a neutral territory in the 
center of the country that would 
become tbesite of Abuja, the coun- 
try’s new administrative capital. 

The 1979 constitution, which re- 
mains in force despite the suspen- 
sion of clauses relating to the oper- 
ations of party political 
government, laid down a categori- 
cal division of powers between 
state and federal government The 
state government is responsible for 
primary education, health services, 
agricultural extension work and 
road construction. State govern- 
ments can sponsor scientific re- 
search and undertake economic de- 
velopment programs of any kind 
except minin g. 

As the second tier of govern- 
ment the slate governments are 
responsible for the third tier — 
hundreds of local government au- 
thorities dotted about the country 
— and any matters concerning re- 
lations with Nigeria’s still powerful 
traditional rulers. 



Nigerians take their cattle to a deep wefl. 


Import Surge Buoys Shippers 
Despite Port Traffic Logjam 


if" 1 ' 

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■ [ 1 m4 

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Except in a state of 
u 1979 o 


the 1979 constitution granted 
bead of state uo formal powers over 
the state government, but the re- 


CONTRIBUTORS 

HOWARD FRENCH is a journalist based in Abidjan, Ivory Coast, 
who contributes to The Washington Post, The Economist and other 
publications. 

JOHN M. GOSHKO is a diplomatic reporter for The Washington 
Post. 

BOB HAGERTY is the International Herald Tribune's staff 
correspondent in London. 

PATRICK SMITH is a Nigeria correspondent for the London- 
based Africa Economic Digest He contributes regularly to the BBC 
African Services, the New African, West Africa and Africa Business 
ImernationaL 

RICHARD SYNGE is West Africa editor of Africa Economic 
Digest. 

ALEXANDER THOMSON, a British journalist based in Abidjan, 
specializes in African affairs. 


turn of military government has 
restructured this relationship. 

State governments do retain 
their responsibilities but the mili- 
tary governors in charge of each 
state are told to regard their job as 
a military posting — that is a post- 
ing that can be reassigned witout 
notice. The ruling body in Nigeria, 
the 20-member Supreme Mtulary 
CouncsL also symbolically directed 
that the military governors should 
not refer to themselves as “your 
excellency.” In contrast, it took a 
prolonged political dispute to im- 
peach a governor of Kflduna state 
under the civilian rulers, but last 
year, when the Supreme Military 
Council found cause to rfiwni« a 
governor of Gross River State, no- 
tice of his dismissal and the name 
of his replacement were announced 
the same day. 

At the same time, the council has 
pushed some more responsibilities 
onto the state governments. The 
unwieldy River Basin development 
authorities previously spanning 
two or three states have been re-, 
placed by statewide agricultural de- 
velopment authorities. And in bit- 
ter memory of the financial 
profligacy of some civilian state 
governments, the council has di- 
rected that all state governments 
should produce balanced budgets 
and they have been warned by the 
finance minister, Onaolapo Soleye, 
that the federal government will 


not bail them out as it did with its 
emergency loans last year. 

The council has derided not to 
chang e the system of revenue allo- 
cation established under civ ilian 
rule, which give; the federal gov- 
ernment 55 percent of all accrued 
revenues. The state governments 
get 30 percent, the local govern- 
ments get 10 percent and the re- 
mainder is divided among the min- 
eral-prodnc-ing states. 

The states are allocated revenues 
on the basis of minimum responsi- 
bilities, which are considered to be 
equal for all states, and ou the size 
of their populations, their efforts to 
raise revenues independently of 
federal government, and on a com- 
plex formula that assesses {he so- 
cial development of each state. 
Through its control of the purse 
strings, the federal government has 
a vital hold over state governments, 
which, despite their Tinge invest- 
ments in industrial projects, cannot 
survive independently of federal 
revenues. 

Apart from being the overall di- 
rector of economic policy, the fed- 
eral government controls the Nige- 
rian police, which constitutes a 
single force throughout the federa- 
tion. The federal government is re- 
sponsible for tiie operational use of 
the armed forces. 

The only serious threat to the 
federal government since the return 
of the military to power came in 
March last year when a band of 


religious zealots started an uprising 
under the banner of the outlawed 
Maitatsine sea in Goagoia state in 
the northeast of the country. The 
army was called in and several hun- 
dred lives were lost. But observers 
say tbe movement owes more to 
economic deprivation than any co- 
herent challenge to federal power. 

With tbe cotmtiy’s policy of reli- 
gious pluralism, for example, in the 
middle-belt stare of Plateau, a 
plethora of religious groups coex- 
ists without conflict despite condi- 
tions of austerity so severe that the 
military governor had to cut the 
state government's payroll by al- 
most half. 

All states have undergone rigor- 
ous economy drives, although some 
like Kano state, the commercial 
center of northern Nigeria, and Ka- 
duna state, traditionally the admin- 
istrative center of northern Nigeria, 
are better equipped to survive. For 
example, Oyo state, which had one 
of the most comprehensive educa- 
tional programs u the country, has 
had to make significant cutbacks in 
public spending in the wake of re- 
duced revenue generation and the 
national austerity drive. 

Political commentators now say 
that the states have had to adjust to 
reality, but in the process of doing 
so they are having to walk an un- 
easy tightrope between national 
economic policy implementation 
and local demands. 

-PATRICK SMITH 


LAGOS — Nigoia is experienc- 
ing a revival in its import trade 
after a team period in I9S4,_ when 
the flow of goods fen to a trickle. 

The upsurge in traffic, particu- 
larly at Apapa port in Lagos, has 
some shipping agendas fearful of a 
return to the dockside chaos that 
plagued Nigeria in the 1970s, after 
the Orel oil boom. 

“There is a serious buildup of 
pressure on the port facilities,” said 
the managing director of a Europe- 
an shipping line, M and evacuation 
of goods from the port is very 
slow.” Containers have been most 
affected. 

Among the causes of the Nigeri- 
an Forts Authority’s organizational 
problems are the following: the si- 
multaneous arrival of delayed 1984 
imports, a millio n tons of fertilizer 
for the coming planting season, 
large amounts of food aid for Chad 
and Niger, and Nigeria's own food 
imports. Each category of goods is 
deemed urgent. 

But in spite of the dockside diffi- 
culties, the shipping lines serving 
Nigeria are delighted to see a reviv- 
al oT the trade to Africa's biggest 
market. Traffic through Nigerian 
ports in 1984 was little over half 
that of the peak year of 1980, when 
gpods totaling 20 million tons were 
handled. 

The shakeout in the trade has 
already caused many smaller ship 
operators to suspend regular sail- 
ings and some are expected to drop 
out altogether. The biggest casualty 
in 1984 was Italy’s Medafrica line, 
which collapsed in October after 
lintheNige- 


jjeenses and, more recently, gave a 
second two-month extension to the 
end of April 

Although the two extensions 
have given man ufacturers and for- 
warders a much-needed breathing 
space, shipowners are urging ex- 
porters not to become complacent 
A spokesman for one line said, 
“We expea another rush on space 
in April similar to our position in 
February, during which wc were 
mandated and fully booked three 
of four vessels ahead.” 

The new inspection agencies 
have had to learn about Nigerian 
trade in the midst of one of the 
busiest periods in recent years. 
Some exporters in Europe have 
complained about the efficiency of 


aging effects of his “open door'’ 
regime on the nation's finance 
have provoked the current tight 
controls. Licensing and inspection 
are now required for neatly every 


cal 


The shipping lines that have 
withstood the battering of the Ni- 
gerian recession best are those that 
are grouped in the various confer- 
ence lines, such as the U.K. West 
Africa lines and the Continental 
Europe West Africa Conference. 
Some independent operators, how- 
ever, have survived because of the 
highly specialized services they 
provide. 

Britain’s OT Africa line, a lead- 
ing operator of roll-on roll-off ser- 
vices, has recently experimented 


The shipping lines that have withstood the 
battering of the recession best are those 
flmf are grouped in the various conference 
lines, such as the UJL West Africa lines • 
and the Contin ental Europe West Africa 
Conference. Some independent operators 
have survived because of specialized 
services they provide. 


Nigeria accounted for up to 80 
percent of Medafrica’s West Afri- 
can business and the line mice op- 
erated 50 ships serving the region. 
But its collapse did little to cheer 
competitors, who still had to cut 
services to a minimum. 

In addition to the stringent cut- 
back in imparts imposed by the 
military government in 1984, the 
shipping tines were hurt by the sud- 
den switch in import inspection 
agencies in the fourth quarter of the 
year. Nigeria had for years used the 
services of Switzerland's Sorifetfe 
Gfaj&rale de Surveillance. Its re- 
placement by a range of largely 
inexperienced inspection agencies 
around tb£ world caused turmoil 
for exporters trying to ship goods 
to Nigeria before the expiry of tbeir 
import licenses ai the end of 1984. 

The government, to keep the 
economy supplied, relented at the 
end of the year with a two-month 
extension of tbe validity of import 


the new agencies, although experi- 
enced traders have commended 
than for adap tin g to Nigerian rules 
in such a brief period. 

In Britain alone, Cotec n a. Inter- 
national is inspecting more than 
100 consignments .a day. At tbe 
beginning of this month, there were 
still more than 5,000 consignments 
awaiting the issue of “dean reports 
of findings” (covering price, quali- 
ty and legality) before they could 
be shipped, leaving many exporters 
worried that they might miss the 
end-of-April deadline. 

The risk of goods literally “miss- 
ing the boat” because of the volatil- 
ity of Nigeria's trading regulations 
is one that shipping lines now have 
to take as a matter of course. Each 
new government measure is intend- 
ed to simplify and rationalize exist- 
ing procedures, but exporters, for- 
warders and shipping lines have, 
over the years, seen major shifts in 
policy on import licensing and in- 
spection. 

From the increasingly heavy re- 
strictions of the last military gov- 
ernment in the 1970s, Nigeria 
swung to an almost complete lifting 
of import licensing under the civil- 
ian government of former Presi- 
dent Shehu Shagari, but the dam- 


witfa loading cargo on flat carriers 
that are adaptable to varying port 
conditions and can be moved with 
equipment tkit is carried on the 
ships themselves. West Germany’s 
Baco Line also offers a unique ser- 
vice, with barges carried on board 
its ships for rapid discharge from 
mid-harbor moorings. 

Shippers' associations note that 
the West African trade is resistant 
to a complete containerization of 
cargo, review of the handling prob- 
lems at the ports. 

With Nigeria’s 1984 orders 
ried over into this year and some 
cargoes be ginning to arrive on new- 
ly issued 1985 licenses, there is now 
a good chance that a reasonably 
consistent level of traffic will be 
sustained this year. The exception- 
al cargoes of 'fertilizers, food aid 
and commerical food supplies have 
also added to the shipping lines’ 

While benefiting from the 
sent boom, the shipowners are 
ertheless aware that the pros] 
for Nigerian trade in the next 
years remain uncertain. 

The staying power of the lines ir 
still being tested to the limit, but 
Nigeria remains a highly attractive 
market with high potential . . 

— RICHARD SYNGE 




NEW YORK 
REPRESENTATIVE OFFICE 

One Worfd Trade Centra 
(Suite 5125) 

NEW YORK, NY 10048, U5JL 
Tel: (212) 525 0423-5 
Telex ITT 427991 
NATBANIGER USA. 


NATIONAL RANK 
OFMGBUA UMTTED 

LICENSED D EPOSIT TAKER 
EUROPE REPRESENTATIVE & 
LONDON CITY OFFICES: 

Two Deaomhire Square, ' 

LONDON EC2M4TA. Telex: 884462 
Cable: NATBANIGER 
Phone 01-247 5561 (5 Una) 
Dxect; 01-247 6651. 


LONDON WEST END 
BRANCH OFFICE. 

7, Waterloo Race 
LONDON SW14BE. 

Telex: 89571 NABANK G 

Cable NABANK G LONDON SW1 4BE. 

Phone 01-930 5585. • 


International Ba n ki n g Division ft 
O v erse a! Brandt, 

46/47, Imam ligali Stmt, 

(Behind Mandilai Building*), Lagos. 

PJMLB. 12123, Lagoa. Phone. 664299, 662840. 
Tdax (NABANK -NIGERIA). 


BY0UBFBU1TS 


It all started in 1933. 

And rapidly it grew, the pioneer 'Nigerian 
bank. 

At 10, it had established a strong foothold 
in and made a great impact on the 
nation's commerce and industry. 

At 20, it had made its made in the Interna- ' 
tional field. It established a branch in 
London (the world's No. I financial 
centre) in 1956, its 23rd year. 

At 50, it has become a household name, 
with nationwide branches, repre- 
sentative offices in Europe, U.SJL, 
coupled with a wor ld wide network of 
correspondents, to readily serve its 
customers. 


If you're currently conducting or plan n i n g to 
transact business with or in Nigeria 
concerning: 

• Letters of Credit • Processing of bills for 
collection • Advice on Exchange Control 

• International Money transfers • Information 

on business opportunities and lots mote. 

Approach our nearest office. By our fruits you 
can judge ns. 


We km done it wefi for btff-i- cautery. We can it it again. 



NBN 

NATIONAL BANK OF NIGERIA LIMITED 

HEAD OFFICE: 82/86, Broad Street, PJflB. 12123, Lagos, Nlgeria. 

Tel; 661341. 661S52, 661374, 662840. Telex. 21348 (NABANK-NIGERIAJ 
Cablegram* NaoonbanJe Branches throughout Ni^ria 


M 

ip 


THE TOURIST COMPANY OF NIGERIA LIMITED 

(FEDERAL PALACE HOTELS) 

P.O. Box 1000 Lagos. Cable: Palace Lagos. 

Telex: Palace Lagos — 21432 





Set in beautiful tropical surroundings and over 
looking Lagos Lagoon the Federal Palace 
Hotel is within easy reach of the main 
business centre of Lagos. 



SAUNA BATH 

A UNIQUE JUGGLING MACHINE • 
Famous in the world of Sauna for warming up 
exercise. To sweat out the toxin from the 
body and Improve blood circulation. 



SWIMMING POOL 

The Olympic sue swimming pool is one of tha 
best in town for relaxation of the body. You 
can also hove cold chapman whh snacks 
while sunbathing. 


Coma to the Federal Palace, enjoy your work 
and leisure in ideal surruunUmgs. 

You are always welcome to a friendly at- 
mosphere. 

SERVICES OFFERED BY FEDERAL PALACE 
HOTELS. 

LUXURIOUS ACCOMODATION with private 
bath, telephone, radio and colour television. 
All rooms air-conditioned. 

SWIMMING POOL (free to hotel guests) . 
SAUNA BATH (Scandinavian bath and 
massage) 

RESTAURANT full A la Cane Menu avaBable 
CHINESE RESTAURANT 
COFFEE BAR and 24 hour Room Service 
CASINO 

COCKTAIL LOUNGE. FLOATING LOUNGE 
AND OPEN AIR TERRACE 
EXHIBITION PAVILION 

TROPICAL GARDEN OF 10 acres for 
rerreetion 

BANQUETING - PARTY AND CONFERENCE 
FACILITIES TBJNIS COURTS 
Banking Postal — Car Hire - Travel Agents 
— Hair dressing — Salon and Shopping 
Facilities 

OTHER BRANCHES 

Ground Catering Concession (Restaurant/ Bar 
oi 2nd and 3rd Floors at the Murtala Muham- 
med International Airport, Ikaja. Lagos. 

Catering Concession (Restaurant: Bar and 
Banqueting) at the National Arts Theatre. Jg- 
anmu. Lagos. 

YOUR SATISFACTION IS OUP CONCERN 
FOR RESERVATIONS: Telephone 610030. 
610031. 610082. 610134, 610175, 610347. 
610464. 610206. 

BANQUETING - PARTY CONFERENCES 
EXT. 444 or 534. 

BANQUETING ETC DIRECT LINE: 617933 
ACCOMMODATION - Ext. 1170/71 (New 
VWngt 

Ext. 641 (Old Wing) 

ACCOMMODATION DIRECT LINE 615034 
Telex: PALACE LAGOS 21432. 



ATLANTIC LEISURE GARDEN 





The International design of tha Fedora! Palace 
Suites Hotel greets world visitors and from 
the outset provides the feeling of luxury. 



The National Theatre Restaurant Is a 
rendevous for people who enjoy good food hi 
cultural surroundings. For you and your 
guests it can be the beginning of an enjoyable 
night out or the efimax of an avertings enter- 
tainment. 



FLOATING LOUNGE 

Set in the Lagoon, tha exciting "Floating 
lounge' 1 Is just the place to watch the ships 
tiiat pass anytime of the day. Very ideal to 
cocktail parties. 







«©vs SI,; 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


■■ 

M‘ htJ Saxophonist Joe Farrell: Bouncing 


ARTS / LEISURE 


Page 15 


%V«pivY 

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f * l OllCU. DUIllICing 

Jack Alter Nights Under the Bridge 

Rv Mirhafl 7mi»rin **r ■■ __ . 


•wn ■ apji, 

. 

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*11®*™, it* ,, i " ’ Us —on tenor and soprano saxo- 

* Uwl tuif /^Vmes and flute — and was a key 

| he ftHVfc* im> i i '^t ure m On* high-im- 
•nr rrrriw.,«iti k ct band Return to p^ VCT> 

itfeftrf tit llt«- * U;| v mewhere along the line be kwt his 

'.Ti.-:;. rve. He lost Sraylhin* In Dc 

9'fiQT l ,K \\ *-*.♦ i ' • rrt3 * nber 1983. he found hinisdf 
, ‘ ‘ liftiviin eping under a bridge in North 

iioenUi Kni i.p, * . !j f'3ywood. 

g^,,. - . ‘ *1"3 After having studied the clarinet 

^nw inmjv;iit llj : u| 1 two years, Farrell switched to 
d bi^auki- , ,f ... * ^-‘ophone at the age of 13 because 
: mLM ; » J ' “••‘Jl'ii ” : 

jtfmtdr. OONESBURY 

^SL*:v; :: 'uemmtmSs 

- .As* nemwamn! 


By Michael Zwenn “I liked the way it looked." By the 

riuenHubmi Herald Tribute 16 he was playing it mostly “to cop 

ARTS — In the autumn of the ladies.'’ He Ssiened to Johnny 

- 1967, Joe Farrell walked up to Griffin and Ira Sullivan around his 
vin Jones in Poolde's Pub in native Chicago, only gradually re- 
■eenwich Village and said: *Td alizing that he was playingjazz and 
etc play in your band." He used that it was important tofim. 

do that sort of thing. He had a lot After a year with Maynard Fer- 

• ^ r gnson. he entered “the bleak '60s.' 
They formed a too with i Jirnny ft was “one dumb gig after anoth- 

• imson, who had tea John Cof- eT— weddings, bar mitzvahs, an- 

? ?S n ^Sf>, ba ? St IS? niversaries and showers on Long 
ane s death a math artier. Col- Island, four hours of continuous 

016 w ?5 3 &**£.*** comball music with four-bar mod- 

- own 30-year-old Iiauan-Amen- ulations between songs. Lester 

'isjazissn&i ssxss™-*** 

- " ,m Down , Beal ma « azme ments could make real money in 

? 55 ffi sSS? 

v cl STSttfiEiSSE 

!T&i2fSSj&S“it alone. The baton came down. Si- 

^ tence ' li 03106 down a §“ n - 
fc^nber 1983, he found tamsdf were all looking at him-Bemade n 

^ on the sShtale. 

I!™ . ... *** eanied up to 510,000 a 


looke< J-” fa By the His fluid improvisations and 
porsonaj sound on flute or soprano 
me ladies. He listened to Johnny sax, playing the melody in nn is og 
Gnttmand Ira Sullivan around his with Corea’s piano, were central to 
native Chicago, only gradually re- Return to Forever’s successful and 
auang that he was playingjazz and powerful fusion in the early 70s. 
that it was important to mm. He formed his own group, recorded 

After a year with Maynard Fer- albums that sold, played with 
guson, he entered “the bleak '60s." Woody Herman, Thad Jones/ Mel 
It was “one dumb gig after anoth- Lewis, Herbie Hancock. John 
er" — weddings, bar mitzvahs, an- McLaughlin, Santana, A1 Kooper. 
nxversaries and showers on Long “But then I stopped lo okin g for the 
Island, four hours of continuous contractor and and started looking 
comball music with four-bar mod- for the dealer, f moved to Los An- 
imations between songs. Lester gHes and thought I could make it 
Lanin , Meyer Davis — he played bigger out there but it didn’t hap- 
with them all. pen. I was concentrating on some- 

He learned the oboe. Anybody tiring <tise. 1 was totally out of con- 


■Us — on tenor and 
Vines and flute — , 


pen. I was concentrating on some- 
thing else. I was totally out of con- 
trol 

“I was hanging out with this lady 
who was into gambling — gorgeous 
lady. We used to go to Gardena, 
California, and play poker. It's just 
like dope. We’d sit at the table for 
three days without slopping except 
to go to the bathroom or when all 
llie money was gone. It’s a 
proposition." 

He sold the townhouse, his wife 
of 16 years divorced him, he 



Italian Designei 


By Hebe Dorsey 
International Herald Tribune 

M ILAN — The fashion poidu- 

' lum is swinging sharply hwir 
in Milan, marking the end of (he 
macho woman, as the ready- to 
wear winter collections this week 

MILAN FASHIONS 

demonstrate. Where last year there 
was nothing but pants, this season 
is all about Eve. 

Milan designers, long famous for 
their deluxe sportswear, are 
branching into the so-called “new 
couture" as if to show that they can 
compete with Paris. So far this is a 
season of elaborate cutting and 
draping, fancy fabrics arid a large- 
scale foray into evening wear — all 
but unknown here not so long ago. 

Color is the next most important 
story, in a logical follow-up on last 
spring's color explosion. One has 
only to see the windows in New 
York, Paris and Milan, bursting 
with pink (a winner), turquoise and 
yeflow. to know that color is here to 
slay a while. 


but for those whose lives revolve 
around wealth. 

Versace has done bis homework. 
From suits to evening dresses, the 
collection shows research on ems 
and techniques. Lynn Manulis, 
president of the Martha luxury 
boutiques in New York and Palm 
Beach, said: “Versace’s is a very 
young and modem approach to im- 
portant dressing. I Heed it very 
much because he is miking to the 
woman who really wants to dress 
up, and he does it without being 
pompous." 

Using a lot of velvet, Versace 
showed opulent suits lopped by 
three-quarter-length coats. Dots, 
from pinpoint to do Oar-sized, were 
everywhere, including on black vel- 
vet pumps. One of ms most inter- 




mouth, three record dates a day, ^ years divorced him, he 
blew with Efvin Jones at niebt. He P awDe ti one instrument after an- 

v» — L, . >1 I ■ ntlwr 1^).^ 


bought a Manhattan brownstone. 


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other, the “gorgeous lady” dropped 
to less than 100 pounds. One day he 
found himself sleeping alone nnriwr 
the bridge. 

He pulled himself together. Last 
year he toured Europe with the 
pianist Joanne Brackeeu. He 
formed a new quartet with an ag- 
gressive, hungry young rhythm sec- 
tion, and they are working — just a 
Tuesday here and a weekend there 
around Los Angeles, but they have 
an agent and a week in the presti- 
gious New York, dub l-ndh Life 
next mouth: “I guess it’s called a 
comeback." 

Chain-smoking (“I can’t give up 
everything'*), he speaks with the 
same sort of warm, volatile intensi- 
ty with which be plays. “It’s amaz- 
ing, brainwaves or something; you 
$et what you give. I started to prac- 
tice the flute again and a Japanese 
manufacturer gave me a $4,000 
flute. A photographer gave me 
$500 worth of publicity photos I 
couldn’t afford to buy. A record I 
made years ago in Europe is finally 
being released in the States. Things 
just started to come my way 
“I wake up around seven, take a 
shower, get dressed, eat breakfast, 
and then I go out and hike in the 
hills, walk on the beach — whatev- 
er. I just think about what's exactly 
in front of me. I do what I have to 
do.” 

Joe FarreBl Woody Shaw Quin- 
tet; Palermo, Itafy. March 14; Peru- 
gia, March 15; Reggio Emilia, 
March 16; Tarrasa. Spain, March 
17; Madrid, March IS; Marburg 


Ondnifan 

Joe Farrell 

West Germany, March 19; Stock- 
holm, March 20 and 21; London, 
March 22; Amsterdam, March 23; 
Rotterdam, March 25; West Berlin, 
March 26; Hamburg, March 27; 
Copenhagen, March 28. 

Daughter’s Book 
Saddens Actress 

The Associated Press 

N EW YORK — Bette Davis 
says she’s sad her daughter is 
writing a book about life in a celeb- 
rity family but the actress isn’t 
afraid of what she wiD reveaL “I 
don’t know what it says and we'll 
just have to wait and see," Davis, 
76, said in the April issue of the 
Ladies Home Journal. 

She said she does not expect to 
be treated like her frequent co-star, 
Joan Crawford, was in “Mommy 
Dearest," an expose by that actress’ 
adopted daughter, Christina. 

“My Mother’s Keeper,” by Da- 
vis’s daughter, Barbara, is sched- 
uled to be published in May by 
William Morrow. 


The sflhouette is still strong, but 
droopier, rounded shoulders have 
replaced the superwoman block- 
buster loot Hemlines are a tie be- 
tween above- ih e-knee and drag- 
ging- to- the- ankle. Gianfranco 
Ferre did both, with long coats over 
short skirts. Legs are interesting: 
either solid-color, including red 
and purple at Krizia, or patterned, 
with Op Art waves at Ferre. Shoes 
are divided between flat crepe soles 
.and spiky heels. 

The impeccable hairdos, makeup 
and accessories, including lots of 
gloves, contribute to the new-cou- 
ture feeling. There are still plenty of 
pants around, but they are the skin- 
ny, tight, ski-wear variety, which 
also turned up for .evening in black 
velvet, satm or gold lam& Hie three 
most important influencftn so far 
are all from Paris: Jean-Paul Gaul- 
tier’s tapestry-look sweaters, 
Claude Montana’s primary-color 
coats and Azzedine Alaia’s hour- 
glass shape. 

If Gianni Versace would only 
forget about boots, which look 
tacky outside winter resorts, he 
would have an almost perfect col- 
lection, whose main merit is thar it 
is strongly focused. These dothes 
are definitely not for career women 


esting ideas was butterfly collars, 
big and wide and framing the face: 
He showed them on coats and on 
long satin evening dresses. He also 
mixed bright and dark colors, such 
as deep dam with bright blue. His 
evening look is distinctly on the 
romantic side: erfipe blouses slid- 
ing off black lace blouses, and a 
strong Klimt inspiration when it 
came to prints and embroidery. 

Ferre is a serious designer who 
wants to be taken seriously — 
which can be good and bad. The 
good part is that he is the closest in 
Milan to delivering beautifully 
made, new-coumre dothes. The 
bad part is that he can come on a 
bit heavy, not to say stuffy. 

He handled the long colored 
coats with ease, and delivered the 
best chemise dress in Milan: Made 
of purple crftpe, it had a floating, 
elegant back. He showed a lot of 
color, including bright short coats 
— red, purple, green or yellow — 
over gray suits that looked like left- 
overs from the Ghingse Cultural 
Revolution. 

Like Versace, he paid a lot of 
attention to the neck, with sculp- 
tural taffeta scarves in bright tur- 
quoise draped over black dresses. I 
Pants ranged from cropped and ca- i 
sual to full-flowing. Many were 
higb-waisted, giving women an ex- 
tra-leggy look. The best part of this 
collection was the coats with draw- 
string backs. 

Marrucda Mandelli, who de- 
signs the Krizia collection, showed 
the strongest square shoulders in 
town. Her suits were sharp and 


_ . Chart. G*K 

Evening dress of Mack lace under crepe by Versace. 


high-collared, like Nehru jackets, 
with tweed jackets often worn over 
leather pants or skirts. She bright- 
ened than up with fox furs worn 
bandolier style and fearlessly dyed 
blue, green or red. 

Krizia is famous for its grand- I 
entrance dresses, which this n‘nw» 
included Fortuny-pleated tunics 
over black velvet pants, and black 
velvet sheaths adorned with spi- 
dery rhinestone work. Another 
group not for shrinking violets 
were the Renaissance gold lames, 
with multicolored crystal embroi- 
dery, featuring bib collars and 
bracelets worn above the elbows. 

Everyone always expects Man- 
delli to COme up with an animal 
sweater, her specialty. This season 
it is the Seychelles fox, with star- 
tling blue embroidered eyes. 


New collection 

ESCADA 

at European 
export prices 

Maiie-Martine 

8, Rue de Sevres, Paris 6th. 

TeL: (1)222 18 44. 


The home 
of Burberrys Paris, 
since 1909 

(Near the Madeleine) 


traditional Burberrys Mens, 
Ladies & Children clothing. 

Burberrys 

8, bd Malesherbes 

Paris 8* -266.13.01 





















ssrsa.'i oAmmsm r«!»mittVfiifEEi!!!»K«insvi» ®i 


Page 16 


nVTERNATIOIVAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


NYSE Most Actives 


Vbl hm low lbsi Ctea 


PtUiFat 

Tesutn 

SDWSt 

MldSUt 

AUOPw 

BcotCo 

ANIRss 

(B« 

AT&T 

FlfiCPA 

NOSIPw 

Exxon 

HouNG 
ID Ini 
NT50KII 


76412 49% 
14933 3M 
14164 Z3Vj 
12199 13V. 
11435 3 0* 

me am 

16603 a 


48% 

26* 

2 » 

13 

am 

3S% 

60 u. 


10914 131* 129* 

UMI9 a* an* 
nn n w 

8352 42* 42* 
Wfl 49 48 

7609 44* 44* 
7585 10 17* 

7238 11* W* 


«flft — 1 * 
26* 
a% 
nro 

am — n 

sm +* 

«o* — i* 

131* +1* 

a* 

7 * + * 
42* + * 
48* + * 
44* -4* 
17* — ft 
11 


Dow Jones Averages 


Open HM Law Lad Cteg 


Indus 126177 1277 JB 126093 121SJ5 — 1.11 

Trvn 61470 dISJC 40740 611 Jl— 166 

Utn 147.77 V4L59 14445 14747— 0.W 

Como 51941 51874 51149 51480— 1.17 


NYSE index 


Composite 

Industrials 

Tramp. 

Utilities 

Finance 


Piovtoas 

HHrti Law Oort 
10434 IffLBZ KQ42 
120.15 11949 11949 
9933 9946 WJ4 

9330 5133 

10742 10742 10743 


5EH 


1 BUS 
11943 
■ 9907 
9346 
10747- 


NYSE Diaries 


Advorad 
Declined 
Unchanged 
Total issues 
Not* HIM 


597 

928 


19*4 

24 

10 


19S1 

31 


Odd-Lot Trading in N.Y. 


March 8 . 
March 7- 
MarcH6. 
Marchs. 
March 4 , 


Buy Solos 
187469 475491 
181,915 474496 
185510 501426 
210234 513474 
303J79 534963 


*indudtd m tho sales flgura 


•sow 

1445 

1X52 

1.147 

138 

878 


Mondayl 


MSE 


« 

Josing 


VoJ. at 3 PM 

Pm.3PJA.voL 

Pm conMlUated dtse 

7vmooo 

BU08JM 

nU42M 


Tables Endade ttte nattotiwMe ortess 
on to The daaitra on Wall Street cmd 
do not reflect late trades elsewhere. 

Via T\c Associated Press 


AMEX Diaries 


Advanced 

uSdwraed 
Total issues 
New H loti* 
New Law* 


339 

336 

797 

U 


u 

296 

236 

no 

23 

I 


NASDAQ index 


Wo* Year 
CkMW MMt 


Compart* 

industrials 

Finance 


2|247 2*1.45 287,16 


30199 


uirnnm 

Banks 
Tr 


EOJS 31243 

— 3XL41 B0J7 

32206 — 33447 33074 

26370 — 264.19 27X83 

34947 - 34743 552.14 

26UU — 26746 26600 


Standard & Poor's index 


industrials 

Trans*. 

Utilities 

Finance 

Ca mpurt o 


Prerkws Today 
High Low doM 3 PM. 
20147 200.12 20075 20Q4B 
15747 156.15 15652 UU2 

78.14 7777 77 AS 77.96 

9067 2043 2045 3061 

179X7 17947 179.10 179.16 



VDtSattl 

Amdahl 

GtfCda 

TIE 

dMdv 

AM Inti 

CtmH 

ErtoBp 

WbOnti 

CRC 


I Dow Jones Bond Averages j 


Bands 

Utilities 

industrial* 


Close 

7246 

6942 

75.95 


Today 


7241 

4942 

75JH 




I AMEX Stock index ' fjlft 


ii ,iii ik 

1 i*" 11 * 


Mrfo 


HM) 

22692 


27573 


1 HF 


ise 


32U1 




12 Worth 
Utah Law Shu* 


Dtv.Yld.PE 


NKKShLow 


CtoB 

Quot.Qrtn 



16ft AAR 

68 

26 16 52 

20* 

30 

20 — * 


9ft AGS 


11 43 

IS 

14% 

MH— % 


11 ABACA 


B 

11* 

11% 

11%—% 

17* 

13% ABAF 
24% AMR 

JO 

3X 37 4D8 
9 1721 


16* 

a>% 

16ft + ft 
39*+ TO 


18% AMS pt 


19* 

20 + % 



zra io.i i 


21 

21 


■Mft ASA 

zoo 

42 438 

47* 

47* 

47% + % 


16 AVX 

33 

16 14 132 

33* 

23* 

22H- * 



IM 

29 13 2555 

48* 

48* 

4*H— ft 



IX 19 450 

24 

23* 

24 + ft 

22% 

12% AcmeC 

60 

26 10 

17* 

17 

17 — % 

WH 

B% Acrn«E 

J»13 12 4 

9* 

9* 

9ft— ft 


15 Ada Ex 

ZIlelZB 126 

16* 

16* 

16% + ft 


lift AdmMi 
Mb AdvSyi 
25ft AMD 

32 




16*— % 

19% 

41ft 

Jit AX 19 134 

U 2475 


11* 

31* 

lift + ft 
Sift + ft 

12* 

6ft AdvMt 

.12 


10* 

10* 

10*— TO 


8* Aarftw 


13 39 

13% 

13% 

13% 

42* 

27% AetnU 

2X4 

6J 39 1093 

41 

40% 

40* + % 

58* 

52ft AetLpf 

5LB3a107 287 

56 

54% 

54U— % 

32ft 

15* AMnns 

1X0 


311% 

29* 

30*+ * 

4% 

2ft Alteen 


21 1 

2* 

2* 

Zft— % 

51 

3Mb AtrPrd 

1X0 

26 11 2S5 

49W, 

48ft 

49 

24ft 

13 AfrbFrt 

XO 

2X 12 5 

22* 

22* 

22* 

2 

* AIMngm 


23 317 

a a 

T% 

1* 

27ft 

1 M I 1 1 1 ■ 

ZMellX 420 

26 

36% 

32 

26* AlaPptA 3X2 123 5 

30* 

30* 

30*— U 

7% 

6 AlaP dpt 

JB7 11X 13 

7* 

7V, 

7ft + ft 


828 124 
92 74 11 


.14 


102 85V. AlaP pf 11X0 109 

4B% 57 AlaPpf 0.T6 125 
68 56 AlaP pf 

13* 11 Akmci 
19* VIA AbkAJr 
16V* 10* Aibrto* 

31* 22* Albtsns 
35* 23* Alcan 
36* 27* AlcoStd , 

II 17 AloxAlx 1X0 
28* 20* AtexiS; 

89* 64* AllaCp 2561 29 30 
26* 23 AlaCppf 256 114 


94 

190 

140 


A 9 947 

28 17 7 

25 13 240* 
45 10 1320 
34 11 222 
34 2113 

25 56 

12 

10 


390x101 101 101 +1* 
15802 45* 65ft 65* + * 
«b 67 67 67 

20 12* 12* OH 

IS* IBM UK— * 
13* 13* 13*— 14 
30* 29* 20* + 14 
27 24* 26*+ * 

34* 33* 33*—* 
a* 30* a* + * 
23 22* 22*— * 

77* 77* 77*— * 

25* 25 25 — * 

28* 18* Aroint 140 £3 2Sx 27* 26* 26* 

22* 1514 Alain Pi XI* 114 lOx 1914 IV* 19* + * 

94*81 Alai pfC 1145 12L3 3s a* 91* a* + * 

30* 24* AlloPw 290 89 811635 30* 30* 30*— * 
22 15* Aliens 40b 3.1 13 310 19* 19* WTO + * 

40* 28* AlldCpa 1X0 44 8 1020 39*38*39 + * 
62* 53* AMCnpf 474 MB 107 <OW 42* 62* + * 
107*100* AldCpt 1299*12.1 26* 102*102*1(0* + M 

10 22 a* a*— M 

2.12 39 V 3912 — 

m 

1X4 7.1 9 77 

JOe 3J 13 4 

190 35 11 5678 
90 19 412 


23* 10* All 

56* 

12* 5MAJJU07 
36* 24 AilsC pf 
27 20 ALLTL 

25* 20* AlphPr 
43 30* Alcoa 

27* 15* Amax _ 

43* 32* Amos Pl 3X0 84 2 

33* 22* Am Ha 1.10 4X 14 2576 

144 98* AHapt 390 29 

2* 1* AltlAar 
If* 15* ABakr 8 54 

69* 52* A Brand 190 59 9 358 

27* 24* A Bra at 295 M3 5 

7714 52* A Mat 140 29 10 4068 

25* 19* ABUM JM 13 12 

25* 19* ABusPr M 24 14 

55* 40* Am Cm 290 18 11 

34* a* AConpf 2X0 119 

48 36 AConpf 100 63 

110 103 AConnf 1175 129 

19* 16* A Coped 220 11A 
53* 25* ACopCv 6964019 
11* 6* ACartC 12 

5614 43* ACvon 190 17 12 

29* 18* ADT .92 17 27 

a* IS* AElPw 296O10A 8 a 96 

44* 25 Am Exp 198 11 15 5551 

30 14 AFdmll 44b 23 12 44 

30* IV* AGnCp 1X0 34 9 

12* 5* AGnl wf 

57 51* AOnl pCA 698ell9 

40* AGnptD 244 49 

25* AHertt 1X8 13 10 

7* A Holst 
46* AHome 290 

31 26* A Hasp 1.12 

S3* 63* Amndi 6X0 
78 50* AlnCrp 44 

130 112* AIGapf 5X5 
28* 18* AMI 92 
6 3* AmMot 

63* 27* ANtRsi 292 


3& 


54* 54* 54*— M 
7* 7 % 7*—* 
30* 30 10*+ * 

26* 25* 26 
22* 22* 22* 

34* 33* 34*— * 

17* T7 17 — * 
35. 35 36 +1* 

- Z7* 27* 27*+ * 
1 118*118*118*— 1* 
47 I* 1* 1*— * 
18* 17* ISM— » 
48* 68 68* 

26* 26* 26* 

70* 69* 70* +1* 
25* 25* 25* 

34* 34* 34*+ » 
50* 49* 49*— * 
23* 23* 23*+ * 
45 45 45 + * 

+ * 

IS* 18* 18*+ * 
30* 30* 30*+ * 
9* 9* 9*— * 

a* a* a* 

25 24* 34%-* 

a 20* 20*+* 

41* 40* 41*— M 
27* 27* 27* 

29* 29* 29*— * 
12 II* 11*— M 
53* SI* 53* 

59* 50* 59 — * 
32% 32* 32*— * 


13 

482 

2 

13 

1 

37 

a 

34 

695 

102 


as 

10 

415 

14 

116 


5.1 12 _ „ 
14 10 2011 
74 8 813 
4 18 1720 


9% V* 9% 
57* 56* 57 


33% 32* 32*—* 
81* 80* 80* + * 
^ a* to* 7i* 

49 2 124*124 124 — 1* 

11 13 1840 23* 23 23*— * 

_ 592 3% 3* 3*—* 

17 1210602 62 60* 40% —1* 


43* 23* APresM 941 19 4 199 39* 30* 31*— * 
13* 6* ASLFta 4 1544 6* 5* 6 — * 

Wft 12* ASLFIpf 119 159 272 14* 13* D%— * 

16 10 A5hip 90 59 15 236 13* 13* 13*— * 

35* ZZ* AmSM 140 49 13 6151 33% 33 33 — M 

56 26* AmStOT 44 19 11 441 55 54 84* + * 

66* 46* AStrpfA 498 69 130 65* 64* 65*+* 

54 a AStrptB 6J0 124 16 

2* 14* AT&T 190 54 17104a 


30* ATITPf 344 10.1 
, 31* AT&T pf 394 10.1 

24 13* AWdira ■ 

21* 20% AmHotl 248 VX 11 

68 53% ATrPr SJSe 8.1 

11* «* ATrSc . 

78* 58% ATrUn JA 69 

O 26* Altman 140 59 .8 

3S 17 AmesOs 


629 




16* 10% Amtex 
38* 26* AMPs 
24 14* Amoco 

a* 12* Amtops 
28* 19 AmStft 
39* 25* Amated 
4% 1* Anacmp 
30% 19* Analog • 
30% 19* Anchor 
38* 24* AnCtav 
12* 9* AndrGr 
23* 16* 

78* 53% 



65* 64* 65* 

a* a* a*— * 

36* 36 36 

37 37 37 

09 23* 23% 23*—* 
67 28*2*27*— * 

11 10* W* 

, s*s* 

tf Mt Mi HU 

M 1 ^SSS* 

I 301 11* II 


i/W— V2 

m 



. _ 44 Anltou pf 340 64 
22* 13% Anlxtr 98 19 19 
14% 8* Anthem « 3 11 

15* TO* Anltmv 64b 34 7 
14* 9* Apache 91 25 11 
3 * ApetiPwt 

19* 15* ApchPunUOeiU 
i ApPwpf 8.12 123 
ApPwpf 390 1X1 
_ , ApIDta l.l» 39 a 
a* 8 APPiMO 
a* IS* ArchDn 
22* 14* Arlz PS 
29* 22 ArIPpf 
23* 13* Aril Bit 
24% 16 ArMo 
ft * Artnftt 
a* 9 Armeo 
30* 18 Armepl *10 104 
24* 15* ArmsRD 48 XI 8 


32*- M 

sjza 

30*— * 
15* 15*-* 

*- 1J*+* 

’a-* 
— * 
— * 
+ * 
12* + * 
1994 + * 
76*— M 


l»TO 80»B 

S% ST 

39* 17% 


25S 

,14b 9 TO 1483 
248 129 7 1053 
3JB 139 7 

40 2X 8 33 

1X8 5J 16 1299 
107 
HI 
18 
a 


36 

27* 

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115 23* 

63 38 
45 12* 
ai* 19% 

579 77 
27 56* 

SO 16% 

490X 13% 

2 13 13 13 

582 11* 11 11* 

52 1* 1* 1*+* 

237 18 17* IT*—* 

9Ub 46 AS 65 —1 
394 29 28* 29 + * 

34 33% 31 

12% 13* 12*— * 


13 13*—* 


109 

52 


20 * 20 * 20 *— * 
a*+* 


a* a* a*+ * 

— 27*—* 


a* Arm Win 190 34 
29* ArmWpf 275 109 
M* 18* AroCn 190 39 a 
26* 13* ArowE 90 19 8 
22* 16 Artra SI 1.1 
23* 14 Arvlns JO XA 9 
54* 34* AtvIdpI 2X0 28 
33* 17* Aaarco 
30% 20% AbMOII 140 S3 
39* a* ABhIOPt 396 109 
61* 45* AadOG 14) U 1 
18 73 AsdDpf 495 59 

25% 18* Alh lone 140 74 10 


2715 27* __ .. 

