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ZURICH, MONDAY, MAY 20, 1985 


ESTABLISHED 1887 


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Qadhaii 


Pays Visit 
To Sudan 


Depose Regimes 
Like Nimeiri’s, 
He Urges Arabs 


. The Associated Press 

KHARTOUM, Sudan — Lib- 
ya's leader, Cokmd Moamer Qa- 
dhafi, in a brief visit to Khartoum, 
has called on other Arab armies to 
follow Sudan's example and over- 
throw “reactionary regimes-” 

Colonel Qadhafi spent four 
hours in the Sudanese capital on 
Saturday. The visit was the stron- 
gest indication yet of a rapproche- 
ment between the north African 
neighbors, which began shortly af- 
ter Gaafar Nimriad was deposed as 
Sudan's president on April 6. 

The Libyan leader had tong 
sought to overthrow General Ni- 


meiri, who was a key UiL ally in 
1 Sue 


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Colonel Moamer Qadhafi of Libya was greeted in Khar- 
toum by General Abdul Rahman Swareddahab of Sudan. 


Sweden’s Ruling Parly 
Straggles as Vote Nears 


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STOCKHOLM —For Sweden's 
governing Social Democrats, Ust 
wed: was about as bad a week as 
any political party can stand with 
only four mouths to go before a 
national ejection. 

. A pay dispute with the largest 
wiritocaOar cxv3 service 'union be- 
came df«dVM%fd, fencing the gov- 
ernment to lock but more, man 
50,000 union membos, mchiding 
thnmaods of teachers. Many state- 
run sendees, inCtodigg afl. of Swe- 
^den’s airports, l»ve been indefi- 
yuitely diHt dow^ • ... • • ' 

Oa top ofthal, Swedish consmn- 
ers havejiati so muA money, a lot 
of it - an oretft. and have been 
spending H so. fxedy on imports , 
that the government rased interest 
rates shiply to halt a rapid deteri- 
oration of the balance of payments. 

More and mote Swedes are skep- 
ttod about she Social DemOcrats’- 
explanarioos for these and other • 
problems. 


1 Sweden remains a bedrock of 
Western socialism, but it has been 
affected by the political and eco- 
nomic conservatism that has inQn- 
enced mnch of the rest of 
Those who argue that the 
state must be trimmed back have 


Africa. Libya and Sudan restored 
relations last month after a four- 
year break. 

Colonel Qadbaffs visit was die 

taries of the^jya and Sudan since 
the coup. The colonel also was the 
first foreign leader to visit Sudan 
since General Nimeiri was over- 
thrown. 

After his visit. Colonel Qadhafi 
flew on to Jeddah,- where he had 
talks with King Fahd of Saudi Ara- 
bia, before leaving Sunday. 

The welcoming delegation for 
Colonel Qadhafi at Khartoum Air- 
port was headed by General Abdnl 
Rahman Swareddahab, who led the 
coup and now is chairman of (be 



ThatantM fttK 


Wildfires Spread in South Florida 

Ihrishfires spread around power-Hne pylons in the Everglades, causing power failures in southern 
Florida. Fires, described as the worst in Florida’s history, burned more than 100,000 acres 
throughout the state over the weekend and left three persons dead A state of emergency has been 
declared in some areas. Officials said that more than a hundred homes have been destroyed. 


Christian Militia 


To Pull Out of 
South Lebanon 


By Nora Boustany 

Washington Post Service 

BEIRUT — The new leader of 
Lebanon's main Christian militia 
has said that his forces will leave 
Jezzme. the last Christian enclave 
in southern Lebanon. At the re- 
quest of Syria, be also ordered the 
dosing of a Lebanese Christian li- 
aison office in Israel 

The announcement Saturday 
represented a sharp reversal in the 
policy of the Christian militia and 
its leadership, in the view of ob- 
servers. and a dear recognition an 
their pan that Syria is replacing 
Israel as the dominant military 
power in Lebanon. 

Hie Hobdka, bead of the Leba- 
nese Forces and leader of a group 
of dissident Christian command- 
ers. said he would wdcome deploy- 
ment of Lebanese Army soldiers In 
Jezzine. 

More than 60.000 Christian refu- 
gees have gathered there since late 
April, when Druze militiamen and 
their Moslem allies drove them 
from their homes in a push through 
the foothills of the Chuf moun- 
tains. 


The withdrawal of Lebanese 
Forces militiamen and the Israeli- 
sponsored South Lebanon Army 
from Jezzine would permit deploy- 
ment there of regular Lebanese 
Army troops. Syria has reportedly 
demanded this before it will inter- 


Islnmic Jihad reportedly has re- 
jected a Kuwaiti offer to fret- 17 
prisoners. Page 2. 


Yugoslav Leader Struggles to Deal With Economy 


vene militarily to help end sectari- 
an lighting that has killed more 
than 100 people since April 2$. 

Mr. Hobcika gave no timetable 
for the withdrawal and there was 
no indication when or if the South 
Lebanon Army would pull out its 
troops. 

Shelling between the Lebanese 
Forces, fighting alongside the 
South Lebanon Army, and a string 
of Shiite Moslem villages near Jez- 
zine had caused an exodus of resi- 
dents and prompted Nabih Bern, 
leader of the Shiite Moslem Amal 
militia, to threaten to bombard 
Christian villages. 

Mr. Hobcika replaced Samir 
Geagea as head of the Lebanese 
Forces on May 9, a month after Mr. 
Geagea, accusing the Lebanese 
government oT bang too closely 
allied to Syria, revolted against 


ruling Transitional Military Coun- 
dLTbe; 


NEWS ANALYSIS 


gained support, and the Social 
Democrats and their Communist 
partners in government are dearly 
on the defensive. 

The biggest gainer, especially 
among young voters, has been the 
Modern te Paky, the most conser- 
vative of the non-SodaGst parties. 
Much of its appeal is based on a. 
pledge to lower taxes, which are the 
highest in-the industrial world. 

But the promise by Moderate 
leaders to open up some govern- 
ment services, such as day care and 
medical care, to private coppeti- 
tion also has wide appeal among 
Swedes, who increasingly resent 
(Continued on Page 2, CoL 1) 


and Sudanese lead- 
ers'bdd talks in an airport lounge. 

Colonel Qadhafi said he had 
come to congratulate the Sudanese 
people and army “for the popular 
revolution that ended General Ni- 
mem*s reactionary regime.” 

He said that the Sudanese miH- 
taxy had “given the example of how 
ar mies can fake the side of the 


By David Binder 

yew York Times Service 

BELGRADE — Two weeks be- 
fore a visit to the United States, 
Prime Minister Milka Planinc : 
a faltering economy has brou 
Yugoslavia “to the point of a r 


masses. 


*T also call on the armies in the 


tolerate. 

“The most serious problem," 
Mrs. Planinc. 60, said in an inter- 
view Friday, “is that we have not 
been able to Increase productivity 
as much as is needed, or to increase 
the standard of living.” 

The annual inflation rate was 
nearly SO percent for the fust four 
months of the year; theunemplay- 


lems. but h takes more than one." 

Mrs. Ranine has been prime 
minister since May 1982 and has 
one more year to go under the Yu- 
goslav system of rotation- A recent 
opinion poll by the weekly N1N 
cast her as the most popular polhi- 
cal personality in toe country. otber * 


visit to the United States this individuals, can do when they ex- 
month. perience a unity of stance and of 

“Cooperation with the United courage. 


President Amin GemayeL The ap- 
wno 


States is a strategic option of ours," 
she said. “We were allies, dose al- 
lies, in World War II. Our two 
peoples have sympathies for each 


leyear; . _ 

meat rate of 15percentof the won: 


Asked about this, she replied: 

“1 am not the type that welcomes 
a superficial and comforting sense 
of popularity. I experience this 
more as a burden or responsibility. 
It is a result more of a belief that a 
single man or woman can do more 
ihan they can really accomplish.” 

.* She has been described as srane- 
one hardheaded enough to resist 
the temptation to go on borrowing. 


Arab wodd to join, die trasses and force is said tobe Europe's highest;, for austerity measures 

oust reactio n ary regimes, - ” he said: exports are s tagnatin g. - ■ while aSlowing the laws of the mar- 

ketplace to penetrate the economy 


Although die two sides have 
signed economic and cultural 
agreements, there has been no indi- 
cation of financial aid from Libya 
to the strapped Sudanese economy. 
Libya, however, has said that it wul 
stop supplying arms to noo-Mos- 
lem rebels in southern Sudan in an 
attempt to stop a civil war that is 

(Continued on Page 2, CoL 3) 


“But we 'cannot allow oursdves _ 
to grow weary and give up, or re- more deeply. Her pr omin ence in a 
turn to uneconomic policies,” ‘she country where other leaders since 
said. the death of President Tito five 

As for her own role in overseeing years ago have seemed colorless hi* 
the economy, she said: “People made her mto a scapegoai as much 
need! a determined and cduragpous 35 30 object ot approval, 
person, add I am determined and Mis. Planinc said she would be 
courageous. People believe one conferring with government lead- 
such person can solve the prob- ers and with bankers during her 


“I would like to see i 
she said of her fiist visit to 
United States, “but prime ministera 
never get the opportunity to see 
much, the opportunity to walk 
down the streets and see the sights. 
1 will have to wait until I cease 
; prime minister.” 

1 about her memories of her 
service in the partisans daring the 
war. she replied: 

“My youth was spent at a time 
that assured me a hie with a tot of 
substahoe. Those were dangerous 
times. I vividly recall very hard, 
very dramatic moments that left 
deep scare. Not only for me but for 
Yugoslavs as a people. Fortunately 
it is inborn that people bold on to 
memories that are nice, that are 
pleasant, rather than the atrocities 
they underwent What left the 
deepest imprint was the feeling of 
what people, as a group and as 


“Those were circumstances in 
which people can exceed them- 
selves.” she said. “And that affects 
my work today because it is pre- 
cisely what I need today — the 
firmness of stance, courage and a 
feeling of unity with my asso- 
ciates.” 


Turning to Yugoslavia's rela- 
tions with its neighbors, she said 
the country had benefited from Tr- 
io’s foresight to seeking good rela- 
tions with countries of different 
systems. 

She said, however, that problems 
remained with Bulgaria over the 
Macedonian issue. Belgrade con- 
siders the Macedonians, who live in 
southern Yugoslavia, a separate 
Slavic ethnic group and has consti- 
tuted (hem as one of the federal 
republics that make up Yugoslavia. 
Bulgaria has had a historical claim 
on Macedonia on ethnic grounds 
and temporarily occupied Yugo- 
slav Macedonia in Worid War 0, 
when Bulgaria sided with the Axis 
against Yugoslavia. 




. V-.I33S 

... . 



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ByjQyde H. Farnsworth 

York Times Serrice 

. ‘ 'WASHINGTON The' United 

,-jStaies’and timSoyiet Union are to 
^ ” w K*y tfopen trade talks Monday at the 
. '■JJt- highest levd since relations turned 


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sour after the Russians intervened 
in Afghanistan in 1979. . 

Secret of Commerce Malcolm 

Baldrfge and the Soviet foreign 
trade minister, Nikolai S. PatoB- 
chev, will meet for two days in 
Moscow to try to iron oat some of 
the -martyr difficulties and discuss 
the kinds of trade that might be 
expanded. 

Prospects for breakthroughs are 
clouded, however, by policy strag- 
gles m the Reagan administration 
and by Soviet unpredictability. 
President Ronald Reagan, chiefly 
at the urging of Secretory of Slate 
George P- Shultz, agreed to let Mr. 
[BaWnge tiy to strengthen trade 
links. Defense Secretary Caspar W. 
Weinberger strongly opposed the 
trip. 

Mr. Weinberger fears the Rus- 
sians will buy VS. technology and 
adapt it for uses such as more accu- 
rate missiles or better anti-subma- 
rine sensors. He contends U.S. 


Nobd Peace Prize winner and dis- 
sident physicist, to go abroad for 
medical treatment 

Nevertheless, Mr. Baldrige, sup- 
ported by Mr. Shultz and much of 
the UR. business community, be- 
lieves ncmstrategic trade can be ex- 
panded. Earlier this year, the Unit- 
ed States lifted restrictions on the 
sale of personal compntas, whale 
strengthening controls over more 
sophisticated equipment and soft- 
ware. 

A principal Soviet demand, ac- 
cording to,semorUR.tradepffi- 
dals,Ts for a guarantee against fur- 
ther embargoes (hat would break 
existing contracts. After eariSorem- 



wr* 


to spend even more to stay ahead. 

Mr. Weinberger also wanted to 
caned the Baldrige tiro to protest 
thedeatoofMtgor Arthur D.Nidb 
olsoti Jr, a member of zhe Ameri- 
can Hawnn unit who was shot by a 
Soviet soldier in East Germany in 
, March, He also opposes commit- 
jVj) meats that might let the Russians 
buy advanced ml exploration and 
driningeqmpment to boost lagging 
production. 

The ad mi n i s t ration's ability to 
move on trade is hobbled by con- 


signment 
refusing to let Americans bid for 
Soviet contracts or stage seminars 
and trade prcanotioiis in Moscow. 

Fancying trade sanctions im- 
posed topiolest the imprisonment 
of Mr. Sndbaiansky, the interven- 
tion in Afghanistan, and martial 
law in Poland, Soviet-American 
trade frit to &3 billion last year 
from $3.6 billion in 1979. UR. ex- 
ports,, manly gram; far exceed im- 
ports. The principal Soviet export 
to the United Slates is Kgfal fuel 
oils. : 



PAPAL MASK — Pope John Paul II peeked from behind a mask presented to ham on 
his Belgian tour. On Sunday, be assailed racism, totalitarian regimes and profit- 
dominated 'economic systems, and said that the Roman CaflwBc Church’s teachings on 
sex and marriage would not be changed to suit “contemporary states of mmd." Page 2. 


Gandhi to Sign Accords 

o 

During Visit to Moscow 


The Associated Press 

NEW DELHI — Prime Minuter 
Rajiv Gandhi plans to sign major 
economic agreements during his 
six-day visit to the Soviet Union 
that begins Tuesday, according to 
an Indian nffiri»l 

Mr. Gandhi is scheduled to bold 
discussions with the Soviet leader, 
Mikhail S. Gorbachev, on Wednes- 
day. The trip is Mr. Gandhi’s first 
official state visit. 

“This is an important viat be- 
cause both countries now have 
new, young leadership," Foreign 
Secretory Romesb Bhandari said 
Saturday in a reference to ’he rise 
to power of Mr. Gorbachr 54, in 
March and Mr. Gandhi. 40, last 
October. 

The Indian leader is to visit Mos- 
cow before touring Egypt, France, 
the United States, Algeria and 
Switzerland next month. 

Political analysts said that Mr. 
Gandhi, who became prime minis- 
ter after his mother, Indira Gandhi 
was assassinated on Oct. 31, hopes 
to reaff irm India's traditionally 
close ties with the Soviet Union by 
visiting Moscow first 

New Delhi and Washington 
signed an agreement Friday on the 
transfer of U.S. high technology. 
Asked if the new accord would af- 


fect Indian-Soviet ties, Mr. Bhan- 
dari said that “the relationship with 
one superpower would nbt be at the 
expense of that with the other.” 

Mr. Gandhi’s trip is intended to 
expand the two nations’ already 
dose relationship, the foreign sec- 
retary said. 


During the visit, India and the 
oriel Unii 


Soviet Unim ire expected to sign 
agreements on new Soviet assis- 
tance for India's economic projects 
in ofl, coal power generation and 
machine building, he said. 

Mr. Gandhi also is to reek fresh 
Soviet credits of a “substantial 
amount” for India’s development 
projects, the official said. 

India, a leader of the nonahgned 


movement, has political, economic 
links wit 


and military links with the Soviet 
Union, its major arms supplier. 

“The Soviet Union is our major 
trading partner and has been 
steadily increasingly markets Tor 
India’s products," Mr. Bhandari 
said, adding that two-way trade 
this year is expected to amoont to 
46 bQlion rupees (S3.6S billion), a 
20-percent increase from 19S4. 

The United States surpassed the 
Soviet Union in 1984 as India's 
biggest trading partner, with two- 
way trade totaling S4.12 billion. In* 

(Continued on Page 2, CoL 3) 


pomtmeni of Mr. Hobeika. 
had been the militia's intelligence 
chief, was reportedly made at the 
insistence of Syria. 

“In order to preserve the security 
of Jezzine and prevent a recurrence 
of what happened in the Sidon 
area, we wdcome a quick deploy- 
ment of the Lebanese Army,” Mr. 
Hobeika said. “Orders have been 
given to our forces in Jezzine and 
the border strip, mostly logistics 
units, to return to their barracks in 
Beirut.” 

Mr. Hobeika’s move also ap- 
peared to be a concession to Mos- 
lem demands and a show of good 

will. 

Mr. Hobeika said instructions 
had been given for closing down 
the Lebanese Forces representative 
office in Israel a move that effec- 
tively ends 10 years of close col- 
laboration between the dominant 
Christian militia and Israel. 

The office had been opened a 
year ago, with heavy publicity from 
Israel, but had been used largely as 
a propaganda arm of the Lebanese 
Christians. Israel used less-visible 
channels to communicate with the 
Christians, and apparently never 
considered the office a critical link. 

Mr. Hobeika. through more of 
his military and political career, 
had been closely allied to IsraeL 
Bui he announced a break, upon 
replacing Mr. Geagea, saying “cru- 
cial circumstances” in the past de- 
cade had “forced some of us to 
resort to certain regional powers 
hostile to our Arab environment.” 

He said the reason had been 
“merely for self-defense" of the 
Christian community and that he 
now saw “the necessity of returning 
to our Arab environment.” 

An Israeli government commis- 
sion accused Mr. Hobeika of lead- 
ing the massacre in September 1 9S2 
of hundreds of Palestinians at the 
Sabra and Cbatila refugee camps in 
Beirut, then under Israeli coniroL 

Asked to explain Mr. Hobeika’s 
shift toward Syria, Christian 
sources said he “will be pro-Israeli 
if it is good Tor the Christian com- 
munity, and he will be pro-Svrian if 
it is more beneficial for (he Chris- 
tians." 

[Anti-aircraft fire struck Presi- 
dent Gemayel’s private ring at the 
government palace in suburban 
Baabda early Sunday as Christian 
and Moslem militias dueled with 
artillery, rockets and mortars along 
Beirut’s Green Line, The Associat- 
ed Press reported from Beirut. The 
police said neither Mr. Gemayel 
nor any of his stair was injured.] 

■ Prisoner Swap Expected 

A Palestinian commando group 
will exchange three Israeli soldiers 
Monday for 1.150 Palestinians and 
Lebanese held by IsraeL Palestin- 
ian sources said Sunday in Damas- 
cus, Reuters reported. 


Costa Rican Neutrality: Arrival of U.S. Advisers Spurs Debate 


era are embedded In legislation; 
among them are a ban on fur im- 
ports frean the Korean War 
and denial of most-f favored-nation 

agen^te^^wcrbig^torife. 
y analysts say that dramatic 


gestures , on human rights 
be needed if Congress is to 
r bedome receptive to relaxing . the. 
curbs. For example; Moscow might 
release' the imprisoned computer 


. - By Jod Brinkley 

Hew York Timet Service 

,SAN JC6E'. Costa Rica — The 
arrivalhmllnsiitohihofU^isiH- 
tary advisers to train the Cos» Ri- 
can police has added to a growing 
debate about whether the United 
States to ingmg Costa Rica to rmli- 
terire against its will. ' 

Costa Rica has no army, and 
President Iaiis Alberto Monge has 
proclaimed that his country will 
manrto in “perpetual unarmed neu- ' 
reality." . 

But rith Nicaragua on its north- 
ern border, nencralhy has become 
increasingly diffienh to ma intain, 
especially since the Costa Rican 
eoonomy is heavily dependent on 
US. aid. 


750 Costa Rican Civil Guard offi- 
cers in basic military skills. The 
Civil Guard to a national police 
force. 


The arrival of the American 
trainers, who are to stay about five 
months, provoked public objec- 
tions, a shouting match is tbe Cos- 
ta Rican Congress and an acrimo- 
nious debate within the 
government , 


In Nb 

to. 


Nicaraguan 

week that be believed 


Julio Ramos Ar- 
inteffigence for 




scientist, Anatoli & Shctiarah&y, 


or permit Yeleoa G. Banner, 
rite of Andrei; D. Sakharov, the 


At theraqiiesl of the Costa Rican 
government. 2Q UA Army Special 
Forces advisers have begno to train 


could be used if the 
ever invaded ! 
and Costa Rican i 
nied the assertion. 


said last 
si the UR. 
> a base that 
kited Stales 
Both US. 
have de- 


A senior Costa Rican govern- 
ment official said that Mr, Monge 


had had serious misgivings about 
inviting cheU-S. advisers. 

The minister of public security, 
Benjamin Piza Carranza, requested 
that they be seat, the official arid. 
Although Mr. Monge was unhappy 
with the request, the official said, 
he did not rescind it out of fear of 
straining American good wflL 

The official added: “The U.S. is 
supporting the Costa Rican eoono- 
my. Costa Rita is to receive nearly 
5200 million in loons and grants 
from the United States this year.” 

In the last few years, Costa Rica 
has turned down many American 
invitations to observe or take part 
in imlUaty exercises and rdateaop- 
eratians, the official said. He added 
that Mr. Monge “can only say no to 
a generous friend so many tunes.” 

. Although the official said that 
the Unhed States had never ap- 


plied direct pressure, he and others 
said it was dear that the United 
States wanted Costa Rica to take a 
more militan t stand toward Nica- 
ragua. 

A senior Costa Rican security 
official saM there was a widespread 
perception in tbe country that the 
United States was pressing Costa 
Rica to mflitxriTf-, although the vairt 
majority of Costa Ricans opposed 
die idea. 

A senior UJL Embassy official, 
however, said: “That is not a valid 
pen^tioD-Erctyangtepanofour 
assistance to Costa Rica to the re- 
sult of a letter in which they asked 
for these things.” 

“Costa Rica will not be xmfitor 
rized,” he added. 

Storting in 1981, the country be- 
gan accepting kiw-levej US. tniU- 
uuy aid, including about 510 mil- 


lion this year. In 1981, most of tbe 
Civil and Rural Guarti forces were 
equipped with vintage bolt-action, 
singfcsbot rifles and not much else. 
Tbe two forces have a combined 
strength of about 7,000 men. 

The United States began provid- 
ing new weapons and other equip- 
ment In 1982, and some guardsmen 
were trained at the U-S.-run -School 
of the Americas in Panama. 

However, tbe senior official said, 
the government did not invite U.S. 
trainers to Costa Rica for fear that 
it would give the impression that 
Costa Rica, like Honduras and El 
Salvador, was militarizing with 
UR. bdp despite its neutrality vow. 

The contiranarsy sharpmed earli- 
er this month when Edward P. 
Djerejiaa, a Stole Department 
spokesman, announced in Wasfa- 
(Couthmed ob Page 2, CoL 4) 



INSIDE 


■ The success of Sinn Fein in 
local elections in Ulster was 
poorly received in Dublin and 
London. 


Page 1 


■ A congressional consensus 
has emerged in tbe debate over 
the U-S. deficit. Page 3. 


■ Hostilities on the border be- 
tween Nicaragua and Honduras 
have increased in recent weeks. 
U.S. officials said. Page & 


SPECIAL REPORTS 
■ Mitterrand’s government pre- 
pares to defend its record: A 
special report on the French 
economy. Page 7. 

BUSINESS/FINANCE 


Robert Lederc, a Swiss 
banker, was found gtrihy 
of fraud. Page 5. 


■ Argentina froze foreign-cur- 
rency bank accounts for 120 
days to stem a run by depoa- 
^ PagTS. 


fen— 

.ws* 


A *■ 




i 





if— rs&<;d- 


Pa^e 2 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 


WORLD BRIEFS 


France to Step Up Air Show Security 

PARIS (Reuters) — More than 2,000 police officers, along with 
explosives experts and 'bomb-sniffing dog?, have been called m to 
reinforce security at the Paris Air Snow, which begins May 31 at Le 
Bourget airport according to a senior police official. 

The official, Francois tfHuet, director of the regional police force, said 
Saturday that the measures were taken after a secies of attacks a gains t 
West Fi w ’ n p gan inytaHatirms of the North Atlantic Treaty Org anizati on. 
Mr. (THuet said that the measures would indude video surveillance, 
metal detectors and dogs trained to sniff oat explosives. 

The UJS. Embassy in Paris has told the US. Commerce Department 
several American companies planning exhibits at the show that ithad 
received information about potential threats. Many of the American 
exhibitors supply equipment to die military and aerospace industries. 
About 1,100 companies from 33 countries win be represented at the show, 
which runs until June 9. 


Arms Smuggling Disputed in Salvador ™ 

• SAN SALVADOR (AP) — An American tugboat and a barge inter- 
cepted by the Salvadoran Navy were carrying tallow formJong soap, not TbepopeU 
weapons for Salvadoran rebels, according to a port official Laeken Chiu 

President Josfe NapoleOn Duarte, on a U A visit, said Friday m New lhousand 
York that the SalWoran Navy had apparently sazed a boat smugging „ anoWewar 
weapons from Nicaragua to the Salvadoran guerrillas, though he added SO a ai ^ Is6c ^ 

that the report had not been confirmed. . , _ He said ( 

The tugboat and a barge of unknown rt^iscry were intercepted Tours- onsmial war 
day and taken to the port of La Unibn. A port official there said Friday daScsmahkh 
that the tugboat, registered in Houston, was transporting cotton. Bui He ^ted $ 
after an inspection Saturday, he said the boats were earning tallow. among 

In a commoniqui issued Friday in Managua, the Sandmist go vermnmt against i 

rejected the snuggling charges “categorically and energetically^ as part xtepopeb 
of a “campaign of calumnies.'' job a base h 

demned disci 

Apartheid Protesters Acquitted in U.S. 5"^’ 

CHICAGO (NYT) — Eight persons accused of trespassing at the 
South African Consulate inChicagp have been acquitted after arguing m * 

court that their action was justified in seeking to prevent “greater crimes HnciListicallv 
in South Africa. , , _ . . . . mu 

The trial, which ended Friday, apparently was the first of defendants 10 P w 

from among people arrested around the United States in the mst ax comny. 
months for protesting Smith Africa’s racial separation polices. Charges ■ 65m ffiitl 
have been dropped in other cases. . . The pope 

Defense lawyers based their arguments on an Illinois statute that birthday Sat 
excuses criminal conduct if it can be expected to avoid a greater injury. mfir of ( 
“We have a right to ‘act reasonably’ to prevent the commission of greater stem warning 
crimes in South Africa,” said Timothy Wright, a defense lawyer. exploitation 

and our pass 

U.S. Expected to Slow Refugee Intake T, SB! 

BANGKOK (UPI) — The United States will stop interviewing Cam- JjL j”“ 
bodian refugees for resettlement in the United States next month, a , 

Western diplomatic source said Sunday. Nongovernmental Western aid ““ .J* l JrV 
workers in Thailand said an end to interviewing would virtually halt the . „ 

resettlement of Cambodians in the United States. 

They said the United States appeared to be trying to reduce the number 
of Indochinese refugees it accepts. More than 375,000 have entered the T*°T~ Ft* 
country since 1975. The United States has already accepted more than 
125,000 out of about 190,000 Cambodians who have been resettled in 
third countries since the Communist takeover in 1975. Lamouc ana t 

The diplomatic source said the interviewing was expected to end in ^jL were nei£ 
eariy June because most of those eligible for resettlement to the United ,y rr 
States had already been interviewed. Thai officials have allowed Indo- Me 
Chinese refugees to enter thdr country temporarily based on a pledge by 
Western nations that all of them would be resettled abroad. conceaim 


Guards Accused of Harassing Mandela 

BRANDFORT, South Africa (WP) — Nelsoh Mandela, the impris- 
oned black nationalist leader, says that he is bong victimized for his 
rdection of an offer of conditional release, according to his wife, Winnie 


Pope Urges 
War Against 
Enslavement 
Of Mankind 

The Associated Prt& 

BRUSSELS — Pope John Paul 
II attacked racism, totalitarian re- 
gimes and proTit-donrinated eco- 
nomic systems Sunday, calling for 
a “war against whatever enslaves 
mankind” 

The pontiff started bis fourth 
day in Belgium with a warning to 
100.000 people at an outdoor mass 
that the church's strict teac h i n gs on 
sex and marriage would not be 
changed .to suit “contemporary 

states of mind” 

The pope later went Our Lady of 
T-flrirm Chur ch and told several 
th 4 *»q*nd Christian trade unionists, 
“a noble war should be waged for 
social justice.” 

He said Christians “wage an 
original war against whatever en- 
slaves mankind” 

He died the need of solidarity 
among workers worldwide in the 
fight against injustice. 

The pope has frequently called a 
job a base human right and con- 
demned discrimination based on 
sex, religion, race and national ori- 
gin. 

Speaking in Flemish, French and 
German, Belgium's three lan- 

E the pontiff also urged this 
cafly divided nation of 10 
to pursue peace within the 
country. 

■ 65th Birthday 
The pope celebrated his 65th 
birthday Saturday in Beauraing 
with talk of Christian unity and a 
stem warning to youth against the 
exploitation “of our weaknesses 
and our passions,” The New York 
Times reported 

John Paul who has been criti- 
cized by some Protestant leaders 
for slowing ecumenical dialogue, 
also called on the Christian 
churches to “practice a wider hos- 
pitality.” 

The pope made his address on 
relations between the Christian 
churches in Mechelen, the city 
where unity talks between Roman 
Catholic and Anglican church lead- 
ers were held between 1921 and 
1925. 

He repeated his belief that the 
cause of unity would not be served 
by “concealing discord” or through 
“superficial and precarious com- 
promises" among the faiths. 


rdection of an offer of conditional release, according to his wife, Winnie 
Mandda. The Prisons Department has denied the allegation. 

In a recent interview, Mrs. Mandela said he told her at Cape Town's 
PoUsmora Prison that his conditions and those of four other leaders of the 
outlawed African National Congress had been “made very difficult” 
since they rejected the offer, made in February by President Pieter W. 
Botha. They had said they would accept no conditions until apartheid 
was abolished. 

“Nelson told me that they were being continually harassed in an 
indirect way ” Mrs. Mandda said in the interview, adding that she had 
been searched by prison guards before her visit for the fust time in 23 
years. Her daughter, Zinzi, who visited soon afterward, was subjected to a 
body search, Mrs. Mandela said. The Prisons Department denied the 
allegations Saturday. 

FortheRecord 

Nicaragua is moving its trade office for North America from Miami to 
Toronto, Canadian officials said Saturday. The Globe and Mail in 
Toronto quoted Caanrira Soldo, the Nicaraguan ambassador, as saying 
the transfer was hastened by the U.S. trade embargo. (AP) 

Radio Marti, the long- postponed UJS. project to broadcast to Cuba, is 
to go on the air Monday, according to Senator Paula Hawkins, Republi- 
can of Florida, and Lawton Chiles, Democrat of Florida. (AP) 

Bombings in the United States killed six persons, injured 112 and 
caused $5.6 million in property damage in 1984, the FBI said Saturday. It 
said these were 803 bombings in the year. (uPI) 

A Soviet aircraft thought to have gone down aftea near Sakhalin Island 
last week was probably a cargo plane, not an airliner, according to a 
Western defense official in Tokyo, (WP) 


QadhafiAsks 
Overthrow of 
Reactionaries 

(Cimtioned from Page 1) 
said to be costing the Khartoum 
government SI million a day. 


Sweden’s Ruling Party 
Struggles as Vote Nears 


(Contraaed from Page 1) 
the bureaucracy that has grown up 
with the welfare state. 

Perhaps the dearest indication 
of the shift, many say, is a new pro- 
business anil ode that has made he- 
roes of not just the ca ptains of 
industry but also of small entrepre- 
neurs. 

“Leading executives with big 
business bad prestige during the 
1950s and 1960s because they con- 
tributed to the centralization of 
power in which the Social Demo- 
cratic governments, labor unions 
and buriness cooperated,” said Ulf 
Jakobsson, chief economist for the 
Swedish Employers' Confedera- 
tion. 

“That changed during the radi- 
calism of the 1970s, but their come- 
back is no surprise. The big change 
is the rise in respect for smaD-buri- 
nessmen. For 40 or 50 years, bund- 
ing your own business had been 
seen as little better than being a 
gangster.” - 

Against these changes, the Social 
Democrats and Prune Minister 
Olof Palme have been trying to 
whittle away at the high mflari/w 
rate and budget deficit while rein- 
forcing and in some cases extend- 
ing the welfare state. 

The election-year drive to con- 
vince Swedes that the country is on 
what the Soria! Democrats call 



MOfiors • MAsrare* txxfOMJE 

For Wwfc. Acndw*; Ufe Exparim*. 

Send (totalled mum* 
tor In* evaluation. 

PACVK WESTERN UNIVERSITY 

Dapt 23, y.**. 



“the right path” appeared to be 
makin g progress until recently. 

The financial crisis had been 
building since November, not just 
because of consumer mending but 
also because of the hi gh cost ofoU 
imports during a cold winter, heavy 
investments by industry in foreign- 
made materials, interest payments 
on the national debt and the reluc- 
tance of Swedish multinationals to 
borrow in other currencies to fi- 
nance overseas investments. 

But the financial unbalances 
were scarcely noticed by most 
Swedes until early this month, 
when the dvd servants’ union be- 
gan a strike by 20,000 or its 263,000 
members aimed at getting a retro- 
active pay raise it says the govern- 
ment owes iL 

The strike brought the trade in 
many goods to a standstill Some 
services, such as the issuing of pass- 
ports and inspections at sfandner- 
b ousts, were also interrupted. The 
government locked out the 50,000 
workers in an effort to drain the 
union of funds by mid-June. 

The dispute involves a small 
sum, about $15 a month per work- 
er, after taxes, but it has become a 
test of the government's will to 
fight for its inflation targets. The 
Social Democrats cannot make the 
concession to the cm] servants 
without touching off new demands 
from other unions. 

The labor dispute and the finan- 
cial crisis, which worsened when 
the strike began, have helped the 
opposition's argument that the So- 
cial Democratic program is one of 
crisis management that ducks the 
need to cut bank on what many see 
as an unsustainable level of public 

ve the highest Irving stan- 
dard we have ever had,” stud Ulf 
Addsohn, leader of the Moderate 
^uiy, ip a recent newspaper inter- 
view, “but we have it on man.” 


In Saudi Arabia, according to 
the state-run Libyan radio. Colonel 
Qadhafi fed antr-U-S. chanting at 
Mecca after perforating the pil- 
grimage rites Saturday night 
The radio broadcast monitored 
in London, said that Colonel Qa- 
dhafi and the masses crowding the 
place outside the Kaaba, Islam's 


great Vrctoiy for the Arab nation. 
Down with the United Slates, the 
enemy of Islam.” 

According to the broadcast the 
hostile slogans also were directed 
against King Hussein of Jordan 
and President Hosni Mubarak of 
Egypt who were both described as 
“enemies of God and agents of Zi- 
onism.” 

The official Saudi Press Agency 
reported Colonel Qadhafi’s la- 
bour visit but did not give any de- 
tails about the tabes- with King 
Fabd 

Arab diplomats, who asked not 
to be identified, said the talks had 
centered on support for the Suda- 
nese leadership that overthrew 
General Nimqn, ways to end the 
Iran-Iraq war and ways to heal 
Arab rifts, mnluriing the one be- 
tween Colonel Qadhafi and the 
chairman of the Palestine Libera- 
tion Organization, Yasser Arafat 

The talks between Colonel Qa- 
dhafi and KingFahd were expect- 
ed to strengthen ties between the 
two countries, which reached a low 
ebb in 1982. 

Bangladesh Takes Lead 

In Population Density 

Reuters 

DHAKA, Bangladesh — Ban- 
gladesh is the world’s most densely 
populated country with nearly 
101.5 million people living in 
55,000 square miles, or 143,000 
square kilometers, according 10 a 
research report published here. 

The Washington-based Popula- 
tion Research Bureau also said that 
the population had increased by 
about 1 1 million over the Last four 
years. 


Ulster Unionists Vow to Prevent 
Sinn Fein From Exploiting Success 



On AnoaQfMl lYcn 

MOVE ON APARTHEID — University of California 
regents suspended investments in companies trading 
with Sooth Africa, but postponed a derision on selling 
such holdings, despite protests outside the meeting in 
Berkeley. At left Is Governor George Detdonegtan. 


By To Thomas 

Sew fork Turn Seme 

MAGHERAFELT, Northern 
Ireland — The sucres of Sun 
Fein, the Irish Republican Anny's 
political wing, in Northern Ire- 
land's local government elections 
has been greeted with expressions 
of disappointment from Dublin 
and renewed assertions by British 
officials that they would not meet 
with its elected repr e sentatives. 

Unionist politicians warned that 
duty would do everything possible 
to deny the party the chance to 
exploit its success. 

SI™ Fein, which entered local 
government ejections across the 
province for the first time, won 59 
seats and a voice in 17 of the 26 
councils. Most of the councils are 
controlled by Unionists, who want 
Northern Ireland to remain British. 

“There's no issue cm which we’d 
have common ground,” Harold 
McCusker, a spokesman for the Of- 
ficial Unionist Party, said of Sinn 
Fein. 

“I don’t think anyone doubts 
they have support,” be said. “If 
they didn’t, they wouldn’t be mur- 


dering my colleagues and getting 
away with it” 

The Official Unionist Party fed 
in the results, with 190 seats. 

Nicholas Scott, the British un- 
der-secretary of state for Northern 
Ireland, on British radio that 
the go v ernment would meet with 
Sinn Fein only if it renounced vio- 
lence. 

Peter Barry, the Irish foreign 
minister, expressed disappoint- 
ment over the vote for Sinn ran. 

“As the talks be tw een Dublin 
and London were progressing,” he 
said, ”116$ should hare, given en- 
couragement to nationalists to 
back constitutional politics rather 
than the politics of violence, which 
is what Sum Fein are about.” 

The pressure now seems to be on 
the Social Democratic and Labor 
Party, & nationalist party that con- 
demns violence. The party won 1Q1 
seats with 17.Spcrcent of the votes, 
still ahead of Sum Fein, which won 
1 1.8 percent There are six councils 
where the party will have to work 
with Sinn Fein or some combina- 
tion of independents to have a na- 
tionalist majority. 


“We wfll be doing no favora 
whatsoever for any of the Uriramt 
parties," said Seram Mafian, the 
Social Democratic and Labor Pa* 
ty's deputy loder, "We wig ensure 
that nationalist strength' will be 
seen on cooncas.” . 1 

In Magbcrafdt, Londonderry* 
Sian ftin s top vote-getter and Ins 


of Ambon 
shot dead 
her. 


iKBmi afcjiRA man 

the army Decern- 


Carrington Cautions West on Talks 


By Karen DeYoung 

Washington Post Service 

LONDON — The secretary-gen- 
eral of the North Atlan tic Treaty 
Organization, Lord Carrington, 
has wanted the West against being 
tempted by Soviet efforts in Gene- 
va to link reductions in offensive 
nuclear weapons to U.5. abandon- 
ment of research cm its Strategic 
Defense Initiative. 

Meeting with U.S. correspon- 
dents, Lord Carrington cautioned 
Friday against giving “things away 
before the bard bargaining actually 
starts.” 

His remarks seemed to be ad- 
dressed to the government and op- 
position factions in NATO coun- 
tries that contend that the Reagan 
administration has taken an intran- 
agent position at U^L-Soviet arms 
talks in Geneva on SDL a program 
of space-based defense against nu- 
clear missiles. The talks are to re- 
sume May 30. 

“What the United States does 
with SDI is for the United States to 
deride,” Lord Carrington said. He 
suggested that the Soviet Union, 
possibly spurred on by anxious 
US. allies, should not set the terms 
fra- arms-control negotiations. 

Lord Carrington cautioned 
against any offer by the Soviet 
Union promising reductions in of- 
fensive missil es for curtailment .of 
SDL He said that despite the. ap- 
peal that such an offer might l&ve* 
for public opinion in the west, it 
would be “meaningless” since it 
was not verifiable at the research 
stage. 

He also said there was no way of 
knowing if Soviet research on a 
similar space-based defense system 
was under way. 

The Soviet Union is insisting an 
curtailment of space-based defense 
systems as a condition for offensive 
missile cuts. The Reagan adminis- 
tration has said that it will discuss 
the SDI program but that its re- 


has supported (hat argume nt with 


Debate Intensifies 
In Costa Rica on 
Neutrality Issue 

(Conflated from Page 1) 
ingura that 200 Costa Rican leftists 
had gone to Nicaragua to fight 
alongside Sandutist troops against 
the U.S.-backed Nicaraguan rebels. 

He said that “there is dearly po- 
tential for the use” of this “all- 
Cos ta Rican brigade inside Costa 
Rica in the future." 

The Costa Rican Security Coun- 
cil wrote to the U&. Embassy ask- 
ing for the evidence behind the 
charge. The embassy official said 
that the information first came 
from a report in The Washington 
Times, adding Lhat “the State De- 
partment confirmed iL” 

But a senior State Department 
official who has read the intelli- 
gence information behind the 
charge said it was “extremely 
weak.” 

Several senior Costa Rican offi- 
cials, including Mr. Piza and Enri- 
que Obregon, the bead of the Rural 
Guard police force, said that the 
Costa Rican government was con- 
cerned about the threat of insur- 
gency from Nicaragua. 

The School or Americas in Pana- 
ma dosed last year, and Mr. Piza 
said that his ministry decided to 
invite the U.S. military advisers to 
train the guardsmen at a new camp 
in northwestern Costa Rica, 10 
miles (16 kilometers) from the Nic- 
araguan border. 


live* a. smau 

teKfi Gandhi to Sign Pacts on Moscow Visit 


(Contimed from Page 1) 
dian-U-S. trade has increased from 
$1 J billion in 1977 to S3 billion in 
1982 and S4 billion in 1983. 

■ Gorbachev Gives Interview 

The official Soviet news agency 
Tass said Sunday that Mr. Gorba- 
chev. in his first interview with a 
foreign journalist since becoming 
the Soviet party chief, has accused 
the United States of scuttling ef- 
forts to make the In dian Ocean a 
“zone of peace,” The Associated 
Press reported from Moscow. 

Mr. Gorbachev made the re- 
marks in an interview with the 
Moscow-based correspondent of 
the Press Trust of India on Satur- 
day. 


The correspondent, S.P.K. 
Gupta, said he received responses 
to writtm Questions submitted in 
advance and also had a 50-minnte 
conversation with Mr. Gorbachev. 

In a ted issued by Tass, Mr. 
Gorbachev was quoted as saying; 

“It is common knowledge that 
for a number of years now the 
United States has been scuttling 
the convening of an auemationm 
conference on this issue:” 

“It has also unilaterally broken 
off the Soviet-American talks on 
limiting military activities in the 
Indian Ocean,” Mr. Gorbachev 
said. “In the meantime, the United 
States is constantly building up its 
military presence there.” 


assertions that Moscow is far along 
in its own such research program. 

Same NATO allies haw ex- 
pressed concern over the ultimate 
deployment of space-defense 
weapons. Nomay, Denmark and 
France have said they will not ac- 
cept a US. imitation to participate 
in SDI research. But NATO de- 
fense ministers meeting in Luxem- 
bourg in March pledged support 
for the research phase of the pro- 
gram. 

Some NATO members, particu- 
larly West Germany, the Nether- 
lands and Bel gium, have sought a 
firmer U.S. indication that SDI 
would be negotiable under certain 
conditions, including (he offer of a 
major Soviet reduction in offensive 
nudear weapons. 

U.S. officials are known to be 
concerned about the West German 
government of Chancellor Helmut 
Kohl who has been criticized by 
his own party fot bring too sup- 
portive of President Ronald Rea- 
gan. 

Lord Carrington said the pros- 
pect of drawn-out negotiations in 
Geneva made a united NATO 
front on such issues as SDI vitaL 

“The problem is going to be to 
keep a consistent, muted front in 
theface of what are likely to be two 
or three elections every year in Eu- 
rope," he said. “A consistent East- 
West strategy within an alliance of 
~16 is very difficult to maintain.” 

■ NATO Ministers to Meet 

NATO defense ministers will 
pledge this week to make a special 
effort to remedy deficiencies in 


their conventional defenses and re- 
affirm the remote goal of a 3-per- 
cent real annual increase in raili- 
taiy spending. Reuters reported 
Sunday from Brussels. 

At a two-day meeting beginning 
Wednesday, ministers from 14 
NATO countries are to hear a re- 
port by Lord Carrington and his 
staff on the most serious shortcom- 
ings of NATO farces. 

Priority will be given to items 
such as shortages of ammunition, 
war-reserve stories and trained re- 
serves of manpower, a need for a 
joint aircraft identification system 
and for better anti-submarine de- 
fenses. 


campaign about anestrif fix can- 
didates and election workers. 
Among those who have been ar- 
rested since their ekxftkm were 
Chriswpfeer Neeson of Cbokstowa 

and Alex Maskey of Belfast 

The poto raided theMagfem- 
fdt ca m paig n headquarters Satur- 
day, bredting down the door and 
tearing paneS from wriS*. j§ 

■ Rb&itf OpftefeoiiTUb 

Prime Minister Garret HtzGcr. 
add said Saturday in Code, Ireland, 
that there was a chance of finding a 
solution that would be “just accept- 
able” to the Protcstanttnd Roman 
Catholic comuuutities^ Northern 
Ireland, Reuters reported. 

At the a nnu al congress of his 
Fine Gad party; hfif. Ropnld 
said there was 00 certainty that the 

British- Irish t alks OH; political 

structures for the British-rated 

scribed* the od^i^nrady 
asced. . ^ "• 

“There is a real chauai that a 
solution can be found that wffi be 
Just acceptable to both ti&C fe 
sakL ~ 



Lord Carrington 


KmlfeoDhAIbanunTana End 

The AssaeiamtPrm 
VIENNA — An Italian envoy, 
BnmoCorti, has left Albania after 
a “friendly talk” with Prime Misfe- 
_ ter Adil Carcani, the official Alba- 
*r nian news agency, ATA, reported 
Sunday. 


. _• • 1 

Kuwait Effort on U.S. Hostages Is Reported 


By lh5art A. Hijazi 

Sew York Tints Senice 

BEIRUT — Kuwait has offered 
to free 17 prisoners in return for the 
release of Americans kidnapped in 
Lebanon but the bargain has been 
rgected by Islamic Jihad because 
the fundamentalist group found 
the terms of the exchange unac- 
ceptable, according to Arab diplo- 
mats. 

Kuwait made the offer in the last 
two months in contacts oath Iran 
through Arab mediators, the diplo- 
mats said Saturday. They said thaz 
Kuwaiti officials had kept the U.S. 
government informed of the nego- 
tiations. 


But in Washington on Saturday, 
a senior U.S. State Department of- 


ficial dismissed the statements of 
the Arab diplomats in Beirut as 
being fanciful 

The 17 prisoners held in Kuwaiti 
prisons were convicted fra their 
part in bombings in December 
1983 of the United States and 
French embassies in Kuwait and 
several Kuwaiti installations. 

Last week, Islamic Jihad released 
photographs of Tour Americans 
and two Frenchmen kidnapped in 
West Beirut in the last year. It also 
released statements threatening 
“terrible consequences" if de- 
mands for the release of the 17 
prisoners were resected. 

According to the diplomats, Ku- 
wait has set three conditions fra 
freeing (he prisoners: that Islamic 
Jihad promise not to engage in ter^ 


rorist activity in Kuwait or against 
Kuwaiti interests abroad; Act the 
commitment be guaranteed by. 
Iran, and that the raganizaiion re- 
lease the Americans and any for- 
eigd hostages it may be boidmt 
Islamic Jihad reportedly replied 
that it accepts IK) restrictions on fa 
activities from anyone, and die au- 
thorities in Tehran sort word they 
were noth any way involved in the 
matter. 

■ Blasts in Riyadh 


to a Western news agency, claimed 


skms that killed one person and 
wounded three in Riyadh on Satur- : 
day, United Press International re- 
ported from BdruL 




I «w 1 Bgrr*.y r '• mwiCHb ~ SJiij 

I ""to* townm adip Tamaintt Mon * 


^■5 — rpftr*rutw£ES!w5BE33?r 

ixaiiut | ****,.. owe. 


When you make a s 10 
phone call from an overseas 
hotel, you might be 
leaving a s 25 tip. 


Remember what a tip used to be? 

Money given voluntarily to someone who performed an 
outstanding service. Well, many overseas hotels see it 
differently. Because they automatically add telephone 
surcharges of up to 250% every time a guest places a call. 

Coat aS- Brtnate daytim e cafl tounPranfcfurltoNY; 

Without Tciop tew 1 WHhTetepton | Smiiftgetoyoa 


What can you do to avoid this? 

Stay at a hotel featuring Teleplan. A program set up by 
AT&T that insures guests fair and reasonable telephone 
surcharges on all calls. 

So next time you travel, stay at a Teleplan hotel. 
Where you can be sure that making an overseas phone 
call won't mean making a major investment. 

9 1985 AT&T Communteattons 


avauaotem tmscomon Decause oz slightly less than officials > 
computer problems. ed at the beginning of the 


i»«j -,t 

■ ■Ji 









IVrKR.NATION VI, HERALD TR1BI NE. !MOM)A^. MW 20. 1985 


Page 3 




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AMERICAN TOPICS 


Job-Safety Agency 
Gets Low Rating 

In its 13 years the Occupation- 
al Safety and Health Adminis- 
tration has had little measurable 
effect on protecting workers 
from accidents, according to a 


study 


cpl 






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It said that infrequent mspec- 
dons and low penalties have pro- 
vided scant incentive for compa- 
nies to comply with federal 
safety and health regulations. 

The report said that OSHA 
inspected about 4 percent of 
American work places a year, or 
160,000 of 4j6 million job sites. 

The penally for a “serious viola- 
tion,* one that could cause death 
or serious injury, averaged about 
S172in 1983. 

About 6,000 people a year, or 
25 every working day, died of 

A injuries sustained at work, the 
report i 


‘report said. About half of thfe 
fatalities involve motor vehicles 
or falls. 

The study found, however, 
that regulations had been effec- 
tive in reducing the exposure of 
workers to a number ca hazard- 
ous substances, including vinyl 
chloride; asbestos, cotton dust 
and lead. 


Short Takes 




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A * , ' ederaU 5' arthorized wiretaps, 
* which dropped from 137 in 1976, 

- under President Gerald R. Ford, 
to a low of 77 in 1977, trader 
President Jimmy Carter, have 
climbed each year during the 
Reagan administration. In 1984 
they reached 289, a 39-percent 
increase from the previous year, 
despite criticism from civil liber- 
tarians. The Justice Department 
said that most wiretaps were 
used in narcotics investigations. 




