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The Global Newspaper 
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in Fun, London, Zurich, 


INTERNATIONAL 


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No. 31,795 


Published With He New York Times and The Washington Post 

♦ ■ ZURICH, MONDAY MAY 13, 1985 ~ 


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Anti-Terror Unit 
Disbanded After 
Attack on Shiite 

By Bob Woodward 
and Charles R. Babcock 

HWwr^Mf? Fc® Service 

WASHINGTON — Late last 
year. President Ronald Reagan ap- 
proved a covert operation &reting 
the Central Intelligence Agency to 
train and support several counter- 
terrorist urns for strikes against 
suspected terrorists before they 
could attack US. facilities in the 
Middle East, according to in- 
formed sources. 

About four mouths later, mem- 
bers of one of those units, made up 
of Lebanese intelligence personnel 
and other foreigners, acting with- 
out QA authorization, hired oth- 
ers in Lebanon to detonate a car 
bomb outside the Beirut residence 
of a nhTinwit Shiite letter believed 
to be behind attacks on U5. instal- 
lations, the sources said. 

More than 80 persons were killed 
and 200 were wounded in the car 






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^ . J ■ ill Jill 11-^ 111 Lilli 

it, according to in- A doctor adnrinistes a blood transfiBKHi to a victim of a bomb explosion in New Delhi. 

xs. — 

x months later, mem- 

Says U,S. Made Opposition 

borization. hired oth- ^ rVV 1 C* 

e the Beirut residence 1 Positive Gesture 9 at UN Takes State 

Shiite leader believed - _ ^ 

^^ S ^H U>S ' ■ B y Karen DeYoung or open talks with U^.-backed re- In ( yfiT TH^Dy 

-MADRID — Nicaragua views 


or open talks with U^.-backed re- 
bels. 


anu Ml were wunnucu m urn «u ^ a gesrure” i U.S. ab- 

bombtng m a Beirut suburb on . i uTTkwI > j a ^ nnc , Trn 

i/ L q ti%a cknto Im/Ia. -r rinj ii sicnuon on & Uni Led Nations rcso- 
March 8. The Shnte leader escaped nf 


Instead, be said, Nicaragua 
hoped to “survive” the U.S. eco- By Henry Tanner spiracy to plant more than 30 er- 
notnic embargo announced May 1 international Herald Tribune plosivcs-packed portable radios in 
with “pluralistic assistance" from BONN — West Germany’s prin- public transport stations in and 

the “Sotiahsl count ries, Western dpal opposition party, the So«at around New Delhi on Friday and 
Europe. Latin America and the Democrats, won a striking 52.1 Saturday. 

Arab countries.” percent of the popular vote in the The death toU in New Delhi 

Those who bdieve Nicaragua is stale election of North Rhine- alone has risen to 44. with at least 
“turnina pink,” he said, are wrong Westphalia Sunday, according to 36 more perrons reported lolled in 
“because ifs red —red from the final results. the aborning states of Haryana, 


By Henry 

ntemational He 


ESTABLISHED 1887 

80 Killed 
In India 
Bombings 

f Ramifications’ 
Seen in Plot; 
Sikhs Arrested 


By William Claiborne 

Washington Pari Senwe 

NEW DELHI —The Indian au- 
thorities have uncovered a conspir- 
acy with “wide ramifications” be- 
hind the wave of random bombings 
that in the last two days has killed 
more than 80 persons in New Delhi 
and in adjoining states, the police 
said Sunday night. 

The announcement followed the 
arrests of hundreds of suspects and 
a raid on an alleged hideout of Sikh 
separatist guerrillas. 

The acting police commissioner, 
Ved Marwah. said Sunday that 
three “dreaded terrorists” had been 
taken into custody in a raid on a* 
bouse In central New Delhi. Four 
policemen were injured in the raid, 
he said. 

Mr. Marwah said that the police, 
acting on a tip, stormed the house 
and arrested “wdl-armed terror- 
ists” who were involved in the con- 
spiracy to plant more than 30 ex- 
plosivcs-packed portable radios in 


-jm. ^ direct talks between Managua and 

Faced with an mthrectcoDpeCr Washington, President Daniel Or- 
boo to the car bombing, officials of t*,a <*id w Smwt*v 


hits on calling for a resumption of with “pturaliscic assistance” from 
direct talks between Managua and the “Sodahst countries. Western 


tbe QA and in the Reagan admin- 
istration qmddy canceled the en- 


tega Saavedra said here Sunday. 

' President Ortega said that, after 


tire covert support operation, the Friday’s action at the UN Security 


sources said. 


Council, he was waiting for a more 


HSa paroimd had no contact substantive sign that the Reagan blood bemg spilled on the ground” ^Social Democrats thus in- ^vniMijpiii. 
with thosewho carried out the mr administration was willing to re- in the war against the rebels seek- creased then majority in the state Pohre on Sunday recovered and 
lurcessaid. Accord- ^ 10 tfl ^ s ^t* 1 11 canccifi d in tag to overthrow his government assembly they have dominated for defm^d two more borate Mar a 
iurcesMia/u»OTu - . . . 1; " . . tbe last five years. Hindu temple in west Delhi and 

=S JssssasSM s-S'sasS 
ss£a_„ esss^ssss Ssrsss 


The Social D emo crats thus in- Uttar Pradesh and Rajasthan, 
creased their majority in the stale Police on Sunday recovered and 


bombing, tbe sources said. Accord- 
ing to one, officials of the intelli- 
gence agency were upset that one of 
itS most Secret and mnrfi itiju tpl 
operations had gone astray. 

The White House has declined to 
comment on' the matter. 


turn to talks that it canceled in 
January. 

Mr. Ortega also defended, in an 


assembly they have dominated for defused two more bombs near a 
tbe last five years. Hindu temple in west Delhi and 

The election was a personal tti- near a market in north Delta. 

' ----- while Mr. Marwah said that 245 


Soviet bloc as politically important tant cooper: 
and necessary for Nicaragua’s air- red Soviet 


mier for seven years. capital, oiner ponce sources saiu 

Mr. Rau rp'W the *4<ytipn that more than 1,000 Sikhs had. 
suits “un p r e ced en te d ” in an inter- been rounded up and subjected to 
view with West German reporters “intensive interrogation” in New 


capital, other police sources said 


__ _ military 

Several intelligence sources said rival against IJ^. military and eco- the event of any UiJ. military inter- 


agqfctanfg m 


the incident revealed the hazards of . noimc pressure. 


ventian — a commitment Moscow 


Spectators, some with clothes on tire, leap onto the field as the stands bom m Bradford 


uviim» piuKHiiu vwiuuu — “ a wnmui nivan » » . , , ■ , . 

trying to fight terrorism. Others He said he was visiting Western “ ^ have con^tent^r ^ vS^taceased specula 

questioned whether training and Europe to follow up on requests for avoided making he s ai d o nly ,^ nt he may htronvihisTwr^ 

support of the covert units might aid that had been made before the that Soviet leaders were framed ^ndkfaie forchanceflor in thene* 
have violated die loostanding pro- US. embargo. Those request are about the stuanon. 
tabition against US invtavement now more rn^nt because of the He said his talks with Mikhail S. 
in assassinations. A source, skepti- embargo, he and. Gorbachev, the Soviet leader, cen- 

cal of the dwrt-hved xperatiQn, '-^£ Vfto rhr^*jnt of a toed on “how to avoid imerven- 
called h “an illustration of how evasion, we would fight back but 

some people learn things tbe hard continue to look for a way to dia- Even on an economic level, how- 




As Spectators Panic; 28 Are Missing 


He said his talks with Mikhail S. 
Gorbachev, the Soviet leader, cen- 


some people learn things tbe hard 
way.” 


Even on an economic level, how- 


logpe,” Mr. Ortega said. He said ever, Mr. Ortega said, “the Socialist 


after his opponent had conewled . Delhi, Rajasthan, Punjab and Ut- 
His victory increased specula- tur Pradesh, 
don that he may become bis party’s While no more bombs were re- 

rsnAidtf r f<yeh nyw^lo r m thenert ported to have exploded Sunday, 
nationa l election and many qnes- the authorities continued to warn 
tioos on this prospect were put to the public against picking up suspi- 
him in post-election interviews caous objects, particularly portable 
Sunday mghL . . transisior radios. Police officials 

He answered that his only goal at said that several crude bombs had 
this time was to be premier, been found disguised in cricket 


this time was to be *tate premier, been found dh 
Chancellor Helmut Kohl’s balls. 

Christian Democrats, the ruling Indian Army 


By Brian Cathcait 

Return 

BRADFORD, England — At 


»x ctuic; me ititoiiih Another source said dial Do- Nicaragua also would continue to countries will not strive Nicaragua’s Christian De mocra t s, the ruling 

” fense Department officials refused honor its unilateral moratorium on problems,.” party at the tinrinnat level, suffered 

Leon Brittan to report to her on the were shocked and crying, but there two years ago t o give Lebanese importing “new weapons systems,” The Nicaraguans dearfy axe ea- a more idling defeat than had been 

tragedy. was no hysteria.” umts any icoantertenonsiii [training including “anti-aircraft artillery ger to capitalize on international predicted by most commentators. 

The fire overshadowed violence Peter Kneale, assistant chief affi- becauro af fears that *Nre a end up and interceptor aircraft'' opposition to the U.S. sanctions by The party received only 36.6 per- 


con turned 


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least 52 persons were killed after at a soccer match Saturday in Bir- 


fire engulfed the n inin grandstand tnin g ham, central England, in 
Saturday at a soccer stadium in this which a youth was killed and more 
northern city, pdhee said Sunday, than 70 persons were injured. L - 

. Specie DesaitaRre * ™ Kml0,,S 

Some spectators were burned in Jo Thomas ef Tbe New York Asked whether the doors ai the 
their as the flames jumped Tana reported from London ; tear of the grandstand were pad- 

through die .wooden grandstand Millions of television viewers lodced, he said, “I think that is 
within ^ Tour minutes. Others, their saw police and fens battling to save probably true.” 
clothes and hair aflame, were a middle-aged spectator who The seals in the grandstand were 
crashed to death in a stampede to walked from the grandstand eo- believed to have been made of 


was no Hysteria, uuiiattujwuuiaiaiuiiamuwumg lncmowg ann-airc 

Pete* Kneale, assistant chief (rffi- because of fears that “we’d end up and interceptor aircraft.' 
cer of the West Yorkshire Hre.Bri- with tat teams over there.” But Mr. Ortega aM 

gade, said people apparently stood “The concern was that when ^ yttie hope for in 
and looked at the fire before reahz- some have the capability it can be dons with the United 
ing it was beyond control Then, he turned inside down and used of- a change in Nicaragua 


induding “anti-aircraft artillery ger to capi 


is dearfy are ea- 
on international 


party at the national levd, suffered to patrol parts of New Delta On 
a more idling defeat than had been Sunday, and security forces con- 


opposition to the U.S. sanctions by 


a tremendous fenstady” the Pentagon soon* wonld accede to UK demands that 
• (Continued oa Page 2, GA 3) Managua cut its ties with Moscow 


But Mrl Ortega appeared to hold strengthening their ties to Westenj 
out Utile taiXlnowd rda- Europ^ The visits to Madrid, 
dons with ll» United Stales, or fra where Mr. Ortega arrived Satur- 
a change in Nicaraguan policy that day, and this week to France, Italy, 
woold accede to US. demands that Sweden and Finland, were hastily 
Managua cut its ties with Moscow (Continued on Page 2, CoL 4) 


The party received only 
cent of the popular vote, 
age points less than in 
election five years ago. 


non. ducted intensive searches of travd- 
per- ers at bus depots, train stations and 
cent- at roadblocks leading out of the 
state city. 

Prime Minister Rajiv Gandhi 


Their loss was even more unex- hdd a m e etin g of the political af- 
pected co mpar ed with the n»tippai fairs com mit te e of his cabinet to 

(Continued oo Page 2, CoL 8) (Continued oa P^ 2, CoL 1) 


through die wooden 
within Tour minutes. < 




•«»( wv escape through padlocked gates. . 

A police spokesman said Sunday 
-■?. that 28 peqile remained tmao- 
'*** S counted fra and that 12 of the 21 1 
’■+** ^ ‘ ■ reported hurt in the blaze had been 

gravely iojimxL 


gulfed in flames. . flammable polyz 

Afterward, fire offirials said it tic, which gave oi 
was Hkely that all of the rear doors burned rapidly, 
of the grandstand had been pad- Mr. Kneale sai 
locked. of tbe grandstaa 


polypropylene 

ive off dense fa 


ie, a plas- 
fames and 


Protesters of Papal Visit 
Gash With Dutch Police 


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untedfor and that 12 of the 211 of the grandstand had been pad- ^Mr. Kneak said the construction 
ported hurt in the blaze had been locked. of the Handstand and the roawig 

avdvimured. “I made my way down a passage was under mvestigatirai, and that 

Ai.KmToh thr of the fire way to an exit, but the gate was he was “not hnppy” with the safety 
itivvnrraTtJn t hrWest Yorkshire padlocked,” said Geofihey Mitch- standards of the grandstand. 

:»r AAM«vWklu PnKrt CtmmeMi elL 4d “Two ot three boriy men put Anthony Burrows, 25, a water 


By Kevin Costelloe 

The Associated Press 


seized the chance of addressin, 
pope to attack Roman Cat 


i v.ritfj; 


was not known, tbe West Yorkdnre 
efaief constable, Colin Sampson, 
said that arson could not be.ruled 
out. 

It was the worst disaster at a 


their wright against it and smashed worker fra 
the gale open. Otherwise, I don’t could easti 
♦hmr I would have been here.” a bucket a 
The grandstand where the fire “At first 


rat Anthony Burrows, 25, a water batons Sunday to disperse hon- 
ed worker from Bradford, said the fire dreds of youths who began throw- 


UTRECHT, Netherlands — doctrine on what the church calls 
Dutch riot police used tear gas and family issues. 


About 1.000 young people 
mmyhfd tO within Several 


a bucket of water before h spread, march against Pope John 


'At first only a few 


_ , , , . « » pjr > tut unuuMimu wumw ua. xjjw * « ^ 

B*itxsai sportsgoimflsnK* 06 peon- ^ had held 3,000 of the kied,” trying to get onto 


m* 




pie were crushed to death in a panic 
at Ibrox Park in Glasgow in 1971. 

The fire began late in the first 
half in a game between Bradford 
Crty and Lincoln Oty, who are in 
the English Football League’s 
Third Division. 

Same spectators said there were 
no fire extinguishers in the stadium 
■* because the dob had feared they 
would be wrecked by vandals. Oth- 
ers raid there were pUesof wastepa- 
per staffed under the floorboards. 

Prime Minister Margaret 


12,000 spectators. tag field, he said. surrounded by demonstrators, 

“I thought someone had let off a “There was an old man with his fired pistol shots, the police chief, 

smoke homh,” said a spectator, hair on fire; there were no extra- Jan Wiarda, said. None of the shots 
“We could then see the flames gmshers,” Mr. Borrows said, add- was believed to have tat anyone, 
creeping along the bottom of- the fag that he had put his sweater over Mr. Wiarda said 14 persons had 
seats.” within moments, he said, the man’s head to pul the fire oul been arrested. Three po l icemen 
“it was like a furnace.” Stafford Hegfabotham, chair- and one demonstrator were fa- 

it took only four minutes for the man of the Bradford soccer dub, jured; none were hospitalized. The 
blare to sweep the entire structure, said it was not unusual fra- tbe gates police chief said that a bystander 
“People were grabbing the elder- to be padlocked at a game. died of a heart attack. The man was 

ly and throwing them over, and we “If we left the gates open before not identified, 

were caidimg mem,” 5aki Malcolm halftime,” he said, “people who The melee occurred on the sec- 
Hafaswqrth, 55 years old, a proper- had not paid to come m would get and day erf the pope’s tour of tbe 
ty surveyor who survived with in. So it s not unusual to lock the Netherlands ami followed state- 
bums on his forehead. “People' gates.” meats by a woman missionary who 


ipan- visit into a haif-hbar melee, 
play- In mo incidents the police, while 

surrounded by demonstrators, 


“There was an old man with his fired pistol shots, the police chief, 
air on fire; there were no extin- Jan Wiarda, said. None of the shots 
nfahers,” Mr. Burrows said, add- was believed to have tat anyone, 
ig that he had put his sweater over Mr. Wiarda said 14 persons had 
w man’s head to pul the fire oul been arrested. Three policemen 


ly and throw 
werecatchin] 
Hafasworth, 
ty surveyor 


tag stones and turned a peaceful yards of a conference center where 
man-fa against Pope John Paul ITs the pope was holding meetings, 
visit into a half-hour mcfcft. When not police Mocked their way. 

In mo incidents the pohee, while the demonstrators began hurling 
surrounded by demonstrators, rocks. Some reportedly shouted, 
fired pistol shots, the police chief, “Kill, kill, kill the pope.” Police 
Jan Wiarda, said. None of the shots responded with tear gas and baton 
was believed to have tat anyone. charges. 

Mr. Wiarda said 14 pfpwn hart The fighting erupted after a 
been arrested. Three policemen peaceful march by 10,000 Dutch 
and one demonstrator were fa- radicals, feminists and bomosex- 
jored; none were hospitalized. Tbe uals who opposed the visit, the first 
police chief said that a bystander by a modern pope to the Nether- 
died of a heart attack. Tbe man was lands. About 40 percent of the 


Thatcher ordered -Home Secretary bums on his forebead. “People' gates.” 


Dutch population is Roman Cath- 
olic, about 30 percent is Protestant' 
John Paul’s 1 1-day tour, which 
also will take him to Belgium and 
(Coatimied on Page 2, CoL 5) 



Pope John Paul U joined a choir in Utrecht, the Netherlands, on Sunday. 




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ll—AH iP wa *’ * h-******?.. d 


EVSIPE 

■The National Asembty-ses- 
sion in South Korea is seen as a 
test of President Chun's policy 
of liberalization. Pag* 2. 

■ A conservative group accused 

nine tax-exempt lobbying orga- 
nizations of rotating US. tax 
law. • P&gei 

■ Ronald Reagan's raft found 
Europe focusum onits^ “internal 
contradkaions.” PageS 

BUSINESS/FINANCE 

IBnd rod the IMF are to 

negotiate fresh economic re- 
forms fra the country in return 
fra a new loan. Page 13. 

PERSONAL INVESTING 


“Stofy stocks,” issues that surge 
or sink on tbe flimsiest rumors, 
are a big factor behind the To- 
kyo market's volatility. Page 7. 


Senate ’s Budget Vote: Reagan Is Losing Leverage Hi ghlight s of Budget Plan 

' C7 C7 C7 Cs Vpe York Times Senrir* 


By David S. Brodcr 


-WASHINGTON — President 
Ronald Reagan bad to give more 
ground last week than in any of his 
previous budget battles with Con- 
gress. Nevg&riess, the spending 

NEWS ANALYSIS 

blueprint approved Friday by a 
narrow Serrate majority is viewed 
by many poBtidans as a further 
stm fa Presfaent Ream’s restroc- 
tuimg of national prauty. 

It also is viewed as. me most he 
could expect to get under the cir- 
cumstances. 

hi accepting a defense figure for 
next year that he previously had 
labeled “irresponsible,” a one-year 
freeze on Social Security benefits 
that seemingly violates a campaign 
pledge, and the continuation, with 
reduced funds, of several transpor- 
tation . badness and agriculture 
subsidies he had tried to end,- Mr. 
Reagan showed that his 49-staie re- 
deetzon victory ax mouths ago 
gave him «nieh less clout on Capi- 


tol Hffl than his initial win fa 1980. 

A political scientist, Austin Ran- 
ney. who is a Donocral with tte 
American Enterprise Institute, said 
he viewed the Senate vote as “the 
first, unmistakable manifes- 
tation of the 22nd Amendment ef- 
fect,” meaning that tbe president 
has a loss of leverage because be 
cannot run again. 

“It’s more and more evident” 
Mr. Ranney said, “that the revolu- 
tionary part of Hhe Reagan revolu- 
tion’ ended fa 1981,” when Con- 
gress approved Reagan’s first 
budget and three-year tax-reduc- 
'tion plan. 

The dearest evidence fra that 
was Mr. Reagan’s rductani acqui- 
escence u> the Senate's dedaon to 
give the Pentagon no increase 
above the rale of inflation. 

But even at that lend, defense 
appropriations next year would rise 
. 510 billion and actual outlays fa- 
crease by $20 bfflion. 

And, if the ScnaJe-apprtJved 



James R. Jones 


intact: Measured against the gross 


budget becomes law, the large ob- national product, federal domestic 
jecuves Mr. Reagan set forth at the spending would be down, defense 
outset of his presidency would be spending up. and the tax burden 


1 think the president 
is aligned almost 
perfectly with public 
opinion as it stands. 
Some form of freeze, 
including the military, 
is the only thing that’s 
politically viable.’ 


lower. GNP is the value of the total 
output of a country’s goods and 
Services. 

. In addition, this budget would 


begin to shrink the deficits that 
represented one of ihe major policy 
failures' oTMr. Reagan’s first term 
and a threat to the continued pros- 
perity essential for future Republi- 
can victories. 

Some of the assessments offered 
Saturday dearfy had a partisan 
tone. Edwin L Dale, Jr., a spokes- 
man for the budget director, David 
A Stockman, said the terntinatian 
of 13 domestic programs and cut- 
backs in dozens of others repre- 
sented a giant step forward “in 
some respects, beyond what we 
could do m 1981.” 

Senator John H. Chafee. Repub- 
lican of Rhode Maud and a mem- 
ber of the party’s leadership, called 
it “dearly a major step forward qo 
the path President Reagan set out 
five years ago.” 

At the other esd of the spectrum. 
Senator Gary Hart, a Colorado 
Democrat and a presidential candi- 
date last year, stud: . 

“If you bdieve, as I do, that 
Ronald Reagan’s hidden agenda 

(Continued on Page 3, CoL 5) 


Ne» York Tima Sendee 

NEW YORK — Following are major dements of the budget plan 
approved Friday by the Senate: 

Deficits— Expected deficits would be reduced by $56 billion in the 
1986 fiscal year and by a total of $295 billion in 2986-88. 

Military — The 1986 miHtaiy budget would be allowed to grow in 
proportfontofaflation,butitofl!0f&Forl9$7and 1988, the increase 
would be equal to the inflation rate plus 3 percent. 

fiensftus — There would not be any cost-of-Evrag increase fa 19$6 
for Social Security, veterans’ benefits or Gvil Service and nuliiary 
retirement. The annual adjustments would resume in 1987. 

Taxes —Federal taxes would not be increased. 

R e du cti o n s — The government-backed rail passenger service, 
known as Amtrak, local mass- transit operating subsidies and the 
Small Business Administration woold be cut back, but not eliminated 
as President Ronald Reagan had proposed. 

Medicaid Spending on medical assistance to the poor is to be 
reduced by a total of $12 billiofi fa the next three years. But there 
would not be a permanent limit on federal payments to tbe states. 
Medicare —Spending for this program of health insurance for the 

dderiy would be reduced by $163 biffion over the next three years, by 

limiting reimbursement to doctors and hospitals and by increasing 
premiums, B 

Agriculture— Farm price supports and other government subsidies 
to agriculture would be reduced, but the cuts would be smaller than 
the president had proposed. 

' _ - Tb<: overail federal defidt wouW dec&ne Steadily from 
pi 2.9 bfflion m the current fiscal year to S 104.3 billion in 1 988 Total 

taflT d - SP S8R S W ° Uld tmm 5949 um « this year to JJ060 


l** a 







INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


Page 2 


Test of Political Liberalization 


Seen as Seoul Opens Assembly 


By John Burgess 

Washington Pest Service 

SEOUL — A special session of 
the South Korean National Assem- 


bly that convenes Monday is ex- 


pected to offer some of the liveliest 
debate here in years and a new test 
for President Chun Doo Hwan's 
policy of political liberalization. 

Mr. Chun's Democratic Justice 
Party, with 148 of the 276 seats in 
the legislative body, will face a 

united and strident opposition that 

controls 126 seats. Two seats are 
held by independents. 

The body's deliberations are 
likely to be marked by anti-govem- 
meni street demonstrations by rad- 
ical students. Many of the small, 
but persistent, protests in recent 
weeks have taken on an increasing- 
ly and- American tone. 


Korea Democratic Party, which 
was formed in January. 

The government has promised to 
continue discussing the status of 
the political prisoners and of Mr. 
Kim. who is barred from a formal 


Kim, - 
role in politics because of a 1980 
conviction on charges of sedition. 


In National Assembly elections 
’ Korea 


One of the first orders of busi- 
ness for the assembly will be ratifi- 
cation of the appointment of Mr. 
Chun’s new prune minister, Lho 
Shin Yong. 

The New Korea Democratic Par- 
ty is expected to try to block the 
appointment, pointing out that Mr. 
Lho reuue from the top job at the 


in February, the New Korea Dem- 
ocratic party swept the nation's cit- 
ies. Its success confirmed a come- 
back for Kim Dae Jung and for 


National Security Planning Agen- 
ltral Ixatelli- 


another prominent opposition 
□.The 


It is probably a sign of things to 
: that the : 


leader, Kim Young Sam. The two 
men are commonly known to con- 
trol the party although they do not 
bold any formal office in iL 
Government officials said they 
were surprised at the opposition’s 
strong showing in the election but 
that they do not have any plans to 
return to the era of restrictions. 


come that the assembly's opening is 
four weeks late. This was caused by 
the refusal of the opposition New 
Korea Democratic Party to attend 
until Mr. Chun agreed to restore 
the full civil tights of Kim Dae 
Jung, a leading dissident, and free 
114 persons it regards as political 
prisoners. 

But the party backed down last 
week and agreed to come: 

Mr. Gum has created in recent 
months the most free political cli- 
mate in South Korea m years. He 
has lifted many controls on opposi- 
tion activity and the press, and be 
has allowed Mr. Kim to play a 
he Ne 


behind-the-scenes role in the New 


“We have to continue that liber- 
alization," said Choi Chang Yoon, 
secretary for political affairs in the 
office of the president. “In a large 
industrial society, we can't expect 
static s lability." 

Kim Dae Jung said that the New 
Korea Democratic Party had 
agreed to attend the assembly be- 
cause it had made its point that it 
was different from the old opposi- 
tion parties. 

However, according to Mr. Choi 
and others, party officials feared 
the public had become disenchant- 
ed with the New Korea Democratic 
Party’s boycott of an institution 
that it had fought so hard to enter. 


cy, as the Korean Cent 
gence Agency is now called. 

Overissues the opposition is ex- 
pected to raise are constitutional 
changes to require the direct elec- 
tion of the president, reform of the 
labor and press laws and alleged 
ejection law abuses by the govern- 
ment in February. 

■ Students, Police Gash 

About 1,000 South Korean stu- 
dents dashed with police Saturday 
in Seoul after police detained stu- 
dent leaders to stop them from or- 
ganizing massive anti-government 
protests, witnesses 
to Reuters. 


Police said they were bolding 18 
aid they 


leaders after students said 
would increase demonstrations 
against President Chun's govern- 
ment this month to mark the fifth 
anniversary of a weddong civil up- 
rising in the southwestern city of 
Kwangju in which 189 people were 
reported killed. 

The protesters carried banners 
demanding the Chun government 
assume responsibility for the 
Kwangju death toll which they al- 
lege was much higher than 189. 






Reuters 


WAR CASUALTY — A SMite Amal mifftiaman, above, 
calling for help after a comrade was wounded by sniper 
fire in Beirut Another fighter, below, helped him cany 
the man to safety, but die man died shortly afterwards. 


'Acceptable’ 
Negotiators 
Hard to Find, 


WORLD BRIEFS 


Afghan Rftbfllfefrfler Defects to Kabul 


ft 


Shultz Says 


ISLAMABAD, Pakistani tfapmXn important Afghan guerrilla leader 
has gone over to the Kabul government with 60 of his followers after 
working as a double agent for the last two years, according to a guerrilla 
official. 


A senior guerrilla official, speaking on the condition that be not be 
identified, said Saturday that EsmatuUa 


The AssaOtuett Press 

. AQABA, Jordan — The UJS. 
secretary of state. George P. Shultz, 
acknowledged Sunday the difficul- 
ty of finding Palestinian negotia- 
tors acceptable to both the Pales- 
tine Liberation Organization and 
IsraeL 

Mr. Shultz flew to Jordan from 
it on the final leg ofhis three- 
: tour. Speaking aboard 
the flight, he urged all sides to 
“keep toe level of frustration down 
and the level of efforts up." 


tdentinea, saia aaiunmy unu cam™***** Muslim had declared his aUe- 
•iaimifc trt KahuL Mr. Muslim had commanded about 500 gncrmUs in the . 
southern province of K a nd a har and was wdl known in the rcteoo, the p 
official said. Mr. Muslim took about 60 of ha men with him, but m ore 
than 400 refused to go along, the official said. 

Suspicions about Mr. Muslim's loyalty surfaced when son* Afghan 
security agents were captured by gucnillas in February, the official said. 
Then the guerrillas learned that he had taken part in a recent national 
assembly organized by the Afghan government, the official said, Mr. 


■■‘I*;: 


■ 4 I"* ' " 


Muslim had apparently been acting for Kabul far about twoycars wh& 
he was a guerrilla commander and more than once had staged attacks on 

_ .1 Sis’ll ^n^r.1 nil) 


other guerrilla units, the official said. 


Result of Sakharov Protest Is Unclear 


Asked if there were Palestinians 
acceptable to both Israel and the 
PLO, Mr. Shultz replied: “I don’t 
know the answer to that question.” 

The problem, Mr. Shultz said, is 
“to find people who are truly recog- 
nized as people who represent the 
Palestinians and who also have a 
background that would be accept- 
able in the negotiating process. 

In Israel officials were divided 
on whether members of the Pales- 
tine National Council which sets 
PLO policy, might qualify. 

In Egypt, Mr. Shultz received 
encouragement from President 
Hosni Mubarak. “There is a defi- 
nite feeling of good will and cer- 
tainty of recognition of the hard 
problems," he said after their meet- 
ing Sunday. 


MOSCOW (NYT) — The deadline Tor Andrei D. Sakharov's threat- 
ened resignation from the Soviet Academy of Science passed Friday, but 
Mr. Sakharov's supporters said they had heard nothing new from him.! 


r 1 *' 1 

't.if 




!.-• / 

.. 


There was no statement from the academy. 

According to his friends, Mr. Sakharov, the physicist and c 
is in internal exile, had warned the academy that he would i 
membership by May 10 unless it caused his rigid isolation m — 
eased. 

Mr. Sakharov, who will be 64 years old this month, was resioctod to 
Gorki a Volga River city that is off limits to foreigners, in January J9SQ. 
He was stripped of his official awards and privileges, but he retained 
membership m the academy, drawing the full salary. 


Indian Police See Bombing Plot in 80 Deaths 


(Continued from Page 1) 

assess the situation and to review 
steps being taken by the police. 

The randomness of the bomb- 
ings appeared to be calculated to 
grip New Delhi in terror and, pre- 
sumably, lead to widespread civil 
disorder that would undermine the 
government's efforts to draw mod- 
erate Sikhs into talks for a negotiat- 
ed settlement to demands for in- 
creased autonomy for the state of 
Punjab. 

The crisis is the worst that Mr. 
Gandhi has faced since Hindu re- 
prisals against Sikhs occurred in 
the aftermath of the assassination 


of Indira Gandhi, his mother and 
predecessor, by Sikh bodyguards 
Oct. 31. At least 1,500 people died 
in violence after the assassination. 


ratist guerrillas had been regroup- 
ing across the border in Pakistan 
and were t raining for a wave of 
attacks under new leadership. 


Ortega Says Protesters Against Pope’s Visit 
U.S. Made Battle Police in Netherlands 


South Africa Publicity Effort Assailed 

LONDON (NYT) — An analysis of South Africa's effort toinfhence 
world opinion, written by a leading critic of apartheid, says almost all of it 
is aimed at Britain and the Unitea States and is designed to promote 
false image of stability and reform. ... .. . •• w 

The report, by Donald "Woods, who is white and was a newspaper 
editor m South .Africa, will be the subject of a three-day conference fa- 
in embers of news organizations beginning Monday in London. The. 
meeting will be under the auspices of the Commonwealth Secretariat and 
the United Nations committee against apartheid. 

A spokesman for the South African Embassy said of the report: “If oar 
aims are as alleged, to promote an image of reform and stability and to 
underplay the level of black resistance, we're not doing very wdl because 
anybody who's in Britain or America is perfectly aware of the difficulties 
wKch are currently taking place in South Africa." 


V«-\ 


;rt> 


y» 

‘ *s 


>y ' 


In a broadcast Saturday, the 
home affairs minister, S.B. Chavan, 
blamed the bombings on “anti-na- 
tional elements who do not wish 
the political process to begin for 
the solution of the Punjab prob- 
lem." 

Although government spokes- 
men asserted at the time that the 
Indian Army sweep had “broken 
the back" of the terrorist move- 
ment, security sources have been 
warning in recent weeks that sepa- 


India's leading Sikh historian, 
Kush want Singh, who is a member 
of Parliament, said Saturday that 
he had received information from 
Punjab that P akistani Moslems had 
infiltrated the separatist movement 
and were helping to organize a 
campaign that they expected would 
result in a Hindu backlash against 
Sikhs and further destabilize India. 


Positive Move 



CIOUSIY HYATT 


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in the outdoor pool or the 
e tend ve i y- eq u I p p ed Fitness- 
Centre. Hvztt Recency Dei hi 


; note; — ; t i> 
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.in expensno-- ;n ct;.c.ou> 
Don’V you^.qsH 

YOU WERE 
HERE'." 


HYATT REGENCY0DELHI 


For r^tTi'-urArix -oi !l i 'he how ! 60991 7. 
wit tv 314579. Or ooru.w: yr.r rwt'i ■/ 
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Pakistani officials have consis- 
tently denied Indian allegations of 
cross-border training camps, not- 
ing that involvement by Pakistani 
nationals was limited to bands of 
smugglers who long have breached 
the frontier with shipments of arms 
and other goods. 


The government’s attempts to 
reach a negotiated settlement with 
moderate Sikhs sustained an addi- 
tional setback Saturday when Har- 
chand Singh Longowal. president 
of the Akah party, the mainstream 
Sikh political party, announced his 
resignation. It apparently was a di- 
rect consequence of the bombings. 


The first series of expiosives- 
packed transistor radios that ex- 
ploded almost simultaneously at 
about 7 P.M. Friday in bus termi- 
nals and other public transporta- 
tion depots apparently were trig- 
gered by timing devices. 

But other explosions later in the 
evening and Saturday appeared to 
have involved booby-trap devices 
set off when the victims found the 
radios and attempted to turn them 
on. 


(Continued from Page l) 
added to his itinerary after the 
White House announced its sanc- 
tions deciaon. 

His emphasis Sunday was on the 
need to receive more assistance 
from Western Europe and Latin 
America. 

Mr. Onega seemed less combat- 
ive than during a joint news confer- 
ence Saturday with Spain's prime 
minister. Felipe Gonzalez. He did, 
however, repeat Saturday's com- 
parison of Reagan administration 
policies in Nicaragua with those of 
Nazi Germany, and said he be- 
lieved President Ronald Reagan 
“had a portrait of Hitler on his wall 
during World War IL" 

Mr. Ortega, who had visited a 
Nazi concentration camp two days 
earlier in Poland, said Saturday 
that the graves there reminded him 
that “Reagan has killed 150 chil- 
dren” through the actions of the 
rebels in Nicaragua, “and wants to 
convert Nicaragua into a concen- 
tration camp.” 

Those comments appeared to 
cause discomfort to Prime Minister 
GonzAlez, who quickly noted the 
American rale in “liberating Eu- 
rope from Nazism and fascism" 
and emphasized Spain's good rela- 
tions with Washington. 

After Saturday’s meeting be- 
tween Mr. Ortega and Mr. Gonza- 


lez, Spanish officials said Madrid 
i likely to 


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■ 6 Die in Ahmedabad 
Six persons died and about 50 
were injured Sunday in outbreaks 
of street fighting between Hindus 
and Moslems in the western city of 
Ahmedabad hours after troops 
were sent in to quell co mmunal 
clashes, Reuters reported from 
New Delhi 


was likely to approve a Nicaraguan 
request to expand an existing $40- 
milliofl line of credit 
On Friday, the United States ve- 
toed dements of a UN Security 
Council resolution calling for the 
UB. sanctions to be lifted. Howev- 
er, the Reagan administration ab- 
stained from voting on a paragraph 
calling for resumed U.S.-Nicara- 
gnan dialogue, enabling the mea- 
sure to pass unanimously. 


(Continued from Page 1) 
Luxembourg, put him at the center 
of a dispute between the Dutch 
church's strong liberal wing and a 
conservative hierarchy that pro- 
gressives say. was imposed by the 
Vatican. The liberals favor looser 
rales on birth control premarital 
sex, divorce and homosexuality 
and want the church to allow 
priests to many, women to be or- 
dained and laymen to celebrate 
Mass. 

In the weeks before the visit a 
series of parodies of the pope ap- 
peared in the Dutch media and 
posters threatening his life went up 
in at least two cities. 

Sunday, John Paul held a series 
of meetings in Utrecht with Dutch 
religious orders, social organiza- 
tions and missionaries. 

During his meeting with the mis- 
sionaries, Hedwig Wasser, chair- 
woman of the diocesan missionary 
council of Groningen, departed 
from her prepared address in a 
crowded conference halL The pope 
was sitting nearby and in front of 
her. 

“Personally I want to add, if 
there is nothing more than expul- 
sion announced against unmarried 
couples living together, the di- 
vorced, homosexuals, married 
priests and women, are we giving 
the shepherding erf Christ credible 
treatment?" asked Mrs. Wasser, 45, 
a mother of three. 

Mrs. Wasser said that rigid doc- 
trine had “forced many of us" to be 
disobedient to the church. She 
asked why bishops were “reigning 
over us instead of with and m the 
midst of us?" 

The remarks drew a mixture of 
applause and catcalls. The pope, 
listening as a Dutch priest inter- 
preted for him, showed no reaction. 
Afterward, he shook Mrs. WasseBs 
hand, as he did those of other 
speakers. 


■ Jews Refuse Papal Meeting 

Richard Bernstein of The New 
York Times reported earlier from 
Utredu: 

In his first statement after arriv- 
ing in the Netherlands on Satur- 
day, John Paul alluded to the refus- 
al of the Jewish community to meet 
him during his trip. 

Addressing a welcoming crowd 
ai the airport at Eindhoven, the 
pope spoke of the “tragic fate and 
the sacrifice" of the Dutch Jews, 
more than 80 percent of whom died 
in the Nazi persecutions of World 
War IL 

“We pray to their God who is 
also our God that the chosen peo- 
ple may live in peace and security," 
the pope said. 

During virtually all of his trips 
abroad, the pope has invited local 
Jews to meet with him. The Jewish 
community of the Netherlands, af- 
ter long negotiations with papal 
representatives, turned down the 
invitation. 

The issue brought into the open 
the Jewish daim that the church 
encouraged the Nazi extermination 
of Jews by remaining offidally si- 
lent about it during the war. 

In all out of a population of 
about 140,000 Dutch Jews before 
the war, about 105,000 perished in 
the death camps, one of the highest 
percentages in Europe. 

According to Jewish and church 
leaders in the Netherlands, the Jew- 
ish community had demanded that 
in the proposed meeting John Paul 
acknowledge the failure of Bus XII 
to speak out about Nazi persecu- 
tions. 

Vatican representatives agreed 
that John Pam could speak in gen- 
eral terms against anti-Semitism. 
But in a letter to the Jewish com- 
munity, they said, “The pope will 
not discuss the views or deeds of his 


Reagan Stand on Benefit Overturned 


WASHINGTON (NYT) — A federal magistrate has rejected the 
Reagan administration's contention that u may disregard court paw*, 
dents relating to the Social Securty disability program. 


The Social Security Administration has been using this rationale to cut 
benefits 
ulings ii 

claims in the same judicial circuit. 


its for thousands of people in the United States. 

ne pressing similar or identical 


off disability 
despite court rulings in favor of other peep 


The magistrate, Naomi Reice Buchwald, rejected each of the legal 
arguments made by the government in support of this practice^ in wfajcfc 
the Social Security Administration, while paying benefits to a plaintiff 
who won his case before a U.S. Court of Appeals, sometimes refuses to 
acquiesce to that court's interpretation of tne law. The effect ;«f tins 
practice of nonacquiescence is that other people with snoflarctafeisintis; 
same judicial circuit do not get benefits unless they, too, fifcuit, 




AdC" 


Relief Food Rotting in Ethiopian Post 


ADDIS ABABA, Ethiopia (AP) — Relief officials say that long- 
awaited rains in Ethiopia nave spoiled about 8,800 metric tons qf great 
stockpiled at the Red Sea port oi Assab. 

The authorities acknowledge that 4,000 to 5.000 of the 110,000 metric 
tons ( 121 ,000 short tons) of wheat and other foodstuffs have rotted Attee 
port. But. relief workers say. there is evidence that an investigation wfll 
show that 8 percent or more has been ruined. 

Some of the grain is in unwalled sheds, but much of it is pQcd otrindeia 
huge mounds. Another shipment, of 200,000 tons, is expected to anivt at 
the pons of Assab. Massawa and m neighboring Djibouti within the 
week. 


For the Record 


predecessor, his Holiness Pope Pius 


CUorine corrosion contributed to the collapse of the concrete roof at fl 
municipal swimming pool at Uster, Switzerland, on Thursday, Bcobtdng ‘ 
to an initial report by a Zurich laboratory published Sunday. H* 
accident killed 12 persons and injured 3. (A??} 

The death toll in the outbreak of Leghmnaire's disease in Britain was & 
as many as died in Philadelphia in 1976, when the disease was first 
Identified, health officials said Saturday. . (AP) 

The Socialist government of Mozambique has adopted a. series of 
economic liberalization measures, freeing prices for some agricuUnal 
products, dropping import and export controls and lowering taxes. -~ 

• (Am 

Tribal fighting at a South African gold mine has caused the deaths flH? 
persons, and 36 were hospitalized, a spokesman for Anglo-AmericBfl 
Carp., owners of the President Brand nunc, said Saturday. (Return) 

A car bond) exploded Sunday on a street in Tehran, kming at leastlQ 
persons and injuring 20, the official Iranian news agency reported. (AP) fa 
Malcolm Bakfrige, the U.S. secretary of commerce, arrived in ’ 
on Saturday for an official visit with Chinese officials. ft 


CIA-Trained Unit in Lebanon Tied to Bombing 


(Continued from Page 1) 
said “The concern was that one 
faction would use it on the other 
factions." 

Administration sources said that 
the congressional oversight com- 
mittees on intelligence were briefed 
on the covert operation in Lebanon 
after Mr. Reagan approved it late 
last year, although the president 
specifically directed that only the 
chairmen and vice chairmen of the 
Senate and House intelligence pan- 
els be informed 

Several sources said there was 
some question as to whether the 
new chairmen and vice chairmen 
who look over the committees in 
January received full briefings on 
the operation. Administration 
sources last week insisted that they 
had. 

Within weeks of the March 8 car 
bombing and the cancellation of 
the covert operation in Lebanon, 
both Robert C. McFarlane, the 
president's national security affairs 
adviser, and William J. Casey, the 
CIA director, said in speeches that 
ihe administration had the capabil- 
ity to preempt terrorist attacks. 

Using the same language, both 
Mr. McFariane and Mr. Casey 


said: “We cannot and will not ab- 
stain from forcible action to pre- 
vent. preempt or respond to terror- 
ist acts where conditions merit the 
use of force. Many countries, in- 
cluding the United States, have the 
specific forces and capabilities we 
need Lo carry out operations 
against terrorist groups.** 

It could not be learned exactly 
what capabilities Mr. McFarlane 
and Mr. Casey were talking about 
The CIA has extensive worldwide 
counterterrorist training opera- 
tions designed to help other nations 
defend against and react to attacks. 
Mr. McFarlane and Mr. Casey 
have declined to elaborate. Mr. 
McFarlane’ s speech was given in 
Washington on March 25 and Mr. 
Casey's in Cambridge, Massachu- 
setts. on April 17. 

Dozens of bystanders were killed 
or wounded in the March 8 car 
bombing near the residence of Mo- 
hammed Hussein Fadlallah, Leader 
of Httballah. or the Party of God, 
a militant Shiite movement. Some 
of Mr. Fadlallah's bodyguards re- 
portedly were killed in the explo- 
sion. 

No one publicly has claimed re- 
sponsibility for the bombing. Some 


Shiites accused the Israelis, who 
denied any involvement. 

Numerous UB. intelligence re- 
ports have tied Mr. Fadlallah to the 
series of attacks on American, 
French and Israeli facilities in Leb- 
anon in 1983 and 1984. According 
to one report. Mr. Fadlallah partic- 
ipated in an Oct 20, 1983, planning 


meeting in Damascus, three days 
of the 


before the suicide bombing 
UB. Marine Corps compound in 
Beirut that killed 241 UB. service- 


men. 


SC/ 


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0“ 

hours before the bombing, 
Fadlallah received and blessed the 
man who drove the truck carrying 
the explosives in the suicide bomb- 
ing. 

Mr. Fadlallah’s group also was 
responsible for the SepL 20, 1984, 
bombing of Lbe UjS. Embassy an- 
nex in Beirut, according to intelli- 
gence sources. He has denied in- 
volvement in these actions. 

A Lebanese intelligence source 
said; “My service did tbe Fadlallah 
bombing! I believe it was done to 
show we are strong" 

“You’ve got to stop terrorism 
with terrorism," he added. 

The Lebanese source said that 
the CIA would have nothing to do 
with a car bomb because of the 
danger to innocent people. But the 
source contended that the CIA 
knew it was being planned. 

US. sources emphatically de- 


nied any advance knowledge of the 
bombing and said that immediate 
steps were taken after it occurred to 
cancel the entire covert operation. 

The plan to form and train three 
teams of Lebanese capable of neu- 
tralizing or disabling terrorists be- 
fore they could make planned at- 
tacks on American targets was 
approved after years of internal de- 
bate and increasingly tough Rea- 
gan administration statements 
about how to respond to the wave 
of attacks abroad. 

The covert training and support 
program was set up under a presi- 
dential “finding” signed by Mr. 
Reagan. It specified that the teams 
of foreigners were lo be used only 
with great care and only in situa- 
tions where the United States had 
good intelligence that a group was 
about to strike. The teams were 
supposed to use tbe minimal force 
necessary to stop specific attacks. 
Several sources said this included 
the authority to kill suspected ter- 
rorists if that was the only alterna- 
tive. 



Opposition 
Wins Vote in 
German State 


I*-:. 


Mohammed Fadlallah 


1976, after congressional investiga- 
tions uncovered such plots against 
President Fidel Castro of Cuba and 
other foreign leaders. 

Reagan administration officials 


(Continued from Page 1) 
election of 1983 when the 

won more than 45 percent c 

vote locally,, defeating the Social 
Democrats by more than 2 point? » 
in the stale. ” 

Bernhard Worms, who headed 
the Christian Democratic list in the 
state, conceded defeat little more 
than an hour after the polls dosed - 
at 6 P.M. Mr. Worms was pers o n a l-, 
ly selected by Mr. Kohl asthe pai- 
ty*s state leader. 

The election was regarded as the 
most important state test before (be 
itional elections in 1987. 


na 


reasoned that killing terrorists was 
“nrp*m nt jve self-defense” rather 



UNIVERSITY 

DEGREE 


BKiears .mastbts . doctorate 

Far Warfe, Acoriamk, tfaExpwimca. 


Send detailed resume 
lor fre* evaluation. 


PACIFIC WESTERN UNIVERSITY 

AM N. Sepulveda Blvd. 

Los Aiumlea> California 
40049, Dopt. 23. U.SA. 


Conducting preemptive strikes is 
very difficult in practice, because 
they depend on intelligence infor- 
mation that is timely and accurate. 
However, sources said the U.S. ca- 
pability to collect advance infor- 
mation on planned terrorist actions 
was improving. 

After previous attacks on Ameri- 
can facilities in the Middle East, 
UB. officials learned hey had had 
some does — at times significant 
Mies — before die event But they 
were only discovered afterward, 
when analysis sorted through raw 
intelligence reports, communica- 
tions intercepts and satellite pho- 
tography. 

Officials said the short-lived co- 
vert operation in Lebanon did not 
violate the presidential ban on in- 
volvement of U.S. jpersonnd, di- 
rectly or indirectly, m any type of 
assassination Dimming or opera- 
tion. The prohibition dates from 


assassination, according to a 
source. “Knocking off a guy who is 
about to kill you,” the source said, 
“is no more assassination than a 
policeman getting off the first shot 
at a man pointing a shotgun at 
him." 

Secretary of State George P. 
Shultz and Mr. McFarlane were 
chief proponents of the coven plan 
in Lebanon, sources said. 

“State and the White House 
pushed this." a source said. 

