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Hirl h\ 


'The Global Newspaper 
" Edited in Paris 
Printed Simultaneously 

• •. ■ h* 1 in Paris, London, Zurich, 

" " - 





INTERNATIONAL 



(tribune 


^WEATHER DATA APPEAR ON PAGE 22 


PabliAed "With Hie New York Times and Hie Washington Post 


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LONDON, THURSDAY, NOVEMBER 21, 1985 


ESTABLISHED 1887 



p : *•'£■ .. 

■■ -7 



Growth .. 
At 4.3% Pace 

I •.( >i t 

• . i ’ C ^ ConpUtJ by Our Staff From Dispatches 

V WASHINGTON — The US. 


i h, , 

■ • - n :-*• 


Exceeds Forecasts 


l. 

** ij.« 


economy grew at a surprisingly 
l Wm. 1 , a i • r _.-r- 


r '' 'Strong 43 percent animal raie 'in 
''•iu'iM 22 ^ . quarter, a percentage 

f'-.j .VT’ fi^rpoan higher than the government's 
... alw estimate last month, the Commerce - 
...” 1 ' ■"■ ’Jj ^Department reported Wednesday. ' 
..,' The government also rtported 

^that after-tax profits of American 
corporations rose 5 J percent in the 
■ . , ^ third, quarter,, following a wwvft 

. f5ff M*#ojqh„ qna ^^ r 0.3 percent rncrmw iii die 
• - second quarter. It was the largest 

• ^ for cmjjorate profits since a * 

:$k7 percent increase in the first . 


'^quarter of 1984. 


? Contributing to the . 

meat in the pros national 

'••niLj. 



U.S. Reports 'Progress’ 
As Reagan, Gorbachev 
Talk Privately a 2d Day 


ON PAGE 5 


■ The news blackout gave the 
media a chance for m-depth 
investigation of trivia. 

■ Mrs. Gorbachev pledged that 
she and Mrs. Reagan would “do 
all we can do" to hdp achieve 
peace. 


r Tico Leaders Who Can Communicate 9 


a measure of the total vatue.cf a 
‘ :: nation's goods and services, was 

’ i l ^ f 9 stcr powth than originally, esti- 

. 2; pT^; mated, in inventories and govern- 
' ..f j j ment spending. . 

.j ' But private analysts cautioned 

• ^*hat much of the economy s 

... iV|. * 1 jf strength was derived from a tempo- 

-fcfcraiy. surge in sales of new cars as 
_ consumers responded to attractive 
si financing incentives 

' ■xz Tjiielfdec, * ; Despite the rise in the growth 
” - c n-ia’.-jzate, inflation remained moderate' 

" ' j '. iii of. in the third quarter. It was: at an 

” mnual 3.1 percent rale, down from 

• 7.L\r'j npT, the second quarter's 3.9 percent 

• '*.. r ,<i • The new GNP figure was a sharp 

• -■ Lh| h; revisioQ from a prmecrion last 

Ra^^iponth of 3 j percent for the third 
: v r ; . ^ Wl ** quarter, and it was op even further 
^ ■ from the initial “flash” estimate of 

• 1‘. ••'{ k ' 1 a . ^ P^cc* 11 rale - The 4 3 percent - 


R^gartfless of the outcome of their 
tafiks, Mr. Reagan and Mr> Gorincbev 
appear to be estabKshing an amicable 
wtuiring relationship. Smfles were in «v- 
ideoce at their two meetings Tuesday, 
at right and below. Mr. Reagan’s 
spokesman said that tbe leaders’ nearly 
five hours of private talks demonstrated 


that tbe personal chemistry between tbe 
two men was “very good” and that they 
are 'two leaders who can conummicate 
with each other.” Before Wednesday’s 
talks at the Soviet mission, above, Mr. 
Reagan was asked if the two leaders 
were getting along. He replied, “You 
can see that, can’t you?” 


’ rate was the fastest since the second 
— ^duarter rate of 7.1 percent of 1984. 
LMPlOTg V' “Ihe revised data for the third 
~~2 quarter shows a very solid perfor- 
r, ^ ipanec," said Beryl A. ^jrinkd, die 

-chairman of (he Preadcnfs Gom>- 


.... j.; 



i .,1 f 


of Economic Advisers. 

- -■ “otr 

’ 'J? x/ 1 ■ H e noted that, except for. ex- 
‘'“ports, the other “major conqxy 
iAOtMT-^-noats” that makeup *he GNP were 

* ■ xsr -jevised iq»war;i •• •' 

'•* r ~ ,::Vh The hew figurc mrpEsSl ccoho? ' 
EH (AKf.mists. None had comp dose to fore- 
!H^nM'»iTt casting a 43 percent rate, and many 
■ck aw c? were predictuigthm;the estimate of 
' vl- last month would be revised down- 
** “ * ward because of the country’s.con- 
MS3 tinning trade problems. ..... 
••NUT-Siif The growth rate supported Presi- 

— — dent Ronald Reagan's arguments. 

r'W WTfl of the last few months that the 
^^ ^ economy was in the midst of a 
, .^vC. substantial rebound from the weak 
r-":r5«- growth in thefiist ax months of the 

* ^ ^'-vear- 

t r ._ ':- s .«aif' From January through June, the 
•’ ■" ; " GNPgrewatan annual rate of only 
~ '~1 1.1 percent, far below the 63 per- 
cart growth recorded for 1984. The 
nr-fTHjj - second quarter rate was 13 per- 
cenh ■ 

. " - Al thoug h the admiiiistration is 

r':l final three months of 5 to 6 

* ’ percent, some analysts said growth 

, could dip as low as 2 percent, 
pAtf* 4raggcd down by the trade deficit. 

jjjf ft would take a growth rate of 5.7 
FO" “ percent in the quarter to reach the 
administration's target for tbe year 
of a 3 percent expansion. 

~ In -addition to bong pessimistic 
about growth in the current quar- 
* » I ilfl' ^ er * many economists have believed 
that the economy would slunqi 
nrrn further in the first half of 

J <AP, UPI) 





Moscow Starts Campaign 
To Reassure Arab AWes 


By Ihsan A. Hijazi 

Sew York Tunes Service 

BEIRUT — The Soviet Union 
has begun a campaign to reassure 
tbe Arabs that Mikhail S. Gorba- 
chev will not conclude a deal with 
President Ronald Reagan at Arab 
expense. 

An article by Novosd. a Soviet 
press agency, and distributed in 
Arabic on Monday, dismissed as 
“fabrications" and “lies” claims 
that Arab interests would be com- 
promised at Geneva. Tbe Soviet 
Union, it said, was “fully commit- 


Summit Privacy May Have Helped Break the lee 


By Don Oberciorfcr 

Washington Post Service 

GENEVA — The two visible 
surprises <rf the Initial meetings be- 
tween Ronald Reagan and Mikhail 
S. Gorbachev — their unexpectedly 
long private talks and the sudden 
news blackout — may be essential 
ingredients in. any substantial re- 
sults that come from die first U.S.- 
Soviet remmil meeting in six years. 

Guarded comments from both 
the U3. and Soviet sides Tuesday 
suggeste d that cultural, civil avu- 
uou. consular and other bilateral 


agreements of modest importance 
were on track. 

But there was no word at all on 
whether Mr. Reagan and Mr. Gor- 
bachev were making, progress to- 

NEWS ANALYSIS • 

ward even a general understanding 
on the key questions of nuclear and 
space arms. 

Tbe initial private chat of the 
two leaders appeared to be a neces- 
sary personal and political ice- 
breaker. 

“If I wore in charge, that is the 


way 1 would do it," said Professor 
Marshall Goldman, director of 
Harvard University’s Russian Re- 
search Center. “Given the hostility 
and the names which have been 
called, such as *the focus of evil' 
about the Soviets and ‘another Hit- 
ler' about Reagan, it is hard to see 
bow they could get anywhere with- 
out finding & way to smooth thing s 
over." 

Tbe second private ebat, during 
a. walk and a fireside discussion, 
came at tbe end of an afternoon 
meeting on the tough issue of arms 
control 


This suggested that the walk 
might have been tbe occasion for 
the effort that Mr. Reagan bad spo- 
ken of in advance to convince Mr. 
Gorbachev that the Strategic De- 
fense Initiative space -based missil e 
defense plan was a boon to peace 
and stability rather than a threat to 
Soviet survival 

The results of the second private 
discussion were known only to a 
very few members of the U.S. dele- 
gation. 

Progress at such a top-level ses- 
sion would seem to be an essential 

(Continued on Page 5, CoL 5) 


ted” to safeguarding “rite interests 
of its Arab friends." 

The commentary was only one of 
a series issued by Soviet informa- 
tion outlets oc tbe Middle East 
issue to coinride with the Geneva 
talks. 

Moscow Radio, in an Arabic 
broadcast, denied Monday that the 
Soviet government would lift re- 
strictions on the emigration of So- 
viet Jews to Israel 

Two other articles distributed by 
Novosti said that the reasons that 
prompted tbe Kremlin to break 
diplomatic relations with Israel af- 
ter tbe 1967 Arab- Israeli war were 
still valid. The articles called for an 
international conference to resolve 
the Middle East conflict. 

A Lebanese Moslem newspaper, 
Al-Hakika, carried an article on its 
front page Tuesday by a “Soviet 
observer" explaining that Mr. Gor- ■ 
bachev’s overriding objective at the 
Geneva talks was to bring about an 
end to the arms race. He went on to 
say that the Arabs stood to benefit 
“because Israel is forever trying to 
secure military superiority to pro- 
mote its expansionist designs." 

AD these articles appeared to be 
intended to allay Arab fears after 
Israeli leaders demanded that the 
issue of Jewish emigration should 
be raised at tbe Geneva meeting, 
and after officials in land ex- 

(Contmued on Page 5, Col 3) 


By Henry Tanner 

Upemauoiul Herali Tribune 

GENEVA — Ronald Reagan and Mikhail S. Gorbachev 
completed two days of s ummi t talks Wednesday, and the 
U.S. spokesman said that “good progress” had been made. 
A Soviet spokesman described the talks as positive. 

Most of the second day of talks between the president 
and the Soviet leader was spent in private and informal 
meetings, following the pattern set Tuesday. On both days, 
the two leaders conversed extensively with only interpreters 
present. 

“During the afternoon, good progress was made,” said 
Larry Speakes, the White House spokesman. “There are 
broad areas of agreement and other areas on which further 
discussion must take place.” 

He added that at the end of the Wednesday afternoon 
session, Mr. Reagan and Mr. Gorbachev instructed Secre- 
tary of State George P. Shultz and Foreign Minister Eduard 
A Shevardnadze and other advis- 
ers to continue discussions on a 
“presentation” that would sum up 
the results of tbe s ummi t meeting 

The aides were to report to the 
two leaders Wednesday night at a 
dinner given by Mr. Reagan. The 
report will come “between soup 
and nuts,” Mr. Speakes said. 

The meetings Wednesday were 
at the Soviet Mission to the Euro- 
pean headquarters of the United 
Nations, and Mr. Gorbachev was 
chairman. Mr. Reagan presided at 
Tuesday's sessions at a private 
mansion on Lake Geneva. 

Mr. Gorbachev wiQ bold a press 
conference Thursday morning pre- 
senting his conclusions about the 
conference, the Soviet delegation 
announced Wednesday. He will 
speak at the Soviet Mission. 

U-S. plans for communicating 
the results of the summit meeting 
were not known, but Mr. Reagan 
hinted at tbe possibility of a joint 
appearance with the Soviet leader 
Thursday morning 

“I thmlr well probably be seeing 
each other,” he said at a reception 

P 'ven for both delegations by Kurt 
urgler, the Swiss president. 

It was not dear whether Mr. 

Reagan was talking about a cere- 
monial meeting or another round 
of talks to settle unresolved issues. 

Mr. Speakes had said that noth- - 
ing was on’ the president's schedule 
for Thursday morning. 

Mr. Reagan is to fly to Brussels 
in the afternoon to address a closed 
meeting of the North Atlantic 
Treaty Organization. His stopover 
is part of a U.S. effort to inform 
allied governments of the outcome 
of the talks. 

Other U.S. officials will visit oth- 
er capitals, including some in the 
Middle East, to give similar expla- 
nations to other countries. 

Mr. Reagan is returning to 
Washington on Thursday night 
and will immediately address tbe 
American people in a televised 
speech. 

Mr. Gorbachev, speaking before 
the start of the morning session, 
declared himself satisfied with the 
talks up to that point. 

Mr. Gorbachev described the 
talk* as “frank, business-like and 
able." 

r e have had a lively discussion 
at everything," he said. “The fact 
that the meetings are taking place is 
important." 

His remarks, taken together with 
similar utterances were seen as a 
confirmation that the Soviet leader 
has begun to look at the summit as 
the beg inn i n g of a longer-lasting 
dialogue between tbe two super- 
powers and no longer as a show- 
( Continued on Page 5, CoL 4) 


secret 


Donald T. Regan 

U.S. Aide’s Gaffe 
Gives Leaders a 
Wordufn Women 

The Associated Press 

GENEVA — The leaders of ‘ 
the United States and the Soviet 
Union responded Wednesday 
to a remark by the White House 
chief of staff, Donald T. Regan, 
that women do not understand 
human rights, arms control or 
other weighty issues being dis- 
cussed at the Geneva summit 
meeting, 

Mr. Regan had told The 
Washington Post that he 
thought women would be more 
interested in the activities of the 
U-S. and Soviet first ladies than 
in the meetings between Presi- 
dent Ronald Reagan and Mik- 
hail S. Gorbachev. 

Women, Mr. Regan said, 
would not understand arms 
control “what is happening in 
■Afghanistan or what is happen- 
ing in human rights.” He added, 
“Some women will, but most 
women — believe me, your 
readers for the most part if you 
took a poll — would rather read 
the human interest stuff.” 

Asked about his aide’s re- 
marks, President Reagan said, 
“I don’t think he meant for it to 
be interpreted in that way at all 
He was simply adding to that 
interest, that they also had an 
interest in children and a hu- 
man touch.” 

Mr. Gorbachev said: “My 
view is that both men and wom- 
en in the United States and the 
Soviet Union, all over the 
world, are interested in having 
peace for themselves and in be- 
ing sure that peace would be 
kepi stable and lasting for the 
future, and for that they are 
interested in the reduction of 
the countless weapons that we 
have.” 


’ - *1 


Oman Marks 15 Years of Modernization 

Sultanate Celebrates lts f Coming Out Day’ With Camel Races 




filtf x 





ByJohnKifner 

New York Times Service . 

.. MUSCAT, Oman — The Bedouins are in from the desert for 
the celebration, camped at the far edge of the city: dark, 
.whippet-lean men with hawklike faces, few teeth and daggers in 
their belts, hobbling their camels out by the silvery disk anten- 
nas of the television satellite station. . .. 

Fifteen years ago, this far edge of the Arabian Penmaila was 
a medieval place, kept isolated by its absolute niter, the reclu- 
sive and curmudgeonly Sultan Said bm.Tainrar, who forbade' 
smoking , listening to the radio, playing drums or die stringed 

aid, and the wearing of eyeglasses .- . 
or European shoes. 

There were only six mites <10 kilometers) of paved road then 
. — from the royal palace to the airport — and there was little 



INSIDE 

M France announces the creation of three new.tdevisiofl 
chann els. .- Page 2. 

■ The Berkeley of the University of .California 

has on an Oriental aura with a growing Asian- 

American student body. ^*8® & 

SCIENCE 

■ Experimental vaccines given nasally bolster the 

raiory tract’s defenses against winter. 

BUSINESS/FINANCE 

■ Brazil's president shut three failing banks to “protect 
the economy”. 

SPECIAL REPORT . . ■ " 

■ Tbettifflcuit political alliance in Italy is iii turmoil once 

Page 11. 


L(L 


demand for more because the Sultan decided who could have a 
car and allowed few of them. 

Similarly, he decided who could get married, be educated or 
legally leave the country. For himself, be avoided the use of 
gasoline, preferring to have his automobile pushed along by 
slaves. 

: Oman today is a nation yanked into the modern world. 
Starting from scratch, propelled by 500,000 barrels a day worth 
of oil money, it is a country -creating ilselL Constmction is going 
on at such a rate that; people who leave the capital for a few 
- months often cannot find' their way around when they return, 
because of all the new highway overpasses and skyscrapers. 

The’ Tuning point came on July 23, 1970, when Saltan 
Qaboos bin Said, then a shy 29-year-dd graduate of Sandhurst, 
the British military academy, who had been kept under virtual 
house arrest for four years, overthrew his father with the aid of 
discontented tribal and a ce rtain amount of enunwltng 

by a British Army captain on assignment 
; Slaves who were supposedly on guard waved a small raiding 
party into tbe palace, the windows of which had been painted 
blue so no one could see in. Trying to pull a pistol the old Sultan 
shot himself ip the foot to become the only casualty of tbe day. 
He left on a British Royal Air Force plane and died m his suite 
at die Dorchester Hold in London two years later. 

On Monday, Sultan Qaboos and Oman began a celebration 
of .15 years of his rule in a flourish of visits by representatives 
from about 60 countries, including half a dozen heads of state. 

The evoits began when the sultan, in a gold-encrusted blue 
and red uniform, reviewed a full-dress parade of bis Britisb- 
iramed troops. It was followed by camel races and a mohi- 
miHion-ddlar Hollywood-produced fireworks display. 

“Ifs a coming out day,” said a Western diplomat, who added 
that the-counny had been on “asnslained Ugh since 1979,” 
when the ail revenues really began rolling in. - 

“The ailtan secmstobesayrng now is as good a time as any to 
say to the world, *We area mature country,’ " the diplomat said 
- Fifteen years ago. Omanis love to tell their visitors, there were 
only three schools in the country, all of them elementary 
schools, with 900 students, all boys. Now there are 591 schools 

(Continued on Page 5, Col. 1) 



Corruption Issue Begins to Affect 
Philippine Relationship With U.S. 


Jeff Gerch 

New York Times Service 

WASHINGTON —Official cor- 
ruption has emerged as a central 
issue within the Philippines and, 
according to U.S. congressional 
sources and administration offi- 
cials, it is be coming an increasingly 
important factor in relations be- 
tween Manila and Washington. 

The corruption issue figured in 
.in unsuccessful effort to impeach 
President Ferdinand E. Marcos last 
summer. Opposition leaders have 
said they intend to bring it up in the 
elections scheduled for early next 
year and may refite impeachment 
charges with new documentation. 

In tbe United States, congressio- 
nal investigators and a federal 
grand jury in the Washington area 
are looking into corruption in tbe 


A Dbofari man holding a 

side a hospital in Salate, 


Dm MW To* Tin 


rifle stands out- 

soutbem Oman. 


At the heart of tbe issue is Mr. 
Marcos, his wife, Intel da, and their 
associates. Filipino opposition 
leaders and offraal U.S. reports 
have charged that the Marcos fam- 
ily and their friends have drained 
the economy while enriching them- 
selves and then transferred trillions 
of dollars abroad. 

A staff report by the Senate Se- 
lect Committee on Intelligence 
made public this month summa- 
rized the charge against tbe Marcos 
family this way: “Corruption has 

become a serious burden on the 
economy. The first family and their 


favored cronies use their positions 
to amass great wealth, much of 
which is transferred abroad.” 

Mr. and Mrs. Marcos have pub- 
licly denied the charges. Unlike in 
the United States, tbe first family 
in the Philippines does not have to 
make a public accounting of its 
finances. Mr. and Mrs, Marcos 
have not responded to a list of 
questions about their finances sub- 
mitted to the Philippines Embassy 
by a New York Times reporter last 
summer. 

Philippine opposition leaders 
have uncovered what they believe 
to be Marcos family holdings all 
over Lhe world, but none of the 
assets are held in the Marcos name. 

Marcos supporters say the infor- 
mation is unsubstantiated and 
based on partisan politics. 

A survey of public records in the 
United States and the Philippines, 
as well as interviews with Mr. Mar- 
cos's business associates and U.S. 
and Philippine officials, raises 
questions about the personal fi- 
nances of the fust family, the man- 
agement and accountability of cor- 
porations controlled by the Marcos 
gpvrnunent, the handling of U.S. 
aid to the islands and the rote of the 
Marcos family in questionable pay- 
ments by US. corporations. 

Specifically, these sources have 
disclosed this information: 

• The Marcos family wealth to- 
tals a few billion dollars, made up 


of real estate, banks, stocks and 
jewels, but the assets are hidden 
behind layers of offshore corpora- 
tions. attorneys and nominees, ac- 
cording to Marcos business asso- 
ciates, court documents and U.S. 
officials. Mis. Marcos also collects 
antiques: in I9S1 she paid more 
than S4 j million to the estate of a 
New York woman for a collection 
of furnishings and English an- 
tiques, according to four people fa- 
miliar with the transaction. 

• Mrs. Marcos heads more than 
30 government corporations and 
Philippine auditors have raised sig- 
nificant questions about 25 of 
them. For example, the 1984 audit 
of the National Food Authority 
found that $125 million in inven- 
tory had not been reconciled with 
the accounting records. 

• Last summer, after the United 
States forced the food authority to 
give up its monopoly over grain 
distribution, Mr. Marcos lri«J to 
help set up a private monopoly for 
a dose associate, according to U-S. 
and Philippine officials The effort 
was dropped after U.S. officials 
held up $1 9 million in aid and ques- 
tioned the intervention, the offi- 
cials said. 

• There are more than 300 gov- 
ernment corporations in the Philip- 
pines. Many of these were private 
companies that received favored 
treatment from the Marcos family 

(Continued on Page 3, Col 1) 








Page 2 


[INTERNATIONAL HERALD TRIBUNE, THURSDAY, NOVEMBER 21, 1985 


\ 


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U.S. Says Fate of Hostages May Be Decided Soon 


WORLD BRIEFS 


4L.1 


By Bernard Gwertzman 

.Vew York Times Service 

WASHINGTON — Senior Reagan ad- 
ministration officials have said that they are 
confident the United States is now in contact 
through an intermediary with the captors of 
ai least four Americans in Lebanon. They 
said the fate of the hostages might be decided 
in the next few days. 

They said Tuesday that as a result of talks 
in London on Monday between American 
officials and Terry Waite, the special envoy 
of the Archbishop of Canterbury. Washing- 
ton had no doubt that Mr. Waite had met 
last week with the kidnappers of Tour of six 
Americans who have been abducted in Bei- 
rut and not released. 

Mr. Waite, who has also had talks with 
British and French officials, returned Tues- 
day to Bonn. 

In the London meeting, the American offi- 
cials relayed to Mr. Waite the administra- 
tion’s views on resolving the problem while 
reaffirming the U.S. refusal to agree to _ the 
captors' principal demand, that the United 
States press Kuwait to free 17 Moslems con- 
victed of bombings in Kuwait in December 
1983. 

A official said the American team in Lon- 
don was led by Parker W. Borg, the principal 
deputy director of the State Departments' 
Office for Counterterrorism and Emergency' 
Planning. 

There has been no official confirmation of 
this because the administration has decided 
to say as tittle as possible about the situation 


in the hope oT making Mr. Waite's talks with 
the abductors easier, 

“We think it all may gel in a few days,” an 
official said. But be said officials did not 
knew whether there would be a break- 
through or whether the captors might take 
some drastic action. 

This was the most solid contact the United 
States has had with the kidnappers, two 
officials said individually. 

Mr. Waite, to make sure he was dealing 
with the kidnappers, asked them questions 
that could be answered only by the captives, 
and the answers be received were correct, 
American officials said. 

The group holding the Americans has 
identified itself as (he Islamic Jihad, but 
American officials have said the motivations 
for the kidnappings were primarily family, 
not political. 

They said they believed the kidnappers 
were for Lhe most part from the Malawi clan 
of the Baalbek area in the Bekaa, Lebanon's 
eastern valley. One of the clan members is 
among those convicted in Kuwait for the 
bombings at the American and French em- 
bassies that killed five persons and wounded 
90. 

Mr. Waite, who has been successful mi 
missions in Libya and Lebanon, became in- 
volved after the four American captives 
wrote the Archbishop of Canterbury, Presi- 
dent Ronald Reagan and others to ask for 
help. 

American officials said they assumed the 
captors would not have allowed the letter to . 
be sent unless they wanted to end the kid- 


w 

napping. Two months ago the group freed 
the Reverend Rt-njnTnp, Weir, a Protestant 
missionary. 

The four are the Reverend Lawrence Mar- 
tin Jenco, who had been bead of Catholic 
Relief Services in Beirut; David P. Jacobsen, 
director of the American University hospital 
of Beirut; Terry A. Anderson, Middle East 
correspondent for The Associated Press; and 
Thomas M. Sutherland, acting dean of agri- 
culture at the American University. 

Two other Americans are also listed as 
having been' kidnapped. Islamic Jihad 
tainted last month that it had killed one of 
them, WQtiam Buckley, a U.S. Embassy offi- 
cer. A sixth hostage, Peter KUbunu a librari- 
an at the American University, has not been 
beard from. 

■ Waite Drops oat of Sight 

Mr. Waite dropped out of sight Wednes- 
day as he resumed a freedom mission the 
hostages, Reuters reported in Beirut 

Mr. Waite’s whereabouts and that of a 
two-member French mission who arrived 
with him from Paris were not known, but (he 
British envoy was assumed to be trying to 
resume contact to pass on the message to the 
kidnappers. 

Mr. Waite Tuesday that he was 

optimistic about his mission and asked jour- 
nalists to let him work in secrecy. 

He said the time was ripe for “a major 
move forward" and appealed for the release 
of all. hostages in Lebanon, inrhiriiug four 
Frenchmen, a Briton and an Italian. 



Loyalists Attack U.K. Aide in 

BELFAST (UPI) — Dozens of Protestant mifitan^ attacked _ 
state for Nonhem lrdand, Tom King, on Wednesday a 
traopfid him briefly & city ball; witnesses said. • * 

■fhey said Protestant Loyalists .protesting the Btr^^h acco^p. 
attacked his car with eggs as it drove into the courtyard of Belfast 
M Si and then jostled him as he got out and ran into tire bmkimg_ > ^ 
Hah ting broke out between ihe crowd and Mr. King s bodyguards^ . 
he was bundled to safety. He was not believed injured . .. . y ? 

Athens School Reopens After Rioting 

ATHENS (Rentas) — Athens JVtiytechruc, where Idtist youths ,csd£ 

TVmJmi tiimW l«i n i w utiiw fhfiWidvCfiiB tint £cho^ 

mag 

m jbe stiue-nm radio said damage in central Athens, where theyouthij, 
smashed windows, tit fires land threw firebombs, was tikdy to total 89frs 
minion drachmas ($5.6 milium): Sources at Polytechnic said no figure w§m 
available for damages there, but the estimate was expected to ttcosfo-. 

S70o,ooo. ■■ 'j '. § 

The rioting was triggered by me death of a 1 5-year -Ola boy; he was 1 " 
killed by police bullets during street dashes Sunday. Athanasos Bdisus,. . 
the policeman who was charged Tuesday with manslaughter in the death" 
of Mihalis Kaltezas, told the prosecutor he had fired in self-defense, ‘ 
according to judicial sources _ - - _ 

2 Koreas Meet, Fail to Make Progress^ 

TOKYO (WP) — Delegates from North and South Korea met fo&_- 
alxDOSt three hours Wednesday in the Korean, Demilitarized Zone tig! 
discuss economic cooperation but adjourned without reaching any agree-' 
men t, South Korean officials said. 





i» 


l.- 


Terry Waite surrounded by guards 
and militiam en on arrival in Beirut. 




France Approves 3 New TV Channels , 
Including 2 With Foreign Backing 


By Axel Krause 

International Herald Tribune 

PARIS — President Francois 
Mitterrand, fulfilling a promise to 
partly privatize France’s state-con- 
trolled television system, has ap- 
proved the establishment of three 
new television channels. 

Two wQl have foreign backing, 
including one that wfl] beam pro- 
grams in English, government 
spokesmen said Wednesday. 

Georges FiHioud, state secretary 
for communication, described Mr. 
Mitterrand’s decision as “a reflec- 
tion of our will to diversify and 
internationalize our television. The 
goal is it should be European, rath- 
er than American.” 

Mr. Fillioud and other govern- 
ment officials said that by the end 



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of next year the fallowing channels 
would be established: 

• A fifth chann el that is expected 
to begin operating by Feb. 20. It 
witi compete dir ealy with the three 
state-controlled channels and with 
Canal Plus, the government- 
backed pay television channel 

Revenues will be generated 
mainl y by advertising spots during 
programs and films, a practice not 
now permitted. Financial and man- 
agement control will be in the 
bands of Jfirftme Seydoux, 51, a 
banker, who is also chairman of the 
Chajgeurs Rfeunis transportation 
bolding company. 

Mr. Seydoux, who is expected to 
announce details of the plan at a 
news conference Friday, will share 
ownership with Silvio Berlusconi, 
an Italian businessman. Mr. Ber- 
lusconi introduced commercial 
television to Italy, which has been 
widely described as brash and 
Amencan-style. 

Mr. Berlusconi’s Fimnvest hold- 
ing company is expected to have a 
40-percent share in the new French 
channel- Mr. Seydoux and other 
French interests will control 60 
percent of the shares. 

• A dTth channel, which will m- 

dude transmission of programs in 
English from a four-channel televi- 
sion satellite to be launched next 
year. 


The concession agreement was 
signed Monday with a group head- 
ed by Robert Maxwell a British 
publisher. Mr. Maxwell said in 
London that the channel, which 
will be privately owned and fi- 
nanced by advertiang, will beam to 
other European countries. 

• A seventh channel that offi- 
cials described as cultural. State- 
controlled and also beamed by sat- 
ellite, it will be directed at France 
and neighboring countries. It win 
be operated by FR-3, one of the 
three state television channels. Ra- 
dio France and the National Au- 
diovisual Institute. 

The decision provoked vehement 
opposition from conservative polit- 
ical leaders and from publishing 
and film interests. 

Some sources said they feared 
that it could lead to “a flood of 
shabby, U.S.-style soap opera” 
programs. 

Others said the new chnmids 
could drain off advertising reve- 
nues from French newspapers, 
magazines, commercial radio sta- 
tions and movie theaters. 

• The main target of the attacks 
'was the Seydoux-Berlnsconi chain 
neL which many said would lead to 
what an official described as “the 
mediocre-style television that. Mr. 
Berlusconi has become famous fra 
in Italy” 

Conservative opposition leaders 


South Koreans. . . . . , 

The two sides' have agreed in principle to setup a joint commission toiT- 
re-open economic links, which were suspended shortly before the Korean * 
War broke out in 1950, but have become bogged down over detafls sudT; 
as means of payment andthe commission's responsibilities. The two sides^ 
agreed to meet again Jan. 22, 1986. ... ' 'JH- 

Bonner to Leave Soviet Union Dec. 2 ‘ 

NEWTON, Massachusetts (AP) . 

— The wife of Andrei D. Sakharov, 
the Soviet dissident, told Nativ es 
in a phone call Wednesday that she 
would fly to Rome far an' eye ex- 
amination Dec. 2 and then to Bos- . 
ton for heart surgery . 

Speaking from the Soviet dry of 
Gorki, where the couple is in inter- • 
nal exile, Yelena G. Bonner, 62, 
said she had signed a contract not 
to talk with reporters while on a 
three-month medical visa. “If she 
breaks the . promise, rite rides that 
rite won’t be allowed to return,” 
said Efrem Yankelevich, husband 
of Mrs. Bonner’s daughter Tatiana. 

The Yankdeviches also spoke- 
. with .Mir. Sakharov, 64, who staged 
a six-month hunger strike to grin, 
permission for his wife- to seek 
medical _ treatment in the West 
They **H that' after Ipwring the . 
visa had lieeh granted; MrJSakha-. 
rov rescinded his resignation from - 
the Academy of Science. 7 ’ Yelena G. Bonner 

oeijing RejectaTrade lies With Hanot 



Listen to your mother. 



BEIJING (Re^a^—^ihm ruled-om Wednesday. a. resumption of 
trade ties with Virtn^A siempr Vietnamese official visiting China bad 

* U ^2tina is'thecomiition 

available fra the reM^tjgJi of trade," a Foreign Ministry spokesman \ 
said ata news conference; mg spokesman was commenting on a" 

statement by Rian Anh*fdnner foreign minister ofVktnam, who said 
that the two countries could nnproVe their relations, starting with trade: 

• The Vietnamese official is heading Hanoi's delegation to an Asia?;' 
Pacific trade fair iri Beijing. He is thehigbest-kvd Vietnamese official uf ' 
said that an equally' attractive thetwera^wmt 1978 and !979 over’ : 

proposition had been made, by a Vianam s invasion ..of Camborfia to topple the Khmer Rouge govern- 

competing consortium headed by 
Coznpagme Luxembotugedse de 
Television, a Luxembourg-based 
radio and television association, 
which had teamed up with Rupert 
Murdoch, the Australian press 
magnate 

But what a government spokes- 
man described as the 

of French television” 


meaL 


Humcane Heads Into Golf of Mexico ’ 


. ; MIAMI (AP) — The hurricane designated Kate headed into the Gulf .- 
of Mexico <m -Wednesday, forcing the fourth evacuation this year of . 
thousands of offahoreofl workers. Earlier, ^it strode Cuba and the Florida 
Keys with winds up to 115 mph (about 185 kph) and nine-foot (about A 
three-meter) waves. Ten persons in Cuba reportedly were killed Tuesday 
ity . by the storm. : ,< 

be guar- . A hurricane watch was posted from the Florida Panhandle to Louiri; 


anteed by Mr. Seydoux and by ana, winch has been strode try three hurricanes this year. The storm struck. 
Christ op he RJboud, another Havana two hours eariier than expected Tuesday, forcing the evacuation v ■ 
French business executive wdm will of 3tid,000 Cubans and knocking out phones, electricity, televisioq 
also partirifKite in owning and op- transmission and natural gas lines, according to Prensa Latina, the Cuban , . 

news agency. ., 

Power tines and tree limbs snapped and tides flooded roadways .^ 
throughout the Keys, the 100-mfle chain of islands off Florida’s tip. No > 
injurira were reported inthe United States from the hurricane. 


crating the ch annrf 
Mr. Berlusconi's role will be to 
provide u savoir fain * an official 
said. That will involve his “provid- 
ing us with experience that we 
might not have had otherwise, but 
everything will driiniiely remain in 
French controL” 

The official added that the com- 
peting offer by the -Luxembourg 
consortium had “never been pre- 
sented formally, nor seriously, and 
we had to act on the basis of what 
we had before us.” 

Jacques Chirac, mayor of Paris 
and the neo-GanBist opposition 
leader, said Wednesday in the Na- 
tional Assembly that if a new con- 
servative government were elected 
in parliamentary elections March 
1 6, it might revoke the new licenses. 


For lhe Record 

Eighteen persons died, including the leader of the outlawed Pao vI 
Malaysian Islamic Pam, as violence erupted Tuesday in the Malaysia^ 
slate of Kedah when police tried to arrest the party chief, the government, * 
reported. (APf'l 

Fighting between the Zuhx and Pondo tribes near Durban killed If" 
posons. South African police said Wednesday. The fighting was nollA 
related to recent political disturbances in the country. (Reuters) 

A nun w*s arrested on suspicion of stealing military documents during'; ■ 
apoboe nud Tuesday on the offices of an anti-militarist organization m' , 
Uuwfct, the Netherlands, a police spokesman confirmed Wednesday." 

(Six'/ l . 

4“. official saw Wednesday that Syria may have provoked an „ 
aeral dogfight with Israel to turn the attention of the US. and Soviet? 
leaders meeting m Gmeva to the Middle East Israel shot down two ' 
planes Tuesday ova- Syrian airspace. near the Lebanon border. (TJPt) ... 


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Avoid Khartoum, 
U.S. Is Advising X 

Reuters *v 

KHARTOUM, Sudan ^ The .' 
U.5. Slate Department has advised' 
American citizens to avoid the StJ*-' 
danese capital because of the pres- ■ 
ence or “known terrorists* in the 
aty, a statement from the US. Em- ’ 
bassy said. 

The statement said the wa 
was based on a “travel advi»«j. 
issued by the State Department 
which wok effect from Wednesday.' - 
It said thtte was a postible threat fo ) 
US interests in Khartoum, buf " 
gave no other details. i- " 

; Wortom diplomats said the ad- ^ 
vice was dearly based on U.S. con- 
cern _a! the arrival in Khartoum of 
< ^ axa * n Libyans since the over*? 
rorow of President Gaafar Nimeiii ' 
m ApriL The transitional govern- - 
noent m Khartoum has improved * 
rdaiions with Tripoli and allowed * 
roe Revolutionaiy Committees * 

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Pakistan, ft 


PA R AG U AX 


UKi 

•^'Uirk : 


INTERNATIONAL HERALD TRIBUNE, THURSDAY. NOVEMBER 21 , 1985 


University Takes on an Oriental Aura 


r’H* 


Aslan students at the University of Cafifomia In Bericeky. 


Bjr Jay Mathews • 

H'athhi gm* Pott Struct 

BERKELEY, California — With (he usual 
salad of Jdlo and cottage cheese, the student 
dining h«fl* now serve stir-fried beef, egg 
rolls, sesame chicken and steamed rice. In 
some sections of the electrical engineering 
department, die instructor may lapse into 
Chinese without anyone losing the thread. 

In this huge.nmvefsity, still a symbol for 
what is best about American public educa- 
tion, the tranrfonnation has come too quitic- 
h for the full impact to be evident, but 
Berkeley and other campuses of the Univer- 
sity at California have become key training 
grounds for a rapidly growing Asian- Ameri- 
can elite. 

This month, in the aftermath of a bitter 
controversy over alleged discrimination 
against applicants of Asian descent, Berkeley 
announced that it again had admitted more 
of them than had any other major American 
university — at least 27 percent of the fresh- 
man 

For the first time at Berkeley, and appar- 
ently at any American campus of similar size 


;;v^House Group Asks Longer Write-Offs, 
: ?^End to U.S. Investment Tax Credit 


7 r Ry David E. Rosenbaum. 

“ New York Timex Service 

.>. Washington — a working 

~ iv f ,T group of the House Ways and 
. ' • ir^Means Committee has voted to 
^abolish the investment tax cr ed it 
and to lengthen the amount of time 


frver which companies can write off 
't 1 ni 0n investments in plants and ma- 

Many industries have n yd jjc 

investment oedit and the ruud do- 

predation features of the 1981 tax 
raffl|sBfflilAiaw to reduce their tax liabilities 
^^ ^^ g m significanflv. 

Tuesday’s decisions mean busi- 
ng wesses would have to pay about 

^ E150 bnEon morein taxes over the 

m pext five years, than they .would 

I! _ ^trader the current laws, according 
% Jpxestunaies by the committee staff. 

- Ip 'The fuD Ways and Means Com* 

j» f ninee began voting on the six- 

^ i nfcmba-faipartiran group's propos- 

es. t tltf cm .Tuesday night. So far the 
.Jji xfinmittec has adopted recommend 
Hflfe L&atiom. af Rich groups without 

M president Ronald Reagan pro-. 
jofc osed ending the investment credit, 
he tiered depreciation sched- 
more favorable to business 
those the working group ap- 

rejected Mr. Reagan’s 
irbposal to require taxpayers who 

"• '-ivnj G. Be? v — "• . ■— 1 ' - 


took advantage of the rapid depre- 
dation rules of the 1981 Jaw to 
repay part of tiuar benefits over the 
next three years, . 

The full committee approved re- 
ducing to 20 percent, horn 25 per- 
cent, the tax credit that businesses 
can claim for research and develop- 
ment expenses. The president had 
proposed extoding the full 25 per- 
cent credit. 

The committee also voted to con- 
done to allow taxpayers to deduct 
all then interest payments on mort- 
gages on -second homes and to re- 
tain. many other tax advantages 
now enjoyed by real estate inves- 
tors. Among these are the ability to 
deduct losses on the full value of 
their real estate, including the 
amount they lave borrowed. 

Those proposals and others rec- 
ommended Monday by another 
working group were approved 
without change. ‘ 

President Reagan had proposed 
that only interest paid on primary 
residences be fully deductible. 

- Expansion of the investment tax 
credit and accelerated write-offs of 
investment expenses were corner- 
stones of the Reagan administra- 
tion's economic policy enacted in 
1981 . But most economists, indud- 
ing those in the aAnmivinrinn say 
the incentives were too generous 


and many profitable companies 
wound up owing little or no tax. 

Depreciation deductions are in- 
tended to account for the fact that 
businesses purchase in one year 
machinery and other equipment 
that they use for many years. Even- 
tually, however, the equipment 
. wears out and must be replaced. 

Businesses want to take the 
write-offs as quickly as posable. 

Real estate investments would be 
hardest fan by the longer depreda- 
tion schedules: 30 years for build- 
ings instead of 18. In some in- 
stances, that would offset steps 
talfgn by the panel to continue to 
allow many dements of real estate 
tax shelters. 

Legislators have trouble setting 
depredation rules because sched- . 
ules must be set for hundreds of 
different items. The panel derided, 
for instance, to allow shops that 
rent tuxedos to write them off in 
three years (now it is seven years) 
and to let race horses be depreciat- 
ed over five years. 

Leaders of the House committee 
are attempting to push through a 
tax revision bill before the Decem- 
ber break. The Senate trill not act 
on taxes this year, but Senate lead- 
en have promised to consider the 
issue in 1986 if the House sends 
them a bill »h»* year. 


MiU.S. Looking Into Manila Corruption 


V. r ^ (Continued from Page!) • made public In Manila by the Com- 

: ~nd then were absorbed by the gov- mission on Audit, identified 303 
. .. ^ .rnment after lhey fafled, accord-, .government, corporations at the 
:i , to State Department do&i- rime. - ;':- ; ' r " ..." 

w - "lents." V ‘ Most <rfthese.jefused .to-be. au- 


nriHian in development aid and 
protested that the action would vio- 
late various agreements. ‘ 

'Many of the government corpo- 


-~ L ' Tents.' Most of these. refused to be au- rations havebeen recently orga- 

’V„7r~ ♦ Although government cbrpo^ dried by. the commission despite a nized or have absorbed assets of 
' — ' aliens are subject to auditjmder provision in the Philippine consul- recently failed companies. 

• “7> Philippines Constitution, more totibneaffing for an audit accord- One often cited example of a 

; ' half could not be audited last mg to the report questionable government corpora- 

’ : :“ r -ear, according to Philippine docu- the 1 18 corporations that tion involves the Construction and 

' '7 'neats. Of the coiporations that were audited, only 50 were given a Development Corporation of the 
' — ^vere audited, the mriority were dean ^ of Beahh. The 68 others Phffippbea. one of the country’s 
ound to have significant problems, were found » “material ex- larost conglomerates. 

? i « .documents show. ceptions** or other reservations. First organized as activate cor- 

I Oi M # w- " h«»dii ♦!> Mmit. Tlie repent listed Mis. Marcos as poration, it did most of its business 
- bring on the board of 31 corpora- with the government In the early 

rvrinot tt u bons: in all but one case she was 1980s it developed financial prob- 


•Mrs. Marcos heads the Mmis- “ 

....-lyofHimra SetlteMtt.asod.il bong on tte boaid of 31 coipoia- 

-.ie£h» agency. OfDdal US. re- ™ 

- Rs have changed that U.S. aid to teed judamnan of tbeboaid. Of 

■ . .-s^miniaiybslbeen mishandled, the J 1 ’ 

;.->.>ut die tepirts did not charge lMt bffl of bddflL 

oontes were misapproptiated or M Tj lc ^ 

diverted. Howe^VWoal^and National Food Anftonty fonnd 

C-my is looldng into what happened that S125 milbon m mventop. bad 
-.■.'J.jftensTndlfionsofdSTS ««T«n tecotrilcd writ the ac- 
; :.t.llilitaormdtotl!eFhilwines.Fed- •“ affered 1,0 

■ ‘ . 7, -ral officials suspect dot a relative . IT . . _ 

■ ^nd dose friend Resident Mar- ^ 

. ...os mayhave wound up with some tk< dd up aboiJI .340 !oinKm in foo-l 
. -■ rf the money, accordmg to UA nn^mUbmp ^mqinAed 
" its monopoly over the importation 

" ; •Dumg.'the 1970s ILS. oorpo- , J. ^ 

ations spoit millions of _doCars in 


. Last summer the United States 
held up about $40 nxflEon in food 
aid until the authority relinquished 
its monopoly over the importation 
of wheat snd flour. 

After the aid was released, Presi- 


Oue often cited example of a 
questionable government corpora- 
tion involves the Construction and 
Development Corporation of the 
PhSippmes. one of the comitry’s 
laraest congtomeraies. 

first o yniz ed as activate cor- 
poration, it did most of its business 
with the government In the early 
1980s it developed financial piob- 
kms, accnmnlating more than SI 
billion in debts. 

Linda K. Richter, an associate 
professor of pqfitical science at 
Kansas Stale University, told Con- 
gress earlier this year that in 1983 
the Philippine government secretly 
converted the debt into equity, in 
effect ntAlring the failing company 
a government corporation. 

Thecostof the takeover equalled 
20 percent of the entire money sup- 
ply for the Philippines, she raid in 
prepared testimony before the Sob- 
committee on Asian and Pacific 


..sr£'iBtoS=;s= Ki fc 3! ta ®r i 

- those BMSwm^taSved Mr. Bade - sMb thal tong. exclimy. 

daroB. according 10 former Ui ““S? “ fot im P om - ^ 
. granted to only one group, accord- 

, Last summer, 56 of the 200 mem- and.PMKppineoffidflK 

.SSnsssais- 


dent Marcos wrote a letter to the Affairs during bearings in March, 
head of the Philippine Central A 1984 State Department pkn- 
Bank asking that foreign exchange, ning document noted that the Rill- 
necessary to pay for imports, be ippine government bad taken over 
granted to only one group, accord- the assets of “over a hundred finan- 
ing to UK and PhQinne offirials^ drily distressed estabEshments” 


flooraled by-petty p^tisao imen- 


and that “a good number of the 
firms seemed to enjoy special privi- 
leges from the government of the 
PhUropmes.’’ 

This month Senator Edward M. 
Kennedy, Democrat of Massachu- 
setts, asked the General Account- 


' “(Jporiuon leaden: arid rte. cor- Stttts bdd up m dddificMl 319 
v. uption was one of two main issues 

•->? Track in Washington 

rere gong to refile impeadunent Crashes Into Monument 
. .jdharges based on new mformatioxL ' 

The staff of the House Foreign United press International 

-■J. Jf airs Subcommittee on Asian WASHINGTON — A man 
J . Pacific Affairs is taking a pre- drove a tractor-trailer truck op a 

■’ mmflr y lock at the emposidon grassy hiU, through a fence and 
^ badges, but a subcommittee aide over parkbenebes and crashed into 
\ ; 7aidH was difficult to trace person- the Washington Monument on 
holdings. Wednesday. There were, no inju- 

: ■ It is also difficult to keep track of ries, the police said, and damages 
' ne hundreds of Filipino corpora- to the monument were estimated at 
■ -ons owned or controlled ^ ^by the $2,000. 


Congress, to k>ok into reports of 
corruption involving UK aid to the 
Philippines. 


and repute, Caucasians who are not Hispan- 
ic are a minority in the freshman class, 47.9 
Percent- 

Ethnic Asians, principally students whose 
families immigrated from China, the Philip- 
pines, Korea, Japan and Vietnam, are the 
second-largest identifiable ethnic group at 
the largest university system in the West. 

They appear destined to populate the up- 
per levels of American science, business, gov- 
ernment and education in the next century in 
proportions far beyond previous expecta- 
tions or their percentage of the population. 

Statistics have become commonplace on 
social and academic achievements of Asian- 
Americans, who on average outperform all 
Other ethnic groups in mathematics tests, 
high school graduation rates and family in- 
come. 

But the changed atmosphere at this hilly 
campus, where teriyaki -chicken vendors 
have replaced the 1960s antiwar protesters 
on Telegraph Avenue, shows that a remark- 
able increase in their numbers has raised the 
visibility of ihdr individual achievements. 

Some deparunems report that students are 


working h a r der, some dormitories are quiet- 
er. admissions policies are bring closely ex- 
amined, recreational opportunities have ex- 
panded and some English instructors are 
grinding their teeth, ail as the result of this 
huge influx of students whose families have 
crossed the Pacific in the last 20 years. 

For years. American scholars and social 
critics have written about difficulties en- 
countered by new Asian and Hispanic immi- 
grants in absorbing U.S. culture and joining 
the American mainstream But tbe scene at 
Berkeley, and at several other crucial junc- 
tions of American life, suggests ihai they 
actually are changing America, in effect cre- 
ating a new mainstream. 

Analysts specializing in the Asian-Ameri- 

can community are watching to see whether 
the emerging students wfll alter the habits of- 
Lhe boardroom and factory as much as they 
have influenced the face of this university. 

Many educators and Asian-American 
leaders here believe that ihe transformation 
is likely to proride a subtle but severe test of 
lingering racism among white, black and 
Hispanic Americans. 


Despite one's achievements and, in some 
cases, generations of American roots, 
“you’re really not entirely pan oT America 
because of your appearance," said Munson 
A. Kwok, a Chinese-American who is a laser 
researcher and amateur historian 

Of Berkeley & 22.321 undergraduates, 24.7 
percent are ethnic Asian, not including 300 
foreign exchange students from Asa. 

The first survey of ethnic Asian students at 
Berkeley in 1966 found that they comprised 
less than 6 percent of the student body. 

Many Berkeley professors ray the increase 
in ethnic Asians has accelerated students' 
recent tendency to choose courses that will 
make them “marketable.” The pressure is 
not only self-imposed but also parental, and 
is magnified for Asians by the enormous 
importance of family ties. 

"The parents have a limited perception of 
what the job market is oui there." said Ling- 
chi Wang, a professor of Asian-American 
studies. ■‘So they think engineers, or lawyers, 
or doctors, are what Lheir children should be, 
when in fact not all of them would do well in 
such fields." 


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Page 4- 




INTERNATIONAL HERALD TRIBUNE, THURSDAY, NOVEMBER 21, 1985 

Amid Differing Accounts, Gonzalez 

Affirms He Wants U.S. Troop Cuts 


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By Edward Schumacher 

New York Tima Serrate 

, MADRID— Prune Minister Fe- 
lipe Gonz&Iez has affirmed that 
Spain mil continue to press for a 
reduction in the number of U.S. 
troops stationed here. 

The issue, which has figured in 
talks between Madrid and Wash- 
ington, has grown more sensitive 
recently as Spanish and American 
officials have given different ac- 
counts of the talks. They also dis- 
agree on whether the talks consti- 
tute formal negotiations. 

Mr. Gonzalez, speaking in an 
hourioog interview Tuesday, sug- 
gested that American officials 
might not be clear about Spain's 
determination to seek the troop 
cuts. 


• do under the 1953 troop treaty, was 
to keep things at a friendly level 

The troops are widely resented 
because they were introduced un- 
der Franco. The Americans say 
four U.S. naval and air bases and 
smaller communications outposts 
are critical to Western defense of 
Europe and the Mediterranean. 

“Until now the United States has 
been using Spain territorially, " Mr. 
Gonzdlez said, adding, “I will not 
tolerate things staying that way. 
The Spanish people have regained 
their sovereignty and any relations 
will be discussed in terms of Span- 
ish defense needs.” 

“I don't want to make a decision 
by- myself he said. 'That would 
have a positive impact for internal 
political consumption but a nega- 


“Unfortnnately, there is a great - live impact on United Stales rela- " 
deal of confusion" about the issue, lions, which I hope will be long- 


be said, adding. “I regret it” 

Mr. Gonzalez said he made it 
dear in September to Vice Presi- 
dent George Bush and Secretary of 
State George P. Shultz that Spain 
planned to seek reductions in the 
number of U.S. troops here, cur- 
rently more than 12.500. 

He added that Spain had also 
stressed in the technical-level talks 
that began here last month that the 
only reason Spain bad not called 


torn, strict and friendly.” 

Mr. Gonzdlez declined to say 
how large a reduction in U.S. 
troops he wanted or which bases he 
might want to dose, but he said 
their defense value has been re- 
duced by Spain’s entry into the 


using the troop cut as a carrot to 
help win the referendum. 

Mr. Gonzalez said the referen- 
dum would be held between Feb. 
24 and March 24 and he expected 
to win, although with difficulty. He 
repeatedly sidestepped questions 
about whether he would pull Spain 
out of NATO if he lost What be 
does will be “consistent with the 
decision of the people." 

The interview with Mr. Gonzd- 
lez, on the eve of the 10th anniver- 
sary of the death of Franco and 
Spain’s return to democracy, took 
place in a room decorated with 
19th-century tapestries of the Goya 
School and a gently chimin g dock 
in Moncloa Palace, a leafy estate 
rebuilt by Franco after its destruc- 
tion in the Spanish CM War. 

Mr. Gonzalez, 43, who was ha- 
rassed by the police under Franco, 
said be felt “nothing special” about 
the anmversary. 

Tn the last 10 years Spain has 
lived through the most important 
and peaceful revolution in its histo- 
ry," ne said. 

In January, Spain is scheduled to 



North Atlantic Treaty Oraaniza- join the European Community, 

i. IftOn TJ_ v I thin snvntlin 


tion in 1982. He has scheduled a 
referendum early next year on 
whether Spain should remain in 
NATO, which he favors, and con- 


fer high-level formal talks, as it can servatives have charged that he is 


which he said “more than any other 
event in 150 years of Spanish histo- 
ry” rftaTig fts Spain's place in the 
world by ending its social and po- 
litical isolation. 


MEETING OF THE MINDS — Ardtbishop Pnnl 
Reeves, left, was welcomed In Wellington with a tradi- 
tional Maori greeting by Prime Minister David R. 
Lange. The Anglican bishop was installed Wednesday as 
New Zealand’s first part-Maori governor-general. 


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UN Report Says Charges of Execution, 
Torture in Iran ' Cannot Be Dismissed 9 


By Michael J. Berlin 

Washington Past Service 

UNITED NATIONS, New 
York — The first attempt by the 


Mr. Furslasd served until recent- the evidence available, i n cluding ' 


More White 
Enter Than 
Leave, Says 
Zimbabwe 


ByJackFoisie 

International Herald Tribune ' 

HARARE. Zimbabwe — Ac 
creasing number of whites who - 
for South Africa after Zimba 
came under black rale in 1980 -* 
seeking to return to the count: 
government official has disdos ' 
Justin Nycka, director of 
Ministry of Information, said, 
cently that for the first time s' 
whites were entering the con: 
than were leaving and that man* 
these people were Zimbabwe 
disgruntled. with life in South A .. • 
ca. 

“The white people across 
border in South Africa want -- 
come here," Mr. Nyoka said. 

Officials do not keep a bre , 
down between arrivals of biai - 
and whites, so no specific numbiT* 
ou the recent flow of immigra U 
from South Africa, F.ngl«nrf a , 
elsewhere are' available. OtfUjj) 
sources described the influx T m 
“ small but steady” for the past s' 

end months 

The change of heart by win 
willing to return and live undent - 
Zimbabwe g o ver nm ent headed 
Prime Minister Robert Mugabe, 
f orme r guerrilla leader, is attribt 
ed to die worsening racial tuna 
in South Africa and the fear 
being caught in another war. 

The surge may also be due to 
government deadline of Nov. 3Gf 
Zimbabweans iwMmg dual citize 
drip to renounce one or the othc - 


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United Nations to fully investigate in less emphatic terms, by a num- 
human rights in Iran has concluded her of Western diplomats now 
with an interim report saying that drafting a UN resolution on Irani- 
aHegations of systematic execn- an violations. The assembly null 


ly as the British representative cm documented cases by Amnesty In- Most whites have British as well 
the Hnman Rights Co mmission. tematkmal that were not in the Zimbabwean citizenshi p but ha 
Mr. Fuiriand's view was echoed, Agudar report, “is certainly emtwd equal rights in the count 


but ha' 
;countr 


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tions and torture “cannot be dis- have Iran and Afghanistan on its ask Iran for better cooperation in 
missed as groundless” and called human rights agenda for the first moni toring rights violations and 
for continued monitoring. time, in a debate to start next week, could legitimize reconsideration of ' 


to support stronger conclusions.” Mmy British passport holde; 7 u »rfS 
The diplomats, however, agreed say they, are converting to ZunbahtK* ' * 
that the report would serve as a wean citizenship, fearing that : * 
basis on which the assembly could noncitizens and whites they wuuJ ft 
ask Iran, for better cooperation in be subject to some restrictions. 


The repent. 


time, in a debate to start next week, could legitimize reconsideration of 
for the Mr. Aguilar reported that Iran the issue at future UN sessions. 


noncitizens and whites they wouJ ftv» tiff *SS 
be subject to some restrictions. • Y" 

They apparently also believe liu 

should they decade to leave 
cquritiy they would be able to n 


General Assembly by Andres had not permitted him to enter and They seemed satisfied that the gain' British citizenship. There ar 


Aguilar of Venezuela, a special rq>- had not responded adequately to 

resentative of the UN Human the allegations be cited. He did not 

Rights Commission, was leaked by draw any conclusion as to the truth Mr. Fursland noted that he is bdieved to have declined fror 

representatives of the Baha'i reli- ■ of the charges, and expressed ap- helped draft the original resolution 250.000 in 1980 to about IOOjOOO. 

gjous community Tuesday and will predation for Iranian cooperation, establishing Mr. AgnilarYnnssian Black liberation forces am 
be issued officially next week. The UN representative’s job, and “the idea was- a substantive troops k^al to the white Rhodesiai 

Richard Fursland, a consultant said a diplomat, “is supposed to be report on whai the Iranians were government of Priroe Ministcr lai. 
to the Baha’i group, called the to make conclusions on what may doing.” * Shrift battled from. 1972 to 1971 

Aguilar report a whitewash that be true, and he was too cautious in Now that the report malr^ a before negotiations onto Britisl 

“will cut the feet out from under saying nothing is proven.” strong condemnatory resolution . auspices led to independence fo. 

UN action to pressure Iran to Emit Another member ofthe group less politically feasible, he said, flwforaw British colony. Mr. 


pressure would reman on Tehran about eight m3fion blade Zimbat 
to moderate its internal repression, weans, while the white populatia 



rights violations.’' 




Papuan Villagers Flee Volcano Lava 


The UN representative’s job, and “the idea was a substantiv e troops kqral to the white Rhodesia 
id a diplomat, “is supposed to be report on whai the Iranians were govemmoit of Prime Minister la, 
make conclusions on what may doing.” ' Simft battled from ..1972 to 197*.- 

: true, and he was too cautious in Now that the report mate a before nqjptiatiops trader Britisl. 
ying nothing is proven.” strong condemnatory resolution . sasfaOes ted to independence fo; - 

Another member of the group {css politically foariM* he said, ftefimier'Bntiab colony. Mr. M£ : . 
drafting the resolution noted that “Tran wiH see it as a green fight to gabc was dected Zimbabwe’s fu^ 

step up persecution of the BahaTs Wad pome minister. 

and others.” Zimbabwe officials said that noi- 

^ Volcano T SIXTH Representatives of the Baha’i- aDwhites' who went to South Afnct- 





****■■■ 


i.-:- 




Zimbabwe officials said that noi- 
aHwhires' who went to South Africc- 


farih,whki originated in 19th-cen- were being allowed to return. Ap- 
any Iran as an offshootof pficants are screened, and those 




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PORT MORESBY, Papna New 
Guinea — About 360 villagers were 
evacuated as lava flowed down the 
slopes of Mount Ulawan volcano 
in Papua New Guinea, officials 
said Wednesday. 

The flow was moving toward vil- 
lages three miles (five kilometers) 
from the crater on the eastern side 


of the volcano, an official of the tiny Iran as an offshoot of Islam pucauts screened, ana most - 
country’s emergency committee ana now has about 300,600' adher- w ^° wore promi nently identifier 
sakL The volcano is on the island of eats there, -said. , thm ab(iut. ^Qb oL : ^^^ ^ e 8 0 ^ CI ™ nci ? t . OT were mcm~ 
West New Britain. their number have been executed. '. "heis . of , .the Rhodesian Army are , 

The volcano has-been erupting In their response to Mr. Aguilar, ■ rejected, the officials said, 
continuously since Monday. But Iran insisted mat no one was prose- John Kcfley, now in public rda- • 
the emeagenicy official said me lava cuted for belief in Baiumsm, but .tions in Harare, said he was “glad 
flows were cooling and unless vol- said that membership in organiza- to be back.” 
canic activity inaeased it should be tions that propagated an “overt “We tried England,” he said 
safe for the villagers to return with- campaign against Islam” could be “Then we tried South Africa. We 
in a few days. considered a crime. weren't happy in either place.” 


pc * 


W- 


in a few days. 


weren't happy in either place." 


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By Kendall J. Wills 

New York Times Service ■ 

NEW YORK — Dauda S. Ka- 
mara, Sena Leone's ambassador 
to tire United States, has denied 
charges that his government had 
helped conspirators in an unsuc- 
cessful coop attempt in Liberia last 
week. 

Mr. Kamara said Tuesday that 
the aoensa tions by tire Liberian 


Leone. Cuba has also denied in- 
volvement 

Mr. Karama said, “My country 
is trying to maintain most friendly 
relations with Liberia, which is 
havjflgTnlemal problems. My gov- 
ernment had nothing to do with 
this so-called invasion. If we had 
wanted to do it, it would have been 
done properly.” 

Mr. Quiwoakpa was captured 
and killed by security forces last 







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government “were based on noth- Friday in Monrovia. About a dozen 
mg buL untruths.” - opposition politicians, including 

On Monday, Liberia recalled its f 
ambassador to Sierra Leone, dosed 7^ 

its botder with -the neighboring 
West African countiy and recalled 

the Liberian minister to the Mami S JSSW"- 

River Union, an economic assoda- re * at “ 11 to General Doe and 7 

timi Thai bdudes Guinea, Liberia 

and Sierra Leone and that has 

headquarters in Freetown, Siecra 


headquarters in Freetown, Siena Uf-wfe 1 .,... , . 
Leone's capitaL .The State Department said Tues- 

I3 . . .. day that Liberia’s airport and ports 

Libena has said the failed coup had reopened for the first time 
on Nov 12 was organized by a since the unsuccessful coup and 

iflTTnW hnoflr ti^r nanerol TIimhao * _ 


former brigadier general, Thomas 
Quiwoakpa, who drew' support 
from members of the opposition 
Liberia Action Party and recruits 
from Sierra Leone, Guinea and 


Ibomas that fighting in the streets of Mon- 
support rovia had stopped, 
position .• The abortive coup occurred after 
recruits General Doe declared that he had 
ea and won the election Oct. 15 with 50.9 


THE GIN OF ENGLAND 


r -V - , — . ' — “ VA*. U WILLI JV.7 

^ ]e ^ ^ ner_ Vcrcan ot the vote. Opposition 

ai Smnnd K. Doe, sad the “inva- members say that Jackson Doe was 
son attempt started from Sierra ' * 


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Zln M^ 

■ -KaRc j ’-»ckr * 

r ??v^S^- 

'■ r - 



% Serge Schmcmanh ” • v 

Service 

, V hSS-^ -F^ ■* Soviet officials with- 

- « 9*^ Mr. Gorba- 


lia Uncovers a Story Beneath the Surface 


bricfmgvand in fact seemed sensitive to questions 
that could be seen as provocative. 

The persistent challenges on human tights from 
various activists at the daily briefing seemed to grate 
increasingly on the spokesmen. 

At one point, Leonid M. Zamyatin, the dnef Soviet 

REPORTERS NOTEBOOK 

spokesman, told an Israel questioner. “I could look at 


chev^hmhackwith/™^^^ going on with Arabs in your country. It’s „ .- . _ 

^ As of now, rm genocide." ; „A Para-based group called Dial Cootie Raison 


<? t ‘iU 

i i-.fsa-i 

% 


Otu 

«r 




. . ; stifl using my own teeth. 1 . . . 
i At a briefing by Lanv Sneakec PmUMt p Mll u Bo* th&* WCTe moments of levity at the Soviet 
R^'sl£tai^ briefings, too. Mr. Zamyatin ran into problems with 

. persouL *~ maa ' £?U4StKms *erc even more thi dabonue public addfess system at tie imernation- 

i : “<**techev made rrferonce to the tat that Ac 81 Conferep « Cenwr - 
P^^ept was not wearing a topcoat," lam ^ , "* J! ! ” 

3 - Uou. “Was the "president wearing Kanm* ] 

* .. -underwear?" 

“No, he wasn’t. 


Asked if the policy had put a crimp in Tass coverage 
of the meeting Gennadi A_ Shishkin, the deputy chief 
of the press agency, broke into a hearty chockk. 

The reason was that Tass carries litlie beyond offi- 
cial statements, and Soviet reporters are spared the 
sort of frantic searches for exclusives and unofficial 
disclosures to which the bourgeois press is 
condemned. 

□ 

Whatever anyone felt about the barrier to coverage, 
one indisputable fact was that it was ; ‘ 


tie the ones- Vladimir B. Lomciko. the Foreign Ministry spokes- 
ly-style long mao ’ w ^ h * WT Y smile; “Here we have Western 


Mr- Speakes replied. 


The thane of attire wro. pursued at the evening 

3 slbeit on a less intimate basis. Possibly to 
-i prccfai de more such questions. Mr. Speakes voinn-- 
teered .that during their stroll to a pod house by the. 
“****«■. Reagan wore a coat and a scarf, and Mr. 

. Gorbachev wore a coat and a hat. 

-v Soviet spokesmen were rather less ihomngh m ty j j r 


technology that is supposed to be so marvelous. It's 
the hardware that's letting us down." 

But the chief Swiss technician at the center ineigtaH 
that h was Mr. Zamyatin who caused the recurring 
problem by pushing the wrong buttons on his 
microphones. 

- ■ 0 

If the official lid on news about the summit threw 
! the 3,000 Western, reporters into something of a fren- 
zy, it bad little effect on the official Soviet press. 


d’Elat — the name can be loosely translated as Law 
Against the Right of the State — had filed a lawsuit 
asking that the summit sessions be recorded and made 
public. 

The group was founded last year to “sensitize public 
opinion to the legal issues of nuclear arms and the 
strategies and doctrines of nuclear deterrence.” 
Spokesmen said the purpose of the lawsuit was to 
“publicize the proceedings at the summit for all the 
people affected by its outcome.” 

The Swiss courts acted with unusual dispatch on the 
suit, which was filed Nov. 12. Four days later, a 
Geneva court dismissed (he case on technical grounds 
— namely that the plaintiffs had not given addresses 
for Mr. Gorbachev and Mr. Reagan. 

□ 

The most tangible effect of the official information 


quarantine seemed to be to deprive a host of U.S. 
officials of the constant meals, interviews and meet- 
ings they had been holding with reporters. 

Or as Mr. Speakes put it: “In my judgment there 
will be no — there are no private meetings. The United 
States will not participate in any private meetings with 
the media." 

As a result, senior U.S. officials tried to slip unno- 
ticed through the corridors of the Inter-Continental 
Hotel, where most of ihe official Americans are 
staying. 

Paul H. Nitze, the president's senior arms control 
adviser, and Arthur A. Hartman, the U.S. ambassador 
to Moscow, were spotted trying to evade a gaggle of 
reporters. One turned and asked Mr. Nitze whether he 

E tanned to work late after dinner. “That's for me to 
now and you to find out,” Mr. Nitze shot back. 

□ 

One reporter who seemed to be having no problem 
with access was the pres dent's son, Ronald, who was 
accredited to the summit meeting for Playboy 
magazine. 

According to Mr. Speakes, the president's son had 
asked to be at the first summit session at the Chiieau 
Fleur d'Eau “to be a part of history." not as a writer. 

Mr. Speakes said the president's son had asked, 
“Are you ready. Dad?” and the president bad replied. 
“Absolutely." 


D/ 


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Leaders’ Wives Pledge 
To Help Seek Peace 


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United Press Inlmational 

GENEVA — Nancy Reagan and 
. Raisa M. Gorbachev met Wednes- 
day for a tea at the Soviet mission 
. and the -Soviet first lady said the 
two would “do all we can do" to 
help seek peace. 

• " Despite snow flurries, Mrs. Gor- 
s badievwbre no coat as she greeted 
Mrs. Reagan outside the door of 
.."the Villa Rosa in the Soviet com-, 
pound, the Gorbachevs*, residence 
■ in. Geneva daring ihe sununit meetr 


U.S. Reports 
lidks Progress 


ingbetween President Ronaki Rea- 
gan and Mikhail S.. Gorbachev. 

. The twp first ladies bdd hands 
before going inside for a brief news 
conference, even though they only 
met for the first time Tuesday at a 
tea at the Reagans’ temporary resi- 
dence, 

Mrs. Reagan and Mrs. Gorba- 
chev sat together on a couch and 
appeared at ease together. 

Mrs. Gorbachev, asked what she 
and Mrs. Reagan could do together 
to promote peace, replied; “All we 
can do, we shall do." 

Earlier in the day the women 
appeared together to lay a comer- 
stone for the new Museum of the 
International Red Cross. They 
sealed in a time capsule a three- 
language message expressing 
"hopes that this museum win con- 
tribute to the understanding and 
strengthening” of the Red Cross 



Geneva Summit Privacy 
May Have Broken Ice 


- > (Continued from Page 1) 

'-down on specific issues such as the 

'U.S. Strategic . Defense Initiativ e 
’ J for a space-based nuclear defease 
‘-shield. 

Leonid M. Zamyatin, the' Soviet 
L'.spbkesmai 4 at a briefing Wedries^- 
’! day pointedly passed up an oppor- 
v <4unity to raise the SDI issue. He 
.. was asked whether the Soviet lead- 
- er would regard the summit meet 
/ling as a success even if he failed to 
^dissuade Mr. Reagan from pro- 
^ ceeding with SDL 

“The.fact that talks have been 
.held here on all major issues is a 

- positive event,” Mir. Zamyatin said 

Although the news Mackout im- 
•“ posed Wednesd^nioniuig continr 

‘^tied to be bom j' 1 Reagatn^a presentation case "con 

'"tions, it is now bdtevied to ( be -laming 16 madaHwns and a small, 
certain that thd two leaders Sive'*" lacquered wall plaqud 
-'"agreed that pOiodxit summit coeh Mr.ReagangavetheSovietlead- 
. - ferences must be hd,d by the two er a Chippend& box of mahogany 
so p e r po w ei s , with die next meeting and alver and a pen set with the 
I to be in ihe United States either inscription “peace through com- 
" .next year or in 1987. . mtuncatioo.” 


Raisa M. Gorbachev, right, and Nancy Reagan putting a 
joint peace message into a time capsule Wednesday at die 
new Museum of the International Red Cross in Geneva. 


(Continued from Page 1) 
first step for any accommodation 
on the crucial issue of space weap- 
ons, in view of the fact that no 
compromise had been worked out 
on this point in the months of di- 
plomacy leading up to Tuesday’s 
talks. 

The new blackout, which came 
as a surprise to most of the press 
and to many officials on both sides, 
was the work of Secretary of State 
George P. Shultz, who used the 
same device during his successful 
Jan. 7-8 talks in Geneva with the 
then Soviet foreign minister, An- 
drei A Gromyko, that restarted 
arms talks. 

Secrecy during the course of dip- 
lomatic negotiations is not unusual, 
but Mr. Shultz is believed to have 
adapted his January procedure 
from U.S. labor negotiations, at 


and “inspire future generations all /^i 1 tw a * 

Moscow Seeks to Reassure Arabs 


■ Leaders Exchange Gifts 

The Reagans and the Gorba- 
chevs have exchanged gifts. Hie 
Associated Press reported from 
Geneva. 

Mrs. Reagan’s press secretary, 
Elaine Crispen, said Mrs. Gorba- 
chev gave Mrs. Reagan a white por- 
celain tea service with scenery 
painted on it and a necklace and 
bracelet. 

Mis. Reagan gave Mrs. Gorba- 
chev a large bond with roses on it 
Mr. Gorbachev gave President 


(Continued from Page 1) 
pressed interest in better relations 
with Moscow. 

In one of the Novosti articles, 
Soviet writers, described by the 
state-run press agency as Middle 
East expats, answered questions 
on their country’s policy toward 
the Middle East. 

They said an international peace 
conference that comprises the Sovi- 
et Union, the United States and the 
other concerned parties, including 
the' Palestine Liberation" Organiza- 
tion, provided the only mechanism 
for a settlement of the" Aratv Israeli 
problem. 

The Palestinians, the article add- 
ed, must have the right to their own 
state “on Palestinian soil.” 

Last week, Yasser Arafat, the 


WW 


Denies Eoh Oman Celebrates f Coming Out Day’ 

(i ( hup Attempt 


, , .. h,.'. tiw oaa 

-..i.rjsrosl® 

_-i- LMfii 'k 

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. •r'j'MS- b r - ; 


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(Continued from Page 1) 

. with 225JXJ0 students, 43 percent 

- of than women or girls, ana a con- 
centration on spreading education 

-- -to the vast raral areas and on prao- 
lical studies ntch as agriculture and 
r nursing. 

Under government scholarshq>s, 

- about 200 students graduate from 
' foreign universities each year now, 
L but h new Sultan Qaboos Universi-. 
-ty is under construction. Other sta- 
tistics show the quantum leap; 
2,100 miles of paved roads, 2,600 
new hospital beds, a 40-fdd rise in 

2 per capita income to about $8,000 a 
"year. 

Vast stretches of houses and 
stores rise on what was wasteland a 
decade ago. There are ubi quite 
Japanese-made four-wheel -drive 
^ pickup trucks for the Bedouins 
' now, and ahuninum-ctr fibes^ass 
motorboats are repladng the high- 
wooden fishermen’s row- 


my. The. process is proceeding 
slowly, a dtiplomai said, because the 
saltan “doesn’t want Omanization 
at the cost of efficiency, and in any 
case yew won’t ever Qmanize the 
menial jobs." 

■ UJS. Holds Mflitaiy TaBcs 

The Umted States and Oman are 
holding prdiminaxy talks on joint 
milhaiy construction. United Press 
International reported Tuesday 
from Muscat. 

Under an agreement signed in 


1980, U.S. forces are allowed to ase 
three air bases and an airstrip dur- 
ing an international crisis. 

Die agreement also allows the 
United Sates to preposition mili- 
tary supplies and equipment in 
Oman. Washington has spent $246 
million extending runways and 
building storage facilities. 

“We are discussing with them 
possible future military construc- 
tion,” Ambassador George Mont- 
gomery said. 


PLO chairman, said that whatever 
agreement might come out of Ge- 
neva would be at the expense of the 
Palestinians. 

His remark was interpreted as 
reflecting a strain in his relations 
with Moscow, which sharply criti- 
cized the accord he signed with 
King Hussein of Jordan last Febru- 
ary.. 

Moscow said that by agreeing to 
a joint approach with Jordan on a 
Middle East settlement, Mr. Arafat 
was giving 'away Palestinian inde- 
pendence. ••• * 

■ ' Rabin Cautions U.S. ' 

Yitzhak Rabin, the Israeli de- 
fense minister, said Tuesday that 
Israel hoped that the United States 
would not offer the Soviet Union 
an equal role in Middle East peace 
negotiations, United Press Interna- 
tional reported from Los Angeles. 

“Israel does not want the Soviet 
Union in any part of any interna- 
tional formula to deal with the 
peace process," Mr. Rabin said in a 
. speech to the World Affairs Coun- 
6L 

"We hope the Geneva talks will 
not change the U.S. policy not to 
allow the Soviet Union to be an 
equal partner to the US. in bring- 
ing peace to the region,” be said. 
“The Soviets are not interested in 
peace. They are interested in a con- 
trolled tension, not a solution.” 

He specifically mentioned “the 
right of the Jewish community in 
the Soviet Union to emigrate, the 
right to practice whatever religion 


and the release of those arrested 
because they taught Hebrew, spoke 
Hebrew and tried to convince oth- 
ers to maintain their linkage to Is- 
rael." 

■ PLO to Meet in Baghdad 
Palestinian leaders will review 
their stand on Middle East peace 


which he had previously demon- 
strated achievement as a private 
mediator and as secretary or labor. 

A typical negotiating' lactic of 
the Russians, like some U.S. union 
and management bargainers, is to 
insist on rigid stands and impossi- 
ble demands right up to the fmal 
hour. Then, as the pressure mounts 
almost intolerably, the Russians 
give the minimum needed for 
a gr eement. 

In the case of the January meet- 
ings. the final session on the last 
afternoon was set for three hours 
and lasted neatly six. in part be- 
cause of a threat by Mr. Gromyko 
to terminate the discussions with- 
out agreement if US. compromises 
were not forthcoming. 

In such a situation, blow-by- 
blow press descriptions, whether 
accurate or not, tend to work 
against the United States by con- 
tributing to public pressure to avert 
diplomatic failure and make a dwil 

The Russians, whose public 
opinion is more easOy controllable 
but who are at ease with secrecy in 
all things, do not seem to object to 
news blackouts. 

