Skip to main content

Full text of "International Herald Tribune , 1985, France, English"

See other formats


ShwE 




hH 


1 ^S’.K 
: : --vS5W 

■SSi& 


The . Global Newspaper 
.Edited in Para 
_ I*i luted Simultaneously ■ - 
.. Zurich, 

^ EWH ^ pATA APPEAR ON Pa&£ 22 

No. 31,964 48/85 



INTERNATIONAL 



(tribune 


Published With The New York Times and The Washington Post 


PARIS, TUESDAY, NOVEMBER 26, 1985 


Alena £00 Kt bad LAITOMO No— c, 73} MX/ 

A tr~r ” *■ • THi ljailii Omen— .0700 hi 

khan— (MS Din ini* ISCfSi — 95 

Mbw~ — .« 5 6/r t***, Stflinto' „ .,.. ftfl> an 

9 *°* — “HS *"« 

Cyprm. _CI 1170 , , » tws Soud /V*w-fcB t 

Ommort _8I0 DKr. *» ’10 to 

F**nj 7 DO FJA Swr*teK!. 2XVt 

Fan ADO F. **■*•« ,B£ ~ lima 020 Oa 

Gm«y_2fOOM Mflfco 35 Con Tirtjy li-e£00() 

Out 50 P. Morocco — aSDB-- UA£ AMOrti 

N«urimfc_2/5A US 

fcff. . lijfc- «p-~- Voeedona — MD 

ESTABLISHED 1887 


SSs-o- 


rai I 





■'••v 

■ • :v ' ^ (. ^ 

:■■?::? isTii 

-V5' 

>£g 

■ -suite 


The Associated Press 


workedfrom.1965 to 1979 for flic 


LlipisJ 


60 Dead in Hijacking; 
One Terrorist Survives 


■ WASHINGTON —The Federal security agency, which monitors 
Bureau of Investigation arrested a and intercepts .sensitive communi- 

former National Security Agency cations around the world, and W 
communication specialist Mon- top secret clearance wHh special 
d^yrai charges of conspiring to sell access to sigials intelligence, 
secrets to tne : Soviet Union. The. AccortEogtoa federal court doc- 
arrest cul minat ed an investigation ument filed. Monday, Mr. Pd ton 
that sources said was triggered by admitted to FBI agents that he has 

sold extiandy. sensitive classified 

“ ~~~ ~ - ~ — : information about U S-inteOi gence 

AroongU-S. aides, spying Is not activities tb thc Soviet Union, 
unusual, although use of a chui- The FBI affidavit said Mr. Pd- 
destine agent is. Page 4. ton told, the bureau in an interview 


raSfcS* 

.*a* 


By John 'Winn Miller 

The Associated Press 

VALLETTA, Malta — A Mal- 
tese official said Monday that 60 
persons were tilled during the hi- 
jacking and storming of an Egyp- 
tAir jet, including nine children 
and four of five hijackers. 


also declared their support for “Rescue operations like the one 
Egypt’s “brave” decision, the Mid- undertaken in Malta are risky af- 
die East News Agency said Mon- fairs undertaken only in extreme 
day. circumstances," said Charles Red- 


Paul Mifsud, the government Jot of innocent people were ltilied 
spokesman, said that the wounded But we understand Egypt's ded- 










■** -.:*«» 'If 


. tw.i » «.vw.‘ 


af-. . 


• •• -incfc ■' 

; • *psiK 

• ■ .;.'. j6| kaiak 
u^ K ? ik aohu 

.. • 163 t 

T -ri5iiB 

• -■ ;«"!ncs aruw. 

‘ rRaji 

• -•'*aasei 


■ OTiiii Sunt 
• :.:.r.d 7a p|^ e 

irejas ir^ c 


AL~TOCO\VHSf 

• fiJKans- 

fdaJtnqtd 

.• '«= tsetn 

- -Jr ; -ETta 

- wswie 


•• '• • yCTfj.tr. 

*- AMreawDnum 

j»«v 

: Vi Hers 


-r r W» 
.. -rr 13’ 

^ «rl 2 l 

.. -i - rrstt- 


uxuBual, ahhori^bt nse of a dan- The FBI affidavit said Mr. Pel- 
desrine agent is. Page 4. u» told. the boreim in an^ interview 

— : Sum% that he met with a. KGB 

Vitaly & Yurchenko, the former «^bw/Aa^ Saw. tm’aewd 
Soviet defector who returned to the 

Soviet Union. . ' ; “rou^i^nDaiy 1983 and accepted 

. _ - • ••• ^ cash pwmenis on several occasion, 

Ronald Wflham Pelton, 44, a, mduding a 515,000 payoff as a 
boat salesman, was arrested early result of a trip to Vienna in January 
Monday morning at a botd in. An- 1983 . 

Wapolis, Maryland, an FBI spokes- Fred Warren Barnett. Mr. Pd- 
mgn said. He became the fourth ton’s court-appointed attorney, 
person arrested on espkmage-relat- said his client’s statement to the 
ed charges in the last five days. authorities should not be charac- 
[ Officials said they could not re- terized as a confessi o n, 
call a tune in which so many per- The court documents indicate 
sons had been arrested for spying that Mr. Pettondid not start dehv- 


hij acker, whose name and national- 
ity were unknown, had undergone 
surgery and was in serious condi- 
tion but bis life was not in danger. 

Mr. Mifsud said that the hijacker 
had been identified by Hani Galal, 


day. circumstances, said Charles Ked- 

[A senior Israeli official support- man, a State Department spokes- 
ed the assault, Reuters reported man. 
from Jerusalem- The official, who Washington stood by its Sunday 
asked not to be named, said: “We night statement that it supported 
gneve for the victims of terror. A -difficult decision" to storm the 
lot of mnocent people were lolled, plane even though it was saddened 
But we understand Egypt’s ded- by the loss ofKfe, be said. 


son to fight terror."] 

An American woman appeared 
to have been the only fatality 

among the passengers before the OUYS 

plane was stormed Sunday night. OJ i J 

The State Department has identi- A I, MV/ 

fied her as Snilett Marie R^en- ASSOUlt W OS 
kamp, a civilian L.S. Air Force 

employee stationed in Greece. She ■» r j i TT* 

^T£SS^SSSZ Needed, Hints 

A Filipino man identified as So- Af | jm/YI T JW it? 
man Pablito died of injuries sus- - rLL MjUUV 


Monday monmvg at a hotd m. An- 1983. 

%apolis, Maryland, an FBI spokes- Fred Warren Barnett, Mr. Pd- 
i n gn sai d . He became the fourth ton’s court-appointed attorney, 
parson arrested on esf»onage-relat- said his client’s statement to the 
ed charges in the last five days. authorities should not be charac- 
[ Officials said they could not re- terized as a confessi o n, 
call a tune in which so many per- The court documents indicate 
sous had been arrested for spying that Mr. Pettondid notstart detiv- 
in such a short period, The New ering secrets to the Russians »n>n 
York Times reported from .Wash- . after he left the agency, and that 
ington on Monday. A federal law - the Russians received only dated 
enforcement official would not rule information learned during Mr. 
out other imminent arrests and re- Pel ton’s govc ra m cntservice. 
fused to say why the arrests had- . . Federal sources, who declined to 
occurred so dosdy together.] be named, said Mr. Pd ton was the 

. The FBI said Mr. Pelton had second framer U.S. intelligence of- 

— 1 ^ ^ — ~ fiper implicated in sj^ing for the 

' • Sowen Union Kfr. Ymchenko, 
the top-levd KGB agent who de- 
fected to the West on Aug. 1 and 
returned to the Soviet Union three 
■ months later. 

The sources said both Mr. Pelton 
and the other ™> implicated’ by 
Mr. Yurchenko, Edward L. How- 
ard, 34, who has fled to Finland, 
had been diwtiismd from their in- 
telligence jobs weD before they 


the cap lain of the Boeing 737. The lied her as Scarlett Marie Rogen- 
spokesman said he it had not been kamp, a civilian U.S. Air Force 
determined if the man would be employee stationed in Greece. She 
tried in Malta or extradited to was shot to death while the plane 
Egypt- was on the ground at Valletta on 

While the plane was on the Sunday, 
ground at Valletta on Sunday, the A Filipino man identified as Su- 
hijackers made no demands other man Pablito died of injuries sus- 
ihan refueling the craft for takeoff tained in the shoot-cut between 
to an unspecified destination. Egyptian commandos and hijack- 


Mr. Mifsud also said that the ers. 


Maltese government had received a 
message from President Ronald 
Reagan "in which he expressed his 


The other 58 victims, whose bod- 
ies woe found aboard the plane, 
apparently died from wounds dur- 




Maltese sokh ers carrying away the body of one of the victims of the EgyptAir hijacking. 


thanks for the firm stand taken by mg the storming of the aircraft or 
the Maltese government" in the fire that broke out after the 

Britain said Monday that h ad- hijackers detonated grenades when 
mired the “strong stand taken by the Egyptians launched the assault 
Malta and Egypt against terror- The dead children included eight 
ism." Palestinians and a Canadian. 

King Hussein of Jordan and Mr. Mifsud said that the Amen- 
President Saddam Hussein of Iraq can woman was the only one killed 



Witness Tells of Wild Shooting Around Jet 


Untied Press Fniemadonai 


LONDON — Egyptian com- era were lacking. 


that chemical and foam extinguish- 


ttiandns fired indiscriminately and 
hit several fleeing passengers when 


Meanwhile, Captain Gala! said 
in Valeria, Malta, that he support- 


they stormed an EgyptAir jet on a the Egyptian decision to storm 


were implicated, but for reasons runway at Malta, an Australian plant 
-unrelated to the spying allegations who sat next to one of the hijackers Chptaii 

now lodged against them. said Monday. hesitate u 

Mr. Pdton hadbeen investigated “The Egyptian commandos were against hi 
by the FBI for several months as a shooting up everything that moved arcumsta: 
result of a description provided by on the runway outside,” said An- this nonse 
Mr Yurchenko, the sources said, thonv Lyons.' an ftkrfmnirt mar- Mr.Lyt 


King Hassab II 


result of a description provided by on the runway outside,” said An- 
Mn Yurchenko, the sources said. thony Lyons, an electronics mar- 
Othejs/aring espionage charges leering man now living in Englan d, 
are:. Jonathan Jay Pollard, 31, a hi « .British radio interview. “A lot- 
rivffian analyst for the VS. Navy, of the wounding that went cm was 
arrKted outside the Israeli Embas- f fo-ahe Egyptian commandos.” 
sy on Thursday and: charged with Mr Lyons’s account could hot 
selling classified military dqcu- be confirmed immediately by other 
meats to Israel and P a kista n ; Anne passengers. 


L. Hyndason-Pollard. 25, Mr. Pol- 
lard’s wife; and Lany Wu-Tai 




Chin, 63> a forme r CIA intelligence lasted 10 minutes and left 58 pa- 
analyst, who was arrested Saturday sons dead in addition to an Anted- 
and charged with selling U.S. se- can woman murdered earlier. An- 
crets to Qtina since 1952. other passenger died in a hospital. 

Meanwhile, a cousin of Ghana’s Denying allegations that Egyp- 
miEtary leader, lieutenant Jerry J. rian troops fired indiscriminately. 


rr K>* 


W Mf/W - aets to UHna smee other passenger died in a hospital 

MS fV UttM Iff Meanwhile, a cousin of Ghana’s . Denying allegations that Egyp- 

. ■ • miHtigy leader, Iieiit e n ant Jerry J. tian troops fired indiscriminately, 

rwi ’ Rawlings, has secretly pleaded the Cairo newspapaal-Ahram said 

‘ I /I IviPlPt f^RURS 10 011 Umted in Tuesday editions that the Egyp- 

w States and was swapped bade to his tians fired only seven ballets that 


■ 'issag 

-■SSISS 


,J7 . “ 


■ i y ■ 


’ *c? ^ " 

"-'V-rftS 

•C.* -T 


! ^s 


az-'.- ' 1 1 


.y-W-l A-Jl- 


i i * 1 ‘ 


11 Compiled by Ovr Staff Frem DispatAn 

- RABAT, Morocco —King Has- 
E?A ; W san II said Monday that he was 
CW«* willing to meet Prime Minister Shi- 
mon Peres of Isradif Mr. Peres had 
a serious Middle East peace plan to 
■ discuss. 

‘“Mr. Shimrai Peres has let me 
know that he would Eke to come 
and see me,” Hassan swd in an 
•«c interview with French radio jour- 

palis ts. 

-1 “So 1 told him, “With the greatest 

jjQT.p pleaonie,btityoa and I are forind- 
^g-gis^ den to do tomism. If you have 
- ^ something serious, come and see 

_X ( me,' "the Moroccan Jeadasaid- 

iJr>: An aide to Mr. Peres said Mon- 

i>. day iughtinTd Aviv that the prime 

^imnister was willing to meet the 


- . .. . ‘ 

The king’s interview with Radio 
France International - was pub- 
lished by the official Moroccan 
agency MAP in advance of his visit 
to Pans on Wednesday. Hassan is 
to meet with President Frangras 
Mitterrand. 

Hassan said that Morocco in- 
tended to buy 24 French Mirage 
2000 jets, although die finan cial 
package stfl] had to be discussed. 

- The king , who. was chairman of 
the most recent Arab League sum- 
mit meeting in Casablanca in Au- 
gust. said that Egypt's return to the 
organization could anfy be ap- 
proved at a league summit meeting. 
But he said that Egypt could be 
readmitted without precon d iti o ns. - 
Egypt was suspended from (be . 
Arab League foDowing its separate 
peace treaty with. load in 1979. - 
Hassan said he expected a regu- 
lar Arab summit session to take 
place in Riyadh. Saudi Arabia, by 
February. 

He said he approved . Fahd’s de- 
cision to delay the meetmgrpendmg 
thie outcome of initiafives by Arab 
reconciliation committees. -- ■ ■ - 
Hassan said ii was up to King 
H ussein of Jordan whether to meet 
with Mr. Peres or not 
He also said that for the Arab 
world, the most worrying aspect of 

Israeli occupation of Arab' lands 
was the human factor. . ' . 

“What shall we find tomorrow 
when we repossess the Left Bank, 

what kind of a population?” the 
king said, referring to the West 
. Bank. “Uprooted peoples who win 
be good neither for Israel nor for 
the Arab world?” 

“The . Arabs most oy by all 
meanvnot to liberate the land twit 
to liberate the citizens,” he said, 
“the man of ihe diy, but a aty ui - 
peace with all its neighbors. ! Ilus is . 
the priority.” (Reuters, AP) 


States and was swapped bade to his tians fired only seven ballets that 
homeland Monday in exchange for hit two out of three hijackers, 
nearly 10 Ghanaians “of interest to Three bullets hit the first hijack- 

tile United Stales," Justice Depart- er. who then attempted to shoot the 


mem officials sai d . plane's pilot. Captain Hani Ga 

The officials said that Michael The pilot, however, hit him with 
A. Soussoudis, 39, -was remanded aXjjne newspaper said, 
to the custody of Ghana’s ambassa- 


dorto the United States, Eric Otoo, second hijacker, the paper said. At 
on the condition that Mr. Soussou- the same time, a third hijacker ex- 
dis leaves the TJhited Stales soon, ploded a grenade. 


dis leaves theTJnited Stales sorai. ploded a grenade. 

Officials said that Mr. Soussou- The grenade started a fire in the 
dis pleaded guilty at a dosed hear- roar of the plane, killing that hi- 


who sat next to one of the hijackers Captain Galal said be would not 

said Monday. hesitate to endorse similar tactics 

The Egyptian commandos were against hijackers under the same 
shooting up everything that moved circumstances. “We have to stop 
on the runway outside,” said An- this nonsense." he said 
tlwoy Lyons, an electronics mar- . Mr. Lyons, 36, was being treated 
leering man now living in England, ju a Maltese hospital for smoke 
in 8 British radio interview. “A lot-' inhalation and shock, 
of the wounding that went on was - “Grenades went off within the 
f tou-ahe Egyptian commandos." aircraft andVt fire lolhe inside of 

Mr: Lyons’s account could hot the aircraft," he sad. “There was a 
be confirmed immediately by other h>t of shooting, bullets flying every- 
passengers. .where. You couldn’t see, you 

The firefight, punctuated by gre- couldn’t breathe." 
nade blasts setoff by the hijackers, Mr. Lyons said he was in the 
lasted 10 nannies and left 58 per- fifth row of the plane and stayed 
sons dead in addition to an Amen- low “until I couldn't breathe any- 
can woman murdered earlier. An- more . . . and I couldn’t see. I went 
other passenger died in a hospital, into the aisle and fell out the door.” 

Denying allegations that Egyp- “There were many people there 
tian troops fired indiscriminately, who had been shot and were lying 
the Cairo newspaper al-Ahram said at the bottom,” he said. “There 
m Tuesday editions that the Egyp- were many people still shooting 
tians fired only seven ballets, that guns off ah ova the airport." 
hit two outof three hijate. ' “Anyone coming out of the air- 
Three bullets hit the first hgadt- plane was lucky not to be shot," he 
er, who then attempted to shoot the said. “They woe firing pretty indis- 
pianes pilot. Captain Ham GalaL crinnnatdy. They didn’t know if we 
The pilot, however, hit him with an were terrorists." 

“ife IZZPolZr takas hit the •“£! 

J seated next to one of them when 


wmomm 


.1 


%/4x x 


mr'- 

...s’* 




The four 


bullets hit the 


The dead children included eight 
Palestinians and a Canadian 

Mr. Mifsud said that the Ameri- 
can woman was the only one killed 
before the rescue attempt but that 
other people were shot and thrown 
from the plane. The captain had 
* reported seven fatalities among the 
passengers before the assault, be- 
lieving that all of those shot aboard 
the plane had been killed. 

Five persons were wounded 
aboard the plane by hijackers 
pressing demands for fuel and an 
Egyptian security guard was in- 
jured in a gun battle with one of the 
hijackers. 

Mr. Mifsud said that 27 persons, 
including the surviving hijacker, re- 
mained in hospitals. Seven passen- 
gers were released uninjured on 
Sunday. 

He said that when the flight was 
hijacked, shortly after it took off 
from Athens, there were 98 persons 
ak^rd, including six. crew. mem- 
bers. 

Mr. Mifsud said that the govern- 
ment was “deeply sorrowed" by the 
bloodshed of the final assault but 
that the government believed it had 
no choice but to authorize the as- 
sault by the Egyptians. 

“It is important that we never 
give in to terrorists.” he said. 

About 25 Egyptian commandos 
were involved in the raid and re- 
turned to Egypt Monday. 

In 1976, Egyptian commandos 
stormed a hijacked Egyptian airlin- 
er in Egypt and saved all the pas- 
sengers. 

A year later, a special forces unit 
fiew to Lamaca. Cyprus, when Pal- 
estinian guerrillas took over a Cyp- 
riot airliner after shooting an Egyp- 
tian journalist. Youssef SebaL 

That operation also ended in 


By John Kifner 

Ne*‘ York Times Service 

CAIRO — Egypt asserted Mon- 
day that its commando assault on a 
hijacked airliner was carried out 
successfully and according to plan. 

President Hosni Mubarak and 
other officials also sought to cast 
blame on Libya although they care- 
fully avoided mentioning that 
country by name. 

During the hijacking and subse- 
quent rescue effort, 60 persons lost 
their lives. 

The men who carried out the 
operation, a government statement 
said, belong to a Palestinian group 
which split from the Palestine Lib- 
eratioa Organization and works for 
an Arab nation well known for its 
practices of terrorism and which 
gives refuge to terrorists. 

Mr. Mubarak struck a similar 
note in remarks in which he ex- 
pressed sorrow and regret at the 
death of innocent victims “at the 
hands of cowardly terrorists.” and 
added*. 

“I regret the involvement of cer- 
tain Arab countries in criminal 
practices which result in nothing 
but damage and destruction.” 

Some Egyptian officials were 
privately letting it be known that 
the rcfereacca were “ u.: ••i-ejaie 
Abu Nidal Palestinian faction, an 
enemy of Yasser Arafat, the main- 
stream Palestinian leader. 

Abu Nidal, who has mounted 
terrorist attacks against Palestinian 
moderates, Israelis and other Ar- 
abs, has lately been reported to be 
operating from Libya. 

The official government state- 
ment issued late Monday after- 
noon, although it did not mention 
the number of casualties, failed to 
conceal fully the sense of shock 
gradually dawning in Cairo at the 
extent of the carnage. 

The handling of the hijacking of 
an Egyptian airliner to Malta could 
prove another embarrassment to 
Mr. Mubarak, and the government 
moved gingerly through the day 
Monday 10 limit potential damage. 

After the raid occurred Sunday 


— . . . . - . , the plane took off Saturday from 

The grenade started a fire in the Ath *J a 


“ n f Qsic |? ^ er night, state television broke into its 
whether the Cypnot authorities b^dcast at 1 1 P.M. to report: 


ing last week in UK District Court jacker and 26 passengers who were 


to two counts of espionage and was 
sentenced to 20 yrars in prison. 

In retom for his release, nearly 


trapped in thar section by flames 
ana smoke, the newspaper said. 

It said that Maltese firefighters 


10 Ghanaians and their families failed to extinguish the blaze be- 
•were Down to another African na- cause they used water hoses that 
lion. were ineffective. The papa said 


The Egypt-bound Boeing 737 
was hijacked about a half hour lata 
and forced to go to Malta, where 
the commandos ended the takeover 
about 24 hours later. 

Once on the ground, Mr. Lyons 

(Continued on Page 7, Col 2) 


U» AuoooMl Press 


Captain Hani Galal, pilot of the hijacked EgyptAir jet, 
indicating Monday the bullet wound in Iris bandaged head. 


had given them permission to land, 
15 Egyptians were killed in a gun- 
battle with Cypriot troops. 

■ U.S. Finn in Support 
The United States reaffirmed 
Monday its support of the assault 
despite the death toll that resulted, 
Reuters reported from Washing- 
ton. 


“An Egyptian commando unit 
stormed the hijacked EgyptAir 
plane in Valletta airport and man- 
aged to rescue toe hostages and no 
losses were sustained by toe Egyp- 
tian forces.” 

The semi-official morning news- 
papers featured news of toe raid. 

(Continued on Page 7, CoL 4) 


A Heart Patient’s Costly Bargain for Time 


INSIDE 




.igSS 




PA<I 

Sy'i 


, m 



A friend helped WUlimri J. Sdntoeder ware from bis front 
porch dnring a ?iat in August to Ms lodiaiia borne. On Mr. 
Sdtroedev*s lap was a pomp to drive his mechanical heart 


By Martha Bamcrte 

Washington Post Service 

LOUISVILLE, Kentucky — A 
year ago, William J. Scnroeder 
could feel his life slipping away as 
he fought for every breath. Ii ex- 
' boosted him to sit up for someone 
to brush his teeth. His diseased 
heart, doctors said, could pump 
only a few* more days. 

But Mr. Schroeder, a father of 
six from Jasper, Indiana, wanted to 
reach some milestones: spending 
one more Christmas with the fam- 
ily, attending bis son’s spring wed- 
ding, and seeing the christening of 
a new grandchild. 

After Dr. W illiam C. DeVries 
replaced Mr. Schroeder’s failing 
heart with a mechanical pump a 
year ago Monday at Humana Hos- 
pital-Audubcn in Louisville, Mr. 
Schroeder did live through those 
evens. Now 53 years old, he has 

survived longer t>ian any other re- 
dpieat, human or animal, of a Jar- 
vik-7 bean, • 

But his bargain for time was 
costly. He has suffered a host of 
complications, including three 
strokes that permanently damaged 
his shon-term memory and speech. 

Now his family does not know 
whether he remembers witnessing 
those cherished occasions. Al- 
though he was the first artificial- 
heart patient to live outside a hos- 
pital, he was readmitted 10 toe 
hospital Nov. 1 1. This was after his 
third stroke left him weak and 
mute, ai times only dimly aware of 
his surroundings, Dr. DeVries said. 

A year ago, Mr. Schroeder hoped 
that a permanent implant would 


■ The embattled state minister 
enable him to recover and go home, of Sabah in Malaysia has found 
His wife, Margaret, remembers ^ holding onto office is as 

that “in toe be ginning we hind of hard as wi nnin g it. Page 2. 

thought Bfil would be better and ■ Thieves and g no gglers of nu- 

we’d take him borne to Jasper. He’d clear material have found 

get better and that’d be it.” courts astonishingly lenient, a 

For 18. days after the operation, hludy says. Page 5. 

it seemed that Mr. Schroeder’s HThe four Wigng candidates 
dream was wi thin grasp. from toe opposition agreed 10 

“It was like the difference be- pick a single challenger in toe 
tween eight and day. We had the Philippine elections. Page 5. 
’old Dad' back again." said Mr. 

Schroeder’s son Mel, 32. His father ARTS/LEISURE 
wisecracked his way through toe B u* 

ratio! recovery penod, even asking merits of a poem recently dis- 
his doctor for a beer. covered in EngLmd and attiTb- 

But on Dec. 13, blood dots uted to Shakespeare. Page 8. 

lodged in Mr. Schroeder’s brain. 

Fever, weakness, ane mia, seizures BUSINESS/FINANCE 

and two more strokes followed. ■ Habitat is to merge with Brit- 

r srL e ? >ush «*» Hoa « szi-m. 

22fS *¥“■ lion transaction. Page 15. 

felled by a hegenng fever. ^ 

In April Mr. Schroeder and his SPECIAL REPORT 

wife moved into an apartment _ . . . . , 

across toe street from Humana ■ IntemabonaJ capital markets 

HospitaJ-Audubon. In a month, a ??* “J v ^ um £- 

second stroke left him lethargic and £ uromar k e *5. Part II. Page 9. 

unable to speak for weeks. . 

By August, having confounded TOMORROW 

doctors’ grim predictions, he was . , . _ „ 

moved back to the apartment That , ,^°? omic . Saudi 

month, he was driven 90 miles { 145 " r “™ 15 causmganxiety in toe 

kilometers) for a two-hour visit to 181111 of plenty, first of a five- 

hisJaspa home and rode in the van pan scnes - 

that led the town parade. — 

H.S. Sends for Sodan Envoy 


New Zealand Rejects 
Early Release of Agents 


The Associated Press 
WELLINGTON, New Zealand 
— Prime Minister David Lange of 
New Zealand ruled out Monday an 


toe leverage of economic sanctions 
to subvert our constitutional judi- 
cial system, that would be bad." 
France, meanwhile, exploded a 


■ The four leading candidates 
from toe opposition agreed to 
pick a single challenger in toe 
Philippine elections. Page 5. 

ARTS/ LEISURE 

■ Literary scholars dispute the 
merits of a poem recently dis- 
covered in England and attrib- 
uted to Shakespeare. Page 8. 

BUSINESS/FINANCE 

■ Habitat is to mage with Brit- 
ish Home Stores in a S2.1 -bil- 
lion transaction. Page IS. 

SPECIAL REPORT . 

■ International capital markets 
post record business volume. 
Euromarkets, Part 12. Page 9. 

TOMORROW 

An economic slump in Sa ud i 
Arabia is causing anxiety in toe 
land of plenty. First of a five- 
part series. 


early release for two French agents nuclear device Monday at Mururoa 
serving 10-year jail terms for their atoU, New Zealand seismologists 
involvement in the sabotage of toe said. The blast was toe 7th this vear 
Rainbow Warrior, a Greenpeace _ » „ . - lT c 


their life to a roller coaster. 

Several weds ago. she collapsed 
from exhaustion and hypertension 
and was hospitalized briefly. She ami 


protest ship. H Lange Assato, VS. 

“Will they be deponed in the life Mr. Lange said Monday that the 
of this government? The answer is refusal of toe United States to dis- 
no,” Mr. Lange said. cuss New Zealand's proposed legis- 

Major Alain Mafart, 35, and lative ban on nuclear warships 
(~*a piarn Dn mini qne Prieur, 36, of meant tint “toe spirit of Geneva" 
France’s external security service, applied more to the Soviet Union 
woe sentenced Friday on man - than to U.S. allies, United Press 
daughter charges. At the time, De- International reported from Wel- 
fense Minister Paul Quills of Itogton. 

France said that his government Mr. Lange said that U-S. offi- 
was working to secure toe agents' dais had refused to meet with offi- 
release. cials from a Foreign Ministiy dele- 

A Greenpeace photographer, gation that had planned to travel to 
Fernando Pereira, was killed in the Washington in early December to 
July 10 explosion, which prevented explain toe anti-nuclear legislation, 
the Rainbow Warrior from leading , _ 

a flotilla to protest nuclear tests by ® France to Seek Release 
France at its Mururoa atoIL Prime Minister Laurent Fabius 

Captain Prieur and Major Ma- of Fracc « ^ Monday that France 
fart are thought to have played sop- would continue to seek the release 
porting roles to toe French agents wo imprisoned agents, Reo- 

who piarwj the mines that «ntr the ^ ers reported from Paris, 
ship. Mr. Fabius said in a television 

Mr. Lange, in his first comment interview: “Now that judicial pro- 
on Friday’s semeaong. said he was ceedings are over, we have entered 
concerned that France might use a government-to-government 
economic leverage to prompt toe phase, a political phase, 
early release of the prisoners, who “Our aim is to allow our dti 2 £n$ 


WASHINGTON — The Stale early release of the prisoners, who “Our aim is to allow our citizens 
eparunem said Monday toe U.S. would become eligible for parole in to return to France,” he added. 


r to Khartoum. Hume about five years. 


“We will be examining toe means. I 


returned to ha husband's side ear- Horan, had been called to Wash- “We have not been provocative do not think that this should neces 
licr this month after his third ington to discuss reports of a secu- in any way to France ” Mr. Lange sarily be done with a lot of publicf 
stroke. rity threat 10 Americans in Sudan, said, “and if they use or try to use ty.” 





Page 2 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985. 


In Sabah, Holding Onto Office Can Be as Hard as Winning It 


WORLD BRIEFS 


By Barbara Crossette 

New York Tunes Soviet 

KOTA KINABALU, Malaysia 
— Joseph Pairin Kitingan is a man 
under siege. 

For seven months, he has been 
tiyine to do his job of governing 
Sabah, on the northern tip of Bor- 
neo and one of Malaysia's wildest 
and remotest states. That would be 
challenge enough but that is not 
exactly his problem. 

His real problem is this: Mr. 
Pairin, 45, a Christian and an eth- 
nic Kadazan, was elected chief 
minister of Sabah in April in an 
upset victory over the candidates of 
two Moslem-led parties. The Kada- 
zans are one of 16 indigenous eth- 
nic groups in this ethnically diverse 
parliamentary democracy. 

Since then, Mr. Pairin has been 
the target of what he says is legal 
and political harassment. The legal 
challenge includes an effort to 
overturn the election results. 

The outcome erf the struggle be- 
tween Mr. Pairin and his adversar- 
ies is viewed widely as a test of how 
much diversity and dissent Prime 
Minister Mahathir bin Mohamad 
will be willing to tolerate. 

The situation is particularly ten- 
uous for Mr. Pairin because one of 
the parties challenging his leader- 
ship belongs to the coalition gov- 
ernment led by Mr. Mahathir. The 
prime minister, Mr. Pairin says, ap- 
parently has done nothing to re- 
strain his Sabah colleagues. 

Mr. P airin '*; maverick status is a 
political oddity in Malaysia, where 
the prime minis ter has been work- 
ing bard to pul Moslem Malays in 
full control of the government. Mr. 
Pairin leads the only state adminis- 
tration in opposition to Mr. Ma- 
hathir’s National From. 



UALAYStA- 

1 * V 

Ja Lumauf . I '> 


Hie disaffawefl Sg hahans also three of them, the string Assembly 
said they feared that proselytizing members protested that their an- 
by Islamic preachers was intended nounced “resignations” were 
to undennine their own ethnic and fraudulent. But the national dec- 
religious identities. tion commission in Kuala Lumpur 

. The problems faced by Mr. refused their appeals. 

Pairin began before the election re- People of Sabah who backed Mr. 

suits were announced. Pairin and were euphoric last 

In the middle of the night after spring now seem stunned, sad- 
pnlling day, Mr. Hams and Ins dated and angry. 

predecessor, Mustapha Hanrn, The political consciousness of 
burst into the home of the state's the Kadazans is only begmmng to 
ceremonial governor and forced awaken with wider opportunities 
him to swear in Mr. Mustapha as for travel and education. For many 
the state’s chief minis ter. A lawyer Sabahans, the election last April 
for the governor, Adrian Robot, brought their first active involve- 
described the ordeal as “terrifying, meat in politics. 
humilia ting and exhausting." What Kuala Lumpur may even- 

Mr. Pairin says it was also deariy tualiy maneuver Mr. Pairin into do- 
improper. Under the parliamentary mg, politicians say, is to form a 
system inherited from Britain, the state coalition with one or both of 
party leader commanding the most the defeated Moslem-led parties, 
seats in the State Assembly should But this, a civil servant said, would 
have the first chan ce at forming a certainly create problems for_Mr. 


China to Purge Party’s Rural Branches 

don commission in Kuala Lumpur Party, the latest move in a dnve to 

refused their appeals. tfetofrmaikflt reforms of China's paramount leader, 1^ Xtaopmg. 

People of Sabah who backed Mr. statement distributed _ 

Pairin and were euphcnc last w&had committed “senous estate **““**. 

spring now seem stunned, sad- ^ dial “those who refuse to receive any edmatKmshouM be cleared 

d€ The politics? consciousness of 0f '^^^^vra^rSshjed Monday' on the front page of the People's 
the Kadazaus is only begmmng to rv^ newsDaper it Su'd that the latest stage of a tw^y«ar-old canqjaign 
awaken with wider opportunities d^Sisting reform would cover more than 20 million party 

for travel and education. For many afonbers in villages and townships. In two eaifiersttges, the campaign 
Sabahans, the election last April Evolved jo «*wninn top- and middlo-Ievri party oraaals. 


^KuataLumpw . 

% “«NpONEs'lA 


Tht New Vert Timet 

The harbor area of Kota Kinabalu, the capital of Sabah state in Malayan, and the state's 
chief minister, Joseph Pairin Kttingan, who was elected in an upset victory last ApriL 


Two-fifths of Malaysia's popula- was thankful that at least the na- 
tion are Malays, slightly less than tional government in Kuala Lum- 
two- fifths are of Chinese descent pur had appeared to accept the 
and the rest are of In dian and Paid- legitimacy of the April vote, 
stani decent, plus those belonging ^ ^ Pairin ' s election victory, 

election within the next 16 mouths. * Bma f° 


was thankful that at least the na- led by Mr. Mahathir's political ally, jZZ stop wun a coat- 
tional government in Kuala Lum- Harris SaUeh. _ _ 

pur had appeared to accept the voters told reuorters at the time Last summer, Mr. Pairimgainmg 

legitimacy of the April vote. th , th , „ . converts to his party, moved close 

J*?* Hams to a two-thirds majority in the State 


JESS2EESEE- Murder Trial Ordered in Belushi Case 

mg, politicians say, is to fonn a LOS ANGELES (UH) — A judge ordered Cathy Evdyn Sraitfe/j 
stale coalition with one or both of Monday to stand tnal for second-degree murder in the death of ifc 
the defeated Moslem-led parties, Tnhn nrfndri, who was found dead from an overdose of cocaine 

But this, a dvfl servant said, would and heroin in a Hollywood hotel in 1982. 

certainly create problems for_Mr. Judge James Ndscm of the Los Angeles Municipal Court allowed Miss 
Pairin among his newly militant Smith, a former singer, to remain free on bail pending an arraignment 
supporters. w Dec. 10 on the murder count and 13 counts of administering drugs. 

“we don’t want a coalition,” an Smith's attorneys argued daring a pro-trial hearing that she was 

angry young business executive Qjjy ^ errand r unn er who helped Mr. Bdnshi feed an insatiable dn» 
said. “We want the leader we elect- 


government Mr. Pairin had 26 Pairin among his newly militant 
seats, Mr. Mustapha had 16, and supporters. 

Mr. Harris had 6. Since then, Me. “we don’t want a coalition,” an 
P airin' s margin has widened. angry young business executive 
Although Mr. Pairin was eventa- said. “We want the leader we dcct- 
aDy sworn in as head of govern- ed.” 

meat, the case was not dosed. Mr. T 

Mustapha went to court to argue ■ Chinese Party Picks leader 

that his titie had been usurped. The Tan Koon Swan has b een eje cted 

final hf-aringc in that lawsuit are in president of Malaysia's largest Chi- 
progress. nese political party, the Malayaan 

But Mr. Mustapha and Mr. Har- Chinese Association, Agence 
ris did not stop with a legal chal- F ran ce-Pr esse reported Sunday 
lenge. from Kuala Lumpur. 

Last summer, Mr. Pairin, gaining Mr. Tan, 45, received 2,7 15 votes 


toMr Pririn-^ecrionric^. gov^t bci** the former 
try is expected to hold a national Sabah sKadazan people— descen- chief minister had signed away 95 
dectioa w ithin the next ifi rpr^nthc dants of Borneo he a dhunters who percent of Sabah's oil and gas 
“The government could be Hning ^ orm d* e state's ethmc majority — wealth, to the national gov ernmen t 
more in expressing support for the were joined by a large Chinese mi- and run up a foreign debt of nearly 
elected government of this state,” nority in turning out of office a SI billion on showy construction 
Mr. Pairin said. He added that he minority Moslem state government projects. 


Assembly and began preparing 


amendments to the constitution to for more than two years. 


insure, he said, that future transfers 
of power were “graciously and 
property carried oat.” 

His opposition countered by 
forcing a series of by-elections. In 


U.K. Newspaper Printers End Strike 

president of Malaysia’s largest On- LONDON (Reuters) — Printers at Britain’s second-largest *dW 
nese political party, the Mmayaan dajjy newspaper, The Mirror, ended a strike Monday which had threat- 
Chinese Association, Agence cncd to close the newspaper. The printers went on strike Sunday over 
France-Presse reported Sunday planned job cuts. 

from Kuala Lumpur. The publisher, Robert MaxwdL who wants to cut staff and introduce 

Mr. Tan, 45, received 2,7 1 5 votes new technology, bad said all publicati on s of his Mirror Newspapers 
or 76.9 percent of ballots cast, to Group would shut down unless the printers accepted plans to dkmi^ a 
809 farNeo YeePan. Mr.Ncobad third of bus 6,000 workers. 

been the party’s acting president After talks with ma na gement Monday, printers at the Mirror and its* 

for more than two years. aster papers, the Sunday Mirror and the Sunday People, agreed to enCr 

Mr. Tan's victory ended a 20- the strike and Mr. MaxwdI said ho was “completely satisfied” with the 


Mr. Tan’s victory ended a 20- the strike 
month struggle with Mr. Neo far outcome, 
control of the 400,000-member par- 
ty, one of II in Mr. Mahathir’s 
ruling coalition. Snarl 


Shultz Gtes Soviet Hint 
Of Afghan Flexibility 





By John M. Goshko 

Washington Post Service 

WASHINGTON — Secretary of 
State George P. Shultz has reiterat- 
ed that Mikhail S. Gorbachev, the 
Soviet leader, gave hints at the Ge- 
neva su mmi t talks of greater will- 
ingness to negotiate the withdrawal 
of Soviet forces from Afghanistan. 

Appearing Sunday on a U.S. 
television interview program. Mr. 
Shultz also seemed to confirm that 
the Reagan administration favored 
resumption of covert aid to the 
anti-Marxist insurgents in Angola. 
President Ronald Reagan said as 
much in an interview Saturday with 
editors and columnists, but his re- 
marks were said to have caught 
officials by surprise because covert 
aid is rarely discussed in public. 


|fi UNIVERSITY 
DEGREE 

SACHaors .MAsrars • doctorate 

For KWc, A cod mn ic. UCo Exporfanc*. 

Send detailed resume 
tar free evaluation. 

PA0RC WESTERN UNIVERSITY 

408 N. Sepulveda Btvd, 

Las Anueles, California 
90049, Deal. 23, U^A. 


;sV**u .v*«*K.V 


[The White House spokesman, 

Larry Speakes, said Monday that 
Mr. Reagan had yet to decide on 
coven aid to the insurgents. The 
Associated Press reported from 
Washington. 

[“The president has not made 
final decisions on it,” Mr. Speakes 
said, “but he was certainly express- 
ing an opinion at the way he pre- 
ferred to go with it.” ] 

Qn Afghanistan. Mr. Shultz said 
that that it was too early to say 
whether a political solution could aj» 

be found to the six-year war. But he George P. Shultz 
said that “at least to my ear” Mr. 

Gorb><te- “h^ ^mjereting (he „ - He 

and a utile bit different kinds of u. . „ 


Envoy to See 2 Cardinals Say Reform 

U.S. Officials Of Vatican H Are Valid 
On Hostages 


Spanish Rightists Win a Regional Vote 

_ SANTIAGO DE COMPOSTELA, Spain (Renters) — —A rightist oppo- 
sition party has won a regional election in northwestern Spain, but it 
failed to gain an absolute majority in the area parliament. 

In the ejection Sunday for the autonomous parliament in the Galicia 
region, the rightist Popular Affiance won 41 percent of the vote, up from 


things to say. 

The fighting has caused heavy 
casualties among the 1 15.000 Sovi- 


77ie Associated Press 

NEW YORK — Teny Waite, 
the special envoy of the archbishop 
of Canterbury who has been nego- 
tiating for the release of kidnapped 
U.S. citizens in Lebanon, arrived 
Monday in New York for talks 
with U.S. officials. 

Mr. Waite is expected to stay in 
the United States for only a few 
days before returning to Lebanon. 
The While House spokesman, 
Larry Speakes, said Monday that 
Mr. Watte would meet with admin- 
istration officials, but not with 


“And we're trying to do that." istranon officials, but not with 
What, Mr. Shultz was asked. President Ronald Reagan, 
should Mr. Gorbachev think about Mr. Waite has said he also would 


el troops who are engaged in an uThdE 

/StonfflSrfL n * lStan ~ C 7 |° r baltlin S 1 Sovi «- 

lie backed regime. 


Mr. Reagan's call just after the meet with relatives of the hostages, 
summit talks for secret U.S. help * Mr. Waite has made two trips to 


Afghan guerrillas. 

Mr. Shultz reiterated the U.S. 
view that “the principal thing is 


r insurgents battling a Soviet- Lebanon in an effort to. free the 
teked regime. American^ four of whom wrote a 

Mr. Shultz replied: "He is sup- letter to the Most Reverend Robert 


addressing the problem of Soviet P 0 ®* 1 10 think ^ ^e United Runae. the archbishop of Canter- 
troops in Afghanistan and their States ^ P 80 ^ w bo buty. srekmg his intervention on 

withdrawal” He said: Td like to fi S hl For freedom ’ and we will uy to then behalf, 
studv it more carefully." figure out how to support them in a _ 


study it more carefully." figure out now to support tnem in a 

During the Geneva meetings, J*®y ^at wiD be effective. And I* 
U^. officials reported a broad hint hope he has that message. And Tm 


Mflitiamen Defy Truce 

Moslem militiamen manned 


iP Visiting 
New York City? 

Gramercy 
Park Hotel 

Distinguished 500 room 
hotel with excellent 
Restaurant, Cocktail Lounge, 
Room Service and Piano Bar. 
Overlooking Gramercy Park 
with newly decorated, 
comfortable rooms. 

Singles $85-95 
Doubles $90-100 
Suites $115-175 
Group rates and attractive 
monthly rates available. 
Call Gen. Mgr. Tom O'Brien 
(212)475-4320 
Telex 668-755 
Cable GRAMPARK 
21st St. and Lexington Ave. 
New York, NY, USA 10010 


The flavour 
of an island 
in a single 
malt ss 


eT Z o — - 7 J . <airo he " iwwwcm uuuuamcu mannea 

offuture Wtaccoxnmodauon on newly erected barricades Monday 

Afghanistan. They said this was .On another matter. Mr. Shultz ^ West in defiance of i 

one of the important substantive denied that the United States had ceased imnosed after battles 

features of the talks between Mr. made commitments to the Russians StWrtSTSed 
Gorbachev and Mr. Reagan. before or ^during the summit .meet- 

The United States has supported mg that it would continue indefi- ^ fightine. Reuters resorted frtm 

UN-sponsored talks that havebeen nitely to observe the provisions of Keulers reported from 

trying to find grounds for a negoti- the unratified 1979 strategic arms 

a ted settlement involving the with- agreement known as SALT-2 Fighters of the Shiite Amal mili - 

drawal of Soviet troops, the estab- He said there had been do •““d the manly Druze Progres- 
lishment of a neutralist 


Fighters of the Shiite Amal mili- 
tia and the mainly Druze Progres- 
sive Socialist Party manned earth- 


lishment of a neutralist change from the policy enunciated srve socialist raity mann ed earth- 
govemment in Kabul and the re- by Mr. Reagan last June. At that 611 barricades in several areas 
turn of thousands of Afghans who time, the president said that the despite a wanting from their lead- 
have fled to Pakistan. United States would continue to *hat they would be shot unless 


In Angola, insurgents led by Jo- refrain from undercutting the trea- *hey withdrew from the streets. 

r.i..’ . r 1 J • , . . - « . 


nas Savimbi have been f ighting Tor ty but would reserve the right to Calm returned Sunday to most cauncfl. 

years against the Marxist govern- change that policy if it decided that areas of the mainly Moslem west- 
men t supported by Cuba and the the Russians were not complying em sector after the Amal leader, 

Soviet Union. The Reagan admin- with SALT-2 restraints or not bar- Nabih Beni and the Druze rfrirf 
isiration is known to believe that a gaining in good faith at the Geneva Walid Jumblat, appeared together 
covert aid program would be more arms- reduction talks. on television and warned 

effective in forcing the Angolan Mr. Shultz was speaking on the that they would be shot if they 


The Associated Press 

VATICAN CITY — Two lead- 
ing cardinals said Monday that the 
liberal reforms of the Second Vati- 
can Council remained “completely 
valid” for the Roman Catholic 
Church and that there could be no 
going back on those changes. 

“The council remains valid,” 
said Cardinal Godfried Danneds 
of Brussels. “It’s impossible to re- 
gress." 

The cardinal g gathered on the 
first working day of an extraordi- 
nary synod of bishops convened to 
assess the impact of the 1962-65 
council, also blown as Vatican IL 

The two-week synod is expected 
to chart a course for Catholicism 
and evaluate the state, of the 
church. It is being attended by 165 
bishops from around the world. 

Cardinal John Kiel of. Philadel- 
phia, one of the synod’s three co- 
presidents, said the implementa- 
tion erf Vatican XI reforms had i 
“exceeded great hopes that many v 

of the members of the council had • 

at that time.” Canfinal Godfried Danneds 

Car dinal D anneds and Cardinal •• 

Krol discussed the general intent of 
the cotmriTs reforms at a news con- 
ference and explained the work of /T I. ITT 

the special synod. iMlMlTe £ OTUFIl 

Asked repeatedly if a battle was 
shaping between conservative and 17’ T|72*I« 

progressive bishops, Cardinal Krol JuIWUS Wf IXttOltt - 
replied, “It's not a boxing match we 

Reports had suggested that con. An Accord 

servative prelates might try to re- 
verse some of the council’s liberal- Reuters 

izing reforms. BUDAPEST — An East-West 

But Car dinal Krol said that conference on culture broke up 
“even from a juridical standpoint, Monday without agreement, and 
die synod cannot change^ overturn, each side blamed the other for the 
retrench or amplify the ecumenical failure of last-minnte negotiations. 



paceotin 1981. Coalicidn Gaiega, a new conservative nationalist party, 
did better thmi had been expected, winning 13 percent of the vote. 

U.S. MilitaryReject866inAIDS Test 

WASHINGTON (AFP) — Sixty-sir American youths were declared 
unfit for military service over the past mouth after tests determined that 
they had been exposed to AIDS, mfonreri sources said Monday. 

Under a Defense Department ruling, tests for acquired immune 
deficiency syndrome are compulsory for recruits. So far, 71,683 people 
have been tested under the ceguhtkm. A. source who declined to be 
named said the nmnber erf reentits wfcohad been exposed to AIDS wwt 
lower than health officials had predicted. jj* 

None of the recruits who showed a positive AIDS reaction hid 
devdoped the disease, the source said. 

Ruling Party Leads Honduran Voting 

TEGUCIGALPA, Honduras, 

(UPI) — Hie governing Liberal 
Party led by a slmi margm Monday 
in an early count of votes in the 
presidential election, although an. 
opposition candidate had the laxg 
est number of votes. / < _ 

. Honduras has two mflEcm regis- 
tered voters. With 532,000of&m- 
day*s baDocs tallied,, fae ruling lib- 
eral Party had 51 percent of the 
vote. The National Party, with 
three contenders, followed with 45, 
percent Under new Hondura^. 
election rules, the winner wt5;b&' 
tiie top candidate in the party find 
receives the most votes/ / • 

If the liberal Party amtinues to 
lead the:baHoting its top caodf 
date, JostAzcona dd Hoyo, would 
defeat Rafael Leonardo Callgas of f 
the National Party. Mr. Azoona has 

polled 127,000 votes so far and Mr. bum 

Callgas has iwxaved 212000. Jos6 Azcona del Hoyo ' 



The Budapest culture forum was 
the synod with a Mass part of the process of dfctentestart- 
. Pope John Paul n ed 10 years ago in Helsinki with the 


effective in forcing the Angolan Mr. Shultz was speaking on th 
government to negotiate with the NBC program “Meet the Press.” 
rebels. 


Nabih Bern, and the Druze chief, called for frank discussion at the Final Act of the Conference an 
Walid Jumblat, appeared together synod. Cardinal D anne els said Security and Cooperation in En- 
on television and warned g unmen Monday that bishops were tope. 

that they would be shot if they “struck” by the pope’s gesture. The aim of the six-week meeting 
stayed cm the streets. - 1 ' 1 ^ * “ — * v — *- J a — 


But covert aid is a sensitive issue 

U.S. Announces a $250,000 Reward 
“iS.aS^dflycon- For Accused Planner of Ship Hijacking 


Mr. Shultz did not explicitly con- 
firm Mr. Reagan's remarks on the 
subject, but he answered “yes” 
when asked if the administration 


United Press International 


Soweto Nurses Rehired After Ruling 

JOHANNESBURG (Reuters) — A South African hospital reinstated 
Monday> about 1,700 black student nurses and auxiliary workas who 
were (fcmfoed after they protested over their pay and working condi- 
tions, their lawyer said. - . 

, The lawyer, .Ismail Ayob, said the Baragwanalh hospital, which serves 
Johamusbmg's ihtacft : Soweto township, allowed workm to return with- 
out loss of benefits after a Supreme Court judge ruled Monday that Lhe 


WASHINGTON — The U.S. an Iraqi diplomatic passport. 


Monday that bishops were ro P e * . Ayoo, sain me fiaragwanaih hospital, which serves 

“struck” by the pope's gesture. The aim of the six-week meeting Jonannesbuig s black Soweto township, allowed workers to return with- 
wfaich he said assured “extremely had been to draw up a doenment . “ >ss of benefits after a Supreme Court judge ruled Monday that lhe 
and completely free” deliberations, on cultural cooperation, but pofitt- diamssals were invalid. 

The Belgian remdmnl said the differences proved too wide. luhng. Judge Richard Goldstone criticized the authorities' ; 

bishops’ differences followed geo- The deputy Soviet culture minister, handling of theensis, durin g which fixxros were called in to cook and'? 
graphic lines. For example, he said, G-A. Ivanov, described the United c * can . a * “e 3 ,000-bed hospitaL He said officials must ensure that Tnrrsr s 
the issue of the role of women in States as “the country where cul- ca °/^ r grievances. 

the church was considered impor- tnral and phyrical genocide is prac- Polic e rqyr twi more unrrot Monday, with sporadic firriximbin « ptiH 
tant by bishops from North Anted- where we see examples of stone-throwing m the Eastern Cape^ 4nd inSoweta No deaths or injuries 
ca and Western Eutodc. but less so racism and anti-Semitism." were reported. “ 


matic immunity. He was carrying ca and Western Europe, but less so racism and anti-S emitism * 

(m Irani iTmlnmoiia 1 a. e n ■ ... __ a t “T-. tk. 


would to vote against L it^SSg a slsO OoS re- 


oven aid in Angola. ^VSSSS^SSRZ £&'**'*" ****&*!>- 

First of all, we support the free- capture and conviction of Moham- r/I . . . 

dom fighting of Jonas Savimbi and med Abbas, who has been accused Under terms of the reward, the 
UNIT A,” Mr. Shultz explained, re- by the United States erf bein' bw- government will pay up to 
femngio the rebel movement by its hfnH the hij acking of the Italian $250 i 000 “for information leading 
Portuguese acronym. “Second, we cruise ship Achflle Lauro. m 1116 apprehension and effective 

want to support their efforts in a In announcing the reward, the prosecution and punishment" of 
way that’s effective.” State Department said it did not hfr- Abbas or others not yet in 


by those from Africa, Asia and Lat- 
in America. 


“In the end the differences were 
too basic for us to reconcile "our 


want to support their efforts in a 
way that’s effective.” 

His third point was that if there 
can be a negotiated solution to the 
problems of Angola and if it can be 
linked to the difficulties in south- 
ern Africa generally, then “that’s 




: v $Ha# ism, 



cruise ship Achflle Lauro. w 1116 apprehension and effective 

In announcing the reward, the prosecution and p uni s hm ent” of 
State Department said it did not Abbas or others not yet in 
know Mr. Abbas's whereabouts, cust °dy in the Achflle Lauro affair, 
but that reports had placed him in Aa elderly American, Leon 
Iraq and South Yemen. Klinghoffer, was killed during the 

Mr. Abbas, who was with the ^ ac ldng. 
four hijackers aboard the EgyptAir ■ Those with information on Mr. 
plane intercepted last month by Abbas were told to contact the 
U-S. Navy aircraft and forced to Diplomat Security Service of the 
land in Sicily, was permitted to State Department in Washingto n 
leave Italy when he claimed diplo- or the nearest U.S. embassy. 


Many theologians say that the views about them,” said Walter 
Second Vatican COondl injected Stoessd, the UJ5. delegate. 

The British delegate, Norman St 
*** JohnStevas, a former arts minister, 
oOOrmflum followers. said that it was “regrettable that 

f J5 D SLS l 2 0bi f Ve fS S“ "■ there should have ^SSordat 
fonnsbred'duseatuid cfaallaiges te fig. anc ft- 

& . . . . neva sumrmL 

The synod is an advisory body . 
and can only make recommends- western delega t es igected any 
turns to the pope. But the meeting state interference in the arts. They 
re p rese nts the first official Vatican WEIlied thc fomnl to promote fite- 
f orum in which the bishops may air dom of expression and contact, to 
their views on the effects of the defend the cultural rights of ethnic 
reforms. minorities, and to remove-barriers 


For the Record 

palace statement said. . 

h ~ Barr f^u . n * lister °f the Indian state of Punjab and 
Md of the mam ^ch political party, the Akali Dal, won a vote of 
confidfflM Monday from party leaders in the state. (Reuters) 

i7^“ “W-’T s ^** d Jerusalem hear the Church of the Holv 
Sepulchre on Monday — the fourth stabhing of a JewSoTn^rihrnS- 
av m Bo manfc, police Mid- A. S 


e recommenda- delegates igected any Qty in two nratitiis, police said. A hoSal s^ikSr 

But the meeting They sustained moderatewJSS^Sch^^ ^ 

crffidal Vatican wanted. the forum to promote free- . *“ aeuL . 

bishops may air dom of expression and contact, to ■ — _ 

i effects of the d«f«»d the cultural rights of ethnic 'p A . i . — - 

minorities, and to remove barriers -DOffOUl uCClRPeS K.lflP rofomtir 
w free expression- such as censoty... ©^ 7 


ship and radio jamming 


a-MOT rrom mmmn YVk. j 


Agence France-Pra at 

GAUHATI, India — Prime 


y&: 






The holiday oasis 
for lhe individual guest 

Skischool. chairlift and skilift, 
from the hotel to sunny slopes, 
downhill runs to the doorstep, 
cross country sitting, curling 
and skating. 

Indoor swimming pool, sauna 
and massage, sun terrace. 

Bars, Dancing. 

Restaurant franfais «Le Miroir». 

5$. 

The grand hotel la the mountains. 
Phone 082-2 H 21 Te|ex 7449Ili 
: T.‘ R. F. Muller. Mur. W 


Chilled 


Minister Rjqiv Gandhi onMonday had wanted to attadi a list of all wntinttw-tt to * SSrSS anpemmd the preadent fo 
{aundKd the govmung Comess these proposals, whether ^proved 25,000peopte and the rixmSSS. nKasares ■»* 

(H Part/s campaign for Dec 16 or not, to any final documenLBot of the Ware “ justicf?wJ pafbameQta ty ^spprovaL- 
decnom m Assam state. the Soviet bloc rejected this. earfier by gqariflas: , ■ Mn Betancnr said a fond o 


to .take 

without 


Mn Betancur said a fund of $18 




The natural aperitif. 




HOTEL DU RHONE GENEVA 

A prestigious dwelling 
on the River Rhone 
Next to business and 
shopping center. 

Qual Turrrttlnl 
1201 Geneva 
Phone (022) 319831 
Tx. 22213 hrho 

A member of HRl 
The Leading Hotels 
of the World 


A FLY ON THE WALL? "1 

Wonie^Aboat privacy? 
yw; Concerned about bef^finggeiP? 

Let CCS discover any illegal eavesdrop- 
pingdevtcesthat mayDehldden-orcfls- 
; gulsed— in yow office right now! Bog~ : 

. ••• D ctecl BB, Wcphowe ScmMblere, : ■ 

. Recorder hWffltert and more. 


^7“^ crtawished to re- 
^ir flte large-scale damage caused 
oy the : vuicame enqition and by 
mud lalides that it touched off. 

_In«i apparent reference to wide- 
oificaai that the; govern- 
S2L? d , n ? do enough to rescue 

^moftheauptron.^.Bmn- 

cur said. ^Its convenient to look 
who’s fflflty. But this 

ogatt umst^top. iSmori uraent 

'“Sf.y hi umte in the 

woriLof stdvanon.” ■ 

t person^ including 






:ul,| 

vr| 











»UKLD 

•'t- . ’ 

Jtrv - i‘r •■*".> u . 

-. -V- , f^TtsaJ 4 ^ 

'■ 

• ' -:»! :-*saLr?ehS- 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


Page 3 




* itj. • 
r -iMTB 51 ; 

? ’v- 't -• » 
**V > - s 

;Vj 4 •' 


'Trial 


sac 

... -• r-, ••" 

■ ■ 

' ; ^ 



1 hdci*J : 




- ••• ■ 
^ . . 


V. v 


i j;i I’ ,J r i’rij 


"SHl 

.... '*■■*£ 




nitifcv ' 

• ^r!v*S . 


i-t* \\ I 


*^aRe 


- :r 

£:*i**r- . 
' ‘ :■<»! • 


iLi! 7 B f j* -ft. 66 in AIDSTi 


:"'ssa ■:• 

- •’ fr 

. . '^issf'n ; 

- ^ 

• " : k<£ 

■ •• • * -.tors * 


Vifi\ | Honduran W ■ 




■ : f SS. 


,*r 


‘ l : »y LVSB^fc 

v,^..i, 1 l i 1 in-dArterRj 

1C* 

. _' "“.v.ii 1 

- ... 

• t . ,.*p£«** 

_ - ' : :’UT^ ir ’ 

'. -iW 

• • • — ■ ’ . .. r;tt* * • 

■;- .. - *-$* ' 
.. L." 


.spty 
: - r± 








I'-w’-rs^ ^ * * 

•* i-*" r .„:i?S^.S 



fj*4 



■ ? -£Ss> 

. -rf- ; 

■ 

■ 

•' , •■ ; * 4P.S 
' - 

‘7 •.■• ", >'$ r 

:v^ 
.. » 

. ■ ’ •: . 



From now until December 31, it’s 
going to be very easy to find an 
IBM Authorised Dealer. Just follow 
the queue. 

Why this sudden flurry of buying 
activity ? Well, for one thing, smart 
business owners know that the 
IBM Personal Computer can be a tax- 
deductible businessexpense. 

Why not check with your tax 
consultant right now? 

’Tis the season to do inventory - 
never a jolly chore. 

But buying a PC now can put your 
stock situation in order, making it 
a lot faster and easier in the next year. 

Some of the people rushing to buy 
PCs may simply be starting their New 
Year’s Resolutions a bit early. 

There’s nothing quite like an 
IBM Personal Computer to really get 
organised. 

Since there is an entire family of 
IBM Personal Computer products, 
now businesses of all sizes are joining 
the rush. - : 

Whether you’re looking for an 
economical printer (check out the 
low-cost, high-function Proprinter) , 
a powerful personal computer 
(the PC AT is one of the fastest) or 
anything in between, there’s a PC 
product just right for you. 

• ' • 4 . 

The IBM Personal Computer. 

The original PC is perfect for 
businesses that need computing power 
but don’t need a big price tag. 


e sudden rush? 


And starting the year off with an 
IBM PC handling word processing, 
financial forecasting and analysis can 
help make the bottom line look 
a lot more attractive 12 months down 
the road. 

The IBM Personal Computer XT. 

The PC for companies that are 
planning to expand in 1986. 

Businesses are buying both models 
of the Personal Computer XT : one 
comes with two diskette drives and the 
other has one diskette drive and a 
10-megabyte hard file. 

They both come with eight 
expansion slots, so you can easily add 
more memory and storage as your 
business grows. 

And right now both models are 
available at reduced prices. 

The IBM Personal Computer AT. 

For some companies, an ordinary 
personal computer just isn’t enough. 

So IBM offers the Super PC. With 
three times the speed of a regular PC 
and up to 20,000 pages of storage, 
the Super PC is the most powerful IBM 
Personal Computer. 

■ If one of your plans for the new 
year is to clean up your filing system, 
the Super PC can give you a very 
good start. 

The IBM Proprinter. 

IBM’s dot-matrix printstation is the 
low-cost answer for companies that 
want a full-function printer that fits 
their last quarter budget. 

The Proprinter lets you use both 
sheet and fanfold paper without 
changing trays. 


The IBM Wheelprinter. 

If you want your business to make 
a better impression next year, then 
get the Wheelprinter this year. 

It gives you high-quality characters 
and lets you switch printing styles in 
seconds. 

The IBM Quietwriter. 

1986 could be a very quiet year 
around the office. 

The Quietwriter gives you letter- 
quality printing, but its advanced tech- 
nology makes it almost silent. 

Even when it’s printing at 500 words 
per minute. 

A visit to an IBM Authorised Dealer 
or Retail Centre will tell you more 
about IBM Personal Computer 
products. 

Stop by today. 

Because if you can’t beat the rush, 
you might as well join it. 

For further information write to 
IBM United Kingdom International 
Products Limited, West Cross House, 

2 West Cross Way, Brentford, 
Middlesex TW8 9DY, ======= 

England (Telex 27748). — -=t£. 



MM:' ' ' *"7 



i nriMiiv%nM.imiM.ii mm.N.'in in inmni.i mm .sv ggk 




Page 4 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 19&5 


Mississippi Reclaims Native Son 


Wright Left TVlost Racist’ State to Chronicle Black Suffering 


By Edwin McDowell 

New York Tuna Service 

OXFORD, Mississippi — When 
he was 1 9, Richard Wright, the im- 
poverished son of Mississippi 
sharecroppers, left his native soil 


best-seller soon after its publica- 
tion in 1940, is a harrowing novel of 
black suffering and white racism in 


lOrever. fleeing what he would later 
describe as “that most racist of all 
the American states." 

Now, 58 years later, Governor 
Bill Allain has proclaimed Richard 
Wright Week from Nov. 21 to Nov. 
28 in Mississippi. And the Univer- 
sity of Mississippi sponsored a 
three-day symposium last week on 
Wright, the black writer who died 
in self-imposed exile in Paris in 
1960. at the age of 52. 

The symposium, which attracted 
57 scholars from the United States, 
China. France, West Germany, Ja- 
pan and the Ivory Coast to the 
university's campus, was dried 
“Mississippi's Native Son." 

“Native Son.” one of the best- 
known of Wright’s 15 books, and a 


When Richard 
Wright left, 
'Mississippi was one 
state; today 
Mississippi is 
another . 9 


— - Maryemma Graham 
University of Mississippi 


2 Spanish Sailors Are Killed 

Reuters 


SAN SEBASTIAN, Spain — 
Two Spanish Navy men were killed 
and two were injured when their 
vehicle was machine-gunned Mon- 
day outside the Basque port city of 
Sail Sebastian, officials said. The 
police said the attack bore the hall- 
mark of the separatist guerrilla 
group ETA (Basque Homeland and 
Liberty). 


Chicago in the 1930s. The irony of 
the symposium's title was not lost 
on its sponsors. 

Professor Ronald Bailey, direc- 
tor of the university’s Afro-Ameri- 
can Studies Program, noted the 
surprise of some of those present 
that the sessions were held on the 
very campus where only 23 years 
ago federal troops were sent to' pro- 
tect James H. Meredith when he 
became the first black to enroll at 
“Ole Miss." 

The sessions examined Wright's 
years in Chicago, where be helped 
organize a writers group and joined 
the Communist Party, his ambiva- 


lence toward his native South, his 
literary art, his identification with 
ideas and movements from the 
Third World, and his legacy. 

Mr. Bailey said that Wright had 
been translated into more lan- 
guages than any other black Ameri- 
can writer, and he and other schol- 
ars said that Wright’s influence, 
because of his uncompro m isi n g 
protest against racism, has never 
been higher. 

“Faulkner is considered the top 
Mississippi writer,” said Dorothy 
Abbou, a member of the staff at 
the Center for the Study of South- 
ern Culture on the campus, “but I 
would put Wright with Eudora 
Welty and Tennessee Williams in 
their international reputation. 
When you consider where he came 
from and what he achieved, his 
story is just remarkable." 

Wright's best-known works, in 
addition to “Native Son,” include 
the autobiographical “Black Boy,” 
written while he lived in New York 
and published in 1945, and three 
novels written after he moved to 
Paris in 1947: “The Outsider" 
(1953), “Savage Holiday” (1954), 
and “The Long Dream" (1958). 

Wright was considered the liter- 
ary godfather of Ralph Ellison, 
James Baldwin and other black 
novelists who gave voice to black 
suffering. 

The Wright symposium owes its 
existence to Professor Bailey and 
Maryemma Graham, his wife, an 



Richard Wright 


REAL ESTATE 
TO RENT/SHARE 


INTERNATIONAL CLASSIFIED 


LOW cosnr FLIGHTS 


PARIS .AREA UNFURNISHED 


PONT DE NBJILLY. Atodem buUrng, 
comfortable *0 sqjn. studro. carpel, 
bath, kitchen. ceflor. F2.900 + F700 i 
dupes. let- 47 44 39 after 7 om 

ST. OHMAB*-EN-lAYE Near Im! 
school, huh doss apartments. 3-'4 
rooms from F630C. Teh 42 25 32 25 


(Continued From Back Page) 


EMPLOYMENT 


AUTO SHIPPING 


CHAMPS H.Y5EE5. Lovely 2 rooms, 
kitchenette, '.h both. W.C. cupboards, 
calm. F3350. Tel 4J 26 *2 » 


GENERAL 

POSITIONS WANTED 


TRANSCAR 


RUE DE L'UftiVBtSITE. Sdferino. 5 
mam roans outbuibfmm. 18th cen- 
tury bu>ldun. 47 05 24 10. 


ST. CUXJD. Atodern apartment, 5 
room, dots, balcony, sun. oarage. 
FB800 + charges. Tel: 47 27 88 « 


REAL ESTATE 
WANTED/ EXCHANGE 


LARGE STUDIO/ 2 ROOMS m central 
Peris or the Marais with large kitchen. 
Unfurnished, can do repairs. Call Mr. 
MitchaH 47 47 12 65 exi. 4561 


FRENCH LADY, 48, execuTne assis- 
tant. fluent English. Pans based, seeks SKOAL 

part-hrM-' temporary private seae- PASS 
toy a s signm e nt . W31 help you for CANNE5/NKE 
business m Franc e . Ban 2922, Herald FRANKFURT 
Tribune, 92521 NeuiOy Cedes, France BOhW / COLOGNE . , 

,, ,n mr, uiu BAMMMr STUTTGART (07033) 88081 

010 MAN * J P AWlq| l| P' MUNICH flSw 10 45 

'^ot^ ^ e xpenety at. Genno n. Erv- BREMERHAVBV (0471) 43063 

gk*v £“"£■»«** "-tfra.pg: new york onf $5 706i 

P" HOUSTON 71 3 931 7605 

Tra * x *' 92521 LOS ANGELES 213) 568 9288 

NeuPy Cedes, France MONTREAL 514) 866 6681 

EXECUTIVE ASSISTANT, 24. French. AGENTS WORLD WIDE 

K cor, seeks temporary job, will Leave it to us to bring it to you 

u for your business in Bekjum. 

Cal Brussels 2/6312870. 


THE CAR SHIPPING 
SPECIALISTS 

(11 42 25 64 44 
5/NKE (73J 39 43 44 


BOATS & 
RECREATIONAL 
VEHICLES 

YACHT/ SWP- 118 ft, 299 turn, OS. 


KHANDAK 
LAST MINUTE PARE 

reservation authorized within 
3 days prior hs departure 

UNIQUE PRICE 

To 

FSW YORK. WASHINGTON (BW1) 
CHCAGO or DETROrr 
from Luxembourg 


(061 07) 80 51 
{02281 212921 



i way - about USS 199 

DM 499, era 9990) 


(SFR 449*, FR 15 

Round Trip (7-21 days) 
abaot US* 410 (DM 999) 
(BHl 19,980, SR 899, ITR 3290) 


HOLIDAYS & TRAVEL 


ORLANDO ona way about IBS 275 
round trip oboct US$ 485 


, S^21IE«ToS ! 1,gS!S ^ reservation 


LOW COST FLIGHTS 


SEEKING 2-ROOM / rtufe. F2J00 
for Dutch studerSs, 2 brothers. Tel: 
Pans 4770 3803 From noon- 5 pm or 
4874 3457 from 59pm 


BALLERINA- Private Aerobic Instructor 
NYC seeks pastun. Far further infer- . 
motion a* 2)2-734-9240. 


ALTOS TAX FREE 


Frankfurt 

Brussels 

Luxemburg 

Zurich 

Paris 


) 29 99 78 
21 B 0880 
4798 2470 
363 0000 
7 42 52 26 


EMPLOYMENT 


EDUCATIONAL 
POSITIONS AVAILABLE 


Trasco London 


EXECUTIVE 

POSITIONS AVAILABLE 


SUBSIDIARY OF INTI GROUP 
seeks: 


PRODUCT DEVROPMENT: US. Pub- 
fcher of consumer, healthcare & reel 
estate software, expending overseas. 
Seels industry prof essioncTfor edtan- 
al development Prefer generafisf with 
sales experience in multiple countries. 
Resumes: Pmpoml Pubfahmq, Box 
1 3323 Oakland. Co. 94661 LEA. Re- 
quired in USA (San Franoscc] 
03/17/86. 


ENGUSH TEACHES 


(USA mother tancuej 
part-line for company in Ports 4tt 
dose to southern outskirts. 

Send letter with C.V. & photo to 
Ref. 83451 

PUBUOTE ROGER BLEY 
101 rue R eaumur, 

75002 Paris 
who wiB forward 


The Mercedes Specialist 

Stretched Limousines 
Armoured Can 
Coadhbuilt Cars 
EPA & DOT 
100 Umts a Stock 
Direct from 5ouices 
Worldwide Delivery. 


New York 

Los Angeles 

Outage 

Mian* 

Orlando 

Dallas 


ACCESS USA ™ 

. O"* Y "“SUN* TO LAX/SP5 doBy depmture from 
* S.™ E?f9 Europe return $489. Also 1 way & 


turape return yr#v. Abo l way & 
other US destinations. Ifens 4225 9290 

HEALTH SERVICES 


and mote de st inations _ 
15% dacouni on 1st dots 
PASS let (T) 42 21 46 94 
Par. U. 1502) 


HEART DISEASE AND STROKES - 
spend 2 weeks in prevention and re- 
covery program. Elegcnt Iranian. 


Tronqud Surrey cauitrysida. 
tjuaSfiod profosstends. bnton HoflfEn- 
ton, near Godabix nu . Surrey, GU8 5 
AL Teh. (042 879) 2233. 


6567 Pork Lane, London W.l. 


Tet m 1 - 6297779 
Telex: (jl) 8956022 Trat G 


RF WCINBR with extensive experi- 
ments m high power tr a n s mitter and 
antenna to work on rcsetrdi project 
m Alaska Professor A. Wong, UQA 
LA. CA 90024 213-B25-1642. 


