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o The Global Newspaper 
** »«f Edited in Paris 

■t. - < ™(( f. Printed Simultaneously 


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Printed Simultaneously 
in Paris. London. Zurich. 
Hong Kong, Singapore, 
The Hague and Marseille 


'■ WEATHER DATA APPEAR ON PAGE U 


Herald 


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>. 31,748 


Published With Hie New. York Times and Hie Washington Post 

* ZURICH, MONDAY, MARCH 18, 1985 


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Jankers See Lessons in Ohio 

risis Underscores Fragility of System Afier Deregulation 


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;'i By John M. Berry 

Washington Past Service 

• WASHINGTON — Karen N. 


Bank of America, lost nearly $100 
m i ll io n in a complicated transac- 
tion because some insurance com- 


•'> jrn. president or the Federal Rfr P ® 111 ® 5 ^ ^ guaranteed mort- 
■ve Bank of Oevdand, summed gages^n property woe unable to 
the larger lesson in the crisis that P 3 }' wmra it turned out that the 
• xed the governor of Ohio to do- v ^ ucs were greatly mflal- 

'-ire a three-day bank holiday for ®“* asse ^ °f the insurance 
state-chartered savings and loan com P a ^ ie ? m not large enough 


'<■ moanons. 

“Financial institutions really 

V* ntn am mpK or twnrh ar than 


to stand the loss. 

The $130 min in n worth of assets 


.m^t nm on tS * wSuSy fa P rivale ^ Guar- 

; \L,n on confidence," said Mis. 

-'ora. 'There is no amount of cash Major Ohao hunh are bang 


Apparently at least S300 million : 
worth of government securities is 
missing because of losses and 
fraudulent actions at ESM, accord- 
ing to its bankruptcy trustee. What 
Home Stale’s share of that loss will 
be is not known. 

At the aid of L984, Home State 
bad assets supposedly worth $1.4 
billion and deposits of $668 mO- 
Iion. Thus, the savings and loan’s 
tra ns ac ti ons with ESM involved an 
amount of money almost equal to i 
the institution's entire deposit base, j 




troubled S&Ls. -Page 7. 


Stale's assets and deposits was rep- 
resented by its capital and funds 
obtained from other sources, such 
as the borrowing from ESM. 


- - oru. 'There is no amount of cash Major Ohio H«nirg are bang fbemsti tun on’s entire deposit base, 
livery in the end that will do the urged to rak* over the state’s The difference between Home 

ek" if that confidence is stripped troubled S&Ls. -Pace 7 State’s assets and deposits was rep- 

• '.ray. resented by its capital and funds 

• ' The Ohio rmis underscores the obtained from other sources, such 

^V. iy agile, interl oc kin g nature of the • aj ? lee Fuj id apparently will be as the borowing from ESM. 

Virion’s financial system, and how wiped out by the failure of a single Companies such as ESM are not 
.... T problem in one part of it can msumuon — Home State Savings 1 regulated as are banks and savings 
. -V iickly spread elsewhere. Bank. and loans, although regulated Lasn- 

, It also is another example of Before Home Stale faded, proba- rations have also failed of 

>w, with deregulatiou of that sys- Ny f®w if any of tbe deotuitors that bad management and the sort of 

..'‘m, and the desire of both inves- werc locked out of their savings fraud that authorities say was re- 
. ‘ irs and manag ers of financial in- and loans Friday had ever heard of sponsible for the bankruptcy of 
.'jitutions to seek out the highest a company _ called ESM Govern- ESM. 

'' jssible vield& within that dereau- “ot Securities Inc. of Fort JLau- a cmhi* nnmiw «r 


mm 


- It also is another example of ““C 
: ' ;>w, with deregulation of tlrat sys- Ny fe" 
. ■- ' ; m, and the desire of both inves- woe 1 
. . ' «rs and managers of financial in- and lot 
.'jitutions to seek out the highest a 
V passible yields within that deregu- J 


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ted structure, risks can be as- derdale, Florida. Certainly they did 
;' imed that no one even knew were 1104 hnow that it posed an fi n a n cial 


. . ^rere. risk to them. 

'-As more anH more types of in- £SM bought and sold for its cus- 
' stments are created, officials at tomers securities such as those is- 
-ic Federal Reserve are becoming sued by the U.S. Treasury. It also 
v'rcreasingly concerned. They are executed repurchase agreements, 
i.l.” •■'orried both about the actual in- or^npos.” 

_ T'^-rease in risks and about tbe fact under a repurchase agreement, 
‘ ” ■ '.im they are sure they have not someone with cash on hand agrees 


rations have also failed hccanw of 
bad management and the sort of 
fraud that authorities say was re- 
sponsible for the bankruptcy of 
ESM. 

A sizable number of other insti- 
tutions and dries also suffered 
losses in ESM's failure, though 
much smaller than those of Home 
State, the exact amount of which is 
still unknown. 

When news of the Home State 
involvement with ESM became 
known, depositors began an old- 
fashioned ran on the savings and 
loan. About $20 million was with- 


J — — + ■ a a _ m » . IVUU. riUUUI (DAI/ llllim ill W /I.V Willi- 

■een able even to identify all of to buy a security from someone dse jj ^ doors ^ 


acm. who wmitsthe^^ and whom torn 

• In Ohio, depositors had been a & tes t0 buy back the security for ded^ ^ bank hobdav depoa- 
L o-ialling to pul their $4 billion in the Jbc same pnee pirn interest at a tors who did not move asfasthsm* 
' : •tate-chartered savings and loans utter dale. thdr money lied up and may face a 

pan because of the oval signs There were also “revase repos." loss. 

.tominendy displayed in their win- through which ESM paid out cash cc ,. , .. .. . , . 

: ows. in exchange for Borides while ..ESM and the nsts u km by 

g-W—Ota— l-bn* taltaSfLS 

^anleedSFuU." When ESM wenl bantam, on b™ Jhc end of the npgle if .da 


ATict Governor Richard F. Celeste 
declared the bank holiday, deposi- 
tors who did not move as fast have 
their money tied up and may face a 
loss. 


Thousands marched in funeral ceremonies on Sunday for the 14 persons killed in the bombing at Tehran University. 

Syrians Confront Anti-Gemayel Rebels 


BEIRUT — Syrian troops 
assed this weekend on the norlh- 


ESM and the risks taken by massed ibis weekend on the north- 
Home State’s management brought ern boundaries of Lebanese territo- 
down Home Stale. That could have ry held by Christian militiam en in 


out the community’s stand on any Mr. Anderson was tbe third for- to Cyprus, U.S. officials character- 
political changes. eigner kidnapped in predominantly ized the Saturday airlift as a ‘Tem- 

■ U.S. Reporter KTffrmpp p*? Moslem West Beirut during the porary measure" stemming from 


William Claiborne of The Wash- three days. 


threats of terrorism and the uncer- 


juaranteed in Full” When ESM went bankrupt on 

But guarantees that a depositor's March 1. it had provided Home 
. - aoney is safe are valuable only to State with between $640 million 
. he extent that the guarantor can and $670 million rating reverse re- 
"nake good a loss if railed upon to pos, while the savings and loan had 
lo so. apparently provided ESM with 

Earlier this year, the nation’s sec- government securities worth signif- 
Mid-largest commercial bank, the icandy more than that. 


UUWIl nuilic attlLC. IIUIUJUIU uavc TV in -111 ny » jiiiiumii iinnuamcii 111 D f i.. 

been ihe end of the tipple if tbe Svolt egfinst President Amin Ge- WT .j Z*- ^ 

Ohio Dep^at Guarantee Fund bed mayeL itoiSer 1 1 membere of the U A 


ffjssaMteaaa «■_ «** •? mt, 


y for kidnapping Mr. in Washington, the State De- 


__ . _ - ■ ■ | , — m i *uk> iww*p wvjw* m/ w Muuiuoy guui jioiui Wt4C yVflt,- ^ + — r r “ y 

all of tbe savings and loan s deposi- nayel’s efforts, backed by Syria, to uated Saturday because of the dele- An d erson 85 w® Bn tons, partment said the U.S. Embassy in 

t0 *®: reach a political acctffd with Leba- riorating security situation, and Geoffrey Nash and Brian Levick, Beirut “continues to function” and 


tors. 

The private fund's $136 milli on 
was not enough, and depositors in 

(Combined oo Page 3, CoL 1) 


WMi 


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non’s Moslems. t^iree gunmen kidnaped the Ameri- 

Lebanese security sources said can bureau chief of tbe Associated 
three Syrian brigades were do- Press in Beirut 
ployed on a 16-mfle (25-kilometer) . Terry A. Anderson, the AP .bur 
front from the Beirnt-Tripoli coast- • «au chief for more 


Reuters reported from Beirut. characterized the removal erf Amer- weel . t “ aos$ , 

{The caller staled no conditions icans as “prudent, temporary re- ll ^J- 8hwaY froffl 
for the release (rf the three men bat ductions in staff consistent with southern port of Ba.sra 
said thor abductions were part of a prevailing security conditions” and Informal sources in ' 


ESTABLISHED 1887 

Fighting 
Increases 
In Gulf 

Baghdad Warns 
Airlines to Avoid 
Flights Over Iran 

Reusers 

BAHRAIN — The war in the 
Gulf intensified over the weekend 
as Iraqi and Iranian troops battled 
for control of a strategic road in 
southern Iraq. At least three ships 
were attacked on Sunday. 

In a further development. Iraq 
warned international airlines to 
stay out of Iranian airspace, which 
it declared a "prohibited zone" ef- 
fective S P.M. Greenwich Mean 
Time on Tuesday. 

[British Airways postponed in- 
definitely all its (lights to the Mid- 
dle East in response to the Iraqi 
warning. United Press Internation- 
al quoted airline officials as saying 
Sunday.] 

There was no immediate reaction 
from other major airlines serving 
Tehran, which include Air France, 
Lufthansa and Swissair. But in 
Baghdad, aviation sources said that 
Lufthansa. Kuwait Airways and 
Alitalia bad already suspended 
flights to Baghdad following an 
Iranian air attack there last week. 

The Iranian government, mean- 
while, said that 14 persons died and 
88 were wounded by the bomb ex- 
plosion at Friday’s open-air prayer 
service at Tehran University. Earli- 
er reports had put the number of 
dead at six. The government 
blamed the Paris-based opposition 
group known as the Mujahidin. 

On the war front, heavy fighting 
was reported in marshes east of the 
Tigris River as the I ranian*, who 
launched a big attack there last 
week, battled to cross it and seize 
the highway from Baghdad to the 


front from tbe Beintt-Tripoli coast- -reau chief for more than two years, campaign to rid Moslem regions of “not an evacuation.” It deplored 
al highway into Mils a few miles was forced into the abductors’ car Lebanon of foreign spies.] Mr. Anderson’s abduction and reit- 

M ad i j a. j: j i ti j f. praifvl qdvirft fn Amprirun? fn TU. 


south of Tripoh. 


as an AP photographer, Donald 



Beirut newspapers quoted Prime MeH, was held at bay at gunpoint 
Minister Rashid Karami as idling 

confidants that Syrian troops -ww- + ^ 

would intervene only at the request HllfifiAlfl Wri'w? 
of the Beirut government. it », J- J.U.oDC/iJX k/ttj 

But the 'reports said Mr. Ge-‘ : ^ _ v 

mayd was not expected to ask the All KAflClKlo 
Syrians to light the Christians re- -till JL UooJlUIID 


As they did last Thursday after 
evacuating 13 embassy employees 


Hussein Says He’s Done 
All Possible lor Peace 


and jhe Syrian moves appeared By Tudith Miller « the area to exist within secure 

f f< vS? ^ t0 aCCCpt 3 New York Tima Service and recognized borders, 

po ucaj so AMMAN, Jordan— King Hus- The king also said the accord 

The radio station ofehc P halange stin of Jordan says he can move no meant that Mr. Arafat and his or- 
Party said a three-man committee further toward reviving the long- ganization had effectively re- 
representing him, the rebels and a stalled Middle . East peace process nounced the nse (rf force to pursue 
neutral figure had reached a draft unless the United States agrees to 3 settlement that would lead even- 
compromise solution on Saturday meet with a joint Jordanian- Pales- tually to negotiations, 
and was consulting with nnsperi- tinian delegation. The accord also indicated, Hus- 


in the area to exist within secure 
and recognized borders. 

Hie king also said the accord 


m * 


Customers lined 
governor of Ohio 


Th» Asndatod fan 

> outside a sayings and loan association in Onqnnati before the 
losed 71 thrift institutions for three days to end die run on deposits. 


Bed groups on ways to cany it oul He has also ruled out any peace 
No details of the compromise talks that do not include the rales- mg to accept a stale confederated 
were available. Tbe rebels, led by tine Liberation Organization. with Jordan. Israel and the United 
Samir Geagea of the Lebanese “I have done my utmost to move States have expressed fears that an 
Forces, have disowned Mr. Gc- towards peace," Hussein said in an independent Palestinian state with- 
mayd as a Christian spokesman interview on Friday, the first he has out lmks to Jordan might become a 
and want the formation of a Na- given to a Western newspaper since Soviet base in the region, 
tional Christian Council to work he and the FLO signed an accord Hussein added that he and Mr. 

• ; 1 hS t ?S 0ld,Sth?b T Arafat had agreed upon two “clari- 

“ f0r P®"* m ** fications” shortly after the accord 


nounced the use (rf force to pursue 
a settlement that would lead even- 
tually to negotiations. 

The accord also indicated, Hus- 
sein said, that the PLO is now wiB- 




*4 CWAMPW 


wrtr ***** 


m' i 


iRight Gains 
In Local Vote 

f . 

In France 


-By Joseph Fitchetr 

International Herald Tribune 
PARIS — Conservative political 
arties were set to wrest control of 
jcal governments in a dozen areas 
ran the govenring Socialists at the 
lose of local elections Sunday, ao- 
txriiiig to computer projections. 
The gains by opposition parties 
ejafiemed their momentum from 
lie first round last week in which 


U.S. Assailed on Approach to Talks 


M “W^iwuBt"nr»f (nice rhic rrmrnrti, « i 8 nei ^ clarifications in- 
“We must not miajp oprortu- TO]ve ^ any joint dde- 

mty, the king said. "Tbs is the last to ^ 


By Seth Mydans 

New York Times Service 

MOSCOW — The Soviet negoti- 
ator at the Geneva arms talks has 
accused the United States of seek- 
ing to back away from tbe agreed 
approach to discussions. 

Tbe official, Viktor P. Karpov, 
said in a Soviet television interview 
Saturday that the Americans did 

U.S. officials are spfit on a re- 
sponse to toe latest Soviet mis- 
sile deployment. Page 2. 


be first round last week in which seem prepared to negotiate se- 
tey won roughly half the popular nously about banning weapons m 
-o— j i- r space, one of three discussion areas 

^Their margin appeared to fore- agreed to in January, 
hadow a conservative pariiamen- His remarks were the firat sub- 
tty majority in l eg islative elections stantive Soviet sta t eme n t s i n ce the 
ptt year. The parliament would negotiations began on Tuesday, 
lea be in oonosiiioa to the Social- and the first since Mikhail S. Gar- 



down into separate discussions on 


prevailing sccunnr txmmuons ana Informed sources in Tehran said 

“not an evacuatm.” It deplored 1 ^^ ^jops had taken six miles 
Mr. Andason s abduction and reit- (I0 idJon^) of the road, but 
erated adwee to Americans m Bo- {here was no (rffidal confirmtion 
(Condnoed <m Page 2, CoL 5) of the report. A Baghdad newspa- 

■ ' — ~ per quoted an Iraqi commander as 

saying the Ir anians crossed the riv- 
er on Saturday but were driven 
back. 

Cutting the road to Basra would 
lave Iraq’s second-largest city, 
with a population of one million, 
linked to the north by only one 
road from the west 
Diplomats in Tehran said the 
Iranians would be likely to make a 
drive on the city if they gained a 
firm hold on the Tigris's west bank, 
as a possible prelude to an offen- 
sive on Baghdad. 

Both sides reported inflicting 
heavy casualties in the fighting, 
which Iraq described as toe fiercest 
of the war. 

Iran said it had killed or wound- 
ed over 7,000 Iraqis since toe latest 
offensive began, and toe Iraqi in- 
formation minister said that 13,000 
Iranians had been killed on Satur- 
. day alone. Neither side provides 

King Hussein details of its own military casual- 

ties. 

continue to pursue his more moder- Iran said that more than 100 Ira- 
ate course, unless other Arab na- nian civilians died and hundreds 



King Hussein 

continue to pursue his more moder- 
ate course, unless other Arab na- 


chance.” 

Hussein asserted that Yasser 


5 * “L*?? £ ^ Arafat, chairman of toe PLO, had 


that all tbe areas would be “consid- 


taken what he termed a “historic' 


talks. 

Jordanian officials said later Fri- 
day that the clarifications were no- 


tions and the United States recog- wk wounded on Saturday, when 
nized the “historic" nature of the Iraqi planes launched waves of 
shift implicit in the accord and en- bombing or rocket raids on Iranian 
couraged him to continue moving towns. 


ered and resolved in their interrela- flnrf -rionifirsm” «« tw donintr gotiated by Salah Khalaf and Mah- 
donshq}.- A part of tbe stated ob- V ng ° Mg mood Abas, known respectively as 

jective was said to be “preventing ^ Ro^. Abu Ijgd and Abu Mazan, two 

an anns race m space. Reagan rejected a similar appeal by senior PLO officials who have cnti- 

*' " - - - ■— -“•'t'r- j azed toe accord. 


tio^."Apmoftoestat«lo^ the acSidvdto JordS. 
tecfzve was said to be “preventing ^ 

an anns race m space. Reagan rqected a smnla 

Mr. Karpov, m his comments on President Hosni Mubarak of Egypt 
t^viaon, said: for direct talks between the United 

“One could have the impression Stales and a Jordanian- 
toat the American side at toe talks delation. Mr. Mnhara 


along these lines. 

■ Murphy Sets Mideast Trip 
Secretary of State George P. 
Shultz says the United States wfl] 


Iraq acknowledged that its 
planes had raided about a dozen 
towns, some of (item deep inside 
Iran, including the central city of 
Isfahan and the northern town of 


~!!r i ^ send the State Department’s top Rashi, near the Caspian Sea. 

nea toe accord. Middle East official to the region In notifying in tema tional air- 

Senior Palestinian and Arab oFfi- later this month “to maintain mo- lines of toe prohibited war zone, an 


l ' on Stales and a Jordanian-Palestinian oals warned in interviews last week men turn toward peace in toe Mid- 
dks Hclflg aKnin Mr. Mubarak made his that Mr. Arafat might not be able 


would like not to have discussions appeal during a five-day visit to to survive as PLO chairman , or 
ob malting space peaceful and not Washington. ■ 

to ban the deployment of offensive Reagan administration officials . 

space weapons.” objected to tbe idea of any such 

On the contrary, he said, toe tancs without Israel as well as to . 


(Continued ou Page 2, CoL 4) 


Iraqi miliiaiy spokesman said that 
(Continued cm Page 2, CoL 6 ) 


R a conservative pariiamen- 
forityin legislative elections 
ar. The parliament would 
in opposition to the Social- 
dent, Francois Mitterrand, 
rally, the big winners of toe 
local elections are toe main conser- 
> vative parties — toe neo-Gaullists, 


Americans seem interested in grv- any public meeting with the PLO 
mg “lectures on toe alleged benefits unless it explicitly recognized Isra- 
trf the American conception of 'star eTs right to exist 
myt wars,’ a conception that is aimed al * The (ting’s insistence on some 
Vilctnr P Kamnv making space a source (rf mfiitary American encouragement for toe 

^ threat to mankind." J — - — ’ -- : ~ 


accord appeared to signal an im- 


“Some sms by W^hing- , “Surwan- is to na me popul ar- pa«e i n tba lalea egorn 10 roviva 


bachev took office on Monday as ton officials cannot but arouse con- S> vcn 10 ^ UB. program to Arab-IsraeB peace talks. 


the Soviet leader. cera,” Mr. Karpov said. “You can “voop a nc- out me nog <m not qiame me 

Mr. Karpov’s television appear- sense in them a desire to revise toe 

,cc came after the United States aareemcot on (be subject matter toe Strategic Defease Inmatiye. what he thought was needed to get 


devdpp a space-based muaile de- But toe king did not blame the 


ance came 


States agreement on the subject matta "SSW&fifSE 


led by Jacques Chirac, toe mayor of and the Soviet Union agreed in and aims agreed on Jan. 7 and 8 ." 
Paris, and the Union for French their initial meeting in Geneva to At that "wi ring , Secretary of 


VIINNA I* 


^ vTiC' Democracy, led by former Presi- 
dent Valfay Giscard (TEstaing. 

These parties seemed likely to 
govern in as many as 72 of France's 


The Soviet Union has objected moving on toe peace process, 
that the A mer ic ans seem bait on In a two-hour interview, . Hus- 
holdiug nothing more than what sein praised Mr. Arafat for signing 
they call a “semmar an space ^ He called it a “coura- 


follow the principle of confident}- state George P. Shultz and Foreign “" am s jom mg son praised Mr. Arafat for signing 

aUtyreganfeig the talks. Minister Andrei A. Gromyko ^ a semmar 011 the accord. He called it a “cour* 

His comments indicated that the agreed that the talks would cover u-- b«his step" in view of toe danger 

Soviet side was maintaining its “a complex of questions concern- ^at from otoer Paiestm- 


"f 

t**ml.i* >• 


1*4*1%** j 

i<4 MJ '* 


* trolled 60 and the leftists 36. 

A key question in the local dec- 
. Jious has brai relations of the two 

- main conservative parties with toe 
*• ultra-conservative National Front, 

led by Jean-Mmie Le Pen. 

With its anti-immigrant slogans, 
the National Front won nearly 10 
.. percent of the popular vote a week 

- ago. 

r Although Mr. Chirac and Mr. 
Giscard d’Estaing, anxious not to 
alienate centrists, ruled out any na- 
tional alliance with the National 
front, several of their local candi- 
. dares solicited National Front sup- 
T port, 

■ in one district in Marseille, 
where anti-immigrant feelings are 
wideqwead, a National Front can- 

(Continued on Page 2, CoL 1) 


i^meon^msHisaousarcau In recent weeks, several senior 
toat is posable, since “yon cannot officials have strongly 

negotiate about weapons that do ^ accord ^ off^ 


INSIDE 


not exist 

Mr. Gorbachev, in his first 


conflicting interpretations of it. 
Some of those officials have even 




■ Tbe United States is planning to tighten its rules on gramme 

asylum to aliens. Page £ 

■ The only candidate for the presidency in Greece has failed to 

win first-round election in Parliament. Page 4. 

■ China appears to be pursuing change more cautiously. PageS. 
BUSINESS/FINANCE 

■ Japanese operating in the United States perform 

belter than Uii. corporations, a new study says. Page 7. 

SPORTS 

■ Two Swiss skiers. Vreni Schneider and Peter Mullet, won World 

"Cup races on North American slopes. Page 15. 


“an jirimariiaie termination of toe “““ ^ 

race in anus, above all nuclear te bound by Icq; p nronna Ahi 

c “?i j i;.n.i NidaL ih6 Pdlcstiniflii in- 

arms, on Earth and its prevention 

in space." He invited “our partners 

in rkGeneva talks" to negotiate jjwspa^r. has threatened to kffl 

on the same basis. Jt v 

Mr. Karpov ^ the Soviet side Also, Syria and Lebanon- have 
would seek to negotiate on the ba- veh^endy opposed the accord 
sis of toe January agreement “in its and have vowed to destroy iL . 
entirety," Uniting progress on stra- Hussein outlined why be said he 

tegic «nri medium-range weapons fell the accord was a sharp depar- 



flovtBn-Unttd fVu kiiefuuiund 


jreements on space aims, 
re United States has placed its 


tore from previous PLO policy. 

He said the agreement meant 


emphasis on limiting strategic and that the PLO had accepted UN 
medium-range weapons. For toe Security Council Resolution 242, 
Soviet Union, toe overwhelming which calls for the return of Israeli- 
objective is to halt American plans occupied territory in exchange for 
to develop toe space-based system, recognition of toe right of alJ states 


New York Celebrates St Patrick’s Day 

The archbishop of New York, John J. O’Connor, greeted Peter King, the grand marshal of New 
York's Sl Patrick's Day parade, Saturday in front of Sl Patrick’s CatoedraL The archbishop 
called for efforts to end the sectarian conflict in Northern Ireland; Mr. King, a supporter of the 
outlawed Irish Republican Array, said before the parade began: “The message we are sending is 
that Irish- Americans are united in solidarity against British misrule in Northern Ireland." The 
Irish government boycotted the parade because of ihe participation of Mr. King. 









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INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 18, 1985 



U.S. Officials Are Split 
On Response to Newest 
Soviet Strategic Missiles 


By Walter Pincus 

Washington Port Service 

WASHINGTON — The Soviet 
Uoioo has apparently begun to de- 
ploy its new mobile intercontinen- 
tal missiles, and US. officials are 
divided over how to respond. 

The Russians are also destroying 
some older, silo- based missies, a 
move that mu officials think 
means that Moscow may be pre- 
paring to stay within the limits of 
the SALT-2 arms control agree- 
ment. 

These officials, including some 
top-ranking military men, also 
think the mobile missiles, if 
swapped for silo-based ones, result 
in a less threatening nuclear array. 
■Therefore, they want to encourage 
Moscow to stay within the limits of 
the strategic arms limitation treaty 
and destroy old, sQo-based inter- 
continental ballistic missiles, or 
ICBMs, as the new weapons are 
deployed. 

To help accomplish this, these 
officials think, the United States 
should move to extend the treaty, 
since the 1979 agreement expires at 
the end of this year. Although the 
U.S. Senate never ratified the 
SALT-2 treaty, both the United 
States and the Soviet Union agreed 
to abide by its provisions. 

But other Reagan administration 
officials think the first of the mo- 
bile missies being deployed, the 
single-warhead SS-25, violates the 
terms of die accord. Deployment of 
the missile and a larger, rail-mo- 
bile, 10- warhead SS-24, they say, 
will be destabilizing and result in 
an escalation of the arms race. 

These officials want the United 
States to oppose the new weapons. 

The new Soviet missiles are 
bound to come up as a subject in 
the strategic arms discussions be- 
tween the United States and the 
Soviet Union that began Tuesday 
in Geneva. 

Earlier this month. Colonel Gen- 
eral Nikolai F. Chervov, a member 
of the Soviet general staff and a 
spokesman on arms control mat- 
ters, said the United States and the 
Soviet Union have agreed to dis- 
cuss the SALT-2 Limits. 

The reported Soviet IGBM de- 
ployment puts additional pressure 
on the negotiators to continue 
some limit while they attempt to 
achieve reductions. In addition, if it 
takes no action, the United States 
will exceed another of the SALT-2 
limits, permitting only 1,200 
multiwaniead missiles on land and 
sea, when the submarine Alaska is 
scheduled to go on sea trials this 
fall with 24 migsflgi 

There are signs of deployment of 
the SS-25 at two Soviet missile 
fields, according to intelligence 
sources. 


Concrete shelters for 24 mobile 
SS-25s at the Yoshkar Ola miss ile 
base, and another 24 at the Yuyra 
field have been completed. At 
Yoshkar Ola, where the Russians 
have 60 SS-I3s in silos, there are 
signs that those sQos are bang re- 
worked, perhaps for SS-25s. 

The Russians have said the SS-25 
is a modernized version of the SS- 
13. President Ronald Reagan re- 
ported to Congress last month, 
however, that the SS-25 was a new 
missile and thus barred by SALT-2. 

The Soviet Union has successful- 
ly tested the SS-24 from a railroad 
launcher. 

Last summer, the Russians be- 
gan to destroy 18 silos that held old 
SS-11 single-warhead missiles. 
There is disagreement in the U.S. 
intelligence commnnity over 
whether this indicates that the Rus- 
sians intend to adhere to limits on 
missile numbers or are preparing 
for a fast buildup of single- and 
multiple-warhead mobile ICBMs. 

SALT-2 limits each nation to 820 
land-based missile* with multiple 
warheads. The Russians now have 
818 such missiles, based in silos. 
Deployment of just three SS-24s, 
for example, without comparable 
reduction of an older multiwazhead 
land-based I CBM, would put the 
Russians over the SALT-2 limi t 

There is no agreement in the 
Reagan administration on the im- 
plications of SS-24 deployments. 
Last week, Robert G McFarlane, 
the White House national security 
adviser, described the mobile 
multi warhead missile as a new “de- 
stabilizing system.** 

Later, however, a key Reagan 
adviser on weapons and arms con- 
trol privately contradicted Mr. 
McFarlane's analysis, saying the 
observed tests of die SS-24 have 
shown it is not as accurate as the 
silo-based ICBMs and thus less 
threatening. 

Slightly larger than the new U.S. 
MX intercontinental missile, the 
SS-24 is the first large solid-fuel 
Soviet ICBM. With solid fuel mis- 
siles can be prepared for launch 
quicker than liquid -fueled rockets. 
All U.S. ICBMs are solid fuel ex- 
cept for 30 old liquid-fueled Titan- 
2s, which are being retired. 

Current es tima tes are that the 
SS-24 will not be deployed until 
late 1986, according to sources, but 
some officials say it may come 
sooner. 

Most mil be carried on rail 
launchers that will be difficult to 
locate and count, sources said. 

The SS-25 operates on solid fuel 
and travels on a tractor-drawn 
launcher. With completion of shel- 
ters, sources said, substantial em- 
placement is expected within the 
next six months. 



EC Ministers Meet in Effort to Agree 
On Entry Terms for Spain, Portugal 




WORLD BRIEFS 


The Associated Press 

BRUSSELS — The foreign min- 
isters of the European Community 
opened a four-day negotiating ses- 
sion Sunday on membership terms 
for Spain and Portugal 
Tire 10 ministers were also seek- 


ing agreement on financing this 


James A. Abrabamson 


U.S. Aide Sees 
Early Decision 
On 'Star Wars 9 


year’s community budget and on 
terms of a special aid program for 
poorer Greek and Italian farmer s. 

The foreign ministers' regular 
two-day monthly meeting was ex- 
panded to four in an effort to re- 
solve these problems before an EC 
summit meeting scheduled for 
March 29 and 30. 

Many officials, say that the terms 
for Spanish and Portuguese mem- 
bership must be settled now if the 
parliaments of the member coun- 
tries are to ratify the accession trea- 
ties by Jan. 1, 1986, the date on 
which the two nations are supposed 
to join the community. 

Some governments fear that if 
the laiget date is missed, the en- 


largement effort could be suspend- 
ed. 

Many membership terms for 
Spain and Portugal remain to be 
settled. The most disrated are ac- 
cess for Spain's large fishing fleet to 
community waters, the righ ts of 
Portuguese and Spanish workers to 
jobs in the 10 other member na- 
tions and access of Spanish fruits 
and vegetables to community mar- 
kets. 

The size of their contribution to 
the annual EC budget must also be 
resolved. The budget is financed by 
customs and agricultural duties 
and by the transfer by each country 
of I percent of its value-added, or 
sales, tax collections. 

Last summer, the EC heads of 
government agreed to. increase the 
value-added tax contribution to 1.4 
percent of receipts to finance the 
expansion of the community. The 
extra money was supposed to be- 
come available Jan. 1, 1986. 

However, aD countries with the 


exception of West Germany now 
favor advancing the effective date 
to mid- or laic- 1985 to finance this 
year's budget, which was rejected 
in December by the European Par- 
liament. 

The advancement of the date 
would clear the way for the govern - 
ing Council of Ministers to submit 
a new budget to Parliament. 

Another major obstacle facing 
tire foreign ministers is Greece's 
objection to the size of proposed 
financial aid for the poorer south- 
ern regions of the community, 
mainly Greece and Italy. 

The plan, called Integrated Med- 
iterranean Programs, calls for 2 bil- 
lion European Currency Units 
($1.4 billion) in grants, 2-5 billion 
ECU in loans and an undetermined 
amount of money diverted from 
existing community aid programs. 

Greece has said that if its de- 
mands for more money are not met, 
it will veto the membership of 
Spain and Portugal. 


Reagan and Mulroney Open Summit , 


wt 


QUEBEC (UPI) — President Ronald Reagan, opening a 
Canada's prime minister. Brian Mulroney, called Sunday for 
dealing, cooperation and a spirit of give and take” between the tr 
countries. The summit promised to be dominated by the envinnioat 
issue of add rain. 

President Reagan hailed the baric strength of UJS.-Canadian.ndatb 
and suggested differences of opinion could be resolved cordially with 
“the most productive relationship between any two countries in the wot 
today.” 

Mr. Reagan, malting his first trip out of the United States since ti 
start of his second term two months ago, was accompanied by u 
advisers and cabinet members reflecting tire issues on the agenda • 
Secretary of State George P. Shultz, Defense Secretary Caspar \ 
Weinberger, Attorney General Edwin MecSe 3d, William Brock, chi 
trade representative, and Lee Thomas, administrator of the Environing 
tal Protection Agency. 


Hijacker Is Slain on Saudi Airliner 


By Charles Mohr 

New York Times Service 

WASHINGTON — The direc- 
tor of a program to develop a de- 
fense against nuclear missiles has 
predicted that a “reasonably confi- 
dent decision" on whether to make 
such weapons could be made by the 
end of this decide or in the early 
1990s. 


Hussein Says 
He Can Move 
No Further 


Lieutenant General James A. 
Abrahamson of the air force said 
Friday that it was “an overestima- 
tion of the problem" to suggest that 
it would be the end of the century 
or later before it became clear 
whether the program was feasible. 


Right Gains in French Voting 


(Continued from Page 1) 
didate defeated a neo-Gaullist who 
had declined to withdraw in his 
favor. 

Socialist voters turned out in 
riightly higher numbers than on the 
first ballot but still too few to pro- 
duce a significant comeback. 

The Comnumist Party, projec- 
tions indicated, seemed likely to 
drop below 10 percent of winning 
candidates. 



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Communist voters 
supported Socialist candidates in 
many districts despite tire party 
leadership’s break with the Social- 
ists last summer. 

Supporters of the Communists 
and the National Front seemed, in 
most cases, to turn out for the main 
leftist and rightist parlies in Sun- 
day's ballot. 

The voting over two Sundays in- 
volved about 2,000 local districts 
across France. Half of about 4,000 
local councillors are elected every 
three years for six-year terms. 

The Socialists, faced with declin- 
ing popularity, seem likely to intro- 
duce proportional representation 
into the voting system in time for 
the 
year 
chances 
ment 


General Abrahamson, who 
beads the Strategic Defense Initia- 
tive Office, made his remarks in 
testimony before the Subcommit- 
tee on Strategic and Theater Nucle- 
ar Forces of the Senate Armed Ser- 
vices Committee. 

He said that an earlier decision 
cm the technology might be made 
“to be able to move into the initial 
portion" of what is now envisioned 
as a three-layer system to intercept 
and destroy nuclear missiles. 

Several times. General Abra- 
hamson demed that tire objective of 

tire program might be shifted from 
a widespread defense of the United 
States and Europe to a limited de- 
fense of U.S. missile sdos and mili- 
tary facilities. 

However, he seemed to confirm 
rumors in national security and sci- 
entific rirdes that his office saw 
promise in tire possible use of inter- 
ceptors that would destroy missiles 
or warheads with high-speed, non- 
explosive projectiles. He described 
such kinetic-energy technologies as 
more “mature" t ha n those based on 
directed-energy systems such as la- 
sers and particle beams. 

He indicated that kinetic-energy 
interceptors, which would proba- 
bly be propelled by rockets or fired 
by powerful pulses of magnetic en- 
ergy, could be pan erf a three-tiered 
defense system. That system would 
attempt to destroy Soviet missiles 
and warheads soon after launching, 
while warheads were coasting 
through space and, finally, after 
they re-entered the atmosphere. 

To be used to attack missiles in 
the lifting phase, kinetioenezgy 
rockets would have to be based on 
space stations permanently orbit- 
ing the Earth, scientists say . 

The general did add to the doubt 
already cast by others in his office 
on the possible use of X-ray lasers 
that would be powered by nuclear 
explosions in space. 


(Continued from Rage 1) 
die East,” The New York Tunes 
reported from Washington. 

He said that after Foreign Minis- 
ter Taher al-Masri of Jordan visits 
Washington next week, Mr. Rea- 
gan will send Richard W. Murphy, 
assistant secretary of state for Near 
Eastern and South Asian affairs, to 
Israel Egypt, Jordan, Saudi Arabia 
hud other countries to assess devel- 
opments. 

But Mr. Shultz again rebuffed on 
Friday the proposal made earlier 
last week by Mr. Mubarak that the 
United States invite a joint Jorda- 
nian- Palestinian delegation to 
Washington as a posable first step 
toward eventual negotiations with 
IsraeL 

“Mr. Mubarak’s suggestion is 
one suggestion." he said. “There 
are others." The Reagan adminis- 
tration has said that H wants direct 
miles and is wary of such prelimi- 
nary discussions getting in the way 
of actual negotiations. 