The difference this time is a 
much more sophisticated and vocal 
Soviet public relations effort, an 
extraordinary feature of the current 
Geneva meeting. 

There was a danger, due to the 


efforts this week in what Arab dip- combination of those factors, that 
lomatic sources said could be a his- the cacophony of rival public rela- 


toric meeting, Reuters reported 
from Baghdad. 

„ The meeting of the PLO execu- 
tive comnuttee, due to have opened 
in Baghdad cm Wednesday, was de- 
layed for one day to allow for more 
preparations. 


lions machines here would leave 
the world with the impression for 
two days that the Reagan-Gorba- 
chev summit meeting was a danger- 
ous confrontation, no matter what 
was happening in the confines of 
the meeting room. 


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Awarded by I'Academie des 
Beaux- Arts, on November 13, 1985, 
at the Institut de France. 

In his book, Metamorphoses, Hi as Lalaounis analyses the 
sources of inspiration, the work methods and the creativity 
of Lhe modem goldsmith-jeweler. He presents, in color, 
with introductory comments, nineteen of his collections of 
jewelry and art objects inspired by history, nature and 
technology. Ilias Lalaounis believes that “Every piece of 
jewelry has a story to tell". 


mlias LALAoUNIS 


PARIS? 364 RUE ST.-HONORI (PIACE VENDOME) • (1 } 42.61 .55.61 
ATHB4S, LONDON, GENEVA, ZURICH, NEW YORK, TOKYO, HONG KONG. 




f..l i '5 ■ 


... .past’ 


J1 


• ’’ Ai! 

•• ^ i*a*’ 



. - m - “In 1970 there was nothing,” 
Education Minister Yahya al- 
- Man then said.- "We are ru nn i n g. 
. -pot walking, to get the infrastruc- 
ture to work.” . 

So far, diplomats say, Oman 
-seems to have avoidcd mnch of the 

- garish excess that has accompanied 
new oil wealth in the Middle East. 

“They’ve teamed a lot from their 
.Gulf neighbors; there’s a lot fewer 
white elephants around here,” a 
-Western diplomat said. 

The s»il ran, another expert said, 
has also shown a concern for his- 
torical scholarship and for the envi- 
ronment. A campaign is under way, 
for examp le, against beach Htterers 
who have been disturbing the nest- 
( ing areas of the. loggerhead turtle. . 

- Much of the policy here has been 
shaped by a coterie of advisers to 
the gnHsm, most of them British 
and some reputed to have back- 
grounds in intelligence. 

The British influence is still 
strong, particularly in the military. 

Britain sent Special Air Service. 

troops to help the sultan put down 
a rebellion of m o un t ain tribesmen 
backed by Communist South Ye- 
men at the beginning of his rule. 
About 200 British officers are on 
loan to the saltan’s army, while 
about 1,000 Britons are under hire 
as contract, or mercenary* officers. 

The Chief of the Defense Staff, 
lhe hi ghes t-ranking military offi- 
cer,. is a British lieutenant general, 
the air force commander a British 
airvice marshal and the naval com*. 
mantier a British rear a dm i r al. 

TbereLis an official policy of 
“Omanization,” or 're placin g expa- 
triates with Omanis not only in the 
military but throughout the earn o- 


:v 


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.” 


‘35mm Photography’expressed their amazement 
when foced with 
the brilliant T70. 



luiropt^M-caiyicrt < >1 r he 







Ppge 6 


THURSDAY, NOVEMBER 21. 1985 


itcralb 


INTERNATIONAL 


(Eribunc. 


Publbhcd With The N™ York Tima ud The Vasbwgloa Port 


Doe Has Failed the Test 


Samuel Doe has now imposed himself upon 
Liberia three limes in this decade. He is neither 
Liberia’s first autocrat nor Africa’s worst, but 
he is a distinct embarrassment to the United 
States. Per capita, his regime receives more 
U.S. aid than any other country in black Afri- 
ca. The total has more than quadrupled since 
1980. And Congress linked this year's pay- 
ments to his democratic performance. 

When General Doe. then a master sergeant, 
first seized power five years ago, he overthrew 
a minority elite. The American- Liberians, de- 
scendants of freed American slaves, had ruled 
since independence in 1847. Although that 
1980 coup was bloody and was followed by 
executions, it raised hopes among the long- 
excluded African majority. Brutality, corrup- 
tion and depression smothered those hopes. 

When General Doe, bowing to UJ>. pres- 
sure, this year staged Liberia's first multi-party 


election, the most formidable opposition can- 
didates were excluded. Still the electorate re- 
jected the Doe regime. Western diplomats be- 
lieve the real victor was Jackson Doe, the 
candidate of the Liberia Action Party. But 
General Doe had himself declared the winner. 

That was the background to last week's 
coup attempt. Its leaders were disaffected rmli - 
lary men; uri rial reports that they were suc- 
ceeding were greeted by celebrations in the 
streets. In the end, the coup failed. 

General Doe remains in power, and much of 
his regime's budget comes from U.S. foreign 
aid. Congress has stipulated that this aid 
should be suspended if the State Department 
determines that the elections were col free and 
fair. They were not General Doe rules by 
force. He should no longer be allowed to do so 
with the support of the American taxpayer. 

— THE NEW YORK TIMES. 


Asian Students Do Better 


Some problems they have at the University 
of California at Berkeley. The elite university, 
trying to cope with an extraordinary influx of 
brilliant Asian students, worries about how to 
handle ethnic quotas and the feelings of ordi- 
nary students who don’t want serious students 
asking them to turn down their stereos. These 
sound like the difficulties of a lottery winner 
who has the burden of deciding how to spend 
his fortune, or of the heiress who must choose 
between wearing the diamonds or the emer- 
alds. We should all have Berkeley’s problems. 

The figures are really impressive. This great 
university- which has a highly selective admis- 
sions process, now has a freshman class that is 
. 27-perceni Asian in a state where that ethnic 
group is only S.3 percent of the population. A 
large number of those students are foreign- 


boni, recent immigrants from China, Hong 
Kong, Japan, Korea, the Philippines and Viet- 
nam. They are achieving out of all proportion 
to their presence in the population and have 
been particularly successful in science, math, 
business and education. The same trends are 
apparent on the East Coast, where students of 
Asian background are now present in large 
numbers at the most prestigious private uni- 
versities. Secondary school records indicate 
that this will not be a passing phenomenon. 

Students, faculty and administrators may 
have to make some adjustments to accommo- 
date these high achievers. But they present an 
opportunity in addition to a challenge. We 
should all be asking what we can learn from a 
group that values education so highly. 

— THE WASHINGTON POST. 


Little Woman, Little Man 


Remember the little woman? The woman 
whom poor men kept barefoot and pregnant, 
rich men put on a pedestal and all men told not 
to bother her pretty tiule head? Bel you 
thought she had disappeared from the popular 
psyche. WeU. not from Donald Regan’s. 

The White House chief of staff thinks the 
little woman isn’t up to understanding the 
issues at the Geneva summit conference — not 
unless, that is, they involve a mono a mam 
between Mrs. Reagan's and Mis. Gorbachev’s 
hairdressers. Women, Mr. Regan remarked to 
The Washington Post, are “not gang to under- 
stand throw-weights or what is happening in 
Afghanistan or what is happening in human 
rights. Some women will hut most women — 
believe me, your readers for the most part, if 
you took a poll — would rather read the 
h uman interest stuff of what happened." 


The New York Tones did take a poll recent- 
ly, of 1,659 male and f emal e readers, about 
their hopes for Geneva. The questions dealt 
with matters like nuclear weapons stockpiles 
and the efficacy of strategic defense. Both 
sexes responded directly enough- No one of 
either sex said. “Hey. forget this arms stuff. All 
1 want to know is, Who is to Raisa what 
Adolfo is to Nancy?" The Times also asked 
nin e prominent Americans about Geneva, in- 
cluding Barbara Tuchman and Dianne Fem- 
stein. (See Other Opinion below.) Neither wom- 
an said a word about skirt lengths. 

Most Americans do not need polls or inter- 
views to leant that women are not what Don- 
ald Regan thinks they are. By reaching to pat 
the little woman on die head, he reveals him- 
self to be a very little man. 

— THE NEW YORK TIMES 


Other Opinion 


He World Is a Better Place' 

I know one should not build up one’s hopes, 
but the world is a better place when the leaders 
of the two most heavily armed countries in the 
world sit down face to face across the table 
from each other with a sense of openness, 
patience and understanding. Just the fact that 
they are meeting lessens tensions. 

President Reagan is an enormously likable 
personality who is sincere in wanting to bring 
about peace, and I think there can be a kind of 
dynamic set in place between the two leaders. 
For the First time in a long time there is a sense 
of hope that here may be a Soviet leader who is 
smart and tough but dedicated to a lessening 
of global tensions. The major substantive thing 
they have to address is to find a way to at least 
begin to reduce this enormous proliferation of 
nuclear missiles. My fear is that the glare of the 
Umelight win put pecple so on the defensive 
that there cannot be substantive discussions. 
— Dianne Feinstdn, mayor of San Francisco, 
commenting to The New York Times. 

I would like for my compatriots to learn 
that there are two superpowers in the world, 
that America is not destined to govern the 
world after its own desire. 

Arms control is a very, very difficult subject 
which I tend to think on the whole is a phony. 
I’ve never known of any nation in a triad that 
has ever reduced its arsenal. So why should 
history change now? The kind of talks they 
have been carrying on in Geneva about the 
deployment of this and that and all of these 
complicated formulas does not impress me at 
all as genuine steps toward disarmament. I do 


not even know if we can turn back now that 
□udear weapons have been invented. 

Still I think it is very important for us to 
keep talking to the Russians. It helps us to 
learn what they are like and what they think 
and it helps them learn what we are tike and 
what we think. And it forces [the two leaders] 
to think about the issues. If [a leader] knows he 
has to go bade and talk again in a year, he may 
have to do some more serious thinking. 

— Barbara Tuchman, the historian, 
commenting to The New York Tones 

Dying Continues, Off Camera 

Nearly three weeks ago foreign television 
and press photographers were forbidden by 
the South African government to take film in 
certain areas; newspaper journalists also suf- 
fered restrictions. And since that time the flow 
of “bad news" from South Africa has certainly 
diminished. But the bald statements made by 
the South African police suggest that almost 
every day at least as many blacks are dying in 
the townships as was the case before the re- 
strictions. The imposition of censorship on the 
foreign media does not yet appear to have had 
a measurable effect on the level of unrest. 

— The Daily Telegraph (London). 

President Botha accuses foreign news media 
of inciting violence by encouraging rioters to 
overturn cars and restage violent scenes. He 
ignores the fact his country has been the scene 
of unrest for years. It began long before report- 
ers came to document the crimes against hu- 
man rights which spawn the violence. 

— The Messenger (Fort Dodge, Iowa). 


FROM OUR NOV. 21 PAGES, 75 AND 50 YEARS AGO 


1910: Tolstoy Dies of Pneumonia 
ST. PETERSBURG — Leo Tolstoy died of 
pneumonia this morning [Nov. 20] at Asta- 
povo in Ryazan province. When dying, Count 
Tolstoy refused to admit a priest to his pres- 
ence, thus proving that he had no desire to 
become reconciled with the Church. In the 
eyes of the ecclesiastical authorities, this ren- 
ders a religious ceremony impossible. How- 
ever. the Holy Synod will consider whether the 
visit he paid to his sister, a nun in a convent, 
could not be regarded as a tendency to return 
to the Church. Lev Nikolayevich Tolstoy was 
bora on the estate of Yasnaya Polyana, in Tula 
province, on SepL 9. 1828. He entered the 
army in 1851 and took pan in the Crimean 
war. In 1857 and 1861 he travelled in Europe 
On his return be married Sonya Andreyevna 
Bers and devoted himself to literature. 


1935: Italians Criticize the League 
ROME — The apparent indifference with 
which members of the League of Nations are 
watching the Sino- Japan esc situation has 
aroused indignation here. It is taken as proof 
of the hypocrisy of the League and of the great 
powers which have come forward as defenders 
of Ethiopia but show no desire of protecting 
China — foundation member of the League — 
against Japan. In Italian opinion, the League’s 
attitude over the present Far East crisis [over 
Japan's demand for autonomy for five prov- 
inces in northern China] shows the world that 
it is British imperialism which has guided the 
Geneva body in the Ethiopian question. It is 
said that it would be difficult to establish 
Japan’s rights to submit China to its rule when 
Italy’s determination to seek territory for colo- 
nization has been condemned as aggression. 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY’, Chairman 195?. 1982 

KATHARINE GRAHAM. WILLIAM S. PALEY, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


PHILIP M. FOLSIE 
WALTER WELLS 
SAMUEL ABT 
ROBERT K_ McCABE 
carl gewirtz 


LEE W. HUEBNER. Publisher 

Executive Educe REN£ BONDY Dt awry Pub&her 

Editor ALAIN L SC OUR Associate Publisher 

Deputy Editor RICHA RD H. MORGAN Associate Publisher 

Deputy Editor STEPHAN W. CONAWaY Director of Operations 

Associate Editor FRANCOIS DE5MAISONS Dinner cfCimdaiion 

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© 1985. International Herald Tribune All rights reserved. 





Rational Arms Policy Isn’t Made in a Nightmare 


N 


EW YORK — “After all these 
years, almost 40 years, of 1 


By Anthony Lewis 


deeply concerned about arms 
arms control. I’ve come to realize 
we took the wrong road. We could 
not make a rational policy on nuc- 
lear weapons because we were ob- 
sessed with Russia. 

“From the be ginning with the Ba- 
ruch proposal we coupled how terri- 
ble the weapons are wi th bow terrible 
the Russians are. So the more you 
describe the horrors of nuclear war, 
the more you fear the Russians. One 
doesn’t think of them as Tinman at 
all: the diabolical Russians 

“We have wasted our substance 
now for 30 years and more fi ghting 
some phantom Russian. We’ve ne- 
glected America in favor of Russia. 
It’s time that we thought about 
America. I say get our own house in 
order To thine own seif be true." 

Professor LI. Rabi was talking over 
lunch near Columbia University. If 
there is a grand old man of physics 
today, it is Mr. Rabi: 87 now, winner 
of the Nobel Prize in 1 944, key figure 
in the building of the atnmir. bomb, 
beloved teacher at Columbia for de- 
cades, adviser to presidents. 

His subject was the somber one of 
the arms race, but he was not melan- 


choly. He talked with verve, with an 
irony that was almost amusement. 

“There are people in this country 
who hate the Rus sians more than 
they love America,” he said. 

^We have made Russia paramount 
in out thinking , and you can see the 
results in the deterioration of the 
United States. Japan is selling steel at 
US. Sted’s doorstep. Our electronics 
industry is being overtaken.” 

How do economic troubles link to 
the obsession with the Soviet Union? 
“Our best brains have gone else- 
where,” be said — to military re- 
search and development. And the 
supposed spin -off from weapons to 
industry does not amount to much 

He was not arguing that the Soviet 
system was pleasant or its leaders 
nice fellows. IBs point was that for 
deterrence you do not need to go an 
building more and more weapons of 
mass destruction. The United States 
has spent $750 hiTtim on nnclcar 
aims since 1945, and it is spending 
mare right now than it ever has. 

“Americans are not stupid,” Mr. 
Rabi said. “And we’re educated on 
the horrors of ibese weapons. Yet we 
go on building them 


“It’s no use arguing with people 
who say we cannot stop the arms race 
or Russia will win. They invent theo- 
ries faster than you can refute them 
— like Edward Teller wanting that 
the Russians would evade a nuclear 
test ban by testing b ehind the sun! 

“I don’t know what our objective is 
vis-i-vis the Russians. Do we think 
we can spend them into destruction? 
A country dial recovered from devas- 
tation in World War II and made 
itself into a superpower? Nonsense.” 

A recent New York Times Maga- 
zine article underlined Mr. Rabfs 
point about morbid fear of the Soviet 
Union. The piece was by David K. 
Stapler, who was the Times corre- 
spondent in Moscow for years. He 
well knows the cruelties of the Soviet 
system, but be was struck, on return- 
ing to the United States, by the 
frigh tening view of Russians that per- 
vades American culture. 

“Vicious and absurd caricatures of 
Russians have become standard fare 
.in a current genre of commercials and 
films." Mr. Shipkr wrote. There is 
the “Rambo” imnp ^ with gun-happy 
Americans trinm priiTip mrpr Russians 
who lode like Nazis and even speak 


with German accents. “We need an 
external villain, " he concluded. 

The Russians fin that role conve- 
niently because they are in a real 
ideological conflict with America — 
and because the two cnitures. are both 
evangelical ea ch believing it has the 
best political and economic system. 

America does have to worry about 
Soviet power. Bat it is not a rational 
response to intensify an arms race 
that has had destructive effects on 
American society and has given' no 
security advantage beyond the deter- 
rence provided by unclear weapons, 
Mr. Rabi has essentially great up 
on a political solution. He raid we 
must txice. the long view and educate 
the public to the futility and danger 
of an endless arms race. 

Are politicians really incapable 
of rationality* on this 


problem? No president of the U: 

States can meet a Soviet leader Jind 
produce a pat solution. But aprea? 
dent could come out of a smnn ti L - 
meeting with a reasoned ageada.&r - 
limiting n udear weapons — and. with 
the niwiay thnfj white the CcHDBBtr . 
oist system is repugnant, Romans 
anti Americans have in commbn.ffie 
need to prevent nwtnnt *mnitwtetirtrf . f 

The New York Tones '■ •"/?»’> 


-"-V-7'55. ; 

Would the FoU of Marcos Make Much Differenced 


W ASHINGTON — The Reagan administra- 
tion's pressure on President Ferdinand 
Marcos may well spell his downfall. Given the 
regime’s grievous faults, this might seem to por- 
tend an improvement over the ament situation 
in the Philippines. But the question is whether a 
future government will be competent to cope 
with the enormous economic and social proo- 
lems that were becoming critical even before Mr. 
Marcos seized absolute authority in 1972. 

A look at the array of FHipmos jockeying to 
succeed him suggests that & autocracy may 
merely be supplanted by the kind of oligarchy 
whose misrule paved the way for his takeover. 

As Washington coniempfates alternatives to 
Mr. Marcos, it should be aware that little will 
change unless new leaders emerge to renovate the 
society- by a sweeping overhaul of many tradi- 
tional values. Otherwise the Communist insur- 
gency wdL continue to spread, thriving as it does 
on shocking disparities between rich and poor. 

In a confidential study released last June, the 
World Bank estimated that the top 20 percem of 
the Filipino population accounts for 59 percent 
of the national income, while 45.4 percent of 
rural families subsist below the poverty Level If 
the Marcos government has neglected these con- 
ditions, so did its predecessors. In the past, 
agrarian reform and other such programs were 


periodically proclaimed with fanfare, then quiet- 
ly shelved because they alarmed the vested inter- 
ests that controlled the politicians. 

The dimens ions of graft and bribery have 
swollen under Mr. Marcos, but corruption was 


By Stanley Karnov 

endemic long before he'a p ijisa re c L Tbe political 
structure is buflt on the understanding (hat pub- 
lic office affords opportunity for private gam. 

Tbe motive is not necessarily personal greed. 
Filipinos live in a complicated web of kinship ties 
based on a concept of mutual obligation. An 
individual in a prominent position is expected to 
provide for his relatives and friends, who per- 
form services for him in exchange. It may be the 
world's most effective welfare system, but it 
spurs politicians and to plunder, and it 
tends to discourage civic virtue. A Filipino’s first 
allegiance is to family and friends. 

American tutelage, beginning in 1898, was 
extraordinarily progressive far its time. But for 
the sake of expedience it promoted political 
conduct whose legacy is still being felt. 

William Howard Taft, the first governor gen- 
eral pursued a “policy of attraction,’’ granting 
limited authority to conservative Filipinos in 
order to split the ranks of the nationalist move- 
ment then fighting against American conquest of 
the islands. Thus, from tbe outset the upper 
classes were put in charge, and they naturally 
resisted social reforms that would have jeopar- 
dized their interests, \nter politicians learned 
from their American tutors the art of patronage, 
which fit neatly into their own sets of values. 

Because the Philippines inherite d the trap- ' 
pings of tire American political process. Ameri- 
cans congratulated themselves on having created 


a “showcase of democracy” in Asia. Bin Bemgho 
Aquino, whose assassination in 1983 crystallized^ 
^ warning 

trayed the country in 196&aS^a< 


Seek Help 
From 
And Bonn < 

By Hobart Rowen 

W ashington— T he Demo- 
cratic pdkyniakers in Con- 
gress have quietly buried the Bem- 

^n-Gqphardl-Rostenkowski pro- 

posal for an impart surcharge on 
Japanese and, other goods. Instead 
they have formulated a more senaHe 

set ' of legislative proposals ip deal 

w ith the American trade deficit. 
Senator Lloyd Bentsen, the Texas 

Democrat, concedes that “the time 
isn’t ripe” now for a 20-percentadd- 
ed tariff on Japanese. South Koreaju, 
Taiwanese and Braziliaa imports, alT 
though be holds out hope for “some 
version of it” in tbe o wnin g months. 

But his colleagues write it off com- 
pletely. Democrats in 

both die ami the House now 
. stress the need for monetary reform 
to bring down the overvalued dollar; 
for more generous retraining assis- 
tance; for stricter cafafpement ’of ex- 
isting trade laws to deal with, illegal 
barriers to U.S. exports. Arid more 
support is being generated for a new 
round of multilateral trade negotia- 
tions under the aegis of the G eneral 
Agreement on Tariffs and Trade. . 

This is not to say that tbe protec- 
tionist hysteria has died out com- 
pletely- The Japanese, at whom most 
of the punitive legislation a really 
aimed, would be mating a mistake u 
they came to that condrafoo. No one 
can tell what will emerge fromCon- 
grcra in 198$ an election year; 

But the dollar is off man than 20 
percent fromiti February peaks,and 
the Reagan ad mimstrafro n is sbow- 
inga new wiffingriess to scrap with its 
European and Asian partners on 
trade issues'Tangmg' from pasta to 
steel ro copyrights. So the en rnhww 
in Congress , seems to be swinging 
from specad-mh«st pleading for bi- 
Iateral =Tmi^t-openmg” measures 
to & ntore%eaerri-mterest approach. 

Congress 'tibes seem to be missing 
one key dement. It attributes the 
.^overvalued d&to almost wholly to 
"the US. bodget^defidt- Uie Demo- 
crats see the trade defeat as a good 
poiitkal issue for 1986, and choose to 
lay the blame on the Reagan adminis- 
‘ trafwn’s fisodpo&cy. Thai is indeed 
where > good part of the blame 
shouklbeplflced, but what cannot be 
Tgnbrcdis the 'responsibility of the 
Japanese- sad WestGefcman govern- 
ments to help correct the currency 
misafigruneziL .They need to boost 
then economies to offset the slower 
pace of tite American economy. 

' hpn wilt West j 

Germany >ti& drag to export-led 
growth potioes. instead they should 
m crea&rig greater internal danrand 
that woukrboost file standard of liv- 
ing ofthor own citizens and attract 
imports from the United States. 

T&s is especially true of Japan, But 
m'-Xff&fflaerview' -«pj New ‘Yurt last 




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mired m an archaic system of caste.” 

Mr. Marcos’s' ability to impost martial law 
so easily in 1972 testified to toe bankruptcy ;af 
the system. He soon earned the hostility of num- 
bers of elites, less because he damped down tin 
tbe press or violated human rights- than Because 
he reserved privileges to his pals. Moreover, by 
chn^ng to power he dqtrivod “outs” of adiance 
to displace affluent “ins” and be able to fatten 
themselves and their constituents. • 

It was revealing (hat the first anti-Marcos 
demonstrations in Manila after the Aqnmo mur- 
der were staged not by radicals but by business- ^ 
men wbo had been excluded from Mr. Marcos’s 
circle of “crooy capitalists.” • ~r ; ••••?- ' 

Many of Mr. Marcos’s foes have records that 
would scarcely stand dose scrutiny. Whenever it 

be^a*panacea. It will onJy°offtr die Fffipmo 
moderates a chance to begin a thorough social 
transformation, which they will have to do for 
themselves. If thttydormtrtheCknmnni&tsadid 
are waiting in the hills wOl do it for them —in a . 

manner rhiit will not lvi pt wreant 

The writer, a veteran reporter on Southeast Asia, 
ispreparing a book onshe Philippines. Recontrib- 
uted this comment to The New York Tones. 


Muddle in the West Is Good News for Jaruzelski 


N EW YORK — Few Western 
governments seem to know 
what to make of the top-level changes 
in Warsaw this month, changes very 
much aimed at tbe West and timed to 
coindde with preparations fra- the 
Geneva summit meeting. The truth is 
that for all its good wifi and sympa- 
for the Poles, the West has no 
it policy toward Poland — 
and the Communist leadership has 
brilliantly exploited its confusion. 

According to official spokesmen. 
General Wojtiech Jaruzelski was able 
to resign from tbe premiership, as- 
suming the office of president, be- 
cause things are “back to normal" in 
Poland. An unknown professor of 
accounting, Zbigniew Messner, was 
appointed to brad the government, 
but General Jaruzelski will r emain 
the party boss and chairman of the 
omnipotent National Defense Coun- 
cil. It is not dear what, if anything, 
this means politically, for both the 
hard-line former foreign minister, 
Stefan OlszowskL and the party’s 
leading “liberal” Mieczyslaw Ra- 
kowslo, were demoted in the process. 

In a further effort to prove that all 
is “normal" the government an- 
nounced that some noncrimmal 
oners’ cases will be reviewed 
eventually a few of than will be re- 
leased. In this, too, tbe general is 
playing to Western governments. He 
hopes they wfll respond by lifting 
sanctions or increasing trade and aid. 
But the promised review falls far 
short of the two quasi-amnesties of 
1983 and 1984, and even in those 
cases it was only a matter of months 
before the prisons w ere again filled 
with opposition activists. 

Despite such public relations ges- 
tures, General Jarazdskfs attitude 
toward tbe West 
When be came 
lember he deliberately arrived from 
Cuba. In his United Nations speech 
he avoided mentioning the United 


By Jacek Kalabinald 


States by name yet managed to attack 
it seven times. He also openly blasted- 
the Reagan administration m news- 
paper and television interviews. His 
trip was portrayed in Poland as a 
victory of histone proportions. 

Not only was there no reaction 


est is largely defiant, 
to New York in Sep- 


with Moscow about Aeroflot landing 
rights in tbe United States. No one 
seemed to remember that suspension 
of those rights had been the only 
sanction imposed on the Soviet 
Union in 1981 in response to the 
inmorilioa of martial law in Poland. 

The State Department is clearly at 
a loss. Frustrated by tbe general’s 
defiance and by the failure of its 
punitive sanctions, it has amply put 


A Tass Stylist in Bonn 

In reaonse to ° StyEsh Tass Reporter 
Blends in on Washington Beat " (Nov. 9): 

The progress of Tass White House 
correspondent Alexander Sbalnev m 
blending in on the Washington beat 
certainty rated the four-column head- 
line, but I doubt if Mr. Shalnev can 
match the attention his equally styl- 
ish and articulate Bonn colleague, 
Sergei Sosnowsky, gets in the two 
Germany* whenever he appears as a 
guest panelist on Werner Hdfer’s 
televised “Meet the Press" Sunday 
round, from Cologne. The program, 
visible on both sides of the Iron Cur- 
tain, is videotaped tty most diplomat- 
ic missions accredited to the two Ger- 
man aates, especially when the panel 
includes a Soviet correspondent — 
on tbe off chance that it might reveal 
a possible course correction in Mos- 
cow’s Germany policy. 


Poland on tbe back burner. This is & 
mistalre. The West could have consid- 
erably more influence in Poland if 
it combined sanctions — the denial 
of new credits and of most-favored- 
nation status — with some positive 
incentives for better behavior. 

Poland is in deep economic trou- 
ble. A short-lived economic rebound 
is over. Goal production is stagnant 
After four good harvests in a row the 
Poles can hardty expect a fifth year of 
good weather; meanwhile, Moscow is 
pressing for delivery of more food. 

What would it mean, in these cir- 
cumstances, for America to combine 
tbe carrot with tbe stick? 

• Washington should set np a 
study group to outline a package of 
large-scale economic aid from : 
Western governments — aid 


would bc conditional on an improve- 
ment in the human rights situation 
and on genuine economic reform 

• Cultural, and scientific, ex- 
changes should be agnificantty ex- 
panded, with independent Polish art- 
ists and intellectuals taking part. *•. 

• Assuming that thePo&fa.ecooo- 
my continues to improve, Washing- 
ton should go ahead with plana* to 
encourage Polish membershrp in the 
International Monetary Fund.. 

• General Jaruzelski should hie 
judged on his actions, riot on his 
professed good intentions. Punish- 
ment should be accompanied by' in- 
centives, but neither tactic gets re- 
sults unless he is held to his word.. 

The writer, who was president of the 
Polish Journalists’ Association^ M rfr d 
tn America in 1983. He contributed 
this comment to The New YorkTirnes . . 


stimulative, measures that woold in- 
crease ihe-Japmie8e budget deficit 
West Germany regards its growth 
rate of !e» than 2percent as stimul*- 
_,.tive enough — even though imem- 
pktymest .is dose to 10 percent and 
thecountiy faces along-term decline 
mpqpnhhoii Jncontrast to the Jap- 
. anese shortage of adequate housing, 
houfes and fiats are in surplus m 
West Gennany, with a resultant drop 
in prices md rents and a sharp con- 
tractian in tbe construction industiy. 

A movement toward expansion by 
die West Germans and Japanese was 
supposed to undergird the Sept. 22 
Group of Five agreement to inter- 
vene m tibe currency markets to de- 
press the dollar. So far that expansion 
has not taken place — and without 
. some pressure it is not likety to. 

The congressional call for a change 
in macroeconomic policy is largely a 
catt for change in U.S. policy, the 
need for West German and Japanese 
expansion is mentioned, but this part 
of the solution needs greater empha- 
•as if Congress takes itself seriously as 
a shaper of trade policy. 

Otherwise there is the chance that 
tbe Japanese government will read 
the reduced dange r of an import sur- 
charge to mean that all pressure [or 
change has been abandoned. 

• «-?- ^ r * Nakasone is to drive 
tiirough a more stimulative expan- 
siamst poScy at home — against the 
will of a strongly entrenched Minis- 
try of Hnance — he needs pressure 
{rom ms mend “Ron.” In turn, 
vT?T P” 1 greater pressure on 
tas friaid ^Yasu"ff he feft some heat 
from Congress on tins score. 

It would be timely. There is a sense 
among many Japanese that consum- 

era are being deprived -—eroecaalty of 

adequate braising — while excess na- 
tional wealth piles up only to finance 
investments abroad. A thoughtful 
Japanese insider thinks that the aver- 
age Japanese would welcome devd- 
opmoits that . would increase ■ the 
amenities of life in Tokyo and other 
ewerowded cities. “We hear ' all 
“bmit the troubles of Europe,** he 
said with a trace of envy, “but they 
sore soon to be living well” 

The Washington Past 




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Mr. Shalnev undoubtedly benefits ihc-PhiHppmcs? In his opinion coi- 
from the guidance of bis long-serving ' umn “America's -Co pmitmail Is to 

ambassador, Anatoli Dobrynin. But Filipinos” (Nov. 13), Robert Man- but also —and recipient 

Mr. Sosnowsky has Ambassador Via- ning states that President Marcos “is — to his hmiEwulk 
dimir Smyonov, who« umm* m3 derfy nore eoo«rii«l.wiil> suying vXT. P 1 ' 

much envied knowiedre erf Germany m power than with refrann.” ThatS. with the 

accreditation «Wle.bm ct da, he is 


vm 


Nm ’ I2 ^ S®* 1 town tend 
fflsunction not rally to die 
but also — and 




to tbe Reich under Hitler. 


accreditation' accurate, but H applies equally well to 


official UA policy. Democracy in the 


The new crop of Soviet, foreign ' Phl&ppines was never a serious issue 
correspondents able to stand ap to a for tbe Succession of U.S. admmistra- 
grueling televised give-and-take hr firatstiiiit hare supported the Marcos 
the language of the bos country is a -d^a^^Ithas^no^beorane ' 
far cry from the days I recall as * ah^fetpediettt ^secondary ^ue *s- 
dipiomatic correspondent in Bonn, - doubf aritesabau-cotilimimg access 
when age was still trumps in the • tojlbcGtaric^md Sutec Hot miKtar y- 
Kremlin and Soviet colleagues tentf, .. , 
ed to be anonymous note-takers- y ' '***• * : 'JOHN RlvoiR. 

TOM AGOSTON.; , f ' M .’PC, .... Tokyo. 

Hamburg- 


^Present a faculty 

VJ^TELBGDL 




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S. 


Washington and Manila 

What is all this talk of a supposed, 

U.S. commitment u> democracy is - has- beerr 



that my 
eRJE KaUmajn 
tite ltybfo Prize 




Zorich, 

by Barton G. 
Barbara 

SSfS? 0 ? °* University 

bare beeir surprised toCS 

Prizejn 
1583 Nobel?ri2 in 
medicir w. for her research in genetics. 
mm*- SCHAliENBERG. 

'Hamburg. 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, NOVEMBER 21, 1985 


Page 7 


:- ;! w 




By Paul Raeburn • 

"•• 7*<djaude«rf.P»*ir 

NEW YORK. -— Ptecemealaid 
“®m developed countries has 
changed Kfe in sub-Saharan Africa 
so dramatically that the land can 
no longer support the population, 
twoocokwists have condnded. 
These changes may even bealler- 

mg*e weather itself, they saii 
J, The core of the problem, accord- 
ing to Anthony Sinclair and John 
■Fryxdl of the Uuiveraiy or British 
■Columbia. in Vancouver; is that too 


in Blame for Famine 


e Settlement, Overgrazing of Land 


access to bigh-proicin pass during Sinclair finds it increas 
the rainy season. The land around pdling. ' 
the wells became overgrazed and This is the argumenti 
rithnaidy denuded of Vegetation, Tw,daT sandvKoto 


during Sndair finds it increaangly com- begun. Observations of rainfall in 
tround ptiling. ‘ the Sahel show a steady decline 

id and This is the argumenti ovct ite past 20 years. 


if,. r . . . ,1 . lickiwucaiuu 

there constantly. g™ plains, > 

TIm improved medial cast m- 
erased [the population of humans c^erS^se 

penodtCOTfiodeofless-than-aver- Hr^imrTr^ 
age rainfall bad more severe conse- 


__ Denuded, sandy-colored soils re- Not all researchers agree with 
h We fw'dmg fleet more sunlight than do darker this hypothesis. Sharon Nicholson, j 

mere consanuv. psssy plains, and denuded soils a meteorologist at Florida State 

thus are- cooler. Fewer warm air University and an esqpen on the 


currents rise from the cooler 
ground to carry moisture up into 
the atmosphere, where it can con- 


■Fryxetl of the University of British quences. The famines of 1973 and Sfccn areas, in contrast, 
-Columbia in Vancouver; is that too ‘I9M were both preceded by re- warmcr *«** provide thermal cur- 
many people and too maiiy-catde dneed rainfall, but resulted in far that ■ cany moisture released 

'areJivmgonTandthat can no long- more deaths than previous >y plants skyward, thus producing 
er support diem, because it has droughts, the researchers said. rain - 

been overgrazed and stripped, of . Beyond the relatively rapid dete- First, agencies providing short- 
j^'egetation. ri oration of grasslands there may, term rebel until the next rains ar- 

Tfyou feed the people and leave however, be an even more ominous rive may find that the rainfall never 


1-tenn problem, Mri -Sinclair comes. 


lyfmd tr 
Second, 


cooler Sabers climate, does not believe a 
up into tong-term change is occurring, 
can con- Reasoning from vay different 
observations, she suggests that the 
ontiast, current drought is similar to a 

mal cur- drought that occurred in the region 
released between 1820 and 1840. 
nodnring Thus, such droughts can occur in | 
the absence of the kind of human 
ig short- activity tint Mr. Sinclair and Mr. 1 
rainy ar- Fiyxdl describe. 

'all never “The potential for a human ef- 
food aid feet is there, but it probably hasn’t 






>o 


me 1JUJ 

> ?: f'P°ns y that- o 

f there st 

j* 1r trade to sent 

’ . ip °f iVr starvin 

: r ,i\ ( ^^andV' more'n 

-n. 

■ I:>c "WJ 

hesud 

■' : - - a.-5-r j . i, “ take th 

-■ : Ji ». .. Ckn, cuttnfcr tfcepne 

-•-r. ■:! M&v 

^ c ‘«cuoa j is a di 
‘ U f 7 - fflon ±/ the bes 

■ r imposs 

- • • ■> ^ ^ ™ 

■■-■•rear tries si 

;.S -"an p»L- countn 

' V.V. ^-s k 10 ™ 0 

. * r ghtx So across 

« n.e.-Rjpi"? In a: 

; l.-.^-Pc Wof, 
ter, M 

... ,, ■ : ?r - ^nuobS *■“* 

: c.-TOaj , *6 the wh 

4^«defiatrX 

rr -tz trade deTiQi*,. "“- 10 

cforifl g6i 3 higher 

•• 7V •:>' pan Of ^ ^ 

-.-X Si 

- -- - ■ fined t. 

... ... ^wthete: and it i 

- J- M... . ne> ** »» cover d 

• - 7 mals ar 


will make it worse, because these c h a n gin g weather patterns, causing 
people wiD move into new areas a decline in rainfall that could last 

and- alter the vegetation again, so decades.. 

the famine will spread.” . • That contention comes from the 

Mr.' Sinclair was quick to say vrork of other researchers, but Mr. 

that* on humanitarian grounds ■ 

there was no immediate alternative . • 

to seiufing food to the miTtinns of . - 

starving Africans, but warned that <t • ^ « 

more must be done. ‘ . SHI 

‘ Tk very first thing we have to 

Art, das all 

lands growing again, we've got to 7 ' 

take the people off the land, take /~| ^ o Vw 

the pressure off the land.” Uav JLLuUl X A 

Moving large numbers of people . 

is a difficult political problem in CTf 4 1 1 pfl 
thebestofcircurristances.lt may be -OlVlldl IM/J 

impossible, grven the pditical un- 
rest in some of the African coon- y-, , . ’ 

tries stricken by drought. These CjCnTlRTly S JTOtC 
countries are in the’ broad belt . . , , . 

known as the Sahel that. stretches US Wltll UOtillTlC 
across the continent just south of . 

the Sahara.. 

In a recent paper titled “The Sa- 
hel of Africa: Ecology of a Disas- - - 
ter,” Mr.. Sinclair and Mr. Fiyxdl 
described bow the wildebeest and 
the white-eared kob, two African 
antelopes, survive in large numbers 
by migrating during the rainy sea- 
son to areas where short-lived, 


will meiqtefo ' ever larger popula- happened,” Miss Nicholson said 
Tbe overgrazing may be directly tions that will spiH over into neigh- recently at a meeting of the Umver- 
c h a n gjn g weather patterns, causing boring areas, thus spreading the sity Seminar on Global Hahitabil- 
a decline in rainfall that could last area of overgrazing and drawing ity at Columbia University, 
for decades. . residents of more neighboring ar- “I don’t think we have any signal 

Thar contention comes from the eas into the problem. that the drought is going to con tin- 


The process may have already ue," she said 


ity at Columbia University. 

“I don’t think we have any signal 
that the drought is going to con tin- 


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


Germany’s ‘Foto-Magaziri leaves 
us with nothing else to say. 



turnwiottiS n 


and men returning in the dry sea- 
son to areas where vegetation of, a 
lower quality grows all year. 

The migratkxi strategy allows 
more animal s to survive than 
would be possible if they were con- 
fined to a single area year-round, 
and it also allows grasslands to re- 
cover during periods when the ani- 
mals are away. 

Many people living in the Sahel 


Canon®) 

European camera of the year ’84. 




- ' r •' .‘ciiter inienulfc 

• K>w.;*,eMaaiirdB, 

erttasada: 

‘ ' -'lie !• mad She 

- •■rr'KJilv tnisfflhmj 

•' ir St» Vat; 

‘.l:n:sicrVisirj| 

• ' T.r irjt bsieeat 

' ■' -isw buJMd& 
*•-' rrrrisicp 

- r.ar Iper.-ssissffi 
■r . : • — rven though s 

■■ .\ r< JO peas: 

"• 1 j.'C' j iiRC-ssmie 

• • . Jr. .•.»;rjsiws: 

-• ...-• .- i 

; ■« .i!t a SITE 

• i. ■. wi^areatab: 

rrt' 2.-J islets 

•• .'■.-orJ etpaa:'^ 

at • - rr- -^r*. aaii JrvK^ 

■ h ■ .r.-icrerd li Sf- 

• - . i .e ■C'SC . TCI t’C 

• • .-- . .1.0 mriiss: 

, ,- ;i'iiu!eOC 

. • -i — r.i.-c — ^ 

— • • s, 1 ! ilcka 

: ... 7 . r .^i fCT35= 

,. - r- .’ 

• j: is po?* 

• v. - ■ 

■-e.rt.isi Mfcr 
• : :cc< ernus 1 ®^ 

'... " : stfj sa® 5 

. -r -Vi'.I.T. 

=: .iasdg s . 

. ...j. ••tercasi** 

. .. ..•, rr ,Vaa!3P 

ar js:^ m 

V; 

• - i . 7. K-’m-s. 

■ '-r:. • -iuc '** 

-- , 

Z, '.}<& 

•U: 
r-.-re ' 


Tbe pattern b^an to disappear 
several decades ago, however, as 
Western countries began to send 
aid tq Africa. . 

Wells were drilled in areas that 
were green with vegetation all year. 
Gomnmniries . -developed , around 
the wells; and mtjfcai and veteri- 
nary carebecame. available. 1 

People wbo had migrated soon! 
settled near the wells, and it was. 
not long before difficolties arose, 
according to Mr. Snclair and Mr. 
FryxdL ‘ • 1 . 

Grazing animals no longer had 


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INTERNATIONAL CLASSIFIED 

(Continued From Back Page) 

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Beyond the debt crisis- 

Latin 

America 

the next ten years. 


Sponsored by the International Herald Tribune 
and the Inter-American Development Bank. 
London, January 27-28, 1986. 

This major international conference brings together a 
distinguished group of financial, government and corporate leaders 
from Latin America, the Caribbean, Europe and the United States to 
examine the outlook for Latin America over the next ten years. 

The speakers will discuss new proposals to revive growth in 
Latin America, to ease the debt burden and to promote new 
investment and development. 

As places at the conference are strictly limited, we recommend 
all senior executives from the banking and business community who 
are interested in attending to complete and mail the registration form 
today. 


JANUARY 27, 1986 

Chairman: Lee W. Huebner, 
Publisher, Intemafiona! Herald Tribune. 
KEYNOTE ADDRESS 
Antonio Ortiz Mena, 

President, Inter-American 
Development Bank, Washington D.C 
SNAPSHOT OF THE DEBT CRISIS, 
RESCHEDULING MOVES, 
ADJUSTMENT PROGRAMS 
Eduardo Wiesner Duran, 

Western Hemisphere Director, 
International Monetary Fund, 
Washington D.C 
LATIN AMERICAN INITIATIVES 
TO TACKLE THE DEBT PROBLEM 
Jesus Silva Herzog, 

R nance Minister, Mexico. 

*Femao Bracher, 

Governor, Central Bank, Brazil. 

HOW THE INTERNATIONAL 
RNANdAL SYSTEM SHOULD ADAPT 
Michel Camdessus, 

Governor, Banque de France. 

Robin Leig b-Pemberton, 

Governor, Bank of Engicyid. 

HOW MULTINATIONALS 
HAVE MADE A SUCCESS 
OF OPERATING IN THE REGION 
CJ. van der Klugt, ViceChairman, 
Philips Industries, Eindhoven. 

REGISTRATION INFORMATION: 

The fee for the conference is $595 
or the equivalent in a convertible 
currency for each participant. 

All UK. based pertiripants are 
subject to VAT 15%. Fees are pay- 
able in advance and will be returned 
in full for ary cancellation postmarked 
an or before January 13. 

Please return registration form to: 
International Herald Tribune, 
Conference Office, 1 81 Avenue 
Charles-de-Gaulle, 92521 Neuilly 
Cedex, France. Or telephone: 

(33 1) 47 47 16 86 or te!ex : 613 595. 


Peter Wallenberg, 

first Vice Chairman, Skcrtcfinaviska 

Enskilda Banken, Stockholm. 

REVIVING INDUSTRIES 

IN LATIN AMERICA 

The Honorable Edward Seaga, 

M.P., Prime Minister, Jcsndca 

Francisco Swett, 

fincfice Minister, Ecuador. 

Amaldo Musich, Director, 
Organization Tedwrt, Buenos Ares. 


JANUARY 28, 1986 

Chairman: Anthony Sampson, 
intemafiond writer. 

Editor of The Sampson Letter. 

NEW EFFORTS TO STIMULATE 
TRADE WITH THE AREA 
Claude Cheysson, 

European Commissi o ner, Brussels. 
Felipe Jaramillo, 

Oxirmcsi of the Contracting Parties 
to the GATT, Geneva 
THE NEH5 FOR A LONG-TERM 
SOLUTION TO THE DEBT PROBLEM 
AND FOR NEW CREDITS 
Enrique Iglesias, 

Foreign Minister, Uruguay. 

Manuel Ulloa Elias, 
former Prime Minister, Peru. 


THE COMMERCIAL BANKS' VIEW 
OF LATIN AMERICA 
David Rockefeller, Chairman, 
international Advisory Committee, 

The Chase Manhattan Bark, 

New York. 

William Rhodes, 

ChainmcFi, Restructuring Committee, 
Citibank, New York. 

Werner Blessing, 

Member of the Board erf Managing 
Directors, Deutsche Bank, Frankfurt. 
PSSPECT1VES ON ECONOMIC AND 
SOCIAL DEVELOPMENT 

a) Central America: 

Carlos Manuel Castillo, 
former Vice President, Costa Rica 

b) Andean Regan: 

Manuel Azpurua Arreaza, 
finance Minister, Venezuela 
THE FUTURE REVIVING 
GROWTH AND DEVELOPMENT, 

THE COMMON INTEREST 
Lord Harold Lever, 

forme" Chancellor, Duchy of Lancaster. 

* Rodrigo Botero Montoya, 

Member of Brandt Commission, Colombia 
ROUND TABLE: DISCUSSION 

OF A CURRENT ISSUE 
Participation from several key speakers. 

* not yet confirmed 


r 

i - 


CONFERENCE LOCATION 

The Park Larte Hold, PKaxflly. London W1 Y 8BX. Telephone (44 1} 4996331. Telex: 21533. 
A block of rooms has been reserved for conference participants. Please contact hotel directly. 

CONFERENCE REGISTRATION FORM 

Please enroll the following participant for the conference January 27-28. 


Check enclosed. 


Please invoice. 



INT&AMB8CAN DEVELOPMENT BANK 

HcralbSSribunc 


aiY/cotNiwr. 


21-11-85 


£??«rs5fros«srz~.:- ■*■ 



Page 8 


INTERNATIONAL HERALD TRIBUNE, THURSDAY. NOVEMBER 21, 1985 




Stepin Fetchit, Comedian in ’30s Films, Dies at 83 


Lax Angela Times Service “Just 1 

LOS ANGELES — Stepin Fei- played 2 
chit, 83, the black comedian who tramps 01 
became a Hollywood star in the because 1 
1930s by playing slow-moving, eos- doesn’t m 
ily frightened characters, died ians,”bei 
Tuesday of heart failure and poeu- character 
monia in Woodland Hills, CaHfor- lot of goo 
nia. He had been hospitalized there opened d 
since 1977. the film business. 

Mr. Fetchit, born Lincoln Thro- jj e ^ 
dore Monroe Andrew Perry, went 7irvi 
to Hollywood in the late 1920s and 
made a fortune in dozens of “Jr 


tramps out of all Englishmen and In 1969 when Mr. Fetdnl was 


“Just because Charlie Chaplin Chicago in the mid-1960s as a char- Mahon. 85. Who served 44 years in 
played a tramp doesn't make ity patient Congress and was chairman of the 

tramps out of all Englishmen and In 1969 when Mr. Fetchit was House Appropriations Committee 
because Dean Martin drinks that performing in Louisville, Ken- for 14 years, longer than anyone 
doesn’t make drunks out of all Ital- tucky. he learned that his 3 1-year- else, died Tuesday. 

Line - be said. “I was only playing a old son had murdered three people, Mr. Mahon was first elected to 

character and that character" did a including the son's wife, before Congress in 1934, representing the 
lot of good.” He argued that he had turning the gun on himself in a 19th district in West Texas. He re-, 
openeddoors for other blacks in shooting spree on the Pennsylvania tired in 1978 . 


because Dean Martin drinks that performing in Louisville, Ken- 
doesn’t make drunks out of all Ital- tucky. he learned that his 3 1-year- 


iinc - be said. “I was onlv playing a old son had murdered three people, 
character and that character'did a including the son's wife, before 
lot of good." He argued that he had turning the gun on himself in a 


the film business. Turnpike. 

, . The comedian got his name as he 

He sued Bui Cosby and CBS in was starting his career and was out 
1970 over the use of some of his money in Oklahoma. He placed 


films portraying shuffling, idle men — — ® - • wrote a <nno about the horse. The IOF 1110115 111811 vears, Sunday 

whu rolled their eyes in fright at the after a long illness in Los Anodes. 


pim dips in a television program, a bet on a horse named Stepin 
contending that he had been por- Fetchit, which won him $30. He 


■ Other deaths: 

Jimmy Rftz, 81, of the Ritz 
Brothers trio whose comedy rou- 
tines made them favorites of vaude- 
ville, nightclub and film audiences 
for more than 50 years. Sunday 


complexities of the world. 


man’s Negro, the traditional lazy, mana g er 


stupid, crapshooting, chicken- gee, where he : was performing, liked 

The subservient men he played slc ^ ing idio ^ He \osuhc lawsuit, it and gave him the name. 


were seen by some as an insult to 
Other American blacks, but Mr. 


Little was reported about him 


Fetchit said in a 1968 interview from 1947, when be filed for pro- 
that never saw much harm in the tection under federal bankruptcy 


George Mahon, 85, 
44 Years in Congress 


Owen Churchill, 89, the first per- 
son to win an Olympic yachting 
gold medal for the United States 
and the designer of the rubber 
swim fin used by American and 



Number of Americans Unng Atone, 
'Nonfamily’ Households Rise Sharply 

By John Berbers' 


Rv Tohn Herbers' pop 0141 * 011 ® Maxdi, tended 

for tEostpart to indicate a. con- 
WASHINGTON — Almost half rinuaiion of fotuad 

theh^SSSSdedintheUniced »» 

State ance 1980 consist of people might have skjd 

living alone or with nonre& -5aS5?!f22!CC 


he^ensus Bureau has reported- 
Such households, wbicTthe bu- nl .later to tuny, more housing 


smaller families, people waiting un- 


reau groups as “nonfamily," now “mt*. among “j*** 1 
make up 28 percent of aH the One tread of Ae ^ 


number of “nonfamily” house- J v 
holds was largely a result of more* 
widows living, alone, rite bureau 
said. Young people’s postpone- 
ment of maniage also meant more 
people living alone, a trend that has - 
been under way fw the past quarter : 
century. The medi a n age for marry- 
ing is now 25.5 for men and 233 for 
women, an increase of 23 years for 
men and 25 years for women ance 
1970. 


A long decline in the number of 
eoole in each household, which 


stereotype. 


laws, until be was hospitalized in 


SAN ANGELO. Texas (AP) — British frogmen during World War 
Former Representative George 1L Nov. 12 in Los Angeles. 


Stepin Fetchit, portraying 
one of his fOm characters. 


ings said it might wdl continue for . 
a number of years. 


INTERNATIONAL POSITIONS 


Private Banking Officers 


Merrill Lynch International Bank is expanding its private banking 
operations in London. New York. Switzerland and Singapore. 

This growth requires two additional experienced professionals to market the 
security collateralised lending operation to key clients through the Merrill 
Lynch brokerage offices in the Western Hemisphere. 

The successful candidates should have:- 

• 5-7 years experience within either Investment or Merchant Banking. While 
not essential, a thorough knowledge of the securities market would be of 
interest 

• Fluency in Spanish and English 

• an MBA or equivalent qualification 

• Good inter-personal skills in presentation and marketing. 

The positions, which require extensive travel, will be London based brat 
least one year, but candidates should be willing to relocate to New York thereafter. 

These are senior marketing appointments w'hich will be reflected in the 
compensation package. 

Please write with full career details to Keith Robinson. Recruitment Manager. 
Merrill Lynch Europe Ltd.. 27/28 Finsbury Square. London EC2A 1 AQ. 


INTERNATIONAL TRADING COMPANY 

is seeking for its office in Lugano 

COMMERCIAL ASSISTANT 

To work m «-lna» rrJIahnnity Ti mg> Tgf T TQ ottoAdWlC SO&OT. 

The successful candidate should have commercial background, awd Degodaiing 
sliDs and experience in the engineering/tdectromc sector. Be should spsafc 
Fluently English and Italian and Be willing to work in a small dynamic team. 
Preferred age around 28-35 years old. Swiss dtxua or holder ol C permit. 

For a highly motivated aid numerate individual with creative commensal Pa ir , 
this k an outstanding opportunity offering attractive prospects and htgh-i?vd 


ujaab uff — — — — — — ,7 ,. , ioon_ . 1 , 0 , nuai am* ■*-' 

households in the country, com- has been checked m toe lyous, tnai 

pared with 19 percent in 1970. of young men and women hving - ..... . . . 

This is a change that demogra- together without marrying. Steve A long dedmem tbe^nimabo of 
phers say may have important so- Rawlings of the bureau’s Popola- people in each boi«aiold, wh^h 
dal and economic implications. don Division said the inorase in flowed signs of tevung aft ■te 
Particularly important. the bu- these couples slowed after 1980 and 1980, has resumed, and Mr. RawL 
mau . ' Mtd in releasing its mid-d©- showed no increase from last year ings said it might well continue for. 
cade findings Tuesday, was the to this year, even as the number of a number of years. -p] 

number of people who now live households was increasing. . l940 bu . _ 

alone: 20.6 million, abnost twice The number ^ households coo- ^ household in the ' 

the nmto found bm. taining twounid«ed adul« of the 

“Households ironwimng only opposite- sex j ‘was_two uriflion^m there were an average • . . 

one person havejumped 90 peremi *,d 1985. vpbtmdboM 3^£™p«rhoiisehoML^ : 

smee 1970, compared wii a 37 16 n^llion cobles u 1980," he ^iHveragewas down to 169. 
percent increase in households over ^d. The bureau does not ask ques- **** . • 

all,” the bureau said. tioris that worild explain the slow- If the decline continues, as most 

The figures, based on a survey of down. demographers expected it to do. 


Since 1940, according the bu- 
reau, the average household in the 


year the average was down to 2.69, 

If the decline continues, as most 
demographers expected it to do, 
officials said it could cause more 


U.S. Publisher 
Still Influential 
After His Death 


“Many of these households un- officials saxa it coma cause more 
doub tedly mntain persons cohabit- proble^or aces, wtothoc are 
. r .e i narhmlsrtv laree nnmhers of neo- 


ing in Hai of marriage, boratua* pamcmany uunuws ol peo- 
tioos such as an elderly widow who pie hving atone. In Manh attan, for 
rents a room to a young man axr example, the average number of 
tending colltge also are included,” peopfc in ahousmg omt-was found 
the analysis said. • • 


to be less than two in the 19K) 


The amthuung increase' in the census, lowest in the nation. 


Hew York Tunes Service 


Phase terile with personal and m w ctetaik tx 

Gpnar E24-900107 
PubBdtos, 6901 Lugano, Swrtzarkgrd. 


EUROPEAN — 

SALES /MARKET1IVG MANAGER 



Position requires previous experience in financial pl a n ni ng and budget- 
ing, developing marketing strategies, working with advertising agencies 
and ability to communicate well in European cultures. Ideal candidate will 
hold a university degree in business, speak 2 languages (preferably Italian 
and/or German) in addition to English, be hi g hly motivated, have 
excellent organizational and management skills and a good presentation. 
Extensive travel required with office location near M unic h. 


Merrill Lynch 


Please send complete Cl', with photo and letter of introduction to: 

TIMBERLAND 

Attn.: Grosso, Ladwie-GanghoferstraBe 7, 


Attn.: Luigi Grosso, Ludwig-Ganghoferst 
8022 Grunwald. West Germany. 


NEW YORK — William Loeb, 
who was the outspoken conserva- 
tive publisher of The Manchester 
Union Leader in New Hampshire, 
seems to have lost little political 
influence since his death in 1981. 

A U.S. political group is holding 
a black-tie dinner in his honor Dec. 
11 at a Washington hotel, and the 
four most active Republican presi- 
dential candidates for 1988 are all 
planning to attend. New Hamp- 
shire holds the first presidential 
primary election. 

Vice President George Bush wOl 
head the program with a tribute to 
Mr. Loeb. This despite Mr. Loeb’s 
reference in the 1980 p rimar y cam- 
paign to **the sort of bdow-the-belt 
filthy political tactic that you can 
always expect from the holier-than- 
thou sainted liberal news media 
and their candidates such as 
George Bush.” 


DOONESBURY 


k >«Z2/c 

-Ad? NOW 

^ . -mfHXST 

Z. \aIlMf SHAMS 

r *£&&>»***■ 


X-L Asneveseai.TB?. - j», 
^y iHB&Nomie/mjr ”, 
■muwTfesewouo- 

saves thaiIs AoacemL 
J&feAZt&KES&MHE: 

TT 


European 
Legal Counsel 

US/Europe interface 


Wang, rhe industry leader in Office 
Automation, seeks an in-house Legal 
Counsel for its European Headquarters in 
West London. Operating across 
international borders and representing a 
Smultibillion US corporation, the position 
demands an ambitious and independent- 
minded counsel able to apply a f ■ 
unique blend of European legal 
experience in work ranging f /] 
from sales and marketing to / 11 

corporate and antitrust. I f [ 

VVc are looking for I p 

a generalist, with a { / ) 

solid background in \ . J = — 
business law who can ’ 

address, with V 


matters in areas as diverse as tax. 
personnel, corporate, litigation 
management, contracts and EEC law. A 
considerable amount of travel in Europe 
and the US is envisaged. 

You will have superior academic 
credentials and ideally US and European 
experience gained in over 5 vears in private 
practice or a corporate law deparonenL A 
US bar membership would be 3 real plus, 
but it is essential to have considerable 
exposure to a computer or high-tech 
environment where you will have gained 
an in-depth knowledge of computer 
contract law and varied multinational legal 
matters. 

The excellent compensation package 
includes a company car and an exrensive 


European Distribution 
SALES MANAGER 
Paris based 


I TmtAGHL ROUmAV 
1 f6 THE/ SATGOOmmH. 
meNSE&noteHAnNG 
COKmUrffSHmSOTlEr 
A0O5-H& 60RBAQ&) 
UBMGA CHCO&GMR. 
^ PRESS* M&FB&H 


^UHY. 
tTSAN 
AFGHAN f 


tUHQA! 
UHArsne 
RFSTLAPy 
SAYING 
1HEFG, . 
. TEP* 

< f , 


benefits plan including private health 
cover, life assurance, pension and stock 
purchase schemes. 

Please write in confidence with full 
career details to David Leigh. 

Wang Europe. Euro House. 54-66 High 
Street. Hounslow. Middlesex TVV3 ING. 


The company concerned, quoted by financial experts and 
industrial analysts as one of the most successful high 
technology companies in the C1SA combines high invest- 
ment in R and D with record profitability and a continuous 
search for excellence. The firm is offering a unique opportu- 
nity for a professional manager with a proven track record. | 
having shown outstanding potential in terms of company 
growth. 

The successful candidate should possess a combination 
oF engineering know-how.l management experience and 
marketing drive. ' i 

A proven track record of 8/10 years computer industry 
experience is required, preferably with a large American 
computer manufacturer. 

Requirements also include the ability to speak English 
and German. 

A high level of organisational skills is essential as the post 
includes responsibility for the management of indirect sales 
channels in Northern Europe. Central Europe and Southern 
Europe. The position reports directly to the Vice-President 
International. We are particularly interested in those can- 
didates showing above average qualities in terms of initiative 
and leadership. 




lour 


~ WFW. 

‘ ’ -f- * yfctoiff 


•Sribune ; > 

• is-'a.' 


5 ^>p«l»gfarTrffo 
1 feSManAMMW 


mmt Leaders Vow to Proh 
anEeoooouc Recovery 




sensitivin. and 
confidence, legal 


d/^: 


WANG 


The post offers an attractive .compensation package 
1 which will meet the expectations of the right candidate. 

Applications, which will be treated with absolute confi- 
dence. should be sent to: f.B.C - 10. rue Cambon. 75001 Paris. 
(Ref.: 105). ' j 


ifcsrjnsS: 

a fan I 



Iwwl Pim i 






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TECHNICAL SALES 
OILFIELD EQUIPMENT 


International Financing Organization 
(United Nations) located in Rome (Italy) 
seeks fill position of 
Assistant Secretary 
Governing Body Affairs* 


An U.S. company with products for orthopaedic 
surgery and patient handling equipment has at the 
European headquarters some vacancies for quali- 
fied candidates for 


As part of the expansion into new markets and areas, the 
Oitfield Equipment/Shaffer Division of NL Industries Inc is 
seeking an additional technical sales person to cover the 
USSR and Eastern Bloc countries. 


■ . . ■ !■' ■ j 1 mmmmdNtAf 

2finl 


... 

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Under general supervision of the Secretary, the incumbent will 
assist in the planning and conducting of oil official meetings, 
including: 

— direction ond coordination of meetings documentation; 

— drafting and presentation of management statements to 
governing bodies, meetings agenda, minutes and other 
related documentation; 

— study and follow-up of all aspects of m eetings proceed- 
ings. 


Sales Managers 


Candidate must be: 

• German national with at least 5 years ' 
sales experience 

• able to demonstrate a successful record 
of sales in the oilfield services sector. 


Take advantage of our special rates for newafosoibersand 
we'U give you artextra month of Trifas free wifha one-year 
subscripHbn. Told savings: nearly 50% off the newsstand . 
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experienced in a relevant product area 
such as BOPS and Wellhead. 


Candidates should hove on advanced degree in social sci- 
ences or law and additional qualifications in international 
relations. Seven years progressive experience in management 
of development programmes and participation in meetings of 
legislative bodies. Proven managerial and organizational 
capabilities. Mother tongue English and excellent drafting 
skills. Knowledge of Arabic, french or Spanish desirable. 


Depending on experience and qualifications net base salary 
per annum will range from U.S. $3,260,500 to 
U.S. $4,130,832 with dependents, and U.S. $3,027,493 to 
U.S. $3,810,137 without dependents. Cost of living allow- 
ance subject to change according to United Nations Common 
System will range per annum from U.S. $286,820 to 
U.S. $354,700 with dependents, and U.S. $266,320 to 
U.S. $327,1 60 without dependents. 

Initial contract is for two years. Deadline for applications is 
31 January 1986. 

Send applications in first instance to: 

Box 212, the International Herald Tribune 
55, Via della Mercede, 00187 Rome, Italy. 


for CENTRAL EUROPE 
SCANDINAVIA 
EAST EUROPE 
MIDDLE EAST & AFRICA 


REQUIREMENTS: 

— experience in selling medical products with prefer- 
ence in the orthopaedic field; 

— having worked before in one of the above men- 
tioned areas; 

— experience in preparing sales budgets and all 
disciplines needed to reach the target; 

— age 25-35 years; 

— good knowledge of English and other languages 
to have the ability of communicating in preferent 
territory; 

— willing to travel extensively and to relocate if 
necessary. 


OFFERED; 

— challenging job with good salary, incentive pro- 
gram and fringe benefits. 


Interested candidates should send detailed curricu- 
lum vitae, photograph and at least three refer- 
ences to: Stryker Europe B.V., P.O. Box 118, 5400 
AC Uden, The Netherlands. 


• self motivated to make a major 
contribution to the success of the 
operation. 

• Fluent Russian would be an advantage 

The Oilfield Equrpment/Shaffer Division 
designs, manufactures, sells and services 
state of the art equipment for pressure 
control, motion compensation, blow out 
prevention and sub^sea production 
systems. 

The salary will be highly competitive and 
Conditions of Employment are those 
expected of a major international Oilfield 
Service Company. 


■ CMJmortta 
| (+ 1 morthfre^ 

_ □6morths 
I ( + 2wMfefrw)' 


Please write with full career details 
to: Graham Meaden _ ' , .! 
NL Petroleum Services, 

35/36 Grosvenor Street. 

London, W1 



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Cord e>q*y due 


"INTERNATIONAL V 
POSITIONS*’ 

appears every Thursday tic Saturday 


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TO PLACE AM ADVERTISEMENT oonloci your nodrtsf , 
International Herald Tribune representative or Max Fetnr os ' 
1«1 Avo. Owrfet-dc-GeuHa, 91521 NouiHy C*d«x, Ffdncfe.: 
Toi.: 47-47-1 2-6S. Toiex: 61 3 S9S* 


21-11-85 



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ins Living A.^ 



INTERNATIONAL HERALD TRIBUNE, THURSDAY, NOVEMBER 21, 1985 


Page 9 





‘ ,a *=r or . 

■■"SeS !*%■ 


ero Refagees, a Desperate Search 




... ■ 




- By Bradley Graham •• 

-*’<**&*&<* PtotScrtkr . 

GUAYABAI. Colombia — 
"-XS : ,'g Joey wander dusty roads searching 

rc. “ r iis{ j,' 1 y ; oospitals.and morgues for /datives 
'V- ®sappeared m tbe flood. Or 

. they simply sit, staring into thedis- - 
- tananom makeshift tents or from 
. [be doorstcre of the charitable who 
• have given litem, shelter. ’ 

They are the more than 50,000 
’ ™ people of Armero and other 

. wwna ravaged by last week’s mon- 

? strous mud flows that were trig- -, 
gered by a volcanic eruption. 
Without homes, without f am- 

fliei' withoM jobs, the hag^^ 

: ugees live an existence as empty as 
the neighborhoods, now engulfed 
by mud and barren of life, that they 
; '■'•j. : ~ r .. a.) were forced to flee or were swept' 

- v f away from.- ■ - - 

Colombian authorities have held 

out to than theimpe of new pre- 
fabricated houses, probably not in 
Armero where -the extern of dam- • 
a^e and death mates reconstruc- 
tion impracticable, but. possibly 
here in GuayabaL, the dosest town 
north of. the destroyed city. - 
There has also been talir in ihe 
press of a special economic- aid 
package for survivors, but nothing 
definite has eome of that yet. 

For the moment, life for those 
fortunate enough to have narrowly 
escaped a disaster that killed 
.000 poop 


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25,000 people is -an arduous, disori- 
enting, often lonely day-by-day af- 
fair. 

Tbe primary objective of many is 
to locate other family members 








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agencies have prepared long lists of 
inedead and injured in Bogoth, bat 
many'of tbe victims have not been 
identified and so are posted merely 
as “NI K," meaning “No Name.” 

As a resole some of those look- 
ing for relatives travel from town to 
town in central Colombia, scruti- 
nizing survivors at rescue centos. 

Henry Gdrnez Nieto, a 30-year- 
old coflee grower from Armero, 
was hoe Tuesday asking about bis 
sister Mirim, a bacteriologist, who 
vanished in the flood. He had 
checked the lists in Bogpti and had 
stepped at the hospital in Mari- 
quita up the road. 

Having found no trace of her yet, 
he was on his way back to Armero, 
about four miles (six kilometers) to 
thesouth, to pick bis way through 
the ruins of their home, if he could 
find the spot in the sea of mod. down "the street Moments 'later, 
covering the town. - Mrs. Ireno realized the girls were 

Another Armero survivor, a con- not her dau ghte rs, and broke into 
sanction worker named GitiDermo tears. 


A volunteer in Guyabal, Colombia, wadies volcanic mud 
from Raul Navarrete, a survivor of last week’s eruption. 

Rodriguez, also was on an odyssey 
hunting for his 55-year-old father 
and 20-year-old brother, deter- 
mined to find (hem even if they 
were dead. • 

“Any way I find them I will take 
them,” he said. 

String in a nearby doorway 
along one of GuayabaFs narrow, 
cracked concrete alleys was a 48- 
year-old. woman whose badly 
scratched legs testified to her es- 
cape flam the Arano catastrophe. 

Berttida Ireno, too, was missing 
part of her family. 

She was convinced that two of 
her four teen-age daughters had 
made it out alive, although why die 
believed this was not clear. She had 
endured the mod-flow by hol ding 
onto the top of a door frame. 

While tallring to visitors Tuesday 
afternoon, she suddenly thought 
she spotted her two daughters 


Volcano Scientist 
Fears a New Side 

Agenet France -Presie 

MANIZALES, Colombia — A 
new mud slide, as deadly as the one 
that buried the town of Armero last 
week, could occur at any moment, 
a French volcano expert has 
warned here. 

Haroun Tazicff, France's secre- 
tary of state for the prevention of 
natural and technological disasters, 
who is in Colombia on an observer 
missio n, said that while tbe Nevada 
del Ruiz volcano was still active an 
alarm system is needed to avoid a 
repeat of last week’s catastrophe. 

He said that only a small part of 
the huge glacier had been melted by 
an eruption of the volcano last 
Wednesday. Millions of gallons of 
water could be unleashed “at any 
moment" by the heat of lava on the 
glacier, be said, and this could be 
mined into “torrents of mud de- 
stroying everything m its path.” 

He warned that that while it was 
possible that the eruptions might 
suddenly stop, they were more like- 
ly to continue for several weeks, 
even months. He said it was “abso- 
lutely necessary” to have an alert 
system. 

Referring to the eruption, he 
said, “There must have been warn- 
ing signs, but there was no one to 
interpret them.” Tbe mud “must 
have taken more than an hour to 
get from the volcano, ” he said. 



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Sandinists Report Victory 
In 5-Hour Battle With Rebels 

The Assodaud Pro* ■ wtek. It will then go 10 President 
MANAGUA — Sanrimin sol- Ronald Reagan for his signature, 
diers backed by military aircraft ' - Congress agreed last summer to' 
have killed 41 rebdsin a battle for resume S23 million in “nonlethal” 
the-dty of s<mro Domingo, 125 aid to the rebels and permitted the 
mifes (202 knpmetets) east of Ma- CIA to share int e lli ge nc e with the 

nagna, the Defense Mnistiy re- re bds. 

ported. • The tall approved Tuesday clan- 

^p. . . - , _ , . , . fies those proviaons and slightly 

Tbe mmsuy sud TreKlayught loMenl ttummu on U.i aO 

^ lbe CIA to give the rebels 

a five-bo ur tolle . It syd two g OT - ^ ^ ^ 

emmeot soldiers bad died. Shaamnining CIAABippHed 

Much of the fighting between the intelligence, 
rebds and government troops in- ]q panama, representatives of 
vdves scattered skirmishes, and the the Contadora group, comprised of 
army normally calis for air support Mexico, Venezuela, Panama and 
only when a nuyor battle is devd- Colombia, continued peace talks 
Oping OT an important pop u la ti on Wt vtn»y} »y wl hqrmwtng the 
center is threatened. differences between Nicaragua and 

In Washington, the U.S. House its U.S.-backed neighbors. 
ofRepresemarives ob. Tuesday ap- A draft peace plan proposed by 
proved a bill that allows the Rea- the Cootadoia group two months 
gan administration to send aircraft - ago would commit thefive Central 
and ground vehicles to the Nicara- American countries of Nicaragua, 
guan rebels as long as the equip- H Salvador, Honduras, Guatemala 
meat is not equqipcd “to inflict and Costa Rica to' ; i mm e d iately 
serous bodily harm or death.” freeze arms purchases arid cease 
The bill also would provide so- furiher military btrikhxp.. 
phisricated radios to the rebds, but As Ihe ircw talks began Tuesday, 
would continue a ban against (he Nicaragpa reiterated that h would 
Central Intelligence Agency advis- not ^ accept those con£tkms as long 
ingor training them. ••• . as the- United Slates continued to 

- The Senate is expected to give back the rebels fighting tbe Sandin- 
the bill final approval later this ist government. - 



A 


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Pan Am offers you so much 
more when you fly to New York. 

For a start, convenient daily 
or .multiple daily services from 
most European cities with 
convenient arrival times. And 
spacious 747 ' s across the Atlantic. 

’ On board we offer you a choice 

of three classes of service. 


The new six- across dipper^ Class. 
Our First Class which won more 
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Pan Am Abu Can't Beat The Experience 








Page 10 


INTERNATIONAL HERALD TRIBUNE. THURSDAY. NOVEMBER 21, 1985 


SCIENCE 



Arming the Nose to Supplement Natural Wintertime Defenses 


By Harold M. Schmeck 

Times Service 

E VERY Winter the human nose 
is besieged by germs. This 
year, through new medical re- 
search. the nose is being encour- 
aged to fight back. 

The counterattacks include ex- 
perimental vaccines and drugs giv- 
en by nose drop or aerosol, and 
strategies to bolster the respiratory 
tract's natural defenses against in- 
fection. The inner surfaces of the 
airways have also become a target 
for drugs to treat diseases that have 
little to do with the respiratory sys- 
tem itself. 

The upper respiratory tract is 
One of the great natural battle- 
_ grounds between viruses and the 
; human body because the nose is an 
important natural gateway. Every 
(day more than 2.500 gallons of air 
flow through an adult's nose, much 
more if the person exercises heavi- 
Jy. Riding on that air come all the 
viruses, bacteria, and other pani- 
cles in the vicinity. 

The pressures of evolution have 
■given the human air passages a po- 
tent set of defenses. Mucus traps 
.many particles. Farther inside are 
' [ ihreadlike cilia that cover some of 
the surface tissues like beds of wav- 
ing grass, sweeping out any parti- 
cles big enough to catch. The pink, 
velvety mucous membranes that 
line the airways have other de- 
fenses. too. Protective antibodies 
lurk in their surface layers. Scaven- 
ger cells cruise the territory to en- 
gulf invaders and destroy them 
with powerful chemicals. 

But even a person with normally 
robust natural defenses does not 
win every skirmish at the border. 
Colds, influenza and many other 
infections occur when the defend- 
ers fail to head off the invader. For 
many such invasions vaccines have 
been" the best answer. Most vac- 
cines are given by injection or by 
mouth, but the nose is becoming an 
attractive site. 

The purpose of a vaccine is to 
make the body produce antibodies 
that defend against the virus or 


other agent of infection. Vaccine 
put into the nose is particularly 
good at producing antibodies in the 
tissues lining the upper respiratory 
tract. Virus experts are hopeful 
about nasal flu vaccine because the 
virus enters through the nose and 
would presumably be a good target 
for local antibodies there. 

Conventional flu vaccine con- 
sists of inactivated viruses given by 
injection. Nasal flu vaccine em- 
ploys live viruses. Some experts 
nope it will evoke immunity that 
lasts as long as a natural flu infec- 
tion. If so. it might have to be given 
every three to five years instead of 

annuall y. 

The nasal flu vaccine has been 

developed from muses grown by 
Dr. John Masaab. of the University 
of Michigan, whose success rested 
on an old trick — growing the vi- 
ruses at far lower than normal tem- 
perature — and on some of the 
latest tools of molecular biology. 
He has grown viruses that are just 
like the natural disease-causing 
type on the surface but are totally 
disarmed on the inside. 

The vaccine’s development and 
testing have been financed by the 
National Institute of Allergy and 
Infectious Diseases, pan of the Na- 
tional Institutes of Health, in Be- 
thesda, Maryland. Early tests 
showed the vaccine safe and effec- 
tive in producing antibodies, ac- 
cording to reports by scientists at 
the University of Rochester in New 
York, the University of Maryland. 
Vanderbilt University in Tennes- 
see, Marshall University in West 
Virginia, and the institute. 

A large trial of the vaccine's abil- 
ity to prevent disease in a commu- 
nity is beginning in Nashville, in a 
five-year project by Vanderbilt that 
is financed by the institute. If the 
results are as good as scientists ex- 
pect. the United Staies’s prepara- 
tions for flu seasons may change. 

Key questions are whether the 
nasal vaccine is more effective than 
injected vaccine, whether the im- 
munity lasts longer and whether 



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Voyager-2, Near Uranus, Spots Hint of King 


The Assocuned Press 

P iASADENA, California — 
Voyager-2, moving toward a 
January rendezvous with Uranus, 
has detected faint hints of one of 
the dark rings around the planet, 
heartening scientists who weren't 
sure they would be visible. 

Television cameras on the space 
probe, now 1.8 billion miles (3 bil- 
lion kilometers) from Earth, have 
detected the outermost and widest 
of nine rings surrounding the solar 


system's ihird-largest planet, a dep- 
uty project scientist. Dr. Ellis Min- 
er, said at Jet Propulsion Laborato- 
ry in Pasadena. 