20% 20 28*-* 
20* 20 20*- » 
n 

* m * 

19* 19* W* 

23* 23* 23*—* 
*7 35* 35 35 — * 

5«b 3S 34* 34*— * 
2 32* 32* 33* 

28 16* 16* 16* + % 
20 * 20 * 20 *+ * 
22 % a 22 %— * 
52% 52% 52% —1 
36* 26% 26* + * 
673 30* 29* 30*+ % 
29 3V 38% » + * 
424 57% 57 57 

139 a* 91* a* 

v a* si* a* + u> 


24 

126 

1 


25% 19* AtCvEl Mias a 1263 24* 24% 24% 

51* 40* AtIRIch XOQ A3 22 4222 48% 48 4* — * 

125 97 AHRcPf 2X0 24 3 116*116*116% 


a 11* Attoscp 

34% is% mm 
46% 29* AirtoOt 
27* 15* AVEMC 

*9* a Awrv 
15* 10 AvkiM n 
41 a Avne! 
2SH T9U Avon 
36* 18 Avdln 


M 19 If 
42 14 TO 
40 29 13 
40 19 14 
7 


15 14% 14 14* + * 

134 26 25* 25*— * 

326 43 42* 43 + * 

6 26 25* 25*— * 

496 35% 34* 34*— * 
12 14* 14* 14* 


JO 14 M 1599 

2X0 9.1 10 2248 ^ 

12 369 24* 22* 21*— I 


31% 30 30% —1 

22% a* a — * 


u a 

1 J 13 
54 16 
14 15 


20* 10* BMC 
35* 18* Salmca 
23* 15 Bkrlntl 
2«% IS* BoMor 
2* * VlBiKdU 

V 2 BidUpf 

50 2BVS BollCp 

a* 11* BollvMI 

15* 7* BMIrPfc 

41* 30% BaltGE _ 

30% 20% Bncone U0 X7 W 

11* 8* Bnecirn -52 b 59 

s* J% BanTti 


198 

90 


390 


62 39* Bandoo 190 Z1 13 

47* a BKBm 140 SJ 5 

S3* 43 BkBo»pf 3.136103 
41 26% BkNY 2X4 59 6 69 

26* 15* BnkVas 1X0 M * 65 

a* 14* BnkAm 1-52 8X 11 2575 


a 12% 11* 12* 

*9 a 32% a 

797 17 16% 17 + * 

75 23* 22* 9 + * 

187 2 1% 1* 

4 6 5% 4 — * 

29 12 43 47% 47* 47% + % 

14 327 14% 13* 13*— * 

12 47 II* II* 11*— * 
89 7 1968 38* 38* 38*—* 
UOxTfH 29* 29*+ * 
4 V* 9* 9*— * 
844 4* 4* 4M + * 


52* 40 BkAm pt 5.19e1Lf 
16* 11* BkAm Pf 2X8 
32* a* BkARtv 240 8.1 11 
66 *7% BonkTr 2JO 44 7 

24% 19* BkTrpf 290 109 
12* 7* Banter X3e 9 18 

31% 19 Sard 44 19 tl 
WW IB BoiiOr 
SO 32* Bamel 
33* 19* Barywr 
13% 8% BAS IX 
28% 17* Bauxcti 
18* 11% Baxtrr 
2S* 17% Bov Fin 
30 19% BavSIG 

29% Bear! no 
31* 24* BeotCo 
« %* Beal pf 

a 30% Bectao 
12 4% BAir 

10% 9* Bekerpf 190 169 
18* 13* BeMnH 40 19 ? 
38* a* DeiHwl Jt 12 H 
SS SL. SS , i An 640 7X I 
28% 22* BCE g 298 
a% TO* Behind 92 14 12 


1290 

4 

71 


IB 


196 24 9 

as m 

.ia> u 11 in 

98 Zf 16 146 
-37 15 71 2207 
90e 9 20 20 

240 9X 8 a 
1X0 19 11 6 

1X0 59 911347 
4X 10 
29 14 


190 


29 58% 58* 58*— % 
702 43* 43% 43* + % 
140 so an so + % 
39* 39* 39*+ U 
24* 25* 25*— * 
19* IB* 19 — * 
43% 43% 43%+ * 
15* 15* 15* + * 
30* 29* 29*—* 
62% 61* 62 — * 
23% 23% 23% + * 
II* 11* 11*— % 
36* 36 2f% — * 

22 * 22 * 22 *— * 
595 49% 40% 49%+ * 
127 24 27* 23*— * 

103 12% II* It*— * 
27* 26% 26*— * 
15% 14 14*—* 

H* 22 22 

2*k 28* 29 + % 
36* 36% 36* 

30* 30% 30* + * 
56 56 56 — % 

44% 43% 44 — * 
5* 5% 5%+ * 
TO* 10* 10* + Hi 
. 13* 19* 13% + U 
142 29* 28* 29* + * 
985 82% 82% 82* + % 
114* 31 27% Z7» + % 


149 

t 

» 


in 


37% 27% Ball Sas 240 76 S 2699 


5DU 35% BoioAH JO 14 2D 
2f* 20* Betti is 1X0 34 II 
90 73 Bndnpf 4X6 44 

37* 23 . BantCo 2X0 54 9 
36% 30% BenMpf 4J0 1X0 

20* 17 Bens! pf 250 123 

B 3% Ben«m 92 b 64 20 

22* 7* Bergen 14 

Mk m BerXey 14 

17% 10* BestPd 96 19 13 

28* 14% BethStt 48 24 

58% 37% BotfiSf pf SXO 125 

38% 18* BefhSt pf 240 1 13 

26* 20* flewtv 32 IX 18 

26* 19% BtoTnr 40 15 16 

a* 17% BtaCSD 46 24 13 

30% » BMkHP 1X2 64 I 

60 14% Bialrin 44 2J 17 

58% 37 BldtHR 240 49 13 

64* 35% Beetna 140 29 8 

64* 32* Bailee 1X0 44 18 

S7 46 BalnCpf5X0 99 

a* 15% BoilBer .10 4 X 

SI Borden 292 40 10 

24* 16* BoroWb X2 43 9 

8* 4% Bormns 

a* a Based ia id 7 

75 63 Basepf 8X8 114 

JO* 9 Base pr 1.17 114 

125 10* BatEpr 146 1IJ 

H% 14* BOWfrn J2 39 

31* 25* BrbSI 

56* 43 BHSM 

4* 3% BrttLnd 

X a* Brlim 
15% 9* BrRTop 
«* 2* 

20% 14* Brrkwv 

» BkrUG 

32* 29 
%% 13 


181 

X 

102 

742 

2 


671 

M9 

158 

773 

149 

15 

290 

136 


140 

1X8 


sj a 


42 
9 1782 
- 20 
34 U 5159 
64 2 

1JM 79 X X 
1256 
226 

IX 613 7 
X12 84 7 a 


BkUGpf 3X5 129 

bwnsi X M 


22* 32% 22% — % 
36% 35% 36* + * 
50% 49% SB +% 
29* 29 79 — * 

«* 88% 88% - * 
36% 35* 35*— * 
33 33 33 

280* aw x a 

122 4% 4% 4%—* 

22% 22% 22%+ % 
5% 5* 5*-* 
12% 12* 12* 

16* 16% 16% + % 
41% 41 41 + * 

20% 20% 20% + % 
33* O 33*—% 
-.5 ai 
25 24* 24% 

W »% 38% 28% + * 
363 32% 22* 22*—* 
48% 48* 48*— * 
64% 4BH 44 + * 
an* 4i* 40* 4i* + % 
40* 55 54* 56*+* 

368 27% 26* 96*— 1* 
Z77 68% 40 X — * 
872 22 »* a*— * 

3 6W 6% 6U 
te a* as* a +* 

250* 75* 75 IS* + * 

41 32,. J? *»- * 
12 * 12 % 12 * 

22% a* 22* + % 

»H 29 29* + % 

SHfc 56% SS 

24* 24% W*+ % 
5 i a i « , + % 

19% 19* 19* — * 
35% 35* 35*— % 
X 32 X — * 
25% X 25%+ E 


Volume Turns Lower on NYSE 


United Press International 


NEW YORK — The stock market tamed 


mixed late Monday in moderate trading, with 
investors restrained T 


by a number of uncertain- 
ties. The Dow Jones , industrial average wax up 
0.99, to 1,270.65, an hour before the dose. The 
Dow had been slightly Iowcr.nwsl of the session 
after starting out higher. 

Declines led advances 856-592 among the 
1,940 issues crossing the NYSE tape. The five- 
hour Big Board volume fell to about 71.3 mil- 
lion shares from 81.2 milli on in the same period 
Friday. 

Analysts said the U5. dollar and interest 
rates were twin concerns for investors. 

Eugene Peroni, of Bateman Eichler, H31 


Although prices in tables on these pages are 
from the 4 P.M. close in New York, for time 
reasons this article is based on the market at 3> 
P.M. 


Richards in Los Angeles, pointed out that vol- 
ume had slowed considerably from the heavy 
pace seen since the first of the year. He said 
some professional investors may be waiting fra* 
a new entry point below present levels before 
they begin buying stocks. 

Uncertainty over interest rates was a major 
problem, Mr. Peroni said. Although the Federal 
Reserve has insisted it is not tightening credit, 
he said, some investors are worried about the 
possibility nevertheless. 


He said the adv ance could be renewed when 
corporate earnings exceed analysts' forecasts, 
winch in many cases were downgraded. 

“Reality has fallen short of what the market 
had been anticipating,” said Monte Gordon of 
Dreyfus Corp. He said the budget deficit ap- 
pears to be getting bigger, not smaller. 

“The strong dollar and the trade deficit have 
moved to center stage,” Mr. Gordon said. He 
added that people are realizing inflation is low 
because more goods are coming in from over- 
seas, including high technology products. 

The end result, Mr. Gordon said, is that many 
of the same problems that worried investors in 
1984 continue to exist and the result is uncer- 
tainty about where things go from here. 

Despite the negative assessment, Mr. Gordon 
said he expects the stock market to hold in a 
roughly a 1.250- 1,300 trading range on the Dow 
index with a pattern of chopiness likely to 
ran tin ue for a while. 

Phillips Petroleum was near the tap of the 
active list and lower at midday. A block erf 

627.000 shares crossed the tape at 48%. There 
were blocks of 300,000 shares at 49ft and 

330.000 shares crossed at 49ft. 

Actively traded IBM was higher at midses- 
aon. Digital Equipment also moved higher. 
Data General had a sharp loss at midday and 
Texas Instruments also lost ground. 

Castle & Cooke was lower on heavy volume. 
The company said Friday it has bear talking 


“The euphoria of January has dissipated and 
is no longer present,” Mr. Peroni added. * 


about the possibility of a merger withjmother 
which it aid 


ger present, - mt. raotu aaaea. The 
market is fully consolidated following the Janu- 
ary runup, and does not have the spark of any 
oarticnlar motivation.” 


concern which it aid not identify. Castle & 
Cooke has been talking with lenders about 
restructuring $250 milli on in debt 
General Motors and Ford were fractionally 
lower at midday. 


12 Month 
HWl Loa Stack 


Dlv. YU. PE 


Sh. 

WB Hist) LON 


Qa 
0UOLQYM 



1X6 AX 

15 

1235 27% 

37 

27ft— ft 


44 26% BrwnF 

1X8 ZS 

16 

214 41ft 

43ft 

47ft— % 


40* 73* Braswfc 

1X0 26 

9 

231 39 

38* 

38*—% 

1 

40* 25% BrstlWa 

68 IJ 

IB 

ii5x an> 

38* 

31*—* 

^EiL 1 

17% 12 BucvEr 

64 ZX 

37 

107 15% 

15 

15ft 


22* lift Bundy 

XO A6 

a 

5 17% 

17% 

17ft 

’ Vl 

T7ft 15% BunkrH 

ZW 1Z3 


7 17% 

17% 

17% 

■ 

21% 14ft BurlnCt 


13 

93 18% 

18% 

18*— ft 

24 

30 33 Burtlnd 

1X4 4X 

30 

1179 Z7U 

26* 

36*— * 

23% 

58* 35 BrINth 

160 27 

7 

3452 SJH 

51* 

S3 —1* 

15% 


7% 6* BrlNO pf 
50% 44* BUN pf 


18* 12% Bumdy 
Bkirroti 


«* 44* ^ 

20* 12* Bui trill 
11* 3* ButfOS 
15 10* Butua Pf 118 189 


JS 8.1 9 

M3*IL2 102 
X4 59 15 17 

260 49 11 1066 

J2 27446 M 


6% 6* 6% 

58* 49* 49* 

M* 15* 16* + * 
61* 60% 60*— * 
19* 19% IT*— % 
4* 4* 4% — * 
II* 11% 11%— % 


L4B0 5.1 13 
3X0 3J 13 
15 

195 109 
240 59 48 
275 9 J 


15 

1900119 
53 11 
.... 6X 9 

1X4 49 ■ 
7X0 4J 
1X0 2J 


X2 


J2 


33* 24* CBI In 
90* 44* CBS 
«* 4% OCX 
12 BW CCXpf 
9m 73 CIGNA 
31 23%CIGPt 
7* 4% CLC 
40% 21% CKAFn 

10* 8% CNAI 

43* 36% CPC Ini 290 
21 14* CP Ntl 140 

27% 18% CSX 

'SJS'S S5* 

40% 22 CT5 
12* 7%C3lnc 
31% 22* Cabot 
13* B% Comer 

47% 32% CalFdPf 495 11.1 

Silvia, 

3 ?% 1 3* CmaRa ?« 

14* 11% CpRpfo 2J50 
72* 56% Camsp 2JD 3 j 6 12 
45* 28* CdPacn 140 
21* 14% CanPEo 90 
184% 1*5* Cana* X 
48% 30* COOHM 1-54 
16* 10% Cortnoo 48 
40% 26* Carfista 1X2 
26% U* Cora Ft 40 
X* 19% CarPw 240 191 
23% 19* CarPpf 247 114 
68* 36* CarToe ~~ 

11* 7* Carrol 
46* 30% Can Plr 
32% 10% CarlMw 
36* 19* CartWl 
15* 9% CascNG IX 
18* 9* CmHCk 
30% 15% CjHCPf 12J 
52% 20% CafrpT JO IX 
27% 16 CKO 96 34 11 
94% 62% Catania 440 4X 8 
15 7* Canav n X4 XX 

41* 32 Cantal 298 5J 9 
24* 17 CanfWtfT 10 

23* 17 CanSoW 2X2 99 6 
2S* 16* CanHud 2X4 11J 5 
23% 18* Cen 1 1 LI 292 10X 8 
17* 14 QUIPS 140 9.1 7 

23% 17% CnLaEI 1X6 84 6 
35 29* CLaEIPf A18 124 

14* 7* COMPw 140 142 4 
19% 14 CnSava 44 45 13 
18% 10* CVfPS 1.90 11.1 5 
14% 7* ciSrot 
10* 7% OrtryTI 
23* 18% Cmwlll 
27* 15% Cr+tMd 
24% 17 CasaAIr 
26% 16* OintPln 


57 27% 27* 27*— % 
541 85% 84% 84% — I 
U1 1% 7* 7*— % 
war II* IT* 11* + % 
520 48% 47% 47*—% 
91 29 28* 29 

45 5* 5* 5* 

97 37* 37% 37* 

11 10% 10% 10% 

378 42* 42 4Z%— % 

88 20* 19* 28% + * 
1977 25* 26* 2**— * 
2 156*156*156*— 3* 
90 39* 39* 39* 

45 43 in 

iS 

17% 17* 17* + % 
4 4 4 — * 


»Tjg jgj 

1.9 4 270 U* 1 





20* 20* 

175% 175%— % 
i% 46* 

10% TO* 

:_r. 39* + % 

25* 2S* 

25% 25*+% 



28 43% 43% 43*— M 

62 10* 18% 10*— M 

63 43% 43 43% — * 

342 26* 26* 26%— * 

38 32* 32 22%+ * 

220 M* 14% 14* + % 
5798 12% 11* 12 




26 

22 * 


20 

» 

-1ft 

31* 

31* 

— TO 

22* 

ZM 

— ft 

r; 1 

90* 

— % 

mil 

M 

— ft 

40% 

40* 


22% 

22* 

— * 

Zl* 

22 

— lb 

33* 

24 

+ ft 

32 

Eft 

— ft 

17* 

IT* 

- TO 

22* 

329k 

ft 

33 

Eft 

+ ft 

9* 

V* 

+ ft 


X0 79 > 
2o0 12X 9 
90 2J H 
M IX 3* 

M -- 


27* 19 Chmlpf 190 S3 
St 43% Chml pt 440 9X 
3% H ChomSo A0 44 12 
10% I vlChrtC 
4* % viCWMt 

M% i* viainpf 


55% 35% Chase 3X0 7 A 6 
M 52* Cttasapf 498 11J 
45 36% ChaM Pt 525 115 

58 48 ChOMPf 4J3*T12 

57% 51 Chasapl 9X0*174 
21% 14 CtMtaM 92 34 9 
36% 24% awmod 153 48 14 


318 TO ^ 

75 19 18% U* 

55 17% 17* 17*— * 
476 7* 7* 7*—* 

114 10% 10% 10% 

41 21* 20% 20% — * 
45 25 26* 24%+ * 

83 21% 20% 20*— * 
2637 22 21% 2146— * 

9 23 27% 22%-% 

2632 52% 50* 51 — 1* 
237 8% 8* 8%+ * 

136 2% 2* 2*-* 

8 % * % 

13 2% 2% »— * 


51% 51* 51*— * 
■ »as 58% +1 
54X 43 41* 42 — * 

272X S3* S3* 53*- % 
123 53% 53% 53* + % 
89 28 19* 30 

» 31* 31* 31%— % 


43 23* ChmNY LB U i 2044a 38* 38* 38*— % 

42* 23% UlNYpf 1X7 49 138 38 38—* 

38% 48 CUNY of 6X3*12.1 151a55V> 53% 54 — * 

56% 46 CtlNVpf 5X5e11X 654K S3* 52U. 52%— * 

39* 31% Ottsok 134 34 11 4 36* 36* 36*—* 

38% 32* CtWSPn 200 5.9 10 829 33%33%33% + * 

40 V- 39 V. Chevrn 240 7.1 8 4378 35% 31% 34 — % 


36% 18% CNWjt 
300 112* CM MW* 
73 S3* CMMlPf 

26 16% CtlIPnT 

15 7* Chk Fun 

Wt 34% ChrtaQr 
12* 5 Chrtshi 
13% 9% Cftromc 
36* 20% Chryalr 


.10* A 8 
/i-i 4.1 90 
AS t 1.1 


awabs 2 X U M 


IS Church 30 29 14 1394 


140 19% 19% 19% 

22 141% 160* 160*— % 
9 71% 71 71 — * 

146 26* 25* 26* + * 
38 8% 8* I*—* 

5 42% 42* 42*— * 
4 11% 11% 11%—* 
TO >1% 11* 11%— % 
3 2595a 3Z* 32* 32% + % 


15% 

31 

37 

54 


as* ClnBan 
8% emoe 


B.®** 


39 


49 

28% 

36 

31 


3.13 73 
116 144 
4X0 135 
495 14X 
7 M 149 
998 147 
992 U6 
92 29 31 
94. 24 13 
X. 9 17 


CtoOpf 
CinGpf 
ClnO b* 

50 ClnGPf 
30 CinMJI 
21% circlK 

16% CtaCItv 

23% 13* Orem ... _ ... 

47* 27% CltlCTP 2X6 5X 6 3816 41* 41 41 %— * 

44* 32% Clfylnv 9 116 29 3F% 38% — % 

25* 21% Ctytttpi 2X7 114 148 25% 25% 25% 

11% 6* CtaWr 92 WlI 114 7% 7 7*— % 

36% 23% ClOrkE 1.10 39 » 291 29% 2»* 29% + * 

16 6* ClOYHin 13 73 13* 12% 13*— % 

22V. 17 CWCH 1X0 5.1 9 125 W% 19* 1W. + V. 

20* 13% C lOV El 292 132 5 4570 19% 18* 19* 


67? 59 58% 58%— * 

35* 35 35*— % 

79 4Mfe 42% €B%— % 

278 15* 14* 15 
Udz 30 29 29 — * 

■ lOOz 34 34 3* 

209Hz 51* 50* 50*— 2 
360x 63 63 63 

TOOz AS 65 65 —1 

737 25% 34% 26%— % 
125 31* 31% 31%—% 
423 29% 28% 29*+ % 
109 22 21% 21%—% 


1X9 10 10 
.10a X 18 
1X0 36 9 
1X0 39 
40 13 18 
40a IX 8 
1.19 12 

1X3 sa 

2X6 


55 

27 

20 

45% 

37* 

T7% 

20 


140 5.1 9 
250 42 10 
2.18 MX I 


58* 46* CtvCl pf 740 13X 

59 <7 OvElpf 7X6 134 

16% 10 Ctevck U 45 
36% 22* Oorox 
21% 14% CluliMn 
31% S3 CluaKP 
19% 15 auatpt 
21% 12% Coochm 
38% 23* Cotatol 
•20 24% Catloi 

39 24* Cstfpf 

66% a* CocoCI 
19% 9% CoJeco 
36 25% Colamn 

26* 30* CotaPal 
22* 13* COI AlkS 
22* 9* Col POss 
31* So* Cal Pan 
63* 39* CaHlDd 
37* 37 ColGas 

48 CaH%Pf 5486114 
31% c m of 345 
15* CSOPf 241 119 
37% Can* In 2X0 42 9 
35% CmbEn 1X4 52 12 
S Csaadla 
15* CamMII 
3t* 11* Camera 
29* 21* CmwE 
16* 13 CwEpf 
17 13% CwEpf 

60 tt* CwEPf 

22% IB* CwEPf 
25% 30* CwEpf 
59 46 CwEpf 

25* 16% GamES 
32* 20* Comsat 
31 )7* cpsvcs 

S Comaar 
CanwSe 
29 Catvsn 
TO* CanAos 
13% CMV 
13% ConrEl 140 
19* COnNS 240 


20c 56% 56% 54% — % 
10b 56% 55* 55*— * 
34 12% 12% 12%—* 
525 32* 31* 32 — * 
17 20* 20% 30* + * 
29* 29 28 28 — % 

126x18% 17* 17*—% 
Ui IB 17* 17*—* 
759 34% 33 34% + * 

1 37 37 37 —1 

3 36% 36% 36*— 1% 
44 U 312SX 65% 64* AS — % 
2778 14% 13* 14 +* 

1X5 34 13 160 31% 31% 31*— * 
128b 54 27 1240 23* 23 23*+% 

M IX 8 366 22 21* 71*+* 
.16 X IS 165 20 If* 19*- * 
79 27% 27* 27* 
272x59* 59 59* + * 

617 29% 29* 29* + * 
10 49% 49% 49% —1 
3 26 25% 26 

10 11% 11% 10%-* 
201 44* 43% 43% — * 
Z77 35% 34% 35 — * 
413 14* 16* 14* + U 

6 17* 17* 17* 

12* 12* 12*— TO 
30* 2BTO 28% + TO 
15% 15* 15* 

16% 16* 16% + * 

3002 66 66 £6 

7 22* 22* 22* 

3 25% 25 JS 

160Qz 56% 56* SA%— 1* 
42 23 22% 22*— % 

~ 38% 30% 30* 

32 31% H%— % 


3X0 104 
1X0 122 
2X0 tlX 
0X8 12J 
2X7 104 
2X7 ITS 
7X4 121 
2X2 1X2 


1J 11 
21 13 

4 


• 2763 
15 
2 


36* 36 Contour 40 IX n » 33* 33TO 33*— TO 

17% 11 ConwSc .? 80 IS*. IS* is* 

46% 39 CPfvsn 26 1565 34* 33* 34% + % 

30* TO* CanABl 47 11 U 117 28% 27* 28 

23* 13% CMV XO> IX 12 SB 23% 23 23 

18* 13% ConrEl 140 U I M Id* 16% UM+ TO 

26 19* COtiNG 240 91 ? 7 24* 24* 24*— * 

17* 10* Conroe 40 3X 4 30 13% 13* 13% 

31% 22* CsnsEd 240 71 7 TO3& 30* 30* 30*— TO 
42 as ConEof 445 UJ 450*42*41*41* + % 
44% 38 CoaEaf 5X0 114 76 44 41 43%— % 

36* 26* CansPd 144 4X 18 -405 B* M* 35*— TO 
36 20* CnsFrtB 1X0 3-1 12 73 37% 32* 32*— U 

44* 31 CnsNG VB SS 8 111 42* 42% 42%— % 

11* 4* COruPw S 1436 6% 4TO 6* 

M* U CnPpfA 4.16 173 20V 21 24 26 — TO 

28* 13% CnPplB 4J8 TOX 270y 26* 2SM 26*+* 

46% 33% CnPpfD 745 1U 3B0y <2* 43 42%— * 


13 Month 
HlOti Low 


Stack 


Six. ckwo 

Dlv. Yld PE IdOsHtah Low Quirt. Ch’Oa 


25 CnPpfG 7X6 1L1 


9% CnP ortJ 340 17J 


10* CnPprP 3X8 18.1 


1X2 74 9 
X2 2.1 43 

1.10 3 X n 


.... 7% CnPprM 240 TAX 
14* 7 CnPprL 2X3 T7J 
24* II CnPpra 4X3 177 
15 7% CnP prtC 343 171 

43 23* OfttCp 240 64 

TO* a* Cantfll 
4% * Cantll rt 

48* 12 cm ill pi 
4* * CfllHdn 

9* 4* Cntlnto 
24 U ConJTal 
39* 24* CJDafO 
33* 33* Conwd 
3* 1 vl Cook LI 
34* 34* Coopt __ .. 

37* 30 Coopt Pf 290. .82 
27 ID* CooeU) X3» X 
30* 12* CoprTr 
24* 11* Coopvfs 
31* 11* CopwM 
37* 16* Confeno 
15% 10* Corain __ 

40 30 ComGa 1X8 

45 32* COrBIfe 1X0 

40% 39* CoxCm 
9* 4% Cm la 
38* 31% Crane 
78* 38* CrayRs 
70 16% CradkN 


400y 44 43* 44 + * 

150y 42* 42* 43*— TO 
31*24% 24% 24M+ % 
35x 20% 19% 30*+ M 
4Sx 2TM 30* Zl* + U 
IfiOy 42* 43* 43*— 1TO 
44M 23* 23% 33*+ % 
354* 22% 21* 22 - TO 
145x 31* 21% Zl* 

4X 14% 14% 14% 
27x13% 13 13%—% 

36x 23 22% 23%+ % 

lBx M* 13* 13*— M 
k — % 


02! 41 40* 40* 

646 8* 8% M6 

1024 3M 3 3% 

4j%+* 


1J2 4X 15 15) 


"J 


M IX 
M 32 
14 32 17 
54 AX 13 
34 16 
14 
•34 X II 


1034 ... _ 

104 41% 41 
489 1% 1% 

IS M W «%— % 

649 23% 23% 23%—* 
57 fix 35% 34% 34* 

50 29* 29* 29* 

51 1* 1% 1* + TO 

37% 33% 33% — % 
35% 35 35*— % 
15 14% M%— M 

TO* 19% 19% — % 


237 

55 


657 22% 22 23%+ W 


11 

120 

31 

197 


£ 


U8b AX II 
24 

M IX 

22* 15% GrcfcN Pf ZI6 111 

23% 19% CrmpK 1X0 51 9 

51 34% CrwnCk 10 

38% 27% CrwZal 1X0 21 14 1575 

SIM 43 Crzalpf 4X3 fj 

63% 50 CrZoipfCAXD 74 

26% 18% Cumra X0 32 f 

33* 13% Cuibwts 38 

88% 61% COtnEn 220 2.9 4 

41 30% CartW 1X0 U 10 

S2% 27% Cyckm 1.10 23 M 


13* 13% 13*+ % 
26% 26 26 —TO 

14 13* 13* — TO 

37% 37% 37%+ % 
43 42TO 43%—% 
56% 55% 55%—% 
_ 8* 8% 8* 

45 36% 34% 34%+ % 
353 73 72 73% + % 

W7 25% 25% 2 9%— % 
4 18% 16% 15% 

27 31% 21% 21 W — % 
72 50 49* 49*— « 

36% 35% 16*— % 
14 48* 48* «* + % 
29 59% 59' 59*— % 
7x34* 24* 34*+ % 
995 28% 27* 28*— TO 
348 7 6% 75% 75%— * 
29 36% 36 36 

92 48% 47% 48 — % 


xo 

24 

24 


IX 12 94 

U 8 34 

2X U 2119 


22% 13% Dallas JO 1 XU 
18% 9% DanoaC XD IX 54 

30* 21% DmCp .lXB 43 9 

8%' 5* Danoftr 

15 8% DcbM 

93 70% DartKr 

76 39% DalaGn 

25% 13% Dafpnf 

12% OW DMTOa 

18 12% Davao 

39* 36% Davwd 

16% 11* DaytPL mo UO 7 

57% AS DPLpf 7X7 13X 

33% 21% Damps 48 14 U 

34* 34* Daara 1X0 32 29 

22* 17TO Damp 1XZ XX I 

47% 27 DcftaAr X0 IX 7 

M 4% Dattona 
67% 35% DtxOlfc 1X6 14 17 

28% 17% DanMfs 1X0 44 12 

37* 26% DaSato 1^0 3X 18 

16% 11% DatEd L68 lax 

72% 59 DatEpf 9J2 13.1 

61* 47% DalE Pf 7X8 12X 

59% 46 DatE pf 7X5 12.1 

25 19* DEpfF 2X5 11 X 

34% 20 OE prR 3X4 U0 

Xf* It* OEMQ 3.13 110 

25 19 DEPIP 3.12 111 

27% TO* DEpfO 3X0 129 

27% 19% DEP4M 3X2 111 

31 24% DE PTL 4J» 111 

3)%Z4TODEpfK 4.12 112 
24 17% Daxrwr JO 34 12 

15% V* DKStar XA AX 

28* 21% DtGtaOf 2XS 8X 

22* 16% DlamS 1X4 9X 10 3506 

38* 34% OlaSh pf 4X0 18X 343 


23* 22* 23TO+M 
12% 11% 11*— TO 
29% 29% 29% — TO 
7* 7% 7% 


175 11* 11* 1t%— TO 


44 

.UbIX 

4X4 AX W 742 93* 91* . 

14 ton 50* 47% 4» — >* 
1491 S8Wi 20 20% 

u* ii% n% 

17% 17* 17*— U 
37 36% 37 


270 15% 15% 15*+ TO 


1X0 

2X0 


.12 

272 

M 

1.16 

1X0 

X2 

1X0 

X8 

JO 

XO 


5* 43% DlebMl 1X0 

125* 77V. Ualtal 
81% 45% Disney 
43 30 DEI 

6* 3* Divrsin 
16* 6* Dame a 
30% 21 Damns 
21% [6 DonaM 
55 34% Donlov 

37% 21% Dorsey 
42% 29% Dover 
33% 25% DowOl 
51* 35* OowJK 
14% 10* Drava 
23% 15% Draw 
19 14* DraxB 

49* 21% Drayfua 

54* 43% duPoat 

34% 30* duPnfpf 3X0 104 
44% 39 AfPntpf 4X0 MX 
30* 22* DukaP 2X8 83 
73% 59% Dokepf 0X0 11X 
25* 21* Otikmpt 2X9 107 
34 38 Dokepf 3XS 11.9 

VH »% Dukxpf 11X8 TOJ 
78* 64% DukpfM 8X4 115 
73 51% OonBrd 1X8 73 21 

14* 11TO DinU 2X6 UX 7 
17% T4 DuapfA 2.10 110 
15% 13% DoopI 2XO 113 
MM 12 Duqot 2X5 13X 
17* 13* Duqpr 2X1 13X 
SO% 43% DlMPf 7X0 112 
16* 8% DvcoPt 40 AX 10 

25% 17% DvnAm X0 x 13 


HOI 53% 53% 

M 31% 30% 30*— * 

1258 31% 31 31*— TO 

395 Zl* Zl* Z>* + TO 
2005 46% 45% 46% — % 
3J 5* 5% 5%— % 
313 67 66% 66% — % 

112 27 36* 27 + M 

21 37% 37 37* 

7 7048 15* 15% 15% + % 
1M* 71 7fi 71 +1 

60z 60 60 a 

lift 57 57 57 — % 

2 24% 34% 34%— % 
23 35 34% 25 

21 24* 23% 24%— % 
6 24% 23* 23*- TO 
16 36* 26% 36* + % 

26 26% M% am— * 
5 Sm 3W& 3m 
35 31% 30% 31* + % 
48X 23% 22% 22% + % 
35 14% 14% 14% — % 
15 27% 27% 27% 

~~ 18% 18% 18* 

37% 36% 37% + % 


2X0 11.1 
XOo 1.1 
8X0 5X 


2X 11 333 90% 49% 49* + * 
13 4227 101* 104* 105* +1% 
IX 39 7W 74% 73* 74% — * 
43 4 31 42 41 41 — % 
4 142 5* JH S%— % 

474 7* 7* 7% 

9X 8 1170 27% 27% 27* + % 

U 8 3037 18* 18 18%— % 

2X 15 293 54 ID 53%— % 

46 13 3 26* 26% 36%— % 

23 T3 185 38% 37* 37*— * 

6.1 10 4318 X 29% 29*— % 

IX 21 211 43% 42* 43*— * 

19 101 12* 12* 13* + % 

3X 16 716 31 30* 21 

7 18 17* 18 + % 

13 41 47* 47 47 — * 

9 2363 52% 51% SZ%— % 

II 33% 33 33 — % 

22 42% 42 43 

t 1324 30% 30 30 

aft 70 70 5b 

O 25% 25% 25% + % 

22 37% 32% 37% 

lOOzim 101 101 — * 
2W0z 75* 74% 74% + % 

945 48* 60% 68* — * 

611 15% TO* IS* 

safe T7% 16% 17M + M 

HOC 15 15 15 

50c 15% 15% 1J% + * 

1550* 16% 14% 16% — % 

100* 54% 54% 54% 

56 13% 13 13 

56 25% 24* 24*- TO 


40 26% EGG X8 U 20 100 37% 37* 37%— % 

17% 17* EQK n 151 17% 17* 17*— TO 

31* 21% E Svst X0 IX 14 OS* 27% 27* 27% 

38% 21* EOBleP 1X4 AO 9 16 26% 26 Zg — % 

19* 12 EOSCO X4 2J 19 18* IS* 18% 

4% 3% EastAIr 057 5* 5% 5* 

3* 1* EALWIO 102 m m »+% 

I* % EALwtA 27 * * % 

32 ! $9 31 12 * 12 % 13 * 

13* 6% eAlrofB 36 14* 14* U*+ % 

18W 9% EAlrpfC 1 17 17 17 

20* 21% EeUGP 1X0 5A 32 295 34 23* 23*— * 

1« 12% EastUtl 1X4 1L1 6 419 17% 17% 17% 

70 60% EsKDd 120a AX 12 1998 78 49*69%+% 

60% 37% Eaton MB 21 7 249 56* 56 56% + * 

30* 20% EcftDn .76 19 12 MC 27 »% «%—% 

32* 38% Edurd 1X4 3X 12 — 

39% 32% EtflsBr 1X0 AX 10 

18* 13 EDO 34 IX 13 

34% 19 EOWHU JO 25 71 

23% 19% ePGitaf 125 10X 

29TO 25% EPGpf 3X5 111 

28% 23* EPGnr 
14* 9% ElTara 15 

14% 8% eicor 3* 11 

7% 3* EMcAl 
1% 4* EMM 30 

10% 7% EMM Pf IX* UU b 

Hm IS Elctsas XS J SB 99 

« 11% EWn X0 5.1 14 37 

17% 5* ElSCfnt UI 

78% 58% EmraEI 2X0 3X 14 1003 

14* 3* Em Rod X4f 7J M 778 

20% 11% EmrvA X0 19 10 
32% 24% CrnftarT IXOb 4J 9 


IS 

35 

284 


176 9.1 
77 104 
XD 11.1 


J2 15 17 
■56 IX 14 
' 60 is 

24 


20% 14% EfflpOs 
5 3% EmDPf 

5 4 Emppf 

TO % EnExe 
35% 22* Enaia 
38% n% EntaOu 
29* 17% Ennreb 1X0 
3% 1* Bnsrce 
9% entara 
20 16* EnfxEn 1X5% 67 

21% 16 Entmin 1X0 AX 9 
38% 23% Equifax 170 AX 14 
6% 3 Equfmfc 
14% 11% Eqmkpf 271 1U 
41% 28% EqtRM 179 4X 6 
14* 9% Eqaltca “ 

U* 8* Ertmwt 
22% 12* EssBsn 
24* 15* EasexC 
31* 20* Esfrtiw 
38% 20 EBiyl 
7* 2% EvanP 
9% ZTO Evan of 
M 4% evnpfB 
41% 30 EaCak) 

16% 13* Cxcetsr 


296m 29* 29% 29*— * 

79 33% 33 33%+ % 

229 14* 16* 16*-* 
205 32 31 TO 31*+ % 

8 ZZ% 22% 22% 

3 28% 28* 28*- TO 
294 27% 27% 27* + % 

75 14* MTO 14% + % 

17% II 11% + * 

5* 5% 5%+TO 
7% 6* TVS — % 
9* 9* f%+ % 
36% 36* 36% 

15% 15% IS*— % 
TV. + Mi 
75* 75% 75% — TO 

13% 17% 13% 

17% 17% 17% — * 

30% X 30 

19% 19* W* 

4% 4% 4% 

4* 4% 4%+ M 
% % 

29% 29 fe*_ * 
37% 36% 36%-% 
24* 26* 36* 

2% 2% 2TO— % 

1M 10* + * 


605 

1521 

22 

Ite 

life 

164 

261 

55 

610 

72 

100 


.12 IX 8 
XS# IX 16 

44 2J 12 

xabax u 

72 12 11 
1.n 3X 11 


1X0 42 10 

ixaaii.9 


46 
1206 
17 
68 
7 
113 
35 
93 
86 

16 

147 23% 22* 27* „ 

315x 37* 37 37*+* 

1102 2* 2% 2U-% 
299 3* 3 3 — * 

49 S 4* 4%-* 
164 38% 38* 38*— % 
SS 15* 15* IS* 


S*5SS*** 

14% 14* 16% + 3 
am u% 3s%— % 
12% 13 12% + TO 

12*12 12 -to 

19* 19% lf%- TO 


34% 34% fe% + VJ 


12 Month 
HMl Low 


Stack Dlv. YM. PE TOsHloh LawOUQL Quae 


49* 37* Exxon 340 7X 7 8641 49 


48*+ * 


11 6% FHbtal 

67* 42% FMC 220 
23% 17* FPL Go 1X8 
13* 9* FobCtr JO 
14* 9U Focal 
30* 15TO Foirebd 


at* 33* FWrepr axo « 

14% 9* FoJrfiJ .nun 

24% 10* FomDIS 25 

19* 14* FonsM X0 IX 12 

32% 26 PfWMIF 4 

30% 14* Foroh X « I 

U 8* FOVOrn X0 IX 17 

7 4% Fadan a 

37* 29* FodlCD 1X4 4X 7 


2 4 FTO 9* 9*— TO 

15 52 972 64 63% 63%— 1 
9.1 9 153* 21 28* 30*— % 

2J3 15 14 12% mb 12%— TO 

22 12% 12% 12% 

43 B IM im W%— % 


45* 27% FadExp 

48% 34 FrfHmpt 

39 29* FdMQo 143 4.1 U M 

19* 10% Fad 1464 46 IX 2247 

27 16* FadPBs 70 3X 7 214 

23 16 PedRlt 1X4 6X 14 19 

19* 13* FdSsnl JO 43 Ft 2f 

57% 42* Fad 051 2X0 A3 9 

31% 22% FOiTO 1X0 4J 11 


M 38 37* 38 + TO 

49 15 14* 14* 

424* 22* 31% Zl*— * 
2 16 16 16 
1 25% 25% 25V— % 
479 Zl TO 21* 21% 

163 11 10% 11 

88 6 5* 5*— % 

8 35* 35% 35*— TO 


21 1776 34% 33* 34 + TO 
I 36% 36% 36%+ % 
36% 36% 36%— TO 
16* 16% 16%—* 
19% 19% 19%—% 
31% 21% 31% 

17* 17* 17*—* 
462 2% 54* 55% + TO 
61 27 26% 26% — % 


37 25% Fid at 200 5X12 1007 34* 34% 34*+% 

18* 4 FlnCpA JO 27 8867 7* 6* 7* + * 

5% 3% FlnCnef X0 117 2 5TO 5TO 5TO 

47% 14% FUlCppf 6740207 171 32% 30«k 32* +2* 

8 2% FrtSBar 1 3* 3* 3* 

IV* 15% Flrastn XO 4X 9 BIX 18% 17* 18 — TO 

23* 19 FtAHln 1X2 4X 8 79 25% 25* 25* + % 

57% 50% FtAtlpf AXOellX 2 55% 55% 33% — % 

35 21% FBKXys 1X0 5X 8 175 32% 32% 32%— TO 

33 23% FBkFla 1X0 19 10 33D*3O*30*+U 

71TO 34% FBost 1X0 1X 11 282 61*65 65* + * 
27 10* F#KHc L32 SX 20 2640 23* 23* 23*— % 

F04* 86 FQtfpfCnUDsIIX 191 92% 91% 92% +f 

20 13% PtBTax 130 U I in M 15* 15*— * 

51 38% FiBTx pf 5X(eIZ5 20 42 «2 42 + * 

11 FfCIty 8 — 


21 - 

2D* 10* FFcrtAz .156 X 6 

48% 30% Flntafa 2X4 5.1 7 

30% 21 Flnfcd pf 2X7 82 

12 7% FtMta X4 2X 10 

50* 31% FNStB 2X8 6X 7 

7* 4% FrtPn ■ 

30% 20% FafPapf 2X3 9.1 

TITO 21% FtUnRJ 1XJ 62 15 

22% 14* FtVdBk M 3X 9 

28% 16 FfWlsc 1X0 4J 8 

52 45* FWbcPi 6X5 12J 

54* 30% Ftocbb 1X0 25 36 

12 8% FfcdlPd XSe X 

34% 20% FItFnGs JJ2 42 8 

30* 14TO FtaetEn 36 IX 9 

xo 23 U 

xo ax 14 

1X1 12X 
XO X 18 

U 

.16a A 12 

2.U 9.1 9 

23 14 


AO 


AO 2.1 19 


38% 22% Ffemng 
33% 23* FtexlV 
12* 10% Flexl pf 
37* 19% FHgtSt 
31% 12* FloafPf 
40 29* FtaEC 

25* TO* FIdPtb 
30 11* FtaSH 

8 3% FtwGan 

21 11% Fiowrs 

23* 14% Floor 
55 43* Footac 

51* 33 FordM 2X0 AX 

12* 10% FtDaar 1X6 11X 

67* 48 FIHawd 1X4 25 16 

15% » FosfWti M 30 14 

11% 6* FnxSTP XO 7.1 11 
33% 25* Faxbra IM CD 74 
11* 5* PMOG 2X2823X 
25% 13% FratMc X0 3.1 15 