Nevertheless, faced with devel- 
oping criticism in Egypt and other 
Arab nations that the Reagan ad- 
ministration was not being forth- 
coming enough, Mr. Shultz said: “I 
think it is fair to say that there has 
been movement among the parties 
in the region which we have en- 
couraged." 



War in Gulf 


Intensifies; 


MANAMA, Bahrain (Reuters) —A lone hijacker who seized a San 
Arabian airliner over Riyadh, Saudi Arabia, on Sunday was shot ai 
killed by a security guard aboard the Boeing 737, the Gulf News Age& 

reported. 

The agency quoted a statement from tire Defense and Aviate 
Ministry as saying that the plane with 76 passengers aboard had beaus 
flight from Jeddah to Kuwait. 

The statement said the plane was over Riyadh around 2:50 PM. lot 
limp, when the pilot warned air traffic control that the aircraft had be 
hijacked by a person armed with a hand grenade. A security guard oo t 
plane shot the hijacker after failing to persuade bum to surrender t 
grenade, which exploded and caused some d ama g e in the struggle. 


3 Ships Hit 


U.S. Bishops Urge Vote Against MX 


Terry A. Anderson 


Syrians Face 
GemayelFoes 


(Continued from Page 1) 
ml “to take advantage of the op- 
portunities to leave." 


■ Mubarak to Visit Jordan, j 

Mr. Mubarak will travel Mod- 
day to Jordan to brief Hussein, on 
his recent trip to the United States 
and Western Europe, United Press 
International reported Sunday 
from Cairo. 

The meeting between the two 
leaders will be their fifth since Jor- 
dan restored diplomatic relations 
with Egypt last September. 

In Amman, a palace spokesman 
said that Hasson and Mr. Mu- 
barak would “make a complete 
evaluation erf Arab action at the 
international level to find a just and 
lasting solution to the Middle East 
conflict” 


In its movements to back Mr. 
Gemayel against tire Christian re- 
bels, the Syrian Army cut off the 
coastal highway from Tripoli to 
Beirut at the Madfoun bridge, 29 
miles (47 kilometers) north of Bei- 
rut. It also was reported to have 
deployed 25 tanks, 20 armored per- 
sonnel carriers and eight mounted 
rocket launchers near the bridge 
Saturday night 


A senior source in the rebel Leb- 
anese Forces command in Beirut 
said Saturday night that the militia 
was “observing for the moment” to 
determine the Syrians* intention. 


Asked whether Lebanese Forces 
reinforcements would be moved 
from Junieh and other Christian 
strongholds to the Baibarah check- 
point four miles south of the Syrian 
Army position, the source said that 
if it appeared the Syrians had in- 
tentions to move, “We axe prepared 
to confront them.” 


i we voung system m umc tor 

parliamentary elections next 
: in hopes of enhancing their 
aces of remaining in govern- 


He said that his office's emphasis 
was on President Ronald Reagan’s 
objective of a nonnuclear defense 
and that the X-ray lasers woe “a 
very small part of the total effort.” 


Remen 

SANTA CRUZ DE TENER- 
IFE, Canary Islands — An Iberia 
Aiilines DC-9 aborted its takeoff 
here Saturday and skidded off the 
runway, stopping 50 feet (15 me- 
ters) from a ravine. There wane no 
reported casualties. No reason was 
given for the inddeaiL 


Although the Syrian Army 
moved only about a mile from its 
previous position north of the 
Madfoun bridge, the move to the 
fringes of the Christian heartland 
symbolized Syria’s determination 
not to permit die rebellion to scut- 
tle attempts by Damascus to ap- 
portion parliamentary representa- 
tion and government patronage 
between Moslems and Christians 
in a way aimed at ending years of 
sectarian violence in Lebanon. 


(Continued from Rage 1) 

Iraq intended to continue air at- 
tacks on Iranian cities and would 
not be responsible for the safety of 
commercial aircraft 

“Being concerned for the safety 
of passengers entering and leaving 
Tehran" he said, “we warn all in- 
ternational airways that all Iranian 
airspace is considered a prohibited 
zone and any aerial target will face 
direct danger because of the diffi- 
culty in distinguishing targets.” 

Iraq has already declared the 
northern Gulf a prohibited zone 
and has attacked dozens of foreign 
oil tankers and merchant ships 
saving Iran's Khaig Island oil ter- 
minal and other ports. 

At least three vessels, two of 
them tankers, were hit Sunday in 
strikes by both Iran and Iraq over 
hundreds of miles of the vital wa- 
terway, which carries almost a third 
of the West’s oil supplies. 

Shipping sources said that a Li- 
berian tanker, the Caribbean 
Breeze, was hit in an apparent Ira- 
nian attack off Qatar and that 10 
crewmen were hurt, three seriously. 
The ship, chartered to Kuwait’s na- 
tional cnl company and carrying 1 .8 
million barrels erf Kuwaiti crude, 
was set ablaze but the fire was later 
put out 

Another tanker, said to be the 
Agarita, was hit and set ablaze 
shortly after leaving Khara with a 
load of crude, and an oil field sup- 
ply vessel was hit near the Iranian 
terminal the sources said* 

■ UJS. Neutrality Questioned 

The United States, despite bang 

officially neutral in the Gulf con- 
flict, has been pasting intelligence 
information to Iraq warning of ap- 
proaching Iranian air attacks. 
United Pros International quoted 
The, Sunday Times as reporting. 

The London newspaper, quoting 
unidentified European intelligence 
sources, said the information was 
gathered by “U.S. satellites orbit- 
ing ova the Gulf and from U.S. 
reconnaissance planes, on loan to 
Saudi Arabia." 

The Sunday Tunes said a Penta- 
gon spokesman denied that the 
United States was supplying intelli- 
gence information ana insisted that 
Washington had “a policy of strict 
neutrality." 

■ Cease-Fire Is Sought 

Iraq has asked the United Na- 
tions to arrange an immediate 
cease-fire with Iran, B ag hdad radio 
reported. 


WASHINGTON (NYT) — The Roman Catholic bishops of \ 
United States have sent a letter to every member of Congress urging tlx 
to vote against funds to produce the MX nuclear missile. 

The letter from the U.S. Catholic Conference, sent Friday, was tira 
to reach Congress before the first of four votes on the intercomina/ 
missile, beginning Tuesday. The conference, which consists of about 2 r 
Catholic bishops, said its opposition to the missile was based on “t 
potentially destabilizing impact of this weapons system on the nude' 
arms race," and “its cost, viewed in light of pressing human needs.” 

The letter to Congress was deariy the most specific and firm oppo 
tion to the MX missile expressed by' the Catholic bishops. Both houses 
Congress most vote on whether to release SI .5 billion to produce 21 hi - 
missiles. One vote in each house will be to authorize the release, the otfa 
to appropriate funds. The first vote in the Senate has been scheduled! 
Tuesday. 




Sindona Sentenced to 15-Year Term 


MILAN (Reuters) — Michele Sindona, the Sicilian financier, has be 
sentenced to 15 years in prison for his part in the fraudulent collapse . 
his banking empire more than 10 years ago. 

The sentence was passed Saturday after a Milan court found K . 
Sindona guilty of bank fraud and of falsifying records of his companies 
finance speculation on the Milan stock exchange. The court also bans 
Mr. Sindona from ever holding public office and from conduct! 
business for 10 years. He was ordered to pay two billion tire (about 
million) to his creditors. 

Mr. Sindona, 64, was a financier and Vatican adviser until his butine ‘ 
es, including the Banca Privata Italians, crashed in 1974. He * 
extradited last September from the United States, where he had be 
serving a 25-year sentence for fraud in connection with the collapse of i 
FranJdm National Bank. 



V‘ti 


Missile Opponents Protest in Brussels 


BRUSSELS (Reuters) — Protesters held a rally Sunday in cent - 
Brussels and called on the parliament to censure the government I 
having accepted U.S. cruise missiles. The parliament is to vote eta t. 
decision on Monday. 

Turnout at the march was evaluated at several thousand people Kk: . 
van Mien, leader of the opposition Flemish-speaking Socialist Party, s * . 
that the government had shown contempt for the parliament by n. . 
announcing the decision until Friday, when 16 of the UJS. missiles «i 
on their way to a site in Florennes, south of Brussels. - ■ ^ 

Prime Minister Wafried Martens said on television that ihe gover— 
ment alone ted Ihe right to decide on security, but that parliament con ~ j 
refuse to approve the government’s plans. Mr. Mancns’s Social Christa . ' 
Party is divided ova the the mistiles, and political sources said sera 
members might abstain, threatening the government’s six-seat majoril 
But support from fringe opposition parties should Hdp the coalition l_ 
survive. 



For the Record 




Secretary of State George P. Shultz of the United States will vua;^ 
Vienna in May for celebrations mariring the 30 th arniversary of Austin _ 
State Treaty, and Foreign Minister Andrei A. Gromyko of the Sow ’ 
Union is also expected, Austria MTinp nnc ed Sunday. (Raae _■ 


Frederic Castaing, 41, a French businessman, said Sunday he had bet 
bducted and tortured in Poland last week after being questioned I .. 


abducted 

police about documents in his possession concerning the outlswt~~ 
Solidarity trade union. Mr. Castaing, an expert in historical documen. ' 
and autographs, said be had been detained by police in Krakow forts ' 
days and then ordered to leave the country. (Rctia- 


The presided of Tanzania, Julius Nyerere, arrived in Britain on Stutdi . 
r a four-day visit that is to include a a 


for 

Margaret Thatcher. 


meeting with Prime Minis!'. 

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J. 







INTERNATIONAL HERALD TRIBUNE, MONDAY, BIARCH 18, 1985 


Page 3 


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.Pundits Predict 
./Candidates for 1988 

Two years before the last pres- 
■i idential election. a poll of the 
; 'House Adoumstrative Assistants 
- , Association, composed of senior 
congressional aides, predicted 
.. that Ronald Reagan would run 

■ for re-election against Walter F. 
; Mondale. 

The New York Times reports 
. . that, “flushed with tins record 

■ for prescience,” the same group 
of political professionals has 
produced an even earlier forecast 

1 » . Jj ( > for WB8, though the crystal ball 
l *t .W appears a good deal cloudier for 
\ that year. Focusing on probabili- 
’-.ty rather than personal prefer- 
■ 60 perem of the 3 JO mem- 

' - bers predicted that the nominees 
would be Vice President Geoigc 
. Bush for the Republicans and 39 
■\ percent bet on Governor . Mario 
M. Cuomo of New York for the 
•' - . Democrats. 

Republican also-rans: Repre- 
. '• sentative Jack F. Kemp of New 
' \ York (25 percent), Senator Rob- 

ert J. Dole of Kansas (12 per- 
cent) and Howard HL Baker Jr., 
the former senator of Tennessee 
nL (3 percent). Among other Demo- 
^ crats: Senator Gary Han erf Col- 
1 ... orado (25 percent). Senator Ed- 
's ward M. Kennedy of 
Massachusetts (17 percent) and 
: i Representative Richard A. Gcp- 
s : hardi of Missouri (6 percent). 




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: Short Takes 

V Major work stoppages were 
. fewer last year than at any time 
1 since World War n. according to 
the U.S. Bureau of Labor Statis- 
tics. Only 62 major strikes, in- 
r volving a total of 376,000 work- 
ers, began during 1984. 
compared with a previous post- 
war low of 81, with 909,000 on 
strike the year before. The Wash- 
ington Post says experts ascribe 
' the decrease to d eclining union 
membership, high unemploy- 
ment and increased au tomation. 
They also cite more cooperative 
* labor-management relations^ and 

- increased foreign competition, 
which makes both sides waiy of 

- conflict 

People and Taxes, a consumer 
publication, says a taxpayer 

- wrote to the Internal Revenue 
Service to suggest that the per- 
sonal income tax retain, called 
Form 1040, had been given that 
number to commemorate one of 
two dates in history: In 1040 
B.C., the prophet Samuel gave in 
to the people's demands for a 
king, but warned that a king 
would insist that they pay taxes. 
In AJD. 1040 Lady Godiva rode 
nude through the streets of Cov- 
entry to protest taxes levied by 
ber husband, the earL Rosooe 
Egger, the IRS commissioner, 
says the mundane troth is that 
the number happened to be the 
next available m the system 
when Form 1040 was devised in 
1913. 



fcu»«4JnilBd Pr«a Mttntfiond 

PITTSBURGH SHOOTOUT — Victor Baisamlco, 
left, a police officer, is comforted by a fellow officer 


after he shot and killed a man with a 
entered an office binkfing and wounded 


Shorter Takes: Four of the 50 
states in the mtinn lost popula- 
tion between 1980 and 1983, ac- 
cording to the U.S. Census Bu- 
reau. All were in the “Frost Belt” 
of the Middle West: Indiana, 
Iowa, Ohio, and, with the heavi- 
est loss, Michigan, down 2.1 per- 
cent to 9,069,000 Thirty-six 

patent of American farms had 
telephones in 194 9, when the Ru- 
ral Electrification Administra- 
tion began making loans to ex- 
tend phone service. According to 
federal documents, more than 95 
percent of farms have phones to- 
day. 


Notes About People 

President Reagan’s entry was 
the first in the Soviet Embassy’s 
black leather book of condo- 
lences following the death of 
President Konstantin U. Cher- 
nenko. With Ambassador Ana- 
toli F. Dobrynin looking on, Mr. 
Reagan wrote, “My condolences 
and sympathy to Chairman 
Chernenko's family and to the 
Soviet govL and people in this 
time of bereavement Let us re- 
dedicateonrsdves to endowing a 
lasting peace between our coun- 
tries. [signed] Ronald Reagan.” 


Calvin Cooh’d 
idem 0923-15 


who had 
own wife. 


slroy all his private papas before 
his death in 1933, despite state- 
ments to the contrary in the in- 
dex to his presidential papers in 
the Library erf Congress. Coo- 
lidge's son John, now 78, discov- 
ered a dozen cartons of such pa- 
pers in the attic of the family 
borne in Plymouth, Vermont, 
and donated them to the public 
library in Northampton, Massa- 
chusetts, where Coohdge started 
his law practice and served as 
mayor for a year. Lawrence E 
Winmder, the library's curator 
of Coolidge memorabilia, says 
the documents provide no major 
revelations 

Much of Plains, Georgia, is 
expected to be preserved as the 
Jimmy Carter National Historic 
Site, according to The Washing- 
ton Post, but not what is perhaps 
the most famous landmark of au, 
the gasoline station where Jimmy 
Cota’s younger brother, Bffly 
Carter, had forth. BiUy Carter, 
47, vice president of a mobile 
home factory, and now living in 
Waycross, Georgia, said he 
didn’t mind. “I don’t care if they 
bulldoze the whole town," he 
said. 

ARTHUR 


E Hr 


Crisis Highlights System’s Weaknesses 


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(Continued from Page 1) 

. itber institutions who had thought 
heir money was guaranteed per- 
aved a new risk The ripple con- 
inued to spread. 

The risk had actually been there 
' ill along, but events had never 
ailed it to anybody's attention. 

First, the fund was cot large 
awugh to survive the failure of the 
argest institution covered by its 
guarantees. Second, the process of 
Tying to find a buyer for what is 
eli of Home State highlighted the 
'act that, like the majority of thrift 
..jistitutions across the country, it 
rad many mortgages on its books 
with interest rates well below those 
mi mortgages issued today. 

If those mortgages, which are 
»rt of Home State’s assets, have to 
ie sold, their current value may be 
is much as S100 million less than, 
heir face amount. As king as pay- 
wails are being made on such 
cans, banks and savings and loans 
io not have to recognize such paper 
. . osses in calculating their income 
• ind net worth. However, if an insti- 
■ -utica goes under and its assets are 
■rid, the losses do have to be ac- 
■cnowledged. 

So, for perfectly understandable 
reasons, depositors have lost confi- 
kuce in most of the 71 savings and 
■' cans that were not federally in- 
wed and want to get their money 
mil And the very act of their taking 
heir money out, if they can, will 
orce the institutions to dose. 

If every one of the savings and 
oans were to disappear, and de- 
positors were to suffer even a sub- 


stantial loss, the amount of money 
involved is not large enough to un- 
dermine directly the nation's finan- 
cial system. 

Nevertheless, officials at the 
Federal Rese^. the Federal Home 
Loan Bank Board, which oversees 
federally chartered savings and 
loans, and other regulatory agen- 
cies are. concerned that the crisis in 
confidence not spill over into other 
parts of the financial system. 

Nearly a year ago. the regulators 
faced a far more serious situation 
when the same sort of loss of confi- 
dence threatened Continental Illi- 
nois National Bank and Trust Co. 
When news of large loan losses 
shook depositor confidence in that 
$41 -billion institution, the federal 
government was forced to bail it 
out 


sivc changes in the roles and proce- 
dures for granting asylum to aliens. 

Officials of the Departments of 
Justice and State said the proposed 
changes were designed to stream- 
line the asylum process and to give 


Shultz Urges 
^Crackdown’ 

To Protect 
Secret Data 

By Bernard Gwertzman 

New York Times Service 

WASHINGTON — Secretary of 
State George P. Shultz has testified 
that “we need a crackdown” within 
the U.S. government to prevent the 
disclosure of highly classified infor- 
mation. 

Mr. Sbultz, appearing Friday be- 
fore the Senate Foreign Relations 
Committee, was questioned by two 
Democratic senators, Gai borne 
Pell erf Rhode Island and Paul S. 

Sarbanes of Maryland, about re- 
cent comments made by senior de- 
partment officials about LesEe HL 
Gelb, national security reporter of 
The New Yoik Times. 

An article by Mr. Gelb, pub- 
lished Feb. 13 by The Times, de- 
scribed U.S. contingency plans to 
deploy nuclear depth charges in 
some allied countries. [The article 

appeared Feb. 14 in the Interna- 

tionaJ Herald Tribune:] It noted 

that information about the plans ... • 

bad been published and disc?«Md JHCCSG LTIflCtSGS 
in those countries. c . n . 

Mr. Shultz, while conceding that ScitOOi JoltSWg QXUx 
reports on the plans bad been pub- ^ 

Hshed abroad, told the senators I ^cnartK Tnh fhirttne 
that the article “has done us a con- £x *9 txts \nWWS 

sderable amount of damage.” New York Tima Service 

He added that because Mr. Gdb WASHINGTON — Edwin 
had saved in the government, in a Meese 3d, in his first news confer- 
’" J ” **“ ‘ ** v: " cnee as attorney general, has criti- 

cized school busing as a method of 
racial integration and rejected hir- 
ing quotas as an “improper” means 
of searing affirmative action. 

“I think it's generally recognized 


U.S. Is Preparing Tighter Rules on Asylum 


By Robert Pear era] conditions of violence in their 

New York Tima Service homeland. They must show that it 
WASHINGTON— The Reagan is likely that they would be singled 
administration is preparing extea- <wi for persecution. 

The administration maintains 
that many illegal aliens from Latin 
America are fleeing poverty, hot 
persecution, and do not qualify for 
asylum. 

^ Asylum has become a particular- 
the immigration authorities more ty sensitive issue since January, 
flexibility in handling applications, when the administration moved to 
They said a secondary purpose was crack down on -church groups ol- 
io take the asylum issue out of the feting sanctuary to people from 
“legislative arena,” where h has Central America who said they 
complicated efforts to pass a com- were fleeing persecution and vio- 
prcfaenave immigration biD. lence. The Justice Department con- 
immigration lawyers said the tends that such groups are illegally 
new rules could make it more diffi- smuggling or harboring aliens, 
cull for some atiens to gain asylum. Leaders of the sanctuary move- 
ment say that decisions on granting 
asylum have become so entwined 
with politics and foreign policy that 
they are not objective or fair. 

Immigration officials say that 
the new rules are not part of an 
effort to curb the sanctuary move- 
inem. 

Under the existing roles, the im- 
migration service must seek a for- 
mal advisory opinion from the 


Under the Refugee Act of 1980, 
aliens may qualify for asylum if 
they have “a well-founded fear of 
persecution” in their homeland “on 
account of race, religion, national- 
ity, membership in a particular so- 
da] group, or political opinion." 

Ttve U.S. Immigration and Natu- 
ralization Service and the State De- 
partment have said that it is not 
enough for the aliens to show gen- 


State Department on every asylum 
application. Under the proposed 
rules, to be issued for public com- 
ment this spring,' the immigration 
service would simply give the State 
Department “notice" of all appli- 
cauons. Advisory opinions would 
no longer be required. 

The new rules would specify fac- 
tors justifying the denial of asylum. 
One would be the availability of a 
“safe haven” in a country Lhrough 
which the alien passed on the way 
to the United States. . 

The new roles say ihat immigra- 
tion officials may deny a request 
for asylum if there is evidence that 
the alien ceased his or her flight 
from persecution and found “pro- 
tection” in a country that signed 
the 1967 United Nations Protocol 
on the status of refugees. 

The current rules say that the 
attorney general must deny a re- 
quest for asylum if the alien “has 
been firmly resettled in a foreign 
country” before coming to the 
United States. 

“An alien is considered to be 
‘firmly resettled' if be was offered 
resident status, citizenship or some 


other type of permanent resettle- 
ment by another nation." the rules 
say. 

The proposed rules would omit 
the word “permanent," making 
clear that aliens could be denied 
asylum in the United States even if 
they were not permanently reset- 
tled elsewhere. 

Under existing law. if aliens have 
a well-founded fear erf persecution, 
they are not automatically entitled 
to asylum in the United States but 
will not be forcibly returned to the 
country they fled The attorney 
general, working through the immi- 
gration service, has discretion to 
grant or deny asylum. 

The new rules also clarify the 
standard of proof in asylum uses, 
rejecting some or the more liberal 
interpretations by federal courts. 

The new rules adopt the some 
standard for asylum cases that the 
Supreme Court laid down in June 
in a decision dealing with deporta- 
tions. The court said then that the 
attorney general must not deport 
aliens to a country where there was 
“a clear probability” that they 
would be persecuted. 


U.S. to Cut Off Farming Irrigation 
To Thousands of Acres in California 


“particularly sensitive post,” his 
writings look on “special author- 
ity.” Mr. Gdb was director of the 
State Department’s Bureau of Po- 
litico-Military Affairs from 1977 to 
1979. 

“Therefore,” Mr. Shultz said, “in 

my opinion, I think having bdd “ educational as wdl as legal ar- 
tbat post, you have a special re- 
sponsibility, and I know that Mir. 

Gdb tries to exercise that responsi- 
bility, but still, publishing things 
that are harmful is hard to take.” 

At the same time, he described 
Mr. Gelb as “a person of tremen- 
dous stature, great ability” and 
said, “I don’t want to in any way 
run him down,” 

After Mr. Gdb's article was pub- 
lished, Lieutenant Genoa! John T. 

Chain Jr., current director of the 
Bureau of Polirico-Miliiary Affairs, 
forbade his staff to talk to Mr. 

Gdb. He also ordered the removal 
of an official office portrait of Mr. 

Gdb that hung alongside those of 
other previous directors of the bin 
reflu. 

General Chain later allowed bis 
staff to talk to Mr. Gdb bat did not 
replace the picture. 

when Senator Pdl asked Secre- 
tary Shultz on Friday if Mr. Gdb 
bad been extended an apology for training programs," Mr. Meese 
the general's actions, Mr. Shultz, said. But he characterized quotas as 
citing Mr. Gdb’s “special respona- ‘ln^roper” under the law. 
biHty" said, Tm not prepared to 


cies that school busing has had a 
marginal effect as far as improve- 
ment is concerned,” he said Friday, 
“and actually in some cases has 
added to the deterioration of the 
situation." 

In rqecting quotas as a means of 
affirmative action. Mr. Meese out- 
lined what he termed “permissible 
activities under the law” that 
should be expected, for example, of 
contractors awarded government 
work. Affirmative action means 
giving preferential treatment in hir- 
ing and promotion on the basis of 
sex or race, to correct for past dis- 
crimination. 

“We want them to widen the 
fields of hiring, we want them to go 
out and recruit as broadly as possi- 
ble, we want them to go out and 
provide information among minor- 
ity people of the opportunities that 
are available, we want them to have 


By Cass Peterson 

IVailungion Post Service 

WASHINGTON — The Interi- 
or Department, in a move that will 
remove tens of thousands of acres 
of California farmland from pro- 
duction, has announced that h will 
immediately shut off the flow of 
contaminated irrigation water to 
the Kesterson National Wildlife 
Refuge near Los Banos, California. 

“We have no choice but to take 
this action," Carol HaHett, a repre- 
sentative of Interior So:relary 
Donald P. HodeL told a congres- 
sional panel Friday in Los Banos. 

According to Interior officials, 
the action mil make at least 42,000 
acres (16,900 hectares) of farmland 
immediately unsuitable for agricul- 
ture. 

It also raises doubt about the 
future or western San Joaquin Val- 
ley, where li million acres of Cali- 
fornia farmland are under irriga- 
tion. While 42,000 acres are 
immediately threatened. Interior 
Department geologists have esti- 
mated that almost all of it noli need 
drainage if it is to remain produc- 
tive. 

The western San Joaquin valley 
is irrigated by water brought from 
the north by the federal Central 
Valley Project. Because day be- 
neath the soil prevents natural 
drainage, excess water, tainted with 
salts and a toxic mineral called se- 
lenium, must be sent bade north. 


Much of it drains into the Kes- 
terson refuge, which is now so satu- 
rated with toxic substances that it 
kins birds that nest there. Despite a 
$500,000 program designed to 
frighten waterfowl away, hundreds 
of birds have died from selenium 
poisoning or have produced gro- 
tesquely deformed chicks. 

Secretary Hod el said in Wash- 
ington that he bad also ordered the 
Bureau of Reclamation to check 
drainage systems throughout its 
maze of irrigation projects. 

The Kesterson refuge lies at the 
end of one of the bureau's most 
elaborate drainage systems, the San 
Luis Drain. The drainage project 
was halted more than 100 miles 
(160 kilometers) short of its pro- 
posed discharge point above San 
Francisco when federal construc- 
tion funds ran out in the mid- 
1970s. Agricultural waste water 
originally destined for San Francis- 
co Bay has been discharged into the 
refuge’s 1,200-acre complex of 
ponds. 

The refuge is so heavily contami- 
nated with selenium that California 
officials last month declared it a 
toxic dump and ordered the Interi- 
or Departmait to dean it up within 
three years. 

But Ms. Hallett, Mr. HodeTs 
representative, said Friday that the 
department had decided to act un- 


ties intended to protect migratory 
waterfowl. Kesterson is in tne mid- 
dle of the Pacific Flyway, a path 
followed by millions of ducks, 
geese and other waterfowl during 
their seasonal shuttles between 
Canada and Mexico. 

“There are conflicts between irri- 
gation for the valley and the law 
against the taking ‘of migratory 
buds,” and resolving that conflict 
is a matter for Congress, she said. 

The unexpected decision 
shocked members of a House Inte- 
rior subcommittee, which was 
meeting in Los Banos at the request 
of its chair man, Representative 
George Miller, a Democrat of Cali- 
fornia. 

“Imagine yourself in a hearing 
room packed with farm interests 
and farmers," said Albert Meyer- 
hoff, an attorney for the Natural 
Resources Defense Council who 
was scheduled to testify at the hear- 
ing. “You could almost see it in 
midair, that hot potato flying 
across the' hearing room.” 

In Washington, Interior officials 
hastened to brief California law- 
makers on the decision, which is 
expected to cost from $30 million 
to several hundred million dollars. 

The action will require cutting 
off irrigation water to at least 
42J)00 acres adjacent to the San 
Luis Drain, dosing the drain and 


aeparuneni nan aecmea io act un- uns uram, closing the dram and 
mediately because of the possibility plugging all the subterranean agri- 
of violations of international trea- cultural pipes that empty into it. 


Continental’s collapse would 
have shaken the entire world. 
Therefore, the federal government 
stepped in to guarantee all of Con- 
tinental’s liabilities, from the larg- 
est deposit to the smallest bill. 

Continental has survived, as a 
much smaller bank, after larger 
scale infusions of federal credit and 
a transfer of billions ot dollars 
worth of problem loans from its 
books to those of the Federal De- 
posit Insurance Corp. 

The remaining savings and loans 
in Ohio, whether federally- or 
stale-chartered, have their deposits 
insured by the Federal Savings and 
Loan Insurance Corp_, which ulti- 
matety can call on the U.S. Trea- 
sury for money to make good on 
any losses in accounts up to 
$ 100 , 000 . 


apologize to anybody. 

Secretary Shultz said that Gener- 
al Chain had done “a tremendous 
service” in drawing attention to the 
matter. The secretaty said he would 
Hire to sit down with members of 
Congress and the pieJs to discuss 
theis5u& 

“Don’t misunderstand me,” he 
said. Tm not saying we need to 
crack down on the press, but 1 
think we need to call attention to 
the seriousness of the problem. 

In New Yotk, SCTmour Ti 
managing editor of The New Y 
Tunes, tad that the decision, to 
publish the article “was made by 
the editors of The Times, not by 
Mr. Gdb. 

The editors took into account 
factors affecting national security 
and our obligation to inform our 
readers,” he said. “Mr. Gdb con- 
sulted with White House and State 
Department officials before writ- 
ing the article. 

“Mr. Gdb left government ser- 
vice in 1979 andjmned the staff of 
The Times in 1981. He has fulfilled 
his duties as a reporter without 
making use of privileged informa- 
tion that might have been obtained 
■when be was an official, and in full 
cognizance of all his responsibil- 
ities,” Mr. Topping said. 



Karmedfs Son May Ran 
For Massachusetts Seat 

The Associated Press 

BOSTON —Edward M. Kerme- 
fty Jr„ 23, the sou of the Massadiu- 
r *ns senator, is considering nm- 
hng in 1986 for the congressional 
jeat once bdd by bis late unde, 
Fdm F. Kennedy, The Boston 
atabe has reported. The seat is 
nw held by the House speaker, 
ootnas P. O’Neill Jr., woo will 
edit 

The Globe said Saturday that 
dr. Kennedy was planning to 
to the state’s 8th Congressio- 
al District from Virginia, Mr. 
iennedy is a recent graduate of 
vesleyan University in Connecti- 
m irnd a spokesman, for the physi- 
% disabled. His right leg was 
m P u iaied because of bone cancer 
I the age of 12. 



In Athens 

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Page 4 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 18, 1985 


Greek Judge 
FailstoWin 
Presidency in 
First Round 


Reuters 


ATHENS — Judge Christos 
Sartzetakis or the Greek Supreme 
Court, the only candidate for the 
Greek presidency, failed Sunday to 
. win first-round election in a parlia- 
mentary ballot 

Mr. Sartzetakis, 56, whose nomi- 
nation by the Socialist government 
prompted the conservative presi- 
dent, Constantine Caramanbs, to 
resign March 10. received 178 
votes, 22 fewer than the 200 re- 
quired for first-round election in 
the 300-seat Parliament 

Prime Minister Andreas Papan- 
dreou's unexpected derision not to 
' back Mr. Ca ramanlis and his an- 
nounced intention to limit presi- 
dential powers under a revised con- 
stitution also prompted the 
resignation of the pro-Western 
president 

Mr. Sartzetakis is 'expected to 
fail again in a second round Satur- 
day In which the same majority is 
required. A third ballot would then 
be held March 29, in which he 
would need 180 votes for election. 

If Parliament fails to elect Mr. 
Sartzetakis, general elections will- 
be held immediately thereafter. 

Sunday's secret vote raised 
doubts about whether Mr. Sartze- 
takis, a nonpolitical figure, would 
be able to get enough support to 
succeed Mr. Caramanlis. 

One hundred sixty-three depu- 
ties of Mr. Papandreou's Panne [- 
lenic Socialist Movement and 12 
deputies of the pro-Moscow Com- 
munist Party were under instruc- 
tions to vote for Mr. Sartzetakis, 
while four of 11 independents had 
said they would support him. The 
vote means either that one of the 
Socialists or Communists dis- 
obeyed instructions or that one of 
the independents changed his 
mind. 



Contadora Group Says 
It’ll Resume Effort for 
Central America Peace 


By Alan Riding 

New Yak Tima Service 

BRASILIA — The Contadora 
group of nations has announced 
the resumption of its Central 
American peace efforts after a six- 
month interruption marked by 
growing tensions in the region. 

The group, comprising Mexico, 
Colombia, Venezuela and Panama, 
said Saturday it would meet with 
representatives of five Central 
American countries — Costa Rica, 
Nicaragua, H Salvador, Guatema- 
la and Honduras — in Panama on 
April 11 and 12 in the hope of 
moving quickly toward a regional 
peace accord. 

Nicaragua's president, Daniel 
Ortega Saavedra, who was among 
the foreign dignitaries attending 
Friday's inauguration of Brazil’s 
new civilian government, wel- 
comed the announcement but 
called again for simultaneous talks 
between Nicaragua and the United 
States. 

“Without bilateral talks taking 
place, thpe is little that Contadora 
can achieve," he said. “Unfortu- 
nately, the United Stares is still 


Greece’s minister of culture, Melina Mercouri, touches the 
shoulder of Prime Minister Andreas Papandreou as she 
goes to rote during Sunday’s presidential election. 


Henry Kamm of The New York 
Times reported from Athens: 

Mr. Caramanlis, who lost the 
governing Socialist Parly’s support 
for a second term as president a 
week ago, was assured the night 
before that the Socialists intended 
to nominate him, according to reli- 
able reports. 

Because of the Socialist rebuff, 


Andreotti to Visit Morocco 

Reuters 

RABAT — Foreign Minister 
Giulio Andreotti of Italy is to pay 
an official visit to Morocco on 
April 8 and 9, the Moroccan press 
agency MAP said Sunday. 


Mr. Caramanlk, a conservative 
who is Greece's senior political fig- 
ure, withdrew his candidacy for re- 
dection and resigned March 10. 
The dispute indicated a major shift 
to the left by the Socialists and 
further political polarization. 

A source close to Mr. Caraman- 
lis said Friday that Interior Minis- 
ter Agamemnon Koutsogioigas 
called on a senior presidential aide 
March 8 to tell him that 10 percent 
of the Socialist Party Central Com- 
mittee was reluctant to support a 
second five-year term for Mr. Cara- 
manlis. The message was said to 
have been delivered on behalf of 
Mr. Papandreou. 

But Mr. Caramanlis was also re- 
portedly told that Mr. Papandreou 
was certain the holdouts would be 
persuaded to overcame their reluc- 
tance by the next morning , when 
the committee was to meet, and 
that Mr. Caramanlis would be cho- 
sen unanimously. 

Mr. Caramanlis was told that the 
party’s members of Parliament 


would then hold a caucus at which 
unanimity was also assured, the 
source said. 

The source said he later learned 
that from the presidential palace 
Mr. Koutsogj oreas went to call on 
Mr. “ 


morning, j 
dreou nominated Mr. Sartzetakis 
as the Socialists’ presidential candi- 
date, and the party's Central Com- 
mittee and parliamentary caucus 
endorsed him- unanimously. Mr. 

flaramanlk w ithdr ew his randida - 

cy in a terse statement asserting 
that Mr. Papandreou had urged 
him to run, and the next day he 
resigned as president, two months 
before the end ofhis term. 


An Interior Ministry official reit- 
erated Mr. Papandreou’s remark to 
the Central Committee that Mr. 
Sartzetakis had not been informed 
beforehand of his nomination, and 
he declined to say whether Mr. 
Koutsogiorgas had visited the 
judge. Mr- Sartzetakis told a caller 
he could not talk to the press. 


that was immediately .endorsed ^tjy 


Nicaragua. At the prompting of i 
United Stares, however, Honduras, 



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H Salvador and Costa Rica pro- 
posed a series of amendments, 
which Nicaragua then rejected. 

A meeting scheduled for mid- 
February to reconcile the different 
positions was canceled after a dis- 
pute between Nicaragua and Costa 
Rica, over a young Nicaraguan who 
was arrested after seeking asylum 
in the Costa Rican Embassy in Ma-’ 
nagua. Early this month, the youth 
was released and exiled to Bogota, 
Colombia, clearing the way for new 
Contadora meetings. 

The presence of more than 100 
foreign delegations in Br asilia this 
weekend brought a finny of diplo- 
matic activity, involving; not only 
Contadora but other regional ques- 
tions. 


One meeting was held to pro- 
mote closer ties between the Euro- 
pean Community and Central 
America. In another, Suriname’s 
military strongman, Dfisi Bou terse, 
and the Dutch foreign minister, 
Hans van den Brock, held the first 
high-level talks between their gov- 
ernments since December 1982, 


when Suriname's lolling of 15 


VI ce President George Bosh, 
who headed the U.S. delegation to 
the Brazilian inauguration, spoke 
briefly Friday with Mr. Ortega in a 
crowded Chamber of Deputies, but 
both were reported to have reiterat- 
ed official positions. 

Before leaving here Saturday 
morning for Honduras, Mr. Bosh 
said that be had insisted on the 
need for Nicaragua to return to 
democracy and be described as an 
“absurd canard" the charge that no 
meetings were taking place be- 
tween U.S. and Nicaraguan offi- 
cials. 