The ring is 12 to 60 miles wide, 
he said. The project manager. 
Dr. Richard P. Laeser, said the ring 
appeared as a slight brightening 
against the darker background 
of space in long-exposure, comput- 
er-enhanced. still television pic- 
tures. Dr. Laeser said the pictures 
were “so tenuous it takes a prac- 




m. 


\W 


hecmaimaxnt\ 


the public will be more willing to 
take nose drops than the conven- 
tional shot in the arm. “We know 
that antibody is locally synthesized 
and locally present' within the 
nose," said Dr. Kathryn M. Ed- 
wards, head of the project. **We do 
not know how effective this vaccine 
is when compared with the shot" 
Last week. Dr. Edwards’s team 
gave the vaccine to ISO children 
and adults. They plan to give it to 


ticed eye to even see anything.” 

Voyager-2, which with Voyager- 
1 explored Jupiter. Saturn and their 
rings and moons from 1979 to 
1981. is 54 million miles from Ura- 
nus. approaching at 41,000 miles 
an hour. It will make its closest 
approach of 66.000 miles Jan. 24. 
becoming the first spacecraft to ex- 
plore the planet. 

The rings were discovered in 
1977 when Uranus passed in front 
of a bright star. 


convenient inexpensive way of giv- other alone because the dual attack 
ing it would piate the most of local anti- 

ln closely related research at bodies in the nose and oroiiaiing 
Baylor, Dr. Vernon Knight is rest- antibodies in the blood, 
ing antiviral drugs given by aerosol Modem research in immimolo- 
spray. For years he has been a lead- gy. summarized in the book, credits 
er in research on the relationship of [he respiratory tract with three lev- 
veiy fine aerosols to infection. - ek of defense: immune exclusion. 
Many viruses, including those of '"regulation and e limin ation. The 
flu and the common cold, are agpus of this defense are several 
thought to be spread by airborne tends of antibodies, both Zealand 
particles. How small must the par- ctrcnlaimg; several kinds of defen- 
tides be? How efficiently do they sive cells, such as scavenger cells 
seal infection in the respiratory called macrophage; ana a oonstel- 
tract? The Baylor group has stud- lation of other substances. One of 
ied such questions in at least 20 these, the virus-fighting substance 
viruses, interferon, is also being studied as a 

Wi«ve it may bemost derive if 
developed a machine; tittiebigger with a synthetic an- 

ihan a portable typewriter, for de- bvmis drug, 
livering extremely fine mists to the Dr. Aharon Ycxu sh a ln n of the 
human respiratory system. The Weizmann. Institute of Science, in 
particles in the mist are a fraction land, has tried a different strategy 
of the size of a red blood cell — so against the cold virus that requires 
small Dr. Knight said, that they no drug. Basie studies have shown 
penetrate every portion of the sys- that rtnnoviruses do not grow wdl 


IN BRIEF 


Platypus Has Electrical Food-Finder 

the duck-billed platfP , small batteries and dead shrimp 

which can stay tote vote, far 
K Stov it found its food m streams along Australia* ** 


tern, from the nose to the bottom of at 
the lungs. ’ co 


rature. The scientist 
t deliveiy of moist 


He believes anti virus drugs heat to the nasal passage s might 

be given in this way with great abort a common cold .infection, 
efficiency. The Baylor group is and a device called Rhino therm has 
working this year on ribavirin, a been developed to deliver vapor at 
drug believed to hold promise for 107 degrees Fahrenheit (41.67 de- 
treating and preventing infectious grees centigrade). Doctors who de- 
with influenza A viruses. .This and vd oped it in Israel say that its regu- 
other drugs given by aerosol spray lar use can hamper the virus and 
are also being tested against two shorten the duration of the add. 
other viruses — respiratory syncy- 
tial virus and para-influenza, virus , , 

— that cause serious illness and -L ^ OSE drops and sprays are an 


Jucfah Gtek/Th* Nrw Tort Tom 

300 people before the flu season 
arrives by early winter. In 1986. the 
team will expand the number of 
vaccine recipients to 3,000. Each 
volunteer gets nose drops and in- 
jections. but one is a placebo. After 
the season, the doctors will deter- 
mine who got what and which is 
most effective. 

The nasal vaccine is derived 
from the same two varieties of in- 
fluenza A that make up the conven- 
tional vaccine. Dr. Masaab said be 
had recently produced a promising 
influenza B vaccine virus but it will 
not be ready for use in humans 
until next year. 

At Baylor College of Medicine in 
Houston, Dr. Robert B. Couch and 
colleagues have tested the nasal flu 
vaccine thoroughly in college stu- 
dents and are now giving it to high 
risk groups: the elderly and the 
very young. Children are also im- 
portant because they spread infec- 
tions from family to family. Wide- 
spread use of vaccine among 
children might help prevent epi- 
demics, and nose drops are a quick. 


sometimes death in the very young, old story as devices to reduce nasal 
Probably the most common in- congestion, but the uses of this 
fection of the human nose and prominent gateway mto the body 
throat is the cold. More than 100 ^ve been exp anding in recent 


viruses of the class called rhino- years. Steroid drugs havr been ghr- 
viruses are known to cause thesnif- ty ^ose to cope with allergies, 

fles and sneezes of the cold. There and other drugs for a variety of 
is no vaccine and no accepted cure, medical purposes. 

Here, too. Dr. Knight sees his Several years ago. Dr. Albert Sa- 
fine-particle nasal spray as a useful bin tested a nasal measles vaccine 
vehicle: He has found an experi- abroad, with favorable results. This 
mental drug called enviroxime to week, representatives of the Cen- 
be “fabulously active against all ten for Disease Control the World 
rhinoviruses” in the test tube, but it Health Organization, the Pan 
is relatively insoluble and therefore American Health Organization and 
difficult to use effectively in pa- the government of Mexico are 
tients. Through a collaborative pro- meeting in Atlanta to explore the 
ject of Baylor, Eli Lilly & Co. (de- possibility of using such a vaccine 
veloper of the drug) and the in Mexican children. 

Clayton Foundation, a private Last week, scientists at Har- 
phil anthropic agency, Dr. Knight is vard’s Beth Israel Hospital in Bos- 
stu dying the drug's effectiveness ton and at a commercial company, 
when sprayed into the nose in the Calif ornia Biotechnology Inc, an- 
ting mists be has studied for years, nounced that they had received 
He says there are no results yet. government approval for tests in 

In the book “Immunology of the humans of insulin delivered by na- 
Lnng and Upper Respiratory sal spray. The preparation, devd- 
Tract," published last year by oped by Dr. Jeffrey Flier and Dr. 
McGraw-Hill Ur. John Bienen- Alan Moses of Harvard, is human 
stock of McMaster University in insulin aided by a substance that 
Hamilton, Ontario, argues that in- enhances absorption directly into 
oculations both by injection and by the bloodstream through the thin 
nasal spray might be better than nasal membranes. 


S!&x.ssa~55,*)ii- 

discovery was confirmed in the experiments at his laboratory. ^ 

Clue toReversed-V asectomy Infertility 

men remain infertile even after the operation is reversed, researchers at 

J °d£ f2v1f? the researchers, said that thoi^h men 

“shouldn't be gating a vasectomy if they have any real do ubts about 
they nnigft* want it reversed," reque sts f or revasais-.arc fairly 
common, usually from men who divorce and remarry. •: • ■ 

Dr Marshall said the “subtle" changes the researchers found did not 
affect sexual performance or production of sex hormones. The study was 
directed by Dr. Jonathan P. Jarow and published m the New England 
Journal of Medicine. 

New Monkey Virus linked to AIDS 

■ WASHINGTON (AP) — African green monkeys are carriers of a 
newly discovered virus that closely resembles the one befieved. to cause 
AIDS, a finding Boston researchers say means ihe monkeys may be good ' 

models for studying the human disease. •' 

Researchers at the Harvard School of Public Heahh said marwort in . 
the journal Science that the virus’s similarity to the human AIDS virus 
supported the co n tention that acquired lfitifiuflc de fic i enc y syndrome 
originated in recent decades in Africa and might have beenrpassed from 
monkeys to humans. 

Recited viruses have been discovered in other monkeys; one, called 
STLV-3, is known to cause a mild AIDS-like disease. The new -variation 
of STLV-3 was isolated from seven captured green monkeys. P. J. Kaulti 
»nd Max Essex of Harvard and J. Ahoy of Tufts University Medical 
School said the findings were worrisome because green monkeys were 
U S fld in ptnpa rinp a mimh ir of human vaccmgfi, mchlrfmg mnch of thn 
world’s oral polio vaccine, as wdl as for drug protect* biomedical 
research and disease diagnosis. - 

Ancient Ice Thinner, Analysis Shows 

LONDON (NYU —It has tong been asstm^thtt ice sheets such as 
those covering Greenland were thicker in tbeice ages-titan today, but an 
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suggests dial the ice may have been thinner.'- •: 

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ITALY 


A SPECIAL REPORT 



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Economics: 

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Solutions 


By Ub Schmcraer 

RO ME — Italy’s economy is 
pennanentiy on the operating ta- 
ble. But whenever the surgeon is 
ready to intervene, the electricity 
fails, the nurses go on strike or an 
instrument is missing. 

Yet somehow, the patient man- 
ages to stay alive. 

This is due both to a robust con- 
stitution and to a native ingenuity 
that invents stopgap measures to 
last until the next attempt at major 
surgery. 

So, when Prime Minister Bettino 
Craxfs Five-party coalition, one of 
the most stable in postwar Italy, 
collapsed following the Achille 
Laura affair last month, it ap- 
peared at first that it would end yet 
another government attempt to 
cure the patient's chronic aiknetu: 
a public deficit that this year ex- 
ceeded its target of 96 trillion lire 
(350.6 billion) by 20 trillion lire. 

Just three weeks before the gov- 
ernment resigned, Mr. Craxi's cabi- 
net proposed a 1986 budget that 
included unpopular welfare mu 
and tax increases designed to main- 
tain next year's public-sector defi- 
cit at the same level as this year's, 
that is. at 15.6 percent of gross 
domestic product. 

And when Mr. Cnuti returned to 
office after reconstituting the same 
five-party coalition, the new gov- 
ernment pledged to push through 
the proposed financial remedies 
before Dec. 31. . . 

Mr. Craxi intends to cut free 
medical care for all but the poor, 
drop family benefits for the first 
child, reduce lavish pension pay- 
ments and much abused public 
transportation aid while raising 
education fees and taxes for the 
affluent. 

On paper it looks plausible, al- 
though most economists feel it falls 
well short of what is required. SriU, 
the government predicted that the 
plan would save 5 trillion lire and 
stimulate economic growth by be- 
tween 2 percent -and 3 percent in 
1986 

More important, the program, 
coupled with the privatization of 
certain divisions within state com- 
panies, would reassure pessimists, 
such as the International Monetary 
Fund: They have warned that Ita- 
ly's rising public-sector deficit is 
not only a time bomb fw the econ- 
omy but also is responsible for its 
mam ailments — - high interest 
rates, a nagging inflation rate (8.8 
percent for the year ending Sep- 
tember 1985) and the instability of - 
the lira. 

Political pundits feet that Mr. 
Craxi’s return to power was 
prompted more by economic expe- 
diency than try political harmony. 

It was feared that another pro- 
longed government crisis and a new 
administration would jeopardize 

(Continued on Next Page) 



GiaabmaKla Vigo. 1776. courts* rfS Co 


Alba Jealously Guards Its Truffle Fame 


By Kate Singleton 

MILAN — “Whoever says 
‘truffles,’ utters a great word 
which arouses erotic and gastro- 
nomic memories among the 
skirted sex, and memories gas- 
tronomic and erotic among the 
bearded sex.” 

Anthdme BriUat-Savarin had 
made many tactful inquiries be- 
fore writing this in his philosoph- 
ical treatise on eating habits, 
“Physiologie du Gotti,” which 
was published in 1825. 

And if the mere word can con- 
jure up so much, who knows 
what the truffle itself may da In 
fact, a great deal of mystery and 
folklore surrounds the truffle. 

Nero described truffles as “the 
food of the gods.” and Pliny 
called them “miracles of nature.'' 
That is quite a boast for a small, 
dark, smelly, ill-shaped tuber. 

to ancient timw^ it was be- 
lieved that truffles resulted from 
lightning hitting a tree or the 
earth. „ . 

In reality, a truffle is a form of 
fungus that grows about 4 to 8 
inches (around 10 to 20 centime- 
tecs) below the ground in parasit- 
ical symbiosis with the roots of 
certain trees, such as oak, poplar, 
horse chestnut and walnut. 

The black truffle, or Tuber me- 
Umasporum, is the most common 
and is found from December to 
May throughout Italy, in much 
of France, Spain, Portugal, Swit- 
zerland, and in parts of Germa- 
ny. Austria, Czechoslovakia and 
Yugoslavia. 

The white truffle, or Tuber 
magnaium, on the other hand, is 
rarer and therefore more covet- 
ed It is found from late Septem- 
ber to December In northern and 
central Italy, Yugoslavia’s I stria 
eoinsula, the Swiss canton of 
kino and the eastern pan of 
France. 

Truffles are prized for their 
rich, pungent, earthy aroma and 



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Gonbemado Vigo. 1776. 

savor, but they lack any assimila- 
ble proteins. Black, truffles can 
be cooked; white ones are sliced 
paper-thin and eaten raw on 
meat, eggs, pasta or rice. 

Whether or not they stimulate 
sexual activity in human beings 
is still a matter of debate. How- 
ever, scientists have discovered 
that their odor is similar to the 
smell that pigs emit when rot- 
ting. 


The cover of “I Tartuff,” 
left. Above, truffle root- 
ing in Alba. 

' In faetpigs are the best truffle 
finders although thev are not 
regularly used for such tasks be- 
cause they are difficult to disci- 
pline. 

In. Alba, in the Piedmont re- 
gion, where the queen of white- 
truffles are found,- -mlffle dogs 
are bred aodnained with care. 

The dogs and their owners, 
who are called trifulw , look for 
truffles at night and may dig up 
as many as 2 kilos (4.4 pounds) 
on a good outing. Since a kilo of 
truffles win bring 5500 in Alba 
and more than twice that by the 
lime it reaches Milan or the Rivi- 
era, it is easy to see why a good 
truffle dog is valued. 

“I had a splendid hound a cou- 
ple of years ago,” said a trifulau 
who works during the day as a 
f Continued on Page 13) 


V vi 51 


T 



Fellini's “Fred and Ginger,** above. Below, Ettore ScoIa (Greeting Mastroianni and Lemmon in “Macaroni. 



Film Industry Pulls Out 
Of Its Longest Crisis 


By Ludina Barzini 

ROME — The Italian movie in- 
dustry is back on its feet and ready 
to fly again, led by a small army of 
believers who did not give up in the 
face of difficulties that appeared, at 

times, insuperable. 

Over the past six years,' Italian 
cinema often was said to be “in 
agony” or “dying.” The malaise 
waspnrfotmd. . 

weakened by a crisis both m the 
film ; .industry and .the national 
economy, private Him making was 
disabled, by . the spiral of produc- 
tion crisis from double-digit infla- 
tion and-? national corraicy irou- . 

bled by a. high dollar. 

A ' massive closing of cinema 
houses, followed as lavish home- 
screeiv programming was offered 

by the very cornpetiiive public and 


private broadcasting systems. Film 
attendance and production 'de- 
clined and foreign markets were 
lost 

Then. last spring, after years of 
discussion, an entertainment and 
finance bill was passed allocating 

about 15 billion lire to cinema 
through 1987. 

Financial aid is also being made 
available with an interest rate of 3 
percent. Yearly allocations will be 
available to all sectors of Italian 

cinema — production, distribution, 
theater renovation, modernization 

and film facilities, 

A tax measure included in the 
finance bill affords a shelter of 70 
percent on all taxable revenue rein- 
vested in continued film produc- 
tion. The lax shelter is limited .to 

(Continued on Page 13) 



For Craxi, Question Remains 
How Long Can Coalition Last? 


By Henry Tanner 

PARIS — The difficult alliance 
between Bettino Craxi's small So- 
cialist Party and the dominant 
Christian Democrats, which has as- 
sured Italy's political stability for 
more than two years, is in turmoil 
once again. 

Tension and mutual suspicion 
between the two bey government 
parties erupted in the closing hours 
of the government crisis in which 
Mr. Craxi was forced to resign over 
his handling of the Achille' Lauro 
hijacking but bounced back into 
office with the backing of the 
Christian Democrats because there 
was no other ready candidate for 
the office at the time. 

Now the question is being raised 
again how long the Christian Dem- 
ocrats will be willing to keep Mr. 
Craxi in office and what will hap- 
pen when they let him fall. 

The alliance has always been a 
marriage of convenience, dominat- 
ed more by mutual suspicion than 
love. 

Ciriaco de Mna. the party secre- 
tary for the Christian Democrats, 
made it clear, at the time when Mr. 
Craxi was first installed in the 
prime minister's office in August 

1983, that he regarded the agree- 
ment as limited. No coalition gov- 
ernment had ever lasted more than 
two years, he said then. 

Each of the two partners from 
the start suspected the other of 
flirting with the Communists. 

The notion that an agreement of 
mutual tolerance — far short of the 
“historic compromise" of former 
Prime Minister Aldo More and En- 
rico Beriinguer. the former Com- 
munist Pam secretary — between 
Christian Democrats and Commu- 
nists could give Italy a stable 
(Christian Democratic) govern- 
ment should the alliance with the 
Socialists collapse, has cropped up 
periodically on the Christian Dem- 
ocratic side. 

When Mr. de Mita held a dis- 
creet meeting with Mr. Beriinguer 
before the latter's death in June 

1984. Mr. Craxi was reported to 
have been furious. 

On the other hand, two weeks 



The AMMtCtd Pram 

Prime Minister Bettino Craxi addressing die Senate. 


ago. when Mr. Craxi made an im- 
plied appeal for Communist mod- 
eration in the forthcoming budget 
debate and when be was awarded 
with loud Communist applause for 
his tilt in favor of the Palestine 
Liberation Organization, Christian 
Democratic politicians and some 
editorialists immediately charged 
that he was bent on unearthing the 
long-buried notion of an “alterna- 
tive of the left.” that is, a Commu- 
nist-Socialist alliance. 

Mr. de Mita, as he had in the 
past, warned the prime minister in 


press interviews that the Christian 
Democrats could not be expected 
to keep backing him if he used their 
support to build his own political 
strength outside the coalition. 

Mr. Craxi is unlike any other 
prime minister in postwar Italy. He 
has been in power for two years 
and three months, which is a re- 
cord. He is the first Socialist to hold 
the office and only the second 
prime minister — after Giovanni 
Spadolini. a Republican — not to 
be a Christian Democrat. 

He has been an energetic, even 


commanding head of the five- party 
coalition, which also includes the 
Republicans. Liberals and Social 
Democrats. 

His government has managed to 
reduce inflation below 9 percent, 
although just barely, and has pro- 
mulgated a law under which thou- 
sand 5 of retail stores and small 
businesses are paying taxes for the 
first time. 

When the Communist Party and 
the General Confederation of La- 
bor, the country's most powerful 
union, refused to agree to a cut in 
the sliding wage indexation, he 
forced the unpopular measure 
through by decree. This was an 
unprecedented action, and it 
goaded the Communists into mak- 
ing their worst political blunder in 
many years: They called and cata- 
strophically lost a referendum 
through which they had hoped to 
reverse the measure. 

In a country of multiparty gov- 
ernments where the art of politics 
traditionally consists of an unend- 
ing balancing act between conflict- 
ing party interests, he has been as- 
sertive and self -centered. Often, he 
has seemed to be wielding power as 
if he commanded an unassailable 
majority rather than being the head 
of a small party that has never 
polled much more than 1 1 percent 
of the vote in a national election. 

At limes he has been as tough in 
dealing with his coalitioa p rtners 
as he has been ready to do battle 
with the Communists or with news- 
paper editors who dared to criticize 
him. 

His strengths, as well as the flaws 
of his personal style, were evident 
in his handling of Lhe Achille Lauro 
crisis. His actions were quick and 
decisive. Although he is one of the 
most pro-American and pro- 
NATO politicians in Italy, he or- 
dered Italian troops to prevent 
American soldiers from getting to 
the Egyptian airliner mat U.S. 
planes had forced to land on a 
North Atlantic Treaty Organiza- 
tion base on Italian soil. 

When be had to resign after three 
Republican ministers quit the cabi- 

(Continued on Next Page) 



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; A SPECIAL REPORT ON ITALY 


Economy: Stopgap Solutions 
Continue to Ensure Survival 


(Continued From Previous Page) 

Italy's credibility both at home and 
abroad. 

Carlo CiarapL governor of the 
Bank of Italy, last month pointed 
out to what extent government 
spending was eroding the successes 
of the industrial recovery of the last 
few years. 

He predicted before Parliament 
that the expected budget deficit 
would exceed its target by 20 tril- 
lion lire, not raking into account 
another 12 trillion lire in additional 
commitments. At 15.6 percent of 
GDP. the deficit is more than 5 
percent above the average oF the 
other major industrialized coun- 
tries. 

He said the nadonal debt, at 675 
trillion lire, would equal GDP this 
year and the balance of payments 
current account would register a 
deficit of 12 trillion lire compared 
with 3 trillion lire last year. Italy's 
nei foreign debt, he said, would 
reach S30 billion at the end of the 
year, exceeding gold reserves of 52 1 
billion. 

This dismal picture has not di- 
minished confidence in a country 
where the market constantly defies 
alarmists and where economic 
norms do not seem to apply. 

In fact, the moment that Mr. 
Craxi became his own heir appar- 
ent. the stock exchange, which had 
fallen almost five points in one day. 
rapidly rallied. By the time he was 
reappointed, the exchange had hit a 
record high. Domestic and foreign 
investors, attracted by the high in- 
terest rates required to finance the 
chronic deficit, had quickly recov- 
ered their faith. 

And maybe that faith was not 

unfounded. 

Corporate profits are expected to 
repeat last year's 40-percent mar- 
gin. The political situation seems 
more stable, despite last month's 
crisis. 

The Communists, the country's 
second largest party, have been los- 
ing ground since last spring, when 
the electorate turned down the 
Communist-sponsored referendum 
on the wage indexation system. The 
Communists were seeking to re- 
store wage increases cut by the gov- 
ernment from the program of auto- 
matic pay raises, known as the scala 
mobile . which is designed to com- 
pensate for inflation. 

The devaluation of the lira in 
July by an effective 8 percent was 
expected to dampen the import 
glut, reflected in the rising current- 
account deficit, and prepare the 
currency for a more prominent role 
on international money markets. 


At the same time, the creation of 
mutual funds this year has helped 
coax savings away from govern- 
ment bonds. Italy is second in the 
world, behind Japan, in the rate of 
savings per capita. 

Traditionally, however, Italians 

finance their government's deficit 
by buying tax-free government 
bonds at interest rates as high as 16 
percent. 

The eroded power of trade 
unions has also helped Italy's com- 
petitive position abroad. The cost 
of labor came down from a 21- 
percent increase in 1981 to a 4- 
percent increase last year, with the 
same figure expected for this year. 

This makes Italian manufac- 
tured goods, which account for 97 

percent of exports, more competi- 
tive on the European market. 

With Mr. Craxi’s new cabinet 
virtually unchanged, the trend to 
break up and privatize branches of 
the country's generally loss-making 
state enterprises will continue, al- 
though the public can bny only 
nonvoting shares and the majority 
holdings remain in state hands. 

This leaves the split-off parts of 
the conglomerates still subject to 
political pressures. 

But the issuing of public shares 
will help finance the deficit and 
add new capital to the enterprises. 

Last month. Italy's largest bank, 
the state-owned Banca Nazionale 
del Lavoro, issued 20 million non- 
voting shares with a nominal value 
of 10,000 lire. 

In June, the Sirti company, 
which produces electrical ana com- 
munications cables and is con- 
trolled by the state holding compa- 
ny IRI, sold more than SI00 
milli on worth of stock to private 
investors. 

In early September, the national 
telephone company, SIP, issued 
shares worth $180 million on the 
London market, and there are 
plans by an international banking 
syndicate headed by Credit Suisse- 
-First Boston to place on th einter- 
national market shares of STET. 
the state holding company involved 
in electronics and telecommunica- 
tions. 

With Italy’s comparatively small 
stock market index growing faster 
ibis year than any other in the 
world, foreign investors have taken 
a vivid interest in these issues. 

Hie flood of shares is yet another 
sign that the government has final- 
ly decided to trim down the state 
conglomerates, which successive 
governments have bailed out for 
decades with public funds. 

If these measures have a positive 


and visible effect on investment, 
Italy is also a country where econo- 
mists must take into account the 
"invisibles,” where entrepreneurs 
and investors follow more their in- 
stincts than official statistics and 
forecasts, which are often wrong. 

One of these invisible phenome- 
na is the economia somersa, or un- 
derground economy. It is credited 
with adding from 3 percent to 30 
percent to GDP. depending on who 
is doing the calculating. 

It is that part of the country's 
labor force that for years has es- 
caped taxation and official statis- 
tics by working as a cottage indus- 
try, making unregistered 
components for industry. 

in the past, the underground 
economy often acted as a safety 
cushion during crises, absorbing 
the unemployed and reducing pro- 
duction costs by eli min a tin g expen- 
sive social insurance payments. 

But today, it, too, has problems. 
It is in dange r of bong phased out 
by robots, less rigid trade union 
rules, which are encouraging em- 
ployers to add to their labor force, 
and more severe taxation. 

And its "employees" are active 
in a sector of the economy — shoes, 
textiles, ball bearings — - that is in- 
creasingly being dominated by 
Third World countries. 

In fact, after adapting to modern 
production methods in recent 
years. Italian manufacturers may 
well have to look to high technol- 
ogy to keep up with the leading 
industrialized nations. 

Bui then. Italians are never slow 
to adapt to prevailing winds. Thai 
is why the patient remains in rela- 
tively good health. 



For Winegrowers, 1985 Raises 
High Hopes for 


followed dosdy by France, only 
about 20 percent are considered 

very good, witluJaiyhalfofthat.no 

more than 11 percent of the total, 
in the DOC category. , 3 

In addition, about half of Ualys 


about 23 percent of total produc- 
tion, is represented by wine 


A grape grower in Sardara, Italy. 


The Iran* Bank 


By Sari Gilbert 

ROME — Wine has always 
played an important part in Italian 
life and culture. “In vino veritas" is 

one much-used expression here, ^ 

and another, “you can't have both exports, which last year stood 
a tipsy wife and a full wine band," at \$ j million hectoliters, equal to 
is used to mean that one cannot 
always have everything. 

This year, in fact, winter cold 
spdls and a summer drought will 
give Italy one of its smallest wine 
outputs in recent times, about 65 
miUioD hectoliters compared with 
70 million last year and 83 million 
in 1980. 

But wine producers are hardly 
worried, for in terms of quality, the 
■1985 vintage is expected to be one 
of the best in recent Italian history 
and the percentage of fine wines, 
labeled Denominazione di Origins 

Qmtrollm (DOC), is likdy to rise. 

“It’s a terrific year,” said 
Francesco Altaic, president of Fe- 
dervini, the Rome-based Italian 
federation of wine and liquor pro- 
ducers. He said that this year's dry 
summer throughout Italy had pro- 
duced mature, healthy and undam- 
aged grapes, and that most of wines 
could be expected to excel in terms 
of taste, alcohol content and bou- 
quet. 

“It’s a fantastic vintage, on the 
level of that of 1971, but with the 
benefits of 15 years more of tech- 
nology,” said Angelo G^a, who 
runs a wine company in Piedmont 
that produces Barolo, Barbaresco 
and Dolcetto. 

In fact, this year’s vintage may 
allow Italy to bolster its growing 
image as a producer and exporter 
of fin e wines. Although Italy is the 
world's major producer of wines. 



L.-/ 


na, it’s a good to exodkat year for 
all our wines, Soave, Valpoficella 
and Bartohni,’' said Pino Ba&a, 
president of the Bofla wise firm. 

Although the total production of 
Soave is down because of 1st Jasu- . 
ary’s freezing weather and the dry 
summer, alcohol content far Soave, 
which wffl be on the- shelves new 
April, could go as high as I I J to 12 


The vintage may allow Italy to bolsterite 
image as an exporter of fine wines. 


1-VL 


Government Tries to Ease Fragility of Lira 


ROME — When the government devalued 
the lira in July this year, it took another cautious 
step to align the troubled currency with the rest 
of the European Monetary System. 

But the 8-percem readjustment — the lira was 
devalued by 6 percent and the EMS was reval- 
ued upward by 2 percent — was not so much an 
attempt to accommodate the exchange rate as 
an effort to combat the widening gap in current 
account, which is expected to be four times the 
figure of last year. 

The airrency was already in trouble. With 
domestic consumer demand rising faster than 
elsewhere in Europe, die high rate of the lira 
made imported goods attractive and domestic 
goods less competitive on foreign markets. 

The devaluation, which was scheduled for 
September, was triggered prematurely by fears 
of a run on the currency by speculators. 


On July 19, a day before it was secretly 
decided to devaluate the following week, Ente 
Nazionale Idrocarburi fENT), the state-owned 
energy conglomerate, sought $125 million on 
the market, allegedly to pay an outstanding bill. 

In just 10 minutes, the lira plunged against 
the dollar, forcing the Bank of Italy and the 
Treasury to close the exchange. On Monday. 
July 22, the currency was devalued. Although it 
quickly recovered ground, the damag e had been 
done. 

Prime Minister Bettino Craxi called for an 
inquiry. ENI protested its innocence and, in the 
end, the incident was quietly swept under the 
carpet. 

But the incident ag ain illustrated the fragility . 


t ember, is still an average of four points above 
its main competitors in the European Commu- 
nity. It also showed the nervousness' of the 
market when confronted by a sudden exchange 
demand. 

In an effort to bring the lira in tune with other 
EMS currencies, the government intends to 
gradually lift some of its rigid export restrictions 
on currency. 

This fall, the first lira-denominated Euro- 
bonds were issued. Treasury Minister Giovanni 
Goria sees die creation of a Eurolira market as 
giving the Italian currency a more important 
role on foreign capital markets. 

And with an annual return of 13 percent, the 
lira Eurobonds were not far below the Septem- 
ber issue of government bonds with an annual 


shipped out, unbottled,, to coun- 
tries like France and West' Germa- 
ny, where they axe used mostly to 
strengthen local red wines or for 
the production of sweet and .spar- 
iding wines. 

Nevertheless, quality has been 
slowly improving.- Among the best 
are long-aging wines, like iBarolo 
pnri Barbaresco of Alba; Gattinara 
from the Valsesia district; Carema 
from tbe lower Val d* Aosta; Sa^ 
sella. Inferno and GrumeHo from 
the ValteUina; Recioto and Amar- 
one from VaJpoticeQa; Ttieritino 
Cabernet; Chianti Qasaco; Bnm- 
ello di Montalcino;. Umbrian 
Rubesco, and Taurasi,-From the Ir- 
putia district of the south. 

It is these wines and others simi- 
lar to them that are being exported 
to high-price markets fike the Unit-, 
ed States, currently Italy’s third 
largest market in terms of quantity 
(after France and West Germany), 
but its first in terms of value. The 
average price of the wines sold to 
the United States is L 846 lire 
($1.05) per liter as opposed to.the 
413 lire per liter for the largely 
□nbottled table wine sold to 
France. 

Nearly two- thirds of the Italian 
wine imported by the United States , ... 

is sparkling wine like Lambrosco, .dEq®ed seriously, 
which few wine experts would label . Thel?75 average consumption 

as a quality product- But this is of 115 liters par person per year has 
cha ngin g, and reports from around : dropped to 73 litas per capita, 
Italy indicate that given ihecharao- - largely the result of competition 


percent. Bardohao and Valpofi- 
cdla also will both havegreaier 

rhan usual akohofosfrengto. while 
for Ridotto reds and'Amarom*, 
which must age for four or live 
years, "this will beayewtoiemern- 
ber,” said Mr. Botia, whose' firm 
exports 70 percent o^wiwi. 

According to FesTOrado^Fires- 
c oba hti. a Chianti ppod &er, 1985 
"is the best year ofa^pg: decade." 
He said the first tastnjgtip the area 
show that BruneDo v5l dc terrific, 
Chianti aassko^tdlhm^ produc- 
tion is down 20 percent, will be 
very good and that Cfimnd Rufina, 
whose production fdl even more 
sharply, wflTbe "exoeptionaL" 

The growing Itafian interest in* 
fine wines has resulted in more res- 
taurants offering quality, wine lists 
and an explosion of courses for 
sommeliers. 

Bm. aH tins, does not mean that 
the Italian wine indns&y no 
problems. Scandals involving adul- 
temed.wme are only a a usance. 
The real problem is that even if 
exports have been increasing (In 
thefist six months of this yearthey 
grew by 26 percent in quantity and 
30 pe rce n t in value), wine con- 
sumption in Italy itself has 


ilni lucii 


tensbes of the 1985 vantage, pro- 
duction and exportafquafityDOC 
wines is likely to increase, probably 
to as high as 13percentof the total 
“Here in the area around Vero- 


from beverages such as beer and 
sodas, dietetic concerns and the 
tendency of a growing number of 
Italians to do away . with the sit- 
^dovwrmidday meaL: " 



"I# ’ 




: 'ML^j 
-Juta*. 


Inroads InGoalition 




of the lira and of Italy’s economy., where infla- ,, yield of 14.6 percent. . 


lion, at 8.8 percent for the year ending inSep- 


— UU SGHMFTZER 



This Spanish Bank, over 
125 years old, offers long 
experience of international 
business. It is the fourth largest 
financial group in Spain where 
you can be in touch with over 
1,700 offices by using its branch 
in Milan. There are also 44 
offices worldwide, including the 
most important financial 
centres. Of these 44 offices, 

12 are in France, 5 in the United 


Kingdom, 2 in the U.S.A. 

(New York* and Miami), 
and 1 in Gran Cayman, with 
associated and affiliated banks 
in Andorra, Switzerland, 

West Germany, Jersey and 
Panama. 

So, if you are looking for 
a Spanish bank in Italy, talk to 
the only one that can offer you 
a full service: Banco de Bilbao. 

■ Member of the Federal Deposit Insurance Corporation. 


MILAN BRANCH 

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INTERNATIONAL HEADQUARTERS 

Paseo de la Castellana, 81. 28046 MADRID - SPAIN. Tel. 455 60 02. Telex 44458 



BANCO DE BILBAO 



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net, he draped Mnjsdf in the, man- 
tle of an Italian saperpatriotwho- 
had dared to stand up to the Amer- 
icans. 


i^mccessfnl industrial and com- 
ijeixial enterptiscs of the north. 

' ^Moreover, while Mr. Craxi has 
been heading the government in 
Rome, Mr. de Mita has placed 


Hiscomdxickwaseasy^coda- 'gg** 1 Da f a *“ “ ** 
haw beea Mri Stwddifi the dc-^ ^ tions as manager of the cmmtiy s 


fense minister, arid other critics 
who had accused him ^ endanger- 
ing the alliance withtoe United 
States had the ground cutout from 
under them when President Ronald 
Reagan withdrew his own sharp 
public criticism of Mr. Craxi • 
The'fire ooahtion parties agreed 
on a jjciicy statement reaffirming 
Mr. CraxTs policies without major 
change but in a more carefully 
phrased form, and asked him to 
read it in Faduunent to signify tbe 
end of the crisis. 

After he had done so, however, 
he made a second speech in which 
he added, in a different tone, that 
in his view the FLO was wrong-to 
resort to* policy of violence but 
bad the mberem right to do so. 

A storm broke. ' His coalition 
partners fell betrayed by what they 
considered his bUttent disregard for 
the requirements of government by 
consensus within the coalition. 

In one of the many angry, editori- 
als that appeared in the press, Eu- 
genio Scalfari, the editor in chief of 
the influential newspaper La. Re- ■ 
pnbbhca, wrote that the primetmo-. 
ister was trying to transform the 
coalition into a personafpreaden- 
tial government 

Ironically, just as. hfc, Gaud -is . 
breaking the record cf longevity in 
office, toe question is being asked 
again: How long will toe Otrinian 
Democrats pul up whhfaim!?:And 
•when will they launch* campaign 
to pat their own man' back into 
office? 

Mr. de Mita, if anybody, is the 
man who has toe answers. 

The Christian Democrats have . 
tolerated two non-Christian Demo- 
antic prime ministers: Since 1981. 
they have been Mr. Spadolixu, 
twice, for a total of IS months, and 
Mr. Craxi This is because their " 
share of the vote hag eroded, al- 
though they have remained tbe 
strangest single party through the 
years — except in the 1984 election 
w-' 1 ** European Parliament in 
which toe - Communists overlook 
them briefly by three-tenths of a 
percentage poinL • 

The Christian Democrats' ■ share 
of toe vote was 48 percent immedi- 
ately after tbe war, tbai stagnate 
at around 40 percent for. many 
and dropped to 38 percent in 
1979. It readied a low porntof 316 
percent in the national election q£ 

Mr. de Mita took ovef as party 
fosetaiy in 1982 and has stream- 
lmed the party and systematically 
increased its power. 
Hehassoaj^ttogiveiiaiBddeFn 


k) 


ClTn* 1 • 


-vast state-operated . enterprises, 
where- they pontrol many- of the 
most important levers of power. 

. He also obtained from Mr. Craxi 
a promise in 1983 that the Social- 
ists would break up their local co- 
alitions, with the Communists 
which tiie left has con- 
most of the big city govern- jg 
ments and many provinces and re-T 
moos. This was the price that the 
Christian Democrats exacted from 
Mr. Craxi for backing him for 
prime minister in 1983. 

It was a stiff price for the Social- 
ists to pay. The Socialist Party, in 
spite of Mr. Craxi’s own pro- 
nounced anti-communism, had 
been able to play split-level coali- 
tion politics — - exerting national 
power in Rome together with the 
Christian Democrats and 
roots power locally with the 
munists in the cities. - - 

Since the local elections last --v 
May, in which tbe Communists lost , 

further precious ground, new coali- 
tions of Christian Democrats, SO- £ . . 
dalists and other non-Commimist . a- ..' . 
parties, have been pul together la- *4? ^ ‘ 
boriously in most of the big cities, • 
ind uctin g Rome, replacing Com- .•> . ' 
munist-Sodahsi alliances. 

This is one bf the most important r, " 
shifts of power in recent decades. It -V- ‘ 
has ended the Communists' donri- r" ‘ 
nation of local' politics. Bm h has 
also diminished Mr. CraxTs bar- O ' 
gaming power vis-4-vds the Chris- 
dan Democrats. 

For four years, therefore, toe v -"- 
Chrisnan Democrats have been go- 
ing through a period' of internal 
reform and consolidation. For Mr. 
Spadohni first and then Mr. Craxi, 
tius ' has been a period of grace 
during which the country's stron- 
gest p arty was willing to forgo the 
prime minister’s power. - 
This period nury be coming to an 
eQd, perhaps with the Christian 
Demonatic Party congress sched- 
uled for May. 

. But Mr. Craxi will be able to put'^' 
up .a strong fight whenever the 
Ghristiaa Democrats serve notice 
that they are ready to move back 
into the Palazzo Chigi, the prime 
minister’s office. His personal pres- 
tige in the country has increased 
during his y«i* in power wen 
though his style r emains controver- 
sial. 

In a public opinion poll a few 
wedoago, 419 percent-of Italians 
-thought he was a betun prime min- 
wta than his predecessors and only 
23 J percent thought he was worse, 
even though 56 percent found they 
would not like, to buy a used car 


-Tar 

-*CK 


*,'•6 




IvGi 









nnage. He has cut toe powear icf -tfic " ^Mihnmh nu. .1 ‘ T 
contnti, or dans, which havtdomi- Italians 

nated toe party for ^4^ 

years of ltscaristenf* ”*** .wrostian Democrats, toe 

comity's Ieadmg party, to the 


'iS? 


yfflrs of its existence and winch are 
often controlled by old potiticiahs 
have held their positions, all 
W lives. He has sponsored 
£*gg. pew leatoxs 
outlook. 


more 


pnme ministership, Mr. Craxi 
w OUld almost certainly- lun m tlyp 
power to block tbo formation of a 

new govenrmeaLTitiswonld make 


ptoe^tny closer to the lifos^of long be- 

“^ y .. the current taroon'aitiamait 

cuds in 1988. ^ . 










INTERNATIONAL HERALD TRIBI NE. THl RS1UY. NO\ EMBER 21. 1985 


Page 13 


ai]„* iTT^sJ 

'■ r ‘ : 

:! ... • ■- • r .sr. 

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1 fc®v " : ‘ 

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(Contimed From Page 11) 

: 2',^“/ the film industry. Respite efforts to 
; ^ *•.’ have it apply to all Italian invest- 

•. ■’* metit in film production. 

1 The Italian cmema now is look- 

" - _ iog to its directors to reestablish its 

national identity, well-known <fc- 
1 ^ rectors such as Una Wemn Oiler, 

! IClHO ^ ^^ ana Cavani, Carlo Tizzani, 
' Franco ZefireUi, Federico .Fellini. 
C Mario Mfmic riH Kao Ria and the 

* / ^ 1 # j Taviani brothers; as well as young 

111 1 .05) 1 1 111 ' and innovative directors such, as 
1 1 1 _l Nanni Moretti and Peter del Mon- 

te. Dozens of projects are getting 
. off the ground. 

- ’ ^lSSWW 'will be theyear in 

which Iialy’s^ dnema wfll lake a 
”;; : X new stan," said Canmne Oanfar- 
... 1 *' ani, presdent of the Italian Motion 

• .1 - ~ ~ ' Picture Association. “Not just local 
. - gin theaters being .renovated but 

" • L -'- ' * all of our technical professions — 

:: ‘ J ~ - ; " special effects, developing and 
'"■‘F printing, stage designing, and so on 

• : nr. :: — are bade to work." 

- - • Indeed, Onedtti in Rome, Ita- 

■ ■wi ■- ly’s biggest studio complex, has 
' ' bounced back from a 2.8-billion- 
: ic ' lire deficit in 1982 to a small but 

•* i: significant profit in 1985. During 

— V'K ; ' year, 30 films and more 

than 100 commercials were shot 


there. Among these were FdHni’s 
“Fred and Gmger" and MoniceUi's 
“The Two Lives of Mania PascaL" 
For the coming season, the facili- 
ties are booked solid. 

Young producers are becoming 
involved as wefl. Leo Pescarolo is 
preparing with Marco Bdlocchio a 
remake of "The Devil in the Flesh,” 
and AduQeManzoai who, heading 
FASO films, has just completed 
Nanni Morettfs “Mass is Fin- 
ished" and Carlo Vanzina’s “Noth- 
ing Underneath," a suspense story 
set in the fashion world in Milan, 
Paris and New . York. 

Some producers~ : are turning 
from low-quality films aimed at 
box-office success toward riskier 

films 

Such is the case with Luciano 
Martino, who produced Gabriele 
Lavia’s “Scandalous Gikla" and 
Alberto Lattuada's “Young Girls’ 
Educarion" with the philosophy 
that artistic, sexy films with quality 
casts can compete with televirion. 

Independents also are pursuing 
their own rigorous line GiuHano 
De Negri, who produced all the 
Taviani brothers’ films, after 
“Kaos,” is finalizing the agree- 
ments for “Good Morning Baby- 


Alba Jealously Guards Truffle Fame 


: $d 


(Continued From Page 11) 
draftsman, “and I was offered 6 
million lire [about 53,400] for 
him. I wouldn’t seU and the offer 
went up. I sriU wouldn’t seU, and 
two days later I found him dead. 
He’d been poisoned I know who 
did it, bur I have no proof.". 

SO truffles are big business. 
But just how big is difficult to 
say. Because they cannot be cul- 
tivated and are found by ordi- 
nary people in their spare time, 
they are largely sold privately 
and directly to the consumer and 
thin are not subject to tax or 
statistical controls. 

During the season, the main 
street of Alba is lined with tables 
and benches, where the trifolai 


display their produce. The pur- 
chasers watch, finger and sniff 
before deriding. 

■ For the uninitiated, however, 
it is not easy to tell the difference 
between the Alba white uuffle 
and others that have been “Im- 
ported” from elsewhere in the 
Piedmont and from the Marches. 
For the Alba experts, the differ- 
ence is enormous. 

As a result, Benvenuto Boasso, 
president of the Alba Trifulai 
Association, feeis that the trifulai 
would be better off if an author- 
ity were ret up to give genuine 
Alba truffles a certificate of au- 
thenticity. They would be taxed, 
but the glorious name would be 
protected. 


A SPECIAL REPORT ON ITALY 


War of the Art Book Publishers: Stakes Are High 



By Kate Singleton 

MILAN — Catalogs for art exhi- 
bitions are often daunting as well 
as attractive. When they weigh 3 
kilos (6.6 pounds) and cost more 
than $25, you simply have to start 
bring selective in your purchases, 
particularly if you are traveling. 
Blit this, in Italy, is not always easy. 
Temporary art shows have’ multi- 
plied phenomenally in the last few 
years, and those nice shiny volumes 
certainly have their appeaL They 
do for the publishers, too: In fact, 
they can be quite big business. 

The Italians have been printing 
art books for local and foreign pub- 
lishers for decades now. They are 
experts at color separation and in 
printing can offer unbeatable qual- 
ity for the price. But catalogs are 
something different. ■ Or rather 
something more. They require the 
same price/ quality relationship, 
plus maximum flexibility and 
speed in production. Fust of all. in 
the care of public tenders for major 
catalogs, extremely swift cost esti- 
mates have to be made, and this 
necessity in itsdf rules out a num- 
ber of would-be competitors. Then, 
exhibition organizers are wont to 
make last-minute changes in cata- 
log copy and illustrations, to say 
nothing of handing some of it in so 
close to the opening date that noth- 
ing short of a miracle wiH have it 
there, bound in with the rest, at the 
inauguration. There is money in 
these miracles, however, and tint is 
why it is worth performing them. 

For Italian publishers, the gold- 
en age of the catalog was about 
seven years ago. That was when 
center-left local governments ~firsr 
threw themselves into a spate of 
unprecedented cultural activism. 
This in itself needs explaining. 
Whereas in other countries exhibi- 
tions arc mostly organized by the 
museums where they take place 


Ion,” the next Paolo and Vittorio 
Taviani project 

It wiE be their first feature 
abroad as well as their first in En- 
glish. Shooting starts in California 
in late 1985. The stofy concerns 
two Italians caught up in the excite- 
ment of early Hollywood, and it is 
set against the backdrop of the 
making'of D.W. Griffith's 1916 
epic “Intolerance “ 

Production by the big cinema 
names of low-cost comedies has 
dropped but new companies like 
Film Compass and Nini Grassia, 
who make exotic adventure films, 
and Rosewater’s erotic films for 
teen-agers, have experienced an up- 
swing. 

Many new companies, with new 
corporate names, tied to well- 
known parent companies, are 
springing up. This is a wayofdiver- 
sifying the risk and of reaching out 
for the subsidy guarantees of the 
new law. 

Despite these positive signs, 
however, Italian directors are still 
complaining over the absence of an 
organized and logical production 
plan. 

There has, in fact, been a trans- 
formation of the Italian cinema. 
Spaghetti westerns have been re- 
placed by adventure films pro- 
duced at medium costand directed 
by Italians with American pseud- 
onyms, such as Anthony Dawson 
(Antonio Maxgheriti), or Roy Gar- 
ret (Mario Gariaffo), director of 
“Amazonia.” There are also mys- 
tery action movies such as “Formu- 
la for a Murder” by Martin Albert 
(Alberto de Martino). These films 
are made directly in Fn glish mainly 
for a foreign market. 

Italian-style comedy has become 
more sophisticated and is now ex- 
ported: tttore Scola’s “Macaroni" 
is an example. The cast of actors 
such as Jack Lemmon and Mar- 
cello Mastroianni make it appeal- 
ing to American audiences. 

A certain number of films on 
terrorism and organized crime are 
bade. A revival of the based-oo-fact 
film genre is under way in Italy 
with three c ur rent feature produc- 


(ibe Museum of Modem An or the 
Metropolitan, the Louvre, the Brit- 
ish Museum, etc.), in Italy they are 
largely organized by the depart- 
ment of culture of the municipal 
government; that is to say, by poli- 
ticians. The directors of these 
Assessorah alb cuhura. or depart- 
ments of culture, are in office for 
Four years at the most Usually less. 
This meant that in order to vaunt 
their personal merits and ensure 
political promotion, they put on as 
much as possible that is eye-catch- 
ing in a short time. Exhibitions ga- 
lore, therefore, with large catalogs 
as their tangible witnesses. 

Back in those early and happy 
days, the publisher who produced 
the catalog for the show had some 
very concrete advantages. In the 
best cases; the municipality would 
buy a number of copies for its own 
prestige handouts and the payment 
would just about cover production 
costs. The remaining ‘a’ thousand 
copies sold to the public were thus 
pure profit. But even without this, 
an exhibition is an attractive sales 
point. With respect to a normal 
bookshop, it increases the publish- 
er’s gains by about 55 percent, 
since it cuts out the costs of promo- 
tion, distribution, returns and dis- 
counts. This means that the cover 
prices can come down, and sales, 
hopefully, go up- 

The inventor of the art catalog in 
Italy was die art publisher, Electa, 
now based in Milan. In IS years. 
Electa has produced 650 catalogs 
and bttill up unmatched experi- 
ence. It is now working for impor- 
tant foreign diems as well: the 
Metropolitan Museum in New 
York, for *The Age of Caravag- 
gio." the Biennale de Paris, the 
Centre Georges Pompidou in Paris, 
to name bat a few. Electa can boast 
a highly agile productive structure 
because it relies heavily on external 


dons inspired by recent news head- 
lines. 

“It's time we start doing some- 
thing other than comedies or sexy 
pictures,” says Giuseppe Ferrara 
who is preparing “Days of Wrath," 
a film about the kidnapping and 
assassination of Aldo More, with 
Gian Maria Volonii in the leading 
role. 

Carlo Lizzani's “ Mamma Ebe,” 
about a controversial Italian faith 
itealer, was a candidate at the re- 
cent Venice Film Festival 

And Pasquale Squitieri is wrap- 
pmg up his^Tbe Repen ter" about 
Mafia informer Tommaso Bnscctta 
starring Tony Musante and Franco 
Nero among other well-known ac- 
tors. 

Peter dd Monte, the young di- 
rector and author of “Little 
Flames," an offbeat picture about a 
6-year-old boy’s infatuation with a 
16-year-old girl, is attracting quali- 
fied audiences. 

But the big novelty for the 
Christmas season is the first Italian 
musical colossal (16 bOHon lire) | 
“Joan Lui" by Adriano Cdentano, j 
which is also scheduled to travel 
abroad. | 

The producer Franco Cristaldi 
hasput together a Franco-Gexman- 
I tali an package to coproduce a 
quality European film from Um- 
berto Eco’s best seller, “In the 
Name of the Rose.” Shooting will 
start shortly in Rome at Cinedtta. 

There is great suspense for Fran- 
co ZefireQfs film of the opera 
“Otello” starring Pladdo Dotnin- 
&>■ 

Overall, there were more than 
100 Italian films made this year 
and the number is expected to in- 
crease as the movie industry looks 
for and findsoew identities and 
new formulas. 

By mid- 1986, Italy and the world 
film market can look forward to 
two robust filmmaking sectors, pri- 
vate and public, both competing 
for audiences at home and abroad. 

People have started going back 
to the movies again so some good 
box-office returns are expected. 


collaborators unbound by union 
rules regarding overtime “and so 
forth. This makes miracle-perform- 
ing much easier. 

In recent years, however, a num- 
ber of other publishers have tried to 
counterbalance the decline of the 
fiction and nonfiction markets by 
homing in on the new bonanza. 
Gabriele Mazzotta already bad 
some experience in an publishing 
and runs a sufficiently small set-up 
to maintain the necessary produc- 
tive flexibility. He has managed to 
establish his foothold. The an 
printers Ami! care Pizzi tried to 
nun publisher under the name Sil- 
vana. After a couple of attempts, 
the firm discovered that catalog 
publishing involves editorial 
that cannot be improvised over- 
night, so it backed down. Garzanti 
Edhore, which has a splendid 
printing works where it produces 
many an books for foreign publish- 
ers, found that it simply was not 
geared to making such speedy and 
accurate cost estimates, and there- 
fore d e cid ed not to get involved. 
But the publishing giant Monda- 
dori, with its array of magazines 
and 900 book titles a year, proved 


to be more determined. Three years 
ago it lured away some disgruntled 
and presumably underpaid Electa 
hands and set up its own art cata- 
logs uniL It is now publishing from 
10 to 15 catalogs a year. But m so 
doing it has completely upset the 
status quo; or so the old-timers say. 

What Mondadori has really up- 
set for the catalog publishers is not 
so much the status quo as the profit 
margins. This it has done by offer- 
ing to pay royalties on the catalogs 
sold in the exhibition; and ad- 
vanced royalties, to boot. With the 
recent cutbacks in public funding 
for the arts, local authorities have 
been only too happy to seize such 
offers of indirect financial support. 
Mondadori calls this collaborating 
over the exhibition project as a 
whole; they claim that (bey are 
paying for the necessary restora- 
tion of the exhibition venue, or 
transport costs, or insurance, in ex- 
change for the right to publish the 
catalog. Investment of this son dra- 
matically reduces the profitability 
of the catalogs as such. However, it 
may have advantages in terms of 
prestige for other aspects of the 
company's output This is not the 


case for those who are predomi- 
nantly art publishers and do not 
need any added prestige. 

The catalog battle is now in full 
swing, and with some fairly ludi- 
crous results. Electa, for instance, 
in order to keep out intruders from 
the Florence area, recently agreed 
to pay 36- percent royalties (an in- 
vestment of 1.5 billion lire, or 
$846,000) on (he catalogs of a series 
of contemporaneous exhibitions in 
Tuscany on Etruscan civilization, 
although it was rightly convinced 
that, financially, the 'event as a 
whole would be a failure. 

Electa is now working on alter- 
native strategies. Using tactics suc- 
cessfully employed by the much 
smaller Mazzotta, it is aiming at 
arranging the exhibitions as well as 
the catalogs. The local authorities 
will thus be offered a complete 
package that they will simply have 
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Page 14. 


A SPECIAL REPORT ON ITALY 


INTERNATIONAL HERALD TRIBI NE. THURSDAY. NOVEMBER 21. 1985 


In Winter , Tourists 
Turn to the Mountains 


By Paul Bompard 

ROME — For IiaJ\. tourism is 
very big business, the most impor- 
tant single source oi foreign ex- 
change. 

According to official estimates. 
1985 will bring about $10 billion 
worth of foreign currency into the 
country, a marked improvement 
over last year. Contributing to this 
result was a long hot summer and a 
strong dollar. 

Prospects are good for the winter 
season as welL The tourist stream 
begins arriving in Aprti and May. 
and reaches a peak in June. July. 
August and September, tapering 
off by October. But a healthy trick- 
le lasts through the cold months, 
encouraged by lower prices, less 
crowded hotels and restaurants, 
and the absence of the tourist 
masses themseh e* in museums and 
other places of interest. 

But if Italy is renowned for its 
sun-drenched beaches and islands, 
and the artistic and architectural 
wealth of its cities, it can also be an 
ideal seitins for a mountain holi- 
day. either in summer or winter. 
Now, a* the summer holiday sea- 
son is over, the attention of travel 
agents and holidaymakers is turn- 
ing to the ski resorts. 

According to the national tourist 
office, there are 357 ski resorts in 
Italy, many grouped in areas that 
include several towns or villages. 
They stretch from the .Ales and the 
Dolomites, south along the Appen- 
ines to as far as Calabria and Sicily. 
In theory, at least, there should be 
ski slopes within an hour-and-a- 
half drive of anywhere in .the coun- 
try. 

Bui the best skiing remains in the 
north, in the Veaeto. the .Alto Adi- 
ge. Valle d" Aosta, Piedmont and 


Lombardy. It is in these areas that 
foreign visitors outnumber the Ital- 
ians. For the 1982-1983 season, the 
most recent for which official sta- 
tistics are available, there were 9.45 
million foreign tourisL/days 
against 7.875 million Italian. Both 
figures may be higher, since small 
hotels and pensions will sometimes 
not declare all their guests to avoid 
taxation. The great majority of for- 
eigners are Germans, followed by 
Austrians. British and French. 

“There are some places.” said a 
Roman ski buff, “where the skiers 
are virtually all German or Austri- 
an. ia the VaJ Gardena, for in- 
stance. An Italian feels practically 
like a foreigner there.” The VaJ 
Gardena is in the Dolomites south 
o: Austria. 

Of all the Italian resorts. Coruna 
d'Ampezzo, also in the Dolomites, 
is the most famous, and was al- 
ready a favorite holiday spot of 
Europe's high society when it was 
still port of the Austrian Empire. 
Today. H combines tradition and 
old world charm with 160 kilome- 
ters 1 100 miles) of some of the best 
slopes in Italy. Cortina d’Ampezzo 
nested the 1956 Winter Olympics 
and is a sirens candidate for the 
1992 Games. 

“At the moment, the 1985-86 
season looks good.” said Antonio 
di Pinto of the Cortina Hotels’ As- 
sociation. “Reservations are better 
than last year and there is an in- 
crease of Americans.” 

The other top ski resorts in Italy 
are Cervinia and Courmayeur. in 
the Valle d'Aosta; Madonna di 
Campiglio in the Trentino, south of 
Austria and east of Switzerland; 
and SesLriere, on the border of 
Piedmont with France. 



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Montedison’s Small Steps to Profitability 

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It is in the SesLriere area that a 
company of the Agnelli family, the 
Fiat owners, is investing more than 
SSO million over the next four years 
to make this Europe's most modern 
and well-equipped ski resort. An 
attraction is what is being euphe- 
mistically called “programmed 
snow.” Batteries of 450 “snow can- 
nons.” most of which are already, 
working this year, will ensure 
snow-covered slopes whether it 
snows or not. In simple terms, wa- 
ter is pumped in at one end and 
shot out as snow at the other. 

“In this way,” said Tiziana Nasi, 
president of the Sestriere Spa Com- 
pany. “we can ensure adequate 
coverage. even in/November. when 
the natural snowfall is often insuf- 
ficient.” Research by the company 
has shown that potential demand 


for skiing is strong in the early 
winter, but tends to decrease to- 
ward the end of the winter, when 
there is more snow but people ore 
already looking forward to the 
summer. 

On the whole, prospects for the 
season are good. “We have made 
enquiries with hoteliers, shops that 
sell ski equipment and so on. and 
the indications are thaL snow per- 
mitting. this will be a very good 
year for Italian ski resorts.” a Ses- 
Lriere Spa executive said. 

More good news for Italy's bal- 
ance of payments is that this 
month, the American Society of 
Travel Agents held its annual con- 
vention in Rome. In the past, the. 
convention 'bus meant a boost for 
tourism in the country where it was 
held. 


Sari Gilbert 

MILAN — Miracles are as rare 
in the business world as they are in 
life. But in recent years, I talian pri- 
vate industry has been blessed by aL 
least two of them: the turnaround 
of the Fiat automobile company 
and. more recently, the return to 
productive and financial health of 
Montedison, the giant chemical 
company. 

At the moment, Montedison is 
the most widely traded company 
on the increasingly lively M3an 
stock exchange, and this year it 
expects to turn a small profit for 
the first time since 1979, when 
years of financial hemorrhaging 
came to a temporary halt. 

The profit will noi be much. Mil- 
anese financial insiders expea it to 
be between $28 million and $56 
million. But it is an impressive re- 
sult when one remembers that only 
three years ago. in 1982, Monte- 
dison ran losses of half a billion 
dollars — equal to 9.5 percent of 
that year's sales — ana was ru- 
mored to be near financial collapse. 

Having witnessed years of Mon- 
tedison’s problems, some observers 
treat turnaround talk with skepti- 
cism. The company’s high debt- 
-to-equity ratio, heavy interest 
charges and persistent indebted- 
ness — 4_2 trillion lire ($2.4 billion) 
in 19S4 — raise concern over the 
firm’s financial structure, they say. 

But there is Ihile doubt that, as 
1985 draws to a dose, the compa- 
ny’s outlook is decidedly more im- 
proved than at any other time in 
recent memory. 

Shorn of its most unproductive 
branches, restructured, ' reorga- 
nized. rationalized amf internation- 
alized, Montedison, since 1982, has 
drastically cut its losses — to $47 
million in 1984-^wfiileTegistering 
annual sales of more than $7 bil- 
lion. 


In addition, in a move four years 
ago that is already having a signifi- 
cant implication for Italy’s strongly 
mixed economy, this formerly sta- 
te-controlled chemical conglomer- 
ate was reprivatized, changing both 
the ownership and the decision- 
making basis of daily and strategic 
management. 

Following the establishment of 
new industry guidelines in 1980 by 
the Ministry of Slate Industry, 
Mario Schimberai, the president of 
Montedison, persuaded the gov- 
ernment to sell the stale’s control- 
ling n.S-percenl share to a consor- 
tium of private Italian industrial 
groups and small shareholders. 

This proved to be a turning 
point. “The change was of immea- 
surable importance in that it al- 
lowed us to start running the com- 
pany on a profit motive.'’ said 
Howard Harris, an American who 
is a Montedison board member. 

Earlier, Mr. Harris said. Monte- 
dison was production- or techno- 
logy-oriented rather than market 
responsive, and major strategic de- 
cisions appear to have been made 
on the basis of regionaL political 
and social criteria. Montedison re- 
sulted from the 1966 merger of 
Montecauni, mostly a chemicals 
firm, and Edison. 

During the 1970s. for example, 
Montedison was caught in a major 
economic squeeze. With labor costs 
at a hi g h , [he heavily expanded 
petrochemical sector was thrown 
into a taflspin by the energy crisis. 

Nevertheless, the weight of gov- 
ernment control led management 
to put politics before profit. This 
was further magnified by the fact 
that the giant state holding compa- 
ny, the Istituto per la Ricasiruricme 
IndustriaJe (IRI). controlled many 
of the banks holding the company's 
loans. 

But if freeing the company from 
government interference set the 



stage for economic recovery, it was 
not in itself enough. Under Mr. 
Schimbemi's leadership, a policy 
hat been undertaken that is gradu- 
ally bringing Montedison back to 
economic health. 

Shortly after taking over as presi- 
dent in 1980, Mr. Schimberai reor- 
ganized the company, convening 
its major operating divisions into 
seven autonomous companies un- 
der the umbrella of the Montedison 

SpA bolding company, which was 
formally established in January 
1981. 

This was done for financial rea- 
sons as well as to obtain greater 
management efficiency and flexi- 
bility. But it also facilitated new 
financing for the healthy sectors of 
the Montedison empire, which, 
now more visible, could more easily 
attract investors. A year later, a 
S473- nnBiop capital increase was 
floated to give the new company 
ample funds to finance its changes- 

In fact, the transfer of the state's 
share from die 1RI and ENT state 

holding com panies to G rinina a 

financial company owned jointly at 
the time by die AgndHs, Pirellis, 
Orlandos and Bonomis and includ- 
ing hundreds of small shareholders, 
was followed in early 1982 by the 
assembly of a new management 
team that included several non-Ita- 
lians. 

Next, the Montedison portfolio 
was reviewed. The company’s as- 
sets were divided roughly into five 
categories: those to be divested im- 
mediately. those to be divested as 
soon as possible, those to be held 
on to and milked for their cash 
flow, growth businesses and com- 
panies lying in what one executive 
referred to as “the twilight zone.” 

The first major divestments 
came from an agreement in March 
1983 with Ente Nazianale Idrocar- 
buri, ENL the state-owned oU 
group, in which ENI got three of 
Montedison's five thermoplastic 
I companies and its ethylene mann- 


factoring 

tedison took ow n- 1 -r . 

pylene and P° l> ??2^«o^diUon. 

Sas paid more than S-*0 su-kb- 

As pan of a widespread «uonab 

izationplan that J 

ended its product oi cellulose 
and avion fibers on the ground that 
it could not compete in tnese rr 
tore commodity sectors. 

• A national and international re- 

s^sssEsrz r iS^f 

Montedison 

that had been put mio receivership 
in the late 1970s. changed [ that 
company's profile, leaving »* 
largest acrylics producer in ’Wrest' 
era Europe and a European (leader 
in the polyester sector. In the pn>- 
cess, Montedison was able to re- 
duce its labor force by more than 
22,000 workers. 

Montedison also made concert- 
ed efforts to internationalize be- 
cause it was believed that opera- 
tions had to be seen in the context 
of a worldwide market 
In short, this meant playing up 
the Ann’s advantages, specifically 

S ypropyiene and fine and spe- 
•hwiwak, to form useful and. 
ible affiances. 

Following the ENI agreement. 1 ^ 1 
Montedison found itself first in En- . 
rope in the polypropylene and 
polystyrene sectors. Thus, it was 

natural for it to seek a North Amer^ 

iran partner with a strong produc- 
tive capacity pud market position. 
The result was a ground-breaking, 
joint v entur e with Hercules, a 
chemicals and piastres company, 
that in April 1983 led to the cre- 
ation of Himoat, Inc., which is, 
based in W ilming ton Delaware: 
Himant is currently the leading 
polypropylene and polystyrene 
producer, with 20 percent of the. 
world mar ket. 


Privatization: A Shift 
To the Stock Exchange 


ROME — The Italian govera- 
lizatioT^wSdi 

dison reprivatization plan in 1980, 
is now taking a new course. 


And, in August, it approved' 
p lans to sea 12 percent of the Mi-- 
Ian-based Banca Commerciak Ita-V" 
liana, Italy’s second largest bank, 
to Italian and European investors. 


It is characterized primarily by IRI had already reduced its stake in 
the sale through the stock exchange the bank from 88 percent to 73 
of significant stakes of state-con- percent by seffing shares on the 
trolled companies, particularly exchange. The new placement was 
those owned by the giant state designed to bring its stake down to 
holding company IRI, the Istituto 61 percent. 


per la Ricostruzkxne Industrial e. 

This privatization, which would 
have been unthinkable not long ago 
in Italy, in part reflects the coon- 


Tfce most significant transaction 
of this sort was announced in early - 
September, when it became known 
that 35 percent of the state's inter- 


“ in i»n ujc wuu- ^ 35 00 ^^ u* state's inter- 

try’s current favorable business di- esi in SIP, the telephone 

m ^ tC ‘ 1 . . . . company, equal to 120 million 

It also reflects the fact that m be offered to the 

recent years many state-run com- pubBe. 50 million of wfaidt was to 
parties have greaty improved then ^ fareign institutional inves- 


business and financial perfor- 
mance, thereby becoming attrac- 
tive to potential investors. 


tors. 

This was expected to bring down 


But, to a large extent, the new IRTs stake in SIP (through Stct, the. 
trend bears the signature of Roma- telecommunications holding com~ 
no Prodi, the e Jiair mau at IRL He P^y) I® 51 percent. The IRI-com* > 
made a strong appeal last spring far trolled state a irl i n e, Alitalia, has jw 
more priv arixahn n white dpf mdmo also Sold about 10 percent of itS 

IRI's controversial, and now ptrfeoral shares to the puMic and is 
■trailed, sa fe of its SME food pro- expected to increase that to as ■ 
ducer. much as 25 percent, possibly by the 

Mr. Prodi appeared to see partial end of tbe year. ! ; 

privatization of statMun firms as Mr. ProdTs recent partial priva*. 


both a rnrans of raising nrnney for tizaiion moves have bcenbdped by 
IRI, which ! ast f the responsiveness of the^tock : 


almost 3 trillion lire (81.7 billion), 
and as a relatively pathless way of 


market, as well as by a new regular 2 
tion by CONSOB, the Italian secure 


forcing state companies to respond ritics and exchange cammissiori:* 
to market conditions rather than to under which all companies quoted: 
political and social criteria. must sell at least 25 nercent of tW- 


Ow the last two years, DU has equity to tbe public 
sold off assets valued ax amsidoa.- „ 
bly more than 3 trillion lire, but Mow »«r. his attempts to sett 
over the last few months the trend “^pames outright have been far: 
has quickened. less successful. 


IRI officials were no doubt en- Two years ago. the sale of a large ' 
couraged by the simil a r experience -agricultural concern at Maccarese. ! jJi 
of ENI, the state-run energyhokl- near Rome was blocked by litiga- * 
ing company. Last year, ENTs op- tion sparked by trade unions. And' : 
crating company, SAIPEM, whidi last ApriTs attempt to sell SME to i 
is involved in drilling and ral pipe- financier Carlo de Benedetti, who 
laying, raised 120 billion lire by had bought the somewhat smaller^ 
floating 20 percent of its shares on Bui tom Company, was blocked by- 
the Milan stock exchange. Prime Minister Bettino Craxi. Mr ' 

IRI recently authorized Sirti, its Cram said that tbe price accepted^ 
telecommunications equipment from Bmioni — 497 bfflicmlire — - 
company, to sell more than 40 per- was insuffirienL 
cent of its shares on the exchange. — SARI GILBEfiT - 


CONTRIBUTORS 

LUDBMA RARZENI is journalist, writer and editor in chief nf 
Sdezione dal Reader's Digest in MDan. 01 

PAUL BOMPARD, a freelance journalist based in Rome. » a 
regular contributor to Newsweek. 

SARI GILBERT is a Rome-based journalist who contrihntM 
regularly to The Washington Post and The Boston Globe *^ 

HENRY TANNER is a staff correspondent of the International 
Herald Tribune, who regularly covers UsSy!^ ^Kroational 

UU SCHMETZER, a journalist based in Rome, is a ram,i 
contributor to The Chicago Tribune and The Baltimore Sun. ™ ular 

KATE SINGLETON is a Milan-based journalist who wriiM 
Italian culture, ifesign and architecture. wnies about 


St- Stephen^ School 


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Advanced Placement and LB. a wii.u . 
Accredited by NEASC and EOS 
For c at alog please writer 

Ad afadwi Dwl BC. 8L8 nnfc a’« j 
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INTERNATIONAL HERALD TRIBUNE. THURSDAY, NOVEMBER 21 3 983 







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by Wemer Bischof. Renfc Bum, Robert Capa, Heaori Cartier-Bresson, EDioi ErwiiL Ernst Hass, Erich 

From the archives of Magnum Photos, a photographic record of Europe in 
the immediate postwar years- — striking images of a continent shaking off 
the debris of destruction and coming to life. 

MaiY Blume, the International Herald Tribune’s distinguished feature 
journalist sets the postwar scene and interviews many of the photographers 
' ^ her introduction. The I.H.T. is pleased to present this unique volume that 
captures a decisive epoch and commemorates the work of some of the 
20th century's master photojournalists. 

Here you’ll find some of the most famous images and faces of our 

•time. Once you open its pages, you will want to spend hours poring over this 
magnificently produced collection. Truly this is a book to treasure for 
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Available from the International Herald Tribune. Order today. 



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Lessing, Inge Month, Marc Riboud, David Seymour, and other Magnum photographers. 


Hardcover. 


168 duotone illustrations. 
32x26cm [ 1 2.5x1 0.25in.) 


p. 

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AFTER THE WAR WAS OVER 

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Page 16 


INTERNATIONAL IIERA1.I) TRIBVNE. TlirRSIlW. Nl»\ KMBKK 21. IWS 


NYSE Most Actives 


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Htan Low Losl On. 


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Dow Jones Averages 


Open Htoft Low Last Cho. 


Indus 144037 1451.49 142904 143923 + 023 

Trans 4*304 489.06 £70.19 4SSJ4 + 222 

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Comp 500.™ 58504 S7664 590-70 + 0.19 


NYSE index 


Composite 

industrials 

Trump. 

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3 PM. 

11454 

11407 

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11603 

111.72 

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13108 

18940 

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[bow Jones Bond Averages! 


UllllUos 

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Prow. 

Om 

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7947 

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Today 


81.19 

7954 

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NYSE Diaries 


Oosa Pros. 


Ad so need 
Declined 
Unctwnoed 
Total issues 
Maw HIOM 
New LOWS 


7S9 


474 

2033 

108 

12 


1009 

M3 

422 

2064 

134 

71 


Odd-Lot Trading in N.Y. 


NOW. 19 
NOV. 18 
Nov. 15 
NOV. 14 
NOV, 13 


BOV 
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2S4029 513.117 
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TaWes ircliri# the nationwide prices 
up to the dosing on Wall Street and 
do not reflect late trades elsewhere. 

I 'ia The Associated Press 


12 Month 
HWi Low Slack 


Din. YU. PE 


SU. 

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GOM 

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A U 15 
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18% 9% AGS 

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SPJ. 29ft AMR 
23% 18% AMR pf 218 90 
25% 23 ANRpf 267 11J 
22 19 ANRDf 212 105 

7% APL 
9 ARX 
32% ASA 
10% AVX 
28% 2D AZP 
62V. 38% AbtUtfJ 
25% 19% ACCOWd 
2434 10 AemeC 
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20 13% AdmMI 

14% B% AdtfSVS 
36% 23% AMD 
12 7DH A*6*n 
15% Mft AdobDlA 
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53% 34% AetnLf 
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39% 22% Ahmns 
3% 2% Alloen 

59% 44% AirPrd 
24% 17% AlrbFrt 

291* 235* AlaPol ___ 

33% 2a AtaP DfA X92 1X6 
8% 6% A lap dot 57 106 
87% 66% AldP pi 950 105 
89% 70 AWPpI 954 107 
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Stocks Mixed, Trading Moderate 


Untied Pros fmemtuUnud 

NEW YORK — The New York Stock Ex- 
change was mixed laic Wednesday in moderate 
trading. 

The Dow Jones industrial average was up 
1.95, to 1,440.94, shortly before 3 P.M. Declines 
were slightly ahead of advances among the 
1,978 issues crossing the NYSE tape. 

Volume slowed to about 89.5 million shares 
from 108.2 minion in the same period Tuesday. 

Before the market opened, the Commerce 
Department reported that the U.S. gross na- 


A I though prices in tables on these pages are from 
the 4 P.M. close in blew York, for time reasons, 
this article is based on the market at 3 P.M. 


tioaal product expanded at a revised seasonally 
adjusted rate of 43 percent in the third quarter. 
The figure was higher than the 33 percent 
estimate of third-quarter growth that the gov- 
ernment issued last month. 

Some analysts said the news might hamper 
the slock market's progress if equities continue 
to follow the lead of the bond market. Bond 
prices at first weakened because strong GNF 
growth relieves the need for the Federal Reserve 
Board to lower interest rates in order to stimu- 
late the economy. 

Recent rallies in the bond and equity markets 
have been stimulated by interest rate declines 
and expectations that rates will fall further. 

But Alan Ackerman, of the brokerage firm of 
Herzfeld & Stem, said the market was merely 
pausing and that, after recent advances, it was 
“entitled to a breather." He said that while the 
market could retrace some of its recent move 
upward, what is more important is that a period 


of economic “normalcy" appears to be in effect 

“You can buy a stock, put it away and forget 
about it without worrying about wild swings,” 
Mr. Ackerman said 

In addition, he said, if tbe Geneva summit 
rams tensions between the superpowers, poten- 
tial cuts in defense spending could help ocher 
areas of the economy. 

Stephen Wdsglass, chairman of the executive 
committee at Ladenburg, Thalmann & Co„ said 
the Dow would move above 1300 this year and 
“considerably higher in 1986." 

Mr. Weisglass said favorable comparisons 
between 1986 corporate profits and 1985 earn- 
ings, lower interest rates and “non-existent'’ 
inflation will give investors confidence that 
companies can grow at a reasonable rate. 

Texaco was the most active NYSE-listed is- 
sue, and lower. A jury in Houston on Tuesday 
ordered Texaco to pay Penuzoil Co. more than 
S103 billion, the largest damage judgment in 
U.S. history, for enticing Getty Cm Co. into a 


merger despite an existing buyout contract with 
Ptnnzofl. Texaco officials said they would file 
an immediate appeal. Penuzoil was slightly 
higher after jumping 7 ft Tuesday. 

Sea-Land Corp. was up a bit after climbing 
2 ft Tuesday when the containoized ' freight 
shipping company received a $25-a-share oner 
from Contnm. 

Church Fried Chicken was higher in active 
trading. The company said it knew of no reason 
for the heavy activity in its stock. 

Allied-Signal was losing ground The aero- 
space and electronics giant formed by a merger 
of the two firms in September announced a 
major reorganization desi gne d to save the com- 
pany $250 million and eliminate 3,000 jobs. 


UMoniti 
HWiLow Stock 


Dm. YU. PE 


SI&. 