[Secretary of State George P. 
Shultz, who is lowing ihe Middle 
East, would not comment on the 
matter Sunday aboard his plane to 
Egypt from Israel explaining that 
he had not seen The Washington 
Post report, Reuters reported. “I 
don’t know anything about it, so I 
am uninformed," be said of the 
published report.] 

Sources said that Mr. McFarlane 
was instrumental in developing a 
consensus from the disparate views 
of senior administration officials. 


_ North Rhine-Westphalia is the 
biggest and most industrialized 
state in the country. It includes 
Boon, the federal capital as wdl as 
industrial cities of the Ruhr that 
form Europe's biggest industrial re- 
gion. 

Mr. Rau, 54, conducted a highly 


personal campaign, asking the vot- a . 
ers to give him their trust * 


He had staked his political futut# . 
on his prediction that he would : 
again win an absolute majority. in 
the state assembly. Pre-decuoo 
polls had predicted that he would . 
come close to his goal but might 
miss it by a narrow margin. 

The fact that the- Soda) Demo- 
cratic list won more than 52 per- 
cent of the popular vote as wdl’a5 a , 
majority of seats in the state assem- 
bly came as a surprise to pollsters • 
and politicians. 


"“i. 


suit, the Free Democrats were a bte ..Y' 

to return to the state assembly after . 

an absence of five years. They won . i 
6 percent of the vote, a point more: ; • 
than the minimom required for - 
representation. In the last state. ‘ : 
election, they had fallea a fraetka 
below the 5-percent threshold. 


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INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


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AMERICAN TOPICS 


New Yorik Harbor 


Many of Manhattan’s piers 
are lotting, but business in New 
York harbor as a whole is boom- 
ing, largely because of imports 
resulting from the pmnped-up 
buying power of the dollar 
abroad. The New York Times 
reports. 1 

Cargos with a total value of 
more Sum $40 bQUoa arrived in 
New York harbor last year.^he 
biggest year for imports since 
1968. Imports outnumbered ex- 
ports by four to one, the most 
' * ’ defirifin the port’s his- 


iUau'-t . tit:.- 1,*., . iit .. v ' \ 

' ** i) Lt : ^ 

^■•vvl h:; * 


So .many empty containers 
piled up wiring to be refilled 
that some shipping lines char - 
tered vessels just to return the 
empties. Others sniffed the con- 
tainers with waste paper, thus 


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y*«*'-* ■^jJS 


York's business is in the bor- 
oughs of Staten Island and 
Brooklyn, as well as in Newark 
and Elizabeth, two New Jersey 
cities also on the harbor. 


Books: A Battle 
To Save the Past 



Benefit Overtun 


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i.; i 

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?V'- V'!:- 1 ..*■ ••; 


[ing in Kthi 

:A V H 


Books made of pi 
which means nearly 
published since 1850. are 
doomed to disintegrate unless 
they get chemical treatment that 
removes, sulfuric add. With the 
Library of Congress talringtbe 
lead, libraries around die coun- 
try are starting to use the treat- 
ment. as weO as Ducrafi&n, for 
their aging books. 

The cost of preservation is es- 
timated at S 10 million a year for 
the next 10 years. But Lawrence 
Towner, head of the Newberry 
Library of Chicago, says, “If we 
don't correct tins situation, we 
will wind up with a kind of na- 
tional Alzheimer's disease,” that 
is, “collective memory win be 
lost.” 


1789 Amendment 


After* week of debate on how 
to reduce the federal deficit, ex- 
it© exceed $200 bflUon this 
year, the US. Senate, in a 
49-49 tie vote, rejected a surprise 
move this month by Senator Jes- 
se Helms, a Republican of North 
Carolina, to cut its own salaries 
by 10 percent. 

Such a pay ait, after aD, would 
have made only a $4-atiDion nick 



A. CAREER JUMP — Eric Sehdbeler, a business and 
accounting m^jor at Mansfield University in Mansfield, 
Pennsylvania, parachuted to bis graduation ceremonies. 


in the defidt But the vote 
hasten the progress of a wi 
forgotten constitutional amend- 
ment under which a pay raise 
voted in Congress can take effect 
only after toe following regular 
congressional dections- 
Tbc amendment dams from 
1789 and carries no deadline for 
ratification. It had been forgot- 
ten until a student came 
amiss a copy of i it whfle doing 
research in a fibraxy in Austin, 
Texas. So far, 13 of the 38 states 
that niUSt ratify the. amendment 
have voted for iL 
Serving in Congress is “an ex- 
pensive proposition,” said Dan 
Anderson, a Republican state 
senator who is pushing tor ap- 
proval of the amendment m 
Minnesota. “I don't begrudge 
their wages. It’s a fairness issue.” 

Don Midke, a Republican 
state representative in Colorado, 
qnd, Tm not even sure tbey’re 
paid enatA? what with travel 
and Washington living costs, but 
“the people should know and de- 
cide. 


Notes About People 


Dr. Benjamin Spoefc, whose 
book, “Baby and Child Care,” 
has sold more than 30 milli on 


copies since 1947, was asked by 
The Washington Post if the book 
had made minio ns of dollars for 
him He replied, “Wdl, not mil- 
lions, no,” and said that in the 
early days he got only a quarter- 
cent royalty per cooy. “Now, 
worldwide, It earns $150,000 a' 
year — somethmgJike that," said 
Dr. Spock. now 82. “Anyway, it's 
a very nice income.” 


Muhammad All, 43. who 
fought his last bout four years 
ago, says the popularity of box- 
ing is dedmmg because it is 
dominated by blacks, in Wash- 
ington, the former heavyweight 
champion <and, “Boring is con- 
trolled by blacks — fighters, pro- 
moters and trainers.” He said 
boxing needs “good white con- 
tenders — more Jack Demp- 
seys.” 


. Dickinson, the actress, 
down a Playboy maga- 
zine offer to pose mule as one of 
their over-50 centerfolds, ex- 
plaining that at 53, “Tm too old 
for that sort of tiring. I don’t look 
as good as the rest of the women 
in the book anymore, and I'm 
not stupid enough to think other- 
wise. Sbifl can’t be the best, why 
bother?” 

— Compiled by 
ARTHUR HIGBEE 


IRS Inquiry Reserves to Allow Pentagon Budget to Rise 
On Lobbying 



Is Sought 


„ By Joanne Omang 

Washington Post Service 

WASHINGTON —A conserva- 
tive lobbying ^group, Qtizens for 
Reagan, has filed complaints with 
the Internal Revenue Service ac- 
cusing nine tax-exempt organiza- 
tions, including the Presbyterian 
Church, the American Friends Ser- 
vice Committee and the Mary knoll 
Fathers, of illegal lobbying in sup- 
port e& the Nicaraguan govern- 
ment. 


By George C Wilson 

Washington Pat Service 

WASHINGTON — President 
Ronald Reagan has buflt up such a 
large reserve of defense money in 
bis first four years as president that 
pentagon sp ending will continue to 
rise significantly during his second 
lens even if the one-year budget 
freeze adopted by the Senate be- 
comes law. 

The Democratic minority on the 
Senate Budget Committee esti- 
mates that the miliiary budget has 
risen so sharply in the last few years 
that the United States could retain 
the present spending level until 
1993. partly because of the con- 
tinuing How of money appropriat- 
ed in earlier years and not yet 
spent- 


in' a statement accotnpanyii 
letters sent last week to the 
Citizens for Reagan said that the 
groups had “apparently engaged in 
substantial lobbying and political 
activities in favor of the Sandinista 
regime in Nicaragua and in opposi- 
tion to US. policy in Central 


The fine print in the compromise 
Mr. Reagan 


America. 


Named Thursday along with 
Mary knoll and ihe Presbyterian 
Church USA were the Sisters cl 
Loretto, the National Network in' 
Solidarity with the Nicaraguan 
People and the Quixdte Center. 

Listed in December with the 
American Friends Service Com- 
mittee, the Quaker relief group, 
were the Central America Peace 
rflinp i>i g n l the Community Church 
of New York, the Institute for 
Food and Develtmmeni Policy and 
the Northern California Ecumeni- 
cal CoundL 


The executive vice president of 
Qtizens for Reagan, Peter T. Fla- 
herty, asked in the complaints that 
the IRS investigate the groups' tax 
slams, impose taxes ana penalties, 
notify contributors that their dona- 
tions were not tax-deductible and 
order the groups to stop lobbying. 


worked out between 
and the Senate majority leader, 
Robert J. Dole, Republican of 
Kansas, shows that congressional 
■appropriations for defease would 
rise $54 billion, or 18 percent, be- 
tween fiscal 1985 and 1988. Actual 
spending, including funds already 
in the pipeline, would jump $61 
billion, or 24 percent, in that peri- 
od. 

Defeme Secretary Caspar W. 
Weinberger, who has been more 
successful than any previous peace- 
time defense secretary in building a 
big base of funding for the Penta- 
gon, is in position to decide wheth- 
er to describe the glass as half emp- 
ty or half fulL 

The Senate compromise pre- 
serves the huge spending base in 
fiscal 1986, adding only enough to 
offset inflation, and then continues 
to raise it in fiscal 1987 and 1988 by 
adding 3 percent annually to cover 
inflation. 



Caspar W. Weinberger 


When Mr. Wdnbetger meets 
with defense ministers of the North 
Atlantic Treaty Organization in 
Brussels Urn month, he can state, 
according to the Budget Commit- 
tee minority, that the United Stales 
has spent $1 17 billion more than it 
was obligated to spend for defense. 
It agreed in 1978 to raise military 
■spending by 3 percent a year after 
allowing for inflation. 

Unless Congress cuts deeper 
than it has done under the Reagan- 
Dole compromise, record Ugh 
peacetime spending will continue 
because of the peculiar dynamics of 
the Pentagon budget. 

When the navy, for example, 
goes to Congress seeking money for 
an aircraft carrier costing $4 bil- 
lion. the whole amount is pul in the 
bank that same year and then 


drawn out year after year until the 
earner is launched. All the services 
have salted away billions of dollars 
under this system. 

The money will be spent from 
now until after Mr. Reagan leaves 
office. 

From fiscal 1982 through 1985, 
Congress allowed the army, navy, 
air force and Marine Corps to put 
$369 billion in their procurement 
accounts, $154 billion more than 
the previous four years, figured in 
fiscal 1986 dollars. 

Spending from the procurement 
account infiscal 1982 through 1985 
totaled $259 billion in fiscal 1986 
dollars, mean in g $] 10 billion more 
was deposited by Congress than 
was withdrawn by the Pentagon in 
that four-year period. 

Also, the Pentagon has been re- 
ceiving more money to cover infla- 
tion than it needed over the last 
four years. 

Armed Services 
a report 
jartmeni for hoid- 
ition dividend, es- 
timated at $30 billion to $50 billion 
for fiscal 1982 through 1985. The 
committee is expected to come 
dose to the higher estimate in the 
report, to be issued this week. 

To bring future milil 
ing down significantly, 
would have to do more than add 
fewer dollars to the pile. 

One remedy would be to cancel 
giant weapons programs outright, 
but this throws people out of work 
and incurs cancellation r barg es 
from the contractor. Another pos- 
sibility is to reduce the Pentagon 
payroll of 2.1 milli on men and 
women in uniform and another one 
million civilians. 

To avoid these methods. Con- 
gress and the Pentagon in the past 


have killed new programs, slowed 
production of weapons coming out 
of the factory and cut operational 
costs by reducing flying hours and 
sailing days. 

The army is in a manpower 
crunch, so neither its leaders nor 
Congress is inclined to reduce the 
size of the force to save money. 
This means such programs as the 
Divad anti-aircraft gun and new 
helicopter programs would be cut, 
along with stretch-outs in current 
programs. 

The navy has most of the money 
needed to build its 600-ship fleet. 
However, it wOl come under in- 
creasing pressure to consider build- 
ing a combination of nuclear- 
powered and cheaper conventional 
submarines, reconsider planned 


purchases of improved A-6 medi- 
and F-16 “a 


The House 
Committee is 
criticizing the 
ing onto this i 


urn bombers and F-16 "aggressor'' 
aircraft and slow the tempo of its 
operations. 

The air force, also running short 
of manpower to operate such new 
weapons os cruise, missiles going to 
Europe, is trying to build two 
bombers at once, the Rockwell B-l 
and Northrop’s Stealth. The 
Stealth is running far above cost 
estimates, according to air force 
sources, making it a candidate Tor 
stretch-out. 


15 Bombs Explode in Goraca 

Return 

BASTIA, Corsica — Corsican 
guerrillas have stepped up their 
campaign for independence from 
France, carrying out about 15 
bombings Friday night for the sec- 
ond time in a week, police said * 
Saturday. No one was injured, but 
the explosions caused serious dam- 
age. 


Senate Budget Vote: Reagan Is Losing Leverage 


The tax code exempts church- 
based. charitable and educational 
groups from federal taxes if they do 


not spend a “sabstantiaT part of 
to influence 


their budgets in efforts 

legislation. Court rulings have de- 
fined “substantial” to mean more 
than 20 percent 

“What we spend is so far under 
20 percent it's clear this is just an 
attempt to try to grab some head- 
lines and tie os up in legal battles,” 
said Debra Ruben, national coordi- 
nator of the National Network in 
Solidarity with the Nicaraguan 
People, a group of 60 local commit- 
tees working to end U.S. involve- 
ment in Nicaragua. 


An IRS spokesman said tax com- 
plaints were treated as “informa- 
tion hems that may or may not be 
investigated.” 


(Continued from Page 1) 

has been (o disman tle the Great 
Society and as much of the New 
Deal as possible, then this is a re- 
gression, if not a reversal for the 
administration. They've come up 
against a stone wall of resistance in 
their own party, when they have to 
call in the vice president to break 
the tie. They had a desperate jug- 
gling act to salvage anything.” 

But many legislators of both par- 
ties saw the outcome not as a repu- 
diation of the president bat as evi- 
dence that he, as much as they, 
must respond to a public opinion 
concerned about deficits but insis- 
tent that defense be included in 
cutbacks. 

In this view, the outcome was 
foreordained by the November 
election results. Despite Mr. Rea- 
gan's sweeping personal Victory, 
die Republicans lost two seats in 
the Senate and fell eight or 10 seats 


short of l 
the House withhelp from conserva- 
tive Democrats. 

The narrowness of the Senate 
mqority, and the fact that 22 of the 
53 Republican seats are up for elec- 
tion next year, made it certain that 
Mr. Reagan would have to adjust 
his goals to meet the political prior- 
ities of those senators. 

A dozen or so moderates, who 
were central in Senator Robert J. 
Dole’s dose election as majority 
leader in December, gained special 
leverage, and they made it dear 
that ddense would have to share in 
the budget discipline for them to go 
along. 

Mr. Reagan’s leverage with the 
Senate was reduced, according to 
several Republican senators, by the 
controversies over his European 
trip and his Nicaraguan policy and 
by his dump in the polls. 

According to a White House of- 


ficial, Mr. Dole, a Kansas Republi- 
can, was “pretty blunt” in telling 
Reagan aides last week that “the 
president belter endorse the pack- 
age we’ve put together, because he 
can't lake another defeat right now 
and the economy cfcn't stand seeing 
the effort to cut budget deficits 
fair 

Many Democrats, however, say 
that Mr. Reagan may still be able 


to turn the budget battle to advan- 
himself an 


tage for himself and for his party. 

“It’s a setback” for Secretary of 
Defense Caspar W. Weinberger, 
said a former Aulrman of the 
House Budget Committee, James 
R. Jones, Democrat of Oklahoma. 
“But 1 think the president is 
aligned almost perfectly with pub- 
lic opinion as it stands. Some form 
of freeze, including the military, is 
the only thing that's politically via- 
ble.” 

In political acknowledgment of 


that, the chairman of the House 
Budget Committee, William H. 
Gray 2d, Democrat of Pennsylva- 
nia, has promised to bring to the 
House floor within 10 days a pack- 
age that at least matches the Sen- 
ates reductions and, in conformity 
with Mr. Reagan's insistence, does 
so without raising revenues. 

It is clear that the issue of a 
freeze on Social Security is even 
more sensitive politically for House 
members, aD of whom face the vot- 
ers next year, than it was for the 
senators or the second-term presi- 
dent. 

With all but one Senate Demo- 
crat having imposed the budget, 
and many of them reveling at the 
prospect of malting the Social Secu- 
rity freeze a partisan issue in 1986, 
many House Democrats would 
have to support such a freeze to 
make it politically palatable for the 
Republicans. 





L.i »--*-■ 
- 


I 









MONDAY MAY 13. 1985 


a *ajs«* 1 


BemltQSfeSrlbttM Arms Contro1 01,1 Be IIad ’ H Wanted 


i ubli-hw} \tjlh Tbr V> York Timm and The Yuhington Pm*i 


Therefore We Remember 


Europe remains divided almost exactly as it 
" J ’ “ So*. iet and American armies 

'i“ppe^ -0 >&m ago. Tlie victors pers'iSL in the 
antagonisms Lhal instantly appeared. “.An iron 
cuvtjjn i, drawn down upon their front,” 
<_mirctn;i cabled to Truman on May 12. 1945; 
,ntf CBBnw 1 spread freedom across all Eu- 
rope ui -slipping a wav. The chance was Iosl 
^ e.yre 190 ended, the great dilemma of the 
ayc ' ear ^S? 1 - had appeared. The price of slabil- 
,l - accommodation to a hostile system. 

_ ' v 'hat was special about a 40 ih anniversa- 
" ~ ^ I' - [ ha t ih is v- as the last major an ni versa - 

r> or >. orid W^r |j ^t which survivors could 
speak to the present. .As the furor over Bitburg 
snowed, experience could still bear witness. 

However, with one notable exception, to- 
days leaders squandered Lhe moment. 

From Bitburg to Strasbourg. President Rea- 
son was of? stride. Hts gestures to Germany’s 
war dead and victims were clumsy and barren. 
In recalling the w he could not bring himself 
to evoke the memorable alliance between Rus- 
sians and Americans. In appraising the after- 
math he simply avoided the lough task of 
deciding v.terc he draws the lire between 
appeasement and coexistence. 

Uene r a! Secretary Gorbachev was infinitely 
worse. P.ji’Jirg missiles in Red Square, he 
celebrated Stalin's falsehoods: that the war 
was fought no: against Nazism but against 
capitalist imperialism: that Russians died not 
for the motherland but for communism; that 
America enriched itself at Europe's expense 
and went on to become a menace to mankind. 
He did bemoan the absence of an “all-embrac- 
•ng intemjti.r-r.vni security system.” but showed 


□o sense of special obligation to create one. 

While the victors hurled their epithets across 
the continent, last week's only memorable 
presidential speech came when Richard von 
Wcizsacker. president of West Germany and 
son of a man tried for war crimes, summoned 
his people to “look truth straight in the eye." 

He mounted his country's dead, but its 
victims even more. He did not. like Mr. Rea- 
gan, blame “one man's" evil, or, like Mr. 
Gorbachev, a disembodied ideology. Every 
mature German, he said, bears a share of guilt 
— in common, perhaps, with other peoples 


that have instigated war and violence, but also 
uniquely, for the genocide of the Jews. 

Only Mr. von Weizsdcfcer confronted the 
ultimate enemies of indifference and forgetful- 
ness. “There were many ways of not burdening 
one's conscience, of shunning responsibility, 
looking away, keeping mum. When the un- 
speakable truth of the Holocaust then became 
known at the end of the war, all too many of us 
claimed that they had not known anything 
about it or even suspected anything." 

After all the contrived ritual here finally 
was a reason for commemoration: “AH of us, 
whether guilty or not. whether old or young, 
must accept the past ... It is not a case of 
coming to terms with the past. Thai is not 
possible. It cannot be subsequently modified 
or undone. However, anyone who closes his 
eyes to the past is blind to the present Who- 
ever refuses to remember the inhumanity is 
prone to new risks or infection . . . Seeking to 
forget makes exile aH Lhe longer, the secret of 
redemption lies in remembrance 

— THE NEW YORK TIMES. 




istressed Africa 


in I c Si* Nigeria'* oil revenues were 525 
billion: now the figure is SIO billion. In the 
shrinkage lies -he explanation for the govem- 
meni’i decision to order undocumented aliens 
out as a sovereign state has every right to do to 
reserve jobs for i:v own citizens and ease social 
'train The fast time Nigeria issued such an 
order, some 2 million people from other West 
African countries were pushed helter-skelter 
over the border, with great personal suffering. 
This time hundreds of thousands are affected 
and the eurreni military government is taking 
a certain care to see that no similar face of 
burercjc-atic i -difference is presented to the 
world — ah.Vugh reports make plain that the 
exodus is no! going altogether smoothly. 

One wonders v,hjt these unfortunate people 
are going to a:-. iv’O't are apparently from 
Ghana, where the firs: batch of returnees are 
being dispersed :o their home villages. Yet the 
cirvumManves that drove them from their vil- 
lages in the first place — broadly speaking: 
Mnpoveris.iT.er.: in the case of Ghana. Benin 
end Tvzo: im-a hunger in the case of drouaht- 


afflicted Niger and Chad — are worse now. 

. The movement of large numbers of people 
across borders is a signal of distress; their 
movement back is a signal of double distress. 

The f amin e in Ethiopia may have given 
many Westerners the notion that distress in 
Africa has a special Marxist origin. ft would be 
more accurate to say that Ethiopia's govern- 
ment, in its Marxist fashion, has aggravated a 
condition of underdevelopment and depen- 
dency that has made most of Africa a disaster 
area without parallel in recent times. The re- 
sources to provide life, a livelihood and the 
politically and psychologically necessary sense; 
of progress have simply not been available. As 
a result the greater part of a continent is 
gripped in a pervasive long-term crisis that has 
Forced a focus on short-term emergency needs. 
Even these are not being adequately met. 

Meanwhile, local authorities and foreign ex- 
perts grope for ways to restore a process of 
development and growth. The exodus from 
Nigeria is one more sign of the desperation. 

— THE WASHINGTON POST 


Xi -J. -W VU.'- m B. 

One of history '$ improbable detours carried 
Presided Reagan te iberia last week. Twenty 
year.: ago democracy seemed a forlorn dream 
in Spain and Portugal, Western Europe’s last 
citadels of tyranny. But even under Franco 
and Salazar.' the yeasts of freedom were fer- 
menting A, 'tor them, with vital help from 
Europe's parliamentarians, a new leadership 
made iberia -ate for stable, democratic rule. 

Mr. Reagar > aid the right words about this 
dramatic tranvormation and dealt deftly with 
Spain ? domestic dcbair over American bases 
and member nip in NATO. What is less evi- 
dent!? hi.? of the remarkable opportunity 
presented ry the nse of Felipe Gonzalez. 
Spain’s Sot.aiht prime minister, who is be- 
coming the democratic counterweight to Fide! 
Castro in the H spar.ic world. 

Spain is a gaicwa;. to the New World, as its 
sailors ii ‘Covered almost fOO years ago. Its 
prouder i creation was the empire it lost, and 
its former colonies are still intangibly tied to 
Caoiiic. P*a bond transcends ideology. Fas- 
cirt Spam did forsake Communist Cuba. 
de;-?i;e a U.S.-led boycott. Democratic Spain 
is net about to forsake Marxist Nicaragua. 

Then -.vr-v not constructively engage Mr. 
Gonzalez :r. Central American diplomacy? He 
v.jnts. to join liie search for a political settle- 


>asiish Could Help 


GiSzenslih) for Palestinians 

It is r.ece-.ir. in recognize the right of the 
pjlcsliruafe to determine their future, and to 
slop treating (hair, like second-class citizens. If 
it is not p-. vsible for them to have a state, then 
thev vvalc nave citizenship in a confederation 
s.;lh Jordan. It i‘ humiliating not to have 


ment. Having come of age under Franca he 
well understands Nicaragua's suffering under 
the Somozas. And no Spaniard needs instruc- 
tion in the U.S. habit of talking piously about 
freedom while doing business with caudillos. 
A 1953 deal with Franco established the U.S. 
bases that Spain now wants to phase out. 

But Mr. Gonzalez also understands much 
more than the Sandinists. They see free ejec- 
tions as a concession to enemies; he sees them 
as an imperative check on power. They equate 
U.S. principles with humbug; he grasps the 
muddled logic of having a king as guarantor of 
Spanish democracy. They treat diplomacy as a 
morality play; he sees it as give-and-take, and 
so he struck a bargain to make Spain's involve- 
ment with NATO acceptable to his people. 
This performance earns him a hearing when he 
tells Mr. Reagan that economic sanctions will 
not topple or alter the Managua regime. 

To use Prime Minister Gonzalez's good of- 
fices requires two things; a willingness to con- 
sider seriously a political settlement with Ma- 
nagua, and a leap of historic understanding It 
may be that this asks and hopes for too much 
from Washington. But a president properly 
impressed by Iberia's flourishing democracy 
would find ways to put it to use. 

— THE NEW YORK TIMES. 




citizenship. There are some people in Arab 
countries who do not want the Palestinian 
problem resolved because it serves their pur- 
poses. The Soviets also want the trouble in the 
area to continue. Including the Soviets in a 
peace conference would be destructive. 

— Mustapha Amin, co-founder of die Cairo 
daily Al-Akkbar, qmed in World Press Review. 


FROM CrR MAY 13 PAGES, 75 AND 50 YEARS AGO 


19 Ifi: AnsS-Forciga i r nresl in China 
CaNTON — The un r est which has been de- 
veinp'-s ir the >:-u!h of China during the past 
vear i* inters: fvirva the superstitious reading 
of serious oorw'n-.' »n the coming of the comeL 
Agitators are reedy to seize any pretext to 
create anu-foreign "and anti-Manchu trouble. 
The Self-Government Society is agitating 
again m America. Several secret meetings have 
followed the public one of April, when the 
soaetv resolved to bovcott .American trade 
unless' its appeal m the President brought a 
stop k» the alleged iil treatment of and offen- 
sive practices inflicted upon Chinese mer- 
chants and students at San Francisco. Ameri- 
can merchant > here are anxious. 


1935: Marshal Pilsudski Dies at 68 

WARSAW — Marshal Josef Pilsudski. Po- 
land's iron man and dictator, a founder of the 
Republic and one of the nation's most patriot- 
ic sons, died here of uremia [on May I2J. He 
was in his 68th year. He devoted his life to 
fighting for the independence of Poland, a 
fight which put him in prison four limes and 
forced him into exile at one time. He finally 
saw his dream coroe true and he formed the 
first Polish government when the nation was 
proclaimed a republic in November, 1918. as 
Lhe German armies collapsed in the west. In 
May, 1926. he launched a coup d'Eut and 
established himself os a dictator and held 
that power until his death. 


INTERNATIONAL HERALD TRIBUNE 

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P LAINS, Georgia — - Many people ask me if 
there is a chance for success in the arms 
control negotiations in Geneva. The answer 
depends upon whether the two sides genuinely 
want agreement or whether they are mainly 
interested in scoring propaganda points. This 
question has yet to be resolved. 

Success will depend on each side’s willing- 
ness to respect the other — to concede the other 
side's right to exist, to acknowledge the possi- 
bility that both share common goals ana that 
both are willing to negotiate in good faith and 
honor an agreement once it is signed. 

These basic elements of trust have received 
short shrift during the last four yean- President 
Reagan has claimed that the Soviet system is 
internally so rotten that it will soon be on the 
ash heap of history, and that the Soviets want 
war, not peace, and have habitually violated the 
agreements concluded by his predecessors. 
Similar statements have come from the Krem- 
lin. in this atmosphere progress is imposable. 

As f know from personal experience, it is 
difficult enough to conclude agreements even 
when both sides are determined to succeed. 
Reaching agreement oa strategic weapons, for 
example, involves complex questions of defini- 
tion, numerical limits and verification. The ad- 
ditional task of resolving disputes about inter- 
mediate-range missiles in Europe has increased 
the difficulty of reaching an overall agreement 
Allegations of Soviet violations of existing 
agreements, and Soviet fears about President 
Reagan’s Strategic Defense Initiative, have 
added further distrust and complexity to the 
public maneuvering and private negotiations. 

To assess these issues, former President Ger- 
ald Ford and 1 have been co-chairmen of an 
extensive study of international security and 
arms control sponsored by the Carter Center or 
Emory University in Atlanta. In three sessions 
— the most recent involving a Soviet delegation 
headed by Ambassador Anatoli Dobrynin — 
we reached several general conclusions. 

One was that since the time of President 
Kennedy, both sides had generally negotiated 
in good faith and that agreements enhanced 
world peace and stability. Another was that, 
except for a few technical violations on both 
sides, the agreements had been honored. 

Despite heated discussions and sharp ex- 
changes — most often among members of the 
American delegation, which consisted or mem- 
bers of the Reagan a dminis tration and three 
previous administrations — a surprising con- 
sensus emerged among the participants, and I 
came away convinced that even the more con- 
tentious issues could be resolved by the super- 
powers in a mutually satisfactory way. 

The first order of business is for both rides to 
demonstrate that they are sincere about nuclear 

A U.S. Salute 
Was Missing 
In Moscow 

By Stephen S. Rosenfeld 

W ASHINGTON — The United States am- 
bassador in Moscow stayed away from 
Soviet celebrations of V-E day last week. That 
was a pity. In the larger scale of things, the 
reason cited for American coolness — the Sovi- 
et shooting of an American major in East Ger- 
many in March — does not measure up to the 
loss of an occasion to show respect for (he 
single, great, joint Soviet-American enterprise: 
the defeat of Hitler Germany. 

Sensible persons —there are many sentimen- 
tal persons — cannot imagine that an American 
salute would change anything in the current 
equation. But some things should be done with- 
out thought of the return. 

Consider the way it was for an American in 
Moscow 40 years ago on V-E Day. “As soon as 
the street crowds spotted the small U.S. flag on 
my car," Leo Gniliow recalled in an anniversa- 
ry piece in the Christian Science Monitor, “they 
surrounded me, pulled me from the car ana 
hauled me into the center of a cheering, laugh- 
ing cluster. People fought to shake my hand, 
kiss me, embrace me. Never had 1 felt such a 
burst of warmth and friendship." 

Surely it was a genuine bum, although it is 
hard to imagine that Stalin shared in it. To U.S. 
Senator Claude Pepper he said that the allies' 
anti-German tie “no longer exists, and we shall 
have to find a new basis for our relationship in 
the future. And that will not be easy." 

Meanwhile, the mutual exhilaration of May 
1 945 left some troublesome myths behind. 

In America many people still feel cheated. 
They wonder how the spirit of wartime cooper- 
ation could have been lost, whether it could not 
have been sustained and applied carefully in 
small doses to subsequent events. And could 
not some part of the spirit of the Elbe, where 
American and Soviet soldiers met, yet be re- 
vived? Soviet propaganda has made diligent use 
of these doubts for OKades, encouraging Amer- 
icans to take all the blame for the lapse. 

Well we Americans made mistakes, misun- 
derstood some things badly. The American 
postwar purpose in Europe, nonetheless, was 
principled and remains beyond apology: to 
bring freedom and a new life. Where American 
power reached, this American purpose was gen- 
erally well served. Over the years the revisionist 
arguments blaming America for the Cold War 
have, for me, worn increasingly thin. 

A second myth is harder to speak of. For aH 
of its terrible costs. World War II was actually a 
deliverance of sorts for the Communists. The 
war gave the people an honest external enemy 
and let the regime take a positive patriotic role 
It is relevant here that Hitler killed perhaps 
one-half or even one-quarter of the number of 
Soviet citizens whose deaths can be attributed 
to acts of Kremlin power. The accepted figure 
of casualties lost to Hitler is 20 million. Soviet 
estimates of people lost in the imposing and 
consolidating of Communist rule b> purges, 
induced famines, expulsions, executions, aban- 
donment and so on run up to 80 million. 

Ponder those figures and you begin to under- 
stand why to this day the regime encourages the 
people to lavish such Lremendous outrage on 
the Germans. The system that inflicted these 
losses upon its own people is still in place. The 
member of it most associated with mass crimi- 
nal brutalities. S talin was hailed by the new 
leader, Mikhail Gorbachev, at a Kremlin rally 
on Wednesday and given sustained applause. 

I have never found a satisfactory way to put 
together the two elements of Soviet participa- 
tion in the war. There is the great valor of the 
Soviet people and their immense sacrifices in a 
cause in which the United States reaped major 
benefits but suffered only 5 percent of Soviet 
wartime losses. There is the cynicism of the 
Communist leadership in putting the war to its 
own uses, inside and outside the Soviet Union. 

Still, there is an abiding requirement for a 
civil dialogue with the one power that has the 
capacity to inflict unbearable damage on the 
West and its friends. This is one of the two 
reasons why it would have been good for Presi- 
dent Reagan to End a belter way to pay Ameri- 
can respects to the Soviet Union last week. The 
other is simply that valor deserves a tribute. 

The Washington Post. 


By Jimmy Carter 

Forma' President Carta founded die Carta 
Cana, a Emory Urmasdy in Adaraa, to 


arms control Both should consent to abide by 
existing agreements even though they may not 
be formally in effect, and that includes the 
Interim Agreement on Offensive Anns, the 
Threshold Test Ban Treaty and SALT-2. 

There will be an important test of this com- 
mitment late this summer when the number of 
miss iles on the new Trident submarine will 
exceed the SALT-2 limits — unless an equiva- 
lent number of older, perhaps obsolete weap- 
ons are retired. Similarly, the Senate should 
ratify the Threshold Test Ban Treaty, and, 
commensurate with verification capabilities, 
explosion limits could be steadily lowered from 

Reagan should reassess 'star 
wars . 9 Even if the SDI proves 
feasible several decades from 
now, U would be destabilmng 
and prohibitively expensive. 

the present level of 150 kilotons. This could 
lead to a comprehensive test ban agreement. 

Meanwhile, Mr. Reagan should reassess 
“star wars." Even if it proves feasible several 
decades from now, it would be destabilizing 
and prohibitively expensive. It also creates the 
false impression that deterrence by countervail- 
ing offensive systems is morally wrong. 

The "star wars” issue appears to be the most 
serious overall obstacle at Geneva. The Soviet 
side is unwilling to consider deep reductions in 
offensive weapons as long as the possibility of 
new strategic defensive deployments is not de- 
finitively foreclosed; the American side wishes 
to negotiate precisely such deep reductions 
while holding open the “star wars" option for 
an indefinite time, pending completion of re- 
search to establish its feasibility. 

The Soviets made it clear at the Emory con- 
ference that independent agreements might be 


l, If Wanted Forty Years On,& 

Treaty and lhe Outer Space Treaty, with a Russians Await 

pledge that no steps be taken contrary to the 

terms of those agreements until prior negotia- 9 

tions have been exhauste d . Research is permit- M'WWWmfP TjfS 

ted by the ABM treaty, but development and W 

testing as proposed in the SDI are not Through r 

negotiation, the parties should darify die terms . By nODert L. I uCKer 

iSE E T> RINCETON, New Jersey — The news of 

search and development, aid there should be yf Germany’s surrender reached the Soviet^ 
dear nonce of any posable plans to abrogate or m*, 10, a day none of us whd? ' 

ddfoeraiely vrnUie the treaty’s toms immedi- u iL^nbiy in Moscow wffl 

nmniuk fogpL Red Square wasaswl with people min- 

S ? Vi ^l^L? ade SCVCra ^,fi)P^^w in v gmiTine rang ramlating anyone in uniform, 
perhansfor propaganda The3nnea Ss vto went out of 


1«— 


itionsof 
any de- 


ployraem of vreapons m space and of fnrtbCT ^*3*, ! joined the crowd in the square My 

mostvlvid memory is of a Red Aroy major 
pose a pause, or waiting period, m the further | 00 j £ j n _ toward me and saying to no one in 

ing chip. That is, the United States Si 

refrain from deploying the MX in exchange Tor „ T 3 ** 6 ? 1 .7 u ^, se P ai ?^ 


to, were ^nied off to Red Square on the 
SSS shoulders of exultant Muscovites. A civilian 
ployraem of vreapons m space and of fnrtbCT ^*3*, ! joined the crowd in the square My 

mostvlvid memory is of a Red Aroy major 
pose a pause, or waiting period, m the further | 00 j £ j n _ toward me and saying to no one in 

reW from deploymg the MX mexchangelor £|tnSs SSSSRaa a SfOTMtioSf 

!2ffiSSr2SiSlSSS BSr suprivShn whichiSmillion armare lost their 

lives. The Soviet press bad said little about the 
Over the long haul, both sides should aim at ^ ^ Lend-Lease aid, bul the people knew: 
much smaller nuclear forces whose obvious 
purpose is deterrence, not a first strike. Both 

: y ” < P^T cfaffl^fed'affaires, steppedonto tlKpcdeaal of a 


s Has oa the protected southern side of moon- 
tain ranges or in submarines deployed in ocean 
havens. The exact number of strategic weapons 
is not as important as balance, survivability and 
assured deterrence. It will also be necessary to 
persuade the other nuclear nations to reduce 
their arsenals in a comparable manner. 

To avoid the frustrations that arise out of the 
UJS. Senate’s failure to ratify negotiated trea- 
ties, future documents might be framed as exec- 
utive agreements, requiring a majority vote in 
both houses. That would avoid the veto power 


able in Stalin’s Russia — a spontaneous popu- 
lar demonstration. George r. Kennan, then 
diarg6 d'affaires, stepped onto the pedestal of a 
column and addressed the people in Russian, 
congratulating them on victory day. They re- 
sponded with a roar of appreciation. ; y 

Apart from relief that the war was over, theft” 
had grounds to be hopcfuL In grim 1941 and 
1942, to solidify popular support for the war 
effort, Stalin’s regime had spread word through ' 
the rumor grapevine — the country's real com- 
munications network — that thing? would be 
different after victory. Americans would open 
department stores in the dries. Collective farms 
would be disbanded. Students could study 
abroad. There would be freedom of expression 


ference that independent agreements might be both houses. That would avoid the veto power . ^ No wonder ^ thaTmtior in 
concluded on the three subjects at Geneva — of a mere one-third of Senate members, many R . thoueht it was“time to live** 
strategic offenses, intermediate-range weapons of whom are philosophical opposed to any ButRussi^sSxaatic ruler harbored other 
m Europe and strategic defenses —but that all reasonable agreement involving arms control nn^, xnw»« lnwnshdwv tdfnhnn-H 

three had to be negotiated simultaneously and the Soviet Union or international agenc^. ^ r0 ^Tv E S^ra^^ 
in depth. They are under the impression that My hope is that arms control agreements wffl SraRnnSfanSSrS^ 

Amoica consiaers “star wars" non-negotiable. tendrtiod Itetecrtr issues wffl jha be 
There (sa way aroundlhis apparent unpasse. how to present fflem to Congress and how to KhruSvSterpreted Stalin's 

The United Stales and lhe Soviet Union raidd crny them onL It is not an impossible dram. Swims ova 

continue to adhere to the Anti-BaQistic Missile The Hew York Tones. with h» ««« ihmWno 



Bul Russia's autocratic ruler harbored other 
ideas. When Nikita Khrushchev telephoned 
him from Kiev cm V-E Day to congratulate him 
on the victory, Stalin rudehr cut him off, saying 
hewaswastmgtnne.Recaffingtfaeconversatiofa 
in his memoirs, Khrushchev interpreted Stalin’s 
behavior to mean that “since the war was overh- 
and done with, he was already Ihmkrng about 7 
other, more important matter s." Perhaps. 

Later, of course, all hopes were dashed. It 
was not “ time to live" after all but time to gear 
up for another great war whose strong possibili- 
ty was lodged, StaHn said on Feh. 9, 1946, in the 
nature of “imperialism.” Hence three or four 
more five-year plans would be needed to guar- 
antee against “all mntingHiaes." 

A Russian in whose apartmenlT was sitting 
when Stalin’s speech came over the radio lay his 
bead on his folded arms when he heard those 
words. All over Russia, Ibelieve. people did the 
same. It was the end of expectations for a ' 
postwar life free of the tension and privation 
experienced throughout the 1930s. The postwar 
period was beingprdiguied as a'potential new 
prewar period. The Cod War was on. 

The rest is familiar, Stalin died in 1953 bntjSr 
Russia has yet to cast off the incubus of his' 
legacy. It lives on in centralized bureaucratic 
administration, censorship of public expres- 
sion, imperial rule over neighboring lands, eco- 
nomic ills and a decline otfldeotogical beheL 
Although the Cold War ended, in same sense, 
after Stahn died, superpower relations are at a 
tow poinL After fire yean of hostile occupa- 
tion, 115,000 Soviet troops are stffl fighting to 
subdue once-neutral Afghanistan. 

Forty years later; what an American who 
remembers V-E Day.in Moscow wishes for the 


ended and still have not obtained despite im- 
provements in their lot since Stalin’s time. 

The writ*, author cf “Stalin as Refohomary,“is 
emeritus prafasa of potitia at Princeton University. 
He contributed das to Tbs New York Times. 


Cave Folk Sleep Here, Grate Folk Sleep There 


M OSCOW — When a group of American 
congressmen left here recently, there was 
a final barbed exchange of invitations between 
Representative Robert Micbd and General 
Secretary Mikhail Gorbachev. The new Soviet 
leader invited the congressmen to come back 
for a longer visit so they could see “we don’t all 
live in caves." The congressman from Illinois 
invited Mr. Gorbachev to the United States so 
he could see “we don't all sleep mi grates." 

Since I have been here I have thought about 
these caves and grates. The Soviets, especially 
officials, are highly sensitive to the Western 
portraiL A professional America-walcher com- 
plains, “The Soviet Union is seen in your coun- 
try as a very primitive place where people are 
under consiant surveillance.” It is the word 
“primitive” that wounds him and others. 

At the same time, the party-line picture of 
America is foreign to my eyes. If Americans see 
a Soviet Union full of dissidents, the Soviet 
people see an America full of derelicts and 
demonstrators. The newspapers hoe run aid- 
less photos of the homeless and the protesters. 
A recent issue of the Literary Gazette carried a 
picture of a derelict, with the caption, “Every- 
day Life in the Free World." 

Cartoons in Pravda are as subtle as the one 
that portrayed “America's peace plan for Nica- 
ragua” with a huge foot coming down on the 
country. Even KrokodiL the humor magazine, 
had a cartoon entitled “Democracy in all its 
arms" showing a towering male figure outfitted 
with syringes ,T for heretics,” brass knuckles “for 
colored people" and machine guns for “the 
fighters for human rights." 

Despite this portraiL the same America- 
watcher complains that the Soviets have “an 
idealistic view of American technological prow- 
ess. They have myths about American prosperi- 
ty. They don’t know enough about your severe 
problems.” It is an admission of public cyni- 
cism about the Soviet press. 

In fact there is little firsthand knowledge of 
any kind about the United States among the 
unofficial people I visit. Very few havebeen 
allowed to travel to the West, although travel 
ranks high on the wish lisL Few have read the 
Western press, although Hemingway and Up- 
dike may have more Soviet than American fans, 
and “Gone with the Wind" is a high school hit 
This mix of ignorance. Drooaeanda and skeo- 


By Ellen Goodman 

Five or six rimes I am told with absolute cer- 
tainty that “American families are not dose like 
our families." Once, after a long afternoon with 
a sophisticated, thoughtful teacher, I am star- 
tied to hear her ask about communism in Amer- 
ica, saying, “We know it’s the second largest 
Communist Party in the wotkL" j 

Bui the widest gap between image and self- 
image emerges one nigbL in a home in Lenin- 
grad. My hosts, Lydia and Alexei, are gracious 
but uneasy, and halfway through a supper of 
dumplings and cake I rasped that I am the first 


because of your propaganda. As I leave, shc£- ; 
gives me a copy of John Steinbeck's "Grapes of ' ' 
Wrath" and I have the distinct impression that 
she believes it is banned in America. ' . 

More than once in these two weeks I have 
been tempted to shake my head in disbelief at 
Soviet descriptions of America. But each time, I 
think about the Gorbacbev-Mkhd exch ange , 
about Americans’ own narrow virion. 

An ebullient Leningrad- sociologist, Vladimir 
Lisovslri, tells me pointedly of his trip to Ameri- 
ca and it echoes with my own enierience& As 
Mr. Lisovrid left tile New Jersey family he was 
visiting, he said to them, “You know, I am a 
Communist" They said, “No, uo, you are too 


American this young family has ever enter- jovial too nice,” and he 

«U A » n !lr *1 * - 9 *1 


tained. When the talk turns to world affairs the impishly and provocatively, he said 10 rhm 
doctor expresses her utter conviction that the “What do I have to do to make you believe me? 
Soviet Union is peace-loving and America is Put a knife between my teeth?* 
threatening. When I tell her that many Ameri- Many are the misconceptions between thy* 
cans believe the reverse, she is sincerely star- land of caves and the land of grates. 
tied. If it is so, she says quietly but firmly, it is . Washington Past Writers Grot#. 


LETTERS TO THE EDITOR 


Damascus Should Be Dealt In 

Regarding the opinion column “ Mideast : Pit- 
falls of U.S. Activism” (April 15): 

What I find constructive m Fooad Aj ana’s 
column, insofar as a peaceful settlement in the 
Middle East is concerned, is the Syrian factor. 
Syria should be included in the peace process 
from the start, in addition to its concern for the 


want to 
that the 


portray them as such. It is unfortunate 
iHT would join in this propaganda. 


AZIZS. FID. 
Riyadh. 


estinian problem without Syria would be futile; 


Li asm of propaganda yields a complicated im- 
pression of America. Some of the best educated 
people 1 meet express simultaneously an exag- 
gerated idea of American unemployment and 
envy of American prosperity. There are also 


would complicate the Palestinian problem and 
the Israeli-Syrian conflict 
The United States, because of its mffliaiy 
and economic support for Israel has a moral 
and political obligation to play an active role in 
the Arab- Israeli conflict — but not in Lebanon. 

AJV. BIN DAAER. 

Vienna. 

Suicide Bombers in Lebanon 

A report appeared cm Page 2 of your April 13 
issue fi4 Death in Lebanon: Do Not Be SatT ) 
about a suicide bombing against the Israeli 
occupying forces in southern Lebanon carried 
out by a 16-year-old Lebanese gui Sana 


Tamerlane Wasn’t Turkish 

Regarding the report “Byron Essay Is Found 
in London Cellar" (April 29): 

The discovery of Lord Byron’s satirical essay 
cm the brutality of war is welcome news. Its 
subject, Tamerlane, was not. however, a Tmfc- 
ish conqueror." After conquering most of Aria 
hie was reluctantly drawn mto conflict with the 
Ottoman empire. His Mongol army routed the ' 
forces of Saltan Beyazid T and overran Aria 
Minor. Turks were thus among his victims. 

MALCOLM TRONIC 


to me that “in America everything is done Tor Israeli propa ganda, explaining away the reris- 
the sake of business." I hear a report from a lance of Lebanese to Israeli occupation as the 
geography lesson: “California is a place with a misguided acts of blackmailed youngsters, 
lot of rich people where they build missiles." It is natural that Israeli propaganda would 


8W v SS' Complain to die Management 

I have been following with interest the re- 
ebanon ports oo case is- at 

all typical the rot set m long before the new 
of your April 13 computer was installed, far my troubles began 
o Not Be SatT) with the tossofmy 1980 return by PhOaddpSa 
inst the Israeli and the errooeotis attribntMjiLof two 1982pay- 
-ebanon carried meats to 1981. This tetho an erroneous rrtundj 
ese gui Sana oil the 2981 return and four Jong years aP 
ril 16 a second frustrating correspondence. After the IRS rep- 
Tmber TeDs of resenlative in-Paris S ug gested that I write toa 
toed the line of special office in Washington setup to iavesti- 
away the reris- gate taxpayer complaints, rny file was strright- 
cupatiou as the -enedoaL asifbymagic,ma , nttleoveran»nth. 
youngsters. JUUEML HOLLANDS, 

paganda would . ; iVis. 





INTERNATIONAL HERALD .TRIBUNE, MONDAY MAY 13, 1985 


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TheReagan Visit: European Efforts at Self-Assertion Raised f . Internal Contradictions 9 


Ify John Vinocur 

. ifpw York Times Service 

. PARIS — When President Ronald Reagan 
came to Enr^peeiriier th« month to confront it 
with big derisions on participation in his Strate- 
gic Defense Initiative and tin g«* economic 
issues as protectionism and trade regulation, the 
United Stales's allies were intrigued observers. 

They were looking to gauge the president's 
strength, to see for themsdves a man they 


opinion in mind. In Moscow, Mr. Gorbachev 
accused the United States of . growing more 
“befficosev” while in Strasbourg, the 
charged that the Soviet Union was d 
nuclear stability with a new multiples 
missile. 


NEWS ANALYSIS 


thought might be slipping, particularly when his 
coomunications magic seemed to be flagging. 

Second-term American presidents become 
lame docks in Cologne as wal as at home; their 
limp, if signaled, can turn into an international 
message of political «fnrinn 

The issue of presidential leadership took on 
added importance because of the broader issues 
of war and peace that came to the fore during a 
week that marked the 40th anniversary of the 


end of World War II in Europe. 