The decision to revive the Conta- 
dora process came after a meeting 
here Friday night of foreign minis- 
ters from the Contadora nations 
and tiie five Central American 
ones. A joint communique said 
there were now “propitious condi- 
tions” for a resumption and 
stressed that the Central American 
countries had pledged their “politi- 
cal wfi] to give genuine momen- 
tum" to the peace effort. 

Colombian and Mexican offi- 
cials said that, having seen the ini- 
tiative undermined within the (re- 
gion itself, the Contadora group 
had demanded a strong pledge , to 
negotiate by the Central American 
countries before agreeing to meet 

again 

The Contadora group offered" a 
draft peace treaty in September 


position leaders prompted 
Netherlands to suspend all eco- 
nomic aid to its former colony. 


■ Biah Vows Continued Fight 

Vice President Bush told Hondu- 
ran officials Saturday that the Rea- 
gan administration would “fight 
with everything we have" against 
the Nicaraguan regime, United 
Press International reported from 
Palmerola, Honduras. 

U.S. officials said Washington 
had requested the four-hour stop- 
over to underscore Ronald Rea- 
gan's commitment to the Hondu- 
ran effort to thwart the spread of 
leftist revolution in Central Ameri- 


ca. 


Mr. Bush met with President Ro- 
berto Suazo Cdrdova of Honduras 
for an hour at his country home in 
La Paz shortly after arriving bom 
Brasilia. 

“Freedom-loving people every- 
where appreciate the hardships and 
trials Honduras has had to endure 
as the nation an the front-lines of 
freedom,” Mr. Bush said later. 

“Any communist power with de- 
signs against Honduras should 
know that the United States stands 
foursquare behind its democratic 
partner," Mr. Bush said. “We will 
not allow the security of Honduras 
to be compromised." 

The Honduran government said 
in an o fficial statement that Mr. 
Bush and Mr. Suazo “carefully an- 
alyzed the development’' of curren t 
negotiations to give Honduras in- 
creased UJSL aid for fiscal 1986. 


Mexico Charges 7 
In Kidnapping of 
U.S. Drug Agent 


United Pros International 

MEXICO CITY — The authori- 
ties have charged six police officials 
and a former officer in connection 
with the kidnapping and murder of 
a UJS. drug agent, according to the 
attorney general's office: 

A spokesman, Felipe Flores, said 
Saturday that two of the suspects 
were charged with kidnapping and 
homicide but not specifically the 
murder of Enrique Camarena Sala- 
zar, a U.S. Drug Enforcement Ad- 
ministration agent. AH seven were 
charged with conspiracy to trade in 
narcotics. 

Mr. Flores said some of the sev- 
en bad confessed to being responsi- 
ble for kidnapping Mr. Camarena 
and taking him to the home of an 
alleged marijuana grower. 

Mr. Camarena, a Mexican-born 
U.S. citizen, was seized by four 
men on Feb. 7 near the U.S. Con- 
sulate in Guadalajara. His body 
was found March 6 . 



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Vice President George Bush of the United Stales, center, talks with President Dari 
Ortega Saavedra of Nicaragua at the inauguration of Brazil’s civilian government At le 
is theU.S. assistant secretary of state for inter-American affairs, Langhome A. Mode? 


U.S. Policy Seen Hurling NATO Unity 

Europeans Warn on Sending Troops to Central America 


By Jack Nelson 

Lot Angela Times Service 

WASHINGTON — 
friction between the Reagan 
ministration and West European 
governments over U.S. policy in 
Central America could seriously 
weaken the North Atlantic Treaty 
Organization, two high-level Euro- 
pean officials have warned. 

Their comments were made in a 


would be to “strengthen neutralist 
and pacifist movements to such an 
extent that it could jeopardize the 
continued participation in NATO 
of some of its members, especially 
Spain." Although a member of 
NATO, Spain does not partidpate 
in its HrfwiM arrangement. 


Decrying what he termed “the 
radical policit 


report released Saturday by the in- 


dependent Council on Foreign Re- 
lations. The report contained both 
a scathing denunciation of U.S. po- 
licy by the Spanish minister of for- 
eign affairs, Fernando Morin, and 
a staunch defense of it by Alois 
Mertes, the second-ranking official 
in the West German Foreign Min- 
istry. 

But both concluded that further 
deterioration of the Central Ameri- 
can situation, especially if accom- 
panied by large-scale U.S. troop 
involvement, could shatter NATO 
unity. 

Mr. Morin warned that (Erect 
U.S. military intervention in Cen- 
tral America could prompt Spam's 
Socialist government to withdraw 
from NATO. 

In Europe, he said, the result 


policies enunciated by 
Washington," Mr. Morin said that 
“if the dream of a military solution 
to the crisis leads to a massive U.S. 
military intervention, whether in El 
Salvador to support a legitimate 
government or in Nicaragua 
against the Sandinista regime, the 
impact on Spanish public opinion 
will be very great It could substan- 
tially alter the basis on which Spain 
is formulating a solution to the 
problem of its specific alliance en- 
gagement and its contribution to 
the defense of the West” 


President Ronald Reagan and 
other U.S. officials have frequently 
said that they want to avoid the use 
of American troops in Central 
America. 

Mr. Meries, minister of state in 
the conservative West German 
government, urged European coun- 


tries to support U.S. policy i 
“avoid positions and sitnatit ' 
that would leave the United Shi 
no alternative but that of citf 
losing credibility as the lead 1 
Western power or of resorting b , 
military intervention." 

“Were Central America to < 
tract the United States psychok 
cally, politically or mihtanly jfe . 
the focal point of the Soviet far - 
and of Western security— nam . 
Europe — the consequences for 
cohesion of the Atlantic altiai 
would be incalculable,” he said.-' 

Defense Secretary Caspar ■- 
Weinberger, in an interview, 
knowledge*! that the Central An ' 
Iran situation has caused strainf 
the Western alliance and said 
he spent a great deal of time try 
to reassure NATO allies about l*; 
policies in the region. 

A similar strain developed t 
deployment of cruise and Persia 
2 missiles in Europe, he said, 1 






NATO stood firm and the depl H 
meats are going ahead, and I 
hope that there’d be the samel 


hope that i 
of understanding we could acfaj r> ?, 
about Latin America." _■ - ^ roiiCY on 


‘But they’re right," he said, 
causes strains.” 






SIT-IN PROTEST — A miner clutched a dynamite bomb with an unlit fuse durin g a 7 
protest in La Paz during the general strike in Bolivia. Workers are seeking a wager .- 
increase to keep pace with an annual inflation rate of 2,700 percent President Hernia^: 
Siles Zuazo on Saturday offered workers a role in running the government and a 332- ■- 
percent wage increase. The strike, which began March 8Jns paralyzed the economy-;.'- 


5 Years Without Tito: The Belgrade Predicament 


By James M. Markham 

New York Times Service 

BELGRADE — Portraits of the 
great leader, dead almost five years, 
still hang on the official walls of 
this scruffy, down-at-the-heels city 
on the Danube. Tito’s steady, om- 
nipreseat gaze is a reminder that 
another strong leader has not taken 
his place. 

Among the lively intelligentsia of 
Belgrade, which is the capital both 
of multiethnic Yugoslavia and of 
its Serbian republic, the Croatian- 
bom Tito is not a beloved figure. 

“I like it better to have the pic- 
ture and no successor," a 26-year- 
old philosophy student said. “Can 
you imagine having another Tito?" 

There is substantial freedom of 
speech and of the press in this inde- 
pendent Communist nation, which, 
since Tito, has been ruled by a 
collective, rotating leadership. It is 
a different son of place than its 
Soviet-dominated East European 
neighbors, but a political trial that 
ended last month was a reminder 
for some people of how ideological- 
ly close those neighbors still are. 

For Yugoslavia, the physical and 
cultural frontiers to Western Eu- 
rope are open; a million Yugoslavs 
work in the West and bring home 
ideas as well as West German 
Deutsdie marks and Italian lire. 

Yugoslav television runs U.S. 
programs. Foreign diplomats say it 
is virtually impossible to have din- 
ner guests on Mondays, when “Dy- 
nasty” is shown. 

Bookstores cany the translated 
works of such critics of commu- 
nism as Czeslaw Milosz, a Polish 
exile, and Milan Kundera, a 



els of the 1960s. This is a legacy of 


Tito, who trial to import prosperi- 
Irfr the na- 


Josip Broz Tito 


Czechoslovak exile. Last year 
George Orwell’s “Nineteen Eighty- 
Four was issued in a Serbo-Cro- 
atian anniversary edition. 

Sevta Lulric, a Yugoslav critic, 
said: “We have a very dynamic 
literature, one of the most interest- 
ing in Europe." 

Mr. Loltic’s own book, “Russian 
Literature Under Socialism.” has 
not been published in the Soviet 
Union, and for years the Russians 
did not give him a visa after he had 
written an introduction to the Ser- 
bo-Croatian edition of Boris Pas- 
ternak’s “Doctor Zhivago." 

In the economic realm, loo, self- 
criticism abounds, sharpened by a 
50-percent inflation rate and 'an 
economic downturn that has 
dragged living standards to the lev- 


ty from the West, but tert the na- 
tion with $20 billion in debt. 

Rranko Horvat, a Zagreb econo- 
mist, said recently in the Belgrade 
magazine Intervju that the govern- 
ment should resign since it seemed 
unable to deal with the economic 
problems. 

At a meeting last year of the 
party’s Central Committee, a Mac- 
edonian member, Trpe Jakovicski, 
said: “The links between the | 
and the working da$ s have 
broken." 

Other speakers bemoaned the 
existence of nationalisx-Commu- 
nist alliances in Yugoslavia's six 
republics and two autonomous re- 
gums. 

In this free-wheeling atmo- 
sphere, many people found almost 
grotesque a police raid in April on a 
Belgrade gathering of 28 dissidents 
and the ensuing trial of six of them 
on conspiracy charges. The crack- 
down suggested a had case of the 
jitters among the Serbian authori- 
ties, who had been tolerating an 
open climate in Belgrade. 

In face of protests from the 
West, Serbian officials denied re- 
sponsibility. Some politicians said 
that they had been surprised by the 
arrests, which they attributed to 
Stane Dolanc, the Yugoslav interi- 
or minister. Others spoke of pres- 
sure from hard-liners in Croatia 
and Bosnia-Herzegovina. 

The trial ended with three defen- 
dants being convicted of the re- 
duced ehkge of “hostile propagan- 
da” and given sentences ranging 
from one to two years. A fourth 
was acquitted and two others were 


severed from the main case fc v 
separate triaL The light senten ” 
suggested a retreat by the auth 


“This will not satisfy the bs- 
purpose of the triaL which was 
intimidate intdlecnuls and 
mass media people," said MBu ~ -~ 
Maricovic, aphilosophcr and rig . 
advocate. “Bui the verdict she 
that the regime is drawing a ti. " 
that it will tolerate certain kind!/ 
criticism, but not criticism tha ,v -v. 
sharp with respect to Tito, (hep 
ty or the advocacy of a mul tips' 
system.” ‘ v 

Milovan Djilas, a dissident, v 
to have been the speaker at *. 
April gathering that was raided 
“AfterTito, the73-year-okll . 
Djilas said recently, “the authr . 
ties blocked their mind. TF 
thought Tito would live in etet 
ty." 

tween competing nationalisms • 
the republics, which be desaii 

as cmwJing out any «4 i«twS 
political or economic change. 

“The crisis is not because 
opposition is strong.” he said, 
because the system is weak, . . 
into eight parties and united oal] ' 
their opposition to their opj 
nents." 

Beatings of prisoners appear 
be common, according to so 
who say they were victims the 
sdves; five of the 28 people ant ; 
ed in April say they were beaus 
A Belgrade editor said after t 
dissident trial that he could not 





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INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 18, 1985 


PageS 


Japuto Seems to Have Gained litde by Pretoria Pact 


-tV By Alan Gowell 

e ' fine York Times Sfmce 

TOWN — South Africa 
Harked the first anniversary Satur- 
Mtyof a peace accord with Mgzam- 
Bmie that has: given the Marxist 
'^Son little in return for helping 
l fafli Africa undermine its most 
\raniim external foe. 

'The agreement, called the Nko- 
‘ ati Accord after the border river. 

i whose banks it was signed, com- 
\ ailed the tiro ideological foes to 

t ithbolding support for each mb- 
's insurgents. But the insurgency 
i Mozambique, which South Afn- 
i started sponsoring in 1980, and 
Inch it now says it has aban- 
oned, has spread since the pact 
is signed to areas around thecap- 
^ al. Maputo. 

\ Mozambique, meanwhile, 
^ kmed mudi criticism from other 
J lack-ruled- African nations for 
ijgmng the accord with its white-- 
^ped neighbor and for carrying it 


out by expelling all but a token 
representation of the African Na- 
tional Congress, the most active of 
the exiled groups seeking the vio- 
lent overthrow of white minority 
ruk. 

- Al a news conference in Pretoria 
on Saturday, Foreign Minister R.F. 
Botha said counterfeiters and “an 
international web of bankers, fi- 
nanciers and businessmen” were 
continuing to support the Mozam- 
bique -insurgents, whose activities 
were supposed to wither after the 
nonaggression pact was signed in 
1984. 

In Maputo, the anniversary was 
marked by a widespread power 
failure, apparently the result of 

and timid to co- 
incide with the anniversary. West- 
ern diplomats in Maputo said 
President Samora Machel of Mo- 
zambique had become increasingly 
bitter at South Africa’s perceived 


inability to halt the insurgency that 
has crippled his country’s chances 
of recovering from a deep econom-- 
iedecime. 

Shortly before the agreement 
was sigaed, Mozambican nffidals 
say. South Africa permitted thou- 
sands of trained reads to infiltrate 
Mozambique with supplies of aims 
and ammunition. But (ben. 
Sooth Africa has repeatedly assert- 
ed that it is no longer supporting 
the rebels, who say they seek to 
replace Mr. MacbeTs government 
with a more democratic one. Mr. 
Botha said Saturday that the South 
African authorities were trying to 
halt unofficial supplies to the insur- 
gents. 

Referring to the MnTanihiriiT] 
authorities, Mr. Botha said, "It’s 
clear to me that they are stiD very 
suspicious that Renamo is being 
supplied with aims and equipment 
from Sooth Africa, Malawi, even 
Katya.” Rename is the acronym of 
the rebel movement. 


The South African police, he 
said, had established that a gang in 
Jo hannesb urg had been printing 
counterfeit US. dollars and South 
African rand to pay for such smug- 
gled goods as diamonds, emeralds 
and ivory from Mozambique. Mr. 
Botha added th*i perhaps aircraft 
bringing smuggled goods out of 
Mozambique were also flying in 
arms and other supplies for the 
rebels. 

South Africa, he said, set up ra- 
dar last week along the bog border 
to monitor unscheduled flights. 

Officials here have suggested 
that Portuguese and Brazilian- 
based figures are involved in con- 
tinued support for the rebels, using 
relay pemts in Malawi and the 
Comoros Islands. There has been 
no explanation why South Africa's 
pervasive security police have' been 
unable to detect unofficial supply 
lines starting in South Africa. 

Mr. Botha and Defense Minister 


Magnus Malan flew to Maputo on 
Thursday to try to salvage the ac- 
cord. 

■ Ex-Captives in Johannesburg 

The Red Cross flew 27 prisoners 
freed by Angolan guerrillas to a 
tearful welcome in South Africa 
from friends and relatives, Reuters 
reported Saturday from Johannes- 
burg 

The captives— 17 Filipinos, five 
Portuguese, three Britons and two 
Americans — had been vtireH by 
guerrillas of the National Union 
for the Total Independence of An- 
gola, or UNITA, in raids chi dia- 
mond mtn« in northeast Angola 
last year. 

UNITA released them its head- 
quarters at Jamba in southern An- 
gola, and (he International Com- 
mittee of the Red Cross flew them 
to Johannesburg Airport. The five 
Portuguese were unexpectedly add- 
ed to the group who woe released, r 
Red Cross officials said. 









HiMl Mutrv 


Hassan May Have Won Libya Gamble 

^Morocco Has Moved Closer to Qadhafi and Kept US. Aid 

* Intern jii By Michael Dobbs dispatching a string erf high-levd agreement with Libya was tc 

14:1 frrt washingwn Poa Service emissaries to Hassan. strengthen Morocco’s hand in iu 

Jf . ■ RABAT, Morocco — On the evi- The 1 United States was the wily war against dm Algerian-backed 

jf II IT lri/y \ J Tv* -p e g <jf recent events. King Has- country to be represented at the Pdisano Front. Libya was once a 
*** 111 Is - If llmll of Morocco has wona high- “““1 feast of allegiance to (he major simpBer of arms and funds 

1 * '-f [sk political gamble: that he would Moroccan throne earlier this to the Pofiiario guerrillas, who have 


dispatching a string erf high-levd 
emissaries to Hassan. 

The- United States was the only 
country to be represented at the 


Morocco has won a high- aonral feast of allegiance to the 


- tsk political gamble: (hat be would - - — — - — — — w 

•|» e able to move doser to Libya roontn by three presidential en- set up their own Saharan Arab 

■lZ I lo ( ilhout jeopardizing bis country’s vo V s - Jeane J. Kirkpa tri c k , the Democratic Republic. 

* ‘Iu^3j itjose nifljiajy and economic ties c™ef representative to the By agreeing to the treaty of fr 

Nth the United States. United Nations, General Vernon unwn, in practice a politically loose kf 


Moroccan throne earlier this 
month bv three o residential en- 


agr cement with Libya was to 
strengthen Morocco’s hand in its 
war against the Algerian-backed 
Polisario Front. Libya was once a 
major supplier of arms and funds £; 
to the Polisario guerrillas, who have 




umiea canons, uenerai Vernon union, in practice a politically loose £ 
A. Walters, her designated replace- federation that allows for economic 


By agreeing to the treaty of 


administration was 


ment, and Joseph V. Reed, the U.S. 


last August when Mo- ambassador taRabaL 


■ .'XCO, a amsaVatlVe North Afri- The Tfltwrt Amgriram w t i w^ fa. V^Uf^Vrfrvwiiwrin hi« fvurxr 

-an kingdom that traditionally has — i t r o w l a n ee of power in his favor. 

ward Hassan reflect both the U.S. i a « Aiwno Al®*ria wwwri 


federation dial allows for ec o no m ic ]*' 
and cultural cooperation, Hassan & 
has managed to till the regional 


-'-.layed a moderating role in Arab 
■ oHriwc. signed a “treaty of union” 


view of the strategic importance of 


ist, Algeria seemed to be 
:g in its aim of outmaneu- 


-,-7hh Colonel Moamer Qadhafi’s veringMoroaobycoocIndmgalH- 

■ thua hv Wachmoton a H 68 ulv< ^ e ^. “ toe anceswith Tunisia and Mauritania. 

2 Asscrtin S 11181 ? 

„ J lSolMmg G* 001 * Standing” with the United States 





: 1 reiTonsm. Qadhafi. ovattetreatywithLibyabadbom 

- ; Thf? w^ talkm Washington of j n ^ the leaders of cleared up, said that u sny- 

-mnishmg, King Hassan by cutting three West European countries al- body can see that in the application 
American military and economic tied to the United States — France, of this agreement -nrilfer Libya 
- assistance to Morocco, whidi has Italy and Greece — have had per- nor Morocco has given up their 


— jeea embroiled in a costly, I O-year 
l " :rar against guerrillas of the roti- 
. ario Front in the Western Sahara. 
■ - " Less than right months later, 
—Aoroccan officials are congratulat- 
~ng themselves that no US. aid 
.-irogram has beenadversely affect- 
'd. The Reagan administration has 
' “ ignaled its mtention to maintain 
.jood relations with Morocco by 


of this agreemeni, nrither Libya 
nor Morocco has given up their 


sonal dealings with the mercurial ptrfkies nor renounced their previ- 




Libyan leader. 

Questioned about U A unhappi- 
ness with the Moroaan-Iibyan 
treaty of union. Hassan replied 
sharply: “Before being a friend of 
the United States, I am first erf all 
the king of Morocco.” 


ous friendships.” 

Some political analysts in Rabat 
said the sh o ck that Hansim pro- 
duced in Washington by faffing to 
give the United States warning of 
his opening toward Libya could 
have worked to his advantage here. 



A. community leader at Crossroads squatter camp in South Africa, Samuel Langa, holds 
the coffin of 6-month-old Amanda Faniso, who was buried Saturday, along with another 
infant and four adults. The families said ffatt the infants d ie d from inhaling tear gas during 
clashes with police last month at the squatter camp, near Cape Town. The others were shot 


In Muscat 

our luxury is rivalled only 
by our spectacular setting. 

MUSCAT 

INTER • CONTINENTAL 
HOTEL 



Senior Moroccan offidals argue It was seen as a way of demonstrat- 
that the main purpose of Iasi year’s ing that, although his government 


^ J 

V "• ' *| 

• vvrl 

: ' * 


China Becomes Cautious 


is closely identified with the West, 
he is in no way an American pup- 
pet 

Moroccan nffirials madp. dear 


By John F. Bums pullback in other areas have per- 

jv*r r«* Tunes Service suaded Western diplomats that the 

r\ BEUING — After one of the Deng ^oup wants to pre-empt any 


__ with the second stage of the treaty 

fvmm / - °f union that indudes the setting 

tqi erf a joint secretariat and pariia- 
. C7 meaL Hassan is expected to visit 

pullback in other areas have per- ihe Libyan capital, Tnpoh, within 
suaded Western diplomats that the the n«t few weeks. 


that the king intends to go through U.S. Infannalion Agency, recently 
with the second stage of the treaty took formal possession of the site 


Saharan defensive wall near 

Charles Z. Wick, director of the 
U.S. Information Agency, recently 



JING — After one of the Deng groupwants to prenmipt any ^ 

ambitious vears of chance opposition that may coalesce into a negotiated m i srai, the Umted 
hasteSrin^l949,anrirof broad attack on the leadeiship and States has the right to use twoMo- 


of a new transmitting station for 
the Voice of America in Tangiers. 
UA officials. said Jt will be the 
largest such facility in thenonoom- 
nnmistworid. 


Bou Craa for the first time. 

phosphate mines of Bon-Craa. He 
visited underground posts where 
electronic sensors monitor guerril- 
las movements in the desert, the 
local field headquarters and 
Jrenches.and support feses. 


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jesting lT his interpretation is correct, Fo re m theevent °f m Sahara mi Saturdaynear a spot 

free the Si life from there could teadtill as M?dS 
Geological rigidities. figh.ts to keep ahead_of a “leftist” £3?22S£E!!3El VI 


negotiated in 1982, the United ■ Hassan Visits Front V 
States has the right to use two Mo- Ring Hassan visited .Morocco’s 
roccan air bases for its Rapid Do- front-tine defeases in the Western 


N-. 

(T 

*•»*-*■' - ' :i 

rafcr ui 


In the past week, Deng Xiao- faction m the ruling Potitburo that 
the 80-year-old px^matist has not been at ease with his qpen- 
has turned much of Mao Ze- no^poncy- 

legacy upside down, has Opponents last put him on the 
in his horns. In a speech defensive with a “spiritual poflu- 
eartier this month he tion campaign” in the faD of 1983, 
ailed for a general attack on “capi- stirring zealotry that had vigilantes 
Atist thinking” and reminded peo- searching intellectuals’ homes for 
that-whauwer form the current forrign books airi stopping women 
mic dmngrs m ight t«ki» “the m the street to break the heels off 
te goal is to implement com- their Western-style shoes. 

Deng Xiaoping brought the cam- 

mins the almost breezy paigntoa halt aftCT a few months, 

he adopted on the matter five and Deng Uqun, the patty mppa' 

■aEsaafett ttssss** 

- *- » .,»n tMfiS 

was ■ ■ Qiaomu, was in Fujian Province 

- •.'«L rbcrc “ e ,P 0( ^ ,tewll 9 f ? r ir? 1 idling werkers that h was wrong to 
.' r * * :s - te 0 * 0 * capiabst, he be seized with the spirit of “getting 

it. -‘if" '** Said- This fear IS not Without foun- rich, " which is precisely what Deng 


beaches are used for joint military troops in late February, Reuters 
exercises involving both Moroccan repealed from Rabat 
troops and US. faces stationed in It was the king’s first visit to the 
Europe. front fine in the conflict with the 

Occupying a strategic position Polisario Front, which is fighting 
controlling the southern approach- Morocco for independence of the 
es to the Strait of Gibraltar, Moroo former Spanish colony. 


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vkoowledged by Mr.-Deng in his tion and indiscipline, has spoken of 
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hey will stand by the economic 
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n - n- . /%., early casualties, and so it has been 

onian Fires in Galapagos this time. Two weeks ago, a decree 

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Pobtiibed Wfch The few York Time* and IfccWviriagbmPoel 


erilnmc Mubarak: A NeededFkmge Into Cold Diplomatic Waters 


The 'New Soviet Man 1 


MiJdiail Sa^eyevich Gorbachev vows to get 
the Soviet Union moving again, even to pro- 
duce a "profound transformation" by the year 
2000. A bare five- years after becoming the 
Politburo’s youngest member, he is its undis- 
puted leader.' He promises to redesign the 
economy and "the entire system of social rela- 
tions” so as "to enter the new millennium as a 
great and flourishing state." Bette learn the 
name; it’s pronounced Gore-bah-CHAWFF. 

In its ignorance about him, the world dwdls 
on Us age; he just turned 54. It is the only firm 
fact that even the Soviet people possess. How 
did this Stavropol party boss ascend to Mos- 
cow in a angle lew in 1978? And how, while 
supervising agricul ture in its most disastrous 
years, did be persuade the party’s fading old 
men to leave him in charge of everything? The 
tale implies extraordinary gifts. 

Mr. Gorbachev also dwells on his age. He 
knows that the Soviet people, who can vote 
only by registering their morale, yearn to be 
led out of stagnation. To a dispirited wade 
force, he crudes energy and purpose. To a 
calcified bureaucracy, he emphasizes his stay- 
ing power. To disQhisioned Marxists, he 
pledges to revive the Soviet model, “not by 
force of arms but by force of example.” 

His age matters because he has the time to 
amass enormous power and to do mina te the 
Soviet world fen- the rest of the century. 

Age matters in another sense. Mikhail Gor- 
bachev was a teen-ager in World War II and a 
law student when Stalin’s terror coded. Nei- 
ther disaster touched his career. In his forma- 
tiveyears, the Soviet pendulum swung from 
Nikita Khrushchev's imperious but creative 
assault on backwardness to Leonid Brezhnev’s 
stable but stony oligarchy. 

Presumably that swing taught two great les- 
sons: first, that the Soviet Union is a remark- 
ably rich and resilient society, capable of enor- 
mous feats of survival and recovery. But 
second, that the centralized Soviet system 
keeps oscillating between an overbearing one- 
man rule and a stultifying collective mat is 
dominated by massive bureaucracies. 

Mr. Gorbachev’s code words for the suc- 
cessful growth of the past and the unmet 
demands of the future are "extensive" and 
“intensive” development By extensive devel- 
opment he means the past investments erf land, 
capital and labor in extravagant amounts to 
boost production of grain and steel, to eradi- 


cate illiteracy and major disease, to urbanize 
the ration and make it a military superpower. 
Though wasteful and often cruel, these meth- 
ods brought dramatic results. But no longer. 

For the post-industrial era, Mr. Gorbachev 
wants “intensive” development, meaning a 
burst of creativity shaped by modem manage- 
ment, science and technology. For despite 
huge annual investments, productivity and liv- 
ing standards have been dedirring . Farmers 
cannot feed foe cities, or even their own live- 
stock. Civilian industry cannot meet the de- 
mand for decent dothes and durables. Every 
factory bonus only increases the number of 
rubles during imported shoes or refrigerators. 

The Soviet citizen, generally submissive to 
paternalistic government, has had only one 
way to rebel: by investing ever more time and 
money in private or ille gal transactions. 

Peasants trudge to open markets with the 
yield of their private plots. A fifth of the 
nation's crops and a third of its livestock come 
from that 3 percent of the land. Gty folks steal 
away from work to hunt necessities in the 
black marteL Cooking and shopping are sheer 
drudgery for working women. And after a 
now-exhausted government effort to build 
low-cost housing, one family in five still must 
share a kitchen and bath with another. Even 
some Soviet analysts now dare to blame the 
system. It lacks free-market measures for 
goods and labor and thus destroys incentives, 
initiative and flexibility. And central planning, 
though it preserves political control cannot 
cope with foe tastes erf 275 million consumes. 

Mr. Gorbachev wants “questing and cre- 
ativity, sensitivity to new phenomena and pro- 
cesses, the decisive e radicati on of formalism, 
red tape and idle talk.” Bat can be p ermi t 
decision-making to pass out of the parly’s 
control? Does he dare reduce excessive food 
subsidies and military budgets to invest in his 
high-technology vision? fan he talm from the 
privileged elites to invigorate the masses? 

The Bolsheviks born before the 1917 Revo- 
lution set out to provide so well that they 
would produce a “new Soviet man,” cheerfully 
serving society and needing little government 
to coerce or inspire him. Now the boldest new 
Soviet man they could find inherits an authori- 
tarian, sullen and woefully underdeveloped 
society. The virion and the system are no 
longer compatible. Which wQl he serve? 

— THE NEW YORK TIMES. 


How About a Tariff? 


As the UJS. Congress desperately tries to 
bring the budget deficit down, the delectable. 

idea of taxing foreigners begins to shimmer nn 
the horizon. How to tax them? By collecting 
large duties on the goods they sell to Ameri- 
cans. Imports last year came to $340 bfflian, 
and a tax of, say, 20 percent would raise a 
swinging sum of money. As the case for this 
gigantic tariff goes, the foreigners sellin g these 
goods are malnn g high profits because of the 
dollar's high exchange rate, and thus would be 
glad to absorb the tariff without raising their 
prices. An inviting propos i tion, no? 

No. This is a poisonous idea that promises 
real damage to the American economy. But it 
is seductive, and it is beginning to circulate 


widely in Washington. In response, (he Insti- 
tute for International Economics convened a 


rate for International Economics convened a 
group of politicians and economists recently to 
examine the proposal. One conclusion that 
emerged was that the consequences of a high 
U.S. tariff would be extremely unpredictable 
The costs, and where they ought actually lie, 
cannot be calculated reliably. 

As the proposal is now gradating, with no 
very dear sponsorship, it calls for a tax on 
imports at 20 percent for one year, fading 
away to zero over the following two years. The 
logic is that the temporary character of the tax 
would induce foreigners to pay it rather than 


passing it on to their American customers. Bat 
as logic goes, that is pretty poor. If the tariff 
were understood by everyone to be temporary, 
no one would have any reason to achust to iL 
After three years the country would be back 
where it began, with US. trade as far out of 
balance as ever, the revenues gone, and the 
budget dwfifats still gaping. 

Applying foe tariff indiscriminately to all 
imparts would be, in any case, impossible. It 
would be a wanton act, amounting to a decla- 
ration of economic war, to levy it on goods 
coming from Canada and Mexico, whose 
economies are deeply interwoven with the U.S. 
economy. It would be unconscionable to levy 
it on developing countries. For the best of 
reasons the list of exemptions would have to be 
long and it would grow rapidly. 

If a temporary tariff is a delusion, how 
about a permanent tariff? That points to a 
path the United States has traveled before. 
When Franklin D. Roosevelt was running for 
president in 1932, he denounced the Smoot- 
Hawley Tariff of 1930 as a mqor contributor 
to the Depression. He was right about that 
Current developments keep reminding one 
that there is now a generation of politicians 
who do not remember the Depression and how 
the world fell into it 


— THE WASHINGTON POST. 


Other Opinion 


Hie Enduring Soviet System 


With Mr. Gorbachev, another type of leader 
rises to the top — cultured, more disposed to 
accept change, more open to the world. But it 
matters Httle. Mr. Chernenko was barely seen 
for almost a year, but the war in Afghanistan 
continued, worsened even, and the deploy- 
ment of SS-20 missiles went mi uninterrupted. 
At the top of the Soviet Union is a new man, 
tut the Soviet system remains. 

— Gazet von Antwerpen (Antwerp). 


Papandreou’s High-Wire Act 


So far, [Andreas] Papandreou’s bark has 
proved worse than his bite. The Greek prime 


minister has railed at Washington. NATO and 
the European Community, disup ted delicate 
community agreements and threatened worse, 
but signed a five-year extension of the agree- 
ment for UJS. military bases, permitted port- 
visits by the 6th Fleet and insisted, recently, 
that he has no intention of quitting the alli- 
ance. He has seemed like a high- wire artist 
without an umbrella — thrashing the air to 
keep balance, perhaps driven to some of his 
more outrageous statements by internal party 
pressures, most likely from the left. His record 
is tittered with gratuitous comments and abra- 
sive positions. But responding to Mr. Papan- 
dreou in kind only seems to raise the risk oT 
more bark with more bite. 

— The Los Angeles Tones. 


FROM OUR MARCH 18 PAGES, 75 AM) 50 YEARS AGO 


1910: Roosevelt Praises a New Surian 
KHARTOUM, Sudan — In a speech at the 
Sudan dub [on March 161, former President 
Theodore Rooseveltpaid a warm tribute to the 
work of British officials in the Sudan. Nothing 
cm bis African trip, he said, had impressed him 
so much as the marvelous change in the Nile 
provinces during the last twelve years. Great 
Britain, by undertaking the task of dvrtizing a 
country laid waste by a tyranny, had proved 
herself true to her great Imperial traditions. 
No country was fit to be called great which 
hesitated to do work for mankind. He referred 
to his own efforts regarding the Panama Canal 
and spoke humorously of the opposition to 
him when he started on his trip andwhea Wall 
Street hoped that M eveiy Hon might do its 
duty," but said he had crane through safe. 


1935: Hxrier Reinstates Conscription 
BERLIN — For the first time since 1914, the 
pre-war military pomp of Germany was re- 
viewed in the square in front of the former 
Kaiser’s palace [on March 17] when Adolf 
Hitler held a review of all the units of the Reich 
army that he has once more put on a bass of 
universal compulsory military service. It was a 
double ceremony, Nazi Germany observing a 
day of mourning for 2,000,000 war dead, as 
well as a day of rqoicing over the rebirth of the 
old military system. At a memorial service, 
General von Blomberg, Minister of War, repu- 
diated the charge that Germany was animated 
by aggressive motives in restoring conscrip- 
tion. “We Germans," he said, “need no re- 
venge. Europe has become too small for a 
battlefield for a second World War." 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 1958-1982 


KATHARINE GRAHAM, WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

Co-Chairmen 



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Editor 
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© 1985. International Herald Tribune. AB rights reserved iB&sfSI 


ly \^£S> 


T EL AVIV — Egyptian President Hosni' 
Mubarak's recent proposals for direct 


1 Mubarak's recent prcfttsals for direct 
talks between Israel and a joint Jordanian- 
Palestinian delegation do not bring an Arab- 
Isradi peace into early prospect, but they 
have at least induced mobility in what bad 
been a frozen situation. 

Sinr? the sig n in g of the Egyptian- Israeli 
peace treaty in March 1979, there has been no 
effective diplomacy in this pari of the Middle 
East Nothing good can come from continu- 
ing passivity. Experience proves that pro- 
longed deadlock is more Gkdy to explode into 
war than to evolve into peace. Mr. Mubarak 
has broken the barrier of a perilous silence. 

The reappearance of Egypt in the center of 
the arena is in itself a significant gain. Histo- 
ry, geography, demographic weight, military 
power, cultural influence and diplomatic se- 
niority have all given Egypt the central place 
in Arab politics. It is the solid centerpiece of 
the Arab world: Without it the region falls 
into fra gmen ts. There was a tentative, mar- 
ginal air about the diplomacy at the past five 
years, during which we groped far solutions 
while Egypt remained on the distant sidelines. 
All major movements of Arab policy toward 
laud since 1948, whether for war, armistice, 
conciliation or peace, have been initialed by 
Egypt. It is unlikely that there will be a 
breakthrough chi Israeli- Palestinian relations 
if Cairo reverts to apathy and inaction. 

It would be unfortunate if Mr. Mubarak’s 
initiative, having been welcomed by P rime 
Minister Shimon Peres of Israel, were now to 
be eroded by Jordanian hesitations, Palestin- 
ian fundamentalism or a weakening of the 
Egyptian- Israeb peace treaty. 


By Abba Eban 


The writer, -who was Israeli foreign minister from 1966 to 1974 , fr currently 
the chairman of the Knesset’s Committee on Foreign Affairs and Defense. 


The virtue of the Egyptian president’s for- 
mula lies in its simplicity — its pra ctical 
proposal for a direct procedure under which 
Egypt, Tyraet, (be United Stares and a Jorda- 
nian- Palestinian deleg ation would meet in 
Cairo or elsewhere. Mr. Mubarak, like Anwar 
Sadat before him, has broken out of- die 
procedural maze in which we had wandered. 

There has been a tedious process of “pre- 
negotiation” that has effectively prevented 
real negotiation. The parties have been sub- 
jected to a lengthy interrogation about what 


they would do if they reached the table: 

Did they “accept" — as the faithful “ac- 
cept” a th eo l o g ica l dispensation — United 
Nations Security Council Resolution 242? 

