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The Global Newspaper 

Edited in 'Puia^ ' T ^ 

' Printed Sbrnd^meousiy ; 

- in Paris, London^- Zorich,' ' 
Hong Kong, Singapore. : 
The Hague and. 


INTERNATIONAL 



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Published With The New York Times and The Washington Post 


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46/85, 


PARIS, WEDNESDAY, NOVEMBER 13, 1985 


j' "t. 







mtams 

osition to U.S. 
Space Research 



By Bernard Gwertzman 

flew York Times Sente*. 

WASHINGTON — A high- 
; Lri ;’V ranking Reagan adrxmastnition ot- 
; “ fipal has said that.Soviet negotia-' 

; : tors have continued to insist on a 

Wr V \ 0,1 sc * ecrt ^ l T®scareh into 

- . , space defense weapons even 

though Mikhail S. Gorbachev, the 

- Soviet-leader,- had. seemed to hint 
publicly two months ago that writ . 
research might be agreed to. 

. In discussing the difficulties of 

■' finding common ground with the 
‘a - ’ ^ . Rusaans with only .a few. days re- 



maining before President Ronald 
Reagan gpes to Geneva for his 
meeting with Mr. Gorbachev, the 
-official complained Monday that 
“it boggles the mind” that the Sovi- 
et Union still was i “playing from 
two sheets of music," bong concil- 
iatory in public' and less so in pri- 
vate. ‘ . 

Mr. Gorbachcy.in an interview 
with' Time ranggrirw- two months 
ago, and in a : meeting with same 
U5. senators, said that Moscow 
was hot trying to ban “fundamen- 
tal science” on space defense weap- 
ons, but was only seeking to bar the 
- “designing stage" of weapons. . . 
- Bat the official, who asked not to 
be identified, that in the Gene- 
va arms control negotiations that 
recessed, last week until January j 
“they continued to table laTig iia gp 
to ban the development of space 
strike weapons, indodirig scientific 
research, testing and deployment” 

.“This ™»« that there has not 
been rare iota change in their lan- 
guage an research at Geneva,” he 
said,' “from what they said on 
March 12 when the negotiations 
began and Nov. 4 when they re- 



ESTABUSHED 1887 


Liberia General 
Attempts Coup; 
Doe Is Resisting 


Hw AssedcMd Ftou 


After the bombing Toesday, rescuers searched the rains of title monastery where Christian 
political leaders had met Formes* President Camille Chamoun, right, escaped with cuts. 




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In trying to explain the Soviet 
motivation for the seemin 
track approach, several 
said that Mr. Gorbachev might 
ha ve been trying to signal flexibili- 
ty in approach, without actually 
bong able to muster support within 
the Soviet military for such a con- 
cession on mace urns research. 

Others smd that the Soviet side 
might have beat unsure itself on 

* _ w-i | ‘ how1b;handle the question of re- 

Arm tn r.\map search and that m the end, the 
ruiUlAMJfaUG decision was made to try and draw 

a distinction between research into 
i weapons now going on iri the 
tiled States, and research in la- 
sers and other advanced techniques 
now being carried on in the Soviet 
Union, which Moscow says is not 


aS Suicide Bomber Kitts 4 as Rightists 
Hold Meeting in East Beirut Suburb 


France Seeks 



By Ridmrd.Bemstdn 

New York Times Service 

PARIS — Fiance mil launch an 
inlensive effort to develop unclear 
missiles capable of penetrating 
possible future Soviet space-based 
systems of defense; Paul Quite, the 
defense minister, said Tuesday. 


te significance 6f this continu- 
ing impasse over research into 
space weapons, the official said, is 
that this makes the drafting of .any 
“gmdeSnes”at the Reagan-Gdrba- 


: ■'izf 

ti-.t 


Reuter* 

BEIRUT — A suicide bomber 
kille d four persons and wounded 
23, including several Christian 
leaders, in an attack Tuesday on a 
political headquarters in East Bei- 
rut, official sources said. 

The sources said a man in a truck 
carrying about 900 pounds (400 ki- 
lograms) of explosives tried to rain 
a monastery where the rightist 
Christian Lebanese Front' was 
bedding its weekly meeting. . The 
front opposes a Syrian-backed 
peace plan for Lebanon. 

Lebanese Army guards opened 
fire when the driver ignored orders 
to halt, and the track exploded a 
few yards from its target;' the 
sources said. 


In. a speech at the National Insti- . chev summit meeting that- modi 

mlite| y- fM 11 Nilze - ““ An anny statement said the blast 

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velopmeni of- anti-misaOe shield's 
now being researched by Ok Unit- 
ed States and the SovierUmoin re- 
quired a “sustained and diversi- 
fied” effort by France to adapt its 
nuclear forces and to main tain 
their credibility. - .1 . / 

He said that France would pro- 
ceed with efforts to develop a min- 
iaturized nuclear warhead that 
would be “virtually invisible” to 
radar. . v. ... . .. 

“The more tire two superpowers 
“A'" emphasize programs of strategic 
A-i.r defense,” Mr. Quifts sai<L “the 
more win the penetration capacity 
of onr missiles become the funda- 
mental criterion of the credibility 
erf our deterrent" . 

His statement represented the 
strongest indication to date of the 
French response to the anticipated 
development of anti-missile 
shields. 

Among the West European al- 
lies, France has expressed die 
strongest reservations about the 
Strategic Defense Initiative, Presi- 
dent Ronald Reagan’s research 
program on a space-based missile 
defense. 

In Ins speech, Mr. .Quotes said 
that the U.S. -research program 
„ “seemed to come more from ideol- 
*2* Q^thTOStrate^ccHtcqit"Reiier- 
ating a longstanding French con- 
cern that a such a system would be 
ineffective against medium-range. 
Soviet missifei, Mr. Quilts said, 
“The realization of an extended nu- 
clear deterrent is hardly credible 
today." 

The newspaper Le Monde said 
Tuesday that Mr. Qmlis speech in- 
dicated (he first conclusions of a 
secret Defease Ministry study on 
French nuclear options in the face 
of anticipated new defensive sys- 
tems. 

France has long stressed its nu- 
clear deterrent as the mam dement 
of its defense doctrine and the cor- 
nerstone of the country’s vaunted 
independent foreign policy. 

Mr. QuQes was named defense 
minister in September following 
the resignation of Charles Hearn, 
(Continued on Page 5, CoL2) 


four others. The truck's driver and 
a woman were killed, and 19 other 
persons were wounded, official 
sources said. 

The Christian Voice of Lebanon 
radio said that former President 
Camill e fh nmn nn and his SOU, 
Dany, escaped with bruises, but the 
Pfaalangist Party leader, EJde Jtara- 
meh, and two other from members 
sustained minor injuries and were 
taken to hospital. 

The truck blew up at the Sl 
G eorges monastery in the East Bei- 
rut suburb of Awkar. 

A caller to an international news 
agency claimed responsibility for 
the attack on behalf of two previ- 
ously unknown Christian groups. 

, In the first of two calls, the man 
said The Free Chrirtiah Youth Or- 
ganization 'carried out the attack 


against “opportunists who placed 
their personal interests above ev- 
erything else and put the interests 
of Christians in the hands of Israel 
and Syria." 

An hour later, be said in another 
call that the Vanguards of Arab 
Christians were responsible; and 
were ready “to make more sacri- 
fices in the interest of our Christian 
people." 

The Lebanese Front has opposed 
a peace accord reached by Moslem 
and Christian mfliim in Damascus 
last month, objecting to reforms 
that would dismantle a Lebanese 
power-sharing system that favors 
the Christian minority. 

The Christian Lebanese Forces 
militia condemned the attack and 


Bum 

In a statement, it expressed the 
fear that “the explosion may have 
been aimed at die Syrian-spon- 
sored tripartite negotiations and 
thus a reversion to the tactics of 
pressure and intimidation." 

■ Envoy to Visit Beirut 
A joint envoy of the archbishop 
of Canterbury and Pope John Paul 
II was flying to Beirut on Wednes- 
day to negotiate with Moslem ex- 


tremisis for the freedom of four 

called" a protest strike foTWedne^ hostages. The Associated Press 

day. . reported from London on Tuesday. 


By -Blaine Harden 

Washington Pest Service 

NAIROBI — A former military 
commander attempted Tuesday to 
overthrow the government of Sam- 
uel K. Doe in Liberia, but after a 
day of heavy fighting on the out- 
skirts of the capital, it remained 
unclear whether the attempt had 
succeeded or failed. 

Thousands of people rushed into 
the streets of Monrovia to celebrate 
an early morning announcement 
on stale radio that Major General 
Doe. who last month was pro- 
claimed the winner of a presiden- 
tial election be is widely believed to 
have lost, bad been overthrown and 
that he was “in hiding.” 

General Thomas Quiwonkpa, 
who was Liberia's senior military 
commander until he fell out with 
General Doe in 1983 and who has 
spent two years in exile in Balti- 
more, Maryland, came on the radio 
and accused General Doe of a reign 
of “fear, brutality and blood tyran- 
ny.” 

General Quiwonkpa, 30, a popu- 
lar figure in Liberia who had main- 
tained a reputation for integrity in 
a government widely viewed as cor- 
rupt, announced the arrest of sever- 
al of General Doe's senior minis- 
ters and called for new elections. 

But by early afternoon, accord- 
ing to an official al the UJS. Embas- 
sy in Monrovia, the celebratory 
crowds had cleared the streets. 
General Doe, dressed in his mili- 
tary khakis and surrounded by men 
of his executive mansion guard, 
summoned reporters to his office to 
announce that the rebels had been 
“badly defeated” by his troops. 

“Quiwonkpa is not man enough 
to enter the mansion,” said General 
Doe, a 33-year-old former master 
sergeant who came to power in a 
1980 coup in which President Wil- 
liam V. Tolbert and 13 members of 
his government were killed. Gener- 
al Quiwonkpa was one of the 17 
noncommissioned officers who led 
that coup. 

By 2 PJvl M forces loyal to Gener- 
al Doe had regained control of the 
government radio station and btf* 



Samuel K. Doe 

gan announcing that coup had 
failed. Another radio station. 
ELWA, owned by a church group, 
also was taken from the rebels by 
General Doe's forces. 

Shortly after 6 P.M., the state 
radio said the government minis , 
ters who were seized earlier in the 
day had been released and General 
Doe was in charge of the country. 

This was disputed Tuesday night 
by a spokesman for General 
Quiwonkpa’s rebels, who called the 
British Broadcasting Carp, from 
the United States. “We are in con- 
trol of the situation,” he said. “Ev- 
erything will be settled very fast.” 

He said General Quiwonkpa was 
leading the coup from an undis- 
closed location in Monrovia. 

A U.S. official reached Tuesday 
night by phone at the U.S. Embas- 
sy in Monrovia said it was impossi- 
ble to determine who was in con- 
trol. 

“I’d have to evaluate it as a toss- 
up at this point,’' be said, adding 
that heavy fighting in the afternoon 
on the southern outskirts erf Mon- 
rovia ended inconclusively at 
nightfall 

General Doe said in a broadcast 
shortly afterwani on ELWA radio 
that the coup had failed He said 10 

(Continued on Page 5, CoL I) 




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INSIDE 

■ A venSct was readied in the 
trial of those accused of killing 

a Philippine dissident, Benign o 
S. Aqumo Jr„ in 1983. Page 2. 1 

BUSINESS/FINANCE 

■ The British g ov ernment has 

predicted that cconomi c growth 
will slow only modestly next 
year. -'.Pigelft. 

SPECIALREPORf ; 

■ Unemployment clouds the 

Dutch government's economic 
record. Page 9. . 

TOMORROW 

Behind Rebel Lutes: El Salva- 
dor’s guerrillas are. under siege, 
despite optimism, and determi- 
nation. First of two articles. . 



Inspires Guangzhou’s 
Economic Rebirth 




John F. Burns 

few York Times Service 

GUANGZHOU, China — A 
]pcal official wild spoke with 
members of a Soviet parHamenta- 
ry delegation that recently visited 
this city —still knowH to some as 
Canton —reported that the Rus- 
sians seemed equally impressed 
and perplexed by the anything- 
goes atmosphere that prevails 
along the banks of the Frail Riv- 
er. 

“If this is Marxism, I must re- 
read Mazx,” a Russian is said to 
have remarked. - 
- During their time here last 
month, the Soviet officials were 
exposed to the city’s exploding 
free enterprise, to its Western- 
style hotels rivaling the best in 
Hong Rcmg and to the many oth- 
er signs that G uang zhou has lost 
its heart to the policy of the 
“open door.” 

Nobody should be surprised 
that the city, beyond all others in 
China, has been seized with the 
idea erf adopting Western ways. 
‘According to Chinese docu- 
ments, travelers from the Roman 
Empire arrived here to pay trib- 
ute nearly. 1,700 years ago, a mB- 
lenium before Marco Polo’s cara- 
van readied the Great Khan’s 
capital on the ate of modern-day 
Baling. 

In the 19th century, Guangz- 
hou was the first Chinese dty that 
was opened to Western trade, the 
first to grant foreigners a territo- 
rial concession, -on Shamian Is- 



Tha New YoA Tmei 


Customers looking over fish for sale in Guangzhou's Qingping market. About 50,000 
shoppers crowd Ore market daily. Below, a view of the Pearl River and the city’s port 


land, and the first, in the Opium 
War of 1840, to experience the 
humiliations that Britain and oth- 
er imperial powers imposed on 
many regions of the country. 

In 1978. when the modern 
open-door policy was declared, 
Guangzhou was out of the start- 
ing gate when other major cities 
were still saddling up. 

It makes for a startling contrast 
with (he bitter days of Mao’s Cul- 
tural Revolution. Fifteen years 
ago. when a foreigner traveled at 
night through deserted streets, 
the loudest noise was the hum erf 
car tires on the pavement, as a 


driver coasted along in neutral 
gear. 

These days the city has 6,500 
new Japanese-made taxis, and 
streets in -the city center are a 
hubbub of merchant activity last- 
ing into the small hours. 

“It’s Hong Kong gone north,” 
observed a UJ5. official who ac- 
companied Vice President 
George Bush on his stopover in 
Guangzhou last month. 

Hoog Kong is only 94 miles 
(150 kilometers) south by air- 
. conditioned train, and its influ- 
ence is everywhere. The lion’s 
share of the 5660 milli on invested 


in Guangzhou by foreign inter- 
ests comes from Hong Kong's 
Chinese millionaires, and many 
of the “evil winds” that have out- 
raged conservative figures in the 
Communist Party in Beijing also 
have been imitations of the colo- 
ny. 

The Dong Fang Hold, a once- 
dingy establishment known to 
generations of visitors to the 
Guangzhou trade fair as the bed- 
bug capital of South China, has 
been refurbished and equipped 
with batteries of slot machines. 

Pool halls are all the rage with 

(Continued on Page 5, Grf. 3) 


Once Again, U.S. Faces Gish Shortage 

Debt Ceiling, Spending Authority Jihst Be Extended Quickly 


By John M Berry 
and Helen Dewar 

Washington Post Service 

WASHINGTON — The U.S. 
Treasury will run out of cash and 
the authority to borrow unless 
Congress acts this week, raising the 
prospect of an unprecedented gov- 
ernmental default on at least a por- 
tion of S16 billion in interest pay- 
ments on the national debt that is 
due Friday. 

Failure to pay the interest owed 
to lenders could create chaos in 
financial markets, force the govern- 
ment to pay higher interest rates in 
the future and open the govern- 
ment to massive Ham ay. suits, ana- 
lysts said. 

Congress returned Tuesday to 
talks aimed at breaking the dead- 
lock over legislation to extend the 
federal debt ceiling. 

For more than 3 month, the 
House and Senate have argued over 
the debt ceiling legislation, an ac- 
tion legally necessary to give the 
government the authority to con- 
tinue borrowing to finance its oper- 
ations. It has attached the debt bill 
to new legislation that would force 
a balanced budget over the next 
four or five years by requiring the 
president to cut spending that does 
not meet fixed deficit targets. 

Distracted by this and other 
problems. Congress has also failed 
thus far to pass most of its regular 
appropriations bills that allow gov- 
ernment agencies to spend money 
during the fiscal year that began 
OcL f To keep the agencies fund- 
ed, one short-term “continuing res- 
olution” has already been ap- 
proved; another must be approved 
by Thursday. Thai is necessary 
even if the debi-cdling problem is 
solved or postponed. 

Other programs, ranging from 



Cofjwro F’ren 

James A. Baker 3d 

the cigarette tax of 16 cents a pack 
to dairy price supports and aid for 
companies and workers harmed by 
imports, expired Sept. 30 without 
any agreement on provisions for 


extension. They have survived with 
interim authority from Congress. 

Both the continuing resolution 
for government agencies and the 
temporary program extensions ex- 
pire on Thursday. And on Friday, 
the government must make a $l(i- 
billion payment of interest on the 
national debt, far exceeding the 
available cash that the Treasury 
Department could come up with 
over the last few weeks. 

Failure to meet Thursdays dead- 
lines would leave the government 
without cash to operate, a situation 
that has occurred for brief periods. 
But failure to meet the debt-ceiling 
deadline Friday would leave the 
government without power to bor- 
row and facing financial default for 
the first time, according to the 
Treasury Department. 

House and Senate negotiators 
met Tuesday and agreed only to 
break into smaller groups to try to 
make progress before the deadline 
on the ddn ceiling. 

Fiscal deadlines, with predic- 

(Continued on Page 5, Col li 


18 Key Polish Officials 
Removed in Shake-Up 


Four-Decade Study Finds Heavy Coffee Use Triples Heart Risks 


By Sally Squires 

Washington Post Service 

WASHINGTON — People who 
drink more than five caps of coffee 
a day face almost three times the 
risk of heart disease as people who 
abstain from coffee, according to a 
long-term study by Johns Hopkins 
University resear&era 

The new - findings, presented 
Monday at the American Heart As- 
sociation annual meeting here, sug- 
gest that heavy coffee drinkers are 
more likely than those who do not 
drink: coffee to hove a heart attack 
or suffer from heart disease such as 
angm* pectoris, a painful condition 

in winch the heart does hot receive 
an adequate snpply of blood. 

“These results suggest Quit cof- 


fee drinking is an independent risk 
factor for heart disease," said Dr. 
Thomas Pearson, director of Pre- 
ventive Cardiology at the universi- 
ty and co-author of the study. 

The role that coffee plays in 
-heart disease continues to generate 
debate in the scaoitific community. 
Other studies have shown no link 
between heart disease and coffee 
d rinking , while a few have shown a 
ynjaTlaj 1 ride than in the Johns Hop- 
kins study. 

Caffeine, the stimulant in coffee, 
has been thefocus of many of these 
studies. Itkalso found in tea, choc- 
date, cocoa and many soft drinks. 
A mong physical chang es caused by 

caffeine is its ability to irritate the 
-heart, constrict -peripheral blood 
vessels, and increase levels of low- 


S 


density lipoproteins, a type of cho- 
lesterol associated with a higher 
risk of heart disease. 

Dr. Pearson and his co-author, 

Andrea LaCroix, studied 1,337 
mro who graduated from the Johns 
Hopkins medical school between. 
1948 and 1964; all wens 22 years 
old when they entered the study. 
Data on their coffee consumption 
and smoking habits were collected 
al five-year intervals, making the 
study one of the longest continuous 
health investigations of Americans. 

What sets this study apart from 
earlier research is the large number 
of pa r tici pa nts, the young age at 
winch they entered the study, the 
of time they were tracked 
most importantly, the Fact that 
only 14 p ercent smoked. 




Heavy coffee drinking is often 
associated with cigarette smoking, 
itself an important risk factor for 
heart disease. In earlier studies, this 
connection between coffee and cig- 
arettes made it difficult for re- 
searchers to determine which 
health effect might be caused by 
smoking and which might be 
caused by drinking coffee. 

Even when researchers adjusted 
statistically for other risk factors — 
age. cigarette smoking, high blood 
cholesterol levels and high blood 
pressure — heavy coffee drinkers 
“had 15 times the ride of develop- 
ing heart disease” as those who did 
not drink coffee, the study found. 

Dr. Pearson, recommended that 
all coffee drinkers “quit smoking, 
have blood cholesterol measured” 


and. if interested “in main raining a 
prudent lifestyle," cut back coffee 
consumption to no more than two 
cups a day, as be said he and Miss 
LaCroix have done. 

Other scientists challenged the 
two-cup-a-day recommendation as 
“premature." 

“There's not enough consistent 
evidence,” said Dr. William Kan- 
net, former director erf the Fra- 
mingham Heart Study, who said he 
favored following Mark Twain’s 
advice for “moderation in all 
things, including moderation." 

Other researchers said they are 
reserving judgment until they read 
full drafts of the paper, which has 

not yet been accepted by a scientif- 
ic journal for publication. 


By Jackson Diehl 

Washington Past Service 

WARSAW — Poland’s Commu- 
nist leadership removed five of the 
top eight government officials on 
Tuesday and 13 of 30 cabinet min- 
isters in the most extensive political 
shake-up since General Wojciech 
Jaruzdski took power in 1981. 

Hie moves, which included the 
removal from key government 
posts of men regarded as the lead- 
ers of liberal and hard-line groups 
within the Communist Party, ap- 
peared designed to consolidate 
General Jaruzelski’s authority and 
prepare the government for a 
sharper focus on economic and so- 
cial policy. 

“The soaol and economic nor- 
malization that has been realized 
gives us the possibility of a wider 
activity based on a long-term 
plan,” said Prime Minister Zbig- 
niew Messner in proposing the new 
ministers to the parliament 

The government spokesman. 
Jerzy Urban, added, “The center of 
gravity in Poland is shifting to- 
wards economic and social issues.” 

The reorganization was long an- 
ticipated. but its extent surprised 
Western diplomats and Commu- 
nist Party activists who had expect- 
ed General Jaruzdski to move 
more cautiously. 


The breadth of the action, these 
sources said, seemed to reflect the 
general's confidence in his political 
strength following parliamentary 
dec tions last month that the gov- 
ernment labeled as proof of Po- 
land's growing stability. 

The reorganization and new gov- 
ernment course, however, have 
dealt a setback to Poles seeking a 
political liberalization or dramatic 
new initiatives in economic and so- 
cial policy, diplomats and political 
activists here said. 

In addition to the demotion of 

two Communist leaders regarded 
as reform-oriented liberals, the 
government has signaled continu- 
ing toughness toward its opposi- 
tion by sharply limiting a promised 
release of political prisoners. 

The new ministers appointed 
Tuesday to the Presidium and cabi- 
net included no well-known public 
figures or independents. While the 
post of minister of economic re- 
form was eliminaled, the key eco- 
nomic ministers of finance, heavy 
industry, and wages were left in 
place. “The continuation of present 
policy.” Mr. Messner said, “will be 
the main principle of the govern- 
ment.'' 

The most important change in 
the cabinet was the removal of the 

(Continued on Page 5, Col. I) 






TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 


Manila Judges Reach Verdict 
On Ver, Delay Announcement 


By Seth Mydans 

New York Tuna Sexier 
MANILA — A verdict lias been 
reached and win be announced 
Nov. 20 in the trial of General 
Fabian C. Ver and 25 other men 
charged in the 1 983 murder of Ben- 
ign o S. Aquino Jr., a popular Phil- 
ippine opposition leader, one of the 
judges said Tuesday. 

As reporters watched, a court 
derk signed orders for the Aquino 


defendants to appear Nov. 20 to 
hear the reading of what Judge Au- 
gusts Amores said would be a 100- 
page decision. 

He did not say what the three- 
judge panel had decided, but he 
declared: “It was a unanimous ver- 
dict." 


The Nov. 20 date coincides with 
the U^.-Soviet summit meeting in 
Geneva, and some observers here 


Justices Say Betancur 
Rejected Flexibility Pleas 


By Bradley Graham 

Washington Past Service 

BOGOTA — Five Supreme 
Court justices met with President 
Bclisario Betancur shortly before 
soldiers and policemen steamed the 
Justice Ministry on Thursday and 
pleaded with him to save the lives 
of their colleagues being held hos- 
tage inside, according to one of the 
justices present. 

The justice, Jose Alejandro Boni- 
venio Fernandez, said Mr. Be con- 
cur rejected the magistrates' ap- 
peals for flexibility and told them 
that any chance of talking to the 
guerrillas had disappeared- The 
sipge agains t leftist M-19 guerrillas 
was then in its second day. 

An hour later, army and police 
commanders launched their final 
assault on the masonry structure. 
An estimated 100 persons, includ- 
ing 11 of the Supreme Court's 24 
justices and about 35 guerrillas, 
died during the two-day siege. 

“We appealed to the president to 
defend the lives of the justices,” 
Mr. Bonivento said Monday at the 
funeral of one of the dead magis- 
trates. “But he said there was no 
opportunity for dialogue.” 


Mr. Betancur has taken full re- 
sponsibility for the handling of the 

crisis. But several Colombian ob- 
servers — including Carlos Lemos, 
a former foreign minister — con- 
tinue to speculate that control of 


the security forces fighting the re- 
bels slipped out of tne president's 


hands and into those of military 
commanders eager to crush the 
guerrillas. 


With congressional and presi- 
dential elections scheduled next 
spring, Mr. Betancur's manage- 
ment of the crisis and his three-year 
policy of attempted dialogue with 
Colombian guerrillas are expected 
to become campaign issues. 


A wave of protests that has 
swelled from the legal community, 
students and the political opposi- 
tion over the loss of the hostages is 
not considered likely to bring down 
his government in the months it has 
left. The Colombian Constitution 
prevents a president from serving 
more than one four-year term. 


Nonetheless, the growing public 
criticism appears to have weakened 
Mr. Betancur's authority. 


Draft Accord 


Criticized by 


Nicaragua 


By Stephen Kinzer 

Se*. Yon Tuna Service 

MANAGUA — Nicaragua will 
not sign any Central American 
peace agreement until the United 
States stops supporting anti-gov- 
ernment rebels. President Daniel 
Ortega Saavedra has told the Ma- 
nagua diplomatic corps. 

Mr. Ortega said Monday that his 
government could not agree to lim- 
it the size of its militaty until “basic 
minimum security conditions" are 
guaranteed. 

“Any regional agreement pre- 
supposes the normalization of rela- 
tions between Nicaragua and the 
United States,” Mr. Onega said, 
“which means the end of the ag- 
gressive policy of the United States 
against Nicaragua.” 

In a position paper, the Mana- 
gua government said the United 
States should sign a protocol prom- 
ising neutrality toward Nicaragua, 
and that the protocol should be 
attached to any future peace agree- 
ment. The UJS. government has 
provided millions of dollars in aid 
to groups righting the SandinUts. 

Mr. Ortega's statement was a re- 
sponse to the latest draft treaty 
drawn up by the four-nation Con- 
tadora group, comprising of Pana- 
ma, Venezuela, Colombia and 
Mexico. The draft has not been 
made public, but Mr. Ortega gave 
what amounted to a series of San- 
dinist positions on it 

A continuing dispute among 
Central American nations has been 



Daniel Ortega Saavedra 


bow to draw up a formula to limit 
the size of armies and armories in 
each country. Nations allied with 
the United Slates have proposed 
that the limit be tied to population, 
but Mr. Ortega said they should be 
determined by the threat each na- 
tion faces. 


“For Nicaragua, the level of ar- 
mament necessary to defend na- 
tional sovereignty is determined by 
its need to resist United States ag- 
gression.” he said. 

The statement also said that any 
treaty should include a prohibition 
on military maneuvers anywhere in 
Central America that involves for- 
eign troops. 

Mr. Ortega said the latest Conta- 
dora draft was unsatisfactory be- 
cause it proposed only “regulation” 
of joint maneuvers. 


After Attack, 
UbyaAffirms 
Hunt on Exiles 


Americans to Join 


EC Efforts Blocked 


Miskito Insurgents 


iVt> York Tunes Service 


SAN JOSE Costa Rica — Three 
American Indian activists have an- 
nounced in Costa Rica that they 
are joining the cause of rebel Miski- 
to Indians in Nicaragua. 

Russell Means, a leader of the 
American Indian Movement, said 
in San Jose last week that he hoped 
to recruit 90 to 100 “warriors from 
North America" to join Miskito 
fighters to oppose the Sandinisl 
government. 

Mr. Means, who appeared at a 
news conference with Glenn Mor- 
ris, a Shawnee activist, and Hank 
Ad ams , who has advised U.S. agen- 
cies on questions of Indian sover- 
eignty, said sending American In- 
dian combatants to fight in 


Nicaragua would “begin the pro- 
cess of uniting the red people of the 


cess of uniting the red people of the 
Western Hemisphere/’ Groups of 
Miskito Indians have been in rebel- 
lion against the Sandinisl govern- 
ment for more than four years. 


Exceptional 

Sales 


Differences between Nicaragua 
and its Central American neigh- 
bors continued to block progress 
Tuesday on talks by the European 
Community and the Con tad ora 
group, Reuters reported from Lux- 
embourg. 

The 21 EC and Latin American 
foreign ministers entered a second 
day of formal discussions of an 
accord that would substantially in- 
crease community aid to the region, 
now running at nearly 40 million 
European currency units (535 mil- 
lion) a year. A separate document 
would establish regular political di- 
alogue between the EC and Central 
America within the context of the 
Contadora group's efforts. 

■ Opposition Journalist Held 

Slate security agents have de- 
tained a reporter for the opposition 
newspaper La Prensa, his wife said 
Monday, according to an Associat- 
ed Press report from Managua. He 
would be the sixth journalist for the 
newspaper held for questioning in 
the last three years. 

Fatima Urroz. wife of Norman 
Talavera, said six agents searched 
their bouse Sunday night. She said 
they took her husband's tape re- 
cordings and personal documents, 
as well as his car. 


A pence Frame-Prose 

PARIS — Libya will continue to 
“hunt down and liquidate” its ene- 
mies living abroad, according to 
the political commentator of the 
Libyan news agency JANA in a 
broadcast monitored in Paris. 

The broadcast followed an offi- 
cial announcement in Cairo from 
the Egyptian government that Lib- 
yan agents tried to assassinate a 
former Libyan prime minister, 
Abdel Hamid Bakoush, on Nov. 2. 

The Egyptian interior minister. 
Ahmed RushdL said a Libyan com- 
mando squad was arrested after a 
gunfight near Alexandria, where 
Mr. Bakoush was dining with other 
Libyan exiles. 

The JANA broadcast said. “The 
Libyan people will coniine*-; .o 
hunt down and liquidate its ene- 
mies at home and abroad. They will 
act against these stray dogs who are 
opposed to the power of the people, 
but they will not act against the 
country giving them refuge.” 

■ Egypt Describes Attack 


Mr. Rushdi said four Libyans 
were about to attack Mr. Bakoush 
and other Libyan exiles who were 
inside a farmhouse, about to sit 
down to lunch. The New York 
Times reported from Cairo. He 
said the four men constituted a “hit 
squad” trained by the government 
of Colonel Moamer Qadhafi to car- 
ry out assassinations. 

Another intended victim. Mr. 
Rushdi said, was Mohammed Ma- 
gaiyef. a former Libyan ambassa- 


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immediately suggested that the 
court might be seeking a moment 
when its verdict would be over- 
shadowed by other events. . 

Judge Amores indicated that the 
delay in announcing a verdict also 
gives the Supreme Court time to 
consider a mistrial petition filed 
Monday by 28 prominent Filipi- 
nos. The petition accused the pros- 


ecution of “manifest partiality and 
injudicious and irregular conduct” 

Calling the seven-month trial 
“an ordinary murder case," Judge 
Amores said the court had been 
under no political pressure in the 
highly charged case. The most 
prominent defendant. General Ver. 
is a former chief of staff of the 
armed forces and a confidant of 
President Ferdinand E Marcos. 

“No pressure as far as I'm con- 
cerned.” the judge said. “We have 
had a free band.” 

General Ver is widely expected 
to be acquitted, following a Su- 
preme Court ruling last August 
that excluded as evidence his testi- 
mony before a previous fact-find- 
ing commission. 

That testimony bad formed the 
main evidence against the general 
on a charge of covering up a plan to 
assassinate Mr. Aquino on Aug. 21. 
1983, as Mr. Aquino returned from 
self-imposed exile in the United 
States. 

Mr. Marcos has said he would 
reinstate General Ver as chief of 
staff if he is acquitted, a prospect 
that has aroused concern both here 
and in Washington among people 
who fear his reinstatement will set 
back reforms in the military. 

Senator Paul Laxalt, a Republi- 
can of Nevada, who recently visited 
Mr. Marcos and delivered a mes- 
sage of concern over the Philip- 
pines situation from President 
Ronald Rea gan, said he had told 
the Philippine president that “rein- 
statement of General Ver for any 
extended period of time could well 
cause a firestorm in Congress.” 

The Reverend Jerry Falwell, 
meanwhile, just ended a two-day 
visit to the Philippines. Mr. Fal- 
well. leader of the Moral Majority 
movement in the United States, 
chided U.S. policy-makers Tuesday 
for “bellyaching” about the Philip- 
pines and urged them to do “what- 
ever is necessary^ to stop the 
spread of communism in the coun- 
try. 

He spent most of his time in the 
company of Mr. Marcos and his 
wife, Imdda, and Marcos aides. 

Mr. Falwell said he would call 
for increased investment in the 
Philippines, declaring that the 
United States was hypocritical in 
trying to tell the Philippines how to 
use U.S. aid. 

“If there's any place on Earth 
that deserves the financial support 
of the United States, it is the Re- 
public of the Philippines," Mr. Fal- 
well said. 

He added: “I have a great dis- 
agreement going on with a State 
Department that pumps millions of 
dollars into Mozambique and Zim- 
babwe and those kinds of countries 
with Marxist governments who use 
the money as they please to hurt, 
shed blood, whatever, and then we 
play the hypocrite here and tell the 
Philippines government that you've 
got to use this money a certain 
way." 




WORLD BRIEFS 


* ’iw 





convictions 


<* i toSK® i*» « >-* - - 

w2ta4S and his son, Sam Mid^I L. Waite. 2. an: 

trial on espionage charges in San Franasca 




Scene from a Soviet television report on the war in Afghanistan. 

Afghan War Creating Soviet Heroes 


Torture Is Reported in Zimbabwe , 

LONDON (Reuters) — Amnesty Intci^OTalrept^^T^d^ a T 
sharp increase in arrests and torture of suspected govtrnmec opponents 

^The human rights organization based in Londanoid it had received 


ment detention camps since a general election m tne oOTmuyut juij. toe 
organization has urged Prime Minister Robert Mugdte to act at once lo 


endtortare and to hold an independent pubhcmqtmy. 

Members of parHament, officials and supporters of w Pan«HJcFrom 
ted by Josima Nkomo have been arrested and fadd without charge, 
particularly in Matabddand, the headquarters of the opposition party 
according to the organization. At least 150 people b aw be m a rre sted and 
held in Bulawayo, the main Ma t a b ele city, smee July, the group said. 



a# 


TV Coverage Emphasizes Sacrifice for the Motherland Fa]Mand Trial Summation Begins 


.T-'-J&C* ...... 

*v 


By Serge Schmemann 

New York Tima Service 

MOSCOW — The Soviet force in Afghanistan 
may still be a “limited contingent” doing us “inter- 
nationalist duty” but almost six years after it 
began, the Afghan war has begun spawning stories 
about heroes and military feats in the official 
Soviet press — and even some questioning by the 
public. 

After virtually neglecting the war in its first 
years, newspapers now regularly carry reports 
about young heroes who sacrificed their lives in the 
struggle against the “dushmans.” as the Afghan 
guerrillas are called. 

More tellingly, over the past year Soviet televi- 
sion has begun to show combat scenes. 

The shifts apparently reflect tbe fact that after 
almost six years of combat, after hundreds of 
thousands of Soviet soldiers have served in Af- 
ghanistan and thousands have been killed or 
wounded, the Kr emlin cannot pretend that a few 
Russian soldiers are in Afghanistan temporarily 
only to help out. 

The change in Soviet television has been most 
notable since Mikhail Leshchinsky. formerly the 
head of Soviet television's propaganda desk, was 
appointed chief of the Soviet television and radio 
desk in Kabul. 

In his latest report the other night, Mr. Lesh- 
chinsky was seen in a safari jacket traveling with 
Soviet troops through a barren Af ghan plain. He 
said the unit was on its way to confront a reported 
concentration of guerrillas'. 

No contact was shown, but Mr. Leshchinsky 
subsequently displayed slacks of weapons pur- 
portedly seized from the guerrillas. 

In another recent news program, viewers saw 
Soviet helicopters firing rockets at a village and 
then coming under fire themselves, and Mr. Lesh- 
chinsky then interviewed some young soldiers in 
desert gear about the dangers of their assignment 

Apart from showing combat the reports have 
changed in no longer insisting that the soldiers are 
in Afghanistan only to assist the “Afghan revolu- 
tion." and in no longer saying they come in contact 
with guerrillas only in self-defense. 

In a related change, military commentators have 
begun talking of service in Afghanistan as a patri- 
otic duty to the Soviet motherland, and not only as 
“internationalist” assistance to the Afghan govern- 
ment. 

Early news reports from Afghanistan usually 
showed Soviet military doctors inoculating Afghan 
children, or young soldiers draping their hands 
over the shoulders of smiling Afghan workers. The 

X ' ral report these days is about a young soldier 
sacrifices his life for his comrades. 

Tbe model is Sergeant Nikolai Cheplk, a farm 
boy from Beterussia who was killed in February 


1984 and became the first nationally publidzed 
hero of the Afghan war. Sergeant Chepik’s feat 
involved setting off grenades to save his comrades 
from an ambush. 

Komsomolskaya Pravda subsequently reported 
a similar sacrifice by Privaie Sergei Shashev, who 
volunteered to cover the withdrawal of comrades 
who had fallen into an ambush. Privaie Shashev 
held off the guerrillas as long as he could, and in 
the end used his last grenade to blow up himself 
and the remaining guerrillas. 

The most recently publicized hero is Private 
Alexander V. Koryavin of Zagorsk, a city just 
north of Moscow, who spotted an Afghan sniper 
and leaped in front of his commander to save his 
life. 

Komsomolskaya Pravda, for example, recently 
printed a question from a reader who asked, “Why 
is my cousin serving in Afghanistan 1 ?” 

The newspaper selected a World War II veteran 
who had fought on the Caucasian front to respond. 
In what appeared to be a pointed parallel. General 
F. Mazhayev said his defense of tbe southern 
Caucasian republics had given him an “unwaver- 
ing faith in the strength of the Leninist friendship 
of peoples." 

“Afghanistan, after all, has a huge border with 
us,” the general wrote. “This means that a strategic 


BUENOS AIRES (NYT) — A 
prosecutor has asked a military 
court to strip three former Argen- 
tine rulers of their rank and sen- 
tence them to prison for eight to 12 
years for “negligence'’ in involving 
the country m a 1982 war with 
Britain over the Falkland Islands, 
the Defense Ministry said. 

Brigadier General Hector Can- 
ale, tbe prosecutor, began his sum- 
mation on Monday in the closed- 
door proceedings against 16 
officers, inte nding Lieutenant Gear 
era! Leapoldo F. Galtieri, the for- 
mer murtary president; Admiral 
Jorge Isaac Anaya, the junta’s 
navy’s representative, and Briga- 
dier General Baalio Land Dcao, 
the air force member. The court- 
martial began two years ago and a 
verdict is ejected by the rad of the 
year, officials said. 




-- 


Leopokio F Galtieri 


Private University Opens in Pakistan 


issue of major importance is being decided there. 
The Ukraine is far from Afghanistan, but the 


The Ukraine is far from A fghanistan, but the 
Ukraine is an inseparable part of the Soviet Union. 
There, on. the land of Afgh anistan, our warriors, 
fulfilling their internationalist duty, are also de- 
fending their Ukrainian, Siberian, Kazakh home.” 


■ Guerrillas Mount Attacks 

Western sources said Tuesday that Afghan guer- 
rillas shot up at least three supply convoys on an 
important highway and fired rockets at tSe Soviet 
Embassy and other targets in Kabul, The Associat- 
ed Press reported from Islamabad, Pakistan. 

The diplomatic sources, speaking on condition 
they not be identified, said wit Soviet and Afghan 
government forces had mounted major operations 
in western Afghanistan around the city of Herat 
and that more fighting had been reported in the 
strategic Panjshir Valley in the north. 

Reports from the Panjshir, scene of some of the 
heaviest fighting of the war, indicate a Soviet 
military base was attacked by guerrillas in late 
October and 16 Soviet soldiers were killed, the 
sources said. 


PARIS (IHT) — Inauguration ce re m oni es have been held in Karachi 
for Aga Kahn University, Pakistan's first private univ er sity , and the Ags 
Kahn Hospital, a t garbing hospjtaT affiliated yfwol t theTTnb'tr- 

sity announced. 

The university's first faculty, in the health sciences, consists of a 
medical college and a nursing schooL Both institutions have received 
funds from the Aga Kahn Foundation, a private nandenommational 
philanthropic organization based in Geneva, and from other iniemation- A 
al donors. . 

The Aga Kahn, chancellor of the university and spiritual leader of 20 
mflHm Ismaifi Modems, said at the Monday ceremony that, while open 
to all, they would be Islamic institutions drawing on the tradition of 
Moslem learning. 


■ China Aids Refugees 
China’s official Xinhua news agency reported 
Tuesday that a Chinese delegation has given 
S 100.000 of relief supplies to Afghan refugees in 
Pakistan, The Associated Press reported from Beij- 
ing. 


Israel, Egypt toResnme Taba Talks 

TEL AVTV (AP)— Israel and Egypt will resume their stalled talks on a 
seaside border diHmte next. a»iitb, thc Eg^3tiaii chargfc d'affaires in 
Israel, Mohammed BassTouni, said Tuesday. 

Tbe decision to resume the talks on Taba, a resort arthe northern tip of 
the Red Sea, was prompted by President Hosm Mubarak's efforts to 
advance momratum toward pea* tafts between Israel and Jordan, Israel 
Radio said. By settling the Taba dispute, Egypt apparently hopes to pave 
the way for its own involvement as a mediator in tbe peace talb, it added. 

Egypt broke off the talks to protest Israel's Oct 1 air raid on the 
headquarters of the. Palestine liberation Organization in Tunisia, in 
which about 70 people were lolled. 



-’**4*1 


Ceausescn Reshuffles 3 Top Positions 

VIENNA (UPI) — President Nicolae Ceaosescn of Romania has 
relieved Foreign Minister Stefan Andrei of his post and shuffled two 


v_ S * 

*>vt. 


New Ties With Soviet 


more top positions in a move called a surprise by Western observers in 
Bucharest . . 


In Doubt, Israel Says 


Mr. Andrei was succeeded by Die Vaduva, head of the Academy of 
Economic Studies, the official news agency Agerpres said. 

The agency also announced that the former deputy prime minister, 
loan Avram, had been named minister erf industry. He traded positions 
with Ion Petre. • r 


* (rtm 

if ashii 


By Thomas L Friedman 

New York Tima Service 

JERUSALEM — Despite a Hur- 
ry of contacts and promising ru- 
mors, Israeli officials said Monday 
that they still saw no sign that tire 
Soviet Union, was preparing to re- 
store diplomatic relations with Is- 
rael 

Senior Israeli officials say they 
believe that recent news reports 
suggesting that the Russians are 
considering no rmalising relations 

Abdel Hamid Bakoush with Israel probably were a combi- 
. nation of wishful tnmldng and dr- 

dor to India m the Qadhafi govern- liberate Soviet “leaks” designed to 


the Russians opening the gates to For the Record 
20,000 or more Jews who wish to ^ t| ^ T 


treatment for AIDS with the 


Only 124 Jews were allowed out «««« stud in Grenoble, 

it.. t i„_4 — a t rance, a researcher at a Pans hospital announced Mrmrinv that a 


I — ^ 

m 


of the Soviet Union last month, a Pa ?J“£ p ?^! 3nnocilccd Monday that a 

however, and officials at Israel’s lhre ® f weekx 

Foreign Ministry say they have “no P^ 1 ® 1 *ed before a Oct 29 press conference at 

eSewfaatSStheRns- the treatment was disdored. {ReuUn) 


sians are increasing the number erf . Abel Muzorewa, 60, prime minister of Zimbabwe Rhodesia in 

visas bong granted to Jews who - f 1 ? 3 resigned from the United African National Council, a small 
want to leave. - opposition party, a party official said Tuesday. ( Reuters ) g 


mem. However. Mr. Magaiyef was 
out of the country last week. 


“sweeten” the atmosphere before 
the Geneva s ummi t meeting and to 


Mr. Rushdi said a fifth man in- project a softer, more flexible Sovi- 
yolved in the plot, whose national- et imay. without having to nmta» 

irt; ni>9c nni mtian h/t/f tn ■ rl . If 


icy was not given, had tu rn ed in r any serious policy rfumyg- 


Jordanian Official Visits Damascus 
To End Years of Regional Rivalry 


former and helped the police track Soviet-Isradi relations were sev- 

- ered after tbe 1967 Middle East 

Last November, Egyptian po- ^ 

licemen uncovered a similar plot to ' . n _ _ . . 

try to kill Mr. Bakoush, who served “It is all part of the Soviets’ pre- 

as prime minister under King Idris, stralcs (: a of- 

The king was overthrown by Mr. ^ to * e <M°niatic con- 


DAMASCUS prinv Minietor Damascus also was upset I _ Foreign Ministry officials said 

anfa-govemment violence m Syna that Israd wasWtin nmg to pm- 


'■Ml.,. 




Qadhafi in 1969. 


mg an invitation to President Hafez ments behind the viofencehad been 
al-Assad to visit Jordan. living in Jordan. 

Jordan and Syria have traded _ . 


tacts. “We wish that they were mittlial recriminations for several , Stating that a group, which he 


After the police discovered the seriOTS ^ ™ w . oa ? d wd ^ mc J e years and in 1981 massed troops *** responsible for 

conspiracy last year, the Egyptian restoration of relations. Privately, alone their common bonier w betwera the two countries. 


the 1979 Camp David Egyptuo- 
■Israeli peace accord's prohibition 
against either side maVfng state- 
ments that could jeopardize the 
agreement. 


along their common border, but 


countries; 


government decided to pretend the some Sovtet diplomats have told us Mr. Rifai said that King Hussein Hussein warned that conspirators 
assassination had been successful. 1 11 was . a.nmtake to have was inviting Mr. Assad to “visit ^ ^ allowed to operate 

"* ■' ' ~~ from Jordan. 


After Libya announced the death ew f r relations. But if you Jordan, his second homeland." 


of “the stray dog Bakoush” and ask.mc. 'Do we have any reason to A meetmg betwera Mr. Rifai Diplomats in Amman said that 
claimed responsibility, Egypt re- believe are about to re- and Prime Minister Abdet-Ranf al- theybelieved tbe declaration was 

^_marired^firettio.aJor- “a daring step toward reccmdlia- 


betwera Mr. Rifai 


bly showing Mr. Bakoush lying in a 
pod of blood. 

Two days later, Mr, Bakoush was 
produced, alive and well, at a news 
conference in Cairo. Four men — 
two Britons and two Maltese — 
were arrested in the case. 


absolutely ‘no.’ Ask me again after lionT* ^ 

the Geneva sunmuL Syria in six yeare. 

The Soviet leader, Mikhail S. Mr. Rifai, saying he was hopeful ■ Israeli Protest to Egypt 
Gorbachev and President Ronald that his visit would “tighten and ™. fllr ~ 

Reagan are to meet Nov, 19 and 20. develop relations,” said on his ar- . WlUu ^ 1 GUabome ofThe Wash- 
lot Israeli officials were equally rival: “Tbe two aster countries “ ost re P° ne " fiom Jerusa- 

n mim i tTi i* ahnitf th# nncnkilihi nt hiw mimr rtifrrnr m h a ih .^.i f ism. 


Gorbachev and President Ronald that his visit would “tighten and 
Reagan are to meet Nov, 19 and 20. develop relations," said on his ar- 


pessnnistic about the possibility of have n 

The 


nave many mingy: m common. 

The official Syrian news agency 
SANA said that Mr. Rifai and Mr. 


Israel has protested to 
over President Hosm Mu 



UNIVERSITY DEGREE 

For Ufa. Academe & Wfodc Exparinee 

Degrees (or people who want to be mow effective 

and seeure in their Jobs or PrafeukHis. 


Kasm had discussed ways of pro- support for tbe Palestine Libera- 
mo ting bilateral ties and reviewed tion Organization chairman 

_n iiir i r r ■ . %r a - * j 


Foreign Minister Yitzhak Sha- 
mir, in a television interview, said: 
"According to the treaty, Egypt is 
^VPpscd to prevent all terrorist 
activity against Israel from its terri- J?' 
tory or from anywhere else, at its 
initiative and with its knowledge- 
Any help to the PLO, any aid, any 
^MPPOrt for terrorist activity, even 
if it is verbal support, is tanta- 
nKHinl to a violation erf the peace 
treaty..I am very sorry about this, 
and we are protesting it” 

Mubarak sto°d beside the 
“LO chairm an in Cairo last week 
Mr. Arafat read a declaration 
spying the PLO denounced terror- 
lsm against civilians anywhere, bat 


£»n « BACHELOR'S. MASTER’S c DOCTORATE Degree 

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all political issues of interest, to Yasser Arafat, "saying that such ixm» fain of^i^ aen ° mrc T tel ™ r ‘ 
bolhSra. tadtme bat 

They have disagreed over Middle ward Jordanian -Israeli peace n»o- contmneT^S 1 Pa ty srin ? n - ^ 
East peace and the Gulf war, with tiations, Israeli officials said Tues- “occumed a S^’° per ^ 10nS m ^ 
Syria supports^; &an and Jordan day. ^“piea-iano. 


Syria supporting Iran and Jordan 
aiding Iraq. 


Pacific Western University i 

MO N. SwJ WJO Blvit U«Art»«f*fcCflfM<iroki909rt- DwfcK-UiA I 


We announce with deep regret the 
loss of our great friend - - 

Mmelda Dembo De Lasts 
Internment dmetide Pto-Lachmse. 
Sylvia and Henri GeUerman. ' 


Prime Minister Srimon Peres, in 
a message given Monday to the 
Egyptian chargfc d’affaires in Tel 
Aviv, M ohamme d Bassiouni, com- 
plained that Mir, Mubarak’s sum- 
pert of Mt Arafat’s lianted.remm- 
dation of anti-Israel violence will 


emment sources said. 


occu picdiand.” 

_ While Egyptian officials said 
mey mterpreted “occupied land? 
to mem the West Bank and Gaza 
Drop, Israeli officials say they ro- 
83™ the statement as mcinHinp Isr 
^ boniers that existed 
JJfore tbe 1967 Middle East war. 
I™ Arafm has not darified what 
^fitting the limits of 
•• ratestinian armed struggle 








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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13. 1985 


Page 3 


j H L 'i. 
* l U 4 










AMERICAN 

TOPICS 

Attorney General Challenges ■ 
Independent Federal Agentie 

Over the years. Congress has affir me d th 
more than a dozen agencies it has create 
beginning in 1890 with the Interstate Cor 
merce Commission and how including <] 
Federal Reserve Board and the Federal fra. 
Commission, must be independent rtf pre 
dcnual control. The Supreme Court upbe 
aich laws in 1935. ruling that Preside 
Franklin D. Roosevelt had no authority 
dismiss a member of the. trade commissk 
for political or policy reasons," 

Now, The New York Ttmes reports. Alto 
ney General Edwin Meese 3d, having alreat 
taken on the Supreme. Court,' has m q iMj h 
attention to the independent agencies, su; 
gesting that they may be anconstituiiom 
In a little-noticed speech Sept- 13 before 
meeting of the Federal Bar Association i 
Detroit, Mr. Meese said the- framers of ti 
U.S. Constitution did not intend for feder 
agencies to be independent of. the' preside! 
or to be politically unaccountable. 

“Power granted by Congress should be 
properly understood as power granted to the 
executive,” Mr. Meese said. “It should be up 
to the president to enforce the law.” 

When the speech was drawn' to the atten- 
tion of Representative John D. Dingell, a 
Michigan Democrat, who is chairman of the 
House Energy and Commerce Co mmitt ee, he 
said. “This looks to me like the culmination 
of a long-planned' raid on the independent 
agencies." 


MAIL-ORDER BRIDE — JQl Bandock of Olympia, Washington, met Tom 
Williams at the Anchorage International Airport, after Mr. Williams chose 
her from roore than 600 respondents to his newspaper advertisement for a 
wife. Mr. Williams advertised for himself and other workers at a remote 
Alaskan outpost, where they are building a replica of an 1800s mining camp. 


Short Takes 

With die traditional circus introduction of 
“ladies and gentlemen, children of all ages,” 
Kristopher Antekeier, 28, was presented in 
the center ring at the Chicago S tadium as the 
new ringmaster of the Ringling Bros, and 
Bamum & Bailey Circus. Kenneth Feld, who 
owns and rims the circus, saidMr. Antekeier 
was angled out after months of auditions of 
hundreds of candidates for his booming bari- 
tone, stage presence and rendition; of P.T. 
Bamura’s "motto 'set to muse: “A. Sucker 
Bom Every Minute;” . V- 

Moreand more wild animals in the United 
States are making their peace with urban 


sprawL Wild turkeys, which used to stay as 
faraway from people as possible, have moved 
into the-, suburbs and large dty parks of 
Washington, Philadelphia, Kansas City and 
Sl Louis. Deer have become an occasional 
menace to navigation at Dulles International 
Airport , near Washington. Ted Godshall, a 
Pennsylvania .Game Commission official, 
said bears have been found hibernating in 
people’s front yards in the Philadelphia area, 
sometimes within 50 feet (15 meters) of the 
front door. 

The late Orson Welles, in a filmed inter- 
view shown at a memorial service in Holly- 
wood that drew an overflow crowd of 500, 
said his problem was that he was “too much 
in love” with the movies: “There is no 
damned cure for iL I .would have been much 
better off after 1 made my first picture if I’d 
gone back into the theater, but I had taken 
the most expensive mistress that any mnn 


could have and I've been trying to support 
her ever since.” 

Shorter Takes: The Georgia Institute of 
Technology at Atlanta, better known as 
Georgia Tech, is observing the 100th anniver- 
sary of its founding, which was aimed at 
helping to give the South the industrial base it 
so tellingly lacked during the Civil War. . . . 
According to the National Oceanic and At- 
mospheric Administration, at least 150 peo- 
ple in the United Stales have been killed by 
floods every year for the past 25 years, more 
than by any other wealher-related phenome- 
na such as blizzards, mud slides or Lightning 
bolts. ... In a recent toast at a lunch to 
celebrate the 35th anniversary of the Arena 
Stage in Washington, Sir Oliver Wright, the 
British ambassador, referred to the dty as 
“the capital of our friendly neighborhood 
superpower.” - Compiled bv 

ARTHUR HJGBEE 


Soviet Is Accused of Systematic Violations 


By Walter Pincus 

WasMutg/on Pott Sffvt# 

Washington — a iong- 

a waited Defense Department study 
of Soviet violations of arms agree- 
ments that is to be sent to President 
Ronald Reagan this week accuses 
Moscow of systematically breaking 
treaties to gain military' advan- 
tages, but does not recommend any 
U3. responses, according to ad- 
ministration sources. 

The report has been considered 
important because of its scheduled 
. arrival at the White House only a 
week before Mr. Reagan's summit 
meeting with Mikhail S. Gorba- 
chev in Geneva, where the presi- 
dent is expected to press the Soviet 
leade r on arms violations. 

The study, drafted primarily by 
Richard N. Perie. assistant secre- 
tary of defense for international 
security policy, generally recounts 
details of alleged Soviet violations 
already made public by the admin- 
istration. It contains no new revela- 
tions, the sources said Monday. 

Suggested U.S. responses to So- 
viet violations of the 1979 strategic 
arms limitation treaty and other 
treaties, originally intended to be 
the focus of the Perie study, will be 
contained in a second pan of the 


study, according to a source. Al- 
though the U.S. Senate never rati- 
fied the 1979 treaty, both sides had 
pledged to adhere to its limits. 

The source said the responses to 
the violations will not be ready un- 
til after the Nov. 19-20 summit 
meeting. A senior official attribut- 
ed that delay to a desire to see how 
Mr. Gorbachev responds to Mr. 
Reagan’s presentation. 

Another official, however, said 
the Pentagon report “is being sub- 
sumed" by preparations for the 
summit meeting and will not be the 
“lime bomb" that many people had 
expected. 

The study was ordered in June 
by the National Security Council 
after an interdepartmental battle 
over how to respond to Soviet vio- 
lations. At that time, Mr. Reagan 
decided to ignore a proposal from 
Defense Secretary Caspar W. 
Weinberger to exceed the numeri- 
cal weapons limits of the 1979 
SALT-2 treaty. 

Instead, the president ordered 
the dismantling of a U.S. Poseidon 
submarine and its 16 nuclear mis- 
siles in a move that kept the United 
States below the treaty ceiling and 
surprised arms control advocates 
as well as opponents. 


With no summit meeting in sight 
at that time, the Pentagon was au- 
thorized to draft future U.S. re- 
sponses in the event that Moscow 
continues its pattern of violations. 

The report wOl contain a “care- 
ful and deliberate analysis” of past 
Soviet actions and their “signifi- 
cance," a senior official said. 

For example, the study attempts 
to explain why the Soviet Union 
deliberately built a large radar in 
central Siberia, in what the United 
States claims is a violation of the 
1972 Ami-BalKsue Missile Treaty, 
the official said. 

The study also provides more de- 
tails on the alleged SALT-2 viola- 
tions posed by the new Soviet mo- 
bile SS-25 intercontinental ballistic 
missiles. Last month. Mr. Weinber- 
ger told North Atlantic Treaty Or- 
ganization defense ministers' that 


the SS-25 was a radically new mis- 
sile. not an updated version of the 
SS-13, as claimed by the Soviet 
Union. Under SALT-2, each side 
was only allowed one new missile 
and Moscow had said the SS-24 
would qualify for this. 

The study is the latest symbol of 
summit maneuvering before the 
summit meeting within the Reagan 
administration. Mr. Perie. a relent- 
less critic of Moscow and past arms 
agreements, has been described in 
news reports as delaying the study 
to prevent other officials from re- 
viewing and tempering it. 

Other officials said Monday that 
the apparent failure of the Penta- 
gon report to cany the explosive 
punch anticipated by some admin- 
istration moderates may indicate 
that the violations issue has run its 
course, at least temporarily. 


Russians Insist on Ban 
On Space Arms Research 


Return of Soviet Sailor 
To Ship Violated Rules 


.*> TupFoi 

- - 


Prince Charles chatting- with workers at the Library of 
Congress in Washington after a visit to view rare papers. 

King-Size Crowds Follow 
Royals’ Washington Visit 


juu 


By Frauds X. Clines 

New York Times Service 

WASHINGTON — The man 
who would be king played amiable 
merchandiser on Monday, inquir- 
ing about the bed quilt at a J.C. 
Penney Co. department store. “Is it 
king-size or queen-size?” the Prince 
of Wales asked, bringing a burst of 
laughter from a crowd that 
watched him stroll through a sub- 
urban shopping TnaM 

With comparable curiosity. 
Prince Charles, the heir apparent to 
the English throne, asked detailed 
questions later about the docu- 
ments of the U.S. Constitution at 
the Library of Congress as be com- 

Test Plans Proceed 
On U.S, Weapon 
Despite Warnings 

La r Angeles Times Service 

LIVERMORE, California — 
The Lawrence Livermore National 
Laboratory’ is proceeding with 
plans for a $ 30-million test of its 
nuclear-driven X-ray laser' weapon 
despite assertions from other gov- 
ernment scientists that there are 
serious flaws in the experiment's 
design, according to sources who 
asked not to be identified. 

The decision to proceed with the 
lest, with the code name Gold- 

stone, next month at the govern- 
ment's underground nuclear test 
site in Nevada also ignores warn- 
ings from some of Livermore’s own 


pleted a busy three-day tour of the 
capitaL 

“He was remarkable,” said Dan- 
iel J. Boorstm, the librarian of Con- 
gress. “His curiosity about our gov- 
ernment was a measure of his 
intelligence." . 

The prince and his wife, Diana, 
Princess of Wales, caused a stir 
wherever they went The greatest 
stirring of all, however, came when 
they unexpectedly browsed Pen- 
ney^ racks of maternity clothes, 
beginning another round in the 
continuous speculation about when 
they ought nave another child. 

Store officials, who had hoped to 
publicize the British exports that, 
the prince was promoting, instead 
were greeted with the shouted ques- 
tion from reporters: “What hap- 
pened in maternity?” 

- David Miller, president of Pen- 
ney’s, said the ample had stopped 
at a colorful dress, not realizing it 
was a maternity outfit. “Her real 
interest was in novelty fleece lops,” 
he insisted as the royal entourage 
continued a visit that included a 
stop by the princess ala.drug reha- 
bfiitation center, Straight-Inc., near 
the Springfield, Vir ginia, nail 

On that visit, Diana was accom- 


By Philip Shenon 

• New York Tunes Service 

WASHINGTON — The com- 
missioner of the Immigration and 
Naturalization Service says that he 
expects disciplinary action to be 
taken against two Border Patrol 
agents who forcibly returned a So- 
viet seaman to his ship last month. 

The commissioner, Alan G Nel- 
son, conceded Monday: “There ob- 
viously were mistakes made." 

He added. “Our agents did make 
a mistake in not following the 
guidelines" after the sailor, Miros- 
lav Medvid, who is a Ukrainian, 
jumped from the grain freighter 
into the Mississippi River near 
New Orleans on OcL 24. 

.Mr. Nelson said the agency had 
submitted a report to the Justice 
Department detailing the mistakes 
made by the two agents, who have 
not been publicly identified. The 
report said that the agents acted 
hastily and violated regulations by 
returning Mr. Medvid to the 
freighter without consulting super- 
visors. according to Reagan admin- 
istration officials. 

Mr. Nelson said he would delay 
a decision on how to discipline the 
agents until meeting this week with 
the agency’s Southern regional di- 
rector. Tm expecting disciplinary 
action wiD be recommended,” be 
said. 

The State Department subse- 
quently arranged the removal of 
the sailor from the ship on Oct. 29 
and interviewed tom, in those dis- 
cussions, the department said. Mr. 
Medvid stated repeatedly that he 
wanted to go back to the Soviet 
Union. He was permitted to re- 
board the ship, which left Ameri- 
can waters over the weekend with 
him aboard. 

Over his protests, Mr. Medvid 
was first returned to the freighter, 
the Marsha] Konev, at about mid- 
night OcL 25, only a few hours after 


he jumped. According to Mr. Nel- 
son, the border agents “should 
have retained Mr. Medvid at least 
overnighL” The agents have said 
that they did not believe be was 
seeking political asylum. 


(Continued from Page I) 
senior adviser on arms control to 
Mr. Reagan, has held out the hope 
that such guidelines could be 
achieved to provide an impulse to 
the negotiators in Geneva. 

According to other senior Rea- 
gan administration officials, when 
the subject of space weapons re- 
search came up in Moscow during 
the visit last week of Secretary of 
State George P. Shultz and Robert 
C. McFarlane, the national security 
adviser, there was no sign of any 
compromise from the Soviet side. 

One official said that a draft set 
of guidelines proposed by the Sovi- 
et side included “a complete ban on 
every activity in any way related to 
strategic defense.” 

“And that includes fundamental 
research that is foreclosed still in 
their mind, and so, that’s just not a 
reasonable framework for dis- 
course,” he said. 

After Mr. Gorbachev’s interview 
with Time, there was some specula- 
tion that a compromise might be 
achieved on an approach to arms 
control — agreement on sharp cuts 
in offensive nudear arms, in return 


for U.S. agreement not to proceed 
beyond the research phase in space 
defense weapons. There would 
have to be an agreement on just 
what constituted research, but Mr. 
Gorbachev had seemed to argue 
that initial phases of scientific in- 
vestigation would be allowable. 

However. Mr. Nitre said last Fri- 
day that the Russians draw a dis- 
tinction between U.S. and Soviet 
research. 

“The position they have taken in 
the negotiations in Geneva is that 
even fundamental and laboratory 
research directed toward the end of 
the creation of what they define as 
being space-strike weapons," 
should be barred. Such weapons, 
he said, in the Soviet definition, 
include those “in space designed 
for the purpose of countering ob- 
jects in space or on earth — or on 
earth, designed to counter objects 
in space.” 

This would bar research into 
U.S. space weapons, but would not 
affect Soviet space research, the So- 
viet side said, because it “is not 
directed in that direction” of weap- 
onry, Mr. Nitre said. 


r as apparent when the 
president's wife breached royal eti- 
quette to pot her arm around the 
princess’s waist- 

Gharles, meanwhile, bantered 
with the crowds that - grew up 
around him everywhere. “Do you 
really work hoe?” be asked, sud- 
denly stopping to chat with Olivia 
Brickey, a catalogue supervisor for 
the Library of Congress. Workers 


experts — as well as from scientists 
at the government’s other weapons laughed, and she replied that she 
lab at Los Alamos, New Mexico — worked with computers. - 


Los .Mamos, 
that a design error in a key measur- 
ing device used in all past tests has 
caused it to give false readings. 

The X-ray laser weapon has been 

the most publicized element in 
President Ronald Reagan’s space- 
based missile defense program, or 
Strategic Defense Initiative. 

The proposed Goldslone test, 
and a test that was conducted in 
March are part of a five-year series 
of tests in which 'Livermore scien- 
tists are attempting to transform 
the power of the nuclear explosion 
into X-ray lasers. If the lasers can 
he focused into suffidem bright- 
ness. they might provide a beam of 
light lethal enough to destroy satek 
files or missiles, in space. 


. computers. 

“Ah, do you get a wrist 'strain 
from computers, as everybody 
says?” asked the prince, peering at 
her with a gentle smile. No, hq was 

told. The prince and princess fin- 
ished Monday night at a reception 
for 300 people and a-dmaer for 60 

at the National Gallery of Art’s 
East Garden. 

• The royal couple Left Tuesday 
morning for Palm Beach, Florida, 
for a day that included a charity 
dinner and polo match before re- 
turning home to London. - 
Tbetr other stops on Monday 
were a private luncheon at the Brit- 
ish Embassy and a Veterans Day 
visit to Arlington National Ceme- 
tery. 


Leroy 




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EDWARD 

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INTERNATIONAL 



Sribunc. 


PuMwhed *7* TV No. York Tm« tad Tho VaduagMo P«l 


Not an Absolute Qaim 


A political leader can face no more urgent, 
heartrending and seemingly irresistible appeal 
than that made to President Reagan by four 
Americans held hostage in Lebanon. Abandon 
“quiet diplomacy” and negotiate for our re- 
lease, wrote the four, who have been innocent 
captives for five to 10 months in circumstances 
that may already have taken the lives of one or 
two of their comrades. To which the White 
House replied that the policy of not negotiat- 
ing with terrorists “will not change.” 

The president is right, although it is impor- 
tant to be clear about what (hat means. The 
assertion that Washington will not negotiate 
with hostage- takers is not an abstract display 
of pride and resolve. Hundreds of thousands 
of Americans are abroad at any given moment 
many in sensitive places. .All — some more, 
some less — ore at greater risk if the govern- 
ment's conduct spreads the expectation that 
America will pay easily to reclaim hostages. 

Scores of other governments, moreover, rely 

quietly on U.S. constancy. Kuwait, bolds 17 
convicted terrorists prisoner; it is evidently for 
their release that the .Americans were seized. If 
Mr. Reagan accepts the Tour's insistence that 
saving the lives of innocents “should be the 
primary goal.” he risks immense damage to the 


integrity and security of a friendly state. He 
also sends to other would-be terrorists and 
other would-be friends of .America a message 
of potentially devastating consequences. 

To see how such a message plays out you 
need only look at the weekend tragedy in 
Colombia. Guerrillas, evidently acting at least 
in pan on the expectations created by the 
government’s prior flexibility, seized the Pal- 
ace or Justice. This time, however, the govern- 
ment decided it could not yield. In the ensuing 
shoot-ouL dozens of hostages were killed, in- 
cluding 11 supreme court justices, and the 
whole interior balance of the nation was upset. 

.Americans, especially private civilians 
caught up by chance in international terror- 
ism. have an immense claim on the compas- 
sion of their countrymen and the protection of 
their government. But not an absolute claim. 
Talks or dealings of some sort, whether called 
“negotiations" or something else, may eventu- 
ally have a role in their liberation. But the 
president must be left with adequate tactical 
discretion. He alone can have the fullest avail- 
able knowledge of the terrain. He alone has the 
responsibility to guard the national interest as 
well as to aid citizens in distress. 

— THE WASHINGTON POST 


Betancur Was Right 


More than any Colombian president in a 
generation. Belisario Beniancur has stood for 3 
peaceful solution to his country's endemic 
guerrilla problem. So last week's bloodbath at 
Bogota’s Palace of Justice is a double tragedy. 

The guerrilla takeover and government 
forces’ coumerassault killed scores of innocent 
people, including a dozen high court judges. It 
also destroyed, for the lime being, a peace 
process that had seemed a model for a trou- 
bled region. The blame for this double tragedy 
lies squarely with the M- 1 9 guerrillas. 

When Mr. Betancur assumed Colombia's 
presidency in 1982, its authority had been 
undermined by political maneuver and by so- 
cial disparities. The law was brazenly defied by 
a drug mafia as well as by audacious guerrilla 
bands. Five years ago. M-19 guerrillas seized 
the Uoited States ambassador and 51 others at 
o diplomatic reception. Last year, drug gun- 
men assassinated the minister of justice. 

President Beiancur's sound response was to 
address legitimate grievances and to offer ne- 
gotiations, but to insist on respect for constitu- 


tional rule. He re-established the dignity of 
government and raised hopes for civil peace. 

Last week's suicidal attack on the nation's 
judicial center was on act of reckless despera- 
tion. A truce between M-19 and the Betancur 
government had collapsed earlier this year, 
even as other guerrilla groups kept negotiating. 
Government forces seemed to be gaining the 
upper hand in fierce fighting when M-19 tried 
to dramatize its case with a single blow. A 
band of guerrillas shot their way into the 
Palace of Justice, murdering guards and seiz- 
ing most of the country's top judges and hun- 
dreds of court aides. President Betancur re- 
fused to negotiate utider the gun. 

He accepts responsibility for the costly bat- 
tle. even as be mourns the dead on both sides. 
To have negotiated under threat, even about 
reasonable demands, would have betrayed all 
that this wise and good president has accom- 
plished. By undermining his authority he 
would have compromised the peace process 
even more certainly than will this bloodbath. 

— THE NEW YORK TIMES. 


Other Opinion 

A Candid Blueprint for Africa 


Robert S. McNamara has provided a useful 
blueprint of what must be done if Africa is to 
be rescued from “ unimagina ble human mis- 
ery.” His message is important for what he 
says, with unusual candor, about reforms that 
African leaders themselves must implement 

"The harsh truth is that sub-Saharan Africa 
today faces a crisis of unprecedented propor- 
tions." Mr. McNamara said on Nov. 1. “The 
physical environment is deteriorating. Per- 
capita production of food grains is falling. 
Population growth rates are the highest in the 
world and rising. National economies are in 
disarray. And international assistance in real 
terms is moving sharply downward.” 

The blueprint was induded in the recent Sir 
John Crawford Memorial Lecture, sponsored 
by the government of Australia and delivered 
by Mr. McNamara in Washington before the 
Consultative Group on International Agricul- 
tural Research. That group finances the 13 
independent agricultural research centers that 
were the birthplace of the Green Revolution. 

Mr. McNamara, when he was president of 
the World Bank, helped shift the focus of 
development to agriculture and to Africa, mo- 
bilizing an aid program that has invested more 
outside funds per capita than anywhere else in 
the world except Israel. That makes the deteri- 
oration all die more troubling. Africa, alone 
among the Third World continents, continues 
in decline despite this massive assistance. 

Colonialism complicated an already desper- 
ate situation by exploiting resources and ne- 
glecting the development of people. The rush 
to independence brought to power many with- 
out the training or civic commitment for effec- 
tive leadership. Until recently, aid donors have 
rarely offered coordinated and coherent pro- 
grams emphasizing reform. Mr. McNamara 
emphasizes two areas of reform: in the leader- 
ship of nations, and in development strategies. 

Speaking of failed leadership, he broke what 
he called “a conspiracy of silence" that has 
prevailed among friends of Africa. He noted 
the “very poor” record on human rights. 
“There is concern over the pervasiveness of 
corruption.” he said. “There is concern over 


the use of scarce resources to build large de- 
fense establishments and luxury projects. 
There is concern over the harsh treatment of 
regional groups. And there is concern over the 
repression of internal dissent" 

On the reformation of policy, Mr. McNa- 
mara called for a new focus on agriculture and 
the peasant farmer, elimination or at least 
reform of ineffective bureaucracies, modera- 
tion of population growth and real efforts to 
reverse ecological deterioration. A key in both 
development acceleration and population con- 
trol is “enhancing the status of women social- 
ly, economically and politically." he said. 

— 77ie Lor Angeles Times. 


A Tough Royal Assignment 


There can be few more demanding tasks, 
especially if you are young, than striking a 
happy mean between being royal and fulfilling 
America's expectations. Majesty has a myste- 
rious value for this nation. How natural that in 
a country like America, which has a different 
history, this mysterious value should in these 
modern rimes be subject to the sharpest of 
scrutiny, even skepticism. How natural that 
America’s media, sniffing perhaps a faint alien 
whiff of nostalgia among some in their midst, 
should seek to bring it all down to earth with 
•■Chuck and Di” and all that jazz. There can be 
no complaint. But the burden of striking a 
happy mean between that former colony and 
this old island has fallen squarely on the shoul- 
ders of the Prince and Princess of Wales, 
making their first joint visit to America. By 
any standard, they have borne it well 

— The Daily Telegraph (London). 


Why does the right of the Waleses 
Americans go dopey? Because we love camp. 
In a town full of people with pomp-less power, 
it is a kick to see powerless pomp, like seeing a 
vice president in sash and sword. I could note 
how this celebration of self-consciously empty 
glitz is the perfect expression of the wealth 
worship and limo culture of the new, imperial 
Washington, bat that would spoil the fun. 

— Columnist Charles Krauthammer, 
writing in The Washington Post 


This Summit Is Makin 



rvous 


W ASHINGTON — Thanks to an accident of 
liming, we now have learned the difference 
between a royal visit and a summit conference. A 
royal visit sends official Washington into a state 
of nervous anticipation and excitement. With a 
summit, it's just plain nervousness. 

I leave it to my betters to explain why the visit 
of the Prince and Princess of Wales caused such 
tremors of delight in the top circles of Washing- 
ton. Among the leaf-rakers and weekend tennis 
bums with whom I consort it was no big deal. 

But even where I hang out the approaching 
Reagan-Gorbachev summit is a topic of great 
interest and. generally speaking, apprehension. 

The tone of disquiet radiating outward from 
the White House itself is causing a great many 
people to ask of President Reagan’s visit to 
Geneva: Is this trip really necessary? 

Part of the queasiness is caused by bizarre 
events leading up to the summit: the defection 
and re-defccuon of a KGB official and the ship- 
jumping and subsequent departure of a sailor. 
Such cases leave the unpresrion that you can’t 
trust your senses when the Soviet are involved. ' 

At ‘a higher level, Secretary' of State George 
Shultz and National Security Adviser Robert 
McFarlane appeared to be shaken by their pre- 
summit encounter in Moscow with Mikhail Gor- 
bachev. Mr. Sbultz described him as “combai- 


Bv David S. Broder 


fiasco. It is probable that General Secre^O 
Gorbachev will take umbrage at what he 

- ii_ “inTnrfiClSlOii 


ive" and came away saying no one should expect 


substantive agreements in Geneva next week 
Meanwhile, the president has provided further 
evidence that be is going to the summit with his 
mind still scrambled on what he wants to say and 
do there. What the White House called “impreci- 
sion” in his remarks to the Soviet journalists on 


his thoughts about evenum! deployment of a 
space- based strategic defense system dearly 
shook the negotiators on both sides. 

Given what Mr. Shultz found out about Mr. 
Gorbachev's suspicions about America, it is easy 
to imagine the Russians concluding from the 
president’s wavering utterances that negotiation 
is just a charade to cover U.S. rearmament plans. 

I do not think this is the case. 1 believe that Mr. 
Reagan is perfectly sincere in wanting to cap the 
arras race, to reduce existing nuclear weapons 
stocks and to stabilize the system at lower levels 
of terror and destruction. I think he and his wife 
want history to write that Ronald Reagan was a 
peacemaker, not just a weapons builder. 

But it is as evident as anything can be that Mr. 
Reagan has not learned arms control issues well 
enough to analyze competing proposals and 
strategies, and also that there are powerful forces 
inside his administration who oppose arms con- 
trol and will do their utmost to ensure that the 
negotiating process produces no results.. 

They have sold him on “star wars” as the 
ultimate defense against nuclear weapons, which 
the scientific evidence suggests it is unlikely ever 
to be. They have diverted his attention from a 
Tact the Soviets well understand: that “star wars” 
technology could produce a new wave of offen- 
sive weapons that would jeopardize the existing 
nuclear parity of the superpowers. 

For all these reasons. I have thought for sever- 
al months that the Reagan -Gorbachev s umm it is 
likely to be a disappointment and could be a 


interpret as Mr. Reagan’s studied “imp**™ 14 *, 
and conclude that the u 


A* ? Jl ■ , ■ 

ano concmuc weapons builders m ure 

Pentagon have Mr. Reagan in their ppckeLir 
Mr. Gorbachev challenges Mr. Reagan s sincer- 
ity, or pushes too hard for precise promises. Mr. 
Reagan is altogether likely to get his back up and 
revert. to the ideological stereotypes he has long 
voiced about Soviet wickedness. 

That kind of summit could set both nations 
back on the course of competitive arms building 
and raise the risk of confrontation even higher. 

I do not think that is what Mr. Reagan wants 
to leave as a legacy. Because this president is 
often better on bis second tries. I thought a 
possible Geneva n, in 19S6 or 1987. would pro- 
duce the results that are Likely to dude him in 
1985. But people who know the Kremlin much 
better than I idl rae that Mr. Reagan may not get 
a second chance, if Geneva 1 goes as badly as 
now seems possible. They say Mr. Gorbachev 
must deckle now whether this is an administra- 
tion with which he can usefully' negotiate. He 
needs the answerbefore he submits his long-term 
plans to the Soviet party congress this winter. 

If Mr. Gorbachev goes home complaining ei- 
ther of Mr. Reagan’s obtuseness or of his obdura- 
cy. it may bea long time — and another adminis- 
tration — before we have a real chance for 
substantial improvements in U-S.-Soviet rela- 
tions. I hope that view' is wrong. I hope Mr. 
Reagan and Mr. Gorbachev allay my apprehen- 
sions about what will happen next week in Gene- 
va. But that explains the nervousness. 

The Washington Post. 



The Three Affairs Seem Unrelated to the Summit 


W ASHINGTON — I have ex- 
perienced the ordeal of for- 
mer Soviet citizens known in the 
West as “defectors.” Their behavior 
can be bizarre, particularly in the 
early days of the defection. This 
simple explanation may be valid in 
the case of the KGB defector Vitaly 
Yurchenko, who decided to return 
to the Soviet Union after claiming 
that he h3d been kidnapped, beaten 
and drugged by the CIA. 

But was he a genuine defector? 
Could it be that this aborted defec- 
tion was the guise for a devilish 
Kremlin plot designed to embarrass 
the White House on the eye of the 
Reagan -Gorbachev summit meet- 
ing in Geneva? Is there a link be- 
tween this ploy and twoother recent 
incidents with Soviet citizens — in 
New Orleans and Kabul — both of 
whom tried to defect and later de- 
cided to return to the Soviet Union? 

Mr. Yurchenko is now back in 
the Soviet Union and we may never 
be able to completely resolve the 
mystery of his re-defection. In my 
opinion, however, much of the spec- 
ulation about Mr. Yurchenko is off 
the mark I do not believe, for exam- 
ple, that the Kremlin would use a 
Yurchenko to jeopardize the Gene- 
va summit meeting. Fast Soviet 
leaders whom I have known would 
not have resorted to such James 
Bond and George Smiley gambits in 
connection with preparations for 
the Soviet-American meetings at 
the highest level. Nor should we 
expect Mr. Gorbachev to act differ- 
ently. There is too much at stake 


By Arkady N. Shevchenko 


The writer, author of * Breaking with Moscow, "is a former Soviet diplomat 
He Ktzy a United Nations undersecretary-general when he defected in 1978. 


for the present Kremlin leadership. 

I see no link between the Yur- 
chenko affair and the incidents in- 
volving sailor Miroslav Medvid in 
New Orleans and a Soviet soldier in 
Kabul. Both of them were, in my 
view, true defectors. In all probabil- 
ity they changed their minds be- 
cause the way they were handled 
shattered their trust in .Americans 
and they saw no other choice but to 
go back to the Soviet Union. 