Germany - London - Swit z erland 



MERCEDES SPECIAUSTS 


EXECUTIVES AVAILABLE 



MUSIC SCHOOL seeks flam teacher. 
Send CV + photo to Ek» 2269, Her- 
aid Tribune. 92521 NeuMy Cedex. 
France 


LANGUAGE SCHOOL seeks mother 
tongue English teachers. Musi have 


experience, various industries, and 
tnanmnwit of own public relations 
co. &ceflent writing & seaetarid 
siafis. Fluent Frendi, good Sperah, 
some Arabic Lived & worked m Lon- 
dan. Pans, N.Y. Currently working in 
Washington. Widely traveled. Prefen 
base m Mnfetnt, England, France, 
Spain, Holy or N. Africa AvaBabie for 
interview. Bax 2920, Herald Tribune, 
92521 Neufly Cedex. France 


tongue English teachers. Musi have 
SCpamport ar vefid working papers. 
Coll Rsris 47 47 12B0SoFar Ungues. 


Lae ttors 4/ v 14 HU actor Lcmgues. 
WANTS B4GUSH TEAOB. exper- 
ience' formation". Papers. Hamilton 
, 46 86 T5 78 Para mo r i xi xp . 


FOR USA + MIDDLE EAST 

for 20 yecn. 

1985 Mad* b at Dacoant prkec 
280 SI, 280 SB- 500 9EL, 

500 SL 500 SEC 
1986 Models tram Stock 
230E, 300E, 300SL 260SE.300SE, 
300 SH, 500 St, SOO SB, 500 SEC 
ShifVimnt & deWery worldwide. 

NASSAR EXPORT GMBH, 

MAMZBl LANDSTR. 191 
D-6000 RANKFURT/M 


AUTO CONVERSION 


TEL- IO) 69-73 SO 61 
TlX; 414018 


MerosdesBenz Porsche BMW Ferrari 



EPA/ DOT 


. CONVERSIONS 
Fast turnaround hme. Al work done 
onpremises. Sales £ leasing. 
AWNE EXOTIC MOTOR CAR 
TT4 Anderson Street 
_ Hodcensodr, NJ 07601 USA 
Tbu 322234 201-4880667 


* SU RECONVERT * 

The safest way la import a 
Eurapeai car into Hie U.S.A. 
Worldwide American insurer 
fxavidw aB required inwronee 
□rd guarantees your car wil 
pass ed LLS. government standar d s 
or yow money bode induing 
conversion cost. 



Tel 323/542 6240T* 35 


EXCAUBUR. C1ENET, 5TUTZ, 
Z1MMBL JB4SEN, TVR. 


Francs ra 25 63 91 
Tbe 479550 AUTO MC 


“ phone for free brochure. 
GERMANY JO) 69-7152425 or 
I 7031 / 223059 


ADVBtTISSNG SPACE SALS. Experi- 
enced. with contacts. Local £ Inti. Cofl 
Paris 42251039 


M 7031 / 223059 

AMBUCaN WTL UNDBtWRITBtS 
OberGndau 7678 
D-6000 Fraridurt/Mam 



NEW PBJGEOT, Land Raver. Range 
Rover. Toyota, 4x4, tropicd specs 
Bnfos, Zcxmaboan 18, MaarWen- 
broek, Holand (0)30445492, tk 470B2 


Place Your Classified Ad Quickly and Easily 

infha 

INTERNATIONAL HERALD TRIBUNE 


By Phone: Cal your local IHT representative with your text. You 
w# be informed of the ant immediately, and once prepayment is 
made you- ad win appear within 48 hours. 

Cost: Thebaic rate is $9.80 per (neper doy + Iced taxes. There in 
25 letters, sgns and spaces 'm the first 5ne and 36 in the fofowng Enes. 
Mmimum space is 2 Snrv No afabravxjhons accepted. 

CrwEt Cards: American Express, Diner's Chib, Eurac o rd, Master 
Card, Access and Visa. 


»SAD OFFICE 


LATIN AMERICA 


Paris: (For classified only): 
P)47A7A64». 


EUROPE 


Ametentam: 26-36-15. 
Athens: 361-8397/360-2471, 
Brussels: 343-1899, 
Copenhagen . (01) 32 9440. 
etmkfurh (069) 72-67^5. 
Iwsainh 29-58-94. 

Lisbon: 67-27-93/662544. 
London: (01) 8364802. 
Madrid: 455-2891 / 455-3306. 
M8 wb (02) 7531445. 
Norw ay : (02) 41 29 51 
Romo: 679-307. 

Sweden: (08) 7569229. 

Tel Aviv: 03455 559. 
Vienna: Contact Frankfurt. 


Bwenos Afros: 41 40 31 
(Dept. 312) 

Comas: 33 14 54 
Guayaquil: 51 4505 
Lima: 417 852 
fanama: 69 05 IT 
Santiago: 6961 555 
Soo Paufo-. 852 1893 


MIDDLE EAST 


Bahrain: 246303. 
Kuwedh 5614485. 
Lebano n : 341 457/8/9. 
Qatm: 416535. 

South Arabia: 

Jaddtdn 667-1500. 
UJVE.: Dubai 224161. 


FAR EAST 


UNITS) STATES 


Now York: (21 2) 752-3890. 
West Coast: (415) 362-8339. 


Bangkok: 390-0657. 
Hang Kong; 5-213671. 
Jakarta; 510092. 
Mania: 81707 49. 
5eouL 735B773. 
Singapore: 222-2725. 
Taiwan: 752 44 25/9. 
Tokyo; 504-1925. 

AUSTRALIA 


SOUTH AFRICA 


Me lb ourne: 690 8233. 
Sydney: 929 56 39, 957 43 20. 
Perth: 32898 33. 

Padd in gton. Queensland: 
36934 53. 


ESCORTS & GUIDES | ESCORTS & GUIDES | ESCORTS & GUIDES I ESCORTS & GUIDES I ESCORTS & 


INTERNATIONAL 


LONDON 


ESCORT 

s«via 

USA & WORLDWIDE 


Head office m New York 
330 W. 56th St, N.Y.C. 10019 USA 


Portmcm Escort Agency 

67 QtStem Street, 
London W1 

Tot 486 3724 ar 486 1158 
AB major aedit card* accepted 


* JASMINE it ZURICH-GENEVA 


AMS1B8JAM ESCORT SBWia CTfGBTS ESCORT SERVICE. 

020-366655 TR: 01/363 M 64 -02273441 86 


212-765-7896 

212-765-7754 


MAJOR CREDIT CARPS AMI 
CHECKS ACCEPTS) 
Private Membership* AvaSaUe 


ARISTOCATS 

London Excart Service 
128 Wxynore 5t.. London W.l. 
AH major Credit Girds Accepted 
Tel: 437 47 41 / 4742 
12 noon - mdnight 


* Madrid Taste * 

ESCORT SERVICE. Tet 4117257. 


* ZURICH * 


. ROME CLUB EUROPE ESCORT 
& Guide 5ervice.Te<: 06/569 2604- 589 
1146 (from 4 pm to 10 pm) 


been feut ui e d as foe top A meet 
exclusive Escort Service by 

USA & in fomafiond newt media 
rnefod in g radio and TV. 


CAPRICE-NY 


** GENEVA-FIRST ** 

Escort Service + weekend 32 34 18 


ESCORT 5H0na IN NEW YORK 
TEL: 212-737 3291. 


* USA & TRANSWORLD 

A-AMERICAN 


MAYFAIR CLUB 

ESCORT SERVICE from Som 
ROTTERDAM (01 10-254)55 


GENEVA ESCORT 

SERVICE. Teh 46 IT 58 


BCORT 5KVKX 
EVBlYWHffiE YOU ARE OT GOL 


ROTTSB3AM (O) ID-254155 
THE HAGUE (6) 70-60 79 96 


******G£NEVA BKT 

ESCORT SBIVKL 022 / 86 15 95 


7-813-921-7946 


Gd free from US.: 1-800-2^-0892 
CoU free from Rondo: 1-800-282-0891 
Lowell Eastern welcomes you bodd 


ESCORT SERVICE. 

51 Beauchamp Place, 5W1. 
Tet 01 564 6513/2749 (4-12 pm) 


GENEVA + BEAUTY* 

ESCORT SaVlCE 022/29 51 30 


LONDON 

KB4SINGTON 


VIENNA ESCORT - AGENCY 
TH: 37 52 39 


ZURICH 


10 KENSINGTON CHURCH ST, W8 
TO: 937 9136 OR 9379133 
Afl major credit cards accepted. 


ALEXIS ESCORT SVKE 
TEL 01/47 55 82 


LONDON BBT ESCORT SBtVKX 
Heathrow. Oe® cor*. 352 8343 


INDRANI 


LONDON 

BELGRAVIA 

Escort Service. 

Tel: 736 5877. 


BCORT SERVICE 
ZURICH. 01/730 09 13 


AMSTERDAM JEAHET Escort Service 
Teh (020) 326420 or 34011 0. 


ZURICH 


JACOUBINE ESCORT 8 GUIDE 
SERVICE. IBs 01/ 69 5$ 04 


LONDON GOLD! ESCORT SERVICE. 
Heathrow 01-328 9763 


MMj] 


ZURICH 


G04EVA-ZUBCH AMA Femde & 
Mde escort service. kfoffinguaL 
022/34 29 51 


Samantha escort + 

Tel; 01/57 



AMSTBtDAM BERNADETTE MALE . inuvw 

ord Female Escort Smvice. (D) 20- | At3B * Cf - 


Even Among Allies. 




’t Unusual 


By Stephen Engelbcrg 

New York Timer Service 

WASHINGTON — If a .US. 
Na\y analyst is convicted of spying 
for Israel it will be the latest of 
many examples of allied intdli- 
' grace services’ spying on one an- 
other. 


assistant professor in Fngfah and 
Afro-American studies. She said 
that not too many years ago, 
Wright himself “certainly would 
not have been welcomed back to 
Mississippi.” When he left, she 
added, “Mississippi was one state; 
today Mississippi is another.” 

“Things are much better today,” 
acknowledged Dr. Jessie Mosley, 
director of the Smith Robertson 
Museum and Culture Center in 
Jackson, on the site of what was 
formerly the all-black elementary 
school that Wright attended. “But I 
don’t think there would be a Rich- 
ard Wright tribute if it wasn't for 
outsiders keeping Mississippi un- 
der a microscope.” 


Former intelligence officers say. 
however, that the case of the navy 
analyst, Jo nathan Jay Pollard, is 
unusual because the charges in- 
volve the me of a clandestine agent 
rather than other methods of gath- 
ering information. 

Governments are reluctant to 
discuss their intelligence efforts in 
allied countries, and they often 
adopt the position that such efforts 
violate official policy. But U.S. of- 
ficials say that the Central Intelli- 
gence Agency, like its counterparts 
abroad, gathers sensitive informa- 
tion about all of the world’s strate- 
gically significant countries. 

Some of the severest criticism of 
the CIA in recent years arose from 


the failure io predict the 1979 fall 
of Shah Mohammed Reza Pahlevi 
of Iran, one of America’s closest 
allies in the Middle East. 

Jeffrey T. Richelson, a professor 
at American University in Wash- 
ington who specializes in intelli- 
gence matters, said that spying on 
allies was motivated by several fac- 
tors, including the need to avoid 
bring surprised by sudden shifts in 
policy . 

For example, he said, in 1956 the 
United States monitored Britain's 
coded communications to keep in- 
formed about the progress of their 
Suez Canal operation, “(hie good 
reason to do it is that your allies 
fpq get you into more trouble t h an 
your enemies,” Mr. Richelson said- 

“Even with our allies, there are 
conflicting interests,” he added. 
“There are things, for example, we 
don’t want to see the Israelis do or 
things we don’t want them to have. 

Whenever there's any sort of con- 
flict of interests there's a motive for 
spying or intelligence." 


On a number of occasions, U.S. 
intelligence agencies, particularly 
the National Security Agency, have 
been accused of mrantoimg the 
electronic conversations of allies. 
In 1954, for instance, an NSA em- 
ployee was arrested on charges of 
spying for the Dutch government. 

Among other things, he told the 
Dutch that the agency itself was 
listening to Dutch diplomatic 
transmissions. 

Mote recently, in 1979, Sooth 

the US. Embassy in Pretoria who 
bad fitted the ambassador’s plane 
with cameras to photograph nrih- 
laiy fnc tgjlarionig. 

In February, lie Spanish govern- 
ment asked two American diplo- 
mats to leave the country under 
suspicion of espionage. 

Israel has .been the focus of 
char ges of gathering secret infor- 
mation in the United States for a 
number of years. In 1978, Michael 
Saba, an official of the National 
Association of Arab-AmericanS, 


told the Justice Department thai he 
had overheard a congressional aide 
offering to supply Israeli officials 
with a classified document. ^ 

The aide, Stephen Biyen, denied W 

the chaise and was cleared by the 
Justice Department. He is now a 
senior Pentagon official 

Mr. Sabe. who is now with the 
Attiyeh Foundation in Washing- 
ton, said ihai the UJS. government 
withholds from the Israelis a large 
amount of information on the mili- ' 
tary capabilities erf Arab countries. 
This would include, be said, UJS, 
reports on the location of radar 
stations in countries like Jordan. 

State Department and Pentagon 
officials said that the Israelis, ' 
through tbrir liaison arrangements 
with various government agencies,, . 
are given access to a wide range of^ 
U.S. intelligence and military data. 

But Qeotge Carver, a former 
CIA official said: “It's always ' 
pleasant to do a little cross-check- 
ing unofficially of what you’re be- 
ing told officially." 


Regan Says 
He’s Sorry He 
Irked Women 




Taxes for Americans Abroad 
Would Rise Under House Flan 


The AxtoamcJ Press 


WASHINGTON — Donald T. 
Regan, the White House chief of 
staff, has apologized for his remark 
ihat most women don’t understand 
arms control. But he repeated that 
women are more interested in 
“peace and things of that nature” 
than the “nitty-gritty" issues of 
arms control 

In a television interview Sunday 
in which he explained his earlier 
remade. Mr. Regan said: “Women 
are more interested in peace and 
things of *ha* nature. I don't thmlc 
most women are interested in the 
nitty-gritty in what is happening in 
the Geneva armaments talks.” 

The earlier remark, published 
last week by Hie Washington Post, 
had cfliisrtrf a furor. In an article 
about Nancy Reagan's schedule at 
the summit meeting, Mr. Regan 
was quoted as saying that most 
women are not “going to under- 
stand throw- weights or what is 


k - / v * 

ivv;; 


By Robert C Siner . 

International Herald Tribune 

WASHINGTON — The House 
Ways and Means Committee has 
drafted legislation that would add 
significantly to the tax burden of 
many Americans living abroad. - 
The legislation would apply a 
minimum tax provision to anyone 
using an earned income exclusion. 


tract a “threshold amount” of 
$40,000 for a married taxpayer or 
530,000 for a single taxpayer. 
Twenty-five percent of what re- 
mains would be the murinniin tax. 


which is currently set at 3350,000 
but which would be reduced to 


Donald T. Regan 


Leftists Claim Belgian Attack 

Reuters 


BRUSSELS — A leftist group 
called the Fighting Communist 
Cells has claimed responsibility for 
a bomb attack Thursday on a 
branch of Motorola Corp., an 
American company, during Presi- 
dent Ronald Reagan's visit to Brus- 
sels. 


happening in Afghanistan or what 
ishappening in human rights." 

On Sunday. Mr. Regan said he 
was “horrified" when he saw how 
the remark had been “misinterpret- 
ed.” 

He said h “was one answer in a 
fairly lengthy interview” conducted 
in mid-October. • ■ 

“The way that the quote came 
out.” Mr. Regan said, “it seemed to 
have the implication that I didn’t 
think that women understood it 
Far from it I know women under- 
stand. many women understand 
these things." 

He apologized to those who felt 
“offended” by the published re- 
mark. “I misspoke very frankly,” 
he added, “and when I misspoke 
apparently h was a' beaut” 

Lesley Stahl, the reporter who 
questioned Mr. Regan on the sub- 
ject, told him: “A lot of women told 
me to get you today.” 


but which would be reduced to 
575,000 under the proposal. - 

The proposal was part of a-tax- 
revision package adopted over the 
weekend by the panel. It now re- 
quires approval by the foil House 
of Representatives, which is sched- 
uled to take the measure up early 
next month, and by the Senate, 
which will not begin work, on the 
p«***g» until next year. 

Under present law, Americans 
living abroad may exdade SSOJJOO . 
of their earned income, from U.S. 
taxes. The figure is dud to rise to 
$85,000 for income earned in 1987, . 
to S90JXX) for 1988, and to *95,000 
for 1989. • • . 

The committee’s proposal would 
reduce the exduaon to $75,000 and 
freeze it at that leveL 


After calculating the mmiirn tm 
tax, tire taxpayer also would com- 
pote his taxes using the income 
exclusion, and then would pay the 
greater of the two figures. 

However, the minimum tax 
cookl be reduced by applying a 
credit for income taxes paid to a 
foreign government. In high-tax 
countries, including some Europe- 
an nations, the foreign tax credit 
could completely onset US. in- 
come taxes. 


. As an example of how the mini- . 
mum tax would work, consider a 
married overseas taxpayer who 
earns 5100,000 in salary and allow- . 
ances after all deductions and ex- 
emptions have been taken. Under 
current law the taxpayer would ex- 
clude SSOJXXl of that, leaving 
£20,000 of taxable income. On this . 
income he would owe about SZ500 
in U.S. income taxes. 


Under the mmimum tax propos- 
al, an overseas taxpayer would add 
his salary, allowances, interest and 
dividend income to find Set tax- 
able income.” The taxpayer then 
would take personal exemptions 
and deductions or the standard de- 
duction. 

The taxpayer next' would sub- : 


.Under the proposed rules, he 
would subtract the threshold 
amount from the 5100,000, leaving 
$60,000. His mi nim um tax would 
be 25 percent of 560,000, or 


S15JJOO. But under the 575,000 ex- i, 

rhionn hie IIS tar tnntthi ho ' 


elusion, his U.S. tax would be 
about 53^00. He would pay the 
greater of the two, or $15,000. This 
amount, however, could be reduced 
by the amount of taxes paid to 
foreign governments. 


Columbia liftoff at Kennedy Spoon Center. 


Chdenger Astronaut Donald Peterson in.SpciaK. 






’-V / ~ 



[ • 1 


Love heroic adventure? Get twice Gs much for your money. 
Take advantage of our spea'al rates for new subscribers and 
well give you an extra month of Tribs free with a one-year 
subscription. Total savings: nearly 50% off the newsstand price 
in mast European countries! Twice as many heroes and lots; lots 
more in the International Herald Tribune/the global newspaper 




£■-01'] t v>| [•: KMFiiWiT 




WE3WUEH EE E3 

EgW" rrn BHI IMi Will 





ETT t-3 ’ M gr.-yj I 


I 1 '■TJEKMal 



Card aoQSwt lumber 


be^^sbssbbsbssbbbbbbs 

I"" 'MW 1 


Card expiry cfcfe 






Td/Tetee 


26-11-85 



w flSt® 





























































V ir : v 

y 

iMT-tV . 


■3S 

■ V. :^.?w?Ssh 

• V' 

•' .V . . l--.tr, L \ 

- . ’ r «iip .. ' KV. 

■ .... 

• 

■■: 

... ■ ■ 

.:■ 

■ .' vi^ 

• v 

: • ' . r^'&sSj 

• 4 V 

•. , ’ ^c. ' «i 


iL * 1 "•'■‘■rHm,,. 


opposition 
In Manila to 


0l ^% 


- r,2, i 

.. • '•Cvm.vT'* 


Agent* France- Presse 

MANILA — - Thie four leading 
members erf the opposition have 
agreed that only one win <*an»ni»> 
Ferdinand E Marcos for the Phil- 
ippine presidency, it was an- 
nounced Monday. 

Francisco Rodrigo, chairman of 
ibe National Unification Connmt- 
tee, which groups the major opposi- 
tion parries, said that Salvador H. 
Laurel, Corazon Aquino, JovitoSa- 
^pga and Eva Estrada Kalaw had 
fch agreed to the plan. 

_ Analysts have given the opposi- 
tion a chance of winning the elec- 
tion if itputs up a united front The 
balloting is tentatively set for Feb. 

Mr. Rodrigo said die four had 
not yet agreed on how a challenger ' 
would be selected. 

Mr. Laurel heads the largest op- 
position bloc, the United National- 
ist Democratic Or ganization Mrs. 
Aquino is (he widow df Benigno S. 
Aquino Jr., the opposition figure 
who was assassinated two years 
ago. Mr. Sakmga and Mr. Kalaw . 
head rival wing? of the Liberal Par- 
ty. 

Mr. Laurel and Mrs. Aquino are. 
considered the leading contenders. ' 

More than 27 million Filipinos 
will be eligible to vote in the deo 



* lion for the six-year presides) tial 
term, die Commission on Elections 
Baid - 

- T ' 01 Stir- The figure includes approxT- 

• e matdy 25 million youths who will 

“s?- In y.; be old enough to vote for a presi- 
; vut" dent for the first time. Mr. Marcos 

J.T ia 2 ^ * jeen m °® ce ® nce 1965- 

: i'i- ■ A MiOion Supporters 

Supporters of Mrs. Aqtrino said 
Monday that they had collected 
more than a nrillion signatures an a 
, iaKji: petition urging her to run. The As- 
_ sociated Press rqxjrted from Ma- 

“ :: wcjcijrq; jy’ nila. 

’-■'z ubtu Mrs. Aquino, who has not for-. 
.* mally announced her candidacy, 

1 lit! iap- had said du; would consider a draft 

2 ^ 3 . 7r if her backers gathered the million 

signatnres.. 

. 'v Dozens of Mrs. Aquino's follow- 
ers cheered in theMamlahead- 

- - f quarters erf the petition drive when 

_ - .aiis Joaquin Roces, the movement’s 

leader, wrote the figure 1,005,882 
j '*} 3 * *afc on a scoreboard. 

" ‘ Mr. Roces. referring to the peti- 

- Jtion effort, said, “I believe this is 
awik The first time this has ever hap- 

‘ *'■* a fc pened in the PMippines.* 

: : J Organizers said that about 3,000 

me volunteers spent five weeks gather- 
/iittc ing the signatures in churches, gov^ 

•; enunent and private offices, public 

markets, parks, public transporta- 

tion vehicles and an the streets of 
Manila and the provinces. 


European Nations 
Meet to Discuss 
Refugee Policies 

- Reuter* . 

STOCKHOLM — The United 
Nations High Commissioner for 
Refugees, Poul Harflmg. met se- 
nior officials from seven West Eu- 
ropean countries on Monday in 
conditions of strict secrecy to dis- 
cuss the flood of political refugees 
into Europe. 

Diplomatic sources said officials 
from Sweden, France,- Britain, 
West Germany, Penmarkj The 



INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 

Courts Worldwide Are Lenient 
On Nuclear Theft, Study Finds 








Page 5 


By Joanne Omang 

Washington Post Service 

WASHINGTON - Courts 
worldwide have shown "astonish- 
ing leniency” in sentencing crimi- 
nals for the theft or smuggling of 
material used to make midear 
weapons, a leading expert on nucle- 
ar proliferation said Monday. 

Leonard S. Specior, in his second 
annual report on world efforts to 
hall the spread of nuclear weapons, 


increase in the danger of problem- of the dangers posed by unre- 
rion over the past year," Mr. Spec- strained proliferation.” 
tor said, because of “very signifi- But it added, "Libya has made 
cant” advances made by Pakistan little progress toward" this goal, as 
and continuing development of an international embargo of node- 


Arfan 

Joaillier-Horloger 

35, boulevard des Capucines, 75002 Paris 


weapons capacity in India. 


ar transfer* to Tripoli has appeared 


New large research and power 10 gain strength over the past year.” 


reactors that opened last year lucre are five countries that 
brought India's capacity to a level have acknowledged possession of 
1,000 percent greater than it had atomic weapons: the United States, 
been in 1974, when it first detonai- the Soviet Union, China. Britain 


There are five countries that 


ed a nuclear device, he said. 


and France. A sixth, India, explod- 


A supporter of Corazon Aquino signed a petition urging 
Mrs. Aqtrino to run for president of the Philippines. 


ea successfully in four countries 
last year involved Pakistan, which 
is “at (be threshold of becoming a 
nuclear weapons state.” Bui he said 
that the sentences levied totaled IS 
months and the fines totaled only 
$16,000. 

Mr. Specior said the reason for 
the leniency was probably Europe- 
an and American desire to remain 
friendly with a nation opposed to 
the Soviet Union in a strategically 
important area. 

He presented details of his re- 
port, entitled "The New Nuclear 
Nations," at a news conference. 

Mr. Spector said evidence dis- 
closed in the various trials indicat- 
ed that contraband trade in "the 
nuclear netherworld” involved me- 
chanical devices for bombs rather 
than radioactive materials, and 

that governments rather than inde- 
pendent or terrorist groups were 
the main actors in "a constant at- 
tack on the system” of internation- 
al safeguards. 

"We're not op against a nuclear 
black, market as such,” be said. 
"Weapons and weapons material 
does not seem to be available. 
These are national governments 
working to establish networks.” 

South Aria sbows "the greatest 


Mr. Specior said that last year's ed a single nuclear device in 1974 
nuclear activity by China, which but always has maintained that it 
recently signed a nuclear trade was for peaceful purposes, 
agreement with the United States, Several other states are widely 
was "a step in the right direction.” considered to have nuclear weap- 

Chma's dedrion to observe In- ons, or to be near to possessing 
temational Atomic Energy Agency them; they include Pakistan, Israel 
safeguards on its exports was "a big and South Africa, 
plus,” he said. 

The report said that Israel 
"probably added one or two Saga- - — ~ 

saki-rize atomic bombs to a pre- 
existing nuclear arsenal of 20 to 25 *T " " 

aircraft-deliverable weapons.” .> 

Israel never has acknowledged 
possessing nuclear weapons. It has 
taken the position that it would 
never be the first nation to intro- 
duce atomic weapons into the Mid- 
dle East. 

Mr. Specter said developments tjg-s z~~ .~-- .is . . .rt&? 

in Latin America were “a bright 
spot" because of new civilian gov- 

eraraents’ determination to slow «. »r ..... 

nuclear prohferauon. lbe LriODm IXSWBpaper. 

He died an offer from President 

Radi Aifonsin of .Argentina for a 

mutual inspection agreement with 
Brazil as “a major opening." a 

On Libya, the report noted that uanonar 

“the image of a nuclear-armed _ % 

Moamer Qadhafi contemptuous of TITCfylfin 1/ 
world opinion and the value of in- A-1X Ol ttlXXVi- JA 
nocent lives has become a svmbd 




w 

HUBLOT 


Quartz movement - Water reiUtani S-atm 10 K gold, 
gold and steei, all iieel. Natural rubber strap. Registered model. 


rafnj iwi Signatures an a Newest U.S. Lobbyist for South Africa 

hg her to run. The As- * * » 

Is Aggressive, Well Paid — and Black 

mo, who has not for- • OO 7 


By Juan Williams 

Washington Pan Service 


He appeared last month on Cable 
News Network just after Winnie 


WASHINGTON — He arrived Mandela, wife of Nelson Mandela, 
here in 1978 with neither a college the imprisoned leader of the Afri- 
degree nor, by his admission, a. can National Congress, said in a 
dime in Ms pocket. After hitchhQe- taped interview that Mr. Botha was 
ing from Gastonia, North Caroli- certain not to dismantle apartheid 
na,hegot a job sortin g mail fmm 3 unless the United States applied 


A-M. to 8 AJvL 


“total” sanctions against South Af- «, 


He climbed the Republican lad- nca ~ 
der by taking jobs on Capitol Hill Bernard Shaw, interviewer on 
and eventually landed a White CNN's “International Hour,” 
House position. Today he runs his turned to Mr. Keyes for his reac- 
own consulting firm, representing don. 

South Africa for $390,000 a year. Mr. Keyes shook his head and 
His nimw is William A. Keyes, said: “It's important that werecog- 


Economic Commit lee of Congress 
while leading the fight to gain ap- 
proval of tuition tax credits in the 
District of Columbia. In 1982, he 
went to the White House as a low- 
ranking domestic policy adviser. 

In two years there, Mr. Keyes 
found himself ignored and treated 
"shabbily” according to former as- 
sociates. He told one person, that he 
"hated” his White House col- 
leagues and that they did not re- 
spect him because they saw a 
"black face.” 

He left the White House and 
tried unsuccessfully to start a 




J 


“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 

1 f J | AIUIMPHOTOGHAPHER -I/i S*Z2 U. 

when faced with jmmm 

the brilliant T70. UL1 


William A. Keyes 


he is 32 and he is South Africa’s re^ty of the biack-oriented newspaper in Warii- Washington 10 act as a lobbyist for 

newest lobbyist. He also is black. ANC as a terrorist outlaw oigam- ing^n. Then he formed Black South Africa. 


Pretoria, at $500$00. A campaign Dlaclc P 60 ? 16 - black Rqmblican candidates. It 

manager for Ronald Reagan m . ^ don’t thmk very many trf us in was slow to attract monev- 


PAC, a black Republican political Mr. Keyes said that black buri- 
action committee that financed nessmen have been calling to ask 
black Rqmblican candidates. It how they can start business deals 
was slaw to attract money. with South Africa. 

Unemployed for a year, Mr. He said he had no “problem 
Keyes signed up for a free trip to whatsoever so long as I have the 


1980, Mr. Sears claimsaccess to top this country are wilting to stand up Unemployed for a year, Mr He said be had no “problem 
Reagan administration officials. »y favor the type of vio- Key^ agned up for a free trip to whatsoever so long as I have the 

Mr. Keyes’s chief lobbying tar- £** jpmst black South Africa from the South Africa opportunity w explain to people 

get. unlike that of Mr. Sears, is not *° ulh A t r F an *. ^ “ d Foundation, which pavs Amen- what tt 15 that I am doing 

the U.S. govemmenL He lakes aim groups pf that land which are bemg am to take faa-finding tours of “ 0ne of lhc fira ^g 8 1 do ,” he 

at black Americans who have be- continued by Communist parties South Africa. He met twice with “is 10 remind people that 

come the cere of the anti-apartheid “ *»“ Atnca *“ Soviet Louis Nel, deputy minister of for- Sou^ Aft«* is not just a political 

nKW B Bfnt Tti th^ Unitnl ^rnlK UmOD. man ifTain- issue but a country that has oeooic 


movemeotm the United States. 
His qualifications for the job are 


Us opinions — he supports the 


are Mr. Keyes hitchhiked to Wash- 
the ington in 1978. After sorting mafl, 
W. he took a pay cut for a job as 


eign affairs. 

The second meeting, Mr. Keyes' 
recalls, led to a more private, in- 


Botha — and the fact that he is a research assistant with a Republi- 
black American, according to other can study group, 
lobbyists. They note that Mr. He dimbed the conservative lad- 
der, working first for the American 


issue but a country that has people 
in iL 

“The question I ask people is, 
‘Does getting arrested out in front 


□er-iable discussion of black 0 f ^ South African Embassy help 
Antenca’s role in the growing U.S. so] ve any of those people's prob- 


ami-aparthdd movemenL 


lems, or are there other programs 





Keyes is unknown to black Ameri- der, working first for the American After meeting later with Foreign we should put into effect if we 
can leaders. Conservative Union as a welfare Minister R. F. Botha, Mr. Keyes really want to benefit those peo- 

Since signing his contract with* policy expert. He rose to the Joint signed his $390,000 contract in pie?’ ” 

Sou* Africa in August, Mr. Keyes ( : 

lm arranged meetmgs between .... .. .. ^ 


Netherlands and Switzerland were black reporters and Louis NeL 
taking part in the meeting, at which' South Africa’s deputy minister of 



Mr. Hartling was objected to ex- 
press concern about the emergence 
of restrictive immigration policies. 

“The meeting will explore the 
possibility of. coordinating our ap- 
proach to the growing numbers of 
people seeking asylum,” one diplo- 
matsaid. 

UN officials in Geneva said the 
talks would center on the influx of 
• refugees from areas .such as the 
j Middle East, and the widely differ- 
ing rules applied, by countries in 
deciding whether to grant asylum. 

“Restrictive tendencies have de- 
veloped in Europe,” one official 
said, “and there is little reason to 
expect tins trend to reverse.” 


foreign affaire. He also has ap- 
proached black American busi- 
nessmen about opportunities in 
South Africa. 

Mr. Keyes himself views the 
anti-apartheid movement with-dis- 
apprdvaL 

“One-man, one-vote is the prin- 
cipal question only for activists 
outside Smith Africa,” he argues. 
“The principal question to men and 
women in South Africa is whether 
they will be able to provide for 
themselves and their families. After 
they deal with that, political partic- 
ipation comes into play.” 

“Ifs troubling to me,” Mr. Keyes 
added, referring to American civil 
rights activists, “that people here in 



vy: 




Immigration has become a high- tSs counay pmsoed a nonvidleul 
ly sensitive issue m several of the coorac in the straggle to have their 


ON BUSINESS IN EGYPT 


states involved. 

Sweden, which organized Mon- 
day's talks after a UN-sponsored 
meeting in Geneva in May failed to 
produce agreement, has made it 
more difficult in the past year for 
refugees to enier. 


civil rights protected and yet will 1 
condone violent means in another] 
country. 

“If s not only distressing,” he 
said. “It's downright hypocritical.” 

Mr. Keyes has mad**- hwwarff 
available for television interviews. 


**\ 


TRAVELLERS REASSURED * WATER 
IN BOMBAY SAFE TO DRINK'. 


Based on his long and intimate acquaintance with. 
Bombay our foreign correspondent writes : 

“Of. all the things that people drink in Bombay, 
water has never figured prominently. ^jm 
M ost prefer Tonic in Bombay, Mar- EjH . 
tini in Bombay or Orange in Bombay!. - . ft 

Indeed/ anything that one would | ^ . 

usually mix iu Bombay . ■ 

But, let me assure you, there 
is no need to stay clear 

water does not mix. 
distinctive of Im- H 1 , 

ported London Dry kVtV W 

Gins are well and ffl J j|S_ 


COME TO SHERATON. 


Come ien minutes frorri ine cirport, to 
The centre of government of 
administration, of exhibitions Come to a 
superb new business centra with word- 
processor end 2d-hour telex. Come to 
Caro's oasis of relaxation - to poolside 
cabanas and bars end a dazzling array 
of fine foods from many lands Come to 
the Heliopolis Shercton . . where 
Egyptian hospitality comes alive. 


IN THE UNITED STATES DISTRICT COURT FOR 
THE DISTRICT OF COLUMBIA 

IN RE NORTH ATLANTIC AIR TRAVEL ANTITRUST LITIGATION 

THIS DOCUMENT RELATES TO: ALL CASES 

Lead Civil Action No. 84-1013, 

ATTENTION 

Summary Notice of Class Action and Proposed Settlement 

If you flew between the United States and the United Kingdom 
on Pan Am, TWA or British Airways between March 1, 1982 
and March 31, 1984, you may be entitled to share in a fund with 
a potential value of $30 million. 


UTietheryouarea company or an individual 
if you purchased an airline ticket after February 
26, 1982 for scheduled subsonic air travel between 


full NouceofCkiss Action and Proposed Settlement. 
AU da tins for coupons must be submitted on the 
Claim Form that accompanies that Notice.To obtain 


the continental United Stales and the United aoopy of the full Notice of Class Action and Proposed 



FdAI ' v- 

w --c L ~ >^s 





Heliopolis Sheraton 


.truly ill-founded." 


Sheraton Hotels. Inns & Resorts Worldwide 

The hospitality people of TTT 

For reservations and tniormaficn. call 
Cairo 0655DG telex S33GQ. or your necrest 
Sheraton Hotel or Reset veftens 'IXice 


Kingdom during t be period March 1, 1982 and 
March 31. 1984. on Pan Am, TWA. or British 
Airways, you may be entitled to share in a distri- 
bution of a potential fund of 530 mBE on in coupons 
usable 10 reduce your cost of future US.-UiC. 
air travel. 

The coupons would be distributed as parr 
of the proposed settlement of this antitrust class 
action lawsuit. In re North Atlantic Air Travel 
Antitrust Litigation, Civ. No. 84-1013, currently 
pending in the United States District Coun for 
the District of Columbia. 

If you wish to share in this settlement and 
receive your cou ponf sj, or ro object to this settle- 
ment, or to exclude yourself front this lawsuit, 
you must follow the procedures set forth in the 


Settlement, together with the Claim Form, you 
must promptly; 

Either call 718 236 2337 in the U.S. or 0272 
277008 in the U JC, 

Or complete the form below and send it. or 
simply send your name and address, to the Settlement 
Admi nistraior at the a ppropriate address below: 

USA: 

The Settlement Administrator 

K>. Box 1002 

Bowling Green Station 

New York NY 10274. 

U.K.: 

The Settlement Administrator 

1*0. Box 314, Bristol BSW 7AW 


PLEASE DO NOT CONTACT PAN AM, TWA OR BRITISH AIRWAYS 


If you wish ro share in the settlement and 
receive coupon is), you must complete the Claim 
Form and return ii postmarked no later than 
February lb, 1986. Failure to submit the Claim 
Form or to eacrose any of the other options 


described in the Notice of Class Action and 
Proposed Settlement by February 16, 1986 will 
resulr in rhe loss of any right 10 share in this 

settlement or to recover on the claims asserted 
in this lawsuit. 









Page 6 


TUESDAY, NOVEMBER 26, 1985 


Hcralb 


INTERNATIONAL 


Erib un c. 


PuUbhrd With D*" Sm YoHi Time* and The WaahuyloD Pwt 


Back Down to Business 


Can President Reagan capitalize on his 
achievement in Geneva to make a break- 
through on domestic problems? If he is 
dear-sighted, he will concentrate now on 
breaking the congressional log am on the 
federal budget. He should think less about 
reform of the tax system, desirable though 
that be. and more about swinging political 
opinion toward practical compromises that 
would reduce the budget deficit for the com- 
ing year and go on reducing it thereafter. 

The arguments hardly need repeating. So 
Jong as America is r unning a deficit on its 
budget of around $200 billion a year, inter- 
est rates cannot come down importantly 
unless private business and individuals start 
borrowing less — which implies a recession 
— or unless the Federal Reserve substantial- 
ly eases monetary policy, which implies a 
probable resurgence of inflation, the last 
thing the democratic world needs. But so 
long as America has to keep interest rates 
hi gh, it will continue to attract foreign 
funds, thereby keeping the dollar overvalued 
and American goods uncompetitive. 

Reducing the budget deficit will entail 
a mixture of highly unpopular decisions, 
probably limiting immediate spending on 
defense and social security and raising tax 
burdens, which can only be accepted if ma- 


jor political groups — including the admin- 
istration itself — are prepared to surrender 
some of the entrenched positions they have 
taken up. They will not do this without 
leadership from the White House. But if ever 
the president was in a position to exert such 
leadership and deploy all his remarkable 
powers of persuasion, the time is now — on 
tiie descent from the summit. 

New Reagan leadership should not be 
limited to America. The economic imbal- 
ances currently marring world prosperity 
need to be righted by action that transcends 
the United States. If all that happens is that 
Washington cuts its budget deficit, there 
could be worldwide recession. And it cannot 
bring the dollar down and get its foreign 
account into better balance unless other in- 
dustrialized countries engineer enough de- 
mand is their economies to accommodate a 
higher flow of purchases of American goods. 

It is in the interests of all the non-Co m- 
munist countries to foDow up the Geneva 
summit with action to ensure a more pros- 
perous free-market world. President Reagan 
should use his new’ prestige to persuade his 
allies, inside and outside NATX). to create 
economic conditions that will impress a 
doubting world. The opportunity exists. 

INTERNATIONAL HERALD TRIBUNE. 


Hold Iran Accountable 


Disturbed by charges of Iran's barbarous 
abuse oi its own people, the United Nations 
last March ordered an inquiry by its Human 
Rights Commission. Iran has responded pre- 
dictably. The special UN representative. 
Andres Aguilar of Venezuela, was barred from 
visiting the country and could not even elidt a 
reply to detailed accounts of torture and sum- 
mary executions. Tehran's clerical rulers 
found time only to send him a boilerplate 
description of legal procedures. Nonetheless, 
Mr. Aguilar’s interim report, which the Gener- 
al Assembly debates this week, relates Iran’s 
defiance with a needlessly apologetic cough. 
making allowances for a country waging an 
inte rmina ble war with Iraq. The most Mr. 
Aguilar wiD say is that the allegations against 
Iran “cannot be dismissed as groundless." 

In fact, Iran's most notorious crime predates 
the war. Soon after the shah's fall in 1979. the 
victorious mullahs started persecuting the 
largest non-Islamic minority, the 300.000 Ba- 
hais. Leaders were executed, adherents denied 


basic rights, families dissolved and shrines 
vandalized. Hundreds were murdered, thou- 
sands tortured and every Bahai stigmatized as 
an infidel tool of Satan, Israel and the shah 

The faith’s real crime is its existence. Its 
prophet was a Shiraz merchant, who was exe- 
cuted for heresy in 1850. His leading disciple, 
known as Baha Allah, gave the faith a name 
and global following. It celebrates the unity of 
great religions, racial and sexual equality and 
universal education. The faith's principal 
shrine is in. Haifa, where it has been since 
Palestine was an Ottoman province. 

Iran's clerical tyrants scorn the Bahais as an 
abominable offspring of Shiite Islam. Their 
intolerance is written into the Iranian constitu- 
tion, which denies Bahais the protections ac- 
corded to Christians and Jews. No United 
Nations inquiry is needed to establish that 
omission. The General Assembly can atone for 
a spineless report by holding Iran accountable 
for a crime with the stench of genocide. 

— THE NEW YORK TIMES. 


Keep an Eye on China 


The U.S. Senate has now voted its assent to 
the nuclear cooperation agreement with Chi- 
na. America is to sell reactor technology for 
the purpose of generating electricity, on the 
explicit condition that China does not divert it 
to military purposes or help other countries 
build nuclear weapons. The principle is clear. 
It is the enforcement that is in dispute. 

The Reagan administration says that before 
it issues any export licenses it will negotiate 
"suitable procedures" for visits and exchanges 
of information with the Chinese. Senator John 
Glenn points out that those terms imply some- 
thing less than the inspections and procedures 
for materials accounting that have been stan- 
dard in the international effort to prevent the 
proliferation of nuclear weapons. 

Because China already possesses nuclear 
weapons, the administration says, it falls into a 
special category. In the past the Chinese some- 
times seemed ready actually to promote the 
spread of these weapons, but in the last few’ 
years there has been some change for the better 
in their attitudes. The administration contends 
that the nuclear agreement will reinforce their 
commitment to a policy of restraint 

But it is also true that in the last two years 
there have been disquieting reports of Chinese 
assistance to one country with large nuclear 


ambitions — Pakistan — and possibly to oth- 
ers. At the least, this agreement sets a prece- 
dent for relaxed surveillance that will make it 
harder to insist on international inspection in 
future agreements with other countries. 

Last month Mr. Glenn introduced a bill to 
require the administration to tighten some of 
the agreement's provisions. The administra- 
tion opposed it. ‘on grounds that it would 
require renegotiation and would jeopardize the 
whole agreement. The foreign relations com- 
mittees of the two houses acknowledged that 
Mr. Glenn's criticisms were not tririal, but 
wanted to avoid a direct collision with the 
administration. Working together, the com- 
mittees wrote a compromise resolution that 
took note of Mr. Glenn’s points and in effect 
told the administration and China that Con- 
gress will keep an eye cm compliance. 

That is the resolution that the Senate has 
passed — evidently the best that could be had. 
Even among Democrats there was not much 
inclination to defy the president on a foreign 
policy issue of such intricacy. We favored the 
tougher approach but believe that the resolu- 
tion is better than nothing. It at least imposes a 
degree of precision that the Chinese nuclear 
agreement itself unfortunately lacks. 

— THE WASHINGTON POST. 


Other Opinion 


What the Summit Didn't Do 

What does the Geneva summit do for the 
world outside the Soviet Union and the United 
States? Anyone who has been living in dread 
that a nuclear war might break out at any time 
will still not feel able to relax, for the nuclear 
weapons and their overkill capacity continue 
to exist in both camps. The chances' of mutual 
reduction of these arsenals have certainly not 


become worse, but the time scale for any such 
development will be a long one. and in any 
case a mere reduction wfli not necessarily lead 
to greater stability or security. Moreover, those 
who may be hoping that a future cut in arms 
expenditures could benefit the developing na- 
tions might care to remember that the prob- 
lems of the Third Wortd cannot be solved just 
by throwing money at them. 

— Neue Zurcher Zeitung (Zurich). 


FROM OUR NOV. 26 PAGES, 75 AND 50 YEARS AGO 


1910: Fear of f CaesarisnT in America 
NEW YORK — The “World" says: “Mr. 
Theodore Roosevelt has a curious delusion 
that 'the tight for progressive, popular govern- 
ment has merely begun.' Rooseveltism is only 
one of many assaults upon progressive, popu- 
lar government. The New Nationalism repre- 
sents reactionary, despotic government As 
President Schurman. of Cornell University, 
said, ‘it spells Caesarism in government' For 
the Anglo-Saxon safeguards to freedom it sub- 
stitutes the European system of a centralized 
bureaucracy. To call the New Nationalism 
progressive, popular government would be like 
calling Russia a progressive, popular govern- 
ment When Mr. Roosevelt says the ‘fight for 
progressive, popular government* has merely 
begun, he really means that his fight to gain 
the Presidency in 1912 has merely begun." 


1935: Insurrection Spreads in Brazil 
RIO DE JANEIRO — A 30-day state of siege 
throughout Brazil was proclaimed [on Nov. 25] 
following a Communist uprising, in which sev- 
eral thousand Federal troops joined the insur- 
rectionists in three states in the northeast cor- 
ner of the country. The port of Natal in the 
state of Rio Grande do Norte, is in the hands 
of the rebels. Fighting between loyal troops 
and Communists is going on in Olinda, a few 
miles north of Pernambuco, and the Federal 
artillery is reported to be bombarding the 
revolutionaries. Unconfirmed reports state 
that Macaiba, near Natal has been taken by 
Communists. The Communist uprising is be- 
lieved by the authorities to be part of a plot 
directed by Luis Carlos Prestes, who was ap- 
pointed by the (Comintern to stage a revolu- 
tion throughout the southern continent 


INTERNATIONAL HERALD TRIBUNE 

JOHN HAY WHITNEY, Chairman 1958-1982 

KATHARINE GRAHAM. WILLIAM S. PALEY. ARTHUR OCHS SULZBERGER 

Co-Chairmen 


LEEW. HUEBNER, Publisher 

PHILIP M.FOISIE Executive Editor RENE BONDY Dtpuiy Pubhshr 

WALTER WELLS Editor ALAIN LECOUR Asioame Publisher 

SAMUEL ABT Deputy Editor RICHARD H. MORGAN Associate Publisher 

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

CARLGEWIRTZ Associate Editor FRANCOIS DESMA1SONS Director of Circulation 

ROLF D. KRANEPUHL Director of Advertising Saks 
International Herald Tribune. IS1 Avenue Chartes-de-GauUe. 92200 Neuilly-sur-Seine. 

France. Tel.: 1 1 J 47.47.1165, Telex: 612718 (Herald). Cables Herald Paris. ISSN:' 0294-8051 

Directettr de la publication: Walter N. Thayer. ilSPtfa 

Managing Dir. Asia: Mtdabn Gian 24-34 Hamessy Rd, Hang King. Td 5-28X18. Telex 61I7Q 
Managing Dir. UK: Rabin MacKdm. 63 Long Am. London WCL Td 8364301 Tdex 262009- |SS( 

Gen. Mff. W. Germany: W. Lauterbadt. Friabkhstr. 15. 6GQ0 Fnmkfunt hi Td (Q69J7267S5 Tlx. 416721. ^ar. 

S.A. au capital de f 200.000 F. RCS N ant are B 7 32021126. Commission Paritaire No. 61337. ■paprai 
US. subscription: $322 yearly. Second-class postage paid at Long Island City. N.Y. I HOI. 

1985. International Herald Tribune. All rights reserved. 






... MM' i»J 

i rililrcvhti'A'Ii iSjsa 


KNIFE 


su 


Polish Isn’t Russian; 

Russia Isn’t America 

By Norman Davies ^ 

PK»r ssSSSSS® 

ventured the opinion that the Kns- kto R ossian tastorv 

MSB 

“““S? -=3SSSTSWir*-S2S5£~ 

standard of of pditicri bM « Jft;' 






Do ywreato need a& those ^acjgetsP Bott and Mjfehail ffutfc so/ 

lft’tei*24X)0^ooa^ 

A Summit Lesson About Limits 


B OSTON — When we look back 
at the Geneva summit a few 
years from now. will it mean any- 
thing? Will it have earned a page of 
history? Not likely. And yet it wul if 
time has shown that it did one thing: 
taught the two principals something 
about the limits of their power. 

The meeting was a failure in terms 
of substance. It missed an opportuni- 
ty. the best in memory, to move to- 
ward real reductions in the bloated 
nuclear armories of the superpowers. 
Both sides had called for 50-percent 
cuts in weapons, but the leaders 
could not even agree on a framework 
for negotiation toward that end 
What is interesting is the reaction. 
Despite the lack of substance, and 
President Reagan's care to avoid eu- 


By Anthony Lewis 

ident Reagan as soft on communism. 

But all that is ephemeral unless it 
affects the actual policies of the two 
leaders. And the Geneva meeting can 
have had that kind of impact only if 
each man learned some thing of the 
other's reality, of the other system's 
values and commitments. 

Which is to say: learned that his 
own country cannot unilaterally or- 
der the world as it wishes. 

For Mr. Gorbachev, two policy ar- 
eas will crucially test whether Geneva 


as the Moscow Trust Group, contin- 
ues. So does the harsh policy toward 
Jewish cultural activities as well as 
emigration- Mr. Gorbachev could so 
easily send a signal by easing up. 

For Mr. Reagan, the test of what 
be learned at Geneva will come on 
military-economic policy. Through 
five years as president he has insisted 
he can vastly increase spending on 
weapons, launch a huge space de- 
fense program and ignore the eco- 
nomic consequences. His own sup- 
porters in Congress have oeased to 
believe that. Can he still believe, after 
Geneva, that limitless military spend- 


viet Union and Eastern Europe, pres- 
idents must not be blamed. If . Mr. 
Reagan had been liste ning to net- 
work news before the summit, he 
would have learned drat he was about 
to meet u the president erf Russia.” 

One wonders whether many Amer- 
i«nw ore aware of the enormity of 
prevailing misinformation, or if they 
care. How might they fed if foreign 
mmmenr aboot America was equally 
wayward? Tnwg ing the 'shock waves 
in Washington if Mikhail Gorbachev 
volunteered that Americans had no 
word for “beauty" or “truth.” 

It is fashionable to blame the me- 
dia. The sensationalize, the 

iwvtia select, the media oversimplify. 
They do. But die most intelligent 
journalist can rarely be better than 
his' sources. Editors and produces 
ran rarely give their staff sabbaticals 


Worse still is the rmspercepuon 
Soviet institutions. The KGB is widqp 
ly but wrongly thought of as the 

The Russians have 
traditionally used a 
third-rate economy as 
the base for first-class . 
military power. There 
is no reason to think 
thatiriU change. 


The Man in the Street WiR Be Happy 


phoria. Congress eagerly applauded r-p HERE was a lot of smiling in Geneva, The Observer commented in London 
his intimations of nope, his refer- X Sunday. Every tim e you turned around, it was to see television pictures of 


ences to the need for peace. 

The American public seems equal- 
ly pleased to think that something 
was achieved in Geneva. The eager- 
ness to applaud tells us two things 
about the feelings of Americans. 

furs*, how deep a desire for peace 
there is. What President Kennedy 
found when he toured the country in 
the last summer of his life is still true: 
Americans yearn for concrete mea- 
sures to ease the strain between the 
superpowers, the war psychology, the 
burden of weaponry. 

Second, how low expectations have 
become. We are pleased by the atmo- 
spherics in Geneva: the minutes 
spent together, the fireside warmth, 
the handshakes, the jokes. 

Yes. there is some value in atmo- 
spherics. and in the human contact 
made. It matters djjtt America's most 
doctrinaire right-wing president met 
a Soviet leader and concluded, as Mr. 
Reagan said to his cabinet: “I have to 
believe that . . . they share with us 
the desire to get something done, and 
to get things straightened out.” 

He spoke of Mikhail Gorbachev 
with personal respect “1 think I'm 
some judge of acting," Mr. Reagan 
told reporters, u so I don’t think he 
was acting. He, I believe, is just as 
sincere as we are in wanting an an- 
swer.” And it is hard to dismiss Pres- 


X Sunday. Every time you turned around, it was to see television pictures of 
Ronnie beaming at Mikhail or Nancy gazing fondly at Raisa. What the 
viewers in Moscow made of this bizarre sight, having been told for years that 
Mr. Reagan is a bloodthirsty warmonger, defies imagination . . . The Soviet 
man in the street will be happy. The danger-of-war motif in Soviet propaganda 
has been so strong in recent years that mothers have written to television 
commentators asking if it is worth having more children. A more manageable 
U-S. relationship makes Mr. Gorbachev’s planning easier. He will appear at 
die all-important party congress in February as a leader with an active 
strategy, poised for at least two more summits with Mr. Reagan. 


journalist canraxeiy equivalent ‘ of the CIA — a rather 

lus sources . Editors and Producers ^ auteur (though 

can mdr S™ ^"gSSfSSS^ organizatk)n - m compari ml. 

to brush up on - Thedaborate Leninist system of par- 

study the Gna pomts of Communist dictatorship is equated with the * 
govenune^orth^dity^yonthe I ^ s and “one- * 

academic profession, on the army of • „ A .jJ ryX* World. 

W«tan Sovietologist mdSawnas, P ^, m of most Americans soon 
who cannot explain it. die vested interests of big 

when describing organs of the Lenin- of principle, many de cent, co ncerned 
to ratetbatrimreonty a name with Ammcans get the that 


Western democratic institutions. theCtomm^may^ontheiradfc 
has just about , ^tiwi^Moscw di^ to be the 

readied the point where it realizes lca 4 er . 9* ** w ^ >ricrs J kf F Kts ’ - lt3 , 

that ISrf aremtivcmJtteSS the intebtots of Eastom Earopt 
tilled not as “president" or “prime i^oimt mdude militamm and agio- 

mMste-bmithegenendeecS^ 


has affected his thinking. They are 
Soviet repression of dissidents and 
Jews at home, and the Soviet military 
occupation of Afghanistan. 

Soviet officials always insist that 
their treatment of their people is an 
internal matter. When the human 
rights issue was raised at their press 
conferences in Geneva, the Soviet 
spokesmen stonewalled or walked 
out But if Mr. Gorbachev is a realist 
he must know now that cruelty to 
dissidents and Jewish would-be emi- 
grants has inescapable consequences 
abroad, sapping support for negotia- 
tions with the Soviet Union. Ditto the 
occupation of Afghanistan! 

It has to be said that the omens are 
noL good on the human rights fronL 
A few victims were let go in connec- 
tion with Geneva — but fewer than at 
the time of the last summit, in 1979. 
Persecution of such people as the 
independent peace activists, known 


mg will make Mr. Gorbachev sign on 
America's dotted line? 

Again, the omens are not good. 
Speaking on the radio after his return 
to Washington. Mr. Reagan called on 
Congress to support both more weap-' 
oos and space defense. He showed no 
ggn of iiT i d* T*randing the implica- 
tions of what his own hawkish secre- 
tary of defense reported: that if the 
Russians seemed likely to develop a 
space defense, the United States 
would be forced to build more offen- 
sive nuclear weapons. And so would 
the Soviet Union. 

Barbara ‘Iuchman. the historian, 
put it in a sentence when asked what 
she wished for the Geneva meeting: 
“I would like for my compatriots to 
learn that there are two s uper powers 
in the world, that America is not 
destined to govern the world after its 
own desire.” Nor are the Russians. 

The New York Times.. 


rificarion of war that makes John' 




as tile discovery seems to go. 

. Rarely is it made dear thru the 


crat; chauvinism and nationalism' 
worthy of the John Birch Society; a 
sectarian ideology reminiscent of the 


ruling party is not a political party sectarian ideology reminiscent 
butmeoacutive branch of govern- Spanish Inquisition, and an apj 


but the executive branch ot govern- 
ment; that the state is the party’s 
administrative branch following par- 


to “law and order" that makes South 
African pass laws look gentle. Sodal- 


ty commands, much as a W«*eni l®«als and Deraocnis beware^ 
civil service fulfills the instructions of ^ 004 ^ Fdwdl that ttarfr 

a government; that ministers are sec- KGB wffl consider .wtMoaal - 


ondary officials receiving orders 


— unless, as with Eduard Shevard- 
nadze, the wijmstw has a second, 
more senior post in the party's appa- 
ratus. Soviet .“demqpwcgn ..jpapn 
rule over the people by. die party. ... 

: ThebiztopwamomiSOvietbfoffi^ts 


s are sec- KGB wfli consider anti-soda! 

2 orders The Soviet military-industrial 
L tnu-nts complex is permanently established' 
g frg ygjj. onawarfooting-Ilagoysanautono ' 
second, nwus eoanamicsectcff insulated from 

r sappa- tbegemsal econontyand designed to ■ 
mamtamitsperfOTTnanoe-iiTespective 
^ of the- economy's performance. Mir. 

“ Gorbachepis not faced with a choice, • 


now is “reform." WlflMr. Gorbachev ’ bctvwmffitary and civilian spend 
make any difference? Nobody cares Wfr The ^itaiy gets what it needs. 


to explain what reform has always 
meant in the Russian tradition. 

In a democratic system the pur- 
pose of reform is to strengthen:the 
democratic process against encroach- 


Ave, Caesar, and How About a Domestic Summit? 


W ASHINGTON — Even given 
the daily excesses of this media 
age. the circumstances and the stag- 
ing of Ronald Reagan’s triumphant 
homecoming from the summit were 
extraordinary. They had all the de- 
ments of a public play similar to an 
ancient supplicatio, or sustained peri- 
od of thanksgiving, declared by the 
people of Rome after Caesar won 
some great victory in far off Gaul 
Like mighty Caesar, President 
Reagan saw that his legion of admir- 
ers was exultant, his erstwhile critics 
could not wait to shower petals in his 
path and his s tanding among the 
populace soared even higher. 

The Democratic minority leader of 
the Senate, Robert C. Byrd, told fel- 
low countrymen that he slept better 


By Haynes Johnson 

now that the president had achieved . And all this as the president’s hdi- 
such a happy ending to bis exerdse in copter, red light flashing, was shown 


lawmakers deliberate about how to 


Rii^sia/has traditionally had a 
magnificent military machine. Ever 
since the days of the Grand Duchy of 
Moscow, Russian ingenuity has can-'. 1 
centrated an hang a third-rate econo- 
my as die base for first-class military, 
power — and they know how to, at 
tenable social cost There is no reason , 
to think it will change. t -. 

Conventional wisdom puts Soviet ■ 
mQitaty spending at 15 or 16 perceiu . 
of GNP — twice the American rate. ’ 


r.. zr. .. v/nr — twice me American rate, j 
resolve the deadly budget deficit di- jn all probability it is higher. But-^ 1 
lemma before -them. He is most un- even ' if it had to be 10 time* the ! 


personal summit diplomacy. 

Come to think of it, a better analo- 
gy for this latest Reagan political 
performance could be drawn from 
one of the president’s favorite au- 
thors, Louis L' Amour, the writer of 
Westerns. Mr. Reagan was celebrated 
as the good sheriff, weary but un- 


winking its way through the night 
toward the Capitol circling the fa- 
miliar monuments bathed in soft, yel- 
low lights and then touching down 
for the great reception at the Capitol 
SliH that all this stage-setting was 
overdone and that the achievement of 
the summit was quite limited in no 


bowed, standing tall and modestly way detracts from what Mr, Reagan 
accepting acclaim from the cheering did accomplish — or from the qppor- 


throngs after doing battle with an 
implacable adversary. The subtitles 


amity that now is his. 

His speeda to Congress was the 


on television screens evoked an Old finest of his presidency. Not b ecaus e 
West saga of good and evfl. “Rea- it was his most eloquent, or delivered 
gaii’s Return," read the words super- the most effectively, but because of 

: I „ l.. vror Li- a l i j* • 


unposed on the screen by NBC 


Win or Lose , Everybody 
Loses in the Iran Lottery 


By Janet Janjigian 

ASHTNGTON — The news war of attrition. The chances of 
from Iran has been sparse getting hit by a bomb are very 
most Western journalists were s mall, but the noise of the anti- 
’ed when Ayatollah Khomeini aircraft guns and then the big 


W ASHINGTON — The news 
from Iran has been sparse 
since most Western journalists were 
expelled when Ayatollah Khomeini 
took power in 1979. But / occasion- 
ally hear from a close friend who 
lives in Tehran and whose letters 
provide a glimpse of life under the 
ayatollah and the effects of the Iran- 
Iraq war. I have received several of 
these letters since I last saw my 
friend. The details change, but the 
message is always the same. Here is 
the mast recent letter, excerpted to 
protect my friend's identity: 

Here I am writing to you from 
Iran, the rite of the big lottety. 
What, you haven't heard about it? 
It’s a very, very big lottery, one in 
which all Iranians are participat- 
ing. Yes, of course, there are prizes. 
The big winner gets a (Erect hit on 
his Or her bouse — free demolition! 

The runners-up have to be satis- 
fied with broken windows, cracked 
walls, cuts and braises. 

Of course, there are lots of con- 


bang, not knowing whose turn it is 
tonight — it really works on the 
nerves. Also, take’ into consider- 
ation that there are no air raid 
shelters here. Nothing. 

And that is the way (he war is 
going here. No matter what hap- 
pens, we are all losers. If Iraq wins, 
we are conquered. If Iran wins, 
then Khomeini wins, and that is 
also our loss. Khomeini has not 
kept even one of his promises. He 
promised free water and electricity 
to the poor — now the rats have 
taken over everything. He prom- 
ised freedom of speech, and now 
we have only repression. 

When the shah wanted to repress 
the people, his troops would fire 
shots into the air. These days, the 
shots are fired straight into the 
heart without any warning. 

The pleasures have indeed gone 
from our lives and they are very 


solution prizes. Scorpion and snake close to being rained. 


bites from sleeping in the open, 
outride of the cities: car accidents 


My nerves — for a time I was 
miring tranquilizers — are frazzled 


iheci lies every evening with people weight than before: Life has be- 
trying to go home and leaving the come very isolated, nerves are 
dty early. Oh yes, we must not ruined, people are listless — wdl 
forget the thieves and robbers who I'm sure you can imagine the rest 
are so brave these da vs with all of — 


the empty houses about! 

Yes, it’s really a carnival here. 


Janet Janjigian is a producer for 
NBC Nightly News. She contributed 


It's true that the Iran-Iraq war is a this to The New York Tones. 


his tone. Throughout, he was digni- 
fied and statesmanlike as he reported 
simply and convincingly on what had 
taken place in. Geneva, and related 
how much remained to be done. 

He was entirely realistic and, prob- - 
ably most important, concmatory 
ana generous toward the Soviets. 

He made no false claims for histor- 
ic breakthroughs; be did not promise, - 
as he does so often, the inevitable 
happy ending; he did not minimize 
the difficulties and the differences 
that divide the United States and the 
Soviet Union. But neither did he at- 
tempt to make cheap ideological cap- 
ital of the evils and dangers inherent 
in “the Communists." 

Mr. Reagan made you fed that he 
truly believes in starting fresh with 
the Soviets; that be wishes to leave as 
a legaity a sounder relationship bring- 
ing with it the prospects for a more 
peaceful world. He was refreshingly 
■free of his former harsh rhetoric and 
bitter hostility toward the Soviets. He 
deserved to be applauded. - 

One speech does not a future 
make, of course, nor does one meet 
mg between feuding heads of state 
guarantee a resolution of problems. 
And within Mr. Reagan's words were 
signals of trouble ahead 

First, he obviously stiH dings to 
what he property calls his “dram” - 
about space defense, with its won- 
drous umbrella shield that protects 
all without huiting anyone. 

It is an intoxicating theory. Instead 
of a defense against nuclear holo- 
caust based on the concept of mutual 
destruction, presto, here we offer the 
ultimate fail-safe and painless sys- 
tem: simply put a laser shield in space 
that win prevent any nuclear weap- 
ons from arriving. This flies in the 
face of scientific perfectibility. Ad- 
herence to it makes genuine arms 
reduction more difficult and truemu 1 
tual arms control efforts with the 
Soviets almost impossible. 

Second Mr. Ragan strongly hint- 
ed that he expects Congress to give 
him more funds for defense as the 


likely u> be granted this wish. If he 
pushes Congress too hard in this di- 
rection, he stands in danger of de- 
stroying the good will that now sur- 
rounds him. He could lose on both 
the defense increases and the domes- 
tic spending cuts he desires. . 

Despite these concerns, another 
intriguing possibility arises out of 
this current high moment in Mr. Rear 
can’s presidency. He has made posa- 
ble a breakthrough in foreign policy 

the Soviets ands^to^^wre posi- 
tive climate. He has the same oppor- 
tunity to take the lead on the domes- 
tic front to break' the budget nn pa.w. 
by easing his previous rigid stance. 

Let him can a domestic summit of 
leaders of Congress; signal his will- 
ingness to accept cuts in both defense 
and entitlements and agree to raise ■ 
taxes if necessary. The defidt.wouki 
then surety decline. All Americans 
would be the beneficiary. His politi- 
cal standing would soar even lw gW 
- If he does this, becouldgo downas 
& president who led his nation into a - 
more peaceful and prosperous peri-, 
od. Now, that would be a historical 
record of success on foreign arid do- 
mestic fronts truly worthy of die ac- 
claim accorded a Caesar. 

The Washington Post '■ 


American level and all the car fac- > 
tones had to be converted to tank ‘ 
production, that would happen. ! 

One might wish to conclude that • 
Mr. Reagan is feebly educated and ] 
poorly advised. But Mr. Gorbacbev. ] 
too, has troubles about misinf orm !- 1 
bon. In his case the confusion is gen- J 
eraied by a system that requires that » 
truth.be tailored to the convenience 1 
of die moment. Sonet managers ha- ] 
bituaQy adjust their books to suit the ! 
dictates of the Flan. As a result, no 1 
one in the Soviet leadership can rely J 
on anything he is told. 

Paranoia and mutual suspicion are 1 
staples. They all know that they are J 
all marching shoulder to shouldef, < 
but the straight party line has been 
changed so often that h is impossible f 
to say where it pants. Tbeafl-perva^ : 
rive manipulation of knowledge in ! 
the Soviet Union may serve to deny*. 1 ' 
the West any precise understanding 
of Sonet reality, but it confuses thes 
Soviet leadership as wdL . . - 

So, although the balance of zmsmlg 
formation is not ideal it has its viifg: 
tnes. Mutual assured, ddnsori. te 
fact that aBhave to live with: ' ,V8| 

. ’ The writer, a ydsftmgpnfessortrfhistegs 
ryat StatfbrdUmva^^conaibuteddwt 
comment to the-Los Angeles Tone tyM 


LETTERS TO THE EDITOR 

Filipinos and America " presence of [outgoing P resident * 
- ,he 


"America’s Commitment Is Jo Ftlipl - - ■ £ ot 5 ° Rather, I argue® 
not^because ^ 


affairs of a sovttdBnanintrv Trie Q ™ 1 e e8 ’ \ *■« “at he cannot do sai3 

comnutmoitbf?K^ri^ ^ “ ^«*pottribiIity S 

people. A not uncommon beHef' 

among us Hlipmos is- that the so- Kv *i,. - will be i m p eded; 

just as in-Latin America/Africa and the ‘- 

sssia-*— sgsMsass 

georgen.*^ ; -gawast 

-- , - Wieve that he has those attentions,; : 

Succession inT aimftna • v 

Stability, m whidtf amatdMig those 24 years of independence the average 

“ d **£ 

new president wiff be impeded by the FRANK ._ 


- — ' IV fa 

self-m terest of America. '■ 

GEORGE N. GAMBOA. 




v . 

4 . . , ■*- . 


Greece Says ; 

Guns Didn’t 


•P' ..- 

V:' V 
’ * -*• ■ 
H - \ v- . 

* > 

TIL . •4.-.- 




. Tic /<JW>oar«f ^H» 

A ^ H£ NS — Greece denied 
Monday, that die weapons nfffd by 
the hijackers of m EgyptAir jef 
h*wr woe smuggled aboard at da 



I .. .L *•<■• r 

•» 


■ .r^' t*?* , "the aidmer whs commandeered 

•' ■'..' :ii:! S!Sd?*C after taking off Saturday 

.;. I- S? h l £ra ? Aflteas for Cairo. The 

. •;• hgackere forced the plane to land 

" **■•“!* JJ-®. “Malta, where. 24 hours later, 
^ commandos stained the 


•y^S, 


f ft<U uill c 


;•• : ^cli 


- •• • 


Sgpfo 11 commandos storated the 

\The Greek government, stung by 
cntidsm from British legislators 
and a call by the Trench pilots’ 
union for a boycott because of lax 

seciuity, said that airport security 
m Athens is "exercised with the 
highest international standards.” 

In. an announcement quoting 
whm ft called “heads <rf security? 
the Greek government maintained 
that the weapom probably .were 
hidden aboard the plane in Cairo 
before it flew to Athens.- Egyptian 
Officials reportedly said the plane 
and its passengers were inspected 
carefully before leaving, the Cairo 
airport. 

. Greece also had rnriofwf that 
weapons used by hijackas to com- 
mandeer a Rome-bound TWA jet- 
liner after it left Athens on June 14 



” • 'it*. 


■ "".“131a — W iuiw ivKdinuinawjjuilc w 

ir 9cc; ^ . tiWcrc hidden aboard the aircraft in 
•. '^-W-X^iro.' . 

-. ?°ii A Jfc Jt 3 But an accompGce to the hijack- 

^ “& Iaterarrested, said the weapons 

” “ --S Oavn. had been Snuutffled nhnani th«> 


been smuggled aboard the 

• • plane in Athens. 

ffiajg , 3 Peter Bminvels, a British mem- 

• - *. .. Vf'^^'nfcs ber of Pa^anumt, said Monday 

. . dg? that all British aidines »I» opH con- 

"; • ■‘"-■saraia-^ sjder “with the very greatest cau- 


Patrick Scott Baker, 28, speaks to ins family in Washing- 
'• ton state from a hospital fa«d in Malta* He was shot in the 
bead and town from the hijacked EgyptAir plane. The 
hijacker’s bullet grazed him and he got up and ran away. 

WiiJiessDescribesFtrefight 

(Continued from Page 1) Captain Gala! said of the hjjack- 

said, a group of Filipino women os’ response to the Egyptian com- 
werepennraed to disembark. mandos: *T have never seen or 
“Then an lsradi woman was told .heard anything like »lm* before, 
to go, too,” Jie said. “The leader erf Those people threw grenades on 
the terrorists stepped behind her passengers in a confined place like 
andshotben" a 737. Jt was hdL” 

^n^had.todragthencsxtlsrae- He said the kader of the hijack- 
hgm who was crying and scream- ^ entered the cockpit about 10 
mg across the floor," he said“They minutes after the departure from 
g ot her , to the door and she was Athens. boJding “a grenade in his 
stopping herself going through the hand with the safety ran off.” 

door. Tim tenomts Jacked her and , ~ . . 

pushed her and shot her.” f 

Patrick Scott Baker. an Ameri- at my bead and that lastod for most 

can, said on U.S. television, “I was _ ■ ° nlc ‘ 

walked oat onto a platform and The captain: said the man grew 
then shot. It was a graze. I was angry when he saw the security 
confused for a second. I fell down forces surround the plane in Malta 
the stairs head first . . .-After about and asked them to withdraw. 


two minutes. I got up and ran 
away" 


“After that he was excited,” he 
said. “He executed another Ameri- 


Hill 


. . . --fl' iscip^ tico” whether they should fly into 

•• '."z Athens - 

Mr. Brninvels, a Coisttvative, 
said: “The, Greek authorities are 
J.r ’‘orlifiW; plainly not looking forward to in- 
■ r xz creasing their tourism, because 

- r.'-c-.iij,', W ^ people will qiute rightly be tmwill- 

j jJ! 7 1 big to go tboe bearing in mind the 
•- :: nijitTs If PP^hal danger. Athens seems to 
• • * be a pushover for terrorists and a 

'‘-ksitfSv baven for hijackers.” 

. 7 . jjj In Hamburg, Friedrich Zimmer- 

mann, the West German interior 
_ minister, was quoted in the news- 

' ■ .•iv-tr® paper BUd as calling for a bqwott 

., of the Athens airport 

• * >„'■ i 23“ • 0i r ^P ar b ncnt “■ 

sued a warning to Americans on 
w . .Vme 18 to avoid the airport. 

. ^The travel advisory was lifted 

•. ■ Jolj 22 after the airport was in-' 

. gtecteS hy the International Air 

jwaasBsfc TranspOTtAssodatkmandtheU.S. 

iiowsc Federal Aviation Administration. 

r-.-«.i 5 ae Both groups juaised the new se^- 

' ■::ai jadae cnritymeasaresptrtintoeffeaafier . 

ri'r.’rrJDitc? the hijacking. ’. 

. EgyptAk passengers- departmg 

.-...I ;iXo 'Ail* for Cairo oh Sonday reputed that 
-- " jaiaju Egyptian air marshals 'codducled - 
■ .. L'. body searches of everyone who 

■ - t-’jcwsift boarded the plane and meticulous- 
" ly scrutinized their band ht gg a ga. 