Soviet leader, Mikhail S. 


Mr. Reagan and the Soviet! 

Gorbachev, talked at each other, often in harsh 
terms, and undoubtedly with West European 


Bat when the two leaders, addressed each 
other directly, they softened their tone. In an 
exchange of messages. Mr. Reagan called for 
renewed progress toward a more stable peace. 
Mr. Goriachev, recalling the wartime coopera- 
tion, pledged his efforts to prevent nudear ca- 
tastrophe. 

Mr. Reagan returned to ‘Washington on Fri- 
day. piodanmug “a successful trip." But after 
stops in Bonn, Madrid, Strasbourg and Lisbon, 
after Lhe discomfort and outrage of the Bitburg 
cemetery, after thehung-jmy aspects of the final 
communique from the economic summit meet- 
ing, after the hoots and applause at the cheer- 
up-Europe speech before the European Parlia- 
ment, Europe was paying less attention to Mr. 
Reagan’s political health than to hs own. 

Few. besides himself thought he bad swept 

labored^ best, ^^e^uppean^^elssue 
was barely there. Their main concern was bow 
his- visit, particularly at die Bonn meeting, 


showed their inability to agree among them- 
selves. " 

franceand West Germany were at odds over 
the Strategic Defense Initiative proposal — 
France was against participation; West Germa- 
ny apparently for — and whether to go ahead 
with international talks over trade protection- 


If some Europeans had hoped to find a great- 
er chant* for self-assertion m signs of a more 
cautious, more pliable Reagan administration, 
they wound up strengthening the arguments of 
the Americans who consider Europe to be what 
Jean Franpxs-Poncet calls “a useless complica- 
tion that hardy merits attention.'' 


r It seems as if Europe, with its divisions and turnabouts, has its 
heart set on justifying America's indifference and irritation,' 
said Jean Frangois-Poncet, a former French minister. 


ram. West Germany was for the talks; France 
was not. 

Italy wavered, with France describing Italy as 
sympathetic to its position on trade, and West 
Germany suggesting that it might respond fa- 
vorably cm participation in the Strategic De- 
fense initiative together with the Socialist gov- 
ernment of Prime Mmister Bettino CraxL 
Britain sought to minhniye the problem. 

Bui other Europeans, pointing to the growing 
U A attachment to the Pacific, spoke in despair 
of how little reason the Americans had to take 
than seriously. 


“It seems as if Europe, with its divisions and 
turnabouts, has its heart set onjnstifying Ameri- 
ca's indifference and irritation,” said Mr. Fran- 
qois-Poncei, a former French minister for exter- 
nal relations. 

Jacques Attali, President Francois Mitter- 
rand's chief adviser, acknowledging Europe’s 
“internal contradictions,” tried to put the best 
face he could on the situation. “It isn’t the first 
time that the Europeans are divided, and I 
imagine it isn’t the last,” he said. 

What had happened was that Mr. Reagan's 
presence, rather than pushing the Europeans 


together, lifted the cover from the contradic- 
tions that the allies had managed to talk around 
when they woe only talking among themsdves. 

By saying “no” to participation in the U.S. 
research program on space weapons, Mr. Mit- 
terrand may have satisfied a traditional notion 
of French independence, jeww , he remewi 

od of testing a possible second-term slowdown 
by Mr. Reagan and assuring an equal-to-equal 
relationship concerning the space program. 

Now, those countries weighing participation 
may have to deal individually with Washington, 
the surest way, according to some Europeans, of 
becoming what Mr. Mitterrand contemptuously 
referred to as “subcontract ore” in the enter- 


iions for Mr. Mitterrand's refusal to agree to a 
date for trade talks was that he believed that Mr. 
Reagan was not strong enough at home to 
produce a lowered deficit and that the quid-pro- 
quo arrangement was meaningless. 


Alongside these central issues. Mr. Reagan 
may have taken home a lingering sense of un- 
ci an ty in Europe. His economic sanctions 
against Nicaragua are dearly unpopular among 
the allies, but there was no united criticism or 
condemnation on a matter that is tangential to 
European interests. 


pnse. 


On the trade issue, the Europeans’ assessment 
of the president's strength seemed to have been 
a Factor in the failed attempt to agree on new 
lalks in 19S6 aimed at limiting protectionism. 
The package that would have led to the talks 
contained a promise by the United States to 
reduce the budget deficit and lower interest 
rates. 

This assumed willingness by lhe Europeans to 
accept at face value a pledge by Mr. Reagan to 
attack the deficit. One of the French explana- 


One of the biggest ironies of Mr. Reagan’s 
trip is that in spite of his pleas for a strong 
Europe, the discussions that his visit triggered 
exposed the Europeans' political divisions. The 
exposure came when the European Community 
countries were planning to discuss institutional 
reforms that would help them to act more flexi- 
bly and as a more cohesive political unit. 


In looking at the situation, Mr. Fran^ois- 
Poncet cautioned the United States against 
finding any secret pleasure in Europe's difficul- 
ties. 


“It is not only Europe that is in question.” he 
said. “Its impotence weakens America on the 
ricochet, and America would do well to notice.” 


3 Countries 
Coordinating 
Nazi Hunt 


‘ By Ralph BlumenthaJ 

New York Tima Service 

NEW YORK — The United 
States, West Germany and Israel 
haveann<miicedaiiewco(jrfinmed 
effort to track down mid prosecute 
Josef Mengde, the cihove Nazi 
death camp doctor. 

After two days of meetings in 
Frankfort, the uA Justice Depart- 


ment said Friday, law enforcement 
three 


officials of the three countries “lb- 
solved to open direct lines of com- 
mmucation at the prosecutorial 
and investigative levels” with- the 
aim of bringing Dr. Mcngde to 
trial for “crimes against human- 
ity.” 

West German arrest papers 
charge him with selecting victims 
for gasring and wnulM-a i experi- 
ments at the Auschwitz extermina- 
tion camp in Poland. 

The agreement, the most ambi- 
tious international effort since 
World War II to hunt down a for- 
mer Nazi, comes 40 years after Dr. 


Mcngde died his SS uniform and 
boldly re* 


fly resented in his hometown in 
the American sector of Germany. 
Later he disappeared, to resurface 
in South America under his own 
name, selling the Mcngde family's 
Hue of farm machinery, before go- 
ing underground n gy>«n. 

The new international coopera- 
tion follows years of virtually no 
official interest and only fitful un- 
official moves tofind Dr. Mcngde, 
now regarded as the world’s most 
wanted fugitive, with a price of 
nearly S4 nuffion on his head. 

Why the case, after lying dor- 
mant for so many years, should 
now assume such extraordinary 
proportions is unclear,' but some 
officials say it has to do with the 
40th anniversary of Germany^ de- 
feat and a long-ddayed coimng to 
grips with issues of the Hatecanst 

Investigators and other experts 
interviewed in recent months said 
tiieybdieved that Dr. Mcngde was 
still alive at age 74 and hiding in his 
longtime refuge of Paraguay. 

In a television interview, the Par- 
aguayan leader. General Alfredo 
Stroessnec, recently denied know- 
ing Dr. Mengde and told ABC 
News: “I don't know where be is, 
and we cannot find out where he 
is.” 

But accounts from Mcngde as- . 



Sweden Calls 
Lockout After 
Talks Fail 


Stadium Is Briefly Home 
For Expelled Ghanaians 


Hu Anobrtad f 

Pro te sters threw bottles and other objects at policemen outside a hotel where former SS members were meeting. 


19 Hurt in Protest Against SS Reunion in Bavaria 


By Bamaby J. Fcder 

New York Tuna Service 

STOCKHOLM — The Swedish 
government has taken measures to 
combat the disruption of schools 
and government services expected 
Monday after the breakdown of 
negotiations on a pay dispute with 
Sweden’s largest white-collar civil 
sendee union. 

The union on Saturday rejected a 
proposal by mediators, and the 
government began a lockout of 
80,000 employees, including 55.000 
secondary school teachers. The 
lockout is intended to farce a settle- 
ment by draining the union's finan- 
cial resources. The union pays the 
full salary of striking members. 

Since the start of May, a selective 

strike by 20,000 members of the 
263 , 000-member muon has shut 
Sweden's airports, ted to long de- 
lays and sharply higher costs in the 
transportation of exports and im- 
ports, and disrupted the issuing of 
such documents as passports. 

The union has been asking for a 
3.1 -percent pay increase, on top of 
5 percent agreed to by other unions 
in centralized wage negotiations. It 
argues that its present contract pro- 
vided for the extra increase to keep 
k level with employees of private 
businesses. 


. By Williaro Drozdiak . ... 

‘ * WamingUM Past Servtee 

, NESSELWANG. West Germ*- 
try —The controversy in West Ger- 
many over the legacy of SS soldiers 
erupted into violence as 400 anti- 
Nazi activists laid siege to a , hotel 
here where several hundred veter- 
ans of the Waffea SS were holding 
a reunion. 

Chanting “Nazis out,” the pro- 
testers pelted the botd with bottles, 
print bombs and eggs for mere 
than an hour Saturday before the 
police restored order by firing jets 

of water laced with tear gas in to the 

crowd. Nineteen persons, including 
15 policemen, were injured and 15 
of 71 persons arrested still were in 
custody, the police said. 

The attackers, described by the 


police as “punks and anarchists,” 
ted assembled in’ front of the Hotel 
Krone as part of a peaceful demon- 
stration of 5,000 people marching 
past to demand the expulsion of the 
Waffen SS veterans from this small 
Alpine resort town. 

The May S wreath-laying cere- 
mony by President Ronald Reagan 
and C h ancellor Helmut Kohl at the 
Bilburg nnhtary graveyard, where 
49 Waffen SS troopers are buried 
along with hundreds of other sol- 
diers, appears to have intensified 
the conflict between the SS veter- 
ans and those opposed to tbdr re- 
unions. 

Several former SS members here 
said they felt vindicated by Mr. 
Reagan’s appearance at the ceme- 
tery because it demonstrated that 


they deserved the same respect as 
other soldiers. 

“Reagan is the best president the ” 
United States ever had,” said Wal- 
ter Krueger, 72, a former SS major 
in the 1st Panzer Corps. “It was 
always the fate erf German people 
to suffer in war under weak and 
sickly presidents like Wilson and 
Roosevelt” 

Reunions of SS divisions are an- 
nual affairs in West Germany and 
tr aditionall y attract- protests. The 
demonstration Saturday, however, 
was larger and more violent than 
previous gatherings. 

The SS veterans contend that 


, Jewish and civil rights groups in 
.West Germany have accused the 
veterans of seeking to perpetuate 


tifejtfazi mystique, citing the ap- 
ol knowt 


pearance at known members of 
neo-Nazi groups at some of the 
reunions. 


The government has insisted that 
a breach of the 5-percent ceding 
this year would be fatal to its ef- 
forts to control inflation. Itis wide^ 
ly assumed that a victory by the 
civil servants' union would shatter 
the wage agreement with the other 
unions. 


The police said Saturday that 
about 20 members of the neo-Nazi 
group Viking Youths who had 
come to tend support to the SS 
veterans were sent out of town after 
scuffling with anti-Nazi demon- 
strators. 


their meetings are designed only to 
bring together former wartime 


comrades and to hdp needy pen- 
aoners among them. 


Nessehvang's town council had 
sought to ban SS gatherings this 
year but found that no legal action 
could be taken as long as lhe veter- 
ans held a private session and did 
not promote Nazi ideas. 


Only several hundred museum 
and theater workers were affected 
by the lockout during the weekend, 
but about 55,000 teachers in sec- 
ondary schools and workers at 150 
agencies will be affected Monday. 
Tne labor dispute is the most exten- 
sive involving public employees in 
Swedish history. 

The union has sought so far to 
limit the impact of its action on the 
public. Among the services it con- 
trols is Sweden’s electricity supply. 


Polish Aide Attacks XJ.S. 'Subversion' 


sedates obtained by a New York 
Mens 


in Para- 


lawyer place Dr. 
guay as recently as 191 

The investigations also have 
brought to tight these disclosures, 
among others: 

• For about four years after flee- 
ing Auschwitz, Dr. Mengde lived 
openly, by ail accounts, in or 
around his hometown of Ginz- 
burg, in Bavaria. 

• At some point. Dr. Mengde 
may have been taken into custody 
by American forces, according to 
ambiguous notations in UR. Army 
records and recoQections by former 
Americas soldiers. - 

• In 1956, in Argentina, Dr. 
■Mengde abandoned a longtime 
alias and resurfaced under his own 
name, in winch he secured citizen- 
ship in Paraguay. 

In Paraguay, in the 1960s, offi- 
cials of the Stroessner government 
tipped off Dr. Mcngde that Israeli 
agents woe looking for him. 


By Michael T. Kaufman 

New York Tbnd Service 
WARSAW — Poland’s interior 
minister, in a speech to the Seym, 
or parixamaat, assessing the state of 
public order, accused the secret ser- 
vices of the United States and'other 
Western countries of sponsoring 
political subversion in Poland. 

Hours after two US. diplomats 
were expelled Friday from Warsaw 
on charges of participating in an 
illegal May Day procession, the in- 
terior -nrinkiw, General Czeslaw 
Kjgiczak, described Poland's polit- 
ical dissidents as “fanatics' 4 or 
“confused”, fells of foreign inter- 
ests, notably American. 

• He also accused Washington of 
n-ting di plomat* students, report- 
ers, tourists and Polish bmgres for 
spying. The speech was the sharp- 
est in a series.of Polish attacks on 
the United States that have in- 
creased in the two xveeks since Mik- 

hafl SL Gorbachev, the Soviet lead- 
er, met herewith General W.qjtiecii 
Jarazdski, the Polish leader. 

After the speech, the assembly 


amended the pmal code to raise 
fines, apply stricter sentences for 
misdemeanors and provide for 
snnmary court procedures without 
right to counsel in lesser crimes. 
Under these provisions, mere pres- 
ence near an illegal gathering is 
punishable by three months in jaiL 

General Kiszczak said: 

“We receive an ever greater num- 
ber of signals of intmafied at- 
tempts by Western special services 
to recruit Polish citizens gome to 
the West for espionage tasks. The 
diplomatic tniwanns of some coun- 
tries, correspondents accredited in 
Poland, students on fellowships 
and even people with tourist visas 
are being involved in espionage and 
subversive activities to an ever 
greater extent." 

The twoU.5. diplomats, William 
Harwood and David Hopper, were 
detained last week at a demonstra- 
tion in Krakow. They said they 
were monitoring the procession. 

The government asserted that 
they and four U.S. tourists arrested 


at another demonstration took part 
in tire protests, shouting slogans 
and raising their fingers in the for- 
bidden “V” sateteef Solidarity, the 
banned union movement. 


, “According to our investigation 
there is a conglomerate of about 
300 illegal groups ranging from a 
few people to several score,” Gen- 
eral Kiszczak said. “In ati, there are 
about 1,500 declared enemies of 


sodahsnK and around them oper 
dinars 


ate a numerically fluid auxilnary 
group, souk of whom do not fully 
realize who and what they really 
serve.” 



For Russian, 
49th Day of 
Visa Protest 


By William J. Eaton 

Lot Angela Tima Service 

MOSCOW — A Soviet citizen 



i day of a hunger strike Sunday. 
“Today I almost died,” Yuri V. 


■ Warning on Krakow Visits . 

The State Department said Fri- 
day that TJ-S. citizens should exer- 
cise caution when visiting the Kra- 
kow area. The Washington Post 
reported from Washington. 


General Czeslaw Kiszczak 


“In view of the recent erratic and 
arbitrary behavior cf law-enforce- 
ment and security officials in the 
dty of Krakow, U.S. citizens visit- 
ing the Krakow area are advised to 


exercise extreme caution,” said a 
spokesman, Ed Djerejian. 

He said the travel advisory 
would be reviewed after 30 days. 
Department officials said privately 
tha t while no further action was 
imm ediately planned, the United 


until it ascertained whether ! 
incidents in Krakow had ceased. 


Chester Gould, 84, Creator of Dick Tracy Comic Strip, Dies 


By Albin Krebs 

New York Tima Strike 

NEW YORK — Cheswr Gould, 
84, creator of Dick Tracy, (Bed Sat- 
urday of congestive "heart failur e at 
his home in Woodstock, Illinois. 

Mr. Gould broke away from 
comic-strip tradition with a hero . 
who was not intended to be humor- 
ous. Tracy dispatched murderers 
and racketeers with grim and 
graphic violence. 

The strip was oat of the most 
popular ever to app«rin American 
newspapers. In the late 1 950s, it 
was carried m nearly 1,000 newspa- 
pers^ worldwide and read by an esti- 
mated 65 nnUkm people a day. 

It was created m 1931, inspired 
by Mr. Gould's hatred of die un- 
derworld and such gangsters as Al 
Capone. 

“Why doesn't someoneiust meet 
the louse and shoot Trim'r he, once 
said. 

Devotees of the sqaare-jawed de- 
tective in his black suit and snap- 



Chester Gotdd 


brim fedora did, however, find hu- 
mor, most erf it perhaps uninten- 
tional, in Dick: Tracy and his 
adversaries.. 

Some readers objected that Mr,' 
Gould's depiction of crime was too 
gruesome. They said that his vU- 


Dfcfc Tracy, 1963 . 

]nfnc such SS the rnarttflf- p wmn 


Id Pnroeface, the insect-sur- 
rounded Flyface and the vermin- 
visaged Mole, were baibsoiqe to 
look ai- 

Many of them died grotesque 


deaths: one was scalded to death in 
a Turkish bath, another impaled on 
a flagpole. 

Mr. Gould produced the strip for 
46 years before retiring in 1977, 
what it was continued by two oth£r 
artists. 

Mr. Gould was bom Nov. 20, 
1900, in Pawnee, Oklahoma, and 
grew up in Still water, Oklahoma, 
where his father was the editor of a 
weekly newspaper. At age 15 he 
took a $20 correspondence course 
in drawing. As a student at Oklaho- 
ma A&M Unnterehy, he contribut- 
ed cartoons to an Oklahoma City 
newspaper. 

Be attracted the attention of Jo- 
seph Medill Patterson, ft co-editor 
of The Chicago Tribune and 
founder of The Daily News in New 
York, who had him change the 
name of the strip from “Plain- 
clothes Tracy.” 

The Tracy strip made its debm 
Oct. 4, .1931, in the now-defuna 
Detroit Daily Mirror, a Tribune 


r, and a week later in The 
_ News in New York, winch 
still carries it 

To keep abreast of police meth- 
odology, Mr. Gould took courses in 
ballistics, fingerprinting, forensics 
and investigative procedures. In 
1946 his stnp introduced the two- 
way wrist radio, and, in 1947, the 
closed-dront television lineup, 
both of which were subsequently 
invented. 

Most of Mr. Gould’s villains 
lasted about three months. As be 
explained, “I figure that if I get 
tired of them, the reader is tired of 
them, too.” 


BaJovlenkov, 35. said Saturday in a 
calm, weak voice. “My temperature 
went up to 105 degrees Fahrenheit 
and my blood pressure was very 
km. It’s very difficult for me to 
stand up and my head is dizzy , 
dizzy.” 

Mr. Balovlenkov, whose tem- 
perature was equal to 40.56 degrees 
Centigrade, has gone without solid 
food since March 25 to call atten- 
tion to his application for (he visa. 
He wishes to join bis American 
wife, Elena Kuzmenko, and their 
two daughters in Baltimore, Mary- 
land. 

His mother, Nina Petrovna, said 
she went to the visa office Saturday 
at official request but was told only 
that it would take two or three 
months more to examine her son’s 
application documents. 

Mr. Balovlenkov’ s parents were 
veterans of the Great Patriotic 
War, ns World War II is called 
here, and they recently received 
medals to honor their service. 

“Thank, you for the big present,” 
Nina Petrovna said she told the 
official who gave her the mwial. 
“All the people are celebrating, and 
we are crying.” 

Mr. Balovlenkov said that in the 
past be has been promised an exit 
visa. The authorities have said that 
his job in 1982 gave him access to 
state secrets and thus he would be 
temporarily denied permission to 
endf 


By Sheila Rule 

New York Tima Service 

ACCRA, Ghana — The stands 
and playing fields of the sports sta- 
dium here have served m recent 
days as a joyless transit station for 
thousands of the poor, tired and 
anxious Ghanaians who have been 
ordered out- erf Nigeria as illegal 
imnngrams. 

Many have made the 30Q-mik 
(486-kilometer) trip from Lagos to 
Accra, Ghana’s capital, as human 
cargo of sorts, lightly packed in 
huge trucks. The Nigerian authori- 
ties had given aliens until last Fri- 
day to obtain residence permits or 
leave. 

For many at the stadium and 
another reception center nearby, 
Accra was a brief stop in a journey 
to remote parts of this poor conn- 
tiy. 

Officials here said that about 
62.000 Ghanaians had arrived 
since Nigeria announced the expul- 
sion plan in mid-ApriL The num- 
ber was far short of the 300,000 
Ghanaians believed to have been 
working in Nigeria. Some officials 
and returning Ghanaians said 
many were still stranded in Nigeria, 
unable to pay for transportation 
home. 

A Ghanaian statement said the 
Nigerian government had pledged 
to accommodate all r emaining ille- 
gal aliens at a camp from which 
they would be taken to Ghana and 
other countries by ship or aircraft. 

[At Seme, Nigeria, a major cross- 
ing point on the border with Benin, 
more than 2), 000 people were 
caught by the border closure and a 
line of more than 300 vehicles 
stretched bade along the road, Reu- 
ters reported Sunday from Lagos. 

[The people refused to comply 
with a Nigerian government direc- 
tive that they return to a transit 
camp near Lagos, about 55 miles 
away, to await transportation home 
by sea. Many said they lacked wa- 
ter and had no money left to buy 
food.} 

On May 3, the Nigerian govern- 
ment told 700,000 illegal aliens that 
they had a week to leave and that 
the borders, previously dosed to 
prevent currency smugging, would 
be open for their departure. In ad- 
dition to the 300.000 from Ghana, 
there were about 100,000 from Ni- 

S ; most of the rest were from 
id and Cameroon. 

It was Nigeria's second mass ex- 
pulsion. It expelled about two mil- 
lion foreigners, one million of them 
Ghanaians, in January 1983. 

Most of the foreigners had been 
attracted to Nigeria in hopes of 
fleeing drought or of gaining a fi- 
nancial foothold in a country made 
relativdy prosperous fay its oil 
But falling on prices have slowed 
Nigeria’s economy, and foreignere 
have been viewed as depriving citi- 
zens of jobs. Authorities have also 
blamed the foreigners for high 
crime rales in the cities. 

“We have done nothing picept to 
look for the better way of life,” said 
a woman who was loading a mat- 
tress and a sewing machine onto a 
track for her journey to a town 
about 100 miles from Accra. “They 
wanted us to leave, so we will go. 



The W sJ i i i giun Poo 


But if we could have hod more 
time, it would have been better for 
all of us.” 

Trucks carrying returning Gha- 
naians have converged on the re- 
ception center at the stadium and 
another at a nearby trade fair ate, 
by a lagoon on the Atlantic, 

As they tumbled off the vehicles, 
many searched for food and water. 
Though most had no money be- 
cause Nigerian customs officials 
bad searched them closely and re- 
fused to let them cany out more 
than the 20 naira (S17.6S) allowed 
by law, many have returned with 
bicycles, mattresses, dec trie fans 
and other items. 

The Ghanaian government is im- 
posing customs duties on some of 
the items, one of several signs that, 
an official said, the returning Gha- 
naians will not be “pampaed as 
they were” in the 1983 expulsion. 


32 Conservatives 
FormaGroupto 
Oppose Thatcher 


Reuter* 

LONDON — More than 30 
Conservative Party members of 
Parliament announced Sunday that 
they have formed a group tio op- 
pose the policies of Prune Minister 
Margaret Thatcher, the party lead- 
er. 

Frauds Pym, a former foreign 
secretary, and 31 parliamentary 
colleagues said they have set up an 
organization called Conservative 
Critter Forward to fight for a more 
liberal form of conservatism. 

The MPs, who have been meet- 
ing secretly for several weeks under 
Mr. fym's chairmanship, said they 
would vote as a block against the 
government in Parliament when 
they believed such action was justi- 
fied. 

Dissatisfaction has been growing 
in the party over Mrs. Thatcher’s 
raDure to reduce unemployment, 
which is at a record 33 millio n 


people, or 13.5 percent erf the work 
force. Several Conservatit 


live parlia- 
mentarians, worried at the prospect 
of losing the next general election, 
due by 1988, have pressed Mrs. 
Thatcher on the problem. 


DOONESBURY 


HtR&Fm, /?- 

msts-wm (!L 

POSUNAT V\y 

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Reuters 

BELGRADE -—A strong earth- 
quake* Saturday shook tne Ko- 
paonik Mountains region in east- 
ern Yugoslavia, causing some 
damage to homes and water supp) 
systems, but no casualties, 1c 
finals said. 


mgrate. 

Mr. Balovienkov has discussed 
his case with Speaker Thomas P. 
O’Neill Jr. of the U-S. House of 


Representatives and other Ameri- 
can officials. He is one of about 20 
people married to Americans 
whom the UR Embassy in Mos- 
cow has tried unsuccessfully to 
help through diplomatic represen- 
tations. 




1 




INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


International Bond Prices - Week of May 9 


Provided fay Credit Suisse First Boston Securities, 

Prices vmy wry according to market condHioos 


London, Tel.: 01-623-1277 

and other factors. 


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Eurobonds* DM Bonds • Schuldscheine 
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Db$SELDORF 


Telex 8 581 B81/8 581 882 


London 


Telephone 6386141 - T&ex 887984 




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WestLB ImemaiionaJ S.A, 32-34, boulevam orande-Duchesse'a^SS; 
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wstdeutsche Landesbank. BAIbwsr. 36tfa Floor. 12 Harcourt Road 
Hong Kong. Telephone 5-8420288 • Telex 75142 HX ‘ 

Marketmakers in Deutschmark BondsWOSt 1 R 

Westdeutsche Landesbank 





























































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^4 Monthly Report for the International Investor 


4 k 'INTERNATIONAL # ^ 

Heraia^^enbune 


Page 


Mondrtv, May 13 . i 9 S 5 


PERSONAL INVESTING 


TT7TT7^nr 


More Bad News for Bonn 

West Genaan observers are braced for another dose of 
negative news when first quarter gross national product figures 
crane out in the next 10 days. Herbert Wolf, chief economist of 
Commerzbank AG, estimates jhaL the economy contracted an 
inflation- adjust ed 0.5 'to 1 percent in the first quarter when 
compared with the fourth quarter. 

- while saying the economy is developing “disappointingly,” 
Mr. Wolf expects it to revive a bit in the second quarter to show 
1 -5-percent growth from the end of 1984, indicating a 23- 
percem advance for 1985. A March decline in factory orders 
alarmed some analysts, buf Mr. Wolf notes that a strong trade 
surplus, low inflation, a moderately expanding money supply 
and government spending disriphne are underpinning the econ- 
omy. 

The choppy growth should not unduly affect big exporters, 
such as Siemens, Daimler and the chemical sector, he says. 
These companies “wffl have solid profit growth and stand to see 
their share prices c&xnb beyond. current levels.” The construc- 
tion industry will remain a weak spot, he says. 

A Breather for Paris? 

Look for the Paris bourse to take a breather before attacking 
new heights. With the CAC index already up by almost 20 
percent since the start of the year, analysts expect a modest 
correction with the downside itsk Hmitcd to about S percent 
over the next two months. 

Most observers expect the market to crane bade strong later 
in the year. They say the bullish envir onment c reated by 

a good corporate earnings, strong 
foreign interest, abundant li- 
quidity and expectations of 
lower domestic interest rates 
will return. - 



FEB. MARCH APRfl- 

Source: Datestrmm 


i?TTwrr I 1 1 • 


ward to the Mitterrand 
istration’s 1985 tax cut that will 
take effect in the last quarter of 
the year. Most expect the reduc- 
tion to stimulate^ household de- 
mand. Patrick Legrand, a part- 
ner at Legrand Lacoarte, 
suggests that investors start 
looking at consumer-goods 
stocks Oke SEE and BSN. Da- 
vid Jones of Savory M31n in 
London, favors the supermarket 
chain Carr cf our and is recom- 
mending Darty, an eiecmcal- 
appliance retailer, for a long- 
term gain. 


More Options on ihe Way 

Last month’s U5. Securities and Exchange Commisoon’s 
decision to allow big markets, Kke the New York and American 
stock exchanges, to trade options on 10 over-the-counter stacks 
is just a hint of things to come. Gordon Macklin, president of 
the National Association of Securities Dealers, hopes to intro- 
duce options on two over-the-counter indexes by August. 

In fact, Mr. Macklin expects that Hading in options on the 
Nasdaq 100. which reflects movements of tne largest nonfman- 
dal issues, and the Nasdaq Financial Index will come to 
dominate the stock optionsgamc and pave the way for options 
on other selected issues. ”111616 could eventually be 80 or 90 
stock options traded on these exchanges,” Mr. Macklin said. “If 
you tune an options trader, your menu has just been expanded.” 
But market watchers note that the SEC ruling could be bitter- 
sweet for the NASD. Along with the options, official gave 
tentative approval to a plan that would allow UJS. exchanges to 
trade the OTC stocks as weB as their options. 

Bullish Views on Gold 

Jeffrey Nichols is among the goldbugs who wisely refrain 
from short-term predictions. But the president of American 
Precious Mends Advisors in White Plains, New York, is con- 
vinced that in one or two years gold will be outperforming 
stocks and bonds. 

His reasons: a shrinking gold surplus available for invest- 
ment, the willingness of some investors in recent months to bet 
against the dollar, and sentiment that U.S. monetary policy is 
easing because of the Federal Reserve's concern about the 
economy’s health. “Deflation talk has disappeared," be notes. 

He also finds bullish signals in the many articles on whether 
President Ronald Reagan has “peaked” politically- In a contrar- 
ian sense, “Gold has for several years been a barometer erf 
confidence m the American presidency," he says. 


munTT- 


Top Performers in 1984 


Thetop 10U.S. coromexfity funds hi 1984 based on change 
hi average unit value of 64 pubUcty held funds. 


Mochida: The Story Behind a Story Stack 

Mochlda Pharmaceutical dally share price in yen charted by Datastream 


FUND 


, FIRM 


1984 1985 

Jan-March 


Thomas Financial ’ Thomson McKinnon +75.4% . + 8.9% 
Futures Partners I 

Peavey Commodity PeaveyCo., . +64.7% +1.2% 
Futures Fundi Dain Bosworth 

Peavey Commodity Peavey Co M +63.2% +1.8% 

Futures Fund II Dabi Bosworth - 

HetnoW Recovery I Itahwid Securities +50.5% -4.0% 

Aries A.Q. Edwards & Sons, +483% +4.6% 

Commodity Fund Ceres Investment Co. 

Thomson Commodity Thomson McKinnon - +47.2% *4.6% 
Partners! 

• ■ • 

Princeton Futures Paine Webber +423% +23.6% 

FundH 

Heinold Hltnote HelnoM Securities +41.4% -5-3% 

Commodity Fund 

Thomson McKinnon Thomson McKinnon +38.7% + 0.6% 
Futures Fund 

Princeton Futures Paine Webber +36.6% +4J2% 

Fund 

Soarc*; Norwood Sttajrfties 


16,000 


14.000 


12,000 


10 , 000 ' 


8.000 


6,000 


4,000 


2A9hgSpree 

Specuiatore join In 
tfie buying. Large 
Japanese broker- 


poIRlcat groups are 
said to be among 
the purchasers, v 


SJnqiAy 

Mirttetry Of Fi- 
nance armouncea 
it wifi investigate 
Dahwa Securities. 
Feara arise that 
/ the probe will 
' focus on trading in 
Mochlda shares. 


l.Takeoff 

- Hayashftiara 
Laboratory, after 
announcing it is 
working on the 
OH-1 cancer drug, 
accumulates 
Mochlda shares. 


U.K. Gilts: 
A Volatile 
Option to 
The Dollar 


3J5efl-Off V 

After Mochlda* s' 
price tops 16,000 
yen, Hayashlbara 
Laboratory sells 
large numbers of 
shares. 


4JRebound 

Technical rebound 
buoys pharmaceu- 
tical stocks 


MARCH APRIL 


Tokyo’s Speculative ’Story Stocks’ 


By Terry Trucco 

Tokyo 

I TS EARNINGS are faffing and no new 
products are on the maricet But for the last 
year Modtida Pharmaceutical has been the 
talk of the Tokyo Stock Exchange. Slams’ 
skyrocketed from 2300 yen last spring to an un- 
precedented 16,600 yen in October, men fell by 
nearly 8,000 yen in December. 

Thai was wily the beginning. The price shot bade 
to 14300 yen in February, sank to 6,000 yen in 
April and rebounded again, topping 10,000 yen 
this month. Its current price/ earnings multiple of 
nearly 700 is almost surreal. 

Speculation as we& as manipulation played a 
part in Modnda’s wQd swings. Groups of profes- 
sional speculators who prowl Che Tokyo exchange 
dearly helped influence the price. Even competing 
Japanese political factions, which routinely raise 
funds on the market, were said to have profited 
handsomely from its ups and downs. 

But at the core of Mochida’s extravagant price 
acrobatics was a story. The company is said to be 
working on several anti-cancer agents, including a 
drug known as OH-1. Rumors about its untested 
potential have helped keep Mochida shares active 
for more than a year. 

Mochida is perhaps the best known (sample of 
so-called story stocks or “zaiiyo kabu,” issues sus- 
ceptible to violent price swings that are set off 
mainly by a stray, be it of a revolutionary invention 
or a miracle drug. Sometimes the story is well 
grounded. Other times it is pure puff. 

Such shares can be a potent market force. En- 
couraged by a strong wave of speculative fever, 
enthusiasm for issues related to biotechnological 
and anti-cancer drugs helped push the Nikkei Dow 
Jones index of 225 stocks to a record high of 12,683 
on April 3. Within two weeks, large sales of these 
issues triggered the index’s steepest descent in 
history, down to 12307. 

Most analysts termed this a healthy correction, 
spurred by a prolonged uptrend and excessive 
prices. Price/ earnings ratios for many biotech- 
related stocks have soared post 100. But rumors 
and stories were afloat at the time and undoubtedly 
had some influence in the market. 

Indeed, there was a widely circulated report that 
a handful of Japanese companies that were work- 
ing on another anti-cancer drug, called TNF, had 
stolen some of their research data from an Ameri- 
can company and faked other test results. There 
were even rumors of a death from an artificial 
blood product produced by Green Cross, a Japa- 
nese drag company. AU these reports have been 
denied by the companies. But, as one Tokyo ana- 
lyst put it, the perception of a rumor is more 
powerful than reality in such instances. 

Moduda's story begins back in April 1984. At 


the time Hayashlbara Laboratory announced it 
was developing an anti-cancer agent that would 
represent a major breakthrough in scientific re- 
search. Unlike other drugs, the experimental agent 
was supposed to attack cancer cells directly with- 
out reacting with an individual's immune system. If 
perfected, tins characteristic would mean that the 
drug could be given in massive doses without 
concern about harmful side effects. 

The problem for Hayashibara, however, would 
be how to market its new drug once it was ready. 
The small, privately held company seemed ill- 
equipped to undertake a broad selling and distribu- 
tion campaign, according to many observers. Spec- 
ulation soon mounted that it would have to take on 
a partner from among Japan’s big pharmaceutical 


companii 
The di 


debaie over which company would get the 




m r . 


prize contract soon ended when it was learned that 
Hayashibara was buying shares in Mochida. Ru- 
mors of an eventual linkup between the two spread 
and the market began snapping up Mochida stock, 
sending the company’s share price on a roller- 
coaster ride that shows no signs of ending. 

Every market has its speculative side, but Tokyo 
seems especially susceptible. “Though people tend 
to exaggerate it. there is a speculative element 
here,” acknowledged Robert Burghart, an analyst 
with W.l. Carr in Tokyo. 

With no strong market theme, a sluggish econo- 
my and lots of ready cash for investment, Japan's 
market daring the 1st 10 months has been ideal for 
nurturing story stocks. 

The Japanese exchanges have relatively few of- 
ferings, many with a thm-fioaL Al the same time, 
these are chased with, a lot of money. Because erf 
various restrictions and tax laws, the stock and 
bond markets have been the main investment out- 
lets in Japan. With no capital gains tax and minus- 
cule dividends, the Japanese expect high-perfor- 
mance stocks. There also are few outlets lor the 
gambling instinct. “Instead of rolling the dice, 
people buy 1.000 shares,” Mr. Burghart said. 

Biotechnology-related stocks are merely the lat- 
est in a list of major speculative themes over the 
years that have focused on gold mining and elec- 
tronic stocks and shares in companies that develop 
new materials. But pharmaceuticals, with their 
promise of wonder cures for dreaded ailments, 
touch an emotional chord and are perhaps the most 
effective beneficiaries of a good story. “They’re 
where the dreams are,” said Takayuki Nakajima, 
senior economist at Daiwa Securities. 

The Tokyo exchange lists 38 pharmaceutical 
companies, including about a dozen lop-fligbl con- 
cerns that develop around 70 percent of what they 

(Contmoed on Page 8) 


By Bob Hagerty 


London 

T HE pound sterling was drooping toward 
parity with the dollar, and jokers talked 
of renaming it the ounce. A rattled gov- 
ernment had jerked interest rates up 

percentage points. 

Late in February, just when lamentations over 
the decline of Britain rivaled the weather os a topic 
of general conversation, the smart money rushed 
into gilts, as British government securities are 
called. Dollar-based investors who switched into 
10-year gilts then and sold two months later reaped-' 
a total return of around 30 percent, mostly reflect- 
ing currency phw. 

For the moment, the party may be over. The 
pound has weakened, and many foreign investors 
nave scurried for cover. But the late winter rally 
illustrated that gilts offer potential for explosive 
short-term gains. It also showed (hat most foreign- 
ers are unwilling to make long-term commitments 
to the pound and underlined the imperative of 
getting the currency trend right. “Sterling is an 
exciting currency says Stephen Lewis, a senior 
analyst at the London stockbrokerageof Phillips & 
Drew. “It can go a long way in either direction.” 

As investors pan the horizon for alternatives to 
the dollar, tbe pound generally and gilts in particu- 
lar are getting serious consideration. The attrac- 
tions include high yields and liquidity exceeded 
only by the U.S. and Japanese government bond 
markets. Already international, the gQt market is 
expected to become more so late next year when 
the London Stock Exchange opens itsdf to big 
foreign stockbrokers. 

Despite this month’s slump in the gilt market, 
many analysts and fund managers are cautiously 
optimistic on prospects for the rest of this year. 
“We think al the moment gilts are a very attractive 
alternative to dollar bonds,” says Emrno Qerid, 
chairman of the investment policy committee at 
Union Bank of Switzerland. 

At Salomon Brothers Inc, Graham Bishop, a 
London-based analyst, is skepticaTabout prospects 
for gains on long-term issues bat sees medmm-term 
gDts as the most attractive government bonds in 
Europe this year. 

The high yields on gilts are particularly impor- 
tant in gaining the affection of Japanese institu- 
tional investors, the world’s biggest capital export- 
ers. For regulatory reasons, many Japanese 
institutions prefer high interest income to capital 

gflins 

Tbe Deutsche mark is widely regarded as a 
stronger currency for the long term, but an investor 
switching out of dollars into marie bonds loses 
several percentage points of interest income Thus, 
be needs to be confident that his currency gain will 
be big enough to overcome the loss of income. Such 
currencies as tbe Australian and New Zealand 
dollars offer even higher yields than does the 

(Continued ou Page 8) 






Japanese drug stocks have been 
a favorite area of speculation. 


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C OMMODITY prices were depressed, in- 
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commodity funds surprised tbe investment com- 
munity by outperforming all public funds, even 
their distant cousins that trade only in stocks and 
bonds. 

On average, the publicly offered funds in (he 
United States generated a return of 12.4 percent in 
1984, marking a sharp turnaround from their 14- 
percenl loss in 1983 and bettering the results of 
fixed-income and equity mutual funds, which post- 
ed returns of 10.9 percent and 9.7 percent, respec- 
tively. 

The reason for the good showing had nothing to 
do with commodities. Tbe funds, which trade a 
wide variety erf commodity and financial futures* 
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somely from the dollar's strength last year. By 
selling foreign-currency futures short, expecting 
them to continue to decline, fund managers were 
able to ride the U-S. currency’s record surge. 

Untike mutual funds, commodity funds are set 
up as limited partnerships, offering units that are 
usually priced at $1300 and requiring a mrniimtn) 
investment of 55,000. Consequently, they are not 
as liquid as mutual funds, ana investors must wait 
until the end of the month to redeem then 1 units. . 
Some funds only allow redemptions at (be end of a 
fiscal quarter. 

Tbe funds first g ained prominence in the high ■ 
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modity prices enabled many of tbe funds to reap 
retains of between 50 and 60 percenL This was all 
tbe incentive Wall Street needed, and most of tbe 
big brokerage houses altered the futures fund 
business. Currently there are about 90 public 
funds, compared with just two in 1975. “It was a 
case of follow the leader,” said Morton Baratz, 
editor of Managed Account Reports, a newsletter 
that tracks tbe funds. 

Last year's solid performance could not have 
come at a better time for the industry, which has 
had trouble attracting new in vestment since 1983. 
Despite the proliferation erf funds, the industry still 
only manages about 5500 million, a meager sum 
compared with mutual funds. Scott Irwin, an econ- 
omist al Purdue University in Indiana who follows 
tbe commodity industry, estimates that for every 
dollar in public commodity funds invested, about 
$2 is withdrawn. 

The dismal performance in 1983 is not the only 
reason for the public’s waning enthusiasm. Cost is 
also a factor, according to analysis. Mr. Irwin says 
that every year co mmissi ons, management fees and 
administrative costs eat up about 20 percent of the 
asset value of the average fund, sharply reducing 
returns. The industry justifies the charges because 
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(Gouinaed on Page 12) 


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INTERNATIONAL HERALD TRIBl^SE, MONDAY MAY 13, 1985 


THE BOURSES 


Volatile Gilts May Get Even More So 




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(Continued from foge 7) 
pound, but those markets are far 
| less liquid. 

In the gilt market, an investor 
can rely on finding buyers or sell- 
ers whenever be needs to make a 
quick move — and speed is vital 
when currencies are gyrating. 
Moreover, tbe number of players 
in tbegill market is about to multi- 
ply. The deregulation of the Brit- 
ish securities business set in mo- 
tion by the government two years 
ago will reshape ihe gilt market in 
the approximate image of the US. 
gover nmen t bond market. 

At present, two London securi- 
ties firms dominate gfit trading. 
When the changes take effectm 
autumn 1986, the number of pri- 
mary dealers is expected to be 20 
or 30, of which a dozen or so wiD 
he big foreign banks and securities 
booses. That means gilts will be 
offered more regularly to foreign 
investors. Already, foreigners bom 
an estimated 10 percent of gQts 
outstanding, and that number is 
likely to grow. The presence of 
more foreign buyers could weQ 
make future gilt rallies more ex- 
plosive and downturns steepe r, 
some analysts say. 

Some of Britain’s economic 
news is also encouraging foreign 
investors. In March, the govern- 
ment's annual budget called for an 
even tighter squeeze on spending. 
Tbe Treasury projected that gov- 
ernment borrowing at the central 
and local level would total about 
125 percent of gross domestic 
product in tbe year that began 
April 1, down from 3.25 percent 
the prior year. The equivalent U.S. 
figure is around 4 percent 
“Of all the countries of the 
world, we have got one of the 
tightest fiscal policies,” says Gor- 
don Pepper, joint senior partner of 
W. Greenwdl & Co. and Britain’s 
best-known gjlt guru. 

At the same time, be notes, high 
interest rates have been forced on 
Britain “because of what’s hap- 
pening in America.” Eventually. 


Mr. Pepper says, “I would argue 
that there is a fall in U.K. interest 


ne (Private): 


that there is a fall in U.K. interest 
rates coming — and a substantial 
one.” 

Perhaps more important to for- 
eigners, the British government 
has si gnale d more willingness to 
defend the pound against the more 
rabid currency speculators. A few 
months ago. the government had 
given the impression that it was 
content to let the pound find its 
own level When that impression 
seemed to egg on selling of the 
pound last February, tbe govern- 
ment changed its tune. “Benign 
neglect is not an option,” Nigd 
Lawson, chancellor of the Exche- 
quer, intoned in his budget speech. 








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Chancellor of the Exchequer Nigel Lawson on the pound: 4 Benign neglect is not an option. 


Tire new attitude seems to make 
tbe pound less vulnerable to col- 
lapse, though bond investors must 
beware of violent increases in in- 
terest rates if the currency needs 
defending. “I think the prime min- 
ister [Margaret Thatcher] has set 
her face against any sharp fall in 
the pouruC” says Mr. Lewis. On 
the other hand, he says, Britain 
cannot afford to Let the pound rise 
very far against the mark, lest ex- 
ports suffer. 

As usual there are plenty of 
dangers lurking m the gilt mar- 
ket’s path. One of the biggest is ofl. 
Thai industry accounts for only 
about 5 percent of Britain’s gross 
domestic product, and many ana- 
lysts believe that on balance* lower 
ml prices would be good for the 
economy. Nonetheless, when oil 
prices weaken, currency traders 
tend to dump the pound 

Many analysts also worry that 
the growth of hank lending and 
money supply remains too racy. 
Last week, the government upset 
the market by reporting that M-3, 
the most closely watched money 
measure, grew at an annual rate of 
19 percent in the blest three 
months, well clear of tbe 10-per- 
cent ceiling ordained by govern- 
ment policy. 

Salomon’s Mr. Bishop says high 
interest rates are the government’s 
only tool to bring lending under 
control and keep inflation at bay. 
Thus, he rejects as too optimistic 
the widespread predictions that 
base lending rates will fall to 10 or 
10% percent by year-end from the 
current 12% to 13 percent. 

The pound’s drop earlier this 
year made imports more expensive 
and pushed inflation up to about 6 


percent But the government and 
most analysts look for dower in- 
flation ahead. Peter FeUner of 
James Capd & Co. predicts infla- 
tion of 4 to 5 percent next year. 

For an investor, the problem 
with looking so far ahead is that 
big political fears come into focus. 
For all its success in subduing in- 
flation, the Thatcher government 
has failed to halt the nse in unem- 
ployment currently standing at 
13.1 percent That failure is raising 
doubts about Mrs. Thatcher's 
leadership; the Conservative Party 
has fallen behind the Labor Party- 
in some recent opinion polls ana 
earlier tins month did poorly in 
county elections. 

T HE NEXT general elec- 
tion is expected in 1987 
or early 1988, leaving 
the Conservatives time 
to rally. But already there are wor- 
ries about a return of the Labor 
Party or a coalition government. 
“One could see that becoming a 
major issue in 1986.” says Mr. 
FeUner. 

If unemployment continues to 
rise, will the Conservatives be able 
to maintain their hard-money dis- 
cipline? "They might not even 
want to,” says Mr. Lewis. “That's 
the problem.” In the long term, he 
says, the pound probably will need 
to fall against other major curren- 
cies to make British goods more 
competitive overseas and thus 


pound at least in the short run. 
many analysts recommend gilts 
with maturities of four to 10 years. 
That range offers higher yields at 
present tEan do the longer-dated 
issues, which stretch out as far as 
30 years. “The long end is already 
discounting a great deal” says Mr. 
FeUner. 

Mr. Lewis suggests that inves- 
tors hold off before molti ng mqjor 
gilt purchases to see whether the 
oil market weakens further and 
whether money -supply growth 
continues to raise inflationary 
fears. “There probably wiD beam- 
bushes Tor the unwary investor” 
over the next couple of months, he 
says, but sizable gains could come 
in - this year’s second half. 

Heinrich Looser, head of re- 
search at Bank Julius Baer & Co. 
in Zurich, prefers mark and Dutch 
guilder bonds to gilts. Bui he says 


tax break, bat brokers call this a 
reasonable price for the benefits of 
not having to file for a tax refund. 

For those investors who de- 
mand total anonymity aid thus do 
not want to file any forms with the 
government, there is an alteroa- « 
tive: the 3 ^percent war loan, a 
warhorse dating bade to World 
War I and the only pit that auto- 
matically pays interest free of 
withholding tax. 


But holders pay dearly for their 
ivucy. War loan tends to yield 


privacy; War loan tends to yield 
100 basis paints bdow timifar is- 
sues. (To farther confuse matters. 


he might advise some exposure to 
gills if the oil market firms and 


protect jobs. 

Yuji Shibuya, an economist ut 
Nomura Research Institute in To- 
kyo, agrees. Japanese investors, he 
explains politely, “do not consider 
the pound a very promising cur- 
rency.” 

For those willing to hold the 


gilts if the oil market firms and 
British inflation slows. 

At Union Bank of Switzerland, 
Mr. Oerici says he would put 5 to 
10 percent of a Swiss franc-based 
government bond portfolio in 
gilts. A dollar-based portfolio, he 
says, should have about 20 to 25 
percent of its assets in gilts. 