What did Israel mean by “secure bound- 
aries,” and what, if anything, did the Arabs 
mean wben they spoke of a nst and durable 
peace"? Who recognized whom? 

Did the Arabs recognize what has conde- 
scendingly bam described as “IsracTs right to 
exist”? (As if the oldest of nations and one of 
foe veterans of the modem community of 
sovereign states needs to condition its “right 
of existence” an someone rise’s recognition.) 
Who, apart from the Middle Eastern parties, 
would take part in the dialogue? Where would 
it take place and who would preside? 

This exegetical exercise hrc rolled on for 
years, producing a vast documentary h tea- 
rare ami some learned and monumentally 
useless doctoral dissertations. When an Egyp- 


tian leader proposes a compact, lean, opera- 
tive formula — a direct proposal of a m ee t i n g 
— with a minimum of accompanying rheto- 
ric, he helps us to breathe freely again. 

If the complex issues in contention can be 
solved at all, they will be sol ved ty foe parties 
face to face in the course of negotiation, not in 
advance of iL Negotiation nas a dynamic 
influence. It does not merely photograph ex* 
jqmg portions; it often changes them. Egypt 
and Israel have achieved harmonies and bal- 
ances that would never have come to expres- 
sion without direct encounter. 

President Reagan and his secretary of state, 
George Shultz, are quite right in insisting on 
such direct negotiation as a condition for 
playing a role. The Americans would help no 
rare by playing intermediary: If the Palestin- 
ians cannot qualify for U.S. acceptance, 
they are hardly likely to be congenial for 
discourse with Israel. 

It is up to President Mubarak and King 
Hussein of Jordan to grapple with the prob- 
lem of forming a Jordanian- Palestinian dele- 
gation with which W ashingto n and Jerusalem 
would find it possible to hold dialogue. And 
in the meantime, the substantive issues should 
be left for the negotiating table. 

The Israeli go vernment is Committed 10 the 
letter and spint of the Camp David accord in 
its relations with Egypt — and would un- 
doubtedly follow that agreement in determin- 
ing its na gptiating positions with Jordan. But 


there is do disposition in Israel today to 
demand Jordanian fidelity to Camp David as 
a condition for negotiation. 

Camp David proposes autonomy as an 
interim device. It does not dictate any perma- 
nent solution. That is open to four-party 
negotiation — between Egypt, Jordan, Israel 
and the Palestinians. 

There is ample ground here for a serious 
dialogue between Israel, Jordan and foe Pal- 
estinians, with Egypt and the United States 
playing a catalytic role, There should be a 
sense of urgency. Options that are open today 
may be kss so in foe future. It is sometimes 
necessary to plunge into cold water without 


f Hu-'' mi 


111 


-* ** 




ftwflfnot becomeTwarmer and mar^btritinK 


It will not became warmer and more inviting 
with tire passage of further time. 

Egypt’s role is enhanced, above all, by the 
courage and decisiveness of its dedrion for 
peace five years ago. Israelis, in particular, 
must understand the weight and meaning of 
this —for it must serve as a motive for further 
concession and compromise. 

Nations do not give up solid positions to 
move onto shifting sands. The absence of 
commercial, cultural and, above all, turnip 
relations between Israelis and Egyptians is 
today a needless obstacle to negotiation on 
other issues. Mr. Mubarak may have teamed 
in Washington and elsewhere that action by 
him in this domain would help significantly to 
encourage progress toward a regional settle- 
ment. He has already done much for those on 
every side of the Middle Eastern spectrum 
who prefer movement toward peace to an 
illusory “stability." 

The New York Times. 


«D 




t-uknt 1 


Gorbachev 


Unsettles 


Washington 


—.IF 


By Stephen S. RoeenfeM 


W ASHINGTON — Moscow af- 
ter Chernenko is bound to be a 
lively place. Washington after Cher- 
nenko is more subdual The town is a 
bit on edge, waiting to feel oat Mik- 
hail Gorbachev, and sen-ring in the 
accession of a younger and more vig- 
orous man — one who is going to be 
around for a while — that something 
important in the whole Soviet-Amen- 
can equation has changed. 

So it has. The easy lire is over. Even 
while the Reagan team complained 
that the Kremlin’s turnover and de- 
crepitude denied the United States an 
interlocutor, it enjoyed the fact and 
appearance of weak Soviet leader- 
ship. The Soviet political system, by 
keeping a series of dying old men in 
high office, was proving the adminis- 
tration’s basic ideological contention 
that communism is oankrupt — a 
system run by a selfish elite and fit 
only for the ashheap of history, as 
President Reagan put . iL . A system 
that can elevate a 54-year-old comer 
may be no less bankrupt, but one 
cannot prove it so easily. 

Meanwhile, three Soviet succes- 
sions in 28 months have drawn Amer- 
ican attention from the ostensibly 
permanent and determining essences 
of the Soviet system to tire personal 
variables of its leaden. There are cer- 
tain comforts in dealing with a 
known system, no matte how bank- 
rupt and “evil” you believe it to be. 
These have been replaced by the un- 
certainties of dealing with a particu- 
lar person, Mr. Gorbachev, who, 
even before he has done anything, 
has been endowed with a capacity to 
do more than his recent predecessors. 

It is worth recalling ore quiet little 
jolt that Yuri Andropov gave Wash- 
ington when, taking over from Leo- 


AMD I don’t 
WANT to H 
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hBOVT OLD 
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nid Brezhnev, he threw out some 
hints- of flexibility in a few sticky 
foreign-policy areas and launched a 
campaign of anti-corruption and 
workplace discipline. Andropov last- 
ed only far a few months, but the 
point is. that, for all the vaunted im- 
mobility' of the system, there is al- 
ways room for initiatives, for quick 
fixes, by the new man on the scene. 

There, is also room for darker 
clouds to spread soon over the UJS. 
scene. Budget .deficits pushing past 
$200 billion and trade imbalances 
pushing toward that level have pro- 
voked widespread fears — though 
not, evidently, in the Oval Office — 
of economic retribution This could 
take some of the edge off the admin- 
istration's easy assumptions of the 
naturalness of U.S. progress and the 
superiority of the American way. 

The Soviet change, moreover, costs 
Mr. Reagan overnight a subtle psy- 
chological advantage that has flowed 
from past comparisons of Soviet and 
American leadership. He has been, 
by and large, the bright exception to 


the rule of fading 70-year-olds. Now 
he may be seen as a man who is rather 
old for his job, faced by a man of 
appropriate years. 

But there is more. Just a few days 
ago, the administration appeared — 
to itself, certainly — to be m a posi- 
tion of hard-won and unprecedented 
advantage. Technologically, econom- 
ically and politically, it was cm a roD, 
entering a critical forum — the Gene- 
va talks — at a moment when the 
Soviet Union was lagging, though far 
from crippled, in all those categories. 
In nearly 20 years Washington had 
not come up to a negotiation with 
more reason for confidence. 

Broadly, its choice was whether to 
step on the gas and attempt to set the 
evident American advantage in stra- 
tegic concrete, with an agreement if 
possible, without one if necessary, or 
whether to throttle back a bit and 
offer Moscow an arrangement that, if 
it “took," would reflect a certain rag- 
ged but agreed parity and would head 
in the direction of a general settling 
down. The administration’s determi- 


Papandreou: Substance Behind His Shadow Play 


N EW YORK — The resignation last week of 
Greece’s president, Constantine Caraman- 


1N Greece’s president, Constantine Caraman- 
lis, after he had, in effect, been pushed out of 
office by Prime Minister Andreas Papandreou, 
raises troubling questions about (he political 
future of Greece. 

Many Americans are confused and unsettled 
by Mr. Papandreou’s anti-Western rhetoric. 
What they do not understand is that he is — and 
has to be — a skillful tightrope walker. 

Greece, dependent for its survival on military 
aid and private investment from the West, most 
adopt a practical. Western-oriented policy. Yet 
Athens must pursue such cooperation cautiously 
so as i not to stir up deep c ur rents of anti-Western 
opinion among the Greek people. 

The Papandreou line is not mere sloganeering 
but reflects genuine and widely held neutralist 
beliefs that cannot simply be ignored. Unless 


By Panayote E. Dxmitras 


addressed quickly, and with understanding, they 
could pull Greece out of the Western camp. 

A series of public opinion polls taken by the 
Greek firm Eurodim from 1982 to 1984 show 
Greek public opinion to be deeply hostile to the 
West Only one- third of respondents wanted 
Greece to be closely associated with Western 
Europe, to continue as a full member of the 
European Community or to improve relations 
with the United States. Only about one-fourth 
approved of full membership in the North Atlan- 
tic Treaty Organization or supported keeping 
U-S. bases in Greece. 

Only one-fourth held a favorable view of the 


United States — compared with the cme-third 
that regarded the Soviet Union positively. A 
slight majority perceived the United States as a 
threat ana only one-fourth agreed with the instal- 
lation of U.S. intermediate-range nudear weap- 
ons in Western Europe. 

These results do not, however, imply that the 
Greek public is pro-Sovkl Whai they suggest is 
neutralist opposition to dose ties with both East 
and West As one leading member of the Social- 
ist Party noted in 1982 “a form of Finlandization 
. . . would suit Greece fine.” 

. To be fair, four times as many Greeks favor 
forming dose ties with the West as favor such ties 
with the East And on social and cultural mat- 
tes, most Greeks welcome heavy Western influ- 
ence: blue jeans, rock music, American cigarettes 
and tdeviaou shows are as popular in Greece as 
elsewhere in Europe. The anti-Western fedin§ is 
primarilyjpolitical, though it has broader ramifi- 
cations. Toe strains of anti-Semitism in Greek 
public opinion, for example, are part and pared 
of Greece’s historical antipathy toward the West. 
So is the strong anti-capitalist sentiment, remi- 
niscent of some Third World ideologies, record- 
ed in several Greek public opinion polls. 

Against this background. Mr. Papandreou and 
his party have excelled- as tightrope walkers. 
Three years after they came to power, in 1981, 
the Greek public considered them more success- 


ful in foreign policy than in any other field — 
despite the fact that they have not fulfilled a 
single one of their anti-Western promises to 
withdraw from NATO and the European Com- 
munity ot lo remove UJS. bases and nnr fca r 
weapons from Greece. 

The subject of American bases has long been a 
particularly contentious issue. Yet despite his 
original promises, Mr. Papandreou has not seta 
timetable for their withdrawal He has not 
“asked for the possibility of annual review or 
termination." Nor has the United Stales had to 
submit to Us demands for Greek security — 
particularly the demand that Washington give 
Athens the same amount of arms it gives Ankara 

Mr. Papandreou does behave like the prodigal 
son of the West This may not, however, be as 
much of a problem as it seems. Certainly, it is 
better than the alternative (the only one open to 
him so long as he wants the support at the public 
and lacks the means to re-educate it): a total 
break with the West 

The State Department and the European for- 
eign ministries thus have little choke but to 
understand and acquiesce in Mr. Papandreou’s 
shadow play. At the same time, they should mafrp 
every possible effort, in cooperation with the 
moderates in his government, to minimm*. the 
estrangement of this “prodigal son.” - 


77k writer is a director of Eurodim, a polling 
m in Athens. This article was adapted for The 


firm in Athens. This article was adapted 
New York Times from Foreign Policy. 


LETTERS TO THE EDITOR 


Not Just Swift Wit 


I hold membership in the Oxford 
Union, where I attended the recent 
debate between the Reverend Jerry 
FalweH and the prime minister of 
New Zealand, David Lange. I must 
protest Barton Gclman’s misleading 
account of the debate (“Lange Out- 
scores Fahvell at Oxford," March 4) 
on whether nuclear arms are morally 
indefensible. 

The debate, though punctuated 
with frequent verbal parries from 
both sides in the contest, did not, as 
Mr. Gel man claims, turn on “swift- 
ness of wit,” but rather on serious' 
points received with serious atten- 
tion. The audience did not frivolously 
beleaguer Mr. FalweU for his “ear- 
nest anti-communism." In fact, no 
speaker sought to deny the 'superior- 


ity of Western values or the right to 
defend ourselves against Soviet ag- 
gression. Students decried Mr. Fal- 
weU precisely because he attempted 
to make those propositions the issue 
at hand, skirting foe morality of de- 
fense through the threat of possible 
world destruction. 


BRUCE L. MURRAY. 
Oxford, England. 


Punts and Spuds 


Regarding “In Ireland, Twilight of 
the Spuds" ( Weekend, Feb. 15): 

_ Fred Ferrettfs excellent descrip- 
tion of .champ, boxty and other de- 
lights of Irish haute cuisine made my 
mouth water and nostalg ic tears ap- 
pear in my eyes. 

However, lie misled in suggesting 
that such a dish would, in tbeCrown 


Bar in Belfast, not cost more than an 
Irish pound or two: The Crown Bar, 
as its name suggests, is situated in 
British Northern Ireland, where Irish 
pounds are not legal tender. 

This is not for any political reason, 
but simply because trie Irish “punt,” 
having abandoned its parity with the 
pound sterling, has sunk to 75 per- 
cent of its former value. Dubliners no 
longer accept English pounds, and 
Beifastmen no longer late punts, and 
more’s the pity. 

Il should be mentioned that the 
Crown is one of the few pubs in 
Ireland to have maintained its 
“snugs" — private booths with bell- 
push waiter service, originally de- 
signed so that executives could dis- 
creetly entertain their secretaries. 
Willie Robinson's, next door, has 
them too. Much of the 1946 movie 


“Odd Man Out” was filmed in The 
Crown, and it helped young James 
Mason to achieve fame. 


SIMON FOWLER. 


Marbdla, Spain. 

Tlie Envoy’s Qaalificatiuns 


Regarding "Fund-Raiser for Rea&tn 
May Be Envoy to France " (March 8): 

Will J.M. Rogers, touted as the 
new American ambassador to Paris, 
appoint a U.S. Foreign Service offi- 
cer to run his construction buaness in 
Nashville while he is abroad? Or 
would he prefer to borrow a French- 
man, well-qualified otherwise but un- 
able either to read or speak the Amer- 
ican language? The answers to both 
questions are self-evidently negative. 

JOHN UMOND HART. 

London. 


The Spirit 
Of Geneva: 
1917-1985 


* w *** 


• iwdttii 

r-A r WH rt ttl 

.1* is*** 


By James Reston 


G ENEVA — From one gener. 

tion to another, Geneva alwr - 
seems to look the same. It is asafet 
deposit box, as orderly as its clod - 
Its mountains shut out the stiff eni'' 
world. Its lake is as placid and supe 
or as its swans — with John Calvit *. 
church on one side of the water at ■ - 
Woodrow Wilson's Palace of Pea 
on the other. 

But the Spirit of Geneva chang 
from time to time. Now the represt 
tatives of tlK nuclear giants are te , , 
arguing about the balance of mililL' 
power, discussing the possMity l 
war in the stars before they have u' 


f. 


• 

:■* «id 


war in the stars before 


-i rM i tr iy 


nation to push “star wars" to the hilt 
seemed to point to the first choke. 

If there were reason to question the 
administration’s approach earlier, 
there is further reason now that Mr. 
Gorbachev has arrived. Any Ameri- 
can inclination to take advantage of 
Soviet troubles needs to be meaaned 
against the possibility that Moscow’s 
troubles may not be that disabling. 

In the 1970s, Arnold Horeiick ob- 
serves, the United States was dis- 
tracted, the Soviet Union got greedy, 
and this produced an American back- 
lash: Ronald Reagan. 

It could happen in reverse, he 
warns, adding: ‘‘Don’t kid: a super- 
power wben it is down.” With the 
measure of change now possible in 
Moscow, that wanting must be up- 
dated a bit: Don’t kick a superpower 
when it may be getting up. 

I do not see that foe Reagan ad- 
ministration has yet come to this sort 
of review. But it does seem to me die 
main task that Mr. Gorbachev’s pro- 
motion poses to Washington. 

The Washington Past. 


than on the future of mankind. . ■ 

The Spirit of Geneva in Woodn ' 

Wilson’s time was quite different/ ' * 
his address to the Senate on Jan. * - - * 

1917, he asked: 

“Is the present war a struggle fee" ■ 
just .and secure peace, or asay fm. . . ■ : .* 

new balance of power...? Tht_ -4 

must be, not a balance of power, t-'- 
a community of power; not organiz, - 
rivalries, but an organized comm ._. . . y 

peace ... a peace among equals.” - . . . . . „'_7 

The U.S. and Soviet govanma.^ «ijI 

■ and their officials here are not taBd. 
in such philosophical terms but - ■ ''“^*21 

mathematical toms about nmnh; _ _ ***** fW 

of missiles and throw weights >C 
“stealth” bombers. 

It can and should be argued that . -- Zu^anMijl 
was not a balance of power but t- _ 
absence of that balance that led tot- ' - 
two worid wars of this centiny, • - . , 

that is clearly the view of the press 

governments in Moscow and Was^. ■ & 

region. So their answer to most JpjL- 

their political conflicts is more wot,-.. * 

ons in the Middle East, Latin Ame^ _ "■ * * 4 

ca, Europe or Africa. - --- 

And yet it may have been intdlt'.:_ ••i* f Y t 

tual failures that led to the tragedy ‘A 1 - ***** 

the two world wars and to the tangl r — -■ . x.y . I t |t 
of Korea, Vietnam and the MkkaN-^. 

The Allies thought the Kaisq — 

Germany was such a menace tbiflSl tt ^ 

they fought him to the point of u ( ... 1 h • 'liuKrB 


• V F Wrt 


— - ** mnr.il 

** **»#. 
I U 


they fought him to the point 


conditional surrender and in the pi/ 
cess helped the rise of Nazism 
Germany, fascism in Italy and 
monism in Russia. 

They also overestimated the ti 
nese- Soviet alliance in Korea and u* 
derestrmated the power of naticsu : - 
ism in Vie tnam and the itiigio:' 

apposition to the West in (he : , 
East, trusting to their modem amt- ^ 

The Russians have made the sat- 
mistake with Ounfl A fghanistan M 

maybe in the end in Eastern Eunf 
where they thought their mffiUL 
power would triumph in the short rt ; *• 
but where, with the extension 
modem co mmuni cations across 6 
Iron Curtain, they may very well er . 
up as the last of the failed empires 


M« hit* Km* 


The old Spirit of Geneva at the a 
of the First World War was best d: . 


scribed by Paul Valfay, the Frew 
poet and philosopher, in 1933.' 

“The most just and serious criz 
cum which in my opinion can I* a" 
leveled against the League of N 
dons,” he said, “is that it was ft. 
constituted first as a League ■ ^ 
Minds. The League brings togeth i 
individuals who represent an histoi^ 
system of rivalry and discord. 
bring to Geneva the best will in tl -, 
world, but, along with it, a burden . 
mental reservations and the in vim 
ble habit of wanting to gain an a 
vantage at somebody dses cxpcnsci 

This, of course, is pretisely what ; ' 
occurring here now as Max K ampt, . . 
man of foe United States and Viku. -- 
Karpov of the Soviet Union smile h “ 
the photographers and agree on “tl 4 
principle of confidentiality.” « : - 

They are hung up on the Cold W\- •- 
propaganda ana instructions of the* 
governments, and this is not likely 
change unless Mikhail Gorbacta 
andRonald Reagan and their forri£ ‘* 
ministers, Andrei Gromyko are ;• 
George Shultz, finally decide to thltf 
about the treaties they have alreac «. 
signed rather than the ones they ms > 
sign sometime in the future. \ %, 

The promises are dear in the Cha . 
ter of tne United Nations, lore on ti. *- 

walls of the Palace of Peace: “* 
refrain from the threat or use of fo« 

... to settle their international di * 
putes by peaceful means." This w»:*, 
the origmaliipirit of Geneva. ^ " 

The New York Times. ' T « 


Katr, 


‘ ‘ •»!; 


'**.*!«• 

tam\ 

n». 


-*» k 
nr *t .. 


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ZZh s 

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NDAY, MARCH 18, 1985 



Hcralbc^feSribunc 


BUSINESS /FINANCE 


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Eurobond Yields 

For Week Ended March 13 

U.S5 la term. Inn inst — 

U.5JS long term. Ind. 

UAS medium term. Ind. - 

Cotl 5 medium term 

French Fr. medium term 

5ferIIng medium term 

Yen medium term. Inn Inst. 

Yen Ig term, int'l Inst. 

ECU short term . 

ECU medium term _____ 

ECU long term' 

EUA long term 


FLx Ig term. Inf I Inst. 

FLx medium term 

CotariataO by the Luxembourg Stott Ex- 


1228 % 
1259 % 
1238 % 
1259 * 
1150 % 
71.06 % 
730 % 
7.20 % 
9.11 % 
9.95 % 
1056 % 
9 J2B % 
1055 % 
1054 % 


n •; 


Market Turnover 

hr Week Ended Manh 15 
(Miltons of UJ5. Dollars) 


Cedel 

Eurodear 


T*M Dollar EwtvotaBt 
12979.10 1155100 1,926,10 

25.9605024^500 1506-10 


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EUROBONDS 


iisixmtched-Conpon FRNs 
dominate a Busy Market 

By CARL GEWIRTZ 

International HeraU Tribune 

3 ARIS — A whopping $2.4-billion worth of floating-rale 
notes were launched in the Eurobond market last week 
•v- More than half were based on the mismarrh of coupon 
- settings, which offers investors epbemerally large profits 
1 thereby enables issuers to es tablish new optical lows in 
, LTOwing costs. 

- ‘ Bangkok Bank. Basque Bruxelles Lambert, Banque Nationale 

... . ’ :Paris and Malaysia marketed Si.l billion bearing no margin 
\ ? ir the interbank rate. The coupons of Bruxelles Lambert and 
rP will be set at the London interbank bid rate, or Libid, which 
- . anally is Vi point below the London interbank offered rate, or 

_ '■'Xir, Malaysia’s is set at the ~ ™ 

*..:aage of the bid-offered 
v , , ; ' ;'.e (Umean), and Bangkok 

■' nk’s is set at Libor — re- 
■ ;rd low terms for these bor- 
T. " - : ,‘ 'wers. BNP, for example, 
paid V» point over U- 
;• . 7 ' ' an while Malaysia previ- 

• ^.* 1 y P&id V4 point over Li- 
■ ' -„Vr. 

'' -Den Norsk Creditbank 
d Sweden went a step fur- 
""*■ — sc and set thdr coupons at 
56 point bebw Libia — the 
rr^| vest coupons yet seen on 
1 IIP V ^ san ^ a far cry from the 
^ftpoint premium over Libor 
[at until late 1983 was the 
I || arket standard. 

\ lyPfij Currently, even the DNC 
'-l&d Swedish notes look at- 
I /\ < % active thanlcs to the histori- 

I v J I ||lly wide spread of some 100 basis points (or 1 percentage point) 
y -* I "Jnrently pre vailin g between one- and six-month interbank rates. 

The misma tch formula allows investors to capture the profit to 
IU i. n> .5 made from this differential as the six-month coupon on the 
\ J ^''*es is reset monthly. 

’ ■ - Thus, an institution borrowing funds at the one-month offered 
-■ ;: 'Je of 9Vfe percent to finance the purchase of the notes would earn 
- ’ - O 1/16 percent on the DNC or Swedish paper. (The profit of 
* ' - _->/16 point, or 93.73 basis points, would be reduced by some 20 
- . 3sis points resulting from tlie fact that the borrowing costs arc 

« . . . - rid monthly while the income is received s emiannuall y ) 

O F course only banks or institutional investors are capable 
of borrowing at the interbank rate — a fact which serves to 
highlight the total dominance of the market by these 
' ' -rofesskraal investors and the near disappearance of retail cus- 
' ‘ uners. 

FRNs are the traditional “safe harbor” investors seek when the 
■ • jterest-rate outlook is as uncertain — as it currently is — and the 
- - ■- nsmatch formula, which currently produces such big profits, is a 
• v Team come true for banks which are desperate to Increase 
~ ■- ‘profits, earnings and their capital base. 

... Institutional investors could always engage in mismatching 
" : - maturities on assets and liabilities. While prudent management 
xiuld restrict how far trading desks could go in this direction, the 
mismatched FRN removes some — although certainly not all — 
-- -rf the inherent risk 

' ■- Traditionally, the major danger was that if short-tom rates 
*■ uddenly soanxi, the one-memth cost of funds could have exceed- 

ed the income earned from a coupon, tied 10 the six-month rale. 

- lie mismatch formula of monthly setting of six-month coupons 

■ rases this danger, so that as rates rise the cost of funding and the 
- ncome earned climb more or less in tandem. ■ 

• ■ But two rides remain: the spread between the one- and six- 
. -joonth rate could disappear, totally erasing the mismatched 
profits; or, even worse, the normal yield curve (which has 
. •■■■ bortest-term funds the cheapest) could invert and one-man th 
' inandng costs could exceed even the monthly reset six-month 
' ate. (The very first mismatched notes covered this risk by 
- iroviding the coupon would be set at the highest rate, but that 
•irotection is no longer offered.) 

Inversion is rare, a generally short-lived phenomenon assodat- 
‘ d. with financial crisis. 

However, the spread between one- and six-month rates — 
- "airrently so attractive — should be a c o nstant concern as it is 
volatile.' 

Data provided by Salomon Brothers shows that over the past 
ive years, the spread has ranged from a high of 200 basis points 
jo a negative low of minus 369 basis paints (a period (rf inversion 
n 1980) and has averaged 33 basis points. In other words, the 
- ament 100 basis points spread looks suspect 
- Nevertheless, new issues are launched and gobbled up based 
(Coatinaed aa P*ge 11, CoL I) 


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V* 

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Last Week’s Markets 

All figura ora cs of dose of trading Friday 


lock Indexes 

Money Rates 



oited States 


United States 

Last Me. 

PrwJML 

imtvn. 

PtwjMl % Woe 


8 

a 

J Indus 1347.79 

156956 —152 

Fedorol funds rote_ 

876 

m 

J UHL WJffl 

14777 —052 


1016 

10 ft 

JTrons— 602.19 

615.15 — 2.11 


8 - PI »— T73J4 

77658 -IB 



S.PJOO— 17253 
Y5E Co — 10WS 

179JB —1X2 
10351 —151 




CaHnwmy — .. 

6 Mi 

646 

. ifttonftMMMBtftfSKirMa 

(May lntert»nfc — . 

642 

60S 



West Germany 

600 

63 

TSE UXL_ UO&SD 

13670 +165 

Ovomtoht 

63 

«nc 

tag gone 


muiD 

14 

7446 

14 

143/76 

onoSeng- 153176 

159557 —4X7 

Call money — 



a^nocith Interbank— 

311/16 

13 11/76 

s» 





IHUIDJ_ 

1254753 +73 

DoBsr LfldWk. PrwvJML «Oto 

festGenua^ 


Bk Engl Indue _ 75470 

Gold 

15S4D 

—045 

om muni* 121400 

1203.70 +051 



KUakfeotSmJmiCtMlM*. U«*» 

London sun.flx.f W4JM 

2913 +13 



OauimaaUdaiaimiCmntSimJamBOaeL 

Currency Rates | 


Lota interbank rate on Moral 15, eraucfeng tees. 

Official fixings for Arnstardoni, Brussels, Frankfurt; Milan, Peris. New York rate at 
1 P-M. 



I 

1 

DM. 

PJP. 

ILL. 

a Mr. 

■>. 

~ Jnstenkiw 

3JWB 

4.137 

711155 • 

3735 s 

0.1794 

— — 

5639 s 

niMMfl) 

6237 

7353 

auo 

65805 

1114 s 

77762 

— 

, toMHim 

24016 

X6S9 

.. i 

32735 s 

158AX 

8U4S* 

4J974* 

■tetalM 

133 


16515 

11.766 

2353 

4.1393 

7240 

■ten 

21373 

23063 

6293 

2063 


55775 

31092 

WVork(e) 

— - 

132 

2383 

7CL33 

21323 

1827 

6717 

tea 

toons 

11.172 

10546 

— 

4X4351 

26998 

15204 s 

okn 

3603 

28271 

7107 

2522 

1232 s 

683. 

3833* 

«rWi 

28165 

11346 

85235“ 

273 s 

0.1352 

75315 s 

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Japanese 
Do Well 
In U.S. 

American Firms 
Are Said to Lag 

By Nicholas D. Kristof 

New York Timet Service 

NEW YORK — Japanese com- 
panies operating in the United 
Stales perform better than Ameri- 
can corporations, according to a 
study, prepared by the Columbia 
University Graduate School of 
Burin ess. 

The report attributed the success 
(rf Japanese companies to their em- 
phasis on quality and the cultiva- 
tion of a warm relationship be- 
tween labor and management U 
found that the success arises not 
just from the Japanese culture and 
work ethic, bur also from a man- 
agement style that can be trans- 
planted, with modifications, to the 
United States. 

The Japanese companies gener- 
ally outperformed their American 
counterparts in terms of quality 
products, the absenteeism rate, the 
relationship with workers and their 
relationship with customers,” said 
Martin K. Starr, a professor at the 
business school, who helped to 
write the report. 

The study comes at an embar- 
rassing moment for U.&. compa- 
nies, many of whom are moving 
manufacturing operations overseas 
because they fra unable to com- 
pete with foreign, companies at to- 
day’s high exchange rate for the 
dollar. In contrast, the Japanese 
companies are not only coming to 
the United Stales but expanding 
their American operations. 

The report’s findings were based 
largely on responses to question- 
naires by 1S9 Japanese-owned 
companies operating in the United 
States. 

These companies generally ap- 
plied Japanese management tech- 
niques. The most important of 
these is trying to involve workers in 
a corporate * 1301 %,” by encourag- 
ing joint activities and reducing 
barriers between executives and as- 
sembly-line workers. 

The report found that absentee- 
ism in these companies averages 
only 2 percent on any day, com- 
pared with a national average of 5 
percent But employee turnover is 
as rapid as in U.S. companies, the 
study concluded. 

Mr. Starr said that fewer than S 
percent of the products were defec- 
tive, compared with perhaps 10 
percent to 15 percent at U.S. fac- 
tories. 


Decline in Demand for Oil Hurts 
Economies of Aruba and Curasao 


By Joseph B. Treasrer 

Ne* Yak Tima Service 
WILLEMSTAD, Curasao — 
Since oil refineries were set up 
half a century ago on Aruba and 
Curasao off die Venezuelan 
coast, the islands’ fortunes have 
been tied to the demand for 01 L 
Now a casualty of the world- 
wide surplus of refining capacity, 
(he islands face severe economic 
problems. 

Exxon Corp.’s refinery, which 
has provided about half of Aru- 
ba’s annual income, is to be 
dosed at the end of this month. 
And Royal Dutch/ Shell Group 
has warned that it may have to 
shut its plant- on Curasao unless 
the government buys two-thirds 
of the refinery. 

Although plans to develop 
new sources of income for the 
islands are under way, these will 
not help the economy in the 
short term. One economic devel- 

S imenl project being studied is 
.S. finflnfwri. while annlftM- is 
being undertaken by the Cham- 
ber of Commerce of Cunu^o 
and some local businesses. 

“We considered the refineries 
to be a permanent part of these 
islands,” one b usinessman 
The impact [of the closures] is 
going to be psychological as weD 
as financial." 

When oil prices soared in the 
1970s, Curasao and Aruba en- 
joyed a boom and became a mag- 
net for tourists from Venezuela. 

But high oil prices prompted 
advances in energy conservation 
and this reduced the demand for 
ofl. As a result, there was an 
ovetsupply of refining capacity, 
aggravated by the startup of new 


T 


Exxon OU ftoflnory, 
San Nicolas, Aruba. 

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220.000 barrels a day 





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Rafinary, Ernmastad, 


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Curacao. 



:■ ■ 

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■: ", , 

320.000 barrels a day. 


• 

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refineries in the Middle Ease Re- 
finery output in Curasao and 
Aruba fell and dl companies 
started losing money there. 

In recent years oil-related 
losses on the islands have been 
offset by high profits from fi- 
nance companies, set up there to 
enable U& corporations to bor- 
row money in Europe and avoid 
certain UJ5. taxes. But last July 
Congress repealed this offshore 
financing law, which in 1984 
yielded Curasao nearly $200 mil- 
lion. 

The whole economy is mov- 
ing downward,” said Lionel Ca- 
pri] es, the head (rf Maduro & 
Curiel’s Bank, the largest bank in 

the islan/k 

For most people on the is- 
lands, the economic deteriora- 
tion means adjustment to a lower 
standard of living. Unemploy- 
ment in Aruba is forecast to rise 
to 40 percent from the present IS 
percent. 

The decline in the islands' for- 
tunes minririw with a plan by 
Aruba to pull out of the group of 
six islands which make up the 


n* Nm York T* 


Netherlands Antilles. For de- 
cades, Aruba has been complain- 
ing about being politically and 
economically dommaied by Cur- 
asao, where the government for 

the iclanri group ing is based. 

The International Monetary 
Fund says it makes more sense 
for Arabs to remain part of the 
Netherlands Antilles because the 
island has no natural resources. 
After the refinery dosing, Aru- 
ba's only source of income will 
be tourism, the IMF warns. 

But Aruba's political leaders 
say they think Curasao and the 
other islands — Bonaire, St 
Martin, Saba and St Eustatius 
— are in more financial trouble 
than Aruba. 

“We are of the opinion that on 
our own we can stimulate our 
economy and recover in a more 
accelerated period than if we 
stayed in the Antilles,” said Be- 
tico Croes, the leader of Aruba's 
governing Electoral Movement 
Party. 

Henny Eman, Aruba’s main 
opposition leader, agreed. “We 
(Continued on Page 13, CoL 6 ) 


ESM Auditor Is Sued for $ 300 Million 


By James Stemgold 

New York Tima Service 

NEW YORK — The court-ap- 
pointed recover for failed ESM 
Government Securities Inc. has 
filed suit against ESM’s outside au- 
ditor, Alexander Grant & Co., ac- 
cusing the auditor of professional 
negligence (rf “outrageous charac- 
ter” The suit asks for $300 milli on, 
phis punitive damages 

The sitil, filed Friday, provides a 
detailed account of how ESM — a 
group (rf four affiliated companies 
based in Fort lunderdale, Honda 
— hid huge losses from its custom- 
ers since 1980. In effect, the suit 
said, ESM hid the losses by moving 
them from one member of the 
group to another. 

Alexander Gram was in a posi- 
tion to see this, but stiQ presented a 
healthy balance sheet of ESM for 
its customers, the suit charges. 


Alexander Grant’s acts (rf negli- 
gence. it said, “woe committed 
wantonly and with reckless disre- 
gard for the rights of the ESM 
group of companies, its investors, 
the entities dong business there- 
with. numerous municipalities and 
individuals.” It added: “Defen- 
dant’s conduct is of such outra- 
geous character that it constitutes 
gross negligence of almost unique 
proportions.” 

: The Fort Lauderdale office of 
Alexander Grant, whose headquar- 
ters is in Chicago, audited the re- 
;optds of ESM and prepared tax 
returns of some of its affiliates. 

. ESM was dosed on March 4 by a 
federal court order, obtained by the 
Securities and Exchange Commis- 
sion. The SEC charged that ESM 
had engaged in a pattern of fraud 
from its inception m 1976, hiding 
cumulative losses of $19&3 million 


Big Ohio B anks 
Being Urged to 
Take Over S&Ls 


in an affiliated dummy company, 
while its customers were led to be- 
lieve that it was healthy because of 
its audited accounts. The assets of 
ESM and of its former officers have 
been frozen by the court 
At the same time, according to 
company records, ESM’s officers 
took individual salaries of up to 
$500,000, bonuses totaling $1 mil- 
lion last year, drove luxury cars and 
had borrowed more than $30 mil- 
lion from the firm without ever 
paying interest on the loans. 

ESM’s dosing is expected to cost 
its' customers, including several 
thrift units and xmmidpalities, 
more than $300 million. 

One customer. Home State Sav- 
ings Bank of Cincinnati, dosed on 
March 9 because of a ran by its 
depositors brought on by the news 
that it was Iikdy to lose more than 
(Continued on Page 13, CoL 5) 


By Robert A. Bennett 

Nm York Times Sernie 

NEW YORK — Representatives 
of Ohio's major commercial banks 
have been asked to take over the 71 
state-chan ered savings and loan 
assodations closed for three days 
because of a collapse of depositor 
confidence, officials close to week- 
end negotiations say. 

The proposal was made at a 
meeting called Friday by the Fed- 
eral Reserve Bank of Geveland 
and attended by about 40 bankers. 
Fed officials. Governor Richard F. 
Celeste of Ohio and other state 
legislative leaders. 

Under the proposed takeover. 
Ohio's commercial banks would 
jointly establish a corporation that 
would lake over the thrift institu- 

Run in Ohio pushes down rates 
on Treasury bills. Page 11. 

tions. The proposal was pul for- 
ward by an unidentified “consul- 
tant,” but the idea seemed to have 
the strong support of state officials 
as well as Fed representatives, ac- 
cording to individuals at the meet- 
ing. 

Following the five-hour meeting, 
Friday, bankers were reserved in 
their response. The problem, they 
said, was that it was difficult to 
determine the condition of the in- 
stitutions. 