Can we presume, as was suggest- 
ed, that Mr. Yurchenko was sent on 
a mission aimed at torpedoing the 
complacency of the CIA and trying 
to find out, during the so-called 
debriefings, how much the CIA 
presently knows about Soviet policy 
and KGB intelligence operations? 
That cannot be ruled out. But my 
own experience suggests that Mr. 
Yurchenko could learn rather little 
in the course of the debriefings. 

And who is he anyway? Not long 
ago he was merely the security offi- 
cer at the Soviet Embassy in Wash- 
ington, a watchdog but not a high- 
caLber intelligence expert Later, in 
Moscow, he was promoted, but cer- 
tainly not to the position that the 
American public has been led to 
imagine. Ill-founded and widely 
publicized reports stating that Mr. 
Yurchenko was a prize catch, the 
fifth-ranking KGB official (which is 
ridiculous nonsense), certainly blew 


this case out of proportion. In fact, 
the case was not a KGB-made but 
an American-made sensation. 

It is not surprising to me that 
after all this publicity, Moscow (it 
was surely a Politburo decision) 
moved to exploit the case to maxi- 
mum advantage. Otherwise it would 
have been merely another routine 
episode in the continuous spy war 
between the Soviet Union and the 
West. So Moscow brought Mr. Yur- 
chenko face to face with the Ameri- 
can media in Washington before his 
departure. Had it nor done so, many 
people in the free world would have 
thought that Mr. Yurchenko had 
been kidnapped by the KGB. 

Of course be was not kidnapped, 
tortured and drugged by the CIA. 

I dismiss entirely these outrageous 
Soviet fabrications designed to 
frighten other potential Soviet de- 
fectors. After I defected I was a free 
man. even in the CIA “safe house.” 
Neither the CIA nor the FBI should 
be blamed for allowing Mr. Yur- 
chenko to escape so easily from 
ibdr custody, h would be contrary' 
to the principles on which America 
is based to equate the “safe houses” 
for defectors with a kind of KGB 


and even be awarded,Tor propagan- 
da purposes, the. Order of J«»n 
StilL I am positive that Moscow 
would never trust anyone who had 
been in American hands for some' 
time. If be really defected, which & 
likely, and later changed his mind , 
be will never be forgiven and win 
eventually be punished severely. 

A lesson to be learned is that we 
have to understand better the 
nrzing ordeal of the defector, 
psychological state of a person who 
has decided to break with his past, 
his traditions, his family, his com- 
patriots and his familiarity with his 
culture is fragile. The internal con- 
flict that results from his allegiance 
to his native land and his decision to 
brave an unknown world — a world 
that promises to be Arcadia but that 
may turn out to be a disappoint 
mem — is at the root of his depres- 
sion. hesitation and erratic actions. 

Delicate care and tact are needed 
to help him cross the line and adjust 
to a new life. The newly established 


arid privately financed institution, 
James tow 


Lubyanka prison in Moscow. 

will happen to Mr. Yur- 


What 

chenko? If he was part of a KGB 
plot, he may remain on the surface 
as long as it fits die Kremlin scheme 


the Jamestown Foundation, which 
helped me so much after my break 
with the Soviet system could be of 
great value in this respect. 

The Yurchenko case, whatever 
his motivations or task, should not 
mislead Americans about the possi- 
ble sincerity of Soviet defectors. 
Many thousands of former Soviet 
citizens are now an active and use- 
ful part of American society. After 
all. the United States was born as a 
nation of immigrants. 

The New York Times. 


A Moment 
Of Hope 
For Ulster 


Bv Flora Lewis 


B 


FI FAST Britain and Ireland 

are on the verge of a* unprece- 
dented agreement about Northern 
Ireland that will give the R epub lic a 
consultative responsibility there. 

It is part of the endlessly involuted 
problem here dot if agreement fails 
at the last minute, both sdes would 
see it as an ominous C3iastr<»he; but 

if there is success, few in Ufaer will 
be pleased and most *iK be critical. 

Most people are so dug in behind 
menial barricades that they see even 
a small concession as a slide “down 
the slippery slope” to -betrayal." 
They argue their causes-passooaieiy 
on the basis of selective history, rath- 
er than address steps that could ease 
their problems. A slogan on a Belfast 
wall c,TTT|<; i<p' “To he2 with fu- 
ture and long live the past” 

“How sad.” says John Hume, cou- 
rageous leader of Northern Ireland’s 
Social Democratic and Labor Party, 
who is trying to rally support for a 
move to ease tensions. He is working 
closely with Prime Minster Garrett 
FitzGerald, a charismatic politician 
embattled against d emag og ue ry. 

Few Irishmen on either _ side are 
aware that the line of partition is the 
las disputed border and the last case 
of irredentism in Western Europe. 
They are an anachronism. Despite a 
t housand years of wars, other West 
Europeans have now managed to sur- 
mount the urge to vengeance and 
domination by force in favor of rec- 
onciliation, which benefits them alL 

But people in Northern Ireland on 
both what are called the “nationalist” 
and tire “loyalist” sides are modem 
enough to complmh that it is undem- 
ocratic for London and Dublin to do 
a deal over their heads. . 

The fact is that marry do not want a 
settlement on ^ ifawi unobtainable 
Twms Those who do want compro- 
mise haven't the rtrength to reach it. 
There is sot even a Protestant leader 
to stand as counterpart to Mr. Home, 
who is convinced there are many qui- 
et moderates among the Protestant 
rank and file. This is a classic case of 
the noisy and violent extrem e s over- 
whelming those who want peace. 

It is because they realize thaLnoth- 
ing wifi be achieved made Northern 
I reland without an initiative from 
outside that London and Dublin 
-have crane together. Precisely be- 
cause she 1 S 90 toogh, Prime Minister 
Margaret Thatcher is an asset in this 
effort. She has promised to make no 
concessions on sovereignty, bin die 
a ccep ts an “Irish ritmenaoa” to the 
conflict, the need to involve the Re- 
public in addressmg. real grievances 
of Northern Catholics. She will not 
be scared off by Protestants who rant 
that Ireland is a foreign country and 
must be treated only as such. 

The details of the coming accord 
remain secret, bat it is dearly a very 
limited stq>. Quite correctly, how- 
ever, thcJSnm Fein, which does only 
die necessary to vdl its connection 
with Irish Republican Army terror- 
ists,, and Protestant militants, who 
have their own thugs in the Ulster 
Defense Association, feel it is an at- 
tempt to reduce their influence. 

What will they try to do to destroy 
the agreement? A surge in violence is 
anticipated. The gamble in London 
and Dublin is that 16 years of com- 
munal violence has wearied the 
Northern Irish enough to make many 
heed the call of hope instead of the 
old summons to bitterness. 

Britain and Ireland each have their 
own reasons for wanting to calm the 
situation. Despite the tired Irish do- . 
gass, the British do not want to run 
Northern Ireland anymore. They 
want the “Irish problem” to go away 
and stop the. drain on their money 
and military manpower. The Dublin 
government is worried about the rise 
of Sinn Fein revolutionaries. 

The most optimistic do not expect 
the situation to turn around soon. 
But at least the agreement is an effort 
to move in a new direction and give 
people a chance to emerge from the 
burdens of a dreadful past. 

The attitude of the U.S. govern- 
ment and of Irish- Amexi cans has. 
great influence. They should make 
loud and dear — at least as loud as 
the strident Northern militants — the 
message that conciliation has Ameri- 
ca’s support and sympathy. 

The New York Tunes. 




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from our nov. i 3 pages, 75 am) so years ago America’s Commitment Is to Filipinos letters to the editor 


1910: Tolstoy Leaves His Family 
ST. PETERSBURG — Prince Obolensky, 
whose estate adjoins that of Leo Tolstoy, tele- 
graphs from Tula that Count Tolstoy has dis- 
appeared. He left Yasnaya Polyana [on Nov. 
10]. leaving a letter for his wife saying he could 
no longer Live surrounded by luxury and, like 
many other old men. was retiring from the life 
of the world to complete solitude. He asked his 
wife not to seek his place of sojourn and not to 
come to him if she discovered it. He begged 
forgiveness for the grief which his departure 
might cause her. The family, and especially the 
countess, is deeply distressed at the count’s 
disappearance. There are reasons to believe 
that the count has proceeded to an old monas- 
tery in the province of Kaluga. 


1935: An Ancient Egyptian Tunnel 
CAIRO — Egypt has just revealed one more 
page of ancient history — a subway system of 
2766 B.C. It is believed to have been part of a 
greater architectural plan conceived after the 
creation of the Pyramid of Chrephren. The 
passage provides a means of going from the 
necropolis of King Cheops, believed to have 
been the builder of the Great Pyramid, to that 
of King Chrephren. the builder of the Second 
Pyramid. It passes under the causeway which 
stretches for nearly a mile between the Second 
Pyramid and the Temple of the Sphinx and is 
paved with blocks fitted together as carefully 
os the blocks in the pyramids. Excavators have 
gone down 125 feet; in the lower level it is 
hoped still greater discoveries may be made. 


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O 1985, International Herald Tribune. AU rights reserved 



W ASHINGTON — When Presi- 
dent Ferdinand Marcos an- 
nounced early elections at the begin- 
ning of next year, he hoped above all 
to deflect American demands for po- 
litical military and economic reforms 
in the Philippines. In fact his an- 
nouncement ooiy highlighted the 
pressing need for change and for 
American measures to further iu 
There is a growing consensus in 
Washington that the United States 
must get tough with Mr. Marcos, but 
there is little idea of what to do. 

To its credit, since the murder of 
opposition leader Benigno Aquino ra 
August 1983. the United States has 
distanced itself from the Marcos re- 
gime. It has pursued a dialogue with 
the opposition and stepped up calls 
for reforms. But vast amounts of 
American economic aid have contin- 
ued to flow to Manila — part of a 
policy of “constructive engagement” 
that has led Mr. Marcos to believe 
that the United Slates needs him 
more than he needs it. 

Evidence that he has spurned U.S. 
calls for reform is substantial 
• He has tightened his control 
over the official commission on elec- 
tions. He has revoked the authority of 
the independent watchdog group, the 
National Movement for Free Elec- 
tions. without which the parliamenta- 
ry elections of May 1984 would not 
have been as fair as they were. 

• Military abuses have not abated. 
Indeed the level of violence appears 
to be increasing. Some 15 Ameri cans 
are said to have been killed by Lbe 


By Robert A. Manning 


Philippine armed forces, and 21 civil- 
ians were massacred by the local mili- 
tia on Negros Island in September. 

• There has been little sign of eco- 
nomic improvement. The economy 
contracted by 5.5 percent last year, 
and a second year of negative growth 
is projected this year. Mr. Marcos has 
made no serious efforts to dismantle 
the coconut and sugar monopolies 


controlled by his supporters. 

is clearly 


Mr. Marcos is clearly more con- 
cerned with staying in power than 
with reform. His handling of the 
Aquino case is typical of the sleight 
of hand be uses to diffuse criticism. A 
co mmis sion of inquiry appointed by 
the president issued a report last year 


ricultural credits and indirect aid 
channeled through multilateral insti- 
tutions such as the World Bank and 
the Asian Development Bank. 

The first sanction should be a 
phased cutoff of credits from the Ex- 
port-Import Bank. At the same time, 
as much economic aid as possible 
should be channeled through the pri- 
vate sector rather than & Marcos 
government. The United States 
should use iu Leverage in the World 
Bank and the Asian Development 
Bank and among allied donors to 
restrict aid to Manila unless it is con- 
ditioned on reforms. There should 


Rights on the Agenda? 

There is no evidence that President 
Reagan wants to use the Geneva 
s ummit to promote human rights. 
Andrew Nagorski (ul" B ut Gorbachev 
Has the Weaker Hand," Nov. 8) cor- 
rectly stresses Mikhail Gorbachev’s 
weaknesses and needs, but he is naive 
if he thinks that human ri ght s feature 
on the White House a gmria 
In countries where people are 
struggling for human rights— South 
Africa, the Philippines, Chile — Mr. 


Reagan supports - the oppressor. He 
ke the riel 


the best from Geneva but, given Mr. 
Reagan’s acts, not his words, I would 
prepare for no change at alL . 

DENIS MACSHANE. 

Geneva. 

Japan Is Not Wealthy ' 

According to “In Japan, Progress 
trades Many Among the Masses” 
(Nov. I), only 34 percent of Japanese 
communities have modem sewer sys- 
tems and only 5 1 percent of Japanese 
roads were paved as of 1582, com- 


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also be an embargo on new military 
on the/ 


indicating high-level military in- 
volvement in the murder, but the su- 


preme court ruled that evidence from 
the bearings was inadmissible in the 
trial that followed, thus undermining 
the case against the former chief of 
the aimed forces. General Fabian 
Ver. and 25 other senior officers. 

In the face of such intransigence, 
America must begin to disengage 
from the Marcos regime. The Reagan 
administration has many ways of ap- 
plying pressure. In addition to the 
$900 million in aid scheduled for the 
Philippines from 19S4 to 1989 in ex- 
change for use of Clark Air Field and 
the naval base at Subic Bay. Wash- 
ington provides hundreds of millions 
of dollars in food aid. Export-Import 
Bank credits, commodity credits, ag- 


construction on the American bases. 

If, after a decent interval major 
reforms are not forthcoming, more 
sanctions could be applied. The two 
key tests ahead ate the reinstatement 
or not of General Ver, and the com- 
ing elections. If the general is re- 
instated, the Reagan a dminis tration 

should quietly make it known that it 
would tolerate a congressional deci- 
sion to cut off military aid. Unfair 
elections should trigger further tight- 
ening of aid and credits. 

Washington must begin to demon- 
strate that its commitment is to the 
Filipino people, not the Marcos dy- 
nasty. A failure to make that dear 
now could cause irreparable damage 
to American strategic interests. 


right noises about the 
it there was more liber- 


may make 

Soviet bloc, but 

alization and emigration during de- 
tente, as negotiated and pursued by 
Henry Kissinger and Jimmy Carter, 
A historic moment was misswl dur- 
ing the 16 months of Solidarity’s exis- 
tence, when massive conditi onal aid 
to Poland from the West might have 
stabilized the freedoms gained by Po- 
lish workers. But Mr. Reagan used 
that window of opportunity simply 
for propaganda purposes to berate 
communism. If I were a Soviet re- 
former or refusenik, I would hope fra 


pared with high parentages in Bril- M 
am and the United States. The i 


The writer is diplomatic correspon- 
dent for the newsmagazine U.S. News 
■£ World Report He contributed this. 
comment to Tlx New. York Times. 


Letters intended for publication 
should be addressed "Letters to the 
Edita- ” <md must contain the writ- 
er's signature, name and full ad- 
dress. Letters should be brief and 
are subject to editing. We cannot 
.■ be responsible for the return of 
r unsolicited manuscripts. 


. - — — — ukuso. iuc report 
also says that the average size of 
booses in Japan is far smaller than 
that in the United Stales. I assume 
Lhatho reporting is correct. 

But I am irritated to see the report 
declaring that “Japan is a wealthy 
nation.” As anyone interested in Ja- 
pan should know, it is not a wealthy 
«>“auy. A population of 120 million 
hve on a .small territory the greater 
part of winch is mountains 
without natural resources. Japan only 
recently reached a level of living stan- 
oards comparable to those m West- 
era countries. It has not been able to 
JJCumnlate wealth, unlike the United 
states, Britain and other Western 
cotmtnes that have done it in long 
years at domination over much of the 
world. Virtually no Japanese has his 
own airolane or deluxe cruise boat 

tfle evidence of the roads arid sewage 
systems confirms relative poverty. 

MASAOKI MOTOZONO 
Kamakura, Ja p an 




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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 



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■Reuters - 

JOHANNESBURG — ^Qth 
African police - said Itasday that 
they shot to death two black wom- 
en m overnight riots. ' 

Police headquarters in Pretoria 
said one woman .was killed after the 
police fired on a crowd thr owing 
gasoline bombs at an anti-riot 
squad near .Uptogion in northern 
Cape province. 

The second was killed when a 
policeman Gred on a crowd attack- 
ing his home in Mamdodi town- 
ship near Pretoria. More than 800 
; people have died in unrest in the 
past 13 months. 

The report of the two deaths oo- 
. inaded with a commentary on state 

f radio, defending plans to hearty 
double the size of the police force 


by eDfisttng neaxty 40,000 more 
members by l 995- ' • 

■ The radio commentary, reflect- 
ing official thinking, said the in- 
crease could reduce the amount of 
fixee that police had io use to con- 
trol. nnresL 

' The government called in the 
army in October last year to help 
oonocS: the unnst; Bar -senior po- 
Gcemen privately expresad reser- 
vations over the use in volatile 
blade, townships of young army 
conscripts. - - 

In CapeTbwn, Winnie Mandela, 
the' blade -nationaBsi leader who 
has been given a deadline erf next 
Friday to return to internal exile or 
face possible arrest vowed that she 
would defy Pretoria. 

Mis. Mandda is in Cape Town 
- to be. with her husband. Nelson, 


who has been in jail for more than 
20 years for sabotage. He is in a 
hospital under heavy guard, recov- 
ering from prostate surgery. 

Mrs. Mandda said her husband, 
a founder of the cmdawed African 
National Congress that is waging a 
guerrilla war against white rule, 
was recovering^ 

■ New Zealand Sets Sanctions 

New Zealand said Tuesday that 
it would impose sanctions against 
South Africa in accord with a Com- 
monwealth agreement readied last 
month to bring pressure on Pre- 
toria to end its system of racial 
.separation, Agence France-Presse 
reported from Weflingion. 

David Lange, who is prime min- 
ister and foreign minister, an- 
nounced a ban on the import of 
krugerrand gold coins and of South 


African arms, ammunition and 
military vehicles, as wdl as on the 
sale and re-export of computer 
equipment to Pretoria. 

The measures taken by New Zea- 
land included instructions to the 
state-owned Export Guarantee 
Corp. not to guarantee export com- 
mitments for new business with 
South Africa. 

Mr. Lange said that New Zea- 
land did not have much trade with 
South Africa. 

Referring to the cancellation in 
July of a tour of South Africa by 
the New Zealand All Blacks rugby 
team, Mr. Lange said, “We have 
our distinctive role. We have dis- 
charged it on sporting contacts." 

“Those with economic clout 

have their responsibility now,” he 

added. 


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In Poland 


(Con turned from Page 1) 

foreign minister, Stefan OLstowslu, 
55, a political veteran who was con- 
sidered a leader of haid-Hne oppo- 
sition to General Jaruzelslri within 
the government and the Commu- 
nist Party. 

Mr. Olszowski, who was re- 
moved from the ruling party Polit- 
buro on Monday, appeared to have 
been at least temporarily ehininat- 
ed as a political factor in Poland 
after 15 years near the center of 
power, despite reportedly strong 
connections to Moscow. - 

Mr. Olszewski was replaced as . 
foreign minister by Marian One- 
cbowski, 54, a former Communist 
Party Central Committee secretary, 
university rector, and alternate 
member of the Politburo since 
1983. 

Political sources said Mr. Orze- 
chowslti appeared to be a loyal fol- 
lower of General Jarazelski with- 
out a strong political profile, of his 
own. 

General Jaruzelskfs apparent 
success in. elimirujring Mr. Ols- 
zewski as a potential rival was bal- 
anced by the demotion of Mieczys- 
law Rakowdd, a dose advisor to 
the general who was removed as a 
deputy prime minister. Mr. Ra- 



Hong Kong’s Example 
Inspiring to Guangzhou 


Marian Orzecbowski 


kowski, long considered a leader of 
fiberal activists in the Co mmunist 
Party, will now head an economic 

th^goverament officials said 
would be reorganized and strength- 
ened. . 

.In addition to Mr. Rakowski, 
four other deputy prime ministers 
were removed from their posts, 
leaving only two members of the 
nine-member Presidium in their 
posts along with Ml Messner. He 
was promoted to replace General 
Jaruzelski as p rim e minister last 
week. Oidy three new deputy prime 
ministers were tinned, increasing 
Communist Party domination of 

the, ni eridhm 


-t-s 


* General Tries to Seize Power 
In Liberia ; Outcome Unclear 


--•T 




■ si- 


(Contineed from Page 1) 
rebels and a loyalist sokfier had 
been killed in the fighting. : . 

A dusk-to-dawn curfew 1ms been 
ordered in Monrovia; and Liberia's 
- . 3 land borders, along with the inter-. 
:r -r: national airport, have been dosed. 
zii' The U.S. official, who did not 
. ' J. want to be identified, said that 
. General Quiwoakpa appeared to 
-J.H have gained control of most of U- 
; beria's 5,000- member army. 

General Doe, he said, had con- 
- c i, trol of the 200-man executive man- 
sion guard and the army’s 1st Bat- 
taHon, a forced 380 men that is led 
"• : rv by Mr. Doe’s cousin, Colonel Mo- 
ses Wright The 1st Battalion is 
1) based about 17 miles (215 kOorne- 
tens) south of Monrovia. Most of 
. . i the sbldiers loyal to General Doe, 
the official said, were members of 
his minority Krahn tribal group. 

The U.S. government, long the 
major benefactor of. the nation 
founded in 1847 by freed American 
slaves, has about $450 million of 
investments in Liberia, including a 
Voice of America transmission cen- 
ter that broadcasts to aB of Africa. 

None of the 3.500 U-S- nationals in 
Liberia was reported figured in 
Tuesday’s fighting. 

In the recent election, the gov- 
ernment said that Mr. Doe had 
garnered 56.9 percent of die vote. 
But unofficial counts, confirmed 
by Weston diplomats, showed that 
Mr. Doe probably received, about 
25 percent of the vote and that the 
presidency was won by the candi- 
date of the opposition Liberian Ao- 
don Party, Jackson F. Doe. He is 
oo relation to the president-elect. 

The Liberian Action Party, along 
with the other opposition parties in 
the election, called -Mr. Doe’s vic- 


tory a sham and refused to partici- 
pate in bis government, lie U.S. 
government is bound by Congress 
’ to withhold this year’s S86mmion 
m aid if last month’s dections are 
not found to be “free and fair.” The 
State Department has not yet made 
that determination. 


(Continued from Page 1) 
the city’s young, and despite a mid- 
summer crackdown there stOl are 
plenty of wagers being laid over the 
gT TVf n baize. 

For those bored with the crack of 
billiard balls there are other oppor- 
tunities to chan ce one’s money in 
the street, on finger- guessing or 
hoop- throwing or Chinese chess. 

Over at the Bacheng Hotel and 
at other hotels patronized by Chi- 
nese visitors from other parts of 
Asia, a less innocent form of enter- 
tainment has sprung up around the 
stream of young women, mostly 
from dries of the north, who come 
south with their evening dresses 
and high-heeled shoes in the hope 
of r-n<Jimg in on Guangzhou’s 
boom. 

Along with the prostitution and 
gambling, there has sprang up a 
thriving trade in smuggled an- 
tiques, in chiding valuable burial 
objects Shady unearthed from an- 
cient tombs. 

So many of these have reached 
the auction houses of the world this 
year that prices on some hems have 
tumbled, prompting prominent 
dealers to appeal to Beijing for 
heightened vigilance. Despite near- 
ly 300,000 smuggling arrests in 
Guangdong province from 1981 to 
1984, die trade continues. 

Officials at the mode Ming pal- 
ace that serves as a dty hall ac- 
knowledge that carrying out Deng 
Xiaoping's wide-ranging program 
of change has given rise to some 
“unwanted social phenomena.” 

The Guangzhou people are re- 
nowned throughout the world for 
their business acumen, and the 
ernes who stayed b ehind proved no 
exception. 

According to Wang Ytym, direc- 
tor of the structural i&onn office in 
the dty government, there has been 
an 87-percent increase in the value 


American Express 
Opens a Service 
Office in Beijing 

Reuters 

BEIJING — American Ex- 
press opened an office here 
Tuesday to promote its credit 
card, travelers' checks and tour- 
ism operation in China. 

The company expects that 
eventually the Chinese will car- 
ry credit cards, although there 
have been no discussions so far, 
said the company’s president, 
Louis V. Gerstner Jr. 

The office initially will help 
card holders to cash checks rap- 
idly at the Bank of China, re- 
place lost or stolen cards, and 
advise travelers, he said. 


of the city's total output from 1978 
to 1984. 

The dty*s biggest department 
store, Nanfang Daria, has gone 
from carrying 6,000 varieties of 
goods to more than 30,000. From 
zero in 1978, there are now more 
than 35,000 private businesses, 
double the number two years ago. 

On side streets, block after block 
is fined with private stalls selling 
clothes, stir-fried food and house- 
hold commodities. Competition 
has cot profits of state stores, but 
Mr. Wang, for one, welcomes h. 

Perhaps the most intriguing ba- 
zaar in all China is the Qingping 
market, across a bridge from Sha- 
mian Island where 50,000 custom- 
ers a day jostle along a narrow 
maze of streets. Here yon can hag- 
gle for a Qing Dynasty plate or a 
turtle brew that wiD cure your rheu- 
matism or a monkey, frog or baby 
eagle. 


France to Build New Nuclear Arms 


(Confirmed from Page 1) 
who was blamed in the finking by 
French agents of a ship belonging 
to the Greenpeace environmental- 
ist movement. ‘ . 

His speech was seen in Paris as 
part of an effort to retmn the De- 
fense. Ministry to its norma! con- 
cerns. 

The U-S. space research program 
has prompted at least two major 
French initiatives. 

The first is a scheme, announced 
several months ago by President 
Francois Mitterrand, calling for a 
program of -cooperation among Eu- 
coun tries to develop new 


The program, called Eureka, is 
aimed, French officials have said, 
at preventing Europe from falling 
behind the technological advances 
likely to come from the SDI pro- 
gram. 

At a conference in Hannover, 
West Germany, last week, 18 Euro- 
countries agreed to support 
Gist 10 Eureka research pro- 
jects. 

Mr. Qb24s*s speech revealed a 
second dement of the French re- 
sponse, developing nuclear 
ons capable of penetrating 
new defenses. A military budget of 
$20 billion for next year, 
f by the French National As- 


sembly on Friday, allocates about a 
third of total French military 
spending to nuclear weapons. 

While the budget referred to 
items already on a five-year pro- 
curement plan adopted in 1983, 
Mr. Quilts listed several other ob- 
jectives, including two nuclear sub- 
marines in addition to the seven 
already in the five-year plan. 

Mr. Quilts said that the new gen- 
eration of submarines would be in 
service by 1994. 

He said that he had set that year 
as (he target for developing a min- 
iaturized nudear wearnead which 
would presumably be installed in 
the new submarines. 




U.S. Faces 
Cash Shortage 

(Continued from Page 1) 
tions of dire consequences, are 
nothing new for Congress, which 
has sometimes been unable to act 
without pressure. But rarely have 
legislators faced so many highr 
stakes deadlines in such a short, 
time: 

Treasury Secretary James A. 
Baker 3d warned Friday that a U5L 
government' default would have 
“swift and severe repercussions 
both domestically and internation- 
ally.'" ' 

*Tt would be an absolute dis- 
grace if the .United States defaulted 
for the first time in its over 200- 
year history,’* he said. “But that’s 
very possibly what we are looking 
at and h certainly is what we are 
looking at in the absence of con- 
gressional action.” 

Treasury officials estimate they 
will have $9 billion op hand Friday 
to cover the $16 bjffion in interest 
payments plus nil other normal dai- 
ly expenses. Should h.ran out of 
cash, the Treasury is legally obli- 
gated to notify the Federal Reserve 
Board and, through it, the nation’s 
banks. Once that happens, no one 
holding a federal check, including 
military payroll checks to be issued. 
Friday, would be able to cash it. 


. . ein Spitzengerat besonderer 
Art, das alle Wiinsche erfiillt, 
die man heute an eine Kamera 
stellen konnte . . 


Germany’s TotoMagazin 5 leaves 
us with nothing else to say. 



Tumroroc mw 'i 


Canon m 

European camera of the year ’84 



INTERNATIONA 



REAL ESTATE 
FOR SALE 


SWITZERLAND 


(Continued from Back Page) 


SUNNY SOUTHStN SWITZERLAND 

LAKE LUGANO 

Lofcradc OBOrtmenh in a btgc 
bnoutiU peak «tth 17J3DO styn. pivots 
omo. swimming pool, pnvate mow, 
prrvote bead), 'P quefrr opofOnen* 
BOsqa - IVQmjb. -i- iv»oefs2J v 
tqjn. faces.- SW43.900 - SF1.179.150 
or: The Reudenro arvologo in tfw Scuth- 
•m area of the lake Lugoro m* opon- 
■neflts 57 sqm. - 130 sq.m- t hdoomet. 
Also OMOrioahng lake and mouniamv 
Best ioeonon an the laite «i an old 

PS Sf 5?&50 - SF *85.<5d Mon- 
gages at low Swiss interest rates. Free 
ter sab to foreigner*. 

EMERALD - HOME LTD. 

Via G. Catfcwf 3. CH-6900 Lugano 
Tat CH-91-542913 - 
Tbc 73412 HOME CH 


IAXE -G84EVA + LUGANO, Mon- 
trein, Gstoad regain, Locarno, etc 
Foreigners eo» boj> magmfioert new 

orxrtmenti/ chalets viSos. Big share 

Swra residency passible. H SSOLO 
SA.TourGiwo.CH 1007 Lausanne 
217252611, Lugono office 91-607648 


SPAIN 


MALLORCA 
PENTHOUSE IN PALMA 

THs pen th ouse is afasoheely outstand- 
ing: overfoobng the oty, the feritor & 
the sea, n is stuaed e< ine best & qwet 
dty area of Falmo, ci4y 2 mnuMs from 
the dty as m et arid the mm. Or ty 
finest materiab have been used troi- 
bcnaJJy. 846 ayn. Cvmg area and 404 
sqns. p — { terrace 74 sq.m. 
balcony. Property with 3,000 sqjn. gar- 
den, tennis, indoor & outdoor pool, lasi- 
ng, fitness, private elevator, c e n t: id 
heating, ar c o ndtionng. doorman ser- 
vice. face in USS. as 2^00 jijo. 

BXROO SON ARMAOAN5 
JOSH BOS1A 6 

E-07014 PALMA DC MALLORCA 
TeL- 6-71-289900 


REAL ESTATE 

TO RENT/SHARE 

CANADA 

TORONTO, CANADA - LUXURY. 

bereoom suites. Superior services. 
5hort/ long term rentals. Market Suites 
B0 From Si. East, See. 222. Toronto 
M5E IT4 Canada (416) 862-1096 

FRENCH PROVINCES 

10 MMUTES AIRPORT. Very h^t 
dare vib, furnished, pod. terra. 
(Unto! possible (at Onomos - Ecsnr 
(also tong term). Cdl 93 88 37 37 
(office) or home 93 32 96 10. 

HONES. 1st week Mrech. Sruda, for 4, 
Ugh dare. F2800. M. Chevalier. 66 
rue Pasteur, 73190 Chafies Les Eoux. 

GERMAN!' 

BONN: Spaoous furnahed houses, 
Ufy equipped, up to 6 person. 
DM1 30 to 29) per day. Barr s Hous- 
ing Agency: Mottka Qwiwuba. Tic 
886 9S OW D. Tel: |0) 228-224345 

GREAT BRITAIN 

LONDON. For the best fomnted flats 
and houses. Consult the Speoakstv 
Fhfflps, Kay and Lewis. Tel- South ol 
Port 352 8111, North of Pole 722 
5135. Telex 278<6 RSOE G. 

MAYFAS. NEAR HB.TON, dxxre of 

2 superbly fwtiished fas, 1 re 2 
bedrooms, from £250. Td- 01-539 
8221 Tie 918137 GaSPaR G 

BRENHAM OFRR LUXURY FLATS / 
houses to let / for sale r London. Tel. 
01-431 3191. Telex 8952387 G. 

HOLLAND PARK. 5 bedroom house, 
well funtrstetL Teh 01-603 0494. . 

HOLLAND 

Renthouse International 
02044875 T (4 lines) 

hfaderhoven 19-21, Amsterdam 

ITALY 

RORENOE, NEAR Ponte Veoeha. 4th 
floor panoratmc new, 2 room apart- 
ment, rufy equipped Utkeiv mr-xnxxn 
t erxot 6 mortte at USS4&Q. let Milan 
02-839 8792 re London 01-353 5221 

MONACO 



PRWQPAUTY Of MONACO 
IN HEART OF MONTE CARLO 

Beautiful unfurnished apartment, mod 
em budding, near beaches, hndi dais, 3 
loams, equipped khrhen. oelar. park- 
ing. FlZDOO/sqjn. + choiges. 
AGB4CE MTBMEDIA Mont* Creto 
Tel: 93 50 66 84 
Telex: 469477 


PARIS AREA FURNISHED 


Embassy Service 

8 Awe. da Meoine 
75008 Paris 

YOUR REAL ESTATE 
AGENT IN PARIS 
4562-7899 


REAL ESTATE 
TO RENT/ SHARE 


PARIS AREA FURNISHED 


74 CHAMPS-ELYSEES 8th 

Studio. 2 a- krooni apartment. 
One month ct mere 
IE OARIDGE 4359 6797. 


SHOeiTBlM STAY. Advantages ol a 
hold without inconveniences, fed at 
home m\ ace sudtn. one bedtoom 
and mote m Pans. SOREUM: 80 rue 
de I'Unretste. Pans 76^4544 3940 


NBJULY focmg Boa, luxunous r 
hen flat, sunny, magnificent double 
kving, lag* balcony, tfnma bed- 
room. guest sh*io. P16JCO. 
<7203799 


SHORT TERM STAY. From 1 wwt 
Fulff equipped stutios ewnj 2 rooms, 
u> to 4 persons. Chrenps Etysees, Lavn 
Ouster ad Montpornosse d ser- 
vKe possible. Mr George-. 43 22 83 5Q 


MAKE YOUR^f AT HOME 7 days 
»3 months in fa«s 14* and l&h, 1-4 
room apartments, fully equipped Tel 
1-43 0C.7B7V 


7Hi OUAI D*ORSAY. Mognrffoem 
view, lawriy double living, 2 bed- 
rooms, ? baths, ere-m kitchen, bafeo- 
mes. goiope. F20JQQ: 4720 3799 


4th MARAIS. StiMMig large Mng, 
beams, fireplace. 2 bedrooms, mod 
em luichen £ bafo. in perfect condt - 
flon, sunny, quiet. Ffi50D-, <720 3799 


SHORT TERM IN LATIN QUARTER 
No ogerm. Td: 4329 3883 


NEAR PANTICON. Lovely dopiest. 
garden, about I year. Tel: 4 3 31 6*03 


PARtS-LA DEFEfOE. Studio. Irah doss, 
new, short or long term. 47 72 88 44. 


LARGE CHOICE FURNISHED atari, 
merits, oil orcas. TeL 42 2S 32 25 


NO AG84T. OWNER'S LUXURY fur- 
rushed dupim. garage. 257 04 14. 

ODEON 80 SO Jit al equipped. Nov. 
20/ Mar JO. F7^oa Tel. *63<fc 58. 


TROCAOBIO. Luxurious 2-rooms. Also 
bra town in to. 46£KgMSS34Z7S 

PARIS AREA liNRfRMSHED 


Salon, 


RANBAGH 

eSning n 
d kitchen. 


room. 3 bedrooms. 
FI 2500 + charges. 
DE L’ETOILE 47 64 03 17 


AVE MONTAIGftf. rtgh doss, kvina 
-t- 1 bedroom + mod's room, 80 
ns. R3^00. Small Ley money. Tel 
“64 07 


sq.ni. I 
4/ 27 1 


SOUSONO. Tr.wnhouse. 240 s qn, 
reception, 4 bedrooms, high price. 
Gabnet bw 45 77 95 10 . 


ST. G3MATK-EN-LAYE. Nere Inti 
idiod. hah dass sum linens. 3/4 
rooms From F6300. Tet 42 25 32 25 


SWITZERLAND 


Brcmd New 

THE EXCELSIOR 

A Unique 

Hotel Suite 
Residence 

ffoatumg 

1-. 2-. and 3- 
Bedroam Suites 

All AAagnificently 
Furnished With Luxuriously 
Appointed Kitchens & Baths 

Offering 

RESIDING FOR FORBGbSS 

FISCAL ADVANTAGES 

UNIQUE SETTING 

ENVIRONMENT FOR 
SPORTS AND LEISURE 

SWIMMING POOL 

FITNESS FACILITIES 

24 HOUR MEDICAL ASSISTANCE 

EXECUTIVE SERVICES AVAILABLE 

MODS. SUITES 

SWITZERLAND (211 63-51-04 
HE BON PORT 
1820 MONTREUX 
CaB for appointment 


LUGANO FOR RENT, CHARMING 
townhouse an mount amsrde. 5 min- 
utes horn center. 3 bedrooms, 2 baths, 
terraces, prrvcw garden, 2 -cor go- 
rage. fireplace indoor & outdoor. 
Tastefully rumahed with dl amen. ties 
spread over 3 floors. Sacnhce- 
SF2.450/ month. Reason moving to 
U.S. Avrjkile Jan '86. Contact own- 
ers Private 091/54 3o 85 or Office: 
091 '23 11 24 


EMPLOYMENT 


AUTO SHIPPING 


EXECUTIVES AVAILABLE 

EXECUTIVE MANAffit 47. Greek 

born, single. 5 languages. 20 years 
mt'i experience with Lnunous hotels 
in levonMe positions seeks chof- 
lengmg ob (A Manager re executive 
assistant mui lager n 4 star hotel (B. 
Executive, commercial re mattering 
position. AvaAdde Dec. 1, 1985 f« 
any area. Write Bo» 2237, Herald 
Tribune, 92S7I Neuly Cede*. Frgnoe 

EUROPEAN WOMAN- Educated 
tnedafl darts' seeks professional op- 
portinry far mdvidual reqwrra spe- 
cial attention part re full hme. fagksh 
& Ftench Tel: NYC 212-879-1028. 8. 
Hmdenon. 

INDUSTRIAL SPECIALIST, 50, fluent 
Enghh, French, Sptxxsh. Woridvede 
experience, seeks joint venturee Or 
chaflengmg position. Mortid re Eu- 
rope. Wrne IHT. Bow 228, Pedro Tex- 
ara 8. Modnd 28020, Spam. 

GENERAL 

POSITIONS WANTED 

BAI IHBNA-farate Aerobe Instiudor 

NYC For further information zcS 

212-734-9240. 


SECRETARIAL 
POSITIONS AVAILABLE 

Don't mbs 
INTERNATIONAL 
SECRETARIAL POSITIONS 

TUESDAYS 

n the IHT Classified Section. 

DIRECTOR'S ASSISTANT. 1m l pub- 
lishing. Experienced secretary + pro- 
motion & top level contact sfals. Fre- 
quent travel, perfect English, fluent 
French. Open Marker, 37 qua d'An- 
iou. /'SOCK Paris 

SECRETARIES AVAILABLE 

I, T ,TT;*r: f i i ‘■■■il 

EDLCATIONAL 
POSITIONS AVAILABLE 


MUSIC SCHOOL seeks Pteo teccter. 
Send CV + photo to Bret 2M9. Her- 
old Tribune, 92521 Neufly Cede*. 
France 

VERY ACTIVE SCHOOL seeks Engfah 

teacher, must be experienced and 
bikngua). Send c.v. & photo to Mr 
White, 37 rue dc PontKixi, Pons 8. 

DOMESTIC 

POSITIONS AVAILABLE 

COUPLE - BUTUX t HOUSBCEB«BI 
for odillt household in Coswoid 
village. Non smokers, must Ete dogs 
Bax 42064, I.H.T., o3 Lora Acre, 
London,WC2£ 9JR 

DOMESTIC 
POSITIONS WANTED 

FEMALE COLLEGE STUDENT leeks 

work ai au pair gel in Europe April to 
October re June to Dec. Write Box 
22pl, Herald Tribune. 92521 Neriiy 
Cedes. France 

NANNIE 36, non smoker, car driver, 
vety- ecnobte with diBdren From bmh 
upwattb. he* now: Fry Staff Consul- 
tants,? Hmh St, Aldershot. Hants life 
0252 315369, UK kcensed 

BfGUSH NALME5 8 matters' helps 
Nadi Agency, S3 Oiurah Rd. Hove, 
Sussev, UK. Tel: Bnghirei (273) 29044 

AUTO CONVERSION 

* SURECONVHtr • 

The safest may to import a 
European ar into the U-S-A. 
Worldwide American insurer 
prowdes dl required insurance 
and gureanfees your car w4 
pass dl 11.5. govenimree standards 
re your money bad including 
conversion cast. 

Writs or phone for free brochure. 
GERMANY (0) 69 7152425 re 
WTOJl / 223059 

AMERICAN ENTL UMDEBWRITBCS 
Obetkndcxj 76-78 

D-6000 Franlfurt/Main 

EPA / DOT 

CONVBSIONS 

» Customs broker age/bonckng service 

* Pick-up & delivery anywhere m the 

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• Prafessond vroil using only the 
highest qualify components 

'* Guaranteed ffA / DOT aaprovd 
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PA. 19440, USA Teb 215 822 6852 
Telex 4971917-CHAMP 


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TRANSSHIP GmbH 
Bgm.-Smefi-Sfe 58/eO 
2800 Bremen 1 

Teh ^421 /U264 Tli- 24634 Tram D 
Be« den Muehren 91 
2000 Hanhurg 11 

TeF. (0U0/373703 Tbu 214944 Tions D 
oho DOT/EPA + bond m USA 
Member of A1CA, Woshngtpn 


SHIP YOUR CAR TO A FROM USA 

VIA ANTWERP AND SAVE, Free ho- 

reL Rm*» saingi. Aepon dekvery. 

AMESCO, Knbbeataat 2. Antwerp, 
Belgium. Tel: 231 42 39. 1h: 7146 9, 


FRANKFURT/ MAIN-W. Germany K 

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Pidnjp ol over Europe ’to/to^hips. 


WORLDWIDE Cat shaping & remov- 

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Antwerp Z33 9985 Cannes 9339 <3« 


Mercedes-Bem Porsche BMW Ferrari 

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on pre rtnes. Sides & leanng 
ALPINE EXOTIC MOTOR CAR 
114 Anderson Street 
Hackensack. NJ 07601 USA 
Tbt 322234 201-4880667 


AUTO RENTALS 


CHARC RB4T A CARS. Prestige can 

with phone- Rofc Spur. Spirit, rerron, 

Pondw, Mercedes, Jaguar BMW, 

bmouanes. small can. 46 r Pierre 

Oiarron. #5008 Pore. Tek 47203040. 
Tele* 630797 F CHAFIOC 


AUTOS TAX FREE 


FRANCO 

BRITANNIC 

TAX FREE CARS 

ROLLS ROYCE 
BENTLEY 

JAGUAR 

ROVER 

RANGE & LAND ROVER 
European delivery 

21 Ave KJeber 
751 16 PARIS 
(1) 4757 5080 
Telex: 620 420 


TRASCO 

INTERNATIONAL 

LKD Mercedes Tati Free 
LmouunK 36" & 44” 
Armoured cars and imousmes 
Cooch built cres 
Other mokes & euhes 

Ovet 100 umts m stock 
World wide delivery 
Direct from source 
D.O.T. & LPA. 

TeL LondonJ44] |T) 629 7779 
Tele* [51} 09SM22 TEAS G. 

Trasco London Ltd. 

6W Port. Lane, London W.l. 

Swin e rfand-UK W. Gemaiy 


AUTOS TAX FREE 


DAWAJI TRADE 
INTI DELIVERY 

we keep a large nod c) 
most car brands 
Tel- 021648 55 13 
Tde> 65658 
<2 me Lens. 

1050 Srussefc 


NEW MERCEDES 

PORSCHE FROM STOCK 

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RUTE INC 

TAUNUSSTR. 52, 6000 FRANKFURT 
W Germ., rd (0)69-232351. Il« 41155? 


EUROPORT TAX 
FREE CARS 

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Bon 12011 

Rotterdam Airport, Holland 


Teter 


TdJOt lQk.23077 
25071 EPCAP NL 


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NEW PBK20T. Land Rover. Range 
Rover. Toyota. 4*4. tropncol spea. 
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bract, Hollord (Q}33445492. tfa 47082 


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ATK. NV, Ankerru, 22. 2007 Antwerp 
Belgium. Td 03.'231 Ip 53 T. 3153i 

HEALTH SERVICES 


ARTHRITIS AND CHRONIC PAIN - 

find rebel al tranquil Emon Hal. En- 

ton, neat Godaiming. Sutter. OU8 5 

AL Tel- (042 870) 22 33. 


LEGAL SERVICES 


US IMMIGRATION: Guaranteed resi- 

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Eawarc 


US IMMIGRATION «ios. Any- Spkw 
& Rodney. 1925 BnrfceB Av. Miami FI 
33129. Td. (305) 6439600.1. 441469 


DOMINICAN DIVORCES. Bre 20602, 
Sa n to Donsngo, Domrucan Repubkc. 


LOW COST FLIGHTS 


TO LAX/SFO daily departure from 

Europe return $489. Also 1 way & 

otter US destinations. Pon: 4225 ?25C 


HOLIDAYS & TRAVEL 


PORTUGAL 

7 DAYS INCLUSIVE TOURS 

FROM LONDON TO: 

LISBON 


£238 


E5TORU7CASCAK £216 

COSTA VERDE (OPORTO) £191 

ALGARVE £185 


MADEIRA 


£212 


FERRARI 

MBKB3E5 BENZ - JAGUAR 
PORSCHE - ROLLS-ROYCE 
BMW - VOLVO - SAAB 
OTROB4 - PEUGEOT 
New and used 

FOUMEX OVERSEAS 

TRADING B.V. 

Worldwide automotive exporters 
P.O. Box 4705. 6085 ZG Horn/Holland 
Tbt 36846 Foim M, Fax >4. 4750-2675 
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Page 6 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 


INSIGHTS 



Russians’ View of America: A Filter of Hearsay, Rumor and Classics 

w ~ i-u- c-m^i cvrnnathv is rficn tangible. / 


By Serge Schmemann 


M OSCOW — Russians often seem to 
think of America in terms of oppo- 
sites. There are greedy millionaires 
and the penniless homeless. There are the whites 
who have cars, personal computers and subur- 
ban homes, and there are the oppressed blacks. 
There are the militaristic and callous ruling 
circles led by President Ronald Reagan and "the 
monopolies" and there are the good, industri- 
ous American people. America is a land of 
plenty and a land of violence, a land of extreme 
wealth and abject poverty. 


.Vo* - York Times Service 




V ’::. PV-rf 


?*•- 




r.'» •'n- Vs : 


and freedoms are so freely applied by the 

become hollow. Typical was the ootasionr^ 
cently when Mikhail S- Gorbachev; die Sow* 
leader, declared. “If there is a countrv where 


nm 


s * 






The Soviet sympathy is often tangible. Ameri- 
can visitors frequently remark thatma roomful 
Sfordgners. they »»*. to be the biggest atirac- 
Son, thT nest honored gocss. To announce Ya 
Ammkirneu (I'm an AmeocmJ * often enough 
to provoke even ordinary Russ i a n s into protes- 
tations of peaceful intentions and haired of war. 


Hon- 



sa»; ;■ 




_im. **— yjrfMBMMIflh fc ■ 



Sometimes, the stereotypes are as simplistic 
the view of many Ameri cans that the Soviet 


as the view of many Americans that the Soviet 
Union is exclusively a land of repressed dissi- 
dents and oppressive Communists. Sometimes, 
however, the images are complex and nuanced, 
drawing cm a broad range of films and books, 
although the literature and films that are made 
available in the Soviet Union are carefully se- 
lected to give an ideologically correct image of 
America, or at least one that does not contradict 
the Kremlin’s official line. 

In addition, hearsay and rumor play a big role 
in a society whose official information is con- 
trolled and suspect, a society in which Western 
publications are available only to senior offi- 
cials, researchers and journalists who have a 
demonstrable need to read them. 

However they have come by their percep- 
tions, including' their carefully controlled text- 
books, here are some of the images described by 
Russians of various ages and backgrounds who 
were selected at random and asked in an infor- 
mal survey to tell what came to their minds 
when they beard the words United States: 

• A 26-year-old Russian recalled a photo- 
graph of M anhattan from the air: "That's how I 
imagine it." he wrote. *‘A forest of skyscrapers. 
Streets illuminated by billboards, clogged with 
demonstrators holding placards, who are being 
chased by police in bulletproof vests. Cars rac- 
ing down broad highways between swollen 
fields and farms." 

• A man of 60 who claimed a lifelong fascina- 
tion with the United States said: “I think of a 
great country, of her massive industrial might, 
her rockets and atomic bombs, her energetic 
people, who blend all races and nations, her 
extremely complex and. to my mind, antiquated 
system of government.’' 

" • A Muscovite of 47 wrote: “Giant sequoias, 
a dazzling limousine gliding among them, the 
surf, the Golden Gate Bridge in Frisco, the 
immortal Ella Fitzgerald." 

• To a middle-aged woman, the images were 
“prairies. Thoreau this ‘Walden*), Hollywood, 
Kennedy and Dallas, jazz, whites and Negroes." 
Another Russian cited cars, billboards, suburbs 
and “lots of unemployed." 

The questions, based on those used in a Times 



have more rights than in our country. 

In grade school, Russians learn a history of 
the United States tailored to the tenets of Mao- 
ist ideology and the needs of the staie. The 
denigration of the American system is relent- 
lessly pursued in the press and on ledevraon. 

An issue of Pravda, selected at random, 
poured vitriol on the United States, winch was 
charged with everything from setting up labor 
camps for dissidents to complicity m the Israeli 
raid on Palestinian bases in Tunisia- On the 
same day, Tass, the Soviet press agency, accused 
Washington of “pursuing a policy of State-Spon- 
sored terrorism in international affans and 

waging “an all-out offensive at home cm ^ ac 
buman rights" Officials in Washington, Tass 
added, “evade giving a straight answer to the 

a u es tion on the number of political prisoners m 
le United States." ...... 

Uncle Sam is lampooned almost daily in the 
press as a fiendish charlatan guiding one global 
atrocity or another. The themes of repressed 
bl ack s, unemployment and the homeless are 
relentlessly repeated, and American statements 
or positions are ignored, distorted or miscast. 


H OSTILE receptions are Virtually un- 
known; on the contrary, Russians often 
joke that the Soviet Union is the last 


-L-Ljok. that the Soviet Union is the last 
bastion of pro-Americanism in the world. “Hav- 
ing lived on earth more than half a century" 
wrote a Moscow woman. “I have never heard an 


unfriendly word spoken by Russians in respect 
to American people." 

But Russian feelings about .Americans do _ 
have their dark side, in the fears and suspicions ® 




Russians fine up to buy Pepsi -Cola on a Moscow street 


poll of Americans, were presented to about 30 
Russians either direcdv or through friends. 


Russians either directly or through friends, 
since wariness of foreigners tends to produce 
fairly formal replies to a foreign correspondent 
The respondents were promised anonymity, 
to assure they would not be intimidated, in 
addition, I talked to knowledgeable Russians 
about how they thought Russians generally 
might respond. While there are public-opinion 


f We fear you. This distorts our fascination with the United States. It is simply impossible to 
bypass the reality that you can annihil ate ns. This is always present, in any discussion/ 


might respond. While there are public-opinion 
polls in the Soviet Union, few are ever pub- 


lished, and it is doubtful that any are conducted 
that, ask such questions as “What do you think 
of Americans?" More likely, they' ask people 
how they feel about such things as transporta- 
tion and' retail trade. 

The briefest response to my inquiries was 


an America of malevolent tycoons and op- 
pressed workers. The Soviet-selected American 
entry in the feature-film category at the Moscow 
Film Festival last summer was “A Soldier’s 
Story," about racial conflicts in the U.S. Army. 

In’ addition to the selective importing of spe- 


signed “Unto ^ -SpS ****» ***** <* 

rg^ ^ businessr « 

well-dressed women. - A » „„ - „ , , 


| HE most common sources for percep- 


tions of the United States cited by most Western pop culture. 


general American influences that are felt to be 
ideologically dangerous, such as jazz, rock and 
even jeans. Senior ideologues still write occa- 
sional diatribes against the hostile influence of 


of the respondents were officially per- 
mitted books, followed by films. Everybody had 
grown up on Huckleberry Finn and Jack Lon- 
don’s “White Fang." and to this day. Russians 
get a thrill recalling Yul Brynner’s fast draw in 
the “The Magnificent Seven." 

“It would not be an exaggeration to say that 
in childhood we all were reared on .American 
adventure literature — James Fenimore Cooper, 
Jack London, Edgar Allan Poe, Mark Twain, O. 
Henry’ — a whole constellation of names," 
wrote a Russian in his 30s. “All subsequent 
attitudes toward Americans are bent through 
this prism — not consciously, of course. Every 
person looks at the world in his own way, but we 
all played at cowboys and Indians in our child- 
hood.” 

And of course there is American pop culture. 

“Those who are today in their 20s and 30s," 
wrote a man of that generation, “passed their 
whole adolescence in the belief that to have 
something American was the highest chic — 


One knowledgeable Russian, who was a 
member of the Communist Party at the time , 
recalls the anxious party meetings called in the 
early 1960s to consider measures against the 
runaway popularity of “The Magnificent Sev- 
en," which was deemed to give too heroic and 
attractive an ima^e of Americans. That film was 
not banned, but it led to the end of the import- 
ing of American westerns for the average com- 
rade, although Leonid L Brezhnev was reputed 
to have a weakness for cowboy movies and to 
watch them in the privacy of his official dacha. 


EYOND the books, films and music, the 


to take shape. The United States was the indus- 
trial model that the young socialist state 
planned to match and surpass^ and it was the 
major force in the doomed and rotting world 
that communism promised to supplant. 

The first images of America to gain wide 
dissemination in the Soviet Union — ones that 
survive to this day — were created by Soviet 
poets and writers who traveled to the United 
States. Works such as Vladimir Mayakovsky’s 
“My Discovery of America," first published in 
1926; Maxim Gorky’s “The City of the Yellow 
Devil" (1906) and Ilya Ilf and Yevgeny Petrov's 
“One-Storied America" (1936) supplied the pio- 
neering pictures of rapacious monopolists and 
soaring skyscrapers, industrious workers and 
throbbing factories, millionaires and beggars. 
They became a source of indelible first images 
against which all subsequent perceptions have 
been tested. 

Gorky’s polemical tract (the yellow devil was 
gold, of course), which developed out of atrip to 
the United Stales early in the century to stir up 
revolutionary support, was a beginning effort in 
the genre of bloated capitalist versus oppressed 
worker. 

Df and Petrov’s “One-Storied America." by 


F EW Russians, of course, tak e tins s tuff 
seriously. The ait of reading between the 
lines is as old as manipulated informa- 
tion, and the clumsy propaganda often ends up 
as grist for the renowned Soviet political joke. 
There’s the one that asks, “What is the differ- 
ence between the Soviet Constitution and the 
American Constitution?" Reply: “The Soviet 
Constitution guarantees freedom of speech and 
freedom of gathering. The American Constitu- 
tion guarantees freedom after speech and free- 
dom after gathering.” 

Or there’s the old one about an American and 

a Russian debating who has more freedom. The 
American says: “I can walk in front of the 
White House and shout Down with Reagan,’ 
and nothing will happen to me." The R u ss ian 
retorts: “I can walk in front erf the Kre m li n and 
yell “Down with Rea g an ,* too, and nothing will 
happen to me, ether.” 

Yet the steady flow of half-truths and lies, 
backed by the rigorous control of all other 
sources of information, does take a toll. The 
images of poverty and racial oppression take 
bold, while the dimly perceived concepts, of 
rights and freedoms blend with their own coun- 
Tha ABoo*»d Pm try’s often distorted use of those terms. _ 

street Excluded almost entirely from the secretive 

political processes of their own country, Rus- 
sians acquire little experience against which to 

— “ assess political democracy in the WesL Most of 

them come to agree vaguely with the fundamea- 

tes. It is simply impossible to 

ssent, in any discussion.’ ' e g£“ who understand is basic 

. ... „ . workings, the American political system often 

estxa commentator on U.S. affairs. contradictory, unwiddly and disordaiy. 

To Soviet eyes, the public wrangling among 

official* of the same administration in Washing- 
converged on the US. Embassy, then near Red »?n, the harsh accusations of concreting pofiti- 


Melor Sturua. an Izvestia commentator on U.S. affairs. 


Square, in a mass demonstration of what tfac demonstrations and strikes — ah 


George F. Kerman, then a diplomat in Moscow, 
called “almost delirious friendship." The war- 
time infatuation Rwlad almost immediately af- 
ter that, with the atomic bomb, the Cold War 


these merge with reports of rampant crime and 
violence to create a frightening image of discord 
and chaos. 

Russians set great store by order and a single 


and Stalin’s reimposition of harsh repression of g° veni i n g vcnce in their own^ society, perhaps 
those who had any toling* with foreigners. Spy because they fear that wit hwt i t they would face 


mania became rife, an official campaign' was anarchy and chaos. The portraits of Stalin that 
launched against “bowing low before foreign- still grace many truck windows speak of a nos- 


ers," and it became dangerous even to show $9* ** a strong master, khozyam^andJAr. 
enth usiasm for thin gs foreign. Gorbachev s crackdown on aankmg, tor all the 

In the years since, feelings toward America gambling a b° ut tte waiting Kne that resulted 
and Americans have ebbed and flowed with the w hen liquor stores curtailed their hours, is the 


tides of Soviet-American relations. Yet even in W of move most Russians understand and 


the low times, the longing for American culture su EE? rL 


has thrived. 


What emerges from Russia n s’ accounts of 


Not sutprismgly, one of the frequeot ques- thor ^ 

Sons in Moscow about tie SovS-Amrocan PPt F °f a la nd both altam.gja>d tfreummg. 
summit meeting neat week is whether it might ^ bowerer ambtvalent the im^e of Aumoca. 
produce anewcultural agreement and rentjwdw wberover the pohuoi wmds am btowmg, wfcu- 
trickle of officially sponsored American cultural wer the mroads of Japan or Wat Geprany mtt> 
visits to the Soviet Union. The last exchange ^ tedmologral 

agreement lapsed al the end of 1979, andthtre the Umlcd Stales has always had a unique and 

r 4- ’ . * - - - . nmvwrfnl in \rwuM n#»rr^ntirtnc 


have been no touring bands or orchestras or 


powerful place in Soviet perceptions. 

From the time of the Bolshevik Revolution in 


sources of Russians’ perceptions grow contrast, was ^enormously popular, although 


hazier. Many imagre like those of car- somewhat superficial, tour of the United States in ballet or music competitions. 


(healer groups since, although there have been a 

few films, an occasional ^rfonnet Ufa John 19 7, Rnss,ans havepermv^ the United States 
Denver and a handful of American contestants aslhmmam mil and mamtnodd. Ittsananon 

with which they have felt a kinship m size. 


glutted highways and crowds of people walking conduc ^ cd ty Soviet Union’s aU-time fevor- 


briskly through streets, seem to come from the 
Russians' practice of watching television news 
not for the news, bur for glimpses of distant an d 
unknown places behind the foreign correspon- 


American jeans, American rock, American Jews, who ^nerally choose pretty scenes as 


chewing gum." 

None of the respondents had been to the 
United States, and their images were a pastiche 
of a land glimpsed dimly from a distance — 


backgrounds for their reports. “Television could 
teach us so much more," wrote a middle-aged 
Moscow woman, “but still I really like the 
American backgrounds against which our corre- 


romamic vistas and homeless people, dazzling fondents talk — the streams of cars flowing 


ite comic writers. Ilf and Petrov crisscrossed the 
Uoited States and compiled a witty, mildly 
critical, but basically sympathetic catalogue of 
American types and peculiarities. If Gorky in- 
troduced the callous capitalist, then Df and 
Petrov gave shape to the image of of the effi- 
cient, uitraproduetzve “Amerikansky bizness- 
men." It is a dn.il fmagn that ha s persisted 
through innumerable u pdates and fine shifts to 
the present day. 

Ddtmiost — as a noun it means efficiency, 
industriousness; as an adjective it means busi- 
nesslike — is the term for one image that is 
firmly wedded in the Soviet mind with Ameri- 
can business. Stalin himself declared in 1924 


Tfainn^ te tnore nx^ ro jy 


Among the most sought-after items was a bffin- 7 Y* „ T*' 

gual Stalog of Amencan books distributed by 

the Association of American Publishers. So .■. R P^ e S °° {amesRnmtorc Gooper’sroman- 


great was the demand that in the dosing days of ^ Jack Itondon s ^d Nortii and 

Sr«Khiti«n cmTh. Mark Twain s broad Midwest, Russians discern 


nurtured by propaganda, by the nuclear threat 
and more deeply by ite inherent Russian dis- 
trust of foreigners. 

“The Russian psychology is qrnte fascinat- 
ing,” said Mr. Srojra. of Izvestia. “We are 
fascinated by your technology and culture, but 
at the same time, we know you are oar main 
adversary. We fear you. This fact, that we are 
afraid of you as you are afraid of us, distorts our 
fascination with the United States. It is simply 
impossible to bypass the reality that you can 
annihilate us. This is always present, in any 
discussion.” 

This fear of war with the United States is 
often strikingly real, especially among older 
people, who on meeting Americans earnestly try 
to convince them that the Soviet Union does not 
want war. and who seem cert ain that President 
Reagan does. At times, the protestations pass 
into a gg res si veness, and the same Russian wbo 
has been vowing his batzedof war may abruptly 
warn that if conQst does break out, the Soviet 
Union will sorely teadi the United States a 
lesson. 

Russians presume; usually correctly, that 
Americans do not a^msdate how terribly the 
Soviet Union suff wed m World War H, and that 
Americans, with their Bruited exposure, do not 
fully understand the horrors of war. But under- 
lying much of die dark 'side of Soviet feelings 
about America is a suspkuwsness, a collective 
insecuri ty dwt stiS links in all Soviet attitudes 
toward the world outside its “sacred borders.” 

It is evident in the extraordinary security in 
which the Soviet Union wraps itself, in the 
instinctive action against the Korean jetfiner. in 
the obsemion with espionage, in the control and 
surveillance of foreigners, in the stringent re- 
strictions on all foreign sources of information. 

Things may not be as terrible as they were in 
Stalin’s day, when an accidental meeting with a 
foreigner could lead to a labor camp. But con- 
tact with foreigners and the outside world still 
remains a carefully and stingBy rationed privi- 
lege, and irnsimrtwnffd dealings are risky. For- 
eigners in Moscow remain segregated in careful- 
ly guarded compounds under intensive 
surveillance, barred from vast swatches of Sovi- 
et territory. . 

- The press and television regularly cany hor- 
ror stories about perfidious foreigners who are 
. provocateurs, spies or worse, and Soviet ideo- 
logues inveigh against rock music. Western 
fashions and current fads as “diversions" con- 
cocted by “Western special services." The Voice 
of Amenta, which was allowed briefly to broad- 
cast nntrammded dozing the years of detente, 
has been jammed again since 1980. Western 
journals and newspapers, of coarse; cannot be 
had by die general jniblic. 

-The list is long and familiar. What is less 
known, however, is the effect of all this on 
Russian perceptions of the worid. An inevitable 
result is that the outside world takes on the aura 
of a forbidden frail: dangerous, but so very 
enticing. The chic of wearing a T-shirt with an 
American logo is enhanced by the dement of 
defiance, and American jeans are infinitely pref- 
erable to, say, Czechoslovak jeans, precisely 
because they come from the “other side," 
Another result is that Russians themselves 
come to treat contacts with foreigners as somo- 
how illicit. Friends of mine who want to take me 
along to somebody elsds party often urge me to 
say I’m from Estonia “or somewhere tike that 
Otherwise they’ll get all uptight." 

The suspiciousness seems to emanate from a 
collective sense of insecurity about the outside 
world, one that manifests itsdl in shrill Soviet 
d e ma nds to be recognized as equal, particularly 
by the United States. Even educated Russians 
who have extensive contacts with foreigners 
often have difficulty unders tanding why the 
propaganda in Pravda. or the treatment of the 
dissident physicist Andrei D. Sakharov, or the 
bland dismissal of the Stalin era as a “cult of 
joersonatity," or the dosed borders, or the prolif- 
eration of Soviet spies the worid over — wbv 


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die exhibition some uniformed police were 

called in, and the American organizers simply ^ h * ± 

threw book, into a forest of wabfaThands ^ Amencan frouticr they sce thor own 


threw books into a forest of waiting hands. 

V- nrf,,-, Aic-nec— Siberia, m the Midwest they recognize their own 

. Yet when one discusses then impressions of -r-at rivers and stereo in not 


cultlire and broad highways, demonstrators and indnroiouin«J trn .djMte it -ne^bS 

and most seemed sympathenc. even warm, to- XSSrtalSlhS ** <h= Loin* approach u> work was “to 
ward Americans, none talked about Amen can ~ ncn 'r ofougnt Dacn oy travelers spreaa rap- D.-cdan T-wd.irinniwv cmvn with 

^xaacyot civil nghm. and dtosewlto doth- S?ind£ 

ered to talk about officud U.S. poUaes seemed andc6anec contacts nib Amencan testdents m of 1920s i 930s 

imifonnly cnticaL _ recent years, the emiere Soviet Jea-s in Vasili V. Kuznetsov, new 84 and the Soviet 


“ great rivers and steppes and in the mdting pot 
America with Russians, it soon becomes evident r f KnH 


™ ocwiura cviucut of Anjerican they find reflections of 

that someth^ is misang. None list Abraham their own mul^SSle. 

But from the enormous differences in the 


Lincoln, the Constitution^ , hnman ^righK, free- But from the enormous differena 

ammriariS of social organization and development of two 

such kindred lands, they conclude that the Rns- 
sians and Americans must be diametacaBy op- 


of the values that Americans fed most distin- 
guish there from the Russians. 


democracy or civil rights, and those who both- 
ered to talk about official U.S. policies seemed 
unif ormly criticaL 

' From these and many other interviews, books 
and articles there emerges a pattern of images 


and preconceptions abduT Arteries and Ameri- a "M* v ^ od ff i ^ ^ 

cans, often rontradictory and complex, that and letters and ca^ettes filter back by vanous 
derives both from the Russian character and raean f.’ mcluding tourists from Amenca and 
from the way an enormously curious people, someumes through the mad, and every hqp Mus- 
denied direct contact and information, forms its “Y 1 * knows . th ? b 00 ^- "*W vo,ce of Willy 


denied direct contact and information, forms its 

views of a distant land. 

For many Russians, especially the btdligen- 


covite knows the boozy, raspy voice of Willy 
Tokarev, an emigre who sings of Manhattan 
from the vantage of a cynical, profane night- 


isia, it is culture above alfthal teems to define J* cabdriver and sometime thief. His songs 


their America. Rare is the Russian who was not 
reared on “The Deerslayer" and "The Adven- 


Big Apple," “Skyscrapers. Skyscrapers" and 
Over the Hudson." on poorly copied cassettes 


lures of Tom Sawyer," who is not familiar with fV / rom 8 Moscow *»“ 

“The Catcher in the Rye," Ernest Hemingway, dow - 


American delovitost." During the heady indus- 
trialization of the 1920s and 1930s, Russians 
like Vasili V. Kuznetsov, now 84 and the Soviet 
vice president, traveled to Detroit to absorb 
American technology and industrial techniques. 

Today, West Germany and Japan have mnA- 
considerable inroads into the American reputa- 
tion for innovation, and Russians may think 
more in terms of “Western" than “American” 
technology. Yet delovitost is still firmly associ- 
ated with America, and one of the reasons for 
the acute fear of war with the United States is 
the common image of technological supermen 
across the waters. 

“In the U.S. you think you can Gnd a techno- 


posed as peoples. The image that develops is of 
One young Muscovite, wbo wrote excitedly in Americans as industrious, practical, business- 


the informal survey about the allure of Ameri- 
can culture, expressed considerably less enthusi- 
asm for American politics: “When I try to 


like and of Russians as custodians of a legend- 
ary “souL" 

The poet Andrei Voznesensky once spoke of 


analyze the general attitude, among youth to the two peoples as two halves of the brain — 
Arntmca s domestic and foreign policies, tha^ Americans are reasonable and industrious. Rus- 


deanie the fuzziness and lack of clarity, I would sians are intuitive and subjective. “Americans 
still have to say that on the whole it is negative, translate emotion into concrete action,” he said. 


“Soviet youth," he continued, “cannot assess “Confronted with tragedy, a Russian will em- 
the merits of the American democratic political brace, weep, kiss, spend the night. An American 


system — - our propaganda is silent on this, and wfi] write a check. 


for an ordinary Soviet person to get a tourist or However they formulate the similarities and 


official trip u the USA is an unachievable differences, the point is that the United Stales is 

j tn. . n i ■ i ■ ii_ a • it u:_ _____ . i • 


dream. The flaws and misdoings of the Ameri- the other big power. China may be mysterious 


can system, on die other hand, are immediately and threatening, Western Europe may be entio- 


eranon of Soviet spies the worid over — why 
any of this can or should affect the way Ameri- 
cans fed about Russians. 

Raising subjects such as dissidents at a meet- 
ing with Soviet officials is often viewed as a 
deliberate provocation. That was Mr. Gorba- 
chev’s instant reaction when questioned recent- 
ly about human rights by French interviewers. 
The issue, he said, was being “artificially played 
up by Western propaganda and exploited to 
poison relations between nations and states.” 

Ordinary Russians fed they, have no control 
over such mailers, just as they have no direct 
input into their domestic political processes, 
and therefore they feel no responsibility. In the 
relativist view nurtured by Soviet propaganda, a 
Russian might retort that America, too, has its. 
oppressed macks and its homeless, so whv dweB 
on such problems? 

. It hardly seems surprising, then, that Rus- 
sians have difficulty appreciating Western reser- 
vations about the Soviet system, or understand- 
ing that the Western approach may be 
qualitatively different. 

Russians often maintain in fact, that they 
hiow and understand the United States better 
than Americans understand them, and that 
Americans labor under an irrational distrust of 
the Soviet Union. 


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William Faulkner and John Steinbeck. 

Classics and contemporary American litera- 
ture are a mainstay of the Soviet reading diet, 
either through dog-eared copies or through 
translations in the enormously popular monthly 
journal. Foreign Literature. Russian readers are 
familiar with Theodore Dreiser. Erskine Cald- 
well, Sinclair Lewis. John Updike, Kurt Vonne- 


"!n Central Park, as in the gardens of Semira- 
mis. 

The marvels an beyond description. 

I only know you hate no business there at nighL 
Pop in, and that's all the New York you’ll ever 
see.” 


for the newspaper Izvestia. “Sometimes we da tricks skeptically, their effect is nonetheless Russian's view of the world is bipolar; and the 
think you ran too. In fact, Russians can’t figure great-” other side is America —rich, contradictory, big, 

out why Americans have not cured cancer." This attitude may come as something of a P owcrfuL ti min g, dangerous. 


logical solution to every problem," said Mdor served up by Soviet propaganda. And, thoogh ing and oettlesoroe. the Third World may be- vour^^nle ^ n 0111 
Sturua, a longtime writer on American affairs Soviet young people often treat these propagan- rich in opportunity and risk. But ultimately the we know ah™ it v^T 5 « 

fnr rhp n(*wqnant*r Irv^ciia “5iuwtim« bw da tricks .skenticallv. their effect is nonetheless ' Russian’s view of the world is bionlar. and the . . yOUXS, Mr. Storua said. . sJf 


Pop in, and that's all the Ne*' York you’ll ever TT^ 0 R ^ generation of Russians now over 
5 ^." rl 50, the golden era erf Soviet-American 

JL relations was World War H, the great 
Soviet perceptions of America are for the patriotic war. The U.S. entry into the war 


This attitude may come as something of a 
surprise to Americans accustomed to thinking 
of people in the Soviet Union as yearning to 


powerfuL dazzling, dangerous. 

Nikita S. Khrushchev expressed the feeling in 
his memoirs when b e described his emotions on 


gut. Gore Vidal, Isaac Asimov and Arthur Hai- most pan as young as the Soviet slate. Before seemed to many Russians to guarantee an early 
Icy. The books chosen for Russian translation this century, at least from the time of Peter the end to their long ordeal, and many fondly re- 
usually are heavy frith soda! criticism. Great, the Russian elite identified with Europe, member the talk yellow cans of pork and the 

Then there is the enormous popularity of and France seems to have been the source of Sludebaker trucks brought in under the lend- 
American jazz, rock, film and theater. Benny language and style. But they imagined the Unit- lease program. 

Goodman's triumphant 1962 tour is still re- ed Slates, if they thought about it at all, as a wild Roy Medvedev, the dissident historian, re- 
called as a milestone in Soviet music. Movies and woolly land of cowboys and Indians. calls that “there was genuine good feeling 


shed communism or escape to a free America. a PP f0achin g United Slates for the first time: 
Some do, of course; But the fact is that in the ^ abirad. After aU, 

popular Russian vision of the United States . ‘ d been to England, Swcertana, France, India, 
democracy takes a distant back seat to the ^donesia, Burma and so on. These were all 
American novel, jazz, whiskey and business. foreign countries, but they .weren't America. 


America occupied a special position in our 


ranging From “They Shoot Horses, Don t 
They?" to “Kramer vs. Kramer" and “Tootsie" 


zs a . _ ruuuiui • uuomuu ui \Jtii 

Onereason, of course, is that very few Rus- thinking and our view of the world. And why 

ia It ™ .ow strong opponent 


There are few Americans in prerevolutionary among people, bordering on gratitude. I was a 


Russian literature, and America itself is men- boy, and the Germans were moving east They 

mi J - 1_ 1.. J f J _ ■ J -t__ fft f ■_ .1 .. 


do are carefiiUy selected ideology trust- -amb^the rapitalirt tountri^ Se l^dte that 
worthmes. According to the Slate Department, Sffthe time of anti-Sovietism for the resL” 
fr-JISSL? S SS L t auze^ wb° varied the Y et the feeling is usually not as- bostBe as 


course, everybody in the U.S. has tbeopportuni- 

^ j°t^ ea ^,^ rav ^ a ' ® ut P r °tebly more people 
road pie New York Times in Moscow than read 
Pravda m the United States:" 

• Russians cite the voluminous body of litera- 
ture and culture they have absorbed, the admi- 
,^® e ^ can delovitost, the absence of 
anti-American feeli n gs among Russians. This 
[hey compare to the anti-Soviet sentiments they 
believe are prevalent in the United States, to ibe 
ignorance they sense among Americans about 
erf life/about the Soviet experi- 
encejn Worid War H, and to Washington’s 
refusal to accept ihe Soviet Union as an equal 


L 


Hiil P 




pack Soviet movie houses. At last count, eight ironed in novels usually only as an exotic and had seized the Ukraine, Byelorussia, the north- 
plavs by Tennessee Williams were in the reper- distant place to which characters like Dos- ern Caucasus. I was in Georgia and felt the 


UmtedStatesin l^^aW SJ^and erf these b2 *« ! *** evm threatened by 

only 1,743 were classified as tounsts; the rest Mlu ^Moreoften thecHJixisiteKtiieca S e.“Th« ^ ^ Sylvester Stallone’s “Rambo "with its 


toires of Moscow theaters, and not long ago toevsky’s Dmitri Karamazov or Tolstoy’s Suva threat. And suddenly the American Smdebaker 
“Porgy and Bess" was spotted in the repertory Oblonsky threaten to ran in moments of ex- trucks began arriving — big. heavy trades raov- 
of the theater in Yakutsk, in remotest Siberia, ireme despair. ing north —and we felt genuine strength on the 

One film died by many Russians as a major It was after the Bolshevik Revolution and the move, a strength that would change things." 
source of their impressions of America is af lerniatii of Worid War I that an image of an Pro-American feelings rose to a dramatic high 
uri... i " which deDicts industrial. caoitaiisL powerful America bezan on Victory Day in Mav 1945. when a crowd 


only 1,743 were classified as tourists; the rest sound. More often the opposite k the case. ‘The 
were primarily dip omats, businessmen and ^ diffateu* between, us,” maintains Mr. 


r. . *’ 


those connected with , international organiza- 
tions such as the Irueraational Monetary Fund. 


Voznesensky, “is that Russians like Ameri- =rea 

cans.” He is voidng a common assumption raon). which tiroy deem 


jester Stallone's “Rambor with its 
of Soviet soldiers, or books like “Gor- 
, ( . nft v ther ®f which are-available in the 




ms suen iu UK micraauonai Monetary nuw. is vwdng a common assumption faYY wn,ctl t^y deem an u 

But the m^or reason is that a Russian’s view among Russians: that their fundamdital syra- “Mavh^ * x>n *?^al of Soviet reality. 


an unfair and 


rrf the American way of life is shaped from pathy and respectfbr Americans is not retipro- 

aL ■ f r4 a /%1 run < 1 4 * _l «' J ? ’ A" J “ 4._' ! _■ 


childhood by offidal ideology, propa ganda and gated, that many Americans nurture an irnuio- 


Charles Chaplin’s “City Lights," which depicts industrial, capitalist, powerful America began on Victory Day in May 1945. when a crowd double talk. Terms such as democracy, rights nal hostiUtyrfbr the Soviet Union. 


we dlS?, * un 1 lm{and America, but 
we don t misunderstand it," said Mr.' Sturua. 
n^nwdersiand us, and this can be dangcr- 





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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 


Page? 


ART'S /LEISURE 


H 


By Michael Zwerin 

IntawaioHa! HavH Tribune 

P I ARIS — . Monty . Alexander 
does not play piano with his 
toes. He has invented no electronic 


dans. -But ! decided finally to just 
be myself, and I learned how to put 
a little English on it.” . 

By the age of '14. he warned to 


“l* no new &WST M 


[ opened any new markets nor bro- 
ken any Sales records. He’s just 
good news. “1 want my music, to 
bring joy because making it is a 
pleasure that has been given to 
me." he said, with a Jamaican Iflf 
s, “I want people to have a good rime 
even if they do not understand the 
i nuances of musical technique." He 
is serious about joy, and his playing 
combines emotion and intellect, 
devotion and humor. 


Moose Jackson .and BQI Doggelt, 
which he caught’ over radio station 
WINZ from" Miami, made him 
-want -to jump up. And be liked 
Sugar Chile Robinson, “this little 
black kid- I'd see in movies Satur- 
day mornings. The kid's feet could 
hardly reach the pedals but he 
played incredible boogie woogje. I 
tried to make my left hand move as 
fast as Sugar Chile Robinson and . 




seoa ? vl j^ ~ maybe that’s why I have a pretty 
and tradition and ad- J 


and power 
venture. 

When he was a child in Kings- 
ton, where he was bom 41 years 
ago, his piano teacher kept telling 
him not to tap his' feeL That is one 
of the fust .things classical teachers 
teach. Tapping feet interfere with 


fast left hand.” 

After he saw Louis Armstrong in 
the movie “High Society,” he heard 
the word ^jazz? for the first time. 
“Thai guy was having such a ball 
up there, 1 knew that was the music 
I wanted to make; ! said to myself. 


strict tempi But Alexander wasal- •’ **?“» is too much happiness to 
ready moving to the looser beat he' “““ 0UI - 0IL 


• ^ 




-CtJU. 


4 2^ 
-as.,- 




heard on the radio. It was called 
calypso: “Little folky' old-time 
tunes before Belafonte and. the An- 
drews Sisters.” His readier sat 
there eating biscuits, rapping his 
knuckles whenever calypso crept 
into Chopin, which was more and 
moreofLen. 

In high school he had a ska band 
that worked “jump up" rfanrc s . 
“Every dance was a carnival,” he 
said. “They always ended in a mad 
frenzy. What fun.” Sometimes he 
worked with the le gendar y ska 
trombonist Don Drummond, who 
led the seminal “Skalalites,” a band 
that had a lot of influence on Bob 
Mariey and other reggae stars. Al- 
exander recalled that Drummond 
played with “lots of guts, but be 
murdered his sweetheart — she was 
a shake riant**- — and he died in 
prison after a long mental illness.” 

Alexander has had trouble cop- 
ing with the seamy sideof the mu- 
sic business. Recently. he stopped ■ 
performing for more than a year. “I 
couldn't handle all the B.S. A lot of 
people take advantage of mnsi- 


His parents; separated when he 
was 17, and be moved to Miami, 
with his mother. He listened to the 
recordings of Ahmad Jamal, Eddie 
"Heywood and Errol Garner. while 
working segregated downtown 
clubs like the Sir John and the Har- 
lem Square with Sam Jones, Mitch 
Robinson. Johnny Burdmeand the 
other fine black players around 
town at the rime. 

His mother was black, bis father 
white This had beat noproblem in 
Jamaica arid he just decided not to 
make it a problem in Miami: Tm a 
positive cat. I didn’t feel the neces- 
sity to make a choice Whatever I 
am or am not, that's where . I 
learned how to play jazz.” 