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Quof.CTise 


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17% 9% ainmra 

79 44% Oir mat 1000k 

45M. 25% Chryslr IX 20 
S4% 30* Chutes 
67* SO% Chubb pf *25 6* 
20% 13% Church S 84 
11% 5* Chyron .10 

27% 21 Cllcarp 
51 40 ClnBell 

19* 10* ClnCE 
34* 37* CblGpf 
39* 29 ClnGpl 
75% 60 anG pf 
75Vb 61% CMGpf 

77 turn cinGaf 

26% 15* ClnMIl 
24% 19* ClrOk s 

31 18% ClrOtv 

38% IS Circus 
51% 34% CM lap 206 S0 
84* 70 Cilleppl 70S* 93 
82% ciicppfA905e 90 


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289 25% 25% 25% 

381 118 IBS 110 +2 

39 9* 9% 9% — % 

104 30% 30* 30*— * 
161 27 26% 27 + % 

4605 28% 28* 28% + * 

33 25* 25* 25*— * 
213 32% JI% 32% + % 

62 7* 7 7 — * 

6T 25* 25 » — % 

bl 2S3i 58% 28% 

271 46 45% 46 — * 

243 16* 15* IS* — % 
1882 12% 12% 12% 

24 27 27 27 

62 14* U% lfl6 
3549 39 38% 38*— * 

17 27% 27% 27% 

121 133* 132% 133 — * 
31 45* 45* 45* + * 
165 8* 8* B% + * 

276 45 44* 45 + * 

90 24% 24% 24% 

604 25% 25% 25% 

92 27% 27% 27%—* 
200Z 44 44 44 +1* 

248 19* 19* 19*— % 
79 27* 26% 27* + % 

6 35 34% 14% — * 

97 13 12% 12% 

38 20* 20 20 — * 

267 4% 4* 4% + * 

85 12% 12% 12% 

386 16* 16 16* + % 

116 25% 24* 25% + % 
28 30* 29% 30 — * 
190 23% 22% 23* + * 
76 53* 52* 52% + * 
199 8% 8% 8% — * 

’8 ^ * Sr* 

123 3 2% 2% 

1358 62 61* 62 +% 

7 49* 49* 49% + * 
60 55% 55* 55% + * 

263 52% 52* 52*—% 

15 23% 23* 2356— * 
26 X* 30* 30*— * 

80B 40* 40* *0* 

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210 55% 55* 55% + % 

- . 18 36% 36* 36*— * 

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60 9 1935 38* 37% 37%— % 

3 141 141 141 

5 65* 65 65 —1 

1 6 23 X% 22% 

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69 10% 10 ia — % 
349 15% 15% 15% — * 

13 74% 73 73*— 2 

3503 44 43* 43% — % 

1« 527 52% 52* 02* + * 
64 78 66% 66% 66*— % 

23 1724100 19% 17% 19* +1% 
13 0 122 7* 6% Mb— % 

40 25* 25 25 — Vi 

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428 19* 17% 17% — * 
16501 34 33 33 — % 

2Qz 38 38 . 38 


12 Month 
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8% 4* 
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55 33* 

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56 34* 

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Comsat IX 40 9 
CPsvc X T.l 17 
Com pgr X 22 9 

ComoSc 13 

Cptvsn 

ConAgr IX 24 15 
Cami 180 8 A 13 
CltnNG 260 3.0 10 
Conroe AO 20 18 
Cons Ed 240 60 8 
Con Ecu SX 100 
CmFrt 1.10 30 12 
CnsNG 232 50 9 
ConsPw 

CnP of A 4.16 130 
CnPpfD 785 118 
CnP pfE 702 130 
CnPtrfG 706 t30 
CnP orV 480 140 
CnP prU 380 140 
CnP prT 308 144 
CnP DfH 788 14.1 
CnP prR 400 140 
CnP prP 3.X 140 
CnP prN 305 148 
CnPprM2J0 140 
CnPprL 103 13.9 
CnPprS 402 144 
CnPprK 203 u.1 
CnttCn 268 50 40 


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ConITel IX 70 8 
ODala 0W 
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COOPT 102 30 16 
Goapl Pf ZX 70 
CoprTr A0 20 7 
Coopvis A0 10 17 
COPwW XI 
COwldpf 208 110 
Cortkiru 04 30 16 


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CrrtCrd 04r 20 13 
Craig 13 

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CrmpK IX 50 12 
CrwnCk 13 

CrwZnl IX 15 
CrZalpf 483 80 
CrZdPfC40D 70 
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Cutoro X 22 16 
Cullnel s 21 

CumEn 200 3.1 9 
Cum no I.Walft.1 
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Cretans i.io 20 B 


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132 18% 
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32% 32% + % 
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17* 17% 

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23* 23% + % 

39% 40* 

40* 40% 

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26% 27* + * 

9% 9%— * 

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24% 24% 

12% 12* 

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258 19% 19* 19*— % 

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3 565 25% 25 25 — % 

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60 96% 96% 96* + % 

6 427 8% B% 8* — * 


1.1 19 1721 W» 8* 8*— VL 


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1844 19 ITOIBii— * 
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76% 60 CwEpf 800 110 
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1312 10* 10 

6669 X* 28* 

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18000x108* 108% If®* — % 
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04 26* 26 26* + % 

Mfc 75 75 75 

65 X% 28% X* 



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83% 60 
17* 14% 
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Daniel ,18b 20 
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DEI i 108 7.1 15 
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DWPTK MO 117 
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138 26% 26* 26% + % 
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16 32* 31% 31%—* 
24 33* 32* 32% — * 

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47 17 16* 16*— * 

11 30% 30 30% + * 

2148 15% 15* 15% + * 
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258 28% 19* 19*— % 
30 10% 10% 10% 

244 38* X* 38* — * 
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prev.3 PM nl 

Prev consolidated doift 1SUW58 


| AMEX stock Index 


High 

23808 


fwkw* ___ 
Law Clan 

2DSB 23808 


U* 12* Enereen IX 70 io 130 14* hw 14* 

to EnSxc 539 * 

32X6 21* Enwca .72 30 12 198 22% 22% 

X llVEihiBus 06 10 14 155 19* 19* 

29* 17% Crrtarcfl 1 00b 7.1 147 1298 27* XIX. 

21% 17X6 EnsExn 100* 60 9 129 20% 20 

2H 1* Emre* 25 — ~ 

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19% 13* EntexE 20O8W7 
21% 17% Entedn 106 W 12 
35* 21 Vi Eaufxs 104 30 X 
6to 2* Eaulmk 
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50* 32% EatRoS 102 40 10 

-- - .16 10 i 

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04 10 14 

.70 30 14 

32 Al 22 

X 20 15 

200 9 

1 71 3.9 II 


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115 2* 2% 
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195 13* 12* 

134 38 --- 

135 35 


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34 34to — to 


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28 15 Estrine 

26% 14* Elttvls 
270 152 Ethyl pt 

4** 33* ExCato .. _ .. 

17% 15 Exceisr 106*100 

55* 42* Exxpa 380 60 9 


IX 3* 3X6 3% — * 

23 19* 18* 19 + % 

377 44* 43% 43% — % 
24S . TO 8% 0* + to 
400 14* 14* 14*—% 
262 22* 22 2m + % 
25 19% 19% 19H— % 

7S 17* 16% 17 +% 
394 26X4 26% 28% + * 
1 274 274 274 +4 

T»T 44% 43% 44* +1 
41 17% 17 17% + % 

4189 53% 53% 53 



52 FMC 

2.30 

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34 

392 67ft 67% 



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28* 15% F1AII S 68a 25 10 
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29* 12ft FFf-dAz 88b 20 I 

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31* 16 FtNatnn 

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31ft 25% FttlnRI 200 
28* 18* FtVaBk X 
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134 27* 26ft 26ft— % 
388 61* 59% 61* +1 

50% 49% 50* + % 

30% 30'6 30* — * 

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31* 31* 31ft 

6ft (ft Aft + to 

X 27ft 27ft— * 
27ft 27 27ft + ft 
26to 25% 26to + to 
78 37to 36 37 +1* 

1D30QZ 55 55 3 

58 2S'A 27% X* + ft 


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10 

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13ft B* FlshFd 05e 0184 37 13 12% 12ft—* 

43 26ft FlfFnGs 104 18 8 146 37ft 37ft 37ft 

28% 17* Fleet En 04 20 10 1022 22% 22* 22* + * 

39% 31ft Flemnp TX 15 14 lim 39% 37to 39'A +1% 

Oft lift Ffflxlpf 181 120 18 I2ft I2M 12ft 

2«% X Fish ISIS .16 0 19 124 26ft 26% 26% — * 

35 I5to FloatPT 19 53 33* 33 33* + to 

45* 31* FlaEC ,lta A 13 133 41 38% 39 —1ft 

~ 2.16 7J 9 549 29% 29* 29ft 

02 20 14 1446 lift 18ft 18ft— * 
659 7ft 6ft 7% + ft 
06 2.1 If _ ' 

AO 33 
200 40 13 
200 50 4 
IX 100 
72 28 
04 30 12 
08 4.9 14 


29ft 22ft Fla Prg 

19% lift FlaStl 
7* 3% FhwGen 
21ft 16* Flower 
X* 13% Flam- 
59 47% FooteC 

55% 40* ForOM 
13* 11* FIDoar 
SO* 28 v. FIHawg 
15* 10* FastWtl 
14* 7% Fox Phot 


40 


30% 24% Foxbro IX _ 

27 22 Faxmyr 16 

23ft 17% FMEPn 1.10*50 
13% 9* FMGCn 134 

Wft 8* FAIOG 204*200 3 
229k 15* FrpfMC .600 3.1 11 
32ft 72 Friotm X 20 36 
20% Xto Fruaftf JO 30 6 
32* 26* FruMpf 2X 70 149 

36ft 28* FiMM AO 10. 10 . 163 


158 21% 21* 21*— % 
1184 16 15ft 15%—* 
43 Oft 52ft 52ft— * 
6938 55 53% 53ft— 1ft 

51 13ft 13* 13%—* 
1042 46ft 45* 46ft +1* 
193 11% lift lift- * 
65 14* 14 14 — * 

274 24ft 24* 24* — 
589 25% 24% 25* + 

58 18% 18ft 1B%— 
212 11 10% 10% + 

344 10% 10 10 — to 


MS7 19% 19% 19ft + ft 
IX 28* 27* 77ft— ft 


2455 


34* 33 


•■-S*-+1* 


G 


48 


X 

IX 


0 14 
40 


116 

250 

200 


7J 

n 


27 19 
0 24 
XI 25 
06 20 12 


Mk 50 


U3e&8 
IX U 12 
JO 13 12 


IX 10 7 


30 

04 

35 


43 

17% 

32% 

28% 

20% 

12* 

5 

2% 

222k 

2Sto 

33* 

S8ft 

34ft 

SO 

40% 

15ft 

322b 

33to 

18* 

11 

34* 

25% 

19% 

K 

5* 

34* 

16 

®Va 

78% 

13* 

20* 

33* 

23 

5% 

TO 


10 19 
70 

1J 15 
40 tO 


29 EGG 01 
15% EOK n IX 
23* E 5 yet X 
20 EogleP 1J>4 
12* EflSCO XI 
3ft East Air J 

1ft EALwtO 
* EALwtA 
7% ElAIrpf 303k 
Vto EAtepfBAXk 
lift EAlrpfC... 

21* EaetGF 130 U . 
15V. EasWH 204 86 9 
41% E»K0dI 200a 40 15 
49ft Eaton >00 24 J 
11* Echllns ,04 14 12 
» E chord 104 30 M 
26% Edit Bf IX 4.9 15 
14 EDO X 1J 13 

8 EdOra* 04 10 14 
22% Edward X 20 13 
21* EPGdof 2J5 90 

9 ClToro 04# A 11 

7ft El cor -36 30 
TO EftcAs 14 

15% ElCta* X A 25 
11* Elgin X 40 IS 
2 Elsdnt 

46 EmreEl 206 17 14 
6% Em Rod Xrlll .9 
15* EmryA ,00 3.1 14 
26% EmftOfl 1080 40 10 
17* EmpOs 108 1.1 9 

4 Emppf 07 9.J 
4U EntPPf X 90 


415 38 
30 17% 
888 39* 
24 26% 
29i mi 
6271 4 
9? 2* 
5Z6 I* 
93 14% 
27? 14% 
11 21* 
638 24 
42« 24* 
•792 47ft 
IBM 60 
2946 13% 
773 30* 
X 33 
33 14ft 
75 10% 
304 29ft 
99 25ft 
200 IS 
22 10 % 
18 4ft 
4 21* 
71 13ft 
183 3* 
1556 74 
441 8* 

1260 16* 
14J 29 
64 23* 
MS 4% 

i an to 


37ft 37*— ft 
1 7ft 17ft— % 
29* 29* + W 
25% 25% — * 
19 19 + * 

fk 32k- * 
2 2 
1 1 

13ft 14 - % 
15% 16 

21 21to + * 
23ft 23* 

24 24 — % 

46 47* + ft 

39ft 59* 

12ft 13ft + % 
X X 

32* 32ft 
ll* 14to + W 
W 10% . 

29* 29ft- ft 

25 25* 

9ft 10 

TO 10%—* 
4% 4% — tt 

21* 21to— * 
13% 13ft + * 
3% 3% — % 
73* 7TO— ft 
7% 7%— ft 
16 . 16% — % 
28* 29 +ft 
22ft 23* + to 
4% 4% + * 
Sto TO + ft 


23* OAF 
27% GAT X 
32* 4% GCA 
79% 04 GEICO IX 10 11 
6% 3 GEO 
8 3% GFCo 

44* X* GTE 
39* 34* GTE Pf 
36* 34% GTE pf 

35 20ft GTE pf 208 10.1 
7ft 3 GalHou 

66* 44* Gotten IX 
56% 28* Gaplnc 00 
14 7% Gaartit 

22* 14* Gal co 
12% 9ft GcmilC 
12ft 10 Geitill I 
65 31* Gil Corp 

18* 14ft GAInv 
62ft 31ft Gn Bcsil 
39* 22ft GCAvTt 
30* 7* GnDato 
13* 9ft Gfi Dev n 
3ft 2% GnOsv« 

84 62 GnDvn 

65* 53 Gen El 
9* 4% GnHnw 
19% 11% OHMI 
13ft 8* Gnhous 
32ft 12% Gnlnst _ _ 

48* 47% GnMiUS 214b 30 
9>ft 52 GMUlwf 

85 A4U GMol SXT 7.1 6 

58% 48% GMotPf 5X 90 

46* IB* GMtr E .151 0 

50 41 GNUrH 

8ft 4% GNC .16 30 
16* 10ft GPU I 

MO fflvi Gen Re 10* 10103 

14% 4 Gflftetr 18 

53* 37 GnSignl IX 40 12 

13% 10% GTFI pf IX 90 
13% 10% GTFI pf IX 100 
6ft TO Gcnsca 
19% 8 GftRcd .10 .9 

26% 19 Genstg IX 50 

36 28ft GanuPt 1.18 30 14 

27% 20* GoPac X 30 95 

37 34* GoP pf B 204 60 

24% 23* GoPwpf 3X 110 
30% 25% GdPwpf 304 120 
31ft 27 GaPw Pf 376 120 
23ft 19 GaPwpf 206 110 
23% 18* GaPwpf 202 110 
26% 22 GaPw pf 205 107 
68* 57ft GaPwpf 7X 110 
67* 56 GaPwpf 702 110 
«0* 34 GerbPd 102 30 16 
23* 12ft GerbSc .12 0 12 

31% 14ft Gettv* 

12* 8* GIAHT 
12* 5% GttJrPn 

27 16ft GlffHlif 
49* S3* Gfllefte 
17ft 11* Glome 
14% 7% GftnFd 

1* GlobiM 


552 46% 46% 
Tit 30% 30* 
666 7* Aft 

80% 79% 
3ft 


173 806 
U ? 


3* 

• 2113 42ft 41ft 
3 37ft 37* 

2 25% 21ft 
75 24ft 24* 

11 4* 4* 

700 58* 57% 

614 56ft 56 
50 7ft 7ft 
173 19* 18ft 19 +ft 
*1 lift 10ft 11 + ft 

19? 11* IT* lift—* 



100b 23 37 1184 64% 63* 64% + * 


147 19 18* 10ft— to 

17 41% 61% 6L_ 

178 39 30* 38* + * 

620 10ft 18* 10*— % 
425 12* lift 11% — % 
77 TO 3ft 3* 

521 68ft 68% 68ft + U 
2 X .30 13 4670 65* 64ft 65*— * 
17 73 5ft 5ft 5% + * 

4* 179 If* 18% 18ft— M 
29 10ft 10% 10%—* 
1494 16% 16 16% — % 

722 47* 66% 67* + « 
AM 59 58ft 89 + * 
6 7499 71* 73ft 70ft 

4 54 53% 53%- * 

446 4)*' 40* 40% —1* 
•*». 45 43* 43* — 2* 

96 5* 5 5 


1325 16* TSft 15ft— * 
M% + ft 


.16 0371 


£2 
2 X 


5% 

22% 

13* 


loflJS 


4% GIobMx 

8% GldNuo 
1% GMNwt 
40ft 10ft GMWF 
X 24ft Gdrich 
30% 24% Goodvr 
18% 14% GordnJ 
37% 19 Gould 
45 35* Greet 

34* 36ft Grenor* 

II* 11 GIAFet 
X 14ft GtATPc 
19ft 15 GNIm IX 
n* 32% GINNk 102 
29% 22ft GIWFln IX 


X 


106 9.1 10 
7 

IX 


Greyh pf 4.75 10.1 


20 14VJ GMP 

30ft 22% GraatiT 
31% 22 Greyn 
49 38 ~ 

^ 2% 

13ft 9% GrawG* X 24 14 
12ft 6% GrubEI X 1.1 15 
36ft Vft Gnimn IX 30 11 
27* 25% Grum of ZM 100 
7ft 6% Gruntol .16 20 41 
27ft 20 Gullfrd 
45% 26% GHWtr 
17ft 11* GuHRa Z4 

16* lift GKSlUt IX 130 
41* 31 GttSUPf 4.40 109 
32ft 26 GHSU pr 305 120 
35* 29* GHSU pr 400 1^3 


496 99 97* 

67 9% 9 9* 

274 42 41% 41ft + * 

IBOz 13 13 » + ft 

500Z 13% 12* 12*— % 

497 3ft 3* 3% 

1613 lift .11 11* 

576 21* 21ft 21* + ft 

736 32% 32% 32% + ft 
1255 23% 23* 23% + * 

2 35ft 35* 35* + » 
21 26% 36% 35ft— ft 
X 28* 28% ^ 
a 31% 30ft 30ft— % 
60 2Zft 22* 22* + to 
5 22ft 22ft 22* + * 
29 25% 25% 25% 

5m. *7 67 47 

7Wfa 65 65- « +1 

737 41* 39% 40* +1 
915 IS* 17ft 18* + * 

AM 26ft 26., — * 

32 11% 11% 11% 

290 9 Sft 9 + * 

50 19 18% 15*— % 

440 70* 69% 49* + ft 
56 16% 16* 16ft— * 
1385 14* 14ft 14ft— * 
801 1ft 1* 1* 

78 4% 4ft 4% 

24 1234 11 1TO 11 + * 

057 2ft 2% 2% 

6 1156 38* 38* 38% + % 

203 32ft 32 32ft + * 
814 21ft TO 27 — % 
195 17* 17* 17*— ft 
2611 33% 32* X 
405 40 39* 39ft + * 

129 35ft 35 35*— ft 

214 18* 18* 18ft* 

309 18% 18ft U* 

79 17% 17 17 — * 

296 38 37% X + ft 

5147 29 28* 28* + ft 

11 19ft 19* 19% 

118 30% 30 30 — * 

43 n 1373 30* 30% 30% + * 
inn 47% 46 47% +1% 

263 Sft 5% 5* 

69 10% 10% 10ft + ft 
614 7ft 7* .7* 

368 31* 30% 31% + * 
6 '26% 26ft 26ft— ft 
111 7% 7 2 — * 

58 36* 25ft 26*— % 


27 81 80% JO* — * 

1388 28* 2BVk 28%— * 

AD 9ft 9% TO 
45 16% 16* 14* 

X 25% a -25* + * 

44 10ft 10* lOto— to 

1433 13* TTO 13* + ft 

„ AS MW 24 34 — to 

U 13 1616 28% 2% — to 

_ „ 10 19 25 32* 32* 32*— ft 

41ft 26ft HPttEF X 30 12 *2 ^ ^5 1,5 

a 21* Hvdrol 200 60 II 96 3Tft M 31ft +™ 


13* B HouOR 
19ft 14* HOwtCp 
27% 23* Hubbrd 
13* 9ft Huffy 
IS* 12 HughTl 
34% 17% HuahSp 
36% 21* Human 

X 21% HuntMl 


X 


I 



38ft 26ft IClnd 
19% 14* I CM n 
lift SfttCN 
K 23% ICNpf 
18% 15% IN Ain 
27% a* iFTImn .. 

17* 14%IRTPrirX 90 7 
36% 25% ITT Cp 1.00 30 10 4421 
45* 49 ITT PNC 4 JX) A3 
64* 49* ITT pfO SX 8.1 
X 51* ITT Pfl 40Q 40 
19ft 11 lUint X 40 
TAVi 18* IdohoP S 102 73 
16ft 4ft IdcalB 
27* 21ft IHPawr 204 100 
X 15% llPOWpf 2JM 11 J 
21* 14% ItPuwPf 2.10 KL2 
38ft 38% HPOWPf 4.12 110 


14 


36% 24% HPowpf 2JM 1U 


40% 33% IIPowDf . . 

37% 30 HPOWPf 4X 100 
36% 26ft ITW 02 20- 14 


40% 31% laiPdim 238k 50 
12 7* ImpICP 

15ft 10 IN CO X 10 
68* 55* IndlMpf 706 110 
107 95* IndlMpFITX 110 

19% 15% IndIMpf 2.15 110 
20* 14 IndIMpf 205 IU) 
30* 26* lndlM pf 303 1L8 
28ft 22 IndIGsS 104 70 8 
7% 4% Inexco 071 

54% 40* InserR ‘iM AS 14 
16* II IiwTk 04 12 27 
26 19* InldStt XI 

48% 38ft InWStpf 40S 100 
21% 16ft I railed lXb 53 12 
6* 3* lnspR3 
24* 11* InfeRsc 14 

X if IntgRpf 303 100 . 


SZ3 37ft 36% 34ft — * 
IK 14ft 14* 1TO . 
568 10ft 10% 10ft— % 
9 27% 27% 27% — % 

8 17% T7» „ 

22 22 % + * 
15ft 15% — ft 
33% 33%—% 
44* 64* + % 
42ft 62 62 — * 

46 46 46 — * 

Uft 13* a*— * 
zift aft 2ift + * 

7 7615 24ft 24% 24% + % 
20602: JS 17* 17* 

4201 28* 19% 20* + to 
460r3S% 36* 36*— 1% 
200t 34 34 04 — % 

460X40 4® >•’.) + V* 

349 37 36 37 +1% 

203 31% 30ft 31ft + % 


VfUUB> 
PROPBUY 


4a 

300 

447 



EXTREMELY DESIRABLE; 
EXCH1ENT ALL YEAR ROUND; 
. OWOOUSIMNG 


6 .2647 41* 40* 41* +1* 
95 198 9* 9ft 9* 

1864 12% 12 12* + % 

52to67* 67* 67* + ft 
5Q2HM 104 104 + * 

59 19% 19* 19* + * 


UMona 

High low Stagi. 




Ykt PE 


Sl 

HOskfighLaw 



Close 

OuniChgi 


14ft 


* '201 


13 3^' ZDM ~ 3BI + to 


36% 25% IntgRpf 405 1L8 
Intiosn 


00 

1.12 


9ft 7* 

9ft 9 inttoBDf 100 160 
14% fl (nIRFn 
19ft 17ft ItCPS* 

73ft 5Sft Inter co 
12* 9 infrtet 
53ft 01* fnfrfle 
12* B* I tamed 
24* 15% IntAhi 
139% 116 IBM' 

29% 16* IntCtri 
38% 25 IntFtov 
11% 6* mtHorv 
7* 3ft intHrwt 
3% 2 InfHwIB 
60 29* IntHpfC 

42 25ft InfHpfA 
34% 20% IntHPfO 
AA 34 InfMln 200 
43% 24% IntMult 106 
57% 44% InfPanr 200 
16ft 7* Ini Res 
54ft 38ft IrdNrth 208 
43% 32* IntpbGp LOB 
24% 14* IntBakr. 

22% 18* InttiPw 170 — 
22* 18 InPwpf 208 109 
13* TO InlSiicn A0 II 12 
21% 17ft Iowa El 104 90 11 


.. M* 00ft + ft 

.21 26* 26%. 26* + * 
072 6to 4 6 — * 

745 53* 52* 53% + ft 
18 Uft 16* 1TO + ft 
689 22% 22 02ft + .ft 
X 45ft 45% 45ft + ft. 

162 19* 19% 19ft— ft 

163 4* 4ft 4* 

429 25 24ft 34ft 

15 -27ft 27* 27% — % 
69 36 - 35% 36 9- to 

8 1353 8ft 8 . 8ft + % 

41 9ft 9% 9ft -t- % 

254 n* >1* Tito— ft 
21OalD0 52 19% 19ft 19%—* 
UB 40 13 224 68% 68* 68*—* 
X 07 ll 1537 W* 18% 10*.+ to 
260 ii 9. 134 58* 49ft 50* + ft 
118 TO 9% 9ft— * 

02 00 9 5 11 11 B 

400 32 14 9721 139* 1379H38% + * 
10 W 135 26* 25ft 25ft— ft 
30 19 441 34* 34* 34* + * 
18 1492 3% 7* 7ft 

110 4% 4* 4ft— ft 

I 2ft TO TO 

6 50% 49* S0% + ft 

7 30* sm 30* 

24 24 23* 23%— ft 


X0 8 

.... __ *5 ♦ 

42* 36* MB • 0» 10 IS 

18% Tift MGMGT M 20 X 
13ft TflftMGMGraiX 24 
. 27 W - MGMUO 001 -0 - . 
lift 2* IMGMkrwr 
8* 6ftMLOmvto2Be-20 . 
lift' 18ft Ml. I nca 
22% ITO M3U« -47f " 

38% 20tor-Mocmt» -0» 10 U 




48* 40* .... .. 

47ft 46% 47ft— * 


.35 26 lOWflG 204 

37ft X* lawaRS SJ» 

AO 31* (POtav XOf 80 

13ft 9% IpcbCp 36 3JD 

40ft M IrvBnk IX 4.9 

54* 44 iryBkpf 404a 10 



35% 23ft JWT* 

» 23ft JRivar 
XVk 16 Jarnswy 
13% 10% JapnF 
52% X JetfPIl 
33* 26* JerCof 

*2* 61 JarCpf 

19ft 14ft JarCpf 2.18 110 
16ft 6ft Jewlcr 


1.12 30 17 
06 10 12 
.12 0 12 
103*110 
102 29 8 
4JW 111 
906 110 


105 30* XVi 30* 

638 37ft 36ft 36%-^ ft 


457 21ft 21% 21ft + ft 


212 12 * 12 * IZft . .. 

8 393 52% 51 52 -1-116 

53x33 33 33 

UHDOz 83ft 82 B2ft + ft 

7 19ft 19ft 19%;+ to 

23 12 15ft 15ft 15* 


65% 38* Mqct~ Df lf 17 MV X 
66 *j*36- Mocyp 4 405 74 
54% 31% MoglCf U2t Zl 10 
37* TftMptAsIUXc 
17 r 18% Maohlo 30 10' 

'21ft aft-MtehNt -32 '34 
19* 10ft MonrCs .11 - 4 73 
42U 30ft MtrHon 320 79 5 

- 56* -44*-MfrHpf 4.134114- 

02ft 4V XIHtpf 503*110 ' 

8ft Sto.vJMamrl . =. 

20% 75* attlmdpf 
38* 24ft MAPCO IX- 22: • 

S 3 Maratr 

- M»- -ft Marat# - 

38* 25ft MoYMM IX 50 T 
45% 19 Marians 36 0- ft 

rt% 8ft MarkC 02 29 - 

t7ft 13% Markpf TX 70 

TO TO Mairtat 04' 0 17 
II 50* ThnhM 238 .30 29 
44ft 26% MarlMs IX 10 ■ 

14ft MManrK 
37W 25% MatCO 
3* 1% MaotyF 
20ft 23 MasCP 3X 100. 

12ft 18ft Matinc- U2.Ua- . 

65% 48* MabuE 074 4 M 

17% 9% MafSl 12 

13% (ft Motel wt 
Uft IlftMonm - 7 

68* XT* MovDStrlX .30 11 
73ft 43 Mqvtg 100a 42 14 
31* 27 McDrpf 2X. 90' 

26ft 20ft McOcPf 240 187 . 

30* '•WA McDartHi 140 90 - * 

li 

73*- » ,■ McDnkl' 90. 

87 64 McDnD W 

52 37ft MCGrH J At 
3«ft 25% Mctnfg 

Sift 37 McKatt'200 A3 14. 288 
15 - 7ft McLean ...13 .136 

6* , 1ft McLaa Wt 
Sft 22% McNeil. UB 


205 10ft 10* 10ft 
-62 37% 37 37% 

98 » 37ft 37ft + to 
444 .17 Mft 17 

5 13 13 13 

5* 26 25% 25ft— * 

16- 9ft. 9% 9% 

256 7* 7ft -7ft— ft 
134 .11% 18ft 10ft— ft 

6 13% 13ft 13* — V, 

357 35* 34* 396— ft 


filto 62* + ft 

2308 56 56 56 —1 

45 54% 54ft 54ft- ft 
145 3* 2ft 3ft + ft 

208 Mft Uft 14ft- ft 
.676 9* 8% 9 + to 

260 18 17* 17% - to 

1315 40* «*• 40* 

■ » 53% 53% 53% — ft 
1091 49 - 48ft 4TO— ft 
292 Sft 5% 5% 

77 77 16% 27 + ft 

,287* Sft 35% 35% + % 

:S t ^ ^-vv 

32 35 36ft 34ft- ft 
243 44to 43% 43to— ft 
140-11 . Wft 10ft- to 
317 16 15% 16 — * 

421 102 101% 101* + ft 
2» 80% 79% 79*— & 
. 1416 "33% 32% 33 m 
XI 10 2826 Mft 14* 14ft + Tk 
56 10 16 302 36U. 36% 36% 

2840 TO 2% TO 4- * 
S3 29ft 29ft 29ft- ft 




13 if* - ft 

,s 

- 21 % 

w=s 

J*- to 


44ft- % 


50ft 33% JotevJit IX 26 15 4190 58 49* X 

47ft 38ft JahnCn IX 48 10 ~ “ 

57* SOft JhnCaf 405 70 

27% 22% Jargon IX 42 19 

27% 20% Junior % X 30 15 

27* 21% JoyMfp IX 60 28 


A- SS 


It S7 56% 56% — * 
26 24H 21 24 —ft 

135 27 . 26% 27 + .* 

1H 23ft 23* 23ft + to 


20 629 
37 14 
111 
X 10 5 
.ia 


4 6 

48 

59 7 
98 24 
XI 

70 12 
18 14 
20 7 
7 

180 
40 16 
30 7 


Mft 7ft KOI 04 24 12 756 10% 10 10ft— to 

20ft lift KLM 01o 20 18 750 17ft 17ft 17ft + % 

41* 30ft Kmart . IX 48 IT 2547.34% 34% 34ft— to 
IT 13* KNEnn 10 58 16 15ft Wft , 

18ft 12ft Kate-Al 051 . " 1790 16 15% 15%— %. 

67ft 53 Kal57Rf 405 70. . 3 61* 61* 61*— 8*. 

M 10 9 146 14ft 14* 14ft + ft 

0 15% 15* IS*— to 
23 784. TO 7* 8 —ft. 

3101C1103* 102* 102* + ft 
5 1034 23 22% 2TO— *. 

308s «S -37. 39 

01 mb TV 19 *.* 

12 20 % 20 20 %;+ % 

T » SB* 5« 51ft „ 

19ft fft KanGE 1.18 90 5 3593 13 12ft 12ft— ft 

41ft 32% KanPLt 19* 70 9 49 3Bft 38ft' 3Bft + to 

23% 18* KaPLPf 202 90 . 30 23* 23* 23* + * 

Sf 16* IS* IS*—* 

. X 20 6 236 16ft 16* 16% + to 
IX 90 • 17 15ft 15* 13ft + to 
BJ5 110 28 79* 79* 79* 

IX 17 16 1043 49ft 68* 69 — ft 


19* 13ft KatsCo 
16ft 15% KalCPt 
17% - 7ft Kamfl- 
im* 87 KOPObPfll. 
24* 18 KOvPL 
40 32* KCPLpf 

20ft IS* KCPLpf 
21* 17 KCPL pf , 
58ft 44 . KCSM 1 


33 Mead. 

25ft- 15% MuniX 
42% 2TO Modtnr 

56* 42ft HftOan 

X% 24ft 'MoHaapf2X 100 
50*' 3S%-M4MI1 104 29 14 
TO - 51* MtrcSt U0 10 II 
.123ft ,85* Monk JX : 20 U 
M' JOWMordHi IX 10 T3 
Mft l'25* MorLyn ■ X 20 17 
3* 1ft MaaOf 
22 .. 12% MaaPt. 

35to’ 2t% MaoaR 10Oo50 
7ft - 5ft Mosati J90HA 
4* 2*M«Mc . ■ ... - 
68 S2 MtEpfF 8.12 110 
A* , 50 MJE PfG JAM 120 ■ 

69 *-3» . MtE Pti >02 120 
Afft 52* MJEpfl 8.n il0 
49 . JO MIErtH 802 120 
20ft ;1ft MotrFn . .00b il 
3' X MexFd 024160 
21ft 1TO MhCnpf 2JB 80 
16* ,15 MchER IX 7 J 12 
7ft 4 MkJdby M 1.1105 





247 

5734 1 
1 32 
At 

m j* to 
1602 68% 68 
3402 64 64 

200Z 69* 69% 
2702 48 68 

770*69* 69 
56 


s* + * 

2 + to 

2Sto- to 

41* 43 +1% 

49% 49* +H» 
- 2Bto +Jk 
50ft-^ 

- + ^ 


17% + * 



19ft 19* .19% + % 

' ' 2 

_ 23 +1% 

20 TSft 18 18%—% 

X Sft 5% Sto 


246 2% 2 

1115 23 22 


45 12ft KOfyln 

X 1TO KaufBr 

18* 14 Kaufpf 

73 Kaufpf 

72 37ft KoUoob 
45* 23* Keltwd 
1% to Keaol 
26 17* Kerant 


62*' 37ft Midcan X36 40 10 3078 54* 52 53* +1* 

IS% 8* MfdSUt -1031 4 5142 10 9ft 9ft . 

20% 15* MMRas 10 U 93 16ft 16ft 16ft— % 
1W M U 53 3* » 30ft- to 

At 40 22 SQ 11 10% 11 + * 

300 .40 14 1351. 80ft 7?ft «to + to 

206 70 8 146 38 37ft 37ft — ft 

, 656 TO 2ft 2*+* 

2X 7.1 ll 4404 q 3$:2 


15% 10ft MUinR 
. “ MMM 
39%. 27ft MJqPL 
9ft. lto Mtenlns 
8 - 4ft MHof 
34* 25* Mobil 
lft * VlMofalH 



IX .20-' 8 


+ * 


X 40 


18ft 14* KPTovn 

HI 204 8l7 


2?% 23ft KvU 
TWii 9ft Kerrd 
31% 17* KorGpf 
36 26% KorrMc 


STO 21ft ICovcnr 
KeysCo 


5 2* 

15% 12* Karints 
37* 26* Kldde 
66 44ft KhnbCJ 
fTO 26* KaflttRd 
19% 10% Knogo 
». 24ft Kooar 
22% 12* Koirrw 
21% 15ft Kopon 
14* 12% Kona 
44% 36 Kingor 
38% 25 KliOOfa 
24ft 7ft KutHm >' 
42* 28* Kyocer 
23% 15ft Kvsar 



45ft 44* 45 
395 % 

43 19ft 19ft 19ft 

sm i5% w is —to 

86 28 . 27ft 28' 

64 12 lift 32 
11 21n 3891 21*+ * 
tM 35% 34ft 34ft 
136 32ft 32% 32ft + * 
9 Sft 3ft 3% + ft 
2B9 Mft 13ft 14% + to 
97 33ft 33ft 33ft— ft 
615 65* 64* 64ft— ft 
471 »% 36% 37 
92 17ft 17ft 17ft + % 
.MS 26ft 26% 26ft — * 
285 }4% 14ft T4ft— ft 
6P T7ft 17ft I7ft— % 
30 10b 16 16% + ft 

115 '47% 46% 47* + * 
IX X X — to 


i0!2 


Sft 5ft ModCPt 
33ft 28ft Maaasc 
12* 1% MafikDt 
53ft 40% ManCa lJW 
» 44% MonCapOX 6J1 

If*. 14ft Monrch X 50 X 


18 


122 6 5ft 5ft - 

55 30* 30ft- 30ft + % 
471 lft 1ft 1% 

167 03% 52 52% +.ft 

3 SOft 50% SOft + ft 
14 16 15ft 16 —ft 


- 4 ® 


■ >» 


52f -ff 0 *”™ 7 3575 45ft 43% 44ft— lft 


30ft 16ft ManPw 
19ft 15ft MonSt 
10W - Bto MONY 
-21ft 14% Moaras 
~ 20% MoorM 


200 60 12 
100a 9.1 
08 10.1 10 
02 30 13 
IX 62 13 


m -MSP* 


2M 41% 41 ' 41* +2% 
X 20 ft 20 % 20 % 


STO. 36ft Momns 220 30 

IS* Morwi Pf 606e 79 

13% -12ft MorKao 13 

47. MorKnd IX 30 11 

X* If* X 30 U 

21 : 16 MIpRIy 
34 25% Morton 

39% 29* Motor ta 
IS Munfrd 
18% Bto Munn s 
32ft 23* MurpO 
22% 16* MurrvO 
• Mft 12 MuIOrn 
5* lto MvorL 


352 30% 30% 30* +-* 

ra 19ft 10* 19ft +■* 

109 8ft 8% 8% — * 

358 20* 20% 20ft t-'to 

348 25 24ft STO +JA 

2305 56ft 55ft 56% 4- ft 

5 87ft 87* 87* — .ft 

11 13ft 13ft 13ft— to 
27 44% 44% 44ft— % 

ix.100 ,0 & v& r 

t y j 

X 20 11 30 18% .18* lift— * 

„ a 19 18% 18 18% 1 

’■5S- H J? 3i* 3i* — % 

00 20.14 19 20ft 2Bft Mft— % 

IX 90 » 14ft 14ft 14ft— ft 

75 2ft 2% 2% 4 




»* 22% LACn «X 25% 25% 25* + % 

31ft 24% LN Ho 2044 90 10 20 . 31 30% 31 

17 11 LLERV. 2224190 . 497 11% II* 11% 

4* 1 LLCCp. X 1% 1* 1% 

13% 5% LTV 11659 6* 5% 6 + ft 


: 21 . 


08 20 14 


.90 2J5 14 6262 46 44 46 +2Vk 


95 15ft 15* 15% 

2508 12ft 17ft 12ft — * 


100E 40* 40* 40*— 1 

30ft + % 


23 M Gotten 00 


li 


St 3Bft SOft 

27 33ft g. M ■ + % 
2B4 23% 22* 22ft— ft 


M 


33* 22% HoHFB 1001 


32% 24jg Hqlbfn 100 


13 


lft ft Hotlwd X „ 
lift 7% Holwctpf 06 » _ 
42* 26* HontPs IX 3.9 12 
15ft 12ft HortJS 1470 90 
21% 17% Hanjl 
30 17ft Hand] s 
20ft 16 Hansf 
21% 16* Homo 
a* X HafflrJ 
36ft 2lft Hartnds 


1499 28ft 27 28 — * 

70 12 3393 25ft 25% 25ft 


Ufa 17 
X 23 14 
X 10 25 
.40 11 34 
IX 10 15 
X 10 31 


12ft 7ft Hand* 33 

28ft 24* Horn pfB 140 130 
29ft STO Marti pfC 2.13 7.9 
»* 15% H/VRws X 20 15 
SS 22% Harris M 14 li 
18ft 10ft HorGrp 10 

30ft 22 Harxeo IX 40 10 
39ft 24ft Hartmx IX 30 11 
17ft 14% Hottst IX HU 12 
25ft 19ft HawEI ■- 
13ft 9to HavesA 
X* 20* Hadofft 
IS* 9ft HazLob 
X 10 HIItvLm 
23* W HjtCrPr 
22ft 9% HR USA 
19ft 10% Hecks 
18ft 13% H*«aM 



23* 14ft Hoj^Wl 


33ft 16ft _ 

32* 28* Heini i 
22ft 12% He hoc 

X* 18 ■ HetaP 


36 


to* oi* Honeute 100 


20ft li* HarltCs 
'■' “' HorflC pflX 


35* 71% 

21 16 Hcrtnnn 

Sift 35 - Hontfiv 
li* 5% Hentan 
13* 9 Hactnaf 
38ft 28% HowtPk 
33% 24 H excel 
23ft 15% HtShear 




2*8 lft 1% 

13 fft 9ft 
477X35% 35 
32 15 Mft 
93 21ft 21* 

349 24* 23ft 
T24 18ft 18 
47x19* 19 
89S 59ft 59ft 
316 35ft 35 
374 10* 9ft 
1 25 25 

17 77V, 27 
01 27* 71* 

571 X* 25% 

166 16* 16* . 

492 31% 30% 31 + ft 

215 36* 3Sft 35%- to 
13 17% 17% 17% 

139 22* 27* tt%— % 
48 10ft 10 10* + to 

35 23% 23* 23ft * * 
UB 15* 15 15% 

332 13ft 13* 13*- % 
30 21% 21ft 21% + ft 
496 fft Sft TO— 1 
186 13 12% 13 + * 

532 15ft 15* 15ft + % 
3W 18* 18* 10ft— * 
. 52 32ft 32 32 

2423 32ft 31ft 32ft + ft 
134 22* 21ft 22* + ft 
178 19% 19 If% 

939 37% 37ft 37* 

366 20* 19ft. 19ft— ft 

OX X jj % 

121 20 ft. ? 9 ft 20 * + * 
210 57% 51 % 57* + ft 
15 ,7ft 7* 7* — ft 
I 10* TO* 10* 

0 17 5657 35 34* 34 %— % 

23 15 79 28* 27ft 27% -lto 


102 73 ID 
00440 7 
40 1J 14 
32 2.1 19 
24 

JJ4 34 


X 23 
X 10 

08 a 20 li 

AO O 16 


X 
>.9 a 
40 13 
• 39 
40 

17 
29 15 


X 10 9 


22 * 22 % — % 


25% 8* LTVpfB „ 

68* 31 LTVpfC 1941 
18% BU LTVpfD JUI 
U 1 0ft LOPot 

29ft 71* LadGa IX. 60 
9* 6% Latarpo X 20375 

14* 7to La mure 34 20 16 
4* lft LamSag „ 213 

13* 10ft Lowtlnt 04 40 . 

25% 9* LoorPt 3D 20 

28% 19% LeorP Pf 207 138 

57ft 41 LoorSB 200 40 10 
21 14% Lea Rills AO 20 16 

Jflfc ZBfcLJwrTr 100 40 14 
46* 24ft LtoEnt IX 20 19 
Mft 8ft L09MOS Xb Ll 15 
28ft 17* LagPlat 02 10. 11 
4 lft Lahvai 

39* 24* LVfnpf 

15% u* Lofunn 1084100 
.15* 10* Connor X U 11 
24% 15* LOOtfttl 4 

5TO 4 TO LOF ; IX- 10 7 
79* 68* LOF pf A 33 AS 
32 22* LUstvCO 32 23 13 

Mflto 60% LWy 3X 3J 14 
31ft 1TO Llmlld» .16 0 30. 

54* 36ft LlncNtl - 100 4J> 11 

23ft 19ft UncPi 2J4o 90 

93* 40ft Litton 1001 11 

31 39* LodtM 056 10 8 

37 37 LOCttte X 20 14 

54* 29* Looms UUo.2.1 9 

38% 23% Log Icon 36 0 19 

37% ZTft Lamp* IX 30 13 

28ft 20* LontMl 4204 90-11 

4* 2 LamMwi 
20* 19ft LofnasMR ; 

32% 31% LaMar IX 17 

SB* 45% LoraS Pf 533- 90 

9% 5% ULCO 
34 24* ULPfB' . 

J9 21* LfLpfE 

a 39ft LILpfJ . 

H 40 LILPfK- - • 

23% 16* ULpfX 

22ft 16% LILPfW 

23* IttoULPfV 
27% 19* ULOfU -■ 

21ft 15ft LfLPfT 
it 49 ULPB 
16% 11% LILpfi* •' 
l»ft 12% LILpfO 
31* 21% LoiwD* 

37% 23* Loral - 
12% lOftLoGanl 


149 -12 n* lift + ft 
12 34 33 33 + to 

364 9ft Sft 9*+% 
61 IZ Tito lift— % 
ra 26ft 26ft 26ft— ft 

36 7* 7* 7* + * 

U 10% 10ft 10%— to 

33 4ft 4% 4%— * 

3J4 11% 11% H* 

313 10 9% 9ft-L to 

39 21 20* 20ft— * 

2I« 4W* 4TO 49*— to 

57 18* 17* 17*— 1* 

iv 3i% + % 

124 42* 42% 42% — to 

47 lift IK 18% 

410 a 27% 27% 

686 2% 2* I* 

41. 41. +1* 


32 

1J2 


30 13 
10 9 


X 

202 


200 


208 70 


35 

5.00 

Ji 


32. 20 15 

x :,0 is 


’ 4J.14 


^ r-* 

sal r r f Tii 
J nja 3* 73% + % 
® Mto'3TO- to 
am zm -tm 98%—% 
“3 30% Wft 30* 

gM'SMk— ft 
JS S% a* zm + to 
■mi? 55? "S' 4 «**— lft 

IS SS P »ft + % 

s st k ^ at-tis 
>£3a % 

i”r» 3m ■ a 

70ft»* 25* 25* 

S flft 42* + * 
1002 44 41 44 . 44 

17 19% Wt 19% • 

00 19ft 19 19* 

3 3SE 

18 ]>ft 18% 18% — * 

l ft* T V*-' 

£ 16* M% 16% - * 
0* J?ft 12* 12*— ft 


SE IS ME 00 ix sj it 

J7ft 23ft NBDl 140 30 7 

20% 16ft NBl - 

22* 17* NCH 

04ft 31* NCNB 

37% 24ft NCR 

13ft 9* NL Ind 

36ft 27 NUI 
lft * MVF 
59* 35ft NINA - 
28ft 22 Not CO 
29ft 23ft No^UM 
18* TO NHCnv 
35ft 23to NatDIsJ 

it SK KS^gl „ 

Amr* ■ 

65: SJ* Nil pf 
32ft 18ft NModE 
J* N Mines 
*>ft 23ft NtPrott 
15*. Sttto NtSamI . 

“ Ng«J ,,,, 4X 74 

™ l - 7 ® -3U9 « 

iB . lltb N Stood AQ 2J1 23 
13 10M Nerco M tL 7 

26% JtovPy, 204 80 10 

73 iso ua 

Igf H«Ppf 105 100 
9* NovSvL J u a 
4TO 36* NEngQ 300 70 7 
77ft 23 NEnP Pf V6 99 
24* NJRsc 230 80 IQ 

K 4 uvH? V 6 lail ■ " 
£ 28 .NYSpf 3J0 lU 

77 64 NYSpf . EX 110 •' 

29 - 22ft NYs5a 5So 94 

io w St S2SP. 1 ^ Me u -w 

If* Nwahll. 40Oe74B S 
7% jSba a 

" i2 as 


irnms* 


89 17ft 17* 17*— U 


518 37* .36* 36ft— to 


346 13* 12ft TTO . 

16 21% 20ft 21 + * 

„ 217 41% 41% 41% + % 

20 12 2793 37* 36* 37 4 !4 

ii . 544 ]2ft 12ft rro - 

IX 40 13 530 25 24% 24% + to 

^ Ate A AH* 

8 44 27ft 27ft 27*— % 

7 ' SQ? SC? 24* +■* 

7 251 38ft 38* 38*— to 

in J0 4* 4to TO— * 

U 276 a* 2S* 2Sto+M 

1, ,J2 54 55* 55*— * 

2J 11 13SB 22% 22 22%. + * 
, . 31 7% 7* 7ft— V» 

14 li 31 30ft 31 ♦* 

K 5235 12% 12* i2*-> 

454 54* 58 -54 ’ * 

283 36ft 36* 36ft 4 ft 
21 14* 14% MU — .to 


10 * 


26 ]D% im 


35.32 31 ft — ., . 

lOlteJO* 20* -20*— % 9' 
.J17JI 1TO 17*4* “ 
TO lift 11% lift +.% . 

.95 66* 46*. 46% ; 

-2 27% 27% 27% 4 % . 
3 26ft Mft. 20M +.% 
9I« 26* 25* 25* — * i 
200Z 33% 33% 33% +1% 

_ .70r 76 76 74 — r 

1100 23* 28 


W0 23* 28 28* 4 % V 

4 . » X K ■ + !iv < ' 
12 32% 31% 32% +4i . 


46% 34% Newtnt UU 

uS.SSSp- io, lu 

I*? u!° WW 140 w 

L 8 ' 1 *® 

*^-nr«alg 


2sn 


aro 1 -5L ?2'11 5S! “* + % 

17ft LuPOC- _ 00b 10 40 ion nft -22ft 23* + ft 


33* 24ft LaPLpf JXI1U 
25ft 17% LOPLpf SWIM 

32% 25% UMhfGC 3X 17 ■« 
31* JOft'Lpoos-' -36. 10 15 
25ft 19ft Lbflrt* W-U U 

» am Lobrt ..- 0 ft 10 x 

25ft 16ft LndeyS 1.16 A6 13 
U 10ft Lute!* '. 08. 30 15 




49 30* X 

104 22% 23 22 — ifa 

107, 29* 29 29* 

SH . 2uK 25 . » -ft 
818 22 21ft 22 4 % 
.34 37ft 36ft 37* + ft 

5S** V* 55* + * 

201 ' 14 13ft 14 +* 


67ft 03*N 
17% 14* N_,. 

18ft lift NtaoiSt 
Sft . 26 NICOR 
MM 12ft NoMM 
17* 10* Nmft 

KSS® 0 *x 40 


13 


132 VL4 

10M10 
J2 9 
304 100 
■12b 0114 
0 
10 


74 

itotikT 

g* ^ uS , * , ^ b « 10 

1X4104 


23 22% 22* 22* ~ 

03 59 SB* a*— % 

19 16% 16* 16* -* 

17 8ft Sft . TO + to 

4T9 05 44* 44*—% 

Wfi 1* ft S— * 
_735 19ft 19* 19*—* 
?»to» X* 28*4 % 
110tt»% m* 32ft 4 % 
2S00Z 36 Sto 35ft— 1% % 

a £2*il. S 1 43 +t 
9 70x 53 % 53% 53% + % 
-gM « 104 104 4 lft . 

67* 67* 67* +»6 - 
1]» 16 U* 15ft- % 

“ 11 13% 13 + % 
ft# 38ft 27ft' a*— ft 
S2 14ft 1TO 14ft— to 
278 U 13ft 13ft . 

638 74ft 73V. 74 +* 

1W 6* 4ft S*_J W 

^ m ** +* 


sjmNSMi 
uP 12* HEwo 


U 57% s% 52% 

W 1TO Mft TTO— % 
0 #«> (4ft (4ft 4 to 
<15 3«ft 36* 3TO— * 



M 


23* 12* MACOM' 2W..10 10 3 02 1 1W. 13 - 13% 4 % 
J4ft 25* MCA*. . __ 53 3B25. 53ft -St*.. B0— 


« »» NocsUJf l*-gi * ,*JL US W «%+* Vv 


51*11 «* K® 


.3448 It . ry? ™ . 6 07A. “ft 19ft 20* 


(C°i«*»wloDPageig) 


3 04- 44 44 — 1*. 

564 49ft 49* 49ft 4*% 


• %f) 

S-<\ 







| AMEX price* pjo 
amEx itistefiMipvQ 
, NYSE oricas pi t 
, NY5C Mote/to*, p.u 
♦ Canadian stocks P.22 
» Corraney rate* • p.jy 
\ Cnmmoailte p,« 

J “•“« pja 


‘Comtoo. 

Fitns rate notes P7n 
Odd mntcta p 17 
interest rat.* P17 
MBfM himmory p 1* 

OTCM«k pj? 
oauf mviieti p.jj 


: ;i ? 


t 

; THURSDAY, NOVEMBER 21, 1985 



WALL STREET WATCH 




'T' 


I 

■> * - 


“Many people, including „ v 0 

professional fund managers, . «ka markrt will 
underperform the market be- “ e mansg&vmi 

c ause they wait to buy what’s demand actual 

currently attractive,” Mr. Ste- ' 

vena said. U 0ur approach is to fflnn rmflti f>n.” 

be disciplined ana co nstantly — — 

rotate asset mix into sectors of the stock market that offer die 

most value, whether they’re popular or not. But to buy value 

today you have to buy problem areas.” 

^ Not surprisingly, it is technology, gunned down mercilessly by 
the mob on Wall Street for over two years now, that tops his list. 
Issues he likes test are IBM, Digital Equipment, Hewlett-Pack- 
ard and AMP. Financial stocks remain underpriced, he 
citing Bancorp Hawaii, American Express, Citicorp and an 
insurance company, Aetna. 

“Oanenttyi the stock market is very near its moment of truth,” 
_ he said. “Wall Street has been rising on the anticipation of lower 
interest rates and improved corporate earnings nm year. "But 
> stock prices can only go so high before the market win demand 
actual confirmation.” 

Despite the Federal Reserve’s policy rtf pumping money into 
the system to stimulate the U.S. economy, he said that Duff & 
• Phelps, situated in the U.S. industrial heartland, does not find 
“much life to anything we can see.” 

ar* ’ 

‘i | | E further warned that while declining, interest rates 

■ i I I should buoy the economy and help lower the level of the 
-• ■■ ..1 dollar, this must be balanced against reigniting inflation. 

**Now that would bother investors,” he said. “Inflation isn’t a 

■ • concern yet but somewhere ahead there would be a shift in 
„ investors’ minds.*' 

t; With the recent runup to record highs, Mr. Stevens reckons 
- • Wall Street now is “modestly overpriced.” But as long as the Fed 
remai ns accommodative, be does not see stocks dedining — but 
not going up materially either — unless interest rates drop 
; further. 

1 Over the short term, the firm, which has a strong reputation in 

f fixed-income research, values bonds about die same as stocks, 
though farther out stocks look more attractive. 

Duff Sl Phelps maintains coverage cm a wide variety erf stocks 
. because, as Mr. Stevens pointed out, “The time yon really need 
. - information on an issue or group is when it’s out of favor.” 

; Hie firm also persists in making long-range earnings forecasts 
1 . cm companies, an exexcise as widely discredited now as temper- 
' ance was during Chicaga’sProhjbition days. 

:: _ . “Whatjvc’np. after is gettin&A sense of. the potential earnings 
• power 'of - a company he^Scplamcd,. “and\ to r bdp evaluate 
. • whether the cimerii price, baseid on those expectations, makes it 
1 attractively priced.”. 

' _ Mr. Stevens, who made another of his frequent trips to Europe 

(Coutinaedoo Page 21, CoL.l) 


"Stock prices can 
only go so high before 
the market -will 
ikmand actnfl] 
confinn^jon.” ... 




w 

* ss; 

if 


Currency Rates 




* 

* 

DM. 

FF. Itl_ ' 

OUT. 

OF. 

SF. 

YM 

r. ■ 

Amoterdnm 

ini 

4204 

11251- 

3092 ■ 0.1666- 

— 

2560- 

U7J7- 

M3*7 » 

• - fi . 

• io 

- Bruncts(a) 

EL448B 

TS39 

2020 

ft*2f« 25*15- 

17*575 

— 

24554 

25*7 “ 

i-‘A 

i . FnwWurt 
London Cb) 

1*335 


17453 

-. aoHd 
11*00 2*2250. 

4212 

7550 

10705 

2SV*S 


^ Milan 

V5523 

2521 JM 

67240 

22157 

60032 

33*44 

0460 

0*45 

b« *1 l . 

.3 • - 1* 

1 Haw Yorlclc) 



2447* • 

2*11 

7*575 U410Q 

2*425 

5265 

1M. 

203*0 

* 1 
■«•> i;i : 

’Parte 

7.911 

1UT4S 

18478 

45135 X 

17007 

1509- 

332*2 

350- 


Tokyo 


2910 

77*9 . 

. 225* 110- 

49*4 

306.15* 

*5*7 

— 

1 ; 

-zoricfc 

2.14 

XMB 

11*4“ 

2*51- 0.1213* 

7105- 

4*608- 

— — 

1*B0* 

■i * ' m 

1 ECU 

USK 

05925 

23m 

*7319 M9152 

24*45 

44*0*6 

1*002 

172Z74 

i’ii 

1 SDR 

WTI7 

27511 

NO. 

054151 1*9212 

11543 

56*20* 

23111 

21**71 


i, t ctosbuuln London ana Zurtcn. nxmesm omer cixopoan^nm9.nmw 

- L-’ ' (a) Commercial tnrnctbl Amount* needed to buy oac pound (c) Amount* rwedad to buv one 

‘i|i- ’Honor (•/ Untts of 100 (xj UrdtaoftMOly) Units oflOMO tLQ.: not trusted; MJL: notovoikOOe. 
l .[(p) To bar one pound: SUSXGIS 

l : ;;: tottor IMIv Val»e« 

cmw Mr ILU Qtrranc* POT VS3 CbtmO Mr VSS Currency POTUSJt 


.JbmiMM 0*0 Fln-mortta 4573 MCK.MW SOW« Swrtrfn** 9-7771 

Awmn.f l^ris OwkdTK. 152*0 teorw-taWte 7J5S S*m.MMta 160X0 

,'Amtr.IcML 1S33 Hmnml 7J0S5 PULMM ”■» *™ Ltn * a 

acta.fta.rr. 52JS lata nta 12.1655. Pon.«»a«cio i«2m Taiwan* 3M0 

1 atari! cniz. ' &*ia*Q hAriwWi Sartlrfiral MMJ P"* ** ggg 

'tMtal 1X772 Ifttk E 0*4 Staa-S 11125 TWUtt Ora 5S5J5 

: CtaM TOM 12015 UnwfUW*. M7100 5-Afr.n»*l 2*667 IME Ortaail 16727 

l Datum icroac tAX KawatMOtnar 0291* HCor.wOa «0*x» VmiMf. M* 

: < 6amtP«anl US Wator-rU*. 2*37 

JtSterRno: U1 Irtehc 

jfsouran. Baaauo au- Benelux (Brussels); Boom Commerdote Uottana (MRm U; Chemical 
)&ftank mmymj; BaoaooNatimotodo Porta t Ports}; Book of Tokyo (Tokyo); IMF (SDR); 
I'AAH dOtpr.rtyo t Hhim): Goabonk (mUoA Other doto from RmOorsandA*. 


■ -.ff 
- f* r ■. 


Hates 


Swfsft 

* . Dollar P Marie Franc sterling Franc ICU SDR 

rJ manta S-SVn 4 ta 3Kr3*w 11 tail nw V L -V k IM>w 704 

^nmmi . MSV. 4-^Y. WM> 1M«. Tta 

'Intnaltn Mta 4ta-*v< *41* llta-lls* aotefltk 7ta 

Amanita HV. «*-*» 4ta4V, IMtellVi w*-10 BMVi 7*. 

.”1 rear 8«W«H. 4*4 41*4% 1114 -TFte lOXclOta IHrm Tta 

foufeoo: Monon Guaranty ftMtar. DM, SF, Poona. FF); Uords Bank (ecu I: Reufors 
'(SDR). Ratos oppHcbOIo to Interbank deposits of St million minimum (or eautvatent). 


■ Key JUsBcvy Bale* Nov. SO 

:. UatatfSWtea Cte* ****■ 

; JHacomt talc 71* 7ta 

. ftatarel FMOOI 714 Sri 

■ Prime Rnf« ™ 

^BrokerLom Rate ». 

Cam Fomt W-17) (tors 7*5 7J5 

>. Eaiontb Traonry BfOs . 7.» 7J0 

*nnnffe Tfwarv BOK 7J5 W 

VCVnHMtm 7JS 7J0 

CAMim 7J0 ' 7J0 


> PnrnloM non 
r t . One Moan InKrtamt 
hrcoBilaterftnk 
-hHatfetanriMiik 


5 JO SJ0 
40 40 

470 470 

US 415 
47D 


Asl— Mlar Bepori tt 

Nov. 20 

1 montti *'•* . 

2mootta *-01* 

3 rnuulno 1-81% 

smontu «-» 

I year tta-OV. 

Source.' Renters. 


(7^.MneyMarbetFHMb 

Nov. 20 

Morrill fcv*** taaOy AaiaM 

aetaroiwrmrteM: iss 

Tcterota interest Rote Index: 7J05 
Source: Merrill Lynch, Telerote. 


■taftntetrtkw Bote » ** 

CBS Manaf J 3 * B 15/14 

■ OnMiKBfft Utcrtwnk >% 

• 'JmaoBi lalaiiwalc . » IUH 

*onota uMriKHK • «ri4 


Gold 


took Bcw Rate 
^CaB Money 
, tMayTraanry BW 


UMl H»S 
12V* W 

113/11 THAI 
11VU II 


Noe 20 

AM. PM. OUK 

Han KOW ®*20 sub +U5 

« ... M hnirfa 325*0 — ♦ US 

POriB (1X94MO) 324.1* 303 B +U0 

32433 32400 +1 JO i 

London 22U5 323*5 +1J6 j 

McwYoric * - »» +«0 

Luxvmbouro, Ports and London aHtdot fbt- 
jm*. Hong Krno and Zurich opening and 
riasMv prices: Mew York Comax current 
contract. Atlortceslo US. S per ounce. 


~ . : , ' McwYoric - »» +» 

DbcAual ftflif S * 

' Ctel iiii.i t 73/14 75/1* Luxembourg, Ports and London afMoi fhe- 

* •*- aa«r«s?asras 

. contract. AlforfCesk, US.SPerounce 

LnaaoK Bank of Tokyo. Sour ce: ***** 

J ' _ 

Markets Closed 

Financial markets were dosed Wednesday in West Germany for a 
holiday. 


-T* t k. mTBMWrtu emt . < 

iicrnlo^£a^g:nbunc 

BUSINESS/FINANCE 


Oucago Research Director 
; Sees No Room lor Emotion 

By EDWARD ROHRBACH 
„ l tuentationa Herald Thfane 

wind that blows off the 
lake, uU buddings and high Toilers sprout here. The 
latter c an be found huddling for hot action in die city’s 
T'wAi commodities pits, where traders either bring home the 
tacon on sneii contracts as those on pork bellies or, playing 
= taDfcer futures, can get sawed off at the knees. - ' ^ 

° dsts ^ 00 . 0a ^ stock market and it can be 
SSSJI husmt ^Z 881(1 Stevens, executive vice 

ESS and research director at Oucago’s Duff &. Phelps. The 
cov ®nng 750 companies rank it as the indus- 
try's second hugest research staff, behind Merrill Lynch. For the 
last year ns research has been 

distributed in - Europe by wc . , . 

Hoare Gqwett, London stock- ' StOfX prices can 

brokers. , * .... . 


U.S. Stocks 
Report, Page 16. 

Page 17 


Brazil 
Closes 3 
Big Banks 

MUmanagem&tt, 
Bad Debts Cited 

Compiled bp Oar Stuff From Dup atrhn 

RIO DE JANEIRO — Two of 
BrariTs largest private banks, plus 
a smaller one, have been clos e d by 
presides ual decree becanse they 
. were f ailing under bad debts and 

micm*niigftm wH. 

President Jos6 Sam try went on 
national television Tuesday night 
and ordered the closure of the Co- 
- mind. AwdEsr and Maiscnmave 
banks “in order to protect the peo- 
ple and the state.” 

Mr. Saraey, who took office 
March 15 as BrariTs first civilian 
leader in 21 years, said he regreued 
having to break bis promise to nev- 
er use authoritarian decree, but 
that it was necessary to protea the 
economy. 

He said that holders of ordinary 
savings accounts could withdraw 
then money ’ on Dec. 2, in accor- 
dance with federal guarantees. 

“The banks loaned too much, 
and there were debts of very diffi- 
cult recovery” the central bank 
said in a formal statement, an- 
nouncing what it called the “extra- 
judicial liquidation” of the three. 

An economist said ibis meant 
government controllers will audit 
the hawk* , «n»Hij} h total assets and 
liabilities and wind up their opera- 
tions, calling on bank directors' 
private assets to cover the shortfall 

The financial daily Gazeta Mer- 
cantS cited official sources as say- 
ing the central bank will cover 
some S162 million owed by the 
banks in New York. 

Economic sources said the banks 
lent too much and lent badly, riling 
in particular loans to the Sulbrasi- 
Iriro bank, which crashed a year 
ago; to the Suwaman shi p building 
agency, which is being investigated 
for financial mismanageme nt, and 
to the Brasilinvest investment 
group, which also faded. 

Until a year ago, the Comind 
bank ranked as Brazil's sixth larg- 
est, but by this July had fallen to 
. ] 1 tb with deposits roughly equal to 
$280 mfitfpn. In the same-period, 
Auxiliai slipped from 7th to 18th. 

Maisonnave was ranked 50th. 

Economic sources said the three 
had the equivalent of $764 million 
in uncovered debts, and had been 
affected in recent mouths by large 
withdrawals by customers. 

A central bank spokesman said 
the three institutions had been 
practicing serious irregularities for 
more than ayear. He did not elabo- 
rate. The government said h would 
seek buyers for the three banks. 

(AP. UPI, Reuters) 

«... I 

Creditors 
Reschedule 
Polish Debts 

Ream 

PARIS — Western creditor gov- 
ernments have agreed to reschedule 
about $13 billion of Poland’s debts 
falling due this year, diplomats said 
Wednesday. 

The agreement was reached 
Tuesday by officials attending a 
meeting of the informal Paris Qub 
of crahtor nations, they said. 

The diplomats said the resched- 
uling was agreed to after Poland 
met two conditions: the comple- 
tion of payments on its 1981 debt 
rescheduling and the f ulfillmen t of 
im p or tant obligations based on res- 
chedulings between 1982 and 1984. 

- The terms of the latest agree- 
ment were not immediately avail- 
able: Some sources said, however, 
that there was no linkage between 
the agreement and Poland's appli- 
cation for membership in the Inter- 
national Monetary Fund. 

In Warsaw Wednesday, official 
newspapers reported that Poland 
had recorded further poor trade 
figures. Poland’s hard-currency 
trade surplus in October feD to $71 
miBion from $184 million in Sep- 
tember. 

Its cumulative surplus in the first 
10 mouths of 1985 dropped to $861 
milli on from about $1.4 billion a 
year earlier. 

Zbigniew Karcz, head of the Po- 
lish delegation in Paris, was quoted 
Tuesday by the daily newspaper 
Slowo Powszectme as saying that 
the Paris Club had agreed to re- 
schedule payments but not to grant 
Poland new credits. 


Allied-Signal Inc. 
Plans to Spin Off 
30 Subsidiaries 


- A 


skSsK* M 


Tha N*w YoH. Tmi 


Anglo American's davin Reify, after meeting with the African National Congress. 

The First Job: Filling His Own Boots 

South African Industrialist Sets a Management Style 


By Alan Cowell 

New York Tima Service 

JOHANNESBURG — Shortly before he as- 
sumed the chairmanship of Anglo American 
Corp., South Africa’s biggest mining and industri- 
al conglomerate, Gavin ReQy was asked about his 
relationship with his predecessor. Harry Oppen- 
heimer. 

Mr. Oppenheimer’ s father, Sir Ernest Oppenhei- 
mer. founded South Africa’s greatest corporate 
dynasty almost 70 years ago. and the son's style 
fused the politics of opposition with the business 
of creating fortunes in gold and diamonds. 

As chairman of Anglo American, Mr. Relly was 
asked, would he feel obliged to e mula te the public 
position established by Mr. Oppenheimer? 

“One shouldn't mal-a ihe mistake,” Mr. Reily 
replied, “of thinking it's my job now to fill Harry's 
boots in an image sense. I don't intend to have to 
fill his bools. 1 intend to fill my own.” 

Now, a little more than three years later. Mr. 


Relly seems to have gone some way toward fulfill- 
ing that ambition. He opposed Mr. Oppenheimer 
in a referendum on South Africa’s political reforms 
in November 1985. for instance, by supporting the 
program while Mr. Oppenheimer urged a “no” 
vote. 

Last September, Mr. Relly also led a delegation 
of white South African businessmen and newspa- 
per editors to a meeting in Zambia with the exiled 
ieaders of the African National Congress, out- 
lawed for 25 years and committed to the overthrow 
of apartheid rule in this racially divided land. The 
encounter was widely interpreted as giving the 
ANC a kind of legitimacy among South African 
whites that it had not previously enjoyed. 

In both instances Mr. Relly, now 59, seemed 
ready to make political judgments and undertake 
political actions that would establish his indepen- 
dence from Mr. Oppenheimer, underscoring dif- 
ferences in the manner and degree by which the 

{Continued on Page 21, CoL 1) 


Reuters 

MORRIS TOWNSHIP, New 
Jersey — Allied-Signal Inc. an- 
nounced Wednesday that it would 
spin off 30 business units valued at 
$3.2 billion into a new company 
and distribute 70 percent of the 
stock in the new company to Al- 
lied-Signal common shareholders. 

The company said the restruc- 
turing would include the elimina- 
tion of about 3,000 jobs, mainly 
through attrition and early retire- 
ment incentives, to reduce costs by 
about $250 million annually. 

Allied-Signal said it would focus 
on aerospace, electronics, automo- 
tive and advanced materials and 
chemicals and spin off businesses 
outside those areas. 

The units being spun off — 
which indude such large, profitable 
units as Fisher Scientific Co. and 
Kellogg Rust Inc. — have annual 
sales of about $3 billion, Allied- 
Signal said, and the units being 
retained have about $1 1 billion in 
annual sales. 

“These are all businesses we 
want to divest because they don’t 
fit with our growth strategy ,” said 
Edward L. Hennessy Jr., chairman 
of the company. “By doing it this 
way we expect to increase the total 
value for our shareholders and en- 
hance Allied-Signal's growth po- 
tential” 

Allied-Signal was created in Sep- 
tember by the SI 3.5-billion merger 
of Allied Corp. and Signal Cos. 

Allied brought to the agreement 
interests in synthetic fibers, indus- 
trial chemicals, oil and gas and 
aerospace. Signal had operations in 
jet engines for commercial and mil- 
itary aircraft, electronics and re- 
cording technology. 

The reorganization had been 
widely expected. 

“You lake two diverse compa- 
nies and merge them and you get 


Tin Council Fails to Agree on Rescue Package 


Reuters 

LONDON — Hopes of an early 
end to the wodd tin crisis faded 
Wednesday after tan emergency 
meeting ‘^or the" International Tin 
Council failed to endorse a finan- 
cial rescue package proposed by 
the council's creditors. 

Delegates said the reconvened 
session, adjourned last Friday to 
allow more time for discussions 
with the creditors and tin traders, 
hardly touched upon the central 
issue of the refinancing plan. 

Industry sources said there had 
been little change, if any, in the 
position of council member gov- 
ernments to commit themselves to 
the plan. 


“We have come back full circle 
to where we were three w eeks ago 
and it seems we are heading toward 
litigation,” one expert said. 

An right-nation council working 
committee, set up to narrow differ- 
ences with the council's creditors 
and report back to Wednesday's 
meeting made no progress toward 
a settlement in talks earlier this 
week with the 16 creditor banks 
and the London Metal Exchange. 

The working committee included 
Malaysia, Indonesia, Thailand and 
Australia representing the produc- 
ers and Japan. Finland, France and 
West Germany for the consumers. 

The banks have offered the 
council a £90G-nnllion {S139-bil- 


bon) loan to enable it to meet exist- 
ing debt obligations and help re- 
start tin trading. 

The major obstacle blocking a 
Solution so far has been the refusal 
of a majority of council member 
governments to agree to underwrite 
the rescue package offered by the 
banks, which are owed £352 mil- 
lion. 

Delegates said Wednesday's 
meeting was confined mostly to the 
technical aspects erf the tin market 
and legal interpretations of the cur- 
rent situation. 

Global transactions in tin have 


been reduced to a trickle since Ocl 
24. when the London Metal Ex- 
change, the world's major center 
for metals trading suspended deal- 
ings after the tin council said it had 
run out of funds to support prices. 

The council regulates world 
trade by setting export quotas and 
floor and ceiling prices. It has ran 
up debts totaling £1 billion, mainl y 
by buying tin to prop up prices in a 
glutted market. 

The creditors have said they 
would initiate court proceedings 
against council members if they fail 
to meet their obligations. 


one more diverse company," Larry 
LytLon, vice president of research 
at Drexel Burnham Lambert Inc., 
said before the announcement. 

Allied-Signal will retain about 30 
percent of the shares in the new 
company and will receive a pay- 
ment of about S300 million from 
the new company, funded by debt 
financing 

Allied-Signal's president, Mi- 
chael D. Dingman. will become 
chairman and chief executive offi- 
cer of the new company. 

The businesses remaining with 
Allied-Signal will be divided into 
four sectors. Mr. Hennessy said. 

The aerospace sector will consist 
of the Bendix aerospace businesses 
and Garrett Corp. The electronics 
sector will include amphenol and 
linotype operations, Ampex Corp., 
MPB Corp., Neptune Electric Wa- 
ter Meier Co. 

The automotive sector will com- 
bine the Allied automotive opera- 
tion with Garrett's automotive 
products division. The advanced 
maierials-cbemicals sector will in- 
clude Allied materials and chemi- 
cals businesses, DDP process divi- 
sion, Norplex, Sinclair, Valentine, 
Frye Copysystems and New Oak 
Industries. 


Beijing A Hows 
Residents to Hold 
Foreign Currency 

Reuters 

BEIJING — All Chinese 
were given the right Wednesday 
to hold foreign currency for the 
first time since the Communists 
came to power in 1949. 

The Bank of China said the 
change was in line with China's 
open-door policy, the overseas 
edition of the People’s Daily 
newspaper reported, and fol- 
lowed a gradual relaxation of 
the rules that required Chinese 
to exchange foreign money. 

It said that in March resi- 
dents of Beijing. Shanghai, and 
the provinces of Guangdong 
and Fujian were allowed to 
open foreign-exchange ac- 
counts with full rights of depos- 
it and withdrawal. 

In June this was extended to 
10 other cities, the newspaper 
said. By the end of October 
more than 100,000 people had 
opened these accounts, with 
many holding more than 10,000 
Hong Kong dollars (SI 300). 








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Page 18 


INTERNATIONAL 11EKALI) TBIBl’NE. TIU'RSPAY. NOVEMBER 21, 1985 


Y&dnesdays 

MSE 


Si* Clmr 

iMtwgntow Owo* Cn pe 


HL:«s !5 3 5 irises 

ggsNaasaihs 


’Se i S “ft *% 10% ~ % 


Tables include The nationwide prices 
up to the dosing on wall Street 
and do not reflect late trades elsewhere. 


ES& & B » ** § 8 ? SS * * 
sswa-ss 'Bio 4 5*£*j§+a 

PalnWpfl25 m w m% ** 35!?“ * 


i7Mcnm 

High Lor. 5KKk 


Sli. CM* 

no* Men Low Omt-Cnge 


(Continued from Page 16) 


53* J H 


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40 32% NSPw Pt 4J» 102 

41 32** NSPw at 4.10 102 

41% 37% NSPw pt 411 104 
44 35 N$Pp! 414 10.1 

47 UVi NSPwOt 454 10.1 

48 SA NSPw of 4S0 5 84 
B7'j 70 ' j NSPw of 080 105 
6 9ft 54% NSPw pi 7.00 10J 
*1% 31ft NorTel 50 

4% 2ft NtftOOIO _ 

Sift 31% Norlrp 1X0 U 

!*% B NwSIW 


M0 1M 3001 M MJJ w* 

<08 103 ?1 It 40 39% 40 +2 

4.10 105 >50* dW J9% 40% +2% 

411 IU li»i»% 38% 38** — 1% 
414 10.1 130; a 41 41-3 

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7 Da joj 210x 68 48 48 +3 

* ’SSS^SST* 
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ParkDri .48 J5 

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4Bft ZBft Nucor 40 J H ®.. 3? 

7% 3 NutriS 


NVNEX 640 7.1 


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VO* 9flft 89% 90 + % 


3ft lVa 
351* 23ft 
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24 20% 

22ft 17ft 
94 18ft 
57% 4Sft 
113 105% 

110ft 103ft 
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34ft 25% 
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37% 30ft 
62% 50 
27ft 24 
31ft 26ft 
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1 34% 34% y. 