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A hand-lettered sign about a 
“super” — short for building su- 
perintendent, a euphemism for 
janitor — was seen in the win- 
dow of a hrownstone row bouse 
on East 83d Street in Manhattan 
re- 


l*k*v*w: lo by Louise MGanlt and was re- 

IS nePOl ported to The New York Times: 
‘ I i WARNING — Stmer Throws 


WARNING — Super Throws 
Garbage Sags Through Window 
When “High” 


Herman MeMMe’s name and 
that of Fdgw Allan Poe have 
been inscribed in stone in the 
one-year-old Poets’ Comer at the 
Cathedral of Sl John the EX vine 
in Manhattan, joinmgthose of 
Walt Whitman, Emily Dickinson 
and Washington Irving. The 
names were chosen by a jury of 
contemporary authors that -in-, 
duded Robert Penn Warren and 


Hiarstv in Rhadh . _ _ . - 

, ,, „ „ , „ V Endwa Welty. The comer is the 

• ‘ : 11 • i-d - :r 1 ‘•'■'V American version of the centu- 

ries-old Poets’: Comer in West- 
minster Abbey in London. 




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Beut>»4JhM fnm Uwiwtowl 

READY FOR LAUNCH — Coca-Cola and the U.S. 
space agency have announced that this special container 
will be available to astronauts on shuttle 
nlng in July. The can cost Coke $250,000 to 


Shorter Takes: Debris and 
graffiti have been removed from 
the tomb of Ulysses S. Grant on 
Riverside Drive in Manhattan in 
time for the cen Tgr m iaf of htS 
death July 23 Scholars work- 
ing with the King Center for 
Nonviolent Social Change in At- 
lanta have embarked on a 15- 
year project to assemble and 
publish T2 volumes of the 
speeches, sermons and letters of 
the Reverend Martin Luther 
Ringlr. . 


Notes About People 


Justice WiBan EL Rebnqmst 
of the U& Supreme Court sug- 
gested in a recent speech that 
today's lawyers have their priori- 
ties mixed up: “One suspects 
that Alexander Hamilton, Abra- 
ham Lincoln and William H. 
Seward, successful lawyers aU, 
did not worry to the same extent 
as their present-day counterparts 
about the number of hoars they 
had billed.” He said that “law- 
yer-statesmen” virtually disap- 
peared in the century following 
the Civil War. 

The only siblings in the cur- 
rent Congress are Senator Guf 
Levin, SO, of Michigan, and his 
older brother and fellow Demo- 
crat, Representative Sander M. 
Levin, 53, who represents part of 
Detroit and Jts suburbs. Thor 


paths seldcan cross in the Capitol 
and they have sjonsorod tittle 
joint legislation, bat they get to- 


gether for squash -whenever they 
ethey " 

iCaiV 


can. Are they founding a dynas- 


ty? Says Cart, “It’s not a dynasty, 
because our kids are too smart to 
continue it’ 


A 'Personal Reason 9 
For Resigning Post 


When Langhome A Motley, 
considered the principal archi- 
tect of the UJ5. invasion of Gre- 
nada, resigned recently as assis- 
tant secretary of state for 
inter-American affairs to return 
to private bosraess, he cited 
“personal financial reasons.” 

Asked to elaborate, Mr. Mot- 
ley, 47, who had been dashing 
with White House hard-liners 
over some of President Ronald 
Reagan’s tougher speeches, said: 
“Running the Latin American 
bureau in the State Department 
is like bring given 1,000 pounds 
of canaries and a box that will 
rally hold 500 pounds. Right 
away, yon begin banging on the 
sides of the box, trying to keep 
enough canaries in the air so that 
the box won’t burst open. After a 
while, your arms get tired." 

— Compiled by 
ARTHUR HIGBEE 


Deficit Debate: A Congressional Consensus Emerges 


By Steven V. Roberts 

If nr York Times Senicc 

WASHINGTON — The budget 
debate in Congress has tUnminaied 
a surprising consensus between 
both parties on broad questions of 
deficits and taxes despite the per- 
sistence of old differences over So- 
cial Security. 

ft is now clear that any fiscal 


Repu 
he He 


Kansas, assailed the House com- 
mittee plan Friday as an “anti-de- 
fense, big government budget." 
But the climate has changed on 


.Capitol Hill since the first year of 
Demo- 


NEWS ANALYSIS 


package that Congress passes win 
reduce the deficit by at least $50 
bflfion in the first year and will do 
so without raising taxes. 

It is equally clear that the most 
serious cuts m President Ronald 
Reagan’s proposals will be made in 
the mili tary budget and tha t Con- 
gress will largely reject his propos- 
als to permanently trim the scope 
of government. 

Both Democratic and Republi- 
can leaders are emphasizing the 
differences between the Senate- 
passed budget, which Mr. Reagan 
endorsed, and the plan adopted 
Thursday by the Democratio-oon- 
trolled House Budget Committee. 
Some of these differences wifl un- 
doubtedly play an important part 
in next year’s election campaign. 

The speaker of the Honse, 
Thomas P. O'Neill Jr., Democrat of 
Massachusetts, has already accused 
the pres dent and the Republicans 
of betraying their pledge to pre- 
serve Social Security. 

The Senate majority leader, 


Mr. Reagan’s term, when 
exats were outraged at his attempts 
to reduce taxes and restrict domes- 
tic programs. In the budget debate 
so far, hardly any voices from ei- 
ther party have challenged the pres- 
ident’s basic demand rhat Congress 

slash the defitiL 

As Representative Marge Rou- 
kema. Republican of New Jersey, 
said, “The president has dictated 
the terms oT the debate.” 

Indeed, Democrats have boasted 
about the size of their deficit-cut- 
ting package. Thomas S. Foley of 
Washington, the House majority 
whip, said the Budget Committee's 
document “underscores the fact 
that the Democratic Party is very 
serious about the problem of the 
deficit." 

This sort of fiscal conservatism 
in (he Democratic ranks has frus- 
trated Republicans, who are used 
u> lambasting their rivals as “tax 
and tax, spend and spend” liberals. 

Mr. Dole complained Friday 
that the bottom-line figures in the 
Senate and Honse budgets were so 
similar that American voters could 
not tell them apart. 

The Democrats' decision to 
avoid tax increases has also thwart- 
ed the Republicans’ political plans. 


Reagan, Senators Attack House Han 


Sr* York Tima Semee 

WASHINGTON — The Reagan administration and Senate Re-' 
publican leaders, using unusually sharp oratory, have attacked the 
1986 budget drafted by the House Budget Committee last week, and 
Senate leaders said they doubted a compromise could be reached. 

David A Stockman, director of the Office of Management and 
Budget, called the House committee's budget “a tale of defense, 
deception and default." 

Robert J. Dole. Republican of Kansas and Senate majority leader, 
accused the House commiuee of using “smoke, gimmicks and other 
assumptions” in assembling its budget plan. 

Pete V. Dozneniri. Republican of New Mexico and bead of the 
Senate Budget Committee, said: “I had hopes we would get a very 
major proposal through both bouses. I'm now doubtful we can do 
.that.” 

The House committee rejected a freeze in the cost-of-living increase 
for Social Security and other pension and benefit programs, reduced 
the military budget below the Senate level and cut projected nonmili- 
tary domestic spending in 1986 by one-third less than the Senate. 


Some Democrats would dearly 
prefer to obtain more revenue. But 
with Mr. Reagan adamantly op- 
posed to new taxes, Democratic 
leaders are amply not going to take 
the political risk. 


tential impact on the jxonomy of 
unchecked de ' 


deficits. They might 
on the 


One explanation for this policy is 
last year's election. After their pres- 
idential ticket lost in 49 of Inc 50 
states, even many liberal Demo- 
crats became determined to refur- 
bish their reputation for fiscal re- 
sponsibility. 

Moreover, many Democrats are 
genuinely alarmed about the po- 


blame the problem on the presi- 
dent's policies, but they generally 
agree that Congress must respond 
decisively to reassure the financial 
markets and prompt a reduction in 
interest rates. 

Another, and less visible, expla- 
nation is that many Democrats also 
see the deficit as the enemy of so- 
cial spending. 

But if Mr. Reagan has dictated 


the outlines of the budget debate. 
Congress is filling in those lines 
with a sharply different set of prior- 
ities. 

For example, the president origi- 
nally proposed a 6-percent rise in 
the military budget on top of an 
increase to make up for inflation, 
but he had u> accept a Senate bud- 
get mandating an increase equal 
only to the inflation rate. The 
House version even eliminates the 
inflation factor, and at (east 40 
moderate Republicans are pre- 
pared to go along with it. 

Another consensus position now 
visible is the rejection of Mr. Rea- 
gan’s attempt to elimina te a num- 
ber of government programs, rang- 
ing from Amirak to urban 
development grants. 

Each program fills a specific 
need and serves a certain constitu- 
ency, and Congress is not about to 
root theraouL 

Representative Thomas I. 
Tauke, Republican of Iowa, said 
that even while Mr. Ragan was 
winning a stunning victory in No- 
vember, the returns contained “a 
lot of danger signs." 

“As members of Congress.” Mr. 
Tauke said, “we want to support 
our president, but we want to tem- 
per his policies. That's what we 
believe our constituents are saying, 
and that's what is happening on the 
budget” 


20% Minimum Tax Reportedly Urged 
In New Administration Draft Plan 


By Anne Swardson 

Washington Peat, Service 

WASHINGTON — A draft 
copy of the Reagan administra- 
tion’s tax-simplification proposal 
calls fra a 20-percent mmimum tax 
on individuals and corporations. 

The document, obtained Friday 
from congressional sources, says 
the m inimum tax is necessary in 
part because so many loopholes 
had been restored in the new ver- 
sion of the tax plan. It was feared 
that this would have allowed some 
corporations and individuals to 


stillpay little or no taxes. 
The docu 


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Pilots Agree 
To Talk With 


United Again 


By Douglas B. Beaver 

Washbrgton Pan Service 

WASHINGTON — United Air- 
lines and the union representing its 
pilots agreed to resume contract 
negotiations on Monday in Chica- 
go, as the pilots continued their 
strike against the largest U.S. carri- 
er. 

Negotiations collapsed in Bos- 
ton on Friday, but the two sides 


document consisted of 
copies of chapters in the new pro- 
posal The tax plan is stffl subject to 
alteration before President Ronald 
Reagan announces it on May 28. 

Treasury Department officials 
refused to confinn or deny that this 
draft represented the latest version. 

The November tax plan called 
for the repeal df the existing mini - 
mum tax on individuals and com- 
panies on the ground that a simpli- 
fied tax code that wiped out nearly 
all tax loopholes would make a 
mmimum levy unnecessary. 

The new draft acknowledges that 
because many loopholes have been 
restored, a nrininwim tax is more 
attractive. 

Both the corporate and individ- 
ual minimum taxes would be “al- 
ternative" taxes. Taxpayers would 
calculate their taxes nsinj» the regn- 

lar method «nd t he mi n imum -tax 
method, then pay whichever was 
greater. 

The House is expected to vote 
this week on a minimum-tax 
amendment to the congressional 
budget resolution. Congressional 
Democrats are sharply divided 
over whether to use a minimum tax 
to raise revenue, use it to offset 
lower rates as part of tax revision or 
to leave it out of tax overhaul. 


speech to 600 members of the Re- 
publican Heritage Groups Council 
made if mostly of East Europeans 
and Astana. 

Mr. Reagan said: “Believe me, 
bringing more ethnic Americans 
into our fold is the key to the posi- 
tive realignment we are be ginning 
to see take shape.” 

The president also com plained 
about the “ceaseless propaganda” 
.concerning Pentagon overpay- 
ments for spare parts. He said the 
military “never bought" a hammer 
costing more than $400, a purchase 
(hat the navy has acknowledged 

making 

Only one major provision of the 


president's tax plan, special tax 
the oil and gas in- 


preferences for 
dustry, remains unresolved. 

That issue, he added, has become 
the symbol of a philosophical 
struggle over revising the tax code. 
The question is whether it should 
be designed as a “level-playing 
field” that the administration has 
often offered as a principal objec- 
tive; or whether it should include 
provisions that make it less equita- 


ble but a tool for realizing other 
economic and social objectives. 

“That’s the whole discussion," 
the senior official said, “bow far 
you go in balancing those two 
things. We know that the press and 
liberals will jump on us if we do 
any thing on oil and gas." 

On the major features of the tax 
plan, the senior official said that 
the president had decided against 
phasing in a reduction of corporate 
income tax rates from 46 percent 
now to 33 percent over several 
years. 

The official also said the presi- 
dent was committed to phasmg in 
an increase of the personal tax ex- 
emption, now $1,040. The Treasury 
last autumn proposed "firing jt 
52,000. Instead, to avoid revenue 
losses (he exemption will be fixed 
at SI ,500 in the first year and raised 
to $2,000 ova several years. 

Meanwhile, Gtizens for Ameri- 
ca, a contribution-supported Rea- 
gan lobbying organization, report- 
ed that it was planning a national 
campaign to seek support for the 
tax plan. 



on: 


agreed Saturday to by a g ain at the 
' L Witt, head of 


request of Helen M. 
the National Mediation Board. 

So far, most United passengers 
have been able to find alternative 
flights, according to officials at sev- 
eral key airports. United was able 
to launch 220 flights Saturday, 
about 14 percent (tf its sdiednle, iq> 
from 11 percent Friday. 

Other carriers were orrick to fill 
the void left by the airiine, which 
normally carries 15 percent of U.S. 
air travelers, serving all 50 stales 
and ning rffetfitm linns abroad. Pan 
American World Airways added a 


flight from San Frandsco to Hono- 
Juizr; 1 


World Airways offered an ex- 

PSA and^AirCal annoraK^extra 
flights between San Francisco and 
Los Angeles. 

Amtrak added cars to a tram 
from Los Angeles to Portland, Ore- 
gon, and Greyhound Bus Lines 
said it would accept United tickets. . 

The issue at stake is United’s 
desire tolower the sorting wage for 
pOott hired in the future, then keep 
than an a lower pay schedule for 


Air! 


Pilots Association, 
which represents United pilots, es- 
timates mat under United* s last of- 
fer before negotiations broke 
down, the average new United pilot 
would draw $500,000 less over a 30- 
year career than a current pilot. 
The result, the union says, would 
be a lower-quality plot and a di- 
vided umou. 

United says it needs to reduce 
pilot costs to remain competitive. 
Its revenues were about J&2 baffion 
last year, or S17 mflKcm a day. 

j A. Du^r, chairman the 
union, which represents about 
4^900 active United pilots, estimat- 
ed that the strike was costing the 

nirlinft $5 im*ninn tO $10 TOninn 

drily. He said that only six of 500 
new pilots whom United had 


■ Detriis of Reagan Plan 

Peter T. Kilbom of The New Yak 
Times reported from Wi 

President Reagan has 
that, under his tax revision 
al only families with more 
$70,000 of taxable income would 
be subject to the highest tax rate of 
35 percent, an adxrhnistration offi- 
cial said Friday. 

The official added that (he plan's 
lowest rate rate would apply on 
taxable income of up to about 
$30,000. The middle rate of 25 per- 
cent would apply to taxable income 
between $30,000 and $70,000, he 
stud. There are now more than a 
dozen tax rates, ranging from 11 
percent to 50 percent. 

' The official, who spoke on the 
condition that he not be identified, 
added that Mr. Reagan had ruled 
oat a lower marimtrm rate, despite 
appeals from some members of 
Congress. The chief advocate of a 
lower top rate has been Rmresen- 
tative Jade F. Kemp, Republican of 

New York. 

The president is planning a drive 
to sd^ the tax revision program, 
beginning with a television address 
May 28 and visits to various cities. 

white House officials have said 
that Mr. Reagan wants to use his 
tax overhaul ^as a *n«m< of gather- 
ing political ‘support for Republi- 
cans among bhio-collar and prirmV. 
voters. 

This was underscored Friday in a 


FaOs to Answer Hum 


The chairman of United, Rich- 
aid J. Ferris, has said that, if nccefr 
sary, he wodd hire replacement pi* 
' ts and skwiyrebmfd theairtma 
Mr. Duffy said that striking pi- 
lots would receive about $1,000 a 
month in strike benefits, far bdow 
their average pay of about $7,000. 


LaArtfeks Tuna Service 
LOS ANGELES — Internal 
Revenue Service workers in Fres- 
no,CaHfomia > direddcd5(UXX)ap- 
pt^frran taxpayers this year with- 
out answering that, IRS cffidals 
have confirmed. Destruction of the 
documents runs counter to ERS po- 
licy. 

' The letters were from businesses 
disputing notification that they 
owed additional taxes, IRS officials 
arid Friday. After it was deter- 
nrined that the businesses were cor- 
rect, their letters were destroyed. 
An IRS spokesman, asked how the 
taxpayers were to interpret the lock 
of response, said: “I would say, ‘No 
news is good news.’ I would assume 
there wasn’t any further problem.” 



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Page 4 


MONDAY, MAY 20, 1985 


Hcralb 


INTERNATIONAL 


Pnbthfaed Wafa The Hat Yoric Timea —JTbe ynihinpnn PM 


(tribune 


A Chapter Ends in Italy 


difficult alliance between Italy’s long- Moro, the Conner prime minister who was 
preaommant Christian Democrats 'and the killed by the Red Brigades in 1978. 

span Socialist Party of Prime Minister Bet- As in all Italian elections since the war, 
uno v-raxihas been confirmed and strength- few voters actually switched party alle- 
m .' lt wul dominate Italian politics in the The Socialists have won 1 3.3 percent 

coming months, and perhaps for years. The of the vote in the regions, a gain of 0.6 


Commamsts suffered a teQmg defotatboth 
national and the local levels. This, in sum- 
mary, is the meaning of the regional, provin- 
cial and municipal elections erf May 12. 

Mr. Craxi is likely to stay on for some 
time with the hdp and toleration of the 
Christian Democrats. In August he will have 
been in office for two years; only two other 
governments in the republic’s 40 years have 
bad a comparable life span. When he took 
office, Mr. Craxi said he intended to last 
three years. The prediction was widely ridi- 
culed at the time but is taken seriously now. 

A fellow Socialist, Sandro Per tini, the 88- 
year-old president of the republic, is less 
likely now to win re-election. His seven-year 
term is almost over. The presidential elec- 
tion will be held in parliament late next 
month and the Chris tian Democrats are 
claiming the presidency again. 

They will argue that there is no point in 
having Socialists In the country’s two high- 
est positions. Mr. Craxi, whose relations 
with Mr. Pertini have never been good, will 
agree, especially if it means a Christian 
Democratic commitment to prolong his stay 
as prune minis ter. The Co mmunis ts have 
been Mr. Pertini’s strongest backers. 

The front-runner among the Chris tian 
Democratic hopefuls is Arnaldo Forlani, 59, 
a former prime minister and foreign minis- 
ter. He has long strongly advocated alliance 
with the Socialists and opposed the “historic 
compromise*' — the policy of cooperation 
with the Co mmunis ts advocated by Aldo 


percentage points from the previous region- 
al elections in 1980- The Communists polled 
30-2 percent, a loss of 1-3 points from 1980. 
The Christian Democrats, although they 
have been declared the principal winners by 
friend and foe. took 35 percent, down L8 
points. Their success lay in the fact that they 
came in far ahead of the Communists and 
did better thaw at their recent low points. 

The strength erf the alliance between the 
Socialists and Christian Democrats was test- 
ed and found to be solid in the cities, many 
of which had been governed by Communist- 
Socialist coalitions. Mr Craxi and Ciriaco de 
Mita, the Christian Democratic Party’s sec- 
retary-general, agreed before the elections to 
replace these leftist coalitions with alliances 
of their own wherever possible. 

The Communists* countrywide decline 
was pointed up by the fact that leftist voters 
in the cities did not Hock to them to compen- 
sate for the desertion by the Socialists. In 
Rome, which has had a Communist-led city 
government for 10 years, the Christian Dem- 
ocrats came in first and will head the city 
government. In many other cities, new local 
government coalitions involving Socialists, 
Christian Democrats and the three other 
parties represented in the national govern- 
ment will be negotiated- The Communists’ 
domination of the country at the local level, 
which lasted 10 years and compensated the 
second-largest party for its exclusion from 
the national government, is over. 

INTERNATIONAL HERALD TRIBUNE. 


Israel: Apparently Guilty 


Israel's response to the evidence that it ille- 
gally acquired 800 nuclear bomb triggers from 
the United States is that it did not know that 
the shipments needed a license, that it cannot 
reveal why it needed the devices but would 
swear in writing that the purpose was non- 
nuclear, and that it win, if asked, return the 
large number of switches not yet consumed. 

Sad to say. a confession of guOi leaps from 
these responses. Ihe United States deserves 
better from an ally, and the cause of nonprolif- 
eration requires a concerned reaction. 

The tiny switches, called krytrons, can deliv- 
er a precise amount of electrical current in as 
little as a milli onth of a second. They are said 
to have some noumlitaiy uses —in oil explo- 
ration and high-energy lasers, for example. But 
they are most valuable, although not essential, 
as nuclear bomb triggers, which is why their 
export is carefully policed. They are produced 
by only one American manufacturer, which 
takes care to warn purchasers against export- 
ing them without a government license. 

A federal grand jury in California has in- 
dicted a businessman. Richard Kelly Smyth, 
on charges of Illegally exporting 800 krytrons 
to Israel in batches of 10 to 50 between 1980 
and 1982. Israel's Defense Ministry acknow- 
ledges receiving them, denies complicity in 
smuggling and censors news about the affair. 

Obviously, brad has no innocent explana- 
tion. If the purchases were inadvertently illegal 
and for permissible purposes, it would apolo- 
gize. state the purposes and request a retro- 
active license, not propose giving bade the 
goods. Returning uneaten cookies to a jar is 
not usually proof of innocence. 

The problem now is how to balance indigna- 
tion with respect for an ally. When a Pakistani 


agent was convicted of a s imilar evasion last 
year, the Justice Department actually helped 
to cover up the agent's connection to a friendly 


government, abated his shipment and sent 
him home. But the United Stales also tieht- 


hrm home. But the United Stales also tight- 
ened up its export controls, and sane members 
of Congress urged a law to deny aid to any 
nation that circumvents them. 

This policy of harassment is useful to retard 
the spread of nuclear weapons. It is at best a 
delaying action, but every year gained buys 
time for diplomacy. Even in building their 
nuclear “devices.** Pakistan, Israel and other 
nations lake care to preserve the constructive 
fiction (hat they are not quite weapons. That 
fiction at least prevents them from presenting 
their neighbors with an open threat of nadear 
war. and reduces the provocation to other 
nations to build nudear weapons of their own. 

Israel recognizes the value of this much 
restraint. It promises not to be the first to 
“introduce" nudear weapons into the Middle 
East. Its reaction it has shown how provoc- 
ative an adversary’s buildup can be: When it 
learned in 1981 that an Iraqi reactor could 
make weapons, Israeli planes destroyed iL 

Thus the world has managed to stigmatize 
nudear weapons as still different from all 
others. Everyone knows that any number of 
nations are nonnuclear in name only. Yet as 
long as their arsenals are relatively primitive 
and unacknowledged, there is hope of averting 
nudear wars. To preserve the stigma, signers 
of the nonproliferation treaty need to be close- 
ly policed, while non-signers, like Pakistan and 
Israel need to be harassed. When they are 
caught improving their “devices," they have 
to be shamed and spanked. 

— THE NEW YORK TIMES. 


The Israelis have said that some krytrons 
have been used for military purposes but only 
for research with conventional weapons — 
specifically, range-finders using lasers. They 
have also said that those krytrons still in inven- 
tory, presumably unused, will be returned to 
the United States. How about the others? 

Both Israel and Pakistan belong to the short 
list of countries that possess unacknowledged 
nadear weapons or are trying to build them. 
The evidence suggests that Lsrad has for many 
years bad weapons in the final stages of assem- 
bly, capable of being completed very quickly 
in an emergency. Pakistan is not nearly as 
dose to having weapons, but, despite denials, 
is dearly moving toward them. Both have 
nuclear laboratories and reactors that they 
refuse to open to international inspection, the 
baric safeguard by which countries demon- 
strate intentions regarding nudear weapons. 
Neither has signed the nonproliferation treaty. 

Both American law and common sense re- 
quire a high level of U.S. vigilance to maintain 
stringent control of exports that might prove 


useful to weapons builders. The international 
effort to dissuade governments from building 
these weapons has been on the whole success- 
ful over the years, but it has required a great 
deal of hard work by politicians, diplomats 
and, as in las Angelo, policemen and prose- 
cutors. Thai work is necessary. 

Each country that obtains these weapons 
becomes a reason for others to attempt to get 
them. India's explosion of its nudear “device" 
in 1974 — India claims the thing was peaceful 
not a weapon — became an incitement to 
Pakistan to match iL Both Pakistan and Israel 
are in regions of great tension and longstand- 
ing hostilities. The United States has to apply 
the same rules to both. Having failed to catch 
the illegal shipments to Israel unlike the simi- 
larly illegal shipment to Pakistan, the United 
States must now ask to have these devices 
returned — all of them. These krytrons are a 
small dement in the struggle to prevent nude- 
ar proliferation, but in this endeavor even the 
small dements are crudal 


— THE WASHINGTON POST 


FROM OUR MAY 20 PAGES, 75 AND 50 YEARS AGO 


1910: So Much for Halley’s Comet 

PARIS — Comets' tails, if they behave as that 


or Halley’s comet did [on May 19J, need not 
disturb even the most timid when they whisk 


disturb even the most timid when they whisk 
over the terrestrial sphere. The earth, there is 
every reason to believe, passed through the tail 
of the comet and. despite careful preparations 
and vigilant attention, there was practically 
nothing to record. Registering instruments re- 
corded no variations. Temperature and atmo- 
spheric pressure seemed normal. And then, 
here in Paris, light rain began, certainly the 
most normal of all natural phenomena this 
year. In fact nothing to remark. 


1955: 53 Die as Russia Loses Plane 
MOSCOW — Broken metal scattered in fields 
and piled up in a demolished farmhouse was 
all that remained of the world's largest air- 
plane, the Maxim Gorky, which crashed [on 
May 18], snuffing out 51 lives. Tribute was 
paid to the crew as mute evidence of the 
wreckage disclosed that the switches on all 
eight motors had been cut, indicating that the 
phots had cut the ignition after the collision 
with a stunt plane above the Moscow airport 
to prevent the explosion or the fuel tanks. 
There was no evidence as to what caused the 
explosion that rent the plane into three parts. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY. Chairman 1953-1982 


KATHARINE GRAHAM. WILLIAM S. PALEY. ARTHUR OCHS SULZBERGER 

Co-Chairmen 


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WALTER WELLS Editor ALAIN LECOUR Assocuue Pebflshcr 

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ROBERT K. McCABE Deputy Editor STEPHAN W. CONAWAY Director of Ooeraium 

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ROLF D. KRANEPUHL Dtrtaar of Adnnamg Sales 
Laienuiuoal Herald Tribune. 181 Avenue Cbarks-de-Gaolle. 92200 Ncuflly-sur-Sane. 

France. TeL: (1)747-1265. Tdex: 612718 (Herald). Cables Herald Paris. ISSN: 0294-8052. 

Dtreaeur de la publication: Walter N. Thayer. 

Asia Headquarters. 24-34 Heruivssy Rd. Hong Kong. Tel. 5-285618. Telex 61170. 

Managing Dtr. U.K.: Rabin MacKichan 63 Lang Acre. Larukm WC2. Tei 836-4801 Telex 2620Q Q . • 

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Ci 1985. International Herald Tribune All rights reserved ■SfiJSSaB 



When Iraq,, 
Speaks Up 
For Israel 


By Philip Geyelin 

W ashington - -we must 
use our machine guns • - ■ 

free Jerusalem ... The (tey wmtoms. 

that everyone wishes to be a resident 
of [Jerusalem] . . - 
ished from the face of the E*™*- . 
Those jolly exhortations are 


StaTiTont NDdfle 

Copies b ynowri iouldhe in 

key people at the State pep artme nt- 
Thewords alone would suggest an 
Israeli effort to umna&k the true pur- 
poses of the PLO. But the distributor 
is Nizar Hamdoon, the Iraqi ambas- 


Mr. Hamdoon’ s map 
reflects a positive side td* 
US.-Iraqi relations. 


Lo 9 America’s President Turns Into a King 


P ARJS — When the president of the United 
States travels abroad, his tasters precede him, 


i States travels abroad, his tasters precede him, 
trying the food he is to eat, overseeing the prepara- 
tion of the banquets be will attend. At the dinner 
given by West Germany’s president in Bonn on 
May 4, American security men told German offi- 
cials where they could and could not move about. 

The president of France was blocked in his cat 
for 20 minutes because the UJS. Secret Service 
would not move President Reagan's backup car. 
Jews protesting Mr. Reagan’s Bilburg cemetery 
visit were dragged away from the Bergen-Belsen 
concentration camp on Secret Service orders. 
These U.S. personnel were “like Roman legion- 
naires in a foreign country" a German said. Anoth- 
er official said, “They behaved like apes.** 

What does this remind you of? When Louis 
XIV, the Sun King, dined at Versailles, an equerry 
tasted his food in the kitchen. The king's meat — (a 
viand* Ju Roi — was delivered from kitchen to 
table, across a courtyard preceded by two royal 
guards, an usher, the mallrc d’hote! with his stick, 
the gentleman-savant of the pantry, the general 
supervisor of same, the assistant supervisor. Then 
came the meat, and after that a second equerry and 
two more guards. A courtier encountering the meat 
on its way was obliged to remove his hat and bow 
to what the king was about to deign to caL 

The founding fathers of the American republic 
considered setting up a monarchy but derided, in 
all gravity, not to do so. George Washington re- 
fusal a crown. He was too modest — or he merely 
saw that the time was not yet ripe. 

Today, in fact but not in name, the United 
States has a king (or an emperor) surrounded by 
pomp, protocol and protection that would have 
astounded IcRoi Soled and appalled the authors of 
the American constitution. There are courtiers — • 
still fawning, one fears — and courtiers' courtiers. 


By William Pfaff 


There is the mighty and dreaded Washington 
press corps to chronicle every mood and humor in 
the royal progress, every step and misstep, to 
search for every inconsistency between what the 


reporters 


proxies and protectors 


the people, Kke the aristocrats always present at 
royal births to witness to legitimacy; actually they 


royal births to witness to legitimacy; actually they 
give further testimony to the quasi-divinity of the 
figure to whom tbeir professional lives are devoted 
But the president of the Swiss Confederation, 
which is not a global power but not an inconsider- 
able one eitha, jostles with other guests to get his 
coat from the cloakroom at concerts. The president 
of the French republic takes his friends to dinn er in 
restaurants and leaves the quality of his food to the 


chef. The queen of England goes out with a detec- 
tive to accompany ha. and the heir to the throne 


□ve to accompany ha, and the heir to the throne 
gets knocked off his horse at polo. 

It was not so long ago that such things happened 


in Washington — in republican, pre-imperial 
Washington. Harry Truman used to take brisk 


Washington. Harry Truman used to take brisk 
walks through the dry. A recent letter to a news- 
paper tokl of the writer's father driving under the 
White House portico in the 1930s to put his car's 
top op in a rainstorm. An usher came to the don 
politely to inquire what he wanted 
Ah, the reader may say, but tunes today are 
different They are; but not that much. There are 
terrorists today, but there were terrorists yester- 
day, and the great and murderous American Nat, 
who shoots famous people to give a little meaning 
to his life, has always been with us. Porno Rican 
Nationalists attacked Blair House in 1950 to try to 
kill Harry Truman, but he went on taking walks. 


Franklin Roosevelt was attacked in 1933 and Chi- 
cago’s mayor took the bullet and died Lincoln. 
Garfield and McKinley were all sboL 

Terrorists are nodring new. Between 1890 and 
1914 assassins killed the empress of Austria, the 

andvice presdmwrf Mexico, theming o^G-reece, 
the prime minister of Spain, President McKinley 
and the archduke of Austria. That is a mere impos- 
ing record than Colonel Oadhafi, the PLO, the 
Bulgarian secret service and the Baader-Meinhoff 
gang can rfabn, all together. 

what is so new in the American situation that 
the head of the executive branch of government 
has to be given the obsequious attention and obses- 
sive protection of a monarch, while allied chiefs of 
state are treated as vassals, expected to bow to the 
king's meat — or to his backup hmousme? 

There is an intelligent ana experienced vice 
president, and a line of succession assuring that 
America would have a president even if a dozen 
men and women were assasanated in tom. There 
are. to be blunt, plenty more where this one came 
from. The halls of Congress and die storehouses 
are crowded with people who want desperately to 
be president — and have the qualification^ wr li as 
they are. A new election comes every four years. 

What has changed in American life that Amari- 
cans should pay such servile, even obscene, atten- 
tion, that, to thepresidajtial incumbent, ins wife, 
his entourage? Mr. Reagan, Mr. Carter, Mr. Ford 
— these are ordinary ana decent men placed by the 
people, for a few years, at the top of the insecure 
pile of American politics. Why are they t reated like 

gods? Who is bom flattered or appeased? The 
people themselves? Is that what ifsall about? Is it 
national ego, self-adoration, self-aggrandizement? 
I don’t know, but 1 think it is time that it stopped. 

0 1985 WiOUan Pfoff. 


sadorto the United States. His target 
is Islamic f mi^pwnilign in general 
and the Iranian r eg ime in particular. 

Mr. Hamdoon claims — and ex- 
perts who have seen the document 
have no reason to doubt him — that 
the map was taken from captured 
Iranian revolutionary guards. 

If nothing else, the map, and the 
use the ambassador is putting it to, 
are grap hic r emind ers of the Middle _ 
East’s endless potential for upheaves 
for ernnerimea subtle and sometimes 
sharp realignments; for the posing of 
new threats from new directions, as 
well as of new opportunities. 

The war between Iraq and Iran has 
raged on and off for four and a half 
years with neither side demonstrating 
the ability to win conclusively. Yet 
Mr. Hamdoon is not alone in his 
concern over the larger aims of the 
ruling Shiht* f undamentalists in Iran. 

The t racing by UJ3. intelligence of 
devastating terrorist acts in Lebanon 
through Syria to Iran suggests that 
the Iranians do not have to win the 
war lo be a menace to the area. Shiite 
extremists are an active threat in Leb- 
anon. American as well as Iraqi anag 

lysis share a worry that Iran may tatST 

out its frustrations in the war with 
Iraq by making a move on Kuwait 

Thus a prominent American Arab- 
ist finds Mr. Hamdoon’s map “very 
interesting,” if only in the sense dial 
it brings the fanatic public rhetoric of 

Mamie ftinrianv n teferm into tight to- 

ass. That Israel is on the Iranian hit 
fist is no surprise. So are almost aS of 
America’s Arab friends, most nota- 
bly the monar c hi es and sheikhdo ms 
sitting cm the vital oil resources of the 
Gulf. But Iranian fundamentalist in- 
doctrination has to be running deep 
when the ayatollah's revolutionary 
guards are carrying into battle so ex- 
plicit a statement of their mission. 

You woukl expect the map to shorn* 
its froanowbeadripeen-and-ytf- 

low bonds sweeping out of Iran and 


W ith the Soviets, You Don’t Negotiate in a Hurry ESU 


W ASHINGTON — Late in 1949 
the Soviets threw in a new is- 


VV the Soviets threw in a new is- 
sue lo obstruct negotiations on Aus- 
trian sovereignty. They demanded re- 
payment for dried peas supplied to 
starving Austrians by Soviet troops 
— which in fact had been taken from 
German Wehnnacht stores in Vienna 
— as part of postwar relief due to 
Moscow. When Austria asked how 
much Moscow wanted Tor the dried 
peas, no reply was forthcoming. The 


By Kenneth L. Adelman and Charles A. Sorrels 


converging on Baghdad. You might 
• TT not expect to see three huge arrows 

m O HlirrV thrusting westward at Jerusalem, or 
a A1U1A i / tofindtbe Iranian future for the Gulf 
■ w conveyed, by designation of Saudi 

as an appealing neutral alternative to Arabia on the map as “Arabstan.” 


Mr. Adelman is director of the U.S. Arms Control and Disarmament Agency. 
Mr. Sorrels is senior policy adviser to the agency. This is the second of two parts. 


rock of Si5>phus rolled down again. 
Britain, France and the United 


Britain, France and the United 
States were learning the hard way 
about negotiating with Ihe Soviet 
Union. One hard-learned lesson was 
this: At times the Soviets simply re- 
fuse to take yes for an answer. 

From 1949 until early 1954, nearly 
a year after Stalin’s death, progress in 
the talks was imperceptible. Then the 
three Western powers, along with 
Austria, made a stab to finish the 
treaty. They yielded ground, offering 
to accepr the Soviet version of all five 
re mainin g articles. In an amaying feat 
of diplomatic chicanery, Soviet For- 
eign Minister Vyacheslav Molotov 
refusal even this. 

No, he could not accept his own 
version of all ou (sanding articles. 
Rather he added as a kicker the new 
demand that Soviet military occupa- 
tion of Austria continue indefinitely. 
(In April 1946, Mr. Molotov had told 
then U.S. Secretary of Slate James 
Byrnes: “It might’ be necessary to 
leave troops in Austria for another 
year" — that is. until early 1947.) 

John Fosta Dulles later told the 
Senate Foreign Relations committee 
how “these new Soviet conditions 
made a mockery of the treaty." They 
were turned down flat by Austria and 
the WesL When the Soviets are not 
prepared to advance negotiations, no 
amount of Western pleading or even 
concessions can bring results. 

□ 

Another lesson: The bargaining 
never ends until the final signing. 

The last phase of any negotiating 
process is always the most intense, 
and generally uie most important. 
The Soviets realize this well and 
commonly lay heavy demands in the 
final hours. As Mr.’Dulles put it lat- 
er: “They astutely take into account 
any weaknesses of their opponent, 
such as impatience to get the negotia- 
tion ova or w illingness to treat any 
‘ a greement' as a success, without re- 
gard to the contents or dependabili- 
ty." The only way to counter is to 


appeared ready to agree to pull back 
all Soviet forces from Austria. 

The diplomatic action then moved 
to Vienna. It quickened during the 
first half of May 1955 and culminat- 
ed in a treaty on May 15. No mention 
was made of dried peas. 

The main stumbling block was the 
age-old one, reparations. In V ienna 
the Soviet Union still wanted to rc- 


if the payments could have been to- 
tally discontinued." But of coarse, 
they whittled the amount down con- 
siderably and, most important, com- 
pletely gpt rid of Soviet legal rights 
over Austrian assets, and of Soviet 
occupation forces in Anstria. 

These were the large mines on the 
assets side of the ledger, to balance 
the reparations amounts on the debit 


militarized alliance with the United The conduaon that official Wash- 
States. They also sought to discour- ingtoais being invited to draw from 
age West German rearmament — a this bit of evidence is that Iraq stands 
constant, then particularly poignant as a vital bulwark defendingAmeri- 
Saviet fear — as a critical component can interests, in the Middle East, in- 
of NATO's forward defense: chiding not only the Moslem de- 


Rcgardless, the Soviets moved and meats but also IsraeL What then? 
we were wise enough to strike a good, Iraq’s objective is modest, Mr. 

even if not perfect. deaL Thirty, years Hamdoon insists. With its Moscow 
later it still stands the test <£ feme as a connection. Its dependence on Soviet 
good deaL That is no meanlqM; espo- arms and its professed devotion to 
; 'nego- nonafignmeal it has no expectations 
of material U.S. support But it 


Because we believe that reducing nudear 
weapons is such a crucial goal, it is easy to grow 
impatient with the negotiating process. 


daflynwhe postwar history of nqgo- nocafignmeal ithasnoexpec 
dating with the Soviets. of material UiL support. 

We hope that someday we can at- would welcome a shift of US. 
tain an equal level of success in our away from strict “neutrality." i 
efforts to greatly reduce nudear icatiy, it would like America to use its 
weapons ana increase stability in the influence on Europeans, Japan and 
world. American and Soviet negotia- others of itsfiiends who continue tqL 


world. Amencan and Soviet negotia- others of its friends who continue taL. 
tors in Geneva have met together for sell trucks, small boats, light aircral? 


about six weeks to discuss arms con- and other itens to Ir m 


trol issues. The negotiations are With an eye lo a post-Khamdni 
heduled to begin again soon. ban, the Reagan administration has 
Because we bduwe that reduting been careful not to choose sides. So a 
id ear weapons is such a crudal conspicuous “tilt" to Iraq now is un- 
wl it is easy to grow impatient with likely. U5. policy, which has yn to 
e process — to want to sign an be put to a test by the inconclusive 
'reement in several months’ or a ebb and flow of battle is a negative: 


tain, for up to 30 years, most of the 
valuable Austrian oil properties, and 
it wanted to own in perpetuity the 
Austrian Danube shipping, including 
its docks. In Moscow in April the 
Soviets reached an economic accord 
with Austria that induded Austrian 
payment of 10 million tons of oil to 


Moscow ova 10 years, S2 million for in April and May 1955 came as a 
Danube assets and $150 million in surprise to the west Inst the year 
return for other “German assets" in before, at the foreign ministers' meet- 
Austria. Everything seemed seL mg in Berlin, the Soviets had hard- 


side. Realizing this, all members of 
the Senate Foreign Relations Com- 
mittee supported the treaty. 

□ 

A final lesson is that Soviet mo- 
tives in agreeing to a treaty may be 
neither benign nor evident 
The dramatic shift in Soviet policy 
in April and May 1955 came as a 
surprise to the West Just the year 


scheduled to begin again soon. 
Because we believe that red 


Because we believe that r 
nudear weapons is such a 


agreement in several months’ or a ebb and flow of battle, is a negativj 
year's time. Certainly the American It does not want Iraq to lose, 
people and others pace high hopes Bm Ml Hamdoons map reflects 
on our achieving quick results. That positive ade to U-S--Iraqi r elatio ns 
desire is not surprising, but we should that few would have forecast four 
not allow it to pressure us into hasty years ago. That Iraq was seen as the 


hang lough, to wail for anoiher win- 
dow of opportunity to open. 

In April 1955 this happened. The 
Soviet government suddenly invited 
representatives of the Austrian gov- 
ernment to Moscow. The Soviets' re- 
newed willingness to bargain was 
probably related to events then going 
on beyond the Austrian treaty, in- 
cluding the granting of sovereignty lo 
the Federal Republic of Germany, 
the creation of the Western European 
Union and. most important, the entry 
of West Germany into NATO. 

Whatever the cause, the result was 
that Moscow was willing to move. It 


But that again, it was noL At the 
last minute the Soviet representative 
in Vienna refused to modify the text 
of the treaty to reflect the Austrian- 
Soviet accord reached the month be- 
fore. In eflecl the Soviets wanted to 
be free to reoccupy Austria, based 
upon asserting remaining legal rights 
to economic assets there. 

On May 10, 1955 —a mere 5 days 
before the scheduled signing ceremo- 
nies — Secretary Dulles took a val- 
iant derision: No way. He would not 
come to Vienna, and America would 
not sign, unless the treaty was modi- 
fied to incorporate the Moscow eco- 
nomic accord of April At the last 
moment the Soviets consented. 

□ 

Yet another lesson: No treaty is 
perfect or controversy-free. 

In the end Austria did in effect pay 
reparations to the Soviet Union — 
contrary to baste policy of the United 
States and Britain, and contrary to 
what the Soviets bad formally agreed 
at Potsdam in August 1945. 

Not unexpectedly, this became a 
bone of contention in the ensuing 
Senate bearings- Senator Mike Mans- 
field told Mr. Dulles. “I am going to 
vote for this treaty, Mr. Secretary, 
but it seems to me that it is an ex- 
tremely high price for a friendly, 
democratic country such as Austria 
to pay." Senator Hubert Humphrey 
made” a similar print: “My concern, 
sir. is registered because of the chain 
or a certain amount of commodities 
to the Soviets in the form of what you 
may call payments or reparations." 

Again Secretary Dulles faced the 
issue squarelv. "It is not perfect in 
lhai respect. ’We would, of course. 
Have been much happier and the Aus- 
trians would have been much happier 


ened their position to the point of 
refusing their own provisions. They 


settle up only when they decide to 
settle up, for reasons of their own. 


settle up, for reasons of their own. 

What were the reasons? We know 
tittle better today than we did then. 
Perhaps Moscow wanted to keep the 
Western zones in Austria from enter- 
ing NATO. Perhaps it was in part to 
assure that Austria would be truly a 
neutral nation wedged between West 
Germany and Italy. Perhaps it was 
the opening gambit by Nikita Khru- 
shchev in his “peace offensive." 

The Soviets wanted to undermine 
NATO and Western public support 
for increasing defenses by offering 
Europeans peaceful, united Austria 


moves or unwise schemes. 

Certainly, if oar 30-year-old suc- 
cess in Austria has taught us any- 
thing, it is that reaching effective 
agreements with the Soviet Union is a 
tong, hard road. Worthwhile results 
do not happen ovemighL 

George Bernard Shaw wrote that 
“peace is not only better than war, 
but infinitely more arduous." Our 
experience in negotiating Austria's 
freedom makes tins dear. Thirty 
yearn ktex we find ourselves pursuing 
an even more arduous task ^ridding 
our world of the nadear threat and 
ushering in a new era of peace and 
stability. If we heed the lessons of the 
years leading to 1955,' our efforts can 
be even more promising. 

International Herald Tribune. 


instigator of the war with Iras, the 
shdterer and famenier of terrorism. 

By the time full- di ploma tic rela- 
tions were re-established between the 
United States and Iraq last Novenw 
ber after a 17-year break, Iraq hsL 
tempered its public stance on a solu- 
tion of the Arab-Israefi-Palestinian 
conflict. It had latsdy rid itself of the 
“tmorisf image. It bad moved clos- 
er to restoring relations with Egypt 
and identified itself more dcariywith 
the “moderate'’ Arab camp. 

That it should now be presenting 
itself, for whatever reasons of expedi- 
ency, as a credible imp, of defense 
agauut threats to Israel's security is 
rate more sign of that never-ending 
Middle East potential fra change. 

Washington Post Writers Group. 


LETTERS TO THE EDITOR 

Nigeria’s Crowded Ports »wigestion nnd stated that “among hi addition to Lagos ports, the Nir 

o the cames of the Nlwnan Port Anth_ «m<n .j.- 1 


In “Nigerians Prevent Unloading 
of Emergency Food for Chad" (April 
5), it was reported that officials of the 
UN World Food Program had com- 
plained that ships loaned with emer- 
gency food aid for more than 1.3 
million hungry people in landlocked 
Chad had been prevented from un- 
loading at Nigeria’s main port. 

In a special r ep o rt on Nigeria 
(March 12) you noted Lagos port 


only's or ganizati onal problems are ' rang compmi*^ to nuiti- use of Port* 
the following: the simultaneous anriv- Hanxxnt and Calabar ports, which 


tnefoDowmg: toe sumutaneous amv- Harcoart and Calabar prats, which 
al of delayed 1984 imports, a million are relatively less congested 
tons of fertilize r fra the coming. Thor also onom. the agencies con- 

planting season, large amounts of cemea to notify or apply in iim» to 
food aid for Chad and Niger, and the authorities to facilitate the dear- 
Ntgeria's own food imparts. Each ance at prats or through the land 
cat^my of goods is deemed urgent" borders with Nigeria's neighbors. 

^..LAOSE.RraAuad* 


Letters intended for publication 
should be addressed "Lettm to the 
Editor" and must contain die writ- 
er’s signature, name mid full ad- 
dress. Letters should be brief and 
are subject to editing We cannot 
be responsible for die return of 
unsolicited manuscripts. 


Maidi 12 report explains the prob- 
lems that the Nigerian authorities 
face (and are doing all in thdr power 
to sort out), we consider it necessary 
to reiterate Nigsria’s commitment to 
the well-being of the African conti- 
nent. It is in view of that eranunttnent 
that the head of state, Major General 
Mohammed Btihari, promised m Jan- 
uary 1985 to cooperate with the Unit- 
ed States by providing port fadfities 
for transit of rdief"- materials to 


• Emb assy of Nigeria, Paris. 

A Protest^ 7 Memorial? 


drought-affected countries. 


nmmfment to ^As regardx the suggestion by Tern 
tfrican conti- Hayden, the California legislator, 
toraramimcnt anwnumenitobeerectedmlKmOT^ 
4ajor General Am e ri ca v Vietnam War protestors 
xnisedmJan- ff April 26), I agree with the 
with ihe Unit- idea of a monument, but it might best 
port fadfities be placed in Red Square. 

““kWds to ' ' ^ a, , FRANK McGEARY. ■ 


Bethioua, Algeria. 




cir-KtOr. 




i * 
) £ 


4uu aioiui u«u atnuug ■ m niHniKHi in i j wy pons, me PH lr 1 - 

the causes of the Nigerian Port Auth- gerian authorities have advised ship!# { fcL 

rally's or ganizati onal problems are' rimt companies to make use 'of ftwt ■ f W\. 





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EVTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 


Page 


Nicaragua Steps Up Raids on Rebels 
On Honduran Border, U.S. Aides Say 


By BUl.Kdkr 

New York Times Service 

TEGUCIGALPA Honduras — 
Hostilities along the Nicaragua- 
Hondnras bonier have widened 
dramatically in recent weeks, ac- 
cording to U.S. military and diplo- 
matic officials here, with Nicara- 
guan troops crossing the border for 
the first time in force to pursue 
rebels operating from sanctuaries 


tras," tooperaie from camps on the 
Honduran side. 

The intelligence official. Com- 
mander JnKo Ramos ArgfleUo, said 


The U.S. officials said that the 


the Honduran Army and that their 
artillery bombardments across the 
border had forced up to LOOO Hon- 
duran civilians to flee their villages. 
They added that groups of up to 
-200 Nicaraguan soldiers at a time 
had been seen in Honduras. 

In Managua, the chief of imrffi- ' 
grace for the- Nicaraguan Army 
said in an interview that shriKng 
and sldimisbes across the border 
were unavoidable as long as Hour 
dnras allowed the UiL-backed Nic- 
araguan rebels, known as “con- 


that rockets sometimes crossed the 
poorly marked border into Hondu- 
ras and that Nicaraguan infantry 
battalions “might have'’ conducted 
thrusts across it 

“In this sort of fitting, it is voy 
difficult tossy, ‘Don’t fight on that 
ade ,” 1 Commander Ramos said. 
He added that the Nicaraguan gov- 
ernment h ad warned Honduras to 
force the rebels bad: from the bor- 
der, since the proxi m ity erf rebel 
camps to Nicaraguan territory 
made it impossible “to avoid that 
o&cein a while a bullei goes across 
the barter.” 

US. sod Nicaraguan officials 
agreed that Nicaragua's Sanrimist 
government troops had scattered 
the rebels from their stronghold. 
The major rebel headquarters, 
called Las Vegas, in south-central 
Honduras, was disbanded this 
mon th and groups of rebels have 


moved northeast along the border 
in search of new avenues for strikes 
into Nicaragua, the said. 