During the season he would ac- 
company singers and comedians on 
Miami Beach. One night. -he was 
working with Duke Hazlit,who had 
made a career out of imitatin g 
Frank Sinatra, when Sinatra came 
in with iris friend Elly Rizzo. Rizzo 
owned a popular showbiz hangout 
in the New York theater district. - 
Sinatra cominced his friend to hire 



'Great White Hope 9 : Impressive London Premiere 


Monty Alexander: Avoiding treacherous waters. 


Alexander, who worked Jilly's with 
his trio for six years. 

He has never had to look for 
work since: “If my agent doesn’t 
get me a gig I just pick up the phone 
and get one myself- I’ve made 35 
albums as a leader so there's never 
been any want in that department. 
1 guess you could call me ‘together.’ 
I've always avoided treacherous 
waters. I don't understand how 
>le can get up and play and be 
as much as they are by being 
zonked ouL It's the plague, it's kill- 
ing us. Drugging has gOl lO go 
down. I've seen some people 1 care 
about fall victim to that. I try to 
cultivate the positive ride, and I 
surround myself with people who 
have a similar set of priorities. I 
think a lot of my success has to do 


with attitude. I'm no prude, but 
you have to give yourself your best 
shot. I am very proud to be able to 
share my joy.” 

AD this may sound rather corny 
to anyone who has never heard 
Monty Alexander. He is, however, 
simply staling fact: “I can’t think 
of anything I'd rather do than get 
up on a bandstand and picnic. No 
speeches* no stories, no jokes. Let’s 
just get a groove. Boom!" 

Monty Alexander, with the Philip 
Morris "SuperbaruT: Paris (El Do- 
rado) Not 1 . J3; Brussels Nov. 14; 
Lausanne Nov. 15; London Nov. 16; 
The Hague Nov. 17; Antwerp, Bel- 
gium, Nov. 19; Lisbon Nov. 22; Mu- 
nich Nov. 24; Frankfurt Nov. 25; 
Barcelona Nov. 27; Madrid Nov. 28; 
Milan Nov. 30. 




ChMe 9 s Inti Illimani: 'New Song Movement 9 in Exile 

By Sue Armstrong , sun god of the Incas and a craggy 

A MSTERDAM — OnSepLl 1, ^ adean spend roughly 

1973, when Salvador AUerKte ^ 

They have staged more than 1,200 


was assassinated in the mili tary 
coup that brought Augusta Pino- 
chet to power in Chile, Inti ITHirami 
were giving a concert in Rome as 
part of a European tour. Twelve 
years later, the musicians are still in 
Rome. As moving spirits in Chile’s 
New Song Movement, which grew 
up in the 1960s — a lime of intense 
social, political arid cultural awak- 
ening —Inti Tllwnani were consid- 
ered a threat to Chile’s new rulers. 
Their music, their message, even 
their traditional Andean instru- 
ments were banned. 

The only plus in the group's long 


only one aspect of human experi- 
ence as expressed by their music. 
“Certainly we are committed to 
progressive social change, because 
of our experience in our own coun- 
try," said Coition, “but we try to 
express far more than politics. We 
believe our music must reflect reali- 
ty, and we are always locking to 
develop our musical language.” 

Inti TUfmani are not purists. 
They have sought to avoid becom- 
ing “stuck in time" like too many 
artists bom of an intense moment 
1 was killed in September 1973 in history. Their music reflects the 
in the Santiago football stadium, experience of exile as well as such 


concerts in Europe and the Ameri- 
cas since the coup. They are now on 
the last leg of a European lour that 
has included the Edinburgh Festi- 
val, a concert with the flamenco 
musician Paco Pefla and the classi- 
cal guitarist John W illiams al Lon- 
don’s Festival Hall, and a memori- 
al concert in Amsterdam honoring 
a poet and musician, Victor Jara, 


eminent could not object to classi- 
cal repertoire. It was the thin end of 
the wedge, opening the way once 
again for folk musicians. 

Inti Illimani's music can now be 
beard in Chile on records, though 
live performance is still considered 
inflammatory. The authorities have 
not lifted die ban on the artists 
themselves, however, despite am- 
nesty for other political exiles and 


By Michael Billington 

L ONDON — Howard Saclder’s 
/ “The Great White Hope” was 
a huge success on broadway in 
1968, with Janies Earl Jones giving 
an acclaimed performance. Now. 
to the shame of West End manage- 
ments, the play is finally gettinglls 

THE BRITISH STAGE 

British premiere, at the tiny Incy- 
de Theatre in north London, It is 
heartening to find an epic play, 
with 27 actors and 18 scenes, being 
staged with such confidence bv a 
fringe theater. 

Saddler’s play, which offers a 
lightly fictionalized account of the 
career of the first black heavy- 
weight world boxing champion. 
Jack Johnson (here called Jack Jef- 
ferson), is emotionally powerful 
rather than intellectually subtle. 
Jefferson beats the white hope to 
become world champ, but his affair 
with a white woman leads to prose- 
cution. He jumps bail and becomes 
a fugitive, reduced to grotesque ap- 
pearances in “Unde Tom's Cabin” 
in a Budapest cabaret. Pitted 
against another white hope in a 
Havana bout, in exchange for am- 
nesty, he is defeated (or maybe 
throws the fight) and ends up mor- 
ally destroyed by white prejudice. 

To some extent, Sackler romanti- 
cizes his hero, ignoring the real 
Johnson’s legendary womanizing. 
His language also lacks the verbal 
fire that a black writer might have 
brought to the subjecL But his play 
works, because it has the hectic 
vitality of popular theater It is 
poster art with a liberal viewpoinL 
Sackler knows bow to orches- 
trate a big scene, as when a black 
pastor whips up a bout of holy-r- 
oUer hymn ringing to drown the 
cries of Jefferson's discarded lover. 
The play also captures the craven 
racism of the American boxing 
world during the World War I 
years and lays bare the cruel dilem- 
ma of an black athlete in those 
days: Whether be likes it or not, he 
is forced to become a symbol of 
black power, hated by whites, 
hero-worshiped by his own people. 

The play gets a fine performance 
from Hugh Quarshie as Jefferson; 
who has a smiling, muscular charm 
and suggests a genuinely good man 
laid low by a prqudice he does not 
comprehend. Jenny Quayle as his 
adoring white mistress. Ella Wilder 
as his fire-spitting rejected lover 
and Joseph Mydellas a craftv pas- 
tor lend first-rate support. Nicolas 
Kent’s production cleverly crams 
an epic play into a mall space. 

□ 

In Northern Ireland, this year's 
Belfast Festival (an event that has 
been going since 1963) is midway 
through its three-week course and 


despite the group's popularity with 3 1 ? 1 10 bright "tfnage of 
audiences of every political hue in the province. Under the direction 
' - of Michael Barnes, it includes. a 

new play that does a lot to explain 


where thousands of ADende sup- 
porters had been herded.. 

Inti Illimani was formed in 1967 


exile is that it has brought to the - by seven engineering students at 
European consciousness the haunt- '• Santiago’s Technical University af- 


...4! 


ing music of the Andean Indians — 
the liquid-dear notes of the quota 
flute, the breathy tones of the pan- 
pipes and the twang of the char- 
ango, a tiny mandolin made from 
the shell of an armadillo. 

Inti niimani (named after (he 


Schwitters’s Son 
Calls Collage Fake 

The Associated Press 

L ondon — a collage attnbut- 
4 ed to the German Dadaist 
Kurt Schwitters, chosen by (he 
Tate Gallery for the cover of the 
catalog of an exhibition of his 
works, has been labeled a fake and 
withdrawn from (he show. 

“Bluebird," dated to 1922, was. 
pari of an exhibition assembled by 
the Museum of Modem Art in New 
York, where it was shown for three 
months, said a Tate spokesman. 

He said Schwitters’s son Ernst 
told the Tate the work was a fake 
and asked that it be removed. In 
New York, a MOMA spokesman 
said the museum was also asked by 
Schwitters's son to withdraw the 
piece but declined. 


ter nervous authorities dosed the 
school's flourishing pena — an in- 
formal club that affords an audi- 
ence to artists and a melting pot far 
ideas and talents. "At that nine we 
were just beginning to discover An- 
dean Indian music, and it was a 
revelation to us,” said Jorge Cou- 
lon, a founding member. “Bad 
commercial music was about all 
that was available to kids, and Lat- 
in American marie hardly featured 
at all." 

Violetta Parra, an eccentric an- 
thropologist, who was largely re- 
sponsible for reviving Latin Ameri- 
can music. With her two children in 
tow she trekked the plateaux of the 
high Andes, coDectmg the music of 
the Indians, which she played in 
her peda in Santiago. The Pena 
Parra became the (oral pram of the 
New Song Movement, a cultural 
phenomenon that gave voice to the 
demand for social change in Chile 
immediately before the election of 
ADende. Inti Illimani took their 
music into factories, schools and 
community, centers, and when 
AJlende was elected they traveled 
abroad as cultural ambassadors for 
his government of Popular Unity. 

inti Illimani are by no. means 
propagandists, however politics is 


varied influences as flamenco, Stra- 
vinsky and the peasant music of the 
Balkans. They compose 90 percent 
of their songs, but also have collab- 
orated closely for some time with 
the exiled Chilean poet and singer 
Patricio Manns, who lives in Swit- 
zerland. 

ptey have added a bass tone to 
their music with the big Mexican 
guitar, and recently introduced the 
soprano saxophone, which has fea- 
tured in Peruvian folk music for 
several decades. The sax is played 
by Renato Freyggang, who joined 
Inti Illimani last year. He was pre- 
viously a member of Barraco An- 
diuo, a group of musicians in Chile 
who defied the ban on Indian in- 
struments to play Bach and Vivaldi 
in churches, figuring that the gov- 


poJ 

Europe and the United States. 
(During aU.S. tour last summer 
they were presented with a certifi- 
cate by Mayor Marion F. Barry Jr. 
of Washington, proclaiming SepL 
17 Inti mimani Day for their “ser- 
vices to communication.”) 

Members of the group tried ear- 
lier this year to go home, but they 
were turned bad: at the Santiago 
airport after managing to exchange 
a few words with waiting relatives. 

For Inti TTiimani the pain of exile 
endures, but in the words of their 
musical director, Horado Salinas, 
“we go on making music, living and 
laughing. . . . One can’t allow 
oneself to become too unhappy; 
the better times will come." 

Illi Illimani, Volkshaus, Zurich, 
Nov. 13. 


Sue Armstrong 
based journalist. 


is a Brussels- 


the character of its countrymen: 
"Observe the Sons of Ulster 
Marching Towards the Somme,” by 
Frank McGuinness, which Dub- 
lin’s Abbey Theatre has brought to 
Belfast's beautifully restored 
Grand Opera House. This moving, 
compassionate study of the Protes- 
tant ethos is the work of a 32-year- 
old Catholic from Donegal. 

McGuinness’s play starts in the 
present with a lone, blind survivor 
of the Ulster Division — which was 
decimated during World War I — 
haranguing God, harking back to 
the slaughter (“We wished our- 
selves to die") and grieving for tiie 
present (“Ulster has grown lone- 
ly”). The play then flashes back to 
the war and shows how a batch of 
brave Ulster volunteers believed 
they were fighting the Catholic Fe- 


DOONESBURY 




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“Canon are to be congratulated, 
first and foremost for taking 
what must be one of the most 
complicated systems around 
and reducing its control to a 
simplicity that literally has to be 
seen to be believed.” 


‘35rmn Photography’expressed their amazement 
when faced with 
the brilliant T70. 


ni 2 ns as much as the Germans and 
how they brought to (he Flanders 
battlefields Ulster's historic preoc- 
cupation with death. 

In this poetic, haunting play. 
Mcguinness is paying tribute to hu- 
man heroism, satirizing Protestant 
credulity and. above all, perhaps, 
reminding Irishmen of all persua- 
sions that Ulster is os much home 
to the Protestants as Eire is to the 
Catholics. That brave, unfashion- 
able message comes across with 
stunning clarity in Patrick Mason's 
production, acted by a first-rate 
cast, in particular Ray Mcanally as 
the guilt-ridden survivor. Bosco 
Hogan as his tormented younger 
self and Tom Hickey as a fanatical 
ex-preacher in black trousers that 
never quite reach his outsize boots. 

□ 

The Citizens' Theatre of Glas- 
gow. which frequently tours Eu- 
rope. pursues its policy of adven- 
turous internationalism with a 


three- and-a-haif-hour revival of 
both parts of Goethe's “Faust ” di- 
rected and translated by Robert 
David Macdonald. Goethes mas- 
terpiece is as much poem as play, 
and. in attempting to disguise its 
lack of drama. Macdonald some- 
times swathes it in an excess of 
theatricality. Andrew Wilde’s Me- 
phisio slips in and out of endless 
disguises (including battered tramp 
and slinky vamp). The Emperor, 
whose tottering kingdom Faust res- 
cues. is seen as a spoiled brat in 
short pants. And the ending, when 
Faust's soul is redeemed through 
love and the cast members raise 
their hands toward some mysteri- 
ous. beckoning light, has the look 
of a Spielberg movie. 


But the production, played 
against a set of jagged, towering 
white cliffs, is moving at its sim- 
plest, particularly in the scenes be- 
tween Mark Lewis's haunted Faust 
and Yolanda Vasquez’s faithful 
Gretchen. and whenever Julia Bla- 
lock's statuesque, grieving Helen 
holds the stage. Like Goethe, the 
production pays tribute to the fe- 
male principle and the idea of sal- 
vation through love; despite its oc- 
casional excesses (too much dry ice 
and drag), il presents a world clas- 
sic almost totally unknown in the 
parochial British (healer. 

Michael BiUmgton is filling in for 
Sheridan Murley. who will return 
next week. 


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Gellertstrasse 18, 

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Tel: (061) 4223.77 
Telex; 64446 taco ch 
MINIMUM US$12,000 INVESTMENT 



To: Trans Container Marketing AG 
Gellertstrasse 18. CH-4052 Basel, Switzerland. 
Please send me full details without obligation. 


NAME:- . 

(Block capitals) 

ADDRESS: _ 


L TELEPHONE I 

HOME:. .OFFICE: BT06J 


c: INVESTME NT m C ONTAINER INVESTMENT • CONTAINER INVESTMEN T 

5: 
o 


Container Investment 

AN OPPORTUNITY THAT OFFERS A HIGH INCOME PLAN 




Cc jJncrwortd Services manage and operate a first class 
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• A GUARANTEE OF RETURN OF CAPITAL UNDER-PINNED BY 
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• ALL PAYMENTS GROSS - NO WITHHOLDING OF TAX • MINIMUM 
INVESTMENT *2730 

Fa more details ol this investment opportunity, telephone our 
Zurich office; 01-693559. Telex; 5201 7 WKRCH. or send off 
coupon to: 


mJD D OL 

( 0 % miw room ol 


UNITED 

NATIONS 


CALL FOR EXPRESSIONS 
OF INTEREST 

FROM AROUTECT/ B4GMS5 
Th» Unaed Naaore. a wefcng exprsysnny 
of interest from Arthteet/Engnsen n 
fcomedm wnh die fim Phase (Conaep- 
tuo) Devi of If* proposed eorokvdion 
of oarierence fodtoes cr ihe headquar 
ten of ihe F'wi— Comnai for 
Afnca n Addis Abeto. Btaopa. The 
pfapncT niches conference ro om s of 
voryng s ns together with the support 
{□aeries required fcx Uriwd hbnons con- 
ferences, Le. anrincu (wpiehnion 
systems, pmting (ooTihro. and dnng fo 
esse emnjuicig a totcri -fp — m|,m *— V 
50,000 square meets. Expressions of m 
seres as imied from urtafafp^uaffied 
'ferns whidi are ofale to provide 
led odMlrd and ciy ieer in Q sennas 
for ihe prayed, b rfwuU be naiad iha ihe 
United Natans elands to i«on on uide- 
ndert Ouanrity Swvayor. 
mgnns of rteres should be oonase 
aid as bM m peaMe, tax should 
dude ifunuun as Mmi 



t. Nome ad odcfren of ihenteresSed 
fitm and cd proposed aaaaatad fem . 
[wel as a stotam e ri an the spozhe 
:groups, dvaxn, era. wheh ore bang 
proposed to undarscriae die vat 

\L Specific project experience of the 

finm(s| nividuc*y aid cofiedrve V 
CCmpcrabie budtfog deagn/cortstruchon 
projects for gpvernmentol or ■ tanrim x 
|d corriaence foefiies dirmg ihe pcaMen 

mor onwtaaieor /c ngreereig con. 
jsAcroes on buUng projects of the 
Untied Noticns and/or ex p erience m the 
design aid oomnwon of buUn{P m 
Afrias. ether as prnopol a associated 
“theses. 

6. Summay arnaia vftye of bey per 

jcmnel. vrih information on ihe rmperre*- 
bftaei of each m ihe recent projects. 
BSpadoSy those Ested under tans 2 aid 3 
I above. 

5. Add Han d relev OUT informal 
sudi as audred Snanasri naarents, bts 
of arrant prtveeb. eto. 

ISubseqwnrijr oddbonal rriorm ri emad 
MyiMBons wfl be requeued of short- 
Sped ferns, 

Neither Ihe rrvnotan nor av subsequent 
shortfampof firms, aoratrim a oars ac- 
nxri eng u g w i ns on ihe port cri ihe 
Uneed Natans and, the Urited Nonarn 
shol nor be boieid to accept the lowest 
a aiy offer resulting from bis inveoHon 
ad reserves toe right la negenae an- 
d/or oMuu svto any firm or firms it 
rfeerra oempetert to underttri* ihe pro- 


of Merest, few copes in 
Enj^tsh. nut be received by toe United 
Morions not Uer fixei 1100 noon, 
Monday 2 Dece m ber 1985 a ceher 
adebes pven below. They sharid be 
marked "Architect /Engnects, Addo 
Abdba Coarfrucaon fVajea" on toe ow- 
nde of toe envelope ad should be 
addressed kx 
C hief 

Plrdtote aid Transportation 


Office of General Servos 
Roam S-2145. Sccretum Brikg 
United Natans, New YoA 10017 
USA 
a 

Chief 

Dsiitan of AdmeristiCSion 
Economi c Commaaon ky Afnca 

Bam Ml p.O. Bo. 3001) 

Meneffi Avenue 
Adds Ababa. Eshopa 


L UUJl 


Mr H Herzog. Containerworld Services 
(Deutschland) GmbH, Seefeidsfrasse 62. 
Poslfoch 460, CH-8034. Zunch. Switzerland. 


1 Please send me details ol your Container Investment Opportunity 

NAME 

j ADDRESS 


I Tel No (Business). 

» 


(Private) 


I 

I 

r‘ 



TeLOl/21981 11 

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WE REPRESENT 

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promote for YOU. 

Please contoct by letter: 

BGS Aktiengesellschaft 
Inter. Division 
Mr. R_W. Bieli 
P.O. BOx 204 
CH-4310 Rheinfelden, 

Switzerland. 











** 



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NEW YORK — Prices on the New York 

Stock Exchange finished broadly higher Tues- 
day in one of die busiest trading sessions of the 
year, setting records for the seventh time in two 
weeks. 

Analysts credited lower interest rates and a t 
generally improving economy with fueling a 
market rise that is now in its eighth week. 

The Dow Jones industrial average gained 
1.72 points to a record closing of 1,433.60. 
surpassing the previous high of 1,431.88, set 
Monday. 

Volume rose to 170.80 million shares from 
126.54 million Monday. It was the second- 
heaviest trading of the year, exceeded only by 
the 174.76 milli on shares that changed hands on 
Jan. 22. 

“It's primarily interest-rate driven." said Jon 
Groveman. a trader at Ladenburg, Thalmann & 
Co., describing a stock market that has sur- 
prised many observers with its unwillingness to 
roll back after sharp gains. 

The market’s gains over the last several ses- 
sions have been “driven by the fact that the 
outlook for the credit markets is so improved." 
said Hugh Johnson of First Albany Co. He said 
people were anticipating a cut in the Federal 
Reserve's discount rate, currently 7% percent, 
and “it makes the outlook for the economy and 

ming y much more upbeat." 

Mr. Johnson said that the rally has been 


largely the work of institutional investors and 
trading professionals. 

“We haven't been able to wean individuals 
from interest-bearing securities,” he said, but 
small investors could begin buying stocks if 
sbort-ierm rates fall below 7 percent. 

“Somewhere there’s a correction coming, 
said John Burnett of Donaldson, Lufkin & 
Jenrette. 


Mr. Burnett said the prospect of lower inter- 
est rates was prompting investors to buy shares. 
Bank stocks were among the best performers, 
responding to the hopes for lower interest rates. 

Citicorp jumped 1% to 46ft, Chemical New 
Yoric 1 VI to 40ft. Bankers Trust 1ft to 69V4, JJP. 
Morgan 1ft to 55ft, Chase Manhattan ft to 61, 
and Wells Fargo 1ft to 59ft. 

Ralston Purina led the actives, falling 1ft to 
475t Gerber gained 3 to 38ft. 

Some of the stocks in the drug group had 
sharp gains. Bristol Myers rose 1ft to 62ft. 
American Home Products 1ft to 60ft and Up- 
john 2ft to 130ft. 

Union Carbide, which has advanced recently 
on speculation that GAF Corp. might increase 
its 10-percent holding, backtracked 1ft to 59ft. 
GAF added lft to 46ft. 

In ter North gained 1ft to 49ft on speculation 
that the investor Irwin Jacobs purchased more 
than one million shares. Mr. Jacobs declined 
comment, as did Intemorth officials. 


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51 18% 10U tort - % 

MB0 46rt 45% 46 + % 

50 21% 21 21 Vt 

2728 39 38% 38% 4- rt 

12 24% 24% 24% — rt 
486 12% 11% 12% +1 
489 33rt 32% 32% + % 
4072 7714 76% 77% + % 
1057 20rt 19% !•%— rt 
140 28% 27% 28% + % 
2942 SDK 30% 30rt— rt 
7S3 26% 25% 26% + rt 

428 14% Hrt Hrt 
322 33% 33% 33% 

314 64% 63 63V. — rt 

3553 38 36% 37rt— lrt 

750 48% 48 48% +1% 

1 52% 52% 52rt +1% 
5807108% lOBrt 108%— rt 
1407109 109 109 + V» 

39B 49rt 47% 49 +1% 
1679 29% 29 2914— % 

1206 23% 23rt 23rt — % 
92 19% 19 19% + rt 

974 10 9% 9%— rt 

J9S7 29rt 28% 29 + rt 
10 17rt 16% 17 — rt 
12 18 17% 18 

70001 87 87 87 —1% 

MOB 73% 73% 73% 

284 24% 24% 74% + rt 

6 26 26 26 
3102 64% 6214 64% +1 

79 29 28% 29 + % 

511 32% 31% 32rt + % 
3097 27rt 25% 26% + % 

86 25% Mrt 25% + % 
1214 29rt 29% 29rt + rt 
1851 llrt 10% IQrt— 49 


39% 24% GsnAgr 
20 16 ConnE 

31% 22% CnnNG 
15% 12rt Conrac 
38 Z7rt ConsEd _ 

47rt 36% ConE pf 4X5 1BX 
50 41% ConE pf 5X0 1IL5 

36 'A 26% CnsFrt 1.10 11 12 
47% 38% CnsNG 2X2 5X 9 
8% 4% ConsPw 
31% 18% CnPpfA A16 14.1 
33*8 20 CnP PfB 4.50 13.6 
54% 33% CnPpfD 7*45 14.1 

56 32% CnP pfE 7.72 14X 

56 33% CnPpfG 7.76 1A9 

31% 15% CnP prV 4X0 1AB 

25% 14 CnPprU 160 14X 
28% 14% CnP orT 178 14L5 
55V< 33% CnPpfH 7X8 14X 

ISrt 14% CnP orR 4X0 14J 

28rt 14% CnPprP 198 U5 

28rt 14% CnPprN 185 148 

18% 10% CnPprM2_5B 14X 

17 9rt CnP prL 2X3 116 

29 15% CnPprS 4*02 148 

18 10% CnPprK 2X3 14X 

47rt 31% ennep 280 58 41 

10% 4% Conti II 14 

4rt % Contllrt 

53% 33 Cntlll of 

2 % CtllHId 

Mrt 4 Cnflnfo 

24% 20% ContTcJ 

38rt 15% Cl Data 

40% 32 CnDfpf 480 R1 
lrt rt vICookU 

39rt 27rt Conor 

41 rt 31 rt Coopl pf 2.90 72 

20% 14% CocrTr X0 13 9 

27 15 Coopvls .« IX 17 

15% 8% Coowld X2I 

23% 17 cpwldpf 2X8 1L9 

27% 17% Cardura J4 14 16 

ISrt ii Corein 


38rt 29% + % 
ISrt IBrt + rt 
32 32rt + % 
14 14% + % 

35% 35% 

44% 45% + rt 
47% 47%— % 
36 34 — rt 

43 rt 43% + % 
8 8 
29% 29% 

32 33 + % 

52 53 

55 55 + % 

55 55% — H 

29rt 29rt + rt 
24% 25% + rt 
25% 26 + % 

54% 55 +1% 

27Vk 27rt + % 
Z7 Z7% + % 
26% 26% 

17rt 17rt + % 
16% 16% — rt 
27 27% + V4 

17 17 

46% 47% 

7% 7%— V. 

lrt lrt— % 


1X0 

.72 


10 




I S2 3.9 16 


S5rt 32rt CornGs 


X6 4X 11 
1X8 2X 24 
1X0 IX 76 
X4r 28 H 


S6rt 27% CorB Ik 
lOrt 5% CntCrd 
II 6 Craig 
39'*. 32 Crane 180b 4X 11 
60rt 23 CravRs 30 

19% \Tm CrckN pf 2.18 MX 
53% 49% CrckN pf283e 5X 
24 IBrt CrmpK 1X0 5X 12 
79 43rt CrwnCk 
44rt 20% CrwZel 1X0 
50V* 44 CrZelpf 4*63 
65rt 50% CrZel pfC4X0 


17% 17% — % 
32 32 —1 

1 1 % + % 
39 39%— % 

40rt— rt 
17% 17%— % 
26% 26% + 

9% 10 + 

JJrt 22“ 

12 + % 
55% 56% + rt 


— % 



20rt Hrt Crv.sB n 


2.4 

9X 

7X 


B0 


35rt 22% Culbro 
33% 13 Culhwf s 
08% 58 Vi CumEn 2X0 
10% 9% Currine l.lOalOX 
37% 30% CurtW 1X0 3X 17 
52rt 33% Cyclops 1.10 13 8 


2X 16 
20 
LI 9 


S5rt 56 

B 

37rt 
60% _ 

IBrt 19 

E% 22% — % 

4T 6 

49% 49% + rt 

69% 71 -W 


"‘Rt* 


4816— % 


23% 

Urt 

30% 

9% 

15 

42 

74 

5% 

llrt 

22 

45rt 

20 % 

66 

40% 

33% 

26% 

52rt 

10 

«% 

28% 

37% 

17rt 

80 

60 

<6 

66 

26% 

28% 

27% 

27% 

25% 

29rt 

29% 

33% 

34% 

109% 

99% 

20% 

24 

IBrt 

33% 

21 

38% 

22% 

11 

57% 

125% 

96% 

28% 

irt 

10% 

34% 

26% 

61% 

36U 

42% 

38% 

50 

38 

15rt 

241*1 

21 % 

70 

63% 

50 

35% 

85% 

80% 

77 

27 

35% 

87% 

B3rt 

17% 

19% 

16% 

17% 

10 

20tt 

62% 

27 


24 15 
24 1J 
X2 1.9 


22 
52 
1X0 <1 
180 109 


15% Dallas 86 L9 
9rt DamanC XO IX 

22 U, DanoCp 1X8 5X 
5% Danahr 

6rt Daniel ,18b 2X 
27% DortKr s 1X6 IX 
31 DataGn 
4 Datptn 
6rt DtaDsg 
Urt Dawn 
29% DavIHd 
IS DOYtPL 2X0 10X 
5B% DPLpf 7X7 117 
24% DeanFd 56 lx 
24rt Deere 1JM U 
20% DoImP 1.92 78 
34 Vi DeltaAr 1X0 28 
4rt Deftana 
24% DlxCh S 1X4 
20rt DensMf 1X0 
31rt Desoto ' ' 

14 DetEd 

64 DetEpf 9X2 12.1 
54% DetEnf 7X8 1IX 
51% DetEpf 7X5 11X 
52 DetEpr 7X6 112 
22% DEPfF US 10J 

23 DEprR 124 11J 
21rt DEPfQ L13 11X 
22V. DEofP 112 11X 

22 DE pfB 3.75 10.7 

24 DE pfO 140 12.1 
24 U, DE pfM 3X2 12.1 

28 DE PrL 4.00 128 

29 DEpfK A12 128 
94 DE Pfl 12X0 12.0 
77% DelEof 9J2 92 
16% DetEpr 2X8 118 
18% Dexter X0 IS 
11% DIG tor 84 18 
24 DHSlopf 2X5 7J 
14% DlomS l-57rlOJ 
34rt DlaSh Of 4X0 10X 
20% DloSOfn IXOe 68 

irt DlancCp JO 10 

31% Dletrias 1X0 2X 

B5rt Ofoilol 
56rt Disney 
17% DEIS 
4% Dlvnln 
irt Domeo 
26rt DamRs 
16% Donald 
43% Dan lev 

23 V* Donrv 

32% Dover 

27 DawCh 
36'A DawJn 
8% Downev 

11 Drava 
17% Dresr 

16% DrexB 

35 Dreyfus 

46% duPont 

40 duPnfpf 4.50 95 
27% DukeP 280 78 
70% Duke of 870 108 

65 Ovkepf 8-20 107 
61% Duke pf 7X0 108 
229* Duke Pf 289 181 
30% Duke Pi LBS 108 
70 Duk pfM 8X4 108 
60 DunBrd 2X0 28 
Hrt DuaLi 2X6 12X 
15rt Don Of A 2.10 115 
13 DuaPf 1X7 MX 
13rt DuOPf 2X0 1Z3 
lirt DuqpfK 110 120 
15% Dun PT 2X1 1L1 
51 Duapt 7X0 1Z2 
20rt DynAm X0 J 


1 x 0 ix 

1X0 7.1 


.12 

2J2 OX 
86 28 
t.16 2X 
1X0 3X 
-88 2X 
1X0 48 
JB IX 
Mm 1.1 
-50 14 
M 4 X 
2X0 93 
80d X 
100 42 


30 697 lirt 16% lirt + % 

I4i Hrt 14 14 — % 

8 926 24rt 24% 24rt 

8 150 7rt 7V2 7% 

170 7rt 7% 7% 

13 Z77BX 41% 40% 40%— rt 
48 2647 45rt 43% 44% + rt 

422 5% Srt 5rt— % 

9 231 7% 6% irt— % 

9 212 18% 18 10% + % 

18 3634 43% 42rt 43 + rt 

8 1125 19% 19% 19% 

300Z 63% 63rt 63rt + rt 

18 97 39% 39% 39% + % 

41 1502 27% Z7 Z7rt + % 

9 216 25% 25% 25% + % 

7 6600 40% 39% 4B% + % 

339 8% 7 7% +1 

19 64AX 44% 43% 44% +1 

13 186 22% 22% 22% 

11 207 34% 33% 34% +1 

7 6726 15% ISrt 15% 

200: 77 76% 77 +1 

630: 68% 68 68% +lrt 

500:d5rt 65rt 65rt— % 
1840: 64rt 64% 64rt +1% 
5 26% 26% 26% 

32 27% 26% 27% + % 

27 26% 26% 26% .+ rt 
110 26% 25% 26% + % 

10 2Srt 2S% 25% — % 
117 38rt 27rt 28 + rt 

135 Ifl% 27% 28rt + rt 
8 32 31% Jlrt 

30 33rt 33 33 — % 

107 107 107 — 2% 
7620: 99% 99 99% 

10 20 19% 19% — % 

14 657 23% 22% 23% + rt 
94 H3 17rt 16% lirt + % 

23 30% 30% 30% +% 
1741 15% 15% ISrt — % 

28 36% 36% 36% + rt 
477 21% 21% 21% + rt 

3 59 10 TO » — % 

13 700 37% 35% 36 — rt 
19 6607 118 11661117%+% 
53 1074 98% 95% 98 +2 

15 338 20 19% 19% 

3 207 5% 5% 5% + % 

664 Brt Brt Brt + % 

9 2799 33% 33 33rt— rt 

12 643 25rt 25% 25% + rt 

16 548 58% 57% SBrt +1 

13 846 36 rt 35% 35% — rt 

14 675 37% 37 37% + rt 

1410321 39% 38% 39 +% 

21 1187 42% 41 42% +1% 

4 240 36% 35 35V. — % 

799 14% Hrt 14% + % 

16 992 18% 18% 18%—% 
119 21 20% 2D% + % 

16 677 72% 70rt 72 +2 

17 4883 63% 62% 62%—% 

20 48 47% <7% . „ 

9 2295 34% 34rt 34% + % 
2003*5.: 82% 81% 82 + % 

1211: 77 76 76% + % 

100: 73% 73rt 73% + U> 
5 26% 26rt 26% + % 

33 35% 35% 35% + rt 

31300: 84% 84 B4% +lrt 

31 1486 78% 77% 78VSi + % 

8 2075 16% 16% 16% + % 

IDO: ISrt IBrt IBrt 
3Qz 15% 15% 15% 

SBSte Hrt Hrt lirt — % 
HR} 17% 17% 17% 

900: 19% 18% 19% + % 
15te59rt 39 59 

12 79 27% 26% 27 + % 


43 2* 

17% 1SV. 
32% 23% 
2SU 20 
20 % 12 % 
12% 3% 
5 1 % 

2% % 
22% 79b 
25Ui 9% 
3Srt 11% 
28% 21% 
23% 15% 
50 41% 

40rt 49% 
234 197 

15% 11% 
32% 20 
33 Hrt 
18% 14 
>1 8 
34% 22% 
25% 21% 
19% 9 

12 7% 

SVj 2% 
24% 15% 
H llrt 
9% 2 
78rt 06 

13% irt 
20% 1SV* 
33% 2ort 
22% 17% 
5% 4V. 

Hrt 12% 

% 

32% 22 
20 11 % 
29% 17% 
106% 95% 
21% 17% 
2% 1% 
13% 9% 
19% 13% 


EGG *48 IX 19 
EQKn 1X6 75 
ESvsf 50 1J 15 
EaiiieP 1X4 4.1 9 
Eases: X2J 

ErnfAIr 6 

EALwfO 
EALwtA 
EoAirpf 153* 
EAJrpfB 4X0k 
EAirofC 

EooHSF 1X0 5*4 
EosfUtl 2X6 9X 9 
EsKodS 2X0a 4J 14 
Eaton 1*40 25 8 
Eaton rflOXO 4J 
Echlim *44 16 11 
Edterd 1X4 15 H 
EtfsBr 150 45 15 
EDO 24 1J U 
EdCmo .16 15 15 
Edward X0 26 14 
EPGdpf 2X5 9X 
EITaro X6s 6 11 
Elcor 3b 16 
ElecAs 15 

Eictses XS A 34 
Elgin X0 5X n 
Ebeinf 

EmrsEI *276 18 13 
EmRad X4tll5 9 
EmrvA X0 10 H 
Emhan t*ub4X 10 
EmoDs 1X8 8*4 B 
Emppf SO 10*B 
Erwroen 1X4 7A 10 
EaExc 

Ena ICO J2 3X 12 
EnHBus X6 IX 14 
EnsKch 150b 7X142 
Ensch0flO*43fllLO 
CnsEx n IXOe 6X 9 
Ensree 24 

Entero 

EnfexE LSDel7X 


846 37% 36% 37% +1% 
61 16% 16% 16% + % 
587 29% 28% 281* — % 
64 25% 25 2Srt + rt 
1339 18% IB 18% — % 
2928 6% Art 6% 

88 2% 2% 2% 

50 lrt 1% l%— % 

40 18% 17% 18% + % 

57 20rt 19% 20% + rt 

31 24% 24% 2flb + rt 

441 24rt 23% 24% + rt 

192 23% 22% 22%— rt 

5960 46% 45% 4AU + rt 

440 58% 57% £8 — rt 

1 231 231 231 +11 

1816 12% 12% 12% + rt 

20fi sort 2W4 29%^% 

53 33% 32% 33 
183 14% Urt 14% + rt 
26 10 10 10 — rt 

741 30% 29% 30rt + % 
7 25rt 2Srt 2SV* 

279 1D% 10% tort 
124 lOrt 9rt IDVb + % 
203 5 4% 5 + % 

W 20% »rt 20% + % 
112 13% 13% 13% + % 
1756 4% 4% 4rt + % 
2458 72 71% 72 + % 

643 B% 8 Srt + rt 
26H 17 16% 16% + rt 

370 29% 29 29% + rt 

64 22% 22% 22% — % 
500* 5 X5 
100 14% 14% 14% — H 

<54 22% 22 22% — % 
95 19% 19% 19%—% 
1366 22% 22% 22% + % 
43 W4% 104% W4% + % 
68 2D 19% 20 
18 2% 2% 2% 

100 12% llrt 12 + rt 
105 14% M Urt — % 


21% 17% En toxin ixo 
35. 21% Equfxs 1X4 
6% 2% Equimk 
Brt Urt Eqmkaf 2X1 12X 
»% 25% Eomkpf 
90% 32rt Eat Res 1X2 19 10 
17 8% EaUllQC 

14% 10% Ertwmt 
24% 14 EssBus 

2irt 15 Esexcs 
28 15 Estrtno 

25% 14% Ethyls 
4 T vfEvWlP 
8% 1% ujEvanpf 
Wh Srtvlevnpfe 
43% 33% ExCeto 172 4J» 11 
17% 15 Excel ET 1X6O10J 
55% 42% Exx«l 350 67 9 7781 


454 20% 1«% 3Bb + 

46 34H 33% 34% + 

392 4 3% 4 + 

10 19 19 19 

9 30W 30rt Krt + 
173 44% 44 «rt + 
268 9% 8% 9 

29x Urt 13% urt + 
330 22 21% 22 + 

MS 19% )B% 1W8 — 
_ S6S 17% 17% mt + 
2 A 14 1347 25V. 2494 25rt + 
60 1% lrt Irt — 
38 T4i 1% 1% 

7 3rt Vh 39b — 
75 43% 42% 42%— 
67 17% 17rt 17% + 
54% 53% 54 



72 

28 

13% 

13% 

» 


52 PMC 2X0 

20rt FPLGP 196 ._ . 

9% FobCtr X8 28 22 

9% Facet 8 

. 8% Falrchd X0 1.9 

39% 23rt Falrcpf 350 11J 

lirt MVb Falrfd .10 15 9 

27 15V. FomDIs J JH 

I8rt 13% Fansfel 50 4X 14 

45 23 FrWstF , 7 

22% 15% Farah X8 4X 10 

13 Brt FoyDrg XO 24 19 

6% irt Federa JMI3 1 

45% 32 FedKIt 1X4 

52rt 31V* Fed Exp 


48% 3Trt FdHm pi 1549 45 
39 30% FdMag 150 45 11 

2«% 14 FedNM .16 _ 

MW 16% FedIPB 70 
30% 25% FPappf 2X1 
16% 12% FedRIts 1X4 
19% 14% FdSonl X0 
68% 49 FedDSf 294 
37 23% Ferro 1X0 

35 25% FtdCSt 1X0 

llrt Srt FlRCpA X5| 

5% 4% FlnCppf 50 714 
37% 29 FlnCppf 625*177 


LI 35 140 72 70% 70%— IVS 
75 0 2993 26rt 26 2Srt 

100 9% 9% 9rt +. 

286 11% 10% 11% +1. 

227 10% 10% 10% + 

21 31% 31 rt 31% + 

766 12V* llrt 11% + . 

3030 21% 19% 21% +1% 

64 14% Urt 14% + 

80 45% 45 45rt + 

179 21V. 20% 2C% — 

328 Brt Brt 8% + 

. 246x 5 4% 4% + 

4X 10 1054 46 45% 46 + 

24 3779 50% 49rt 4W4 — 


_ 33% 32% 32% — „ 
IAS 36rt 34% 36rt +1% 
J 10862 24% 24% 24% + ' 
39 17 122 II 17% 18 + 

85 3*2 27% 27 27% + 

65 15 94 16% 16% Urt 

4.1 15 385 19% 18V* 19% +1% 

LB 18 160« 67% 66% 66%—' 
19 H 287 30rt 29% 30% + 

2.9 11 92 34% 34 34% — 

8393 7% 6% 7rt + 

3 5rt 5% Srt + 

72 36W 35% 36% +1% 


6% 2rt FnSBor 9 229 6% 6rt 6% + 

32rt 25% FlreFdn XO IX 4745 31% 31% 31% — 
22% 16% Flrestn 53 Al 14 1396 19% 18% 19% + 

27% 15rt RAMS 58a 2J 10 1260 28% 27 27% + 

43 25% FtBkSy 150 4iB 7 2420 39% 39 39% + 

35rt 22 FBlcFll 1XO IS. 15 73 35rt 35 35% + 

46% 25% FBasts 1X0 2X M 2112 47% 45% 46% + 


26% 19% FstCWc 1J2 5.1 
53rt 44% FOU apt 5.14*10*4 
80 69% FCH PfB 750610X 

95% 85% FCNpfCUSelOX 
17W HW. FTBTeX 50 47 14 
48 35 FtBTx pf SJ4gl45 

44% 32rt Ftarxpf5J3elU 
19% irt F1CIIY 7 

29rt 12% FFedAz 5 fit IS 
60 43% FFB L12 S3 

55W 39% Flnfsto 250 
34rt 25% FlnMpf 237 
11% 6% FIMiss X4 
31% 16 FtNota n 
7% 5% FsfPo 
30% 23rt PstPd Of 252 
31% 25V. FtUnRl 2X0 
28% 18% FtVaBJc X8 
35% 19% FtWiSC 1J0 _ 

55% 48 FWlsCpf 6X5 MX 
41 23% Fischb JSf 


s a 8 
7X 

L0 11 

8 


9X 

7X 14 
L4 10 
L7 


1834 25% 25% 25% + 

104 49% 49% 49% 

150 70% 70% 70% + 

491 08% 88% 88% +1% 
266 13 12% 12%— 

2 38 38 38 

52 35 34% 34% + 

171 7% 6% 7 + 

197 27% 27 27% + 

270 60 59% 59% — 

745 50% 50 5D»— 

27 30% 30% 30% — 

508 Brt 7% 8 + 

22 31rt 31% 31rt 
1958 6rt 6% 6% 

174 26% 26% 24% — 

109 2B 27% Z7% — 

132 2irt 25% 26% 

145 35 34% 34% 

11970:55% 54% 54%— 1 
94 26 25 25% — 


13 Srt Fish Fd X5e *4188 123 13rt 12% 13rt + 

43 26% FltFnG s 1*44 17 8 752 38% 37% 38% + .. 

28% 17rt FleelEn M 2.1 10 7660 21% 20rt 21% +1% 

39% 31% Flemng 1X0 27 13 491 37% 36% 37 — 

13% 11% Flex! of TX1126 
29% 20 FlghtSf S .14 7 18 

35 ISrt FloatPt 19 

45% 11% Fla EC ,16a A 13 

29% 22% FlaPrg 2.16 7X 9 
“■ “ "• S3 17 15 


*46 2.1 19 
AO 27 
2X0 <0 11 
2X0 5X . 4 
1X6 10*4 


I9rt 11% FlaSII 

6% 3rt FlwGen 

21 rt 14% Flower 

20% 13% Fluor 

59 47rt FoateC 

Jlrt 40% FardM 

13V. llrt FtDear 

49% ZSrt FfHows 

15% 10% FosfWh 

13% 7% FoxPbal 

32rt 24% Foxbro 1X4 4X 

27 22 Faxmvr 16 

22% 18 FMEPn 1.10* 6X 
13% 9% FMGCa 130 

10% Brt FMOG 2X4*206 5 

22% 15% FrptMc 60b 3X 11 

32% 22 Frlotm 60 2.1 36 
28% 21 rt Fruehf JO 12 6 

32% 26% Frutifpf 2X0 73 

36% 28V. Fuquo .40 IX 10 


61 12% 12% 12% + 
989 24% 23% 23% — 
3M 33rt 32 33 +1 

71 41% 40 41U +1% 

324 29% 29% 27% 

169 19 18% 19 

257 6 5% 5% 

961 21% 21U 21% + 

4564 14% Urt 16% + 

164 55 53% 54% — 

7151 48% 471* <8% + 

68 13% 13 UW + 

2511 50% 48% 48% — % 

.44 17 1311550 12 llrt 12 + 

*68 5X 13 1637 12% 12% TZ% + 


372 25 24% 24% — 

374 25% 24% 25% + 
272 18% 17rt 17%—% 
324 10% 10% 10% + 
115 10% ID 10 — U 
1114 19rt 18% 18 
255 28M 27% 28 
1663 21% 21% 21 . 

2Z7 27% 27% 27% + rt 
393 32% 31% 32% + % 


1X0 


116 

2X0 


7*4 

67 

7X 


-201 " 25 
-56 10 11 


44% 23% GAF X0 
37% 27% GAT X 1X0 
47 rt 36% GATXpflSO 
32W irt GCA 
78% 54 GEICO 

8* 1% GF Cp 
44% 38% GTE 
39% 34V* GTE Pf 
26% 24rt GTE Pf ___ 

25 20% GTE pf 248 10X 

7% 3 GalHou 

66% 43% Gannett 1X8 
54 20% Gaplnc so 

14 7rt Gearhl 
22% 14% Gelcn 
12rt 9% Gem 1 1C 
12% 10 Gcmllt 
65 31% GnCarp 

18% 14% GAInv 

60% 31% GnBcsfl 1X0 
39% 22% GCInm X0 
20% 7% GnDala 
13% 9% GnDevn 

84 62 GnDvn 1X0 
A5rt 53 GcnEI 220 

9% 4% GnHme 
19% llrt GHOGtS X0 IX 
12% 8% GflHouS X4 2X 

23 12% Gainst 2S IX 

68V* 47V. GnMUte 224b 13 
59 52 GMill wi 

85 64 rt GMot 5X0r 73 
46% 16% GMtr E X51 .1 
43% 36 GMot pf 175 9X 
58 V. 47% GMot pf 5X0 9.4 


*4 H 2577 48 44% 46% +1% 

19 123 31% 30% 30%— % 

65 


.16 14 


156 


IX 

5X 


8% 3% GNC 
16 10% GPU 

105 5Brt Gen Re 
Hrt 6 GnRefr 
53% 37 GnSanl 1X0 4*4 
13rt lOrt GTFIPf 1X5 10.1 
6% 2*6 Gensco 
19% 8 GnRad .10 
Z6rt 19 Genstg 1X0 
36 28% GenwPt 1.18 

27% 20% GaPac X0 
37% 33% GaPc Pf 2X4 
36 31% GaPcofC2X4 ... 

26% 23% GaPwpf 100 11J 
3016 25% GaPwpf 144 111 
31% 27 GaPwpf 176 125 
23% 19 GaPwpf 256 MX 
2316 18% GaPwpf 2X2 11J 
26% 22 GaPwpf 2J5 10J 
68% 57% GaPwpf 7X0 1IX 
47% 56 GaPwpf 732 11X 


1 38% 38% 38% + % 
2283 6% 5% 6% + % 
IX 10 146 79 78% 7Hrt— te 

“ Art Bb J +% 

42% 41% 42% + % 
37rt 37rt 37% 

25% 25% 25% 

24% 24% 24%— % 
212 4 3% 4 + % 

2J 19 2199 59% 57 58% +1% 

X 42 1084 54 52% 53%—% 

" 307 7% 7% 7% + % 
56 18% 18% 18% — % 
419 10% 10% 10% + % 

m 11% u% u% 

621 64 <2% 63%—% 

180 18% 18% 18% + % 
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•h- cu?' 




“ The time has come , the Walrus said, to talk of many 
thing: of shoes - and ships - and sealing wax, 
of cabbages" - and Gross Paks. And Growftiks? 



GrowPak" from our Enviro-Spray Systems, Inc. 
subsidiary, is the most innovative and versatile 
technological development in pressurized packaging 
in 40 years. For our 1985 Annua! Report write: 

Grow' Chemical Europe N.V., Oudesrraat 8 
B-2630 Aartselaar, Belgium. Depc. G 



■~1 1 


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Nhi nt Hr Nra Vat Hh nl TV «atfa*M PM 


THE NETHERLANDS 


A SPECIAL ECONOMIC REPORT 


WEDNESDAY, NOVEMBER 13, 1985 


Page 9 





■ it' ■ i4Ai . | Ji ■ 

' - . m "V * . 

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life 










By Brigid Phillips 

THE HAGUE — This autumn, 
the Dutch parliament has debated 
what many see as the digmanTTfng 
of one of the most generous welfare 
states in the world. But far from a 
cause for outraged protest, the pro- 
posals for reform have been gener- 
ally accepted. 

Governments since the mid- 
1960s have struggled with theprob- 
lera posed by the cost of maintain- 
ing the system of social payments. 
Now, the government of Prime 
Minister Ruud Lubbers has pro- 
posed six. bills to restructure the 
most expensive parts of the system. 
In a country that is firmly commit- 
ted to an egalitarian society, the 
measures to pare down unemploy- 
ment, sickness and disability insur- 
ance could have beat expected to 
imleash strong opposition. 

Despite some criticism from em- 
ployers and unions, both groups 
have recognized the pressing need 
for revamping the present system 
The economy was crippled by the 
cost of the payments at the mtw 
time that revenues were deteriorat- 
ing because Of slumpin g aaW of 
Dutch natural gas. 

One-third of total government 
spending goes to the welfare state. 
Taxes and social security contribu- 
tions constitute 52 percent of gross 
domestic product, the highest ratio 
in Europe outside Sweden. Em- 
ployers pay more than a quarter of 
their wage bill in social-insurance 
contributions and employees putin 
27 percent of their earning s. The. • 
number of people, including pen- 
sioners, not working and receiving 
.benefits exceeds the number of 
^people working in the private sec- 
tor. 

L “In the past few years, the gov- 
- eminent- has recognized that we 
-had to roll back because the per- 
i centage of social security was rim- 
■ ply too high," said Maarten Rays, 
l (Continued on Page 14) 



Unemployment 
Clouds Record 
Of Progress 
In Economy 


Tentfiug a field of daffotfils, above, for export to the Netherlands’ European neighbors. 
Immigrant workers, below, listen to (Erectors of the ADN shipyard. 



AP WV Den Hog 

Prime Minister Ruud Lubbers, left, and Queen Beatrix. 


ANP 


INSIDE 

■ The Central Bank: Why the Dutch governor has more power 

than mosL An interview. " Page 10. 

H Stocks: What the Netherlands is doing about fears of insider 
trading on an exchange studded with blue-chip issues. Page 11. 

■ Options: How the European Options Exchange is struggling to 

become less provincial and more international. Page 1 1. 

■ Rotterdam: Can the historic trading center ride out the changes 
of the 1980s to keep its pivotal position in the oil trade?Page 13. 

I Industry: How tax reform and rising fixed investment have 
aided corporate profits after a decade in the doldrums. Page 16. 

■ Shipbuilding: Will the ferryboat Queen Beatrix be the last of the 

middle-class ships built in Groningen? Page 16. 

■ Flowers: How the glittering greenhouses of The Glass Citv have 

turned gardening into a high-tech science. Page 17. 

■ Tourism: For the Dutch, the trouble with travelers is that they 

don't stay long enough. Page 17. 


By Michael Metcalfe 

THE HAGUE — Wiih six 
months to go before national elec- 
tions, Prime Minister Ruud Lub- 
bers’s center-right coalition is re- 
laxing the austere policies that have 
shaped the Dutch economy over 
the past three years. 

Since November 1981 when the 
coalition of Christian Democrats 
and Liberals took power, the gov- 
ernment has steered a lough course 
of trimming the budget deficit by 
sharply reducing public spending, 
pruning the social welfare system 
and holding back government em- 
ployees' wages. 

In addition, the government has 
tried to promote industry and com- 
bat unemployment’ mainly 
through tax incentives and job-re- 
training programs. 

As the election nears, the govern- 
ment’s track record on economic 
issues is under close scrutiny by 
independent Dutch economists, 
opposition parties, pollsters and 
voters. 

Most share the view that the co- 
alition has successfully tackled the 
problems of paring public finances 
and of injecting fresh vigor into 
sluggish industry. However, the 
government is seen as having failed 
to deliver on the key issue of unem- 
ployment, which, at a rate of about 
1 6 percent, is one of the highest in 
Western Europe. 

Peter de Ridder. director at the 
state-appointed Central Planning 
Bureau, said: “The sirne of the 
Dutch economy has over recent 
years shown a remarkable improve- 
ment in several respects — an ex- 
cellent performance with regard to 
wage and price inflation, a notice- 
able improvement of profitability 
and international competitiveness 
and. moreover, publit>$ector defi- 


cits and a collective [tax] burden 
that recently are falling." 

But he added: “Remaining nega- 
tive factors are the very high unem- 
ployment rate and the persisting 
large external surplus, indicating 
that investments keep falling shon 
of savings.” 

According to statistics published 
by the bureau in September, unem- 
ployment in 1986 will remain at 
tin's year's level of 765.000. or 
around 16 percent of the work 
force. Only a slight increase is ex- 
pected in the number of jobs avail- 
able. 

On a more optimistic front, the 
overall economy is growing at a 
healthy pace, with a slight accelera- 
tion expected in 1986. Forecasts of 
gross national product put growth 
next year at around 2 percent to 2.5 
percent, compared with 2 percent 
in 1985. The prediction was made 
on Lhe assumption that world trade 
will grow by 3.5 percent compared 
with 4 percent this year. 

fn a report published last month, 
the Amsterdam-Rotterdam Bank 
noted that manufacturing produc- 
tion is increasing, as is private-sec- 
tor investment and domestic ex- 
penditure. 

“Domestic expenditure re- 
mained on the uptrend. Personal 
consumption in the first seven 
momhs [of 1985] was up by over 
one point in real terms, with dura- 
bles almost in step." the report stat- 
ed. 

According to Rob van der Graaf. 
chief economist at the Algemene 
Bank Nederland, the budget pro- 
posals announced in September for 
1986 contained some encouraging 
news for industry and taxpayers 
alike, continuing a trend started in 
the 1985 budget proposals. He 
said: 

“Together with corporation tax 
(Continued on Page 14) 





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commercial and corporate needs. Indeed, we are built around them. 

Why not get in touch and test our competitive edge. Weve got all of the Dutch 
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MINIKIN MK> IM.KI.KN veiJVH'llNK MOM I1KM J.IUHM -I* \UIS» HU Mt NsTKH M-'W UH.HI *.KW luKk I' lllli MNKIHM |xn >IV>. M-- iHtv lil’MO nil'll IMKVI ■■■> II 




"Kpr.-pwsv 




Page 10 


INTERNATIONAL HER A LP TRIBUNE, WEDNESDAY, NOVEMBER 13. 1985 




A SPECIAL REPORT ON THE NETHERLANDS 




Duisenberg Rules 
Over Autonomous, 




Strong Central Bank 


By Vivian Lewis 


THE HAGUE — Among cen i ral 
bank governors around the world. 
Wim F. Duisenberg, ihe governor 
of the Dutch central bank, has 
greater power [ban most. 

“The law that nationalized the 
central bank in 1048,” he said, 
“took great pains to make it as 
independent as possible. Thus, as 
far as decision-making autonomy 
goes, the board of directors of this 
bank can directly set interest-rate 
policy, while even the [West Ger- 
man] Bundesbank must seek the 
approval of the BankraL" the West 
German advisory council. 

Mr. Duisenberg. interviewed at 
The Hague offices of the Dutch 
central bank. De Nederlandsche 
Bank, or DNB. said: “In foreign 
exchange intervention, the Dutch 
central bank acts alone, while even 
Paul Volcker can act only with the 
approval of the U.S. Treasury.” 
Mr. Volcker is chairman of the 
Federal Reserve Board. 

He wryly concluded. “The pity 
of it is that they have bigger coun- 
tries." 

Within the Dutch context, the 
broad reach of central bank policy- 
making has considerable effect. A 
few hours before he gave the inter- 
view. he had his weekly policy 
lunch with Finance Minister H. 
Onno Ruding. These meetings oc- 
cur no matter what government is 
in power. 

Mr. Duisenberg added. “It is a 
very good thing to lake the central 
bank away from the folly of the 
day, from changing political atti- 
tudes and coalitions, to give an ele- 
ment of stability.” 

Mr. Duisenbere himself served 


as finance minister far the Social- 
ists. who are now in opposition. 
“When I was in government, it 
steady helped me to have an inde- 
pendent central bank. The minister 
of finance, in any government, is 
the most lonely figure there is. Ev- 
eryone wants more money, and he 
is the one who has to say ‘no’. The 
onlv allv he has is the central 
bank." ' 

The DNB's independence goes 
back to its foundation in 1814 as a 
private company. Its statutes were 
modeled on (hose of the Bank of 
England, itself a copy of an earlier 
Dutch issuing bank. 

Being from a small country. Mr. 
Duisenberg does not belong to the 
Group of Five, the group or central 
banks that reduced the dollar’s ex- 
change rate in September. But the 
Netherlands is a member of the 
Group of Ten. 

Mr. Duisenberg said of the 
Group of Ten: “It is the roost effec- 
tive cooperation of central bank 
governors there is. With monthly 
meetings, the governors get to 
know each other over the course of 
years, because of the regularity of 
meetings and the continuity’ of the 
population of the sample.” 

The Group of Ten governors 
were informed of the intervention 
plans ol the leading five central 
banks — the United States, Britain, 
Japan. France and West Germany 
— “within 24 hours.” Mr. Duisen- 
berg said. “We were told of the 
definite targets on exchange rates 
they agreed on. and our partners 
consulted us and asked our cooper- 
ation.” 

He refused to indicate if the 
DNB in fact intervened on the 



Economy of High JnterestSfiteS]:. IP 

Blamed on Gwlder' Mnrh1mh " 


Wim F. Duisenberg and the central bank headquarters. 


money markets by selling dollars 
with the Group of Five. “Wc never 
disclose our market position,'' he 
said, “because otherwise we would 
always have to disclose our market 
position.” 

U nlike huger countries’ central 
banks, such as the United States, 
West Germany, Britain or Japan, 
and unlike the direction in which 
France is moving, DNB does not 
have an open-market position, 
which would enable the central 
bank to buy and sell treasury bonds 
and bills to control interest rates 
indirectly. 

“To do that, we would have to 
have a stockpile of bonds, which we 
would have to buy,” Mr. Duisen- 
berg said “This would mean the 
central bank is financing the gov- 
ernment, which Z don't want to do. 
But nothing under law prevents us 
doing that." 

In the Netherlands, the central 
bank has other monetary policy in- 
struments as well, notably the abili- 
ty to intervene directly in control- 
ling the ability of banks to create 


liquidity or to ban or limit new 
credits. Such power has been used 
in the past by the bank, but is now 
being kept in reserve. 

“We are not entirely uncon- 


cerned as to monetaiy develop- 


ments," the governor said 
creation of money has been very 
rapid for some time. The liquidity 
ratio [the relation of broadly de- 
fined money supply to national in- 
come] has been rising." But, he 
said as long as investment remain- 
sat an all-time low and the balance 
of payments deficit and unemploy- 
ment are high, the central bank will 
not try to cut down on money- 
supply growth. 

Instead (he Dutch are allowing 
interest rates to stay at a level 
somewhat higher than that of West 
Germany, while their currency, in 
ihe European Monetary System, 
has been fixed to the Deutsche 
mark since the realignment of 
March 1983. 

In addition to having powers 
comparable to those of the U.S. 
Federal Reserve Bank, the gover- 


nor of the Dutch central bank also 
has some of the powers of the U.S. 
comptroller of tne currency and of 
local bank regulators. In 1983, law- 
suits were brought against the 
DNB over the failure of a Dutch 
mortgage bank. 

Today, in the line with recom- 
mendations by the Bank for Inter- 
national Settlements, another cen- 
tral bankers' club with wider 
membership than the Group of 
Ten. the Dutch central bank is wor- 
rying about off-balance sheet risks 
that banks may be incurring, with 
the note-issuing facilities and guar- 
antees they are providing 


“We are following the matter 
closely and have warned banks to 
be very careful," Mr. Duisenberg 
said “Our fundamental concern is 
that they are providing this service 
with extremely low margins.'' 

He added: “We are acting on 
more than prudential grounds 
alone. We do want banks to main- 
tain their profitability. This is not 
an attractive part of the business." 


THE HAGUE — Within the European Monetary 
System, the guilder has been i pegged rc i the mares 
parity at a central rate of 1 12.7 since March 1. ■ 
keep within the trading range, the Dutch central 
has maintained a differential between Dutch and west 
German short-term interest rates. While Gennanrataj 
are in the range of 4 percenu Dutch “advance rates 
are being kept at 5 J percent. 

“ Our link with the DM is a bad thing. - said Fopber- 
tus Hoogendijk, a board member of Amstentti* 
Rotterdam Bank (AmRo). “If ^ German is 
strong, interest rates tn Dutch, guilders have to be a 
little higher than in marks. So we have to work harder 
in good times. And if things are bad with .higher 
interest rales it hits us more. . .we can never win. 

Determination to maintain the differential a* above 
100 basis points led the Dutch central bank in Jan wuy 
to corn’ a move by the West German Bundestag to 

raise de maximum Lombard rate; again in ^Aug^t, 

when the German yields fell, the Dutch kepi the 
differential in their own discount rate, which is, in ta«, 

a minimum rale. 

Mr. Hoogendijk. as well as financial analysts at the 
Pierson, Hddring & Pierson merchant bank, which is 
controlled by AmRo, said that this high-interest policy 
was harming the Dutch economy and contributing to 
the problems of an investment-led recovery. He said 
the Dutch central bank should follow the example ot 
the Bundesbank or Bank of England: to intervene on 
the markets by trading in Dutch bonds to force rates 
downward 

The current interventions of central banks on the 
money markets tend to have a perverse effect. Without 
special measures to counter the effect on money sup- 
plies of intervention to push down the U.S. dollar, the 
result will be monetary expansion in the United States 
and monetary contraction in countries whose curren- 
cies are being edged up, like West Germany or the 
Netherlands. This can be countered by a technique 
called “sterilization," to offset the effect of interven- 
tion on money supplies. 

In the case of the Dutch market, intervention, is 
running at 100 million guilders (about 5333 mOBon) 
per week. And as soon as there are any hints that 
German interest rates are finning, the Dutch money- 
market rate has tended to follow. 

Critics of high interest rates attribute the lack of 
capital investment and Dutch unemployment to inter- 
est policy. But the number of Dutch jobless moved 


downward from tape* of own 840.000 in the spring 
of 1984 at the same time as interest cates haw nseo. 
And while forecasts for 1986 by ihe Dutch Central 
Planning Board show a pickup in investment, spatial 
factors are expected to prevent ancroptoym cm fig ures 
from improving very substantially. The argument thtf 
money is causing joblessness has not Beta 

substantiated 

In fact, banks are wearied about high, interest rates- 
for their own reasons. Dutch corporations are rrfoc- 
tant to borrow, not only because loans arc ttpessvh 
but aUn because, they have other alternatives. 

A pickup in cash flow, 'better export etmaogsand a 
drawing down of inventories in many industries pro- ; 
vide an alternative to borrowing money through self- 
financing. Then, too. the boom is the. stock. marten 
and parand markets gives Dutch firms a new source of 
equity that costs less than loans. 

If the guilder, following the nark, strengths® more 
sharply against the dollar, those export earnings may 
suffer. Dutch sales of goods to the United Slates 
nearly doubled between 19S1 and 1984. an indication 
of the effect of shifts in exchange rates, although less 
than 5 percent of Dutch gpods go to the United States,' 

“We make our sales not bn price but on qualify and. 
delivery and service,” said Ben Twaalbcvca president 
of a smaller company. Indivers of SdnpboL “Unless 
the dollar falls 10 or 15 pcrcenL more,” be added “the 
effect will be purely positive for us." . 

Mr. Twaaltoven, whose company does aircraft en- 
gine servicing and makes microchips, also is ( 
about the interest-rate trend, at least fori 


Finns like Indivers. “Interest rates of 1 1, 12. 13 percent 
have no effect on U.S. business decisions there, “he 
said. “And here, what does it matter if 1; pay 7& 
percent to borrow if I can make 15 percent net on 
equity or 30 percent after taxes?" 

Of course, larger companies that grow less fan may 
not be as sanguine as IrnSvers. And some tasoefe 
activities; such as construction or trading, are more 
sensitive to the cost of money. 

In fact one of ihe most spectacular victims of 
exchange rate and interest trends among Dutch com- 
panies is Hagemeyer, a trading group whose losses for 
the first half of 1985 topped \Jb btiKon gmkfers on 
turnover of 61&.9 bSfion gmhfcrs, and it expects a 
further loss from its commodify division in the snood, 
half of the year. Hagoaeyer is resolving itsprohfens 
with a new linkup with Sears- World Trade. 

—VIVIAN LEWIS 



AHEAD 


CATION 


The capital city of the Netherlands becomes tele- 
commujfac3tion centre of Europe. Amsterdam is going to have a new, 
advanced telecommunication network with substantially expanded 
cavity. The first phase of this glass fibre network is complete. 

# Information and communication. Next to common 

telephone calls the new fibre glass network carries mega bites of infor- 
mation like high speed computer data, volumes of text and pictures 
in a flash. Both internally and externally. In the Netherlands and all over 
Europe. And even if we want to go further afield wrth our information, 
e.g from the so-called Smart Buildings in Amsterdam-Sloterdijk to 
Osaka in Japan, we can handle that We will transmit it to a satellite. 

Such a conurbation network of advanced telecom- 
munication facilities with substantially expanded capacities is formed 
by satellite earth-stations along with glass fibre networks. We refer 
to this as a Teleport Which is now coming into being A part of 
Amsterdam, to be precise Sloterdijk has now become a Teleport 
Systems talk to systems. Companies locating in a 
Teleport can make optimal and therefore competitive use of all 
existing information and communication systems and those under 
development The market data can control the production process. 
Management decisions can be based on the most up-to-date 
information. Are you interested in technology? In that case, you 
should knpw that the Amsterdam Teleport conurbation network is 


fully digita I iseiM offers both narrow-band channels (e.g for telephone, 
text facsimile a%slow data communication) and very broadband 
channels (e.g forfey high-speed data communication and video- 
conferencing). One%igle glass fibre, with the thickness of a hair, can 
carry 140 million bits |§r second. 

This cilptes unprecedented possibilities in the area 
of computer-to-compute^%mmunication f stand-by and back-up faci- 
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terminal and any data base. (2§sally, nationally and internationally. 

The Teleports advanced technology accelerates and 
streamlines all forms of commutation. Banks, universities and 
airports are gping to use the conuiWon network. To put it in another 
way: any company or service industifWiere international commu- 
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the most important benefits of setting' min a Teleport is the 
opportunity to sharpen your competitivelfgge by using the best 
possible information and communication topologies. PTT Telecom 
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Ready for the future. Amsterdam &ka lead by team- 
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INTERNATIONAL HERALD'TRIBIJNE, WEDNESDAY, NOVEMBER 13, 1985 




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A SPECIAL REPORT ON THE NETHERLANDS 




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Stock Exchange Wants to Rule Out Insider Trading 


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The trading floor of the Amsterdam Stock Exchange. 


European Options Exchange Seeks 
To Outgrow Its Provincial Image 


AMSTERDAM — An attempt 
is being made to internationalize 
the European Options Exchange in 
Amsterdam. Because of (he failure 
of the seven-year-old exchange to 
generate volume in foreign-share 

S itions, the EOE, while remaining 
e principal European center for 
options trading, has become quite 
Dutch. 

But moves to add new options 
and to extend trading hours to cov- 
er the world on a 24-hour basis 
should make it less proyineiaL '• - 
In the first nine months of this 
year, Dutch securities — shares 
and government bonds —.made up. 
the bulk of business. Volume leader 
for the second year was the Dutch 
share, Akzo, not even an interna- 
tional blue chip. The Dutch were 
increasing their familiarity with the 
market by seeing trading sessions 
on public televirioa. 

Petrofiea of Belgiumis the only 
surviving non-Dutch company in 
which Amsterdam options trade, 
and it accounts for only 0.2 percent 
of total stock options trading. : 

The French government, as part 
of exchange controls imposed in 
1981, required that qpnons on 
Fremh shares be delisted. German 
share options, disliked by German, 
banks, failed to generate sufficient 
volume to survive. .> 

StiR the European Options Ex- 
change in Amsterdam, while 
dwarfed by the options markets in 
the United States, particularly the 
Chicago Board Options Exchange, 
remains the leading maiketf or puts 
and calls in Europe, according to 
the International Association of 
Options Exchanges and Gearing 
Houses. By number of contracts, 
the EOE in 1984 ranked fifthin the 
world, while the newer Loudon 
Stodc Exchange options dealing 
ranked llth. 

The EOE already offers con- 
tracts on currencies Uke the dollar- 
sterimg exchange rate or the dollar- 
Dentsche-mark exchange rate, 
where there is no “Dutch connec- 
tion.” By the end Of this month, it 
will laiw>ch a new-set of puts and 
e»% , of dollars against European 
Currency Units. 

“This is a back-door way to 
hedge French or Belgian francs,” 


said Theodore E. West 


Westertezp, the 
>eneral director of the EOE. 


win be immediate trading 
in Montreal, making this a 12-hour 
markk” 

Silver and gold options traded in 
Amsterdam can be covered on a 24- 
hour basis. Trading picks up in 
Montreal after it doses in Amster- 
dam, and then moves on to Van- 
couver before resuming at 12 P.M. 
local time (one day later) in Syd- 
ney. These 24-boar gold options 
are cleared through the Amster- 
dam-based International Options 
Gearing Corp-, which is owned by 
these four exchanges! 

.Currency trading, particularly in 
doOap-sietiiDg, is already available 
on a 12-hour bans with Montreal. 
Mr. Westerterpsaid that this would 
be extended. 

The gold deal of these four ex- 
changes will be extended in 1986 to 
cover one or two options in leading 
companies from, each market, he 
said. “Options in shares Hke Royal 
Dutch or Broken HOI Proprietary 
mil be tradable for 24 hours.” 

-The EOFs business has Been 
brisk tins year; In the first nine 
months of 1985, its volume totaled 
slightly more 4.8 million contracts, 
compared tajust more than 5 mil- 
lion m all of 1984. 

But there , is plenty ’ of ^ room to 
grow given the levds of annual 
trading at the Chicago Board Op- 
tions Exchange — 123 million con- 
tracts in 1984. London and Am- 
sterdam have a “hands-off 
arrangement," Mr. Westerterp in- 
dicated. “We don't trade options in 
British shares, and they don’t trade 
in Dutch.” 

He said that the London options 
market is interesting. However, a 
leading British brokerage house an- 
alyst, Michael Freyd of Philips & 
Drew, said that, “while options 
trading in Amsterdam is not partic- 
ularly iumortant to us, it is useful to 
have it tkenv for Dutch share op- 
tions." 

Mr. Freyd said that 95 percent of 
his firm 's British options business 
is done for British residents. “De- 

United States,' American institu- 
tions are not making much use of 
options in Europe," he said. He 


expressed regret that options in 
German sham were defined from 
the EOE in Amsterdam “despite 
the fact that you can't do such 
trading anywhere else." 

From London, perhaps the big- 
gest attraction of Amsterdam is the 
possibility of “currency contracts 
in sterhng-doUar rates,* according 
to Mr. Freyd. “What makes it dou- 
bly interesting is that the Dutch 
market is fungible with Montreal 
and Vancouver, allowing 16-hour 
coverage." He called this “very 
convenient." 

In the case of Briush-Dutch 
shares, such as Unilever or Royal 
Dutch Shell, quoted on both Lon- 
don and Amsterdam options mar- 
kets. there are interesting arbitrag- 
ing possibilities for dealers. 

Andriyan Eerden, who is a mar- 
ket maker at the Amsterdam EOE, 
is also active in the U.S. options 
market in both puts and calls in the 
slock he handles. Royal Dutch 
Shell. 

“Because the market uses a dif- 
ferent strike date, the U.S. options 
have an extra month to run,’' he 
said. “It gives us a nice turn." (Roy- 
al Dutch' Shell is traded on the 
American Exchange options mar- 
ket with strike dales in November, 
February and May, one month ear- 
lier than in the EOE) 

International arbitraging be- 
tween options markets is for spe- 
cialists. Most of the ordinary EOE 
clientele, who are in stock,' bond 
and index options — if not in pre- 
cious metals or currencies — out- 
weigh professionals and are not 
that sophisticated. They also find 
the international side almost irrele- 
vant. 

Just about half the puts and calls 
traded in Amsterdam involve ordi- 
nary Dutch shares, the fastest 
growing market segment 

The options market is soffideot- 
ly appealing internationally and 
above all domestically to allow the 
EOE to expand. An eight-stcry 
building is being constructed to 
house the Options Exchange, about 
halfway between the Amsterdam 
Stock Exchange and the former 
Royal Mint It is due to open by 
the spring of 1987. 

— VIVIAN LEWIS 


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By Vivian Lewis 

AMSTERDAM — As European 
stock exchanges become more con- 
trolled, due to the rise of U.S. insti- 
tutional and individtut] investment 
pressure is growing for stricter in- 
formation rules. 

It is felt that corporate accounts, 
complete, consolidated and regu- 
lar, should be given to all share- 
holders at the same time. Insider 
trading, which is illegal in the Unit- 
ed States, worries European inves- 
tors, too. This trading involves us- 
ing inside information to boy stock 
in a company tint win be subject to 
a takeover bid or to sell stock be- 
fore a poor report is published. 

This is the case of one of the 
favorite markets for foreign share 
buyers, that of Amsterdam, whose 
exchange is popular because of the 
number of international blue chip 
corporations that are Dutch or 
half-Dutch, such as Philips, Royal 
Dutch Shell, Unilever, and Heine- 
ken. 

Suspicions of insider trading, 
following the recent case of Hage- 
meyer and Rademaker Metaal, has 
led to parliamentary questions to 
Finance Minister EL On no Roding, 
both from his own Christian Dem- 
ocrats and from the opposition So- 
cialists. 

De Tdegraaf, the Dutch morn- 
ing newspaper, has warned thai 
“the stock market risks making it- 
self ridiculous” if it fails to follow 
up on complaints. But Mr. Ruding 
has not given a firm commitment to 
those calling for a crackdown on 
insider trading. 

A powerful voice has been raised 
in favor of legal sanctions, that of 
Boudewijn Baron van Ittersmn, 
chairman of the board or the stock 
exchange. 

He said: “We have what we call a 
‘stock watch,' which monitors price 
and turnover looking for insider 
trading. But insider trading is not a 
cr imin al offense in this country. 
For over two years we have been 
discussing with the government the 
need for a law to go further than 
the code of conduct we have with 
our members. A code of conduct is 
insufficient. The stodc exchange 
can signal or investigate, but it has 
no real sanctions at its disposaL” 

Mr. van Ittersmn masted that 
“the members of the stock ex- 
change share this view” of the need 
for regulation. The exchange's 


members are brokerage agents or 
banks. 

The Amsterdam exchange, 
founded in 161 1, remains what it 
was then, a private association, 
governed by representatives of its 
140 members and is self-regulating. 
Mr. van Inersum has beaded it for 
four years after directing interna- 
tional affairs at the Finance Minis- 
try. 

Yet, it is not for the sake of the 
foreign investors that Mr. van liter- 
sum wants to outlaw insiders. “We 
need to mobilize domestic invest- 
ment," he said. “For our own en- 
lightened self-interest we need an 
increase in the provision of capital 
to Dutch business." which be said 
was undercapitalised. 

Mr. van Ittersum said that in 
1978, one Dutch household in debt 
held securities; today, the number 
is one in 10. To increase interest, 
the exchange is r unnin g an adver- 
tising campaign and sponsors pro- 
motional activities, such as guided 
tours or kits for investment dubs. 
“Our tactic is to spread ownership, 
to bring smaller investors to the 
stock market, to help people feel a 
certain link with business.” he said. 

The stock exchange, temporar- 
ily, has abandoned its lobbying for 
tax incentives to encourage the pur- 
chase of shares. Instead, pressure is 
being put on the government to 
allow die Dutch to buy shares for 
their retirement, a program similar 
to the Individual Retirement Ac- 
counts in the United States. 

“The idea is that an individual 
will open an account and put mon- 
ey in it and make his own invest- 
ment decisions — on condition that 
he only take the money out when he 
has retired,” Mr. van Ittersum said. 
Currently, tax incentives for retire- 
ment saving apply only to insur- 
ance or pension funds, which put 
most of the money into bonds rath- 
er than stock. 

Mr. van Ittersum expects the re- 
tirement-accounts proposal to be 
raised in debates over the 1986 
budget, but legislation is more like- 
ly to come only late next year, when 
the 1987 budget is discussed. 

While the Dutch have been rela- 
tively reluctant stock buyers, for- 
eigners have rushed into Dutch 
shares. The result has been a three 
years’ growth in the share index, 
which now is more than twice the 
level of 1970 and 30 percent over 
the start of the vear. 


In the case of about 30 or 40 
leading international shares. Mr. 
van inersum pointed out that “for- 
eign ownership averages 20 percent 
and may be as high as 50 percent in 
some shares at some time.” 

Running an open economy, the 
Dutch are not opposed to foreign 
investors as such. Bui they have 
seen the effects on their own pay- 
ments balance of massive inflows 
— and outflows — of investment. 
"Foreign investment is less stable 
than our own investment.” Mr. van 
Ittersum said. 

The Dutch central bank gives 
data showing the size of stock ex- 
change movements and their effect 
on the Dutch balance of payments. 
In the first quarter of 1985. sales of 
stock, “notably to the United 
States,” produced an inflow into 
the country of 1.7 billion guilders 
(S570 milli on), while foreign bond 
purchases produced a further 1.1 
billion guilders. The total inflow. 


including the small amount, of 
Dutch purchases of foreign shares, 
was 3 billion guilders. 

This is a huge amount compared 
with ihe first-quarter current ac- 
count (net earnings on all trade in 
goods and services) of 4.6 billion 
guilders. And it can reverse over- 
night. as it did in the fust half of 
1984. when there was a net portfo- 
lio investment outflow to the Unit- 
ed States alone of 700 million guil- 
ders. 

As if the extreme volatility of 
U.S. investments were not enough, 
the fall in the dollar and a better 
yield than in West Germany have 
drawn other short-term foreign in- 
vestors to the Netherlands. 

Tsutomu Nagazumi. general 
manager of the Bank of Tokyo in 
Amsterdam- said: "Japanese inves- 
tors are diversifying more and more 
and we are helping institutional in- 
vestors. Now ihev are into Dutch 


bonds more than shares, but star* 
purchases are rising steadily.” 

Foreign investors’ taste for tak- 
ing profits results in strong ebbs* 
and flows of funds into the narrow^ 
Dutch stock market, as well as In 
the Butch payments balance. Mr. 
van Ittersum expressed some 
doubts about whether the three- 
year-old boom in stock prices can.' 
or should, continue. “We need time," 
in the market now and then lot 
reflection, to counterbalance the 
rise." he said. “And there is some’ 
uncertainty about the elections 
next May.” 

The Dutch market is attractive, 
by international standards. Al- 
though yields are low. price-eariK 
ings ratios are on the low side, too- 
Institutions with large sums to 
place now can pay negotiated com-! 
missions up to 7? percent below the 
maximum rates, and charges on, 
small trades are said to be among 
the lowest in the world. 



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Page 12 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 


A SPECIAL REPORT ON THE NETHERLANDS 



Rivalry Setting Pace 
In Banks 9 Rapid Bid 
To Go International 


By Vivian Lewis 

UTRECHT — Dutch bants 
continue to move in on each other s 
turfs. Here in the ultramodern 
headquarters of Rabobank, the 


there, wiih eight branch offices 
around West Germany. It has 
opened a branch in Antwerp and 
this year turned its London office 
into a full branch. It is opening in 
Paris in December, and next year in 


Netherlands second largest bank. Singapore, with representative of- 
tbe chairman, Pierre J. Lardinois. nbnn fnr Inl-ana inn Hone 


me cnairman, t^erre J. Lardinois. Rees planned for Jakarta and Hong 
teUs how the bank is becoming Kong . Lardinois. architect of 


more imemaiional and how it is 
offering more services to small 
businesses. 