The meeting was held after Mr. 
Celeste ordered the 71 institutions 
dosed to stop a ran on deposits. 
The closings applied only to those 
depository institutions that are not 
insured by federal agenries. 

Mr. Celeste said that the thrift 
institutions would reopen on Mon- 
day, which increased the pressure 
for a quick solution. Bankers who 
attended Friday's meeting, howev- 
er, said they doubted whether that 
would be possible. 

[After an all-day meeting Satur- 
day with federal and state officials, 
Mr. Celeste said that it is uncertain 
when the 71 savings and loans asso- 
dations will be reopened. United 
Press International reported from 
Cleveland. Asked if the banks 
would reopen Monday. Mr. Celeste 
said, T really can’t give you an 
accurate answer to that right now ” 

jHe added: "About every con- 
ceivable proposal is being consid- 
ered. Everyone is much dearer on 
what the possibilities are now. How 
they're going to be pursued is what 
we’re working on. The question is 
not so much cash as confidence.” 

[Mr. Celeste said the types of 
possibilities bong considered were 
those in which state and federal 


officials can work together to instill 
confidence in customers.] 

Ohio offidals said that federally 
insured depository institutions, in- 
cluding commercial banks and sav- 
ings and loan associations, were 
not affected by the rush of savers to 
remove deposits. 

Some financial analysts said, 
however, that they feared the prob- 
lems in Ohio might spread to other 
states where there are financial in- 
stitutions whose deposits are not 
insured by federal agencies. 

As the weekend meetings contin- 
ued, state officials were also trying 
to find a buyer for the Home State 
Savings and Loan Association, 
whose failure set off the panic with- 
drawals by S&L depositors. 

Out-of-state ana Ohio banks 
were invited to bid to take over 
Home State, and Slate Senator 
Richard H. Finans has introduced 
a bill that would allow an out-of- 
state bank to acquire a failing sav- 
ings and loan association in Ohio. 

In a telephone interview Friday. 
Mr. Finans said that several banks, 
both local and out-of-state, were 
considering such an acquisition. 

The only banking company 
cited, however, was Citicorp, which 
in the past has purchased failing 
savings and loan associations in 
California, Florida and Illinois. 

Citicorp declined to comment on 
the reports. Sources in Ohio said, 
however, that Citicorp had sent a 
team from its Chicago subsidiary to 
examine Home Stale. 

A number of other banks around 
the country were also asked to look 
at Home State, and those that 
showed some interest said tht^y 
were discouraged by the thrift insti- 
tution's balance sheeL 

One banker said that not only 
had Home State lost about 5150 
million — S136 million of which 
would be covered by the insurance 
fund — but that the market value 
of its mortgages was about S 100 
million below' their face value. And 
because Home State is not federal- 
ly insured, there is no federal agen- 
cy available to help cushion the loss 
for an acquirer. 

No one seemed certain about 
just how much in deposits is in- 
volved. 

It was earlier estimated that the 
total amounted to about 54 billion, 
but that is believed to indude 
about $680 million from Home 
State, and about $800 million held 
by City Loan and Savings Co. erf 
lima, which is said to be owned by 
Commercial Credit Co., which, in 
turn, is owned by Control Data 
Corp. 


Japan Said to Prepare 
Tariff-Abolition Plan 


The Associated Pros 

TOKYO — Japan will propose 
to the United States on Monday a 
mutual abolition of tariffs on all 
electronic products, the economic 
r Nihon Kdzai Shrmtmn 


It said Japan would propose that 
the two countries establish a frame- 
work for protecting intellectual 
property such as computer soft- 
ware and hold joint public hearings 
on problems dealing with the semi- 
conductor market. 

Foreign Ministry officials were 
unavailable for comment Sunday. 

Quoting Japanese government 
sources, the daily said Japan would 
make these proposals Monday dur- 
ing the second round of UK-Japan 
talks on liberalizing Japan’s elec- 
tronics market 

The newspaper said the United 


OPECOfpdak 

Set to Review 
Pricing Efforts 

Reuters 

GENEVA — A special 
OPEC committee will meet here 
this week to review the latest 
efforts to support world oti 
prices by limning production, 
sources said Sunday. 

Members of the Ministerial 

Executive Council, headed by 
Saudi Arab’s oil minister, 
Sbdkh Ahmed Zaki Yamam, 
are to meet Tuesday, they said. 

The council set up during an 
Organization of Petroleum Ex- 
porting Countries meeting in 
December, was designed to 
oversee the work of tbe carters 
team of independent auditors. 

The 13 OPEC members 
agreed to open their books to 
Klynvdd Kraayeohof, an Am- 
sterdam-bated auditing firm, to 
ensure that members were not 
ignoring production ceilings. 

Tbe five-member committee 
is to review the progress of the 
auditors as the oil producers 
enter another critical pricing 
period. Qfl analysts and traders 
say that the advent (rf wanner 
weather would reduce the de- 
mand for oil and increase pres- 
sure for lower prices. 


States was expected to "basically 
agree” with Japan's proposals, and 
that the move might contribute to- 
ward easing friction between the 
two countries over trade in high- 
tedmology products. 

In February, Japan and the 
United Stales exchanged notes to 
abolish semiconductor tariffs effec- 
tive March 1. 

On Monday, the Japanese dele- 
gation wfQ beheaded by the deputy 
foreign minister, Reijj Deshuna, 
while the U.S. group mil be led by 
Lionel H. Olmer, undersecretary of 
commerce, and Michael B. Smith, 
the deputy trade representative. 

Last Friday, the two nations 
wound up a week of talks without 
reaching an accord on telecom- 
munications. But W. Alien W allis , 
U.S. undersecretary of state f or 
economic affairs, acknowledged af- 
terward that some progress had 
been made. Mr. Wallis headed a 
delegation (rf 42 U.S. offidals that 
spent five days in Tokyo for trade 


Reagan administration has 
been pressing Japan to dmdnaie 


proposed regulations that would 
make UJk participation in the Jap- 
anese tdeconnmiiucations market 
cumbersome and could give Nip- 
pon Telegraph & Telephone Co. a 
si gnificant com petitive edge. 

The state-owned communica- 
tions giant is to be transformed 
into a private company an April 1 
and its monopolies ended. 

In another development, Japa- 
nese Foreign Minister Shmtaro 
Abe urged developing and devel- 
oped nations to agree to start a new 
round of trade negotiations soon. 

Mr. Abe, speaking Friday in To- 
kyo to a gathering of gove rnmen t 
offidals, economists and business- 
men from Asian and Pacific coun- 
tries, said; "We must start formal 
preparations in the latto; half of the 
year and begin negotiatio n s next 
year.” 

The new round would follow the 
Kennedy Round of talks in the 
1960s and the Tokyo Round in the 
1970s, held under the auspices of 
the General Agreement on Tariffs 
and Trade. 

Mr. Abe said Japan’s idea was to 
include on the a genda textiles, 
tropical and farm products, ser- 
vices and emergency trade safe- 
guards. Developing countries have 
expressed cancan that the new 
round could only benefit the devel- 
oped countries. 


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


ECU 50,000,000 

Peugeot Finance International N.V. 

(with its statutory seat in Amsterdam) 

10% per cent Bonds due 1990 

Unconditionally guaranteed by 

PSA Finance Holding 

Issue Price: 100 of the Principal Amount 


Sotidtd Gendrale de Banque SA./ 

Generate Bankmaatschappij N.V. 

Banque Bruxelles Lambert S A 

Banque Nationale de Paris 
Credit Lyonnais 

Algemene Bank Nederland N.V. 

Dresdner Bank Aktiengesellschaft 

Swiss Bank Corporation International limited 


Lazard Fibres et Cie 


Kredietbank International Group 

Banque Paribas Capital Markets 
Society Generate 

Amro International Limited 
Morgan Guaranty Ltd 
S.G. Warburg & Co. Ltd. 


Bauca Commertiale Italiana Banca Nazionole del Lavoro Banco di Roma Bank of Tokyo International Limbed 

Banque Arabe et Internationale dlnvestissemeiit (BALL) Banque 7riu$aisedu Commerce Extfirieur 

Banque Gendrale du Lu x embourg S-A. Banque Indosuez Banque Internationale h Luxembourg SJL Banque Nagelmackers SA. 
Banque deffenflize, Schhunbergez; Mallet Barclays Merchant Bank Limited Bayerische Landesbauk Girozentrale 

Bayerische Vereinsbank Aktienges e llsc haft Caisse Centrale des Bauques Populates Caisse des Ddpflts et Consignations 
Cause d’Epargne de lEtat dn Grand-Dnchd de Luxembourg (Banque de l’Etat) CERA-Centrale Saiffasenkas C.V.-Belgmm 

Chase Manha ttan Capital Markets Group Chase Manhattan Limited Commerzbank Aktiengesellschaft La Compagnie Finandere 

County Bank Limited Creditanstalt-Bankverem Credit Agricole 

Credit Commercial de Ranee Crddit Communal de Belgique S A / Gemeentekrediet van Belgie NV_ Credit General SA de Banque 
Credit Industrie! d’AIsace et de Lorraine OGdk Industrie! et Commercial deParis Credit Snisse First Boston Limited 

Daiwa Europe Limited Den .norske Creditbank (Luxembourg] S A. Deutsche Bank Aktiengesellschaft 

SADewfinKV. ^ Dillon, Read Limited Girozentrale nnd Bank der Ssterreichischen Sparkassen Aktien gesellschaft 

Goldman Sachs International Corp. IBJ International Limited KJeinwort, Benson Limited 

Lazard Brothers & Co., Limited Lazard Fteres fit Co. Lehman Brothers International Shcirson Lehman,' American Eipresg lac. 

Lloyds Bank International Limited Merrill Lynch Capital Markets Mitsubishi Finance International T.imTfud 

Samuel Montagu & Co. Limited Morgan Stanley International Nederlandsche Middenstandsbanh nv Hederlandse Credietbank mr 
The Nikko Securities Co., [Europe] Ltd. Nippon Credit International (HK) Ltd. Nippon European Bank SA-UTCB Groap 

Nonrara International Limited Orion Royal Bank Limited Peterbroeek, Van C&mpenhont &. Cie S.C5. 

PK Christiania Bank (UK) Ltd. Rabobank Nederland Salomon Brothers International Limited Sparebanken Oslo Akershus 
Sumitomo Finance International Union. Bank of Switzerland (Securities) Limited Van Moer Santera & Co. 

Wastdeutsche Landesbauk Girozentrale Wood Gundy Inc. Yamaiehi International (Europe) Limited 

New Issue - January 24, 1985 


J 






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vT VlL SHERATON IN BEIJING 


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L E 


WORLD OF SHERATON 


In the heart of Beijing, the capital of the People’s Republic of China, 

the Great Wall Sheraton Hotel joins the expanding world of Sheraton. 

In 1984, Sheraton opened more hotels around the globe than 

any other hotel corporation. 

The Great Wall Sheraton is Beijing's tallest building. 1007 rooms 
and suites. Complete fitness facilities. A heated pool, jogging track, 
gymnasium and tennis. A choice of five restaurants with classic 
French to traditional Szechuan to 24-hour coffee shop dining. 

Come to Sheraton. Come to Beijing, 

FOR RESERVATIONS CALL YOUR 
TRAVEL PLANNER OR SHERATON IN YOUR CITY. 


■ 'T - ../• 
i*r N ‘ 



f':/] 


• f HovT'i 


.8 


The Great Wall Sheraton Hotel Beijing 

SHERATON HOTELS. INNS & RESORTS WORLDWIDE 
NORTH DONGHUAN ROAD. BEIJING PEOPLE’S REPUBLICOFCHINA TELEPHONE:505566 TELEX: 20045 GWHBJCN 

The hospitality people of ITT 


v 

































i 


i 


r 


International Bond Prices - Week of March 14 


Provided bv Credit Suisse First Boston Securities, London, Tel.: 01-623-1277 

Prices may vary according to market comtttionB and other factors. 


% Mot Prk> Mot Lot Out 


(Continued from Page 9) 


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871 

817 

788 


DM STRAIGHT BONDS 


AUSTRALIA 


Australia 

AmJreiks 

Australia 

AmtroUa 

fetinxlfa 

AnStruBg 

Antnfla 

Australia 

MMo 

Amtrnfia 

Austral ion Ind Dev Co 
Ccmolcn Invtsi Euraat 
Hamsniw Iran Fin 
McuN In Ftaonm 
Moant Ho Finance 
Pawn New Guinea 
Oueensltnd Alumlro 
Rand Industries flank 


Z ? S3 

^ jgj 


HH IS 
raw 741 
MU 7J4 

n t35 

101ft 749 
1B71A 129 
USft 720 
101 lit 
95ft 720 
95 78? 

MM 724 
Ml 683 
99 731 

99ft 7jf 
•8ft 803 
99 701 

95 1721 1 

99 424 


Medea I TO Air 99 

MbxJcd 7ft TOJan 99 

Bann Nudonul Obm I TO Now 1C 

CemMonFMEfcartc 7HTOWV TO 

CamWan F«d Eftdric 4ft II Aar 95 

Hodoncl Rnoodcno 11 TOMV Wt 
Punts Pstraisot Made 7 TOJan 99 

Panes PstrfltoM Made 11 TOFeB 111 

MISCELLANEOUS 


t TO Aar 99 2729 604 

7ft TOJan 99ft 744 7J3 729 

I TO Nov 1C 591 530 7J7 

7i4 is nov n nanotJ 
tft 28 Air 95 UIW3S 7.11 

II TOMar Wt 943 1031 

7 TOJUl 99ft 741 744 

11 TOFeB 111 141 UUM 


AUSTRIA 






HIGHEST CURRENT YIELDS 

On convertibles having a conversion premium 
of less than 10%. 










rjr* jr"** 






*• Liilv 


r-H 


m 


Wit imwjd 
HttTTAoB 
7ft TO war 
I TOJUl 

6ft 12 Aar 
8ft TO Mar 
9ft 17 May 
7 12 Od 
8ft 10 SB 
9ft 14 5 b 
9ft 15 MOV 
■ VJun 
SKTOJaa 
7 11 Mr 
tftllAUB 
• TOMar 
7ft 1* May 


71 lSOd77 
.90 lAprH ! 


114 aAuD82 
■ 17 Apr 78 

m 1 Apr 81 
123 IFftbE 
m 9 $B 80 

nsn 1 / D«c 79 

74 1 Sep 71 
95 1 Hav 79 
w 1FB19 

M HlS” 


nmoomsuM 

sit-in 

YW3- 211412 
SS 

DWS-aiiMsa 
Y 57740“ CS3M 

tan 

pro -a 182195 

Mr 171 - Ar 304332 
5123M 
S2U» 
YXL9- 49140 
Y 457 54- 327843 
B KB -018078 
354 

lb- 153 -rtr 314283 








tn4«i 


7ft 14 Feb 
Ift WJun 
7ft TO Aw 
I TO Dtc 
9ft TO Dec 
3ft 11 Dec 
Ift 12 Jon 
754 TO Oct 
4ft 17 APT 
Ift 19 Fan 


740 737 
511 195 844 
7-B 747 7-71 

741 7J1 7J4 


iknSSB Nam 
dm UO New 
dm MO Haw 
dm 200 Nsw 
dm in Nsw 
dm 1D0 New 
dm 200 Nsw 
dm 200 New 
Ml 150 Nsw 
dm3* Nsw 
CB35I NSW 
dm 251 Nsw 


dm 100 Briaeiedrtc FTnoncs 
dm 700 Brtwftdrlc Finance 


MttTOJUO Wft UO 
II VI Oct 111ft lit 




Explanation of Symbols 


CanuSon Dollar 
ECU Empean Currency Unit 
IUA Euraasan Unit of Account 

L Pound Sterling 

DM Deutsche Mart 

NMD Norwegian Kroner - DM 


SDR 5aodaiOfgwtna WoM» 
Y Y«1 

UPB Luxembourg Franc 
sfr swms Franc 
FF Fraocti Franc 




Chicago Exchange Options 

For the Week Ending March 15, 1985 


Option a price Colls 


Option a mice Calls Puts 



AlMSt 

50 

314 

59k 


51ft 

35 

1-14 

3ft 


33ft 

to 

9 

1ft 


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H 

Till 11-14 


lift 

IS 

f 

1-16 


BrlsMv 

43 

Wt 

r 


53ft 

n 

5 

4K 


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35 

ft 2 11*14 

, 

SSft 

40 

s 

ft 

El 

Dnm 

X 

7ft 

t 

JTft 

35 

2ft 

3M 


37ft 

40 

1-U 

13-14 


37ft 

43 

S 

ft 

AH 

CMmt 

n 

W 

t 

Am 

■Pi 

73 

13ft 

t 

Am 

Vtt 

B 

3ft 

7ft 

•if 

nft 

90 

ft 

3ft 

Bel 

CMunln 

15 

5ft 

6 

Btr 

3Dft 

38 

ft 

1ft 

Brt 

20ft 

25 

r 

ft 

Bvc 

Chrwr 

25 

10 

r 

lad 

33 

» 

5 

5ft 

C*f 

33 

23 

1-16 25-H 

X 

40 

r 

11-16 

Cos 

Cunp5c 

10 

r 

5ft 

Dot 

ISft 

IS 

1-14 

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15ft 

30 

r 

3-14 

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Dae. Ch 

35 

4 

r 

Fra 

39 

30 

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1 

On 

29 

33 

r 

3-U 

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FBact 

45 

20ft 

T 

HfO 

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» 

15ft 

r 

in 

4t 

40 

5ft 

r 

cm 

44 

41 

ft 

r 

kw 

tt 

TO 

■ 

2ft 

list 

Fora 

30 

lift 

s 

ai:ii 

43ft 

35 

m 

* 

•mil ■ 

8 8 

43Vk 

40 

3ft 

ift 


43ft 

43 

1-16111-16 

Mai 

43ft 

so 

r 

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Ntr 

43ft 

SS 

r 

3-16 

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Con El 

45 

17 

8 

Per 

iiw 

SO 

12ft 

13ft 

Pro 

tlft 

55 

7ft 

a 

*•* 

41ft 

to 

1ft 

3ft 

Rir 

•1ft 

45 

Wt 

1ft 

SIM 

41ft 

70 

s 

ft 

jin 

GM0 

40 

20ft 

1 

vm 

77ft 

43 

151k 

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— 

77ft 

70 

10ft 

lift 

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75 

5ft 

7ft 

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77ft 

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15 

r 

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70 

71k 

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77ft 

15 

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77ft 

90 

1 

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Gif Wn 

25 

5ft 

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Tv! 

31 

30 

ft 

2ft 


31 

35 

r 

ft 

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10 

5ft 

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13ft 

IS 

ft 

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15ft 

X 

r 

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1 T T 

30 

12ft 

( 

L' 

31ft 

25 

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1 

4“ 

lift 

X 

Tft 

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23 

1-14 

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fW 

K mart 

a 

Tft 

» 

" •<- 

3Hk 

X 

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3ft 

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32ft 

X 

1-14 

1 

RAJ 

32ft 

X 

* 

5-14 

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43 

i 

1-14 

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Litton 

40 

5ft 

7 

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65ft 

45 

ft 

4 

iti 

46ft 

70 

r 

1ft 

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45ft 

n 

t 

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( 

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r 

6ft 


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1349 

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41ft J 

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r 

1 


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| 

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43 

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15 

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45 

UW 

r 


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9ft 

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55 

5 

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3 Mhf 3U IB 3ft 3U 

r u If r v-14 

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r NarSo S3 ift r 

2 ttft « 4ft 5ft 

5 64ft 45 1-16 2ft 

r NeTTe) 35 ft 3 

ft 35ft 40 r lift 

r 33ft as r ft 

r Kw Ind 45 7ft r 

r Sift 58 3 3ft 

r Sift 85 r 1ft 

2ft 51ft 40 r ft 

4ft Paradv 10 ift r 

r 14ft IS t-1* I 

14 14ft 20 r ft 

A RCA O 13 s 

r 38 38 Ift r 

7-14 A 35 3 4ft 

2 38 40 1.14 15-16 

r 31 45 r ^ 

INPUT Jr 

39*. li ' 


S 1-16 III 

« 1-14 ft 

65 11 r 

70 4ft r 

23 «ft r 

38 3ft ift 

U 1-U 1ft 


26 MS 1ft 
38 t ft 


6ft SupOU 38 1-16 s 

r Syntcx 0 lift r 
S 55ft 45 11 r 

ft SSft 38 5ft TV. 

r 55ft 55 ft 3ft 

Ift SSft to t 1ft 

414 Tefctrn SO r r 
10ft 55 5ft r 
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mo Mft r 6ft 
0 31ft 2ft r 
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o xn Ht f.1* 
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31 r 7*16 


omen X lift r 
lift 33 tft r 
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tft 43 t 1ft 
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40 5ft tft 
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50 r 1ft 


15 


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it 

a 

1-14 

46 

39k 


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55 

r 


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a 

6ft 

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2 

43 

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50 

1-14 

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1ft 

35 

r 

JO 

& 

35 

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40 


45 

2ft 

50 

ft 

110 

1ft 

45 

tft 

70 


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1-14 

X 

ft 

23 


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r 

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3ft 


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58 

A 

30 



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40 

w 

43 


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20 

tt 

X 

r 

TO 

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X 

1*16 


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X 

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35 


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3ft 

a 

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Aar Jut Aar 


9-16 

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7U 33ft 35 MA 1« 

r 3JH ft M4 7-14 

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2U 21ft 25 1-14 14 

59. Atl R ft 8ft r 

Oft 45 4fa ift 

»* 54 U-16 1ft 

Hft 55 »14 ft 

20 15-ft 2U 
25 kit 7-14 

15 tft r 

21 ft ft 

TO r ft 

IS 2 Hk 

20 ft 1T-U 

25 r ft 


120 

125 

11 

IX 

i 

IB 

Itt 

IX 

H 

X 

2ft 

X 


51 

Ilk 

55 

3-14 

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35 

tft 

X 


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1-14 

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35 

ft 

X 

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90 


95 

7tt 

100 

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105 

Itt 

in 

tt 

73 

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80 

3ft 

85 

1516 

90 

tt 

X 

r 

43 

ft 

58 

tt 

X 

a 

X 

ft 

s 

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X 


35 

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X 

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4* 


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4 

3-M 


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in. 

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M 

PBtl 

40 

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r 

r 

3-U 

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4 

r 

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48tt 

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24 

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ra 

r 

1 

r 


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15 

3 

r 

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X 

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12 

r 


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44 

4*k 

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m 

soft 

» 

2ft 

tft 

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no 

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55 

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29-16 

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SouM 

50 

3ft 

r 

ft 

r 

*» 

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r 

r 


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3 

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3-16 

no 


2ft 

15 

1-16 

s 

r 


rwdvn 

220 

Xft 

r 

3-14 

Ht 

2S*tt 

230 

X 

X 


214 

259W 

340 

22ft 

29ta 


r 

25ttt 

264 

15tt 

X 

3ft 


259ft 

300 

» 

17 

7ft 


2S9U. 

270 

ift 

12 

1+tt 


239V. 

210 

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9*2 

r 


239ft 

210 

15-14 

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r 


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300 

ft 

t 

r 

I 

2S7tt 

SB 

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s 

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T«x In 

100 

11 

f 

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109ft 

1X1 

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7tt 

4 

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11 

in* 


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MWt 

MS 

r 

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r 


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43 


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» 

7 

9 

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75 

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tv. 

3 

77ft 

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r 


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25 

r 

itt 

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5-14 

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27ft 

a 

l-U 

r 

r 

r 

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is 

Itt 

4ft 

r 


1«tt 

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Ik 

1 7-U 

r 


ink 

35 


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t 

t 

ceres 

35 

r 

r 

r 


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3V. 

r 

it 

11-16 

42ft 

X 

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no 

itt 

M 

42ft 

so 

tt. 

h 

r 

r 

MOV 

Aug 

MOV 

AUO 


UnAJ 

a 

tt 

r 

r 


J0V1 

33 

r 

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10 

*ft 

r 

f 


14ft 

15 

13-16 

2 

a 




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r 


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31 

r 

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35 

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X 

r 

r 

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31 

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tt 

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r 


X 

X 

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r 

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MU 

X 

tt 

tt 

r 


Ilk Dk 

25 

1 

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r 




13 

r 

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a 

as 

1 

18 

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lx 

a 

u 

4ft 

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no 

2ft 

a 

45 

Itt 

3tt 

4* 


62 

X 

hiu-u 

r 


lab C 

S 

itt 

r 

r 


3*14 

X 

ii-U 

7ft 

ift 

Itt 

39* 

X 

5-U 

Itt 

5ft 


: B S 

70 

t 

r 

l-U 


aw 

75 

Utt 

r 

5-16 

1ft 

lltt 

10 

9* 

9tt 

1 


■Wr 

IS 

44 

9 

3tt 

ift 

68*2 

M 

3tt 

Sft 

r 

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ntt 

95 

2 

Itt 

r 


xpat 

180 

Sft 

r 

«tt 



TO 

tt 

15*14 

r 


U** 

40 

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t 

ft 


(M 

05 

2 

3ft 

3 

TV. 

tltt 

n 

tt 

Itt 

r 


Mat 

30 

r 

r 

14* 


231k 

25 

ft 

1ft 

r 


2Hh 

39 


7-14 

r 


Snw Ea 30 

Oft 

1 

r 


20ft 

a 

3ft 

r 

r 


Sft 

X 

tt 

5-U 

t 

2* 

Dose 

79 

Utt 

1 

r 


34 

X 

5 

Stt 

ft 


1 

35 17-14 

mi u-16 

Sft 

31 

X 

tt 

3-M 

Sft 








otod 

15 

5tt 

f 

tt 

tt 

X 

a 

1ft 

r 

I 

1ft 


X 

35 

3-U 




DUMP 

SO 

r 


Itt 


51tt 

55 

i 

r 

r 


Edwrds 

n 

Stt 

itt 

i* 


31tt 

» 

Itt 21*14 

4* 


FpTMc 

15 

ift 


1-16 


19ft 

X 

Itt 

I* 

r 


19ft 

» 

r 

* 



Cn Dvn 

53 

r 




71ft 

X 

13 

r 

* 


71ft 

63 

Sft 

ti* 

13-16 


Xft 

70 

5ft 

7 



Xft 

» 

2ft 

Stt 

itt 

Sft 

Xft 

H 

Itt 

Sft 



Xft 

83 

tt 




71ft 

90 

ft 




Cm Fd 

a 

Stt 




S9ft 

iU 

Itt 




HorrU 

X 

r 




38* 


in. 

Tft 



211k 

X 

S-16 

14 




X 

ift 

H6 



XV. 

35 

19-16 




XV. 

« 

7-U 1W4 



XV. 

43 

ft 

g 



H Inns 

43 

r 




SDK. 

50 

zft 




S0V. 

S3 

ft 




HUMP 

S3 

Itt 



Itt 

59tt 

X 

2ft 

itt 

2ft 


99tt 

43 

1 

2tt 



59tt 


ft 

1* 



Jferssftt 

35 

r 




2*ft 

X 

1M4 




In RV 

X 

■4ft 




2Ctt 

33 

r 




Ural M 

X 

Hi 




35ft 

TO 

2ft 


11-14 


35* 

X 

Itt 




ate®™ 

X 

2tt 




Maui 

23 

4ft 

4* 



» 

» 

11-14 

Itt 

Itt 


30 

23 

M 




N B 1 

15 

1ft 

Ift 


IS 

30 

tt 




N Sunl 

W 

13-16 

3 

ft 



IS 

3-U 




Wft 

TO 

1-16 




Nlliw 

X 

r 

Utt 









39* 

40 

3tt 




3Mk 

X 

ft 




JKtt 

SB 

5-U 




Ocd 

a 

r 




27* 

s 

1* 

r 



27ft 

X 

9-U 

I* 




75 

1-16 




Ow III 

X 

2ft 

3ft 



41 

so 

ft 




nuTinn 

X 

4ft 




44ft 

X 

Itt 

9* 

1* 


44ft 

9 

5-11 




Rvnlds 

70 

Utt 




(3ft 

75 

8ft 




82ft 

8U 

4* 




Eft 

IS 

1ft 

3ft 



Rnckwl 

35 

lift 




M 

a 

tft 




34 

3S 2114 

Stt 



X 

« 

9-11 

Itt 

414 


Saicwv 

X 

JU 

4ft 



32ft 

35 1 514 

Sft 



S!wnb 

30 

r 


1-16 


X 

a 

4 




H 

X 

15-16 37-14 

2ft 



OS 

ft 




Skvlb) 

15 

1 




15* 

a 

ft 




Saunui 

a 

l-U 

3-14 



St Ind 

55 

9* 




*710 

00 

itt 

r 



62V. 

45 

Itt 




TMewt 

15 

3 

3* 



I7V5 

a 

tt 

IVk 



lTtt 

TO 

M4 




UAL 

X 

6* 

7ft 


1 

43ft 

45 

2U 


45ft 

50 

IT-14 

3ft 



U Teai 

X 

2ft 

r 


X 

OS 

tt 

9-14 



X 

9 

r 

9-U 



J Watt 

a 

r 

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32ft 

35 

1 

r 



32* 



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WarnCm 

25 

1516 

m 



9* 

a 

3-16 




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a 

tt 

r 

r 

1* 

Total 


worn 

Oh 

fie 

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ttios] 

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I'—- 


m 


w- 




4U-M1 


^7-rf- 




7JB2 7J9 «5 

834 134 U0 


6 70 TJB 4J9 
692 873 7.18 


PHILIPPINES 


■M1H PMUeetan 


tft 11 Apr 99ft 1U7 
SOUTH AFRICA 


7ft 14 RtB 
tft 19 May 
MTOJW 
■ft TO Dtc 
Ift 12 Oct 
8ft120d 
Tft 14 Nov 
tft 19 Jim 
7ft 14 Dec 
Ift TO Nov 
ift TOJUl 
6ft 19 Nov 

ATOM& 

rsas 

7ft 1? f*o 
M- noct 
I TO Oct 

1 TO Oct 
91k 12 Jon 
Tft 13 Aar 

Wfe 

tft is Jan 
tft 17 Oct 




S8 lw,n ’ i 


k— >. 






4* xt 


821 
437 
137 
7.16 
333 
191 
734 
7-32 
874 
790 

Tft It Jan 9914 8X 877 
7 VAST 9914 7 AO 774 
7 TO Mar 9914 779 7A2 
un 
831 
737 
7JB 
7J7 
134 
73. 

793 
814 


SOUTH AMERICA 


dm 130 Argurifne 
dm IS AnmntiM 
MIN Brmfl 
*0158 Brazil 
dm ISO Brazil 
dm in Brain 


tft 18 Nov 97ft 729 7J9 847 
7ft TO May yt 738 712 731 

Ht TO Oct 101 718 771 lit 

714TO Jan 98 U7 74) 

■ TOAM » tit &M 

tftTOOU MO 471 872 875 


m 


Z3Z 




*• 1 


mm 


871 157 897 
7.M 733 IJt 


Franc Cam Ext 8ft IS 
National Parti 71610 


am 































































INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 18, 1985 


rage 11 


New Eurobond Issues 


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?no~- 

■* 



a 1 

Issuer 

Amount 

(millions) 

Mat. 

Coup. 

% 

Price 

Price 

end 

week 

Terms 

■ | DATING RATE NOTE5 

■ > itopstas del Mors 
DStrum 

$175 

1995 

1/16 

100 

99.55 

Omt 6mr*i Liar. Cofabl* at per in 1986. Fw* 035%. 
$125 nQon nubd now and $50 mEan maned for a 6* 
month top Dnomnotion SIOJQOQl 

>. ingkok Bank lid 
lymcm 

$100 

2000 

fiber 

100 

9930 

Warm pegged to affenad «*■ far 6monlh EuredcAn, at 
monthly. Coflobl* at par in 1988 and redeemable at par n 
1995 and 1997. fees 056%. Denominations $10,000. 

i -mque BnneDes 
‘ 'filbert kit’l 

$100 

1993 

ibid 

100 

9950 

Nw pegged u bid rato for 6-mon4ti EmdaOon, sat 
monthly. Cafabte at pen- in 19B7. Fee* 035%. Denominations 

Siam. 

■ mque Nationde de 
k 'ms 

$300 

2005 

Gbid 

100 

9973 

Maul pegged to bid rate far 6-montfi Euodofloa. id 
Monthly- CofaHe at per in 1987. Pent (165%, 

! 'an Norsks 
.-eefitbank 

$150 

1991 

— T/14S 

100 

9974 

Mow taxxeh Lfeid, let monthly. CafcHe at par in 1986. 
Feel 028%. Denorandtae $10^00. 

* .nfand 

$100 

1990 

0.60 

100 

9975 

Omr money note equiindail yield far fraorth US. 
Treasury Ufa, a* monthly, tfontng mith As April 22 auction. 
Cofabfa at pw in 1987. Fee* OJO%. Denomindm $10400. 

‘alaysia 

$600 

2015 

Smear 

100 

9945 

Merest pegged to average of bid and ottered rale* far 6- 
mareh EuredoBar^ set monthly. gedaornnHe at per in 2000, 
20QS <md 2010 and orfabfa at par m 1988. Foe* 0.47%. 
Danominufani St 0,000. 

- lationai Bank of 
: anada 

$100 

1995 

ft 

100 

99.80 

Over Jmorth Ubor far the fim 2 yean and 3/16 over 
therecdler. Wreinum aotman of 1 2% m tint 2 yeon oriy and 
rmnimam of 5M% DvoumuL ri**l» at pv in 1968. Fees 
020%. Denooinatkm $UM»a 

‘ ffeden 

$500 

2005 

—1/16 100 

9977 

Bekrwr6vnordh lfa«i>et monthly. CaUde of per in 19B7«t 
redeemable at par in 1992, 1995 and 2000 Fees 026% 
Denonmariom $10000 

i Vefls Fargo 

$200 

2000 

ft" 

100 

99.60 

Over J-morth Ubor. Cofabfe at par in 1987. 

; M Int’l Bank 

£0(135 

1992 

ft 

100 

99.60 

Over Smooth Ubor. Ca&oble m par m 1986. Foot 070%. 
Dwominorions HUXDeas. 

am-coupoN 

: iie Oesterracrisdie 
^nderbank 

$100 

1992 

12 

10 0 

97.63 

Noncafiabte. 

rilish Petroleum . 

; apital 

£50 

1992 

10ft 

99ft 

97 JO 

NenoribUe. 

! )rivatbanken 

£20 

1992 

lift 

100 

— 

Caflabie at 101 m 1990 

: itating Drug Capital 

£30 

1990 

10ft 

100 





VoHd Bank 

£100 

1995 

lift 

99ft 

9730 

M to 1 « 

iNancoKWS. 

legal Finance 

ECU 75 

1995 

10ft 

100 

— 

Cdkrfaie at TOOK m 1991. 

-ell Canada 

CS125 

1997 

12ft 

100 

9750 

Cobable m 102VS in 1992. 

'jdsse Centrde 
■lesjardirs Quebec 

C$50 

1990 

12ft 

100 

98.13 

NonoaiUle. 

itonfreai Transport 
jommission 

C$20 

1992 

12ft 

100 

9775 

to.1 ■.».« 

r^jrcirauiir. 

GH Mortgage Bank 

Df50 

1990 

8ft 

100 

— 

M* ■ i ■ 

nonasjaDte. 

IB 

dk250 

1995 

12 

99 

98B8 

NonaJuble. fadnt fund to start m 1985 to produce an 
01 -yr average Hk 

; Jortfic Investment 
;-ank 

DK200 

1990 

12 

IX 

— 


loles 

Aus$25 

1990 

13ft 

IX 

98J50 

kilnnrrJI.J.t. 

rwaJaw. 

,)unlop Olympic 

nz25 

1990 

15ft 

IX 

— 

toe- ■ r « 

ixmanooia. 

.ion Breweries 

m2& 

1991 

15ft 

99ft 

— 

Redeensfale at par in 1989- 

ion Breweries 

NZ$25 

1992 

15ft 

IX 

— 

Redeemable at par m 1990 

9Q(JITY-UNKB> 

-Zadbuiy&hweppes 

$80 

2000 

6 

IX 

99.13 

CdUde at 104 h 1987. Converge after Jan. 1986 at a 
1CL7BX premimn and <rf SI-081 per storing. 

jtizen Watch 

$50 

2000 

3 

IX 

9630 

Gdofale <rf 103 in 1990 ConverAle at 5R5 yen per share end 
at 76025 yen per doflar. 

lapan Aviation 
3ectronics Industry 

$40 

2000 

open 

IX 

— 

Snomual coupon indkaled <d 3%. Calable <R 1 04 in 1 980 
Convertible at an expected 5% premium. Terms to be sto 
March 19. . 

-ft Paul Companies 

$100 

2000 

7ft- 

IX 

99 

Scaaemidty. CdUb to 105 in 1990 ml isdwadfc to 

1 15 in 1990 for a 1014% yUd. GonverOie to $67% a dm. 

ashiba Ceramics 

$50 

2000 

open 

IX 

— 

Semiarewd coupon incficatod to 3%. Coiabb to 104 in I960 
Convertfale to an a^ntind 56% premium. Terms to be set 
Math 18. • 

taishinpon 

DM60 

1990 

open 

IX 

96 

Coupon indicated to 3%%. Each SjOGOneak band with one 
warrant wxertnabie irSa shares to on e^sectad 26% prene- 
um Terms to be sto Mardi 19. 