UJS. officials said that the Hon- 
duran Arn^ had proved ineffective 
in containing the Sandinist incur- 
sions. They said that the Hondu- 
rans had been hampered, by their 
lade of adequate troop hdi copters, 

ma ps and mmmimif’a uflp s 

The Honduran military is under- 
going an intensive U& training 
program. The United States is pro- 
viding $62.4 mflltp n m mili tary aid 

to Honduras this year and is 
pledged by treaty to protect the 

country against invasion. 

In a confrontation last week; near 
the Honduran town of Arenales, 
U.S. officials said, one Honduran 
soldier was Mod and four were 
wounded in a SreGeht with a San- 
dinis t patrol inadeHonduras. 

Although the Hondurans have a . I 


well-regarded air force, trained by 
titn 


Threats in Philadelphia 
Cited by Mayor, Others 


Compiled by Oar Staff From Diqmches 

PHILADELPHIA —Mayor W. 
Wilson. Goode has increased police 
surveillance of the group MOVE 
because of fears of reprisals by its 
monteis and : 


mg the police attack on MOVE 
hradquarterc that left 11 persons 
dead, a spokeswoman said. 

“There have been threats and 
there are continuing threats,” the 
mayor’s spokeswoman, Karen 
Wamngtoo. sard Saimriay. 

The bombing of MOVE bead- 
quarters May 13 led to a fire that 
destroyed 53 homes and heavily 
damaged eight others. The 11 per- 
sons killed were presumed to be 
MOVE members. 

In a related development, the 
U.S. secretary erf housing and ur- 
ban development, Samuel R. Pierce 
Jr., has pledged federal aid of SI 
million to hap the estimated 270 
residents left homeless by the fire. 

Mayor Goode's office confirmed 
that police had begun surveillance 
of two other fortified MOVE 
houses. It was not known how 
many people lived in the houses! 

“I believe that there is a potential 
for additional violent confronta- 
tion between MOVE members and 
the city, 7 ' the mayor toldthe Phila- 
delphia Daily News. He said “acts 
of revenge” were possible. 

“We nave a very dangerous 
group here," Mr. Goode said in a 
separate interview with ABC Net- 
work News. He said there had been 
“threats of all kinds already against 
the lives of many people, mefading 
the mayor.” 

The fire commissi oner, William 
Richmond, also said his life had 
been threatened. 

Fourteen known MOVE mem- 
bers are in five Pennsylvania pris- 
ons. Nine of them are serving sen- 
tences in connection anth the fatal 
shooting of a police officer in a' 
confrontation in 1978. 



Americans and equipped wi 
French, UB.' and Bnmlian planes, 
they have been reluctant to rend air 
power into the mountainous border 
area, U-S. military officials said. 

The officials sod that the Hon- 
duran pilots did not have naviga- 
tional maps of the area and were 
wary of Nicaraguan patrols armed 
with Soviet SAM-7 surface-to-air 

TTW wdlea. 

In addition, they said, the Hon- 
durans fear the domestic political 
t&rmoil that might result if there is 
a further widening of the fighting 
U.S. officials said that Honduras 
had teen slow to make an issue of 
the San dinis t border crossings be- 
cause they were “embarrassed” 
that they cannot control them. 

In Panama last week, the Nicara- 
guan deputy foreign minister, Vic- 
tor Hugo Tmoco, said that Nicara- 
gua had asked the Ccmtadora 
group of four Latin American 
countries to send a team to investi- 
gate the recent border dashes. The 
Contadora group, comprised of 
Mexico, Panama, Colombia and 
Venezuela, is sedring a peaceful 
resotation of conflicts m the r ‘‘ 
Meanwhile, both U.S. and 



FACTORY ATTACK — Firemen battled a Maze at a paper factory outside lima after 
it was firebombed by guerrillas. The guerrillas, believed to be members of the Maoist 
Shining Path, also sprayed the factory with machine-gun fire, wounding five workers. 


40 Killed in Sri Lanka, 
Near Site of Massacre 


Prtiwrf Press International ■ 

COLOMBO, Sri Lanka — Un- 
identified attackers killed 40 Tamil 
civilians and burned Tamil houses 
Sunday in a town near the site of a 
recent massacre, the police said. 

The men and women were killed 
in Amparai, 150 miles (245 kilome- 
ters) east of Colombo. The bodies 
were buried by commandos of the 
Special Task Force, which is in 
charge of security in the Eastern 
Province. 

(Sepala AttygaHc, the defense 
recretaiygeneral said reports of 
large Tamil civilian casualties in 
the area were “absolute nonsense,” 
Reuters reported.] 

The reported killings were the 
latest in violence between the most- 
ly Hindu Tamils and the predomi- 
nantly Buddhist Sinhalese major- 
ity. Tamils accuse the Sinhalese of 
discrimination and want a separate 
state in the Northern and Eastern 
provinces, where they are a major- 
ity. 


Ampari is near Anuradhapura, 
where Tamil 


Tamils massacred more than 
170 Sinhalese on Tuesday. That at- 
tack prompted reprisals that have 
resulted in the deaths of dozens of 
Tamil civilians. 

’■ First Such Large Attach 

Earlier. Barbara Crassette of The 
New York Times reported from Am- 

radhapum: 

The killings Tuesday marked the 
first such large-scale assault by the 
T amils against civ ilians in a Sinha- 
lese-controlled area. 

Witnesses to the attack and sur- 
vivors of it were stunned and 
frightened, but they also were an- 
gry that a small band of gunmen 
had been able to operate freely 


along a major road without arous- 
ing suspicion. 

Many people said that local po- 
lice officers bad disregarded threats 
that were made against Anuradha- 
pura a week before the attack and 
then ignored frantic telephone calls 
for help when the gunmen struck. 

A woman who saw the massacre 
of civilians at a bus depot said that 
the police disappeared into the sta- 
tion house less than half a mile 
away “and didn't come out for an 
hour and a half.” Several towns- 
people said Saturday that some en- 
raged residents had tried later to 
raise a crowd to stone the police 
station. 

Villagers near Wilpattu National 
Fork, who tried to summon help 
when they realized that park rang- 
ers were bong shot by escaping 
gunmen, said that a local police- 
man had told them, “We'll protect 
ourselves; you protea yourselves." 

Officials in Anuradhapura did 
not dispute residents' accounts of 
the absence of the police. Chandra 
Ban dam, the district minister in 
charge of the region, said that the 
local police were neither armed nor 
trained for this kind of attack. 

Responding to residents' charges 
that threats had been disregarded 
and that no extra security measures 
had been introduced, tue district 
minister said that the police re- 
ceived threats all the time. 

Anuradhapura, still under cur- 
few. was not alone in its grief or it> 
rage. From Puttalam, 50 miles 
southwest on the west coast, 
through Maragahawewa village, a*, 
the gateway to Wilpattu Park, and 
then the town of Nochchtyagama, 


the road to Anuradhapura passes 


'Boat People 9 in China: Some Are Still Unhappy 


through a valley of death, 
mourning flags on shops and 
bones were reminders of other vic- 
tims gunned down for being in the 
way of the gunmen. 


Samuel R. Fierce Jr. 


Mayor Goode estimated that a 
total of $8 million would be needed 
to build new hones. He said SS 
ntinion was needed to construct the 
homes and $2 miTlitm more to fur- 
nish them. The other SI million, he 
said, would be needed for unantici- 
pated expenses. 

The mayor said he hoped $5 mil- 
lion migh t come from state aid pro- 
grams that would be put into effect 

if Governor Richard L. Thorn- 
burgh declared the nrighborfaood a 
disaster area. 

Mr. Goode said te thought the 
reconstruction project could start 
by early July and, “by wodring day 
and night aod weekends,” be fin- 
ished by Christmas. 

Mr. Pierce was joined on bis 
walking toccr Friday by Pennsylva- 
nia’s two U.S. senators, Aden 
Specter and John Heinz. 

“I was deeply stricken," Mr. 
Heinz said. “It was a sad, even 
terrifying sighL" 

Mr. Specter said; “It's over- 


mnmwn pu n had .turned sharply 
against the Nicaraguan rebels. 

Commander Ramos said that the 
Sandinists had counted 1,200 guer- 
rilla dead and wounded in the past 
two months and that 90 percent of 
the forces operating in the border 
area — estimated at 10,000 to 
15,000 guerrillas — had been driv- 
en into Honduras. 

Nicaraguan and UJS, nffaial-s 
agreed that UJS. troops ted stayed 
dear of the conflict. About 1,200 
UJS. troops share a base with Hon- 
duras at Palmenrfa, in central Hon- 
duras, and travel the country an 
training maneuvers and intelli- 
. grace-gathering activities. 


By John F. Bums gees, who discussed the matter at a 
New York lima Service news conference during a visit that 

BEUING — Of the millions of indnded talks with senior Chinese 
Vietnamese who have fled their officials, visits to refugee camp s 
country by boat or an foot since the . and the signing of a new aid agree- 
' * victory *— — ‘ 

:ted It 


ragnan officials said that the battle Communist victory in 1975, few 


have attracted less attention 
around the world than the 280,000 
who came noth to China. 

Among Vietnamese populations 
abroad, those in China are second 
in numbers only to those in die 
United States. Although the over- 
whelming majority of them are of 
Chinese ethnic descent settling 
down has not always been easy, 
and years after arriving thousands 
still are actively seeking accqjflhce 
elsewhere. 


A glimpse into the lives of people 
in China's only refugee community 


of any size was provided recently 


meat 

Mr. Harding, a former Danish 
prime minister, announced that the 
United Nations would give an ad- 
ditional J 12 mini on from 1986 to 
1988 to help China resettle the 
Vietnamese. It would bring total 
UN Msastanwi to the Chinese au- 
thorities to more than 551 million 
since 1978. 

According to the Chinese, the 
UN assistance is barriy a quarter of 
what the Beijing government has 
roent on the problem — more than 
60G million yuan (5211 million). 
Modi of this has been invested in 
the 196 state-run Farms to which 


by Poul Hartling, the United Na- . China has directed most of the 
tions high commissioner for refu- Vietnamese citizens. 


Mr. Hartling said that the UN 
agency considered a resettlement 
program a success when 80 percent 
of those involved were satisfied 
with their oew lives, a criterion that 
he said had been met among the 
Vietnamese in China. 

Bui he acknowledged that about 
20 percent of the refugees remained 
unhappy, until a large tuunber still 
requesting transfer to otter coun- 
tries, mainly the United States, 
Australia, Britain, Canada or 
France. 

Die refugees are concentrated in 
four Chinese provinces, Yunnan, 
Guangdong Fujian and Jiangxi, 
and in theGuangri Zhuang auton- 
omous region. At most of the col- 
lective farms they form a distinct 
minority of 10 percent to 30 per- 
cent of the work force, differentiat- 
ed by dialects as weD as by cus- 
toms. Many were formerly city 


dwellers and find adjustment to the 
rural life difficult according to of- 
ficials in the UN office here. 


Mr. Hartling spoke highly of the 
efforts made by China to help the 
refugees integrate. He said that the 
greatest success so far had been at 
the port of Bahai on tbe Gulf of 
Tonkin, in the Guangri TTmang 
region, where 1 1.000 refugee fisher- 
men have been established as 
trawiermen. 

“They have the same work, they 
have the same pay, they have the 
same social and other facilities, " 
Mr. Hartling said. “They are cer- 
tainly not discriminated against.” 


But Mr. Hartling and other UN 
officials said that a major point of 
friction had been Gnhurs stria 


birth control policies and the fail- 
ure of many refugee families to 
observe them. 


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L 19584 


Mr. fierce, who toured the dev- whelming, hard to beheve. It looks * 
astated area Friday by foot, like a war zone.” 


the 51 mflHon in federal aid was to 
be used /or construction of new 
homes and rehabilitation of dam- 
aged ones. Additional aid, consist- 
ing mostly of Housing Department 
subsidies, is to provide temporary 
housing while the area is bang re- 
built. 

The SI millkra comes from a 
“discretionary fund” at Mr. 
Fierce's disposal as bead of the 
Housing Department, aides said. 


The senators, both Republicans, 
refused to criticize the police for 
the bombing. 

Theseani of the ruins of MOVE 
headquarters ended Friday. 
Though authorities ted said the 
self-described “bade to nature” 


none was found in the 
Police said they. found two shot- 
guns* one rifle and three pistols. 

(UPI, NYT) 


Blast Toll Is 62 


In Japanese Mine 


Ratten 

YUBARL Japan — Experts be- 
gan Sunday to investigate whether 
sophisticated gas sensors had ade- 
quately signaled leakage of meth- 
ane gas before an explosion that 
killed 62 men in a coal mine in 
northern Japan. 

The smell of gas was still strong 
as a -team of 50 policemen and 
mining experts moved into the pit 
Sunday, two days after the explo- 
sion in the Mtnanri Oyubari mme, 
police said. 

The mine, opened in 1970 on 
Hokkaido island, is Japan’s fifth- 
largest coal mine and was its most 
modern. The advanced safety sys- 
tem was installed there after a gas 
explosion lulled 17 men in 1979. 



Rescuers cany a Victim from the Japanese mine. 


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Swiss Banker Found Guilty in F raud Case 


Reuters 


'GENEVA — A 
vote Swiss banker, 
has been found guilty of 
mfni nrw of dollars flDZQ Ms 
accounts. 

The jury at a Geneva criminal 
court rendered the verdict late Sat- 
urday, finding the banker guilty of 
60' charges of frond and breach of 
confidence. 

Mr. Lederc, 67, is to be sen- 
tenced Monday and tbe public 
prosecutor, Raymond Foex, was 
expected to demand a maximnm 
f5-yeai 


l public trial coi 
eluded the case of Lederc & Ox, 
private Geneva-based bank that 
the Federal Banking Commission 
dosed down in 1977. 


partner committed suicide 


a shortly after the closure. 
. In IE 


-year sentence. 


The commission said an investi- 
gation showed a consolidated bal- 
ance sheet deficit of 394 million 
Swiss francs (then valued at about 
X 22 G million). 

The secretive world of Swiss 
hanking was stunned when tbe 
manager of the bank, Charles Bou- 
chard, was found drowned in Lake 
Geneva and another former Le- 


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978, Mr. Lederc was arrest- 
ed and spent 15 months in prison 
despite repeated pleas for his re- 
lease on the ground of ill health. He 
eventually was freed on a 
500,000-franc bond. 

In an impassioned final plea to 
the jury of 10 women and two men, 
Mr. Lederc conceded that be had 
made mistakes but said be had nev- 
er dipped into any of his diems’ 
accounts. He asked forgiveness 
from his forma' clients, many of 
whom were dose friends. 

His lawyos argued that he was 
innocent of any criminal wrongdo- 
ing, and said the banking commis- 
sion, caused the dienls’ financial 
losses by unnecessarily dosing tbe 
bank. 

The jury deliberated for 10 boors 
before finding Mr. Lederc guilty erf 


The Associated Press 

MOSCOW — The Soviet Union 
and the European Space Agency 
have agreed to cooperate in a probe 
of the planet Mars with a satellite 
to be launched in 1988, the press 
agency Tass has reported. 

The agency also said that the 
Soviet Academy of Sciences sug- 
gested to the 11 West European 
members of the European Space 
Agency at a meeting in Leningrad 
last week that they participate on a 
“large scale.” 

According to the Tass report, 
distributed Friday, the Project 
Phobos spacecraft will be launched 
in 1988 to orbit one of Mass's two 
natural moons. 

Phobos is closer to Mars than the 
planet’s other moon, Demos, and 
has a diameter of about seven miles 
(11 kilometers). It is believed to be 
an asteroid caught in the gravity of 
Mars. 

Vyacheslav Balebanov, deputy 
direct car of the Soviet Academy’s 
Institute of Space Studies, was 
quoted as saying, “The chemical 
composition, temperature, density 
and dust saturation of tbe atmo- 
sphere erf Mars, the characteristic 


features of the planet and its mag- 
netosphere win i 


the 

of 


to^aggravatetT breach 


The public prosecutor was joined 

by five lawyers pressing a avil ac- 
tion against tte banker on behalf of 
some of the 4,182 clients who lost 
money. They accused him of using 
fraud and deception to conceal 25 
million francs in secret accounts 
from 1970 to 1977. 


be under distant 

observation.” 

The prefect win last about 15 
months, Tass reputed. 

“The terms and the dates of de- 
liveries of equipment, apparatus 
and documentation for the Phobos 
project have been specified in de- 
tafl,” Tass said, without elaborat- 
ing. 

Tbe European Space Agerfcy 
members are Belgium, Britain, 
Denmark, France, Ireland, Italy, 
the Netherlands, Spain, Sweden, 
Switzerland and West Germany. 

■The European Space 
members met in Rome on Jan. 
and approved participation in the 
U.S. space station project and the 
construction of a more powerful 
launcher 


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eacte 
To a lighter 
Government Hand 


II By Michael Metcalfe 

PARIS — The scales of French 
industry, long weighed down l>y 
losses, stale interventionist policies 
and overmanning, are slowly tip- 
ping mare favorably. 

Corporate profits in both public 
and private ent er pri s es are up, in- 
vestment continues at a steady, 
though doggish, pace, industrial 
ndnctiviiy is improving and the 

wwdaBst government's polity of 

E!S(.I!! S i \ iL-i nationalizations and direct inter- 
* . l r rLl '^N vention has given way to a more 
,atr 1 1 “‘ win* 5 y . pragmatic approach. 

. Jk Yet the o gnals are not all green. 

' Several large companies vital to 
French industry's well-being, nota- 
bly Renault, have swung deeper 
into the red. Coal, shipbuilding and 
iron and sled all remain in the 
twilight zone, while much industri- 
al restructuring in the textiles, 
chemicals and electronics sectors 
remains to be completed. 

“We have a long way to go, the 
industrial structure is still too rigid, 
and it may wdl be that time, is 
running out,” said a senior advises 


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These rumors have now bem 
flatt y deirriffid by government minis- 
ters, notably Industry Minister 
Edith Gxssou. They insist the ad- 
ministr ation has nationalized only 
parent companies not their af- 
filiates, leaving the latter free to do 
as they wish. 

“What we are seeing is a slow 
move by die government to ap- 
prove fining s cm the Paris Bourse 
of wmll amounts of shares of the 
affiliates, or subsidiaries, of large 
uatunudheed companies, not a wave 
of denationalizations among the 
powerful parents,” noted a stock. 
marfcrt analy st, eating the move as 
an example of the government’s 
more pragmatic approach to indus- 
try. 

• Adhering to its policy of reduc- 
ing wide-reaching state interven- 
tion, ihf adminis tration of Prime 
Minister lament Fabms, formerly 
the industry minister, has moved 
more in favor of promoting decen- 
tralized decision-making and eatre- 

prenenriahsm. 

An exanmie of this trend was the 

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XU. UXW UIIHUUJ BUM. laTMTTiraTfc U1 W IV VUVmvg 

Ministry, commenting oo tile gov-' assets between the two state-owned 
a irmen t *s record in industrial po- CoirspagnieGfcn&ale <FE- 


licy as an election — 

With less than 10 months to go 
before the p arliam entary elections, 
in which the rightist opposition is 
expected to wrest control of the 
National Assembly from the So- 
cialists, rumors have abounded in 
Paris that the administration was 
plarming some moves toward dena- 
tionalization to gain -favor among 
France’s more conservative voters. 


tectaStoandThomson, in Septem- 
ber 1983, which was negotiated tx- 
dusivdy by the managing parties. 

Highlighting the shift awajr from 
centralized industrial planning is 
the iWlhte in influence of the 
French Planning Organization, 
which since the postwar years has 
played a pivotal role in allocating 

(Continued on Next Page) 


pmm ra tv vw i TW * 


FRANCE 


A SPECIAL ECONOMIC REPORT 


MONDAY, MAY 20, 1985 


Page" 



Government Prepares 
To Defend Its Record 


TGVs waiting for departure from Paris. France’s high-technology industries: Page 10. 


By Axd Krause 

PARIS — The Socialist 
merit of Prime Minister Laurent 
Fabius is gearing up for parliamen- 
tary elections next March deter- 
mined to defend its record on what 
could emerge as the central issue in 
the campaign — the economy. 

That task, according to most po- 
litical observers, will be extremely 
difficult, given worsening unem- 
ployment, virtually stagnant 
growth and widespread allegations 
by conservative opposition leaders 
tha t the Socialists lack a credible 
strategy for spurring growth in the 
economy. 

Le Figaro, a rightist daily news- 
paper, recently described the econ- 
omy as in a state of collapse and 
termed the Socialist record “disas- 
trous." Former President Valery 
Giscard d’Estaing has called for a 
more expansionary policy. He also 
has indicated that he would serve in 
a new coalition government, as- 
suming conservative parties regain 
their majority in the National As- 
sembly. 

Many observers and surveys pre- 
dict the Socialists mil lose heavily, 
following their tumultuous victory 
four years ago. However, Franqcns 
Mitterrand is expected to remain 
president until his term expires in 
1988 and has promised to cam- 
paign actively. 

The man in the middle, 38-year- 
old Mr. Fabius, reflects a calm, 
pragmatic approach to the center- 
piece of his government's program, 
which he terms “modernization” of 
the economy. He regularly tells vis- 
itors, in defending his program, 
that it will be followed regardless of 
winch parties win next March. 



President 
Mitterrand, 
above, and 
Prime Min- 
ister Fabius, 
right. 





Barre: End the Controls 


The Voices of the Opposition 


. ■ i- 


By Raymond Barre ' _ , 
AN ACCURATE es tim a tion of 
the economic situation in France at 
the beginning of 1985 must not be 
restricted to the observation of a 
number of relatively satisfactory 
results that could lead to the im- 
pression that k is developing favor- 
ably. It is necessary to draw from 
tins situation, as dearly and objec- 
tively as passible, the positive and 
negative aspects that it contains. . 

In April 1983, the government 
decreed a complete tnmaboul in 
the economic and social policies 
that it had initialed in 1981 and was 
unquestionably succes sf ul in put- 
ting a hah to the rapid deteriora- 
tion of the situation that had 
brought about three devaluations 
of the franc within a period of 18 
months. When we compare the re- 
sults of 1984 to those of 1982, we 


see .that inflation has been reduced 
damply, that the rise re production 
costs has been slowed, that the defi- 
cit in the balance of trade has been 
cut, that the balance of current ac- 
counts is nearing equilibrium and 
that the franc’s rale of exchange 
has been stabilized within the Eu- 
ropean Monetary System. Yet, 
these results are fragile and many 
negative factors remain as a threat 
to the future. 

The drop in the rate of inflation 
is due in part to disinflation 
throughout the wadd and to a 
slower rise of labor costs, but most 
of all, it is due to price controls of . 
most of the industrial products list- 
ed on thc consureer price index, to 
the control of public utilities rates 
as wdl as to the limits , placed on 
wage increases. This last factor has 
been made easier by rising unem- 
* rile all these 



Chirac: 


Raymond Barre 


percent in March 1984 against 23 
percent in March 1981 after having 
amounted to 6.2 percent in March 
1982.) 

France has not managed to 
achieve a full recovery in its bat 
(Continued on Nod Page) 


By Jacques Chirac 

AS WE APPROACH the mid die 
of the year, (me thing is dear: So- 
cialist medicine, whether it be ex- 
pansion through budget deficits 
and inflation, as in 1981' and 1982, 
or a forced return to austerity, is no 
cure for what ails France. The lat- 
est economic indications are proof 
of that. 

According to these figures, eco- 
nomic expansion in ' France did not 
read» 2 percent, as some were too 
quick to announce, but only 1.5 
percent Furthermore, the National 
Institute of Statistics and Econom- 
ic Studies has- forecast a n ational 
growth of 1 percent for 1985, which 
is ] to 2 paints lower than the 
expected growth of most of our 
neighbors. 

As for prices, here, too, the So- 
cialist government was too hasty in 


dfiroing victory. The government 
■thought that it could bring the rate 
of inflation dortn to 4 5 percent in 
1985, but, according to the figures 
for the first quarter of the year, it is 
dear that the inflation rate win 
remain between 6 percent and 7 
percent. This is a very unsatisfac- 
tory result because the gpp between 
French prices and those of our 
neighbors remains wide and is even 
growing. This is particularly true of 
the difference between French 
prices and those of our main trad- 
ing partner, West Germany. 

Furthermore, industrial produc- 
turn for the last year has shown 
absolutely no growth. Under these 
conditions, it is not surprising that 
job offers are faffing, that unem- 
ployment is rising and that the situ- 
ation* for business remains precari- 
ous. 

And in foreign trade, dre^poor 



Gamma 


Jacques Chirac 


for 1985. On the contrary, the cur- 
rent trend indicates that there will 
be a defidt of about 30 biffion to 35 
billion francs in external trade. 

For unemployment, the slight 
improvement in March, a drop of 
(Continued on Next Page) 


“It would be 
foolish to do 
things different- 
ly,” Mr. Fabius 
add during an in- 
terview at Ms of- 
fice in the Hfitd 
Matignon on the 
Left Bank of Par- 
is. Moreover, re- 
ferring to his pre- 
decessors who served under Mr. 
Giscard (TEslaing — Raymond 

Barre and Jacques Chirac, the may- 
or of Paris — Mr. Fabius added 
that “their solutions on the econo- 
my were tried and they failed . . . 
we believe people will not forget 
that. " 

Basically, the Fabius plan em- 
bodies nationwide expans ion o f 
training and education programs, 
research and encouraging invest- 
ments in private and state-owned 
industries, with a view to establish- 
ing “equal opportunities and jus- 
tice” for the largest number of citi- 
zens. It also assumes that 
unemployment, now about 23 mil- 
Hon, wffl continue rising in keeping 
with a restrictive fiscal and mone- 

tlU ^$eare aware that many people 
are not happy with their situation, 
bat we also believe that people are 
convinced that there is no senous 
alternative to what we are doing,” 
Mr. Fabius said. 

“And we have made progress, 
he added. What encourages him? 
“Our opinion polls and intnitioii,” 
he said. . . 

Mr. Fabius and Ms aides insist 
that they will not go for a relance 
electorate, a widely rumoredplau to 
expand the economy moderately 
between now and the March elec- 
tions and one that is supported by 
the Communist Party and left-lean- 
ing Socialists. 

Mr. Fabius was equivocal about 
when the government might case its 
restrictive monetary and fiscal poli- 


cies. The earliest time would be 
“sometime from now," Mr. Fabius 
said, and several prerequisites are 
involved. Heated the need to bring 
the country's current balance of 
payments back into the Made, fur- 
ther reducing chronic inflation and 
hiiiHing “a modem and competi- 
tive" French industry. “A lot will 
depend on [the cooperation] of the 
French business community,” be 
said. 

Although Mr. Fabius may be 
tempted to push for some expan- 
sion in the months ahead, most 
observers agree that the room for 
maneuver is extremely limited. “In 
the absence of concerted European 
action, a highly 
unlikely devel- 
opment this 
year, a major 
reorientation 
of the [French] 
policy is un- 
likely.” said 
Wharton 
Econometric 
Forecasting 
Associates, 
Inc., a U.S. 
consulting 
group, in its 
May review of 
world econo- 
mies. Senior 
government of- 
ficials. speak- 
ing .privately, 
say that any 
Mognum politically in- 
spired move to 
ward expansion would rekindle ex- 
pectations of inflation and would 
backfire immediately, probably 
causing a sudden weakening of the 
franc m world currency markets. 
“Even if we wanted to reflate, we 
couldn’t," said a senior Finance 
Ministry official. 

Indeed, there is general agree- 
ment among private forecasters, 
such as Wharton, and international 
agencies, such as the Organization 
for Economic Cooperation and De- 
velop mart. that the government is 
on the right track, even though, as 
the OECD recently noted, France’s 
domestic demand is likely to grow 
at only half the combined rate of 
the European Community during 
the oe* year. 

On the positive side, the govern- 
ment has reduced inflation from an 
wnnnal rate of just under 14 percent 
in 1981 to 6.4 percent The current 
account in the balance of payments 
could wind up in balance this year, 
despite a deficit of 16.8 billion 
francs in the first quarter. Produc- 
tivity and corporate profits have 
grown substantially, which is re- 
flected in booming stock markets 
in Paris, Lyon and other cities. 

Deregulation of the banking sys- 
tem is starting, along until partial 
privatization of nationalized indus- 
trial companies. Interest rates have 
fallen somewhat. And the budget 
defidt has been kept to just over 3 
percent of gross domestic product. 

“There are constraints, and we 
cannot spend more than we earn — 
(Continued on Page 10) 



Aerospatiale is proud of its cooperative 
ventures in aeronautic and space programs: 
Concorde, Airbus, the Ariane launcher, our 
Exocet missile systems, not to mention our 
helicopters where we’re the world’s leading 
exporter/or satellites Eke Meteosat and 
Arabsat 

Successes like these are more than a 
dem ons tration of Aerospatiale's dedication 
to excellence and our masteiy of advanced 
technologies. They also show our ability 
to successfully co-operate with our partners. 
In Europe, in America or anywhere else 
in the world. 

The artificial heart you see here works 
almost like the real thing, ft's a spin-off 
of technologies we use everyday. Like 
computer assisted design, mioromechanics, 
and composite materials. In feet we think 
of it as tiie ofepring of Concorde, Ariane 
and ArabsaL 

Aerospatiale is proud to play an important 
role in medical research. VfeVe equally 
proud that it & done in partnership with Saudi 
Arabia. At Aerospatiale, innovating means 
sharing. 

And thafe what makes us spedaL 




aerospaticrie 


that’s speciaLthat’s aerospatiale. 








1 !> ape K 


j : ’ A SPECL\L REPORT ON FRANCE 


I VTKK> \TIO\ \\. I1KKAL1) THIBl'NE. MONDAY. MAY 20. 1983 


■ rfr 


■Barre: Recovery Requires an End to Controls 


'ana* nf nav Previous Page) down ^.9 percent in volume in 1984 dismissals by private 

’ h ., payraenis It has not been ^ er declines of 4 percent in 1983, whose activity is slow, a 

lt ^ sur P ,us that it . ■ 2 1 P“ 1ce01 ‘ n 19 82 and 2.7 percent subsidies for national! 

Fran -° S [r 3 , 1 - «*enia] debL ,n , ’ 81 * 77“ rise in industrial in- tries (iron and steel, shi 


»nav*< , '; r .7r t r **: w auipius mat u . .Crt “ lu pereem suosiaies tor nationalized maus- rive rise in oetroleum Drices. durine 

iFnnr**'- S ^^ 1 l fa g l }* sterna] debL ,n 77** nse in industrial in- tries (iron and steel, shipbuilding). rh e rest a r tho^vear and in IQfPir 

'best in ,h? ed,l ,i s rs “ one of ves,I J! enl f “1984 did not compen- where the pressure of labor unions r e || behind m adapting Itself to the 

^ fa - drop of investments in remains pcJwcrful enough to cunail chSSn ^t^S eS 

•mv^2 > ^ S,0n ^- t ^ c ^ rcnc * 31ccono ‘ .^^frseemrs: agriculture, hous- their necessary reorganization. nomic situation This ddav mav 
‘IKdlLft ™*u® ^ w*D be *?S “d P^bc works, transporta- Bur, it is the finindar situation ^wSSTin 

obligation to scr- Uon and services. Price controls of the nationalized sector that is of cults .if the French miin™ 


>ce its debL Furthermore, French 

JS 88 b 3 ^ lost some 

“*eir abihty to compete and their 
.-snare of the international market is 
■falling. 

! ^ rra , c b firms, which were seri- 
ously shaken by the economic mea- 
. sines imposed by the Socialist gov- 
.eranaent in 1981 and 1982, are 
- be g inn i n g to profit from an im- 
.■provetnent in their earning ability. 

• Yet, the results are extremely var- 
‘*ed for private firms as well as for 
•those in the nationalized sector. 
'TTie serious situation of Renault, 
.which made a profit in 1980, iHus- 
‘ trales the negative effects that price 
.controls and a rise in production 


suits of the French economy and 
those of its main competitors are 


France has not managed to achieve a fall This situation wui weigh on ao 

. . , ■ ° , French governments in the coming 

recovery ID Its balance Of years, whatever their political inch- 

payments. It has not been able to S-qiire 

develop the snrphis that ft needs to 
stabilize its external debt 

back in spending, altering the tax 
system so as to stimulate business 

and stagnation of economic activi- greatest concern for the French activity and investments, and stabi- 
ty do nothing to facilitate their re- economy. The regularly expanding lining, then reducing, the external 
sumption. deficit of the state budget has been debL 



A demonstration at Creusot Loire. 


Socialists Find Unemployment Won’t Go Away 


sumption. deficit of the state budget has been 

The employment situation never accompanied by a large increase in 
has been as poor as it is now. The the domestic debt and a growing 


A policy such as this could have 
satisfactory results only if it were 


PARIS — When France's Social-, shipbuilding, textiles and telecom- often second-generation North Af- According to an official at the 
ts were elected into office in 1981, m unications, where more than ricans bora in France, searching for Communist -dominated Con fedhr - 


one of the key pledges in their plat- 40,000 jobs have disappeared or are scarce jobs. Tfliey have met with ation Gtafaak dn Travail (CGT). 


^ have had on industry. And continuing rise in the number of interest burden. There is also a def- applied continuously for several 
► this is a consequence of the mea- job seekers is less of a concern than idl in social security, which experts years in a climate of political stabfl- 

• eiiM imnncul l«. ill. lit. C»».k > 1 i: -11 1 . ■_ i nor • rrj -n ■ 


form was to 
below the 2- 


3 keep unemployment 
1-mfluoD mark. Now, 


being eliminated. 


Among the worst hit in the un- *m*ats. 


inn- wning rsytum w F rprn racist cl- France's largest onion, member- 


■sures imposed by the Socialist gov- 
( enunenL 

1 Business investments, which 
.have dropped sharply since 1981. 


the French economy’s net loss of believe will worsen starting in 1986, ity and confidence. The imp rove- 


jobs since 1981. Tire policy of 
“modernization” that has been 
much vaunted since 1983 can be 


and a deficit in the nationalized ment of the economic and financial 


more than four years later and in a employed bracket is youth. "This 
pre-decuon year, the jobless total government wDl be judged on its 


ship has fallen to about 1.6 znfiliaa 
from 23 million in the late 1970s. 


sector, whose debt has grown in situation in France depends more 


- still have not recovered; they were summed up as an increase in job 


on political conditions than on 


in April was 23 million, or about OT ^ 

10 percent of the total work force, pabiiis said 

Reconcfling the need to res true- 


reach economy at the technical formulas. 


•Chirac: Socialist Medicine Is No Cure for France 


rveconcumfi, me neeu 10 resiruc- „ %-vi^uw *>miv vuuvuuuuui 

tore key sectors of French industry, Sir nS^a ySSgS AW S£P niS ' “ 
often including unpopular mea- ^ ^ Fiana's unalloyed are wort 

sures to nit manpower levels, with ^ p^,. sovtoes. under Confronted with the magnitode 


among party ranks, it's true to say 
dial nmon morale is low at the 
moment,” the official said. 


(Continued From Previous Page) 


trade. This is all the more danger- 
ous because the gap with foreign 


be changed. What can we reason- And this is true for the creation of 


under 25. Public services, trader Confronted with the magnitude While mounting strongly worded 
P ressure 10 «w state money, as of the jobless problem, tire attitude a tlacts on ihc^vemmmt’s em-yV 
tab down has provMl an uphfil task ^ ^ p^vaie sector, are not of Frances labor unions has plovmait and industrial p oli cies. ^ * 

^8 on young people after proved amteguous. Only about 22 
h s predecessor, Pierre ^ university studies are percent of the total work force, the rw-nrtv found that thdr eaHs for 


and his predecessor, Pierre ^ ^ ^ 


ably offer tbe pe 
Breaking with 


completed. 


recently found that thdr calls for 


MM rUAJ MUJ to LJ IM> ivi U1W MMUIUU.VI p - • IA/IUU1VMAX. — - r” w U “ “ w 

ile of France? new investments that will bring tarty retirement, retraining pr<F Aggravating the situation are the Community, belong to unions and 

■ * _ ■ ® ft r-o vrvc drill f np AnfiAn IA riti l T nil t n ® ^ . . _ .■ . •_ m j . v 


peroew in the European strike action are going unheeded. 


continues ito increase, while jotr m- this year the West German trade state must maintain full control of nomic recovery are well known, 
iers continue to decline. In. adch- surplus is expected to be more than its essential and traditional duties. Briefly, we must reduce spending 

UOn, It IS WCil known that the real Vlhillinn nnilo-hemarV? whileitc thil ic it miicr nn overall l„i ilu «*i« cn oe in rvvntrnl ih» 


^ J k Lmnng the last two years, eco- mean imposing on France an un- 
ihat the nomic growth in West Germany bridled form of free enterprise. In 
[qymmt was far greater than ours and for France, as in other countries, the 
; job of- ^ year the West German trade state must maintain full control of 


past does not about new jobs or for a resumption S 1 ™ 115 ^ “* e option to quit with j ar g,» num bers of immig rant youth, the proportion is in rterfina 


mean imposing on France an un- of a well-balanced and vigorous ex- severan “ P a 7 ^ among the gov- 
bridled form of free enterprise. In mansion. eminent s soluuons to the problem 


— MICHAEL METCALFE 


pansion. 

Tbe means to achieve this eco- 


.figurc for the number of unem- 
ployed is 300,000 to 400,000 higher 
-than the figure published by the 
government. This can be explained 
by the so-called “social treatment 
-of unemployment,” which now 
takes new forms, such as the Tra- 
Vaux d’Utilitf Collective (Work for 
jthe Community), or through the 
'system of Contrat/Formation- 
/Redassement (Contiact/Train- 
ing/ Reclassification). It would be 
jFrostmble to place the true unem- 
ployment figure for France at 2.7 
million. 


30 billion Deutsche marks, while its 


that is, it must assure an overall by tbe state so as to control the 

budget deficit, while progressively 


of overmanning in sectors such as 
the automotive, steel, iron and coal 
industries. But these measures, of- 
ten involving huge compensation 
payments that dent tbe already 


Industry Reacts to Less Governmmt Control 


(Continued From Previous Page) Funding the nationalized sectors its chairman, Jacques Calvet, ma 


cutting back the total of fiscal 


UujUJbllU UkU UVUl 1 1 w . SU 1 Vfflv T m • » — O * m w - • * V ff __«■ * 

strained state budget, have left resources and setting growth tar- ^nng hugp tosses, way poaa smafl n« profit m 


Production has shown absolutely no 
growth .... it is not surprising that job 
offers are falling , unemployment is 
rising and the situation for business 
remains precarious. 


on businesses and on private citi- 
zens. 

Such a policy will also entail con- 
trolled deregulation of prices, rates 
of exchange, credit, the right to 
work so as to unfetter French busi- 
nesses to allow them to recover 


tries, such as coal, steel and ship- ed by the growing influence erf oth- 
buflding, coming under the ham- er state and even private 


depleted reserves and a severely un- By a tough policy of paring the 
dercapitalized equity base, has work force and holding wage in- 
proved to be a mammoth task and creases below inflation rates/Peo- 


mer nuclear power, transportation organizations, which provide in- 
equipment and telecomm Ulrica- dustry with forecasts, statistics and 


lions are also feeling the pinch. 
Moreover, mergers, asset swaps. 


projections. 

However, 


the Ninth Han, cover- 


has bitten hard imn -the govern- 
ment's budges. 

Nationalized indu s trie s th»< year 
wiD receive a total of 133 billion 
francs in funds made available 


geoL, with its struggling Gtrofa 
and Talbot divisions, is painfully 
but sorely returning to a sounder 


With a general tWfinw in hank 


th^rd>manrism androi^etewith plant closures and other rational- W 1984-1988 has prodneed toe 


* The general economic situation 
in France is fairly somber at the 
present tune. The' government too 
tastily declared that the situation 
had returned to normal; this has 
not taken place. France is in the 


inflation will not rise more than 15 economic balance and assume its 
percent And I have made no men- mission of defense, education, jus- 


lion here erf the economic perfor- tice and welfare. 


mance of the United States and Our goals are simple. They are. 


fi^^Sms ^lion measures springing from Jxmrfit of mvolvingcompam« and 
II further means that the state the government s earlier policy to labor unions for the first time m 

should withdraw from fields where P 3110 ?^ H s S° rs ^f“^^^oyw akm Spen- 

it does uoi belong, through dena- *£*« led t0 J°^ ^ sbed rather od. an Industry Ministry official 
tionalization and by a progressive than crraied. Accordmg to recent said. 

easing of government intervention, official statistics, the French eoon- But while a m«e Doable a^ 


from the 1985 budget, with several inteiert rates, a f resher approach to 
hillinn m qp *- coming in the way nf chan g in g world markets and a IP- 

r* 1 _ — ! a > r 1 ■ J* unial aC ill m mmvMV iMAifW — nnn 


srft interest-free snbsdks viyai of the world's mqor econo- 


and grants. tmea, Frendi industry’s investment 

hidnSf forecast to rise by around^ 4 percent 
the rest wfll be mainly absorbed by qat rearas e of im tto s marks a 


S tnvwl^t#n| 

en a turn for 


But while a more flexible ap- 


Japan, both of which are still far first of all, to regain the confidence 


of a public that so often has been 


Tn rlll f „r. . , _ f ' omy will show a net loss of a fur- proach to industrial poficy and 

1 °, 170JM0 jobs in 1983. , rale planning has arisen o«n the pasl 


What is to be learned from all abused. This confidence, that of the 


unfortunate situation of having tbe this is very clear: So cialis t policies, consumers, of those Frenchmen 


disadvantages of slow growth lead- whatever detours they may lake , who are worried about their sav- 
ing to increased unemployment whatever changes they go through, mgs, of businessmen, is the veiy 
without the beneficial fallout of can lead only to economic failure, condition on which the economic 
lower prices or improved external Since the system has failed, it must recovery of France wiD depend. 


recovery of France wiD depend. 


ment, reinvigoiale business and 
give individual citizens greater re- 
sponsibility — these are the basic 
principles erf the program (hat I 
plan to propose to the people of 
France when the time comes to 
choose a new government. 


comparable to last year's levels. year, the government’s role and 


It is also forecast that between power to influence decisions re- 


tire chemicals sector. 
But the picture in : 


1984 and 1988, the French automo- main overwhelmingly strong. The ra 


the picture in spring 1985 is 
tirety somber for natioual- 


ngnifican t im p r ov ement . on the 
negative or flat rales of preceding 
yean. 

But tire turnaround is being 


i/uTiuiu I /w, wivi i ww Rumuiu- iim i i i i utvi wuw muira j a . , _ _ - w » — — — — — - 

live industry alone will have to cut state owns or has holdings in more companies. Knooc-roulenc, achieved at. a Ugh cost, both in 


80,000 jobs, a good 10 percent of than 1,000 companies. 


the industry's work force. In this 29 percent of French 


sector, the state-owned Jlenault concerns, accounting for 32 per- 
and the private groups, Peugeot cent of industrial turnover and 24 


and Michdin, are the worst hiL percent of industry’s work force, 
In coal and steel, tire existing official statistics show, 
labor forces of 57.000 and 90,000 In tire steel sector 


are being cut by about 28,000 and state's share measured in terms of 
25,000, respectively, in the period sales amounts to 80 percent, in air- 


than 1,000 companies, comprising the chemicals group, and Pcch iacy, terms of stale expeDdfrore and _ 
29 percent of French Tnrfnwiat an aiu mmum producer, bayu both jobs. Industry’s work force has %r 
concerns, accounting for 32 per- returned to profitabiMy. Samt-Go- shrunk from 4.4 nnOtoo in 1981, 
cent of industrial turnover and 24 ba ™ and CqmpagnwGfe&alecrEr whin the Socialists look power, to 
percent of industry’s work force, lectridtfc look sett£tan in profits less than M rnfflion today, 
official statistics show. tins year, as does Thomson, Matra While French industry is sound- 

In tire steel sector alone, the ^ DassanlL er now tiren ax years ^o, tire bene- 

state’s share measured in terms of Private-sector enterprises are fits of improved profitability and 
sales amounts to 80 percent, in air- also set for a return to profitability, increased investments mil take 
craft 84 percent and in armaments Among . these, the Peugeot car time to translate into more jobs, 

75 pcrcenL In shipbuilding, tire group is perhaps the most striking and France's voters next year may 
state's share is 17 percent, dwin- example. It cut its losses considera- not grve the present government 


rilin g to 5 percent in the heavy- bly last year from a 1983 deficit of the mandate it needs to see the 


US billion francs and, according to course through. 












INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 

A SPECIAL REPORT. ON FRANCE — 


Page 9 



Shares and Bonds Post Major Gains 



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in Europe 



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Bourse 
In Need of 
Reforms 

By Vivian Lewis 

- PARIS— The Paris stock bht-. 
la* has flomuhed under thcSodal- 
ist^ovemaent, if OTtyTjccause^ 
proceeds from natjomfization and 

the lack of other investment oppor- 
tunities fed investors to rush for the 

Bourse. And’, the marlmta, ttv fnm, 
developed alumaiives to hire in- 
vestors. • . - - 

The possibilities range from 
Treasury mutual funds, winch en- 
able corporations to place short- 

(wm av afliMe fundsata high yirfd, 

to share saving accounts, which 
bring tax advantages to private in- 
vestors, to new instrumoais to raise 

f f f t pfral for mhniBnal mrnpom^ 

raiiwi participatory shares in- 
vestment certificates. 

But the most important innova- 
tion ance 1993 has oeezi the arrival 
of a whdly new mariactfor start-up 
companies, the “second matketr 



NB: For Fre nch holdings only. 


Gmpkic Patrick L^wagoo, L’Erpmuim 


Small er, f amfly-contndled conqnL- 
nies are encouraged to issue shares 
in this market by reduced iworting 
requirements and the possibility of 
maintaining maj ority control in 
famil y hand* 

The second market, after two 
yeaned operation, has grown to 72 
listings, capitalized at the end of 
the year at 23 billion francs (a fur- 
ther 23 companies, capitalized at 3' 
billion francs, are quoted on re- 
gional French markets). Yet there 
are serious problems wrtb the sec- 
ond market that have been noted 
by the Commission des Optaueurs 
de la Bourse^ the French eqmvalenz 
of the U.S. Securities and Exchange 
Commission. - - 

When a new issue takes place 
(and particularly on the second 
market, where caily a minority of 
shares are offered), demand, vastly 
exceeds supply. Since new issues 
have tended to perform particular- 
ly weQ in the past, the tush to buy 
feeds on itself. In France, where 
brokers do not place shares with 
their customers or act as underwrit- 
ers, the disparity in demand is hard 
to control. 

French brokers, who since Na- 
poleon have operated as a govern- 
ment-licensed monopoly, have at- 
tempted to control the share rush 
by setting crilings an how mnch 
each bidder can seek to boy and by 
requiring that potential buyers, put 


up cash to cover the amount they 
are seeking. But, because of cheat- 
ing in several new issues (either by 
bidding above the ceiHiig or by fatf- 
ing to pm op thefimdsX the restric- 
tions railed u> work and the Bourse 
Co mmission wants to tighten con- 
trols. ■ ■ 

Bat tie head of the Commission, 
Yves Le Pratz, says, “There is no 
unrade solution.” 

The problem of fiquidfy trying 
to squeeze into a funnd is not 
unique to the second ™rireL The 
pfwmtial difficulties of broader in- 
stitutional 'trading on the Paris 


to han dle the block trading tfryt 
longer hours and com- 

missions are expected to bring to 
Paris. 

Rather than adopting a British 
or American model, the French are 
basing their planning on Japanese 
modes and hope to incite brokers 
to combine forces with hanW and 
foreign institutions (brokers or in- 
vestors) to create new market-mak- 
ing intarmadiarifty called SOCiitGS 
de contrmartie. There is no reason 
under French law why foreign 
banks or brokerage bouses could 
not be partners in such enterprises. 


The most important innovation since 1983 
has been the arrival of a wholly new 
market for start-ap companies, the 
"second market.” 


Bourse indude the capacity of the 
small craps of brokers to handle 
newvolumes. 

A Paris institutional market for 
international investors will require 
much longer horns of trading and a 
greater capacity for market-mak- 
ing. (The Bourse operates only for 
two hours per day at present, just 
when most Frenchmen are eating 
lunch.) 

'The tiny bank of undercapital- 
ized French brokers, the Compag- 
nie des Agents de Change, who are 
civil servants fay statute, null not be 
able to act as specialists or jobbers 


Fra- example, since last Novem- 
ber, bond and shareholders in 
France have no more right* to a 
certificate of ownership. AD that 
remains is an electronic record in 
the computer of a legally accept- 
able intermediary body. French 
companies, meanwhile; nave rela- 
tively incomplete corporate rolls, 
since most shares and bonds are 
held anonymously, au porteur, with 
acceptable intermediaries like 
banks and brokers sending out div- 
idend or interest checks and notices 
of annual meetings. But now a sys-. 
tem for keeping the corporate roll 


electronically has been put into 
place for large firms. 

Modernizing methods, increas- 
ing inter national block trading, 
creating new instruments, cutting 
down on abus es — all this 
should hdp the French capital 
market continue its growth. In 
1984. according to Mr. Le Portz, 
total trading rose SS percent, to 304 
Ullkm francs, double 1982 levels. 
Most of the increase was in bond 
issues and trading, while the new* 
share market rose by only 12 5 per- 
cent, to 48.4 billion francs, and 
share transactions stayed flat with 
1983. at 100 billion francs. 

Of course, the interest of the 
Bourse is not only its volume but 
the prioe at which shares trade. The 
finm j wgnw des Agents de esumg*. 
Index at the end of March stood at 
211, compared with 180.4 at the 
dose of 1984, and 156.7 at the end 
of 1983. (The base of 100 is the 
dose of the year 1981.) 

According to analysts at Crfcdit 
f-nrnmergiai de Fr ance; addressing 
a seminar on high technology 
shares last month, “during 
last two years, the Paris market has 
outperformed the major world 
stock markets on a total-return ba- 
sis whatever the currency.” 

“Ironically enough,” *aid Ber- 
nard Petit of Crfcdit Commerda] de 
France, “a danger cited often by 
foreign analysts is the potential 
downward pressure on the market 
in the event of denatio naliza tion” 
of French state-owned companies. 


On Value of the Franc 


Franc vs. the Dollar 

Tie franc reached a higfa of 3.99 to 
the dollar on October 30, 1978, and a, 
low erf 10.61 on February 16, 1985. 


PARIS — The French govern- 
ment is taking 3 gamble an the 
franc — but not a Kg gamble. It 
appears to have ruled out a devalu- 
ation now, giving up the trade ad- 
vantage of a cheaper franc. 