“Already, we have the largest 
market share among small and me- 
dium-sized enterprises, which we 
want to make known and build 
up." he said. In doing so, he will be 
pitting Rabobank against the lead- 
ing institution specializing in small 
business loans, the Nederlandsche 
Middensiandsbank i'NMBV 

Meanwhile, both Rabobank, a 
farmers' cooperative institution of- 
ficially known as Cooperative Cen- 
trals 'Raiffei sen -Boerenleen bank, 
and NMB are challenging the top 
international bank, Algemene 
Bank Nederland (ABN) and Am- 
sterdam-Rouerdam Bank (AmRo) 
with their burgeoning foreign 
branching. 

Rabobank opened its first for- 
eign branch five years ago, in New 
York, with a staff of five: today, it 
has a S2-billion balance sheet total. 
In 1983. : t acquired 84 percent of 
Allgem cine Deutsche C redie i an - 
stall, a Frankfurt- based bank 
quoted on (he stock exchange 



The Asia-Pacific Coitnectiaru 
Two- War Street Is Broadenin 

v . hi-* this one. our carem 


-OH 


AMSTERDAM- -Die Dutch 

lSp£«» Ho^cn- MW™* 


these expansion plans, said that 
“we want to be in all main har- 
bors." 

NMBs internationalization has 
been almost as rapid. Since 1977. it 
has opened in Zurich, London and 
New York. In 1981. it bought out a 



-1 1 i i , ;V . 


V: ! 



Bank. A former head of interna- 
tional operations at AmRo. Mr. 
Hoogendijk is one of those Dutch- 
men who b eg 311 their careers in the 
Far East or Pacific Ocean zones. 

The Eastern connection also 
works the other way, with an iin- 
po riant contingent of Asian-Pactf- 
ic- linked banks operating in the 


ina country. According to kiaas 
Braik. a bank official, “We manage 
the portfolio of the Bank of Indo- 

- r . ■ in tfwwen 


hke thh one. our parenr cannot 
feed so own* children." 

Bonk of Tokyo special iaw tnlor- 
L »igp-e\ -charge business. as veil as 
acting as a community hank- for the 
Japanese buwnfrwes rn the .Nether- 
lands. "And we are irying to break 
into bemg; the bank of oon-Jopa- 


; faring 


S 53 t£ 5 ES?>£V h,s 

,-ininc 


Indonesian' companies 


lc-unked bantu operatmg ui ^ --r- 0 r acting as a mer 

Netherlands. Out of 36 foreign P"\ a “ ?*rS r ° ° 

banks in the country. 1 1 are from chant bank- 


consortium bank. In Le runic el to but also “because foreign business 
acquire merchant and retail banks is not growing as rapidly as in the 


Algemene Bank Nederland: Under challenge by competitors. 

keep the competition on its toes, member of AmRo, also has ambi- as a co mmerc ial 


member of AmRo, also ha* ambi- as a commercial lender. It is the 
tions to get away from classic com- Post-Bank, formed out of the post- 


in Paris. This year, the network was 
strengthened by the purchase of the 
former First Seattle branch in To- 
kyo from Bank of America, which 
had acquired it as pan of a rescue 


1970s." 

Mr. Hazelhoff is stressing the 
four pillars of ABN: lending, secu- 
rities. international and domestic 
operations. The fifth pillar on 


mercial lending. He discussed the al savings and postal giro systems, 
takeover of AEG by Daimler-Benz Under its new statutes, its lending 


in neighboring West Germany, will no longer be confined to mort- 
“German banks are instrumental gages and personal loans. 


in doing deals while there are limi- The arrival of the Post-Bank, ae- 


operation. and by the purchase of which the others depend is service, 
the Hamburg branch of Neder- be said. “But we have to stress the 


taiions on what we can do in the cording to Mr. Hazelhoff at ABN, 


landse Credieibank, owned by 
Chase Manhattan. NMB has also 
been building up its network in 
Latin .America. 


AmRo and ABN are not afraid 
to trespass into rival territories, ei- 


domestic business because it is the 
basis." he added. 

.As part of the new orientation he 
is giving ABN. Mr. Hazelhoff 
hopes to bring those who are in 
relationship with the customer into 


Netherlands. Germany is still — I will exacerbate some aspects of 
hate to say it — a bigger country, bank competition. “He main 


And the magnitude of coordination problem of Dutch banking is that 
between banks and industry is checks are free: we are losing a 

nranldr A nd (UlM lia ~ — M 


greater." And then he concluded: 
"I would love to do deals like that!” 


fortune on the payments system." 
He would favor a system modeled 


Asia and Australia, including De 
Indoncsische Oversee Bank (Tn- 
dover). This is the largest overseas 
bank in the Netherlands specializ- 
ing in foreign business, as opposed 
to banks here that are international 

in ownership but do most of their 

business in retail banking. 

Indover is the third largest for- 
eign bank in the Netherlands in 
terms of business. Other Asian in- 
stitution 5 among the top 10 foreign 
banks include five Japanese banks: 
Yantai chi International. Dai- 1 chi 
Kangyo. Tokai Bank, Bank of To- 


These international activities. 
Mr. Brink said, can be operated out 
of Amsterdam bacause. “Commu- 
nication is so good these days that 
we are as well placed as a London 
bank could be." 

However. Indoveris Eurobank- 
ing activity is not typical of Asian- 
Pacific banks in the Netherlands. 
The Japanese securities houses — 
YamaichL Nomura, Daiwa — — are 
active on the stock market and help 
place Dutch investments at home. 

Of the four Japanese commercial 
banks. Mr. Brink said: “They are 


He also mentioned the expan- on that of Britain, or some U.S. 
sion efforts of NMB and Rabo- states, where a fee related to nrini- 


kyo and Kyowa. In the Nether- nor ^ American banks who want 
binds, Japanese secunnes bouse w aJ]ocate every segment and make 
hflve been licensed as full senn .. irA ;» Tnnanese bonks com- 


smoil office in ' Rotterdam and ; 
amalgamating its harness into that 
of the Amsterdam bank. 

Perhaps the biggest market for 
Dutch bankers b China, where they 
haw great hopes. Robert- Hazei- 
hoff. chai r ma n of ABN, the most 
international of the Dutch banka, 
said, “We are doing a .-feasibility' 

branch in Gtina. w&kfr Should 
like in the tang term." ; V 

Mr. Hoogend^ said AmRo will 
open an office in Beijing in March, ' 
“with possibilities of more." Nc- 
derlandsche Middcnsr aods b ank 
hopes to be able to continue to 
cover China ora of its Hoag Rone - 
office. 


,11..!#. ‘ 


Is.:' 




. .. . r „ , „ And even the laggard among the 

ive been licensed as full service sure - L Japanese banks com- UrgeDctch banksEointeraauoQxJ- 

*?“* .... . _ _ plain to their parent if they don’t ization, Rabobank, the cooperative 

Indover, a subsidiary of the In- enough business in Holland, farm bank.,has plans for bnsmess 
raesian central bank, successor of nd narent makes sure they with China. Aocbcdmn to Pierre J. 


[her. Robert Hazelhoff. the newly greater contact with the financial 
appointed chairman of ABN, side of the bank, so that they are 


bank. “It is clever of them to find mum balances is charged for ac- 
so me thing in their own field of counts or transactions. 


speaking about plans to go into 
farm banking, said: “Rabobank 
has 90 percent of the market, so 


they won't mind us taking a percent market 


knowledgeable about more sophis- 
ticated instruments “midway be- 
tween securities and the banking 


strength." he remarked about Ra- In the parliamentary debate over 


bo’s farm loans, and hs plans to the legislation to establish the Post- 
work with Agricultural Bank of Bank, a Socialist motion was made 


doneaan central lank, successor of their parent makes sure they with China. According to Pierre J. 
the Amsterdam office oF me colo- business. Japanese banks Tjtrlinnis , chairman of the Rabo- 

m *ll r»TinrJ ruaeitraT kanlr if crnnA. m * i ■ - ■ ■ - ■ . 


or two.” His motive is not only to Fopbenus Hoogendijk, a board 


China. As for late intemationaliza- that fees should not be charged for 
lion, “we at AmRo missed two gen- checking accounts. This . motion 


erations. Now we realize we are could weaken the efforts among 


really in trade financing. Delayed 
internationalization meant that 


private banks to introduce a system 
of charging for checks used. “We 


during the 1 970s when we did final- are willing to pay higher interest on 
lv internationalize to take advan- current accounts than the Post- 


age of opportunities." 


Bank, but we still don't like to be 


PHILIPS USFA 


In 1986, another major bank will the ones to introduce fees," Mr. 
enter the market for the first time Hazelhoff said. 


Dial-period central bank, is some- 
thing of a special case, concentrat- 
ing as it does on trade with 
Indonesia. Jan Ordelman, the man- 
ager, said that, through its Ham- 
burg branch, “it is possible that a 
German exporter might go to the 
Hamburg branch of a Dutch bank 
with an Indonesian owner to do 
business with China." 

Along with other Indonesian 
state and private banks established 


have a rich parent” 

This view is not shared by Tsu- 


Tjf riinnis , cham^nm nf (he Rabo- 
bank executive board, important 
contacts are being developed with 


I ms view is not snarea oy isu- ° — ■ 

to mu NasazumL general manag er Agnculniral Bank of China, 

S to ftSETTSJto AiSE 


dam, which reported a 25-percent 
drop in profits in 1984. “Our par- 
ent doesn't really help the subsid- 
iary, which is expected to .try to 
stand on its own feet,” be said. 
“Even if our parent is rich, in the 
case of a highly international hank 


ratkHlafly. ,, - 

The two farm bonks have done 
some deab: ^tqgether and Chinese 
officials told Rabobank that they 
want to continue to work together, 
according to Mr. Lardinois. 

—WIAN LEWIS 


:•* rag -.90. 



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skills. Mam producis. All reflecting Usfa's high 
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electro-chemistrv oplo-electronics and 
crvogenics. 


Expertise noi onlv in these technologies, but 
also in systems application and design, and m 
manufacture. Manufacture under a regime lhat 
ensures unparalleled reliability in the field. 


— Secure communications 

Highly specialised cryptographic equipment 
including teleprinter terminal, voice 
encryption svslems. bulk encry ption 
equipment, rugged portable short burst 
terminals. 


Usla’s product range includes: 

- Thermal imaging systems 

Vision, by thermal conlrasi. penetrating mist, 
fog. smoke, camouflage, by day and night. 
For aiming and observation svslems. thermal 
cameras for naval applications, surveillance 


— Stirling-cyde cryogenic coolers 

Modular, highly reliable miniature coolers, to 
suit anv Dewar/detector, also available in 
split-configuration. 


- Special reserve batteries 

Extraordinarily long storage life, inslant 
activation, with stable output, over a very 
wide temperature range. 


- Night vision equipment 

High performance multi-use night sights. 


Philips Usfa B.V., 

Meerenakkerweg 1, 

Postbus 218, 5600 MD Eindhoven. 

The Netherlands 

Tel.: (0)40 722600 Telex: 51732 USFAE NL 


Philips USFA, a company of many facets. 


PHILIPS 


Orange Nassau Group 


International investments and investment services 


Offices in the Netherlands, France and the United States 


oil and gas exploration and production 


real estate development and management 



venture capital and industrial investments 


financial services and portfolio management 


25 Nassauplein, 2585 EC The Hague. Tel. (70)469670 


Annual report 1984 and additional information available upon request 



WHY EVEKYCOMPANY DIRECTOR 
SHOULD BE RUNNING ONE OF THESE. 


Bofitability. How to increase it and reduce operating 
costs is a problem all truck operations are faced with. 

No one is more aware of that than DAF Trucks. 

And no one is doing more to lower the overall cost of 
ownership and increase operator profit. 

As far back as 1969, we increased efficiency and 
reduced operating costs when we pioneered turbocharging, 
and again in 1973 when we were first with intercooling. 

And with our Repair and Maintenance Contracts we've 
developed a unique system which can actually forecast 
operating costs. 

But now, with ATi, we've made the most significant 


advance in truck technology for over a decade, and reduced 
operating costs even more, 

A radical new concept, ATi has one aim. 

To offer the most profitable truck range on the market 
So whether you're moving washing machinesor frozen 
food, or whether you re in haulage or contract hire if vou 
don't already operate DAF trucks, take the easiest'route tn 
profitability. . ...... 

And make sure your Transport. Manager test drives DAF 
ATi. Built to outperform every other truck. 


oo 


GREAT BRITAIN DAF Trucks (G.B Hid . Thames Industrial Estate. Marlow. Bucks. 

SU ILW En^3nd. Telephone: 10)6284-6*35 5 Telex: 84-84-89 (Central). 84-83-53 ( Partsl 
34-S{j-26<5e™cel. 

HOLLAND DAF Nederland Bedr^fswagen B.V. F'ostbus 152.5600 Ad Eindhoven. 

The Netherlands. Telephone: (0)40- 1491 1 i. Telex: 5198/ 

FRANCE DAF France 5.A.. BFNo.4. 95470 Survfcrs/Fosses. France 
Telephoned) 1-3468 26 26 Telex 69.59.13. 

BELGIUM M V DAr Belse, Antwerpsesteenweg 126. B 2630 Aartselaar. Beteum. 
Telephone: ( 3 F 88 74 000. Tele* ■ 3 1647. 

GERMANY DAF Nutrfahrzeuge. Deutschland GmbH, Use Meitnecstrasse 9. 4018 


OAF Trucks 

THE MOST PROFITABLE TRUCK RANGE OnThe MARKET 




r *. ^ • 

r<r ‘- : 

A-t* i i 


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Tel ephone : (0) 760-88180. Telex: I977Q. uppfirdsVaesby, Sweden. 

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Switzerland. Telephone: ( 0 ) I - 57454 LTete<: 823490 . tra5M 58 , ' 8W6 ZuncK 


NORWAY DAF P Jot 


La ngenf eld. Germany Telephone {0)2173-7920. Tefev 8515675. 

AUSTRIA DAF Niicfahrzeuge. Handetejjes. M.BH.. Industriezentrum No Sued. Strasse 


10. Objekt ?9. 2351 Wiener-Neudorf. Austria Telephone. (0)2236 -261 920 Telex: 79253 


NORWAY DAF P 'Jorge NS. lndustri Vensn Karishus. Bo* 74 I 64 n , 

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ITALY DAF Trucks Italia S.PA. Va Voltt.60, 20090 CusaimfMi ) 

Telephone: (0) 2 .9QI 6005. Telex: 334369. . ^8° W Italy. 







INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 




Page 13 

A SPECIAL REPORT ON THE NETHERLANDS 


. K :w By Brigid Phillips 

- £ ROTTERDAM - Rotterdam 

\ has built on five centuries as a trad- 

ipg center to become the interaa- 
. ‘V'V Qooal crossroads of the petroleum 
industry. But there is some ques- 

* . ./ lion whether the port can ride out 
. \v ^be changes of the 1980s to keep 
; > ;. ; *hat pivotal position in the oil 
/'• ^trade. 

- 7 \> Rotterdam's focus on oO began 
i in 1929. when its first petroleum 
. . k. i port was constructed. Shell, built 

£ the dry’s. first refinery. in 1936. 
Since then, three oil ports have 
- been added. 

. V Oil provided the key for Rotter- 
dam to switch from a transit harbor 
to an industrial baseless dependent 
'. on the fortunes of the shipping hin- 

: terland, especially West Germany. 

^ By 1973. the peak year for oil t nm.s - 
. . ... portalion, ofl. accounted for 70 per- 
• •.■•7 ' cent of the shipping in Rotterdam. 
•• [-^ But now, -Rotterdam's comfort- 
■ able bold on oil refining is threat- 
■ ened try the trend of Middle East 

: ^ countries to develop tfaeirowo pe- 

* 'y troleum industries. A d'ya df ago, 

r some Middle East producers, wor- 

. 'i' * ried about an economy based- on 

- i'Jr the export of raw materials, 

* planned to establish an industrial 
infrastructure by moving into re- 

: , "fc fin in g. Saudi Arabia now has two 
VJ- export refineries in operation, one 
with 50-percent participation of 
Shell, and Kuwait and Libya have 
' l -?.• also embarked on refining activi- 
" _ 5 '7: ties. 

The trend has prompted Rotter- 

- - dam’s storage and transportation 
_ , companies to Teview that opera- 
" ' dons. Paktank International, Rot- 
— terdam’s biggest independent tank- 

terminal operator, has just opened . 
a new facility in Tuniaa designed 
to receive the new. refined products 
coming out of the Middle East Just 
six months ago, Paktank opened 
another terminal in Singapore. And 
three years ago, Paktank converted 
much of its Rotterdam crude-hold- 
ing terminal to meet the growing . 
and for storage space for. refined 
products.. • 

' * . - 

“From five years ago we saw this 
md.” said HenkvanOoijen, mar- 
keting manager for: Paktank. 
There no market need for re- 
fined prbdocts from the Middle 
East, uei' those products are com- 
ing anyway. We are simply re- 
sponding.’’ ’ 

But xrinhs . Paktank. is planning 


around a future with far-flung re- 
futing, others think that Rotter- 
dam’s position is secure. Officials 
at SheD Said the venture by Middle 
Eastern countries into refining has 
had limited success. The two Saudi 
refineries are . estimated to be oper- 
ating at under half capacity and 
plans for new refineries are bang 
delayed. 

Domestic refining by members . 
of the. Organization of Petroleum 
Exporting Countries represents 
“peanuts" in the oil market, ac- 
cording to Jan Oskam, director of 
Novok, the Dutch organization of 
oil merchants and retailers. The 
way ofthe future,” he said, is the 
route Kuwait took. ' 

The Kuwaiti, gov er nment has 
purchased refining and European 
distribution from Gulf. .The Ku- 
wait Petroleum Co n instead of 
competing by constructing a do-, 
mestic infrastructure, joined the ex- 
isting multinational network and 
. moved into Rotterdam.. • 

Even the competition approves 
(tithe Kuwaiti approach and sees it 
as the mechanism for OPEC mem- 
bers to take up broader petroleum 
activities. SheD officials described 
the Kuwait Petroleum Co.’sbehav- 
ior as “very otderiy" and said they 
detected, nothing to indicate that 
the company would take advantage 
- of its wide margin between cost and 
price to undercut the market 

Energy analysts at the Dutch 
Economics Ministry said another 
encouraging sign for Rotterdam 
was the substantial investment the 
major oil companies have made to 
upgrade their refinery operations at 
the port, fix one such move, SheD 
has invested 12S million guilders 
($41.6 uuDion) to bmld a high -vac- 
uum unit that replaces its two 
1930s refineries. 

The new unit is more energy- 
efficient and can produce 10 per- 
cent mcue distillate with a process 
that refines the heaviest part of 
crude oil into mote valuable lighter 
products. The whole refinery up- 
grading will cost Shell 25 billion 
guilders. Esso wfil spend about the 
same amount to modernize its Rot- 
terdam refinery and other refiners 
are following suit. ' . 

The c ommi tment the tradition- 
al refiners have made to staying in 
Rotterdam and the arrival of new 
players such as Kuwait are positive 
signs," said Rein Berra, an Eco- 





Oil storage tanks at Rotterdam. 


nomics Ministry official “Rotter- 
dam will stay competitive for the 
next 20 years. And if it's competi- 
tive, the oil market will stay there." 

Pegged to the health of the oD 
transportation and refining indus- 
tries is the health of the Rotterdam 
spot market, which has become an 
influential factor on the price of ofl. 
Mr. Oskam said dozens of opera- 
tors dealing in oil surpluses and 
deficits spawned the market in the 
1960s, when it is estimated they 
accounted for something less than 
5 percent of the oil traded. 

Then, in 1973, Sheikh Ahmed 
Zaki Yamani of Saudi Arabia 
blamed the Rotterdam traders for 
boosting the price of ofl as spot 
crude and product prices jumped 
ahead of official levels. The spot 
market took on a bigger role after 


• 19 



The right choice of aircraft keeps a leading airline a leader 


For USAir. trie search for a 100- 
seat airliner has ended with Its 
selection of the new high-tech 
Fokkerfanjet. 

With two-thirds of USAirs 
1,000 daily departures to 
some 200 nonstop markets involving flights under 
350 miles, USAir cnose trie Foflcer 100 to oe its 
sriort-to-medium range transport for the 1990s. 
Trie initial investment for the Fokker 100 is lower 
than any new-technoiogy jet airliner, and piane- 
mlle cost is the lowest of any aircraft in its class. 


Trie Fokker 100 is designed to provide outstand 
ing operational economy by incorporating 
advanced aerodynamics, new technology engines, 
and modern avionics with Cat. ill capability for 
landing in adverse weather conditions, it will meet 
all known future regulations for noise and 
pollution levels. 

Trie Fokker 100 will enable USAir- one of the 
world s most successful airlines - to continue to 
offer its passengers convenient schedules, quality 
service and money-saving fares. 


Extended Gas Sales and Nuclear Power 
Are Pillars of Revised Energy Program 


THE HAGUE — Through the 
early 1980s, the Netherlands wres- 
tled with the problem of whether to 
spin out its rich reserves of natural 
gas for future use or exploit them to 
help pay the cost of a generous 
social welfare system. 

The government finally settled 
cm a two-part solution that may 
prove more contiovarial than the 
debate on running out of gas. The 
plan was to expand sales of gas to 
reap revenues to support the ailin g 
economy. At the same time, the 
government embarked on a pro- 
gram to use nuclear power as the 
principal substitute for gas. 

For more than two decades, the 
Netherlands has been Western Eu- 
rope's biggest producer of natural 
gas. In 1 959, the huge Groningen 
field was discovered in the north- 
ern part of the country and natural 


the supply crisis of 1979 and has 
bran a critical indicator in the past 
few years of OPEC instability. By 
1984, up to 40 percent of the 
world’s ofl was sold on the short- 
term market of Rotterdam as well 
as in New York and Singapore. 

According to an of fidal at Shell, 
the main threat to Rotterdam is the 
recent growth of trade in so-called 
electronic barrels, or a futures mar- 
ket in ofl. Mr. Oskam discounted 
the phenomenon, saying, “Those 
are just paper bands that have 
nothing to do with the physical 
marker More and more people are 
realizing that' it is wrong to make 
judgments on the oil market based 
on the futures market What counts 
is supply and demand for ofl. 
That’s what Rotterdam traders 
deal in and that’s what counts." 


gas has since provided more than 
half of domestic energy needs. Be- 
cause of Groningen, as well as 
more recent exploitation of off- 
shore gas and a small amount of oil. 
the Netherlands has been a net ex- 
porter of energy, providing more 
than a quarter of the needs of West 
Germany, France, Italy, Belgium 
and Switzerland. 

In the 1970s, a period of high 
Hfrmanrf and rising prices for the oil 
that gas prices are pegged to, the 
Dutch government relied on gas for 
20 percent of its revenues. Yet it 
was stin able to maintain a strict 
policy of safeguarding reserves for 
the future. Despite the wealth of 
Groningen and the expanding off- 
shore production, the Dutch have 
signed contracts to import gas from 
Norway to ensure that the Nether- 
lands would keep a 25-year supply 
cm hand. 

The doubts over that policy de- 
veloped out of a changing world 
energy situation. Demand dropped 
sharply when Europe went into re- 
cession. Then, with the Organiza- 
tion of Petroleum Exporting Coun- 
tries in disarray, the bottom began 
to faD out of oil prices, which in 
turn eroded the price of gas. Gov- 
ernment revenues melted away at a 
time when the cost of social insur- 
ance and welfare programs was in- 
creasing. 

The government also was wor- 
ried about losing its share of a 
Arinlring market to competitors, 
while there was political pressure 
from other Western governments 
for The Hague to bdd on to its 
traditional European clients to lim- 
it the penetration of Soviet gas. 

So the Dutch faced a critical de- 
cision on whether to stick by their 
strategic-reserve policy or open up 







A nuclear power plant at DodewaanL 


the export contracts that were due 
in the 1990s. The dilemma was re- 
solved two years ago, when the gov- 
ernment revised its cautious energy 
policy and decided to extend agree- 
ments with European diems be- 
yond the year 2000. Recently, Ga- 
sunie, the Dutch gas marketing 
agency, and major consumers such 
as West Germany’s Ruhrgas have 
signed contracts that stretch to 
2005 and 2010. 

“We think of it more as a 45- 
degree turn rather than a reversal" 
of policy, said Rein Berner, gas 
director of the Economics Minis- 
try. With 2 trillion cubic meters of 
proven reserves, he said, “we are 
still committed to keeping reserves 
of up to 30 years." But. he added, 
the variables behind that policy 
have changed. “A lot of other ener- 
gy options, such as conversions and 
coal gasification, disappeared 
when the price of oil stabilized be- 
low $30 per barrel So the demand 
for gas firmed. And secondly, our 
reserves proved a lot better than we 
had believed when the old policy 
was set in 1974.” 

The improved reserve situation 
was due partly to new discoveries 
and partly because of slumping 
sales. The government is naturally 
eager to shift that mix in favor of 
more new discoveries in order to 
meet the anticipated decline in en- 
ergy production during the mid- 
1990s. It is encouraging oil compa- 


nies to bid for exploration rights in 
the higher-risk, deep-water areas of 
the Dutch sector of the North Sea. 

“The main factor that makes 
Holland attractive is that compa- 
nies know they will be able to get 
rid of any gas they find at a reason- 
able price that wfl] never be higher 
than the ofl alternative fuel" said 
Elan Warner, a Gas uni e spokes- 
man. Gasunie buys virtually all gas 
discovered in Dutch fields at a 
price linked to oil alternatives. Its 
policy is to maintain the Groningen 
field as a strategic reserve and give 
priority to exploiting the small 
fields of the North Sea. So, produc- 
ers have a ready-made market in an 
environment that the government 
describes as relatively free of regu- 
lations. 

But the Gasnunie marketing 
plan also embraces the govern- 
ment's determination to diversify 
its energy sources in an effort to 
diminish reliance on gas. The most 
controversial altervauve is nuclear 
energy, which now amounts to 
about 6 percent of domestic energy 
needs. 

The government sponsored a na- 
tionwide debate to consider wheth- 
er to expand its nuclear capacity. In 
the end, it ignored the final report 
of the debate committee, which rec- 
ommended against expansion, and 
derided this year to start building 
oudear power stations. It is a con- 
troversial move for the Christian 


Democratic-Liberal coalition and a 
reversal of the policy that had made 
coal the principal alternative togas. 

The government argues that elec- 
tricity generation is an inefficient 
use of gas and should be the prime 
target for conversion- As a backup 
to the nuclear alternative, the gov- 
ernment has opted for importing 
some coal to feed power stations. It 
is not considering any increase in 
its imports of electricity from 
neighboring countries, preferring 
what it considers a more indepen- 
dent solution. 

“Gasunie assumes that after 
1990. all power stations will be ei- 
ther nuclear- or coal-fired," Mr. 
Warner said. “That will help bring 
Lhe reliance on gas from well over 
50 percent of energy needs to 45 
percent" 

The policy is based on the gov- 
ernment’s calculation that the net 
return on exported gas is higher 
than on gas used in electrical pro- 
duction. And the kilowatt-hour 
cost of producing nuclear or coal 
energy, officials say. is less than the 
cost of producing electricity with 
gas. 

But considering the Dutch pub- 
lic's sensitivity about nuclear pow- 
er, the government, in resolving the 
problem of how to preserve natural 
gas for future generations, has 
opened up a new issue over the 
alternatives. 

— BRIG ID PHILLIPS 





• x. 

SayStfrjL 


DOWN TO EARTH 

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Holland 


Fokker Aircraft, U.SA, Alexandria. Virginia 
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ABN Bank 


THE DUTCH BANKER 


Head Office: Algemene Bank Nederland, 32 Vijzelstraat, P.0. Box 669, 1000 EG Amsterdam, tel. (020) 299111, 
telex 11417. 









Page'! 1 *" 



INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVE MBER 13. 1985 . 

A SPECLAL REPORT ON THE NETHERLANDS 


R>r the Dutch, 

borders have never been barriers. 


Anvone living in a small countrv 
but wanting to do big business will 
soon have to look beyond his own 
national borders. 

The Dutch are masters at doing 
just that. International trade is as 
much in their bltx>d as growing 
tulips, building windmills and 
fighting the sea. 

“You'll find them throughout the 
world: welding pipes in the.Middle 
Hast, dredging ports in Nigeria and 
doing business in Morocco. 

AN these activities involve 
money. Money to finance exports, 
money to settle international trans- 
actions. 

It is here that you'll come across 
NMB Bank: a typically Dutch bank 
with a typically Dutch pioneering 
spirit - you might call it sound 
business acumen. 


Thiu's why you Tl findNMBBank 
in the major financial centers olthe 
world, with its own branches, sub- 
sidiaries or representative offices. 
That's why it engages in forex 
arbitrage. Eurocurrency deposit 
business and international lending 
as well as in the trade in banknotes 
and precious metals. 

mat's why NMB Bank is one of 
the leading commercial banks in 
the Netherlands with total assets of 
foS. million as at 31 December 
log-t (Dfl. l-USS 0.28). 


NMB Bunk New York brunch. Tele 
phi me: ( 2 1 2 1 “ 1 “300. telex: (v* 0 Chi> 

Bahrain. Buenos Aires. Caracas. Chi 
cago. Curacao. Geneva. Hamburg 
Hong Kong. London. Los Angeles 
Mexico City, Montevideo, New York 
Paris. Rio de-Janeiro. Sfio Paulo. Singa 
pc ire. T« >ky« > and Zurich. 


NMB Bank Head Office. P.O. Bi »x l Kin >. 
HR Mi BY Amsterdam. The Nether- 
lands. lelephi me. 512' i-S-j.Au Ml. telex 
11-402. 


NMB Bank London branch. Tele 
phone: telex: KOShJl - 

nmbldn g. 



We bank the way the world does. NmBBANK 



GATEWAY 


TO EUROPEAN 


CAPITAL 


MARKETS 


• efficient listing and trading ave 
procedures 

• continuous trading and — 

quotation 800 

• comprehensive real-time daily 700 

market information &oo 

• cost-effective and fast ™ 

yju 

execution 


average daily turnover 


effective value of Dutch shares 
listed on the ASE 


800 j (in million gulden) 


OFFICIAL GUILDER MARKET 
over 1600 Dutch shares and 
bonds 


PARALLEL MARKET 
42 new listings 


Jan 

Oct. 

■9] '31 '8 2 ’83 Sd '85 


150 fin billion guilders) 
140. 

130. 

100 

220. 

100. 

/ 

90. 

/ 

so. y 

f 

70. / 




50 


'30 'SI 'B2 

'83 S4 Oct '85 


EUROBOND MARKET 
a regulated market for 
odd-lottrades 


AMSTERDAM SECURITY 
ACCOUNT SYSTEM (ASAS) 
easy trading in original 
foreign 'stocks 





AMSTERDAM 
STOCK EXCHANGE 

For more information: 
Amsterdam Stock Exchange 
P.O. Box 19163 
1000 GD Amsterdam 
Tel. 31(20)239711 


Unemployment 


iwr Hi 


(Confirmed From Page 9) 
cuts from 43 percent to 42 percent. 
Mowing the reduction from 4$ 
percent outlined in last year's bud* 
get. the government has reduced 
social welfare contributions, which, 
coupled with falling inflation, 
should allow taxpayers’ disposable 
incomes to grow by as much as 2 J 
percent, the largest increase in sev- 
en years." 

Now that no further corporate 
tax cuts axe planned, the govern- 
ment has served notice that the 
onus is on Dutch companies to 
translate the revival in corporate 
profitability into increased outlays 
for investmmt purposes, an area 
that has lagged behind the rest of 
industry’s turnaround. Mr. van der 
Graaf said. 

According to statistics published 
by the Federation of Netherlands 
Industry (VNO), gross fixed invest- 
ment has picked up, rising by more 
than a real 3 percent in 1984 com- 
pared with 1983 level when the 
increase was only 0.7 percent. 

During the recessionary period 
from 1980-1982. gross fixed invest- 
ment had in fact declined, falling a 
cumulative 20 percent during that 
time, the VNO figures show. 

Mr. van der Graaf noted that 
Dutch enterprises have considera- 
bly strengthened their competitive 
position on international markets, 
helping to bolster the surplus on 
the current-account balance of 
payments to an estimated 1 9 billion 
guilders (S6.5 billion) this year 
compared with 16 billion guilders 
in 1984. 

It is estimated that the surplus 
will decline slightly next year to 
about 17.5 billion guilders as reve- 
nues from Dutch North Sea natural 
gas sales begin to decrease. 

A recurrently buoyant trade sur- 
plus has been the main element in 
the steep increase in the balance- 
of-payments position. Since 1980, 
when the Netherlands recorded a 
5.3-biliion-guilder deficit in trade, 
Lhe balance has swung to successive 
surpluses, rising from 6.S billion 
guilders in 1981 to 1 1.8 billion guil- 
ders in 1984. 

As a result the surplus on the 
current account, the reduction in 
the public-sector borrowing re- 
quirement and increased savings by 
industry have boosted the coun- 
try's net foreign exchange reserves 
to a healthy level of more than 65 
billion guilders. 

“As a result of tins policy, the 
trend of surging government defi- 
cits has been reversed and the prof- 
itability of the Dutch corporate 
sector "is clearly recognized as a 
major achievement of the present 
government," Mr. van der Graaf 
said. 


Oriein of Gross Domestic Product 

(million guilders, current prices at factorcost) , 


Agriculture, forestry and fishing ■ 
Mining and quarrying (inch nat gas) 
Manufacturing 

Construction - 

Electricity, gas and water f.excl. naL gas) 
Transport and communication 
Other private sector 
Government 

Gross do mestic product at factor cost 

Source: CBS. Nationaie Rekeningen, 1984 


1982 

13 400 
24 860 
52230 
21120 
5 180 
19760 
115 030 
46720 

298 300' 


1983 ■ 

13620 
• 26090’ 
52 320 
20.570 
5 340 
20040 
120 030 
46970 


1984. . 
14 610 


29770 
.56 720 
* 20.610 
5 520 
2Q.S70: 
123630 
' 46260 


304980 . 3T7 990 


-vTt, 


at 


will also help keep Dutch goods 
competitive abroad in 1986. 

In its 1986 budget proposals, the 
government projected an annual 
inflation rate next year of between 
1 percent and 1-5 percent com- 
pared with 2.5 percent in 1985. 

■■Falling import prices and mod- 
est unit labor cost increases will 
both contribute to a further decel- 
eration of inflation.*" the Central 
Planning Bureau noted in its out- 
look for 1 986. “Average earnings in 
the market sector are projected to 
increase by 3 J percent, reflecting 
some firming of the labor market 
and improved profit positions of 
firms." 

Another government achieve- 
ment, according to independent 
economists like Mr. van der Graaf. 
has been its success in tackling the 
broadening national budget defi- 
cits. While the government of Mr. 
Lubbers had trouble early in its 
administration of achieving the 
goal of reducing the deficit as a 
percentage of net national income 
to 7.4 percent by 1986, there are 
signs now that this may be reached. 

The 1986 budget proposals pro- 
vide for a further cut in the deficit 
by 02 percentage points from S 
percent of national income in 1985 
to 7.8 percent next year. 

“This is a notable achievement, 
.when one looks back to 1982-83. 
when the percentage was nearer 10 
percent and when one thought it 
would be impossible to reach the 
7.4 percent target by 1986," Mr. 
van der Graaf said. 




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. V-' 

-V 3am 


According to the Amsterdam- 
Rotterdam Bank report, Dutch ex- 
ports will grow by 4.5 percent next 
year compared with 5 percent this 
year, while unit wage costs will re- 
main low, rising by 1.5 percent 
compared with 0.5 percent 
A low level of domestic inflation 


The government plans to bring 
public expenditure under tighter 
control in 1986, with cuts totaling 8 
billion guilders and comprising 
savings in welfare benefits, minis - . 
try budgets and public employees’ 
pay. This would be a slight reduc- 
tion from this year's saving of more 
than 9 billion guilders. 

-The hardest-hit area will be so- 
cial benefits, where basic welfare 
and disability payments will be fro- 
zen at this year’s levels. Meanwhile, 
sickness and unemployment com- 
pensation will fall, bringing pro- 
jected savings of up to 3 billion 
guilders. 

In the three yean since the gov- 


ernment assumed office, sotiaTw&:- 
fare benefits have been pruned by 
around 3 percent in teal tennsj 
Nevertheless, economists noted 
that the Dutch social security sys-. 
tern is one of the most congjrefaen- 
sive among Western industrialized 
nations. 

However, the railing Christian' 
Democrats, lookirigto next, 
spring's election, have promised to 
safeguard public employees' wages 
and soda! benefits if they arc re- 
elected. • 


revenues could upset any future 
government's budgetary cakula- 
iions. The revenues are expected to 
drop by 28 percent in- WfF7. - 


--■w* ye 

...M.*g£l» 


They have also pledged to reduce: 
unemployment jhrqugh new mea- 
sures such as job-staring plans and 
shortened working hours, and they 
have promised to trim the budget 
deficit to 5.5 percent of national 
income by 1990. 

However, the gap left in the bud- 
get by sharply declining natural gas 


- The Amsterdam-Ro tter dam 
Bank notetfmitSTeporti’The out-, 
look, for i987 gryes cause for. conr-f? 
ceriL Revenue will decline then as 
: the proceeds from natural gas start 
to dgmmsh. Wlthootfurther-cuts i $ 
spending, the financing deficit, 
would widen again, ^threatening 
partly to undo tiw improvement 
achieved during the last few years.® 

Revenues frijm natural gas sales 
account for one-sixth of the gov-' 
emmeafs income, according to of- . 
firial statistics. A shortfall in this 
area, together with unemployment, 
could prove to be the decisive fac- 
tors in draping the course; of tire 
Dutch economy. . 


•- jmsk *■ 

(tm , 5 

iTl - .^1 


--^SJifeV. 







The new furnace atHoogovens steel plant in IjrnmdeiL 












* r -4^fliA(g i 

•’a^Aurtus 


1 h v ' j - 

it < fii .. 1 V: . 


Cutbacks Begin in Generous Welfare State 




{Continued From Page 9) 
an official in the Ministry for So- 
cial Affairs. “And it has enjoyed a 
measure of support for -that posi- 
tion." Or, as Wins ~F. Duisenberg, 
president of De Nedcrbndsche 
Bank, has said, “If we don’t do 
something, in a few years we won’t 
be able to pay out anything at all. 
We have to act now if we want to 
remain a civilized country." 


The t rimming has already start- 
ed Measures to reduce benefits 
took effect this year and lhe terms 
of some welfare programs were 
tightened. But the' government is 
now pushing through a fundamen- 
tal shake-up that will change the 
nature of the system. The Organi- 
zation for Economic Cooperation 
and Development, in a comparison 
of its 24 member states, said that 
even with the reductions already in 
place, “the unemployment benefit 
system will remain the most gener- 
ous. However, it is probably the 
lengthy duration of the unemploy- 
ment benefits and the generosity of 
the eligibility criteria mat sets this 
apart from systems in other OECD 
countries.” (The OECD groups 24 
industrialized, noncommunist na- 
tions.) 

That is the first problem the gov- 
ernment addressed. By streamlin- 
ing cumbersome unemployment- 


insurance legislation into one new 
law, the nature of benefits has 
changed. Hie plan, will be financed 
totally by employers and employ- 
ees. The 80 potent of the last wage 
an unemployed person got trader 
the old system would be reduced to 
70 percent of the last wage for the 
first six months out of work, with 
phased-in reductions to 70 percent 
of the minimum wage. There i? a 
second proposed law to boost these 
benefits for those who are below a 
certain standard, but that supple- 
ment will be paid for by the govern- 
ment. 


“We wanted to make a dear d& 
traction between the responsibility 
of society as a whole to maintain a 
minim um standard and the work- 
place responsibilities of employers 
and employees," said Mr. Ruys, 
who helped draft the new legisla- 
tion. 


There would be a loosening of 
the means test for old people so 
they do not have to count savings 
and Investments, such as a house, 
as assets, but the new rules would 
also redefine what constitutes a 
household. Unmarried persons rtf 
either sex who live together perma- 
nently would no longer get two 
individual assistance incomes but 
would receive benefits as a angle 
family unit. 


The mosi drastic change is a new 
disability insurance bill that would 
save some 3 billion guilders (about 
$1 billion). The benefits have been 
reduced and the slack terms for 
disability have been replaced. “In 
the past, nobody denied that the 
system was easy to take advantage 
oL Mr. Ruys said. The program 
allowed employers to shove aside 
excess workers, who then got 80 
percent of their salary until retire 
mem at age 65. Some' 700,000 peo- 
ple are now collecting the benefits. 

Both employers and employees 
have criticized the mechanisms 
proposed, in the government's re- 
used social security system, but 
both are willing to negotiate some 
changes. That represents a surpris- 
ing degree of consensus in a coun- 
try that for 60 years has been philo- 
sophically and legally tied to broad 
social welfare. The government is 
so. convinced that the.changes are 
populy that it is pressing for adop- 
tion of the new legislation before 
'elections next May, ~ . 

Pan of the consensus, Mr. Ruvs 
said, is that “the poBficai leSs 
have promised that we have 
rwched the limit of reductions." 
The government still supports arx- 

"Su ■ exa ?P le ’ buying their ' 
works out of public WsKu 

for squatters are still a sofidde^ 


meat of the housing program, 
which allows unoccupied buildings 
to be taken ova- by vagrants, and 
the government often auo-pays to 
refurbish the buildings. 

“We have kepi the philosophy of 
the system and just changed the 
terms," Mr. Ruys said. 

Union leaders support the gov- . 
emment’s goal of restoring eco- 
nonric growth, which has hung con-, 
sistenily below 1 perccat, “There- 
has been more'cdnsensus.than one 
could have'imagtned,.given the so- 
cial climate," said a leader of the 
Netherlands Trade Umbri Conf ed- 
eration. “We envisage cutbacks 
and j ust want to make sure they are 
applied evenly." 

Thererie Sneklers, a social-wel- 
fare analyst for the Federation of 
Dutch Industries, an employers' 
ffoup, said that despite feeling bur- 
dened with the cost, industry is 
content with the government pro- 
posals and is not planning. to push, 
for further reductions in the social 



support system. 

’‘Welfare is a very difficult thing, 
to change in a country, like Hoi-, 
knd,” she said. “Partly because of 


the philosophy here and also be% 
cmise there is an enormous income 
effect. But with social security; ev- 
erybody recognized" that we had to, 
find a system that we can pay for 
antf control in the future." L • 


o 


, - -M 


m* si* 










(iM 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 


v 


trial relations. 

During its three years in office, 


of its three-part pktfonn to cot 
public expeadtane and foster pri- 
vate industry. 


auo pnvate sectors to protest its 
austerity measures, which are seen 
by union officials as catting 


■m' r m*. 

SfM¥>' ) 

* V*W» 

^se'wHHSf JftMysur' 

■Xw w.itafciji • i 

4# . *£• -ft? 3-*- 


• aST ■ stiil^ and waDanie affecting cran- 

- ., ; 'Hw jobless rate, at around 16 . 

... ~ * percent of the total work force of ' • ■ “Z? v*9**mn£w de» 

.."•' r " V 53 million, ranks among *** W* 3 percent in the 

. ea of the V«JS£ ^1^“^*™™!) 

nations, according to the Paris- 7°..}— 700 ' 000 

based OreanizS for Economto P ^ employees to begin a cam- 

* 1 -V Cooperation and Devdooment. JJJJf!} J* t?? 5 *** ! rorkito : rule 

“Since the mid-1970s!^wDutdi 8 ” 1 ^ 

economy has been characterizS^ 

: ja^grMr 

nmgaf sector a broSagnS- XHtSSi?"* ^ ta bm ^ 
' - ; '• a- '^enqjlqyinait wdl above the. OECD IfffiSSKHfiM 

r.. : .. Whilethereportaddedthatmost 

-jji Jis^Sisss sSSS 

. with a modest nse m ou^rat, coo- Zn^hT ^^.7 
,. tuning mttaprta P«rfor- 

__ ..i mance, an improved competitive 

*'*• **■ f *2»SKr » M3KK 

e^^LDespitethis, thelevd ^^Sringof 19^ 

lOYCE of unemploymMit remains very . . . . . 

H high," the OECD observed. Underthe agreement, indexation 

.One glimmer of hope for both 

the government anTthe nnem- <*» of working hours, 

ployed are indications that the •*"* ** expected .tojmount to 
Wnp in unemployment has bem ^t5 permit mid winA was m- 

passed and a moderate decline has ** Some en- 

terp rises had already reduced 

- According to figures released by ™*ing boms before this date. 
MMtgm the government in September, During the most recent round of 

VW when the budget proposals for 1986 ' m & negotiations earlier t his year , 
k|HH| were presented^' unemploymen t mos t cn^doyers refused to commit 
next year will not edge beyond this themselves to a further reduction of 
year's expected total of 765,000. annual working hours in 1986, 

\ > |This is itself an improvement over causing talks to break down in sev^ 
“7984 levels, when about 830,000 eral industrial sectors. 

were without work. - However, reducing work time 

The OECD noted: “Unemploy- has been officially sanctioned by 
ment has averaged about 825,000' the ruling Christian Democrats as 
during 1984 bat has been faffing part of their campaign platform 
gradually for much of the year. . . . and as a means to combat the nigh 

Compared with the peak level in unemployment levels. Another 

, ft»rfy tofti rniwy Umnt had fan- goal of the Christian Democrats, 
en by about 70,000 by the end. of the seniar partners in the present 
theyear” • coaEtkm; is increased job-sharing if 


4M*e«f -ts -?Hi 
m---i*xi*** S*. 

j* ■riM-iM..# -Sue 



ial 

i 

d | 

nee 


protest from the amons. 

“Employees may well vent their 
frustration in the ballot boxes next 
May, rather than going onto the 
streets,” said an FNV official. 

Another cause: for resentment 
among the labor rank and file has | 


Underthe agreement, indexation 
payments*were suspended in favor 
of a reduction of working hours, 
which is expected to amount to 
aboot 5 p e rce n t and which was in- 
troduced eady this year. Some en- 
terprises had already reduced 
working hours before tins date. 

During the most recent round of 
wage negotiations earlier this year, 
most employers refused to commit 
themselves to a further reduction of 
annual working hours in 1986, 
causing talks to break down in sev^ 
eral industrial sectors. 

However, reducing weak time 
has been officially sanctioned by 
the zufing dm.cti<wi Democrats as 
part of their campaign platform 
and as a means to combat the high 


en by about 70,000 by the end.of the.senipr partneis ra thepresenl 
theyear.” cdaEtion; is increased job-sharing if 

■ However, a large part of this def- they are returned to office. 
etn«> is due to twhn^ni factors. Increases in real disposable in- 
including a change in nnemp lny- come have also been dzn^eued oy 
meat rcgjstrarion so that persons the governments decision to 
aged 57% or over are now exempt change ourent unemployment and 

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Page 15 

A SPECIAL REPORT ON TBE NETHERLA3SDS 


iy bbhgatum to 
! lose their jobs, 
it with the Irish 


‘■■W By Michael Metcalfe from the statntoy’ obligation to' 
V- ^AMSTERDAM — With nearly re SJ terwhfi n they lore their jobs. 

caie out of five persons in the Nett I"«o<fc«ntmcat with the high 

: ,' i criandSTOftout ajoB, the cater- rate of uuauployment and the gov- 
right coalition’s record in Gghtin* apparent inabifity to 

* ^ unemployment during itstiuS J™ 6 ™- {!“»&» has ignited hr 
years, in office will wove a major 1 ^ mi ^uiaaMiutjy £raffiti<maT^ 
issue m nea May’s naticmafdeo- Q'.toown fw its harroomoos indus- 

Atstakewfllbefbegovennnent’s . iU *ree yeats in office, 
•:<4' November 1982 pledge to reduce ™ witnessed a 

' > ■*: jobless levels, one of tb ; kev planks s ^ te °? trikes in both the pnblic 
of its three-oart nlnrfmrr. — 31111 jawate sectors to protest its 


Accort&^'to economists, labor heae& '* reducing purchasing 
union officials and exr^oyras, the P< T e ?;.„ . 


sickness benefits. The existing reg- 
ulations prescribed that any em- 
ployee temporarily incapable of 
work would receive 80 percent of 

Moreover, as tbe Federation of 
Netheriands Industry noted in a 
recent report: “No social security 
cmitriboticnis had to be paid and 
employers in most collective wage 
agrrements had agreed in cast of 
sickness to pay. supplementary 
benefits iip to 100 percent of last 
earned income after tax.” 

Thiese regulations have now been 
altered so that soda! insurance 
contributions must now be paid. 
Benefits are to be reduced to 75 
percent this vear and to 70 percent 
in 1986. ' 

Economists and company execu- 
tives noted that one major factor 
working against the government's 
fight against- unemployment is 
time. 

Government measures, such as 
the two-phase reduction in corpo- 
rate taxation and the provision of 
incentives to improve industry’s 
profitability, take time to translate 
into' new jobs. Industrial invest- 
ment is only now begnmrng to pick 
up after years of sluggish activity 
and wodc-place cutbacks. 

The OECD report said: “The re- 
duction in average hours worked in 
addition to the severe labor-shed- 
ding from 1981 to 1983 may now 
have brought the number of work- 
ers employed in that private sector 
closer to desired levels. And while 
labor-shedding may continue in 
certain sectors, some rise in em- 
ployment may occur.” 



Help-wanted sign on an Amsterdam street 


New Trade Center 
Wants to Be Hub 
Of the Big Wheels 

By George Gudauskas 

AMSTERDAM — Queen Beatrix has officially 
opened the World Trade Center Amsterdam, a 
glittering complex' of four office lowers with a 
network of business services contained in 1 10.000 
square meters of space. 

About 500 guests, along with Prime Minister 
Ruud Lubbers and Mayor Ed van Thijn. were on 
hand Ocl 25 Tor the ceremonies, during which the 
queen wielded a camera instead of ribbon-cutting 
scissors to mark the occasion. 

The center, which unofficially opened early last 
April, is 75 percent occupied, according io Odette 
G.MJ. Tn minia n. the public relations manager of 
the Amsterdam Tourist Office. Space rents from 
308 guilders (SI 06) a square meter a year, and 
minimum temporary or permanent rental is 60 
square meters (73 square yards). 

The complex is billed as a hub of worldwide 
business activity, with Amsterdam as the “gateway 
to Europe.” Schiphol Airport is minutes away, as is 
the efficient fast-train link to The Hague and 
Rotterdam. A major highway is nearby. 

With its blue-coated, hardened-glass parapet, 
the structure has been affectionately dubbed “our 
little Manhattan" or “The Blue Angel," the latter 
name taken from a cafe operating in the complex. 

The project took two-and-a-half years and 330 
million Dutch guilders to build, according to Bob 
Gisberps, commercial manager. Financed by two 
pension funds, one government and the other pub- 
lic, profits from the center go to these funds, he 
said. 

Asked what he thought the center would bring to 
the Netherlands. Mr. Gisberps said, “1 think it will 
give us more opportunity to export and to make 
other connections in the world." Half of the ten- 
ants, he said, are foreigners. 

The center, with two towers of 12 floors each 
and a pair with 17 floors each, has a connecting 





The World Trade Center. 

building housing services and facilities, including 
parking for 1-200 cars. There are an international 
courier service, a post office and information and 
travel services. 

Professional advisers are on call to answer ques- 
tions concerning international trade, customs reg- 
ulations. transportation of goods, market orienta- 
tion and investment. 

A central secretariat also is available to help 
with conference rooms, exhibition facilities, tem- 
porary personnel, tickets, visas, interpreters, con- 
sultants and couriers. 

International television and radio links are pos- 
sible. too, from the complex's press center, and an 
electronic mail system can speed messages to visu- 
al display terminals across the world. 

The complex has seven executive studios, con- 
taining fully equipped work and rest areas with 
showers and icUeis. 

The studios were designed to cater to business 
"executives arriving at the airport after a long flight 
who want to freshen up and rest before starting to 
work. Room service is available from the bar or 
restaurant. 

The complex also contains a shopping arcade 
and a restaurant, cafe and coffee shop. 


Winners take all 

U.K., Gold Medal, Birmingham, Motor Show, October 1984 
France, Prix de la Securite, March 1985 

Germany, Golden Steering Wheel, November 1984 

Ireland, Irish Car of the Year 1984, December 1984 

Denmark, Danish Car of the Year 1985, December 1984 

Norway, Norwegian Car of the Year 1985, December 1984 

Spain, Import Car of the Year, January, 1985 

Spain, Ladies Car of the Year, January, 1985 

Belgium, Golden Claxon, January 1985 ^ 

Italy, La sportiva dell’anno, January 1985 

Europe, Car of the Year 1985, November 1984 T I T 


.CAR OFTHE YEAR ’85 










We were pleased when we won the European “Car of the Year” award for 1985 with our brand new Opel Kadett and Vauxhall Astra 
models. And we were delighted when we picked up almost all the other major automobile awards this year. Delighted - but not sur- 
prised. Because our General Motors Passenger Cars' European market performance this year has demonstrated that Europe’s 
car buyers have been voting for us with their cheque books. In the first haff of 1985, General Motors sold more Kadetts and 
Astras than ever before; In fact, overall, we delivered 30 % more cars than the previous year. Opel is the leading make in 5 European 
markets and a growing number 2 in four more. In the U.K., the Vauxhall marketing thrust continues with another record breaking market 
achievement In fact, the GMPCE brands sell better in more markets than any of our competitors. To understand why, call in at any 
of the 6500 GM dealers in Europe. — ====a 

opa ggi vauxHAU. 

General Motors Passenger Cars in Europe 







Page 16 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13. 1985 


A SPECIAL REPORT ON THE NETHERLANDS 




After Slump, Industry Begins to Pick Up 






Bv Michael Metcalfe 


ROTTERDAM — Dutch indui- 
tiy is enjoying a renaissance, reap- 
ing tbe rewards of improved profit- 
ability. lower taxes, full order 
books and increased market shares. 

Less than five years ago. the 
Netherlands was ’being judged 
among the worst performers of the 
Western industrialized nations. la- 
boring under an oppressive tax 
burden, declining capacity utiliza- 
tion and stagnant market penetra- 
tion. The Organization for Eco- 
nomic Co-operation and 
Development has noted repeatedly 
that the fixed-investment record of 
Dutch industry was one of the 
worst of the organization's 24 
member countries. 

“This outcome can be aitributed 
to a particularly unfavorable com- 
bination of depressed profitability 
in the nonenergy sector, shrinking 
home and stagnating foreign mar- 
kets and sizable excess capacity. ' 
the OECD noted last year. 

Now, that picture is changing. 
Fixed investment is on the up- 
swing, capacity utilization is steadi- 


ly reluming to top gear, exports are 
booming and corporate profitabili- 
ty is back on track. With trade 
accounting for 60 percent of gross 
national product, compared with 
30 percent for West Germany and 
Britain, for example, the Nether- 
lands has every reason to empha- 
size trade and industrial perfor- 
mance. During its decade in the 
doldrums. Dutch industrial weak- 
ness was partly responsible for the 
large deficits in the country s trade 
balance. Since 1980. however, that 
balance had swung into surplus, 
rising from 6.S billion guilders 
(S13 billion) in 19S1 to 11.8 billion 
guilders in 1954. 

But industrial performance has 
still lagged behind steady and dis- 
cernible improvements elsewhere 
in the economy. 

According to economists, sizable 
annual surpluses on trade and cur- 
rent account, relatively low infla- 
tion rates and wage and price re- 
straint. while laying the 
foundations for a favorable trend 
in Dutch industry, were clearly not 
enough to make it more competi- 
tive and robust. 


Dutch industry has its own an- 
swer to explain what was needed. 
CJA. van Lede, the president of 
the Netherlands Industry Federa- 
tion (VNO). said recently: “What 
was required primarily was restora- 
tion of corporate profitability and 
eroded equity structures. Whetting 
Dutch industry's competitive edge 
through cost restraint and industri- 
al restructuring was a primary con- 
dition of this." 

Moreover, according to the fed- 
eration. industry struggled under 
the burden of overbearing govern- 
ment regulation with little consid- 
eration for market forces. 

The result was a continuous 
whitLling-away at profits, which in 
turn meant a decline in investments 
and produced the net outcome: an 
unemployment rate that is one of 
the highest among Western indus- 
trialized countries. 

But. as VNO noted in a recent 

report: “For some years a gradual 
but dearly discernible change in 
views and attitudes has been ob- 
served in the Netherlands with re- 


First the report said that a con- 
sensus now prevails on the necessi- 
ty of a profit-making industry as a 
prerequisite for a healthy economy. 
Second, a trend toward less govern- 
ment intervention and more dereg- 
ulation is evident. The report add- 
ed: 

"After more than a decade in 
which successive governments fre- 
quently intervened in income for- 


mation by means of statutory con- 
trols. wages are now being 


gard to the role of private industry 
and the market mechanism.'' 



trois, wages are now being 
determined in negotiations at plant 
and industry level without any 
form of government intervention 
and without recommendations 
from tbe central organizations of 
employers and labor.” 

Aside from these considerations, 
perhaps the most important single 
factor contributing toward Dutch 
industry's improved performance 
has been the present government's 
positive attitude toward the sector, 
industrial analysts in Rotterdam 
said. 

Since taking office three years 
ago, the center-right coalition has 
sought to revitalize industry by 
progressively lowering corporate 
taxation levels and by abolishing 
regulations that impeded business 
activities. 

“Cutting corporate tax from 48 
to 43 percent, with a further reduc- 
tion to 42 percent envisaged in the 
budget proposals for 1986, has 
been a notable government 
achievement.” said Rob van der 
Graaf, chief economist at the Alge- 
mene Bank Nederland. 


the best airport 
in Europe!’ 


Obvious, 


The cabinet has also moved to 
strengthen industry in other ways. 
These have included reducing in- 
dustry costs in three annual stages 
by up to 2 billion guilders in each 
phase, including lowering employ- 
ers' social insurance contributions. 

“This measure is a good example 
of how the government has sought 
to revive the supply side of the 
economy, which is viewed as an 
essential condition to get invest- 
ment moving, especially invest- 
ment that would provide jobs,” Mr. 
van der Graaf added. 

The government also is boosting 
the creation of private venture-cap- 
ital enterprises and the establish- 
ment of a public corporation for 
industrial projects to provide risk 
capital on a commercial basis. 

Under the government's techni- 


cal-development aid program, 
winch is bring increasingly used to 
stimulate new production’ process- 
es, the authorities provide low-in- 
terest loans, particularly for small- 
and medium-sized firms. 

However, in its 1986 budget pro- 
posals presented in September, the 
government announced the phase- 
out next year of an investment- 
subsidy plan, the so-called invest- 
ment account program, commonly 
known as WTJL It provided invest- 
ment grants with the focus on inno- 
vation, energy conservation and 
small industry. 

“It was frit that the corporate- 
tax cuts more than compensated 
for the WIR in the way of relief, 
and no more than around 50 mil- 
lion guilders has been lost to indus- 
try with the demise of the pro- 
gram.'’ said a government official. 

The officially sanctioned moves, 
while falling short of wfaai industry 
would like in aid, have gone a long 
way to restoring its competitive 
edge. 

“It appears that they have in 
some measure contributed to 
strengthening profitability, though 
the government now says it is up to 
industry to translate these profit- 
ability gains into tangible Divest- 
ments. thereby reducing severe un- 
employment," Mr. van der Graaf 
said. 

There have been increasing indi- 
cations this year that this approach 
is beginning to pay off and that 
investment is on the upturn. 

According to recent VNO statis- 
tics, gross fixed investment rose by 
more than 3 percent in 1984 com- 
pared with 1983 levels, when the 
'increase was only 0.7 percent. Dur- 
ing the recessionary period of 1980- 
1982, gross fixed investment had, 
in fact, spun into decline, falling by 
a cumulative 20 percent during 
those years. 




;ri>" 




•r,r 




A ship is launched at Van der Giessen de Noord, left; a PfaBq* factory- 


Shipbuilders Try 




By Friso Endc 

GRONINGEN — On Nov. 9, 
the queen of the Netherlands broke 


a bottle of champagne against the 
bow of a new 30 . 000 -ton ferryboat 
just before it glided into the waters 
of the Ijssel river a few miles east of 
the world's busiest port, Rotter- 
dam. 

The monarch named the ship af- 
ter herself. Queen Beatrix. 

The boat is destined for the 
Hook of Holland -Harwich line and 
was biuli at Van der Giessen de 
Noord, the most advanced covered 
shipping yard in Western Europe. 
Its workers lined the la un c h i n g 
path. They had an air of sadness 
about them since this ferryboat 
could be the last middle-class ship 
to be built in this giant shipbuild- 
ing hall. 

When the hall was inaugurated 
nearly three years ago by Econom- 
ics Minister Gijs van Aardenne, it 
involved an investment of 135 mil- 
lion guilders, of which 87 million 
guilders was a direct subsidy from 
the government. 

At the time, Mr. van Aardenne 
was already aware that every ship 
built in the yard would have to be 
subsidized to at least 60 percent by 
the government. He also knew that 
in spite of this Korean shipyards 
were already undercutting the 
Dutch by 30 percent. 

The Dutch thought that the hall 
would enable them to reduce costs 
by about 30 percent, since delays in 
building due to the rough Dutch 
winter would be avoided. 

But two-and-a-half years later, 
the management of Van der Gies- 
sen de Noord was again bidding for 

a direct support of 100 million guil- 
ders. The Koreans and the Taiwan- 
ese had again undercut Dutch 
prices and world competition had 
become even worse. 

Mr. van Aardenne denied the 
request for the 100 million guilders. 
He had to do so mainly because 



Furnished -b 
se mi-furnished 
houses, flats 
Apartments 
office space 



lr you are satisfied 
we are happy! 




O'l.C 






public opinion had changed in the 
last year. 

Last summer Dutch public opin- 
ion was confronted nightly whh . 
what was nicknamed the ■ “RSV 
television show.” For two months 
the Dutch watched the hearings of 
an unusual parliamentary investi- 
gation into the bankruptcy of the 
Netherlands' large conglomerate 
Rijn Schelde Verolme, a shipbuild- 
ing and machine concern. It had 
absorbed over the years at least 2.8 
billion guilders to keep it afloat in 
older to avoid layoffs. 

Its dosing meant the end to large 
Dutch shipbuilding in general, and 
the sophisticated Dutch know-how 
in this, field went astray — or 
abroad. 

As Jan U. Smit, president of the 
board of Van der Giessen de 
Noord, said bitterly: “The RSV 
drama gave a golden opportunity 
to our competitors elsewhere in Eu- % 
rope, in Korea, Japan and Taiwan. 
They spread the rumor that not 
only large but also middle-class 
shipbuilding in Holland is over and 
done with. And that is qol true.” 

His complaints might be jiisti- : 
fied, but the fact remains that Mr. 
Smit also admitted that future or?, 
ders for the giant shipbuilding hall 
of his company will nave to be for 
<mall ships — - up to 10,000 to 
15,000 tons. That is not the market 
for which the ball was btifit, and so 
heavily subsidized. And; especially 
in the Netherlands, the market for 
small shipbuilding suffers from tn* 
mendous competition and under- 
cutting. 

- . McKjnsey and Company, a con- 
sultancy firm, in a report to the 
Economics Ministry showed that 
until 1986 at least 250 million guil- 
ders will have to be pumped into 
this sector to avoid a 20-perpent 


drop in employment. 

The report concluded that even 
with this support 1 .300 of the 5.500 

shipbuilder in 27 shipyasis 
have to be laid off. 


In another report, the' Nether- 
lands Economic Institute conclud- 
ed that, despite bad times, and 
bankruptcies, Dutch shipbuilding 
in general has realized ' an annual 
growth in productivity of 7 J per- 
cent That is mainly in small ship- 
building. ! 

Tbe institute also noted ihaft 
Dutch shipbuilding is now tbe 
cheapest in Europe after Sweden. 

. Against this Mddnsey argued that 
in world shipbuilding aH West Eu- 
ropean yaixb are about 30 percent 
' moreexpenrivethan tbeir.compctJ- 
tors in Asia. * 

Based on these reports, Mr. van 
Aardenne deckled this spring that 
general support for the shipbuild- 
ing isdustxy as a whole will end and 
that only “sefcctive” support will 
be continued. The 27 small ship- 
builders in the north of the Nether- 
lands. mainly in-the province of 
Gr ortmgrrt . welcome the derision 
of tiie economics minister to stop 
the snbsidy to. tire ailing Van tier 
Giessen de NoorcL' 

Their coogximtt are generally 
healthy although in the worldwide 
competition they cannot, miss the 
bdp of tbe government- to match 
prices Ht couptries like France and 
ltialy where government support is 
as much as 45 percent to 50 per- 
cent. ■ . 

One of the Netherlands’ most 
successful s mall shipbuilders is 
Koroma Dames Emm Gorincbem, 
who owu$jjf8rd5 in the center and in 
die far north of the. Netherlands. 

He owes his success to the intro- 
. duction of prefabricated bows for 
tugs,~p6hce patrolbqats and 
boats. ■' ’ T: :' ’ '• ■ 

His prefab way of building gives 
ham advantages in speed, price and 
time onr his competitors. Damen 
does' not agree with tbe govern- 
ment’s decision to stop subsidizing 
an aifiag shipbuilding industry. 

“One should subsidize us so that 
.we can, beat the hell out of our 
competitors,” he said. ; 


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II'nTERJSATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 198S 


Page 17 


A SPECIAL REPORT ON THE NETHERLANDS 



on Top of the Flower Market 


I'r J 






■*'r. 


- «"• 


v.: JtAALDW 13 it - — Lies van der 
Stood in Ins vast .greenhouse 
jndiffl'd, “I always have to bring in 
Sypirfect. flower, or! g^less inon- 

mu ■■■■■ . 

i^ Tfe s-am p le statement by a grow- 
% £ff. flowers in this. 8,415-acre 
l 4GGdwctare) expanse of gh'tter- 
~ greenhouses known as - The 

_ tpitomfees the object of 
iculfurists throughoni the 
to produce superior 

S iy.piuuucts so they can earn a 
f and also remain, at the top of 
the world market. 

But the process goes way beyond 
man dabbling in the earth to grow-' 
things to 

“it is- more Hke a factory,” Mr. 
van der "Wd told a visitor to his 
ccanpulo--cxmtrolled greenhouse, a 
metal-ribbed structure paneled 
with glass. “Iris not a garden.” 

. Yet, thousands of chrysanthe- 
mums grow in Mr. Van der Wei’s 
.“factory” year-round — under 

computer monitoring of every thing 

from sprinkling and fertilizing to 
lighting and climate — to help meet 
•demand. 

Last year alone, 369 million 
.■chrysanthemums were raised in the 
Westland, the largest area devoted 
-to growing horticultural products 
-under glass in the world, with 3^00 
greenhouses or nurseries. 

- The Westland is second only to 
the Aalsmeer region in producing 
and auctioning cut flowers and 
[ plants for a world market Toma- 
toes, lettuce and. cucumbers are 
also grown in the Westland. 

-> The world market of cut flowers. 

. and pourtants is valued at up to 5 J 
.billion Dutch guilders ($1.8 billion) 
a year, and the Netherlands is aver- 
aging 57.5 percent on sales of these 
■two exports, according to official 
estimates. 

Specifically, the Netherlands 
"claims 66 percent of the world’s 
-exports of cut flowers, valued at 3 5 
'bflfion guilders a year, and 49 per- 
cent of die world’s exports of 
plants, worth 1.8 billion guilders a 
•year. 

Exports of flowers have tripled 
'since the middle of the 1970s, as> 

' cording to official figures, while 


This seems asto nishing , conrid- 
ering that tins production is accom- 
' plished with lies than 6 percent of 
the Dutch' work force. The 63,000 

workas, 20,000 of whom are grow- 
ers, account' for 25 percent of the 
country’s overall exports. 1 
The most important export areas 
for. Dutch plants and. flows in- 
clude the European Community 
countries, which last year took 78 5 
percent of the market, worth 23’ 
billion guilders. 

The rest of Europe followed with 





. tenfold in the name time. 

.ft The growth of bulb exports has 
•V increased, too, np from 195 mShon 
^ .to 872 trdffion guilders over the last 
:■ decade. Two-thirds of the trees sold 
’ ate marketed abroad. In 1984. their 
;. value was put at 350 million go3- 
- dm. 


Tt is more.Hke a 
factory,’ Van der Wei 
told a visitor to his . 
computer-controfled 
greenhouse, a metal- 
ribbed structure 
paneled with glass. 
Tt is not a garden.’ 


an 1 1.2-perceni share, worth 355 
.mfllion guilders. North America 
was third, with a 7-percent share, 
worth 222 milKon guilders. 

The most important foreign cus- 
tomers were West Germany, with 
1.7 billion guilders in purchases in 
1984 and a 52-percent share of the 
market, followed by France, with a 
35 1 -million-guilder turnover and 
an llpercent -share, and Britain, 
with 213 millio n guilders in buying 
and a 6.7-percent shar e. 

The United States, with 189 mil- 
lion; Italy, with 135 irifflinn; and 
Switzerland, with 128 millirm, also 
rank high The United States had 
the largest increase in consumption 
between 1983 and 1984, surging 59 
percent on a 43-perccat to 6-per- . 
cent rise of the market share. 

Italy and Britain also recorded 
dramatic increases, 34 percent and 
28 percent respectively, asdid Den- 
mark. up 30 percent. 

Explaining the increase in the 
United States, Dr. F. J. B. Bruins, 
deputy di recto r of international 
economic affairs for the Dutch 
Ministry of Agriculture and Fisher- 
ies, said, “Nearly every year we 
have doubled our export on flowers 
and flower bulbs to the United 
States.' But we have started from 
very low.” 

“In gen end,” he said, “we can 
say last year we had an opart of 
about 200 million gnilders to the 
United States on flowers and flow- 








yfERIMVERSm' 

ttlBXXS 


•r ^ 

FR1SO ENDT, a journalist based in Rotterdam, is a pedal 
correspondent for Newsweek International and a contributor to Le 
Figaro.’ .*>■. ' - - ; 

GEORGE GUDAUSKAS is a journalist based in Paris. . . .- 

VIVIAN LEWIS, a financial journalist based in Paris, is a 
contributor to The Banker. Asiabanking and the International 
nizations Monitoring Service. 

MICHAEL METCAJLFE, a financial journalist based in Copenha- 
gen, is a regular contributor to tbeFinancial Times Banking Newslet- 
ter. 

BRIGID PHILLIPS is a journalist based in Paris. 


er bulbs, anid tins year we expect far 
over 300 milli rm guilders.” 

Heavy promotion and the 
speedy and efficient Dutch auc- 
tions — 12 of them exist for flower 
sales alone — play big parts in the. 
reason for the increases. The gams 
have not come without problans, 
however. 

A rose association in the United 
States com plain ed to the U.S. gov- 
ernment about the import of the 
leading Dutch flower, in part, Mr. 
Bruins said, because of their lower 
" price in the United Stales. 

Also, a panel to protea UJS- ag- 
riculture from foreign pests and 
diseases scrutinized the Dutch 
growing system to see how well it 
worked. - 

The paneTs report last August 
was favorable, according to Mr. 
Bruins, who said, “Well, that says 
something we like very much, be- 
cause we are such an enormous 
exporter that we have to f ulfill all 
the requirements,” to guard against 
the risk of exporting pests and dis- 
eases to other countries. 

He said, “That’s the reason we 
are very eager that what we are 
doing — the control — be very 
efficient and as good as possible.” 

That control, and intense effi- 
ciency, cone with the aid of the 
computer in Dutch horticulture.. 

Ltrppp Mulder, deputy secretary 
for horticulture of the Industrial 
Board of Agriculture, said comput- 
ers are used not only for climate 
control in greenhouses, but in their 
administration, too, “for all the fig- 
ures.”- 

Computers are also used in re-' 
search and experimentation. A 
huge one plugged in at a Westland 
demonstration project is designed 
to test alternative greenhouse roof- 
ing systems, establish energy-sav- 
ings potential, ' and evaluate the 
best production methods in tightly 
sealed greenhouses. 

Mr. Mulder said that computers 


have been in use “for the last seven 
to eight years” in the Netherlands, 
and Lode Koop, who heads the 
Westland demonstration project, 
said that “80 to 90 percent of all 
growers” use them io some degree. 

Not only are computers used to 
aid growers with therr greenhouses 
and their business records, they are 
employed to maintain contact 
among growers, auctions, research 
stations and even accountants. 

Computer nse is aimed at reduc- 
ing production costs and improv- 
ing the quality of the produce 
grown, according to horticultural 
authorities like Mr. Koop. 

“It is no exaggeration to say that 
the computer has become the right 
hand of the Westland grower ” is 
the way Westland area promoters 
puth. 

Nowhere is the computer more 
in evidence than at the Dutch auc- 
tions. There a host of important 
details must be determined before a 
product can be sold and shipped. 

Time and speed are paramount, 

and computers handle both well, 
putting buyer and product together 
only 15 minntes after a sale. 

Auction computers register buy- 
er identification numbers, lot num- 
bers, grower LD. numbers, prices 
and quality of packing mat erial. 
T^^jcven_pripi, jgut distribution 
[dips anffinvqices, while alsohstmg 
details of buyer and grower ac- 
counts and maintaining important 
statistical data for aH 

Ab Manewijk, who grows pep- 
pers and tomatoes in “soilless cul- 
ture" in the Westland, also uses a 
computer to feed and water his 
28,000 plants in his 35,520 square 
foot (3,300 square meter) green- 
house: 

His computer-managed opera- 
tion Looks no different from the one 
run by Mr. van der Wd to grow his 
chrysanthemums, except where 
cultivated earth would be there are 
plastio-wrapped, oblong containers 


bolding rockwaH, a volcanic mate- 
rial 

This “neutral” materi al, which 
contains 70 percent water and 30 


percent air, is essential to growing 
in a soilless culture, a method also 
known as hydroponics. 

Little black tubes feed water and 
nutrients to the rockwall contain- 
ers, which hold siurdy-looking 
plants (hat then bear tomatoes and 
peppers that Mr. Marrewijk con- 
siders superior. 

Mr. Koop. engineer of the West- 
land demonstration project, said 
that 50 percent of all vegetables 
and 25 percent of all flowers raised 
in the area are grown in this fash- 
ion. 

Hydroponics can improve quali- 
ty, Mr. Koop said, and increase 
production by 15 percent. 

In fact, a tomato plant can be 
grown in a teacup of rockwall 
though the project leader said it is 
ill advised to do so. 

Hydroponics also allows the 
grower to “manipulate” his prod- 
uct better, according to Mr. Koop, 
and some energy savings are also 



A greenhouse, above, and open field, left. 


associated with hydroponics, up to 
5 percent or so. 

But quality is still the mosL im- 
portant word for the Dutch grower, 
Mr. Koop said. and. “We now 
know we can have belter quality 
with hydroponics." 

It is also enjoyable working with 
Lhese neutral elements and with 
man-made machines to grow things 
better, according to Mr. Koop. It is 
also somewhat more predictable. 

“It is more fun to work with a 
computer and rockwall." Mr. Koop 
said. “We know what we’re doing. 
We see. we see the roots now!" 


Glasshouses, auctions, neutral 
growing materials, computers — 
the Dutch grower has come a long 
way from the days when sun. rain 
and soil ruled his life. 

Standing in this greenhouse, sur- 
veying his hectare of chrysanthe- 
mums in their varying states of 
growth. Mr. van der Wei smiled a 
»Ty smile and said he enjoyed 
working in his factory. 

It was better, in fact, than some 
might think. 

“It is always 70 degrees," he said, 
“and it never rains." 


Everything Under the Sun Except the Sun 


AMSTERDAM — Tourism for 
the Dutch is more than providing 
food, lodging, transportation and 
entertainment for holiday travelers 
— it is an essential part of the 
economy. 

Proceeds from tourism, both do- 
mestic and foreign, amount to 26 
billion guilders ($8.6 billion) a year, 
11 percent of total consumer 
spending. Tourism provides 
230,000 jobs, or about 6 percent of 
the work force, in a country with 
14.4 million inhabitants. 

While these figures are impres- 
sive. they conceal a problem: Tour- 
ism is producing a negative spend- 
ing balance for the Netherlands. 

Pan of the problem is that “in- 
ternational tourism has been unsta- 
ble since the beginning of the 
decade,” the Paris-based Organiza- 
tion for Economic Cooperation 
and Development said in an Octo- 
ber report. Although recent signs 
Txatif to .improved trends, growth 
rates are not expected to match 
those of the 1970s, the report said. 

The other part of the problem 
lies with the Dutch themselves. 
They spend more abroad than the 
millions of foreign tourists here, 
according to the Netherlands 
Board of Tourism. 

With figures supplied by De Ne- 
derlandsche Bank NV, the tourism 
board said last AugusL in a booklet. 
“Tourism in Tangible Figures,” 
that the Dutch bad a deficit of 4.8 
billion guilders in 1984. 

Money coming into the country 
last year totaled 4.9 billion guil- 


ders. up by more than 22 percent 
over 1983. But spending by the 
Dutch for travel stood at 9.7 billion 
guilders, a ZS- percent increase. 
The figures represent an 8. 5-per- 
cent improvement over 1983, when 
the deficit was 52 billion guilders. 

The tourism board has drawn up 
a five-year plan to turn the unfa- 
vorable balance around. The board 
will promote short trips and second 
vacations among travelers from 
neighboring countries. For other 
European countries, the board will 
direct its efforts at the travel indus- 
uy. 

in the so-called long-haul mar- 
kets, the United States, South 
America, the Far East and Austra- 
lia, the board aims to encourage 
group, meeting and incentive trav- 
el. 

Willem B. Schouten, spokesman 
for the board, said that financial 
support for Lbe promotion comes 
from the tourist industry and the 
Ministry of Economic Affaire. This 
year, it amounted to 41 million 
guilders, with 67 percent, or 26 mil- 
lion guilders, supplied by the gov- 
ernment and 15 million guilders by 
the industry. In 1986, it will rise to 
45 million guilders, with 28 million 
from the government and 17 mil- 
lion from the industry. 

At the end of five years, the goal 
is to have the industry and govern- 
ment split assistance on a 50-50 
basis, Mr. Schouten said. 

The focus of the strategy is to 
increase the length of time foreign 
travelers spend in the Netherlands, 


a continuing problem in a country 
known as the "gateway to Europe.” 
For tourists from the United 
States, the average stay is I.S days. 
The average length of stay for all 
foreigners is 2.4 days. 

“Two-point-four is not long. I 
would say, if you compare it with 
France, with that beautiful weather 
over there," Mr. Schouten said. The 
goal is to uy to boost the short stay 
to about a week. “I mean, that's our 
goal but I don’t think that we will 
succeed,” he added, citing weather 
factors. 

Travelers visit the Netherlands 
for its cultural geographical and 
historical interests and not for its 
climate, he said. 

A tool the tourism board will 
employ to attract visitors will be 
“incentive travel." which Mr. 
Schouten explained as a reward 
someone gets for doing a better job. 

He said: “You give them, instead 
of a gold watch, travel with their 
wife for a week to a certain destina- 
tion with aQ the incentive aspects 
of iL All free. The most beautiful 
hotel the girls in local dress await- 
ing them on arrival at Schiphol 
Airport, the dinner in a mill or 
castle, the cheese-factory visit." 

"Let them be received,” he said, 
"by a baron and baroness.” 

Not only is the business of pro- 
moting tourism going on at the na- 
tional level it is bubbling locally, 
too. It is especially noticeable in 
Amsterdam, a contender for the 
1992 Summer Olympic Games. 

“Welcome, welcome, welcome," 


is the mono of Amsterdam, said 
OdeLteG.M J. Taminiau. public re- 
lations manager of the local tourist 
office. 

She said thaL Amsterdam is pro- 
moting a special winter package 
offering reduced rates on holds, 
free entry to museums and other 
enticements to lure travelers to Lhe 
city between Nov. I and March 31. 

The image of Amsterdam is 
changing, she said, from that of a 
“very tolerant city” to one of a 
center with cosmopolitan allure. 
Problems of traffic, safety and 
cleanliness are getting new atten- 
tion. 

Bul for many travelers, finding a 
bed is their biggest wony on arriv- 
al. That will be less of a problem in 
the future. Four new hotels are go- 
ing up and three are expanding, 
adding 2,000 beds to the existing 
20 . 000 . 

-GEORGE GUDAUSKAS 


For Details Concerning 

THE NETHERLANDS 
1 986 Special Report 

Please contact: 

Cynthia Saiah, 
International Herald Tribune. 
Or our representatives: 

G. Arnold Timing BV 
P.O. Box 20246, 
lOOO HE AMSTERDAM 
The Netherlands 
Tel. (O) 20-26361 5 
Telex 13133. 


ionaliy? 
,w!iy . 
[iibobrf 



commission for foreign investment in the netherlands 


Strategic location in Europe 

Excellent road, rail, air and water links 
across the Continent and beyond 



Foreign investors 
are welcome in 
The Netherlands 


Dynamic open economy 
Attractive investment incentives 
No exchange controls 


The character and location ol the Netherlands has made il the choice for 
economic investment by a great many firms from all over the world - in 
manufacturing, distribution and service industries - large and small. 