• .::h: Graft 

’‘..iiapss * Security inCairo 
. r...c:jaric A spokesman for the Intema- 
; ’’ -r -sra-ds- tional Air Tranqjort Assodation 

- - -hr. tasff. said a group is to travel Tuesday to 
:.. ..rfOTai 1 Cairo to study airport security con- 

. ditions there. Agence France- 

i-j3.'a|S> Prcsse rqsorted Mond^r from Ge- 

'•- 7 ::.: L s ciC beva. - 


Of the hostages shot to back de- can girl and he kept cm like this” 
Brands for more fuel, the only one mui! six were shot. “1 heard th*™ 

tn /iio nroo r i *.» . . 


to die was 'Seadett Marie Riogen 
tramp an American. 


begging for mercy and waiting to 
bekrUed.” 


Big Joe Turner Dies; 
Blues Singer Was 74 


■ j!i >! t 

. - u’ "£ 

_ ■ . :* 

- ■* cit?? 

.. --V, {355 1 

-jiSi ^ 

■ .7 

■ v::- lS> ; 


[ Jetliner Had 
A Jinxedlife 

The Associated Press 

CAIRO — The EgyptAir jet- 
liner hnacked to Malta is the 
same plane that U.S. Navy jet 
fighters intercqrted last month 
-with the hijackos of the AchiHe 
'Laura on board. 

On'the morning of Oct. 10, 
UJS. Navy F-14s forced the 
pbne to land at Sigondla, Sici- 
ly, with the four Palestinian hi- ' 
jadcras of the Itafian cruise ship 
aboard.; 

. This time, hgackers took over, 
the two^ngmc jetliner on a Sat- 
urday night flight to Cairo from 
Athms. 


■ Los Angeles Times Service 

LOS ANGELES — Big Joe 
Tumeir. 74, a blues singer who 
transformed decades of urban 
blade music into the roots of rode 
"o' 'roll, died Sunday. 

Mr. Turner died of a heart attack 
in Inglewood, California. He had 
- been -in failing health for several 
years as a result of diabetes: 

He sang rhythm and blues songs 
such as “Shake. Rattle and Roll" 

. and “Lucille” that became the 
foundation of a new genre of music 
when white singers such as Elvis 
.Presley'-and Billtfaleypopularized 
. .them for audiences, of .white teen- 
. agers in the mid-1950s, 

. “AH his peers regarded him as 
one of the true giants of the blues,” 
the jazz critic Leonard Feather 
■ said. “The records be made with 
Art Tatum, the pianist, in 1940 and 
1941. are probably the greatest 
blues records ever made.” 

Maty Katherine Aldin, a histori- 
an of the blues, said Mr. Turner 
was the most-recorded bluies artist 
in history, with nearly 200 albums 
and re-issues to his credit 
A part of the New York City jazz 
scene of the late 1930s and 1940s, 
Mr. Turner appeared with the 
bands of Count Basie and Duke 
EDragton. 

He said that as a boy he trailed 
after two street singers, watching 
and listening to than as they ac- 
companied themselves oh harmon- 
ica and guitar. At the age of 13, he , 
said “I earned 50 cents a day lead- 
ing a Wind man around with his 
guitar, singing with him." 

Metropolitan Phflaret, 
Headed Orthodox Group 
NEW YORK (NYT) — Metro- 
politan Philare t, 82, archbishop of 
New York and Eastern America 
and Primate of the Russian Ortho- 
dox Church Outside of Rnssta, died 
Thursday at his home in New York 
Gty after a long illness. 

He served as leader for 21 years 
of a church that evolved from the 


turmoil of the Russian Revolution 
; .in 1917 and now has 80,000 mem- 
bers worldwide. With world head- 
quarters in Manhattan, the church, 
which is strongly anti-Communist, 
considers itself the one tree Rus- 
sian Church. 

- It is separate from the Russian 
Orthodox Church, which has 
10,000 members who follow a pre- ! 
siding' patriarch in Moscow, and 
the Orthodox Church in America, 
with one million members. 

Egon Egone, 86, 
JjtbogTO|dw 

BOSTON (APJ — - Egon Egone, 
86 , a photographer who developed 
.a style of printing that made his 
pictures lode like lithographs, died 
of cancer Thursday. 

He studied at the Vienna Insti- 
tute of Technology, and worked in 
Europe and the United States. 

Mr. Egone won medals and cita- 
tions for work shown at more th-nn 
90 exhibitions, and had studios in 
Milan and Viareggio. Li 1939, his 
Italian citizenship was revoked, 
and he fled to the United States, 
settling in Brookline, Massachu- 
setts. 

■ Other Deaths: 

Leslie Mitchell, 80, who an- 
nounced the opening of the British 
Broadcasting Garp.’s television ser- 
vice in 1936, in London on Satur- 
day after a long illness. 

, Kazoo Tashima, 85, founder and 
chairman of Minolta Camera Co^ 
Tuesday of kidney failure in To- 
kyo. 

Merlo John Posey, 83, an author 
and retired editorial writer for The 
Washington Post. Friday of cancer 
in Washington. 

James T. LIcavoG, 81, identified 
by the UJS. authorities as head of 
organized crime in GeveJand, ap- 
parently of a heart attack, in Wis- 
consin on Saturday. He was serving 
a sentence in the federal prison in 
Oxford, Wisconsin, on racketeer- 
ing charges. 


T n' 


• rin-: 


: - 


• ■ - 





Egypt Defends Decision 
To Storm Hijacked Jet 


(Coothmed from Page 1) 

but made little or no mention of 
casualties among the passengers. 
Some Egyptians filled with pride at 
the early, authorized accounts, 
gasped when they were told uf the 
deaths of the passengers. 

Others learned of the casualties, 
not from the stale radio, but from 
Arabic lan guage broadcasts from 
other countries. 

“Everybody is upset about this 
-—it’s very embarrassing," said one 
young woman. 

‘‘Egyptians will not take that 
nicely, so much loss of life." added 
a Cairo intellectual. 

When the midday state television 
came on in Arabic, there was no 
mention of the hijacking incident 
OT the nrrnimnnrip raid. 

Monday night’s television news 
showed the airliner's captain, Hani 
GalaL who felled a hijacker with 
the cockpit fire ax, and the com- 
mandos ret u rn in g and being greet- 
ed by the defense minister, Field 
Marshal Mohammed Abu Gha- 
zala. 

“They're letting the news slip out 
gradually, which is what I would do 
in their place," said a Western dip- 
loma!. 

Monday was a Moslem holiday 
in Egypt, celebrating the birthday 
of the Prophet Mohammed, with 
most offices, schools and stores 
dosed, so communication was 
slow. 

A strong undercurrent of innu- 
endo seeking to implicate Libya 
ran through the official Egyptian 
accounts Monday. 

The official statement, for exam- 
ple, noted a reported visit to the 
plane by the Libyan ambassador. 

“TIm Libyan ambassador in Val- 
letta went to the aitport and talked 
to the hijackers and then immedi- 


ately left for Tripoli at his govern- 
ment's request," the statement said. 

Egypt's relations with Libya 
have long beer, strained and Cano 
declared a state of emergency Sun- 
day along the border and dosed 
key desen roads between the capi- 
tal and Alexandria. The state of 
emergency and the road closings 
remained in effect Monday. 

■ VS. Investigation 

U5. officials said Monday that 
the United States is investigating 
the possibility of a Libyan connec- 
tion in the hijacking, Reuters re- 
ported from Washington. 

Officials cautioned that there 
was a long way to go before any 
suchconnecuoncoukl be proved or 
disproved, but they said the initial 
evidence was very strong. 

“A Libyan connection screams 
out as a logical assumption,” said 
one official. 

■ Abu Nidal Is Named 

Jhsan A. Hijazi of The AW York 
Tones reported from Beirut: 

Sources in Beirut said Monday 
that the hijackers were followers of 
Abu Nidal, who is known for his 
strong opposition to Mr. Arafat, 
the chairman of the Palestine Lib- 
eration Organization, and that they 
were dosdy associated with the 
Libyan leader, Mourner QadbafL 

The sources, dose to the Pales- 
tinians, said that the hijackers 
wanted to deal a double blow to 
Mr. Arafat and to Mr. Mubarak. 

In the so-called Cairo Declara- 
tion earlier this month. Mr. Arafat 
pledged that the PLO would re- 
nounce all guerrilla activity outside 
territory occupied by Israel. He 
made the move to dissociate the 
PLO from the hijacking last month 
of the Italian cruise bier Achill a 
Lauro and the killing on board of 
an American passenger. 


“Mit einem neuen Superlativ 
wartet Canon jetzt auf: Der 
grolSte Hersteller von 
Spiegelreflexkameras pra- 
sentiert die Canon MC, 
apostrophiert als ‘kleinste 
Autofokus Kamera der Welt’. 

‘Color Foto' in Germany wrote this about the 
latest compact to come out of Canon 


* - " * * 


■ ^ r r., . •, 

mH-* 



>■••• 1 ' y- 

& *> 


*t iX h'\y ' 4 “- - ;■>■< 




0**0* ;.5S-. 


; np m 

| ‘ *<■'' ' -Vi i ® - ■ z 

'^ T - '•"•■--‘K ' ' • -Vy°y. - 


Canon/VlC 



Germany is one of the most industri- 
ous nations. And WestLB one of its 
major banks. The last decade has 
seen us issue and place more than 
DM 115 billion in WestLB-Bonds. 

This is just one example of our 
ability to provide solutions tailored 

to specific needs. Of course, sophis- 


ticated services depend on tangible 
assets: The vast resources of inter- 
national banking. Plus an imaginative 
and innovative approach to financing. 

That, in a nutshell, is WestLB's 
simple yet universal business con- 
cept. You can bank on it wherever you 
do business. 


WestLB 

The Westdeutsche Landesbank. 


Head Office Dusseldorf 













Page 8 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


ARTS /LEISURE 


Little Steven Takes On Sun City 


By Michael Zwerin 

International Herald Tribune 


F I ARIS — Miami Steve Van 
ZandL also known as Little Ste- 


L ZandL also known as Little Ste- 
ven, wears a babushka, beads, 
chains, big zings. Gypsy shirts open 
to the waist His New Jersey syntax 
is liberally sprinkled with ■‘like" 
and “man.” He was Bruce Spring- 
steen’s star sidetnan for a decade 
before going out on his own in 
1984. “The South African govern- 
ment wants people like me to play 
there,” he said: “So they were more 
than accommodating." 

The guitarist-composer thinks 
maybe his Dutch name had some- 
thing to do with Lhe fact that there 
were no visa problems a year ago 
when he said he wanted to go down 
and “look around.” Van ZandL 
who says, “ft was cool because I got 
to talk to all sides,” did not Eke 
what he saw and decided to try and 
change the view. 

He is currently traveling around 
Europe promoting the album “Sun 
City: Artists United Against 
Apartheid,” which he conceived 
and co-produced. “You’ve got to 
be there to understand the incredi- 
ble degradation black South Afri- 
cans have to go through every day. 
I've always hated bullies, like the 
kids who beat you up because you 
look different than they do. 

“They are basically gentle people 
but we are the enemy. You can see 
it in their eyes, like, they’re asking: 
“Why are you doing this to me?’ " 

His private visit” attracted flak. 
“People wanted to know what I 
was doing there. The Dutch name 
did not help me in Soweto. Some 
people thought I was after publici- 
ty. A couple of people told me they 
didn't want me there, even looking. 


They said, *We want this boycott to 
be complete.’ 

“I said: ‘Wait a minute, wait a 
minute. This is where you’re wrong. 
Credibility doesn't work this way 
in America. If I can go back and 
talk about what T saw, that’s credi- 
bility." 

tie asked the various African 
groups he talked to if they would 
approve of carefully selected peo- 
ple performing in South Africa. 
Some of his own songs are about 
justice and solidarity. One group 
told him no, it was too late. They 
had invited Jimmy Cliff a few years 
ago, but now they decided they do 
not want anybody to break the 
boycotL no matter how “righ- 
teous” they may be. Van Zandt told 
them: “Okay. You got iL man.” 

The USA for Africa album (“We 
Are Ibe World”) for Ethiopian 
drought victims was criticized for 
having a token number of black 
artists. “Sun City," by comparison, 
must be the most pluralistic popu- 
lar music record in history. Miles 
Davis has his own track and serves 
as a sort of leitmotif popping up 
behind and between Bruce Spring- 
steen. Kurds Blow, Ruben Blades, 
Linton Kwesi Johnson, Keith 
Richard, Daryl Hall, Bob Dylan. 
Joey Ramone, Jimmy Cliff, the 
Mala poets from Soweto, and elec- 
tronically treated statements by 
Ronald Reagan, who justifies con- 
structive engagement. Nelson 
Mandela (“Your freedom and mine 
cannot be separated”) and Presi- 
dent Pieter W. Botha (“South Afri- 
ca’s problems will be solved by 
South Africans, not foreigners”). 

“It just grew organically,” says 
Van ZandL “After the artists did 
their bit on the Sun City song we 


encouraged them to contribute 
wherever they wanted. The album 
got its form out of that. The rap- 
pers would come in, rap on Sun 
City, then add their own rap. That’s 
what happened with GQ Scott- Her- 
on [‘Let Me See Your I. D.’j. Her- 
bie Hancock and Tony Williams 
were there with Miles, so that be- 
came a song. Then Peter Gabriel 
[whose haunting song “Bike” first 
got Van Zandt interested in South 
Africa] came in, and that became a 
song," 


Although Van Zandt seems satis- 
fied with sales — “They shipped 
250.000 to begin with and they’re 
all gone” — the number is not huge 
and there are other problems. 

Ironically, “Sim City” has been 
criticized for having bom motivat- 
ed principally by whites. Both pro- 
ducers have made their names basi- 
cally by re-working black styles. 
Van Zandfr band is, after all, 
called the Disciples of SouL And 
Arthur Baker has become one of 
the hottest producer/engineers in 
the business through bus use of 
techniques developed by Jamaican 
disc jockeys and dub poets. 

The sound has been called 
“rough" and “abrasive,” the sub- 
ject “controversial." San Francis- 
co's radio station KITS describes 
requests as “moderate.” A spokes- 
man for the Manhattan Record 
Shop says that the “Sun City” sin- 
gle is “moving slower than we 
thought.” Radio programmers say 
that with Band Aid and the Farm 
Aid album, benefit records are 
flooding the market. The music di- 
rector for Chicago’s WBBM calls it 
“charity burnout" 

Van Zandt says that all royalties 



Chririion Rom 

Miami Steve Van Zamh 


Sweaters and shirts... 
are there limits to comfort? 


One might have thought that the limits of comfort had already 
been reached... but now Ike new Lanvin collection has proved that 
they could be extended! 

The sweaters are in cashmere, in up to 6 threads ... the finest 
quality. They come with or without sleeves, with polo or turtle 
necks , and in numerous colors. The fancy sweaters are in a range 
of checks and match very warm country jackets , also in pure 
cashmere. Hand-made intarsias remain the great classics, while 
there is a clear trend towards cable knits, in contrasting colors or 

tone on tone . 

For shirts, it is obviously with silk that you will find comfort in the 

highest degree. 

This year’s main trend is to combinations of stripes in different 
colors, which melt into sqft tints as you look at them. 


' NORMAN ]. LAWRENCE 


STORE YOUR OLD tw3 
FUR IN A NEW jM I 
SILK RAINCOAT I /\ll 
Brochure on request L j M 
*-417 Fifth Amu, NYC 10015. 


LANVIN 


15, rue du Faubourg Saint-Honor 75008 Paris - 7 eL (l) 42.6S.t4.40 
2, rue Cambon, 75001 Paris - Til (1) 42.60.3S.S3 — 


Vantage Press. 516 W 3*fr) St., New York, N.V. 
10001 USA 


Our exchisivdy-ttesigned 
leather pocket diary 
is thin, flat and elegant 




No sooner was it introduced than 
everybody wanted one! 

The International Herald Tribune diary, 
started as a distinctive Christinas present for a 
few of our friends, was such a huge success that 
now we make it available to all our readers. 

This ingeniously designed diary is flat as 
can be — neat and luxurious — including a built- 
in note pad. Slips into your pocket without a 
bulge and is ready with instant “jotting” paper 
the second you need it Personalized with your 
initials (up to 3) at no extra cost The perfect 
Christmas gift for almost anyone... including 
yourself. 

— Note paper sheets are fitted on the back of the 
diary— a simple pull removes top sheet. 

— No curled up edges. No tom pages. 

— Comes with note paper refills. 

PLUS: Pages of useful information. 

Conversion tables of 
weights, measures and 
distances, a list of 

H -fiii* tendy national holidays by 
pohs p 3d v country, vintage chart 
■k /s teffiB&C and other facts... all in 

this incredibly flat 
little book. 




—■Gold metal comers 
— Plenty of space for appointments 

— Tabbed address section — Format 8x13 cm (5 l A X 3 in.) 

— Rich dark leather — Gold initials included 
—Note that quantity discounts are available. wmrwjwwue. ^ 


Return Order Form to: Paul Baker, Program Coordinator, International Herald Tribune 
c/o Datadav House, 8 Alexandra Road, London SW19 7JZ. England. 


Please check method of payment 

□ Enclosed is my check or money order for $ 

made to theorder of International Herald Tribune. 

I Payment can be nude in any convertible European currency ai curreni 
cujiangirraio.) 

□ Please charge to □ Access a Visa oAmex 

my credit card: □ Eurocard d Diners DMasimard 


Please send me 1986 IHT Pocket Diaries. 

Price indudes i nitials, packing and postage in Europe. 

14 5-9 "I UM9 Additional peeiafiB 

diaries dbria diaries ou&kfeEuope 

US.S2Dodi US.SI9ea±“ UJS.S18each U£.S3each 


INITIALS 

pto3perdniy 



i EM BLOCK LETTERS} 


hx qiHD tfiv orders, 
pose wscpiaa sheet 


Card No. . 


Address. 


Exp. Date. 
Signature - 


City/Code. 
Country 


26-11-85 


An Alternative Carpenter in Zimbabw e 

* . ■ ■ mu. mimirM frr 



By Michelle Faul 

The Associated Press 

H ARARE, Zimbabwe — Bevill Packer 
jumps dd and down on his paper tables 


have been on trial for a mOTtb at Harare s Janos from ibe pictures, w 

Jlii Home for Disabled Children. . SemSics.” 

One is being used by Darimgron Zambe, wno rhildrtrfs tables are decorated with raapg, 
has spent most of his 6 years lying 


they help save trees and energy. 

Packer, 70, a retired college lecturer, is a 
proponent of a craft he developed in the late 
1970s and dubbed “appropriate paper-based 
technology” (APT) — rrafcng things , out of 
waste paper. 

Today, Packer’s products, ranging from ta- 


aau w uuy uuu. . . . 

“The joy that little boy gets from his char » 
mo wonderful to see," sud Peck a* 
born in England and has lived in Africa for 45 
years, the past 22 in Zimbabwe. 

Wilson Rnvhere, manager of the home, said 


raoc or — — • ■ • « « 

dude chfldren’s buUding blocks, hats ana has- 
fCiCjff u' 

• “The possibilities are endless,” said Packet 
who with his wife, Joan, runs courses at rotnirnar 


WUU W1UI uid v-uv, 

wuson tuivocre, managa.v* — - — - ... .Wwcrie workers aid peasants. The 


bles to toys to bowls to baskets, furnish schools’ convmti 

• a ■ a I I TV 1 . .. J UtTMk flAll 


and homes in rural Zimbabwe. His latest prod- 
uct, a paper wheelchair, is being tried out at a 
home for disabled children- Packer has even 


costs 400 Zimba- 


Culivcuuvnuu VUW HWVW ■ . J 

bwe dollars (about $240) and an imported one 
around 800. Zimbabwe dollars. 

Packer his pul no cost on his wheelchairs. He 


home tor disabled ctmaren. raater nas even * — 17 ( 7f 0 , w h* the 

SOT? papa to msit solar o^ns with S? -J JS „ mb, 


“TTie Iwauty of it all is that afl AFT articles Um 


use and for sale. * _ * . "/J. 

Mrs. Picker said one of her demesne waned* 
who took the course earns about S54 a month in 
her spare time making APT fununtre. Ta&tjff, 
tidy sum in a country where the muumuot 
monthly wage is $45. 

"Packer is tobbving to have his craft taught m 


contain at least 99 percent waste paper,” Packer 
said in an interview. Materials to make the items 
cost virtually nothing, their- manufacture pro- 
vides employment and they promote conserva- 
tion. 

Saving trees is of benefit in Africa, where 
about 80 percent of the energy is. derived from 
wood. In Zimbabwe, many rural women spend 
half the day gathering firewood for cooking and 
deplete the forests in the process. ' 


high-school students to make them lor caamy. 

rum. all APT articles, the wheelchairs are schools along with woodwonang. n «s cneapor, 
m^byp^gS^^uSn^rof argued APT ns fra- 
S?p cardboard SS^aS^SSm -lion than woodworio^^^n^ 
potato bags, cereal carroosand other soaps can any tobuy a set of 

K preyed into flat surfaces or rolled to make ■ sht sard, is becoming scarcer and more apt* 
such items as table legs or wheels. • “ . ^ A wr ^drel teriS- 


The only cost is for floor to make the paste 
and varnish for the finishing. But Packer said 
craftsmen could make paste from leftovers of 
Zimbabwe's staple food, a thick porridge made 


“If they were taught APT, any school tewS- 
couldaan ra r n fa g money without any outlay at 1 
all,* said Mrs. Packer. 

• .- One drawback of Packer’s products is that 
they rsm deteriorate if rained on, so they are' 


rG.- .. ._ . PrrTTn mVnnAi . they can deteriorate it ranted cm, so mey 

Three of Packer’s wheelchairs, requmng only from ground wm. mot ibr me indoors or in sunnv weather, 

paper and paste and 12 to 20 hours oC labor. “We don’t boy paint to decorate — that costs meant for use inaoors or m sunny w«mcr. 


will go to the United Nations' “Af- 
rica Fund” — a third to families of 
political prisoners, a third to South 
Africans in exile and the remaining 
third to anti-apartheid groups in 
the countries where the record is 
sold. Although he is contributing a 
good deal of his considerable ener- 
gy promoting, he discounts his 
role: “Before the Malapoets gpt on 
the record, I said, ‘Are you sure you 
shonld do this? 1 They said, "Hey, 
listen, we have to do this record 
whatever the consequences, what- 
ever extreme it leads to.’ 


A Feast of Gift Books for the Gourmet Browser 


York Times Service (Friendly Press, unpaginated; 

T HE knkJtlmacks and luxuries $24.95), the artist brings remark- 
offered in this annual U. S. gift- able color and wit to his paintings 


gfhari D. Spence (Norton, 203 
pages; 565), which stands ouL for 
its color and variety of mood and 
dpfgfl, even among the increasingly 


there is doubtless news in this 3*1, 
inch-thick book of Nobel laureates# 


book roundup are indeed books, of such figures as Woody -Guthrie, detail, even among the increasingly 
each and every one of them. But Henry Kissinger, Jack Nicholson spectacular travelogues that im- 
some of them are as fun as toys, and Che Guevara, most of which proving photographic techniques 
Others are as useful as tools or were done for magazines or theater manage yeariy to produce, 
instructive as a schooihouse. As a posters. If Davis occasionally ro- Martin Seymour-Smith, Oxf rad- 


io come. . - .*■ 

You can’t trade ’em or fEp 'em, ! 
but they’re afl here from Lang: 
(Yogi) Berra, No. 1 m the I9H. 
series of “red backs," to Darrell; 
Evans, 792 in the 1985 series — 


group they looked so good ar- mantidzes his figures. Richard educated and the author of some 30 more than 2I,000 fall-color repro-. 
raneed together on the dinine room Avednn has done Quite the oddo- books, travels not with a camera in doccions Jtt • “ToppS Basebali 


ranged together on the diningroom Avedon has done quite the oppo- books, travds not with a camera in dnetions in “Topps Baseball- 
table that I wanted to leave them site in his static and powerful “In “The New Guide to Modem Work! Cards: Tire Complete Picture Cd-c 

.1 i .j - .1 r .1 .i , > tt l i imn ino4n T n- H/uJrr InphAii- A ILVmt Hidnru 


there and admire them for the sea- tire American West, 1979-1984” literature" (Peter Bedrick Books, 


son. But one must eat as well as (Abrams, unpaginated; $40). By 1,379 pages; $60) but with Ms amt- 


“When somebody tells you 
they’re ready to die to be on a 
record, that’s commitment.” 


t a white mand of more than 20 languages, 
s as miners, his omnivorous knowledge and his 


lection; A 35-Year History, 195 K 
1985,” foreword by Willie Mays.- 


read. Alas. photographing ’ against a white mand of more than 20 languages, 

“Actual Size: 250 Actual Size background such figures as miners, his omnivorous knowledge and his 
Images of the Real World," by the oil field workers, hospital inmates, sharp and outspoken opinions. 
Philip lief Group (Polphin-Doub- slaughtered livestock and his al- (“To say that Frost is overrated is 
leday, 70 pages; paper, $9.95): De- ready famous boy bolding aloft a not to say that he is unimportant”) 
picting such objects as a shrew's bloody eviscerated rattlesnake, he Had we read Seymour-Smith soon- 
brain, a million dollars is $100 has done more toderomantiaze the er, we would have knows mart 
bills, Julius Irving's hand and a West than a day spent without wa- about Jaraslav Seifert, “a minor 
fingernail of the Statue of liberty; ter in Death Valley. An amusing poet” but “a man of courage,” and 
this 11 -by- 14-inch stocking staffer antidote to which is “Cadillac,” Claude Simon, “the novelist of en- 
puts things in proportion as few with photographs by Stephen Sal- tropy, of naming down.” And 
bodes have done before. mien and a text by Owen Edwards 


introduction and cud history by Sy - 
Berger., text. by Frank Slocum. 


bodes have done before. 


Claude Simon, “the novelist of en- 
tropy, of naming down.” And 


Berger,. text. by Frank Slocum. 
(Warner, ^repaginated; $79.95).- 
Entertaming bcHh as a glimp se of . 
basdtagkev ohtti onandasahisto- 
ry of lhe modern bubble-gum card 
phoiranrocsL Now all we need is . 
campuDOS'vdumes from all tire.- 

o Hmr ; dimpa nifc lltat have beCD'. 

pubfisMug basebaii cards since the , 
I9&centnry. 


“Bordeaux: The Definitive (Rizzoli, 142 pages; $50). In more 
Guide fra: the Wines Produced than 80 portraits, many of them 


Since 1961,” by Robert M. Parker hand-painted by Sydnie Michele 
Jr.; drawings by Christopher Wra- Salad eri, tins handsome volume 


AUTHORS WANTED 
BY N.Y. PUBLISHER 


mell (Simon & Schuster, 542 pages; shows us America’s icon of success 


$18.95): A chateau-by-chateau in all its styles and moods, from 
analysis of nearly evoy wine pro- vulgar opulence to junked neglect 


looting jubsdy book publisher seeks manu- 
scripts or oil types, fiction, non- fiction, poetry. 
juvtnJe. Bchokity ond rrfaout wtyfe, otc New 
authors weJoomed. Sand liar free booklet 1+3 


ducod in the Bordeaux reffon of Car bodes come and go, but this 
France from 1961 through 1984, by one stays. 


Lntics Uispate Ments 
Of 'Shakespeare’ Poem^ 


the editor and publisher of the Movie books come and go, too. 
“Wine Advocate.” Using terminol- But while “Astaire Dan cing: The 
ogy that even those lacking; a taste Musical F3ms,”-by John Mucfler 
for wine can understand, this hook (Knopf, 440. pages;. $45Lis almost 


Movie books come and go, too. ' . sritL ^Thdre are 15 such words inn 

Bnt.^c-AstoneDmdng; Jre tHE ^cd^ <if 90^ o( , ih&poe^^nsratbewradmmcy 
Musical FBms^by John Muefler ^ V erae atufetned to-Waihaif- as. a nram exile as a verb, mfenor, 
(Knopf, 440. pages;. $45), js almost . sh^t-r^ peai,. TlMai-thcre are cer- 

Iaa FitTl /if FtwI A ctuirwV mvvnniw * - • ^ • - ' • .'S' nftm' 


wrads ln his works,” Schoenbanfu 
said. “Thdre 1 are 15 such words inn 


provides both a quick-reference 


Two practical and appealing one’s consdousiess as an extrara- . “Urdess strong oontratfictray cy- 
books on home decorating — -“The dinary study of film art. ha the ide nce surf aces at some pomL the 
Mary GBliatt Bode of Color” (Lit- particular lies the key to thegener- presumption is tiiat the poem is by 
tie. Brown, 128 pages; $19.95); and aL and in the meaning of Astaire's Shakespeare, sad&mmd Schoen- 
“Terence Ctmran’s New House movement, this professor of film at banm, the American consuhmit lor 
Bode” (ViDard, 367 pages; $40): the Univeraty of Rochester con- the Oxford UmvCTnty Pr es s &akc- 


Mary Gilliau Bod; of Color” (Lit- particular liesthek^tothegener- 
tle. Brown, 128 pages; $19.95); and aL and in the meaning of Astaire’s 


Bode” (ViDard, 367 pages; $40): 


the Oxford University Press Shakc- 


GiUiatt who has written extensive- vinces us, Kes a deeper understand- ^eareProjcctau^ theauthra of the 

- - • _ - iwwifh/ nnWtchwi “XnjilrpcnMrft 


ly on interior design, concentrates ing of cinematic 


on color coordination, devoting a ’ For travel in 


recently pnNished “Shake^eare 
and Othas.” He is Distinguished 


chapter to each important color, that is “lhe Hudson River & the Professor af Re n a issan ce, Litera- 


along with in 
of room sets. 


Efighlands: The Hbotogcaphs of Director of Renaissanoe 


throo^i Shakespeare's works and', 
found a total of 73 times that these 
Shakespearean words were used, f 
“H tins poem had appeared in a' 
Book, it might have been ' 
suspicious,” he said. “Some pub- 
lishers might have wanted to gam ' 
by the use of Shakespeare's nam e/ 
But this poem can’t make money— 
there’s no profit motive here. This, 

«c p/4taTi v Aim of ifc Tiort n • • 


^^KeSm^^h an ^'Baroque. Studies, at the Uni- * «hdarahip at its best' 

j .... ", . m ‘ umihrArMarriowl * - n>nn-« i .... L. «< 


the home furnishing and clothing essay ^by James Thomas : Flamer, 
empire that bears ms name, takes and an afterword by Rdxzt Glenn 


versity of Maryland. 


[Reaction in Britain was mixed, ^ 


you by the hand and leads you Ketchum (Aperture, 87 pages; 
through the entire process of de- $25). These stately, straightforward 


Some rehdara remained skxpfr ^ Associated Press reported. Pro:" 
cal, the Associated Press rqxjrtedJ fessor David Palmer of Manchester 


signing and decorating a bouse, . nature 
whether you are starting from derstai 


make 'us tm- 


- in an ’Interview on Saturday 
from his home m Washington, 


anew vriiy an entire s^ool &toenUu^d:^ 


scratch or simply planning to pro- of artists devoted M to the Hud- Sflpr^d GwT 5? 

vide some storage space for your son and its raptwatmg omrons. lorhasmadeoutaprima^aaectBe 
wme collection. And for travel farther afidd there is * n 


University said, “I don’t think 
adds mudx to Shakespeare's repujp 
tatioo. It is an overt display of 
ingenuity but it has poor poetic^ 
quality. . - - 


from all the evidence that it is a 


Two unusual collections of por- “China,” vritb photographs by Kr- aakespeme tx*^’sTb£l£n t 
■aits: In Paul Davis’ “Faces” oii Kubota, and a foreword bv Jon- Ma^rarepoem. ju a iinlliait 


DOONESBURY 


qji Kubota, and a foreword by Jon- discovov? ^ - ’ 

“I 7 Robert Giroux, author of “Ibe 


HI, THSGMARKSLACKmat., 
cams TOYOUFPMLAM- ' 
, ysmiwKumAspeaAL 
I uv&amxAsroFTjRBAN 

: HOMbCOmNlONf 


?B Br/ 

"e e rt 


FJGHTNOWHete 

TAUQNBJOAUCe 

p.scmmzmi, 

AMEMBBZCF 

THBHCMBSSB 

COMW iflY.. 


*A MEMBER. 
OFTHB 
HOMELESS 
COMMIT* 
IUKETMT! 


Book Known as Q: A Consider- specialist at Woroesti 
ation of Shakespearean Sonnets,” lord, said: “It was sc 
and chairman of the editorial boani at first I just read tin 
of Farrar, Straus & Giroux, said he and then gave up." 
looked forward to Trading Taylor's (Taylor ra n the pc 
reasons for conducting the poem computerto give it * 
was by Shakespeare. After having test," as wdl as check 
four of du nure stanzas read to script for possible foi 
him, Giroux commented: “A pretty Brink computers ar 
poem, but by. Elizabethan, start- Wilders commented. 
dards — whidi were very high — [John Carey, Mer 
not superior verse. If it is Shake- of English Literatui 


(“I shall be a skeptic until I haven 
looked at the method of TaylorV. 
analysis," he added. -u 

[John . Wilders, a Shakespeare! 
specialist at Worcester College, Oxs: 
ford, said: “It was so dreadful that' 
at first I just read the early stanzas? 
and then gave up.” 

(Taylorran the poem through 
computerto give it “evoy stylistijcj 
test," as wdlas rfwHrmg the manu^ 
script for possible forgery. “I don't-, 
think computers are foolproof"^ 
Wilders commented. - f 

[John Carey, Merton Prtrfess^Bj 
of Engjish Literature at Oxford^. 


speare’s, T can see why he never said be was not convinced “because 


spe arcs, i can see way ne never 
published it It is youthml iq con- 
teoL feeEngand style, espedaBy in 


of the quality of the poem.” ~- 
[TTie poem will be included in the; 


if cocrectly , ... 

‘Fly away, pack away;* "should be Univeraty Press, credited by Tay-“ 
either TTy away, Tue^away or Ipr and -Stanley Wdls, a Briti&. 
‘Back away, pack away;' or some- expert on Shakeaxare. Wells said; 

Ulu b /— i L J .LV ' t,a 9. 11 . ■ • ■ V' 


rted, are flawed, 
away” “should be 


Shakespeare,” to fyei 
pubhsfaed next year by the Oxford 
Unrveiaty Press, co-edited by Tay-“ 


[as ossa , 


K1NP QFA CCNTRAPtCTIGN 
INTEFM5, BUT !T SOUNDS 
CLASP/, rr CONVEYS A 
UTTISDIQM.A SENSE 
aFom*EspEamj7Y. 

. A. ' 


URBAN! 



tiring like It Compared 'to. the ma- he backs Taylor’s cJwfm about the 
turity and subtlety of ; Ms rOwemx .poenL] 


and the.Turtle,' this is.adolCscent. 

“If Shakespeare did riot publish 
his great sonnets and, in fact we 


■ Htiodel Worics Fotmd m Britnol' 


ior choral works 


oweth«n to the printer-^y;Tbom> composwGoorge Frederick hS 
as Tlwqje, it’s nof mrgnamg he dd (1685-1789) have been found mi 

KOIf f Stiff- fWViTi nart nf.nrinr ” • • o lra> j - tr , ■“> 


kept thit poem out of jprinL” 
Schqe n o an m had a. copy of the ' 
poem and Taylor's suppmtmg 13- 
page document provided" by Ox- 
ford University Press hi New York. 
“Thills one of Shakeariare's oc-. 


a uw cupboard in Manch ester, ac-j 

cording to Sotheby's auction house? 

Reuters reported that the maul)?, 
scripts, written in 1707, were dife 
covered by Vivienne Plummeg-. .. 


ft is - extemdy ingenious in its 

rhyme ; sd^ne, it has seductive Now recoRaizcd as oriBnsTfMrf^ 

qualities ironies; a mature of of the P^aGcrmJn 
moo^flK ndi amplcade that “CanndiwS^SwS^i 

SMdMduiSdb “ d eraW ^ w,,1, ^ 

wfaaofauthentjdq-aT^s _ “If 5 late alBrtm 





is 


SW- » rather extraradinaiy tM- 
doannent-Mid m the they should turn 


■poem mm. ‘ 

“Shakespeare often 1 tried ; rare 


tenaiy year of HandePs birth,” tW ; 
spokeswoman said. - 





f tV 2 : . 


THE BEST OF ALL POSSIBLE WORLDS 

DOLDER GRAND HOTEL, 

Zurich : V 


'For h i tt aJ mwk 


• • • ' AND • , 

of: Course 


Raoul de Gendre, Dir. Kurbauutraue 65 # OL8032 Zurich, 

Telephone: 01/ 25 1 62 31. T«4«x, 816416 grand di ;r i 


. Best prices/ Export discounL 


Cashmere -Souse 

.-.I ^ro^Agnesseaa 



K 




* 


?- 

w 


F. 


m 

*►. 




i 






mm.- 
















•4k Ti - 


ar. 


»4M 
V i-: 








C, 

\+- 


r T*r..y: 




r 


Er 






.PARIS#, 


Ml' 


fchwrt-- 





* . .-v ■ re' «. .-.v at -j - j ■ 

- v Y 1 i . -* : 



r *n Z; 




; 2fr I • ■ T • ■■-. .; 

r — ~ 

— 

r. ; . : ^^ U.S. .Banks: 

/ \ : Offehore 

Facilities 


licralb^^eribune 

IUlM>MlTW V. l^Tto-wdlV h^. fm. 

EUROMARKETS 

A SPECIAL ECONOMIC REPORT — PART H 

TUESDAY, NOVEMBER 26, 1985 








Pan I Appeared 
In Yesterday’s Edition* 

Page 9 


-*sv. 


:• x- ” ■ .•• 

■ ■' " y : By John M: Berry ■ 

: WASHINGTON — Intema- 
■ ' =r ^j^ \ tional banking facilities, bankings 
, ni version of a free trade zone, contm- 

•" ^T. to ufr, to proBferate in the United 

' *' States and are soon, expected to 

spread to Japan, a development 
• - • _ . t ^ taat could further' the intemation- 
. .. . .'■■ ■' alization of the yen. 

: -'fu;, ; Ncxt month will mark the fourth 

. — anniversary of the be ginning m the ’ 
, . United States of these facilities, 

irlfrfTlilt Ww known as EBFs,.with their total 

1 *- * *3/Y>|j«o_^ nearing 550 and their assets ap- 
Vfi'JJgJ* preaching $250 bfllioii. 

It took neariy 10 years to con- 
• * 'iibtu-; vince the Federal Reserve Board to' 

allow creation of an IBF, which 
.allows a- financial institution to 
- ' tjjj' 7.ondoct deposit and loan business' 

"J!j[Z l t8 *e with foreign residents, including 
■ banks, without being subject to re- 

: ■ r ;i ; J', J %; serve requirements or interest-rate 
'-in “flings- -In some cases, than are 
v.. : - ti state and local tax advantages, too. 

.. p -A skeptical Fed required IBFs to - 

Dvr V^fe. comply with a variety of regula- 
• • dons, such as a minimum two-day 

maturity cm deposits from non- 
....1,^2 ** bahk foreign residents, designed to 
• -- make sure the new operations 

. - .‘ : , U would not affect die conduct at 

... p monetary policy or be used to get 

... around Interest-rate ceflingsand 

"■ XL reserve requirements. • 

' : - -is: bifeto. "There have been no problems at 
_ r - r ":. Sir aH," said Sydney J. Key, the Fed’s 

' -jLissbj' “P® 1 0X1 IBFs. “The board was 
concerned at first, but the exanrin- 
V-itdoa J OT have found complete compU- 
" ance with aflthe regulations.” 

For instance, the examiners 

found that there have been few if 
ir. any deposits taken ham nonbank 
1 1 i ! P lldiirfn foreigu residents with maturities of 
-rxUliy less than seven days. Mr. Key said 
Such deposits must, in any event, 

. . _ . * T\ Crberally be in amounts of at least 



International 
Capital Markets 
Have Record 
Business Year 


Debt Service as a Percentage oi Exports 

(includes interest and amortization) 


Latin American Debtors 
Resisting IMF Terms 


By William A. Qcrae Jr. 


• jy f 17 - vwuipij tviui #• roitvij Wi cr v rr 

• t ^ ns ’ sudi as a nammnm two-day right and 

•'.r-! ic2t W t : maturity cm deposits from non- chorusing 

. , ' ra fei batik foreign residents, designed to foreign de 


Dispute .Merits ES 

. Sudi dqxisih 

:iakc*i)eare , Poe™» bei 

j u '-» In the aba 


«vni' ic. 

r -.T.ari^p 
:i aidtis 
' lid" "Sz 
• _■ • 


. T-OlSt® 6 


In the absence of IBFs, a snb- 
. .. stantial portion of the neariy $250 
. , hHhon in loans held by them would 

■' Ir sasr have been booked through offshore 
"• • L ' i - ifc’c b randies, particularly in theCarib- 

- eta bean. ’ ■ . 

Thru ih- - Instead,,,^^ assets j Of . such 

- ti: Salop hranebes -declined shgltily.. from 

- -.:za. repeats: $149 bOlionJn November 1981, to 
'.r.r!;. Tavlr: $141 billion in July 1985, the latest 
; v.U^iBs'jG figures available. Over the samepe- 

_ IQs i rlod, total assets of all other foragQ 

: -r-v: -rnlis. branches, of UA banks rose from 
r ^ $314 bilHon to $322 billion, exactly 
o^Efsetting the Caribbean drop. 

■ ^ M -iz . .Claims.ai Caribbean branches 
’* 00 fwogn residents not associa t ed 

• r w y^th the fending bank fdl from $57 

. : bmion to $47 wffion. . 

" 'r^’t ; An official at one mqbr New 
• ' : : 3f5 , York bank said its IBF operations, 

■ 115 winch areamducted entirety out of 

- £ 33 : ctVls New Yoric City office, ^now fle- 

p-c.ssi count for more than 40 percent of 
■'r jg a!!se the bank’s total loan portfolio. The 

• u.j ‘]os»i Itink still mamtains a branch in the 

. . Bahamas, he added, but the 

T . - faiif ataount of business booked that b 
~ b “qmtesmalL” 

InitiaQy, growth of IBFs was ex- 
plosive. They had $57 billion worth 

- assets at the end of tiuar first 
month’s operations in December 

• ' -**■ ^ 1981, with most of that totidrqne- 
seating digible assets shifted from 
.• fordgh branches of U^. banks, 

paiticolariy in the Caribbean. 

- £ ? Dining 1982, tl» total rose to. 

- $^53 bOnon but growth began to 
•i'. :v '~~r; taper off. Total assets rose to $192 

. ' bilhonattheendof 1983 and $228 

.. bjffion as the end of last year. On 

-z-i^'ipQt. 31, IBFs had $241 MKon in 
^ "assets, down from $248 billian at 
. i- the- end .of Seprember, an urmsoal 

dip. . ■ 

" Usst March, a special committee 
created to advise the Japanese mio- 
" ’ isfer of fmance on ways to increase 
“7-- d theuseoftheyenas an intemation- 

- d currency, a gpal strongly being 

m?ed by the United States, recom- 
t mmded that Japanese banka be at 
] ..'7.' 16wed to set up IBFs in Tcdcyo^ 

- ^ ' , Thr TT’TOnirrKl'dnrirm game after 

the committee had closdy studied 
! tte Ameriom expaiaice. Again, a 

igj particular concern ms that ere- 
■ , , atim. of the facilities not disrupt 

*** j.,.- the condnct erf monetaiy policy. A 

fm srtnal advi ser ax the Japanese 

Embassy in Washington said it was 
: r “^itit^hkeh^' that the finance min- 
.. i s ter would ^)p rove the recomnon- 

< ;r ' datioti but he could not say when 
. sikh approval might come. 

:v . r Meanwhile, more than 300 of the 

.£^,1 LBFs in the United. States have 
y &K: been set up by agencies and 

- ’ ‘ '.-z't branches of foreign banks. These 

' jt fordgn-rdated IBrs bdd $146 bfl- 

- lion of the $241 trillion in assets at 
a ^ IBFs at the cad erf last month, 

, .-'-' - f according to Federal Reserve fig- 

; ■ ures. More than half the assets in 

... foreign-rdated IBFs were hdd 

“7^ ?*' by those associated with Japanese 
;V ‘ banks another one-tenth or so 
% .& S £ by those associated with Italian 
r : ''**¥ m * banks. Aboaf three-fourths erf all 
". ;<■ - Jr.# the IBF assets are hdd by those in 

■ 'irT New York state. There are 238 

o- y/ IBFs thae, vrilh 182 of than at . 
. grades or branches of foreign 

J tanks. . 

-XT* ■ However, the rannber of IBFs is 
“ Rowing rapidly elsewhere in the 


MEXICO CITY —In the cav- 
ernous haQs of the Mexican Con- 
gress, opposition legislators from 
right 3nd left could be beard 
chorusing complaint* about the 
. foreign debL 

A conservative congressman, 
accusing the government of cut- 
ting off credit to private business, 
said public-sector debt repay- 
ment was “strangling” the econo- 
my. A Trotskyitc representative, 
meanwhile, urged that interest 
payments be redirected toward 
fg rfonnafcp reconstruction and 
said Mexico 's Interna tional Mon- 
etary Fund debt agreements had 
“tamed the national economy 
over to the CIA." 

Members of the majority Insti- 
tutional Revolutionary Party de- 
fended President Miguel de Ja 
Madrid’s fidUpayment approach 
to the debt issue. 

Yet just a few days earlier, 
some pro-government unions, the 
backbone of the ruling party, had 
joined a leftist-led demonstration 
dwniwidmg an immediate suspen- 
sion^ aH foreign debt payments. 


A splinter group, sensing a shift 
in the public mood, began paint- 
ing “Viva Alan Garda" above its 
party emblem, a reference to the 
new Peruvian president’s pledge 
to limit debt payments to 10 per- 
cent erf Peru's export earnings. 
This was an implidr criticism of 
Mexico’s acceptance erf a servic- 
ing burden exceeding half its 
hard-currency income. 

“The opposition is much stron- 
ger now, even within the govern- 
ment,** said a senior Finance 
Ministry official. He acknowl- 
edged that resentment over the 
social and economic costs of 
compliance with foreign debt 
commitments increasingly was 
limiting the government's maneu- 
vering roam at home and abroad. 

“We have to be much more 
careful, more sensitive to die po- 
litical climate," he said, adding, 
“It's not sur prising that there is 
resistance. We have to solve this 
problem somehow, but it’s not 
going to get any easier." 

Throughout Latin America, 
opposition is growing to IMF 
austerity prescriptions that have 
been imposed on debtor nations 



1982 

1983 | 

1984* 

Argentina 

107.7 1 

127.0 : 

116.8 

Br«rii 

86.0 

61.0 

45.2 

Chile 

63.6 

59.0 1 

58.3 

Mexico 

71.4 

80.6 

54.4 

Peru 

57.0 

68.0 

89.0 

Venezuela 

27.9 

316 1 

30.4 


i Gopo-ton Houab 


1 Eswnaus 


Source: Infer -American Deveiopmeej Bank. 196S report. 


since 1982 in exchange for debt 
rescheduling. 

Venezuela, the first bag debun 
to successfully resist creditor de- 
mands for an IMF accord, is now 
seeking a 90-day payments mora- 
torium to conclude a $212-bfl- 
lion rescheduling agreement. This 
includes an innovative “contin- 
gency clause"' that would lower 
servicing co mmi tments in the 
event of an abrupt drop in the 
price Venezuela gets for its oil 
exports. 

The Brazilian fmance minister 
Dilson Funaro, less alarmed by 
the country’s 220-peroeni infla- 
tion rate than by continuing in- 
dustrial stagnation, recently un- 
veiled a growth-oriented 1986 
budget that he said would be 
adopted “with or without” IMF 


President Raul Alfonsin of Ar- 
gentina, praised by bankers for 
his anti-inflation campaign, 
which included the creation of a 


Funds Raised on International Markets by Type oi Instrument 

(in million U.S. Dollars) 


International Bonds—. 

Foreign Bonds 

Special Placements of 
.Bonds (•) 

Total issues of Bonds. 

International Bank Loans—. 

; Foreign Bank Loans.: 

1 Other International Facilities. 


Total Funds Raised 228,773.7 55,512.8 74,948.7 68,866.2 

(*> Issues by devdo p ma n imtitmions placed directly with gove rnmen t! or central bank* rod, mm from October 1984. ismis 
specifically tainted to foreigners. 

Source: OECD. 

S/wap Deals Begin to Mature 
With Liquid Secondary Market 


1984 

1985 


Qi 

Q2 

Q3 

•81,717.2 
27,800 J 

2,000.0 

30,822.2 

6,302.1 

37,724.7 

7,068.8 

1,000.0 

29,894.4 

8,035.9 

300.0 

53,218.8 

8,760.8 

55,276.4 

11,078.4 
1,908.8 
5,4013 . 

13.242.8 
1355.6 

14356.8 

■M 2303 .. 

17.898.6 

1,601.4 

11,135.9 

228,773.7 

tmim 

55312.8 

74,948.7 

•130*35*; 

68,8663 






* -i** 

: ■■ 


- 

' JC 

- 

' v.. ■ 


United States, particularly in Flori- 
da, which now has 86, and Califor- 
nia, with 98. More than two-thirds 
df those in Calif tmaia'have been set 
dp by foreign bank branches and 
(Continued on Page 13) 


Philip Cbggan 

. LONDON — ■ The interest rate swap was once an 
exclusive product, taikir-made for the sophisticated 
borrower. Now, swaps are a $ 1 50-biIlian-a-year indus- 
try, with a traders’ dub, the International Swap Deal- 
ers’ Association,^ hqmd secondary market and world- 
wide activity. 

Experts estimate, that around 80 percent of Euro- 
bond issues are linked to a swap. “Tf s a mature 
market,** said Francis Peckham, associate director erf 
First Interstate Capital Markets. “There are now a 
significant number of banks inverived.” 

The majority of the^ banks in the market are Ameri- 
can. It is estimated that of the 1 5 mqjor houses that did 
more than $3 bnfion erf swaps business in 1984, only 
one, Banque Paribas, was not from the United States. 
The five leading firms, in volume terms, were Citicorp, 
Salomon Brothers, First Boston, Morgan Guaranty 
and Bankers Trim. . 

The base concept of the interest rate swap is simple. 
Two borroweisraise money separately and then agree 
to make each other’s interest payments. But swap- 
market players have gradually expanded and compli- 
cated this simple idea. Swaps can now be engineered 
involving several currencies and among up to half a 
dozen countoparties, with, the bank in the middle the 
only party fully aware of all the details. 

Seine banks act as swap principals, taking the deal 
onto their books and managing their net swaps posi- 
tion rather than each individ^aT deal. Others act pure- 
ly as brokers, bringing together swap counterparties. 
A third group follows a compromise strategy. They act 
as principals and then "wardiouse'' the swap by hedg- 
ing it in the bond or futures markets until they can find 

a matching counterparty. 

In ihe eariy stages of the market, swaps were linked 
to primary debt issues. Now, swaps are also used to 
transform existing debt. Borrowers can use the swap 
market to restructure their debt portfolios by switch- 
ing from fixed funding to Boating rale funding or 
from, say, dollar debt to stedmg, depending ontneir 
view of future interest rate movements. If their view 
changes, they -can reverse the swap and end up where 
they started: - 

Assets, as well as Hahilitws, can be swapped. “One 
popular strategy " explained Detrdre Daffy of Mor- 
gan Stanley, “is for investors to purchase cheap fixed- 
rate bonds and enter into a swap so that they make 
fixed-rate payments and receive a floating rate. The 


voived for less than a tenth of a percentage point,” 
said First Interstate’s Mr. Peclcham. Such is the nar- 
rowing erf margins that some banks spend little time 
g enera ti ng what they call the “plain v anilla, " or ordi- 
nary, swaps and concentrate on more complex deals 
where the returns are greater. 

What is arguably the first case of swap default has 
come to court Eariy this year, the Beverly Hills 
Savings and Loan Institution folded. Renault Accep- 
tance was a coomexpany in a swap deal involving the 
institution. On bearing of Beverly Mis' problems, 
(Continued on Page 13) 


j. V . .. ■ 


b4c* -Arrmncnn D^velopne** Bank 

Borrowing for development has Increased Latin 
America’s debt load. Above, Honduran fanners dear 
ground for planting. Below, a road fined with new 
electricity poles in Brazil’s Minas Gerais state. 


new Argentine currency, insisted 
nonetheless that only a* “political 
solution" could resolve the re- 
gion’s debt woes. And in Pern. 
Mr. Garda recently threatened to 
pull out of the IMF entirely and 
set up a “Latin American Mone- 
tary Fund.” 

Despite these displays of defi- 
ance, Latin America seems no 
doser to a resolution of the for- 
eign debt problem than it was 


when creditors first began refus- 
ing automatic loan extensions in 
1982. With the regional debt cri- 
sis now entering its fourth year in 
full vigor, what is called in Span- 
ish la deuda externa, or external 
debt, is becoming known as the 
deuda etema. the eternal debL 
Latin America’s foreign debt 
now totals at least $360 billion 
and could swell to S450 billion by 
(Continued cm Next Page) 


By Carl Gervirtz 

PARIS — Champagne, confetti 
and year-end bonuses should flow 
freely this year at the banks active 
in the international capital markeL 
Whatever measure is used, it is al- 
ready certain that 1985 will see a 
record-shattering volume of busi- 
ness. 

In the Eurobond market, new- 
issue activity appears headed for a 
64-percent increase — an estimated 
S134 bmion. based on the volume 
registered during the first 10 
months of the year. The volume of 
foreign bonds issued in domestic 
markets was a more modest 3 per- 
cenL With the traditional distinc- 
tions separating these markets rap- 
idly blurring, most analysts now 
prefer to talk about the' interna- 
tional capital market, covering 
both segments. And by that mea- 
sure, according to data compiled by 
the Organization for Economic Co- 
operation and Development, busi- 
ness is up 50 percent from a year 
ago and running at an annual rate 
of $166 billion. 

The big fees all this business has 
generated for underwriters is cause 
for jubilation at the merchant- and 
investment-banking arms of the 
commercial banks active in the 
markeL But monetary officials pri- 
vately question whether the singie- 
mindeef drive for increased fees is 
not leading banks to mortgage fu- 
ture earnings for higher current in- 
come. As a result of the Third 
World debt crisis, commercial 
banks have moved away from their 
traditional business of transform- 
ing short-term deposits into medi- 
um-term loans and are now in the 
business of transforming their fi- 
nancial muscle into naming fees. 
These boost income without neces- 
sarily increasing assets ("loans are 


f . 


GM&M 




return from the bonds is greater than the level of fixed- 
rate payments under the swap. The swap has thus 
allowed an investor to transform a fixed-rate invest- 
ment into a floating-rate asset with an above-market 
return.” 

There is a regular swaps market in the major curren- 
cies with banks ready to quote, for example, swapping 
five-year Deutsche mark fixed rate into-U.& dollar 
floating-rate set at the London interbank offered rate. 
But profitable o ppor tu ni ties can occur in the new 
markets. Early this year, there was a spate of Euro- 
bond issues in the Australian and New Zealand dollar 
sec tots, winch created the opportunity for borrowers 
to swap into U5. dollar debt at below Libor rates. 

Swaps are off-balance-sheet transactions and 
are not at the moment obliged to take precautions 
against the possibility of default. However, if default 
does occur the bank may find itself paying interest on 
an unwanted loan at an above-market rate. Cross- 
cuneucy swaps increase that risk by adding the poten- 
tial for currency loss. As a result, banks are more 
careful about the counterparties with whom they will 
condnct a currency swap. 

There are signs that regulatory authorities are con- 
cerned about the volume of off-balance-sheet transac- 
tions conducted by banks. The Bank of England has 
already imposed reserve requirements on banks’ con- 1 
ducting Euronote bittiness. ‘It’s likely Lhai at least one 
regulatory authority will impose reserve asset require- 
ments for banks undertaking swap transactions,” ac- 
cording to David Pritchard, of Citicorp. 

One way that banks can protect themselves against 
default is to increase the margins charged for swap- 
ping with poorer credits. However, the margins an 1 
which the interest rate swap market operates are very 
thin and consequently the scope for wide credit differ- 
entiation between counterparties is limited. 


’ v. % . ’ . x ' . • • • 

• ' • ’i. . " " ! ■’ 

' / * *• ' , v * ! .' s ’ ' ’ 

• ■ * • . , j - ■ *, ■ , * 

PRIMARY DEALERS IN 
: ; r ^:S- TReA^JRY St 
fEpERAtASENCY 
' : : SEClflaTfES 

V ane> v 

MGNEYMARKEr 
I' INSTRUMENTS 


assets), enabling banks to comply 
with the demands of regulators to 
augment the capital base and raise 
the ratio of capital to assets. 

At first glance, it would seem 
that the record volume of activity 
in the international capital markets 
is exactly what the banks need to 
help them adjust to the impact of 
the debt crisis. But a closer look at 
this year’s borrowing binge raises 
some disturbing questions. What is 
behind it? And are the banks re- 
placing one set of problems (re- 
scheduled loans to developing 
countries) with a new set of equally 
dangerous risks? 

What Lriggers the worries is the 
fan that this year's volume of capi- 
tal-market business bears little re- 
lation to the real world. Business 
investment, international trade and 
economic growth are not advanc- 
ing at such rates to explain the rush 
to capital markets. Nor is inflation 
artificially swelling the numbers. 
Rather, the figures indicate that 
borrowers are seeking to refinance 
existing debt — bond issues as well 
as bank loans — at the significantly 
lower cost now available. 

Of course, some of this cost re- 
duction represents the absolute de- 
cline in interest rates from the re- 
cord-high levels prevailing a few 
years ago. But an untold pan of the 
reduction stems from the intense 
competition among banks to earn 
fees. This has added to the liquidity 
of the bond market (and downward 
cost pressures) as the banks them- 
selves are now much bigger takers 
of paper than they were, reflecting 
their current preference for assets 
that are, at least theoretically, in- 
stantly saleable — securities — 
rather than, as in the past, medium- 
( Continued on Page 12) 


CARROLL McENTEE & McGINLEY 

INCORPORATED 

. A CM&M GROUP COMPANY ' 

A WHOLLY OWNED SUBSIDIARY 0FMARLNE MIDLAND BANK, ftA. 


35 MOORCATE. etb FLOOR . 
LONDON EC2R $BH 
. Tel*, fll -638- 4657 
Teloc 887693 


4ft WALL STREET 

\ NEW YORK, N.Y. 10905 

Tel: 212-825-3850 

. . Telex: 125-75* CMM SECNYK 



-i35- 

• m. 


Page 10 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


xH- . .** 

-p St 


A SPECIAL REPORT ON EUROMARKETS 


5 " 


- 


^4 Healthier Portugal to Revert 
To Orthodox Markets for Funds 





By Ken Poctinger 


LISBON — Portugal next year 
will be approaching the capital 
markets Cor SI .4 billion to meet its 
1986 gross borrowing require- 
ments, but for the first time in sev- 
eral years the Republic of Portugal 
will largely ignore the Euromarket 
for sovereign funds. 

However, public-sector compa- 
nies, traditionally large borrowers 
in this market, will continue to be 
SO probably right from the begin- 
ning of January. 

This year total gross borrowing 
reached $ 1.8 billion while the re- 
public raised a syndicated $400- 
million loan. 

According to central bank econ- 
omists, the radical departure from 
recent sovereign loan practices is 
the result of two major factors. 

First. Portugal today is far 
healthier financially than at any 
time in the past 10 years because of 
a vigorous and. some claim over- 
zealous, economic austerity pro- 
gram that has been applied under 
the tutelage of the International 
Monetary Fund since 1983. 

(Economists point out that the 
austerity program was comple- 
mented by a superb three-year ex- 
port performance thaL increased by 
nearly 35 percent in volume terms 
and helped reduce the deficit to its 
current, surprisingly low. levels). 

Secondly, with Portugal due to 
enter the European Community on 
Jan. 1, a range of cheap European 
money will become available. Di- 
rect aid and European Investment 
Bank funds are scheduled to pour 
into Portugal- 

As part of the accession accord. 
Lisbon has negotiated an agree- 
ment whereby the community will 
borrow capital totaling up to one 
billion European Currency Units 
in the ECs own name, passing it on 
at marginal rates to Portugal over 
the next six years. This arrange- 
ment will significantly reduce the 
state's interest burden. 

Carlos Pacheco Jorge, of the 
Bank of Portugal, the central bank, 
said: “We are in the position of 
bong able to revert to traditional 
policies and use the orthodox capi- 
tal markets for our borrowing 
needs.” 

This means that basically the Ro- 


lls 650 tons of gold are unencum- 
bered and its current-account defi- 
cit at the end of this year is likely to 
be below $150 million, down from 
% 531-billion high at the end of 
1982. 

On the bleaker side has been two 
years of negative economic growth, 
a major fall last year of around 10 
percent in real wages, rising unem- 
ployment and dampened domestic 
demand in a stagnant economy. 

In view of these figures, the cen- 
tral bank governor, Vi tor Constan- 
rio, has said that a moderate refla- 
tion program, aiming at between 


Portugal is far 
sounder financially 
than at any lima in 
the past 10 years 
because of the 
austerity program. 


public of Portugal will be raising 
bonds, issuing notes and employ- 


bonds, issuing notes and employ- 
ing similar instruments to get capi- 
tal in the domestic markets of 
countries such as West Germany 
and Japan. 

Portugal's foreign, reserves are at 
their highest level in a decade, all 


3-percent and 3 .3 -percent growth 
in gross domestic product, is feasi- 
ble, bringing with it a 1 986 current- 
account deficit of around $600 mil- 
lion. 

With the big battle to stanch the 
wounding external debt levels won, 
tactics bave now switched to deal- 
ing with persistently high domestic 
inflation, which averaged 29 per- 
cent in 1984. and the accompany- 
ing equally high interest rates, hov- 
ering at 34 percent. 

Foreign bankers have unani- 
mously praised the financial turn- 
around made by Portugal, saying 
that as a result Lisbon can expect to 
obtain loans with greater ease and 
nt better spreads in a competitive 
environment. 

A banker with many years of 
experience in lending to Portugal 
said: “There has been a perceptual 
i mp rovement of Portugal's image 
as a borrower over the past two 
years, which means she can arrange 
loans at terms and prices that are 
very favorable.” 

He said that previous difficulties 
faced by the central bank in repay- 
ing a hump of loan amortizations in 
1984 and 1985 have been resolved. 
This means that Portugal would 
need to borrow less to meet its 
normal amortization program. 
"The country in 1986 will have a 
more comfortable maturity pro- 
file,” he said, referring to foreign 
loan levels. 

Bankers have not been caught 
unawares over the planned borrow- 
ing strategy for next year. 


"Because of the improved finan- 
cial situation and the inflow of EC 
money, we had expected Euromar- 
ket borrowings to be sparse in 
1986,” sud one banker. He fell, 
however, that there would still be 
good business available in refi- 
nancing the foreign debt, which to- 
taled $14.9 billion at the end of 
1984. 

The incoming Social Democratic 
prime minister, Anibal Cavaco Sil- 
va, 46, a British-trained economics 
professor, is committed to repeat- 
ing the kind of minor economic 
miracle he wrought when be was 
finance minister in 1979-80. 

But experts wain that conditions 
are no longer the same and that be 
will have to stick very closely to a 
carefully controlled ' classic eco- 
nomic reflation program if he 
wants to avoid a repetition of the 
1982 debt problems. 

Mr. Cavaco SDva has appointed 
a strong economics team in a small 
technocratic cabinet. 

He appears set to work closely 
with his financial advisers to bring 
about an economic t ransf ormation 
through the use of the budget, the 
national plan and EC development 
funds. 

In the process he will leave the 
political orientation of the minority 
government in the hands of a senior 
party colleague and home affairs 
minis ter, Eunco de Mdo, a kind of 
collegiate leadership that could 
produce surprising results. 

Mr. Cavaco Silva has pledged 
measures to restore burin ess confi- 
dence, bring inflation down to 
around 15 percent, reduce the 11- 
percent unemployment rate, intro- 
duce an equitable tax system at- 
tractive to investors and revise the 
finances of the overextended and 
erratically managed public sector. 

Many economists believe he will 
start by stimulating the construc- 
tion industry with a significan t 
public-works program, which will 
give priority to major freeway con- 
struction, schools and ho using. 

For his part, the new finance 
minis ter, Mjguel Cadilhe, has said 
that he believes in “a financial dic- 
tatorship within a democratic 
state.” 

He intends to reduce the budget 
deficit to zero over the next four 
years. He said that the country’s 
unhap py 10 -year record of stop- 
and-go economic development 
must be replaced by fundamental 
medium-term investment for devel- 
opment and structural changes to 
meet the demands of EC member- 
ship. 


0ecl 




tk 



-f A 

*A ' 


Carlos Sokhaga, Spain’s economy and finance minister, left Agricultural 

Spaixfs entry intothe European Community. Above, olive groves near Jaen; at rigut, nee news nea 


— delaying 

near Tarragona. 



.< . .• 

-vfc • *" 



By Tom Bums 

MADRID — At the beginning 
of this year the feeling among mon- 
etary and economic officials in Ma- 


drid was that Spain had turned a 
financial comer. Nearly a year later 


financial comer. Nearly a year later 
the hunch has strengthened. Spain, 
for the second consecutive year, 
finds itself in the enviable position 
of being a sought-afta b or rower — 
a situation that allows it to use its 
market strength to pay back debts 
and negotiate new ones on better 
terms. 

The corner appeared to be 
rounded at the end of 1984 when 
Spain registered a current-account 
surplus for the first tune since 1979. 
The surplus stood at $2 billion, in 
stark contrast to a $2 .5-billion defi- 
cit the year before. 

The turnaround was attributed 
to a boom in exports, which in- 
creased by 20 permit in real terms, 
and to record tourism receipts that 
were $1 billion up on those of the 
previous year. A parallel surge in 
foreign investment lifted interna- 
tional reserves' by $4.6 billion to 
put them at $15.7 billion at year's 
end. 

Exports and to urism receipts af- 
ter a sluggish start this year 
climbed bnskly after the Gist quar- 
ter, and officials say that Spam is 
on target to repeat a current-ac- 
count surplus of about $2 billion. 

The reserves total at the begin- 
ning of the year prompted authori- 
ties at the Finance Ministry to 
point out that the S15.7-biDion to- 
tal was equivalent to just over half 
the external debt, which stood ax 
$29.5 billion in December 1984 and 
the 50-percent ratio this signified 
was the Highest within the Qrgani- 


COMMERZBANK SSL 


»There is 
a better way 
Find it!« 


-Thomas Edison - 


Innovation in all major areas of cor- 
porate finance has been a Commerz- 
bank hallmark since 1870: Capital 
market financings, syndicated lending, 
mergers and acquisitions, stock ex- 
change introductions. 

For creativity in corporate finance, 
ask a Commerz banker. 


Head Office: P. O. Box 2534, D-6000 Frankfurt /Main. 
866 brunches throughout West Germany, 'mduding West Berlin. 
B ranchesand Subggjories: Amsterdam, Antwerp, Atlanta, Barce- 
lona, Brussels, Chicago, Hong Kong, London, Los Angeles, Luxem- 
bourg, Madrid, New York, Osaka, Paris, Rotterdam, Singapore, 
Tokyo, Zurich. Rep resentative Offices: Bahrain, Being, Buenos 
Aires, Cairo. Caracas, Copenhagen, Jakarta, Johannesburg, 
Mexico Gty, Moscow, Rio de Janeiro, Sdo Paulo, Sydney, Tehran, 
Tokyo, Toronto. 


for Economic Cooperation 
and Development. This ratio looks 
likely to continue and could be im- 
proved. 

The greatest cause for rejoicing 
at the end of last December was 
that year-to-year inflation had 
been brought down to 9 percent 
This was the first time that Spain 
bad recorded single-digit inflation 
since the mid-1970s, and the 1984 
figure compared more than favor- 
ably with tbe 14.4-peicent inflation 
rate in 1982 when the present So- 
cialist government took power. 

Continued orthodoxy on the 
economic front — the government 
ha s endured labor unions' c ri tici s m 
that its program is “Thatcberite” — 
has meant that inflation is likely to 
be further reduced this year. 

Inflation hastened its pace in the 
first five months of this year, rising 
to 10.2 percent over the previous 12 
months in April, but by the third 
quarter it appeared well under con- 
trol and the government forecast of 
a 7-paoent rise in the consumer 
price index over 1985 appears to be 
on target. 

The statistics on the reserves, on 
the current-account balance and on 
the price index have turned encour- 
aging just at the right time, when 
Spain most needed an economic 
snot in the arm. This is so for two 


temal tariff over the seven-year 
transition period will effectively 
cut the present protection enjoyed 
by Spanish industrial produce by 
half. 

The Spanish economy has grown 
in tbe Iasi 25 years in a hothouse of 
protectionism and it is to be sud- 
denly exposed to the chilly eco- 
nomic winds of northern Europe. 
In addition, the introduction of 
value-added tax on Jan. 1 will 
prompt an inflationary effect of 
between 1 to 2 percentage points 
according to government officials, 
and 3 to 4 percentage points, ac- 
cording to independent econo- 
mists. 

While it was crucial for the gov- 
ernment to have Spain as finely 
tuned economically as possible on 


the eve of EC members&ift R was 
nlsor important to be abk-tdc&nn a 
degree of success- for its continued 
austerity programs as national elec- 
tions loomed less than 12 months 


away. . - - 

The economic performance tins 
year gave the government the nec- 
essary confidence to Stick Jjy its 
policies and to reject tempting calls 
for a “cheerful” and . dectoraT 
budget. In the event, the 1986 bud- 
get, masterminded by- Carlos ScT 
chaga, who took over as bc-odomy, : 
finance and trade rairiister.from 
Mignd Boyer in July, is more of the 
same medicine. I 
Mr. Solcbflga, who diaracterizni 
his budget as “tremendc«dy aus- 
tere,” has cut back shaipfy on pub- 
lic spending, has pnrogTmiimedjrab- 





; 


lic-secior wage rises to imam one 
point below, the -ta 0 aik» forecast 
and is aiming to reduce the budget 


a proportion of fte grbs& domestic* 
product, b ring ag it down to 4 i 
perc ent ^ ' v • • •'•••• • i 


■To'Uwridti 


sring inflation 
, because of the 



wfcKtaaaedjaxcbenamculr year, 
TbebaatriUbaBk isEfcely to turn, M 
IeastiBpa& loincreasiog the trea- 


reasons: Next year Spain will be- 
come a full member of the Eurooe- 


come a full member of the Europe- 
an Community and. again next 
year, national elections are due as 
the four-year mandate of Felipe 
Gonzalez’s Socialist government 
expires in October. 

EC membership will severely test 
the Spanish economy. It is estimat- 
ed that the tariff disarmament and 
the acceptance of the common ex- 


(Contmued From Previous Page) 
the end of tbe decade, according to 
estimates by tbe United Nations 
Economic Commission for Latin 
America and the Caribbean. Inter- 
est payments take up nearly a third 
of tbe region's export earnings. 
Economists and political leaders 
fear that the huge foreign debt is 
bong woven into Latin America's 
economic fabric, creating a pattern 
of financial dependence and net 
capital outflow that could prove 
politically as well as economically 
destabilizing for the entire region. 

“We think the industrialized 
countries are gradually coming to 
realize that the debt issue is not just 
an economic problem, but a politi- 
cal problem, and it must be han- 
dled politically,” a senior Ecuador- . 


an official said. “Untilnow, it has '■ khisi demands for better repay^ 
been treated as simply & financial matt tarns. Privately, following 


matter, ami that approad^tilnBous- 
ly isn’t working." \ 


thefat&tf the Venezuelans and the 
Perwiaas, Mexican finance offi- 



Banfceg see as especiafiy-iram- etab-hwe^^semsed Smiting debt 
some the growing leostimoe' in - •«» tqteraWe frac- 


Madco to the go v e r n ment's coat- bf® 

mitmeat to fufl and prompt debt ! . tbe earthquake, Mexico 

payment. Considered aafilrecgitiy ,'awK'Sfiwtrty Jmnfemng its position, 
as a model debtor, -Mrood coasts- Qnftag.29, m New York, Finance 
tenter has oppa^ togto^ca& v )( 6 ^grj^ & sava-Efe™ gave a 
* or * paymeots su^qis^ mia .5 <Je^wannag to Mexico’s creditors 
looked askance CA -raateaRatt- C^ps wbat was said to be th». 

and other pn ^osed ^triacg^oM^ loan ^reement 1 ** 

straining BMc h a Bisuj S..-. • . vo ommo t a af .bankinglristory, a 14^ 
But Mexico is pdqafy skffimg v^^cbeduW erf half ot Mer- 
its stance. Since ti»SepgJ9,eartte Amtxt 

quake demafisfeedbS#^ ^ . 

of schools. lwspitals.^lioiKm^ Q£^ .. JTbcaa»rd was hailed by promi- 
fices and mritfic as a blueprint for tbe 

servative bosH»»^rai^hane^(titbe^^ rosribtiiptfcof tbe debt crisis. 