For foreign buyers of gilts, a 
primary consideration Is tax. 
About 25 gilt issues — a quarter of 
those outstanding — allow for in- 
vestors to escape Britain’s 30-per- 
cent withholding tax on interest 


payments if they send in a fonn 
showing themselves to be exempt 


showing themselves to be exempt 
from British taxes. 

These issues generally yield 
around 10 basis points, or hun- 
dredths of a percentage point, less 
than comparable gilts without the 


sues. (To further confuse matters, 
ihe war loan is among several “un- 
dated” gilts: that is, it is redeem- 
able at the option of the govern- 
ment Such issues trade at deep 
discounts to redenqttion value, 
and so are unUkdy to be re- 
deemed. The investor is merely 
buying an income stream.) 

Another way to avoid withhold- 
ing tax is to buy and sell between 
coupon dates, but most individual 
investors find such frequent deal- 
ings too costly and complicated. 

One simpler route is to buy 
shares in one or more of the vari- 
ous offshore gilt funds operated 
by British banks and investment- 
management concern. The ad- 
venturous . can buy. gflt .contracts 
for future delivery through mem- 
bers of the London International 
Financial Futures Exchange, 
chough few individuals use this 
market 

Another way of hedging or 
making a bet is to buy gilt options 
cm the London Stoat Exchange. 
These contracts provide the right 
lo buy or sell an underlying gilt at 
a certain price during a set period. 

□ 


: Pi 


Story Stocks: Grist for Tokyo Rumor Mill 


(Combined from Page 7) 
sell One successful invention can 
make a huge difference in most of 
these companies. At tbe same 
time, the testing process is precari- 


ous and drags on for several years. 

In the case of pharmaceuticals, 
speculators have also been helped 
by the fact that analysts generally 
like tbe sector. Before the stocks 


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took off, prices were attractive and 
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“Pharmaceuticals are promising, 
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Given the market's favorable at- 
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The spectacular gain was 
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enzyme that could somehow be 
used in Its manufacturing process. 
Tbe reports were so cloudy that 
even brokers were at a kiss to pro- 
vide any details. Trading was halt- 
ed in March at 6.200 yen and when 
it resumed later that month the 
price was just over 3,000 yen. 

It is difficult to trace the origins j 
of most of these rumors. Analysts ! 
say that it is not uncommon for j 
professional speculators to push j 
pharmaceutical prices up, buying 
huge stock blocks, spreading ru- • 
mors of higher prices, then getting 1 
out fast at a profit. But company 
m a nag em e nts, shareholders and in 
some instances Japan's large bro- • 
kerage houses are also thought to 
be behind dramatic price moves. 

Mochtda’s share prices began 
tumbling last February after the 
Ministry of Finance said it was 
investigating Daiwa Securities. Al- 
though there has been little news 
of the investigation since, specula- 
tors reportedly feared that it 
would focus on Daiwa’s huge pur- 
chases of Mochida stock. Mochi- 
da’s shares, however, have since 
recovered on rumors that the com- g 
pany will make an announcement 
about OH-1. 

Though foreign investors had 
dabbled in this sector a while 
bade, marry got out early in tbe 
boom, analysts say. It was the Jap- 
anese who determined its swings 
for most erf the year, analysts said. 

There are even some analysts 
who think the rumor mill is grow- 
ing tired of pharmaceuticals. “You 
could have bought any pharma- 
ceutical stock and made money 
last year,” says Michael Falkner, 
an analyst with Grieveson Gram 
& Co. in Tokyo. “From now on 
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INTERNATIONA!, HERALD TRIBUNE. MONDAY MAY 13, 1985 


Page 9 



THE BOURSES 


*for®ca st 

* 



In the Skies, 
The Strong 



By Edjhh Cohen 


‘New York 


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E ASTER came early this year, and wilh.it 

ers. Fares were low, and the U.S. airline 
industry took off smoothly with a 15- 
percent increase in traffic Tor the usually sluggish 
first quarter. Tbenews seemed to' confirm the turn- 
around in an indoroy that has straggled fitfully Tor 
six years to deal witfi the competitive effects of 
deregulation. 

But despite an increasingly upbeat tone in the 
industry, Wall Street has remained cautious. After 
botfosniii^ out last snmniei, : airime stocks * i gpt a 
second wmdm November ” said Mfefcad Doom, 
an analyst, at First Boston Corp^ but have been 
“going sideways” smee January. ' - 
- In many ways, the sector’s uneven performance 
reflects- a highly selective approach adopted by 
many analysts raw thmk the anfincs sttQ face steep 
hurdles in -the coming year. They point out - that 
companies must come to terms with fare stru^ares 
and iugh labor costs. The prospect of in. economic 
siowdiwm also overshadows the industry. , . 

Most experts acknowtedge the strides that the 
airfines have made rh th<» aftermath nt d<yr n l at ton- 
The full-scale fore wars of 1982-83 have evoked into 
what some regard asa campaign of sophisticated 
guerrilla tactics. Fuel prices are down, rant costs are 
d e cl in i ng , and equipment and roerte stractnr es have . 
been brought somewbatup to date. • _ 
Earnings also look good. "Operating results are 
the reallcey in the industry,” saia Robert J.Jocdicke, 
who tracks airline stocks for Shearsoa lAimm. He 
notes that operating results have gone from a $1 .1- 
InUim loss in 1983 to a profit of S13 bdfoaa in 1984. 

“We are locking !or operating pro fi ts in 1985 toe 
the industry erf SZ5 bilfion to S2.7 bafficn,” Mr. 
Joedicke said, not is dramatic a rise as in the last 



On the Defensive in London 


By CoGn Chapman 


London 

F IVE years ago, both GEC and 
Racal would have been high 
on the list of stocks favored by 
many portfolio managers. 
Both big electronics companies were 
headed by strong-willed executives, and 
both knew bow to perfonn. 

These days, the share prices of both 
companies are in a slump. Enthusiasm 
has been replaced by a wariness, and 
questions are being raised about their 
futures. But a few analysts are begin- 
ning to wonder whether the anxiety has 
been overdone. 

GEC is far from stru g glin g . Its earn- 
ings growth over 10 years is above aver- 
age quality, equaling 16.1 percent a year 


GEC and Racal 
are in a slump. 
But have the 
negatives been 
overstated? 


put, many investors have had their fin* 
gers burned and are not likely to rush in 


to buy again. Even though Ratal's 


chairman. Sir Ernest Harrison, is fore- 
casting a 3-percent rise in annual profit, 
the share price is bumping along the 
bottom at about £230. 

Pan of the problem lies with a fore- 
cast gone awry. At Christmas time, De 
Zoete & Bevan. normally no slouch 
where electronics companies are con- 


cerned, predicted an increase in yearly 

t4 raif- 


profit to £189 million from £144 
lion. The shares soared to a 12-month 


in pretax profits ana 19 percent a year 
That compares 


year or so, but “a sham improvement.” 

of 123 darnesticairimes, no more 


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In an industry of 
that 30 make it to the mmcff statistical compilations 
by leading analysts. Of these, analysts generally say 
only five airlines — American, Ddta, Northwest, 
United, Piedmont and USAir — merit consideration 

by investors. 

Some, like First Boston's Mr. Derchin, see better 
value in the «n«TOfr mamrnitw Hm»«i but it is d ear 
that the current atmosphere in the market is decid- 
edly different <h«n the n o - frill euphoria of the early 
19^0s. People Express, which is widely credited with 
starting the low-fare tumult a few years ago. has 
been struggling lately. 

“Under deregulation the strong carriers are mov- 
ing in and clipping the wings ofthe weaker,” said 
Mr. Joedkke. " 

USAir figures high among the recommendations 
of analysts. For Mark E. Daugherty, who tracks the 
sector for Dean Witter Reynolds Lno, it is the only 
slock worth buying. 

Although the company posted a 46-percent drop 
in earnings in the first quarter to S10 million, Mr. 
Daugherty notes that the company is widely respect- 
ed for its management. He also echoes other ana- 
lysts in praising USAir's efforts to build up its hub 
in Pritsbmgb, which is well placed to. serve the 
crowded Eastern corridor. . .. . 

Moreover, the company is credited by most ob- 


servers with maintaining (me of the best balance 
sheets in the industry despite its expansion. Value 
Line estimates that the company might be able to 
reduce its tong-term debt ratioto undo- 30 percent 
of equity by the end of the year. t 

American Airlines also receives high marks from 
analysts for its “ultimate super saver fare that went 
into effect in mid-February. Under the plan, as 
much as 70 percent can be topped off the price of a 
regular coach ticket, within certain carefully defined 
restrictions. Competitors have been playing catch- 
up eversmee. 

Unlike previous fare discount plans, analysts say, 
Americans plan is well structured to avmd hurtmg 
the bottom Line. American Airlines, a subsidiary of 
AMR Corp.. posted net income of S603 million in 
the firifc quarter, little changed from the record 
quarter earnings of $603 milli on a year earlier. 

This yeafs round of labor negotiations could spell 
trouble for some companies, according to analysts. 
United, which contributes 88 percent of parent 
UAL Ina’s revenues, most settle three labor con- 
tracts, including one with its pilots, who have threat- 
ened to strike this week. Northwest, representing 81 
percent of NWA Inc.'s revenue, is in talks with its 
machinists. And Pan American must pick up the 
pieces following a strike earlier this year. 

United’s pflols pose the most immediate problem. 
Although the airline's announced plan to purchase 
Pan Am’s Pacific routes for $750 million was ap- 
plauded by analysts, its expansion plans depend 
heavily on the company’s ability to reign in labor 
costs. New talks were set for Monday. 


Candace Browning, an u 

Co., said prospects of a strike should not deter 
. investors; mid she continues to list UAL on her buy 
jisL She explained that United’s management is 
taking s hard line and appears finnly committed to 
impleme n tin g a two-tier wage structure with its 


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IBM: Putting a Price on Value 


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ARSHALL. Brass 
likes International 
Business Machines. 
Coro. As a. Merrill 
Lynch stock broker, he i often tells 
his dieots in Palm Beach, Florida, 
that IBM offers good value and 
solid growth. It is thekrod of stock 
“that you don't k»e sleep over and 
don’t have to watch every day.” 

Yet despite his dear conviction 
and generally strong endorsement 
throughout wall Street. Mr. Brass 
delects a hesitancy among his cS- 
ems. The reason is price. • 

“Individuals have a bias against 
"S high-priced stocks,” said ilr. 
* Brass, who recalls sdhng “bun- 
of IBM stock when it was 
[g at $50 to $60 a share a few 
back. “It’s iirational, .be- 
cause. stocks move in percent- 
ages,” but nevertheless there is the 
feeling, be says, that one cannot, 
make as much money as . with a 
lower-priori stock. 

Indeed, IBM, which dosed Fri- 
day at $130.1 3. has earned a pecu- 
liar distinction of being one of the 
New York Slock Exchange’s most 
expensive issues. And questions 
about how modi higher its share 
price can go are common. 

Most analysis who spend their 
. timii tracking the giant data pro- 
~cessing company stfil view it fa- 
%uraMy. More important, they be- 
lieve that the stock is poised for 
another sfaeaN" gain in the final 
quarter and will continue la ap- 
preciate in 1986. 

Analysts agree that the weak- 
ness shown in the first quarter wD 
extend into the second quarter. 

IBM earnings fdl 18 percent in the 
first quarter to $986 million, or 
$1.61 a share, from 51.3) billion, 
or $1 .97 a riiare, in the year-earlier 
period.. 

Tire decline was attributed m 
part to problems associated with 
the introduction of a new product 
cycle. IBM introduced m Febru- 
ary a new generation of main- 
frame' computers, called theSier- 
- ra, or 3090 series; and new 
high-pfxformance disk drives. 

Customers have been sizing- up 
the Steimand have delayed orders 
while evaluating the new machine. 
Moreover, IBM is bogged down in 
shipping problems. The disk 

drives will ixrf be shipped until the 

third quarter; and the Sara will 
not get to customers before No- 
The shipment of a sec- 


be great,” said Ulric Wei who 
tracks computer stocks for Mor- 


rsays, will not achieve real sales 
volume until late this year. This 
riiwina the full effect of the prod- 
uct transtions will not be felt in 
the fourth quarter. 

Michad Geran, an analyst with 
EJF. Hutton, anticipates improved 
earnings by the end of the second 
quarter, accelerating is the third 
quarter when the shipments are in 
full force. Tom Crotty, an analyst 
with GartnerGroup m Stamford. 
Connecticut predicts that there 
will be “a booming fourth quar- 
ter” that will carry through 1986. 

Estimates for IBM earning s in 

1985, in fact, tange from Mr. 
WeTs $1135 a share, compared 
-with $10.77 a share in 1984, to Mr. 
Grotty’s $1130 a share, to Mr. 
Goran’s $11.75 a riiare. And fear 

1986, Mr. -Weil says S13.40 a 
share, while Mr. Geran sees $14 a 
riiare if the value of the dollar 
deefines. 

. fo terms <rf price, whidi readied 
a record $138225 in February, Mr. 
Geran says that IBM stock got 
ahead of itself as the 


product fine transition occurred in 
the first quarter “because people 
w ssttiped the earnings gain would 
simply keep pace.” 

The price has been correct «1, he 
says, and is now positioned for 
“slow, steady, cumulative im- 
provement, with momentum 
building in the fourth quarter " 
The end of ihe second quarter wfl] 
begin to reflect this, Mr. Geran 
says. He expects it then to outper- 
form the market through 1986. 

Mr. Weil believes IBM stock is 
“very moderately valued right now 
for the forward-looking investor,” 
considering its prospects for earn- 
ings growth in 1986. He predicts 
that within a year the price could 
reach $150 to $160. 


Mr. Crotty also says the stock 
will reach $150 next year. At that 
point, he says, “T imagine that if 
the stock were at 150, 160, the 
possibility of a stock split would 
be high in my estimation.” foil be 
noted the total unpredictability of 
such an occurrence. IBM traded as 
high as $350 before a fonr-for-one 
stock split in 1979. □ 

— Edith Cohen 


er, me PC A' 
delayed. 

Th? strong dollar has also af- 
fected earnings-' The contribution 
r jof its overseas subsidiaries is so 
significant that IBM officials reck- 
on that if currency exchange rates 
in the first quarter had stayed level 


with those of the 1984 first quar- 

tefined 



ter. earningswould havedt 


on^r7 percent 


next two quaners/Wrin not ' 




DIVIDENDS EACH YEAR 
SINCE 11)12 



The Board of Directors of ENSERCH 
Corporation on April 16, 1985, declared 
a regular quarterly dividend of 40 cents 
per share of common stock, payable 
June 3, 1985, to shareholders of record 
May 17, 1985. 


For-additional information, p/ease write 
to Benjamin A Brown, Vice President, 
Financial Relations, Dept M, ENSERCH 
. Center, ficnr.999; Dallas, Texas 75221. 


CORPORATION 


pilots. Under such a plan, newly hired pilots are to 
be paid less than more experienced employees. 


Although most of the talk on Wall Street contin- 
ues to focus mi the big airlines. Hist Boston’s Mr. 
Derchin contends “the place to be” is in the special- - 
ty camera, “which are relatively immune to the fare 
problems and to competition.” In addition, he says 
they have good profit records and strong balance 
sheets. More important, they are undervalued, ac- 
cording to Mr. Derchin. 

His favorites include KLM, the large internation- 
al carrier that is not affected by U.S. fare cuts and is 
benefiting from strong international traffic; Alaska 
Airlin es, with a strong position in the Pacific North- 
west, and Southwest Airlines, winch is about to 
acquire its competitor. Muse. 

Mr. Derchin is also enthusiastic about three com- 
muter airlines that trade over the counter, Atlantic 
ScHitlx Comair and Air Wisconsin. These are aggres- 
sivdy aligning themselves with Imger carriers, some- 
times by so-called dual-designations in the booking 
codes used by travel agents, giving commuters the 
added confidence of the big-name carrier on one leg 
of a trip. □ 


in earnings per share, 
with an average annual 127-percent 
rise in the rate of inflation in the last 10 
years. 

Yet analysis are describing GEC as a 
sleeping giant. Its results for its fiscal 
1984 year were flat, and its chairman. 
Lord Weinstock, has been criticized for 
being too dogmatic and too dominant. 
The company's shares have picked up a 
bit from tbeir 1985 low of 178 peace to 
trade at about 192 pence, but GEC is 
still underperforming the Financial 
Times All Share index by about 15 
percent. 

Among the questions about GEC is 
the shape of future management In the 
past GEC has been dominated by the 
close working relationship between 
Lord Weinstock and his deputy. Sir 
Kenrielh Bond. However, Sir Kenneth 
no longer works fulltime, leaving Lord 
Weinstock to deal with the 25-member 
board. Lord Weinstock is 60 years old. 
so his influence is likely to remain 
strong until a successor emerges. But 
some observers wonder how GEC 
whose finances have been kept under 
rigorous central control, will respond to 
a committee system of management 

One sensitive point was GECs £1.92- 
biliion ($234-biUion) cash surplus. 
Critics asked why the money was not 
being plowed into product development 
or acquisitions. 

Lord Weinstock recently met. this 
criticism with the establishment of 
GEC Finance, a subsidiary headed by 
Tony Hillier, formerly of the NM. 
Rothschild merchant hanking group. 
Operating from separate premises, it 


will finance equity investments and oth- 
er medal projects. 

“What they will do with the money is, 
of course, the $64,000 question," says 
Gerald Davies, a partner in brokers 
Savory Mflln and one of London's lead- 
ing electrical and telecommunications 
specialists. Mr. Davies, like other ana- 
lysts, believes that GEC Finance could 
be used to help GEC diversify . 

Chris Wells, of GECs own brokers, 
De Zoete & Bevan, is inclined to agree, 
but says GECs cash heap is smaller in 
relation to turnover than that of two 
competitors, Plessey and Siemens, the 
West German electrical giant. De Zoete 
& Bevan argues that any perception 
that GEC has ignored growth opportu- 
nities is wrong. GECs quality of earn- 
ings is increasing and will show above 
average earmngs-per-sbare growth in 
each of the next two years, the firm says. 
Mr. Wells sees the outlook as “pretty 
good." 

Despite these bullish remarks, De 
Zoete, like many other analysts, regard 
GEC as a defensive stock during a wor- 
rying period for British markets. How- 
ever. at least one analyst who was previ- 
ously bearish about GEC has revised 
his view. The analyst. John Tysoe of 


high of £3.48. Then, in January, came 
the message from the company that its 
second- half business was “substantially 
below our expectations." 

The problem was, and is, Racal's 
dam-communications subsidiary. Racal 
Vodic, based in Los Angeles. “It fefl 
down a bole,” said John Beasley of De 
Zoete. Like some other companies, it 
overestimated the market for personal 
computers. In addition, the Racal unit 
ran into problems with a chip for a 
modem designed to fit into a computer, 
Mr. Beasley said. 

“Nobody is rushing into Racal at the 
moment.” said Mr. Beasley, who pre- 
dicts profits of £157 million this year, 
rising to £190 million next year. “They 
are going to wait until things seem bet- 
ter, which may be a pity because the 
outlook is quite good," he said. 


Grieveson Grant explains his shift by 
C share i 


citing the low GEC ! 
weeks. 


! price of recent 


?There are still structural problems, 
and we do not anticipate any great 
acceleration, but the present rating of 


the stock says it is a below-averagc 


business, and this just is not so," 
said. “It is better run. makes more mon- 
ey and has better technology than be- 
fore, and is going to be a damn sigbl 
better than most British businesses.” 

The Gt/s disenchantment with Ra- 
cal fans more-specific origins. Simply 


M R. BEASLEY cited esti- 
mates that the market for 
defense equipment will 
grow at a 25-percent annu- 
al rate. In addition, he said Racal is 
doing belter than GEC or Plessey in the ^ 
market for tactical radio systems and 
has a promising start in cellular radio. 

He also notes that the order book for 
a wide range of military products has 
swelled to more than £240 million, dou- 
ble the level of a year earlier. And be is 
optimistic about the outlook for Chubb, 
picked up last year for £180 million. 
Chubb is one of two large safemakers in 
Britain and is seen fining into RacaTs 
electronic-security businesses. 

Sir Ernest also predicts that Racal's 
cellular radio business, after several 
years of losses, will show a small profit 
next year, and that earnings will grow 
rapidly after that to around £50 million 
a year by the end of the decade. 

Like Mr. Beasley, Savory Milln's Mr. 
Davies is cautiously optimistic about 
RacaL “At least they do seem to be 
analyzing their problems, and doing 
something about them,” he said. □ 


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Hans Baer’s Wary View of Europe’s Recovery 


By David Tnmia 


Zurich 

H E OPERATES in Switzerland’s most 
elite financial neighborhood. Within a 
few steps from his establishment on the 
Bahnhofstrasse, Hans Baer can reach 
the home offices tit two of the country’s Big Three 
banks and the main Zurich office of the third. His 
proximity and easy access to the giants makes Mr. 


Baer, who is the chief operating officer of the family- 
controlled Rank Julius Baer & Co., both an impor- 
tant player and keen observer of the Swiss financial 

scene. . 

Last week, after returning from a long swing 
through the Far East, he shared his thoughts on the 
outlook for investment in m$or markets, including 
doubts about whether European equities can sustain 
• their current upward momentum. 

Despite the vigorous showings of stock exchanges 
in Amsterdam, West Germany and, to a lesser 
degree, Switzerland, Mr. Baer is not convinced of 
their slaying power. Given the poor overall perfor- 
mance of European economies, these advances are 
not likely to continue, he argues. “The European 
stock markets' do not reflect reality.” he says. 
Specifically, Mr. Baer is worried about the un- 
evenness and latent weakness of the European re- 
covery. “Unlike the Americans, we have not suc- 
ceeded during this upturn in making a bigger 
economic pie,” declared Mr. Baer. “We have not 
created more jobs and we have not stopped the rise 
of unemployment, which may cause us serious polit- 
ical problems in a few years.” 

In his opinion much of the fault for Europe’s 
un p ro misin g situation rests directly on a lack of 
entrepreneurial zeal. “The business community has 
not performed well," Mr. Baer said. “They have not 
been trying hard enough and we have not seen 
enough new investment” 

For his pan, Mr. Baer says that the time has come 
to shelter in fixed- income instruments. On the 

Eurobond market, he sees no reason to abandon 
“those fine American names” such as IBM. Pruden- 
tial Realty and General Electric, all triple-A borrow- 
ers. However, some recent additions to the bank’s 
fixed-income list include the issues of BP Capital, 
Ontario Hydro and Canadian sovereign debt, all 
yielding more than 11 percent currently. 

Within Switzerland, where his bank runs the 
Swiss bar funds for domestic investments. Mr. Baer 
still finds opportunities for safe, if not sensational, 
investments m equities. 


Some stock markets 
don’t reflect reality, 
this banker believes 


For months, the Baer Bank has been recommend- 
ing Swiss insurance stocks, which have seen sharp 
gain s. His choices are the (rid reliables: Swiss Rein- 
surance, Wnumhur and Zurich Insurance. All three 
are selling at or near their 1984-S5 highs, raising the 
question of whether they have now topped out. 
“No,” asserts Mr. Baer. “There is still room for a 
good play." 

Mr. Baer also thinks the Big Three Swiss > y»nV^ 
Union Bank of Switzerland. Swiss Bank Corp. and 
Credit Suisse, represent sound investments, espe- 
cially because their managers are finally putting 
emphasis on producing impressive earnings. Mused 
Mr. Baer, “Swiss bank stocks are undervalued. Does 
that m e a n that you should rash out and buy them? 
Why not?” 

Mi. Baer takes an intense interest in Japan, which 
is a major recipient of Baer-controlled investments. 
Despite recent turbulence on tbe Tokyo exchange, 
he remains optimistic about selected sectors of the 
Japanese market. Many of fhgwi notably high- tech- 
nology companies in electronics and biochemistry, 
can still mafcf gains he believes. 

At present, Mr. Baer and his analysis are keeping 
1 1 Japanese stocks and their convertible notes on 
their buy list, including two old reliables, Hitachi 
Cable and Toshiba, and the newcomer Mitsubishi 
Rayon, which has developed sophisticated methods 
for producing synthetic doth. He is less sanguine, 
however, about the Japanese autn industry. Only 
Mazda and Honda currently rate a buy recommen- 
dation. 

Although he feds reassured about the outlook for 
Japan's financial markets, Mr. Baer finds his clients 
worldwide distinctly do noL For a time, the Japa- 
nese were issuing securities at such a rate in Switzer- 
land that they virtually dominated the new-issue 
market. No more. 

*Tbere is massive disinvestment ralrfng place in 
Japanese securities,” declared Mr. Baer. “Investors 
are cashing in convertible bonds and selling the 


stock. And now, instead of reinvesting in a new 
Japanese issue, they are putting the funds else- 
where.” His analysis: “Investors are amply con- 
vinced that the Tokyo market is too high.” 

On the currency front, Mr. Baer acknpwled; 
sock uncertainty on the outlook for the dollar, 
his opinion, the dollar should be in terrible shape in 
view of the American trade and budget deficits. Yet, 
Mr. Baer readily concedes that “I find it difficult to 
be a dollar pessimist.” 

Much of the strength of the dollar is based on 
negative factors, he says. Investors stay in the dollar 
because there is no other attractive currency in 
which to diversify. Explained Mr. Baer: “Too many 
other currencies are mouse traps. You get in, but 
how and at what price do you get out?” 

‘ A further complication is what he calls “Euron- 
eurosis," a condition among European businessmen 
that makes them fed politically insecure in that 
own countries because their actions are under the 
constant criticism from the left and environmental- 
ists. “A business must expand to thrive,” state Mr. 
Baer, a frequent adviser to European industrialists. 
“So what do the managers of Nestle do? They tdl 
their shareholders, ‘We must move to America.*” 
This push to accumulate U.S. assets drives the 
demand for dollars. 

Mr. Baer also sees the Third World debt crisis 
benefiting the dollar. The reason: 
_ outside the United States, which made their 
loans in dollars, must borrow or buy die U.S. cur- 
rency to cover their own exposures caused by the 
nonrepayment of the debts. 

Even so, Mr. Baer expects the dollar to drift 
slightly lower in the coming months. “The heyday of 
dollar speculation has been broken.” he asserted. 

One of Mr. Baer’s pet peeves is the publicity given 
in the international and Swiss press to tbe view that 
Swiss banicing is on the decline. He says that much 
of the criticism is malicious bad-mouthing intended 
to damage Switzerland's reputation as a financial 
haven. 

But he admits that some of it is justified “To be 
brutally frank, we have not been innovative," he 
said. “And it is fair to ask, where will we be in 10 
years if we do not change and adapt” 

New York and London have completely outdis- 
tanced Zurich in introducing a whole range of trad- 
ing instruments such as financial futures and op- 
tions. In Zurich's defense, Mr. Baer argued that the 
Swiss amply lack the resources to stan up new lines 
of trading. “It would take SO traders to start a 
finan cial furores exchange.” he said, “and we just do 



AP Ytidmorid 


Hans Baer of Bank Julius Baer 

not have them. Our people are stretched to their 
limits with the business we have." 

Mr. Baer contends that Swiss remain the leaders 
in their great specialties, notably portfolio manage* 
meat, and that the Swiss financial climate is still toe 
world's most conducive to security-seeking inves- 
tors. Only half jokingly, Mr. Baer ukes to recite an 
old Swiss saying: “Money alone cannot buy happi- 
ness. It has lobe in Switzerland.” □ 


Oilmen Seek Investors With Contrarian Bent 


i 


By Teny Gross 


M 


New York 
OST of the prospect- 
ing in the oil business 
these days takes place 
on Wall Sired, with 
corporate raiders hoping they will 
strike it rich with stakes in the 
large petroleum companies such 
as Phillips or Unocal. Yet a num- 
ber of financial expats suggest 
that it may be time for investors to 
lake a more traditional approach. 


Several new investment pack- 
ages are being assembled for inde- 
pendent drillers that are aimed at 
sophisticated investors willing to 
wait several years for tbeir returns. 
The packages are complex financ- 
ings, based more on the improving 
economics of the drilling business 
rather than on tax-shelter strate- 
gics. “It’s more a financial per- 
son's game than the typical oil and 
gas deal,” says Bob Maddox of 
Aegis Capitol in Denver. 

The risks are great, however. 
The bidding wars for oil-company 


Now your dollar investments 
can be onWkU Street one minute 
and in your wallet the next. 


Dollar investments have always had one major draw- 
back for Europeans. Illiquidity. But not any more. 

Because Merrill Lynch, the leading Wall Street 
investment firm, has created a new kind of brokerage 
account for shares and bonds that gives easy access to 
your dollar assets. 

The Merrill Lynch Cash Management Account* 
In te r nat ional [CMA*I] puts your money exactly where 
you want it when you want iL At any time, you can use 
the capital invested in securities without having to sell 
them. You simply write a cheque or use a special VISA 
card whenever you want to make purchases or get cash 
advances In local currency. 

CMAI even gives you an 
automatic line of credit up to 
the full margin value of your 
securities. So you can always 
move quickly whether you 
want to make new investments 
or buy something more 
personaL 

Over 1 million 
demanding investors have 
already centralised their assets 
in this way and now the CMAI has been specially 
adapted to better suit the needs of European investors. 

Your cash doesn't sit idle. All dividends and other 
income are automatically swept into an interest-bearing 
account at Merrill Lynch International Bank Ltd 
(London). So all your cash keeps working virtually all 
the lime - completely free of U.S. withholding taxes. And 
every month, you receive a clear statement that 
conveniently lists all 
transactions and 


gives a reconciliation of your account day-by-day. 

$30 m ill i o n worth of protection. Not only is the 
CMAI account a most convenient place to hold y our 
securities, it is also sale. Because every customer’s 
account is protected by the Aetna Casualty and Surety 
Company for up to US. $10 million. 

Ultim ate ly, timely advice is a vital concern to 
investors with a serious interest in North American 
markets. In the United States, investment professionals 
consistently name the Merrill Lynch team as Ihe top 
rated research team on Wall Street 

Every CMAJ is serviced by an Account 


Because there’s advice, 
and there’s 

Merrill lynch advice. 



Executive, who in turn is supported by this superior 
source of investment information. No-one else can help 
you build such a solid, well-integrated portfolio of 
dollar investments. 

For more information, including a brochure 
containing all sales charges and expenses, please 
telephone us on Slough (0753) 821339 or return 
the coupon. 

To open a CMAI account, you should have 
U.S.S25.000 in cash and securities. Bui send no money 
until you have read all the information. 


Return this coupon to: 

I Merrill Lynch Pierce Fenner & Smith Ltd-, 
. PO Box -152, Slough SL2 lBY, England. 


~l 


•— Name. 


Address. 


TeL No(s] Home: 
Business: 



IHT. 13.5 BS. 


Merrill Lynch i 

| ’Registered Trade Marti of Merrill Lynch & Co- fac. J 1 


stocks have tended to obscure the 
continuing depression in the busi- 
ness of petroleum exploration. 
Small independent drillers oper- 
ating in the mid western and south- 
western United Stales are still 
reeling from the decline in oil 
prices to about S2S a barrel from 
about S34 a barrel two years ago. 
Scores of these companies have 
disappeared, and even the majors 
have cut back exploration activity'. 
Meanwhile, many economists are 
predicting further drops in tbe 
price of otL 

Despite this bleak background, 
some financial specialists argue 
that the worst of the shakeout is 
over, and the economics of the 
drilling business are steadily im- 
proving. "For someone with a 
long-ienn view, it’s a good time to 
invest," says Jerry Porter, a former 
Wyoming wildcatter who has re- 



of the cycle, we’re a lot closer to 
the bottom than the top.” 

Mr. Maddox of Aegis Capital 
notes that “few people have fo- 
cused on the independents. They 
are in deep need of capitaL Yet the 
returns are far greater than with 


most investments” He says the 
shakeout of the last few years has 
sorted out the losers from the win- 
ners in "tbe oil patch.” Those still 
operating, be said, were the stron- 
gest and tbe smartest. These survi- 
vors are enjoying tbe benefits of 
several industry trends. 

Now that drilling activity has 
slowed, the furious competition 
among those who lease drilling 
rigs has halved the dally rales. 
Also, many rigs are being rented 
on a footage basis. Mr. Porter said. 
Rather than a daily rate, a set fee is 
charged for drilling a specified 
depth, no matter how Iongu takes. 
This is decidedly in the driller's 
favor in the event solid rock is 
encountered. 

Id addition, the plight of the 
American farmer works in favor of 
oil drillers. Many of the promising 
exploration sites are on land 
owned by distressed fanners in 
North Dakota and other areas. 
Cash-hungiy fanners are le 
drilling land for as little as 
percent of the rates of a few years 
ago. 

Another plus is the extensive 
pre-exploration work done back in 
the days when oil prices were esca- 
lating. Much of the country has 



Hu Nfw Ymi Tut 

Despite slowdown in industry, drilling continues. 


THE TYNDALL STERLING 
MONEY ACCOUNT 


THE DEPOSIT 


ACCOUNT 



THAT GIVES YOU MORE 
FOR YOUR MONEY 


«5 




The Tyndall Bank < Isle of 
Man) Limited Sterling Money 1 
Account offers expatriate inves- 
tors really high rates of interest, com- 
bined with the convenience of a cheque 
book. 

This joint facility was pioneered by Tyndall Group's 
offshore banking arm whose substantial presence in the 
UK money market enables them to pass on rates of interest 
normally only available to major investors. 

Interest is paid gross without deduction of tax. and credited 
four times a year- which means an even higher return -the 
current rate equals a healthy 12-82% compound annual 
rate Statements are issued quarterly. 

Add to this the convenience of your own cheque book- wh ieh 
cuts down correspondence simplifies transfers and direct 
payments, and gives easy access to your funds at all times. 

Tyndall Bank (Isle of Man) Limited is licensed under the 
Manx Banking Act. 197$ and is ultimately wholly owned by 
Globe Investment Trust P.L.C. - the largest U$ investment 
trust company. 

0 Rate at lime cf going to prm 
Current rate published daily m ike financial Times 

For fuD details about the Sterling Money Account and/or its 
LIS dollar equivalent write to: Tyndall Bank (Isle of Man) 
Limited, PO Bax 62 Tindall House. Kensington Road. Douglas. 
Isle of Man. British Mk Telephone: 1 0fC4) 2*201 Trier: 62*732 
or simply see i the coupon. 

Please send me details of Tyndall Money Accounts 
O Sterling □ US Dollar 

I am/am not a customer tf Tyndall Bunk fide of Muni Untried. 

Name. — — - 

IHT/May/trf 


Tv ndal 1 Bank ( Isle of Man) Lim ited 




already been “shot” with seismic 
testing, so many potential drilling 
rites are known. 

A solid upturn in oil prices 
could drastically improve the out- 
look for drilling operations. Ex- 
perts disagree about when dial 
will happen, but there is a consen- 
sus that prices could start to rise in 
the early to mid-1990s. Same ana- 
lysts see this rise as something that 
will take {dace gradually; others 
see a sharp increase. In any event, 
the firms putting together financ- 


ings for drilling 
seeking investors 
beyond the current 
the ofl business. 

A 

Mr.Maddi 
shows the 
vestment 


moos axe 
to lode 
: state of 



to raise money for a Caspar, Wyo- 
called 


ming, company called Seco 
through a sale of SIS million in 
convertible debentures. The sale 
would be privately placed in lots 

Of SI mill inn each. 

But only half the SIS miffi nn 
would go to Seco for exploration 
and working capital. The other 
half would be placed in a trust 
secured by zero-coupon bonds 
and other growth assets. This trust 

would be out of the reach of Seco 
and would be used to guarantee 
tbe capital of investors. 

At best, Mr. Maddox says, in- 
vestors cooM expect a return of 40 
percent to 60 percent within four 
to eight years. At worst they 
would get their capital back, hav- 
ing lost tbe opportunity to invest it 
elsewhere, he said. 

Tbe program has been slow to 
take off, but it has raised the inter- 
est of a number of large U.S. in- 
vestment firms and some London 
merchant banks. Mr. Maddox said 
that these institutions were look- 
ing at ways of launching funds of 
S10G nnlhoD or more, with units of 
$50,000 to $1 million, baring them 


on the same principle of gN 
half the money raised to the cc 
panics and holding half to pro! 
the principal ol the investors. 

. A different kind of investir 
is the completion partners! ‘ 
velopcd by Energy Assets 
Corp. in New York. Mint...., 
White, the firm’s president, 
these are equity-based financ 
that have vwyfittlc to do with 
price erf oil. The partnerships 
used to finance everything fi 
completion forward, that is, fi 
the tune oil is discovered in a v 
“Thai eliminates drilling ru 
Mr. White said. 

The money goes toward 
ment to finish tbe well, to . 
the hydrocarbons and to 
them to their destination. He 
the only risk not eliminated 
the possibility that the weD w 
not be economical. This risk 
been dealt with through insun 
In the went a well does not t 
costs within six months, it c 
be declared a failed comph 
and tbe insurance would be 
lectecL 

Energy Assets Capital 
raised $92 million thus far thr 
two partnerships, which are t 
sold through ElF. Hutton in i 
mom units of $5,000. The par 
ships, which are off-balance-! 
financing for the drillers, tak 
equity interest in the wells, b 
early years of production, 
partnerships receive over 50 
cent of the revenue generated, 
amount paid to the partna 
scaled down after they have 1 
returned their original invests 

Mr. White said that icpayi 
of the original investment wa 
peeled in four to five years. O 
period of 10 years, an annual 
average return to investor: 
about 20 percent is expet 
And we ve met that goal so | 
be said. 


J.W. GANT & Associates 

Investment Bankers 

fnt'wuurtuual Tates 450218 
ILS-A. ToH T«Ii 1-800-437-1 107 

A breath of fresh air from Western U.SA 

We ore ovoiloble toyoowi* the beet opportune 
m the stock market. 

It will be our pleasure to serve you in Denver 

SffC 


M9 M wrt mn atanfl F rc wtaa 4 «*i 1UB 


I TS BastFlnmEiiraM lH-ttw* «!■* 


j Plan intr-^BWItBaDrrBk JM 


7ja i 







INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


Page 11 


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lent 


New York Apartment Market Comes Down to Earth 


By Leslie Whitaker 

New York 

M ANHATTAN real estate was once the 
hone of the Midas touch- Owners of 
condo nanianis and cooperatives mined 
golden appreciation rates of IS percent 
or higher during -seven of the last eight years, mdud- 
inga record price, leap of 66 percent in 1978. 

Even last year when stiff mortgage rates contin- 
ued to worry home-buyers throughout the United 
States, Manhattan seemed unusually Buy- 

ers woe everywhere and prices escalated dramati- 
cally. The average valucof condommioms and coop- 
eratives climbed 28 percent, an astonishing return 
when compared with the 6-percent return on U.S. 
equities. . 

Tines have changed, however. Investors, who by 
same estimates account for 40 percent of coopera- 

jmri c rfndQmirm mi pu rchases m Manh *tt*n / are. 

now decidedly less bolhdithan they were ayear ago. 
The talk in New Yak real estate aretes these days 
has less to do with phenomenal returns than with 
worrying indications that the market may be soften- 


Appreciating Manhattan 


Appreciation rates based on the cost 
oi atypical 1 ,200-square-feet, 
2-bedroom luxury condominium or 
cooperative apartment in Manhattan 


fsreltSTjl 


There are several reasons for the current concern. 
IrooicaHy, some experts say, the boom in residential 
construction that was aimed at meeting demand is 
threatening to swamp the markeL At the same time, 
observers detect signs that the prevaffing uncer- 
tainty about interest tales is canting purchases to be 
delayed. . . 

Moreover, most broken report that the number of 
foreign buyers is decreasing because of the strong 
dollar. The dollar's value has risen steadily in the 
last two yarn, and many foreigners find Manhattan 
prices far beyond their reach. 

“The second half erf 1984 was the beginning of the 
big realization that prices had gotten out of hand,” 
acknowledged Gayle L. Bankes. wee president and 
director of residential sales of Sulzbcrger-Rolfe, a 
Manhattan real estate concern. 

It is difficult to gauge how prices w31 respond in 
the current environment. Many real estate brokers 
say some investors have begun to look elsewhere for 
opportunities. Although more and more New York- 
ers, tired of paying the average $2,000 rent a month 
for a two-bedroom apartmanf, increasingly want to 
be owners, it is dear that the Hwnanri will hot be 
sufficient to take up aU the stack. Miss Bankes 
predicts a price decline of !0 to 15 percent by year’s 
end. Others are less pessimistic but concede mat tins 
year’s appreciation rale wiD be doscr to half last 
year’s IcveL 

“I don’t think that prices are going to stop rising,” 
but there is “no way” they ww reach last year’s 
levels, said Hugh Robbins of Yale Robbins, a real 
estate publishing and consulting firm. He called the 
current period “a breather”. 

Mortgage rates remain a chronic concern. Two 
years ago record interest rates forced condominium 
and co-op prices down by 10.5 percent Double-digit , 
mor tga g e rates, which averaged 13.4 percent last 
year and have hanfly budged since, may be keeping 
buyers at bay. 

Vacancy rates indicate some hesitancy in the 
market. A study conducted by Michael A Stegman, 
chairman of the department of city and regional 
planning at the Umvejsity of North Carolina at 
Chapel Hill, reported a vacancy rate for both new 
and existing co-ops and condommioms in Manhat- 
tan at 5 2 percent. This & a significant rise from the 
33 percent vacancy rate of 1981, and way above 
Manhattan’s apartment vacancy rate of less than 2 
percent. 


SoMe-^toMrari Report 




A more lasting concern to some experts is the 
current building boom. Some real esta te analysts 
warn of oversupply. “No one has carefully analyzed 
the impart of dorowa/d pressure [on prices] of the 
new units planned.” says Barry Sussman of the Real 
Estate Research Corp.’s office in New York. 


M ORE THAN 3,000 condominiums, 
about the same number as last war, are 
scheduled far completion in 1085. And 
more existing apartment buildings are 
being converted to co-ops. Co-op conversions num- 
bered 20,803 last year. “I see an oversaturation for 
the next year or so,” Miss Bankes said. 

Still, real estate investors have far from given up 

rm Manhattan Mntf broken dismiss the notion that 

the boom in New York real estate is over. The 
current rfmuite, they .argue, merely reflects a minor 
correction and that New York real estate continues 
to be an excellent long-term investment. “I don't 


think there’s any spot in the city I’d stay away 
from,” said David Bates, director of international 
sales for Sotheby’s, which advises foreign buyers. “I 
aaaY imagine you losing.” 

Indeed, an investor can still find good value in the 
Manhattan market. The new construction in recent 
years has pushed the boundaries of Manhattan's so- 
called desirable areas into previously uncharted .ter- 
ritory. Moreover, developers in New York are sensi- 
tive to the needs of investors. 

In the last couple of years, there has been an 
emphasis on expanding the number of condomini- 
ums, a more liquid investment than co-operatives, 
where residency roles require approval cif tenan ts 
and resale. Such regulations often discouraged and 
even prohibited purchases by nonresidents. “Home 
owners don't care which they buy. and condomini- 
ums can be marketed to investors and corporations, 
too," Mr. Robbins says. “That’s pretty modi the bet 
that everyone’s taking.” •' - 


Deciding exactly where in Manhattan to invest 
depends on one's outlook for the future. “If some- 
one was anticipating a down cyde, the more prime 
area they choose, the better off they will be,* says 
Barbara Corcoran, president of Comoran Realty 
Group. “The best areas bold value the longest and 
are the quickest to recover” 

“If, instead, they are more optimistic,” she contin- 
ued, “Td advise investing in the fringe areas.” 

Previously chic areas of tower Manhattan, such as 
Greenwich Village, Soho and Tribeca, had their 
appreciation escalation about five years ago. Prices 
in those areas are considered exorbitant by some 
experts, and listings are rare. 

The East Side still boasts the most outrageous 
prices and most luxurious offerings. Yet it continues 
to attract attention. The bulk of new condominiums 
can be found in the several square miles (hat run 
from 42nd 10 96th Street between 5th Avenue and 
York Avenue. And apartments range from super 
deluxe to snail studios. 

A duplex condominium in the Dag Hammar- 
skjold Tower, not far from the United Nations and 
wuh a spectacular view of the East River, goes for $4 
millio n. A one-bedroom condominium in the Carne- 
gie Hill Tower, at 40 East 94th Street, recently sold 
for $295,000. 

The Upper West Side is the “fringe area” men- 
tioned most frequently by real estate brokers as 
having good potential for appreciation. This several- 
nrile stretch from nddiown and up to the trendy 7C6 
and 80s, is undergoing a subtle renaissance and 
some of the older greasy coffee shops and discount 
stores that lined Broadway have already given way 
to stylish boutiques. 

Here numerous rental buildings have been con- 
verted to condominiums and cooperatives that cost 
about $50,000 less than places on the East Side. 
“The hottest area is the Upper West Side," says Mrs. 
Corcoran, whose real estate firm has marketed nu- 
merous cooperatives north of 96th Street. 

“I would look between 57th and 95th streets,” 
Michael Cordery, a broker with Hnberth A Peters, 
advised. “The buildings axe larger and you’ll get 
more space for your money.” 

In aridjtipw to steering cli ents to Manhattan’s 
emer ging neighborhoods, brokers offer the follow- 
ing tips for investors who are thinking of buying: 

. • The best price for a new unit usually occurs 
when it is first placed on the market. Once several 
apartments are sold in a building, the prices of the 
remaining units tend to escalate. 

• Almost every price is negotiable. The Corcoran 
Group reports that Manhattan condominium and 
co-op buyers were able to reduce the original asking 
price by an average of 83 percent last year. 

• Fees of real estate agent average 6 percent and 
are generally paid by the seller, not the buyer. In the 
past, unscrupulous real estate agents have been 
known to demand lhai buyers pay phony charges for 
services. 

• Rental manag ers are a necessity for nonresident 
investors, according to most brokers. They oversee 
properly and locate satisfactory tenants. 

• Foreign investors should familiarize themselves 

with U.S. real estate tax regulations. Properly sold 
by a foreign individual or institution is subject to 
withholding tax equal to 10 percent of the sales price 
or the seller's maximum tax liability as determined 
by the Internal Revenue Service, whichever is less. 
Real estate used as a residence and valued at 
$300,000 or less is exempt. □ 


The investment that 
combines Dutch thrift 
with Swiss security 

The four Robeco Group investment 
trusts offer investors around the world a 
wide choice of investment objectives. 
Robeco An equity trust which seeks to 
provide a balance of both capital growth 
and a substantial yearly dividend. 

Rolinco Another equity trust which puts 
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ROrentO A fixed interest accumulator 
trust invested in bonds and currencies. 
Rodamco A property trust seeking a 
reasonable yield with some capital 
appreciation. 

The Robeco Group Shareholders 
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The Shareholders Account has many 
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• Dividends are automatically reinvested 
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charge. 

• No charges for safe custody. 

• Low cost switching between fends. 

• Easy-to-read computerised statements. 
Mail the coupon lor full details of the Shareholders 
Account in Geneva, with an application form. 


To: Robeco &A Gen&ve. Case Postale 896, CH-1211 Geneve 1 
I Please tell me more about the Robeco Group Shareholders 

* Account 

■ Name (Mr/Mrs/Miss) 



ilfcF ' 


wi- 


S Schroders 


SCHRODER PORTFOLIO SELECTION 


FUND LIMITED 


(THE “COMPANY”) 

A company incorporated with limited liability in the Cayman Islands and registered on 22nd October, 1984 under the 
provisions of the Companies Law (Cap. 22) of the Cayman Islands as amended and having an authorised 

share capital of US$1,000,000. 


S , 1 ■ 

. '.-O 







j, \ 











• us-ypphtei-' 



MANAGED BY 


QNLYTHE PUREST GOLD HAS 
IMKOnAL\MJUE THROUGHOUT THE WORLD 


SCHRODER I INTTTRI JST MANAGERS 


I>n^RNAnONALLIMrTED 


(THE "MANAGERS”) 

OFFER FOR SUBSCRIPTION 

of Participating Redeemable Preference Shares of US 1 cent each (“Participating Shares") 

of the following classes. 


Class of Participating Shares 

Equity Funds American Fund 


r* 

***** 




k*t- 1 


Over 3000 years ago, 
the ancient Egyptians 
immortalized their King 
Tutankhamen in the purest 
") of gold. Even then they 
knew that pure gold would 
have everlasting value. 

And that is still true today. 
Whoever invests in gold 
should also choose its 
purest form. 

Canada’s Maple Lea£ 
for example, is struck with 
? n the purest gold that you . 
can buy today. It contains 


no base metals and is the Therefore, prudent 

only coin available at banks investors can follow the 
with a purity of m - 9 hm fine example of the ancient 

gold - guaranteed by the Egyptians. Whoever wants 
Canadian government to acquire longterm value 

What does that mean should choose gold of the 

for you? In contrast to ordi- highest purity. And today, 
nary gold coins which are that is the " 9 - 9 /iooo of the 
22-carat gold, you get the Canadian Maple Leaf - a 
purity of 24-carat gold for purity for which there is no 

your money with Maple substitute. 