Devaluation could have beat 
justified by the inflation-rate dif- 
ferential within the European 
Monetary System (6.4 percent in 
France against 2 percent m West 
Germany.) 

French money planners have de- 
cided that they can live with the 
risk that the franc will be put under 
pressure if the dollar falls sharply 
against the European Monetary 
System’s lead currency, the Deut- 
sche mark. Fra the go ve rnm e n t of 
Prime Minister Lament Fabius, a 
franc devaluation would be fatal if 
it occurred dose to next year's Na- 
tional Assembly elections. 

But there is another ramble that, 
in the view of French bankers, the 
government wiO not take. Despite 
minor libesaKzation moves, France 
<< in lives wnAar exchange controls. . 
To be stare, the Eoro&anc bond 
market has been aHowedto reopen 
with a hit more Eberty, pe r mi tting 
foreign banks to becomelead man- 
agers, and some issues in the corn; 
posite European Community cur- 
rency, the European Currency 
Unit, may now be sold to French 


residents. Also, restrictions on 
French tourist ^tending outside (be 
country have been eased and 
French companies will be able to 
invest outride the country a bit 
more easSy and can repatriate the 
proceeds of foreign sales a bit more 
slowly. French banks trill be al- 
lowed to create provisions in dol- 
lars to COVer Hollar - denominated 
risks for the first time. 

Yet the ramshackle bureaucracy 
of French exchange controls (dat- 
ing from 1919) has been largely left 
in place. As many as 80,000 people 
in France work on exchange-con- 
trol matters foil time. And the per- 
verse effects of the system hinder 
French business as never before, 
because of the increasing interna- 
tionalization of trade ami capital 
markets. 

The only , serious attempt to dis- 
mantlelhe system was disrupted by 
the May 1968 student uprising, 
which led to a massive sdl-off of 
the franc The system was put bade 
in place the following year. 

When the Socialists took power 
in IMLrestrictkxtsweremcreased 1 
by the creation of a foreign invest- 
ment pod, .which cannot oe added 
to. As aresult, fora Fr enc hman po 
invest in riedcs or bonds outride 
the country, he most persuade an- 


1041 
(Fefcraxy 26 ) 


7 J» 

(M«h7) 


J U M J 
1984 


other Frenchman to sdl them. Tins 
is done by paying a premium, 
called the devise-Jitre. 

Some of the effects of the anach- 
ronistic controls are irritating, 
some are perverse and some raise 
questions about the international 
role of the franc, even as part of the 
European Currency Unit. 

French companies investing 
abroad have to borrow in foreign 
currency, even if they do not need 
to. Marc Ladieil de Lacbmrifcre, 
financial director of L’Orial, the 
second largest cosmetic company 




.Vi-ii-V-x. ^ "t. ■ ' " • > - 

m:,,, - . - 





V - •••. 


Tra&ig ob ibe floor of the Paris Bourse. 


tacUCaMam/HTj 

in the world, said, “In 1984, we 
made an artificial 25-mSSon-rraac 
exchange loss because the French 
government requires that French 
companies borrow abroad if they 
have a treasury surplus.” 

On the other hand. French com- 
panies that have a foreign capital 
gain do what they can to avoid 
repatriating it to France and hav- 
ing it subject to restrictions against 
r emvest m ents abroad. 

Thanks to the removal of with- 
holding tax last autumn, foreign 
holders are attracted by the French 
bond market- But they cannot leave 
their interest earnings in France 
because of the administrative bur- 
das on nonresident franc bank ac - 1 
counts. I 

Maurice Hoa, general manager 
of tire nationalized Sodfcte Giner - 1 
ale bank explains another adverse 
effect of the combination of devise- 
tirre and exchange controls in a 
period when foreign investors are 
rushing to put funds into French 
stocks and bonds: “Frenchmen 
collective^ are the rally investors in 
the work! who cannot arbitrage 
their holdings in francs and other 
currencies, who* carmot add to their 
holdings in francs.” 

The result is considerable dam- 
age to French banks. French inves- 
tors, banks and corporations are 
forced to operate offshore, denying 
France fees and commissi oas that 
otherwise would coax to Paris. 
And French preten tiou s to make 
Paris a top financial market fra 
shares or sands, far commodities 
or reinsurance, fix- portfolio man- 
agement or financial services, 
Sounder at the exchangp-oontrol 
obstacle. 

Because exchange controls keep 
the Eurofranc market from organic 
growth, the French system also 
spells trouble for the European 
Currecy Unit, winch the French 
government wants to build up as a. 
reserve currency . The franc compo- 
nent makes up 19 percent of the 
snh and French interest rates have 
a bearing on interest rales of the 
ECU market, which is increasingly 
bang used by borrowers and trail- 
ers internationally. 

—VIVIAN LEWIS 


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Page 10 


1 >TKR NATIONAL HER VLD TR1BI NE, MONDAY. MAY 20, 1985 


A SPECIAL REPORT OS FRANCE 


Minister’s Export Campaign Remains Dependent on State 


■ PARIS — Iasi year, American radio audiences 
of the three mqor networks, plus local stations in 
Texas, California and New York, heard a woman’s 
lightly accented French voice tdting them: “My 
name is Edith Cresson. I am the French minister of 
foreign track.. . . France is more. More than fash- 
ions, wine and cheese. We have the fastest train in 
the world. We have launched, with success, a 
satelli te. We arc pairing software equipment for 
the future." 


bureaucratic wiles to stop imports of J apanese 
video cassette recorders. Shiploads of these record- 
ers were diverted to Poitiers, in southwestern 
France, and processed through customs extremely 
slowly. 

Bat Mrs. Cresson is quick to point out drat 
“France is hardly alone in being accused of protec- 
tionism, and other countries Ukc the United States 
use bureaucratic methods to delay or halt imports. 


Shortly after her radio campaign, Mrs. Cresson 

■ a d d 11 *] ann thw portfolio to foreign trade, becoming 
the minis ter of industrial redeployment as wdl. 
But the problem of French exports she was trying 
to resolve with radio ads remains. In 1984, France 
n gam mn a trade deficit with the rest of the world, 
although lower than before: 19.8 billion francs, 
compared with 50 billion francs and 93 billion 
francs in 1983 and 1982, respectively. 

■ Mis. Cresson has ruled out tactics like those 
followed by President Francois Mitterrand’s first 

1 foreign trade minister, Michel Jobert, who used 


Figures issued by the 
ic Cooperation and E 
foreign manufactured 


izatioo for Econom- 
intent indicate that 
sharply increased 


foreign manufactured goods sharply increased 
their share of French markets from i93 percent in 
1970 to 36.7 percent in 1983. The Mitterrand 
government's slogan calls for “reconquest of the 
internal market” as well as a push to export more. 
French in dus t ri al investment has lagged behind 
that of its trading partners for a decade, as a result 
of which it has aging and uncompetitive plant and 
equipment. 

Mrs. Cresson’s remarks on radio about rockets 


and trains and software programs are not merdy 
advertising puffery. In fact, the French have major 
industrial achievements to boast about, including 
an economic and safe nuclear power system, which 
now provides 59 percent of ah French dectrichy, 
leaving enough left over tor sales to foreign power 
girds and giving France an edge in nuclear technol- 
ogy and equipment sales. 

In telecommunications technology, late mod- 
ernization of its national system has given France 

an international lead. Mrs. Cresson says that “the 
French network, which is 4&-perceat digitalized, is 
the world’s most advanced.” 

Yet in each of these areas, the French lead comes 
from state-sector spending, by the governmeat- 
owned railroads ana power company, by the post- 
office-owned phone system, by the natjtymR re d 
aerospace firm. Aerospatiale. Even m fiber optics, 
in microp r octssor-equipped “smart cards/ 1 is 
chips, the public sector lakes the lead, usually with 
government funding. The tradition goes wdl 
before the Socialist government came to power in 
1981. 


As a eotnnatred Socialist, Mrs. Cresson does sot 
ofrect to the trie of the gove rnment in the econo- 
my* And tire is prepared to use state funds to hdp 
exports along, too, most recently by agreeing to 
provide 4 35 biffion fames in export credits to 
Qnna, 1.7 bttfion francs at it in the form of mixed 
crelits, that is, with a bdow-maiket interest rate 
achieved by using grants in addition to credits. 

“It » a question of helping the Chinese to pay 
us," Mis. Cresson says. 



pari- li 

iwf?; 

4 ,I)nl 


For the private sector, too, Mrs. Cresson sees a 
state rok — with a d iff erence . She secs herself as a 
force to rally and mobilize smaller private firms to 
indie them to export more. 


In this rob, Mrs. Cresson brings personal quali- 
ties of articulateness, in French or English, and 
energy. She is a professional statistician, who spe- 
rialaed m studies of farm demographics, which 
naturally led to her first Mitterrand ministry, agri- 
ctdmre. 

—VIVIAN LEWIS 



April, 1985: Mrs. Cresson in Beijing- 



Entrepreneurial Timidity Slows Technological Progress 


By Ami el Komel 
PARIS — Despite a political di- 


ftnancM Centre N ational (fEmdes the Centre National d' Etudes des 
des Telecommunications devd- Telecommunications, the PTT rc- 


Y 77 s uespue a political cti- oped a digital telephone switching search and development institu- 
mate _y 0 ? 38 I™?*? system that is being shipped tioa. 

prospects for technological devri- t f lr o U g{ K j ul ^ vrorid by French Government efforts to foster the 
opment conti nue to b e etouded by mduary. growth of high technology and the 

sSMsgiat JSs^sarssc =S5Si!Si£? 


opened very differently, in the 

ihvays of a ministry.” 
“Innovators now nave quite a 


technological innovation without 
the creation of new companies. 
“We feel that the source and <te* 


favorable situation in France,” said mand for modernization and inno- 
Jean Ichbiah, founder otMsys SA. ration should come from the small 


and creator of the Ada computer and medium-sized companies. 


language. 

But turning innovative technol* 


said Jean-Marie Poutrek director 
of the technology forecasting sec- 


Nobody can doubt France’s 
technological prowess. The success 
of many high-tech products and 
projects certify French mastery of 
leading-edge techniques. And the 
list of success stories is growing. 


France is coaspicuouSyatet new business opportunities. "There ogy mto a motor for economic uonat tire Bureau 

from other sSS^Ksenncon- has been an ennoblement of prof- growth may prove more difficult et de Provisions Economiquc* 

doctors, computer hardware and - - - - 

ww ia i mw rW-imnics due to a nasi « , . , , . . « ■ placed U. inspire I DOVft- 


The success doctors, rampnter hardware and 
1 °riucts and consumer electronics due to a past 
i mastery cf l aA of technological dynamism. 

the The government of President 
growm s- Franqois Mitterrand adopted a sti- 


• In software, French companies ence and technology policy in 1982 
placed third worldwide in 1984 that committed significantly in- 


with revenues of 15 billion francs, creased funds to research -inti de- 
Tbe industry created 15,000 jobs vdopmeot. Spending increased 


over the last five years while tmem- from 1.85 
ployment in other sectors contin- tional pro 


ent of the gross 03- 
in 1980 to 222 per- 


ued to climb. Hie Ada computer cent, or 94.9 billion francs, in 1984, 


Even when high-tech industry develops, 
economic modernization is not 
guaranteed. Experts point out the risks of 
emphasizing "showcase technology” that is 
not joined bj a transfer of new techniques 
to traditional industries. 


non. 

And even when high-tech indus- 
try develops, economic moderniza- 
tion is not guaranteed. Experts 
point out the risks of emphasizing 
“showcase technology” that is not 
joined by a transfer of new tech- 
niques to traditional industries. 


language, developed by a French- The government has also empha- 
man. was chosen by the UJS. De- siretj focal points of innovation, or 


For example, the agriculture and 
food-processing industry, tradi- 


partment of Defense as its software fitiera, as wdl as the mobility of services manager at the Credit 


" said Bernard Petit, financial- than its development, experts warn. 


food-processing industry, tradi- 
tionally strong m France, has been 
slow coadopt new techniques. "The 


standard. 


• In space and on the ground, commun i ty. 


people and ideas in the research 


• in space and on the gre 
French vehicles are successful! 
plying advanced technology. 


Much or the national effort in 
electronics has passed via the lde- 


Commerical de France. 

“The biggest change in France in 


“Most French innovators are not problem in France,” said Alain 
preoccupied with commercializa- Chevalier, chief executive offioer of 

» A., Dm.) rJ .i i/.,. (k,l 


lion.*' said Guy Ragot, founder of the Mo6t-Hcnnessy group, "is that 


the last two yean is the promotion TigreSA,a high-tech start-up that we always shut ourselves in with 

_f — ' — *• CJ*. A Vi wn a nninn M i i iimnarriiliT Dva * -J — ■ iknl tkwew arw tuwv Uin/ W rtf 


Ariane rocket is giving the U.S. comm unicat ions arm of the PTT. 
space shuttle a run for the money in “If the PTT was able to give major 


of enterprise," said Eric Adjoubd, 
high-tech analyst at Alan Patricof 


is b eginning to commercialize an 
image-processing system. He said 


Associates, a venture-capital com- that ideas were not 


but that 


xx} few people had the courage to turn 
wo their ideas into reality. 


the competition for the global sat- support to certain activities, it’s be- pany. “Someone who has a good few people had the courage to turn foe 

cfli re -launch market The TGV, the cause it not only could finance pro- idea can find the money. . . . Two their ideas into reality. hir 

high-speed train, and the Airbus jet jects but also orient needs,” said years ago, rate couldn’t find enough The experts says that France an 

are attracting worldwide attention Jean- Pierre Foitevin. director of for large ventures. Or it would have cannot m ai n ta in a rapid pace of iy. 

for their astute design and able per- — “ — " “ 1 


the idea that there are two kinds of 
industry: leading-edge and tradi- 
tional ... If the agriculture and 
food-processing industry fdl be- 
hind. it’s because it was considered 


high-speed train, and the Airbus Jet jects but also orient needs,” said 


The experts says that France an industry of die second catcgo- 


formance. 

• In telecommunications. 


France has developed imaginative 
products, such as tne “smart'' debit 


BuMng TGV power units at Alstbom-Atlan 
subsidiary of die Compagjrie 


int in BeiforL The firm is a 
(FElectriritg. 


products, such as the “smart’' debit 
card, and ambitious projects, such 
as tire nationwide electronic phone- 
book. Small easy-to-use computer 
terminals are being installed in ev- 
ery French home free of cbai gelce 
the videotex application. The PIT- 


Government Prepares to Defend Its Record 


in March. The governments origi- wntcnis tneiotai vatueot ananon s 
nal goal was to bring inflation 8°°^ ** s™**. excluding m- 


Ouvrifere union, he and several The idea was to protest restructur- 
hundred colleagues were protesting ing and planned layoffs at Renauh, 
the ministry's plan to start flexible France's ailing slate-owned onto- 


French Company 

Handbook 1985 


down to an annual rate of 45 per- investments, 

cent this year from 7.6 percent in Wharton’s forecast, among other s, 


ing that “we can do less than 6 Aimougnmerewasasugniorop 
paean* in the unemployment rate during 


a decree,” nc said. 

“Millions of workers are unem- 


percent of the work force and ris- ployed, and with all the *modem- the annousoemeal by 
Edith Cresson has gone rat of her mg Some union leaders have pre- ration* we may have an upheaval Ministry that the numbe 
way to praise successful industrial ^ ^ number of unem- here; similar to what happened dur* ployed had dropped in 
companies that are cu t ti n g their ployed will reach three millio n next ing the general strike of 1936, and the second consecutive v 
losses, such as Peugeot, Frances rj T nnX - p ?h _ f vhlm _ ftr _ 


Further encouragement for the 
are unem- government surfaced Friday with 
"modem- the announcement by the Labor 
upheaval Ministry that the numbcraf enem- 
lencddur- played had dropped in April for 
1936, and the second consecutive month. 


Now in the 1985 upekried edition, 200 
pages of inefispensabte information in English on 
a selection of 84 of the most important French 
companies, as. weB as basic fads on other major 
firms. Indudes information on the French 
economy and major sectors of activity, an 
introduction to the Paris Bourse, and a bilingual 
dictionary of French financial terms. 

Each profile iridudes detailed information 
orb head office, management, major activities, 


opmerrts and 1984-1985 highlights and trends. 

indispensable for corporate, government 
and banking executives, institutional investors, 
industrial purchasers and other decision-makers 
who should be more fully informed on major 
French companies. French Company Handbook 
is being sent to 8,000 selected business and 
financial leaders in the United States, Japan and 
the AAidde East. 

Other interested parties may purchase the 


summit meeting of industrialized 
taKWjrio, activdyjWended 

farvn TntiMKtt Vw mrv'Vimr 7^^ 


Liucult part ot our re- 
program,” Mr. Fabius 
Lgmnp that “there also 


Frendi fannimerests by blocking Ts^K^fW. 
the setoig of a date for starting strategists arc as- 

new worid trade negotiations. suining that workers will not strike 
“French leaders are now doing major industries between now and 
all they can to win the support of the March elections, even though 
the widest range erf economic pow- the Communist Party announced 
er groups, even if they are tradi- on May -15 that tt would not partici- 
tionanyoo the right," commented a pare in a coalition govern m ent with 
senior West Enropean diplomat in the Socialists after 1986 and said it 
Paris. would continue atta ck ing the So- 


Paris. would contu 

On the negative side. Via French 
economy is pipped by very dug- Communists 


mess. The 
from the 


number of employees, sdes breakdown, company Handbook at $38 per copy, including postage i 


gish growth. In £e most pessmhs- government last August 

tic scenarios to date, the govern- What is widely described as 


bockground, shareholders, principal French 
subsidiaries and holdings, foreign holdings and 
activities, ©qDorts, research and innovation, -1979- 
1983 financial performance, important- devel- 


Europe. Five or more copies, 30% reduction. 
Outside Europe, please add postal charges for 
each copy: Midcfle East $4; Asia, Africa, North 
and South America $7. 


meat’s national statistics institute “new realism' 


French 


last roooih projected that growth of workers explains modi rathe mood 
gross domestic product this year among tire union rank-and-file. 


would average only I percent with The xmmber of man-days lost be- 
the dollar at 10 francs, and L5 cause of labor disputes fdl from 22 


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PClROIES- TOTAL 
COMPAT 3 NE GfeNStAIE 
DHECTHOT£( 03 EJ 
COMPAGNEGfiN&ALEDES 
EAUX 

CC 3 M»AGMEtAH&»< 

Olfon-ACHCOIE 

tutor COMMSOALDE 
FRANCE (CCF) 
CStoTDUNO® 
ator NATIONAL 
CROUZET 
QARIY 
DUMEZ 

BECIilQMQUESaGE 
DASSAULT 
Bf AQUTAJNE 

ep£da4boran>faure 

ESSIOR 

HV&UUE 

RAMATOME 


HtANCABE HOBCH 5 T 

GfrOMEBeaxr 

GROLPEVOORE 

IMETAL 

JBJMONFSCHN9DBI 
PORTAL 
IOUBVUTTON 
LYOWACEDGSBUDC 
MATXA 
MBSXBS 
MERUNCaSN 
MCHBM 
M0ET-HB4NESSY 
PARBA5 
PERNOD RCARD 
P6JGEOT 
POtCT 

PRMIEMPS GROUP 
PROMOOfe 
OUUHY 
LARHXXITE 
RENAULT 

RHflNEWUtOC 

ROUSSaUOAF 

SAQLOR 

SAt4TOOBAl4 

5AN0R 

SCOA 

SCREG 

SB GROUP 

SBTA 

SbKMA 

SOCtTtG&^RALE 
SOCtTf Gfr&AlE 
DWIRBWSES^AMtAPT 
&BHCE 

socetHo 

SOMMBAIUBBa 

SPlEBADGNCXlES 

THEMGCAMQUE 

THOMSON 

1HOMSONCSF 

UNCNDSASSURANCS 

DEPABSIUAP) 

USMOR 

UTA 

VALEO 

VALLOUREC 


Hcralb=a£fc,Sribunc 

frbkh Company handbook loss 


percent with the dollar at 9J 
francs. That compares with a re- 
vised 1.6-percoit growth ot gross 
domestic product during 1984. 


million in 1982 to 1J million in 
1983 and has continued to fall, a 
phenomenon widely touted by tire 
government in promoting foreign 


Most private Frendi forecasting investment in France. 


groups and the US Embassy in Jean-Marie Paumtt, who was 


Published by 

intemationerf Business Development 
with the 

hvtemationcd Herdd Tribune 


Banque de France 


Part. I> 2B Man 1985 



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181 avenue Charles^MjatJe, 92521 NeuUly Gedex, France. 


Please send me copies of French Compcny Handbook 1985. 

CD Endoseds my payment. (Payment moy be made in I 


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this is the only prudent approach." bdowlpenattthisjrar. si^tteUtartoyMltfay^ 

Mr Fabius said, adding that the msurures prqecnons ap- said that “therejue a lotjrf writers The current nwod of labor was 

eovernmem would renrein “via- to rule out the government’s m this country, hke raysdf, wlm arc perhaps better reflected in another 


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‘ *>.• ' '* . 

v“ : '- 









INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 


A SPECIAL REPORT ON FRANCE 


Page 11 







By Nancy Beth' Tadkson • duction to rise to 500,000 tans by 
i c, the end of the year, 

ana Charles D. Sherman Although , far bdow^ Saudi or 

CHAMPS DE CHAUNOY — 

Unto bright gran fiddj of new geeted new He ^ the aflmg 

wheat, 30mte (48 kilometers) F *““ petroton mdnafay. winch 




fill§f88l 


n„- .... ,'V' 


f' 1 *" mm*. 


ing rigs are tapping petroleum re- 
serves in avast sancerdiaiied geo- 
logical formation called the Paris 
Basin. 

The area around Chaunoy, 
famed for its Brie cheese, has been 
nicknamed DaHas-eo-Bne, and it 

ssl- 

* — nificant quantities of oil oegan : 
h Dowing omo£ the ground here less "• 

than two years ago, Pads Batin 
* '"fcl “SS crude already amounts to one-third ■ 

^ of French domestic oB production. 

t'\»n.»;,. s . u>( « What excites mtenratkmal petro- 

teum compamw CTen rmnejstifflt 

; X of a Frenchral btm the^^dra 

* .it;. i- s h, | . rich but now tferfifwng fields were 

»:;ii n K . t.- '"**** discovered in Aquitaine 30 years 

-■’•i l 'Mii MinV? ^ aga 

• 11 to U\!c,i| it By next year the Paris Basin may 
s:.«« ,i; ihi- R u,i- '^^iNhbc producing more than one mfl- 
»•! *. c ' u “ lnf ®ft'*lion metric tons of erode aatmaDy, 

iill 1 ! i*. *51 ««()* French ofl men say. The Aqmtame 
•ov. Ui - '> ..i , ' . ^ pS fidds hit their peak in 1565 after 
• ■ 1 1 *■ u ' ‘topw ^ nearly a decade of operation, pro- 

( during 2355 inflEcn metric tons. 

:i v .L-v ~\^I‘ * “The Paris Basin was thought to 

v ■ T v cM.-inmuf be a mature or semnnatore area [of 

b. oil exploration]; however, it is* in 
, ' ,i! ,1,c n 't>kfitartj' reality, an mitotxplored basin,” 
^ Herbert JL Brewer, vice president 
-> v j irkin' ^ ^ for exploration of Triton Energy 
Corp. m Dallas, told the CHI and 
s Gas Journal in January. “We be- 

r- heve a major exploration effort in 

,i. ,■ , r. L!Wn * the Paris Batin will find. . .tignifi- 

"'.'WllilSS ontrserws.” ■ 

:• j r At Chaunoy, Esso, the- French; 


refineries and cut staff became of 


■-'"I y ' 7 ^ 

u* tahaSL^i? J 
fc Iwaud-Evjf* 

*•« *-c hcvtsuTs t ^‘ #ho1 
Wl‘1 -.nPam- ^ F « 

1 uc ‘ 1 u ' ‘ftW nea 

v- . due 

. Y'^'^hfrihisUrt 

nwL-v^.’p, bg. 

guaranteed. ^ ofl 

Ho 

'*% j KaPdo^ ; far 
Ca 


1 

: r .du?!n !• 
IS. - 


spokesman saki 


T pems that France will be able to 
pare its huge energy imparts. 

Domestic production accounts 
for only 3 p erce n t of France’s 
crode-oU needs. Last year, the 
Frehch spent 145 million francs 
(about $14.5 million) on oil im- 
pOTts, tm from 66.1 bifeon francs in 
1979. Nearly a quarter of France’s 
total imp ort bill last year went for 
energy supplies, the bulk of it being 
oxide a£L The new fields may save 
France about 3 billion francs, a 
snail figure for the country but 
significant for domestic energy 
producers. 

Esso and others first prospected 
for ofl in the Paris Basin m the early 
1950s, but only a few attempts at 
extraction were made. A dozen de- 
posits were discovered between 
1958 and 1961, but production was 
minor. 

With the oil stocks of the 1970s 
and the introdnetion of new explo- 
ration and drillin g technologies, in- 
terest in the Paris Batin rekindled. 
Today Elf Aquitaine, Total, Esso, 
Triton France, Shdl, British Petro- 
leom, Enrafrep and Petrorep 
(which discovered the first deposits 
in thebasin atCoulommesin 1958) 
are the chief operators and permit 
holders in the region, which has 
become a checkerboard of oil ex- 
ploration projects. 

Esso’s 100-percent ownership of 
the drilling pennitat Chaunoy is an 
exception to the jpnexal rale that 
the oil companies prefer to spread 
thrir risk m any particular site. 
British Petroleum, for example, 
holds interest in 16 permits in the 
Paris Basin, with participation 



GROUPE DES ASSURANCES RATIONALES 

2, Rue Pillet-Will, 75448 PARTS CED’EX 09. 


1 


DrQEng for oil in tbe Paris Basin. 


Tanging from about 15 to 50 per- 
cent 

“Given the amount of money it 
takes to explore the oil, we prefer to 
be involved in a larger number of 
permits,” said Hubert Jacqz, bead 
of BP France. The company and its 
various partners plan 10 explora- 
tion writs in the Paris Batin this 
year. 

The pace of exploration is aoed- 

Cfismbre Syndicate de la Recher- 
che el de la Production de Pfctrole 
et de GazNatmri, French sofl un- 
der oil exploration has increased 60 
percent since 1983. Of the 105 per- 
mits requested in 1984, SI were for 
the Paris Batin and involved 62,000 
square kilometers (23,576 square 
mues), or almost twice the temtoay 
of the rest of the permits. In con- 
stant franc toms, 24 billion francs 
was spent last year in exploration 
and development compared with 
13 billion five years ago. 

Esso's 24-hour-arday production 
at Charmoy has been chiefly re- 
sponsible for the big jump in basin 
output figures. In 1983, the Paris 
Batin accounted for 338,000 metric 
tons; last year, the figure nearly 
doubled. 

Output at Cbannoyand a Total- 
Triton project near vflkperdue, 54 


miles east ctf Paris, have suggested 
that the basin’s ofl production 
could overtake the aging Aquitaine 
fields within the year. 

Total and Elf, meanwhile, ap- 
plied in March for permits to ex- 
plore for petroleum under Paris it- 
self. Triton, which had participated 
with Total in several fields, does 
not plan to share in the Paris drill- 
ing venture. 

“It is too difficult to work in a 
city like Paris," says Erick Dalbiez, 
Triton-France company secretary. 

But Gilbert Pontmier, who beads 
Total ail exploration, sees Paris as 
just another potential ofl field. He 
says that from an ofl exploration 
viewpoint Paris is special only be- 
cause it is one of the few squares on 
the checkerboard yet to be allotted 
to oil prospectors. 

“It isn’t a technical problem,” he 
adds, pointing out that curved 
ririTTmg techniques developed in 
offthore exploration would allow a 
well to be sunk, for example, in the 
Sl Good Park to tap ofl unto the 
Eiffel Tower. New sasmological 
techniques means much of the pro- 
specting among underlying rode 
could be done with tittle disrup- 
tion. A py>thffrma1 energy project 
in Paris nas already used the same 
techniques. 


Environmental concerns have 
played little part in oil exploration 
anywhere in France. Though the 
French government controls all 
mineral rights in the country, com- 
munities like Champcux near the 
Chaunoy field benefit from royal- 
ties paid by Esso. Still to forestall 
any protests, Esso conducted a 
comprehensive information cam- 
paign among residents in the 
Chaunoy area. 

The government, for its part, has 
actively encouraged companies to 
apply for permits and has offered 
an array of tax incentives to pro- 
mote oil exploration. Over the last 
five years the country has been 
moving away from reliance on 
Middle East oil supplies. Today, its 
biggest suppliers are Britain’s 
North Sea and Nigeria. 

“As the government ’take’ in 
France is so low, even very small 
fidds are economically attractive," 
Triton’s Mr. Brewer said. 

France, whose aggressive nudear 
energy program has made it an ex- 
porter of dectririty, will never ex- 
port ofl, say French oil men. But 
here mi the agricultural plains, with 
derricks from Esso and the Total- 
Triton group poking up only a few 
kilometers apart, a miniature oil 
rush is under way. 


Lx -Aw 


J^fUflL The expansion of world-wick? markets together with 
■Va the growing internationalism of trade has led to an 
IWV'mI ever larger number of companies developing across 
national borders to take advantage of foreign markets. 

French companies are no exception to thiis development. But, as a 
rule, more publicity has been given to the* role played by the large 
corporations and banks whereas the equally important contribu- 
tion of the small and medium-sized companies has been all too 
often overlooked. 

The insurance Industry must also play 'its part in the export of its 
know-how and must rise to the challenge of change in conjunction 
with the companies to whom it will bring its expertise and 
facilities. 

This is the task which I have assigned to the GAN International 
Division and I have every confidence that this will be achieved 
with the support of all our group. 

B.ATTAU 

President 


AN EXPANDING 
INTERNATIONAL PRESENCE 

GAN international operations are developing in the major world 
markets through fifteen branches and agencies together with 
twenty-one subsidiaries located in the following countries: 


‘EUROPE: Belgium, holy, fhe 
Federal Republic of Germany, 
The Netherlands, Portugal, 
Spain, Switzerland, the United 
Kingdom. 


• NORTH AMERICA Oxwda 
The United States. 

• AFRICA: The Ivory Coast, Mor- 
rocco, Senegal, Tunisia 

• THE MIDDLE EAST: Lebanon. 


Consolidated turnover: 

(outside France) 

4.4 Billion French Francs. 


The Arms Market: Looking for New Group of Customers 


Record 


By Joseph Etchett . 

PARIS — As French arms ex- 
J ports reach new peaks, the Socialist 

(|| Q government is frying to reorient its 

mfljtaiy-industrial policy to sell 
, .. «y. - v- 1 . more weapamy to advanced coun- . 
.. . w ** tries in place of the Arab countries ■ 
V 1 A; 7 that have been France's main mar- 

, " r . .11 . feet, which may be heading fof ’ a . 

: 

" ' !„ -Z X'.' a ’ aiB reflects the hard . 

..■*'«* “ ~ thinking that has supplanted the 

‘ pious disapproval of arms saks 

' ‘‘ ‘.VT that the Socialists brought with' 
/*' ^ - them when they came to power 

four years boo. 

‘ Today, as Pretidfent; Frangois 

Mittoxand himself said recently, 

• j. the French government is commit- 

ted to exporting arms heavily in 
■ -/ Qjdgj protect the estimated one 
• .:r, '■ mfiiioin lobs that depend, directly 
• : “.■-**• ' and indirectly, on die arms indus- 
' V uy. in addition, France’s armed 
. ^ - forces can only afford the weappns 

they need if factories gpt the econo- 

— mies of scale provided by export 

orders. 

Beyond this official rationale, 
other economic facts matter: Arms 
exports represent nearly 5 percent 

J of France’s exports (and 40 percent 
of its capital-goods exports). Along 
with civilian airliners and agribusi- 
ness produce, they are the m^or 


• ::vi: 

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in defending the balance of 
paymoiis. Arms sales readied a 
new high of 62 bflfion francs last 
year, according to Defense Minis- 
try figures. 

Franqoas L. Htisbourg, until re- 
cently a Defense Mimstiy official 
and now an executive m the Frendi 
defense industry, notes in a forth- 


— in fact, none — than other snp- 
ptier nations.” Thai, has (hanged 
slightly, but only slightly, with the 
Socialists. 

And French aims perform wdl 
The Exocet missile, for exan^e, 
gained an international reputation 
in the Fafldands conflict ~ 

Theprobleuifor the French gov- 


Ttie French government is conmnttedi to 
exportmg arms Heavily in order to protect 
the estimated 1 mfllkni jobs that depend, 
directly and indirectly, on the arms 

industry. 


In addition. Iraq has been a ma- 
jor customer during the Iran-Iraq 
war. More big sales in the region 
are under negotiation, including 
Mirage 2000s to Saudi Arabia and 
to Iraq. 

But the question about all these 
Middle Eastern sales is whether the . 
market' wffl last and, indeed^’; 
whether itis 7 today profitable. 

Iri. the lraqi tods, for example, 1 ", 
the payment terins are secret Ap- 
parently, the most recent big prat- 
age. in 1983; involved stretchfid-out 
payment schedules, French 'loans 
and cheap oil provided in barter — 

a good deal only on condition that 
Iraq does not lose the Gulf war. 


No European company or coun- 
try can afford to develop these new 
technologies alone. France's call 
for a European program on techno- 
logical cooperation, called Eureka, 
is the latest development in this 
accelerating French move toward a 
more European approach to the 
development of high technology, 
saiatof which would : be implanted i 
imb weapons systems. \ 



gan 


coming article in Politique Etran- 
g£re, the French magazine, that 
arms acquired this iamor- 
twrny- in the early 1970s and nave 
retained it ever since. 

Throughout the 1970s, arms ex- 
ports grew twice as fast as total 
exports, said Andrew J. Pierre in 
bis book, “The Global Politics of 
Anns Sales.” 

■ As Mr. Pierre says: “French gov- 
ernments have got into the habit of 
boasting tot they attach fewer 
strings or conditions on arms sales 


eminent is to diversify its custom- 
ers before it is too late. 

The sates figures in 1984 readied 
a record because or two major 
deals. One was the sale of an air- 
defense system to Saudi Arabia. 
Consisting of missiles on tanks 
with soplnstoued electronics from 
Thomsmi-CSF. the Saudi system 
cost 30 billion francs — half of 
France's total arms sales for the 
year. The second biggest deal was 
an order for Dassault’s Mirage- 
2000 fighters from Abu Dhabi 


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In the past three years an de TAin industrial estate, 

impressht: number of Wlrf s lyon s apped : 

renowned international ^OSSOM ■ W Apart rhe 6n that L>on 

companies have (alien Rendez-mus avec la France! herself is a vibrant, 
for Lvnn's charms. anaenr renter ol culture 

She's" attracted winners : Hewlett Packard in a beauriiul coumnside. she is so 
decided to come to the Isle cTAbeau . - ' convenient :nadsiridmrhnk.s in all 
business park; advanced research centers : directions and the woritrs lastwt business 
tike Schenng Pkiugh inc.: production plants . train first started froni Lyon. The past - 
like Unilever which have chosen La Pttine ■ . The future. Lynn, site’s got it afl- 


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R>f (Wher infttnnaritm. pJci*: send hw ciibnp carxl io AD°tL\ : Aw , ^' n C^O^-viifv , crasKI 
Devdoppemdn Ecmn unique de h Res*" 1 L««mw. Jarue de L* Bi wre - <*)&) LVT^N (H)EX 2 - FRANK 1- 
TO. : 00-» (71 MaiWn; TEfcne MUKMtnnran. Lynn. 


The Mirage deal with Abu Dhabi 
also involved cheap tnl for France, 
a deal of questionable profitability 
as oil prices drift lower. 

A critic of this escalation in bar- 
ter deals, analyst Anthony Samp- 
son, notes in a recent issue of “The 
Sampson Letter,” that these ex- 
changes of arms for ofl arc not only 
intensifying the arms race but also 
adding to the ail glut The barter 
market, which offers especially 
large scope for high commissions, 
is “allowing the tan to wag the dog, 
leading bom to a glut of planes and 
a glut of ofl,” Mr. Sampson wrote. 

French officials, while refuting 
.to acknowledge the extent of barter 
involved in arms sales, nonetheless 
recognize the risks of long-term 
overdependence on the Middle 
East market France, therefore, has 
started energetically trying to find 
new markets m Europe and in the 
United States. More than just a 
new commerc ial campaig n, this ap- 
proach has important political and 
industrial overtones. 

France suffered a spectacular 
setback b this market a decade 
ago, when Dassault’s Mirage F-l 
lost out to the U.S.-made F-16 in a 
sale to a European consortium. 

To avoid similar failures, France 
has started mending its European 
fences. In the last 18 months, 
France has signed framework 
agreements for anns-devdbpment 
cooperation with almost all Euro- 
pean countries, in NATO and out- 
tide it And French officials and 
executives have become actively in- 
volved in the Independent Europe- 
an Program Group, a weapons* 
planning agency linked to the 
North Atlantic Treaty Organiza- 
tion. 

Tim biggest arms market remains 
the United States, and France's 
military Eeld-comirnniications sys- 
tem, Rita, is vying with the British 
system. Ptarmigan, to become the ; 
standard UJ3. system, a multi- 
fafllion-doflar sale: . 

In the long ran, however, French ; 
officials said, the US. market will 
only be accessible if European na- 
tions develop cooperative ventures 
in drfense-manufacturing that pool 
thrir resources. Hus kind of col- 
laboration is essential, they said, to 
make European arms competitive 
and to give European sellers the 
combined political dout to over- 
come U.S. resistance. 

Another factor favoring Europe- 
an collaboration is the new techno- 
logical challenge in weaponry- A 
wdl-pubhrized example of this is 
to Uil. strategic defense initiative 
program, lmown as “star wars” — -a 
defensive system for which a range 
of revolutionary technologies are 
bring developed. ' This program, 
controvcrsial m Europe, has done a 
lot, Mr. Hrisbourg said, to “con- ; 
cent rate pur nurds in Europe” 
about looming technological chal- 
lenges. ... 




grams of uranium 
1 ton of oil. 


go ™ 


10%e>to wa r id wM> wunium Mlput 


Ob* third of Hw worfdwMw 


Lai-pat toMlfurfiw riHt h Iwopw, lutog pi— I tel*— *1 copwdiy (la Hay) 


41% abroad 


2, rue Paul-Dautior. BP N" 4 ■ 

78141 V6Uzy-Vlllacoublay Fronca. TeL 33 131 946.96.41 
Telex Cogem 697833 F . 


, .,W 



:• . a. - 









Page 12 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 


A SPECIAL REPORT ON FRANCE 


Privatization vs. State 
Brings 


gcris 


map, often to the dismay, ftustra- 
ZW^ofjoairfs^pro- 

^ P= S d? JH5 ?ak 

SffKSSffSJ -sast 

rional limes of pd W oJ -flaMBCfr d^Already subject to controver- 
, r reran ,»«. . *■ * ^*SlS5aS£l threatened ^ 

tdlite service and the press. the strata jL^wmediency cause of the private tdeviswn plan. 
Under the presidency of Fran- poU^^*coonon»c«PfW mTuoc when France’s Canal 
ns Mitterrand, the Socialist gov- Par i JS S£SiS!^S^Si n^i^Uwurpaytdejsian 


PARIS — The French media is 

in flux and it is not happy abotit ft. 

France’s new-found competitive 
environment, emerging from under 
the burden of state intervention, is 
busily reshuffling the pack of pri- 
vate and national interests making 
up Frendi radio, television, cable, 
satellite service and the press. 


w 

an* 

IK 

ink 


axunent has played a decisive roje 
in the rapid in the media 


°k 


and wnere n rius, an . 

doeslriSnr^ugly and vo.om- ^ 

- said Thierry Ridoux, 


The Editions du CNRS publish 
books In all the Reids of tha *o- 
dal, hunuui and natural acloncaa. 
If -you would like to receive our 
documentation regularly free of 
charge, you need only address 
your request to ua. 


LA PREMDUSTR1AUSAT10N 
DU BftESIL 

Essays on an economy 
Jn trsnattlon, 183WSQ-193«5Q 
editor; Frtdartc Maura 
• tha widest possible range of 
lasucs mvolvad m this groat 
movamam: • certain phenomena 
of (industrialization such as 
slavery, speculation on the «o<* 
exchange. ... • the role of diffe- 
rent factors of production • ra- 
pid and alow rat as of regional 
development: tha success of cer- 
tain poles, the failure of others 
(17 papers Including: 14 in franen. 
3 in apanlah] 

16 x 24 / 360 p./ bound 
■ 6 Rg. / * ill. 

ISBN 2-222-G3440-X 730 F 



« O' 



ous," said l oicrry iuuuua, a pri- 
vate mediat consultant 
The television revolution, accd- 
erated by Mr. Mitterrand’s an- 
nouncement last January to allow 
the introduction of private over- 
the-air television by next year, has 
left many casualties in its path. 

Signaling the effective dissolu- 
tion of France’s traditional state 
television monopoly, the planned 
privatization coincides with efforts 

r ... 1 .L u „ Mankind, • 


government, has fallen on hard 
rimes because of dcdmmg sub- 
scriptions since it went on the am 
last November, state and pirate 
resources allocated to television 
media could well be stretched too 

th With a France saturated with 
private and state-run television sta- 
tions and networks, the question 
arises whether competition will 
boost the quality of the viewers 


cartBgsg SKEms 

ffrst television service by direct sat- 

assas 'ss=.a 


TvAiaaw mm o , — , , * m 

awe broadcasting media m its ef- 
forts to make French electronics 
and telecommunications more 
competitive, the press has taken a 
mm for the worse. , 

' The left-leaning daily Le Monde 


guiduvu , _ 

_Jfed up ahead of national elec- 
tions next year, when the rightist 
opposition is expected to wrest 
control from ihe Socialists. 

Whereas on the one hand, the 
government has trumpeted its ad- 
herence to 1981 


MALTHUS 

HIER ET AUJOURD’NUI 

International congress 
of historical demography 
CNRS/moy I960 
edited by 

Antoinette Fauve-Chatnoux 
although Malthusian thought 
unquestionably Influenced 


has — , — . 

modem times. It has also been 
among the most frequently misun- 
derstood • re-reading Malthue Is 
thus essential to a batter wider- 
standing of his work and Its 
importance In the contemporary 
social science corpus 
(45 papers Including In Frendi] 
16x24/512 p. /bound 
IS fig. / 1 ill. _ 

ISBN 2-222-03440-3 270 F 


tibns, il has also been exposed to 
charges of systematically tighten- 
ing its grip on state-run television. 

Nor nave suspicions of govern- 
ment attempts to reassert control 
over branches of the media been 
confined to broadcasting. The 
doubts have spilled over into the 
press with the resignations recently 
of over half of the editorial staff at 
Le Matin, the pro-government dai- 
ly, to protest the appointment as 
editor-in-chief of a former presi- 
dential spokesman. Max Gaflo. 

“The government may well be 
reasserting the traditional state 
grip on broadcastng media's politi- 
cal content oat of purely selfish 
political motives but this does not 


UlUUfaUlUA# D 

losing its old readership. Its pic- 
cess, or failure, will be watched by a 
French media currently concerned 
with its own troubles. _ 

— MICHAEL METCALFE 


TounsmButmBalanceofPaym jus 

Tourism in France represent* ^ 


IINUUUl UA a ibuim .ky-w— — 

product, and in 1984 it contributed z#-f onuou i»»~ ; 
an increase of about 24 

About 34 million foreign tounsts mated France m iw». 


In die Fine Art of Perfumery. 


By Lctitia G. Jett 

. PARIS — Although the Egyp- 
tians and the Romans anointed 
themselves with aromatic oils, it 
was the Frendi who raised what 
was amply a pleasant indulgence 
into an art. And for more than 800 


fume sales in 1984, but sales in 
1983 rose 15.7 percent over 1982 to 
slightly more than 3 billion francs.) 

As for 1985, the federation pre- 
dicts a 5-percent increase in total 
sales as well as a modest increase in 
exportation over the record-break- 

• a w i ■ns — r lr 4 *77- 


dustry in which fantasy may be the 
; ingredient, 4 


political motives but this does not into an an. Ana ror more uiun ^ ing 9.7 tiffion js i 

SSiGoLs and options to years France has been the creative percent nse m export sales that 

Ster for what is one of the most dual** the French aametics and 
in the technical and entrepreneur- romantic, mysterious — and profit- fragrance industry in 1984. 
ial fields.'’ said Mr. Ridoux, the able — industries in the world. All of the world s top five bea- 

Intemationally, in the fragrance- selling fragrances are French. In- 


TRAVAILLEUR C0LLECTIF 
ET RELATIONS , 
SCIENCE-PRODUCTION 

edltsd by Jacques-Hanrr Incot 
• complete collection of pepers 
prevented at the colloquium held 
on this aubject (UnlvBralty of 
Lyon II, October 1963) • how 
can the term collective be ana- 
lyzed? • dona scientific and tech- 
nical knowledge contribute to- 
wards the establishment of col- 
lective work practices and sl- 
tuatlona? • what rola doas the 
collective work practices and al- 
' motions? • what rola does tha 
collective worker play In Inno- 
vation. technical change or tech- 
nological vanafer? 

(21 pepers Including in French] 

17 x 25 / 254 p. I bound 
1 til. 

ISBN 2-222-03558-8 H F 


media consultant 
The apparently receding state in- 
tervention in the economy and in- 
j dustry has thrown open a multi- 
tude of plans and, options to 
[ revamp French television and radio 
more along private lines. 

The Mitterrand plan for private 
television calls for the creation of 
85 regional private stations that 


Whether the naw|p - on the bottle is Italian, 
American, Frendi or Japanese, 95 percent 
of the time the nose was Frendi. 


53 regional private surnuua . 

could be linked up to two or three development business alone, sales 

national networks in the hope that amount to several billion dollars a 

increased advertising revenues year. 


would result in more profits and 
more jobs on a regional lewd. 

The government also has been 
engaged on huge and costly cable 
and satellite programs. 

Designed not only to cover 
j France with an array of new multi- 
channel television services but also 


According to Jean-Jacques Bari- 
Heri, founder and director of Sod6- 
1 4 Cosmetic Research, France is 
responsible in one way or another, 
whether supplying ingredients, for- 
mulas, expertise or the finished 
product, for at least 70 percent of 
the WWW’s fragrance trade. Fur- 


cnannei television — r^,.. __ llv . 

to generate a range of fresh services thennore, whether the name on Uk 
in the telecommunications sector, bottle is 

the government launched a 60-mil- or Japanese, W percent of the time 
lion franc nationwide fiber-optic the nose was French. 


Editions du CNRS 


cable program in 1982 spread over 
15 years. 

Seen as an attempt to revitalize 
I France's infrastructure along the 
lines of its high-speed train net- 
work and expressway system, the 
project may well come into conflict 
with the private television project 
and see its financial and technical 


Total sales of beauty products in 
i by the Fed* 


1984, as reported by the Ffedfcration 
Franqaise de l’Industric des Pro- 
duits de Parfumerie, de Beant£ et 
de Toilette, rose 192 percent over 


eluded among them, industry 
sources say, are the following: Of* 
nd No. 5, L’Air du Temps (Nina 
Rica), Opium (Yves Saint Lau- 
rent), Arpfege (Lanvin) and Shah- 
mar from the house of Gueriam, 
the world’s oldest modem perfume 
maker. 

Although few will venture a 
gpiys at the millions of dollars 
spent in the promotion of the prod- 
uct, one thing is certain: No matter 
how complicated the intrigue may 
be behmd-the-scenes in devdop- 
mm t and marketing — so much so 
that designers and prestigious old- 
guard retailers are loath to divulge 
the source, or the nose, they com- 
missioned to formulate the seem 
that holds their name — huge bud- 


most important ingredient, setting 
up a glamorous facade that results 
in imprecise or little-known figures 
about ingredients, costs and mark- 
ups. Probably few consumers 
would be enamored with the notion 
that the synthetic and natu ral com - 
poo cats m one popular perfume 
retailing for SI40 an ounce nmy be 
worth about S3. 

These types of statistics, howev- 
er, do not typically reflect the moti- 
vation or the avarice of those in the 
business of developing fragrances. 
Instead, they tend to show what 
happens after formulas are pur- 
chased by the marketer, whoever 
that maybe. 

The scenario for such high-stakes 
deals coidd go something tike tins: 
A marketer caDsa briefing at whidi 

the details of the perfume he or his 


client, say a designer, is looking for 

are explained (that is, a heavy floral 
with a top note of tuberose or 
woody. Oriental scent). Then the 

competition begins. 

Perfumers, on speculation, set 

^ r ta 1 . ,1m* 


about concocting the formula that 
Itimaidy fifl the requirements 


will ultimately , - 

of the marketer. The competition is 
so severe that same laboratories 
have been known to corner the 
market on various crucial essences 
to thwart the opposition. Finally, 
this mixture, which cm average in- 
cludes between 80 and 100 ingredi- 
ents, both natural and synthetic, — — — ; 

will be christened with an appro- dine over the last few years; 
priate name, bottled, packaged, Paul Gueriain, man a gin g d 
promoted and sold. of his family’s company 



LaHq ne Bacons for a Nina Rfcd perfume. 


sales have experienced a i 


Union), 
francs of 


It should seem only logical in an 
industxy predicated cm an intangj- 
U1 — roamsc, that those who buy^ the . 

i would be whimsical In fact, . 
everyone is banking iL A fickle m 
consumer, after afl, is the fantasy 
that keeps the perfume business 
ahve ana thriving. 



CAHORS — In 1971, when he Inxgrst *£ 1g%£T* SS SSx ' ** 

was preparing the fifth edition of co ?P eratlve Sws Appellation ^OrMne Cmtro&e. The president of theCfites d’Olt 

his ii V^ca of France,’* Alocis Li- fM. pJ Mgj MiSShe's coopa^Darnnkps Cai^ 

iss^mncsaioidio^) st!i£2insaff-“- 

with 


southeast of Bordeaux on the Lot 


River with its own image and. foUcrwmg. 

That same year, too, a mere 507 Between the coopwatwe and tins 
Cahors hectares (1,252 acres) were government 
under grapevines and only 14,843 growers have switched production 


In 1985: 

, more than FF 300 million earmarked 
for R&D and new investment In advanced robotics 
for even higher productivity. 

> a $ 40 million outlay to acq uire 
Gould's Industrial Controls Division in the U.S. 
and move into new markets. 


Issue price: FF 1600 

Dividends accrued 
from January 1, 1985 
Subscription open from 
May 13 to June 13, 1985. 


The priority objective: sustained sales growth 
in the international markets at a 17% average 
annual rate over the next five years. 