Personal attention given to all enquiries and special assistance provided m 
selecting the location to suit all nequ irements 

Write ortelephorte for a FREE copy of The Investment Guide to the Netherlands 

Mr Harry Van Ufcen 

Industrial Commissioner of the Netherlands for Western Europe 
Commission for Foreign Investment in the Netherlands 
Ministry of Economic Affairs 
POSox 20101 , 2500 EC, The Hague, The Netherlands. 

Ted: {070) 79 7029 Telex: 31099 ECZA-NL 

Mr Pierre Dobbetmann 

The Industrial Commissioner of the Netherlands in the USA 
One Rockefeller Plaza. New York ■ NY 10020. USA 
Tel: (212) 246 1434 Telex: 125240 

Mr A J Van Oosten 

The Industrial Commissioner of the Netherlands in Japan 
17-35 Minami-Aoyama, 4-Chome. 

Minato-ku. Tokyo 107. Japan. 

Tel: (813) 403 4263/4 Telex: 29475 NEDIC- JA 


9 »- • 







cn t*i rii ri oil mi c-i cl el ci »t m Cl I VI I sfl 




Page 18 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 


Tuesday 


MSE 


Closing 


Tables include tlw nationwide prices 
up to Hie closine on Wall Street 
and do not reflect late trades elsewhere. 

1 7a The Associated Press 


l? Month 
Hion Low stoe* 


Oiv via. PE 


Sis. 

100s High Law 


COW 
Dual. Oi'oe 


1.00 


B Mlial 

34% 25% Mobil 120 
1% Vs ulMablH 
8% 5% ModCoi 
33% 20% Mohosc *8 
IS ^ it uahkpt 
S3«* 40 'i AAanCo 1.051 
54 U’A MonCa o<3M 
10ft 1*% Monrefi £0 
551* 40% Manun 150 
30’* 16** MonPw 200 
'9% 15?* MonSI 
10ft Bft MON V 

31% 14V. Moara & 

29 20'4 AhaorM 1.(M 

II 241* MorMPt 150 
5*u 365* Morons X20 
13 12?* Mor Keg 

a 30% MorKnd 168 
23ft I8‘» Morses JR 

21 14 MlgRTy 

39 25V. Marlon 

39% Sft Moforlo 
26% 15 Muni rtf 
Uhl Bft Murnqs 
33ft 23ft MuroO 
23ft lift MurrvO 
14H 12 MulOm 
6> lft MverL 
21 ft 15-’i NAFCO 
37 23% NBDS 

»'« ID** NBI 
22ft 17% NCH 
44ft 31ft NCNB 
361 34ft NCR 
1 3ft 9ft NL Ind 
36ft 27 NUI 
lft ft NVF 
59ft 35ft NWA 
SSft 22 Nalco 
29ft 23ft Nashua 
18ft Hft NIICnv 
3Sft 23ft NalOISl Z3> 
23 lift NOtEOU „ 
30ft 23ft NotFGS 2.® 
24*6 30ft NFC Bt 2J0 
37ft 22ft NIGVOS 

4ft 2ft NIHom 

33ft 24 Nil SS 

32ft lBft NMeOE 56 
30ft 23ft NtPresl 1J06 
15ft 10ft Nisemi 
53ft 47ft NlSorn of 4.00 
34ft 25ft NISvcIn 100 
II lift N Stand 60 
13 10ft Nerco 64 


(Continued from Page 8) 

1 363 6** 6'.* 6ft — ft 
70 14 15311 31ft 30*4 31ft + % 
166 ft ft ft 

13 130 
14 11 IVi 
1296 


5ft S% Vt 
2*b 2??i 29% + ft 
I'b 1ft 1ft — ft 
57ft Sift Sift — '<• 
53 ( 51ft SO'.'; 51ft + ft 

S3 24 81 16ft 15ft 74ft + ft 

50 12 4923 46 SOj 45'u 
(J 12 2647 SH* Mft »% + % 
1,800 9.4 « 19ft !9Vi 19'-*— ft 

38 104 9 255 8ft 9ft 8% — ft 
.92 3J 13 2249 m 20ft 10ft + ft 


43 >3 
93 

19 7 
13 
3J 11 

18 14 
IJObIIU 10 
*4 \» " 


25 
12 1J 
10 14 
1.44 100 


1.00 

1.40 


n 

'fi 

JO 

232 


58 16 

^ .1 
3/1 «3 
19 9 


13 


100 


J* 


33ft 26ft NevP* f 264 


14 IS 1 -* NcvP.. . 

12ft 9ft NevSvL J® . 

44 Vs 361* NEnpEI 380 I* 

27% 23 NEnP Pi 276 9.1 
29 24ft NJRsc 220 8* 
24’- MV* NYSEG 2S6 *i 
76 ft 64 NYSnf 930 11.9 
TBft 22ft NYSpfA I6»e 9.4 
20U 16 NYSOl 113 11.0 
32ft 27V* NrSplO 3J5 11.7 „ 

soft 14ft Newell 60 19 11 

64'- 33ft Nominal 

19 12ft Wewhll 

10 7*4 NwhIRs 

46ft 34ft Newml 

ji.- ft Nwnark 


16ff* 24 1« 
4 00e34j4 5 
,74e 15 9 
1.00 22 15 


1B9 24% Z3'* 24 — 

52 27 27 27 

4734 56ft 54ft 551. +1 VI 

85 13ft 13'* lift + ft 

149* 444 43ft 44ft + ft 

7 el 21'. 21 21ft 

283 17ft 17% 17ft— ft 

1609 IF* 34 34ft— '.* 

1.9 35 10028 34ft 33ft 34 T ft 

1£ 11 156 19 18ft 19 + ** 

7J 16ft 163* 16ft + ft 

211 31ft 31V. lift 

679 JO'* 19ft 19ft + ft 

130 lift 14 lift 4- ft 

823 lft 2*1 3ft ft 

83 17ft 17ft 17ft— ft 

250 37ft 34ft 37V* ft ft 

495 13ft 12ft 13ft -rift 

742 31ft 20ft 21ft + ft 

. 331 40ft 39ft «0>. + ft 

12 10048 37ft 36ft 36*1 + ft 
987 13'* lift 13 + '.S 

0 30 30ft 2»ft 30'* + ft 

262 » Vs "s 

!J 26 J76l S7 49ft 51’*— ft 

4.9 13 1208 24'.: 24** 24ft + ft 

8 2*1 2S% 25 25ft + ft 

12 71 592 lift II'* lift— U 

66 22 1900 32ft 31ft 32ft + ft 

30 U06 23ft 22ft 23ft * ft 

A 97 aft 27ft 28ft + ft 

6 4 4 24ft Sift 241ft — V* 

0 819 39ft 37ft 39ft +1?* 

445 4% 3-'* 4ft + ft 

in 250 26ft 2S% 26 — ft 

IS II 3725 23'. i 22ft 22 s * + ft 

30 14 £ 30'= 30'* 30ft + ft 

31 83=2 12 lift 11*. + ft 

- 51'.. 50 51ft +1 

34ft 34 34ft + ft 
14ft 13ft 14ft + ft 

111* !0ft 10ft — ft 

Kft 32 33 — ft 

17ft IT's 17V* 
ll's lift lift 
u SS 1 J iS** + ft 
77= s 2T* 77ft + ft 
.. 2F- 25ft 25 s * — ft 
1455 2vft 27 27 — 

108: 74ft 74 74 + ft 

4 2° 28ft 26ft + ft 

5 l«ft 1«'4 19ft 

3 32ft 32 32'* + ft 

736 21ft 20ft 21 ▼ ft 

69 61 «0 60ft + ft 

13 16ft li'» 16ft + ft 
21 9‘s 8*1 8ft— ft 

368 45ft 44' i 44ft— ft 

43« 1*6 1 I 


2JM 10J 
350 115 
IBS 118 
535 1U 
6.10 1U 


NioM Pt 2.43B 9S 
NIMM HUB 10J 


7J3 11J 

.12 .« 
104 I0J 
.12b J 1B1 

e 

4.7 9 


21ft 16ft NlaMP 

35ft 27ft NraMpf 

44 35 NlaMpI 

45ft 37ft NlBMpf 

S5ft 43Vi NiaMnf 

24ft 51 

103ft 83 

47ft 53ft NtaMN 

17ft 1*ft NltnSh 

18ft lift Nleolet 

33ft 25ft NICOR 

16ft 1 2** NoWAf 

17ft 10ft NordRs 

734* 54ft Norlt-Sa 3J0 

27*.t 7 Nerlln 
48ft 32ft Nontr 140 12 ID 

53V* 43 North - pf 4.19* 83 

19 13ft Nonek 08 J * 

65ft 47ft KACoal 1.10 8 

45'- 31V* NAPIUI 

20'* 13ft NEurO 

IS 13ft N4mTUt 1J8 9.0 A 

141* 9ft NlnOPS 114 118 9 
51ft 41 NoSIPW 3JS2 7 2 * 

3? » NSPwPf 360 10J 

41 J2S* NSPwpf 4.10 llli 

M 63ft NSPwpf 7J4 103 

69ft 56ft NSPwpf 7J» 108 

41V* 31'- N oriel JO 

4ft 7ft NltlSKIIB _ 

54ft 31ft Nertre 1 JO 

51ft 4] NwCP Pi 4.94 b 9J 
24ft 191* NwlPDf 2J0 10J 

ZJft l?ft NwtPPf Z3i 102 

13ft 8 Nw5IW 
40ft 32ft Norton 100 
Mft 21ft Nan**! 

35 23 Novo 

48 28 Vj Nucor 

7ft 3 HulrlS 


8 1969 20ft 30 2DV* 

190x34 » 34 

7701 42ft 41 41 —lft 

1502 46*3 46ft 44ft +IV* 
2200z 54 51ft 53ft +lft 
173 25ft 2SH 25ft— 1C. 
2360:1021* 101 102ft— lft 

£01 66 66 66 — ft 

117 15ft 15V- 15ft + H 

14 1188 lift 12% 13ft + ft 

572 29 Mft 29 

994 14ft Mft 14ft- ft 
141 lift 13ft 13ft— ft 
1530 73ft n 72ft * V* 
17 B'C. 7ft 8ft + ft 
347 46ft 45ft 46 Vs + ft 
78 52ft 52ft Sn* + V* 
339 15ft 16ft IS — ft 
..... 51 65ft 64ft 64% + ft 

UN U 11 1132 35ft 3«* 35ft +15* 
1 .90910.4 10 36 18ft 18'j 18ft 

2204 17ft 17ft 17ft + V* 
1458 10V* 9ft 9ft— ft 
3Z8 4fft 48ft 49-* * V* 
230s 35 35 35 —lft 

1002 39ft Wti 39ft +1*3 
4100z 75ft 75ft 75ft +1Vi 
2602 64ft 64ft 64ft + ft 
2203 34ft 34 34ft— ft 

245 3W 3ft 3U 

46ft 4IT* 461, + ft 


26 9 


1J0 


17&2 

206 

2 

3 

86 

294 


Sift 50ft 50ft— ft 
24ft 24ft 24ft — ft 
23ft 23ft 23ft 
14 lift 14 + ft 

361* 35V* 35ft + ft 
+ ft 


JO 

Mi 


SJ 13 

6.7 B 740 27ft 26V* 77 
16 ID 1807 25 24V* 25 

Z 14 413 48ft *7ft 47ft— ft 

93 242 4ft 4ft 4ft 


95 72 NYNEX MO 7 J) 9 3517 92ft 91ft 91ft + Mi 


78 

2.9 13 

2 B V 
6.D 7 

9.9 10 

10 .» 

43 8 


33 

263 

SI 

48 

103 

1 

62 

1117 


IS 


31* lft Oakind 
34 1— aft oaklteP 1J2 10 12 
J5ft 73ft OcdPet 2J0 7.1 6 
lS’-i 9ft OeciP 
26 20ft OcdPpt 150 9.9 

24 18ft OcelP Pi 130 96 

571, 40ft OCClPel 6JS 10.4 

11a 105ft OedPDtlSJO 164 

non 103ft occlpl lf^ !M 
Mft 19V; OOECO U» 4.9 E 

34 'A 25ft Osden MO 5J 20 

16ft 13 OhloEd MB 1M 7 

34 26 OhEdpI 3.90 12J 

3PA 30ft OhEd pi 4J6 111 

60'- 48ft OhEOPf 7J4 127 

62ft 50 OhEd pf 7JA 126 

a 25ft OhEd Dl 670 26 
2Vft 24 OhEd pl 3J0 126 

31«» 36ft OhEdpr 197 127 

14% 13', OhEd dF MO 113 

75ft 60 s * OhEd Dt 9.12 I2J 

rt 57 OhEd of li4 117 

45 76 OhEPl 1068 11.1 

93 80 OhEpt 10-74 11 J 

lift 10?* OhlUkslr 60 36 14 

71' ; 56ft OhPpI B-04 12.1 

21 »* 17 OhPPiG 127 10J 

lllVillQ OhPplAliJffl 13J 
78V - 62ft OhPolE 868 113 
26ft 21ft OklaGE 2.23 82 11 
36 s -> 23ft Olin 1 JO 4.1 
10"; 5ft Omncre 
17V: 12 One Ido JO 53 44 
33ft 26ft ONEOK 2J6 86 11 
29 Mft OranRk 2.14 7J 10 
l?ft 7ft Orange J3t 6J 23 

30‘: 20 OrtonC It 2J 

28ft 23 OrianC pfl.12 
12ft Bft OrlonP 
9ft 6ft Or Ian Pi JO 
33ft 24 Orion pl 2JS 
31ft 194* OutbdM 64 
40 34 OvmTr 

19 13 OvShiD 

37 30ft Owe«C 
53 1 - 38ft Owen 111 
lift 10's Oxford 


1161 

35 

47W 

3 

1 


JO 
JO 
1.40 
I JO 


2ft 2V1 2ft + ft 
JOft 59 vj 30V* + ft 
35ft 34ft 35ft— ft 
14?* 14ft 14ft— ft 
25ft 35ft 25ft- V* 
48 24 23?* aft — ft 

87 57 1 -. 57 57*. + 

174 107ft 107ft lOW* 

14 108ft 108ft 108% + ft 
615 20ft Mft 20ft 
92 34 ft 33ft 34ft +1 
2571 16 15?* 1* + ft 

l«b 32 32 32 

3101 35VS 34ft 34ft + ft 
13301 58 S7 57 — 1 
220s 58ft SBft 58ft 
200 26ft 26V- 2*v- — 'i 
31 284- 27ft Mft- ft 
M 31 'A 30ft 3ffto— ft 
B 15?* 15?+ 15?*— ft 
lOfflz 74 73 74 

JDOOz 68 68 48 —2 

AOOOz 94 94 94 

1170; 92'i 9J'A 92ft 
479 lift 10ft lift + '* 
30= 66ft «6*s “ft .. 
1 20ft 20ft 20ft + ft 
68OOI106V* 106ft 106ft + ft 
5VD2 75*t 73ft 75ft +1 Vj 
846 24ft 24ft 24ft + ft 
1175 37ft 36ft 3641 + ft 
744 Aft Aft 6ft + J A 
256 15ft 14ft IS + ft 
3D7 3036. Mft + ft 

99 27ft 26ft 27ft + ft 
136 B'* 8 8ft 

830 31 30'+ 30ft + VS 

95 28ft Mft 28ft + ft 
333 10ft 10'i 10ft— V. 
aJ 22 T% 7ft 7ft 

96 15 2S=ft- 2^- — hi 

17 14 3074 24ft 23?* Mft 
11 15 605 40ft 37ft 38ft— lft 

13 14 2271 15ft lift « . 

409 93435 Mft JB + £ 
36 10 1017 S3ft 52ft 52ft — ft 
10 32 239 lift Mft lift 


Mft 13ft PocRSDllOO 106 
17ft 12ft PKSd 60 2.7 13 

82ft 65 POClele 5-72 7J 9 

15 9ft pacTIn 60 13 7 

31ft Mft PocHcp 260 U 

36 30ft Paefipi 4-07 110 

43ft 25V, PablWb UA M 

34ft 25ft PolnW pf 125 76 

39 Mft PalmBc MB 33 41 

40ft 20ft PonABk JO 1.7 9 

8ft 4 PanAm 

4 lft PanAwt 

21 13ft Pandck n JO 12 17 
41ft 32ft PortiEC SJO 42 II 
8ft 3ft PanlPr 
IBV* Aft Poravn 
17ft lift PorkEI 
TVs 4 parkDri 
39V+ 28W ParkH 
23ft 14ft PorkPn 

5 3 PotPtrs 
15ft lift PuvNP 
23ft 13ft PavCsh 

K PfTIBO 


15 18ft 18ft 18ft + V* 

691 15 Mft IS + ft 

3245 79 ft 77ft 7Bft + ft 

14 12ft 12ft 12ft 

1617 29ft 29ft 29V.— U 

_ A 34 33ft 34 — ft 

M 18 27}4 31ft 31 31ft + ft 

246 29ft 291* 2916 + ft 

46 36ft 36ft 36ft t , 

41 40V* 39ft 40ft + ft 

4184 Bft Bft 8ft- ft 

3 2ft 2ft 

17 164+ 164V + ft 

37ft 37 37ft— ft 

7Vt 7ft 7ft + ft 

7ft 69+ 7ft — ft 

M 13ft M +ft 

3 4ft 4ft 

275 33ft 331* 33ft + ft 

500 23V* 22ft 229*— ft 

S3 4ft 4 4ft + ft 

554 12ft Hft 12?* + ft 

S3 T8 *£ 

731 52ft 51ft S3ft* + 4+ 


9J 9 


036 J 12 
JB 1.8 

1.12 3J II 
J21 13 33 

64 SJ 13 
.It 1.1 14 


U1 

636 

951 

17*0 

1976 

no 

580 


14 


lft . „ 

584* 44V* PenCon „ ... _ _ . _ 

53ft 44ft Pamey 136 46 10 4107 51ft 30ft 51ft + ft 

27ft 23ft PoPL 256 9J 10 977 27ft 26ft 26ft 

40ft 33 PpPLpf 4.50 lt.l 


293, 25V. PcPLdprXC 11 J 
Z7V+ 2216 PaP LdpriW 1DJ 

74V* 60 u. PaPLor 860 11J 
»ft 24ft PoPLdPf3J5 116 
31'* 7T4 PoPL dprl7S 12J 
95ft 77 PoPLDt 9JW 90 
704* 5711 PaPLpr BJO 12.1 
7y* 62 PflPLpr 8 JO 1IJ 
41ft 34 Pen wit 120 SJ 
61 511* Panwpf 150 

2546 M Ponwpf 160 
50 34 Pennzol 123 

m lft PofiPEn MO 
2tft Mt PepBys JO 

65?* 39ft PepsiCo 1.78 
Mi* 22V* PeritEI M k 
9(* 7ft Prmian 1.12C14J t 
18 104k PervD s „ 

46'A 31 Pefria 160 3J 17 
2B4* 241* PelRS 3.728I3J 
17ft Mft PetRSPi l^ 90 
5ft 2ft Ptrlnv .90*267 
53K- 37ft Pfizer 168 

24 12ft PIWlpO 


55 34 

46ft 29 


Phdppr 5.00 
PhlOrt J4 


20te 401* 40 40ft +2 
3 29ft 29 29 + ft 

1 2646 264k 26ft 
350: 714* 71 71 

206 28ft 28ft Mft 
19 31 30ft 30ft— ft 
5600Z 96ft 96 96ft +Tft 
5Sz 66ft 66ft 66ft 
202 74 74 74 + ft 

959 384k 37 3SVt + Hi 

3 55 55 55 — ft 

7 23 27ft 23 

960 471+ 47 474+ + U 

672 IBM 18 18ft + ft 

493 264+ 281+ 26ft + ft 

2J 12 3028 664+ 65ft 66ft +1 
ZO 15 3718 274* 264* 274. + ft 
1371 7ft 7V4 7ft— 9+ 
3S2 18 17ft 17ft 
444 471* 45ft 4W+ +14+ 
49 27ft 26ft 27ft 
21 16ft 16ft 16ft 
32 3M 3ft 3ft- ft 
10 15 8472 SOM 49ft Sfl + M 
1103 204* » 204* 


4J 

70 

40 21 
6J 8 
J 22 


164* 13V. PhliaEI 2J0 141 

32 25ft Phil Epf 180 12.9 

464* PhtlE 61 7 JUS llfl 

57 PhilEpf BJ5 Ul 

VIA PtlllEDf 101 110 

Bft Phi IE pi 03 117 

51 PhilEpf 7J5 130 

Bft PhilEpf 1J8 12J 

1101* Phil pf 17.12 13.9 
100 PhllE Pfl&JS 13J 
62 PhllE Pf 9 JO 130 

511* PhilEpf 7 JO 12J 

SOI* PhilEof 7J5 13.1 

aft 15ft PhilSuh 1J2 

95'* 72 PhilMr 400 


90 48 Sift 51ft 51ft 

1 J 21 12323 42ft 41 419+ ■ 


4+ 


56 

69 

MM 

10 ?+ 

61 

104+ 

126 

116 

74 

61 

AO 


26ft 15ft Philpin 00 
44 ft 394* Phi I In of U» 
18ft lift PhllPt 5 100 


60 12 
SJ 9 


9591 154+ 15ft 154+ + V* 
150s 29M 29 29M +1 

2001 54 M 54 
90s 67V* 66V* 6646 + ft 
64 111* ion 10%— ft 
294 1QM 10ft 10M + 4* 
550= &P& AO AOVs + V* 
140 IOV* 10 10+4* 

49321 23 Vs 120ft 123V* +3 
2D2I10M UOVtllOM 
120Z 71 71 71 

3690Z 61 59 61 +1M 

100= 59 59 59 +lft 

35x20ft 20ft 20V* + 4* 

6083 aft 764* 771* +14* 


2J 12 1314 22ft 22 


1J 


1 55 


08 

2J2 


S S 
7.1 12 
14 

1J2 19 13 
1J4 5.1 13 
.08e J 


2J 


70 


37V. 73V: PHH 100 18 14 

491. 31M PPG 1.76 IS 11 

lift 164+ PSA 60 U 12 

DVg Mft PSAdBf MO 90 

Mft 12 PacAS IJ4 117 

aft 15ft PocGE 1J4 90 7 

46ft 3 T-a PocLtg 308 7.7 13 

41'a 24ft PcLum 1JQ 3.1 a 

10 5?a PacRes Mo J 10 


214 36** 35?+ »M— ft 

1581 50 49 497+ + 4+ 

204 25?k 2SM 25ft + ft 

20 21 21 21 +?8 

42 14*+ 14ft >4% 

3983 19?+ 19V» 19T+ + ft 

637 46 4i?i 4SM + ft 

239 Mft 38** aft + V* 

301 10 «ft 10 + l. 


25V* 22ft Phi PI pf 1046 40 
30% 2OT6 PhllVH 00 10 14 
Bft 25ft PkWAs 
34 27ft PteNG 
25ft 14ft pierl 
aim aft pu&brv 
34 21M Pioneer 

26ft 13V* PionrEI 
4S 1 * av* pimvB 
TO 66 PlInBpf 212 
UK 9ft Pittshl 
21 17 PlonPtn 

19 9M PlanRi 
T2ft 7 Planfm 
13*+ 7ft Plavbov 
28-* 19ft Piesev 
197+ lift P 090 Pd 
39V* 24ft Polarld 
16ft 10M Pondrs 
21M 15ft PooTal 
22ft lift Portec 
21ft 16ft PortGE 
34ft 19ft PorG Of 300 1IL7 
354* 31 PorG of 4.40 12.7 
34ft 30ft PorG pf 402 117 


70 11 5376 13ft 13 


22M + 1* 
SS —2 
13ft 


290 24ft 23ft 23ft— ft 
330 29 284* V + ft 

1284 32 31ft 319+ + ft 
29 32ft 32 32ft + M 
354 S 24 Vt 25 +1 

779 59ft SBft SBft— lft 
680 24% 24ft 24U>— ft 
AO 15ft 15ft 15ft— ft 


110 16 IS 1729 459* 4<ft 45M + ft 


100 

.40 

JO 

00 

MO 


91 91 91 +3 

13ft 12ft 13ft + ft 

17M 17ft 17ft— ft 

19 18ft 1B*+ + ft 

12ft 114+ 12ft + ft 

BM 7ft Bft + ft 
22 21 22 +lft 

12ft 12ft 12ft 

16 56 2205 39ft 37ft 38ft— ft 

0 33 1540 15ft 14M 15 —ft 

L2 87 AW 19M 19V* 19ft 

L6 106 16ft 16ft 16ft 

727 21ft 21ft 21ft— ft 

1 2416 24ft 24ft + ft 

23 34ft 3344 34ft +7 

11 34 33ft 34 + ft 


JO 1.1 16 
.160 10 13 
75 

04e 2.9 M 
00 4J 40 


1 

£82 

48 

887 

111 

214 

41 

161 


434* 284* Pontch 1J6 41 IS 6086 38U 35ft aft— lft 


108 103ft Pollth pM207 120 

34 23ft PofmEI 216 60 9 

46ft 33 PolElpf 4JO 102 

41ft 33 POfEInf 404 10J 

25ft 18?* Premie 06 10 19 

42’+ 31 Vo Prlmrk 220 5.1 17 


20=101 101 101 +34+ 

518 32ft 32M 324+ 

20= 44 44 44 

440= 39 Vi 39M 39V+- ft 

82 25ft 25V+ 2SV* + H 

109 43V* 424+ 43 + ft 


US. Futures 


.Vir. 


Season Season 
High Low 


Open High low Close Cng. 


Grains 


WHEAT (CBT) 

5000 bu minimum- dollars Der bushel 
2*3'* 2 ?9ft Dec 3JSM 102'* 228 131ft +.07ft 

174V: 287 Mar 304 3J5ft 303 205% +01 

402 284 Mav 2151= 215’: 213'J 114% —00% 

1731* 263 Jul 1°2% 293ft 192 193 

305 267 Sep 295 295 293% 2.93"; +00% 

3.05 V: 294' k Dec 3.05 105 304V; 105 

EsI. Sales Pre». Sales X017 

Prev. Day Oaen ini. 30^92 UP M2 


CORN (CBT) 

5JKM bu minimum- dollars per bushel 


2141; 

224 V; 

231 

233 

124% 

220 % 

203 


Dec 2071; 208 205ft UPA —00ft 

Mar 204 244V; 242ft 244 —.aft 

Mav 147 207V; 146 147 —00ft 

Jul 248ft 20BM 147 248 

SCO 133ft 204 202ft 204 +.D0M 

Dec 227ft 208 206'.; 227ft 

Mar 205 1 ; 206V; 205 1 ; 206% —00% 

Prev. Soles ffiJSl 


2»S 
297 
29|% 

286 
170 
235V; 

2.74ft 

ESI. Soles 

Prev. Day Open ini. 141069 0H146 
SOYBEANS (CBT) 

5000 bu minimum- dollars oer bushel 


Nay 501% 502 
Jon 530 501 

Mar 500% 541 
MOV 5071= 508 . 

Jul 553ft 5J3'; 5-50 
Aua 5J1 SJ1 
Sea 50J 504 

Non 508 500 

Jan 508ft 501ft 508ft 501 

Prev.soles 244E3 

Prev. Day Open im. 75030 UP518 


008 
AJ9 
7.62 
7 JO 
6J8 
6.74 
6J8 
601 
563 
E si. Salas 


4.971; 

\h 

506% 
505ft 
SJ 9ft 
5.26ft 
5071; 


5.19% 501' : +.00ft 
507V* 5J0'i 
507V; 500 —.MU 
S.45% 546ft -01% 
5J1 —01ft 

5.48ft 508ft -02ft 
S0lft 502 —.01 

505'': SJffU +00% 


SOYBEAN MEAL (CBT) 
ioa tone- dollars oer ion 

1B40O 125.40 Dec l47.a 148.40 146J0 148.00 

Jan 147 JO 148.10 146 JO 147.70 

Mor M7 JO 148-50 14700 14800 

May 14800 149.00 147 JO 148.90 

Jul 14900 14900 14800 14880 

Aua 14900 14900 148.00 14800 

Sep 146 00 146J0 14500 14600 

Oct 14200 14300 14200 14250 

Dec 14250 143 JO 142-50 14100 

Jon 144.00 14400 14300 14300 

Prev. Sales Ilois 


16300 
206 JO 
16250 
167.00 
15170 
16700 
149 JO 
15000 
15000 
Est. Sales 


12700 
13000 
13250 
13400 
13550 
137 JO 
14000 
14200 
14250 


Prev. Day open inf. 41077 off 1967 


SOYBEAN Of L (CBT) 
60000 Ibv dollars per 100 lbs. 


2905 

1945 

Dec 

2073 

2073 

2051 

2947 

1902 


2080 

2005 

2062 


1900 


21.15 

21.15 

30.91 

27.45 

2042 

Mav 

2140 

2140 

11.22 




71 JO 

2100 

2145 

25.15 

2047 


2100 

21 JO 

2145 

2445 

%% 

Seo 

2100 

2100 

2145 

2X80 

Ocl 

2100 

2140 

2145 

21.90 

2140 

2SU5 

20-35 

Dec 

Jon 

21.70 

21.70 

2145 

Est.Sohn 

"rev. sales lBJOO 


Prev. Day Open Inl. 4X714 





Livestock 


CATTLE (CME) 

40000 1 tu.- cents oer lb. 


6745 

55.00 

Dec 

67.10 

6700 

*405 

6600 

—07 

6745 

5405 

Feb 

6355 

6X45 

6X65 

6X72 

—03 

6707 

55J0 

Apr 

6X15 

6205 

6140 

6142 

—03 

6605 

5605 

Jun 

61-70 

6100 

6105 

6105 

—02 

6540 

55 JO 

Aua 

6000 

6000 

59.70 

S9JB 

— JO 

6000 

MJ0 

5.' SB 
5900 

Oct 

Dec 

5840 

5900 

5855 

5805 

40.10 

—.15 


Est. sales 20.193 Prev. Sales 11933 
Prev. Oav Open Inf. 70,4*9 up 771 


FEEDER CATTLE (CME) 
+U»0 Ibv- cents per lb. 


7300 

58.10 

Nov 

65.90 

65.90 


7900 

6050 

Jan 

6850 


67.95 

71 JO 

6002 


6800 

6040 


71.00 

4040 

Apt 

67.70 

6700 

6700 

70.00 

60.10 

May 

6600 

6600 

65.90 

6850 (5.75 Aug 6600 

Est. Soles 878 Prev. Sales 
Prev. Dav Ooen Ini. 9J82mil4 

66 JO 
746 

6600 


65*7 +01 

6805 —.10 

6700 —02 

67J5 —07 

45.V0 -3a 

6*00 —55 


HOG5 (CME) 

30000 lbs.- cents per lb. 


5005 

3605 

Dec 

4705 

4705 

46.10 

46.15 

—.90 

50.47 

38.10 

Feb 

4645 

4655 

4552 

4557 

—58 

*705 

36.12 

Apr 

4105 

4105 

40J5 

■mac 

— IJXl 

49.05 

3900 

Jun 

4300 

43.70 

4X12 

4X15 

—50 

49 JS 

4045 

Jul 

4195 

44.10 

4300 

4305 

—40 

51.90 

4005 

Aug 

4205 

4X95 

4200 

4202 


41.10 

3X07 

Ocl 

39.95 

39.95 

3955 

39J5 

+00 

4950 3807 Dec 4000 4050 

40.90 4045 Feb 

Esi. Soles 6505 Prev. Soles 3434 
Prev. Dav Open Inl. 28464 up 110 

■1050 

40-95 

41.00 

—02 


PORK BELLIES (CME) 
38000 lbs.- cents per lb. 


7620 

5SJ5 

Feb 

0X30 

6200 

ah 50 

6050 


5505 

Mur 

6250 

6X75 

6007 

6007 


5705 

Mar 

6305 

6305 



7400 

5700 

Jul 

6300 

6300 

6200 


73.1 5 5550 Aua St 00 61.60 

Est. Soles 4.108 Prev. Sales XS65 

5950 

5950 


Prev. Day Open Inf. 8.130 up 100 


Food 


COFFEE C(NYCSCE) 

37JOO lbs.- oenls per lb. 

14800 12905 Dec 159.10 161 AS 


16703 
167.18 
167.10 
16708 
I67J0 
16705 
Est. Sales 


12B50 

13100 

13550 

1J27S 

13800 

14250 


(War 16000 1*240 
May 161 75 163.75 
Jul 16280 164.75 
Sep 164JS 165.75 
Dec 1*500 165.50 
Mar 18400 16400 
Prev. Sales 3047 


Prev.Dav Oaen Ini. 11045 OHT70 


j^^uiTen^Opto 


PHILADELPHIA EXCHANGE 
Orman & Strike 
Underlying Price Calif— Las) 

Nov Dec Mar Nov Dee Mar 
12500 British Pound t-ceflts per unit. 


Nov. 12 


Puts— La9 


B Pound 

119 

s 

3100 

r 

I41J1 

120 

s 

2105 

r 

141.71 

125 

s 

1600 

r 

141.71 

130 

s 

r 

r 

1*1.71 

135 

f 

650 

7.70 

1*1.71 

140 

1.70 

255 

4.65 

141.71 

145 

r 

050 

r 

141 J1 

IM 

r 

0.15 

US 


0.1s 


005 

000 

100 


4J0 


SUMO Canadian Dollor*<enT£ per unit. 
CDollr 72 r r IDS 

7254 73 f r 0J1 

62508 West German Marks-cents per unit. 


DMarV 

3804 

3806 

3806 

3806 

1806 


002 


122 

238 

103 

0.75 

028 


291 

217 

1.49 

1.04 

QJ3 


004 

n iul 
007 


008 


302 

201 

146 

1.12 

078 


0.01 


004 


6050090 Japanese TOfl-t09thi of a cent per unit. 
J Yon 44 r 456 

48.79 « 25V 265 

48.79 47 100 1J4 

48J9 48 0J3 103 

48J9 49 0.12 0J4 

48J9 50 I Ul 

(2500 Swiss Francs-cwits per unit. 

SFranc 36 S 1064 

46.75 a S H53 

46.75 39 ! 1* 

46J5 42 S 4J3 

46J5 45 r r 

46J5 46 r 1.13 

46.75 47 008 059 

46J5 48 ? 002 

Total coll V9l- 9099 
Total PVt vnL 4 J82 

r— «oi haded. s—Naopllon ollercd. 

Last Is premium t purchase price). 

Scvrvo: op. 


001 


O.ll 

009 

DJB 


056 


200 
147 
108 
Call OPArt inf. 
Put open Inf. 


0.11 

040 


205LS15 

165.118 


SUGAR WORLD 11 (NYCSCE) 
112000 lbs.- cents per lb. 


7.75 

100 

Jan 

550 

550 

550 

607 

—03 

«03 

304 

Mar 

6.15 

600 

602 

— JB 

7.15 

358 

Mav 

603 

(06 

Arm 

625 

-05 

670 

602 

X79 

404 

Jul 

Sep 

60S 

651 

607 

608 

6JB 

—07 

—05 

6.90 

705 

4033 

60S 

Del 

Jan 

6J8 

601 

605 

(JO 

704 

-05 

—05 

753 401 Mar 706 708 

Est. soles Prev. Sales 8505 

Prev. Day Open Inl. 91.717 up 425 

704 

-.10 


COCOA (NYCSCE) 

10 metric ions- S per Ian 


2337 

1945 

Dec 

2054 

2058 

2037 

2051 —12 

2392 

1955 

Mar 

2150 

2157 

2138 

2153 — £ 

2200 -W 

3422 

I960 

Mav 

2202 

2206 

2190 

2429 

2023 

Jul 

ma 

2240 

2232 

22*3 —2 

2430 

5t-o 

2270 

2270 

2770 

2273 -1 

2425 

2385 

3055 

2029 

Dec 

Mar 

2290 

2299 

2290 

2296 +12 

2306 +12 


Est. Sales 2800 Prev. Sales 1020 
Prev. Day Open ini. 20594 ua 198 
ORANGE JUICE (NYCE) 

15000 lbs.- cents per lb. 

18100 11220 Nov 11600 11405 11400 11625 

Jan 11680 11680 11605 1M05 

Mar 114JS 11690 11610 11650 

May 114 JO 11650 11625 11680 

Jul 11655 

Sea 11275 11275 11250 11225 

Nov 112J0 

Jan 11285 

M or 11350 11350 11350 I13J0 


16000 
177 JO 
16250 
15750 
180JO 
1MJ5 


11130 

11275 

111.95 

111.40 

111XO 

11IJ0 


+JS 

—.15 

—05 

-.10 

+.15 


U1JD 


161J5 __ 

Est. Sales 400 Prev. Sales 307 
Prev. Oav Open ini. 6039 up 59 


+.10 

+.10 

+00 


Metals 


COPPER (CO MEX) 
2SL0OO lbs.- cents per m. 


6000 

8425 

(000 

5850 

Nov 

Dec 

6000 

61A5 

6000 

(005 

(100 

+00 

+65 

B40O 

80.00 


Jan 

Mor 

6100 

6X40 

b10O 

6155 

6200 

74.00 

6000 

May 

6X00 

6X00 

6230 

(260 

+05 

7+40 

6005 

Jul 

6200 

6300 

6200 

as 5 

+00 

70.90 

£0.90 

Sen 

6X30 

6350 

6300 

(305 

+00 

7000 

*150 

Dec 

6X95 

6*05 

6X95 

6405 

+00 

7000 *300 

(7.90 6255 

6700 6X90 

6400 6305 

61 JO 6150 

Est. Sales 

Jan 

Mar 

May 

Jul 

Sep 

Prev. Sales 5.IB5 


6405 

MJI5 

(5.15 

&S.6S 

6600 

+00 

w 


Prev. Dav Ooen int. 77087 off 201 


4X60 

4400 

45.15 


ALUMINUM (COMEX) 

40000 lbs.- cents per lb. 

Nov 

41 JO Dec 4245 4260 
4670 Jan 
4290 Mar 
44a May 
4690 Jul 
46.90 Sep 
48.95 Dec 
Jan 
Mar 
49.40 Mav 
5000 Jul 
Sep 

Est Sales Prev. Sales 206 

Prev. Dav Open Int. 1034 up 54 


7040 

7650 

7160 

6675 

6145 

5210 

49.10 


5305 
50 JO 



SILVER (COMEX) 

5000 1 ray 01. - cents pot trov ol 


6200 

6025 

NOV 

6085 

61X0 

6080 


+65 

12300 

5900 

Dec 

6105 

6180 

(095 

6170 

+65 

12150 

5950 

Jan 

6150 

6150 

(150 

6210 

+65 


6070 


62X5 

6305 


6290 

6375 

+65 

10480 

6190 

Mav 

6310 

6380 

(310 

+65 


6290 

Jul 

(400 

6475 



+45 

9400 

6210 

Seo 

(490 

6510 

*490 


+60 


6520 

Dee 

(650 

6700 

66X0 

(690 

+60 


*660 

Jan 

6685 

6(85 



449 

7700 

6700 

Mar 

6/83 

(7B5 

6780 

6835 

+47 



Mav 

69X0 

(9X0 

(880 


+45 

7460 6950 Jul 6995 (995 

Est. Sales 10000 Prev. Sales *077 
Prev. Day Open Int. 85J13 off 8(3 

(995 

70*0 

+40 


PLATINUM (NYME) 

50 tray 02- dal lars per 1 ray 02 
35740 331.00 NOV Ml 90 

37350 25750 Jan 33000 337J0 32950 33AJ0 

35700 26650 Apr 33250 34050 miQ 339JO 

36300 27300 Jul 33400 34000 33550 34120 

*»0O 30150 Oct 3-0 00 342.00 34000 347J0 

EsI. Sales 5J96 Prev. Sales 1,148 
Prev. Dav Open Int. 1X177 aft 463 
PALLADIUM (NYME) 

100 frav oz- dollars Per o= 

14)50 91 0! Dec 10000 10150 99J0 101.10 

12750 91,78 Mar 99J5 10300 9905 10210 

1 400 9150 Jun 10200 70250 10075 TO O 

J15-22 .F-™ Sep 10300 1B4JD0 10200 104^0 

bP| 7- S. 1W -“ b DBC e 10M0 'P 5 - 00 10100 106-10 

Ell. Sales Prev. Sales 812 

Prev. Dav Open Int. 7010 up 172 
GOLD (COMEX) 

100 tray at.- dollars per troy 02 
32S6J0 37000 Nov 32200 W9W1 399 fln 32640 

Dec 32680 32640 32610 -IX Iff 

Jan 32600 32600 3?«nn 377 m 

Feb 32X60 33050 328.10 32900 

Apr 33X00 33400 33200 33X60 

Jun 33620 33700 33620 33700 

Auv 34040 34050 340.40 341 JO 

Oct 34500 345J0 345J0 34620 

Dec 3*900 35100 349-30 EVOO 

Fob 35450 35690 35690 3558(1 

Aw- 35900 35900 35900 34070 

Jun 36X20 36500 36500 366.10 

Aim 370.90 370.90 37090 37100 


+700 
+750 
+830 
+6J0 
+9 JO 


+235 

+285 

+110 

+300 

+610 


48950 30150 


48550 

*9*00 

435.7U 

42800 

395.78 

39X00 

358-50 

388-40 

39650 

38500 


30600 

31670 

32050 

33100 

33500 

34200 

31300 

35500 

36500 

37200 


EsI. Sales 25000 Prev. Sales 6277 
Prev. Dav Open lnl.127.V72 up 665 


+100 
+100 
+100 
+100 
+1JO 
+1J0 
+100 
+100 
+100 
+100 
+100 
+ 1J0 
+1.10 


Financial 


157.98 

—in 

UST. BILLS (IMM) 



15904 

+62 

IT million- ms ot 100 net. 



14053 

+65 

9X08 

85.77 

Dec 

92.99 

9X03 

16155 


9196 

8660 

Mar 

9X95 

9302 

Ifi3J5 


9269 

8701 


9X70 

9X78 

1(308 

+53 

9208 

8800 

sep 

SIM 

V2.0V 

1(150 

+.» 

9X08 

8905 

Dec 

92.18 

92.20 



91.65 

8758 

Mar 

9154 

91.96 



91J8 

9050 

Jun 

9168 

9169 



90.94 

90 J3 

Sep 

9167 

9167 


EsI. Sales 4J47 Prev. Salts 1047 
Prev. Dav Open Int. 42.1 X up 1008 


9299 

9295 

9270 

9200 

9117 

91.90 

9104 

9109 


9101 

9297 

9206 

9208 

912B 

9101 

9104 

9109 


+02 

+07 

+JJ0 

+.11 

+.11 

+.11 

+.12 


10 YR. TREASURY (CBT) 

IlOMOO Prln- Pis & Knds of 100 pet 
89 75-13 Dee 8B-2B 89-17 

M 75-14 Mnr 87-27 88-18 

87-1 7+.T0 Jun 87-10 87-18 

85-30 SO-? Sep 86-18 86-23 

SS- 17 80-2 Dec 85-18 16-2 

Est- Sales Prev. Sales 434 

Prev. Oav Open Inl. 7X247 oft 2084 


88-27 

87-27 

87-4 

86-14 

85-18 


89-16 

18-17 

87-18 

86-23 

86-2 


+23 

+23 

+21 

+21 

423 


US TREASURY BONOS (CBT) 

18 pd-ilWUBftpIs & finds of IOOpcII 


79-25 

57-8 

Dec 

79-21 

80-20 

79-19 

00-18 


78-16 

57-2 

Mar 

78-15 

79-16 

78-13 



77-11 

56-29 

Jun 

77-11 

78-12 

77-10 



76-10 

5+29 

Sen 

7+11 

77-13 

7+11 

77-13 


75-10 

5+25 

Dec 

75-16 

7+13 

7+16 

7+13 

+16 

7+15 

5+27 

Mar 

7+23 

7+18 

7+23 

7+17 

+16 

7+26 

63-12 

Jun 

73-30 

7+25 

73-30 

7+23 

+16 

72-29 

63-4 

Sen 

73-3 

7+2 

73-3 


+16 

72-18 

62-24 

Dec 

72-30 

73-14 

7+30 

73-11 

+16 

71-6 

71-3 

67 

6+2S 

Mar 

Jun 

72-20 

72-28 

72-10 

72-24 

72-12 

+16 

+1)1 

Esi. Soles 

Prev. Sales 21J26 



Prev. Day Open lni0970O5 oft 5076 
MUNICIPAL BONDS (CBT) 

Slow* Index-Pis & 32ndSOf 100 Pd 
87-2 81-17 Dec 86-10 87-30 

B6-7 80% Mar 85-17 87-5 

85-12 79 Jun B4-4 86-9 

84-20 79-10 SOP 

Est. Sales Prev. Sales 501 

Prev, Day open ml. OJIQ up 76 
CERT. DEPOSIT (IMM) 
f I million- Pt&of 100 PCI 


864 

85-17 

B4-4 


87-30 

87% 

864 

85-17 


+122 

+121 

+119 

+118 


9150 

8504 

Doc 

9260 

9262 

9260 

9261 

-01 

9X29 

B626 

Mar 

9202 

9X02 

9133 

9204 

+05 

9104 

91.44 

9059 

90.25 

8443 

8706 

8804 

88J0 

Jim 

Sep 

Dec 

MCnr 

9205 

VZ05 

7X05 

9X07 

91J( 

9164 

91.12 

+09 

+.11 

+.12 

+.12 

Esi. Sales 70 Prev. Sales 

21 





Prev. Dav Open Int. 1070 off 38 


EURODOLLARS (IMM) 

Si miiiiwMatsef 100 act 
9X17 8680 Dec 92.10 

91.99 86.10 MOr 91.97 

9109 8603 Jun 9108 


9213 

9203 

9108 


9208 

91.97 

9108 


9211 

9XJB 

9107 


+JM 

+09 


9105 

91.01 

9008 

9007 

90.10 


8708 

8708 

8704 

8804 

8909 


Sep 

Dec 

Mar 

Jun 

Sep 


9105 

91.05 

9004 

9046 

9019 


9107 

91.14 

9002 
9IX5S 

9003 


9105 

9105 

9074 

9046 

9019 


9106 

91.14 

9002 

9002 

9Q2S 


Esf. Sales 25A16 Prev. Sales 7003 
Prev. Day Open Inl. 1 52063 up 1029 
BRITISH POUND (IMM) 

S oer pound- 1 point equals 50.0001 
I.442S 1.0200 Dec 1.4100 1.4160 10070 10125 

103)0 10680 Mar 1099D 10035 10960 10005 

1021S 1.1905 Jun 10910 10925 10860 1J90S 

EsI. Sales 6184 Prev. Sales X158 
Prev. Day Open Inl. 30.134 off 25 
CANADIAN DOLLAR (IMM) 

Sper dir- ) point equals 50.0001 
0546 .7006 Dec 0237 .7255 7215 7250 

.7504 0981 Mar 7228 .7237 .7223 .7237 

.7360 .7370 Jun .7218 .7218 7218 7223 

7303 .7176 Sea 7218 7210 7210 7211 

ESI. Sales 1.708 Prev. Sales 836 
Prev. Dav Open 1 m. 7005 up 125 


+01 

+.12 

+.13 

+.13 

+.13 


—40 


FRENCH FRANC (IMM) 

Sper franc- 1 point equaisSO0OOOl 
.12620 096a Dec .12525 .12535 .12525 .12550 

.12410 .10985 Mar .12440 .12440 .13440 .12475 

.12450 .12130 Jun .12400 

Est. Sales 26 Prev. Sales 
Prev. Dav Ooen Inl. 137 off 6 


+50 

+50 

+50 


on 

S3 

71 

63 

63 

*%*. 

16V* 

171.4 


108 13J 
70S 165 
904 140 
HJ2 140 
808 162 
8.96 14J5 


SI** 2TV» Prtmfcwl 
am* MW Prknec 
37% 16V* PrhnM 4 JB 9 
67ft 503k PredG %M 
15 8 PrORSS 08 

45% 35ft Prater 100 30 15 
21* 2 PraRCfl . 

BU* 8 PruRI n 
24% IB PSvCOl ZOO 
21% 17V* PSCol pf XIP TOJ 
10V* 61* PSlBd U» 11J 

7 PSlnpf 
41 PSin Pf 
52ft PSlnpf 
48 PSlnpf 
491* PSlnpf 
51 PSlnpf 

3W PSvNH 3 

81* PSNH pf 
. Bft PNHpiB 
24ft 13 PNHpfC 
22 lift PNHptD 
22% lift PNHpfE 
19ft 9ft PNHpfF 
20V* .lOft PNHPtG 
29W 321* PSvNM 192 100 9 
32ft 23 PSvEG 204 90 8 
1$ lift PSEGW 100 HU 
39 aw. PSEGpt 608 10J9 
39 31% PSEGpf 618 107 

40ft 31ft PS EG of 600 100 
48 37% PSEG of SJJ5 110 

49U 39 PSEG Pf 508 107 
7SW 70 RSEGpf &16 110 
20ft 14ft PSEG Pf 117 10J 

m, soft psEGpf tm iu 

23ft 18ft PSEG pl 203 107 
73ft 58 PSEG Pf 700 100 

73 59 PSEQpf BJM 110 

71 SSW PSEG Pf 7J2 147 
69% 54ft PSEGPf 700 110 
4W 2ft PuWtCk 
15ft Oft PucMd .16 10 12 
7% 6 PR com 6 

17 lift PuoetP IT 6 11 J 7 
7ft 6ft Pul Pan 
71% 10ft PuireHm .12 S IS 
31ft 16ft P uniat 041 30 
10ft 5ft Pvra 7 

63 33 GuakOt 100 _ 

105 91 QuaOpt 9J6 90 

25 17 QuakSO 00a U 19 

10ft 5 Ouaaex 21 

Mft 27 Ouestor 100 50 11 

3AV* Mft OkRell 040 10 16 
9ft 5ft RBI no 


5 213* «W 21ft + ft 
17 4367 19ft 19% 19V* 

0 28 310 37 36ft 36ft- ft 
37 17 4575 67 66ft 66ft— ft 
10 23 822 Mft Mft lift + ft 
2639 38ft 39 + ft 
125. 2ft . 2 2 

Bft 8 8 

20ft 20ft 20M 


JB' 


_ra 20ft l«k 20ft + j* 


J4 


100 


00 67 


00 


18 
30 17 
X 


00 


49ft 34 RCA 
40 29W RCA Pi 

112 ») RCA of 

39W 32ft RCA pf 
9ft 6ft RLC 
4ft 3W RPC 
19ft 14W RTE -56 

18ft 8ft Radi CO 

49 31W ftalsPur 1J» 

9V* Sft'Ramad 

21% 16W Ronca 
5ft 2W RangrO 
90 51ft Ravcm 
16% 9W Roymk 
Rovnrn 
53W 36ft Ravfhn 
10ft 51* ReadBI . . .. 

21ft 13 RdBatpfX12 150 
=!ft 16ft RdBat pf X12S170 
16ft lift RIIRer 1030 90 II 
17% Bft RecnEa 
12ft 7 Redmn 
12ft 8% Reece 
1% % Regal 

*3ft 27ft ReldiC 
10ft 4ft RepAIr 
3 lft RepAwt 
12ft 6ft RoGvps 00 30 10 
51ft 36 RepNY 104 30 9 
27ft 23ft RNY PfC X12 110 
57ft S2W RNY pfA *04011.1 
56 45ft RNY pf B 5J)7e 90 
34W 24ft RecBk 104 XI 7 
30 23ft RepBIt pf X12 70 
25ft 15ft RshGot 02. 10 
29ft 22ft Revco 00 
17ft 10ft Revere 
58 32ft Revlon 
100ft 93 RvtnpfB9JM 
25% 17ft Re*itm 7D 
15% lift Rexnrd 04 
32ft 24ft Revnln s 108 

50 47** Rev In pf 610 __ 

112ft 103ft Revin pfllJO 100 
131 123ft ReylnpflX96 9 S 

*1% 30 ReyMlT 1.00 
26ft 24 RevM of 2J0 
49 27 RchVck 1.48 

aft 21ft RHeAld JO 

7?* 2ft RvrOkn 
36ft 28ft Robshw 100 
41ft 21 Rob Iso 100 
34ft 5ft v) Robins 
24ft 17ft RochG 200 
42ft 31 RochTI 204 
20ft 18 RckCtrn 
41ft 29 Rotftwl 1.12 
73 55ft RohmH 200 
70 40 Rohrln 

27% 15ft RoInCm 00 
18% 6V* RollnEs JM 
12W Bft Rolllra 06 
3W 1ft Ronaon 
19 II Ropot 04 
47 24 Rorer 1.12 

IT TV* Rowan .12 


3U Bft 8ft Bft 
7001 0% 8 8 — % 

1300x 49% 49ft 49ft— ft 
5910= 67W 65ft 66ft + Vs 
3»S’5 59% — IVi 

60* 59 59 59 — % 

9110*62 61ft 61ft +1% 
1175 8ft 8 8 — » 

400* 19% 19% 15V*— W 
(16 15ft T5ft + ft 
25 23ft 29ft 23ft + ft 
7 20% 20% 20ft + % 
27 21 20ft 21 + ft 
6 17ft 17ft 17ft + Mi 
84 l*ft 19ft 19ft + % 
422 28% 27ft 3% + % 
38S2 31ft 30W 31 + ft 

14 13% 13ft 13ft + ft 
5501 37ft 37ft 37ft 
55to3? 39 39 + ft 

1000* 39ft 39ft 39ft + % 
2000*46 45ft 45ft— lit 
510x40% 48% 48% 

73 73 73 +1 

48 20ft 20% 20% — W 
300: 64 63 64 +lft 

23 22ft ,22ft 22ft + ft 
7000* 72ft 72ft 72ft + % 
210x 72 72 72 

5100= ID 70 70 

100= 67ft 67ft 67ft — ft 
304 2ft 2ft 2ft— % 
222 15% 15ft 15ft + ft 
13 7ft 7ft 7ft 
17B0 15% 15 15% + ft 

790 TV* 6ft 7V* + % 
806 13% 12% 13 + % 

185 18ft 17ft 18 + ft 
464 6 5ft 6 + ft 

X4 15 1346 58ft 57ft 57ft— ft 
1001)04 11M 104 — ft 

22S 24 23ft 23ft- ft 
379 6% 6% 6ft + ft 

327 304* 29% 27% + % 
362 25% 34% 24ft + ft 
93 6 5% 6 + ft 

4835 47ft 47% 47ft— ft 
lib Kft 37% 37% —1% 
2 106% 106% 108% — % 
13 39V* 39W 39W— ft 
516 7V* 6ft 7ft + ft 

90 3% 3% 3% + % 

19 10 381 19% 19% 19ft + % 

12 200 17 16% 17 + % 

2.1 1528867 48ft 47ft 47ft -lft 
21 1641 9 7ft 7ft 

40 9 53 . 18% 17ft 18% + ft 

688 4% 4 4% — % 

0 29 945 80% 78ft 79 — ft 

84 10ft 10 10ft + W 

5793 19ft 19% 19ft 

30 11 4137 49% 49W 49% + V* 


80 II 
10 10 


100 40 U «g.S, 


ie% isw sierPoc 106 
41 24% Sinew ■*" 

33% ' “ 

17% 

26ft - . 

14% 7% Smithln 

71ft 50ft §mkB 
Hbft 48W Smucfcr 
41% 3i% SnodOn 
15ft 12% Sovder 
43% 31 V* Seoul 
19% 13ft SMVCP 
32% 22ft SooUn 
40% 33ft Source 
33% 19ft 5reCPPf IM 1W 
Sft 20ft SCrEaf 106 
MW Wt SoJOfin Xffl^ 80 12 
49ft MftSoudwn n 

JS 24% ScWtSfc 


assr+s 


36% sinoer « , , 33ft 32ft 32ft 

28% sinerp* s f5 ,. f A 14% 13% JfW + 1 ,. 

lift skyiiiw & a ^ at *5 +1 £ 

20% Slnrre rv 088 25 .i. 8 2 

7% Smihi n 4° .. .MC tj 70ft nft— 


i5° g® 

M ,4% 14% 14% — J* 

36% 33* 32, ” 


iiS i« ^ 


*9 IB wfi iS 1S2 + V. 

- assists 


130 85 


5% SootPS 


100b 20 12 

105 xa 10 

2.1313X4 a 


3 SS S% + % 


43x43% 43ft 4JW y j- 

X ^ 3 i3ST% 


0 

27% 

23ft 

aSS snetT * js 11 

39% 32% SoNEPt 122 1M 


177 


21% SCalEd 116 87 8 6760 a Sft + % 

17% a 2MH XNk Ua + 2 

20% soinGis 10° Si S* avi a — ft 


6% 

25 




36? g*i 


10 38% 38% 35% . 
26% »% +■ 


» 20 ffl? ssT-l w 
33 27ft 26ft 26%— « 

S SJ +'* 


27% 22W Sony of 20° K 
»t 24ft SoUdCO 172 Ai 
41% 24ft Sautlnd 100 M 10 
55ft 49ft SoulWPf 4M 

•g% ”£2A Jbw n s f«S js ^ 45%-^ 

SI fS% ar 1 

16% lOftSwtFor _ ’S Jill 17% 18 

19 13 SWIG« Ul W J jift+ft. 


'5 2? ?4n iaigt ’£+* 


.. SwtGas 

88ft 63ft SwBalf 


uun *44* airaen : —if «at 34% 24ft — 

29 >9% SwEnr 2.1 | " 24%— » 

26% 20 SwtPS 282 U 1 *2 u% 13% U% + Y? 


JMI 7 
UK 20 23 
XS0 90 
4JQ 37 
30S 90 
00 20 22 


818 6% 6 6 

54 14% 14 14 —Vi 

12 17ft 17% 17ft + % 
8 14ft 14 14H— ft 

653 lift 11% 11% + % 
998 9% 9 9% + Mi 

265 12ft lift 12% + % 

182 ft ft 

142 34% 33ft 34 + ft 

4056 10% 9ft 10ft— % 

344 2% 2ft 2ft— % 

316 8ft 7ft 7% 

190 51ft 50ft 51% + ft 
335 27ft 27% 27ft + ft 
138 56% 56% 56% 

109 54% 54% 541* 

599 32% 31ft 32ft + % 
12 28% 27ft ffl + ft 
164 25% 25 25 + V* 

10 30 1787 27% 26% 267*— ft 

2 83 12ft 12% 12% — ft 

30 18 306 57% 57% 57% — ft 

9.1 31 99 99 99 

28 17 69 25ft 24ft 25 — ft 

11 9 736 14ft 10ft 14 
~ 611212 26% 26ft 25% +1M 

6 49ft 49ft 47ft— ft 

1 112% 112% ran— % 

1182 130% 130% 130% 

1106 33ft 32% 33ft +1V* 
311 25ft 25% 25ft + ft 

16 Wft 68% 68ft 

20 16 1845 25 24% 25 + ft 

50 256 3 2ft 3 + U 

fl 49 a 34% a +% 
404 23% 21ft 22ft— lft 
418 lift 11% lift— ft 
294 22% 22ft 22% + % 
420 36ft 35ft 35% + V* 
2738 Mft 18% 18ft + ft 
2543x 36% 35% 35ft + % 
428 68ft 67ft 67% — ft 
216 62 61% 62 +1 
148 26% 26 26 — % 

728 14% 14% 14%— % 

266 12% 12% 12U + % 
347 2ft Zft 2ft + ft 

73 14% 14% 14%— ft 
944 40% 39% 39% — % 


5J 

80 


30 
8.9 
20 23 


14 

70 


90 

68 


11 9 
30 11 
IT 
10 31 
0 25 
17 18 


GERMAN MARK (IMM) ' 

Sper mark- 1 point equals MJ00T 
0880 0971 Dec 0824 0853 

0712 0040 Mar 0856 0883 

0935 0335 Jun 0885 0885 

077S 0762 Sen 

Est. Sales 2X478 Prev. Soles 8,943 
Prev. Day Open Inl. 49,908 up 32 


0816 

0847 

0883 


0849 

0880 

0910 

0945 


+19 

+19 

+18 

+15 


JAPANESE YEN (IMM) 

Sperven*l point equals sojuoooi 
. 004724 JO3905 Dec 004865 004877 00055004875 

004934 004035 Mar 004872 J04881 004859084878 

004939 004220 Jun 004881 004882004880004887 
004920 JflS&W Sep J04TOS 

Q0498S 084158 Dec .004925 

esi. Sales 17067 Prev. Sales 5775 
Prev. Dav Open Inl. 40093 up 265 
5WISS FRANC (IMM) 

Sper franc- 1 paint equals 9)0001 
.4728 0531 Dec Atm 4704 4655 4703 

4771 0835 Mar 4704 .4747 4697 4745 

.4800 .4190 Jun 4763 4763 4753 4787 

A33E J ms Sep 0826 

Eat. Sales 15439 Prev. Safes 5406 
Prev. Day Open int. 27050 up 83 


+13 

+W 

+8 


+31 

+30 

+30 

+16 


Industrials 


LUMBER (CME) 

130000 bd. ft- Sper 1000 bd. H. 

186.10 12650 Nov U2J0 14640 14X80 14500 

13160 Jon 14600 14940 14540 14900 

13970 MOT 15140 15500 151.10 15650 

14570 May I55J9 15940 15550 15900 

MOJO Jul 15900 16X00 15970 16100 

15190 Sep 16200 16S.10 16200 16570 

15650 Nov 16370 16500 16370 16500 

1135 Prev. Sales 794 


18700 

19500 

17640 

18100 

17600 

18100 

EsLSales 


+370 

+440 

+4.10 

+340 

+100 

+140 

+3JC 


Prev. Day Open Int. 7072 off 22 


COTTON 2 (NYCE) 
soooo lb6- cents per lb. 


7300 

5751 

Dec 

(1.15 

6109 

(005 

(103 

+.11 

7675 

5877 

Mar 

(155 

6X10 

6?J® 

6107 

—03 

7000 

50.90 

May 

6255 

(2J5 

(X55 

6267 

+04 

7005 

5800 

Jul 

(M0 

(105 

(165 

6100 

+08 

6550 

5X40 

Oct 

5460 

5410 

5460 

55.10 

+J0 

5905 

5005 

Dec 

5X23 

5X60 

5X17 

5X65 

+62 

A+75 5X30 Mar 5X00 5110 

Est. Sales X400 Prev. Sales 1140 
Prev. Dav Open Int. 235*9 up 65* 

5X00 

5X10 

+65 


HEATING OIL (NYME) 
42000 oal- cents per aal 


88J0 

69.15 

Dec 

8700 

8705 

B6JS 

8700 

-05 

8805 

(900 

Jan 

8705 

87 JO 

87.10 

8702 

-00 

8475 

7000 

Feb 

8*00 

8460 

8605 

8421 

—65 

8X25 

(800 

Mar 

8X10 

8X30 

8100 

8X08 


7800 

6800 

Anr 

77.90 

7800 

7760 

77 JS 

—03 

7500 

6800 

Mav 

74.70 

74J0 

7400 

7400 

—00 

7405 

71 JO 

Jun 

7125 

7X80 

7305 

7360 

—60 

7X10 

71 JO 

Jul 

7X00 

7300 

7300 

7X20 

—60 

7X75 7160 

7X50 7X50 

Esi. Salas 

Aug 7X00 7X50 
SOP „ , 

Prev. Sales 8664 

7200 

7X75 

7120 

—60 

-60 

Prev. Day Ooen inL 3X911 off 559 





CRUDE OIL (NYME) 
1000 bW.- dot lars per bbL 


30J1 

2190 

Dec 

3065 

30.71 

■yf.Vl 


+.11 

29 J7 

2438 

Jan 

29 J3 

29.91 



+0/ 

2966 

2405 

Feb 

2804 

29.13 



+09 

2965 

24.13 

Mar 


28.43 

y v? j 


+02 

2965 

2X93 

apt 

27 71 

Z7.90 

77JS 

27.90 

+.05 

27.96 

2365 

May 

2760 

2700 

2738 

SS 

+06 

27.10 

2178 

Jun 

2702 

27.11 

Z702 

27.11 

+07 

2474 

2465 

Jul 

2480 

2485 

V )■ 


+.13 

2608 

2400 

AuB 

2660 

2660 



+.IS 

2700 

2400 

Sen 

2630 




+.10 

2&2S 

2415 

Oct 

2415 

JAV% 

fiM 


+JH 

2535 

Nov 


2400 


L ■ 

+05 

2600 2400 

Est- Sales 

Dec 2600 2(00 
Prev. Sales 14188 


2600 

+.19 


Prev. Dav Open inl. 69041 up 1-583 


Stock Indexes 


SP COMP. INDEX (CME) 
paints and cents 

20085 17570 Dec 19800 19970 19755 19873 

20X75 1BX30 Mar 199.95 201.75 19950 20075 

20650 18X90 J'm 20105 20275 20085 2 0 23 0 

199 JO 18700 Seo 20X50 20375 20X00 20X60 

Est. Sales 91,403 Prev. Sales 73395 
Prev. Day Open Int. 71763 up 5078 
VALUE LINE (KCBT) 
paints and cents „ 

21705 18840 Dec 20670 20755 20505 20645 

20940 19050 Mar 30875 20705 20700 20000 

20800 19700 Jun 21100 21100 21100 21000 

20X50 20005 Se» 21X00 21300 21300 21240 

Est. Sales Prev. Sales 9060 

Prev. Day Open Int. 12703 wlJ55 

NYSE COMP. INDEX (NY FE) 
paints aid cents 

11770 lOOi) Dec 11440 11505 11405 11470 

11875 105.50 Mar 11545 11640 115.10 11570 

12000 106.98 Jim 11730 11730 115.95 11670 

11645 108.10 Sep 11700 118.10 117JB 117J0 

Est. Sales 18449 Prev. Seles 16033 
Frev. Dav Open inL 9418 up 1717 

MAJOR MKT INDEX (CBT) 

pa Inis and eights 

269 249 NOV 269 272V* 268ft 271% 

270% 249% Dec 269% 272% 268% 273 

Mar 272 274 272 273% 

Ed. Sales Prey, sales ,344 

Prev. Day Open Inf, 1903 up 195 


+05 

+1-03 

+170 

+178 


+05 

+00 

+00 

+00 


+45 

+45 

+-5B 

+00 


+2% 

+3» 


Commodity Indexes 


Moody'5- 


Reufers. 


DJ. Futures. 


Close 

9U0Qf 

174140 

121.34 

22650 


Com. Research Bureau. 

Moody's : base 100 : Dec. 31, 1931. 

P - preliminary; f - final 
Reuters : base 100 ; Sep. 18. 1931. 
Dow Jones : base 100 ; Dec. 31, 1974. 


Previous 
91850 f 
1,73640 
12052 
22640 


Market Guide 


CBT: 

CME: 

IMM: 


NYCSCE: 

NYCE: 

COMEX: 

NYME! 

KCBT: 

nyfe: 


CMcoac Board of Trade 
Oilcaso Mercantile Exchange 
inter notional Monetary Market 
Oi Oilcaso Mercantile Eifchanoe 
Neyv York Cacao, Sugar, Coffee Exchange 
New York Cotton Exchange 
Commodify Evchanoe. New York 
New York Mercantile Exchange 
Kansas Cl tv Board of Trade 
New York Futures Exchange 


SAUK IN WORDS AND POURES 
DOONSSBURY 
DAliyiNTHEIHT 


45 

20 19 

14 70 3850 8ft 8ft 8% + ft 
64ft 47ft RovID 339e 50 9 27HS 62% 61% 62% + ft 

17% 10ft Rovims 20 nil 17 16ta 16% — ft 

31 20% Rotunds 48 14 20 440 30ft 30ft 30ft— % 

26 14% RussBr 13 68 19% 19% 19% + ft 

2« 15% RusTog 76 XJ 11 54 22 21ft 21% — % 

31% 21 RvanH 100 4.1 1 SI 24% 23% 34% + % 

30% 22 Ryders 40 ZO 12 1350 30% 30ft 30ft— ft 

29 18ft Rvland M 14 13 1209 27% 27 27% +1» 

20V* 8W Rymer 4 74 14% 14% 14% + ft 

13% 10% Rymer pfl.17 100 11 11% 11% 11% + % 

74% 41% SCM 2.00 X7 18 1502 73% 73% 73ft— ft, 

13ft 9% SL ind 72b 17 10 31 12 11% 11% + VU 

33% 19ft SPSTec JO 24 16 ““ “ ‘ 

19 15 Sabina 04 0 39 

19% 16 SotjnRy 208el44 

20% 12% SfgdBs JO 14 17 

12% 5% SfsdSc 23 

2% 1% SfodSwt 
30% 23% SalKlns 40 1.1 23 
37% 25% Safewv U0 47 I 
J2 XI 13 
172 XI 7 
108 1DJ 


40 


31ft 20% saga 
23 18ft SUoLP 
11% 9% SPaul 
8% 31* viSolani 
38% 24ft SalHeM 
28% 21% SDIeGs 
9% 6% SJuanB 
12ft 8% SJuanR 
43% 29ft Sandr 
25% 20 SAnliRt 104 80 
35% 24ft SFtSaP 100 30 
49% 31ft Sara Lee 140 30 
5tft 50ft SarnLrf 241e 57 
35% 29ft SOtWet 148 42 15 
19% 15% Saul RE 70 1.1 47 
22Ve 17% SavElP 140 74 8 
12ft 10ft SovE pf 178 11.1 
9ft 5 Sovln 
13% B Savin pf 1.121 
2BW 21% SCANA 116 80 10 
56% 35ft SchrPla 148 30 15 
43% 32% Schlmb 
14% 9 SdAfi 
33 23% Scoalnd 

61ft Sift ScotFel 
45% 31% Samp 
16% 12% scottys 
45 24% SeaCnt _ ._ 

U 10ft SeaCt pf 146 117 
16% 14 SeaCpfBZW 1X5 


162 33% 33ft 33% 

78 16ft 15% 16 — ft 
186 16ft 16ft 16ft + ft 
662 19 IBft 18% + % 
71 9% 9ft 9% + ft 

17 2 2 

147 36ft 35% 35% — ft 
1882 37% 36 36ft— 1% 

426 25% 24ft 24%—% 
61 21ft 20% 21ft + ft 
199 10ft 10 Wft + ft 
186 Bft 7ft 7% + % 
.16 4 16 19Z7 38 37 37W— lft 

274 80 9 1104 27 26% 26% + ft 

JOelOJ 10 290 8% 8% 8% + ft 

18 3 10% 11% 10% 

1.9 16 482 31% 30% 31% + ft 
80 12 105 23% 23% 23% — ft 
30 14 3918 33% 33ft 33% + % 
13 Z765 49ft 47% 48% + % 

1 50% 50% 50ft— ft 
30 35% 34% 35ft + ft 

2 18% 18ft 18ft 
89 21% 21ft 21% + ft 
30 11% lift lift— ft 

333 5% 5ft 5ft + ft 

7 Bft Bft Bft 
1032 27% 26ft 26% 

„ ... . 6370 57 55ft 56 + ft 

120 34 10. 7904 35ft 34ft. 35ft + % 

.12 1.1 16 1033 lift 10% lift— ft 
76e 20 13 335 32% 32% 32% 

70e 1 J 10 180 59ft 59 59 — ft 

104 27 II 1084 45% 44% 45ft + ft 

02 30 11 370 13% 13ft 13% + ft 
42 14 7 1590 27% 26ft 26ft— lft 

8 12% 12% 12ft 
19 15% 15W 15ft 


00 


16% 13% SeoCpfCXIO 134 19 15% 15% 15% + ft 

27ft 17% SeaLnd 48 20 12 1531 21ft 20ft 20%— ft 

----- 16 4 3% 4 

U 13 2896 43% 43 43% + ft 

19 64 17% 17% 17% — W 

14 16 886 30% 29ft 30% + % 

19 10 156 25% 25% 25% + % 

40 10 14141 36% 36% 36% 

. 2215 107ft Ka 106% 

7 3309 30ft 29ft 30ft + % 

7 19 1B% 10% 

738 30ft 29ft 30ft + % 

815 14% 15% 16ft + % 

..87 23 22ft 23 + ft 

2180 38ft 37% 38ft + ft 

97 26ft 26 26ft 

619 39% 38ft 39ft +1 

304 M 8 Bft + ft 
88 14% 14ft UK + ft 


5ft 3ft ScaCa 
44% 36% seagrm 
71 isw seogul 

34ft 22ft SealAir 44 
32% 22% SealPw 100 
391* 30 sec re 176 _ 

107% 97ft Sears pf 9M j 80 
31% 24% SecPoca 104 44 
19 1,% SetBLI 

30% 17ft SvcCp S 
16% 11% ShoUw 
36% 16% Shawln 
40ft 29ft SheUT 
30ft 21 SbetGlo 
40 25ft Sftrwln 
9 5ft SHoehwi 
15ft 12 Showbt 


21 

72 44 16 
40 U I 

245e 64 7 

JO 34 6 

n 2J 13 
11 

M 4.1 15 


17ft >2% Spartan 
27% 15% SpecfP 
59 36% Snerry 

38ft 31ft Sprinos 
43% 35% SauarD 
75ft 49% Squibb 
34ft IBft SWay 
23% 18 StBPnT 
>7% 10ft SIMetr __ 

55% 39% SMOOh 200 54 
76 71% SOOftDt 373 57 

23% 70% SIPocCs 48 
16% 12ft Stood** -52 
31% 23% Stonwk 104 
37ft 29 Starrert 108 _. 
lift 9% StaMSa 1 -20a 10,9 

3% 2ft Steego .12 46 
20% 15% Stercfil .76 30 10 


14ft 13% 


102 

102 

101 

176 

00 

J6 

02 


» 7 s; Sft + w 


19 ffljSw S2 +m 

46 ® 5^ + *• 

mw 32S ^ §%-» 


2 ill ir* 


X6 IS 
9 


2.1 8 
10 10 
14 11 
3.1 10 


W? 30ft 29% m * VS 
26 35% 34% 34% 

» 11 10% 11 
S 2% 2% 2* 

« 1?% 19% 9% 

12% 9% StriBCC 76 6.1 9 2£ 

37ft Wft SftrlDg L2G 34 74 21W 3gb 35£ 

26% 16 StevnJ L20 4J 1393 “ 54 SSS ,, + Hl 

3>ft 25ft SlwWm 108 54 27 S5 S 

14 10 SHcVCpf 100 77 ■ 43 5? J2S ^ Iff/, +lft 

47 38% SferaW 100 30 9 44 tito « «ft fin 


34 24 StaniC 

51ft 34ft StonStV 1 

21% 16% StorEa 102 

3% 1ft vlStorT 
91% 40 Slam 40 4 

21% 17 StrtMl n 1 JO* 40 „ 

21ft 14ft StrfdRt 00 30 38 

6<A 3% SuavSh 

39 28% SunCh 48 13 15 

11% 6% SunEl 


00 2037 33529%28%»% + % 

ft Mil tS 


5VA 43% SunOS 


1495 vt3 9l| 9Wh + ft 
S3 19ft 18% 18% — » 

3 *sS a 4% ^5ft 

29 37V* 36% 37 + % 

302 11% U ' 


lift + W 


110% 90ft SunCPf 205 XI 
49ft 40 Sundstr 100 30 12 
109* 5Va SunMn 
7ft 7 SunMpf 1.19 150 
38% 31 SunTrst 100X2 11 
22 14** SuoVol s J8 

48% 29ft SusMkt 48 
17ft 12 Swank 48 
22ft 16ft Syfaran um 
39ft 30% Syfernbf 240 
16ft 10ft SvnisCp _ 

74% 45ft Svntex 102 
4ZW 30ft Sysco 
SOU 30% TDK 
369* 27V* TECO 
12% 7 TGIF 
21% 13%-TNP 
28% Wft TRE 
B3ft 68 TRW 
5ft 1W viTocBt 


200 44 24 1179 51% SlYi 51% + % 


02 


44 

304 


U 12 
14 22 
86 7 


87ft S2ft TafIBrd L16 14 16 
21ft 12ft Taney .I5e 0 12 
23ft 15 Tallrv of 100 50 

87 56% Tombed 340 

38% 23ft Tandy 
15ft 12% Tndycft 
68ft 47%TeWnw 100 
5ft 2ft Telcooi 
274V* 227 Teidyn 
21 12% Telrate 

51ft 30ft Tel« 

40% 31ft Templn 
45ft 33ft T eonco 
32% T7W Terdvn 
15 8% Tesara 40 30 

27V*, 20% Teiorpf X16 90 

40ft 32% Texaco 300 7J 26 

37ft 26ft TxABc 1J2 50 9 

44 2S% Tex Cm 106 50 7 

39 26% TexEst 200 00 9 

58ft 52 TxET pf 5«S»104 

34% 25 Tex Ind 00b 20 12 
131ft 06% Texlnst 200 XI 178 
5ft 1 Tevint 

21% 14ft TexOGs .18 
34ft 28% TxPoc 40 
31% 25ft TexUtll 202 
4% 2 Texfi In 

99ft 31 Textron I JO 

65 34ft Textr Pf X08 

53 28% Textr pf 140 

lift 6ft Thock 

23 10 ThrmEs 

43ft im-z ThmBet 106 
19% 15ft Thom In 08b 17 10 
18% 13ft ThmMed AO 11 l] 
24ft 18ft Thrtfly 00- 20 15 

24 13% Tldwtr 00 50 

i02ft 98ft TWwtpl 90Oe 9.1 
10ft 5% Ttgerin 
61% 40 Time 
23ft 14% Timplx 
58ft 38 TlmeM 
56ft 41% Timken 
9ft 4% Titan 
11% Bft Tilan pf 100 90 
39ft 26% TodSbp 102 40 15 
21ft 15% Tofchms 48 20 T2 
21ft 16ft TolEdls X52 120 5 
29% 24% TolEdpf 372 120 
30ft 25 TolEd pf 375 130 
28ft 23ft TolEd of 347 127 
33% 28% TolEd pf 408 111 
30% 16ft TolEd Pf 206 127 
18ft 1 5ft TolEdpf Z2t 120 
30 9% Tanka s .10 A 

61% 26 ToafRoI 
26% Mft Trchm * 

18% 11% ToraCa 
5 1 Tosco 

Towle 
Tawhr pf 
TovRU* 

Trecrs 
8% TWA 

13 TWA Pf 201 US 


3 107 106 m +2 
377 46% 45% 46% + % 
<34 6ft 6 6ft — ft 

268 7% TVt 7% + V* 

3B6 37ft 36 37 +1 

17 ii 13 22% 22 22% + % 

10 13^ 46% 45% 46% +1ft 

V 21 109 13 13 13 

54 347 20% 20 20 — ft 

7) 2 34 34 34 + ft 

15 160 nw H% + V* 

20 16 1362x73 72% 72% — % 

10 18 510 42% 42% 42% + % 

07# 7 41 38ft 38% Mft , 

204 70 10 429 33% 33% 33% — ft 
12 108 8 7% 7% + ft 

US 60 9 101 19% 18% 1*% + % 

1 JO 37 27 171 27% 271* "SPA + W 

300 30 37 1108 82ft 78% 78% —3% 
44 1ft IV* lft 



109 83 81ft 82ft + % 
118 17% 17% 17% — ft 
4 19ft 14ft 19ft 
40 15 153 86 85 05% + % 

IB 3709 38 X7ft 37ft— ft 
15 97 15% 15 ISft + ft 

10 14 1091 Sift 53% 54 

8 22 3ft 3M 3ft + ft 

11 1000 275ft Z72ftZ73ft— ft 
20 21 434 16ft 15ft 15ft 

II 1518 50% 49% 49ft— 1 
17 10 263 37% 37ft 37ft + ft 

77 M 7620 39% 38ft 39ft + ft 

17 580 21ft 20% 21ft + ft 

127 10W IOV. 10% 

17 22 21% 22 

6440 39ft 38% 38ft— % 

58 27% 27ft 27% + ft 

813 29% 27ft 28 — ft 

622x36ft 35% 36% + ft 

IXSSft 55ft 55ft + ft 

ID? 30% 30 30% + % 

1689 98% 96 V* 96ft— 2ft 
4962 5% 4% 5% — ft 

6695 16% 15% 15% — ft 
36 X 29% 29% 

1775 29% 29% 29ft 
223 3ft 3% 3% + % 
1968 51% 50% 50ft + ft 
2 55 55 55 +1% 

1 45 « 45 +1% 

105 9 8% BD* + V* 

f 21% 20ft 21% +ft 
36ft 35W 36ft +1 
18% 18% 18%-% 
13% 13 13 — % 

S 23ft 22% 23ft + ft 
15% 15% 15ft 
100 100% 100% IGJHfc +2% 
927 7ft 7ft 7ft— V* 

17 18 1633 60ft 39ft 60 + % 

19 852 2IW 20% 21 
106 20 13 4113 48 46% 47ft + ft 

IJOO 40 54 338 <2 41% 41ft— ft 

896 7 6% 7 + W 

14 IOft 10ft 10ft 
63 29 25% 29 

189 18H 17% 18% + % 
652 28% 20ft 20% + ft 
29 28ft 28% 2Bft + ft 
83 29% 28 2SK& 

5 27% 27% 27ft 
18 33ft 33ft 32ft— ft 
4 18% 1S% 18% 

( 17ft 17% 17% — % 
446 24ft 23ft 23% 

31 59ft 57% 59ft + ft 
24 23% 23%+!% 

W% W% l*ft— % 


3L5 9 

30 

XI 

89 
23 
37 17 


LOO 


5 

03b J 16 
00 15 11 6722 
00 2J 11 126 
2159 


34% 18% TWApfB 205- 67 
33 24ft Traram 108 50 16 
21% 18 Tran fne 208 las 
14 lift TARHy 100 &.1 88 
21% 15ft Tmcdont.n 60 7 
57ft 44 Tromrao 099*130 50 
66% 53 TniSCPf 307 60 
52% 52 Tmscpf 475 90 
24% 19% Tran Ex 206 110 


13V* 5% Transcn 
8SW 70 TrGPpf 605 
25% 22 TrGPpf 250 
13% 8% TmsOh 
47% 2*% Tranwy T80 
43ft 28ft Tmwld 08 
25% 12ft TwkfwtA 
34% 27% Twtd pf 200 



34 __ 

21% 

12% 12ft 
305 16% 16ft 
501 
1 

ISO 

243 2B* 20 
8 n M M 

70 220=85% 85 __ .... 