• "fe 

..u :■ 













> 




M 















ii 




-> O' ; 




m 




m 


m 


: /,■ ;■ 











, r< •*. 


V 


; > ■ 


“ i Si 


m 


’ * W ' 








•?! 


' : 








W 


K 




'i : 




►j 








■m 


wm 












s>V/> 











-Ddtflstream brings you investment information as 
fast as you need it Information on the past and the present ’ 
But Datastream’s service has reached a new 
maturity. It now delivers information on-line to IBM PCs, so 
you can manipulate data with off the shelfsoftware or 
your own. 

Can you afford to bean y less informed? 
Datotream offers millions of items covering almost 
every investment topic 


Equities, bonds, financial fares and options 
commodities, stock market indices, economic and industrial 

Which is why most major banks, brokers and ■ 
/m^mpnsErtjmoftschoqse P<wastream os their source of 

reliable information-. 1 

k Yljw’l/ like to know how Datastream an help mu 
pick^he nglrt investment, call us today. wpyo 


DATASTREJIJf 


' t r s t • In • Investment • An 

.ON IT-On' !<■' . 


S 


acarnpanvoi 

Oun& Bndsircct inttftntxral- 







sm&smsm 

A 














N * 





Ss&rr-' 




— INTERNATI ONAL HERAL D TRDHjIVE, TUESDAY, NOVEMBER 26, 1985 

The Financial Connexion in Swaps: 


Page II 






■*2*4. 



h . 

^ j 




wm 

\ ■'* ? -**&s 

Vv X'-rfSis 


moves interest rate 
iff off Square One. 


* «-*•! *' 


Her 


;-^||| 

.'t.. a. ■’ • 


, - u te. 

■ ■'££*'. 
■ ''jjf ‘ 


h =» r ,- 


• i„. 


fit'sjsj 


mcial 

rvice... 





-T.r&.'Sr^ 


/hen 

ripe 


_ ■■ J . : * ^ 
• • ff-Sh. t. 


Swaps System) breaks the 
stalemate between ttip risk 
of buying financial futures— 
and the risk of doing nothing 
at all. 

Until now, you’ve had to play 
the futures game if you wanted 
to protect assets and liabilities 
from interest rate. swings. But 
it’s hard to match the rates 
and dates you need to be fully 
covered. 

Those stray basis points can 
make you some money. 


r . " 

:" 1 '^ W. 

' v ; :C N 

i 

• urj^. y. 

• :':r~±'rz 

;. a, a* 

. r 

* r -' :r -^k'v & 

*.'rJ aaf 'k 

-ASSRi- 

■ •— f 

‘ "■msr 
■ •. r •:« n 


-M 




1 

4 


x 


V 


You’re just as likely to lose it. 
And not hedging at all is a 
fool’s game. 

Chase changes all that. We’ve 
made short-term swaps simple 
and flexible. CHESS puts the 
information you need for 
decision-making right in your 
office , on your personal 
computer screen. 


a 


im mi 

urn 

mt m 
tears. u 

.5 

cmanm 
nm mm 

\ ( mm? 

*mw 

nm 

nm 

» s 

hm 

Mt% 

t.m 

% 

i>m 



m $ : 

hm 

r.m 

i.«x 

n 

hm 

i4t* 

irUx 


iSTE: 


* suss m s&mwi m, 
nm s.is mm m m mrm sun. 
vi jam mu mi mu. & rat the j.u m 

* W s ** «t i®iomsi » to m 
m t tm skis, au nann-m. 


fteis iifsK !■: v;.- — 


You know exactly what your 
money is going to cost you. 

Your position is truly covered. 

To make your first move, call 
Chase New York, (212) 552-1446 
Chase London, 01-726-5792. 

Chase Hong Kong, (8525) 843-1211 


• -P 


S 




pip </■/, 

.. Jp, 

-s ' ! 


* ^ 


'Hi 


X »- ’%.> 


Investment 

Bank 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


A SPECIAL REPORT ON EUROMARKETS 


Sumitomo, the Bank 
Bringing Action 


Luxembourg Bucks 
World Debt Crisis 


By Edward Roby 





Sumitomo Bank is exceptionally brave and aggressive when 
it comes to developing new services and attracting new- customers. 
Investments in office automation, for example, 
are expected to reach US$250 million by 1987. 

At Sumitomo, we think innovation is the key to better international 
banking operations, especially in this age 
when international financing is becoming more 
and more free while the needs of society and individual customers 
are becoming more and more sophisticated. 

We all believe that our innovation is making Sumitomo the most 
reliable and beneficial bank for customers at large. 


♦ SUMITOMO BANK 


3-2, Marunouchi 1 -chome, Chiyoda-ku, Tokyo 100. Japan. 


International Nrmorfc •New York *Son Francisco ‘Lot Angela -Chicago ■ Seattle -HcutMcm -Atlanta -Honolulu -Panama -Cayman 
■Mcdco City -Toronto -Suo Paulo -Rio de Janeiro -Buenos Aires -Caracas -London -Birmingham -Dussctdorf -Frankfurt -Brussels 
•Madrid -Barcelona -Milan - Vfcuu -Pans • Zurich -Zug -Lugano -Stockholm -Tehran -Cairo -Bahrain -Hong Kong -Kowloon (HJC) 
-Western tfULj -Singapore -Seoul -Jakarta -Bangkok -Beijing -Guangzhou -Shanghai -Dalian -Kuala Lumpur -Sydney -Melbourne 


LUXEMBOURG — When the 

international debt crisis caught up 

with the free-wheeling Eurocredit 
market almost four years ago, Lux- 
embourg’s future as an offshore fi- 
nancial center suddenly looked 
douded. 

Traditional syndicated lending, 
winch had been a mainstay of the 
financial center's rapid growth in 
the 1970s — the period of massive 
recycling of petrodollars — re- 
ceived a numbing shock from 
which it has not yet recovered. 

Problem borrowers were kept 
away from the lending windows, 
leaving the banks to scramble for 
the business of the remaining fust- 
class addresses that could afford to 
be selective. The resulting margin 
squeeze was compounded hy stiff- 
ening competition, not only from 
London and the international 
banking facilities in the United 
States but also from the new Asian 
dollar banking centers. 

Aroused regulatory authorities, 
meanwhile, began cracking down 
on some of the liberal lending ways 
of the past. Even in tolerant Lux- 
embourg, the Insdtut Mon&aire 
Luxem bourgeois was brought into 
being with oversight powers that 
made it look suspiciously like the 
beginning of a Luxembourg central 
bank. 

Not surprisingly, banking busi- 
ness volume in Luxembourg has 
spent the first half of this decade in 
what is politely called a consolida- 
tion phase. The combined foreign 
assets of the center’s banks have 
simply stagnated around 584 bil- 
lion the past two years, down from 
a peak of 589 billion in the pivotal 
year of 1982. 

Bnt consordal lending activity 
and bank balance sheets tell only 
part of the story. In many other 
ways, the Luxembourg h anking 
community has been coping quite 
successfully with the continuing, 
profound shift in the structure of 
the vast SZ2-trillion Euromarket. 

Luxembourg is still din ging to 
its place behind London and Paris 
as Europe’s No. 3 financial center, 
with a Eurocurrency market share 
of just under 10 percent And it 
remains the premier center for 
Euro-DM transactions. 

The number of foreign banks 
represented in the Grand Duchy at 
mid- 1985 reached a record 118, a 
dear sign that there is still plenty of 
money to be made. 

“We have reached cruising alti- 
tude where we are both comfort- 
able and highly profitable,” one 


Luxembourg banker remarked in 
answer to all the talk about stagna- 
tion and decline. 

The robust bottom line is. in fact, 
the perfect squelch for some of 
Luxembourg’s rivals and detrac- 
tors. Astoni s hin g ly, the financial 
center recorded its two most profit- 
able years in 1 983 and 1 984, despite 
the turmoil in the Euromarket 

Combined bank earnings before 
taxes and reserve allocations rose 
to 68.7 billion Luxembourg francs 
($1 J billion) in 1983 from 57.3 bil- 
lion francs in 1 982 and slipped only 
slightly last year to 675 billion 
francs. Average yield on assets re- 
trenched to a still respectable 0.98 
percent last year after the 1 983 high 
of 1.1 pcnxnL 

Just how this feat was accom- 
plished remains something of a 
Swiss-like h ankin g secret. But 
Klaus Zapf, managing director of 
Compagme Luxembourgeoise de la 
Dresdner Bank AG, which even 
managed to top its good 1983 re- 
sults last year, said the key was 
finding cheaper refinancing 
sources and new ways to make 
money. 

Very little of the profits earned 
by the German banking group in 
Luxembourg, however, is wing re- 
patriated to the parent banks in 
West Germany. The bulk of it is 
being plowed back into untaxed . 
risk reserves these days and proba- 
bly for the foreseeable future. 

Confronted by high risks and 
pinched spreads in Eurolending, 
the Luxembourg banks made an 
intense effort to diversify their 
business and tailor their services to 
the needs of client firms and pri- 
vate customers. The aim, said Wer- 
ner Blessing, who sits on the board 
of both the Deutsche Bank and its 
market-leading Luxembourg unit, 
was “to eliminate cheap credit and 
shift to businesses that do not tie 
up capital.” 

Takeover loans to the U.S. oQ 
corporations helped boost the vol- 
ume of Eurocredit last year to SI 12 
billion from 574 billion in 1 983. but 
standard, internationally syndicat- 
ed Euroioans were down again. 
Only about 530 billion appeared to 
be new lending while most borrow- 
ers were taking advantage of favor- 
able market conditions to restruc- 
ture existing debt 

The important Eurobond mar- 
ket, however, continued its expan- 
sion. Total issue volume climbed to 
5107 billion from S76 billion in 
1983. Around 560 billion involved 
new Eurobonds, up 63 percent 
from S49 billion in 1983. 


EUROBOND MARKET TURNOVER 


U.S. 8 BONDS 
OTHER BONDS 


c* -200 
O 

3 ISO 

-J 




r 




: m- 

v VHfe 
r*4T 

. TIM#- 

--•a* ■ 




r 


THOU 7 2*0 7 I ***** 

Global Capital Markets Post Record Volume 


ring 


(Continued Fran Page Sf) cy units and, more recently, Deot" 
term loans that were on their books sebe marks put the FRN share tii 
until repaid- the total international capital 

At the same time, it has sparked ket at 24 percent, a threefold ni- 


cy units and, more recently. Dent- pointl to 
sebe marks put the FRN share of btd-offered q uores m d a potent; 
the total international capital mar- saving of umnca^ed^gqxffiaiKx. 


a contest in financial engineering crease from 1982 and up 22 percent 
where swaps — interest rates, cur- from last year. 


rency rates, or both — are used to Most analysis attri 
effect a lower cost of borrowing, boom to the debt crisis, 
than could otherwise be achieved. Treasurers who had been big 


Salomon Brothers, for example, of bank-issued FRNs be- 

estimates that sane $20 billion of came worried about the fragility of 


this year's business will be related ^ im.T£, e system and more re- 
to currency swaps. Interest rate sponsive to paper issued by rum- 

rarene nrmiifit fnr at lMKt oe rottf4i < r • r r — ■ - - - — 


swaps account for at least as much, tranks. This contributed to opening 
but most likely more. this market, which had been almost 

The rush for cheaper fina ncin g is exclusively the preserve of banks, 
shown in the latest data published w sovereign and high-grade corpo- 
by tkfj OECD. Early redemptions rate borrowers. Since the debt ensis 
of bond issues so far this year totals began, nonhanlc issuers have ac- 


S 13.2 button, about a seventeenfold counted for more than 40 percent 
increase from Ae $800 milli on of ^ ^ pgjsj market. 


last year. 

Substantial prepayments of 


bank W-not^r^red preferringto hdd^urities rather 
— have also been financed in the than loan^ mcreased tberr partici- 


l at 24 percent, a threefold in- InthepasLfmafflaalacdkientsa 
sase from 1982 and up 22 percent scares hare produced dramatic 
last Year temporary wrdeamgs between the 

2£ZZ32?c2?~ *“■ 

S^SSSS^&IX' 

yers of tank-issued FR N cm ghi by such, a widening in the - 

: banking system and more re- ^ soverago and Hare-owned enti- 
onsive to paper issued by non- 
nks. This contributed to opening 
s market, winch had beenalmost 

dnswdy the preserve of banks, P^^fad^teteied FRNs. 
sovereign and high-grade corpo- « We, qBajmMper muma is 
£ borrowers. Since the debt ensis available through, die sale of Ea- 
gan, wvnhgnlr issuers have ac- onotes or cxvimocmpaper. 
anted for more than 40 percent Whito arranging and underwrit* . 
the FRN market. ing aB riftihishosness has meant •_ 

Meanwhile, banks themselves, big fees for t he banks. the picture is 
ef erring to hold securities rather DO * *R drat rosy. A no ther way of 
an loans, increased their partici- looking at it g that die. commercial 
ticn as buyers as well as issuers bantaliaretost their la g hes t quali- 
FRNs. All banks were under V aetitgmiaen to the capital 




i «£- 

- 

— • J> df 

..-hi* 

; "flC - 


D 




bond market. Meanwhile, renegoti- 5**““ STS*? 

ation and refinancing ofbank loans un ^ 

identified as such - no doubt, ^capital 


there are more that escape public 
view — total about S33 billion, al- 
most double last year's figure and a 
thirtythreefold increase from 1983. 


essure to increase rapital maffat tLT|>c banks ean continue to 
se, producing a steady increase hoM . ckruu it oh these top borrowers 
bank-issued debt — subordinat- id rf w^ fbf piof capital-market secu- 

riti^^tti^ormrakss profit than 


in bank-issued debt — subordinat- 
ed securities or perpetual notes that 
resembled preferred stock. And *beyj 


All this coincides with a bmst of the low market aagmamg,- 


thcy had pievkwsly earned on di- 
rectl^fer" - 


activity in the capital markets for 
floating rate notes. FRNs hare all 
the characteristics of a syndicated 
bank loan — a fixed margin of 


the banks were flush with cash toaj'-,' Eqaalfy/waEasome is the pros- 


they were ready to place ia ; the - p eeg m a fr the baiAx now arc moti- 
FIW market In many cases, biidcv rejted-Mbtow up the volume of : 
were buying bank-issued. jHfcNi ^tikiraciivity — toboost current fee 


•«. 

:**!%&■ 


3* 

V - 


interest over the London intebank amply 

rate— but are listed securities and, P nvalc ““s lqdyw; lysmfetfaat increases tong-term 


therefore, tradeable. 

FRNs now account for the bulk 


ously existed between institution^ ’ 
With the inflow of hqukfifycanie. 


of the business in the Eurodollar a co mpressi o n of costs. The oncer 
sector of the Eurobond market — standard FRN margi n o£ %-poinl 


risk or decrees 

Enrawte)7 ' 

' to Other words, are the banks - 
bec omin g addicted to volume, 


•. -rf «r 


about 52 percent so far this year (25 baas points) over theinteroank -becoming addicted- to volume, 
compared with 47.5 percent last offered rate was cut in half : and- «Aeretoe need to earn fees drives 
year and only 29 percent in 1982. then half again. The base rate shift- them so do business that runs 
Smaller markets for FRNs denomi- ed from the offered rale to ; «wiaer to their own tong-term 

naied.in sterling European curren- rate, an imtnedtate saying pf -.if > pwfitaMH^?;- 



- •••* - ^ ^ i-i 


... x 


a-w Mr: 


We had set an ambit^us goal - technical 
excellence, h'-gh cuahiy economcai solutions F or 
almost 40 years we've been investing <n knowledge 
and hard work to attain cur set aim. 

Today, Iskra images the professional approach to 
designing, building and manufacrurinc electronical 
and electromechanical equipment from components 
to highly sophisticated systems. Our distribution 
network spans the giobe and our clients are to be 
found in more than 60 countries 
H you* wait more information please contact us 








work 


SllH 



it 


viiis' 




,ni ***- 


!> 




>1 tilt 


iU; t:b 


^ done 


nigi 


fiifnme, 




























INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


Page 13 


A SPECIAL REPORT ON EUROMARKETS 


3--RNv>\ Kh 


■*7 ^ ■ • ; - • . . * 

r ; i' ■ -vfl 


A : ‘ : By Anne Fyfe 

DUBAI — When the offshore 

ed m Bahram- 10 years agT4na- 
ma^ niche m the world markets 

.ws otwpged as a conduit through 
Much the surplus parodallare 
me Arab peninsula — the mw 

198 ! ^ ooi in sigSf^L 

would reach regional and interna- 
donal borrowers. 

Bahrain would plug a gap in the 
time ames between the West and 
the Far East, and if die OBUs inti- 
dentaUy woke up the cozy world of 
.Gulf commercial banking, that 

would be an added bonus, the argu- 
ment raa - ImpEcit in the argument 
was. the assumption that the neigh- 


Record Swap Deals 

; Are Matu ring 

.. :=' 'YlifSS Worldwide. 

(Continiied From Page 9) 

\ Renault declared the swan was « 


" v” . ‘‘is 

•y . Js fe.; 


... . 

. 

' ' ' 

• -• :r • 

.. ■ -'^aisO 

- a • 

.. .. -***'**- 

r**M* e£7 
■-- l *-**«*! a . 
• "• 1 =pifetr.* 

»::•■!■ -wsass. 

n Ki; pjjj g. 
“nsaaigj 


•■«■■ L.'r.wicj' 


- (Continued From Page 9) 
Renault declared tlx: swap was in 
default and demanded release of 
the collateral (in the form of a Si- 
million Treasury note) that the in- 
stitution had deposited with the 
Bank of America. 

Beverly Hills has since been re- 
constituted by the Federal Home 
Loan Bank Board and is arguing, 
along with Bank of America, that 
since Renault has suffered no loss, 
it does not have the right to termi- 
nate the swap and, therefore, has 
no claim on the collateral A Cali- 
fornia court granted Beverly HSIs 
an injunction preventing Bank of 
America from rel easing the collat- 
eral to Renault, but the case has yet 
to be settled. 

Swap-market players hope that a 
clear ruling in the case wfllgive a 
further boost to the development of 
the secondary market. Both the 
newly formed International Swap 
Dealas Association and the British 
Bankers Association have issued 
guidelines to help standardize doc- 
umentation. and thus increase mar- 
ket liquidity. But secondary market 
growth wfl] also need agreement on 

provision's for had credits — ax the 
moment, few banks agree about the 
subject of collateral Some differ 
over the required amount . 

“One or two Japanese banks ex- 


boring monetary authorities, 
meaning the Saudi Arabian Mone- 
tary Agency principally, would not 

actively discourage the writs* racy-. 

dbg rote.. - 

The time-zoos - argument was 
overtaken by change? in working 
practices;' tin: Gulf states* official 
surplus-managing bodies did not 
change their behavior in favor of 
Bahrain, In any case, the budgetary 
surpluses are now. deficits and au 
the major authorities have acted to 
keep their liquidity but of Bahrain. 
But only three OBUs have pulled 
out, out of the peak number of 78, 
and the rest; though slimmer in 
size, increased their lending by IS 
percent last year. 

- SAMA’s concerns have been to 
allow Saudi Arabia’s own banks to 
grow in sophistication without un- 
equal competition from the off- 
shore units and to prevent its riyaJs 
from bang traded beyond the mon- 
etary agency's control. 

In 1979, the kingdom ceased 
pricing contracts in riyals and 
changed to dollars. Hus was done 
to reduce the dwtmwH for forward 
riyals, which Bahrain had hastened - 
to meet; then in January 1983 came 
the key Saudi policy derision that 
the kingdom’s banks were not to 
invite nonresident banks to partici- 
pate in riyal syndications without 
prior permission from SAMA. 
More than once. rinse then, in its 
relatively frequent currency adjust- 
ments, SAMA has mewed the riyal 
in the opposite direction to that on 
which Bahrain was speculating. 

Both of the other erstwhile big- 
surplns sheikhdoms, Kuwait and 
the United Arab Emirates, have 
had compelling domestic reasons 
to keep liquidity at borne. Original- 
ly in Kuwait’s case this was to en- 
courage its dinar bond market, and 
then, in both cases, it was for the 
sake of their crisis-ridden domestic 
banks. These reasons are not about 
to disappear. 

Nonetheless, nearly 70 percent 
of the offshore units’ funds are now 
of what the B ahrain Monetary Au- 
thority classifies as regional origin, 
a proportion that has grown from 
about SO percent in the earlier 
yearn. The dollar accounts for more 
than 70 percent of all assets and 
liabilities, bat of the 22 percent of 


- liabilities that are in regional cur- 
rencies, about two-thirds are 
: thought to be offshore riyals. 

Less than a quarter of their de- 
posits ($14^ billion oat of $62.7 
bilikm at the end of 1984 and $1Z6 
billion out of S57J2 bfflion. in June 
•198$) are from nonbank sources. 
This high-cost, short-term nature 
’ of their funding continues to be one 
of the OBUs' main problems. 

'• Assets peaked at S63.5 billion, in 
the first quarter of 1984 but at the 
old of 1984 failed for the first time 
to stow a year-on-year rise, stag- 
nating at $62.69 billion. This com- 
pared with $62.74 billion at the end 
of 1983. The end first-half 1985 
figure was down to $57.2 billion. 

Just under half of all assets are 
held in the region — a proportion 
that has declined in the 1980s — 
and just over half are held by the 
Arab banks, a proportion that is 
increasing at the expense of (he 
European banks. Lending to non- 
banks grew by 15 percent In 1984 to 
reach SI8.4 trillion — which the 
Bahrain Monetary Agency sees as 
encouraging — but declined again 
in the first half of this year to S16.9 
bQtion. 

Conducting the regional surplus- 
es to borrowers translated into two 
main tines of activity, syndicated 
credits and servicing contractors 
working in Saudi Arabia. The 
slump in the volume of world syn- 
dications, the cash-flow problems 
and rescheduling now afflicting 
some large Saudi clients and the 
planned cutback in the size of the 
construction sector in the king- 
dom's fourth five-year plan (1985- 
90) have all been serious for the 
OBUs. 

Arab Banking Corporation and 
Gulf International Bank, the two 
big-capital Arab offshore units that 
were created at the beginning of the 
experiment, said at the lime that 
syndications just happened to be a 
convenient source of fee income for 
their early days, rather than a per- 
manent specialization. 

For others, a cocktail of trade 
financing (now in the doldrums I 
with imports declining), money- ! 
market dealing and services to cli- 
ents from the home country work- 
ing the region has turned out to be 
the daily content of the Bahrain 


E/.S. Banks: Offshore Facilities Widen 


-'•^Clra U-r 
1 :,■> an fe*. 
j pinat-i £ 

. osa t 


>eins 

)utcr 

snot 


pea 125 percent of the value of the 
. 5: ~swap, revalued every week,” ex- 
a plained one swap trader “but we 
want only 10 to 20 percent.” Others 
*■- *; think that the question of collateral 
r *3t is only slowing the development of 
the market since top-rated corpora- 

tions will not agree to provide it In 

any event, the Beverly HDIs case 
_____ raises the question of bow modi 
security cdlaleral provides. 

. The coming year will undoubt- 
edly see swap-market growth as 
corporate treasurers become more 
aware of the liability management 
possibilities that swaps can bring. 

However, the narrowness of 
swap margins and the ling e rin g 
, problem of default create the real 
possibility that some of those 
banks that are now rating into the 
market may regret it 
But despite the- unanswered 
| i questions, swap traders trie cemfi- 
| deni about the future. . 

. As one leading swap trader pot 
it: “There's no way this market is 
going to dia" 


(Continued From Page 9) 
agencies, while in Florida they 
comprise only about one-third of 
the totaL 

The IBFs tied to U.S. banks tend 
to raise a substantial portion of 
their funding from American as op- 
posed to foreign sources. Those as- 
sociated with foreign bank 
^branches ami agencies on the other 
hand, tend to match much more 
closely thrir claims on non-U. S. 
residents with liabilities owed to 
the same group. 

The rapid growth of tire facilities 
in Florida has puzzled some ob- 
servers because the total volume of 
loans booked there is minuscule 
compared with New York and Cal- 
ifornia. According to a New York 
bank official some Florida institu- 
tions may be using the facilities as 
evidence that they are. as they 
claim international in their opera- 
tions, even if fhaf cl a im is hardly 
justified. Creation of an IBF. re- 
quires tittle more than sending a 
letter to the Federal Reserve prom- 
ising to obey all the regulations. 


The existence of an EBF can pro- 
vide substantial tax advantages for 
a bank at the state and local level 
A number of states have adopted 
special tax legislation that general- 
ly excludes IBF operations when 
calculating how mndb of a bank’s 
business is done within the state 
and therefore subject to state and 
local.taxation. 

Before 1981, banks sought to ac- 
complish the same goal by setting 
up shell branches in the Caribbean, 
but some states had begun to try to 
tax profits from such branches. 

In 1978, New York became the 
first state to pass IBF legislation, 
which it modified this year to make 
IBF operations there still mare at- 
tractive. The general argument 
used by proponents of the laws was 
that it would encourage banks to 
conduct operations in New York. 

There are no federal tax advan- 
tages for U.S. banks having an IBF, 
since the institutions that have 
them generally must consolidate 
their worldwide income for federal 
tax purposes. 


lOU 



i, 


\ h: >' - 


Plants have fed 
the world and cured its ills 
since life began. 

Now we’re destroying their 
principal habitat 

at the rate of 
50 acres every minute. 


T A 7e live on this planet by 
| V Vcourtesy of the earth's plant- 

! life. Plants protect soils from 
■- erosion, regulate the atmosphere, 

! maintain water supplies and 

\ prevent deserts forming. Without 

j plants man could not survive. 

Yet, we’re destroying the 
• tropical rain forests they grow in 
; at me rate of 50 acres a minute - 
j making & crisis for ourselves and 

i a bigger one for our children. 

j What can be done about it? 
j A practical international plant 
conservation programme is - 

now well under way all around - _ 


the world. It is a plan for 
survival which you can help 
make a reality by joining the 
World Wildlife Fund. 

We need your voice and 
financial support. Soget in touch 
with your local WWF office, or 
send your contribution direct to 
the World Wildlife Fund at: 
WWF International, Membership 
Secretary, World Conservation 
Centre, 1196 Gland, Switzerland 


What can be done about it? Save the plants 

A practical international plant that Save US. 

conservation programme is 

now well under way all around WWF for world conservation 


operation. For most, the combina- 
tion of high-cost money, high local 
overheads and fine spreads in a 
market that is shrinking generally 
Add in which the demand for Saudi 
riyals is unsteady, has led in 1984 
and 198S to a profound identity 
crisis. The growth of London as an 
alternative center for riyal trading 
has not helped 

The three OBUs that have pulled 
out were in some sense not typicaL 
One was Continental Illinois, the 
others Security Pacific and Banco 
Comerao e Industria At Sao Paolo. 
More indicative has been the do- 
sure of two dealing rooms — Bar- 
clay's and Midland’s. Cost-cutting 
and, in particular, staff reductions 
have become general 

For the future, assets in the Far 
East is the current vogue, together 
with fee-generating services and 
other individual paths, including 
personal portfolio management 
marketing, acquisitions in the case 
of Arab Banking and a complete 
turnabout in that of United Gulf 
Bank, which is switching to invest- 
ment services — none of which 
constitute a niche in the world mar- 
kets, which is Bahrain’s exclusive 
preserve. 

One of the reasons for the tmat- 
traciiveaess of regional risk is the 
very fundamental determining is- 
sue of the legal framework. When 
tbe client-bank relationship was a 
happy one back in the boom days, 
the issue thaL really defines whether 
the Golf has a place in the world 
banking scene was veiled from 
sight. 

Banking is a secular activity and 
the Gulf is not a secular society. 
Local courts are increasingly un- 
comfortable about enforcing non- 
Isl auric law against Moslems in fa- 
vor of banks; where they do, 
enforcing their judgments is not 
automatically feasible in real politi- 
cal terms. Neither Bahrain oor its 
neighbors seems dose to resolving 
that contradiction- 
























Tbe clearance room at the Bank of Kuwait and the Middle East. 

Financial Crises Heighten Trade Lending Risks 


By David Tinnin 

ZURICH — The financial crises that now 
grip most less developed countries are malting 
the field of trade finance more risky and diffi- 
cult than ever. The situation is painfully ironic 
since the debtor nations need to export in order 
to earn foreign currencies so that they can meet 
their debt-servicing obligations and thus qualify 
for new credits. 

However, their lack of foreign reserves handi- 
cap their ability either to finance their own 
exports or to guarantee payment of urgently 
needed essential imports such as spare parts, 
sophisticated and advanced machin- 

ery. 

One result of this capital shortage is a worri- 
some slowdown in world trade. After recovering 
from the worst and longest slump since World 
War n, world trade surged ahead at an average 
global growth rate of 9 percent in 1984 with the 
less developed countries actually outperforming 
the industrially developed nations. But so far 
this year, the rate of trade growth has declined 
drastically to only 3 percent or less and appears 
beaded toward a new period of stagnation. 


This development worries economists at the 
General Agreement on Tariffs and Trade 
(GATT), the Geneva-based international orga- 
nization that monitors world trade. While not 
discounting the effects of protectionism on the 
stifling of world trade, GATT economists say a 
main cause is the great reduction in the flow of 
financial resources to the indebted countries. 
This slowdown has produced dislocations in the 
once-smooth working of trade finance proce- 
dures. One result is that the imports and exports 
of the 16 most heavily indebted countries de- 
clined substantially last year. 

Through a system of performance bonds and 
bank guarantees, the rules of trade finance are 
meant to ensure that the buyers receive what 
they ordered for and the sellers get their bills 
settled on time. If something goes wrong some- 
where along the line, such as a question of 
quality or late payment, corrective devices are 
built into the system. 

For instance, the most favored form of trans- 
action fa exporters is the so-called confirmed 
irrevocable documentary credit. Under this sys- 
tem, if the purchaser fails to make payment in 


accord with the agreed-upon terms, the guaran- 
tor bank must pay the supplier. 

This system breaks down when convertible 
funds suddenly become lacking. At present, a 
number of national banks in the Middle Bast 
and Africa are pleading that they no longer 
possess the foreign currency with which to meet 
the obligations on export transactions that they 
have underwritten. 

In order to stay in business, many companies 
in the industrialized world are compelled to 
export a large part of their output since their 
domestic market has long since become saturat- 
ed. Hence, they and their banks are willing to 
make and fin mice sales to high-risk customers 
that only a few years ago would have been 
turned away. The catch is Lhat these buyers 
usually lack the foreign exchange to pay for the 
purchase. Therefore, the sellers must enlist their 
banks to lend ‘the money with which the pur- 
chasers can buy their goods. 

For their pan. the sellers often are buying 
capital goods from the industrialized countries 
in order to develop their own capacity to sell 
exports on the world market and thus earn 
foreign exchange. 


.Grutzner SladL Galene im Lenoachhaus. Munich. 









— - a ... ••• • • ■ ^ 

|/v.> 


.7**4 


r~ "■ : r ::: '' i- 

if Sis .fe ...... ft r- ■ : :Xn.. 


Orchestrating 

effective Eurofinancings requires 

the right players. 


The art of choosing the right partner 
for international finance is considerably 
more complex than it used to be. 

With Bayerische Landesbank as your 
banker you’ll get all the necessary fi- 
nancial resources and experience com- 
bined with the personal friendliness 
and professional drive characteristic of 
Bavarians. 

As one of Germany's top universal 
banks we have the financial capacity 
whatever the see of your project. Our 
branches in London, Singapore and 
New York (including our IBF and Grand 
Cayman Branch) as well as our Luxem- 


bourg subsidiary give us the necess- 
ary scope for flexible offshore market 
activities: 

• Eurocredits for trade and project fi- 
nancing or capital investments 

• Euromoney market operations in 
all major currencies and Asia n Dollars 

• Syndication of international loans 

• Management of bond issues and 
private placements 

• Placement and trading in inter- 
national and domestic securities, in- 
cluding our own bonds (one rated 
AAA, Aaaj and SD Certificates. 


y Bayerische Landesbank 

International Banking with Bavarian Drive and Friendliness 


Head Office: Briennef Strasse 20. 8000 Miinchen 2, Tel.: (691 21 71-01, Telex: 5 286 270, Cables: Bayembank Munich. Branches: London, Tel.: 726-6022; New York,Tel.:310-9800: Singapore. Tel.: 
2 22 69 25. Subsidiary: Bayerische Landesbanklnternalional S.^,Luxembourg,Tel.: 47 59 11-1. Representative Offices :Toronto.Tel: 862-8840: Vienna, Tel,: 66 31 41; Johannesburg.Tel.: 8 38 16 13. 






Page 14 


A SPECIAL REPORT ON EUROMARKETS 


INTERNATIONAL 


TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


nnt* 


China Increasing Activities on World Markets 


By Patrick Smith 

HONG KONG — As its mod- 
ernization plans proceed, and as 


“The Chinese have been dab- 
bling in the capital markets Tor sev- 
eral years,** said a banker with close 
ties to the mainland. “Now they 


global interest rates decline, China ^ ^ a a huge pool 

is substantially increasing its activi-* of available for the mega- 
ty in the world s major capital mar- .financings they will require to de- 

ke Jf- . velop their economy." 

So far this Year. Chinese institu- . , ... , /-■ 

eDvo-ir u - As u has in the past. China is 
faons have issued S818 milli on in r - 


in an unsubsidized environment. Although many bankers bridled 
And it has demonstrated some re- at the pricing. Chase formed a con- 
luctance to use arrangements, such sortium of 17 underwriters, many 
as supplier credits, that have strin- of whom valued the opportunity to 
gent conditions attached to them, build relationships with a Chinese 


Given these considerations, 
bankers here view China's entry 
into European and Asian debt mar- 
kets as a logical step. 

“They seem to have analyzed the 


mstatution. 

China has had similar experi- 
ences in other markets. This year it 
has placed $474 million in four 
Yen-denominated bonds issued in 


uuiu uavc ia»ucu joio imm im ui —..i i ikj skiu w uavc iuuikcu ujc — 

medium-term debt instruments — and goverament-ti> and recognized the bond Tokyo and raised , 300 million 


seven fixed-rate bonds and a floa- „„ . , j-7 r . 

dram emlflaK of deposit. £ of at ^ lmanc ?^% 

sues bv China in the previous three 8 - f?. , 

years combined. ^ 

f *S .“SfE an 


, “ ,S from 
These secunlies amounl to a liny Bm ^ ^ b ^ latn rala 

fracuon of tins year s new issues m ^ ** pea fo ^ 1W1 ^ 

■he Eim.tx.nd raarkfl. But fiuan- ™ [nnlmii! p K , uras ot credil mh _ 
analysts here view ihem as an ^ ^ arossib , e 10 
mdicauon of China s growing fa- 


miliarity with world markets and 
its increased desire to tap them. 


Bevcnd this. China also wants its 


markets as the best place to go," 
said Oliver Greeves, managing di- 
rector of Chase Manhattan Asia in 
Hong Kong. “It's the cheapest 
money and the best terms.** 

In July, Mr. Greeves arranged a 
five-year, local-currency bond 
worth $39 million for the China 
International Trust and Invest- 
ment Corp. (Citic). At an interest 
rate of 9?i percent, it was the 
cheapest fixed-rate financing ever 


enterprises to learn how to survive obtained in Hong Kong dollars. 


Deutsche marks ($105 milli on at 
the ex chan ge rates then prevailing) 
in two issues in Frankfurt 

Citic, a cabinet-level enterprise 
founded in 1979 to attract foreign 
investment, was responsible for 
one yen bond and one Deutsche 
mark bond; the rest were issued by 
the Bank of China, Beijing’s foreig- 
n-exchange bank. 

Both institutions on-lend their 
funds to specific projects, generally 
those generating their own foreign 


Downside Risks Put Brake on Australian Market 


By Patricia Angly 

SYDNEY — The continued 
slide of the Australian dollar, an 
overhang of available paper and 
concern about the lack of depth in 
secondary markets has put a brake 
on the Euroaus ualian dollar mar- 
ket in recent weeks. 

After a startling growth in late 
1984 and the early pan of tins year 
(total volume of 10 issues in 1984 
worth 361 milli on Australian dol- 
lars to 76 issues from January 
through September 1985 worth 
3.715 billion dollars) a reduction in 
arbitrage spreads and a lack of in- 
stitutional support have whittled 


Australian inflation rate of be- 
tween 5 and 6 percent." 

In the months to April, the Aus- 
tralian dollar had fallen from .85 to 
.66 against the U.S. dollar. On a 
trade-weighted basis the deprecia- 
tion was 20 percent. 

This month's renewed attack on 
the Australian dollar, dragged 
down at one point to .65 against the 
U.S. dollar, would have done noth- 
ing to improve the marketability of 
Aussie paper, which is already un- 
der siege due to the more general 
arguments that the Australian 


Uan-doUar-denominated paper, 
and that has been a factor since the 
ball really got rolling at the begin- 
ning of the year. 

Most of the 3.7 billion dollars* 
worth of various issues have appar- 
ently gone into the hands of private 
clients, and thus there is very little 
secondary-market making in the 
Euroaustralian dollar market Ac- 
cording to Donald Bryden and Da- 
vid Kent of the Banque Paribas 
Capital Markets Ltd. in London, 
“prices move up and down sub- 
stantially if the buy or sale order is 


exchange or those substituting do- 
mestic products for imports. The 
other priority is basic infrastruc- 
ture, such as roads, harbors and 
energy projects. 

Because much of China’s invest- 
ment is now concentrated on long- 
-term development, Beijing is likely 
to avoid the syndicated-loan mar- 
ket, where funds are relatively ex- 
pensive and extended for shorter 
terras. _ 

Legal sources suggest that China 
is also avoiding the British and U.S. 
bond markets because of lingering 
disputes related to bonds issued 
before the Chinese revolution in 
1949. Beijing, terming such issues 
“odious debts,** has denied respon- 
sibility for them. 

“The Chinese are making sala- ^ 
mi-slicing gestures to test official 
reactions in various markets,” a 
British attorney here said. 

Thus far there has been no gov- 

eminent opposition to Chinese 
debt issues La the markets that Chi- O 
na has selected. Nor do bankers 
consider the old bonds a hindrance. 

In London Iasi September, the ^ 
Bank of China skirted the problem - 1 
by issuing a certificate of deposit — 
five-year, floating rate CDs worth 
$200 million. 

But bankers emphasize that Chi- „ 
na has so far taken a standard route 





•itffc- lo 

of I" 


w 


v _ 


*r 

a. i 







Construction in China’s new economic zone at Shenzhen. 


note. Market watchers are also pre- problem TaRi 

dieting die development of a zero a certificate of deposit - X O XX 

coupon Euroaustrahan-riollar issue floating rate cS worth 

or a Euroaustrahan-doUar convert- riV g ninn 8 By D: 

Abiding to Mr. Rowe, of Sale- HONG K0NG “ 

mon Bros., “the Eurokiwi ' [New Europe to es- years agpitwas common to hear of 

Zealand dollar] market has also r fr'.„ l ;- n ; n themarket- a ro** between Singapore and 

been fairly difficult* during the SSfbefSe wbmittbg to strin- Hong Kong to become the donu- 
year; it went fairly qmei but more p v g raii sS^ds. In nant financial services center m 
recendy there have been some new f okyo . year have had Southeast Asia. 

double- A and triple>A_ ratings. .. J*™*" 


Singapore Remains Frustrated in Bid 
To Become Asia’s Financial Center 


By Dinah Lee 


growth over the past five yearn, 
now threatens to be the hardest-hit 
area of the economy. Some banks 
are ocpected to report as much as a 


Moreover, a continuing <rriiicistn 
of the market has been that much 
of the Asiadoflar business is specu- 
lative. with most transactions con- 


15- percent drop in earning s this sisting of mteibank credits. 



year over last year. 


Another development, the intro- 


economy may not really be on the over 250.000 dollars and the bi- 


rebound. 

It is a feeling shared now by 


away intrigue about what one Aus- man v n-ithin Australia and in 
tralian banker calls the “exotic cur- international organizations and is 
rency* market in Europe. based in part on a growth of the M3 

, “There is no doubt that there is a money supply of over 14 percent, a 


sign of overhang of paper now and public-sector borrowing require- 
quite a lot of Australian-deuomin- meat of 7.5 percent of gross nation- 


ated bond paper is directly looking ^ product and a current-account 
for a home." said Paul Rizzo, the deficit of 5 percent of GNP. Fig- 
general manager, international, of mxs released in mid-November 
the Melbourne-based ANZ bank- showing a record 1.64 billion dol- 
ing group. lars current-account deficit for the 

f “1 think it's because of the arbi- month of October did nothing to 
trage that was available in the be- relieve immediate uncertainty, 
ginning with swaps and that isn't pushing interest rales to a three- 
then: now. Before it was a play on a year high. 

Combination of high interest rates Trevor Rowe, a vice president of 
and the feeling that the currency Salomon Bros, in Sydney, said: “If 
didn't have any downside risk, one wants to come "to the Euroaus- 
Now 1 think there are a lot of peo- tralian dollar market, right now 
pie holding paper they* d love to sell with the outlook for the dollar it’s 
down.'* he said. not easy. There have been two is- 

According to a recent article in sues in the last fortnight, but the 
the Australian Financial Review, frequency of issues has dried up 
the early 1985 reaction to Austro- and the "market is certainly over- 
linn paper was based on the idea sold. The street is as long as they 
that “for European investors and say.” 

analysts the Australian dollar was What is lacking in Europe is any 
pve»sold relative lo an underlying institutional appetite for Austra- 


d/ offer spreads are very wide. The 
market has been very much one 
way — a s mall movement in either 
direction affects most of the mar- 
ket.’’ 

Another important factor is that 
the current very high short- and 
medium- term Australian interest 
rates (the prime rate is now 18.75 
percent and may soon move up to 
cover 30- to 180-day rates of over 
17 percent) make it prohibitive for 
institutions to fund their invest- 
ments. A little over a week ago. 
overnight cash rates rose to 1825 
percent and 90-day bank bills to 
18.75 percent 

.And the fact that issues for Aus- 
tralian borrowers are paid in U.S. 
dollars, because of Australian with- 
holding tax legislation, has not con- 


issues offering higher rates.” 

Two. led by Parisbas, wore each 
for 50 milli on New Zealand dollars 
over three years with an IS-percent 
coupon, wdl above the 16-percent 
prevailing for issues in August- The 
clients were Fiat and Paribas Lux- 
embourg. The total kiwi-doUar fig- 
ure on the Euromarket for 1984 
and 1985 is nearly 2.684 billion 
New Zealand dollars. 

The recent sluggishness of the 
New Zealand Euromarket may well 
be due in pan to the watchful eye 
that the Reserve Bank of New Zea- 
land keeps on offshore transac- 
tions. While there is no formal vet- 
ting, in April 1985 in conjunction 
with the Treasury Department, the 
central bank introduced an “infor- 
mal notification system" with re- 
gard to borrowers entering the New 
Zealand dollar Euromarket And 
despite the reduction of issues the 
Reserve Bank made it dear again in 
early November that it wants to 


Tokyo, issues this vear have had Southeast Asia. bid Tor dominance as a regional 

double-A and tripled ratings. No one “O*? w a financial center was the AsraddUar. 

Despite restrictions imposed this contest partly because Hong Kong market formed by the Singapore 
year on imports and foreign-ex- weathered twra years of uncer- government in the early 1970s. 
change outflows, most bankers ex- wmty over its political future after In effect, the Asiaddlar market 
pect China to continue borrowing 1997 - , when 11 * r ? cns t0 Chinese ^ merely an extension of the Euro- 
from commercial sources abroad, sovereignty, and h« emerged with doDar market operating mainly out 
particularly in view of a dramatic a dearl y defied role as a 0 f London, offering roimd-the- 
Hmn in th* nation'* crucial source of funds and know- -dock, round-the-world oDDortuni- 


A key component in Singapore's duction of offshore banking units 
id for dominance as a regional based in the- United States, called 


Despite restrictions imposed this contest rartNbecan* Hong Kong 
year on imports and fbreign-ex- bas weathered woyeais of nnccr- 
change outflows, most bankers ex- over^ 
pect China to continue borrowing when 11 t0 


International Banking Facilities, 
has resulted in the sharp decline in 
assets held by U-S- hanks in off- 
shore hanking centers, including 
Singapore, acronding to an analysis 
of U.S. banking activity recently 


-ftfwl 

!* 


drop in the nation's foreign-ex- crucial soiuce of funds and know- -dock, round-the- world opponum- 
change reserves this year. And al- for Chma s modernization. ties for interbank borrowing and 

though hard-currency spending Recent moves in Tokyo to liber- lending once London doses for the 


will be carefully controlled, invest- alize Japan’s financial markets day. 

ment authority is still being decen- have also added an element of un- This market expanded rapidly in 
tralized. certainty in any regional race for . its first 10 years from $6 bQEon in 

.As an indication of this, bankers financial business, a worry ao- 1972 to $103 billion at die end of 
say institutions in Guangdong and knowledged by Richard Hu, the 1982. Because of increased ax>- 
Fuj ian provinces are likely to issue c ha i rma n of the Monetary Author- nonne uncertainty in die region 
their own bonds next year. The ity of Singapore, the quasi-central and the speculative nature of many 
Guangdong International Trust banking body. of the transactions, AsiadoQar ac- 

and Investment Corp. has already In the meantime, Singapore's tivity among institutional deposi- 


Guangdong International Trust banking body, 
and Investment Corp. has already In the . meantime, Singapore’s 
announced plans for issues in yen general fortunes have nosedived 
and Hong Kong dollars. and analysts are predicting a . re- 

nt's impossible to judge how traction of the economy by as much 


of the transactions, AsiadoQar ac- 
tivity among institutional deposi- 


general fortunes have nosedived tors slowed down, but the Asiadoi- 
and analysts are predicting a re- lar survived a market lull through 


much China will borrow, but I as 5 percent by the end of the year. 


thmk it will be substantial. 


This would be the country’s worst 


1983 and 1984 to reach a peak of 
$129 bnEon last May. 

“As the AsiadoQar market got 


Rowtr in London. 

Despite these setbacks, mer- 
chant bankas based in Singapore 
say that the Singapore authorities 
appear satisfied, with the perfor- 
mance of the AsiadoQar market 
But in terins of Singapore’s growth 
into a financial center, they are 
dearly frustrated with the develop- 
ment of SingiqKxe as a fund man- 
agement center, the British banker 

Despite the pohtical uncertain- 
ties of the last two yeas, Hong 






fcr- 

m 


net-' 


!%**• 


Mr. Greeves. “Their debt capacity economic performance in two de- larger, its growth rate was 


is enormous, and the scarcity of cades. 


uibuied to the evolution of the continue to “monitor the notifica- Chinese paper means they can get The financial sector, which con- 


market. 

The market may well get another 
lift through innovative products. 
Until recently all Australian issues 
had been straight issues. But there 
has recently been one Ausiralian- 
dollar shogun issue and the first 
Ausiralian-dollar floating rate 


non system. 

And the fact that investors now 
have two other currency sectors of- 
fering comparable coupons and re- 
turns (the Eurofranc and Eurolira) 
may well mean that the Euroaus- 
trahan market in particular has al- 
ready enjoyed its heyday. 


down, and as a banking tod, it 
> settled down into a stable pat- 


finer terms than a borrower might tributed an average of 20 percent of tent,” said a British merchant 


normally expect 


Singapore's gross domestic product banka based in Singapore. 


CONTRIBUTORS 


GZB-Vienna 

Your experienced partner 
in international 
finance business 




• PATRICIA ANGLY is a finandal journalist 
based in Sydney. ■ r 

JOHN M. BERRY is a reporter covering eco- 
nomic and financial topics for The Washington 
Post 

TOM BURNS is director of Spanish Trends, a 
Madrid-based monthly publication of business re- 
ports, and a contributor to Newsweek and The 
Washington Post. 

PHILIP COGGAN is a former assistant editor 
of Euromoney Currency Report and Euromoney 
Corporate Finance. He has recently edited two 
special reports. Currency Options and Foreign 
Exchange Management (Professional Publishing 
Ltd). 

ANN FYFE is a journalist based in Abu Dhabi. 

CARL GEWIRTZ is associate editor of the 


.International .Herald-Tribjxnc He fcWedtfjr ; , 

column bn' the Eurobond market 

DINAH LEE, a Hong-Kong based journalist, , is 
a regular contributor to the International Herald , 
Tribune, The Washington Post and The Econo- j 
mist. 

WILLIAM A. ORME JR. is a Journal of Com- j 
merce correspondent in Mexico and a^ contributor 
to Pacific News Service. 

KEN POTIINGER, a Lisbon-based joumaKs^. 
is a contributor to Newswedc, The Christian Sci- 
ence Monitor and the British Broadcasting Corpo- 
ration. - 

. PATRICK SMriu is a Hong-Kong based jodr- 
nalisL 

DAVID UNNIN, a Geneva-based financial 
journalist, is a regular contributor to the Interna- 
tional Herald Tribune. 


inant center-far fund management. 

Singapore has tried to draw 
more investment management . 
away from, .other financial centers^* 
in vanons ways, most markedly by 
offering tax concessions 10 some of 
the banks -that lend or borrow 
through offshore banking units, or 
Asian Currency Units. These are 
not units of caireucy, but separate 
foretgn^atnreacy dqiartments in 
' tifc, ctofesszous also 

^iplytQnilierestzeceived by depos- 
itors. 

-So far, only eight of the 176 li- 
censedAsianCaErency Units oper- 
ating in SmgapOTC have been ac- 
coracd the tax coocesaons, even 
though the Singapore government^ 
e xpr es s ed admisio boost fee-based 
income for financial institutions. 

Mr. Ho, in a report last July in 
The Economist, said that the bulk 
of foods placed, in Sfatg^ore for 
management comes from rich, pri- 
vate dents in the region. . . 

. • “What’s musing at the momen t * 
is Mm vohimes of institutional 
money” he said. “The bulk of it Is 
in New York, and even in Hong 
Kang, they have substantially more 
mstiftrfiQ Tisi money being man- 


r’v 4^'"-'- 

r 




This anouncementappears as a matter of record only.-' 

It does not constitute an offer to self nor a solicitation of an offer to b uy these securities. 


U.S;$175,000,000 





~w- ■ ■. 'If*-*-': 



1^1 We are the central bank of the Austrian Raiffeisen Ranking Group 
\tS\ with its 2/500 banking offices and a combined balance sheet total 
of AS 534 billion. 

1^1 We are located in the financial centre of ^ Vienna, the traditional 
\f\\ place of East-West-frade. 

ictfl We are one of the most active Austrian banks in providing financing 
1/\| solutions for the Austrian Export and Import Trade. 

We actively participate in domestic and Eurobond issues and the 
1/\1 international syndicated loan markets. 

[4kj»| We are present in all financial centres through a network of about 
2,500 correspondent banks. 

10. We are a member of UNICO Ranking Group with some 37,000 
V banking offices in Europe and overseas. 

We are ready 
to serve you 


(Incorporated in the State ofDelaware) 


°<”v |u, 

1 ^ . 

•1, 


- am 
a* 
' "Vt 


Chase Investment Bank 


Shearson Lehman Brothers International = •’ », . 

Morgan Stanley International 


Credit Suisse First Boston Limited ' 


: Goldman SadisTntemational Corp. 
Merrill Lynch Capital Markets r Salomon Brothers International Limited 

Bank ofTokyo International Limited • Bank of Yokohama (Europe) S A 

Banque Bruxelles LambertS A Credit Agricole .. . Credit Commercial de France 

Credit Lyonnais Genossenschaftli^e Zentralbank AG E F Hutton & Conipany (London) Ltd 
IBJ International Limited Kidder, Peab^ly^lntemational . LTCB International Limited 
Mitsui Finance International Limited . . ' .Nippcm Credk Intemational.(HK) Ltd. 

Nomura International Limited Orion Royal Bank Limited ; Banque Paribas Capital Markets 
Societe Generale . Sumitomo-Fmance International 

Sumitomo Trust International Limited .. . . . ... : ' Svenska Handelsbanken Group 

Swiss Bank Corporation International Limited ■. Union Bank of Swxtzerlandpecurities} Limited 



GZB-Vienna 

GENOSSENSCHAffl 1CH£ 

ZENHALBANKAG 

A - 1010 Vienna, Herrengassel,® 66 62-0 
Telex: 136 989, Swift-code*. Z ENT AT WW 


Member bank of 

G 

UNICO 

BANKING GROUP 



a 5^4 



S.G. Warburg fis Co. Ltd. 

November, 1985 ■ 


W^tdeutsche Landesbahk 

' Cirasearrale 


I 


; ; *t^T7: 



> 0 , 








iii Bid 

filter 



- • - T<T- 




f- vi . -5 •,■••• 



*M6X prices. . Pjn 
AMEX htata/loiwP.w 
NYU prices v.u 
NYSE Meta/Iows PLia 
CmxBan Mocks PS2 
Currency rote p.u 
CommoiaBte* ' pjy 
DMdMOs p,19 


•Carobun resorts P,19 

f^tna rate notes p,~ 
ma rkets pjj 
Interest rotas pjj 
Mtetetsunmory pj* 
Options P.tO 

OTC stock pjn 

0«w malts pjs 


HeralbXSribirae. 


TUESDAY, NOVEMBER 26, 1985 


BUSINESS / FINANCE 



U.S. Stocks 
Report. Page 16 



** 


Page 15 


FUTURES ANIt OPTIONS 


SEC Seeks to Reduce 



r. > i 

i n 


TTiere are fears 
that the core may 
be worse than 
the disease. 


fa tunes, and taking an oppo- 
site position in a basket of the 
lpderlying stocks. The stock 
market can rise or fall dmpW 
.■* W when these programs are imti- 
;i-V ated. 

<Is k Congress, concerned that 
1 the stock market might be 

: .; T -r,i. v turning unfairly against the • 7 ~ 

• smaller mvestor, pressured the SEC to act. This resulted in a letter 

from Richard Chase, the commission's assistant director of 
niadcet regulation, to the exchanges on Oct 16 with suggestions 
' ■ "vJ. sa I^r new rules. Smoe the commission has jurisdiction only over 
^ options,- and not futures, the proposals only directly concern the 
index options. 

Mr- Chase's letter proposed that the findt on how many index 
i. options an investor can bald fre slowly reduced, or “telescoped,” 
.’V ^ expiration approached. For instance, lie wrote, the limit of 

r; ; : r r 15,000 contracts oh the Standard & Poor’s 100 option might be 
y-. to 1 0,000 on the third day before expiration and to 3,000 on 
'• the expiration day. The options expire on the third Friday of 

month. 




: -"c 


i j ins - 


ANOTHER suggestion was. that the expiration dates of the 
different contracts might be staggered so as not to fall on 
~L JL. the same day. 

- At a meeting an Nov. 14, the exchanges strongly resisted what 
they regarded as an arbitrary limit on. legitimate morket action. 
The Chicago Board Options P ychangp masted that, anyway, the 
stock market disruptions were growing smaller as more players 
jumped into this play. 

The exchanges have proposed that an independent study by an 
academic be done on the subject before any ghmg ps are institut- 
«L “Whalwe’re worried about is that theatre may be worse than 
the perceived disease,” said Paul G. Steivens, executive vice 
president of the American Stock Exchange. 

! • "*We don’t have any problem with astudy,” Mr. Chase said in a 
telephone interview. “But we don't want a delay.” 

Traders, too, have been unmoved by the arguments for tele- 
scoping. “1 love volatility because Fm a trader,” said Anthony G 
.Woodruff, an arbitrager at Kidder, Peabody & Co. “These 
Arbitrages compress market movements into shorter spans of 
time, but it just makes them do what they would have done 
'anyway. I don’t really like the idea of some new Hants.” 

■ ■ Mr. Chase emphasised that the c ommian mi wsut mrwmg drijjTv 
xrardy slowly on the issue and was not even convinced yet that it 
must create new rules. He added that the commission would be 
closdy watching, on Dec. 20, when, major index options and 
.futnres all expire.al once., . 

It was Hkety, Mr~<jhase«aid,'riiat the SEC andthe Commodity - 
-Futures Trading Commission, which regulates index futures, 
would institute consistent rules on die two types of contracts 
(Gonfinned on Page 17, CoL 1) 



Crow Bate* 


UM. F4=. • MX. OWr. «LF. 


Abe. 25 

S JF. . .. Ym 



7MM 

A 70 

HUB* 

MASS* 00*47* 

— 

UM* 

137JO- 

uiir 

BmuMi) 

SIM 

Turns 

20232 

4*4 

2S9A* 

I7JU5 

__ 

7AM 

25J43* 

FnjnMtort 

UU 

3JU 

— 

32 «• 

Mix 

HJ2* 

4*0" 

1220V • 

1277- 

Loodoafft) 

MO 

' -A— 

1733 

U4I75 ma 

4227 

75335 

3075 

2V1T5 

fcWton 

17XL7I 

2JS7JB 

fJU4 

mn. — 

tour 

3UE7 

nus 

U9 

IHowYorktO 

— - 

tueoA «r 

1KB 

7JN 

V3U1 

2MI 

51 JS 

2.U 

THUS 

Parte 

' 7114 

11-446 

3JM72 

— Asnsx 

23M 

15JO- 

27205 

UNI* 

T«kro 

BUS 

ansi 

7 XU 

as a 

1U7* 

4 Mi 

Bin* 

*S56 

' 

zmet 

iwn 

usu 

*U5* 

2*455 * UBI* 

7171 • 

4JM44* 

— 

■1A444 ■ 

1 ECU 

WM . 

IM 7 

22U7 

U30 1*254 

ion 

4472*5 

urns 

T73JJM 

I SDR 

1JM7M 

H741M 

17IHT 

kjo. 

NA 

ran 

sum 

22041 

7T7J17 


<aj Commercial tranc (b) Amounts needed to buy one pound (ei Amounts mdM to buy atm 
amrw Units of m(xj Units of 72B0ty) Units of 70000 N.Q.: ooi footed; «A: not oval iabte. 
' t=) To Dor me pound: SOSXAMS 




4 


OdwrBaDarValui 


curnwer per 

ILSJ 

. Currancr per (122 

Currency per UJU ' 

Cwieocr pa 

r UJJ 

ARML MUral 

OH 

Ftn. markka 5240 

Max. pm 

49000 

Soviet ruMa 

07710 

AotraLS 

usts 

•reek dree. I5U» 

Marw.knuMi 

72W 

Spaa. peMta 

150J0 

Antr.sOHL 

Bfete.OB.fr. 

10.14 

. Hens Kara i 7J07 

PMLPBM 

T7JS 

awed, krona 

77255 

5220 

MtenrapM 122*27 

Part, undo 

10 220 

Taiwan s 

3925 

Rraflcm 105000 

4 nde, roplaii 1,12320 

jMdtrtrte 

X45B7 

TMtott 

24015 

Canadian I 

12772 

imtl ; 02337 

StM.1 

2292 

Turkish iky 

5552S 

CUnmnoo 

32215 

town ML 3A79M 

5. Afr.rend 

22*67 

UAE (Urhaai 

1*725 

— iTitiinim 
EemLMMKl 

9M05 

129 

KawaWdtoar 0299V 
Motor, fine. 22245 

tnr.wi 

. MPJS 

VMMZ.MHV. 

1450- 


12145 trwnc 




Donor 
. HK 
MM 

InMIhi WVi 3W-4M. 

ft month* HM ' 4-4fe 

l ytor • B*W«14 Akk-5 X4\b 

Sources: Morgan Guaranty (dollar, DM, SF, Pound, FF)i Ltoycts Bank (ECU); Routers 
(SOftl. Rates apollaoble to Interbank deposits of ft mlltlon nttntmoin (or eoutvotentt. 


ECU 
■IA-m 7Vi~ 

tiA-m r-K 

SV.-OH ?> 
IMh 7%, 
IMh 71k 


SUnyTHmmvy 


Thammne 
fentar l4ob Roto 
comnwarte-ntdon 


NeoSS 


7v> m 

r* fttt 

m m 

9 .• 9 

775 7X 

7M 721 

7 JO 730 

7 JO 7 JO 

730 7 JO 


5 JO 5J* 
ASS ASS 
AM AM 
AM AM 
A9Q AM 


8¥t WVk 

CMl Manor W • »** 

Owhwmib Interbank M » 

Iwaa iWfeank " W « 

Atnonlb (ahrtaofc I an* BtVtt 


lift 11W 
11 l« 
113/32 Ul /14 
. 11» 11 11/M 


Bonk Box Rote 
CM Moon 
71-tterTncSMV an 
34ma tamwik 


MKBUBRflte 

- CaHMonar - 
f M4ayfaNftnnk 


5 

m 


i 

TVl 


! Sources: Reuters. Cemmenbank, O edit 
, Lymnab. Bank of Tokyo. 


AoIm Prihr PepidU 

Nov. 25 

lmaaRi 1 -IW 

1 /rUMftu 8-814 

1 moattn 8 - 8 V, 

<mnHn 0-814 

limar Ilk-In. 

Source: Reuters. 


HA. Money Mawhet Finds 

Nm.25 

HMfTlB l-rnch RiattV ASMtS. 


Tnlnnilc Inter#** Rat* hwx; 7JKM 

Source: Merrill Lynctu Tetenst*. 



Nao-SS 



AM. 

PJA. 

area 

HMBKdra 

327 JO 


+ 1*5 

LifXMfeemv 

telM 

— , 

+158 

Pari* (tuute) 3HJP 

amt 

+U0 

Xaafdft 

320*5 , 

33075 

+ 4J# 

London 

33UD- 

HUB 

+ 370 


HtwYlrt 


' — ■ MM 


+SJ0 


UKcmbauro, Paris on# London official fix- 
most hour Kong and ZuNcs amttog and 
ctostaa pri ce s: New Yant Come* current 
contract. Mt prices in us. Sper ounce. . 
Source: Reuters. 


Markets Oosed 

Rnandal markets in Malaysia were closed Monday because of 
a holiday. • 



By JAMES STERNGOLD 

York Tunes Serriix 

EW YORK. The fun may be drawing to a dose on 

some of the complex arbxtrags plays between stock- 
*nd« options and the stock market as the Securities 
and Exchange Commi.ssioc steps im its efforts to find a 
tbestodk^ m^^ tiie volatility that themiestnients can cause in 

havc controversial since April 1984, when 
the stock market suddenly leaped 12 points in jETlast hour of 
traamg one day, hurting some investors and scaring many ©there. 

tnar gyration, and a spate of similar market moves last 
suiiiiDcr, wwc the result of investments that involve buying or 
selling stock-index options or 


Accepts 

GATT 

In Shift From 

Protectionism 


■ By Robert J. McCartney 

Washington Peat Service 

MEXICO CITY — The Mexican 
government, in a landmark deci- 
sion to lower trade barriers, has 
committed hsdf to accept (he rules 
set by the General Agreement on 
Tariffs and Trade. 

President Miguel de la Madrid 
issued a statement late Sunday say- 
ing that Mexico would enter 
GATT. It was published Monday 
in the official gazette. 

It win take months for Mexico to 
negotiate terms of its entry, and the 
country probably win have 1 0 years 
or more to bring customs duties 
and other trade regulations into 
fine with GATTs other members. 

But Mexico will have to gradual- 
ly lower tariffs that artificially raise 
die price of imported goods, and to 
avoid other measures that discour- 
age international trade. Thai repre- 
sents a historic change in the coun- 
ttys economic strategy, which has 
relied on relatively high trade barri- 
ers to protect domestic companies 
against foreign competition. - 
Mexico is the largest Western 
nation not a member, of GATT. 

“We cannot isolate oaredves in 
an increasingly interdependent 
worid,” Mr. de la Madrid said. 

Both manufacturing companies 
and labor onions in Mexico have 
opposed entry into GATT on 
grounds that the nation's economy 
was too weak to survive an influx dr 
foreign-made goods. 

On the other hand, the decision 
was certain to help Mexico in deal- 
ings with international banks »nrf 
the International Monetary Fund 
over its S96-hiUion foreign debt 
Mr. de la Madrid said Mexico 
would need special safeguards to 
protect its petroleum and agricul- 
tural industries. 

■ GATT Session Opens 
A GATT meeting of officials, 
which may arrange a new round of 
trade liberalization talks, opened 
Monday in Geneva with a somber 
assessment of “deteriorating” 
world trade prospects by the ses- 
sion’s chairman. Felipe Tara mil 1 a 

of Colombia, The Associated Press 
reported. 


Tobacco Firm 
Seeks Merger 

In Britain 


By Bob Ha^erty 

Interna tional Herald Tribune 
LONDON — Imperial Group 
PLC and United Biscuits PLC an- 
nounced Monday that they were 
discussing the possibility of merg- 
ing. 

Such a combination would cre- 
ate one of Britain's biggest compa- 
nies. Imperial, a tobacco, beer and 
food company, has a stock market 
value of about £1.7 billion (S149 
billion). United, the world’s sec- 
ond-largest maker of cookies and 
trackers after Nabisco Brands Inc, 
is valued at nearly £1 billion. 

The companies^ joint statement 
said im p*-™! had maria the ap- 
proach but gave no further details. 
United shares surged to dose on 
the London Stock Exchange at 2 66 
pence, up from 242 pence Friday, 
and Imperial gained to 229 pence 
from 218 peace. 

The combination would be 
viewed at least partly as defensive. 
Both companies have had lacklus- 
ter performances in recent years 
and both have been died as possi- 
ble takeover targets. 

David and Frederick Barclay of 
Britain, twin brothers and promi- 
nent investors, recently acquired 
about 3 percent of Imperial’s 
shares, the stockbrokerage of 
Wood, Mackenzie & Co. disclosed 
during the weekend. Their stake 
has been viewed as an effort to take 
(Continued on Page 17, CoL 3) 


Brazil Plans to Shrink Role of State 

Sale of Petrobras Shares 

Ijnirifthing f Destatizadon ¥ 


By Alan Riding 

Sew York Tunes, Service 

RIO DE JANEIRO — Six months into his job 
of identifying all companies, departments, com- 
missions and other homes belonging to the federal 
government, a Brazilian official hari reached the 
staggering figure of 20224 and was stBl counting. 
‘This,” Gileno Fernandes said, “represents about 
one-third-" 

But already he had proved what most Brazilians 
instinctively knew: The state apparatus had grown 
out of all control during the past two decades of 
miliiaiy rule, not only assuming a central role in 
the economy, but also spawning a vast bureaucra- 
cy that has become a drain cm the nation. 

Now, in a move that could change the very 
nature of Brazil’s development, the country’s new 
civilian government announced an ambitious 
program to reduce the size of the state and, above 
all, to limit its intervention in the economy. Over- 
night, denationalization has become the new 
catchword. 

“This is not an ideological decision," insisted 
one official who is involved in executing the pro- 
gram. Besieged by huge foreign and domestic debts 
and a chronic budget deficit, be noted, the state 
can simply no longer afford to feed itself. “Com- 
mon sense teHc us we have to slim down.” 

President Jos6 Sarney, in contrast, sees it as a 
more fundamental shift in the country’s economic 
model, proclaiming the “new posture” is a historic 
turning-point that should permit economic leader- 
ship to pass from the government “to a private 
sector freed from the ehnins of starism." 

This week, the plan moves into first gear with 
the sale by the government’s National Economic 
and Social Development Bank of 5 billioa shares in 
the giant oD corporation, Petrobr&s, raising S400 
million that might otherwise have required new 
taxes, additional borrowing or printing money. 

Over the next two years, the strategy envisages 
divestment or closure of at hast 100 public compa- 



Jose Sarney 

mes, the sale of shares in other state corporations, 
elimination of “unnecessary" government offices 
— if they can be found in the bureaucratic maze — 
and a reduction in the red tape currently strangling 
business. 

So far. officials have not indicated by how much 
they hope to shrink state intervention, partly be- 
cause of disagreement over how it should be mea- 
sured. The public sector accounts for about half 
the gross domestic product, but much of this 
involves “nonproductive” spending in health, edu- 
cation and other services. 

Slate enterprises, with a budget of S70 billion for 
(Con tinned on Page 17, CoL 1) 


Habitat, BHS 

Set Merger for 
.1 Billion 



By Bob Hager ry 

Inicmanonal Hwald Tribune 

LONDON — Habitat Mother- 
care PLC and British Home Stores 
PLC announced plans Monday to 
merge in a £1. 45-billion t S3. 1 2-bi3- 
lion) transaction Lhat would create 
Britain's fifib-largest nonfood re- 
tailer. 

The plan comes amid a wave of 
mergers and acquisitions in Britain, 
particularly among re tailin g com- 
panies. Last August, Burton Group 
PLC acquired Debenhams PLC af- 
ter a virulent takeover battle, and 
the al-Fayed famil y of Egypt early 
this year purchased House of Fra- 
ser PLC which owns London’s 
Harrods department store. 

Habitat, a fast-growing retailer 
of trendy furniture and clothing, 
said it would help speed up BH^s 
efforts to redesign its variety stores 
and shed a dowdy image. Sir Ter- 
ence Conran, a successful designer 
who is chair man of Habitat, said at 
a news conference that both com- 
panies would benefit from greater 
size in negotiating with suppliers. 

Investment analysts suggested 
that the merger taHts migbL have 
been hastened by signs of a rival 
suitor building up a stake in BHS. 

Paul Deacon, an analyst at 
Wood, Mackenzie & Co„ said the 
merger would inject “a tittle bit of 
the well-known Conran flair" into 
BHS. 


China’s Import Curbs Hurting Hong Kong Trade 


Agent* France-Presse 

HONG KONG — Hundreds of 
millions of dollars' worth of goods 
are lying idle in warehouses tune 
because of import curbs in China. 
Hong Kong's No. 2 trading part- 
ner, local businessmen say. 

They estimate that China-bound 
vehicles worth at least 350 million 
Hong Kong dollars (about $45 mil- 
lion) are stockpiled in Hong Kong. 

A car dealer, Yuen Kam-t 
said his business had been left 
and dry by China's curb on vehicle 
imports. 

While Mr. Yuen put the backlog 
figure at about 5,500 vehicles, some 
of his colleagues put it as high as 
10 , 000 . 

According to Mr. Yuen, owner 
of China & Canton Co. Ltd, a car 
dealership, nearly ah the vehicles 
are Japanese-made trucks shipped 
to Hong Kong at an average export 
price of 50,000 dollars each. 

“We usually add 10 percent on 
top for profit," be said. 

The Chinese cutback on autos 
was part of measures introduced by 
Beijing in March to cure a hemor- 
rhage m the country’s foreign ex- 
change reserves. They fell to S11-5 
bQlion in March from $16 5 billion 
in mid-1984. Many analysts believe 
the figure is now below $10 billion. 

Wang Deyan, a vice president of 
the Bank of China, said at an inter- 
national monetary conference in 
Hang Kong in June that China had 
to restrict the import of consumer 
^luxuries," defined as cars, televi- 
sion sets and refrigerators. 

Local businessmen estimate that 


300.000 color television sets, 

100.000 video recorders and 18,000 
office copiers destined for China 
are lyuig in warehouses. 

China is Hong Kong's second 
largest trading partner after the 
United States. 

According to Mr. Yuen, the 
problem has worsened since July 
when official Chinese reports said 
about 90,000 cars and other items 
had been imported illegally by bu- 
reaucrats on Hainan island, off 
southern China, and then resold 
throughout China at substantial 


profits in the 15 months ending last - 
March. 

The Hainan intake was estimat- 
ed to account for more than two- 
thirds of the total number of vehi- 
cles C hina had imported during the 
period. 

Mr. Yuen said that at the peak of 
business, more than 120 cars a day 
entered China from Hong Kong via 
the overland border. “Today the 
number is down to less than 30, and 
could fall still further,” he said. 

An executive with a big Hong 
Kong car dealer also reported lhat 


Lhe firm’s monthly C hina sales had 
drifted to 50 from 1 ,000 earlier this 
year. 

Some local economists, includ- 
ing those with Hang Seng Bank, 
however, remain optimistic over 
prospects for Hong Kong's China- 
bound exports and re-exports. 

Although China's economic re- 
adjustment process is likely to last 
wdl into next year, there is “little 
ground for long-term pessimism," 
a recent issue of the bank's monthly 
report on the Hong Kong economy 
said. 


The stock market reacted posi- 
tively. Habitat shares rose 18 pence 
to dose at 566 pence, while BHS 
gained 36 pence to 409 pence. That 
gave BHS a market value of about 
£850 million, compared with £600 

million for Habitat. 

Though BHS is larger. Habitat 
appears likely to be do minan t Sir 
Terence will be chairman and chief 
executive of the combined compa- 
ny. Denis Cassidy, now chief exec- 
utive of BHS, is to serve as deputy 
chairman and managing director. 

Under the agreement, a new 
holding company would offer one 
of its ordinary shares for each share 
of BHS and 1 38 shares for each 100 
Habitat shares. BHS shareholders 
would wind up with 55 percent of 
the new company, and Habitat 
holders would gain the rest. Sir 
Terence’s holding in the new com- 
pany would be about 9 percent. 

Habitat has grown rapidly since 
listing its shares on the exchange 
and acquiring Mother care, a retail- 
er of clothing for children and 
pregnant women, four years ago. 
Analysts credit Sir Terence’s man- 
agement team with breathing new 
life into Mothercare. 