Rated Euronotes, Sliding-Fee Credit 
Mark Firsts in International Market 


Mismatched Coupons 
Are Being Widely Used 




(Continued from Page 7) 

ilirdy on the transiently large 
■read 

Many analysts are concerned 
wm what happens to these low- 
■■ no-margin notes when the yield 
.nead narrows or collapses* pro- 
ding institutional holders with lit- 
5 or no income over their borrow-, 
ig costs. The fear is that 
ismatched paper will then be 
imped, making paces of sudi 
>tes much more vulnerable than 
■aditional FRNs, whose fixed 
argin over the interbank ratepro- 
des holders an assured profit over 
. atched financing costs. 

: Price stability resulting from the 
jpilar resetting of coupons lopre- 
Sing market conditions has trft- 
uonally beeiMjne of_ 

now a potential danger, the for- 
erly conservative purchasers of 
RNs (who wantea short-dated, 
ariretable instruments that car- 
sd virtually no capital risk) will 
jw presumably be driven to buy 
oro- 

)tes or Euro commercial papa*. 
For borrowers, as shown earlier, 
e mismatch formula is consum- 
ed to offer great savings. 

But a study by the Bank of 
cnerica disputes this. Its'*, data 
ows that over the past five years 
le-month Libor has averaged 
>i3 percent, six-month Libor 
1-65 percent and six-month Libor 
&xed monthly 10,8 percent. The 
-nclusion is that a borrower 
xdd save 27 bass points by peg- 
ng its FRN coupon to the one- 
oath rate rather than the six- 
onth rate set monthly and 12 
as poinis by using the six-month 
ic set semi-annna&y. 

(The BoA data does not agree 
th the Salomon Brothers figures, 
rich show an average spread be- 
ecn the one- and six-month rates 
33 basis points, but (he wider 
*repancy further validates the 
ricwtale of the analysis.) 

Taking the apparently low-cost 
SC and Swedish issues, the bor- 
ders saved 6.3 basis points by 
icing the notes at 1/16 point be- 


emena, ADS in Project 

Reuters 

MUNICH — Siemens AG, the 
esl German electronics giant, 
d Friday that it has agreed to 
ntly develop a computerized 
>h register system with ADS, one 
‘Europe’s leading makers of the 
rices. ADS is a wholly owned 
xidiary of Britain’s BTR PLC. 


low six-month Iibid set monthly. 
Bui based on the historical data, 
they will be paying some 20 basis 
points mote than if thw had set the 

coupon at one-month Lifaid. 

Obviously, it is questionable 
whether notes priced at no margin 
over the one-mouth bid rate would 
have attracted investors. 

But using the BoA data. Wells 
Fargo, which is no match for Swe- 
den in the esteem of investors, will 
be paying only a scant five baas 
points more for its money than 
Sweden (excluding the difference 
in front-end fees) by shunning the 
fnigmatrh craze and offering 5200 
milli on of classically structured 
notes paying ft point over one- 
month Libor. 

(Offsetting Sweden’s expense of 
20 basis points is WeOs Fargo’s use 
of Libor, which reduces Wells Far- 
go’s advantage by 12J baas points, 
and Wells Fargo's ft point margin, 
which reduces the comparison a 
further 12J basis points.) 

Two other FRNs were notewor- 
thy: N ational Bank of Canada’s 
$100 miHicm because h was a disas- 
ter with its first two-year maximum 
coupon of 12 percent and Finland's 
$100 million of mismatch based on 
the six-month U.S. Treasury bill 
rate which will be set monthly. 

The Canadian issue pays a mar- 
gin of -ft point over three-month 
Liber for the first two years while 
the maxwmun ceffing is in effect 
During the remaining right years 
there is no maximum, but the mar- 
gin is halved to 3/16 print over 
Libor. Underwriters said their 
long-standing relations with the 
borrower dictated their participa- 
tion, but that otherwise they would 

not have touched the deal. 

They said the end-week price, _a 
respectable discount of 20 bass 
prints (equal to the full front-end 
fees), did not reflea the total ab- 
sence of demand. 

The other issue which bankers 
referred to as “the joke of the 
week” was Oestecrdduscbe Lan- 
derbank’s $100 million of sna- 
year bonds offered at par bearing a 

coupon of 12 percent. It opened 
trading at a discount of 2H points 
— reflecting the general distaste for 
fixed-coupon dollar paper as well 
as the specific rgection of the terms 
which were regarded as inadequate. 

A new sector was opened last 
week with the launch of the first 
Eurobond issues denominated in 
Danish kroner — 250 million for 
the European Investment Bank (in- 
creased from an initial 200 trillion) 
and 200 million for the Nordic In- 
vestment Bank. 


US. Consumer Rates 

For WMk EndRd Marti 15 


-550 % 

Tax Exempt Bands 

Bond Btfwr 2Mend Index 

9J6% 

Money Market Fundi 

DonoeftuCi 7-Dav Average., , — 

422 % 

Bto* Money Martel AasuRte 



Home Mortgage 

1347 % 


funds, could probably expea to 
now pay a split ft-ft paint matgin, 
bankets estimate. 


In the Euronote market. Nation- 
ale Nederland, the Dutch insur- 


• By Carl Gcwirtz average yield of the competitive 

International Herald Tribune 

PARIS — A number of firsts ““ mismatch formula, now so 
were set in the international bank popular in the floating rate note 

credit market last week: the first “ ^ introduced into _ ^ ^ UUJ1 UUUI . 

Ecrocommerdal paper to be grad- 0311 E®™! ^ Manufacturers ance company, is putting together a 
ed by a rating agency, the first Hanover Trust in a re fin anci n g for five-year facility to marke t up to 
“multi-options fatality” with slid- Aumar, Auttflist as del Mare Nos- $300 millionofshort-tennpapa.lt 
mg fees, and the first mismatch tnim, a Spanish ^lgnway authority, is seeking a standby credit of S2D0 
pricing on a syndicated bank loan. amount of the re ftn a n a ng is minion, of which $50 million will 
— - still uncertain, a zmnnnum of $110 

million and a maximum of $145 


The rating was obtained by 
Comxnonwealth Bank of Australia 
for a SSOO-mOlicm, five-year note 
and cxmficaie-of-deposit facility. 
The highest rating, A 1 -plus on ma- 
turities of up to one year and triple- 


SYNDICATED LOANS 


be used to back the sale of commer- 
cial paper in New York 

It mil pay an annual fee of 1/16 
percent for the back-up line. Draw- 
ings on the farihry will be cost it 
1 /I6 print over Libor. If more than 


a « _ ■ mflhcHi for eight years. Interest will ivvwn uwi. u uwib uuu 

be set at ft print ova sx-moath a third of the backup is drawn, it 
L Libor, which will be reset monthly, will pay an additional 1/ 16-percent 

S3 TLtfll nSS£* Boil inw this mismatch formula is usage fee on the entire amount 

protection against an inverse yield drawn. If more than two-thirds is 
»h» cmvc ‘ during any six-moo th pe- drawn, the usage fee rises to ft 
Ratags are obligatory m the riod the raeSn th interbank rate percent 


XT v„ j, j l„ ■ j,. wK-iuumu uuawuu raic 

New York market, and hawng the h ^ ^ six-inoiith rate 

pSfbteSst° adriCVe **“ kmtSl bank rate for periS 
— Among the standard deals, the 


Bowatex Ino, the British compa- 
ny's US. affiliate, is arranging an 
underwritten five-year note facility 
of $150 million. Underwriters will 
be paid a fee of 10 basis prints for 
the first two years and 12J5 basis 


FCA Reports 


The Associated Press 

LOS ANGELES — Finan- 
cial Corp. erf America, which 
estimated two weeks ago that it 
will show a loss of between $500 
million and S700 million Tor 
1984, said Friday that its depos- 
its decreased about $160 mil- 
lion last week. 

But a company spokeswom- 
an said it was impossible to de- 
termine how much of tlx de- 
posits were withdrawn because 
of unease ova the projected 
1984 loss and bow much result- 
ed from FCA’s derision last 
month to reduce rates on jumbo 
savings certificates. 

FCA said it had a deposit 
outflow of about SI 60.5 million 
between March 8 and the close 
of business last Thursday. The 
daily deposit loss declined 
Steadily from $79 million on 
March 11 to about $17 million 
Thursday. 


FDIC Files Suit 


drawn, Bowater wdD pay a utiliza- 
tion fee of five basis points and if 
more than two-thirds is drawn the 
fee rises to 10 basis points. 

The maximum yield on the 
Bowater notes — the level at which 


Bankers also bdieve a rating win 

facilitate the placement of notes s,oviet union’s foreign trade bank me rust two years and 12 J> basis t fw__I_ f-lL--. 
internationally especially as an in- has arranged an right-year loan of points thereafter. If more than one- HI DflUK LOUapSC 
creasing number rfnoteprograms 100 million Swiss francs (which will third <rf the back-up credit is 
are m>v underwritten by banks. The most tikely be increased to at least 
underwriting assures noteholders 150 million francs), paying ft point 
that the issua will always have ao- over the interbank rate for the first 
cess to the cash needed to redeem 3V4 and * point ova there- 
maturing papa. In pfa r y of ihar after. 

assurance, a rating can signal in ves- The bank, whose official name is 

tors the measure of risk they run in Vneshtorgbank, is also seeking a underwriters must agree to take the 
buying such notes. seven-year loan of £75 million, with paper — is set at 17.5 basis points 

“Hie development of the Enron- interest set at ft print ova the ova Libor. In all, if the h anks are 
ote market has to date not been domestic interbank rate for the first fully called upon to supply the 
characterized by attention to credit three years and ftpoini ova for the credit, they win earn ft point over 
quality as compared with the Euro- final four years. Fees total 25 basis Libor. 

h ™! « «**£**£'** Beatrice Companies Inc. is ar- 

markets, Salomon .Blotters, ar- Indonesia, which has $1.5 billion ranging a $13-tillion, three-year 
^ faaLty ' ^ ^ in undrawn credit lines and whose facility underwritten by banks for 
if*®*- ^L Q S^ weal “ ! , reserves are increasing, is asking an annual fee of 10 basis points. If 
believes that ratings are as relevant banks to bid on terms for a $400- notes are offered but cannot be 


The Associated Press 

SANTA ANA, California —The 
Federal Deposit Insurance Corpo- 
ration has filed a $54- million suit 
against 19 forma officers of the 
failed Heritage Bank of Anaheim 
and five corporations on grounds 
of mismanagement. 

The suit, filed Friday in UJ3. 
District Court, is one of the largest 
against directors of a failed bank, 
said Richard Osborne, an attorney 
for the regulatory agency. It alleges 
breach of fiduciary responsibility, 
negligence, and unjust enrichment 
by all 24 defendants. 

The defendants are alleged to 


. _ , - . , , wuu ». — - have drained the bank’s capital by 

to the Euronote market as they are standby line of credit The sold, banks agree to take the papa approving substandard loans and 

to the cmmneraal paper market country, which last paid a split ft-ft at a maximum yidd of 20 baas occasionally diverting funds im- 


Run in Ohio 
Pushes Down 
T-Bill Rates 

By Michael Quint 

New York Tima Service 

NEW YORK — Interest rates 
on Treasury rills fell sharply Fri- 
day. as traders and some investors 
reacted to the three-day closing of 
71 Ohio thrift units by shifting 
funds into the “safe harbor” of the 
Treasury-bin market. 

By tide afternoon, the three- 
month Treasury rill was rid at 8.43 

VS. CREDIT MARKETS 

percent, down about ft percentage 
pomt from 8.79 percent a day earli- 
er. The six-month issue was down 
ft percentage point, to 82J5 pocent 

“A lot of the drop in bill rates 
had to do with people running fa 
cover,” sard Walker G Tompkins, 
vice president at the Provident In- 
stitutional Management Crap., an 
investment advisory firm in WD- 
nrington, Delaware. 

“We definitely saw some buying 
of rills that you would call flight to 
quality,’ ” raid an official at one 
government securities dealer who 
asked not to be identified. “But you 
have to remember there were other 
events Friday ... that could ex- 
plain same of the decline in bill 
rates." 

Among these; he said, were the 
announcements by the Commerce 
Department of a decline of 0.1 per- 
cent in U.Sl producer prices for 
February and by the Federal Re- 
serve of a fall of 0 J percent in. 
industrial production for February. 
Both ann ouncements revived 
hopes of Iowa interest rates. 

Among langa-tenn Treasury is- 
sues, yields fell by much smaller 
anvwntc than short-term bills- The 
two-year cotes to be auctioned 
Wednesday, for example, woe of- 
fered late In the day at 10.86 per- 
cent, down from about 10.99 pa- 
cem. hi the Treasury bond market, 
the I lft-percent issue doe in 2015, 
rose about 1 print at the opening, 
but declined m afternoon trading 
to dose at an offered price erf 95 
2/32, up about ft print, to yidd 
11.85 percent 


and the advent of rating for Euron- 
otes should lead to increased credit 
awareness by, and comfort for, in- 
vestors in Europe,” the telex con- 

In the CBA facility, banks are 
p rovid in g a back-up line of credit 
of only $100 milfion, on winch they 
earn an annual fee of 1/16 percent. 
Four dealers — Crfedit Smase First 
Boston, Goldman Sachs, Merrill 
Lynch ami Salomon Brothers — 
will be asked to bid for the notes. 
The maximu m yidd fa the dealers 
is set at the London, Singapore or 
New York interbank rid rate for 
paper having a maturity of up to six 
months. There is no maximum 
yield on issues of nine, 12, 18 or 24 

m w i ikt 

Underwriters are committed to 
take papa that was not tendered 
for by the dealers at the London, 
interbank offered rate, or Libor. 

The CDs will be issued in the 
name of the bank’s London, 
branch, assuring a liquid secondary 
market since the paper can be trad- 
ed in the big London CD market. 
The notes will be issued in the 
name of the Sydney-based parent 
bank. 

The multi-options facility is be- 
ing arranged for France's Crtdit 
d'Equipement des P ciitc s et 
Moyennes Entrcprises (CEPME). 
The$300-miQian, 10-year facility is 
designed to allow the borrower to 
tap different markets snd curren- 
cies through diff erent but linked 
programs. If the facility is fnBy 
drawn, banks will earn 43 basis 
points; if the credit agency sells 
notes and does not draw on the 
banks, Ihey are assured of earning a 
m tmnmm wtmnjii facility fee of 7.25 
basis points. A basis point is one 
hundredth of a percentage print. 

The banks are not obliged to 
take CEPME notes, but rather to 
provide a line of credit. Initially, 
the back-up line is divided equally 
into three categories: immediately 


point ova Libor for eight-year prints ova Libor. 


properly to themselves. 


U.S. Halts | 
Moves to New - 
Kind of Bank , 

The Associated Pros 

WASHINGTON — The U.S. 
Federal Reserve Board has an- 
nounced that it is suspending the 
processing of applications from 
bank holding companies to acquire 
or establish so-called “nonbank 
banks." 

The board, citing a federal court 
ruling against the Comptrolla of 
the Currency, said Friday that such 
applications were being returned. 

Federal bank supervisors last « 
year approved the new type of fi- 
nancial institution, also known as a 
consumer bank, which can accept 
checking accounts or make com- 
mercial loans bui not do both. 

Since then large commercial 
banks across the United States and 
a diverse group of other businesses 
have filed to establish such organi- 
zations in dozens erf states, effec- 
tively skirling the long-time federal 
prohibition on interstate banking. 

By limiting their activities, the 
nonbank b anks can ignore certain 
federal banking laws, such as those 
that bar interstate banking and that 
bar nonbanking companies, such 
as securities dealers, from owning 
banks. 

Small and medium-sized banks 
have fought the establishment of 
the new institutions. 

The Federal Reserve Board said 
its Friday action was prompted by 
a U.S. Court of Appeals ruling that 
prevented the comptrolla from is- 
suing final charters for the non- 
bank banks. 

The suspension means that for 
now, bank holding companies will 
not be able to open nationally char- 
tered nonbank banks. 

A later reversal of the court rul- 
ing against the comptrolla would 
likely lead the Fed to reconsider. 


American Exchange Options 

For the Week Ending March 15, 1985 


Option S price Calls 


Optton&prtaa Calls 


Puts 


awr Jon M or Jun 


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Total veteme TOUTS 

Open hdcren 2J0U24 
r—tloi traded, v Wane ottered. e-OW. 


available (for which CEPME pays 
8.5 baas points), in reserve (for 
winch it pays 7 basis points), and 
frozen (fa which it pays 6J basis 
points). The sliding stale reflects 
the fact that the agency does not 
expect to ever folly utilize the entire 
credit 

To upgrade the scale to make the 
entire amount immediately avail 
able, CEPME must give the banks 
three months’ notice or pay a pen- 
alty. Moving from reserve to imme- 
diately available without notice, 
the penalty would be 23 basis 
points, and from frozen to avail- 
able 33 basis points. Downgrading 
the amounts requires one month's 
notice. 

CEPME is obliged. to always 
keep a minimum of $75 million in 
the available category and the Ero- 
- zen portion may never exceed $75 
million (except daring the first 
year, when it cannot exceed $100 
milHon). 

Tbe reserve category would be 
used as a backup to the sale erf 
short-term notes. The frozen cate- 
gory would be used if the agency is 
able to raise long-term funds 
(which it calls “substitute borrow- 
ing”) with a maturity oflongex than 
one year. 

To draw oa the bank loan, 
CEPME will pay ft point ova Li- 
bor. If annual drawings on the 
credit line do not exceed $100 mil- 
lion, CEPME will pay no addition- 
al fees. If annual drawings exceed 
one-third of the total farilny, it will 
pay a utilization fee of 5 basis 
prints mi- the average amount used; 
if the drawings exceed 50 percent, it 
will pay 123 bass points; and if it 
exceeds 75 percent, it will pay 20 
basis points. 

Bank of America and Lehman 
Brothers will serve as dealers to 
maAet doflar - dcaoBgaai qA Euro- 
muinifcrraaT n; rpa on a best-efforts 
basis while all the banks participat- 
ing in the facility will be invited to 
rid for short-term notes denomi- 
nated in European Currency Units. 

Although bidding fa the ECU 
notes will be competitive, 15 per- 
cent of each offering will be avail- 
able to be divided among all partic- 
ipating banks at the waghted 


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


U.S. $75,000,000 

Rothschilds Continuation Finance B. V. 

Subordinated Guaranteed Floating Rate Notes Due 2015 

Payment of principal and interest guaranteed on a subordinated basis by 

Rothschilds Continuation Limited 


MORGAN STANLEY INTERNATIONAL 


BANKERS TRUST INTERNATIONAL 

Limited 


DAI-ICHl KANGYO INTERNATIONAL 

Limited 


N. M. ROTHSCHILD & SONS 

Limited 


DAIWA EUROPE 

Limited 


BANK OF YOKOHAMA (EUROPE) S.A. 

BARING BROTHERS & CO.. 

Limited 

GOLDMAN SACHS INTERNATIONAL CORP. 

HILL SAMUEL & CO. 

Limited 

MERRILL LYNCH CAPITAL MARKETS 
MORGAN GRENFELL & CO. 

Limited 

NIPPON CREDIT INTERNATIONAL (HK)LTD. 

UNION BANK OF SWITZERLAND (SECURITIES) 

Limited 

DEAN WITTER CAPITAL MARKETS-INTERNATIONAL 


March Ilf, 1985 


BANQUE PARIBAS CAPITAL MARKETS 


DRESDNER BANK 

AktiengaelUehaft 

HAM BROS BANK 

Limited 

MANUFACTURERS HANOVER 

LimUed 

MITSUBISHI FINANCE INTERNATIONAL 

Limited 

THENIKKO SECURITIES C0. t (EUROPE) LTD. 


NOMURA INTERNATIONAL 

Limited 

S.G. WARBURG & CO. LTD. 
YASUDA TRUST EUROPE 

Limited. London 






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Ireland Takes 
Control of Finn 

Return 

DUBLIN — The Irish gov- 
ernment has taken over Insur- 
ance Corp. of Ireland, the re- 
public's second largest non-life 
insurance company. 

The company faces major 
losses. The government said 
about 70 percent of the compa- 
ny’s business was done abroad 
and the greater part of the 
losses, about £50 million ($54 
million), was incurred by the 
London office. 

The government said the in- 
surance concern bad been ac- 
quired for a n ominal sum after 
its board said it was unable to 
meet its obligations. 

Lawsuit Asks 
$300 Million 

(Condoned from Page 7) 

S100 million because of its invest- 
ments with ESM. That led to state- 
wide concent, and the declaration 
Friday by the governor of Ohio of a 
ihreo-day bank holiday for 71 sav- 
ings and loan associations in the 
state. 

The audited financial statement 
and balance sheet of ESM Govern- 
ment Securities were the only inde- 
pendent verification that ESM’s 
customers could use to judge its 
soundness. 

Alexander Gram & Co. is the 1 1- 
largest accounting firm in the Unit- 
ed States. It has 650 partners and 
managers and offices in 59 cities. In 
1980 it joined with 49 other ac- 
counting firms to form Grant 
Thornton International. 

The suit charges that Alexander 
Grant, since 1980, failed to have 
properly trained or supervised peo- 
ple auditing ESM, that its auditors 
were not of proper professional in- 
dependence. 

Most important, the suit says, 
Alexander Grant “consistently 
failed to make adequate disclosures 
in the audited statements oP 
ESM’s dire financial condition. 


Indian Budget Proposes 
Tax Cuts to Aid Economy 


Roam 

NEW DELHI — India's govern- 
ment introduced on Saturday a 
budget designed to stimulate eco- 
nomic growth with tax cuts, indus- 
trial liberalization and an openin- 
g-up of the stock market. 

Finance Minister Vishwanath 
Pratap Singh told Parliament that 
the economy is functioning wefl. 

“But we should not be lulled into 
a False sense of complacency, as the 
task ahead is arduous," he said. 

Mr. Singh proposed individual 
and company tax concessions in- 
cluding raising the exemption limit 
for personal taxation to 18,000 ru- 
pees ($1,383) from 15,000 rupees a 
year. 

He said estate duty would be 
abolished and the ceiling on wealth 
tax would be raised. 

Military spending is envisaged 
slowing to a 7-percent rise from an 
18-percent increase last year. 

Mr. Sigh proposed an overall 
budget of 992.41 billion rupees for 
the 1985-86 fiscal year, which ends 


in March, with a deficit of 33.49 
billion rupees, down from 39.85 
billion rupees in the current year. 

As part of a campaign to open up 
the electronics industry, Mr. Singh 
said some advanced computers not 
made in India would be exempt 
from customs duties, while duties 
on -imported components would be 
sharply cuL 

He announced measures to allow 
greater expansion of industry and 
to promote growth in India's 13 
stock markets. 

In addition, Mr. Singh said the 
interest rate on convertible deben- 
tures is being raised to 15 percent 
from 13.5 percent and stocks of 
listed public companies could be 
freely transferred. 

In a continued crackdown on un- 
declared incomes, he said he 
planned to set up special courts to 
try tax evadere. 

He also preposed a social securi- 
ty plan to cover death by accident 
of low-income people not covered 
by existing insurance arrange- 
ments. 


Fall in Oil Demand Hurts 
Aruba, Curasao Economies 


(Continued from Page 7) 
think we can do things better our- 
selves,** he said. 

The Arubans say they have pro- 
posals for new and expanded hotels 
that would doable the tourist space 
to more than 4.000 rooms. 

Leaders on both Curasao and 
Aruba are considering setting up 
businesses that import agricultural 
products and partly finished manu- 
factured goods from Colombia and 
Venezuela. Such goods could be 
processed and sold in the United 
States under the duty-free provi- 
sions of the Caribbean Basin Initia- 
tive. 

In Curasao, union leaders, busi- 
nessmen and government officials 
have formed a development corpo- 
ration to attract new industry and 


have agreed that it should be partly 
financed by a 5-percent rise in in- 
come taxes. Some Curasao busi- 
nessmen have started a $50-million 
cleanup of the capital's center to 
revive tourism. 

Mr. Capriles, the banker, heads 
an organization of government of- 
ficials and business lenders work- 
ing on a project for a 527-mi [lion 
International Trade Center, where 
Latin American countries could 
display and sell their products to 
U.S., European and Far Eastern 
companies. 

“One of our strengths at the mo- 
ment is that everybody's feeling the 
pinch," Mr. Capriles said. U I think 
everybody feels that only by work- 
ing together can we gel out of this 
problem." 


Datapoint 
Surrenders 
To Edelman 

By John Crudele 

\W York Tima Srrriee 

NEW YORK — Asher B. Edd- 
man, one of Wall Street's newest 
takeover artists, has chalked up an- 
other victory. 

Datapoint Cotp„ a Texas-based 
computer company that Mr. Edel- 
man has been pursuing since De- 
cember, said late Friday that it had 
agreed to make him chairman and 
give him control of six of the 12 
seats on its board of directors, in 
exchange for a cessation of hostil- 
ities. 

Datapoint will reimburse Mr. 
Print man for his expenses related to 
his dealings with the company. In 
addition, Arbitrage Securities Co., 
a broker-dealer that is controlled 
by Mr. Edelman, will serve jointly 
with Datapoint's investment bank- 
er, Kidder. Peabody & Co. 

Datapoint, which is based in San 
Antonia, Texas, said it would con- 
tinue to seek other buyers for its 
assets, as Mr. Edelman has urged. 
He has said the value of the compa- 
ny to shareholders could be better 
realized by liquidating the busi- 
ness. 

Datapoint's announcement 
came after the close of trading on 
the New York Stock Exchange, 
where its shares rose 12.5 cents, to 
520. 

Under the agreement, Mr. Edd- 
man. who owns 11.9 percent of 
Datapoint's stock, will take over 
the chairman's position, now held 
by Harold O'Kelley, who is to re- 
sign. 

Kidder, Peabody will continue 
its efforts to sell the company’s 
businesses. Datapoint is believed to 
be discusring the sale of its manu- 
facturing, service and international 
operations to three separate parties 

Mr. Edelman, a 45-year-old WaB 
Street arbitrager who has won con- 
trol of two other computer compa- 
nies, Management Assistance hoc. 
and the Mohawk Data Sciences 
Corp-. initially proposed to acquire 
Datapoint at $23 a share but was 
rebuffed by the board. 


INTERNATIONAL CLASSIFIED 


(Continued From Baek Page) 


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Page 14 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 18, 1985 


1 

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PEANUTS 


UJHAT VO VOU REALLY 
THINK THE CHANCES ARE 
THAT YOU ANP I WILL 


WELL, LET ME SEE.. 
HOW CAN I PUT IT 7 


WHEN SOMEONE POESN'T 
KNOW HOW TO PUT 
IT, YOU KNOW YOU'VE 
BEEN PUT ! 



Unscramble these lour Jumbles. 
one letter to each square, to form 
lour ordnary words. 


DUJEG 

IT 


HUTEC 



IDI 




BOOKS 


MATISSE 

By Nicholas Watkins. 240 pp. $39.95. 

Oxford Press. 200 Madison Avenue, 

New York, N. Y. 10016. 

Reviewed by Michiko Kakurani 

i Y the time he died at the age of 84, Henri 
Matisse had already achieved in tenia tion- 
mitioa. For yean, his painti ng s had 


B 

al 


been selling weD enough to afford his family a 
comfortable bourgeois life; he had earned his 
country’s acclaim, being a commander 
of the Legion of Honor in 1947, and in 1951, a 
retrospective at the Museum of Modem Art 
established him, once and for all, as one of this 
century's most Influential and important 
painters, rivaled only by Picasso. 

Since his death in 1954, Matisse's reputation 
has continued to flourish, galvanized by such 
shows as the Grand Palais exhibition, orga- 
nized by Pierre Schneider in Paris in 1970. No 
doubt it's a measure of the ongoing interest in 
Matisse that last year, alone, witnessed the 
publication of halt a dozen books explicating 
his oeuvre — most notably, a long-awaited 
monograph by Schneider. 

That voluminous study — to which this new 
book by Nicholas Watkins must inevitably be 
compared — remains a profoundly idiosyn- 
cratic work, a kind of Joycean monologue on 
the subject of Matisse, Shed with digressions, 
literary allusions, and free-associative riffs 
about everything from academicism to the Pa- 
risian art market to the meaning of the sacred. 
If Schneider’s ambitious book left the re ade r 

with a halli 

imaginative world, 
live approach to history also 
frustrations. Given the book’s looping of time 
and space, it was almost impossible for the 
casual reader to get a dear sense of Matisse's 
artistic maturation or even to locate reproduc- 

In contrast^ V^atltins? book on Matisse is 
modest in scope, conventional in style, chrono- 
logical in structure. Tnstnad of advancing his 
theories about Matisse, Watkins tends to neat- 
ly summarize various critical positions; and 
instead of trying to make the reader “see” the 
artist’s work through flashy, evocative phrases, 
he settles for fairly academic discussions of 
influences and techniques al work in such 
pivotal paintings -os “The Dinner Table,” “Le 
Bonheur de ' VnrreT “Bine Nude.” “Bathers 
With a Turtle," “Dance,” “Music,” and “The 
Red Studio.” 



re 


Solution to Friday’s Puzzler 


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3/16/86 


sriEMrawm 

of color. ft 

As bis writings suggest. Mausse awld be 
extremely aructuaie about his 
placing his remarks in context with k® 

Eigs and the observations of others, Watkins 
to assembled a compelling portrait of *e 
artist It is a portrait of Matisse “ “ 
conflicted individual, someone whose divided 
personality —part methodical rationalist, pan 
headyronzantic — mirrored the tensions m his 
work between the traditional and the avant- 
garde, the real and the imagined. 

Though be lived through one of the most 
terrifying periods of modern history, he would 
leave a body of work wholly devoid of trauma 
and ideology, dedicated to the aesthetic of 
ba lju ifig, purity and serenity. And though ne 
suffered Horn a cold, aardssasuc streak, and a 
discordant Family life — there was consider- 
able tension between his wife, Amdie, and his 
mistress, Lydia Dekctorskaya — his paintings 
would celebrate a delicious Edenic world of 
warmth and harmony. 

For Matisse, Watkins contends, an provided 
both a means of achieving the harmony absent > 
in real life and a way of coming to terms with ‘/r- 
his personality. As a result, many of his paint- 
ings are extremely self-reflexive: not only do 
they express the artist's “heightened vision of 
the observed world" (like MallarmA Matisse 
believed one should “paint not the thi n g, bnt 
the effect that it produces”), but many also 
refer, explicitly, to his own earlier work. They 
are paintings about paintings, canvases about 
an artist’s responses to his own art. 

This hermetic impulse would grow more 
pronounced as Matisse withdrew further and 
further into a world of his own unking. During 
World War IL Watkins observes, Matisse did 
no thing to help Ms wife and daughter, who 
were working for the Resistance. Instead, he 
retreated to Nice, where he turned a set of 
ren usd rooms in the Hold Regina into a private 
paradise. “One room became filled with cages, 
containing over 300 tropical birds; another, his 
‘farm,' with tropical vegetation, ingeniously 
watered by automatic sprinklers,” writes Wat- 
kins. “African and Oceanic masks, gourds, 
earn pumpkins, a plaster cast of Michelange- 
lo's “Dying Slave' and of his own relief ‘Back 
IV,' together with other works of art, his favor- f ~ 
iie jugs and vases, Ms ‘palette, of objects,' all 
played their allotted roles in this convalescent 
wend of calm." 

There’s something nardsstic about this 
Might, artificial life that Matisse made for 
hims elf there on the shores of the wartime 
Mediterranean, and yet this unreal world 
would inspire a series of remarkable paintings 
— paintings that succeeded in trazufomnng 
the merely personal into enduring and radical 
art. 


if 


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Miduko Kokutani is on the staff of The. New 
York Times. 


BRIDGE 


By Alan Trasooct 

O N the diagramed deal 
East’s one-diamond bid 
was Predson and thereby liar 
Me to be baaed on a short sniL 
Wesfs two-dab bid was a non- 
farcing and East’s shot at game 
was not unreasonable since he 
was Jwnileri by Ms failure la 
bid an artificial dub. Three no- 
trump would presumably have 1 
failed by one trick. 

Many partnerships would 
penmtt North to bid diamonds 
naturally at the two- Level bnt 
without soch agreement he had 
to wait on til the four-level to 
show Ms sniL Foot di amo nd* 
would have made an overtrick 
and East’s doable made little 
sense, but it did scare Ms oppo- 
nents out of a safe contract 
into a shaky one. South ven- 


tured four hearts and was 
lucky to alight in a four-four 
fit East doubled again pre- 
sumably in pique. 

A dab lead would have 
forced the dummy to ruff and 
set the dedarer difficult prob- 
lems. But West led the dia- 
mond jack, presumably guided 
by Ms partner’s double of four 
rtHmvTtifte. South played dum- 
my’s queen, which won the 
tnck when East made an odd 
derision to dude 

South now ran die spade 
jack successfully and led a 
tramp to the eight. This lost to 
the jack, and Wert belatedly 
shifted to clubs. Dummy 
ruffed and the diamond king 
was led. Again East chose to 
duck. Now the heart nine was 
led and East played low. A 
diamond niff removed the ace 


and South raffed a dub. When 
a winning diamond was played 
East had to* ruff. South over- 
ruffed and snrrendered a spade 
■ trick to nuke an overtrick. . 


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Now arrange llw circled letters lo 
lorni irw surprise answer, as sug- 
gested bv the above cartoon. 


Holmes Beats Bey on a TKO 


SPORTS BRIEFS 


te*er OXB cnxm 


Friday's 


EUROPE 


(Answers tomorrow) 
Jumbtea BLOAT FABLE ENOUGH INDIGO 
Answer What position does a monstar play on a 
hockey team?— “GHOULIE” 


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By John Ed Bradley 

WWungron Past Semce 

LAS VEGAS — Larry Holmes, 
the International Boxing Federa- 
tion heavyweight champion, came 
off a slow start to win by a 10lh- 
round technical knockout over Da- 
vid Bey in a scheduled 15-round 
bout Friday night. 

Tbe title defense was Holmes's 
18th and, he said earlier, his Iasi in 
seven years as the champion. 
Holmes, 47-0 as a professional 
with 34 knockouts, is two victories 
short of the record held by Rocky 
Marciano, but he could join Mar- 
ciano as the only heavyweight 
champion to retire unbeaten. 

“I'm really looking forward to 
retirement," Holmes. 35, said. “I 
ihink this was it.” 

[Asked to elaborate, he said: 
“ ‘This is it’ means I'll retire if 1 
don't get an offer from Michael 
Spinks by the end of ApriL" The 
Associated Press reported. "A rea- 
sonable amount: $4 million from 
Michael Spinks orS25 million from 



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[Spinks, the 


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David Bey got a dose look at champion Larry Holmes's 
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MONDAY'S FORECAST — CHANNEL: SHOllllV dW BY. F BAMKFU *T.O\f r- 
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igg m SEOUL: Fogov. Toma. 13—3 ! 55 — 36). SHBGAPUR^- SlUimi'C. 

TBtnp. 30— 25106 — 771TTOKYO: Rolr>. Temp. 7-4 (45-391- 


heavyweight champion, is consid- 
ering a move to the heavyweight 
division. Cooney, a heavyweight, 
lost to Holmes in June 1982.] 

Holmes, who weighed in at 223 1 ^ 
pounds (101.6 kilograms), began 
dominating the fight in the seventh 
round. He knocked down Bey in 
the eighth, and the fight was 
stopped with two seconds left in 
the 1 0th after Holmes had scored 
with 10 unanswered punches. 

After nine rounds, judge Dalby 
Shirley of Las Vegas had Holmes 
ahead! 88-8 1 . Judges Tom McDon- 
ough of Seattle and Harold Leder- 
raan of New York each favored the 
champion, 87-82. 

Bey’s record is now 14-1. 

Early in the first round, Bey. who 
weighed in at 233 W pounds, threw a 
wild roundhouse right and popped 
Holmes on the back of the head. 

In the second. Bey threw a blind 


right that landed flush on Holmes's 
cheek, but the champion retaliated 
with a good right jab. Bey threw a 
terrific left thai stunned Holmes, 
then followed up with a combina- 
tion of punches thai hurt him. 

Holmes’s best effort in the third 
round was a right hand that found 
Bey's jaw. !n the middle of the 
fourth, Bey issued a forearm that 
caused (he champion to slip to the 
canvas. When Holmes got up. Bey 
threw a tremendous right that sent 
Holmes back on his heels. 

A small swelling under Bev's left 
eye became a target for Holmes's 
left jab in the fifth round, and he 
continued to connect there in the 
sixth. 

Bey hugged the ropes in the sev- 
enth. In the eighth, a combination 
dropped Bey. then a hard right sent 
him stumbling across the ring. 


Holmes nearly dropped Bey a sec- 
ond time, but the bell sounded. 

Bey fought to protect himself in 
the ninth, and Holmes’s assault 
ended it in tbe 10th. 