34* 20* Frtotm X0 23 14 

28* T9 . Fruabf ■ JO 27 5 

32% 25 FruWpf 200 73 

36* 20 Fuqua XO IX 9 


970 11% 10* 10*—* 
176* 17% 17 17% + % 

622 46% 45% AS*— * 
10 29% 29 29TO+ TO 

318 10* 10* WTO — % 

72 41% 48 48 — % 

211 7% 7% 7*— TO 

110 2V% 28% 28* + * 
200 3i am 3o* 

207 aH 21* 72% — TO 
82 26% WTO 26%+ % 
1001 50 50 50 

22 39% 39 39% — % 

12* 10* M>* 10* 

134* 31* 31* 31*— U 
707 23% 23 23%+ % 

72 37* 37% 37* 

420 31 30* 30%— % 

1 12* 12* 12*— TO 
47 32* XZ% 33* 

319 38 27% 27%+% 

12x38% 38% 38* 

786 23* 23* 23* 

124 17* 17* 17* + % 
124 5% 5* 5% + % 

73 19% IB* 19% + % 

_ . 2X813 1286 18* U% 11% — % 
2X0 +1 12 152n 54% 54 54% 

5380 44% 43* 43*—* 
53 11* 11% 11%— TO 
126 <7% 66* 66*— « 
728 14* 14% 14* 

3 9* 9* 9*— % 

162X 26 25* 25*—% 

735 9* 9* 9*— TO 

579 19* 19* 19*— TO 
27 26 25* 25*— % 

1748 22* 22% 22TO— TO 
357 27* 27* 27*— TO 
1431 x 31% 31% II*— 1M 


1X0 


2X0 73 
2X8 1L5 


fXS 

JS 

.40 

J6 


30* 15% GAF .158 X 11 
31 20* GAF pf 1J0 3J 

37% 25* GAT X 1X0 3X 14 
91* 49% GATX Pf 4X8a 9X 
34TO 1VTO GCA 
71* 48* GEJCO 
I0TO 4 GEO 
13* 5% GFCp 
44% 35* GTE 
26* 22% GTE Of 
23% 19* GTE pf 
ID 4* GalHou 
SB 33* Ganatf 
25* 17* GapStr 
30* 10% Gaorttf 
18* 13* GaKo 
70% 53* Gem Co 
MM 9* Gann ic 
11 10 Gem I II 

40* 30% GnCorp IJOb 3X122 
T7% 14* GAInv ix3e U 
46% 29* GnBcaft 1X0 26 8 
34%. 16% GCtom s X0 IX 11 
21 12% GftDnts 

84 43% - “ 

65% 

61% 

7 5* GGttln 

1S2 

27* 15% Gainst 
60 45% GnMUIs 

IS 61 GMOf 
72 33 GMEn 

39% 33* GMotnf 3J5 
51* 44% GMotpf 5X0 


29* 29% 29% 


310 _ 

27 36* 36 36%—* 

75 33* 33% 33*- % 
70x SOTO SOTO 50TO+ * 
U 1020 28* 26* 27 —1 
1A 11 449 71% 70% 71% + % 

100 5* 5% 5% — % 

12 7* 7* 7*- M 
7.1 8 1874 43% 42* 43% + % 



25* 25* 

21% 21%— TO 
6 6 — % 
55 55 — I TO 

24 24%+ % 

11* 11TO+ TO 
17* 18 — % 
69* 69% 69% — TO 
10% 10 10% + TO 

11 10* 10* 


40% 39* 


18 
1X0 

220 __ 
25S 42 W 
XOo 9.1 

2 

X4 Z0 36 
JB 2X 17 
2X4 *1 13 
6 

9X 



13 9 1832 77% 76% 76%— * 
15 12 4576 63 62* 40* + % 


401 

330 


60* 59* 40"— % 
«* 6* 6*— % 


VX* 12% 12% 12%— % 


624 


12% 12 12 — W 

18% 17* 18 — * 

MW 55% 54* 5**— TO 
4755 79% 78% 78*— % 
731 67% 66* 66* + % 

a 'JSSSMSSStS 
iS2SS§K - 14 “'2 J2 

75* 46% Gan Re 1X6 2X53 842 71* 70*71 — * 
12* 5 GnRefr 6 75 10* 10* 10*+% 

53* 39* GnSlunl 1X0 3X 13 495 «* 47% 47%— TO 

IZ 9* GTFIpf ISO I1X 35 Bz 10* 10* 10*— % 

OTO 5% Games 13 141 5% 5* 5* 

29% 13* GO Rad .10 X 25 1200 17* 16* I7TO 

21* 15 GemtB ixo 3S7x 21* 21* 71* 

36 24 GenPts 1.18 14 16 199 35 34* 35 

27* 18 GaPOc X0 15 24 2297k 73 22% 22* + % 


34% 30% GaPCPfCU4 6 J 
28% 22* GaPwpf 3X4 129 

30 25% GaPwpf 176 111 

21 17% GaPwpf 256 12X 

21% 17 GaPwpf 252 124 

25TO 21% GaPwpf 2X5 114 

63 91% GaPwpf 7X2 129 

29 20% GerbPs l.w 4.1 11 

23% 12 GarbSi .12 X 15 

12% 8TO OhntF 

fi 5* GttirFn 5 

27 16* GKfHIII X2 2X 20 

58* 42* Gillette 2X0 4J 11 


17* 11TO GMwyC 


1 33% 33% 33% + * 
10k 26* 26* 26*— M 
Mft X 28% 28*— % 
7X 20% ® 20%+ TO 

lift 20* 20% 20% 
lBx 23* 23* ZJTO— TO 

»y 60, 60 60 +1 

99 28% 28% 28TO 
541 20% 19% TV* — % 
12 11* 11% 11%— TO 
249 9* 9* 9*- TO 

377 25* 25% 25*+ TO 
330 58 57* 57*— TO 

16 13* 13% 13% 

S3 4* 4* 4*+ TO 
8Sx 22 21* 21*— TO 

750 10% I OTO 10%—* 

a* a* 2* 

OTb 25* 27* +1% 
27* 27 27%+ % 

27% 27 27TO— % 

17 16* 16*— TO 

23* 23% 23*— * 
40* 40* 40* 

63 61* 61*— 1% 
M* 14 14%— TO 

M* UTO ISTO — % 


221 

<74 

350 


41* 4n +1* 


18* 18* 

34 34TO— * 


9* 4% GkMkU 34 AX 
26 17* GtoMpfSJO 16.1 

12% 8TO GMNaa 45 

4* IKGWNwf 
27% 11 GldWF X0 X 7 

36% 24* GdrWj 1J6 53 11 

29% 23 GaoOyr IM 3 19 7 1167 

19 13* GonhU JS 3.1 9 38 

32% 19 Gould X8 29 58 515 

44% 36% Graca 2X0 6S 19 1121 

69 47 Gratasr 1X4 2X 13 71 

15* ITO GtAFsl 40 28 9 288 
18 12 GIAtpC 9 167 

45% 27TO GftJt In 1X0 2X 11 137 

21% ISTOGNim 1X6410.1 7 I 

43% 31 GfNNk IJB AJ 7 453 

67% 51% GtNNk pf4J5 BX ZJx 57% 54% 54*— 3 
28% 16% GflMFki X8 UNDID 26* 26% 26*— TO 
19* 9% GWHsp 43 38 15* 15% 15% — * 

16* 11% GMP 1X2 IL1 8 38* 15* 15% 15%— TO 

29TO IS* Gravb 1XD A3 II 667 28 27* 27*— TO 

44% 37% Oreyh pf 4X9 11X 2«>y 43% 43% 43% + TO 

6% 2* Grader n 43 4* 4* 4*+TO 

13* BTO GrawGl X0 2X 16 53 12* 12% 12* 

n* 6* GrabEI JS 3 U 528! - 

30 21* Gnmn 1X0 u l 217 

BTO 4% GrunhX .16 24 99 

17* 20 GulHnl JB 2X . 9 84 

35 2SM GlfWst JO 2X 11 ll«4x 32% 31* 32% + * 

24% llTOGaHRs 74 12 139 14* 14% 14%—* 

MTO 10 GtfWUt 144 124 6 947 13% 13 13% + TO 

35% 30% GIHUpf 440 129 701b 34 34 34 +T 

30 24 GlfSUpr 3X5 134 31 SSTO MV. 2B% 

39*27 GlfSU pf 440 137 11 32* 32 3ZTO + % 

so* 12* OAara JOeAJW 91 16 15* 16+% 

19* 14 GuHen JO 34 U 12 17 16* 16* + TO 


r ? 1% II II "— TO 
7m 27* 27*— % 


27% wt 26*— TO 


7 4% HRT 

27* 19TO HallFB 1X0 
44 26% Hatatn 1X0 

1% * Hoflvrd XB 

WTO 5% Kalwdpf J6 
36* 25% HoniPs 


30 

37 12 8 

U Tl 2064 
5J 
6.1 

■ 


13* 11% HORJS 74701 U 

19* 15* Hanji lX4o VX 

35% 23% Hondbn 1.12 Zl 17 


20 15% HmdH 

23% 16* Hanna 


'S3* 23* HarBrJ 1X0 
' Hartnd» J4 


XO 


30% 16% 

12* 7* Hannah 

33% MTO HfpRw 
35 32* Harris XB 

18* 10* HcrGr n 
28* 19 Hans 1X8 

« 23% Hartm* 1X8 A0 N 

M% 13* HattSe 1X0 114 10 

29* lSTOHawClB 144 BJ 9 


35 IV 
1J 30 
1J 14 
20 18 
22 
2X 14 
3X 13 
7 
12 


Sh 5% 5% 

26* 26% 26* 

2TTO 38% 31% 

2S He 1% 1* 

43 9% 8* 9% + % 

774 21% am ao* + % 

23 13% 13 13 — TO 

IV* 18* 19% + % 
95 54% 54*— % 


14 

82 

139 

83 

212 

188 

154 

29 


5% 18% W% + £ 


n* b 


HayeaA 

Hazietn 


XOe IX 7 
JO ij 14 
J2 Z9 18 
XB 2J 30 
XD U 35 
48b 2X W 
X6 14 14 
1X0 X4 13 
15 

JH 13 U 


159 

98 

24 

102 

137 

167 

26 

417 


XOe 7J 
140 fX U 
use X 35 
S3 

ax 12 


X2 

xo 

JO 

.15 

St 


13% 9 HazLob 
13* 9* Heda 
33% 13% HedaM 
27 M* KeUmn 

35 15* HelRg 

48% 32 Heinz 
30 12* HelneC 

25* IB HflfmP 

6% 3* Hemca 
12* 1TTO Hanunc 
27% 27% Hercuta 
24* 14* HCftfC _ 

21% 19% HerttCpflJO 
41% 28* H entry 140 
M% S% Hesstaa 
15* 9 Hestnpf 
44% 31% HewlPfc 
30 17% HOKcel 

19% 12 HIShecr 
13 8% HIVOft 

26* 17% HOnbrd 

63* 45% Huron 
44% 31 Hitachi 
52* 39% Holiday 
81% 52 Holly* 

Zl* 12 HOmeO 
23 11* HhlFSD 

9* 8 Hmeoaf 1.10 128 

36 SOTO Hiratke X0 J 39 

17* 8* HimtFn 40 25 4 69 

60% 43* Hma JBe X 10 539 

66* 46* Honwall 1.90 3.1 n 2306 

35% 20 HaovrU 1X4 11 U 1899 33V, STO UTO 

26* 18% H ran Bn 1.12 AJ 8 81 24% 24* 24* + % 

26 20 HnBn pf 2J8612X 1 94* 34* 24*-% 

ID 3* Horton 35 5% 5 5% + TO 

48* 36% HpOpCp XO 1J 14 UtS 46% 45* 45*— * 

30% 22 Hotel in 2J0 9X 13 26 29% 29 99 

37% 20* HOMhM J6 Z6 14 74 36* 36% 36*— * 

W4 13* HouFOb 40 9X 11 130 18 17% IB + * 

37% 94 Houstnt 1X5 4X 9 729 

74 el Holnlpf 6X5 BJ 8 

BTO 17* Houlnd 248 UX 4 761 


X 16 4551 
Zl IT 77 
2J 24 57 

L3 9 S8 
23 13 26 

M0 IJ 14 589 
Xfe X II 1305 
1X0 2X 14 27&X 
1X0 U 13 
34 
7 


Jl TO am zito 
52* 52* 52*—* 
28, 27% 27%—* 
11% TIM 11% + TO 
30* 30* 30*— TO 
922 30 29* 29* 

111 16% 15* 16 — TO 
15 28 27* 28 

79 33* 32% 32% 

2* 15% ISTO 15%— TO 
— 20 19* 17% + TO 

12* 12% 12% — TO 
25 36* 24%— % 

11TO 11U 11% 

IZ* 12TO 12% 

15% 15* 15* + % 
10 17% 17*— % 

a 24% 3S + % 
48 47% 47*+ TO 

3B 15% 15% 15%— TO 
360 30% 19* 23% + M 
20 6 6 6 

73 12 12 12 +TO 

961 34% 33% 34 
96 23% 23 23 - * 

76 27 26% 26% — ITO 

188 41* 41 TO 41%— TO 
7 7% 7% 7% 

3 12 12 12 + % 

36% 35 35*+ M 

28% 28% 28% 

17* 17 17* + M 

11* 11* 11*— % 
25 34* 24%+ % 

58% 59 + TO 
32* 32*+ * 
50* 50*+ % 
78 78%— * 

IB* IB* 

a a% + % 

8* 8* 

22* 42% 22* + * 
If* 13* 13*— * 
55% 54* 55% + % 
62* 61* 61*— 1 



54% 39* HOUNG 
19% 9* HouOR 
33% B* HowiCp 
7m 28% HctXjrd 
13* 9* Huffy 
21* 12% Huwn 

25 17% HU&ttP 

33 21* Hum 

ZTKr 17% HuntMf 
41* 23* HuffEF 
25* 18% HvOral 


37% 36* 36* 

76 75* 75*— % 

.... . ... 22* 22* 22% 

3.12 4 X U 7609 46* 44* 44*— 1* 
2X4el63 _ 74 k 12% II* 12% + % 

XO 2X 24 4 18* 18% M%— * 

26% 26 26% + M 

13% 13% T3TO— % 
15% 15% 15% + TO 
BTO 20 30% 

29 28% 28*— % 
25* 25% 25*+ TO 
36% 35* 36%— TO 
23* 23* 23*+ Mi 


3X0 

AO 

AS 

32 


58 

16 

303 


U 12 
3X 9 
Zl 

IX IB * 
2 A 14 1377 
2X 16 20 

23 II 15BB 


1X3 83 8 


i3Monm 

HTOhLOw 


Stock Dlv. YM. PE 1 OOi High Lew Quof.Qitae 


35* 21% ICInds I JO 4X 11 
It* 17% ICMn 
11* 5* ICN 

27* 22% ICN Pf 2X0 WX 
17% 14 INAIn 1X2 11X 
33* 2a iPTImn 
20 14* IRTPra 1X0 SX 

42% 2Mb ITT Co 1X0 II 
73* 44 ITTpfN 4X0 6J 
65 44% ITTnfO 5X0 BA 

51% 38 ITTpfN 2X5 5X 


061 

55 

534 

16 

10 


1X0 

3X8 


U 8 


23% 15% iUInt 
40% 3o* IdohoP 
23% la* IdaolB 
23* 17* IllPpwr 2X4 113 
18 13% tlPewPf 2X4 1Z0 

19% 14% llPowpt Z10 UJ 
35 27% IIPow pt AW 1Z5 

32% 25 liPowpl 3X8 11J 
33% 25% IIPow Pf 4X0 1Z4 
36% 21% ITWS X4 IX 14 
39% 27* ImpChm J6a 95 
9% 5% ImofCp 

14* 8* INCO X0 IJ 
61* 49 IndIMPf 7X6 1Z7 
17* 14 IndIMPf Z15 1Z9 
11% 14% ImSMpf Z2S 1Z9 
28* 23% IndIMpf 3X3 1ZI 
28* 17* fndlGss 1J8 7.1 
U 5% Iimpcco .14 2X 
a<% 13% tnfmtc 
50% 35VS Inner R 
37% 27* InoRpf 
29 TV* InMStl 
48% 38* inktstpf 4E1I9 
21* 14 I ml Ico IXOb SJ 10 
11* 3* IrapRs 
36% 11* intgRac 6 

30* 79 filtaRpf 3M3 117 


7 6 

9 3970 
2 
13 
1 


63 66 7388 


72 

277 

453 


2X0 

2X5 

JO 


21 
SJ 18 
6X 
22 


37% 25% InfoRpf 4X5 13X 
7% IntRFn 


31* 21% 31% t 
18% 18% 18% — TO 
10% W 18% + TO 
» 27 B + TO 

14% MTO 16%— TO 
24% S3* 3* + TO 
19* 19% 19% 

32* 31* 32TO— % 
64 44 64 

59% 58% 59% „ 

43* 43* 43*— % 

18 17% % 

39* 39% B%'~ TO 
14 13* 13% 

23% B% 23* 

6001 17 17 17 + % 

35ftt U* 18 H 
1% 33 33 33 

4002 32 30* 32 +* 

6 32% 31* 32% 

49 34% 34 34% + % 

8 12M M K 
12 395 9 8* 8%— * 

773 UTO » » —% 

40Qz 41 sm 61 +3TO 
6 16* 16* M*— * 
II 17* 17 17*+ * 

30 27* 27% 27*+ % 
6 12 26* 26* 26*+* 
167 7% 7 7 — % 

85 17 16*16* 

29S 49* 48* 48* 

44 36% 34 34% 

23* 22* 22*— I 
44 43% 43*— * 

19* 18* 19 — * 
SM A* 4*— TO 

16* 16* W* — % 
231b 21* 23* 

30* 30% 30% — TO 


378 

56 

105 


14* 7% intRFn 114 31 12* 12% 1Z% 

19 15* tcSe ZlDollX 52 18% 17* 18% + TO 
66% 55 Intaroo 3X8 At 12 80S 6Z*,g%,U*+TO 

140 120 Infer Bl 7X5 58 » IM 133*134 

IM 9% Intrfat X0 5X 7 969 I2TO 11* « 

33% 41 IfdTlk 2X05X 8 40 52% C SI 

MM 8* Infmed _ 35 no IT 10* 10*- % 

34% 14* IntAhi X2 3X 9 74 19% 19 19 — % 

138% » IBM +40 3J 1210514 UI* 129* 131% +1% 
24% 15% InlCtrl XQ IJ 10 55 23 M% »*— % 

29% 22* InfFJov 1.12 AI 14 207 28% 77*6 OTb— * 

11% 5% InfHnrv 31B 10* 10 10TO— TO 

7% 2* IntHrwf »»&*»% 6%- % 

50 23% InfHpfC 4S &fk 4Vtk fW 

S* mt ItaHpCD IM S* “%3l»-% 

43* 32* iEmM 2X0 43 12 1029k 42 41% 41%- * 

29* a InTMult 1X4 43 9 11 a% U% a% + % 

57* 46 IntFOBT 240 AB V 1149 50* 4V* 49*— * 
17* 9% Inf Re* 17 220 14* 14 14 - % 

44* 32* IntNrtt) 248 5X 8 494 44TO 43 43*— 1% 

156 124 InttttpUMJO 69 
99 84% IntNtPfHOJO 10X 

3m 26 IntabGP 1X8 19 12 

17% 10 lirttk*r 

20 15* InfstPw 1X0 10.1 8 

19* 14% IwaEI 1X0 10i3 fl 

29% 21% iawilG 274 9X 7 

20% 17 lawlHpt 231 115 

31* 25 iBWdRs 308 1CL2 7 

33* 26 ipalca 104 94 8 

13* 9* IpcoCp 34 ZB 11 

35 23% IrvBkS 1X6 SX 7 

54 42* IrvBkpf 5.1SO10J 


494 44% 43 .... 

6x155 153% 153%— % 
201* 96* 96 96 — % 

67 36* 36% 34* + % 
119 16* 16% WTO— % 
11 18* 18* H* 

372* 18* 18% 18*— TO 
147 27% 27% 27ft + * 
sfflfc 20% 20% am 
546 30% mis 30% — % 
755 32 31% 31*— % 

33 12* 12% 12% — % 
159 34 33% 33ft— * 

200 50% 50% SOTO— % 


30* 20 JWTs 
34% 23% J River 
24* 13% Jarrawy 
u* 10* JapnF 
43 2s% JeffPIs 

MW 17U JerCpf 
9% 5ft J enter 
40% a JohnJn 
44% 37% JaftnCn 
29* 21* Joraan 
26* 15* Jestons 
2BW 21* JayMfa 


1.12 17 13 
J6 2X B 
.10 A 11 
1X4P12X 
IX u t 
218 104 

20 

1J0 21 14 
1J60A7 0 
1X0 A0 17 
XO 3J 14 
140 5-3 15 


Ml 

965 

106 


30% 30 30% + TO 

26 25 25 —1 

23* 23% 23%+ TO 
12 11* 12 
40* 40* 4D* + % 
16* 15* 14* + * 
8% 8 8 — % 

39* 38* 39 + TO 

609x 39* 39* 39*— lb 
14 25 25 25 + TO 

242 24* 24% 24TO — * 
331 26* 26* 26*— % 


310 

195 

17 


XD 24 


1X4 OX 


X0 AX 
X0 IX 
1X7 6L3 
AS A8 


55 


517 

478 

6 

1 

AIDS 


AO 23 4 
I JO BA 
8XS 104 
IX* 17 14 
3X 7 


128 

12 

t 

179 

UI 


WTO 7* KDI 
16% 9* KLMs 
41TO 26* Kmart 
40 27* KN Eng 

20% 12* KatarAJ 
23% 14* KattCa 
20% 15% KolCpf 
WTO 8* KOfMb ... _ 

101* 87 Koneb pfl2J4«13X 
21* 14% KCtvPL 236 1U 
34TO 29 KCPLpf 4X5 13.1 
10* 14% KCPLpt Z20 12X 
30 15% KCPLpt Z33 129 

54* 35% KCSou 1X0 20 ID 140 
18* 12% KonGE 236 128 6 2849 
IS* 28* KaiPLt 2X6 9.1 
22% IS KoPLPf 233 UX 
21 17% KaPLpf 2X3 11 J 

45 18. Kafyln 

» 10% Kaumr 

18% 12ft Kaufpf 
88 68 Kaufpf 

49 28% Kaileaa 

34* 22 Keltwd 
4% 1 Kanal 
29* 1v* Kanmt 
26% 20* KvUtfl 
16* 11 KarrGI 
34% 26% KerrMc 1.18 
27*^16% KavBk 1X0 
6% 2% Key Con 
19* 14 Keyslnl 48b 25 19 
36* 28% Kkkfe 1X0 35 V 
51% 39* KJmbC* 232 AX ID 
35 31* KflOltfRd 76 24 15 

28* 17* Kooer 130 04172 
29* 16% Kolmar 32 IX 18 
23% 17% Kapars X0 Ai 25 
104 96* KepprpflOXO 103 

W 12* Korean 
40ft 29* Kroger ZOO SX 12 
23* 11 KuMffl ■ X0 27 13 
67% 44ft Kvaceri .141 J 26 
23% 13 Kysor 80 38 7 


1X0 


80 

244 


U 18 
93 8 
3X 

3J 25 
5.1 « 


BTO 8% 0* 

16% 15* W*+* 

iru. nrtt *IWL 
0371 iWW MTI 

40% 39TO 39% — % 
14% 14 14 

17 16* 16*— % 

16% 16% 16% 

. .. ioto m 18% + % 
10500s 92* 92* 92*— * 
5 418 20ft 20* 20* + TO 
1501 33% 33% 33% 

10 17* 17% 17TO— * 
5 11% 18 1* — % 

38% 48* 49% — * 
18* 17* 11% + % 
32ft 32% 32*— TO 
20 % 30 20% 

19* 19* 19* 

40* 39% 39%— 1 
17% 17TO 17% — % 
17* 17 17 — * 

14 14 14 

48 47Vb 47% + 
33ft 32% 32* 

1% ITO ITO 
14 24 24 24 — TO 

MO 25* 2S 25% 

as ii* ii* it*—* 

615x 31 TO SO* 31 — TO 
66 25ft 25% 25* 

21 2ft Z% Zft + % 
54 18ft 1C* 18* 

72x 31* 33* 33ft + TO 
497 49% 48* 48*— * 
564 S 32 32ft— * 

27% 27% 27% 

19* 19% 19%—* 
19* 19% 19* + * 
98* 97V. 97%—* 
13* 13% 13% 

40* 40 40*+* 

22* 21* 33 — * 
47% 47% 47*— ft 
a TO 20* 21 


350 

30 

194 


£3 


82 

73 

308 

4 


sm 

90 

12 

54 


28 V, 22* LN HO Z84alOJ 
I J* 7* LFE 
T7TO 12ft LLE Ry 2X2aU7 
Aft 3 LLCCp 
W* 8 LLCpf 
17* B* LTV 
54% 45% LTVpf 
31 18% LTVpf 

69 am ltv pf 

MTO 13 LTV pt 
17 10% LQUtnt 

29* 15* LoctGs 

12* a Lotaroe 

31* 23* usfrspf 2X4 
II* 12* Lomour 34 


3X6 13J 
5X5 OX 
1X5 8.1 

14 

170 7X 7 
JO 25 
98 

IX W 


S 

35 

481 

12 

3 

3051 

3 

89 

1 

512 

92 

a 

291 

AS 


27* 27% 27*+ TO 
MU 14% MTO— TO 
16* 16 WTO + TO 
3* 3* 3* 

10% 18% 18ft- % 

w* um tow— to 

49* 49* 49*+ TO 
22* 22% 22*+ % 
61 61 61 
15* 15% 15% + TO 
11* UTO 11TO— TO 
24* 24% 24% — TO 
■ 7* 7*— TO 

24ft 3*4 24ft— % 
18% 17ft 17ft— * 
3ft 3* 3ft 
12* 12% T2ft— * 
23ft 23TO 23* 

25% 25ft 25ft 
267 49* 49% 49%— % 
” 19% 19% WTO 


164 

136 


14% 14 14% + TO 

20* 20 20 — TO 

3TO 3 3% 

14% 14ft MTO + TO 
13% i2* me.— * 

23* 23* 23*— Vb 
51 51 51 - % 

33* 32% 3ZTO— * 


A 1* LflmSes 194 

M% Iff* Lowffna 86 AX 14 
H% 13% LearPf Jfl X 13 

a* anb Laorppt2X7 114 

52ft 37% LaorSo 1X0 37 V 
smh u LaaRnli ao zi is 12 

24% LawvTr 1X0 AJ 13 1116 33* 33* 33* + % 

T tsss, S ^ * 

i*^s aw 9 w 

16 13* Lahmn iXBeiox 121 

W* ,9* Lamar XO IX IV 51 
2«J 10* LaucNts 7 21 

5M so Leucd Pt 7X6*138 20 

3Mb 23 LeviSf 1X5 5L7 30 lit 

38* 2s* Levltz 32 1.9 9 1526 

SHfa 40 LOF 1X2 27 I 61 

79% 64% LOPaf 4X5 68 2 

31* 21% UWvCP 72 U 17 58 

2,. 31 H ny 330 41 12 >«• 

40% 15% Ltmilad Jl X 24 1315 

45% 26% LtncHfl 184 A5 12 — 

a* 1Mb UncPI 2X40104 

f* 87* Litton ZOO 38 10 1035 

MTO 3Mb Lncfcfio" XOe IX 9 1940 

<2% aow LncfHe JO’ ax U 27 

46 23% Loewi 1 1X0 5 811 

34* 18 LogtOD 20 X 18 134 

3JTO 19 LomFIn LU 40 11 7*0 

M% 16% LomAfttB 10 773 

2» M6 LomMwt 106 

M% 17ft LnStor 1X0 OX 6 JOT 

53 44 LoneS pf 537 10X II 


8* 3* LILCo 
25 14% LJLPfE 

21 8% ULpfX 

2S& t LILpfW 
Wft ,9% ULpfV 

am 11 % lilpiu 

1» 8ft LILpfT 
1* 6 , ULPfP 
17% 7 ULpfa 
55 34 LansOr 

33% 1H% Loral 
15 10ft LaGant 
W a* LaLond 

17 La Poe 

32% 3Sft LaPLpf AXO 14X 
2% 16* LaPLpf ZU 14A 
38% 22* LouvGs Z44 9X 
49* 36 Low*} 1 
30 16% Lowes 

Hft 18* Lubrzt 


2 677 


48% 40 48% 

75% 75% 73%— % 
30* 30* 30*— % 
78% 78 71TO+ % 

37% 33% 3Sft— IVb 
237 41% 40% 41 + % 

12 n% a* aft 

M <7* 67% + TO 
49* 4STO 49 — TO 
31* 30* 31 — % 
44% 43* AJft— * 
31% 30ft XI 
39 28% 29 + * 

23* 23% 23* 

2ft 2% 2*— TO 
23% 23% 21%— * 
49* 49 49%— * 

7 6* 7 + % 


2Mfe 23% 23% 23% 


1X8 ZS 14 
AB IX 18 
JS 4X 9 
1X0 10 II 
3X 18 


2X0 


23* Lubvia 
LuckyS 


20% 15ft 

16 10* Lukarn 


l.M 

84 

1.16 

48 


... 7 

AX 6 
LI 17 

ax 13 
18 20 
5X 11 
38104 


T7% 17% 17%— % 
17* 17* 17% 

17* 17* 17* 

21% ZITO 21TO— TO 
17% 16* 17 
13% 18% 13% 

14% 14% 14% 

51* 51 51*— TO 

30% 33% 3ffft+* 
12% 13 12 

... MU 32% 33*—* 
669 21* 22 — % 

21 32% 32 32% + * 

36 22% 22 32 

170 27% 27 27% 

37* 46ft 46% 46*— % 
639 28* 28% 28* + TO 

775 23 22* 22*— ft 

21 29ft 29* 29* + TO 

162 19* 19% 19%—% 
95 14* 14% 14* + % 


272 

156 

14 

577 


IX 20 2348 
1XM 980 

Sr 

IJ 15 
22 34 
17 


.781 
1X0 IX 15 


1X0 2J 6 713 


SO% 13% MACOM 34 
51 34% MCA 88 

am }A* MCorp 140 

42 34 MCorpf 150 

M* 7* AADC J2 
42 34 MEI X0 

14% 9% MGMGr 44 
12% V MGMGrpfXA 
MTO 10 MGMUa JOe IX 26 
5% 3U MGMuwl 
25* 17% MGMHo X0a Z6 IS 
26 17ft MB Lf a — 

54* M* Macmll 
S3* 38% Nlocv 
C , fe 6Aacypf A2S 104 
If* IIItAtadRes 

39* 31 MaolCJ 

29% ,3ft MatAs) 1880c 
27% 12% Manikin JOb Zl 6 
21% 13* IWanhNf J2 lx 19 
24* >Qft WtamrCs. M J 21 
41* 32% MfrHan 3X0 BX 5 
58* 41 MfrHpf 657eT2J 
57., 40 AftfrHpf 5X2ot24 
11* 5% vIManvi 3 

28% 10% vtMnvIpf 
33 31 MAPCO 1X0 U B 

4* 3 Mortal 
Hi Morale 

IF* MarMkt ISO S3 B 
37* Marian J2 9 39 
.9* MorfcC J2 3L1 
14* Mark* 1X0 7X 
58% Marrita 54 3 16 

- - tm MTBhM 240 38 39 
54* 30% MOftM 1J4 73 
83 35 NtrtMBt 4X7 6J 

13% fl* MaryK .12 ~ 

33% 22% Masco J6 
U% .7% mmMr 
20 15* MMM 

» 7M, MaievF 
27* 20* MosCp 

UTO 9ft MaiJne 
80% 51* MafsuE 
M 6TO Mattel 
WTO 4% Matai wt 
72% 16* Mottipf 250 


19ft 17 18*— ft 

47* 46% 46%—) 
187* 22* 22% 22*— TO 
Ik 37% 37* 37*— * 
73k 14* 13* M — TO 
306k 39* 39% 39* + * 
72 13* 13% 13*— TO 
3 11* 11* IT* 

SB2 13 12* 12* 

fl 2* 2* 2* + TO 
166 23TO 22* 23ft— ft 
3 18% 18* 1BTO— Vb 
221 54* S3* S3*— I* 


MS ,25 11 1955 46* 46* 46* 


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119 14 


94 

112 

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19 

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18 15 
IX 15 
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MZ UX 47 
45r 3 12 74ft 
11 13|9 


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13* 13* 

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3% 3% 3% 

14* UTO 14* 

20% 19* 19ft— % 
23% 22ft 23ft + * 
31 36* 37 — * 

946K 51* 51% Sift— % 
1718 41 47* 47* + * 

291 7ft 7% 7V, — Vi 

4 33 22* 22* + TO 

300 31% 30% 31 — TO 

8 7% 3% 3%— TO 

34 ITO 1 1 

182 30* 12* 32ft— TO 
484 58ft 57* 58%+ % 

13x 10* 10% 10%— TO 
0x 15% 15% 15%— TO 
335 81ft BO BOTO— I* 
632 63% 62 63 — TO 

2189 50* 49 50% +1TO 

183 74 74 79 +1 

568 12 11* 11* 

417 30* 38% 30* + ft 
, 3 k 12% 12* 12% + TO 
?« 18* 18* IB* 

2* 2ft 2ft — ft 
27 24* » — % 

K* TITO UM— TO 
62* 42 62* + * 

12* TO* 12*— TO 
9 8* 8*— TO 

30* N 30 — % 


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49* 36% MOVta 2X0a SJ 10 
33% ZSTO McDrpf 220 7.9 
23 20ft McDrpf 2X0 1Z2 


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44% 31* MCGEd 
48* 34 MCGTH 
40ft 32ft McKern 3X0 
64% 54 MCKPf 
15% 10 AACLaan 
6% Mb McLeowt 
24* 19* McNeil 
41% 27% Mood 
24* 13% Mnnix 
34* 34% Medtrn 
51% 33% MeUon 
4j% am Melvlll 
44* 40% Merest 
101% 78% Merck 
48* 40 Marttfti 
36ft 22 MerLvn 
3% 2 MnoOf 
22 13* MMOPt 

35* 25* MeMR 
8* 5% Maenb 

5% 2% Mestefc 
57 46 MfE pf F AT3 1A4 

57% 47% MfE Pf J BJ2 1AX 
57% 45% MtE pfl 8.12 IAS 
58% 48% MfE PfH BJ2 UX 
3* 2% MexFd .17* A5 
28ft 17 MDOiPf Z0S 10J 
26% 22% MtnCnpf X19 12X 
16% TZft McftER 1X8 87 10 
7* 4ft MlCklb 1 
48% 33% MMcon 
14* 9% MMSUI 
25* 17* MMRm 
28% 22 MWE 
17% 11% MlltnR 
86 6V%-MMM 
31* 23* MtaFL 
21* 6* Mlsnln 
aw 15 MoFS* L32b 6X 6 
21 17* MoPS pf 2X4 120 

34% 28* MoPS pf A12 12X 
11% 4 Mitel 
31* 27% Mobil 
4 ft wIMoblH 
f* 5ft Modern 

5 16% Mohan: 

8% MohkDt 
21* WTO Menrctt 
51 40*iUaninB 2J0 
31% 26 MntDU Z56 
28ft 16* MonPw 
18* 14* MonSt 
9% 6* MONY 


58 

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43% 62% m. s-T- 
41% 40% 41ft -HI 

65 45 '46 22 - 
lift (3% !**«' 
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34ft 24ft 3<«+r* 
36ft 36% 34% + f. 
20 % 20 % 2014 - 

31* 30* nro+) - 

50ft 50% SMb+i 

- Oh «%-•- 

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99% 59lb'+v. 
32* 31* 3ZU + I ' 
... “ 2ft 2*+l- 

965 19 18* lift— 

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™ m W SI,. 

20Bz 56% 56% 51% + 1 

500r 57% 57 57 - - 

rest 56 56 tt — f, 

101 57 57 St 

124 2ft 2* M - , 

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34 26% 26% 26% -v 

» 16 15* uwq- ' 

X6 X 31 5k Aft 4ft 
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1J8 116 512195 13% 13 U* 1. 

1X0 55 19x 11% UM «%- 

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28* 21% MorMpf 7-50 
49% 28% Morans 2X0 Afl 
84* 75* Moron pf 737a 9S 
42% 26* MorKnd 1X1 u M 
31* 18* Monos JO 35 U 
21 ra ittfeRtv iXle BJ 11 
31% 20% Morion* -64 ZX 13 
44% 39% Mofrias 44 20 TO 
2S*u*Munfrd J4b 12 12 
23* 15 Munsng AM 

43 77ft MurpftC 1JD 3A 16 
38% 23% MurpC 1X0 14 II 
23* 18ft BAurrvO 1X0 55 11 
U% 11 AAulOm 1X4011X 
11* 3% MverLn 


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20% 20% 28*W- * 

33* Uft 33*+“' 

6* C* Mt 
29* 29% 39TO +J.1 . 

111 ". 

IM I * + .' 

36* 26% 26*-.- . 

10* W* wS— - - - ■- 

17% W* 17* . _ 

44ft 44 

39ft 29ft »%— • - . . . , 

23% 23ft 23%+,-r ' • ' 

17% 17% iTtb 1 -:. 

9% 9 9 

51* 50ft 51ft . - •_ . . .. 

23* Z» 23*- • 

27 atftagi-:.. . 

45ft 45 «* + ’ 

23ft 22* 22*- 

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20% 20, 2M 

41* 41* 41ft 



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139 29% 29* 2JI4 
43 22% 21ft 21ft—'. 
48x 13% 12* 13ft- - 
74 4% 4 4 


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22% 16 NAFCO 
60ft 3V* NBD 
24 14% NBI 

22% 17% NCH 
39* 23 NCNB 
30* 20* NCR 1 
17 10% NLInd 


1X0 

3X0 


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50 18 
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29 

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33% NWA 

_X0 23 

17 

664x 42* 

38% NabacB 

248 4X 

11 

1045 55 

21 Maks 

138 A9 


263 24* 

20 Nashua 


7 

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1X0 ZX 

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1X0 36 


179 29ft 

11* NSfcnd 

60 2X 

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23% 14* NYSEG 264 11X 
18% 13% NY5 pt Z12 1Z5 

30 24 NYSpfO ITS 110 

19 13% Newell JO 26 12 

47 30 Newtuf 

15% 11* Newhll 
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17% 12 NtoMP 
29% 22% NIoMjjI 
36 36 NIoMpf 

<1 48* NklMpt 

19% IS* NtflOSh 
IS* 10* NiCDtat 

31 24ft NICOR 

It 12% NoMAf 
49 48% NerfhSe 360 

32% 16 Nonm 


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79 12 Nnrtek XB J 

56* 43 NACoot 1X0 ix 
65% 20% NAPIlle 1X0 26 
21% 13* NEurO 164c «.» 
15% 10* Nneetut IJB 18X 
15% 11 NlndPS 1J4 1Z9 
44% 33* NoStPw 124 76 
78 62* NSFWPf 8X0 UX 

42% 29* Nor Tel JQ 
5% 3% NthggtD 
45* 23* Nartrps 1X0 79 11 

SSS < 2 S ai 14 

22% I* MwStW 
38* 30* Norton 
33% ZT% Nerwst 
58% 48% Nwgf pf 
52* 20* NOVO 
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8% 4% NutrlS 

IOTO 58* NYU EX 6X0 


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35* 23ft OcdPef 2JQ 
17 9ft OcdPwt 
UMfc M OcdFpf 3X0 AO 
HI 80* OadPpf 4X0 AX 
ZJ» 30 OcdPpt 2 50 120 
20* 17TO OcdP pf 2,12 120 
22ft 18% OcctfPf 2J0 UJ 
51% 40ft OcdFpf AJS 12X 

in »s* occiFpnsxa 146 

WTO 101% Oeetpf 14X3 tai 
34% 22 ODECO 1X0 38 16 
81* 34% Ogden 1X0 SX IS 
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34 BP* OnCdPf 460 111 
34 2STO OttEdPf 464 1XB 
55 42 OtlEdDf 7X4 146 

aw 11% OhEdpf 3J0 MX 
28* 21 OhEdpr 3.93 14X 
14* 10* OhEdpf 1X0 1Z7 
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17% 12% OtiMotr 60 aj IB 
M 52 OhPpf BX4 113 
61% 51% OhPpfB 7X0 lax 
19* IS OhPpfG 2X7 1Z4 
108 98 OhPiNAWXQ UX 
68% 56 CMP pfe 868 U8 
23% 19ft OklaGE 2X0 VJ 9 
3W UTO Oita 140 A2 9 
28 5* Orenere 33 

19* 14 OnoMo X0 56 18 
33ft 26% ONEOK 256 8.1 9 
25* 19% OranRk IM U f 
13* 6% Oronse SU A4 15 
27% 19* artanC M 11271 
13* BTO OrionP 39 


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missus* 







(CofUiiitied on Page 18) 


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* •“*-»** 
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. 


^‘>>_ wie* Index 

4 V|t:-X PJO Eamiw* rworr* p.JI 

" ” ' hW»Ae-*P3l FBdp rot* nota P.21 

- .^''LvICH M* Go« morKW P.17 

ft, % >• MoMMtw p.w irtfffwt rate* P.17 
. '■ ■ >ion ctocto Pja Mark* luminary p.m 
V J; ’errata P.17 Options P.W 

- i S iodlllrt P.lfl OTC stock P20 

, *4. > hixb P.ll Oltier marked PJ3 

: i 5 ESDAY, MARCH 12, 1985 


fUTURfS AND OPTIONS 

'■w5 ■ 

rowing Links Abroad Ease 

>\S. Futures Firms’ Gloom 


' By HJ. MAIDENBERG 

! | New York Times Service 

T EW YORK — As the Futures Industry Association 
ik I concluded its 10th .annual meeting this past weekend in 
Boca Raton, Florida, die mood of most of the 1,200 
^ people was somber. It reflected the industry’s narrow- 
brofit margins, squeezed between falling brokerage commis- 
s and rising overhead. 

pmmuaon income is being s hr unk by widespread discount- 
and many lamented that even the “full -service” brokers are 
engaged in price cutting. 

at these problems aside, the conference for the first time 
arscorcd the expanding role of the futures and options 
example, the Philadelphia 


Hcraihv^ert butte 

BUSINESS/FINANCE 


US. Stocks 
Report, Page 16. 

Pag«T7 


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Sk Exchange was added to 
'Association’s roster of ra- 
aiges, acknowledging that 
■ ration's growing onpor- 

* c as a foreign currency op- 

* » markeL It also under- 
sd the rapid integration of 

" ecuritiesand futures mar- 


Enropeans are 
keenly interested 
because of their 
U.S. investments. 


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ey managers. 

The answer is not a 24-hour market, but rather a uniform 
an of trading futures and op dons,** Mr. Malinger said. “Most 
.victual and institutional traders and hedgers are still nervous 
it entering into strange markets. They want to do business 
sr the roles and legal systems they are comfortable with, 
lting standardized trading rules should thus be a top priori- 

jtematioaal futures traders are also concerned with liquidity, 
' Marmger said. “This is particularly true of those who hedge 
rade large amounts of contracts," he said. “Thus far, the 
ago markets are by far the liquid markets." 
g Kok. Song, chairman of the Singapore International Monc- 
Exchange, agreed, but noted: “Singapore’s financial market 
■ghly liquid because, we estimate, our market, which consists 
50 domestic and foreign financial bouses, can draw on some 
•1 billion of Asa’s so-called Tndden dollar 1 assets.” 

Vs it is,” he said, “our daily foreign exchange turnover runs $8 
(Continued on Page 19, CoL4) 


Currency Rates 


Late irtwbtmk raws on March It. excluding fees, 
ad fixings for Amsterdam. Brussels. Frankfurt, Mian, Paris. New York rates at 


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New York!: Banmte NaHanote dr Ports (Paris); IMF (SOR); Bartooe Ante at 
trtoaaia <nmmet/ssemct* UOnor. rlyoL atrttam). other data from RovMnonaAP. 


Interest Rates 

■ocurrency Deposits 


Minch 11 


Dakar Malt Freac Sieribw Fraee ECU SDR 
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Britain 

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today Interbank 


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Gold Prices 


■■■ RaMn QmtmanaaHt Ctawta* 

■ LtaWi Bank. Bank of Tokyo. 


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and zortm, «** Vbi* Com« oFtoM eanbael. 
Ml arim hi U4t par ounca. 

Source .- Reuters. 


~~ / inviting Britain's ambassador to the United States, Sir 
--.rer Wright, to be a keynote speaker, the industry also ac- 
edged the increased importance mid influence of foreign 
Sires exchanges on domestic markets. The conference was the 
|3 in which officials of the London International F inancial 
Syres Exchange attended as members. 

because of their vastly increased investments in American 
es and debt instruments, European financial institutions 
: been taking a keen interest in me Ameri can financial and 
Il index futures and options markets," said Michael N.H- 
ins, chief executive of the London exchange. “We rather 
this interest is starting to have somewhat of an influence on 
.Chicago finan cial and index futures markets." 