On Monday, Habitat reported 
that it had pretax profit of £16.1 
million in the first half ended Sept. 
29. up 28 percent from £12.6 mil- 
lion a year earlier. Sales rose 14 
percent to £225.5 milli on from 
£197.8 million. 

For the year ended last March 
31, Habitat had pretax profit of 
£36.5 million on sales of £446.7 

milli on 

The company owns a design con- 
sultancy, Conran Associates, which 
has been helping BHS develop new 
products. Habitat also owns furni- 
ture and clothing stores in Britain, 
continental Europe and the United 
States. 

The pretax profit of British 
Home Stores rose 17 percent to 
£17.5 million in the first half ended 
SepL 14, partly reflecting property 
transactions. For the year ended 
March 30, the company had pretax 
profit of £61 million on sales of 
£608.6 million. 


Vietnam Drafting Investment Imw to lure Western Capital 


By Paul Wedc! 

United Pros International 

HANOI — Vietnam is liberalizing its in- 
vestment law in hopes of attracting its first 
significant foreign investment since the end 
of the Vietnam War lOyears ago, government 
officials and diplomats say. 

In interviews over the weekend, the offi- 
cials said Vietnam had realized it was falling 
further behind the more open economies in 
Asia and hoped foreign investment from cap- 
italist nations would help correct the prob- 
lem. 

“In the next few months, we will have a 
new law of investment and joint ventures to 
make use af foreign investment” said Le 
Hoang, a vice mmisier and deputy director- 
general of the State Bank of Vietnam. 

The new law, unlike a 1977 measure that 
failed to attract significant investment, will 
place no eating on the proportion of foreign 
ownership in joint ventures, he said. 

While the old law required local manage- 


ment, the revision is likely to encourage for- 
eign investors to bring in their own manage- 
ment, the rice minister said. 

“We will designate specific production ar- 
eas for foreign investment, particularly in 
processing for export." the Vietnamese offi- 
cial said. “We would like investment in the 
production of tea, coffee, oil and gas. rubber 
and glass production." 

Mr. Hoang said there would be no problem 
with repatriation of profits. Taxes would be 
cut when profits were reinvested. 

He declined to give further details of the 
legislation, which was still being drafted, but 
said it would be based on “equality and 
mutual benefit." 

Vu Khoan, director of the Foreign Minis- 
try's Economic Department, said investors 
from India, Australia, Japan and France had 
already made inquiries about joint ventures. 

“The new law win certainly be more attrac- 
tive," he said. 

A Western diplomat said the Vietnamese 


had told investors from his country that once 
they made a firm proposal, “we will satisfy 
your requirements on a case-by-case basis 
even before the new law is ready.'* 

The Hanoi-based diplomat said: “The 
Vietnamese are conscious they are f alling 
further behind their neighbors in Southeast 
Asia and they are keen to catch up. But it is 
clear they are not going to abandon their 
socialist, Marxist-Leomisi policies.” 

The Vietnamese officials who were inter- 
viewed said there was no disenchantment 
with the significant help the country had 
received from the Soviet Hoc. There was 
simply a realization, they said, that Vietnam 
needed more help than the Socialist countries 
alone could give. 

Mr. Khoan said that many Western na- 
tions had used Vietnam's 1978 invasion of 
Cambodia as “a pretext” to attempt to isolate 
Viemam..But he said the leadership was con- 
fident that the Cambodian situation would be 
settled within five years. 


U.S. Airlines Fear Famine 
May Follow Holiday Feast 


Trade Surplus 
Widens inZJJL 

Reuters 

LONDON — Britain's trade 
surplus widened in October fol- 
lowing improved oil trading, 
the government reported Mon- 
day. The estimated current ac- 
count surplus increased to £400 
million ($560 million) from 
£170 millioa in September. 

Exports rose to £6J2 billion 
from £6.11 bBtian in Septem- 
ber, while imports totaled £632 
Ml in n, down from £634 bil- 
lion. The c u rr en t account mea- 
sures trade in goods and ser- 
vices as well as interest, 
dividends and certain transfers. 

(Ml exports rose by £89 tril- 
lion to £760 million in October, 
reflecting increased North Sea 
production, while oil imports 
fell by £27 mfOkm. A rise in 

capons of chemicals and indus- 
trial machinery also helped 
boost the surplus, government 
nffipiflk . 


By Agis Salpukas 

New York Tuna Service 

NEW YORK — The U.S. airline 
industry is gearing up for heavy 
traffic during the Thanksgiving 
and Christmas holidays, but there 
is great concern that traffic will 
weaken and fare wars will widen 
early next year. That is causing 
some analysts and executives to 
predict a sharp drop in earnings in 
the first quarter. 

. “It’s going to be a tough year,” 
Richar d J. Ferris, chairman of 
United Airlines, told a group of 
analysts last week. 

Many carriers are scheduled to 
add capacity next year with the 
delivery of new planes ordered 
some time ago, putting further 
pressure on fares if traffic levels 
remain soft 

If the predictions come true, the 
first-quarter results would inter- 
rupt a period of recovery for the 
industry that followed a slump in 
1983. It could also speed the con- 
solidation of more carriers in the 
aftermath of the People Express 
takeover of Frontier Airlines, the 
first merger of two major carriers in 
many years. The takeover was com- 
pleted last week. 

Mr. Ferris said the fall in profits 
would put pressure on other major 
carriers to consider mergers. 

A move by United, which is ex- 
pected to take over the Pacific 
routes of Pan American World Air- 
ways by early January, is adding to 
the merger press u re. 

Northwest Airlines, which op- 
posed the route transfer that was 
approved by the Department of 
Transportation, has said it might 
have to seek a merger with a major 
airline to remain competitive. 
Northwest is the largest U.5. cam- 
er in the Pacific. 

A bright spot for the industry has 
been the low fares introduced by 
American Airlines for Thanksgjv- 


ing Day, which is this Thursday, for 
Friday and for half of Saturday. 
The fares, as low as 529 one way for 
flights of 500 miles (808 kilometers) 
or less, have been matched by most 
major carriers. 

Lowell C. Duncan Ira vice presi- 
dent of corporate communications 
for American, said the response 
had been phenomenal." He said 
that the airline, which has 1,200 
flights daily, had 260,000 seals 
available for the holiday weekend 
period and that 170,000 had al- 
ready been sold, a dramatic im- 
provement over years past. Wiliam 
Berry, a spokesman for Delta, said 
that the airline normally flew its 
planes only 30 percent full on 
Thanksgiving and the days after 
but that the loads would be more in 
the 70 percent range this year be- 
cause of the low fares. 

Delta has also offered fares dis- 
counted by 70 percent for the three 
days following Christmas, and Mr. 
Berry said that had stimulated an- 
other surge in bookings. Other ma- 
(Continued on Page 21, CoL 2) 


ARGENTINE 

REPUBLIC 

EXTERNAL UJ. $ BONDS 

AM) 

BONOS NOMJNATTVOS 

THE WESTON 
GROUP 

Enquiries to: 

CH-1003 LAUSANNE 

2 Roe de la Pan. 
Telex: 25869. 

TeLs 021/20 17 41. 







**• 


Page 16 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


NYSE Most Actives 


BaxtTr 

IntHorv 

Texaco 

KelsrAl 

Te»OGs 

Milmb 

wif«,E 

AT8.T 

Beoico 

gears 

Penra* 

Rorgr 

NTOypi 

WUnion 

■JohnJn 


VoL 

High Low 

Last 

aw. 

51336 

14% 

13% 

13ft 

— V 

17314 

7ft 

7V 

7V 

— % 

15510 

34* 

34% 

34% 

— % 

iHtl 

17* 

16% 

17V 

■F « 


15% 

15* 

15* 

— % 

1210*» 

37 

3S% 

36ft 

+TV 

11931 

44% 

45% 

45* 

— ft 

11370 

21V 

22% 

23% 

— % 

9079 

9306 

66% 

38% 

45% 

37% 

46 

37* 

— * 

0250 

65 

60% 

62V 

+ V 

7988 

41* 

39V 

40ft 

F1V 

7755 

47V 

46 

46ft 

+2ft 

7358 

15% 

14* 

15* 

+ ft 

7190 

47* 

46* 

47 

-ft 


Dow Jones Averages 


Oven Higo uw Last cub. 


I nan 146ZJM 1467X9 1449X3 US6X5 — 

Trans M LS9 *83.99 672XS 476X6 — 

Util IC5.BJ 14440 I4« SA 165X7 — 

Comp $95.75 JB787 S79S1 5*3X6 — 


tM 


0.77 

174 


NYSE Index 


High tow cion Ch*ge 
Cam cesl te 115X6 Ills; 1US9 — 065 

industrials 13191 132.40 13143—044 

«38E. 107.44 10687 10187 -1.14 

Utilities 5?J8 59.71 S9J0 — 0J2 

Pinwo 12133 12433 12434 — 1X4 


Dow Jones Bond Averages 


Sana* 

Utilities 

industrials 


Close 
BUS 
704* 
S3. 10 


cave 

n n* 

— 0X4 

+ 0.12 


NYSE Diaries 


CI«m Pro*. 


Advanced 

Declined 
Unchanged 
Total issues 
Hew Highs 
New Lows 
Volume ud 
V olume down 


Ml 

1094 

382 

TO* 

112 

10 

24J5UM0 
iv5 43840 


948 

44} 

444 

2057 

198 

7 


Qdd-Lnt Trading in N.Y. 


NOV. 22 
Mov, 71 
Nov. M 
Nov. 19 
NOV. IB 


Bar Sole* 
102X29 539X45 
208X59 SR® 
148,017 481 JOT 
180.107 507X52 
175X22 50MW 


•SBTt 

2X18 

3.155 

2J3A 

1U34 

*554 


Included In the sole* floures 


Mondays 

MSE 

dosing 


VoLot4PJM- 


Prev.4PiA.irOL 

PrevcoesoBdoted dose 


njlMM 

13U5U00 

159X29X90 


Tables indttds the nationwide prices 
un to the dosing on Wall Street amt 
do net reflect late trades elsewhere. 

Via The Associated Press . 



Advanced 
Declined 
unchanged 
Tom* I uuex 
New Highs 
New Lows 
Volume up 
Volume down 


dost «**• 


340 

221 

2S7 

818 

43 

12 


220 

337 

2*5 

BE 

24 

11 

2J87J45 

3X43X20 


Gomaasm 

industrials 

Finance 

insurance 

Ultimo* 

Bank* 

Transo. 


s^SiSs 
%*=£ M b 2 


»«3a3E sms 


Standard & Poor’s index. 


Industrie!* 

U Witte 
Finance 
ComstntW 


Hteft low ewe cne 
2»X6 222.72 223X9 — 1.17 
1BU3 178J3 17835 — 1X8. 

87J4 B7-4fl — Mg 
2428 2198 2199 — 0J9 
-201X2 200418 200J5 — 1-17 



i PM. VOfllfTM 
piwr.4PJKL«lw“ 
Pr*v. cues, volume 


1UBMW 

ifcmooo 


Aetratc 

ectweo 

Uttmte 

Wckes 

DcroeP ' 

HmeCn 

MCO_HS 

amCp 

BAT in 

AM inti 
QzarkH 
Keypn . 
DamM 
Hatri 
wansO 


8519 , «* 

3497 MU. 
■ -%' 
-SS.lg 
SS & 

ms 4V. 
1239 S 
1203 13% 
11*9 9M 
llSO Jgk- 


Kflk 
S7ft 
4tfa 
2 * 
VH 
ra 
31 
4 % 
4 ft 

UH 

1L 


4ft W% 


- XU* + % 

T«. + M 

w* +im 

S£ =16 

«M — « 
1ft 

Oh — I* 
4% — S 
+% — % 
UM — -A 

Mi. - V 
4 % + % 

B its 



1 AMEX Stock index 


Lew 


241X2 


dose 

2408) 


Ch’te 

—040 


i2Uonin 
High Low Stud. 


Dlv. Ytt PE 


Sis. 

I Kb High Lew 


Close 

Ouot. Oi'oe 


15 15 
15 


100a S3 
J2 2X 
272 103 7 
1X0 23 17 
JO 11 17 
X» 15 
J26 4J 11 
l.«2elOX 
.40 2.0 8 
J3t 3J 21 


,12a 1.1 
2X4 5.1 
5.i9e 9J 
121 10 


1X8 _ 

XO 29 12 
■10c 53 
2X3e 93 


2444 14 AAR 54 
19 10Vp ACS 

14 9-* AMCA 

SOU 32V AMR 

23ft 18% AMR pF 218 9* 
2SM 73 ANRpf 247 113 
22 19 ANRpf 112 103 

11% 7% APL 

15% 9 ARX 

S8% 32ft ASA 
27 10% «VX 

23% 2M*AZP 
43% 38% AM Lab 
25% 19% AccoWd 
24% io AcmcC 
10% 7 AcmeE 

19 15% AdaE* 

20 13% AdmUl 

15 8% AdvSys 

34% 23% AMD 
12W 10% Adobe n 
14% 14% AdobPtA 
17% 15V. AdabPlB 
12% 4% Advast 
53% 34% AelnLI 
57% 53% AML Pi 
40% 22% Ahmna 

3% 2% Alleen 
<m% 44% AlrPrd 
24% 17% AlrbFrt 
2% 1% AIMefl 1 

»tt 23% AiaPpf _ 

33% 28 AlaP pIA 192 140 
8% 6% AloP dpf 37 TOX 

87% 44% AlaP Pf 9310 10.8 
92% 70 AlaP Of 9X4 IDX 
77 41% AlaP at 8.I4IIU 

76% 40 AlaP pf 
24% 13% AbLAIr 
30U. 12% Altar to s 
33V 24% AlbtVtS 
31% 2214 Alcan 
Kk 27% AlcaSId ._ 

32% 21 AlexAlx 1X0 
30 20% Atexdr 26 

89% 72% AlIpCp 1J4I IX 22 
24% mIoCp Pf 2JM 10.7 
28% 20’A Alolnl 1X0 5 J 
20% 14% Alglnpf 2.19 111 
M 85% Alol pfCll J5 12X 
34% 2(1% AlloPw 170 83 9 

24 14% AllenG XOU 2X 13 

23% 15% AlhfPO 8 

48% C AldSvnnlXO 4A 
JD% 42 AldS ptA 4,12 4J 
63 58% AldS PfC 674 11.1 

III 103% AldSofEBlOO 11 J 
103% 100% AUSpIF 
«% 47% AlldStr 120 14 
9% 3% AJIlsCh 
34% 24 All.sC oi 
30% E% ALLTL 
39% 29% Alcoa 

IP 10J*i Amor 

36% 27% Amax Pf 3X0 I0L7 
34 23% AmHas 1.10 ^ 

2% 1% AmAor 

27% 1«% ABdkr 
70 53% ABrond 190 

30% 25% ABrdpf 275 
70% 54% ABrdpf 2X7 
M9% 54% ABdCSf 1X0 
30% 2014. ABIdM X6 
31% 20% ABusPr Xi 
64% 48% AmCon 190 
25% 22 'A ACOfiPf 2X0 10X 
56 42 A Can pi 300 S3 

72<u 10 ACaoBd 12) 10.1 
30% 25% ACopCv 2Xle 9J 
11 5% ACentC 


128 IIP 
.16 X 
38 IX 
.76 25 


1? 


58% 44% ACvan 


9% 19% ADT 
24% 19% AElPw 
49% 34% Am Exp 
29% iJVi AFamis 
34% 24% ACflCo 
16 8 AGfilwt 

54% 52 ACnlpfAJXJelO.1 
71% 48% AGnpfD 2X4 40 
13% 7% A Hoist 

66% 497# AHome 
51 26' « AH asp 

99U 74% Am rich 
101% 62 AlnGrp 


144 114 AIGppf 5X5 
28% 14 


19 7 


AMI 

4% Vi A m Mol 
20 13% APreids JO 

13% 5 ASLFIa 
18% 12U. ASLFIPf 219 12X 
IJ% 11% ASftlo X0 47 9 
35% 26U AmSId 1X0 45 11 
68'* 35% AmSIor X4 IX 11 
178 44% AStr PtA 4XB 5X 

5914 51 AStr dIB 6X0 11 J 
24% IB AT&T 1J0- SJ 
W% 33 AT4T pf 1 a4 


163 22% 22% 22% 

95 19 18% 78% 

10 11% 11% 11%— % 

4684 48V# 39% 39% — % 

16 23% 23% 23% — % 

3 23% 23% 23U 

2 29% 20% 20% + 'h 

192 10% 9% to — % 

60 15% 14% 14%— % 
123S 39 38 38% + % 

80 13% 12% 12% — % 
B44 26% 24% 26% — 'm 
455 61% 6 To 61%—% 
45 234. 23% 23V 
38 11% 11% 11% 

18 7% 7% 7%— Vi 

41 18% 18% 18% + % 
43 19ft 1Q«4 m.— % 
... 325 15% 14% 15 + Vi 

39 15B0 24% 26% 26%—% 
344 12 12 12 — % 

143 16% 16% 16% 

70 17% 17 17% 

It 839 1114 im im— % 

17 2545 521m 51 51%— % 

1 54% 54% 56% 

7 1001 39% 39% 39%—% 

163 2% 2% Fi— % 

13 2147 60*. 60 is. 60% + % 
78 21% 70%. 71 — % 

617 1% 1% 1% + % 

301 2H3m 37*. 28PS 

126 29 28 28 

43 B% BV4 8% 

4J0ZB4 83% 83%— 1% 
24807 90% 89 89 —2 

2100i 79% 79% 79% +3% 
SOB 76 76 76 

527 19% 19IA 17% — % 

204 29% 29% 29% + % 

_ ._ £10 32% 30*. 30 L- —3 

JO ID 52 1293 27 26% 24% — % 

1J4 14 16 144 34% 34% 36% 

1075 32% 31% 3114—1 
10 79 28% 29 + 'A 

119 85 84% B4U + % 

1 24% 26% 24% + % 

4174 25 24% 24% — % 

13 18% 18 18% 

6 91 90% W4 + % 

992 32% 32% 32% — 'A 

90 73% 23S* 23% + V, 

18 19% 19 19%—% 

9 4040 45*. 45% 45%— '* 
324 47% 66% 44% — % 
70 41 fiBSns 40*4 — H 

2 1061* 106% 106*. + % 
1551 100'A 100% 100%— % 

8 621 44% 64% 446. — 14 

223 3% 3% 3% + % 

£ 28’- S7*4 271. 

451 29 28% 28% — % 

2196 36 35% 35% + % 

1562 T174 11% 11%—'- 
6 29 28 28 —1 

3X 24 1367 39% 29 29U. 

602 1% 1% 1% + % 
197 27 26% 27 

492 60 59% 59%— % 

8 30% 301# 30'. • 

2 60% 60% 60% 

534 120 1 19% 1I9T8 
41 24 23% 2314 — % 

_ .. 16x31 30*. 301.- % 

4j 13 829 64*. 4414 64% — % 

2® 2514 25% 2S% + % 

13 56% 56% 56% + % 

39 72 21% 21*4— % 

22 2T4 27 27’m + % 

70 5% S'* S’-— % 

3J 17 709 57*i 57% 57!% — % 

3X 76 162 2711 27% 27% — % 

9.9 9 2570 23V. 22% 22*4 — % 
2X 15 4233 49% 48% 48'4 — 1 
lx 18 338 29% 29% 29% + % 

3.0 9 996 33% 33% 33% — % 

134 13'u 

40 55% 

159 67 

54 8% 

48 12 1479 60% 

22 18 3310 
6X 9 741 
A 22 

3X 10 1881 19 18% 18*1— '4 


1.96 6.9 V 
IJ0 13 34 
.101 


10 


6J 
9.1 
4X 

IX 2D 
3X 14 
11 15 


1X0 

X2 

2J6 

1X6 

AS 

1X0 


2X0 

1.12 

6X0 


U 13% 

55*4 55*.- VI 

64% 66*<— *4 

8% B’» + %. 

.0% 60% - %| 
50*. 51 

. 97% 97% — *. 

730 99% 9S% 99<i — 

163 163 163 




42% 34 AT&T Of 3.74 
30*4 17*A AWatrs 1X0 
13% 11 AWa5pf 
20% 12 AmHotl 
72% 63 ATr pr 
IB 6% ATr SC 
B9V1 49*1 ATrwn 5X4 
47 26% Ameron 1X0 

2614 12V1 AmesDs .10 
29% 19% AmeteK 1X0 
28% 1B% Amtoc 
16 1 vlAmisc 

70% 50 V. Amoco 
37% 27% AMP 
21 11% Amoco 

19% 10'A AmroDS 
38% 22% AmSth 
44% 32% Amsted 
414 1% Anocmp 

24% 16’A Anlog 
27% 19'A Anchor 
48% 33% AnCtav 
14*4 9*. AndrGr 
Belie 


ti 

4X 


77% + l. 
16 — *. 


An Belie 
ilwuss X0 


4.1 10 
15 17 

24 

5X 

2.7 34 
U 16 
2J 14 



.14b X 
158 119 
xo 
1X0 


HVi 17 
39% 23% An 
78 52 Anhcupf 3X0 

19V1 13% Anlxtr X8 
14*4 10V. Anthem .04 X 27 
15% 10% Anthnv X4b 3J 8 
13% 9% Apache JB 23 12 

2 % ApchP wrt 

19% 15% ApchP UH2.10 11.1 
34% 30% ApPwpf 4.18 12X 

31% 28 ApPwpf 3X0 12X 

39% 15% ApIDta lX6t 5X 55 

15% B% APPlMo 31 

24*i 17% ArdhDn 
31% 26% ArIPpf 
28% 74% ArkBst 
24*4 It Arklo 
^ V. ArlnCp 
15% llVj Armada 
17% 6% Armco 

22% 15% Armcnf 110 llx 

24% 13% ArmsRb 48 14 9 

43% 30% Arm Win 1X0 

1B1A UV. ArowE JO 

30 V. 16 Artro J2 

28% 17 Arvlns Xfl 

MV. 40% Arvtn pf 2X0 

27*4 15*4 Asorco 

37 23*4 AshtDII 1X0 

44% 35 AshtO pf 3.94 

«% 24% AsdDG s 1X0 

124 79 AsdDpf 4X5 35 

16% Athione 1X0 7X 61 

W14 AtCvEI 2J0 9X 10 

67% 42 All Rich 4X0 6X 

455 288 Ati Rent 3X0 J 

17*6 10% AHasCp 

»% 18% Augot M 1.7 27 

56*4 35% AutoOt SB U 22 

SV* 4«. Avalon n X5e 1.1 
37 17% AVEMC X0 IX 16 

39% 28% Averv XI 19 14 

38% 27 Avnvt JO 1J 31 

28 17% Avon 2X0 

28% 16% Avdln 


13*0 3 2*. 2*4— % 

234 17% 17% 17% — 

112 8% 5% 8% 

13 17% 17% 17% — % 

tor me 11% 11% + % 

782 34% 33% 33%—% 

214 64% 64% 64% — U 

4 75% -74%. 75% +1 

12 St 59 59 

7711378 23U 22 Te 23%— % 

BX 264 41'— 41 41 — % 

8.9 119 42% 42% 42%— '« 

__ 35 9 95 28% 28% 28% + % 

1J5 10X 1002 12 12 12 — Vi 

220 18J 5 425 12% 12 

5X4 7$ 3 71% 71’- 

19 16% 16 

4 87% 87% 87%— V. 
8 14 4711 47% 47% + % 

!4 451 26 25% 25%—% 

16 4«5 25% 24% 24*4— % 

42 23% 23’i 23% + *» 

738 1% 1% 

330b 4.9 9 1311 68% STu 

3 h 1 ? X F B 

42 18% 18 

761 38 37% 

980 46U 45*i 

2978 31m 2% 

175 24'- 23Th 24 + % 

81 25% 25 25 — % 

72 48% 48-- 48% 

58 14% 14% 14% 

97 27 24% 27 

23 13 2872 36% 35% 36 — % 

4J 44 74 72% 72*6 — 16 

IX 19 382 18% 1SH IBM.— V. 

3 1416 14% I4%— % 

9X 14 13% 13% + % 

434 12% 12 12% + % 

242 1% Hi 1% + % 

288 18% 1816 18% + % 

4 33V. 33 33>A + U 

1 30*k 30*6 30*6 + % 

» 1932 31% 31% 31% 

31 104 14% 14% 14*6 + % 

13 1132 14% 24% 24% — % 
19 38% 29% 30 

11 10 39 2fftt 2B’A 26V. 

5.9 20 2710 18% 1BJ|» 18%—% 

11 14V. 14% 14%“ 

502 8% 8% B*4 

21 19% 18% 18% — % 

68 14% 14% 14% — % 

757 42% 41*6 41*6— *6 

152 15% 14*6 14% — 1 

13 22% 22 'A 22% — % 

141 28b. 27*6 28 — % 

1 67% 47% 67% — % 

702 19% 18 19 + % 

1177 36 V. 35% 35% — % 

19 42*6 42V6 42% — U 
3J 13 1013 40 ’4 39% 39% —I 

12 127% 126% 126% + % 

15 21 20% 20%— V. 

73 28% 28% 26% — % 

1574 46% M 66% — % 

1 445 445 445 —7% 

37 12% 11% 11%— % 

112 23% 23% 23% — V. 

232 56% 56% 56% + V. 

25 4*4 4% 4H— % 

13 37 36% 36%- % 

88 35*4 35 3SV. + V. 

- 656 33*6 33 33%—% 

73 14 1582 27% 27% 27% — % 

17 84 20% 20% 20V. 


XI 10 
1J 

IX 38 
2.9 10 
3X 

A5 9 
9J 


B 


1414 4*6 BMC .121 

35% 21V. Eaimco X0 
18% 15 Bkrlntl .92 

24% 16% Bolder X0 

2% % vIBaWU 

10 2% vIBIdU pf 

32 20% Ball s J7 

18% 11% BollvMf JO 
IS 7% BallyPk 
24% 18% BltGEs 1J0 
48 38% Bolt DiB i. SO 

25 14 BncOfiS XO 

5% 1% Ban Tex 

62 48% Bandog 1 JO 

5S% 39 V» BkBo-j 2X0 *X 
5414 49% BkB pfB -99* 1 J 
101*4 101 BJcBpfC X7e J 
47% 31% BfcNY 2J8 5.1 

33 <4 22% Ben kVa 1.12 3X 

22% 12% SnkAm X0 SJ 
47 3P4 BbAmpf 4x7el2J 

74% 59% BkAm pi 7.35el2J 

16% 13% BkAmriUB 

32% 24*6 BkARfV 2 M 
75% 51% BankTr 2J0 
27 21)4 BkTrpf 2JO 

46% 35% BkTrpf 4J2 
14*6 9% Banner X3e 


ix is 
3J 19 
24 11 
11 15 
.12b IX 12 
JB 
37 


JO 


41% 19 Bard J6 
27% 1914 BomGo 1X0 
41% 2536 Bo met i UM 
28% 16% BarvWr X0 

13% 6k4 BASIX 

35% 2414 Baiadi 
16% 11% BoxITr 

27% 20% Bay Fin 

34*6 2fi*6 BavSiG 2X0 
, 22% 19U Beartitn 

28*4 71)4 Bearing 1X0 
47 28 Beat Co 1X0 

96*6 52% Bafltpt 138 
14% 12% am X4 
61% 39 BectnD 1JD 
7*6 vIBeker 
II 1% vIBofcr pf X9I 
17% 12% BekHiH X0 
37% 22% BelHwl X2 
37 22 BelHwpf X7 

98% 749k Bell All 4X0 
32 25*6 BCE p 

28% 1«% Behind 
44% 31% BeilSou 
57 41% BeleAH 

43*6 24% Bends „ 

47% 31% BentCp 2X0 4X 11 
40 32% Bend Pi 4J0 108 

24 18 Benefpf 2X0 11.1 

1*% 16U> Benegfn 1J0 7.1 
6% 3% BengtB Jffl 
9 3% Berfcev 3 

15% 71 Best Pd J4 lx 60 
21% 12% BethStl JOI 
49% 3614 BelhSfPfSXO 12X 
24'A 18% BethSI PfZXO 123 
40% 29 Beverly 32 _S 18 
25% 19% BtgThr 
24% 13% Biodln 
26V* >716 BtoekO 
3494 25V. BICkHP 
27% 1414 BldirJn 


143 714 6*6 7 

2X 11 29 2514 24% 24% — % 

S3 14 1699 1716 16% 1716 + % 

7X 15 94 20ft 211% 20% + % 

249 114 1% 1% 

4 314 314 316 

363* 30 29% 30 + % 

778 1614 15% 15% — % 

522 14*4 13% 13% — % 

4E 24Vi 24 24 —16 

350CT 47% 47 47% +S 

344 24% 23% 23*6— % 
112 2% 2 2 — % 

150 55% 5516 5514 

106 55% a 55% — 14 

5 52 E & 

41 101% 99% 99% —1% 
149 45% 44% 45% 

190 30 29% 29% — % 

3457 14% 14% 14% — 16 
13 38*6 38V. 38'4 — % 
3 59% 59% 59% 

182 14*4 14 Yl 14%-% 
44x25*6 2514 25*6 + % 
299 70% 68% 68*6—1% 

3 24% 24% 24% — % 

4 44% 44% 46% 

174 16% 15% 16 — % 
253 40 3916 39%— % 

107 2714 27 27 — % 

534 40% 39W, 40% +1% 
104 19% 19 19%—% 

122 9 8% B*i— 's. 

U 14 2197 30% 30% 30%- % 
2 J 5751336 14% 13% 13*6—16 


2X 14 
1J 

15 

7.1 9 

PJ 

3X 11 

22 12 
5 


9J 12 
19 7 

9X 

u 

J 13 


221 

32 

2X0 

XO 

1X0 


X 

7.9 11 

73 15 
19 9 
4J 

10113 
2X 14 


25 13 

1.9 11 
£1 

6.9 9 

12 30 
M 9 
IX 25 
24 13 


.JO 


32 90 
33 


50 2516 24*6 25 — % 
Z7 3314 33 33 - % 

652 20% 17% 20 - 16 
543 37% 35% 37% +1% 
9629 46% 455k 46 
16 85% 85 85% + % 

253 14*6 14% 14% + 14 
853 Ol 60 60 —% 

185 1% 1% 1(4 

3 2& 2% 2% 

<7 16% 15*6 14% — % 
350 33% 32% 32% — *6 
2 32 32 32 — % 

1091 98% 97*4 98*# + M. 
206 11% 30% 31% — % 
. 68 28 '4 27% 27% — % 
1552 44% m. 43% — *6 
14 40 48% 49 + % 

138 42'u 40% 41%—% 
363 45% 45% 4514 — % 
2 40 40 40 +\6 

200122% 22% 22% 

33 17 16*4 17 + % 

998 «k 4% 4% + % 

50 7 6% 6% — % 

494 1514 IS 15 — % 
1634 15% 15% 15% 

69 39*6 39% 39*6 
88 20% 20% 2016— % 
061 37 36% 36%-% 

630 25% 24% 25%— % 
18% I8<6 IB'u 


_ 64 

X4 3J 17 1071 » 20% 

1.92 5X 10 21 35% 35% 35% + 16 

J81 550 22% 22 'A 221. — % 

35 20% gikHRs I* 41 7 « 34 »% 33ft“ J £ 

S0VS 34% Boeings 1X8 ZJ 14 3390 48tt 47% 47%— % 

51 37 BalseC 1.90 44 24 410 441. *3% gg-J* 

61 50% BaiwC P1500 gJ 24 57% 57% 57*6- % 

32% 10% BdltSer ..10 4 30 27 31% 31% 3I%- * 

40% 29% Barden s 1X2 3J 13 2614 4»» 47% «A + % 

24% 19% Bargwa .94 4J 12 m OT6 22k. 2Z%- H 

10% 4% Bormns ... w ,*6 10% 9% 10 
44% 33 BasEd 3X4 U 8 107 41% 41% 41% + % 

11% 9% BosEpr 1.17 10X 56 11% II " % 


Prices Decline on the NYSE 


United Press International 

NEW YORK — Prices on the New York 
Stock Exchange closed lower Monday ax inves- 
tors took profits after a series of record-setting 
advances. 

The Dow Jones industrial average fell 7.68 to 
1.456.65. 

Broader market indicators also receded from 
highs set Friday. The New York Stock Ex- 
change index fell 0.65 to 1 1 5*59 while Standard 
& Poor's 500-stock index lost 1.17 to 200.35. 
The price of an average share fell 20 cents. 

Declines outpaced advances by a 2-1 ratio. 
Volume totaled 91.7 milli on shares, down from 
133.8 million Friday. 

Analysts said investors had taken profits af- 


ter recent gains. 

Alfred Goldman, stock market strategist 

of SOI 


at 


A.G. Edwards & Sons- said the view ot some- 
economists and analysts that the rally in the 
bond market has run out of steam may have 
pressured the stock market. But he said under 
any circumstances, a correction at this point in 
the market’s upw'ard path was “very nortnaL” 
Despite the day's loss, Mr. Goldman said the 
stock market had not completed its rally. The 
Dow will move up to 1.500 before a “meaning- 
fur correction begins, he said. 

“This market is going to give us a Merry 
Christmas before it gives us a New Y ear’s hang- 
over," Mr. Goldman said. 

“The market is just experiencing some con- 
solidation after its rather meteoric rise." said 
William Raftery of Smith Barney, Harris 
Upham. “It’s ripe for some profit taking." 

Analysts said thinner volume indicates the 
market could have drifted lower because of a 


lack of buyers rather than any dramatic rise in 
selling pressure. 

Baxter Travenol Laboratories was the most 
active NYSE- listed stock, easing % to 13%. 
Baxter Travenol said it completed its S3.8-bit- 
Iion merger with American Hospital Supply 
Corp. 

International Harvester followed, declining 
V;to7W. 

Texaco was third, unchanged at 3414. 

Texas Oil & Gas eased Vs to 15% and Schlum- 
bergerwasup i 1 /* to 36^, both in active trading. 

Among actively traded blue chips. Sears 
eased % io 37*4 and General Electric fell % to 
65. 

The auto sector turned in mixed results as 
major automakers reported a 27.2-percent de- 
cline in new car sales for mid-November. Gen- 
eral Motors added % to 7034, Ford lost % to 54% 
and Chr/sler fell 1ft to 42ft. 

IBM backed down ft to 139, Digital Equip- 
ment fell 2 14 to 1 16ft. 

In semiconductor issues, Texas Instruments 
fell I ft to 102ft and National Semiconductor 
was off ft to 12ft. 

National Gypsum rose 2ft to 46ft. The com- 
pany said a group of its senior executives would 
propose acquiring National Gypsum in a lever- 
aged buyout 

Campbell Soup Co. declined 1ft to 49 after 
climbing 5ft last week when takeover rumors 
aroused interest in the stock. 

Prices were lower in active trading of Ameri- 
can Stock Exchange issues. 

Astro tech International led the Amex actives, 
adding ft to 1ft. Echo Bay Mines followed 
gaining ft to 14ft. Ultimate Corp. was third, 
climbing 1ft to 18ft. 


I: Month 

High Low SlOCfc 


Olv. VTH PE 


S1&, 

tots High Lnv» 


One 

Ouof. ci’je 




1X6 10X 


26 14% 

14 

14 — la 

76V 



.72 12 

9 

95 22ft 

2?* 

22*- % 

24* 


2Sft BrlgSt 

1/0 59 

13 

253 27* 

27 

27V + * 

■ 

66% 

47V BrlstM 
3* BrIILnd 

1X8 19 

17 

2322 63ft 
6 4% 

63% 

4 

63ft + V 

4 




2X1 e SX 

8 

468 14V 

34% 

34*— % 



22 BHT2PP 

xle 2.1 

14 

93 29ft 
372 1% 

29% 

1 

29% + % 

1 

38* 

35ft 



1J2 4X 

14 

44 29 

78% 

28ft- % 

35ft 



X12 76 

8 

78 43 

41V 

41V — ft 

2Mi 


21% BkUGpf 2X7 9J 


11 26 

75% 

26 + % 

44V 


30% BkUGPf 3.95 I2X 


53 33% 

37* 

3216- % 

41ft 



20 9 

15 

68 22* 

77 

23% — % 

20 



1.36 C3 

21 

110 33 

.Uft 

31V— 1% 




1.08 1.9 

19 

42 9 58 

57% 

57ft— % 

1SV: 

41 ft 


1X0 2X 

9 

343 41* 

40ft 

41V— M 

38 

40% 

29V BrstlWI 

52 U 

15 

587 33% 

37% 

33*- % 

47% 

19% 


XO C4 

60 

10 18* 

lHVi 

18% — % 

50 

JO 


2.16 UX 


38 19Cs 

79% 

If* + % 


70'. 

14V BurlnCt 


17 

715 17 

16% 

10% - Ve 

Vfuj 

32 

24V Burllnd 

1X4 53 

70 

IBS 31% 

31 

31 — V 

■TTj 

ft? 

45% Br1 Nth 

U0 LI 

9 

1057 68% 

67% 

67ft- * 


re 

6* BrlNopf 

J5 U 


a 7% 

7* 

7*— % 



47ft BDNpf 

5.1 Del 0J 


414 49ft 

49* 

4?*— V 


1flV 


AA CO 

39 

149 11V 

10ft 

11 - V 

31% 

w 


2X8 4X 

12 

887 59ft 

S9V 

59% 

25* 

JO* 

5'.i 

U Buf/r/n 
ft Buttes 

JS 36 

17 

91 14V 
71 IV, 

M% 

1% 


28ft 

28ft 

ir» 

1ft Bates at 

IXSk 


51 2% 


2% 

28V 

E= 




..... 


1 

10% 

17 


29 13% CBI In 

1241. 68% CBS 
8% 4 CCX 

63’» 39% 

33 ’6 261. 

54*. 49 
6% 1% 

631* 28% 

11*4 9% 

28% 16% 

53’4 38% 

27% 17% 

22% 19% 

19% 1416 CRS 
Tin 21% CSX 
170 130 CSXBf 
401* 27% CTS 
12% 7% C3lnc 

33% 20% Cabal 
17% 8% Caesar 
25% 13*i Cal Fed 


X0 

3X0 

2X0 

2.75 

4.10 


IGlrf 

a- 

NA Fn 
NAi 

PCInt 220 
P NK I JO 
RJIMI ■ 


9 

4J 26 

BJ 

7X 


1J4 10J 


12 


T ft £%=’% 

“% *?% *?% + % 


54*4 

21 13% Cal Bin 

33*6 19% Ca final 
15% 12 Camml 
24 15% CRLkg 

5% 2% CmoRg 




Df A7S 


.12 

XO 

.161 



53% 30% ComSp s 1 J2 
15% 11% CdPacs XB 
2214 17% CanPEg JO 
228% 152 CaoClts JO 
27% 20% CapHd 5 J7 
12% 9 Carings XB 
40 ’4 27% Carlisle 1X8 
27% 18% CnroFt .40 
3B% 24 CurPw 2X0 
26*i 21% CarPpt 2X7 103 


6J 16 

u n 

24 9 

A3 17 
1J 13 
8.1 7 


48 29% CarToc 210 

11% i% Carrot .10 
26% 17*4 Car PI r 8 Xi 

31 22% CartHw 1J2 

44% 34% CortWl X0 

18% 12% CascNG 1J0 

76% 9% CasttOc 

2flfe 15*6 CstlCaf 250 9J 

15% 12 CsIICpI .90 *X 

39% 28% CatrpT JO 1J 

79 19% Ceco JO 1* 11 

136% 74% Cnlanse 480 3J 11 

44 36 Colon nt JJ0 10.1 

10% 7% Congv Mm J 23 
45% 34*6 Cental 2J8 S3 10 

24% 30% Center J5 111 11 

27 20% ConSoW 2X2 7J 7 

31% 23 CanHud 25* 10X 4 

44 37 CnlLtnf 4J0 10J 

21% 16% Cn I IPS 1X4 85 11 

29% 21% CnLoEl 2X8 7X 7 

37 31% CLe El Of 4.18 12.1 

13% 9% CeMPw 1X0 107109 
21*6 16% CV1PS 1.90 9J 4 
11% 2% Control 
12% 816 CntrvTl 
23 14 Cenvlll 

28% 19*4 cn-Feed 

25% 19% cnmpln 

27% 22% Oirnl Bl 1J0 

54% 46% Cbm I of 4X0 


317x19 18*6 IB!* 

655 115% 113*4114%— % 
59 4% 4% 4%— % 

887 
97 
240 

90 1% 1% 1% + % 

145 41% 60% 41%— % 
28 11% 11% 11% + % 

1307 10% 18% 18% - % 

301 53% 52% 52% — % 

97 Z7% 26% 

175 20% 19% 

308 15% 14*6 141 

3582 28% 27% 27% + % 

1 168 168 168 +3 

30 — — 

. 8*6 8 % 


1251 24*6 24% 

131 54% 53V* 

107 20% 20 

42 34 
137X 14 1, 

511 241^ _ 

331 2% 2% 2% + V» 

2J 16 1793 50 48% 49 — 1% 

807 12*4 12% 12% — % 
3 21 20% 70% — % 

105 213% 209% 209% -3 
605 26 25% 2S%— % 

12 9% 9% 9%— % 

192 31% 30% 31 

309 27% 27 27 — % 

420 29 28% 28% 

2 25% 25% 25% 

47 33*6 33 33% — *6 

448 B% B 8% 

567 25% 24% 24% — % 

55 29% 28% 28% — % 

150 45% 45% 45% — % 

34 15% 14V 14*6 — % 

835 13 12*6 12% — % 

15 27*4 Z7 27 — % 

446 15% IS 15 — V6 

2572 39% 39*4 39% + % 

3 28 28 28 — % 

129 136% 134*6 135%— *6 

1 44% 44% 44% 

33 8% 8% 8% + % 

223 44% 44 44% 

38 25 24% 24%— % 

861 26% 26% 26% — % 

102 28% 27% 27% — % 

1001 43 43 43 —1 

150 19% 19% 19% — % 

93 27*6 Z7% 27% — % 

4 34% 34% 34% — % 

187 13% 12% 13% + % 

81 2016 19% 20 — *4 

198 4% 4% 4%— % 

134 12% 12% 12% + % 
131X16% 16 16% — % 

172 2614 25*6 25% + % 
041 23% 23% 23%—% 
45 24% 24% 24% — % 
70 53% 53% 53% 

2»S BV 8% Hta— % 

145 


u 

19 

IX 10 

13 10 
1J 12 
9X 7 


JO 6X 9 
2Jia 12X 7 
.» 17 f 
32 22 
5X 
86 

X0 4X 15 


9% 7V Cham So 
4% 1 vIChrtC 
1% 16 vlCtrtwt 

4% 1% vicuna! 

64% 43 Chase 3X0 6X 5 
so 40 v* Chase at 535 iox 
56% 51% Chase Dl 6J5ellX 
5e% 51% Chase pf RJ361&7 
24 17% Chelsea J2 3X 10 

32% 24% Owned 1J2 5-1 12 
44% 31% ChmNY 2X8 6X 5 
56*6 51% CUNY Of 5X9«10X 

39% 32 OMSPh. 1J4 33 13 

44V, 31 ChesPn 2-00 4X 13 1196x42 41% 41%— V) 

40*6 29U Che vm 2X0 42 JO 4069 38% ®% 39% + Vt 
73 " " 


’ll * IMf 

302 64% 63% 63*6 + * 
13 49% 49% 49% — % 
6 55V 55% 55% 

18 52*6 52% S3V + % 
33 24 23V 23*6 

23 29% 29*6 29*— % 
904 41% 40% 41 — % 
2 55% 55% 55% + % 
46 35% 35% 35% — % 


MO IX 12 
J4t 11258 
597 
9.1 


JO 

.10 

126 

32 

.10 

1.10 

1X0 


4.9 6 
BJ 5 
1.1 20 
4J 

12 
SJ 11 


200 124 ChiMlw 

80V 53% ChlMI Of 
29% 16% ChiPnT 
11 V 7U ChkFull 
58V 31% Ch rlsCr 
11% IO 1 * ChCftaf 1X0 
13% 7% ChrisM 

17% 9% Chroma 

79 44V ChrmoflOXOh 

AS* 26% Chrvstr 1X0 2X 3 
54% 30% Chubb s 13 

67% 50V Chubb Pf 625 44 
m-A 13* Church s X4 - 
UV 5% Chvran .10 
2716 21 CTIcorp 222 9X 10 

52 40 QnBell 3.12a 6X 9 

19% 13* anGE 116 11J 7 

35 27% ClnGpt 4X0 12X 

76 60 anGpf 9 JO I2J 

75% 6116 anC of 9J8 12X 

89% 75 ClnGBt 1M0 11.9 

26% 15% ariMII 32 3J 
74% 19% ClrdKi ” 

31 18% arOty 

30% 15 

siv 35% e»: . . 

8% 6% Cloblr 

19V 7 DcrirSs 

32V 23% aarkE 
M 8% OavH 3 
2216 16% avCIt 
21V 19*6 ChfCI of 2X0 10X 
24’A 18>4 ClevEI 2X4 10J 7 
64% 54% CfvEI Pf 7J6 11X 
14% 6% Cfevok JOI 
17V B% awkpt 1.111 
1816 7V Clvskof X2I 
46% 27% Clarax 1J6 2.9 14 
26% 14*4 ClubMd JOB 5 
39% 25% ChMttP 1X0 2J 20 
24V 16V Cluft pf 1X0 4.1 
21 14 «% cooctun X0 33 13 
36V 17V Cooslls XO 1J 12 
82% 59% Cocoa 296 
21% 10% Cflleco 
32% 2514 Column 1 3D 
33% 22% CalgPal 1J6 
49% 40V CoIgPof 4J5 
27V 16V* CaLAlk s XO 
16% 9 Colfitt .12 
34% 25V CaIPWl 1X0 
65V » Caltlnd 2J0 
40 26V ColGa* 3.18 

51% 48 CoIGs pt 5X8 1QJ 
53% 45% CoiGspf 5.150 95 
38% 25 CSOof 3X5 
>11 103 CSOpfolSJS 138 
1«% CSOof nl5J5 13J 
30V 34% Combln 2.16 * 3 
37% 23V CmbEn 
24% 0 CMldii 
19V 15% ComMIl 
SI? 8*4 Camdre 
32% 26 CmwE 
32V 26% CwEpI 
18% 14V CwE pf 
18% 15% CwE Pf 


28 14414 142% 14414 +1% 

3 67% 67 67 + % 

37 22% 22V 22*6— Mi 
67 7* 7*6 7V — % 

62 54% 53% 53V— % 

4 II II 11 

21 916 9% 9% — % 

303 15% 15V 15% — % 
28 73% 71% 72 — 1% 
3473 43V 42% 47% —1% 
99 53% 52 52 — 1% 

58 66V 66 66V* 

2X 16 1343 18% 1816 10%— % 
L4 23 232 7% 7V 7)6— V 

86 25 24V 24V— % 

20 52% 51V 51% — % 
445 19% 19 19% — % 

4O0v 33)4 33)4 33% + 14 
84»v 75 74% 74% + % 

28V 75 75 75 4-1% 

I3y 85% 85% 85%— 1% 
288 20 19Mi 19% — % 
796 20% 19V 20% + % 
13 390 24% 24% 24V + % 


206 2SVS 25 25 — V 

2043 AiV* 45% 46% — % 
142 8% 7% 8% + % 

347 9% 914 9W— % 

m 25W 25V 25% — % 
1B5 13% 13% 13% 4- ’4 

26 18V 18 18% 

14 20 20 20 - % 

864 24% 24 24% 4. % 

110Z64 62% 64 4-1 

111 8% B% 8%— % 

15 HP* 10% 10% 

60 9 8% 9 4- % 

702 46V 45% 46% + % 
» 21V 21% 21% 

370 39% 39% 39% 4- V 
2 24% 24% 24% 

98 12% 12% 12% * % 

645 34V 34V 34%—% 

3X 16 1245X 81% 81V 81% 

347 18% 18% 18% 

13 28% 28% 28% 

1373 30% 30% 30% — V 
6000143% 48% 48% 

797 26% 26% 26%-% 
564 15% 15 15% + Vi 

4.1 10 1518 34% 33% 34 

U 9 105 63% 63V 63% — % 

BJ 980 36% 36 36% — % 


42 19 
4J 48 
8X 

3X 9 
X 


1X0 

20 

36 


15 
.9 10 
IX 13 
7 


3X0 102 
1X3 49 
1.90 10.0 

mo tin 


108% 89% CwE Pf II JO 10X 


1 51 SI 51 +VS 

20 52 52 52 —1 

8 20 27% 27% — % 

100X110% 110 110% + Vr 
200:110 110 HO 
279 50% 50 50% + Vt 

325 28V 28% 28*4 + V 

725 22% 22% — V 

56 19% 19 19 

1157 10% 10% 10% — % 

4859 27V 29 

5 29% 29% 29% 

102 17% 17% 17% 

2 18% 10V 18V— V 
90100 188 108 — V 


12 Month 
High Law Sine* 


Dlv. Yld. PE 


51s. ‘ 

lob mob Law 


Case 

Ouot Clrtji 


CwE pf 
CwE nf 


BJ8 UX 
2J7 9X 
2X7 10J 
8X0 11.1 
7J4 11.1 
2J2 U 


1.20 

JB 

X0 


3 CompSc 
0% Catvsn 

1X0 
1X0 
2X0 

Conroe XO 
Cons Ed 2X0 


_ 7 
3X 10 


13 


16 CannE 


24 15 
BX 13 
At 10 
27 18 

28 Cons Ed 2X0 6X 8 
36% CanE pf 4X5 «X 
41% CanE pf 5X0 10J 
26% CnsFrf 1.10 3X 12 
38% CnsNG 232 5.1 10 
4% ConsPw 


CnPpfG 776 137 


1X0 

701 


1J2 


14 CnPorU 3X0 UJ 
14% CnPprT 378 14X 
14% CnP prR 4X0 147 
14% CnP prP 190 14X 
14% CnPprN IBS 14J 
10% CnP pfM 2J0 14J 
9’4 CnPprL 223 13J 
29 15% ChPprS 4X2 14J 

18 10% CnPprK 2X3 119 

48)e 33% CnllCn 2X0 5J 
10% 4% CortWl 
4V % Comil r! 

S3V 33% Cntlll pf 
2 % CIIIHkt 

14% 4 Cntlnta 
24% 21% ConITel 
38V 15% CtOala 
1% % vICaakU 

40% 27V Coopr 
41% 31V Coapl pf 190 
20% 14% CoprTr X0 
28V 15 COOpviS X0 
15V 8% Caowid J2I 
27% 17% Cardura X4 
15)4 11 Coreln J6 
59V 32% ComGs ITS 
5BV 27V CorBIk 1X0 
low. 5V CntCrd 
11 6V Craig 
39% 32 Crane 
67% 23 CravRi 
19% 17% CrckN pf 218 11 J 
53V 49% CrckN Pf 189e 7 A 
2 * 18% CrmpK 120 5.1 12 

83% 43% CrwnOc 13 

44% 28% CrwZrl 1X0 25 
53 44 CrZel Pf 4X3 BX 

23% 1B14 CrvsBn 
36V 22% Culbro X0 22 17 


5300Z 76 76 76 

4 24% 24% 34% 

42 26% 26% 26V + % 
1001 75% 75% 75% — % 
200Z 65V 65% 65% — V 
165 28% 2B% 28% 
s ., 812 32 31V 31V— V 

1.1 18 1933 26 25% 26 + V 

22 9 10 27 26V 26V— % 

198 28% 28% 28V— % 
1022 11 % 10 % 10 %— % 
12S 41V 40% 41%—% 
38 18V 18% 18%—% 
21 32V 32 32% — % 

374 14V 14% 14V 
847 36% 36V 36V — V 
•tfXfc 47% 47% 47% +1 
8 48% 48V 48V + % 
297 37% 36% 36%— % 
230 46V 45% 45% — V 
3853 8V 7V 8% + V 
«50z 32% 32V 
20z S5V 55V 
mz 56% 56' 

{» 3* 



8 17% 17% 1 

15 16% 16% 1 
6 27% 

16 17% 

681 47V 

54% 

V 



47 

233x 

211 * 


lit 

14V 14V - V 
24% 24V + % 

\'r ft 


33% 13 Culineis 


40V 

39V + V 

460 \m 18% 1B%— % 
370 28V 27V 27% — % 
24 9% 9V 9V— % 
37 14 177 23V 22V 22*4— V 
4X II 19 12V 12% 12% 

2J 25 1318 59% 58% 58V— % 
^ 17 78 66 57V 57% 57V 

J4T2X IS 82 9V 9 9% 

12 4 9 9 9 — % 

IXOb 4J 11 137 38 37% 37V— V 

33 TOO! 66% 65% 66% 

4 19 1B% 18V— % 

12 52% S2V 52V— % 
7 23% 23% 23% — V 
36 80V 80% 80%— V 
173 M 39% 39%—% 
54 52V 52*4 52V 
1056 23V 23V 23% + % 
57 37V 37 37 + 14 


88% 58’4 CumEn 2J0 37 
11 9% Currlnc 1.1 Dal OX 

38% 30V CurtW ITS 32 18 
52V 33% CvOOPS 1.10 Z1 8 


25 2133 17V 16V 17 


103 69V 68V 68% — 1% 

42 10% 10% in % + % 

20 3BV 37V 37V— V 

53 52V 52 52 


J4 

.24 

X2 


36 9 
IX 9 
IX 17 


33% 15% Dallas X6 4X 30 

MV 9’4 DomonC JO IX 

30V 22V DenaCn 1J8 4X 8 

9% 5% Danahr 7 

15 6V Daniel ,18b 22 
42 27% Dar1Kr»1J6 

76 31 DotaGn 

s% 4 Daiptn 
11V 6% DtoDSB 

22 14V Dayco 

45V. 29% DaylHd 

20% 15 DavtPL 2X0 10.1 8 
40% 24% DMBlFd J 6 13 17 
33% 24V Deere , 1XO 17 .1 
26% 20V DeImP 1X3 74 10 
52% 36% DeltaAr 1X0 27 6 

10 4V Deltona 

44V 25% DlxChS 1X4 2X 19 
28% 20V DetnMf 1J0 52 13 
37% 31V D#5ato 1X0 A1 11 
17% 14 Dot Ed 1X8 103 7 
00 64 DetE Pf 9J2 117 

70 54% DelEpf 7X8 11.1 

67 52 DelE pf 7J6 11.1 

34% 23% DE BfF 275 10J 
28% 23 DEprR 124 UJ 
27*4 2TV DEpfQ 113 1IX 
27% ZJV DEPtP 112 11J 
26 22V DE PfB 275 10X 

29% 24 DEpfO 3X8 113 
29% 24V DE PfM 3X2 11X 
33% 28 DEorL 4X0 12J 

34% 29 DEpfK 4.12 12J 

117 107 DE pfj 15X8 13X 

20% 16% DelEpr Z28 1U 

24 18% Dexter XO 14 14 

18V 12V DiGlor X4 3X 98 

33% 25 DIGIopI 2JS 73 

21 14% DlamS 1J7rlOJ 

38% 34V DloShpf 4X0 1U 

22% 19% DloSOf n ixoe 7J 

11 6V DlanaCp JO 2X 4 

Wr 31% DtebWs 1X0 2J U 

125% 8SV Dlalfal 

90V 56% Disney 

28% 18 DEI S 
6V 4% Dlvrsln 

10% 6% Dameg 

34% 36% DomRs 

26V 16% Donald 

61% 44% Donley 

37% 23V Dorsev 

42% 32% Dover 

39% 27 DowCh 

50 36V Ocwjn 

38 8% Downey 

UV 11 Drava 

24V 17% Dresr 

23% 17 DrexB 

79V 35 Dreyfus 

64% 46% duPant 

50 40 duPnl pf 4 JO 0.4 

35% 38 Dldu»P U) 76 I 

85% 70% Duke pf 870 10X 

00% 65 Duke pf 120 KM 

77 61% Dukepf 7X0 I0J 

Z7 23% Dukepf 2X9 103 

35% 30V Dukept 3X5 11J 

cue 07 Dgkepf 1TX0 W 

Vt 83% Duk PIN 8X4 97 

87% 70 Duk PfM 8X4 102 

83V 60 DvnBrd 2T0 2X 21 

17% 14V DuqLt 2X6 111 8 

19% 15V Duq pf A 3.10 IOX 

16% 13 Dugpf 1X7 UX 

30V 15V Due pr 2J1 1IJ 

25% 23V Duanr 275 iQJ 

61% 51 DuBPf 7 JO 11J 

27V 20V DVrtAm JO 7 


17 16V 16% 16% — 14 

401 TIJ 13 13% + V 

2178 27% 26% 26V— V 

T5 7V 7% 7V 

117 7% 7% 7V + V 

« M SJ 38%- *k 

46 1124 42% 41% 42%—% 
4754 5% 5% JV 

54 6% 6% Hi- V 

19 17 16% 16% — % 

« 43% 43%+ % 

213 19% 19V 19V + % 
JI2 39V 38% 38%— V 
477 28% 27V Z7V— V 
151 2t 25V 26 
2272 OTi 36% 37 — % 

55 8V 8% S%— Vk 

337 43V 42% 43 

41 23% 23V 23V— % 

20 34*h 34 34%— % 

1815 15V 15% 15% 

Ifigb 79% 77V 79% +1V 
OTteOTV 691* 69V— V 
B0TOZ 67W 66V 66V — V 

2 26% 26% 26V* — V 
52 »* 27% 28V + V 
111 Sf 2 27** + V 

« 27V 27 27%+ % 

7 2j% 25% 25% 

43 » 28% 2S% • 

58 79 28V 28% 

28 32V 31% 32 

4 33 32V 33 + % 

1 1W. US US —2 

MB 20V 19V 20% + % 
254 23% Z5V 23% 

143 17% 17% 17% + % 

5 31% 31** 31** + *fc 
1*K 15% 15V. 15%—% 

J 35ft 35%—% 
135 ]9% 19% 19% + % 

“ 1ST* i°% io% 

811 40V 39% 40% + % 
,, S Wg 1J8% U5V 116% -3V 
52 ?S3 S.. W 9614 — 1** 
1A6 21V 20V 20V— 1 

n a* s% 5% 

5237 m* 9% 10 +** 

'766 32 31% 31V— V 

m 

406 ^ 

1-«1 « 16 M2» 37% 38% — V 

J? IX 20 410 42V 41V 42 — V 
,38 36 35% 35V- % 

ML IS M% 14**— % 
IS?? 19% 19% + ** 
32 20V 20 a — V 
279 78% 77V 78V +V 
M «V 63 — % 

658 34)4 33% 34 
ra&SS 83% — % 

1£78% 78% 78% —1 

75V 75% + % 
J* 2OT* 26% 24%— V 

29 34% 34% 34% — v 

JOTJWgflk 105V 105V + V 
17500Z 96V 96V 96V + V 
■ <«)x B6V 86 V 86V + % 
606 79% 78% 78%-] 
1372 17V 17 17 — % 

IJOte 19% 18% 19% + V 
7Sk 16% 16% 16% + % 
14701 20 19% 20 + V 

13teM% 25% 25% + % 

7te«2% 62% 62% 

47 27% 27% 27% — % 


1J0 

1X0 

.12 

2X4 

X6 

1.16 

IJD 


69 15 
3 

BX 9 
2X 11 
2X 15 
3J M 
27 14 


xoe i.i 

J0 35 
XO 4.1 17 
2X0 IBS 
XOO X 17 

3X0 4X 17 2729 

... . a 


12 


43 29 EGG XB 

17V 15V EQKn 126 

mi 23% ESyst AT 

aw 20 EosfeP 1X4 

209* 12% Easco 721 
13% 3% East Air 
5 IV EALwtO 
2V % EALwtA 
27% 7% EaAIrpf 153k 

25V 9% EAJi’PfB4J0fc 
33V 11% EAlrpfC 

28% 21% EasJGF 1X0 53 

24% 15% EosfUU 2X6 U 


IX W 148 38% 38 38 — % 

JX H 17V 16% 17% — % 
U 15 13M M 29V 29%—% 
3X 10 120 27% 2 7 27 

. T2 18% 18V 18V— *1 
5 2734 6 59* 5%— % 

89 2% 1% 1%-|* 

14 4 1% 1 1 

M 1414 13V 14V + % 
W 16V 16 16% 

425 20V 19V. 19V— % 
586 249* 24V 24%—% 
.97 24 V 23% 24 + V 


50 41 V EsKodS X2B3 4X IS 7012X48% 47% 48 — % 

61% 49% Eaton 1X0 2X 8 1123 61% 60V 60% — % 

X4 3J 12 — — — — - 

1X4 3J 14 

1XO 4X 15 

JB 1J 14 

.16 IJ 17 

X0 2X U 


15% li% EOllirtj 
32% 20 Eckert 
33V 26V EdtsBr 
18% 14 EDO 

11 8 EdCmp 

34% 22V Edward .. . __ 

25V 21% EPGdPf 2X5 9J 

»V 9 EFT ora X4e X 11 

12 7% Elcor Jo 33 

5% TV ElecAs 15 

24V* 15V ElCtSPS X8 X 25 

16 11% Elstn XO 63 14 

9% 2 Elfefnt 

TVi 66 EmrsEI 276 37 14 
13% tV Em Rod J4tl1.1 10 


«9 13% 13% 13V— % 
690 30 29V 29% — % 

70 33 32% 33 — % 

68 13% 15 15% + V 

400 u io% n + % 

454 31V 30% 30*1— % 
2 25% 25% 25% 

101 10% 10% 10% — % 
28 11% 10* 10*— % 

10 4% 4% 4%— % 

11 22 21% 22 

41 13% 12% 12%-% 
J2 ”5% 3V 3% + » 
578 74% 74% 74% 

662 8*i 8U 8% + % 


» Month 
HMiLow Stock 


Dtv.YM.PB 


dose 

Qflot.Ch'ge 


20% T5% EmryA JO 3.1 13 
33% 26 V Emt»n 1X00 4 J 10 
23% 18V EmpOs 1X8 8J 9 
5% 4U Enwsf JO 
9% 7% Ems pf m 
16% 12V Encrpen 1X4 
% EnExC 
32*6 21% EnglCp 72 
20V 11% EnlsBus 36 


449 -16V 15% 15%—% 
639x 30V 30% 30V +% 
16 23 22% 22% 

Mb 5% 5% 5% + % 
XsTOr-9%- 9% 9% + *6 
99 14% 14V VM— % 
459 % 

30 13 1615 23V 23% 23V + % 
17 14 _2M 20% 20V 20% + V 


9X 
9X 
77 10 


20* 18% Enserdi IXOb 6.9145 1685 23V 23 .23V + % 


21** 17V EnsEx n 1 JDe 6.1 9 

2% 1% Ensroe 35 

13% 9% Entera 

19V 12% EntexE 2JQ019J 

21% 17% Enhncln 1X6 67 H 

35% 21V Eaufccs 1 74 IS 21 

6% 2% Equtmk 

22V 14V Ewnkpf 2J1 UX 

50% 32V EqlRes 172 4X 10 

17 8% Eauitec .16 IX 6 

15V IffV Erbmnt XO 22 13 

24% 14% EssBuS A II 15 

24% 15 EmsCs 70 3J 14 

28 15 Eslrlne 72 A1 22 

27 15% Ethyls XB 23 IS- 

44% 33% ExCekj 172 3X 11 

17% IS Excebr IXtelOX 

551* 42% Exxon 3X0 6X 9 


W 20' 19% 101*— V 

108 2% 2% 2% 

138 11V 11% ll%— V 
192 13% 12V 13 

116 19% 19% 19% — V* 
41 35% K 35V- % 
1402 4V 4 4% — % 

4 19% 19V 19% + % 
m 42% . 42V 42% + % 

139 8* 8% BK-V 

199 15 14% 14% — % 

AS 24% 23V 24V + % 
131 20V 19% 19V— V 

75 17* 17% 17%- V 
258 26% 26** 26% — V 
56 44V 44V 44 V — % 

5 17% 17% 17% — V 

5764.53%- 52% 53 + % 


3 3 33 
27 

7X ■ 
2J 25 


72 52 FMC 320 

86% 65V FMC of 225 

28 20)* FPL Ga 1X6 

13V TV* FabClr 78 

13% 9% Foeet 28 

20% 8% Fair chd 70 2X 

39% 23% Fair C of 3X0 12.1 

16V m* FalrM .18 1J '9 

27 15V FamDJs 20 U 21 

18% 13% Fansfel XO CO 15 

47% 23 FrWdF 7 

22% 15% Forth X8 3X 11 

13 8 FovDrp JO W 25 

6% 4% Fedors Mo IJ 9 

46% 32% FodlCo 1X4 AM W 

53% 31% FedExp 25 

48% 31% FdHra nt lX4e 4J 

39 30V FdMoe 1X0 A A 11 

25V 14 FmfNM .V 7 

23% 16% FedfPB 70 4X 17 

30% 25V FPop pf 271 BX 

16% 12V FedRltS 1X4 6X 15 
19% 14% FdSotri XB 43 U 
68% 47% FedDSt 254 37 10 
37 23% Ferro 

35 25V Finest 


81 68 67% 67%— 1 

5 B3V B3V 83V— 1% 

571 25% 25% 25V— V 

46. 11% WV 11% + V 

11 11V 11% 11%— % 

205 10V 10 10 

16 29* 29V 39* + % 

166 11V 11% 11V + % 

3*5 21% 20V 21 - V 

31x 15% 15 IS 

6 47V 47V 47V + V 

357 23% 22V 23 +% 

395 ■% 8V 8%— % 

59 5V 5% 5»— % 

75 46% 43% 45*— % 
1546 52V 51% 51V— % 
18 35 35 -.35.- ■ - 

74 37 36% 36% 

1881 24V 24V 24% — % 
224 17V 16V 17V— % 
78 28 27% 27%— V 

63 16V 16V MV— % 
512 19V TtV 18V— V 

_ ,, . — no 68% 67V 68%— V 

1J0 33 17 1348 32* 29 32V +3% 

1X0 27 12 10 34* 34V 34* + % 


T9 Vi 5V FlnCpA J® 821-7 69* 7 

37% 79 FlnCn nf 6J5el7X 43 36 359* 36 

7% 2% FnSBor 9 119 7% 7* 7% 

32% 25% FireFdn JB IX 1878 32 31 31*— * 

22% 16V FI raft] X0 -CO IS 1195 20% 19V 20 

28V 15V FtAtl » X80 2X 10 74 28* 28* 28*— V 

43 25% FIBkSv 7X0 40 7 - 

384* 22 FBkRs 1X0 2X 16 
47% 25% FBostS 1X0 73 11 
26% 19% FstCWc 172 SJ 0 
17% 10V FIBTSX X0 5.1 13 
48 35 FIBTxpfU2elC0 


44% 32V FIBTx pf 5X7C14X 
19% 6V FtaiV 7 

29V 13% FFedAZ Mt> 73 8 

62V 43% FFB 3.12 5.1 9 

55% 40V* Flntste 2J0 C9 8 
34 V 25% Flnbfpf 277 7X 
11% 6% FtMiss * 74 3J 11 

31% 16 FlNalnn 8 

79* 5% FslPa 
30V 23% FstPapf 2X2 97 
31% 2SV FtUnRI 2X0 77 13 
28% 18% FtVaBk 72 15 10 
39 20 FIWlsc 170 37 10 

55% 48% FWTsc pf 675 117 
41 23% Fischb 751 

13% 8% FUhFd X5e X 171 

43 26* FltFnGs 1X4 3X 8 

28V 17% FleetEn X4 17 11 
40V 32 Ftarnng 1X0 2X 14 
13% 11* FlexJPf 1X1 12J 
29V 20 FlghtS fs .16 X 19 
3S% 15V Float PI 20 

45% 31% Fla EC .16a X 13 

30% 22* FloPrg 2T8 7X 9 

19V 11% FlaStl J2 2X T4 

7V 3V FlwGen 

22V 16V Flower Xi 11 20 

20% 13V Fluor X0 2X 

59 47V FeattC 230 AA 12 

55% 40% FdrdM 180 11 4 

13V 11% FtOear 176 10J 

50% 28V FTHowi 72 XB 

15% 10% FostWh X4 37 12 

14% 7V Fa* Phot X8 47 14 

30V 24 V Foxbaj 1JU A3 

27 22 Foxmvr 16 1075 25* 24* 

22% 17V PMEPn 1.10 b 5X 81 10V 19 
13V 9% FMGCn 148 223 12% -11V 

10% 8% FMOG 173*197 5 117 TO 

22% 16 FrptMC Xt»>27 12 1684 20V 

32% 22 Frlgtrn X0 XI 36 32 

28V 20V Fruehf .70 37 6 280 

32% 26% FruWpf 1X0 7.1 .. 

36* 28% Futjua X0 1.1 11 


128 40 39* 39* 

258 38% 38 38% 

414 45- 43* 44% — * 

1031 25% 25 25 — V 

266 12V 11* U*— % 

. 6 38 38 38 — V 

181 34V 34V 34V 
14 7 6* 7 + % 

142 26V 26 26% — * 

124 62V 61V 61V— % 
668. 51* 51% 51% — % 
327 31V 31% 31*— % 
222 7* 7% 7% 

9 31% 31* 31% + % 
317 69* 6* 6* + * 
85 2B% 28 28% 

132 Z7% 27V 27% + % 
26 26* 26 26 - * 
60 39% 39 39V + V 

400: 55% 55% 55% + % 
10 28% 27* 27*—* 
291 12* 12 .12 — V 

121 37V 37* 37* 

368 22* 22* 22*—* 
207 39V 38V 39 — V 
29 12* 12* 12* + % 
109 26V 25* 26%.— % 
266 35V 34% 34V — % 
7 41 OT 39V— % 
323 30% 29* 29*—% 
24 18% 18 IS* 

416 8 714 7% — V 

165 22* 21V 22% + % 
477 15* 15% 15*—* 

143 50% 49V 49V— 1% 
4296 54* 54* 54%— * 

17 13V 13 13 — % 

2277 46* 45V 45V— V 
323 11* 11' 

3D 14 

115 24V 24V 


472 




44% 46*—% 

7,.. 79V-V 

— % 


1X8 2X 19 l: 
J® J 25 
•355 X! 

J6 11 11 

MoS3 



48 23% GAP JO 

37% 27V GAT X 1JD 

SSsT’iiko ixo 

39% 34% GTE pf 
26* 24V GTE pf 
25 20* GTE pf 

7* 3 GaJHou 
66% 44% Gannett 
56V 20% Gan Inc 
14 7V Georftt 
22% 14% Gelca 
12V 9* Gem 1 1C 
12* 10 Gemiri 
65 32 GnCorp 1 JOb 2X 35 

19 14* GAJnv lX3e BX 

62* 32% GnBcsft 1X0 IX 12 

41* 22* GCJnm JO IT 12 1132 41 

39% 22 GChlPf J6 1X 11 40* 40V 40V + % 

20% 7% GnData 15 666 11 10V 11 + V 

13% -'f* GnDevn 5 197 12* 12V 42* + * 

3* 2V GnDev wt B W 314 M + B 

84 42 GnDvn 1X0 IX 7 639 69% 68* 69 

66V 53 GenEI 272 3X 13 4186 65V 64* 69 — * 


58% 59 — % 
_ 55* 57* +1V 
7% 7* 7%+% 
18% 18 18— % 
11V 11% 11% 

11* 11% 11% — Mr 

64 61* 62 —1* 

77 18* 18% 18* + % 
39 62V 61* 62% + % 
' “ 49% 40V— 1 


9* 4* GnHme 
19V 11% GHuJtS JO IJ 
12* 8% GnHaux 74 27 
22% 12V Gainst 75 IJ 
68* 47V GnMIlb 274b 12 
59% 52 GMIXwl 
05 64V GMet 5X0r 7.1 

43V 36 GMatpf 375 9.1 
58V 48V GMotpf 5X0 97 
46% 18% GMfr E .15 X 
SO 41 GMIrH 

4V GNC .16 


16% 10* GPU 
100% 58* Gen* 


73 


^ ifte 
GnRefr 


GnSIg nt 1X0 
CTFfpf ITS 


1J6 

14V 6 
53% 37 

13% 10* ... 

81% 64% GTHpt 8.16 10X 
6% 2V GCftSOO 
19V 8 GnRod .10 9 

26V 19 Genstp Uo 5J 
36 28* GenuPt 1.18 16 14 

1 9% 20% GaPoc -vXO 
Z7 23% GaPwpf 3$0 117 
30V 25* GaPwpf 144 TL9 
31* 27 GaPwpf 376 127 
23* 19 GaPwpf 256 117 
23V 18% GaPwpf 252 11J 
26V 22 GaPwpf 2T5 10X 
68% 57* GaPwpf 7XS 11X 
67% 56 GaPwpf 772 115 
41% 24 GerfaPd 172 37 15 
23% 12* GerbSc .12 X 14 
31V 14* Getty t 
I2V. 8% GIANT 
12% 5* GfbrFn 
27 16* GfffHlII 

70V 53% Gillette 
17* 11% GJeasC 
15 7V GlenFd 
SV 1% GloWM . 