97 . 8 25% 25% 25% — ft 

6- 94 12% 12% 12W 

39 13 - if 46 45% 46 ' - 

10 14 2773 40% m 40ft 

42 23% 22% 22%. + ft 
. . „ 6fl. 24 33ft 33ft 33ft 

17% 15% Twtdpf. 170 110 166 17% T7ft 17ft + W 

49ft 34ft Travler 204 40 11 sets 47% 46% 46%— ft 
58% 50% Travpf 4.16 70 . SS3 56% 55% 56ft + ft 

27% 22% TrtCan 308el25 . 426 28 27% 27% + % 

30 22ft TrlQlpf 250 90 ■ 1 27ft 27ft 27ft + W 

32% 7% Trial n 3 00 0 5 416 32% 31% 32ft + % 

I0C 2fl 10 48 35% 35% 35% 

04 17 17 1273 51% 50% 50%—% 
51*105 7 10 4% . 4% flb 

00 30 H 181 .6% .4% 6% 

50 • 37 ■“ ■ 

JH) 22$ 

80 

7.1 10 


35% 23 TrtoPc 
51% 30% Tribune 
6% 4 Trial tr 

7% 5% Trlco 
T7% 12% Trirtv 
35% 14% TrllEng .. .. 

19% 9% TrHE pf 1.10 
43% 31% TucsEP 300 „ 

17% 9% Tullex 08 20 15 
20ft 14 TwinDs 70 47 15 


125 14 -13% lift— % 
538 31% 27% 30% +1% 
287 17ft 16ft 16%+ % 
460 42% 41ft 42% + ft 
602 17ft 16% 17ft + ft 
21 18% 18% 18% + % 


41% 00 TycoLh 
17» 12% Tyler* 
S«W 39% UAL 

SSfSwS&IL 

30 . 27% Li DC n 
34% UikUGI 
35% 20% UGt of 


17 B 
20 U 
XO 

7> u 
408 ISJ n 
204 9 A 12 
275 1U 


00 

00 

100 

200 


3tf 42 ' (l 
217 !<*.»* 


W+-* 




lift 8% UNCRM - ex w 
39% »t&FG' Jg , 

^ SS£ « $ ’ 

rrsarAHS 


199 31% Wft W* t- ft 
4«6 U% « Mft + ft . 
33 aw » 2»-% 
m 22 an Wt 
tats* w* zm + >6 
a m a a 

T48 lift 11% Mft 
SP25 39% JB ft 

12» WO «% +«. 

t« 1*0 It - 36% + % 


300 37 


41% aft , . 

37% unCorn 

6% 4% UnlenC . . . 

19% 15% UOEteC 1011 90 
32% 25 UnEIPf X® H.* 

M Sft WlEIPf 4»>H 
4D% 30 UnElnf 656 IU 
SS2 -4S UnElPf UD1W 
34ft 27% UnE) pfiMUQ CJ 
S 21ft UnElPf 278 1IJ 
tan IP UnEtirf Z» 17 
26% 21% UnElPf 273 103 
as 53% UnElm 744 T10 
72 S5 UElufH 800 
U 22 UnExpn 0)« 10 
52ft 37% UnPoC t» 
113% 87ft UnPCPt 7 IS 


74 so unnrtpf 800 ltd 
5ft 2ft unuOr 
23% Mft UflBnfd 05* 0 B 
18% 9% UBrdPt 
33% 18% UCMYS M 2 51 
44% 24% UnEnro M ff . 
24% 12ft Uiuum 200 ft 1 5 
30% 24 UlltuPt 377 137 
19 u% Uinupr 100 120 
31% Wft Utnupf 400 U* 
14% 11% UlRUPf U90 lit 
25 15% Unitintf 06 2i 
43% 35ft Unit I on 02 
27 28% UJerBS 1.16 

IBft 11% UMMM 
3% 2 UPfcMn 
38% 27ft L»0trG 
Bft S DSflom 
42% 31% USLeos 
40% 24ft USShoe 

gw 3SS « GW 

33 25 USMI Pf 20S IS 


Jun saw sev it 

SSQr 40 0) 40 + % 

330*56% 56 56 lft 

43 31% M% 31ft 
3* 26% 3g6 Uft+ ft 
1 19% mb .19%— % 
n 26% 26% 26% 

20QZ 85% 85%. 65%. . 

SB* B O 47 — ft 
m 23 Eft 22% 

16 12 5SH 50% «% 49ft + ft 

57 iu% mt lotto— ft 



i ZURil 


* 


.B A 


m 

.92 

100 


1C0X71 Wft 73 +1% 

36 3% 5 3 — % 

60 ZM aft 23% + ft 
6 17ft 17% 17ft- ft 
Ml 3% J2 Sft-% 

SU 4*% 4Jft 4G6 + % 

6M 34111 26% 34% + % 

41 30 28% 28% — % 

92% M 17ft lB — ft 
10 29% 29ft 2*k 
5 (As Mft Mft 
)29 23ft 22ft 23ft + ft 
56 43% 06 «3% + % y 
81 37V> 38% 36%—% 5 
U 17ft mb- 17ft + ft 
I a t TU 300 3%- ft 

7 338) 10% /T K- 2~?k + % 

ISC! 6'A Sfc 6 
12 U 121 36% 35ft 36% + ft 
20 14 ttl -Wft 39ft 39ft + ft 
«J aa 4317 27% 25ft 26% 

2 55’'. 3SX.-55V6 + ft 
344 2M6 28% 28ft. 


.44 sm. 


•it it. 


_. 9 

JS 37 
30 *2 






39ft 29V, USTob 172 U » 425 33% 0M6 31ft— W 
84% 65ft USWHf 572 *7 

U Mb UnStdc ' ‘ 13 472 Bft 1 8ft + ft 

45 34 UnTOdl 300 30 II 47% flft 41ft- ft 

39ft 31ft UTcbPf 259 70 .397 36% 36ft 36% + ft 

£ 20% UnTTef 772 IS »' t)St » % 

31 25 UMTSrf 100 -S5 B Wft Wft S7ft 

21 15ft UWR 100 65 IS. 45 19% 18% Tf% .+ % 

31% 17ft Un ilr« ^ 10 16 
20% Mft UalW -Jg 37 7 
28 Wft UnlvFd l.W M 11 
23% IBft UnLOO* 100 40 X 

SS 26V* Unocal 

128ft 63ft Dote*™. 


«*C-' 




i J .-4 


zn 21 20% 21 . + % 

53 28% 30ft 30%+ ft 
391 20% 27% 2M6 + % 

M 22% 21W 71ft— ft 

T0BD40 7 3938 30% 39% 30 + ft 

280 ZJ 22 2771 IXIW 129 -A TOT* +3fe 


:-iB 


a H% USLIFE 1.12 Ji ll WM ȣ S* Wft + ft 


. I 33% 33% 33% + ft 
vs wn tow low — % 
383 28 25ft 25ft 
T4 27ft 27 27 — ft 

11 V 8 28 

.6 23ft 23V* 23% + ft 
• 4 -30% mvt-aaft + w 
13br2» 23ft 23ft + ft. 
MX Wft 21ft 21%+ ft 
3X23 21 23 — ft 

3x34 . 33ft 34 +Tft 
S<6 (M-4M 50 —% 


34ft 30% U5LP Pf 303 97 

26% 21 tHaPL XW 90 13 

27% 22% UtPLPf 2*0 W0 

21% 23% UIPL Pt Z70 WA 

23% 19 UtPLP* 206 100 

Mft 16ft UIPL of UN M0 _ 

w iS% utmco * 

23 19 UtilCopf 204 ))0 

2x% 20% uyiCppr201 110 

35% 31ft UlfKPPi 4.12 1X1 - 

30% 24% VFCara 108 26 12 

14=2 R* Valero 1 OJ 88 iOft lift Mft^ - ft 

25% 14 Valor Pl 304 U5 ■ W 79* 2»- ft 

3% 2ft Vdovin 3K I 2% 1 -.+ % 

2Bft 19 VDnDrn 100 A1 7 123 24ft 24% Mft— % 

5ft ■ 2% Varco TO 5% 5ft 5% + % 

15 6ft Varco pf IB . IS -15 15 - 

42ft 22% Varum 06 10 21 -406 23ft 7 2z% . 

TS* 9ft Varo AO 10 37 234 m 12ft' 13ft + ft 

2Sft 13 Vteca At Z2 U DM HA U n - % 

12 3ft Vendo U 138 916 7% 9ft + ft 

in* 9% vests# uoaittJ m nft m* im 

13% Tift Vestrno U 216 .12 11% lift- % 

61% 29ft Viacom M 7 21 MH O* 52ft S3ft 

n% 59 VaEPpf 772 M6 .. 4B8Bc72% 72 72% + % 

S3 66 VaEPPf 804 HUT 9756* 83% 83 83ft +1% 

91ft 74ft VoEPd* 975 107 '340193 +1% -91%— ft 

73 58% VaEnfJ 772 U7._ 2ZBb72ft 71 71 —1 

7H% 50 VaEPPf 705 Wt AJBTOg 71% +t% 
27ft 13% Vkshayx U 250 21% W 26 +ft 

64 33% VBnmxf ■ -3B-- 7T 6Sft'.44 65ft 41ft 

•5% 66% VoIcnM 2*0 -00+3 47 M% 85ft 86% +1 

31% 26 W1COR 2X2 87 8 14T -37ft 27% 27ft + ft 

28% 26 Wachow >00 2* WJO. 3S% 34ft 35% +1% 

35ft 16% ViocfctU 08 -20 75 25ft 25ft 55ft + ft 

10ft 6% Watnoc - ■ 229—- 7ft- -7 7ft— Vt 

2BW - IBWWIMrtS -070 ' 29 27ft 29 +1 

30ft 3D Wotaral J8 U » 1226 28 37ft 27ft 

25ft 17ft WkHRspUB 1372 25ft 25% 25ft + % 

39ft Wft WBtCSv • 05 10 17 303 38ft 37ft 9 + ft 

39ft 29V* WoHJm 100 18 I .1108 38% 38 38ft 

52 39ft WortJpf L6D XI. -• Iff SWr 51ft Sift +t 

32% 17ft Wamca Jt U U 331.31 30ft 38ft- % 
36% IVftWmCm 172* 35ft . 34% 34ft— ft 

46% 31ft WdrnrL 156 39 H 8210 fl 40 40W 

23% I7V* WaiftG* UP ** 9 ' 92 303* 28% 30ft + V* 

28ft 28% WshNtd 108 43 8 .'377 25% 24ft 25ft + ft 

21% 17% Ws&Wt 20B U 8 290 23% 2114 23% + ft 

67% 40* Waste 36 T0 3 3067 6Hh 67ft 68% +1 

28ft 20ft WbflcJn 06 Lt 11 135 25ft 25% 25% — ft 

lift Bft VfUyGos 08. Tt W Wt 9% 9% 9% + W 

23ft 19% WtavGPf.UI- 7* -' . t 20%. 20% 20% + % 
12% 3% WecnU 20* S% . 4% 5 

23% 16% WatabO Jb 10 M 6M ' 19ft Mft 19% + ft 

20% 19- WetoR p J8I Iff 315.20 19% 28 + % 

35ft 23 WelsMs JB 10 19 - IM 05% 35% 35ft— W 

62ft 44 YWKF- -200 40 7~ 551 68ft 58ft- 5*% +W6 

29ft 23% WWFM 2*0 110 11 16* 24% 23ft 24 + ft 
19ft 12 - Wendy s 06 U U 3640 Mft Mft Mft + ft 

Wft 17 WeStCP 08 0.1 CT 707 23ft 22ft 23ft + ft 

~45% 36% WPmPpRJD MS 280* 43 42 . 43 —1 

45 35 WftPIP- 220 U 15 465 41ft 41ft 4)ft + ft 

14ft Wft WsfcITRlM 30 lS-Dft 12ft 12% 

9ft 3ft WaAtrL 6 8231 - Bft 7ft 8 + % 

3ft % WtAtrwr 419 2% 2% : 2ft + ft 

26% 41 WAirBf 100 >0 - 42 IM Wft Wft + ft. 

Bft 1% WCNA ‘ 3835 3 2ft 2ft- ft 

51 16ft WCNA Pf 70S 33J- 49 23 21% 21% —lft 

m 99ft WPDCl - 10 9 T3R&127V. 127% + % 

15% 5ft WUoton IW 1» 1% 17ft— ft 

46ft 24ft WMJnpf 5 39% 39% 37% 

8% 2ft WHUpO 279 7ft 7 7 

M 4ft WntJpfE 189 12% 12% 12ft + W 

17ft SWWUTlPlA 25 14% lift 14ft— V* 

44 24 WsfuE 100 21 U 6017 44 43U 43%—% 

41ft 34ft WesfVC 102 1410 350 39ft 38% 39ft + ft 

34' Mftweyerti uo *s 28 4403 a*v* vp* 29 


,-ry ■■ - 

. *: m4 

'wBftfGS# 

■4 LjoafcM 

r l.-mmMHI 


:. ■* ■ # 


!lt tag # Mo 






lift 6ft vIVMiPIT 
W% viWhPttpf 


32Vj 

SOW 40% WMhrW 200 
33FV* 25% WMIC I JO 

I”a 



.w 


50 <1% 

•1/ ^ft *% Bft + % 
ISft ISft ISft 

47 - ft 
32 + % 

320 19ft 19% M%— ft 

ms ra 11% 12 + % 
.0 lift n%-% 



WlbhrO 00 
_ WVlDtx 10* 
8% Wtnobo JD 


100 40 22 2241 38ua 
■ 773. 4ft 
10 42 6 


+ % 


***■»« a* 


u 


4% + « 

57*— V* 


WlntnrJ . 
WIscEP 208 
„ WIsEpf 890 
40% 28% VMacPL 206 
39% 29ft WtscPS 2*6 
40% 30% Wltco 108 
14 9% WoJv-TW 04 . 


66 9 
U 

70 9 
70 9 
39 W 

, ^ 2JJ .. . .. 

53ft 35ft Wbfwftr 200 U 12 Mil 54% 53% 54% +1% 
75 50% Wofwpf 200 25 8 76W. 75ft 76W +2% 


MWgijfttiftra +% 

1st MW WW Wft + ft 
100= 91 91 91 +2 

301 38% 37% 38% + ft 
Ul 39% 38ft 39ft + % 
683 37% 36% 37% + % 
453 12% 11% 12ft + % 



( jirrnift 


02 

M 


5% Zft WrJdAr 
90 % 54V* wnaiy. 

4ft 2% Wurttzr 
16 10% yyyteLb 

23% ,15% Wynns 
55* 35% Xerox _ 
48W Xerox pf 505 
19% XTRA M 
30ft 24% ZofeCp 
23% 19% ZalepfA 
17% 7ft Zapata 
60 33% Torres 

25 Mft ZenlfhE 
21% 15ft Zaras 
41% 24ft Zumln 


1*0o 20 15 


20 27 
36 13 


2S4 5 4% 4ft + ft 

69 91% 90% 91% +1 
204 3% 3% 3% + ft 

242 11% 11% lift + % 
97 16ft U% 16ft + % 
300 50 1* 9173 56% 55% Wft— V* 
*0 Ml 55% 55 35% 

20 12 290 23ft 22ft 23ft +1 
103 40 13 577 29% 28% 29ft + 14 

00 80 1 23 23 23 

U« ®S B* 8% 8% 

0 19 1552 61ft 60 60ft + ft 
. m 1053 18% 17ft 17ft- % 
10 17 105 20 19ft 19% + % 

30 15 181 39% 38% 39 — % 




.12 


• tESft 

~ « 

'*« 


02 

102 


su-n 

VB? 


j London lVfeiais 


Previous 
Bid A) 


Abe. 12 

CJoie 

Bid AN* 

ALUMINUM 
SterHaB per metric Ion 

Spot 66000 66200 66100 66300 

Forward 6S600 68700 68900 69000 

COPPER CATHODES (HM Grade) 

Sterilnfl per metric lae 
Spat 969 JI0 97D0O 95800 95800 

Forwrd 99200 99250 9BS0O 98500 
COPPER CATHODES (StandanD 
Stertlas per metric tan 
Spat 94800 99000 9380O 94000 

Forward 97300 97600 96700 96800 

LEAD 

Sterling per metric tan 
Stoat 28500 28600 27800 27900 

Forward 28300 28350 27700 27800 

NICKEL 

SterHng per m etric ton 

Spot 287500 2*0000 281500 282000 

Forward 291000 291500 286500 287000 

SILVER 

Pence per troy ounce 

Soot 42800 43000 42500 42600 

Forward 44100 44200 43800 438J0 

TIN (Stoodara) . 

Staitop per metric Ian 
Seat nfl- IIA ha ruj. 

Forward run. nun. u. no. 

ZINC 

Smmna par metric ten 

Spot 41000 41208 37800 31X00 

Sovrco: AP. 


London 

Commodities 


Abe. 12 
Prevlow 


Mar 

May 

AM 

Oct 


Cle 

High Low EM AM BM AM 

SUGAR 

SterHng per metric ten 
Dec 14700 14600 14020 14300 14400 14608 
MOJO 15600 15700 1SJO 1590O 15940 
16500 16U0 16100 161*0 16300 16300 
17000 16900 16708 1M*0 16100 16900 
17500 17400 17140 17200 1740817400 
Volurrw: 1019 Ms of SO tons. 

COCOA . t 

Sterling Per metric Ian 
Dm 1052 1034 1032 1033 1045 1048 
WS 1077 1080 1081 1089 1091 
1019 1006 1009 1011 1017 1038 
1043 1033 1038 1040 I0-® 1042 
1068 1060 1064 1068 10*2 J0M 
1070 1062 1055 107° Hfl H5 
N.T. N.T. 1079 1080 1066 1076 


Mar 


Jjy 

Sap 

Dec 

Mar 


volume: 2A15 tots oflO tons. 


COFFEE 

SterHng per metric ton 
ttn TJ75 1*40 1*70 U73 1,795 1099 
Mil 1369 1014 1.917 LTO 10K 
1015 1*48 1008 1018 1039 1*42 
1018 1070 1012 MTS 14*; 10« 
102A 1081 1010 1020 IM 1058 
1015 1085 1020 10» 1063 1055 
1010 1010 >005 1020 1030 1070 


Jan 

MPT 

May 

Jlr 

Sep 

Nov 


viriiEne: 30*7 tots of 5 tons. 


Jan 

Feb 

Mar 

API 


Jan 

Jlr 

Ana 


GASOIL 

ILS-doflcnper mntrtcttw 
Dec 27005 266.00 26705 26800 36850 26805 
26740 26305 36450 36405 26*0836500 
SzOB 2S9J5 260JS 26050 26005 208JO 
25109 2 fOJft 25100 25X00 25)05 25X00 
mm 2+LOO 24400 24540 24LOO 34440 
3905 0640 236JD 23740 237JD23BJH 
23X40 23100 23300 23440 
23140 33L00 230J» 23140 231 JO 22340 
NT. FLT. 22440 2*080 23000 23X00 
Volume: 1013 tots of 100 fans. 

CRUDE OIL (B RENT ) 

OJitf ° B »A5 t 2905 2940 2905 29.17 2902 

Jap HM 3$M fflAJJ £35 2L40 

Feb N.T. N-T. 2700 28*0 27 JO 27.90 

Mar NtI • N.T. 273) 2705 2700 3705 

- n!t N.T. 2600 27 JO 26*0 2740 

MM NT. NT. 26.10 2700 2605 2(00 

Volume: 33 lots of 1400 Sorrow 
Souract: Neuters and London Potrohum 5x- 


tlmmoaeMaaruaoeai. 



Non. 12 

HONO-KONO GOLD FUTURES 
UJJpereiMce 

. .Cta* Prawlen 
LOW BM Ask BM AN. 
N-T. K240 32440 323 JO 32540 
N-T- HfS 2“° 37540 327.00 

N-T. moo moo 32740 32940 

N.T. 32800 T2nnn 32&0O 33040 
. . N.T. 33240 33440 33240 33440 
Jim — 33640 33640 33540 33740 -TUnq 33B40 
Aug — NT. N-T . 34040 34240 34140 3040 
Oct — 36540 34540 34440 34640 34540 34740 
Volume: 25 tots of 100 m. 


Mali 
Now _ N.T. 
Dec _ N-T. 
Jon _ N.T. 
Feb - N.T. 
‘ — NT. 


SINGAPORE GOLD FUTURES 
UJJl 


High Low 

Dec 32400 32«B 

Feb ____ N.T. N.T. 
Volume: 64 Ms of 100 a*. 


Settle 

32400 

™wi 


Settle 

32340 

33700 


KUALA LUMPUR RUBBER 
Matovttaa cuds per kilo 
CMm 

„ BM Ask 

Dec 18140 18X50 

Jan 18340 18440 

Feb 18440 10540 

Mor 1BS40 18640 


Volume: 0 tots. 


BM 

18240 

18340 

18440 

18540 


18340 

11440 

1B5JU 

18640 


SINGAPORE RUBBER 
si ngaiwre c e n ts per MM 
Clote 


RS51 Dec. 
RSS I Jon_ 
RSS 2 Dec. 
RSS 3 Dec. 

RSS 4 Dec™ 

RSS 5 Dec _ 


BM 

1SBJD 

15905 

15140 

14940 

14540 


Ask 
15805 
159 JO 
15240 
15040 
U7J» 
14240 


Prtvlo as 
BM Ask 
1S80S 15SJO 
159JW 159 JO 

15140 15240 

14940 15040 
MSJM 14740 
14000 14240 


KUALA LUMPUR PALM OIL 
Makmian ringgits per 2S teat 
Close 

BM Ask 

Now 655 665 

Dec . 665 680 

Jan 685 m 

Feb 700 71* 

Mar ' 710 720 

Apt 710 720 

May : 710 720 

JlV 7T0 720 

Seo.,... .. 700 . 720 


655 

685 

784 

705 

70S 


665 

680 

686 

706 

.710 

710 


Volume: 13 loti of 25 tons. 
Soars*: Roman. 


|^JDmdends_ 


Jfcft'H 


Company 


Per Ami 
INCREASED 


Pay Rec 


Baktor Electric 

Boston Bancorp 


O .10 1-2 12-6 
« 05 12*15 11-30 

STOCK SPUTS 


Tech-Opg — 3-far-l 
Seon-Tran Cora — s-tor-4 


Amur Broadcasting 
Genl Housewares 
Hew Internattaral 
intermark Inc 
w Properties 
KlnsKuthn Grocery. 
Lynch Comm. 

Public Service NC 
Roto Rooter 
Tyco Lab* 


O 

Q 

S 

-Cr 

a 

8 J 

o 


A 12-14 H-22 
46 12-31 12-17 
00 11-29 1MB 
43 12-16 12-2 
.M 12-13 11-29 
.12 % 12-1* ,11<26 
45 2-14 1-30 
AS M 12-10 


o jm % mo. n>22 
Q 3 1-2 11-29 


n>aiantnir; q-auarterivr s-se i nl - 


mrniMi 


Source: UPI. 




Commmlities 


Non 12 


High . Law 

SUQAR 

French fnmcs per metric tea 
Dec 1.448 1X18 1X25 

Mar 1052 1,428 1A34 

Mav 1^75 . . 1465 1459 

Aua 1023 JJ22 1JM 

Oct 1045 1045 1020 

N.T. N.T. ■ 1040 


bm Ask arpe 


1429 
1435 
1465 
1011 - 
1038 
1065 


+ 27 
+ 18 
+ 17 
+ 16 
+ 15 
+ 14 


Est woL: 1000 lals of 50 tans. Prev. actual 
sales: 1^63 tots. Open Interest: 24970 
COCOA 

French fttmes per HI kg 
Dec . N.T. N.T. 1040 1055 —20 

Mar 1090 1083 1078 1082 —17 

May N.T. N.T. 1000 — —23 

Jly NT. NT. - 1010 — -15 

Sep N.T. N.T. 1020 — —25 

Dec N-T. N.T. 1,925 — —25 

Mar NT. N.T. 1035 . — —2s 

Esf. vof.: 7 lot* of 10 tom. Prev. actual sales: 
29 lo fa. (men Interest: 488 . 


COFFEE 


Now 

Jon 

MOT 

Mav 

Jfv 

Sea 

Nov 


NT. 

Z128 

.1125 

N.T. 

WT. 

N.T. 

N.T. 


IT l«k 
N.T. 
2,120 
XI 12 
N.T. 
NT. 
N.T. 
N.T. 


2050 2.120 . + 5 

2.120 X140 +J7 

XI 15 - Z140 +28 

— X12B +N> 
_ — XI 30 Unch. 
X11B X15B +5 
— XI 60 +5 


Bit. voU 20 toll of 5 tons. Prow, actual sales : 
IB lots. Open Interest: 309 


SourarrOottrsmOuContm or t*. 


i 


DMRrtures 
Options 


W. German 6tor*-?2SgilO maria, esnt* per mart 


Aim. 12 


705 

710 

Prla 

1 Dec 

Mr 

Jm 

Dec 

Mar 

70S 

710 

JS 

269 

.39* 

265 

.801 

NJL 

70 

7W 

37 

M3 

2*3 ‘ 

TJT 

8*4 

067 



38. 

vt 

■l» 

X17 

UA. 

0*1 



39 

826 

HO 

T65- 

0J7 

NA 



«! 

001 

871 

1JI‘ 

101 

Ml 



41 

0*2- 

165 . 

.0*7 

201 



Jun 

858 

OJf 

148 

102 

2JM 

278 


EeMnrtMd Mat voL 4418 
CMKAtoaveLUn open InL 41462 
Puts : MMLiaL KA. wen kR. 324*3 
Source; CAUL ■ 


i 


S&F100 
Imlex Options 


Non 12 


Stoke 

Jhfce Ng* DK Jan . M 

dd av* siw Wt iW 

DS la 16ft ft -lift 

w m n n% ii 

us 6 A* 7% a 

M ,1% M 4tr <ft 
m It 1ft 2 .H 

» VU - - — . 


_ Psb-Lctf 
A®» t*e Ja* F* 
1/M VU VU - 
VU 1/16 )t ft 
?W 9rti 

i/ft in* ft 1ft 

sm 


Tntmaflyskine mm 
ToMcDaaemu.4Eua 
Total labimc 8iW 
TNaiBut (pan tat nun 
Mdex- 

Httumjf. Lw«U». 
Saureo; CBCrt. . 


Dna IfUO + Ue 


Cash Prices 


vmet- 


-*=*XKtr * 

' * 


Commodity end Unit 

Coffee 4 Santos, to 

PrintdofhMjJo 38 %. yd “ 

Sto*' billets CPIttJ. ton 

Iran . 2 Fdry . PhUa. ton 

SSSS , i? oT,,vvp,,f - 


Noc. 12 

Year 


"“-Ur- 


TM 

105 


“'Oh*. 


Ot 


Capper elects lb 
Tin (Strong), ib 


zinc E. st; L Basis, ib . 
Paitadlpm.0*^— _1_ 
Silver N.Y. az — 
Source: AP,. . 


47300 

21300 

7X74 

18-19 

67-n 

NJL 

805 

102-113 


47340 

>1340 


<0391 

MS 

M9V* 

7*8 


% 
■? . 


3* 

“•e •» 

■ *» 

* v* 

.(sat i*< 

A .JO xa 
vt 


llSelreasuries 


*■*■» -JO. 
7 to**.: -1 


Abu. 12 


DEsceanf 


UnonthMfl 
+fnonm btn 
Hnw MR 


Otter 

■Id 

Yield 

Yield 

723 

701 

76* 

NA 

705 

703 

763 

NA 

70S 

707 

760 

NA 

Prey. 

BW 

Otter 

Yield 

YWd 

11873210519/32 

1003 

NA 





’’ fl *>ftlla 


Soiree: Salomon Beamon. 

Merrta Lyacfc Treasury kelex: 13204 
ChaaMiortheday; +057 

Average vfeid: 9,23 ft 

Source; MerrnLynetu 


ABC Replaces 
Division President 


V 




>s 


Reuters 

New York — American Broad* 
^stiiig Cos. said Tuesday that it 
bas named Brandon Stoddard as 
presidau of ABC Entertaimnent, 
following the resignation Monday 
a ^^yjlwincipoalos asprea- 

dentofABCBroa&tGroii.. 

Entertainment is a division 
“_ABCs Broadcast tJroim. Ac- 
OOTfling to an ABC ^wkesman, Mr. 

position will not be. 
filled. ABC previously agreed lobe 
^uired by Capiial Cities Commu- 
ffl cations Inc. The merger is pend- 
,n 6 regulatory approval 

SuxBard succeeds Lewis Er- 
j ^ who has - been- named presi* 
fient of ABC Circle Films and so- 
nior vice president of ABC 
entertammern. Mr: Eriicht now«- 
to Mr. Stoddard, who had 
® president of ABC Motion FS> 
tures. 






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Statistics Index 


'* 5 ? 

$ 

. - 1 

*■< •' 


AMEX-Ktac -P20 
fjfsx mtmfauPza 

mv se ortaa . p. g 
nVSE Vdbariam P.i* 
Ctmdlaii ctocb PJQ 
Currency row ' P.w 
CMmnadlHM P.I* 
piviomds P.» 


EnntlWiwon,' P, 

1 /Bo# rat* hi w 
6«Hri ma rfc«t» p l1? ‘ 
Interwt mfn P.t9 

Market KMnmory p. a 

Qptto rty pig 

OTC««fc PJ, 
obw mnrton p rj 


WEPNESDAi, NOVEMBER 13, 1935 


IJeral&Si^Sri butte. 


BUSINESS / FINANCE 


U.S. Stocks 
Report, Page 8 


#* 


Page 19 


:\k « 
{■• ■*. > 1 
i -if 
- .\l£ 

»7 - r< 


IWTBtfiAfOIIAl MANAGER 

Workers in ILS. Gaining 
Compensation for Stress 



, „ ■ _ ; — ■ — —mu* a ut luniuu-sness emnnes 

b “ mJ k™** *«" 


B ritish and French 
workers hare more 
difficulties with • 
job-related stress. 


•;./a 


> t 


'?* ! '■ 


V (Vm Rate* 

s 

t 

DM. 

F.F. 

ILL. 

Otdr. 

»J=. 

Nov. 12 
SJ=. Yon 

Amsterdam 

ZK7 

4.1U 

I1272S • 

JUV 

0.1669 ■ 

— . 

0579- 

137.10 • 

M3*4V 

1 Brmsatsla) 

sun 

MIB 

3U083 

6X32} 

2*925 • 

17*215 

_ 

346065 

2579* 

: Frankfort 

2639 ' 

371 

— 

32*15* 

tens* 

■73* ' 

' 4M9 * 

no** 

12»* 

: London (b) 

MH5 

1 - 

2707* 

TI272S 

* r akjn 

4374 

K20 

10620 

290925 

- Milan 

vmM 

29670 

out 

TOM 

— 

S9U1 

334T 

121*9 

1*14 

. NawYarMO 

— — 


9MM 

7*325 

177025 

2*0 

5275 

2.136 

20451 

Parte 

7X17 

1UI7 

3JWS 

— 

45173* 

27D4T 

15*B* 

37093 

11596- 

Tokyo 

20550 

2*237 

7M0 

3SJ3 

1164 ■ 

' 69J8 

357*3- 

9556 

— 

Turks 

215*1 

U47I 

*2.115* 

26*5* 

01217- 

72*0* 

4*624* 

— 

LM8* 

1 ECU 

01*416 

OJSS 

an 

67244 

1,4196* 

TMt 

445936 

1*117 

171.123 

1 SDR 

ijsnss 

075716 

2*1473 

L58S02 

L90U7 

11744 

56*871 

2X14 



* Iff W "* 


Cknlnas In London and Zurich. fixings In otttur £urap*an centers. Now York rotes at 4 PM. 
in) Commercial tranc fo) Amounts needed to bur t*» pound (O Amounts needed to buy one 
i donor (•) Units of WO lx] UnlttoflMO tv) UnttsoflBMOUQj not Quoted; NJL: natavaUabta. 

\ i»in buy one pound: MUXLOM 

OtharPoBar V a h i w 


Currency per UAS 
AcpoLowtral OlSO 
'' AnxtroL* 1-S001 
- Aatfr. scML 1M6 
: BdB.fin.tr. 53.47 
i Brazil era. 0410*0 
CaaMSaaf US 
CMmstyaan 32015 
/ Danish knm IMPS 
■: Envpt pound L25 


Max. paso 


Currency par ILSJ 
FBI. markka £574 
Graokdroo 1505 
HonoKanas 7*02 PMLposo 

lotion ronw 11*040 Pen 

■ndo. rupiah 1 . 122*0 Saudi t 

Irish c OMW sbitLS 

IsrmO stwk. 1X7100 SLAfr.i 

Kawaftf dinar 0253 S.Kor. 

Mahnr.rftw. 2X375 


par UM . Cumncv par IUJ 
410*0 SovMrebto 0779 
7X875 Spon-posohl 16120 
1820 Sand, krona 7*64 
M3J0 Taiwan* 3927 
16507 TDaibcfci 2424S 
4117 TntWiRra 555*5 
ZMO UAEOtolMm 16725 
■9000 VeuatboHv. 14X6 


CStarHno: 120 IrWl C 

Saurcm: Banov* do Benelux (Brussels); Banco Commercial* Itallana (Milan); Baoooe No- 
nmole de Porta (Ports); Bank ot Tokyo (Tokyo).’ IMF (SDR); BAH (dinar, rtvabtbrhom): 
Gasbank (mtUaLOtnor data tram Rooters and AP. 



Interest Rates 


Earaan ren ty Dcy odte 

Swiss 


Nov. 12 


Franck 



Dollar 

U Mark 

. Franc 

Sterling 

Franc 

ecu 

SDR 

1 monte 

frSVi 

416-4*0 

J**3*o 

TMW-li *h 

MV9 

su-m 

Tte 

2 mantes 

wtfc 

41WO. ' 

4 9W-4W, 

11 *rT1 ¥. 

-9tw4»b 

liutb 

7Wb 

3 mantel 

8-8te 

4W4H 

4Kr4h 

11 tfa-11 Ob 

9Mr9)b 

BMrfllh 

7W 

ImontM 


4ti4 OS 

4Vr-Cte 

T1W1W, 

iow-imt 

.8fe4<H. 

79* 

linear 


4M 


11 KrllfW 

iMb-imv 

b«hSHi 

5 • 


Sources: Morgen Guaranty (dollar, DM, SP, pound. PF): Uoyds Bank (ECU); Reuters 
(SDR). Ratos oppMcoote to I n terbank deposits of St million minimum (oroavlrafent). 


sti-* 



Nov. 13 




1 hills 

arnuitm 
CM! 




Frflucr 

iulcrvcdlM Ratt 
Coil Money 
Ooc-mOMlk Intertoftk 

64M0» urttruook 

antaifl 

BOA Base ROM 
Cun Money 
VL-aoT Treasury Mi 
J-mnnin Intertask 


CbM 

Pm. 

7Vi 

7Hj 

5 

7 13/16 

9U 

rn 

BM-9 

. 

7JS 

7*6 

7.19 

7.19 

123 

73A 

7-56 

750 

750 

7*0 

558 

SJD 

455 

455 

670 

470 

4*5 

.4.90 

4*0 

4.95 



fib 

** 


91/16 

fit 

91t 

9 3/14 

fit 

im 

lilt 

lit. 

1M* 


Japan 


CnH Money 
«f-da* lafertw* 


11 VU 11 in* 

iiW6 113/14 


s s 

TUi 7Vfc 

J 11/14 713 Hi 


Sennas: Ream Coamerdxnt. OMI 
Lmnotris. Book of ToKvo. ~ 


Adaa Bhllnr Dcp— to 

Non. 12 

lmndb t-«W 

lan u Uu B- BVk 

Imgnttn B-BVfe 

6 months ■ ■ 8-BW ■- 

I year IK-1*. 

Source: Reuters. 


DAStowrHartwtVuda 

Non 13 

Mnrrdl Lyoch Haodr Assets 
70 day avoraoa vMd: 753 

Tekrutc lohnst RAM Indue 7X02 

Source: Merrill Lynch. Teteeote. . 



AM. 

•min 

mu ‘ — 

Parts <146 kilo) 32147 33LH 


HnsKUw 


JVbo 12. 
PM. Ck’BB 

mu —035 

— uo 
+.U» 


Zorich 
London 
Mow York 


WW WB 

32230 32118 

— ‘ 32U0 


+645 

Uach. 

+130 


Luxemoooru. P aris end London offiefof fi» 
togas Hong Kong ana lurtai opening ana 
tiosm prices/ New Yarn comx current . 
asitiXiU. AU price* In L/J. 5 per ounce. 
Source: Reuters- - 



tally or physically traumatic 
activities extending over a pe- 
riod of time, the combination 
of which causes any disability 
or need for 'treatment,” 

“In the 60s and 70s, yon had 
to show physiological disor- 
ders connected to either the 

boss nagging you or bad work- 
ing conditions,” says JJML Ivancevich, professor of organizational 
behavior and man a g ement at the University of Houston and co- 
author of “Who’s liable for stress on the jobr an article that 
appeared in the Harvard Business Review. 

“Since 1977, a number of states have ruled that mental distress 
related to the job can be tested in a workers’ cooroensation. board 
and can also go to civil courts,” he said. “Thcreis no benchmark 
or standard ly the United States to say what const i t u tes stress. If 
you perceive job pressure and you have translated that into stress, 
the courts are saying you can test that in court.” 

According to Mr. Ivancevich, employers have won. 75 percent 
of the cases. But the 25 percent of the cases won by employees hac 
been enough to wony corporate legal counsels and to encourage 
UJS. companies to introduce anti-stress pro g ram s 

f ■ . . ’ 

U NLIKE American stress- sufferers, British arid French 
workers are having a difficult time getting compensation 
for job-related stress. 

! v “The hard fact is that the Fji glish ic titl believe if someone has a 

nervous problem they are naturally snbhnman. It has to do with 
ic an idea of manltneM or courage,” Terry Allen, an 
/ with the Transport and General Workers’ Union. 

’ sij Because the success rate has been poor, British and Fr ench 
' unions are reluctant to finance members’ le g al costs if the ca«e 
■ ;■! against the government or the employer is based an job-related 
: j stress. . - 

, / The Association of Scientific, Technical and Managprial Staff 

of Britain, which has 400,000 members, has decided not to seek 
7 compensation for job-related stress for the time being, 
v “It's a very nebulous field that leaves too much room for 
maneuver for the defendants,” said Gillian Hudson with the 
group’s legal department. “The problem is es tablishing a direct 
: : connection between stress and work.” . • 

’ -■■*3 Tom Cox, a senior lecturer in occupational psychology and 
iff director of the Stress Research Group at Nottingham Uni versity, . 

said, “It is veiy difficult to see how moth effect is caused by work 
/ alone, how much is caused by the paeon's lifestyle, their si tuaticMi 
•:V at home and their previous history.” . 

? It has even been difficult for British employees to get compen- 
. sation for job-related stress after such inridents as a train driver 
witnesang a suiride or a bus driver being assaulted. 

■?- According to the TVanspmt and General Workers’ Union, 

S’ there were 1^00 assault cases in 1984. There are 6,000 bus 
drivers. Only 10p«cent of Ihe cases argued a stress factor. A 
■■ typical case, according to the union, is that a bus driver may get 
>: condensation from the Criminal Injuries Board for physical 
injury. The driver may then return towmk and suffer psychologir 
cal distress, miss woric and, as a result, belaid off. 

“You can then challenge the employer on the basis of unfair 
V dismissal, bat (he success rate is low. Stress at woric is not 

(Goatimied on Page 2ft, Cot 4) 


Posts Rise 
In Profit 

Increase at 8% 

For 3d Quarter 

Roam 

LONDON — Unilever Group 
on Tuesday reported that pretax 
profit in the third quarter rose S 

- percent to £265 million ($375 mil- 
lion) from £245 nriHion in the third 
.period of 1984. 

Revenue for the quarter was 
£4.44 bilEon, up 11 J percent from 
£3.99 trillion. 

- For the first nine months of 
1985, pretax profit increased 5.3 
permit to £749 nriffian from £71 1 
mfiKoin, on revenue of £13.73 tril- 
lion. Revenue was op. 15 J percent 
from £11.91 trillion in the first nine 
months of 1984. 1 

Unilever, the British- Dutch con- 
sumer-goods conglomerate, said 
the quarter had good volume 
. growth, but net profit at September 
exchange rates was adversely af- 
fected by currency movements. 

Net profit for the quarter were 
£141 minion, compared with £137 
million a year earlier. 

European results were veiy good, 
the company said. North American 
activities recovered from the low 
level of the first six months, but 
were still below 1984 levels. Else- 
where in the third quarter, profits 
grew but at a slowin' rale. 

Unilever said Eonmean operat- 
ing profits in the third quarter rose 

21 percent from a year earlier. Sig- 
nificant improvements came from 
frozen products, food, drinks, de- 
tergents and personal products. Its 
subsidiary, Brooke Bond Group, 
produced the gains m the European 
food-and-drinks sector. 

Edible fats consumer goods 
showed satisfactory profit and vol- 
ume growth. 

North America maintained 
strong sales growth, the company 
said, bat promotion costs reduced 
operating profits, which were down 

22 percent Operating profits out- 
side Europe and North America 
were up 10 percent, although plan- 
tations are beginning to fed the 
effects of lower commodity prices. 

The third-quarter pretax profit 
of £265 milli on was dose to market 
expectations, although some ana- 
lysts had expected another £10 mil- 
lion or so. 

Unilever shares dosed Tuesday 
on the London Stock Exchange at 
1 , 170 pence, unchanged from Mon- 
day. 


Thomson Success: A Boost for France 

U.S. Contract Seen 
To Vindicate Policy 


By Paul Lewis 

Net* York Tunes Service 

PARIS — For Thomson SA, the French state- 
owned electronics group chosen last week with 
GTE Coxp. to supply a $4J-biIlion baitlefield- 
Mmmuni cations system to the U.S. Army, winning 
the contract represe n ted victory on a couple of 
fronts. 

For [he company itself, it obviously represents 
something of a financial windfall, and one expect- 
ed to pave the way for further contracts. 

But the U.S. award is also viewed as a sign that 
France's efforts to develop a national technology 
policy seem to be meeting with some success. 
Thomson is a pivotal player in France's strategy to 
make its technology sector competitive worldwide, 
both scientifically and financially, and is turning 
out to be one of the bright spots in the govern- 
ment's industrial policy. 

The company has come a considerable distance 
since it was nationalized in 1981 by the incoming 
Socialist government as pan of the government’s 
plan for state control of key industries. Thomson 
has benefited frnm f*ro"C T,m ' managemen t as well 
as continued government aid. 

Thomson's survival already seemed in doubt in 
1981, and by 1 982, its losses had multiplied tenfold 
to the equivalent of S275 million, at current ex- 
change rates, on sales of $5.88 billion. The work 
force was too large. The company was in danger of 
bleeding to death from its deeply unprofitable 
involvement in the telecommunications and medi- 
cal equipment fields. 

But Alain Gomez, the 47-year-old Harvard 
Business School graduate and former French para- 
trooper put in by the Socialists to run the group, 
has whittled the company into a leaner, more 
productive operation, adding some units and dis- 
posing of others. He expects Thomson to show the 
payoff from this transformation by breaking even 
this year, which would bring it mto conformity 
with President Francois Mi tt errand's manda te that 
all of the companies nationalized in 1981 at least 
break even by 1986. 



Alain Gomez 

Last year, the group had a loss of a marginal $4.4 
milli on Tbomson-CSF, the group's principal sub- 
sidiary that designed the new U.S. Army commu- 
nications system, reported a $40 3-million profit in 
the first half of 1985. Tho mson -CSF led a consor- 
tium in partnership with GTE in bidding for the 
Army contract on the communications system, 
which wfil be produced by GTE largely in the 
Boston area. The system is known as Mobile Sub- 
scriber Equipment, or as R&eau Integra des 
Transmissions Automatiques, RITA. 

Since 1982, Thomson has cut its work force to 
112,000. from 130,000, rid itself of some losing 
divisions and turned others around. It has forged 
alliances to give its consumer-electronics business 
a Europe-wide dimension. And it has improved its 
reputation in the military field by landing some fat 
foreign orders and becoming more cost-conscious. 

Now, in what many experts see as a gamble, Mr. 

(Continued oa Page 21, CoL 4) 


Lawson Predicts 
Modest Slowing 
Of U.K. Growth 


By Bob Hagerty 

Intemanonal Herald Tribune 

LONDON — The British gov- 
ernment, rejecting gloomy fore- 
casts from private economists, pre- 
dicted Tuesday that economic 
growth will slow only modestly 
next year. 

Nigel Lawson, chancellor of the 
Exchequer, said in the annual au- 
tumn economic statement to Par- 
liament that he expected gross do- 
mestic product to grow 3 percent in 
1986 after expanding 33 percent 
this year, the highest growth since 
1973. GDP is the total value of a 
nation’s output of goods and ser- 
vices, minus income from abroad. 

Most economists in the City, 
London's financial center, forecast 
much slower growth for 1986 and 
beyond. The stockbrokerage of 
James Capel & Co., for example, 
predicts GDP growth of about 2 
percent next year and 1 percent in 
1987. 

“He’s being far too optimistic ail 
down the line.” Keith Skeoch, Ca- 
pri's chief economist, said of Mr. 
Lawson’s statement. Another City 
economist, Mike Osborne of Grie- 
veson. Grant & Co., said : "It clear- 
ly is the start of the election cam- 
paign.” 

Mr. Lawson also forecast that 
consumer-price inflation would 
slow to an annual rate of 53 per- 
cent in this year's fourth quarter 
and to 3.75 percent in the final 
quarter of 1986. That compares 


U.S. Offers First 'War Chest’ Loans to Spur Trade 


Reuten 

WASHINGTON — The U.S. 
Export-Import Bank announced 
on Tuesday offers of six subsidized 
loans from President Ronald Rea- 
gan's trade “war chest" to spur 
overseas sales as part of his effort 
to reduce the growing U.S. trade 
deficit. 

The loan offers are all aimed at 
winning export sales away from 
France, which U3. officials have 
said makes wide use of aid money 
to spur commercial sales. 

William H. Draper 3d, president 
of the Export-Import Bank, in an- 
nouncing the offers, said France 
was the leader in blocking a U.S. 
move to limit the use of aid money 


for commercial purposes. The bank 
move is to help U.S. companies 
sweeten their offers of sales to In- 
dia, Brazil, Algeria, Tunisia and 
Malaysia. 

Mr. Draper said at a news con- 
ference that scarce grant aid funds 
Should be limited to h umanitarian 
and development projects. He said 
he hoped die U3. offer of grant 
money tied to loans would make it 
too costly for France to compete 
and force it to agree to limits on 
such aid. 

A total of 569 million in grants 
has been approved by the bank, but 
Mb'. Draper said that, along with 
regular bank loans, would spur ex- 
port sales of S280 million. 


The money will be drawn from 
the bank's reserves, he said, but 
later deducted from the S300- mil- 
lion “war chest” that Mr. Reagan 
has asked Congress to approve. 
The fund is part of Mr. Reagan’s 
new program to cut the trade defi- 
cit, expected to hit $150 billion this 
year. 

The financing offers went to the 
following proposed sales: 

• Transit America, a West Ger- 
man-owned Philadelphia compa- 
ny, for rail equipment valued at 
$ 1 45-million for Algeria. The com- 
petitor was France’s Alsthom-At- 
1 antique. 

• Calmaquip Engineering for 
airport equipment of $52 million 


for Brazil. Competitor France's 
Thomson-CSF. 

• General Electric Co. for gas 
turbines worth $30 milli on for In- 
dia. Competitors: Alsthom-Atlan- 
tique and Britain's John Brown 
PLC. 

• Control Data for computer 
equipment for India of $27 million. 
Competitor: France's Compagnie 
des Machines BulL 

• General Motors Corp. for lo- 
comotives worth $20 milli on for 
Malaysia. Competitors: France's 
Pielstick and Alstbom-Atlantique, 
Britain's Brush and General Elec- 
tric. Japan's Mitsui and Mitsubishi 


with 5.9 percent for the 12 months 
ended in September. 

Grieveson’s Mr. Osborne, by 
contrast, forecast inflation of about 
5 percent in 1986's final quarter. 

Mr. Lawson estimated that the 
public-sector borrowing require- 
ment, the govemment budget defi- 
cit at both the national and local 
levels, would total £8 billion ($113 
billion) in the fiscal year ending 
March 31, up from the £7 billion 
forecast at the beginning of the 
fiscal year. He blamed lower oil 
revenues; because ofl is priced in 
dollars, the sharp decline of the 
U.S. currency has reduced revenue 
in pound terms. 

The c hancell or's spending arith- 
metic is being closely watched be- 
cause the government wants to of- 
fer big tax cuts between now and 
the next general election, which 
must be railed before mid- 1988. 
City economists believe the govern- 
ment wants to offer a total of at 
least £2 billion in tax cuts next 
fiscal year, up from £750 million in 
the current year. 

To finance those planned lax 
cuts, the government intends to 
speed up its program of selling 
state-owned companies to private 
investors. Government proceeds 
from such sales will rise from £23 
billion this fiscal year to £4.75 bil- 
lion in each of the next three years. 
Mr. Lawson said. Among major 
sales planned are British Gas 
Corp., British Airways PLC and 
the government's remaining shares 
in British Telecommunications 
PLC and British Petroleum Co. 

Some analysts warn that Foreign- 
exchange dealers may grow edgy 
over the government's determina- 
tion to chop deeply into taxes with- 
out reducing spending. Should the 
pound go into another nosedive, as 
it did early this year, the resulting 
rise in import costs would upset the 
government's inflation goals. 

Already, said Capel's Mr. 
Skeoch. the City is nervous over 
what he called “a large doDop of 
fiscal fudge" in the government’s 
budget plans. 

Mr. Lawson predicted that Brit- 
ain’s current account, a broad mea- 
sure of trade in goods and services, 
would show a surplus of £4 billion 
next year, compared with a surplus 
of £3 billion in 1985. Capel has 
predicted a surplus erf just £2.5 bil- 
lion next year. 


Bundesbank Is Expected to Hew to Restrictive Money Policy 


By Warren Geder 

International Herald Tribune 

FRANKFURT — West Germa- 
ny's central bank, resisting calls for 
monetary stimulus to the economy, 
is likely to maintain its current 
money-supply growth target at 3 
percent to 5 percent for 1986 when 
die Bundesbank’s poUcy-making 
council convenes in mid-Decem- 
ber, according to economists and 
sources familiar with Bundesbank 
policy. 

West Germany’s five leading 
economic research institutes re- 
cently called for growth of 5 per- 
cent in money supply next year, 
implicitly suggesting a return to the 


target range of 4 percent to 6 per- 
cent set for 1984. 

Criticism that the Bundesbank’s 
monetary targets are unjustifiably 
restrictive, in relation to the growth 
potential of West Germany’s econ- 
omy and in light of its high unem- 
ployment, has also surfaced in In- 
ternational Monetary Fund 
discussions and other official cir- 
cles abroad. 

The Bundesbank is expected to 
make its decision on money-supply 
targets around Dec. 19. Observers 
here say that if U.S. interest rates 
do not decline markedly by that 
time, West German rates wfll have 
to remain high — further discour- 
aging the Bundesbank from ex- 


panding its money-growth targets. 

In December 1984, the Bundes- 
bank had lowered its monetary tar- 
gets for 1985 to a 3-percent-to-5- 
percent range as a means of 
convincing the financial markets of 
its intention to promote a noninfla- 
tionaiy expansion of the economy. 

With inflation expected to be 
held ax a low 2 percent in 1985 and 
next year, the Bundesbank is con- 
cerned that lifting target ranges 
could send a false signal to the 
markets that “West Germany’s 
central bank is no longer as anti- 
inflationary as before.” said Nor- 
ben Walter, economist at the Kiel 
Institute for World Economy. 

Mr. Walter and other economists 


say the Bundesbank sees no reason 
to change its targets for the coining 
year, at least for the moment. Mon- 
ey-supply stock, according to fig- 
ures released Tuesday by the 
Bundesbank, was estimated to have 
grown at a 4.7-percent rate in Octo- 
ber and a seasonally adjusted an- 
nual rate of 4.9 over the six months 
to the end of October. 

Bundesbank officials argue that 
the current money-supply growth 
rate is appropriate for the infiation- 
adj usted 3-percent pace at which 
the economy is growing now and 
for the expected economic growth 
rale in 1986. The Bundesbank is 
thought to anticipate 1986 econom- 
ic growth of about 33 percent. 


Mr. Walter said that without the 
removal of “rigidities" in the labor 
market and the creation of a tax 
structure more conducive toward 
savings and investment, “the 
Bundesbank is more easily going to 
accept an overshooting of its mon- 
ey-supply targets than it is going to 
change those targets.” 

Sources close to the central bank 
say Bundesbank officials in favor 
of keeping monetary targets un- 
changed are also arguing that there 
is “accumulated liquidity" in the 
market. This, the argument tuns, is 
a result of the Bundesbank's having 
based its target ranges on potential 
growth rates in domestic demand 
that exceeded actual demand. 


Chip Industry 
Reports Gains 

Las Angela Times Sen-ice 

LOS ANGELES — The 
semiconductor industry has re- 
ported that the ratio of new 
orders to outgoing shipments 
improved in October. 

The Semiconductor Industry 
Association, based in San Jose, 
California, on Monday report- 
ed that the industry look in $82 
worth of orders last month for 
every $100 in shipments. The 
figure has ranged from $65 to 
$76 lately. 

The orders were by U.S. cus- 
tomers with American, Japa- 
nese and European companies. 


Fixed Exchange Rates Favored at Conference 


Reuters 

WASHINGTON — The U.S. 
Treasury Secretary, James A. Baker 
3d, said Tuesday that the world 
monetary system needs improve- 
ment and implied that the Group 
of Five trading partners were con- 
sidering further measures to drive 
the value of the dollar lower. 

Addressing an international con- 
ference cm monetary reform in 
Washington, Mr. Baker said the 
instabiliiy of currency exchange 
rates meant “there is a dear need to 
improve the system.” 

The pact between the United 
States and its trading partners in 
September to curb the dollar’s 
strength was “one step in a contin- 
uous process of international coop- 
eration," he said. 

However, Mr. Baker was careful 


to play down expectations of more 
major reforms, saying only that the 
industrial countries would be “ever 
vigilant to improve the systenf 
when we can." 

The Treasury secretary pointed 
out that the current system of Dom- 
ing exchange rates has provided a 
framework to respond to global 
economic shocks such as soaring oil 
prices, high inflation and the inter- 
national debt crisis. 

Without the current floating rate 
system, dealing with those econom- 
ic shocks would have been more 
difficult and costly, he said. How- 
ever, he said that policy-makers 
should not be complacent about 
the problems that exist 

“The current system has not 
been as stable as we would like,” be 
said. 


Lloyd 9 s Fines the Former Chairman 
Of d Syndicate for Misusing Funds 

Room 

LONDON — Lloyd's of London, the insurance market, announced 
Tuesday that Peter Dixon, former chairman of PCW Underwriting 
Agenda Ltd, has been expdled from the market and fined £1 million 
($1.42 millioa). 

# Mr. Dixon, who founded PCW with Peter Cameron-Webb in 1967, 
was found gnflty by a Lloyd's disdplmary committee of dishonestly 
misappr o priating substantial sums from PCW and other syndicates 
forthebenefit w himself and others. 

PCW, now known as Richard Beckett Underwriting Agencies Ltd, 
is in the process of being shut down by its parent company, Minei 
Holdings PLC after posting losses of £130 xmlEtm. 

Thedisaphnarycomiiunee said the conduct of Mr. Dixon and Mr. 
Cameron-Webb, who resigned from Lloyd’s before charges were 
brought against him, was “a disgrace to the London insurance 
market." 

Lloyd's said payments from the funds wrongly transferred by Mr. 
Dixon were made to others, including five who received penalties 
from Lloyd’s ranging from expulsion to censure. 

- The Lloyd’s spokesman said it had the legal right to pursue Mr. 
Dixon for the £1 million fine and would do so. Mr. Dixon was 
believed to be in the United States, he said. 


Other government and private 
economists attending the twoday 
conference echoed Mr. Baker's 
comments on cause, but often dif- 
fered radically on cure. 

Henry Kaufman, the influential 
chief economist for Salomon 
Brothers, urged a system of intensi- 
fied exchange-rate management 
based on close international sur- 
veillance and control of credit 
worldwide. But, he said, a return to 
fixed exchange rates was unrealis- 
tic. 

Instead, he said more stable ex- 
change rates will require that na- 
tional authorities become much 
more directly involved in credit 
creation than they are now, and 
harmonize bank regulations. 

Felix Rohatyn, a partner at La- 
zard, Frtres & Co„ told the confer- 
ence that monetary reform also was 
urgently needed to combat a deteri- 
oration in the quality of U.S. credit 
markets. “We have turned U3. 
markets into a junk bond casino,” 
he said. 

Mr. Rohatyn urged a global ex- 


change rate system patterned after 
the European Monetary System, in 
which currencies fluctuate within 
narrow allowable bands. 

Robert Man dell, professor of 
economics at Columbia University, 
blamed the floating exchange-rate 
system for three great recessions 
costing over $1 trillion at today’s 
prices and 300 percent increases in 
prices in the past decade. 

He stressed that the case for sta- 
bility of exchange rates rests on the 
elimination of recessions and infla- 
tions. 


National Westminster Finance B.V. 

(Incorporated in The Netherlands with limited liability) 

U.S. $500,000,000 Junior Guaranteed FRNs 

Guaranteed on a junior subordinated basis as to 
payment of principal and interest by 

A National Westminster Bank PLC 

(Incorporated in England with limited fr'abiYrfyj 

Notice is hereby given that the Rate of Interest has been 
fixed at 8 9 /i6% ana that the interest payable on the relevant 



will be Usi2 15.25. 


November 7 3, 7 985, London 

^By: Citibank, NA (CSSI Dept.), London Branch, Agent Bank j A 


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Page 20 

BUSINESS PEOPLE 


LNTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 


Cement-Roadstone to Reorganize 


By Brenda Erdmann 

IrUcrnarianai Herald Tribune 

LONDON — Ccmem-Road- 
stone Holdings PLC. a Dublin- 
based maker of construction mate- 
rials, has announced a top-level 
management reorganization aimed 
at putting the group ‘"in a bcuer 
position to meet its strategic targets 
of further growth and greater effi- 
ciency.'’ 

Under the new structure, effec- 
tive from Jan. 1, A.D. Barry has 
been appointed to the new post of 
chief operating officer for Europe. 
He will have overall responsibility 
for the operations of all CRH inter- 
ests in Ireland, Britain and the 
Netherlands and for future devel- 
opments in Europe. Mr. Barry cur- 
rently is chief operating officer. Ire- 
land. 

Di 7 . Quirke. currently managing 
director of Irish Cement, a subsid- 
iary, has been named to the new 
post of manag ing director for Ire- 
land for the CRH group. 

B. Hill becomes managing direc- 
tor for Europe for CRH. He will 
continue to be based in Van Neer- 
bos, the Netherlands. 

JJ. Elliott, currently financial di- 
rector of Irish Cement. succeeds 
Mr. Quirke as the company’s man- 
aging director. 

Mo Ocfa Domsjo AB. the Swed- 
ish forestry concern, has named 
Berm Lof president and chief exec- 
utive officer. He succeeds Bjorn 
Sprangare. who. as previously re- 
ported, has been appointed presi- 
dent of Trygg-Hansa. a Swedish 
insurance company. Since 1983. 
Mr. Lof has been president of So- 
dra Skogsagama. a cooperatively 


Producer Wemtraub 
To Head United Artists 


I'm red Press International 

LOS ANGELES — Jerry 

Weiniraub. an entertainment 


Jan. 1. He currently is director of 
SF-340 aircraft certification and 
quality control. Since July, Mr. Ek- 
lof has been director or sector col- 
laborative programs. 

Fuji Bank Ltd. of Tokyo has 


Compensation 

For Job Stress 


(Continued from Page 19) 


industry entrepreneur and pro- 
ducer of suen movie hits as 
“Oh, God!" and “The Karate 
Kid.” has been named chair- 
man and chief executive officer 
of United Artists Corp. 

Kirk Kerkorian, principal 
stockholder of Tradnda Corp.. 
which is acquiring United Art- 
ists. said Monday that Mr. 
Weimraub would take over the 
post immediately. 


opened a representative office in 
Shenzhen. China, and appointed 
Makoto Ebina chief representative. 


London International Financial 
Futures Exchange has named Mary 
Lou Carrington marketing direc- 
tor. She was associate director of 
First Chicago Ltd. in London. 

Habib Bank Zurich said Robert 
J. Angus had joined the bank as a 
director and an adviser. He recent- 
ly retired as a senior executive from 
National Westminster Bank PLC. 


owned forestry group. Before that, 
he worked at Mo Ck:h Domsjo as 
head of the fine paper division. 


Banco di Napoli is to upgrade its 
ondon reuresentative office to a 


London representative office to a 
branch on Nov. 18. Vito Maffei, 
who has been chief representatives 
now becomes chief manager of the 
new branch. 


International Business Machines 
Corp. has named James A. Bitonti 
assistant group executive. Asia/ Pa- 
cific group, based in Tokyo. He is 
succeeded as president of the com- 
munications products division by 
Terry R. Lautenbach. 

Saab- Scania AB, the Swedish 
motor and aerospace group, has 
appointed Milton Mobarg and 
Siellan Eklof vice presidents. Both 
are in the aircraft division. Mr. Mo- 
barg will take over the division's 
flight and ground test sector on 


Thom EMI PLC the British 
electronics group, has named Rich- 
ard E. Norman adviser for interna- 
tional consumer electronics. Mr. 
Norman continues as president of 
J2T Holdings, the joint- venture 
company formed by JVC, Thom 
EMI and Tdefunken to manufac- 
ture video-cassette recorders in 
Britain and West Germany. In ad- 
dition, Thorn EMI has appointed 
John Craihome to the new post of 
chief executive of Thom EMI Ma- 
jor Domestic Appliances Lid- ef- 
fective Jan. 1. For the past seven 
years, Mr. Cratbome has been 
managing director of TI New- 
World Ltd. 


BP 03 has named David Ken- 
dall, its former finance and plan- 
ning director, to the post of manag- 
ing director. Mr. Kendall has been 
acting managing director since the 
recent death of Ian Walker. 


Floating-Rale Notes 


Dollar 


Coupon next Bid Askd 


hauer/Mat. 

AIIM lf1Bl«S 
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Allied lriSlB7 
Anted Irish Pern 
Arab Bks Corp Tim 
Alfmlfc Fin 89/94 
Aiflucks2aa95 
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Bco DI Poma 
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BCD Sanfo Sol r i to SI 
Bco DI SIdllaH 
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Baa Corp 97 (MBiirl 
Bk Boston 00 (Cos) 
BkGueecefl'M 
Bk Greece 93*7 
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Bk l retold *2 
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B Now York 9* 
Novo Sana 81 
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Bk Scotland Perp 
Bk Tokyo 93 


Bk Tokyo B7 
Bk Tokyo FeH88/91 
Bk Tokyo Desttrtl 
Bankamerica 0/S** 
Bankers Trust 00 
Bankers Trust M 
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Chemical Fen 9/ 
Chemical Oa *7 
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Citicorp Plan ** 
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Council Ol Eurnor*3 
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CO 66/98 
Cd 90-95 
Ccf 9* 

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Cct*2 

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Cr Du Nurd 97 
Cr Fonder 0«97 
CrFor Export *2 
Cr Lyonnais 93/9* 

Cr Lvormols W.T7 
Cr Lyonnais 8*/9< 

Cr Lror nail 91/95 
Cr Lyonnais 9* 

Cr L«annalsJan92/9* 
Cr Lvannaiif7(Cao) 

Cr Lrannaism 
Cr Lyonnais Jun92/94 
Cr National 88 
Cr National *0/94 
Cr National 08 
Crcaltaratal! 94 
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Den Norsk* Dee*0 


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Btce JanSB 
Bice 99 

Balndosuez*. ICaol 



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Denmark jantn/90, 
Denmark Oct B8/*0 
Denmark *9/04 
Die ErsleOest 91/9* 
Drew ner Fin 93 
DresdnerFlnW 
Dresaner Fin 92 
Eldorado Nuc 0* 
E«9» 

Eat 97 (Mm hr) 

Enel 00/05 IMttily) 
Enel Op 
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Euram Bancorp 92 

Eaf*a 

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Exterior int9l/W 
Ferrovle 9S (AAihlv) 
Ferrovle 92/99 
Ferravle May *7 
Finland 90 [Miniyl 
Finnish Paper *»/*5 
First Boston 91/9* 
First Bk Syit H 
First BkSirat97 
First Bk Syst 2010 
First CMCaao 97 
First Chicago 92 
First ChKoaaU 
First Cltv Texas *5 
Flrsl Inter 95 
Ford 91 

Fortune B*L 92 
Full lntTA/96 
Oen tk ionco 89/92 
Genflnance *2/** 
Gib 89 
Gib 92 
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Belgium 9*m* 
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Cm 00 

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Carterel S-H.94 
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Chase Man 0/5 *3 
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Greet Lakes S+L»7 
Gi Western 92/1S 
Grinaiovs*7 
Grind levs *4 
GI Western 09/94 
Hill Samuel M 
Hill Scan ud Pern 
HtjPDno*|/*5 

Homesteod S+L 95 Coo 
Hong Kano Pern 
Hk Shanghai Bk Pars 
Hydro 02 (Mttxy) 
Hvdra fe IMihlv) 
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Iceland 95/00 
Indonesia 88/*3 
lOiNovtt 
Ireland 9*/** 

Ireland 97 
Ireland 94 
IsveimertO 
lsvehner*2 

Holv 94 
Holy 89/9* 

Holy 05 
C Hah 87 
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Kao Feb92 
KemlraOvTS 
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Kleinwort Ben «» 
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Korea Dev BkB4-89 
Korea Ex ctl Bk 85/88 
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Liovds Bank Pera 
Uovds 93 
Lloyds 92 
Uords 0* 

Lien 85 
UcbU 
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MClOVSia 94/09 
Malaysia 00/15 (Min) 
Malaysia Apr89/92 
Malaysia Dec89.-92 
Malaysia 88/93 
Mckmio00/05 
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Man Hon 9* IWkly) 
Mar MW *« 

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Sanwa Int Fin 92 
Samdi Fm Apr*a 
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Nat Bk Detroll 9e 
Net Comm Bk W/W 
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Nat west Pera (Bl 
Not West Fm*l 
Not West Fin 05 
Nat West 9* 

Nat west Fki 92 
Nat West Fki Perp 
NefleOyf* 

New Zealand 87 
IR Steel Dev 92 
NbmnCrl* 

Nordic Intfi 
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Ottsnore Mining 91 
Ofhnare Mining U 
Pirelli 91/94 
Pnc97 

Pk Ban ken 88/91 
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Sle Intel 
Sac Gen 90/95 
Soc Gen Mart* 

Sac Gen Nov94 
Sac Gen 97 
Snd>91 
Spain 91*97 
SoalnBS (Mlhlvl 
Saaln 18/93 
5oain9* 

Stand Chart 94 
Stand Chart *1 
Stand Chart MarlO 
Stand Oral Mismatch 
Std + Cht Pera 
State Bk India 87 
Sumitomo Trt 92/94 
Sumbvallibanken *2 
Sweden 00 
Sweden 90/05 
Sweden «2A» (Mlhlvl 
Sweden 89/99 
Sweden 9MB 
Sweden Pera 
Taira Robe 97 (Cap) 
Talva 92/0* 

Takuctn 91/w 
Takugtn Cap 97 
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Tordorr 92 
TovoTst 92/99 
Two *4/0* 

Ub Norway 91 
Ub Norway 99 
UW Kingdom 90/92 
Welts Forgo Sept 97 
Wells Fargo 92 
Wei Is Fargo Feb 97 
Westpoc97(Caal 
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BX 21-11 
BH 0741 
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81A 3041 
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BH 03-12 
Bit 19-12 
Bit 0441 
8YW 1843 
SIX 07-45 
8% I §43 
BM 29-11 
83t 27-02 
0H 2043 
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B*W 0341 
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BK 1943 
7* 0S-T7 
7M. 1041 
BN 1541 
B'4 29-11 
IK 20-11 
BN 0941 
IN 07-02 
Sit 20-11 
m HHD 
BH 0941 
M 12-12 
8H 1442 
I 1*12 
8H 09-12 
2145 
IN 71-02 
IN 0741 
IV. 27-12 
8387529-11 
IN 13-11 
IN 1042 
H 1043 
735421*12 
7J5 29-11 
' 0H 1344 
IN 10-11 
IV. 1541 


Non Dollar 


iwoer/Mat. 

Abbey Nattanoi 92/00 
Aiuam»n4«csoc93 
AnxBka97 
Bk Montreal 94 

Bk Nava San la 00 
Bk Tokvs U/90 
Bo Imknuezn 
B*tgulm94 

sresiai -t- west *2 
Britannia 93 
Cfflcorn 09/71 
Cepme** 

Cr Fonder 00 
CrNottonal 91/95 
Denmark 93/98 
Han lax B/S92 
1094 

Ireland*! 

Ireland** 

Liovds Euro** 

Mtg Bk Den 9*7*9 
Mini 10 

Nationwide BJL9S 
New Zeal and 97 
RbsOS 
Snct 90/93 

Stand Chart SlgT’era 
Yorkshire im 71/94 


Coupon Next BM Askd 



Source : Credit Subso-First Boston UtL 
London 


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Nov.12, 1985 


Net asset value quotations are supplied by the Funds listed with the exception of some quotes based an issue price. 

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.. 5 10.98 -Id) Fldelllv Frontier Fund * 1445 

-|w) inter eaul tv N. Amer OHer _ S lOjg -id ) Fidelity Paclllc Fund 515441 

BANQUE IND05UEZ -1 d 1 Fldelllv Sod. Growth Fd. 1 1*46 

-( d J Aslon Growth Fund S 1U1 -( d I Fidelity wo-ld Fund 5 J7JB- 

-Iw) Dlverbond SF BU5 FORBES PO B887 GRAND CAYMAN 

-(wl FI F- America S 17.7S London AflOfl 1 01 -039-3013 

. 5 154* -Iwl Dollar Income 5 744 

. S 1043 -(W) Forties Htotl Inc. Gill Fd I **.40 

. 5 1*43 -|w) Gold Income S BJ8 

S ID/48 -jw) Gold Aporectntton 5 440 

. 5 176.30 -(ml Strategic Trading 5 1-50 

. S 103747 GEFINOR FUNDS. 


-(w) Brit. Dollar Income 5 CU 

-Iw) BrlUManao.Curr 5 

-Id I Brlt.InrlAAtonaojxjrll^ £ 

-idl Bril. IntUMonoo.PDrtl C 

•( w) Brit. Am. Inc. & Fd Lid S 

-(w) Brll.Gofd Fund 5 ( 

-(wl Br I t-MaridB. Currency C 1 

•( d ) Brit. Jacan Dir Per(. Fd 5 

-(wl Bril _iersev Gilt Fund t 

-i d ) Bril. World Leis. Fund S 

-Id) Brit. World Teehn. Fund S 

CAPITAL INTERNATIONAL 
-*W) CoDllol inri Fund 5 

-iw) Cdpltal Italia SA — _ 5 

CITICORP INVESTMENT BANK (LaxJ 
POB 1373 UMemoourg Tel. 477.75.71 


-(wl East Investment Fund- 


0J73- -(wl Scattlsh World Fund, t 72*.«2 

1042 -(w) Slate SI. American S 149.27 

I.1SS London: 01 -491423ft. Geneva: ->1-22355530 
1194 GLOBAL ASSET MANAGEMENT CORP. 
1.12* PB 119. Si Peler Port. Guernsey. 0*81-28715 

047S- -(wl FulurGAM SA S 11640 

I*.’*- -Iw) GAM Arbitrage Inc 5 1374* 

1.153 -(w) GAMerico Inc S 149.75 

0J1H -tw) GAM Australia Inc. S 97.18 

1.1JB -iwl GAM Boston Inc 5 10747 

(L733 -Iwl GAM Ermliope 5 1A72 

■IwIGAM Fronc-val SF 11*43 

4344 -i w) GAM Hong Kong Inc 5 9942 

1827 -f w) GAM Inlernallanal Inc. S 13722 

>J -(wl GAM Japan Inc. S 12240 

-(w) GAM North America Inc. S 1123)8 


-K r» ) Llavds Inti. Smaller Cas_ 

NIMARBEN 

-( d t Class A . 

-Iw I Ckn* B - U J 

-(w 1 Class C - Japan 
OBL1FLEX LIMITED 
|-(w) Multicurrency 

-iw) Dollar Medium Term 

-tw) Dollar Long Term 

'-(wl Japanese Yen— 

-iwl Pound Sterling 

•Iw) Deutsche Mark .._ 

-iw) Dutch Florin — . 

-Iw) Swiss Franc.-..— 

ORANGE NASSAU GROUP 
PB BS578. The Hague (070) 4*9*70 

-(d) Sever Beiegglnaen++ 

PARISBAS-GROUP 

-( d ) Correxa inlemotianaJ — — 

■id ) ECUPAR — 1 

-(w) OBL(-DM___ 

-(w) OBLIGE5TION 

-Iw) OBLI-OOLLAR 

-(w) OBLI-YEN 

-(w) OBLI-GULDEN 

■(di PAROIL-FUND 

-Id) PAREUROPE GROWTH 

-(d) PARINTER FUND - 


— S 1132 
— S 1124 
— S 1141 

S 1192 

_C 1026 
DM 10.77 
-FL 1040 
SF 1005 


1 d ) Dreyfus Fund Inti S 80-50 

Iwl Drevfus Inter continent 5 34.11 

iwt The Establishment Trust S 123 

I d > Europe OOHgattons Ecu *345 

(wj First Eagle Fund S 1824*2* 

l r I Fllfy Stars Ltd 5 90143 

I w) Fixed Income Trans - — . S 1149 

l») FonseiBK Issue Pr.„ SF 201.70 

tw) Farexfund S 729 

iw) Formula Selection Fd. SF *54* 

mi FbndUailo- s 34J7 

id) Gavemm.Sec. Fund*— __ s 9049 


~ S *545 
ECU 1031.79 
DM 123103 
SF 9540 
_ S 11 23.35 

Yimasioo 

FL 1057.39 
- I 9929 

5 1128 

_ S 125.75, 


< d I Frankf-Trust Interzins 

IW) Hoiramonn HldOS.N.7 

Iw) Heslla F.mn-c 
(w) Horizon Fund 

Im) IBEX Holdings Lid 

(rj ILA-IGB 

( r 1 ILA-IG5. 

( d I interfund SA 

(w) intermarker Fund . 

I d ) Interminlna Mui. Fa. CI.'B' - 
( r ) inl'l SecurlHes Fund 


Id] CINnvest Ecu ECU 101043 -(wl GAM N. America Unit Trust- lULBOp; 

( d ) Crf Invesi LhiukHtv — 510104* -(w) GAM Paclllc Inc S 13*20. 

CREDIT SUISSE II5SUE PRICE5J -(w) GAM Pens. & Char. Worklw._ 10*40 PI 


-(d I PARINTER BOND FUND J 10.41 

-( d ) PAR U5 Trea3. Band -O. B'_ S 114.91 
ROYAL B. CANADAJ>0B 246J3UERNSEY 
-+lw) RBC Canadian Fund Ltd.- S 1124- 
-Mw) RBC Far East&Podnc Fd. S 1227 

-+l*l RBC Inll Capilol Fa S 2*47 

■+(») RBC Inn income fh 5 11.14 

-Hd) RBCMaaCurrencv Fd 5 27.07 

-+{ w) RBC North Amer. Fd. S 1020 

SKANDIFOND INTL FUND (44-B-Z3627U) 

-I w line.: Bid 5 429 Offer, 5 449 

-IwlACC.: BM 3 *2) OHer S t.72 

SVENSKA INTERNATIONAL LTD. 

17 Devonshire Sa2-onoon*0i -377-8040 

-1 r ) SH8 Bond Fund S 25317 

■(wl SMB inti Growth Fund s 25.70 

SWISS BANK CORP. (ISSUE PRICES) 


l d > Investa DWS. 

1 r > Invest AtlanHaues— 
( r ) ItaHortuno Inn Fund S 
(wl Japan Selection Fund- 

(w) Jaoan PodCc Fund 

(ml J offer pins. iniL Ltd 


DM 4443 
. S 1323)2 
. S 1 0S-T9 
. S 133020 
SF 115.95 

- S 945 . 

* 1044 

. S 104* 

. S 28*41 I 
S 80046 ! 

- 5 1113 | 


DM 6003 
- S 947 
. 8 1825 
. S 131.14 
S 115.98 
11042345 


Id) Kleinwort Benson Inll Fd. S 2240 


(w) Ktelmvort Bens. Jcsx Fa_ 
(wl Korea Growth Trust. 


-(d) Amer)co- Valor. 


-Id ) Actions Suisses _ _ . _ 

-I d 1 Bona Voior 5wt SF 10325 -Iw) GAMrfnt S 114.92 

-(d) Band Vqlcr D-mark DM 105.7* -(w) GAM Slnoapore/Maiov )ik__ S 9843 

-I d ) Bond Valor US -DOLLAR— S 10020 -Iw) GAM Sled & Inll Unit Trust—. 151.15“ P 

-( d ) Bond Valor Yen Yen 100*2.00 -tw) GAM WorMwKte me S 18441 

-( d I Convert Valor Swf — — SF 12070 ■[*■> CAM Tyche SLA. daw A 5 1211* 

-id) Convert Volar US-DOLLAR- & 121Jt G.T. MANAGEMENT (UK) Lid. 

-( a ) Conasoc SF 6823)0 -(d) BerrvPac Fd. Ltd. S 11.10 

-Id) CS Fonds- Bonds SF 78.75 -(r) G.T. Applied Science— — — S 13.77 

-4d>CS Fands-lnlT SF 120.7$ -id ) G.T. Asean H.K. Gwth.Fd— . S 134* 

-(d) CS Money Market Fund 51)00.00 -Idl G.T. Asia Fund S 422* 

-(d) CS Money Market Fund— DM 10*040 -(d) G.T. Australia Fund— — S 2*41 

-( d ) CS Money AAorkel Fund t HM23W -Id I G.T. Europe Fund _____ I 1323 

-( d J Energle-Valor SF 1 48 00 -fwl G.T. Euro. Small Cos. Fund 5 154*; 

-(d) Ussec SF 8383» -fr) G.T. Donor Fund S liio! 

■( a 1 Eurooc-Valor SF 13240 -<d > G.T. Bend Fund S 1172! 

-(d) Pacific -voior SF '4425 -rd ) G.T. Global Technigy Fd % 12^! 


SF 4A0JH -(wJ GAM Pens. & Char. U.K.Fd._ 10440 p 


-(d) D-Mark Band SMeel Ion DM 1224* 


-(d) Dollar Band Selection 

-( a I Florin Bona Selection _ 

-( d | intervargr 

-t d ) Japan Portfolio 

-( d i Sterling Bond Selection . 