'■ x. Jenkins referred to the fact that more traders in London 
" ‘Chicago are using each other’s Treasury bond. Eurodollar, 
- .other futures markets for laying off, or hedging positions. 
• ; Philadelphia foreign exchange options market,” be said, “is 
- ; a beneficiary of the expanding trans-Atlantic trade in carren- 
\ ptimis.” 

- 1 T EGOTIATTONS are under way to link his exchange's 
U foreign currency market with the Philadelphia exchange, 
V Mr. Jenkins said. 

le Futures Industry conference also witnessed the signing of 
greement between New York’s Commodity Exchange and 
j , Sydney Futures Exchange in Aust ralia. The agreement af- 
■ > their members “mutual oil set” privileges, enabling traders 
~ m example, bay a gold futures contract in one maiket and seO 
"• . the other, thus greatly extending the trading day. 

' Jt Henry Malinger, a specialist in international f u t u res trad- 
observed that merely creating liidtages between foreign 
,ianges would not serve the hedging needs of institutional 


Buyer Is 
! Sou^it for 
U.S. Thrift 

Ohio Institution 
Closed After Run 

Compiled by Ow Sutff From D ispat c h es 

COLUMBUS. Ohio — Officials 
of Home State Savings Bank of 
Cincinnati are talking with several 
potential buyers about a sale of the 
thrift institution, a spokesman for 
Ohio’s Governor said Monday. 

The institution suffered a ran 
last week fallowing the collapse of 
ESM Government Securities Inc. 
of Fort Lauderdale, Florida. Only 
the executive offices of the Ohio 
bank were opened Monday. 

The state named a conservator 
for Home State over the weekend, 
apparently after negotiations for a 
sale broke down, the governor’s 
spokesman said. Approval of a sale 
would have to come from the con- 
servator, Ailo Smith, retired chair- 
man of the Second Federal Savings 
miti Loan of Cleveland. 

Home State was one of several 
hanks and savings and loan units 
involved wilh ESM Government 
Securities when il collapsed March 
1. The Cincinnati savings bank had 
invested in Treasury securities val- 
ued at more than S600 million in 
repurchase agreements with ESM. 

Repurchase agreements, com- 
monly called repos, are a financing 
technique used by local govern- 
ments and other investors to te nd 
money to securities dealers. The 
dealer sells securities and simulta- 
neously agrees to buy them bade at 
a price high enough to compensate 
tire lender for the use of its money. 

ESM also handled reverse repur- 
chase agreements, whereby it made 
loans to banks or thrift units, which 
provided securities to the firm as 
collateral Home State was engaged 
in reverse repos with ESM. 

The details of Home State’s in- 
volvement with ESM remain un- 
clear. But investigators said it ap- 
peared that the savings bank stood 
to lose $60 miTH on to $100 milli on 
as a result of its dealings with the 
Florida securities firm, which was 
placed in receivership last week. 

Thomas L Battles, superinten- 
dent of the savings and loan divi- 
sion of the Ohio Commerce De- 
partment, said Home State’s 
potential loss in its transactions 
with ESM was not yet known. 

Money deposited in Home State 
is insured by the Ohio Deposit 
Guarantee Fund, a private fund 
that insures 72 thrift institutions in 
Ohio. According to Mi. Balties, the 
insurance fund has assets of ap- 
proximately $130 million. He said 
that, combined with Home State's 
net worth of $20 mflhon, is enough 
to shield depositors. 

Mr. Battles declined to say how 
ranch was withdrawn from the sav- 
ings bank by depositors daring the 
ran last week. Home Stale officials 
said Wednesday that $20 million of 
the available rash of $100 million 
had been withdrawn by then. 

Home State’s chairman is Mar- 
vin L, Warner, 65, a Cincinnati real 
estate developer and fmandez. Un- 
til January, he was a major share- 
holder of the American Savings 
and Loan Association of Miami, 
which last week disclosed a '"sub- 
stantial loss" as a result of its deal- , 
mgs with ESM. i 

(NYT, Reuters) 


Tennessee’s Japanese Connection 

Nissan, Others 


The Japanese Preset 


Tennessee 


I like Southern 
I Hospitality 

By Daniel F. Cuff 

New York Tuna Service 

NASHVILLE, Tennessee — 
Nissan. Toshiba. Bridgestone. 
Sharp. Matsushita. TabuchL In 
these parts, the names of Japa- 
nese manufacturers are gating 
to be as familiar as Jack Daniel's 
and the Grand Ole Opry. 

The State of Tennessee ha« 
done remarkably well in attract- 
ing Japanese ventures. The latest 
announcement tha t Tennessee 
had snared another big Japanese 
company came earlier this 
month. Komatsu Ltd., the 
world’s second-largest maker of 
earthmoving equipment after 
Caterpillar, is negotiating to buy 
an existing factory in Chattanoo- 
ga for its first manufacturing 
venture in this country. 

So what does Tennessee offer 
that the Japanese liVw so much? 
Some say it is a no nuni on atmo- 
sphere, although unions do exist 
in Tennessee. (Even the Nash- 
ville Symphony went on strike 
this month.) Others say it is Ten- 
nessee’s dimale. Still others, ris- 
ing to the topic, point to such 
historical similarities between 
Japan and the South as the fact 
thm both were defeated in war. 

Whatever the explanation, 
Tennessee is making a name as a 
growing base of Japanese manu- 
facturing. States such as Califor- 
nia, with its traditional Pacific 
ties, and Georgia, with its Atlan- 
ta international gateway, have 
long been the most successful 
attractors at Japanese business 
in finanrial services and distribu- 
tion as well as manufacturing. 
Texas has done well, also. 

T-amar Alexander, the Tennes- 
see governor, said the state had 
attracted 12 percent of all Japa- 
nese capital investment in the 
United States. And while some 
governors have expressed reser- 
vations about growing Japanese 
investment, Mr. Alexander, a 
Republican, has made il dear 
that the Japanese are welcome in 
Tennessee. 

The stale said it had attracted 
29 companies with investment of 




Dollar Down 
Sharply on U.S. 
Rate Outlook 


UwWmtsi 


MmdpMb 


4 La Vargna 
•^Smyrna 

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C The New York Tbnes 


$1.1 billion and employment of 
6.700. Many of these companies, 
however, turn out to be any op- 
erations, some with only one or 
two persons. 

The jewel in Tennessee is the 
new, highly automated «nd well- 
appointed S660-mi2ion Nissan 
plant, gleaming white in the 
adds of Smyrna south of Nash- 
ville, turning out pickup tracks 
and soon to add a tine of Sen ire 
autos. 

In addition, Toshiba assem- 
bles television sets and micro- 
wave ovens in Lebanon, Sharp 
does the same in Memphis, Brid- 
gestone (thoroughly Japanese 
despite its English name) turns 
oat radial truck tires in La 
Vergne and Matsushita makes 
electronics components in Knox- 
ville, as does Tabuchi Electric in 
Jackson. 

Tennesseans say there is an 
affinity with Japan. Among the 
more high-flown explanations 
are that Japan and the Sooth are 
a lot alike because both were 


latecomers to industrialization 
and both use courtesy to resolve 
conflicts. 

Mr. Alexander, who will be 
making his seventh prospecting 
trip to Japan this year, gets into 
some comparisons of his own. 
He is doing the text for a book of 
photographs that win indude 
shots, for example, of the Steam 
Train Museum at Kyoto and the 
Chattanooga Choo-Choo Muse- 
um. 

Tokyo and Tennessee are on 
the same latitude, the governor 
will tell you; the dimate and the 
terrain are similar. There is a lot 
of symbolism about the dog- 
wood and the cherry blossom, 
the chrysanthemum and the 

magno lia 

“When I come here I fed at 
home," said Masahiko Zaitsu, 
chairman of Nissan Motor Corp. 
USA, who visits its Sq tyrna plant 
monthly from his post in Carson, 
California. The plant is operated 
(Continued ob Page 19, CoL 3) 


Compiled by Oar Sagf From Dispatches 

LONDON — The dollar ended 
sharply lower Monday in the first 
major correction caused by the 
market in recent months. The fall 
was triggered by a drop in U.S. 
interest rates and backed by belief 
that the U.S. economy is slowing, 
dealers said. 

The dollar ended at 3.362 Deut- 
sche marks, below the close on Fri- 
day of 3.420. Dealers said the cor- 
rection was long overdue but they 
were nevertheless surprised at the 
size of the movement. 

The pound ended firmer both on 
a trade- weigh ted basis and versus 
the dollar. It was quoted at $1.0895 
compared with the dose on Friday 
at 51.0663. 

Dealers said the move down- 
wards was started by a drop in 
Eurodollar-deposit rates, wnich 
first triggered unwinding of doQar- 
yen trading, positions. The dollar 
ended in Tokyo at 259.10 yen, 
down from Friday’s closing 261.61 

Eurodollar rates fell by up to 
7/16 point, in reaction to belief 
that the Federal Reserve Board will 
move to an easier monetray policy 
and following a sharp drop m the 
Federal funds rate on Friday. Fed 
funds, the rate charged by banks on 
overnight loans to one another, 
traded Monday at 8*A percent, 
down %-poinL 

Currency dealers said there was 
growing conviction among market 
paiticapams that the Fed would not 
tighten monetary policy, which 
dnves US. interest rates higher. 
Lower interest rates reduce de- 
mand for the dollar by making the 
currency less attractive to inves- 
tors. 

’There is a softening of the bull- 
ish attitude” toward the dollar, a 
trader in Frankfurt said. 

One U5. dealer said the chang e 
of sentiment against the dollar ap- 
pears to have been led by UdL 
credit markets, which put in a 
strong performance on Friday. 

Dralere said the mark et has lost 
its speculative drive and substan- 
tial long-dollar positions were un- . 
wound m active, technical trading. 


particularly by New York opera- 
tors and the chartists on (he Chica- 
go international monetary markeL 

Traders are now loo long more 
rationally at economic and inter- 
est-rate trends, which now appear 
to be less favorable to the dollar, 
they said. No central banks were 
reported active. 

The drop in jobs in the U.S. 
manufacturing industry reported 
Friday has Ira many analysts to 
lower their forecasts for the first- 
quarter gross national product and 
February industrial production. 

The dealers said Monday's an- 
nouncement of the death of Soviet 
leader Konstantin U. Chernenko 
had little effect on currency mar- 
kets. 

Other late dollar rates, compared 
with late Friday; 2.859 Swiss 
francs, down from 2.889; 10.269 
French francs, down from 10.441; 
3.7985 Dutch guilders, down from 
3.863, and 2,097.00 Italian lire, 
down from 2,135.00. 

(Reuters, AP) 


Trade Surplus 
Wider in Japan 

The Associated Press 

TOKYO — Japan’s trade 
-surplus widened to S2J6 billion 
in February from $2. 18 billion 3 
year earlier, as imports declined 
at a faster rate than exports, the 
Finance Ministry said Monday. 
The figure followed a surplus of 
$465.4 million in January. 

Imports fell 4.7 percent in 
February to S10J5 billion from 
$11.06 billion a year earlier, 
while exports fell 15 percent to 
$1191 billion from $13.24 bil- 
lion, the ministry said. 

The surplus with the United 
States amounted to $133 bil- 
lion in February before season- 
al adjustment. Exports to the 
United States rose 33 permit 
from a year earlier, while im- 
ports from the United States 
fell 1.9 percent 


Pollution-Insuraiice Cuts Leaving U.S. Firms Open to Claims 


By Stuan Diamond 

New York Tones Service 

NEW YORK — Costly environ- 
mental disasters in recent years are 
leading the insurance industry to 
curtail pollution coverage. This 
leaves thousands of companies 
with little protection from damage 
claims and confounds the govern- 
ment’s ability to secure payments 
required by toxic- waste legislation. 

In the past six months, nearly all 
major insurers have decided to re- 
duce or ehminatepollmion poli- 
cies, insurance officials say. The 
small amount of pollution insur- 
ance that remains often carries 
rales two to five times higher and at 
reduced coverage. 

Adverse court cases, general un- 
derwriting losses and multibiHion- 
dollar dams , such as toxic-dump 
pollution, asbestos exposure and a 
Dec. 3 chemical accident that kfileri 


more than 2,000 people in Bhopal, 
India, have spurred the insurance 
industry’s action, company execu- 
tives say. 

As a result, many U3. undo- 
waste collectors this year may not 
be able to meet government rales 
that ret pre com ^nies to be able 

and could be forced to dose, feder- 
al officials say. 

That could promote illegal 
dumping or leave many toxic-waste 
generators with no way to dispose 
of their waste without great ex- 
pense, chemical industry executives 
say. Experts add that it coaid leave 
victims of pollution without a dear 
source of compensation. 

Some of the major chemical 
companies say they are reviewing 
some processes and practices to see 
whether they should be changed or 


eli m i na ted as being too risky with- 
out insurance. 

Some company officials say the 
threat of bankruptcy wfll rise; Un- 
insured. they simply could not pay 
pollution claims, and perhaps 
might not even be able to pay the 
legal cost of defending themselves 
against them. 

There is talk in the industry 
about fanning self-insurance pools, 
but there are tax and other finan- 
cial problems, experts say. 

“This is a vesy thorny problem; 
everyone is caught in a box here.” 
said Eileen B. Oaussen, who over- 
sees financial regulations in the Of- 
fice of Solid Waste for die Federal 
Environmental Protection Agency. 
She said the agency is quickly try- 
ing to figure out what to do. Con- 
gressional hearings also have been 
proposed on the subject 

Tbe insurance problem has a^in 


raised the question of who will pay 
the tens of billions of dollars for 
cleanup and health damage from 
pollution, according to many of the 
40 insurance and chemical execu- 
tives and government officials in- 
terviewed last week. 

In a study released Sunday, the 
Congressional Office of Technol- 
ogy Assessment estimated that the 
cost to dean up toxic-waste sites 
covered under the so-called federal 
Superfund, a program established 
by Congress in 1980, could total 
$100 billion over the next 50 years. 

Other estimates have put the 
cleanup figure higher, and insur- 
ance executives say that their in- 
dustry does not have tbe resources 
-to pay such costs. 

“Bhopal pushed a lot of insurers 
off the fence, those who were decid- 
ing whether to delete all ‘sudden 
and accidental' pollution insurance 


or hold bade as a competitive 
edge;” said Thomas A. Caldwell 
Jr, director of corporate insurance 
for American Cyanamid Co. of 
Wayne, New Jersey. He was refer- 
ring to claims stemming from the 
gas leak in December from a Union 
Carbide Corp. plant in India. 

Last year, property and casualty 
insurers suffered a net loss of $335 
billion, the first net loss for the 
industry since 1906, when the San 
Francisco earthquake led to sizable 
claims, according to the Insurance 
information Institute. 

Part of the reason for the 1984 
loss is declining interest rates. In 
recent yean the highly competitive 
insurance industry has been writing 
policies at a loss just to get the cash, 
which would be invested for a net 
profit. But interest rates have 
dropped and so has investment in- 
come, insurance experts note. 


Australia : Argentina of the Pacific 9 ? 

Panel Review Export Policy as Economic Lack Runs Low 


% Steve Lohr 

New York Times Service 

GRANVILLE, Australia — 
Australia has often ben called a 
“lucky country” because of all its 
natural resources. With worfd com- 
modity prices depressed, however, 
fear is growing among Australians 
that the era of easy prosperity has 
passed, that their country’s luck 
may be f anning oul 

These worries have heightened in 
recent weeks with Australia’s inter- 
national accounts deficit mounting 
and its currency plummeting not 
only against the vigorous U3. dol- 
lar but against other major curren- 
cies as weD. 

Foreign-exchange dealers have 
dubbed tbe Australian dollar the 
“antipodean peso." Some commen- 
tators have warned that Australia is 
on its way to becoming the “Argen- 
tina of the Pacific." 

Although such phrases may be 
overstated, they reflect a funda- 
mental weakness; Australia, as a 
producer of goods and services, is 
not internationally competitive. Its 
exports are weak in sectors other 
than natural resources. 

This is a problem that the Aus- 
tralian business community and 
government are trying to solve. 

“Australia has to improve its ex- 


the mailroom of CSR Ino, an Aus- 
tralian conglomerate. 

By attending night school, he 
earned an honors degree in eco- 
nomics from Sydney University. 
Later be won a Fulbnght scholar- 
ship and then a Master’s of Busi- 
ness Administration degree from 
Harvard University. 

He returned to Australia to 
found the country's first venture 
capital firm. In 1977 it bonght a 
controlling interest in Barlow Ma- 
rine LttL, a maker of top-of-the- 
line winches used on yachts, espe- 
cially for racing 

Overseas sales now account for 


90 percent of Barlow’s business, 
y/itn Mr. Ferris as chief executive 
officer, the private company’s reve- 
nues have expanded to $103 mil- 
lion in 1984 from 52.1 million seven 
years before. 

His company, economists say, 
applies the strategy that Australia 
needs to increase its exports of 
manufactured goods — hi ghl y effi- 
cient production of specialized 
items using Australian design and 
engineering strengths. 

High labor costs make Australia 
ill-suited for efficient mass prodne- 
(Continued on Page 21, CoL 6) 



Royal Oak 


Notice To Commodity investors: 


depredating currency and a declin- 
ing standard of living,” said Wil- 
liam D. Ferris, the chairman of a 
government-appointed panel that 
has issued a report on the country’s 
export difficulties. 

Mr. Fenis was chosen to lead 
this study partly because he runs a 
company that is an outstanding ex- 
porter -and partly because he dis- 
plays oa uncommon entrepreneur- 
ial flair. 

After graduating from high 
school, Mr. Fenis went to work in 




MONEY 
MANAG 

Rudolf Wolff has developed considerable 
expertise in money management, and Is 
able to offer .proven programs for qualified 
investors who do not have the time or 
expertise to manage their own investments. 

Minimum initial investment SIOOflOtL 

Ftodoif VWXrt. estaboliad in 1B66. ia a member oftfit Naand* group of 
canpantes, a mMng and wourfia sraap with a not worth of $2 bUllon. 


dolf ftjtWf Wolff Future* bic. tm m m m m m ■ , 


Ru<f 

Wo 


Please send 
e detailed 
Rudolf Worn 
Inf o rm atio n Kit 


295 Madiaon Avenue, New Vbrk. NY 10017 USA 
Phone (2121 573OM0 Telex ITT 423840 
Attn: William Rafter 


I 

S/ie/as J 





Page 18 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12,1985 


U.S. Futures Man*n 


Opart Htpb LOW CkM Cho. ' < HWl LOW 


Open HWi Low CMS* OW. 


2130 TWO MOV 2028 MR) 20® ®3* +4* 

3035 1M0 Jot 28*0 +44 

EstSow saao Pnrv.tato SSI 
Pnv.DoVOMO lot 26040 up 277 


Srcaon swwi 

HWi Low 


Open HWi Low Cte** d»- 


WHEAT (CBT) 

UWbumlnhnwn-dulivspai’bMtHl . ■ 

404 3J m Mar 344 M7V4 1444k 147 +01* 

405 3 m» MOV » 340 U7% W t-S 

MO 324% iUI 12710 laft 327% J2* tfi 

jjSvi 124 Sop 32BM 300 120 130 +XQ 

ion 134 Dec 338% 800 3JI X40 +JJ1W 

JwE 340V. MQT 144 345 344 345 +0OVi 

Ert. Sates Sc4»S.7l4 

pnnr, Day Open IrA 33236 off 44 



K2S 16500 16525 
H35 WMO MM 
K LB T70M 14*25 
HJS 140.10 
MM MAM 14620 


Est Soles 200 Prev.Sate* 277 
Prev.OayOpen Ini U12 off 324 



um ljow 

IJM15 um 
1 0408 1JRM 

low ions 

LOW LOW 


m jot jzn 
K JU4 JH1 
1(0 JI1D JM» 

m job jm 
jm 


Monday ! 

NVSE 

Closing 


Tables include ttie ng fi owwWa prices 

up to the doriw on Wall Street 
nod M not reflect loti trades etsewhor*- 


Metals 


FRENCH FftANCtlMM) .... 
I per franc- 1 pnWeqaataSiocoai 



244 240 +JO 

271% 273 +J1VH 
SJ4M 2J5* +JW 
248 240 —am 

3J& 202% 

270% SJOWt +JM% 
2J4 2JW* +08* 


COPPER (COMER) 

23000 lbs*- cents par lb. 

9120 BJD MOT 4320 4045 59 JO 


tWl H fflftr * rVw ff Q'pnJi* *** ww * 1 ... • 

.Tins 0PHS Mir mm MHO JWB MHO 
.two Moo Jun mm mm mm mm 


CMoolti 
Hloh Low Stack 


Dte.Yld.PE WhWahLw PBPLCffBt 


SOYBEANS (CBT) „ , „ 

SAM tu mini mum- dot kin per bushel 


7JW2 3J9 Mar 5 , 79 S79» 

7.97 STM MOV S19 UM 

7 S9 sank Jill 579% 579% 

7J4 313 AUB 401 AJdl 

4J1 301 Sop 302* 574 

448 SMm Nov 575 574 

(79 374% Jon 47S 477 

747 UM Mar MM 311% 

77« 115 May 

E3t.5otari Prev. Sates 22792 


Prev. Day Open ti 


Prav.Sah 
nt 45J77 1 


57SK *03% 

54SW +43 
577% +JH 
300 -KD3 
572% +02 

574% +0210 
406% +02% 
ais% +jb% 
425% +JB% 


(200 

*774 

Apr 




9250 

S6J0 

May 

(MB 

61J5 

60.10 

8825 

5700 

Jul 

6100 

6100 

(005 

82.10 

5700 

Sap 

6100 

6X25 

6050 

84J5 

5830 

OK 

MSB 

4270 

(100 

1420 

5900 

Jan 




8000 

5900 

Mar 

6320 

4305 

4320 

7400 

61.10 

May 




7400 

6U0 

Jul 

6400 

6605 

6408 

7000 

6200 

Sop 




70J0 

4400 

Dec 




65J0 

4500 

Jan 





.11020 omh jwi mm mu 

.10430 09400 Sop 

Est. Sales Tf Pro*. Sates 3 
prev. Dav Open InL 24H0HW 


(Continued from Page 


JOBS 0*72 JHI 
JB24 2994 JHS 


Jon an am 
SOS 
(55 

Of 


Est. Suits Prev.Satas 5457 

Prev. Day Opto lm. 41,974 off 49 


w m 

13330 13370 
13970 UMO 
141-50 14200 



12770 mao +70 

13230 13340 +70 

130.10 13970 +40 

MLOO 14170 +40 

14320 14250 +20 

14LS0 mw +20 
15070 15170 +70 , 

15270 15220 +20 

15770 +70 



5(07 5415 
5707 5707 
5745 3517 

SMS 5424 
5757 5737 
(117 9907 


4277 4107 

4097 4257 

vain mud 
4557 4507 



men s% Onen pf JO M > 

31% 24 OrtMPf 275 9.1 30 

31% IM OutbMS 7 11* g 

33% 17 OvmTr 04 27 U T27 

20 13 OvSftto JO 37 11 39 

37 23% OwenC M0 42 f 1*7 

44% 31% Owtnin 140042 9 32S 
14% 10% Oxford 44 15 9 112 


m 0% m— % 
30% 30% 30%+ % 
HU 30% 30% 

3ZK 32% 32%— % 
16% 14% 14%— % 
33% 32% 33%+ % 
40% 40 4M— % 

13% 12% W* 


2493 2514 +99 

JH2 2544 +59 

2573 Jem 454 

J4T9 202 -. +a 


10 PHN 70 27 
3«U PPG 140 4.1 
15 PSA 49 U 
13% PSAdRf 170 10J 
11% POCAS 104 113 
IM PacGE 172 103 
30% PocUa 322 47 
21% PcLum L2D 45 
5% PocRts jar A 
13% PaeRspf 300 117 
11% PacSd 40 24 
54 PacTeta 540 7 3 
9% PaCTIn 40 37 
21 PodfCP 2JB 17 
27% Podf pf 477 127 
25 POftlWb M I A 
24% PatHWpf223 7.1 


12 420 30U 30% 30% + % 
9 1270 39% 30% 39 — % 

209 22% 21 23% 

5 1«U UU 10W— % 

35 12% 12% 12M— % 

4 53573c UK 14% 1 A . 

12 451 41% 41 41% + % 

14 79 27 26% »- % 

57 0% I S 

15 17 14% 14% 

12 155 15% 15% 1S%— % 

■ 1174 70% 40% 70 +1% 

3 10% IS* 10% 

0 423 3C% 25% 24% — % 


33% 31% 32%+U 
30% 37% JM*+% 
31% 30% 31%+ % 


-.Soles 25700 Prev. Satan 10797 
iv. Day Open InL 72791 up 142 


Industrial* 


25% Palm Be 120 32 
20% PanABk 70 24 
4 PanAm 
1% PanAwf 
13% Ptmridc n 20 U 
31 PmriiEC 230 42 


2975 2979 +27 

2824 2847 +24 

2725 2749 +77 

2475 2473 +77 

2435 2440 +75 

2540 2340 

3470 3450 +.10 

2U5 3475 +77 



24070 242.90 
34470 248.10 
25100 25350 
24070 24070 


' PALLADIUM CHYME) 

108 troy ee- del ten pern 
14350 KtSOO Mar 10970 109JD 

15*50 10450 Jun 11*50 11175 

14970 10650 5ep 10975 10975 


OATS (CBT) 

5700 bu mini mam- dollars per bupwl 

174% 17SU Mar L» 174% 175% 174% +71% 

171 147% May 149% 170% 149% 1-30% +71 

178% 143 Jtri 144% 145% 144% 145% +01 

179 140 Sep 1 j62 141 142 14214 +70% 

172% 144 Dec 145% 145% 145% 145% +70% 

E*L Salts Prev. Soles 344 

Prav. Dav Open InL 3444 oH 12 


Livestock 


CATTLE (CME) 

40700 lbs.- cents per to. 

6970 4325 Apr 4470 4575 

6*50 4570 Jun 6725 (740 

4747 63.15 Aoa 46.15 6422 

6570 4)40 Oct 4430 6427 

6725 6340 Dec 6550 6540 

4745 4520 Ftp 4570 1570 

(727 6420 Apr 

Est. Sales 12754 Prev. Soles 20749 
prev. Day Open inL «0304 up 868 


4452 44JI0 
6(75 67.15 
6570 65*5 

6X93 (472 
6(40 6542 

4570 6570 

6453 


14978 10458 Stp W9J5 10975 

141 2D 10475 Dec 10958 11840 

127.50 10X75 MOT 

Est.smea 530 Prev. Sales >75 
Prev. Day Open I nr. &346 up42 
QOLD(COMEX) 

108 tray qx^doWiws per trayaa 

31170 moo Mar 

51+50 2B260 Apr 29170 29240 

29270 29270 Mar 29250 292D0 

51070 20770 JUO 29550 29(50 

48570 29170 Aua 29950 30150 

49370 29770 Oct 30450 38570 

40950 30131 Dec 31170 31178 

41550 30470 Fee 31458 31450 

49620 31478 Apr 32120 32128 

43570 32050 Jun 

42XM 33170 Aua 

39570 335lB 9 Oct 

3475D ‘l+ TW l Dec 

BA. Sates 28700 PrevTsatea 3+762 
Prev. Day open Int.uua up 4461 


10870 10(fil 
18570 was 
10970 707.95 
10750 U728 
10470 



12*70 EB.lt +050 
13370 137 JD +2.10 
142.10 14570 +240 
14870 15120 +220 
14950 15170 +170 
15470 15740 +U0 
16850 14271 +70 


31% 37% 37%— % 

9 21 27 26% 26%— % 

1837 4% 4% 4% 

251 2% 2% ZW 

1? 109 17% 17 T7%+ Vk 

7 2278 36% 36% 34% 

15 439 4% 4% 4% 

IS 191 17% 17 17% + % 

32 1934 14 15% 15% — % 

10 28 14% 14% 14% + V» 


4570 4573 
miw 45114 
6478 4575 
43.13 6530 

4424 44.14 


31 PtxUiEC 230 42 
3 POtilPr 
12 Pvrcfl 70 47 
mu Pantyn 
12% PnrtiEs 
5% ParkDrl 74 22 
25% PartaH 172 32 
12% ParfcPn 52 32 
1% PatPtrl 

14% PaytNW 24 12 
11% PayNP M 47 
13% PavCsh .14 J 
4% Peotxtv 20 25 
Ptnsa 
PtnCtn 

Penney 274 .57 


10 20 14% 14% 14% + V» 
377 61k 4% 6% 

11 297 33% 34% 35%— % 

28 87 14% 16% 16%— % 

14 38 2% 2% 2% + % 


jm 3AM 2M 

11 180 13 12% 12% — % 

17 540 19% 19 19% — % 

ffVISW 

12 683 52% 51% 52% + % 

■ 1710 40% 47 47 — % 

0 6*9 3% 2S% 25% — % 

120x31% 33% 31% 

If 27 26% 26% + % 

2 24% 34% 24%+ % 

370* 64% 63% 64% +1% 

5 25% 25% 25% 

9 20% 2H4 28% 

90r 92 91 91 -« 

508191% 101% 181% 

550Z 60% 60% 60% 

TOOK 45% (9% (5% 

12 389 31% 31% 3FW 

32 2<% 24% 24% + % 

21 TIBI 47% 46% 47% + % 

20BC 05 85 05 +1% 

8 298 11% 17 17%+ % 

16 199 36% 35% 36%+ % 

21 894 40% 40 40% + % 

14 2204 23% 34% 3«%— U 

7 V* 9% 9 9 

15 42D 20% 19% TV% — % 

15 463 34% 34 34% + 14 

46 25% 25% 25% 

• 45 15% 15% 15% + % 
69 5% 5% 5%+% 

13 4509 4i am am— % 

397 T9 18% 18% + % 
25 45% 45% 45% + % 
25 49*9 37% 35% 37 +1% 
( 4565 13% 15 15% 

601 28V. 28 28 — % 

4te 32% 32 32% ++V. 

32SZO 42 a + % 

33 10% 18% 10% 

148 9% 9% 9% + % 

180C 54% 84% 54% — % 

47 9% 9% 9%— % 

- 1001 78. 70 70 -3 

660x (7 (5 67 +1 

220z 55 55 55 —1 

9ttc 54% 54% 5414 + U> 


67.10 (7.18 

iolts 2291 
72 0(1119 
H BATING OIL (NYME) 

42D00 wri- amts per oal 
■275 65XO Apt 7425 7475 

8260 6400 May 7225 7240 


6870 1620 

... 6*47 


PoPL *56 HU 
PaPl.pt 450 134 
PaPLtkeX+2 1*8 
PaPLdpr*» 1L9 
PaPLpr. *40 130 
PaPLtM32S 122 
PaPLdpr375 110 
PaPLprIUO 12J 
PaPLorllOO 1*9 
PaPL.nr 0J» 112 
PdPLPT *70 132 
PMWtt 220 87 
PtflWpT ISO 66 
Penned *28 46 
PenzpfB 0JH M 
PtapEa L20 42 
PtpSay 26 12 
PepsiCo 168 3JS 
Perk El J6 *3 
Prmtan 125 10* 
PtrvDr 21 16 
PtBit 160 4.1 
PetRs 372B147 
PatRspf L57 102 
Plrlnv 1JKh»192 
Pfher 168 *7 
pbelaD 

Ptietppr 880 1L0 
PtdbrS J4 L5 
PhlhlPl 220 142 
PMEpf 3 JO 136 
PHI E pi 420 132 
PtlllEBf 875 14.1 
PhllE pf 161 136 


7S60 6150 Jun 7870 7128 

7120 (525 Jul 7060 7U0 

7*30 6*25 Aua 7858 7050 

7LD0 7825 Stp 


7550 7*80 


Financial 


FEEDGR CATTLE (CMS) 

44000 Rn.- cants per la. 

7473 457 4 Mar 6*50 4875 

7*20 (760 Apr 7020 7823 

7225 44*5 May 7060 7068 

7170 6(60 Alia 7162 71 .W 

7100 6720 Sen 7160 7170 

7222 67.10 Oct 71.17 7120 

7320 3060 Nov 7125 71*8 

Est. Sales 1235 Prtv.SataS *4B5 
Prev. Day Open InL HUM! up 5 


(UD 4822 
7000 78.12 
7025 7840 
7170 7127 
7125 71 JK 
7800 78*0 
7170 7170 



9151 9154 

9801 9U7 
9026 9060 
9ULH HUM 
■979 89J3 
I960 8967 

•964 8951 
0920 8926 


Est. Sales Prev. Sales 4755 

Prev. Dav Open InL 19643 up 571 

CRUDE OIL CHYME) 

1XH0 UbL-aoHani per blri. 

3165 2467 Apr 27J4 27*9 

3028 2428 May 27.18 2729 

2955 2420 Jun 2US 24*2 


7360 7U) 
71 JO 7164 
70.10 7027 
7005 7B25 
7068 7065 
TUB 
7*58 
7420 


29.54 24.18 Jul 2460 3(20 


2425 Aua 2660 24(5 
3460 Nay 34JD 34JB 
2650 Ftb 2465 3465 
Prev. Sates 9223 


2457 Z7JB 
3457 34*1 
3465. 2665 
3465 2665 
3460 TUB 
3450 em 
3465 2665 


Prev. Day Open InL 516a off IIS 


HOGS (CME) 

38000 Ibsr cents Ptrib. 

5465 4110 Apr 47.10 4760 

5560 4860 Jun 5259 060 

5577 48*9 Jul 5185 5400 


5427 4750 
5175 4500 
50*5 400 
4970 4(25 
4725 4559 
4700 +700 


4750 Aua 5*95 5X18 
4500 Oct 4150 4862 


44*0 47 JB 
5307 5232 

5X60 5X72 
5202 52*0 
4830 4855 
4850 48*0 


18 YR. TREASURY (CBT) 

I1OO0OO prtn-nts 8 32nd* of lOOPd 
83 70-25 Mar 79-22 79-22 

«X3 IM Jun 78-27 78-37 

81-13 73-18 5tP 77-30 70-1 

8022 75-13 Dec 

■M 75-18 Mar 

79-26 77-22 Jun 

Est. Sate Prev.Sate 11099 
Prev. Dav Open Inf. 51431 afUJTT 


Stock Indexes 


79-14 79-21 
78-16 7822 
7727 77-30 
77-11 
>4-3( 
74-11 


PhllE Pf 123 1X5 
PURE pf 70S U6 
PhOEpf 128 U5 
PWIE pf 953 136 
PhllE pf 9JB 142 
PUIEpf 700 142 
RjJlEpt 775 U3 
PtillSab 122 76 
PhHMr 400 46 
FHIPM 68 *3 
PhU Pat 260 50 
PMVH 60 IJ 
PtedAs 21 * 

PteHO 233 75 
Pterl 

PTWirY 154 32 
Planter 104 43 
PftmrB 120 XI 
PTtnBpf *12 *7 
PltMn 

PlanRs 20 15 

Ptaatm .Kb 10 

Playboy 

P testy 60b *1 
PuaaPd 68 15 
Pctarld 10a 3* 
Pandrs 60 2 

PopTal 00 42 
Partec 60 32 
PortGE 103 M6 
PoGpf 1150 110 
PorGpf 360 t*3 
Parts pf 460 132 
PorGpf 433 114 
Pofttch 15* 43 
PatmB *14 85 
PatEIPf 364 33 
PatEI pf 404 1L1 
proml s 24 15 
Prfmrtt 100 SA 
PrbntC 
PrtmMs 

ProcfG 340 46 
PTURsh 22 36 
Prater 160 36 
PSvCH 1*2100 
PSColpf 7.1S 1*0 
PSColpf *10 115 
PSlnd 100 1*1 


1 compltad aborfty before mar ke t 1 


Est. Soles 5680 Prev. Sates 7039 
Prev.DayOatninL 28743 up 90 



17850 T7923 
18*65 18360 
186.10 18720 
19000 19050 


PORK BELLIES (CMS) 



ALIO 


7435 

7520 

7300 

74)0 

—as 

8200 

61.15 

May 

7405 

7500 

7305 

7427 

—03 


62.15 

Jul 

7405 

75.15 

7305 

73JS 

—05 

•80S 

an 

Aug 

7205 

73.15 

7100 

7105 

—IX 

75.15 

63.15 

Feb 

7207 

7272 

7108 

72X 

—,17 

7300 

6400 

Mar 




7125 


7000 

7000 

May 




7200 

+1X 

7000 

70.90 

Jul 




7250 

+100 


Est Sate 6711 Prev.Sate 7210 
Prev. Day Open Inf. 14434 Pffl33 


(SacMnaOjaSatsASMaaflflOecn 

4920 

<929 

+3 


57-27 


70-1 

70-2 


57-20 


68-31 

592 

6820 

+929 

+3 




688 

6H 

67-37 

488 



57-8 


(7-17 

67-17 

67-4 

(914 

+3 


57-2 


46-31 

67 

66-23 

6829 


70-16 

56-79 


66-18 

66-19 

46-8 

6814 

+1 

7G3 

56-29 

Sep 




<83 

+2 

49-26 

56-23 

Dec 




<5-25 

+2 

49-12 

56-27 

Mar 




6916 

+2 

119-2 

64-3 





498 

+1 

68-36 

69-22 

Sen' 




492 

+1 

Est Salas 


Prav.5ahni70XB 





COFFEE C (NYCSCE) 

37500 ibx-aWsper m. 

15X70 moo Mar 14300 14475 

15200 12201 May 14525 14X55 

14930 13100 Jut .14568 14565 

14750 12700 Stp 144.10 14460 

1427S 13929 Dec T42J0 14200 

14100 13850 Mar 14100 14100 

13900 13100 May 13979 13979 

13(50 13550 Jul 

Est Sate *730 Prev.Satas 3041 
Prev. Day Open lid. i*ai offtas 


14305 14382 
144.10 14404 
14400 14448 
14330 14321 
14160 14338 
14075 MLta 
13950 13925 
13775 


GNMA (CBT) 

SlOO0OOprbr-Pta832ndsuf tOOnct 
30-17 3M MOT 49-30 70 

69-27 57-17 Jan 69 49-5 

(9-4 59-13 Stp 684 68-1* 

68-13 594 DOC (7-20 47-2+ 

68 5820 MOT 67-1 (7-6 

67-0 5835 Jun 

I 67-3 65-11 Stp 

Est. Salts Prev. Sales 54S . 

Prev. Dav open lot. 5J(3 off 55 


(9-35 6831 
M-» 494 
684 6811 

67-18 (7-23 
67 67-3 

68-19 
66-3 . 


VALUE LINE (KCBT) 

points text cents 

20(80 14870 Mar 197.10 19765 

21960 17*00 Jun 30250 28330 

3)230 WL73 Sep 20638 28(00 

21060 20958 DtC ZI0JN 21080 

Est Series Prev.Sate 4681 

Prev. Day Open bit. 8J69 up 269 
NYSE COMP. INDEX (NYFB) 
polnlstmd cents 

10800 8830 MOT 10408 10430 

raws SMS Jun 10660 10720 

111*0 9121 Sep 10840 10900 

11379 10120 Dec 11100 m» 

Esh Sales Prev.Sate 14AW 

Prev. Dav Open InL 73246 op 798 


19965 198.10 
28105 20225 
28(70 206.10 
21000 ZHJ 0 


10355 183*0 
10620 106*8 
10855 10900 
1MJS 11100 


Commodity Indexes 


CERT. DEPOSIT Q MM) 


SUGARWORLD Tl (NYCSCS) 


112000 lbs.- cants per ih. 
1058 302 May 

352 

356 

305 

307 

+04 

90S 

401 

Jill 

AID 

4J4 

406 

400 

+05 

9J5 

4J2 


4J8 

4J8 

4J9 

409 

+07 

7-75 

215 


500 

505 

403 

403 

953 

53S 

Mar 

501 

504 

534 

535 

-an 

7.15 

502 

May 

505 

5J2 

559 

2W 

—03 

609 

507 

Jul 

5J5 

505 

504 

505 

-04 


51 mtlUaa-ptaofloepct 


9100 

85(2 

MOT 



8530 


■908 

9040 

8500 


8908 

¥0.17 

■504 

Dec 

8900 

8908 

8606 

Mar 

■80S 

8906 

■603 

Jun 

8854 

8808 

8/06 

Sen 

■829 

Eat Saha 


Prev.Satas 


90*4 9101 
8904 89*7 
■923 8960 
8897 8902 
8875 8871 
8854 H55 
8839 8*34 


Oo SO 

MoodVs 95000 f 

Reuters 2026JO 

DJ. Futures ^ NLA. 

Com. Research Bureau. NA. 

Moody's : bass 100 : Doc. 31. 1931. 
p-prntlminorv; f- final 
Routers ; base 100 : Sep. 18, 1931. 
Daw Jones : ban 100 : Dec. 31, 1974. 


Previous 

949-204 

203800 

12050 

9M.9B 


Prev. Day Open Int 18719 off 379 


11 4 17% 17%-17% 

13 ltMOx 91% 90% 90%— % 
13 484 Zl% 20% 21 + % 

940944 49% 41% 48%— 1 
9 34 26% 24% 26% — % 

9 193 30% 29% 30%+ % 

9 (7 31 31 31 

13 44 19% 19 19% 

11 474 48 47% 47% 

6 476 30% 29% 29% — % 

11 278 39% 38% 38% — % 

1 77% 77% 77%— 3% 
m ia% io% w%— % 

12 95 13 12% 13 + % 

14 M 15% 15* 15%— % 

3 44 12% 13% 12%—% 

10 2 20% 20% WA 

35 19 17% 17% 17%+ % 

11 1578 25% 25% 2SH+ % 

7 117 13 12% OW— % 

74 17 ink 19 + % 

66 39 17% 17% 17% + % 

6 3482 17% 17% 17%+ % 
lOz 77% 97% 97%+ % 
ISO 21% 71% 21% — % 
5 33% 39% 33% 

TO 32% 32% Wb 

13 94 34% 35% 26 + % 


183 25% 25% 25% + % 
1 74% 74% 74% + % 
Oc 34% 35% 36% + % 


17 273* 25% 

iJ«S & 


21 46 ISM 13% 

9 48 41% 40% 40%—+% 

8 3364 19% 19% 19% 

2i70i 59% m am— % 

14 18% 18% 1B%— % 

7 (37 7% 7% 7%— % 

30z 7% 7% 7%— % 

9B0z 7% 7% 7%+% 

. 50z 43% 43% 4I%— % 
20Bz 59% 58% *8% + % 
58s 51 51 51 

ate S3 SS 30 — % 
2 538 4% 4% 4%— M 

JSE 

a iyVj ion iun 
3 15 15 U — % 

6 13% 13% 13% — % 
12 U 13% 13% — % 
22 12% 12% 12%+% 
31 »% 12% 12% 

8 315 24% 21% 24%+ % 

T 1027 24 25% 25% + % 


PS I not 104 142 
PSlnpf 108 142 


59% — % 
18 %— % 
m— % 


Prev. Day open InL 83237 Off 3092 


M metric tone-Sper fan 
2578 19*5 Mar 

7097 

2M0 

3895 

2148 


2570 

1998 

May 

SIX 

2184 

2127 

2174 


3400 

1998 

Jul 

3015 

2119 

2088 

2107 


3415 

1987 


2075 

2895 

2045 

3080 

40* 

2317 

1945 


2015 

2W8 

3815 

2040 

+43 

2145 

1955 

Mar 

sax 

2837 

SOX 

2032 

+38 



PSlnpf 7.15 146 
PSlnpf 964 14.1 


7% 7% 7%-— % 
m m 7%+-% 


9052 9QJ9 +.14 


■966 8957 
•8*1 8902 


8808 8*16 +.14 

87*9 87*5 +.17 

8773 >777 +.17 


NYCSCS: 

NYCS: 

COMEX: 

NYME: 

ICCET: 

NY FIE: 


CMcaaa Board pf Trade 
Chkngo Mercantile Exchanae 
I n ternational Monetary Market 
Of dllcaw Me r ca n t il e Exchange 
New York Cacao. Sugar. Coffee Exdnw 
Now YofX Caftan Exchca«e 
Comniodfhr Exctmoe. New York 
New York Mercantile Esdme 
Kansas Otv Board of Trade 
New York Futures E xchan ge 


PSlnpf SB 147 
PSIn pf L30 140 


Paris Commodities 

BUrdi 11 


Asian Commodities 
Hardi 11 


London Commodities 
March 11 


Cash Prices March 11 


Hteb Low Chne Chte 

SUGAR 

May l^S 1J35 U40 1243 —15 

Aug 1630 1620 1630 1623 — 19 

Oct 1690 1675 1625 1685 — 16 i 

Dec N.T. N.T. 1540 1540 —13 

MOT 1650 1635 1635 16« —30 : 

May 1695 1685 1680 1690 —25 j 

Est. val.: 12991 Ian of SO tans. Prav. actual 
sate: 2795 lot* Open tatarastt 23529 
COCOA 


KUALA LUMPUR RUBBER 
Meknrsku cents per kilo 


Bid AlK 
19300 19400 

19750 19800 

199JM 20000 

TfPJWI 30X00 
30500 30600 

20800 20900 


Bid Axk 
19350 1940H 
19800 19*50 

19900 20000 

New — 

New — 


Mar 

N.T. 