Leaf. And, a high degree of 

assurance that you can * 

trade it easily anytime, any- WL Mnt canarftmne^ I 

where in the world. — — 


Fixed Interest 
Funds 

Currency Rinds 


canadienne 


MAPLE LEAF THERE B NO SUBSTITUTE FOR PURTTY 


American Fund 

American Smaller Companies Fund 

Australian Fund 

British Fund 

European Fund 

Gold Fund 

Hong King Fund 

international Fund' 

Japanese Fund 

Japanese Smaller Companies Fund 
Singapore and Malaysian Fund 

Dollar Freed Interest Fund 
Sterling Fixed Interest Fund 

Deutschemark Currency Fund 
Dollar Currency Fund 
Stealing Currency Fund 
\fen Currency Fund 
Managed Currency Fund 


The Company Is an open-ended investment company 
incorporated in fee Cayman Islands and managed and 
resident m Guernsey It has fee power to issue and 
redeem Its Participating Shares at prices based on their 
underlying net asset value, very much along fee lines of a 
unit trust 

Participating Shares of each class of the Company are 
listed on The Stock Exchange, London. Participating 
Shares may normally be issued and redeemed on any 
weekday which is a business day in Guernsey. 


Portfolio Management Service 

A Portfolio Management Service is available from 
Schroder Financial Management Limited which enables 
fee investor to leave the day to day responsibility for 
managing his assets to experienced Fund Managers. The 
minimum investment for which fee service is available is 
£10,000 or other currency equivalent A separate 
brochure is avaflable on request from fee Managers. 

Full details of Schroder Portfolio Selection Fund Limited 
are contained, together with an application form, in fee 
Prospectus dated 27th November 1984 (on fee terms of 
which alone applications will be considered), copies of 
which may be obtained by completing the coupon below 

| 1 

I To: Schroder Unit Trust Managers International Limited, 

I P.O. Box 27a Schroder House, The Grange, St Peter Port, 

1 Guernsey Channel Islands. 

j Telephone: Guernsey (0481) 28750. nrrsm 

j Name 

I Address 


j Details of Portfolio Management Service 2S I I j 


SCHRODER PORTFOLIO SELECTION FUND LIMITED 


iP ‘ 










Page 12 


INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


SOMETHING DIFFERENT 



' many times. 


Section of a 1 7th century map of the world by John Speed that has been published 

The Magical Lure of Old Maps 


By Barbara Rosen 


London 

A MAGICAL lure surrounds old maps, those ornate chronicles 
of bow our ancestors saw their world. There is something 
magnetic about a rendition of North America, for example, 
with its northwest corner drifting into vagueness and figures 
of sea monsters dotting the Atlantic. 

- Today, when few parts of the world remain uncharted, cartography 
relies more on fact than conjecture, and richly illustrated old maps have 
moved increasingly into the realm of fine antiques. With a growing 
demand and a static supply, antique maps are, by some estimates, among 
the few undervalued collectibles. 



Notice Deposit Accounts 



So month? nonce ol wilrvWjwal 
Inlenrti cj<4I<j 4 Or paid hall 
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For o ONE VEAft fiuM (MnM 
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Other rales Jis-J*atne lor 1-5 
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SPECIAL' 


Lombard Cheque 
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I A Deposit Account 
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At Lombard we offer you the 
choice from a specially designed 
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schemes. 

You can choose from Notice 
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within each of these schemes you 
have also the choice of a wide 
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• Ydur funds will earn a good rate 
of interest 

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without deduction of tax at 
source 

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PUIpTBiw (emu 1*1 jy jppty la UK ntadM s 

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am are canea ai Ui» lime at jomg lo press 

For full chitaas at Lomb&d Deposit 
Accounts and current rates please HB In and 
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| 1 1 am interested in opening a special 


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IHT13/5 


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I EuropeanGuide I 
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CHART TALK 



Downturn in Tokyo Splits Opinion 


The world of rare maps has never experienced the son of dramatic 
increases “like you’ve seen in Victorian painting?, for example," says 
Roger Baynton Williams, a dealer who wrote “Investing in Maps." But 
Mr. Baynton W illiams cautions clients against short-term investing. “If 
they’re only going to buy something with the in ten Li on of selling in five 
years, then they’re better off in something else," he said. 

In the long term, fine rare maps have appreciated at more than 
respectable rales. Mr. Baynton Williams recently valued a private “very 
general" collection amassed for about £2.000 (S2.400) between ] 967 and 
1976. In today’s market, it would be worth £15,000. he said. 

Map dealers advise novices in map collecting to head first for the 
galleries, no matter how much homework they have done. “People can 
read books until they're blue in the face," says Mr. Baynton Williams, 
but they will learn more by approaching a reputable dealer, especially 
one who will take back a purchase from a dissatisfied customer. 

Map specialists caution that general antique dealers often do not 
know enough about the one or two maps they may have in stock, and can 
often over-charge. In addition, “it's dangerous for a greenhorn to go to 
ihe auction rooms," says Douglas Adams of Tooley. Adams & Co. in 
London. Amateurs can find themselves at a disadvantage when bidding 
against seasoned experts, and may tend to get carried away in the high- 
powered atmosphere of a bidding war. But John Goss, the map specialist 
at Sotheby’s, argues that auction bouses can often offer the map 
collector a wider range of choice than individual dealers can. 

People tend to buy maps of areas they know, whether it is a map of 
where they live or a place they have visited. Thus, the area a map covers 
contributes largely to Its demand. "If you collect maps of KenL you 
don’t try to buy maps off a Kentish dealer." who is probably sitting in 
the center of the demand, says Mr. Adams. 

Maps of the world are usually among the most decorative and ornate 
to be found, largely because they tend to appear as the first, introductory 
eniry in an atlas. Demand for world maps has been rising steadily, not 
only for their universal appeal but a Is*? because areas like 'the .Americas. 
Australia and New Zealand, which are very popular among collectors, 
first appeared in detail on global maps. 

L OGICALLY, demand for specific maps often varies largely 
with consumers' spending power in the area they cover. Maps 
of the Americas have been doing well in recent years, while 
those of Britain and Europe have not appreciated much over 
the past few years, dealers say. Americans have heroine a powerful force 
« the map-collecting world, accounting for about 50 percent of Tooley 
Adams’s clientele, and as much as 75 percent of that at Jonathon Potter 
Ltd. in London. 

A fine holding would be John Speed’s map of America, engraved in 
1626 and published in 1650. the first map of an atlas to show California 
as an island, a mistaken impression that showed up in maps from around 
1625 until about 1750. despite the theory being disproved in 1705. This 
map is surrounded by border panels depicting natives of the areas 
covered. It is hardly ever found in original color. Mr. Potter says. He is 
selling one, recently colored, for around £2,000. 

Factors determining the price of a rare map include its age. the maker, 
its style and its condition. During the 15th and 16th centuries, ihe 
Italians were important mapmakers, but in 1570, the first atlas of the 
world was produced in Antwerp and the center of mapmaking moved 
largely into die Low Countries, where it stayed until around 1700. 
During the 1 7th century maps were “being produced almost as much as 
decorative items" as records, says Mr. Potter. Dutch maps in particular 
of that era arc much sought after for their good quality and decoration. 

After about 1700, mapmaking moved largely into France, Germany 
and England- From the beginning of the 19th century maps became 
more informational and less decorative. “They started to put facts in 
rather than use fiction," says Mr. Adams. More recent maps are often in 
demand, however, by collectors interested in specific areas and events, 
such as the development of railroads. 

Manuscript maps, which were not bound into atlases, tend to be rarer 
and more expensive than those printed in books. Among primed maps, a 
nonexpert collector is often at the mercy of his dealer to determine 
whether a specific edition is worth its price. 

While maps of Japan, Hong Kong and Singapore have been doing 
weU, others, for example, of Russia and Cuba have noL For example, 
Tooley Adams has a 1575 issue of the first English map of Russia, 
complete with religious illustrations, selling for only £180. 

“Politics do play a bit of a part” in what is generally a pretty steady 
market, says Mr. Baynton Williams. One example is a 1676 issue of a 
John Speed map of Persia, first published in 1627, that has on the back a 
text, in English, describing the country. “That’s a very decorative map 
and to Persians, it was an interesting man.'* says Mr. Potter. Before the 
Iranian revolution it sold for around £650 to £700, be said; today it 
brings onlv £300 to £400. □ 


T HE HARSH predic- 
tions thaL many ana- 
lysts had made about 
the Tokyo Stock Ex- 
change came to pass in ApriL The 
Japanese market, which had 
aroused suspicion by rising lo new 
heights recently on heavy specula- 
tive trading, had the sharpest set- 
back in history. 

The market’s chief indicator, 
the Nikkei- Dow Jones, fell 345 
points on April 17, and then stum- 
bled another 249 points two days 
later. By the end of the month the 
market had pulled itsdf up to 
12,426 — 154 points off March's 
performance. 

Analysis say the yen’s improve- 
ment on currency markets .inti 
trade friction with the United 
Stales and Europe apparently con- 
tributed to the downturn. Both de- 
velopments are seen thr eatening 
Japan’s big exporters. 

The current outlook for the 
market is mixed. Many analysts 
are betting on a good recovery. 
Others fear that the downward 
correction still has a way to go and 
that the market index could drop 
by another 5 percenL 
Minoru Mi ora of Nikko Securi- 
ties predicts that the current mar- 
ket recovery will continue uninter- 
rupted for another two months. 
Though trade friction is likely to 
endure, the Toky o market's liquid- 
ity will remain attractive to inves- 
tors. 

“Investors have been shifting to 
domestic shares and will continue 
through the end of the year, espe- 
cially shares whose prices have 
been neglected," Mr. Miura said. 

Takayuki Nakajima of Daiwa 
Securities is less optimistic. Mr. 
Nakajima forecasts quiet trading 
for the next few months followed 
by a late summer rally and then a 
sharp autumn setback. "I don’t 
think the US. economy is as 
strong as it should be, and the 
Japanese economy is not as 
healthy as the government offi- 
cials say it is." he said. 

Last month’s decline was hard- 
est on Dai-ichi Sriyaku. the chemi- 
cal company that makes synthetic 
detergents for Procter & Gamble 
and has been making forays into 
the drug market. By contrast. Mit- 
sukosht. Japan's largest depart- 
ment store, benefited from re- 
newed interest in retailers. 

In London, most of the action 
last month centered on takeover 
rumors and sterling's modest re- 
covery. according to Lawrence 
Siemens, an analyst at Vickers da 
Costa. 

Since "the market is at a fairly 
advanced stage." with the FT Or- 
dinary Share index nearing the 
1.000 mark, investors are keeping 
there eyes out for the promise of 
takeover targets, according to Mr. 
Stevens. 

Debenhams led the list of win- 
ners on rumors that it was the 
target of a takeover by Harris 


Market Scoreboard 

The slocks on the New York. London and Tokyo exchanges that 
showed the largest percentage gains and tosses in April. 


Percent 

Gain 

April 30 
Price 

losers 

Percent 

Loss 

April 30 
Pries 

Now York Stock Exchange: 

Compiled by Media General Financial Services. Prices In dollars 

VendoCo. 55 6 00 Wheeling-Pitrsburgh 

Informatics General 40 25 OO Winnebago Industries 

Eastern Air Lines 33 8.50 ManvilleCorp 

Integrated Resources 33 21.50 Dieboldlnc. 

Triangle Industries 33 26.00 United Stockyards 

Seligman & Latz Inc. 30 1 7.86 Plantromcs Inc. 

Marion Laboratories 27 34.50 UnifirstCorp. 

Cox Communications 24 75.25 Adams-MillisCorp. 

Healthcare USA 23 18.75 Daiapomt Corp 

Pacific Resources 23 9.50 Enterra Corp 

40 

34 

30 

28 

26 

24 

23 

22 

22 

21 

7 63 
1 1 75 
5 SO 
37 50 
8.75 
7 25 
1388 
14 25 
14 50 
10 25 

American Stock Exchange: 





Tensor Corp- 

41 

6.88 

Scientific Leasing 

44 

IS 75 

Carton inc. 

31 

5.25 

Worthen Banking Corp 

J6 

20. 00 

Triangle Corp. 

29 

9 50 

Salem Corp 

27 


Spectra Industries 

27 

19.75 

Movie Star Inc. 

22 

14 00 

Beard Oil Co. 

26 

8.63 

MSI Data Corp. 

22 

7 50 

Over the Counter: 






Florida Cypress Gardens 

107 

7.75 

Dicomed Corp. 

40 

6 75 

Telecratter Corp. 

63 

15.88 

Exovir Inc. 

36 

9 75 

Intertherm Inc 

44 

14.38 

TSR Inc 

36 

12 25 

Electronics. Miss. & Comm 

39 

9.00 

Ask Computer Systems 

35 

14 25 

Atlantic Southeast Air 

37 

13.75 

BKW Inc 

34 

5 50 

London Stock Exchange: 





Compiled by Capital Imamattonal. Prices m pence 




Debenhams 

32 

279 

Lasmo 

1 1 

306 

Cookson Group 

26 

709 

Steetley 

9 

266 

Barratt Developments 

22 

88 

Racal Electronics 

9 

194 

MFl Furniture 

22 

276 

HambroS 

8 

143 

George Wimpey 

13 

113 

Hill Samuel 

a 

280 

Stock Conversion 

13 

505 

Coats Patons Ltd 

1 

141 

T aylor Woodrow 

11 

405 

DRG 

7 

159 

Thorn EMI 

1 1 

444 

RMC Group 

7 

350 

Efectrocomponems 

11 

310 

British Aerospace 

7 

395 

Glaxo Holdings 

10 

1.1 94 

Hammerson Property 

7 

435 


Tokyo Stock Exchange: 

Complied by Capital International. Prices in yen 
Mitsukoshi 

Shokusan Jutaku Sogo 
Mochida Pharmaceutical 
Sanko Steamship 
Daimaru 

Japan Elect Optics 
Maeda Construction 
Nippon Hodo 
Manii 
Meiji Seika 


24 

526 

Danchi Seiynku 

22 

1 ,840 

21 

260 

Yamanouchi Pharm. 

21 

3,150 

20 

10.310 

Green Cross 

19 

2.860 

IS 

117 

Mitsubishi Trust 

16 

B28 

18 

296 

Eisai 

15 

1.520 

14 

1.430 

Mitsui Trust 

14 

770 

12 

544 

Shizuoka Bank 

13 

531 

11 

772 

Nomura Securities 

12 

1.070 

11 

1.130 

Orient Leasing 

12 

2,800 

10 

528 

Nippon Credit Bank 

12 

4.710 


Queensway. Analysts said the re- 
tailer also benefited from the mar- 
ket’s growing disdain for the ex- 
port sector in light of the pound's 
improvement. On the losers' side, 
Lasmo lopped the list. Analyst 
blamed the oil exploration compa- 
ny’s rights issue for the poor per- 
formance. 

Signs of lower interest rates and 
slower U.S. economic grow th sent 
mixed signal io financial ntarkeb 


in ihe United Slates. On the New 
York Slock Exchange, the Stan- 
dard & Poor 500 Index barely 
changed in April, falling less than 
a point to close out the" month at 
I79.S3. 

"Investors wanted lower inter- 
est rates but not at the expense of 
lower profits." saivl Christine Col- 
lies, a analyst at Dean Witter 
Reynolds. As a result "it has been 
a wry defensive market." 


Vend* Corp.. a California mak- 
er of vending machines and com- 
puter frames, led the gainers. It 
impressed investors with an an- 
nouncement of good first -quarter 
earnings. The bankruptcy filings 
of steelmaker Wbecfing-Piits- 
hurgh provided this month's bad 
news. The seventh largest U.S. 
steelmaker said lhat excessive de- 
mands by the United Steelworkers 
union forced the reorganization. □ 


Total Return for 12 Months 


Total return measures both the changes In the prices ol securities and the income they provide, either 
in dividends or interest Gains and losses were measured by comparing market indexes with their 
levels a year earlier. The chart does not take into account taxes or inflation. 


Stocks 


w-"» ^ Bonds ^ ^ 

*** ^ ^ X *** 


25% 



- 16 % 



□ 


Total return tor 12 months 
ended March In local currency 


Total return for 1 2 months 
ended March in dollar terms 


Sour^.MwS«ct?w«^G»p.,SI» W fad,&W»cilcut 


Commodity Funds: Trend Watchers 


(Continued from Page 7) 
the investing public still thinks trading futures 
is little better than gambling. 

The truth, however, is that commodity 
funds are extremely conservative. On average, 
according to Mr. Baratz. the funds only de- 
vote between 25 and 30 percent of their assets 
io futures. The remainder of the equity is kepi 
in high interest-bearing instruments, such as 
U-S. Treasury bills. By contrast, privaie com- 
modity poo Is and individual managed ac- 
counts might use about half the available 
equity lo play futures. 

The funds, meanwhile, have also gained a 
reputation of being slow-movers. Most fund 
managers are known as followers of technical 
trends who ignore fundamentals such as infla- 
tion and interest rates when making trading 


The Daily 
Source for 
International 
Investors. 



decisions. Instead, they look for trends — 
either up or down — by using computers to 
monitor price activity in the futures market. It 
can take a week or more for the computer to 
spot a trend, and tbe funds usually miss initial 
turns in the market. 

“I would say the funds can catch about 60 
to 70 percent of a movement," said Gilbert S. 
Meera, an investment adviser at Dean Witter 
Reynolds. He also points out that traders in 
any financial market can never exactly time 
when a market will turn. 

The dollar’s activity illustrates both the 
strong points and the drawbacks to the (rend 
approach. All during the dollar’s ascent last 
year, most fund managers were shorting the 
British pound, Deutsche marks, Swiss francs 
and yen. Ignoring periodic dips in interest 
rates and warnings by experts of an imminent 
correction in the currency market, they never 
wavered from the trend strategy. In the end, 
they were handsomely rewarded. 

By contrast when the dollar turned last 
March, many of the funds were not sure 
whether it was a momentary correction or the 
start of another trend. By the time their com- 
puters signaled that it was time io reverse their 
positions, many funds lost money. 

“Il was an abrupt change and for two days 
[March 1 8 and 1 9] the Funds weren’t sure what 
to do," said Jay Klopfenstein. president of 
Norwood Securities, a Chicago investment 
firm thaL measures fund performances. The 
unit value of the funds, he said, fell by an 
average 3.7 percent in March. 1 

it is too soon to say bow the funds Hill fare 

in 1985. The dollar’s erratic movement in 
recent weeks, has sent most managers looking 
For other trends. "You can get tom apart in a 


sideways mariceL" said Christopher Fu 
who served as an adviser to several or the 
performers last year, including the Thom 
Financial Futures Partners I. 

Some managers see eventual trends eira 
uig with stock index futures. Others are cou 
ing on a weaker dollar and huge federal def 
w reignite inflation and push precious mei 
higher. Keith Campbell of Campbell & < 
Management Inc. m Baltimore, another i 
adviser, sees a strong possibility for grains, 
reckons that U.S. farmers, already strape 
Tor cash, will cut back grain production ! 
cause of low prices. “One drought anvwhi 
ui the world and you have a bull market” 
said. 

Despite such uncertainties, observers s 
ihfice are valid reasons for individuals t 0 
vest in a commodity Hinds. Although I 
industry boasts in can make a profit in a b 
or bear market, ihe funds tend to perfoi 
better when pnees are rising and can 
looked on as an inflation hedge. 

Mr Meem of Dean Witter thinks indivi 
uak should limit their investment to befwe 
>0»dMpeittni °f ‘.heir portfolios and I 
prepared to wait a minimum of three years 
benefit from a full economic cycle. Mr^ Bara 
thinks five years is Ihe best w*tioTiime » 
number of the funds have done quire wSL 
the past five years," he said. 4 04 

hi^cd, in the five years ended last Decer 
Fund, managed by Heino 
Commodities, posted a cumfie gain 35 

percent, or an average or about SfESn? 

issffiss 


nmnmtoM Province s -gflPrt *1* HJ1 Ml | »;s b~k <=mcne* Europe ll'.lirim IOim iiUf 


K 


Mftr-AmanaiaDNB* A’SWv OPn 7 AS 


7jK ! 







Hcralb^E: (tribune 


BUSINESS /FINANCE 


MONDAY MAY 13, 1985 


Page 13 


EUROBONDS 




«•» 




Market Faces Uncertainties 
With U.S. Economic Data 


jj, 

V 


«v 


of apian to 
-ihan-expeefed 




I:' 


■‘>kai;; f 


By CARLGEWIKTZ 

International Herald Tribune 

P ARIS — Buoyed by the Senate’s 
trim the U.S. budget deficit and a' 
rise in U.S. wholesale prices, the dollar sector of the 
international bond market aided on die npbeat last 
week. But this week the market faces new hurdles — - awaiting 
reports on April retail sales, personal- income and industrial 

[further 
or 

pT^atis 

markets. 

• The view among many professi onals is that short-term interest 
rates, which last week eased 



■li 

*r 


f t’ 


Eurobond Yields 

For Waak Ended May 9 

UAs Id term, inti Inst. — 

U&S Ions term; tod. — 

U.&5 medium term, IncL - 
Cans medium term 

French Fr. short term 

Yen Is term. Inti Inst. 

ECU short term 


ECU medium term 
EUA lane term 


xV-!,. 


*L+‘ 


P:V4xn-‘.l 


by a quarter of a percentage 
point, are headed lower. 

Speaking to his company’s 
cheats in London last week, 

Salomon Brothers economist 
Henry Kaufman reiterated 
his view that the Federal Re- 
serve is likely to cut its 8- 
percent discount rare before 
the end of this month. 

Salomon Brothers, howev- 
er, was not very sanguine 
about the deficit-t rimming 

bill which has yet to be ap- 
proved by the House of Rep- 
resentatives, noting that “an 
illusory freeze” on price-ad- 
justed defense expenditures 
“applies to new authority 
rather than to actual expen- 
ditures.” Actual defense 
spending in 1986 is likely to 
rise 8 percent in nominal terms, it forecast 


1141 % 
1225 % 
115] % 
1154 % 
R87 % 
720 % 
847 % 
956 % 
9.14 % 
951 % 


FLx medium term ___ 

Cotoiiatodby A* Luxembourg Stock Ex- 


Mark*! Turnover 

g„ , «»»- ■- > l ■ ■- o 
roc wnc enow) may t 

(MJUonz at UX Dollar*) 


Cedel 

Eurodear 



1Z66M 958220 
245700 223262 


rf'rj* 

t 

i.-A* 


Investors, meanwhile, have largely taken a wait-and-see view. 
Demand For U.S. dollar pajwr remains restrained and confined to 
doQar-based institutions reinvesting dollar income. 

By contrast, bankers report quite robust retail demandior non- 
dollar securities, particularly paper denominated in European 
currency units,' but also Deutsche-mark paper. 




If'*' 

t»r' 

i'r.' 


Mr-. 

riif 

'AS 


1 •- > 
.• r; 






k 

r 






t 




O NLY four fixed-coupon dollar issues were offered last 
week, two of which were wefl received — Ostemacfriscbe 
Kontrollbank AG's five-year, 10%-percent notes priced at 
99 Vi and Sanwa International's seven-year, 11 Vi-percent bonds 
offered at par. 

Citicorp’s Iatc-week entry of $100 million, . 10-year bonds 
carrying a coupon of 11% percent were deemed unappealing for 
two reasons: higher yielding Citicorp paper can be found in the 
secondary market, and the new issue is subordinated debt com- 
pared to the senior securities Citicorp traditionally issues. 

The U.S. railway company CSX Corp. sold $100 million, of 
seven-year. 11%-percenl notes at 99% — ; a thin 32 bans points 
over yields on comparably dated UU. Treasury paper. 

In the convertible market, however, American General Carp, 
was a roaring success and its $250 nriOion of 15-year bonds was 
increased to $300 million, with the dosing date accelerated and 
final terms to beset Monday. The bonds are expected to carry a 
coupon of around 7 percent, but investors are guaranteed abetter 
return in case the share prices fails to appreciate enough to 
compensate for the low interest income. 

In 1990, if the stock once has failed to hye up to expectations, 
holders can request redemption at a premium which will assure 
them of a return of about 10 percent over die five years. The 
coupon, the premium ami the conversion price have not yet been 
set but are a function of one another, a high conversion premium, 
expected to be around 20-to-25 percent over Frida/s closing 
price, *peans a higher coupon and therefore a lower price on die 
five-year pot option. _ . 

The other exception to an otherwise dull dollar market was 
floating-rate notes where $1.9 billion of British bank paper has 
been issued in the past two weeks. Midland Bank PLC was the 
latest issuer, following the lead of Lloyds Bank PLC in offering 
$750 nulhon of perpetual paper carrying a quarter-point margin 
over the London interbank offered rale. 

To be able to count the proceeds as capital, these notes will be 
treated as preferred shares' — ranking just ahead of ordinary 
shares — in the event of the bank’s hepdation. In addition, 
interest payments can be suspended if dividends on the common 
stock have been omitted. 

In exchange for these risks. Midland — like Lloyds — is paying 
what in today’s market is considered a hefty 25 laas points over 
Libor. While that margin used to be standard, major banks 
nowadays successfully issue FRNs at no margin over the inter- 
(Contimed oa Page 15, Cot 1) 


Las I Week’s Markets 

AS figures are as of dose of tracing Friday 


Stock Indexes 

lUted States 


Money Rates 

United States 


Latwk. PravJMc. 


untune. pitvJMk. 
DJ lndu&_ 1274.18 1X73< 

DJ UNI 13973 15*95 

OJ Trans.— 41753 38** 

S&P100 17953 175* 

SAP 500 18428 18028 

NY5E Co 10*64 104.17 

SsmiPndaM/BacheSecarm. 


aree 

+217% 

+308% 

+527% 

+236% 

+233% 

+232% 


Discount rataJ 

Federal fands rate— 

prUiaraf 

jgwn 


8 

83716 

10W 


8 

m 

TOW 


Discount. 



Coll money 

40-day interbank- 

WiestGecmmr 


5 

515716 

*» 


5 
' 6 
6% 


131150 +0.10% 
991.10 +0*% 


600 600 

Overnight 550 57S 

l-mcnfM interbank-. STS 580 


slcliti' 


Hong Snog 
Hang Sena. 141X40 


155080 +404% 


Bank bass rata. 

Callmonev— 
ymontti Interbank— 


TZ* 
11 
121V16 


12V) 

tow 

12% 


Nikkei OJ— 1252730 1245170 +041 % 


WestGenaany 

Gommerzbfc 124*50 022* +779% 

Sxrcr.Jbmes Gatf 4 OUjnXn 


DoSar 

BkEnollndex- 14658 14950 —174% 

Gold 

Lonoenrvn.lbe.s 3Uso raw +045% 
aamrfpwaajUB Qa suiitoi Ann cm * 


Currency Rates 


] 


Late interba nk rates on May 1 0 , exducSng fees. 

Offidd fwgs for Amsterdam, Brussel* Frankfurt, MBon, Pam. New York roles at 


4PM 

S 

£ 

086. 

FA 

ILL. 

GMr. 

' 8J>. 

Amsterdam 

1528 

4348 

11287“ 

3782- 41789- 

— ■ 

SMS’ 

BraueiKa) 


77* 

2B.T25 

6JJS 11525* 

178285 

— - 

FraakMrt 

11286 

3852 

— — 

3281* UflSX 

BB8B* 

-4971* 

Leaden (bl 

JJZSS3 

— 

38533 

11708 2*655 

04JT 

77375 

MHOS 

Ijnno 145380 

637.11 

20974 — r 

56585 

31875 

N4WVMk(c3 

__ 

08071 

3.107 

*465 


1519 

<274 

Paris 

9321 

11729 

38479 

4785* 

27825 

15.15 “ 

Tama 

2S22B 

38786 

IBLU 

2630 

1161 • 

7496 

39883* 

ZM-kft 

282S 

12542 

8446“ 

2784* 41318* 

TOMS’ 

4.1773 * 

1 ECU 

47172 

ft»»7 

22387 

48259 UZZ22 

132/7 

458544 

ISM 

09MI5S 

mom 

10870 

939585 156488 

1*U 

628599 


u. YM 
13402*13900 V 
2190 2192" 
11171 *12173 * 
12518 312023 
75785 7 JO 
.2415 25230 
14248X77* ■ 

9147 

10103 * 

1JB8 7M949 
25999 249131 


’ ' * *■ . _ 

/ 1 


. Dollar Values 



-r •• 

^ ewfucy - 

EVMtV — — " 

Per 

VS* 

sL. 

Par 

ULif 

*■ Camnev 

■Mlfl 

Per 

USJ 


un AMmflMl 

V45T4 

18875 kttl 

89124 

MiN U— pnral 

MW 


BJMS7 Austrian KMtBaa 

a* 

0M1 iMdlWlI 

MUD 

4581 SJUncnned U*1 

1?, . . 

<8191 MMon Bn. franc 

OBD 

38992 KMHWdlMr 

S3B2T 

MOD S. Kanos won Hi* 


47% COHfiMS 

13775 

44817 AU«.rtap8 « 

■un 

888% 9—. MUM 

17*75 

t t e » 

, * 40191 PMtttraM 

I13B 

8.1)24 NmlHH 

8 ms 

a.J7*i Seed, knee 

KM25 

; 

4IS> PlMhil KMtfltkB 

63D 

08541 PHLmh 

IMS 

BOB! TMi 

3*90 


V' urn 8re*k dracbm 

Ol* 

«jna PortemM 

17188 

0810 1MM* 

27-535 


‘ 0.1282 HwKmI 

77285 

0277 Md(M 

24HS 

MTS KAS.artm 

38718 


L- 1 


•SNtMHun iraei 

WCamnMreU time (M Amawds nMfetWM pound idAnwuoli needed inter om dollort-J 
untie « no iiu uKK m ton in units of man 

tur: nel quoted; KAs not ovoUotte. ^ 

Source*; Pun'im < ** Bencher tBrutsels); Bunoa OMiDnOk ItoUaoo IMPon i; ft« w 
tfaftoaof* da Paris iFartffi IMP {SDR); Baaaoe Arahc at /fVentaHenoff triovmasamant 
(dinar. rtroLdbtmmJ. Other do* from ttmdarf andAP. 


East Bloc 
Returns to 
Market 


Soviet, 2 Allies 
Ask $500 Million 


By Carl Gcwirtz 

Intermtkmal Herald Tribune 

' PARIS — Eastern Europe, 
which was forced out of the inter- 
national credit market following 
Poland’s debt rriufo, is returning in 
force under the lead of the Soviet 
Union. 

. Vneshtorgbank, the Soviet for- 
eign-trade bank, is making its 


fourth trip to the market this year. 

I million 


It is currently seeking $200 : 


SYNDICATED LOANS 


for right years. Each of tins year’s 
borrowings has seen the bank set a 
new low for Soviet borrowing costs. 

The latest terms are ftpouxt fever 
the London interbank offered rate 
for four years and %-point over 
Libor fra- the final four years. The 
previous low, cm a £l50-uhQion 
loan, had the thin M-point margin 
for only three years on a seven-year 
loan. 

Vneshtorgbank's ability to 
squeeze down its costs reflects the 
fact that die international banks' 
are awash with cash and have few 
high-qualffycnstoinerstoleudit to. 
The most credit-worthy borrowers 
now raise money more cheaply by . 
arranging Euronote facilities. 

Czechoslovakia, widely regarded 
as the second-best East European 
credit, is ne gotiating with banks on 
terms for a SlOO-mfBion, seven- 
year loan. It also is seeking split 
margins of 14-% point over Libor 
although the 14-point element 
would be shorter than for the Sovi- 
et Union. Even so, a number of 
banks have dropped out of the bid- 
ding. si gning that Czechoslovakia 
should be paying more than that 

East Germany, meanwhile, has 
surprised bankers by returning to 
the market for $200 milli on. Two 
dements account for (he surprise; 
Bankers say the government has 
more than $1 billioc in bank credits 
that have not yet been drawn, and 
the terms on the new loan are not 
very aggressive considering the 
high liquidity of the country as well 
as the market. 

The eight-year loan is to be’ split 
-r 60 percent priced over Libor, 
with a margin of tt-point, and 40 
'percent over the prime rate of U.S. 
banks plus %-prinL The Libor 
priring is a touch better than on the 
5 500- million loan East Germany 
signed in March, carrying a margin 
of %-point over Libor for seven 
years. 

The prime portion is an eye 
opener. Few borrowers these days 
are willing to accept that base rate 
because it is an administered rate, 
currently 1016 percent, and much 
more expensive than six-month Li- 
bor, now at 8 11/ 16 potent Bank- 
ers say the choice reflects East Ger- 
many’s lower credit standing in the 
market and its desire to woo UJS. 
banks into the deal First Chicago, 



Rupert Murdoch in his office at the New York Post John W. Kluge, above left, has 
agreed to sell seven U.S. television stations to Mft Murdoch and Marvin Davis, below. 


Rupert Murdoch : f Never Be Boring 9 


By Maureen Dowd 

New York Timet Service 

NEW YORK — Rupert Murdoch, the Austra- 
lian publisher whose empire spans four continents 
and includes more than 80 newspapers and maga- 
zines and a 250,000-acre sheep farm, has often told 
reporters on the occasion t?f a new purchase: “We 
will nevri be boring." 

The phrase is as applicable to his business style 
as to his editorial philosophy. 

. Last month, he made ms first visit to 20th 
Century-Fox Film Corp, following his agreement 
in Manh to buy half of the film company from 
Marvin Davis, a wealthy oilman, for SI62 million. 

As fate would have it, John W. Kluge, chairman 
and president of Metromedia Inc., had hired a 
large studio at Fox for a presentation to his inves- 


tors. Mr. Davis introduced his new partner, Mr. 
Murdoch, to Mr. Kluge, and suddenly one deal 
gave birth to another. , 

Metromedia announced last Monday that it nad 
agreed to sell its seven big-city television stations 
in the United States to Mr. Murdoch and Mr. 
Davis for more than $2 billion. 

“Rupert’s a man who’s always thrilled with a 
new challenge,” said his spokesman in New York, 
Howard Rubenslein. “He s always ready to climb 
Mount Everest He has a broad attention span. 
Very broad." 

His family owns 46 percent of a $l-24-biffion-a- 
year conglomerate that annually sells almost 3 
billion copies of newspapers and magazines and 
uses half a million tons of newsprinL His proper- 
(ContiDued on Page 15, GoL 1) 


Brazil, IMF Set 
Talks on Reform 


To Permit Loan 


Compiled by Our Staff From Dispatches 

WASHINGTON — Brazil and 
the International Monetary Fund 
have agreed to negotiate fresh eco- 
nomic reforms for the country in 
exchange for a new loan, according 
to Brazil's finance minister. Fran- 
dsco Dorndles. 

The amount of the new loan 
sought was not disclosed, but mon- 


IMF Chief Gtes 
Caution on Debt 


etary sources said it amid be forujj 


Japan Awaits Flood of Saudi Plastics 

Cheap Imports Threaten Domestic Petrochemical Industry 


to $1.4 billion. An IMF team 
fly lo Brazil on May 27 for talks 
which Brazil hopes wdl be conclud- 
ed by (he end or June. 

The IMF suspended payments to 
Brazil in February of a S4.5-biUion 
loan started two years ago because 
inflation, at 200 percent, far ex- 
ceeded the fund’s targets. 

The suspension held up a final 
accord between Brazil, which owes 
S103 billion in foreign debt, and 
commercial banks on rescheduling 
repayments of $45 billion of that 
sum. 

Banks had agreed on a tempo- 
rary rescheduling arrangement, but 
are considered unlikely to renew 
this unless a new IMF loan is firmly 
in place. 

Mr. DomeQes said Saturday that 
in talks with the IMF's manag in g 
director. Jacques de Larosifere, “We 
agreed to Toilet the past." 

The Brazilian said that Mr. de 
Larosiere was also sympathetic to 
Brazil’s insistence that economic 
growth must continue despite the 
IMF's strict credit terms. 

A 90-day moratorium by com- 
mercial banks on debt principal 
payments expires at the end of tnis 
month, monetary sources said. In 
addition to seeking a renewal of the 
moratorium, Brazil will also ask the 
banks for a similar extension for 


Reuters 

WASHINGTON — The : 
world debt crisis is ending bu; ; 
there is still little margin tor , 
error, the head of the Interna- ' 
tional Monetary Fund. Jacques ■ 
de Larosi&re has warned. 

Speaking to the Institute of 
International Finance, an intel- 
ligence-gathering body made 
up of commercial banks. Mr. de 
Lafosifcre said commercial 
banks must continue to main- 
tain prudent financial flows to 
debtor nations during the eco- 
nomic adjustment process. He 
said debtor countries had taken 
major measures to reform their 
badly unbalanced economies 
adding that “this adjustment 
was costly in social and politic/ 
terms." , 

The IMF chief said the pain- 
ful process had worked so far. . 
and the financing requirements 
of indebted developing coun- 
tries had dropped from SI 50 
billion to $47 billion between 
1981 and 1984. 


By Caroline Dale 

Reuters 

TOKYO — Japan’s petrochemi- 
cal indns try is gearing iro to face its 
stiff est challenge ever from a new 
and cheap competitor — Saudi 
Arabia. 

According to Japanese industry 
nffiriak, Japan can partly blame 
itself for the coming rush of cheap 
Saudi exports because it sank huge 
amounts of money into one of Sau- 
di Arabia’s four new petrochemical 
plants. 

Industry sources say Japan must 
continue sc rapp ing its own produc- 
tion facilities or the retains on its 
Saudi investment will flood the 
market this autumn and cripple do- 
mestic firms. 


“Scrapping was like idling the 
industry to fill its own children;" 
said Toshio Kara, general manager 


of the Japan Petrochemical Indus- 
try Association, which organized a 
major company scrapping project 
two years ago. 

But cutting back domestic pro- 
duction or basic petrochemicals 
like polyethylene by 25 percent was 
the only way the industry could 
cope with the expected 130,000 
tons of Saudi polyethylene exports 
used for making anything from 
pipes to computer casing, he said. 

- Yoshio Tokuhisa. general man- 
ager of Mitsubishi Petrochemical 
Co.’s planning department, said Ja- 
pan intends to absorb only a sraaTl 
portion of its share of Saudi Ara- 
bia's annual exports starting in 
September. 

The remaining 70 percent will be 
offloaded onto third countries, he 
said, with 30 percent going to West- 
ern Europe, 30 percent to South- 
east Asia and China and the re- 


Top Hutton Officials Geared 
Of Culpability in Bank Fraud 


along with Arab Banking Corp. 


and Industrial Bank of Japan Lt 
has won the mandate to arrange the 
loan. 

* East Germany wiD pay the stan- 
dard te-perccat commitment fee on 
any undrawn portion of the. loan 
tvad front-end fees of 45 basis 
points on the Libor portion and 40 
basis points on the prime part This 
compares with front-end fees of 
around 30 basis points being paid 
by the Soviet Umon. 

Elsewhere, Korea Development 
Bank has asked basks for terms cm 
a $600-millioo, eight-year loon. 
Korea Exchange Bank, meanwhile; 
is tapping the market for £50 mil- 
bon through the sale of 10-year 
floating rate notes that headers can 
redeem after five years, interest cm 
the Korea Exchange Bank paper 


wOl be set at \4-poini over Libor 
lQ total 1.55 


and fees will 


1J5 percent 


New York Times Service 

WASHINGTON — U.S. Justice 
Department prosecutors say they 
have no evidence that high-ranking 
executives of EJ\ Hnnon & Co., 
one of the largest American broker- 
age from, knowingly participated 
in a multi mitHrm- d oTlar fraud tO 
which the company pleaded guilty 
last week. 

The prosecutors said Friday that 
the fraud, in which Hutton illegally 
used billions of dollars from hun- 
dreds of U.S. banks without paying 
interest was conceived at the mid- 
dle-management level. These exec- 
utives worked in the money-man- 
agement department of the 
company's brokerage subsidiary in 
New York, prosecutors said. 

The disclosures were made in a 
briefing for about a dozen congres- 
sional staff members cm the Hntlon 
Abeme and the department's han- 
dling of it The briefing followed 


criticism by 15 Democratic sena- 
tors of the department’s agreement 
with Hutton not to prosecute indi- 
vidual Hutton employees who par- 
tidpaied in the fraud. 

. Robert W. Ogren, chief of the 
fraud section of the department’s 
criminal division, said that only a 
few of the hundreds of Hutton em- 
ployees who participated in the 
fraud knew enough about it to be 
criminally culpable. 

It was less important to prose- 
cute them individually than to get 
the company’s agreement to plrad 
guilty, and thereby establish dearly 
the illegality of the practices, Mr. 
Ogren said. 

He said the practices were not 
confined to Hatton and posed a 
potential threat to the banking sys- 
tem as long as they continued. Mr. 
Ogren also refused to name the 
culpable individuals. 


tnainder to the United States, India 
and elsewhere. 

But the European Community 
has said that it docs not see itself as 
a potential outlet for excess petro- 
chemical supply and is already try- 
ing to protect its own industry. 

And Vice Premier Li Peng of 
China told a Japanese petrochemi- 
cal delegation last December that 
China is a major growth area for 
petrochemicals, which it intends 
producing itself. 

Singapore is another new pro- 
ducer that may cause problems for 
Japan, industry observers said. 

Singapore in March asked Japan 
to open its markets wider to prod- 
ucts from Petrochemical Corp. of 
Singapore, which is half-owned by 
Japanese companies led by Sumi- 
tomo Chemical Co. 

Japan's petrochemical industry 
has a history of dwindling, uncom- 
petitive exports. But last year most 
of the nujor manufacturers who 
had lost the market in baric com- 
modities like ethylene to cheaper, 
mainly U.S. products, moved into 
the black. 

Industry analysts put the recov- 
ery down to the turnaround in the 
U.S. economy, which sopped up 
cheap domestic oversopply arm 
gave the Japanese a breather while 
they cut their own production. 

However, growth has flattened 
out during the current year. 

“Most would be happy to break 
even in 1985,” said Michael Faulk- 
ner. an industry analyst 

Analysts say that it is the major 
Japanese petrochemical compa- 
nies, dependent an selling their ba- 
ric products Hke polyvinyl chloride 
(PVQ, which are most threatened 
by cheaper imports, Mr. Faulkner 
said. 

But majors like Mitsubishi Pet- 
rochemical are boldly predicting 
that the damage will be passing. 

Mr. Tokuhisa said Japan could 
make “better things” than PVC, 
and would concentrate on very ad- 
vanced engineering plastics. “Saudi 
output cannot expand as it does 
not have the technology or feed- 
stock.” be said. 


A koa to Reopen 
JamaicaPbmt 


Reuters 

KINGSTON, Jamaica — 
Aluminum Co. of America’s re- 
finery in Jamaica, closed in 
February because of weak 
worldwide demand for alumi- 
na, will reopen July 1, the min- 
ing minister. Hugh Hart, has 
said. *• 

The government has formed 
a new company. Clarendon 
Alumina Production Ltd., lo 
operate the plant on a cost-free 
tearing arrangement from Al- 
coa for a two-year provisional 
period, he said. It is hoped that 
the plant will export 200,000 
tons by the end of the year. 

Alcoa will be responsible for 
costs of the startup. 


$16 billion or trade and financial 
loans. 

Mr. Domelles planned to have 
informal talks with bankers in New! 
York over the weekend, but formal' 
talks will not resume before May! 
20 . 

A major sticking point :o any 
new loan is insistence by the com- 
mercial h anks involved that Brazil 
should agree to regular and thor- 
ough IMF reviews of its economy.' 
even after its loan program with the 
fund expires. 

In another development on Lat- 
in American debt, Peru’s creditor 
banks granted the country a 60-dav. 
rollover on approximately SI.S5 
billion in foreign-debt payments. - 

Peru's finance minister. Guil- 
lermo Garrido-Lccca, said Friday 
that the rollover extends Monday's 
deadline to July 15. 

The country is $200 million in 
arrears on interest payments to 2S0 
creditor banks. The outgoing gov- 
ernment of President Fernando Be-, 
launde Terry slopped paving inter- 
est in June of last year. 

Separately, Yugoslavia’s official 
news agency, Tanjug, reported 
Sunday that Belgrade and its credi- 
tor banks have agreed to resume 
debt-refinancing talks. 

Efforts to negotiate a reschedul- 
ing package on repayment of 53.4 
billion of debt due between 198? 
and 1988 broke down in New York 
last month. (Reuters. UPI) 


Trinkaus & Burkhardt 






1984 

1983 

UJ 


in million DM 

in million DM 


Business Volume 

6,228 

5,697 

Trinkaus & Burkhardt 

Group 

Total Assets 

5,917 

5,475 

Deposits 

5,352 

4,932 


Credits 

4,484 

3,986 . 


Capital 

187 

187 

Itinkaus & Burkhardt 

Business Volume 

4,642 

4283 

DusseJdorf. Essen, 

Total Assets 

4331 

4.061 

Frankfurt MOnchen, Stuttgart 

Capital Funds 

187 

187 

Trinkaus & Burkhardt 

Total Assets 

1,552- 

1,448 

(International) S JL, Luxembourg 

Capital Funds 

53 

51 

Trinkans&Burkhardt 

Total Assets 

111 

105 

(Schweiz) AG, Zurich 

Capital Funds 

20 

18 



National Westminster Finance B.V. 

(Incorporated in The Netherlands with limited liability) 

U.S. 1500,000,000 Junior Guaranteed FRNs 
Guaranteed on ajuntortabonttnated basts as to 
payment of principal and Interest by 

A National Westminster Bank PLC 

(Incorporated in England with limited liability) 

Notice Is hereby given that the Rate of Interest has been 
fixed at 9to% and that die Interest payable on the relevant 
Interest Payment Date, November 13, 1985, against Coupon 
No. 3 In respect of US$25,000 nominal of the Notes will be 
US$1,165.97 and in respect of US$5,000 nominal of the 
Notes will be US$233. 1 9. 


May 13, 1985 , London 

By: Citibank, NA (CSS! Dept), London Branch, Agent Bank 



The famous Comm Coin Watch. A precious ultra- 
thin quartz movement inserted between the two 
halves of a genuine $20 gold coin. Water-resistant 
In ladies' versions too. A subtle touch : each Corum Coin 
Watch has a pure diamond set in the crown. 


$ 


Corura watches arc on view ai ihc fines! jewellers. Far the 
address of (he one nearest you or Tor a brochure, write 
or phone to: France, SA. Mkhd Nhrquin, !77. Bd de 
Cretcil. 94100 Saim-Maur. id. 1/889.36 36 - Genvany 
AasJria, HaQaad. Helmut Tenet GmbH, Heinrich- Heme!! 


* LUL Grcville Slrcci. London 


4': 


I 







\ 


International Bond Prices - Week of May 9 

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

Prices may vary according to market cooditioiu ind other tartan. 


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DM STRAIGHT BONDS 


AUSTRALIA 


dm 1D0 Aestrofla 
Eta 2DQ Aintmflo 
am 250 Australia 
<bn2n Australia 


New subsidiary 


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SUMITOMO TRUST 

ms eshuskm lev saBsawrr 

W LUXEMBOURG 

The Sumitomo Trust & Banking Co., Ltd, one of Japanese leading trust banks, 
takes pleasure in announcing the opening of a new wholly owned subsidiary, on May 10, 1985 

Sumitomo l^rust & Banking (Luxembourg) S. A. 

The wide range of services la be offered include: 

Deposits -Medium- and Long-Term Loans and Guarantees 
Securities Related Activities- Fiduciary Services 
Foreign Exchange-Investment Management and Advisoiy Services 
Management and Financial Consultancy, etc. 

Far further information, please contact: 

88, Grand-Rue. L-1660, Luxembourg 

Masanao Matsunaga. Chairman of the Board 
Masatsuki Esaki, Managing Director & General Manager 

Telephone: 477985-1 
Ttelex: 60232,60233 SMITH 


m 








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& Banking Co, Ltd. 



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INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


Page 15 


!»»■!, ,, 
»-*- .1 
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.. 1 

71 

. . r 

J T 

£ 1 
k 1 

; l| . 

new iLuroDomi issues 

i Issuer 

Amount 

(millions} 

Mat. 

Coup. 

% 

Price 

Price 

end - Terms 

week 

FLOATING RATH NOTES 

^’Crecfito Itafiono 

$100 

1992 

1716 

100.. 

9973 .Ovw6-nwrrti Ubor. Cafloble at per in 19S7. Foej QJ0%. 

^Braa first Bcnk 

$50 

1995 

ft 

100 

— Over frmorsh Uber.Ctdabb or per in JV98 and radoenuito 
tf'par in 1990 aid 1992 . Fms 1HS. Denominuliore 
SlOQjOOO. 

Midland Bank 

$750 

pen* 

ft 

100 

99.68 Owr 6«ion* Uhor. Gdafafe ft par in 1990. Fne* OZfflt 

Dtnonwiafioos $1(^000. 