75 “ U5 S 


^ K*B£* w u is ™ k=5 

^ TvS- 1 M .4. « .s 3SS 2S% * 


1 M 14 16 3 

155 
13? 

ago 9S 9 1283 


pMioEn 

RSE l3l v 13 772 ^6 m S» +,* 
P^kEI J6 V 15 1314 a 27ft Z7ft— 1 
^■gn i.iieis.1 6 3 ££!»+* 
140 M 17 l<g O- » 

SSS-M 

PhSlS^r 5JM 99 87 30% 50t* 50% — ft 

J4 lJ 22 58S3 43V*42%42% + % 

naais^CBic „ 

PhllS BJS 110 1001 471* Wft 67ft- ft 

Ph FDf 141 13JJ 142 lift 10% KB*— ft 

pn fSiui u 3 110 n° 11° 

fails IS s arra-t- 

SSHV'wla Sf M0»iaftisS laft+ift 

aguftiii i™=+{^ 

PhiiiSf&io B llSSn 71 73 +1 

rauiSf 7M 55 3iS 61V* 60 61ft + ft 

Ph Wn JO 28 12 1255 21% Mft 21% 

PhllPIS IS 7J 11 ffl 23,. JSI + * 

PhIPt Df 1JM* H .. w* S* 1 S*+I6 
munnJ AH 14 14 33 29V* 29 Tf + 

PledAs S 5 ■ 216 32ft 31% 31% — ft 
pSnG U Ull 20 33ft 32% 33ft + J* 


pt 3J0 U.1 
pf 1JM 12J 
pf 1.08 125 
pf 7.15 14J9 
Pf 9 M 157 

*3 48 PSinpf 8JS2 J5> 

,3 49% PSMPt |70 1|8 

70 56 PSinpf 9 JO 150 

66 51 PS!n pf 8.96 153 

Mi 31* PSVNH 
Mft 8% P5NH Pf 
,7ft 8% PNH PfB 
24% 13 PNHPJC 
22 lift PNHpfD 
22V« 11% PNH pfE 
19ft 9% PNHpfF 

wfiBBrsw 

T ^ssirBSaj 

SftSft missis ™ 

S2 31% PSEC pf C30 107 
51 39 PSEGPf 5J8 10J 

TO PSEGPf 8.16 106 
lift 16V* P5EG pf 2.17 185 
M PSEGPf *J0 10J 

M'A Wtt P5fS« & 2^ 


UXJ 1U 8 309 
3J0 14.1 9101 


71% 57 
4ft 2ft 
Mft 9ft 
7% 6 

17 11% 

7% 6% 
21 % 10 % 
31% 16ft 
10ft 5% 


SEGpf 7.70 107 

WtA . „ 


.16 IjO 12 „ 

6 17 

1.76 7 586 

.12 9 IS m 
Ml 3J 197 

7 151 


40ft 40V* 

25ft 25ft — V* 

20 

19% + » 
38%— U 
66 

14V* — ft 
41% — ft 
2 

20V.- ft 
20ft + Vi 
7ft— ft 
24ft— ft 
8ft 

iw* 

55Vi — 3% 
53 -4 
64 —5 
59 —2ft 
7ft— ft 
16 
16 

23%—% 
Mft + ft 
21ft 
WH 

20ft— ft 
+ V* 
Jlft— ft 
13H 

38ft— ft 
3V + ft 

40% 

50 —1 
77ft -Mft 
20 %-% 
43ft 
23ft 

72 +% 
2V* + Vk 
15ft— % 

r=* 

13 — ft 
17V*— % 
Sft— % 


13 12% 12ft 12% 


18 T S J5S Sf" St 


8S 99% 9* *w* + % 

46 24V* 24% 2«* — ft 


50ft 30% TDK 
36% 27V* TECO 
12% 7 TQIF 
21% 13% TNP 
28% 19ft THE 


m i«S ffi? +, S 

873 33 ffll 32ft— £ 


* J'-iBS iK^S 


UK) JJ 27 146 47ft 27 



! ^|lP‘ i, 




Sft 17% Rffltnni 70 19 16 06 - 

g7 S ReirM pf 4J0 &2 3 72V* 7g* gft 

BWIS js + * 

7% 7VI RwOltn « ,2 -il+ft 


3m TVWI IKE IJW WWW -- yu 

83** 68 TRW 3L00 37 36 *» 7«k 76ft 76%— « 

55? “IS ^ !L 5**- % 


aSEg.a“ 1 iO 

^ f rSSti 12 B I I m5 i 
^ ?8 gaffn fg « . as ® a 


80 3 2% 2% . „ 

169 34% 34 34 + ft 

273 23 22V* 23 + % 

1W n% lift 11%-ft 
32 22% 22ft 22%—% 
195 36ft 35% 36 — }* 
1201 18% 18ft 18ft— % 
1167 38ft 34 + » 


211* 12ft ToUev JBe 1.1 13 ^ i?* JS5 SSZ ft 
23ft IS Toiler Pf 1J30 4JS 2L: ffiS Sw + ft 

87 54% Tambrd 1M 4JD 15 1M «V* 84% Kft + » 

«dl Ttantv li A 351 3ft 3 m jB ri 

Ejas w» g 4 ™ % i=g 

281^2^ TMW S’ 


VL 5% jo u S S let & 


27ft 15% MKP •« 
lift 6ft BojjnE s JB 
13 8% Rollins M 

Sft 1% Roirt®" ^ 
19 11 RMW * 

47 24 Rorer 1.12 


M J 45 562 14% 14ft ?«*- ft 

““ Si.'B-'B**' 

MU 94 14% l«ft 14% + ft 

lift 30 1810969 37rt ^ 37ft +,Vi 

.12 14 W .299 ,7% 7% 


st ii% ^ “ 1 « S P 

26 14% RuHBr J3 96 Zlft Z1 41ft 

EfeSf 

S3 i*£ SSSbii.u ms 


44 11% lift lift— % 


24 12% TotTBie 92 2.1 20 1M lg* U% W* 

niL vu Tatge 1077 5zu> 5114 ™ 

Si S& ?SS5J? B ii m » JJS- 5 

« ssagwn- 

^ i7 ,# umi 

Sli £5 tS^ B “"if* 55 % 

44 25% Tex On 1 J6 5J 7 360 PJA 26% S 

39 26% TttrsESf - MO 6.1 9 293 Mft f-g 

58ft 52 TxETBf SJOrtOJ M ^4 B% ^* + % 

13m 86ft Texlntf 7M 19190 JS "m"®* 111 ®"" 7 * 

3$ .« U 12.^ £ & fej 

^ 4^4 5.5 

4% 2 Taxflln . ,55 ^ ii? 5iZi" 

59% 31 Taxiron UO 17 9 7.« 4Wi tH Xto — 1 

53 28% Textrof UO 3J_ f -0% <3% CTh— % 

lift 6ft T hoefc IK « » "V— S 

23 10 TWmEl 23 WS 20ft M OT* + % 

03\k 30ft ThmBnt 1J6 16 11 g H^IL* 1 ** 
19% 15% Thomfn J8t»3J is * H_ 15S !L i U 

18% 11% TtunMM JO 3.1 10 72 IB* 17* 1^4 + V* 


Growing with 

energy conservation . - 

S Flue gas analyzers 
from tne Thermox 
Division are one 
example of the 
many Ametek 
instruments helping to out 
industry’s fuel costs. 

Write for latest reports to: 



, vm. 



AMETEK 


E " SStso A* B | “t^JS 

^ s» hl B 5 

7AM 141* QkRetl 749 1J> 16 130 25% Z4ft ** 


■mi/ ji|L cru jL0Q 27 16 6 W 73ft TMfc 

liifc «fc SLlnd is 10 72 11* mj 1T£- JJ 

19ft 151* 5*nRr 17 m 19ft If* 19ft + * 

Hint s 

Si .IS I5STJ .a HlJlaSw.. 
5S SS ISS" ’S “ 13 ’S ™ §2 85- » 


PAWSS" !|t| 1-5 
b & h: - ” a ■§ H i rl 

Mft 38 TlmaM 1J6 27 13 M9 50 49\* * 9% + 1* 

« ‘STSST ’* 1 " 57 ™ ta 

11% BV* TUanpf LOO "9.1 JJ TP% 1J + JJ 

sa ii it 

21% 161* To I Ed ft 232 120 5 4S6 21V* 21 


.Dept, H, 

410 Park Avenue, 21st Floor, 
• New York. NY 10022. 



■ wa7 

ijo "a** ffltstars 


241 10ft 10ft 10% + % 

6 2% 2*6 2% + ft 

64 37 36% 37 , _ 


37% 2Sft SOfOWV 
34U. 20% SQPO 


S.’aSSfBiB 7 
jadsasstji.ji* 
m i!» IeHSgT tSVju • 


1 1 7 9 21% 21 21ft 

LB 85 10ft W IB — J* 

1Q3 7% 7ft 7ft— ft 

J 16 337 36% JM* 36ft 
L9 501 52% S2% 5»6 + ft 
L5 f 536 26ft 26ft 26ft 


UMmtti 

Hteh Low Sioca 


Plw. VW.PE 


Sb. Q&& 

TOHMilgw Oool-O'w 


23% 19 UtPL pf 276 1U 
20ft 15% UtPL Pf VI 
27 18ft UflOCO 
34% 20ft UHlCoprUl 1L2 
35ft 31ft UtilCO Pf 4.12 12J 


38 23%. 20% 20%— 2ft 
18 30ft 20ft '2046 + % 
IS 23% 23* 23ft— ft 
7 23ft 23% 23% 

J 34 33% 3* 


73 T1 « 
61ft + ft 112 
* 0+1 


9% 5% RBInd 

49% 34 RCA 
40 29% RCA pi 


40 29% RCA Pf 15}> »•* 

12 6« RCA of 400 M 

40 32% RCA P< 26J 9J 

9% jK RLC 90 17 

IK Mft RTE 54 19 

18% 8% RodlOS ^ ^ 


1X4 22 25 l?7t 49 


32 6ft * * , 

979 49 47% «V*— % 

TL’sawiE 

337 7ft 7% 7% 

64 3% 3% .3ft 


« ^ " «“ ,w is ™ im its its 

ISi J35 i53? R jo v I? 




34 %S IB 104 Ift* |9ft l»ft + £ 


153 Mft 15% S 


JT 3% Kr UE jSIE mWpE 

tv* 5V* Romciil 21 15« ™ ,5? .42 ^ ^ 


pi — a s 28 9 ■ 216 Mft Jlft Ji*** — '» 

sSf “ **a iss ,! ss^!a 

P WKV 1J2 30 13 496 Mft OT* *£ + * 


P rnwr 10* 54 12 471 23% 22V* H%- % 

Plant* EJ i»« -5 2 1W 1 5?Mi igt + JJ* 

pftwB iSj 2a 15 575 45V* 44% 45% + J* 


21% 161* Ronco 
5% 2 V* RpnarO 
BU* 51% Ravan 
16% 9ft Ravmk 
20% 19% Rovnrn 


9 3 17% 17ft ™ 

2243 4% 4ft 4% 


MS*™ 

524 20V* 19ft 20ft + V* 


a ssissg Jiji 

B£^ffnv Jfi£C=! 

S: ISImb 120 36 V 5659 ^ 33V* 33%- ft 

JTAS&d 7 L 2 J 3 


29% 24% TofEO Pf 172 12X 
30% 25 TolEd Pf 325 12J 
28ft 23% TolEd pf 3.47 IZ6 
33ft 28% Trig?* ]H 
20% MV* TofEO Pf 236 124 
18ft 15ft TolEOPf 221 125 
30 Pft Tonkos .10 A 6 
am 26 TootRo! AK> 6 TS 
26% 14% Trchms JO Z4 12 
lBft lift ToroCo JO 13 11 
5 1 Tcaeo 

16ft Sft TowW 

SS ^ r r^V 32 L7« 

M 13ft T WApf Zg 148 

, fi*?r ?sffi is 


J2 12X 34 29 28% 29 +• % 

128 5 29% 29 29% + ft 

L47 12J "ffl 27V* 27% Z71* + ft' 

S 129 6 33% 33 33% „ 

j* ,14 9 19V* 19 19ft + % 

^ 125 33 17% 17ft T7J*— % 

10 A t 265 26 25% 25% + ft 

'jab JITS ' i 57 57 57’ ' 

JO 2J 12 733 25% 25ft 25V* 

40 “ " ss r-* 

28 je 

32 L7 13 399 19ft «Wl 19 - I* 
601 22% 22V* 22ft 
L25 MX Ml 1S% ISft 15% + ft 
LM SX 16 372 33% 33% 33ft 
« 22 22% 21% 22% + % 
U» 7X 92 18 12% 12% 12% + % 

3 U 7 24 16% Mft 1fl6 


s aVasr 1 * “« 

it v3£°Pf 3 j* «■> . 

3ft 2% votovln , 5 Mft 24ft + % 

28% 19 VonDm 1X0 Al. 7 » 2® *™ + 

S% 2% voreo . . g g**» 

X U « S Mfc Mft M% - 
^ ir^ % u» W 17ft- ft 

u °° ia7 .„ 3£ ^ ir u* + Wi ^ 

]S 2 . s SBsr. 


an* m vSep* i5M» S£ 

S UOEPpf US .105- . 6ta9J 92% 93 +1 

72 ^ VnEPpt 7J5 102. _ 74001 »» O g +1 • 

27% T3V* vbtxnrs . " . "W fi-S* SS S IiS 

67ft 33ft TAVRWI ' „ £? Su. 1*6 


17ft 23’* PHH IJO 3X 13 770 34% 33% 33V* -1%’ 


PlfnvB 150 J6 
PlhlBPf 2.12 ZJ 
Plttstn 


3 m 90 10 + % 

334 121* 12% 12% 


aft K»2!5 H* H 11 SSS ^ ^ 1 + ft 

JHJ ,r SS££t‘pf2.n M7 14ft lS5 1& 

In! 6% RdiSSlisolTJ 5 17% 17% 17% 


28 fig? i^SSS^SS + ft 

$ » ES3W JJ 

MSS iScScz 0 3J a 1§S iSt US- V* 

$5 iEttSSSid J8 M 14159W 24% Mft 24ft + ft 


UJSl Fufures 


Soman Somon 
Hint) Low 


Open HW Low Ckao aw. 


Soman Season 
High Low 


Oaen High Low Close Cho. 


55 ££53 49 "I 32 ££ S 

M% 19ft TronEX 226 11B .222 20% 1M* 20 

vti* ob Transoi H 48 ira trm mn 

^ tT t?gpS 465 T9 ,ssr sr kv* 

97 B5ft TrGPpf 8J4 9B ’S 1 n% 10% nit— l* 

13% 8% Tm*Oh 5 49 n% lg* n%— ft 


ga ss ^sssa i»- ws-JUtf ss Sv* ?s 


'}> rj- 


- ij, i 2 ^a «*=8 

34% M iSSwr 44 1J M 7B 34% 33ft 33%- % 


4?s 29ft TreKiwy 140 MB Il»^ «« «* 

43% 28%. TmwkJ 48 u 13 53® 39% 39 29% — ft 
25ft 12% TwkJmtA 19 22V* 27% 22 — ft 


lift 26 WCm;M. V 1. 44 2T JJft 27%- % 

SJ t S4.t»iP-Ss-* 

sasBMj:u T jfcr£-< 
”« *r sssfs tfi- j^- r - ^ 5s 

52 3?% WpMJjS ; tflr 'S''.. jS »»»% + %■ 

32ft imwaroca Jm .2P.18.JS-3W SSf 3B5_ £ 


1 7a 77 m* Associated Press 


Jul 164J5 169X0 16425 16878 +378 
Srtl 16*75 170S 165.75 17BOO +3J7 
^ 166X0 170X5 166X0 170K +*X0 
Mar 17050 17050 16650 17075 +175 
prtv. Sales 4.140 


Season Season 
Hhih Low 


High Low aos* Clw- 


SXDOmimftUnwm- dolln rs per hujljef 
163ft l?9Vi Dec 34* 346V 


174ft 187 

402 2X4 

3J2V* 2J3 

345 2J7 

105ft 194% 

ESI. Sales _ 


n»c 346 346V* 137ft 344% — XOVj 

SS l^ft 3 tT 13~ -X0% 

Mov 118 118 115ft 116% 

Jul 2X7 2X8% 2X6 2X8ft +X» 

-_ n , or 2X8% 2X6% 2X8 +X2 

^ 1M 3JI0 1« 199% +.01% 


Est Sales p rev. Sales 4 .iau 

Prev CftvOp«ilnL 11749 off 547 
SUGARWORLD 11 (NYCSCEI 
112X00 Ib^CMjBPM •£ 

775 3J® Jan 5^ 

on 134 Mar 5X9 5-96 

7.M 358 Mav 6X5 6.M 

OJO 379 Jul 671 628 

032 474 Sep 6J3 676 

4.96 4X2 Ocl 648 6X7 

7 25 625 Jon 

7^ 4JI iSSr 7X5 7.15 

Esi- Sales P rev. Safes 9752 

Prev. Day Open Ini. 91.701 UP 87X46 


EURODOLLARS (IMMJ 

# W°"*W»“cS« 92.10 9110 91.96 92X1 -» 

}§ & ns m ^ » ns 

Sfl 22 S£ SS ™ R| gg 

S I ix4 SS 9049 S K » =« 

9041 8929 SOP ««.„9M4 9114 91.16 -.10 

Ed Sales 53X47 Prev. Sole* 55J16 
PrevTctov Open I rtf .155.937 Off 1414 


17ft 15ft Tvrtdpf 1X0 1M 

49% 34% Trawler 2X4 44 11 


34% 22% SealAlr ,44 U 18 
32% 22% SealPw 1X0 4.1 9 

39V* 30 sears . IJ6 4.7 10 
107% 97% Sears pi 9XBe 85 
31% 24% SecPaCSlJ4 45 7 

19V* 11% SefoLl ■ 


1X0 4.1 9 77 24% 24V* 24% + V* 

I-M « 10 29M Jgft ,37 37ft 


58ft 501* Trovpf 4.M 75 
28V* 22ft Tricon l«el25 
32ft 7ft Trtaln 6 X J 


IT 22ft 2T% 22 - ft 
5 17ft 17ft 17ft 
1325 46% 46% 46% + V* 
67 55% 55% 55% — % 
. 325 2HV* 27% 27%—% 
193 31ft 31% 31ft— ft 


30% 17ft SwcCpS 
17 11% Shauee 

2691, 17ft Shawfn 
40ft 29ft Sheirr 
30% 21 ShetGhi 
41% 25ft Shrwfn 
9 5% Shoetwn 

15ft 12 Showbl 



14240 14305 
14125 14195 
14030 14095 


I net 85 503 507% 106% 107% + ft 

5S-SJ 7 765 30 39ft 29ft+_ft 

J2 4.1 1A 3261 ujft ^% + % 

mi) 26 8 47 23% 23% 23V* 

U5e 65 7 221 391* 39% 39% 

X0 34 6 73 26% 26% 26ft— ft 

92 25 13 167 41ft 41 41ft- ft 

2 174 8% 8% Oft 

JO 4.1 15 72 14% 14ft Mft- % 


35% 23 TriaPC 1X0 24 10 T3g%W.g* + ft 

CAM. uru. TrlhlM 84 1J 17 634 50% 50K« 50% — ft 


51% 38% Tribune _ 

6% 4 Trfentr 5Tel05 7 10 4% * 

7% 5% Trica X 3.1 13 S ,St .5 

17ft 12ft TrfnfY 50 IX n M* 13 

35ft 14% TritEflB .100 J 25 3ffl K% 31 

19% 9% TrftEpf 1.10 65 W2 17ft T7 

43% 3T% TucsEP 3X0 7.1 10 BO 42% 41 

18% 9% Time* 48 1* 17 273 18% .18 


Pss^'a «"t «asssr** 

IS? 104 8 33% 33% 33% + % 


29% 16 TwmDs 
45% 30 TycoLb 
17% 12% Tylers 


05 7 TO -4ft 4% 4% 
HU 52 6% 6ft 6ft— % 

IX 93 13ft 13% T3%- % 
J 25 3® 32% 31 - 3T%— I ■ 

65 192 17ft 17 17 — ft 

7.1 10 230 42% 41% 42 — ft 

„ M 17 273 18% IX W» + % 

50 5X 14 168 18ft 18. 18 — % 

X0 IX U 241 44ft' 44 44% . 

UK 48 13% U% 13% . 


TO i wSijfrf ixSlU.' MOjt 9% «% »% 

I2t5 

wa 20% 35^: HI .f I 5 25? MSS MSS MSz 2 


Prev. Sales 11450 


Prew. Dov Open Int. 29J73 off 807 


S^bummmwin-dolfarsMr bushel 

Z95 214ft Dec 243ft 244Vi 


295 
297 
291% 
2X6 
270 
255% 
274ft 
ESI. Sales 


Mar 243ft 244% 243 243! 

Mav 244% 246 244 245.. 

jT 244 245 24314 245 +XIV* 

Seo 232Y: 1J3V. 23Ui 233 +Xlft 


242V* +X1 

243ft +Xlft 
245V* +X1W 


COCOA I NYCSCEI 
lOmeirlc tons- Seer fon 
2337 1945 Dec 

2392 1955 Mar 

77,22 I960 MOV 

2429 I960 Jul 

2430 2023 Sep 

2425 2055 Dec 

2385 203+ Mar 


Est Soles 1X29 Prev. Sales 1457 
Prev.DavOpen ml. 19X58 off 151 


2055 2073 2055 2071 

2145 2165 2145 2162 

2205 2217 2204 22M 

2240 2247 2240 2247 

2270 2270 2270 2Z77 

m So a# » 

2294 


Dec 225ft 2X6% 224ft 226% +X1 

M?r 2M 233ft 233 233ft +X0ft 


ORANCE JUICE (KYCE) 
15X00 U».- cents per h. 
itaxo 111X0 Jan ll. 


112X0 Mar 11 


75 114J0 11275 11320 
25 114X0 113X5 113$ 


Esi. Sales Prev. Sales 41X49 

Prev.DavOpen lirf.145427 off 529 


Mav 113X5 115X0 113X5 114X8 
jJl 11420 115X0 114X0 11455 


SOYBEANS (CRT) 

5X00 bu minimum- dollars per DWhH 


Jan 5X1 V* 5X11* 4X0 4X3 -nX6% 

Mar 5.10 S.1D L«6ft 5X0 -X0J6 

MOV 5.16 5.16ft 5.04 |K% -^10 

Jul sar* 5X2 5X7 5091 a —.lift 


Sea 11200 11220 11200 11200 

Not 112X5 11225 11225 112X5 

Jan 112X5 11225 112X5 11210 

Mar 111X5 112X5 1112S 11210 


Esi. Sales Prev.soies 

Prev. Da v Open Ini. 75495 Off 


Sep 5XBft 509 

Nov 5X7 SOB 

jan 5.15 5.17 

Mar 525 5X7 

Prev. Soles 42*78 
ll. 75495 Off 4*9 


507 5X99. —.lift 

5X7ft SJHft —.lift 

5.14ft 5.17 — X2ft 

5X5 527 


Est. Sales 400 Prev.Salas 270 
prewTcjay Open Ini. 6X17 UP64 


SOYBEAN MEAL tCBTI 
100 Sons- dollars per Han 
184X0 12540 DK 

163X0 127X0 Jan 


Dec 13940 139X0 137X0 U&M — J-JO 
Jon 139X0 13»X0 137.JX 13840 — LIO 
Mar WOXO 14040 137X0 138X0 —1X0 
Mov 141X0 141X0 138X0 13820 —WO 
Jul 14120 14220 138X0 139X0 —300 
Auo 14250 1CJ0 13550 139X0 -3X0 
SCO 140X0 14050 138X0 139X0 —1X0 


137 JO 138X0 136J0 136J0 —70 

135X0 139 JO 135X0 IgJO +M 
137 JO —JO 


Prev. Sates 22520 


Prev. Dov Open int. 41X13 UP 631 


SOYBEAN OIL (CBTO . 

aaOMlw-dollmsperlOOIto. _ 

29J5 19.05 Dec 20.12 20X0 19X9 19J4 —Jl 

29X7 \9X2 Jan 20X0 20XB 19X7 19,92 — X5 

MJ0 19J0 Mar 20X3 28.45 20X2 2008 —M 

2745 nun May 20J5 20J0 20X0 20X3 — 32 

2SJ5 28<ra Jul' 20J5 20X5 2030 2040 — X7 

rexs §47 Aug 20X0 20X0 20X0 M30 -X5 

MM MJ0 Sen 2045 2065 2028 20X2 -^28 

22X0 2045 OCl T&JsS 20J5 20X0 20X2 — X3 

2190 m35 DOC 20 J5 2060 3120 20X5 -X5 

21*40 SS jS 5 M48 20.40 B1X5 20X5 -Jl 

Esi. Sales Prev.Soles 18X29 

prev. Day Open Inf. 40376 up 274 


Livestock 


CATTLE (CMS) 

S °67£S r " C 55J» PW Oec 66.12 6645 6*X0 66^ +XI 

6745 54X5 FcO * 2 25 62 jSS 6L95 42X2 +X7 

SJj7 Apr 60J5 60.90 6045 ^52 -X5 

46X5 56a JUB 40.K 60^ 5050 MJ5 

65.40 55X0 Auo S9X0 5 955 59X5 W.10 — J» 

60J0 5750 Ocl 5SJ2 OM 57^ S3XI -JO 

65 30 59-10 Dec 59 JO 59 JO 99X5 59X5 +JB 

Esi. Sales 15X27 Prev.Soles 2M45 
Prev. Dov Open Int. 67.119 up 133 
FEEDER CATTLE CCME) 
ufm lbs.- cents per lb. 

73X0 58.10 Not 63X5 63X5 63L50 62J0 — X5 

79 JO 6050 Jon 66X0 WXO 66J7 66X0 +.13 

71.70 60J2 Mar 67.15 6747 66X0 67X7 +.12 

71X0 60 JO Apr 66X0 66X0 6635 6655 +X0 

70.00 60.10 MOV 65.® 6540 65X0 6SZ +X5 

6fL50 65.10 Aug 65X0 SSj’S 65X0 65X0 

Esl. Sales 888 Prev.Soles 1X70 
Prev. Dov Open int. 9X00 off 68 


COPPER (COM EX) 

25JM0 lbs,- cents per lb. ~ 

6^60 60X0 Nav 59X5 59X5 59W 59^ — XS 

SjS 5850 Dee 60X0 60X5 S9JS »J» — -JO 

ni M 4* 75 Jon 60-30 60J30 60-30 6GXI0 —.10 

HUX) 5VJJ0 Mar 60.95 6U» 60^ 60A5 —.10 

74X0 6000 Mav 61X0 61.30 63X0 *1X0 — ^ 

74™ 60X5 Jul 6140 61 JO y.15 *1X0 — ^ 

7090 *B.98 Seu 61.65 *1X0 61 J 1 ® 6140 — ^ 

7ft hi ai ”vc Dec 6Z40 6140 62.10 6115 — .10 

S jS^ SS g& 62X5 -.10 

6790 62J5 Mar *2X5 62X5 62X5 62X5 —.10 

*7 JO 62.9S Mav 6345 6345 6345 61 J5 —.10 

6125 Jul 63X5 63X5 63X5 63J5 — kIB 

66J0 *1 JO Sep 6*.® 64.40 63X5 —.10 

Est. Sales Prev.Soles 1X934 

prrv. Dov open inf. 76X97 off 528 
ALUMINUM (COMBO 

BWlOOIBMmnhperlt ^ ^ ^ ^ +JK 

n6a 41X0 Dec 43X5 4340 4X15 4X35 +X5 

7AW 44X0 Jan 43X5 43X5 43X5 4X75 +JB 

raS 4250 Atar 44M 4435 44J0 

M75 44X0 Mav 45J5 45X5 4535 4525 +E 

a E a a a a is 

" “Eiaall 

S3 a^HHana 

Est. Sales Prey. Sales 39* 

Prev. Day Open Inf. 1722 i»27 

SILVER (COMEX) 

Sffiova^ePgWV^ 

S SSS 5E SS SS S|j +« 
1SSS 2S, SjJ g g Vii 

ss ^ H B is I 

?SI 674X 674X 6743 6765 


CANADIAN DOLLAR (IMM) 

Sperdlr-lPolntequalsJOXOOi 

,756ft J006 Dec .7265 7268 -7243 724* 

XSB4 4981 Mar .7H6 JH6 .TOO 7232 

J360 X070 Jim JOS 7235 7230 7217 

7303 .7176 Sea 7210 7210 7210 7203 

ESI. Sates 1X00 Prav.MU. w»7 
Prev.DavOpen Int 7X0* off 357 

FRENCH FRANC (l**M> 

Suer front- 1 oolnl enualS 50X0001 
.12620 -0967O Dec -lg60 

.12460 .10985 Mar .12510 

.12450 .12130 Jun . - 12 *® 

Esf Safes Prev. Sales 4 

PwIdov O pen Int. 171 aH 3X090 

GERMAN MARK (IMM) 

S per mark- 1 point equals S0X001 
3880 7971 Dec 3861 3867 .308 3836 

jm 3040 Atar ^2 3W9 3858 JB6B 

X935 3335 jun J930 3930 3899 3901 

3975 3762 Sep JWO 

ESI. Sales 23.192 Prev-SaM aoXffll 
Prev. Day Open Ini. 41785 OP 1.118 

JAPANESE 

S per yen- 1 PQln l equals S0OOQOO1 

304942 X03905 Dec J0492BX04931 X04897 X049S 

JKH942 X04035 Mar X04927 XQ4932 X04V03 X0 4930 
004948 .004220 Jim X04947 X04M7 JKM917 X049W 
004920 H-«« Sep ^04947 

0049B5 304158 Dee X04961 

Est. Sales 17703 Prey. Sales 20J33 
Prev. Dav Open Int. 38X62 off i JB6 

SWISS FRANC (IMM 

Spur franc- 1 point eauals 100001 ■■„ 

.4728 3531 Dec 3718 X730 4*71 X6B0 

J771 3835 Mar J747 X770 J715 4725 

J815 4198 Jun -4825 .4825 4765 4775 

MX 4790 Sep 4815 4815 4815 -®22 
Est. Sales »1*1 

Prev.DavOpen Inf. 29X97 UP805 


33% 28 K. SI nor Pt 150 104 8 33% 33% OT* + «■ 

Ays ^%*s5fs-ij 

fit ASST & 4^ A: deii 

r ° s « » 3? ¥ *? 


41% 31% SnopOn 
15% 12% Snyder 
43V* 31ft Sonat . 
19% 13ft SanvCp 
32% 22% SooUn 
40% 33% Source 
25% 70V, sCrEPf 


301* 24ft Saierln 
49ft 38ft Saudwn 


10 *6 45% 4* +1 

13 158 381* 37% Mft + % 

17 7* 14 13% M + ft 

II 742 37% 36% 37 — % 

It 3368 19% 19 19% + ft 

*3 3flte 29% 30% - ft 
73 40 39ft * 

' 1 23% 23% 23%—% 

13 21 29ft 29% 29ft— % 


39ft UAL 1X0 £X 
28ft UAL pf 240 7X 
10% UCCEL 
22% UDCn 4X0 15X 
1M UGl 2X4 9J 

ugip* 2xs nx 

8% UNCRes 


1X0 2X 1539 49% 49% 49% + % 

240 7X - 292 30% 30ft 30% + ft 

17 125 14ft Mft 14ft 
4X0 159 9 93 25% 24% 25ft +. ft 

2 04 07 12 171 22ft 21% Hft 

2X5 11X 2001 25 25 35 

1*2 9% 9ft 9% — ft 
40 3* 13 9 11% lift lift— ft 

MB 5X 1996 38% 37% 37%— ft 

]ji 39 7 1697x43% 42ft 43%+lft: 
1X0 24 5x 7*ft 76ft 7*ft+1 

a u u • i m !* . h . . _ 


I?. S J § » ”1 ^ S 

iIIIes 

.20ft 19 WNhRn .Jp a^- • ^ JSj-Sffi SS + J! 

Sft 23 W»WJ» N' W ® » 4§v + % 

62ft 4* WMtoF. 1H « ■ US 1SJ SS£ SS? I ft 


136 25ft XS 25 — ft 
2 10 TO 10 -ft 
. 1 2% 3S%- 20% 

24 5 4% 4%— ft 

72 19 18% 18%- ft 

^ssa-a ss+Js 

m «o% *oft *?% + % 


it&'M 

mm 


10ft URS 40 3* 13 
23% USFG 2X0 5X 
2C% USGS 1X8 W 7 
48% USGpf 1X0 24 
12% UnlFrsf X0 U 14 


49ft 38% Saudwn 
35 24% SoelBk 

9 5% SoeiPS 

27% 21% SCalEd 
23ft 17% SauthCo 
26% 20% SolnGss 
44 31% SNETI 

39% 32% SoNErt 
27ft 22% SaRvPf 
30% 24% SoUnCo 
42% 24% Saullnd 
57% 49% Soutldpf 

18 lift SaRav 
9% 5% Soamrk 

31 18ft SwAfrl 
Wft 9% SwiFor 

19 12 SwlGas 1X4 7.1 

88% 64% SwBell 6M 7J 8 

29 19% SwEnr J2 2X 9 

26% 20 SwiPS 2X2 82 9 

17% 12% Spartan J2 3X359 

27% 15% SPOCfP 

59 36% Sperry 1X2 19 


12 321 44 43 44 + % 

11 

76 26 25% 25% + ft 


84% UnlNV 4X0. X4 12 1W126% + 2 

33ft UConw 1X4 42 17 1140 39 38% 3B%—-% 
32% UnCarb 340 57 43SS 60% 59 59% + % 


8 1722 24% 
7 1271 21% 

11 1M ^6 

10 igS 


h 811 


4% UntanC 
15ft UnElec 1X4 X9 
25 Ur El Pf 150 117 
28ft UnEI pf 4X0 105 
46 UnEI pf 6X0 11X 


20% UnEtpfMLOO 12X 
21% UnEI of 2X8 11X 
16 UnEI pf XIX 109 
22 UnEI Pf 272 103 
53 UnEI Pf 7X4 11.1 
56 UElPfH 8X0 120 
22 . UnExpr) XI*. IX 
37% UnPac 1X0 ..15 13 
87% UnPcpf 7X5 64 
SB Unryl pf 8X0 11X 
2% UnitDr „ „ M 

10ft UnBma XSe X 12 
9% UBrdpf 


S^SS'IS 

55ft 55%-% 


ZMl 

®ilba 

23% 23% — % 

s*s?t+a 


4355 60% 59 59% + % 

589 7ft 6% 7ft + ft 
891 20% 20% 20% +■ ft 
at 31 - 30 35 — 1 ■ 

lOOQz 36% 36% 36% + ft 
JO* 57 57. 57 — V* 

vthbhzi 


^ssss. Bm ■ 

^ ii^iSJSfrwo «x 

T im iwCTAP«7ja. 35i 
131 99% wPad - 

15% 5% Will*® 

45% 34% WnUnof 
47% 26 WnlfPfC 
7% 2ftWhUp*S 
13% . 4% WnUPfE . 

ttft 20 wirn«< •- 


43 S % SS-% 

7§^:^i «=S 

28 20ft 19% 23ft + Mi 


3mft131ftU1ft + 

6B 14ft 13% 14% + JS 

is -jps «S 

Si i?i.«aiS +«; 

S -S* 28% 2 « * 

trm 


s ^eass g'gs 

44% 36% Weyrpf 2X0 6X 
. -am 45% Wevrpr 4j0 tx 
m* i% vfWBMr 

Wk^^SraxS 7J 
aS5 Sft Width* X0 X9 10 


18% UCbTV* .10 
25% UnEnro 2X8 5X 6 
13% Ulllum MUSI 
24 Ullhlpf 3X7 13X 
14% Uillllpr 7M 822 A 
24ft UlltePf 4J» 1X1 
11% UllhlPf 1X0 .110 
15% Unltlnd AO 14 « 
20% UJerBS 1.16 13 11 
11% UldMM 


S 164 22 

5 ,J ^iS 

^ 3^ 

* n 

X 52 292 32 


i 113ft +1% 

iV- 


59 36% sSStv 1X2 3XMJ79949%4949% + » 

38% 31ft Sprlnos I J2 . 40 22 40 M, 2% 2- 

43% 35% SouarO 1X4 47 12 167 3WJ 3B* % 

76% 49% Squteb 1J6 24 10 1g2 73% 77% — % 

24% 18% SiBlev X0 34124 794 73* »% W 

23% 18% StBPnl J6 2J 13 117 22% 22ft 22% 4- ft 


Industrial; 


, LUMBER (CME1 
1 30000 bd.lL-5joer 1X00 bd-W. 

I 1 17.00 13160 Jan 144.1 

95jOQ 13970 Mat 1«J 

74® 145X0 Mav 1555 

149J8 J«l IWi 

15X90 Sep 16X1 


Est Sales 2X89 Prev.Soles 3X77 
Prev.DavOpen inf. 6X56 off 45 


Jan 14410 14410 14M0 14150 — XO 

Mar 149X0 149X0 147X0 149X0 —.10 

Mav 155X0 1EXO IgJB 154X0 -X0 

Jul 159 JO 159 JO 157X0 15090 —X0 
Sep 16250 1*3.00 161X0 1<a®l —70 
Nov 16X00 16X00 161X0 1«/Ji — X0 

Jan 167X0 


COTTON 11NYCE1 

5D j%T- C fiT r &: 61X5 61-51 41^ 4U1 


341* 18% SiBlev XD 3X124 JV* a* ~ 

23% 18% StBPnl J* 2J 13 1J7 22% 22ft ZDh + ft 

17% 10% StMotr J2 2X 15 111 11% 11% lift— ft 

55ft 39% SltJOOh 2X0 SJ 9 1*6 Oft 51% 51%— % 

76 71ft SOOhPf 175 52 1? ?U£ 

St K IE.V 1§< “TS 

gsrES aiissls 

lift 9% StoMSe 1XOa108 ^ 'aS + % 

J9 76 3X 10 maT iwS in* + % 

13% 9% 5MBCP 76 14 ID 245 14 1 3% 14 + % 

37V* 26ft SterlOfl J-20 JJ M ^ ^ 2M* + % 

27% 16 SlevnJ ]70 4J 4ra|6%26»» + % 

32% 25% StwWrtl 1X8 5X H 8 » WJ 29 + ft 

u to stkvcpMxo 7x 2 8*JS:I3EI5i + * 

SS ITilSS? '% to » ££ ^*- 1 % 

51% 34ft StOPOlP 1.10 17 '] “g 36% 3M* “ft— ^ 

21% 16% StnrEa 1.92 9X 14 68 W% 19% 19% 

n-w m a dH£ ts 

21% 17 SfrtMt n IXOe 49 ^ B i» lf% 1» + ft 


2 UPVA6H 1 

27ft UsalrG .12 X 7 
5 USHom 

31% USLtOfi K 12 1 


24ft USShoe X2 2J W 


36 29% 29% 29% +% 

x-jgns=E 

iS sSS J% 

857 45 44 44% + ft 


f5' J «r:s 

muii M » 

tSwES ’fs.a.!s s « 

ci* wTmwr . . . 7% >_ 


;4W 45% +% 
31% 31%— % 

-n; 40 

22ft 22ft— % 
20ft 20% + % 
13% 13ft + ft 
12% 13.. + % 


\m 


23% U Sited 1^ ,44 25 5544 Mft 2g* + % 

49ft USSfl pf 5X1*104 1873 S% B 55% + ^- 


49ft USSflPl 5X1*10X VOS OT* » KH* + ft- 
35 USSfl pf 2X5 8X • TO, Mft 27% M% + % 


26ft Slerlpa 

16 SlevnJ ]70 4J 4raM%26%» + % 
25% SfwWrti 1X8 5X 1\ _ 8 29 »% 29 + ft 


29% USTl* 1JJ 57 1J « 25 S : k?S 2?5 + * 

65% USWMi 572 7i 8 735 81% 61% 81ft 


230z 12% 12% 12ft + ft 

33 47% 47% 47% 


34** uUrM) 1X0 IX ii 4960 4T% 41% 41ft 

31ft UTchPf IB 7X - 1629 35ft 35% 

20% UnTT® 1X2 JJ 9 I60«c22ft 21% M 

25 unrraw iJO i* ^ ?K£ m5 

15ft UWR 1X8 47 15 42 19% 19%. 19% 


8% 8% 8% 


770b 

752X 

71IX 
Est. Sales 


Sen *9n5 A58J 65S5 657X 

^ O0J 67X0 6700 SHJ 

Jan 674X 674X 674X 676J 

Mar *8X5 68X5 6815 6000 

Saw m* 6JJX ms «6X 

Jul 7045 7045 7045 707X 

Sep 715X 71 54 713X 717X 

Prev.Soles 1X302 


5877 Mar 61X0 61.90 61JJ 6171 — iXD 

5090 Mav *7 2S 62X5 62X5 *227 —XI 

SS Jul 61X0 61J5 61X0 61X0 

SU0 oc! 55X0 SX0 55X0 5472 — >18 

50B5 DOC 52J5 52X5 52X0 52X8 —.12 

5iS WOT 53X0 5X25 5125 51X5 -JB 

KS- 54X0 54.00 54J30 5150 +X5 


21% 14ft SMdRt 
6ft 3% SuaySh 
39 28% SunCh 

11% 6% SuiEi 
56ft 43% SimCa 
110% 90ft SunCpt 
49% « Sundrtr 


t: " « M 7 S ’ll* % m 

JO X 2555 93% 92% 93 +% 
IXOe 69 82 18ft 18% 18ft + ft 

- u “ 2 *&*£”&=* 

* ,j,s 


■ |8% 30ft WjWDIX 174 JJI4 
20% 8% WbmbB X0 2A-U 

lip 

-39% 29ft VjnmPS -.2X6 7X f 
40% 30% Nta IX* OX 10 
14 . .9% WMyrW X4 IX 
58% 35ft Wofwtt 2JOO 3J 11 
81%.' 50% Wofwpf 2X0 27 
5% 2% WrtdAT 
91% 54% Wrtojy 1X0O20 15 

4% m .Wurttzr 

1* . 10% WytaLb X 2X 31 
23% 15% Wynns X0 25 13 


27ft 29%+lft 

2 fV* + S 

35% 35%— ft 


1 %' 
m tm s 
589 3% 1 

247 13ft 1! 
7 17% V 


ft 37ft 37*— % 
% 12ft 13 +% 

ft ”* I!* - • 

2 98ft 4S-w 


iS* + 

17% + W . . 


42*85 mmzt 


32% 17ft Unltrdo ^ ® fl ,5 S* Mi S* 

20% itft Univor 4 a H JL S 2L. ^ 2™, 


SEEBBBlSB-s-b=tt 

sfiB-SaKSA 


57ft ' 35ft' Xenix ' 3X0 5X 19 1506 56ft 55% 5g4- * 

h" HH4 Xtfpr pf 5L45 9JI 219 SW 55% 

M wLxfS* M 26 13 31 24ft 24ft 24ft + ft 


fS 3J 12 191 48ft 47% 48% +% I 28% 23% UtPL pt 290103 


30ft 3+% ZateO IB « JJ 

17% 7ft zartn ^ 1-J ** 

61ft 32% Zovres XS X 17 

25 16ft ZanlttiE ,^90* 

21% IS* Zeros X IX- 17 


41% 24* Zumln 1X2 3X 14 


13 13 22 29% 29ft 29% +.1* 

X 66 389 9% 9ft 9ft ' 
X 17 7m 58% 57ft 57% - % 

906 447 18% 10 18% + % 

IX- 17 32 20ft 20% 20% ' l 

IX 14 61 38%. 38W 38% -f 


Est. Sales 1X00 (J»v-Soi« £■* 
Prev. Dav Open int. 24.125 OH 157 


Prev. Dav Open inf. 09X13 up 631 


HOGS (CME) 

X %°J*" C 3T r £k 47X0 47X2 4672 47.17 +X5 

50.47 38.10 Feto 45.70 4SX0 45X0 4SH -X7 

47X5 36.12 Apr 41X0 41X5 ®J0 4082 —.18 

49X5 39X0 Jun 43.10 43X7 42X2 42X5 -X2 

49X5 ®X5 JUl 4338 ^67 43.10 0.15 —S7 

51X0 ®X5 Auo *130 47JQ 42X0 4120 +.10 

JldO 3007 Oct 39.75 39.75 39^0 3940 —20 

4 9 JO 3037 Dec 4072 4072 4072 40J2 

41X0 ®.® Feb 40JU 4li30 40X0 4080 

En. Saios 5,958 Prev.Soles 0375 
Prev. Dav Open Ini. 28X99 UP 262 
PORK BELLIES (OWE) 

S^oour^cmtemr^ ^ ^ ^ +J# 

75X0 55X5 Mar 4070 *1.10 6035 6095 +X0 

7560 57X5 MOV 61X5 6225 61X0 6222 +X0 

74X0 57 JO Jul 61X0 6240 61JO 42 JO +.15 

7115 55J0 Auo 59X0 59X5 59.10 59M +XS 

Esl. Sales 1737 Prev. Sole* 1729 
Prev. Dav Open Hit. 8X06 up 32 



33X9 339 ft 33190 +70 

337 JO 3»X0 »6>m +1X0 
339J0 337JS 339X0 +1X0 
JOSO 341X0 342.10 +170 
MlS) 245X0 +1JO 
349 JO 34650 350X0 +170 
1063 
4 


PALLADIUM(NYME) 

loatrovoz'daliarsmraz M 

141 JO 91X0 Dec 01X0 101X0 100X0 10DX0 

127 JO 9170 Mat 10175 101.75 101^ 101X5 

114JK) 91 SO Jun 10135 10100 10Z2S 10270 

115X0 9770 Sen 425 104XS 104X0 104^ 

107X5 10*00 DSC, 1 0050 106JU 106J0 10570 

Esi. Sates Prev.Sotes 379 

Prev.DavOpen int. 7X08 Off SS 
Esi. Sates Prey.5ate5 379 

Prev. Dav Open Ini. 7X08 off 55 


GOLD (COME XI 

100 Iroyatr dollars per trqvaz. 

326 JO 32000 Not K5XO 32X0 


COFFEE C (NY CSCE) 

3 l«U0 bS '‘ wS^^CteC 155.75 1602 lgUB 19X8 +2J6 

167XJ 126JO Mar 159X0 164.90 159X0 16191 +2.92 

167.18 131X0 Mav 162J0 167X8 16015 16057 +019 


Dec 325X0 327 JO 
Jan 33050 32050 
4C5J0 306X0 Feb 329.70 331X0 

496X0 31470 Apr 334J0 33520 

43570 320X0 Jun 33030 339X0 

420® 331X0 AUO 3*270 34276 

3VS7B 335® Oct 347X0 3*7X0 

3*3X0 342X0 Dec 3S0X0 351X0 

3SBJ0 313J0 Feb 356J0 35670 

380® 355X0 Aar 361X0 361X0 

394X0 365X0 Jun 3*6X0 366 A0 

385X0 371 JO Auo 37X90 37290 

Est. Sates Prev.Soles BJJ7S 

Prev. Day Open lni.127X09 oil 719 


HEATING OIL (NYME) 

‘W'-'T^SL B6J0 87X5 86.10 8679 
Sffi 69JO Jan 8770 8770 06JQ BAT 

87X0 TOO Feb R5-90 g-10 BiM 8679 

83X6 6080 Mar 81 JO 1030 81X0 EX7 

79 W 6000 APT 7010 7? JO 78.10 79.10 

rexo Sxo Aflav 75J0 7080 74X0 7570 

703$ TIM Jun 7135 71S0 7135 7443 

1 TM viffl) Jul 7185 

Sts foTX Auo 72J0 72X0 72* 7145 

72X0 7225 Sep TX2B 

72J0 7150 Ocl £295 

72X0 7250 Nav 7295 

Est.Sales Prev.Sales WJK1 

Prev. Day Open int. 37.3*3 UP 767 
CRUDE OIL CHYME) 

’jxwud.-iOTtejjperbbL 

5n43 24J8 Jan 3027 3072 30.17 3063 

29JH1 2*X5 F*b 29X8 2975 29X5 »77 

SS ! S? 2*» 2020 £5 

SSy &*9 VM Z7J2 

ZJ78 Jun 27JH 27X2 27^ VX 

$S & &%%%£%%%£ 

ii gs SS 35 22 

?*Qfl K-K Not 9*M 26X6 26X0 26X5 

IIS vM SS 21™ MU 2W0 25X0 

^Sonen^T^S*® 


Commodities 


LondonMMt 


London 

Covnmodities 


Cash Prices 


157X0 152*0 156X0 156X0 152X0 153X0 
199X0 156X0 16030.161X0 156X0 157,® 
N.T. N.T. 16*40 16*40 1*281 162® 
1691*0 166X0-17040 171X0 167X0 168X0 


Bid Aeh Bid ask Not. SO 

Non. 30 ALUMINU M ■ ' aos« Previews 

Ctew . w ' Sterltng P«- "wir^y M MR Lew SM Ask BW Ash 

Mob LOW BM Aik Cb'ee SSxo *aaj» 688J0 sugar _ 

SUGAR _ copper cathodes (Hhiii Grade) • Slerllne per metric fen 

French francs per metric ten SSSalimSlcSi Dec 138X0 138X0 1*080 146X0 136X0 — 

Mar 1X23 1390 1XU 1X15 +32 ^ U " 9 946X0 935X0 956X0 Mar 157X0 152X0 156X0 156X0 152X0 15100 

May 1X33 1X15 1X35 IX® +34 9*4^1 9*5X0 976X0 977X8 May 159X0 15LSQ 160X0161X0 1S6J0 157X0 

». l& i n 3* IS ^ :g SSMSasa®""- Moa SSP. iZJiiX&££'£&'£2Vi£ 

as sajssj El sjssa shsb — «- 

Est. voL: 1X00 Mis of 50 Ions. Prey. ocTuol 

soles: 2X41 lois. Open Interesl: 25.126 steim, p«- ntelrtcta, SrthiB M mottle te. . . 

CDCOA_ iaa|M ^ 270OOZ705O gjc UOS TAX 1JX I AX 

Sr ^^i P-r ]S 1SS MS is 2790X0 ^9000 T \£ & \S2 ys 

S B B. fi =■ :L S K SiSjSjgiSS 


JW 30 

Y eh 

Wed Aoo 
1X5 1X8 


soles: 2X41 lots. Open Interest: 2&126 


CommedWv and Unit Wed Aoo 

Coffee* Santos, lb 1J5 IJ8 

Prhllcloitl *4/30 38 vd 0XB 0X8 

Steel billet* (pftu. fan *73X0 47U0 

Iran 2 Fdrv. PhUeu, ton 21X00 213J8 

Steal raw No 1 hvyPNL- 73-74 88X1 ■ 

Lead Spot, lb J lift-19 3648^. 

Conner etecL, 8) 47%-7B 67-nf,; 

Tfai (Strafti).ib HA 6X0*7". 

Zinc. E-St-t- Basis. A U! 0X5 • 

Palladium, az 180-103 U7 

. Silver. N.Y^OEm HA 7X7 

SouratrAP. ■ 




me 427X0 42150 04X0 
®9X0 441X0 437X0 430X0 


stock Indexes 


Currency Options 


Financial 


PHILADELPHIA EXCHANGE 
Option A Strike _ 

Underlying Price CnH»— Los> 

Doe Jan Mar Dec Jon Mor 
12500 British Pounds-ceals per mH. 
BM 110 3X15 8 r 

143X1 120 2110 s r 

14X21 130 r r r 

143X1 135 r r r 

14U1 1® 140 185 r 

143X1 1*5 870 IJO 2X0 

143X1 IM 0.10 r 145 

10X00 CaaadMn DoHorj-cent* per unit- 
CDollr 72 0X6 r r 

7266 73 r r OJI „ 

n an west German Morxs-amh per unit. 


US T. BILLS (IMM) 

Si ml ll Ion- Pb of lOOoa. .. 

93X0 B5X7 CMC 92.99 93X0 92JB 9295 -X* 

03X4 - 86X0 Mar 93X1 93X1 *290 «94 — X* 

92JH 87X1 Jun 92X0 9280 *269 9271 — X6 

92J6 8U0 Seo 9242 92*2 92® 9241 — '« 

7131 B9X5 DOC 92.12 93.12 9210 92.W — XB 

91.96 09J8 MDT 91X0 91X0 91X0 91X] —A* 

9149 9050 Jun 91 J* 91 J* 9IJ3 W-ff "55 

9147 90X3 Sen 91X6 91X6 91X6 91X6 — X6 

Est. Sates 9X49 Prev.Soles 10805 
Prev.DavOpen int. 40X55 oft *45 


10 YR. TREASURY (CBT) 

Jl 00X00 Drt n- DKJ.33nds of too Pd 
90-10 75.13 Dec 89-18 89-27 tt-W 

B9-I1 75-1* Mar 18-20 88-29 88-15 88*26 

88-10 74-30 JW1 87-30 88 87-21 g-» 

86-23 80-7 Sec 

„8k-2 80-2 Dec _ 8 *-' 3 

Est. Sales Prev.Soles 1X6*7 

Prev. Day Oaen mi. 7X774 up 672 

US TREASURY BONDS (CBT) 

IB PCt-*l 00000- PtS & 32ndsot 1DC act) 

8MB 57-8 Dec 8042 81-3 60-18 81 

BO-12 57-2 Mar 79-16 79-29 79-13 79-M 

79-12 54-29 Jun 78-19 7*21 78-15 78-26 

78-13 54-29 Sen 7741 7700 77-18 7749 

77-19 56-25 Dec 77-3 77-4, 74-25 77-3 

76-27 56-27 Mar 769 76-11 76-1 76-1' 

7M 63-12 Jim 75-21 ra-21 75-21 75-21 

75-20 43-4 Sec 7+28 75-2 7+2S 75-2 

7+28 62-24 Dec 7+12 7+17 7+« 7+17 

72- 28 67 Mar 7+1 

73- 20 6+25 Jun 7X22 73-22 73-15 73-19 

Est- Sales Prev. Satejmi73 

Prev.DavOpen ln>X2SX18 off 3442 


87-21 0-30 
87-4 
8+13 


*aJ00 west German Morw-anih per imlt. 
BmctK M r J r r T . 

303* 34 4X0 S r r 

Stj 35 340 r r r 

gjJ S 139 r 3XD r 

Sv* 37 143 r 2X7 005 

3§j$ 38 064 1X6 1.® 0* 

St* 39 0X1 045 099 11X8 

ta -14 40 0X5 0X1 042 r 

125X94 P ranch Francs-lOlMaf a cenl per unit, 
ccrme I2S 1JH T r f 

L350MO Japanese Ten-TSOiia et a cenfper art! 

JYen S ? r r 

49.17 42 7X8 r r r 


( index «s camel ted shortly before marKet dose) 

SP COMP . IND EX (CME) 

poum and crab jjjqjj |9U5 199JIS +30 

^5s Ixa SS m2 m« »ijo +-i| 

jSm 1B3J0 Jun 202X5 7X3.90 M2J5 m90 +LU 
M 187X0 5*P,2n5X0 3&00 205X0 I'iCO +35 

Esl Sates Pnev.SaleS 57/W7 

prev. Oav Open lot- 72X63 OHB95 
VALUB LIMEIKCBT1 

pajnhandcwntt wm jgsxs 205X3 +.10 

SJS l&fi Sot «3S.^S 208X11 -.15 

EsL Sales Prev. Sales 5X73 

Prev. DoV Open Int. 11X36 offdtf 
NYSE COMP. INDEX (HYPE) 

ri.iifiis 

Est. Soles ,J? r TnK to ' 7M 

Prev. Dav Open Int. 9,1* 

MAJOR MKT INDEX (CBT) 

P ST5h nd *®% Dec 271% 272ft 270% gift +* 

Twk 2rrr% *• •mu. mu. yrv& 


as w. is is ,J = i s ^ffi3sa«»»««lsB 

Jly N.T. N.T. 1XM — +« MLVB R 

S« N.T. N-T. i^ - +.5 MMparirorimm 4JB30 atJf0 

wot !£: It: m - XI ®b 437x0 *30x0 

Est. voL: 35 late of 10 Ion*. Prev. oetual T IN ( Stopga rd) 

sales: « Mb. Open Interest: 460 IS"” ^Suw^ Sosp. — — 

nraard SU». Su*P- — — 

COFFEE ZINC 

French Iroocs per ISO ks sterUns per metric too 

NOV N.T. N.T. 2X30 1120 +30 Spat . 402.00 40U0 397X0 399X0 

Jan N.T. N.T. 2.176 2.1 M +® Source: AP. 

Mar 2.156 2X15 01« IMS +3* 

MOV N.T. N-T. 2.155 — +34 * t - - 

Jtv N.T. N.T. Z1«0 — +» J 4<li)n 

SOP N.T. N.T. 2J70 2X00 +20 I ^ ■ 

Nm n.t. n.t. 0i7o. +is ■ f nmmnfliiMS 

Esl. voL: 9 lots of 5 nns. Prev. actual wtes: ■ VAlllUIlUUlUtC* 

29 lots. Open Interest: 340 

Source: Bourse do Commerce. . 

Not, X 


1X05 M93 U04 1XOS L693 1X96 ! 
1X25 1X17 1X3* 1X25 1X1* 1X17 . 
1X45 1X37 1X42 1X4* 1X30 1X39 
IX® 1X35 1X42 1X44 1X37 1X45 - ! 


Dividends 


HE 1X45 1X35 1X42 ix*4 1X37 1X45 - 
or 1X40 1X55 1X5* 1X60 1X55 1X65 
votumeLZlUtatsof lOtans. 


COFFEE COfnpanr . 

■ Sterling per metric Ian 

Kev 1X88 L84S L873 1477 IX® 1444 ,MCI 

Jaa 1X31 1JMS 1,922 1.9M 1J»0 1JR6 Cara OpemttoM 

Mar 1X45 1400 1X3* 1,939 1,901 1X05 . Central Bancorp 

*22* J !S HSFHB FJrrt Marvk«J Bcp 

J*r un 1X25 1X65- 1X71 1X35 1X38 First Va Banks 

MOT J4B MOO 2X10 1«j 1X60 George WOTten Lfd 

Nov 1X75 1X75 2480 2470 1X*0 1X80 Hiram Walker Res. 

■ Voiiime: +09 lots af 5 tons. Joimnm Comrote 

Presidential Lite 


Not. 20 

. Par Amt Par Rgc 
INCREASED 


n»i 

: ^3W 

ysfc 


.12 12-17 11-29 

J6 IX 12-28 

M 1-2 12-13 

23 IX 12-3+ 

47 1-1 11-7 

37 1-1 1M 

JO 1-2 12+3 

45 1-2 IMA 


-•Wist* 

■ter, id" 


GASOIL 

U4. donors per metric tea i INITIAL 

Dec 27450 271X5 27175 27440 271X0 271X5 CwwSMm rtnrt n 

27040 26740 269X5 269XO 2*7.75 26000 “'•SW* 1 Flna O 


LLS.Treasuries 


HOWC-KOMqOOLD FUTURES 


- mT mt 1MB JIT - ' 23240 23058 23140 22LSB 23145 23240 

5 S“ nIt 5y SSommmSomS k.t. n.t. zium zom vox now 

E4: &!■: SIS 33040 32440 33B40 Volume: 1 JB* ten of TOO km 
Feh“ 329J»329.«!QmBffi330ffi3-mOO33aiffl . 

a =#*SSSHH 6 i u £S£l L offSK? 

^ a 'M » » «8 22 

Volume: 2* tote Ol 100 OX. , Feb 2050 2050 2*41' 2050 2 >LX MAS 


■B 264X5 25340 26<X5 264J0 26UN 2CL2S 

or 25640 2S12S 25540 255X5 254JD 254X5 4 

P* 24640 2*4X0 S.4S7S mcihi 

Ov 23*25 23JX5 23640 23625 235X5 235X5 Anthony Industries 

HI 21275 231X0 23ixe 23225 231X0 233X5 Noratar Banco TO 

!r - - 73240 23058 23140 23L50 231X5 23240 

UB K.T. N.T. 23IJN 23248 22040 26040 .. 

Volume: 1489 la(i af 108 Ians. 1701 


1 17X0 101.20 
118XS 1055G 

12040 ilfeSfi 
11060 140.10 

Est. Soles 


Dteeeant 
Offer Bid YteW VMM 

xnanttiwn 731 7.19 7 M IAS 

+mepHlblU 7X6 72* 743 7X3 

1-rear MB IX 13S 7X1 7X7 

Prav. 

Bid Offer Yield YWd 

j+vr.baad W61/B 1863/33 9X8 W41 

Soora: Salomon Bremen. 


77391 fS 273ft 273ft 273ft 273ft 

^DSopenlrfMim^® 1S 


- 5% 12-30 12-2 

_ 100% 12-18 1*J 




STOCK SPLIT 
Central Bongyp— 3-tor-7 
Summit Bancorp — 3-for-l 


Volume: 2* lote oilOO ox. . 
SINGAPORE GOLD FUTURES 
ILSJ oer ounce 


« 415?!!. JbSS, %S5, Sources: neuters and Lout 

KS: — *W. “ SS S *»■««««/. 

Volume: 66 lob at M0 ox. 


Mar . N.T. N.T. 27 Jl -20X0 27 JO 2*35 «H NR Cora 

AM N.T. N.T. 27X5 27X0 27X0 2&mj 

M» - N.T. N.T. 26J0 27X9 , 2020 £ 08 
Volume: 213 late of 1400 barrels. ■ 

Sour ces: Reuters and London Petroleum Ex- * "ot R oe. Cntm 
cncrveCoaton. erode otil. Arfagna Bancwmt 


SPECIAL 

' _ .10 12-12 12-? 


CommodttY indexes 


4U80 5wtss Fronc+cenbper intft. 


MUNICIPAL BONDS (CRT) 
S1000xlndaji-ab&32ndsof100pci ... 

89-15 81-17 DOC 88-15 8+3 BMS »-5l + ’J 

80-13 »M Mar 87-17 8+4 87-17 B-2 « 

97 _ W Juh 86-11 87 B+1B W +9 

8+20 79-16 Sep 8+2 ** 

Esi. Sale* Prev.Sale* A392 

Prev. Dev Open mi. 9X3* up a 

m M o g ;* 

vIS 86JS6 Mar 9240 92X0 92X6 «J1 

r* b e a 3 

EsTSl« t 3nt™T5S l S l 2 1M 

Prev. Dov Open int- 142* on 2 


SFronc 
46X8 
46X8 

JaxB S Sii ^ “J , 

ii t o 4A l JJ7 r 241 ail J* 

jtx« « 0X8 083 142 8X0 0 

48 021 05* 1.10 1.10 

r£?rntta M 

Total an vN. n Ujjff* s Isssu&’iasi 

Total pat voL 3X70 .. . . .. ^P— "*■ MMW 


22 S3 1 

“- 18 &2 


x — Nal traded. 4— No option ottered. 
Last Is premium l Purchase price). 
Source: AP. 


Class 

Moody*-— — 1 7+150 f 

Reuters 

DJ. Futures — — N-A. 

Com. Research Bureau- NA. 

Moody's : base 1W ; Dec.TJ.iW1. 
p- preliminary { l-flnol 
Reuters : base J00 jSe^lB. JW’- 
Dow Janes : base IN : Dec. 31,1*70. 


Previews 

923 jo f 
1X27-00 
12M1 
73530 


MerrtH Lyncb Traesunr ladeld 13023 
Cbee— Nr im dov: +84* 

Average yNM: 920 ft 

Source; Mtrranyneh. 


DMfijtures 

Options 


KUALA LUMPUR RUBBER 
Mateytkm cents per kOe _ ■ , - 

One Piemen 

BM A6K BK Aik 

Dm 178X5 179X5 TOW JJ-g 

Jan 18040 18140 t79JQ 1J0J0 

Feb 11146 18340 }8M0 I^M 

MOT 11240 18340 - 181JB WL56 

Volume: 6 lots. 

SINGAPORE RUBBER 

Singap or e cents per kilo . . ■ • 



HM 

100 

| bn 

loci 

Uptons 


siagopere cents parkHo . . _' ■ . floe: 19 

Close PT8VMIS ■■ 

RSSIOec- IMA) 15CM JM 1040 JfjjpK Uteri Dm Iter 

RSS1 Jan_ 15US 1S&2S 155X5 -T562S .rw Merine M M Nr 


w. CffitewNart-OiaN marts ceott termer* 


Market Guide 

Chicago Board of Trade 


9231 —45 

9241 — ,W 

9148 —ID 
91J6 —.10 

9144 -49 


Chicago MerconHte. gkrtumy . 
internal tonal Mo neta ry M orfcef 
Of Oitoaoo Mercanflle Exchange 
New York Cocao. Su gor. Cof fe EMhange 
New York Cotton Exchange., , 
Commodity Exchange. New York 
New York Mercantile Exchange 
Kansas City Board of Trade 
New York Fafurm Exchange 


NY CSCE: 

NYCE: 

COMEX; 

NYME: 

KCBT: 

NVFE: 


36 - 246 242 UT 

3 .IX* 245 2*2 

JB 05* U9 1X9 

5 All 849 UN 

« U2 8X6 14* 

*1 cob U< 888 


PaN-Setlte 
Me ter Jw 
cab » 14 

am i*i an 
At* OX* 144 
075 1.19 IJO 

1*6 144 243 

264—2X2 


EdbnatwlUhdvNL.UA* ' 

mity; Tu*. vet \es eeea ot. *i*w 
I tett: t3l «L 2422 aeee kit 3U» 


RSS2DOC- 149X5 151X5 M940 W8 m S 
RSS3 Dec_' 147X5 140ZT U74B . JM48 ™ ® 

R55 4 Dk» 14345 14SJS UU» ™ » 

RSSSDeC- 138X5 .14025. TO* .14844 « « 

KUALA LUMPUR PALM OIL ."•• 191 M 

MoMyNMirtogMteMfSlMU pmkw m » 

BM Ask »W «* » U 

Dae 700- TOST « • » 

Jon 720 - TO . 7JQ W 

Feb - — 738 740 » . ™ -Mel eel 

NOT 735 . 74S “ ' ; W - TWWOd 

Atf — .— 2*0 TSS \. 74* lew pel 

Mav J* .MB.. :WJ WNp sI 

Jly .738 a. '.2S. 2S 

SM 720 7» ; -w IMIR 

Nov . 715 .-745. . 720 


w- 

_____ 



no 

» 22K - 


178 

n ff . 17 % 

mn 

NO 

» l»'l» 

m 

18S 

7ft (ft ite 

N*- 


1/U Utt 'VM - 


in* j/i* 7/i* _ 


Bottle Mount Mine 

gSa- SWMQ. 

Htattom Mfg 

gtoURWbk eutmttea 

S»"“ 

SSSS.‘ J “ a ' 

Fte-Cone Bold, cm ■ 

gen Nu trfflon lr^ 

Goorae Putnam Fd 
J^nv-Albton Cora 
inti Aluminum Cara 
lJKMtaaraie 

Store* 

MSA^ottvcora 

Newnartcara 

WMWar Bancorp 


nr n ft »■ s% 2ina«. iu a 

m n. 130*1% » 5 a n & 

m % on* iyu2iL v _ S _ 

20 -vif ft R I* - - _ _ 


» ft % i i/m Tray Cora 

»„ lft 1% 2ft Pyk^kdo Indus 


SJ -nWertstbew 1*7377 . 

?£ TUB ON — I NL 4N315 - 

ZS taw pet veleaw MBBB 
™ TpM pel BMAMJPV27 1 
745 popper 

7» HMH9U5 LOTlfUi OnU1«4|+1.W 


Rsssys»“ 

f-w-lnSM.** 

8BS8SL"*-' 

5MR1TS* 


O 43 % 1-0 12-lf- * . 

Q X0 12-59 12ri. 

Q 42 % 18-18 17» • 

Q *0 M 11-29-. • 

a 43 1-9 13-M - 

Q X0 .14 12-10. .> 

a AO 14 12-12; -. 

a so i2-i* im. 

Q X0 12-13 11-29- 

« 51% 1-1 12+ 

a .17 12-16 1« 

Q SS TS 12-n _ 

Q -44 18-16 1149*'. 

Q X* 12-10 11-27 ' . f _ 
Q .W 12-20 12J ’ ■ 

O J8 M0 1240, ‘ . : • . 
O AS IM 1V4P • 

O. .18 W I24-, •, 

O X0 12*28 1149 . 

Q X0 1-9 144;-.- *-i . 

S 43 12-1* T2te t . . 

a X2. 1-2 18d-\;. 

G M 14 181ft,-, •• > 

o •.«■ i-a iep-V w 

3 .19 1M0 1147*- . 

XI 17-31 186 i ■-. 

a Xf 1-2 18* .'J. 

O 46 ft 12-12 IMi'Qj 

5 .40 I-T7 14 f'. 

a 41 1-2 18-18 

. X* 12-31 .18* a' 

O .15 1-24 72-3»v\ 

« 43 1-31 

QX5% IMS 182 ;>* 

O 45 1240 B-12 • 




Source: CMS. 


volume: 9 tote of 25 tens.. 

Source: Pettier*. 


Source: COW. 


T MBrt ert v; s+ert#-.. -J ■ 

Source: UPI. Ci*' *. ' 




rur'. ' ■ rjr -iiv v'jir pgi^m'r vq n ep 


SE9 










' Jr °winQ 

trw'cJi 


-BUSINESS ROynpyp . 

Hamburg May Sell Part 
Of MBB Stake to BMW 


INTERNATIONAL HERALD TRIBUNE, TH l RSD A V. NOVEMBER 21. 1985 



< ^ ct ^ er automako's acquiring a control- 
tmmaaonal Herald Tribune ting interest in MBB. ' 

‘ — Hamburg A BMW spokcsman said the. 

Mmijp ^ company chairman, Eberiard von 

: tot the city-state Kuenhrim, is preparing a letter to 
■BpT^^conditionally to sell a : ^ Bavariim government outlining 
l 9‘f ses ' ® the aero- bawd's preconditions for a 
tajMOra. Tbe chief condition, be 


:**•■*.:*- 
iT.-.u ' Jfi 

. -'tfc 
-■ xlfc: 


jkow-BIohm GmbH, to West Gcr- 
Sffi? an ‘0“aker Bayeriscbe 

(Motorea Werke AG 

T ** a d*«iniining fao- 

W m BMW’s quest to obtain a 
aaajomy stake in MBB. - 

I' ’ n, ? e hav « bcen reports recently 
.Thai the state governments of Ham- 
■burg and Bremen are not interested 

lin disposing of Uiev MBB holdings. 

; However, bigbrplaced Hamburg 
-government officials are intimating 
;that this does not exclude flexibrli- 


said, is acquiring an ahsohue ma- 
jority, 51 percent, of MSB’s current 
equity. 

There is some skepticism at the 
company about that prospect 

Industry souzccs say the acquisi- 
tion of 51 percent would cost 800 
million to 1 biffioa Deutsche marts 
(about 5306 million to $380 mil- 
lion). 

In a telephone interview, a senior 
Hamburg Economics Minis try offi- 
cial said that Hamburg would, be 
willing to sell some of its MBB 
shares if BMW agreed to guarantee 

ink roM^k.. % inn ■ 


ty for Hamburg in selling some of J ob security at MBB operations in 


n HI 


W 1 - • 

u rsv 


m 

;sg.?a 

"*:W- 

hi a; 


' -3 £ pli 

; *- • § *8: 

" " ;i “;!**! 
* :* ", '■'* si;'? 


-r ? 5»j 

iSS? 
* ?i! 

. 4i , r , 

v ? : 

:*« 

t: 

*• >- 

^ i.i ! 

; £ t ; 


* ■* : -in 
* ' C. 
••• o,s.> 
“> * 3 ' 


its mterest.. 

- Officials in Bremen, which holds 
emly a 3-percent stake, were not 
available for comment Wednesday. 

BMW’s interest in acquiring 
MBB surfaced last week when it 
was d i s c losed by Bavarian gov em- 
inent officials that the state, which 
holds a 24-percenL stake in MBB 
and seeks a major industrial part- 
ner for the Munich-based group 
had bees holding iatv< with BMW’ 
. also based in Munich, about the 


BakruinWanls 

■ Banks to Merge 
To Trim Costs 

Reuters 

- MANAMA, Bahrain — The 
government has asked rive 
banks to consider me rging to 
reduce costs in the face of a 
.Gulf-wide recession that is 
; eroding the profits of financial 
institutions, several bankers 
said Wednesday. 

The banks — identified as 
; the Bahrain & Kuwait Invest- 
ment Group, the Bahrain Inter- 
. national Bank, the Bahrain* 

■ Middle East Bank, the Kuwait 
i Aria Bank and the United Gulf 

- Bank — received a letter this 
month from the Bahrain Mone- 
tary Agency suggesting they 
combine, these bankers said. 

\ A senior banker said the 
chairmen of the banks would 
meet next week to discuss fonn- 

■ mg erne institution with a large 
capital base. 


the state and if the Bavarian gov- 
ernment agreed to sell at least .as 
m u ch of its stake in the aerospace 
group to BMW. 

The governments of Hamburg 
and Bavaria hold, as part of th e i r 
total mterest. a joint 353-percent 
stake in MBB, about lOpercent of 
which might be considered for sale 
to BMW, both Hamburg and Ba- 
varia officals have said. 

Bavaria also has a 7-percent di- 
rect stake, which could also be in- 
cluded. 


Simmons Offers 
j $580 Million for 
Sea-Land Carp. 

IcaAuftla Times Service 

■ LOS ANGELES — A com- 
pany headed by the Dallas busi- 
nessman Harold Simmons has 
offered to buy Sea-Land Corp. 
for $25 a share cash, or a total 
of SS80.8 million. 

Contras Corp., a Dallas- 
based diversified holding com- 
pany beaded by Mr. Simmons, 
said Tuesday that the offer is 
subject to several conditions, 
including the completion of fi- 
nancing and acceptance of the 
offer by Sea-Land. 

Sea-Land, based in Menlo 
Park, New Jersey, is an interna- 
tional transportation services 
company and one of the largest 
U.S. flag carriers of container- 
ized shipping. The company 
said that its directors will con- 
rider the offer on Nov. 25. 

Sea-Land’s stock, the second 
most active in trading on the 
New York Stock Exchange 
Tuesday, dosed up $230, at 
S24.375. 

Mr. Smmoos has been buy- 
ing Sea-Land stock on the open 
market ring* last July, when he 
disc l osed plans to acquire 15 
percent of the 2333 million 
shares outstanding. As of Tues- 
day. his Amalgamated Sugar 
Co. of Odgea. Utah, held about 
10 percent of Sea-Land’s stock. 


Voest of Austria Expects 
Record $163-Million Loss 


Reuter Restructuring into a parent and 

VIENNA — Voesi-AJpine AG independent subsidiaries has been 
is heading for record losses this successful with two other OIAG 
year of 3 billion schillings ($163 substharies, Austria Metal! AG 
million), a spok esman for the gov- and Voest’ s special-sieds subsid- 
ernmeni holding company, Oster- 


COMP AMY NOTES 


Barren Developments PLC re- 
porting that reduced debt and in- 
terest costs and lower overhead are 
improving its profitability in the 
ailing British housing market, said 
it is limiting commercial develop- 
ment and has acquired nine resi- 
dential development sites in south- 
east England since July l . 


/Ci^> j 


Page 19 


al used for packaging and industri- 
al clothing The plant is to start 
production in 1988. 

Hopewell Holdings Ltd. said it 
had sold, at cost, a 5-percent stake 
in the China Hotel in Canton to 
Kaoemaisu Gosho (HK) Lid. 
Hopewell paid $25 million for 25 
percent of the hotel, completed in 


GJ. Coles & Co. of Melbourne June 1984. 
said it will buy up all outstanding Seattle-First National Bank is 


reichiscbe IndustrieverwaJiungs AG, he said. 


iarv, Vereinigte Edelsiahlwerke shares in Myer Emporium Ltd af- negotiating the sale of its assets in 

. J ■ , . C . ■ ■ __ .1 * An ■ _ Tammim Ia * * Ln.T#^ „n«L nl 


with the San Francisco-based rail- 
road's 15 unions. 

Volvo of North America, a uni; of 
AB Volvo of Sweden, said it ex- 
pects sales volume to climb be- 
tween 15 and 2d percent this year, 
from estimated sales of $ 1 .5 billion 
in 1984. because of more expensive 
models. 

Whitbread PLC said the second 
half of its 1985/86 financial year, 
ending March, began well, ’with 
warm weather helping the British 


AG. said Wednesday. 