Jl.T. 

2054 

2058 

+44* 

Mav 

UR 

2J99 

2031 

2023 

+ 41 

Jlv 

N.T. 

N.T. 



+ 35 

Sea 


N.T. 

2090 

1394 

+ » 

Dec 

N.T. 

N.T. 

2,180 


+35 

Mar 

N.T. 

N.T. 

2050 



+ 15 

Mav 

N.T. 

N.T. 

2.145 

— 

+ 15 


volume: ITUs 
SINGAPORE RUBBER 
Sipgoport ceets per kilo 


Est. VOL: 45 lots of IB ton*. Prev. actual 
nte: 24 lot* Open Interest: 1010 
COFFEE 

Mar 3525 26M — 2650 +25 

May N.T. N.T. 2633 3645 +17 

Jlv NT. N.T. 2645 3685 +15 

Sea N.T. N.T. ZMi 2 705 — 4 

Nov N.T. N.T. 2600 2TT0 —28 

Jan N.T. N.T. 2650 2680 —32 

Mar N.T. N.T. *435 2680 —25 

Est. vaL: 6,lon at 5 tons. Prav. actual sa lair 
38 tote. Open Interest: 140 
Sovran Bounmmi Common*. 


S&P 100 Index Options 

March 6 


■id Aim 

R&SIApj— 170-50 17100 

RSSIMoy- 17400 174-SO 

R8S 3 API— 14*25 16525 

RSS 3 Anl 16225 16325 

RSS4 Apt — 15475 15875 

RSS 5 API — 15125 15325 
KUALA LUMPUR PAJAl OIL 
Mg tarn Ian rtaaatte per 21 Ians 
Oosa 

Bid Aik 

Mot 1240 1280 

*01 1230 — 

May 1205 — 

Jun 12(5 1285 

Jty 1245 1245 

Aua 1235 1255 

Stp 1225 1245 

Nov 1215 1235 

Jan .1215 1235 

Volume: 0 tats of 25 tarn. 
Source; Neuters. 


Previous 
■M Ask 
17025 DOTS 


Now — 
New — 


1270 U10 

1240 1J00 

1230 1280 

1210 1240 

UN 1240 
1.100 1230 

1.170 1220 

LUO 1210 
1,160 1210 


Htah Low ltd Ask 

SUGAR 

itertlni pot wit trh: tea 
May 1U60 11100 11168 11100 
Aua 11920 11460 11660 116*0 
Oct 12360 12220 12200 12300 
Doc 13000 13000 12800 12900 
Mar 14600 14200 14200 14160 
May 15060 14800 14700 14820 
AOS N.T. NT. 15460 15660 
Volume: 2254 tails of 50 Ians, 
i COCOA 

Starling per metric tea 
I Mar *U8 2230 *144 *145 
May ZI37 um *1)9 X12J 
Jtv 2.111 lam 2,103 ZMH 
Stp *0N 2075 2085 2090 
Dec 2010 1285 2004 2009 
Mar 2000 1.900 1*98 1.999 
May N.T. N.T. 1*92 3000 
Volume: 4230 lots ot 10 tan* 
COFFER 

Sterling per metric toe 
Mar 2293 2268 22(3 *370 
Mar 2650 2613 2620 2622 
Jffr 2684 2658 2661 2662 
Sep 1511 *484 *489 2690 
Ntv 1308 2683 2690 2694 
Jan 2630 1450 2661 26(5 
Mar K.T. N.T. 2600 -2658 
Vofume: UK (of* of 5 fens. 


Coffee 4 Santo*. I ^ 
PrlntUam 64/3038 %. Vd . 
Steal billets (Ptttj.ton — 
Irani Fdrv. Phlkuton _ 
Steel scrap No 1 hw Pitt. . 

LeadSaaf.lb 

Copavr nl«ct- lb 

Tin (SfratlsL lb 

Zinc. E. Si- L- Basis, lb 

Pal lad him. or ; 

Silver N.Y- az 

Source: AP. 


PSvNH 
PSNKpf 
Pfff+PfB 
PNHpfC 
PNHPfD 
PMKpfE 
PNHPfF 
PNHafG 
PSvNM 208 110 
PSvEO 272 HU 
PSEGPt 160 112 
PSEGPt 408 122 
PSEGnf 420 123 
PSEGpf *17 126 
PSEGpf (00 126 
PSEGPt 263 125 
PSEGpfl2J5 112 
PSEG Pf 770 124 
PSEGpf 708 124 
PSEGpf 808 IK 
PSEGpf 7S2 1*5 
PSEGpf 760 1*1 
Potent* 

Puebla Ji 12 
PRCem 

PuottP 176 134 
PuifeHm .12 J 
Purataf 128 40 


2 12% 12% 13% 

I40X 34 33% 3S%— 1% 

5001 34% 34% 34% — % 
32 17% 17% 17%+ % 
957th 55 54% S4%— % 

• 18% 18% 18% 

1801 TQ0U 100% 100%+ % 
180z 42 61 61 + % 

)3Jb 43 (2 63 — % 

20r 64 64 64 — 1 

fiOQz *1 40% 40%+% 

12MI «T% 60% 61 +1% 

134 2% 2% 2%—% 

8 7 12 11% 12 +% 

5 18 7% 7% 7% 

9 505 14% 14 14 

26 392X U% 16% 1646+ W 

13 195 27 34% 26% + % 

8 50 9% 9% 9%— % 


*112 2.1U 
2097 2092 
*879 2088 
3069 3070 
1*81 1*83 
1*80 1*82 
1.960 1*60 


Dividends March 11 


40% 2m GkmfcOs 124 *1 12 381 39% 38% 39% + % 
23 IS QuakSO 00 40 25 .107 20%19%20% + % 
11% 6% Quanax 37 104 9% 8% 9% + % 


34W.23 Ouesfar 140 47 9 339 34 XHta 34 + % 
25% 14 OMtotl 24a 10 19 94 24% 33% 33%— % 


33% 23%-— % 


2603 2610 
2655 2656 
2691 2692 
2519 2520 
2530 2*21 
2670 2680 
*450 *440 


Company Par Anri Pay Roc 

STOCK SPLIT 
Amefl trust — Wor-1 

STOCK 

BtttitahemCorp _ -10 PC +18 3-18 


Betti (them, Cora 
Davis Water Waste 
Nodaway Volley 


-50 PC +3 342 
-18 PC +12 3-29 


DM Futures Options 


IS--- - - - 1/M - 

m m 3sw — — — — — 

us 11* » - — 1/14 Ik 5/16 9/14 

IN Tta r* im 134. 1/14 7/14 U/W Ilk 

m 3% 4 N K H IS K N 

OS » MAM 3W +tta 4te 5 

as 1714 H 3% 4h n n W Bk 

na i/i4 % i fm 2n mm m - 
i»s mi Dll % i%- - - - 


'-March 8 

K Gum Mtrt-BCQO sorts onb per oak 


P36J0 
\mjs 

01925 

|mub 

21900 
22200 
02400 

30909 
73200 

Volume: 1655 lots ol 100 tans. 



Canadian Pacific 
Commercial Bkshr 
□lamond-Bamurst 
RvkotthSexton 
Wolverine Tech 


0 25 +29 3JJ 

a 50 +i xii 

Q 05 +23 3-23 

a. 13% +10 221 

a 05 3-29 3-18 


A-AMMOU M-MoetMv: CHltMrterty: 5-Senrf- 


Saurau: Rautarr trod London Pafrokum Sr- 
ctoanar (ocaolft. 


nu can iskae 711797 
nw cou eme tad. HOQ+ 
Mdid tem 147014 
74Wrid amiaLEUD 


I H L39 1*1 — 

3* 039 1*7 179 

31 108 0.SS 13 

31 100 046 0J92 

33 100 031 065 

33 100 0J4 149 


100 032 OJB 

100 042 0*1 

Ml un I J7 
161 102 U0 

241 251 364 

141 365 367 


British Retail Sales 
Rose 1 % in Fehrnazy 


London Metals 

March 11 


KM 17161 Lew 17431 Ctm D4J»- 84k 
Source: CMOS. 


CUftmotad tekri voLUIJ 
CUte: Thun, ret 3623 to* 
Pots : Tbura. wL 2091 on 
Source: c ME 


-ADVERnSEHEITT- 


13J 9J Coriander 
71} 62 Angelica 
36J IS Orris 
24* 12 Juniper 
56 25 1 Licorice 
67 J 12 Lemon Peel 
38} 15 J Almonds 
23 j 13£ Cassia Bark 


BOTANICALS 

+ 

r -90 3-8 1-2 28 3 23 + 20 

6- 0 8-6 7 69 701 80 + 9* 

-88 3-7 542 24 65} 93 + 26± 

-40 3-0 U0 13$ 13 562 + 43J 

9-3 16 69-6 17 12$ 67 + 44$ 

eel -90 56 132 56 23 U0 +87 

7- 5 67 56-3 67 40 567 + 517 

xk -50 6-8 72 82f 23$ 987$ +964 


Sonne: Any discerning bar in Europe. 


An encouraging end to the day- with all 
Botan teals showing strongly. 

The news of the Cabinet's new open 
door policy pushed Dzy Martini cocktails 
in front of the gilt edged Gin & Tonics. 
Though somewhat surprised by this 
advance, the market remained ca.lm. 
D. F. Glienburger Jr. of Glien burger, 
Glienburger & Glienburger commented 
"We are shaken, but not stirred." 

In general, spirits were raised by the 
performance of Bombay Gin. It’s unique 
distillation keeps one amused. 


Bid Aik Bid 

ALUMINUM 
Sterllag per metric ton 

, 10O&53 10KLSO 1039 JO 

forward 10)800 103900 107450 

COPP ER CATHODES (Hlfk Grade) 

Stern* per metric im 

SPOT 1*7800 1*0000 12900 

forward 1*9600 1*9708 1*0500 

j COPPER CATHOOE5 (Standard) 
Steritaa par metric tan 
fOOt 104P.8O 1*7100 1*7800 

forward 1*8800 1*9000 1*9808 ' 

! LEAD 

sterna* imt metric fan 

SBOt 32500 31600 33800 

forward 33200 33300 33L75 

NICKEL 

Sterling per metric tan 
i (MT 447500 448500 400000 • 

forward 4*3808 4*3500 405500 - 

SILVER 

Peat* portray nance 
snot 51500 51700 3100 

forward 53308 53408 54900 

TIN (StaMtanf) 

Steritaa per metric tee 
soot 1*335 1*140 KU10 

tenwnl HkteO 1M50 10*10 

I ZINC 

Sterling per metric tea 

WO) ' 83100 82300 88200 

I forward 80400 80500 B»m 

Source: AP. 


Reuters 

LONDON — British retail sales 
rose 1 percent in February on a- 
provisional basis, the government 
has reported- In January, retail 
sales fell 3.6 percent 
The retail sales index was put at 

a provisional, seasonally adjusted 
U3S, base 2980, in February, op 
3.7 percent from a year earlier. . 


Mexico Raises Savings Rates 

Reuters 

MEXICO CITY — The central 
bank announced on Monday a 03- 
percent increase in interest rates on 
most savings instruments, to 8.4 
percent. ^ The increase, the first in 19 
weeks, reflected a government at- 
tempt to stem capital flight follow- 
ing a decline in the rate of the peso, 
banking sources said. 


6% RBInd .16 1* 
39% RCA 104 17 12 
24% RCA pf *12 7* 
29% RCAPf 165 104 
6% RLC *0 26 9 
3 RPCn 

12% RTE *6 36 18 
6% Rmflce 0 

25 RalaPor 100 26 13 
5% Rrnnod 53 

4% RcmrO 

47% moron 64 0 17 

f% Roymk 

34% Roytfan 160 U 17 
.7% ReodBt 60 (3 34 
M% RdBatOf 2J2 10* 

30 RtfBatpf 3*0*150 
9% RJtRef l*3e 90 10 
9 Real Eg IS 

0 Radmn JO 13 M 
% Regal 

ReJchC 00 *1 10 
RwAIr 11 

RepA wf 

RepGyp 46 23 11 
Rea MY 144 30 8 
RNYpf *13 11* 
RNYafCXra 1*6 
RNYJiM66feIU 
RaaBk 144 50 7 
RaeBk nf *12 7* 

Rancor *2 14 a 

Revco 00 3* 11 
v|Rover 

Revfon 104 52 12 
Rrndvn *0 34 12 
Rexnrt 64 3* 10 
Reyn In 160 4.1 I 
Rovlnpf 4.10 54 

EESTu. » 4 

RrilVck 168 50 * 
RteoefT 108 96 
RlteAld 40 14 19 

ffS^w U2 36 “ 
Rflbtm 140 +1 20 
Robins M 36 15 

Rocha 3*011* .5 

ROdtTl 264 7* 9 
RocJnri 100 ZB 10 
RdmH 200 U 10 

RalCrnn J0e 14 30 
RofhiE 9 05> * 26 
Reims 66 4* 17 


44 40 U 
L12 *7 14 
08 *116 
*87a5J 5 
04 7 * W 
17 

ft 4S 0 
100 4* 14 
1*0 3* 10 
40 36 17 
5 


1748 
49 
56 
95 
374 
155 
11 
68 

21 * 

JE 

-W5 54Kt 

M * 

35 17 

171 a 

507 25V, 
a 14% 


30 + % 

13% 

azn + % 
«%— % 
107M+ % 
2S%+ % 
39% + % 
W%— % 
31% +1 
6 — % 
*2%— Hr 
39%— % 
21 %—% 
19%+ % 
33% 

36% — % 
67% + % 
5T%— % 
20% 30% 

30% 38% 

10% iffl % 

2% 3% 

16 16 

73 » + % 

9% 9%— % 
53% 54% +1% 
42% 4K+ % 
34% 34%— % 
17 
24 

54%—% 

35%+% 
13% — % 


UMwrih 
HWl Low stock 


DN.Vte.PE ROiHtehLmr OmLC Um 


11% T4% SorElP 140 U 6 
8% 4% Sarin 

13% 9% Savin pf U0 1» , 
ink 17% SCANA *16 90 7 
41% 33 ScbrPlO IM 44 It 
SB 34% SCflUl* 1*0 *1 J 
13% 7% SdAlf n 10 g 
32% 17% Sanhid M 27 12 
(B% 40 ScotFat . 10 

39% 25% ScaffP LU *1 9 


M0 31% 33% 23%+ W 

m am a a%+ % 

4399 37% S% 38M— % 
897 12% 11% 11%— Vk 


n% '♦% SaaOpf 166 13* 


10 

L13 *1 9 
02 *5 11 
102 33 14 

62 10 7 


37% 14% SeaLdn 68 U 7 
5% 2% SaaCa 

43% 30 Seoarm 00 1* II 

21% 13% Saagul , H 

31% 19 SgolAlr 60 14 IS 

32% 19% SaalPw 100 34 I 

65% 37% saarteG *2 J 10 

37% 29% ten Iff LI 1 

31% If SVCPOCI 

22 11% SafsLf 

3Efc a 5VCCB1 40 1* 17 

2M im stakifo a us 

35% 1S% Slow In 60 *4 8 
61% ffll ShellO 200 36 18 
39% 28V, ShefIT 212* (2 5 
30% 17% SteefOlo 00 29 7 
35% 23% Shrwta *3 29 11 
«% 4% Shottwn 11 

m 13 ShawW 45 40 15 

M% 13% SterPOC 140 18* 7 

3? 34% Stanol 100 30 13 

39% «k Steal pf 4J2 70 

73 50 Steal pf 200 30 

HU 23% Singer .10 J 11 

31% 21% 8tamrp4 150 110 

12% SkVtliW 68 XJ 21 

9% SRtfHUn 0 U 20 

51 SmkB *80 4* 9 

56% 3M smuckr M 10 14 

41% 38% SatmOn 1.16 *1 13 

»4 27 Sonaf 105 13 7 

19% 13% SmvCp .15* 0 14 
w% am sooun i*a 40 u 
38% 27% Source 2*0 *5 
31* M SrcCppf 240 114 

am 23 Soterln ZM 9B TO 

30% 22 SeefM 100 43 I 
11% £% SoetPS 1651206 25 

24% 17% SCOIE » 201 9.1 7 
19 14% SoufftCo 193 183 4 

36 35% SotnGE 261 7* 7 

3Mk 27% SNETI 273 70 10 
34% 31% SoNEpf *82 180 
49% 41% SoNEpf 442 184 
34% *1% SoRypf 240 180 
31 21% SoUnCo 1*3 40 M 

34% 23 souffnd 100 *1 9 
17 11% BOROV .13 0 18 

>* 6% Soumric *0 *7 4 
26 14% SwAlci .13 J 15 

22% 13% SwtFor 18 

15 W% SwIGas 1*4 8* 8 
7SVa SS Swflafl 140 7* • 
27% 19% SwEnr 03 14 12 
22 -17 SwtPS 100 9* I 
17% 11% Spartoe 02 36 52 
27% 18 SeacfP _ 25 

54% 33% Sperry 142 37 10 
M 30% Springe 103 40 9 
43% 31% SquarD 104 40 11 
55% 37% Squibb 160 XI 14 
24% 17% Staler 00 40 16 
22 16% StBPlIf 04 24 12 

21 13 SIMotr JO 2* 10 

a% 50% sroind sjd 5* a 
50% 39% 3WOOH 200 6* 7 
78 74% SOCIfiPf 373 10 

17% 4% ItPocCS 10 

17 11% siondeic 02 3* 10 

30% mi aionWk 06 *4 17 

10% 1% StaMS# 1*00130 

27% 15% StauKh 164 5* 

4Vk 2% Stoego .U 14 

20% T4% Sforchl *6 40 10 

QV> «% SMBcp J& &3 m 

30 2Mk SterlDO 1.14 4J 12 

22 15% SlevnJ 1*0 (6 11 

36 25% StWWra 168 56 17 

45% 32% StoneW 168 34 9 
40 35% ShxwtC 60 2* 11 

53% 32% StOPSbP 100 2* IO 
20% 13% StorEa 104 84 15 

' 1» 2 vIStorT 
60% 31 Siarar 
21% 30 StrtMtn 
21% 14% StrldRt 
8% 3% SuavSh 
33% 71% SuqBk* 1*0 31 11 
34 2416 Sunai 0 MW 

16% 7% SunEI 

59% 43% SunCo 138 46 11 

122 90% SunCpf *25 13 

49% 34% Sundrir 1 JB 19 13 

15% 7% SunMn 12 

34% 23% 6aprVl 48 13 11 

38% 19% SapMkt 62 1* 14 

17* 14 Swank 40 57 18 
21% M% Sybran 108 56 11 

35% 28% Svbrnpf 260 7.1 ‘ 

15% iwi SymeCp 20 

59% 37% syntax 102 30 14 

38* 25% Sveco Ji Ull 


02 14 12 
108 9* 8 
02 36 HZ 
35 

142 37 10 
102 43 9 


*90 A 30 
2*0 70 8 
46 

1*5 83 8 
100 43 17 
300 30 11 


L12 14 12 
JEe * 13 
108 53 
3*8 47 13 
13 
12 

100 1* ■ 


10 

*2 10 28 

13 

04 10 • 
*92 7* M 
13 

68 3* 58 
*16 84 
300 85 M 
102 43 9 
106 37 7 
3*8 44 8 
6J5a1L4 _ 


0% 8*— % 

39 39% — % 

29% 29% + % 
34% 38% 

7% 7%— % 
4% 4%— % 
M* 16* 

10% W%— M 
37% J7%— % 
6* flk— % 
4% 4% 

56% 57%+ * 
12% 12% — * 
45% 45% — % 
9% 9*+ % 
20 26%— % 
22 22 — % 
13* 13* 

14% 15%—* 
9% 9%— % 
* % 

37% — %. 
(%+ % 
1% 

23*—* 

% 

19 — % 
24* 

54*— * 
32%—% 
27%— % 
19*— % 
25% + % 
72*+ % 


00b *6 17 
*00 14 ( 


14 47% 47 47% + % 

340 28* 28% 28*—% 
124 II 18% 10%— * 
7 15% 14% 15% + % 
143 23% 22% 23%+ % 
208 79% 78 78 —1 

104 4* 4% 4% 

ITS 61% 60 40 

mix U 15% 15% — % 
10 19 18% 18*— % 

(9 69% 68% 68% —1% 
1752 32* 32 32*— * 

■ 14 IM 14 + % 

ss mb m 60* + % 

387 4% 4* 4%— % 
191 242% 258% 362% ■«% 
517 19* )9% 19* 

897 44% 43% 43%—* 
1)7 X 34% 34*— % 
3077 40% 39% 39%+% 
2747 24% 21% 23%— T* 
1084 13* 12% 12%— 1* 
37 24* 35% 25*— 1% 
3385 35* 35% 35% 

13x 34* 34% 35% + * 
WT9 41% 41* 42 

"s 54 ££££-% 


60 1J 18 
202 96 *1 


100 40 13 
208 40 


»t% 7 ; 


415 157 

25 

1*4 3* 14 
68b 4* 9 
60 *4 8 
60 20 15 
JO 5.1 


23S*=S 
.8% «%- * 


100 *1 14 

18 

1J( 10 14 
100a 30 n 
102 35 7 
72 *5 TO 


21%—% 

748 17* 17% 17*—* 
MR M% 9% 9*— M 
349 10% 9* TO — % 
«B a 47 47%+ % 

34 18* H% W*+ % 
603 47 46 46 — % 

154 50% » 50% + * 

28 37% 37% X7%— * 
39 30 29% 29%— % 

1 20 20 20 — % 

91b 10% 18 18% 

IS 34 25% 25*— % 

U 24% 25% 3S% + % 
5 24 34 24 

S 30% SB 30 + % 

7 16* 16* 14* 

22 15* 15* 15* + % 
44 STM 57V. 37* 

75 38* 36* 37 — * 

S 40% 39 40% — * 

17% 16% 17 — % 

XS 1% 1* 1* 

73 IT* 11% 11%— % 

17 7 7 

2MD 29% 29* 29%— % 
308 34% 3Z* 33 —1 
U18 19* 12* 12* 

158 14 13% 13%— % 

3(9 24 23* 23*— % 

224 29% 2M 28% 

24 19% 19* 19% + % 

24 12* 13% 12% 

374 53V, S2 52 — »% 

» 62 60% 60% — 1 
317 23% 22% 22%— % 

38 11* 11% 11*+ % 

24% 92 92 92 

5 23* 21% 23* + % 

« 12 % 12 12 

24 35 34% 35 + % 

m 35% 34% 35% 

MO 18% 17* 18 — % 

1 31% 31% 31% 

11 17% 17% 17% 

1361 42* 42 42% 

203 24% 24% 24* 

53 a a 27 % + 1 % 

73 4 5% 4 + % 

U 17% T7* 17% — % 

_U 30* 30* 30* 

243 40% 40 4016+ M 

46 4*. 4* 4* + % 

14 (*(%(* + % 

349 15% 14% 14*— % 

1417 21* 20* 21% + % 

384 13% 12* 13% + % 

726 36% 35* 25*— % 


203 139 5 
X72 M4 
X75 144 
367 140 
4*8 M0 
2*4 14.1 
221 14.1 
60 2 2 1 
68b U 11 
100 20 13 
60 26 11 


64 60 

24 

04 10 15 
74 

225 16* 
2*5 90 
104 BJ 11 
2*2 110 
100*8* 8 
2.16 40 10 
307 (6 
2*0 90 

6 

804 90 
208 100 

13 

108 5J 18 
60 1.1 11 


200 60 
100 110 
204 40 ID 
30M14J 
300 0.1 

6 

60 1* 44 
100 30 9 
04 21 » 
056110 9 
.16 26 M 
00 36 
00b 0 33 
UO U 
>00 86 9 


EC Imposes Duties 
On Japan Product 




UA Treasury Bill Bales 

March 8 







Prev 

Bid t met 

YUM 

Yield 

859 

857 

U9 

904 

807 

885 

901 

9M 

10* 

BftdMr* 

- 894 

901 

1000 


Rnuen 

BRUSSELS — Belgium’s indus- 
trial production index rose a provi- 
sional 8.4 percent in December 
from its year-ago levd, the national 
statistics office said Monday. Ex* 
duding the construction industry, 
the index (base 1970 equals 100) 
stood at 126.5 for December, 7.6 
percent down from November. 


58* 35% : 
OU 7% ! 
30 19% ! 

26 15 1 

23 16 : 

11% 11*! 
M 5* ! 
3* S: 
*1% 30% ! 
34* 21% | 
35% 25% ! 
21% 16 ! 
10% 9 1 

18% 3% i 
34% 22% J 
B% 49% | 
23* 17% ! 
10* 6* ! 
10% 8%: 
51 31 ! 

24* 18* : 
30* 20% • 

34% 25% 3 
17* 13* J 


I 13 214 50% 

ID 9 10* 

I 2i »* 17% 

! U iff!?- 

* ^ % 

I 23 29 32% 

I 11 1984 33% 
! n 833 30% 

i 7 5 38% 

l E 

i 14 136 ay** 

; iKi^sa 

s ns s 

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17 17 


The Associated Press 

BRUSSELS — The Commission of the Euro- 
pean Community announced Monday that It 
has imposed provisional ami-dumping duties 
on some hydraulic excavators from Japan that, 
it charged, were being sold at less than produc- 
tion costs. 

The duty, ra n g in g from Z9 to 31.9 percent, 
affects imports of Japanese hydraulic excava- 
tors weighing between 6 and 35 metric tons (6.6 
and 38 5 short tons) for the next four months, 
the Commission said. 

A spokesman said the Commission had deter- 
mined that “protective measures were urgently 
required,’' evoa though all the expon as in- 
volved had offered to raise their prices to eUrm- 
nate the dumping charges. 

The derision followed a complaint from a 
trade group. The Commission found that Japa- 
nese companies had sold thrir hydraulic excava- 
tors at prices of op to 32 percent below produc- 
tion costs. 

Japanese hydraulic excavator imports in- 
creased 308 percent in three years, to 1,127 units 
in 1983 from 276 in 1980, the Commission 
found. Thrir share of the EC market rose to 192 
percent in the first quarter of 1984 from 14 
permit in 1980. 

During that period, the ECs market share fdl 
by 16 percent. 

“The inevitable consequences were financial 
losses for the industry and in some raw; bank- 
ruptcy and a reduction in employment in the 
industry of approximately 5u percent," the 
spokesman said. 


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■NYSE Hi^s-Lows 


Mardi 1‘ 


NEW HIGHS x 


AtexAtax 

.BE& 

Triton Enav 


(«HFinJ AsMandOfl MoM 
ChlPneuT. CanEd4 6Spf Da Wte..- 
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Triton Enpf TOHJM U5UPE- 


AmSLFta 
Eafarge 
Whig Pit 4pf 


CentmOata FarWeelFn 
Lamnw gwt Thkrwafr 
JaafsCp 


Company Earnings ; 


Rovonuo and praftta, in millions, ar« jnlpeL- 
OfrranctBS unless ottwrwlM Indtcotoa . 


Canada 


Can. Pacific 

, V»er 19S4 1981 

JroWte- 37(5 1430 

Per sham U4 10a 


Year JJJS , 

Revenue WJ ■ 

Net Lam 7*0 


7NH net teetecM *J®. 
7784 million from «A 




57 UA million from 
ttoeofuntt 


Singapore 


•nehcap# 

_Vbar 1984 )« 

gfWH if— 76059 937 Jt 

Profit 185 75.4a 

Par Share — am 0.157 


Hahtz *. 
In) Quar. IH) - 
tewi — iji ■; 
Net Inc — JW 1 

Per Shore OH v 


Sweden 


9Moatt%_ ffH 

Revenue ^ — Wjft • 

Net Inc. 1 V* 

Per Share 2W ■ 


trie w oB (IM) 
_Y»ar 1984 1983 

jteyww *-— - 2«a m 
Pretax Net— L078. 1560. 
Per Share — 3054 3406 


r 


Wgs» PoW P® 

hi Oaer. 1 H* 


United Stales 


Revenue — JEXjl 

Net Inc. 872 

Per Shore- - Wff 


Coheo tnduitrto 


tebQaar. IMS ItM 

Reyefwt 340.9 17S0 

NetLdss 93J 350 


HfNoH JJf* 

Revenue — 

Net me 

Per Shorn— 




"* . t * A'j 

■ - . 


WHAT WOULD LIFE BE II ... 
WITHOUT n? 


•• f Vi 


- »■_ 
' — h , • 


EACH FRIDAY IN THE IK 




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iy 







»* *# ■ ■ lap**#*#* >#"# MW$' W& WSW"-i 




INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


Page 19 


BUSINESS RCUNDUP 


COMPANY NOTES 




Egyptians Buy Control of Harrods 

1 r , “ W3J < M -5») pence radi, the over Hatreds, the faisgcst money- 

t ;; . ONDON — Toe al-rayed fain- statement said. The purchase, maker in the chain, at some paint, 
i*. 4 of Egypt on Monday raised its which brought their total holdings " ' ’ 

. ‘ J _« ■ ;, ,e in House of Fraser PLC, the of Fraser to 78.4 million sharevts 


Fk wever, unless the government 
blocks the akFayed takeover, the 



.•<erssahL 
, !be al-Fayeds 
_ -too additional 


ased 20.9 
:of Fraser 


hours after the Lonrfao minin g and 
ranching conglomerate mid it had Stock Exchang 
sold nearly all its 63-percent stake directors deridt 
in Fraser but still hoped to take percent hoi din 


- a 


oleco Cites Adam Computer 
i Quarterly, Yearly Losses 


The AjBtodaud Pros 

-TEST HARTFORD, Coonecti- 
; — Hurt by its withdrawal of the 
v.tn home computer from the 
' ket, Coleco Inaus tries reported 
^ ;iday a 5 93 -2- million loss for the 
,:ih quarter of 1984, compared 
a $35-miilion loss in the 1983 
l»3d. 


for all of 1984 compared with a 
$7.4- million loss for 1983, the com- 
pany's president. Arnold Green- 
berg, said in a letter to stockhold- 
ers. 

Last year's operating profit of 
5208.6 million from the company's 
toy segment was more than offset 
by the combination of a $ 140-mil- 


i: r » r^leco, which also makes Cab- operattug loss in the consumer 
\ ; i. ir Patch dolls, lost $79.8 million electronics s^ment and a 5128.6- 


* ■. 


r -T 


!*-•-* l 
m ' * 


Philips Flam 
o Restructure 
* Business Lines 


The Associated Press 

'; t J AMSTERDAM — N.V. 

5 • : Jss lines that have shown dis- 
‘ .’'pointing profit growth, the 
. ! Vnpany said Monday. 

•; ' i Philips said it was setting 
J:de at least 725 million Daicti 
s .Qders (about 5190 million) to 
iterhaul its audio-visual prod- 
- • T js operations and its domes- 
; ! appliance business. 

7 ~~^Last year, Philips’ worldwide 
^"TT-erations earned 1.11 bfllion 
jlders on sales of 53.8 billiozL 


mQJion loss associated with the 
Adam computer system, Mr. 
Greenberg sard. 

Revenue for the three months 
ended Dec. 31 was $240.9 million, 
up 373 percent from $1753 million 
in the 1983 quarter. Revenue for 
the full year rose 29.9 percent, to 
$774.9 million, from $5963 million 
in 1983. 

. The 1984 loss cut the company's 
working capital by $263 million to 
$813 million, and net worth has 
declined to $10.5 million, Mr. 
Greenberg said. 

Bank debt was reduced by $60 
million during 1984 to $106 mil- 
lion, and has been further reduced 
by $20 milli on since the beginning 
of 1985, Mr. Greenberg noted. 

The strong 1984 performance of 
the company's toy segment was due 
primarily to the success of its Cab- 
bage Patch Kids line. Sales for the 
line exceeded $540 miHion. 


ADVERT 


wart i » 


ST 




i INTERNATIONAL FUNDS 

-‘ Quotations Supplied by Funds Listed 

ll March 1985 

■ *e net suet value quotations shown be low are cupelled by the Funds listed wttft me 
. jxptton of same funds whose quotes are bawd oa Issue prices. The taUowinp 
. morainal symbols tncBarte frequency of quotations supplied lor tbelKT: 

- Ml-ddUv; (w) -weekly; (b)-H-monthly; (rj -reguriartv; (O - Ir reoo tar fy , 


. MALMANAGEMENT 
I AJ-Mal Trust, * * 


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■ .nk JULIUS BAER * cq Lid. — (d I Bever Behminoen-H- 13X20 

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Lonrho said its 
to sell their 63- 
in view of the 
“strong possibility** thai ihe ai- 
Fayed bid would be referred 10 the 
Monopolies Commission, 

If the al-Fayed bid goes to the 
commission, the price of House of 
Fraser stock would be expected io 
fall due to concern that the take- 
over might be blocked. 

Roland W. Rowland, chairman 
of Loorfao. has asked Norman Teb- 
bit, the trade and industry secre- 
tary, to refer the al-Fayed bid to the 
Monopolies Commission, saying it 
was "‘only fail*' that it should be 
subject to the “same lengthy and 
grueling investigation as Lonrho" 
during Lo mho’s efforts to acquire 
control of Fraser. 

Mr. Tebbil is said to be under 
pressure, to refer the case to the 
commission, particularly by Mr. 
Rowland, who could take advan- 
tage of the delay to organize a 
counteroffer, and by other interests 
who want to see the chain remain in 
British bands. 

The al-Fayeds own the Ritz Ho- 
tel in Paris and shipping, oil, bank- 
ing and construction interests 
around the world. (AP. AFP) 


Pan Am, Union 
Ordered to Hold 
Talks on Strike 

New York Tima 5erwnr 

NEW YORK — A federal 
mediator has instructed Pan 
American World Airways and 
Transport Workers Union offi- 
cials to meet Wednesday to try 
to end a walkout that began 
Feb. 28. 

The order, issued Sunday in 
New York, was reported by a 
Washington spokesman for the 
National Mediation Board. 

Negotiators for the company 
and the striking union locals 
have not met smee the strike 
began. The 3,800 strikers, in- 
cluding mechanics, baggage 
handlers and food-service 
workers, walked out after con- 
tract talks broke down over 
pensions and wage freezes pro- 
posed by the airtine. 

Local 504, representing 4,000 
strikers, most of whom work at 
Kennedy International Airport, 
held a strategy session on Sun- 
day hours More Robert J. 
Brown, the mediator, issued his 
call for Wednesday’s meeting. 

John Kerrigan, an interna- 
tional vice president of the 
Transport Workers Union, said 
Sunday that no decision was 
made on a proposed meeting 
with C. Edward Acker, the 
chairman and chief executive of 
Pan Am. 


American Can Co. of Greenwich, 
Connecticut, said it has agreed in 
principle to acquire Champion In- 
ternational Corp.'s flexible packag- 
ing operations for an undisclosed 
amount of cash. 

AmeriTnst Corp. of Cleveland, 
Ohio, said its board approved a 
two-for-one split of outstanding 
common stock. 

Asahi rhwniml Industry Ltd. 
said it will make a l-for-20 bonus 
issue on May 1 to shareholders reg- 
istered March 31 to return premi- 
ums partially accumulated by a 100 
million Swiss franc ($34.6 millioa) 
convertible bond issued in May 
1984, which is now 97 1 percent 
converted, 

Asarco Inc. said in New York it 
has sued Robert Holmes A’Court 
and 12 corporate affiliates under 
bis control alleging violations of 
the Securities and Exchange Act 
The complaint asserts the defen- 
dants misrepresented their purpose 
in acquiring Asarco shares. 

Best Boy Co. of Minneapolis 
said it has filed with the Securities 
and Exchange Commission for a 
proposed offering of 750,000 
shares of common stock expected 
to be priced at $13 to $15 per share. 
The offering is expected to become 

effective in ApriL 

Financial Cocp. of America said 
it expects to show a loss of between 
$500 million and $700 million for 
1984 when its year-end financial 
statement is released later this 
month. The projected losses were 
attributed to setting aside massive 
reserves to cover problem loans 
and real estate investments. 


General Electric PLC said it 
bought a further 2 million shares of 
its own ordinary shares for 
lation. The company paid 197 
pence ($108) per share. 

Hitachi Ltd. said Hitachi Semi- 
conductor America Inc., a wholly 
owned subsidiary, will produce 
256-kilobit dynamic random access 
memories in Dallas starting this 
summer, with an initial output of 
50,000 to 100,000 a month. 

Micro Security Systems Inc. of 
Salt Lake City, Utah, said it has 
postponed its annual meeting 
scheduled for Friday because of an 
inquiry it is conducting into the 
liquidity and valuation of its hold 
logs that could result in a “material 
reduction” of its assets. 

Sime Darby Bhd. said in London 
its second-half results are not likely 
to be better than its first half de- 
spite strong performance from its 
plantation division. It said losses in 
the Malaysia region were mostly 
due to start-up of new projects and 
the need to provide for exceptional 
debt provision for an associate 
company. 

Southwest Airlines Inc. and 
Muse Air Corp. of D allas have 
agreed to merge with Muse becom- 
ing a wholly owned subsidiary, a 
Southwest spokesman said. 

Wolverine Technologies Inc. of 
Lincoln Park, Michigan, said Syn- 
alloy Corp. has withdrawn its offer 
to acquire h. It also said it has 
signed an agreement with Barry 
Cbben, a director of Wolverine and 
Syrian oy, to buy 351,000 shares of 
bis Wolverine common at $7 
share. 


Behind Tennessee’s Thriving Japanese Connection 


looked at 64 sites in 
before narrowing its 


l states 
ice to 


san plant strives to keep the Japa- 
nese in the background. Mr. Run- 
yon said there were 17 employed, 
with the number to be reduced to 
13. 

“It’s a very nice place and I enjoy 
my job intensely,” said Toshioka 

Masuda, executive vice president 

V $12 ^ general manager at Toshiba the road between Nashville 'and 
1 * America Inc. in Lebanon. “Bat Chattanooga, 
there’s just one thing,” he smiled. 

“There are no good Japanese res- 


(ContHmed from Page 17) 
by Nissan Motor Manufacturing 
Corp. USA 

But perhaps none of the above 
explains why a big Japanese com- 
pany would decide to put a plant 
in Tennessee. Another reason is 
that the state can be generous. 

The state government 
million for new roads to the Nissan 
plant and $7 million to help train 
plant employees. Rutherford 
County, site of the plant, gave a 
510-miIiion tax break. 

Unions have also been tradition- 
ally weak in this area. Tennessee is 
a “right-to-work” state, which 
makes union organizing more diffi- 
cult According to the Tennessee 
Department of Economic and 

~y^ dresses in blue work pants tmi which p^pressim rat' 

the U.& average, and tKerage ^ in shlrt ', Jusl “ 5“ J“ d0rs to s P eaGc 

houriv waee is lower $749 ver- employees in his plauL His dates. 

nsSfi 84 naiumaHv first name, “Marvin,” 5 embroi- “We had to explain, explain, ex- 

iifltn a in* iuHv dered on one side of the shirt and plain many times,” Mr. Masuda 

■ South has “Nissan" on the other. said. “When the vendors made mis- 

foreign industry. But each Runyon’s message ^quality, takes, we went to viat them. We 
is difrerent^as he gover- Hu not saying we re not m bust- made steajr progress with the Co- 
nor points oul For instana? Ni^ ness to make money, be said, “but 

san Co union, bu^Saand ^ 

Bridgestone do. ' . 7& Sn Shipped with 

230 robots, plans to make Sennas 
starting March 26. The plant began 
making pickup trucks in June 1983. 

According to Mr. Zaitsu, the 
Nissan Motor chairman, Nissan 


this from scholars in the United 
_ States many years go, so there is 

Smyrna and Cartersville, Georgia, nothing Oriental or mysterious 
with Smyrna getting the final nod. about it.” 

JXSS saw 

s-JSaSSB 

work. 

The company, which makes radi- 


tanrants. 

Mr. Masuda said Toshiba chose 
Tennessee because of its location, 
the aid from the state government 
and the quality of the work force. 
The employees are “friendly, kind- 
ly and very good persons,” he said. 

At Nissan in Smyrna, Mr. Run- 
yon, who worked at Ford for 37 


in Lebanon, Mr. Masuda, the 
gmeraJ manager for Toshiba, said 
his philosophy was that a clean 
factory area promotes the making 
of quality products. The plant, 
which employs 650, is currently 
planning to increase its television 
production by 50 percent, its sec- 
ond such expansion. 

Things are done the Japanese 
way, including the inventory sys- 


al tires for trucks, put out its mil- 
lionth tire last month. It employs 
about LlOOpei ' 
tires a day and' hopes to expand 
that with productivity improve- 
ments to 3,000. When Bridgestone 
bought the plant for $52 ndHon, 
employment had fallen to 800, and 
the plant’s survival was in question. 


sos $8.84 nationally. 

These reasons i 
Tennessee — and 
attracted foreii 
situation 


Marvin Runyon, the American 
president of Nissan Motor Manu- 
facturing, says that at its Smyrna 
plant, Nissan pays wages “compa- 
rable” to average earnings in the 
domestic auto industry. 

“Nissan said that it would not 
compete on the basis of wages,” 
Mr. Runyon said. “We'D compete 
on technology and management” 
The Tennessee-Tokyo connec- 
tion goes back to the late 1970s — 
Sharp and Toshiba began opera- 
tions in the state in 1978, for exam- 
ple — and the early comers can tell 
prospective Japanese newcomers 
what Tennessee is really like. 

“The Japanese community is 
very tight,*’ the governor said. 
“Consensus is important” 
Surprisingly few Japanese — 
perhaps 125 to 200 — have come to 
Tennessee as a result of the new 
plants. WhDe Bridgestone and To- 
shiba have Japanese managers 
overseeing operations, the big N in- 


operative style. 

;~By . contrast, at Bridgestone’s 
plaoL in La Veime, Kazuo Ishi- 
kurei president of Bridgestone Tire 
Manufacturing (UiLA) Ino, said 
its approach had American roots. 

“Our management tools are total 
quality control and management 
by objective,” he said “We learned 


Foreign Ties Ease doom 


invite more foreign investors to ab- 
sorb this burden.” 

Meanwhile, he said, the “Friday 
factor” will continue to strengthen 
Singapore's financial market. 
“Why? Because we are the first 
market to open after the Federal 
Reserve issues its money supply 
figures Thursday afternoon,” he 
would soon become a major factor noted. “Singapore is also seven to 
in the global money market, “if for right hours ahead of Europe’s mon- 


( Continued from Page 17) 

bffljon. or a fifth of New Yolk's. 
Obviously, our financial market 
couldn’t exist if our overseas trad- 
ing partners did not have confi- 
dence in our trading rules and if we 
didn't have the risk takers.” 