An Wwmenon rwJa regtemwl wim m« French 

BacufttKKComntfaaion Of 85-105 dated 

Aofl 3U W8S) mny be ommed trao o( chaige 

hum ttw company's head oil lea and fnom Hi* 
underwrtOng IralHuttmiv. (Offinl 
anoouncoment puMahad May 0. SBS) 


Telemecanique 


^ tSw^tnanads Stoat E*cftange 


tomorrow’s automation today 


Cahors: Gentrification of a Wine That Came From Nowhere 

v _ , , L _i_— ,-m. rnm for wffins Calm u ndl and dvnamite. Mr. Vi 

men 


separate vats in the same 21st-cen- 
tury cellar. . 

Using a high-tech system, the yi- 
nificatioD ranks can be used twice 


hectolilers (391,555 gallons) were 
produced. MIL Cahors was coming 
up in the world even then, since 
both the area of cultivation and 
output were up to 150 percent from 
a decade before. 

In 1971, Cahors’ growth really 
b egan, due to the region’s winning 
the coveted appellation contrMee. 
With the prestige of the new label, 
and some shrewd planning in vine- 
yard, c ellar and salesoom, the area 
under grapevines had risen five- 
fold, to top 2,642 hectares last har- 


Cahors growers, more successfully than 
most, combined shrewd marketing tactics 
with improvements in quality* TTie same 
pattern can be observed in other upgraded 
wine regions in France. 


to a restricted set of grape varices, 

• - • — called Cot, 



Cahors growers, more success- 
fully than most, combined shrewd 
marketing tactics with improve- 
ments in quality. The same pattern 
can be observed in other * ’ 

wine regions in France, v 

Roussillon or Madiran, both also in 
the southwestern part of the court- 

, % j i ■ . . 


in the same vintage. The wme is 
aged in cement vats before bong 
bottled in the distinctive black-la- 
beled Bordeaux-shaped Cahors 

bottles. A new Cahors aimed at the 


"It is a commercial gamble. 

If sales meet the taigd, however, 
the Coface loan becomes a grant 
Salesmen outside France, just 
over 6 percent now — apart from 
the Danish — are funded by 
loans from Coface, the French ex- 
port-insurance group. 

This year; the cooperative is do- 
ing better «b»n before, in part be- 
cause of poor harvests that have 
«i«hled it to sell off its stock (also 
paid for with low-interest money.) 
Sales in the first half of the 1984-85 
vintage year (up to February) are 
miming 84 peromt -ahead. 

The cooperative approach is not 
the only raw being taken in Cahors, 
and a leading grower, Georges Vi- 


dynamite, Mr. Vigouroux’s 
cleared the sit^ leaving, a 
/ surface that had to be disin* 

against root rot. Then holes 

were dug and vines wereplanied — 
not from shoots but from little 
nursery pots, so the vines could 
bear grapes two years sooner. In 
1976, after five years of effort, die 
Ch&leau de Haute Sene produced m. 
its first appellation controlttc vin- w ' 
tags. Since then, Mr. Vtgooxoux 
has added 20 more hectares to his 
vineyard. 

Mr. Vigouroux has broken with 
the cooperative in method as wdl 
as ownership, since he -does not 
strip the grapes from the stem be- 
fore vinification every year. Then, 
too, every batch of wme is aged in 
the band for at least six months 
and up to three years — a band 
made out of oak staves with a very 
traditional look, so the tannins 
move between the wood and the 


ild by the 

[location company,) So he 

bought a 60-hectare barren stony 

a&'SSfcSCgBa 

• ox^nvebaiik.Cnbto A^- ™ i;wwS ? n otSiwof thewine by a Dutch firm, covered with 

eTHT* SSSasw3las^ to quantity, siub and oak forest 
.U- «mtrh with low interest on has been a ma- With stimoinishiiig machines 


«u«* o c y. -- wine. And the wine vats are used 

gouroux, has gone strictly capitals- only once each vintage. . 
tic. Because of French land-use Yet, in marketing above all, the 
laws, Mr. Vigouroux. was unable to cooperative and the private entre- 
preneur agree. Although Frendi 
supermarkets sell 60 percent of 
most wines, the figure for Cahors is 
more like 40 poxxnL About 20 pei^ 
cent is sold directly (at 20^0 to 37 
francs a bottle from Mr. Vigour- 
oux), about 10 percent through 
wholesalers, and the remaining 30 
percent through restaurants. 

—VIVIAN LEWIS 


are going to be able to sell their 

ty.^ahOTS te^ateuMhe gentrifi- 
cation Of sturdy southern wines. 

Cabots has been the most suc- 
cessful of the new breed “No other 
wine came from nothing and is do- 
ing as wdl,” says Stephen Spurrier, 
one of France's leading English- 
language wine dealers. “Fifteen 
it was virtually un- 


About 40 percent of the Cahors 
growers are grouped into the CStes 
d’Olt cooperative in Pernach, with 


Hdp was available to the coop- 
erative, too, for installing a modem 
winery — at low interest for up to 
A t the Pernach winery, 

jKe vats are connected to a comput- 
er to enable vinification to gp on at 

verv high temperatures without 
spoking the yeast — if dung* E® 
Sohot? the computer sends cooling 
^r round the vats. Tta too** 

-Sf-Kjw.a. 

nages under the vats. 


CONTRIBUTORS 


JOSEPH FITCHETT is a staff political cone- AXEL KRAUSE is the International Herald 

spondent for the International Herald Tribune.. . Tribune’s staff economic correspondent. . 

NANCY BETH JACKSON is a Paris-based 


journalist. 

LETITIA G. JETT, a special correspondent b 
Paris for the Chicago ^ Tribune, is a regular contrib- 
utor to the International Herald Tribune s Special 
Reports on fashion. 


VIVIAN LEWIS and MICHAEL METCALFE 
are fin a n cial journalists based in Paris. 


CHARLES D. SHERMAN is an editor on the 
newssiaff of the International Herald Tribune. 


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A- i ' 











MONDAY, MAY 20, 1985 


Alter Fed Move on Bates, 
What’s Ahead for Market? 




^ofPaytZ J 


? on 


ByCABLGEWIBTZ • 

Iwernmkaud Jieraid Trib*inti 

P ARIS — Weeks of nail biting about if and when the 
Federal Reserve would cut its discount rate ended last 
week. Late Friday, the Fed topped half a pant off the 

rate, putting it at percent, thus confirming its willing- 

ness to maneuver interest costs down. The news triggered arush 
! of late baying in the New York bond market, pushing prices np 
and yields down 

Trading was thin as the market had virtually dosed by the time 
the news was flashed- Nevertheless, yields an three-month Trea- 
snry bids shed 15 basis paints, or hundredths of a percent, stx- 
T'month bills were down 10 ba- — . ' 1 . ■ 

as points, and ono-year par Eurobond Yields 
per declined 13 basis-points. For Waafc Ended May is 
The yield on the Trea- )«* to*™*™* _ lias* 

, u*s nwcflom tm ind - J lM% 

bond dropped below II per- cans medium term nas* 

cent, fyirtfirnrinp that a TTwn nr French Fr. short term _ 11.11 % 

raDy into: bond market was J 

man wjy- , Yen Is term. tort fash 7.14 % 

Lest die markets miss the ecu short .term &*9 % 

double-banded aim of the t lftn * 

Fed — to stimulate a flagging |£a ££££ ~ Jii% 

U-S. economy as well as to LuxF med term infl Inst.. 922 % 

nudge the value of the Ae3i»r LuxF medium term _ 9J3 % 

■ lower — the Fed announced ' cak*atwd»mmu**n*wsiack t*. 

A that “the action was takes _ 

against the background of Markat Turnover 
rdadvdy unchanged output T6 

for some time m the mdnstn- ; _• _ M toMM ior 

al sector of the economy, ^ . ia JJ| S35 

Stemming heavily from risi ; ; Eurodear 20734 21,824* 294SL7 

imports and a strong dollar. 

The foreign-exchange markets got the message. The dollar, 
which had traded at a high of 3.0910 Deutsche marks in New 
York, on Friday, ended at 3.0510. The fall against the Swiss franc 
was from a daay Ugh of 2^980 to 25653 at the dose; against the 
French franc, from 9.4275 to 932, and against the yen, from 
25130 to 250.40. The dollar also weakened against the British 
pound, which went from a low -of $13605 to $13710. 

The big question for the forrign-exchange market now is 
whether foreign central banks will use this occasion to reduce 
their own interest rates to more or less maintain the existing 
\ interest-rate differentials against the dollar or whether, by hold- 
^ ing rates steady, the differential wiH be allowed to narrow. 


Eurobond Yields 

For Waak Mad May IS 

u-Sjs to term, bin inst _ lias % 

IXS-* long farm, tod. llJB % 

IL5LS madtom farm, Ind _ 1124% 

Om* medium farm — 11JB5 % 

FranOi Fr. dnrt term 11.11 % 

Sterling medium term -L- 11.04 % 

1 Van nwflomtonn,lrth Inst. 7.19% 

Yen to term, tort Inst. ; 7.T4 % 

ECU short farm *49 % 

ECU medium tann 9-57 % 

ECU long lerm - 9J5 % 

EUA long farm Ml % 

LuxF med term infl loaf.. 9JS2 % 

LuxF medium term 9JS % 

Cafa ri a tw d by th* L m m mb ooro Stock Ex- 
e fta w a a . 

Market Turnover 

For Weak Ended May 16 

UAUtoru of ns. Dollar*) * 


M AINTAINING the differential (with sbort-tezm dollar 
rates about 3 percentagepoints higher than those an DM 
or Swiss francs, and 2 to 4 points lower than French 
franc or sterling rates, respectively) presumably would neutralize 
the impact on foreign-exchange marke ts. 

West Germany, far ammple, which already enjoys a very low 
rate of inflation, presumably would be tempted to lower interest 
rates to stimulate sluggish economic growth. In contrast, a 
strengthened exchange rate a gamst the dollar could be used by 
the French and British to dent their inflation rates. 

Far die dollar sector of the Eurobond market, the big question 
is: “Where to from here?” 

J Does rite rate cut simply justify the existing yield levels which 
J were set in anticipation of the Fed’s move, or is there reason to 
*j anticipate further substantial declines in coupons? Already over 
Hn the weekend analysts were addngr lf ritededlmes in interest rates 
W* And the dollar's exchange rate succeed in reviving the U.SL 
economy, and possibly rite paced- inflation, won't the next move 
by the Fed be to tighten policy? ... 

The answer to the latter question ultimately depends on how 
meaningful a cut Congress makes in the federal budget defict 
Meanwhile, in the immediaie afterglow of the Fed move some 
: analysts expect to see an effort made to drive coupons to angle 

; digits on five-year paper. Since 1979, there have been four efforts 

to achieve that goal and each aborted, leaving holders with lag 
losses: 

Investment bankers report there is a tremendous volume of 
corporate financing waiting to be done when the five-year rate 
drops to lOjpercent, and they fear that cheats' pressure for the 
lowest posable rate and banks’ co mp e titi on to win business will 
see an early testing ctf the single-digit leveL 
With the outlook on interest and exchange rates so uncertain, 
(me issue launched last week was structured in a way to appeal 
both to dollar investors anticipating a decline ininterest rates and 
to Europeans expecting a drop in the dollar. Tina was the $450- 
TnflKrwi, zero-coupon, partially-paid issue for American Express 
Ox 

American Express is raising $600 million to finance lease 
payments on its new New York headquarters. 

The zero-coupon issue will raise $84,895 nriDum as the 15-year 
'. TV bonds are being oflfeped at 18.8656 percent of face value — 
‘meaning an investor is asked to pay $188,656 to buy a security 
(Caufaoed on Page 15, CoL 1) 

J Last Week’s Markets 

i I Afl figures ore as of dose of trading Friday 



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BUSINESS /FINANCE 


Page 13; 


Eurasbank 
Net Fell to 
Zero in '84 

140 Million DM 
Set Aside for Risk 


HAMBURG— European Asian 
Bank AG, the consortium bank 
that ran into problems with Far 
East loans last year, had to use full 
1984 operating profit of just under 
140 miDion Deutsche marks (about 
$46 million) for risk provisions, a 
spokesman for the management 
board said Sunday. 

The spokesman, Hans Hemmig 
Often, srid the four basks that own 
Eurasbank had to guarantee a fur- 
ther sum of loans against possible 
losses. He declined to be more spe- 
cific. However, banking sources 
said the four shareholders put up 
about 260 noSkHi DM. 

Deutsche Bank AG owns 60 per- 
cent of Eurasbank: Creditanslalt- 
Bankverdn, 22 percent; end Am- 
sterdam Rotterdam Bank NV and 
Sorietfi Gtnerale de Banque SA, 9 
percent each. 

Mr. Often, speaking at a news 
conference, said Eurasbank de- 
clared net profit of zero for 1984, 
after a pram of 20 million DM in 
1983. The operatingprofit was 5 
percent above the 1983 level 

He would not be specific about 
the need for farther risk provisions 
for 1985, bat said operating profits 
in the first quarter woe slightly 
higher than in the period a year 
ago. For the full year of 1985, how- 
ever, Mr. Often said he expected 
about the same level of operating 
earnings as in 1984. 

Mr. Often was brought in from 
Deutsche Bank’s Lflbeck subsid- 
iary after the disclosure of large 
potential loan losses in Match of 
this year. The mrin problem areas 
had been Taiwan ancl Singapore. 

At the time. Deutsche Bank 
stressed that Eurasbank was not 
writing off losses already incurred, 
but needed to make adjustments 
for passible loan writeoffs in the 
future. 

Mr. Often said the bank had 
raftrfc fal» judgments on some 
credit decisions and in some cases 
had accepted financial statements 
from borrowers too readily. 

The banks end-1984 balance 
sheet total rose to 9.1 billion DM 
Cram 8A tailBoo, be said. 


Tough Calls for Paid Volcker’s Fed 

Discount Rate 
Cut May Signal 
Change in Focus 


By Robert D. Hershey Jr. 

New York Times Swax 

Washington — in the 

summer of 1983, even as Paul A. 
Volcker was accepting reap- 
pointment to a four-year term as 
chairman of the Federal Reserve, 
most observers figured than was 
little chance that he would re- 
main on the job much longer. . 

Personal and fi nancial pres- 
sures were expected to lure the 
57-year-old chairman to a lucra- 
tive corporate post. He would 
leave, it was expected, with ap- 
plause still rin g in g in his ears for 
having almost single-handedly 
rescued the country from dou- 
ble-digit inflation. 

the Fed rfwiTman bas 
stayed on into the second Rea- 
gan administration at what ad- 
mirers see as considerable risk to 
his reputation. 

“He’s done a rather magnifi- 
cent job,” said Irwin L. Refiner, 
chief economist for Manufactur- 
ers Hanover Trust Co. But now, 
be said, “it’s a no-win situation” 
for the man often viewed as the 
second most influential Ameri- 
can after the president. 

The Fed always seems to be 
faring tough dunces — indeed, 
its mandate is to conduct mone- 
tary policy to achieve the twin, 
and sometimes conflicting, goals 
of sustained growth and general 
price stability. 

But this time the policy hind is 
particularly ante for the august 
institution on Constitution Ave- 
nue. The economy is weakening. 
Inflation is down, but not oat. 
And, according to many ana- 
lysts, unless interest rales drop 
significantly, the mature recov- 
ery that is now at the 30-month 
mark could come to a painful 
end. 

That makes the Tuesday meet- 
ing of the Federal Open Market 
Committee, the Fed’s most im- 
portant policy-making arm, one 
of the most crucial in recent 
years. A signal of whatis likely to 
result from the meeting came 
Friday in the Fed’s announce- 
ment of a lowering pf the dis- 
count rate — the rate at which 
the central bank itsetf lends 


Some Allied-Signal Units 
To Be Sold After Merger 


WASHINGTON — Allied 
Carp, and Signal Cos. probably 

wffl have to sefi some of their busi- 
nesses after they merge, Allied has 
told the Scam ties and Exchange 
C ommission. 

. “It is possible that such divesti- 
tures could be significant," Allied 
said in the filing Friday. The merg- 
er will create an international tech- 
nology riant that will be the 16th- 
Largest U-S. industrial corporation. 

Allied said that it eroects to con- 
duct a review of all Allied and Sig- 
nal Kn« of business frikrwingcoxn- 

pletiou of the proposed merger, to 
determine which are “Iikdy to fit 
weH” in the new company's future 
operations and which % are relative- 
ly more favorably positioned from 
a strategic point of view to achieve 
optimum growth objectives.” 

As part of the May 15 merger 
agreement, valued at $4.5 bfllion to. 
$4.9 bfllioD, Allied on Friday began 
a tender offer for up to 22 .mflfion 
Signal common shares, or about 20 
pcacent of the total outstanding, 
for $45 per stare in cash. 

Each of the remaining Si gn a l 
shares would then be exchanged for 
a common share of a newly fanned 
holding mmpany to be named Al- 
lied Signal Inc. 

Also as part of the agreement. 
Allied and Signal came to a “mutu- 
al muier standmg’’ that after the 
merger is completed, they will be- 


gin an open market purchase pro- 
gram fra: Allied Signal common 
stock, Allied said. 

Allied stock closed Friday at 
$42,125, m $1,125, on the New 
York Stock Exchange. Si gnal was 
up 37.5 cents,to$40®5jC rose 
in heavy trading Thursday after an 
initial (fcefim * Wednesday. 

Allied, based in Morristown, 
New Jersey, said that it and San 
Diego-based Signal wQl cotmml at 
least $500 million in cash to the 


Last week, the companies said 
(bat the merged company would 
have revenue of $1 6 l 7 KHion, earn- 
ings of $773 million and assets of . 
about $15 billion, based on 1984 
results. It was not known how any , 
divestitures would affect those esti- 
mates. 

Allied said that it wiD obtain the 
$1 bilEon it needs to buy the 22 
milli on .Signal shares out of its gen- 
eral funds and from private place- 
ments of commercial paper with 
institutional investors. 

The chemicals company said 
that it expects to pay 8.4 percent 
interest on the commercial paper. 

The paper would be repaid with 
internally generated cash, coming 
principally from Allied’s anticipat- 
ed sate — for S1.4 billion in cash 
plus $300 milhon in stock — of 50 
percent of its oil scud gas segment. 
Union Texas Petroleum Holdings 
Inc. 

Allied entered into a sale agree- 
ment far Union Texas in Apru. 


Ecuador to Keep CHI Output 
Aboye Ceiling Set by OPEC 


Reuters 

QUITO, Ecuador — Ecuador 
will not reduce petroleum output 
even though its production a now 
51 percent above the official OPEC 
quota of 183,000 barrels per day, 
the deputy minis ter for natural re- 
sources has grid . 

The minuter, Fernando Santos 
Alvite, said Friday that production 
would continue at the current level 
He spoke after Venezuela's Oil 
Minister, Arturo Hemftnriez Gri- 
santi, visited President Le6n 
' Febres Cordero to press Ecuador to 
maintain OPEC production quo- 
tas. 

Official figures show that Ecua- 
dor produced 276,545 bands per 
day in March. It is the second- 
smallesi producer in tire 13-nation 
Organizatioa of Petroleum Export- 
ing Countries, ahead of rally Ga- 
boo. 

Mr. HwnAndtt Grisanti said 
that be told the president “af.our 
opinion that we must make all the 
effort necessary to strengthen the 
unity of OPEC” 


Mr. Samos Alvite said that Ec- 
uador hoped OPEC would “recog- 
nize our situation, especially as a 
marginal producer, and that we are 
grang thrall a very difficult eco- 
nomic situation.” 

He said that adherence to the 
daily production quota, set by 
OPEC last October in the face of 
slack world demand, would cost 
Ecuador $13 Mfitm a year; a move 
he described as economic suicide. 

Osvaldo Davila, the planning 
secretary, said last week that Ecua- 
dor expected growth this year of at 
least 7.7 percent in oil production, 
which provides 70 percent erf tire 
country 5 income. 

Mr. Herrrindez Grisanti said 
that production increases by non- 
OPEC countries such as Bri tain, 
Noway and the Soviet Union were 
checking the cartels efforts to sta- 
bflrre market prices. 

‘The present situation in the oil 
market has shown worrying signs 
because prices have shewn symp- 
toms of tailing in the last three or 
four weeks,” & said.' 



Dollar Accounts 
Ordered Frozen 
By Argentina 


ThatWYorfcTi 

Fed Chairman Paul Vokker testifies before Congress. 


money to f inancial institutions 
— to 7.5 percent from 8 percent. 

After the deliberations Tues- 
day, the rale on federal funds can 
be expected to move down, from 
last week’s levels of 7.7 percent 
to 8 percent, to match toe dis- 
count rate and pedums to fall 
somewhat below it. The funds 
rate, charged on overnight loans 
between banka, is the market 
rate over which the Fed exercises 
its closest control 

The FOMC, which meets 
about eight times a year, has an 
excruciatingly complex set of 
variables to weigh in charting po- 
licy for the weeks ahead. The 
economy’s growth has slowed 
dramatically, to a rate of just 2J 
percent, since last summer, and 
some unsettling wage and other 
inflationary pressures have be- 
gun to emerge. 

Prices still are rising at about 4 
percent a year, but most analysts 
think inflation will be above 5 
percent by the end of the year. 
This is the opposite of the hefty 
growth with rfHclfattig inflation 
that the United States enjoyed in 
1983 and 1984. 


In its discount rate announce- 
ment Friday, however, the Fed 
suggested that it is more worried 
now about dngpchnea in the 
flat industrial sector of the econ- 
omy than about any risks to in- 
flation that may be set in force 
by an earing of policy. 

The new discount rate, which 
takes effect Monday, will be the 
lowest level in nearly seven years. 
The Fed said the reduction in the 
rate was “consistent with the de- 
clining trend in market interest 
rates over recent weeks.” 

Though the seven governors of 
the Federal Reserve Board made 
the discount rate decision, Tues- 
day’s deliberation over what to 
do nert also wffl include the pres- 
idents of five regional Federal 
Reserve banks. The decision be- 
fore them about how far to go 
with the earing of monetary po- 
licy will be complex. 

One reason is that there is an 
unusually wide diversity of opin- 
ion among government and pri- 
vate economists about the imme- 
diate economic outlook. 

The economy certainly has 
(Combined on Page 15, CoL 5) 


By Lydia Chavez 

AVv York Timet Service 
BUENOS AIRES — Argentina’s 
central bank, acting toping a grow- 
ing outflow OT deposits from the 
nation’s b anks, has frozen all ac- 
counts in dollars and other foreign 
currencies for a period of 120 days. 

The central bank order, issued al 
midnight Friday, said depositors 
wouldnot be able to withdraw dol- 
lar funds or make new deposits for 
the 120-day period. A spokesman 
for the central bank said the deci- 
sion would then be “analyzed 
again.” 

Heavy withdrawals began a week 
ago, after the government closed 
one of Argentina's largest private 
banks. Banco de Italia y Rio de la 
Plata. The central bank closed the 
institution after deciding that its 
problems were too great to be over- 
crane by further loans. 

The derision to freeze dollar ac- 
counts was looked on by bankers as 
a positive move that would proba- 
bly avert more bank failures. Fi- 
nancial sources, however, said the 
government's mishandling of the 
bank closure provoked the run on 
dollars and had thrown into doubt 
the completion of a S43-b01iou 
loan from foreign banks. 

The freeze on dollar accounts 
affects $700 million to $1 billion, 
according to banking sources. 

Argentines and foreign compa- 
nies are permitted to maintain un- 
insured dollar savings accounts and 
to receive their interest payments in 
dollars. In an effort to keep pace 
with inflation, Argentines buy dol- 
lars on the black market with pesos 
and deposit the dollars in their ac- 
counts. Inflation is running at a 
rate of 910 percent 
The immediate effect of freezing 
the accounts wd be to gpe the 
government time to assess the fi- 
nancial s foMriow of troubled banks 
without the pressure of trying to 
cover banks in need of dollars. The 
government has given those savers 
who have accounts coming due be- 
fore 120 days the option of buying 
dotlar - dmomitia ted bonds that can 
be sold on the open market 
“The action is in defense of sav- 
ers and of. the community as a 


whole, whose normal functioning ' 
requires the permanence of a soba ~ 
financial system." a government' 1 
statement said. 

The increase in dollar withdraw- 
als began more than a month ago 
when the government announced 
several changes in the banking sys- 
tem. 

“Maybe people began to think 
that if the central bank made those . 
changes, it might also nationalize ; 
accounts." a banker said. I 

The withdrawals picked up in the 
last week after the government' 
closed Banco de Italia, a bank with • 
$65 million to $80 million in unin- * 
sured dollar deposits and S2S0 mil- 
lion in foreign debt. < 

The government declined tol 
specify how much money had been J 
withdrawn from savings accounts • 
that reached maturity during the j 
last week. A banker said, “It is fair ) 
to say that every private Argentine j 
local bank is losing 100 to 90 per- ; 
cent of its dollar deposits" as they ; 
come up for renewal. ' \ 

The private banks, which hold 20 j 
percent of the dollar deposits, are • 
viewed as the most vulnerable be- ! 
cause of the public perception that j 
the government would do more to ' 
keep a state bank open. In the last) 
two months, right private banks \ 
have been dosed, the Banco de * 
Italia bring the largest. { 

Bankers said the government’s { 
failure to clarify how It would han- « 
die Banco de I laha’s dollar deposits * 
created confusion, making deposi- > 
tors more likely to withdraw their J 
money. > 

The absence of a government po- j 
ticy oo Banco de Itafia’s foreign # 
debt has also created concern j 
among foreign creditors who are ! 
putting together a $43- billion loan ' 
package. The loan is contingent on i 
a new agreement with the Interna- j 
tional Monetary Fund. 4 

Although the banks have raised { 
most of the loan, bankers said that * 
many smaller, regional U.S. banks { 
are beginning to ask whether it t 
makes sense to lend new money to j 
a country when the state of its fi- i 
nanrial system is undear. \ 


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INDUSTRIAL BANK OF JAPAN 

Head Office 8-3. MwunoueN i-dhoma, Orfyoda-ku.Tbkyo 
Hion* 214.1111 Tetec J2232S 

YOUR RESOURCEFUL BANK 


yv v;;: 


A**':" 





- — • 





Page 14 


INTERNATIONAL HERALD TRIBUNE. MONDAY, MAY 20 , 1985 


International Bond Prices - Week of May 16 


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

Prices may vary according to market omdhiom and odier factors. 


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FINLAND 


AUSTRIA 



4 .«T 110 7 X 7 
573 585 1 » 
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727 7 X 3 

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7 J 7 784 

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4 J 2 781 424 
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485 MB 4/4 
73 7 X 1 43 
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IIN Union Conuae OB 
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IIN UntatPodflcConi 
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in United TramMei 
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1 19 United Tectmalooie* 
IN Utah Inti Finance 
SIN WW 1 Disney PrattCM 
SB Wait Disney Product*! 
SIS Ward Feeds O/i Capita 
UH Warner-Lambert bill 




BA-HAM IS 1 BJ 4 H 81 B 85 
M 1 IDK 24 10431181 081 

WTCJivi 75 11 X 2 TI 52 121 

14 19 Jim 145 ft 72 J 9 
II VJNae 77 ft 113 
1 17 Mar 9 Sft 1485 1121 

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Uft-WAUO 106 ft 113 
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IKVJUl H 4 1321 _ 

lift VI Mar IDEM 113 1187 

TV* 17 Del n 1121 1324 U 3 
10 ft VO Jan 77 ILH 113 
ITJ.V 2 H 0 V 181 ft T 2 S I 2 JT 1385 
7 16 Sec 75 113 JS 

IftWOec 95 ft 1124 K 3 IN 
15 W 17 A(ir 104 ft 12 X 3 US! 

16 ft 3 Dec 104 ft 1453 1337 

7 15 Oct 99 A 1081 1081 985 
B 3 Mer 71 10 X 610 X 1 4 U 

7 ft 17 Jon 94 11 X 11187 IX 

7 vr Dec 97 ft 733 7.14 

3 ft 16 Oct 97 1131221 982 

13 ft 3 Od 102 ft 12 X 8 12 J 1 1 X 17 

lift 19 Nov UB 1128 1125 

liftVMav HD 1321 1432 

7 ft 17 Feb 96 10.11 HU 7 781 

Oft 72 Apr HD 11 X 9 119 

lift 19 Sec 102 ft IBM 11 X 6 

12 ft 19 Oct » 2 ft 1157 1287 

61 k VI Jan 97 ft 7.11 481 

lift V 2 Jan UOft IL 17 1 L 22 

8 -H 7 MO r 95 n.n n® BX 2 

TJteWOd 104 10 X 4 087 

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lOftHJun 107 ft 

II VlOd 112 ft 





7 ft 74 Feb 101 ft 

TftVJjat « 4 V 

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5 - 1 * tor ttH 
7 ft 14 May 184 ft 
7 ft It Me* 107 ft 
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471 427 7*5 
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4 X 5 453 487 
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GERMANY 



PA 94 Feb UI 
7 ft 19 Nee ICTft 
2 ft VS Feb U£ 
7 ft 75 Feb 77 * 
8 15 NO* UI : 
71 jV 4 F*b K 3 > 
4 V 0 Jim 110 
4 VO Jim V* 

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4 93 Dec U 
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r.'svcjoi iM 
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r- VI Dec 13 
8 .« 72 Tear ICPs 
8 -MOd IK 
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7 ft 77 tor 99 


DENMARK 


Aitaada Karlov Strode 
CsmerraDi Cretfto 
Credlop Ceflilo Ocere 
FerrarieCeBoStata 
Fefibvte Della Stata 
OHwM tab (Ids: 


r^-ffijim io 

r -3 VI Jdj I 3 - T 

E VI Jen 13 
EftHMar 7 Dft 
I VI Apr luT : 
Oft vi Jen 135 ’i 


tno wetb Forae Co 
IMO WeUi Forgo Co 
*75 WMb Forae inti Fine 
*75 Writs Farn In 
*N weymaeuv 
*40 wmrtaeuser 
1150 WevwtioewerCo 
*100 Xerox Finance 


514 -N Nov 
Oft 70 Feb 

a s 

UftVOMor 94 119 
my vo Nov one 1157 
1 2 ft 17 Od USA 1054 


105 1236 12/4 

IN 1258 1253 

an H 9 mss 

MSI 

._ 119 H 84 : 

llViVONov 99 ft 1157 1156 . 

1 2 ft 17 Od I 0 ZA 1054 1155 | 

W TO Arm Ml A 1 X 10 029 


7 * 16 Feb ram 
7 ft 17 Mot 101 ft 
6 ft 17 Dec 99 ft 
4 3 Feb 97 % 
10 VMOT 197 ft 
7 ft 9 May 102 ft 


6 ft 19 Feb lift 
9 ft if Mar 104 ft 
7 ft If Apt Wlft 
7 ft 9 Nov Ml 
fftVIMav m 
rnviFeh ID 
18 ft V 7 Mar 112 
l 13 Mar tt» 
7 ft V< Apr Wlft 
7 ft 74 NOV MBft 
7 ft«A 0 r UOft 
7 ft W Dec 100 ft 
i VO Km 93 <b 

Kftvtjon ram 

7 ft VS Feb 77 
7 ft 17 Jan ram 
7 17 May 101 ft 


FOREIGNTARGETED BONDS OF THE US 
TREASURY AND OF ITS AGENCIES 


im Us Treasury 
SIND USTrtBWV 


irft-nsee mu uu run 

n VO Feb WJft UX 9 1081 


JOT Fad Horae Uxm Banks 11 19 Dec 99 1125 


SOT Fed Nathmal Mari ass lift 71 DK 19 119 11 X 2 

'50000 Fed Ncdtmai Mart Asa 6 ft 72 Feb 97 ft 755 783 


y 25000 Shidwtt Lean Mark Ass 6 ft V 2 Jan HU 754 


Denmark 
Dannart 
Denmtak 
Copenhagen Oty 
Cuw entrawnaty 
CmriimD Oty 
CooMbaoMCRy 
Cawhooen City 
Cuu e ih agin Te lep hone 
C euariuu en Telephone 


Bant Of TMvoCursan 
Both CM Tckyn Caracas 
Full Dearie CoW.-w 
Fail Inti Fmance ttt 
Heads motor Co yy/« 
Honda Motor Co X 7 w 
JananAlrtaiK 
Japan Deveto Sank 
Joan Denrieo Bank 
Japan Fame* Modern 
JueoCoLMW.'w 
KanjO Etadrte Power 
Kobe City 
JcaoeOtv 
Kobe Oty 
Kobe at* 

KebeOty 
Kobe CUv 
KabeCHy 
KidntaLtd 

Lang-Term Credit Bank 


SftETJurj ICI 
PevaFeb rci 
XkVBApr 'PJ 
7 ft V 2 Feb 1 C 
3 ft 90 Mar 101 ft 
PeV 3 Mor ST 
r.iVNev IKft 
7 ft it see ui 
P:V 0 juI "K 
Tftvrjul ta-b 
5 ft 3 Feb 142 ft 
P .3 May 131 
7 ft W Feb UOft 
5 ft 16 Jut '00 
6 ft 17 Mar IN 
B'-iVJen 99 'a 

rvwod ID 

1 VO Jut ID 

7 VJ.'im 99 ": 
7 ft vo Apr UOft 

8 V0 Aug UC-j 


Mutual Funds 


aotkta Prices May 17. 1985 


Grn: 
1 X 53 NL 


1 X 83 NL 
12 X 7 1 X 85 
1 X 87 NL 
1 LU 1985 
976 NL 
1482 NL 
782 NL 
11 X 0 NL 
754 NL' 
752 880 
Vance: 
1111 14.13 
1254 1 X 91 
450 7 X 3 
4 JB 553 
955 1083 ! 
XIX B 82 
1355 i 
1815 1957 
17 X 2 1984 
TUB 1198 
1552 1671 , 
3474 NL' 
1025 NL 
1 A 19 NL 
Funds: 
1083 1050 
8 X 4 NL 
14 X 4 1522 
17.14 1 UX 
1453 NL 
Funds: 
1 X 97 NL 
39 X 7 NL 
HL 57 NL 
981 NL 
1081 NL| 
113 NL 
1182 1 X 75 , 
1052 NL 
1 X 54 ML 
10.19 NL 
1059 NL 
1484 NL 
18 JB NL 
Invnl: 
1 X 56 10 X 7 
421 NL I 
3 X 49 NL. 
1087 NL 
1 X 44 

3 X 45 NL 
2522 2 L 24 , 
49.12 NL 
1651 NL 
1 X 24 NL 
951 NL 
980 NL 
1182 NL 
4 X 1 NL 
37 X 7 3 X 22 
7.11 NL 
1 X 37 1 X 47 
1453 1427 
10 X 4 1 X 16 
10 X 2 | 4 L 


NEW YORK tAP>— 
TM following auofo- 
ttonv supplied by the 
Nathmal Aseoctatton 
at Securities DeaF 

an. Inc. ora ttw pric- 
es at wMch tbasa 
securities could have 
bean laid (Nat And 
value I or bought 
(value Plus sales 
charnel Friday. 


BM Ask 
101 Fd 1454 NL 
Boston _ Co: 

CopAp 2752 NL 
Modi 1084 NL 
SpGttl 1 X 57 NL 
Bowser X «8 NL 
Bruce 11524 NL 
Bull & Boar Gp: 
CaPltG 1451 NL 


Equity 1089 NL 
Golcn 1034 NL 


AARP 
ComCr 
GlnJM 
GenBd 
Cthlnc 
TxFBd 
TxFSI) 
ABT 
Emro 
Gltilnc 
Seclnc 
Uttiinc 
Acorn F 
Afuture 
AIM 
CvYW 
Gmwy 

HlYld 
Summit 
AMEV 
Capltt 
Grwtti 
Saact 
US Gvt 
Alt lance 
Chem 
• HIGrod 


Bid Ask 
■aval: 
1780 NL 
1550 NL 
15.17 NL 
1 X 79 NL 
1581 NL 
1552 NL 
Family: 
1 X 41 14 X 4 
1458 1583 
1155 1150 
17 X 71951 
340 * NL 
1 X 20 NL 
Funds: 
1180 1281 
087 989 
9 X 7 1056 
523 
Funds! 
10 J 7 1 TJ 7 

987 1084 
Cob: 
9 X 7 HLS 7 


HlYld 1451 NL 

CaiMun 1 X 14 NL 

Calvert Group: 
Equity 17 X 2 NL 


Inc® 1580 NL 

Sadat • 19.11 NL 

TxFL t 089 NL 

TxFL 11 X 2 NL 

Jjtvtn Bullock: 
AsoGt 783 X 33 

Sedan 1 X 11 1 X 23 

Bolide 17 X 5 1929 

Candn 486 955 

Otvtd 351 3 X 3 

HI Inc 1025 1189 

Month 1183 1 X 49 

TxFre 10 X 5 1 X 55 


Lavoa 
GlttOp 
NY T* 
5 p 1 Inc 
Tax Ex 
Thrd C 
East Glh 
Eaton 
EHStk 
GvTOts 
Grwtti 
HIYM 
incBas 
Invest 
Nautis 
5 pEat 
TaxM 
VSSPl 

EmpBld 

EnoUtli 

Evrgm r 
EvnjrTtl 
FPA 

Captt 

Neetnc 


COHHela 1257 1 X 57 
Cordnt 1220 13 X 4 


Cnt Sl» 
Chart Fd 
dtp Dtr 


1 X 90 NL 
427 NL 
IMS WL 


Chestnut 3 X 51 NL 


Cigna 

A 8 TCSV 


HlYld 
Inti 
Mortg 
Survey 
Tech 
Alpha F 
Amer 
Corn 
Cmstv 
Enlra 
Excti 
Fd Am 
GV 54 K 
Grow 


Provld 
venlr 
American 
A Bat 
Amen 
A Mutl 
Band 
Eunoc 
Fd Inv 

Grwtti 


TaxE 
Wdl Ml 
A GmFd 
A Herilg 
A Invest 
A inv In 
AmMed 
A NtGth 
A Ntlnc 
Aimnav 
Anahrt 
Amsfno 
Axe 
Fnd B 
tneam 
Stack 
Bataan 
Bona 
Enterp 
Garth 
UMB St 
UMB B 
BLCGt 
BLCInc 
Beec Gth 
Bcoc Hill 


1 X£ 11 X 8 
982 10 X 7 
1181 1387 
981 112 
138)1429 
1750 1 X 99 
1 X 49 3021 
CoptM: 
4.90 784 
13 X 7 1494 
1283 14 X 2 
4786 NL 
1084 1183 
1186 1 X 72 
2 SX 4 

1 X 97 14.17 
9 X 2 1453 
1854 19.15 
1429 1123 
20 X 5 2257 
481 425 
1350 1422 
Funds: 
1052 1158 
•85 923 

15 X 1 14 X 4 
13 X 8 UJO 
MAO 14 X 4 
1354 1389 
1420 1582 
11 X 4 1227 
11 X 4 1 X 74 
1480 17.92 
WO 427 
9.99 1089 
9 X 8 HLSS 
8 X 7 8 - 8 / 
227 NL 
784 NL 


1182 12 X 2 
1 X 40 7419 
924 1025 
6-92 7-28 
737 7 X 3 
11.94 1289 
Funds: 
1423 14.10 


COCMl 50-25 5150 
CpCStl 50-10 51.13 


1 X 12 1482 
1183 12 X 9 
10 X 5 11 X 4 
751 723 
AM 784 
BJM X 79 


Optl II 11 X 6 1224 
Tax Ex 1280 1 X 0 / 


Columbia 

Fixed 

Grth 

Munlc 


Funds: 
1 X 37 NL 
2482 NL 
1082 NL 


Carftti AB 189 1 X 1 
ICwttti CD 2 JM 251 


Composite Group: 
BdStk 10 X 5 NL 

Fund 10 X 5 NL 

IncoFd 989 989 

Tax Ex 481 NL 

USGov un 1 X 1 

uncord 2420 NL 

anstef G 19 X 0 NL 

ant Mut 5.92 NL 

BPlev 482 NL 

“Cosh 44 X 9 NL 

try Cop 17.10 1485 

rlterfon Funds: 
Cmrce 1023 U. 1 B 

InvOI 986 1 X 32 

Lowry 980 1080 

Pilot 482 925 

QUOIT 10.16 10 X 4 

Sunt! It 1530 14 X 1 

US Gv 14.10 1083 


Peren 
Frm BG 
Federated 
CnCsh 
Excti 
FT Int 
Fdllntr 
GNMA 
Gwttl 
HI Icm 
HIYM 
Inco 
Short 
SI Get 
SHcBd 
Stuck 
Flddlly 
Cal Mu 
Band 
Cong ra 
Coni Id 

Destny 
Diccv 
Eq Inc 
Excti 
Fidel 
Fredm 
Get Sec 
Hlincn 
HI YKt 
12 Mun 
MOOOl 
Mun Bd 
MOSST 
Merc 
MtflSc 
NYTxS 
NYTxM 


FronkUn & 
AGE 3 X 5 
DNTC 1051 
Equity 350 
FedTx 1 X 43 
Gold 932 
Grwtti 12 X 4 
NY Tax 1057 
Option 480 
Ultls 484 
Incom X 13 


BM Ask 
Group: 
IIS 380 

1063 1187 
982 1056 
12 X 4 1163 


484 753 ' 
Z 13 250 


US Gov 7 .T 9 789 


St^, 


FdTrGr I 
GITHY 
GIT IT 
GTPoc 
Gate Op 
G an Elec 
Elfnln 
EIfnTr 
EHnTx 
S&S 


4 X 7 485 
1426 1586 
1080 11 X 7 
1084 NL 
1029 NL 
92 D NL 
1681 NL 
1489 NL 
Inv: 
1087 NL 
3486 NL 
1086 NL 
36 X 1 NL 


S&S Lb 10*2 NL 
Gen Sec 1181 NL 
GhrtelEr 3433 NL 


Gtntel 
GrdsEm 
GrdenEs 
Grth ind 
GrdPkA 


8350 NL 
986 NL 
1 X 30 NL 
1189 NL 
14 X 6 3059 


Ham HDA 419 477 
Hart Gth 1028 NL 


Hart Lev 1184 NL 
Hewttd 1154 1187 


Band r KuSmnl 
C atlf 1 X 16 1058 
Emro r 1185 NL 
Gwttl r 1389 NL 
Optlnc 950 NL 
GvtSc 920 NL 
Basic 1051 NL 
Natl 10 X 5 11 X 9 
NY Mu 1052 1025 
PrecM 11 X 1 NL 
tl StCfc 1562 1456 
IS Mutual: 


Cos Kir 
Cue K 2 r 
Cut Sir 
Cus S 3 r 
CM S 4 T 
Inti r 
KPM r 
TxFr r 
Kid Pea r 
LMH 
LeggMas 
LehCap 
Lahlnvst 
Levnae 
Lexington 
CLdr tr 
GotdM 
GNMA 
Grow 
R**h 
Liberty 
Am Ldr 
Tx Fra 
US Gvt 
LlndOv 
Uitdnr 
Loomfa 
Ctott 
Mut 
Lord 
AHUM 
Bnd db 
Dev Gt 
Incom- 
ToxFr 
ToxNY 
VqlAp 
Lutheran 
Fund 
maun 
Muni 


■M Aak 

577 NL 
688 NL 
2052 NL 
086 NL 
5 X 2 NL 
5 X 1 NL 
1457 NL 
BX 2 NL 
1487 NL 
3480 NL 
2381 NL 
18.12 NL 
17 X 6 NL 
7 X 3 NL 
Grn: 
1 Z 7 B 1 X 72 
357 NL 
7 X 6 NL 


Bid Ask 1 
1985 NL 


184 NL 

uS nC 

Group: 
1 X 34 NL 


9 J 37 NL 
■81 NL 


NY Mun 
Newt Gt 
Newt Inc 
Nicholas 
Ntatwt 
Nkti II 
NcfUnc 
NE InTr 
NE inGt 
North 
ApcHIa 
Bond 
Raglan 
Stock 
NavaFd 
Nuveen 
OldDam 
Omeoo 


2381 NL 
2050 NL 


Oppenhabner 


42 X 8 NL 
195 NL 
788 NL 
1474 NL 
1.13 NL 

"s at 

Group: 
2954 NL 
1401 NL 
3 X 5 XiL 
1 X 04 NL 
1 X 79 NL 
Star: 
923 NL 
920 NL 
17 JB NL 
1 XM NL 
1421 NL 
781 NL 
TUB 2455 
12 X 9 NL 


1086 1154 
1551 407 


NYT* 1551 I 4 W 
Ogtn 10.92 11.93 

OPtnll 1154 1283 

To* Ex 20 X 0 2323 

U 5 G Id 1485 15.17 

Villa 1753 1 R 83 

VtJVOB 1786 19 X 8 
fcxaor 5155 NL 

tolnbw 8.16 NL 

teoGr 1387 1428 

tochTx 982 1023 

Joyce 7 X 5 NL 


•FT Eat 1056 1152 
Safeco Secur:: 


2154 NL 
18.14 NL 
Abbett: 
980 1 X 57 
10 X 4 1089 
781 684 
387 


987 HL 36 
1885 »5 
971 10 X 6 
Bro: 
1584 1436 
853 9.19 
758 7 X 6 
FbMiKl: 
92 * 1 X 52 
10.12 10 X 2 
10.17 WL 48 
10 X 5 1085 
11 X 9 1282 
1186 1 X 38 
983 10.17 
1159 1 X 17 
1489 T 6 XS 
1129 1 X 71 
11 X 9 1411 
9 X 2 1051 
473 756 
983 10.10 
786 8.15 
1986 NL 
2381 NL 
Lynch: 
ISjOS 1413 
2081 21 X 3 
1183 1283 
925 1680 
1157 NL 


IRI StCfc 
IDS 

ItMEar 
IDS I nr 
IDS Bd 
IDS Ota 
IDS Ex 


4 X 4 NL 
410 NL 
584 NL 
470 4 X 7 
6 X 5 751 
485 5.10 


34 CO » 


3 FA Sm 167.17 NL 
>FA Inf 101.13 NL] 


NL 

382 456 
19.11 2089 
.456 422 


W-i*- 


»— i NL 
Haughtan: 
1084 

471 5.12 
1JO 4 X 0 
.Group 


Jeon Witter: 

CalTF 1884 NL 
DvGt r 859 NL 
Dtvdt 1450 NL 
HlYld 1351 1408 
IndVIr 1184 ML 
NttRsc 758 NL; 
Option 1051 NL! 


SaarT* 1082 NL 
Tax Ex 10 JS 102 B 


itt NL 


NL 

13.10 NL 


US Bh 


. NL 
1420 1155 
1587 1785 

£3 NL 


USGvl unavnll 

WrkJW 1055 NL 
tatawore Group: 
DMC 10.10 1 X 40 
. Decal 1482 1785 
Dtlaw 2654 2255 
Detcn 7 X 5 454 

Ts Fre 7.13 789 
Delta 12.58 1175 
JIT CG 1 X 19 NL 


CaTFL 10.14 NL 
ColTFI 9.95 NL 
CtoNT 10 X 6 NL 


1988 NL 
983 NL 
2473 NL 


DodCxBl 2 BJ 2 NL 

DadC* 51 2444 NL 


10811156 

Burnham : 


Fit 

Bad Aa 
Disco 
Govt 
Grwtti 
incom 
intlSec 
Names 
NYTF 
90-10 
Optn 
Tax Ek 
FJ exFd 
44 WlEa 
44 Wail 
Fnd Gth 
Founders 
Grwtti 
i Incom 
Mutual 


1883 11 X 4 
13 X 5 1458 
1 X 50 1289 
12 X 9 NL 
1451 NL 
1 X 4 S 1281 
1182 12 -OS 
23 X 9 2 A 07 
2380 2487 
14 X 5 I 4 BS 
118 / 1120 
215021 X 3 

20522023 
1 X 44 12 X 7 
10 X 0 NL 
3788 NL 
1951 NL 
Proa: 
7 X 4 NL 
1485 NL 
454 NL 
187 NL 
657 NL 

782 NL 


IDS Grt 1754 1855 
IDS HIY 411 433 
IDS Inf 559 586 
IDS ND 9 X 2 7-50 
IDS Prog 4 X 8755 
Mot Rot 554 552 
■tall 11 X 4 1255 
IDST* 3 X 0 179 
Stock MXl 17.48 
Select 7 X 5 45 / 

yortab 881 886 
■I Graua: 

Grwtti 476 759 
Incom 329 414 


MFI 
MFG 
MS NC 
MS VA 
MIT 
MIG 
MID 
MCD 
MEG 
MFD 
MFB 
MMB 
MFH 
MMH 
MSF 
Mathara 
Meschrl 
Morrill 
Basic 
COPtl 
Equ Bd 
FedSc 
FdTm 
HI Inc 


AIM 

Direct 

Eqlnc 

Op pen 

Gold 

HI Yld 

Pram 

Rbcy 

Sped 

Tenet 

T* Fra 

Time 
OTC Sec 
PocAsr 
PcHzCai 

Paine 

Adas 

Amor 

GNMA 

HrYid 

InvGrd 

Olymp 

Tax Ex 


. Trst Sh im 11 X 5 
Industry 6 X 9 NL 


ltd InvU 1 L 55 1142 


Invsf 

Equity 

OvtPI 

HtYU 

l'TB* n 

invBas 


Portfolio: 
9 X 1 ML 
& 4 S NL 
084 NL 
8 X 9 NL 
Group: 
1077 11 X 3 


miHid 
InTim 
LtMat 
Mun HI 
Mun! In 
POCFd 
1 Phnix 
i SdTch 
Spi vol 
Mid AM 
MkJAHl 

MSB Fd 


1025 1150 
9 X 7 1029 
1325 1387 
9 X 2 982 
98 S 9 X 4 
751 786 
1550 1456 
1183 1253 
9.10 985 
1277 1166 
476 781 
5-01 588 
1982 NL 


Hllnco 14.19 1550 
MaTF 1552 1581 


I Inv Remh 5 X 2 520 
'fatal 1373 NL 
twGIh 1381 NL 
Ivy Inst 12087 NL 
JP Grth 1458 15 X 3 
JP Inco 458 9.11 
Janus Fund: 

Fund n 1 X 77 NL 
Value 1150 NL 
Ventur 235 * ML 



Band 
Grwtti 
USGvFd 
To* Ex 
USGvTr 
Kauftno 


Grow 
HI Yld 
intIFd 
Mun B 
Optn 
Summ 
Tech 
Tat Rt 
US Gvt 
Keystone 
Ort Sir 
Cus B 2 r 
Cm B 4 r 


1473 1418 
1287 1*11 
66 * 984 
981 1072 
1054 11.19 
189 NL 
Funds: 

1281 13 X 4 ' 
880 (84 
12 X 4 13 X 0 
1056 1 LI 1 
13 X 7 I 486 
.889 181 
1154 1107 
3433 37 AS 
1183 1289 
1451 1553 
BJM 953 
Mass: 
1383 NL 
1854 NL 
782 NL 


Bart b 
IntGv 
LG Gvt 
Mut Ban 
Mutuol at 
Amer 
Grwtti 
tnaxn 
Tx Fra 
MtlQuai 
Mut shr 
Nat Avia 
Nat Ind 
Nat i 
Baton 
Band 
CoTkE 
FedSc 
Grwtti 
Pneid 


11.13 NL 
1050 NL 
1080 1083 
11-33 1258 
Omaha: 
10 X 6 NL 
420 474 
8 X 0 957 
1651 1156 
1*57 NL 
55 X 3 NL 
980 10.91 
. 1182 . NL 


I Sq 
Mu 
iPrt 

nix 

On 

Fd 

vth 

rw 

efc 

Cp 

hn 

I GN 6 AA 
M aa c 
PAR 
PflO Fd 
PlkjHI 
Pioneer 
Band 
Fund 
ll Inc 
III Inc 
PlHrnd 
Price 

Grwtti 

Gltilnc 
HlYld 
Incom 
Inti 
N Era 
N Hart* 
ShTrB 
TxFrl 
TxFrSI 
PrtnPTE 


15 X 6 17.11 

20.13 2 X 00 
786 858 
957 10.44 
783 4.12 

17.16 1682 
9 9 4 * hi 
1356 14 X 2 
i n. in 2287 
1454 1756 
858 677 
1382 15.10 
1463 1688 
16 X 0 NL 
1286 NL 
Webber: 
9.94 1889 

14.13 1584 
9 X 7 1051 

10.12 1057 
98311157 
980 1057 

raws M 50 
1 X 10 NL 
050 NL 
459 NL 
1065 NL 
6 X 1 981 


1081 NL 
17 X 5 NL 
1 X 18 NL 
1 X 19 NL 
Funds: 
10 JJS NL 
6084 NL 
15 X 5 NL 
1357 NL 
1 X 02 NL 


Inti Fd 2 X 01 NL! 