‘ HXHVCOUPON 

> Gticorp 

$100 

1995 

lift 

100 

98^5 CoBabfe d» par in 1990. 

j CSX 

$100 

1992 

lift 

99ft 

97 j 88 CciofcleorlOl i«vl971. 

Oesterreochiche 

in Kontroflbank 

$175 

1990 

10ft 

m 

9835 Nonca&obtn. $HK) mXan ifH»d now mi boionca marvad 

for a 2-yr tap. 

?! Sanwa Inti Finance 

$100 

1992 

nft 

100 

99jS3 Nancolabb; Dsnonjnafaoia SIOJXXL 

Commerzbank 

1 Overseas finance 

DM 300 

1995 

zero 

50 

4955 Yigid 7 . 18 %. NoncaSofale. ProcMcb ISO nSon moria. • 

^mmerzbank 
cjCerseas Finance 

DM300 

2000 

zero 

33ft 

34.10 YieW 7 ^ 46 V NonctAjfate. Proceedt 100 nSSon naerts. 

BB 

DM200 

1997 

7ft 

99ft 


BACOB Finance 

ecu 28-5 

1993 

9ft 

open 

99.38 NonooSoUe. 

; Council of Europe 

ECU 40 

1992 

9ft 

99ft 

— NtxKdWafcL 

\ Cound of Europe 

ECU 20 

1995 

9ft 

100 

— Noncoldbtn. 

L Philips InflTmance 

ECU 75 

1993 

9 

100 •. 

9938 CoSofaia at 1 <XM m 1990 . 

; Ryow 

ECU 20. 

1990 

9ft 

100 

99.13- NoneoldbM. 

; Yokohama Asa 

~ECU 32 

1992 

9ft 

100 

99j00‘ CatbUeetlOl in 1990. 

i Canadian National 
Railways 

esioo 

1993 

lift 

100 

98.00 CdfabfecrMOl n W 2 . 

SJontred • 

075 

1995 

Uft 

WO 

98JX) Noncatohle. 

SieB Canada 

075 

1992 

lift 

100ft 

98.13 Noncdtobls. 

Effl 

Df 200 

2000 

8 - ’ 

100 

— XatfawneAfe at per 'n 199 ). 

: : Avco Rnanaal 
Services 

Aas$35 

1990 

14 

100ft 

' — honcriobk. 

j; Commonwealth Bank 
' of Australia 

AusS'50 

1990 

13ft 

100 

nt*-- rMMm (trwt i AirQjn nJnn 

Westpac Banking . 

Aw$40 

1988 

13ft 

100 

— NomAtto. 

Scandinavian Airfine 
Systems 

NX 200 

1993 

10ft- 

open 

— Noncdbbb. 

^ EQUITY-UMCH) 


$300 

2000 

open 

open 

99 JO Co^xxi wfiettod ot 6 H 716 X. fcdwwnWe rt 110 n 1990 
tor a yield- of 10 - 10 ) 4 %. CbnwrlUt af ai expected 20 - 24 % 
pramum. Term to ba sot May 16 . 

^anon 

$700 

2000 

open 

700 

99.00 S*naannxjcBop<kik*iaatedai3%.G&!bUc*10< 'm I 96 &. 
ContarlUa at cn eepaded 9 % pranmn. Tgnm to ba id 
May 16 . 


' fclcrr.jti.Tj Herid 
rihun? rc.ufcT% 4»w!! 
cvks S-uw [vni 
Hi t 


Bond Market Faces New Uncertainty 


(Continued from Page 13) 
sank bid rate' — roughly 37 basis 
wints less than what the British 
ranks are offering. - 
The market has obviously judgpd 
hat the higher income on these 

lotes more than compensates for 

•« j, , ; . he risk of liquidation of a British 
i , .’i Y>.- r t leering bank ra omission of divt- 

lends. As a result, the Midland 

ff cring — Kke Lloyds’s — was 

Jreased from the initieOy indical- 
t mSSOO million. ' 

•*» in the ECU market, five issues 
H Dialing 195.5 million units were 
i avi ■ iffered last week. Retail investors 

^ ^ ‘.j jeem that the roughly 2-percent- 

*f. '• ■ *; ige-point give-up on coupon con> 

- - aarea to dt^ar bonds is more than 

\" t ^jxmqjensated for by the dollar’s 

; . ? vulnerability in the foreign-eX- 
\.L ‘ ;; 3 ’jfange market 

In addition, the market was 

— 1 ooosted last week by a decline of 

-- - vihnosi a quarter-point in short- 

141 . 1 "■■erm ECU rates. This makes.it 

; ; . ‘iitore attractive for banks to take 

. iV -:£CU bonds into inventory as they 

— £ are now paying 9 1/16 percent on 

V ’ '/ •' Vme-monlh deposits bat can earn 

jh T: ; - ' jjp to 9ft- percent holding the 

“• - « • ‘ i bonds. 

• \ Philips NY’s 75-nrilfion, esght- 
; «;year issue carried a 9-percent cou- 
: .. ‘ ilpon — too low to be attractive to 

'-**■ libank holders. But the name ap- 


pealed to retail customers as dem- 
onstrated by the firm price of 99%. 

'Bankers also report very strong 
demand for the new DM instru- 
ments of zero-coopon bonds and 
FRNs. The zexocoupon offerings 
from Commerzbank AG fared 
somewhat better than Austria’s be- 
cause Commerzbank's was a classic 
deep-discount offering — SO per- 
- cent of face value on its 10-year 
bonds and 33ft percent on its 15- 
year issue— compared to Austria's 
premium-pricing technique where 
10-year bonds are redeemed at 
double then face value and 15-year 
paper, at triple the face value. 

The return to investors —equiv- 
alent to 7.18 percent a year on the 
10-year paper and 7.46 percent on 
the 15-year bonds — is identical. 
But investors prefer the discount 
purchase price to the preminm-re- 
dempuen price. 

While the Bundesbank has in- 
sisted that die center of gravity fra 
the new-issue market forEuromark 
bonds remains in West Germany 
(by insisting Oral lead tnanagiers be 
banks domiciled in the country), 
the locus of the secondary market 
looks like remaining in Luxem- 
bourg if not shifting to London. 

The problem here is thedranestk 
sales tax — VI percent on domestic 
transactions with retail clients and 


ft percent for foreign cheats. The 
tax does not apply on transactions 
between banks and is of relatively 
little import for the braid market 
since these securities tend to be 
bought and hdd for investment. 

But FRNs are supposed to be 
highly liquid, short-term instru- 
ments, which means non- bank ch- 
eats will be obliged to keep then- 
business outside West Germany 
unless the turnover tax is abol- 
ished. 

Another irksome detail, bankers 
say, is the expensive ft-percent fee 
charged by the Frankfurt Stock Ex- 
change az^l paid by the issuer to hst 
securities. One way around this ex- 
pense is to arrange an unlisted, pri- 
vate placement, as was done fra 
Austria. Kit this has drawbacks as 
many institutional investors have 
self-imposed restrictions of pur- 
charing rally listed securities — 
making unrated paper more diffi- 
cult to 

Dresdner Bank AG’s ploy of list- 
ing hs FRN in the domestic over- 
the-counter market and on the 
Luxembourg Stock Exchange is re- 
ported to have run afoul of the 
Bundesbank. The Frankfurt Stock 
Exchange’s fee for listing floaters is 
1 basis point a year, or 12 baas 
points fra the L5 bfflion-DM float- 
er' arranged for Sweden. 


0 • 

" Rupert Murdoch: r NeverBe Boring 9 


? (Continued from Page 13) 
/ties include the New York Pori, 
: New York magazine, The Village 
; Voice, The Star, The Tunes of Lon- 
i;don. The Boston Herald and The 
Chicago Sun-Times as well as tde- 
‘ virion stations, book publishing 
'i companies, an airline, cu and gas 
companies and film- and recrad 
/com panies 

, Mr. Murdoch reportedly is seD- 
. ing the Sun-Times, however, to 
comply with U.S. regulations that 
'■ prohibit ownership of a television 
ri.sr^jpn and a newspaper in the 
lame market The Metromedia sta- 
- lions include one in Chicago and 

> one in New York. He has not said 

> what be will do with the Post 

Last week, Mr. Murdoch also 
-[said be wanted to sell The Village 
‘ Voice for S55 million, and Arthur 
Levitt Jr., chairman of the Ameri- 
‘■can Stock Exchange, is said to be 
;i among several individuals and 


;; the Voice. 

.* Mr. Murdoch has been credited 
■j with saving moribund newspapers 
; in an era of failures — more than 
- 100 daily papers have gone out of 
! business in the last 10 years. And 
. I he has beat criticized for turning 
many of bis papas into tasteless 





; nenuiima mat iwvusv — 

'“miracle,” "weird,” “crazed,’ 
'■’dulling” and “maniac.” 

_ He has abo been accused by pol- 
iticians of mming his newsp&peis 
iii 1 *' into unashamedly partisan political 
campaign vehicles fra iris chosen 
• candidates. 

While he appears to eniqy defy- 
viug journalistic and soda! conven- 

i tioris, his friends have said the criti- 

]! cism hurts. Publicly he shrugs it off. 
; “itVhot my job to be loved,” he 
; >tu\TMie reporter. 

;; B5ra on March 11, 1931, Kath 
< ; R>meii Murdoch erewup in n com- 
fortable suburb of Melbourne. 

He likes to think of biinsdf as a 
“"spaper -man, and he came by 
that love through a close rdation- 
with hfr father. The late Sir 
Keith Murdoch was the head of 


The Melbourne Herald and a dom- 
inant figure in Australian journal- 
ism. 

Young Murdoch attended Ox- 
ford University and studied poli- 
tics, philosophy and economics. He 
was known as an indifferent stu- 
dent who disliked authority. Al- 
though be is politically conserva- 
tive now, he was active in bberaJ 
politics at Oxford and kept a bust 
of Lemn in his room — a habit that 
led fellow students to nickname 
him “Red Rupert.’’ 

He spent two years on Fleet 
Street as a subeditor of The Daily 
Express and then went home and 
used tire sensational approach to 
journalism he learned to make his 

Adelaide News, more successful. 
He rewrote headlines and even goi 
into the habit of walking up to 
newsstands and rearranging news- 
papers so his own was on top. 

He acquired morepapers in Aus- 
tralia and in 1969 expanded to Brit- 
ain, buying News of the World, (he 
weekly with the largest circulation 
in Britain. . 

He decided to move to the Unit- 
ed States m 1 973, about tire time he 
was ostracized by much of London 
society after he puhfidred articles 
about and photographs Of a British 
poiitican. Lord Lambton, with a 
prostitute. 

He began his American invasion 

— theSan Antomo^lxpress and 
San Antonio News ~~ fra $18 mil- 
lion, and immediately headlines 
such as “Handkss Body Found,” 
and “Army to Prason 350 Puppies” 
began appearing. 

But Mr. Murdoch’s personal 


style, in many ways, is an intriguing 
counterpoint to his publishing 
tastes. 

He has been called a complex 
and inteOigenf man who often sur- 
prises people with his charm and 
wiL He is polite and wears conser- 
vative navy blue pinstripe suits and 
is a devoted fanrity man. 

“The key to what the newspaper 
business is aB about is producing a 
product that will be read,” he has 
said. “Please remember that a 
newspaper, like all your businesses, 
is a business and not a philanthro- 
py” 


B onds Rally 
After Senate 
Budget Vote 

By Michael Quint 

• Hew York Times Service 

NEW YORK - U.S. bond 
prices ended last week as much as 
lft points higher in response to a 
Senate budget vote that would re- 
duce next year’s deficit by an esti- 
mated 556 fcriUiou. 

Interest rates have been declin- 


US. CREDIT MARKETS 


ing since early April, but the bud- 
get action was widely seen a& the 
missing element needed for a sub- 
stantial decline in long-term rates. 

Despite three years of inflation 
at only 4 percent, long-term rates 
have remained hi g h , largely be- 
cause huge budget deficits result in 
record-sized Treasury Borrowings 
and keep alive investors’ fears that 
inflationary pressures will re- 
emerge. 

“Prospects for a lower deficit 
seem particularly believable, be- 
cause the President compr omi sed 
on defense spending,” rate trader 
said. 

The bond market rally, which 
hu d as a feature strong demand 
from domestic and foreign inves- 
tors, began overnight Thursday 
and gained enough momentum so 
that prices were up as much as one 
point when New York trading be- 
gan at about 9 AM. Friday. 

“A major cut in the deficit and a 
break in 03 prices are the two most 
important developments fra the 
bond maikeC said Wayne Lysiri, a 
fixed-income portfolio manager at 
Alliance Capital Management 
Crap. 

Investors who parti apaied in 
last week’s recrad $20i billion of 
Treasury note and bond auctions 
are smiling broadly. 

By late Friday the new 10-per- 
cent notes were offered a! 100 6-32, 
up more than ft point, to yield 9.93 
percent, compared with a price of 
lOOto yield 10 percent at Tuesday’s 
auction. 

In the long-term bond market, 
the outstanding 1 1 ft-percent braids 
due in 2015. which are identical to 
the 1 lft-percent issue auctioned 
Thursday, were offered at 100ft, up 
lft points, to yield 12.19 percenL 
At 1 P.M. Thursday, the additional 
$6 billion of lift-percent bends 
sold at about 98 26-32, to yield 
1138 percent 


degrees 


Gold Options (friewfaiAg-x 


hai 

MW 

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3X1 

3B 

330 

30 

39 

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SD 

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am- 435 
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i»sa2s 
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XUS1175 
70-130 
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325 475 

22753125 

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umnw 

1075-1225 
<35 975 

655 BOD 


Got* 2250-300) 

VafemWUteWcU&A. 

I.Q— Hal iMC 

Uil GamtS*kBiW 
TcL 31*251 - Tdr> a JH 


1NVCSTMENTSTRATEG1ES'85 

!!.. Ill AND IV. CUi®7:R 

WJW GORBATCHEV 
a tit 1 REAGAN 


arfanMCfMriMb? 



osaoyyssf 5 

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(SOM WMoy 1.1977) 

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DM 1 

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F LUX mtflmn ter m — - 

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ecu short fm™ — ■■ — 

ecu Ions term - 


May 9 


AS 

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tat272 

vxsa 

H4I 

HHB08 

'JUS 

TD&J54 

uaag 

1003*3 

1S730I 

10UM 


^<k proudly 
announce 
the opening of an 
exciting new hotel 
that rivals your 
favorites in Europe* 

The Century Plazalower 
on Los Angeles’ Westside. 

Please call 
for reservations. 



westw Noras 


Cektur^plaza 

Cable: CENT- PLAZA Tdex 698-664 D^tT 


Figures that talk 



Bonds Issued in 
Long Term 
Loan Sector 


Bayerfsche Vereinsbank AG 
(Union Bank of Bavaria) 
New York Branch 

335, Madison Avenue 
New York, NY 10017 
Telephone (212) 210-0300 
Telex 62850 ubbuw 


Bayerfsche Vereinsbank 
International S JV. 

38-40, Avenue Monterey 
BoTte Postale 481 
L-2014 Luxembourg 
Telephone 4286 11 
Telex 2654 bvilu 


Bayerische Vereinsbank AG 
Head Office 
International Division 
Kardinal-Faulhaber-Strasse 1 
D-8000 Munchen 2 
Telephone (089) 2132-5293 
Telex 52 106-0 bvmd 
SWIFT: BVBE DE MM 



BAYERISCHE 

VEREINSBANK 

AKTIENGESELLSCHAFT 


* IR 


These securities having been sold, this announcement appears as a matter of record onlv. 





CHRYSLER 

FINANCIAL CORPORATION 

ECU 75,000,000 

10.125% Bonds due 30th April, 1993 


European Banking Company Limited 


Soci£t£Generale 


BanqueG£n£raledu LuxembourgS.A. Banque Paribas Capita I Markets 

Merrill Lynch Capital Markets Orion Royal Bank Limited 

Salomon Brothers International Limited Swiss BankCorporation International Limited 

S.G. Warburg & Co. Ltd. 


Ba nca Commerciale Ital iana 
Banque Nationalede Paris 
Berliner Ha ndels-und FrankfurterBank 
Credit Lyonnais 

Deutsche BankAktiengesellschaft 
First Interstate Limited 
Morgan Stanley International 
Shearson Lehman Brothers International 


Banque Internationale^ LuxembourgS.A. 
Bayerische Verei nsbank Aktiengesel Ischaft 
Credita nsta I t-Ba n kverei n 
Credit Suisse First Boston Limited 
Dresdner BankAktiengesellschaft 
Morga n Guaranty Ltd 
Nippon European Banks. A. Brussels 
Union Bank of Switzerland (Securities) Limited 


. Al Saudi Banque Banca Nazionaledel Lavuna 

Bank I. Vomobel &Co. AG 
Banque Worms 
Cazenove&Co. 

CredH Communal de Belgique S. A. 


Bank Gutrwi Her, Kurz. Bunpener {Oversell 
limitnl 

Banque de Neufllze, Schlumberger. Mallet Banque Paribas Belgique S.A. 


Bare Lays Merchant Bank 

Limited 

Chemical Bank International Group 


Caisse Centraledes Banque* Popuijires 

CompagnieMonegatquede Banque 
Credit duNord 


Bank Leu International Ltd. 
Banque de I’Umon Europeennc 
Caisse des Depots et Consignations 
Copenhagen Handelsbank A/S 
Credii General S.A. de Banque 


Credit fndustriel d’ Alsace et de Lorraine 

LuwmbouB 

Dominion Securities Pitfield 
Lunnrd 

GenossenschafWieheZenlralbank AG 

vimu 

htituto Bancario San Paolodi Torino 

F. van Lanschot Bankiers N.V. 

TheNikka SecuritiesCo., (Europe) Ltd. 

PK Christiania Bank (UK) 

Unfed 

Samuel Montagu &Co. 

U*M 

Soci£ie Gen^rale Ahadenne de Banque 

luaenibauni 

United Overseas Bank (Luxembourg) S.A. 
May. 1985 


Dai-lchi Kangyo International Daiwa Europe 

limilnl 

Oexel Burnham Lambert EuromobiliareS.p.A. 

incarpoidlrd 

Girazeniraleund BanfcderOslerreichischen Sparka^sen 
Kidder, Peabody International 

Limwrf 

McLeod Young Weir tntenwiional 
LiMHfd 

Nomura Intemalionai 
• Limiint 

Rabobank Nederland 


Sanwa International 
Lirmlrt) 

Sodilic Oersey) 

Lmrtffd 

Wood Gundy fnc. 


DG BANK 

OmiW hi-l ImuMnM Kjllsiunt 

Finacor 

Great Pacilic Capital S.A. 

Kleinwori, Benson 
LinnNH! 

Nederiandsrhe Middensiandsbank nv 
PaineWebber International 
Sal. Oppenheim ir. & Cie. 
Societe Europeenne de Banque S. A. 

l(i*iTnt«awK 

Sparekaswn SDS Strau»T u mbul I & Co. 

limurri 

Yamaichi International (Europe) 

lifiMnl 






Page 16 


INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


NASDAQ National Market 


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349 3ft 3ft 3ft Oump Pt .10 l.V 03 

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105 5ft 4ft 4ft CflrmS* JO 1J 400 

505 9ft 9ft 9ft Oirt H U 40 

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4715ft 14* 15% + ft QwW* -“In 13 

141 9ft BK 9 + ft CWrPn* 

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559 0 5ft 0 Ctittond 160 52 

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14* Mft Mta 4 « GdF« 
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591^6 15 
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494 12W 11 W 12 4ft Lyndon 

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IX 5J *53724 23 23ft PercOBt 

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X 3J 481 18W 17% 1BW 4 % PareCpt 

13925 2(16 75 4ft PBTInd 

4254 18% 16% 18U 42% PETCO 

1097 1916 Mft 19ft 42ft EJJUJ* 

70920 Sft 8ft 8% 4 W 
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Parcopt 63 n* Oft 7 

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PeTlnd 277 3ft 3V, 3% 4 ta 

PETCO 280 3W 3ft 3% — ta 

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Pbrmct 3266 to* lft 9 — IW 

Pbrmeta 56c J 3470 Mft 15V, 16ft 4 W 

Pbrmlrt 3480 8 4% Ota— (ta 

Ptirmwt 431 7 Aft 5 — 2ft 

PSFS 55a 5 8378X9% 8% 9% 4 % 
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grtoa 2327 24W 23% 24% 4 ft 1 

PlcCofo X 33 30922ft 20U 22ft 41W 
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151 7 Ota Ota— U Wa trill .It 15 84 6 06 6 *Pf 

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119012* 12ft UW S£2fc M “ “J* ^*5 

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300 * IU 8% 4 ft HtaCmc 

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13555 9U fft 941 4 U W31LM 34 23 

36515V. Mft Mta— Vk USW 30 23 

32 IJ 562216% Mft MW 4 ft WtTlAS 

2S SW SW Sta 4 W Wmorc X 2J 


30 26 503 1 lft lift llta 

592916 2716 27ft— lft 
97* 93 564 fta 9ft fta 4 V* 
X 103 169 a Tft Tft— ft 

.70 35 SI Mft 17W 18ft + ft 
54813% ISta 12ft— 4h 
2*34 lit* lift UW 4 W 
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311612 lUb n 4ft 

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73 8 TU I 4 ft 

54 25 4413% 13 13-16 
30 23 64 iota f 9 

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1 JOa 414 170 36% 36ft 36* 4 W 

54 25 11330% 30 3Bft 4U 
1096 1% % 1 4 m 


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32 V .63512 


17036% soft 36* 4 W Tenon 
11230% 30 30ft 4 U Texbie 
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12112% 12 12 —ta Thetfd 


1225 2% 2% lta— % WstwdC 
67014ft M 14 — ft Wottra X 23 

3400 19W MU HU 4 ft Waynbru IX 23 

3*4 5% Sft 5ft — ft Wlcot 
576 2ft 1% 2 — ft Wldewn 
109 7Vk 7 TW 4 ta witand 
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14 30% 20* 20% — w WHIWW 36 44 

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347 7ft 716 TW Hflllml t 

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23 3640 58 00 44 

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25 810 1BW 17% 18ft 4 ft Thorln 
95 7% 7 7ft Thprtae 

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45 M 6ft O Oft— W Trom 
245 6% Sta Oft 4 W TbrtrU 
241 4% 4% 4% 4 ft TlEwE* 
72 8* 8W 8ft— ft TmcHb 
1170 7ft 0% 7 4 % rSra? 
36515% 14W 15* 4 W Tatis 


41% TMNi IX 21 10740* 48<A 40% 4 W IWInriEn 


122429% 26W 29H 42 
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104 O 5% 6 4 ft 

31471* 10 16 —1 


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Srvnrnt 1935 1* lta lft— ft 

SvcMer X 5 704413% 12% 13V, + W 
Svntoet L12 11 329330% 35% 34V, + % 


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TriNVa IX 4 j 0 4738V, 29 X 4 W Zycod 

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TwnCty 709 ta % ta + ft vlZrtnt 


20 — ta I GfjtaTr 


JO# IJ nut 14ft 14ft MTOtSci 

X 13 1412ft 12 12 — W 

34 U 073820% 19 20* 4% ManfHi 

. 2416* 16 Mft — ft SSSl* 


21% 4 Vk | GflMtA 1J0 6J 306*6% 26 Iflk 4 W 


godfry 1 52 12 M7 iota M Mta + ta ManttM 


202 8% BW 8%— ft 
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“ T™ iManlfW X 16 2D5221A 72 72 — W 

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Mft— ft MlTlN 2X 15 421 57W 55V, 57ft 41* 

f f S I Marcus X# IJ 43 MW 10% Mft— ta 


7116 22 — talGTOCWT J3e 5JJ 1MT 


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43Se 63 13164% 


I _ .. 426 12W W 12W 

X 2.1 1545 1SW 15 15* 4 % 
X 43 3312U 11* 11% - ft 
2X 85 21 JAW 21% 23W— W 

35fV , \ WS U + “ 

IX 18 521734 31 W 31*— 2 

J8 3J 1311 MV. 22% 24W 41H 


rn 7 4V. oU— ta DDI 636 3W 

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>“Sl»b is 15% 4% Dahlbra ot 5ft 

3312ft 11* 11%— ft DalrMt t 30611 
2124W 21% 23% — % DaiaySy 91B28W 

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™ +1 S 52!®? •“ ■' 14797 

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778 4% 5% 6W 4 % Dotaco 239 19 

■MMta lflb H 4 ft Dtosth n i 

'S S* 3 + w Datum 106 Cta 

*ta aw +1% DoupWI IM il 18438% 

Si * 55 f* + M Doviwi MM 

839 5ft 4% 5 — ft Donraon 41 tft 

SW «t 5 - ft OetaSh 30* 1.1 40710* 

'« H + 5 D*SS 814713% 

18 S.. 4* 4ta— ft Daaom a 3 

SIS % % % DeklbA 32 2J 253025 

6117* MW MW— % Defdrni X IJ 53614 


3ft 3ft— HjCdTaca 
15ft 

64% +3W 
3% 4 ta - 
.9ft- ft Greco 
12*— ft Gredre 
7* + U gfilra 
6ft Graphl 
21% 42% GrphMd 


799 ta ta % 4 Kt MktFct 

136514% 14% 14% 4 ft Monad 

144 U 12% 13 MarsSt 

325 17 _ 16* 17 MorahS 


43 MW 16V* Mft— ta 

IIP* 7% 7 7ft 4 ta 

MnmC* IX 4J 23323ft 3B 28% 
MTwan X 40 7220ft 19* 20ft 4 ta 

MktFct XU 3010* 17U 10*4116 

Mannt Xe J 326 12ft 11* 12ft + W 
MarsSt S048 15* 12% 15% 43% 

6517% MU Uta— % 
4803 62% 63 


Mutual Funds 

Closing Prices Mar IU 1985 


166 U I2W 13 MarsSt 

J6 AS 325 17 W* 17 MorshS X 20 

M 16 3U12W lift 12ft + * Maretlll 234 30 

IM Bft 7* 8 — ft MrldNb IX 1A 737729* 28% 29* 41 

3*9 8 7ta TW— W MOSOItp 7736 Oft Sft 6ft 4 * 

709 UW U 13W 4 * Mscnln 76342* 42 42W— ft 

42 3* 3U 3% Mentor OSH 4% 3U 4*4* 


bid Aik 
- 1BJ5 I9X 
Govt 10J7 NL 
Dreytn Ore: 

A Bnd 1136 NL 
Carr* 1174 NL 
Drevi 12J9 13J|S 
Interm 12X NL 
Lewe 17X 19J9 
GlhOp 9JJ NL 


Bid Aik 

DMTC 1104 1085 Cus Sir 19.94 NL Guard 42J3 NL Optmi 

ETOlty 5JB9 5.49 Cus 53r 834 NL Ubtv 483 NL Tro^E 

FedTx 1052 1166 Cu* S4r 109 NL Monht 7 M NL USGW 

Gold 939 1012 Ihtl r A97 NL Portn 1655 NL Vtata 

Grath 12.47 1141 KPM r 1A15 NL NV Mur LW NL Vo^g 

NY Ta* nun TOLU T«Fr r 7.93 NL Newl G» 27.31 NL OuST 

(Mian 6J3 682 Kid Pea r 1431 NL Newt Inc 117 NL Ratobl 

UIHs AES 7M LMH 2456 NL MdmkH Gnwp: Rea^ 

Incom 209 2JS LeoaMas 2406 NL NUd HJ0 NL RochTx 

US Gov 7.10 7J6 LefiCap IMS NL NlSlI UW NL tora 

^G X ml iso lSJJST’ ^ .W. l^reat 


Bid Aik 1 
Cus Sir 19.94 NL 


L I FdofSW 1009 nxl LaUagton Gre: 


11142 5* 4W Sta + * I MaltiBx 


10 — % I GrayCo 50 Sft 7% 7% MatncS .10 J 

28ft +2W GfftSE. 31 36 19W 19W 19W Maxcre 

28% GtLkFd Xe J 401 12ft 11* 12ft 4 ta Mnraal 

4U— ft GWFS8 Mr 7S 21319* « Hft 41ft May PI 

12* I GISoFd 49219* 10U 10W + % MavSu A .Ma 6 

GtWash JOa U 45 0W 6ft 0U MaynOl 


731 4% 4 «U + ft DfSwtcn 
78812* 12% 12% + ft 
717 6ft 5ta 5U — % Datowr 
778 6% S% 0W 4 % Dotsco 
81416 ft 1SW 10 4 ft Dtntti 


GISoFd 

96 41 GtWath JOa U 

UW 41W GraenT 
13 +1W 5WM 3X IJ 
SW 41% GrtfTch 
7W 4 ft Groman 


91118ft 10W 17*4* iMavsJ 


SJ » JJ f* + W DqvIWi 8074 

839 5ft 4W 5 — ft Dawnon 41 tft 

t 87 SW 4* 5 — ft OetoSh J0e 1.1 40718* 

30* 23 195 B* 8* n.4% DecfaO «WI» 

18 S„ 4U 4ta— ft Deaom a 3 

t SIS % % % DeklbA 32 23 253025 

.. 61 17* 16W MW— % DefdMi X IJ 53616 

IX 4J 20335 33% 34% 4 U OelfaOt 112 1% 

■5 Jn ^ +V> ,J “ M 248 11 W 

.14 U 111 8 7W 8 Dellak 22 7 

, 431 1ft OH 7% 41 Da Haus 439 1% 

-65* 96 44 4* 4U 6* 4 W DaiMcr 1845) 4* 

607 4% 3W JU— % DentilU 2190 t* 

M ,J 132! t'5 ** « is46% 

1193 2Xk 19* 20W 4 W Daaonli 39 6* 

XI 7* Tft TW DetecCI 403 5% 

JOB 1.1 1029 18 16* 18 41ft DalrxC IX 3J 2131 

■TOe 3 61036ft 35W 36 4 H Derry 47 9ft 

TOO 13* 13ft 13W 4 ft Dowev 20 4W 

IX 3J 51335 32* 35 +2V, DhsPr 2X11% 

.12 2J IK S 4* 4U- % Dio Cry 1 X 30 6927W 

Alta 12 90 4% 4 4% + % Dfcnonc 3717 3ft 

« 15ft 14* 15% 4* Dfcral IX 11 18432% 

, < 15917 IW 1% 1% Dlcaon 14012* 

.14 .9 1983 14* 14ft 14% 4 % Dialled 1217 7% 

2744 lta 1% lta 4 K Dig lag 78 0 

49525 XU 25 +1U DlaTCm 322B24U 

14088* lift 18* 4 W DkmrBl X 4J 4480 

619 9 B* 8% 4 ft Diane* 147 34% 

123418* 17U 18* 4 W CM it LOS 49 6 

4414% l» WV + ft DvfOOd 36 132438210% 

WSB S3 53*— 4 PI.SI.T1 8310* 

3844 7W 7 7ft — ft DocuOl 860 5* 

5117% 17 17ft 4 ft DlrGnl M) J 242921% 


7% 4 ft Groman 
3* 4 ft gw* Fd 
1IW— * Gtech 
3% GoarFn 

tta 4- * GuarC X 73 
38W 42 guanlP M 29 
13% — * GuastS 


raw 4 W GftArtd 
12ft— Tta 
2*— ft 
24* 

1SU 

lft — ft 

11% 

0* new 
lft — % HEITk 
IU— 7* HEINtol 
4 4ft HMOAffl 


IX IJ 1990 180 in 47 MeCrnt 

10 4* 4* 4% McFad 

2717% 12* 12* McFarl 

397 5W 5% Sft— ft McGrtt. 

117112 llta 12 MecMra 

n 7ft 4W 7ft 4 % Atodex 

X 2J X21 21 21 — ta MadCre 

J4 29 685 14 15 41 MeddSt 

217 13W 13 13% 4 W MedStm 

218 17W 14% Mft — % MedlGt 
X 25 115 SW 7% 8 — % Medpli 

614615 14* 14% Meadts 

51 lta 1* I*— ft MeMar 

X# J 231 12% 11% 12ft 4 W MentrG 
IU Sft 5 5 tarefl e 

X U 12472 20% 18W 20% 41 MercBk 


4 4ft HMOAm 
45* 4 W Hod Co 
0* 4 ft HcTOers 
5% Hndoo 

»- * Hodion 
9ft 4 W HaleSyn 
4ft 

lift— ft 

26 ft— * HomOtt 

31* 4 * Honvln 
12* 4 w HorpG 


Xe A 51 18 9* 10 4ft 

■10 IJ 22S Oft 5* 5* 

7X14 12ft 13% 41 
7156 M » 


71913% 12% 13% 4% MerdN IX 2J 


123 72 X 4 ft MnlHc ZJO il 
49819* Hft 19% — % Mrdflpf 250 70 
1X1 4W «ft 4ft— % MertBs 
ii« a 2% 2* — ft Marl me 


-TO A 1141 16* UU 16* 4 ft Metrbn 
„ 1 4 6 6 4 * Mat Air 1 

36 U 471)39% X 39ft 4 W MalrFn 

.34 1.1 758 31ft X 30%— % Matmd 

1A0 S3 85930% 29% 30% 4 ta Micron 


IX 4J 117 27ft 24% 27 4 % I DomB IX is 11O0A2U 

31* 32 ft I Donovn IX 6A IX Xft 



7 7U— ta DrdH X 13 
Sft SW— 1% DoRam JO X5 
19% 20% 41% 2®rtOB JO 3J 


24V, 24W— * gram, 

42* 44* 41* Droshr 

18* 19 DtciBI irauift 

10% 10ft DrewNI 1130 1% 

10% IB 41ta DfMlr 41WM 

3* 6 4ft DrevGr 191317* 

7 7ta4ta DuCkAI 32 20 843 MW 

3* 3* Dumaa 59 3* 

3% 3%— ft DunkD s X IJ 631 Xft 

4% lta— ft DuaSys 13023W 

19* 20% 4 * Durttti 274 Hta 

X 21ft 41ft Durtwns IX 33 49739% 

1 +W Durlron 36 il 5S3341 

2W — ft DurFU .10 1.1 15X10% 

19ft 4 ft Drawn 15 10* 

34 —1 Dvnfta 37 7% 

140 Ota 
135434 


IJ 98 17% 
U 182 MW 
3J VX23* 


Xa 1A 151 13 
,16a J 36987% 


t| rWS f n ' 128 W M3 87 8* 87 43 MlcrO 

w iS u22i n6 491 Mft 15ft M MlcriUk 

J® + * S 01 ?* * ... 88 9V. 5% fft Mlcrdy M 3 

3 £$~ ^ S2S! -*2® H S>16% It 10W 4% MtaTc 

.S? . .. !? w ?r ■* 17 15989* 18W 19 Miens 

X 2J 577 9* Vft 9% MIcrpre 

230 11 W 10W lift 4* MlcrSre 
139 «ta 3* JU— M MIcrFlt 
1325 3* 3* 3% 4 % MldABc X 20 
— „ , -M A BOOC7W 34 27 41 MdPcA 

??- — w I rfwtao .10 j 509x9% a a* 4% MdstFd m 11 

S 8% 8% IW WteWlUB 5J 

387 Sh 5% 5U — th hVIkirn 

l»k— tairemntP m 459 32ft 31 31 W— ft MMBk 1.12 14 

i?*Z2lES2S2E n 17 11434ft Bft 34ft 4 ta MdwAIr 

X 16* I6W 16* 4 ft MdwCm IX 26 

i 92 S* Sta Sta- W MdwFn IX 7 A 

13U +SW HmSr. tea. 3 3ft Sft 3ft + % vIMUtTc 

17W il I SEES ’ JBb 47 0702m 20% 21ft 4 ta MlllHr M IJ 

M*4W hSSS: -m!Bft.*WIO M| Mem 


MW HlthCSa 

Sft HHftln 

26% ■«% HtttWyn 
31% —1 HBChoA .16 A 
X — ft HedgiS .10 J 
It* HeiatC 

Mta 4 ta HataHT 
23W 41 Hal lx 
12*— * HcnrdF 92 23 
17 4* Had Fd 


tot uft raw im— % 

MatncS .10 J 31727 76 26 — % 

Maxcre I154J29U 34W 29% -Mta 

11012% llta 12W +2 
2691 5 4* 5 4 ft 

73 MU 17U II 4 * 
123 4% 3U 4W 4 W 
01 * 0* 9 

McOmt X SLS 2HQ35W 34% 35 4* 

I McFad 36 IDta TOW 10*— ft 

8013 raw 12* — % 

91 9ta 9% 9Vk— ta 
3713* 12W 13W— ft 
IMedax X A 477 fft I* 8*— ft 

nos ow sft cta 4 % 

50413% 12 13% 4 % 

47 23U 23 23 

324 5ft 4* 5 4ft 

146525 24 X 41 

49 5% 5% Sta 
247319* 18ft 19% 4% 
MentrG 345325ft 22W 25% -KOk 

Me re li c UB il 221 37* 37% 37% 4 ft 

MercSk IX 13 24450% 4m 50% 42W 

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INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


Page 1* 



Soles In Net 

Wh HWi low Lost Cltve 


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3*33 4 hi Xtk 4 ft + » 
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m 7 i% a + ft 
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Sft Sft 514 
155 as 55 
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141 41 41 

VS 1ft l*i lfc— ft 
IK 114 2% Jft + 46 
41 15ft IS 15ft + ft 


USBCPQ 1-M 49 15232ft 32ft MW 




43S 14% 124* l*% +2 


1329 4U 4 4W 




Consolidated Trading 
Of NYSE Listing 

Week ended May 10 


10 2 2 
H 4* 4K 
22 1 % 
2911 1324 11 

U2SVi 25V. 

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2334 3SW 


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Consolidated Trading 
Of AMEX Listing 

Week ended May 10 


Source- Federal Re-serve Bonk 


5am High Low I 
IAT In 4671700 4W Jft 

MICdB 2767 J0C IPi 14 14 

tameP i^nojoo 2ft 2W 2'4 

VanoB IJ71J0O 11% 17% 11% 

VDIsitl 911100 13% lift 13% 

istrotc 815J00 1% 1 W» 

Barren 751600 Uft 11% 12% 

Undahl 661.100 14% 12% 14% 

idnBg 643700 11% 10% 11% 

’exAIr 601.900 15 13% 15 

Votiane: 36640600 shares 
Year la Date: 800,180600 shares 
issues traded In: 910 
Advancas: 456 ; declines: 290 
Unchanged: 164 
New Highs: 76 ; new lows: 36 


Law Lasi QiVe 
J% 4% 4% 

14 14 -% 

S I 1 * — *W 
11% 4% 

lift 13% 


14% +1% 
11% 4% 
15 41 


r »T,'aki cilia »;r:<>: 






i riWifti. 


international classified | Reserved 

for>ou 


(Continued From Bade Page) 


LESSEE ISEE 


YOUNG LADY 

PA/faferpretar & Touriwn Guide 

PARIS 562 0587 


■ ion 4- travel 


HONG KONG 3-671267 VIP tody 




TOKYO 645 2741. Tawing & sbp- 


HOTELS 


FRANCE 


PAWS: 520 97 95 

BBMGUAL YQMNG LADY PA 


Chicago Exchange Options 

For tbe Week Ending May 10, 1985 


: Z 



Option A price Calks 

Puts ; 

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seosnss: 































































































Page 18 



ACROSS 


1 Heavy cart 
5Ziti,e.g. 

10 Flowery 
places 

14 Chalet feature 

15 Shun 

18 Maenad's cry 
17 Red 

20 Perception 

21 D’Urbervilles 
girl 

22 Third-day 
creation 

23 Mailed 

24 Handy abbr. 

26 Narrow-minded 

teacher 

29 Hit the books 

32 Matinee 

33 Suffix with 
resist 

34 Great deal 
38 White 

41 Season in 
Sedan 

42 Second 
daughter of 
James II 

43 Fit to 

44 Entre-nous 
Items 

48 Grotto 

48 Too 

49 Bern's river 
58 Cordial 

flavoring 
53 Site of Shah 
Jahan’s - 
monument 


54 Palmer is one 

57 Blue 

81 Adolescent’s 
problem 

62 Stone: Comb, 
form 

63 “ Came 

Running": 

J.Jones 

84 Soaks flax 

65 Pick up the 
check 

66 Three, to 
Tiberius 

DOWN 


1 Adam 

2 Steak order 

3 The Bard’s 
river 

4 Assent 

5 Obvious 

8 Nautical 

command 

7 Wets 
thoroughly 

8 Fasten 

9 Fuss and 
feathers 

18 Keep 
motionless 

11 Invariably 

12 Mother's word 

13 Patriot 
Warner 

18 Weapon for 
Tommy Atkins 

19 Toot for boring 
holes 

23 Retailer's 
strategy 


S/13/SS 

24 Pelagic 
predator 

25 Mexican 
sandwich 

28 Hookah, for 
one 

27 Polishes a text 

28 Gift recipient 

29 Lawyers’ needs 

38 Fill with joy 

31 Prescription 
giver 

35 At that time 

37 Globetrotters' 
home 

38 Individuals 

39 "Do 

others . . 

48 Ocean feature 

45 Converts into 
money 

46 Donkey’s 
reward 

47 Omani or 
Yemeni 

49 Shopping place 

58 At a distance 

51 Pleasant 

52 Berlin's "Say 

It So” 

53 Price at poker 

54 Kind of 
relation 

55 A New Yorit 
city 

58 Lyrical poems 

58 Select 

59"... the 

bright blue 
sea": Gilbert 

60 W.W. II craft 


<S New York Times, edited by Eugene Ma labo. 

DENNIS THE MENACE 




I *-'3 


ifiii 

jl 1 ; 




*Wt we just let bygones be BYGONES 2 1 


THAT SCRAMBLED WORD GAME 
9 by Henri Amok] and Bob Lee 


Unscramble these tour Jumbles, [/ . 
one letter to each square, to form l( 5 
four ordinary words. IV 


IKYTT 




LAVEE 


KABREY I T=P 


GANTEM 


WHERE THE OPERA 
SINGER'S LITTLE 
ARIA CAME FROM. 


INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


PEANUTS 


HERE'S THE WORLD FAMOUS 
ATTORNEY ON HI5UJAY 
TO THE COURTHOUSE... 



THIS IS A MAXIM OF 
JURISPRUDENCE,..’^ ! 
THIN6 CONTINUES TO EXIST 
A5 LONG A5 15 USUAL WITH 
THINGS OF THIS NATURE"! 


DIP YOU UNDERSTAND 
V. THAT? 


' I didn't even 

UNDERSTAND THE 
l LUNCH MENU. 1 


BOOKS 


SELF-HELP 






.k.Ls~L* ax? 


By home Moore. 163 pp . SI 3.95. 
Alfred A. Knopf, 201 East 40th Street, 
New York, N. Y. 10021 

Reviewed by Michiko Kakucani 


BLOND IE 


WHO you bdicve in God?" a character in 
xJ one of Lome Moore's stories asks. 


'If HONEY. WHAfT 
% TIME IS (T ? t 




I'M ASHAMED, 
TO ASK THE 
„ MONTH 


BEETLE BAILEY 


Now arrange the circled tetters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


Answer here: 


(Answers tomorrow) 

j Jumbles TUNED GLORY SLOGAN IMBUED 
Friday * | Answer. How lhai perfume held him— 
"SMELL-BOUND" 


WEATHER 


EUROPE 


Cotta Dei m 
D oMta 


ROVklevA 

ROOM 


Vtaraa 

UMnaw 

Zurich 

MIDDLE 


LOW 
C F 

u S? fr 
t 46 o 
IS S9 a 

6 43 fr 

IS S9 d 

12 54 o 

Ml d 

12 54 fr 

n » (r 

7 « tr 

13 55 d 

6 41 Cl 

J » fr 

TO 50 o 

n H tr 

5 4T fr 

4 n d 

13 SS Ir 

15 59 q 

II 52 fr 

6 43 o 

3 36 a 

3 37 r 

14 57 d 

B 46 d 

3 37 o 

4 3* d 

11 32 r 

7 45 d 

3 37 sh 

W 50 d 

2 36 fr 

12 54 o 

12 54 d 

II 52 cl 

14 57 a 

9 4B e 


HIGH LOW 
C F C F 

31 M 23 77 r 

22 72 IB 64 a 

32 VO 26 79 d 

33 91 25 77 d 

39 Ha 24 79 fr 

26 79 IS 59 a 

31.81 20 « cl 
32 90 25 77 st 

£ 90 23 73 d 

24 75 17 63 fr 


AFRICA 


Cairn 

CtMTHm 


W 66 13*55 a 

28 87 20 48 fr 

22 72 15 99 d 

21 70 14 57 fr 

25 77 M 61 d 

29 77 20 6B d 

n M 30 M Cl 

21 73 14 91 a 


LATIM AMERICA 
Bmomaith W 75 II 


BWMMAlTH 24 75 13 55 d 

UtaB 15 59 ]0 50 fo 

Mndco City 28 82 10 50 fr 

Rted* Janeiro 22 72 18 64 d 


WORTH AMERICA 


CUeew 

Dimr 

Detroit 

HaeoMa 


Airitara 24 7S 10 50 fr 

•••nrt 25 77 15 59 Ir 

OMMKItt 25 77 14 57 fr 

w n w lw 22 72 14 57 d 

reiAvrv is 77 is 59 fr 

OCEANIA 


tsuswlu 

Miami 

M ammons 


A U Cfck ni d IB 64 to 50 d 

Ww 19 66 14 57 Bh 

cuiouav: fa tep p v; fr-ta Ir; tv-null; 
ctovOv; nrofai; tfrtfiowcrs; swsnow; 


WuNnstan 
nsHMrt evelMfo 
d-stermv. 


7 45 0 
20 82 17 

20 68 M 

26 79 17 

17 63 4 

29 M 15 
29 84 21 
31 B8 21 

21 70 13 

29 14 23 
21 70 16 

30 60 IT 

27 B1 30 

25 77 19 
19 66 9 

IS 59 5 

2B B2 12 
39 04 14 
Mnroati 


32 ah 
63 PC 
37 Cl 
63 st 
39 PC 
59 si 
70 PC 

70 PC 

55 fr 
73 pc 
61 pc 
52 d 
6B d 
46 d 
48 fr 
41 pe 
54 ir 
61 cl 
pcnortty 


F 2J?^iSIn a I^€ L: Rough. FRANKFURT: Cloudy. Tern 
?ri° ttjr - SOI. LON DO tt : RoftL Temp. ID— 5 (SO— 41|. MADRID: Pflitfr 

nn ri cn T *!u»rj i 1 * - T0RK: Partly tfouayTTemO- S~H 

saj. ROMS; Cloudy. Twnp. 
? — J* «« -=«>- ZURICH: Cloudy. 
mSmB SaL?. l £I,7 Tamp. 30 — 25 (86 —771 

!ig MB -Ji Q SBi!!S llr - T wntL 31—26 ( 68— 791. MANILA: Cloudy. Tmnp. 31—25 
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mindjrttarma. Tamp 30 - 25 186 - 771. TOKVO: Foycy. TaSS. 3?^li 


LOOK AT THIS 
LOUN©E. I 
NEVER SAW 
SUCH A j 
hhEBSi 


OBVIOUSLY ME 
MASN'T seen the 
BARRACKS VET 


tor 


believe in me- That way no one gets hurt" To 
avoid getting hurt — that is what all the char- 
acters m “Self-Help" want, and to insure their 
safety, they run away from commitments and 
relationships, they do magic tricks, watch tele- 
vision, buy clothes, quote Shakespeare. Most 
of all, they like to tell terrible jokes and play 
little word games: “I long for you, I short for 
you, I wear shorts for you." It's like a nervous 

away torSfowe’s character ^short-drcuit 
possible connections. 

When they do make an attempt to talk to 
one another, their conversations sputter out in 
gasps of non sequiiurs or ctidus, or their 
sentences simply bang there, in the air, dan- 
gling and incomplete. In “Amahl and the 
RigEl Visitors: AGuide to the Tenor of Love,” 
a couple, on the brink of breaking up. contin- 
ually mi^Ra r one another, the narrator says, 
“I usually don’t like discussing sex, buL . ." 
and her boyfriend snaps back, “I don't like 
disgusting sex either." Later, their efforts to 
resolve matters dissolve into a discussion about 
a MacNeil-Lehrer television program about 
the consequences of nuclear war. In “The Kid’s 
Guide to Divorce," a girl and her recently 
divorced mother sit in front of the tdeviaon. 


among the yuppies that help establish Morn 
os a writer of enormous talent Given hergtfts 
— her sharp eye for absurdity, her keen prose 
—one can only wish that she would release her 
lyrical gifts more often from her straitjacket rf 
cool decorum, that she would play around a bit 
more with other narrative forms. There is a 
sameness of lone to many erf the stones in 
“Sdf-Hdp," and the weaker ones resemble 
those amateur works of sculpture, made of 
found objects, welded together into an interest- 
ing. but jumbled, assemblage. Individual anec- 
dotes ana observations are amusing and weli- 
crafted enough, but they fail to come together 
to Form a coherent work of art. ■ 

While the heroines or narrators of each of 
the stories have different names, they might 


wdl be the same woman — a smart, fairly hip 

vnime o/nmnn so hlnnd in looks that she IS 


young woman, so bland in looks that she is 
always being mistaken by others for their sister 
or. maybe, Trida Nixon. At once insecure and 
terminally self-absorbed, she is someone who 
must filter everything through the tens of her 
own ego (“Reagan is elected president, ihougv * 
you distributed donuts and brochures for Car- I 


Jim UUU1VMBM8 wuu*M W — _ . 

ter") and she consequently spends a lot of time 
looking at her reflection in shop windows, 
trying to recognize herself. 