Its continuing losses, despite re- 
structuring and diversification, 
have caused OIAG to consider re- 


setting up a central parent com- 
pany to produce the basic materials 
and independent processing sub- 
sidiaries increased efficiency, he 


ter gaining more than 90 percent in Taiwan to foreign banks, with at warm weather helping the British 

a takeover bid. Shareholders ap- least three, including Westpac beer trade. 

proved the new name Coles Myer Banking Corp. of Sydney, having Zayre Coqx, a fast-growing re- 


organizing Voest and its divisions said - 

into a parent company and inde- VEW will still have a loss this 


proved the new name Coles Myer Banking Corp. of Sydney, having 
Ltd. and a doubling in nominal offered to buy the assets, 
capital to 500 million dollars ($335 Southern Pacific Transportation 
million). Co, which has cut 3,000 employees 

Dn Pont Co. plans to build a in (he last year, announced plans to 


taller with stores mostly in the east- 
ern United States, reached a tenta- 
tive agreement to acquire 
HomeClub Inc„ a home-improve- 


pendent subsidiaries, he said. 


Voest had parent company parent company losses of 1.95 bil- 
losses of 2.48 billion schillin gs in tioa schillings in 1984 and L35 bfl- 
1984 after a loss of 239 bOlion in bon in 1983. on revenue or 9.71 
1983 . billion, he said. 

The OIAG spokesman said 

Voest revenue would be 50 billion finnish Vplmp t Wp ighs 
to 60 billion schillings this year f 5 | 

after 48.1 billion in 1984 and 48.7 Takeover of Beloit Corp. 
bOlion in 1983. r 

The OIAG spokesman said 

losses were being incurred in the HELSINKI — \ almet OY, Fin- 
new areas where Voest had diversi- land’s government-owned engi- 
fied — special engineering and neering group, is interested in the 


vt" wm slni have a loss this 5 120- million plant at its site in eliminate another 10,000 over the merit discount chain, in a stock 
year, but i* wili be less than the Con tern- Hesperange, Luxem- next few years through attrition transaction valued at about SI 51 


bourg, to produce Tyvek, a matcri- and buy-out plans to be negotiated million. 


N C II 


1 T V 






electronics — while the traditional 
sled production, at least in the 


ircbjse of its main competitor, 
Sloit Carp, of the United States, j 


main Linz works, was profitable. A company sources said Wednesday. , 


third of Voest’s revenue was gener- 
ated by products it was not in- 
volved in five years ago, he noted. 

The idea of reor ganizing Voest is 
still tentative, be said. “These con- 


s gener- They said V almet had been aj> 
001 J?” P r °3ched by Merrill Lynch about a 
i noted, possible takeover of Beloit, the pa- 
Voest is per machinery maker, which would 
ese con- give V aim er one-third of the world 


Comite Colbert 

Homes: Gcmirnmaoe Qaftsmanship 


Jam -Louis Dumjs-Hermes, President 
Since Hermes was bunded in 1837, 


sideratioas are at an early stage, market. The sources said Merrill 
they are just thoughts, there is no Lynch had probably aporoached 

** v. -i * • _ .1 . « . * 


plan." be said. 


other companies than Valin eL 


Japan Vows 'Quick’ Action on Semiconductors 


By John Burgess 

- Washington Post Service 

TOKYO — Japan, worried by 


tors in ihe United States in 1984 filed by three U.S. producers — can agree. World prices for semi- 
and ga in ed an increasing share of Intel Cbrp^ National Semico oduc- conductors are plummeting. If a 
that market ILS. companies made tor Corp., and Advanced Micro company marks down its prices. 


mounting allegations from the sales of $680 million in Japan and Derices— and one filed by Micron 
United Sates that its companies say their market share has stagnat- Technology Inc., allege that a vari- 
are unfairly trading in the electron- ed at about 10 percent, even though ety of Japanese comp an ies are 
ic chips known as semiconductors, they dominare sales virtually every- dumping their chips in the United 
said Wednesday that it would move where else in the world. Stales. On Micron’s oetition. the 


are unfairly trading in the electron- 
ic chips known as semiconductors, 
said Wednesday that it would move 
to settle the issue “quickly and real- 
istically.” 

The statement followed three 
hours of discussions between Japa- 


l at about 10 percent, even though ety of Japanese companies are 
ey dominate sales virtually every- dumping their chips in the United 
here else in the world. States. On Micron’s petition, the 

Trade in the chips, which are U.S. Internationa) Trade Conums- 
_. used as building blocks in comput- son has made a preliminary ruling 
The statement followed three ers, has long caused tension be- against the Japanese, 
hours of discussions between Japa- tween the two countries. It has es- Fearful of more such complaints, 
uese and UJS. negotiators. Japa- calated this year as the U.S. and rulings, Japanese officials have 
□ese officials, declined to disclose semiconductor industry has long considered the idea of estab- 
the substance of the talks, which dipped into a heavy recession and lishing a floor price. It would be 
appear to have been limited to begun filing petitions against the computed by the Japanese and rep- 
broad principles. Japanese under Section 310 of the resent an official estimate of the 

Before the meetings, ihe Jana- 1974 Trade Act cost of production. Sales below 


appear to have been limited to 
broad principles. 

Before the meetings, the Japa- 
nese were reported to be planning 
to propose setting a “floor price" 


One petition, submitted by the 
U-S. Semiconductor Industry As- 


for semiconductors exported by sodation, alleges that Japan unfair- 
Japanese rampaniM, in hopes of ly discriminates against foreign 
dampening charges that these oom- suppliers in its home market. The 
panics were damping, or illegally Japanese deny that snch barriers 
selling below cost, their chips in exist and say IJ.S. products are sim- 


Torrign markets. 


ply not as competitive as the ones 


Japanese companies sold about made by Japanese companies. 


computed by (he Japanese and rep- 
resent an official estimate of the 
cost of production. Sales below* 
that price would be barred. 

But neither the United States nor 
Japan is comfortable with this idea, 
because it means new regulations, 
and suggests the creation of a cartel 
and the reming-in of free trade. But 
it has been used in the past with 
other products, such as steeL 

The goal is to create a definition 


SI. 6 billion worth of semiconduc- Among other complaints, one of dumping on which both sides 


company marks down its prices, 
□o(ed a Foreign Ministry official in 
Tokyo, “it’s very difficult to know 
whether that’s due to economic 
conditions or dumping.*' 

One Japanese official said 
Wednesday that no such proposal 
bad been made, while other offi- 
cials merely declined to give details 
of the talks. But Mark E. Foster, 
the Tokyo representative of the 
U.S. Electronic Industries Associa- 
tion, said an official at the Ministry 
of International Trade 2 nd Indus- 
try, or MILL had shown him such a 
proposal this week and had said it 
would be put to the Americans. 

Texaco Has 3d Angola Fmd 

Reuters 

WHITE PLAINS, New York — 
Texaco Inc. said Wednesday its 
third oil discovery off .Angola 
flowed at a rate of 5,672 barrels a 
day. It called the discovery signifi- 
cant and said it is proceeding with 
development of the two fields al- 
ready discovered nearby. 


its reputation has sped around the 
worla as if its namesake, the messen- 
ger of the gods, had carried it him- 
self. This venerable leathergoods 
firm on the Faubourg Saint-Honare, 
whose superb silk scarves are worn 
like a banner of chic by some of the 
world 1 s most elegant women, is more 
than just a shop; ic is an institution. 

From mahrajabs to businessmen, 
queens to schoolgirls, their interna- 
tional clientele comes in search of 
the unmistakable quality and incom- 
parable craftsmanship chat are the common denom- 
inators of each Hermes product. 

"Hermes has outlasted kings, emperors and repub- 
lics, survived industrial invasions and the age of 
plastic with harrassed travellers who no longer have 
time to lode after their luggage,” says Jean -Louis 
Dumas-Hermes, fifth generation of the founding 
family and Homes president since 1978. "And we 
have done ic by an insistance on quality.” 

In the areliers above the shop, dedicated craftsmen 
use the same tools and same gestures as their 
predecessors ar the cum of the century as they 
craft the splendid leathers to the same impeccable 
standards. In Lyon, where Hermes, as the largest 
j silk producer, weaves the silk for its famous 
■ scarves and ties and does its own scree n printing, 
the Hermes silk is still washed in Rhone river 
j water with first pressing olive oil soap. In Swi czer- 
land, they make their own warches; in Limoges, 
their own porcelain and in Normandy, they blend 
their own perfume. 

Established by harness maker Thierry Hermes, 


the company turned to making sad- 
dles ana with rfae advent of the 
automobile added sport, hunting and 
travelling accessories. When one cus- 
tomer complained that her horse was 
better dressed than she, Homes rc- 

r ied by creating s couture line. 

silk scarf, introduced in 1938, is 
a legend all by itself. More than 
250X00 air sou each year as are 
300)300 silk neckties. Recently new 
lines of household linens and porce- 
lain dinnerware have been added. "In 
the 19th century, one’s image cen- 
tered on well-groomed horses and superbly liveried 
carriages," says Dumas-Hcrmes. "Today your ele- 
gance is measured by the several yards of fabric you 1 
wear, your fragance and your home." 

Consolidation, then expansion, has always bcen an 
important Hermes tenet. "For the last four years, 
Homes has shown strong growth, as much in 
profits as in volume,” says Dumas-Hcrmes. World 
turnover of $100 million is divided betwee n per- 
fume, 30 percent, silk items, 30 percent, leather 
goods, 22 percent and 18 percent split between 
• ready-ro-wear, linens, jewelry, etc. With foreign 
sales now accounting for 50 pcrcenc of turnover, the 
company is concentrating on expansion abroad. 
New stores open this fall in the Uni red Stares in 
Dallas and in Japan at Takashimaya. 

As cheir 150th anniversary approaches. Hermes 
continues to celebrate die "forgotten" senses of 
touch and smell with the caress of cashmere, the 
perfumed scent of beautiful leathers, the smooth 
touch of burnished silver and the heady fragrance of 
die Parfum d’Hcrmes. 



■AN ASSOCIATION OF Till MOST PRLSTH. lOt'S N VMI » OF Till KRI NCII *ART III Ml Rl ~ J HIS RL'I DM S H \CMI . ?<WU> 


i AN ANNOUNCEMENT BY THE COMITE COLBERT i 


• . £*!«£. - Reuters 

j i | * THE HAGUE — The Nethex- 
. r . e- lands disclosed on Wednesday de- 
. . ■: “Jails of its plan to Cully deregulate 

■ ^ \ >, ■and open its czqmal markets by 
^ Jan. 1, in a bid to keep pace with 
: .i r N -i: liberalization in competing finan- 
v “OIOS- 

•J l] Finance Minister Onnb Ending 
,f f? ;told a news conference (hat the 
r i r ; liberalization measures, including a 
; V I range of new free-market financing 
.? ■: >'i instruments and an easing of oon- 
-restraints on the activities of non- 

Dutch institutions, would come 

t___— - into effect Jan. 1. 

• * £ f Full Eberalization was needed to 

. I-- 5 - keep pace with similar devdqp- 

" ‘ments in snch competing centers as 

- — TCs* “West Germany, he said. 

T \ Under the new measures, some 
J p'l details of which leaked out of the 
:\‘i' Bnance Ministry last wedc, all ex- 
' ' isting restrictions on the issue and 

r* redemption of domestic guilder 

t - IYF loans and Euroguilder notes issues 
* | |f ^ win be abolished. 

Floating-rate notes will also be 
1 permitted, but index-linked loans 
* ghd zero-coupon bonds win not be 



these steps will provide a good ex- currently dominated by the freer 
ample for other countries and in London market, 
particular, its partners in the Euro- He cited the issue of short-term 
pean Community to follow, Mr. commercial paper by mayor com- 


Ruding said. 

Mr. R rating said the need to pre- 
serve and further strengthen the 
position of Amsterdam in the face 
of mounting competition from oth- 
er markets was a major factor be- 
hind the deregulation plans. 


parties and bank certificates of de- 
posit as important steps aimed spe- 
cifically at creating a Dutch 
equivalent to significant markets in 
these securities, which are well-de- 
veloped in New York and London. 

As far as the other effects of the 


Mr. Ruding said be expected the measures are concerned, the an- 
range of new instruments to bolster ihorities will have to see how the 
Amsterdam’s position as a major market itself develops as a result of 
money-raising center in Enrope, the deregulation. 


_ ■{ introduced, contrary to what was 
j-- a! speculated on in recent press re- 
«7 3 ivnts on the deregulation, Mr. 
J >! lauding said. 

- -- v f ?! Both short-term, guflder-denom- 

- -- #5 mated commercial paper and cer- 
T- *' tificaies of deposit wrD be intro- 
duced under the new regulations. 

: The Dutch central bank's system 


Mi 


Onno Ruffing 

market will be further opened to 
foreign institutions- 
The current limit of 20 percent 
on the amount of a loan that a 
foreign bank may underwrite is to 
be increased to one-third of tire 
total, Mr. Ruding sard. 

He added that, contrary to spec- 
ulation, only registered and, ap- 
proved Dutch subsidiaries of for- 
eign banks, and not wholly foreign 
institutions, would be permitted to 
lead-manage loans. - 
The Dutch government expected 
that the latter measure would facili- 
tate the activities of Dutch banks 


n 


[if a rotating calendar of issues wfll abroad, Mr. Ruding said. 


also be mite far more flexible, Mr. 
Ruding said. 

Although Dutch markets are al- 


The Dutch measures were de^ 
signed to encourage other govern- 
ments to reciprocate with a similar 


ready relatively free, with no capr- easing of constraints on the activi- 
st] restrictions and borrowing in ties of foreign institutions and 
any currency allowed, the capital thereby Amber develop intema- 

-L ; — - tional financial cooperation, Mr. 

Ruding said. 

.Vni/fl’c Rfirnififft The Netherlands hopes that 


SaudisRequest 
Bad- Loan Data 

Reuter* 

: -JEDDAH — The Saudi Arabian 
Monetary Authority has a sked 
banks to identify the non-perf orm- 
Jpg loans in their portfolios, the 
f&audi Gazette newspaper reported 
Wednesday. 


per said that the authority 
asked hankc last week to list their 

bad loans in two categories, those 
car which no payment had been 
received for more than six months 
arid those on. which no payment 
had been received for more than a 
yjar. “I wouldn’t be surprised if 20 
to‘25 percent .of the banks’ loans 

aie bad,” said one banker. 

Since 1982, the banks have add- 
ed 5 b illio n rivals ($137 billion at 
current exchange rates) to bad-loan 
ptyviaoos, the paper said. 


2nd Annual Conference 
-Sponsored by American. Society 
of Mechanical Engineers 
with coupmt rt i on of the 
. LL5- D.O.D., SOI Org-r 
teftA, aC Dee. W 0 — S43tt 
(202J 482-1549 or tek*- 
M r. Renfro, 89-2422. 


Weekly net asset value 

Tokyo Pacific Holdings N.V. 

on Nov. 18, 1985= U.S. $148.74. 

Listed on the Amsterdam Stock Exchange 

Information: Pierson, Haklring ft Pierson N.V„ 

Hevengractit 214, 1016 BS Amsterdam. 


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Please check method of payment: Please said me 1986 IHT Portable Desk Diaries. 

Enclosed is my check or money orderforS Price indudes initials, packing and postage in Europe. 




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< IN BLOCK LETTERS) 

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ForquanniYorioi. 

pfe 25 CiKsrpiralrshn.’L 


21-11-85 








INTERNATIONAL HERALD TRIBUNE, THURSDAY, NOVEMBER 21, 1985 


V^dnesdaj4 

AMEX 

Closing 


Tables incJuOe toe nationwide prices 
up le the dosing on Wall Street 
end do not reflect late trades elsewhere. 

i'ia The Associated Press 


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26 

7* 

7 

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2216 

14* Unlflln 

172 

84 

7 

5 

22 

21* 

21*— * 

14b 

9* UrtvOn 



14 

JO 

12b 

lib 

12*— Vm 

Bb 

4b Unh/Rs 



16 

63 

714 

7b 

7b— * 

18* 

15b UnlvRu 

80# 4J 


-2S 

17b. 

17* 

17H + H i 

T5H 

10* UnvPat 




36 

12 

Ub 

12 — b j 



./;/>/ 


AmMIi at hwfing hheMwMe 

Cbop ent ft Cle S iL. 6, n»» dt Veyrat • Q«niy 022 82 17 17 


18b SHBinbss .14 3J 



22b Bb 
12b 5b 
3b lb 
9b 8 
MU 9 
8b 4b 
Mb 10b 
18b lib 
3 1b 
17V; 13b 
23b 18b 
52b 77Vj 
13 4W 

3 lb 
15b 8b 

'a % 

BVi 6U 
48Vx 38 
5b 2 
22b Mb 
32b 25b 
2b b 
7b 2 
9b 4b 
14b 10b 
9b 5b 

4 ib 

IBV4 12b 
29b 16b 
29 17% 

in 6b 
3Sb 34 
36b 32 
38V. 17b 
33b 14 
35 19b 

33b 20b 
44b 35b 
12b 6b 
45 24b 

22b lib 

6b 3b 
5b 1b 


f 500 105 
66126.4 
80b 4J 
220a 84 


■ 1 20 

12 51 iob 

5 lb 
35 Bb 
17 57 12 

5 4 5W 

8 215 12 

9 20 15b 

S ib 
16 

2 19b 
10 41 51b 

10 16 I0W 

17 lb 
16 7 13b 

16 2 13b 

13 5 6b 

15 2 6VS 

280= 46 li 
145 2b 


90= 46 Vi 46 
45 2b 2*i 
1 16b 16b 
53 SAIfc 26 Vi 
6V Vb 1 
7 3b 3V, 
57 9 8W 
40 12b 12b 
33 7Vb 7Vi 


29 139 2Vh 
.72 4JI 17 31 10b 


20 20 + b 

1011 10V, 
lb lb— W 
8 B — b 
lib 12 +b 
5W 5W 
lib 12 +b 
15b 15b + b 
lb lb 
15b 15b— <* 
1»U 19b + W 
51 51b +1 

10b 10b— Vi 

13V? 13b + b 
13b 13b 4- b 
6b 6b 

46 V> 46^ + b 

16b 16W + Vi 
26Vi 24U + W 
1 1 - Vi 

3b 3b 
8W 8W— W 
12b 12b 
7W 7V. + Vh 


ib 2 — b 
IB 10 


.16 

.9 

13 

1206 

18* 

17* 

17*— * 
18 — 1* 

S .16 

.9 

IJ 

IJ! 

1* 

18 




34 

9b 

VV= 

9b— * 

1 475- 



IJto 36b 

25b 

36b -Hb 

r 480 



ltth 33b 

J3b 

33b + '4 

.17 

J 

30 

112 

33* 

32b 

33* +1 


5U V. 
6b 4 
4b lb 
15b 10U 
2b 1U. 
30b 24b 
16W 7b 
13b 9b 
4b 2b 
18V. V2b 

5 2b 

6 2W 
15b 9b 

14 7b 

SS.SR 

»b 20Vi 
37 23b 

4b 2b 
6'i 3 
Ib b 
19b 15b 
32 26 

11 5b 
24b 16b 

12 7b 
2b ft 

15 9b 

44 U. 27 
26 12b 

lib Sb 
13b 9 
15b 11 
36b 24 
I5VS B 


10b 6b HAL 


17 

b 

b 

b 

41 

4* 

4 

4* + <4 

25 

2M 

2 

2 + * 

31 

12b 

it* 

12* — * 


88 6A 0 
JO 74 11 

JO 1J 11 

F 140 9J 
JO 14 15 


■ J6 44 0 
3J5 11J 
1J0B28.9 8 
AO 2.1 |2 


17 

A8 14 17 

.981 88 II 
-50ft 34 II 
42 

AO 1.1 14 
456 A 18 


84 lb lb lb— Vh 
7 27'A 27b 27V. + b 
77 9 8b 9 
6 12W 12b 12b— b 
98 2b lb 2 — Vh 
1878 13W 13b 13b— Vi 
47 2W 2W 2W 
41 5b 5 5b 
34 lib lib lib— b 
5 n Vi lib lib 

^ SSSSSotS 
S 3 5 X *£ + ft 

18 19W 19b 19Vi 
A 79* 28b 28b— I . 


300 26W 

ifi T 
S 3 5 

18 19W 
4 29b 
272 6 
34 19b 

S X 

40 11W 
76 37b 
99 24W 
11 11b 
51 12b 
289 14W 
9 35b 
44 13b 


5b 5W + b 
1BW 18W— b 

X 

lib lib— b 
36* 37b + b 
24b 24* + * 
11b lib 
12b 12b + V. 
14b l«b 
35b 35b + Vi 
13b 13b + b 


12 29W 29b 29b + Vi 
24 33V. 33 33 

2 31b 31b 31b— 'A 

22 44b 44 M 44b + b 

6 9b 9b 9b 

3 37 37 37 — W 

6 13b 13b 13b— Vi 
31 4b 4 4 

56 4W 4b 4* + V. 


13b 

10U. HMG 

M 

58 

5 

10* 

10* 

10* + * 

eb 

4» 

Halifax 

Mu 

7 

12 

6 

Sb 

sb— * 

3* 

if 

Hdml 



522 

2* 

216 

2b + * 

ib 

l 

Halml wt 



61 

I* 

ib 

lb _ 

10b 

6b HOfflptl 

.931118 8 

10 

8b 

/* 

l. -ft 


29b 21b Hndvm n45oJ9 18 2Sb2S 1 A25b + b 
27V, i3Vi Henfrds JO 1.9 16 9 36b 26b 26b + Vi 

2b b HOTV6V 57 lb lb lb— b 

39b 21b Hasbr s .15 A 10 1246 35b 34b 35b +1 

43 26b Hasdrpf 280 5.1 12 39b 38* 39b + b 


17 13b 

20b is* 
9b 5W 
14b lib 
21b 12b 
23b Mb 
17* 13b 
27 13 

9b 7b 
49b 31b 
6b 3b 
17b lib 
16b ll'A 
17b 13b 
7Vi 5b 
13b 6b 


23 

19 

JOo 1.1 6 
19 

.12 9 11 

7 
22 

1J0 148 
JO 17 10 
28 

l JOt SJ 12 
v vo 

1.16 18 18 
J4 1.1 18 
-60 15 7 

JOT 24 6 

.15 8 23 


% 

8.90 10A 
J4 29 93 
J4 1A 30 
80 16 10 
450 11J 
JO 1J 17 
Jl 1J 16 


1J6 88 7 
JO# 23 


NRMn 280 19.1 
KRMM 280 14J0 
Nwitck 15 

NtGsO AOb 14 12 
NtPatrt .10 A 
NUxAr 71 45 11 
NPlnRt lj)S (J 15 
UP roc I JO, 48 13 
NWidPn 48 

NVTImes 80 U 17 
NflwbE JSr A1 f 
Newoor J2 28 
Newt-i n 13 

NwpEI 1J0 8J 13 
Nlchlnn 19 

Nichols 8 


55 
29 

26 u 
36 *b 
J 18* 
S3 14b 
151 3b 
62 9b 

5 29* 
752 47b 

73QZ 70V. 
5502 85b 

6 Bb 
262 14* 

4 16* 
50z39b 
8 17 


26 13b 

10 1BW 
37 8b 
43 lib 

364 18 
1 17b 
114 15b 
164 26b 
744 9* 

468 47b 
1 4b 

11 lib 
128 15b 

39 17b 
24 flh 

27 9b 


lb + b 
8% + b 
lb 

Bb— Vi 

2 * 

8b + b 

2D^» + b 

lib + b 
20* 
lib 

17Vi + FA 

21 * 

18b — Vi 
56b 

19 — b 
5b + * 
12* 

14b— b 
20* + b 
10b 

2lb + b 
8b 
3b 
3b 

84b -fb 

21b 

17 

Bb— b 
VSb + b 
14* + li 

29b— * 
47b— * 
70V.— lb 

XL + * 

14* + th 
16* + b 
39* 

17 ♦ b 

16* -b 
20b— b 
ib 

18b— b 
Sb— b 

HA 

8b + b 
Mb + b 

i 

18* 


73b 13b 
18b 18b 

034 JOA 

lib lib - b 
17* 17b— b 
17b 17b 
UVi 15b + b 
25* 26 — b 
9b 9b + b 
46* 47* 

4b 4b + b 
11* 11*— b 
75 15b + * 

17b 17b + b 
6* 6b— b 
tb 9* + b 



10* 

9b V5T n 

.95* 97 


76 

9* 

9b 

9b 

30 

17* Vo tors 

M 

IJ 

17 

■ 

28b 

28b 

28b 

10 

2b Verit 




21 

t* 

a* 

a*— * 

23b 

15* VtAmC 

80 

X4 

12 

7 

16* 

16b 

16V.— * 

CM 

* 

3* VtRsh 
b Verna 




14 

10 

X X ¥ 

13b 

8b Vemtt 

JO 

XI 

» 

144 

■a 

V* 

Vb 

4* 

2b vertple 




57 

4b 

416 + * 

Idb 

5b vfatech 




2 

5b 

5b 

5b— * 

9 

3b VIcon 



a 

3 

3ft 

3b 

3ft— * 

4* 

lb Vlntpe 




12 

2b 

2* 

2M + H 
16ta + v. 

18* 

12 Vires 

Me 

J 

17 

12 

Ub 

16b 

12* 

7VI Vaotex 

M 

48 

11 

16 

9V6 

9* 

9b +* . 

19* 

Mb VuIcCp 

80a 4.1 

11 

46 

Mb 

IB*. 19b— * 1 

8M 

5 Vvmnt 



8 

4 

6* 

C* 

6* — b 


ADVERTISEMENT 

INTERNATIONAL FUNDS (Quotations Supplied by Funds Listed) Nov.20, 1985 

Netanet value aaotaflam are supplied by the Funds Ritad with NwMceptf<M«r sent* nsota based on isteearlce. 

The mora tool symbols Indicate fromacv efnaetatlefit supplied: (dl -dally; (w7- weekly; Cb) -bV-montblyi (rj -repo tarty; (l)-lrr«potortY. 


Bb 3V1 
40b 7146 

s am 

10V. 6M 
9 5 

lb M 

9 <* 

10 7* 
87b 72 

&i?S 

39b 36* 
26 2n 
13b 13 V. 
5* 3W 
7 4* 

fb 7 
17 lib 

5 3b 

an T7* 

7b lb 
Mb 9* 
7b 3b 
34 11* 

40V. 33 
20 12b 

2* lb 
Cb 4b 

XL ^ 

BVk 3b 

6 3* 

Mb 9b 
13b 6* 

12b 9b 
13* t* 

i* b 
15* 9 
16b 4b 
15* 9* 
15* 7b 
7* 4 
5* 3* 
4* 2* 
22 10 * 
21* 10 
2B* 24b 
9* 5b 
16b 7 
W* Bb 
11* 8* 
ii* a* 

17b 9b 
14b 11* 
95* 49b 
23* li 
2JYi 17b 
75* SO 
15* 41 


10 

IAS 17 13 

10 


A3t BA 11 
.15 28 7. 
ijni4j 

» 

J6 1J M 

a « ” 

A3 ?J ID 


24 

11 

Jt 28 
861 7.1 19 
8? .9 11 

l.Me 7J 9 

.16 1A 

29 

J71 23 28 

JO I 

.101 18 


3* 

2* Sw 

Bcpr 


9 

10 

3* 

12* 

5* 5*» 

ncei 

Ah 


30 

6* 

11* 

3 

3* 5or 
16 5 or 

■dihr 

xitw 


lit 

32 

10 


Bb 

4b StF 

ovn 

88 

IJ 19 

47 

Sb 

Th 

1 stt 

=v V 

\ 


15 


34* 

17* Sid 

Pro 

M 

38 7 

88 

24b 


4 4* 4 4* 

2 37b 39b 39b— * 

2? 3* 3b 3*— b 

6 7b 7b 7b— * 
26 6 5* 6 + * 

5 111 

1 Sb Bb Sb— li 

13 9* 9* 9*— b 

208z 85* 85* 85*— * 

100= 67* 67* 47* 

17 23* 22* 23b + b 
23 38b 38b 3Bb— * 

14 25* 25 25* + * 

1000 13b 13* 13b + b 

29 5* 5 5* 

T- '5b 5b ‘Sb + * 
• 87. 8* 8b <8b + * 
64 16b 16b 16b— b 
101 3b 3b 3b 

17 29* 29 29* + * 

h T* i* T* 

f M 9ft f*— * 

77 5* 5b 5b— b 

26 13b 12* 13b + * 

11 33* 33 33 — * 

49 19b 18%. 18b— U 

3 1* 1* 1* 

300= 4* 4* ift + ft 
260 10b 10 - 10„ — b 

13 b >» b 
3 4 4 4 — * 

1 5b 5* 5b 

5 11b 11* II*— b 
10 12b 12b 12b— * 

B 10 9b 10 + * 

34 m 13 13b + b 

466 * ft * 

35 lib lib lib + Vi 
667 5b 5b Sli 

22 12 11b lib— b 

18 7b 7* 7*— b 

39 5* 4b 5 + b 

31 » « 3b— * 
? ' J* 3b 3b + * 

56 21b 21b 21b + * 

19 21* 2Tb 21* +. * 

51 2»* 2B 28 — b 
100 7* 7b 7b + b 

34 8* 8b B* 

26 10* 10 10 — * 
13 18b 10b 10b + b 

32 11 T1 11 +b 
235 11* 11* 11*— b 
112 14* 14b 14b 

256 M 9Sb 96 +b 

27 23* 23 23 

59 21* 20* 21b + * 

6 73 73 73 +1 

2 86 B6 86 +2b 


7* 

3b WTC 



17 

135 

4* 

416 

4* + b 

36* 

1816 Wofaar 

80 

LI 

24 

228 

36ft 

3Cb 

36* + * 

29V6 

15 WonoB 

.16 

9 


1UM 

19. 

ifb 

18* + b 

29 

1ft 

14b WonoC 
ft WmCwt 

.11 

8 


1 

245 

XL 

lib 

* 

18 ?5 + ft. 

Tib 

4* WshHs 



6 

28 

9b 

9 

9*. 

130 

76 WshPst 

96 

J 

13 

' 22 114*11316 113b— IW i 

20* 

14b WRIT 8 

1JS 

7.1 

13 

57 

11* 

17ft 

it 

10* 

6b WdtSCA 

JB 

29 

13 

1 

•7 

7 

7 

11* 

7b Worses 

.16 

19 

16 

. 1 

8ft 

Sb 

8b — * 

5b 

3 Wttrfrd 




107 

3b 

3W 

3b 

19b 

13b WThfdpf 282 179 


22 

Mb 

14H 

Mb- ft 

916 

8b Wrblnvn 




. 5T 

816 

Ib 

sw + b 

1 

* Wedinwt 




4 

b 

b 

ft . ■ 

3b 

* Wetxxsr 




S9 

* 

* 

b— ft 

4* 

2* Wedco 

jB2e 

7 


1- 

- 2ft 

2H 

2* 

10 

7b Wedotn 

132 14J 

6 

961 

916 

9*. 

9* 

12 

7b wedten 



U 

173 

11* 

n 

11 — * 


6* 4b Wefmon .16 15 5 
■ 14 BA WeMm- 12 

T9* 4* Weflco : 4 

2>A ft weBAm 
4 2b WMGed - 
41b 20* Wesco 82 L5 15- 
2b b W.SPCP . -- 
18b 5b WjtBrC 20 

13* BbWsmrp JD 15 
15* 6b WDtotn 21 

23W 7b WTHtBia 13 

21b 14* Wl RET 1J8 88 14 
15b 6* WstSLS JD- 1A 5 

24* 11* wfirEns 18 

4b 2b WIchBo 
Sb 3 WIckK 5' 

3* b wkftetwr 
32* 30 WIcfcrapSJD 85 
13* 9b Wiener n AO 42 7 
6b lb WVnE B 31 

7* 3b MFhtEA 
23* 19* WJnttO 2J6M0J 
46* 36* WIsPpf ALSO 98 
4* 2b IMotfHB 
21 ll*WW*ar 52 24 7 
5* 2b WwdtE - 

17b 23* WUMepf 480 133 
22b 9 Worlho J5? 

21b T4b Wroth; 82 .1 27 


W 3* 
- S 48* 
45 I 

53 9b 
171 U 
946 Jb 
433 12b 

98 20* 
133 14* 
96 16* 
12 3b 

1338 A 
303 1% 

455 29* 
5 9* 

56 Mi 
A 4b 

is nw 

H& 45 b 
5 3 
221 19* 

54 3* 

25 Mb 
45 9* 

30 18 


i&isr* 

31i 3b — b 

40b 40* + b 

i r +ft 

V* 9* 

12* 12*- Vi 
.7* 8W + U 
11* 12* -2b 
ifb m>— * 
Mb 14<A 
15b IS* 

2b 2b 

4b 4* 

1 * 1 W 

29* 29* 

9b fb + k 
4* 4b 
4U. 4b — th 
Zlb 21*— W 
45b 45b 
3 3 

19b 19* + <6 
3b 3b 
MW 14* 

9b 9* 

18 18 - to 





AMEX Highs-Ums 


NIW H1CHS 24 

-HaVSup BrownFer A 

Del Lobs Forocane 

Gtatetr Iratrons - 

Money Met. NaelUtaust 

RvstAscS SandvQtn 

SCEBOpf SCE 87009 


. -MEW LOWS M 

’ . Mi - \ ' . . ■ 

ADorhOre ... AiWxtnd k— Jaarta&ad 
Ao sl rao w IV'. 1 B50£Bcp7i Comtacc ■ 
EnsyDOTlvrt' Geoico Na tl DiUBhntwr 
SMHaverawt Tslecancrt 


Philadelphia, London ■ ■ ..mmiamm » 

_ , — . _ — AtzaCom BtgVSw BrownFerA Oar 

Tl^klnwr- T !„lr An«irwia CrwnCnP.t Del Lota Forucone Fun 

IJeLay l^nk on Upturns ass?.* SSau i& 

B _ * RttvfncTr . 'RratAn* SondvCpn 3ior 

Reuters SmlltiAOB -SCE85Qpf SCE«70of - UnAI 

LONDON — A proposed link for currency 
options traded on tbe London sod Phfladdphaa - . 14 

sto<^cxcfaaiigK ^ ban dclayed until jgSS^i. gSSSSP^SSB??? -.SSS 

3 uarter of 1986, Nicholas A. Giordano, presr- ■ pwoev/wt: GyicoN otF «iUBhww+ . btc 
ent o£ tlM Philadriphia errfiange said Wwfas- . . 

day. ■ , . • : t • • 

Hie two exchanges had hoped to inaugurate || NYSEHffis-Lows 

Mr. Giordano said regulatory authorities 
were near agreement on the plan, but soags in ..-. niw hiohs ms 

the clearing process would dday the start for at agscwt . - 

least right weeks. V 

. Arm Wi n 

The Philadelphia exchange also plans to in- bS? 82?* 
troduce options on the European Currency 

Unit during the first quarter. • EmooutEt 

■ • • ’ FstFkJeJBcp FstWttC . 

— . ... • GEICO. GtnAmlnv 

I ne imk would allow investors to open a Gt cno ate Fdi GuHWpst 
position in British poundrdoQar options or mmW 
Deutsche marlt-doOar options on one exdiange L^Sti^ 
andclose it out ou the other, effective^ expand- J^pi^ 
ing the trading hoars for those contracts on 

both exchanges. • ■ 


Caramon! 
Finvault 
LandmkBnc 
Oxford Fst 
Suer Shoe 
UnAJrPrd 


ArpoPefri 
. CrotchrRas 
RTCTronso 



; > 


. NBW HFOHS MS 


AGSCMr 
AtaP944pf 
Am Bui Prd 
Arm win 
BKtanOIck 
firlVTUpp . 
ConAgra 
Culbra- 
EmoOllf El 
FstFMalBcp 
GEICO 
GtandateFdl 
Hrfaxs 
lnd!M363pf 


■AbttfLabi ■ 
ABohCapf- 
AmSlar, pfB 
BairvsPncPi 
|s*M ladusli 
Brunswick ■ 
Coallladlp 
Curtiss Wrl 
EMMCpPiA 
FstWVSC . ■ 
GoriAm Invl 
GutfW.it ■ 
HMcnCurl 
IrvredTeq 
Koran Fdd 


Officials fran the Phils 
consult British regulatory 
to London this week. 


)hia exchange wiH 
rials during a viat 


NolPnasto 
Newell . 
OcdP2!2pf 
PVar l inc 
HopNV 3125e 
Smith Bade 
SoumrfcCn 
Tultex 
Unit Ilium 
Voro inc 


PS EG 8!6of 

SFe5ouPoc 

Stnucfcon 

SterlngBncp 

Unlievr NV 

usshoa 

VoEP 745pf 


AdobaRscn 
AJkfStrs 
AnorjCtov 
BkBosaoipf 
BestProd 
CetaapfA 
Coaprvsn 
Drevlus 
ExCelto 
.FIoProoreM 
GertwrPrpd 
Gtdton Ind 
HersJwy 
JarC936pf 
LehVaipfA 
McKesson 
MetEdPfH 
NatSvclnd 
NartlkSau 
OfiEdlD76pt 
PSEG77Dpf 
SoraLee 
Smuckerwl 
StorerBrds 
Union Com 
Unlvar Cp 
V amadoinc 


Adobe RspfA 
AmBdcsl 
AoPw235pf 
Bonner Ind 
Bordens 
auen Pea 
CrystBrd n 
Eostn UNI 
FlnSiflar 
FkmGenl 
Gillette Co 
Harsco 
UnoerOMm 
KMhvoodCo ‘ 
LorwSTalnd 
Medtronic 
MlcftCG205p 
NowEnaEI 
NSPwnopf 
Pantry Pride 
Roychem 
Shot, lee 
Sony Corn 
Telex Cam 
Union Elec 
UtPL 3D4pf . 
WtetoohflStr 


5 5* 

* W— b 


AL BAAL MANAGEMENT 

■( w) Al-Mol Trust. SA 

BANK JULIUS BAER A CO. Lid. 

-I d I Boer bond 

-Id) Contour 

•I d v Eouibaer America 

-1 d I Eauibacr Europe 

.( d 1 Eauibaer PocHle 

•( d ) Grobqr. 

-1 d 1 Stockbar 

BNP INTERFUNDS 
■<wr) Interband Fund - 

-I wl Inter currency uss 

■(wt Intercurrancy DM 

-twl inter currency Sterllno — _ 
-(*») Intereaultv Pacific Offer 


. FAC MOMTjLTD. INV,. ADVISER -f(wl Ltayra InlX Smaller COA— S 1584 (dl DreyfraFund InfL S mJ7 

. S 18289 1, Laurence Pounty Hill, EC4. 01-623-4480 NIMARBEN (wi Dreyfus l i rt r conttoent 3 3492 

iwl FAC Atlantic S 1389 -(d) don A S 9X50 ierl The EsJobltshment Trus* S U3 

5F 91188 -V*'! FAC European s V5A7 -tw 1 CtatsB-UJ- % 10149 tdl Europe OOHaattam Ecu 6385 

SF 128880 -Jw) FAC Ortanfol S 3130 -(w } Class C - Japan * 9881 (wl Hm Eagle Fond S I9JEJ3JB 

*2 H2HSH FiDEUTT fob Oft Hamllfoa Bermuda OOL I flex limited ( r ) Fifty stars Ud 8 941.0 

SF MO92®0 -(m Ame r ic an Values Common,. 8 9SJ7 -(wt Multicurrency . 8 1X10 (w) FlxmO Income Trans 8 1055 

Sf 121200 .(m Amer VMuee CuncPref 8 10423 -jwl Dollar Medium Term 8 HJO (wj Foneelex Inue Pr ... .. SF 20LS 

5£ 108980 ■( d Fkteuty Amer. Anets — s 74J7 -(wk Dollar Lang Term -J H43 (»V i^n.ir*rT^ s 729 

SF 165580 -(d Fidelity Aim rdla Fund * 1188 -<wi Japan e se Yen 8 1X64 Ierl Formula Seiecltan Fd- SF 6168 

-Id Fidelity Discovery Fund 1 1081 -fw) Pound SlerlJ no c law id Fondlfafta 8 0529 

12620 -Id Fidelity Dlr.Svps.Tr 8 12885 -(wl Deutsche Mark DM 1077 (d Govemm. Sec. Fund- 8 9069 

10.18 -(d Fidelity Far Ecsf Fund. 8 2426 -<wj Dutch Florin. FL lOJS (d FranW-TrusJ Irrtw^lra DM 41a 

3044 -id Fideflty infl. Fund 8 74J7 -(wl Swim Franc SF 10. 11 (w Haussmann Hktas. N.V 8 U7J3 

1026 -td Fidelity Orient Fund J 3X4S ORANGE NASSAU GROUP (w Hestla Funds 8 V0434 

1083 -Id Fidelity Fnonller Fund 8 T4J1 P6 85578. The Haeue (070] 469670 (W Hortzon Fund 8 T324J1 

1042 -(d Fldenty Pacific Fwrd SlS2Jn -(d) Bmrer B eleggfc i pe w 1 1 8 3180 (m IBEX HoMflnas Ltd SF 11595 

-jd Fidelity SPd. Growth Fd. 8 142? PARISBA5-G ROU P (r ILA-6GB 8 985 

1183 -Id Fidelity World Fund 8 37J3 -I d I Cortmxc Inlematlonal 8 9SJ8 (r ILA-IGS 8 1054 

B2J0 FORBES PO 8887 GRAND CAYMAN -(dIECUPAR ECU 103353 (d Interfund SA S 1883 

1783 London Apenl 01-839-3013 -fwl OB LI -DM DM 123584 (w U lMniwr M t Fund S 28046 

1573 -(wl Dollar Income 8 721 -(wi OBLIGESTION SF 9580 (d Intermlnlno Mut. Fd. CL'B* _ S 800.11 

1186 ■ w) FortwjHton InoGItt Fd t 9680 +WJ OBL I -DOLLAR 8113065 (r Inn Securtttas Fund 8 1X13 

2006 - Wl Gold Income 8 X15 -(WlOBLI-YEN Y 10346500 (d (nvestaows DM 5063 

10063 -(wt Gold Appreciation 8 448 -(wi OBLI-QULDEN FL 185770 Ir Invest Atlanttaues 8 1043 

17B86 -{ml Strategic Trading 8 1JD -<d I PAROIL-FUND 8 9068 Ir IfottorTune Inti Fund SA 8 18.18 

04027 GEFf NOR FUNDS. -( d I PARE U ROPE GROWTH—^- S1185 Iw Japan S^wdkn Fund S 13U3 

y -(wt East Investment Fund__ 8 39985 -Id I PAR INTER FUND S 126-57 w Japan Pacific Fund 8 11488 

0.900* -(wj Scottish World Fund c urns -id] parinter bond fund s 11.31 (m Jetter Pfns. Intt. Ltd siomes 

1053 -Iw) State Sf. American 8. 17257 A d ) PAR US Trees. Bond -CL B'_ S 115-59 (d KJehmarl Beraon Inti Fd. 8 2154 

1.163 Londen:01-49l423O Geneva :41-223SS530 ROYAL B. CANAOAJNJB 344GUERNSEY (W KJeiflwOTt Bens. Jap. Fd S B5J4 

1197 GLOBAL ASSET MANAGEMa NT CO RP. -+(W) RBC Conodta! Fund Ltd._ 8 118B* (W Kamo Growth Trust KW 884753 

1.139 PB 119. SI Peter Port, Guernsey. 0481-28715 -Hw) RBC Far EastApadflc Fd_ 8 1225 8 990 


-Id} Fidelity Discovery Fund 8 1 08 1 1 -{wt Pound Sterling. 


- 8 1262 0 .(d) Fidelity Dir. Svps.Tr 

- 8 l o.i b -( d) Fidelity Far East Fund. 

DM 3044 -( a j Fidelity Infl. Fund 

- ( 1026 -( d S Fidelity Orient Fund 

. 8 1083 -( d) Fidelity Fnonller Fund- 


■i?LL7!Sr?H2 ,v N -Amer. Offer— 5 1042 1 -(d) FIdeMv Pacific Fwxl 


BANQUE INDOSUEZ 

■f d 1 Allan Growth Fund 8 1183 

-(wl Dlverbond— SF B2J0 

-Iwl FIF-Amerlcn .... . 8 1783 

-Iwt FI F- Europe. % 1573 

-Id) FIF-lntemationol__ 8 1186 

-(w) FIF-PodllC S 2006 

-(d) Indasuez Multibonds A __ 8 iooa2 

-Id) indosuez Muitlbands B 5 17884 

-(d) Indamex USD (MJVLF) S 104077 

BRiTANNiArPOB 271. SL He Her, Jersey 

-(wl BritJSaUor income. s 0.900* 

-(wl BriUMangeXurr — - S 1053 

-( d ) BrTt. InrVS Manoouartf___ i 1.163 

-Id! Brit. Infix ManagJbrtf C 1197 

-( w i Bril. Am. inc A Fd Lid 5 1.139 

-(w) Brlt-GoW Fund j 0893* 

-(wl BrlIJWanoo.Currency_„ t 1482*: 

-( d I BrIL Japan Dir Pert. F d s i.imj 

•(wl BrILJersev Glfl Fund ( 071 B 

-(d) Brit. World Loll. Fund 8 1209 

-( d > Bril. World Tectid. Fund 8 0744 

CAPITAL INTERNATIONAL 

-Iwt Capitol Inf! Pimrt s ^37* 

-(wt Capital Italia <a • lgjy 

CJTICORP INVESTMENT BANK (LoxJ 
POB 1373 Luxembourg Tel. 4779571 


Oftaring win be handled ^/ihrt Londonhued ' NEW LOW5 u 

Internationa] Commodities ClearingHouse and SssS- 7730 > 

by Options Ocaring Corp. Chicago. * SSi? ‘ 


: I. 

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> * M J 

*ir 

n.; a W. 

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8 12885 -(w) Deutsche Murk- ! 

8 2426 -(w) Dutch Florin 

8 7487 -(wl Swiss Franc ! 

S 3X45 ORANGE NASSAU GROUP 
8 1481 pe 8557ft. The Hague (07DJ 469670 
8 15X01 -(d) Beyer Tleleoolnpen ► l 


■Tw, sST 


& 


-(d) Fidelity SPd. Growth Fd. 8 1629 1 PARISBA5-GROUP 


5 1183 -i d I Fidelity World Fund 8 

SF BZ20 FORBES PO B8>7 GRAND CAYMAN 
8 1783 London Agent 01-839-3013 

S 1573 -fwl Dollar Income 8 

1 11JJ6 *(w) Parties Hten Inc. Gllf Fd ( 

s 2006 -(w I Gold Income 8 

s 19m 3 -(wt Gold Appreciation * 


3773 1-( d I Cortmxc International. 
I-Cd J ECUPAR 


-(wlOBLI- 

* 781 -(w) OBLIGESTION 

t 9680 -(W) OBL I -DOLLAR 

8 8.15 -(WlOBLI-YEN 

S 488 -(wi OBLI-QULDEN 

8 1JD -(d) PAROIL-FUND 

-(d) PARE U ROPE GROWTH- 
8 39985 -Id) PARINTERFUND — 
C 13185 -Id] PARI NTER BOND FUND. 


8 17B86Mm) strategic Trading 
S 104027 GSFINOR FUNDS. 
■9ty„ I -(wt East Investment F 



0693* -(w)FulurGAMSA 

1482* -(wl GAM Ar t lPrnee Inc 

1.130 -(wl GAMertca Inc 

0218 -(w) GAM Australia Irtc 

1209 -I w I GAM Boston ine 

0744 -iwt GAM Ermltaee 

-(wt GAM Fronc-val 
437B -iw) GAM Hang Kong Inc __ 
1829 -iwt GAM International lnt_ 

U (w) GAM Japan Inc 

-iw) GAM North America Inc. 


. % 12X31 -Hw) RBC Inn Capitol Fd 8 2673 Id > LelCOm Fond *139481 

. 1 13041 4(wl RBC inn Income Fd. 8 11.16* (wl Leverage COT Hold 8 18722 

. S 15429 -+(d] RBC McrrCurmcY Fd 8 2789 (di Ltaufboer 1 136000 

_ 8 99.18 -+(wl RBC North Amer. Fd. 5 1055 (w) Ltcrfund 8 7X27 

. 8 11384 SKANDIFOMO INTL FUND (464-236279) (ml MOsnafund N.V. 8 15922 

. 8 1498 Hwtlnc: Bid 5 *23 Offer 8 673 ( d ) MedlaKmum SeL Fd. 5 2047 

SF 11082 -{WIAOCIBU 8 A3S Offer 8 676 ( 1 1 Meteor* Y 10384380 

8 10084 SVEMSKA INTERNATIONAL LTD. (w) NAAT 8 11.15 

. S 13820 17 Devonshire Sajxmdan-(n-377-S04Q id) NDtko Orowfh Package Fd — 8914081 

8 11881 -( r 1 5HB Bond Fund 8 2524 iw) Nippon Fund 8 3588* 

. 8 11487 -iw) 3HB Inti Growth Fund 8 2621 (m) HOST EC Portfolio 8 531886 


the world 


IjiHl KSfi ^. a rtr ECU 101X24 -(Wl GAM N. America Untt Trust. UiJBp SWISS bank CORF. (ISSUE PRICES) (w) Novotec Investment Fund s 9772 

5,1,1138 -{WIGAM Poctttc Inc 9 I3SJ8 *(«l] Amer ICO- Voter SF 49975 (w)NAJftF. S 17Ut 

I'SSUE PRICBSJ - w> GAM Pens. & Char. vnrWw.- W8JDP -io J D-Merk Bend Seleetfon — dm 17281 (m) MSP FJ.T 5 17033 

1 i 1 off ,dT?n%P? w . SF tnn -iwl OAM Pens. & Char. U.K. Fd._ lOSJOp -id j Dollar Bond Selection 8 14010 id) Pacttlc Hortam invt. Fd s 171920 

j A I wSftr £.***— r SF 104J0 -twIGAMrlnt 8 11528 - d Ftortn Bond Selection FL 12632 (wj PANCURRI inc 8 2U6 

. It I Sn y°! or R?" 0 ** DM 10079 -iw) GAMS WBOPare/Mg toy inc — 8 *7.97 -id 5 Intervglor -SF 8725 ir 1 PcrfonSw. R Est Geneva w 5F 139780 

J2i S5 , ^^ > ?. LLAR — S loaif -(w) GAM stena imi unit mm— 1S1JS*P -(d)JoDon Portfolio SF 89425 (rlPermolVolueN-V SU2891 

'( F ! Bow* yojor c Sterling — 1 10002 -(w) GAM Worldwide Inc * 18751 -( d ) Sterling Bond Selection t 108.18 (rj Pleiades 

'??■ m.Tf? Yen99BSJ)0 -Iwl GAM Tvche SJL Class A 8 12586 -(d) Swiss Foretan Bond Sel SF 11049 jw> PSCO Fund H.V. 

'52!£!2S}£i£S! , 4 = — - SF 321- 10 o t. management iuh lm. -i a j swisivaior nn series — sf mso Jwi pscointLN.v 

'IS Convert Voter VJS-DOL LA R_ s 17X43 -id) Bern Poo RLLttL s 1153 -(d) Unlvenal Sand Select. SF 8150 j d J Putnam Inn Fund 

-**? Conoie c — — SF 6SL00 ■( r I e.T. ApeHed ScJonce— - * 14JR -( d i Universal Fund— SF 12X15 (r)Prl-Tecn 

i FondvOoms SF 7980 -(d) G.T. Asean H.K, GwttLFd * 1X99 -(d i Yen Bond Selection—— Y 1034280 (w) auantnm Fund N-V.__ 

d CS F pnd*- lnn_ — SF 12X50 -(d) G.T. Askl Fund * 420* UNION BANK OF SWITZERLAND [di Ranto Fund 

8II01J0 -(d) G.T.Austrolta Fund 8 2588 -(d) AmcaUJ.Sn. SF 3850 (d> Rentlnvrat 


•f ” M on e y Mortot Fund- DM106UWHd) G.T, Europe Forte S lX6z|-(d) Bond- Invest 

-(diCS Money Market Fund c 104480 -(w) G.T. Eura Small Cos. Fuad — s 1584 j -(a) Foma Swiss 


IS! 5™^* c - Vo,or - SF 14880 Hr) G.T. Donor Fund 

4<n u asoe— SF 62180 -id) G.T. Bond Fund 

J EurOTo-VQlor_ 51= 1B6J5 -( d g.t. Glow Tectmtev Fd 

* F fSBJS -(«J i G.T. Honshu PathHnder- 

DREXEL BURNHAM LAMBERT INC -(d) G.T. Investment Fund— 


w® 11 •( w l G.T. Joflon Small Co.Fimd_ S 47.16 1-( d ) unH 

LONTONEa 10192097971 -( t ) G.T. Technology Fund S 2428 

-Iw) F habwiY G rtyp Lid. 5 128JN -( d ) G.T. South China Fund 5 15L33 

-(Ml Winchester Dtwwsltled X 1983- HILL SAMUEL INVEST. MGMT. INTL. SJL 

^m) wflncheNer FinwKkn Lid. — s 889 Jersey, PG. Bax 6X Tel 0534 76029 
-(m) Winchester Frontier 8 10220 Bame. PX>. Bax 2623. Tel 4131 224051 


A5*p -<d)J0D0n Portfolio SF 89425 ( r ) Permal Volue N.V 8132891 

18751 -Id) Sterling Bend Selection I 10X18 (rJPMades 8112444 

8 12526 -Cd I Swigs Foreign Bond Sel SF 11049 jw> PSCO Fund N.V. 8 13290 

„ -(d)Sw(ssvalor New series SF 38IJ0 iwl PSCOIntLN.v ■ 1QSJ4 

S 1183 -(d) universal Sand Select. SF 8150 ( d j Pulnan Inn Fund S 7329 

s Kin -( di universal Fund——— SF 12X15 (r)PH-Tech s 80035 

S 1X99 -(di Yen Bond S*1 tetter Y 1034200 (wl Quantum Fund N-V 853U73 

420* UNION BANK OF SWITZERLAND (d) Renta Fund LF 281980 

2598 -(d) Amca U2.sn.__ SF 3850 (d) Renttnveet LF 1053-56 

]J6Z -(d) Band- Invest SF 67J5 (d) Reserve Inured Deposits SJIltJJ 

584 -(d) Feraa Swiss 5lL SF 174J0 (w) Rudatf Wolff Fid Fd Ltd S12S380 

1544 -(d) Janan-lnve«l SF 949J» (wi Samurai Portfolio SF 11740 

11.91 -id) Saflt South Afr. Sh. SF 31180 (dj SCt/TecJi.SA Luxembourg- S 1L34 

1X85 -(d) stme (stock price] SF 22180 iw Seven Arrows Fond M.V__ 5 92481 

».17 UNION INVESTMENT Franhfart (wl Stale St. Bank ERulty HdpsNV S 10.11 

2042 -(dl Unlrmta DM 4040 (wj Strategy n we itm eni Fond s 2425 


420* I UNION BANK OF SWITZERLAND 
2SJ8l-(d> AmcalU.SR.__ Sf 


(wj Quantum Fund H.V.. 
Id) Renin Fund 




-(w) WinctWSter Ho Wings FF 10689 -(d) Crawbaw (Far East)— - SF 1X91 (w) Active*) tntl 8 1198 (w) Tokva Poc Hotel << 

, .... .... 1U S 1X50 -(d) CSF (Bafflneed) SF 2643 im Allied LM S 475 (w) Tokys Pac KaW. N 

-<w) WorjdwMe Stcurlto — s 50.14 -( d ) European Eaultr Fund DM1140 (w)Aaulio intematleaBl Fond — s 17X91 Iw) Troasaadflc Fund 

-(wi Wortewta^pr^g) . i 1799.90 -(dj infnL Bond Fund — S 1162 ( r ) Arab Finance l.F s 94440 (wl Tries Europe Fun 

DIT INVESTMENT fpm -( a ) Int Currency UJ. I 3684 (PArtene 8191786 < d ) Torwofcse Fund_ 

-H d ) Concent re DM 3375 *4d) ITF FdJTecnnofoay) S 1471 (w) Trusrcor Inri Fd. IAEIFI S 1082 (w) Tweeay^rawne 

»*4d) Inti Re«V t ^ M ■ o n * , . . DM 9X25 -< d 1 O'Seal Fa (N. AMERICA) _ 8 2970 (wj Bcnd»ele»-laue Pr. SF U7J0 (w) T w g»dyJrawnen.t 

mntn a Marggf 4 Lhnr d.Geo ree. Brueeel* JARDINE FLEMING, POB 78 GPO Mo Kg (ml Canada Old MartaaQe Fd 8 946 tm) Tweedy Browne <U 

-(ml D»H Commodlly Port S3SX54*** •( r > J.F CurrencvBBond S 1385 (d j Capita Presenr. Fd. fntL s 1149 (dlUNICOFond 

Jm! Cummer a GoMPow^ SIS781 *** -( r I J.F Hong Kong Tru*l 3 3X53 (w) Citadel Fund. S 182 (dl UNI Bond-Fund— 

Winch. UteFutPooJ. -( r [ J S Poefflc : Income Trial — Y 3AS (ml Oevttan d Offahare Fd. *210148 jrl UNI Capital Fund. 


FF 10689 -(d) CroHtaaw (Far East). 

- S 12J0 -(d) CSF (Balanced] 

— 8 50.14 -( d ) European Eaultr Fum 

. S 1799.90 -(dj InfnL Bald Fund 

-{dl int Currency U8._— 


jml Trot 1 * *ortd PjAPert— — . ssi&4i — -I r ) J.F Japan Trust 

mcEKtJ sftuwgg2«»- H j | -i-P JS5SS JSSi 


(d)inc: B“- 


-( r I J.F Japan Technoteev — Y lu 

H ri J.F Pactflc 5 «c8.iacc) 8 7‘ 

LLOYDS BANK INTL, POB 438, Geneva 11 

-Mwj Ltevds Inti Dal tar S life 

-+ wj Lloyds Inn Europe—— SF 126J 

-Hwi LlOVdS Inn Growth SF 173J 

■+I w i Lloyds mil income SF 317J 

-Hwj Lloyd* inn N. America— . S 1054 

-Hw) UOVBS Irm Poclflc SF 13X1 


Y 4650 (w) Cotambta SeculileS 

Y 18245 ( rlCOMETe 

8 727 (wj Convert. Fd. inn A Certs, 

enevail cw) Convert. Fd. inn B Certs- 

S 11840 (w) Dahrn Janan Fund— 

SF 126JD (W) D.G.C 

SF 17X50 -Id l DoHor-Baerbond Fd 


^dl Short Term 
Hw) Loao Term. 


SF 317 J0 Hd) D-mortuBoer Bond Fd. DM 102340 

X 10585 ( d ) 0. WtHer Wld WWe Ivt Tet._ X 1250 
SF 13X60 ( r I Drokkar invesLFund N.v___ s 1191 JO 
1 d ) Dreyfus America Fund 3 1048 


I . , DM 29 JO (di Syntax Ltd. 1 (CkasAr 8 JL50 

-(d) Unirafc DM B3 jo wl Techno Gmwm Fund— SF 81M 

-(d)UNIZINS DM 10740 (d) Thoratan Austraita Fd LM_ S 983 

Other Funds (d) Thornton HKXCWna S 1025 

umer runos (d Thornton Japan Fund LM X 1274 

Iw) AcMbaod* investment# Fund. 8 2441 ( d i Thomton OrtentJrtc. f=d Ltd 8 

.1 1198 (w) Tokva Poc KateL (Sea) s 10X54 

t 475 (w) Tokyo Poc KaftL N.V X U8J4 

X 17X98 (w) Traanadflc Fund s 9723 

X 94440 (w) Trnro Euroue Fund FI 5037 

*191786 ( d ! Tarawa be Fund X 11726 

s 1082 (w) Tweeay^rawne fiMjCiascA 8232323 

SF U7J0 (w) T w eecty^ruwne iLvXtaaiB S199S99 

* ,944 (ml Tweedvjkowne (UJU n-v — . X 161U< 

3 1149 (dl UNICO Fond DM 7420 

* 182 (dl UNI Bana.Funa 1117199 

*210141 (rl UNI Capital Fund *121786 

FL mu (djusriBoratSoqpwea * 1845 

s 57545 (dluSTreaurykicometund * 

1 1145 Iw) Vanderblli Assets— — — * JX57 

I 3100 (d) World Reid SA—. * UJ* 

Y 10330 
X MHO 
S 103920 


SF • Swiss Francs; a - adted; +- Otter Prices A - bM dniwa 
di ** - Ex-Ris: *** - Grass Per f orm anc e index segtemner; ■- 
price os on Aimfentam Stack Exchange 






The International Haald Tribune Bringing the Wcdd^Most In^xxiant News to the WorkTs Mostln^oitanTi^^^ 


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INTERNATIONAL HERALD TKIIil NK. Till KSI> . NOVEMBER 21. I9H.» 


S. African Industrialist Sets a Management Style 


CURRENCY MARKETS 


^ ins«teAngloAiaerican — the main 
to official Dolicv 0pp0sidon ^nation since Mr.- Oppenhrimer 
**-— “ withdrew first from the chainuan- 

of Angjk> American in 1982 





pcnhamer’s son. Nicholas, yi, is a 
deputy chai rman and runs Central 
Selling Oreamzatfon in London, 
the sales subsidiary of the De Beers 
diamond enterprise. . 

In the chain of interlocking in- 
terests, Ernest Oppenheimer & 
Sons owns roughly 8 percent of 
Anglo American, which in turn 
holds 342 percent of De Beers, 
while De Beers has a 38J-percent 
stake in Anglo. 

Gavin Walter Hanoi ton Relly 
has the appearance of a rich and 
weD-liked node, expressing the 
ease with wealth and mobility that 
can, in one breath, speak of bis 
liking for salmon fishing m Scot- 
land and Patagonia wink deprecat- 
ing bis ability to capture the prey. 
Hu smOe has been described as 
puckish. 

After attending a good school in 
South Africa, Mr. ReBy went to 
England where he studied politics, 
phflosopfey and economics at Ox- 
ford's Trinity CoDege. He spent 

. ,. — so * ne time after his return to South 

— ^ publication, While Mr. Oppenhoimcr has Africa working for Sir de ViHiers 

thn ■ eter W. Bo- withdrawn from the chairmanship Graaff, an opposition politician, 

successive of both Anglo American and De and as a result he came into contact 
Rrfhr’csmmt ouplying that Mr. Been, he maintains control of his with Hany Oppenhdmcr, then also 
m . ^osineas family's private company, Ernest an active opposition politician. 
°^ er “ Mr ' Oppashdaser ft Sons, of which Mr. Oppcaheimcr “said he’d like 

.Bouta s pohucal status. both Mr. HeDy and Mr. Ogilvie me to come up and help him with 

ot many outsiders — and some Thompson are directors. Mr. Op- his politics," Mr. Refly told an in- 

Research Director Sees No Room for Emotion 


There gestures, however, do not 

sdf has rdmquished a wish to in- 
fluence the corporate ” - 

colossus that bears his 
lier this month, Mr. O 

South Africa that the ANC sought 
an economic system that woKl 
destroy everything that we fotSs 

toom stand for- and so bSS 

should not offer h Nnoral support 

or material support.” - 

Those comments seemed to re- 
flect annoyance at Mr. Rdhfa ao- 
Wm Mr. Reify might wetf haw 
begun filling his own boots — but 
not without an occasional rebuke 
from the cobbler who had fash- 
ioned the corporate leather. 

Despite such rebukes, however 
n Jn. “f* *? ** “fared that Mr! 


riier] from its aster organiza- 
tion, De Beers Consolidated Mines 
Ild^m 1984is the extent to which 
his successors have been .able to 
operate autonomously. 

Mr. Reify and his counterpart at 
De Beers, J ulian OgQvfc Thamp- 
son, find the question mildly irri- 
tating because it has been asked so 
often— and because, perhaps, h is 
thekmd of question that chief ereo- 
urives dsewhere might not have to 
face. But both, in the patrician 
manner of the upper echelons of 44 
Main Street, the corporate head- 
quarters in- Johannesburg, seek to 
answer it graoously. 

“His presence, " Mr. RcDy said of 
Mr. Oppenhetmer's role these days, 
“is always an enormous support 
and encouragement, so the leader- 
ship could not be moresatisfhctoiy. 


w«h lere thanrcspect Leadership him fit and wdl and enthusiastic." 
&A, a glossy bosmess pubbca&S, Whfle Mr. Oppenhai 


has 




(Cautioned froai Page 17 ) 
last month to speak with institu- 
tional investors, said everyone 
agreed there is relative value now 
on Wall Street 

“Bat they’re concerned about the 
doUar,” he said. “They tMwV it's 
going down further. If the belief 
sets in there that the <fan»r ha* 
stabilized, I think Europeans 
would become strongly attracted to 
US. stocks." 

Duff ft Phelps covers 100 utili- 
ties, and Richard J. Spletzer. who 
directs the department, still liv*s 
their potential, although electricals 
have outperformed industrial 
stocks on Wall Street seven of the 


last 1 1 years, including three of the 
last four. - 

He pointed out that the Standard 
ft Pom's 500 is sefling at about 11 
times expected 1986 earnings, 
while the price-earnings ratio for 
utilities is about eight. 

“So you're paying a higher price 
for the rest erf the market, phis with 
utilities there’s more confidence in 
the total return because it’s based 
substantially cm yield,” he said. 

The fact that the industry is regu- 
lated creates a tougher environ- 
ment for irtiKtip-a than other busi- 
nesses and accounts for the 
price-earnings spread, he said, re- 
caning that it was not always that 
way. 


“It blows people's minds to learn 
thar P/Es of electricals were in the 
lower 20s, considerably higher than 
the general market, back in the ear- 
ly 1960s.” be said Tve also seen 
every fuel gp into favor and every 
fuel go out of favor over the last 25 
years." 

Another Chicagoan, Donald 
Hahn, of HH&G Securities, is a 
bull the city’s old stockyards would 
be proud of. He thinks that Wall 
Street prices are about 25 percent 
undervalued long term. 

Short term, however, he sees lim- 
ited upside potential for Wall 
Street and recommends investment 
exposure of 75 percent. 


lerviewer, “but it gradual!) veered 

off and became a business liaison 
ihing." So he worked as private 
secretary for both Hany and Sir 
Ernest. 

Mr. Relly went to Anglo Ameri- 
can in 1949 and moved through 
several of the corporation's divi- 
sions, developing the Orange Free 
State gold fields, miming the com- 
pany's coal-mming division and 
helping plan and dfivdop its High- 
veld Steel and Vanadium project 
In 1958, at the age of 32, he was 
appointed a manager of the corpo- 
ration. Later he joined the beard to 
supervise the company’s operations 
in Zambia, where the newly inde- 
pendent government took a 51 -per- 
cent stake in its copper-nuning sub- 
sidiaries and awarded a lucrative 
manage ment contract m return. 

From 1970 to 1973. Mr. RcDy 
headed Anglo American’s North 
Americ an division,, fused in Toron- 
to. Anglo American and De Beers 
do not operate pubBdy in the Unit- 
ed Stales because of what the com- 
pany says are antitrust investiga- 
tions. 

The image of Anglo American 
remains predominantly that of a 
South African mining and industri- 
al colossus, with revenues largely 
from domestic holdings, particular- 
ly gokl, which is estimated to ac- 
count for 40 to 50 percent of its 
income. 

Mr. Refly was once asked what 
was involved in the distinctive style 
expected of Anglo American’s se- 
nior executives — a style by which 
Anglo American maimam* a gen- 
tlemanly image in a business that is 
basically a crude battle between 
m an ager s pushing miners into con- 
frontation with unyielding rock un- 
do: unpleasant circumstances. 

TBs definition, reportedly, was: 
“1 think it is to be www-Jh tougher 
than one looks." 

Anglo American’s management, 
he said, sought to be a “tolerant, 
broad-minded, able bundle of 
chaps coming along who in the last 
resort will be as tough as anybody 
but in the first resort wfl] seek to 
achieve their objectives not by sim- 
ply slashing around but by creat- 
ing." 




Dollar Gains in Europe on GNP Data 


Hany Oppeohetmer 

Y« there is ihe juxtaposition — 
in a corporation with assets em- 
bracing gold, diamond and other 
mines, real estate, insurance and 
newspapers — of politically re- 
formist principles and an urge to- 
ward profit. 

Mr. Relly, for instance, is an ad- 
vocate of freedom of the press- Un- 
til the demise this year of Tbe Rand 
Daily Mail, once South Africa's 
dearest voice of newspaper opposi- 
tion, he was one of its supporters. 
He said in a speech that when [he 
newspaper ran into rough financial 
sailing, Anglo American — with 
controlling interests in its manage- 
ment — could have bailed it oul 
B ut it was not bailed out, and it 
sank — the reason, ostensibly, be- 
ing that economic viability is essen- 
tial to press freedom. 

Mr. Refly also has pursued An- 
glo A meric a n ’s policy of promoting 
the organization of hlari- trade 
unions, breaking ranks with other 
mining employers in negotiations 
this year to increase a wage offer 
and head off a miners strike. 

Nonetheless Mr. Relly presides 
over a company that has shown 
readiness to summarily dismiss 
thousands of black mine workers, 
accusing them of a lack or disci- 
pline. And the company's labor po- 
licy is entwined with legislation 
stipulating that 97 percent of all 
black mine workers must be mi- 
grants. living without their families 
while they wwk out their contracts. 

Increasingly, in South Africa's 
tunnoil, businessmen are adopting 
political postions, calling for an 
acceleration of reform and an end 
to discriminatory practices that 
damage black destinies. 


Reutm 

LONDON — The dollar dosed 
higher in Europe Wednesday on 
the strength of a surprising upward 
revision in U.S. gross national 
product data for the third quarter. 
But dealers said the currency faded 
from its session highs as the mar- 
ket's longer-term bearishness to- 
ward the dollar reasserted itself. 

“The GNP number was splendid 
on the face of iu but the relatively 
small dollar rally amply underlines 
how strongly negative market sen- 
timent is," one London-based Uil. 
bank dealer said. 

In London, the dollar ended at 
161 10 Deutsche marks, below its 
af (emoon peak of 16 1 85 but above 
its Tuesday dose of 15980. It also 
rose in Loudon to 203J5 yen from 
202.35 and to 11410 Swiss francs 
from 11265. 

The British pound ended little 
changed ai SI .4335, down from 
Si. 4365 on Tuesday. It ended high- 


er against continental currencies, 
rising to 3.7455 DM from 3.7320, 
and to 3.0705 Swiss francs from 
3.0555. 

Dealers said the upward revision 
of the figure for the rise in the GNP 
on an annual basis, to 4.3 percent 
from 3.3 percent, came as a sur- 
prise. Most economists had expect- 
ed growth to be revised tower. 

But they added the positive im- 
pact for the dollar may also have 
been limited because the revision 
was due partly to a downward revi- 
sion in the measure of inflation. 

Dealers added that a breakdown 
of the GNP data showed an in- 
crease in inventories, ' suggesting 
that production in the current 
quarter would be lower. “A build- 
ing up of stocks now means less 
demand later," one dealer said. 

Dealers alio said that markets 
were cautious about pushing the 
dollar up too far in case central 
banks intervened to cap a runaway 
rise. “Today's events show bow 


successful the central banks have 
been in putting a lid on (he dollar," 
one U.S. dealer said. 

Although many operators had 
built short dollar positions ah^d 
of the GNP data, dealers said, these 
were cut after the news. Signifi- 
cantly, however, no long positions 
were buOt. they added. 

Dealers said trading was very ac- 
tive, particularly during the after- 
noon session, but volume was not 
high. 

In other European markets 
Wednesday, the dollar was fixed at 
midafternoon in Paris at 7.911 
French francs, down from 7.9475 
at Tuesday’s luring; at 2.9215 
Dutch guilders in Amsterdam, 
down from 2.9330, and at 1,755.25 
lire in Milan, down from 1,763.00. 

In Zurich, (he dollar closed at 
2.1400 Swiss francs, up from 2.1 2S3 
on Tuesday. West German markets 
were dosed Wednesday for a na- 
tional holiday. 


Dollar Straights Are Hurt by U.S. GNP Data 


By Christopher Pizzcy 

Reuters 

LONDON — Prices of seasoned 
dollar-siraight issues tended to 
edge lower throughout Wednesday. 
News in the afternoon that U.S. 
third-quarter gross national prod- 
uct grew at a 4.3-percent annual 
rate, compared with the previously 
estimated 3.3 percent, was a major 
factor, dealers said. 

Many dealers had expected the 
figure to show liule change or a 
decline from the previous estimate 
and the upward revision shocked 
the market. By the end of the day, 
prices here were showing declines 
of between h and H point, al- 
though dealers said selling was 
largely professional. 

Dealers said that the market had 
adopted a more cautious tone any- 
way during the morning following 


Tuesday’s remark by the Federal 
Reserve Board chairman, Paul A. 
Volcker, that the United Slates 
cannot be “cavalier" about above- 
target money-supply figures. 

However, they added that the 
effect of the GNP growth figure 
was somewhat cancelled out by 
news that U.S. inflation stayed at a 
moderate 3.1 percent annual rate in 
the third quarter, down from the 
second quarter’s 3.9 percent. One 
trader said, “the inflation figure 
had a steadying effect. Things 
could have been really bad without 
iL" 

Prices of issues for units of Tex- 
aco Inc. were hard hit after Tues- 
day's news that a Texas jury had 
ordered the company to pay S10.5 
billion in damages to Pennzoil, re- 
lated to Texaco's takeover erf Getty 
Oil in 1984. 


The 13 1* -percent bond for Tex- 
aco Capital NV due 1989 ended at 
around I06U, compared with Tues- 
day's dose of 109K. 

No new dollar straights were 
launched, but two floating-rate 
note issues were issued Comalco 
Finance Ltd issued a SI 80- milli on 
floater as part of its £48Q- mi11i on 
refinancing package that also in- 
corporates a S 300-million global 
note facility. 

The eight-year issue pays the 
three-month London interbank of- 
fered rate fiat and ended on the 
market at 99.82. 

Santa Barbara Savings ft Loan 
Association issued a $250-nnEion 
collateralized floater paying Vfc 
point over three-month Libor. The 
10-year issue was quoted on the 
market at about 99.66, inside the 
total fees of 40 basis points. 




Prices 


NASDAQ prices as of 
3 tun. New York time. 

Via Thu Associated Press 


*-s* tf | 


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Sates In Net 


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152 

m 1 

Uft 

UkliMiLI 

J2 

2JJ 

94 

161k 16ft 16ft 

| 




O 

1 

raft 

314 GTS 



11 

3ft 3ft 3ft— ft 

UVk 

9ft GoUrta 



3 

11% 11% 11% + 5b 

Uft 

4ft GamaB 

.10 

23 

313 

45% 4ft 4ft — ft 

sav. 

29V. GonMch 



769 

59 SN. S&V. — 1% 

9ft 

5. Genets 



2103 

9ft 95k 9ft 

BVV 

lft Genex 



143 

lft 15k lft 

Us 

9ft GOFBfc 



185 

25ft 25 251% + ft 

3ft GfriMs 



7 

7 6ft Aft— ft 

2454 

16 GU>sG5 

J4 

U 

683 

19ft Uft 19ft + Ik 

17ft 

12ft Gotoos 



97 

171% 17ft 17ft— ft 

241% 

10U. Gott 



38 

23ft 23V> 23ft + ft 

18ft 

lift GouktP 

J6 

43 

ISO 

17 lift 165k + «. 

195k 


34 

23 

IB 

19 IBft 19 

lift 

51b GrPbls 



24 

lift U lift + U 

756 

4 GrPhSc 



100(1 

654 Aft 6ft— ft 

22ft 

13ft GW5av 

Mr 2.1 

121 

22ft 22 22ft + ft 

12ft 

8 GtSoFd 



9 

Bft 8ft Bft — Vk 

17ft 

8 Gtecn 



120 

16ft ltfft 16ft + ft 

Ik 

12W GuJIfrd Joe 
64 GtfBOc 1530c 

A 

141 

16 

'X U \~ * 

r~ 



H 

1 

24ft 

15ft HBO 

JO 

1J 

594 

17% Uft 17 — % 

17 

81A Haber 1 



144 

17 16% 16ft 

71b 

316 Hodco 



229 


31b 




102 

Zft 35k 2ft 

19ft 

131b HamOtl 

.10 

3 


19 18% 18% 

34% 

10ft 

25ft HrHNt 

4 Hcrthws 

L72 

JO 

5J 

23 

1064 

22 

345% 34ft 34ft + Vi 

9 8ft 9 +ft 

lift 

Sft HawkB 

-Ml 


93 

6 5ft 55k — W 

91b 

15k Hllhln ' 



61 

2Vi lft 2 + U 

4ft 

114 Hllhdvn 




2ft 2ft 2ft— ft 

23ft 

15 HcPoA* 

.14 

.9 

77 

18 17ft 17ft— ft 

241% 

IS HcftaBs 

JIB 

A 

6 

20U 19% 19% 

4S 4ft 4ft + ft 

Bft 

35% HetenT 



67 

3756 

15 Heft* 



60 

21% 2114 21W 

305- 

31ft HenrdF 

.920 23 

52 

35 34ft 35 + ft 

245k 

i,V .--1 

IJUb 4J 

141 

23 Ik 23 231k + U 

1316 




1 


12 




1004 

61% 6% 65k 

32ft 

1256 HmFAz 



5 

32ft 32ft 32ft + ft 

10ft 

lft HmecM 



76 

lft lft lft 

44ft 

24ft Hoover 

IJ8 

23 

7 

43 42ft 42ft— ft 

416 

Sft Horzlnd 



831 

4% 45b 4% 

33ft 

14ft HwBHJ 



63 

311% 30ft 31 rt 



JOe 

J 



lift 

816 HntO In 



13 

12 12 12 

25ft 

lift HnioB s 

J4 

13 

16 

2Slk 25 25% + W 

2954 

u Hvorttc 



37 

28ft 28W 914 

MIA 

456 Hvponx 



104 

131V 13W 135% + 5b 

9 

556 HvteVM 



1 

8 8 8 + 56 

| 



i 


I 

1054 

716 ILC 

Uft I6L5S 



9 

9% 9% 95b + IV 

35ft 

JO 

3 

409 

31ft 31ft 31ft— W 

lift 

Tft ISC 



406 

13% 13ft 13ft— U. 