NYTax 1051 NL 
Security Fund*: 


7.90 

7 X 7 854 
553 404 
6 X 8 978 
635 9.13 
Funds: 


Am Sbs 1181 NLI 
Sal Shs 1859 NLI 


inco 

' OPOf 

Tudr Fd 
20 Jtl 
Gift r 
Grwtti 
Select 
Ultra r 
USGv 

vista r 

USAA 

Comstn 

Gold 

Grwtti 

inco 

Sblt 

TeEH 

TxEit 

TxESh 

Unified 

Genrl 

Gwttl 

Inco 

indi 

Mutt 

United 

Accm 


Sefiaman Group: 
CapFd 1186 1 X 66 


CmStk 12 X 0 1557 
Catnun 677 9 X 1 


586 589 
400 42 B 
1230 1326 
7847 X 1 
7 X 7 BJJS 
7547.71 
784 782 


NY Tax 780 787 
OhtoTx 759 7 J* 


1151 1280 
1417 17 X 7 
1584 14 X 4 
9.13 9 X 2 
1278 1 X 97 
10 X 4 


Sentinel Group: 
Baton *1684 1184 
Bond 433 492 


Bond 433 492 

Cant S 18 X 3 20 X 0 

Grwtti I 486 1557 

Sequoia 4059 NL 

Santrv 1155 1254 
Shearaon Funds: 
ATIGt 7 X 23 NL 

AarGr 11 X 3 1 X 24 

Appro 1971 28 J 5 

Cld Mu 14 X 1 1558 

FdVal 784 783 

Global 215 * 2252 

HlYld 18 X 5 19 X 3 

MgGvt 138013 X 8 
MMun 1402 1476 

NYMU 1484 15 X 4 

Term d 4 t 7 NL 


fK US 1553 1409 
lance Exchange: 
CopE I 4412 NL 
DBstf 4255 NL 
Overt 7558 NL 
ExFd 1 109.71 NL 

ExBsf 94 X 3 NL 
FldEf S 989 NL 


Gt 1189 NL 

i Funds: 

tt 1497 1436 

l 788 682 

at 8.18 8 X 4 

n 789 619 

d 1112 1325 

I 1057 1185 


ReOfE 
Stack 
Tax Ex 
Tat Re 

Fat rid 
NatTele 
Nationwide 
NotFd 
I NotGth 
NOtBd 
NELffe 
Equ It 
Grwtti 
Incom 
Ret Eq 
Tax Ex 
H e ub erper 


1372 M 79 
328 154 
1148 1 254 1 
1170 1 X 55 ! 
887 9 . 13 , 
783 612 
4 X 0 7.12 
603 676 
4 X 7 984 
8 X 8 957 
419 4 X 7 
, 9.16 1481 
1 X 4 S 13 X 1 
Fds: 
1151 1 X 32 
677 981 
984 1054 
Fund: 


Prudential 
AdlPfd 
GalMu 
Equity 
Gtabl r 
GvPtus 
GvtSc 
HlYld 
HYMu 

Mu NY 

NDec 

OPtnG 

Qtvlnc 

Rsch r 

Ufflltv 


Eauf 13 X 3 NL 
ineGra 955 9.92 
USGvt 1354 MJH 
jGen In 1485 1471 
SHwsiGt 10.19 NL 
Iswlnlnc 471 ,NL 
ISmwr In 21.14 2257 


Slate Band Grp: 
Com St 580 5 u -.l 

Diver* A 43 7.02 
Proof# 882 950 
SJFrm Gt 1613 NL 
StFrvn Bi 1458 NL 

"« 9184 '%: 

Steadman .Fwita: 
Am (nd 27 S NL 
ASSOC 85 NL 
Invest 150 ML 
Ocean 587 NL 
Stein Roe _ Fta: 


8 ESS- 

1087 1189 
3055 3 X 01 
7.15 7891 
Berm: 


Puttient 
Canv 
ColTx 
Captt 
CCArp 
CCD» 
EnaRs 
infaSc 
Int Ea 
Georg 
Gralnc 
Health 
Hlincn 
HI Yld 
Incam 



Cop Op 21 74 NL 
DUCV 1052 NL 


ScFklf 43 X 4 NL 
Vanguard Group: 
Exp If 33.12 NL 
Gamin 7401 NL 
l vest 17 . 0 * NL 
Morg 1154 NL 
NaesT 3614 NL 
QDtv I 17.93 NL 
ODIv 11 777 NL 

QDvtll 23 X 7 NL 
STAR 1052 NL 
Health 12 X 9 NL 
TC Int 27 X 6 NL 
TCI/jo 3354 NL 
GNMA 984 NL 
HlYBd 657 NL 
1 GB nd 789 NL 
ShrTTr 1050 NL 
ind Tr 2 X 82 NL 
MuHY 951 NL 
Mulnt 11.12 NL 
- Mu La 983 NL 
MlnLg 1054 NL 
AftiSht 1550 NL 
VSPGd 785 NL 
VSPSv 1489 NL 
VSPTC 10 X 4 NL 
Wallet 1483 NL 
Weliftt 13 X 3 NL 
Wndsr 1195 NL 
Ventura Advbers: 
NYVen B 5 T 988 
RPF Bd 774 NL 
IncPI IB 82 1159 


Stock 
I Tax Ex 


1433 NLI 
1405 NL 
647 NL 


21 X 4 NL 
0 X 5 85 / 


Wain Ea 1484 NL 
Wstgrd 1187 1 X 54 


TgtRet 2 X 73 NL 


Unlv 

strategic 

Captt 

Invst 

SFlvr 


1782 NL 
Funds: 
758 687 
6 X 4 756 
WO 190 


5 truthers: 
3956 NL 
19 J 9 NL 
1482 NL 
627 659 


strut Gth 18 X 3 NL 
Straittlln } 7 » 1681 
StrnuT 1472 1659 
Tel incSh 14 X 1 


NL — No load 
(sales charge) 

7 — Previous days 
fiuote. r- Radetmllan 
chanje may apmv. 
x— Ex dividend. 


BANQUE LIBANO-FRAN^AISE (FRANCE) 


Richardson Savings & Loan 
Bank and Thud Company 

Cayman islands, west Inches 
uttering 


The Generd Shareholders’ Meeting of BANQUE UBANOFRANCABE 
(FRANCE) was held on April 18 th, 1985 to approve the accourrts for 
financial year 1984 . 

At December the 31 st, the balance sheet total was F.Fr. 6fi26 millions 
and the contingent liabilities were F.Fr. 1,933 millions. Customers' loans 
remained stable at F.Fr. 3,020 millions while deposits, in far progression, 
amounted to F.Fr. 3,825 minions. 

After settlement of high provisions to face the dfficulties met in the 
traditional areas of the Bank activity, the financial year account* 
showed a net profit of F.Fr. 5.099 rroffians. 

The General Shareholders Meeting decided to appropriate the whole 
net profit of the year to reserves. The capita stack inducting the 
subordinated loam will amount to FJt. 1757 mflJiortf. 


I Gold Options (price* taS/az.). 


11% 


IBO'Dfly ' 
Eurodeposit 
amounts over 
$ 100,000 u.s. 

^ ^ __ Memoer 


320 as- 475 175 M 9 JB 

330 075 - 175 123 H 4 JD 0 207 &Z 225 

mi o.io ub STS-Hm i&aj-iano 

3 SJ — — 60 V 7SD 1275 - 142 S 

3 ® US S 25 9751155 

SO 2 SB 400 73 ). 9 m 


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R rtCanariM. LnckBava 
B 7 D 0 Rgk Cwwri ftrtea. Srita tsoo 
Odtaiha) 7 E 2 S 1 
C ontaB P itip Bwtoo ow 
H« BB 3271 mCHMVSONSU. 
= __ftrW 4 »WM* 4 l *348 


GoU 33000 ■ 33)50 

VakmWUtcWeM&A. 

L Quai 4 d Mpat-Btanc 
12(1 Oa eya L Sata rita 
TcL 310251 - Tele* 2 S 3 B 5 


751 TX 

4 M IX 

217 242 

671 351 

Ui US 78 
679 Ut 

VS P 

u 22 

22 * 406 

7.18 £44 

782 Vt 

357 18 

459 (X 

475 4 J 1 67 S 
UD JS- 

144 IX 

681 4/6 

Mi 771 


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Stsfnirje'iasnkf 4 ft 

Tracdtxi.ciCfy Sft 


PORTUGAL 


(Cnta fforiugc-' 


.n.tt.«n 794 im 
SOUTH AFRICA 


784 7 J 2 131 
7.91 444 


787 159 
79 J 754 17 ) 
754 73 754 
783 487 
78 S 7 B 
654 774 


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UI 451 S 3 
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750 7 JO 7 Sl 
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757 7 54 7 .T 4 
694 784 6 J 4 
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757 747 705 I 
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'72 444 771 

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753 UI 4 X 1 
785 7*9 754 
78 * 749 *84 
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6*9 BJM 

743 7.76 465 
187 tW 

457 937 127 
7.74 U* 4 B 8 
404 751 909 
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warm Bank 
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war W bank 

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WorH Bank 


war id Book 

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World Bom 
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war id Boat 


ErictMILm _ 
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Nan«ftwntaM* 7 in n Yiao it* l. 

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UNITED STATES AMERICA 


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CONVERTIBLE BONDS 


BU Ask 
Tamplelon Group 
Prgn IT 86 1 XS 2 


36 £7 

11-33 1 X 36 
105 ? 11-57 
1 X 69 I 4 JJ 9 


Price — Can. PartxJ— 
EUROPE 


Carr 

CaavYMt 

—Canv. Price a.'itt— pm.Sbte 


Oar 

Id* Cm* Yto 

PrtW —Cany. Parted ■ rCm. Prk» */»-. PraUMk 


Them s on McKinnon. 
Gwth IT .96 NL 


10 X 7 NL 
1 Z 70 NL 
2613 NL 
CBntury: 
531 533 
1 X 4 S NL 
7584 NL 
78 S 7.48 
99 J 34 NL 
<79 4 X 1 
Group: 
ID .75 NL 


1137 NL 
15 X 3 NL 


«ge as PrUto 

AkraKS 4 ftW_=i 

A-L-^.n* C=.r "ss * T T! :aq 
Vuskto-Tf «ftVTWer 

AaRro 9 cnkSi?: Sitato 

Bsb^ck KtCrtfore J v?Cs* 
B!w Brown Bsve :.£54 4 .TJ 3 rC 
flee Hrsws eo.K.T^r Fi IS Dec 
BeecTOra aftTIto 

BaetsCeLS 4 ft 12 Aug 

CadScrr ScJaraaod e TECk 
CS a-Cegr C *211 J 14 Jo I 
CreeJSuiss* Banamss 4 **H Dec 
Crtdil Suissr Ssnoirs* 4 ft 13 De; 
Eleefr=«tt Fmqnce S teJon 
Emu N« 41 ft r, t; jim 

Hurltr Ab toVMav 

Genra-vDonera 73 5 17 Jon 

HanunO.’iFinone* Tft-foCrt 
HrogsvansJJJp FaVAug 


1 X 36 NL 
11 X 4 NL 


10 X 6 NL 
Momnt: 
607 NL 
7934 NL 
11 X 8 NL 
7 X 9 NL 
14 X 2 NL 
Funds: 
621 697 
554 6 X 5 
SJ 4 5 X 6 
5 X 9 611 


Con Inc 1438 1739 
HI Inc 1330 1454 
Incom UJJ 2 153 Z 
Muni 474 7 M2 
NwCcot 4 X 5530 
Retire 5 X 8 4 X 3 
ScEng 6 X 0 9 X 2 
Vang SJ 0 433 
UM Servfosa: 

GtsSShr 596 NL 
GBT 1198 NL 
Grawttl 7 X 2 NL 
Prspel XJ NL 
ValFrg 10 X 3 NL 
Vcriud Una Fd: 
Bond 1232 NL 
Fund 1 X 78 NL 


Hoqgawans J 442 
lo Rnonc* T 5 J . . 

IO tail Fm 0477 aftUOct 
tnetiecpeBermu 15133 aftteanr 
l nctKon a 8 cnnu 9127 1 iSAu; 
Isiterstieo CL r , iBO 

M*rskoeO 7 * 10 J» 

Matreroi Bon Estate 
Mso!-H*nn*ssy 485 __ . 

Rook Organsoi 668 * 4 , , 13 Fcb 
ROdiRKiaslRlt 141188 aft 12 Jan 
Sondoz France US 5 15 Dec 
SontaOnSXS 4 ft'UDec 
Eoudw* All 2174 6'4 taMor 

Staler WaUcer 33445 5 ft 17 May 

Sorvd fiance VkllJM 

Sorra nonce 4 fc -®4 Jun 

SntaBonkCoDft iftlBDkc 
Tavter Waatoiw fnfl SftlBDee 
Tnorn lull Fnra 7 VJul 
UBs lluxenrinurg) UB 4 /j 17 Mot 
IBB lpanonal ISJB 5 VMov 


IS IFebB 15 Jen 94 
ff: I 5*0 67 mcnurtlY 
7t U Jon Jl nclurltv 
I 5 *g» maturity 
1 Jan JO JIDccU 
Mft UAorra 15 Sea 72 
75 'a tjd .1 maturity 
« l Feb 84 maturity 
1 14 ! 15 to 78 IS AM 97 

155 I Feb 79 1 Ja 193 

ms--: UJonss 8 Dec n 
13 35 * 0)9 noturUy 

raz 10 Jan 77 maturity 
S 7 1 Oct 79 mattafiy 

»7 naan sjotti 

? 9 S 15 Junffl mat u r i ty 

Ilf IS Seo 79 SMayff 
177 1 5 to 72 nul ui tty 

JDft lAuaO 70094 
Wl 1 JOTS 9 maturlnr 
10 T 4 IS Oct W I Oct 97 
HO IMavTl 1 Sen 9 ) 
tt’* 150077 IIMorTZ 
73 ft 15 Feb 81 IS Jul 95 
toft 1 2 Apt 79 maturity 
102 V: Ida S 3 ma turit y 
13 IFebOT 15 Dec M 
to 2 JOT 8 S J Apr 99 
OVi 14 Feb 74 maturity 


Ifcr 175 - tkr 2 C 4 S 3 
Ml 17140 - Ml 114707 

tgit 
S 1235970 


Mt 4 Q 7 |) - M 37 041 
0113-0155 407 
SOT 3.0 
I HU 

Pltf -*232311 
P to - a 141.142 
DT 82 - p 155334 
*475 
sinoo 

*1250 

S 1350 

trasac- rm C 779 

Sto 157 - Ikr 324037 
ttl 364 .H 0 
P 40 -H 4 B 8 I 9 
Ml 71 -MI MP 53 
p£M 

P 448 - D 432 J 00 
P 385 -» 521-754 
D 45 S -p 0*5488 
SMD 

sac 

POT - 04478*7 
SB 61 W 

P 418 - D 1141951 

P 47172 P 131 1/2 
1474 
1283 

tr 20181 - 14 X 123 
pin - pusct 
S 1 B 58 
*1750 
SOT 

D 247 - p 464244 
P 34 B -P 517 A 70 
IOO 
* 7 * 2/3 


I JOT 73 mdurtly 


I 22 W I Oct 63 maturity 


in 310077 maturttr 
rar.s / jot to b Morn 

08 ft 1 Jon 73 14 May 07 
UldST maturity 
7 Jul 84 maturity 
91 iseoU mcourtty 
9 W 1 5 Jan 01 !Nov 9 l 
87 lNo«ra IIMI 
13 B 5 UT i Jot 77 maturity 
Wi I Feb 08 maturity 


728 - 1 X 1 
137 3/1 
5754 1046 
9337 7-74 
8 * 4 - 444 
1475 - 431 
3797 125 
J 04 - 235 
147 - ID 
454 - SM 
87 5.17 
404 - 125 
U* 17 * 
1141 4 X 15 
4 X 1 250 
1179 - 244 

.u xn 

4 Iff- 2 JK 
OX*- XI 7 

3425 

1241 ra 

1438 - 115 
11 JH 446 
57.18 444 
538 - 170 
401 - 170 
WS 1 258 
OX) 9 X 7 
11131 237 
441 - 143 
424 1 J 2 
100 - 132 
14.11 247 
I 2 LS* 233 
U. 7 B 113 
542 1 . 1 / 
ULI 3 2 JH 
954 SSU 
495 19 
345 - 285 

in 2 Xi 


mart security *k kta Price -Cany. Paring - -Cam.PrKapNi 

*30 Rond Saftctien 13156 l<:VMnr 151 I tori SIJimM mUDSUlf 
UNITED STATES AMERICA 
115 Adanmearapn 1250 4 ft ta May n 


%m American E<prci 33 J 3 Ft 07 May 
*25 American Medica 4 U» t-iTTMar 
*a Amuncon Motor 16155 4 92 Apr 
150 American Tobocc 5554 ift » Aug 
*30 Amt Incnrg 19.14 5 87 to 

121 Aooche mu Fm 4124 Y-VWJtei 


5 V JOT 
7 ft 98 Allp 
r<l8Nav 
OftriAao 
4 V: "73 to 
jftDAod 


S3) Hunter* Lm 
*40 Barnett O-iFm 
*39 Beatrice Foods p.u r«T8Ney 
125 BaotriceFomts 
525 Beatrlcr Food* 

*25 Beatrice Foods 
525 Blacter Enorav 45/1 r, 15 Jul 
SB Hraodmv -Hate 2410 4ftVJun 
17 Canter 0/t348l 6 WOac 

SIS Cde Central Dot 145S S taApr 
*50 CBorter hdlFI2051 8ft*MOct 
ISO Chevron O/s Fla 6437 J taFfb 
SM Cftrystar Q/s 16.13 
100 Chrysler G/fUXI 
*110 Caraat InM 20X4 
125 &n«lTalW14X18 _ .. 
sta Cnttcher Ftoonc 2944 Sft v* Doc 
*15 CoiwnioslJitnitlB 6 ft "Bfl Oct 
*20 Cunailm lot Fin 2785 5 WAnp 
. 120 Damea Carp 11/5 5ft *7 Dec 
ckn/18 Dautsctw Tnaxn 5J0 5 *6 May 
10 Dictaphone Intt 1419 SritaMor 
*U Digiam FlnoncE 33J0 sniSOct 
115 Dynaledraa lnt8iX3 9teTJ * at 
170 Eastman Kodak 8U2 4V5taMoy 
*15 El Ecu Lte» IM 21X8 JftVDeC 
113 Electron Mimpfl 29X5 SKtaDec 


S, JES SSSK 

*• I May I* maturity 
is Mav n maturity 
X Aug 82 mataritr 
IQctn motnrtty 
357 IS Mm at maturity 
I Jun /3 matarltv 
M Oct Si marumv 
I Doc 47 mafurBy 
l AuoO maturity 
M 4 V* l jam mat u rity . 
127 IMorR maturity 


6 WOac 
5 "Ra Apr 
■ft TM Oct 
5 WFab 
5 *8 Feb 
ateWMov 
TteTOOd 
SfoWMor 


mi 1 ABT 73 manally 

177 1 Apr 74 maturity 

a » Oct 10 maturity 

taw 15 to 73 maturity 
114 riJiura matwVv 
spy 15 Oct t* maiuritv 
X 5 Fib 10 maturity 
221 1 Aon 48 mahrtty 

91 iSAaafl moturtty 

72 U Dec 44 maturity 

to IJOclU maturity 


IX Estertlae inb 25^1 IftTSOct 
IX Fed Dept Stent 2429 4 teWD*c 
IX Paddare CnpItM/IJX 5 77 May 
140 Fireslane O/l 34 X 1 5 tafoay 

ITS FortMnH FbMH 2 U 8 5 WMbr 
112 Gatasy OB Inti S 0 L 43 IV 2 7 *Jon 


IX Alda Engineenna 
5 X 0 Minamata Co 
140 AlwaataCa 
SCO AltemuteCP 
130 Ak^U Optical Co 
ITS AUcoCo _ . 


IntxMn 4 X 8 NL 
Lev Gl 1694 NL 
MunBd 1630 NL 


Sol Sit 1120 NL 
VKmpM 1151 162 a 


Sft 76 MOT 137 1 Octal 2 Mar ft YS 4 . 1 D- 608.707 

7 ft ■» Mar IWft 17 FabBO 24 Mar » Y 33258 - SJX 1 J 

5 ft 7 S Mar 125 ft UJidlt Z 2 MarH Y 84828 . 745 J 7 ? 
3 79 Mar 93 38 Apr 84 22 Mar 99 YI 1 S 9 - IJS 271 I 
7 Tlkta- 95 I MOV 79 1 5 Mar 94 Y 45750 ■ 5141133 

.» Know » 73 Jcn 77 lto /0 8 Jan 93 Y 40450 - 4 /TJ 29 

570 BrtdueUana Tire Co 5 V: 76 Dec 79 ft IMorffi 2 * Doc 96 Y 470 - SEL 717 

100 Gamine 6 ft 74 Dec 242 ft 23 AOB 79 3 D Dec 74 Y 379.70 - 442 W 9 

Sta Com Inc 6 ft V 5 Dec 383 ft SJtnrn 21 DecH Y 5 * 210 - 438.191 

19 Canon Inc 1 77 Jon Xtft I JolM 20 Jwi 77 Y 971 JD- 5*9828 

150 CUtran Watch Ca 3 70 MOT 70 . 22 Apr 85 X MOTH Y 5 B - S 72822 

*15 Dal Worn PrtfltfaO 6 ft 76 May 9 U 1 Mav 71 38 Apr Bt V 049 < 71 X 08 

19 Dateline iftteAua 13 I Hav 77 XAuflM YSa- 74 U 5 S 

Sd OutnlPMn Ink OuntMat 76 Mar MBft 9 AU 981 25 Mor 96 Ytakta- 271/47 

*15 Dahn Ham Industry 7 ft 71 Mur 05 I Aug 74 15 MV 71 Y 51080 - 42493 


*15 Dahn Ham Industry 7 ft 71 Mar 

*50 DaiHaSaarttm 5 % 7 *Sep 

*40 Dahra Securities 57* 71 Sep 

y 2 ta 00 Fame Ltd lteTJSen 

*00 RamcUd 3 U 10 to 

SH FumwUd 5 ft 76 to 

SIH Fujitsu Lht 3 79 MOT 

160 Furwknm Electric SftTAMca- 

*40 Htiocte Coble Ltd 5 U 76 to 

1 « Hilochl CredtlCorP 5 76 to 

J 150 HhochlLkl 5 ft 76 Mar 

ISO HOTda Motor C bLW SfoWMar 

SH Hondo Motor Calm Sft 77 Fee 

IKE HrsKta Motor Co LM Sft 71 Fab 

158 Ito-YtakodBCoLM 5 ft 73 Aaa 

125 J OCCl Co LM 7 te TSIAot 

125 Joca Co Ltd Sft WW 

148 JuseaCaLld 6 75 Feb 

5100 JVC Vidar comp JOPOTS 77 Mor 
148 Kallma C oi pa rattan StkWMav 
IX Kaa Sean CuLM 6 72 to 

1 U 0 KonBOtdSfroICa 5 ft 74 Mar 

*98 KamtesaLM 7 ft 70 Am 

Sta KontsNnmi Phata * 78 Apr 

Sta Konrairteur Pbote 4 77 Apr 


IS KteebnUva GFUd - 
S« Kyowo Hokto KP we 6 ft ^ Dec 

1.1 SSSSUcIlu S Sft 71 to 

*9 Manx Ca Ltd 6 To Jan 

1100 Mm) Co Ltd Sft 79 Jon 

SHO Metsnhtta Etoc Indus 4418 Me* 
SOT Matsuriitta Elac Works 7 ft 7 SHar 
SH MtoebMCoLid Sfttato 
Sta ubieflo Csnera CO 7 te 75 Mor 
*49 Mfnoita Comera Co 

. .. 

580 MttenbrthiEleClrCB SMTIMar 
S« Mlbubhhl Electr Co SftTIMor 
1100 Mltaubblri ElearCo 2 te 79 Mor 
iHO Mtsib MX Heavy Ind 4 M 77 Mar 

SS'BSSiiSS 4 7 v. 5 S£ 

tm MuratoMonutacuirai JMTfMor 


U 2 UDecOI 25 to *6 Y 44180 - 411 X 73 
M 7 1 Oct 13 25 to 90 Y 45 U 0 - 467 X 91 

101 3 JunAS 22 to 95 Y 9 SJ 4 

1 STN 5 Jon 54 23 tot* Y 513110 - 5430 X 10 
185 ft 1 Jul II 2350 PM Y 544 X 4 - 421931 

94 1 Mpv 04 23 Mar 99 YI 2 HH- 13 / 0.740 

74 ft 15 Jul 81 21 Mar 74 Y 3 H » 334837 
13 IFebBJ 21 to 94 Y 44430 - S 15 L 97 S 
JBft 16 Jul El 23 tote Y 16 1250 - 1773 X 74 
Ml 3 Utt« 27 Mar 76 Y 484 X 0 - * 71 X 4 * 
24 ] I MOV 77 31 Feb If Y 4 J 5 J 0 - 541727 
U 4 ft 1 Mar 82 994877 V 7 S 7 X 6 - 005 X 74 
M 3 V. 20 JUDB 3 17 Feb 78 Y 8 H- 94 Ua 
ISBte 22 Jim 71 38 Aw 93 Y 75 B 9 - HJ 30 
81 ft 1 Nov BO 71 Mar 75 Y 3 HJ 9 - 442472 
10 U I Oct 1 1 71 Mar M Y« 7 .f 0 - 57 SJ 44 

105 ft 1 Jut 77 19 Feb 92 Y 767 / 8 - 4 S 1372 

87 ft I* to 82 WM 0 T 77 Y 2227 < OT 0555 
95 'i 1 Anrta 23 May 00 Y 27 * - 2778*4 

214 ft 1 Oct 77 15 to 77 Y 35431 - XR 8 B* 

74 ft 8 to 87 25 MOT 96 Y 22 f- 144 X 72 

Utft TBtoT* maturity V 34 U- W 4 M 3 

75 ft SOctO 13 APT To Y 03 - 7 pXO 

Ut T 2 to «4 17 Apr 97 Y 414 - 636 JT 0 

111 T April 1 SFOT 74 YAW - 732 X 15 

118 ft IFOTI 3 77 Dec 77 Y 72 SJ 9 - TOO 


29 Auaft if Aug 77 . YWO - 1116582 
i jui n ~ “ 


tm terotoMonutoeftrtw WMar 
si MoroteManufacturra JW'Hteir 
SIS) NacCorewqlten »«{** 
*30 NBpate Enafoeeriao 7 ft te Mar 
SH H tern Electric “ 

SH NtePOTKegtecu 
in NtDPonKeksn 
*50 Nippon Ci 
19 N hum OH. 

19 Ntem 
*70 Nippon 

TisoS SSShraraustrie* aktato 

148 Ntssha lyclCoO I taMor 
115 Ktttg Electric InM 4 TZSot 
IB NltteElertric nffld l «» 
*40 tutte Etectric Indus fltteto 
Sta BThUl»Nlpn»YumnnkteMar 


JO to 77 Y 40 U 0 - 1141*0 

134 1 Jul 11 30 to 96 Y 0750 - 771/78 

70 ft MJiriM llJanTJ YlU-mm) 

415 SNavTS IfNrnfO Y 4 D 7 - 334 OT 

113 ft B Nov 80 20 Nov 95 Y 590 - 474999 
« 7 ft 17 MOT 13 tatoT* Y 467 - 7 DUB 
7 ft -95 Mar 144 4 MuvflO 8 Mar 25 YCa 20 - mm 
S 14 Mar 71 ft sad SI 20 MOT 74 Yfc 5 ,«- 874521 
4 ft Y! Mar 118 ft IMPVtemateUy YMfta- 
4 taMor inft ! Aug 27 »Mm 72 YM 780 - 
Aftteto raF- 15 Oct 77 matarltv Ycaai- 
5 ft 14 tor lffift ijotD taMarte Yxa> 

91 ft 1 JOT SS 20 MW « Y 3 te - 4 T 64 S* 

«V) 1 Mar as JDMortM Yffi- 413 OT 

77 ft 4 to 14 » MOT 77 Y 253 - 249.777 

171 ft I OCt 77 Z> 5 «>« VG 1 J 0 . 375 XW 

7 ft te Mar 171 ft 15 to El 25 MotH YC 49 - 5 M 821 
3 MV 7 MV 112 21 FCb 0 l 17 M 0 T 71 YIHUO- OTU» 

in 16 JOIM I 7 MPTM Y 177438 - 2144 X 73 

D 7 JOT 15 M MOTH X.’H'ES’S 7 
... J 7 ft T 5 Jan II 25 MOT 76 Y 327 -tanxM 

Sft -97 MV Wlft MO BM« W Y« 4 B- 

IHPb 15 oak* 23 Sec 79 YWOJBI- 

77 ft IJtetl M Mar 94 Y IM - 
74 ft II April 30 MOT to V 71417 - WU 44 

riktaMar 

H 19 NOV 84 200017 
72 SAprIJ 24 Mar 73 YOA 8 B- 670*67 
91 lStlovB 14 Apr 75 Till 

BH 170 cfH SMarN V*LW- 99^4 
237 ft I Seo/I 29 Sen 92 YJ 77 B- 00300 

Kf'fiSSSSl 

I**- $ 


m VJ Mar 
4 TT to I 
Aft 94 Mar 
5 ft 98 Mori 
1 ft T 9 Mari 
7 ft- 940 c 1 | 
JtttaOd 


sh a^imMiaiCa 4 ft TIM tin VoSS SwS XUS-S' lEHSU 

Is SSSr SSSK *- SIKS Y v^: SKS 


SUtaSeoi 
Ate T* See I 
MTSMV 
1 * taNovi 
S taMW 


2 ft«J« 

3 T 9 Jot I 
Ift-OOFabl 
TtetaMdrl 
Sft T 7 Mar 


Sta orient LmtaaCd 
ixa Han CO Ud 

*25 saSwEiorirteCB PATS Mar 
*9 soatyn Electric Co 
1 « SecomCoLtd 
SB Sacom.CoUd 
yljao Sekltel Hpaat Ltd 
Sta SaUpilHounLU 

STB USSSnC^P 

Sta StenteraMHd indufl ta Ma- 
lta SumttamoMeW Indus ! 7 TSSen 
*9 Stoiema Matte Induct S&te to 
140 TofcedP Hkcn Ca Ud FeTOJfor 

5 TOO Tokyo Sanyo Electric 
*18 Tokyo Coro g>T 5 SOT 

*48 Tokyo Lteht Cere JS 2 JST 
*30 TadiraCeramtaiCa SfttaSep 
SB Tojtaba Ceramic* Co 3 OTS» 
19 Testa bo Carp ifttaSen 

sta t 5 ?SSS;k dsha WtaMOT 
Jfl WncsalCare 4 taAMi 

Sta YqmokJX 
Sta YpmonOTi 


87 ft IMVHBMVW VTOJO- ICVJK 
*7 BJuaBS 23 to 94 Y 2846 - 2974273 
157 ft nj «6 57 S 6 P 95 Y 507 10 - 59 X 72 
79 l WrHBMVTS Y 329 - *44442 

rift lOteO) BNWte YS 72 JS - 40 X 33 
U 4 W BMovD BNOT 18 Y 2 KB » 31*2436 
Hft 1 M 84 B Nov 99 Y 504 - 56 H 96 I 
lOFft taMPVO « JOT « Y 410 

lift 4 JunS 4 20 JOT 99 Y 41 J - 443 J 7 S 

5 ft 14 Dae 84 ri FahH YBOta- 732 BJ 4 V 
78 ft 17 MPVB 4 17 Mar 97 Y 573 - 4 * 7,144 

A II Mar 82 28 Mar 97 YS 77 J 0 - 60 BJB 0 
nn i run ft. 30 Mar ft YOTH- 121 X 32 
H 2 Fab II BSeof* Ylffio- 202 X 47 


a 2 Feb II BSeof* Y 175 - 70 - 202 X 47 
tn, I oar M Sen M Y 296.10 - 311 MT 
S BOdMtaMOTOO 7 7463 - 7741/92 

as." as ‘,SSJS v T aS: SgS 

— MW tagte Y ItSh* iua 

UD 1 Nov 79 39 S 4 P 94 Y 18470 - 204 OT 

SteiSSSMB 

Pharma I fi. jMSIHWil 

MISCELLANEOUS 


US- 1.12 
S X 
9 X 8 XJ 
KL 47 .93 
7 J 0 - 1.42 
XI 2 X 3 
I/O- 1 X 5 
* Jo- ixi 
.IB 1 X 1 
X 4 - un 
JO 1 X 4 

II JS- J 8 
13/7 2 X 4 

L 55 267 : 
131 - 1 X 5 
4 J 0 - J* 
173 - J 8 
7 J 4 .IX 
*7 .14 

21 - X 7 
4 X 8 47 

XI 1 X 4 
4 » 1.29 
2131 1 X 4 
271 X 6 
Uf- S 
AS- 47 
Xt- 47 
9 X 1 - J 3 
I US 2 X 0 
11 H 2 X 8 
• kOD- UB 
1251 48 

14 X 7 - 1 X 6 
11 . 10 - 1 X 4 
27-74 3157 
4 X 7 - UQ 
149 L 26 
.14 Ui 
77.14 1 » 
J» X 4 
7 J 6 U 8 
12 X 6 . 1 X 4 
750 - 1 X 6 
LSI- Ut 
SB*- a 
US L 29 
U 6 - L 2 i 
1113 - 52 
1 X 7 SI 
4 JO- UI 
655 - 134 
.13 IJ 4 

un- j ,53 

JS- I -SI 
57 - 153 
J 4 - 1 X 7 
HUB- U* 
7 J 4 - U» 

4 J 4 33 

S 3 1 37 

S 7 I X 7 
3*35 452 

2.11 X 7 
1 X 7 54 

3650 451 

US 47 

7.11 49 
XS- 2 X 1 
UB 2 X 1 

36 57 
151 - 94 

BM XU 
134 - X 7 
U 9 - X 7 
SOS- X 7 
5530 UB 
MJ* Jl 
Xte 1 X 4 
500 - .14 
HL 34 IJ 1 

III X 3 
*» .97 

JS- 164 
1452 SJS 
UB- JO 
55 * JO 
1 BJ- L 17 
1 . 99 - 1.17 
2 J 0 SS 
UI- 1 X 1 
4 X 4 - Xf 
2.92 3 X 7 
ILS 9 3 X 7 
4446 3 X 7 
HOT , 1 V 
117 1/0 
11 - 17 - 1 . 1 * 
1042 1 X 9 
IS JO 
5 < J 4 
1 J 2 - M 8 
4 Xk 2 JH 
JS- 157 
37 B- JB 

634 JB 


315 GemriCD worio 21 J 2 
Sta GKteffe Conn IA 91 ■ 
*75 GBtetteOrtnrajr 
515 Grocawr 0 /s 17 X 5 1 
Sta Great Western 30 J »1 


Sft TO Mar 
avik 
8 taMor 
S *04 APT 
7 ftT 6 Jun 


SH HefcnerichPayMl 7 J 2 7 ft 95 OCt 
113 HU toy tarn 2857 I taOct 
IB Hon eywe ll Captt lie 0 TONow 
*50 Ina 0 / 5 Flounce 3073 4 T 7 AUO 
158 to Ort Flnanc* 2181 1 ft DO to 
*50 Intt Stent Elec I 45 B S TlFeb 
*14 intt Stand Elec UU* SteYSOac 
*25 Inti Stand EICC 17.14 6 ft W Nov 
Sta tMiTefenfaowiTH a i 70 cr 

*20 rate oonf Hotel 84 H 7 84 Jun 

113 Ise Fin Homo 245 / XftTiMor 
Sta ut shoroten IIS 6 ft » Jul 
*» fcatwrAtuoilnumtia 5 11 Red 
ISO Kinder-Core lid SfiJV 4 ft ft* Aug 
sta Lear Petrol Lnc <284 I wjun 
*40 Lear Petrol LPC 2 U 6 8 YSOet 
IM Louisiana Land 2181 7 ft « Mar 
140 Lt* latl *467 5 TB Jut 

ia Mcrfaie Midland 2 U 0 5 m May 
*20 Morion latf Fin 47 X 0 7 TSDct 

* 2 * Mammutwil 4 Uoa 31 X 1 4 te VJul 
* 1 * MommaluMMlgB 5 U 0 g teiu 
Slj McbCoteWCoiza dftWMar 

135 Mol Intt Fin 62.72 

*B Mitel Co Intt 31/3 
*» MOtaPCO Kill 20 X 2 
125 Momanta Uitt 2126 


19 Moron Eneroy 4285 
ISO Moroor .Jo O/n 38 -Z 7 
*7 National Can 43 X 1 
148 NewnantMta 
*50 Mar Ort Fin 


JATSDec 
7 77 Dec 
5 Wto 
4 ft 85 Oct 
I TSNov 

4 ft U to 

MVDK 
Ift TO Mar 


91 iSAuafl m ot u rtty 
72 « Dec 44 maturity 

70 150 c! 4 J maturity 

71 ft 1 Aorta moturtty 
34 4 May IT maturity 

tlf 30 Jen 72 moturtty 

182 1 Mav It meturtty 

78 ft 1 Jui 73 maturity 
I Npt *7 15 Apr N 
1 Oct 13 maturity 
44 ft SFcbri maturity 
llfft 7 Santa motor tty 
87 ft 15 Mar a? motwltv 
HI* loan moturtty 
■ift ujujat moturtty 
It 7 Apr 81 moturtty 

07 15 Jui 16 maturity 

*4 IS Due 72 maturity 
■ft 31 D*cM maturity 
m X Apr 74 maturity 
.50 7 Alov 11 maturity 

148 UJun 73 maturity 
74 ft 1 Noth .moturtty 
UOft X Jot 73 maturity 
U 5 ft 1 Mar ID maturity 
97 ft 1 Auo *7 mafurita 
92 BOecra matarltv 
Wlft 6 Mav 11 maturity 
Ita 1 Mav 71 mat u rity 
H&ft I Jul 72 maturity 
Ita l May 71 26 Jo! 77 
118 ft 1 Apt 81 25 Aug 70 
B ISAsbtI matarltv 
84 ft lto *7 maturity 
H Id May 78 maturity 
72 I* Apr 73 moturtty 
Oft 20 Mar 71 mammy 
97 ft 1 Jot 47 3 Jan 84 
87 I Feb 70 mahrltv 
•Sft t Aoo 49 maturity 
181 15 Aus 83 maturity 

a* 17 Dec 79 maturity 

® ■ 4 Fan mntarllr 
97 > 27 tor *5 26 Moris 
Mft 1 Fab 67 maturity 
M 15 Dec 64 maturity 
IS 5 toB! maturity 
2 15 Mar 73 maturity 

9 * JO tori moturtty 
37 ft ItoTO maturity 
Uft 13 MarW matarltv 
tU 6 Apr 8 J mofurltv 
*4 IS Mar 73 maturity 
TOft 1 Mav 44 amturllv 
, 48 ft niton maturity 
170 15 to 73 matarltv 

IJanta maturity 

[ 81 * 20 MarBS moturtty 



■a a 
s-a 

SJ 4 
U 3 Ate 
GUI i» 

sun 2 J 9 

SIS 

UB Ut 
U 4 - Ui 


4 J 3 - Ijf 
tait X 2 S 
*1577 

4^55 


SJ» Ui 
ITS- 131 
487 . 1 * 15 * 
*M 111 
4 X 4 - 2 X 5 
4447 * 

•tt- 171 
>421 3 X 4 


33*30 
2 JJ 7 3 X 2 
J 4 5 X 1 


7/1 


S 3 Northern Teteni 3171 7 98 Mar 


WteTStoy lHft I Dec* maturity 


Ita Iten Amor lam I 9 JS StetBto 
*22 PaneaFUnceSUII Sft 95 Dec 
*25 Peraiev Jc Europ ia «7 A VTDoc 
*35 Peanev Jc Uitt 12.19 4 ft *7 Aug 
SIS Perotca Caudal 7 c .32 8 T*Apr 

SU Ramuda Capital 64 X 3 tteWNov 
in Rea intt DmMto lui 5 if* 
SH teadtag Bates 27 JB - — 
19 Reetan mcoroB.lt 


S 18 Fob 

8 95 Dec 
MVApr 


19 ReynalAMteals 2289 5 SB JOT 
112 Sarin Industrie 4 AA 7 SbVOcl 
115 tolOrtConlM 2 UH Ste 17 Mar 
SIS Searie lull Cap 5414 Attiby 

19 Souta CaUt Erfl 61 Jl RftT7Mrg 


« Jut 13 28 Fean 
May at maturity 
TJtell maturity 
1 Jul 70 mdurity 

l Apgn moturtty 

25 Ogtn maturity 

~ WJul 72 maturity 

TM 1 tor 67 maturity 

«ft IMirll maturity 
S ,. a iS 5 moturtty 
S 5 .* Br C nraiumv 

31 30 Apr 71 maturity 

[ton matarltv 

- - 1 Jan 47 mat u rity 


UXJ 331 

SIS 

AJ» 117 
la- U 7 
187 - 117 
35 X 5 2 X 1 

1* in 

38 2 X 1 

SS ** 

wjn 

17 X 8 2 X 1 
34 X 4 2 X 1 


SOX* Id* 

■ex* 1.3 


^ 2 . 5-5 

74 ®“ 


*35 toflnroteAMIBlI tUteJnt 
*15 Smctra-Ptnrda OT B TtDec 
140 Sporty Road Co MX 2 4 tevFob 
19 Soutbo Udt Fin 17 JI ttevjui 
sua SI Paul Cnmp 1487 7 ftUBApr 
SUM Temm COpHoI 2 B 80 UteT 4 Nft 
5500 Turks Casual BN UteTito 
*71 TnriXD Inuronel 22 X 0 4 ft TB Jul 
Jg TMm. toAlrt O .77 7 ft TJ Aug 
Sta TIpco F kNnce 3 U 3 BteTtMta 
*9 Tosco Intt FkitaJB 8 9 jOri 
SS* Trmcn to 14 X 7 844 YS Dec 

*20 Trkm 0 ttGa* 32 U SftTSto 
*10 Trw Uitt Flnanc IfXd 5 HFeb 
*9 itaak France 2447 7 stsS 

*28 Varca to Fin 32 /y 8 ftT 4 Mar 
*48 warnarLemaai 246 ] 4 ft T 7 Apt 
S 2 B Warner Lambert 14 X 6 4 U.-MAJ* 
*20 Warner Lumbfrt 34 X 1 4 ft SS Aug 
175 Xerw Carp Art j j|H 


i.S'S! 5 5 .. ] F«fc 7 J manriiy 


sll i imm 


« %«» liiKyE SK 

KBiSl. S Sft? - " matarltv' 

BteSCS 5 nudurtty 

* 5 *£T JSw matarttv 

L 2 Si 55 ,]?F r 53 raoctii 

SJOk 97 ft HAuoii mo tu rtt y 


» JFH« moturtty 
'K "ralurity 

« » pari maturttr 

Jfft lAorn maturity 
® ,1 Apt 74 moturtty 

4 !.. '““Tff Atabiritv 


Wi ijonTS maturity 



*4184 
547 J 7 
w.» 3 X 0 
M X 3 
3 X 4 - 4 X 3 
Ml -34 


2 X 1 - X 77 
WAS) ui 


— highest CURRENT YIELDS 

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


*9 NdOrarnasllltJ* 
328 Taylor Woodrow Intt 
ISO Scuta CtaHEdUIJB 
*20 Tara Manka KalDia 
11 * MOTsmutatelVU!— "~ 
SB Sankvu Etesrte 
S 3 * BOTcack Nederland 
SU DvnatedtOT lot 81 J 3 
S 2 S Tnuni inti Finance 
SB Cadbury S c hutte e * 
19 ina Q/s Flnanca 2111 
Sta Ak 4 U Optical Ca 
SB American kteSco 42 i 
*13 Aiks CP 
S 7 * Gillette Ort FI UJO 
Sta Asa Ab 
SIH U Paul OKU! 107 


gpJRJtx 

ptekfif 

0 ■*! jui 

7 2 Oct 
JftT* Mav 
7 VJul 

pi 

»SJon 
0 TDMor 
9 ft 96 to 
7 ft SO Apr 


M l Not 04 
,»6ft U to J I 
Wft 7 too 
« IDaeH 
5 Stool 
77 I Aerli 

if v fSI 

*JRs I April 
« l Nsv 29 

] 3 » l %3 


MSUHIB 1 U 81 

P 247-040244 

Y 10 UD- VS 

*20 


YJ 2 S- 345 X 42 
BIU-D 15 M 7 
sues 
B 340 • p * 17 X 71 
OlC-Pl&Bi 

Y 4 SU 0 ' nuos 
82 BJ 2 D 
Y 4 B 49 . iSSS 
1*4 

■“"IT* - Ikrsizxsa 

S 0 1/4 


CM* COTodlan Dollar 
ECU EurapcanCutrwicvUnit 


Explanation of Symbols 


S *s us *ri"s sua un ssss 3HV 


*9 moraneosimx* HfttelJul 


I NOT 84 * 4 Jul 94 iBSlOHltSSIXOI 


eua Eutspcot umtof Actauai 
L Pound sterling 
DM Deutsche Mart 

NMD NanwctoKrarar-DM 


SfyfiO ro wtoRhNH* 
Jr 2 S 2 *a 5 «!? Franc 


. £ ,Tf 7 T I gwnwn D Bt MwtLE n NVFCl 

r - 13 ** j Raima k Saumrfcoaip Texas I 


Liviata 

PTaqaarE! 


f wtt.S 5 Si SSuXnjw 

Source; CME- 


arauaoie i n nus eomon bfccanse or sii^btlylcss than officials ajrdcifKit- Inflation ui all of 1984'wasSX’ 
computer problems. ed at the be ginning of the year. 1 percenL 


. t F ^ 




promarl 


'KSanJJ.' -ii: i’x<r i 


■9 • i-.*; ; ; 

— ’• ■. . 

I.-. 

* ‘-J- -. »' 4 I Jl . 




- 


« it-. . 


k:x* J !ft - > 
^ ,. i „. AiJ 
! 5 iT: V 

• !a *- • i< 

-.ulrv'r- 

1 ‘ .-7 ' r rW'«W,:- 


ui .. : V , ' 






OI* l. 

Vteti 


■ -. :i.„ 

. ... v 

’’"fas.-.,! ■ 

Ift..' IK s . ■ 1 * 

5 ; .... 

' er - 

k Kurils 

i t-,. 

,'>U 4 1 ' •. ■■ 

■•■fr.i, . " -’ft,-..! 




^ 11'.; iJ:i rfJ 
SSm,.., 

!f :r 


... 

'h l “ 1 bl.J , 'A fl.. 






ill.- _ .. 


V..1-.J. V,' 1 

:■ -5 r V^ J 

'.Vi- :'• i JET 


fr-fc: 


rf..„ ^'. ' 
fr : .it 
n-».. t " M 1 


»■ . 

r .«, - 


nmm - 1 

*V £ i* I ' 

Ji :? 

; 

.=-■;;• y &. | Issuer * 

V. v *.£■ | • ■ (*™ 

J * ' '.it J.1 l ’i C 

‘ ‘ # E FLOATING KATE NOTES 

! 'p ' 

..' ;.’V *• : jj ^einwort flenson 

; V t £' \U Predate - -. 

‘ .. £ jj 1 - :t National Westminster 

.' v. !■' . 'i Bank 

.* :--r £• i — rr- r — — 

!••',’ >' .* National We stminster 

% ; r Bor* 

1 :£ ? j 5 

: ?. 'i Sweden 

■-:#£$ : 

::',■* 'J Korea Exchange Bonk 

" *•«: Df ij '* V JJ ■ 

: HXBMPOPON 

‘ - V ^ ? American Express 

; f ± 

L . ^ ■ ■ 

. _ ~y! American Express 

; v - . 'i s u ! 

I;.- Australia 

7 i? 1 Ausfrafia 

!3 i 

. •.V'.j*' t~ ;*'• Bank of Tokyo 
'•■ . f |« 3- ? Citicorp 

* ! ?» DFC finance 
Overseas 


New Eurobond Issues 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 

1 Gommereial Tough Calls for the Fed 


Page 15 


Amount 


fa *~ • £S£f *»■ ‘TT.w- «£ 


$ 70 1995 % 100 99.84 Owr frwomh.Ubar. NoncrfMah. fees 030%. Dmnnine- 

• fcmgggoo. 

$100 perpt % 100 99.47 Oter 6«en& Libor. CeAabl* at par h 1990. Pw QJ9%. 

OMoonXaB SWjioOi 

$500 perpt % ‘ 100 99.53 Qw6’mwhl*M a n.Calofahc* porn 1990. fc»0j575X. 

Dc w n ino t i ons 410,003, Coupon poymtf detes Jan. and 

• . •'■ • J nfr- 

$500 perpt 44 TOO 99 JO <X«r £«arth Inwi Goflabfe of par it J«C. F**s 0473%. 