He said he expected that Japan 


□o other reason than the fact that 
their national debt is soaring and 
they need to develop a strong do- 
mestic hedging market as well as 


opens i 

hours before New York. Thus, we 
have become a linchpin of the glob- 
al money market^ 


Atlantic Research Corporation is offering 

LICENSING OPPORTUNITIES 


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Atlantic Research has developed a new energy source, arc-coal®, a 
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arc-coal is a family of coal-water fuels that can replace number 6 residual 
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The ARC-COAL advantage: bums, handles and transports like on, low cost 
conversion, realistic short pay back periods; substantially lower price than /6 
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Requirements for candidate licensee 

• Have a financially stable entity with resources available that can be applied 
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• Have a demonstrated marketing and technical capability to 
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New applications fbr licensing are now being accepted 

Qualified and interested candidates should respond in 


writing to: 


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I J 5390 Cherokee Avenue 

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Attention: Mr. A.D. Mattox 
Director of Marketing 
ARC-COAL® 

Telephone— (703) 642-4591 
Telex— 248893 

*A subskllaiy of AOanttc Research corporation 


LAND IMVKSTIIINTS m 
HOUSTON, TEXAS, IUUL 


For information cottimX' 

Lloyd J. wmi«— BmIio,. 
5629 FM 1960 Wert. Sn&* 210 
Houston, Tx. 77069. 

TeL: (713) 586-9399. H» 387356 


[Gold Options $/«*.). 


Wow 

Mar 

A* 

N to. 

3D 

tSSMSd) 

Z27W13S 


300 

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14501800 

21251*75 

310 

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TMM3S0 

18750025 

33) 

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850100) 

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FOREIGN & COLONIAL 
RESERVE ASSET FUND 

HKSATU& 
Az US. DOUAE CASH SI 022 

b. MuncuRUBdcy cash s wi 

G DOLLAR BONDS $1047 

D: MLMKUHB«Y BONDS S 973 

& STEHJNG ASSET £1038 

FQHJGN & COLOMAL 

MANAGEMENT pBBET) UWTTD 
U NUCASrat SnEETSTieJBUSBET XX 
TEL 053427351 TH£X- 4192043 

FOB Omm F A C FUND?, SHF 
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NOTia TO THE SHAREHOLDERS OF 

1.03., LTD. AND 

SHAREHOLDERS AND BENEFICIARIES OF 
TRANSGLOBAL FINANCIAL SBIV1CES LIMITED 

{Formerly Investors Overseas Services Management Limited} 

THE CLARKSON COMPANY LIMITED, in hs capacity » Court- 
appointed Liquidator of I.OS., Lid. and as Agent ol the Trustee of the 
assets of Trarugkjbal Financial Services Limited {Formerly Investors 
Oversees Services Management Limited], has important information to 
report to all persons who hove on interest in either of these two 
companies. 

Such persons should immediately send l Heir full names, moiling 
addresses and particulars of their shareholdings or other interest to the 
following address; 

THE CLARKSON COMPANY LIMITED 

Attention: 1 OS/ TPS 

P.O. Box 251 
Toronto-Dominion Centre 
Toronto, CANADA 
M5K 1J7 

Upon receipt of your name and address, a written report on the 
current position of these companies and the potential value of their 
shares will be sent immediately. 

You are urged io respond to this notice immediately. The informa- 
tion is essential to pay any money which may became payable to 
shareholders os a result of recent developments. 

This notice applies only to I.O.S., Ltd. and Transglabal Pnonaai 
Services Limited, it does not apply to other >05 related companies or 
mutual funds. 


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BELONG IN YOUR 
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INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


■rtf J! M 
POM <DW J 
.mVO MOB 34 
nbep 240 4.1 
•.noErt UO 7> 
ntor « 2J 
trim 
npEX 

H«l 43 If 
OORt 

ran! 

.fpA 

ncpt 

Mft 1.13 If 
..met 

, frftkt 

FS 

□a Mr 23 
nxAm 

Xxitt M 23 
„ JnO* JO 14 
‘ mHl » U 
SnSti 32 t5 
wlrC M 14 
mm 3 M 15 

r-iL 

rofR 

ifMa 


<Conv 

■ecu .12 A 
1R» 3* 2 A 

DdLo 

tfnCP JO XO 
■way 


Japanese Firms 
Discuss Ways to 
Aid Fuji Kosan 

Return 

TOKYO — Four Japanese 
oil refiners and distributors and 
the Industry Ministry are dis- 
cussing ways to help Fuji Kosan 
Co. to dear large liabiuues, in- 
dustry sources said Monday. 

The four companies, Toa 
Nenryo Kogyo KK, Nippon 
Mining Co., Kashima Ou Co. 
and Kyodo OD Co., plan to de- 
tail rehabilitation measures by 
the end of March, they said. 


Australia: * Argentina of the Pacific’? 

(Conthmed from Page 17) ‘'These machines have changed percent of the nation's export r eye- 
lion, economists say, and it does die economics of production," Mr. nues come from commodities, in- 
not have the proper resources to Fenis “id- duding coal, iron ore and agricul- 

compete in high -cost advanced T° 13 die a winch gearbox, for rural products, 

technology. example, the setup time has been Australia built up its industrial 

Barlow occuoies a erouo of cut from 110,115 w less than 30 capacity as an emergency measure 
.i j Lj.iA_f.jr._T t f ■ minutes. d urine World War 11 after Britain. 


not have the proper resources to Fems “mL duding coal, iron ore and agncul- 

compete in high -cost advanced T° 3 wtoch gearbox, for rural products, 
technology. example, the setup time has been Australia built up its industrial 

Barlow occuoies a erouo of rat from 110,115 w less than 30 capacity as an emergency measure 
weathered brick btdldin^here, in J during World War II after Britam, 

an area west of Sydney that Mr production process «s tradmonal supplier, was cut off. 

Ferris calls the “Bronx of Austia- and materials handling arc coordi- To protect these industries after the 
lia." It seems an unlikely home for mied ^ a computer sys- war. the Australian government 
a company regarded as a beUweth- ^ The Bariow staff has devd- erraed some of the highest unffs 
cr of a nation's industrial future. “S'* x* 1 ™* itsdr - “J 1 PP°[ I <I u ° las 

Inside, however, one sees why Bar- Barlow has not mvented anything and they have been reduced only 
low has earned its reputation. new, but it has mastered statwjf- slightly miecent years. 


The shop is organized into clus- cost of 

g.ofwortMionswiaoncpe,- Oat aSS mmifsetur- 


son naming two or three computer- J} 376 . ^creased fivefold since Mr. 
controlled machines that do the Fems took control in 1977, the 

j- , i * umrlr fAWu Im, V. . 1 ... i i_, . - 


percent of their output. About SO of Prime Minister Bob Hawke. 


INTERNATIONAL CLASSIFIED 


(Continued From Page) 



Page 21 


and they have been reduced only 
slightly in recent years. 


Jy m recent years, 
t such barriers increase the 


ere use. 

lathing, grinding and shaping of 'Y orlc has less than doubled in calls Vnr^hanHn/^An^n^n 

bronze molds into high-perfor- STXf ‘' 10 present 150 employees, competitiveness through a further 
mance yachting win ch es. The ma- But companies like Bariow are lowering of tariffs, and acceleration 
chines, mostly Japanese-made and rare. Australia’s manufacturing of the deregulation efforts being 
less than four years old, cost about and service enterprises export just 8 pushed by the Labor government 


EDUCATION 


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Page 22 


INTERNATIONAL HERALD TRIBUNE* TUESDAY, MARCH 12, 1985 



PEANUTS 


HERE'S A CUTE SUJEOTER. 
MARCIE..(T HAS UTTLE 
S»5 All OVER IT,... 
YOU SHOULP BUY IT... 


I WONPER IF THEY RE 
REALLY SHEEP- 




MAAM, HOW DO I 
KNOW TWAMflESE 
AREN'T WOLVES IN 
SHEEPS CL0THIN6? 


\( you're a swart' 
l\i SHOPPER, MARGIE. 


BOOKS 


FLAUBERT’S PARROT 


per5ooalmtCTcstiahMn.Bwhere.in!hisn ^ ‘ j v 
ceptkmal green parrot, preserved in a routii f.jL t 
yet mysterious fashion, was something wiuc 1 


Stk 

^4/ 


BLONDDE 


HI, GUYS 




|wH*r l S PHM-ftt 

fr ppKxx-&*?f\ 


l HE JUST I [WHAT'S . 
GOT SOME I {THAT? 

, BAD NEWS I L — 


. HE CW T. GO 


ON A VIDEO GAME 
“I SCHOLARSHIP ' 


By Julian Barnes. 190 pp. $13.95. 

Knopf, 201 East 50th Street, 

Nw York, N. Y. 10022. 

Reviewed by 

Christopher Lehmann-Haupr 

6< r P HE hermit of Croissct The Gist modern 
A novelist The father of Realism. The 
butcher of Romanticism. The pontoon bridge 
linking Balzac to Joyce. The precursor of 
Proust. The bear in his lair. The bourgeois 
boureeoisophobe. In Egypt, 'the father of the 


made me fed I had almost known the writer,, 
was both moved and cheered.” Yet when } 


pays a call at the pavilion mounted on the $ Wf “ 
where Flaubert's house ooce stood in Crass«y‘ 
he discovers another room full (J memnw ^ 

and in it another stuffed parrot guaranteed i 

be Loutou’s model The collector of artifacts 
mocked. Flaubert's parrot squawks that yc 
cannot know a writer through his relics. 

But Brrithwaite himself is also Fla ube rt 
jjaiTOLJFGs Danari veis ^fiUed with the master 

bus. He is even, in certain significant respect 
a latter-day version of Charles Bovary. An 
not only does he mimic Flaubert, he also eg 
oes the Flaubert industry. The book contab 
chronologies of Flaubert’s life. There is “TV 
Flaubert Bestiary” “The Train-Spotter 
Guide to Flaubert,” “The Flaubert Apocr 
pha,” “The Case Against," and an “Examiui 
don Paper” that includes such minutiae os 
question on Flaubert and philately. There 
Flaubert’s haired of aides; “Critics are KJ 
fleas: they love dean linen and adore any foe 
of lace." 

Besides astonishing us with its playful enid 
don, what is the pomt of this extraonfing 
tour de Flaubert? It Is a novel unto itsdf r whk- 
deveriy tantalizes us with hints of its outcom 


ACROSS 


6 Excursion 

10 Distinctive 
time periods 

14 Con 

(lovingly): 

Mus. 

15 Aborigine In 
Japan 

16 Poet Ogden 

17 Rabbit 

IB “ Decameron 1 ’ 
author 

20 Simmer time 
in Sedan 

21 Stream 
sediment 

23 Was overly 
sweet 

24 ICBMor SAM 

26 Ananias, e.g. 

27 Kind of pad 

28 Tbe element 
carbon, e.g. 

32 Empty 


56 Harris’s 

Rabbit 

57 Norwegian 
violinist Bull 

58 Tchaikovsky's 

“ ftalien" 

60 Herbert 

Hoover, tor one 

62 Symbol of 
early March 

63 Charged' 
particles 

64 Upright 

fSLeaf cuttera 

66 Former 
Venetian 
magistrate 

67 Challenges 


36 Robin Hood’s 

drink 

37 Be deserving qf 

SSSefioraperdn 
30 Historic town. 
NW of Moscow 

40 Make do, with 
“out” 

41 Vatican legate 
45 Millet subjects 

47 Married 

48 Shot tosses 
40 Essay 

53 British 

martyr-saint 1 


DOWN 

1 Ore.'s capital 

2 Fine violin 

3 Easy paces 

4 Three: Prefix 

5 Having 
awareness of 

S Postpone 

7 Very funny 
fellow 

8 It often follows 
Co. 

0 "Tosca” 
composer 
10 Bis 
llRlsquO 

12 Name on a 
French map 

13 Did a farrier’s 
job 

19 Where 
Crockett fell 


22 A memorable 
Chase 

25 Vestige 

26 Kind of train 

28 Variable stars 

20 Chalky silicate 

30 Others, to Ovid 

31 Open-mesh 
fabric 

32 Paging signal 

33 Do an 
autumnal job 

34 Neighborhood 

35 Govt, divisions 

30 Patella site 

41 King of 
Greece: 1947- 
64 

42 Sodium 
carbonate, eg. 

43 Promise to pay 

44 Like a raw 
recruit 

48 Treats con- 
temptuously 

48 Caine Into 


BEETLE BAILEY 


A PENNY FOR 
■ YOUR THOUGHTS. 
ZERO V 




50 Haying 
machine 

31 “Peyton — " 

52 Camps out 

53 U.S.C. rival 

54 Play featuring 
Sadie 
Thompson 

55 Type of news 
or survey 

56 Former Met 
Impresario 

50 Dovecote 
sound 

61 " pro 

nobis” 



ANDY CAP? 


bourgeoisophobe. In Egypt, "the father of tbe 
Moustache.’” 

So tuns part of the entry “Flaubert, Gus- 
tave” in “Bxaithwahe’s Dictionary of Accepted 
Ideas.” “Braith waite’s Dictionary” is a parodic 
homage to Flaubert’s own “Dictionnaire des 
idfes recues.” Its anthor, Geoffrey Braithwaite, 
is a retired English doctor and an amateur 
Flaubert scholar. He is also the protagonist of 
“Flaubert's Parrot,” a witty, dazzling novd-of- 
sorts by Julian Barnes, who writes television 
criticism for The Observer and ts the author of 
two previous novels, “Mctroland" and “Before 
She Met Me.” 

Why tbe title “Flaubert’s Parrot”? Braith- 
waite, who spends his life rummaging around 
Flaubert memorabilia wherever he can find 
them, has mud a visit to the museum at the 
hospital in Rouen where Flaubert’s father was 
chief surgeon and riinjcal professor. There he 
finds a stuffed parrot that is supposed to be the 
model for the bird in Flaubetrs great short 
stray, “Un coeur simple” (“A Simple Heart”), 
about a loyal servant- woman, whose only com- 
panion is a stuffed parrot named Lonlou, who 
comes to wonder as she dies whether the Holy 
Ghost, conventionally represented as a dove, 
would not be better portrayed as a parrot. 

Braithwaite is touched by his encounter. “I 
gazed at the bird,” be reports,, “and to my 
surprise felt ardently in touch with this writer 
who disdainfully forbade posterity to take any 


It is a universe presided over by a literary gt 
who is “everywhere present and nowhere n- 
ble," as Flaubert himself, blazing the trail C 
James Joyce, described tbe ideal function , 
the novelist- It is a biography of Flaubert, y 
more than a biography. It is a biography i 
Flaubert’s biography. 

“The past is a distant, receding coastline 
Braithwaite muses while crossing the Engfc 
charmed after another exploratory visit to tl 
continent, “and we are all in the same hot 


«S* 
j.i 


Solution to Previous Puzzle 


© New York Tones, edited by Eugene Maleska. 

DENNIS THE MENACE 


WIZARD of ID 

K ../WD vmi 00, i Hfttr 



memo 

mmiK 


/TT 

tt 




□dug □□□[§□ □ana 
□eeih oansQ oaua 
dbdg ataaaa naan 

BBGDC3GH31DQ3G3 
egg ana □□□qdej 
□□ asana nan 
oghhq □□□ aaaa 

BEGGaGaaGGaanaa 
□egg ana □□□□□ 
goo □□□□□□a 
eggggg ana ghgi 


each brings the shore into focus at a gm s 
distance. If the boat is becalmed, (me aft] 
telescopes will be in continual use; it wfll see 
to tell the whole, the unchanging truth. But tf 
is an illusion; and as tire boat sets off again,! ' 
return to our normal activity: scurrying fit 
one telescope to another, seeing the sharpy . ' 
fade in one, waiting fra- the blur to drat . - 
another. And when the blur does dear, < . 
imagine that we have made it do » afl 
ourselves.” 

What Julian Barnes has done in “Flanber 
Pairot" is to provide us with an entire boatlof 




of telescopes. In just one of them the myde 
tf the two patrols is fm^ cleared op. Then . 
seem to work like the units of an insert’s eye 
“Flaubert's Parrot” we see a dozen Hanbo 
all at once. The tiniest motion signifies. T 
palest odor shimmers. 





□EQQ3GGGQGGGQI 

IGEOG GGGQG HI 


oaa 

egsg naasQ naan 

BBQQ OGDOG GOGG 


■ 4) 

.. ** 

■ 


Christopher Lehmann-Haupt ism the 
The New York Times. 


ti.M-iv 


CHESS 


REX MORGAN 


BRAD/, Eft SURPRISED 
THAT YOU WOULD MAKE A DOCTOR'S 
AP POtWTW\EWT FOR ME WrTHOLTT FIRST 
DISCUSSING tT! THE" NEXT THREE WEEKS 
WILL BE VERY BUSY ONES' III BE LUCKY 
TO EVEN GET HOME ON WEEKENDS 
SO CANCEL IT — PLEASE' 


I LCVE YOU, CLAUDIA' 
THAT'S WHY I WANT YOU 
TO SEE DR. MORGAN f 


TMFKiTS A/OTB///G ^ 
WfTM MB' 




By Robert Byme 


E vgeny sveshnikov, 
a 34-year-old Russian 


GARFIELD 


"That tstfr a conic kok they^h wueHWSAT, 

ns our r 


OOR CAT FOOD IS 
NEW AND IMPROVED/ 


NEW AND IMPROVED/ 
NEW AND IMPROVE?! 


THAT SCRAMBLB) WOfto GAME 
• by Henri Arnold and Bob Lac 


JUST THINK.— 1 
ALL THIS TIME 
I'VE BEEN EATING- 
OLP ANP INFERIOR . 


Unscramble ihase lour JumUes. VO 

OOB letter toeaebaquara to torm 
four ordinary words. 


111 


MYHRE 


CRIHB 


! 3-TL 


I-* a 34-year-old Russian 
grandmaster, won the 60th run- 
mng of the traditional Hastings 
International’ Tournament in 
England. His first place more 
was 9-4. 

Sveshnikov picked up an 
easy point from his grandmas- 
ter colleague and countryman 
Viktor Kupreichik, who 
seemed onprepared for the an- 
dent Scotch gambit 

Chi 5 P-B3, returning the 
gambit pawn with 5 . . . P-Q6 
leaves white in control after 6 
P-QN4, B-N3; 70-0, P-Q3; 8P- 
QR4, P-QR3; 9 Q-N3, Q-B3; 
10 P-R5, B-R2; 11 P-N5, N- 
K4; 12 NxN, PxN; 13 B-K3. 
Probably Black’s bat course is 
to enter the paths of the 
Moefler Gambit with 5 . . .N- 
B3; 6 PsP, B-NScfa. 

The alternative for Kuprei- 
chik, 5 . . . PxPI, let White re- 
cover both pawns by 6 
BxPeh!?, KxB; 7 Q-Q5ch, K- 
Bl: 8 QxBch, P-Q3 — except 
that Sveshnikov substituted 9 
Q-B4I? for 9 QxBP. Kuprecihik 



Postthm utter 17 ... (HU 


was bullied into giving back the 
pawn with 9...B-N5 rather 
than seize material at tbe ex- 
pense of development with 

9 . . . BxP; lOBxp. 

Taking a pawn with 14 QxP 
would permit Black some coun- 
terchances with 14...R-K1, 
Whereas Sveshnikov kept a sol- 
id positional advantage with M 

Q-Q3- 

An annoyance with 

17 . . . N-Q6ch would have re- 
dounded to end-game superior- 
ity for White after 18 K-Q2.N- 
N5?l; 19 Q-R41, Q-Q6di; 20 
K-BI. Q-B5; 21 Q-N5. On 


17.. .N-B3; 18 0-0-0, Kup 
chik could not p 

18.. . N/4xP? because of f< 
Q4. 

After Svahnikov had in • 
lized everything while siintf ^ 
neously driving back the bj 
queen, he struck with 28 N 
breaking through the deft ; 
barriers. j,-. 

Sveshnikov’s 34 Q-R J 
forced Black to drop male 
and insured victory. Km 
diik played on to 44 . .. N . 
N5 but gave up without wail 
for 45 R-N3 followed by 4f : - r 
KR3. 


SCOTCH CUKT 


■lanMft »! ■ > ■!" Bm. 

NM (U| K- 

ar iW r, 


S2f oeSt 

W 31 KJP 

K*J> 38 KtPch 

Ki X M3 

w nSEcfe 




S-M » MB* 

§ S32 
S&p S*S* 


Err- 

hr' 


ATTREY 


Shun BOina 
. to tH sorry 


,\%MSiDdcMai^ 


RUVESS 


SHE HAS MANY 
A SUITOR 5LTT 
NONE DO THIS. 


Via Agence Framx-Presse March 11 

Omingpncn in local atmnda unless otherwise indicated. 


Now arrange the circled letters to 
form the surprise answer, as sug- 
gested by (he above cartoon. 


MM answer bore: 


, ABN 

ACP Hewing 


(Answers tomorrow) 

Jumbles: CROWN STAID GIBLET MALTED 


r. A middle-age agreed la simply this— 
A WAIST OP TIME 


WEATHER 


AKZO 

Ahodf 

AMEV 

A •Dam Rueoar 
Ann Bank* 
HVG 

SuW e iwa in T 
Cakmd Hide 
Elsavler-NDU 
i.Fokkar 
GMBrasBta 
Hefnekm 


Clew Pr«. 

Korstadt ZU 213 

Kaufnof 716 21X50 

Ktoecfcmr H-D 761 JO 36130 
Klaeckner werka 81 3* 

Kfvcm Stahl 9140 B9 

Undg 416 All 

Lufthansa 195 19736 

MAN 1391MLS0 

AAonnetmann T5B 1BU0 

MetothMsaUschaft 246 24AS0 
MlMOCtKRiMCk 1190 1IW 


lialcmenti 
l to! man marl 

MonhHmon 

Olivetti 

■wmii 

HAS 

Rimacante 

SIP 

Snto. 

Standd 

Stet 


ssss 

1469 1479 
6798 UOO 
2233 2250 
6*850 67450 
679 67930 
2174 2135 


St Tram no 
UOB 


Cloie Pre*. 
4M AM 
4J2 <60 


OUB ladex : 4X11 
Pravlam : 43L41 


13200 12000 
2500 TStt] 


ELA.T. 

—mam 

BICC 

Bl- 

BiiM arete 
BOC Group 


MinCorrwot Index : 
Prevtan:UI7 


EUROPE 


Abnr-ve 

Amstenkun 


HIGH LOW fl2ia HIGH LOW 

CPCF CFCF 

» 68 II S3 fr UHMl 34 77 24 75 Cf 

11 52 3 37 fr Milk* 9 48 -I 10 lr 

11 52 6 43 o HeMKm 16 61 13 55 a 

IS » 5 41 d Mm Ho 35 95 34 75 lr 

3 37 0 32 d NSW MM 31 BO M 61 fr 

1 34 .7 28 fr Seoul 6 43 -2 38 fr 

» 50 3 37 fr S&anBlKil 3 37 0 32 o 

■1 30 -5 23 g Stogaearo 32 «0 25 77 s 

2 36 0 32 o Taipei 16 61 13 55 a 

2 36 -1 30 a Tonya 4 39 1 34 sw 

10 64 9 40 fr ...... 

10 JO 1 34 fr AFRICA 

1? » ‘1 M Z "P** 11 52 9 41 r 

4 » 1 5 . Cairo 22 73 10 SO d 

1 « 1 2} I Cape Town — no 

! - 1 « SSS s- 

ifi \ ? i £ sa _ _ - - m 

» « ’S § d T ^‘ 17 63 8 46 r 

» 3 “ 5 j^XlRA**i&!CA 

-3 27 .ii 12 fr SeenotAfrg* — — — — no 

2 36 .5 23 fr Lima 30 16 19 66 fr 

13 55 7 45 Ui MOxMoCliy 24 7S 11 52 d 

3 37 -8 10 (r Rio 04 Janeiro 32 90 22 72 a 

8 46 5 4) d Seo Panto — — — — no 

i n 'i S sS NORTH AMERICA 


n 52 6 43 


15 0 5 41 a Mae He 
3 37 0 32 d NSW (MM 


Berlin 1 34 - 2 28 fr 

■ruwef* 10 50 3 37 fr 

Svcbv«H -1 30 -5 23 b 

■«>»«« 2 36 0 32 a 

CopentaBsq 2 36 -I 30 a 

Coda Del Set 10 64 9 48 fr 

DbMIb 10 50 1 34 fr 

Edtebergli 0 46 -1 30 a 


Singapore 

Taipei 

Tokyo 


Lai Pol mu 
Lhbaa 


KLM 

Naarden 

NaltUOdcr 
Nsdtlavd 
Oce Vender G 
Pokhoed 
Philips 


Prausea) 

1 Ru et ee n -Werhe 
, RWE 
Schenng 
Siemens 
I Thvsien 
Varta 
Vein 
■VEW 


267 266 

34434459 
152 152 

470 471 

56130 551 

MOJO 10130 
113 18230 
17016930 
122 122 


Votkswag en w er fc 20030 19930 


Cemimrxbaak Index : 130U0 
Provlogs s 13tt.1l 


RadamcD 
Rollnco 
R^rerrtO . 
Royal Dutch 
Unilever 
van Ommeren 
VMF Stork 
VNU 


AMPjCBS O eperol 


» 68 W 55 fr 
W 41 it S fr EE** 


k nd wc M e 4 39 0 32 sw 

Atlanta 22 72 .6 43 DC 

Sotftm S 46 1 34 oc 

CBkngo 10 50 4 39 r 

»*mr 7 45 1 34 9ft 

twmti B 46 a 37 r 

MWtefUie 27 81 20 68 fr 

H 00 don 26 79 16 61 pc 

Lu Angeles W 66 11 52 r 

Mtemi 26 79 17 63 fr 

Mlimeopolll 6 43 -1 30 PC 

5f«tr»al 4 39 .5 23 fr 

JteMN 25 77 16 61 PC 

Jfew Varii 10 SO 4 39 r 

5w Pn adiei U 5* 9 46 PC 

V3 55 1 34 fr 
Toronto 7 45 - 4 25 fr 

Wmdrtngloa It M 4 39 pc 


***** 1 34 .3 27 d unDT 

RevklavHc 3 37 I 34 sw wo *T 

Rome 12 54 s 11 a lnrt , n .... 

Stockholm 3 37 - 3 27 fr XESET 1 

Strasheurg 4 43 2 36 t SUSr 

Veda 10 SO 3 37 no g£2L 

Vtemm t 34 .t 30 sw £“2" 

Wonaw -I 30 -5 23 d SSS 

» 7 77 0 32 d 

MIDDLE EAST Koadon 


— — — — no 


Arfaed 

Bekaert 

Cockertil 

Cofiepg 

EBES 

OB-mno-BM 

GBL 

Gevaerf 

Hoboken 

Intercom 

Krediettiank 

Petroflna 

Sec Generate 

Safina 


Aakara 
BeJruf 
Oammcvs 
Jemelem 
Tel Avhr 


\ST Hoe Hon 

T“« . . Lee Angeles 

3 37 .13 9 fr Miami 

20 68 II 52 d Minneapolis 

“ 7: ~ ~ 1,0 Montreal 
16 61 7 45 e Mmnaa 

SO 68 4 43 o New Verk 


:eania 


Aucklead 

Sydney 


Seattle 

21 73 13 55 fr Toronto 

as 77 IB 64 d Wnfringfon 


Traction Elec 
UCB 

Unerg 

vlellie MonfoBne 



23 22JD 
1350 13JO 

13.90 14,10- 
9-90 m 

4450 47 

7J5 7J0 
30-75 32 

4.925 110 
8J0 8J0 
71150 72 

545 SB 
2030 2050 
9J5 940 

9JS 9M 
575 585 
3M 3J0 
9 9.0S 
643 645 

1J0 140 
22.10 22.10 
SUSP. — 
7 JO 7 JO 
425 415 

1.90 1.92 


Brtt Home St 247 242 

Brit Telecom USV, 130V, 

f^rasnoce m 373 

Burma, 205 mj 

Coble Wireless 522 sis 

CoAwvScho* U4 165 

charter Cons 203 203 

Coals Patera til 164 

Commercial u is? las 

GomGoM 484 494 

Cpurtauldm 161 19 

Dalg^v 500 Sffl 

De Beers « 445 442 

Distillers 2B7 2B9 

Drtetonteln szcw S239k 

Ftons 290 295 

Fn* St Ged same saw. 

GEC 190 19a 

GKN 225 219 

Clew B II 45/6411 29/32 

Grand Met 285 286 

Gu Inness 248 Wl 

719 714 


Air Uqufcte 
Alsmcinn AIL 
AvOassoult 
Banoolro 
BIC 

Bowygua 

B5N43D 

Ctorefaw 

CtobMed 

arflmee 

Dwtet 
EH-Apuiwne 
Europe 1 

Gen. Eaux 

HadMito 

Imetal 

LafaraeCoe 

Unwond 

TOreal 

Motra 

Mktwlin 

MMPennor 


AGA 

Alta Laval 

Aseo 

Astra 

sas3£r“ 

Electro lux 

Ericsson 

isselle 

HOTrieBbonkon 

Pharmacia 

Soob-Scunta 

Sandvlk 

Skanskp 

SKF 

SwedWiMatcil 

Volvo 


ft $ 


340 340 

3*0 3*0 


105 105 

NJ3. 195 


m & 


U6 165 
7tn 213 

51 ^ 


217 228 

262 260 


Kawasaki Steel 
Kirin Brewery 
Komatsu ltd 
Kubota 

Matsu Elec Inde 

Matsu Elec Works 

Mitsubishi Bank 
Mitsubishi Own 
Mitsubishi Elec 
Mitsubishi Heavy 
Mitsubishi Goto 

Mitsui and co 

Mltsukoshl 

Mitsumi 

NEC 

NGK Insulators 
NUtkaSec 
Nippon 5tocf 
Nippon Yusen 
Nissan 
Nomura Sec 
Olympus 


277 2S0 

134B 1340 
146 146 

575 set 

3 & 

« *s 

384 389 


Terert 

Canadian soda 


m Mach 8 \ 
wo AP 


237 AM Free 
tmOAckJands 
3 08 0 0 AonlcoE ’ 
3950 Ait Energy 
6525 Alta Not 


1158 1178 
1160 1140 
100a low 

751 S 
245 240 

613 615 

1160 1178 
12*0 1390 




ANoersvcrerkten ■ 
PNWB'.BMI 


sssss 


Gu tones! 

GUS 

Hanson 

imps 
Jaguar 
U0V46 Bank 
Ueirho 
Lucas 

Marta and Sp 
AtWkmtfBaitlt 

Nat West Baik 
PandO 
PI Bd redan 


OccWentale 
Pernod Rlc 
Pet r oles Ifsel 


Hang Sang index : L3U.ll 
prevtaes : 1J95J7 


Ratal Elect 210 2ig 

gontfftmtwn *57 S84fe 

Bonk 373 358 

R«*? Inti 564 558 

Routers 358 3N 

Roval Dutch f 49 31/6449 37/64 


2J4 Si 

427 429 

812 842 

189 IBS 

356 356 

*«4 537 

1*4 159 

272 3fi7 

141 U7 

2U 3JQ 

619 6Z2 

353 360 

KB 303 

too 182 

29 

SS 

373 358 

564 558 

358 360 




AC I 
AN) 

ANZ 
BHP . 
Berol 

BaJOOtnviUe 

Brambles 

Cotes 

ComatcD 

CRA 

CSR 

Dunlap 

EWere ixi 

Hooker 

Mopalkui 

MIM 

Myer 

Ookbrktoo 

Pete 


198 W 
253 2S2 

430 435 


Tetemecan 
Thomson C5F 
Valeo 


Aoefi IinJmi : 2BU1 


RGC 
ianlos 
1 Sieiah 
Southland 

Woodsfdo 

Wenpaid 


333 329 

187 188 

360 360 

364 370 

250 260 

568 570 

272 77S 

217 SIS, 

na ns 

s g 

s % 

n 73 

S8 S 

415 <19 

s a 

25 25 

77 77 

313 315 


Rknh 

Sharp 

Sony 

Sumitomo Bonk 

SumHomoChem 

Sum Homo Metal 

TolselCorp 

Toisho Marine 

TakedaChem 

Tdfc 

Tellln 

Tokyo Elec Pwtr 
Tokyo Marine 
Totwind 
Toshiba 
Tovatq 
YmTKScW Sec 



SSttit 


849 162 

6190 6180 
431 435 

1520 1540 
BU 814 
438 <46 

415 615 
1350 1370 
689 690 


NiUM/DuL Index : 1 

mvftn : izsasu 

NOW Index : 97546 
Pravleot ; 98IJ1 


ZoHcfa 


CAC index : 20721 
Prerhws : 2IU8 


Atl Onsoorfes lad 
Pmt<Mn :7BLI0 
Source: Ranters. 


tuna 

Bonk Leu 
Brawn Bowl 

EledT i n wll 
GeoreFtechar 
Intenuscount 
Jacob Suchonl 
Jelmon 


CMTest Stack index ; XMUl 
Prevkws : 2.II9A1 


fhnUnrl 




. l . * tw — *1* wen r^nr enuay. Tam 11 — 4 iw— m 

(45 —321. ROME: ROM. Temp. 16— 5 til —.411. TEL 
p - 8 m - Ml. ZURICH: Cloudy. Temn.s -- ■ 1 t4i — 301. 
aW/WKi POOBV .Iwno. 35-27 {95-811. HONG KOK! ClMlS^ TMe 
Smil V^TSI 1 CtaJCJv. Temp. 33 —23 (91 >—731. SEOUL: rar! 

t7^ 1 -jiL OAPO<,G: ^ ywmo - 32-34 W-WLWTO 


AEG-Tetefuntan 
Allianz Vers 
Bosf 
Barer 

BaverJHypa 
Bayer. Ver-Barrfc 
BMW 

Commerzbank 

Contlgumml 

OateUer-Bem 

Deo«n®a 

Deutsche Bobcoch 
Deutsche Bank 
Dresaner Bank 
OUB-Scnuit 
GHH 

HodilleJ 

Heeeftst 

Heescn 

Hoizmann 

Horten 

KaH + Salz 


11120 112 
1023 1012 
2134021270 
32S2D 226 

313 312 

32X30 323 

38650 388 
165 16560 


AECI 

Anglo American 

Arab Am Gold 

BortBGCS 

Bhrvoor 

Buffeta 

□a Beers 

DrTefonteki 

EkVKtl 

GFSA 


356 3S5 

168 m 

leS 42 ^ 
21* 216 
155JO154J0 

465 469S0 


Hlueld Steel 
Kloof 
Nedba nfc 
Pros Stew 
Rusiplat 
SA Brews 
3t Helena 
Saeel 

West HoWlra 


655 655 

2275 2265 
15780 NjO. 
921 965 

1625 1U0 
6800 6875 
900 905 

483$ 4875 
1340 1330 
WS 2925 
2650 2600 
385 390 

7050 7150 
890 890 

4850 4850 
1580 1335 
600 595 

3225 J200 
680 ,587 
5500 5600 


RTZ 

saotmi 

Safmbury 

Shall 

STC 

Std Chartered 
Tote ond Lyte 
Tosco 
Thom EMI 
T.l.pnw ip 
Trototgor Hse 
THF 
Ultramar 
U id lever 1 


I s 

768 771 

SS 504 

477 <77 

450 450 

229 227 

444 

226 220 

352 659 

156 158 

210 203 

tt 29/6412 13/32 


Boustead 
Og| Storage 

Fraser Heave 
Haw Par 




Mai Bonking 

OCBC 

OUB 

Semb Shipyard 




JJ6 JJ9 
2J3 173 

US 625 
540 545 

247 251 
240 248' 
t M J iff 
45$ 

955 945 
1» 4- 

1J6 U6 
2 244 

121 145 1 


u^BNcuih rn & 

wiHe^nngs iHvt 

ngeinerth 618 un 


Aktti 

AsahlChem 

AMM Glass 

BankafTekve 

Bridgestone 

Canon 

citoh 

Dot Nippon Print 
Oalwa House 
Full Bank 
.Fell Photo 
Fulltsu 
Hitachi 
Honda 

Joaon Air Lines. 


% a 

877 878; 
767 779 1 
518 320 
1440 1450! 


fS V 

1600 1638 
I860 1800. 
1330 1330 
8S5 655. 

1423 WS0. 
SOU 51U| 


Union Bonk 
Winterthur 
Zurich Ins 


VoUobonk 

Bank 


2700 2705 
3630 3715 
1700 1740 

S S 

1890 193S 
1648 1785 
6543 6580 
1470 14J0 
8975 8925 
aosa 8100 
3990 3925 
356 359 

365 367 

'1188 1160 
van 95oo 
1480 1485 
3640 3640 
4175 41M 
20530 2DSS0 


SBC kedex ; «3Ut 

-preview :«8J1 


ILO: iwf quoted; ka: net 
oval table; Kd-.ex-dvbkmL 


i 2 Hyatt Entities Agree on Use of Name 


FT. 30 index : f»J0 
PrevteCT : 908.10 


-JS I Composite 
Prwlan : 


ItedclKtax: 93940 


213 21240 
1140 11U0 


398 3H 
172 172 

262 262 


AACorp sin* sn 

Allled-Lvans 178 177 

Anglo Am Gold saa S7B 

Babcock 147 1<J 

Barclays, 5B4 582 


S! SS™ ’R'SEl 

Ctejtotels 7610 7480 1 

WW . 2158 2199 T 

Formltalla erto 12000 12000 

Ftat 29M 2948 

FlnsWer 5U5 5525 

Generali 3W5 <0550 

I FI 7610 7650 


United Press International 

KANSAS CITY, Missouri — 
Hyatt Legal Services, the largest 
U-S. general practice law firm, and 


tie its operations under its current 
name and will continue to use its 


Hyatt CrajL, operator of the Hyatt 
Hotels ehain, announced Monday 


Holds chain, announced Monday 
an out-of-court settlement on the 
use of tbe word Hyatt. 

Hyatt Legal Services will contin- 


Hyatt Ligal Services wifl place at 
tbe bottom of its advertisements 
the statement' “Hyatt Legal Ser- 
vices is named after its rounder, 
JoeLZ. Hyatt." Neither party is to 
pay the other's legal fees. 


nucNwWwrt 
92SCPocfcr* 
4850 con Trust 
idoc«e 

55261 Cl Bk Com 
117735 CTIr* At 
630C l/tll B 
8W Cora 
Csfanas* 

. ,75 CHUM 

<2700CDMbA 
XWCDIABf 
35« ] CTL Bank 
220 Co mwil A 
^COMkaR 
3925Crawnx 
JBOCzorto 
SSmUDaonDey 
WMDoonA 

32600 D«v*ican 
MODlckiimAf 
MODlcfcnmB 
iu25 Domon A 
1277D □afasca A 
5545 Du Pont A 
32411 OytexA 
1862 EldtKHn X 
lira Erics 
3600 EauHv Svr 
MOFCAInll 
I Falcon C 

S®5Q Fienbnlov 
SMFardy Ras 
2190 Fed (IHfA 
650 PCIly Fhl 
iM Fraser 
200 Fnietiauf 
SOGendisA 
reOGeaeComp 
MMJGeocrade 
3M Gibraltar 
2VN0 Galdcorp f 
400Goadvmr 
, IWCralie 
. lOSOOGrandmo 
ZiMGnmduc 
nOGLFarul 
lSOOOtPadHc 

A 

ijgwr 

2693 Havw D 
XUHBavCo 

raoindal 
3160 inland 6ae 
479S1 irvh Thom 
844Q inter Pipe 
20Q ivacaB 
Jarmock 
BWlCamKafta 
3B0KltliyH 


csr 1 


Sun Lubatt 
12044 LKMflrll 
WttLOnf Cem 
smOLaeana 


Low Clara Chaa 
58W SOW 
I7te I7M-F to 
13 13 

193k 30 
15H 15M+ W 
21 21 
Z1* 22W+ 96 
IP IP 
796 799— 4 

8 Vi 8 ft— ft 
2716 2766+ ft 

59k 594— ft 

„t2te 13 
TX >30 — 2 
395 405 +10 

5 S — ft 
17ft 18 + ft 
10ft 10ft ■ 
10ft 10ft 
252 255 —3 

21ft 2196+ ft 
15 15U + ft 

22U. 32ft + ft 
16ft 16ft 
27ft 37ft— ft 
6ft 6ft 
16(4 16(4 — ft 
23U» 2 Jft+ ft 
29ft 29ft + ft 
32ft 3294— ft 
64 64 —2 

29ft 29ft— ft 

9 P»— ft 

17 17 
lift 12 

7ft 7ft 
<3 Vi 43ft +Ift 
4ft 6ft 
4ft Aft 
X-h 10ft + ft 
7ft 794— ft 
Z75 275 + 5 

17ft U 
148 150—1 

440 455 +25 

445 445 +15 

13 13 

12ft 1214— ft 
Bft Bft — ft 
5ft 5ft 
5ft 5ft 
250 250 +10 
28% 28ft— ft 
17ft 17ft— ft 
38ft 38% 

7ft 7ft + ft 
» 18 - Hr 

6ft 7 

20ft 29ft+ ft 

18 IM+ ft 

95 95ft— ft 

290 290 — J 

22% 2296 
12ft 1296- ft 
II 18 —ft 
23ft ZSft+ft 
28 21 
lift lift- ft 
360 260 

9ft 9ft 
tU. 4ft— ft 
41ft 41ft 
31U 31ft + ft 
80 SO — 3 
48 48 —2 

94 94 —ft 

28% 28ft + ft 
24ft 21ft 
7% 7ft 
125 125 + J 

21ft 22 — ft 
21ft 24ft— 96 
179* 17ft- 96 
5<ft 55ft + ft 
13ft 13ft 
>6(4 14ft— ft 
■ft 8**+ ft 
34ft 35ft + ft. 
22ft 22ft— ft 
11% lift— ft 
M2 109 
38ft 38% 

17ft 17ft— ft 
24ft 24ft— ft 


|500 Lac H 

^WOLoWawCn 
1600 MDS HAI 
7000 MICC ■ 
|4Sn Mckm H X 
WiTISMartand S 
b76»Mo!sonAd 
| 450 Motion B | 
7072 Murphy I 
Imm NoMaco (J 
■2S393 HtxrondaB 
r 61510 Nor can ■ 
2S24S9 Nva AHA f| 
I 2J65NOW8COW 
■21591 NUWtfipA 
■7000 Oak wood 
llDOOZhowpAf 
1«0 PanCan P u 
7MT PfwnJx Oil | 
1575 Ploe Point 

MUOPtac+GOa 
72»o Placer — 


529% 3Pft 2^ . 
517ft 17 171* ' 

519% 19 W • 

344 240 244 ' 


415 405 410 
516% 14ft 
516ft 169* : 

*22% 22% 72ft - 

319% 19* JW "■ 


114ft 14% Wft 
56ft 4% 4*r 


7D0Provlno| 

unooOueSfwp 

I J2DO Hayrack f 

"11030 ftadpata “ 

177T42Rd6te«daA 
_ 1227 RMchlKHd_ 
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BOOKS 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


SPORTS 


Page 23 


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iehl Take 
up Races 


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VV;, 

1‘* .- 


.'•* 1 . 


JPEN, Colorado — Luxem- 

- ,.*g*s Marc GiiardeOi skied a 
.. \y flawless second ran Sunday 

nttisfoorth giant slalom of the 
m on the World Cop circuit. 