756 

3ft lent 



193 

7ft 7ft 75%— ft 

10ft 




294 

8% Bft Bft- 1% 

TV, 

3 Vi Ineane 



143 

52 515b 515k f W 
23 22ft 22ft — ft 

32 

20 InloRsC 




24U. 

12ft Inftm 



19 

IB 17Vs 17% — 1A 

33ft 

17 InstNIW 



328 

25 24% 24ft— ft 

lift 

Sft intaem 



M2 

5ft 516 55v 

15 

Bft IntpDv 



426 

14% 14'A 14% — ft 

45b 

23ft 

1DW IjhSSo" 



41 

4 

16W 14% 16H. + ft 

32ft 

20ft Intel 


9891 

29% 36ft 29ft- w 

914 

3 tnttSv 

iv* tntrTei 



388 

4 3ft 3ft— ft 

Tft 



24 

2ft ?te 7ft 

1W> 

BU Intrnd 



V 

12ft 12 12ft + ft 

Uft 


JO 

13 

IBS 

13ft 12% 1314 

1516 

21 intooitb 


1086 

291A 28% I91A 

1016 

5 Intrmsn 






10ft intmec 



101 

13ft 13 13ft 

Uft 

JW inrrmrr 



6 

6ft 6ft 6ft— ft 

17 

a imam 



345 

10ft 10 10 - Vi 

IBft 

8 W IGamo 



47 

B5k B*» Oft- ft 

251V 

41% inrKIno 



38 

21 20% 205k 

16 

a 

71% 1 muses 
44% MM0N1 
ft IRIS 



236 

151% ISft 15ft— ft 

3V, 




lft 1% lft + ft 

26 

9ft IT CPS 


1002 

26% 25% 2414 + ft 

14ft 

Aft lomeoo 


5S36 

12ft 11% 11%— ft 

Uft 

9ft Isomdx 



7 

12 1H4 12 , 

IP 

5ft Itet 



766 

9ft 9ft 9ft + ft 

1 



J 


1 


1556 

9ft JBRSfS 

.U 

\A 

127 

UU 

II 

1154 + 14 

BU 

3ft Joe boot 



157 

6ft 

81% 

6ft 

41ft 

25% JadiLfe 



57 

37ft 

3PA 37ft + 'i 

25ft 

u% JomWtr 



52 

24fe 

» 

24 

8% 

4ft JbfMort 



5S7 

4% 

4W 

4ft — ft 

!Oft 

u« JbrrtP. 

.16| 

J 

536 

231% 

22ft 

231% + lb 

714 

3ft Joatcbl 



33 

bft 

6 V 4 

6*4 

WM 

4ft JOfph*n 



T36 

Bft 

■'A 

Bft + ft 

22W 

9ft Juno 5 



13 

22ft 

ZZ 

22ft + W 

20ft 

13% JusHn 

JO 

IS 

39 

ISft 

ISVz 

15ft + ft 


KMOntti 

HIM Low SMO 


Soles In 

Dtv. YU. IMS HUD 


Net 

Low 3 pjjL grog 


24ft 

ISft KLAl 



1719 

21*4 

20% 

2114 + *4 

9 

4 V. KVPhf 



9 

Bft 

8ft 

Mb 

Uft 

13% Kamant 



33 

25 

24ft 

25 + ft 

19V. 

13ft Karchr 



136 

17ft 

16ft 

17 

17% 

9% Kasrtr 

JS 


172 

10% 

IBft 

10ft + ft 

10% 

Aft Kavdon 



17 

9*1 

9ft 

9ft 

64ft 

40ft Kemp 

ran 

2J 

142 

63% 

63ft 

63ft + ft 

50ft 

305b KvCnLf 

IDO 

ZO 

22 

50V, 

SB 

50% + IV 

Sft 

4ft Kevex 



23 

6 

5% 

554— ft 

11 

6% KeyTm 



79 

95k 

9ft 

914 

21ft 

13 Kinder 

JM 

J 

399 

18<b 

IS 

18ft + <4 

13% 

4 % Kray 

.06 

J 

26 

75k 

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7V* 

165% 

11 Kruaer 

J6 

2J 

814 

15ft 

Uft 

ISft— ft 

29ft 

8ft tCuIeke 

.121 

1.1 

53S 

10ft 

TOft 

10ft 


115b 
21ft 
23ft 
20ft 
55 ft 
23ft 
lift 
17 

17ft 

5956 

37 

7ft 

15ft 

9ft 

4 

3ft 

24ft 

1ft 

2056 

38ft 

36ft 

6ft 

495V 

36ft 

335b 

19ft 


55b LQBmk 
9ft LSI Log 
95b LTX 
9ft Lo Petes 
33 LoZ By 
12ft LadFm 
11 LahHw 
Uft LomaT 
lift Lanccisl 
36 LaneCo 
23ft Lowell 
4ft LeeOra 
Ift Lrtner 
6ft LewtsP 
2ft Lexicon 
1ft Lex lata 
uft lmkt 
40ft Lflrtvs 
4ft UeCom 
lift UlvTut 
18ft LInBrd 
275b LincTsI 
41b Undbrg 
21ft UzOas 
7056 LangF 
Uft Lotus 
5ft LyptW5 


140 

.16 

JO 

JS0 

n 

37 

J2 


570 

2600 

356 

129 

5 

181 

46 

76 


4.1 701 
16 13 


ia 


39 

456 


1 X4 263 
463 


M 

JO 

2.20 

.16 

J5 

129 


306 
A 320 
S 7 
114 
!J 747 


748 

6 

48 


6 1548 
SO 113 
1068 
769 


5ft Sft 
21ft 21ft 
125V U 
20ft 20ft 
51ft 50ft 
23ft 23H 
15ft 15ft 
145v 54 
17ft 175b 
58ft 575V 
26ft 26ft 
5ft 51V 
10ft 9ft 
8ft 8 

% % 
211V 
47ft 
7 6ft 
17 16ft 
36ft 36ft 
355V 15ft 
6ft 6 
44 42 

25ft 25 
22 Vi 72 
191V lift 


Sft 


5ft— ft 
21ft- ft 
12ft + ft 
205b 
5IW.— ft 
23ft— ft 
15ft + ft 
14ft + ft 
17ft— ft 
58ft + ft 
26ft 
5ft— ft 
raft 

5ft + Yk 
2 

21ft— ft 
475k— ft 
7 4- ft 

1 6ft— ft 
36ft + ft 
35ft 


M 


14% 

6% MB1 


1037? 

1 

7ft 

7% 

115% 

714 MCI 


10ft 

1UU 

10%— ft 

9*4 

4% MIW 


13 

9*4 

844 

8% 

B 

3ft MP5I 5 


620 

ift 

3% 

ift +1 
19% — Ik 

26 

IS MTS S 

-24 

1J 14 

19ft 

19% 

32% 

15ft MTV 


847 

■&J 

tag 

325b 

17% 

9ft MackTr 


5912 


Uil 

10ft- ft 

27ft 

21% ModGE 

2J8 

BJ 115 

■ 11 

Vv, 

27ft + ft 

Wk 

7% MajRt 


41 

in* 

Bft 

Bft 

Uft 

75* Malrits 

Jlle 

97 

12ft 

lift 

12 

UU 

7ft MafSd 


770 

11% 

lift 

lift— ft 


24ft IBft AAamiW 
72ft 35ft MfTVN s 
191V 13ft Marcus 
9 2ft Margux 
13% 6ft Mortal 


-SO 36 27 

124 34 107 
JO 1J 95 
31 
34 


371b 21 MrtdNs 160 36 199 


26M 7ft Musi 3 
61 ft Ik Masstor 
345b 7XA MnfrxS 
24ft 13 Mxntcrs 
Uft Bft Maxwel 
«1C 31V MsvnOl 
38ft xvv McCrm 
Uft 10ft Me Far! 
115V 6 Medex 
9 4 MedCre 

305V 10 Mentor 
30ft 13 MantrG 
39ft 3Mb MercBc 


.10 J 


56 
1001 
16 
251 
2S 
21 

J8 24 1562 
107 

-05 6 25 

359 
300 
424 

1.92 5.1 42 


67 41VV MercBk 168 IS I 

22 lift MrchCo 25 

38ft 25 MnJBCS 160 46 130 

72V: Uft MwiB I 71 U II 

21ft 115b MervG 

35ft lift Mlcom 

5ft 1ft Micro 
lift 5ft MIcrMJt 
7ft eft AAlcrdy 
29ft 3ft MicrTc 
9 4 Micron 

6ft 3!V MlcSm s 
6M 25v MtIPcA 
24 171V MOStFd 

41ft 255V MldlBIc 

8W 3 MdwALr 

27ft 181V MllIHrs 
55v 2iv Mimem 
44 31ft Mint nr 
Sft 1ft Minljcr 
27ft 17 Mhistor 
Uft 71b MGask 
12ft 6 MatHC B 
Sft 14 

10ft 6 Motoctr 
391V Sft Mart* 

25ft 16 MonfCI 

175V 7ft MonAid 
17ft 6ft ManoOt 
37 24ft MonuC 
Sft 141V MorFlo 
22ft 15 Vj Morrai 
7ft 3 Moveiev 
18ft 125V btotctb 
26ft lift Mvtans 


43 
1036 
465 

66 u m 
8001 
II 
108 
149 

48 20 13 

134 XI 32 
481 

44 13 118 
6 

48 13 1883 
420 
226 

Die .1 164 

24 

Modifies 68 15 148 
419 

m 421 

45e 16 3 

29 
2060 

140 IS 19 
61 11 
48 26 212 

471 

JO 1J 6 
.10 6 1380 


tv, 22ft 22ft 
37 36ft 37 

18 171V 18 

3ft 3 3 

8ft |ft Bft 

33ft 33ft 33ft 
20ft 20 Sft 
lft lib 1ft 

325V 3154 3154 

19 18ft 19 
Uft 13 Uft 

4ft 4ft 4ft 

37 Sft 36ft 

lr-s u 12 

BVV 7ft 8 

55V 4ft 4ft 

lift lift 14ft 
145V 165b 16ft 
38ft 38 30 

67ft 67ft 67ft 
13ft 1254 12ft 
38ft 385b 38ft 
21 ft 21 21ft 
lift 145b Mlv 
Uft Uft Uft 
2ft 2ft 2ft 

6 55k 6 

5YV 5ft 51V 
7ft M SV 

75V 75b 75» 

Sft Sft Sft 
2ft 2ft 2ft 
21 Sft 20ft 
4054 Aft 48ft— 5b 

8 7ft 0 + ft 

23ft 73V, Sib 
4ft 4ft 4VV — 5b 
39ft 39ft 395k + ft 
29V 2* Tft 

Sft 73 23ft— 5b 

15 85 lb 

lift lift Uft + ft 
19ft 18ft 195b + ft 

aw 8ft 8ft — vv 

35ft 34ft 3454— ft 
24W 24ft 24ft 
16W 1554 16 
14ft 13ft 14ft— ft 
37ft 36ft 34ft + ft 
I5*b 13ft 15ft + ft 
19 IBft 18ft 
2ft 2ft 2ft — ft 

Uft 161b Uft 
17W 16ft 1Mb ■+■ 5* 


WTzH 

2% NM5 



435 

5% 

4% 

5 — ft 

iVPl 

5% NOPCOS 



92 

1DU 

95% 

9?V— 5b 


161% NBnTe* 

JB 

17 

w» 

31 VI 


21*4 — V. 

P- 1 ' i' *1 

33% NIICIV 

2JU 

4.1 

81 

49% 


4Bft— ft 




tj 


t95b 



165b 

7*k NDota 

A4 

23 

7B0 

165k 


Uft 

36 

12 NHIICi 

J4J 

J 

39 

15% 

IS 

15 — V< 

7ft 

ift NtLutnb 



98 

Sft 

5 

Sft + U. 

5% 

2 MMkfn 



548 

2% 

2ft 

2*k 

aft 

Ift Nougle 



876 

35* 

314 

3ft— ft 



.151 



6ft 



11U 

i% Netson 



iSO 

Sv, 











27ft 

Uft Nrwus 



4303 

72V, 

22 

22VV — % 

| r lV| 

20ft Heutrgs 



4 

36ft 

36 

3b 

\ ' r / 

7ft N BrunS 



21 

9V* 

9ft 

bft— ft 


23ft NE Bui 

32 

1J 

595 

■^3 

29 

2b ft + ft 


l«ft NHnraa 

m 

23 

20 



raft 

v a/-* 

20% NJNH 

1.120 33 

10 

■ ' Lj 

31ft 

31ft— % 

18ft 

bft NwldBk 

.lOe 

3 

240 

18ft 






J 





14 




1310 

lift 

10% 

Uft + 5* 

4% 

ft MlCdJg 

t 


423 

lft 

11% 

A- K. 

Ii% 

6% Mike E 

A0 

11 

BW 

13ft 



21ft 

15 Norosn 

38 

40 

1- 

17 




28% Nordstr 

44 








J2I 

A 





8 




140 


4Vk 

*%— 14 

9% 

5 NAHIn 



50 

7 

6% 

6% 

18 

6% NestSv 



565 

171% 

16ft 

16% — ft 

20% 

15ft NwNG 

132 

8.1 

» 

19 

18% 

18% 

ETij 

Uft NwtFns 

311 

V 

1 

30 Mi 

30ft 

30ft + ft 









■ 



93 

117 




58 

48ft Noxetl 

IJ» 

18 

196 

Sfift 

53ft 

5SU +IU 

7 

4% NUClPh 



73 

55% 

Mb 

5% 

9ft 

4ft Numrw 



49 

Sft 

.1% 

5% — % 

»1V 

10ft Nunircs 

Si 

2.9 

636 

19ft 

19 

19% + ft 

I/T71 

6% NutrlF 



a 

95* 

9ft 

nt 

122 

Aft NuMedc 



21 

Aft 




4ft 

lft Oceanar 



36 

2ft 

2 

2 

17ft 

W OCiltai 



415 

13% 

12% 

13% + ft 

4654 

33% oolHSa 

UM 

73 

115 


48ft 

40% 

73% 

4» OhloCa 

180 

AI 

209 

t&u 

6* 

69V* 


20% OKKnts 1.10 

SJ 





41% 

23 Old kps 

J4 

2J 


23ft 

32ft 

22ft 

22 Mi 

195% OWSpfC 230 113 

11 

27ft 

22ft 

22ft + ft 

33% 

lift OfKBco 

32 

13 

212 

32ft 

31ft 

32% — ft 

Vft 

3% OrtLine 



5 

A% 

6% 

6%- ft 

19ft 

12!ft OPtltC 



its 

Uft 

14 

Uft 


27% OpttcR 



6363 


25 

2517— J% 

1914 

12 % ortienc 



£ 


Uft 

lift + ft 

Ift 

Sft orbit 




7ft 

7ft— ft 

B 

4ft ortaCp 



555 

7ft 

Aft 

Aft- ft 

10 

12ft CJSftmn 

JO 

14 

6 

Uft 

U 

Uft 

34ft 

26% OttrTP 

176 

8J 

10 

33ft 

ttv t 

33% + Mi 

15 

Sft OvrExP 



4 

10ft 

10ft 

10ft 

16% 

8 OwnMs 

38 

1J 

2S6 


Uft 

15ft + % 

ift 

Vi Om» 



65 

5% 

5% 

n 




* 



1 

32ft 

21ft PNC> 

132 

« 

221 

32 

31% 

31% 


12Montti 
HIM Lon Stock 


Sam In 

di*. Yu. law Hen 


Met 

Low 3 pm. Cn ee 


53% 

]95k Paccar 

IJOa If 

113 

41 

40ft 

40%— ft 

154V 

■ PacFsi 



106 

10 

9% 

9ft 

15% 

|l PacTet 

JO 

SJ 

293 

15% 

15ft 

15% + % 

16% 

lflW PacaPh 



301 

15ft 

14% 

15VV + Y» 

Ift 

t PancMk 

.13 

73 

135 

7% 

7% 

7% 

17W 

lift Pork Oh 

30 

5.1 

138 

12 

11% 

lift— ft 

8 

«ft PotnlM 



159 

5ft 

5% 

5%— VV 

13ft 

Sft PoulHr 

» 


552 

Uft 

Uft 

Uft + ft 

18% 

Bft Pay dix 



17 

18ft 

18ft 

lBlV 

17ft 

9ft PeakHC 



413 

12ft 

11% 

12ft + % 

Uft 

5ft PeoGW 

JM 

J 

667 

7ft 

7% 

7% + ft 

25ft 

25% PengEn 
20ft Penlors 

2J0 

6J 

7 

35ft 

34% 

34ft— % 

JIVh 

38 

23 

9 

28 

27ft 

27b— ft 

154* 

71b PeooEx 

sar 

S 

3106 

9% 

9ft 

9ft— Mi 

30ft 

23ft Potnte 

M2 

43 

80 

25 

24ft 

Tift 

Uft 

4ft Pm-met 



950 

7V» 

Aft 

7% +11* 

12ft 

Tft PSFS 

.15* 13 

1272 

10ft 

10ft 

10% 

lift 

14ft PhlIGt 

JOe 26 

1783 

18% 

18% 

1B% + ft 

41V 

2 PhnxAm 
17% PlcSov 



41 

2% 

2% 

2% — ft 

30ft 



88 

30ft 

30ft 

30ft— ft 

25ft 

Uft Pic Cat* 

30 

IS 

8 

251% 

24% 

25ft + % 

371V 

29ft PrtnHI 

UM 

219 

33ft 

33 

33ft 

10 

7 Pkm5t 

.12 

u 

9 

8% 

8% 

8% 

15 

8% Pa Folk 



148 

1014 

10 

10 

34% 

lift P lev Mo 
21 Porex 



375 

2114 

20ft 

21 + ft 

27% 



48 

23ft 

23 

23 

3ft 

1% Powell 



21 

2 

1% 

1% 

15ft 

fll Powrtcs 



SS 

13% 

Uft 

13% + ft 

12ft 

Sft PwConv 



114 

12ft 

12 

12ft + % 
31%— ft 

37% 

20 PracCst 

.12 

A 

22 

32ft 

3114 

9ft 

5 ProdLo 



517 

B% 

Ift 

Sft 

754 

3 Priam 



2799 

S 

4% 

4%— ft 

16% 

7ft PrlcCm 



97 

Bft 

Sft 

Bft- % 
63 + % 

66 

36ft Price Co 



1895 

63ft 

62ft 

Uft 

9 Prtronx 



» 

Uft 

13 

Uft — ft 

6 

4lv ProdOp 

J2 


85 

4ft 

4V» 

4ft + ft 

42 

20% ProgCt 
lift ProalTr 

6 

41% 

41 VS 

41% + ft 

Wft 

IJO 103 


lift 

11% 

lift- ft 

19ft 

13% Provln 



19% 

19% 

19ft- ft 

29 

12% PurtBn 

A0 

13 

50 

23ft 

27 

27 —1ft 


16 75k SAY Ina 

loft 10ft ECI Sv 
22 13 SEI 

lift Sft SFE 

73 16. SHI 

21ft 6& Snfecds 
46ft 29 Satoco 
15ft 7Vj Sai'Hns 
IBft 7ft suuae 
82ft *m 51 Paul 
6ft 2 W SalCot 
10 4ft San Bar 
Bft 5ft SatotSv 
315V 16ft SavnF s 
20ft lift SBkPSs 
IBft 4ft SeanOn 

17 10ft EcanTr 

135k 85- Scherer 

25ft lift SchimA 

6ft 3ft SdMlc 


.12 1.9 
M 2.1 


J2 26 
60b 16 


9ft 
05k 
4ft 
Tft 
26 ft 16 
Vn 6 


. sci rex 
354 SeoGal 
4 . Seagate 
lib SecTog 
lft SEED 
Selbei 
Sensor 


165b 105b 5vCMer 
Sft 17ft 5vmstl 
27 135b Service 

7ft 41b SvCFrCt 
185b 1249 SevOak 
375v Sft Stir Med 
415b 2«ft Shwmt 
21V. 125* Shelb* & 

14ft 7ft Shewn 

319b 2Mb snonev s .15 
15ft 10 ShonSo S 
1014 3ft Sllleon 
17ft Oft Silicons 
20ft 115k SitlcVal 
24ft ii5k siiicni 
1154 356 51IIK 
175b lift Simaln 60 
13ft 10ft Sloplns 

1814 9ftS.2Zlers 
T24b 854 SVInner 
4 lft SmfttiL 
54 Uft Society 


69 

319 

94 

-10r 16 74 

* « 50 

JOb 3 1343 
160 IS 93 
31 
62 

3J» i» 140 
46 
157 

19 
T 

38 
239 
25 
72 
38 

20 
127 
132 

161 1 
IB 
1076 

60 36 102 

JS 6 fib 
68 A 11B6 
60 3J 1484 
I 35 

. 10 
.lo .9 m 
-48 16 156 

168 4.1 270 

.16 6 132 

366 
6 1497 
727 
405 
175 
51 
IIS 
191 

U 54 

57 
204 

6 10 
51 

164 36 39 


68 


10ft 1016 10ft ♦ ft 
lift 13ft 13ft— ft 
27ft 3156 225k +1 
6«b ilb Oft 
19ft 19 19ft— ft 

22ft 21ft 22'6 + ft 
45ft 44ft 451v 
12W 12 12 - ft 

18 17ft 18 + 5b 

Wib 77ft 77ft — ft 
55k Sft 55, + ft 
6V. 6ft 6ft 
6ft 514 6ft + ft 
30 2fft 29ft — ft 
20ft 20ft 20ft— ft 
9ft 9 9ft + ft 
Uft 155k Uft 
125, 12ft 12ft 
25VV 25ft 25ft 
45k 4ft 4ft 
8 7ft 7V. + ft 
45k 4ft 4ft— ft 
65b 6lh t'A 
2ft lft lft — ft 
2 ,5k lft— ft 

22V. 22ft 22ft— ft 
Sft Bft Bft + \v 
13 Uft 12ft— ft 
23ft 21 71ft 6- ft 
23V? 23 23ft 
4ft 4ft 4ft— ft 
IBft 18ft lift + 'A 
355b 35ft 35ft — ft 
41ft 41 41 — 5b 

21ft 21 21ft + ft 
9ft Bft 9l» 

28 27ft 275» — ft 

JCfri IB 10ft— <4 
4 J56 351 

131b 13 13ft— 5b 

145k lift Uft 

20 19V. 20 

4ft 4ft 45k 4- ft 

ISft I Sft 15ft— ft 
II 10ft 105k— ft 
1551 15ft 15ft— ft 
10ft 10ft 105* 

25b 35* 2ft 

61 505i 51 + ft 


36% 

lift SoctvSw 








*% Soft ecu 




9 



21% 

11% SotfwA 




16ft 



lift 

18% SanocPs 

38a 14 

38 

28% 


»'v 

27V* 

lib SonrFa 

Me 3 A 

39 

171V 

17% 

17ft + % 

Aft 

3% SoHosp 



271 

4% 

4% 

4ft 

33 

20ft SthdFn 

32 

23 

47 

2JMi 

22b 

22% 

78ft 

Uft Soutrst 

60 






TV* 

6% Sovran 




7ft 


tv* — % 

31ft 

22% Sovran t 138 

43 

1004 

28 

27% 

70 + ft 

19Vi 

10 Speedy 



1 

18% 

IB** 

18%— % 

28% 

Bft Soar an 



96 

23% 

MM. 

22% + % 

8% 

5% SpecCtl 

-07 

3 

40 

Bft 

Bft 

Oft 


13% Soire 



29 

14% 

lift 

Uft — b 

12ft 





9Ug 




5 StOfBld 

J0 




7ft 

r*» + ft 

23 b 

lib stdMic 



299 

15ft 

lift 

14%— ft 


65 


3k 

2J8 


27 19 Stonhom 1 JO 

21 StoSIB 5 60 
6ft 39b SloteG 
7ft 4ft Steiger 1 
IBft lift SiewSiu 
25 1 756 SNrlnl 

Sft Sft SI Hal 
Uft Bft Slralirt 
39ft 29ft StrwCJs 
171ft 112 Subaru 
76ft 39V. SutarB 
4ft 3W Sum mo 
7K SumIHI 
ft SunCEt 
6ft SunMed 
7ft Sea Sky 
3 Suorle* 

8ft SvmOT 
4ft Synfech 

21V Svntrcx 
8 SvAfoe 
3ft 5vsim 
6ft Srsimo 


1.W 15 


101V 

10ft 

4ft 

14 

14ft 

5ft 

26 V, 

7ft 

lift 


2SYi Uft SYStmt 68 J 


6 

157 

57 

TO 

220 

13 

111 

3989 

26 

4ttr 

19 

373 

ISO 

123 

10 

34 

11 

45 

M3 

310 

422 

127 

no 

413 


26 26 26 — ft 

39ft 39 J*ft + ft 

ilb 4ft 4ft— ft 
5ft Jft Sft— ft 
lift 14W 14ft 
2)'m 23 V5 23*5 
Tft 7ft Tft + 5a 
22 21ft 21ft— ft 
39ft 39’b 39'.'. + Vi 
162 161ft 162 


’a 5 *" 1 * 

0ft + ft 

Sft + ft 
3ft- ft 
Sft- U 
lift lift Uft + 1b 

4 3ft Sft— ft 

10ft Oft 10ft +1U. 

m 7ft rv + ft 

9ft 9ft 9ft + i-4 

25ft 24 « 25 + ft 


7 £b 7Sft 

2ft 
Bft 
lft 
9ft 

8’v 

3ft 
Sft 


9ft 

0ft 

3ft 

9 


17 Mon In 
HiMLOw SI0C* 


Dir, lto. S 7m ln High Law 3 PM. OTOe 


U 

1 

TBC 



2 

10 

10 

10 + <4 

77 ft 

13b 

TCACb 

.16 

3 

20 

26 

J5Y» 

25ft— ft 

7ft 

3% 

TaeVlvs 



48 

3L. 

Sft 

3% + ft 

28ft 

17% 

Tandem 



3187 

18% 

1B% 

18% 

Bft 

7% 

Tandan 



1394 

3% 

3% 

3% 

74ft 

5% 

TcCom 



11 

14% 

1.1% 

13% — ft 

22 

9 

Telco 



304 

10% 

in 

10% 

36% 

20ft 

TIcmA 

1 


375 

35% 

35ft 

35% + b 

12% 

Aft 

TelPlus 



772 

9ft 

Bft 

9 

26ft 

13ft 

Telecrd 

J3 

1J 

56 

26ft 

26 

26ft + ft 

20 

Bft 




1555 

19ft 

19% 

19ft 

4<4 

1% 

Tetvkf 



19 a 

2ft 

2% 

2% 

» 

Sft 

T clans 



419 

10% 

10% 

10ft 

19ft 

9% 

Tefxons 



577 

18% 

18 

18% + '4 

10% 

3 

TermDt 

1 


14 

4 

.1% 

4 + ft 

1414 

A 

TherPr 



42 

7V» 

7 

71* 

Uft 

6b 

Thrmd s 



30 

10% 

10ft 

10% + % 

2B% 

15ft 

ThrdNi 

64 

26 

9b 

2Sft 

K 

25 — % 

14% 

5% 

Thcctee 



90 

6% 

6% 

6% — ft 

20% 

5ft 

ThouTr 



299 

7% 

Aft 

7 + ft 

15 

5 

TlmeEn 



489 

5 

4% 

4%— % 

Uft 

9ft 

TmeFlh 



116 

14% 

14 

14 

2% 

b 

Tiprory 



730 

IV 

% 

ft + ft 

30 

8ft 

TotlSvl 



27 

27ft 

26% 

27ft +1 

17% 

ID 

TrokAu 



22 

lift 

10% 

lift + % 

12ft 

6*4 

TrlodSy 



414 

9% 

9*4 

9% 

Mb 

30 

TrusJo 

.40 

13 

7 

24% 

24% 

!4%— % 


EZ 




Q 



1 

ISft 

6 QMS 



442 

9ft 

9% 

9'4 — ft 

9ft 

3ft Quadra 



76 

lf% 

7% 

7% — ft 

13% 

9 _ OuakCs 

JS 


9 

11% 

11% - % 

[ 33*4 

16% Quontm 



977 

21% 

2Uft 

21*4 + % 

1 Sft 

2ft QunstM 
8% Quixote 



32 

4ft 

ift 

4ft + Mi 

17ft 



49 

17% 

Uft 

17% + % 

16% 

7*4 Quotrn 



5768 

12 

lift 

lift 

tz 




R 



1 

12b 

5 RAX 

Jlle 

.1 

152 

7% 

7ft 

Tft 

IBft 

13 RPMs 

42 

34 

338 

17% 

17 

17ft 

16% 

Sft Rods vs 



760 

m. 

Uft 

13% + ft 

14% 

6% RadtnT 



TO 

9VJ 

»% 

01k— b 

10Mt 

Sft Radian 



9 

8% 

Bft 

Bft 

Tft 

33ft 

2ft Ragan 
22ft Ralnrs 

1J» 

3.1 

1*0 

127 

3% 

■32% 

3 

32ft 

3 — ft 
32ft— ft 

ra% 

12ft RayEn 

24 

IJ 

4 

19% 

19 

19b + ft 

7% 

lft RedtCr 



59 

2 

Ift 

Ift 

23ft 

17% Readna 



213 

22VS 

22 

22ft + % 

105* 

Sft Recoin 



151 

10ft 

10ft 

10ft- ft 

35% 

25% RrdknL 

M 

ZO 

38 

31% 

30ft 

31% +1 

12% 

ift Reeves 



870 

12 

11% 

lift + ft 

7% 

4% RocvEl 

JO 

15 

117 

5ft 

5% 

5% 

18 

11 Reals s 

.12 

7 

83 

17% 

17V. 

17V 

12ft 

3ft RellaD 



198 

4ft 

ift 

4ft + ft 

10ft 

7ft RpAuta 

.16 

IJ 

12 

8% 

Sft 

8ft — b 

20% 

9ft RpHIfh 



2634 

10% 

10ft 

10% 

IBft 

11% RestrSv 



16 

18ft 

18ft 

ISft 

Uft 

aft Reuterl 

■15e 11 

177 

Tft 

6ft 

7 + ft 

30ft 

19ft RnutrH 

J6e 

.9 

at 

28% 

27ft 

28ft + ft 

45% 

29 Rev Rev 

140 

11 

26 

45 

44% 

45 

17ft 

9% Rhodes 

37 

IJ 

1 

17ft 

17 ft 

17ft 

10 

jft RlWim 1 




t 

ift 


22ft 

12ft RIchEls 



1 

2114 

21b 

21b + b 

17ft 

lift Rural 

JO 

44 


Uft 



33% 

24% RoadSv 

1.10 

34 

1043 

31 

30 

30ft + ft 

16ft 

11 RabNug 

JJ6 

A 

4 

13ft 

lift 

13ft + % 

13% 

Bft Rob Van 



187 

9ft 

V 

9ft 

TO 

Uft Rouses 

34 

24 

39 

27b 

77 

27b | 

10% 

eft RovPim 

1 



9 

0% 

Bft— ft ! 

9b 

Sft RoyIRs 




3ft 

3ft 

5ft— b 

17% 

10*4 Rust Pel 




lift 

lift 


24% 

11% RvonFs 



102 

23% 

22ft 

23% — ft 

| 




5 



1 


25% 

18 USLICS 

JO 

33 

10O 

25 

fiu 

25 

24% 

13ft UTL 



107 

Uft 

Uft 

19ft 

s unrav 

Me 

3 

JOB 

Mb 

A 

B% 

T 

10% Ungmn 



553 

Uft 

13ft + ft 

7% umn 



174 

lib 

13ft 

27% 

13ft 

29ft 

14% UnPIntr 

um 

CO 

7 

27b 

27% 

57 

24ft UnTBcs 

1.™ 

26 

168 

Sft 

56ft 

57ft +1 

26% 

lift UACm c 

j» 

3 

B22 

24% 

25% + % 

lift 

0% UBAIsk 

.1ST u 

46 

9ft 

9ft 

9% 

23ft 

21ft UBCol 

u» 

IB 

240 

20ft 

28ft 

28ft + % 

11 

A UFnGrp 
lift UF5lFd 



14 

fft 

ift— ft 

22% 

JHe 

J 

74 

17% 

17ft 

17ft + b 

14% 

6 UGron 

1 34119.9 

42 

8% 

8 

8% 

“sfc 

9% UPresd 



* 

11% 

lift 

lift 

2ft US Ant 



87 

4% 

ift 

ift- «i 

32 

2116 USBco 

1J0 

14 

297 

29ft 

29ft 

29ft 

ift 

lft U5 Cod 



264 

Sft 

ift 

ift— % 

6 

2ft USDson 
11% USHCs 



7 

2% 

2% 

2% — ft 

34 

J8 

J 

1930 

30ft 

30 

30*4 

Sft 

3b US Stftlt 

.12 

17 

227 

4ft 

4ft 

4ft+ % 

22ft 

Uft US Sur 

JOe 2.1 

252 

17ft 

IBft 

19ft— % 

47.- 

25% USTrs 

1J0 

19 

58 

42 

41ft 

41ft — ft 

25% 

17*4 UStotn 

2 * 

1.1 

19 

22 

21ft 

21ft 

25ft 

15ft UnTelev 



23 

34% 

24ft 

Tift 

40% 

33ft UVaBi 

164 

33 

4 

46ft 

46ft 

46% + ft 

22 

14% UnvFrn 



237 

38 ft 

20% 

20% 


9% UnvHtt 



137 

14% 

lift 

lift— % 

u 

7ft UFSBk 

M7e 

3 

36 

10% 

10% 

10b— % 

4b 

3% Uacaf 

38 

S3 

45 

5 

ift 

ift 


9ft 

5% VLI 



99 

ift 

6b 

61V + % 

14ft 

7% VLSI 



470 

14 

13% 

13%— ft 

11% 

31V VAAX 



224 

4% 

4% 

4%— ft 

lift 

7ft VSE 

.16* 13 

A 

1014 

10% 

10% 

20% 

6 ValldLo 



381 

7ft 

7ft 

7ft + b 

22ft 

8% VolFSL 



B0 

19% 

18% 

19 b + % 

42b 

26ft ValNN 

IJO 

12 

709 

37% 

37ft 

37ft— ft 

33ft 

19% VaILn 

AO 

U 

60 

Tift 

24% 

34ft + % 

19% 

Ub VanDus 

A0 

11 

73 

19ft 

19% 

19% — ft 

15% 

4% vanzeti 



29 

5 

4% 

5 + ft 

6ft 

2ft Ventre* 



266 

5% 

5 

5 - ft 

28% 

13b Vlcorp 

JHt 

5 

507 

19ft 

left 

19ft + ft 

13ft 

Aft VledeFr 

379 2J 

30 

(J 

7% 

7% + ft 

Uft 

9ft Viking 



97 

15 

U 

lift + ft 

20% 

13% Viral eV. 



56 

1* 

18% 

18% 

Uft 

5% Vodovi 



568 

6ft 

6% 

ift + ft 

22 

14*6 Volt Inf 



39 

19ft 

19% 

19ft -f % 


25V. 
Uft 
135k 
25 ft 
XW 
161V 
0 ft 
14 Vi 
19'.V 
17ft 
lDft 
ire 
21ft 
171V 
37W 
6ft 
Uft 
48 ft 
15ft 
10 

10ft 

7ft 

24ft 

19ft 

20 

Oft 

Mtv 


17ft WD 40 
10 WolbC 5 
Sft WTkrTei 
17ft WihE 
15 WFSLS 
10ft WMSB 
6 Woveth 
10ft Webb 
lft WestFn 
Sft WsIFSL 
5ft WMicTc 
6ft WtTIAs 
1512 WtnorC 
6ft WStwC 4 
24 Vt Wettro 
3 Wicat 
3 Wldcom 
31 W Wlllml 
7ft WIIIAL 
Sft WmsSn 
4ft WllsnF 
3'V Windrar 
lift wiserO 
Uft WawSid 

14 warthgs 

6ft Writer 
SI Wyman 


.96 

C7 

225 

20ft 

■24 

13 

97 

16b 



1079 

10ft 

1.76 

7.7 

115 

Mft 

JO 

2.1 

148 

28ft 



541 

14% 



645 

Aft 

A0 

3J 

71 

12 



55S 

19ft 



71 

15% 



3 

7% 



160 

16% 

AO 

23 

50 

» 



42 

12% 

.98 

14 

1204 

38% 



1838 

3% 



967 

4% 

I AS 

33 

382 

46% 



431 

Uft 



85 

IBft 



134 

Sft 

ja 


371 

4% 

M 

17 

S 

Uft 

M 

4 3 

111 

17% 

At 

14 

537 

lift 

.15* 1 J 

118 

8% 

JO 

19 

325 

21% 


20 

1456 

9W 

22ft 

28ft 

Uft 

Oft 

13 

10 

15 

75k 

Uft 

l«ft 

115k 

37ft 

3ft 

35k 

45 

Uft 

lift 

4ft 

4ft 

16ft 

1256 

IBft 

Bft 

20ft 


20ft 

Uft +lft 
10 + ft 

22ft 

raw— ft 

14ft 

6ft + ft 
13 

19ft + ft 
15ft 4- ft 
75k 

1654 + 54 
TO + Ik 
T3ft + ft 
38 + ft 

lft + ft 
4ft + ft 
46ft +!ft 
lift— ft 
Uft + ft 
Sft— ft 
41. + ft 
165b 

125k — ft 
IBft — ft 
8ft 

20ft— ft 


| 



X 



1 

7ft 

Ift Xebec 


969 

2% 

2% 

2% + ft 

13% 

5% Xieor 



8ft 

Sft 


17% 

10% Xtdex 


1194 

Uft 

Uft 

13% 

E 



Y 




24ft 

14% yiowFs 

34 

73 292 

24% 

24% 

24% 

| 



Z 



1 

30ft 

5ft Zen Lbs 

.101 

A 1184 

25% 

23% 

24% + % 







42ft 

31 ZlonUI 

1J6 

11 358 

44% 

43 

44% +2% 

5% 

2ft Zllet 


285 

2ft 

lft 

Tft 

10% 

3% Zlyad 


22 

5ft 

5ft 

5ft 

IS% 

Aft Zondvn 

301 

.7 14J 

lift 

TOft 



Sales figure* are unoMcJbL Yearly nlgbs and lows relied 
me previous 42 weeks aim tne current week, bul not me latest 
trading day Where a loll! or stock dhriOend amounting to 2 S 
percent or more has been pakL the y oar* nigfvlov, range and 
□ivtaond are Mown lor me new slack only. Unless otherwise 
noted, rotes 01 dividends arc annual disbursements based on 
I he latest declaration. 

0 — dividend also enrols). 

b— annual rate at dividend olus stock dividend. 

C — liquidating dividend, 
eta — called. 
a — new veorly knr. 

e — dividend declared or gold In preceding 12 months, 
g — dividend In Canadian funds. suBlect to ISV. non- residence 
im 

t — dividend declared alter saiii-up or slock dividend. 

1 — dividend paid inis vear. ami Med. deterred, or no action 
taken at latest dividend meeting. 

k — dividend aectarea or Bald this year, an accumulative 
issue with dividends In arr jars. 

n — new issue in the past 52 weeks. The iDgn-iaw range Begins 
with me start ol trotting, 
nd — next Bav delivery. 

P/£ — wice-earninns ratio. 

r — dlutdcna (Sectored or bom in prooed.na 13 mentnj. plus 
sleek dividend, 

s — stock sellt. Divloena begins wim date or spilt, 
sis— sales, 

1 —dividend paid in stock in preceding 12 months, estimated 
cosh value on ex-dividend nr H-dlsiribufi&A dote, 
u — new Yearly hion. 
v— trading luntea. 

vl — In Bankrupt CY or recelversma or Seino reoroonliea un- 
der tne Bank/ untev Aet. ar securities assumed bv tuen com- 
panies. 

wd — wnm disiribuied, 
wl— when issued, 
ww — wiin wor ranis. 

» — ev-divklend or ex-rlghlb. 
kdts — erdlsiriouiion. 

*w — without warrants. 

y — n-divuend ana sales in full, 
yid — yield, 
r — sales in lull. 





Page 22 


INTERNATIONAL HERALD TRIBI NE. THURSDAY, NOVEMBER 21. 1985 




AT ANY COST: 

Corporate Greed, Women and Hw 
D aikon Shield 

By Morion Mintz. $08 pages. $17.95. 
Pantheon Books Inc, 201 East 50th Street, 
New York, N Y. 10022. 

NIGHTMARE: 

Women and the Daiko n Shield 

By Susan Perry and Jim Dawson. 261 

pages. $16.95. 

Macmillan, 866 Third Avenue, New York, 

N. Y. 10022. 


spaces between ihe laments and travel 

lh C^mKStiiiKray shows rhai Robins officiate: 
joiewabom ihc problem as early as June 197Q,' i 
sL-r months before (he device went on the raar-l 
ket They refused to do anything about it' 

because it would add to nuwuitoiunng coses 
and, later, because it would look like an admis- - 
sion that something had been wrong. 

The device was not even very effective % 
early study claimed a 1. 1 -percent pregnancy ^ 
«te. comparable to the birth control pill 
superior to the 2-peiceat-to-3-pcrcent rate tf; 
other lUDs. But that study was severe^ 
flawed, and apparently Robins knew it. Tire* 
^ ' by Dr. Hugh Davis. ii~? ‘ 



ACROSS 

1 Open two 
interlocking 
tabs 

6 Butter in a 
pasture 

9 Support for 10 
Down 

13“ nascuur 

non fit” 

14 Dark red 
15Machu Picchu 
dweller 

16 Evasive tnck 

17 Magnetized 
19 TV soap opera 
23 Nigerian 

native 

22 Shoe width 

23 Stropping 
person 

25 Modifies 
27 Haggard title 

29 F.D.R. 
measure 

30 Cozy place 

31 " child has 

10 work fonts 
living” 

34 ” in Love," 

Dion hit 
37 Sign that 
delights 
misocapnisis 
40 Mite: Comb, 
form 

44 Teammate of 
Bill Terry 

45 Poetic 
contraction 

46 Cell union 
48 Boutique 

50 First nameofa 
Ugandan exile 


51 Records for a 

deejay 

52 TV soap opera 

57 Serious ; dour 

58 111. port 

60 Welfos role 

61 “K-K-K 

1 9 IS song 

62 Copperfield's 
second wife 

63 “Picnic” 
plavw right 

64 Chowed 

65 Snareofasort 

DOWN 

1 Down;?' 
partner 

. 2 Outstanding 

3 Fanatics 

4 ” play m 

Peoria". 

Ehrlichman 

5 Cheater or 
pilgrim 

6 Actress 
Gordon . 1896- 
1985 

7 Play opener 

8 Blackbird 

9 Phone or wave 
preceder 

10 Aerial 

11 Set 

12 Tyke 

14 Tempo 
18 Stick 
20 " . 

• Georgio." 

Pavarotti film 
21 Fleming or 
Smith 

24 Headland 


26 Rock where 
Samson hid: 
Judg !3:S 

27 Kind of party 

28 AIfect:unaie 
embrace 

31 Site uf Mi. Hor 

32 Mary 

Mobley ! Miss 
America !f5£M 

33 Pull 

35 City SW of Salt 

Lake City 

36 Supplement, 
with "out" 

37 Our. ;n Ome 

38 FuCitsiool 

39 Pitting 

41 “Ojsmicum- 
ics" author 

42 Electric unity 
42 Tracks for/n. 

trains 

46 French king: 

ivtS-S? 

47 Nickname or • 
pitcher Buvd 

49 D. S. Freeman 
book 


BEETLE B AILEY 

J AM NOW 
&OIN6 TO 
seat you 
ao-o 



( I UK£r TO 
PREPtCT THE 
SCORE, IT GETS 
MlM ALL 
TENSEP UP 


/ z-S /Si 



ANDY CAPP 

TC 1 H ; Z KNO* I •SegXJLDNT WAVE 
SPSInTQD .VtLCH.BuT I COULDN'T 
‘sESSTsT. rsev: COME; TME WARD 

^ ^ *j?7-tbjjnG andv 

U 


YES. PET .I'LL, 
> BE DOWN <; 
ina/hiNUTE- 


5fi hnsv 

53 A famous 
Chase 

54 Act of skill 

55 l c ab?l!ad’- 

Leonardo 

subject 

56 Venetian 
villain 

57 Have fun at 
Sun Valley 

59 Suffix with 
malt 

AW York Times. edited frv Euaaiv Mated. n. 




•i IMS D« u* Minor N#n iMfif Lid — j 
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WIZARD of ID 



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‘The great outdoors wasn't. 


Unscramble these four Jumbles, 
one letter io each square, to form 
four ordinary words. 


I THAT SCRAM5LED WORD GAME 
by Henri Arnold and Bob Lee 


HOW'S. MV FAVORITE TALKING 


LORD’S JUSTICE: 

One Judge’s Battle to Expose the 
Deadly Daikon Shield IUD 

By Sheldon Engelmayer and Robert Wag- 
man. 292 pages. $17.95. . 

Doubleday, 245 Park Avenue, New York, 
N. Y. 10167. 

Reviewed by Robin Marantz Henig 

W HEN executives of A. H. Robins Co. of 
Richmond, Virginia, decided in 1970 to 
buy the tights to a “superior" intrauterine 
device they could not have known that the 
Daikon Smdd would send the company hur- 
tling down a path bom which its reputation 
will likely never recover. When more than two 
milli on women, most of them young and child- 
less, had the device implanted, they could not 
have known that for about 90JXX) of them the 
Daikon Shield would cany major complica- 
tions from which they, too. would probably 
never recover. 

The books at hand iefl the gruesome story of 
the Daikon Shield, from its dftmfnanen of die 
IUD market in the early 1970s to its official 
recall in 1984. We learn about the decision- 
makers at Robins, a farmty-owned company, 
and how, according to these three books, it 
engaged in a legal and moral coverop to rival 
that of Watergate. 

As of mid- 1985, at least 21 women are dead, . 
13,000 are infertile and probably hundreds 
more are the mothers of damaged children, all 
as the direct result of the actions of, as Morion 
Mintz puts h, “a few mat with little on their. 
min ds but megabucks." Since August, when. 
Robins declared bankruptcy, 16,000 liability 
cases against the company lave been frozen. 

Women who wore tbe device, which was on 
the market from 1970 to 1974, ran more than 
twice tbe risk of other IUD wearers of develop- 
ing pelvic inflammator y disease, which can ' 
lead to damage to the reproductive organs,, 
blood poisoning, infertility, miscarriage (espe- 
cially tbe potentially lethal mid-pregnancy sep- ’ 
tic abortion), or death. 

Tbe increased risk was traced to Ihe shield's 
tail suing, which, unlike those of other lUDs, 
was made of several filaments encased in a 
nylon sheath. Bacteria could collect in the 


study was conducted by Dr. tiugn Davis, ifc, 
vcnior of the Daikon Siadd, who rectirei* 
consulting fees and royalties from sales. Wbea* 
more careful studies were finally done, the* 
Daikon Shield bad a pregnancy rare of 5-to-fij? ‘ 
percent But Robins newer publicized this in-? 
fonnaiioiL , . . 

These books tackle the complexities of tfiJ" 
story from slightly different perspectives. "Ai 5 
Any Crist’* «amx«s it as an example of crap** 
rate greed. “Nightmare'’ tries to focus on lire* 
pe rsona l consequences of impersonal acts. 
“Lord’s Justice" looks at a few players in this 
■ tragedy. eq>etially the federal judge, Miles- 
Lord of Minnesota, whose experience with they 
obfuscaiory tactics of tbe Robins legal team * 
led him to deliver a tirade against Robins 
executives that almost got him removed from-/ 
tbebench. ..■»•■ 

Mintz, a reporter for The Washington Post, * 
sees the story as proof of “the chasm between “ 
the flesh-and-blood person and the paper cor-.'i ; 
porale person.” He writes in ““At Any CosT:il ' 
“The human being who would not harin-yoaT " 
on an individual, face-to-face basis, who &'■>. 
charitable, civic- minded, loving, and devout, i -• 
wiD wound or IriD you from behind the crapo > 
rate veiL” 

Susan Peny and Jim Dawson, both science f 
journalists (he writes for the Minneapolis Star -L -* 
and Tribune), choose to focus in “Nightmare" A 
on the individnaJ tragedies. Like Mine, (bey * 
exhaustively outline the steps that led io the - 
tragedy, explaining in detail what Robins offi- - 
dais knew and when. Also like Mint? they ^ 
sifted through thousands of pages of docu- . 
moils that came to fight as a result of lmga- ■*' 
turn, and ihey hypothesize about the contents 
of the doomrenls that Robins is alleged to have 
destroyed to protect hselL 
. The books are both wdl done. Mintz's is 
mcffe scholariy. with comprehensive footnotes, . 

and ahwq's tim theme or the morality of cor- 
porate behavior. Petris and Dawson*s is per- 
naps more readable, with a helpful riTrajine of 
uqportant events and frequent breaks for yet ’ > 
another victim’s story. 

_ Sheldon Engelmayer and Robert Wagman • 
have done their sUnytefiing differently, and 
their bode does not work as well. In “Lord's * 
Justice?* they say they attempted to write a ” 

“aoendrama" by taking us into the courtroom 

of Lord, whose forte is meting out justice to . 
irresponsible corporate giants. In so doing, 
however, they must tefi the story almost entire- , 
ly in flash b a c k. The result often ends up swal- 1 
lowing important points and repeating union- - 
poriant rates. “ 

> ’ 

Rohm Marantz Hem& author of “ The Mvih 1 
of Senility" and “How a Woman Ages, ” wrote ' 
this renew for Ihe Washington Posl 


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By Alan Truscort 

O N the diagramed deal. 
Sooth temporised by bid- 
ding a three-card heart suit at 
his second turn and eventually 
settled in six no-trump. A pas- 
sive diamond was led. 

In normal circumstances. 
South ought have tried for ins 
12th trick by finessing in 
hearts or leading to the spade 
king But in view of the bid- 
ding be was rightly sure that 
the significant missing cards 
were all on his left • 

South therefore ran five, 
clubs and four diamonds, aim- 
ing for (his position; 

On the last diamond, declar- 
er threw the spade jade and 


To his horror, Jiowfcver,* 
West produced the ace ami 10 
of spades to defeat the con- 
tract At the fifth; trick he had 
discarded tbe bean three, hav- 
ing seen the end play looming 
in the distance. He followed up 
perfeedy by giving tqj the 
spade qneen, instead of the 10, 
convincing South that be knew 
the position: 


West’s smokescreen. The two- 
spade bid study indicated a 
six-card suit, and only four had 
been discarded. But South did 
not stop to count and fell into 
the trap 

NORTH 
• *84 

CQJ74 
OKCH07Z 
. . . ♦ A 5 


North and South 
Tbe bidding: 

«ere vulnerable. | 

EM Sooth 

West 

North - 

Pka l * 

1 4> 

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Pass 2 <7 

2 * 

4 7 

Pass 4 N.T. 

Pass 

5* 

Pass 8 N.T. 
Pass 

Pass 

Pass -• - 


r 

SMACKS MEANT 
TO 

OFTEN EXP 
UP PGINST-,'©. 


Now arrange the circled letters 
form ihe surprise answer, as sug- 
gested bv the above cartoon 


Print answer here : “ [ J J J T .i. 1 f 


Yesterday's 


lAnw-ers tomorrow 

JumWes. TRACT LLAMA SCENIC TRUSTV 
Answer: V/hat those old sailing vessels must ha^e 
provided- MAST TRANSIT 


W>rld Stock Markets 


l ia Agence France-Presse Nov. 20 

tjiiync prices ut local currencies unless otherwise indicated. 


EUROPE 

HIGH 

C F 

LOW 
C F 

Algarve 

17 

*3 

7 

45 

Amsterdam 

□ 

32 

-2 

28 

Aiken* 

15 

59 

1* 

57 

Barcelona 

8 

46 

0 

32 

Oelorade 

7 

36 

1 

34 

Berlin 

■2 

28 

-4 

25 

Brm sell 

0 

32 

-3 

27 

Ouctiaresl 

0 

32 

-3 

77 


2 

3* 

0 

32 

Copenhagen 

2 

3* 

0 

32 

Costa Deism 

15 

59 

* 

43 

Dublin 

0 

*3 

4 

39 

Edlnnurab 

4 

3? 

1 

34 

Flerancc 

7 

45 

5 

41 

Frankfort 

0 

32 

■2 

28 

Geneva 

0 

32 

-1 

30 

Heislakl 

-2 

28 

-4 

25 

Istanbul 

11 

52 

10 

90 

Las Palmas 

53 

73 

17 

63 

Lisbon 

12 

M 

B 

46 

London 

2 

36 

0 

32 

Madrid 

8 

*6 

0 

32 

Milan 

4 

39 

] 

34 

MOSCOW 

-7 

1* - 

10 

14 

Munich 

-1 

30 

-3 

27 

Nice 

i 

<3 

s 

41 

Oslo 

-2 

29 

-3 

27 

Parts 

0 

32 

-1 

30 

Prague 

I 

34 

•4 

25 

Reyklavik 

5 

*1 

3 

37 

Rome 

12 

54 

11 

52 

Stockholm 

L 

33 

n 

33 

Strasbourg 

-1 

30 

-2 

2 8 : 

Venice 

5 

41 

3 

37 

Vienna 

2 

36 

0 

37 

Warsaw 

-3 

29 

-6 

21 

Zurich 

■1 

30 

■2 

2D ! 


ASIA 


Bonffhoh 

Beilins 

Mona Km 

Manila 

New Delhi 

Seoul 

Shanohol 

Stnoopo r c 

Taipei 

Tokvo 

AFRICA 

Algiers 

Cairo 

Cane Town 

Cased onca 

Horace 

loom 

Nairobi 

Tunis 


Buenos Aires 

Caracas 

Lima 

Mexico cirv 
Rfo tic Joneiro 


HIGH 

LOW 


C 

F 

5 

F 


31 

88 

25 

77 

ci 

10 

50 

0 

■j 

lr 

2* 

7S 

21 

73 


J1 

68 

;j 

75 

c 

26 

79 

13 

SS 

fr 

11 

52 

4 

3* 

til 

l« 

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5 

41 

lr 

30 

M 

74 

75 

0 

26 

79 

18 

64 

fr 

U 

55 

S 

4* 

Cl 

15 

5* 

4 

43 

CJ 

79 

B4 

18 

0< 

Cl 

30 

K 

17 

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fr 

21 

70 

14 

57 

0 

24 

75 

IS 

Si 

Cl 

:b 

92 

25 

77 

cl 

24 

75 

13 

55 

0 

13 

64 

10 

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22 

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27 

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19 

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2* 

75 

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61 

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77 

13 

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17 

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WORTH AMERICA 


MIDDLE EAST 


Ankara 
Beirut 
Damascus 
Jerusalem 
Tel Aviv 

OCEANIA 

Auckland 


10 50 0 32 o 

— — — — na 

~ — _ — na 

22 72 71 52 lr 

27 01 M 57 »r 


22 72 IS 5? 
2J 75 12 54 


Andiaroge 

Atlania 

Boston 

arlcaaa 

Denver 

Detroit 

HonoUriv 

Houston 

LnAnoetes 

Miami 

Minneapolis 

Montreal 

Nassau 

Hew York 

San Francisco 

Seattle 

Toronto 

wasMrwton 


-7 W -17 l 

S 77 17 « 

si 70 id a: 

3 3! -4 i5 dc 

• 14-12 10 tr 

4 jv i jr oc 

2 IM » A lr 

30 46 IS 50 ft 

25 48 7 « lr 

28 a 23 n cl 

-A 21-11 i * tr 

8 *t J 17 cl 

79 M := r 

21 70 » 5S pc 

13 55 » **f c! 

1 34 -2 se oc 

0 4fl 5 « eI 

23 73 10 » oc 


tr 

Cl 

=C 


AnamiyJai 1 


Close 

Pray. 

APN 



ACF Hewing 

2*’J0 


AEGON 



AKZC 

13120 

13SL50 







A Com fiuooer 


9Z5 

Amro 3ar.> 



6VG 

2*5 

22950 

Buehrmcnn T 

11350 


Caland Hid* 

285*3 

2850 

EISCvler-NOU 

163 

16350 


79 

79 JO 

G*5t Broccdes 

139 50 


Helneketi 



Hoo-sovrrto 



HJlfi 


51 JO 

No araer: 

5650 

57 JO 

Not Nedder 

3U0 


Nediiovd 

19750 


Oce Vander O 

372 

372J0 

Painoed 

79.10 

SO JO 

Ptiiilpi 

5560 

5140 

Roceca 

305E 

KUO 

Rodamca 

135*0 

13120 

Rollnco 

73 

run 

Parenlo 

*220 


Poval Dutch 



Unilever 

1-.950 


Van OmnuTKi 

3050 

3050 

V.MF Slurit 

245 

245 

VNU 

24150 

25950 

ANP.CBS Gdffll index : 336.10 

Previous r 235318 



j | Bnwttds | j 

ArDcd 



aekoerl 

8300 

8540 

Cocker.ii 

217 

no 

Catena 

*500 

*4*5 

EBES 

3895 

3*40 i 

GB-Inna-BM 

5220 

5220 




G**vaarl 

5000 

4925 

Hoboken 

5710 

5650 

Intercom 

2*50 

2980 - 

Lrcdleftanv 

IMCS 13>M 1 

Pelrollnc 

7020 

4*60 | 

5oc General 

Sof Ina 

74CO 

B330 

£S 

5olvoy 

6050 

4810 

Tro-rlkm Eire 

3650 

5230 

uce 

5610 

5580 

Unerg 

2*0 

2170 

Vicilie Monlagne 

SAM) 

5450 


Previovs : »i*Ji* 


f 

B 


Jaroine Sec 
Kowloon Motor 
Miramar Hotel 
New World 
SHK Props 
steiu* 

5wrre Poclllc A 
Tal Cheung 
Won Kwang 
Wing On Co 
Wlnsor 
world Inn 

Memo Seng Index : 
Previous : 1754AS 


Close Prev 

IS80 1480 
10.40 IOjM 
SS 55 
9jSS BM 
USO I3J0 
2.075 2.10 

30.25 M 
2125 215 
0J8 0J3 

174 178 

5 5 

2575 250 


175779 


Jo b 


AECI 

Anglo American 

Anglo Am Cola 

Barlows 

Blvvoor 

Butfeis 

De Beers 

Drlefantein 

Elands 

GFSA 

Harmony 

Hivetd StoH 

KFOOF 
Ned bank 
Pres Stevn 
Rusolar 
SA Brews 


930 875 

3765 3675 
20630 20500 
1330 1470 
IBM 17W 
BSOQ EVM 
1500 1470 
56S 5575 
1750 1725 
3700 3775 
3300 3240 
610 600 
3525 
950 900 

NA — 
2575 2550 
800 775 

4525 4XO 
B90 855 

NA — 


London 


sir 


Bong Ko«2g 


$ 


Sydney 28 75 12 54 tr wattuwfon 23 73 io » B < 

el-eloudv: fo-toggv; fr-foir: h-nail: tMHwreost: pe-eartlv doudv; r-ron ; 
sh^ftowers; swsrvow, si-sro/my- 



I Bk Easl Ailo 

| Cf.Oun K0T5 

■ Chino Light 
I Green island 
Heng Seng Bank 
Hcnoerson 
China Gas 
Hh Electric 
HK Realty A 
HU Holds 
Hr. Lone 

HK Shgng Bonk 
HK Tcieanorc 
ha vavmjici 
HK Wharl 
Hulch Vvhompoo 
Hvssn 
lol l City 

Jordine 


74 34 70 
2120 2120 
1830 laic 
3J-D 135 
47 «J5 
2275 230 
I2.VC 13 
SJ5 055 
1210 12J0 
3125 35J5 
680 6.90 

■-« 7J5 
7*5 cjbo 
1975 3.973 
?A5 7A5 
rt.W 27 JO 
Aa2 063 

0.93 as* 
1170 1170. 


Sri toll 
BTR 
Burnwti 
Cable wireless 
Cadbury Sctnv 
Charter Cons 
Commercial U 
Cons Gold 
Court oulds 
□aloe tv 
Oe Beers » 

DU tillers 

Drl af o nteln 

Flaana 

Free Sr Geo 

GEC 

Gen Accident 
GKN 
Glaxo c 
Grand Met 
GRE 


sio*s 

293 

266 2 66 

14fl U3 

454 455 

677 4S7 

293 293 

290 286 

23S 233 

30 30 

585 580 

305 301 

222 223 

315 313 

590 5«3 

364 359 

203 in 

Mg 440 

730 228 

383 380 

3»3 277 

6*5 6U 

145 144 

2>3 213 

235 23* 

5W 502 

184 182 

425 <20 

433 433 

470 478 

514% SI 6H 

450 490 

Susp. — 

171 172 

743 748 

271 288 

15WI5 13/33 
391 385 

758 780 


Guinness 

GUS 

Honan 

Hawker 

ICI 

Imperial Group 
Joauar 

Land Securities 
Legal General 
Uayds Bonk 

Lonrho 

Lucas 

Marks and SP 
Metol Bax 
Midland Bank 
Nat West Bonk 
PanflO 
Pilklngten 
Plessev 
Prudenrlal 
Bocal Elect 

Rand fan tein 
Rank 
R»ed InH 
Reuters 

Raval Dutch t 44 

RTZ 

Saatchl 

ScJnsburv 

Sears Holdings 

CTC 

Sid Chartered 
Sun Alliance 
Tate and Lyle 
Tosco 
Thorn EMI 

T.l. Group 
Trafalgar Hse 

Ultramar 
Unilever t 12 
United Biscuits 

vickers 
Wool worm 


Close Prer 

306 311 

«83 978 

320 217 

439 435 

714 697 

717 217 

335 331 

315 319 

762 734 

504 502 

181 ns 

473 470 

190 187 

STS 513 

454 452 

707 702 

42* 430 

306 298 

128 128 

789 782 

130 IX 

ITS 172 

457 444 

703 699 

320 323 

19/04 44'A 

544 527 

760 755 

374 370 

119 1(6 

IS 

464 467 

558 5*5 

530 530 

315 253 

TO 354 

417 417 

382 379 

162 162 

225 223 

11/3212 19/64 
717 216 

313 30fi 

588 583 


BIC 

Banerakt 
Boayaues 
B5N-GO 
Correlour 
O w rg e u rs 
Clut! Med 
Dorfv 
Duma 

Ell-Agultalne 

Europe 1 
Ben Earn 
Hocftet ie 
Laforgg Con 
Lagrand 
Lasleur 
rOreal 
Martetr 


Merlin 
Michel In 
Meet Hennessv 
Moulinex 
Occidental* 

Pernod Rk 

Perrier 

Peugeot 

Prfnlemps 

Rodlotechn 


F-T. 30 index : llt&M 
Prevloos: »»UB 
F.TAE.ieo lade* : khjb 

Previous : H1UI 


MOsu 


Comm 

CKwhareis 
Cred Hat 
ErnSonkj 
FarmHofla 
Flat 

Generali 

IF1 

italcementl 

I to loos 

llalmobiligrl 

MedWxmaB 

Monlrthar 

NBA 

Olhrrfli 

Pirelli 

RAS 

Rlnasceme 

SIP 

SME 

5nla 

Skinda 

Sfer 


24200 24200 
12D68 12275 . 
318* 3240 
12450 12400 
14551 14W9 
4990 5031 
67500 67100 
13080 12770 
S0450 50500 
2100 3100 
141875141508 
138708138000 
2415 2438 
3540 35*9 
7800 7710 
3430 3550 
120000123508 
1039 1094 
2863 2665 
1356 1369 
4700 <7 40 | 
15400 15300 
9620 3640 


i/clof 

Skis Raulgnol 
Tetomeoan 
Thomson CSF 
Tola) 

CACId 


4*4 49) 

1640 1430 

828 829 

2375 2385 

2622 2416 

748 750 

*80 470 

18*3 1843 

827 820 

308 192 

803 B22 

740 727 

1440 V*« 

633 *25 

2315 Z3*» 

750 733 

2538 2525 

1538 1570 

1540 1535 

2270 2775 

1400 135* 

2110 2680 
5Afl5 5828 
6*5 693 

771 725 

*32 439 

**0 <29 

325 327 

,395 3*8 

1839 1839 

1437 1*03 

63* *30 

1391 1]N 

2440 2420 

623 , 631 
27* 275 


AkaJ 

Asahl Own 

AsoHOtos 

Bonk of Tokvo 

BrWgesfgna 

Canon 

Casio 

C.iroh 

Dal Nippon Print 
Dclwa House 
Oatwo Securities 
Fonuc 
Full Bank 
Full Photo 
Fujitsu 
Hllodj* 

Hitachi Coble 


MIB C errut Index : i860 
Previous: 1853 


Air Lioufde 
Aisttnm An. 
■ Av Dassault 
} Bancalre 


1 Storid 

WbB 

Z3 

AGA 



Alfa Laval 

240 


Asm 

309 

307 

Astra 

513 

513 




BoUden 






encMwi 

1*1 

194 

Esselie 

<05 

405 

Handel&Sanfcen 



Ptxirnxxia 

17V 

178 

Saab- Santa 

NA. 

SO 

Sandvlk 



Skaraks 

103 

104 

SKF 



SwedWiMaldi 



Vohta 

245 

us 

Wtoto—Bw Index : 419J» 
Pravlogs : *i » jb 

1 

□ 

ACl 

2J3 

287 

A NX 

483 

AS 

BHP 

856 

858 


112 

104 

Bougainville 

LM 

Ui 

Casttamatiw 

a 

8 

Catos 

4 

195 

CofTWk B 

1J0 

lja 

CHA 

550 

142 

GSR 

134 

132 

DurtHw 

132 

132 

Eldars lr) 

274 

272 

ICi Aastroito 

114 

115 

MWnHtan 

2.U 

2.18 

MJM 

145 

Z48 

Mver 

155 

255 

Ngt Amt Sank 

4J0 

487 

News Cora 

&80 

U4 


Knnsot Power 
ftiawrokl steel 
Kirin Brew e ry 
Komatsu 
Kubota 
Kyocera 
Matsu Elec inas 
Matsu Elec Mtorks 
Mtsubiafti Bank 

AAdsubtshi cheat 

Mitsubishi EJec 

MJIsubJghl Heavy 

Mitsubishi Cora 
Mitsui and Co 

Mrwfcoshi 

Mitsumi 

NEC 

NGK insulators 
Nlkko Sec 
Nippon Kooafco 
NtoponOir 
Nippon Steel 


770 

8*0 

*34 

529 

1120 

1*70 

4Q3 

.1220 

85* 

751 

7260 

I43S 

2050 

1040 

721 

703 

1176 

6*40 

453 

1130 

136 

727 

513 

340 

4180 

1170 

8*1 

1450 

4*3 

350 

340 

575 

*20 

611 

871 

1230 

86) 

756 

922 

7*2 

154 

336 

578 

TOO 

1340 

1*20 

1190 

6*0 

850 


1180 

857 

765 

7260 

TOO 

6*4 

*83 

1120 

6490 

<58 

1820 

138 

74] 

512 

343 

*080 

1140 

■n 

1450 

495 

33* 

365 

an 

414 


1580 

Ut 


1153. 

876 

757 

787 

U5 

573 

TO10 

1000 

BN 

'SS 

830 

830 

795 

3S2B 

’IS 


M2 M6 


5*3 

IT* 


550 

- . 881 
4050 3*40 
<78 *80 

898 902 


*38 

513 


902 

22*0 

936 

517 


374 

1140 fLO. 
718 VOS 

'^St i5SSt :M ^ 

New Index : **tS 8 
Prevtoas : 9*7 A3 


CanorSmsedatiaAP 

Soles Stock • High Low close Cha. 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY. NOVEMBER 21, 1985 


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SPORTS 


cWJ /C^-> j -JjO 


Page 23 


By WilUaxn.C Rhoden 

New York Times Soria : 


'Ewing Prospects of Parity 


; ■ r ; c ’.i-. rL, - l "y^ , YORK — For all us championship. drama 

if sl ^”Lh? ,e 19 M-85«^«®e basketball season wta 
C Q° ™aate a by super layers on super teams is super 
V,. j,- i conferences. . 

■ l ' ■ , H»? The ^ig East and the Atlantic Coast Conferences 

■ , , v ** P 1 ^ foor fcsnB each in the final 16 of the Mfin«.ai 
- - -t !"! : v w«rnament, and the Southeastern Conference sent 
- - Toe s emifina ls featured three Big East (earns - 

•sj-ssjjj and fittingly showcased a star-studded Big East md&- 

r a^ctePairickEwhig: ofOeorgaowL OunMnl-. 

•xt. s lmandBfllWeiimngt<m of St. John’s and Ed Pinckney 

l of Vfllanova, the eventual duuzqnon. - 

• r .1 ^ scasoa » the scene iscomptaefy changed. No 

t^tns return, and no super players who tower 
' lr *f. i . { a D*>ve the rest, as Ewing did the previous three years, 

' ' ' ■ srv?& and Ralph Sampson dal before Mm But canseons 
1 \ — . ~ ■ ■ ■ ■ - 

v : .^; COLLEGE BASKETBALL PREVIEW 

f‘~ ^ . v Wfl from most observers is that, fr o m top to bottom^. the 
. ‘'"--t: 1 985-86 campaign conld be among the most competi- 

! thnsi n rec ent histexy. . . 

_ T 'V “There is an unusual set of c rninTwuncw thic y **r 
Jr yj « >.jw the strangest I can remember since I’ve been involved 


- • .j * “a* itiuauucj, iunc Ms zuwitp ixxn ai 

" v-uid " 1 ?". least two consensus all-Americans retaining — some- 
^ times three or four. Ibis season you don't have any, 
i 5 and normally that would lead people to think there's a 
- ':.»■? h-iT droughL But this year you have mve good teams than 
there have been in recent memory. Teams that reaOy 
• I.j;-, iir don’t have any weaknesses, and that can only be bettff 

■ vli^-v than expected, not worse.” 

. VJ , V!?^ For the five seasons, the ACC, the Big East and the 

■ Jir >!i s’.JJhg Ten have been the dominant. conferences, with 

■ • r V*"Tf ^occasional c h a llenges by the SEC, Metro and South- 

" -■-ij’uhT west Conference. • ' ■ 

■ V~,.’i 3 | 1 ''- This season, the balance of power vwfl shift — some 

k. say it wQl simply return — from the Big East to the 
:_-i J' t : ACC. The ACC eegoyed a phenomenal recruiting 
- •.■.V? 1 **. - vear » gleamng a number of blno-chippers from Big 

r v” East territory. The conference boasts three exceptional 

1 ■ ;1 ' *«k . teams in Georgia Tech, North Carolina and Duke. 


The Big Ten, with Michigan and Illinois, is also strong, 
and (he Big Eight has some of the nation’s best big 
men in 7-foot- 1 (116-meter) Greg Dialing and 6-1 i 
Danny Manning of Kansas, and 6- 1 1 Dave Hoppen of 
Nebraska (23.6 points, 11.6 rebounds and a Division 
I-leading 64.6 pacent from the floor). Brn those 
leagues lack the top-to-bottom strength. 

THE COACHES 

There are 55 . new bead coaches in'Di vision I. That 
-represents a 19-4. percent turnover rate, the highest 
since 1979 (20.6). The turnover rate is also a sharp 
contrast va 1984-1985 vdten it stood at 92 percent. 

Two of the mast prominent coaching shifts involved 
schools with rabid basketball followings — Kentucky 
aod Arkansas- After II seasons and nine straight 
NCAA tournament appearances, Eddie Sutton left 
Arkansas to become coach at Kentucky. Sutton’s 
replacement at Arkansas is Nolan Richardson, the 
former coach al Tulsa who becomes the fust black 
coach in the Southwest Conference. ' 

Two other coaches will be experiencing pressure of 
heading up a favorite. Jim Boeheim of Syracuse and 
Boblnr Crendns of Georgia Tech have been picked to 
win the the Big East and ACC, respectively. 

For the last four seasems, Big East teams have 
scrambled to see who could upset Georgetown. This 
year, with everyone more or less in the hunt, the onus 
has been put on Syracuse, which returns all but one 
starter and two standouts in Dwayne Washington and 
Rafael Addison. Tm happy we’re rated high,” Boe- 
heim said. “We’re better tnan we were last year. But on 
the other hand, the league is much more balanced.’* 
Crendns has seen his program go from basement to 
cdhng in four seasons. “My own expectations," he 
said, “’are usually tougher than (he madia’s and fans’. 
This is the first tune since I’ve been coaching that 
other people’s expectations are higher than mine. I just 
don’t know if we can live up to them.** 

No matter how a coach handlx die pressure to win, 
one thing is pertain: It won't go away. Last season, 
after co aching Jacksonville to an upset victory over 
Alahama- Rirmin gham, Bob Wenzel wentto a hospital 
com plaining of severe headaches. Doctors deicctal a 
rapture of a Wood vessel at the base of Ws spine. 
Emergency surgery was successful, although Wenzel 
33, massed the rest of the season. Now, he’s back. 


“I guess T would be more interesting if I said Td 
become a BuddUst Monk, but my thinking hasn't 
really changed." he said. "I think 1 appreciate things 
more, and small problems don’t bother me as mum. 
But 1 can’t say that because of brain sugery I fed Eke 
a game is just a game. It’s not like that. There’s been no 
change in my intensity, my desire to win, 

THE PLAYERS 

Thor may not be a Ewing, but Kenny Walker might 
come dose enough- Last season, the 6-8 forward 
virtually carried Kentucky into the natio nal tourna- 
ment and surprise victories over Washington and 
Nevada- Las Vegas. He averaged 223 points and 102 
rebounds a game last year, while shooting 55.9 percent 
from the field and 76.8 percent from the foul line. 

David Robinson, Navy’s 6-1 1 center, wiD be among 
the nation’s premier big men. as will Roy Tarpley of 
Michigan, ai^ 6-1 1, and DreOing of Kansas. 

Robinson, a junior, marvels at being touted as an 

all-American, altboagh last year he sewed (23.6), shot 
(64.4 from the floor) and rebounded (11.6) at an 
amazing clip. “The dung is, 1 finally got used to my 
size. It’s toi^h realizing bow tall you are, and I had to 
leant to take advantage of my size. My freshman year 1 
was 6-7, my sophomore year I was 6-9. Now Tm just 
about at 7 feet. 1 really haven’t caught np to my size 
yet I have to keep reminding my self to jump for 
rebounds, or to block shots and ran, reaOy run, down 
court to maximize my size.** 

Other talented players wiO be looking to revive after 
dropoffs or disappointments. Programs that made 
investments in these blue-chip players three years ago 
are calling in their debts. Some players for whcwn 
1985-86 might to be a year of atonement: 

• Dwayne Washington, Syracuse: Heralded as one 
of the country’s best guards a year ago, Washington 
had an uneven sophomore season. He averaged 15.4 
points and 6.1 assists, but his turnovers were alarming- 
ly high and he disc o vered that opponents had found 
remedies for the Hoadim-Eke moves they found so 
baffling in 1983-84. Now with maturity, and with a 
veteran team surrounding him, be could become one 
of the nation’s most effective and exciting players. 

• Bruce Douglas Efrem Winters, IDmots: After 
blazing out of the blocks in 1983-84, Douglas and 
Winters began to taper off last season. Under pres- 


sure, Douglas’s shooting touch disappeared in March. 
The 6-8 Winters was adequate as a boards man, but 
was hardly a dominant force. 

• Chris Washburn, North Carolina State: Wash- 
burn. a much-heralded 6-1 1 freshman center, made a 
major impact His arrest for stealing an acquaintance’s 
stereo system resulted in his suspension from the team 
for the season. Obviously, that's not the son of impact 
the scouts had in mind By most accounts Washburn is 
a bright, energetic young roan with loads of talent. He 
is ready to play and he has much to prove. 