22V 4V GlatWM pf 1751 
13% BV GtdNup 
4 IV GIdNwt 
40* 20% GldWF 
35 24* Gcfafdi 

30V 24V Geodyr 
18* 14V GantnJ 
37V 19 Gould 
45 33% Since 


at 148 7 6% 6V + V 

4 597 19* 19* 19* + % 
71 10V 10 WH4— % 
560x16% 15% 16V 
537 69V 68V 69V + % 
194 59* 59 . 59* + V 
6 S353 70% 70 V 70V + * 
10 41V 41 41% — V 

1 54% 54% 54% — % 
946 41* 40% 41% — 1 
345 43 42% 42* + % 

137 5* 5% 5%— % 
768 16% 15V 16% + % 
668 99V 98% 99V 
54 10% 9* 9%— % 
467 44V 43 43*—* 

5Cz 13 13 13 ; — * 

HMz 77% 77% 77% + % 
ITT 3V 3% 3V . 
897 11 18% 10*— % 

127 21V Z1* 21V 

- — 3*» » — % 

37 97 2910 24% 24 24V — V 

186 26V 26* 26V + * 
7 29 28% 29 • • 

22 30% 30% 30* — % 
4 22% 22* 22* 

17 22% 21V 22 — * 
56 26 25*- 26 


8 

1X102 

19 

Cl 12 

9X 


30QZ 68* 68% 68% +.1^ 


.16 X 368 


4 

2X654 
37 M 
109 
IX 5 


J2 

2X0 


JO 

.121 


24 


680Z 67 65 67 +1 , 

232 40 39* 39V— V 

211 19V 10 19 — % 

18 26 25% 2 »— % 

68 11* 11* 11%— V 

391 9 8* 9 +% 

59 19* 19* 19*— % 

902 TO* 69*.7»%— V 
.54 16* 16* 16*— * 

1867 15 14% 14% — V 

1125 1* 1% 1* + % 

74 4V. 4* 4*— % 

648 11% 10* 10V— V 

181 2% 2 2% 

B7 40 39% 3f%— .% 

715 33V 32% 33 — % 
2234 29 28* 28% 

38 18%. 17% 17*—% 
5572 32 31 -SIM- 

MS 40% 40% 40*— M 
228 34% 34 V 34% + V 
500 19% 19 19%—%. 

407 19 18* 18* . 

75 17V 17* 17* — Mr 

1ST 38V 38 31 — % 

828 30 S* 29%— % 

12 19* 19V 19%.+ % 

]72 C4 12 105x30* W% X% — % 
30* 47 47 47 — V 

182 5* 5V 5* 


74 

1J6 

1X0 

J2 


zm 


X 6 

47 

SJ 7 

3X 24 

22 

63 13 

36% 26% Granoro XB 17 14 

21% 11 GfAFst X8 25 7 

20 14* GtAIPc 8 

19V 15 GNIrn 1X5B10X 

41V 32V GtNNk 1J2 CO 16 

30V 22% GtWFfti 1X0 14 7 

30 14% GMP 176 9.1 10 

30* 22V GreenT 7 

31V 22 Greyh 172 4X 

49 38 GrtVh Pf C75 10.1 

6* 2V Grnller 9 

17% 9V GrowGx 70 27 16 
12* 6V Grub El X8 1.1 15 
36* 34% Gnimn 1X0 XI 11 
27% 25V Grom pf 2X8 106 
7% 4V Grufllol .16 27 42 
27* 20 Gullfrd X8 2X 13 

4M4 26V GHWit 

17* 1TW GulfRi. 

23 16% GutfROi 170 6X t 19* 19* 19*_ * 

1*^ 1X4 11X < J782 12V- 12% 12* 

43 35% GlfSUpf 5X3 UX vm £3 43 43 

55V 41V GHSUPf 67*117 - “ 

CTk 26% GfISUpr IBS 124 
35% 29* GMSUpr 4X0 1X4 
23V 14 Gutta) X0 2X 11 


114 10* 10* 10% + % 

592 7* 7% 7*— V 

60S 32% 33% 33*— V 

4 36* 26% 26% + * 

n Th 7 7» +% 

... 48 26V 36 36 — * 

70 2X 14 1885 45% 45V 45*— % 

2X TO 14V 13* 14% — * 


7 51V 52V 53V — % 

10 31V BOV J1 + V 

14 33 32V 32V 

232 23% 23V 23 + V 


H 


15% 12* Hmu5 
nv 17* HonJl 
30 17* Handle 

Wt 16 HandH 
21% 14% Hanna 
68% 40 HarflrJ 
3«* 2T* Harlnas 


4Wk 2«klffl?lS “ ' » iS 9* J*-S 

«£ 1 1-3L H w iM4 34* 34% 34v 

V i? ,4W * 

J! 21* 21%— % 

■« 2.1 15 776 26* 26 26U + % 
M 2X M ^ M 10V + Hi 
1X0 IJ 16 

raj 7* Harnish' ■“ 14 U 
Harr PfB 3X0 13J 
W; 24* Horn PfC 213 76 
IS? HrpRw e X0 25 16 

fovffigJISgip ■“ W i»o 
™ S*te » 33 ]? sSS « Sv s* 

15% 9% HazLab 32 13. 16 
75 ID HllhAm 24 

23% 19 HHCrPn 73# 3 X 
2>% 1% H It USA 

78 27 

JO IJ 
X8a 25 12 
X0 U 14 


22 19* 19* 19*— % 
■£6 64V 64 64* + * 

221 34* 35V 3SV-1* 
440 10* 10* 18% + % 
5 25* 25% 25% 

» 28% 28 28% + % 
™ 24 23* 23*—% 

-25% 26%—* 
If 16* MV 16V- V 
.2M 32* 32 32 — % 


IS* 10% Hecks 
18* 13V HedaM 
23% 15 He! tow 
33% 16* HeiUg 
34% 20% Hetes 
34% 12V HelneC 
34% 18 HebnP 


109 22* 23* -22V + % 
» JOV 9V 10 +.* 
«* 2% 22% flft— * 

85 15 14* 14V— % 

IM 13* U 13% + * 
12. 21 * 27% 27%— V 
1« -9% 8% 9 + * 

„S» 13. 12% 12% 

B44 16* 16 16% + % 

306 19* 18% 19 — % 
__ WJ a* 31V 31V — * 
17 1335 33* 32% 32%—% 

a ^ Hr »» 


20* II* KerttCe J4I 38 
MV» 21% HerUCpf 1J0 4X 
21 14 Harmn n 17 


20V 19* 20% + % 


._. 2B 19% 19ft— % 
12 34% 34 34 — % 

<72 20% 19% 20 




BMOrth _ , 

High Lew Slock 

53* 35 H erehY 
10% 5V Heestsn 
13% 9 HesJnnf 
38V 28V Henri Pk 
33V 24 H ox cel 
m> I5V H 
13% TV H 
24% 19% HI 
73% 54 H 
36* 26% Hi 
57* 39 Ho (day 
93 65% HollYS 

30* 10ft HameD 
27% 17V HmFSD 





[Shear 

Volt 

IrtOrd 

lion 

ihxM 


X 18 
Z1 M 
73 9 
IX U 
73 13 
27 M 
J* ix 
uo un 

1X0 1.1 37 
30 
8 


72 

X0 

JO 

.17 

J4 

1X0 


9% 7 HnuGRf 1.10 11X 


53V 52% 52%— W 

’2 ft ft ft _. 

3? 22% 22* 22*— » 

i as vfc 3%®?§ 

5W 67* 66V 66*— * 

‘1188 8 “"S 

^^^5 ft + 8 


28* 20* 30 J 74 J094 »% M% **£ + g 


II 10* MimtFn JB 16 4 
63V 46% Honda X5e X 9 
69% 54V Howell 2X0 10 17 
39V 22% HrtnBn 178 3J 12 
6% 3* Horizon ' . 

S2V, 28% HCA X0 17 9 
21% 17V Hotline 2X8 9X 15 
42% 31% HmiOtlM 1X4 7.7 13 
19V 12V HouFab X8 37 12 


447 58V 57% 559—* 

712 68 *?* 

,g ^5 ^^=55 

98 39% 3W » + V 

'St ^ bsss a s is «£ » si gg=.s 

19* 14% How) Cn XO 2 J M 

27* 23% Huttbrd 27 U M 

13* 9* Huffy M 19 37 

15* 12 HuObTl MV 

24* 17V HnahSP 72 17 13 

36V 71* Human 76 
34% 21V HuntMf JO 
41% 26* HuttEF X8 
32 21* Hydro! 2X0 


6x 16V 14 16 + % 

61 25% 2£* !* 

B6 10% 1CP4 JO*— « 

flW 13V 12* 13% + % 

,j tJ 23% OTt + JJ 

27 13 3875 28% 27* 

IJ 20 30 34% 5% g* ~ JJ 

25 12 1025 3tfV 3SJk Wto — V 

UTQ “ 31% 31V 31V 


38* 26* 1C [ltd 1X4 4X IS 1516 36% 36% 36* _ B 

19* 14% ICMn X* 6.1 232 14* '4ft 14% 

nu M* ICN W 7a 10% IHI — JJ 

UV 15% INAIn 1X2 107 J2 J* JgV X3}i~~ * 
27% 71ft tPTtmn IM* 6A , 

17% 14* iRTPr* JJO ,1 JS 125 iSJ £§*_ v 

36% 26% ITT CP 1X0 10 10 3835 33* 33V “ 

67% 51 ITT PtJ AM 67 


65* 49 ITT DfK COO 67 
64% 49% ITTpfO 5JS0 11 
19* II lUlnl JO *2 
24% 18% idoheP s 172 8.1 9 
16* 4* Ideal B ...... . 

27% 21* IllPewr 2X4 UX 7 
20 15V llPowpf 2JM 105 

21ft 16V llPowpf 2.10 117 
38* 30% llPowpf 472 1)7 
MV 28V llPowpf 378 106 
37V 30V llPowpf 4X0 11.0 
36 V 26V I TW 72 27 14 
43 32% imoChm 278c 5 X 6 
12 7% IrtwlCp 99 

15* 10 IN CO 70 IX 
69 55% IndlMpf 776 117 

76% 60% IndlMpf 8X8 117 
19* 15V IndlMpf 2.55 107 
20% 16 IndSMDf 23 1L2 
31V 26% IndlMpf 3X3 117 
MV 21% IndlMpf 275 104 
28* 22 indlGae an M 1 
7* 4 V Inexco X7| 

55 41* InoerR 2X0 40 17 

37% 30V IngRpf, 275 6X 
IngrTec 


16* II 


26 19% InldStl J8| 

ImdSlPf — 


48V 38* 

21% 16* InsUca 
6% 3* InspRs 
26% lift IrtgRsc 
28 19 inlgRpf 7X3 II J 

IntgRpf 6X7«IC1 


IntaRpf 475 1L9 
limogn 

Infloapf 1JB 167 
InIRFn 


49% 42 
36V 25V 
9* 7% 

9* 9 
MV 8 

19* 17* ItcpSe 
73* 58* Interco 
158 127 Inter pf 
12% 9 Intrtet 
53% 41% Intrlk 
12% 8% I aimed 
24% 15* IntAJtf 
140% 116 IBM 
29V 16* IntCln 
38% 75 IrrlFkrv 
Ilk 6% IntHorv 
7% 3* InlHrwt 
3% 2 MtHwtB 

60 35* Inft-lpfC 

34V 28% IntH pfD 
44 34 IntMIft 2X0 


2 64% 64% 64%—% 
I 63V 63* 63*— V 
17 61* 61% 61*— ft 
399 Mft U* Mft 

1234 21* 21 21ft— * 

93 5% 4* 4*— ft 

1138 25% 24* 25 — % 
7001 18* 18 IKk + % 

wooziev is* l«— J* 

400x36% 36% 36ft — 1 
57T0z36 34* 35ft +1* 

87 36% 36% 36%—% 
115 32% 32 3Z* +1 

1401 4m « 42%- ft 

93 9* 9* 9ft — % 

745 12* 12ft 12V- » 
1DOOZ69V 69V 6*4+1% 
500x77% 77% 77% +2 
72 20% 20 Oft + V 

13 20* 20% 20V— ft 

1 31 31 31 

2 26* 26* 26* 

10 26% 26V 26V— V 

149 6ft 6% 6%— ft 

307 54% 54V 54% + ft 
2 36% 36% 36%—' V 
22 U* Mft 16V— ft 
128 22* 27% 22ft- V 

14 46* 46 46ft— ft 

707 20V 2DV 20V . 

250 4% 4V ' 4ft— V 

78 24V 24% Mft — V 
4 27% 27 27 

7 43 41 43 —ft 

24 35* 35% 35V— ft 
5060 8*' 8% 8ft 

15 9* 9V W— ft 

45 lift 10* IT —ft 
65 19* 1*% 19%-* 

391 69% 48* 68ft— ft 

36 149 147% 149 

XO 6.1 11 3562X10 9V 9* + ft 
2X0 5.1 10 34 51% 51ft' JIM 

103 9ft. 0. 9 —ft 

7237 10 23 18% 18V 18% + V 

37 14 6179 139% 138*138*—* 
U 10 92 27 26% 26ft — % 

37 19 368 35* 34* 35ft— % 


J4 3J 26 


475 107 
IXOb 47 13 


13 


2.1001 OX 
3X8 C5 U 
775 57 


X0 

1.12 


917314 7ft . — . _ 

296 4* 4ft 4ft— ft 


45 12 


39% 33ft IntMn pf 4X0 104 
■— inMMi " 


43V 24V IntMutt 176 44 12 MI 40* AO JOVtr- 
57V 44V IntPOpr 240 SO 1040 48ft 47% *0 + 
16ft 7% IntRca ' ” 

54* 38* IntNrtb 2X8 53 10 

43* 32* IntpbGp 1XK -2X 13 

MV ■T4V5'0WBafcr- — ■ 14 

22V 18ft IntalPw IM 9X 10 
U IftPWPf 278 107 
8ft intSecn X0 3X 13 
17ft lowaEI 1X4 9 X 12 
26ft lawllG 274 Ol 8 
18 fowl II Pf 271 HU 
28% Iowa Re 3X8 9.1 10 
31ft IpafcP 304 04 10 
9* IpcdCp 76 30 9 
1X6 51 7 


22 % 

21V 

35 


40 
IM 

40%fc 30Mi IrvBnk 





■*#j 


33* 25% LOUvGe 152 87 8 LB 29ft 29 29 

Uft zb* LdwST 36 33 U 1841 33% 22* 23V 

25ft 19ft Luba] -« M 306 » M* V £ 

39 26* LOWS ' JB MX 23 92 37ft Wfc CT6 + ft 

S% Mft LncfcvS T.M XX 72 4M 25* 25* 2»- ft 

16 10* Luhcra X8 37 U 109 15 U% I6%— % 


[ 


M 


— U 
— * 

. 38 38 38 + % 

258 U 11 V lift — ft 
■) 37* 37 37 — ft 

49 3M 38ft 38% 

78 17 U* Mft— ft 
TUTS 25% 25 25ft— ft 

17 8* t* 8*— ft 
387 . 7% 7* 7% 

145 11 TO* 10ft 
3- 13* 13ft 13ft— ft 

283 36* 36% 36ft— V 

UX U9T7 torn 41% 59% 61* + ft 
475 75 308(58 57 57 

U2P2X W ST 54* 51* 54* + * 


23% 12% MAGOM M 41 U 3571 Uft 13 13 

54* 25% MCAS 33 3460 53ft fi 52 

24% U Mttes W0 IM i 105 20ft 10ft 2D 

39% 36V M Cor Pf 3J0 « 

14ft 10 MDC 72 20 9 

38 28V MOU : .272 7 A 9 

47% 34% ME I JO 17 15 

Mft lift MGMGr 44 26 34 
zr 10 MGMUa 70e J . 

11* 2% MGMa wt _ 

8ft 6*-MLCanvn3Br 27 
11% 10ft ML then _ ■ . 

22V 12* MS Lift jB9 
38* 20V Mosul* JS L5 M 
65V 38% Moor . 

54* VA MoSa 

27* TV MatAst HOC 112 3ft 3* 3* 

17 UK Manhhi- 3) U |5 W 14% M%— v 

21* SftManbNt 31 77 M W 9% 9ft— % 

T9lk 10V MonrC* .11 X 21 ISM 17* 17V 17ft— ft 

42* 31- Mflftan 370 U l 434 40* «* 48V— % 

56% 44% MtrHpf CUbTU . 2 54 54 54 +M 


i + % 

k- % 


508 9fi. 5V 59 
73 V Mft 17 
76* 36* 35* 36 — * 

28 3ft 3% 3% 

98 ft W ft + 1% 

•O 35% 35ft 35% + ft 
418 46V 44ft 46 +1* 

Ul It 18ft 10ft— V. 

1 16 M 16 — ft; | 


38V .38%-% 


35* 23ft JWT I 1.12 37 17 36 30* 30% 30% 

38 23V J River J6 IJ n 817 37* 37 37 — ft 

28ft 16ft J arrowy .12 X 12 94 21% 20V 3H6— ft 

13* 10* JapnF U3dtJ 200 12* 12% 12ft + ft 

53V 36 Jeff Pi) 17 IO I W 52ft 50* SB*— IV 

34 26% JerCnf 4X0 IM 10z35 . 35 35 +1 

83*61 JerCpf 976 1U 6S0ZB4 83% 84 + % 

78V 52ft JerCpf 8.12 1 IX . 300171 71 71 + V 

71 52V JerCpf BX0 1U' 150Z7I 71 71 

19V 15 JerCpf X1B 1TX - 20 Wft 19% Wft + V 
16* 6ft Jewlcr - 24 17 15* 15* 15* + V 

59ft 33V JohnJn 170 2X 14 7190 47ft. 46ft 47 — * 
48* 38* JohnCn- 2X0 Cl 10 620 50 48% 48ft. + M 

58 EBk JhrtCpf 475 77 81 »• Mk 59 +1 

27* 22* Joraen - IXO 47 19 . 39 24* 23* 23*— ft 

27* 20V, Jodea * X8 37 15 TTO 27 36% 26*— ft 

27% 21* JovMfg 1X0 6X 28 364 23* 23V 23V — M 


10ft 7ft KD1 
20ft 12 KLM 
46 34ft KMIPf 
41% 30* Kmart 
17 13% KNEnn 

18ft 12* KabrAI 
18* 13* KatoCa 
18* 15V KolCPf 
Iiv 7* Kaaeb . . 

34% 18 KCtyPL 376 M7 
34 37% KCPLpf 7X0 127 

39% 31 KCPLpf 475 117 
40 32% KCPL pf C50 UJ. 

21% 17 KCPLpf 273 UX 
58ft 45V KCSau 1XB 2J 9 
19* 9* KanGE 1.18, 97. 5 
41* 32ft Kan P LI 2X6 7X- 9 
24* 1B% Ka PL pf 272 9X 
23% 18* KaPLpf 123 97 
45 72* KOfyfll 

115 33% Kafypf 

20 12ft KaufBr 
18% 14 Kouf pf 
88 73 Kouf pf 

37ft Kef >000 
23% Kdlwd 
ft Kenal 

17% Kenmt X8 
18* Mft KPToyn • 

29ft 23ft KyUtD 2X4 87 9 
13ft 9ft KerrGI M 37 . 

21* 17% KerOpf 170.15 
36 26V Kerr Me 170-71 25 

33 21* Key era 170 CO 9 

5 2% KiysCo - 

15* 12% Kevlnts M 37 18 

37% 26% Kldde 170 16 9 

86 62 Kid ofC 4X0 


72 

46* 

- 1 * 

26 


74 17 12 127 10* 70% zm 

JTi 25 9 996 17% ine 17*— * 

CS0 JDJ 25 44 44 44 

1X0 Cl 11 3169 34V 34* 34ft— ft 

W 142 17 16* 17 +V 

.151 l'*«3 17* 16% 17V + * 

70 JA 9 35 14* 14% 14% 

137 87 3 IS* 15* 15* — V 

X0 5X 23 256 0ft B 8 — ft 

~ 5 3344 22ft 22 22ft— * 

I50z 31 • 31 31 +T- 

90z 38% 38% 38% +2U 
5Dz 39V 39V. 39V + V 
i 2S m 20% -20% + ft 
9 107 53ft S3 52% — * 
.•906 13ft 12* 13 + V- 

246 38ft 38* 31ft + ft 
20 24 ' 23* 23* — % 
25 23 22* . 23 . 

253 16% 16 16%.+ * 

16 43 , 42* 43 +1V 

157 16V MM MV ' ■ 

9 16 15ft 16 + ft. 

4 81ft 79* 81ft +1ft 

5BI 70 " 68* 70 + * 
320 47 46* 46* 

326 V - - — ■ 

385 20% 20ft 20ft — V 
163 15* 15* 15*— ft 
174 38 27* -28 ' 

37 lift .12 12 

10 20 20 20 — * 

U19 35% 34* 35 — *-J 

SB 32* 32ft 32*- . 

5 3* 3* 3*.+-ft 
134 14% 14* 14* 

320 33ft 33ft 33V— ft 

1 70 70 78 —V 

1 53 53 53 —IV 

632 65* 65ft 65*— V 


1X6 OX 
XO 25 6 
I JO. TX 
ITT 10X 
1X4 16 16 
176 29 0 

ix 18 


57V 42V Klddepf 1X4 3.1 

66* 45 KknbCI 132. 15 11 

40*- 26% KngtdRd 36 20 17 1451 38 37V 37%— V 

W4 10V Knaaa ■ M JB W» « . 18V + * 

29 24ft Kooer 250 9X 46 • 207 26% 26 26 — % 

2ZV -12%' Kalmar . 72 Z1 30 15%' 15ft 15ft— ft 
21V 15* Kopan' J0 C4 6T3 340 18* TB* 16*— % 
37 M Kpprpf 4X0 UJ . SQz 35% 35% 35% + 34. 
104 95 KoporpflOXO 187 4 99 98 98 

VVs tm Korea > 5ji U 172 16* 16 16ft 

48* 36 Kroner 2X0 4J 12 

34* TO KuftfOIJ X0 23 ,13 

60 28% Kroner 72* X 22 

23V' 15* Kysor X8 A3 8 


J?7 «ft 46% 46%— )£ 


101 _ 

40 41ft 40* 

48 21 20ft 20*— V 


TP6 


JOb IX M 
J2 IX 11 


.1J8q105 
50 IX T2 


29% 22* LAC n .15# ' 

31% 24* LN He 2X4# 9A 10 

,16* 11 LLERy 221*194 

4% 1 LLCCP ' 

13V 5V LTV 

54 36 LTV pf 3751 . 

25V B% LTV pfB 9M ■ . 1 
68% 31 LTV PfC 3X4i 
18V BV LTV PtO X«l •' 

.IS 10% LQutnt 23 

29* 23% LOCK* 1X0. U 8 

9% 6* Lafarge 70 27375 

27 21V Lafrgpf 2X4 107 . 

14% 7* Lamars 74 .25 15 

4% IV LomScs 206 

13% 18* Lawtlnt J6 5X 

25V 9% UmrPt 70 . 21. 

28V 19V LeorP pt 2X7 147 

57* 41 LearSa 2X0 Cl 10 
MO 102% LoarS pf Z25 IX 

21 14* Leo fail s XO 24 15 

34* 2Sft LsWVTr L50 4X 15 

46% 245% LaeEnt 104 25 19 

20 fft LCOMas " 

28* 17* LeoPtot 

4 1ft LahVal 

4S 24% LVUipf 

TW 13% Lehmn 

15% 10ft Lennar _ 

24V 15* LmNt» ' 4 

SO* 4JV l5)F 1J2 

33 22% LKsSyCp ' 

MOV 61% Lilly - 

31*. re* umitds 
54* 36* LincNtt 

34 19ft UikM 
93% 62V Litton' 

SB 39ft Loddid 
37 27 LeetttP 

5«M 29ft Loews 3 IXOa 20 . 
41 23* Log Icon J4 X 21 

38V 27ft LomFfn 1X8 18 13 
28* 20V LomMi 3 2X4 97 id 

. 4ft 2 LOBlMwt • 

20% 19* LomasMn 
33* 2lW LnStar UO 50 5 
60V 45* LaoeS PT 577 9.1 
9* 5* LILCO . 2 

29 21% ULpfE 

51 , -39%ULPU 
33V . 16% LILpfX . -7 

32ft. 16* LILRfW . ' 

21% 16ft LILpiy 
2 IV 19% LILPfU 
21* 15* LILpfT 
16* UV-LILpfP . 

19* 12ft LILpfO 
31% V.* LonsDs 
37V 23% Loral 
12* 10* LoOerrl 
TB W6 La Land 

25* 17ft La ROC 

*3% Wk La PL pf 3X0] 12X 

~ 277110X 


2$ 


73 8 
27 13 


418 Uft 26* 26ft + %. 

18 31% 81ft 31ft— V 
535 lift UV UM— % 
2210 1% IV 1% + ft 

3096 6* 5ft 5ft— V 

1 40% 40% 40% • 

142 12* lift JZM+V 
. S 35% 35% 35% . ' 

32 9ft 9ft 9M — ft 
128 13* 12% .12* + ft 
34 Z7% 27 77 — H 

68 7V 7% 7%. . 

12 23* 23ft 23ft- 
25 ID 9ft 9ft— M 
.72 4* 4ft 4ft— V 
215 IMS 11V 11V— ft. 
445 fft X% -?*+ ft 
» 20% 20% 20W- ft 
111 47* 48* 49 — V 
1121 121 121- 
10 17V 17 17'' — U 

142 33* 32% 32*— ft 
34x 42% 42* 4Z% ; 

-72 20 79* 19*— * 

44 7m 73Yi 28 %■+ ft- 
661 2ft- 2M 2ft 
.24 43 O X; 

284 15 14ft 15 -+ft 
218 13V 13. 13V— V 
38 TO* 20 20V— .ft 

132 in 45* 45* .+ % 
.35 32% mb 32*— ft 


M ” 3S1 H* *FM 99IM-M 


5 29 
4X 11 
2740 fcS 

urn n 

JSa IX 8 
X0 27 16 



25* ‘17* .LoPLpf 


^ 30ft 79% 29ft— -ft 

ag a* 

,3 23ft 23* Sft 

A*J* 51 Mft 81 .+ V 
2419 49 48 48 — I- 

» 34ft— ft - 

1424 50 49* 50 

2W 41V 41 ■ 41 -+ ft 
477 37* 36ft 36V— * 

J S HS 2»+ft 

S MV 

3 S2 M Pt*- 

1716 ».7ft 7fc- 
60x23 23 21 

2501.42% 42 4£%— IV 

162. 19% • 19 ■ — ft 

155 ITU 19 ■ .IP" — ft 
201 19ft. 19 ' 19ft - • 

. B 21* 21* 21*— -ft 
409 1BV W- Mft— • % 
42 14ft l».13ft— *' 
541 14% 15ft)6— V- 
20] 29* 29* Wfr— ft. 

-..an 34% 34*.. v 

Jl TZH 1ZV T2V 

3! 3M 36* .+ ft 
295 22% 22ft 22% + ft : 
15 MM 30 30ft 
91 22. 21* 22 +.V 


51* 41 MfrHpf 5X3»«7 
•ft 5M vfMoiwI 
2SW 15% viMnd pf ' ' 

38* 24* MAPCO IXa jX 8 
5 5 Marnbr 

1% % Mn-cde 

38% 25* AAarMkJ 1X8 2-7 2 
43ft T9 Marlons Jft A 43 
IT* 8* MarkC 72 79 
17* 13* Mark P< 170 73 . „ _ 

IOS% 70 Mandat J4 5 II W9 W*ftKO*t04 —ft 

51 30% MnhM 270 34 19 300 79ft 78* 79V - 

44* 26* MarlMe Ll» 3B X 63* 309 33* XPL— ft 

14* HhMarvK Mf JS V» MV 14* MV 
37V 25ft Masco S 15 17 «* J7Vk 3»* 36* + V 

3% -1* MaeWF - 60 » » W 

30* 23 thasCsi 7X8 HU 63 29*. 29* 29* + V& 

tm K* Mcabnc 172 M9 36 ITU 17* 12ft + % 

05V 48% l*tasa£ 3/0 A 11 739 60* COM 60V — * 

17ft 9* Mattel 12 3885 OU lift 11* — * 

13V. 4* Motet W* 562 . 8ft 8 8 - M 

15* n* Mcncant * 39 13* CM 12*- ft 

60% 37% MlayDStrUO 37-U 838 51* 57ft 5«V— ft 

73* 43 Mm* 3XBa 47 U 205 78* 69* 69*—* 

31% 21 McOraf 270 93 1 23ft 23ft 23ft— V 

26* 20* McOrpf 260 MS- 280 25V 23 75% + % 

30% 16* AtcOerl IXO *7 2162 20 19* 19*— * 

9* 2%McOt1Wf_i. M2» XV 3ft 3M 

lift 6* McDW 70 IX p MS H* lift 11V + ft 

75% SO McOnfcl '-JO 17 6 5D 33* 73* 73V— V 

67 64 McOnO 1X4 24 0 416 71* 70ft 7Hk + * 

52 37* McGrtf 1X8 3,1 U 860 45* 45ft 45% — ft 

39* 25V MctMwl - - . - H 27 26* 26*— ft 

51* 37 McKees 240 47 13. WKfSm Sift 58ft- V 

81V 60% SleKpf. 1X0.27 . 3 k *2 82 83 +1* 

15 7* McLean »TW 9 Sft 8ft— ft 

6% rnMcLeawt • 215 3 1% 1*— ft 

2FM 22* MSfS 1X0 U 9 24 26Vr 76 20V— * 

44ft 33% Mead Ul M R 455 40ft 39* 39ft— % 

25* 45V Maarux -74. S3 M 253 25ft 34ft 25V 4- ft 

44 25* Medtrn -X0- U 15 514 43* 43* 43% — ft 

5 4% 42* Mean 7X8. XX -7 -186 SB* 49*. 49ft— Vi 

3BV 24* Meifa»Pf2JK 1DX 0 3ft 27* 27M 

SDft 3SV Mefvfll 1X4 29 14 362 49ft 49. 40 — ft 

76* 53% MercSI UP U 11 58 4P 68* 68ft 

126 . HJft Men* .378.-25 17 fOIt* 125*125%-* 
00 52 M*nl».U0 u n. 99 66% 65ft 66 — ft 

36* 25% Mertyp JO 2J 17 M97 33' 32* 32%— ft 

3* l* 6/mmaCK " - 1 Ita 2M 2 2M 

22 I2U MnoPT 7 2795 Mft 16% Mft— V 

3su 2sv moor. U3B6J 10 am am si* 

..7ft 5M Mesob . ,T9M4X 7 M Sft 5* 5% 

4% 7A Matrnk . . 413ft TV 3*— ft 

m 52 ABtEofF inn* ■ 32Br TO 67 69 

65% 50V MtCpfG 7X8 UJ 8J0te 6fi* 65* 65* + ft 

78% 53 “SUE vO 872 1151 ■ 87% 78% 70 70% + ft 

69* 53%MtEpfl SJ2 1L5 62Oz7D% 0 70% +lft 

.io% ss ‘Mehh iS 117’ orn to n +1* 

38* Sft MetrFa JOb 12' v - 55 19% 19 19 — ,' 

- 3- 2 MexFd TTtoULI 43* 2* 2 2ft 

18* 15 McbER TX8 7i fl 13x18* UM 18* 

. 7* 4 ■ AUcMbr Xi >7« I 5V 5ft 5Vk 

62%-3»tf Midoon 230 CJ W 17* 54 52ft 52ft 
15% SM AttdSUf 1731 -.4 5012 9ft . 9* 9*— ft 

XSV. )5* MWRPP 9X0 8X- 41 W9h 16* U*— ft 

32V 26% MWE 276 9X 11 « 30* 30* 30V— ft 

15V Wft AISttnR X4 3X 23. 73 Uft lift lift— M 

If - 73ft MUM ISO 43 14 21» 02* «lft 82ft— ft 

39* 28V MtnPL 276 U I 23 3«* 37% 37% — * 

TS iNjuteus - r. 6* ift a* av-% 

8 , 4* AQtel ' ’ - J . 335 6ft 6% 6* 

■ ^ 

P* 5*AhHtCpt; - 12 ' 222 5* 5* Sft— ft 

33ft aOMMotneq M IX 12 69x71V 30* 38ft + ft 
JVjMhMS- tar , r: ,X8S 2. . I* ' 2 + ft 

<i S3W «V*-M0HCB 38 H 51* 52 

19% 14* MMrth 00 00 » 1 IM IM 16V— * 
SS* 40* Knon. 250 SX 12 2231 44ft 44* 44*— ft 
31 16* MnPw 200 0512 48 H 30* 30ft 

28V 15* MenSt IXOa 9,1 48x20 19* 19ft + ft 

WV SM MONY ..XI VJ W 

2Hk l4lfcMmi .72 U D 
21 . 20* 06earM UM Cl U 

3f 24ft MarMpf 2J0 BX 

57* 36* Marais 730 29 7 

Mft 12* MorKeg ' - 12 

. TlftMerKPd 1X8 v -33-U 
23% UM Men»5 X0 18 14 
B .16..; MtpRty 1X8 bWi7 . .-T 


i\nm 




It 


9 

28ft— V 
25ft— ft 
29 ♦ % 


38 25V Morton 

39* 29M MMarla 
2*ft 15 ' Mtmfrd 
18* 8M MMnas 
32* 23% MuntO 
22M MMMarryO 
Mft 12 MbfOm 
5% I* Myert. 


48X20 19* 

176 9 8* 

410 -90ft 2D* 
m 25V 25 
• 7 29 28% 

1200 57* 56* 

IBS MM -MM 
475 44* 44V 44V— V 
999 21* Z1 ZTV 

*300 Mft ,14ft 16ft +* 

X4 IX 9 485 36% 36 .36 — ft 
X4.JX 763961 35* 35V 35%— M 
J4 2X II 281 Uft in* IBM— * 
27 ' * II* II U — * 

UO- 33 M 474 32* 32 3ZV + * 

40 19 V .31 20ft 20ft 20ft 

1X4 9X 26 14* M* 14* 

44 2ft 2* 2* ' 



1- : — - .0 :^ - 1*- . 

38* 23* NBDs 1X0 3J. 7 M6 37% 36* 36*— %/[ . . 

-frtXf Oft 12% 12* 


. :n 


70- U 

• a® 


170 


n 

9 

3X 20 


22ft 17ft 
44* 31% NCNB 
JOV 24* NCR 
13* 9% NLlnd 

Mk % NVF 

5V% 37ft NWA ’ 

28* 22 Natan 
29ft 23* Nashua 
UM Wh NNCnv ... r 
23* NatOW 270 'XX 24 
23% rn NatEdu 20 

30% 23* NafFGs 208 7X 7 

2«4 2SR6 NFGpf 270 9X . . 

46 22* NtGyps . ». 

4V 2% NtHem 
33* 24 Nil 
65 52% Nil pf 

32ft IB* NMedE 

11% 7 NMIncS 

31 23ft N 

15% 10% N 


J2 34 . » 14 21 20% 21 

TA 3X j 403 42V 41% 42V + V 

XB 27 H 2935 37% 37* 37%— * 


75 J 
5JB C7 
56 


1370 13V 12* 73 
375 ft % %— III 

*■ 51. 50% 50*— V 
,362 25 24* 24% — V 

« 27* 27* 23*— * 
251 10% 10 10 — ft 

615 34% 33% 34% +1M 
202 22* 22* 22*— V 
53 28V 28 28 

2 24% 24% 24% 

7755 47% 46 46% +2* 

51 4% 4* 4*— % 

3M 27V 26* 27% + V 

_ 54 57ft 57% 57% + ft 

ZAU 4075 22* 22 22V— V 

1 7V 7V 7V— ft 

UK- 35- 74. - M 30* 30* MM— * 

' 32 1923 12% 12 12ft— ft 

54* 47ft NtSempfCSQ 7J 78 54* 53V 53V— 1 ■. 
36*- 26% NtSvdft 1.1B-2S W 123 36* 36V 36*— ft 

18 n* NStand .'. XB.7X 2* 3x14V 14* 14ft—* 

13 lOft Nerco .. “X4 5X 7 . .11 10* 10% 10* + M 
33% 27 NevPw 2X4 U -» 53 31* 31% 3Tft + V 

UV «, NevPpf. L7T 9X - 3601b M% 17% 17*- % 

5,, *S?* 2J0 UJ _ 20lta *1 20*21 —ft 

S' 4 HSySYL SJ C4 1 271 Uft 11* U* 

fi 3«V NEnoEl 3X0 77 7- ' _ 

29 24% NJRsc 730- 85 10 

WV 27% NYSEG 756 99 7 
77. -64 NVSpf 8X0 .UJ 
» U* NYSPCA Z69PW2 
20ft 16 NYSpf 2J2W6 - " 

“% 77% NVSpp375 UJ 
2M*'VHk Newell . XO .25 II 
S4V 33V Newbat .1X8*25 15- 
19- raj NewMI 'C8Pe24X 5 
10. 7* NwtilRs Tie IX 8 




Mb. M*..NMMP ...2X8 108 

32% -25% Nkuwpr 3XO Hi 
w. tov nESw- CIO- mX. 
46% 38- NiaMef 575 IU 

ss sar!u«*fi'-«9 i w 

lift im Nkavt 

31* 2 6. NICOR 
33 -28- NICOpf 

14% 12ft NofeUtf 

17% 10% NerdRa 


425 46* 46V 46% — V 
IS 26, 25% 25*- V 

261 26* 25* 25*— M 
400(76% 76% 76%—% 
206 26V 26V 26V-2V 
7 20V 20 28 +*- 

1 32 32 32 d . { 

47 22V 21% 21*— ft 
31 60 59* J9%— * 

12 Mft Mft 16% “ 

. 19 8ft- 8ft 8*— V 

M- 37 U87 47% 45ft 47* +1» 

‘ -206 1 Jft 1 
7. 742 19* 19% .19V— Jl 
- 23tte 33% 1 29V 30% +TW 
30% 30% 30% + * 
350X 35% 35* 3H6 . . 

13240x48 45% 47ft +1 ' 

„ - ^0fb 53* 51* 53V «% 

, r 72 UJ .. 2«gte 69% 66 69% +2 1 ; 

ISrtlJ . 77 16 15* 15* + V 

-72. .X14 - 51 im'13% 13%-* 
3X4. 1U J19 27ft ,27V 27*— V 
1X8' 6X ■ l 28 28 28 " 

.12b J1I9 319 15V 15M 15% 

,01 13* 13% UM 

463 74ft 74 74* . 

176 5V 4% 4*—* 


33J 




2,, CTONorshr 2X0.4J .W 350 S3 51V 51V— 1% 


S% 43* Norstr pf C19p. 8.1 


19 13* Norte k 

66* 47% NAGool 
«v 31* NAPhll 
1'S tm 13* NEurO 
u- 13* NOMtin 
T+% Mb'NIndPS 

•a at™ 5. 


Uo IX -9 
1X8 27 IT 
1XM0J 9 
IJ8 9.1 6 
1X6-17.1 9 

CMelBX 

_ ^ Mss: - 752 TX 9 

•a SS-NSPwpf.CDB 107 

NSPwpf 471103 - 
** NfPwof ASA MU 

.aaeaw'ar 

56* am KSt” u» is o 

24*.. 19% NwtP pf 1 73 10J 
24 -ira NwtpS 734 IttZ 
MJJ 8 NwSfW . . 
gf 5% Norton, 280- SX 14 
»V JJMNwwef. 1X0 45 I 
” H,, Novo- • • Tie U 'll 

49* 28% Nucor XO X 14 

i* 3 nu^ ; «i 


1 52V 52V 52 —ft 
113 15* IS* IS*— V 
21x66* 06ft 06* + V 
33 37 36ft 37 + V 

72 18* 18% 18* + V 
73i 17* 17V 17* 

3982 9* 9% 9V— V 

SS iL. 27* 38% —4ft 
395 58* 50% 50* , 

13b 39% 39% 39ft- ft 
2000Z40 39 40 +1* 

2DZ4S 45 45 —I . 

60z 85 83 85 — Pt 

3“ » 32ft- M 

390 3% 3*. 3% ' 

939x 46 45 45*_ft 

23* 23* 


<>n ( 


**fQ» 


22* 22ft— 


W MYNEX 6X0 2X 


n 


3 

-6 _ . 

Wt 13* 1»— ... 
187 35* 35* 35ft * 
m 28V 27ft 27ft- V 

497 26* 26ft 26% - ft 

77 4* 47V 47ft— % 

u 4% SVi— M 

801 91% 90* 91* - 


Tfc*i 


*: 


m ™ SiK w 13 ^ 


1462 T3X 
1X0 U 21 
1X0 57 2 


Fiiiftinta Ocap^ii 

aft-a 40 *®- 

T6% 13 
60ft 48% 
rat so - 

-2B 

29% 24 
31* 26% Ob' 

JAU .Uft Oh 


1X8 11X. 7 
Pf 774 127 
FT 776 127 
Pf X7e 25 
Pf 7X8 127 
Pf 3X2 12X 
Pf 1X0 1U. 


5* SS* !•« 128 

pf 10X8 11J 

If* IKK OfiMatr ■ x0 ' 13 is 
2* 37 ObP pfC tS UJ. 
IIBIlQMi OhPpfAlCOO no 


3j|5 MV 30* +ft N 

’'I W^+I ’> 

£ .25% 25* 2S%— Kb' I 
92 23 22ft 23 1 

,5 2S£ 52* 

’2 ■ sn * ra* + * 

32 107*1®% 1(77% 

17 10mW9 109V +16 
86 20V 20* 20* + ft 
•Jffij 34M 33ft 33ft— V 

] CTj! J4% 16* 16% + M 

59 5! + % 

2*Wy60K SBft 60V +ftk 
‘ fi Mk 2« 2flft— V 
12 TBfj Mk 28% + W 
W J1M.31 . 31% + * 

6 16 16' 16 - ■' 



5B* 


-ta »5 





■Ortoartf 435 :,ji • 32 -28 '.27ft 27ft 

{Coniaued on . Page I8> 


iavl 

-V.-Mft : 


a*»‘ 


rf: i- 














UfttswO 


?»* 


***** cm» 
•*** ...-« 


**J 's#**^ - 4- . 

* w * 
f ! % r n 

* 3 S* ft 




- .* P5 *£ Kft # 

*m§~ 
*% ■<■» ■>»«» -• * 

•-. *». •* m 4^7.- 3 

- *n- «•*-. v^*.. 2 

% ” 5.3 s ” 

•’ f w t.V-« 
. * * % *.* * 

1 * * '*• ** «** * * 

!*■ * ’*•- W*H * »•*, 

*■- - V* Qfc.-- « 

f SXiS'S,"-' 1 

- ■■£ TZ ■ ®'“ ' 

'■’ **? v%l ■£+ « '.. 

\ j* >5 Jg| « •- 

* ; 7r ^ *» * hi 

+* Wt : ' * 

£* ,■* 3 ?* - -I 

-t: U 

:- * ft 

.£p£ 

- * vs *"*=% ■» * 

*.I **-**r:s 

* M> •«**»•- «*n #B» - .4 

- « »:•.; 

■*•■ ftf- "r *"* ^i»k - .* 

**» • •* -% -■ - 

T J £% |S£:‘ * 

4 f «. ss »■■ •; 

• » W . 7^ 

: -fl. *e» Jhfc * w -. « 

. :* jf * *-* #* 

•• •^v.'p .win' «* 

■3 £ t"' Hz ii:. ; 

' 'g® i> • .• w*- 

•■» J:-i -•. ** i'fc 
h. -v .u«, *>i 

— •** >W 

«a -a -a *a 

-jit, «* * f •; 

*- -Ji »-- . - 

■»_ J» *tv . 

»*» -» •► * -* 

4 ■% ■ 

•«--r* w* * : 

iw » .■• ■» *• I 

j> *'r*' -* 3 >>'i» sf* . 

*i. •■•>• •■« •* 

-o-v .(-* i* m 

■/ .»=• *-*fc *•» 

r -V '■•- -•■ • >• 

• •*<'• r--« *-<t -* 

•• w w -t-. .-f- . •». 

-jfc- «*. i. -i 

{•?. **i *r- w 

• 4M9 1 =''•». ~ ''V j‘i. v 

f 1 -v 

1- r> -■>* !»•■ (’V . 

- T* - : '■*"•*--- ■» 

V •; ' >:• jf 1 

^ r v*m “■ - • -7 . . ■» 

• •#»•. t*!?*' • •< 

.- '4- . a»-» :ir> 

Ha- Si -— * ft ' •< 

i ' - ' >f% • 

• *» •?«» '-r^ . a 

' ■ *■■- -? T* ' 

r **' ** - ■ 

;•». ^ «w v 

■» 

-* ■»■*> f ’ - » 



™/::i 


r<. f ■ ■■ <*•*- - -4 


f — — ' &** 


••*■• r~- , 

<*• .«f» 

_V --» 'A«* J T^ 

•ft '.-*■» -, - ^ 

■* r '«.. , *9i; 


■ — i 
■*- 


»•#* »*M> 


if*. 


•li* ■w* •- « 

- •; n - 

v* -w; .- 

rj •-•% 

Sfi' ; 
a <6 - - 
rr ; 


LO~ *rr 


Jr?* ■ *■ 

|.l . : 

— » ’-**» • - 
... *~> ’ • • 

if., w »- *■ * 

£■- ^ fc .- 


- .£r-r 


.i_u- il .-- 

,;-V 

iv“* * 


-.-tt .’*" •■*•■ 

•rr S^... 


'•Sr ^ 

% « • 

■ff 

• -a ;--* .- 
. »••• • 
j:-s . 

•nr *' "» 

SS"* ' 

*T» • 


.-7*V 


‘-r.; -» • L 
. .. •-.■**■ - ’ 

si-}’ 

t . # •- - • • 

\ -r- OMfl ■ 

.V» " •. 


r* v 
»#■' *■ 


w 
■*•' ' 
"**tu 

.ff/ 


„ 3»” 



N 


>»5* 


BUSINESS ROUNlHfP 


INTERNATIONAL HERALD TRIBIINE. TUESDAY, NOVEMBER 26, 198S 


$ 1 .3-Billion Offer Made 
*F or National Gypsum 


.Ml 


Page 17 




*>■ 




■sj 

tv 

■3§ 


;C«^W h Oar Slaff Frtmt Dupaiha 

t . P ALLAS — An investor group 
tel by senior executives of Nation- 
al Gy-psum Co. announced a . pro- 
posal Monday to acquire the com- 
pany' in a leveraged buyout valued 
a* up to SU1 billion. 

« the plan, , the 22.8 million 

Shares outstanding of the Dallas- 
based company could be ex- 
changed for. a package of $9214 
million fit cash and S3S7.6 million 
insecurities. 


r <« 


Baxter Announces 

6*000 Layoffs 

Reuters 

• CHICAGO - Bauer Travenol K ”1^ ”?“ ”.««« 
Laboratories Inc. plans to laylS - ** «ce diairman. 


A ststemem said that for each 
share, the group proposed to ex- 
change 540.50 in cash and 51 7 stat- 
ed face amount of a new issue of 
subordinated, redeemable dtscotun 
debentures: The 20-ycar deben- 
tures would bear no interest for five 
years. Thereafter, interest would be 
15 percent per year. 

National Gypsum shares rose 
S2.75 to $46.75 on Monday on the 
New York Slock Exchange 

In a leveraged buyout, buyers 
borrow money to acquire a compa- 
ny and repay the loans with earn- 
ings of the company or sale of its 
assets. • 

_ The group seeking to buy Na- 
tional Gypsum include* the chair- 


■ .any* 
***> 







6.000 to 6^00 workers, or 10 per- 
cent of the combined Baxter and 
American Hospital Supply Corp. 
work force, Baxter announced 
Monday. 

rr Hie move is part of a plan to 
consolidate the two companies’ op- 
erations. Baxter said. It follows a 
$3.8-biIlion merger of the c o nce r n* 
announced in July.. 

■ Vernon R. Loucks, Baxter's pres- 
ident, was named president and 
chairman of the combined compa- 
nies Friday at a special tn***t«ig of 
Baxter shareholders that approved 


% 

— — -mwiiiwm ! ■■«■> n Miu aittUWIi 

the merger. Concerning the separa- acquisition would 
rade'e- power "between the two igni?»nc^ of a new 

haj^ companies, Mr. 


ath’ 


?fc 




M *5 *fe> 

’Ffiaij 

^saatr, 

? 31 fc 

o'-aaC 

-oniaiQ.' 

^SBS 


Loucks said: 
“We re looking at a team manage- 
ment approach that is in essence a 
£0-50 kind of thing The merged 
company is too lug for one person 
to operate,” he added. 


"John M. Thompson Jr* and the 
prcrident and chief operating offi- 
cer. James R_ VoisineL U also in- 
cludes private and institutional in- 
vestors. 

National Gypsum «oak*s *n A 
supplies building products and ser- 
vices. 

The investor group said that it 
had obtained a written proposal 
from an undisclosed financial insti- 
tution to represent and participate 
in a syndicate of banks to provide 
“a substantial portion” of the fir 
nanring for the acquisition. 

It said additional funds for the 
come from, the 
series of senior 
subordinated debentures.- The 
group has " tw ^ Goldman, Sachs 
& Co. as financial adviser. 

The proposal was to be present- 
ed to National Gypsum’s board on 
Monday. (AP, Reuters) 


China, KSL JFinn 
AreSqidfoPtan 
AnOURefmery 

betters 

.HONG KONG — China s 
government-run Shenzhen Gulf 
-Petrochemical Industrial Corp. 
is planning to set up a joint 
venture with a privately hdd 
U A company to build an oil 
refinery in southern China near 
Hong Kong, an official of the 
Chinese concern said Monday. 

Wu Jingwen, chief cngmrr 
of Sienzfaen Gulf, said the com- 
pany has signed an agreement 
with Security Exchange Diver- 
sified Investment Associates to 
immly invest 5IS0 milli on in 
the refinery, to be located in the 
Shenzhen special economic 
zone. 

The plant will have a refining 
capacity of 14 million tons of 
petroleum products a year, be 
said. 

The joint venture' stiH re- 
quires BeijingV approval, but a 
contract is likely to be signed in 
March of next year, Mr. Wu 
said 

He said the plant is part of a 
plan to develop Shenzhen as a 
refining and support base for 
oQ operations in the South Chi- 
na Sea. 


Peugeot Pins Its Hopes for Revival on the Newly" Launched 3uy Sedan 


Reuters 

PARIS — Peugeot SA hopes its 
new 309 sedan can restore the com- 
pany to profit next year. 

Tbe early signs look promising. 
The privately owned French auto- 
maker expects to break even this 
year after cutting losses sharply in 
1984. Good sales of Peugeot's small 
two-door 205 model contributed to 
the better results. 

The medium-sized 309 was 
launched last month, and the com- 
pany says ini rial sales are encourag- 
ing. 

The revival in Peugeot's fortunes 
follows losses over the past four 
years of about 7 billion francs 
(5897.4 million), and comes when 
its state-owned rival Renault, is 
having record monthly losses. 

Both companies have suffered 
from labor disputes over the past 
two years, mainly over attempts u> 
. cut the work force and modernize 
equipment. 

But Peugeot has fared better in 
toms of sales, winning 343 percent 
of the domestic new car market in 
the first 10 months of this year, 
compared with Renauti's 29-per- 
cent share. 

Daring the first nine months, 
Peugeot bad an 114-percent Euro- 
pean market share, unchanged 
from a year earlier and just ahead 
of Renault, whose share eased 0.1 
percent, to 10.7 percent. 


The success of Peugeot's 205 
model, and continuing healthy 
sales of its 305 and 505 sedans, 
contrast with the initially disap- 
pointing public reaction to the Re- 
nault Supercinq model introduced 
a year ago. 

As the successor to the highly 
successful Renault 5, a small iwo- 
door car especially suited for dry 
driving, market analysts said the 
Supercinq suffered at first from be- 
ing too similar to its predecessor. 

While sales have improved in re- 
cent months, Renault h?>* been 
grappling since early 1984 with 
losses running at around one bil- 
lion francs a month. 

With Peugeot's launch of the 
309, the immediate battleground 
between the two French auto giants 
moves to medium-range models. 

•The importance of the 309 is 
that we have become a little absent 
from the so-called lower-medium 
range of the market,” Jean Boillot. 
chairman of the group's profitable 
Automobiles Peugeot division, said 
recently. 'This car will permit us to 
plug a gap on the European mar- 
ket” 

The 309, priced at between 
53,000 and 80,000 francs, is being 
marketed as a direct competitor 
with the Renault II. Ford Escort, 
Fiat Ritmo, Opel Kadett and 
Volkswagen Golf. 


Since its launch on Oct. 17. Peu- 
geot has received 25,000 registered 
orders for the 309 and 40,000 or- 
ders are expected by the end of the 
year, a spokesman said last week. 

The car has given a new lease of 
life to the Poissy works west of 
Paris and the Ryton plant in the 


British Midlands, where the right- 
hand drive model is being pro- 
duced. 

Much of the 15 billion francs 
Peugeot has invested in developing 
the 309 has been spent in modern- 
izing Poissy to be able to produce 
1,000 a day of the 309 models by 


next May. Ryton is scheduled to 
tum out 200 Peugeot 309s a day. 

The introduction last month of 
the 309 model comes as labor rela- 
tions in the French car industry 
remain overshadowed by the de- 
pressed state of the new car market. 
This has led to severe job cuts. 


COMPANY NOTES 


Arab National Posts 19% Fall in Net 


wL’isr 

:t If stia 
•sMiert 

Tbcilir 

Shtisn 

.rcpanc 

Tatar: 

rptiis’i fc 
if *} nav 

wrdi*a 

■nlucac 
:: nsaV. 
: tfilc 
TiVStffldi 
Siulev^ 
,-jslsJ* 

V 33BBS 

JCW‘ 


Reuters 

JEDDAH — Arab National 
Bank -reported Monday an 18.6- 
percent decline in net income in the 
first three quarters of 1985. 

The report comes as banks in 
Saudi Arabia face growing pressure, 
on earnings as dJ revenues and’ 
government expenditure decline. 
Last week Saudi American bank, 
reported a 22 -percent profit decline 
in the first nine months of this year: ; 

In an rmmiriitwt sta temen t, Arftfr 

National said net for the nine 
months ended Sept. 30, 1985, was 
A 6 Q .8 million riyais (544 million), 
Spmpared with 197.6 million riyais 
m the same period last year. Net for 
hi! of 1984 was 241.6 nulhon riyais. 


In the nine-month period the 
bank, which is 60 percent owned by 
Saudi shareholders- and 40 percent 
by Arab Bank Ltd. of Jordan, made 
provisions for possible loan losses 
of 43,4 million riyais, up from 33:1 
million dsring the same period last 
year. 

Total assets at the end of Sep- 
tember were 9.65 bfllion riyais, up 
from 9.12 bfllkra riyais a year earli- 
er. pj advances fdl to 267 

billion riyais from 3.12 billion in 
September 1984, while total depos- 
its increased to 731 billion riyais 
from 6.49 billion. 

Total guarantees, letters of credit 
and other obligations fell to 335 
billion rivals in September, down 
from 436 trillion a year earlier. 


fncirith Securities it and 
DilloQ Read & Co. are lead-manag- 
ing a placement of one million “A” 
free shares of Saab-Scania AB, the 
Swedish motor and aerospace 
group, purchased from the Knot 
and Alice Wallenberg Foundation, 
to rase £42 million ($61.1 million). 

Ferment* AB of Sweden is to 
buy an antibiotics plant owned by 
Gnippo Lepetit SpA, the Italian 
pharmaceutical subsidiary of the 
U3. Dow Chemical soup, within 
the next two months. The plant, in 
Rovereto. northeast Italy, is one of 
the biggest in Europe. Terms were 
not »«wrtnn<»fd . ■ 

GTM Eotrepose, a French con- 
struction group that is a subsidiary 
of steel group Vallourec, has won a 
350- millioii-franc (544.6- million) 
contract to supply ovfl engineering 
for Singapore’s elevated mass tran- 
sit system. 

Hitachi Ltd. of Japan will build a 
new computer disk storage assem- 
bly plant in Norman, Oklahoma, 
that will employ more than 500 
employees by 1991. The plant will 
be capitalized at 59 million, but a 


Brazil Plans to Shrink State’s Role 


' (Continual from Page 15) ; 

1986, in fact account for only 15 
percent of econ om ic production 
and 29 percent of investment, albe- 
it remaining highly visible: the gov- 
ernment owns nine of Brazil's 10 
largest companies. 

Fetrobrds was chosen to initiate 
the program, which the govern- 
ment prefers to describe as “desta- 
tization,” because it has a good 
profit record and some of its shares 
axe already traded. In this case, in 
-to effort to attract first-time inves- 


;*H*s simple," he said. “The govern- 
ment needs cash so it sells off some 
assrts,” t . 

One key question is how much 
private capital can be mobilized far 
the program. In the recent past, 
private investors were enable or 
unwilling to assume the risks in- 
volved in major infrastructural pro- 
jects, prompting the devdopment- 
ted mmiary regime to bo rrow 


oriented 

heavily abroad and cany oat the 
projects itself. 

But the cost of servicing Brazil's 

5104-billion foreign debt is now wnu—y. j. u .— — 

tors, the shares will first be sold in -convulsing capital markets. Put that it now wants to return to the 
small lots through 15,000 bank and singly, to buy tbe dollars needed to p rivat e sector. 

covet interest payments, the gov- 


520 state companies. Some were set 
up as subsMuniea of major corpo- 
rations but, active in such peripher- 
al areas as insurance and printing, 
they brought complaints from busi- 
nessmen about “unfair competi- 
tion” 

“Petrobrfs is Eke an octopus.” 
Mario Amato, a leading business 
spokesman, said. “It’s involved in 
everything when its job is to find 
and refine oQ." 

In the past, in order to save jobs, 
tike government also routinely took 
over bankrupt private companies 


■ c: 

Pr&^T- 

i- 

•i ti Gfi 


-sari** 


brokerage offices around the coun- 
try. 

j The operation has also enabled 
Jhe government to assure alarmed 
nationalists that it wiE not surren- 
der control of Petrobrfs or other 
luge corporations active in strate- 
gic areas. The shares being put cm 
the market tins week represent only 
&6 percent of the preferential stock 
tod while they can be acquired by 
foreigners, their holders have no 
right to vote. 

- Henri PhiHppe Reichstui, bead 
-r of state enterprises in the Plannin g 
^ Ministry, said this same method 
cpold also apply to shares in the 
^ mining giant, Companhia Vale do 
v ’^^Rio Doce. the Teletnris telecom- 
* munications corporation and Post 
and Telegraph Co., all of them in. 
healthy financial con dition. 

He added that, after completion 
pf a World Bank-assisted program 
to capitalize and reorganize the 
Eletrobr&s electricity monopoly 
and the Siderbrfis steel company, 
their shares should be marketable. 


“urs? 


.-.c 


■XTt> 


eminent prims money then floats 
high-interest treasury braids and 
other paper to absorb this excess — 
and inflationary — liquidity. But 
tins raises the domestic debt and 
interest bill at the same time as 
stimulating financial speculation 
and discouraging investment in 
stocks. 

liras, while Brazil's denational- 
ization program coincides with 
similar moves in other Western 
cram fries, the government appears 
to be responding more to domestic 
<4i mi piff>w<y.c than for eign exam- 
ple: the state has provided an es- 
sential industrial infrastructure, 
but it believes the private sector 
now offers the best option for 
growth. Some economists have ar- 
gued that, at its prerent level of 
development, . Brazil is ready to 
pass from state capitalism to pri- 
vate capitalism. 

The second stage of the dena- 
tionalization program wiD involve - 
the sale of around 100 of a list of 


SEC Acts on Options’ Effects 


l, (Continued from Page 15) 
whenever an approach was decided 
!*Pon. 

Just- the mention of options has 
long had the ability to scare corpo- 
rate treasurers. Rightly -or wrongly, 
options carry a reputation of being 
the tool of a gambler, not of a 
; prudent investor. 

- > , f . 5^* There’s an old corporate adage: 
"W'. Nobody ever makes money, trading 

-■('a* options,” said Gil L, Leiendecker, 


The state played die refc of a 
hospital-fixing the mistakes of the 
private sector," said Dimas Ca- 
margo Mara Filho, bead of the gov- 
ernment's De-statization Commis- 
sion. “Some of these companies are 
now in good shape and others will 
become viable with new capital and 
management. But those that can- 
not be sold will have to be dosed." 

The government plans to use the 
stock market to find buyers for 
these companies, although in most 
cases ii wfll first select a controlling 
group from among interested in- 
vestors. Closures of loss-making 
companies, on the other hand, wOl 
inevitably bring protests and pres- 
sure from congressmen, governors 
and mayors representing affected 
workers. 

Perhaps the biggest resistance to 
“destatization," however, can be 
expected from within the bureau- 
cracy itself. Apart from the 1 2 mil- 
lion people working in spue com- 
panies, a. farther one million are 
employed: by the federal govern- 
ment, a good number of them, ac- 
cording to officials, in “unneces- 
sary” offices. For example, at least 
282 different organs are involved in 
regulating industry and commerce. 


,<#3 l 

*• .a 


head of foreign exchange at Salo- 
mon Brothers. So Salomon Broth- 
ers has created a new product that Eitoyi 

looks and acts like n enneoep-ap- A OJJclCCO T lTlU. 

non program but is called a “range 
forward 
easier 
The 
at w 


Seeks Merger 

product sets a forward date ° 


- 


■S' 


»• .fit-; 
.-a 1 iv 

& 

■i'n-: 

V' 


s' 


A 




Qrma’s Trade 
With U.S. Grows 

Rearm 

. BEUING — Trade between Chi- 
ba and the United States rose to 
55.04 billion in the first eight 
Months of this year from $4 billion 
in the ye&r-eariter period, the U.S. 
Embassy said Monday. 

• "A statement said U.S: exports 
rose to $236 billion from 51.71 
bfllion, free alongside ship. U3. 
imports, on cost, insurance, freight 
basis, grew to 52.68 billion from 
£239 billion. 

- Quna’s main purchases from the 
United Slates were logs and lum- 
ber, coal, machinery, fertilizers, sci- 
entific instruments and commercial 
aircraft, the embassy said: 


the cont r act is executed, 
but- then gives a guaranteed high 
and low fra the exdiange rate rath- 
er than one fixed price— a buQt-in 
option feature: This product does 
not require an up-front premium, 
as options do, but it does have a 
cost to the client in the form of the 
exdiange rates at which it can be 
executed. 

Another new currency "product 

made its debut last week: a trade- 

weighted dollar index . furore, of- 
fered by the New York Cotton Ex- 
change’s Financial Instrument 
Exchange, or Finex. It is an ambi- 
tious start for an exchange that is 
late climbing on to the financial- 
futures bandwagon. 

Volume last week initially 
sounded impressive: 11356 con- 
tracts on Wednesday, 9,662 on 

Thursday, and an estimated 7,200 
on.Friday-.But open interest lagged 
at 1,084 contracts on Thursday, 
suggesting that so far little of the 
trading represen ts serious commer- 
cial interest-' . ' 


(Continued from Page 15) 
advantage of any takeover or merg- 
er. 

Imperial said late Friday that it 
bad completed the sale of Howard 
Johnson Co. to Marriott Corp. for 
about S300 million. Announcing 
the sale in September, Imperial 
conceded that its 1980 acquisition 
of the U3. mold and restaurant 
drain was a major mistake. 

imperial, which had sales of 
£2.47 billion last year, owns such 
brands as John Player cigarettes 
and Courage beer. 

United, which dominates the 
British cookie, cracker and potato- 
chip markets and had 1 984 sales of 
£1.74 billion, has diversified into 
hamburger and pizza restaurants 
along with frozen foods, spices and 
other areas. But the company’s 
earnings per share have been stag- 
nant over the past three years, 

largely because of fierce competi- 
tion in the U3. cookie market, 

where United’s Keebler Co. unit is 
a major force. 


total of 545 million will be invested 
in the plant in the next five years. 

Hyundai Corp.’s chairman, 
Chung Ju Yung, in a 70th birthday 
interview, said that cars, electrodes 
and semiconductors will be the ma- 
jor business areas of his South Ko- 
rean group in the future and for the 
time being it would not make addi- 
tional investments in construction 

and shipb uilding. 

LTV Corp. said the union mem- 
bership at its Gulf Stales Steel 
Corp. unit, a Gadsden, Alabama, 
steel toll, has approved the acquisi- 
tion of Gulf Siates for undisclosed 
terms by the unit’s employee stock 
ownership plan. LTV was required 
to divest the unit after it acquired 
Republic Steel Corp. 

Matsushita Electronic Compo- 
nents, Europe, GmbH of Japan is 
seeking a production site in Europe 
because of increasing demand for 


videotape recorder and color televi- 
sion tuners, a company spokesman 
said. The company produces about 
50,000 tuners a month. 

Paccar he, a U.S. commercial 
vehicle producer, is expected to 
sign an ag re em ent this year with 
Volkswagen AG to market Brazi- 
lian-made VW trucks in North 
America. 

Renault the French state-owned 
automaker, is closing its Flins 
plant, west of Paris, for two days as 
part of a series of brief closures to 
avert overproduction. The plant 
employs 14.000 workers. 

Todd Shipyards Corp, the largest 
independent U.S. shipbuilding 
company, said about 2.26 milli on 
Aro Corp. shares, more than 94 
percent of those outstanding, were 
tendered in response to its offer. 
Aro manufactures air-powered 
equipment. 


HE TOP l : K l‘ N (. If Of A I I T Y 1 I It M 

Si Me 




Louis Vuitcon: Setting the Pace 


Henry Racamier, President 


Ever since this legendary luggage 
maker sturdily strode from the 
mountains of bis native Jura to Pans 
in 1837, Louis Vuitcon has been an 
the move. Soon after opening his 
first shop in 1854, Vuioon was devis- 
ing trunks to carry fresh fruit for the 
sultan of Egypt or concocting a con- 
vertible crunk-bed fra the explorer 
Savorgnan de Brazza to take to the 
Congo with the same kind of luxuri- 
ous attention to quality and imagina- 
tive incenuity that characterizes the 


company 

The sandy steamer trunks and lavish pcnic boxes 
filled with solid silver evoked leisurely journeys 
on the Normandie and Orient Express. Today the 
pare has picked up. Concorde's faster than sound 
transatlantic jet bops are reflected in Vui iron's new 
high-tech, space-age Kevlar fabric Challenge line, 
introduced in 1983, and soon to be marketed 
worldwide. 

Equally swift is the company’s current develop- 
ment. In 1977, Vuitcon had only two stores and 
about f 9 million in sales. By the end of this year, 
hardy right years on, they will have 69 stores 
around me wodd and 1984 sales readied $150 
million with profits of 17.7 percent Exports ac- 
count for 70 percent of turnover with the Japanese 
market providing more than a third. 

Key to this spectacular growth - about 25 to 30 
parent annually - is Vui cron’s decision to establish 
their own network of stores. “We have been the 
trailblazcr in this land of retailing ” says Vuitton 
president Henry Racamier. 1c assures thar our 
products are presented and sold in line with our 
image and personality all over the wodd." 



A second Parisian shop opened on 
Nov. 6 on the elegant Avenue Mon- 
taigne, next month stores open in 
Vienna and Venice and in 1986, ones 
are scheduled for Sydney, Bermuda 
and Beijing. This expertise will be 
used to promote the international 
distribution of die Spanish leather 
firm, loewc, with whom they arc 
/■ creating an international subsidiary, 
lb Vui cron's distinctive starus- symbol 
s Monogram line, soon ro celebrate its 
■ 90th birthday, remains an undisput- 
1 ed superstar, but the company is 
busy researching ana producing new designs that 
Racamier calls " alternatives, nor replacements" to 
their celebrated canvas. Saar os, a technically updat- 
ed suitcase, came out in September and a new line 
in vividly colored leathers called Epi has already had 
an enthusiastic reception. 

Technology never eschews craftsmanship ar Louis 
Vuitton and a targe proportion of work is still done 
by hand Fra example, Racamier says, "What is cut 
by our new system of laser is then sewn by hand” 
Winner of the 1985 French Grand Prize fra Interna- 
tional Communication, Vuitton has proved as 
much a pioneer in the art of corporate image- 
building as that of travel, acclaimed for their an 
photo advertising by Jean Lari vi ere. Next year they 
are sponsoring a series of prestigious events from 
January’s La Traviara at die Paris Opera to the 
Louis Vuitton Cup fra the winner of the America's 
Cup challenger races in Western Australia- A 
containerized travelling exhibition, shown in Lon- 
don at the Victoria ana Albert, is now ar Milan's Di 
Scoria Con cemporanca museum and will be at the 
COoper Hcwicr in New York next spring. 


•AK ASSOCIATION OF Tilt MOST PPISTIOIOUS NAMLS Of Till KRLNCII ” Al€ T HI Rl '.'HIS KOI DI. LA EALMI.. ":U0S P'VlS 

■HMHAN ANNOUNCEMENT BY THE COMITE COLBERT MMHMH 



DSMis 
talking the language 
of the future today! 


TOMORROW is the day 
after today. At DSM we got 
there yesterday. 

In the hotly competitive 
world of new technologies 
we have established a 
leading position in the 
supply of specialist 
materials that are 
transforming the range of 
products and markets 
serviced by our customers. 

Supplying the needs of 
manufacturers in 
electronics, data processing 
and telecommunications 
is part of the daily dialogue 


between our scientists and 
engineers and our customers. 

The process doesn't stop 
there. DSM is already 
looking to the twenty-first 
century with high 
performance plastics and 
tailor-made components 
for spearhead industries 
such as automation and 
telecommunications. 

As one of the world’s top 
ten chemical groups we 
are a vital and ambitious 


DSM 


company with product and 
capital expansion plans 
running into the next 
decade. To achieve these 
ambitions DSM seeks out 
the brightest of talents. 
More than one hundred 
graduates join us every 
year to keep up the 
momentum of our research 
into new technologies. 

Our secure financial 
base ensures that we have 
the means to match our 
ambitions . . . and those of 
generations to come. With 
confidence. 


- leave it to the professionals. 

DSM P.O. Box 6500. Heerlen. 6401 JH. The Netherlands Telex: 56018 


j *L % % 








8 


Mondays 


Closing 


Tables include the nationwide prices 
up to me closing on Won street 
and do not reflect late trades elsewhere. 


(Continued from Page 16) 


31 Ha 191 OuftxlM M 25 IS 153 25% 151 3 25*»— 

401 241 OvrnTr JO 2.1 M 47?* 3« 371 381—% 

17 13 Ovsnlp JO ID IS 373 17 l*4i 16*4 

37 301 Ow»C 1J0 4J 9 335 35ft 35% 35H + IS 

SOW 384i Owen I II I JO 3.4 10 «l £p j 52' J 531—1 

15Vi 101 Oxford M 11 31 53 14V: W* 14% — % 


II 


1* 


I./6 

3J 

JO 

?4 

1.90 

9X 

IS4 

I1J 

13)4 

9J 

3.68 

77 

1J» 

23 

.05. 

J 

m ioj 

40 

78 

5.72 

7J 

JO 

1? 

240 

&? 

4J7 

I1J 

M 

Ml 

725 

7J 

.901 

JO 

1J 

JO 

1.2 

230 

*5 

JHe 

Jffl 

1 




>*rmi 
Pervl 
Polrl 
PeIR 
PoIR 
Plrlri 
Pflze 
PiteU 

Phelpor jJH 
PhibrS Si 
PhllaEI 2 20 
PANE Pl 4 JO 

PhilEof 4.40 

PnilE of * J8 
PhilEpf Ml 
PhllEcI U3 
PhllEPI 7J5 
B% PhilEof 1JB 
MOW Phil Pt 
64% PhilEof 


236 

4 J 

256 

93 

+40 

116 

4.50 

11J 

H3J2 

I1J 

>r2W 

10.7 

BJO 

11J 

rtJS 

113 

If275 

121 

11J» 

10.7 

220 

5.7 

160 

AJ 

7.20 

15 

1JO 

6J 

.20 

3 

1-78 

23 

60 

21 

1.11*15.1 


61 33 Quaker MO 23 16 1323 60% 581k 60% +1% 

ins*! yi QuaOnf vjo 7.i i«mo5W now imv: — 

25 17 QuakSO JOo 14 19 77 231 23 ZR» 

WA 5 Ouanex 17 10*5 61 5% y..- 44 

»«• 27 Questor M0 SJ 11 169 301 291 30 — % 

471 141 Qkftell J4a .9 17 *» 27% 27 27 + V» 


1 


63 
60 
21*. 