• ,‘rarddli, 21, edged Swedish 

an Lngemar Stenmark and 

ipic champion Max Julen of 
- . xiiand. Tne victory clinched 

yQRLD CUP SKIING 

985 giant slalom title for Gir- 
.. .. Hi and also pul him all but out 
' ach in the overall standings, 
ean while, in Banff. Alberta, 
: German Marina Kiehi won 
. -econd super-giant slalom in a 

• The 20-year-old’s fourth ca- 
nip victory came on a docking 
23.29, four-tenths of a second 
d of Swiss sensation Michela 

: v.u (1:23.70), who won the cup 
ahill title Friday on Banff's de- 
iing Great Divide course, 
ritteriand’s Brigitte Oertii 
:d third in 1:24.70, and team- 
. Zoe Hass (1:24.75) was 
->ii, to continue the Swiss donri- 
••'.m of the cup circuit this year. 

1 fth in 1:24.80, second-year 
“ .oetitor Eva Twardoken was the 

- ''of three Americans in the top 
. ;)ebbie Armstrong was seventh 
.~S.05) and Cindy Nelson fin- 

:.?i 10th (1:2529). 

T ^efai was the favorite going into 

- ' aiper giant, a relatively new 
. Id Cop event comb inin g the 
'f-i of downhill with the tecfam- 

. i'nesse of giant slalom. She won 
. . ' -event in Arosa, Switzerland, 
~ placed second and third in the 
earlier super-giants. The five- 
- -.- veteran also has a giant slalom 
' . ?ry this season. 

.real said she doesn't like down- 
. . because of their premium on 
-J— “I don’t have a good fcel- 
. .or my skis in downhSL” But 
' . uper-giani? “I love this race," 
aid. 





The victory technically tied 
Kiehi with Figini atop the giant 
slalom standings, whose points are 
based on a competitor's five bat 
results. Both have three golds, two 
silvers and two bronzes; but Kiehi 
is narrowly ahead because bar 
sixth-best placing was a fifth, com- 
pared with an eighth for Figini 

Figini made a couple of costly 
errors in the upper part of Sunday’s 
1,8 20-meter (5,970-foot) course, 
which had 37 gates. “But I have 
another chance at her at Lake Plac- 
id,” she said. 

The giant slalom championship 
win be decided later this month in 
races at Lake Placid, New York, 
and WaterriBc, New Hampshire. 

With Sunday’s victory, Giraideli 
added five points to bis overall to- 
tal, giving him 252 points. His clos- 
est pursuer, Switzerland’s Pirmin 


MESS 


H** s 


Hockey 

tional Hockey League Standings 


imfotohki 

Sftlngton 39 20 9 17 277 200 

blunders 34 2B 5 73 2M 260 

tanners 22 31 10 S* 2S2 2U 

HUBft 22 39 5 49 232 320 

Jersey 20 38 9 49 224 200 

MHI DMSfeB 

H 34 33 It 79 242 227 

32 >t 13 77 244 191 

33 23 9 75 273 242 
30 20 0 41 243 227 

a 21 38 1 50 228 290 

CAMPBELL CONFERENCE 
Norrti DlwMon 


WALES CONFERENCE 
Patrick Division 
W Lt Hi 6F W 
Ohio 4t 19 7 «9 291 2)4 


SW**"--’ 

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77 303 296 
76 312 2M 


'"'WOT 21 39 I SO 230 340 

*V ,-ncheil ptaroH berth 
1 SUNDAYS RESULTS 

■ ■ a i a-J 

niton I 1 0-2 


3 rr: 


ft 






orld Cup Skim 


MEN’S GIANT SLALOM 
UU Aspen. Cotortaol 
> Mare GJrnnMIL Luxembourg. 2:27A 
; fioomor Stenmark. Sweden, 2:2772. 

* wn Julen, Swltwland. 2-.27JU. 

. 4 tec GtoroL llalv. 2:27.96. 
i Hrrn>nZur1>rlB00n.Swllzeriond.2:2&02 
Robert Erlsdter. Itatv. 2:26.73. 

: tain Em Austria, 2:2972. 
totl Gaspoz. SwIRarlond. 2:2942, 
Peirovtc. Yuooskrvlo. 2:29.61. 
tabert srroiz. Austria. 2:2940. 

Ueftort Prnmoftoa Italy, 2:3023. 

•' Mctwol EOer, Wee) Garmony. 2:3047. 
Markus WOsmaler, West Germany. 
.V. 

talon KrizaL Yugoslavia 2:3039. 
new Show. UA. 2J1J3, 

OVERALL STANDINGS 
. jlronfcm 2S2 points. 

Uirbrtaaen. 207. 

Andrea* Won ret LlecMenstaln. 172. 

. tator Muller, swltzertand, 142, 

: ranz Heinrer, Switzerland. 136. 
itenmork, 135 

. -homos Buroler. Swltzertona 124. 

' ietmu* Hoflehnor. Austria nx 
■*otar Wlrnstieroar. Austria 111. 

(rbaL lei. 

- WOMEN'S GIANT SLALOM 
[At Bantt Alberto) 

' Aarlno Kiehi, West Germany. 1:2129 
Akheia FtalnL Swlhiertand. 1 :237D 
Jrlfirte OertIL Switzer land. 1:3470 
tae Haas. Switzerland. 1:2475 
tva TwarefoMa UJi. l:MJQ 
Otao Oiorvateva Czecnmhwalda 
i 

' tabble Aranh-ana. ui 1:25 AS 
tatberMo OulHel, Franca and Marla 
.'•r, Switzerland, i:25J» 

2ndv NeNaa UA. 1.-2S29 

taetoe Monmadywr. West Germany. 

tots Feraandu Ochoa, Saala 1:2537 
UchaelB Gera West Germany. 1:2543 
. lerrln Lee, Canada 1:2374 
J»irto Gramm. Canada 1-.2SJD 
OVERALL STANDINGS 
tataL 234 points 
•ernLlli 
VMIIsar. IK 

.tahl, 140 

IthatMth Ktrchter. AuMrla 156 
■ lUrvotova Iso 
"rUoo Hess. SwRzeriana 136 
mnara McKImev, UA. >57 
loos. 1M 

emondez Ochoa Spain. 98 


Football 
FL Standings 

EASTERN CONFERENCE 


Golf 


Ten fwwwrt end earnings In toe Say Hill 
aas*tatoaiwneof.wMcb concluded Sunday 
ert me 7,1 *3- vara parTl B*nr Hill Ctab course 

la Ortanda Flortoa: _ 

Fuzzy ZooUer. S9O80O 73-72-6M7— 27S 

Tom Wotua S54JH0 7147-7047-277 

Mark Lva S34XB6 Tl-TWMT-OT 

Curtu Stronpe. EWW 734J-6WS— 2M 

Sill Gtowon. S1B250 7 IWWIhM-«I1 

Paul Azlnaer. S1I3S6 ?2*iS-T*-7*-a*t 

Larry Nolma *18750 72^8-70-71—281 

Amtv Nona S140* 75-7O6W0-282 

Blit KretwH. S1MOO 7246JS49-5K 



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WESTERN CONFERENCE 


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!* Jww as. DM Anootes 24 
.to* 1 W. Pomona xj 
'•*°° Bay 21, son Antonio IS 
V ’ ■**' «&. Oakiana 7 


Transition 

BASEBALL 
American ueaaae 

n.y. Yankees— R enew** me eortraa or 
Don Mntttaeiv. fl«i besamoa ier me W85 
season. 

BASKETBALL 

HattMol BoskettwU AssoctaHan 
UA. CLIPPERS— Waived Bryan Worrit*. 
BUOrtL 

FOOTBALL 

Matlonat FStoban Leaeoe 
MINNESOTA— Nomad Pet* Carroll defen- 
sive bocktleld caacn. 

N.Y. GIANTS— Stoned Maurice Carman, 
running bock, to a three- veer contract 


Bauraue (Ul. Unsaman (2). Donnelly (51; 
Shsid ( l ]. Duchesne I M). SMh m pool : Bos- 
ton (on Rtwlnl T4-7— 21s Was Wi Wton (on 
Keans) 9-7-13-29. 

New Jersey • 1 e-1 

Wtanlpae 2 2 3—7 

BoscKnan (29), Steen 2 (29). Small (241, 
Eliott (19). HaMerchuk (A). Babycti (10): 
BnrtBn tm shots on not: Now jersey Ion 
Hayward] *-195—21; Winnipeg (an Rach, 
Kampurrt) 1F9-1 1—39. 

Minnesota I 1 9—3 

CMcnao 2 • 1—2 

Braten (16). R. Wlhon (1). Acton (18): 
Lomwr (39).Savard (34). shots to pool: Min- 
nesota (on Bamermon) 9-1*8—31; Chicago 
(on Mela noon) 12-94J0. 

Detroit 2 0 B— 2 

5L Loots 3 2 1-4 

WickentiaUer 3 123). Fettorfco (24). Wilson 
(7), Barr (Ul; Ogrndnlck (47), Gore (21). 
Shots an Boat: Detroit [on Wtonsley) 5-39— 
19: SL Louts (an Stefan. Mktdefl S-1M-26. 
Ptttsberob a 1 l— « 

PblkidefPlUa 3 7 1—11 

Conan tm, Stolsota 2 (Ui.Hachtaoni 1 (3). 
ZeaH (12). Craven (22). Paulin (24), Bergen 
13). Prapp (37). mutter (4); Bullard (261, 
Schoddon (34), Hannan (6). McDannel (2). 
Shots oa Boat: Pittsburgh (oil Froene. Und- 
berah) 7-11-7— 33: PhliadotoWa Con Ford. Ro- 
mano ) 17-23-8—48. 

Edmnta 1 2 8—3 

Vancouver 2 ] 1-4 

Klrtgn (13), Neely (16), MOCAdam 2 (13). 
Tontt 2 (33); Hughes (11 ), Messier ( 17). Kurrl 
(Ml. Shots on goto: Edmonton (on Broddeur) 
8-15-ll—M; Van. (on Zonler). 13-17-7-17. 
Buffalo 0 13 0-4 

Los Angeles 2 9 2 9-4 

□tonne 2 (»). Engbiom 13). Taylor (34); 
Tucker (16), Selling (12). Monsrsln (I), Cvr 
(191. Shots an pool: Buffalo (on Jonecvk. El- 
iot) 8-10-9-0 — 27; Los Angeles Ion Bdmusa 
Souve) 54-7-1—19. 

Montreal I 3 I 9—3 

Hartford 2 110-4 

Smith (13), Gainey (19), McPhee (15). Car- 
bomeau (19). Ludvrig (51 ; Ftrrara (2). Fnuv 
ds (211. Turweon 2 (29). BrewnscWdl* (1). 
Shots an goal: Montreal (on Weeks! 7-17-9-1— 
34; Horttard (on Penrevl \l-L12-5— 34. 


Tennis 

Davis Cup Results 

WORLD GROUP 
First Round 

Australia X Yugoslavia 2 
[At split. Yugoslavia) 

Slobodan Zlvol movie. Yugoslavia d*t Paul 
McNamee, Australia 3-6, 6-1 6-3. 

Kcrodsr z Argentina I 
(At Buenos Aires) 

Anarex Gamez and Ricardo Ycaza Ecua- 
dor. del. Martin Jolts and Jose Luis Clera 
Argentina 13- 1L 64. 3-6, L4. 

West Germany 3. Spain 2 
(At StadeHlnoen, West Germany) 
Joan Aguilera, Spain, del. Michael West- 
phaL West Germany. 6-4. 3-6, *4. 

AMERICAN ZONE 
second Round 
Mexico 3, Pern 2 
(At Mexico City) 

Pablo Arroyo. Peru, def. Jurat Lozano. 
Mexico. 34. 74, *4. 44, 4-2. 

Fronctseo MadeL Mexico, dei. Carlos D1 
Laura. Peru. W W. 6-2. 

casada 4> Co m mon w flat th Caribbean 1 
(A! Chicoutimi. Quebec) 

Martin wostoflholme. Canada, (tat. Robert 
Hate. Commonwealth Caribbean. W. 6-1 7-5. 

Stoohane Bornieau. Coaoda. def. Roger 
Smim. Commonwealth Coribbeorti-*. 17.1&6- 
4. 


Georgetown Heads Field of 64 
For NCAA Basketball Tourney 





Marc Girardelli in A^pen, sJduig ‘die way I know I can ski.’ 


ZurfariggRTL fintshflri fifth S unday 
and failed to add any points, leav- 
ing him with 207. 

Girardelli, fifth after the first 
run, which was ran in a driving 
snowstorm, blew away the compe- 
tition with a docking of 1 minute, 
14.12 on the second leg for an ag- 
gregate 2:27.40. 

Stenmark, winner of 79 cup races 
but a non winner this season, was 
second to Julen after the first heat 
and wound up at 2:27.72. Julen 
faded to third with a 1:1531 in the 
second ran for a combined 2:27.86. 

‘‘Visibility was a problem on the 
first ran,” said GirardeUi. “Condi- 
tions were difficult. I didn't believe 
after my first run that 1 had a 
chance to win, but I atmr-lfftd On the 
second — that was the way I had 
skied in training, the way I know I 
can ski" (AP, UPI ) 


The Associated Press 

KANSAS CITY. Missouri — 
Led by all-America Patrick Ewing, 
Georgetown will launch the de- 
fense of its National Collegiate 
Athletic Association basketball ti- 
tle Thursday night against the only 
squad with a losing record in a 64- 
team tournament field dominated 
by five conferences. 

Playing their first-rounder 
against Lehigh (12-18), the top- 
ranked Hoyas (30-2) arc one of five 
Big East Conference schools 
named Sunday night to the biggest 
and richest NCAA tournament 
ever. The Big Ten Conference land- 
ed six berths, breaking the tourney 
record of five. Also named were 
five Atlantic Coast and five South- 
eastern Conference schools. The 
Pacific-10 placed four of its teams, 
although outre-invincible UCLA 
was not among them. 

In all, 41 percent of the invita- 
tions went to those five leagues. 

Georgetown, SL John’s, Michi- 
gan and Oklahoma were made the 
top seeds in the four regions. 

Vic Bllbss, chairman of the nine- 
man selection committee, said the 
field — expanded by II at-large 
bids — is the best ever. “We are 
very excited," be said when the 
bracketing was announced after 
the committee spent three days and 
nights drawing up the pairings and 
seedings. 


large teams logo with 29 that quali- 
fied automatically as conference 
champions or conference tourna- 
ment winners. 

Big names among missing were 
In diana. NCAA champion in 1976 
and 1981 but a loser in six of its last 
seven games this season; Louisville, 
which won in 1980 and had been m 
the last eight NCAA tournaments; 
Houston, which had been in the 
final four the last three years, and 
UCLA, which won 10 lilies in a 12- 
year stretch ending in 1975 and had 
not missed the tournament two 
years a row since 1961. 

Bids went to only three indepen- 
dents — Notre Dame, Dayton and 
pePauL Sixteen teams with 20 or 
reore victories were deeded bids, 
and Bub as declined to speculate on 
bow many Had a realistic 

chance of winning. “There are a lot 
of them," he said "The number is 
getting greater every year." 

Teams with impressive records 
but also left out included West Vir- 


9). Siena (22-7), Cleveland State 
(21-8). Eastern Illinois (20-10). 
Youngstown State (20-1 1), Fresno 
State (20-9), Teanesseo-Chauanoo- 
ga (20-7). Alcorn Stale (2J-6), 
Georgia Southern (24-5), Houston 
Baptist (21-8) and Santa Clara (29- 
S>. 

Other Big East powers heading 
into first-round action this week in 
addition to Georgetown and St, 
John’s are Boston College, Syra- 
cuse, VDlanova and Pittsburgh. 
From the Big Ten are Illinois. 
Iowa, Michigan, Michigan Stale, 
Purdue and Ohio State. 

Three teams. Dayton, Notre 
Dame and Georgia Ta±, will enjoy 
home-court advantages in first- 
round play. 

“Past the first and second 
rounds, no team is allowed to play 
on its home court in the regionals," 
said Bubas. “It was the objective of 
the committee not to nave two 
teams replay their conference 
dxampionshp game earlier fimn the 
regional title game. When you do 
that, you have to move teams out of 
their natural geographic regions a 
little more." 





A 


Geocgetown’s Ewing, duing a weekend ricfcxy over St Join's. 


Flyers Storm to Divisional Lead With 11-4 Romp 


■ “The first 20 or 21 at-large teams rmiAutu-mA — j 
were easy ” Bubas said. “It was no a pretty sight The Phi 
trouble. The last 15 got difficult Ryers. unloaded a seasoi 


Compiled by Our Stuff From Dispatches into sole possession of first place in 
PHILADELPHIA — It was not the National Hockey League's Pat- 


and I'm telling you, the last six or shot5 m second period at rookie to Boston on Sunday after drop- 

‘“““6 . ■ nina luuh onrlc n t wiM with th. 


over Boston [on Saturday], and we Sinisalo's two goals gave him 30 
didn't know what to expecL But for the year, a career high. Becom- 
thqn we got a couple or goals, ing a standout in his fourth NHL 

and " By the end. 16 Flyers had season. Sinisalo is a former star of 

earned points. the Finland National team. At 6- 


dght — we could have stayed there 
a week. It was agonizing." 

First- round competition begins 
Thursday around the nation and 
the tournament wiD end in Lexing- 
ton, Kentucky, with the champion- 
ship game on April 1. Kentucky, a 
final-four team last season and host 
of the finals this year, made the 
field for a record 30th time despite 
having the worst record— 16*12— 
of the at-large entries. 

The committee picked 35 at- 


NHL FOCUS 

goal tender Brian Ford, and seven 
of them went in. 


ping both ends of a series with the 
Flyers on Thursday and Friday). 


Flyers unloaded a season-high 23 Washington (the Capitals lost 3-2 and. ..." By the end. 16 Flyershad season. Sinisalo is a former star of 
shots in second period at rookie to Boston on Sunday after drop- earned points. the Finland National team. At 6- 

. ping both ends of a series with the Lea Hachbora and Ukka Sini- foot - 1 and 190 (1.85 meters. 86.1 

vm VYifTTC Flyers on Thursday and Friday). sale both had two goals, Rick Toe- kilograms), be is a big, strong left 

- Elsewhere it was Winnipeg 7. J* V four and wing who has become a sharp- 

goal tender Brian Ford, and seven New Jfcrsey 1; Minnesota 3. Cbica- OTCe and sh< ^ l ? r ' . . . , 

of them went in. go 2; Montreal 5, Hartford 5; Sl tw 2n S 5? l f ■ , A . Although he missed 10 games 

“I fdt sorry for him — they were Loo* 6, Detroit 2; Vancouver 6. 7 - Afl ir that *f°“ l ““P ■“ because of back spasms. Sraisalo 
just bfitzSim," said iSngh Edmonton 3, and Buffalo 4. Lo^ ^ Kerr, who is _for three hasbeen brilliant ^sinre retiirnutg in 
riTf itadELr Anodes 4 weeks with strained knee hga- mid-January. In his first six games 

dermseman RodBuskas, who re- ^ ments. he had six goals and five assists. In 

caved a misconduct pendty with Wten we h«ud dial Wsjhmg- ^ ^ of ^ rmt last tfc including the vic- 

916 mrnutes to play m Sundays ton lost, we tried that much hanto sinisalo and Hachbora scomimne rones over Washington. Be has five 
game and missed the end of the to play wdL_ raid Pear ZezeU who seconds amri a dnb record bvtme ao»k and >hr» 


NCAA Tournament 

EAST REGIONAL 
First Round 

March 16 at Horttard. CqrmcNoui: 

Georgetown, 3D- 2. vs. Leftloh. 12-19; Temple. 
2*4. ve, Virginia Tec^TM; Loyola. Ill, 254 
vl long. 264; Southern McthnUst. 224. ml Old 
Dominion. 10-11. 

Mart* 15.01 AHanta: i!llno&2*«.v*.Norttt-- 
eatoenuSft; Gwrola,ai-&.«s.WlchHaS^U- 
12; Svracuta. 21-8. vs. DePauL 1M; Georgia 
Total. 2*7. vl Mercer. 224. 

EKoad Round 

Mortal I4.ui Horttard: Georftatown-LeMati 
wlnnar vs-Toinple-Va. Toch wirmer.SMU-O Id 
Dominion vs. Lovato-lona winner. 

March 17, at AHanta: Geargla-WIchlta SL 
wlnaarvS. llHnab-Hartheastern winner. Syr- 
ocuse-OePaul winner vs. Georgia Tech-Mor- 
eer winner. 

tomMnals: March Jl^rt Pravktanca. Rhods 
Mand 

Ctnmptonsliip: Mortal 21 cri ProvWsnce 

SOUTHEAST REGIONAL 
n r n ftwirt 

Mortal 14. at south head. Indiana: Kansas. 
24-7.vs.OMo 22-7; Purtlua. NHL vs. Auburn, 

20-11; North Carol Ina. !M-ft vs. Mi cUlaTannes- 
seo. 17-13; Metre Dome. 234. vs. Oregon 51-22- 

8 . 

March lftot Dovtan, Ohio: Louisiana Sl- 19- 
9. vs. Now. 256; Maryland. 23-11. vs. Mhunl. 
Ohio. 20-10; Michigan, 25-3. vs. Falrlelaii Dick- 
inson, 214; VHianova, 19-10. vs. Dayton. 1H. 
jlUCTfHf RWW HI 

March 16, at South Bond: Purdue- Auburn 
winner vs. Kanaas-Ohlo winner, Notre Dame- 
Orraon St. winner vs. N. Carolina-Middle 
Toon, winner. 

Mortal 17, al Dayton: Mldilgon-FDU win- 
ner vs. vHtanovo-Davton wlnnar. Maryland- 
MiamL Ohio winner vs. LSU-Navy winner. 

SemKlMrts: March 22 at Birmingham. Ato- 
homo 

Champ Icxatibi: March 24 al Birmingham 

MIDWEST REGIONAL 
, First Round 

Moral 14 atTalMhOlUohama: Ohio St- 194. 
vs. Iowa SL. 21-12: Louisiana Tech. 27-2) vs. 
Pmstwndv 17-11; Oklahoma. 29-5. vs. North 
Carolina AAT.1S-9: Southern CdUtarala. 194. 
vs. Illinois St* 1 21-7. 

March lint Houston; Memphis SL 274. vs. 
Pennsylvania. 15-U; Alabama-Mrmlnjdwin. 
34-8. vs. Mchtaan St. 19-9 j Twos Tech. 23-7. 
vs. Boston Colleoe. 18-10; Duke. 22-7, vs. Pea- 
oerdlrw, 234. 

Second Round 

March 16 at Tuba: Oklahoma- M.C. AAT 
Winner vs. Southern Cat-1 lllnofcSL winner. La 
Tecft-PIH winner vs. Ohio SL-lowa SL winner. 

March 17, at Houston: Texas Tech-Boston 
CoH. winner vs. Duke-Pew»WTSlne wtmwr. 
AJa-BIrmlnahamMichlgai SL wfmer vs. 
Memphis St.-Penn winner. 

SemHlnals: Marta 2L trt Dallas 

ChaaptoBsiyp: March 23. at Dallas 

WEST REGIONAL. 

First Rouen 

March K Of Salt Lake ah’, utan: SI. John*. 
334, vs. Southern U. 19-10: tawe. 21-10. w 
Arkansas, 21-12: Nevoda-Los Vegas. 27-1 vs. 
Sai Diego 91.227: Washington. 22-9, vs. Ken- 
tutav. 16-12, 

March IS, at AOmeraw, New Mexico: 
North Carolina St. 204. vs. Nevndo-Rena 21- 
9; Tulsa, 22-7, vs-Texas-El Pasam-9: Virginia 
Cam mon«Malth.25a. vs. Morshall. 71-12; Ala- 
bama. 21-9. vs. Arizona. 21-9. 

** Ltsal m aud 

Mortal M, at Salt Lake City: SL JohnV 
, southern winner v*. lDwa-Arkon*ns winner, 
washtaaton-Kentiitatv wrinner vs. UNLV-San 
Diego SL winner. 

Mortal 17. at Aibw n nerdBe: Ttase-uTEP 
winner vs. NX. St.-Nev.-Reno winner. Ala- 
bomo-Arlzam winner vs. vcu-MnrshaH win- 
ner. 

SemHlnals: Mortal 22 al Denver 

Ommalonskla: March 34 at Denver 

THE FINAL FOUR 

(At Lexington, KerrtudkY) 

SffflWiKtfi. Mardl 39 

East Champion w WOsi Chamotan 
Soultieast Chamotort vs. MWwact Champion 
CbomMOMhlA Aprfl 1 

NTT Tournament 

FMI Round 

March 12: Texas ALM, 18-1 Lot New MexK 
ea 19-12, 

Mvta>13; Cardsiuw 204. at Nebraska. U-13. 

Marck M: Montana. 72-7. at UCLA. 16-12: 
Alcarn SL, 23-6. ol LoufevllW. IMW Virginia, 
15-lS. at West Virginia, 30ft; BroWeY. 17-12, at 
Marquette. IMS; Tennessee, 1B-W,o4Teni» 
too Teen, 1 Ml Sl. Joseph's. Pa, 13-11. ol Mis- 
temri. 18-13; Florida 13-11. at Southweslern 
LouMana 16-13; Kent Stato, 17-12, VS. Clodo- 
notl 14-n. 

Mortal U: Houston, 16-13.01 Lamar, 19-11: 
Butter. IM.at Indiana 15-12; aemsoa W-H 
at Ta-Chattanooga 22-7; F or dh q nv 19-11, al 
(Uehmend, 29-ID; Sonia Ctwa.2M.al Fresno 
Stoi*. 21 -8; Wake Forest, W-13, ol South Florl- 
da 17-11. 

Secned RmN 

(Sttn gabtnss to he a nn ou n c e d) 
Qearferfinots 

March 23 (Sttee to be announced) 

SeartNaats 

March 27, at New York 


Basketball 

Selected Final U.S. College Conference Standings 


x-St. John’s 

v-Georoetown 

Syracuse 

VllUnova 

Pittsburgh 

Boston CalL 

Connecticut 

P r ov id ence 

Sewn Hall 


BIG EAST 

Conference All Games 
W L PtL W L Pci. 
15 1 -928 27 3 MB 

14 2 JR 2D 1 -938 

9 1 JO 11 1 J734 

9 7 .563 19 10 655 

8 8 JOQ 17 11 MO 

7 9 A39 18 ID 643 

6 10 J75 13 IS AU 

3 13 .181 11 20 J5S 

- 1 15 JK3 10 18 J57 ■ 


** Sfanrifium w. mIcmooo 7 u jb» 12 it job 

X Ji a Ul llll g B n. Illinois 7 11 ^89 II 16 .407 

Bowling Graen 6 12 J33 12 IS A44 

JSSnSS Cent. Mldiign 4 14 422 9 18 433 

i j rat to OMiwn regular^«Hon MttoJ 
* , 11 " (y-won conference tournament) 

„ PACIFIC COAST ATHLETIC 

Conference All Games 


Tennessee B 10 Mi 19 14 J63 

Mississippi 5 13 -278 11 T7 493 

VonderMIt 4 14 222 11 17 493 

Ix-won regular-season title) 

(y-won conference tournament) 

SOUTHWEST 

Conference AU Games 
W L Pel. W L P d. 
xjr-Texas Tech 12 4 .750 23 7 767 

Sa Methodist 10 6 623 23 V .710 


ft" - Doug Shedden, and Dave Han- unprovemeut this season is one of 
nan’s goal early in the seoond drew the reasons we’ve done so wdL We 
them to within one, at 4-3. “We started working hard in training 
thought we had them," said Bus- camp on power plays and killing 
kas, ‘‘and then the roof caved in." penalties, and we round be was 
__ The Flyers scored six straight invaluable doing both." 

7 11 jb 9 12 it -429 S 03 ^ before the period ended, all Flyer goalie Bob Froese pulled a 
7 11 ^89 11 it .407 but one from directly in front of groin muscle in the first period; 

! m ’ili a Ford. Penguin Coach Bob Berry replacement Pefle Lindberah got 

on titiei mercifully pulled the rookie be- credit for the victory, becoming the 

tournament) tween periods and sent in Roberto third Flyer ever to win 30 games in 

Romano- a season. (AP, LAT) 


(x-won regutoMeoaon Hlfo) 
(v-wan conference lournamml) 
BIG TEN 


x-Mlchiaan HIM 
Illinois 12 6 Mi 

Punk* 11 7 All 

Ohio St. 11 7 All 

Michigan SL 10 8 .554 

lowa 10 8 554 

Indiana 7 II J8 

Minnesota 6 « -333 

Wisconsin S 13 at 

Northwes te rn 2 16 .111 

(x-won regular se as on Mile) 
PACIFIC 19 


Conference All Games 
WL Pd. W L Pa. 

6 2 JH9 25 3 M3 

2 6 M7 74 8 -750 

1 7 All 2D I JU 

1 7 All 19 9 .679 

0 B 354 19 9 379 

10 8 556 11 10 Ml 

7 II J89 15 13 336 

6 17 -333 13 15 MA 

5 13 378 14 14 5D0 

3 16 .111 i 22 214 


Texas A&M 10 6 -625 

..Arkansas ’10 6 MS 

Texas ChrBttn 1 1 500 

Houston 8 8 JOB 

Texas 7 9 A39 

Baylor 4 12 .250 

Rice 1 11 m 

U-wqn reoular -reason tide) 
tv-wan conference tournament) 
SUN BELT 


6 -625 19 10 ASS 

6 .425 21 12 436 

9 500 16 12 571 

9 JOB 16 13 552 

9 .439 15 13 -534 

12 M0 11 17 M3 


X,v-Nev-Ls VBS 
) P f„ Fnwnuffl. 

' Fullerton SL 

« San Jose Sl_ 

a ™ Cowrvlne 

S ™ Cal-Santo Brh 

a S3t Pocmc 

» «3 N- Mexico St. 

: Lang Bedi SL 


17 1 544 27 3 J00 

15 3 -933 70 9 m 

11 7 All 17 13 567 

10 8 556 16 13 552 

10 8. 554 17 11 AB7 

8 10 -444 13 17 533 

8 10 «444 13 15 AM 

5 13 279 9 19 221 

A 14 -222 7 20 239 

2 16 .111 4 23 .148 


L «n-f n 10 M 345 l*4»on rawitaMtoson Hfle) 

^ ' - (v-won conference tournament) 

BIG SKY 


sftw hl ngtto 
Southern Cal 
Oregon SL 
Arizona 
UCLA 
Oregon 
Arizona SL 
Californio 
Washington St. 
Stanford 


Conference All Thames 
W L PcL W L PCi. 
13 5 222 22 9 210 

13 5 222 19 9 579 

12 6 547 22 8 233 

12 6 567 21 9 200 

12 6 547 16 12 571 

8 9 X71 15 15 500 

7 11 289 12 16 .429 

5 13 278 13 15 Mi 

S 13 271 13 15 444 

3 15 .147 11 17 293 


X.V-VO. CmmtL 12 2 557 

Ala. -0 Inn. 11 3 286 

Old Dominion 9 5 543 

5. Florida 4 8 A29 

Jacksonville 6 I 48 

5. Alabama 4 8 A29 

W. Kentucky 5 9 257 

N.C. Chariotte 1 13 571 

tn won regular-season Mile) 

|y won conierenct tourname nt ) 
METRO 


Co nference All Games 
w l Pet. w L PcL 
12 2 557 23 5 333 

11 3 286 24 8 250 

9 5 543 19 IT 533 

4 8 529 17 11 507 

6 8 529 15 14 517 

6 8 529 15 13 536 

5 9 257 14 14 500 


x,y-Nev.-Rer>o 
Montana 
Weber SL 
N. Arizona 
Montana SI. 
Boise 51. 
Idaho St. 
Idaho 


Co n ference AH Games 
w l PcL w L Pet. 

11 3 286 21 9 200 

10 4 214 22 7 299 

9 5 542 20 9 590 

8 6 571 17 11 507 

7 7 500 11 17 J93 

5 9 257 16 14 533 

5 9 257 15 18 555 


’ 15L? 71 5 23 ' T7V U-won reoulanaeasdfl title) 

w .. tv-won conterancs taurnamenll 

WESTERN ATHLETIC 

_ Conference All Games 


Conference All Games 


(x-won regular-season title) 

ATLANTIC COAST 

Conference All Games 
W L PcL W L Pa. 
x-N. Carolina 9 S 40 W 8 250 

Georgia Tell 9 3 543 24 7 274 

N. Caroline SL 9 5 543 20 9 590 

Duke 8 6 571 22 7 JM 

Maryland 8 6 571 23 11 576 

Clemson 5 9 557 16 12 571 

Wake Forest S 9 2S7 15 13 534 

Virginia 3 11 214 14 15 583 

f x-won con fer ence tournament) 
SOUTHEASTERN 

Con fe rence All Games 
W L Pet. W L Pet 
K- Louisiana SL 13 5 222 19 9 579 

Georgia 12 6 567 21 8 234 

Alabama 11 7 511 21 9 200 

Kentucky 11 7 511 16 12 571 

Florida 9 9 509 18 11 521 

Mississippi St. 

y-Autxim 


x.y-MmptiU SL 
Virginia Tetat 

Cindrtnat 

S. Carolina 
LautsvUle 
Tulane 
Florida St. 

S. Mississippi 


W L Pet. W L Pet. 
13 I 529 37 3 500 

10 4 JU 20 8 JU 

8 6 571 16 13 552 

6 8 529 15 13 536 

6 8 529 14 14 500 

6 8 529 15 13 534 

4 ID 284 14 16 567 


W L Pd. W 
jcTexas-EI Ps 12 4 J50 21 

y-San Dleg SL 11 5 588 23 

Cotorada SL 9 7 563 19 

New Mexico 9 7 563 19 

Brigham Yang 9 7 563 15 

Utah 9 8 500 

Wyoming 7 9 531 

Hawaii 5 11 JI3 

Air Farce 2 14 .125 

ix-won regular-season title) 
[v-won conference tournament) 
IVY LEAGUE 


1 11 214 7 21 350 


(x-won regular-season title) 
hMMon conference twmamenl) 
ATLANTIC 10 


Conference All Games 
W L PcL W L PcL 


Pd. W L Pet. 

4 J50 21 9 JOB 

5 588 23 7 J67 

7 563 18 12 500 

7 543 18 12 500 

7 543 15 U 517 

8 500 15 16 584 

9 538 15 14 517 


S 11 J13 10 18 J57 
2 14 .125 B 20 294 


Conference All Games 


6 567 21 8 J34 

7 511 21 9 J00 

7 511 16 12 571 

9 509 18 11 521 


x-W. Virginia 

v-Temrte 

SL Joseph's 

Rutgers 

Gea Wast in g In 

Massachusetts 

51. Bonav e nlur 
Duauesne 
Penn SL 
Rhode Island 


I? 1 S « ! 22 x-Pennivlvanki 

15 3 .823 7A 5 J2B 

13 5 J2I U 11 521 

9 9 500 16 14 533 rT™. 

9 9 500 14 14 500 

9 9 500 13 IS 564 

7 11 389 14 15 583 

i s 'i j; % sssl*. 

4 14 ,222 8 19 J76 i .-won regular- 

2 16 JU 8 20 M 


9 500 13 15 564 


Rhode Island 2 14 JU 8 20 J86 

(x-won regular -season tllle) 

(V-won conference tournament) ilntr _ name 

ECAC NORTH ATLANTIC DOVtan 

Conference Ail Games DePaut 
W L PCL W L Pet. Marauette 
x -Can Iglus 13 3 JI3 20 9 590 Texas-San 


W L Pci. 

x-Pennsvlvcmki 10 4 J14 

Columbia 9 5 543 

Cornell B 6 571 

Harvard 7 7 500 

Yale 7 7 500 

Princeton 7 7 500 

Brawn 5 9 557 

Dartmouth 3 II -2M 

M-wan regular-season title] 

INDEPENDENTS 


4 J14 13 13 500 

5 543 13 13 500 

6 571 14 12 531 

7 500 15 9 535 

7 500 14 13 538 

7 590 11 15 523 

9 557 9 18 533 

IT JU 5 21 .192 


College Results 


TOURNAMENT CHAMPIONSHIPS 
Atlantic coast Conference 
Georgia Tech 57. North Carolina 54 
MM-Contlnant Conference 
E. Illinois 7 S, SW Missouri 64 

Southwest Con fer ence 
Texas Tech 67. Arkansas 64 

MIDWEST 

Michigan 71 Indiana 71 


CoDege Top-20 Results 


* -Can talus 
y-Nortfteastem 
Siena 12 4 .750 22 7 J59 

Niagara 11 S 588 16 12 571 

Boston U. 9 7 563 15 15 500 

Maine S II J13 11 17 J93 

Vermont 5 11 JU 9 19 J21 

N. Hampshire 4 12 JS0 7 22 J41 

Colgate 0 16 JM0 5 21 .192' 

Hartford - - ^ 7 21 JSO 

(x-wen tiebreaker tor first-seed Inconfermce 
log moment) 

(v-wan conference tournament) 

■IG EIGHT 


3 JU 20 9 590 TcxavSan Antnlo 
3 JU 22 8 J3J Chicago SL 


Radford 

Utica 

SW LauUkma 
Brooklyn 


W L PcL 
20 8 .714 

19 9 579 

19 9 579 

18 10 543 
17 11 507 
16 11 593 
16 12 571 
'IS 12 556 
16 13 552 
IS 13 536 


' NBA Standings 


EASTERN CONFERENCE 
Atlantic Dletaloa 

W L PC 


x.y-Oklahama 

Kansas 

Iowa sl 
M issouri 
Kansas SI. 


How toe As s oci ated Press toa-20 cottage Missouri 
basketball learnt fared lost week: Kansas Sl. 

Mo. I Georgetown (30-2) def. Conn0dfcut93- Colorado 
62; def. Syracuse 744S; deL St. John** 92-00. Nebraxka 
Ho. 2 Si. John's 0741 def. Prmfdence 90-62; Oklahoma SL 
dot VUlanavaBftM; MSI to Georgetown V2-8Q- (*-»on reoul 

No. 3 Michigan (25-3) del. Ohio SL 77-72; def. (V-won conh 
Indiana 7V7V. 1 

MO. 4 Oklahoma (2851 deLOUafuxna Sf.114- 
ei; deL Missouri 1DP84; deL Iowa St. 73-71. 

Na.S MamuWoSL 127-31 del. Southern Mta- x-Tutao 
stastopl 68-58; deL Louisville 8W4; def. Ftori- I*"" 1 * »■ 
do St. 90-86, OT. y.Wtewia St 

No. < North Carolina (248) deL wake Fores Brodtev 
72-61, OT; def. Norm Carolina St 57-51; lost to CreJohton 
Georgia Tech 5784. s. Illinois 

Na.7Duke|a9-7)dtL Maryland 86-73; lost to Indtem SL 
■ Georgia Tech 758L w. Texa* 5L 

Ne.1 Laalslaoa Tech (27-2) deL Mortheasf Drake 
Louisiana 72-70. OT; deL Lamar 70-69; (X-won reoul 

No. f Oeanria Tech (34J) def. Virginia St (v-w«n «nh 
48; deL Duke 7584; deL Norm Carolina 57-54. 

tot 18 Kansas (25-7) deL Nebraska *48?; 

MSI to lowg 57. 7S-S9. 

No. 11 Naradg-Las Vegas 07-1) Get Pacific *.yDhto U. 
•ft5B;dcLSanJaseSL6D-59;0af.FuDertanSL MiamL Ohio 
79-41. Toledo 

Nb.13 vtratato Commeaweattb (25-S) did SL 
not ploy. E. Michigan 

No. a s y ra ue s e (21-8) d#L Boston College BaH SL 
70-69; tata to Georgetown 7+6L 
NAMlWoota (248) deL lawa S»83. OT; deL ' 

Mtonetoto BBdft f? v L*L 

No. 15 Totaa (23.7) ctoL wen Texas SL 7489; MUUI 

deL Bradley 85-77; lota to Wichita SL 8482. — — 

no. 16 Loratab linnoB (255) deL Ofttabamo S 

City 10085; def. Xavier. (Wo »at deL Oral Atlanta 5. 1 

Roberts 083. Baltimore J 

No.i7GOBrata ai-8)<M-Tg noem« 6781; cbckwn 

lost to Afebamo 7483. Mlnnesato 

no- u North caralbia ». EM) def. Clemson Taranto 9,, 

7063; tast to North Cerafina 57-5L OBobo O, 

No. 19 L-Mistona SL (19-9) Iota to Auburn 58- Montreal T 

& Chfoaao W3 

No. 30 Southern MethOAta (2W1 OeL Hows- Detroit 4. < 

ton 84-73; Iota to Arkansas 6885. Son Frond 


w l Pci. w L PCt. 
U 1 -929 28 S JUS 

11 3 786 26 7 J76 

7 7 500 21 12 536 

7 7 580 19 12 5U 

5 9 J57 14 14 5DQ 

5 9 J57 II 17 J93 

S 9 557 13 12 5» 

3 11 5(4 12 16 529 


(sr-wan reou la r — a eon Ntfe] 
(y-won c on fe rence lournomeftt) 
MISSOURI VALLEY 


x-floriun 

SO 

14 

JB1 

— 

x-PMketoMUa 

48 

It 

JSO 

2 

Mew Jersey 

to 

32 

500 

18 

washlngMn 

to 

32 

5D0 

18 

New York 

21 43 

Central Division 

toft 

29 

Mthwwkee 

44 

19 

598 

— 

Detroll 

to 

a 

556 

9 

Chicago 

to 

33 

576 

14 

AH onto 

25 

38 

397 

19 

Cleveland ■ 

35 

a 

an 

19 

Indiana 

19 

44 

302 

25 


Victorious ZoeUer Completes 
His Comeback From Surgery 

By Gordon S. White Jr. 

New York Times Service 

ORLANDO, Florida — Fuzzy ZoeQer completed one of golfs 
memorable comebacks Sunday when he won the Bay Hill Classic golf 
tournament five months and 13 days after undergoing surgery for a 
raptured spinal disk that had pained him severely for years, 

ZoeUer, who won the U.S. Open last June while in pain, won 
Sunday against (me of the best. He beat Tom Watson by two strokes 
on Arnold Palmer’s long and difficult Bay Hill Club course. 

ZoeUer s victory came just two months and 1 1 days after his doctor 
told him he could swing a gplf dub again. It was his third tournament 
since his return to the PGA tour. 

Playing as steadily as any golfer could hope to on this 7,103-yard 
course, ZoeUer paired the last 11 holes after four early birdies to score 
a 4-nnder 67 and win 590,000 with a 9-under total of 27S. Watson, 
who eagled the first hole Sunday, also shot a 67 for his 277. 

“Who’s your doctor?” Watson jokingly asked ZoeUer after the 
tournament “I think FQ get a back operation-" 

Then the runner-up said, “I’m happy for Fuzzy. 1 haven't had a 
back operation and. don’t particularly want one. But to win a gplf 
tournament this soon after surgery is something. He's seen his career 
go away right before his eyes, knowing be might not ever play again. If 
that happened to me I'd feel like panicking." 

Watson, who lost to ZoeUer in a playoff at the 1979 Masters, 
compared ZoeUer’ s return to successful golf with those of Ben Hogan, 
Gene Lit tier and Lee Trevino. 

Hogan, who won the 1948 U_S. Open, was in a near-fatal auto 
accident in 1949 and returned to win three more U.S. Open titles and 
the 1953 British Open, li tiler, the 1961 U.S. Open champion, under- 
went cancer surgery in 1972 and came back to win five more times on 
the regular tour and eight times on the PG A’s senior tour. Trevino had 
bade surgery similar to ZoeUer’s in 1979 and won the PGA Champi- 
onship Iasi August at the agp of 44. 

Coming up the long 1 8th hole, which was made difficult with water 
fronting the pin placement Sunday, ZoeQer calmly hit a drive in the 
fairway and a 5-iron to the back fringe. He chipped five feet from the 
pin and, in his no-hesitation style, walked up and stroked his 275th 
shot of the tournament into the cup. 

“I’m only about 70 percent healed, and the doctor says it will be two 
years after the surgery before Tm fully healed," said ZoeUer, 33. 