. S 13843 
FL 127.95 
SF B7JUI 
SF 89*25 
C ine.151 


Idl Letcom Fund — 

(wl Leverage Cap Hntn 

( 0 I I louHnw 

IW) Luxfund — 

cm) Magna fund N.V— 

( O J Mediolanum 5eL Fd. 

( r ) Meleore Y 

fw) NAAT 

( d I NIVJio Growth Pockaae Fd 

(w) Nippon Fund 
(ml NOSTEC Pnrtmito-- 

iw) Nouoiec Investmem Fund 

(wl NJLM.F 

(ml NSP F l T 

I d I Pod Oc Horizon Invt. Fd 

(wl PANCURRI Inc 


KW 847249 

— S 947 

— S 1362.17 
_ S 18431 

— 513593)0 

— S 78.10 

— S 15922 

— 5 2021 

Y lOhJMJKJ 
_ S 11313 

— SWJSAJM. 

— US& 


! r ) Pgrlon Sw. R Est Geneva _ SF 139740. 


-( d I Swiss Foreign Bond Sel SF 11 0X5 


S 11.10 
S 13.77 
S 133)9 
5 422* 

S 2*41 
S 1323 


DREXEL BURNHAM LAMBERT INC 
Winchester House. 77 London Woll 
LONDON EC2 (01 920*797) 

-(wl Finsbury C-raup Lid 1 

.(ml Winchester Diwersitiea S 


INC -l a l G.T. Honshu Painflnder S 29.11 

-< d I G.T. Investment Fund s »J9 

-( w J G.T. Japan Small CaFund _ S *S48 

1 13723 -crl G.T. TBChnalogv Fund I 23J0 

S 1943' -(d)G.7. South China Fund 5 1£U 


-<m) Winchester Financial Lid. — S 8.99 HILL SAMUEL INVEST. MGMT. INTL. SJL 

-im) Winchester Froniler I 10220 jersey, P.O. Bo* 63. Tel 0534 7602* 

•iw) Winchester Hatdhngs FF 10*4« Seme. P.O. Box 2*22. Til 4131 224051 

4 12X9 -(dl Crossbow (For Easll—— SF 104* 

-Iw) Worldwide Securities 4 4044 -id) C5F (Baianead) SF 2*48 

-(w) Worldwide Special 517*7.97 -(d) European Equity Fund DM11. 17 

DIT INVESTMENT FFm -< d ) IntnL Band Fund S 1042 

-+{dl Coneentro DM 344S -Id 1 let Currency U-5 S 2*40 

-+(d > inn Renienfand — — DM yIU) -id) ITF Fd ITechnologv) S 142* 

Dunn & Hargltt * Llovd George. BrusMils -(d) OSeas Fd (N. AMERICA)— _ * VM 1 

-Crtl) D&H Com modify Pool - 5 3*244 — JARDINE FLEMING, POB 70 OPOHg Kg ; 

■Wl) Currency & Gold Pool 5 15741 ■( r I j.F Currency BBond. 5 1347 


-( d ) Swiss valor New Series SF 37*25 

-{ d l Universal Bond Sated SF B3J5 

-( d 1 Universal Fund — — SF 12124 

-(d I Yen Band Selection Y 1O41A0Q 

UNION BANK OF SWITZERLAND 

-I a > A men U4. Sh. — SF 3525 

-(d) Bond- Invest SF 47.75 

I -Id) Fonsa Swiss Sh. SF 17158 

-id) Jopan-invest SF *4140 

-Id) Salit South Afr.Sh SF 28840 

-Id) Sima (stock once). 5F 22740 

UNION INVESTMENT Frankfort 

-(d) Uni ren)p . DM 442b 

-(d) Unifonds DM 3120 

■Id) Unlrak. DM 8340 

-Id) UNIZINS DM 11*40 

Other Punds 


( r 1 Permal Value n.v ._ . 

( r I Pleloaey 

(wl PSCO Fund N.V 

I w) PSCO intf. N.V 

( fl 1 Putnam Inl'l Fund __ __ 

t r I Pri-Tech. 

(wi Quantum Fund N.V 

( d I Renlo Fund — . 

(d) Renllnvest 

(dl Reserve insured Deposits. 
< w I Rudolf Wolff Fut Fd Ltd— 
(w) Somural Portfolio— __ 


S 132191 
s n 27,10 
S 132.90 ! 
5 10546 
* 7247 
S 85048 
552*632 
LF 282040 
LF 105540 
*1116.90 
5 12923)0 
SF 1K.9J 


-im) Winch. Life Ful. Fool S 559.74 " 

-Im ) Tram work) Fwf. Pool . — S 81 *ai • 
EBC TRUST CO.(JERSEY) LTD. 

1-3 Seale SLSI. Heller; 0534-36331 
TRADED CURRENCY FUND. 


9(d Jlnc: Bid S 10-40-OHer — J 

didiCao.: Bid s H490Her_--. 

INTERNATIONAL INCOME FUND 
-(d) Short Term 'A- (Aecuml — S 
-Cd) Short Term 'A' (Dlsfr)_— 4 
-(d) Short Term 'B' (Aecuml 5 

-Id) Short Term's (Dish) __ — s 
-fw) Long Term — - * 


-I r ) J.F Hong Kang Trust 

-( r l j.F Poctfle income Trust. 

•f r ) J.F Japan Trust 

■F r 1 J.F Japan Technology— — 
-t r 1 J.F Pacific SecS-(Acc) 


10.732- 1 LLOYDS BANK INTL. POB 438. Geneva 11 


S1Z267 -f(w) Lloyds Inf I Dollar — 

-+(w) uayd; inn Europe. 

14058 -+l wl Uovas Int'i Growth 

1-00*2 Liovds int'i Income— 

'4777 rt-(w) Liovds inri N. America. 

a?sii rt-(w) Uords int'i Pod He 

254) 


. S 118-40 
SF 12*40 
3F 17340 
SF 31740 
. S 10545 
SF 13240 


(w)Actlbonas Investments Fund. S 2-14* 

(«)Actl vest Inti, 5 1148 

(ml Allied Ltd 5 425 

tw) Aouita International Fund— S 174J0 

( r ) Arab Finance I.F S 92842 

I r Artane S1B8026 

i(w) Trustcor inl'l Fd. 1AEIF) 5 1042 

(w) Bondsefex-lssue Pr.^__ SF 137.15 

(m) Canaan Gta-Martaage Fd 5 94* 

<d) Capitol Present. Fd. mil S 1148 

(w)CitOdei Fund I 143, 

(m) Cleveland Offshore Fd. S 210148 

(w) Columbia Securities fl 100JS! 

(r)COMETE 5 B**J*| 

(w) Convert. Fd. Inl'l A Certs S 1125 1 

I w) Convert. Fd. mn B Certs s 3242! 

(w) Dalwa Japan Fund _____ V 10224 

IwPD.G.C S 9SJ4 

-( 0 ) Dotkir-Boer bond Fd 5 1034.00 

-( d ) D-mark-Bacr Band Fd DM 102SJH 

idl D. Witter WM Wide ivtTM._ s 12.72 

1 r ) Drokkor invesi.Fund N.V S 119148 

( d ) Dreyfus America Fund—— t 1044 


(d) SCI /Tech, SA Luxembourg— s 11,18 

(w) Seven Arrows Fund N.V. S 9 7? si 

<w) State 5t. Bank Eauliy HdgsNV 5942 

fw) strtneav /nveslmem Fund S 54jn 

|(d) Svnta/ Ltd.'(CI«sA)- s 

1 iw) Techno Growth Fund . ep «« 

(dl Thornton Australia Fd Ltd __ s 9 *5 
Id] Thornton HK & China j kjoa 

id) Tnomtan jaean Fund Ltd— S 12J0 

Id) Thornlcn Orieni.ine. Fit 1 in S 

(w) Tokva Pog H old. (Sea) j 10749 

tw) Tokyo Poe. Hate. N.u « iS 5 

iwl TransoacHIc Fund S ggg* 

Iw) Trans Euraae Fun d e< 

I d I Turouofcp Fund g 11*42 

iwl Tweedv^rawne n.v.aassA__ 5 228*48 
(w> Tmedv4)rawne n.v.OassB S 157*4* 

(dl UNlCO Fund. . nM 7040 

Idl UNI BOM Fund i. "imp! 

( r 1 UNI Caoital FundZUZIZI *11990* 

I d 1 US Federal 5ecurites_ S 10J7 

( d ) US Treasury Income ham 5 

(wl vonaerblit S 12ti 

( d 1 World Fund SA s 13^7 


Dm - Deutsche Mark; BF - Belgium Francs; fl - Dutch Florin; LF - Luxembourg Francs; ECU - European Currency Unit; SF - Swiss Franc*; a - asked; + - Offer Prices;!) • Ud change 1 
P/V 518 to 51 per unit: N.A. - wot Available; N.C - No rCommun leafed ;o - New; s - suspended; S/S - Slock Sol H ; » - Ex-Dividend; ■■ - Ex-Rts; - Grass Pertormance Index Seoiemoer ; • - 1 
Redemel- Price- Ex -Coupon; — - Formerly Worldwide Fund Ltd; & ■ Offer Price Ind. 3S prelim, choree; if - dailv stock prior as on Amsterdam Stack EL, change 


Tuesdays 

AMEX 


Closing 


appreciated by the medical profes- 
sion," said Furgus Whitty of the 


Tables Indude the nationwide prices 
up to the do5lm) on Wall Street 
and do not reflect tate trod« elsewhere. 


A bus driver who was badly beat- 
en two years ago was fired by the 
London Transport Authority be- 
cause be started missing work say- 
ing his back hurt. Because doctors 
did not find anything physically 
wrong, the union argued before the 
Center Office of Industrial Tribu- 
nals. the government's department 
that deals with unfair-dismissal 
cases, that he was suffering from 
psychosomatic symptoms brought 
on by stress. 


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The union lost the case. 

"Nobody is prepared to listen to 
any evidence of psychological 
problems." said Mr. AQen, who in- 
tends 10 appeal. u Ii’s a hard-nosed 
attitude I don't think will change." 

Government compensation 
schemes do provide for sick leave, 
in Britain, or medical retirement or 
“disability." in France, if an em- 
ployee has to stop work because of 
severe psychological problems. In 
France, for instance, employees 
can claim SO percent of their salary. 


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But psychological disorders are 
not considered weak-related ill- 
nesses and do not appear on the 
official list of work-related dis- 
eases. In contrast, the U.S. Nation- 
al Institute for Occupational Safety 
and Health has put psychological 
disorders on its list of work-related 
illnesses. 


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■i ^ BUSINESS ROU Wg^ 

•- . """ ,l . 1 . — 


Potlatch KoBnys Stock 

From Belzberg Firm 


. ; V. *■ TkeAssodated Press 

; SAN FRANCISCO — Potlatch 
w said Tuesday that it had 

* “oooght bade the 1.1 nriffiou shares 
: .j s • rfi* slock hdd by Fust C3ty Ft- 
; viatkaal Coip. and that Fust City 
c . 'tad agreed notto renew a takeover 

* ;sd to Potlatch to five ycare. 

5 ?• Pwlatdi,- a lumber and paper- 
j >;jrochKts concern, also said it had 
£ a -XMight U raflfian other Potlatch 
hares since Monday under a Btnr.fr. 
v-' -gjnrchase plan it lannrfefl ^ ^ 
i ■ \ o thwart First City’s takeover bid 
f -A nearly $700 mOBon. 


Potlatch also said it had agreed 


O itgreed to dismiss a suit it filed 
\Ngainst Potlatch last week. 

, Jlrsi Gty, which is controlled by 
c ; he Bdzberg family of Canada, had 
* differed to boy afi Potlatch shares at 
^ ~;i45 a share. 

l^fiASFSaidtoFlan 


: '■ ’ - International Herald Tribune 

’ .FRANKFURT — BASF AG, 
t ^he chemicals group, having em- 
f? parked on a sales of mqor U.S. 
• -r ^cquisitions totaling an estimated 
: f ,11.7 billion, is ejected to an- 
; ^ ; .iormce this week a major reorgani- 
- ir Nation of its U.S. subsidiaries, ac- 
i r ; oidmg to BASF officials. 

‘ ^ Details werenot provided, but 
tj the reorganization is expected to 
involve Inmont Corp., acquired 
; r':ast May from United Technol- 
; *gies (top. for SI. 13 billion, as well 
■ 7 ; is three subsidiaries of Cdanese 
I i - top. and an American unit of the 
I rOutch chemical group NV Akzo. 
-* : r BASF, which has benefited from 
Rooming UJS. sales in the past two 
:|7!ears, hopes to integrate its new 
Requisitions with existing UiL op- 
; ; ^rations, centered on BASF Ameri- 
’i a Co. and Wyandotte Cap., both 
<ased in Parsippany, New Jersey. 


EVTERNATIOINAL HERALD TRIBUNE^ WEDNESDAY, NOVEMBER 13, 1985 

__ jp ,„. T CURRENCY MARKETS 

r ranee sHir lech roticy „ C1 . , , T 

SLFLC Is Bolstered by Thomson ° ^ 

rtiT Irnt */ Compiled be Our Staff From Ditpmches vice had ; 








Potlatch said it paid an avenge 
of $42.75 a share For the 2.4 milHon 

aiares, with the First City block 

being purchased at $43 a share. 

^ R ichard B. Madden, Potlatch’s 
orainnan and chief executive offi- 
“Die board rejected First 
s °“ er “d began the repur- 
raase program with a conviction 
that stockholders and other con- 
stituencies would be served best by 
the continued independence of the 
company." 

Potlatch said that the number of 
shares purchased overall would de- 
pend on price, avaflabilhv, capital 

needs and a “cod tinning evaluation 
of the business.” 

The company also arm ramrod it 
would continue to solicit proxies 
for a voting amendment that First 
City had opposed. 

COMPANY MOIES 

ABied MBk Ltd. is valued at 
366.13 million Australian dollars 
($245.7 miffion) in a 3.50-dollar- 
per-share takeover bid to be 
by Minlor Hidings Pty., stockbro- 
ker A.G Goode & Co. said. The 
offer will counter a 5-for-4 share 
exchange proposed by Fielder Gil- 
lespie Davis Ltd to acquire both 
Allied and New Zealand’s Good- 
man Group Ltd . . 

American Telephone & Tele- 
graph Co. introduced si communi- 
cations system that enables a com- 
puter user at a te rminal to Knlr up 
simultaneously with as many as 
four other computers. The 6500 
system is compatible with Interna- 
tional Business Machines Corp.’s 
3270 system. 

Amoco Orient Petroteun Co. 
said it had signed a contract with 
China National Offshore OQ Coip. 
to explore for oil in the South Chi- 
na Sea, about 140 miles (226 kilo- 
meters) southeast Of the Sherwben 
special economic zone. 

Bflfinger & Berger Ban AG said 
it expected to complete 3.4 billion 
Deutsche marks ($133 bfflian) of 
construction work in 3 985 com- 


GMandBLPLC 

Discussing Link 

A genet France- Pmse 

LONDON — General Mo- 
tors Com. and Britain’s stale- 
owned BL PLC are discussing 
the possibility of merging their 
operations m Britain to pro- 
duce Commercial vehicles, a 
GM official disclosed Tuesday. 

J.T. Battenberg 3d, general 
director of Bedford, GMs Brit- 
ish affiliate for cotomercial ve- 
hicles, said talks between the 
two had been under way for 
several months. While lie re- 
fused to comment on their like- 
ly outcome, industry analysis 
said the negotiations had 
reached an advanced stage. 

Sources said the companies 
are discussing either a takeover 
of Ley land Vehicles, BL’s truck 
and Inis affiliate, by Bedford or 
some type of large-scale joint 
venture. 


IIU1--I l-IU-IL Ill .-UIIIUJl-IIMimi— 

Dollar Slightly Lower in Europe, U.S. 


ish Monopolies and Mergers Com- 
mission found. Scottish & Newcas- 
tle’s bid of about £100 mfifion 
($142 million), resisted by the Mat- 
thew Brown board, automatically 
lapsed whenit was referred to the 

cv *ivi fin SMi rni m A pril 

Spantax SA, the Spanish charter 
airline, is ne gotiating the sale of a 
majority equity stake to a foreign 
airline or financier, a company 
spokesman said. 

Swiss Volksbank plans to 
strengthen its Eurobond under- 
writing and trading activity and to 
move into foreign-currency lending 
with the opening of a branch in 
London, according to Walter 
Rfigg, president and chief execu- 
tive. 


(Continued from Page 19) said Thiei 
Gomez is trying to turn Thomson French si 
into a big microchip producer at a et Ravier. 
time when the industry is in a deep Aprodi 
slump, and has plans to grab a 3- Nationale 
percent slice of the $25-biBion asHarvar 
global semiconductor market. He tj n w 
also wants to build up Thomson's wok fa ^ 
avionics business. nino ([if 


said Thierry Tuffier, partner in the 


Compiled hr Pur Suff Fran Drtpaicha 

NEW YORK — The dollar re- 


French sto<± brokerage of Tuffier Seated in U.S. trading Tuesday ran 
et Ravier. nervousness over erroneous reports 

A **“ chairman of the Federal 
A product crfFrances elite Hcole Reserve Bou< ^ Paul ^ Vo ]cker, 
Nauonale d Adnmustration as well was t0 ^ a sp^ to 
as HarvMd, hfr. Gomez developed bankets Wednesd^ 

™ ^^S***?**** *** "V* dollar was mostly on a 


t a ■ ■ . — ^ ||y HIVUfll <1 tw y VU U 

~ , , . . S ra 5 SSS^SdMS HoiX°S <» New York, u,« Mar fei. ,o 

To help r^hze these ambmons, Samt-Gobam, the djverafled man- presid ^ t ai Discount Corn of 2 6035 Deutsche marks from 
Mr. Goma has asade bids to buy ufacrurmg company, which is now ft-™ York wh«i nervousne® over 2.6210 on Monday; to 20430 Japa- 


vice had an impact on the market. 

“Mr. Volcker has been saying 
that a free-fall for (be dollar 
wouldn’t be desirable so the market 
anticipated be could say something 
bullish,” Mr. Holland" said. “But 
there were fears he could say some- 
thing that would point to further 
intervention.” 


Mostek Coip., the Texas-based 
semiconductor unit thai United 


also nationalized. wha t Mr- VoFcker would ~say in ’a ne “ y ra from 205.10; to 11360 

At Thomson, Mr. Gomez quick- speech he was reportedly to deliver ^ rom 2.1520, and to 


TwUnlnF:., v r “ JUUUDUU. mi. uvwa uioul- wra.u uc was i&jjua icujj iu ucuvci “ ” „ . ' , — ' “ 

Iiw ^ iydevdoped a three-pronged strat- Wednesday in Basle, Switzerland, T9375 French francs from 7.9821 

^ Sc ; , Mr . E.q^pment, a sheddine chronic lorine divi- accelerated the fall. B _ nUsh P ouod eased to S 1 .4206 


pared with 33 billion DM in 1984. 

Hyundai Corp.’s subsidiary 
Hyundai Electronics Industries Co. 
has dosed its U3. semiconductor 
factory because of losses estimated 
by industry sources at more than 
$200 million. 

Scottish & Newcastle Breweries 
PLCs proposed merger with Mat- 
thew Brown PLC would not be 


ISfccSp. tS)TS ali inTprovingmanagemau M d A for (he Federal R<!. from SI. 4^0. 

signed anSament with Oki Hue- '= m V ous,y mto Boarf sod that Mr. Volcker In earlier o 

rvevf markets. had attended a regular meeung of dollar dosed 

tnc Indiisuy Co. of Japan, givmg the Bank for IniCTnauonal Seide- dayofUehLUj 

the company access to Okfs auto- H u Bra move TO to eoovmce mcn 7” B ll C aod had a raedog Etoleralaid“ 

mated chip-manufactunng tech- the government that Thomson s 

mloey. And it is casting about for tm^laMe civfl eommttmcanons no ^ Md f^ected bat* in calmasid™ 
European partners to produce a interests should be given to Com- ,. niu ni;„ D To 

high-peifonnaoce ndcmprocessor. “T ^okSSo aid. ahead "® U.S. 

“We\-e survived a period of con- ® h Nevertheless. Mr. Holland said this week, 

centration, management reform SHPSteST SE the repon on a financial news ser- In London, 
and divestiture and we’re growing field ^ “change, Thomson rook ^ 

profitable.” Mr. Gomel says ^ meshed ^ 

“Now we must build a company w,dl lts cxistm ^ 6usuiess - THE 

that can survive through the 
1990s.” 


serve Board said that Mr. Volcker In earlier trading in Europe, the 
had attended a regular meeting of dollar dosed slightly lower after a 
the Bank for International Settle- day of light, unemhiisiastic trading, 
menu in Basle and had a meeting Dealers said the extremely thin ac- 
with a private group. “But he gave tivity was guided mainly by techni- 
no speech and is expected back in cal considerations, with operators 
Washington on Wednesday,” the unwilling to open new positions 
spokesman said. ahead of U.S. economic data later 

Nevertheless. Mr. Holland said this week, 
the repon on a financial news ser- In London, the dollar slipped to 


2.6210 DM and 205.62 ven from 
2.6270 DM and 205.78 yen at Mon- 
day's close. 

The British pound, meanwhile, 
was largely unaffected by a forecast 
by Nigel law-son, chancellor of the 
Exchequer, that Britain's economy 
would grow 3.5 percent in 1 985 and 
3 percent in 1986. accompanied by 
an inflation rate of 3.75 percent. 

Dealers said the statement con- 
tained nothing unexpected and was 
seen as indicating a sieady econom- 
ic policy. Sterling eased in London 
to SI. 4125 from $1.4200 at Mon- 
day’s dose, and to 3.707S DM from 
3.7298. 

In other European markets on 
Tuesday, the dollar was fixed in 
Frankfurt at 2.6238 DM. down 
from 2.6270 at Monday's fixing, 
and at 2.9570 Dutch guilders in 
Amsterdam, down from' 2.9625. 

In Zurich, the dollar closed at 
11548 Swiss francs, unchanged 
from Monday. (Reuters, VPh 


THE 






Mr. Gomez also wanted to get 
out of medical equipment, but 


The Pentagon’s cider for Thom- " h “ ^ , re ^ izfld . l . the government 
son’s mobile communications sys- no ^ ow l sel a ^ out 

tern comes just two years after the ^“M ^s sector back toward 
company's military divisions cap- proEitnbihty. He chd, howv^. dis- 
turedan order for a S4-biIKonl£ P 0 ^ ° f oih ” lo , sm 8. subsidiaries, 


Dollar-Straight Sector Ends the Day Highei 


defense system for Saudi Arabia. 

The military businesses, which 
have been steadily profitable, ac- 
count for roughly half of the com- 
pany’s sales. And Mr. Gomez is 
counting on the U3. order to bring 
in others. The Tbomson-GTE bid 
for the Army contract was about $3 


including the electric light-bulb 


By Christopher Pizzey 

Reuters 

LONDON — The dollar- 


and pump divisions and its indus- 5lrai ght sector of the Eurobond 


trial leasing interests. 


market closed Tuesday on a firm 


inside the total Tees of 1ft percent 
at a discount of 1. 

The expected 250-million French 
franc bond issue for Remy Martin 
et Ge. emerged as a five-year issue 


The expected 5100 milli on in 
five-year equity-warrants bonds for 
Sumitomo Realty & Development 
Co. emerged under DaJwa Europe 
Ltd/s lead management. The indi- 


. note on the back of the continuing nav j n p 10ft nawni a war The- cated coupon is 5% percent. It was 

S y °!L th - e aS - credil i. mark ?S ^Krasto hSTbeen pric^n w t eU bid ° n d ended 

Seasoned issues generally ended Thursdav sl about 100. but hecanse at a Premium of about 2U. 


ing- of the electronic industry, in- with gains of »4 or ft poini, dealers 
vdvmg more than 30,000 workers, 

as evidence that their nationaliza- , , 

. A variety of new tssues were 


billion Iowct than the only other gon program was strengthening the ^ with sev- 

l-j i i « /->- rrenen economy. , , « ° , , . 


bid, submitted by Flessey Co. of 
Britain in partnership with a divi- 
sion of Rockwell International 
Coip. 


end nondollar bonds emerging. 


Next, Mr. Gomez tightened the generally to good receptions, deal- 
traditionally loose adminis trative ere noted. The European Telecom- 
Structure, brought in new managers m unications Satellite Organization 


The Paris stock market has been flnd promoted younger ones. issued 50 million European curren- 
impressed by Thomson’s record, Hnally, Thomson began to ex- W bonds paying 9 percent 

too. Althou^i the parent company pand its consumer electronics busi- prk^ at 

is fully owned by t he st ate, some ness into other European countries. lead manager was Credit 

shares in Thomsoo-CSF remain in It took over Telefunk en GmbH, Lyonnais, 
private hands. Since January they the West German electronics com- The issue will be repaid in five 


Thursday at about 100, but because 
of strong demand it was priced at 
100M Tuesday afternoon. It ended 
inside the 1ft percent selling con- 
cession at a discount of ft bid, after 
having been bid at a discount of ft 
earlier. Credit Commercial de 
France was the lead manager. 

In the dollar- straight sector, a 
S 100-million bond issue emerged 
for Toshiba Corp. The issue pays 


In the floating-rate- note sector, 
prices were mixed with an easier 
bias. Dealers said that some profes- 
sorial operators appeared to be 
lightening their long positions. 

Two new floating-rate-note is- 
sues were launched during the day. 
Nippon Credit Bank (Curasao) NV 
issued $100 million in notes paying 


VnVnl™, rZJr’ * poi™ over the one-month Lon- 

° ^ d doninterbank offered rate with a 
priced at 101ft. „„„„„„ „r n «,r. 


have climbed to about $75 a share, pany, and it drew up a cooperation 


from $50. “We think the company 
has become a good kmg-ieim bet,” 


sment with Philips NV of the 
ledands. 


The issue will be repaid in five The lead, manager for the bond 
equal annual installments that re- was Nomura International Ltd. 
duces the average life to five years, and it ended on the market at a 
On the market, it was quoted well discount of 2. just on the total fees. 


maximum coupon cap of 12 per- 
The lead manager for the bond cent. Reaction to the issue ap- 
is Nomura International Ltd. peared to be mixed, with some op- 
id it ended on the market aL a era tors put off by the low 
scouni of 2. just on the total fees, maximum coupon cap! 


Tu esday 's 


12 Month 

High Low Shxfc 


Solas in NM 

Dlv. YkL HOs HMl Lot 3 P-M. Q»Va 


I n Month 
KkMlLM Slock 


Prices 


NASDAQ prices oc of 
3 pjn. Now York: time. 
Via The Associated Press 


r^r. Wonts 
* ih Low Stock 

. rn’ 1 

: Lai • 

.’ f '| n ADCTl 
. .* :«vs IZW AE 
, •• «. 18 


i 

* 1 U# i 


Soles In Net 

Dlv. m Uta mgs Low 1 PJL Cht» 



' ,Mfc 6V, AmFrat 
» T7H AFletcs 

- 

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• . -4Wi 27» Amrfrs 
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■■ ans lOTSArfeB 
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• 15V. KM AsdHEt 

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- QV 4 AutTrT 

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•,7W AV, Aiuctcn 

- . 'UK W Avocra 

H SVS AvntGr 
17VS Avntafc 
JO 1 5V, Avatar 
. : XBk UV*i AvialGp 

- SVi 3% AztcM 


nsriXBjg 
M 10 321 


JO SL2 42 

.,«i j b 


23 

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A0 U 1543 
M 45 If® 
» 
18 
sm 

M 31 m 
549 

1 375 

JO 34 252 
52 
12 

JO 44 2 

t no 

J0 14 647 

m zr nena 

M 33 279 
1W 

1.20 35 52 

1J2 15 40 

1501 
7S2 
BBS 

140 AJ 779 
401 

1J0 35 54 

JO Z1 3 
484 
103 
752 

.U U S62 
296* 

as 

2*5 

409 

4. 

314 

223 

J0D2J0 131 

.12 ,9 Ml 

130 

JU 2J 322 
J24 1J 28 
JO tl O' 
30 
380 
661 
2058 
1 

* IS 

523 
37 
210 
1A3 . 
1138 
59 
885 

30 S3 5 


40% BBDO 
6V. BRCom 
14K Bancokl 
35V. BCDHw 
S "* Banctac 

AVh Sol 

XV. BK 

0% BkMAffl 
91 & Bonkvt 
12H Bantas 

SC 

6 BsTnA 

7 BosAm 
31 Mi Bse*F 
41 4t BoyBks 

5*6 Bovtv 
5M. BiKhCf 
MPk Bonbon 
XV. BetzLb 
lOM BIOS 
9U Bis Bear 
TV. Blndly S 
3W Bio Rax 
4V. BiOOM 
1 Blosrc 
t BtotcKf 

6Vk Blrtllnc 
26th Boot Bn 
ISVh BobEv 
6U BotfTc 
11% Bout Be 
4 BstnCMa 
l» BstnPC 

B6™ 

H BrwToirv 
Bfb Brums 
12vk BulldT s 
17U Bmtsn 
15 Burrs r . 
2» BMAI 
3 Biwlrud 


220 46 967 

JM 52 30 

1J6 4J 39 
225 

JO 82 88 

U0 U 40. 
Ull«5 B 

26 2J m 


1JMtl24 37 
J0a 22 315 
2J0O40 24 

.12 22 

94 

tB U « 
77 
1857 


1J0 43 m 
JObTA 1551 
.16 13 247 • 

22 Z7 1M 

198 

” “ s 
.16 1.1 1666 


TVi 4V. 
Wi It* 
fSVk 64k 
.21 U 
tV, 4% 
12V. 6 
Ufa 2% 
MW, 17VS 
lit* 7th 
6 24h 

416 2 

IStt SOS 

■ft '% 

18th 12 

5 3V. 

VM SO* 
IMS AM 
21*. 9W. 
15 5«i 

35Vi U 
204* 8, 

97 34*6 


C COR 
CPRT» 

CML 

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CSP 

ZZ'sc ,90.4a 

CalMlc 

CotSlv g 
Col teulP 

Catny .14 1.1 

CononG 

CopCrtj 

Carcmk 
Cartwt t 

Crams 
Ccncors 
CntrBC 1M i5 
Centcor . 

Can Be XOSB 17 


[| 

1 


.1916 
13 

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UVb-. 
21 
2th 
T2*k 
244k 

m 

- 

BIS 
3*4 
151* 
19 
10VS 
T2V* 11K 

2a5 22* 

20*6 20Vk 
1BK 
2» 
5SS 5V2 

12 ilk 

13VS 12*6 
9K 9VS 
61k « 

. 14 13M 

124k 12** 
BVk 74h 
13K 13*6 
7*6 7*6 

33 321S 

XIK 311k 
m-a WJk 
5*6 5 
24 23V. 

334b 331S 
3*6 3*6 

29 281S 

9*4 9 

36*6 '35% 
11 10K 

33 Vh 3246 
19% 19% 
KVa 1216 
IM OTA. 
1716 16K 
12V. ink 

13 12 
2DW 1946 
2666 25*6 
15*S 14*6 
21U 20 

M 816 
6V6 5*6 
,1 1916 

48*6 48*6 
7K 7*6 
13 1246 

6*6 4*6 

2W 21V6 
13 12*6. 

42*6 42*6 
UK UK 
io» 

2846 24., : 
12*6 UK 
14*6 14K 
4*6 4*6 
346 3*6 
646 6*6 
10% 9*6 

6*6 5*6 

23 2Z*6 : 

18 17K 

18*6 17*6 
346 346 



im-t-tt 

5 + K 

37K +1 - 

20*4 + 16 
746 _ 

6 + V. 
13*6 + 46 
946 

4tt— H6 
13*6— *6 
12*6 

tS-« 

7K— V6 
33+K 
31*6—*6 
19ft + Vh 

23*S + K 


36*6 + *6 
10*6- *6 
3246— W 
19V6+ Vh 
12V6 + Jfc 
13K + K 
17V6 + M 
UK + K 
12K + JS 
1946- Jk 
26 +16 
IS +.16 
21K+116 
846 + K 
6*6 + 16 
21 +1*S 
40K + M 
716 

^+K 
4246 + K 
UK + 46 
1BK + JS 
26*6 + Vh 
1146+ .16. 
14K 
416— K 
3*6 + 16. 
4 IS 

im __ 
6 —fc 
23 +16 

1746 + Ik 
17K — • 16 
34k 


361 

M 32 57 

125 
2093 
ITS, 

J0 J sg 

J8 1J 

J2 12 17 

2S11 
iro 
274 

M U 6« 
.12* 2 2S3 

t 47 

JB 46 4869 
KM 29 25 

t m 

1J6- 47 58 

it U 410 
JBb 29 39 

J8-35 182 

2M I1J. • 1 


M0. 33 TO 
Jt U S 

■n , i s 

271 

310 S3 64 
UK 24 20 

J6 5J 414 
J2s 1 

85 

38 14 449 
35a J 39 


21 20*6 21 + *S 

25*6 25*4 2546— *6 
3 — *6 
16*6 + tfc 
4*6 + 14 
2546 +Uk 
14 + K 


4816 47*6 
7*6 7*6 

17 . 16K 

vf 

Sk'bSS 

946 9*6 

18 17*h 
1716 17 
10*6 10 
18K 18 
11 1016 

JJ-3? 

5916 5946 
5*h 5*6 
94k 9K 
10K 10*6 
■33*4 33 
Mb M*6 
IBK T7K 
816 8. 
7*6 646 

13*6 . 12*6 
246 2K 
716 7*6 

B*a 8*6 
33*6 34*6 

*7* 

n*a tok 


UK 14 
24 23K 

15*6 13 
17 T7 
29*6 29 


5*6 5' 

««£ 

11 1M 
. 3 2% 

im i4ik 

** “ft 
1716 17*6 

ulsl 

16K 14V6 
14V6 14 
33 3ZV6 
. 20*6 20 
56* 6 56, 


4816 + 16. 
I^ + K 

5266+1*6 

17*6— K 
17*6 „ 

10*6— *k 

r + *6. 

3 SI + S 

5916 

5*6— Jk 
946— » 

1046— Jk 
3316 + 14 
MV6 +.16 
17*4—1., 

816 + If 

1 + S 

1246— K 
'2K + 16 
7Va — Jk. 
B16— V6 
35*6 +1 
*1*6 •. • 
6H 
24*6 

2716 + 16 
UK + 16 


14K+ K 
24 

7 +K 


5 + *6 
Ah— *6 
11K 

S0K + *6 
» + V6 
UB6 + Vk 

2m*—K 

2 * 6 + js 
14*6 + y* 

2416 - 
K + H. 
171k + IS: 
3*6 — *6 

1ST* 

144k • 

14 — K 

33 .+ * 

20 

54 



23 
94 
187 
5406 
771 B 
351 

• 138 

.13 .1 24 

.24 U 300 
252 
35 
142 
10 
M3 
22 

JO M 258 
805 

72 17 173 
42 
156 
an 
1 

3550 
58 
34 
975 
102S 
26 9 502 
in li 389 

Jau. 1 
JS.4J 371 . 
J08 19 . 3 

173 
31 

» u a 

-56 44 257 
.15 M 1841 
385 


15 

.12 LB 411 
137 
21 

1J4 2J 1318 
77 

1J2 14.1 1469 
32 
120 

M U 16 
1321 
214 
222 
80 
4X1 
221 
44 
177 

ts 

39 


531 

■30 U 22 
240 
275 

M W 10 

J5a U 9205 
381 
SO 


43 —14 
MK + VA 

7 v*r 

17 — K 
MK + K 
IBK 

26K +1 
m + vk 

1U 

UK + K 
7K— K 
2K + *6 
7 

21 K + K 
4»— 1% 
IK 
10*6 

a 6— ik 
15*6 
1314 
12K 
4K 

47K + K 
3K— *6 
TK— V6 
45 — K 
I0K + Vk 
4K— Ik 
SK + K 

Wtt 

3*6 

17VS + *S 
15 
7K 

9K + K 
3T 
IK 
3*6 

13*6 + *6 
15K— *6 
22K— K 
12K + K 
IBK + *A 
2DK + Vk ; 
20 *6— K 
19*6 + VS 


16 

2*6 + *6 
UK + Vk 
4*6 — K 
2SK + Vj 
29K + Vk 
6*6 + Vh 
105 +1 

IBK— K 
9K + K 
5*4 

25*4 — K 
2*6 

5*6 + *6 

5*6 

19K + K 
UK— Ik 


M* + * 
3*S + K 
15*6 + K 
3K— K 
31K +1K 
3416 + K 
2216— K 
3M6 + K 
14*6 + K 
2IK 
10*6 

UK— *6 
19 + K 

22V. 

OK + V6 
10K + K 
7*6 

31K +1 


KM £4 

ae * 

10*6 m 
371k 3W6 
Mb 9*6 
15*4 15 
7V6 9 
710 7*6 
13K 13K 
lift lift 
1®S 10 
14*6 14 
15*4 15V6 
3*6 2*4 
SK 7K 
14K 14ft 
10ft 10ft 
3 3 

JK 7*6 
7ft TK 

am 19K 

2D 19)6 
13ft UK 
1Z lift 
K SK 
7 7 

24 25*6 

WI4 W 
T3*4 131k 


10 + U 

W6 

IS — w 
9*6 + 16 
7K + ft 
UK 

lift + ft 
10*k 

14 —ft 
15ft + ft 
3K — ft 
8ft + ft 
14ft + Vk 
10ft 

3 +ft 
7ft 

7ft— ft 
SDK— ft 
im + ft 
13VS 

lift + ft 
8ft— ft 
7 

24, +1 

19ft 

Utk 



8ft — K 
21U + ft 
8ft- K 

Mb + 16 


441S +1 
41ft + K 
10ft— ft 

2* + E 

17ft + ft 

14K 

2716—1 

18ft 

24ft 

44 + K 



FormF 

FrmG 

a» 

Flbron s 

FOlcrs 

FttMiTi 

Floota 

Flltrtk 

Flnolco 

FTngmx 

PMoon 

FAIaBk 

FtAFVi 

FtATns 

FtCofF 

FComr 

FfCant 

FExec 

FFCnl* 

FFFTM 

FIFiiCp 

FrFflMs 

Ft FIB* 

FJant 

FMdB 

F Nidus 

FRBGo 

FtSvFla 

FSacC 

PTMn 

FxtUnC 

Flolcov 

Flaxsfl 

rtaFffl 

Fla NR 

FlowS 1 

Flurocb 

Fonarh 

FLtonA 

FUonB 

For Ant 

ForostO 

FortnF 

FortnS 

Forum 

Fratar 

Fremnl 

Fudrcfc 

FufirHB 


Soles In 

Phi. YM. 1401 HWl 
478 

174 24 1491 
* 2344 

254 

E 2S3 

M2 40 174 
140 27 43 

-48 1J 134 
JO 4.1 52 

20 52 m 
535 
295 

1.12 3 A 719 
Jf 2J 11 
94 3J 339 
30 

L20 49 22 

U0el4J 25 
7414 
3® 

Mb 1.9 10 

JO 49 71 

I 114 

J U IS 
MO 4J, m 
1J0 3JJ S3 
1 140 35 13 

MS . 24 89 

jo u n . 
1.10 45 44 

1J0 39 59 

1.24 XO 483 
491 

J8 34 172 
30 1.1 445 
JO 19 1251 
111 

■2B 1J 44 
277 

J9 S 41 
-07 4 277 

M 29 150 
MO 63 214 
84 
201 

040 4 4755 
.10 2J 337 
48 M 731 
473 

32 20 381 


Net 

low apjnom 

lift— K 
4Sft +1*4 
19ft + K 
4*6 

15 + K 

32ft— K 
59K +1K 
38K 

14ft + K 
3*4— ft 
5ft— ft 
TOh+ft 

32% 

2SK + K , 
19 + U 

24K— ft 
4ft — ft 
17 + ft 

22 — K 
21ft 

lift + ft 
19ft + ft 
29ft— ft 
3816 + ft 
53ft + ft I 

40 + ft 
44ft + K 

41ft + ft 

41 +K 
1ft 

14ft +lft 
18ft— ft 
41ft + ft 
UK— Ik 
15ft— ft 

19 + ft 

15*4 + K 

20 + ft 
lft 

1096 + ft 
4ft 4ft + ft : 
24*6 24*6— ft 
5ft 5ft + ft : 
15ft 16*6 — *6 I 


12ft 3ft GTS 
mu 9*4 Galileo 
lift 5ft GomaB .10 
54ft 29ft Genetch 
9ft 5 GenalS 
9 lft Cenex 
25ft Vft GOFBk 
■K IK GertMs 
24*6 14 dbsGs 24 
20ft 14 GtoaTr 


O 

31 7 

M 39 
3954 
2491 
325 
313 
74 

1.1 2174 
3 


3*6 3ft 3ft — ft 
12 UK UK 
516 5ft 5ft— ft 
52ft 49ft 5ZK +3ft 
9ft 9% 9ft + *k 
2 IK IK— ft 
25ft 2(ft 25 
7ft 7 7ft 
21 ft 20 ft 20 ft + *6 
14 14 14 


17% 

12ft Gotora 



899 

lift 

lift 

14% — K 

23 

lev. Gott 



41 

22ft 

22ft 

22% + ft 

1*16 

14% GouMP 

76 

47 

195 

14*4 

16 

lift + % 

lBft 

1014 Greco 

M 

32 

354 

19ft 

18 

19% +1 

VK 

5ft Grantre 



39 

8K 

SV6 

8*6 

14 

514 Grehis 



92 

1414 

13ft 

14V. + *i 

/ft 

4 GrphSc 



544 

7*4 

7% 

7*4 

22% 

12% GWSov 

JO* 32 

310 

22*4 

2IK 

2IK- ft 

12ft 

B GISoFd 



129 

Vft 

9% 

914 + 16 

ISH 

8 Glech 



147 

15% 

14% 

15 

u 

12V. Gullfrtf 

JSe 

J 

347 


'% 'IT* 

lift 

*6 GlIBdC 

1480C 


33 

% 


24V6 15*6 
lift 7 
17 BU 
7ft 3ft 
3ft 2 
lft ft 
Iflft 13*6 
25*6 15*6 
34ft 25*6 
10*6 4 

lift 4ft 
10ft IK 
4ft IK 
23*6 15 
24*6 IS 
BK 3ft 
37*4 U 
38K 31 VS 
24ft 17 
11 3ft 
31 12ft 
10ft 2ft 

27 15V. 
4446 34ft 

4ft 3ft 
33ft 14ft 

28 ft 19% 
14*6 7ft 
24% 1446 
29ft 14 
14ft 4K 

9 5ft 


10ft 7ft 
3596 14ft 
14ft 7*6 
7*6 3*6 
Uft 4 
7ft 3K 
52ft 3246 
32 20 

25 12ft 
3316 17 
lift 3ft 
15 BK 
4ft 3 
23*6 10ft 
BU, 20ft 
996 3 

3*6 1ft 
lift 7% 
15ft 7 
35ft 21 
l Oft 5 
22ft 10ft 
13K 5ft 
17 B 
IBIS BK 
25*6 14ft 
14 7% 

25ft 9ft 
14*6 4ft 
13ft 9ft 
ID 5*k 


15ft 9*6 JBRftt 6 .14 LS 24* 

1*6 3ft JOCKBOt 131 

81ft 25*4 JftCkU* 52 

34ft 14K JamWtr 72 

BK 4KJ«fMort _ 134 
23ft 14U Jerlco .W 3 434 


18 17ft 
BK 8ft 
16ft 16*6 
4V* 4ft 
3 3 

ft ft 
UK 18ft 
16ft M'6 
34 33ft 
9ft 9 
4*6 4ft 
2 lft 
2ft 2ft 
18U 17ft 
20ft 20ft 
4ft 3ft 
19ft 18*6 
32ft 32ft 
23ft 22ft 

W6 6*6 

30ft 30ft 
2*6 IK 
28 2AVS 
43*6 42% 
4ft 4ft 
31 IS 31 
261S ZS 
12ft 12ft 
23ft 22ft 
28ft 28*6 
13*6 1 3ft 
7*6 7ft 


17ft— *6 
BK — *6 
16ft + ft 
41k— *6 
3 

IS 

18ft 

14ft— ft 
33ft 

9*6 + 16 
5ft— ft 
lft— ft 
2*6 

IB — ft 

T'-K 

19ft + ft 
32ft + ft 
23ft + ft 
6ft + ft 
30*6 + ft 
IK— ft 
28 +1 
42% — ft 
4ft 

31 — ft 
25*6 + K 
12ft 

23ft + ft 
28% + *6 
1316 + 16 
7*6 + IS 


20 

JO ± 505 

553 

745 

277 

30 

140 3.1 934 
876 
74 
20 
816 
1401 
45 
219 
B77S 
1644 

23 

24 

JO M IB 

3430 

10« 

1038 

IKE 


7ft 3ft Jon lew 
10K 4V6 Josnhen 

20K VK Junoc 
20*6 13K Justin 


t 50 
52 
ZQ 

.40 24 125 


IBK . 5*6 FM| 

9ft lft Fo m Heet 




3416 1316 
9 4ft 
25ft 13ft 
19ft 13*6 
17ft 10ft 
10*6 MS 
42ft 40*6 
49 30ft 
8*6 4*6 

11 (K 
Bft 2*6 
2US 13 
13ft JK 
IMS 11 
29*6 BIS 


ICLAS 

KVMtr 

Kainate 

Kardir 

Hosier 351 

Kaydan 

Komp , M0 

KvCnLI MO 

Kevex 

KevTm 

Kfmbrfc 

Kinder M 
Krov JU 
Krurar M 
Kuletj .m 


10 9*6 

33*6 33*6 
14*6 13% 
716 7ft 
BK 7*6 
3ft 3*6 
52ft 52 
25ft 25 
17ft 17Vh 
22ft 21ft 
5ft 5 
13ft 12ft 
4 3% 

14*6 13ft 

zm 2*ft 

4 3ft 
2*6 2 ft 
12 11*6 
UK 12ft 
29VS 28ft 
796 TVS 
1M 13*6 
Aft 6*6 
10ft 10*h 
BK BIS 
20 19*6 

15ft 15*6 
7 4K 
Ui lft 

23ft 33 ft 
10ft 10*6 
12*6 UK 
9ft 9V6 


10% 10% 
«K t 
37ft 37ft 
24 2?'0 

5*6 5*6 
23ft 23*6 
Ms eft 

JS ** 
21% 2016 
15ft lift 


19K IBK 
■816 Bft 
24ft 2Sft 
17*6 17ft 
lift 11K 
Vft 916 
62ft 42 
491k 47*6 
4 59s 

9Vh BK 
3ft TVs 
17ft 17K 
7ft 7V. 
15% 15% 
lift 11 


VIS 

33% 

14 

7ft— VS 
•16 + *6 
3ft + K 
52 — VS 
2SU 

17ft— 16 
21K— *S 
5ft 

1316 +lft 
396— ft 
13ft 

toft— ft 
4 + % 
2ft 

lift + ft 
12ft 

29ft— ft 
7ft + IS 
lift— VS 
eft + ft 
10ft + ft 
Bft + *6 
20 + ft 

15ft— *6 

2JVS + *6 

10ft + Ik 
12*6 + ft 
9*6 


10ft — *6 
Oft + V6 
37ft- ft 
23K— ft 
5*6— K 
23ft 

eft + w 
7ft 

lift +116 
15ft + ft 


19V, + vs 
8ft — 
2SK + 'h 
17ft— 16 
lift 
9VS 

42ft + K 
47V6— lft 

5ft 

8ft— ft 
3ft + % 
17% 

7% + ft 
15% + ft 
11K + ft 


UMonm 
nigh Low Stock 


lift 5ft 
19 Vft 
23ft 9U 
19ft 9ft 
50*6 33 
22*6 12ft 
18*6 11 
17 11*6 

17ft 14ft 
59 ft 36 
32 23ft 
7ft 4% 
1516 Bft 

r* a 

3K IK 
24ft 17ft 
47ft 40*6 
7*6 4ft 
20K 1IK 
38*6 18K 
36ft 27ft 
4*6 4*6 
49*6 21ft 
25ft 20ft 
33ft 15ft 
19ft 5K 


Sotealfi Nd | lZMonto 

Dlv. Y6L lOfe High Low 3 PJft Ol'gt [ High Low Slack 


Sales in Net 

Dlv. Yia. 1 00s High Lae 3 PM. Orge 


UMemti 
High Low Siodi 


Soles In Net 

Dlv. na. into High Low 3 pm. orge 


47 

1576 

218 

E 418 

M0 28 110 
.16 2 489 

JO U 739 
M 5.1 12 

JB 35 190 
97 T J 210 
82 M 250 
1652 
66 

280 35 105 
1B7 
13 

07 J 155 
24 5 66 

226 

JO 15 4327 
1992 

2JQ 62 1 

.14 27 54 

JS J 2531 
MS S.1 40 

1224 
554 


J4 1J 54 
1418 
517 

228 84 81 

534 

Die 14 
1731 

JO 37 244 
121 

JO 1J 65 
22 

1J0 21 2W 
222 
370 

.10 J 73 
4092 
52 
507 

J8 2J 459 
41 

JS J 129 
60 
132 
3234 

M2 5.1 112 
MB 25 121 
13 

I JO 47 118 
74 16 38 

72 

•400 3.1 159 

1340 
70 

54 

■04 lJ 174 
1195 
275 
221 
17 

J0 U 7 

1J4 38 BIB 
534 

M 1.9 51B 
234 

M 1J 420 
457 
453 

Jig .1 153 
217 

48 34 55 

55 

83 782 

A5e 1.9. 80 
> 93 
841 

M0 3J 18x 

81 35 

M 25 347 
1888 
JO 17 24 

.10 J 3924 


4ft 1% 
17*S 10 
44ft 33 
93th 40ft 
33ft 30ft 
41ft 23 
2216 19% 
29*6 14 
9ft 3ft 

19V* 13% 
48ft 22ft 
19ft 12% 
816 5*6 

B 4ft 
30 12*6 

34% 24ft 
U BK 
left B, 
eft ft 


144 

543 

188 27 1147 
180 3J 395 
1JM 3 2. 153 

74 U 6H 
Z40 117 13 

32 U ffl 
4 
353 
215 
14 
112 
910 

a 14 24 

274 85 86 


32ft 21% 
53K WK 
ISH 8 
15 11 

left 18% 
8*6 6 
24>S 11% 
17ft 1116 

a 4 % 

12ft 556 


PNCi 1J2 41 1434 
Paccar 170a IB W 
PfleFB 323 

PocTet JO 55 79 

PoeePn 91 

Pononx .13 1J 9a 
Porapti 647 

ParkOti 80 58 301 
PatntM 142 

PoulHr I 98 


5*6 4 
19*6 IBK 
12ft UK 
19% IBK 
51 50ft 
23 21ft 
14ft 13ft 
Iglc 15ft 
!7» 17 
5516 54ft 
27ft 24 
4% 5% 
10ft 9ft 
Bft 8 
2% 2*6 
IK 1% 
21ft 21ft 
47ft 47ft 
6% 4K 
14*6 15K 
35*6 34% 
35ft 34ft 
6 5% 

43ft 42ft 
2$ft 24ft 
t9 18ft 
17 10ft 


4 

19ft + % 
U + Vi 
19% + ft 
50ft + IS 
22% + K 
14ft 
15K 

T7ft + ft 
55*6 +1*6 
Z714 + ft 
4ft + % 
10 —ft 

1% + yS 
215-* 

47ft 

4% + K 
14 

3SV6 + ft 
34ft— Vi 

§ +* 
1816 
14K 



21% 

14% 13% 
19% 19% 

«« 



2ft 2 Me 
UIS It'S 
40 39ft 
71ft 73ft 
31ft 30*6 
MIS 34ft 
22% 22ft 
29% 29VS 
7ft 0% 
13ft 13ft 
33ft 33ft 
lift 14 
US 4% 
0% 0% 
14ft 13ft 
32% 32% 
11 10 % 
14% Ug 


32% 32 32ft— % 

42% 42ft 42% 

10% 10*6 10ft 

left left ie*6 + ft 

13ft 13% lift + ft 

7% 7% 7ft 
24% 23% 24% +1% 
12ft 12 12 

5ft J S — % 
11% UK 11%— % 


18% 8 Pay Ch* 380 

17% 9H Pk*HC SOS 

10ft 5ft PeaGId 84 J 441 

35 25ft PenoEn 220 47 23 

31ft 20% Pentar* 48 15 201 
15% 7% PecoEx 85r 5 1421 
30% 23% Petrlle 1.12 4J 294 
13% 4% Phrmet 41 

12ft 7ft PSFS .15* 18 2332 
lBft 14ft PhllGI JOe 28 1738 
5ft 2 PhnxAfll 482 

29ft 17K PlcSov IM 

24ft 14% PlcOrfe 40 28 107 

3716 29% PfonHI 92 27 703 

10 7 PlonSt .12 M 40 

15 Bft PoFolk 132 

left 14*6 PICVM0 2932 

27ft 21 Pan 72 


18% 18ft 18% + % 
12ft 12% UK + % 
7% 7% 7*6 — *6 
3316 32ft 32ft— 1 
27ft 27ft 27*6 +1 
MW, 10 10*6 

26ft 25ft 24ft 
7ft 7*6 7*6— ft 
10 % 10*6 10 % 

18% 18 IB — % 
2% 2ft 2% + % 
29% 29 29% + ft 

23V6 23ft 23% + K 
34% 33ft 34ft + ft 
9 BK Bft 
10*6 W’h 10% 

21*6 21 % 21*6 + ft 
23ft 23% 23ft 


lift 4ft S vs into 22 

25*6 14% Svstml 88 J 404 


10% 10 10% + % 
25% 25ft 25% 


14 8 

27ft 13ft 
7*6 3ft 
28% 13% 
8% 2% 
14% 5ft 
22 9 

34ft 20% 
12*6 4ft 
36ft 13% 
19% 8% 


3% 

IK Powell 



41 

2 

IK 

IK 

20 

8% 

15ft 

9V. Powncs 



20 

13 

12% 

13 

18% 

9ft 

11% 

5’4 pwConv 



15 

11 

10% 

1D%— % 

10% 

3 

37ft 

20 PrecCst 

.12 

A 

334 

32% 

31ft 

32% +1 

Uft 

fl% 

9*6 

5 PmdLQ 



101 

9% 

BK 

8% — ft 

13% 

Aft 

TV. 

3 Priam 



1014 

4% 

4% 

4*6 

28% 

•s 

16V, 

7*4 PrlcCms 



69 

9*6 

Hft 

9 + % 

14*6 

64 

34V. PrtcoCo 



812 

61ft 

59ft 

40% + % 

28%~~*% 

19% 

9 Prtronx 



149 

13 

12% 

12ft— VS 

15 

6 

4 

4% Proton 

.14 

37 

J 

4*6 

4*6 

4ft + K 

U 

9% 

42 

20% ProgCS 

.12 

2 

no 

40% 

39K 

40ft +lft 
11*6- % 

3ft 

ft 

15*6 

1114 PrtipITr 

120 104 

359 

UK 

Uft 

X 

8% 


7ft + % 
10ft + % 

S + % 
+ *6 

19 + ft 

32%— % 
1B?i + ft 


10% + % 
21% + ft 

17% + % 
3V» — ft 

32%— % 

31ft- ft 
20% + ft 
1^+% 

4ft + ft 
35% + % 
12 

8ft — ft 
5ft + % 
15 + Vh 

leH + % 
37ft + % 
44 + ft 

13 

38% 

Z1 

13ft — % 
19% 

16% + % 
2ft — % 
6*6 + % 
SK 

4*6 + ft 
7H— % 

£5=56 

21 K 

eift + ft 

*22K + % 
Jft 

aag-lk 

24 — ft 
8ft + % 

11 + % 
19 + ft 

716— ft 
35% + ft i 
24ft + % 
16ft— ft 
13% + % 
34% + ft 
15 

19 — % 
2% + % 
17ft — ft 
17% + % 


5% + % 
10ft 
21% 

48% + % 
19% + % 
14% + % 
15% + % 
5 

2*6 — % 
4ft + ft 
6K 

S%— % 
Aft + % 
22% + % 
15 +1% 

9% + ft 
24ft 

31 + ft 

32*6 + *6 
18% + % 
20% + K 

Wr* 

13ft + ft 
16K + ft 
51% 

54 + ft 

4th— % 
7 

17% 

19ft + % 
31 + ft 

23% + % 
23 

55*6 + % 
5% + ft 
4K — % 
IBK 
9H 
4K 


Z%- % 
12ft + « 
40 + ft 

73 + % 

31ft + K 
34 ft 

22ft— ft 
29% + ft 

7ft + K 
13ft + % 
33% 

14 — ft 
e% 

4ft— ft 
lift + ft 
32% + ft 
10% + % 

TC 


ins 13% Previn 
28 12% PurtBn 


128 

J M 55 


15% 4 QMS 443 

9% 3th Quodrx 339 

13ft 9 Quake S JS 3.1 94 

32ft 14ft Qumtm ISIS 

5*6 2% QuratM 254 

14% 8ft Quixote 357 

16ft 7ft Ouotm 3825 


819 .1 278 
82 38 1814 
115 
77 
152 

180 XI 1458 
24 12 9 

2B0 

177 

148 

M XI 48 
443 

JO 14 444 
.12 7 214 

28 

.16 1.9 218 
1025 
4 

,15e 28 45 

J4e .9 44 

124 2.7 243 

J3 L9 388 
1 245 

1 12 
80 48 149 
180 3 A 3847 
84 J 94 
114 

84 28 577 


140 

1732 

40 

.10r 1J 44 
80 42 725 


14 7ft SAY Ind 140 

17% 10% SCI 5V 
20% 13 SEI 
lift 5% SFE 

23 14 5RI « « /« 

20% 6*. 5afecds 20b 1.0 mi 
44 % 29 Safeco IJI It eu 
15ft TVS Sal Hits 175 

18ft 7ft StJude 215 

BZ% 47% St Paul 380 17 637 

4% 2% SaiCpI 227 

10 4% San Bar U2 

8K 5% SatolSv .12 28 24 

31% 14% SavnF 5 49 

20% IlKSBkPSs M 33 60 

10ft 6ft ScnnOp 298 

17 10% ScwiTr 12 

UK BK Scherer J2 28 345 

25*6 14ft SctUmA Mb 1* 8 

6*6 3ft SdMJc 

13% 7 Sa'SR 

30ft 7 Sdlex 


9% 3K Sea Gal 
Bft 4 Seaoate 
e% TVS SecTaa 
7% 1% 5EEQ 

toft 14 Sefbel 
9% 5% Sam ten 
10% 6 Sensor 
14% 10% SvcMer 


144 

2 

127 

407 

2740 

2691 

1358 

80 34 94 

85 8 1148 

88 8 2438 


25*6 17% Svmsl S 80 39 7025 

27 13% Service 1 129 

7*6 4ft SvcFrct 10 

10 12*6 SevOok .16 .9 445 

37% H% ShrMed M 18 1712 

39ft J9ft Shwmt 188 42 108 

20% 12*6 Shalbve .16 J 438 

14% 7*6 Sheldl s 69 

31% 21% Shoneve .15 8 71? 

15% 10 StmnSos 44 

*0ft 3ft Silicon 401 

17*6 9% Silicons 972 

20*6 UK SUICVOl 579 

24% 1IK Slllcnx 1B5 

uu ew siltec 64 

17ft lift Slmpln JO SA 156 

15ft 10*6 Strains 932 

lift 9% Slaters 91 

13% BK Skipper 88 J 29 

4 IK Smith L 12 

54 33ft Society 184 17 79 

2A6 11% SoctvSv 636 

10*6 4*6 SoHech 219 

21K 11% EoftwA 35B 

30*6 18ft SonotPS 88a 2J 2b3 

27% 14ft SfflirFd ASe 27 30 

6% 3ft SoHMP 48 

33 2lJft sites Pn J2 22 99 

28% 16'* 6 Seutrel eo u 929 

f% 4*6 Sovran .10 1J 1457 

31% 22% Sovrans 1JB 47 5B3 

19ft 10 Spgctty 

m* 8ft spefren 

BK 5% SoecCti 87 .9 139 

14% 13% Spire 34 

16 3*6 StorSur 549 

B 5 SKriBU 20 28 >ea 

30 19% Slondy M0 38 S57 

23ft lift StdMIc 1241 

27 19 Stan horn 120 48 100 

35ft 21 StoSIBg 80 1.7 440 
6% 3% StnteG .15b 35 91 

7% 4*6 Stoloer 


lift Slows tv 
ITV Slwlnf 


8% 5% stum 


.ISO 35 91 

312 
Ml 

22 XI 42 

250 
2047 

76 10 31 
112 


20ft BK Sfrfltus 
38% »% StrwCIS 76 10 31 
23% IS Strvfcri 112 

171% U2 Subaru 22s M ISO 

73ft 39ft SubrB 1.92 26 396 
eft fiurnma 240 

14% 7ft SomtHJ ,1Q 1.1 400 

2ft % 5uflCsi 57 

10% e% Son Med 6 

4 

35 
113 
317 

19 12K5YSC0O JO 18 3 

49 
. 39 


10% 6% Sun Med 
10 ft 7ft SupSky 
5% 3 Suprtejr 
14 8% Srmfat 

UK 4ft Svnteeh 
5% 2% Smlrex 
19 12K 5YSCOO 

24ft 8% S 9 AS 8 C 
7ft 3% Svstln 


19*e 19ft 19ft 
28% 27% 28% + % 


9ft 8ft SK 
9*6 BK BK— ft 
12ft UK 12*6 + % 
23 22ft 22ft + % 
4% 4% 4% 

17ft 16ft 16% + V6 
UK UK 11% — % 


7 6 

16% 15ft 
12% 12% 
9% 9 
3% 3ft 
32% 31ft 
19ft 19% 
2 IK 
2IK 21 
Vft 8% 
30ft 29% 
lift 1QH 
6 5% 

17% 14% 
4% 4% 
8*6 B% 
10% 10% 
17% 17ft 
7% 7ft 
3BK 28% 
45ft 43*6 
17ft 1616 
6ft 4% 
21 21 
14% 16% 
29ft 29 
13 12% 

8% 8ft 
27% 24% 
11% 11*6 
4 4 

11*6 lift 
22ft 22ft 


4ft + % 
14% + K 
12% + ft 
9ft — ft 
3ft — ft 
31K — % 
19% 

1% 

21% + ft 
9 

30ft + K 
11 

5% — *6 
17% +1% 
4% 

8% + % 
10% + *6 
17% + % 
7% + *6 
28ft— 1% 
45ft +lft 
17*6 + Vk 
Oft — % 
21 + ft 

16% — % 
29Jfi 

13 + ft 

8% 

27% + ft 
lift 

4 

lift 

23ft— ft 


10% 10% 10% — % 
14% 13% left + K 
21 20*6 21 + ft 

eft 5% 4 
19% 19% 19ft + *6 
20% 19% 20% + % 
44% 45 45 —1 

12ft 12 12ft 
17ft 17ft 17ft + % 
82% BUS BUS— lft 
5ft 5ft 5ft— *6 
7 4% 7 + ft 

4 4 4 

31 30 30ft — ft 

30% 30% 20ft— % 
Bft 1*6 8% + *6 

16 15% 15% + % 
12% 12% 12% + % 
24ft 24% 24*6 — ft 

4*6 4% 4% + Vh 
7 7 7 — ft 

10 9% 9V6— *6 

5% 4% 5*6 + % 

5% 5% 5ft + % 
2 1% IK— to 

IK 1% IK + ft 
22ft 22% 22% + ft 
6*6 4% 6% + 16 
Bft 8 8*6- ft 

13% 13 13% + ft 

»ft 20 20ft + % 
24ft 23ft 25 —lft 
4% 4% 4% 

17ft 17% 17ft + % 
33 32% 33 + % 

38% 38ft 38% + ft 
20% 30 30ft + ft 
Oft 9*6 916 — % 

27ft 26ft 27ft + % 
10% 10% 10% + % 
4% 4ft 4ft — ft 
lift 1046 lift + % 
15ft 15 15ft 
20 19% 20 + ft 

4% 4% 4% + ft 
15*6 14*6 14ft— 16 
11% 10ft U + ft 

14 15% 15ft + ft 

11% lift lift— % 
2% 2% 2% + Ik 
50*6 50 SO 

25K 24ft 25*6 +1*6 
9 BK BK— *6 

15 14% 15 + % 

30ft 29% 29ft 

17 16ft 14% — % 
4% 4ft 4% 

24 Sift 24 + ft 

!B% Iflft 18% 

7ft 7% 7ft + ft 
27% 27 27% — % 

If 1B% 18% + % 
23% 22ft 23 - ft 
B% 7K 7ft — ft 

14% 14*6 14ft— ft 

9% 8% 8% 

7ft 7ft 7K 
2BK 28ft 2BK + ft 
14% 14 14% + % 

24ft 34 34% + ft 

35ft 35 35V* 

4U, 4ft 410 
5ft 5 5% + % 

UK 14ft 14ft 
24 23ft 23ft 
4% 4% e% 

30% 19ft 20ft + ft 
S 37% 37% + Vh 
23ft 22ft 22ft— % 
167 166% 146% — *9 

■ft 

9 BH «6 
1* 1% 1% 

9 9 9 

8% 8% 8% 

3% 3% 3%— *6 
» B% 8%— % 
10% It* 11 — % 

4 3% 3ft- ft 

19 1B% 19 + % 

9ft BK BK— % 
6K 6% 4ft + Ik 


17ft to 
12*6 6 ft 
30ft 20 


25ft IB 
24ft 13% 
20ft 5 
23% 10ft 
13% 7ft 
29% 14ft 
54 23ft 
24ft UK 
11% Bft 
28% 21*6 
11 6 
22ft 11% 
14ft 6ft 

$£ 
32 21% 

4ft IK 
6 7% 

33ft lift 
5*6 3ft 
22% 14% 
38K 25ft 
2Sft 17ft 
» 15% 

48ft 33% 
22 14ft 
20% »ft 
13 7% 

6ft 3ft 


32 

.16 h 175 
337 
4142 

2323 
40 

1233 
I 1588 
544 

22 1J 225 

2324 
448 
328 

17*0 
t 116 
5 
101 

84 24 30 

404 

764 

442 

198 

- 4 W 
8 
54 
367 

•40 M U 


80 32 43 

84 

J4e .7 147 

1438 
2881 

1891 40 294 

1-50 28 79 

M 2 384 
.1ST M 110 
188 19 1«J 
10 

JSe J TO 
1841252 114 
21 
25 

180 3J 310 
338 
186 

8B J 1573 
.12 2J 184 
^0c 28 344 
120 38 203 
20 .9 44 

102 

184 38 604 

90 
1651 

J7e 8 42 

28 55 9 


5ft VLI 
7ft VLSI 
JK VMX 
7% VSE .146 
6 VatWLg 
Bft ValFSL 
24% VdINH 120 
19K ValLn M 
lift Van Dus M 
4ft Vanzell 
2% Venire* 

13ft vi care 09* 
6% VledeFr .lie 
9% Viking 
13ft Vlratok 
5ft Vodavl 
14ft Veil Inf 


25ft 17% 
lift 10 
13ft Sft 
2SU 17% 
WK 15 
16% 10% 
9ft 6 
Uft 1016 
18% Bft 
17ft Sft 
10ft Sft 
15 5*6 

21ft 15% 
17% 6% 

35% 24% 
6% 3 

13% 3 

48ft 31% 
15% 7*6 
19 BK 
I Oft 4*6 
7% 3*6 

34ft 14% 
I9K lift 
19% 14 
9% 6ft 
38% 21ft 


Bft IK Xebec 
13ft Sft Jticor 
17ft 10ft Xloex 


34% 14ft YlowF s 


H% 5*6 ZmjUj S .101 A 1424 

13ft 18% Ziegler A8a 38 110 

42% 31 ZtonUt 1J6 13 114 

Sft 2ft ZJIflt 2 

Uft 3ft Zivad 104 

15ft 6% Zondvn 881 J 537 


9ft 9% 
24ft 25% 
Sft 3% 
19ft IBK 
3% 3% 
Uft 13ft 

I OK Vft 

34 33% 

BK B% 
24ft 25% 
17% 17 

3 2ft 
ID 9ft 
19% 18 

4 3ft 
8 8 
10ft 10ft 
26ft 24ft 

7% Oft 
7% 7% 
4ft 6’S 
Uft 12£ 

27% 24 

II 10*6 
9ft 9% 

25 24ft 


25% 25% 
17 16ft 
BK 8% 
13% 13% 
Uft 13% 
27ft toft 
54ft 53% 
24% 23ft 
9% 9K 
27% 2476 
6ft 6ft 
17% left 
4ft 4ft 
UK lift 
4% 4ft 
X 29ft 
4% 4ft 
3 2ft 
31ft 30ft 
4% 4% 
19ft 19% 
39ft 38% 
22 22 
25*6 24% 
45% 45ft 
19% 18ft 
14% 14’6 
11 10ft 
5% 5 


Oft 6 
12% Uft 
4% 4*6 
9ft 9ft 
8!S 7ft 
17ft 17 
37 34% 

20ft 20ft 
19% 19% 
4% 4% 

5% 5% 
18% 18% 
7*6 6% 
14 Uft 
20% 20 
7% eft 
Uft 19 


19% Uft 
14 13% 

10 9K 
23% 22ft 
30% 29 
lift UK 
7 6% 

12% 12ft 
17ft 17ft 
14K 14*6 
7ft 7% 
14% 14% 
X 19 
lift 10ft 
34ft 35% 
4 3% 

4ft 4% 
43% 43ft 
13ft 13 
18ft 18 
S’k 5 

4ft 4% 
16% 16ft 
Uft 13 
» 19 

8% 8% 
OTu 22 


9ft + ft 
25ft 

3% — ft 
Uft + ft 
3% 

14 + ft 

I Oft +1 
34 + K 

fl*S— % 
25% — K 
17ft + W 
2ft— ft 
9K- *k 
19 + ft 

4 

8 - ft 
10% + % 
Uft 

« - % 
— % 
6ft— ft 
12K- % 
%— !k 
27% + % 
II + ft 
9% + % 
24ft 


25% — ft 
14% — % 
8% — % 
13ft 

13% + % 
27ft + % 
54 + ft 

24% + ft 
9K 

27% + % 
6ft 

17 + ft 

4*6 + ft 
Uft 
4ft 

29% — ft 
4*6 + % 
2% — % 
31 ft — ft 
4% 

19% — ft 
39*6 + ft 
22 

25% + ft 
45% + ft 
19 

Uft — *6 
10*6 + ft 
5% + % 


6ft 

12ft 

4th 

9ft— ft 
7ft 

17ft + ft 
34% — % 
Uft 

19% + ft 
4*6 

5% + ft 
IBK + %■ 

7*» + ft 
lift 
20ft 

6ft — ft 

Uft 


91» + ft 
23% + ft 
Uft — *6 
15% + ft 
7 

12> 

17*6 

14ft + ft 
7ft + ft 
14ft 

20 + ft 
lift +1 
35% + K 
3*6 — ft 

4% 

43 ft + ft 
Uft + ft 
18 - % 
5 — ft 
eft 

14% + ft 
1J — ft 
20 +1 
8’6 

23 +1 


2% 29m 2fl— ft 
7ft 6% r% + ft 
13ft 12% 13 + ft 


24ft 23% 24ft + % 


27ft 26% 2616 — ft 
I2M *2*6 *2*6 . 

41% 4016 41ft + % 
7ft 2% 2H + % 
4 5ft Sft — % 
12ft 11% UK — ft 


Solution to Previous Puzzle 


□ehes anna anon 

□ghees a nan again 
E3DEIE3Q aH3EUH HQ1QE 

□□a □□□ 

□□□□he deioq aaa 
annua naan mam 
nnnHuannmaiaanEis 
Bcnn gaaa aanaa 
Ena asaa annsaa 
□□□ 003 

BEHEanaaHmaaan . 
EOH0 naaa anaga 

Bonn cianB aaaaa 
0000 0000 naEina 


% 






Page 22 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1935 



BOOKS 


m as 


» 

56 



(W 




64 




87 





SOLUTION TO PREVIOUS PUZZLE, page 21 i t 13 bs 


ACROSS 

1 Long-range 
wpn. 

5 Computer 
adjunct 

10 Historic March 
day 

14 Author Ephron 

15 Sappho's Muse 

16 Beak 

17 Volgograd’s 
former name 

19 Clout 

20 French 
connectives 

21 Eye irritation 

22 God of the 
heavens 

24 Sesame paste 

26 In power 

28 Soprano 
Ponselle 

30 On the side 

33 Wedge of gold 

36 Luigi's lunch, 
perhaps 

38 Chopper 

39 Love 
attachment 

40 III will 

41 Fruit drinks 

42 Mauna 

43 Filched 

44 Food fish 

45 Sparks 
affection 

47 Alphabetic 
quartet 

49 Looses 


51 Major arteries 23 Beatles* meter 


55 Cowardly 

57" fan 

tutte" : Mozart 

59 Ave.'s cousin 

60 Game on 
horseback 

61 Postbacca- 
laureate inst. 

64 Supporter 

65 Uncanny 

66 Tip-top 

67 Stone and 
Stallone 

68 Bound 

69 Raced 

DOWN 

1 Map within a 
map 

2 Terra 

3 Impudent 

4 demer 

5 Non compos 

6 Carousal 

7 Venturesome 
one 

8 Letter from 
Greece 

9 Tune to a key 
or pitch 

10 Wildly 
visionary 

11 Belittle 

12 Genesis name 

13 Gels 

18 "All that 

glisters 

gold”: Shak. 


maid 

25 Dietary need 
27 Type of 
overcoat 
29 Place next to 

31 Figure 
skater's 
leaping spin 

32 For fear that 

33 “Winnie 

Pu": Lenard 

34 “Darkness at 

Koestler 

35 By degrees 

37 Suffer 

40 Part-time 
news 

correspondent 

41 Asian river 

43 Glut 

44 Impassive 
46 Some 

diplomats 
48 Talked back 
50 Rampart part 

52 Cavalry unit 

53 Expiate 

54 Fished for 
morays 

55 Tax preparers, 
for short 

56 Rock partner 
58 Garfield's 

canine friend 

62 Antique auto 

63 Owns 


£> IVeir York Tones, edited by Eugene Moleska. 

DENNIS THE MENACE 



WMTA minute ! Thm1> IT 2 once upon a time, 
thev* lived happilu ever after • i That's the. 

Unscramble these foix Jumbles, 
one latter to each square, to term 
four ordnary words. 


NOWDY 


_X1_ 


•T^ — 1 - 

VOACH 


n 

JL 


ANCIDD 


I 



1 BLOGIE 


ZUZ 

□ 



WHAT 5CAN17AL 
HAS TO 3E. 


Now arrange the circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


Print answer hem: Q[X3 T0 BeQQUI] 


Yesterdays 


(Answers tomorrow) 

Jumbles: MOSSY QUEUE MATURE EXODUS 
Answer An impatient driver who has to stop tor e 
traffic light usually does this— “SEES RED" 


WEATHER 


UROPE 


HIGH 
C 


LOW 
C F 


ASIA 


gen 20 68 16 41 d 

nsfentam 6 *3 I 34 r 

tern 20 48 13 55 fr 

■rccKHH IS 59 13 SS si 

llgrade 6 43 2 36 d 

rUn 5 41 r » o 

gmb 4 39 0 32 d 

ICMTSST 10 SO 1 34 fr 

Klapett « 43 2 36 O 

WKlmMi 7 45 3 37 O 

eta Del Sol 23 73 17 S3 d 

I Win 7 45 I 34 el 

HnHurgb 4 43 - 3 27 O 

orates 15 59 9 48 o 

uukto rt S 41 -2 20 fr 

awva 6 43 -1 30 a 

rlstnkl 2 36 -1 30 W 

antHJl 20 ta 13 55 fr 

■ Palmas 34 75 19 46 a 

■bon 1 * 61 12 Si fr 

neon 6 <3 -2 28 fr 

■drid — — — — na 

S « 54 9 4 r 

B MW 2 36 0 32 a 

mtdl 4 39 -5 M el 

r, 15 59 ID 50 r 

la 8 46 5 41 d 

His 7 43 3 37 d 

WM 3 W -* » Cl 

rvfciov 1 * J « 3 £ r 

into 21 JO IS 59 o 

Khtwtat 4 39 - 2 20 

WHH9 6 43 I 34 

Mice 11 52 7 4S 

eana 6 43 1 34 

now 4 39 0 32 

neb 3 37 -4 25 


fr 


Baagkak 

Benin 

Hongkong 
Man Da 
Mew Delhi 
Seoul 
summmI 
Slnmgri 
Taipei 
Tokyo 

AFRICA 

Algiers 

Cairo _ 

s Town — 


HIGH 
C 


LOW 
_ . C F 

30 86 34 75 
5 41 -2 38 

28 82 28 «B 

34 93 25 77 
26 79 15 99 

74 37 -3 27 
17 63 4 39 

31 88 24 73 

35 77 17 S3 
20 6B 9 « 


Harare 


Nairobi 

Tan I* 


26 79 13 SS d 

26 79 14 57 fr 

— — — — na 

22 72 17 63 d 

— — — — no 

39 86 34 75 Cl 

32 73 14 57 cl 

37 81 12 54 fr 


LATIN AMERICA 

Buenos Abas 25 77 16 61 

Caracas 28 82 20 68 

Lima 23 73 13 55 

MmlCOCUy 27 81 10 SO 

Rid *. Janeiro 30 86 20 6B 

NORTH AMERICA 


AHaata 


[DOLE EAST 


14 57 2 36 fr 
— — — — no 


24 75 9 48 

17 63 9 48 

34 75 12 54 


Chicago 

Denver 

Defrost 

Honolulu 

Houston 

Los Aoeeios 

m etal 

Montreal 


Mew York — — - 

San Francisco 12 54 5 41 

Seattle - - - _ 

Toronto 


-I 30 - 5 23 PC 

25 77 15 59 PC 

10 SO 5 41 r 

12 54 5 41 r 

0 32 - 6 21 d 

12 56 1 34 r 

29 84 21 70 PC 

27 81 20 68 st 

15 59 10 50 r 

29 84 22 72 HC 

2 36 -1 30 Cl 

2 28 -6 31 fr 

29 84 21 70 fr 

14 57 6 43 r 

12 54 5 41 fr 

5 41 -3 27 fr 

1 34 -4 25 d 

19 66 10 50 


MOfom 

Avhf 

IEANIA 

21 70 16 6? o W te sbtaglon 19 U 10 50 cl 
^audy; to-tagavi frJ ofri M ull; acvorcast; pe-porflv ctouav: r-raln; 
showers; swsnow: sf-sfor mv. — 

- &» t S 5 hi? -»»- 5 SS 1 b; cSSfc. t«J 5 i !l = 15 

“ rsi 1 ?5l flVlpNA. ZURieH: CloudY. Temp. 5— -1 141—301. 
mmik 3i — K IB - 771. HONGKONG: Fair. Temp. 26-31 
* miMinui: Cioirtv. twiIS; 32 - 25 tw— 77). SSOUU Clauav. Ten*. 
TFkrSr * HSATOR ETTlnmdersturmi Temp. 29-25 184-77). 
CTO: Fair. TetaP. 21 — 12 C70 — 5*1. 


BEETLE BAIL EY 

WHAT'S THE 
MATTER ? 



ECLIPSE: A Nightmare 

By Hugues de Mmtokmbert. Translated by 
David Noakes; SI 5.95. 238 pages. 

Viking Inc.. 40 West 23d Street, New York, 
N. Y. 10010. 

Reviewed by Ingrid Rimiand 

H AVING been blinded in a senseless mug- 
ging in New York, a youngs internation- 
ally known artist turns the awesome brilliance 
talent to another medium: the sensations 
of an inexhaustible anguish now flow through 
his pen. 

“It's as if my inner eyelids have been tom 
out There is nothing that can interrupt this 
face-to-face confrontation with myself. ... I 
am released from the hospital two months 
later, with six stitches in each eye, blind, handi- 
capped, feeling a nausea for life, for the rest of 
my life. ... I am between death and birth. 

“I am dead to my past life and not yet reborn 
to this new one. This whole period is merely an 
extraordinary labor through which 1 am giving 
birth to mysdf." 

In this vehement autobiography, already a 
best seller in France, kaleidoscopic fee lin g s are 
the only subject matter. All dse is stripped 
away. Nothing dse counts. We learn utile 
about the author's past, about his friends, his 
family, bis sources of income that permit him 
to diaqg p his surroundings from drab and dull 
to rich and exotic at wi D. It is aQ in the 
background, made utterly irrelevant in that 
one wanton moment when add was thrown in 
his eyes by a thug. Torment is all, torment with 
the fire of diamonds. 