■ Bramble Summoned on Drug 

Livingstone Bramble, the World 
Boxing Association lightweight 
champion, to been ordered to ap- 
pear within 30 days before the Ne- 
vada Sure Boxing Commission, 
with his title possibly in the bal- 
ance, Tbe Associated Press report- 
ed from Las Vegas. 

The commission said earlier this 
month that a trace of ephedrine, 
commonly used in nasal sprays, 
was found in Bramble's urinalysis 
following his 15-round unanimous 
decision over Ray Manrini on Feb. 
16 in Reno. The panel will decide 
whether to fine Bramble or suspend 
or revoke his license. 


Rome Scraps Flans lor Grand Prix Race 

ROME fAF) — Hans to hold a Formula One Grand Frix race on city streets has 
been scrapped, officials announced, after weeks of bitter debate pitting environ- 
mentalists against car-racing fans. 

The race had been planned for Oct 13 in Rome's EUR section, a grandiose 
architectural project built by Mussolini as a showpiece. Bui a powerful coalition of 
officials and local businesses argued that the race would seriously damage the 
environment, divert dty resources from more vital projects and dose down EUR 
for a month for preparations and the race itself. Mayor Ugo Vetere, a race 
supporter, said Saturday that the Italian Automobile Club had dropped plans for 
the race because “it wasn't possible to reconcile different demands. 

NFL to Test Helmet Radios in Preseason 

PHOENIX Arizona (APJ — National Football League owners decided Friday 
to experiment with radio transmitters and receivers in HrimFBt during some 
exhibition games this year. They emphasized, however, that the helmets would hot 
be used during the 1985 regular season. 


the teams wiB be tbe San Frandsco 49ers and the Seattle Beahawks; the other six 
will be decided later, as will the games. The helmets will be limited to the offensive 
units. -- 

Rhoman Rule Easily Wins Everglades 

HIALEAH, Florida (UPI) — Rhoman Rule, running his second race as a three- 
year-old, led from gale to wire Saturday to record an eight-length victory at the 
$ 100,000 Everglades Stakes, one of the stepping stones to the Tnpk Crown. . 

Rhoman Rule, ridden by Jacinto Vasquez, wait off as a 6-5 second choice to 
odds-on favorite Irish Sur, who finished u third, 14 lengths off tlx pace. Creme 
Fraiche, trained by Woody Stephens, was second. V 

Missing from the Everglades field were two early favorites fra the Kentucky 
Derby, Proud Truth, who won the Florida Derby, and Chiefs Crown, the two-year- 
old Eclipse Award winner. 

Also Saturday, at Pimlico in Baltimore, Imp Society shattered a 22-year-old 
course record by winning tbe 31st running of the $191,000 John B. Campbell 
Handicap in 2:03 fra the mile and a quarter {two kilometers). With Pal Day up. Imp 
Society shaved a second and one-fifth off the previous record set by Yankee Blaze 
on Dec. 4. 1963. Mora finished second, two lengths back, and Light Spirits was 
third. . . 

Upper, Sills Take Lead in New Orieans Golf 

NEW ORLEANS (AP) — Brett Upper and Topy Sills mastered swirling winds 
and a wet course Friday to take the lead in the $4QOjOOO USF&G Golf Classic with. 
9-under-par 135s after two rounds. The third round was canceled because of rain, 
and tournament officials said they planned to make it a 54-hole competition ending 
with a full round on Sunday. r : ; 

Upper shot 68 Friday to gp with Thursday’s 67. Sills had a dd in ihe first round 
and a 69 Friday. John Mahaffey. whose 63 was best in the first roond^shot 73 in the 
second, falling into a tic al 136 with Gibby Gilbert Gilbert shot all on Friday^ 1 
round. 


Jury Convicts 
McLain on 
Four Charges 

The Attocuned pros * 

TAMPA, Florida — Denny 
McLain, the former baseball gr eat, 
was convicted by a jury Saturday of 
racketeering, conspiracy, extortion 
and cocaine possession charges af- 
ter the panel deliberated more than 

three days. 

The nine-woman, three-man jury 
found the major league’s last pitch- 
erto win 30 games, for Detroit m 
1968, innocent on one count, of 
conspiracy to smuggle cocaine. 

Two co-defendants, Seymour 
Sher and Frank Cocchiaro, were 
otmvuited^ ^of racketeering, oonarir- 
-acy and extortion. A third co-de- 
fendant, Joe Rodriguez, was found 
innocent on a charge of conspiracy 
to smuggle cocaine. 3 

McLain, 41, faces a maximum 
penalty of 75 years in prison and 
fines totaling 575,000, Sid Ernst 

Muefier, the assistant U A attorney 
jraoprosecuted the case. Sher and " 

C^oduaro each face 60 years in 
prwm and fines of S60.0QQ. 

asentencingdaie.- 
>^LaiiLudw'itiamtaiiiedhis'in- ' 
uooaice through the four month 
rfSt ^devastated” at the ver- 
diet, said fas attorney, Arnold Le- 

■ Dn« Deader 

Rusty TOcres, a former major 
league outfielder, and two atS2 
men were charged Friday with srit 
m g eocam e to an undercover 

^^orted from Huntington, 

•J52?’ - 36 ’ pkyed nine seasons. 

through ' 

White Sox and Kansas 




















INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 18, 19 85 



Page 15 




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W: 



Victory Gives Irish 
Top Spot in Rugby; 
English Beat Soots 

At top, Mark Ring, a Welsh back, 
moved to elude a tackier during Sat- 
urday’s 21-9 defeat by Ireland at Car- 
diff Arms Park. Ireland, which now 
leads the Five Nations Rugby Union 
championship, scored two tries, and 
Michael Kiemau kicked three penalty 
goals and two conversions. The 
Welsh put heavy pressure on the Irish 
defense but managed only a try, a 
conversion and a drop goal. At left, 
England won a lineont on the way to a 
10-7 victory over Scotland at Twick- 
enham, in London^ Ir eland has five 
points in three matches, one point 
ahead of idle France. Ireland needs 
only to beat England on March 30 to 
clinch the championship and the Tri- 
ple Crown for British Isles teams. 
E ng l a nd remained in third place, with 
three points in two matches, and 
Wales in fourth, with two points in 
two matches. Scotland has lost aD 
four of Its matches. 


An Old Trick Helps 
Kentucky Win in 
New NCAA Tourney 

‘ . His team overcame 18 turnovers, 

Loaches nave Ion}* used the tac- in part by omscoriog Arkansas, 22- 
uc, but obviously it stHi worts. 11, from the free throw line. Mike 
Kmiudcy’s coach, Joe B. Hall, in- Moses made four free throws in the 
cited his team to indignation and final 1:21 after Arkansas had 
an inspired performance followed, closed to 62-61. 

“We’re here to make believers Notre Dame lost when freshman 
enu of the people who said we David Rivers dribbled the ball off 
shtMildn i be here, Kenny Walker his foot attempting to drive to the 
said Saturday after he fed Ken- basket in the dosing seconds. That 
tticky to a 64-61 victory over Neva- turnover set up Kenny Smith's 

breakaway lay-up for North Caro- 
of the NCAA tournament's West- hna. y 

em Rrgomds at Salt Lake aty. For North Carolina’s coach. 
Utah. “We want to sflence them. Dean Smith, it was his 30th NOVA 
Inais been the big motivation tournament triumph, tying him for 

blocked a shot by Richie S.TL1 

Adams that would have put Neva- first with 47. 
da-Las Vegas ahead, then scored In the second Southeast gurry- 
on a breakaway dunk shot with 21 Fred Ford scored 23 pomtsand 
,eft - . __ Chuck Person 20 to lead Auburn. 

ifl That gave the WUcats, who, at Gerald White, who had nine 
*“ worst record m the points, made six straight free 
NCAA West, a regional semifinal throws in the final 76 seconds to 
£ er r,"T n 5l 22 at Oeam against protect the lead for the underdog 
SL John s. The Redmen earlier ad- Tigers. Kansas’s Danny Manmnl 
vanced with a 68-65 victory over missed a potential game -tying 14- 
A iWs- footer at Ker 6 

to die Southeast Regional at Louisiana Tech’s Karl Malone 
South Bend, Indiana^North Caro- got 27 points and 14 rebounds. He 
lina escaped Notre Dame, 60-58, outscored the opposing team by 9-2 
and Auburn beat Kansas, 66-64. over the opening 3% minutes of the 

At Tulsa, Oklahoma, Oklahoma second half, to increase Tech’s lead 
beat Ihmois State, 75-69, and Looi- to 46-30, and Ohio State never 
siana Tech defeated Ohio Stare, 79- again got closer than nine points. 

67 m a Midwest Regional. Oklahoma's all-America. Way- 

At Hartford, Connecticut, man Tisdale, scored 29 points to 
Georgetown defeated Temple, 63- give the Sooners their 20th victory 
46, and Loyola (Illinois) beat in the last 21 gam**: 

Southern Methodist, 70-57, to ex- For LoyolaTCarf Golston, a 5- 
tend its wmnmg streak to 19 games, foot-9 guard, scored 20 points 
longest m the nation. against SMU. Golston took up the 

For Kentucky, Walker scared a scoring slack' for cold-shooting Al- 
game-high 23 points. The Wildcats Eredrick Hughes, who came into the 
went mto a staD whan they were tournament tied for the Division I 
1^^60-52, with 4:46 lef l soaring lead. He had just 14 points, 
Tne Rebels produced three con- about half his average, 
swmuve tornovers and UNLV SMU*s 7-foot center. Jon Kon- 
closed to 6^59 on a three-paint cak, led his team with 17 points, 
ptoy by Anthony Jones with 1:34 The Mustangs, once ranked as high 
“?*; Adams s short jumper, as No. 2 nationally, fmidiM 



Mike Moses had a hand in stopping Joe Kleine of Arkansas as St John’s woiTStTganik 


secutive NCAA titles since UCLA 
in the early 1970s. hdd a 31-23 at 
the half and scored the first seven 
points after intermission. 


Indiana Sneaks NIT Victory 
Ind i a na stole a victory from But- 


first round of the National Invita- 
tion Tournament. 

In other games, Richmond edged 
Fordham, 59-57; Tennessee-Chai- 
tanooga beat Clemsou, 67-65, and 
Lamar downed Houston, 78-71. 

_ Indiana's Sieve Alford regained 
his shooting touch, finishing with 


Said Indiana’s assistant coach, 
Jim Crews. “Our whole team usual- 
ly doesn't have five steals." 


Butler turned the ball over 19 
times, and. said the coach. Joe Sex- 
son, 'll was was the most aggressive 

The Hnrtci*rs r «*«i u -,—i «'“■«» “‘namug wun half court defense we’ve faced all 

F^y “& an 8 X“S job isi- 


United Press International 

PANORAMA MOUNTAIN. 

Kentucky, Walker scared a scoring dack for'oid^hoSinfi AL Columbia — Peter MflDer 

uzh 23 ooints. The Wildcats rrwinot _,u- of Switzerland won his second 

ht World Cup race Saturday, 


Schneider, McKinney Take 
Slaloms; Muller Wins Again 

mm 


with 30 seconds to go, was rejected 
by Walker. 

SL John’s two-time all-America, 
Chris Mullin, had 26 points and 
made that game’s winning free 
throws with 36 seconds left. 


season by losing eight of their last 

12 . 

For Georgetown, Michael Jack- 
son led with 14 points, 12 in the 
second half. The Hoyas, bidding to 
become the first ream to win con- 



World Cup Skiing I European Soccer 


National Basketball Association Standings NHL Standings 


EASTERN CONFERENCE 


RIIX.I 

Aflmtic oMstou 
W u 

teston S3 14 

^lUtadetahto 51 14 

Pet 

J91 

.741 

GB 

2 


zahlnutm 

34 33 

J87 

19 


■w Jersey 

33 34 


20 

*.< *rr ;v; : 

. -w York 

23 45 

■338 

3IM 

- ***& i ■ 

‘ AMiraufcM 

Control Division 
47 19 

J12 


a -r. a:' 1 ';---' _ . 

trait 

34 29 

-554 

10V; 

! I 

A w. . •. 

Htaoa 

32 35 

478 

15VS 

ivutand 

37 40 

■4D3 

20Vi 

- unto 

24 41 

-358 

21VS 


liana 

20 47 

J99 

Z7VS 


L- ■- 1 ; 

M .. 


ever 

Mldwast DIvtskM 
42 24 

■436 



niton 

39 27 

J91 

3 

£• '.T-i.l' . i . 


..-Has 

38 30 

-SS9 

5 

■■c ^ : . . , . 


n Antonio 

33 35 

485 

10 

Ta-.' «ii- - r. 


ah 

33 35 

478 

lDVtr 


nsas ary 

24 43 

-358 

1814 

«*■ r — 1 


, , -A. Lakers 

Pacific Division 

49 18 

-731 


tr:, * 

4* • 

riland 

31 34 

443 

18 

li-v • - 


mtox 

31 J7 

454 

1814 



' attte 

28 39 

418 

21 


K aippors 

23 45 

■338 

26)4 

^ rr : ’- 

1( u . 


■Jtoen State 

18 48 

.273 



’ ■cRnensd ptavaff bwih) 
i • " -dtactxta aMstan Ntte) 

' 4 




RiliV 


Jiin 

f 




■u x 5«25 j . “ 


uu FRIDAYS RESULTS 

. lw York 22 X V 29—110 

t. '““•tohto 31 22 31 31— lit 

«Otane *-M 13-14 31. Ervliw M M lfc Borii- 

■ c y H3M 14; IClno W3I 7-025. Wollwr 7-14 6-7 
. RWwndi: Now York 33 (Orr 10); Phlio- 

- * Wita 43 (Malaria 10). Anlitt: New York 25 
«Mr T2J; PtiDacMpMa 29 (Tonev. Rloh- 
doan 41. 

“**« as 31 21 37—114 

■ nahwfoa 38 22 33 33—120 

I .1 Womi tS-23frf 34. GuiWlllkm 10-22 10-13 

I I ■Sompion 15-25 20 31 Ltovd 4-17 5-9 17. 

“«»*»: Houston 72 [Sampson 16); Wosh- 
** Dn S3 fMahom 11). Anlift: Houston IS 
loUln * V; Washlnoton 25 (Gus Williams 9). 
Wo ° 31 31 26 29—119 

rrtiona 25 39 22 20— 94 

. '1 15 ‘ M4 ~‘ as - MeHato 4-13 7A 19: Hinson 

i h T7 at FrmO-IB 6422. Ratmmls: Boston 
* 4 * ■*’ ( ^ CHola “»■' Ctovotand 45 (Hinson 10). 

*!*!*; Boston 24 ( R. Williams 6 J; Clcvelarxl 
(Booitv 9). 

**■ 22 2* 14 43— »8 

*• 32 35 13 27—127 

^rinvi-194-722, Porkln>9-133^21; Evans 
2M1A Halt 5-M S-3 15. Reboumtt; (Mover 
<Comer.unw,ScfiovM4);DallosS0(Per. 
w 101. Assists: Denver 31 ( mm 6);Daiias32 
Hanur 9). 

■“I* 23 23 20 21- 97 

T” 80 31 21 34 27— TM 

ktr nan nos 54 21 . Wootrtdso 7-139-12 23; 
•ww 17-23 2-2 34, Lucas 7-11 5- 5 19. Re- 
md»: Phoenix 39 (Adams 9); Chicago 37 
ti. Assists: Phoenix 27 (Adams, 
mr 41; CMcnao 31 (Jordan Ml. 

«asCltv 29 11 27 25—112 

» 32 23 32 23 — 115 

*™Wh 14-232^32, Balhrv 10-192-2 22; Jatm- 
1 M-33 44 32. Tnoroo 44 4-4 13. Rehaimds: 
JWosCltvSl (Thompson 11); Ulah 42 (Bal- 
^.Assists; KarBasCltv23(Ttwu67).-Uloli 
tCreen 8). 

■ Aetoaio M 27 32 25— 114 

M««ni 31 24 21 20-115 

VHIhv 11-173-325. Johnson 7-16 74 21; Cor- 
» W-2J 5^37, MHchell 9-15 M SL ROOooods : 
n Antonio <2 (Bonks 121; LA. Lakers 44 
«ntiv, McAdoo 7». Asststs: son Antonio 34 
«« 111; LA. Lakors 31 (Johnson IB). 
***** 14 34 23 20-101 

30 22 31 35—126 
™«w»ooh# 7-M 14-19 30. Drexler B-U 4-7 
W7 hi 22. Flovd 4-14 M 19. Re- 
****'■ GoWsn state 45 (5mllh«>: Portland 


43 (Bowie 13). Assists: Gokta state 16 cwri- 
am 31; Portland 33 (Boude; Drexler 7). 

SATURDAY'S RESULTS 
LA. Lakers 29 29 32 31-123 

LA. Clippers 33 29 32 31-412 

EJahhsan 0-17 WO 25, Worthy M2 M 20; 
Smith 14-285-7 34, Donaldson 59 4414. Re- 
txwads: t— A. Lakors 53 (AMul-Jattar, 
EJohnson 9); la a [poors 44 (Donaldson 9). 
Assists: la. Lakers 33 (EJohnson 15); LA. 
enpaers 30 (Nixon 41. 

Atlanta 22 21 23 33- 99 

Seattle 21 23 23 26—183 

Slkma 9-14 40 24. McCormick 7-9 3-6 17; 
WHUra 13-25 2-1 3a Willis 8-16 4-I20.R4- 
baandstAttanla 37 (Willis 141; Seattle 34 (Mc- 
Cormick 3). Assists: Atfanki 24 (Wlttmai 6) ; 
Seattle 33 (Henderson 10). 

PteenU 32 23 20 31— 94 

Mllwaakee 31 33 33 29—125 

Brotier 7-11 4-4 1& Cummings 7-10 3-4 17; 
Janes 7-10 5-4 19. Lucas 7-14 2-2 14. Rebounds: 
Phoenix 45 (Lucas 10); Mflwaukoa 52 (Uster 
10). Assists: Phoenix 34 (Mocy 6) : Milwaukee 
31 (Hodges 7). 

aevehmd 33 34 34 27 15— is 

Dallas 32 34 31 23 8-128 

Free 10-31 7-9 34 Hubbard 10-18 7027; Per- 
kins 11-14 7^ 29, Blackmon 11-22 5-7 27. Re- 
baonds; Cleveland 56 ( Hubbard 11) Dallas 53 
(Perkins 16). AsiWs: Cleveland 35 (Bag ley 
19); Dallas 34 (B. Davis 17). 

Indiana 22 26 IB 33—114 

New York 24 34 31 23—114 

King 12-M 59 29, Tucker 10-13 2-2 24; wil- 
liams 16-26 M XL Kellogg 6-10 7-11 20. Km- 
bounds : I ndlana 50 ( KeUagg 1 1 ) ; New York 42 
(King 01- Assists; Indiana 31 istanstaury 41; 
New York 33 (King. Walker 10). 

New Jersey 20 32 2a 33-107 

PhnodekUUa 31 30 43 23-127 

Ervlng 1MB9-11 31. Barkley 7-9 56 19; Daw- 
kins 4-T1 Ml 24 Ransey 8-1304 14 Rebounds: 
New Jersey 45 (B-Willtams9); Philadelphia 
34 (Bark lev ID). Assists: New Jersey 28 (Ron- 
sev 3); Philadelphia 31 (Toney 12). 


WALES CONFERENCE 
Patrick Division . 

W L T Pto~GF GA 


x-Ptilladctotila 

43 

19 

7 

93 

302 

217 

x-Wastonatan 

40 

21 

9 

09 

2B5 

214 

X-N.Y. Istarators 

37 

28 

5 

7* 

314 

272 

N.Y. Rangers 

22 

37 

ID 

54 

258 

304 

Pittsburgh 

23 

40 

5 

51 

240 

327 

New Jersey 

20 

40 

9 

49 

ZD 

293 

Adam* DivbkM 




x-Mantrsal 

34 

25 

11 

79 

245 

235 

x-Buffato 

33 

22 

14 

71 

252 

202 

x -Quebec 

34 

24 

9 

77 

285 

245 

Boston 

32 

29 

0 

72 

242 

241 

Hartford 

22 

30 

9 

53 

234 

293 


nIm NCAA Tournament 

EAST REGIONAL 
Fh-rf Rond 
Morch 15 
(At Atlanta) 

Illinois 74 Northeastern 57 
Georgia 47. Wichita St. 59 
Syracuse 70, DePam 65 
Georgia Tech 45, Mercer 50 


March 14 

(At Hartford. Connecticut) 
Georgetown 43, Temple 44 
LaveJa, IIL 74 Southern Methodlsi 57 


SOUTHEAST REGIONAL 
First Round 
ftiarch IS 
(At Dayton, Ohio) 
Navy 74 Louisiana St. 55 
Maryland 49. Miami, Ohio 48. OT 
Michigan 59, Fairtelgh DteUnsan 55 
viuonovai 51, Dayton 49 

Second Round 
March 16 

(Al South Bend. Indlma) 
North Carolina 44 Noire Dame 58 
Auburn 44 Kansas 44 


Football 


MIDWEST REGIONAL 
First Round 
March 15 
(At Houston) 

Memphis St. 47, Pennsylvania 55 
Aiabama-Blrmlngham 74 Michigan St. 43 
Boston College 55. Texas Tech 53 
Duke 75, Pepperdbw 42 

Second Round 
March 14 

(At Tulsa. Oklahoma) 
Louisiana Tech 79, OMa St. 47 
Oklahoma 74 Illinois SL 49 


fc- 




(Hilf 


SFL Standings 

EASTERN CONFERENCE 

mahit 
moo Boy 
' rn *"Otiom 
•* Jersey 
; **onvl!le 
Mmore 
■OMo 

WEE 

Wton 
ever 
• Zeno 
nana 
dona 
'Angeles 
1 Antonio 

Saturdays Results 
. *Pa Bay 23* Arizona 13 
1 Ansetw 34 San Antonio 7 
v*W 23. Orlando 17 


WEST REOIOMAL 
First Round 
March 15 


CAMPBELL CONFERENCE 
Norm Division 

x-St. Louis 33 25 11 77 243 249 

x -Chicago 33 33 5 71 273 271 

Minnesota 23 37 II 57 238 283 

Detroit 22 34 II 55 272 326 

Taranto 17 44 7 41 215 305 

Smythe oivtsloe 

"-Edmonton 45 15 9 99 343 249 

x-Wlnnlpeg 38 27 7 83 318 302 

x-Caleary 34 24 B 80 322 270 

X-Las Angeles 31 24 13 75 306 285 

Vancouver 22 40 8 52 249 358 

fx-dlnched pfayotf berth) 

FRIDAY'S RESULTS 

Winnipeg 113 1—3 

<hwbec 0 • 2 0-3 

Steen (29). Baschman (30). MacLean (34); 
Kumpel (7), A. Stastny (37). Shots ee goal: 
wmnlpgg (on Gasselln) 4-1 46-*— 26; Quebec 
(on Hayward) 104-12-1-31. 

S«*Wb 2 3 2 0—1 

Ptfmoniwi 111 o i 

Cyr (20), Perreault (25). Peterson (121. Me- 
Kenna (IS); Sanenko (5). Anderson (37). 
Messier (19). Kurtf (47). stmts on goal: Bufta- 
lo (on Fuhr) 14-10-7-2 — 35; Edmonton (on Bar- 
rosso) 11-13-15-1—40. 

Oetralt I 9 3—4 

Vancouver <0 1-5 

Yzarman 04). Duguav 3 (32). Gallonr (2), 
Gare (23); Tanti (34). Lemav (101, PetU (4). 
Skrika (19), MacAdam (14). Shots oa goal: 
Detroit (on Cornice) ll-ll-lD— 32; Vancouver 
(an Stetan) 12-8-12—32. 

SATURDAYS RESULTS 
Detroit 1 i t—3 

Las Angelas 2 2 4-8 

Smith (20). MacLelian 2 (29). Dionne [4T1, 
Ntctx»is 2 (44). Fax (29). Engblom (3); GoL 
lani (3),OB(MMck (51), Duguav (33). Shots an 
goal: Detroll (on Eliot) 6-7-71—34; Los Ange- 
les (an Stefan) 13-10-19—42. 

Mtanesota 12 1-4 

Montreal 1 t p 3 

Bruton <T7>, Veihcftek (4l.Grahaai (71. Wil- 
son (2) : Tremblay (24), Hunter (18). Shots oe 
goal: Minnesota (on Penney) 816 22; Mon- 
treal (on Mefanson) 6-13-19—38. 

Hartford 0 3 3—6 

SL Louts >8 8-4 

Sfltonen (12), Francis (22). Zuke (4), Neu- 

teld (23), Fenton (5). Shots on ooal: Hartford 
(on Wamstev) W-10-5-2S; SL Louis (on 
Weeks) 10-7-11— M. 

PhllatSeipMa 2 3 1-4 

Toroate 0 8 1—1 

Cra g sman (3). Ron Sutler 1 12). Sfatisalo (32). 
Zezei (14). Bergen (5). Tocchet (13); GIU (1 ). 
m»b 00 eeai: Philadelphia Ion Bernhardt) 
13-11-14—38; Toronto (on Lindbergh) fl-KW— 

27. 

Wtasumtaa 2 2 0-4 

N.Y. Islanders 1 4 1—4 

Bossy (54), Potvln (M).TeneUI 2 (38). Mar- 
raw (1), Sutter (13); Murphy (11), Loughlin 
(14), Carpenter (48). Gartner (43). Snots oa 
goal: Washington (on Hradey) *164—31 
N.Y. hRanders (on Rlggln) 7-12-11—30. 
Cafaonr 12 3-5 

Boston 1 ] 0-3 

wiison 2 mi. Beers (25), Eaves (Ml. Rise* 
brnugh 14): Courtnall 2 (9). Crowder (30). 
Shots oa goal; Calgary (on Peettrs) 9-13-5— 

26; Boston (on LemtHbi) 1M2-15— 39. 

RY. Rangan 8 8 8-0 

Pittsburgh 3 1 1-5 

Bulked (28). Lem lews (34), Risslfng (I), 
Hannan (5), Javanalnen (3). Shots oa goal: 
RY. Rangers (on Herron) 9-5-12-26; Pitts- 
burgh (on Vanblesbrouk) 7-14-9—32. 


WOMENS SLALOM 
(Al Watervllle Valley, NX.) 

1. Tamara McKinney. US. IUJ3.IQ. 

2. Maria Rasa Quarks Holy, 1-J14S 
- - 3. Anm Kronbichier. Austria. l:34Jl. 

4. Brtgme'Oertli, SwHzericna 1J4JZ 

5. Perrin* Peien. Frtxice, 1:303. 

6. Camilla NBsmv Sweden. 1:3438. 

7. Rauwtttw Steiner, Austria 1:3482. 

8. Brigitte GatBent. Switzerland, 1:35.11. 

9. Daniela Zlnl, Italy, 1 ;3&,U 

10. Monica Aeitac. Sweden, 1:3SJ5. 

11. Erika Hess. Switzerland. 10533. 

TZ Paoletta Magonl, Italy, 1:3541. 

11 Sylvia Eder. Austria 1:3540. 

IA Olga Charvatava Czodiioslavakla 
1:3548. 

IS. Vreni Schneider. Swttzerlana 1:XL74 
WOMENS OVERALL CUP STANDINGS 
LMfcheia Figbii. Switzerland. 234 points 
2. Brigitte Oerttl, Swltzerknd, 217 
X Marta Walltser, Swltzeriana 182 
4 . Marina lOehL west Germany. 14B 
S Elisabeth Kirdder, Austria 154 
4. Olga Charvatava Czediasiavaicla 150 

7. Erika Hess. Switzerland. 134 

8. Tamara McKinney, Ui. 128 

9. Zoe Haas. Switzerland, 104 

la Maria EbpIo. West G erm an y. 101 

11. Bianco Fernandez Ochoa Spain, 98 

12. QtrtsMle Gulgnard. Franca 92 
11 Pcrrine Pelea Franca 80 

U. Vreni Schneider. SwhzeriancL 75 
11 Laurie Graham, Canada 73 
11 Evq Twardokena U5, 72 
17. Trtwdl Haecher. West Germany. 71 
11 MldKHria Gera, West Germany. 70 
19. (tied) Brigitte Godkrit. Switzerland. 40 
and Marla Raea Quarto, Italy, 60 


ENGLISH FIRST DIVISION 
west Ham 1 Manchester United 2 
Arsenal Z Leicester 0 
- A ston Villa 1, Evertan I 
yUianpaai 0. Tottenham 1 
Norwich 1. Sunderland 3 
Nottingham Forest 1. West Bromwich 2 
Queens Park Rangers 1 Ipswich B 
Sheffield Wednesday 1. Luton 1 
Southampton 0, Stoke 0 
Watford T. Chelsea 3 
Newcastle vs. Coventry, ppd. weather 
Petals Standings: Everton. Tottenham 57; 

Mmidiaster United 53; Arsenal 51; South- 
imipton 50; Liverpool 48; Sheffield Wednes- 
day 47; Nott Ingham Forest 44; Chelsea 43; , 

Aston Villa 40; west Bromwich 39; Norwich, downhill Standings. 
Queens Pork Rangers 38; Newcastle 37; 


_ more than a half-second 
ahead of his nearest competitor, 
another Swiss, in the season’s 10th 
and final downhflL 
Muller, who won the downhill a 
week earlier at Aspen, Colorado, 
Hew with arms flailing through the 
top turns of the icy 3.500-meter 
(11,550-foot) course to gum the 
fastest interval time. 

Muller, known more for speed 
than finesse, then roared down the 
flats at the bottom of the course at 
more than 130 kilometers (80 
miles) per hour to finish in 2:03.11 
“The best technique is skiing 
fast," Muller said when he was 
asked about his awkward style. “I 
train harder. I'm more in condition 
than others. I'm physically strong 
and push hard out of the turns." 

MflUer easily outpaced his team- 
mate, Daniel Mahrer, who finished 
second in 2:03.83. 

Austria's Helmut Hoflehner, 
who clinched the 1985 Worid Cup 
downhill title last week with a 
fourth at Aspen, was third in 
2:03.86. 

The victory at Panorama gave 
Mflller second place in the final 



AP 

Peter Muller celebrated 
with champagne after sec- 
ond straight Cup victory. 


tition to develop 


MEWS DOWNHILL 
(At Imnrmara, British Columbia) 

1. Pator Multor. SwirixrtorKL 2:03.12 
Z Daniel Manner, Switzerland, 2;DXB3 
Z Helmut Koeftehner. Austria. 2:0334 

4. Firm hi Zufbriggen, Switzerland, 2:03-90 

5. Hartl Wei rather, Austria 2:0199 

A Marc Gfroi-ttein, Luxemburg, 2:0127 
7. Markus Wasm afar. West Germany. 
2:0434 

B. Anton Stslner, Austria 2:0427 
9. Michael Mair. Italy. 2:0438 
ItL Staton Niederseer, Austria 2:0439. 

11. Karl Alaiaer, Switzerland, 2:05.13 

12. Franz Hetazor, Switzerl a nd. 2:0527 
IX Chris Kent, Caiaary, 3:0532 

14. DanHa Sbarttel lotto, Italy, 2:0537 

1& Alberto Ghldoni, Italy. 2:0548 

14. Gary Athens. Canada 2:05-72 

17. Thomas Bueraler, Switzerland, t- wih 

U. Doug Lewis. USA, 2:05.91 

19. Staven Lsa Australia, 2:0598 

2a Franck Piccard. Franca 2:0406. 


Tennis 


WOMEN’S TENNIS TOURNAMENT 
(At Dallas) 

OeartarHeats 

Martina Navratilova U3. det. Claudia 
Kohde-KUsch. West Germany, 6-4. 6<j. 

Chris Evert Lisyd. US. dot. Beanie Godu- 
SBfc. U-5- 4-Z 5-7, 6-1 
Catarina Undqvtet. 5«Mdea def. Myriom 
5chraoa West Germany. 4-1. 6-1 
Hetana Sokova Czechoslovak In. det. Bet- 
ilna Bunge. West Germany. 1-6, 6-L 6-1 
Semlfinata 

Navralltova def. Suhova 4-Z 7-5 
Evert Lloyd def. Lhxtavtat 4-1. 4a 


LMeestar 34; Sunderland 34; West Ham 33; 
Watford. Coventry 31; Luton 24; Ipswich 25; 
Stoke 14. 

FRENCH FIRST DIVISION 
Tours I. Bordeaux 0 
Strostawrg 1. Toulouse 0 
Socftaox a Toulon 0 
Lens 0. Nantes 1 
Metz Z Brest 0 
Rouen a Lille 0 
Laval o. Monaco 0 
Auxerre Z Paris SG I 
Marseille 5 Bast la a 

ITALIAN FIRST Di VISION 
Aseoll 1, Coma 0 
Cremortese 1. Lazio 1 
Ftarentfno 1. Verona 3 
inter Z Milan Z 
no noli 1, AJolanta 0 
Roma 1, Juventus 1 
Torino 1, Samedoria 1 
Udlfiese Z Avetllno 0 
Patels Staodoge: Verona 33; Inter 30; Tori- 
na Sampdorta. MUan 28; Juventus 24; Roma 
24; Naeoll 22; Fiorentina 21; Atalanta 20; 
Avelllno 19; udlnesa Como 18; Aseoll 14; Lo- 
zta 12; Cretnonese 9. 

SPANISH FIRST DIVI5IOM 
Hercules 1. Barcelona 0 
Valencia a Gilan 2 
Murcia Z Sevilla D 
Afteflca Madrid Z Valladolid 0 
Malaga 0. Ekhe 0 
Real SodBdod 1, Athletic Biteao 2 
Betls I, Santander 2 
Osasuna L Real Madrid 0 
Esnanol X Zaragoza 2 
Potato Standings: Barcelona 44; A flatlet) 
Madrid 37; Glton 34; Athletic Bilbao 33; Real 
Madrid22; Santander X; Real Soctodod. Es- 
nanol 29; Vcsenda. Osasuna. Zaragoza 28; 
SevUla 27; Valladolid, Malaga 24: Hercules 
24; Boris 23; Eichg 20; Murcia 15 

WEST GERMAN FIRST DIVISION 
Annlnla BMsfekt Z Elnh-acht Frankfurt 2 
Boyer Leverakuten 1. VfL Bochum 1 
Bayer Uerdlnaen X waidoi Mannheim 2 
Bayern Munich X Stuttgart 2 
Borussta Dortmund 2. 1FC Cologne 0 
Elnlroctit Brunswick 4. Sciialka 2 
Korisraher 5 Borussta Moenchensladboch 1 
Werder Bremen x Fortum Dusnldori 1 
KnNersteutem vs Hairtaura. posteaned 
Potato Stood lags: Bayern Munich 33; 
Weroer Bremen 30; Borussta Momchmgiai- 
bach. Baver Uerdtaaen 26; 1FC Cologne. Wal- 
daf Mannheim 34; VfL Bochum. Stuttgart. 
Elntraeht Frankfurt 23; Hamburg. Schalko 

22; Katoerslatitorn21; Baver Levarskutan20; 
Fortuna Dusieidart 18; Armlnla BMefeM 17; 

Elntraeht Bninwswtak 14; Barussla Dart- 
rmmd. Karsiruher U 


Muller expressed delight with orado. The Assodated Press re- 

P 0 ^ from Tclluride, Colorada 

ea that han his 10 downhill vie- Klammer said Friday that he wffl 

tones have been m North America. *— ‘ ,J 


Confuted bv Our Staff From Dupatcka 

WATERVILLE VALLEY, New 
Hampshire — Vreni Schneider of 
Switzerland took advantage of a 
slip by Diann Roffe lo win a wom- 
en's World Cup giant slalom ski 
race Sunday, while teammate Mi- 
chela Figim clinched the women's 

Overall champion chip 

Schneider earned her second vic- 
tory of the season —and the 25th 
for the powerful Swiss team — by 
completing two runs in a combined 
time of 2 minutes, 8.11 seconds. 
Second to Roffe by 20 seconds 
after the first ran, Schneider com- 
pleted the second ran in 1:03.07. 

Roffe, 17, who won a giant sla- 
lom Wednesday at Lake Placid, 
New York, appeared in control af- 
ter posting a faster intermediate 
time than Schneider on the second 
ran. But Roffe went wide five gates 
from the end, and lost time in 
maintaining her balance. 

She finished the second heat in 
1:03.47 for a combined 2:0831. 

Figini started the day with 259 
overall points to 217 for teammate 
Brigitte Oertli with three races re- 
maining. Oerth needed a finish of 
fourth or better to retain a chan ce 
at the crown, but failed to make the 
top 15. 

Tamara McKinney of the United 
States, conquering one of her far 
vorire slopes, easily won Saturday’s 
slalom race to vault from seventh to 
first in the slalom s tandings. 

The race was only the second for 


~ -9S5 


had great training runs all week, 
he said. 

■ Hamm er fo Retire 

Franz Klammer of Austria, the 


Mountain Village, under construc- 
tion near TeDuride, a southwestern 
Colorado ski area. 

Kl amme r, 31, broke the world's 


ago 

lional championships.. 