• Dallas Comegys, DePauI: He was Mr. Potential m 
1983-84 and again last year, when be played erratically 
and failed to take charge in crucial situations. Co- 
megys, 69 and 205 pounds (93 kilograms), must show 
he is more than a m echanica l offensive player whose 
chief claim to fame is blocking shots. 

• Mat Wagner, Louisville: Wagner, two seasons ago 
tabbed as one of the country’s brightest guard pros- 
pects, broke a foot and sat out last year. His challenge 
is to come back strong in his final season and lead a 
young but extremely talented team. 

There arc some players no longer under the shadows 
of superstar teammates — but who will have to prow 
they are realty as good as they looked last year. 

Two in that category are forwards Reggie Williams 
and David Wingate of Georgetown. With Ewing 
drawing a jam to the middle. Williams and Wingate 
were dangerous perimeter players who hit with regu- 
larity from the baseline and also contributed jarring 
drives to the basket Now they will attract much of the 
defensive attention. 

Finally, there are some players you will see in March 
and wonder where they nave beat They include: 

• Jaden Snath, 67, guard/ forward, Texas-El Paso: 
Some call him the best athlete at the school since Nate 
Archibald. An intense, hardnosed and exciting player. 

• N3dta Wason, 68, forward, LSU: Wilson aver- 
aged 15 points a game last season and made 58J 
p er cen t of his field-goal attempts. 

• Carl Gofstoo, 5-9. guard. Loyala of Chicago: Gol- 
ston actually had a brilliant 1984-85 season (second in 
the nation in assists, averaging 9.2) and is not really a 
major surprise, except, that Ins eager-shooting team- 
mate, Alfredrick Hughes, eclipsed him. Golston 
should improve on his 14.8 scoring average. 



The New Ycy* Times 


Harold Pressley, one of few regulars returning for the 1985- 
86 campaign at Villanova, the defending national champion. 


Av: ' fe 

"’•■Till!*; 


SCOREBOARD 

Hockey 

NHL S tandings - NF3 


Football 


NFL Leaders 


WALES CONFERENCE 
Patrick DhrMaa 

W L T Pf* OF GA 


AMERICAN CONFERENCE 
TEAM OFFENSE 

Yards Rmfi 


" • • .“vsrti 1 PWUxteiPMa 

15 

3 

0 

30 

*0 

56 ’ 

San Diego 

4334 

1084 

3250 

. - . , ' . L- Washington 

10 

6 

3 

23 - 

76 

64 

Miami 

4135 

1133 

3002 

- '••• NY IsWKtar* 8 

6 

1 

W 

69 

66 

Jets 

4133 

1761 

2372 

■ : NY Remora 

B 

* 

1 

17 

65 

59 

Cincinnati 

3791 

1382 

3409 

••• -... J. . ' New Jersey 

7 

* 

1 

15 

61 

68 

Denver- 

3777 

1314 

2463 

. - *• Pittsburgh 

5 

10 

3 

13 

62 

71 

Raiders 

3658 

1414 

2344 

- ■ - I 1 ■ L 

Adams Division 




Pittsburgh 

3640 

1561 

2079 

• •’ll-.Sf- Boston 

10 

6 

3 

23 

80 

64 

New England - 

3596 

1402 

2194 

- . . - , . . ‘ Buffalo 

It 

7 

1 

23 

72 

55 

Seattle _ 

3548 

1206 

2342 

Queooc 

10 

7 

1 

21 

74 

62 

Cleveland 

3462 

1607 

1*55 

MuntieuI 

8 

7 

3 

1* 

73 

72 

Indianapolis 

3412 

152* 

1883 


8 

9 

0 

16 

60 

73- 

Kansas City 

3251 

93* 

2312 

_ m CAMPBELL CONFERENCE 


Buffalo 

2*35 

ytm 

1913 


Norris DM8M 




Houston 

2752 

1166 

1586 

li -H.-r :» St. Louis 

7 

6 

3 

17 

58 

63 

TEAM DEFENSE 




Houston 


3M 

1812 

2136 

Stallworth, PML 

59 497 IU 

41 4 

Cincinnati 


3*73 

1272 

2701 

Christenson, RoMrs 

58 715 1X3 

48 4 

Miami 


4183 

1637 

2546 

Lament, sea. 

55 180 168 

43 4 

Son Diego 


42S 

1401 

2857 

Nothon. Mia. 

52 502 93 

73 0 


INDIVIDUAL 



Scortao 

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TD Rmh Rec Rif Pts 


ATT YDS AVG LG TD 

Allan. Raiders 

10 8 2 

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216 

10*3 

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69 3 

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10 tl 8 

2 60 

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252 

1063 

42 

32 8 

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10 0 10 

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Warner. Sea. 

210 

827 

19 

24 4 

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9 5 4 

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160 

775 

48 

41 4 

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*72 

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161 

740 

48 

65 3 

Scoring (tOcktag) 


PgUard. PM. 

154 

886 

44 

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La Pta 

Byner. Clev. 

140 

662 

4.1 

36 6 

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27-27 20-28 

a wr 

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631 

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32 4 

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26-2* 2031 

48 86 

Beil. Buff. 

146 

620 

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18 4 

Rtvoiz. Mle. 

3332 17-20 

45 83 

( 

Buortartoodn 



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31-33 17-22 

53 82 


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3X34 16-34 

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< Taranto 

Edmonton 

CafDorv 

Vancouver 


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10 A 3 
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a 95 a- 

73 *5 69 

20 - M 14- 
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... • TUESDAY'S RESULTS 

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Grad In 2 (41. HaKrard (2), Sfcrtko 3 (13), 

. I TanN (IS); Gallent (11), Kilma 2 («, Smith 
* , . (2). DtiBuaVISJ.lbWionoaM; Vancouver (on 
Sietan) 1544—34; Detroit tan Brodeor) 144- 
' "" S— 27. 

1 ,, , PWlodelpWo . 13 3-4 

f N.Y. IrtHtder* . * 3 3-8 

* . . Basson O). LflFontotne (fl/Baenr 2 (12). 

* Potvln (4). Gflbert (l),Trottiar 2 (8); Howo- 
. dar2(2).Kerr2(»>.SJntaaJol»|.Taccfiet(S). 
- stoats o* sod: Ptiuodetpnia (an Hradevl 8-T7- 

12-37; New York (on Jenson) MS-13—37. 

. Minnesota 1. 1 1 S-4 

’ . Cn Ivory D 3 « S-4 

I McKeoaev (4). Bluostod (7).CiccarcfU 0 )/ 

j-> Peodnskl (4). Quinn (BI.McDamM (8). SMS 
.. i ‘ on goal: Mlnnosoia (on Lemodn) EMS-11-3— . 
r 33; GataQfY ton Metanson. Booupro) 1WH1- 
5— <5. T. 

New Jersey * 3 1—* 

, ■ i q% Aascieo l S 3—4 

McNab (7),Sirtllmon (S),Mullor(6).Broten_ 
" u ’• M). Brldomon 14). Adam (2); N kiwi to (9). 
B '/f RedmoMl (3). Wells (S). Shot* os eoW: New 
r,- ". ; Jersey (on Janocyk) U-TO-6— 30; LaeAnoeles 
: . - r ^ (eo ChavrWr) lo-8-n— ». 


Pittsburgh 

Jets 

.Cleveland. • 
New England 
Raiders 
Seattle 
Denver.. 
BuHalo 
UMUanapatts 
Kansas CMy ' 


Yards Rash Paw 
2*27 1138 173* 

3046 *34 ano 

3138 11*3 197S 

30* 1127 2012 

3319 1074 2345 

3449 12*9 2150 

1553 1274 2279 

- 3540 1727 1833 

. 3M4 1458 2235 

3813 1388 1425 


OErlan. Jen 
Efttasen. Oil 
F oots, SJX 
Keonoy, ICC 
Merino, Mia 
Malone, PUL 
-Krlea. Sea 
Elway. Den. 
Mean. Hou. 
Wilson. Roldan 


320 194 2553 11 4 

2*9 175 2201 17 8 

303 177 2444 19 12 Stork, Ind. 

319 171 2311 15 9 Roby. Mia 

408 238 2961 17 IS MClnolly, On. 

220 114 1411 13 7 Molsleknka sjd. 

361 19* 2541 20 15 Comartlta, N.E. 

417 220 2598 15 14 

342 1X 1474 9 13 NATION 

30 121 1449 9 12 TE 


Footers Nebraska 

No Yards Lane A«e Arrav 

53 2444 48 11 c Oktahoma 

43 1914 43 444 Autoom 

45 1*01 64 440 Tuba 

54 SS7 47 434 

69 1992 75 434 

- Brtoham Young 


NATIONAL CONFERENCE 
TEAM OFEMSE 

. Yards Rail Pees 




NO YDS AVO’iXTTD- -Oitaw ’ 40M S3 

64 782 122 60 4 San FrandSCO - 2*89 1409 2380 

Dallas 3880 1257 2623 M . 

Stan IS 3176 1474 2402 Jj™™* 

St Louis 3459 1427 2232 5L 

Gnen BOV 2575 1441 2114 "T°__ 

Woshlnoton 3575 IBB 17*7 * lr For “ 

Mkim nato 3423 1061 2362 ArmY 

Attanto 3408 15*9 1809 

Phliadetotiia 3397 US 2265 Tl 

Tom oa Bay 2349 1024 2345 

Rams 3111 1333 1785 

Now Orleans 3006 1151 1855 

Detroit 3X5 10*4 1791 WcMlon 

TEAM DEFENSE 

Yard* ROM Pan “ntrol Midi. 
Chicago 2*64 846 2118 

Giants 2971 10*5 1M3 *° othtrn Mia ~ 

Woshlrtgton 3102 1264 in ”** 

Ram 3149 1097 20S2 r™ 0 

Philadelphia JOB 1462 1776 



Chicago 

2*64 

146 

2118 

dents 

7*78 

10*5 

1883 

Washington 

3102 

1264 

1838 

Rams 

314* 

1097 

2053 

Philadelphia 

308 

1462 

1776 

Dallas 

3454 

1141 

22*3 

SL Louis 

2550 

1601 

1949 

Son Francisco 

3549 

1272 

22*7 

Groan Bay 

3615 

1517 

Ml 

Minnesota 

3659 

W*3 

2166 

Detroit 

3*06 

1848 

2058 

New Orleans 

4053 

1418 

2634 

Atlanta 

40*1 

1356 

2735 

Tamoo Boy 

4136 

1564 

2570 

INDIVIDUAL 



Rusbers 



ATT YDS AVO LG TD 

Rigg*. am. 

248 ini 

48 

33 7 

Payton, an. 

210 KBS 

52 

35 7 

Dersett, DalL 

201 943 

47 

60 4 

Wilder. T.B. 

2S3 943 

38 

24 7 

Morris. Giants 

TO 751 

48 

56 11 

Craig, S.F. 

134 719 

54 

62 7 

EJocksan, PML 

1*3 7TJ 

17 

51 2 

Tyler, S.F. 

136 704 

58 

26 4 

Dlckarsarv Rams 

184 60S 

3J 

42 9 

Nelson. Mines. 

ISO 449 

48 

37 2 


UCLA 

Qklahania 

Nebraska 

Pittsburgh 

Iowa 


Texas Tech 
Baytor 
Oklahoma 
Western Mich. 
Texas ASM 


Michigan 

LSU 

Oklahoma 
Georgia Tech 


Transition 


BASEBALL 
American League 

CHICAGO— Homed Rica PetraccUl a ml- 

nor-ieague Instructor. JUI It lilllll— HWtllll RfMHH HIM i Wig iTT"" — Craig, S.F. 

SEATTLE— Added Mickey Brantley and ■ - ■ ^ Hilt, Don. 

Dave HenooL outfielders, to the 4B-mon roo- • ... , .j_ni iZTT ncj Monk. Wash. 

ier. - OUT: After a mid-air collision with Washmgton s Charles joraon. Minn. 

Modooot^SSTJiwK^ Jones in Tuesday nigfat’s "first period. New York rookie ^ fton ' GA SQ 
Indiana— signed Here wuuams, fanert center Patrick Ewing landed heavily, twisting and spraining 
xwry Tyfor, tw- Ws Irft ankle (above). The Knicks defeated Washington, 98- 
word, to an otter sheet. 94,but Ewing,among the NBA leaders in scoring, rebound- Dtckenan.Ro 

Nattoo^MH^a^jmem . ing and blocked shots, is expected to miss at least.one game. 



A..**- - - '■ 



Montana SF. 
McMahon, ChL 
SbiKiBi Giants 
Hloote, Dot. 
JaworskL PML 
Lomax, SU_ 
Brack. Rams 
D.Whltt, DaiL 
OeBera. TJL 
Dickey, ga 


ATT COM YDS TO I NT 
331 200 2293 16 6 

231 136 1796 13 7 


343 189 2681 14 13 *7*" 

236 127 1806 n 10 

270 142 2037 11 9 


270 142 2037 11 9 

340 186 23b3 12 11 

364 155 1*27 » 12 

346 202 2353 11 14 

370 1*7 2488 t9 18 


Gavnor, uigBch 
TestovrdoJMa FI 
Smith. MlesSi 
Narsetti. Kansas 
Lone, Iowa 


242 iso 1448 13 14 Trudeau, iu 


MO YDS AVO LO TD 
44 757 1U 73 S 
42 *09 14J 49 5 

53 639 12.1 44 I 

52 580 115 23 0 

48 778 142 34 2 


White, MlchSl 
Palmer, Terrarte 
Jackson. AoBum 
Tnemas. Ok lost 
Swam. Mle O 


■ word, to an offer sheet. . . 94, but 1 

Nahoo^S^We - ing and 1 

ATLANTA— Signed RatMl Cfacam a m 
-7 punier, ond Gten Howe, tadde. • • 

INDIANAPOLIS— Cut Roy Butter, wide re- 
- catver.and-Georgo Achlca. nooo tackle. Actt- . 

\ voted Rlekv NkTiols. wldo recotver. and Dan 

Anderson, eoraortiocfc. ' — 1 

N.Y. GLANTS— Waived Earnest Gnrr. wide 

receiver. ' NBA Si 

WASHINGTON— waived. Malcolm Bam- A 

: well, wide receiver. EAS~ 

HOCKEY 

NaKooat Hockey League 

1 N.Y. ISLANDERS — Recalled Bob Besson, n r t ^_ 

' 1 torwor d , amt Greg GJlturL left wtnsu Cram Jeroey 

Springfield of the American Hockey League.. pdOogaipiiiQ 
sent Scott Hovrwn. confer, and Ken Letter. ^ YaR 
drHnMinin to SprloaRoM. • wMhingloa' 

; N.Y. RANGERS— Sent K MI Somu oNoow. 

defenaemorv nn<1 Peter Sundstronc rtatot unipcmkee 
wing, to Mew Haven ol iheAHL. Reassloned Detroit 

r BrvonWldl^.0«»»^w»^«^rWw^f» , rwn uMh 
' Salt Lake cC the iniemottonal Hockey Looaue ekHMtand 
ia New York of in*. Atlantic Coast Looaue. 

/ QUEBEC— Recalled LuC Ouenefi*. BoaF ' 

> tender, tram Fredericton at the American WEJ . 

" Hockev League. ■ ' -™ 

COLLEGE - - 

• ALLEGHENY— Fired Bob Mfolfa. football. 

“hUMOOLOT STATE— Announced the re- . 5an Antonia 

■ ttrement ol Fronk Von Deretv football coach, r™’ 

r effective dMhe end ol the season. - ^Wi.ntn 

LAMAR — Announced the resignation of 
1 KenSteotoertk. football coach, effective of the • , 

end of the season. 

MIAMI. FLA— Amtooncsd o Jvnyyoor am- 
1 Iroct extension ot Jimmy Johnson, foottKdl 

epoch. -jMiitk. 

NEBRASKA— Anno u nced the rettrement of . 

Clotus Fischer, osstslwrtlooitialicoadboffoc- rnu ” _ 
live the end of ttw season. 

• NORTH DAKOTA— Announced the reslg- Q **** s f n * 
nation at Pat Ml m. tooftoU enach. 

SOUTHERN UTAH STATE-Announced 

me restonaffonot Don Conrad. foottooinsxKti. lev-nzi-Hh^ 


Craig. 8.F. 
Morris. Giants 
Dldtorsan. Roms 
Payton. Oil 
B rown, Minn. 


Basketball 


NBA S tandings 


Butter, ChL 
LocWwrsi. AIL 

Murray, Del 
lawetoutke, T3. 

Andorsea N.O. 


EASTERN CONPERR NCR 
AlMoltc DMA* 


BonnWor Ml 59 23. wolkor 6-12 5-10 17; 

Roblnsan 9-19 3-3 22. Malone 7-19 1-2 IS. Re- 
bounds: WashtaBtoo 60 (Robinson 14). Now GtolU 



W 

L Per. 

GB 

Boston 

8 2 

808 

. 

. New Jersey 

. 7 7 

JG 

3 

PMtadMphla 

5 S 

-500 ‘ 

3 . 

New Yam. 

3 8 

873 

5Vs 

Washington 

-3 B 

Central DMston 

878 

sta 

MRwaukee 

M 4 

-714 

• 

Detroit 

7 5 

-5*3 

2 

Atlanta 

« 6 

JH 

3 

Cleveland 

5 7 

417 

4 

CnKaao 

5 8 

80S 

4 ta 

Indiana 

3 7 

-380 

5 

. , WESTERN CONFERENCE 


. Midwest Dhrtsion 



Denver 

. 9 2 

-818 

_ • 

Houston 

9 3 850 


to 

Son Antonia 

.66 

800 

3to 

Utah 

6 « 

sot 

m 

DODOS 

. 5 7 

1*77 

4ig 


4 7 

Pod He dmwm 

864 

5 . 

LA. Lakers 

18 ■ 1 

JO* 

' 

Portland 

■ 8 6 

571 

3to 

Gotten Stof* 

■7 t 

5St 

* 

LA Clipper* 

5 6 

455 

5 

Seattle 

• 

833 

eto 

Phocahi ■ 

I. IT 

-083 

9V3 


Euroi 


TD Rnb Roc Ret Pts 

12 7 5 0 72 2Srj!%!!^y 

tl 11 0 0 64 ‘ 

9 9 0 0 54 

9 7 2 0 54 TPOtuS Okut 

7 5 2 0 42 ** ar ™- lw 

rtoo ctocuaa) 

PAT PO LI PH 

£££= S ” SbukLAfofono 
2t23 18-22 51 74 < ”g| t 

24-25 16-21 S3 72 r lurDa V oh * Mfc31 

1M1 55 70 £Ev5S*ofi 

r Boren 

No Yortft Looo A VO 

«“}! US! Muster. Stanfd 

59 2574 48 at corter. Purdue 
S 2 Si SwiitwraTm 

SO 2164 49 4X3 Siauanter, SO St 

52 2216 61 4X4 


Stoula Akkxna 


Harbouah. Mich 
Lana towa 
TestovrdcjMlo Ft 


Soccer 


FRENCH FIRST DIVISION 


York 55 (CumtnltiBS 8). Assists: washlnoloa nmeav am. se tm xi, 

1 9 IWi mama 7), New fartc 21 [WQftw - 81.^ Coleman. Minn. 43 1863 42 4X3 

POC ? n bt "T"™ Buford. CM. 50 2146 49 4X3 

□atlas 34 2* si 30— in Garda t.b. 52 2216 41 to* 

Aguirre 73-26 W-1536, Blackman 13-19M33. 1 
■ WHavk 1X26 7-7 1 l None* FUM20.Ro- ' 

pounds; PtioaMx 56 lEdwords 10). Dallas 49 

(Aguirre, Perkins 9). Atitatc Hi*. 25 (Ad- t 1 nvantogn ^APPPP 
amsIOLDaL 17 {Asutrra,B.DovM. Harper 41. XjUfUltCCUl OULLCI 

Houston 28 40 26 25-113 * .. * ‘ ‘ 

Denver 40 31 30 34—127 FRENCH FIRST DIVISION 

EdOll3h21-ao 12-1354. Na»6-17 64 18, Evans Bordeaux 4, Brett 0 

8-14 1-218; Lucas 8-U»l2S.OIOluwon]fr25S-4 BasrtC a Lent 1 
23. Rebounds; Houetgn*T(Ola(uwen 12). Den- Laval 2, Nice 1 
ver 60 (Nett 13 L Assists: Houston 14 iHarrta, Marseille X Aucerre 1 
SamasoR 3). Denver 34 (While 7). Strasbourg i, Toulon t 

ndlaaa 28 27 38 29— 1M Toulouse 1 SoctaiM 0 

CMcoge 28 26 21 29—121 Potato: PortoSG 33; Bordeaux 29; Nantes 

Waairloge 12-35 ll-naLOervinU-ll 4-4 34; 26; Lens 23; Mato. Money. LovoL Monoca 

Williams 18-18 7-7 27. Fleming 7-14 M3 21 Auxerr* 21; Toulouse. Nice 30; Rennes 17; 
Rebounds: indtono 49 (Kellogg 14). Chicago Toulon, Marseille. La Havre. Brad W; Lille. 
52 (Green 13). Asiists: Indiana 36 (Kellogg, Sochoux, Bastia 15; Strasbourg U 


SHaanavMt 71. Chicago 31 <wootr)daa.Macy 
0). 


wegtrktae.Macy WEST GERMAN FIRST OlVUtON 

etrrirocnt Frankfurt l, H genov T 3 

20 2* 34 38—108 Nuremberg 1. Bayer Uinltogen 2 

21 SI 29 IP— 99 Bochum 3, Saarbniocken I 


TUESDAY'S RESULTS 
Golden State 30 X 22 28-118 

Oertfcgd 26 24 31 28-W4 

Snort 15-22 7-4 32. CootH 13-203-3 2B; Free 4- 
10 all Z). Hinson MU* Robogndo; Golden 


Sob Aa lento 33 si 2* IP— 99 Bochum 3, Soorb n itcken 1 

Woodson 9-17 fr* 26, EJotinson M3 trf X; WoKSiol Mamldm 3, Hamburg 1 
Mitchell 9-19 0-0 18. Gilmore 4-8 9-11 17. Re- Fortune Duanoktorf 1, Cologne 3 
booms: Sacramento S3 cnamuoan 16). San Borussla Dortmund X Stungart 0 
Antonie 46 IGWmoralH.Antats: 3 uu an ento Bor. Mto nchenploatoocn L werder Bremen 2 
26 (OlbordinaDrew5i.5arAntonlo2* (Moore Bayer Leverkusen L Bayern Munich 2 


14). 

New Jersey 
Portland 


Mint 1* — 108 


Kolieralouteni a SchaOie 0 
Petal*: Werder Bremen 23: Borusslo Mbn- 


34 X 31 38—192 dwng tadb edw Bayern Munich X; Hembure 


:S-™=== 


TEXAS TECH-Hrtd. Jerry Moore, foot- 
mil coach. 


24 17 28 25—88 

34 2* 74 21—88 


Williams 9-72 4-5 22. Ckarga MS 2-2 19; 19; Boyer Leverkusen. Bochum Wl Smttgort, 

• Vgndgweaho 11-18 13-15 35. Tnemoeen 4-1 15-5 W eMho* Monnheton. CMoane 1*: Koltees- 


sev 32 (O’Koren IS), Poniond 21 (Valentine bruedtetu Elnlracht Frankfurt 
io). Nurambere. Fortune DueswUort 8. 




Muster. Stanfd 

8 73 61B 9.1 

Carter. Purdue 

ID 89 *86 8.9 

D.W1I tarns. Ill 

10 79 *25 7.9 

Stousnter, SD St 

10 66 863 64 

Svnum. Or* 51 

9 56 643 68 

1 nfm utyHuul 


O Mo Yds TD IPG 

VWiHe, Term 

9 8 153 1 89 

Welker. E Cere 

IO 8 75 0 80 

Hotel ta. AFA 

11 1 VO 1 31 

NorveiL Iowa 

10 7 93 0 80 

Pavek. Army 

10 7 80 0 80 

Scoriae 


TD XP FG Pts PtPg 

Wtilte, BwtGrn 

18 0 8 108 1LB 

Thomas. Okies: 

18 0 0 96 107 

SchmkJL Fla St 

0 42 18 96 9A 

White. MJctoSt 

16 0 0 96 93 

Swam, Mta O 

14 O O 96 9.6 

FhiW Goal* 

FOA 

FG PCI FGPG 

DfcttiKtaBenw 

» 25 842 287 

Re web. Tmn 

23 19 826 XU 

Mpn«w PaanSt 

25 20 808 XM 

Jaeger, westi 

21 19 «5 180 

Lee. UCLA 

22 19 AM 1.90 

Peettn 


No Avg 

Simon, AFA 

44 <78 

Helton, Colo 

4* «-0 

KUO, Rica 

55 43L* 

QttDert, Annum 

50 45J 

B-SmFth, Mta 

75 4SJ 

Punt 

MIH Ha 


Me Yds TD Avg 

Tucker. Utah 

15 364 2 30 

Sefwtadei. Svrcse 

20 315 2 158 

Balter, Fresno 

15 327 llil 

Martin, BosCal 

26 343 0143 

Johnson. Mich 

12 169 t 14.1 


1 


Islanders End Flyer Streak at 13 


U.S. College Leaders 

TEAM OFFENSE 
Total 

Ploys Yds Yds Pg 
Brfotoom Yoong 877 5489 499J) 

HMraa k O 784 4973 4972 

Now Mexico 822 4742 4742 

towa 741 4661 466.1 

Fresno SI. 777 4576 457.6 

Miami (Fla.) 473 4069 45X1 

OkKtaoma 632 3576 4478 

San Diego St. 693 4466 4464 

Washington St. 771 4443 4613 

Purdue 732 4316 431A 


Car Yds Yds Pa 
655 3956 3954 
647 3508 3508 
538 2705 338.1 
571 3263 326.3 
427 3371 3065 

pa ss ing 

AttCpYdsYdsPg 
485 319 4022 3656 
432 270 3667 3467 
2*3 181 2857 3174 
351 226 3024 3024 
419 297 3278 2960 
Scoring 

O Pts Avg 
10 391 3*.l 
ID 383 3X3 

10 SM 38.1 

11 419 38.1 
10 358 358 


ConpiM ly Ota Staff From Dispatches 

UNIONDALE, New York — 
Having made a habit of losing 
third-period leads, the New York 
Islanders finally kept one. Better 
stiH it was against the Philadelphia 
Flyers. 

“It meant a lot because it was 
late in the streak,” said Islander 
right wing Mike Bossy after New 
York snapped the Flyers’ 13-game 
National Hockey League winning 
streak with an 8-6 victory here 
Tuesday night. 


F- V+q 




TEAM DEFENSE 
Total 

Ploys Yds Yds pg 
471 14*1 1864 
621 2521 252.1 
491 260* 2609 
5*0 2351 2618 
696 2718 2718 
S. 644 2755 275L5 

688 2773 2778 
663 2819 281.9 
662 2819 2818 
665 2827 2828 

RttsMnS 

Cor Yds Yds Pg 
117 601 60.1 

2S1 522 6S8 

374 910 918 

395 913 91 J 

385 963 968 




m 


Mike Bossy 

'... I'm damn glad. ' 


NHL FOCUS 

The Islanders had Iosl a 5-4 over- 
time game to Philadelphia last Sun- 
day after blowing a 4-1 lead in the 
third period. They were determined 
not to let that happen again, and 
determined not to give the Flyers a 
chance to break their own record 
15-game streak, which had been set 
in 1982. 

“I know the pressure they must 
have felt,” Bossy said. “We went 
through the same thing" 

Bossy had an all-star night with 
two goals and three assists, but 
even at that the victory' wasn't av 
sured until Bryan Trottier knocked 
a cross-rink goal into the empty net 
at the final second. 

There is little love lost between 
the two Patrick Division rivals. 
“I’m glad we stopped their streak 
— damn glad," said Bossy. “The 
15-game streak is an achievement 1 
rank second to winning the Stanley 
Cup. It took a heck of an effort and 
we re very proud of it.” 

Captain Denis Potvin agreed: 
“None of us who were there wanted 
to lose the record,” he said. “Espe- 
cially to them.” 

But they almost did. 

Philadelphia converted four of 
six power plays, including two by 
Tim Kerr, in the final 40 minutes to 
make things interesting after New 
York had built an early 5-1 lead. 

“Big Tim Kerr gets in there in 


from of the net and you can’L move 
him," said New York’s coach, Al 
Arbour, after watching the Flyer 
right wing boost his league- leading 
power-play total to 1 1 for the sea- 
son (he has 20 goals altogether). 

Philadelphia scored first, on a 
40-foot slapshot by Ed Hospodar 
5:27 into the game, before die Is- 
landers look charge with three con- 
secutive first-period goals, by rook- 
ie Bob Bassen. recalled on Monday 
from the minors. Pat LaFontaine 
and Bossy. 

Bossy assisted on goals by Denis 
Potvin and Greg Gilbert in the first 
minute of the second period, and 
die Islanders had their 5-1 cushion. 

The Flyers weren't out of it, 
though, and the first of Kerr’s two 
tallies triggered Philadelphia into 
scoring five of the next seven goals. 

When the Flyers pulled to within 
6-5 in the third period, however. 
Bossy provided die clincher when 
he drifted in and zipped a 40-foot 
rocket past Darren Jensen at 9:37. 
Philadelphia's rookie goaltender 
was able to slow the puck, but not 
stop it. 

Flyer Coach Mike Keenan was 
not happy with the officiating, but 
wouldn't talk about it “because I 
might get fined.” He reacted 
strongly on the Philadelphia bench 
to LaFontaine's goal, which on 
television replays appeared to hit 
the metal bar Inside the net and 
bounce oul {AP, UPIi 


AftCaYdsYttPg 
173 82 1123 11X3 
211 89 1153 1158 
190 90 969 121.1 
231 120 1353 13 13 
2tn 90 130 136.1 
Scoring 

G Pt» Avg 
10 58 58 
8 72 98 
8 72 9.1 
10 102 102 
10 10* 1X9 

INDIVIDUAL 
Total O No me 

Yd* Avg Y«to pg 
t 3325 78 33X5 

3550 78 32X7 


Team of Rowers in U.S. Preparing 
Cape Hora-to-Anlarclica Challenge 


3096 51 2815 
am 74 2775 
2710 At 2718 
2972 5.9 2702 
8621 74 26X1 
29*8 54 2598 

her* 

Cor Yds Avg Yds Po 

344 1685 48 1688 
279 1516 54 1684 
247 1644 6J 1644 
258 13*9 54 1554 
277 1404 5Lt 1404 


By Barbara Lloyd 

New York Tuttes Service 

NEW YORK — The offshore 
waters between Cape Cod and 
Long Island are anything but hos- 
pitable at this time of year, but 
they’ve been offering just the land 
of conditions needed by a New 
England team that wants to be- 
come the first to row a boat from 
Cape Horn to Antarctica. 

Ned Gillette, a 40-year-old 
mountaineer and former Olympic 


crosscountry skier, has turned his 
attention to the sea. In 1981-82, he 
led an expedition that was the first 
to circle the base of Mi. Everest, a 
trip that required him and partner 
Jan Reynolds to ski and climb 
through’ Tibet and Nepal at alti- 
tudes as high as 23,000 feet (7,000 
meters). But Gillette now sees the 
ocean as one of the last frontiers for 
those who seek outdoor adventure. 

“We live in a time where you can 
no longer climb the highest peak, or 


Rosa Roc PR KOR Yds YosPg 
McCUro, Nvy 1110 348 157 439 2054 2054 

Pglmr, Trrrpl 1516 131 0 96 1743 19X7 

Sworn, Ml O 1404 409 0 T? 1830 18X0 

Thoms. OktSt 139* 103 104 0 1606 1784 

RJtorma, lw 1036 535 0 147 1718 1718 


Ran 

Att Cp Yds to* Pts 
201 >14 1814 16 1568 
223 141 1936 IB 1565 
TO TO 1683 15 1564 
320 210 2710 25 1518 
281 173 2637 1* 15X7 


SPORTS BRIEFS 

Bramble-Crawley Tide Bout Off Again 

RENO, Nevada (AP) — Saturday’s scheduled 15-round title fight 
between World Boxing Association lightweight champion Livingstone 
Bramble and Tyrone Crawley was postponed Tuesday because of a hand 
injury to the challenger. 

Crawley injured the forefinger and soft tissue on the back of his right 
hand while sparring last Thursday. The fight, which already had been 
postponed from Oct 12, will be rescheduled for early next year. 

Crawley. 19-1 with six knockouts, has been the WBA’s No. 1 contender 
since June 1984, the month that Bramble took the title from Ray Mancini. 
He defeated Mancini in a rematch eight months later in his only defense. 
Bramble is 23-1-1 with 14 knockouts. 

Bing Promoter Acquitted in Tax Case 

NEW YORK (AP) — Boxing promoter Don King was acquitted on 
Tuesday erf charg es that be evaded paying income tax on about $450,000 
ihar be allegedly Aimmari from his company. Don King Productions. 

Constance Harper, Ins longtime associate, was convicted of three 
counts of attempted tax evasion by the jiuy of nine women and three men 

that heard the seven -week trial Each count against her carries a maxi- 
mum five-year prison sentence. She will be sentenced on Jan. 8. 

Lopez Is Named LPGA Player of Year 

NEW YORK (AP) — Nancy Lopez on Tuesday was named the Ladies 
Professional Golf Association player of the year for the third time and 
won her third Vare Trophy for the tour's lowest scoring average. It was 
the first time she had won either prize since 1979. 

Lopez averaged 70.73 shots per round in 2S tournaments; she is the 
first woman player ever to average less than 71 for a season. Her 19S5 
earnings, $416,472. also was a record. 

Quotable 

• linebacker Otis Wilson after helping the Chicago Bears trounce the 

Dallas Cowboys. 44-0: “They say we haven't played anybody. I guess you 
could say we still haven't" (LAT) 

• California Coach Joe Kapp, on Saturday’s meeting with Stanford: 

"It’s a special game for all of us who tive here in the center of the 
universe.” (LAT) 


no longer explore blank spots on a 
map," Gillette said recently. "Ad- 
venture is looking at old subjects in 
a new way. There’s still plenty left 
to do if you use your imagination, 
like going to Antarctica as no one 
else has — by rowing there.’’ 

Gillette lives in Stowe. Vermont, 
but bos set up base camp in Fal- 
mouth, Massachusetts. He is at- 
tacking the Antarctic row as he 
would an ascent on EveresL His 
partner. 35-year-old Charlie Porter, 
is sailin g to Tierra del Fuego. al the 
tip of South America, where he will 
await Gillette's arrival next year. 

Their boat will be shipped in 
March; (hey plan to set out with 
one or two others in December 
1986 for the 500-mile row to Ant- 
arctica- The crossing, which may 
take a month, is through the Drake 
Passage. The seas are notorious for 
their "gale-force winds. 100-foot 
waves and icebergs. But for now, 
Gillette is content to break in his 
boat and crew in waters closer to 
home. 

The boat was built especially for 
Antarctica — traditional in design 
but otherwise unconventional. 
Bright red i prompting the nick- 
name Sea Tomato) and made of 
heavy-guage aluminum. iL is a 
bulgy 28-fooi dory, rounded on 
both ends, with sliding rowing 
seats. Between the oarsmen's posi- 
tions is an igloo-like cabin padded 
inside for Lhe pounding its crew is 
sure to take. 

The seven-foot cabin looks like a 
tent inside. Housing foul-weather 
gear and survival suits, it offers 
sleeping space for three comfort- 
ably. There are recesses for water- 
tight camera housings, a radio, sat- 
ellite navigation, and a cooking 
burner. Food and batteries are 
stowed underneath the cabin. On 
deck will be a satellite emergency 
beacon. Gillette is counting on cor- 
porate sponsorship (o share the 
S 100.000 cost. 

The boat has been built io right 
itself after capsizing. “It's obvious- 
ly going to be a trip of intense 
discomfort.” Gillette conceded. 
’■But I’ve found that people are 
adventurous in direct proportion to 
their shonr**“ ^ memory." 









Page 24 


INTERNATIONAL HERALD TRIBUNE. THURSDAY, NOVEMBER 21, 1985 


ART BUCHWALD 

The CIA Baby-Sitter 



W ASHINGTON — i was jog- 
ging in Langley. Virginia, 

when I spied K in rubber boots 
hosing down a Fond in the CIA car 
wash. This surprised me because ft 
ranked fourth from the top in the 
Company. “What gives 7“ I asked 

him 

K cussed. “1 owe this to Vitaly 
Yurchenko.” 

"You knew 
Vitaly?” 

“I not only 
knew him, 1 was 
his baby-sitter.” 

“I'm im- 
pressed.” 

“Don't be. 

That’s why I'm 
washing cars.” 

“What a tum- 
ble for No. 4 in 
the firm." 

“Somebody had to be the fall 
guy when the rat redefected to 
Moscow ” K sat on the bumper of a 
sedan. "My orders as Yurchenko's 
nanny were to stay with him day 
and night and see that all his needs 
were taken care of . If he wanted 
pizza I got him pizza. If he wanted 
to see an X-raied movie on a VCR I 
checked one ouL There wasn't any- 
thing I couldn't produce, including 
two tickets to the Redskins game ” 
“I didn’t know the CIA had Red- 
skins tickets.” 

“We don't. Someone in our base- 
ment forges them for us when we’re 
on Company business.” 

□ 

“Were you the one who took 
Yurchenko to Ottawa so he could 
meet his Soviet mistress?” 

“Of course I was. Yurchenko 
told me as we drove up that all he 
had to do to get his loved one to 
defect was whistle. But Yurchenko 
whistled and his paramour gave 
him the Bronx cheer.” 

“KGB agents were never good 
lovers.” 

“It was a gamble. What we didn't 
know was that Natasha, or whatev- 
er the hell her name was, had been 
stringing Yurchenko along. She 
never had any intention of r unning 

N. Y.C Ballet Opens Season 

The Associated Press 

NEW YORK — The New York 
Gty Ballet opened its season Tues- 
day night with three dances by 
George Balanchine. The season 
continues through Feb. 23. 


off with him and raising a houseful 
of liule defectors in Virginia." 

“What did Yurchenko do when 
he realized he had made the trip for 

nothing?” 

“He went into a funk and told 
me be no longer believed in the 
American dream ” 

□ 

“Nothing you've told me so far 
explains what you are doing in the 
ClA car wash." 

“Although the Ottawa trip did 
not go as expected I was foigiven 
by the director and still permitted 
to be Yurchenko's baby-sitter. 1 
took him to the Smithsonian, the 
Kennedy Center, the Capitol and 
stood in line six hours for a tour of 
the White House." 

“Isn't that a dangerous place for 
a defector?” 

“The Soviets would never look 
for a turncoat in a tourist line at the 
White House. In any case, my job 
was to keep him happy. The only 
thing that drove me up the wall was 
Yurchenko never picked up a tab. I 
mean, we're talking about 120 days 
of breakfast, lunch and dinner. Eiv- 
eiy time the check came he sat there 
with his hands in his pockets and 
pretended he didn’t see the saucer. 
Wouldn’t this lee you off?” 

“Yes. it would. But wasn't it the 
CIA's money?” 

"Maybe so, but Yurchenko 
could at least have made a gesture. 
The final straw was when I took 
him to dinner at the Pied de Co- 
chon in Georgetown. I made up my 
mind that for just once Vitaly was 
going to pay the bilL When it came 
we sat there staring at each other. I 
didn't make a move, and neither 
did he. Finally he said to me, ’What 
if 1 walked out of this restaurant 
without paying the check? Would 
you shoot me?' I said. ‘Of course 
hot. We don’t shoot cheap defec- 
tors who won't pick up the tab.' So 
Yurchenko got up and left. I gave 
Lhe waiter my credit card, but by 
the time he returned Yurchenko 
was sleeping in the Soviet Embas- 
sy." 

□ 

1 said, “Now I understand every- 
thing except why they assigned you 
to the car wash.” 

K wiped a fender with a chamois. 
“The boys on the seventh floor be- 
lieve this is the best place to hide 
me until the director no longer 
wants to kill me.” 


Yugoslavia Profits 
From a 'Miracle’ 


M EDJUGORJE, Yugoslavia 
— About three million pil- 
grims have come to this village in 
the last four years, in what has 
been a mixed blessing for both 
the Communist government and 
the Roman Catholic Church. 

Since June 1981, a vision of the 
Virgin Mary has been said to ap- 
pear every evening at precisely 
the same time to a group of young 
villagers — six of them at the 
outset, four now. Tests and ex- 
aminations by teams of Yugoslav 
and foreign medical and theologi- 
cal specialists have not shaken 
the visionaries' insistence on the 
reality of the apparitions. The 
tests have also left some of the 
examiners convinced that the 
phenomenon cannot be ex- 
plained by normal criteria. 

The Vatican and the Catholic 
Chnrch in Yugoslavia have 
shown considerable reserve about 
the reported apparitions and 
have cautioned against organized 
pilgrimages until church bodies 
charged with accrediting such 
phenomena have ruled. 

The Reverend Robert Kas- 
zynslri of Fall River, Massachu- 
setts, leading 31 pQgrims from 
Massachusetts and Rhode Island 
on a pilgrimage to Rome, the 
Holy Land and Medjugoije, was 
cautious when he referred to the 
r e p orted apparitions but said the 
pope had to be sympathetic or he 
would have put a stop to the pil- 
grimages. 

“It took a good SO years to 
recognize Lourdes and Fitima, 
too," Father Kaszynsld said. 

The only open chnrch opposi- 
tion comes from Bishop Pavao 
Zanic of Mostar, in whose dio- 
cese the parish of Medjugorje and 
who is in charge of the initial 
investigation. He has said that the 
four girls and two youths who 
said they had seen the Virgin 
were being manipulated by par- 
ish priests. 

Bui Archbishop Frane Frank 
of Split said in a televirion inter- 
view that the visionaries had 
“done more for the Catholic faith 
in the archdiocese than our pasto- 
ral work in 40 years.” 

The quandary for the church is 


By Henry Kamm 

New York Times Service 

more than matched by that of the 
government. Although Yugosla- 
via is generally liberal in its atti- 
tude to religion and less insistent 
on atheist ideology than other 
Marxist countries, the appear- 
ance of a religious miracle and a 
constant flow of believers from 
Yugoslavia and the Test of the 
world after 40 years of Commu- 
nist rule is an embarrassment. 

“It doesn't bother us." said 
Dusan Dragosavac, smiling de- 
terminedly. Dragosavac is a 
member of the presidium of the 
League of Yugoslav Communists, 
the equivalent of the Politburo. 

He added, in an interview at 
party headquarters in Belgrade: 
“Yugoslav and foreign tourists 
attend such manifestations- Some 
Yugoslav tourist organizations 
organize lours there. They are in- 
terested in earning profits and 
don’t care whether they bring 
faithful or atheists. They are tour- 
ists. We have no illusions. Reli- 
gion is here and will be here for a 
long time.” 

With a foreign debt of S20 bil- 
lion, Yugoslavia finds it difficult 
to reject any source of hand-cur- 
rency earnings. But it finds it no 
easier to give even implicit recog- 
nition to the existence of a reli- 
gious p ben omen on by acknowl- 
edging that the tourists are 
pilgrims. 

The authorities have blocked 
even the construction of toilets 
around the church. “It’s a miracle 
that we have bad no epidemics,” 
said the Reverend Slavko Barbar- 
ic, who deals with a pilgrim Dow 
that on special occasions reaches 



UveemillHHt 
tourists have 
flocked to 
Medjugorje 
since the 
first visions 
were reported 
In 1981. 


as many as 100,000 people a day. 

Although Yugoslavia has bunt 
hotels on a mass scale in the hope 
of attracting foreign tourists, it 
refuses to do so in Medjugorje, 
where large numbers of travelers 
arrive daily, summer and winter, 
and find lodging only in farm- 
houses. The visitors pay the rent 
to the authorities — three times 
as much for foreigners than for 
Yugoslavs for the same accom- 
modations — and the hosts re- 
ceive only about one-third of 
what is charged. 

The local authorities have 


The Reverend 
Slavko 
Barbaric 
deals with 
pUgrim flow. 


opened tourist offices to collect 
the rents opposite the local 
church and in nearby CilluK 
They display posters of remote 
tourist sites but take no note of 
the attraction that has drawn visi- 
tors to this out-of-tbe-way region 
in Bosnia and Herzegovina. 

Asked where she mighL advise 
tourists to go iT not to the church 
in Medjugorje; a young woman in 
the Gtluk office laughed and 
said, “Maybe to the mountains.” 
Happy to have found a job at a 
time of high unemployment, she 
said, “I pray every day Par the 
continuation of the miracle.” 

Meanwhile, the church is 
jammed every evening — the vi- 
sionaries experience the appari- 
tions promptly at $:45 P.1VL, 6:45 
qimnwr tmw; — and all day Sun- 
day. Mass and other prayers are 
said regularly in Italian, Serbo- 
Croatian, German, French, En- 
glish and other lan guages when 
pilgrims arrive with their priests. 
Priests are seated along the 
church walls to hear the confes- 
sions of hundreds who line up. 
Ardent worshipers turn countless 
tirdes on their knees around a 
Statue of the Virgin, counting 
their rosaries. 

Having been barred by the 
government from experiencing 
Lhe apparitions outdoors, on tbq 



Hmy Rora/Har Nm Yorii Hows 


hm of the original virion, and by 
the bishop from doing so in 
church, the young people, now 
aged from 14 to 21, do so in 
Father Barbaric’s study, some- 
times joining the pilgrims at Mass 
afterward. But they report seeing 
the virions anywhere they are at 
the appointed hour. Two of the 
original six have stopped experi- 
encing tham; they say the 
apparitions end when the Virgin 
has told them 10 secrets. 

In the hamlet of Biakovici, 
where the six live, residents said 
religion had always been the cen- 
ter of townspeople's Eves, but 
sever more so than now. They 
have always gene to Mass regu- 
larly, said Snmm Ivankovk, un- 
de of one of the six, but now most 
people who do not work in town 
go to church twice daily. Few ate 
meat on Fridays, unaware that 
the church now permitted this, 
but now, Ivankovic said, most 
fast twice a week. Even tbe wives 
and children of the handful of 
party members go to church, al- 
though only after dark, he said. 

“We used to curse a lot, but not 
any more,” said the construction 
worker ami tobacco grower. “But 

the famil y s till drmlw its Irn y 

pitcher of wine a day ” 

“When we have some,” said 
Slava, his wife; 


people 

Gift Ends London Strike 

* . nrKl'flCiS> 

An orchestra pay strike that lalt- cost & 

ed all Royal Ballet and Royal Op- BfS n o C or deira's 
era productions for more than a J3u00. S 5 , 0 W ««*■ 

week at Govern Carden, London. f in mirror*- p*4- 

has ended following a gift of ^ . j plastic Cofdwra 
£ 10.000 ($14,300) by an anony- ished the „ied after 

mous donor to resolve the differ- 531(3 ** advertise ®-* 115 jslun 8 
ence between tbe management of- the perfect eas- 
ier and . the music ian s' demand, P eo Pjf „ 15 callers a dsj; 

enabling Covent Garden to resume ket. items. Cor-- 

operations with a ballet perfor- menumwd tbe; 

mance Wednesday night. The so- was oegoiiaunf 

prano Yvonne Kenny wept when customer* 

Sir John Tooley, general director at wuhaxpoi^. Until it is need-; 
the Royal Operaftoki her Nov. 1 1 ^ can be 

» bring 

fhl “as a bar, for example- / 

n ■ 


canceled' because of the strike; 
Kenny was to have song tbe title 
role in a revival of HandeTs “Seme- 
le” marking the tercentenary of the 
composer's birth. AD performances 
of “Semde" were lost to the strike 
but the production is expected to 


EEzafetii Taylor, 
the American Foundation tot 
AIDS, win attend a chant> 

Monday in Paris. 


appear m future Covent Garden French counterpart, the sngerL*"| 

- iteand. it will benefit the _Pasreu| 
Institute's research 00 acquired ira j 
mune deficiency syndrome. 

□ 

Maya Plisetskaya has dm 
avS the title Hereof Sodahri 
Labor on her 60th birthday for 
contribution to ballet. Tass sat 


seasons. The first opera perfor 
mance following the strike will be 
Monday's opening of Puccini’s “La 
Fancinlla del West." 

□ 

T. R_ Baker says , his friends 
think his career is a joke — an 
opinion confirmed when he broke 
his own 48-hour gn d pr w T C ff record 
for idling jokes. Benito's mara- 
thon am in aChkago Loop depart- 
ment rime window ended with a 
48-and-a-half-bonr record. For 
posterity, the joke that broke his 
old mark was: “What do you get 
when you don’t pay y o crex o r cast?” 


A Vietnamese refugee who said 
he spent $200 in welfare money on 
lottery tickets won a SZ-unDion 


^dhCT^eband. the composer R< 
draft Shchedrin, will stage a nc 
ballet, “A Lady with a Dog. has* 

on a story by Che khov , the vet 
agency said. Plisetskaya h* 
Harwpri with the Bolshoi Ban 
rince 1943. 

□ 

Diana, Princess of Wales, tuntf 
up in a tuxedo with white 
winged collar scarlet tie at 
champagne party she and 
Charles threw for some of the bi; 


jackpot in the California lottery’s in British rock. TB 

“Big Sfnn.” “Move to live in the prince, who is more into classic! 

United States,” said Fba Vo, a fish- * • ---■- ■“* 

erman. Hai,25, fled South Vietnam 
by boat in 1979 and spent two years 
m a Malaysia refugee camp before 


to California. He is married 
Hnri has three childr en He said he 
would try to bring his parous, four 
sisters ad four brothers to the 
United States. . 

□ 

A stereo salesman in Rio de Ja- 
neiro has fashioned a “modem al- 
ternative to Egyptian pyramids" 1 — 
coffins with headphones, micro- 
phones and alarms For rich custom- 
ers who want to be buried in style. 
Josias Carden* said be hoped to 
sell his coffins to wealthy clients, 


mnae tfum rock, wore a convert 
tional gray double-breasted sui| 
The party was to thank stars wu 
have donated their talents to raiij 
money for the Prince’s Trust, 
charity set up by Charles to beM 
young people. Among the guesj 
was one of Diana’s favorite gn 
Duran Duran. Others tod 
Cfcarife Watts and B9 Wyman oj 
the RoOmg Stows. Spndau Baflei 


The Who, Sou! Group Imagjnai 
turn, Mbn TtiZTi fan Andwsom 
and Ufaavuor's MUge tte. Uni 
and Bob Geldof co-fbunded tin 
Band Aid movement to help Afri- 
can famine victims. 


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hotel without ewonvenienra*. fad ttf 
home in nice studa, one bedroom 
and mare in Paris. SORBJM 80 rue 
deTUiivenM, Peril 78s 45M 3940 

In G5TAAD Far rent 

Luxury apartment, 2 double bod'utxra 
free December, Febnmy 1986 

A^mm* IMba Getenri 030/ 43031 

SHORT TOM STAY. From I week. 

STAYING IN PARIS? 

up to 4 persons. Champs ByseraUdm 

Qumter and Martpmnajsc. Mckd ter- 

REAL ESTATE 
WANTED/EXCHANGE 

fURMSHB A UNHJRMSTO 
HRST-GAS5 APARTMENT'S 
Mnkmm rental 2 months. 

Abo flats 6 boaro* far sri^ 
04IBI URHS, 1, rue Mofas, 

Paris (8th). Tek fl) 4563 1777 


NBMULY, 3-room oportmenC 2 ga- 
rages, cefa, balcony, 2nd floor, xft. 
F7300 charges ndixied + key mon- 
ey. Tel: 47 4704 31 . 


1«IH (bar TORE, 6 manta/1 year. 
Living, dring, 3 bedrooms, study, 
maids room, beautiful farntura. 
FI2/D0L TeL Paris 45 00 B6 61. 

Bysees-Concorde 

Apartments / Houses 

Short term ranhds 
avanfafaero 1 week onwards 

A8P, 9 Kue Sayato, 75008 Paris 

Tel: PJ 42 65 11 99. Telex 640793F. 

EMPLOYMENT 

FOR THE FEATURE 

WTKNATKJNAL 

POSTTIONS 

TURN TO 

RAGE 8 AltANTlC BXIION 
PAGE 6 PAOnC BXnON 

T7TH WAGBAM. High dras, suv 5 
roams, 2 baths garage, short term 
posable. FI 5^XX). let O 85 18 83 

SHORT TBUM M LATIN QUAKTBt 
No ogenteTtoL 4329 3883. 

14IH MONTPARNASSE, new, 2 & 3 
mono, porkwu. F6.000: 42 25 32 25- 

AT HOME M PAHS 

PARIS PROMO 

APARTMENTS FOR RENT OR SA1E 

4563 2560 

PARIS AREA UNFURNISHED 

EXECUTIVE 

POSITIONS AVAILABLE 

RB4T PARS 81H. Exceptional apart- 
ment an Pmk Mcncoou, 15 primed 
roams, garden. pambJily 1 or 2 
apartments far profenmnd ate. 
Write to ref 1638: LTA 31 Bd Bam 
Nouvefle. 750CC Paris. 

fRENCH ABRUM SZE Manufactur- 
ing Company, whoBy emmed wfadd- 
iary of uXequiwfaflt seeks Bigfah / 

Ammiaxi groducUe media »a»/eioc- 
trical engineer with extmnm pradi- 
cal mdudrid experience, rerang or 
wSng to reside peemandy in 

France. Age group; 30/40 Pbtiwj sent 
position with access to higher mart- 
ugunwnt praneds. Write to Bax 
2907, Herald tribune, 92521 Nerifa 
Cedex. France 

74 CHAMPS-ELYSEES 8th 

Studio, 2 or 3-room apartment. 

One month or more. 

IE CtARBGE 4359 6797. 

ST. GatMABUN-tAYE Near inti 
school, high cteu uamtinenh, 3/4 
roam from F6300. tS 42 25 32 25 

ST. CLOUD, lovely nxitmmt, 5 
rooms, 2 vtodxuuun, 4to floor, view, 
sun, garage. FI JJOft 47 04 49 36 

CHARMMG DUKEX apmtment, 
beoutifuly famished. 46 0604 37 


EMPLOYMENT 


EXECUTIVE 
POSITIONS AVAILABLE 


WTT SBtVICE CO. 

with offices worldwide is seel 
Franch speaking "geraa" far Fit 


managi 


EXECUTIVES AVAILABLE 


MARKETDIG ACE with bonking badc- 
graund. Having strong perso n a 
Being vary dynamic C mfiae 
only o few attributes- Used to 
level m anag ement n eg iA uttons. 
ent Sweden, Germon, EngEsh i 
Spanish, tame French A Mswa 
Seda new chdkngi n g as 
worldwide. Current paabon, 
ai Market + Promotion in 
pdp hdudsy. Pleaie rep ^ 

2211, UtT., Friedriehrfr. 15, 6000 

Frankfirt/Mdn 


WTL MARKETING 

Frenchman 41, US. Bwsaeet Sdi 

US 8 Europeoi m ' 

martgding fanny 6 < 
hxrith 




France 


dw«e, 

avdlahle far meneftato osugnment. 
A Watson 809-775-1510, ext. 3311. 


International Business Message Center 


ArmmoN Execunves 


m Hm I n t mmaH u m J HorvU Tri- 
bunm, v6ti ■ martr than o Sfintf 
of a mXfon nraderv worU- 
wido. moot of whom an i h 
baanost and industry. wB 
road it Just telex us (Anrs 


soring that we can Max yen 
bad. and your manage vnS 
appear within 48 hour A 77m 
rnftr « UJS. S 9.80 or bed! 
or pri ndo nl par Baa. Yav most 
include complaio and vwrX- 
abla bMng addrmse. 


BUSINESS 

OPPORTUNITIES 


LAKE LUCBUNE 

In lhe world famous resort Bntnnen a 
the Ld« Lucerne, we srf first doe 
aportmenti & penthouses with an unfbr- 
abie «ewower lhe Sake. Prices front 
BOtoO up to SF800,00a Mortgages 
at tow Sums interest rates. 

Free for ide to faragnera. 

EMBtALD-HOME LTD 

Darfrir. CH-8872 Wmm SO 
Tefe CHJ 8-43 1778. 

Tbe 876062 HOME 04 


SWITZERLAND 

Pamawn can buy 5TUDOS/APART- 
WjMft / CHALETS. LAKE GEPCVA . 
MONTfflUX or m these world famous 
resort s: CR ANS-MONTANA. IB 
OMBiaETS, VBBO. VRIARS, 
01 OSTAAtt Fran 
sn 10X00. Mortgages fOA a M% 
interest. 

REVAC 5JL. 

52 MpdbriSaU, 0+1202 GB4EVA. 
Teh 022/341540. 7d*c 22030 


GENEVA -VR1A FOR SALE. Endusfa. 

readenbd area. Gordon - 3X00 sqjn. 
Campjetd) renovated and modenv 
■sed. WB sut Dtpkxnahc Sennees a 
lage fam*y. 8 bedroom. S bath- 

room. (age rece p tions, snodker- 
/gancs roams. AI amennm. Two 


5^. 

riaus mqunes write Bax 42gfl fj+T 
63 Long Acre, London, WC2E 9JK 


SYNncnCRJB. 

At a cost in exams of S3 mfEon end 
fcdowiiig 4 yem of roseardi and de- 
wmopnent into producing syncrude and 
/ or synfad From a spedne mdusinat 
waste Hem a company has estafafahed 
a successful process which is commer- 
daOy viabte. Die FRMau wil oontrifautB 
to a dean envuanmerl by eEminatng a 
mowing vroridwide praUem aid wR 
iherefore be aaceptoble socially as wed 
as induetnaly. 

Die process S also suczassfid usmg afl- 
shale wdh a reaso n able carbon axv 
lenr. Die oornp ui * now seeks Further 
ventixe enpitd of between U551 £ and 
US$2 nman qgab a t cone n erauente 
share in the eapital of a new comp 
to be fanned m Europe with the e*. 
of c u mple lr p a comnenctohy mbh p- 
la> ptart vritoin a 2 year period. 

Die nature of lhe business aid the nidd 
iiTfl mawvn Kb 


udvunkjQu, 

MsjSutgt with interested parties cat be 
ix rawed in Switzertond 
Write to Bax 2296, Herald Tribune, 
92521 Neufly Cades. Ft mice 


FINANCIAL TIMES 

BBjGRIM 

The best passbfe start to 
the busnea day is the 
FBMANOAL ifhCS. 

Dm Barker it's in your hank, 
toe » eater Iti value to you. In 
RUS5B5 - ANTWBtP - GHENT 
LHJVEN - KORTRLJK 
you an mxt your bushna day whh 
«w or the fined mtemarional news 
hrvritogi in lhe world 
Whyne* OSB FT Bruaeb office 
m 513 2816 rigFe now? 


BUSINESS 

OPPORTUNITIES 


OFFSHORE A UK 
LTD COMPANIES 

hcorparadan ond nxswgemenl in: UK. 
Ida of Man, Turh, Ant^vlo. ChameS 
Wends, Panmna. Liberia, Gfaratfar and 
mast other ofbhora oreos. 

• Confidential advice 

• bnedtfe avcAfatty 

• Nominee services 

• Bearer shares 

• Boat registrations 

a A rrou nlsiu 8 odnnntstrceian 

• Mtri, tetephane A Max 

CLua mvi J,aii l |iu n IvwiU^ fi u nees 

8 m H al— wry D WMMI UVJBUe 

SB TC T CORPORATE 

sanncB ltd 

Head Office 

RH Pleasant, Oaudsa, Me of Mroi 
Teh Daaglas ^06 24) 23 718 


Telex 6285 
London 6. 
2-5 Old Band ll 
Te! 01 -493 4244,1k 


London W1 
8247 SC5LDN G 


U.SJV. COAL 

190|000.000 tans of proven tow sulphur 
cod reserves. 50JM0 acres of scenic 
k**d with rmd surface 8 wder 
rrdns. Abo ed 8 gas pcIentioL Mud 
SMr Gemini Energy & Mrierab Coroo- 
rahon, .11605 Dodge Street, OmcW 
Npfaush a 68154. U5A. Telex: 484591 
FORSTB. Phone: 402-330 OSS 


TAX Has FOR EXPORT 

WHSKET 

CHAMPAGNE 

LIQUORS 

RAMPY SBtVWS Ml 

1290 Venead Geneva Swfa e r to id 
Phenm 0041/22/55 40 42 
Telex.- 28279 CH 


BUSINESS 

OPPORTUNITIES 


DEXTBE MAOfiNEKY 
Tanipari fr es fac Bew Machine 
Cation Swob Form ing Machine 
Cotton Pod Marfalaa 

K. FASSBMHUDWfG & Co. AG 
CHB^ Wri^J L Jana 

Tefc (55} 28 31 41. Thu B75349 FALU CH 


L0N30N 

Fxtodqry & trust services I Compary 
formations & dora i rifation ! Inte rn onon- 
d tax I Bank accounts established I 
General busness advice & aad en ce ! 
JPOR, 17 Wdegate St. London El 7HP 
Teh 01 377 TO4. Tlx.- B939I1 G 


BUSINESS 

OPPORTUNITIES 


ILS. REAL ESTATE 12 to 20% return 
passable . investor 6 broker inquiries 
invited. RE Services, 100 frush treok 
ltd. Sonia Brag. CA 95404. USA. 


GOTO. For tale: Method to detennina 
' “oFft*. BP24. 33036 Bordeaux 
franco 


HIS 20 MUION, secured loai 

ed. Phante Munich 64 47 SO. 


need- 


BUSINESS SERVICES 


YOUR AOB4T IN MOROCCO 

SCHAMASCHMAROCSA 

Wnte 42. Are Hauer Seghn- 
Casablanoa 01. Morocco 
Cat 272604, 273652. 222221 
Tk 22901 


MAJOR US. TRADING CXL interest. 
ed in expanding to tradmgmfalau- 
ing items: erode oR, Fertfeers, S/NS/P 
mUdc agricultural products and 
wood pulp. Looking for compmrn to 
sell Man cotton to SC textile mAs. 
Contact Gofifbmia Pacific Trading 
CarportXion 213 631-0324 telex 
138/43 FSVROS SNQ 


6UJJON DeoinrvSu&on coin, nwtah, 
Pufafahem of the 


OFffiHOE A UK 430MMMB 
Fiduciary end tow Servian, darmcSo- 
Mxi. canpany farmalian, itoemalio nd 
tear, yadn repdrafkai borik oeeouras 
ertoMshad, ocoountmg, mai aid tetox 
sayiees etc. Whiron gto n Services Ltd., 
23 Cojtege HI. London EC4R 2». 

Tab 01-248 0802. TU- B84SB7 G 


AVAILABLE 
fWonroad-l 2 MBlen Bondfae BeAoi 

Kgh BTU herd wood af FOB tndonexe 
»1 XS 'Par 15 6x uocuinw wrappe d burv 
lsk For detab cottxl: 

GESMA TRADING S A Lausanne. 
Switeartand. Tel^U33 30 36 


71x 25298: 


CH 



OF NORWEGIAN 
enofced and fresh bout of the bed 
guoiry seek inyoiteri worldwide. 
Gruswiavi Morteteiu A/S, Spheo- 
vean 6. N-0580 OjJo 5, Norway. 
Telex 760B2. 


RNEST INVESTMENT NEWSUTIBt. 
Awar d wmrvng tot'l Hary Schultz Let- 
in its 22 nd year. $50 fix tnd 


» m * ZM jeer. 550 tor tried 
subscription. FffiC P.O. Bax 381. CH- 
1001 lausoi— . Sxetzerfa n d. 


BANK REPRESmTADVE M US. 
Quakty N.Y. ftm mtetmted hi repre- 
•etoing foreign bank a investment 
firmmthe U£ Telex 91 03S03S01 Tri; 
212759-5100 New YoHt 


DBLAWAIE, PANAMA, liberto. Cm- 
ms from US$1 50. Phone: (06341 
' 20240. Telex.- 62B352 ISLAND 
GjwaUq. 


HTL 

BEAUTIFUL PEOPLE 

UNLIMITED NC. 

UftJL. A WOHDWDE 

A o u mplete personal 6 buonest service 
providtog a unique colad i on of 
Kdoried. wssafite & 

■mSvidualt fix cdl social 


212-765-7793 
212-765-7794 
330 W. 56th St, N.Y.C 10019 
Service Repnawnutives 
Needed Worldwide. 


YOUR TAILORS FROM 

HONG KONG 

made-hMneaxure toirts, btouei and 
dresses- For sonnies write: 

Paraefise Box 71767 KCL 


MAIWA Import controls Shed 1986. 

Budd business withoU tettng up own 
office. Share fiA service office, fro- 
fessond management, cxxnputer fa- 
oBtito. Prodex. Ilx 63199 Etpcno PN 


PANAMA COMPANIES FORMED by 

professionals - 5650 - deed drect - 

i — mgngy PMA 

, Panama 6. BP 


increase privacy - save money PMA 

Box 6-3396. H Dorado. " ' “ 


HOW TO GET A 2nd PASSPORT, 

1 ■ 12 oaurteies endyzed. Oe- 

WMA, 45 lynhint Terrace, 
561, Centnd, Hong Kong. 


SuiM ! 


FOR YOUR INI B8 4AI10NAI. votes 

cmd markohne ae nrrs e ti contact 

toe prafesacnals. London (OH 267 
3906. Telex 8951182 ref LMA. 


FINANCIAL 

INVESTMENTS 


BANKING AND Investment Adman 
wonted -etoefantoommuBton, IRC 73 
New Band Sr, London Wl. E n g ta nd 


EARN 2SK SHORT TBtM an amount 
invested, kweamant guamesf. AL 
Bed Ltd. PO Bax ’ 

Wgrftei 22801 U5A. 


DIAMONDS 


DIAMONDS 

Your bed buy. 

Fine toemonft in any price range 
<d kwteSt wholesrde prices 
efrad from Antwerp 
ter of the cfamond world. 

fid guarantee. 

For {n» price fat write 


EstoUdied 1920 
•root 62, 82018 Antwerp 
„ Wgimn - Tefc p2 3234 07 51 
Tbe 71/79 tyl b. At iheDkxnond Cbb. 
Heart of Artwerp Diamond industry 


OFFICE SERVICES 


GENEVA 

5WTTZS0LAND 

FuB Service 
is our Busbmss 

• Intemcteond tow and taxes 

• MaAax, telephone mid tehm 


• T rorefaion mid mod tonal sendees 
te Formation, domic Lotion and 

odm inc lro ri on of Swat end farn^i 


FuB cordidenoe and c fac r el ioB assured 

BUSINESS ADVISORY 
SBVICBSSJL 

7 Sue Muzy, 1207 GBiB/A. 
36054 


Teh : 


>40 Teton 23342 


YOUR HJRNKHB) OFFICE 
M LONDON 

• 7 day 24 hour access & arewerphane 

• Ful support servma iadudng! 
secretanol, telex, copying, etc. 

• Corporme Repre s entation Service 

• Short or long term ovadahi h y 

BBilI — i - - - 
■ ■ im wwm^m ranBn urhh 

1 10 Tbe Stnmd laadoa WC2ROAA 
Teh 01 836-8918 Hm 24973 


DOMICRE - TELEPHONE SERVICE. 
AS office services. New York - loo Arv- 
to* ■ Para- 24 rue du Pour Neuf. 
75001 Para Tel 145 08 12 09 


IMPETUS • ZURICH * 352 76 21. 
PHONE / TELEX f TBJffAX. 


EMPLOYMENT 


EXECUTIVES AVAILABLE 


_ SALES DOSaOR. 5 lanjoges, 15 

9 M 

yvtlfe UIMKmCvM mmD Cx IM1UNE 

experience on <d levels. Ffigh-Tech 
produas inducing bodft earn, Ao- 
j (her of bums sofivrora. Free to 

J chmge from presere fandiora Only 
f appropnute & imvuiiixj oppamt- 
merits considered. Bax 22B2. rterold 

1 Triune, 92521 Nnuily Cedex. Frenee 

■ EXPORT 9A1S DEU0AIE, 44, Gte- 
_ mm, sfagle, 5 ktoguagra 20 ms 
experienae in Europe, Africa, Near 
- Ent, Mob new duilenge os af Jai 
86 fields tea. gafitrog, mrauiwer 
goods, faocsufn, chnnnoraufcoh, 
services. Germany [49) 69-556609. 

RRAltPOm UMMMTBX UK Eqia- 
htote. 32, vecatofa, motivated soda 
ml waft in nwtateifl praUem rofv- 
ma or teiftr. Tefc London Dll 352 
1414 or write Box 421JQ, IKT, 63 
Long Acre, London, WCT 9JFL UX 

MARKBWG7SAIB BKN«I 32. 

Swedah, experienced in amputera & 
awteon seefa position in Franc* 4 
languages. WrSeBax 2905, Herald 
Tribaie, 92321 Neatly Cedex, France 

BM SALES m (29 years) is anOaUo 
to help imlget your product*. Late 
evenings. Para 4533- 1674 

GENERAL POSITIONS 
AVAILABLE 

IRUBITs SMALL OOMAPNY impart- 
ing unique handcraft* fam South 
America is afleringa port-time pad- 
iron (20 hows/vraw) ter office orgo- 
shwii and iMLjijMfloflfc ostsse 
dearonce. monogemert of raadi 
ables. mnVucts end wmehouse. IWe 
train yaaL Huent Germcm & Engfah; 
own car. Ml typing and some krerei- 
edge af PCs are a must Reply imme- 
dfataly erfy in wrflfag fat Sn* iotor- 
notiond, WtoMto. 3, B0<5 bmodne. 
West Gerraany. 

SA1£5 WRMHTAHV1 far france- 
IGeneva area sought W toaduig to- 
leroaiional business pubkdwr serving 

aic won u curi^Ri, ran Dona, _ 

■wnraifui. wito sales experience. _ 
Please send your upt&uimi and CY 1 
in striaesr confidence to Box 2277, 
HerriU Tribune, 92521 Nedy Cedex, 
France 

EUdROMC IBHOCMNS 

U& Company needs 
severd tedmiduns m Germteiy/fisrasa — 
Prater, but not required, retired US. B 
aAary, reskkng in Europe. 

Send comptotu resume Mi 

AA17HL Si roe de TEau 

L-1449 Luxi-mbnurg _ 

OVBtSEAS POST10N&. Hundreds of ' 
top paying positions avaiUle. Tax 
free noomra Attractive benefits. Op- 
portunities far oB ocftcations. Free 
detais. Overseas Eraloynniit Sen- — 
vices, Dept HT, P.O. Bra 460. Town * 
of Mount tayal, Quebec. Caiada 
FGP3C7. 

PARIS ORGANIZATION seeks expert- - 
cored trgalotor /interpreter -qublS- E 
cottons to be stated. Typtog ot 35 
wpm essenlid. Sdanr FFS0^23 per 
month x 13- Wife with c.v. & photo _f 
to Personnel Sacfeon, 4 rue Jucxi Rey, n 
75724 Pam Cades 15. betai 
29/11/85 

Nil MAGAZME in faraitiire ntote J 
try sefttog freefano* writerx/teringsr* a 

in tara London, Cotomw, Borne & 
AnutenfanL 5end tfpe 4 resune »i 
GartomDUIkAMnpnsPOBw 
6951, FDR Staton, NYNY 10150 USA 

GENERAL 

POSITIONS WANTED - 

FRENCH LADY 25 N 

Ml law GraducSe, fingfah, Spanish, g, 
Greek. Portuguese. Ml experience at » 
the UNESCoT fres&s-ttis xeerprelw, qu 
con type, free to travel good praento- te 

Ea&E-ssrtMiss f 

92S21 Nn3y Ci^ FiunoS. — 

VETERAN AMERICAN NEWSMAN. 

w> onounoao noonna fnxuawiv 
graptecs,- estafaEdied rMojourodtd 
ifareiiyi cm responds* far mr US 
newspaaer. rfrcrigon geopotka and 
the TNrd Worid. Constote any loca- 
tion with dxdtonging k» pererthi _ 
based in OoJ BeSmTYSdd Tri- ~ 
bune. 925ZlNoui«y Cedex. Frcsire RS 

FOUR MTHMAnONALLY Attuned ' 
-indwiduoh with mAMatenis ranging c, 
from deegta otitoary rastauraet and. r 
industrial manogemert; composer, u 
seoetarid red tite aril, seek item 

cdrnmenco early 1986. tar details 9 
coreoct D. LBY5, 72 Bruce Are. West — 
Vfarttug, Sussex, UK. 


Moca Your CMM Ad MUf and tolly 

- ktlfai 

INTERNATIONAL inALDTRIBIDE 

By Phonos Cal your load 1HT rep re r enfifaue writ your jext, You 
viJ be informed of the cop tom edto l e ly , and otx-e tx e p tiyur e u t is 
made your ad appear wrtbia 48 houra. 

Coefc The baae rate is SPB0 per tote per day + local holes, There are 
25 totters, syp grid spgcenplhe fitst fine ond 36 ja tbe (plo w ing Bnps. 
Mnimixn spoce i» 2 knot. No qtdirerfahon s ahoepfa a 
CrwdR Code Auiaugjn Expm, Onffi Gofa. GunaortL Master 
Card, Access and Visa. 


HtADOfflCi 

Farfat por danified aniy)i 
- (1)4747.4600. 

shok 


LATOiAMUrH 

-■waaan Airaes 41 48 fl 
P«pl. 3121 
toraaac 3314 54 


r 26-36-15L 
Man: 361-83977360-2421. 
: 343-1899. 

; (01) 32 9440. 
Fnnkfurtr (069) 7267-55. 
taasaw ne. 29-58-94. . 
Ltebon; 67-27-93/66-25-44. 
La-dan: (01J 8364802. 
Madrid: 456-2891/4553306. 
MRok (02) 7531445. 
Narwayrp2) 41 2753. 
Ram* 679-3437. 

Sw n ifan m 7569229. 
TelAwfK 03-455 5S9. 
Vinnasi; Contact l mtof wrt. 


Ck t M y uuuR: 51 4505 
limn 417 852 

: 69 05 T1 .. 
_ :6M1 555 t 
Son 7aui<ar-862 1893 

MBDUEAST 


: 246303. 
KuWb 5614485. 

i 341 457/8/9. 
r: 416535. 

Saudi AtqbhB 
-faddefa 6674500. r 
UAEj Ihdsaf 224161. 

FAX EAST 


umudstatw 

New York: (21 2J 7523890. 
Wad Cmaok (4 15} 3628339. 

SOUTH AHUCA 

Brys u fa Wi 421599, 


= 3900657. 

_=55i3 sn. 

= 510092. 

= 8170749. 
S-oiifc 73587 73. 
SfaR^ronc 222-2725. 
Taiwan: 7S2 44 25/9. 
Tafcirec 504-1925. 

AUSTRALIA 


.-8908233. 

SSI 3 ’* 1111 

RR— JLRte- - w - 


EMPLOYMENT 


GENERAL 

POSITIONS WANTED 


"v stems, men imnin, 4 

etxaiin hotel emte. seefa cry type of 

' T efe 01/725 4 4 92 Zurich 
Sedfaariaad. 


don 


MMBB/RirL fiteotians, 
wfadge of ntofaa Serito 
riettas Rmea rdw i / AncdysL Writ 
t ^13, LHJ, 63 long Am, Lon- 1 


EMPLOYMENT 

edu cational 

POSmONS AVAttABLE 
PKWCKHOOtioeki Ptono temtoerf 
+ l*2*o» Bax 2269, Han 
ddDdwm, 92521 Kfaufly dmE 

-.P BM Pric 

TOSmONSWANlED •' 





MAN 32! 




USA. 


POSITION oi trowel 


•nteSgera areatfae «t 
ad to her weA JS, 


dtotoS 

SJ 


GAptot, 


WBX BUCAIB) 


dot, 36, UK CPL ■ FAA / 
■MnringwmVpodimiU 
so*. Tei \knmSas. 


ATPL I 

UK or J 


far 


French 

63 3 . 28 70. 


[ 24. Able bod- 1 


SSCRETAKXAL 
POSITIONS AVAILABLE 


* 


FSMSmMRSt 
Dd* or German 
t* Fiend) ra- 
»Vri! 


JSusa*"^ * 301 <Si 

AUTO SHIPPING 

TRANS CAR 

m^waswpwo 

pars 

gANRURT 

HOUSTON 
LOS ANG&ES 
MONTREAL 


^11 

69. 


phonrt 138 

6 Paris, fiance. Tefi 


BAU E 8WA ■ P rl. u te Aerotjc Imeudor 
NVC Mela position. For farther tofar- 
'SlM3*934a 


Port afa 
MTBBNA3WNAL 
AR1AL POSmONS 

TUESDAYS 

MT 1 


Steretmy 




'ABBES AVAILABLE 


MMMNUOY^. 


ntpreseo- 


KSiasg iBteBffi 


Printed by Y.A. Web Offset, Harlow, Essex. Registered as a newspaper at the post office.