She's something of a masochist, this woman 
— always falling out erf love with the right man 
or falling in love with the wrong one. In "How 
to Be an Other Woman," the heroine waits for 
her married lover to come by for a vial — 

8 i .X X L.J A..* an « kUHl 


ANDY CAPP 



MEBBE\OU*RE 

> RIGHT, —h 
f TW3UBLE ISA 
f ONCE I j 

> START -ST 
/ LALGHIIsIG^ 

[ I MIGHT I 
l NOT STOP ) 


SO WHAT, PET/ It> 
GCWETOSEEVOUi 
ON V©mN 3 DAYS 



WIZARD of ID 



Hfllfe-iUp 

<m,VW0tr‘ 


TO <50 WP 

VtrMsWRWI® 




famil y. And in “Go Like This," a woman dying 
of cancer announces that die intends to kul 
herself, and her smart, self -conscious friends 
can only respond with remarks like "Suicide 
can be, often is, the most definitive statement 
one can make about one's life." 

like her characters, Moore has a wry, crack- 
ly voice, an askew sense of humor and a certain 
reticence about emotions — qualities that lend 
her fiction a dry, almost alkaline flavor. In 
keeping with the thleof this collection, several 
of her stories take the form of a “how-to" 
manual, told in the second person; and some 
also employ a diary-like structure — narrative 
strategies that keep the reader at a distance, 
while allowing the author to eschew traditional 
story-telling conventions. 


■WrP 



Solution to Friday's Puzzle 





REX MORGAN 


WHEN CLAUDIA 
RETURNS TO I 
THE HOTEL, SHE! 
STUDIES THE ( 
TELEPHONE 
MESSAGE FROM 
HER HUSBAND, 
BRAD Vf 


HE WANTS ME TO CALL HIM, 
UNLESS I GET IN TOO LATE 1 
WELL. IT CAWT BE ANY- 
THING TOO IMPORTANT f . 


IS 

CLAUDIA 

OKAY, 

TESS 


YESf SHE INSISTED THAT I JUST 
DROP HER OPFf SHE'LL 
PROBABLY BE CALLING YOU .'SHE 
| WANTS ANOTHER FIVE GRAMS 
I BEFORE SHE LEAVES TOWN IN . 
IT — UTWE MORNING' 


EHD3Q3 Qaaaaa 
BEsancia aatSHana 
□□□□aaaaaQEincina 
dciq ananaQa □□□ 
□□□□ □aaaE3 aa □□ 
dbejqh aaa anaaa 
Qaanaa aaaaaa 
□□□aa nanan 

□□□□□□ C]Q[l]13lZ3C3 

qdqdq ana aaaaoi 
□Bus aanaa aana 
□□□ aaanaaa an a 
DEaanaaaHQaaaaa 
EBaHona BHaanao 
Bonaas oaaaaa 


arranged with excruciating care on top of the 
covers, the window lamp on in the living room, 
the door unlo cked for him in case be arrives in 
a passionate flurry, forgetting his key. Six 
blocks from 14th Street: you are risking your 
life for him, spread out like a ridiculous cake 
on the bed, wailing with the door unlocked, 
thinking you hear him on the stairs." 

In “Sdf-Help," the curve of a love affair is 
almost always downward — when things ap- 
pear to be impossibly bad, Moore -seems to 
believe, they can only get worse. For instance: 
the man who says he can only see you once in a 
while, because he’s married, turns out to be 
separated from his wife and living with another 
woman — he has lied about bang married to 
avoid making a co mmitmen t. Iq fact, OS far as 
Moore's characters are concerned, enduring, 
unconditional love doesn't exist between men 
and women — everyone is too busy hedging 
their bets (“Make room in his closet, but don’t 
rearrange the furniture"), waiting for some* . 
thing better or thinking up new defenses. 

Often, in these stories, emotional hurts and 
bruised psyches are things inherited along with 
die family silver — many of Moore's heroines 
trace their difficulties with men back to diffi- 
culties with a cold, unfeeling father, their sense 
of disconnection, of being “incorrect." to a 
mother s instability. Yet if puin cun be handed 
down, generation to generation, so too can 
more tender feelings — and Moore's women, 
who fed so alone, not only try to understand 
their mothers and their children, but some- 
times succeed in forging tentative connections. 
In such moments both they and the reader 
experience a glimpse of redemption. 


Michiko Kakwani is on the staff of The New M 
York Times. R- 




swiri 
eomScm 
b s-i$m 


BRIDGE 


mt\ 




By Alan Truscott 


I N tournament play there is 
h penalty, largely theorcti- 


GARFIELD 



RATS/ 


I ALWAVS RUN 
OUT Of /YULK 
BEFORE I RUN , 
OUT OF COOKIE/ 



AlWIMMMniSmdlcaMlJlIC. 


JL h penalty, largely theoreti- 
cal, for “wandering." A player 
who wanders around the room 
between deals might, again in 
theory, see or hear something 
at another table concerning a 
deal he has yet to play. 

The wanderer on the dia- 
gramed deal, from a Swiss 
team event in the Spring Na- 
tionals in Montreal, was Billy 
Miller of Atherton, California. 

Could he have made five 
dubs? The reader should con- 
sider whether to play or defend 
that contract 

In real life the problem did 
not arise, for North insisted on 
three no-lrump and was de- 


feated by a spade lead. Five 
dubs would have been much 
more interesting. 

West will obviously lead the 


spade queen, and South must 
win in the dummy. 


discarded on the fourth round, 
and South cannot be prevented 
from ruffing a spade in the 
dummy. 


win in the dummy. 

If the declarer plays two top 
clubs and then plays dia- 
monds, be can discard his 
heart king on the fourth round. 
He win then make the contract 
if West makes the mistake of 
ruffing, but that player slmuld 
discard. Then he can win a 
spade lead, cash his trump 
winner and play another spade 
to give the defense three tridks. 

There is a winning line, but 
it is not obvious. South must 
lake the spade ace, draw just 
one round of trumps *nri play 
diamonds. The heart long is 


NORTH 

♦ A 4 

J7S 
0 KQB3 

♦ 10 7 2 

WEST EAST 

tii,\ ««." 

OJ42 OIOSS 

*156 * Q 

SOUTH (D) 

Sill 
OK 
0 A75 

♦ A K OS S3 

Neither skl» m vutnanbl*. The 


Souk 

vw 

North 

Em 

1* 

PM 

I C 

i * 

2* 

Pub 

2 • 

Pub 

3 9 

Pam 

6* 

Pm 

9* 

Fan 

PM 

Pssa 


• w 

h . 


Wmi led to spade queen. 


SPORTS BRIEFS 

Racing Driver Johncock Calk It Quits at 48 


Garcia Delivers 6-RBI Message to Mariners 


INDIANAPOLIS (AP) — Two-time Indianapolis 500 winner Gordon Johncock 
announced his retirement late Friday after 30 years in racing. The 48-year-old 
veteran had driven in 20 straight 500s. 

“I’ve had a great career," said Johncock, the 1973 and 1982 Indy winner whose 
lifetime earnings total 51.75 million. “But this week it just didn't seem as much fun, 
and I made the decision that I’d had enough.” 

Johncock is the second driver to retire among the group that has dominated Indy 
for 25 years. The first was three-time winner Bobby Unser, who quit in 1981. Still 
active among that group are four-time winner AJ. Foyt, 50: three-time victors 
Johnny Rutherford, 47, and A1 Unser, 45; and one-time winner Mario Andretti, 45. 


Compiled by Our Staff From Dispatcher 1 

TORONTO — Damaso Garda drove in a 
career-high six runs with a bases-loaded triple, a 
two-run single and a double Friday night to 
power the Toronto Blue Jays to an 8-3 victory 
over the Seattle Mariners. 


Evans hit his game-tying homer. He wound tip 
losing his second game of the season. 

Orioles 6, Twins 5 


In Baltimore, Fred Lynn 
game from Minnesota’s Ron i 


i won a guessing 
Davis by Hitting a 


O’Grady Leader in Nelson Golf by 3 Shots 


Garcia, who entered the game batting .216, 
went 4-for-5 and said of his triple: "The way I’ve 
been going I thought the ball was going to be 
caughL It’s been like tint the whole season. I’ve 
been hitting line drives right at people and 
hitting to the wrong part of the odd aJJ the 


IRVING, Texas (AP) — Mac O'Grady shot a 2-under-par 69 Saturday and 
maintained a three-shot lead after three rounds of the Byron Nelson Classic golf 
tournament. O’Grady, looking for the first title of his three-year PGA tour career, 
completed 54 holes in 12-unda 201. Payne Stewart’s 66, (he best round of the day, 
lifted him into second place at 204. Keith Fergus (a 67) and Bob Eastwood (70) were 
next at 205. 

O'Grady had gone 63-69 for a midpoint edge of three shots on Eastwood (a 66 
Friday), Buddy Gardner (a 68) and Peter Oosterhuis (69). On Saturday. Gardner 
and Oosterhuis faded with respective rounds of 73 and 72. 




ru - l _. S«utm4JnMd Prea hunmivitj 

DEMOLISHED — Herat Johnson put his March/Coswwth up 
against a concrete waff along the first tnm durin g an Imtignqp ntis 
500 practice ran Friday, The veteran of two 500s had been driving 
laps at more than 208 miles per how (334.7 kph) when his car 
skidded, made a 360-degree spin and hit the wall before ricochet- 
ing into the infield. A rescue crew spent 15 minutes prying him 
loose; Johnson broke his right arm and sustained chest injuries. 


Trailing by 2-0. the Blue Jays scored four runs 
in the second inning Jesse Barfield led off with 
a home run off Marie Langston. One out later, 
Willie Upshaw walked; he readied third on 
Garth Iorg's single before Tony Fernandez 
walked to load the bases. That brought up 
Garcia, who tripled off the left-field fence. 

"Langston was overthrowing the ball," Gar- 
cia said. “He was wild, he just walked Fernan- 
dez. 1 knew he'd have to come right at me. He 
couldn't afford to walk me with the bases load- 
ed.” 

Seattle dosed to 4-3 in the fourth on Spike 
Owens’s sacrifice fly but Toronto made it 6-3 in 
the sixth on RBI doubles by Fernandez and 
Garda off reliever Salome Baxqjas. The Blue 
Jays got two more runs in the seventh when, 
with the bases loaded, Garcia looped a two-run 
single off Mike Stanton, the fifth of six Mariner 
pitchers. 

Garcia had been down from the start of the 
season. He began by going 1 for 24 and was 
hitting only .154 with numers in scoring posi- 
tion entering Friday's game. 

“I once went 0 for 32 in the minors so I know 
what it’s like,” he said. "After I went 1 for 24 
this year, I put too much pressure on myself. I 
started to wonder if I'd ever get a hit again." 

Red Sox 5, A's 4 

la Boston, Jim Rice hit a three-nm homer and 
Red Sox teammate Dwight Evans tied the same 
with a ninth-inning home run, but it was Gtilc- 
known Reid Nichols who singled in the game- 
winning ran in the 10th. Hrs hit scored BQ1 
Buckner, who had doubled 

Normally an outfielder, Nichols entered the 
game in the ninth at second base because utility- 
man Dave Stapleton was bothered by a sore 
knee. Oakland reliever Jay Howell was going for 
his ninth save in nine chances this year when 


FRIDAY BASEBALL 

one-out home run in the ninth, giving Baltimore 
its squeaker over the Twins. “I was trying to hit 
a homer on the first pitch but he threw a fastball 
right by me,” Lynn said “He came back with 
breaking stuff and fortunately, I was able to 
wail on iL" 

Yankees 6, Royals 4 

In Kansas Qiy, Missouri, New York’s Butch 
Wynegar hit a two-run home run in the eighth 
after the Royals had rallied from a 3-1 deficit to 
take a 4-3 teal. Wynegar said be was just trying 
for an apposite-field single, but with some help 
from the wind he pulled a pitch by Charlie 
Liebrandt into the left-field seats. 

Tigers 3, Wbste Sox 1 

In Chicago. Kirk Gibson hit a third-inning 
homer over Comiskey Park’s 75-foot right-field 
roof to propel Detroit to its victory. ‘Tve had 
some balls hit hard off me," said White Sox 
pitcher Tom Sesrver, "but you can’t hit the ball 
much harder than that" 


Expos 5, Braves 0 

In Montreal, Bryn Smith scattered six hits to 
raise his record to 5-0 as the Expos ended Rick 
Mahler’s winning streak. Mahler fell to 7-1, but 
remained the winningest pitcher in the mmor 
leagues. The big blow off Mahler was Vance 
Law’s three-nm double in the second Law had 
singled in the first and scored on a angle by Dan 
Driessen. 


* , 


Said Gibson, who was batting 323, “Who 
cares bow farit went? It was a home run that put 
us ahead — that's all that counts." Gibson mso 
sing led, walked twice and scored a nm in the 


Dodgers 1, Pirates 0 

fii Los Angeles, Jerry Reuss held Pittsburgh 
to four hits over 835 innings and Greg Brock, 
who made two errors in the 10th inning of the 
Dotteas 5-4 loss to Sl Louis on Thursday, 
singled i° (be game's only run in the sixth after 
singles by Mike Marshall and Mike Stiosria. 

Reuss, who had not pitched a shutout since 
Oct 1, 1982, issued a one-out walk to Bill 
AJmon in the ninth and then got another out 
before Tom Niedenfuer relieved Niedenfuer 
allowed a single to Bill Madlock, which sent 
Almon to third before reliever Steve Howe 
struck out pmch-hitter Johnny Ray to end the 
game. 

Reds 5, Astros 2 
Dave Parker hit a two-run 
ei8hlh **« Hous- 

duck, watai and fidia SsEriffifiS 

SL°.“ u?ffe_ Fra,,k . “Km *aU«d 


* fr 


Angels 5, Brewers 4 

In Milwaukee, Reggie Jackson hit a three-run 
borne run in the third to give California a 4-0 
lead and the Angels coasted home. The homer 
was the sixth this season for Jackson, who win 
be 39 this week. 


erred on Nick Esaslcy’s granidaMiown the 


Banger 5, Indians 2 

In Arlington, Texas. Gary Ward hit a two-run 
double during a three-nm fifth that downed 
Cleveland for die Rangers. 

Mets 5, PhflHes 0 

In the National League, in New York, Dwight 
Gooden held Philadelphia hitless for 6% innings 
and finished with a three-hitter and 13 strike- 
outs (giving him the league lead at 56). 


Cubs <6, Padres 2 

In San Diego, Ryne Sandbetn's home nm 

!Sie!L thc il 

“.o^ i ^ !io s°SF y 

C* 11 *®*! 9. Giants 3 

MS s 

scored on a single by Jack cff" 




.I*:-:#* 
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Wm?*! 1 ;•-, , •■<!•*, . ' 

-to -J . ,_ V. 

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Celtics Win Series, Lakers a F arce Ueberroth Fears a Drug- Gambling Link 

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Compiled bp Our Staff From Dispacha quarter and went into inlcnnissiau 

INGLEWOOD, California — leading, 63-52. 

>. "X Catastrophe came, as expected, to The best run the Pistons coaid Saturday, the Lakers ran and J&bbarpiayenjusi 20 mmoles. 
iy ! *‘ the Denver .Nuggets Saturday af- make after that came in the third scored, the Nuggets ran and 9 No more oraais jitters. Or 

lemoon. with thelos Angeles Lak- quarter when they dosed to 71-69 watched and inbounded the bas- -t i-ast that tsthebiahoDe in 

.... % ersnmning off to a 139-122 rout in on Thomas’s, lay-up over Parish, ketball, and the first game of their Denver esnedallv in th; case of 

the opening game of the Western The Cdtics’s defense stiffened besl-of-seven series thoronghly mokie tSKw an off-euard 

lS Conferva final of the Nation ram md Baton led. 92-86. as the a*x«U in living up to «iZi Sntag 

Basketball Association, playoffs, final period began. advertisement. ^ Lafavette tTatt Lever ^The ‘ 

. 'Hi The night before, in Detroit, the ; All through feharWonghtse- Surveying the wreckage in the to darth" liS 

D.I4M ralriiw mnvrlwl A. Dip nN thp PirilUc' rPWVM Iwl Kv 111* sftMWiilh IVnuo/t mu4i TVuia pOOT K10 was SdTCU to QEalfl, MOc 


while Thomas had 37 for the Pis- record. Magic Johnson attempted 
tons, getting 22 in the second half, only five shots and Kareem Abdul- 
Saturday, the Lakers ran and Jabbar played just 26 minutes. 


Basketball Association playoffs. 
The night before, in Detroit.' the 


Boston Celtics sorprised the Pis- tics the Pistons’ reserves, led by the aftermath, Denver’s coach, Dong EtamemiBth say 

With a m-m wtnrv that fonrtlwiiurtnr . heroics of Vmme raihereri his tattered- mans J5S: m ? re ^ V 


By Michael Goodwin 

New York Times Service 

NEW YORK — Commissioner Peter Ue- 
berroth wants professional baseball players 
to submit to drag tests because of a fear that 
players who become dependent on cocaine 
are potentially vulnerable to gamblers seek- 
ing Inside information or seeking to control 
the results of games, he and other officials 


tons with a 123-113 victory that fonrtb-qnailer heroics of Vinnie Moe, gathered his tattered- troops 

wrapped up their best-of-seven Johnson and TenyTyter, had come in the locker room and greeted 

Eastern Dmtioo semifinal. 4-2. to the team’s rescu e . But not this them with this pronouncement: overs m iJ 

Everybody figured the reserves time. Johnson, who scored 22 of his “Fellas, isn’t h great to be aliver • The game’s final buzzer. As 
would determine who won the 34 paints in the fourth quarter dur- This day, the Nuggets had to be veteran center Dan Issd noted, 

. mg Game 4, was held to just five thankful for small favors. And give “Thank God this only counts for 

NBA. PLAYOFFS pemts and Tyler to 10. thanks they did — for - one game. IT it counted for more 

r^tirs-Pismns Paine Wm f™ Boston’s defense Mocked seven _ • Pal Riley’s benevolence. Had thm one, they’d call the senes to- 




would detamine who won the 


• The game’s final buzzer. As 


NBA PLAYOFFS 

Celtics- Pistons game. But few 


■TTv^- thought it would beBastan't Smtt shots. Bird getting three, and was the Lakers’ coach not begrosubsti- “ ghL 

' ; v • • Wedman who niawd thf drHHfno responsible for the Pistons maliig tuting early and often in the second The Lakers shot 66 percent in the 

■v.;: LS£f|K?ff n3 only 4S:9.percem of their shots, half, the Nuggets might have been first half. “But, they were afl lay- 

■■ The Celtics also pestered the Pis- in for an att-time embarrassment, ups,” Nugget forward Bin HanzlDc 


" NBA champions advanced to lake 


’’ «■': . .. m . '* iv, on the Philaddphia 76ers in that 

t*-i :. ».r «... ' conference final. 

SM^fiCf u ■ C; fT Robert Parish, who scared 14 

ttv;; j . *"• points in the second half, was high 
•S r-i.-.- '. t,‘ for Boston with 24 pomts. Butm 
'“uss-, ‘■•- .'vV the Celtic dressing romn they knew 

in*.! ‘■‘•-V-* it was the unheralded Wedman 

d v v ; j • who had beaten the Pistons. And 
the * .u;l •« ..... ' Jf ‘ c >*" Wednan got the call because Larry 

■ Liii.xK.-. : ■ '••ii*. Bird, of an people, was having a 

■■snst*. ‘ rare off -night. Bird had missed 

\ f,v, n i j.’.! . -..y practice, did not fed well at game 

tta* 1 . time and had scored only eight 

test ’• points by halftime. Sq Boston’s 

.* - coach, K.C Janes, sat him down 

Lm l ir- V'-’ . ^ and sent in Wedman. 

“We gave Scott the game ball 
■' ••••• -- today," said Jones, “Lariy had a 
ih,- 1 '' ' v v-^ : difficult time and missed the ocean 

1 * 7 ^' i. f ^ on his shots, so I took Lany out 

twiV-’j* . . .. ' f < and put Scott in. He did exactly 

..... what we wore looking for He gave 

sl'nx-r. - . :;•••• us the points we nwded. Larry’s 

" *7 ■ • - •- elbow seems to hurt more titan he’s 

- 'r : - • • •- .* ’. ; letting It be known.” 

Drams Johnson, who scored 22 
n«tt- ■ • *. . points, got the game’s first basket 

. . s ,;: : and the Celtics never trailed. aJ- 
though the Pistons tried twice to 
. '.7 -' make a run at them. 

^ j . “They find a way to win,? sad 

»c' .i>* ; = * Detroit coach Chuck Daly. “We’d 
pkwp.-i -■:■■■ . . * r - get dose and they’d make a crucial 

£f «> 7 v-i . ,, ■ play or we’d make a turnover ” 

f * ’J With 6:04 left in the first quarter 
wif. i , M ; Johnson’s basket jrnt Boston up by 
. ... ' "S 11 points, but Isiah Thomas got 

■ l, ' four of the Pistons’ next five 1 ms- 

* • . 1 kets as they quickly closed the gap. 

ET_~ ; *Tomght, they were a better 

T* 1 * " team,” Thomas said. “They played 

* well and w& have nothing to be 
embarrassed about" 

• • His two free throws with 1:26 to 

k - g 0 in that quarter enabled Detroit 

•h** t - . ■ to tie at 30. But Boston, on two soft 

fall away shots by Wedman, led by 
36-31 ai the break: Then Bird 
scored eight of his 17 points and 
' -vlCevui McHale got seven as the 
W W% /Celtics led by 14 late in the next 


k Celtics also pestered the Pis- in for an alT-tixnc embarrassment, ups," Nugget forward Bill Hanzlik 
ns into 19 turnov er s. Consider that the Lakers had SO said. “When they’re all easy, 66 

McHafc got 20 points for Boston points by halftime, a dub playoff- percent isn't too tough.” (AP, LAT) 


&M »lr» r - ; 

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dlW-HW •«■ 
men ' 

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ch BV 




lb ** ~ * 






“The in ferity of the game is everything,” 
the commissioner said m an interview late 

last week. “We’ve got to elimina te illegal 

substances from the game, substances which 
can be used to control people, such as appar- 
ently happened at Trnane" University. 

He added, “This office was created in 1920 
to stop a gambling scandaL" 

Although he cited testimony by baseball 
players to a Pittsburgh grand jury investigat- 
ing drug use as a factor in his calf for manda- 
tory drug tests, Ueberroth’s references to Tit- 
lane and 1920, which he has repeated several 
times in recent days, were unmistakable indi- 
cations that his concern over baseball’s drug 
problem extends beyond that case and even 
beyond how many players are using drags. By 
talking of potential scandal he has trained 
the issue in t erms that are at once larger and 
yet fundamental to the game: that the action 
cm the field mast remain above suspicion. 

Asked whether he knew of recent or cur- 
rent incidents involving gamblers and play- 
ers, the commissioner indicated he did not. 

“If I had evidence, 1 obviously would be 
taking some very strong actions," he said. 

At the same time, he said be was privy to 
more information about drug use among 
players than has been made public. 

“I’m getting a lot of information.” be said, 
declining to elaborate. 

Ueberroth’s reference to Tulane was to 
charges made earlier this year that eight peo- 
ple, three of them basketball players at the 
New Orleans school conspired to shave 
points in college games. Gamblers allegedly 
gave the players money and cocaine. 

His reference to the creation of the com- 
missioner’s office was to baseball's biggest 
scandal the “fixing” of the 1919 World Series 
by some members of the Chicago White Sax. 

The context of the conmnssoner’s com- 
ments was an explanation of his announce- 
ment May 7 that everybody associated with 
baseball except the players and the umpires, 
would be required to submit to drug tests. As 
if to reinforce the seriousness of Ms concern, 
and to urge the unions representing players 
and umpires to agree to the tests far their 


members, be began using the extraordinarily “Some other information I’ve hmn given 
strong analogies of Tulane and the so-called said that it probably was in the best interest 
Black Sox scandaL of the game to move quickly," he said Again, 

The mention of the potential for scandal he declined to elaborate, except to say that he 
has not sat wdl with the players union. Nri- had been given information “by a law en- 
tire did the fact that union officials were not forcemeat official” that his announcement 
consulted about Ueberroth’s drug-testing had had a deterrent effect on an unspecified 
plan. Don Fehr, the acting executive director criminal activity in the offing, 
of the Major League Baseball Players Assod- At ]easi ^ playcre ^ ^ public . 

anon, said the present arrangement, which |y acknowledged drug involvement, and there 
provides for vphmiaiy Jesting was worirag has been a string of such incidents in recent 


well ennngh. He said the union was con- 


Regarding the possibility of a scandal Fehr 
said: “If he really believes such activities are 
immin ent and hot just possibilities, then he 
should be frank in sharing with us the prob- 
lems so we can examine the circumstances 
together." 

The commissi oner’s statements are a curi- 
ous mix of confidence in baseball and the 
players and a sense of alarm about the drug 
problem. He said, for example, that be be- 
lieves other sports have worse drug problems 
than baseball and that the “vast, vast major- 
ity of players do not take drugs." 

He also stressed that be was “interested in 
attacking dregs, not players." 

The continued reports from Pittsburgh and 
the investigation there into cocaine use were a 
factor in his drug-testing plan but not the 
only one, Ueberroth said. So far, about a 
dozen major league players have been sub- 
poenaed to testify before a federal grand jury 
in Pittsburgh. They include such well known 
players as Keith Hernandez of the New York 
Mels. Lonnie Smith of the St- Louis Cardi- 
nals and Tim Raines of the Montreal Expos. 

Although aB the players publicly identified 
are thought to have been granted immunity 
from prosecution, Ueberroth has said he be- 
lieves the inquiry was ri.urmgmg (o baseball 

Sam Rricn, a Pittsburgh criminal lawyer 
retained by many of the players called to 
testify, said he did not believe that prosecu- 
tors, acting on information gathered by the 
FBI were after players. 

“My opinion is that no players are going to 
be indicted," said Reich. “I think this is an 
investigation of drug dealers." 

However, some people are not sanguine. 
Don Baylor, a member of the New York 
Yankees and the American League’s player 
representative said: “1 don't know any 
names, but it’s going to come down pretty 
hard on players. They actually have proof. 

Beyond the Pittsburgh case, which accord- 
ing to some reports has led to similar investi- 
gations in other cities, Ueberroth died un- 
specified other factors in his announcement 


oas been a string of such incidents in recent 
years. The largest single case involved four 
members of the 1983 Kansas City Royals, but 
sources familiar with court papers in that case 
said affidavits named about 35 players who 
had used cocaine: 

The latest incident involves Alan Wiggins, 
the starting second baseman for the National 
League champion San Diego Padres, whom 
the team suspended this month for the re- 
mainder of toe year for what officials de- 
scribed as a relapse or cocaine dependency. 
Wiggins had been arrested for cocaine pos- 
session in 1982, but the charges were dropped 
after he completed a rehabilitation program. 

Because of Wiggins’s value to his team — 
he stole 70 bases and scored 106 runs while 
batting 238 last year — Ueberroth and other 
baseball officials are especially concerned 
about the case, if, for example, the Padres 
were to lose their division, or even the play- 
offs or World Series, by a margin that could 
have been overcome by a player of Wiggins's 
ability, many people no doubt wou la con- 
clude that dregs played a significant role in 
the season's outcome. Although baseball fans 
are accustomed to accepting injuries as pan 
of the game, it is questionable bow they 
would ream to pennant races being decided 
by disabling dreg dependencies. 

. But bow many players are involved with 
drugs, or even their star status, is not Ueber- 
roth's only concern, said Bany Rona, general 
counsel to the Player Relations Committee. 
“It is the extreme danger he sees to the game 
if someone is involved in dregs. There is a 
vulnerability to loan sharks and gamblers." 

As executive director of the Los Angeles 
Olympic Organizing Committee. Ueberroth 
established a testing laboratory that screened 
for steroids and other banned substances. 
Through a numbering code that kept secret 
the names of the athletes, even the lab work- 
ers and directors did not know whose urine 
they were testing. The baseball program 
would be similar, be said, adding that he had 
every intention of putting the plan into effect. 

“I’m going to be boringly consistent on this 
issue." he said. 


Mets and Expos Post Third Consecutive Shutouts 


7Sr Aoodored Press 


NEW YORK — The New York P°s’ Bill Gullickson shackling Al- 
and Montreal pitching staffs con- Mbm* 3-0. 
tinue to stifle their National Montreal Tun Raines broke 


against Philadelphia and die Ex- diving catch in the third and may during a four-run second that end- 


have lo undergo surgery. 

Cardinals 9, Giants 4 
In San Francisco, Jack Clark, 


ed Detroit's five-game winning 
streak. Richard Dotson pitched six 
inning s of two-hit ball for his first 


& 


Tt» AanciiMd ftrean 


League opponents. Each staff reg- an Q-for-1 9 hitle ss stre ak with a away by JJe Giants in the vtaoi Yf° r 

iff fhiirl rvwicAnrfiv#* chuf Anf ^ #>«> . . r*. _ . __ « Kins* Vovfi 4 Marini 


Dan Issd decked Los Angeles 
then Denver was floored, 13^-1 


ird Mike McGee early in Satimhty’s playoff game, hot 
“Thank God this onfy counts for one game,” Issel said. 


isiered its thud consecutive shutout 
Saturday, the Mels’ Sid Fernandez 
and Roger McDowell throwing a 
JL3 strikeout, one-hitter here 


WUTT* 


SATURDAY BASEBALL 

sixth-inning triple and his two-out 
tingle m the seventh drove in two 
runs that helped Gullickson go the 
distance the first time this season. ’ 


Baseball 


Tennis 


Friday’s and Saturday’s Major League line Scores Davis Cup Qualifying 


t+i-. 

** ii.., 

S 1 -’ 

it kwj.; 
.■ft*.. ■ 

• d* 

l«. *£*'■=■ 

* if!', i- 

•rt*\ \v 
ik * 

•••• 


FRIDAY'S RESULTS 
NATIONAL LEAGUE 
ANcnta IM m SW-t i I 

Montreal IX Ot» Mv-S 7 ■ 

„ Matitefi Garter 153. Cairo 141, Dadmon (St 
'and BenMfld; smith and Fitzgerald, w— 
Smith, Ml L— -Mahler, 7-1. 

Houston ON KB MS-3 • 3 

Cincinnati MM Ml Hu-* « I 

Nlekra, DlPSflfl n>. Smith It) and AitWr; 


devetand HQ ON MM t • SEMIFINALS 

Turn ON U* out— 4 9 0 &B*mn Zona 

schum, Thompson (5), Easterly 18} and <At Wellington. New Zea 

Benton; Htnioti, Rozenw (9) and Skwaht. W— New Zealand J, China 

Hough. >1. Lr-SchuRA, M. Sv— Rawua.(2L Chris Lewis, New Zealand, del 

HRe— Texas. Siauahl (3), Johnson (5). Chlra,>T. 6-2, 6-4. 

GaWornia NS Ml NO— S 7 • Russell Simpson. New Zeakm 

MUwmricm NS IM 190-4 9 1 aro, Chino. 6-4. 6-1, 6-2. 

Romtmtek,ClBTTwnls 17). Corbett (7) JMoare uwlsandKeJNEverndefldet.X 

I7i and Boone; VocXovIch, Hiouera P) and ±4 *0 *1 
Sdmedor.W— Ramanlck,6-l.Lr-VUcl(Owlch. low I* det. Zhang Fan, 7* 7*. 


(At Wellington, New Zealand) 
Hew Zealand 5, China • 


Browning, Power (9) and Bllordeflo, Van Schroedw.W — Romantcfc.4-1-1^— Wickovlch, 
Garter im.W— Brawrdng, 3-1. L— CHPIno, l-t. t-2.S« mooretn.Htts— CalHOmla.Jodaon 


Scan Mona S, Philippines 0 
(At Manual 

Joan Youno-Da*. south Korea dM. Monny 
Tolentloo, Phili pp i nes 6XM.6S,64 ' 

YoaJln-Swv South Korea dot Rod RafooL 
Philippine*. M. 1041, 64 
Yaoand Kim Bang£oadeL Rafael and Roy- 


GdEtaSTiSSrR 12th cnd^Ktisbuigh^five-game 
Mis, said he was motivated by the streak. Jason Thompson s 
two eadi er shutouts by Joe Heskeih wo-run homer accounted for Pm* 
and Bryn Smith. Of Heskeih, be Mash s other runs. 


Astros 10, Reds 7 


Sv— Power (5). HR— Houston. Ban 131. 
PMtodeMUa m oaa N o I s 2 

New York NO Ml 3*x— J 7 ■ 

Carlton. Andoraen «). Rucker (7). Hudson 


16). MUwaufcM, Yount (21. 

New York 102 ON 0-6 7 1 

Kanos at* in nfeoe-4 to 2 

Guidry, Rlgbotti (8) and Wvnegar; Let- 


Chris Lewis. New Zealand, del You WeL mand Suarez. 64. 6-1, 14, 64, 6a 
China 6-1. 62, 64. Jean det. Rafael, 64, 6Z 

Ruseell Simpson, New Zealana del Xle Kim det Manny Tolanltna 6ft 61 
Zhao. China 64. 6-1, 62. FIRST ROUND 

Lewi* and Kelly Everadefldet.Kteand You. Swllzvtand X Tonisla • 

44 64 44. (At Tun*) 

Lewie det. Zhang Fan, 7-5, 74 Roland Startler, Switzerland, del. Hasson 

Steve Guy det You. 61 61. SaudanL. TunUa 61. 6ft 6ft 


(St and vtrafl; Gooden and Carter, w— Gao- brand!, B«*wHb »> ond Svndbera. W— 
den, M. L— Cortton.04.HR— New York, Foe- GuWry, 34. L— Letoramtt. 62. Sv— Rlghettl 


to Mar ' 110 


tor (4). (91. HRe— New York. Baylor (4), Wvnegar 

Chicago 9M 900 219-4 7 1 (21. Kama* City. White (5). 

Son Diene Ml 999 919-2 9 9- ' - 

Trout, SmHh (91 and Davis; Hoyt, Lefhrts SATURDAY'S RESULTS 

IB), Booker (I), Stoddard (91 and Kennedy. AMERICAN LEAGUE 

W- Trout 61. L — Hoyt 24. Sv-SmlHt ffl). Detroit m OH 993-4 S 2 

HRe— Chicago, Sandberg (5), Hetmer (1). Chicago IN ON »*-7 n 1 

PttMwrah ON ON 000— • 3 9 Berenauer^cherrer n>.Uwee (Bland Par- 

Las Aagatof 90S Nl OOe—l 9 ■ rWi; Dotwxv Agcata 17), Netson (7). SplHner 

Rhoden, Holland (1) and T-Pona; Raws. (91. Jorw (91 and Htft w— Dotson, M. L — 
Nledenfuer (9). Howe (9) end Sdoscto. W— Benmeuer. 1-2. Sv-J tunas (4). . 

Roues, 24. Lr— Rhodatv 1-4. Sv— Haw* (2L Seattle ' IN ON 906-9 5 1 

St. Loots 929 ON 3U—9 » * Toronto 2M ON 9ZS-4 C « 

San Francisco 210 9M 090—3 9 1 Young. Nunez (9) end Kearaev, Scott (71; 

Andutar, Campbell (7) and Nieto; LaPohiL aohev. Lovell* (6). Caudill (8) and Martinn. 


Basketball 

National Basketball Association Playoffs 


-5sssBcsrsff“- Astrosio ’ R£ds7 

Utdngerond Martcus Gunthnrdt dot. Abdel- POMOS [72j lOtograite] gpes OUt Jjj finfnrma ti, PhD Gamer hit a 

maud and Hoeran saudani, 62, 64, 6i. ana strikes out 12, and you wtign bases-loaded trrole and scored the 

SWKfW5i?E «Ha!~2i3-S!SlS 

Audud Jwnsea Norway, dot- Tasew Have- 150 ^ a nvafry, but It maxes IOT >, lln t Jjj a Hyp-nin sixth mning that 

SSr/SS” rallied Houston. 

^New York activated Fernandez, MrasS.Gfcl 

Rocnbeia amt jan Roster 62 . 64. 64. who had been sent back to the In San Diego, Garry Templeton 

Bmnelaj ^ minors after a poor spiring training, and Steve Garvey homered and 

(AI Warsaw) ■ just before the 4-0 victory over the Eric Show and Rich Gossage held 

woictech Kowaksu. Poland, dor. ptuiip Phillies. Fernandez allowed only a fTiic^gQ to three hits. 
1 ^£^^t!4^d rt .Horao« leadcrfTmgeioVon.Hayramlhe Yankees 11, Royals 3 
iwnaiL Zimbabwe, i4b 63. 64, 64. fourth, striking out mne and walk- - A 1 •„ Vm _ 


some competition and I think that’s HoaslML 

good for a team. 

New York activated Fernandez, Padres 3, Cnhs 1 

who had been sent back to the In San Diego, Garry T« 


offseason, hit a two-run home ran ® DC •^ s A Marinos 2 
during a four-run fourth that gave In Toronto, Jesse Barfield greet- 
St. Louis its victory. ed reliever Ed Nunez with a two- 

Pirates 5, Dodgos 2 ‘ run homer in the eighth that broke 

T _ v A»„.iZrT«w« Pemo v a 2-2 tie and beat Seattle. 

In Los Angeles, Tony Penas , B .„ . 

three-run homer in the top of the Asu, k m aox i 

ih ended Pittsburgh’s five-game In Boston, Dave Kingman and 
sing streak. Jason Thompson's Dave Collins each drove in three 
©-run homer accounted for Pitts- nms as Oakland got 19 hits in 
tigh’s other runs. crushing the Red Sox. Eleven A’s 

D . - hit safely and eight scored at least 

Astras 10, Reds 7 once in handing Boston its worst 

In Cincinnati, Phil Garner hit a defeat of the year, 
ises-loaded triple and scored the Orioles 4, Twins 2 

•-ahead run on a suicide squeeze . „ . . ~ . T . . 

int in a five-run sixth inning that In frcd Lynn hit a 

Hied Houston. three-run homer m the bottom of 

_ . , . ^ tbemnth, again rallying the Orioles 

Padres 3, Cubs 1 to victory over Minnesota. Cal Rip- 

In San Diego, Garry Templeton ken singled on reliever Ron Davis’s 


minors after a poor spring training, and Steve Garvey homered and first pitch of the ninth, Eddie Mur- 
just before the 4-0 victory over the Eric Show and Rich Gossage held ray singled on Davis’s next pitch 
Phillies. Fe rnand ez allowed only a Chicago to three hits. and Curt Wardle was summoned to 

leadaff single lo Von Hayes in the Yankees 1L Royals 3 replace Davis, but Lynn hit War- 

fourth,' striking oui nine aBdmlZ- , h . tlW ,„ , g dlfs Rmphch om the antcr-fidd 

mo ciY m hiQ CiT innm« Mrnnww ... / TT f mn+ Pnrfiv niaht T «mn Ha. 


Horoon ^ ^ 

man Zimbabwe. 14. 6i 63. 64 fourth, striking out nmeand walk- 

(smaUanUTucknbs det Kowo toki and Lecfl mg SIX in his SIX innfnp c McDowell 
IxikmuckL AA. IUL .. ,.-IT ” - 3 


Minton (71. Blue (91, WOllams W) and Tre- 
vino. W— Andutar, 61. L— LaPoint, 14. Sv— 
Camobefl UK HR— San Frandaca CDavte 
. (41. 

AMERICAN LEAGUE 

. Oakland TIB 9N 929 6—4 M 1 

Boston IN MB Ml 1—4 IT 1 

:■ Codlrail. Atherton (71, Howell (9) and 
■, Heath; Ntoaer, Stanley (91. Otada (8). Clear 
191 aid Gedman. W— Clear.lft l— H owoU.6 

- 2. HRs— Oakland. Klnamon (7). Boston, Rice 
Ul, Evans (3), 

Seattle 309 IN 999-4 9 9 

Jsroolo MWB4U4 

Langston. Best (41, Baraks (Sl.lftmde B«ra 
r (61. Stanton (6),G«lse( (7) and Kearney; LeaL 
.. Kwr (4i, Acker (71 end fltarttne*. Whitt 15). 

w— Kev.2-2. u— umoatan.44 Sv-Aefctr (<». 
• HR— Taranto, Barfletd (4). 

V. Minnesota TOOL BN WB-S 19 1 

- Baltimore 9M 919 2B»-* 13 9 

Butcher. Lvaonder (6), Film W, Davis W 
and Solas;' OMorHnez, Stewart (3). Aose (9) 


FRIDAY’S RESULT 

Boston 36 II 29 31—123 

OatraR 31 21 M W-llJ 

Parish 10-16 44 2L □. Johnson 611 1614 22; 
Thaman 12-2B 13-17 37, Lalmbeer 9-14 34 21. 
Reboends: Boston 46 (Parish t3>; Detrottn 
(Labnbeer ISI.Anlsts: Boston 30 (Alnaef); 
Detroit 71 (Thomas 9]. 

SATURDAY’S RESULT - 
Denver 39 » 36 34-122 

LA. Lakers 31 42 M 25—139 

ScoJt 13-16 14 27, Worthy 11-14 2-4 Mi En- 


^"7 Q *? C# ^. H .^*~ 5<,0ttte ‘ Wish 13-19 67 3ft Natt 13-21 32 36. Rebounds: 


. Presley (SI. Taranto, BartMd (51. 

Oakfaad » 212 390—11 19 1 

■ Boston . MB IN 990-r 1 1 1 

Krueger, TWimaim (91 ond Heath, Tsttie- 
ipan 19); Hurst Train lo (4), Brawn (6),Olado 
(9). a«ar (91 and Sullivan, w— Krueger. 34. 
L— Hurst VS. HR— Oakland. Kingman (91. 
New York 909 NO 910—11 13 1 

Kansas CBy ON MS MO— 3 3 2 

Ras m ussen. Flitter (I) and Wynegar; 
Black. LoCas* (41. Janes (7L OuEsanOerrv (9) 
and Sundbsrg. W—Rosmussan. 31. L— Block. 
31 HRS— New York. Bavlor 15). Kansas aiv, 
McRae (1L 

Mlnnesoto til ON BIB— a » 0 

Btoltmnre soo in iev4 ■ 0 

schranv Devts (9). Wortle (9) and Salas; 
Boddlcfcar and Nofan. W— Badtficfeer.W. L— 
Davhu 1-i HRs— Minnesota Brunansky (9). 
Battlmara, Lyim (6). 

CoUtorato 993 910 191-4 9 9 

Milwaukee 391 911 090-fl « 1 

Witt John (7), Moors (91 and Boons: Dor- 


. and Dempsey, w— Aose, 44. L— Oavls, wl wtn, Kern (7) and Schroedcr. W— John, 33 
HRs— Minnesota. Hrbek (6). Brunansky (71. L— Kern, 37. Sv— Moore 18). H Rs— CaJItor- 
‘ Baltimore Yaum [4), Sheets (51, Lynn (5). too. Jackson (7). Mtaoakea Sdvoeder (6). 


MtraR 111 ON IW-4 9 1 

Wag, IN BN 990-1 3 1 

Terrell, SdienW (71, Hernandei «) aid. 


faHWkMd IM oh 913-4 H 1 

rums so* im oie— 1 s l 

CreeL Easterly (6), Waddell (7) and Be»- 


•arrlsh; Seaver, James (■) and Fhk. w— tan; Tanann, Harris (B) and Stought. W— 


Denver 45 Us«l 9); Las Angeles 49 ( RomMi. 


Transition 


CLEVELAND— pioctd Mel HoiL outfield- 
er, on the 31 -day dlsdbtod RsL. 

National League 

NEW YORK— Recalled STd Fernandes. 
pHdwr, tram Tidewater oS the Itttornetional 
League. Optioned Len Dvkstro. outfielder, to 
Tidewater. 

FOOTBALL 

INDIANAPOLIS— Stoned Orkmdo Broom 
and GarfleU Taylor, running backs; Rmdv 
Grant, wide receiver; Drew Blackburn, 
guard; Phil Bromley ond Ion Sinclair, ren- 
ters; Ray Brown and Robert PottAdetaralve 
ends; Nell itorrtfcGeneUndenHaodendCiwt- 
tM People*. defensive Docks; James tcevlon, 
tackle, and Ed Richardson linebacker. 

MIAMI— Cut Sanders SWvtr, Unebotiker; 
Ivory Currv. de f ens i ve back, and Nick Hsn- 
howskl, quarterback. 

NEW ENGLAND — Signed Jon Morris, de- 
fensive lineman; Bill Bon (toft linebacker. 


- romiu 4ft t— Seaver. 3). (ta-Henxntoz IMM M- L— Harris, W. HR-Tasms, ^ ^ (xkA. 


Abdat-Jabbar, Conner 7). Assists: Denver 34 
IKvans 11); Las Angeles 39 (Johnson 16). 

CONFERENCE SEMIFINALS 
EASTERN 

(Boston det. Detroh. 62) 
(PMIadetohla dei. Mflwaukee, 44) 
WESTERN 

(Las Lakers deL Portland, 61) 
(Denver det. Utah, 61) 

CONFERENCE F1NAL5 
EASTERN 

Mav 12: PtiBadeiphto at Boston 
Mov 14; Phltadetohta at Boston 
May 1B1 Boston m Phltadetohia 
Mav 19: Boston at Philadelphia 
x-mov 22: PMtadtalnhla at Boston 
x-Mav 24: Boston at Philadelphia 
x-Mav 26: P hl tadetahta at Boston 
WESTERN' 

(Las Angelas leads series. 14) 

Mav 14: Denver at Los Angeles 
Mav 17: Las Angeles at Denver 
Mav 19: Los Angelas at Denver 
x-Mav 22: Denver at Las Angeles 
XrMav 24; Los Angeles at Denver 
x-Mav 27: Denver at Las Angelas 
(x-H neress or v) 


European Soccer 


ITALIAN FIRST DIVKIOH 
AscoU 3 Cremone se 2 
Afafantn of Bergamo l Veama 1 
AveHIna 1 Coma l 
Rorent i na B Torino D 
Juventus at Turin i sampdaria of Genova 1 
Milan 2 Lazio of Rome 0 
Rama * mtemaztanole of Milan 3 
Udtoese 2 Nopal) 2 


Blenkowdd, 66. 62. 64. 

Hungary % Morocco 1 
(At Rabat, Morocco) 

Arrafe ChekrounL Morocco, det. Ferenc 
ZentaL Hungary, 6ft 7-9, 64, 3ft 61. 

Balaza Taroctv. Hungary, def. Hmzeln So- 
ber. Morocco, 3ft, 61 6ft 6ft 62. 

Taroczvand Robert Machan del. Aeohomad 
DUim end Saber. 63 62, 6ft 

Senega) x, Moaace 1 
(At Dakar, Senegal) 

Bernard BaJleret, Monaco, deL Nagy Kdb- 
bac. Senegal, 62, 61 61. 

Yava DaumMa, Senegal def. Gllles Ganan- 
da, Monaco, 62. 61 62. 

Instant ft Cyprus 0 
(At Nicosia) 

Matt Day le and Sean Sorensen. 1 reland. del. 
Haig Ashdlan ond PNvos Zocharides, Cy- 
prus. 61, 62. 6ft 

Nethertaads ft Ffaland D 
(At Hllversum, Nemertonas) 

Mermo OosHng and Huub van Boeckel 
NethertarKhk. deL Leo Palin ond Out Rah- 
nasto. Finland. 6ft' 6ft 6ft 6ft 
Egypt ft Algeria 9 
(At Calm) 

Ahmed NleheHlmy and Tarek aLSakka, 
Egypt, del. Galou Redo and Abdul hailm AztL 
Algeria, 7ft 6ft 3ft 3ft 62. 

Portugal ft Luxembourg a 
(At Lisbon) 

Jooo C untie 0 Silva and Pedro Cords Ira, 
Portugal deL John Gaud enbaur and Georaw 
Fdber. Luxembourg, 6ft 62, 6ft 
Betotam ft Bulgaria l 

IAI Brussels) 

Jan Von Lonaendonck and Alain Brlehant 
Brusseu. det. Kasimlr Lnsorov and Gulyon 
LoSarov, Bulgaria. 62. 61. 6ft 

KnreJ DP Moyne* dot Lonrw6ft6A 6ft3 
L 64. 