Two sea urchins, the author tells us quietly, 
have settled in his eye sockets. The butterflies 
are mourning. Love has vanished. The night is 
so black, he could gather it up and give it to 
you. He listens to his mounting panic. He hears 
questions linking in the sflnioes that never 
seem to end. Deep within him, says this man, 
“is the stench of stagnant waters in which tbe- 
current of my life has been lost.” 

His heart has turned into a cat; it can see at 
zrighL What it sees is an undeserved, incompre- 
hensible sentence: “No future attracts me. I see 
a long gray road on wluch I may advance if 
courage is there, but what about joy andadven- 



4 * 


Ingnd Rimiand is ike tBiritcr^ ■ _ 4 — 

and the Flan te," the story c . .. .* L 

crippling of her son. She wrote :r.'S ri- 
bas Angeles Times. 

Paris, Rome Celebrate River* 

The AtSKistfJ 

ROME — Paris. and Rome are**™- 
their rivers, the Seine and ‘ 

shows. Mayor Jacques Chirac "^'.v ' ,,>• 

ed the inauguration here oi an eu- ■> . 

paintings, drawings and object a ^ JU ‘,. o'-^rc 
Ever Seine. Mayor Nicola Signore^ ^ R ■ ■ 
was scheduled to maturate Parts > 1 

the Tiber. . 

bestsellers 

or— fat: « r* TO 


i 


duDdgtwat *e Uni«d 

BOPMcmfie. 

Ha 


ncnoN 


Lml 

cabin 


1 TEXAS, by tame* A. MidMier _ 

2 LAKE WOBEGON DAYS, by Gwnvjn 
Keillor 


by D 

CONTACT, by Cart Sagan 

5 GALAPAGOS, bv Ksn Vonpegui 

6 THE ACCIDENTAL TOURBt.bj Anac 

Tyler ■■ - 

7 THE SECRETS OF HARRY BRIGHT, 

by Joseph Wanbaudi 

* LUCKY, tw Jadac Coffins ----- 

9 THE TWO' MRS. GRENVILLES. b> 

D uu i ini e k Dome — 

10 SKELETON CREW. b> Stqibca King 

11 THE IMMIGRANTS DAUGHTER, by 


5 - 

s 

t t 

' tl 


Hovaid Fast 


REX MORGAN 


1 HOPE YOG 
I WERE ABLE TO 
J> (SET THE 
AFTERNOON 
OFF 


1T 1 
WAS A m 
STRUGGLE 
— BUT I 
MANAGED 



GOOD— BECAUSE 
I'VE PLANNED A 
FULL AFTERNOON 



WELL. FIRST I WANT YOU TO SEE 
MY COTTAGE UP AT THE LAKE— , 
AND WE MIGHT DO A LITTLE < 
FISHING THERE ! THEN, WE'LL COME 
BACK FOR THAT NEW MUSICAL f I 
MANAGED to get tickets IN the 
lOTH ROW, CENTER 



mre, the source of ail my energy until now? 
Images cross my mind — I see myself creeping 
down a street, feeling my way along a wall, 
dragging my feet. 

“Horror! 1 was 35, in the prime of manhood, 
young and slim, and now I see myself a bloated 
body, a package of darkness, a crawling iocnsL 
I am afraid. I am afraid to get out, to collect all 
my courage and still to end up like that.” 

“Eclipse" is an unc ompr omising bode The 
author refuses conventional comfort: “On tins 
terrace hit by the July sun. which inundates my 
tired brain with gold as soon as I remove my 
blindfold, gusts of wind bring tire smell of the 
ocean. At the end of the terrace, a door leads 
into the chapeL Like all chapels in the world, it 
smells of wax and incense: . . . The chapd is 
empty, and so ami. All I fed is a void. I ask for 
a bit of courage. The religious temptation awa- 
kens no echo in 1 x 9 soul; this aknee suits me 
for the time being.” 

Here is the htibris of a genuine talent that 
will never feel obliged to declare itself “enno- 
bled" by a senseless tragedy. It is contemptu- 
ous. Icy. Cutting. Grieving. Bleeding. Blasphe- 
mous. Reader identification is total. This man 
will be forgiven anything he says. 

“I am trying to explain as best I can," he says 
at one point, “the fear and mental anguish of 
those who, like me, have been stabbed in the 
heart of life. ... I can almost fed a begging 
bowl growing in my hand. . . , I listen to this 
hellish sound of the damned." 


12 LONESOME DOVE, bv Larry McMartiy 

13 DEFTHS OF GLORY, bv Imaj Slow 

14 A MAGGOT, by fob a Foorica — 

15 THE RED FOX, br Anthony Hyde . 

NONFICTION 

ELVIS AND ME. by JtoKaOa Beaulieu 

mnnoo 

IN THE LIGHT, by Sflfcy 


2l* 

i 


Presley wiih Sandra i 

DANCING 


MacLame. 


1 

2 

3 

4 

5 

6 

1 

8 GODDESS, by A nthon y Spanners 

WITH THE KENNEDYS. by 


] a 


YEAGER; An AuinUmmib y. by Chuck 

YeueraadLeofoBW 

IACDCCA: An Mu a fo o y ip fay . by Leo la- 

cocca witii WBSam blank 

I NEVER PLAYED THE GAME, by 

Htawd Coten with Peier Bwmairc 

HOUSE, by Tracy Kidder 

ON THE ROAD WITH CHARLES KUR- 
ALT. by Charles Ksmb ■ 


LIVING 
Mania Cbdbs 


H> A PASSION FOR EXCELLENCE, by 

AiMia ;■ 

by J. Anthony Lu- 


Totn Pun and Nancy Arerin 
II COMMW GROUND. 


8 ft 
V fa 
to 27 
12 ? 
II 32 

13 * 


12 SMART WOMEN. FOOUSH CHOICES, 

fay Cotmdl Conan 

13 RE-INVENTING THE CORPORA- 

TKR4, fay fobs Nanbin and Palrkia Abut- 
dene — 

14 FERRARO: My Staiy. by GenUtae A 

Ferraro «iih Linda Bnd Francfcc u 

15 LAST WISH, by Betty RoIBn - 14 

ADVICE, HOW-TO AND MISCELLANEOl'S 

1 FIT FOR LIFE, by Htaty Damond and 

Marilyn Diamond : ;. 

2 DR BERGER'S IMMUNE POWHt 
DIET, by Smart M. Berner — — „ — — 

3 THE BE(HAPPY>ATZTnJDES. by Rob- 
ert SduOer 

4 THE FRUGAL GOURMET, by Jett 
Saab - _ - — — — . — 

5 CALLANEITCS, try Caflan Pttdincy wuh 

SaBe Batson *— . 


tk 


I 12 

3 13 

— I 

— 30 

4 2 


GARFIELD 


BRIDGE 


WHICH VO «T»Of) WANT, GARf lELPPl 
THE LASAGNA OR 
.THE BANANAS? 



By Alan Truscott 

A FTER a weak-two open- 
ing from West, Sooth 
landed in four hearts. This was 
a 4-3 fit, but it was the perfect 
contract He won the opening 
club lead in dummy and led 
the heart jack. 

East held up his ace for two 
rounds, and South took his re- 
maining club winner and sur- 
rendered a trick to East's 
queen. 


NORTH 
• K2 
47 I 43 
1 K 10 9 
*4K *41 # 8 


WEST 

♦ A J 8885 
0*5 
fa JB2 
*64 


EASI 

♦ Q 7 3 
jj c A*ei 
’■ fa.f*y 

♦ Q 72 


SOUTH (D) 
♦ U4 
O K. Q 107 
v AQ43 . 
*J53 


The defease took the : 
ace and led a spade to dum- 
my’s king,: South cashed the 
ace and king of diamonds be- /i’ 
fore leading a dub winner 
from dummy, neutralizing the ' 
heart nine and making the con- 
tract 

■ Nona a an Sbodi were 
Tba bldrHng: 


3 4> 

Pitta 


pmm 2« DbL 
\ Pam . Pam 
V tat led tbe dub six. 


W)rW Stock Markets 

Via Agence France-Presse Nov. 12 

doting prices in focal currmcies unless otherwise indicated. 


ABN 

ACP Holding 

AEGON 

AKZO 

Ahold 

AMEV 

Attorn RMMwr 
Amro Ban)r 
BVG 

BuehrmannT 

Cal and Hide 

Ebtartor^rou 

Fokker 

Gist Bracodfri 

Helneken 

Haogovens 

KLM 

N garden 

Mat Nedder 

NealloYd 

Oce VanderG 

Potaioed 

Philips 

Rabeco 

Rodamco 

RoJIocd 

Rarenta 

Roval Oaten 

Unilever 

Van Ommeren 

VMF Stork 

VNU 

ANPXBS Ceo'l 
Previetts : 23260 


550 548 

250 V7 
111 108.70 
13120 17950 
78850 28250 
78J0 7830 

9JJ 9JSS 

700 9930 

22850 227 

17150 122 

38 27.70 

15050 150 

79JD 8040 
34450 245 

19250 192A0 
7550 74.10 

5050 50 

5750 5550 

8250 81 30 

787 78560 
3ft9 36350 
79 8060 
5360 5360 

B050 80 

13550 7 35 JO 
7350 7250 
4750 47 JO 

18360 18150 
16750 366 

2860 2*60 
245 343 

2SB 25750 

Index : 23360 


Artwd 
Bekoert 
Cocker! ir 

Cofaenc 
EBES 

GB-lruv^BM 
GBL 
Gevaert 
Hoboken 

inter cum 
Kred let bank 
Petrotlna 
Soc Go ne r o le 
Soflna 
Sohmv 

Traction Elec 
UCB 
Unerg 

VJellle Man tog ne 

CWrtnt Stack Index : 2867JB 
Previous ; 9Sta54 



2750 

8590 

NA 

713 

214 

4475 

<335 

3900 


CTOfl 

mu 


2630 

<700 

4*0 

$£ 

SOT 

mn 

12000 

1100 

6950 

6720 

2350 

NA 

8250 

8150 

S840 


490 

4820 

s® 

5250 

2050 

5470 

5B5D 


Ombfart 


A E G- Teletunk on 

Allianz Vers 

Altana 

BASF 

Saver 

Bav Hypo Bank 

Bov VereTnsbonk 

BBC 

BHF-Bank 

BMW 

Catmtenbank 
Cor.! Gum ml 

Dabnler-Banz 

Dtguaa 

Deutsche Babcock 
Deutsche Bonk 

DresdMr Bank 

GHH 

Harsener 


23A30 34050 

1780 1740 
425 423 

258 362 

252 25650 
444 429 

438 432 

29250 292 

431 431 

551 543 

26750 265J0 
163.10 164 

1230 1231 
450 451 

225 221 

717 71350 
34250 34250 
221 21S 

352 352 


1 Close Free. 

Hochtief 

770 

770 

Hoechst 

250 

2S4 


167 

165 

Horten 

208 

206 

Hussel 

3*3 

3*5 

IWKA 

310 

304 

Kail + Soli 

331 3260 

Karstodi 

289 

287 

Koufhot 

319JB0 

314 

KloccknerH-D 

338 




95 

KruPP Stahl 

17B 

in 

Unde 

582 

572 

Lufthansa 


215 

MAN 

25*0 

Memos rrexm 

26060 25650 

Muanch Rireck 

2220 

2300 

Nlxdarf 

567 

562 

FKI 

NA. 

■ww 

Porsche 

12*5 

1344 

Preussao 

256 

2 *b 

PWA 

164.90 1620 

HWE 

201.75 2020 

Rhalnmetall 

490 

477 


648 64*70 

SEL 

345 3490 

Siemens 

660 6560 

Thyssen 

1770 1770 

,/etoo 

2710 2720 

Valkswooenwer k 

416.10 

412 

weiio 

636 

667 

Commenbank Index : most 

Previous : 17*130 



II ! 

Bl> East Asia 

2260 

2290 


30*0 

2IL40 

China Light 

170 

170 

Green 1 si end 

US 

US 

Hons Seng Bonk 



Henderson 

205 

2275 

Chino Gas 

120 

120 

HK Electric 

860 

855 

HK Realty A 

1210 

1210 

HK Hotels 



HK Land 

665 

*65 

HK Sheris Bank 

7JS 

70 

HK Telephone 

90 

MI 

HK You motel 

3625 

1*0 

HK Whart 

70 


Hutcn Whampoa 

270 

=70 




inti a tv 

aw 

0.98 

Jonh re 



jortflne Sec 

150 

150 

Kowloon Motor 

100 

1IU0 

Miramar Hole! 

450 

4* 

New World 

.HAS 

4.40 

SHK Praos 

13.10 


Slelux 

220 

2 

Swire Pacific A 

28.90 


Tal Cheung 

210 

765 

Wah Kwong 

063 

083 

Wing On Co 

1.75 

10 

wmsor 


<95 

World Int'l 

235 

2325 

Hang Seng index 
Previous : 1722.48 

1730.15 


1 


E 1 

AECI 

720 

72S 


NA 

w 


31450 

19900 



HOT 





7775 

740 


1440 



5425 


Elands 

1700 

1675 


GFSA 
Harmony 
HI veld Sleet 
Kloof 
Ned bank 
Pres Stevn 
Rusplot 
SA Brews 
St Helena 
Soscl 

West Holding 


3525 

3100 

618 

MS 

890 

6675 

2390 

<75 

4700 

865 


3400 

300C 

590 

Z32S 

8*6 

6475 

2325 

665 

4050 

H7D 

7550 


Composite Slock index : 
Previous : 1189.10 


IS7 

444 
647 
291 
286 
233 

79 

570 

295 

220 

311 

551 

320 

192 

445 
208 
380 
299 
625 
146 
215 
253 
487 
168 
440 
410 
463 


AACorp 
Ajiied4.vor3 
Anglo Am Gold 

Ass Brit Foods 

Ass Dallies 

Barela vs 
Boss 
BAT. 

Boocham 
BICC 
BL 

Blue Circle 
BOC Group 
Boors 

Bowator Indus 
BP 

Bril Home 51 
Brit Telecom 
Bril Aerosooce 

Brttoll 
BTR 
Burmati 
Conte Wireless 

CadtxjrvSehw 

Charter Conv 
Commercial U 
Cons GoW 
CouHautda 
Dalaetv 
Dc Beers* 

Ois fillers 
Drlofontdn 
Flsons 
Free St Ged 
GEC 

Gen Accident 
GKN 
Glavo e 
Grand Mel 
ORE 
Guinness 
GUS 
Hanson 
Hawker 
tci 

Imperial Group 
Joauar 

Land Securities 
Legal General 
Uayds Bank 
Lonrho 
Lucas 

Marks and Sa 
Metal Box 
Midland Bank 

Nat West Bank 

P and O 
Pllkingien 
P lesser 

Prudential 

Racal Elect 

Randfanieln 

Rank 
Reed mu 

Neuters 334 

Raval Dutch I 43 51764 
RTZ 534 

5aalchl 755 

Salnsbury 360 


S5S S57V6 
264 264 


157 

439 

647 

300 

293 

225 

JO 

563 

297 

218 

313 

HO 

311 

191 


375 
299 
625 
747 
216 
255 
402 
167 
438 
417 
455 
SIS* SIM 
411 405 

*l9vb sip* 
160 160 
710 7KJ 
256 256 

IS 973214 37732 
365 366 


720 

315 

960 

219 

423 

667 

215 

327 

318 

709 

479 

166 

466 

178 

545 

447 

702 

426 

293 

140 

729 

134 


Sears Holdings 


*69 urn 
474 474 

669 «7 

349 
43*. 

329 
765 
358 
110 109V- 


claw 

•rev. 

Shell 

665 

6*1 

5TC 

82 

84 

Sid Chartered 

467 

464 

Sun Alliance 

538 

536 

Tate end Lyle 

5*0 

535 


295 

293 

Thorn EMI 

384 

384 

TJ. Group 

413 

407 

Trafalgar Hse 

368 

310 

THF 

147 

146 


213 

211 

Unilever L 11 45/6411 45/64 

United Biscuits 

205 

199 

Vickers 

305 

308 

Woolworth 

588 

581 



PravkiBi : 10780 



F.T5LE.100 Index 

138L68 

Prevtooi : 13760 



'{ nfflim 1 1 

Banco Comm 

24050 34160 1 

Cloahateis 

11750 

11801 

Creditai 

3135 

.3135 

Ertdanla 

11750 

11710 

Formltollo 

13749 

1360 

Flat 

4601 

*590 

Generali 

63600 63800 


11980 

117® 

itolcemenM 

*9000 48500 1 

Hal gas 

2025 

2022 

Halmobiriarl 

135300135080 



Monied bon 

2340 

2302 


3585 

3601 

Olivetti 

73*0 

7380 

Pirelli 

3438 


RAS 


Rinascenle 

980 

90 | 


2615 


SME 

1 2871277 V3 | 

Solo 

44*7 

*318 

Standa 

14590 14930 

Ster 

3560 

3598 



Previoos : 176* 



r _ l 


585 

577 

Alsthom AML 

346.10 

342 

Av Dassault 

12 ® 

1210 

Barca ire 

70 

724 

BIC 



Bona rain 

15*0 

1530 




BSN-GD 

2390 


Carrel our 

2530 

fcr-1 


725 

70S 





17® 





Ell-Aoullolne 

19* 

1910 

Eu-oce l 

639 

833 





1418 

1428 


992 


Legrand 

2298 

2271 



749 

rcjreal 

2448 


Martell 

14*5 

1438 

Mafra 

1*38 

1400 

Merlin 

2360 

2350 

Michel In 

1265 

1235 

Moot Hennessy 







*98 





Perrier 

45* 

40 




Print* mps 

3230 

296 







Roussel Uctof 

IS® 

1519 


630 

635 


1380 

1370 


2590 


Thomson CSF 

*10 


Total 


355 



Previous ; 2270 




Clew Prev. 

I qwrtwf*— w» | 

COW Storage 

30 

30 

DBS 

6.10 

6.15 

Fraser Neave 

665 

60 

How Par 

2.19 

£24 

MoTeS* Ing 

117 

50 

2.15 

50 

ocac 

BAS 

80 

ouo 

£90 

£97 

OUE 

MJO. 

£32 

ShongrMa 

2.11 

£08 

Stme Darby 

10 

10 

S"Pore Land 

2.76 

£75 

5-pore Press 

60 

US 

S Steamship 



St Trading 

20 

102 

Unltvd Overseas 

10 

10 


30 

IB* 

Straits Times Ind inter ; 77LM 

Previous : 78X27 



1 ******* 11 

AGA 



AHoLpvot 

340 

244 


299 

01 

Astra 

445 




Ul 

Bo 1 (den 

Electrolux 

IBS 

18* 

N i$ 

Ericsson 

Esse We 

205 

NA 

197 

s 


192 

Sac®. Scoria 



Sontfvlk 



Skansko 

98 

160 




SwedtshMotch 



Volvo 

243 

242 

Prevleae : 4150 



1 Sjnfaey 11 

AC1 

10 

30 

AN2 

40 

&H> 


9.18 


Borai 

U2 

30 

Bougainville 

10 

10 

Coles 

4.W 

4.15 

Omaka 

10 


CRA 

5 M 


CSR 



Dunlop 



Elders ixl 

£95 


ICl Australia 

235 


Magellan 

£25 

£25 


£48 

20 




Nat Aust Bank 

485 








Poeekion 

155 


QW Coal Trust 




SM 



7X2 


Western Mitring 

30 


Wesipoc Banklna 

+85 

SM 


10 

10 


Previous : 1(310 



1 I-25 1 


41. nt 

Aiatri Chem 
AsahiGiau 
Bank at Tokyo 
Bridgestone 

Canon 

Casta 

Oteti 

Dal Nippon Print 
Dolwo House 
Dohw Securities 
Fonue 
Full Bank 


379 

793 

852 

730 

5SB 

1050 

1730 

420 

1170 

881 

786 

7630 

1680 


UN 

17*0 

428 

1120 

895 

790 

700 


Full Photo 
Fulltau 
Hitachi 

Hitachi 


Japan Air Lines 
Konmo 

Kansol Power 
Kawasaki Steel 
Kirin .. 

Komatsu 
K ubota 
Kyocera 
Matsu Elec Inds 
Motw ilec works 
Mitsubishi Bank 
Mitsubishi Chem 
Mitsubishi Elec 
MMMjHmr 
Mitsubishi Coro 
Mitsui and CO 
Mitsufcoshl 
MRsumr 
NEC 

NGK Insulators 
NPdcosec 
Nippon Koaoku 
Nippon Oil 
Nippon Steel 
Nippon Yusen 
Nissan 
Nomura Sec 
Olympus 
Pioneer 
Ricoh 


SNmani 

Shi netsu Chemical 
Sony 

Sumitomo Bank 
Sumitomo Chem 
Sumitomo Marine 
Sumitomo Metal 
Tatter Carp 
Tattha Marine 

Tafcfda Chem 

TDK 

Tallin 

Taklo Marine 
Tokye Elec. Power 
Tappan Printing 
Torav Ind 
ToshBxi 
Toyota 
Yamolchl Sec 


1970 MOD 
«5 945 

690 609 

6SB ta 

1198 1138 
6280 6330 
694 503 

1870 1890 
137 138 

770 775 

51 4 525 

352 357 
3970 3950 
1150 1160 

■PS 90S 
1470 1480 
500 502 

335 335 

354 369 

598 400 

477 424 

606 614 

716 700 

1100 1110 
870 870 

T5I 756 
BS6 888 
781 780 

159 191 

353 368 

578 589 

1050 1050 
985 993 

1570 1580 
1050 1050 
815 835 

815 812 

769 786 

3740 3750 
1670 1698 
247 248 

723 721 

141 141 

SX 33T 

£ ^ 
« *3 

957 980 

2330 2360 
04 
521 

354 

mo mo 
718 715 


A 


NfUcei/OJ. fedex : 127310 
prev lees : 120^26 
New Index :1WU5 

Previous : I8tej9 


<573 4650 
704 713 

6300 6300 
4173 4S0 
1873 1905 
3*38 3658 
MM W0 
3390 300 

NJQ. — 

3370 310 
7673 7823 
XX2S M0 
2240 mo 
3800 500 
81B0 800 

140 1466 
1130 17400 
1640 1700 
4*30 4708 
490 40 

4825 4823 
130 1399 
313 SJf 
2*577 2440 


n.Qj not auoled; NLl: not 
available; xd: ex-dividend. 


Adlo 
Alusutase 
Autaohan 
Bank Leu 
Brown Boverl 
CtaaGetav 
Cram Suisse 
E led rowan 
Hoxterixx* 
■nterdisawnt 

Jacob Suchard 

Jetmon 

LondlsGvr 

Mo ev e np irit 

Nestle 
Oerilkon-S 
Roche Baby 
Sandaz 

ScMrnSer 

Sutaer 

Surveillance 

Sw i s sai r 

SBC 

Swiss Reftwrance 
Swiss vautsbank 

Union Bank 
Winterthur 
Zurich Ins 


No* 12 


CstaSan atoda tea AP 


Sales Stack 

8837 Abtt Prce 
500 AonlCO E 
2D0Aara Ind A 
.ahe» 


High Low dose Chp. 


Energy 

17611 Alta Mat 
400 AlgonioSt 
26350 AJcoll 
3850BPQtnodo 
16856 Bank BC 
20C22 Bank N S 

7 13443 Barricfta 

6TO0 Baton At 
28287 Banana R 
7*00 Bral onto 
3200 Bramalco 
lMB reod aM . 
3721 BCFP 
53625 BC RB8 
HBffl BCPtione 
400 B nw sw k 

BUM can 
27791 CAE 
300CCLA 
T7MOCJCL.nl 

9950 Cod Frv 
6600 Compeou t 
63SM c Nor What 
iooc Pockra 

750 con Trust 
644 C Tons 
65CGE 

83216 Cl Bkcna 
75409 CTlre Af 

leoocuma 
300 Omo 
429SCefon*sa 
l O O Cekmrep 
2900 Cerrtrl Tr 
18700 Cbwpl sx 
220CDts»A 
SimCDWbBI 
5925 CTL Bonk 
lOOCommtA 
4608CQtafcoR 
2700 Conran A 
9700 Crawnx 
. 17PM Caor Res 
499100 Doon Dev 
4000DoonA 
5718 Denison A p 

6640 Denison B f 

KHDcvelcon 
1100 DTcknsiA t 
TOODtcknenB 
21944 Dotasce . 

410 Donohue 
9150 Du Pout A 
65*05 Dv tax A 
700 EJctbomX 
7200 Emco 
21370 EuultvSvr ■ 
i4» fca inn 
35QC FcdconC 


3179k 17V, 
8190 19 
S6V, 8V, 
3T7W 1794 

new mu 

819 19 

SMI* 10b 
S31W 3H4 
H 495 
S14 17W 

18* 777 

81914 1914 
385 375 


T7W— 14 

19—1% 
8V» . 
17Vk 

1494+ ta 
19 ' 

l«ta+ ta 
31ta+ 14 
5 

Ota- ta 
177 — 6 
1914 

373 —5 


**50 Fed lad A 

3705 F City Fin 

15308 GeoeComp 
17*632 Geocrude 
100 Gibraltar - 
6030GoMoorp' 

300 Goodyear 

14M Graft G. 
28700 GL Forest 
500 Grevtmd 
12 H Group A 
50 Hawker 
35183 HaytasO 
47800 HeesIPtl . 
2325 H Bay Co 
172647 Imasco 
12364 Indol 

1120 itaaod Gas 

473400 Inh Thom 
146T7 ItrtpT Pipe 
TO I pm . 
300 IvocoB 
78675 Jannoek 
70 Kerr Add 
7880 LaboR 
1110 UM Cent 

*V£\2BSla> 

44S3L,umentas 
600MDSN A 
rnOMiCC 


SUta 1694 1616 
JBta 1W BV, 

SWt 914 
210 207 207 

*26Vk 2394 26(4+94 
SI 294 1294 1294 
53014 X 30—14, 
Sltfta UH 1694+ ta 
SISta lita 15ta+ H 

sr 8“ 

S2SU. 2SW 2Sta+ ta 


534 34 34 — ta 

SCPh 43% 4314— 14 
STO TO 10 
S6TO, 6IV4 *1W — IK, 
54094 40V, 4014 + ta 

5914 9 9 — ta 

819 1894 19 + 14 

SMta 1694 1694 
014 914 914 
•mi 1994 1996 
0494 1494 1494' 

S9«% 9 9 — ta 

Jfata C94 694 . 

Mta 04 04 

sw »ta 10 
8794 79k 794+ ta 

270 268 270 +3 

M4ta 104 1414— ta 
mah Bta Mta+Jb 
236 233 236 — 1 

m 473 40 

*35 435 433 +5 

13V, U%+ % 

■Sta SS itaHS 

SMi M ta 

S04 694 694— % 

23% 2614+ ta 
W14 T714—9fc 
525% 25 2514— »fe 

1149* T3ta 10t+ta 
%T ' 7 7 

822% 22 22 + Vk 

8694 614 69k 

821 XI 21 + ta 
S1» 1394 + ta 

8Wh E*k 179* + ta 
ran 12% i2% 

43S 5T JS + ^ 

.014 04 .814 ' 

.•SS / 

BP-r 

82314 23% 23ta 

«% 

82B 30 20 — % 

812% 12 • 12 - 
82296 22 2294+ 94 

826% 26 2614—94 

pa p SSJfc 
"j®.*;* 
s «« t 

81894 104 1 0 * . % 

•SS ^ 

23T94 3194 3144 + 94 

S% 

STs^xs 


38728 MctaB H X 
23253 Mar ihmef 
OUMertand E 
20M Motion At 
MMMbttoaB 
200 Muratov 
225 Nabisco L 
15*40 Naranda 


5S57BNVO AXAf 
*7 NawsaoW 
7396 HliWst SPA 

6200 OptcJ bus o 
1220 OthawO A f 
7300POCW AJrtn 


HOPWtCcxiP 
6622 Pemb in a 

3Z78B Ptocer 
dUPravtao 
2D00 due sturao 
WtRwiBdif 


^ HeedSM Sp 
S°jgn»A 
720 Reman 
130 Rothman 
5181 Sceptre 
10500 Scam t 
23968 Seen Can 
11230 Shell Can 

29282 SberrBt 
J200 Stator B( . 


USO Spar Aero f 
W18gye*coA 
430 Suiptro 

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93829 TinAtmUA 

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WD Utt Corbld 
8773 U Etdprtee 
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3g VeraH A« 
ngoveetoran 

2W Wordolr 


«amwbodwiLA 

8m Yk Bear 

Total eates 
T5E 30 index; 


jagh Law 

51394 139k 
SISta 15V. 
333 320 

0994 1914 
SWta 199% 
526% 24% 
8271k .2794 

09 Uta 
SUta Uta 

8614 -614 
smu 104 
3* 37 

«ta 894 
2M 30 
833% X 
814 139* 

J9Mr 994 
*35 349* 

0814 18% 
saovi 20% 

833 221* 

0314. 1314 
390 30 

*7ta 79k 
834ta .139* 
844% 43% 

0T9b 1194 
8129* 119* 
831 ta 3116 
4*5 455 

837% 27 
01 W9* 

82316 23% 
8794 794 

0194 1194 
816% W14 
8259* 25% 

sank 7i% 

10 185 

0814 Mta 
«3ta 13% 
83094 309k 
823 2296 

SUM 24% 
829% 79 
8259* 2SV!, 

Wta 

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827 3694 

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029* 096 

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2794 

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14 

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27 — Ik 

1094 

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27 +% 

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* FVCUGWAK g«*<* soccer. 















'M!\S 



v-r' ■ 


INTERNATIONAL HERALD TRIBUNE. WEDNESDAY, NOVEMBER 13. 1985 


SPORTS 





Vital Ingredients: Honor, Art and Justice 


i,, ^i 


baenwttorul Herald Tribune 
: t LONDON —It is either an old- 

fashioned idealist a dreamer vho 

looks for honor, art and justice in 
one sporting week. . 

Icoufesstobdngabitof bojh.1 

' i-,"" have tickets for Wembley on Wed- 
nesday and Parc des Princes on 
Saturday, and I dearly hope soccer 
fan restore some values to its year 
of setf-destruction. 

^ b. Honor beyond question is the de- 
% dared aim at Wembley, when En- 
gland plays Northern Ireland in a 
/ final World Cop qualifier. 

England is hong and dry, its 
•; • .‘fcxments need a draw — and ac- 
- ^ cusatkms of collusion have already 
~ risen in the East, where Romania 
■ V/wocJd be dtmm aled if Northern 
■: i . Ireland gains one point 


he states, “that this was due' — if Bnt Ztatfco Vujofic is a Yugoslav 
t i^ n to a vc O' S rcat whose he ading ability Stuttgart 
to the presence of Mr. would pay a fortune to hire. He 
«aiy Cavan m the stadia.” wmld eat B * n in dw. air . 



Clan’s dual rote as an official of 
Northe rn Iri sh soccer associa- 
tion and as FIFA’s senior vice pres- 


Rob Hughes 


would cat B &B in the air. 

• The Yugoslavs, endlessly discov- 
ering sew talents to replace those 
exported or lost to national service, 
arc the reverse of the French — 
more potent away from borne. So a 
match many blithely expect France 



fair .f. uZ Zr- — T - ” w • xddee in the dracocdan measure of 

lair atmosphere. Hysterical non- Me h 



sense, Cavan retorts. 

Whatever dse, the remains of the 
British reputation for f air play may 
not survive, a late egnaiwing goal 
f or the Northern Irish. 

FIFA bad sensibly ordered that 
“}is match , and Romania’s final 
™g in Today, kick off simulta- 
neously. 


imprisonment for one of our 

c rimin al hooligans. 

Would that the question of gufll 
be beyond doubt. Kevin Whrtton 
was not, as widely misrcportcd, 
seat down for life last Friday for 
slashing an American bar manag- 
eFs face and wrist vnth abeer glass. 
His Me imprisonment was for 

&£S£3£e£ 

final fiord of the whtUon was additionally sen- 

Art beyond price is the challenge tmc ¥ 10 , for his aDeged 
to Fiancee SnMar to Northern Ire- part m the dashing that night He 
land, she needs one point against said to have held the Ameri- 
YugosLavia to qualify At lepqt can s aims while an nnapprehend- 
France dutifully kicks off at the «** **“8 knowD « fal 
precise hoar East Germany begins waoosly inflicted the cuts, 
against Bulgaria. - Whiiton, I strongly suspect, will 

Ludicrous, Isn’t it, that France, have his sentences decimated on 
Europe’s most refined team by the appeaL Not that he. with previous 
length of the Champs Elys&s, convictions for violence should go 

flounders so. 

At home, such fine cavalier 
blades; away such timid withdraw- 
al of artistry, such barr e n inability 
to score. 

So, Saturday favors the French. 

Bulgaria would have to allow East 
Germany a 3-0 victory before 


free tomorrow, but where will this 
leave Judge Michael Argyle, the 
new hero of a nation desperately 
hoping that vengeful, retribution 
win curb the hooligan? 

For one thing, it did not have 
that effect in London, where, with- 
in 24 hours, Mfflwall louts commit- 
ted atrocities that iaduded the seri- 
ous wounding of a poSceman. 

Fra another, a life sentence fra 
riotous behaviour tits uneasily be- 
side judgments handed down in 
Fn gfi<h courts that same day: 

• Three months' imprisonment 
for a man who for five years tor- 
tured his young stepson — forcing 
pepper into his mouth, beating, 
binding, gagging and hang in g the 
boy in adoseL 

• Three years fra two striking 
miners who attacked a working pit- 
man with ax handles in his own 
home. 

• Three years’ youth custody fra 
a 17-year-old who raped and 
robbed his doctor in her surgery. 

• Four and a half years for a 
white youth who stabbed to death a 
young black m a London street- 
fight. 

Equal under the law? Yes, it is 
high time the scales of justice 
swung against the so-called soccer 
hooligan who perpetrates criminal 
violence. 

But judiciary in panic is no de- 
terrent, no satisfaction to those 
who look to authority to free our 

sport, or our society from fearful ■ n* A«oo**d pm® 

mob rule. Kansas City’s Saberhagen: ‘Who would have Imagined it?* 

Broncos Nip 49ers, Take Over Lead in AFC West 



Saberhagen Winner 
Of Cy Young Award 


ky . - 7-: r •= 


Michel Hidalgo 

. . . The father of orphans ? 


Victor Stanculescu, the framer 


Compiled bp Oir Staff From Dispatches 

. _ . DENVER — John Elway threw 

France had to as much as equal the two first-half touchdown passes 
grinding, scoreless draw file gained and Rich Karlis kicked a 24-yard 
in Sarajevo last April. Geld goal with 1:27 left in the game. 

But surely Michel P latini & Co. lifting the Denver Broncos into sole 
wU^entertamln the grand manner possession of first place in the 

American Conference West with a 
17-16 National Football League 
victory over the San Francisco 
49ers here Monday night 
Trailing by 14-3 at the half, the 


unu 


at Parc des Princes? Tm not con- 
vinced. 

0 . . — ■— We've seen Platini freeze before, 

Romamra teani manager, openty seen the stylist Alain Giresse and 

regards that point as a foregone gift the tigerish Jean TIgana revive him W y ,n-j at me uu, me 

- ^5° nci^ibors wbose roen play with what Napoleon called *7e 49ers rallied behind the arm of Joe 

; • I?flieEn S ,Lea8ue ' oourage de Pimproviste." Montana, the legs of Roger Craig 

- t. . suspioon may tdl ns more Rousing stuff But that was un- and the foot of Ray Wersching to 

about t he w ay the Easton bloc ar- der the managership of Mic hel Hi - take a 16-14 lead with 3:46 remain- 

- ranges rhmgs. dalgo, whose successor, Hemi Mi- ing, when Wersching’s 45-yard 

m Britai^ every member of chel, has not yet won the hearts of field goal put San Francisco ahead 

• ther camp who can stnng together Ms generals, not yet liberated Ha- for the first time. 

• : **“ remotest tipi and Giresse in the way Hidalgo 

- -7^ to be played . HOdalgo, who passed his roman- 

with honor! booms Bobby Rob- tine ideals on to the players, has left 
som England s manager them with a more pragmatic coach. 

• JJSSSte -1 ?? df0r i“ tr Without Ifildalga, smereact as if 
.. . ish footbaH Obviously it would be 
~ better for us if Northern Ireland, 

; ;not Romania, goes to die Worid 
Cup. But any thing the Irish get on 
Wednesday They will' have to 6&m 
_ on merit,” 

Romania’s current manager. 

Mircea Lucescu, prepares his ex- 
cuses not on wliat might happen at 
Wembley but on misjustice already 
- taken place. 

Romania’s two defeats to North- 
ern Ireland, he says, were a mock- 
ery of the real balance of forces. In 

Lucescu’s eyes, the Belgian referee 

in Belfast allowed the home side a 
' flagrant offside gpal and the Dan- 
■ " ish referee in Bucharest denied Ro- 

jttmia a blatent penalty. . sweepos whose elegance Is from NrT 

- “I haven’t the slightest doubt,” the down. . John Elway 

' Hawks Thwart Rangers in Overtime 

v The Associated Pres* 

1 •• NEW YORK — Thanks to a 
' penalty late in the game, the New 
York Rangers remain 0-for-over- 
ume this year. Bob Murray scored 

NHL FOCUS 

a power-play goal 53 seconds into 
Monday's extra period, enabling 
the Chicago Black Hawks to snap a 
^ • four-game losing streak with a 5-4 
: National Hockey League victory 
‘ .'over the Rangers here. . . - 
The penalty on Ron Greschner, 
r ; for bolding, actually came in the 
~. ■ waning seconds of regulation, but 
J - the Rangers stOl found themsdves 
■ a man down in sudden death. 

Referee Ron Fournier’s call be- 
. came the focal point after Murray’s 
25-footei sent New York to its 
fourth loss in four overtime games 
. this yta sp fl 

' “He could have called 10 penal- 
•' ties in the last 10 minutes,” Gresch- 


But Denver countered with a 63- three times in the first half but 
yard drive. On a 3d- and- 13 situs- came away with only one field goal, 
tion, an interference penalty called battled back in the second half, 
on 49er safety Dwight Hicks Montana got San Francisco into 
against Steve Watson covered 42 the end zone early in the third quar- 
yards. Again on third down, and ter with a 13-yard pass to Mike 
under pressure from a blitzing Wilson. Following an interception 
Ronnie Lott, Elway completed a by Lou, Wersching kicked a 22- 
22-yard throw to Watson at the San yarder to draw the visitors to with- 
F ran cisco 7-yard-line. Three plays in 14-13 midway through the quar- 
later Karlis produced his second ter. 

game-winning kick of the season. Late in the second period, the 
In a first half that saw kicking- 49ers had a 1st down at the Denver 
game errors on both sides, Denver 1 1. Three plays netted nine yards 
moved to its 14-3 lead behind El- and, with 17 seconds left in the 
way’s TD passes, of three yards to half, San Francisco went for a field 
running back Gene i-awg and six goal. But just before the ball 
yards to Watson. The 49ers, who reached holder Matt Cavanaugh, a 
bad driven inside (he Bronco 10 snowball thrown by a fan landed 


just in front of him. Cavanaugh 
bobbled the snap, and threw a des- 
peration pass that fell incomplete. 

Said center Randy Cross: “I saw 
the snowball explode right after I 
snapped the balL The ball and the 
snowball hit right at the same time. 
It definitely made a difference.” 

Referee Tun Tunney said the of- 
ficials were powerless to penalize 
anyone for the incident. “We did 
ask the Broncos for more security 
down at that end of the stadium.” 
be said. “But we have no recourse 
in terms of a foul or to call it on the 
home team or the fans. There's 
nothing in the rule book that allows 
us to do that." \AP, UPJl 


Compiled fa- Our Staff From Dispatches 

NEW YORK — Bret Saberha- 
gen of Kansas City won the Ameri- 
can League's Cy Young award on 
Monday with a one-sided victoiy 
over Ron Guidry of the New York 
Yankees. 

Saberhagen. who had a 20-6 re- 
cord, received 23 of 28 first-place 
votes and a total of 127 points to 
four first-place votes and 8S points 
for Guidry (22-61. It marked one of 
the few times in ibe American 
League voting that a starting pitch- 
er won the award as the league's 
best pitcher when he had fewer 
victories than another starter. 

The voting by a panel of two 
baseball writers from each league 
city was conducted before postsea- 
son games. Saberhagen subse- 
quently won two World Series 
games and was named the champi- 
onship's most valuable player. 

“This is great for me and great 
for Kansas City ” said the 2! -year- 
old right-hander, who is only three 
years out of high school “It’s defi- 
nitely a team award. If you don't 
have 25 guys fighting for you every' 
time you go out there, then you 
don’t have a chance." 

Ben Blyieven of Minnesota re- 
ceived the other first-place vote 
and tied for third with Dan Quisen- 
berry of Kansas City with 9 points 
each. 

Since 1967, when the Cy Young 
award was divided into separate 
league honora, there had been only 
three times when a starter won the 
award with fewer victories than an- 
other starter, and each of the other 
instances provided obvious reasons 
for the outcome. 

In 1982, Pete Vuckovich won 
with an 18-6 record while LaMarr 
Hoyt had 19 victories but 15 de- 
feats. In 1973, Jim Palmer won with 
a 22-9 mark while Wilbur Wood 
had 24 victories but lost 20 and Joe 
Coleman won 23 but was beaten 15 
times. In 1971. winnei Vida Blue 
went 24-8 while Mickey Lolich had 
25 victories but 14 defeats. Guidry 
won the award in 1978 with a 25-3 
record. 

The two victories that Guidry 
had over Saberhagen migh t have 
been the biggest difference in their 
records. Except for the number of 
victories. Saberhagen generally had 


better statistics than Guidry, but 
only by slim margins. 

Saberhagen had a better eamed- 
run average (2.87 lo 3.27) and bet- 
ter nine-inning ratios for hits (.8.1 
to 8.4) and strikeouts (6.0 to 5.0). 
But they each walked an average of 
1.5 per nine innings and Guidry 
pitched two shutouts to one for 
Saberhagen and 1! complete games 
to 10. 

In only his second year in the 
major leagues. Saberhagen showed 
remarkable poise and a sharp com- 
mand of several pitches; he struck 
out 158 baiters and walked only 38. 

He said his goals for Lhe season 
had been relatively modest. “I was 
hoping for 14 or 15 victories and an 
ERA around 3.2." he said. “At the 
be ginnin g of the year [fellow Kan- 
sas City pitcher] Mark Gubicza and 
1 were joking about the fact that we 
had a Cy Young incentive clause in 
our contract — that we would get 
bonus money for winning. Who 
would have imagined it would have 
come true for me?" 

■ 63 Free Agents 

Elsewhere in baseball, 1 1 more 
players filed for free agency, bring- 
ing’ to 63 the number of free agents 
who could begin signing with any 
team on Tuesday. The filing dead- 
line was midnight Monday night. 
Scott Sanderson, a Chicago Cub 
pitcher, had previously filed but on 
Monday reached agreement with 
the Cubs on a one-year contract 
lhat also indudes options for two 
more years. 

With the number at 62, a club 
can sign a maximum of three free 
agents unless it has lost more than 
three players as free agents. The 
California Angels had six players 
declare for free agency while Cleve- 
land, Oakland, and Sl Louis had 
five each, and Detroit. Kansas City 
and the Yankees had four each. 

Among Lhe players filing on 
Monday were Hal McRae, Kansas 
City’s designated hitter. Bobby 
Grich. the Angd second baseman 
who was in the first group of free 
agents in 1976; Tommy John, who 
pitched for California and Oakland 
this year; Bruce Risen, a Boston 
pitcher who was also a free agent 
last year, and Dickie Thon, the 
Houston shortstop. (ATT, AP) 


have hurt France, yet 
apart from 10 goals against Luxon- 
bouig, how many do you suppose 
the French have mustered" in five 
other qualifiers? Three. 

Dominique Rochetcan, sublime 
of touch but unreliable of tempera- 
ment, and Josfe Tourc, also mercu- 
rial at striking from the deep, are 
devastating rate day, as effective as 
& feather duster to a rhino’s back- 
side the next - 

And on defense the French have 
trouble heading the balL Against 
Luxembourg, she could get away 
with the compromise of Maxime 
Bossis and Patrick Baltiston, two 
sweepers whose elegance is from 
the knees down. 



SCOREBOARD 


Basketball 


Baseball 


Football 


National Basketball Association Leaders 


M u Honed BofkrtBoD AuodoNon leaders 
ttiroogti games of Mov. ll: - - 
TEAM OFFSMSC 


Cy Young Winners College Top 20s 


NFL Standings 


ner said, “and he calls me wheat I 
hardly touched the guy: . . ." Chica- 
go’s captain, Darryl Sutter, agreed: 
“It was a gift" . 

After New York went ahead, 4-2, 
on KeDy Miller’s second goal of the 
game early in the third period. 


Behn Wilson started a Blade Hawk 
comeback at 5:06 by rocketing a 
shot off the glass along the boards; 
the puck skittered behind 
John Vanbiesbrouck and into the 
net. Sutter tied the game, 4-4, with 
a 10-footarfrom the slot at 8:44! 


LA. Laker* 

Detroit 

Houston 

Indiana 

Denvor 

Milwaukee 

Mow Jorsoy 

Portland 

l— A. Clippers 

Utah 

Phoenix 

Boston 

Golden. Slate 

Dados 

Philadelphia 

Cleveland 

So croai onto 

Chicago 

Allan la 

San Anlonio 

Washington 

Seattle 

New York 


Seattle 

Wasninglon 

Now York 
Boston 
Philadelphia 
5on Antonio 


G 
7 
* 

I 
t 
7 
10 
0 
» 

7 
S 
7 
7 
9 
7 
B 
9 
7 
I 
9 
> 

7 
S 
B 

TEAM DEFENSE 

G No. 

B 777 


Pt. 

«73 

1081 

♦SB 

714 

832 

1157 

1023 

1071 

7B* 

■M 

77? 

777 

JB7 

760 

B6B 

*74 

7S4 

05* 

*46 

B39 

673 

751 

733 


^ridtmGoaUe y sParmts^gnBdease 

The Associated Press ■ 

STRATFORD, New Jersey — The parents of Philadelphia Flyer 
goal tender Pdle Lindbergh, who was left brain dead after a car 
accident, have signed a release to allow doctors to take his organs fra 
transplant donations, the physician for the National Hockey Teague 
team said Tuesday evening. 

Dr. Edward Viner said that the organs probably would be taken 
within 24 hours. They must be removed while Lindbergh is bring kept 
alive by a respirator. 

IBs father flew from Sweden oriManday to join his mother and his 
fiancc at the hospital where be was taken Sunday morning. 

Lindbergh. 26, sustained severe spinal-cord and brain-stem damage 
when Ms - sports car slammed into a concrete wall about 5:40 A-M. 
Sunday. IBs blood alcohol content was J24 percent; a motorist in New 
Jersey is considered legally drunk if his level exceeds .10 percent 


Milwaukee 

Portland 

Cleveland 

Atlanta 

Sacramento 

Houston 

ailcooo 

LA Cl I ooers 

LA Lakers 

Utah 

Golden Slate 

Dallas 

Detroit 

Indiana 

New Jersey 

Phoenix 


6*3 

798 

703 

BS4 

B54 

757 

1087 

*76 

*81 

984 

771 

895 

8*8 

787 

788 
*03 

Ml* 

114 

1MB 

701 

1054 

*01 


Avo 

134.7 

120.1 

lltJ 

11M 

IT*? 

TIM 

T1X4 

11X4 

11X7 

11ZB 

1113 

uu 

10*3 

lMLA 

1083 

1083 

107J 

IOTA 

105.1 
104.* 

94.1 
9X9 
913 

Avg 

*7.1 

9*J 

*93 

1KL4 

1043 

1043 

108.1. 

10U 

IBM 

10*3 

10*J 

110.1 

111.* 

UU 

11X4 

1123 

1123 

11X2 

1143 

1163 

1143 

117.1 

1283 


Fleming. Ind. 



44 

71 .420 

La Ing ston. All. 

w .-b— 


42 

69 A0* 

Scott. LAL 



53 

8* -S96 

Harper. Doll. 



38 

65 StS 

Ltovd. Hou. 



40 

104 5T7 

Nan. Den. 



36 

41 571 

Ha men. Utah 



41 

72 54* 


Rebounding 




G OH Dot Tot Avg 

williams, NJ. 

* 

42 

B9 

131 1A6 

Otaluwan. Hou, 

8 

42 

M 

108 135 

Ldmbeer. Det. 

* 

34 

86 

120 73J 

Sampson, Hou. 

8 

29 

75 

104 11A 

Malone. Phil. 

8 

38 

57 

95 11.* 

Rid end. Wash. 

7 

25 

58 

83 110 

Carroll. Gi 

* 

17 

7* 

96 107 

Donaldson. Lac 

7 

13 

5* 

72 10J 

Perkins. Doll. 

7 

22 

48 

70 IDO 


Assists 







G No. Avg. 

Johnson LAL 



5 

57 1U 

Thomas. Dot. 



* 

102 11J 

Cheeks. PhlL 



8 

73 *.l 

Fiord, GS. 



0 

80 L* 

Lucas, Hou. 



8 

70 85 

Cooper, lal 



7 

41 8.7 

Stockton, Utah 



8 

45 8.1 

Bagiev. Clev. 



* 

72 L0 


Annual winners of the Cv Young Award as 
Jhe outstanding American League pitcher 
'(from 1 * 86 - 1 *64 there wot one selection from 
both leagues) : 


The loo 20 teams Hi The Associated Press 
college football por (flrst-Ptaco votes in oo- 


AMERICAN CONFERENCE 
East 


1985— Bret Saberhagen. Kansas City 
1984— Willie Hernandez. De troll 
1*03— LaMarr Hovt. Chicago 
1982— Pete Vuckovich. Milwaukee 
1*81— Rollle Fingers. Milwaukee 
1*80— Sieve Stone. Baltimore 
197?— Mike Fionooan. Baltimore 
1*78— Ran Guidry. New York 
1977— Sparky Lyle. New York 
1*76— Jim Palmer. Baltimore 
1975 — Jim Palmer, Baltimore 

1974— Catfish Hunter. Ookkmd 

1975— Jim Palmer. Baltimore 
1*73— Gov lord Perry. Cleveland 
1*71— vido Blue. Oakland 
1*70— Jim Perry. Minnesota 

IW9 — Mike Cuellar. Baltimore, end Denny 
McLain. Del rah 
1968— Oennv McLain. Detroit 
1*47— Jim Lon boro, Boston 
1944— Dean Chance. Las Angeles 
1961— Whltev Ford. New York 
1*59— Eorfv Wvnn. Chicago 
1956 — BoO TUrtev, New York 


Hockey 



English. Den. 

Dan rlev. Utah 
Wooirkige. ChL 
Smith, Lae 
Wilkins. Att 
Malone, Phil. 
Kellogg, ln«L 
v ond ewoghe. Prr. 
Aguirre, DalL 
Free. Clev. 
Moncrlef. MIL 
Thomas, Dot. 
Ewing, N.Y. 
Olaluwoa hou. 
Floy a G 3. 

Bird, Bos. 


INDIVIDUAL 

Eeortng 

5 FG FT PS Avg 
7 77 41 215 30J 


National Hockey League Leaders 

NottoMl Hockey Leogee leoders mreugn 
gomes of nov. 10 : 

SCORING 

G A PH 

Gretzky, Edm 11 ?s 36 

Proop, Phi 12 12 24 

Lemleux, Pit 10 14 24 

Unsemon. Bos * 20 24 

Anderson. Earn 13 10 23 

Naskma Mtl 11 12 23 

Simmer. Bos 14 a 22 

Kerr. Phi 16 S 21 

Hawerchuk. Win * 12 21 

Gartner. Was 10 10 20 

GOALTENDING 

l Empty-net goals In parentheses) 


ranlheses. season records, total points Dosed 


w 

L 

T Pci. PF 

PA 

on 20-19-18, etc. and tost week's rankings): 

New England 

7 

3 

0 

.700 207 

171 


Record 

Pts pvn 

N.Y. JeH 

7 

3 

a 

.700 225 

15ft 

1-Perm state (441 

9-0-0 

1,143 2 

Miami , 

6 

4 

0 

■600 241 

211 

25lebraska (9) 

8-14) 

1,083 3 

Indianapolis 

3 

7 

0 

JOB 187 

238 

3-Ohlo State (21 

8-1-0 

lJOl 4 

Butlaio 

2 

8 

0 

-200 141 

216 

AAlr Force (21 

10-0-0 

941 5 


Central 




5- Iowa 

8-1-0 

*05 6 

Cincinnati 

5 

6 

0 

500 207 

288 

6JiMomL Fla. 

8-14) 

89! 8 

Pittsburgh 

5 

5 

0 

500 21* 

181 

7-Oklahoinn (21 

0-14) 

883 7 

Cleveland 

4 

6 

0 

A00 1*0 

159 

BJMidilgan 

7-1-1 

744 * 

Houston 

* 

6 

0 

.400 162 

205 

^Arkansas 

8-1-0 

662 72 


Wool 




KL Oklahoma State 

7-141 

446 10 

Denver 

7 

3 

0 

.700 23A 

197 

11. Florida 

7-M 

577 1 

Seattle 

6 

A 

0 

MX 218 

205 

IX Georgia 

7-1-1 

548 17 

LA. Raiders 

6 

4 

0 

A00 230 

227 

13. UCLA 

7-1-1 

4*4 14 

San Diego 

5 

5 

0 

500 260 

2*5 

14. Auburn 

7-2-0 

436 13 

Kansas Cirv 

3 

7 

0 

J00 199 

240 

15. Florida stole 

7-2-0 

323 16 

NATIONAL CONFERENCE 


14. Brigham Young 

B-24) 

238 18 


East 




17. Baylor 

7-24) 

225 11 

Dallas 

7 

3 

0 

J00 220 

153 

IB. Tennessee 

5-1-2 

204 19 

N.Y. Giants 

7 

3 

0 

.700 227 

170 

1*. LSU 

5-1-1 

172 15 

Philadelphia 

5 

5 

0 

500 15* 

162 

20. Alabama 

6-2-1 

82 20 

Washington 

5 

5 

0 

500 165 

181 

The upi board ot cooches' ton 20 ratings 

Si. Louis 

4 

6 

0 

-too 186 

732 

(flrst-Place vales and recants In pa rent hoses; 


Central 




(Mai points, based m IS for first place, 14 tar 

Chicago 

10 

0 

0 

1.000 27* 

127 

second, efc-cnd last week's rankings): 

Minnesota 

5 

5 

0 

500 TOO 

207 

t Penn State (34) (94)) 

614 1 

Detroit 

5 

5 

0 

500 173 

220 

Z Nebraska (4) (8-1 ) 


560 2 

Green Bav 

£ 

6 

0 

.400 191 

233 

Z Ohio Slate (11 <8-11 


490 3 

Tampa Bay 

1 

4 

0 

.100 200 

272 

A Air Force (3) (1041) 


48* 4 


West 




S Iowa (8-1) 


415 5 

LA Poms 

0 

2 

0 

M0 210 

151 

4- Oklahoma (4-1) 


406 6 

Son Francisco 

5 

5 

0 

500 244 

184 

7. Mtami (Fla.) (8.1) 


3*1 7 

New Orleans 

3 

7 

0 

•300 176 

262 

8. Michigan (7-1-T) 


2*5 * 

Atlanta 

1 

» 

0 

.100 188 

307 


73 243 30A 
70 23S 29.4 

43 189 273 
40 225 253 
62 194 243 
21 144 243 
OS 215 2X9 
45 167 23.9 

44 211 2X4 
225 223 
202 22 A 
178 223 
178 223 
1*7 2L* 
151 213 


FteW Goat Percentage 

FG FGA Pet 
ML 4* 07 331 

Johnson, SA 33 52 335 

NBA Standings 

EASTERN CONFERENCE 

Atlantic Division 

W L Pet <3 B 

Boston 4 I 357 — 

New jersey * 4 mo 1 l s 

Phitederehta 4 4 300 2>; 



2 S 
0 8 

Central Division 
» i 


386 

300 


e'z 


tMDiMN ft** WftMMd 


New York’s Tom Laidlaw crosschecked Curt Fraser into a fast-period disappearing act 
Monday nlphf at Madison Square Garden,, but moments later Fraser assisted on Ed 

- - ^ ' * ■ I _ M. 1 Utn IAaL .AaI AL . ZlA ftwiAMAV jC A AttMtfitMA 


I* 




Olczvk’s tufiy mid later scored his 10th goal of the season in Chicago’s 5-4 overtime victory. 


347 — 

4 4 300 ’T 

4 4 300 1>: 

4 S 344 2 

2 4 333 21: 

3 A 353 3 

WESTERN CONFERENCE 

Midwest Division 

Denver 0 1 .857 — 

Houston 6 2 .750 

San Antonio S 4 354 2 

Utah 4 4 300 3>: 

Dallas 2 S 3* 4 

Socramnma 2 5 4 

Pacific Division 

LA. Lakers * 1 357 - 

Portland 7 2 .778 — 

LA CIIbdots S 2 314 1 

Golden State 4 5 .444 j 

SealUe 2 t 33 4'.: 

Phoenix 0 7 J)00 6 

Monday's Result 

New Jersey 32 25 29 29— let 

Ban Antonie 38 2* 27 jo— ill 

Mllctari! 10-19 10-12 XL Moore 3-7 10-13 16 
Rofcertscn 7-11 2-3 16; Birdsong 12-fa 3J 37. 
Wllliems9-10542].Refeoend». Now Jersey (t 
(williams ill. Son An I on la 48 (Gilmore ill. 
Assists: New Jersey 23 1 Rknarason 71, San 
Antonio 23 (Moore 8). 



MP 

GA SO Avg 

Froese 

360 

16 

0 

257 

Lindbergh 

488 

23 

1 

258 

PMtadelpata 

M0 

39 

1 

17* 

Puppo 

180 

4 

1 

153 

Barrosso 

725 

3* 

1 

053 

Buffo In 

*05 

43 

7 

255 

Keans 

480 

18 

a 

Z£5 

Peelers 

425 

26 

0 

X67 

Boston 

*05 

44 

0 

Z93 

Gasselln 

60S 

X 

1 

Z98 

Sevlgny 

240 

15 

0 

3.75 

Quebec 

645 

45 

1 

350 

Vanbiesbrouck 

594 

29 

1 

Z*3 

Scott 

62 

4 

0 

357 

Kielsinger 

191 

14 

0 

AM 

NY Rangers 

847 

47 

i 

353 

Moog 

498 

26 

1 

3.13 

Futir 

347 

21 

0 

363 

Edmonton 

845 

47 

1 

554 

Jensen 

542 

29 

0 

351 

Rbflln 

36? 

23 

D 

354 

Washington a ) 

*11 

54 

0 

356 

Hrudev 

441 

25 

0 

355 

Smith 

330 

73 

0 

4.18 

NY islanders 

7*1 

48 

0 

354 

Blinngton 

60 

2 

0 

£00 

Rescn 

382 

21 

0 

350 

Chnvrier 

410 

27 

0 

3.95 

New Jersey (3) 

852 

53 

0 

353 

D'Amour 

1*6 

12 

a 

357 

Lemelln 

70* 

44 

0 

3.72 

cotgary (i> 

*05 

>7 

0 

358 

Wamslev 

185 

6 

0 

1.95 

Mov 

184 

13 

0 

454 

Milton 

430 

31 

a 

433 


SI. LOU i» (2) 

799 

52 

0 

XM 

Beoupre 

612 

3a 

0 

Z53 

Melonsan 

345 

1* 

D 

4A5 

Minnesota (1) 

857 

56 

0 

352 

Ramona 

490 

30 

0 

357 

Meioche 

365 

3 

0 

178 

Herron 

60 

4 

0 

4j00 

Pittsburgh (3) 

*1$ 

to 

0 

193 

Br odour 

765 

44 

1 

14S 

Caprice 

145 

17 

0 

7JO 

Vancouver (l) 

*10 

62 

1 

409 

Soe Inert 

185 

9 

1 

£92 

Roy 

346 

26 

0 

LSI 

Penney 

319 

26 

0 

4J8* 

Montreal 

sso 

61 

1 

451 

Bernhardt 

491 

34 

0 

4.15 

Edwards 

360 

28 

0 

4.67 

Taranto 

851 

62 

6 

<57 

Weeks 

302 

19 

0 

177 

Uut 

540 

45 

0 

SM 

Hartford 

843 

64 

8 

AM 

Sotrve 

22* 

13 

0 

141 

Bonnermon 

556 

46 

a 

4.96 

Skorodertski 

60 

6 

0 

64» 

Chicago (1) 

MS 

66 

0 

AM 

Bouchard 

293 

14 

0 

£87 

Hayward 

590 

55 

0 

559 

B eh rend 

26 

5 

0 

1154 

Winnipeg 

909 

74 

0 

488 

Steton 

375 

20 

0 

320 

Pusev 

40 

3 

0 

450 

Mica let 

325 

36 

0 

6A5 

MiO 

120 

14 

0 

7JM 

Detroit 

860 

73 

0 

509 

Janecvk 

SOI 

41 

a 

4.91 

Eliot 

405 

35 

0 

5.19 

LOS Angelas (3) 

906 

78 

0 

5.17 


*. Arkansas (8-1 1 2B1 10 

la Oklahoma Slate (7-l> 353 11 

II. UCLA (7-1-11 311 13 

11 Georgia (7-1-1 j 13* 15 

11 Auburn (7-2) 124 14 

14. Florida Stole (7-21 75 16 

15. Brigham Young (8-2) 57 18 

16. Baylor (7-2> 55 8 

17. Tennessee (5-1-21 40 17 

IX Louisiana Stale (5-1-1) 38 13 

1*. Texas ASM (6-2) 1* 1* 

20. Texas (e-2) 13 z 

(z-Unranked) 

I Bv ooreem wit with the American Football 
Coaches AMOdatlan, learns on NCAA or con- 
ference probation and forbidden to c o mpet e 
In bowl games are ineligible ter too-20 consid- 
eration by UPI. Currently In tool category ore 
Florida and Southern Methodist.) 


Monday's Result 
Denver 17. San Frondsco 16 


NOV. 17 

Buffalo ot Clevelona 
Chicago at Dallas 
Tamoa Bav at N.Y Jets 
LA. Rams at Atlanta 
Miami at Indianapolis 
New Orleans vs. Green Bor al Milwaukee 
Pittsburgh ai Houston 
Phlloaelphlo al St. Louis 
San Diego ot Denver 
Minnesota ot Detroit 
New England ot Seattle 
Cincinnati at L_A_ Raiders 
Kansas Cllv at Son Francisco 
NOV. 18 

N.Y. Gionts al Washington 


NHL Standings 


WALES CONFERENCE 
Patrick Dtvtslen 


PMfodelphig 
NY Islanders 
Washing I on 
NY Rangers 
New Jersey 
Pittsburgh 


r Pto GF GA 
0 24 49 3* 


Transition 


Adams Division 

Boston 10 4 1 31 66 44 

Oucbec 9 4 1 19 60 48 

Buffalo * 5 1 19 40 <3 

Hart lord 7 7 0 14 S3 64 

Montreal 6 t 2 14 &o eO 

CAMPBELL CONFERENCE 
Norris Division 


FOOTBALL 

Motional FootbaH Conference 
HOUSTON IHnesd Mike Afclu wide re- 
ceiver. on injured reserve. Signed Herkle 
waits, wide receiver, 

SEATTLE— Re-signed Andre Horny, run- 
ning back. 

HOCKEY 

NaTtmal ttockev League 
N.Y. ISLANDERS— Sent Dote Henrv, Greg 
Gilbert and Glenn Jonannesen. left wings, to 
Springfield at me American Meckev League. 

COLLEGE 

NAVY— Announced itiof Bill Byrne, quar- 
terback. u n d er went emergency surgery to 
nave his spleen removed after Being m lured 
Saturday against Syracuse, a gams In wNdi 
he set six school records. 

NORTHWESTERN— Extended lhe con- 
tract of Douglas W. Single, director of athlet- 
ics 4hd recreation, tnrouon T990. 

WYOMING— Announced mat Al Kincaid, 
loo reoil eoacn. will not return next season. 


Chicago 

5 

9 

1 

11 

58 

70 

SI. Louis 

4 

6 

3 

11 

43 

52 

Minnesota 

4 

7 

3 

11 

55 

56 

□elrmt 

2 

* 

4 

8 

43 

78 

Toronto 

1 11 2 
Smyths Division 

4 

42 

62 

Edmonton 

11 

3 

1 

23 

78 

47 

Vancouver 

8 

6 

3 

18 

66 

62 

Calgary 

8 

6 

1 

17 

67 

57 

Winnipeg 

6 

8 

1 

13 

62 

7< 

las Angela 

3 

11 

1 

7 

51 

78 


MONDAY'S RESULTS 
Chicago I 1 2 1—3 

N.Y. Haugen 2 110-4 

oiczvk (4). Fraser (10). B. Wilson (3l. Sutter 
(4}. B. Murray (2); Pavella llll.5ondstram 
<61. Miller 2 14). Shots on oool: CMeoga Ion 
Vontriasbrouckl M5-10-2-34: New York (On 
B cn n e rm n nl 14-13-6-0—22. 

Detroit 0 8 8-4) 

Vancouver 3 i l— s 

TombeHInl ftl.Lemcy (51. Neely (SI. Lain 2 
(41. Shots on god: Detroll (an Brodeurl 7-6- 

* — 20; Vancouver (on Stefan) 16-10-11 — 37 . 



A masterpiece of Swiss watchmaking 



JpAILLfft 






Page 24 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 13, 1985 


OBSERVER 


Two Bits 9 for a Sunrise 


By Russell Baker 

N ew York — My nunj u 

dull company most of the 
but sometimes when I first 
up in the morning it is mildly 
interesting. Take the other morn- 
m 8‘- As I came awake, the mind was 
saying, “two bits." 

That probably doesn't sound 
va >’ lively to you. I know. You 
probably wake up to find your 
tntQd saving, “Einstein had it alt 
wrong when be said. ‘E equals MC 
squared.'" 

1 remember waking up one 
morning in 1939. It was much too 
early to rise, but my mind was say- 
ing, “Isaac Newton had it all wrong 
about gravity.” 

My mind' suddenly understood 
the true law of gravity, and I 
bounded out of bed to write it 
down before it could slip my mind. 

While I was writing, the mind 
started giggling. “If you know so 
much about gravity, bow come you 
failed sophomore phvsics?” it 
asked. 

“I didn't fail, you failed," I said. 
It was always like that then. We 
would argue for hours abom which 
came first, gravity or Isaac New- 
ton. and whether chloroform or 
Henry James was the better cure 
for insomnia. 


But back to "two bits." That's 
“two bits," as in the sentence. "1 
wouldn't give two bits for the whole 
kit and caboodle". 

As I came wide awake my mind 
was saying. “1 haven't heard any- 
body since 1939 say two bits' as in, 
T wouldn't give two bits for the 
whole kit and caboodle.' " 

Now that, 1 thought, is an inter- 
esting thought coming from a mind 
as dull as this, but why doesn’t it 
tell me when it lasL heard some- 
body talk about the whole kit and 
caboodle? 

“Because." replied the mind, 
“neither one of us knows what a 
caboodle is. Why get sidetracked in 
the dictionary when 1 am trying to 
be interesting?" 

1 did know about the bit It is 22 
and one-half cents, one-eighth of a 
dollar. Expressed as eighths in frac- 
tions;. it is a standard monetary unit 
used tn stock market price quota- 
tions. Two bits is 25 cents. In its old 
slang manifestation — “not worth 
two bits” — it was a way of describ- 
ing something cheap and shabby. 

But whv had the mind had “two 


bits" on it when I awoke? "I was 
dwelling sadly on the phenomenon 
of lost knowledge." it explained, 
but faintly now. for us normal daily 
dullness was setting in. 

□ 

A generation had passed since it 
had Iasi heard anybody say “two 
bits." What if we were surrounded 
by an entire generation, millions 
and millions oT ostensibly well- 
educated Americans, who would 
sure in suspicious befuddiement if 
we came among them and said. “! 
wouldn't give two bits for ail the tea 
in China”? 

Something horrible like this can 
happen if yon are careless about 
carrying around old knowledge 
that’ hasn't been passed on to the 
latest generation. And there is al- 
ways plenty of old knowledge that 
nobody troubles to pass to the lat- 
est generation. 

For instance. 1*11 bet scarcely two 
Americans in a million know' that 
Bill Shakespeare played in the No- 
ire Dame backfield in 1935. II you 
are unfortunate enough to know 
such stuff, it is not a good idea to 
let people know you blow it. Too 
many unpleasant conclusions may 
be drawn about you. For example: 

1. Anybody who knows things 
like that must be freakish. 

2. This idiot is trying to show off 
by spouting pointless, obscure in- 
formation. 

3. Only a monumental bore 
would bring a girl out in the moon- 
light and tell her the difference be- 
tween two bits, the whole kit and 
caboodle, and all the tea in China. 

4. Anybody who uses antique ex- 
pressions like “two bits” must be 
an old fogey to be avoided like 
plague. 

□ 

I was on my feet and lathering 
my chin before I grasped the idea f 
thought the mind must have had in 
mini! 

“What you're getting at.” I said, 
“is that what's amazing about the 
new generation, at any time in his- 
tory. is not how much brighter they 
are* than the previous generation, 
but how they manage to be so 
bright in spite of knowing so little." 

My mind didn't care. It had sunk 
into its daily dullness. “I've been 
thinking about baseball." it said. 
The thing wasn’t worth two bits 
anymore. 

,\V» York Times Service 


Barbra Streisand 

7 Become So Invoiced With Every Aspect 
That l Become Obsessed 9 


By Stephen Holden 

Vw J’orfi Times Scrrice 

N EW YORK — Barbra Strei- 
sand. whose recent attempts 
to keep up with pop music trends 
have been artistically shaky, has 
just released what may be the 
album oT a lifetime. “Barbra 
Streisand — The Broadway Al- 
bum” contains 15 songs spanning 
more than half a century of musi- 
cal theater, from “Showboat” to 
“Sunday in the Park With 
George." Streisand's tender bel 
canto renditions of ballads by 
Stephen Sondheim. Rodgers and 
Hammers iein. and Jerome Kero, 
as well as a “Porgy and Bess” 
medley, stand among the most 
thrQling performances of a 23- 
year recording career. 

Streisand’s return to a musical 
style she abandoned 15 years ago 
as uncommercial is a coup that 
has surprised Columbia Records 
and netted 800.000 advance or- 
ders for the album. It is also 
something of a milestone in that 
Streisand persuaded Sondheim, 
who is represented by six songs, 
(and the lyrics to two songs from 
from “West Side Story"), to re- 
write three songs for the project. 

“ Makin g ‘YraiT wiped me out 
and left me with no drive for two 
years,” Streisand lamented while 
In New York to make a video for 
the song “Somewhere” (from 
“West Side Story"). “But once I 
commit to a project, whether it's a 
record or a movie. I become so 
involved with every aspect that 1 
become obsessed. It's both a 
blessing and a curse, because I'm 
incapable of turning it ofi at 7 
o'clock every night.” 

This February, she will begin 
shooting on “Nuts," a serious 
film based on Tom Topor's 
Broadway play. Beyond that 
looms a larger, unnamed musical 
film, winch she will direct. 

“The Broadway Album" is a 
labor of love from a singer who 
has sometimes embarrassed her- 
self by trying to accommodate 
pop treads. 

“1 really can' l stand listening to 
pop music, although I know I 
should." she said. “I don't even 
keep in close touch with Broad- 
wav anymore. The last shows I've 


seen have been very disappoint- 
ing. In fact, most of the time i 
don't listen to any music. When I 
do. it's classical My favorite 
piece is Mahler's Tenth Sympho- 
ny, and I also love Banok’s Sec- 
ond Violin Concerto and Maria 
Cal las singing Puccini." 

While she ba^ recorded dozens 
of songs using rack rhythm sec- 
tions, Streisand feels out of her 
element ringing music with a 
strong, regular backbeau 

“Because I am a singer who 
believes in the moment, l do each 
take of a song differently ” she 
said. “You can't do that with rock 
'n' roll because everyone says that 
you have to ring on the beat, and 
that's very hard Tor me." 

Before this album, Streisand 
had never sung “Send in the 
downs,” from Sondheim's “A 
Little Night Music." 

“I am a singing actress who 
likes to create little dramas," she 
said. “And as an actress I didn't 
understand the last line. ‘Well, 
maybe next year,' so 1 asked Steve 
how he would fed if I ended it 
with the line, ‘Don’t bother, 
they’re here.' “ 

Sondheim not only changed 
the last line but added an eight- 
line second bridge clarifying the 
song's theme of romantic bad 
timing: 

Whai a surprise! 

Who could foresee 
rd come to feel about you 
What you felt about me? 

Why only now when I see 
That you've drifted away? 

Whai a surprise . . . 

What a cliche. 

“Putting It Together " the pat- 
ter song from “Sunday in the 
Park With George,” opens Strei- 
sand's album. The original song 
cynically discussed the inspira- 
tion and commercial wheeling 
and dealing that go into a laser 
artist's successful career. Sond- 
heim rewrote the lyrics to situate 
it in the record industry. 

He also contributed a medley 
of “Pretty Women” (from 
“Sweeney Todd") and “The La- 
dies Who Lunch” (from “Compa- 
ny"). 

“1 wanted to put the two songs 
together, because 1 loved the me!- 



people 

Latest Mountaineer Gear 

1 - “ 

A year-old baby has made it to f^wed_ 
the top of a Himalayan peak. - Ctvshv _ 

thanks to a specially developed dia- tnnnp*- . to 

per guaranteed not to freeze at sub- her fa * :.v 
zeroterapcrauircs. the Tokyo daily £*****£*€ ^ ^V; 
Yomiuri Shimbun reports. Makoto Ed K .hj-- '. 

Ozaki reached the 6.189-meler She S:r ■'*>'- 

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Peak on Nov. 5. carried on the back died. «***• -jrr. - 

of his father. TakasbL Makoto. who husband W v j K- ’ 



Retard Canaan 


“Sunday” in the studio with Sondheim. 


ody of ‘Pretty Women' but didn't 
feel comfortable singing from a 
male point of view” Streisand 
said. “When I listened to The 
Ladies Who Lunch,’ I thought it 
would be interesting to put the 
songs together to present two op- 
posing views of women — a su- 
perficial view versus what their 
lives might really be like — but I 
needed a lyrical ending that 
would pull the two together." 

"Barbra Streisand has one of 
the two or three best voices in the 
world of singing songs," Sond- 
heim said. “It's not just her voice 
but her intensity, her passion and 
control. She has the meticulous 
attention to detail that makes a 
good artist-” 

Streisand has never been afraid 
to take risks. “Musically, I've felt 
compelled to uy everything," she 
said. “The most difficult singing 
project was my classical album. 


because classical singing is such a 
disciplined art form. As in rock, 
the rhythms are very specific." 
She does not read music, and 
learned lieder by listening to re- 
cordings. 

“I wanted to write ‘This is a 
work in progress' on the back of 
‘Classical Barbra,’ but my record 
company asked me not to," she 
said. “But even though I’m not 
satisfied with it. I'm still happy I 
made it." 

She maintain ed that “my life is 
better now than it has ever been. I 
appreciate things more and fed 
more grateful for what I have: 
One thing I've never done is pay 
attention to my voice. I’ve never 
pampered it or thought about iL 
It just served me. Now I realize 
I'm at an age when it's not auto- 
matically going to serve me for 
much longer” 


had his first birthday Oct. 15. had 
already accompanied his parents 
on a uek in the Himalayas to an 
altitude erf 4.000 meters when be 

was three wedcs old. A key factor in 
the success of the latest expedition 
was the invention of a diaper that 
does not freeze; even at minus 15 
degrees centigrade (5 degrees Far- 
enhrit), the average tempera tore at 
6,000 meters. ... In the year 
since Patrice Francesda left Paris 
on what is trilled as the first 
around-tbe- world ultralight plane 
voyage, the 30-year-old Frenchman 
has crossed the Sahara arid the Am- 
azon and made four forced land- 
ings. Halfway through his 25,000- 
ratie (40,000-ktiometer) odyssey. 
Franceschi has. soared over IS 
countries, covering 13,000 miles in 
250-rafle bops. Because the ultra- 
light's range is limited, Franceschi 
said in Los Angles that the plane, 
with its 30-foot wings of nylon said 
tubular al umin um and its fiber- 

lir^^re^orc he wouM^iamne 

the voyage; 

□ 

Sammy Doris Jr. has been side- 
lined for at tost four to six weeks 
to recover from reconstructive hip 
surgery, his publicist says. The en- 
tertainer, who turns 60 next month, 
was reported in exceUent condition 
after surgery m Los Angeles. He 
was hospitalized Nov. t. 

□ 


tumid have beer. 
sian roulette.’ 


er (kco . ... 

latest album . j . 

da because it was 
ho-hum for issue :n _ 

uXsutes. “rvc .to*. 
pbusc and 1 don: th---» ^ . , 

now. One day the cofr - ..... 
stop. Fwr never beer, hspr-'-- 
former Beatles drum m«~ — 

qw** * SFEh »*. 

ish magazine. Starr one -- 
the actress Barbara Bach. 

300 -year-old mansion T 

miles west of London. The? deuc- 
ed to return to live m 
Join Lemma, another fornu.. 
tic, was murdered in New V'ra i- 
December 1980. “Afterward- * d«- 
have several threats to my ^ 
and I had to have guards with nsy i 
hat ed it," Stair said. The ir.ten ’c-' 
was an extract from a fcrtna»3g» 
book on the Beatles by Homer D*j 
vies. An earlier excerpt quoted Pa* f 
jAcCa iwy as calling Lennon. ni-« > 
Beatles song-writing partner, a 
“maneuvering swine." 


was rwoneu in cxceucm cumuuuu . , „ , . 

rfurrlraefy in Los Angelo. He TteM of LkMWA ■ a™* 

MStaSSSfizedNov. t. ^twhoMsonceregBded^ihj. 

n leading contender for the tuk o. 

„ u Princess of Wafcs. are living apart 

The anger Barry Manilow says rfter n> years of marriage and three 
he tjua can’t take any money from acooniing t <> the Doily 

West Virginia" after its devastating ^ Uchfidd. a *ws\r. 

floods, so he will give the Red a-.- IL numed 

u. tin ma (» • muma u yuo.™ , . 


floods, so ne wut give tne kco _f not* , r. numoi 

Cross his $10,000 fee for a conccrt Ccosveooc. daughter of 

in Charleston, West Virginia. iheDrice of Westminster, at a cere* 

□ mdny attended bv ihe queen. 

Maty Crosby, who had the dis- Qaeim ESnbedt the' Queen Moth- 
unction of shooting J- R. Ewing on er. Princes Margaret and Prince 
“Dallas" and who starred as a Afichad of Kent The newspaper 
vamp m “Hollywood Wives," says quoted UcUodd, » photographer, 
that, in real life, “my lifestyle is so as attributing the separation to hrs 
un-Hollywood it's ridiculous.” career. According to the Mail, 
Ring Crosby's 26-year-old daughter when the queen mother heard Lrch- 
told Rcdbook ma gazine- *Tve nev- 5dd was engaged |o Lady Leonora, 
er been to a quote-unquote HoQy- she said: *Ttot's a pity. We were 
wood party. I'm ready this old- saving her for Charles." 


ANNOUNCEMENTS | ANNOUNCEMENTS 


IHE ANNUAL GBtBtAl MEETING ot 
the foStTMOq campon^ wfl be held 
a* the E»xiiio> Hold. AtendwSe: 
Aifuod. Mondwsrer. UX on No*. 
1985: Arfcnfje Mndtrurnttn SA. 
Bradley Investmem United. Bras 
F j thmg Ptopeity & Invenmefti Truss, 
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ANNOUNCEMENTS 



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THE MTBtNATIONAL 
HBtALO TRIBUNE 
thcrfcs Mrs. Adnano J. vai der Groat 
lor her corxwmon durvtg the years 
and vre won her oil the best far the 


HAVE A NICE DAYI BOKEL Have a 
nee day! BokeL 


MOVING 


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INTERNATIONAL 

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FRENCH PROVINCES 


COTE D'AZUR, MCE. Vdbonne. 
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REAL ESTATE 
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FRENCH PROVINCES 


REAL ESTATE 
FOR SALE 


CAWCS REStOMIIAL New ultra- 
modern vfla, marUe Hooting 
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en, video e lerJ ornc survettmai, elec- 
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COTE D’AZUR: ST PAUL DE VENCE 
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LONDON, 5W3, FREEHOLD, Chobca 
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REAL ESTATE 
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MONACO 


PRMaPAUlY OF MONACO 
MONTE CARLO NEAR CENTS 
Very mee 2 room, tagga, sea view, 
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REAL ESTATE 
FOR SALE 



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InB Press Service, Madrid, tot 7339548 
No F.T. _ N» Comment 


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INVESTMB4TS 
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PAGE 7 

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