74W 75W 
231 23% 
13% 13 
2 4 231 
284a 281 

33 321 

34 331 
2 61 26'i 
sn. s><* 

221 22’T 


64* 

1 29 

JO 

4.7 

1.00 

27 

JO 

J 

JO 

4J 

60 

3J 

5-50 

73 

150 

LB 

260 

106 

4.40 

128 

432 

127 

1J6 

4J 

216 

6J 

430 

9J 

4.04 

121 

J6 

1J 

1.10 

53 



234*— V, 
34%-tt 
(91 + w 

3*4* — % 
714b— % 
221 

UW- I* 
51* 

74* + M 
2444 — V* 
544* -U4 
34V* +1 
11 —W 
x» 

S%* 

121 * 

IS* 

15V*— V* 
2*i— ** 
3% 

434%— 1* 
law— % 

g*=\* 

291— W 

in*— 1 

27 - 44 
141—4* 
241 +4* 
40 — Vi 
27% + 4* 
41V* 

85* + 5k 
141- 1 
18V* 18V* 

39 4WA +1% 
3244 3244 — V* 
1Mb IK 
241* 25% + 4* 


741 + W 

n + va 

44V* + 1 
38W — W 

14 4- 1 

35 —11 
1(1—4* 
271- % 
J9W-% 
221- V* 
J04i + 16 
Q% — I* 
161—14* 
61— li 
2(1+1* 
ni— % 
241-1 
CIA — 4b 
191A— V, 
27W + W 
(01— 1 
551— 1 
161 

*1 + 4 * 
171— 1 

low— 1* 

171 

mL 

22W + 1 
Ml 

15 + 4b 
201— V* 
m* + 4* 
174b— 4b 

im + w 
131— 1 
im— w 
mi— W 
111+ I* 
14 —IV* 
MHb+ 1 
ICW +4* 
131— Vi 

nw + v*. 

El— W I 
101— W 
21 + 1 
Q 

131— V*. 
Ml— 1 
271 + 1, 
am— w l 
121 + 1 
191 + 1 
111 — » 
191 + 4k 

m*— w 

ii 

131— 1 

m* + 1 
m* 

51*- 1 

16 — W 
114* + W 
9W— «* 
M — 1W 
191* 

61+4* 

71 

181- 1* 
aw + 1 

174*— 1 
1246 — I 
lOH— 1 
144* + V* 
121 

'61 + 1 
*%- 1 
31* — 1 


h& 


4*. 


252 


4*. 


*3 332 ? 

53 38* (*fc 

12 1> r* 

tfQa 381* agn 

uto 16 Ifil 

131 4« 651 

ir 231 311 

7 40J* «Pb 
B4 J(*S XT* 

si n » Jj 1 - 

a jre » 

13 21 K1 
*21 39 2gb 
76* 51 Ss 

54 6 Sb 

n 351 351 
312 Wt MW 
2TT 71 71 
* 7* 7ft 

402 3mH 38 

*«*»» S 
2 2* 26 
190 391 £1 
51 3*1 » 
m 3tt 

ui 13 121 

6C 57% 561 

«7 61 

33 am atv* 
125 IM» 13% 


291 + 1 
411— 1 

20Vj —4 
131—1 
451— 
33% +1% 


24 VS +14* 

m.- w 
13% — Is 
131- •» 
121 + a* 

S*1 — if 
S%+ % 
6 + 1 
334*— 1 
HU- vj 
71- vt 
7V;— 3* 
W 
BS 

26 +4* 

391— 1 
381'.— I 
381-1 

&=a 

l*w“ w 

U1- 1 




IM xnx^ MO M20 3BI 9£j57W^ + 4fc 


30Vi 2(4* ZoiaCp 133 *5 57 39W 39 29%—+* 

T7W T& M 5 -!2 « « ^2 «S!S sSb-'fT 

^ SS SomE IN M lT- K 

*8* Zero* {J 2 ^ m SS— « 

41W 2d Zumlci 1 32 34 15 69 an* 3P- — 1 


31* 
„ asw. 
# » 
Ji 154* 


254* VP Carp 
6 Valero 
T< Voter pf 
21* VaiaWn 
19 Van Dm 
21* varco 


1* W« 

3jM MO 


1 L 424* 

1 f MW 


6V* varaxrt 
22W Vartan 
91 Varo 

n Veeco - 

31 Vends 
91 VasfSe 
114* vestmn 
294* Viacom 
91 VaEPpf 
764* VaEPpf 
saw voEpij 
58 VaEPpf 
13W VUiays 
33W VOmad 
66W VulcnM 


li 251 
■ 12 


114b 
. 13W 
. 1 6W - 
16 73W 


JA Ml 22 
JO 2.9 39 
MU* 

IJOalOJ w 

M & 22 
HJ3 
05 10l5 
732 10J 
7-45 10L6 ifi 

33 

2J0 12 13 


145 fl 
565 131* 
22 241 
45 34* 
21 34ft 
952 5 

87 14 

^ r 

S im* 

108 liw 
500 13>A 
767 59 

m. im 

iOCx 93 
lOOl 73 
220*72% 
29 271 
43 TIW 
9 87% 


121*- » 
W 

! SS-* 

2f% — 4* 
14 +» 

161—4* 

low— w 

174b 

13 + W 

57W —11* 
70W— lW 

93 tl 

73 4 0 

70W-1W 
27% 
71W+1 
864b— % 


M5E H^Loivs 


I! 



f 




AMEXH^hslons 


CSSIndn - 
MurobYlnd. 
Wabb4mrn 


ADVERTISEMENT -7 

INTERNATIONAL FUNDS (Quotations Supplied by Funds Listed) 


NOV.25, 1985 


74% 411 
131 91 

34 1«W 

19 IS . 
19 IJ ! I51ft . 

am 121 
121 si 
21 r. 
381 23',V. 
371 2SW 
34% 20% . 
23 18W 

111 9% 

S'* 3W 
381 241 
381 211 
91 6% 

121 BW 
431 291 


100 27 li 
12b 1J 10 
JO 14 16 
M 1 40 
2J8eI5J 
JO U 17 
25 


60 1.1 24 

1JD 4J 9 


S3 21 13 
1J2 7J 8 
1J8 1DJ 


24 J 16 
224 14 9 
J89e1(L5 10 
IB 

JO 1J 19 


410 731 
10 12 
34 331 
17 I6W 
173 16 1 * 
74 191* 
122 101 
59 2V. 

10b 38 
3463x36'* 
340 25W 
8 221 
172 10% 
!8 7W 
448 361 
365 261 
819 81 
24 11 
44« 


731 731 
11% 11%— 1 
331 33W— Va 
161 161— 1 
15% 151— 1 
19 1 9W 

TOW 10% 

2Vb 21A + 1 
261 37 — % 
35% 351— W 
241 24% — U 
22 22 — 1 * 
10W WA 
71* 71* — 1 
3614 36W- 1 
261 261 
3W 8V1— W 
11 11 

34 341 + 1 


361 271 
121 7 
211 131 
281 191 
83W 6BW 
5W 1 
87'* SVh 
lift 12% 
23W 15 
87% 561 
381 23% 
1S% 121 
68% 471 
5 % 21 
2811*227 
24 121 

S’... 31 
401 31% 
45% 33W 
105% 94W 
84% 721* 
321 171 


TECO 234 72 
TGIF 

TMP 1-25 63 
TRE 1-00 3J 
TRW 300 35 
vlTocBt 

Toftfird 1.16 1J 
Talley JOe Id 
TaOev el 100 4J 
Tombrd 3.40 3-9 
Tandy 
TnOveH 

TeKImx 1-00 2d 
Tel com 
Teidyn 

Tel rate JO 25 
Telex 

Templn J4 1J 
TenncD 304 7.7 
Tenc pr u oa ioj 
T ertcor 7 JO 80 
Terdyn 


33% 321 321- 
81 81 814- 
19 181 1B%- 

28% 271 27% - 


Natawt yataa qnotafloM are wppfltd by tee Fundi mtedwmmteextMplliH of jwb« aorta* b aw d ao lnu a p rtCT. . 

The maralnai ivmbois indicate frequency of a Dotations snppiled:(d) -daily,- (w)— weefdr; Od»M m e nttil y; (rl -reeal ar ty; 8)-*rnilislY. 


77% 77 77% ■ 

■ft 1 1 


I 79% 78% 78% - 
' 20% 19% 2014 
22% 211* 211 
871 87 871 

I 381* 371 3814 
' 151 151* 15% - 
• 51W 50% 51% - 
13 21 3 

12791 2781278%- 
1 16 151 151 

> 531* 521 53% 

I (11 401 401 
1 40 391 391- 

103110211021- 
i 84% 84% 84% - 
! 221 21 % 22 % - 








-ry - ;>?•- .T> ' l ~- ’• .‘3 


'$&sl 













-■ 

v 7. . ’ .. 

jf* ■ 

• 


qyi»q 


F or investment professionals 
in the United K'ngdom, 
1986-the year that is sup- 
posed to end with a bang- 
will also start with one. After well 
over six months of extensive 
planning and research, the edi- 
tors of Institutional Investor will 
present in January the most 
comprehensive report on British 
securities analysts ever pre- 
pared: The Institutional Investor 
All-British Research Team. 


ment categories. The result will 
not be a mere listing, but an in- 
depth analysis of the state of the 
research art that no investment 
professional in the U.K. or in any 
of the world’s financial centers 
can afford to miss.- 


U.K.-over two and a half times 
as many as delivered by Euro- 
money.) 


This announcement appears as a matter of recordonfy. 


Following in the tradition of It's in- 
ternationally known All-America 
Research Team, the British 
Team will be based on a survey 
of leading money managers that 
will rank analysts in nearly 40 in- 
dustry groups and other invest- 


For corporations, brokerage 
houses and firms facing the 
fierce competition sure to result 
from next October Ist’s Big 
Bang, the All-British Research 
Team issue affords a critical, 
strategic opportunity: the 
chance to command the atten- 
tion of the world's business and 
financial elite-the more than 
95,000 subscribers to Institu- 
tional Investor worldwide. (In- 
cluding the nearly 10,000 in the 


For further information contact 
Christine Cavoiina, European 
Advertising Manager in London 
at (01) 379-7511. Or, contact 
Denise C. Coleman, V.R & Direc- 
tor of Advertising-lnt'l Edition, in 
New York at (212) 303-3388. 


Issue closing date: December 
13, 1985. 


nsti 


or 


TrTWJ ' 


I 1 1 






1 WORLD BANK 




International Bank for Reconstruction 
and Development 


Dfl. 100,000,000 

- private placement ; ; 


Arranged by: ' :’ y ^>rX 


* *--**-■* 


ar 






. November, 1985 


























































-r •- 


V ' m The Associated Pres? ' 


-i 3tu» 

'*• **=» 


S; -'wion. Season . 
-- * '-.-Wh Low 


c . ‘i -c *: gJS*. 

: Hite 

'• -• • ; n'vun+t 


licit. 3S 

Dffow Hfh Low • daw Cta. 


•& g’SBS 

fcj V*+2 
!y‘ 4 > 272ft 

: 7 - ‘ r: SLum 

- , > 4 - V Wit Civtu 


• r.?7,Bri5T<cETi • - - • 

S O 3 Dk 3+4 LMft 326K, M9tt 

SDbff k KS'^E : 

& U«[ 3«l — jhS 

saint UOZ12 

MtaraMrauttMi 
Dec 2+ife a J7ft uu 
fif uns 2+Wfc rs| 

May ze 242 £n 

Jul 2+W a« 24M 

Sen Ulta 2JJV, 23M4 
Dec 224 ajj &££ 

IlSf* 1 ** 



:.J- : sg JSEJpk g 



*4 :C v i -7.79 

■ ^ ; -5 

'■ **j 

1 543 

tsL Salsa 


WYBEAIBJCBT} 

bu minimum, dollars par btstial 

478 Jap 4+51X 4X6 


Mar 4S5- 4.96 


47W4 1Mb —JU 
AST 437 U — _05tX 



E3PHP." 

5® £fl< 5-Si!* s- 01 *, 

W &07 }JJ7V^ emu 
Jan SJTft 3J?S ST* 
tear usi* sssvi sjs 
P row. Sates 31.113 


^3 hiJ , o«m int.’ KySroff ljn 

^SSP^sssffl" 

" D*c M*JO 13M0 T374H 13? JO 



UUO May ICUS 16725 145X0 USJ3 -123 
Jm l*92S IAS JO M50 HUO — J* 

HHS J3S 5“ inis ihxo 17IL50 noxq —.?5 

jmjo sun D*e T7i.fi i7Us itus inS +.3 

MWO 14250 Mar T71JCI T7LS0 171 -So 171X0 

g»LSfll— _ ; Prav.Sateg. 2714 

prw.oav Open lot. n+OB up38 • 

SWARWttELa TKMYCtCg) 

112JW0 itn.' cents cwrDv 

; tS is 

4 ® 

44? . -424 


Bet. Sale 


<41 


Jon 

SM 

550 

5+9 

5X4 

-.+3 

Mar 

426 

429 

*.n 

617 

— +t ' 

Mov 

AH 

kja 

6JD- 

AJ7- 


Jul - 

6 JO 

461 

6X7 

650 

—M 

Ns 

6.74 

"6.74 

AW 

460 

■++1 

Od 

6+4 

656 

471 

. 6» 

++2 

Jon 




6X9 


Mar 

7 JO 

3JB- 

7+0 

7+5 

— +1 

Prav. Sates UPS * 




CDCOA(HVCSCI) 

W metric tore-kpor Urn 

*gj Wjg Dec 2130 2BB. 2131 Till -2 

• ?E2 &* *Wr 2225 2239 221S 2»1 —7 

MS !SK 227V 2« 22X32275 —1 

. 2429 ins Jy) 2M8 2315 2297 29QS ' -+I 

W« , 2® ^ OT m -1 

Z B S as Dae 7X0 2343 2J35 S 4>1 

2*5 302? Mar . 2MS +1 

E*t.safi0 Prav.Sole* 24fl 

Prev. Pay Open Int. t&TK offl77 

osAMae juicsiNvcsi 

15JXW Itaf cants oar lb. 1 

isojw injp jan tt3jo 11070 mn najs 

177A 1J130 Mar 1105 11LSD 1U5D 111XS —OS 

MOB ITUS May 1105 1MJ5 1U OS 1105- 

J2-S !]H9 Jul iujo nun iu» nos +.13 

UUO UUO San 11240 -h* 

”Z^2 mow • . 1U40 +4o 

1T100 ' 1132)0 Ami 1Q20 -+_50 

>l j). HUB 17240 +40 

EnSoU* Prav. Sedas 3tS 

Prw.Pow Opan Ini. 4447 unW? 


12540 

177-00 

moo 

1 1 7 01 
13430 
13SJ0 
135JH 
134.00 
13400 
13400 


J« UJ» UtS D7J0 

Mot 12? JO 139^0 07 jo l&S® On 

Mow 139210 1402)0 138.10 UtM J20 

Jut UUO mS TjfM ySgo Zj^S 

Auo I402X) 140*00 lwoa )«w 

Sap 141213 14120 moo UMO —iS 

Oct 14020 MUO UNO S3 Z® 

2S JS52 MlS TOM 

.-*01 ,14200 14200 141 20 14150 — uo 


J 167^0 

g .SiH 

i S-S ]»■» IfM 19210- »J7 — -is 


<**?? 


’ : -. c — 'u-Z'- 

_=-j g 

i; 77 80 

Sa^s H 


1084 

18.92 

192B 

1925 

1950 

1950 

17-55 

1950 

19.50 

1940 


tf j-jji. wm _ praw.soias 142 
r-5^ £»rev. Day Opan lot. 42290 on 813 


Jan 1920. 1927 Win 1917 

Mar 1925 1945 19 10 1929 

«OV .1940 19-ffl 1925 1922 
Jul T9-77 19.90 1944 If *3 

Auq 192.5., 19.V0 U40 1947 

rSS ?SH w -“- 

* S£ %%■ $3 Sg 
p^s^f; uir isj ° wj# 


.14 
—.19 
—.10 
—.17 
— JM 
^0« 
— 215 

+2S 
— M 


s|k 


Livestock 


••r* 


-tor; 

•-.isn 


ttkTTLElCMO 
■OMaititj- eanteparjb 


JUS 

6745 

6727 

6425 



552» Dec 6720 6740 - 4473 4497 +fJ7 

5*35 f=ato 6275 4320 So 3S +tlo 

5520 Apr SOM 4170 6140 +123 

5425 Jun 612M Mj!9 BQ *142 +jff 

S20 AUO »>D 6005 59^ +70 

S-S 2® S£! StJ0 SS? 5*4 0 +70 

59.10 Bec_ 59 JB _5?A5 5970 5970 +23 


o3_iu »,hi ucc iyjo » 
Zst Sales 37458 Prev.SaMx 11160 
>i«v. Day Open laf. 65297 off Ml 


sen 


•flt+2 j, 




unaooonn.-cantsi 
-Tr= £ 5485 3625 

«£3 SS--£S 


EEDEH CATTLE (CM£) 

142)00 IIwl- cants par lb. 

79-40 6050 Jan 6670 6700 6640 ft MH + U 

7170 6062 -Mar <7.15 6773 6lS 4747 +27 

7TM 6060 Apr MTS 47JH 64M 6677 +48 

7000 60.10 May 6570 6S.90 ism &55 +S 

E»8. SS PrrSalS 30 ^ 1D a® ■ +s 

“raw. Day Opan Int. 9A4S up 3 
hOOS (CMS) 


uf«U)OOibs.-canlsparlb. 

*■ — --- Dac 


"**4318 <] 


492)5 
49 AS 
5170 
4120 
4920 


3930 

4045 

4025 

3&07 

3027 



47-40 4720 47.10 4720 —27 
Feb 4620 46M 46.12 4642 +-22 

Apr <JJ5 4170 41.15 4140 +J0 

Jun <045 4378 4115 4345 +25 

JUt -040 4180 4135 4160 +.15 

Aua 4240 42.90 4250 4276 +25 

Oct 3945 4BDB 3940 W45 — S 

«-Js* ^ 4950 3027 Dec -E1U5 405® 4040 ®60 ^ 

"-h.1 £i 4U00 4040 Feb <040 4040 4040 4070 - +.10 

^Sn. Soles 6205 Prav. Salas 6436 
>tibv. Day Open Int. 28A94 oft 191 
PORK BELLIES (CME) 

&000 BMj- cents per Ul 

' 7623 . 5575 Feb <240 6270 6142 «A2 —4# 

7540 5545 Mar 6230 6ZW *175 6145 ' -S 

7540 572)5 May <3.45 6375 6280 6302 —28 

7&90 5720 Jul . 6320 6360 6369 63.10 —35 

_5 IW Aw 612X 61JH 6040 60S —20 

E5i. Soles 4290 Prey, Sales 1154 
>rev. Day Open Int. 0299 oft 203 





Food 


■ECCNYCSCEl 


B *'S& ,er i fc 


12040 


Dec 159-00 15945 15870 15870 —78 
Mar 164.15 16445 16305 16117 — Ijn 


^r^l^^Cmroa^O^tiore 


^ao. 


. PjjiirAgEUntlAEXCKMICE' 
Option* Strike 

' Underlying Price Cans— U mI ’ 

Dec Jan Mar Dec Jan M 
11M0 Brttiata Paoadbcmi* per Milt. 

, B Pound 105 402» % . r 

14*49 130 16.15 r 1625 

14649 135 1120 . r 1125 

140 640 r 720 




- ’■ x 1: 

' -2- rl >1. I 1(649 

’ !f *• r '"J l w* 4 * ms 

— >!.„U(M9 is® 


nm 


1A0 225 

— ' 14449 155 r r 1J)5 

. — — -^MAUpcnoodlaa DeliaraceotsperonH. 

“« LCDoilr 71 r r r 

“S 7258 .74 r r r 

., — — — aer ^ m M“9a-a)ats par unit. 

38.98 

r-' 3845 

.- rTtr : i-P 3878 

'■ 3878 

.. S 3878 

-—r^l3£nx 

■ U?49^l 

3 

~ZI |> 49 AO 
. T I-' 49.33 


31 

8+8 

8 

r 

34 

*58 

* 

r 

35 

4+5 

r 

r 

. 36 

3+4 


r 

37 

Z10 

2.14 

2+5 

38 

1.10 

r 

1.96 

39 

038 

073 

1X3 

. <0 

0.11 

029 

OB7 


021 


MS 

020 

058 


! ‘43500 S* 
I'SPronc 


42 

775 

r 

. r 

• r 

44 

575 

r 

' r 

r 

46 

375 

r 

379 

aoi 

47 

278 

r 

2+8 

r 

48 

1+4 

r 

2.10 

pin 

49 

094 

1+8 

1X8 

ais 

50 

039 

0X0 

077 

0-58 


- ,ti 


w 

42 

43 

44 

45 

46 

47 


9.70 

775 

549 

457 

165 

346 

175 

090 


345 

270 

303- 


r a^i 
_ r 0.17 
0.H £L35 

040 070 


023 

054 


.15 028 
U 4751 
L<r 4758 

• .'3 4758 

r-LT |B 47150 

-r-lTr'lS 058 

cl 4758 

* ’• r^. 1 1 48 021 070 148 r r 

: ■ v — 'L A"» M May Au* 

- - I42504M Japanese Yen-lMttH of a cent per unff. 

i ‘j.T*w „S1 044 s»rss 

• -^-"i Total cap vnL 1U4M Can opan bit. 285264 

- < -.LTetnlMjyaL 3469 Put open lot. u 5497 

. f- • *rrT i i r -^l of haded. %— No option oftamL 
■•+ | .U>»l u pratnlum (owixtiase price). 

• i'— r" j '& owxe.AP. 


Metals 


PLATINUM CNYM*} * - 

50 mv ab- daUore per tray ae. 

anno mae Dec 

37358 25750 Jan 25471 

35740 26450 Apr 35851 

3*300 27300 Jul 36QJX 

36000 30301 -Qct 269JI 

34740 Jan 


Est. Salas Praw. Sola* 12.U6 

Prev. Day Open Int. 17733 up 3440 


w arn +540 
35940 35450 25640 +540 
36240 35850 3S940 4450 
36650 36000 3A310 4450 
36920 36620 3bi60 44^t 


37120 37120 37140 


PALLADIUM (NY MU) 

HO travaz* dollars per a_ 

Dac 10275 T 



A to- 1045? S 


9120 
9170 

9150 Jun 
9770 Sap 

Dac 11i_ 
Pm. Soles 


Prev.Dov Open Int 6413 oft 426 


10270 10525 +195 

10450 10725 4455 

10920 10600 10*40 4455 
11058 10650 10945 4455 
11050 11050 111.10 4455 
95® 


JAPANESE TEN (IMM) 

soery an. 1HM eouMi 50200001 

“J™ -SS*® »* A0W7 28«tt 20*9*2 J»49*I 

”R $3* ««r AWWJ JMft32D«M JXN988 

&£& <“» 204998 205003 in«< 204999 

004938 204*90 Sap inwm i 

0049*5 jenss Dec 
Est&OMC 03)1 Pr IV. Sales M2B3 
Prey. Day Open lot 40240 m?u 
SWISS FRANC {IMM) 

Sner ftano 1 oaotf eauaisSUMn 

-2H p« A772 J3U JOU A 775 

Mar +820 Ag\ 4811 ,023 

■32 iJS & - a7S -*• 

cc. sodas jLIM Prev.SoiM 3)710 
Prev. Day Open M. 35231 uaZ2S( 


Industrials 


+50 

+J0 

+.W 

+20 


LUMBER (CM E) 

1 S|» tld 'lM^ ,1 Sn b 1ttbc USA) uua 14570 
3*520 13J3 Mar 15040 151+0 14970 15170 

176+0 W320 May ISioa IS550 154.10 15558 

1B320. W?-» Jul 1S&.55 16020 15820 15950 ™- 

11AD0 tan Sap 16170 16178 16170 1060 -70 

1*120 J56J| Now 16170 14120 16170 163LDD +70 

16620 166+8 Jan 16720 

EiLSalas 971 Prav. Sales 0S1 

Prav. Day open int. 6256 on no 
COTTON I(NYCE) 

SLOOOIbb- cants par Hl 

1320 5£51 Dec 6125 61.90 61.15 6LU 

2HS SS Wtor 4111 41 - 57 «■» 

320 . 56^ Mov 62+0 42+0 62.10 62.12 —53 

7025 5530 Jul 6120 6021 6021 

US 3& &€l ' 5tJ0 iEM S«0 54-10 

®35 MM Occ 5225 M 5125 5125 

4673 5270 Mar 5255 5255 5255 5255 

May arm 

Est. Solas Prav. Solas 326a 

Prow. Dor Open Ini. 23536 nttlW 
HE AT (NO OIL INVME) 

42200 ped- cents oar ool 

O5+O #9.t5 Dec 8970 .98,15 0*21 I97D 

W-M 4920 Jon WTO 9073 1*75 BfJffl 

a?-3S TOOg Pab (JMa sow SS+O OSAO 

04a 0 4920 Mar 0450 tsfls >420 8425 _ 

*45 4820 Apr 7920 m,X 79+0 79 JO — JM 

JAM 6120 May 7470 76*0 76.TO 76.18 —.to 

7!J» 7120 Jun Mas 7575 7420 74JB 

7AU 7070 Auo 7400 7420 7420 7420 

Dec 25 

EsLEMt Prev. Sales 12.136 

Prav. Day Open hd. 3020 aH30l 

CRUDE OIL CHYME) 

1200 DHL- dollars par bbL 


—.91 

+^ 


— .14 
— 56 


-25 


To Our Readers 

Some commodities prices were 
not available in this edition be- 
cause of technical problems. 


Financial 


UST. BILLS (IMS4) 

SlmOUan-msoflMpct. 

9320 BX77 Dec 92*5 9X00 9X94 9X98 

9326 86+0 Mar. 922* 9X99 9X92 9X96 —21 

9226 B7JH Jun 9X75 9X75 9X73 9X76 — JU 

9XS6 8020 Sap 92+5 9X47 9X42 92+7 -21 

9X26 0925 Dec 9X17 9X18 9X15 9X11 —21 

91.96 0950 Mar 9179 9173 9IJS 9170 —21 

9129 9850 Jun 9123 9123 91^1 9123 


91+7 9023 SOP 91.15 9L35 

EB. Solas Prav, Soles *202 
Prav. Day Open Int. 48256 o It 886 
18 YTL TREASURY (CBT) 

SUQ200 Prtn- Pts A 32ndsM 1 1 


too ad 


90-16 

75-13 

Dk 

09-11 

89-20 

09-9 

89-U 

75-14 

Mar 

18-18 

88-22 

08-11 

18-18 

74-30 

Jun 

<7-30 

B7-2S 

17-17 

87-24 

88-7 

Sob 




87-1 

80-2 

Dac 




Esf.Sates 


Prow-Bates 24+32 - 



9127 —27 


*9-1* 


Prav. Dav Open Int <8+81 off 5609 
US TREASURY BONDS (CBT) 

(8 Dct-SlOOTOO-ptx &32nds at 100 Pd> 


82 •• 

57+ 

Dk 

80-10 

00-28 

80-16 

80-22 

-5 

80-25 

57-2 

JUar 

79-9 

79-28 

7*0 

77-14 


79-25 

56-29 

Jun 

78-11 . 

78-19 

78-9 

78-14 

— 5 

78-27 

56-29 

Sap 

77-17 

77-22 

77-12 

77-17 

— 5 

78-2 

56-25 

Dec 

76-22 

76-28 

76-18 

76-23 

— 5 

7741 

56-27 

Mar 

75-27 

76-4 

75-27 

75-J1 

- — 5 

! 76-20 

63-12 

Jun 

75-11 

75-11 

75-10 

75-70 

— 5 

766 

AM 

Sm 

74-20 

74-29 

7440 

7424 

— 5 

75-24 

6M4 

Dac 

74-9 

74-13 

74-1 

740 

— 5 

74-24 

67 

Mar 




73-36 

—5 

74-4 

6425 

Jun 

73-16 

73-19 

73-14 

73-14 

—5 

Eat Salas 


Prev.SatasZMX9S 





Prev. Day Open (nL324522 up 4143 
MUNICIPAL BONDS (CBT) 
SUOlbc lnda»4>tsA32ndsaf MDpd 


89-30 

•VI? 

Dk 

88-18 

88-20 

88-2 

88-6 

89-1 

804 

Mar 

87-13 

87-15 

87-1 

87-4 

B7-22 

79 

Jun 

86-13 

86-13 

86 

86-1 

8420 

79-10 

Sap 




85-5 

Esf.Sates 


Prav. Sales 2X04 




—20 
—24 
—27 
—37 

. _24 

Prev. Doy Open Int. 9795 uo360 
CERT. DEPOSIT (IMM) 

51 RlllUOP- PlS Of 700 OCT 

9X50 8524 Oec 9276 9X29 9X36 9X28 —22 

9X44 - 6656 Mar 9270 9X29 1 ■ 92X8 -9339 

9X18 - 86+3 Jun - ■ • -1 - 9X03 " -22 

917* -- -£26 Sea ' ■ - .*«*.*— jox; 

9059 8X34 Dac *1+1 

90X5 8070 Mar 91.M —21 

EM. Sole* - Prav. Sales IS 
Prev. Day Open Int. 1250 up 7 
EURODOLLARS (IMM) 


— 23 
—JO 
-21 
-21 
—21 
—21 
— 21 






pl 


TT*m 



M- ' L • | 


■* *iVR 













R- - 1 • I 







R - r 


R. L'l 

R. ^ | 

R L . | 

r m 


R-*^j I 



| ' % 


Rr/r/| 

PV* 1 





R^-l 


R >/TR 






R j-> ■! 

v m 

Ri 



tfx'rl 

U . '■ M 




R*ViR 



|Al 









H » ’-R 






K_ I 

R.viviR 



R.'V >1 


R-;. f ’-M 

■ 1 







R^TfTb 




RJTvR-'TTTTR TT: . 




Prav. Oov Open Int. 58375 off 1X00 


Stock Indexes 


SP COMP. INDEX (CMS) 
palms arm ce nt * 

20X90 175-70 Dec 301.10 

£5.10 • 1£J0 Mar 20130 

20*50 1S350 Jun TOL75 

207X0 TH72B Sap 2D620 306 

Ed. Sales 57706 Prav. Sale* 64750 
Prav. Day Open lot 7X122 oft 1213 
VALUE UNE (KCBT) 
points ond cents 
31725 10X60 Dec 20 7 JO 

£ s^gi Mar 2M50 

211X0 197X0 Jun 

2T4J5 20005 Scs 

Est-Sater Prav. Salas 4792 
Prev. Day Open Id. 11235 off 100 
NYSE COMP. INDEX (HYFE) 
pewit* and cents 

11X20 101X8 Dec 114.10 116: 

118X3 10550 Mar 117X8 117: 

1^20 106.90 Jun 118+0 118, 

12020 100X0 Sep 1I9JD 1I9J 

Ed. Sales 7706 Prav. Sales 9,114 
Prav. Day Open inL B+89 oft 3 
MAJOR MKT INDEX (CBT) 
points and eights 

777 249H Dec 27646 275 

577V. 3701d Jan 27Sly 275 

27M 371 Mar 7779k 27) 

Ed. soles Prev. Sales 231 
Prav. Day Open Int. 1236 a»39 


20025 

202.50 

260+5 

HtVM 

— xd 
— xB 

204.15 

205JD 

204+0 

206X0 

=5 

20650 

207 JO 

— JJ5 

209 JO 

209+0 

711+0 

213+6 

^52 
— .+8 

—JO 

115X0 

116+5 

—JO 

116JD 

117X5 

—JO 

118+0 

118X5 

—JO 

119J0 

119+5 

—JO 

273H 

274Kt 

— 1% 

274W 

275 

—10. 

275% 

276* 

—TO 


Commodity Indexes 


Moody's. 

Reuters - 

DJ. Futures. 


Close Previous 

92X30 f 92X00 f 

1,71720 1.72X30 

12)28 12120 

Com. Roseorcti Bureau- 226.80 22720 

Moody's : Dose 100 : Dec. 31, 1931. 
p- preliminary; f- final 
Reuters : Dose 100 : Sep. IX 1931. 

Dow Jones : base 100 : Dec. 31, 1974. 


Market Guide 


CBT: CMcapo Beard of Trade 

CME: Chlcatw Mercantile Exctuuwe 

IMM: International Monetary Market 

Of Chi capo Mercantile Exchange 
NY CSCE: New York Cocoa, Sugar, Coffee Exchange 

NYCE: New York Cotton Exc h ange 

COMEXi. Commodity Exchange. Mew York 
MYME: New York Mercantile Exchange 

kcbt: - : tcaasoa Qtv Board at Trade 
PtYFI: . . Mew . York Fntoras Exctemoa 


r 

r 

■r 

SI mltftan-pfeof lflopcf. 



0+s - 

0.15 

0+0 

92.17 

84+0 

Dk 

91+9 

92+1 

0.15 

0X0 

2+0 

9214 

84.10 

Mar 

91+9 

91.99 

0+0 

2+0 

4+0 

91+3 

8173 

Jun 

9173 

9174 

r 

r 

r 

91X1 

87+S 

Sop 

91X1 

91X3 

r 

r 

r 

91X0 

87 JB 

Dk. 

91 J» 

91.12 




91+0 

87X4 

Mar 

9076 

90+1 

0+1 

r 

r 

90X9 

18+4 

Jun 

9051 

9052 

r 

r 

1X5 

-9841 

89 J9 

Sep 

9024 

«8J6 


Eat. Sates Prev. Salts 23.968 
Prev. Day Open lnt.16068* up UK 
BRITISH POUND (IMM) 

^^^rsf^i+sxs 1+540 1+625 
1+505 12610 Mar 12485 1+520 1+435 1.4510 

1+415 UW5 _ Jun 1+390 1+M0 1+340 1+00 

Ell. Sales 7294 Prev. Sates 13J59 
Prav. Day Open Int. 3477D up X 181 
CANADIAN DOLLAR (IMM) 
sperdir-1 eMtf equals saoaoi _ . 

J5 U JWi Dec 7253 J260 J349 7251 

7504 2W1 Mar .7236 7243 7230 7235 

73*0 7070 Jun -7227 7329 7716 J2I9 

7303 - -7176 Sop 7228 7220 7206 7203 

7566 7535 Dec 7195 7195 7195 7190 

Est Sams 613 Prav. Sates l.UQ 

Prev. Day Open InL 7,157 off 232 
FRENCH FRANC (IMM) 

I per frena- 1 Pdnt equals 5U00D1 
.12700 -09670 Dec .13770 .1 2770 .12370 .12880 

.13660 .NB05 Mar .12750 .12751 .12750 .12750 

.12450 73130 Jun .13655 .12665 J26SS .12708 

EsLSaiH 8 Prav. Sales 55 
Prev. Day Open Int. 177 dd 6 
GERMAN MARKUMMJ 
Spar markr I point equals SUM01 


+15 

+W 

+18 


—15 
—17 
—18 
— 33 


+50 

+45 

+100 


-3900 

+971 

Dk 

X904 

+912 

+896 

+909 

+6 

J941 

. X04fi 

Mar 

JM0 

X945 

-3930 

+942 

+4 

J968 

XJ35 

Jun 

XM7 

X979 

+966 

+976 

4* 

-3975 

X762 

Sea 




xon 

+6 


EsLSales 22+19 Prav. Sates 24754 
Prev. Day Open Int. 5X822 upB24 



of International Herald 
Tribune readers own 
Stocks, Shares, Bonds 
and Commodities. 

Trib ads work. 



If you still believe in me, save me. 



^ i^a W 4 



For nearly a hundred years, the Statue of Liberty has stood 
as America^ most powerful symbol of freedom and tame. Today 
the' ravages of harsh weather- and pollution have weakened bet 
Sections have already been declared unsafe and dosed to visitors. 

The Ton* of Liberty is everyone’s to cherish. Your dollars 
are needed now to keep it burning bright 

tax-deductible donation, can 1 - 8 Q 0 -U 5 A-LADY, 
iy. 


To make your 

Or write: The Lady. Box 1986. New York. NY 10018. 


KEEP THE TORCH LIT 

C 19P+ Thf Statue of I+bcrty- EUb Island Foundin'* 


Commodity M Unit 
CottM 4 Gontn. IB. 


Prtntctom 6*730 JB v=. « _ 

Si Mil Wtett i P.ft.l. ton 

Iron 2 Fcrv. PHifo. ton — 
Shml strop No 1 nw Plh - 

Load Soot, lb 

Capper tied, id 

Tin (Strain), tfa . 


2inc. E. Si. l_ BttLL ip . 

PalCad+ifR. a; . 

SJlvwr n.Y.ui 

Sourer.- ap. 



Paris, j.. 
Commodities 


Ac as 

HOHG-KONO SOLO FUTURES 
UXJOWMmW 

Cl dm Prav lour 

Hteh LOW BM Aik Bid Aik 
NOV - N.T. N.T. 327.80 33980 3»«8 338+0 
DK _ 32A00 378JM 327J» 329 JO 326JH 32AM 
Jon — N.T. N.T. HMD 33100 Hit 330JH 
Feb _ m00 333M 33X00 J34M 331JB XCL00 
Apt _ N.T. N.T. 336JM 338M 334JU 33670 
Jun _ N.T. N.T. 34080 342M 33800 M)M 
AuO - N.T. N.T. 343M 345 JM 34XM 344JM 
Oct - N.T. N.T, 3*0+0 350.00 347M 3«9J» 
Volume: 22 lots at 100 at 
SINGAPORE GOLD FUTURES 
UXiparoanca 


Dk . 
u— 1 1 Feb . 


High 

N.T. 

N.T. 


Prav. 

Low Settle Settle 
N.T. 337 JO 329+8 
N.T. 331.10 33370 


•Vii.2S 


Closer 


Aik Urge 


Htea low bm 

SUGAR 

Frcncn francs per metric ton 
Mar 1+3 1+1G 1+13 

May 1+29 1+77 1+25 

Aua N.T. N.T. t+»S 

oa N.T. N.T. 1+98 

Dec N.T. N.T. 1+23 

Mar N.T. N.T. 1+6? 

Eit. VO. 1 .: 1,735 lots ot 58 tuts. Prev. actual 
sales: 3773 ion. Ooen interes: 26734 

COCOA 

F ranch traacs per no ko 


MIS — 16 
1+34 —12 

1 + 75 —14 

'■<513 —18 

1538 —9 

1583 —18 


voiume:6ltotaotiH 
, SINGAPORE RUBBER 
■ ShtfOMr* CHtC p*r kilo 

Close Prev te al 

Bka Aik BM ax 

RSS 1 Dec _ 161.75 15X25 1610) 15375 

RSS 1 Jon _ 1547S 15475 15575 15575 

RSS 2 Dec _ 1*870 14970 1*875 1497S 

RSS 3 Dk. M6JM 14SD0 I467S 1*775 

RSS 4 D*C_ UXBO 144O0 VtXTS U47S 

fi£5 5 Dec _ 13X00 13900 13775 13975 

Source: Reuter*. 


BM Aik 


DK 

1+95 

l+*0 

Las 

1.9*) 

T I 






f 7 


N.T. 

N.T. 

i,«<- 


' +1D 



N.T. 

1,950 






N.T 

1.9*0 

__ 

* ID 

itec 

N.T. 

N.T. 

1.9*0 

wu 

+ 53 





— 


Ekt. 

voL: 19 lots of 11 

tens. 

Prav. 

Dcn+aJ 


sales: * ten Gaea Inicresi: *3t 
COFFEE 

Franca francs per <M kp 


Now 

N.T. 

N.T. 


2100 


Jan 

N.T. 




— 15 

Mar 

214! 

2146 




MOV 

N.T. 

N.T. 

2553 

2180 

+ 5 

Jly 

N.T. 


2183 

2220 

Unetv 

Sop 

N.T. 


2JS> 

2256 

+ 5 

Nov 

N.T. 

N.T. 

2225 


+ 15 

Ext. 

vaL: 7 lots Of 5 tom. Pra*. aetua) scim 


24 ten open interest: 32: 
Sourer: Bourse 4a Commerce. 


S&P100 
index Options 


DM Futures 
Options 

W. German Mw*-7SACP tan s. son err mart 


■Vr 35 
Put+ Settle 


Price 

Dec 

Mar 

Jen 

DK 

M or 

Jun 

37 

21+ 

2X4 

ITS 

o:: 

QJ* 

US* 

2 

1.11 

1.9? 

251 

2+4 

C51 

o+l 

39 

0X3 

LX 

1.94 

CJi 

399 

121 

a 

0+7 

0+7 

L43 

C+! 

1X3 

1x8 

*1 

0+1 

054 

1+4 

L9? 

210 

225 


Estiaiattd total veL 57*5 
Calls: FrL vaL SA3 epee inL 4;+Sr 
Pvt*: Fri.vol.ljC6 open im Ue;? 
Source: CMS. 


Conipam 

Results 

Revenue and cretin or lc**e\ in 
millions, an in foca: currencies unless 
otoern jr .atlieotet}. 


L'ndied Sialefl 

Smithfleld Foods 

andCSure-. 

Revenu 


Net income . 
Per Share _ 
lot IMF 

Revenue 

Mei income . 
Per Stare — 


1985 

1984 

2'JJ 

1462 

10201 

1X5 

— 

0X2 

1985 

1984 

401.5 

777J 

la; ix 

0+2 

— 

OX 


Strike C«B*Lss) 

Price Dk m M Me 

m ji-i - — - 

ITS 19 191* - 

183 UK 14h ItU 

us n. n v, w 

193 4S n *19 7h 

K ft ] Jl. A 

290 V; ILT4J lew 

» mi n i in 

TMalcnOHkuu 128477 

Total Cd opes W. 4977N 

TOW pot (Ohm* 77,1 r 

Total Ml 0MM.(59JH 

htee tM79 lm mu a 

Source: CBOE. 


Xrr S3 

M+Lott 

Dec Jot Feb Mar 
1/1* 1/1* - - 
IMi 1/1* Vi — 
1/1* 4 W - 
in* u */i» h 
)/lt L 1+ 17/1* 

1 K >1 2H 
3'4 ft A f, 

» P* 8ft - 
- — 11 - 


n 


L! 



Sea. 55 



Discount 


Prev. 


Oflar 

Bid 

yield 

Yield 

3- amain biU 

722 

720 

742 

7X4 

4- month but 

7 JO 

72B 

7X4 

7X7 

1-rear MH 

724 

733 

7+1 

7+1 

Prev. 


BM 

Offer 

Yield 

Yield 

36-yr.bQne 

9993732 

990 S/X 

9.97 

9+9 


Source: Soumen Brother*. 

Merrill Lvnci Treaeury IihHu: 13375 
CM nee tor mo dor: + 804 
Average vletd: 973 % 

Source ■ Merrill L mdl 


ADV'ERTISEMENT 


a: toss. 70S 5 nets excloOe losses ot 
51.93 per share in Quarter and ot SIM 
In six months. 


To Our Readers 

Floating Rates Notes were not 
available u this edition because of 
technical problems. 


Phones Planned 
For Translating 

Reuters 

TOKYO ■— Japan and Britain 
have agreed to jointly develop an 
automatic translation telephone 
that would act as an interpreter 
between telephone callers, accord- 
ing to a Japanese iepon. 

The economic journal. Nihon 
Keizai Shimbun. said the accord 
was reached at a third round of 
talks Friday in London between 
Japanese and British government 
officials. 


For the latest information oil 
De Voe-Hollh-in International nv 
and iJitY-Clock International n\ 
please call collect 31-20-627762. 


Investors seeking abcnc avenge 
capital gains in global stock 
markets cm simply write us a 
note and the weekly 
INVESTORS ALERT newsletter 
will be sent free and without 
obligation. 


Firsi CvimituTitf Secuntic. b\ 
World Trade Comer 
SimwinskjLian A5~ 

1077 XX Amxterdam. 

The Neihcriand, 

Tele* 14507 firco nl 


MATSUSHITA ELECTRIC 
INDUSTRIAL Cfl M LTV. 

(CDRb) 

The undersigned announces that 
the Third Quarter Report 1685 of 

Maisoshii* Electric Industrial Co., Ltd. 
wiH br a'.aiiaMe in Amsterdam at 
Pierson, Hddring <& Pieison X.V., 
Algemencr Bank NedHjnd N.V.. 
Amsterdam Rotterdam Bank W, 

Bank Mees & Hope X.V. 
Kas-.AsMciade N.V^ 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Armferdam. 20th November 1985 


Xn. 35 

date 

Hten Law 81* Aik 

SUGAR 
Sterling Mr metric ton 
Dec N.T. N.T. 144+0 — l*i0Q 15X00 

162+9 IW+a 1*0X0 1*088 1*000 1AO20 

16670 164+0 164X0 I64SD 164JI0 16470 

17170 ITOjOO 170JH 17M0 169+9 170.00 

17579 17370 173x0 17380 173+0 174JJ0 
Volume: i+<7 loll ot SO tank. 

COCOA 

Sterling per metric ton 
Dee 1X63 1+52 1+62 1X64 1+58 1X60 

1.736 1X97 1705 1,106 1,705 1707 

1,717 1 J19 1 J26 1777 1.T27 1730 

1,7*4 1740 1743 1743 17« 1.7*9 

1.763 1758 17*0 1762 U65 1770 

1,757 1750 1755 1.760 1.763 1,765 

1,770 I7fe8 1769 1,771 1,768 1780 

volume: 1+54 late of 10 rani 
COFFEE 

Sterling per mime ten 

1+40 1+21 1+31 1+26 1+2S 1+35 

1+8S 1+a 1+71 1+7] |+62 1+65 

1.928 1+98 1.913 171* 1JW) 1.900 

1.950 1.933 1 .957 1,950 1+36 1.9*0 

I.97Q 1,956 1.970 1,975 1,960 1.9U 

1.994 1.987 1,997 2+00 1.965 1.940 

2+20 2+20 2+20 2+25 2+70 2+25 

Volume : 2JS4 nta at S ran*. 

GASOIL 

U S. dollars per metric tea 
Oec 284+3 282+0 28275 23375 28050 28075 
JOB 779+0 27*50 278+0 27825 27575 276+0 
Feb 272+0 269 JB 27050 271+0 7+1-50 2*8.75 
Mar 25950 25750 258+0 258.25 257 75 258+0 
Apt 2*950 24950 24750 24775 24775 21750 
MOV 23975 23875 238+0 239+0 238+0 23850 
Jun 235+0 233+5 23325 23175 233+0 23X25 
Jly 235+0 23250 23250 23X75 23350 233+0 
Aug N.T. N.T. 23000 2*0+0 230+0 2*0+0 
Volume: 27*8 lot* at 100 tone. 

CRUDE OIL (BRENT) 

U5. do Bari per barrel 

Jan 30.15 30+0 X.10 30.15 29.90 39.95 

Feb 29+0 2970 29.15 2970 29+5 2470 

Mar N.T. N.T. 2E.1D 2880 2875 28^9 

Apt N.T. N.T. 2750 2870 27 60 28X0 

May N.T. N.T. 27.00 36.10 2770 36+8 

JINl N.T. N.T. 2670 37.90 2750 2850 

volume : 33 teti of 1+00 borretk. 

Sources: Reuters ana Lanaon Petroleum ex- 
change loosolt. crude out. 


Mar 

May 

Aua 

oa 


Mar 

MOV 

Jly 

Sea 

Dec 

Mar 


Jan 

Mar 

May 

Jly 

Sea 

NM 


^/Midoi^lelajs^ 


Ain . 23 

Previous 
BM Akk 


Close 
Bl* i 

ALUMINUM 
Start lag per metric ton 
Soot W4M *44+0 *7a+0 677+0 

Forward 692+0 *«XSO 694+0 700+0 

COPPER CATHODES CM Ion Grade) 

SterUno per metric tea 
Spar 948+0 949+0 944+0 945+0 

ForwrO 9*7+0 9*750 96250 9*3+0 

COPPER CATHODES (Staadard) 

Sterling per metric ten 
Soot 927+0 930+0 924+0 925JM 

Forward 947+0 950+0 943+0 9*5+0 

LEAD 

Sterling per metric im 
S oot 2*3+0 264+0 26750 26650 

Forward 27150 272+0 27550 276+0 

NICKEL 

Sterling per metric too 
Snot 2740+0 2745+0 27*0+0 2770+0 

Forward 2770+0 2775+0 2775+0 2785+0 

SILVER 

Pence per tray ounce 

Seal 425-00 427+0 425+0 42*+0 

Forward 438+0 43950 43750 438+0 

TIN (Standmd) 

Sterling per metric tan 
Soot Suaa. Suits. — — 

Forward Suio. Susa. — — 

ZINC 

Sterling per metric nm 

spot 401+0 40100 407+0 409+0 

Source; AP. 


.V-r 25 


Company 

Amt 

Pay 

R« 

EXTRA 

Keisav-Hayes Con. 

JO 

1-2 

ir-d 

INCREASED 

Natl Hcctlh Carp Q AS ft 

11-6 

12-7 

Student Ln Mklg O 

At 

1W2 

12-3 

INITIAL 

Central Bnom 5m C 

.19 

1-1 

12-16 


Key Ptwrmaceuiicnls 
LTV Carp 
Middle souffi Utile 


STOCK 


Triangle Cora 
Unlicfl Bankers 


.18 PC 12-31 17-12 
.10 PC 1-2* 12-27 


STOCK SPLIT 


Comar c+ me — Mor.2 
rJuvbion Ine — l-tor-2 
Poll Cora — J-tor-2 


BeUSoum Ova 

Col nr Inc 
Detroit Edison 
Eastover core 
y-Gastever Carp 
Haiieien ubs 
J acobson Stores 
Kan. City Stum ina 
Telan Rancn 
Tonka Cora 
wiser Oil CO 


O .70 2-1 M0 

Q +4 1210 12-3 

a 42 t-is 12-5 
a 50 0-1* e-« 
Q 50 1-3 12-17 

Q Et MS 12-31 
G .12 '1 MS 13-20 
Q 27 12-31 12-4 
- St+0 12-23 12-13 
OJ)Ji, 1-3 12-16 
G .15 12-10 12-2 


frcorracttafi pay ana recarp dales 


Source: JPI. 


FOREIGN & COLONIAL 
RESERVE ASSET FUND 

PBCB AT 19.1T .S5: 
A ; LIS. DOLLAR CASH SI 057 

b ; MuncuweMcr cash siix* 
Cl DOUAft BONDS S11.67 

D : MULTICLRRB'ICY BONDS S12X3 
E ; STBttJNG ASSET £11.13 

KMBGN & CGLONUi. 
MANAGEMENT (JS?S£Y] LIMITS 
14 VUCASTK SnaT5T.HBJBUBlSY.Ci 
TH. 053427351 TREX. *>92062 

FOR OTHER F& C FUNDS, SS 
INTERNATIONAL FUNDS UST 


ADVERTISEMENT 


MITSUBISHI ELECTRIC CORPORATION 

(CDR») 

The undersigned announces that 
ibe Annual Report 1985 of 
Milsubi+hi Electric Corporation 

will be available in Amsterdam at 
Amsterdam-Rotterdam Rank N.V., 
.Algemence Bank Nederland N.V.. 

Bank Mees & Hope NV„ 
Pieison, Heldring, & Piencm N.V.. 
Kas-AxMxriatic N.V^ 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

Amsterdam, 20th November 1985 


Aim’ offerinif 

CBOT 


BOND 

FUTURES 


& 


FUTURES 

OPTIONS 

Also Futures and 
Futures Options on 
COMEX-GOLD & SILVER 
1ALV1-CURRENCLES 

Lor C i—u imi Rj urt 


$ 15 


ROL’NP R UN 
mi AND 
OVERSIGHT 


‘Applies "«t/i hi trades 
e\ ccvdinfi 3 5" iuntr jits per 
calendar nm ntb First 350 
n mrrac It S3 5 round turn. 

Cj|[ rate nl '«ir pnilrwiiimS 

2 1 2 - 22 1-’’ 138 

Telex: 

REPUBLIC CLEABING 
CORPORATION 

452 Film Amouc NX NT BOB 
Aa.tfleeco/ 

Bepnldk Rktkwal Bank ol New lark 

4 512 WU»ifl C'HBmcn *j! Htnk 


Correspondent Banking 

IN THE FINEST 

Royal Tradition 


A commitment to mutually re- 
warding correspondent banking 

Headquartered in Munich, the 
hub of Bavaria's growing lech- 
nulogv -based economy. 


Consolidated assets of some 
DNt KKi billion. 

Southern Germany's most exien- 
si\e branch network. 


HYPO^BANK 

Bsymcne Hyoomehui- und VUocnsel-Bafli 1 
Aknongosaflsctwft 

Head Office- Thealmerstrasse ll, D-BOOO Munich : 
Tel . 10 B9) 23 66-1. Tx 5 2B6 535-27 


All \>flf ii’sc at i* rifics /idi'mg fct’cti sold, this announcement appears as a of record only 




Asia Pacific Growth Fund N.V. 

(APGF) 

established in Sine Maarten, Netherlands Antilles 

1,290,000 ordinary shares 
with warrants 

Issue price USS 20.00 per share (with I warrant) 

Pierson, Heldring & Pierson N.V. Bank in Liechtenstein AG 

Ainsterdam-Rotterdam Bank N.V. Nederlandsche Middens tands bank nv 

Bank Oppenheim Pierson (Schweiz) A.G. 

Sotvinhcr, 1985 
































Page 20 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


Mondays 



12% 

3ft 

9ft 

5Vi CMICp 
I ft CMXCD 
7% CSS n 


II 

14% 

9 CdtlNJ 


18 

Bft 

4ft CODleA 


5 

14% 

10% Cal RE 

178 I0J 

B 

18% 

114* Camas 

44 ZS 

9 

a 

lft Camcnl 




Closing 


Tables include nie nationwide prices 
up to ttie dosing on Wall Street 
and do not reflect late trades elsewhere. 

i ia The Associated Press 


ir Month 

Hiflh Low SloU. 


SIl an* 

Dlv. Yin PE ifiOl Hist) Low Oust. Chin 


Jft ADI n 

Sft AL Lab s .16 IjO 
8 AMCs 
311 AM Inli 
3% AOIn 

69 AIT Pd SS2e 6J 
9ft AcfflftU 32 3.1 
94* Adlan 
1% Acton 
Admfts 

23ft Ad Rial .16 A 
TVs 
2911 
5ft 


3 

67V, 

Iti 
12ft 
6ft 

ms 

49Vs A xofTun ,90e 1.7 
44 Auntr ,90e 1.9 
511 Axon sc 
141. Ampul .06 22 
43k Andal 
lft AndJcb 
9 Andrea Ti TA 
Sft Anoeie, 

>4 Angel wt 
Vi vlAnolov 
3 AryoW 
SVi ArJcv 

3% Arnilm 
An Armel s 
‘r* * ArrowA .20 21 
16% Anmoi 
6% Asmrg JO 21 
«4* Astro* 

Hi Astmlc 

TVs Astrot p( too 14-fi 
Vs AlllCAA 
I1J6 Auilmrn 
ire Avonal JO *a 


S3 135 41o 

IB 24 16% 
tS 7 104. 
10 125 5 
133 3% 

» an 

29 17 ton 

14 H 1140 
43 1% 

B 19 244 

18 14 26% 

29 34. 

22 19 53'1 

37 7*1 

10 239 8Vfe 

in sorb 

17 1% 

11 II im< 

6 6 % 
S 9* 
93 97, 

91 i4 
17«&34ft 
4$ 1295 3114 
76 52 2% 

19 758 i: 

60 7% 

S 3 10% 
II 5 6ft 
323 43V* 
45 8300: Pi 
eo 7600: <ft 
8 103 414 

4 17 7ft 

66 14 14 

67 5 14 

565 514 

71 8 <% 


-06 22 It 146 29a 
24 11 Aft 


4 4 ’A , 

15=0 16 — V*l 
I Oft 1|»L- V. 
a, 4»— % 
34% TVs— *4 
Si't 86%— H 
10ft tO 1 - — 

nvj lift— 14 
1VL I’A — V. 
n» 236 
26% 24% 4- Vs 
3*8 34S— 14 
51ft 5111— 14 
7ft 759— ft 
aft s* 

11 Aft 117 — Vj 
6 6 

9% 91a — % 

9'. j Aft — Vs 
*3 14 + 14 

34 V i 34 Vs 
31 31ft— ft 

:» n + s 
123* 12*9— (4 
7% 714 + Hi 
10=4 10*4 — 14 
61* 61*— 14 

41*. 41% — 149 
5*6 5*6— W> 

414 434 + 14 
434 434 

7 7ft + % 
13% 13% 

14 14 + ft 

44 5 + Vi 

4 4V4 

5294 54 IS +2*. 

44 44 

13=4 14 
7** 7ft — 14 
14*4 144* 

444 434 + V4 

53% 53H— ft 
4744 4734 + 1* 
63* 646 

74k 24*— % 

Aft aft — 16 
244 244 

9*4 94* 

flu 716 + a- 
1 1 + Sfe 

1 1 — ft 

3 3ft 


.17 i 10 
1.00b 3D 9 


54 279- cwme It 

3 134 Cardll 

15% Bft Cores 16 

15»4 Bft Cora A .10 7 16 

833 4*16 CoreE B 15 

Sft 2 Cottilan .061210 

22 vs I43e Cast I A Mb A9 11 

32 ^ 2533 CosFd 2L20O 87 
246 43 CosFd rt 

7 2 Cmdlnd 

944 444 CenionJ 

KVa ](Hk CcntSe )_57ell6 

27 23fli CenSpIDlOO BA 

916 54. CelCC JO 25 17 

4 1% ChmpH 29 

1B44 1211* am»P 73 19 IT 

2044 1644 CJltMAs .16 .9 13 

79 17% CWMBs .16 3 M 

211* 14!S Chi Rv I TOO 6.1 13 

IBft (44 OlfDva 

33V 18 Chilian .17 £ JO 

U<6 M Cllode! 5 

35 ffl CIlFst 1.00b 3J 9 

SAVfe 33 IS CHFSIpl 250 4J 

3343 3014 Cry Cos 170 13 10 

1344 7 CJarhC JBe 2.9 10 

45 24% ClaroSt J85a 24 « 

2216 liv Clopays .16 17 „ 

666 316 Coanifr SB 

1044 6*6 Cc«u TO 22 9 
$4k IV ColFwtS 

24 9*6 Com fed 6 

1)33 7*4 ComiiK .16 

12% (V CrnnoD 

Ufa 4% Cm&Cn 

10ft SVi CmpFct 16 

204b 1436 Cnetim A0 21 14 

lDft 6*s ConcdF 254 

IB 6*4 Connlr 8 

25Va 1JVS ConrCo 7 

9=4 544 Conost 102 

S’* 1% Corwwt 

10 4*6 CorraO-G 

44 ConOGwt 

28 1637 CnStorn 26 

14V BV CnSIrwl 

IfTb 7 1 6 wIContA 8 

20 9*k vICnlAol 

7616 17ft ConIMM 9 

14*4 10ft CflrtvStn 1J0 U.4 

194k 17*- CopleY n 78e l-S 

3*4 7J4 CosCrn 21 

1 4* CosCrwl 

>0 9'S CnlrMn 

244 144 Court Id D6e 21 

12' * 7*3 CrslFo -15e IJ 10 

35 25*6 Cross 1J4 47 16 

48V 28-6 CrowiM IJOa 26 9 

17VS 9’S CmCP 9 

1366 7*6 CrCPB 7 

23% 17V* CwCP of 1.92 El 

7*4 4*6 CrownC 

116 V CrutcR 1 

4*4 ft CrvstO 

25 J3V CuDlc J9 17 12 

31V 23 l 6 Curtice .92 AS 9 

3 hi CusfEn 


US 1044 «*• 9(4— 44 
U 14* US IV 
30 7ft 744 744- IS 
154 13V 1264 17* + Vs 
39 6V 4 614 

81 12 114k 11*4 — 14 

48 15V 15V2 I SVi— *4 
7 IV IV IV 

26 15*4 15V ISH 

21 53% 52 'S 52V: -I 

15 24* 2V 2V + 14 

16 134- 1344 13ft- 44 

3 14V 14 14 — "a 

1 64k A4a 64k— 19 

3 2% STb 2% 

4 1644 1 63* 1(44 + V 
12B 264S 26V 26ft +■ 34 

9B IV 1ft IV + V 
3 3 3 3 

16 9 Btt m— ft 

27 12ft 12ft 12ft— V 

7 24 23V 73V— 1U 

12 7Vi 7Va 7ft— ft 
176 2 114 2 

28 18ft 18ft 18 V — V 
306 IK* 18V 18V- ft 

18 18ft 18ft 18': + '» 

1 19ft 19ft 19ft 

6 9ft 9ft 9ft — ft 

151 34ft 34 344* + 4* 

75 31ft 31 31 — ft 

7 33V 33 33V 

6 5544 54ft 54ft + la 

3 31ft 31ft 31ft + ft 

32 9ft 9ft Oft + V 

7 35ft 35'* 35ft— V 


72ft 16ft 
18V 6 

4*4 life 
19 1514 

10*4 3ft 
5ft IV 
1244 9>U 

i5ft n 
I3ft 94* 
15ft lift 
13 lift 

30ft 3ft 
44 ZS44 
30ft 21 
1444 74k 

34ft 29ft 
9ft SVa 
117ft B9ft 

25 Vi 19ft 
32 ft 12Vi 

7 ft 

43V 32ft 
7Wi 4V 

26 14 
10ft 7ft 
ir« 5 
74 14ft 
If. '-a 6ft 


.40 u a 
12 


1.00a B6 B 
JO 6.4 17 

68t 6.9 Z 


400 1X9 
JO 17 8 
1-381 57 14 

All * 


1400ft 
. ■30 17 


100a Zi 12 


£8) 37 14 

72o .9 24 
70 17 29 


8 724* 
34 17ft 

1 1ft 
78 164* 
B9 64* 

709 • 5ft 

9 lift 

32 12ft 
871 13 

15 14 
36 1144 
4 28ft 
59 43V 
100 26% 

3 12ft 

2 30ft 

2 5V. 

150:116 

4 25 

137 2B4* 
461 I ft 

2 39 
9 Sft 
177 23ft 
2? 8ft 

33 “lj 
2 23ft 

63 15ft 


224* 22ft- ft 
17 17 - ft 

1ft 1ft 
14V 16ft ^ , 
tv 6ft + V 
5ft 5ft— ft 
114* lift + ft 
12ft I2ft 
12ft 12ft 

14 14 — ft 

lift lift— ft 
294k 28ft 
42 V 47V— 4k 
36ft 7646 + ft 
17ft 12ft 
30ft 301* + ft 
546 556— ft 
113ft 116 +■ ft- 

24ft 25 +ft 
28ft 28*6— ft 
life 1ft + ft 
38ft 384b 
5ft 5ft + ft 
23ft 23ft 
85- 8% 

yi* 9ft— v 
23ft 23ft + ft 
15ft 15ft 


Jjft 5 JahnAm 70 54 8 159 5ft Slti 54*— J* 

lift 6 Jahnfnd 3 29 Bft bv Bft— ft 

«V 2 Vi JumpJk TB S8 3V 3 3V + ft 


39ft 31ft 
44* 2ft 
16V* 10 
13ft 104* 
15ft 94b 

23% 14 
1246 71* 
7ft 2ft 
4ft TV 
49k 3ft 
4ft 24k 
3% 4 
3ft 2 
164b 10V 
30ft 2246 


KnGcaf 470 117 
KmdiC 3 

ktrrCo 30 15 I 
Kavj n JOB 27 11 
KiarNt A0 13 15 
Krtchm ASt 37 18 
KavPh 701 24 

KeyCo 9 


KsvPh 701 
KerCa 

KhKfewt . 

Klnark 

Kirby 

KJtMfg 

KlecrV i)2r 9 
Knoll 


KooerC 272 8L6 96 


330:39 '39 
52 4 34b 

14x13ft 1M* 
47 lift 134k 

87 12 lift 
"8 -1B46 »ft 

1® 99k 94* 

11 3ft 3k* 

88 3ft 34* 
is 3ft m 
.73 246 2ft 

1 SH 514 

SI 2ft 2V 
•12 .15ft. 15 
114 27ft 26ft 


*344^1* 

1» + » 

18ft- V 
9ft— ft 
2ft- V 
3ft— ft 
J»— ft 
7ft— V® 
5V 

27 — ft 


29ft 2+ Vi 
2446 l«ft 
22ft 17ft 
24ft l£V 
24ft 194b 
VI 

23 17ft 
204b 15ft 
20ft l«i 
19ft 14J* 
21 16% 
20V 15V 
21V 174k 
lift 8V 
29 10% 

43ft 344b 
47 38V 


PGEpfV 170 11.1 

rtiisi iu 


PGEpfV 272 TOO 
PGEprt 254 108 
PQ&rfS 242 117 


PGEptH 172 105 
PGEMR 277 116 
PGEnfP 206 105 


, _ JpfP 206 105 
PGEpra 200 1SU 
PGEpfMIO* 106 
PGEBfl- 225 117 
PGEpfK 206 116 
POEpfJ 273 117 . 
PGfpfl 109 104 , - 
PGTm 1 74 A3 11 
POCLlpf 450 11.1 




pSffpf* 500 

®°p m i.i a 

Pon t a a t 

PorkOi 1.00a 27 12 


ft ft 
4ft 4ft— ft 
1ft 1ft— ft 



17 


3 

13 

13 

13 

IS 1 - 

10ft Gaia*C 



11 

33 

17ft 

12% 




70 


J 








IU 

lft 


in 


91 

its 



30ft 

25 Garan 

170 




27* 

27% 




144 

5% 

Sft 

Sft + ’.a 

16% 

7% GoiUt 




11? 

9% 

9 



6 

13 

31 ’j 

31% 

21% 

13% 

10% G«lmS 



43 

3 

13% 

IJ* 




87 


7% 

TVi 

4% 





148 

1% 

1% 




11 

lift 

11% 

11% + ft 



J8 





13% 




715 


6% 


5 

2% GnEmP 

70 

67 

12 

13 

3 

3 


16 

' 40 11 254 


18ft iBft + Id 
7ft 7ft — ft 
161: lOVfe— V 
17ft 17ft — ft 
Bft Bft — V 
4 4ft — ft 
5ft 5Vk— V 


J9 IJ 12 
.92 XB 9 


J1 22ft 
26 24 
154 ft 


2bft- ft 
13ft— ft 
12V- ft 
15ft — V» 
24'k— ft 
12"3— ft 

ISft + V , 
246 
V 
9ft 

+ V 
10ft- ft 
34'b— V 
38V — ft 
17ft + % 
lift + Va 
23ft + V 
74* — ft 

*2- la 
aft — ft 
24 + ft 

ft — ft 


174* II 
fi 2 ft 
15% 9ft 

14 7V 
4V 14* 

12** 8ft 
24ft 12% 
20 B 
37 23ft 
44* 2V. 
1ft ft 
19ft 1544 
2946 22ft 
16 6ft 

11 5U 
24ft 16ft 

12 7ft 

15 9ft 
44V 77 

U 124b 

1146 5W 
131*1 10 V 
1SV 11 
36ft 24 
15ft 8 


'TO U 10 
4 


flOO M 
50 1.0 14 


100b 3A a 


15 11 
46 lift 
10 3V 
19 10% 
260 26ft 
683 171U 
2 29ft 


J6 33 8 
ZOOt 65 9 
-32 45 
1JDB31A 7 
M 2.1 12 
11 
16 

AB 17 17 

.Wt 85 11 
50b 35 II 
52 

.« i.i 12 
OS» A IB 


iS % 

18 19V 


1 V 
10 7V 
207 5ft 


10 19 

17 8ft 
22 10ft 
B8 17V* 

sa 26 

18 1116 
77 12ft 

192 141* 
20 35ft 
96 13ft 


3 3 + ft 

lift MVS— ft 
5ft 5ft 
10ft 10ft- ft 
lift lift 
IV 3V — ft 
1046 1046— Vk 
25ft 26 -ft 
I aft 1716 -Hft 
29ft 29Vs — 16 

5 £ \ 

19V 191* 

29 79 + ft 
7 7VU + ft 
5V 5ft— V 
1846 1846— Vi 
8ft 8ft + ft 
104* 10?t + ft 
36ft 37ft— ft 
2»4 25ft 
lift lift— ft 
124* 1244 
1446 14V + ft 
354* 35ft— V 
13ft 13ft + V 


2ft 1ft 
3ft 1ft 
64b 24b 
22 1216 
20ft 13V 
1+4* Bft 
54b 44* 
27ft 16V 
9ft 2ft 
33ft 20ft 
7ft 4ft 
Bft 5 
3«ft 9ft 
3 JW 
+ft 3ft 
2ft 1ft 
33ft 16ft 
41ft 27V 
17 1016 

Uft 9ft 
13ft 91* 
144* 10 
2fift Bft 
1016 8ft 


6 

Bar. 

Pnt 11 

dBlK 50 S3 15 
A0 20 B 
19 


100 167 

13 

A0 17 11 
B 
10 

50 1.7 ID 


20 

21 

OS S 33 
17 
11 
9 

70 1J 11 
70 11 18 


22 146 

17 146 

■ S 4ft 
28 3} 

31 20ft 
828 UV 
3 51* 
16 18ft 
313 8ft 
73 34ft 
54 7ft 
IB 646 
128 30 

42 n* 

3 3ft 

43 Ift 
28 21V 

1048 40ft 
ISO 17ft 
165 12ft 
145 Uft 
5 14 
97 11 
11 9ft 


lft Ift 
4ft J% + 5 

isur* 

10ft 11 
5V* Sft— ft 
IBIS IBft— ft 
7ft 8 + & 

7ft 7ft + % 
6ft 6« + % 
28ft 29ft +1% 
life J* 

3ft Ift 
14k 1ft ,, 
2044 21 -» 

M Mi ft 

17 17 — Mi 

12 V 12% + Vi 
11V 11^ 

U u 

■ 10ft II +» 
944 9ft 


13* 

21ft 

10ft HAAG 

JO 5-7 


1 

10ft 

10ft 

30* 

10ft 

20* 

3ft 

life Halm! 



I?5 

2ft 

2% 

2ft 

1* 

1 Hal ml wf 



90 

1* 

Ift 

1% 


6ft Homtril 

.931117 


9 


B 


29* 

21% Hndvmr 

J5e 7 

9 

13 

26 

25% 

25% + ft 

~Wi 

13ft Hanfrds 

70 IJ 

17 

158 

28ft 

27% 

28 + V* 


70 21 60 124 9ft 

U i 13ft 
2619 IV 


9 12V 
468 ft 


Sft 5ft— ft 
?ft 9ft — V 
19 19ft + ft 
9ft 9ft + la 
13ft 13ft— V* 
1 IV + ft 

•se 

12V 12V 
17ft 17ft + ft 


4% 3% 
27 !3'b 


3% 2ft 
15ft 9ft 


13ft IV 
10% Bft 


4ft 2 
27ft 22% 
7ft 4% 
9ft 6ft 
4ft 3ft 
4 2ft 
Bft 6ft 
6ft 4 
12 446 

15ft 10ft 
4V V 
324* 20ft 
4ft 2ft 
40V 214k 
204* 10ft 
1 64k 10 
27ft 214* 
19ft 9V 
19 94* 

38 14V 

lft 4* 
194b 11 
l?ft lift 
73 11% 

14 9ft 
10ft «ft 
546 2ft 
19V 124k 
26V 19% 
38% 27 
41ft 29 
4ft Ift 

k £ 

Mft 34ft 
13V 6ft 


A0 40 12 
72a 3A 


1229 4V 
49 24ft 
9 2% 

72 124k 
( 10 


4 Ik 4ft— Ml 
24 MV — ft 
7ft 2ft — ft 
12 >2% + H 

10 10 — ft 

9ft 9ft 
246 24. 


26% 26ft + ft I 


A0 45 11 


J2 1.1 14 
■421124 
.72 15 7) 


.40 25 17 
100 34 12 
15 
14 

40 14 11 


6 

A* 

6ft 

Aft 


’n 

77 

91* 

fl-h 

8% 

— 

ft 

13 

3* 

3ft 

3* 



A 

2ft 

2% 


— 


? 

6ft 

6ft 

Aft 

— 

ft 

12 

5* 

Sft 

5ft 



52 

9* 

9ft 

9ft 



14 

2 


n'« 

11, 'A 



84? 

29% 

29'i 

79ft 


l* 

3 

.1% 

.TV* 

7ft 

+ 

W 

23 

40ft 

.19% 

39% 




1 

X 

70 

30 



7 

loft 

lAU 

16% 


% 

7 

27ft 

37ft 

27ft 

+ 

ft 


3 lft 
Sft S’% 

15V 74* 

154k 61* 

54k Ift 
24ft 17ft 
25ft Uft 
20ft 10ft 
SV 3ft 
Bft 2 
6ft 3ft 
38ft 25ft 
16ft 12% 

4 ft 

7 346 

15V 10ft 
Uft 9 

9ft Sft 
2746 6 

3% lft 
76V 36V 
38ft 18l> 
a 2ft 
9JU 4ft 

=5 'S 

lbft 12 
2ft “k 
Uft Bft 
34TS 73 
20ft irk 
16ft 12 
16ft 9ft 
29V 18ft 


52 14 II 
1J4 10J 9 


73t 61 10 
338 

170 113 

84 


Ift 

5ft + ft 
Bft + ft 
7ft — % 
4ft 4- Ik 
2life +1 
26ft + V 
14ft— V 
Bft — ft 
3'a 

3V— ft 
38ft 

IV 

134*— l* 
» — V 
*V— ft 
26ft— % 
Ilk 

71ft + ft 
35% 

3ft 

5ife 


2ft 4b 
39ft 21 ft 
+3 26ft 
414* 28% 
9ft Bft 
17lk 124* 
10V 5ft 
17ft 6ft 
15ft lift 
9ft 6?» 