TOURNAMENT OF CHAMPIONS 
(At New York) 

Qmrterftaots 

Ivan Lendl Csechaelavaldlo. deL Lawson 


pitched three hitless innings, add- 
ing four strikeouts and completing 

tv» .j^nre’ n/.j cr ._ u_ j Six of the mmng s runs were im- in Milwaukee, Juan fiemquez s 

c ^f^ Y ^t^ eb S ,ed ^ a ffetothe ninth. gave 
times to help l^Mets wiS their Caltior^ virtmy. 

fifth straighL But New York also bit baisman and a wfld pitch. Lndbas 4, Rangers 1 

had some bad 1 news: right fielder Wtae Sox 7, Tigers 4 In Arlington, Texas, Pat T&bler 

Dairy! Strawberry tore ligaments In Chicago, Scott Fletcher and singled home Cleveland's tie- 
in his right thumb while making a Harold Baines hit two-run singles breaking ran in the eighth. 


Angles 6, Brewers 5 
In Milwaukee, Juan Beniquez’s 


Indians 4, Rangers 1 
In Arlington, Texas, Pat Tabler 



7). HR— Detroit. Glbcon (I). 


Major League Standings 

AMERICAN LEAGUE 
East DlvtslOQ 



W 

L 

FCf. 

OB 

etttmore 

18 

9 

AS 7 

— 

iXonto 

18 

11 

A21 

1 

‘Ttrolt 

18 

It 

4U 

Tfc 

wton 

IS 

14 

.517 

4 

)w York 

12 

14 

Ml 

SVd 

evetond 

11 

17 

493 

7V1 

hweukee 

11 

17 

4*3 

7U 


We M Dfytaloe 



Ulfornla 

IV 

11 

433 

— 

toneaata 

15 

13 

538 

3 

*5«u 

13 

17 

JED 

3ft 

nm City 

12 

15 

. -444 

Sto 

kkmd 

13 

17 

.433 

£ 

Mile 

13 

17 

433 

8 

pc 

V 

18 

433 

8 VS 

NATIONAL LEAGUE 



East DttfUoe 




w 

L 

pa. 

GB 

m York 

18 

8 

Ml 


nlreal 

II 

10 

so 

1 

mo 

17 

10 

490 

Ito 

; SLeuh 

14 

18 

M 

Sto 

- laoeunki 

Id 

)7 

470 

Bto 

toburali 

V 

19 

421 

10 

L" - 

West Dtvtskm 



1 Otago 

18 

12 

471 


(Angeles 

• 18 

15. 

418- 

Ito 

dnnaM 

14. 

14 

.400 

2 . 

nton 

■ _ 14’ 

14 

480 

4 

tala 

’ 11 

«. 

'MB 

‘ 4)6 

(FiwMisa 

11 

18 

en- 

Sto 


NATIONAL LEAGUE 

PWW9KMB . 999 999 990-9 1 9 - _ 

New York IM 929 996-4 £ 0 

Rnwfrv, Zodwy (BrConnon (7), TttBhM 
(SI end Viren. oowKwi (I); Feroondez, Me- 
Dewall (7) and Carter. W— Fernandez, TALL— 

Rawlev. 3-1 Sv— McDowell (1). 

Atlanta 999 999 009-4 S 9 TULANE- 

Moatreal 199 099 29x-4 £ • Ray Danfort 

. Bedraskm. Sutter to) and Benedict; Gut- charge of K 
■ itoksan and F tt znrrokt w— GuiDduwn, 61 
L— Bedrockm, Oft _____ 

Sk Lgillt . S22 411 990-9 T2 1 

faa Fraa ctt to . 399 191 OW-4 I • 

Cox and Porter; Laskey, Blue MLWfUtami 
(«). Minton (B) and Trevino. W-Cnx, M. L— 1 
Laskey, 14. HR*— si. Louis. Clark Ml. Son TTC17I C 
F rm&oax. Brawn fll. U3JP Ju C 

Pittsburgh . 909 399 999 993-5 I D 
Lot Aegetes 190 099 100 909-4 7 1. EAf 
DeLooo. Ccndetorto (7). Rublraon 18), HO- - - 

land (ill and Penn; HersMser, Nledenfuer Tampa Bov 
(8). H o wl I 08), Brennan (12) and Sdmrin. Birmingham 
W— HolkmcLI-LL— arannan. 1-XH R*— Pitta- New MM 
burgh, Thompson (5 ).'Pmo (2). . .Jacksenviita 

Heestte 009 105 293— 18 10 0 Memphis 

OatiMtatl 123 909 939— 7 If 3 BoUtmore 


IlfllM SMtt FOOM LCQVK ATOmm-wm*. vaow i 

ARIZONA— Signed Rush Brawn, detens)w Juventus. samp- 

ta ^BMPA bay— A nnounced res tenet ton - 5 


League leaders: Yeraaa (tttfht) 41 aoiBts; Dl ™ ll ;. u ^ 


TAMPA BAY— Announced the restenaflon '■ hm.nnT^tfnn CfEfT D,VBIO,< 
m John Rauct^dtrectDr at football ogeretkxiA . 

Tl^ 01 r<„,b.1(l ™r. 


CDLLEM 

TULAN E Ann o un ced the resignation ot 
Ray Dantortta aatittant othleUe director In 
charge of fund ratalna. 


MSeatt. Satan* 13), Dawtov tf). DlPIno U), Orkmdo 


Football 

VtWomi . 

USFL Standings 

_a 7 I EASTERN CONFERENCE 

W.H01- ■ r !r T ™ 

■deniiar Tampa Bov 8 3 0 SO 2fi8 2M 

(Hwcrta Birmingham 8 4 0 MJ 200 218, 

[ pmy New JwWV 7 4 9 JU 271 243 

Jaduonvllta £50 S45 278 272 

10 19 9 Memphix i 5 0 ■«. 242 229 

7 if 1 BaUtmore 5 5 l JM 200 173 


Norwich atv ft Newcastle Untied a tie 
K n f Unul x m i Forest L Everton 0 
Quient Park Rmgeni.MandMster United 3 
Sheffield Wsdneadav 2. West htam United 1 
Southampton 2, Coventry City 1 
Stoke city ft Chelsea 1 
Simderland 1. Ipswich Tom 3 
Tottenham Hotspur 1. Watfort 5 
West Bromwich Albion ft Arsenal 2 
Rohde stoadBnts; Evarton 07; Manchester 
7ft; Tottenham 71; L i verpoo l 70; Sauttrartoton 


John McEnroe. U 3. def. Cknidlo Ponatto, 
Holy. 3ft 62. 74 (74). 

Henrik Sundstrom. Sweden, det. Terry 
Moor, UA. 61 61 

Aaron Krlckstebi UJ^ dot Brest Gilbert, 
U Ju 63 74 IM). 

Sem Knots 

Lendl def. Kriekstoto. 61, 24. 61. 
McEnroe def. Sundstrom, 6ft 34. 6ft 
Final 

Lendl det. M cE nroe. 6ft 6ft 

WOMEN'S INDOOR 
(At Sydney) 

SemffiMM 

Pam Shrlvtr. UA,def. Aivda MoUHon, U J. 


»r 07; ChalseaM; ArsenaL Sheffield Wednesday ^,^ nn n ^ ritalFer- 

W; Natltaoham £4; Aston Villa. West prom ^ ^ 

«: Wotfanf. MnmsHo 5ft- Loton. Leicestor ™* Ma ' PutTto akx L^, t ^ t 


Si; QuMfll Pork Rangers St; leswfch M; 
Norwidi4£; Wes) Ham 45; Coventry, Sunder* 
hmd «; Stoke 17. 

WEST GERMAN-FIRST DIVISION 
Bochum 1 , Bayern Munich 1 
Kartsrhae 1, Warder Bremen 1 
Bonnoto Mtaeheaotadbacb ft (fatoane 3 

Hamburg ft .Stuttgart 1 
Points MmnRnes: Bavem Munich 42; 


Flnal 

Shrtver deL BalestraL 6ft 6ft 


MENS GRAND PRIX 
CAl Munich) 

MwWmIi 

Jaokim Nyslram, Sweden, def. Jeseftuls 
C)erc,Argen«no. 6ft 64 
HonslOrg setnwrier, West Germony. def. 


»« Smith (8) ond Baileyi Sato, Price (7), Franco we 

■4X1 sis rt) and Van Carder, BUerdelto (7). W— 5a- HmKton 
■370 SKt Ibvnv )4L L— Setefft Jv— Smllh U). HR*— Oakland _ 
431 W Houston, Cruz (3L Ondnwdi Waiker (2). Denver 
aiiceeo 9M 199 999-1 3 1 Arizona 

J71 — . too Diets 9M am Tlx— 3 f ft Porilend 

418- 'lib -Eckerstav, Fontenot (I) and Davfs; Stww. Son Antonio 

40® . J -■ Gaeeaae-IBIandKennedv.W— fihow.62.L- .. >U9 AMMtos 

■a® .2 Eekeraiey,62.Sv— Gossage (II.HRs—OiIcop SB 


WESTERN COHFERINCE 

a 3 0 427 391 2M 

8 3 ) JOB 2*4 224 

7 4 9 430 291 209 

< 7 t 44 W 0 

3 9 0 450 154 Z78 

Mle 3 8 9 473 189 291 

■MS 3 9 0 390 185 295 

SATURDAY'S RESULTS 


£82 U8 2» Warder Bremen 4Q; Catogae37; Hamburg 35; Diego Pena Uruguay. 64 64, 


■497 4)6 ; bu, Marflwwt rsj. Sat Ofaga Templeton OK OaWand 2ft Lo* ArwriM 4 
47V Sto survey (£).- Birmingham H Perl tot'd 9 


Boruseta StewhcngloeBiacn 34; wakSnf 
MoenhefanSS; Bayer Uardlnowi 3ft- Bodnmv 

ShittgaT 30; Schotta 39; Barer Unwrtujsan, 
Etntrachr Frankfurt 28: Kafseretauteni 27; 
BannMa Dortmund as; Fortano Dwawetdort 
25 . Armtofa BMeMd23; Korisnihe 19; Eto- 
taxht Brunswick is. 

FRENCH FIRST DIVISION 
Salnt-Etteane ft UUe 8 
Tou lease ft SnrhauK 9 
PartoGG L Monies 0 


Final 

JaaUm def. Xcmwiler, 61, 6a 

TOKYO INVITATIONAL 
SanSftosla 

Blorn Bara SwaBen. def. Eilat Te (richer, 
U-S_ 64, 61. 

Auden Jarred, Swedendei Stefan Edbora, 
Sweaerv 61,6ft 

PUM 

Borg deL Jarryft 64, 6ft 



• .3^ y 

^*4 ^ : 



-a*® 


Fred I^nn got an enthusiastic greeting after bas nintiMnamg boone ran beat 

Friday. Saturday, Baltimore woo again when Lynn homered for three runs in the ninth. 











I 

; 


I 


A, 




1 


2 

2 

2 

2 

2 

3 

3 

3 

3 

4 


4 


« 

4* 

44 

4f 

41 

W 

5! 


I 




Page 20 


INTERNATIONAL HERALD TRIBUNE, MONDAY MAY 13, 1985 


Paul Mellon, Patron and Collector; 

A lifetime o! Underwriting Reveries 


By Paul Richard 

Washington Part Serriet 

W ASHINGTON —On a balmy day 
in June 1964, Paul Mellon, the phi- 
lanthropist; addressed the graduating 
class of the Foxcroft School in Middle- 
burg, Vir ginia. His subject was unusuaL 
He spoke of Pleasure. 

He protested “over-seriousness and 

over-conscientiousness” He praised qui- 
et meals, “dunes and waving dune- 
grass,” books, even romance — despite 
“the illusory convention that people as 
old as commencement speakers, or as 
young as schoolgirls, don't know about 
things like thaL ,f And then Mellon gave 

his youthful audience a clue to his careen 
“What this country needs is a good 5-ceni 
reverie." 

For more than half a century, Paul 
Mellon has persistently, effectively, ex- 
pensively, practiced what he preached. It 
has cost more than 5 cents. The Mellon 
famil y’s foundations alone have spent the 
best pan of SI billion, but the giving goes 
far beyond that. 

Last week, 47 years after he Gist be- 
came president of the National Galleiy 
of Art, MeD on, 77, announced that he 
was stepping down as chairman of the 
board. Tne museum on the Washington 
Mall, founded by his father, bears Paul 
Mellon's stamp. He guided the design of 
both its East and its West Buildings. He 
has given it grand pictures and large 
amounts of money. Behind its careful 
installations, its garden coarts and foun- 
tains, its kindness to the public, one can 
fed his taste. . 

And there is more If you have ever 
consulted the oracles of the “I Citing” (a 
book be paid to publish), or kibitzed at 
the chess tables in Washington's La- 
fayette Square (his foundation paid for 
the squares refurbishment), or wandered 
the dunes of the Cape Hatteras National 
Seashore (he helped to buy that land), or 
read Kenneth Clark’s “Toe Nude" (he 
published that as well) you are in Paul 
Mdlon's debt. 

Many of his gifts — for wildlife sanctu- 
aries in Massachusetts, archaeological 
digs in Athens, window boxes in New 
York — have been personal, eclectic. 

Nelson Rockefeller exhausted much of 
his vast fortune trying to become presi- 
dent. Tbe Hunt brothers exhausted much 
of theirs trying to comer the silver mar- 
ket. Mellon pursues other goals. He has 
all his life invested in quality and quiet. 
He has never labored to mak e his fortune 
grow. Instead he has helped give giant 
sums away. 


The figures are staggering: 
$199,812^50 was distributed between 
1930 and 1980 by his father’s foundation; 
for all those 50 years Paul was a trusted 

The museum stocked with British art that 

he gave to Yale in 1977, a gift worth 
perhaps $150 million. The $6 milli on he 
gave to die Virginia Museum in Rich- 
mond and the S35 million he spent on the 
East Budding, and the like sum from his 
sister, the late Ailsa Mellon Bruce (1901- 
1969). Sky Meadows, the 1,200-acrc (480- 
hectare) state park that Mellon gave Vir- 
ginia. His pictures: he has formed two 
superb collections, one French, the other 
'British. 

To Oxford, which has long owned half 
of John Locke's library, Mellon gave the 
other half. To Yale he has given all his 
books on alchemy and magic. These were 
private benefactions, as have been all his 
sills of art 

His family’s chief conduit for giving, 
tbe Andrew W. Mellon Foundation, was 
formed in 1969 by merging Alisa's foun- 
dation, the Avalon, and his, the Old Do- 
minion, with the bulk of her estate. Since 
1969, it has spent $369,426,947 on “edu- 
cation;” $152*243,579 on “cultural pro- 
jects;" $104,919,800 on “medicine and 
public health;" and $50,280300 on “con- 
servation and the environment" 

As of Dec. 31. 1984, the total amount 
appropriated by the A.W. Mellon Foun- 
dation and its predecessors had reached 
$858,063,003. 

Paul Mellon is at home at Oak Spring, 
bis country house near Upperville, Vir- 
ginia. He is dressed for country Living, 
shiny penny loafers, a shirt of light-blue 
cotton open at the throat 

He is a trim, attractive man. He writes 
poems for his friemte, and sometimes, on 
the spot produces little well-made draw- 
ings. He strikes those wbo encounter him 
as self-deprecating, mikl and impeccably 
polite. 

All of Mellon's houses — two in Up- 
perville, two in Washington, one each m 
New York, Antigua and Massachusetts, 
and even his t ransatlanti c Gulfstream jet 
— are tilled with pictures. Thoimh he has 
given 35 paintings by George Stubbs to 
Yale, he retains 15. More tnan 90 other 
pictures, including six Monets, two Gau- 
guins, two Cassatts, a Seurat, a Renoir, a 
van Gogh, a Cfezanne, already have been 
given to the National Gallery, but he has 
so much fine French an left, cme would 
hardly know they’re gone. 

Armed with money, good advice and 
the rights of first refusal from the best of 
the world’s dealers, Mellon has assem- 


bled what may well be the finest hoard of 
School of Pans paintings still in private 
hands. Degas is a favorite. 

On Nov. 16, 1983, 44 Mellon pictures 
were sold at Christie’s in New York for 
S I2_ 14 million. One Manet was knocked 
down for S3.96 mflUon, then a record for 
the artist. “We didn't like them," said 
Mellon, who credits “90 percent" of his 
interest in French pictures to the interests 
of his wifet ‘That doesn't mean they were 
bad pictures. But they weren't our type." 

Mellon has two children, Timothy, 42, 
who lives in Connecticut, and Catherine 
ML Conover, 47. of Washington, who was 

once married to Senator John W. Warner 
Jr„ a Virginia Republican. Neither of 
Mellon's children has shown much inter- 
est in museums or collecting. 

Almost aQ his ait, says Mellon, will 
eventually be distributed to Yale, to the 
Virginia Museum, or to the National 
Gallery of Art. 

Forbes magazine, which ranks Paul 
Mellon 38th among the wealthiest Amer- 
icans, says that ms “well hidden" net 
worth is “believed to exceed $600 mil- 
lion." 

His grandfather's people were North- 
ern Irish Presbyterians “of the common 
industrial class notable only for good 
habits and paying their debts," or so 
wrote Thomas Mellon (1813-1908), who 
was five when be came to America, to 
Poverty Point. Pennsylvania. It was 

1 st rlSS he began to buO^* the 
family fortune. His two sous, Richard B. 
and Andrew W., made it grow and grow. 

By 1923, Andrew Mellon was the Unit- 
ed States’ third largest taxpayer, ranking 
just behind J.D. Rockefeller and Henry 
Ford. He wore a thick chinchilla overcoat 
and what his son remembers as a thin 
“ice- water smile.” In 1931, in the depth 
of the Depression, his net worth was 
estimated at S200 million. 

Paul Mellon might have drifted toward 
philanthropy by following his father, but 
the path he followed wound through po- 
etry, romance, psychiatry and dreams. 

He met Mary Conover Brown (1904- 
1946) on a visit to Manhattan in 1933. 
She had been educated at Vassar and the 
Sor bonne. Even in old photographs one 
feels bo- beauty’s glow. They were mar- 
ried in 1935. They spent their honey- 
moon on a houseboat on the Nile. Thor 
wedding rings were fashioned in one of 
the souks of Cairo. She changed his life. 

In an effort to cure what she thought 
might be psychosomatic asthma, she en- 
tered Jungian analysis. Her husband 





Mellon; a life invested in quality and quiet 


joined her. Then in 1 937, the Mellons met 
Carl Jung. 

The Swiss psychologist and mystic had 
come to lecture in Manhattan. Paul was 
in the audience. Something eerie hap- 
pened. Jung was speaking on the Too 
symbol when Mellon, staggered, realized 
that he had just experienced that Yin- 
Yang symbol in a dream. 

John Walker, a childhood friend of 
Mefion’s, and a former National Galleiy 
director, has written that “perhaps as a 
result of Jung's analytical psychology 
[Mellon] became one of the best balanced 
and, as far as an outsider can know, one 
of the happiest of human beings.” 

Mellon does not make such claims for 
his years with Jung. “He was a wonderful 
person to talk to, and his theories about 
alchemy and so forth were very interest- 
ing intellectually. But I don't think I was 
affected very’ much, let’s say, psychologi- 
cally." 

Be that os it may. the Mellons' encoun- 
ter with Jung, the first of many, led to the 
establishment of the BoUingen Founda- 
tion, one of the more interesting chapters 
in 20th-century philanthropy. 


Before it was shut down in 1969, the 
BoUingen Foundation, named for Jung’s 
tower retreat on the Lake of Zurich, pub- 
lished 100 extraordinary books in 275 
well-made volumes. These included the 
“1 Ching,” Joseph Campbell's “The Hero 
with a Thousand Faces," Andre Mal- 
raux’s “Museum Without Walls," “Ibn 
Khaldun; The Muqaddimah,” D.T. Su- 
zukfs “Zen and Japanese Culture” Ken- 
neth Clark’s “The Nude," and V ladimir 
Nabokov’s translations from Pushkin. It 
also helped to pay for hundreds of other 
publications. 

Paul Mellon credits Mary Mellon — 
“the inspirational initiator, the founding 
nurturer” — with all of BoUingen's ac- 
complishments. He continued its activi- 
ties long after her death, following a heart 
attack, in 1946. 

BoUingen was in many ways a highly 
personal endeavor. Many of Paul Mel- 
lon's later philanthropies — Sky Mead- 
ows, the Yale Center for British Art. the 
Cape Hatteras National Seashore, the 
American Friends Service Committee — 
seem personal as wdL 


.1 




LANGUAGE 




j a'* 
(V I ' 


One for AH? All for One? 


Bv William Safi re 

N EW YORK — A slyly plain- 
tive letter has come to me from 
Robert Stein, editor of McCall’s 
magazine. It begins: “This is in the 
nature of an appeal to the Supreme 
Court of Current English Usage.” . 

I blush but press on: “As you can 
quickly see from the enclosed let- 
ten to Advertising Age, ad people 
are passionately debating the use of 
a singular rather than a plural verb 
in our new advatiang campaign." 

Attached are letters calling at- 
tention to the line of copy under 
pictures of such sophisticated 
knockouts as Carly Simon, Diane 
von Fursieuberg and Tina Turner, 
reading: “One of the drab homo- 
bodies who reads McCalls." 

Stein writes: “My understanding 
is that the nse of a singular verb is 
permissible in informal language, 
although the plural is correct in 

r. t ....« n U. Mil , !• 


formal usage.* He then puts it 


squarely up to me: “Would you 
care to render your judgment?" 

□ 


An amicus, or friend-of-the- 
court, brief has been submitted by 
Sue Warga of Hoboken, New Jer- 
sey: “Another copywriter lined by 
(hie proximity of the plural, alas. I 
based this judgment on what 1 
thought was the intended meaning 
of the advertisement, namely, •t»*** 1 
if the likes of Turner, von Fursten- 
berg and Simon read McCall’s 
magazine, then it's definitely cool 
for tire average woman to read it as 
«6L 

“But if you take the ad as is, what 
it now says is This is (me woman 
who reads McCall's magazine, out 
of all those boring housewives.* 
This would seem to separate the 
famous woman from the masses, 
and one would think that the whole 
point of this advertisement is to 
promote identification by the con- 
sumer with the rich, powerful and 
beautiful.” 

Warga submits a letter from the 
promotion director of McCall's, re- 


plying to her objection to the way 
McCall's 


fs construes the antecedent 
as singular “We are referring to 
the one and only Tina Turner (you 
may have noticed her name is not 
mentioned, but everyone knows 
who she is). The same applies to 
Carly Simon, Cher and Diane von 
Furstenberg. Each is a singular 
woman, not to be mistaken for any 
other. And it is to the singular ’one' 


we refer." That makes no g ram ma t, 
ical sense to Warga. • 

I am beginning to rhmk j am 
being neatly ropedintoagood pro- 
motion, but up here I cannot be 
influenced either by irate amid or 
learned public relations counsel. 

When tbe numeral One is fol-iF 
lowed by a prepositional phrase 
like of the drab homebodies, the 

E 'on is whether the relative 
— in this case, “who read- 
reads McCaiTs” — refers to the 
singular One or the (dural home- 
bodies as the antecedent. When the 
clause that follows is true of only 
the “one," then the clause’s verb is 
angular (only “one who reads")'; 
when the clause is true of more 
than one, tire verb must be plural 
(many “housewives who read"). 

Some of the spectators in the 
back of tire courtroom have fallen . 
asleep, so tbe bench win rephrase > 
the issue. Who are we talking about 
here? Are we talking about one rtf 
the boring housewives, namely 
Una Turner — or are we talking 
about the boring housewives, are 
of whom is Tina Turner? 

The publication’s defenders ar- 
gue that who refers to One, spedfi- 
cally the luscious, appealing and 
singular woman whose face graces 
tire page In this pro-McCall’s argu- 
ment, the prepositional phrases of 
the boring housewives and of the 
drab homebodies are modifiers of . 
One. Hence, tire subject is con- 7 * 
strued as singular and the verb, to 
agree, would be reads, not read. 

□ 

To test this argument, we may 
place that prepositional phrase at 
the beginning of the sentence. If it 
then said, “Of the drab home- 
bodies, one who reads McCall V 

the meaning im pliart is that, of |Q 
the drab homebodies in the world, 
the woman in the picture is the only 
one who reads McCall's. That can- 
not be the intent of the rirculatioa 
director. 

The Supreme Maven finds in this 


tl. 


-«H» 


for 1 


illlW- 

frot-Tt" 


case that, while proximity to the 
i trolling, the 


antecedent is not con 
relative clause refers to the many 
and not the One. One is not tbe true 
antecedent One of the typical 
mothers. One of the boring house- 
wives, One of the drab homebodies 
contain plural antecedents with 
which tbe relative clause that fol- 
lows must agree in number: house- 
wives who read. . 

Sew York Timer Service 


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dir 
dir 


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Un 

on 

to 

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El 


Am 

AM 


EA 

Ha 


Mill 


MO 

Otic 


She 

Urn 


ANNOUNCEMENTS 


DIVORCE IN 24 HOURS 


Mutual v contested actions, low art. 
Haiti or Domimasi Republic. Far tax- 
motion, send $375 far 24-page booklet 
/handing to Or. F. Gonzge s OQA, 
1835 A St N.W, Washington D.C 
20006, USA Teh 202-4524331 


WJCE FRENCH POLITICS = 

Done Geddet of “London Time*" 
How The frtndi View The Socidbb. 
Monday. May 13, 7s 45 pin, AC? 
Grand Salon, 31 An*. Bosquet FF75 
payable at door, Tet 555 91 73. 


DISCOVER THE ROMANCE of Parkin 
a Ewaiy tfrmnalic lecture on her hirto- 


ALCOHOLICS ANONYMOUS h 
Bjjjtafc^ri* (rirfri 634 »6i Rome 


HAVE A NKE DAYI BofceL Have a 
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MOVING 


INTERDEAN 


WHO RSE KX YOUR 
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FOR A FSB ESTIMATE CALL 


AMSTERDAM; 

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MUNICH LM5. 

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USA Aflfad Van Lime InHCsip 
(0101) 312-681-8100 


FOUR WINDS 
INTERNATIONAL 

WHY USE AGENTS? 


The Bart Service fan 0m 


Lergart Woddwida Mayor 

caiTpa 


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LONDON (01) 


036 63 11 
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DEMEXPORT 

PASS • LYON • MARSEILLE 
IH1E ■ MCE 

Irtl moving by speoafru From mcnr 
atm in France to el aha in the world. 
Toft free fr om Fr ance 16 |05) 24 10 82 
mSBTTMAm 


PERSONALS 


VETNAM MIA'S documented Hm re- 


aearchng personal stories. ^Anwry- 


mous or come back via Itro 

London 834 3972 or Box 40SW.IHT, 
63 Long Acre, Exxfan, WOE 9JH 


INTERNATIONAL CLASSIFIED 


REAL ESTATE 
FOR SALE 


FRENCH PROVINCES 


12 KM BlOtS. detightful country 
house, 1 .12 ha land, B room*. 2 both. 


garden, lots of trees, keepers 
JodgeTTet 763 34 ' 


! 93 Paris. 


GREAT BRITAIN 


LONDON KNIGHrSBRDGE. Long 
modern Uml L completely ret 
‘ 4 bedrooms, 2 bathroom. 


lease, mod 
furb3wd,< 


krge reception, kitchen, doak room, 
gmo-mepas 


g ttqana mods room end bon room. 
Bklm 1389 95 71 


MONACO 


Prindpofity Of Monaco 

For aH commercial propertie s 
and investments, please contact: 

AGHM 

TArtoria" 26 bis Bd Princes* 
Charlotte. Manta Grota, MC 98000 
Monaco. Tet (9330 66 00 (ed.151] 
U* 47941 7 MC 


PARIS & SUBURBS 


PARIS MEDIEVAL 

Near Town Hri in historical home. 

maeRfd, entirely redecorated, 

2 level 6-roam upmtineie, 2 bams, 
overtook ng dasler garden, fireplace, 
vail & embng beams. 1st dais value 
AMERICAN ADVISORY SKVICE 
50 Avenue Fodi. 75116 Poris 
Tab 500 61 SO. 


SUMPTUOUS MANSION in o very 

residential ma. 7 mfa West of Para 
& 25 mins from Chomps Bylees, 1380 


kjjtl aoiated in an n t cnptioncfly 

“740 kuil wilfi 


beautiful private park 9740 sqm. 
a possibiby of a further exte n aon. 
oflUESCO: 5660 rue de Para. 
92100 Boulogne France). 604 64 28 


VERY LUXURIOUS, NEVER LIVED M 
7th Boor. 34 iqjr. bvmg + 2 bedrooms 
+ 110 nrrooe^R.lOOmO. 


622 02 


359 68 04 east 22 







18 c Gcti, Sted and 18 d Gold, 5le9i; water rebfant 30 m, Quartz. 
For knbraotian write EBfi. SA, 2300 la Chcsux-rie-Ftancfe/SvvitestrlcaTd. 


REAL ESTATE 
FOR SALE 


PARIS & SUBURBS 


PAJUS 6TH. St. German {near). Owner 
srsfls in renovtfed birikfing, smdl pied- 
a-terre with character, 3 rooms, 
equpped kitchen, bath, sepaote wc 


Po s sibil it y far private profession. Box 
Tribune “ 


2174, Herdd Tribune. 92521 Neufly 
Cedes. Frame 


AGENCE DE L’ETORE 

REAL ESTATE AGENT 

764 03 17 


AVE MONTAIGNE 

300 sqm, Hflh doss, tel: 624 93 33 


1ST BANK. Unembour\F Tawrfause 
210 sqm, 7 bedroom, privOe nj- 
den. Perfect condtkxv Paris 504 86 20 


SPAIN 


IBIZA OID TOWN 

ovaed rh oro der _ 

Melis pine floan'and t 

bathrooms, main hone, 

Kudo. Sun terraces - hi 

1155375,000. private sale, ptaiopeph 



& partiaikn an regrest, vieveng any- 
■ 1 1 351 3164 office hours. 


line. London I 


SWITZERLAND 


VILLARS 

WINTER & SUMMER 
PARADISE, 20 MINUTES 
FROM LAKE GENEVA 


Apartment*, ranging from audios 
to « rooms. A«mw 


For Safa To 


Foreiqnen. FratoJic yew, hgh qiwfi- 
ty, selected residential areas, frian 
from SF195.000 to SF635.000. Mart. 


. I to SFKIMQO. 
_avatabiB at only 65X u 


gages avataHe 
Fa infer mc*iof!: 

GLOBE HAN &A. 

Av, Mm-Repas 24 
CH-1005 LAUSANNE, Switetei 
Teh {211 22 35 12 Tlx Sl85 MEUS CH 
J ' Since 1970 


LAKE GENEVA/ LUGANO 


In these e a cegtionol regions, inducting 
Mortem, ware, Gdoad-Vcdey & 


many other famous mwton resort^ 


we have a very be choice of rroanift- 
'ARTMa^TSAOUAS/CHAJira. 


cent AP, 

Very retoondiy priced but oho the 
bast & most ewfusne. Price From obout 
USWtWWO. Mortgages ot 6Vflfe mtmsl. 
Heme wot or phone 

H. SGBOLD S.A. 


Tow Grw 6. 04-1007 Lausanne. 

26 Tl. Th 24298 SEBO CH 


Tel 21/25 : 


REAL ESTATE 
TO RENT/SHARE 


FRENCH PROVINCES 


BAPDOL VAR: beautfof shido with 
sperated bedroom, large terrace, 
view. July 1st- 16th. August 15th thru 
31a. Tefc 329 65 68 Pars 


GREAT BRITAIN 


LONDON. CHELSEA. Attracim srf- 

cortaned hirndiad flat, 1 double 


bedroom, tilting room,' kitchen & 
immft 


bathroom, modserytee. Lock-up gp . 
i age. Sin months mstimum emunr 
let. El 75 pa wer*. Tel: 01.352 Sl5 


KA7HBN1 GRAHAM LTD. Speacfids in 
" residential property rert- 


LONDON. Far the best Furnished Rats 

tmd houses. Comull the Spesfafe: 
Fh3Em, Kay and Lews. Tet London 
352 8111. Trim 27846 RESIDE G, 


AN5COMBE A RMGLANO with of 
frees in St Johns Wood & Kensington 
otter the bed service in reademid 
fatting. Tel: 722 7101 (OIL UK. 


MONACO 


MONTE CARLO. LUXURIOUS fatly 
-oana- 


frjnwhed top floor OKitrafiyciH 


boned aparknetr, 110 sqm. large 
unirterrupt. 


terrace overlooking sea, ... 

ed French/ Itcion sea mot ponoro- 
ma. FuUy equpped, al mkvkb ndud- 
24 hour concier g e, laundry, 
minfl pool, garage 
& shops 3 rrmutes. 



PARIS AREA FURNISHED 


16th SUCHET. Began kxg» double 
bvwifl. 2 bedrooms, w*H hirTBshedjbig 
botany, sun, quw. n 1,000; 720 3799 


REAL ESTATE 
TO RENT/SHARE 


PARIS AREA FURNISHED 


Service 


B Am de roe selne 
75008 Pen 


YOUR REAL ESTATE 


AGBIT IN PARIS 

PHONE 562 78 99 


VIEW EXCEPTIONAL 
ON SEINE &TROCADSO 


Su mp t u ous Decorated Apartment 
Never Kved bl 

3 rec e p ti ons. 4 bedrooms, 3 baths, 
parking + maid's room. F25.000. 


EMBASSY 


563 68 38 


EMBASSY SERVICE 

offers 

very beautiful studios. 


FOCH - F4900 
MONTMAKnS - F4000 
ETOflE- F3500 
Tel: 563 68 38 


AT HOME M PARS 

PARIS PROMO 

APARTMENTS FOR RENT OR SALE 

SjSTp S f* 563 25 60 


LARGE APARTMBTO 


PLVENDOME, AV FOCH. BMVAL87ES 

ABPBVSKS CONCORDE 
Tel: (1) 245 11 99. 


REAL ESTATE 

TO RENT/SHARE 

PARIS AREA FURNISHED 

74 CHAMPS-&YSEE5 8th 

Stwfio, 2 or 34aora opartinent. 

One month or more. 

If CLARtDGE 359 67 97. 

NEAR BE ST. LOUS, 160 sqjn. on 
pound-floor. Double reception, ctin- 
ng. 3 bedrooms. 2 baths, fuly 
equipped kitchen. Very mce farnture. 
Maids roam. Parking. FI3JOO net. 
563256a 

SHORT SB4TAL 1 N PARIS: rtudas 
and 2 rooms, beoutifuly decorate!. 
Contact Sofougie. 6 ove DeJaase. 
75008 Pans TritflJ 359 99 50 

PB4THOUSE AVE MONTAtGFE. 
near Oiaraps Bysea. 120 sqm + 

dm furniture. 723 43 28. 

16th JASMIN. 5tunmng duplex, large 
fining with 8m high Cskngt, 2 bed- 
rooms + study, modern kitchen, 
bath, fight & quiet. 19000: 720 37 99 

SHARED ACCOMMODATION, Effel 
Tcmer, m beautiful 150 sqj&, fur- 
nnhed roam even short term. 3067879 

CHAMPS B.YSSS, Beautiful 2 rooms. 

1 Short term, minimum 3 months. Tefc 
504 02 91 

1ST LOUVRE, beautiful artist faff, 100 
!q.m. June/July/Aug. Ready to lire xl 
F 7500/ month. 260 01 60. 

PORTE MAILLOT. Beautiful modern 
stuefio, dear and cakn. BTOhroom, 
kitchen, F4000. Tel 7D4 87 91 

PORTE MABIOT. far dr faminaL 
June only. 4-raom apartment, cakn. 
greenery. F7600; 574 1 736, 4 pjn. 

SHCST TERM in Latin Quarter. 
No agents Tefc 329 38 81 


7TH. 2 rooms, redone. July to Sept.. 
F3500/manth. CWTd: ZWAQiS! 


REAL ESTATE 
TO RENT/SHARE 


PARIS AREA FURNISHED 


hgh doss, short or k 
knrno bttl 387 53 01 


, JULY, SEPTEMBER. 16th ivirw 

£ 


I betfrooms, PWOa (1) 651 663T 


TeL- Paris 500 35 00 


PARIS AREA UNFURNISHED 


GEORGE V. 


REAL ESTATE 
WANTED/EXCHANGE 


LUXURIOUS 273 ROOM apartment 
+ I fine studio waned imniednMy. 
both furnished & far I month. Tet 224 
77 72 or 577 48 77 


EMPLOYMENT 


GENERAL POSITIONS 
AVAILABLE 


DOCTORS (MJX.) WANTED to pro- 
vide oonsaloUon f 


, & endorsement ser- 

vice far US oomielKS company. Uber- 
d remwwarion far I day / month. 
Contact: & Buxton & M. Bremer, Zo- 


Tefc 


54 


+ charges. 


16th AUTEUDL 

n reeephorn, 2 bedrooms, 
F7300. Teb 563 68 38 


ST aoua FOR BSNT near Americas 


Afanwiy 72273 


58 


with fagh 

roams, «. 

very wmy. F 12 JOO: 720 37 99 . 


a 


rooms, nqiMud luti Jem . itice both, 
ntw.Fl2J) 


POris & suburbs. Bents/soles 551 09 45 


REAL ESTATE 


LOOUNG FOR 4 BEDROOM HOUSE 


t go-den to rent in Rued Makms- 
. St Gerroar 


German, Vesnet an far OofF 
with intemationd corporation. Phone 
Pan 501 54 12 ext 363. 


Paris May 16-20 - George V. 


LE CH1AR da FGNITRHJ is loaisng 
for an efegatf famah, PUbfc Rnjo- 
tans, la launch its eftemoon win* bar. 
French language & work permit nec- 
essory. Pans: 359 2528 after 12 


GENERAL 

POSITJONS WANTED 


TWO PROFESSIONAL INDIANS -car 
atones block - bprer/honer, ltdy 


iik vIc ’Berra mocJene dull gnnder, 
t, an other 


Denmark ‘Sehou’ modiine. 


automoUe works dsa sank mitoUe 
ntm N. 


potidotL Please writer 
Thualh Wv C/o Muith, PO Bax 
ohovQudor 


4374, Pohq, I 


EXPSHENOD DRIVER. Scanty man 
seeks pasitian wdh Embassy or oom- 

Maonc ado Dl ID 


YOUNG GOMAN fashion model, 
highly educa t e d , looks fa r on i nterest- 
mg position. London 24541080. 


SECRETARIES AVAILABLE 


GR - THE CREME DE LA CREML Ths 


International Business Message Center 


ATTENTION EXECUTIVES 

PnUbh your hutinem m mn oao 
m 0m AiftuiiuAunaf HoraU ln- 
bmra, whmoamrothanaBihd 
rfe ixdBon readers urarid- 
wtidq mart of wham arm m 
fa*rt and iadurtry. wrt 
neprfill Jurt Mur as (R an 


613595JJmtom IOomC , on- 


a*mg Ha* w» can tela* ye* 

naefa mid your nieeeqge writ 
afmaar rrimin OS hoars. The 
rate fa US. $9.80 or had 
m pd vc d e n i par Ena. You mart 


BUSINESS 

OPPORTUNrnES 


THIS WEEK 
MAY 20fh 


BUSINESS WHK 
INTERNATIONAL 

• Murdoch’s Big Move 

• Britain: Are Raiden 
Crossing The AHaniic? 

Intemationd Outlook; 
Raising The Ante in 
Afghanistan. 

NOW ON SALE 

AT AU. INTERNATIONAL 

NEWSSTANDS. 


PANAMA UB80A. CGWORATONS 
from US$400 avdkifafa mm. Tel 
, 1*0. Telex: 628352 SAND 
(yfauiq. 


X35TA DH. SOL We seek pa tri ae 
far joint venture in the McrbeSa area 
Please wnH so Segarra. Ricorda Sor- 
■aio, 60 Marteflo. Malaga 


BUSINESS 

OPPORTUNITIES 


OFFSHORE & UK 
LTD CO MPANIES 

Inaorporwion av nvnogernont it LK. 
ble d Man. Twtn An^i itfa, Cha nnJ 
Parana. Ubtiria, Gfaraftor and 
her affinore amov. 


Uandi, 
most other 

■ Confidential adviaa 

• Immadcm ovofloUSty 

• Nonmee serwoa 

• Bearer risotm 
4t Boat lag^nAon 

X txlmnsrronan 
& telex 
baofc fal from: 

_ _ (IE 
.. LTD 

Head Office 
Mt Pleasant, Dauglat, Un of Mon 
Tel: Doudoi (0624) 23718 
Telex 60554 SBKT G 
London Baxasertive 
7-5 OW Bond St., London W1 
Td 01-493 4244, Tlx 28247 SCSLDN G 


OFFSHORE COMPANIES 
BANKS 

INSURANCE COMPANIES 


Matting - Tele phone - Telex 
Fu9 M cntorid sentiem 
fate of Man, Jersey. Guemesy, 
Gibraltar, Ponoma LSwria, 

Luxemboum, Arfaw, UK. 
Ready made or nod. 
Free wpfangiocy booklet. 
Boar rejptratiam 
Loncbn representative 


Aston Company Formations 
«n, 8 Victoria 


.... Victoria Sl. 
b of Mai. Tafc i 
Telex 627691 SUVA G 


CCM. LTD 


Companies formed U_K_ & worldwide 
inducting ble of Mai, Turks & Gecm. 
Angola. Panama and Liberia 


Far further irformafien, pfaase contact 
ui ah - 5 Upper Chut eh 5t., Dwgfas, ble 
of Man. mo Great Britan, tet Douqks 
(0624) 23733, 4 k 627900 CCM IOMG. 


SWISS TRADING CO. and nWoc- 
(unrig fyoup with wide oenvuy seels 
trotting partners worldwide, rropos- 
ok ■' ■jnqwne'. welcome Eventual 
enhji« postUe Please c.-wao- 
». 423J70 SwitMr land 


r- 


BUSINESS 

OPPORTUNITIES 


LOOKMG FOR HOU3BG OF CD 
aid/or CD auto «n ITL 


pas s c u rtt aid/or CD auto hw. fa 
AG. Fmigarage 155. CHSTOZuKh. 


COMMBROM. AGBCTM^uni, trav- 


els ewery 2 months to New toHl Your 
contact ei Europe, telex 11419 8. 


BUSINESS SERVICES 


MT 

BEAUTIFUL PEOPLE 

UT4UMHH} INC 
USA. A WORLDWIDE 


A complete nod & business xrvke 
e ra”; action of 
.. & muiliingud 

for all occasions. 
212-765-7793 
212-765-7794 
330 W. 56th SL, HYr. 10019 
Service Ri 
Needed 


OFFSHORE SERVICES 


UK. non resident companies with 
nominee rtirectors, bearer dnes aid 
cxxTfidenhd bonk occounfs. Fufl boci^up 
& support servias. Panama & Liberian 
CGfflporxes. First rote catidenlri 
prafesBonal services. 
JJ.CJL. 17 Wriegate St, London 
E17M>. Tet 01 3771474. Tit 893911 G 


SETTING UP OF tu m mu i ud - aid 
holding companies, doridkation 
ogreenmts, Inmd guidcra, re- 
imoiang serwee, al secramriaf tu- 
rns (Wex, phone, ran your confer- 
ence room), fane coroad: Liuoorp 
SA, FOB 2435, 11 024 Lamboura 
Tet 495643. Tlx 22S1UJXCO LU. 


COURK SERVICE Privt* & confi- 
dential from Sai Diego. CA la Eo- 


mge^POTond dativeiy by private 


Send musts to attention 

of Mr. Albert Monro, 1906 Eqyirand 
Lane, Oceantida, CA 92Q54 USA 619- 
439-4885 


FOB4CH HIGH FA5HON MODB, 27 
years old, twwy of arf groduae, 
well trav el l e d, avalable for social, 
business & private shad farm asspv- 
ments. London barad. 3 pm - 10 pm. 

Tet 01 225 0368 


TAX SERVICES 


US INCOME TAX letors and cucfits 
b» professronab Paris 563 91 23 


FINANCIAL 

INVESTMESTS 


AramtAGE. OOUAIBAL far arbi- 
nage trasadiora. provided. Sopid. 


faro. London 
.9S92/D1 385 


based. Tet 01 244 

5492/01 930 8926 Tetex 3951622 
TAKCOG. 


EA»I 30% - 35%. MVET in short 
term commerdgf. paper nates. AEed 


term commerce paper notes, mad 
bd, PO Bo» 422, fctftBosfcxg, Vir- 
fjria 22801. LLSA 


DIAMONDS 


DIAMONDS 

Vo *k bed buy. 

fine danonds in any prkx range 
at lowed whofasofa prices 
'feed from Antwerp 
center of the demand world 
FuS guaontee. 

For free price tist write 


Estabtijhed 1928 


Mfaa on Sfr o TO 62. B-2018 Antwerp 
i P2 3) 234 07 51 


fle ktium - Tet , . _ _ 

Tbu 71/79 syi b. M tiie Damd Oub. 


Heart of Antwerp Diamond industry 


Shopping in Europe? Visit 

DIAMONDLAND 

Hie Import showroom fa 
Antwerp, Diamond Cty 

Appetmonsfr 33A Tet 323/2343612. 


OFFICE SERVICES 


PARIS 

■CHAMPS RYSS5 


R04T 

YOUR OFFICE 


wtti al fadHNes 


YOUR OffiC N PARR RIGHT ON 

THE CHAMPS EYSES 

LUXURY SERVICES OfflCES 
Telephone answering. Telex, Fob 
secretarial, meeting room 
ACTE. 66 Champs Bysees Pans 
Tet- 562 66 00 TL,. M9I57F 


EMPLOYMENT 


EDUCATIONAL 
POSmONS AVAILABLE 


EXPB9BNCB} TBL - HI TEACHER, 
required far loom teach in g in fan 
area. IRA or aquwafant ooti) 

Write with CV fa Bax 2164, 

Tribune, 92521 NewUy Cedex. 
Ran. 


DOMESTIC 
POSITIONS WANTED 


ALWAYS AVAILABLE - AU PABtL 
' n&ai 


dikfren i nanny, mum's helpers 
branche s of 1st dass faro-in domestic 
help rrorkhude. GbH Some Bureau, 


London 730 812 2/5142 04 hoiert 
^■:893)6AELOAhE 


CfAtfAGY.TbcI 


ALWAYS AVATUURE LONDON only 
bdbymnden & 1st dan dtxly maids. 
Sfaane Bixeou, London 730 8122 
5142. Licenced employment ggenty 


EATON BUSAU NANNIES - A ol 


p ro faMiu nd domertia ovogobfa now. 
London 730 r * 


>7309566 136 Skxme St. 5W1 

Ltaiced UK 6 np fayment Agency. 


B4GUSH NANNES & Mother's Hdm 
■free now. Nodi Age ncy, 5 3 Owratl 
I flood. Hove; U1C Teh PP31 29044/51 


AIRFREIGHT 


UMOOIN CONIRCNTAL 1983. futiy 

1 mfles. New York 
Cdl Paris 758 49 00 


haded. 2X000 rates. New York 
pktie*. SiajoPOT 1 


AUTO RENTALS 


CHAHC RENT A CAR. PTOstige cars 

«dh phone; Boh Sprit, Macedes, 
Jaguar. BMW, Rmouanes, sed oars. 
46 r Pierre Chor ron. 750 06 Pmro. Tefc 

720J0A1 Telex 630797 FCHAFLOC 


AUTO SHIPPING 


HOW TO IMPORT A EUROPEAN 
CAR INTO THE U5A 
This document exptaa fafly who! one 
nur do to brim a car into the US. 
y and legcJy. It mdudes new & 

lam clearance & shppfag procer _ 
as vvefl as legd points. Becauu of the 
a dolm, you can save up to 
. IBflOO when bupng a Merc e d es , or 
BMW m Europe & xnporfiag it to the 
States. To recem tin mamsaL send 
USS1 650 (odd LSS1 50 for postage) tai 
Pfe Schmidt. Poitfadi313l 
7000 SMtgari 1, Wert Germany 


'.H. 


HtANKRJRT/MAIN-W. 

herman n GmbH Tefc 

Whip uB over Europe "ro/raships. 


1RANSCAR 20 roe Le Sueur, 75116 
Paris. Tefc 500 03 04. htira: 95 31 
Antvwjfc 233 99 85. Com 39 43 44 


AUTO CONVERSION 


EMISSION 

ENGINEERING 


MODBKAHON GF NEW MODa 
CMS W GOOD UM'flNG 
CONDmON. MOST: 

MERCEDES 


BMW 
PORSCHE 
JAGUAR 
FERRARI 308 
TESTA ROSSA 


H000 

H000 

H00O 

H500 

$5,500 

$6,000 


ONE OFJHE LARGEST CSffHtS 

AU. WORK COMPLHBJ AT OUK 

fiW BT QU AiJTT COMPONB4T5 
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V. 


Page 17 
FOR MORE 
CLASSIFIEDS 


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\ Ffc?, 




VAN CLEEF & ARPELS 


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V :r n.,- 






*-’•1 


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