Derorantxiora 510,000. Coupon p ayment dates Feb. end 
-■■■•■ Aug. 

$750 2000 M6 . 100 9972 Owr Smooth UUL CoSobta <* por ip 1988. Fat 030%. 

. De u o uinuti cnt PQJDO. 


£50 1995 56 ■ 100 


— CterJ-morth Libor. CaSafcfe at par in 1990and reds em ofcte 
at' par b W90 end 1992. Fees 155%. 


'W!T[ Dk 


E — General Motors 

• , ltr ^ Acceptance Gorp. 

•- \ it Southern California 

; ; ??•: il fafeon 

' - ' i; '■* ' Swecfish Export Crecfit 

1 r C 1^; ’i 

• -U.. g:g; T— B» 

a- i; Chenker & Ca. 

v- 

.. v : ■:• World Bar* 

. !:V BACOB finance 


$151 2000 11N 100 .9775 Cdbbfe at 102 b 1990. SMbg fund to start b 1997 to 

’ prodocr a U y averape Sfs. 30% pad on wfaKriplion and 

$49} .2000. zero 18.866 18J1 r«Jd 1176%. NcneriUfe. Pmesedi $84.9 inSoa. 2085% 

■ . . • ' * ~ paid an tufasayfai ad faatanee b Dee. 

$200 1995 11 100 99J3 Nona^lobb. 

$100 2000 UK TOO 99J3 CgPabte ct 102 b 199S. - ' 

$100 1995 1114 10714 T 00.00 Nonedbfafe. 

$150 -1995 11)4 100 — . ’ GiUibpt per b 1990. tneraased treat $100 nSSoa 

$100 1995 11 100 — Noneoflobb. 

$200 1989 1014 100 98.13 Mmafabb. 

$100 1992 11 100U 9875 Caflafabat 101 b 199a 


$500 1992 10 


9425 Non cd tabb, $100 tnffion inued now and botance ranvcd 
hroSyrfepL 




Council of Europe 
Resettlement Fund 

Council of Europe 
Resettlement Fund 

Kansdb Osofae 
Pan Ida 


$150 1995 1014 100)4 9838 MuaeUea pa- b 199a 

DMBO 7995 7H 100 TOQjOQ Ga&bfa at t02 b 1991. 

DM200. 1991 7% 99)4 99.13 NonccdaMe priwM ptoc a raenL 

BCU285 1993 9)4 loo 9975 Naaolobb. ~ 

ECU 45 1992 9)4 99)4 99.63 NanooMabb. tnaeand ban 40 rnBon ec«. 

ECU 30 1995 9)4 100 100.13 NoncaBabb. Inareeeed from 20 raffionecus. 

ECU 50 1992 m 100 99.13 NancaSabta~ 

ECU 50 1995 9% 100. 100.13 CdfaMe cd 101 b 1991. 

C$50 1992 11% 100 98J» Nonealafale. 


Aus$40 1992 13% 100)4 — 


Loblaw Companies C$50 1992 11% 100 

F Van Lanschot df50 1990 7% 99%' — 

Bonbers 

Australia & New . Aw$40 1992 13% 100)4 

Zealand Banking 

Rural Banking Finance NZ$25.1990 16% 99% 

Corp. t 

Rhone Poulenc F450 1991 11% 100 

World Bank DK200 1992 11% 100 


ff 450 1991 11% 100 9875 Nonadbbh. 
DK200 1992 11% 100 10075 NoncaBabb. 


Scandinavian Airline MC 250 1993 10% 100% — NwaMh.tlwaed from 2D0 irJrm m rwrup u i boner. 


Systems 

t EQUfTY-UNKED 
m * American General 


Canon 


v Cmio Computer 


$300 -2000 - 6% 100 — -Redecmobbat 119Kb 1990 la yidd 1003%. CbnwrOb at 

a ZIJX isemMn. 

$100 2000 3 100 — 5emianra«#y. CaBabb at 104 b 1588. Convertbb ar 1,301 

. ' * yea per there and id 25050 ywi per dothr.' 

$100 2000 Open 100 9850 Couponbcla*edar3%.Cdbbb<*l(Wial^ 

' . ' at at agieded 5% prewenra. Tenia to be eat May 20. 

$ 30 1990 open. 100 99.00 Coupon int fcaiBd at Noneid bbb. Ea ch $5J0Q nob 

wtfi one wan tw l iwe n ian bb ate oum / 1 dares ar a> 
egwated 2K% praniun. Terms to be Mt May 2 Dl 


' Ryobi 


Euromarket in Aftermath of Rate Cut 


(Coined from Pftge 13) 

- that will be redeemed for $1,000 at 
. ■; maturity. This bwpon^haae price is 
, attractive to investors who see in- 
; j' tertrt rates dedtning: For an aciual 
J cash outlay of $1,000 — thcnonnal 
-. cost to biqr one bond — they can 
' ‘ r buy five American Express bonds 

■ *; and make big profits if rates do 

- - decline and the price of the bonds 

: ris®- 

At the same time, purchasers are 
’* "'Required to put tq) immediately 
. T ; -&ily 23^529 percent of the price — 
< .: or $45 — and the remainde r an 
Dec. llThismeaiisnon-dtJlarinr 
~ vestars can profit from any decline 

; in the valae trf the doDar between 
■■ now and nrid-December. 

J The effective vieM investors earn 
. i on the zero is about equal to what 
American Express is paying to raise 
O $151 nnUion in a more cfessically 

- structured 15-year bood bearing a 
,1 2 coupon of 11% percent. 

- If the full purchase price of the 
: zero were put up now, the yidd 

over the 15% years to final maturity 

■ •; would be equivalait to 11J6 per- 

cent. If the full price were paid in 
December, the 15-year yield would 
Jbe equal to 11.76 percent 
! t Although the lifts also are par- 


tially paid — 30 percent cash oot- 
lay on subscription and the ieaaiit- 
dar in December — there -was 
conadoably less leverage than on 
the zero and this was reflected in 
the trading price. Tbe lifts ended 
the week at a discount of 2% points 
while the zero traded at a modest 

premium. 

Anticipation that rates were 
coining down was also reflected in 
the len gthenin g of maturities. Aus- 
tralia tapped die market for $300 
milli on. offering $100 million of 
15-year, 11%-pcrccnt bonds and 
$200 motion of 10-year bauds bear- 
ing a coupon of 11 percent Bank of 
Tokyo LuL, Development Finance 
Corp. of New Zealand and Ten- 
neco Inc. also tapped die 10-year 
market 

Until now, maturities of 10 years 
or longer have been rarities. Most 
dollar issues fins year have been in 
the five-to-seven year range. 

In tbe Coating-rate marke t, Na- 
tional Westminster Bank PLC and 
Ktemwort, Benson Ltd. issued un- 
dated paper which, to be counted 
as primary capital, are effectively 
preferred shares rather rh» n debt 
securities. The high coupons on 
these perpetuate relative to what 


Yields on Long-Term Issues 
Expected to Continue Falling 


. !«■ 


Coinpikd by Our Stiff frv* Dbpatcka 

NEW YORK — Interest rates, 
which have beet trending down- 
ward for some months, are likdy to 
faQ even further after Friday’s 
move by the Federal Reserve to 
lower the discount rate by half a 
point, to 7.5 percent 
The cut was followed by an- 
nouncements from Citibank and 


ILS. CREDIT MARKETS 

Chase Manhattan that effective 
Monday they would pare their 
prime lending rate by half a point, 
to iOpercent. 

Analysts said the Federal ppm 
Market Committee, at its meeting 
Tuesday, would be Skdy to set a 
target for the federal funds rate at 
about 7% percent. This rale had 
been in a narrow range of between 
.^percent and 7% percent. 

v With no heavy supply of new 
government issues to contend with, 
most market participant said they 
expected yields on longer-term is- 
sues to fall further is the next few 
weeks. Hie outlook for short-term 
rates is. cloudier, they added.- . 

"The trading range for the long 


bond is Iftdy to be somewhere be- 
tween 10% percent to 11 percent,” 
said Aden Smai, chief economist at 
Shearaon Lehman Brothers Inc. 

In the past month alone; tbe de- 
riine in yidds among both short- 
term and long- term issues has been 
steep. 

On April 17, the coupon equiva- 
lent yidd on thrce-mrmth Treasury 
bffls stood at 8j0t percent At tbe 
close Friday, that -yield had fallen 
by more than 50 baas points, to 
around 7.45 percent 

During the same period, the 
yidd co the Treasury’s bellwether 
issue, the 11%-peicent 30-year 
bond, has declined from 11.46 per- 
cent to !0jU percent - 

On Friday, quality concerns aris- 
ing from the Muyland savings and 
loan crisis and a trading halt in the 
mortgage-backed securities market 
a mtnbnied to a dramatic decline 
of 21 to 45 baas points in Treasury 
biQ. yidds. 

In tbrcoiporate market, new is- 
sue yidd levels were 25-38 boas 
points lower. The 52.4 bfllios of' 
oew corporate bonds that came to 
market sold well and many were 
quoted at premiums in early sec- 
ondary trading. • (NYT. VPS) 


normal FRNs bear has made them 
extremely popular. ’ 

‘ However, liking into account 
the lower standing of this paper — 
interest can be suspended it divi- 
dends are omitted or the capital 
wiped out if the banks are put into 
liquidation — Standard A Poor's 
has rated these perpetuate two de- 
grees lower than the rating applied 
to unsubordinared debt This came 
as shock to the market whoiit was 
announced that the perpetual for 
Midland Bank PLC — the weakest 
of the dealing banks — was award- 
ed a triple-B rating, the lowest for 
paper considered to be of invest- 
ment grade. 

National Westminster split its 
$!-b3Bon offering in two parts 
which are identical except for senri- 
annual interest payment dates — 
January- July and February-Au- 
gust 

NatWest, taking- advantage of 
the great demand, set its coupon at 
%-poiiit over the average of the bid- 
offered interbank rates whereas all 
tbe other British backs have used 
the offered rate. The switch means 
a 1/ 16-point cut in interest as nor- 
mally mere is a %-point split be- 
tween the two rales. 

Klein wort's SlOO-mDKon offer- 
ing was less wefl received despite its 
carrying the highest coupon of any 
British perpetual yet — %-point 
over Libor. Many investors com- 
plained that a merchant bank is too 
big a risk for a perpetual and tbe 

size of the issue too small to assure 
continual liquidity. 

For the most part, aon-dollar in- 
vestors shunned new purchases of 
dollar securities. The favored in- 
vestment velride is the European 
Currency Unit- Interest on ECU 
bonds is almost 2 percentage points 
higher than cat Deutsche mark pa- 
per and 1%-points higher than on 
gudder securities. Investors consid- 
er that the interest differential ade- 
quately compensates for the risk, of 
a currency realignment within die 
European Monetary System which 
would see the ECU devalued 
against the mark and guilder . 

The DM sector scored a first last 
week with international basks in- 
vited to syndicate a domestic issue 
of 80 rndfimt DM for Chenier & 
Co„ a unit of the federal railway. 
This was the first forego, parficipa- 

tiofl in the domestic market 


li.S. Consumer Rotes 

for W— fc Ended May 17 

Pe rB Uoo fc Savings 5ja 

Tax Exempt Bonds 

Bono bmw Wtod i now BjM 

Money Manat !*undc 

OBBOBfttiel 7 -Poy Avtrqg* — 8JB 

Bonk Money Market Accounts 
Bonk Rata Monitor Index 716 

Homo Mortem 

FHLB avirnw — -Jra 7f 


Paper Issue 
Set by Canada 
Trade Agency 

By Carl Gewinz 

International Herald Tribune 

PARIS— The Euronote market 
took a major step last wed; in its 
development toward becoming a 
commercial-paper market when 
Export Development Corp. Of Can- 
ada announced pNo* to issue for 
an unspecified period an t ffiiim iiwt 
amount of short- term paper. 

Euronotes are basically medium- 
term bank loans broken into short- 
term securities, those of one month 

SYNDICATED LOANS 

or more, that the underwriting 
fwnfcg continually try to sell to in- 
vestors. If buyers are not found, the 
banks underwriting tbe facility are 
obliged to provide funds to the is- 
suer. 

Commercial paper, little-known 
in Europe but a very major source 
of funding in North America, is an 
equally short-term negotiable IOU 
that ranks try to place with inves- 
tors. Bui the banks are under no 
obligation to take the paper if buy- 
ers are not found. In this case, the 
issuer must have a proven capacity, 
through undrawn lines of credit 
from banks or its own cash stream, 
to redeem maturing paper if it can- 
not be raDed over. 

What riigtingnishes the EDC 
p rogram from the previous Euro- 
commercial paper projects of 
Norsk Hydro ana Sl Gobain is tbe 
open-ended amount it will seek and 
the undefined expiry date of the 
program AH that is known is that 
EDC wfll regularly be testing the 
market fer conditions on the issu- 
ance of paper carrying a maximum 
maturity of one year. Presumably 
the cost of funds win have to be 
comparable with New York, where 
EDC already has some $1 billion in 
outstanding commercial paper. 

Another dieting! idling feature is 
that the EDCpaper wOfbe offered 
bearing a rate of interest that the 
borrower and its placing agents — 
Credit Suisse First Boston Ltd. and 
Swiss Bank Corp. — deem appro- 
priate. By contrast, the interest on 
Euronotes is set in relation to the 
London interbank raft 

Tike the earlier European com- 
merical paper programs and most 
Euronote fatalities, there is no 
tender panel of c om peting banks 
bidding for paper to resell, but 
rather two dealers who determine 
an a p pro pria te rate then try to mar- 
ket the paper. 

Investment bankers believe that 
this method of marketing is the 
wave of the fa Hire. They believe 
that the Bank of England’s mea- 
sures forcing commercial banks to 
take account of underwriting com- 
mitments and the expressed con- 
cern by other central banks about 
tbeie off-balance-sheet commit- 
ments of banks wdl lead to a total 
separation of the marketing of 
snort-Urmpaperfrom the back-up 
lines of credit provided by com- 
mercial hanks 

That separation should result in 
more realistic pricing on the credit 
lines, investment bankers say. 

Post-och Kreditbanken of Swe- 
den also announced plans to issue 
upto$250miDionofEuroctHnmei- 
. rial paper through Citicorp, Merrill 
Lynch & Co. and PK Christiana 
Bank. The three wdl act as dealers, 
providing FKbanken with bids cm 
paper with maturities ranging from 
one week to 12 months. 

In the Euronote market, Borden 
ln&, the U.S. food-products com- 
pany, is seeking a $175-m31ion, 
five-year facility that can be ex- 
tended annually provided all the 
underwriters are agreed. Banks 
providing the back-op audit wfl] 
receive an annual fee of 10 basis 
points and are obliged to provide 
funds, if notes cannot be sold at a 
lower cost, at a maximum rate of 
interest of 20 basis points over Li- 
bor. 

Avon Products Ino, the U.& co- 
mestics makes and distributor, has 
completed a 5130-mflEon, right- 
year note facility paying underwrit- 
ers an annual fee of 125 baas 
paints. Drawings from the banks 
will cost the compa ny %-poini over 
Libor. 

Republic New York Corp., the 
hoMing company of Republic Na- 
tional Bank of New York, is seek- 
ing a SlOO-mfllioa, five-year note 

S . It 'mil pay underwriters an 
fee of 75 basts- points; 
drawings from the banks mil cost 
%-point oyer Libor for as much as 
$33 3 million and %-point over la- 
bor for mare than that. - 
Cigna Corp., the U A insurance 
company, is raising $300 million in 
a three-year facility for which it will 
pay underwriters an annual 10 ba- 
sis points. Drawings from the 
banks wifi cost it 10 basis points 
over Libor for as much' as half the 
amount and 20 baas points for 
more 

The continued appeal of such 
facilities was best demonstrated 
last week by the increase in Deere 
& Co.’s facility to $1 J billion from 
the initially indicated $600 mDion. 
This now ranks as the largest facili- 
ty yet arranged, topping the SL2 
billka put together far Beatrice 
Cos. Deere is paying an annnal 
underwriting fee of 15 basis points 
for the first three years, 17 J for the 
final two years. Maximum interest 
on the notes is set at 225 baas 
points oyer Libor. 

In Aaa, Thai Fanners Bank Ltd. 
in Bangkok has asked banks to sub- 
nut bids for terms on a $50- nnUion, 
five-year Euronote fariKiy. 

In die syndicated credit market, 
banks advised Electridtfc de France 
that it could increase its 10-year 
multipurpose standby facility to 
5900 million from the 5400 million 
initially sought 


(Co nti nue d from Page B) 
slowed from the remarkable 85- 
percem rale of expansion in the 
first half of 1984 and there is modi 
evidence from industrial produc- 
tion. unemployment and produc- 
tivity figures to support those who 
think it is fast running out of steam. 

“You're going to gel some miser- 
able statistics for the month of 
April" asserted John C. Maher, 
vice president of Citicorp Informa- 
tion Services. “We’re a bit con- 
cerned." 

But others, pointing to such co- 


starts, soaring automobile sales and 
continued hefty military orders, ar- 
gue that the economy is doing con- 
siderably better than the meager 
13-percent reported rate of first- 
quarter growth would suggest 

Complicating the assessment of 
future policy is the increasing im- 
portance of the highly volatile for- 
eign trade sector. Imports, for ex- 
ample; jumped 59.6 in the 
first three months of 1985, after 
falling 513.9 billion in the fourth 
quarter of last year. 

And any calculation of the ap- 
propriate monetary policy must 
consider the gyrating — but still 
high — international value of the 
dollar, the maj or source of the im- 
port surge. 

The rapid American recovery, 
high interest rates and the favor- 
able overall investment dimate in 
the United States have attracted 
huge sums of foreign capital that 
have been a boon to tbeTreasun’s 
financing efforts. And Mr. Volcker 
has predicted tbe inflow, which is 
equal to about half the federal bud- 
get deficit, will increase in 1985. 

So while tbe Fed would tike to 
see the dollar d^rlme further to 
benefit UJL agricultural and other 
exporters and preserve manufac- 
turing jobs bring lost to the tide of 
imports, il also mows that a severe 
decline could add substantially to 
inflation and interest rates. 

The dollar problem, in fact, is so 
serious that Stephen Manis, an an- 
alyst with the Institnte for Interna- 
tional Economics, has concluded 
that there is no way for U5. policy- 
makers to avoid an economic ‘'hard 
landing." He argued last week that 
without major, and he believes un- 
likely, policy changes by both the 
United States and its allies, the 
basic disequilibrium of the doDar 
wfll cause it to plummet by more 
than 40 percent over tbe next few 
years, to a level beneath its 1980 
low. 

This would result in a financial- 
market crunch, raising interest 
rales five points above what they 
otherwise would have been. 


Mr. Volcker. assuming he is stfll 
cm the job, would at this point face 
an impossible chmee. If the Fed 
sticks to its monetary targets, the 
high rates would push the economy 
into what would be ils first postwar 
recession generated by external 
pressures and risk a world financial 
crisis. 

But if the Fed eased policy to try 
to restrain rates, the bond and cur- 
rency markets would panic about 
inflation, creating a spiral of erod- 
ing confidence. 

Norman Robertson, an econo- 
mist at the Mellon Bank, said that 
this bleak view already has wan 
considerable support m Europe, 
where many believe that firings 
have already gotten so far out of 
hand that the only possible out- 
come is either recession or resur- 
gent inflation. 

Tbe Fed, at feast for now, does 
appear to have one precious bit of 
maneuvering room. Despite some 
mildly disquieting early signs of | 
upward pressure on wages and i 
some presumably temporary ail- j 
price increases, inflation remains | 
subdued, which enables the Fed to 
relax its monetary grip a bit 

These, then, are among the issues 
that the 12 voting members of the 
FOMC will be waghingwhen they 
gather Tuesday in their cavernous 
board room. 


Treasury Bills 


Bkt Ask 
7J» UU 
<JI U* 
AM AM 

734 7JB 

7M 130 
733 133 

7 36 133 
7 M 730 

7JQ. 13 8 

7 M 1 M 
7 JO 734 
745 741 

740 734 

7X7 743 

7XS 7X3 
747 7X3 

745 7X1 

7J5 7JS3 
7M 732 

737 73S 

739 735 

757 753 


We proudly 
announce 
the opening of an 
exciting new hotel 
that nvals your 
favorites in Europe. 

The Century PlazaTower 
on Los Angeies' Westside. 

Please call 
for reservations. 



wrsnN Homs 


757 753 

741 757 

739 737 

743 741 

744 740 

7J1 747 

740 7J76 

743 739 

734 743 

744 743 


DEGREES^ 

I c * u,Bir UiSi SS jKwi«« ss 

I .rocrTY 


Ontur^rlaza 

Cable: CENT-PLAZA Telex 69S-664 Dept.T 


Oesterreichische Kontrollbank 
Aktiengesellschaft 

ILS. SISbOOfllBOO GaaraatBad Raatiag Rata Nate 1916 

Notice is hereby given pursuant to the Terms and Conditions of the 
Notes that for the six months from 20th May, 19£> to 20th 
November, 1985 the Notes will cany an interest rate of % per 
annum. On 20th November, 1985 interest of U.S. S will be 
due per U.S. $5,000 Note for Coupon No. . 

European Banking Company Limited 
[Agent Bank) 

20th May, 1985 


CO-OPERATIVE BANK P.L.C. 

US $25,000,000 

Floating Rate Capital Notes 1986 

Notice is hereby given pursuant to the 
Terms and Conditions of the Notes 
that for the six months from 
May 20, 1985 to November 20, 1985 
the Notes will bear an interest rate of 
8 *¥u% per annum 

with a coupon amount of US $45.04 

London & Continental Bankers Limited 

Agent Bank 


This announcemeru is neither an o, 
Tbe o ft 


r to sell nor a solicitation of an offer to buy these securities, 
is made only by tbe Prospectus. 


May 16, 1985 


650,000 Shares 


Multibank Financial Corp. 323 


Common Stock 

Par Value 56.25 Per Share 


Price: $23 Per Share 


Copies of tbe Prospectus may be obtained from tbe undersigned only a States where tbe 
undersigned may legally offer these securities in compliance with the securities laws thereof. 


KEEFE, BBUYETTE & WOODS, INC. 


Republic Holding S.A., Luxembotug 

(formerly Trade Development Bank Holding S.A.) 


Corporation (“RNYC”), the parent of Republic National Bank of New York. 
The 9,355,846 shares of RNYC owned by Republic Holding represent 54.4 per- 
cent of the RNYC common shares outstanding, and the distribution will be on 
the basis of approximately 56 RNYC shares for each 100 shares of Republic 
Holding. 

The Board of Directors of Republic Holding intends to take the necessary cor- 
porate action to effect the proposal at the earliest practical date, which is anti- 
cipated to be in late summer 1985. 

Edmond J. Safta, Chairman and majority shareholder of Republic Holding, said: 
“I am in favor of the proposal. Now that Republic Holding has no significant 
investment other than RNYC, the distribution of all the assets of Republic 
Holding is a logical step in the simplification of corporate structure. It is my 
present intent not to sell any of the shares of RNYC that I receive, directly or 
indirectly * 

Republic Holding S.A. is listed on the Stock Exchange in London and the 
Luxembourg Stcxi Exchange. RNYC is listed on the Newark Stock Exchange 
and the Stock Exchange in London. 


in**''" 






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INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 



Over-the-Counter 


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EUROPEAN COMMUNITY 


Veto Cuts Chances of EC Vote Reform 


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By Steven J. Dryden 

International Herald Tribune 

BRUSSELS — West Germany's 
decision to block a cat in cereal 
prices is expected to further reduce 
the already slim chances for reform 
of the community’s voting proce- 
dures. EC officials said. 

Agriculture Minister Ignaz 
Kiechlc or West Germany refused 
Thursday to approve a significant 
reduction in support prices for ce- 
reals, arguing that his country's vi- 
tal national interests were at stake. 

A community rule that allows 
member states to use the national - 
interest argument means that una- 
nimity is required on all important 
issues. 


Despite that use of the veto. 
Bran has backed the idea of major- 
ity voting. EC officials said that the 
apparent contradiction of West 
Germany’s stance would further 
slow efforts to change the voting 
procedure. 

Proponents of reform believe 
that progress in the EC has been 
held back by the unanimity princi- 
ple. A special advisory committee's 
proposal for majority voting is to 
be discussed by EC leaders at their 
summit next month in Milan. 

But several coin tries, including 
France and Britain, have said that 
they are not in favor of the inter- 
governmental conference that the 
advisory committee has recom- 


mended toreTonn die voting proce- 
dure. 

Some Steel Quotas 
May Be Held Over 

The community may maintain 
production quotas on steel beyond 
the Jan. 1. 1986. deadline for phas- 
ing out controls over the industry. 

Kari-Hemz Narjes, the commis- 
sioner for industry, said last week 
that the community steel industry 
still suffered from surplus produc- 
tion capacity, which was leaving it 
exposed to competitive foreign 
steelmakers. 

The EC Commission, which is 
now drafting up its steel policy for 


1986-1990, is committed to end 
slate subsidies to the industry by 
the beginning of next year as 
planned, Mr. Narjes said. But con- 
tinued production controls might 
be necessary during a “transiuon 
period-" 

Commission Offers 
Hi-Tech Standards 

The Commission has prepared 
two proposals for the Council of 
Ministers that would help to stan- 
dardize information technology 
and telecommunications terminal 
equipment 

The proposals are part of the 
community's campaign to strength- 
en the competitiveness of Europe- 
an technology by unifying the mar- 
ket between the member states. 


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For die Week Ending May 17, 1985 



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14 



INTERNATIONAL CLASSIFIED 


(Continued From Back Page) 



AUTOS TAX FREE i HEALTH 


NEW MERCEDES 

rotSCHE. BMW. EXOTIC CABS 

FROM STOCK 


far IMMBXATEfUvmy 

_ Msrsavia 

fa ^SS&£rEaf" 

RUTEMC 



YOUNG ELEGANT LADY 
PA. PARIS 525 81 01 


VIP LADY GUOE 

Young, aduoaied, degnrt 4 IriBnpjal 


TOKYO 475 54 80 

&rapam Young lady Canpaaon. 


PARIS: 536*97 95 

MUNGUAL YOUNG IADY PA 


’ RANKHJRT. Young lady companion. 
Encfeh, French, Gwmon spdkan. Fr«a 
to frmnL 069/44 77 75. 


747 59 51 TOU BBT GUCjL Pore , 
airport*. Young, clngont, cJuhbiu, 
nduabad. 7 am 7 12 pm. W1 UumL 


'WAYTOUR COUBBt A qmby nr- 
vice far viaton to London, flaae ftL 
I011B21 0283 



XtB U 


t 

341 

113 

12 

jne 97 

1808 

198 

iOOe O 

480 

49 

1340 f J 

421 

277 

197 

157 

.we 1.1 

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757 


13ft 14ft + ft 
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3ft Jft— ft 

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66ft 46ft +1 
Oft 9ft 
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3 St 

it* I** 

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Consolidated Trading 
Of NYSE Listing 

Woek ended MOV 17 


10 YEARS 

Ufa DaJnrar On to «M World 

TRANSCO 

Keeping a uid h nl dock of more Aon 
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jOna ror u8o muscoioranaog. 
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Tel 323/542 62 40. iS 35207TTUW5 B 


TAX FRS CARS 
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Al mdkm. al model*, brand new 
IteSete. lip. 2018 Artowra Bejnen 
Tel: 3/231 ^ DO. U» 35546 rHCffiT B 
Send US$5 far eatefag 


ESCORTS A 


INTERNATIONAL LONDON 

ESCORT BBT BCCKT SBtVtCE 

^ScT 1 T&: 200 8585 

USA 8 WORLDWIDE 

Head office ei New York 
330 W. 5fi* Si.. N.Y.C 10019 USA 

212-765-7896 
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MAJOR CRBXT CARDS AND 


TOKYO LADY COMPAMON. PA 
ftosond Atodont (B454S5W 


LONDON - YOUNG CARBKAN 

Ladf 01J2< 1839 Airport* /Travel 


M3NX3N: EDUCATED LADY Com- 
/Guide. Tel: B89 1694. 


TOKYO 645 2741. To*mg & diop- 


YOUNG OCEAMC IADY ei London 
01-245 9002 Akportt/TrmeL 


PARS BOMGUAL ASSISTANT to 
butenes axaaitncs. 500 58 17 


AT AT 11 

Unocal 






mm 



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1 




Cons olidated Trading 
Of AMEX listing 

Week ended Moy 17 


Wm. E. Pollock & Co. International 

is pleased to announce 
i that 

Eugene F. Kelley 

has joined our firm as 
Managing Director 

and that . 

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bits 'joined our firm as 
Director 


* USA l TRANSWORLD 

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Ca free from Ui: 1G0MWW i 
Cod free from Florida l-3OO-282-O0?2. 
LowbI Eastern wta n you bade! 


CAPRICE 

ESCORT SERVICE 
IN NEW YORK 
TEL 212-737 3291. 



Wm. E. Pollock & Co. 
International 

160 Water Street, New York, N.Y. 10038 
Telephone: (212) 908-5800 . Telex; WEP ABNY -64901 7 


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Tel: 736 5877. 


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SammefcaTs Smart 4 Guide Service 
Tel: 01/57 75 96 


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Tel: 01 584 6513/2749 (4-12 pm) MADRID UHMCT escort and puda 


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SephMcrted VXF. lady PA |«ADBD BECT11A ^ORT and 

I Gnde Serves. Conk 2S0MQ3 




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AMSIGRDAM ESCORT SBVICE 


ZURICH-GENEVA 

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Tab 022/32 34 18 


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Tab Vienna 37 52 39 


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London U 

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bob Fnaddnn TeL 069/55S973 




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.-^Cia^r « 1 ^. . I i ^hT^ w hr.&A | -4 L 'rfr'rrrf 


_: 4 &- 


'V ' • ■ -’’O iBli 





Page 18 



iS% 

w. 

in* 

w 

«« 



REASONS TO LIVE 


Making 

one way 


for Hcmpd's chawj«%H 

with life, and even tbo# 


By Any HempeL 129 pages. $11.95. 
AlfredA. Knopf. 201 E 40th St, New York, 
N. Y. 10021 


their hunxff a p**« 


Reviewed by Michiko Kakutani 


CT'HE test of a first-rate intelligence is the 

1 abflitytotoM two opposed ideas in the 

m4mi at the s»me time, ana still r eam t « 
abflhy to function," wrote F. Scott Fibgerald. 
“One should, for example, be able to secuiat 
things are hopeless and yet be determined to 
mute them i 


This is a view of life shared by neatly every 
r-harartw in Amy HempeTs astringent new 
collection of short stories. Scaned by love ana 
iiw ■wimwt u> natural disaster (both the geo* 

Weal sort and the more personal variety), and 
rivento feeling overwhelmed by the intracta- 
ble facts of daily life, these people nonetheless 
keep searching for reasons to live. They. are too 
wise, too dnwmgfrf or maybe just too sk eptic al 
to h o ld 0”* far anything so luminous as hope or 
faith. What they want, simply, is something— 

a sign, a person, a perspective, a jote — that 

•will help alleviate the pain, that will enable 
thwn to continue, to go on to the next day. 


thexr humor o *#w« 

mocking ttansdy a a 
laughter can also be reden^wejn^o^^, 

likea wdl-culjigsaw-pUBl 
for empathy, and with her pointed ^ 

i^wffce body at the bottom tffe a* . 
tratook point, U« Waods . ta H* J 3f»i!Si?S £ 

hv someone who has dtcdl nan 

finely tuned literary voice. # t _ 

There axe moments wto that . 

Sudi slighter stories as ^Ttc Man m BogQ». 
SSJffSS 8 *! “When 


fin 


ik 


f a k^ 

Tn »* * 




;v ■ .. . 




£ 


Most of them try to function by thinking up 


stakes (which, as one character points out, are 
less risky than contests, which actually require 
the exercise of certain intelligence), knit sweat- 
ers, watch A«nh television shows and teach 
their pets stupid tricks. In the story “In the 
Cemetery Where AlJolsoc Is Buried, a termi- 
nally tU woman asks a friend to entertain her 
with “things I won’t mind forgetting." And her 
friend, the narrator, complies: “I told ha in- 
sects fly ik rough rain, missing every drop, 
never getting weL I told her no one in America 

“ ' fdkL 


I told her the shape of the moon is 
banana — you see it looking fuB, you’re seeing 
it end-on/ The two women also talk about 


-Celia Is Back ana ”aZT*S. 

“.»S5S 

efToro to evoke a particular 
malaise tits symptoms include tomtom""" 
earthquakes and fault-bora, and 
Mgbways. aimlessly, at riitt) cm »»» ■“ 
dull, tinny echoes of Joan Didion. 

For HempcLas for Didion. thetewfecapetrf 
Southern California, with its pafkngJPJMtt. 
fake Spanish cokmial corakwumuas andfast- 
food jrantTprovida theperfect baduhop tor 
her characters alienated lives. WeJj* dm 
beach KTe." says a character in ‘Tomgmua 
Favor to Hc^, n aid hv that she mra» no* Jo 
life with “sunscreen and restart wear, ou t tae 
easy, buoyant life of 

silting around languorously m the son, warong 
for something — anything — to happen. 

Some of Hoopers peopk^ c^w^J J 

victims. Some are recover f^hor^w ^ 

the death of someone they loved. Mp«wo 
suffering from a more insidiCMS spiritual attno- 
tion that makes than fed boring ami mot. 
Everyone she knows, says one narrator, aw 
into one of two categories: “those v*o are 
sung under and those who aretfi mom 
ahead.” The one thing that these characters do 
seem to do — and with great frequency *-■ 

» lf% HMTfRimL tMffl U 




■tile 


t 


K 


.1 


about sedng-eye dogs gang blind. 


Solntioa to Friday's Poole 


^ « they — — 

pie feel like dotng nothing, 
, do nothing, they fed eves 
It is. to say the least, a voy 


Ur V ; 

>- ... 

r *'■ 


r<- 

-V-‘ 





□can aaaa □□oiai 
nnnna anas □□□□ 
BEcanEiQaaQn hqiiq 
dgq □□□□ □□□□aa 

EDO 00090 

□Eaoaoo aoaaaao 

□BUBO 3000 ODQO 
□EOa HOOQQ □□□□ 
EEOO 0030 aODQO 
□EOECioa aooaoaa 
i Eaaaa □□□ 
□BHoaa onna aaa 
Enaa □□□□Haaaao 
dedq aaaa aooaa 
ddeo aaoo anas 


fected, these 
and because 
maredisaffo 
vicious aide. 

In the end, cadi of than does fajMMie 
reason to goon, if not todimb w^fdttpA.- g \jjtsrt 
Sometimes, it s a question of tntung them- ^ 
sdves into not feeling scared: ope woman, to 
get to sleep after her husband s death, takes to 
ri«piiig in his bed so that “the empty bed I 
look at is my own." Others try to find aajro- 
tutes for the love or security they lac k to tter 
lives. They talk to their pets and sop tpart® 
into phony evangelist shrines. Like methadone 
usersTthey get by. tor the time being, w* 
substitutes for what they really treed. 


trrf «■ " 
.»} • • 


*2 » 1 - 


1 


Michiko Kakutani is an the staff ofThtNm* 
York Times. 


BRIDGE 




Unscramble there four Jumbles, 
one tetter to each square, to form 
tour ortfnaiy words. 


1 AKARP 


— nr 



1 CITOX 

r 

I 


TL 

r 

Ll_ 


By Alan Truscotc ** 

O N the diagramed deal, 
South played skillfully to 
bring home a slam. He readied 
six spades because he and 
North used “control-showing 
responses.” 

The two-spade response, 
like the two-dub opening, was 
artificial. It showed three con- 
trols, counting an ace as two 
and a king as one. The five- 
dub bid was not a normal cue- 
bid, but instead showed a need 
for some dub strength in the 
South hand. 

A heart lead would have de- 
feated six spades, and did so in 
the replay. But West led a 
trump, a slight indication that 
beheld honors in the side suits 
that he did not wish to com- 
promise. South now worked 
out a plan that would bring 


home the slam agaiast almost 
any normal distribution of the 
club suit. 

He drew trumps, ending in 
bis hand, and led the club sev- 
en. When West played low, he 
played low from dummy md 
found he had won the trick. 
Holding the lead in the dosed 
hand was important, for he, 
was now able to take a heart 
finesse. He was in no hurry for 
the second heart finesse, which 
was postponed until the 12th 
trick. By that time the queen 
.appeared from West, who had 
been fenced to guard clubs. 

Two points should be noted 
about South’s safety-play in 
the dub soil Barring a 5-0 
break, it would only have 
faded if East bad begun with a 
singleton ten. And it would not 
have helped West to cover the 
seven with the ten, for south 


would have won with the king 
and led the three to the eiriiL 
That would provide four arm 
tricks if West took the queeq, 
and a necessary entry for she 
first heart play if he did not. 


Nona 

• AQJS3 

van* 

«AK 

• XII 

EAST (10 • . 

9XIII . 
o Quits . 
*S 
SOUTH 

• XII 
OTa4 
042 

*AJS74 

Both aUn wm wh wM fc tter 

bid din g: w 


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K tT¥ 

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as at . . . 


WEST 

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♦ QI065 


"re* Pm Pur 1*. 

•m a* Pm a« . 

•m 4 * Pm S* . 

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W«« lad ihmada tm ?■ 


DYPSOR 


nz_j 

□ 

Li_ 


CRADOG 


~cm 

jl: 


WHAT A PERSOKJ 
WHO SPENI7© 
EVERY AFTERNOON] 
WATCHING TV 
UNI7OU0TEPLY IS. 


SPORTS BRIEFS 


Pavin Leads, Records Fall in U.S. Golf 


Prost Wins Reds’ Parker Haunts Pirates 

Grand Prix 


Now arrange the circled letiara to 
farm the surprise answer, as suq- 
gasted by the above cartoon. 


Am. a in it ht ttti 

(Answers tomorrow) 

Jumbles: WEIGH BEGUN PLENTY BUREAU 
Answer. How some frank people make their palm- 
ar BEING BLUNT 


Friday* 


WEATHER 


FORT WORTH, Texas (Combined Wires) — Records continued to fall Saturday 
at the Colonia] Country Club, as Corey Pavin increased Ms lead to five shots over 54 
holes in the Colonial National Invitation Tournament 
Pavin carded a 2 -under-par 68 to match the course record of 198 over 54 holes 
going into Sunday’s final round. Billy Glass on shot a 64 that pnt him into a tie for 
second at 203 with Scott Hoch and Bob Murphy. With the course tamed by the lack 
of winds, Pavin set a record Friday of 130 for two rounds and Saturday Joey 
Sindelar carded a Colonial record of 62. 

In Le Tooquet, France, meanwhile, Nathaniel Crosby, the former U.S. amateur 
champion, was rn«q»mHKM Saturday from the G51 Open's thir d round cm the Sea 
Golf Course, because he and his partner, Bill Ixaigninir of Britain, had failed to 
notice that they had been given each other's cards. (AP, UP!) 


Tentative Indianapolis 500 Field Is Set 



HIGH 

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INDIANAPOLIS (AP) — Raul Boesel of Brazil and John Paul Jr., both rookie 
drivers, led seven qualifiers Saturday as the tentative 33-car Geld, the fastest in the 
history of anto racing, was filled for next Sunday’s Indianapolis 500. 

Boesel, 27, averaged 206.498 mph (335.172 kilometers per hoar) ova four laps. 
Paul, in his third arid last qualifying attempt of the month, qualified with a firw of 
206340. Chip Ganassi, Johnny Parsons, Gauge Snider and Tony Bettenhaosen 
and rookie Jim Crawford of Scotland were the other qualifiers. 

The average for the 33 qualified cars was 207330 mph, breaking the Indy marie of 
203.686 set last May and the all-time raring record of 204.669. set by a 24-car Indy- 
car field last September at Michigan International Speedway. 


cH&udv; to-toggv n^ r^»<»varcoW; uc-oarttv ctoudv; r-rolBJ 


sft-showera; *w-jnow; 


; NA-ftol AvuUaMa. 


Hepatitis M End GrewaTs Career 

' DENVER fAP\ — Alnri Omni, the U.S. Otvmnir. orJH mnH; 


MONDAY'S FORECAST - CHANNEL: HA. FRANKFURT; NA. LONDON: 
NAMADRim NA. NEW YORK: Fair. Tamft 31-11 (7D -B). FAWI S: NA. 
ROmSTna. TEL AVIV: NA ZU Rl CM :N A.BANS IU) 1C thurKWrrtorra^ T«r» 
M— 36 193—34). HONG KONG: Fair. Tima 31—30 IH-A). MUIIU: 


Oaudv. TenW. K-35 (9S_- Trt-IEOU UBoJii. TMiaJJ- 


POM: ThundarstoniK. Tamp. 29—35 (M— zl). TOKYO 
03— ML 


DENVER (AP) — Alori Grewal, the UJ5. 01_ 
learned Friday that be has infectious hepatitis that 
season and threatens his career. 

GrewaTs manager, Lot Pettyjohn, said here that GrewaTs doctors had told him 


gold medalist in bicycling, 
ended his first professional 


he may have to give up racing for several years. Grewal had signed with the 
based Panasonic- Raleigh team and had planned to ridemtheTour de 


To Our Readers 


Netherlands-! 
France in July. 


Sane weather data wen not available for das edition 
from the French Centre de Me/eoro/ogifi Nationals 


Sudan Center Bol to Join U.S. League 


Hie Dafly Source far 
International Investors, 



NEWPORT, Rhode Island (UPI) — Manure Bol, a 7-foot-6-inch (228-mcta) 
basketball player from Sudan, will play fa the Rhode Island Gulls when the team 
mens its season next week in the new United States Basketball League, t«tn 
officials said Friday. 

Bd played one year at the University of Bridgeport in Connecticut and was a 
Division II all-America. 


USFL Drops Lawsuit Against ABC 

NEW YORK (AP) --The United States Football League agreed Friday to put 
aride its day-old lawsuit against ABC in favor of arbitration over $7 million of a 


S14-ntiHian payment the league says the network is withtriding. 

ABC has been seeking a reduction of (he 514-million payment for tins season. 
The network had based its decision on a provision of its 1982 contract that requires 
the USFL to play in right of the country’s top 10 TV markets. 


The Associated Press 

MONTE CARLO — France’s 
Alain Prost, in a McLaren-TAG- 
Porsche, won his second straight 

Monaco Grand Prix on Sunday in a 
suberb battle with Michele Albor- 
eto of Italy in a Ferrari. 

The victory in the 43d race round 
the streets of Prince Rainier’s tiny 
stale was the 18th of Prosfs career, 
and he finished easing baric as 
slight xain made the track slippery. 

Elio de Angelis of Italy, in a 
Lotus- Renault, was third and re- 
tained his lead in the world cham- 
pionship standings with 20 prints. 
But Profit's second triumph this 
season gavG him a total of 18, tying 
him for second with Alboreto. 

The three leaders lapped the en- 
tire field, nnf t only 11 of the 20 
starters completed the 78 lap, 
16QJ24 mile race. 

Brazil’s Ayrton Senna, in a Lo- 
tus-RenaulL led from the pole posi- 
tion but retired with engine trourie 

after 12 laps, giving Alboreto the 
lead. On lap 17 another Brazilian, 
Nelson Piquet in a Brabham- 
BMW, and Rkxaido Patrese of Ita- 
ly in a Aifa-Romeo crashed spec- 
tacularly. Patrese closed in as 
Piquet was trying to pass and Pi- 
quet rammed the Alfa Romeo, de- 
bris and ofl spraying the track. 

Alboreto spun out of the lead 
and Plost took over, but the oil spill 

also put his teammate, wmid cham- 
pion Niki Lauda of Austria, out of 
die race. . 

Alboreto rallied, retaking the 
lead on lap 23 when, Prost said, “1 
missed a gearchange." 

prost raid he could then only 
waiL yon can’t really attack on nns 

track, yon play a cat and mouse 

® S Hfc chance came on lap 30 when 

Ajboreto pitted to diangpbotiiWt 

tires, damaged by tite debns of the 
accident, and resumed in third. 


United Prcn International 

PITTSBURGH —The time ma- 
chine exists in the minds of inven- 
tors and in the Cmchmati Reds’ 
clubhouse. The Reds are sending 
33-year-dd Dave Parker into right 
field, amt he is responding like the 
Parker who dominated the Nation- 
al League from 1975 to 1979. 

Parker collected three hits, in- 
cluding a home run, Friday night to 
lead the Beds to a 6-3 victory over 
the twin that hud him in his hey- 
day, the Pittsburgh Pirates. 

“I am swinging the bat very well 
right now,” Patina- said. Tm just 
riding the waves. When things go 
well fra- you, yon take advantage of 
them.” 

Parker’s two-run homer came off 
reliever Rod Scarry in the seventh 
inning, and gave him 23 RBI in his 
last 15 games. He is batting 367 in 
his last 24 games and has raised Ms 
season average to 333. 

“Last year, he had two strikes on 
me and be showed he was Bring to 
throw me a ouvcbali,” Paiier said 
of Scurry. “He struck me out with 
it I wasn’t angry, but prior to to- 
night’s game I was talking to him in 

the clubhouse and I told him if I 
ever hit one off him, Tm going to 
have a nice slow trot. 

“IPs just friendly competition 
between ex-teammates,” he contin- 
ued. "There was no malice intend- 
ed. We don’t have any problems.” 

Pete Rose, the Reds’ player- 
manager, had two hits, giving him 
4,126 and 66 shy of breaking TV 
Cobb’s major-league c areer recmxL 
Rose also scored two runs, putting 
Mm three behind Hank Aaron's 
National League record of 2,107. 

Leading 4-1, the Reds scored 
twice in toe seventh. Parker hit Ms 
sixth homer to right field after Rose 
led off with a double. 

Gmdnnati took a 1-0 lead in the 
fourth. Losmg pitcher Jose DeLeon 
walked winning pitcher John 
Sumer with the bases loaded, forc- 
ing home Alan Knicdy. 


FRIDAY BASEBALL 


Cribs 7, Braves 5 
In Atlanta, Jody Davis Mt a two- 
run single in the ninth, helping Chi- 
cago score three runs arid rally past 
the Braves. 


Expos 2, Padres 1 
La Montreal, Andre Dawson 
doubled with one out the the 10th. 
scoring 71m Raines and beating 
San Diego. The victory ended 
Montreal’s four-game losing 
streak. 

CanEnab 8, Astros 6 
In Houston, Jack Clark went 2- 
for-4, including a home run, and 
drove in three runs to help Sl Louis 
triumph. 

Mds 3, Giants 2 
In New York, Gary Carter an- 
gled home Wally RnrJrman from 
second base with one out in the 
1 2th to beat San Francisco. The 
Mets, who boosted their record at 
Shea Stadium to 14-2, have won 23 
of their last 24 extra- inning games. 

PbBBes 10, Dodgers 5 
In Philadelphia, Von Hayes and 
Juan Samnel delivered two-run 
homers and Ozzie Virgil collected 
four hits in. helping beat Los Ange- 
les. 

Orioles U, Mariners 3 
In the American l «igii» M Seat- 
tle, Fritz Carnally Mt Ms second 
home run — ana second grand 
siam — of the season to cap a six- 
run first inning that gave Baltimore 
its victory and a share erf Erst place 

with Toronto in the East Division. 
Eddie Murray and Cal Ripken also 
hit hornets for Baltimore, which 
leads the American League in 
home runs. 

Ried Sox 5, Isrians 0 
In Cleveland, Roger Clemens 
struck out 10 as Boston coded a 
four-game losing streak. The loss 
was Cleveland's fifth strai gh t 


. White Sox A Rangers 2. . 

In Chicago, Carlton Fisk hit a 
three-run fourtb-inniiig bocner and 
Rich Dotson and Bob James 
pitched a seven-hitter to lead the 
White Sox put. Texas and spoil 
Bobby Valentine's managerial de- . 
buL It was the seventh straight kis 
for the Rangers, who have the 
worst record in basebalL 

Twins 7, Bine Jays 6 jg’ 
_ In Minneapolis, Tom Bnmaasky ' 
angled home Midcey Hatcher in 
the 1 1th inning to beat Toronto. In 
the ninth, Minnesota scored five ; 
runs to complete the second-big- 
gest comeback in tire franchises 
history. 





, ■ • ‘ Xlr, 


Royals 3, Brewers 0 
In Milwaukee, Bret S&bexfaagen- 
pitched a two- hi tter and Jim Surat- 
berg and Onix Concepcion each 
got three hits. 


win. The triumph was the 
sixth straight. Saberitagsn faced tire- 
minimum 27 batters and did not 
allow a Brewer to reach second' 
base. 


Yankees fi, Angels ft 

In Anaheim, California, Phil * 
Niekro pitched a two-hitter ewer 
7% innings fra his 289th major 
league victory, and New York, 
scored five nms in the eighth to - 
defeat the Angels. It was the Yan- 
kees' fifth straight victory and their 
Uth in 16 games under BOIy Mar- - . . 
tin. But on Thursday, Yankee re- 
liever Dave Righetti, who leads the 
tagire with nine saves, broke the 
little toe on Ms kft foot in a hotel 
accident, although a team spokea- 
man said Righetti may be ride to 
avoid going on the disabled Bsk 

Tigera 10, A's 2 : ^? r . 

In Oakland, California, Darrcflr 
Evans hit a three-run homer and m 
RBI single and scored three runs to 
lead Detroit to victory. Evans has 
hit three home runs and driven in 
seven nms in his last three g nrng *- 


fc % 


B., 


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■l » ■»* 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 


Page 19 


*•[ 

5 

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• * 

|w, : 

l '*ac4 .... 

r I-'W, I 


I,:; , . . 

' 4 : - ‘1-. 
• 1 - W 'ii 

s.,; if . 
ls *•• r- ; 

I-..- ,11, . 


'• •H'T. I| « 

■V.;. I 

V . • 


Tank’s Prospect 
Takes Preakness 

;; 'Sets TrackMarkin Edging Favorite 

■' Compiled h> Oir Slrf from Dtyackes him hard. He said tliis horse can 

' - • 'i-i, jciw 1 BALTIMORE — Tanias Bros- lake somekbuse when he’s ready." 

pert, who moved too soon in the “I heard it was a two-hoise 
1 . 1 "-W? Kentucky Derby two weeks agp match race,” sad Lu ka s, who seat 
■, and faded to finish seventh, moved ait Code* to win this race in 1980. 
- . 1 i''a: at just the right moment Saturday, “This is as good as any horse in 

k snatching victory from Chiefs America right now. He was second 
" !- oi I, , k' Crown at the wire to win toe 1 10th in the Breeders Cup and he was 
J| cii,,n, Preakness Stakes by a head in the awesome in the Arkansas Derby." 

tradt-recond tone of 1 :53 2/5 for a Tank’s fVospect paid S3 1.40 for 
- v iud mile and three-sixteenths. $2 to win as the third choice in a 

•‘hie, , Chiefs Crown, the even-money field of 11 three-year-olds. The 
• |! J! Ui ; favorite, had appeared to be a cer- purse was a Preakness record of 


17 




Am the Game was fourth, an- 


|v'i, _ *%i, .other three lengths back. 