But (he extent of his elation was obvious. "It feels great — I’m on 
cloud nine,” be said. 


Coach Motta Wins No. 700 
As Mavericks Throttle Nets 


Co nfera ncoAll Gomes oenver 


WE STERN CONFERENCE 
Midwest D Maine 


Illinois St. 11 5 588 J 

y.Wtctiita SL It 5 588 1 

Brodtev * 7 SO '• 

Crtashton 9 7 563 : 

S. Illinois 6 10 MS 1 

Indiana SL 6 10 575 1 

W, Texas 5L 4 12 JSO 1 

Drake a 12 JSO 1 

(x-won regular-season HHg) 
(v-wan (Mwfaronce tournament) 
MID-AMERICAN 


Toledo 
K«m SL 

E. Michigan 

BaH SL 


5 0 J57 11 17 J93 m S U CompUed by Our Staff From Dispauhes coached bettCT^you’d have had this 

5 it n ?6 2 S a 3 « 19 EAST RUTHERFORD, New n . „ 

M*?Lt 1 19 2 .302 2S Jersey — Wb«i Dick Motta took T/v: An^Kir^ 

western conference his first pro coaching job in 1968, ,9^ LosAngelcs Clippers 

"SKSuiao^ ^ ,M * nMD TZ 556 - 1* regar&d hTrSiping stow ^1, and Milwaukee 110, Portland 

” L . Pt * " ^ Howrnn 38 26 594 4 for a return to college coaching tk* u OUO HnVr l;. ^ roe L 

11 5 5M 21 7 “""ft* 35 29 567 7 Bui when Mark Agthrrc scored 32 T»Majmclatat52of85shot8 

" s m f. b S “ 5 2 if* points and RolaiuloBtacknign 28 bSSJST “5?* 

9 7 MS 17 12 516 „ , ra ,« peTCenL Blackman was particularly 

9 7 563 20 12 525 McMc Dhriuu " t on tarect, connecting on 13 of 16 

* uHS ^ Lak * rt * !" - 714 - . I'®A FOCUS shots from the floor. 

4 12 jso ii 17 J93 2 S 5« if 6 k c.5 , . „ The victory gave Dallas a 35-29 

4 12 w m sprite 27 “ On 18k, bfre Sund ay to lead Dallas to a record on ^ season, leaving it 

rZSLn la. aipporo no mm* 126-113 victory overNew Jersey, three games behind HoustodK 

t tSJJS B o taY ofib«^ 7 44 ^ Motta became only the fourth cm- battle for second place in the 

OMR. eom« Sundays rjbsults J ^ uOn ™ w** 1 ^vision. Dallas is almost a 

I 1 ."*" ^ *!£• DaiiM Jana ii-ias Natiaial Basketball Association, dnch to become Motra’s 12th ' 

“ 7 M S S ^ btotta, who had been to make theplayoffs. He won the 

« l « « £1 Dawkins ini m a*. Ritawtsan 10-30SJ2L eessful m ax seasons at Weber championship Mth W ashin gton m 

I I ™ Jl n ™ Reboands: Dallas 46 (Aguirre, perkim, Vln- State in Utah before taking OWS 1978. 

; s s s s raaBsassaas 


12 4 J9 n T Ml 

11 5 588 21 7 JR) 

11 5 588 IB 12 50) 

9 7 561 17 12 516 

9 7 563 20 12 525 

6 10 575 14 14 500 

6 1ft 375 14 IS 5K) 

4 12 JSO 11 17 393 

4 12 550 12 15 544 


Denver 

42 

22 

556 

— 

Houston 

38 

26 

594 

4 

Dallas 

to 

» 

567 

7 

San Adtonla 

32 

33 

592 

10» 

Utah 

31 

33 

584 

11 

Kansas atv 

23 41 
Pacific DMsioe 

J59 

19 

LA, Laken 

45 

11 

J14 

— 

Phoenix 

3ft 

34 

569 

15Vj 

Portland 

to 

35 

562 

16 

Seattle 

27 

37 

532 

1891 

LA. Clippers 

22 

42 

•344 

23Vi 

Golden State 

17 

46 

■Z70 

a 


Conference All Gomel 


W L PCL 
14 4 J7 

U 5 J3 


4 J78 22 7 JS9 

5 7U 2D 10 567 


K-cOnched atayoff berth. 

SUNDAY? RESULTS 
Dallas 32 M U 

Mew toner 36 M 37 


7 511 16 12 571 


Exhibition Baseball 


SUNDAY'S RESULTS 
Atlanta S. Houston 2 
Bail) more & New York Yonfceu 2 
Ctoctanatl 6, LO* Angeles 2 
Mlnnesato (ss) A Boston & 1ft Innlnoa 
Toronto 9, Mtonesoto tea) 6 
CtoeoBb Cuta* f. Milwaukee 3 
Mentroal 1L T«xee 8 
Chtoaeo While Sex (») 7. Kansas City 4 
Detroit 8 Chicago While Sax Us) 2 
Sen Francisco I> Cfevetond o 


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Page 24 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, MARCH 12, 1985 


ART BUCHWALD 


The University of Steroids 



“Pressure for profits fuds cheat- 
ing in college sports” 

— Headline in USA Today. 

W ASHINGTON — Football 
coach Bobby Tawdry was liv- 
id. He had just been informed by 
the president of the “University of 
Champions” that his 1985 budget 
had been frozen. 

“How do they expect me to get to 
a bowl game if 
they don't give 
me the tools to 
do it? 7 Tawdry 
asked his wife. 

Delta. 

“Why would 
he freeze your 
budget?" she 
asked. 

“He says he 
needs more 
money for his 
professors. They want to be paid 
the same rates as the football play- 

M 

ers, 

“That's ridiculous. There isn't a 
top 20 school in the United States 
that could afford to pay professors 
what you pay your players. Did you 
point out that the team makes a 
profit while professors are just a 
drain on school finances?” 

“Sure I did. And he said there’s a 
uew rule. 1 have to spend as much 
money on education as I do on 
athletics, or the school will lose its 
accreditation. I said Td like to see 
him tell that to an all-state line man 
who won’t take less than 5100,000 
to play on the team.” 

□ 

“1 hope that shook him up,” Del- 
la said. 

“It should have. But then he 
went into a song and dance about 
how much money the athletic de- 
partment was spending on steroids. 
He said it doesn't look good for a 
major university to be dispensing 
drugs to the football team. The 
next thing 1 expected him to do was 


teQ me 1 have to play the kids 
without painkillers.” 

Delta was furious. “They all live 
in their ivoiy towers and have.no 
idea what it takes to win a confer- 


ence title. How do they expect you 
ty Satin 


to fill the stadium every Saturday 
afternoon without pills? Did you 
tell him if you didn’t give your 
players steroids they would never 
be big enough to get a contract in 
pro football?’ 

“Yes, and he mumbled some- 
thing about it wasn’t the universi- 
ty’ s job to develop talent for profes- 
sional sports. I told him, ‘We're the 
little leagues for pro football The 
only reason the kids pot out 100 


percent is so they can get the atten- 


tion of the 
stands." 


scouts in the 


'Requiem’ Down for Count 

The Associated Press 

NEW YORK — “Requiem for a 
Heavyweight,” Rod Serling’s dra- 
ma about an over-the-hUi boxer, 
has closed on Broadway after four 
performances. The play, with John 
LiLhgow as Harlan (Mountain) 
McQintock and George Segal as 
his unscrupulous manager, opened 
to mixed notices, although Lithgow 
was generally praised. 


“Did that shut him up?” 

“It did about the steroids, but 
then he brought up student grades. 
He said he was still getting heal 
from the conference about players 
not attending any classes last year. 
He told me the faculty has its back 
up. and recently voted not to pass 
anybody unless he came to school 
Furthermore, be said I could no 
longer suit up a member of the 
team unless he could read and 
write. That really sent me through 
the roof. 1 told him, "You're lying 
both my hands behind my back. 
Why don't yon cut off my legs and 
be done with it? ” 

“I’m amazed you keptyour tem- 
per as long as you did," Delta said. 

"Then t told him, '1 was hired to 
coach football to bring glory and 
recognition to the school But I 
have to do it my way. If you freeze 
the money so I can’t recruit the 
high school players, and if you put 
impossible drug and educational 
restrictions in my way, then I have 
no choice but to take my case to 
alumni. Let them decide whether 
they want a winning team, or one 
that plays by the NCAA rules and 
becomes the laughingstock of Sat- 
urday’s TV game erf the week-’ ” 

“And he folded?” Delta said. 

“He should have, but he didn’t. 
He said he was gang to take it op 
with the board of trustees and ask 
for a vote of confidence. Z warned 
him it was a mistake. When trustees 
have to choose between an admin- 
istrator who is throwing away mon- 


ey on faculty salaries, and a win- 
>tbaD< 


rung football coach who is 
in 520 million a year, the 
president doesn’t have a prayer. 


A 'Musical Picture Book’ of a Japanese Pop Star 


By Christine Chapman 

International Herald Tribune 

T OKYO — "YMO played a 
role in telling people a very 


kamoto, the best-known member 
of the former Yellow Magic Of* 
chestra. “At that time, whatever 
came to my month, 1 could make 
into a message from the group. 
Like byoki, ‘sick-' I said, Tokyo is 
sick, big cities arc sick.’ The right 
word at the right time becomes 


was good at that I spoke the 
key words the public wanted to 
bear. YMO was just like an anten- 
na.” 

The young man in the baggy 
blade overcoat looked like any 
fad-loving Tokyo youth, with 
black bag slung over his shoulder 
and cigarette hanging between his 
lips. But Sakamoto is a cult figure, 
an idol Tor thousands erf teen- 
agers and university students. 

He is a composer, arranger, pi- 
anist, singer, lyricist, producer, 
businessman, winner of record- 
industry prizes for his arrange- 
ments. He has undergraduate and 
master's degrees in music from 
the formidable Tokyo University 
of Fine Arts and Musk. He is a 
sex symbol to both sexes for his 
performances on the concert 
stage and in the 1983 film “Merry 
Christmas, Mr. Lawrence," in 
which he played the commandant 
of a Japanese FOW camp who is 
attracted to a prisoner played by 
David Bowie. He also composed 
most of the film's haunting scores 
which became a best-seller in Ja- 
pan and sold about 150,000 
copies in France and England. 

At 33, after nine yean in the 
pop music business, Sakamoto is 
on top in spite of the breakup of 
the band known as YMO, be- 
cause he writes music that pleases 
and he knows how to package 
himself. 

His public face, on record jack- 
ets, billboard advertisements and 
videotapes, is handsome and un- 
smiling, with a touch of arro- 
gance. In private, in his office, his 
face is amused and lively, and 
reflects his astuteness about the 
music business. - 

“Half of my fans are junior and 
senior high school students,” he 
said. “And mostly 17-year-old 
girls. To them it doesn't matter 
what I make but how attractive 1 
am. They don’t care about con- 


tents or the quality of a person 
but about appearances. 

“For the cater half, my serious 
fans, it doesn’t matter what 1 
think. It is important that I make 
music and have a face that ap* 
to them. If 1 don’t, they'll 
i someone who does. 

“What’s important forme,” he 
wnpha«r/pH t ' “is that I continue to 
do whatever I like. Thai comes 
first Now I'm famous, bat Z don’t 
like to pander to the public.” 

In October, Sakamoto brought 
out a solo album, “Ongaku Zu- 
kan” (Music Picture Book), which 
has sold 200,000 copies. Voted the 
best record of 1984 by the popular 
magazine Brutus, the album con- 
jures up exotic lagoons, forests 
where children play, quiet moods 
in compositions that the Japanese 
call “background music," sooth- 
ing nmac to drink or 
Sakamoto called it “an 
without a theme.” 







“Records are usually based cm 
a concept or theme, like the tropi- 
cal-atmosphere album, or Berlin 
in the '20s," he said. “Bat 1 last 
interest in making that kind of 
record. Now I go to the studio and 
compose the way I feel I impro- 
vise. It’s like writing a diary. 

“Ongaku Zukan,” which is 
scheduled to be released in Eu- 
rope this year, is a musical break- 
away from the rock tunes erf the 
Yellow Magic Orchestra. Al- 
though the new album uses the 
synthesizer and a computer for 
effects, it is much more subdued 
than YMO's “techno-pop" 
sounds. 


Ryuidri Sakamoto: “As long as it sounds like me.’ 


YMO, from its inception in 
early 1978 under Haruomi Ho- 
sono to its demise in December 
1983 after a two-month tour that 
took the group to Europe and the 
United States, changed the sound 
of contemporary rode in Japan. It 
took high technology out of the 
factories and offices and put it on 
the concert stage. YMO was the 
pioneer in Japan for the musical 
use of electronic equipment. 


Techno-poj}' Is a word 


coined by YMO five years ago,” 
Sakamoto said. “But it’s still ap- 
plied to os. Today neither the 
word aor the musk is new. Com- 
puters and synthesizers are used 
throughout the worid in pop mu- 
sic performances, but YMO made 
a foothold for the present popu- 
larity of techno-pop ” 

YMO, as it is virtually always 


called in Japan, brought novelty 
to music. It also brought fashion, 
and a language among young Jap- 
anese that is stifl reverberating in 
the streets of their dty play- 
grounds and in Akihabara. the 
electronics district, where they 
bay tedmo-toys such as synthe- 
sizers and personal computers. 

They want their own synthesiz- 
ers because, as Sakamoto put it, 
“having become more and more 
computerized, the synthesizer is 
regarded as an electro-tool a mu- 
sical instrument free from tradi- 
tion and custom.” 

Explaining YMO's name, Sa- 
kamoto said: “There are two 
powers in the world, white and 
black. Yellow is in the middle. 
Like black power and blade mag- 
ic, yellow power, yellow magic. 
We wanted to keep the Japan 
boom going. When it reached its 
peak, we broke up our band.” 

Rumens crop up rcgnlarly that 
YMO wfll get back together, hut 
Sakamoto said no. “It would be 
good business to get back togeth- 
er, but Tor personal reasons we 
will not do it,” he insisted 

“Eventually.” he added, ~Td 
like to form my own band. But I 
get tired of doing one thing for a 
tong time:" 

In the brutal Japanese-Brixish 
film “Merry Christmas, Mr. Law- 
rence, 1 ’ Sakamoto disappointed 


himself and the critics, who con- 
sidered trim miscast. The director, 
Nagisa Ostrima, asked him to take 
the rede of commandant as 
a foil to the British pop star, Da- 
vid Bowie, playing a rebellious 
prisoner. Sakamoto agreed on the 
condition that Oshima allow him 
to compose the movie’s theme 
: may be the 


music. 


fcmayb 

most' memorable part of the film. 


part of the 

In retrospect, Sakamoto said, 
he dislikes the movie because it 
stresses the fanaticism of the war- 
time Japanese Army. “The Japan 
in tins film is not the real Japan, 
and 1 am not in sympathy with 
the old Japanese mmlary," he 
said. 

He added, “I don't think I'm 
cut out to be an actor. Of course, 
it satisfies my narcissism, but I 
think Tm better at composing 
music for films. Because Tm ac- 
quainted with music of many 
genres, countries and historical 
backgrounds. 1 am sure I can cre- 
ate something new from the fu- 
sion 'of these dements.” 

Videos are new to Japanese pop 
music. Sakamoto has made two: 
one, for Sony, on the electric key- 
board, playing his "Tribute” ded- 
icated to the avant-garde Korean 
artist Nam June Fade, and one 
produced by his recording com- 
pany, Midi lnc^ to promote “On- 
gaku Zukan.” This month he has 


recording and film sessions 
scheduled in San Francisco, Lon- 
don and New York with English 
and Japanese musicians. To cut a 
record abroad is good business 
for Japanese entertainers, who 
know the impetus a made-in- 
New-York label gives sales. 

When Sakamoto was attending 
high school during the late 1960s, 
he was influenced by yokica 
(gangster) movies, jazz, rock ’n* 
roll and the student movement. T 
fought against capitalism by de- 
nying the bourgeois in myself," he 
recalled T swept out my own 
racial prejudices, such as the Ko- 
rean problem, and recognized my 
dass-consdoiisness.” 

In 1970, when he started study- 
ing composition at the Tokyo 
University of Fine Arts and Mu- 
se, he had already written music. 
In 1974 he continued into the 
graduate school, studying audio 
research and becoming serious 
about electronic muse. Friends 
call him kyoju, “the professor.” 

After receiving his master’s de- 
gree in 1976, he became an ar- 
ranger for other musicians. In 
1978 he cut a solo album, “One 
Thousand Knives,” and YMO 
was formed The group began 
.touring in 1979, and that year 
Sakamoto woo the record indus- 
try’s big prize. Record Tatsho, for 
his arrangement of “American 
Feeling." With YMO on tour 
abroad was a singer named AJako 
Yano; they marned in 1982. That 
year Sakamoto also formed Midi 
Inc. 

In 1984 he started Honbondo, a 
p ublishing bouse. It is “a media 
performance,” he said. “We don’t 
publish books — that’s the last 
thing I want to do. We publish 
scores, conversations, cassettes. I 
act as mediator. It’s play, fun in 
die media world” 

It was this sense of play, of 
having fun with music, that won 
Sakamoto and YMO such a wide 
following. As (me of his admirers, 
22-year-old Hiroe Takahashl 
said: “Although his music is new, 
it’s acceptable, not ridiculous. I 
like his originality and his nice- 
looking face ” Sire added, “He's 
an intellectual with a base in clas- 
sical music.” 

T can’t put my music in one 
pattern,” said Sakamoto. T am a 
man of many faces. What 1 do in 
style is good as long as it sounds 
like me — Sakamoto-uric.” 


PEOPLE 



Producer Cancels FUni 
On McDonald^s iQUiju 

After pleas from victims’ n 
fives, a producer has called 
plans to make a film abend 

massacre last summer at a McD- 

aid’s restaurant in Califorr 
“This movie will not be made,, 
me, ever," said Lany Sphey, ?!i|t 
canceled his plans after meal 1 
with victims’ families and 
idents of the border communiti , ,i > 
San Ysidro, where James Of tfffY ’* 
Hubert? lolled 21 pawn s ;T : ‘ 

wounded 19 before bring shot 
death by police. . . . MHos { . 
man has won the Directors Gufli 
America award for best directo- 
1984, for “Amadeus." la the 
yens since the awards began. 



guild award and the Oscar h. 
differ) 


*• * 


fared only twice; the Aouk 
Awards will be announced Ma 
25. The guild gave its D. W. C * * 
fith Award for life acbicverocc ■' 
Billy Wilder. . . . Iceland 
turned down a Soviet demauc 
ban a festival of films by Aa . 
Tarkovsky, who defected from . 
Soviet Union in 1984, accmdin / ' 
the country’s main daily new; 
per, Morgunbladid. Tarkovsky 
reeled in Italy last summer beta 
Moscow had refused to renew 
three-year permit to work abrr V„ 
His wife, Larissa, was with trim , * 

bis 14-year-old son, Andrei, ■’ 
been refused an exit permit. 

□ 

A three-day matchmaking ft' . : ' 
Flan, Spain, ended with lean : 
lingering kisses as about 150 £ . •: 
women bid farewell to newfo 
sweethearts and beaded homef . . 
a Pyreneen village full of bache 
who had advertised for pots - 
brides. One woman was engage , 
a man she met for the first 
Thursday. “It was a success. TT /“ 
are definitely going to be » V 
weddings,” said the village p{ r 
.Joaquin Bratbns. Mariano Lr ; 

37. and Maria Angeles Garcia, 1 
said in a radio interview that * 
would wed as soon as posable -- 
□ 


: I" « 


a iiDllW*i 



President Ronald Reagjj-^ 


daughter Maureen has been ntf -■ 
by the State Department toT-* \ 
er U. S. ddegttttt 


ANNOUNCEMENTS 


M1B45NE PUNCH Cornu from 
April >5 ■ May lOJMon - Fri. 530 
pun.- 8 JOrnoJ Contact: MCE M-. 
Uon26DW20 Paris 


A1GOHOUCS ANONYMOUS in 
Ponk £345965. Genova: 
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MOVING 


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REAL ESTATE 
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SWITZERLAND 


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APARTMENT 


i buy a STUDIO 
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REAL ESTATE: 
FOR SALE 


SWITZERLAND 


In the dummy mounte xo resort of 

IfYHN: 
RESIDENCE LES HSrfES 

Overlooking a splendid Alpine ponoro- 
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- you can (mu qudty t m ida n o ss 

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LAKE GENEVA 
MOUNTAIN RESORTS 


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Priam from SF1 23,000. 
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REAL ESTATE 
FOR SALE 


PARIS A SUBURBS 


Embassy 

8Atro.Se 


Service 


i Mu ri ne 
75008 ton 

feta 2316/6 F 

YOUR REAL ESTATE 


AGENT N PARIS 

mac 562-1640 


15 MJN. FTOJLE PARIS 

Kstorioal monumeiV, sumpluoui hgwe, 
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A 13 

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BEAL ESTATE AGENT 

380 26 08 


REAL ESTATE 
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PARIS A SUBURBS 


BD DU CHATEAU 

ICUULY MONO SOUTH - 
BEGANT APAXTMBfT 
FOR RECHTONS 
+ 2 Ito d n ee w B 2 Betas, 300 

EMBASSY 562 16 40 


CAME KVE GAUCHE 
Near Quo Voitare, suporb 5 roamh 
140 K^ia, W floor, lift, taring south, 2 
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VAtCALL 555 46 63 
25, rue Vaneao, Parte 7th. 


MONCEAU 

SP1BUD RECEPTION APAKTMBil 
9 mam, 5 bedrooms, 3 mxfc’rooms 
NO WORK TO BE DONE ' 

ST.PIERRE 563-11-88. 


SMAU MAtSMKBirr _ 

TJh .century twuse, Minis. Tek 568 
38 16 or 520 82 96 


REAL ESTATE 
FOR SALE 


PARIS ft SUBURBS 


4lh SAINT PAUL 


132 KLm. koairiously fitted loft, 
Amerioon kitchen, 2 berths. 


ST. GERMAN DB PISS. 25 sam 
studio, 2nd Boor in iwramted bund- 


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wmr, btawnetle, perfect condhion. 
5770661 nxxiMngs 


PARIS, 1«HL Pied a wre 
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pncaTi 


Exraptiond 

koai- 


5EVREI BABYtONE VANCAU. 

ke new Sft 


kwely 3 room, 70 sqm. Ua r*w, I 
FI ,280,000. Tek Fwrari 563 07 it 


REAL ESTATE 
FOR SALE 


PARIS ft SUBURBS 


NBJULY WM5TON CHURCHILL ei» 


gate 125 m, double rocepiio^ 
Bedroofns, 2 beme, high caiKwp,dou- 


Ue expaaire, ground Hoar on ptivde 

grr^,_g«tong. T3JOOffX> Doronay 


It VE5MET, RBI ravhjfing 19tf» Ogntu- 
ty. property, 5 bedrooms, on 2100 
sgim. park. F3300.Q0G negot i ctrte. 
Xhode* (3f BP) 33 84 


PARIS T6IH: top Boor, sun, 


rooms + ferrate. New, never 

n. Interesting pnaL Reduced charges. 
16 rve Jouuenefe 200 ■ 400 pm. 


NEAR FOOk 

sam. 3rd floor, Hah 
FteOODOa. Tek 727 84 24^ 


aptvfment, 200 
doss. 


FRENCH PROVINCES 


CAWC5 CAIffORNE: 

apartment, sqp erfrty & unify htr- 
iedted, 4 bedrooms, 4 btrths, 2 kitch- 
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rooms, hrtry <ar cononomd, unoetev- 
atrte view on sea 6 forest. Price 

USSMOroO. Tek (93) 63 40 11 or 63 
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REAL ESTATE 
FOR SALE 


FRENCH PROVINCES 


ST PAUL DE VBK2. A must far the 
tfocemuig investor. A f»wate hokday 


pmadae niOOOiqjn park Married 
by woodlo 


. wooJond for lovers of notura. 
Drcon slonecit mas, 350 sue, dot*- 
bfe reception room with tirepfoce. 
Dining room. Luxury filled krtriun. 
Master bodroatn & bethraam en suite. 
2 guests bedroom .& bathroom. 
Manny's Hat. Swimming pool 
F4 J 5OO J 0OO. BjaOOflOO cash, balonoe 
owner i credit an two yean at 10%. 
5S1, 47 La Goaenn, 06400 CANhCS. 
161:193)1919. 


HEART OF CANNES1 hfice residence, 
iwvolousfiOsq/n. 1 bedroom apart- 
ment, 15 stjm. terrace, high Hoar. 
Sea fantastic <uw maurrtoim. 
FfifiOjOOO- SSI 47 La Cromrtte, 06400 
CANNES- Tek (93) 3819 19 


SAWT JEAN CAP TBtXAT. high dm 
vfla, 400 kuil Svina spare, gwvd- 
iare house. 4^00 sun. pest 
no.000,000. Promotion MoorT.Hce 


20. 


SAN Remo, 
sunny, tana 


2stanel 

Pori* 322 2Bi; 


International Business Message Center 


ATTBfnON EXECUTIVES 
UUjwrkHhMnMam 
to MaUanwMomdHmrSllB- 


teMwlmnm6ane6W 
of a nJE fl a reactors mrtd> 
widb mrt of whom see to 
Wtefa eee md httkmtrjr, wB 
road A Jot t Mn as (Pirk 
613S9S) baton lOun, »- 
surfae that wm am totoir you 
bade, aadjmur numa ga wU 
w smato 4B heron. The 
to US.S9.SO or load 


oqvnrdmnt par Ena. You mud 
mditdo rv—ert ste aid urS- 
oUoUSBgaddmm. 


BUSINESS 

OPPORTUNITIES 


THIS WEEK 


MARCH 78TH, 


in 


BUSINESS WEEK 


INTERNATIONAL 


_ How H 
What Can Be Danro 


• Mata Sfii No PMite to Tbe 
CoaHtolde 


Du r gnhi B un 


NOW ON SALE 


AT ALL INTERNATIONAL 


NEWSSTANDS. 


LIQUID GOLD 

JOJOBA 


the irsrade bean pawn in the 

*a □ notunrt ftfo spon of 100 - 

200 yoan. Ueec Lobrit 
w» idlMHIUTOulil'Il lfi ... 

fectaring. Dr. D. Yertnanot, 


Univerrtty, stated, "No other plant 
product m toe worid is capable A re- 


daring petroleum based ' lubricants 
fWds provide return an to- 


Brirthg _ 

veteRMut in first year. Entire omouM 
rotumed by 6to yecr. PraiKtm show 
annual income th ereafter of 33V 

Kens kw estars and 


For 


, fan 1777, Harold Tribune. 

92521 Neuffly Cedes, Fnmee. 


BUSINESS 

OPPORTUNITIES 


MALLORCA’S NEW 
SUPER PORT 


to i the bay of Pain®, 5 mins. Pnkno, 15 


2 far to 60 mmers each. 
TV/nrani/vrafer7 phone oarmediaiB.- 
Prafenranl part mcnagvment co. ftjfl 
marine services.- tower, recto, sip, trav- 
ekSft, repair. fi«l itatnn, in & outdoor 
wirter hortfetanrfa, U^ound car 
Lockers. CompleRwrtary service 
tune fariSties: mwfcat, benking. shop- 
png, catering, enterta inm e nt. Gofi & 
J “" Ccmmerad area ass. 


gtero i 85 un fts on 13 ,177 «^.rrL_«T_aD. 


apartments above 4 78 in 
. . vy condo- all ia frontline 
man piers. Top mmstmantll 45% 
hkh nuny now before next prioe rieel 
Cbmad deeafy denlopen: 


PUOtTO RJNTA PORTALS, 5JL 

Diredw Comeraol 
CZMorino 101, PDrtrrts Note 
Moflarea, Spain or Tbc 68686 CAUU E 


MONEY TREES? 


YEW kivest in one of America's mast 


a bifai tfcAcr mausfry. BJD 0 nut trees 
planted & addriond 2Q|OOOtD be plant- 
ed soo a Ugh ms iuct eaningi oswred 

Mrtenal avrafable in Engjjsh, Frendv 
Gemra t, Ara bic. Box 1778, Haraid 
Trixvte, 925ZI NeuSy Cede*, France. 


OFFSHORE TAX SHUTBIS 

Ut bto of Man, Turks* Channel blonds, 
Paroraa, Liberie & most oRshcx a c 
Complete ajpaort fbdStim. 


Vwy sfticMy con M eu krt . 
free core 


_ . - OHHUfation; 

Roger Grflfin LLA. F.CA. 
Brochure: Cbraoro* Marngameirt lxL, 
Western Howe. Victoria Street, 
Ue of Mem. 

9 TftJMU) 23303/4. 

Telex 6S73&9 CORMAN G. 


COMPUTER PORTRAITS 

T-SHIRT FOTOS 
NOW 01 FLU COU3K 

^ “*> earn you 
S8000 - 510,000/ month. New and used 
systems from S10J100 - $30,000. 

Tek 069-747808 Hk 


“7W. Gamcmy. 
412713 KB4A 


^VESTMENTS 

SS OUR AD ON 
PAGE 19 

TRANS CONTAINER 
MARKETING AG 


BUSINESS 

OPPORTUNITIES 


WORLD NOVHJY 
G n wwro n uromto Min a 
Mertennlctrt Product tor Utonra fime 


IlfueLlietel, emulite llr . nil - - l — r 

vvonawwprcnuciionanoscMSBCSnM 
awJcbte. High return on mvestmant. 
Investment From SF5 ntffioa 


Please contact immecfiaiely: 

JHAND AG 


ALRDA TRHJHAND . 
0+8040 Zurich. 7k 622609 ALB Ot 


UNQUE. TV/Vmeo Rental & Sates 

Campaiy, Algarve, Portugal. Estab- 
tened oyer 2 yum. Audited accounts. 
PROJECTS: Strtelite TV & expansion. 
PRICE £250,000. or US •qmvnUtnL 
Would ctoo be nlerasted in seffng 
20% ert arnmony. Al enquiries to 
A7VA. P.a BZ 8200 M wft 

Akrave, PORTUGAL 


•GOLD MBONG 1 , WEST USA aid 

AJatto, setter -minen put up porfor 
nraice bond to buyer's compaiy, 
who in turn should arrange tinananc 
to opprcoaniciidy USS5.0. fA. on pro- 
dudion a/«fi» Ozx. Y«r. He 
48M2 F OMS E, or wrbe Q r i es o, 
Caateftina 70, 2 KU 6 MaUd, Span. 


FRESH WATS PEARL strand aid 
loose Mark on tale in Hang Kang. 
Own factory cxid best price. More 
dtkA: Tbt 57779 POXABHX Tm t 
6832767. 9/F, Vtoig Lak Mateian, ! 

A. K^’dan^Rd^iT. Kin. Hong Kong. 


MAJOR CONSTRUCTION HEM 

seeks aondniaion 


seeks condnjaian mads over 5100 
mSon in 3rd Work) or Arab nations. 
We can ftoanca. Ates con ends 
any currency tor US5. CaB: 361 
2wien. 


PANAMA LOBBA. CORPORATIONS 
from. US5*00 available now. Tel 
SEcti T eteo 628352 GLAND 


■ fvwma 


BUSINESS SERVICES 


OFFSHORE 
L1MITB) COMPANIES 
BANKS 

INSURANCE COMPANIES 


Woridwide 
ftOm £75 

Mailing - Telephone 
Scg mc rid 
UX, We of Man, lenny, Graroesy, G*- 
bro to r , Panama, Itoena, Luxembourg. 


Telex 


Aniilev Ready made or 
expiatanty ' 


Free 


Asian Con^xxw F or mnftom 
Dept U, B Victoria St 
Dauglos. We of Mao. 

t 5T0634 26591 
Telex 627691 SPIVA G 


PAN AMANIAN 

ItoelMHHI 


alioR provide 
‘ confiden- 


halty, zero tax LctU iy & US dolor 
nwnt.Wi 


currency environment, we offer eom- 


pmw ta i mrti an wrvKBt on a fast. 


and corapetitwe basis. We 
an M ticufariy interacted an Meng 
up with offshore business consukortt 
in other countries. Contort H. L Dcr- 


Bngtqn, POfl 1327. Pcwsna 9A, Pono- 
— MKA PG. Tek 23- 


rm Hx. 3121 K0«A . . 

0834 or 23-tfl? frm 236779). 


BUSINESS SERVICES 


NTL 

BEAUTIFUL PEOPLE 

UNUMnro mc 

U-SA. A WORUMflDE 


A complete social & business service 
provirfing a unigiiB refection of 
tcrtenled, wmsaffle 8 nufringued 
mcPwidunh for: 


ftHhfamCotnmeigd-IVtit- P rom Ql ions 
Convention-Trade ShowtfVem Parties 
Special EwteJmpge MakersflTs 

Sorirrt HoilfrHostaees-brtertoincn 
Soriol Cotnpanions.Tour guides, etc 


212-7*5-7793 
_ 212-765-7794 

330 W. 56sh St, 10019 
Sotvicb fleareuntatives 
Needed Worldwide. 


fUBMATlONAL COMPANY 
FORMATION 

UK companies from £75 LOM Panama 
& al mojer afltehare canters. Fi4 od- 
ne mstn a aon, nominee sarvioss, powers 
of attorney, rnttanxl office*, accoun- 
tancy, confidence^ benk accounts 
opened, confidential te l e p hone, tetex, 
fax & mating service. 

ERS. LMted 

LB7NN. 


43 Conning Street, 
Tek 051 7091480. TV 


Fat.- 051 709 5757 
Associated Offices Worldwide. 


looekm-Lfjndoo-LoncJon 


Ctd Bond Street, Wt 


sorwcB, adiiuaJiabon 
(Jouvokrtion and mcn- 


F ormation, 

agement - LBC & offshore oonfxnei 
SB£CT 


CORPORATT SBtVtCH (UK) UD 
■Mk London WTX STD 


2/5 Old flood . 

Tet 01-493 4244 
Tbc 28247 SCSIDN G 


OFFSHORE SERVICES 


ULK. nan residm companies with 
nominee nechn, btarv shems and 
oanhdcntiidbcitoagi i urts.MbgdHip 
& support servkes. Parana & LibenCn 
ttmpames. Fust rate confktenMl 
profMWMd seevieu. 

London 

W.M 


E17W. M 01 377 !«, Tba 893911 G 


SKOND PASSPORT 

How to get onc-Beport. 12 countrini 
natyrocTDetab mAA, 4S Lyniiunt 
Tee. Sto 503, Central, Hong Kong. 


YOUR OBKEW MW TOWC fifth 

Awe. adtoeeS and / or phones « your 
WA offioe. Ma*, phone a* reowed 

Sferwantod. Nxw Yorit Mai Service. 

210 fifth Awe. NYC 1001ft 


FRBKH HGH FASHON MODS. 

27, PR/PA experience, Hiaory of Art 


m rer Lfincon Dcnra 


3 pjn, 9 pm Q1-225 



DIAMONDS 




Your best buy. 

Fine damands in ony price range 
at fewest whotesae prices 
direct from Arrtwerp 
center of the daiund worid 
Fud gaarairtea. 

For free price Sst write 


Estobfched 1928 

PeSkoaratraat 62, B-2018 Artewp 
_ Bdtuwn - Tet p2 3} 234 07 51 
Tlx: 71/79 syl b. At the Dicmcnd Oub. 
Hfcrt of Artvmrp Diamond mductry 


OFFICE SERVICES 


YOUR BEST SWISS 
BUSINESS BASE 

IN ZURICH 

FUU.Y NTEGKATffi 

BUSINESS SERVICES 
CLOSE TO FWANOAL CENTS 
Furnohed Offices / Conference bants 
Tdejtoone / Telex / Med SvvKes 


/ Trcxsicbon 


OFFICE 

32 Kenameg. Gt-dOOl Zurich 
TeL 01 / 214 6Ti 1. Hx. 812656 NOF 

MEMS WOOD-WIDE 
BUSMESS CB4nE5 


YOLK FUBMSHED OFFICE 
, . „ IM LONDON 

• 7 day 24 hour accBS & amwerphtme 

• M support services indu*v 
seerefarid, telex, copying, etc. 

• Corporate RepresenWion Serves 

• Short or long term avoilobSty 
World-Wide Bashiero Centres 

1 10Tb*5trwd London WC2ROAA 

T* 01 S35-8918 Tba 34973 


YOUR LONDON OFNCE 

CHESHAM EXECUTIVE GM19E 
Gwwhenjive tame of services 
* .1 SO.fegqtl _Sheet,Tjndon W1. 
TeL (01) 439 6288 Tbt 261425 


KOUMAWtoCAK 5BW1CES. Yottf 

do la Gme, 1001 Lousame, inter- 

kmd. 021 7348218, 11x25074 MCXOU. 


YOUR OFTKE M MRS: TH Bt, 
ANSWHBNG SERVICE, seaway, 

E°£f : 6S$fe ^ 2Wdn> '- 


IMP eras • 2UHCH * 252 76 21. 
Phone / telex / nxdbooL 


OFFICES FOR RENT 


GENEVA, CENTER 

TOUT 

Office 4 rooms, fuly eqwpped. 

SF5SXJ monthly. 

Write Bew 1900, Heron Tribune, 
92521 Ptoiiffy Ceaex, France 


\ 


the 36-member 
the • world women’s confen 
sponsored by the United ' 

July 15-26 in Nairobi The dd, . 
tkra includes Jeane J. Kbfcpi-- 
dejtarting representative 
United Nations, and Margarau-- - 
Heckler, secretary of Health 
Human Services. it 1 1 

,4 ? ltatr 



REAL ESTATE 
FOR SALE 


SPAIN 


MALLORCA'S NEW 
SUPS PORT 

In toe bay of Pttono, 5 mm. Pakna, 15 


mmcirf>art,664tMrlhl8lo38 meter*., 
- - - - ■ hekviduej 


2 for vp to 60 meters each. 

TV/ mans/ vratof /phone comdiara. 
ft ofa u ion al port monagaatent co. ftil 
marine Mrvicesi tower, rarfo, rip, trav- 
eLSft, repmr, fuel station, fe & outdoor 
w urtei IwmwIl U-groutta ar-park. 
Locbsts. Cemptenien t ary serviat A lei- 
sure fadrttes: rn eded, b ontang^dyp- 
ping, altering, entertointnent. Gcrtf & 
nxm roerbf. Commercial am corn- 
prises 85 unrts on 13,171 sqjn. in aB. 
Plus Z1 super opcxlments above A 78 in 
separate luxury condo - crtl in front fine 
dang man pkrs. Top immmntfl 45% 
soWTHuny now before next priceritel 
Contact ttoeeffy dovafopars: 


PmtTO FUNTA PORTALS, SA 

Director Comeraol 
C/Mcrino lOl.Portob Now 
Mdferco, Spain or roc 68686 CAUU E. 


REAL ESTATE 
FOR SALE 


GREAT BRITAIN 


#fLukt‘\iann 


® supas fuu 
, Sqwra toxfafi 

rooms, 2 tamro " 


UNIQUE AND SUPflS 
Grasvenor Sqtwe 

sqjru. 4 badroorm, . 

bathroom, eadt uu rt i nory V 
««th Hamers, Very big reenpto _ 
riifortnchan, jtoobe netviiJ 
noon and 2-5 pm except I. 
Geneva 0227248870. . 


- ■ • 4 . 


OtEECE 


T: 


AGNM PACA5KEVI, 
offices far sde, or o 
ond floor, 305 spjn. fed 
7214195. 



FWOTHBLAUCFft fadfay 
KxmcttnMp sqm. TekTOw)^- 


6pm load time. K6kbtidH,7 
rataus, Athens 1QS76 Greeat 


PAGE 21 
FOR MORE 
CLASSIFIEDS: 



wmi 


International 
Secretarial Positionfl 


SECRETARIAL 
POSITIONS AVAILABLE 


WE REQUIRE 

BILINGUAL P.A. 

(FRENCH MOTHS TONGUE] 
Mcrtura, nr 


M 


t — ~r- and comprahensve ■xpe. 
w*nfl fa work hred and tanrel 


« toort notipe. 


jghMo^ + referencBs to: 




URsarr 

EFOU£ 

Worldwide known mternohond 
McnHemete consulting frim 
seen far a Paris office 
BCCBieiT 

Bflmgual Secretary 

... jffrortch, roetoer tongue 
Word prooirofeg knowtedgs 

"J attractive salary, fringe 

o«3f 18«. FteraU TrBwna, 

9M21 NeuSy Codex. France 


GRINTHUM 

THE C8EME DE LA CREME 

reauiis 

SECRETARIES 

French « English mother tongue 
with knowl edge o f ary word 

Mony teraporay md permonent 
powtiore ovcmble. Urgert. 

DontoBe Peri* 758 82 30 
or Mono tail 22S 59 2S 


BRITISH SCHOOL OF PAIBS 


* HEADMASIHrS SECH&Ajrr 

ptay aradentafe expertae in mattm 
cS atonmrtratexi and pubfcc rafahen. 
letters of flppfaxdKai to toe Headms- 
ter. Brifch Sd»d of Paris, Chanw du 
Mur du Parc, 78380 BoiyvaL 

RANDSTAD 

HUNGUAL AGB4CY n»y B " 
TenpcrtW:* 

Palm 758 12 40 ™ 

EXECUTIVE SEOBAIT/A. 

ESsta.^- 

Executiva. Senoui "J 
Available iRxmrftrtrt/y. Tek 53 


BUMGUAL FRENCH WOM/, 
dytanic, Engjbh,some Spend 

katfegjnrani or *6e* pram* , 
P J i»*720Q668dny.fe65^ 




HWCHEXEQmyESWg; 
good badvound, En0<to4 

5artha5TlT *■«« 

procenar, mm Pa* 
cha, 21 rve C Feuner, rorsj 

AMERICAN COSMETICS Company 
urgently seeks Wingint GriFrfeay. 
wm good ryomp. Tek Pont 225 3^ 39 

GR-THECRB«DIIAtJg . 
porary hMp ptwpte nwW 1* 

&v4ih nrafrer tongue iefi> ■ 
Pon*758 82 30. 


SECRETARIAL C 
POSITIONS AVAILAT 


[M«atvE 


( pirns Fa 

As 


Engfeh, 




tetownv 

Victor f 
727 61 


Dutdi or G.,‘ ' 
of Ft«o'-~^ 

S. ' 



_ phen* 138#'X - 
75116 POra. 


, Fr«< w 


BRITT FRANCE :,-' 

Has i mm ecfcrte openiV ^ ^ 
for Engfidi mother hxWA - 

BILINGUAL SECRETAJ:. 

|T ssazsSffln&5.;. " 




jEXPBqertCB) ftigSto/FrendT’ 

tary, Enghto mother tanH-* .. 
ferred. nxprtrad far odw%; .. * 
dtechx ofPans based Americt, 


oxeenjr or ran raw . * . 

Etofrm Co. tetowW mud be ■ 
ic. ratponubte 8. ri te to WOfi; , 
FWura.SendCV,referW» ' - 


Traw."P2521Nbuayl 

2 BUMGUAL Seaenrid A U. 
paation avoilabla far jefataJ* J- 5. - 
cstic A w eri c— m Oxwm*; 
emeu lent oMOBtheni 

tagex. WCYAphctototov 

Hercrtd Triune, 9ffil . 

Frame. Storting urtexy troter. . ■ .r 

torn. ORGANBAHON te* v * ■. 


w 


■ nilftw 


trawta ty , ftiqbtom crt hto ^ag 


AH 

lory, 


lecreiqrid worit - 

trondotwn, lyptifli 

‘ x 11 Ftecae *ent J 


- -'tmel <41 


pfio ro la UlA, 51 rue 


IPADS 


«Tt ORGANIZATION _ 
guol secr e Stry, Fnendi E w 




Panporl T, 

XHLY SERVICES iadta&gU> 
tongue leaelwjas. 538 
Morxptwnasre i 215 
Pais, Temporary Help. 


,s Era 0 


SECRETARIES AVAIL* ' 





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