McKinney had a lead of 58 sec- 
onds after one run, with a com- 
bined time of 1:33.10. Maria Rosa 


rram isjammer of Austria, the downhill competition records bv rwL^r a , 

dean of downhill ski racing, says he winning 27Worid Cup races. ^ STvjis ^ ^ SeC ° Dd pace 


Transition 


MENS INDOOR CHAMPIONSHIPS 
(Al Bnnsoto, Bt Mum) 
Q u orterU n ab 

Mato wiianow. Swadm, daf. Hxlnr Guntt*- 
artit, Switzerland, 4-1, 5-7. 7-5. 

Aodara Jarrvd. Sweden, ttoi. Tomas SmkL 
CzBctiaaavakla, 4-4, 6-4, 

Stefan Edbera, Swntan. dof. Sammy Glam- 
malva. Ui. 7-4 «4). 6-X 
Pat Cote. Amtraila.deL JaaUm Nvsrrom. 
Swedm, M. 4-Z 

Samtflnals 

Jarrvd dot Edbera, 7< (7-2). 3^. frl 
wuandar del Cosh. 6-3, hi (8-6). 

Finals 

***** det W] lander. 6< 3-6, 7-5 


BASEBALL 
American IHM 

CHICAGO— Reached an agreement wtiti 
Oscar Gamble. atAflelder, on a one-year ean- 

Iract. 

TEXAS— Oafioned Kevin Buckley, catcher, 
to itartr TriDie-A OkMxuna City turn. Reas- 


W 

L 

T 

PC*. 

PF 

PA 

(At Atouaufaus, NSW Maxim) 

3 

0 

8 

UOD 

65 

36 

Carolina S>. 65, Nevada- Reno 54 

3 

1 

S 

JSC 

117 

88 

Tbaos-EI Paso 79. Tulsa 75 

2 

1 

6 

463 

95 

70 

Virginia Cammornmlth 81. Marshall 65 

2 

1 

0 

■667 

91 

72 

Alabama so, Arizona 4) 

1 

2 

a 

J33 

57 

79 

Second Romd 

0 

3 

i 

.147 

50 

40 

March 16 

0 

4 

0 

■800 

44 

120 

(At 5a rt Lake aty. man) 

BN CONFERENCE 


Sf. Johns 68. Arkansas 45 

3 

S 

0 

1JDM 

134 

48 

Kentucky 64, tfav.-Uts vuo» 41 

3 

1 

s 

447 

79 

71 


1 

2 

3 

2 

ft 

0 

M 

JOB 

77 

61 

a 

a 

NIT Tournament 

1 

1 

1 

M 

55 

49 

1 

3 

0 

-250 

105 

N 

FIRST ROUND 

1 

1 

ft 

-2M 

44 

103 

March IS 



Indtena n. Butler 57 
Tn.-CtiafMfwooa 47. Ciemson 65 
Richmond 59, FOrtflvjm 57 
Lamar 78, HouiiM 91 - 


FRIDAY'S RESULTS 
N.Y.Yanfcges 4. DetrtMl 2 
Los Ang e les X Atlanta 7 
Plttatxirat) 7. Houston l 
N.Y. Met* L Boston 2 
Cincinnati vs. pWlodetaWa 10 
Kansas Ctty A SL Louis 1 
Montreal 5 Texas 0 
Chicago While Sox 6, Baltimore 2 
Toronto 11. Minnesota t, 10 Into ran 
Oakland 6. San Dtoga 2 
CalKaniia *. Qevetand 0 
Ban FrandscB z Chicago Cube l 
Seattle 9, Milwaukee 0 


SATURDAY'S RESULTS 
SL Louis Z N.Y. Meta 0 
Kansas CHv 4. Pittsburgh 3 
Cincinnati 5. Mtaneagto 2 
Toronto X PMladelMla 3 
Boston S. Detroit 0 
N-Y. Yankees 6. CMeaeo White Sox 3 
Banimare M, Texas 1 
Los Angelas 4. Houston ! 

Atlanta 5, Montreal 1 
San Diego 7. California 1 
Cievetand 6, San Franc l s e o 3 
Chtaoae CUBS 5 Milwaukee I 
Oakland z Seattle a 


SeUra.pl Itfiers; Otto Gonzalez, catcner; Mike 
Rubei and Randy Asadoor, bideiden. and 
ChuekleCtaMdyand Javier Dfllzoutflekterz 
» mnwr-leaaue comp in Planf aty. Florida 
Nattanai League 

5T. LOUIS— Signed Jooouln An duj or, pit eft- 

er. to a three- yaor contract 
BASKETBALL 

Nottooto Bosketbefl AssoetaNoo 
f*HILAOELPHIA — Ploced demon John- 
son on the Iniured list Signed Steve Haves of 
Tamna Bay of the Continental Baricstoall As- 
sociation to a to-day contract. 

FOOTBALL 

Canadian FaetoaH League 
HAMILTON^ stoned Dave Vandegrl/f, 
wide receiver, and Hard williams, running 
boat 

Nat IOM4 foaHmO League 
PHILADELPHIA — 5toncd Ron Bator, 
to a series of onr-vear contmas 
itnuon me 1*7 season. 

HOCKEY 

Hockey' League 

NEWJEMEv-Rectoiea Gory MeAdam, 
r istir wFngp trom Malntof tfu A met Jeon Hocfc- 
cv League. 


Pen guins 

Sneak Up 
On Bangers 

Lm Angeles Tima Service 

PITTSBURGH - The Pitts- 
burgh Penguins have missed the 
playoffs the last two seasons. Al- 
though the team has improved un- 
da its new coach. Bob Berry, and 
with the addition of a talented 

NHL FOCUS 

rookie, Mario Lemieux, the Pen- 
gums’ chances of being in the post- 
season tournament this season did 
not look good. 

Until Saturday, that is. 

In a complete turnaround, the 
Penguins, playing probably their 
best game of the season, trounced 
the New York Rangers, 5-0, at 
Pittsburgh to move into position to 
challenge for a playoff spot 
Mike Bullard and Lemieux 

_ _ . EodanAkMitaaiMmxAoroi scored first-period goals and veter- 

Brent Sutter wrestled the helmet off Peter Andersson of an S°altender Denis Herron 
the Capitals. But later In Saturday mghfs contest, which lokey the victory. 

was woo by Islandeis, Sutter dislocated his right should er. JSSSEoMSfiS 

battle for fourth place in the Pal- 

T% -a -m rick Division. The Rangers, 0-4-1 

7 oers nememberthe Nets 

*fff we had lost, we wouldn't have 
been eliminated statistically, but it 
was a four-point switch," Berry 
said. “We had a great effort from 



Fas Angela Tima Service but it was in the third quarter, us- 

PHILADELPHIA — ThePhila* mg an effective 


stoned Scott Andaraon, wu Eurtoy end Baa delphia 76ers have not foraotten that the 76ers were at their best 

5C DrO.DI I dlF I L ? ftWra Camaislaw mat— »— a aail_ iku - f V V « • . _ _ 


NBA FOCUS 


t^t it was the New Jersey Nets They scored 43 points in 12 min- everybody. They Vbved'thdr 
whospoilcdtheii- chances to repeal utes and zoomedin front, 104-74. hearte oul There's no Question in 
25 “A champions. The NeS .With Maurice Cheeks and Er- S 

ving making several steals that led 
to easy baskets, the 76ers made 12 
of their first 15 shots in the second 
shocked the 76ers in the opening half to make it a rout, 
round of the playoffs last spring. Malone has a sprained ank) * 

Even playing without a center while Johnson, his backup, has a -tt,-, m n)av" e ,m 

New York’s left vrtng.^Don Ma- 

out with injuries and the 76ers were Malone hurl his ankle in the 


question m 
my mind this was our best game of 
the season." 

The 23rd victory is seven more 
than the Penguins had all last sea- 
son, but it was only their second 
victory in the last seven wmw*. 

"The 


forced, to nse^6-foot-8-inch (2-me- opening minute Friday night 


where it’s due. The difference be- 
tween the two games was night and 

j’tdiiis Erving took charge, scor- m Hs^hene in the NBA Saturday, CWganl^S'n f^tbeNewY*? 
mg 31 points as the 76ers went in it was Cleveland 135, Dallas 128 m J 

front early and coasted, 127-107. overtime; Milwaukee 125, Phoenix SKS To!^i?£5b- ' f 
Hmng scored 22 points in the 96: New York 116. Indiana 114. Monlral V 
first half to help buUd a 61-52 lead, and Seattle 108, Atlanta 99. lSo “* d Hmford 5 - St - 






Page 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MARCH 18, 1985 


Terrylene Theriot: 
Deaf but Eloquent 


By Jane Leavv 

H'aihin^ion Pa a Svrrice 

W ASHINGTON — Her body 
speaks. It is eloquent She tucks her 
thumbs under imaginary suspenders. Her 
shoulders shimmy and shake. 

She is making the sign for Hollywood. 
Terrylene Theriot fo. is an actress, a 
dancer and a playwright She is also pro- 
foundly deaf. Theater is more than an 
ambition, it is the way she communicates. 
It is a necessity. 

“Hollywood.'’ she says. 

She is speaking through her dr ama 
teacher. Tim McCarty, who provides the 
English translation for her signs. 

“Hollywood is wow! It's famous peo- 
ple. It's many, many stars. This is the sign 
for Hollywood because it's part vacation 
and pan bragging. You put your thumbs 
under your suspenders, like you’re sitting 
on the porch with nothing to do. Your 
shoulders shake because you're strut- 
ting.*’ 

She has been thinkin g a lot about Hol- 
lywood. She was interviewed recently by 
Gretchen RennelL casting director* for 
“Children of a Lesser God," which is 
scheduled to begin shooting in May. It is 
the story of Sarah, who is deaf, and 
James, who is not 
Sarah is in her 20s, older than Theriot 
But. like Sarah. Theriot is intimately ac- 
quainted with the anger of isolation. Uke 
Sarah, she is a daman t about her indepen-' 
dence. Like Sarah, she is in love with a 
man who hears. Unlike Sarah , who re- 
fuses to speak, who refuses to read Ups. 
Theriot uses all the tools at her command 
— speech, lip-reading, American Sign 
Language. Pidgin Sign English, finger 
spelling — to make herself understood. 

"She seemed very independent, very 
fearless,'' Rennell said. “She has a mind 
of her own. She seemed to have a lot of 
the characteristics of Sarah. ... My 
only concern is her age." 

Theriot and her boyfriend. Bob Mul- 
kem, are sitting in the drama workshop 
at the Model Secondary School for the 
Deaf, a federally funded high school. 
They are rehearsing a scene from the 
movie. Rennell has asked for videotapes 
to show- the producer and director. 

Mulkem, a photographer, is playing 
James, the speech teacher who falls in 
love with Sarah, the teacher whose help 
she spurns. He asks her out to an Italian 
restaurant. She asks him to dance. The 
workshop is transformed. Theriot and 
Mulkem circle the floor self-consciously. 


"He’s worried about people watching 
us sign.” Theriot said. "He holds me dose 
but I shove him away because 1 want to 
talk and dance. That’s the same as me. I 
don’t like to hide things.” 

She divides her time between school 
and Mulkern’s apartment. He wants to 
go to Him school. They dream of going to 
Hollywood after she graduates Lhis 
spring. 

“I have a lot of dreams.” he said. “And 
they all come true. I bad a dream when I 
was in Uth grade. 1 had 3 job as a grocery 
bagger. In the dream, there was a dance 
at the grocery store. I was with a girl. The 
one thing I remember was we couldn't 
speak to each other. 

“We met at a dance where l was work- 
ing. It wasn't a grocery store but I was 
giving out Cokes. We hit it off from the 
sum. No questions asked.” 

That was in upstate New York a year 
and a half ago. Was it love at first sight? 
Tberiot wrinkled her nose — American 
Sign Language for yes — and folded her 
arms across her bean. 

“I knew nothing.” Muikern said. “No 
sign language at all. The next week, we 
went to an Army- Lehigh football game. 
Everything was paper, paper back and 
forth. I said. ‘This has to stop.' She signed 
to me and I learned through her signs.” 

She was an angry young woman. She 
never knew her father; her parents split 
up before she was born. Once, she tried to 
call him on a Teletype device for the deaf. 
He showed no interest in knowing her.” 

Her deafness is congenital shared by 
all the members of her family except two 
uncles and one brother. She can hear 
white noise, undifferentiated sound — 
the rhythms of the Rolling Slones but not 
Mick J agger’s voice. 

“The week we met, we were driving 
around and the Frankie Valli song ‘I 
Love You Bab/ came on the radio.” 
Muikern said. “I thought about high 
school, how this music is affecting my 
mood, my perceptions. I said. 'You don’t 
have that.’ She said, ‘Look at the wind on 
my face. The wind on my face is my 
music. I'll know ihe wind the way you 
will never know the wind.'” 

Growing up in Chicago and then Tex- 
as. she learned to hate the telephone, 
movies, television, instruments of the 
hearing world that excluded her. She 
tried to talk and found that hearing peo- 
ple recoiled from her. as if her disability 
were catching. In school, she tried to go 




Fred Smb/Uh Wodington Pbrt 

Actress/ playwright Tberiot: “I won't let them -say no.” 


out for theater, for dance. “What part did 
they give me? 1 was a dog.” 

She rises out of her chair, whimpering 
fike a sick puppy. 

“You can see she’s a talented kid,” 
McCarty said. “You can imagine a per- 
son who has been denied that opportuni- 
ty for 14 years, the opportunity to express 
yourself.” 

When she was 15. she inherited a 
friend's pen pal an inmate in a Texas jail. 
She told him about her loneliness and her 
anger. She also told him she believed in a 
better world. “I asked tom to imagine 
what the world would look Uke if we had 
happiness all around us. I told him, T 
know l can't hear but 1 know I can bear 
people laugh. I know I'm deaf but if 
many, many people laugh, if the world is 
full of laughter 1 can bear that.'” 

He asked about her deafness, about 
her loneliness. He told her about the 
disintegration of tos marriage. He said 


her dreams of a better world were silly. 

She was enraged. Her prisoner had 
made her realize she had a choice. He had 
laid it out in the starkest possible terms. 
Either she could remain a prisoner of her 
bitterness or get on with it He had made 
his choice. It would not be hers. That year 
she arrived at the Model Secondary 
School, which ha brother had told her 
about 

The correspondence provided the basis 
for a play she wrote, “Imagine,” which 
won ine Integrated Young Playwrights 
Competition of the National Committee- 
Arts for the Handicapped. Someone 
asked if it was based on John Lennon's 
song. She bad never heard of iL She 
looked up the words. “He’s right” she 
said. “He's not the only one. I'm a dream- 
er, too.” 

She wrote the play in American Sign 
Language. McCarty helped translate it 
into English idiom. She does not know 


slang. She has to have phrases like “bag 
lady" explained to her. 

“My play is about isolation." she said. 
“Just because I’m deaf doesn't mean I'm 
isolated Anyone tan have that Some 
bearing people talk all day and go home 
and say, ‘No one understands me/ Talk is 
not necessaril y communication.” 

First prize was seeing the play per- 
formed last May at the Kennedy Center. 
George Segal starred as the prisoner. At 
rehearsal the night before the perfor- 
mance, he made a few suggestions. “He 
tried to change some of the ideas of the 
movement He said, “Why not just have 
the characters sil and have no blocking?* 
I said, ‘No. Follow me. I want you to 
think of my deaf audience first Deaf 
people will fall asleep/ What be was 
missing was the expression of the body. 
He thought the voice would do every- 
thing. He added a lot more acting. He 
made me happy.” 

Jean Kennedy Smith, national chair- 
man of the Very Special Arts Festival sat 
.with Tberiot during the performance. 
“She was rather overwhelmed,” Smith 
said. “I remember her crying at the end. 
A chance to create is important to every- 
one but it is particularly important to 
them. Most handicapped children are de- 
pendent on people far one thing or an- 
other. In the long run, this is very debili- 
tating. In the arts, they can make 
choices.” 

The play may be produced this sum- 
mer at the Royal Court Young People's 
Theatre in London. Negotiations nave 
run into trouble: 'The London people are 
saying it’s too hopeful too innocent,” 
Theriot said ‘That’s their problem.” In 
any case, she will go to England this 
summer in the cast of a school produc- 
tion of “GodspeiL” 

Writing, acting, dancing, creating — 
these defused Theriot’s anger. “Before, I 
was really angry at hearing people. I'm 
not angry anymore.” 

Her voice punctured the silence. T 
now accept people for what they are,” she 
said aloud speaking for the first time in 
three hours. 

“Did I use my voice?” she added. 
“Sometimes I can't control my feelings 
inside. Maybe I wanted to make an im- 
pression. I don't know.” 

She wants to be accepted as a person, 
not a deaf person — as an actress, not a 
deaf actress. Now she waits nervously to 
find out whether Hollywood mil beckon. 

“She is very pretty,” Rennell said after 
seeing the tapes. “She certainly has a lot 
of presence on film. But she may be too 
immature for the role.” 

No matter what happens, Theriot said 
she would not be detected. 

“I'll go to Calif ornia. I know what 
people will say, what i will face. I'll be 
put down, the way I was when I grew up. 
I'll face it a gain. I'D do it differently this 
time. I won't let them say no to me.” 


LANGUAGE 

Mixing Up the Chemistry 

By William Saf.re . ZZ+S&St&ES'-X 


W ashington —“American 
officials/’ wrote diplomatic 
correspondent Bernard Gwertz- 
m«n in The New York Times, “said 
the niton accomplishment . . . 
was the ‘good chemistry' between 
King Fahd and Mr. Reagan.” 

“Chemistry plays a far more cru- 
cial role in politics than is usually 
imagined,” wrote Zbigniew Bize- 
zinski in his memoirs, “Power and 
Principle.” 

Cyras R_ Vance, the former sec- 
retary of state who reacted to Bn®- 
anski the way sodium sulfide re- 
acts when mixed with hydrochloric 
add to make hydrogen sulfide (rot- 
ten-egg gas), wrote in tos memoirs, 
“Hard Choices”: “The chemistry 
between Carter and Rabin was 
poor.” 

At Memam-Webster, the earli- 
est citation for personal chemistry 
was in a comment to Time maga- 
zine by an NBC producer. Max 
Lrebman, in 1955, complaining 
about a Betty Hutton production: 
“It’s a matter of accident whether 


“The aplomb of the lawyers and 
the manner of their witnesses the 
•chemistry*- in the courtroom — 
were important determinants ol 
jury reaction.” In this sense, entm- 
istry means “a charged atmo- 
sphere.” the human elements in a 
room that govern xeacuons. 

If you want to use the idea, but 
react explosively to vogue terms, 
try the positive affinity . sympathy, f' 
empathy, harmony, concord or com - 
paibiUry. For chemistry that runs . 
Ln ihe other direction, there are 
always animosity, antipathy, hasril- 
ity, earnin', rancor and repeuence. 

Who started this? Jeff McQuain. 
my in-house lexicographer, has 
come up with the psychologist Can 
G. Jung's 1933 observation, in 
“Modern Man in Search of a 
Soul”: “The meeting of two per- 
sonalities is like the contact of two 
chemical substances: if there is any i 
reaction, both are transformed.” 

Al. raronym is a noun fined with 
an adjective that it never used to 
needbut now cannot do without. It 


it s a matter or accident woemer nccu — ... 

the personal chemistry works or is a throwback-compound, the new 
oou” adjective substituting for an adjec- 

Fred Mish. editorial director at live that formerly brought the noun 

when it began to be used often to hsemeot from Retail Technology £ 


wnen u oegan io oc usea uuw ‘ZZ VL-7” , 

describe relationships. In Web- magazine. 

ster’s Ninth New Collegiate, a third offers this JCS? ™Jrahle 

of 0“ old (IMS) maaOic 


word is "a strong mutual attrac- 
tion, attachment, or sympathy.” 

Of late, I detect a neutralization 
of the term, as if sodium hydroxide 
had been poured into carbonic add 
to render it inert. The new chemis- 
try is neither good nor bad. but 
requires an adjective to dexribe it 

The new advertising for Chemi- 
cal Bank and Fidelity Investments, 
for instance, states, “For mutual 


(cordless), electronically controlled 
label printer produces UPC or 
EAN bar codis and-or human- 
readable information.” 

Presumably, this retrotzym be- 
gan with the old readable, winch 
has been modified for the last few 
years with the mind-boggling ma- 
chine-readable or computer-read- 
able. Supermarket items have 
irwrlfuiff that are machine-read- 


1U1 iil imiir ah auiiw, a m utukiuu u , ” — , - 

Funds, the chemistry Is just right able asd make the cash registertt 
between Chemical and Fidelity” the checkout counter go “Beep! d 
The best operating definition for the checkout clerk bangs an item 


this sense of chemistry comes from 
daytime television. In a “General 
Hospital” scene last month written 


down on the counter hard enough 
or runs it back and forth a few 
times over some cydopic beam 


by Robert Guza Jr„ Celia explains shooting up through the fioor — 
her affair with Timmy Lee to her before ansmg and asking the man- 
friend Holly by saying. “I have this ager how much he’s charging that 
chemistry with Jimmy Lee:" Holly week foe a can of com. 
answers, “That’s a polite word for . “ Human-readable takes the re- 
animai attraction ” troaym thing a bit too far ” says 

added. M_ A. Faiber wrote m a y J 

New York Times article about the DOC- 
Westmorland case against CBS: 


New York Tima Service 


ANNOUNCEMENTS 

SUBSCRIBE 

Id the 

INTERNATIONAL 

HERALD 

TRIBUNE 

AM) SAVE 

As a raw subscriber to ihe 
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you cm rave to hdf 
the newsstand price, dependng 
an your counfry a roedraco- 

For i Mob 

on Ibis special introductory (Aw. 
write Kk 

MT S ubsuip Se ra DepatoranL 
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MOVING 


INTERNATIONAL CLASSIFIED 


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NEXT MTBMAHONAL MOVE 

FO* A RK ESTIMATE CAU 


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DEMEXFORT 

PARS ■ LYON ■ MARSBUE 
UUEU NO 

Inti moving by speoofat ham motor 
dries it Frcnce to all dues in Ihe world. 



9XZ00 NeuOy^or-Seara. Franra. 
Or M: Paris 7*7-07-79 

M A51A AM? PACSK 

contact our load distributor or: 

WumAMlHnMMn* 
1005 Ted Sana CorameraU Ihuhfcig 
24-84 Tl e nwy Road 
HONG KONG 
Teh HK 5-286726 


DIVORCE M 24 HOURS 

Mutual or contested oaten. kwrcost 
Haiti or Dgmintotw feputtc. Far infor- 
mation. send 5aJ5for 34-poge booklet 
/bmcfcta to Dr. F. Garoa OOA, 
1635 IT St N.W WqtomtoonO.C 
20006, UiA. Tel: 202-452-8331 


ALLIED 


nr-,, m, nu dfe France to dl dtes in Ike wrJd. 
071189.93.24 Tafl free ham Frrace 16 09 24 10 82 
ESTIMATES 

CONTBEX Coctfaiaters to 300 ctes 
worldwide • A*/5ea. Cdl ChorSe 
281 16 81 fora freer Opera! Gac too 


REAL ESTATE 
FOR SALE 

BAHAMAS 

BAHAMAS BESOOICE Oppartiinuy 
See today's 'Business O pportw we i ' 

FRENCH PROVINCES 

COTE D’AZUR. Iheouteeur-Mer. view 
tea & Cannes. Lois for whs for sale, 
330- W0 sqm U5S150/sqjn. Envis- 
aged caramon swimming pod, teens. 
Write: I>. S. Nebete HjchMyitr. 

77 fi 000 Frankfurt/Moin 70. Cat 
10)69-683180 from 7pm 


REAL ESTATE 
FOR SALE 

GREAT BRITAIN 

LONDON AIRPORT 2 HOURS: 18th 
certyyqMtarae super tiy converted 
provong tostofuly m od ernis e d oc- 
dumrodebcr in own grounds over- 
looking ndal estuary. Dacover 
Drakes E ngland by She seo, South 
Devon. Now is ihe time to use the 
dolor Fui detafls at $250,000- Teb 
054 853 606. 

MAYFAIR P ENTHOU SE 

4 bedrooms and 4 fadhrwrs, large 
tvmg room and ding room. Grroge. 

Lora lease. £650.000. 

Jet 0}-*99 7ZU 


GREECE 

VOUUAOMBB 25 XM ATHENS, 4- 
storey detached house consufeng of 
12 tto cuiiuM fa . each with pwote en- 
trance. All fas 665 sqm. verradas 
76 sqm. gm d ra 173 sqm loaatiare 
10 Apolanos St, Jon the mortal road 
to Hold Astir). 15 m. ham beach 
Bneqthtabng view. Serious enters enn- 
ridered. Tb 222816 CNCB Gt 




ALCOHOLICS ANOWMOtBm 
Enqfah Fans: 6345965. Same 
6780320. 


PARIS tfoetiurri ee Mematiaad 

(01) 343 23 64 

HtANKFURT 

(0619) 250066 

MUNICH LMJL 

(089) 142244 

LONDON JfSS: 

(01) 9S3 3636 

CAIRO ABed Vor Linae lisfl 

(20-2) 712901 

USA ABM Vras lines fatfl Carp 
(0101) 312-681-8100 


ST. MORITZ- MADULAM 

Apartment 54 sqm up to 90 sqm, 
generously deugned in Ihe Engmin 
style, top qucfcfy + buit-m Mehen. 
Fcrldna, sauna, indoor swneto poef. 
Beautiful smwmtngs. slmnal Jmin to 
St. Monte. Prices: SF21D.UOO up to 
SF42DOOO. Free for sale to foreiqwn. 
Mortgages at low Swiss interest rates. 

EMERALD-HOME LTD. 

Darfrtr, CH-6872 WEE5B*I 
Tel: CW 58-01778 
Tlx 876062 HOME CK 


X 

GBGL 

i he Architects of Time 




REAL ESTATE 
FOR SALE 

PARIS A SUBURBS 


Embassy Service 

8 Aue. de M e w i n e 
75008 Pom 

Telex 231696 F 

YOUR REAL ESTATE 
AGENT BN PARIS 

PHOhC 562-1640 


BAC 

R a ovatad buMng, about 70 sqm, 
exceptional V*ry logo Gwna + bed- 
room, 4rti Boor. Perfect conAwn. 
F1.36O00Q - TEL 225 64 54 

AGENCE DE L'ETOILE 

REAL ESTATE AOBH 

380 26 08 


EXCEPTIONAL MAR GOLF 
ST NON LA BRETEOC 

toxunoui property, modem, 500 sqm. 
living span, 2 ha. pork. Tet 701 0514 


REAL ESTATE 
FOR SALE' 


MALLORCA'S NEW 
SUPER PORT 

In the bay of PtAno, 5 in Pc hna, 1 5 
mirn-cxrport, 664 berths fl to 38 meterv. 
2 for im so 60 meton each. Indvktod 
TV/mcvn/wctor/ phone connection^ 
Profes p o nd port management ea Fvl 
marine serviera: tower, nx6o. sfip. Iraw 
ehtft, r epa ir , fuel station, in & otodoar 
winter I xj tfatomb. U-yound car- part. 
Lectors. Gxnptonentarv mwae & lei- 
sure Ib cM mi meJcot barUn g. sfa p- 
ping. catering, erionoiiiert. uce & 
term* nearby. Ccxemerad orea axn- 
paes 85 urrts on 13,171 sqm in al 
has 71 sopor opmtnrti above A 7Bi n 
separtrie luxvry condo - 1 * in fron t he 
along main pen. Top enmrtmerill 49X 
soU Hurry now before next prioe-ritel 
Contact aredty rln mlo pm 

PUERTO JUNTA PORTALS, SA 
Director Cnmsrdd 
C7 Marina 101. Partds Nous 
Malforcn, Spcwi or Tfo 686B6 CAUU E 


REAL ESTATE 
TO RENT/SHARE 

FRENCH PROVINCES 

SOUTH CHARTRES , wriW artefe 
18th century manor, chorntog wBoge, 
axnfortj, gcxderu, riuer. tlu^ eer- 
ras. ftx&fo.wuetonch woe* ar 
manthly. Good price 4 house toes 
you. TA PI 325 71 77 offlea ham 

MOHON omu nfmrt. sunny redone 
Hal $1 25/ week oho redone stone 
houra, frs/wmk foil 3222817 n 

GREAT BRITAIN 


REAL ESTATE 
TO RENT/SHARE 

PARIS AREA FURNISHED 


Embassy 

■ An oe 


Service 



75008 Me 

YOUR REAL ESTATE 
AGBIT IN PARIS 

PH06C562 78 99 
AT HOME M PAMS 

PARIS PROMO 

AMRIMBOS FOR 8B4T OR SA1E 

gWf 563 25 60 
74 CHAMPS-ELYSEES 8lh 

Shxio, 2 or 3raom iqxxtoert. 
One month or mora. 

IE OARIDOE 359 67 97. 

MONTPARNASSE r ““ ,jrr 
luurv douUe Kvxj 


Maco Your OanKM Ad OaUdy and Easfly 

bib* 

MIWUTIONAL HERALD TRIBUNE 

8 y Pbonto Cal your load IHT imjrmrt o ltto. wrfh your text You 
w3 be kifomed of tin ant ramecScdaiy, end onoe (npayraanl is 
made your ad w3 appear wdhn 48hmn. 

Caefe The baeic rote bS9B0 per Ene per day * load Ians. Bure ora 
25 letter^ and spaces in tin fnrkne and 36 in the feAowfoglnes 
Mnnum space « 2 Jh No abbrmiaticirc attend. 

Credit Curds: American Express, Omars Qub, Bnaaotl Mater 
Gird, Asms end Visa. 


i 


HEAqomg 

Pens; {Tor dassihud onfy}: 
747-4600. 


LATIN AMBUCA 


SWITZERLAND 


APARTMENT S - OLA LETS 
NATION, 4 ROOM * 

DUnSC APART MS4T. sun. Price: Prices ham SF123JD00. Mortgages at 
F700.000 Teh P) 373 43 99 mterasl. Write 

GLOBE PLAN SA. 

Av. Morvfepos 2 4 
Oil 005 Lauxmne, Swrtzerfcrd 
Tel: |Q21 J22 35 1 2 TW51 85 NOS Ot 
Ei to M rtied Since 1970 


International Business Message Center 




Fan SHORT lBt MSTAY PA i BS. au- 
ias cstd 2 rootnL dsooroted. Canhtoli 
Schregfo, 6 ovr Dekmui, 7500B ftxil 
Tel. 01359 99 50 


Amdte«6rasLa53615L 
Mara 361-8397/360-2421. 
Braerafot 343-1899. 
Copenhagen. (01) 32944U 
fnralcftafcpSS) 7247-51 
tmmmmm MttL 

LUmmie 67-27-93/66-25-44. 
Umbra (01) 8364802. 
MraW: 4562B9I/4563306 
NOrae (Oq 7531445. 
NdrvMqt; (03) 845545. 
Renw: 67*3437. 

Sweden- 0B 7569229. 

Tel Aehr: 03-455 559. 
Vienna: Gatooct Frcrnkfurt 


Bogota: 212-9608 
Beano* Afrwm 4? 40 3 
Pf*. 313 - 

Grasyaqel: 431 943/431 
Unra 4178S2 
KbsOikx: 644372 
San Josra 22-1055 
5anGagai 69 61 555 
5oo Ptouta 852 1893 

MOPUtAST 

Bdradra 246303- 
Jordaft: 25214. 

Kuwait 5614485. 
Ubceton: 340044. 
(Man 416535. 

SaerB Antohr 
JrafaWt 667-1300. 
UAX: Dubai 224161. 

BAR IASI 

Bangkok: 3904)657. 
Hang Kong: 5-420906. 
Mardra 8170749. 
Seoul: 725 8773. 
5biaaperra 222-2725. 
TawraE 752 44 25/9. 
Tokyo: 504-1925. 




i ' - 

. *• 

* • ‘-ri ■ ’.2*^1 



IMPORT/ EXPORT 


WANT GONTADCR LOADS - Roag- 
nol. Noaica. Unge. Solomon. Moon- 
bootx aO modefa. Coih US S. Kolt, Tbt 
2324305 ASA5 Atm Aooche. 


BUSINESS 

OPPORTUNITIES 


THIS WEEK 


MARCH 25TH, 


raiWI7F5v«™a 


a c^ct P IScfGold Steel and I Bet GcJd. Steel; water resfeJani X Quartz, 
ol ISS* FocimfotinaliDnuwi*®EBaSA,2300laOiciuii-de-Fond5/Swuilzeftand. 


INTERNATIONAL 

• Gourd Dyn— tel Under Fee 

• Soviet Untorc Orelici dier May 
Give Emt-VfW ReieHoni A Shot 
In The Arm. 

• int er uailu mi Mode Iraq's 
H o w Li h Skxta To See A 
PeyafF From Hh Tern To The 
Wm 

NOWON SALE 
AT ALL INTERNATIONAL 
NEWSSTANDS. 



COMPUTER PORTRAITS 

T-5Horr Faros 
NOW M rou COLOB 
andWcnsh bustas rhot can BQfn you 
SSOOO - 5 1 0.000'' month. New and ined 
system horn $10,000 - $30,000 
Kerao, Dec*. MI2, PhsriaefilTO*!, 
6000 Frqnkfurt/W. Germany. 

Tefc 069-747806 Tlx: 412713 KcMA* 


IMMIGRATION TO USA 
MADE EASY 

Ancmer & P eo fro r ofalam ram & per- 
manert rmidenen. Helpi to set up USA 
busmeaes & locales commcrdd. mde- 
tnrJ A leetfa n d rf re o’ estate. Far bee 
brochure write Dowd Hrvvi. 1201 
Dave St, Ste 600. Newport Beach, CA 
92660 USA. (71 4) 7S2 0966. 


fragrance 

US. bleed ccearta /hofa nee whote- 
ider seefa export touran al prestige 
reme brand h-aymoes. Please far- 
wvd d eta ih . CanEdentiafity aurad. 
Tdex ip 353240 cram Mr. Ovate. P.Q 
Bo> 102, lime Fdh. NJ. 07424 USA. 


BAHA MAS TAX HAVEN feeArae- 
Jcmfl ownenho teury booth aptsh 
men) ofierad by present qwtkt. jd- 
dom there, for $95,000 to roue, 
oxer, careful, navsmator, witteul 
chldren, pets, etc. Abo autntei sde 
L Oi U idered. John. CP. 2495. fflOl U- 
Scna. Switeerteid. Tel- 09I/6B 57 47. 

SWISS COMPANY HAS same more 
CBposdy to raraexnt your product in 
&™pm countnes or 
only, nerae sontod: Novapex Ca. 
?.dfax 92. 1311 (Wn. TV 


MTBNAnONAL COMPANY 
FORMATION 

UK companies from £75 LQM. tanama 
6 cN m*4or oH-dmra centers. F«4I ad- 
racx u ratKjn, nominee se njaa. pawn 
e# ottaraey, re gu tee d aftk». ocean- 
tarey, axihcfrrrial bank aocouds 
opened, cnnlidenfial fcib p hwte tote 
tax & maAng service. 

LBS. Lxmted 

Fat 051 709 5757 
AsaaaMi Offices Worldwide. 


OFFSHORE SBIWCES 

UX non reudenl axi poni H with 
ret rinee {Erector* barer shem aid 
mr f idcntkd bonk ocoounfs. Fril bock-up 
i rapport services. Parana 6 Ikerira 
WHp awes- Fkrt rate uxAtentid 
B CfoiiCT ol services. 
J.P.CJL, 17 WWecpte St, London 
E17HP. Tet 01 377 )£7A. Tbe 893911 G 


YOUR LONDON OFRCE 

oekam EnamvE cbhre 

Comprehensive range of services 
150 Regent Street. Landai Wl. - 
T te (D1J439 62SS Tbe 861426 


OFFICES FOR 


tour wad ama m France 

PABS 16TH 
Ddy rffice reads 
Registration with trade uu th cri tte 
DnranSni fon - Tikad se cretar y rt»p 
Tet 6S1 29 77. T&te 612259 F 

OFFICES FOR SALE 

AVE. MARCEAU - ETOOE 

Very fvuJj don offices. 


GENERAL POSmONS 
AVAILABLE 




(TYPraT, TRANSLATOR) 

wito wUmuiu. 5 yeas wpertenee fn 
en gu mering dr moehirary Murtry. 

Please send CY, photo' + i d seos , 
enter 0* 360% ta 
P.UaWJAA, . 

BJ*. 220, 75063 Pan &dex 02 
who wie frtryford. . 


m 

a 

m 

-l 


page ) 3 
FOR moke 
CLASSIREDS 


80 sliil wrfed cxnitlon 
SGOOm - 742.2&00 


VAN CLEEF & ARPELS 

— « UK1.I) I < JFAVFLI r K- - 
E\< I I SIN F JK« K1.S cV w \T( in^T 

LONDON 

ir>3 >F/V BOND STREET 
TLI 01-19 l 1 t OS TI-.LiX: 264>i»6.s 


Printed by gdz in Zurich (Switzerland) 


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