'J 1 TTi^ nrrlpr rtf finveh wm 




1 The order of finish was complet- as a yearling for 5625,000 by Eu- 
ed by Cutlass Reality, Tajawa, gene V.Klem. 


"■ . r-ariw^ Sou them Sultan, Spamrwvou, Skip 
■■r Trial, Sport Jet,’ and Hairs Trea- 


.v r ~ ’! lirj uim'£y Trial, Sport Jet, and Hop’s Trea- 
,; ll . |1 i ;-T^b ajJ S sure, who pulled up early in the 
‘VC race. 

:r "; ,c: lc "W; Hajji’s Treasure suffered an inju- 
v " . ’hfust^ 1 ry to nis right front leg. His han- 
r, ' : - ,r i »ea*5 dlers said he was shipped to a veter- 
\ inary center in Pennsyh'arria.for 

.. :/ l> ' ft ihe v* 1 treatment. Cop Juvenile, Tank's Prospect reU 

Another early incident delayed three-quarters of a length short of 

; v ; ■ ; v,,.| “ Tank's Prospect. Pat Day, the jock- catching Chiefs Crown at a one- 

rf -\.\ : 'ri n 7 f are * :a, -inii ey, said his left foot came out of the mile distance, and that race 
' ~ r ' | ^ stimip early in the race when he stamped them as the two best cohs 
- -r. ■,;<( „ Misrfwas bumped by 1 Am The Game, of their age. They may have re- 
' “It took me another sixteenth of gained that disiincdcm Saturday, 
•■ A . aai c a mDe to get it back in," he said, despite the absence of Spend a 
: * mn^i “We were a little farther back than Buck, the Kentucky Derby winner, 
ifc' I liked, bat he made it up. 1 wasn't Spend a Buck was held out of the 

i 1 . o ^ t* sure I could catch him but, at the Preakness in favor of the May 27 
^ lh ^chj^ eighth pole, I felt better. Every Jersey Derby at Garden Stale Park 
'■ r _ CJI faqacR. jump I was dosing ground on A victory in dial race would bring 
Chiefs Crown.” him a $2.6mi0ian payday. 

-- ""Swi* 4^ Day, who whipped Tank's Pros- Both Klein and Lukas said the 
.^■wibw pect left-handed through the Jersey Derby may also be on 
■ ,r-: !*lc stretch, said, “I used the stiat a lot” Tank’s Prospect’s schedule, as is 

->■: ihnjj£ but added that the trainer, D. the Bdmoat Stakes oi June 8, the 
l,,s ^ the Sa.,*, Wayne Lukas, had “told me to ride final leg of the Triple Crown. 


77 SCOREBOARD 

••• tvtarJ^J ' ‘ 

1 — 


Baseball 


' Friday’s and Saturday’s Msyor League line Scores 


• ' FRIDAY'S RESULTS 

.n: vjii a* American league 

• I » ra-k- B “’* n m im ha— s ii ■ 

„ LCw . Ctcvctmd WWMM 5 I 

" 1 -t Oemens and Gadman; Blytevwi and 

. . v , Bonda. w a mn em. 4-L L- W y l mn, K 

Kansas Ofr OH Ml MO-3 II B 

— MUwanfeM BBB MO MB— « 2 B 

Sataartiaann and Sandbars; Danrin. Scar- 

- , ass f Bland Moore. W—Satamasea. S3: L- 

Darwin, W. HR — Kansas aty. I am (II. 
TUH HI BIB BOB— 3 7 B 

CMawo ' HB MB 01*— < f B 

Noloo. ScfunkB W and Shwtfrt; Ootsaa 
_ BJoma (I) and FlilL.WP-Oalsoa 2-1. L— 
Nates. 24. Sv— aJames (7L HRs— Twcas. 
Ounbar 11). Ottawa. Fisk O). Law (2). 
Taranto B3S BSI HB BB—6 IS I 

iUSMUto 000 BH IM Bl— 7 12 2 

' SltobAcksr (BJ.CaudUl IS3. Lamp WL JLo- 

«aUe (*). Leal (HU and RMortfewu VMa, 

• , • ■>'« Lvnndar Ml. Flbon (V) and Salao. Laodnor 

" “_7 (lll.W— FU oor. 1-0.L- LoaLM.HR — Mltma- 

• .v : ~~ sola. Smotlav O). 

■ r* New Yam HB IN KB— 4 2 B 

*V- Cal Honda BH BN HB— A. S 3 

. : ,1 Nlefcra, Gurdry HI. DXooper 19) and Wvne- 
:-r\S. WIN. Clements (« and Boom. W— 

...... NteknuSO. L-WHL'24, . 

DctroU BSSOHSH-MU B 

Oakland BH OH IM- X IS 0 

s '*-® Morrls,Loi« [?) and ParrWt; Sutton. War- 

* • ' * ran U). Atherton (71, Blrtsns (» and Hwdk. 

» -' » Tetthitoa (I). W M ortis. 5-t L— 5ultorv»< 
* '■ Sv— Lopez (3). HRs — Detrott. OEvans CSL 

* ‘ f :• Oakland. Hrattl (SI. 

ttftt Baltimore «H UB M0 — 11 U . B 

ei'H Seattle IN 111 IBB— 3 B 1 

. iii; Dixon, Snell (U and Raytord; Yduno, Bara- 

i*lt las (1). Stanton (81 and Kamnev.W— ObtoiLJ- 
» > I. L— Young, 24. Sv— SneU O). HRs-BaKI- 

' more, Carnally 12), Murray (5), Ripken (7). 

' Seattle. Peramto tl), Henderaan IS). 


NATIONAL LEAGUE 
CMcooo BM M0 113— 3 9 1 

Altantn BH BH 08-5 13 2 

Trout, Frazier If), Smith (B) and Davfsj 
M Barker. Camp |7). Garber IB), Sutter (9) and 
" Cer one. W— Smith, 141 L— Sutter, 1-1. 

;; San DteflO BH Btl BH 8—1 4 1 

’ Moatreal WMWM 7 B 

• . Show, Gasmae (I), Stoddard (Ml and 

" ^Bdtv; Palmer, Reardon (B) and Fitzn e ndd. 
W— Reardon. 2-1. L— Stoddard, ft-Z 
SL Loam 1H MB N3-B M B 

Hndn Ml BN 086 — i M 1 

Cox, Forach (31, Horton (4), Campbell (1), 
Darter (91 end Nieto: Kneaoer. Dowtov (4). 
Calhoun (7). Q-SmMfi (9) and Bato-r, A*hoy 
181 . W— Campbell. 1-a L— Cothooa M. Sv— 
Day lev 121. HR*— Houston. PuhJ n I, Gamer 
ill. Mumphrey (1). St. Louis. Clark (B). 

Lot Aagetei BH 111 HI— 5 II I 

Fkltade ip in a m MO *b»— to n l 

. Rewstk Brennan (5), CDlaz (4), Howell (8) 
and Sclosda; ICGros*. QtUdrms 19) end Vlr- 
5 , dH-W— K-G ro»^W. L — Reusg.24.HRs — PhlF 
1 f adotphta. VJtoves (2). Samuel (3>. 

CJnrtBon tl BN 130 288-4 S 1 

;<£ PHtsborab BH 801 390—1 7 2 

, - stupor. Franco (7), Power (8) aid Knlcefy. 
7 Van Carder (I): J DeLeon. Scurry *71. 

■- Guante (7). Holland (B) and PenaW-Stuper. 
„ i 5-1 L — J DeLeon, G4. Sv— Power (71. HR— 
' OnchtnaH, Porter (BL 

San FrndiM IM IM BH 808-3 9 1 

: ? New Yet* BN BH HO 881—3 9 2 

LaPoint. MXSavts (8), Minton (7), Garretts 
and Brenlv; Oarilna. Orosco (ML Me- 
-toweil (12) and Carter. W— McDowell. 4-1. 
L-Garrem,zZHR— (taw York. Kniotil (1>. 


irate 4 


j k^;_. 

- r AS' 


Sundbera; Horn and Moare. W— Haas. 4-z 
L— Jadaon, 2-2. HR — Kansas CJtv. Balbanl 
(B). 

New York BH BH UB— 4 II 1 

CaUtonda IHIMMB-I 6 B 

Cowioy,Fbher(71andWVMBar;JatiR,Cor- 
bett(7),aeinents (U.ClIbum (8) and Narran. 
W— Cowley, 2Z L — JohntZZ Sv — Fisher (1). 
Detroit «n BH BIB-9 12 1 

OatSaad . TH in I1B-4 11 I 

Petrv. Hernandez (B) and. Parrish; 
McCafty, Ted mam (3), Atherton (4) and 
Heath, w P e n r.7-X L — MeCattv,M.HRs— 
DetralL Trammell (5), Evans (4). OaUand. 
K i ngm an (91. 

Tins . BH 211 21B-7 T2 1 

Oteaea 801 ON 888-2 5 6 

Hootav G3*BTis:(4) and Staaetit; Burns. 
Spdiner (5), Agaeto (7). Fa Bon (9) and -Fisk. 
HHl (91. W— Hoaten. 1-1. L— Bwns. 5-1 Sv— 
G5torrtr(2L- •-• - - " 

■MNmore BM 338 118-7 U 3 

Seattle - . 318 ■N OV-4 U 2 

GDavIkS^tewart (7).T5tarMnez (7), Aase 
(9) md Dempsey; Beattie. Geisal (5). Stanton 
(4). vande Ben (7), Nunez IS) ond Keaney, 
Scott C91. W— Nunez. ZB. L — T Martinez vl 
HRs— Seattle. Phelps C3>. Calderon (2). 

NATIONAL LEAGUE 
Sew Dteaa BH US 885—8 9 B 

Montreal IM 080 828-3 4 1 

Dravacky, Canape (8) and Bodiy; He*- 
feettb Barks (4). (Rvm *B). Roberge (9) and 
Butern. W-Oiw ck y, VL L-Heskath. 4-Z 
Sv— Gcam HO). HR— Sm> Dteaa. Me Reyn- 
olds (4). 

Chicago 8H BH 821-3 U 1 

Attain 038 HI Ha— 4 7 1 

Ecfcerstev. Sorensen (5), Fontenot (7) and 
Dovtv Mahler. Sutter W and Benedict W— 
MaMer^-Z L—Eck#rster,*<LSv— Sutter (7). 
HR— Ottawa, Matthews (4L 
CtedeeaH BBI 3B1 «2- B 12 B 

ratxhareh BH BH BIB— 8 t 8 

Brawnina and Kniceiy; BtetockL Guanle 
|7>. D.Rabineoa (9) and Pena w-Brawnina 
4-Z L-Btetodd. M. HR-OncbwioH, Palter 
(7). 

Lea Aeeel es ' - - 188 8B1 088-4 9 2 

P Mto detobto til «a bBx -7 7 l 

Hersh ln e r . lUedenfuer (5). ZHowe (B) and 
S rVwda . Yeager (7); Demy, Andersen (4), 
Carman (7) and VlralL W—Andertea 1>Z L— 
Ntodenfusr, VZ Su— Carman (1). HR— Phila- 
delphia, VJlayes (31. 

Sea Francisco Ml BH TH.4-6 II I 

New York M8 3H 8H 8—3 4 1 

Laskey. MDavls (». Minton (10) and Tre- 
vino; Lvnck. Gamder (9) and Carter, w— 
MDavts.3-1. L — Gardner, o-L HR— San Fra>- 
chen CDovl* (51, CBrawn (2). New York, 
Foster *5). 


Basketball 


NBAHayoffs 




SATURDAYS RESULTS 
AMERICAN LEAGUE 
Beaton 8B1 880 008-1 4 8 

Sevetand IN 081 82»-4. 9 1 

Hurat, Clear (ILStarriev (S) end Gedinan: 
-teatnn. Waddell (71, and Benton. W— Heaton. 
F3. L — HursL 1-4. Sv— WadaeH (7). 

roraate ill OH 118—3 t • 

Me w cio to BIB BN IBM 9 B 

Clancy. Lnvelte (7), Acker (I) ond Wit;, 
imlthuxi wardte (71 end Salas. W— Clancv. ' 


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. FRIDAY'S RESULT 
LA. Lakers 27 M 39 23-134 

Denver 31 38 28 38—118 

worthy 12-174-4 29. AbdaE-Jabbar 1V19 55 
V: Matt 16-18 10-19 38, EnBlUt 18-22 3-3 21 
Rebaends; LA. Lakers M (Johnson 14); Den- 
ver 9 <Natt7LA*dta: LA. Lakers 35 (John- 
ton 15); Denver 3) (Turner, Lever 6). 

SATURDAY'S RESULT 
BOOta . 20 38 » 24— MS 

FhPedeiehl e H 19 27 28 — tc 

Bkri h- 192^ 21, Ainae7-1 134)7; Taier M4 
B-l024.florWev 10-20 34 3& RMmiRds: Boston 
47 iPartjh 14); PMadeWtto M (Malone 14). 
Asstets: Boston 29 (Abse 7); phUadetphlD 19 
(Taney 5). 

COMFSRENCR FINALS 
EASTERN 

(BMtoe toad nrtes 34} 

. Mav 19: Bajtaj td PMlnMpMa 
x-Mav 32: PMtodatoMo at Beaten 
xhMov »: Boston at PMMetolHa 
x-Mar 24: PMIatotehio at Boston 

■ WESTERN 
O-A. Lakers toad series M) 

May 19: Los Angela at Denver 
JWav 22r Oemer at Las Anssies 
xnMoy 2<: Lot Angelas of Denver 
x-May 37: Denver at ua A noetos 
*x-tf neceesarrl 


I Ftfotball 
USFL Standings 

EASTERN CONFERENCE 



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323 

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JOB 

237 

204 

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2N 

293 

Orlando 

3 

10 - 


331 

210 

344 

WESTERN CONFERENCE 


Oakland 

9 

3 

1 

331 

310 

245 

Denver 

B 

"4 1 


4S7 

323 

238 

Hoiston 



0 

447 

374 

251 

Arizona 

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154 

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, 

331 

210 

304 


SPORTS 


Tank’s Prospect, the son of Mr. 
Prospector and the Pre t e nse mare 
Pumpkin Moonshine, was bought 


nl (an, Sparrawvon. Skip The Pimlim track was much 

t Jet, and Hajjfs Trea- dower Saturday than a year ago, 
pulled up early in the wben C&te Dancer ran one-Gfth of 
a second slower to set die previous 
reasure suffered an inju- marie, suggesting that tins was an 
ight front leg. His han- excmtionaHy good race for both of 
e was shipped to a veter- the first two finishers, 
sr in Peimsyhrania.for Last Nov. 10 in the Breeders’ 
Cop Jovenfle, Tank’s Prospect fell 
early incident delayed three-quarters of a length short of 
meek Pat Day, the jock.- catching Chiefs Crown at a one- 



In New York Saturday, Life’s 
Magjc, last year’s U.S. filly champi- 
on, and another horse owned by 
Klein and trained by Lukas, scored 
her first 1985 victory, beating fa- 
vored Healherten by two lengths to 
win the S 172,000 Shuvee Handicap 


FRIDAY'S RESULT 
Baltimore 34. Ortandp 21 

SATURDAY*! RESULTS 
Memphis 3V Tama Bay M 
Oakland 24 San Antonio' 21 


SL Louts 182 SM 812— 5 7 ■ 

Houston 813 Bee 82a— 4 9 • 

Kepehire. Comeoell (7) and Porter: Ryan. 
Rd» ( 9) and Asltbv. W Ry an. 3-2. L — Kep- 
shire. 2-4. Sv — Rase (I). 


Tennis 


Italian Open 


' CAI Rome) 

Mlloslav Msdr. Czechastovafcia (7). del. 
Mato WTtader (I), 4-Z 44. 

Yannick Motet, France (9), det Baris 
Becker, West Germany, 41 4Z 
Final 

Motet deL Modr. 4-Z 54 4-Z 74 17-4). 


Women’s Open 


(At West Berlin] 

Chris Evert Lloyd. UA. deL Usa Bonder, 
U-&- 34. 44. 4-Z 

Kathv RimldLUS^def. Catarina Lketaulst 
Sweden, 24k 4-Z 43. • 

Battlna Bunoe. west Genweiy, det Claudia 
Kohde-Kltsdb West Genrneiy, 7-5. 7-4. 

Steffi Graf, West Germany, daf. Kalhv Hor- 
vath. UA. 4-1, 43 

Semifinals 

Evert- Lloyd del RInaldL 4-1. 43. 

Graf del. Bunge. 6-2. 4a 
Flate 

Evert-Uoyd deL GraL 44, 75. 


Soccer 


WORLD CUP QUAUFYING 
EUROPEAN GROUP 1 
Greece l Poland 4 

Potato Stadtoer. Belgium 7; Poland 5; Al- 
bania. Greece 1 

Remote tea Mohta: May 30. Albania vs. 
Poland: Seat 11. Poland vs. Betel um; Oct. 14 
Abanb vs. Greece. 

ASIAN GROUP 3-A 
South (Corea Z Malaysia O 
Ftaat Points StooteBBs: South Korea 6; Ma- 
laysia 5; Nepal 1. 

ASIAN GROUP <-A 
China 1. Mono Kong 2 
Final Petals Standings: Hong Kong 11 ; Chi- 
no 9; Macao 4: Brunei 0. 

ASIAN GROUP 4-B 
Japan 5. S ln o ow fi 0 
Potato Stadlaas: Japan 7; North Korea Z‘ 
Stngaoore L 

Remaining Match; May 25, (Pyongyang) 
North Korea vs. Singapore. 

ENGLISH FIRST DIVISION 
Ipswich Z WrSl Ham 1 
Liverpool A Watford 3 
Stake 0; Coventry 1 
Tottenham L N o ttingham Forest 0 
ITALIAN FIRST DIVISION 
Como a AC Milan 0 
CrmnonesoZ Udinese 0 
Inter 5. Ascoil 1 
Lazto X Juvontus 3 
Napoli 1. 'Florentloo 0 
Sompdorta X Atteanta 0 
Tart no 1, Romo 0. 

Vanina 4. AvelHno 2 
Final Points Standings: verono 43; Torino 
39: inter 38; Scmodorta 37; Juventus. Milan 
34; Roma 34; Napoli 3J; Floranlina 29; Ala- 
Ionia 28; Udlneao. Aval lines Como 25; AicdH 
22; Cremanose. Lazio IS 

WEST GERMAN FIRST DIVISION 
Wertter Bremen A FC.Kalsertooutam 1 
Cotogne Z VTL Bochum 1 
5dtolke Z Forfwo Dvssektorf 1. 

Bayern Munich Z Leverkusen 1 
Barussto Moen t henglafflx toh X Stuttgart 2 
Wtedhot Mannheim X Hamburg 1 
ArmMa BlrtefeU X Ekrtrocht Bnmnrick 2 
Saver Uerdtagm Z Karlsruhe 0 


Celtics Go to 3-0 Against 76ers, 
Jabbar Goes to Work on Nuggets 


iy>\ 




Tank's Prospect and jockey Pat Day beaded for the winner’s 
circle after beating QueTs Crown in record time of 1:53 2/5. 


for fillies and mares at Belmont 
Paric. 

The 4-year-old. who had just two 
third-place finishes to show for her 
four starts this year, earned jockey 
Jorge Velasquez over the 1 1/16 
mQes in 1:42 2/5 on the fast trade 
Some For All was third, 8ft lengths 
back. 

Meanwhile, at Hollywood Park 
in Inglewood, California, Gate Dd 
SoL winner of the 1982 Kentucky 
Derby, scored his firct victory in 
two yeais Saturday when he raced 
to a two-length triumph in the 
$68,600 Caballero Handicap on the 
I ft-mile grass trade 

The 6-year-old son of Cougar 
was ninth in the field of 1 L coming 
around the final him, where jockey 
Laffit Pincay Jr. took him to the 
outside and he responded to over- 
haul Talakeuo midway down the 
stretch. 

Cradius, rieftmHfng champion in 
the Caballero, finished third. 

(NYT, AP, UPI) 

Noah Takes. 
Italian Open 

The Assoriaied Press 

ROME — Ninth-seeded Yan- 
nick Noah of France, using his big 
serve, defeated MBoslav Merir of 
Czechoslovakia, 6-3, 3-6, 6-2, 7-6 
(7-4), to win the Italian Open Ten- 
nis Championships on Sunday. 

. Noah, who gained his first major 
tournament victory since be won 
the French Open m 1983, spaded 
Merit's 21st birthday, on the day 
courts at the Foxo Itafico. 

After a see-saw battle in the first 
two sets, .Noah began moving out 
in front behind his service ana net 
game to wear down the Czech. 

Noah scored five aces in the 
fourth set to overcome an early 
service break. Medr broke back in 
the 10th game to set the stage for 
the tie breaker but never again led. 

Noah, who on his 23th birthday 
Saturday beat West Germany's Bo- 
ris Becker, 63, 63, took a 4-1 lead 
in the tie broker and won h, 7-4. 
Merir had upset top-seeded Mats 
WBander of Sweden, 62, 64, in the 
semifinals. 

The crowd of 10,000 packing the 
stands around center court shouted 
“No-ah, No-ah,” to pep op the 
Frenchman every time he showed 
signs of slowing down. 

Medr credited Noah’s passing 
g am e as crucial to his victory and 
said the big crowd’s partisanship to 
the Frenchman didn’t bother him 
at alL 

“It was more difficult when it 
was quiet,” he said. 


Compiled by Oar Staff Fran Dispatches 

PHILADELPHIA — Lany Bird 
scored 26 points as the Boston 
-Celtics, taking the lead for good at 
the halftime buzzer, defeated. the 
Philadelphia 76ers, 105-94, Satur- 
day to lake a 3-0 kad in their best- 
of-seven National Basketball Asso- 
ciation semifinal playoff. 

No team b NBA history has won 
a best-of-aeven playoff series after 
trailing by 3-0. 

Friday night in Denver, the Los 
Angeles Lakers beat the Nuggets, 
136 1] 8, for a 2-1 lead in die west- 
ern Conference swnifinul. 

The Critics beat the 76ers in 
Philadelphia for only the sixth time 
in 27 gany« cinre» Bird joined the 
team for the i 979-80 season. Team- 
mate Danny Ainge scored 17 
points and handed out seven as- 
sists, while Robert Parish and Ke- 
vin McHale each had 14 points and 
Parish 13 rebounds for the defend- 
ing NBA champion Critics. 

Boston had a chance to sweep 
the Eastern Conference series in 
P hiladelphia on Sunday. 

The 76ers got onhr five pants 
from Julius Eiving, who was guard- 
ed by Bird and made onW one of 10 
field goal attempts. Andrew Toney 
led PhOadetphia with 26 points and 
had five assists. Rookie Charles 
Barkley scared 23. while Moses 
Malone had 18 points and a game- 
high 16 rebounds. 

“We played good defense 
throughout the game.” said Bird, 
who made 1 1 -of- 19 shots, got seven 
rebounds, handed out five assists 
and made four of the Celtics' 17 
steals. “Our defense was really 
strong and at times took 'them out 
of the game.” 

Boston Coach K.C Jones said: 
“This is a time for me to smile. We 
couldn’t win down here during the 
regular season and knew they were- 
going to be very aggressive in then- 
own building. " 

Each team won all ax of its regu- 
lar-season home gftTrgs 

“I thought when Bird picked up 
his fourth Toul we were going to run 
into some trouble," Jones said. 
“But Scott Wedman came in and 
gave us a big HfL” 

Bird got his third and fourth per- 
sonals within four seconds late in 
the third period with the Critics 
ahead, 69-66. He was lifted but 
came bade early in the fourth quar- 
ter and scored 10 more points. 

. “1 think K.C. was ready to rake 






Maurice Cheeks of 76ers found his path Mocked by Lany Bird (left) and Kevin McHale. 


me out for a rest anyway,” Bird 
said. “If the gam* Iyw on the 
line; be would have left me in, but 
Wedman came in and did a great 
job” 

Erving said he was “not happy 
about losing and Tm not happy 
about not playing wriL It just was a 
ca se where things didn’t <Mm to go 
my way. 

“I haven’t been in this position 
before bin I know we can rise to the 
occasion," he said. Tim 76ers have 
never been swept in a playoff series 
since they came here in 1963. 

P hiladelphia led, 28-20, after the 
first quarter but trailed by 48-47 at 
halftime and by 79-74 starting the 
final 12 minutes- Rn$tnn then built 
its lead to 102-90 with a little over a 
minute to play. * 

Friday night in Denver every- 
thing went as expected when Kor- 


ean Abdul- Jabbar met the Denver 
Nuggets and their Tans. There were 
derogatory banners hanging from 
the balcony, boos when be was in- 
troduced and boos whenever he 
touched the ball in the first half. 

But by the second half, when the 
Lakers’ lead had swelled beyond 20 
points, any acrimony caused by 
Abdul-Jabbar’s publicized wres- 
tling match Tuesday with Denver’s 
Danny Schayes had dissolved into 
indifference. 

In a typically steady perfor- 
mance, Abdul- Jabbar node 1 1 of 
17 shots for 27 points. 

Afterward, following a few pre- 
liminary questions. Abdul-Jabbar 
was asked if the negative reaction 
from the sellout crowd had made 
him more determined. 

“What reaction?” be replied, 
dearly pretending to be surprised. 


“Were they booing me? Geez, 1 
didn't notice." 

Apparently, referees Hugh Ev- 
ans and John Vanak were more 
aware of the action taking place in 
the low posts. They called 19 fouls 
in the first quarter' 

When the Nuggets brought in 
physical center Wayne Cooper 
midway through the first quarter, 
he was* called for two fouls in less 
than a minute. Both were for shov- 
ing or leaning on Abdul-Jabbar. 
After that, Abdul-Jabbar only re- 
ceived occasional bumps. 

“They are going to play as physi- 
cal" as the rderees “will let them," 
he said. “Tonight, they couldn’t get 
away with any extraneous bump- 
ing. It wasn't very physical" 

He scored IS points in the first 
half and routed the Nuggets with a 
10-point third quarter. (AP. LAT) 


United Foils Everton 
On Goal in Overtime 


. ...~ z 
-V SiAS. -**’ 








- . * •,'v*' • 
. • - 




United bade Kerin Moran clutched referee Peter WiBis 
after being the fust player ejected from an FA Cup final. 


Compiled by Oir Staff From Dispatches 

WEMBLEY, England — Man- 
chester United, down to 10 men for 
the last 40 minutes, scored a dra- 
matic 1-0 soccer victory over Ever- 
too in overtime Saturday and won 
the English FA. Cup. 

After 1 1 1 minutes of an evenly 
played final Norman Whiteside, a 
Northern Ireland international 
player, broke the tie with an excel- 
lent curling shot into the corner of 
the net The shot from the penalty 
area, eluded Everton’s sprawling 
goalkeeper, Neville Southall, who 
had been selected as Englanifs 
player of the year. 

United’s victory prevented Ever- 
ton becoming the first English team 
to win three major trophies in the 
same season. Everton already won 
the English l -gap re title and the 
European Clip Winners' Cup. 

The 104th FA. Cup final, trie- 
vised to 56 countries, became em- 
broiled in controversy 10 minutes 
from the end of regulation time. 

United center back Kevin 
Moran was booked, then sent off 
after fouling Peter Reid as the 
Everton midfielder advanced on 
goal. Despite vigorous protests 
from Moran, his teammates and 
the Everton players, referee Peter 
Willis stuck by his derision. 

A distraught Moran, the fust 
player to be dismissed in a Wem- 
bley Cup final had to be restrained 


by teammates as be protested to 
Willis. He was escorted from the 
field, in tears, by his manager, Ron 
Atkinson. 

Striker Frank Stapleton replaced 
Moran and that, if anything, 
seemed to inspire United. United 
last won the cup two years ago with . 
a 4-0 replay victory over Brighton, 
while Everton . was defending the 
trophy it won last year by defeating 
Watford 2-0. 

In a disappointing first half, 
Everton came closest to scoring 
when, after 10 minutes. United 
goalkeeper Gary Bailey punched 
out a long throw by Gary Stevens 
that had the defense looidng very 
uncertain. The ball fell to Reid, - 
who cracked a volley from 25 me- 
ters (27 yards) only to have Unit- 
ed's John Gidman, with a lunge, 
turn the ball away off his toe and 
onto the goal posL 

Some 13 minutes later. Frank 
Stapleton pulled out a good save ‘ 
from Southall but that was one of 
the few saves the Even on goalkeep- 
crVas called upon to make. 

Most of United's creative moves 
— with Jesper Olsen, Gordon St ra- 
dian and Mark Hughes usually in- 
volved — were shut down by Ever- 
lon's fast and well organized 
' defenders. At the other end. Gray 
and Graeme Sharp caused frequent 
problems in the air. But they, too, 
could not create, many clean 
chances. (AP. UPI) 


On Mixed Day for Streaks, Yanks Win 6th Straight 


Transition 


CHICAGO— Ptaead Julio Cruz, second 
basemen, on the 15-80Y sw*tem*ntol dis- 
abled list. Catted up Bryan Little, InfWdw, 
from Buftteo or Ihe American Association. 

MINNESOTA — Purchased toe uxttiu cl of 
Frails Eutomtor pKtewr, fran Toledo of toe 
I nte i u one ne l Loateje. 

TEXAS — Placed Tommy Dunbar, ouffleto- 
er.an the ISdav disabled Ibt. Colled up Od- 
dlbe McDcwetL outflefiter, Rum Oklahoma 
Qtv of ihe American Associ ation. 


Montreal— tteacftvotod SM Nicosia 
catcher, and optioned ullilfy player Razor 
SMneBtotalrTriptoAieani to IndtonpaUsof 
the American Asmctatian. 

NaHoote Football League 

BUFFALO— Signed Derrick Bummted, 
c omor boefc, too aeries of oneYBtetarrtrocla. 

CINCINNATI— Released tew Griffin. cor- 
■n ei bacK. and Rick Razzono and Briars Pllt- 
nm linebacker*. 

NEW ORLEANS— Stonod Dave Wnvmer, 
comerbadc. la a ena-yaar umlrud. 

PHILADELPHIA— Maced Darren Osuf- 
ton, catcher, on the 2’Ldoy disabled Rst Re- 
called Rocky CNJdress. Pilcher, tram Pert- 
land a ( ihe Pacific coast League. 

PITTSBURGH— Ptoced Lany MeWil- 

Biewi Hu IT IrniitmMsI IfcLAcn- 

vated Tim Folk shortstop. 


m Compiled by Ovr Staff From Dispatches 

ANAHEIM, California — For 
the New York Yankees' Billy Mar- 
tin and Ricky Henderson, Saturday 
was a day to extend a few streaks. 

It was also a streak-prolonging 
day for the Detroit Tigers’ 'Darrell 
Evans, who hit a home run for the 
fourth game in a row, and a streak- 
breakmg one for for the Texas 
Ranges, who won their first game 
in eight ratings, and for the Gew- 
land Indians, who ended a five- 
game slide. 

But for the Kansas Gty Royals 
and the Minnesota Twins, Satur- 
day marked the end of winning 
strings. 

In the National league it was 
also a mixed day to streaks. The 
C i n ci n n ati Reds won their fourth 
straight, but the Montreal Expos 
lost their fifth game in six. And (he 
New Yotk Mets lost raly thdr sec- 
ond extra-inning g*nu» in 25. 

The Yankees stretched their win- 
ning streak to six games by defeai- 
ing the California Angels, 61, with 
the brip of Hendoson's two-run 
single, W3He Randolph's two-run 
double and string ptching from 
Joe Cowley and Brian Fisher. 

The victory also was Martin’s 
sixth straight, and his 12th in the 17 
games he has managed since 
George Strinbrcxmer, the Yankees’ 


owner, called him in to replace 
Yogi Berra on April 28. 

• For Henderson, wbo was return- 
ing to the Hneup after missing four 
games with a bnased dhow, it was 
a chance to extend Iris hitting 
streak to 12 games. He did so with a 
two-out single off loser Tommy 
John that gave the Yankees a 2-0 
lead in the second inning. 

Cowley hdd the Angds to six 
singles in 6ft innings Hsber got 
Reggie Jackson to hit into an in- 
ning-ending double play and re- 
tired the Angels in Older over the 
final two minngs for his first major 
league save. 

Bobby Meacham’s seventh-in- 
ning double gave the Yankees a 3-1 
lead and they added three in the 
eighth on singles by Don Baylor 
and Butch Wynegar, Randolph’s 
two-run doable and a suicide 
squeeze bunt by pmch hitter Mike 
Pagliaiulo. 

Brewers 7, Royals 2 
In Milwaukee, Ted Siimnnns 
and Marie Brouhard hit successive 
cwo-ran doubles as the Brewers 
broke a tie with five runs in the 
seventh inning that ended Kansas 
City’s six-game winning streak. 

Mae Jays 3, Trims I 
In Minneapolis, Jesse Barfield 
doubled, tripled and scored twice; 


SATURDAY BASEBALL 

and Jim Clancy strode out six in 6ft 
innings, his longest outing since a 
spring training appendectomy, as 
Toronto snapped the Twins* three- 
game winning streak. 

Tigers 9, A’s 6 

In Oakland, Evans went 4-for-4 
and bomered, his three-run dot 

hefrad^etroil defeat rheA’i Ev- 
ans s homer, his sixth of the year, 
also helped starter Dan Petry be- 
come the American Leagues’s first 

seven-game winner. 

Irfans 4, Red Sox 1 
In Cleveland, Neal Heaton and 
Tom Waddell pitched a four-hitter 
and Benny Ayala, in his second 
game since coming back from the 
minors, singled home the tie- break- 
ing run in the sixth inning as the 
Indians beat Boston, and ended 
their five-game losing streak. 

Rangers 7, White Sox 2 
In Chicago. Lany Parrish got 
three hhs and Cliff Johnson drove 
in two runs as Texas snapped its 
seven-game losing streak. 

Mariners 8, Cfeiofes 7 
In Seattle, Jim Presley’s run- 
scoring single in the ninth inning 


gave the Mariners a comeback vic- 
tory over Baltimore. 

Braves A Cobs 3 
In the National League, in At- 
lanta, Rick Mahler hit a three-run 
double in the second inning to sup- 
port his eighth victory, a major- 
league high, as he beat Chicago. 

Pafres 8, Expos 2 
In Montreal Dave Dravecky 
and Rich Gossage combined on a 
four-hitter and Kevin McRcyndds 
hit his fourth homer, helping the 
Padres send the Expos to their fifth 
loss in six games. 

Reds 8. Pirates 0 
In Pittsburgh, Tom Browning 
pitched a five-hitter for his first 
major-league shutout to lead Cin- 
cinnati to its fourth straight vic- 
tory, and Dave Parker collected 
three hits against his former team- 
mates, including his third home run 
in as many games. 

Gouts 8, Mels 2 
In New York, pinch hitter Gary 
Rajsicfa batted in two tuns with a 
lOth-inmng single and set off a six- 
run ralley that gave San Francisco 
its triumph. Ihe loss was New 
York's second in extra-inning 
games dating to July 26, 1983. 

PWBes7, Dodgers5 
In Philadelphia, Von Hayes 


broke a 5-5 tie with a two-run home • 
run in the sixth, beating Los Ange- 
les. 

Astros 6, Cardinals 5 
In Houston, Nolan Ryan al- 
lowed six hits over 8ft innings and' 
survived a two-run ninth, his fust 
victory since April 14 defeating St. 
Louis. (AP, UPI) 

M Canfinais Trade Smith 
The Sl Louis Cardinals traded 
outfielder Lonnie Smith, the cata- 
lyst of their 1982 championship 

team, to the Kansas City Royals on 

Friday [as outfielder John Moms, 
United Press International 
Ihe Cardinals called Morris, 24, 
a No. 1 draft pick in 1982, “one of 
the top prospects in basebalL" 
Smith, who holds an $850,000 
contract, was deemed available be- 
cause of the emergence of rookie 
Vince Coleman, an excellent base 
stealer. 

In the Cardinals’ championship 
season. Smith batted .302 and was 
a top candidate for the NL’s m os t 
valuable player Award The out- 
fielder, who led the NL in runs 
scored, 120, that year and swiped 
68 bases, hit 321 in the World 
Series as Sl Louis defeated the Mil- 
waukee Brewers in seven games for 
its first world title since IMS. 








£3 SSK K KBaaS BBS 








Page 20 


INTERNATIONAL HERALD TRIBUNE, MONDAY, MAY 20, 1985 


LANGUAGE 


BULGARIA POSTCARD 


Sentence Non-Starters Making Maple Syrup in Vermont The Opera Connection 


By William Satire a flat staiemeni, introducing a 


W ASHINGTON —There is an out of fairness or sec- 

indination among weak writ- ond . l ?i*^ e ! a '/? tcr a 


semicolon or at the start 


era to use there at the beanraing of rLT, - , 

sentences. Compare that “pronom- SSS" I ISfher^ intellectual 
moi - J, .« rMc ?£<»»*.» However, I like ner. 


inal ther e" w ^,, , T ,. ew . vw , . 

alternative: *W«k writers are in- Not every language authority 
dined to use there atthebeanning agrees with me on this mud approv- 
of sentences.” al of However to start a sentence, 

Ah, yon say, what about Shake- however. “Strunk and White dis- 
speare’s “There is a tide in the af- courage the use of however as a 
fairs of men . . ."? Face it: even conjunctive adverb at the begrn- 
the Bard had his bad days. If he au?g of a sentence,” writes Leslie 
had a chance, Shakespeare would Brisman, a professor of En^ish at 
pick np the phone to the rewrite Yak- “aJJowmg Jt when it a an 
desk and say: “Hello. Rewrite? I adverb meaning no matter how;. I 


p to this vigorous 
fesk writers are in- 


Not every 


By Charles HiHinger 

Las Angela Tuna Sendee 

W ATTSFEELD, Vermont — 
(Cathryn Palmer, 75, and her 
78-year-old husband, Everett, 
have been in their sugarhonse ev- 
ery day for the past si* weeks 
from sunup to sundown. 


“You've got to get up and at it, 
ad go bdl the sap as fast as you 


want to change Brutus's line that and many of my colleagues centin- 
begins There is a tide to A ti de ue to correct this in our students 


exists. No, hold on, Ty|a V^ that Greet writing, but the number of gram- 
fiifrr appear. ... Yes, iam- mar handbooks demonstrating the 


bk pentameter.” 


however in the initial position 


Rewrite would say: “Btrt bow «“*» “ ™oda whether there is 
about the dure in Hamlet’s ‘Ay, any ground for contmumg to insist 
fhpn»'c tlw nihf’ That there c/titnrk OU UOS mat tCT of fOtiH.” 


there's the rub!’ That there sounds on 


pretty strong to me.” Shakespeare No grounds: forget it. However 
would then patiently point out to many purists insist that the only 


Rewrite that there, when meaning a time however may be used to start a 
place or an intensifler for that, is a sentence is demonstrated at the 


powerful wont Moreover, when start of this sentence, the fact is 
used to mean “thither” or “yon" (as that such a requirement is outdat- 


in “Cassias over there has a lean ed. However, don't use however 
and hungry look"), there has its when you mean in spite of, which is 


place. And when meant as “at or to tougher than the broad-spectrum 
that point,” it serves a real purpose, but If you mean “I know all that, 

D.., j ‘ J T — - .. J I” 1 .17.. 


But when used in writing as a and lam not persuaded” and really 
“function” word for writers iduc- want to separate yourself from all 


taut to bite into the subject, there is that has gone before, yon can do 
a sign of weakness, irresolution and much better than however. Try de- 


and go boil the sap as fast as you 
can the same day it's gathered. 
That’s what makes good syrup,” 
Mrs. Palmer said. 

The Palmers have been making 
maple syrup all 54 years of their 
married life. It’s hard work. “It 
gets in yoor system. We both love 
to do it,” Mr. Palmer said. 

Spring is sugaring rime in Ver- 
mont, where age-old methods of 
tapping trees and evaporating sap 
peraist*to tire delight or pancake 
lovers the world over. Maple syr- 
up is a $13-miUion-a-year indus- 
try in Vermont, which is the lead- 
ing maple syrup state in the 
United States, accounting for 
more than one-third of U. S. pro- 
duction. 

Four young workers collect sap 
each day from 5-gallon (19-liter) 
tuckets han g in g on 2,800 tree 
trunks at the Palmers’ Sugar Bosh 
maple tree orchard. They pour 
the sap into the wood-fired evap- 
orator in the sugarhouse. 

Mis. Palmer tends to the bofl- 



By Roland Prina 

The Associated Pun 


S OFIA — At a time when top Sofia’s music academy. Even be- 
bass voices are rare elsewhere fore World War IL teacher* at the 


said it was the mild climate. fionev 
emphasized rite high standard of 
Sofia's music ameury, Even be- 




in the world. Bulgaria’s National academy had developed » system 
Opera boasts 18 in its company of that produced international favor- 
about 70 members. Many, twwev- ires such as Ijaba Wditsch and 
er. ring primarily is the West. Todor Mmarov. . 

Most opera houses spend for- “We Bulgarians, Eke the Rna-jfr' 
tunes luring top singers from other siana, do e lot of choir ringing, . 
countries, but the National Opera That’s. Kke an oasis for culttvstmg . 
has become a sp ringb oard for loci] voices,* said Ljubomir Psotohctf 
talent treaded abroad. who was a member of the Vienna ' 


now uvmg m itan, and the soprano 

Anna Totnowa-Sntow, who has 
taken Austrian dtizoohip, hm 
starred on stage around the world. 

Dozens of others have mad* 
their way — sometimes from re- 


“bigWy musical anroiousfy hard 
working and pleasant.” The sgpre- 


more Bulgarian towns — to Sofia no, whore rise to fame was aided by 
and on to La Seals in MDaa, the the conductor Herbert van Kara- 


itsn Opera in New York jan, has mwtg a nnmr {q houses 


JghMrinnMA^hiTfaM 

Miles of tubing feed sap into tanks in large-scale maple-syrup operation. 


spite, or if the spite turns you off, 


mg, siphoning off the syrup at the 
precise moment. Mr. Palmer 


The linking verb that follows the **» fast-disappearing neverthe- 
lazy writer's pronominal unperson- You can begin a sentence, even 


a! is also weak, too; sentences that a Paragraph ^th Hermheless; it 




line: Compare Ore wimpish There 
ore a couple of reasons I tike to hide 
behind ’there is' . . .to the forceful 
The reasons / reject "there is’ in- 
dude . . . 


Another way not to start a sen- 
tence is with a conjunction. Con- 
junctions Eke and, but and because 
are intended to join thoughts or to 
subordinate one idea to another, 
but when used to start sentences, 
these conjunctions usually produce 
a sloppy or choppy effect 
In starting sentences, yon should 
watch out Tor But, a word that 
starts a withdrawal from a position. 
Inside a sentence, where it belongs, 
but is not as specific as except but is 
a stronger contradiction than how- 
ever. If you want to contradict 
sharply, use but in the same sen- 
tence — “She's an intellectual bat I 
like her” — and if you want to slide 


graph beginning with However. 
(You are the only one r eading this 
paragraph; everyone else skipped it 
because however-graphs are for 
timorous State Department 
speechw riiers. Tough speech- 
writers at State come right out with 
On the other hand.) 

We will now rewrite the next- to- ' 
last sentence to show how simper- 
ing it is to use Because at the start. 
Hoe’s the revision: “Why are you 
the only one reading this para- 
graph? Because everyone else 
skipped it . . .” Thai use of Be- 
cause at the start creates a sentence 
fragment and is not as effective as 
“Why are you the only one reading 
this paragraph? The reason is that 
everyone else ..." 

Treat your readers to action up 
front. 


New York Times Service 


precise moment. Mr. Palmer 
hurls logs into the blazing evapo- 
rator throughout the day. They 
keep at it 10 to 12 hours a day. 

The Palmers produce 700 to 
800 gallons of maple syrup ayear. 
This year they are charging S21 a 
gallon. They seD cans and jugs of 
syrup to nearby stores and ship 
the product to customers as far 
away as Alaska, Hawaii and West 
Germany. 

Palmer Maple Syrup Co. is one 
of about 3,000 maple syrup com- 
panies in Vermont, all but a 
handful of them small family op- 
erations. 

Inside the sugarhouses, maple 
makers boil the colorless sap. The 
sap looks and tastes like water, 
with no hint of sweet, maple syr- 
up flavor. It drips from spigots 
placed in holes drilled into the 
trees. Most trees have, one tap, 
some two and a few three. 

Sugar maple tree sap is 97 J 
percent water, 15 percent syrup.. 
It takes 40 gallons of sap to make 


one gallon of amber-colored, 100- 
percent maple syrnp. An average 
tree yields enough sap each sear 
son to produce one quart of syr- 
up. It takes about 40 years before 
a maple tree begins to produce 
enough sap to have commercial 
value. 

“This will be a banner year for 
maple syrup,” predicted Everett 
Willard. 65, of the state Agricul- 
tural Department. The state's of- 
ficial syrup expert, he is affec- 
tionately called “Mr. Maple 
Syrup” by syrup producers in 
Vermont. 

“Prices are up 15 percent to 20 
percent over last year,” Willard 
said. Reasons for the increase in- 
clude a bigger effort timn usual 
by the state and producers to pro- 
mote maple syrup this year. 
“And, people in general through- 
out the country are buying mine 
and more natural foods,” he add- 
ed. 

Vermont produced 530,000 
gallons of maple syrup in 1984. 
New York state was a distant 
second with 332.000 gallons. Oth- 
er syrup-producing states are 
New Hampshire, Maine, Massa- 
chusetts, Connecticut, Pennsyl- 


vania, Ohio, Michigan Wiscon- 
sin and Minnesota. 


Maple syrup, produced no- 
tere bur the United Stares and 


where bur the United Stares and 
Canada, is a legacy from the Indi- 
ans. Long before Columbus land- 
ed, Native Americans were tap- 
ping maple trees and boding the 
sap to make syrup. Some trees 
taped by Indians more than 500 
years ago are still producing. 

Many maple syrup makers, 
such as David Marvin, 37. owner 
of Butternut Mountain Farm in 
Johnson. Vermont, have modern- 
ized their sugaring operations. 

Instead of- buckets han ging 
from trees, Marvin has 150 miles 
of plastic tubing linking 11,000 
trees, from which he terns out 
4,000 gallons of syrup every sea- 
son. 

The tubing runs from trunk 
taps, feeding into bigger lines and 
on to storage tanks. It is a combi- 
nation gravity-flow and vacuum 
system. The vacuum pump does 
not suck the sap from the uee but 
lowers the atmospheric pressure 
in the tubing. That enables Mar- 
vin to increase production in the 
early morning and latoef temoon. 


when colder temperatures would 
normally reduce or stop the flow. 

“We say we have our feet in the 
oven and our head in the icebox,” 
Marvin said. Temperatures are 
crudaL For the sap to flow, the 
temperature must drop to bdow 
freezing at night and warm up to 
at least the high 30s and 40s Fahr- 
enheit (about zero to 10 degrees 
centigrade) (hiring the day. 

Marvin uses fud oiL not wood, 
to heat the evaporator in his sug- 
arhouse. With nis production, he 
says, it would take 140 cords of 
wood and six men to keep the fire 
going all season. 

“Making maple syrup is a joy 
we look forward to each year, 
said Arthur Packard Jr„ 58, as he 
tossed logs into Us sugarhouse 
evaporator and his wife, Emily, 
checked the boiling syrup for vis- 
cosity. 

“Sure, it’s long hours and hard 
work. It takes me two months just 
to cut 50 cords of wood in prepa- 
ration for sugaring. Then it’s 12 


I or the Vienna State Opera. 

Prominent singers Wong to a 
small elite of Bulgarians permitted 
— and encouraged — logo abroad. 
Traveling to the West is an raor- 

not ootybecause of theriwftege of 
hard cash but because of govern- 
ment restrictions. Singers perform- 
ing on foreign opera stages are re- 
quired to share their foreign 
earnings with the government, as 
do Soviet artists or Czechoslovak 
tennis stars and soccer players in 
other East-bloc countries. 

Svetozar Donev, artistic director 
of the National Opera, proudly 
portrays his house as a music center 
and an international exchange of 
singes with a lopsided give-and- 
take pattern. 

“Bulgaria and the Sofia opera do 
not make any problems for our 
singers to go and ring abroad,” 
Donev said in an interview in his 
sparsely furnished office. “It may 


from Carnegie Hall to La Seals. 

Pan tcheff also recalled that whcU 
Ghiaurov had his first auditio" 
with Karajan in 1955, the oondne- 
t or commented: “A good voice; bat 
he had better be taken down a p« 
in Graz,” the capital of AuttnaY 
Styria province. 

Ghiaurov is one of the most 
widely sought basses in the world. 
Other top draws are Nlcola Ghiu- 
sdev ana the sopranos Ghcna Di- 
mitrova and Raina Kabaivanska, 
who rarely return to Sofia. - 


Donev, who spoke through an 
iterpreter, said first-dass stngtra 


interpreter, said first-dass smgen 
on the National Opera roster nutku . 
a maximum of &5SQ a month, reft' 
gardless of how often They per- 
formed. 

Top tickets at the National Op- 
era are available for the equivalent 
of $7, but (be company is beavfly 
subsidized: “One seat exists , the 
government $32.” Donev aud. 


sound ruddy boastful as a compar- 
ison, but while countries like Italy 
and France produce good cars ana 
airplanes, Bulgaria produces good 
singers.” 

Outside critics agree. “The num- 
ber of exceDent ringers from Bul- 
garia is astonishingly hi gh com- 
pared to other countries,” said 
Heinz Tomek, music writer of the 
Austria Press Agency in Vienna. 

Music connoisseurs differ an 
what might have made this south- 
ern Balkan nation of 10 million 


ration for sugaring, then it s 12 
hours a day for a six-week non- 


hours a aay tor a six-week non- 
stop stretch in the sugarhouse. 
But it's something we've grown 
accustomed ro.We’ve been doing 
this since we were kids.? 


Russians Plan to Launch 
Rockets in NarthPbrific 


people a breeding ground for first- 
rate voices. Doccv’s predecessor, 
Russian Raichev, son of the re- 
nowned tenor Peter Raichev, once 


The Associated Press . 

MOSCOW, — The Soviet Union 
has announced plans to launch car- 
rier rockets in ibe northern Pacific 
Ocean from Wednesday through 
May 31 and has asked that otheft 
nations keep ships and planes out ! 
of the test area. 

The Toss news agency said that 
the test area, with a radius of 110 
nautical miles, would be just south 
of the Tropic of Cancer and about 
halfway between Hawaii and Ja- 
pan. 


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