1 7ft 10 

31: IV 


4ft 1% 

aft 7 


21 

JO 25 36 
46 25 11 
AOblB 1i 
779 10 12 
JO 19 11 


2/a — K» 
+ 

14ft 

lft + 1* 
BV — ft 
28% + ft 
18tk 
14ft 

15 + ft 

27ft 


27ft 15ft 
2246 20 
24ft 14ft 
12 6 
3ft ft 
194. 13V 
6TU 2ft 
6ft 31* 
IBft lift 
13% Bft 
25% 16V 
2146 17ft 
9ft 6ft 


5 lft Ift lft 
A 10 1003 35V 35 3Sft + JA 
50 183 40ft 39V 40 — ft 


joq i j 

10 

1 

30% 

JO* 

30ft + ft 








781 

2J 

9 

173 

14Vfe 

14% 

14% + ft 





RW 

Kft 

Bill— V* 



19 

48 

9Vfe 

916 

9ft 

M 

4J 

10 

46 

16ft 

14% 

14%— lb 


Mft 1244 
2ft lft 
91b 7ft 
IV ft 
Uft 6V 
4ft 2% 
1516 74* 

an* aft 

2% ft 
Uft 4 
214* 10ft 
15ft Bft 
24ft lOVh 
6 2ft 
17ft 4ft 
22ft 21ft 
26ft 154k 
83 13ft 
204* 104* 
7ft 5 
22ft 9ft 
20 — 
23ft 
76ft 
26V 
6ft 
7ft 
7ft 
86V 
22V 
17ft 
10 
25ft 
20ft 
27ft 
Bft 


Bft Bft BV + ft 

v *a '&=£ 
x * v +vk 


4ft 446 
2% 2% 
14V 14V 
21* 2ft 
204* 20V 
26V 24!% 
22V 224* 
24V 24% 

\ ^ 
IBft 18% 
6 % 6 
4ft 4 
164* Mft 
12 lift 
24ft 24ft 
21V 21V 
7% 7ft 


4V— V 
2V— ft 
14V— % 
2ft + ft 
an — ft 
24ft— 1 
224b 

24ft + ft 


ft- Va 
lift 

6 — 16 

4ll 

16ft— ft 
12 

24ft— ft 
21V 
7ft 


13ft 

9% + ft 
lft + ft 
8ft- % 
Sft 

9ft + V 
19 — V 

ft-ft 
lift + ft 
194* + ft 
121b + ft 
12 — ft 
5 + Vi 

17% 
aft 
191* 

561b 

21V + ft 
54b 

12ft— 4* 
15ft + ft 

21 - ft 
99k 

22V— % 
4ft 
34* 

34*— ft 
B5ft— ft 
214*- ft 
16ft— ft 
BV f ft 
19ft — ft 
14ft + ft 
26% +■ ft 
3ft— 4* 
8ft— ft 
29ft— ft 
48 + V 

70ft + 4* 
84b 

15% „ 

16ft— ft 
40ft + V 
17% — % 
17V +■ % 
2D 
IV 

17?b + Ik 
BV— ft 
1% 

sva + % 
14ft +■ % 

f 

11V + % 


V Ik 
42% 32ft 
Bft 5ft 
35ft 17ft 
Uft 4ft 
13% 6ft 
Sft Sft 
11% 8% 
45V* 23% 
25ft 15ft 
2% ft 
26V 19ft 
Uft 7ft 
2% ft 
a 24ft 
13% U 
12ft 9V 
4 V 2ft 
*b ft 
9ft 6ft 
11 74* 

16ft 11* 
2H IV 
5ft IV 
7 2ft 
7ft 2ft 
5ft 4ft 
Ittb 10ft 
10% 6ft 
20ft 1SV 
Mft 12ft 
4% 2Vb 
6ft 3 

131* 74* 

17ft 124* 
7ft 5ft 
24% 13 
14* ft 
12% 7% 
4% Sft 
224* 19ft 
23% 15ft 
Bft 161* 
34% 30ft 
B% 2V 


PoarTu 40b 45 14 
Pen ELM 50 24 11 
PanTr 170 44 12 
PECs J5r66J 
PetiREs IJO 74 I 
Pewit ■ 70 27369 


PwlnlC 

Parian 

Parinipf 

PatUw 

PefUwt 

PtfLOPf 

PatLapf 

PetUpf 

PhllLO 

PfcoPd 

Pier lad 

PlonrSy 

PlfWVo 

PHDsm 

Pbzoln 

PtcrOo 

PlyGmi 

PlyRA 

Popaev 

PortSyi 

PostiPr 

PfolrO* 

PrattLs 

PrwnRi 

PrasRB 

Pneatd - 

PropCT 

PrvEn s 

Pet Ate 

PetpfE 

PuntoG 


JO 10 . 
40 37 19 
1.10 97 


33 

2 Wb Sft + W 

u m ^ „ 

9 22** aft SSI— * 
■ 58 W Hft 19ft 

is }*% Jg; + « 

6 1Kb reft 18% + 

* 20% 20 20 — » 
208 fib 9 19%- * 

15 21 20ft 20ft— +• 
5 Mft IBft lOg . 
198 av W£“,S 
150: 42% 40ft 40ft— }* 
ww 45 45 AS +1* 

h 

3 31V 31ft 31ft— % 
5 « 4ft S +% 

J 1DV 10ft 10ft— % 
3ft 3ft 3ft- W 
Z24 10% 10ft 10ft 
•40 25 2446 a 

2Sfe 77%+lft 
..ft ft— & 
25 24% ai% 24ft— ft 
49. 7ft 7ft 7ft — J* 
391 2% -7 ■ 2ft 

15 26V 26ft 26V 
14 12% 12% 12% 

1 « U U +ft 


100146V 46^6 


101 % -- 
<7 42ft 42 
10 TVs 7ft 
3 31V 31ft 
S 5 4ft 


| tj# 10ft 


i 3ft 3ft 
224 10% 10ft 
JO 25 »ft 
dS 27ft 25ft 

73 a» . ft 

25 »ft'2l% 
49. 7ft 7ft 
391 2% -3. 

15 26V 26V 
14 UK 12% 
1 U 12 


2* SwBCPP 
Sft S5SST- 
5V* sondmn 
4ft SIMOvn 
7ft 5 tonwd 
MV StorrtH 
15ft 

4% gtrlCgi 
lft SWlEI 
14 StrfEln 
Sft 

1% StrvtW 
Sft Sunjhf 
7 SunCft 
3% 5unSL 
lift SvttJr 
21% SuprFo 
» SupCro 
4 Supind* 
11% Suprtr 
IV SusAuab 
1% SwflEnfl 
in* Swift in 
3ft Synj^ov 
6% sysiEns 


10 

JM 

* 

21 

72 U I® 


75 W IS 
.lie 1J » 


« 11 D 
44b 1.1 W 


70 W ■ 
34 2ja n 

170 » 


5 5% 
33 >b 

1& « 

^ Sft 

s u 

u 35 
33 38% 
80 Ha 

172 It* 
53 
21 


a S-v* 

a 

wi m— ft- 

in* in* 

ZtU 324b 

54b 5ft 
H* IV 
191* 194* + lb 


Ak ‘ - 

IHSfT - 

nkt 


M U U 


iw as? 

6 S% 
120 Oft 


IV 2 + % 

4ft al 
7V 7ft + ft 
i'n 4% •. 

22ft 22ft— 

38*6 30ft + 

1% 1% 
lift 1!V + 4i 
17ft 17ft + ft 
4% 4%- ft 

!H ift— V . 
34V 24V 
3ft JV 
6ft 6%-ft 


,i£ ffss 

10% 4ft TIE 22 

silfsr 1 

4ft 2V TBffl 

3ft 1» IS&H, 12 

** 7J9.117 It 

™ -™l 8r TS'J 

jtsss 

4% 1% Telecon ,, 

38ft 24% TtIHeC -g H H 

Uft 8% 1!®!“ M M as 

Uft 6% Teted “ 

5% 2% TrtMPh „ 

6ft 4 Temwv 17 

10% 4ftTans«- 
2Bft 31%T«xCde l* , 
3D 7V T*xA^ i 

7ft 4ft TtXAE J4J 5-] 

20V 16ft TWAp PCLS7 UA 
3Va ft ThorEn 
5ft 3V: ThrD B M 1 J » 
Uft 11% Toft* . ■» 

68 SS TolEdpf taj 
62 51 TdEdnf7J6ia5 

BU6 44% TolEdMiaOO UJ 

iS'SKffl. 

Wi 23% T^Ptpf 2» 9J 

.v+amsc s ga 

Mft 13% Trnnjon M JK 7 
15 Aft TrtoG* 4»t 47 IS 
Mk 3V. TrlHnw “ 

■ 3% TrMex 14 

3V 2lk TubM*x 
32ft TO** TumB n 40 

31ft 22 TurwC 170_ 47 TO 
. 10 7ft TmEq n .15# U 
3ft lft TV lr vat 1 
-3ft lft UNA 
3ft 2 U3H tod 
18% aft tntmfe is 

Uft Bft Urdcorp 32 

15V lift Unlcppf J5 .57 
. lift W unfmor X93M75 
ZB* 13V U Air Pd -5JD 23 14 
26 16ft UnCnsF s JO 20 7 
2% 116 UFoodA .111 64- 
2 1% UFOodB _ 

Uft 11% UtMnd 12 

3Zft 12ft USAGwt „ 

8Vb Eft UnltcfV 21 

14% 9% UnvCm 1* 

Mk AftUoivRS 16 

IBft Uft UnlvRu J0a 44 
15V 10% UovPot 


SS 104 10 
701 31 

M 17 
JO 

.16 1.1 14 


37 

70 14 13 


IJO 97 ^ 

140 87 13 
1M 70 9 
274 114 - 
477 US 


17 7ft- 7 

14 9ft 9ft 
64 14 14 

33 2 1ft 
30 3ft 3% 
79 6ft 4% 
M 3% Sft 

34 5ft . Sft 
11 14V lift 
48 7ft 7ft 
37 17ft. 17ft 
45 15V 15% 

8 3% 3% 
171 a * 
IBS 12ft U% 
21 14ft 14% 

18 5ft Sft 
10 ZM 20* 

. 21 ft ft 
1 Wk 10ft 
102 3ft 3ft 
92 19ft W% 
ia 23ft 23% 
4 as«« aov 

34 321b 32ft 
74 4ft . 4ft 


7% 

9ft- %l 
.14 + ft 

3% + ft 
6% 

3% 

Uft— V 
7ft 

17ft. + % 
15ft— % 
3ft + ft 
.3%-% 

12S±S£ 

MW + ft 

34* 

19ft + % 
23ft 

, 20ft + % 
32ft— % 
49k + V 


JS 29 9 

JOB .1480 


jo h H 

40 3J l| 


10V 5ft OvtbM .14 37 


9 n> Bft eft— ft 


7*6 5% 

5% 3% 

4ft % 
20 15 

IV % 
10% 6V 
171b 16 
2 % 1 % 
20ft lbft 
4% lft 
15ft 10ft 
50% 35ft 
52ft 48 
69b 3V 

6 3ft 
4V 3% 

12ft 9ft 
19% 8% 
30V 17% 
SV lft 

7 3ft 

34 22V 

33% 22V 

*V 4ft 
20 129k 

29% 16ft 


R 

J3T 5Jt 20 


11 

10 

.10* 27 12 
70 17 IS 
23 1A IT 
.12 JS 19 


J6a 2.1 10 

f 56 22 

8 

JQ 14 14 
40 17 U 


32 6ft 

2 Sft 
1 % 

37 Uft 
24 ft 

3 10V 
6 16V 
5 IV 
5 18% 

28 3% 
60 15V 
99 45% 
IOQeSW 
10 6ft 
14 5V 

34 4ft 
81 10% 
24 .17% 
13 19% 

117 1% 

35 6ft 
9 26ft 
3 25ft 

34 Bft 
246 19% 
408 22% 


6ft 6ft 
3% 2ft + % 
% U 


’■s **=t, 

iov lev . 

Mft Mft— % 
IV IV 
17V in* + ft 
Zft 3% + % 
15ft 15V + 16 
44V 44ft— % 
50% 50% + % 
6% 6ft— ft 
5V 9ft— ft 
ift 4ft 

is% raw 
Mft 17 — % 
TO 19 —ft 
1ft lft— % 
6ft Aft + ft 
26ft 26% 

2Sft 25ft +% 
1% ■%— ft 

18ft Uft + % 
Zlft 22% +■ V 


% r r-£ 

f* ?-►. 


ni I71u 17 17% 

?i lift 16% !«• + %• 


iS ^ a 

ui nk 2H“ H 
41 12ft 12% H% - % 
£ Tzm. Aft 4ft + ft 




g "U 4ft 4ft + ft 
r'- M U I4w— % 
BM23U, 2» t +, “* 

1? 3» 38% ' 

» ’sib 7% *% + * 


SO 81i *» T T 

15 S3 32% 22% • 

3W 15 16% Mft- W 

m 4ft 4V 4V 

M 17% 17V 17* + % ' 

5 IV 3ft 3ft 

77 12 11% 1I>- % ■ 

jmr Wife Gift *Jl3 

62ft +1% 

lS»ft76%76ft .;... 
tv 3ft 2% ,2ft- % 


120 Wife 16ft ltfb- V. 
ij "j 2Vi W - * ** 

?? flZVAWZ**' 

n 6 is 15S KiS 

? WV I4V-V 

3 4% 4 4 — Vi; • 

§2 2% 2% 2ft— ft 

^ 17% I6V 17 + » 

9 2*ft 2|«b 2Jft-% 

75 Ift BV 8% 

89 1% 1% 1% ' - 

7 Ift lft 1% 

in Zft ZV 2ft 

DP 19 17V 18V +1% 

M liv 11% 11V- % 

7 14% Uft Uft — % ■ 
44 u lev II 
16 23% 23% 23V . 

11 2SV 25 25 — ft 

32 life IV lft 

M ft Ift I’A- % 

87 12% 12% 12ft— liv 
II 13ft 1 3 ’a 13ft -VJ 
Mr-4 7 7 — V; 

11 12 11% 1= 

25 7% 7% 7ft 

I nv 17% 17V- ft • 

16 11V lift lift - 
79 10 9% 10 + ft 

4 2D% 20% 2£> + ft ' 

3 28% 20% 22V- ft ,. 
18 Bft 7% 8ft + V 

II 17V 17ft 17ft— "ft 



4«A7 1| 

14 


Uft 9% VSTn J5»9J 
2DV U VBftyR* 140 67 Tl 
30 17ft Vainers 44 L5 17 
10 2M.Vertl. 

23V -15% VTAmC 40 27 12 
6% 3% VtRsh 

9k V VtoM 



■i*r^ 


145 34 U 
10 


8 3V 
55ft 37ft 
7V 1 


.45 37 15 
40 29 15 
23 


44 47 10 
15 

44 2J 16 
1*0 

IJO 26 10 
IJO 25 11 
40 1DJ 


4 17ft 17% I7V — U 

37 17V 17 17 — % 

3 37V, 37 37 + J* 

21 * ft ft — Va 

53 Uft 14 14% 

20 14 13V 14 

108 15ft 15% 15V 
33 Uft 11V 11V— ft 
1 10ft 10ft 10ft— ft 
SI 4ft 41: 4ft 
lot 19ft 19 19 — ft 

58 25ft 25ft 25ft— ft 
17 38ft 38 38 U 

736 41% 40ft 40V— ft 

5 4 4 4 — ft 

25 3ft Ift JVa — ft 

7 4?* 4V 4V 

3 30ft 30ft 30ft +- ft 
5 8ft 7T. 77b 


9ft 6ft 
16ft Uft 
BV 4V 
BV Sft 
3'k 2ft 
23% 17ft 
40 30V 

15V 7V 


145 9ft 9 9 + ft 

63 15V 15ft 15ft — ft 
74 8% 8 B — ft 

320 Bft Sft Bft — ft 

|95 2V 2ft 2ft 

3 Uft 13ft IBft + ft 

32 III* JD'a 30ft— V 

2497 14ft 13ft Uft + % 


3% I'V. 
2V I: 


* E 

AudO 52 

ft 

ft 

ft 

15ft E 

cAm IJ U I 21 

7?ft 

7?'* 

77ft 

2ft E 

ccSd 41 39 

6't 

6ft 

A»-s 

2 E 

tilnor 266 

2ft 

2V* 

2ft 


23% lift 
2V IV 


iCEEn 
ICH s 
ICO 
I PM 

IRT CBS 
ISS .12 
ImpGp .12 
Implnd 
impOII o IJO 
infight 
instms 70 
instSy 


3 5ft Sft Sft + ft 
468 52% 51V 52 — % 
53 IV Ift lft— ft 
291 4 3% 6 +■ ft 

37 Bft Bft Bft 

1017 3V Stii !&— if 


70 1J 21 
B 


insSvpl 75t 9J 
inlCtvo JO 


1017 K* A 3%— fa 
94 9* Vfe % 

240x38% 38V 38V + V 
sa m 6ft 6ft— ft 
133 21 20% 21 — ft 

232 IV 1% 1% 

10 2% 2% 2%+- ft 
89 Uft Uft 12V— ft 


22ft 8V COI 


28 21ft 20V 21ft +1ft I 


lift 10ft 
7ft 2V 
ft >k 

14% 13ft 
% ft 
10V 4V 
IV ft 
171* 10V 
3% 2ft 
12V 8ft 
9V 4V 
8V 5V 
25 15ft 
4V *1 
34V 22ft 
10ft 6ft 
10ft 6 
9ft 6ft 


II V 11 V— >4 

51* 5*:— ft 


1 1J0 129 
40 27 


14% 13% 
ft ft 

"Q ^ 

14V 14ft 
3% 3!: 
10ft 10ft 
7V 7V 
r* tv 
J flft lB'k 
1ft lft 
22% 21ft 
10ft 10ft 
9ft 9V 
9% 9U 


Uft — ft 
ft- !* 

1. 


15 

10 '* Intmfc 

,12b 

A 

67x 14% 

14% 

14!fe + % 

4ft 

2ft inlBKnl 



157 

3ft 

3% 

3ft — V* 

lft 

ft IntBkwt 



780 

ft 

% 

ft 

11 

5 1 * IntHvd 


72 

<05 

8 

7ft 

7ft + ft 

lift 

9ft IIP 

36 

9J 

28 

10 ft 

10 % 

10 % + ft 


17 13 

20% IB Mr 
9ft 5ft 
UV 11 
21ft 12% 
23V 14V 
17% 13V 
27 13 

10ft 7ft 
49ft 33ft 
17V lift 
16V 11 V 
17V Uft 
7ft 5% 
13V 6% 
4V 1% 
3ft 2ft 
lift 9V 
37 29V 


2J0 19.1 
260 )4> 

14 

40b AS 10 
.10 J 
79 46 19 
1JB 6J 15 
I70e 4J 12 
54 

60 U 17 
JQ 28 

16 

1J0 8J 13 
20 
7 


lft fh 
11% 4ft 
12V Bft 


237 13V 
26 IBft 
121 BV 

12x 10% 
1*6 IS 
6 17V 
138 15ft 
45 25ft 

245 10% 
170 47V 
47 121b 

188 Mft 
1 17ft 
642 7V 
530 9ft 
142 4V 
447 3 
73 10ft 
600: 33V 
B4 4 
5 1 

44 6 

246 10 


13% 13% + ft 
18% 15% — ft 
8% 8% 

10ft 10ft— ft 
17Vfe 18 + ft 
17ft 17ft — ft 
15% 15ft 
25 25 — ft 

10ft 10% + V 
47 47ft— ft 

Ulfe 11% 

15V 15V— % 
17ft T71* 

7 7V + % 
8% 8V— ft 
4ft 4V 
2% 3 

10% 10ft— ft 
33% 33V 
3V 3V— ft 
1 1 +■ ft 

5V 5% 

9% TO + ft 


431 BJ 11 
170 137 

28 


J6 1J9 14 
48 47 29 
.10 IJ 


U'fe 

3% 

10ft + fa 
7V+- ft 
7V 

Mft + ft 
IV 

21ft— Ift 

10ft— Va 
9ft- % 
9ft— ft 


7ft 3!fe /niPwr 
4'* lft infProl 
10V 2ft lntThrn 
0V 2ft InThrpt 
3ft uft ionics s 
.1 25 IroaBrd 


I0V r* 
23'.* Uft 
41 25 


3 4ft 4ft 4ft 
16 3 3 3 

585 3% 312 3% — % 

80 3ft 3% 3ft 
134 21V 20V 20V— lft 
7 34U 34ft 34ft— ft 


16% 11 Jaclyn 
7V SV Jacob* 
4V 2% Jet Am 

IS ft jetAwt 
9% S'i Jetron 
•ft 2ft JohnPtf 


50-47 1, 
7 


13 lift 11% ,1ft + Ik 
23 5ft 5% 5V— ft 
99 3V 3ft 3ft 
71 B ft ft 
25 7V 7V + ft 

25 3% 3% 3V— ft I 


34% 16V 
22% 15ft 
12 4V 
Mft SVi 
27V ME* 
7ft 3ft 
8 4% 

ZV 1 
26V 16 
17% 6% 
14% Bft 


OEA 

Oakwd 

OdetAn 

OdetB 

Olsten s 

OOklep 

OrlolH A 

Ormond 

OSufvns 

OxfrdF 

OrarfcH 


14 25 19V 

A 13 27 23V 

107 7% 

6 BV 


J2t 4J 12 165 17% 
70 IJ 28 1203 ,31fe 


19ft 19ft— ft 
23 20 —1 

7ft 7ft— V 
BV 8% + V 
25ft 25ft— ft 
3V 4 + ft 

5V 5V + ft 
1 1 —ft 

25ft 25ft— ft 
Mft 16% — ft 
Uft 13ft— ft 


Tfl 24 

13 

J6t 77 18 
J» 9 II 


Bejcod the debt crisis 

Latin 


BV Sft PLM .12 17 
IS lift PGEofA 150 MU 
12V 9V PGEPfC 175 104 
Uft 9V PGEpfD ITS IU 
12ft 9V PGEpfE ITS 10J 
Uft BV PGEPfG 170 10-7 
36 32 PGEpfF 474 12J 


PGEpfZ 4JM 127 


9V BV 9ft + V 
Mft 13V . Mft -fc ft 

12 12 U 

12 11V 11V 

11% 11% lift— V 

UV lift Uft 

34 33% 34 

32 31V 31% + ft 


BV 

3ft 
2ft 
13V 
UV 
24ft 
5V 
7 

w'S 

MV lift 


.16 14 

30 

771 27 28 

701 

.1® V 

70 IJ 12 


23ft 10 
23ft 17V 


13 ift 

s -a 

1 31V 
47 3V 
TO 7% 
44 5V 
24 TVk ‘ 

1 8V 

8 9V 
100: 86% 

ISSffizJS 
50z 61ft 
- 4 23% 

9 38% 
12 25% 
3 26% 

150 14% 
22 5 

22 BV 
13* 17ft 
44 3ft 
12 29V 

27 TOW. 
Si 5U 
46 UV 

3 33U 
5 1SV 

2 1ft 
143 Mft 

43 2ft 

31 % 
7 4 

41 Zft 

10 UV 

2 M% 
5 12 

7 WV 
1640 ft 

10 UV 

117 5% 

97 12 
7 7V 
XI 5ft 

3 10% 

15 4 

11 2V 

42 23 

32 22% 

. 77 29ft 

46 Bft 

i! * 

28 10ft 
55 12 

47 14% 

14 24 
26 22ft 
70 74 
10 Uft 


4 '4 — ft 

e ■ 

39% 39%. ' 
3V SV— . ft! 
7% 7% +■ ft, 
5V 5V— % 
II 

BV Mb— ft' 
9V 9V— ft 
85% B5V+-V 
75 » +1 - 

68M sm 

73 ft 27V +-% 
31ft 38ft— ft 
25V 25% + ft 
26%. 24V— ft! 
Uft Uft 
4% S . 

BV BV — ft 
14V 17V +-.ft 
3ft 3ft 
29ft 29ft— V 
9% TOft + ft 
SV 5V +- ft 
Uft Uft— ft 
33 33ft + ft 
18V 18V— ft 
lft Ift 
TOft 10V * ft 


- .9 .3% Vlcon 

4% 1% VMM 

UV U Vtrco J4r 7 U 
9V m visual G 70b 15 9 

12%. 7ft VQPtex 40 47 It 

20 V 15 VulcCo JOa 35 13 

8V S vyquBt I 

7% 3VWTC 17 

29ft U WngB .U 3 

29 VV VSftmpC .H J 

TV- % wmCwt 
IH6 5% WMNl - 5 

XX 76 WSfiPsf M J U 

20V U WRIT* 178 7.1 13 

UV 7V WbtscB .MUM 

5V 3 WtWrd 

19% 13% WIMlPi 2J2 Ml 
9ft Ilk WtUna 

1 - V Wablnwt 

- 3 • Vs HMcar 


23 3% 3V gk- ft 

21 V V %— n • 
442 9V 9V 9%— % 

1 5ft Sft 5'A 
105 4ft 3V 4ft +V 

5 3V 2% 3ft + ft 
26 17V 16V 17V +■% 

35 BV Bife BV— V 

I 9% 5ft 9ft 

6 2D*i 31: 205*— ft 

1 6V 6V 6V + % 

59 5 5 5 

1063 1BV 18V 18% — % 

«iffi,s*iK:i: 

53 IS 17% 18 

1 IV Hk BV— V 
30 3ft 3ft 3ft — ft 

9 MV 14ft ,4ft 

*1 \ % 8 ^ ,i 

2% «b 2% + ft 
66 «ft 9ft 9ft 
107 nv lift UV— ft 

2 4Hb 49b 4V 
TO 10ft TOV 10% 

1 13% WV 13V- ft 

S £ 32 35-% 

si ¥ w 

18 * BV B%— ft . 
209 Uft Uft 13ft 
438 9 . BV BV— ft 
17 Mft 14 14 — Ik 

13 I9V T9ft 19V . 

03 14V 14V 14V f/f 
4S Uft 15% 15%4(4 

1180 4% 4ft 4ft— H 

30 2 lft IV + S - 
309 29V 29ft 29ft 
Ci 9ft V 9 —V 
12 lft 1% Ift 
SIM. 4ft 4ft 4V— ft 
91 4ft 4 4 —V 

39 18% UVk 18% + % 
JbU 46 46 —V 

3 9 9 9 

156 21ft 21 2Pb +1V 
tS3 3% 3% 3% • 

21 14% 14V 14% 


4V 2% W ad BP 


TVs Wedpfit U2 UL3 


6% MWrimoa 36 35 5 


4% WeHco 
ft VMlAm 


2% 2ft— ft 

% %+ S 

4 4 
2V 2V 

11V UV— V 
lift w% . 

12 12 
unt log— % 

lift Uft— v 
5% SV- 

uv nv— v 

7ft TVs— ft 

5 5 

WK 10V + ft 
3% 4 + ft 

3V 3ft 
22V 22V— ft 
22V 22% +■ ft 
39% 29%. 

7% 7%— V 

*■ 

9% ISHk.+'.ft 


2ft ft W * H Am 

4 2Mr WelGrd . 

41ft 30V Wesco J3 IJ 15 
2% % Waspar 

lift 5V WstBrC TO 

Uft 8% wNbra 70 15 

15ft 6ft WDtoHl 23 

23V 7ft WtHWiB ’ 14 

Uft MVWtRET 158.J2.M 
15ft 6VWKSLS 70 14 S 
Mft Uft WhrEDI - 18 

a 3 Wtckas 9 

% Wtetwwt . 

32V 30 Wk*«H25& 85 
Uft 91* Wiener n 40 44 7 
3ft 1 WUmS 
6%b nbWfciEB 
7ft 334 WtnEA • - 

23V 18V Wntln 23681X9 . 
46V SCVW&PPf 458 U 
W% 8 WtMnm Mi 44 33 
31 llVWKVftor 52 U 1 


5V 2% WWdeC 
,17V 12V WMUepf LH lU 


lift lift — V 
14ft 1410— ft 
23ft 8 +« 

22ft 23ft + % 
74 74 +1 

86ft 86ft— 2ft 


2»b'. 9 'Worthn Tfi n- 
21% 16% Wrotw J02 .1 27 


m,- 




rc 


“v - 


8% sv YtadcGB 


M wu IO JDtk +• ft • 
to 17% 17V 17V- ftS 
46 7ft 7V 7ft- ft L 


8 % 3V Zhnar 


246 Sft 5 5ft— Ml 


-?• 


Vi. ' .' 


the next ten ysaisa 




\ ■■ 

u 

9ft A -at. 


Sponsored by the International Herald Tribune & the Inter-American Devdopment Bank. 

London, January 27-28, 1986. 

This major international oonfarence brings togetha - a distinguished group of fmaneb^ gpv emmen t 
and corporate leaders from Latin America, the Caribbean, Europe anotbe United States to examine 
the outlook for Latin America over the next ten years. 

As places at the conference are strictly limited, we reco mmend that senior executives from the 
banking and buaness community interested in attending, complete and mail the registration form today. 
JANUARY 27, 1986 JANUARY 28, 1 986 




Jmxk. 

-- m-r 




. toM p- 
- wfc. 


Chairman: lee W. Huebner, PubGsher, 

International Herald Tribune. 

KEYNOTE ADDRKS 
Antonio Ortiz Mena, President, 

Inter-American Development Bank, Washington D.C 
SNAPSHOT OF THE DffiT CRISIS, RESCHEDULING MOVES, 
ADJUSTMENT PROGRAMS 

Eduardo Wiesner Duran, Western Hemisphere Director, 
Internationa! Monetary Fund, Washington D.C 
LATIN AMERICAN INITIATIVES TO TACKLE 
THE DEBT PROBLEM 

Jesus Silva Herzog, finance Minister, Mexico. 

"Fernao Bracher, Governor, Central Bank, Brazil. 

HOW THE INTERNATIONAL FINANCIAL SYSTEM 
SHOULD ADAPT 

Michel Camdessus, Governor, Banque de France. 

Robin Leigh-Pemberton, Governor, Bank of England. 

HOW MULTINATIONALS HAVE MADE A SUCCESS OF 
OPERATING IN THE REGION 
CJ. van der Klugt, Vice-Chairman, 

Philips Industries, End haven. 

Peter Wallenberg, First Vice Chairman, 

Skandinaviska Enslakla Banken, Stockholm. 

REVIVING INDUSTRIES IN LATIN AMERICA 

The Honorable Edward Seaga, MP., Prime Minister, Jamaica. 

Francisco Swett, finance Minister, Ecuador. 

Amaldo Musich, Diredor, Orgcrizad6n TecHint, Buenos Aires. 


* not yet confirmed. 


Chairman: Anthony Sampson, rntemal io od writer, 

Editor of The Sampson Letter. 

NEW EFFORTS TO STIMULATE TRADE WITH THE AREA 
Claude Cheysson, European Commissioner, Brussels. 

Felipe Jaramillo, Chajrman of the Contracting Parties 
to the GATT, Geneva. 

THE NEED FOR A LONG-TERM SOLUTION TO THE DEBT 
PROBLEM AND FOR NEW CREDITS 
Enrique Iglesias, Foreign Minster, Uruguay. 

Manuel Ulloa Elias, former Prime Minister, Peru. 

THE COMMERCIAL BANKS’ VIEW OF LATIN AMERICA 
David Rockefeller, Chairman, International Advisory 
Committee, The Chase Manhattan Bank, New York. 

William Rhodes, Chairman, Restructuring Committee, 
Citibank, New York. 

Werner Blessing, Member of the Board of Managing 
Directors, Deutsche Bank, Frankfurt. 

PB?SPECTIVE5 ON ECONOMIC AND SOCIAL DEVELOPMENT 

a) Central America. 

Carlos Manuel Castillo, former Vice President, Costa Rica. 

b) Andean Region: 

Manuel AzpuriSa Arreoza, Finance Minister, Venezuela 
THE FUTURE: REVIVING GROWTH AND DEVELOPMENT, 
THE COMMON INTEREST 

Lord Harold Lever, former Chancellor, Duchy of Lancaster. 

* Rodrigo Batero Montoya, Member of Brandt Commission, 

Colombia. 

ROUND TABLE: DISCUSSIONOF A CURRENT ISSUE 
Portia potion ham several key speakers. 


•ft 8% »1 
75. 4 •*.; 

>*». * 
■>- » 

• tw 

TOft-% 

- JV 


Forbes will put you cxii|tlie map. 


: 'm 


If you want to make your mark on corporate 
America, it helps to make an impression on its 
leaders. And in the 1984 study by a leading inde- 
pendent researcher. Market Facts, Inc v Forbes 
was shown to be preferred reading by more cor- 
porate officers in 1,000 of America's largest ser- . 
vice and industrial companies. In comparison . . 


Magazines read regularly by corporate officers 
in 1 JjQ of America's largest compamesf 


' ' ■ 

with" Fortune and" Business Week, Fbrbes was 
judged to be ovefcdl favorite by 44%, versus 29% 
for Business Wefekand 19% for fortune. 

When regulir-readers were asked which of 
the three reflec^gest the excitement of busi- 
ness, Forbes hadiwice the scores of the other 
two. Arid when^ed which of the three stands 

for "free enteriirisiev'-TT % namprl 


~ ::;h 


m 

-■* a. 


Forbes 

68.3% 


- » — 

^ k.’Sffe * - 


BusinessWeek 

61.8% 


REGISTRATION INFORMATION 

The fee fix Ihe (zxiferenoe is S59S or the 
ec^vdent in a convertible currency far each 
p ar ti ci pant. 

Al UK. based perfia parte ere subject to VAT 
15%. Fees are payable in advtrce and wl be 
returned n fufl for any ccnceSation postmarked 
an or before January 13. 

Please return registration form to: 

International Herald Tribuie. Conference Office, 
181 Avenue Giaries-de-GauSe, 

92321 Neuffly Cedex, France O telephone: 
_m}. \ (331)4747 16 86 or telex.- 613 595. 


OWFERE^ae LOCATION 

Th. Park Lon* Hotai, PiemdB/, Uindan WtY 88X. Triephone; (64 !} 499 6321 . Tdeu 21533. 

A block of room hoj been reserved (or conference puticipcaib. FVcte c esruotf herd cireOly. 

CONFERENCE REGISTRATION FORM 

Pleoe enrofl Ihe fo6ov4ng pomopart far rhe conference Jcrwy 27-23. □ Qwck endoted □ FVxse mace. 


FORTUNE 

48.4% 


^Market Facts, Inc 1984 


Cost per Thousand Circulation 


Forbes 

4CPaspS46.89 


Busln essW o ek 

4C Pa$e S52.79- : 


FORTUNE 

4GPaseS5639 


BWPage«Q.85 BW S3® 




Week. 

These resul^:cdrifinn surveys done over the 
past fifteen years showing that more officers in 
big business jeadiFbrbes regularly than either 
Fortune qrBusin&s Week. 

As thegraph$;so eloquently show, Forbes is 
the mostcret-efifective business magazine for 
reaching America's most effec- ’ 
tivc executives^ If you want to 
make an impression on this 
elite, not only, is-it good busi 
ness for you to put yoiir 
advertising in jfoibes) it's 
bound to be good -for 
your business. , 


’U ■ 






>'54 
> - % f 




’ t : T ; 
:sTr* 


m 


i 


■J INTHAMKICAN 
J DEVaOPMB^TSANK 


! Jffralb^ESribunc. 


aTY/COJNTW. 


for further infamuaon. please contact Pccer M. Schoff. Director of 
International AdvcrrisiOft Forbes Majcirine, 50 Pill MjU,' London ■ 
5W!YiIQ.£n^and,Tcl. (01)9300161/1 


Forbes Magazine— 60 Fifth Ave.. MV, NY 10011 













•V* • m ' 

=. « . . * •• 

% ‘ - . 


3 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 

« • . t: • CURRENCY MARKETS 


(jydj 


''U- 3 ' 




■^» 0 r«s»d,H«oald re p- 


_ - v ; 


i i I * a zm 9° r blow to Geoqps 


to Block CGE-AT&T Accord Soviet Union — — — 

have expressed rehiciauce to sign ]$££%$£§ PfE/CGS DCCllHCS 1 T 1 ElU*Op 0 


*i ^ 5 ?' 3 ^SS < !? CnniDed to J wi ?’ ^ initiated »he udks in an effort 
*- „*i i- approval of a proposed tele- to expand the r*» *-««*■ .j— 


< 

; *> • - 

•* 


• . '"■ a «, ptwywscu uae- io expand toe company's idecom- 

;'t^2^ n,cdll0ns ***««#« t monications affaiate, OT Alcaid, 
‘^ eea , st^e-owned Cie..Gfpfarie in the United St|><K. . - . 

> > OV N3eclricitfi snrf Anwrinn Tala A falla_ 11 


- ^^252x5 d / ^ 36 n 3 n Tele- A failure also would present a 

i) ? ;' one * telegraph Co* French in- major 'blow to AT&T, which has 
4»’.5Ia“r Efweaunent sources been wortdng with PtefipsNV, the 

\ * /!», Monday. Such an agreement Dutch electronics company, in i 
. ; ! t V. *“? grea ry strengthen each com- venture to jointly .produce 
1 * ■; i' i- 5®3rs position in the other's do* ‘telephone .switches throughout 
. ; market Western Europe and general* ex- ‘ 

<t I ; y- i,Ncxi Saturday is the dewrilinr for pand in the 
.. fr'ii .‘government decision on the Odd outade the United States. The 
; l C ?.v :r f m ^ “d tos were reports aceement with CGE was viewed as 
? iJ y3t 2 last-ditch effort was being akey step in that stnuegy- 
- «' jade to saw the accord, or if that Tne objections to the agreement 



* % ■’ 1 


have expressed reluctance to sign 
an agreement with a large US. 
company in a sensitive sector like 
telecommunications, when Paris 
was seeking agreement from its 
West European allies to support 
the Eureka program, which aimed 
at stimulating cooperation in high 
technology among European coun- 
tries. 


OfOilAgain 


CetuptM h Our Staff trim Disja'.cka 

NEW YORK — The dollar was 
mixed Monday in the United 


uialized countries on concerted ac- the mark in more than 20 months, 
tion to bring down the dollar from It was fixed in Frankfurt at 2.564 


Reuters 

LONDON — The Soviet Union 
has again raised the price of its oil. 
this time by between 40 and 55 


States after falling in Europe some effect. 


record levels seems to be having 


agiinsi most major currencies. 

.After hitting its lowest level in 
five years against the yen in Tokyo, 
the U.S. unit dropped to a 20- 


In New York, the dollar ended at 


DM, down from 2-5852 DM on 
Friday. 

Dealers in Tokvo and London 


15633 DM, down from 2.5650 DM said the bearish dollar was largely 


on Friday. 

The British pound was un* 


According to a West European «®W * barrel, to bring it up to ™ unn oroppw ioj a- me :»m in pouno was un- 
tSK*. levels on the free or sdoi market. *?•' against the Deutsche changed against the U S. cunency. 


d in the 

i outside the United States. The 
iemem with CGE was viewed as 

y Step ra that strategy. 

he objections to the ag reemen t 


j, certainly looks as if the govem- 


within the French government 
about whether a CGE-AT&T 
agreement should go ahead. 

An Industry Ministry spokes- 
man on Monday said ihai CGE 
and AT&T were free to continue 
their taivs , adding th at “nothing is 
— •».««. uuiuu uuiuau . settled.” A spokeswoman for Mr. 

asserted that the agreement reported a net loss of 997 millioa Pdbcrean said the company would 
I lead to a breakup of the francs (about S127.8 million at cur- not comment, while a spokesman 
which employs about 7,000 rent exchange rates) in 1984, and for ATT&T-PhiEps said that “we 
e. CGCT. which is heavily in expects to report a larger loss this have no reason to be pessimistic, 
and has been heavily- subti- year, industry sources said. The negotiations are still going on 

for the past several years, French government officials also as far as we are concerned.” 


diplomatic official who is following ,cvcb> on the free or spot market, 
the talks, opinion has been divided contract customers said Monday. 


The price rise brings the price of 
ivici blend io S28.0U for Mediier- 


mark in Frankfurt. 

Traders in New York said the 


at S1.4655. 


the result of predictions of a cut in 
the UJS. discount rate and a slow- 
down in the American economy. 
Traders in Frankfurt also s'up- 


Other New- York dollar rates ported this assessment. 


Georges P&ereau 


4 : .-ament source said. Le Monde, daed for the past several years, French government officials also as far as we are concerned.” 

‘ v g S'e Pans newspaper, said in its edt- . 

■■ ^"i®ns dated Tuesday that the gov- 

i \ < viment would probably refrain _ T ' . ■ ■ ‘ 

■ U.S. Airlines Fear Hard Times Ahead 

, *■ :: rribed as “definitively compro- _ 

■^S ised.” (Continaed from Page 15) The low fares are putting pres- add so much capacity in the fac< 

*! ^iUnder terms of a tnelimmarv iOr airlines have not followed the sure on the fares of tra n sco ntm e n - much lower traffic growth, 1 


Soviet blend to S28.0U for Mediter- 
ranean delivery in December and 
S28.15 for northwest Europe. 

The increases follow a 70-cent 
increase in November to S27.60 a 
bared. 

Crude oil prices have risen 
sharply on the spot market in re- 
cent weeks, reflecting the cold snap 
in Europe and restocking by com- 
panies in time for the northern 
hemisphere's winter, which usually 


dollar's main losses came in the Far were: 7.80S0 French francs, down The dollar, they added, was be- 
Eas t and Europe, reflecting Fri- from 7.8150 francs; 2.1000 Swiss ing undermined by an expectation 
day's retreat by the U-S. currency francs, up from 2.0990 francs; and that an accord on the American 
in the United States. " 200,65 Japanese yen. down from budget will be reached soon by 

“The dollar has broken through 200.85 yen. Congress, 

some psychological levels and it The dollar dipped to 199.80 yen In London the pound ended at 


in the United States. 

“The dollar has broken through 
some psychological levels and it 
wouldn’t be surprising to see it 
gently erode a bit further," said 


Congress. 

In London the pound ended at 


in Tokyo, its lowest level in five S 1.463, up from S 1.4555. 


years, before recovering to dose ai 


David Palmer, senior rice president 200.35 yen, down from 201.15 cm 
at First American Bank of New Friday. 


Y ork, referring to the slide to below 
the 200 -yen level 
Mr. Palmer noted that the agree- 


The fall continued in Europe 


The U.S. unit was fixed in Paris 
at 7.814 French francs, down from 
7.87S5 francs on Friday. 

The dollar closed in Zurich at 


! ^ ^ised." (Coatnraed from Page 15) The low fares are putting pres- 

*! > S Under terms of a preliminary jor airlines have not followed the sure an the fares of transcoatinen- 
• ^ •' ijeemeut signed earlier this year Delta move, however. tal flights offered by otha- carriers, 

e ; ’."^T&T would help market CGPs The industry has had good uaf- Mr. saiiThat oouU lead 

s, ^ r ^communications- switching fic growth for mpq of the year, 10 S '_! ;ircs “ uysc markets, as 
‘ s,&;Uipment in the United States, with an average increase of 13 per- 9^2°]“ < ^ uaner “ 

i: ^riles of this equipment could reach cent in the first right months over a 19 /v hcanaeo - 
-• c ! J .otal vohuneof S100 million owa: similar period in 1984. The rate of _ ™‘ Fcms T?°fT edic J? i that “ c 
:: li r : T 1 ® 6 according to press re- increase slowed in September, how- “f 51 ti U3Iter “1986 ooum resmble 
.! ;i r , ;ajts quoting AT&T. ” ever, to 4.6 percent, and to 5.1 per- 9 na ^ !r °f J 9 ® 3 - '"'hen 

- •.?•«£■ ,, . mf tn Onniwr there were widespread fare wars 

k U^. company worid, mxe- amt in octooer. and many airlmeshad heavy losses. 


Soviet energy prices have also 
' ^ A J been rising steadily to reflect a 

ITWS Aswan Shortage of supplies to the West. 

Cargoes to northwest Europe have 
add so natch capacity in the face of recently commanded a premium of 


brings increased demand for heat- meni by the Group of Five indus- 
ingcus. 


when the dollar opened lower 2.1013 Swiss francs, down from 
against major currencies. The U.S. 2.J 183 francs on Friday. 


unit fell to its lowest level against 


ft IP l, Reuters) 


THE 




mud) lower traffic growth, Mr. 
Ferris said that the carrier wanted 


15 cents a barrel, traders cored. 


Soviet oil production during the 


Italy and Thailand Launch Big FRN Issues 


to get bade its market sham It lost io months of this year totaled 


some of its share because it held off 
expansion until it got two-tier wage 


495 million tons, down 3 percent, 
or 17 milli on tons from the year- 


By Davis Rees 

Reuters 


and pays 1 / 16 point above the one- 
month London interbank offered 


to boost yields on sterling invest- 
ment portfolios. 


LONDON — Italv and Thailand rate. 


contracts with its unions, including _, rll > r n _ w«iem fieures launched large and* tightly priced Meanwhile. Thailand’s S300- 

!•« -J.li iV. CtUAI r * ® W«4 a .i milliAii icnid nnl»*C nW- 


its pilots. The pact with the pilots 5 ] unv - 
wnHind a costly strike last summer. , 
United’s share of industry capacity c . 
fell to 123 percent in the third 


v ’ floating- rate-note issues Monday, million issue of 20-year notes pay- 

In'rw,„ inAuciiu «u ^ S500 million and S300 million, ing Vfc over six-month Ubor dosed 

respectively, in an otherwise listless at 99.70 to 99.71, just inside total 

nv hs DiSShi Sion dm saw most Eurobond fees of 32 basis points. “This was 

ny, hoped to increase us December • , 4 »?l»rc n»v inn tiehr and wiih TTiailand's 


Dealers said the currency's re- 
cent strength has been buoying 
both (loating-and fixed-rate ster- 
ling Eurobonds, noting that prices 
of seasoned issues Monday fin- 
ished as much as H point firmer. 


i ^ ^■Lunsmtcnens laephomques. the lower rate of increase had al- lower wage rates, giving the airlines 
: tjCT, a former snbsdiaiy of ITT ready caused “the fare structure to an incentive to expand the work 
v i!ii ! Jr P‘’. w ? 4 nationalized m. 1982. become ungjoed.” He cited Conti- force. 

r : E-tijegotiations about the AT&T Dental Airfanes' S99 one-way fare Mr. Ferris forecast that industry 
* >e f n nader * or from Newark, New Jersey, to most capacity would increase 9 percent 
^'Uxjmsix months. of hs Western destinations, an- next year. United, he said, planned 

; 5 S i If an agreement between CGE nounced in October as part its a rise of 7 percent to 10 percent 
i AT&T does not wutwinr^ competiticm with People Ejqjress. When asked why United would 


many airlines bad heavy kisses, quarter this year, from 152 percent prices dose little changed, dealers way too tight, and with Thailand’s R 1 ;, prices 

rotlir factor expected to lead Si the first qiamrofl 984.^ the ^5 5 S ft bid. issues earlier this year, a lot of peo- P 

ers to cat fares is the expan- end of 1987, Mr. Ferris said, a crew nmee\s contact bu>- Both issues won fairly lukewarm pie just don’t have the lines avail- ended 9 lb firmer, 

in capacity stemming from the for a Boeing 727 will cost about ... receptions, as investor attention able to take on more paper," said Meanwhile, ihe Citicorp issue, 

pry of new planes. The expan- $190 per hour, down 30 percent he & a 10 lo “™nning ponfo- one dealer. which was lead-managed by Citi- 

js also tied to two-tier wage from present levels. By 1990, 41 pnee above _530 a barrel for the first ahead of year’s end, dealers Dealers said borrowers showed Investment Bank Lid., closed 

racts in effect at some of the percent to 45 percent of United’s tu ? c smc =>\ mdependentJy cut 11 s ^ in addition, they said that the renewed interest in the sterling al 9953 j ns ;,j e total fees of 

ics. Under these contracts, pilots wQl be paid at the lower rate, pnees m October 1 984 in reaction trafat pricing of both notes made floating-rate-noie sector, which is basis own is.' 

employees are hired at much he added. todiscountmg by proaucers m the I talian and Thai issues look Monday saw Citicorp Finance 

r wage rates, giving the airiines Therefore, there are strong in- Or ganizatio n of Petroleum Export- more attractive to investors. PLC come to the market with a I n other new-issue activity. S*> 

ing Countries and others. 


Therefore, there are strong in- 
centives for major carriers to ex- 
pand even though there is little 


PLC come to the maiket with a in other new-issue activity, So- 


Tbe Italian issue pays the mean £150- million issue paying 10 basis aetfcNauonaledesCheminsdeFer 


The price for Statoil’s three of the six-month London interbank points above three- month Libor 


growth in traffic Mr. Ferris pie- grades erf crude. Brenu Ekofisk and bid and offered rates over its 15- over 12 years. 


dieted that thk would lead “to ex- 
cess capacity in the marketplace” 
and “prioe banks with virtually 
every competitor." 


Statfjord. is between 527.90 and year life, with an investor put op- Dealers said investor demand for 
$2830 a barrel in November, the tion after seven years. It closed at sterling notes has picked up recent- 
sources added. Statoil fixes its 9934, just inside total fees of 50 ly. particularly from Britain and 
prices on a monthly basis. basis points. The issue is due 2005 multinational corporations looking 


launched a 202 -billion yen, £-per- 
ceni dual-currency bond due 1995 
priced at 101 Vi, while Heron Inter- 
national Finance BV issued a 60- 
million-Eu ropea n-cu rrency-uni t. 
9%-percem bond due 1997. 


Monday^ 


12 Meath 
HhtoLow Stock 


Saiesln Ml 

Piv'. Ytt. lint H» Lw 1PM Ofat 


n Month 
HW1L0* Stock 


Sales la No 

Mv. Yld. Me MMj tigiwt atm 


12 Manta 
MghLflw Stock 


oiv rm : ib Hiqa low : pa<l or M 


12 Month 
Won low Stock 


So In In Net 

CUv YliL IBB HUH Low ) PAL OlIU 


MW 12ft BwHdTs 
20M rat Brawn M 1A 
21 IS BorYEr 
TS'H 2Mh BMAl UM li 
3 Bwlnld 


23* 22VS 22%— « 
U 1 «% l«i 
VTA 17 1714 + hk 

2M4 2TVi 2»— to 
7H 7Vl 7H 


IVkes 


NASDAQ prices as of 
- 3 pjd. New York time. 

Via The Associated Press 


;■ '■> ftuta 

5 <■ ‘.mLnw Sloth 


307 

IS7 

US 

a 

397 

u 

M 

40 

27 

22i 

34 

M 

JO IS 3 
211 
3D 

JO IS 11 
SSe 13 17t* 

351 

115 


U« 1614 TOL +1U, 
19 1g*« (6 

17M 1M« 17 + V. 

M » 

m n i ■ — m 
1414 14 Vi UU 
n it* 103*— Vh 
3M 3M 3Vh— Vh 
7% 7W 7Vh 
TV TVi TV, + Vb 
If lit* I IV,— Vt 
22Mi 21H 2n< + Vh 
13V, 13 13 

KRh 10V, ItWi + V, 
Mk n 

714 7V» 7Vt— M 

2SH 2SV, 25V5 + % 
19H IRk 19V, + 14 
11 1»* IO**— 4* 


Sotos In •• Net 

DK.Yld. Wot HWh Low' 3 PM. Oi-bo 


~S.t : , 

: 1^*11 ADC 71 
? ! A . 1214 AEL 


■: MIS' I4WAFG 
r 4,- 714 am 


ASK 

;?! ICVi AaniRf 

Aeod in JOr IS 
_ 9* 7V» Acolrtn t 


'jc :>:«* 

& 

rt 

to 

z 


.w 1 ^ Aa,Hc 

V. ov* 

* 4 
■4. 3 
JO 13V, A 
A 151* 
ft 9V5 A 
14 714 A 

■7 3 Vh AtonB 


AcuROY M VD 


19Vi If .m* + fe 
T3VS 13 13—1* 

22V* 221* 

111 * in* 

2114. 2HT+ to 

■an +- fi- 
lm— i*l 


AtojtB 1A0 15 4g 

Jssr .« ^ £ 

ANeoBv -40 1.9 2W 
anrfw. M AA 442 

1 


15 AHeoBi 
17*6 AIWBo 
m Al 
4Mt A 


Ml Alias 566 

1)14 AmeosJ M 13 17 

4?* AWAJri 283 

Ut AmAdv t 291 


* 1M* ABnkr 

* in* AmCarr 

t 54* A Conti 
1314 AFdSL 
' 41* AmFlSt 


M u US 
1*0 4.1 514 

31 259 

1.40 2 i 9 

UP 24 49 

SO V 4BX 

1.10 *Jt 314 
14 

124 2 9 417 


20 1J 34 
9594 

.09 -5 !« 

H7 J 173 
Si ID 324 
1 JO 42 294 
329 
522 

316* J 982 
.10 24 82 

M 10 247 
144 

3t tMM 


7V* 7V* 7V* 

"fo W W-* 

12 iif* in*— v* 

7D* 49*. 70 — V* 
in* in* 19**— to 
514 49* At- * 

15V* 15 IS — V* 
3to 36* 3H — 14 
41* 59* 41* + I* 
15V* 1516 15V* + Mi 
34K 3414 341* 

3314 23 32 —114 

2511 25 2514 

1811 1514 1814—34 
23=11 2336— Vi 
6V* 41* + Vi 
.. 149* 17 

2H 27V. 22to— V* 
22 2194 22 — 14 

14V* 1416 16VJ 

1911 1«t* Ifto + 14 

32 31V* 3114 + 9* 

43V 4316 431* 

54 V, 54 56 

3916 30% 3916 

4414 45V, 451* 

30 2?W 30 +1 

241* 24% 241* + 1* 

279* 274* 27H — 1* 
4214 42V* 4214 + 14 
W* 14* IV* 
nv* 13V* 131*— I* 
w 1M4 1S11 

4P6 + 16 
in*— 14 
15!*— I* 

tv. +n* 

1934 + 16 

an* 4- 1* 

3146 + 14 
14V* + V* 
20 

2 + ** 
91*— 16 
4** + 1* 
2314— Ik 
514— 14 
14V* 


3Kl 3»W a* 

1114 1114 1114— U 
51* 5 S — 1* 

51 '6 S7V, 5Bto 
99* 9*4 99* 

2 144 2 + 14 

251* 2SV* 25V. + 1* 
444 44* 444— 1* 

19 1814 19 + V* 

i4i* im mi* 

1716 17, IT — M 
249* 241* 24V*— 14 
171* 17 1716 — 1* 

191* 19 U* + to 
H6 M* 834 + 14 

141* 14V* 141* 


2&2&2& 

811 81* n— 14 
166* 1*1* IStb— 16 
1 



Ml* 13V* K1_A s 
9 416 KV Phr 

241* 1334 Komon s 
1*14 13V* Korchr 
17=4 934 Kastor 

in* 41* Kenton 
4414 <01* Komp 


877 

2 

32 

no 

2S 0 
24 

1.80 22 103 


At 4V* Knti 
11 «3> KoyTm 

7*1 2V, KJmbrk 

21K, 13V* Krnrtor 
1314 43 n Kray 
141* 11 Krueer 
29V* 01* Kuicko 


KyCnLi 1.00 iJ 143 


1S2 

231 

25 

06 J 1713 
W i IKI 
J£ 2 A 1T4 
.121 1.1 488 


151* 0 

1514 11 

2114 237* 20**— V* *0^ 

0 8 8 — to ‘ 

2A. 24V* 24V* tJJ* 

Mi 141* loth ■ S2 

104i in* 1CP4 + V* 131* 5*4 

n* 9te 9H + V* UJ 

44to 441* 64V*— to 91* 

6114 57V, 58V* +1V* *£ 

6la n 4V* + V* ^ 

f% f 9V4 Jito 20to 

7*4 21* 2*-— to £22 

195* 191* 1916— to ^ 

71* 716 71* ” ? 

151* 15 ISto— to ,3? 

lOto 10V* 101*- to ’JJJ 'J- 


11 to 516 LDBmic 
2116 9to LSI Lee 
23V, 9-4 LTX 

Tito 93* Ln Piles 
53V. 3316 LaZ By \AO la 

23V 121* LadFm M J 

18V* 11 Lakflw JO U 

17 12V* LamaT 80 L5 


301* 1714 
75V, leto 
371* 29V* 
10 7 


T734 1414 Ln nc mt .72 4.1 


59to 34 Lane Co SI 14 23 

32 2316 Lowsns J2 1* 124 

79* 41b LooOta 110 

9to 43* LMlsP JSb 14 1 

4 2Ht Lexicon S80 

314 116 LexMto 96 

34to V7U Ltebrl 3)9 A 229 

TV* 41* Lf *Com 1071 

2H4 111* UlyTuI JO IJ 247 

355. 19V* UnBrd 1381 

3616 27V* UltoTei 220 4.1 22 

41* 4Vh Undbro .14 27 35 

49V* 2114 LhrOai J5 A 1709 

261* 2K6 Lotto F 128 4.9 105 

XFV. 1516 Lotus 1373 

199* 514 Lypho* 836 


«* 6to 61* + to W 

2116 211* 21V* ° 7 

13to 13*6 13to - 1* » . 

21 to 201* 21 — V* 3A. T6V* 

54 53to 53V. — to 

34 2314 2311 + W ,3* ”6 

ISto IS 15to 2* 

14V* 14 141* + V* Wto 516 

173. 1734 1714 + V, ^ “ 

583, 5814 Slto — to 5 

2716 27 2716 + Li 74k 3 

»* 5V* 5V* W* 7^ 

18 9 

4 3to 

4214 201* 

151* 11V* 

FIB 




221 * r 22 - to 

TV* 6to 7 — to 
1414 141* 141* — to 

381* 38 3tto— H 

2636 36 36 

6 55 * 6 

44 45to 4516 — V* 
Mto 2514 26 to + V* 
21 19to 20 — I 
ISto 17»* 18 — 1* 


AIM 
220 LA 2x 
SB 23 31 

JOr J 673 
1.12 44 IDG 
33 

.ISO 1 J V304 
-50* 27 5446 
87 
398 

40 U 43 
IJM XI 258 
.12 U 25 
219 
207 
108 
un 
38 
132 

.12 A 297 
161 
122 

l 109 

438 
25 

.14 40 284 
.12 J 24 
170 104 34 


)0fc 103a I0to + >6 
ISto 15*6 1516— U, 
1416 16V* 7oto 
BV* 71* 8 — to 
1216 111, 1114 
414 6to 41k— to 
131* 13V 13V 
1916 19 19to + to 
13to 139* 11 + V* 

life 75* 75* 

3416 34 3416 + *6 

28 to 273i 2714— to 
•to f 9'6 

2436 241* 241*— to 
716 7 7 

11 ID’* 1016— to 
1831 18)* 181*— to 
3to 2to 2A- to 
303* 29V* 29V, — to 
25 241* 241*— 1* 

HV 33 33V + to 

8V. 83i 83. 

id* io lot* — i* 

203. 20V 2016— 1* 
23% 23 23 — V* 

11* 116 116— tk 

13to 13V* 131*- to 
121* 131* 121* 

321* 32 3216 

f BV* Bto + V* 
4to 4V. 49* + to 
8 716 716- I* 

6A6 62to 43)*— 2 
ISto uto Uto + to 
4to 4 4 — 1* 

42V 42% — to 
llto 1116 111* + V6 
l»i 191* 191* — to 
2416 261* 2414 - 14 


U B 
27-A 13to 

TV* 3V« 
2Bto 12to 

Bto 2to 
22 9 

36=to 201* 
121* 6 to 

2614 131* 
20 8to 

4to Hi. 
20 8to 
1«V* 914 

101* 3 

14'6 6 

13to 6 V 
2Bto ISto 
14to 5to 
2014 5V* 
15 3to 
149* 91* 

2W to 
30 IV* 
1716 10 
I2to 6to 
30% 20 


10% 

ia 

10 



25V* 

25V* 

2Sto 



3% 

3to 

3% 




184* 

IB’* 

lBto 



'id 

3to 

3to 

3% 



10% 

10% 

lOto 


'^1 

36% 

36 

34 



9% 

9 to 

9% 



27 

26% 

2a-» 



19% 

19>* 

l«to 



3 

24v 

2% 

_ 


10% 

10 

10 




19% 

18% 

18% 



4 

3% 

3% 




T A’. a «to- to 
10to 10V* I0to + to 
26 25to 26 •+ V6 

6to 6to 416— to 
7 43i A’-, 

4% 3to 3to— 1* 
141* 14 J4 141, — to 


V» \ to + V* 

28 36V* 24'*— Ito 

11 V 1036 103.— V* 
9to 89* 8*9— l* 
3414 2416 243. — % 


I5V* 4 QMS 
tto 3to Ouodrx 
1316 9 Oua*C& 

32% 17to Qoontm 
S9, 2to QuesJM 
17V* Bto Quixote 
14% 7% Qwofm 


1414 1416 Mto— % 
8% 8 . 9V*— V* 

17 M6 17 
5V* 51* 51*— % 
29* 214 21*— to 
1916 19V* 191* 

1816 1716 1714—16 
Mto 33to SJto— to 
9 Sto fto 
5% S 516 + 16 
2 VO H4— V* 
2to 21* 2V* 

18% 179* 18 
1914 191* 19H— 1* 
♦to 4% 414 

2114 21% 2116 — to 

35% 35 35V4 + to 

23 22 to 23 + V* 

ID* 11% 11V* + to 

41* 6% 416 — to 
XZ4* 32% 72 %— V*. 

n* iv* ito 

2714 27V 273* + V* 
5to 49* 51* + to 
311* 381b 31 — to 
25V* 25V* 25)*— U 
121* 12 12 
2414 241* 261* + % 
251* 25% 3% 

13V* 13% 13V* + to 
73i 7% 714 + V* 



9 BV* 81*— to 
8)6 8 8 - to 

17V 12 12 — V* 

22% 2116 2216 + 1* 
4V, 41* 4\* 

161* Mi 14% 

!2to llto 12 — % 


2516 18 
24% 131* 
Ifto 5 
23V* I03i 
14 716 

29V* Mto 
5816 241* 
26% 12 
111* 8% 
29% 21)* 
11 6 
22 % 111 * 
14% 4 

n % 

32 2n* 


SO 12 32 

Me .7 292 


3 S’/: 25% 25% — V 
14% 16 16 - % 


,15r U 43 
188 3J 135 
Gro 50 

IFfl JlSe J 108 
__ dn U4I21.2 7 

•to UPrete 17 

2to US A/il 69 

2Tto US Bcp 1 JOO 13 147 
19* US COO 114 


5to 19* US Coo 
6 2t* US Osan 


Jllo .1 74 

42 U 750 

345 
*» 
187 
76 

1.00 11 83 

J4 U 44 

15 

25 
294 

44 1) 50 

273 

JO 14 136 
.12 J 33 
49 

.14 1.9 7 

27a 
47 

.lSe XI 49 
J4e .9 49 

1^0 XI 185 
32 IJ 71 
B83 

16 

-80 44 58 

1.10 3J 534 
J>4 A ns 

26 

.54 11 254 

t 39 
56 
33 
24 


716 71* 716 

171* 14** 171* + to 
14to 131* 139* 

•to 8% 9 
B% 8 8 — 1* 

31* 3Vh 3% — to 
33 32% 32% + V* 

18% 18V= 18V* — V6 
11* 1% 19*— to 
22% 22V* 22V*— % 
111* 111* 11V6 + It 
30V, 30 30to + 14 
12V* 12 12 — to 

514 5VS 51*— to 
171* 17% 1716— % 
51* 5to 5% 

8V* Bto 8 to— to 
10% 10l« 10to— 1* 
194* 19% 191* + 4* 
TV* 7 7 

29% 29 29 

45to 45 45 

1716 17% 171* + 16 
Cto 6% Ato— 1* 
211* 21% 2116 + % 
1BV* lit* ISto— to 
32 3)16 31%— to 

14 131* 14 

n* 9to M* + to 
27 25% 2416—11* 

9Vi 9 9V* + 1* 

3to 3% 31*— V* 

12% 12% 12% + 1* 
23 221* 22 V,— V* 


in USHCs 1495* 

5to 3% US Shell .12 28 340 

27V* Mto US Sur AM 12 248 

42V* 25% USTrs 1JD ZB 40 

25% 17% UStaln J4 1.1 17 

25to 15% UnTelev 57 

48% 331* UV/OBS 1^4 XS 47 

22 14% UnvFm 723 

20V* •% UnvHK 203 


• 8V* + % 

14 I3V* MW- to 
Mto 131* M + % 
27V* 27’* 27V: 

57% 57% 57% — % 
25 241* 34r, 

•to ••» 91*— 1* 
29% 29 29 

7 A% 6% — % 
19% 18to 19V* + U 
7% 7% 7%— to 

** "S "to 

301* 30 to 30'*— % 
4to 4 to 41* t to 
21, 2% 2% 

20% 19% 20 
41* /V 4% 

18% 17to 17**— to 


42% <2% -S’- + 1* 
21'* 21 21 — % 
24to 24% 24% + to 
4A% 46% 46% — % 
71% 21 21 — % 

13to I3to 131* + to 
10% 10% 10% 

4% 4to 4'/* — to 


6% 3% Usarf 


•to 

5% VLI 



551 


A 


MV* 

7% VLSI 



605 

Mto 

14 

M — to 


3to VWX 



566 

4% 

4% 

e->. 

11% 

7% VSE 

.lie 1 j 

15 

iov, 

10% 

iov* -»■ % 

20% 

4 VdlldLC 



296 

8 

7% 

7% — % 

224* 

8% VolFSL 



544 

19to 

18% 

T9to +■ % 

42% 

26to ValKtl 

IJ2 

X5 

777 

38% 

38'ra 

38to— V* 

33V* 

19% VtrtLn 

40 

u 

8 

25 

« 

25 + % 

19% 

11% VonDuS 


11 

41 

lBV, 

17% 

i9to + % 

15% 

4% Vanzrtl 



51 

4% 

4to 

4% + % 

6% 

2to Vorrtrex 



300 

5to 

4> 

5 

28% 

13H Vtcorp 


s 

•5 

W*k 

VTA 

iito— % 

13% 

Ato VledeFr 

J2e 19 

M4 

8 

/to 

7to- to 

15 

•to Viking 



55 

14% 

13% 

M 

20% 

13% Vlratek 



7B 

19 

18% 

19 — % 

12to 

5% Vadavl 



744 

TV, 

7 

7% — % 

22 

1416 Vollinl 



27 

191* 

19% 

19% — 14 


19 

434 

31 

. 10 r U iM 

50 43 4] 

•20b S 482 
140 X4 427 
112 
72 

X00 38 741 


45 

.14 22 55 

44 21 74 

144 
28 

.32 23 218 
•40b 14 429 
144 
963S 
117 
124 
3286 
34 
302 

JO XA 68 

. 24 
85 A 2865 
-0B A 2358 
JO U W 
I 200 

.14 3 93 

AS IJ 1173 
163 4.1 253 

.14 J 31* 
12 

.15 S 1518 
804 
387 
78 
* 

110 


184 

■6>0 24 35 

-40* 34 SS 
123 

J2 24 • 

.» X3 1431 
.10 14 274 
88 4A 239 
129 
199 

37 J 107 
134 
1096 

JO 27 44 

JM 34 IS 


44* 114 Ocoaner 
17V* io oetlia* 


ma im % 

416 4W Ato— % 
38% B 38V* + W 
25 21 24V. — to 

49* 4% 4V* + V* 
234* 23V* 23V* 

6V* Ato AV* + to 

n« ito ito- u 
Zt 22% 22to + to 
1* 14 16 -to 


73% 41 to OWoCo ISO 1» in. 
3416 20% GfdKnta 1.10 12 22S 
41% 23 OMRP1 74 22 51 
33% 14% One Bcd S2 U 161 

9% 3% On Line n 

Ifto 12V* OoMcC i53 

48% 27% CKJtlcR 3S4 

I9U. 12V* Ortxmc IJ 

av* sv* Or* it zjq 

8 4% OrtaCp 775 

2D 121* Ostimn JO U 4 

341* 271* OttrTP 276 BJ 32 

16 8% OyrEa. 4 

Mto ■ OwoMo JG 17 236 
4% % Qxogd 4* 


2 1% 2 
13. 12% 12% — % 

41% 41% 41% 

72% 71% 71to— IV* 
34% 34V* 34V* 

343* 331* 33% — to 
3 31to 33% + V* 
7% 4% 6% 

14% M 14V* 

28V* 27% 27%— % 
MM 14 14 

7V* 4% 6% — tt 
ito 4M 4to— to 
13% 13% 13% — % 
33% 33% 33to + to 
11% 11 11% — 16 
169* lAto 161* + to 
.« i* i* + to 


JO 44 39 

40 15 279 
05a U 23 


n xi i 

9 

498 

J6 1 9 133 


33*2 21to PNCS 1J3 U 420 
53% 39% Paccar IJOa is u? 


33% 33% 33% + & 
41% 4116 4116— % 


■28 U 49 
.93 ZJ log 

.10 1.1 IM 


10% 10V* 

13 12% 

22% 22V* 

6% 6 
18% 1816 
221* 22% 

451* 44% 

12% II Vi 
19V* 1816 
79V, 78to 
Sto Stm 
ito 6V* 

61* 4% 

20V* 2>to 
91* 9% 

14% 161* 

14V* ISto 
25to 25% 

4% 41* 

7to ito 
8 7% 

4% 4to 
5% 5V* 

216 2 
7 1% 

221* 22V* 

6 6 
B% Bto 
U 12% 

33V* 22 
3414 23 
4% 4% 

19 1816 

J6to 3Ato 
41 40% 

33 22to 
•to 9 
38to 271). 

’sa t 

139* 134* 134* 
14% 14** Mto 
2T6 22 

Sto 4to 
U4fe TFh 
lito II 
15% 15% 
lOto 104* 

2to 2% 

51% 51% 

23% 234* 

Sto Bto 
16V6 16 
29 28% 

18 17W 

4% 44* 

21 % 21 % 

18W 17?* 

&4* 6% 

2*to a 
19% 19% 

23 22% 

8W 8 
Iflfc MW 

101* 9% 

Tto 71* 

29 2Sto 
14% 14% 

24W a 
4046 3«to 
4M 4 
546 5M 
14% 14% 

23 23 

7% 7% 

2214 21 to 
39to 39% 

34'6 2344 
160 15* I 
77% 77 
7** 2to 

& * 

9% 9% 

aw Bto 


25% 

17% Wl 

40 .96 

47 

23 

20% 

20% 

2DMi + % 

17 

10 Wt 

IbCs JA 

U 

17 

16% 

15% 

15% 

IJ% 

Ato Wl 

;rT tl 


96 

10 

•to 

•to— to 

25% 

18% Wl 

hE 176 
SLs SO 

77 

83 

23 

ZPk 

23 + % 

Mto 

li Wl 

11 

759 

28to 

27% 

28 — «* 

lito 

10% Wl 

ISB 


no 

MT* 

I4to 

mi*— % 


4 Wt 

velk 


145 

77* 

7to 

7% + to 

1414 

10to Wl 

Bb A0 

13 

144 

12% 

12% 

12% 

I9to 

8% Wl 

stFn 


131 

19 

18to 

181* — to 

17% 

SV. Ws 

FSL 


12 


15to 

I5to 

10% 

5% Wl 

UcTe 


18 

7% 

Tto 

Tto— % 

1/V6 

6% Wl 

rus 


208 

1714 

16-'* 

171* + to 

21% 

151* Wl 


11 

52 

20 


Mto — % 

i/to 

Ato W. 

wC % 


622 

11% 

11% 

llto— to 

38% 

24to Wi 

Ira .« 

17 

337 

34to 

36% 

36% — to 

Ato 

3 Wl 



348 

3to 

3 to 

Jto + to 

I3«ra 




744 


3to 

3to— to 

48% 



15 

400 


«.to 


)5to 

Tto Wi 

(AL 


B93 

MV* 

Mto 

u:*— % 

into 

4% Wl 

SnF 


123 

6 

Sto 

5%— % 

71* 

3'* Wl 

ftdmr JDJI 


lt&S 

51* 

4to 

4to + % 

24% 

Mto Wl 

XS 

34a 

17 

)6to 

17 + to 

19% 



48 

12 

12V* 


TJto 

20 



13 

I4J 


IRto 

18% 

•to 



12 



av* 

30to 

20% Wv 

man SO 

19 

8A 

71% 

20% 

am — % 


TV* Ito Xatwc 
13% 5% Xieor 

17% 10% Xldcji 


2 fl k jVa 2’.— H. 
B% 7** 7to — to 
14% 14% 14% + V* 


25% MV6 YlowiFs SA 2J 444 


25to 24% 24% — to 


301* StoZoflLbS .101 A 

13% iov* Zloglor ASa Xi 
45 31 ZtonUt IJ* XI 

5% 1% Xitel 

•to 3% ZJyod 

15% 4to Zondvn JM J 


24% 24'* 24V*— L 
13% 1241 13% + % 
44 43% 44 

27* 2 to 2v, — V* 

6V* 6 Ato f 

llto 11% 11% 




25 

3% 

3% 



112 

IPto 

10 



206 


in* 

JO 





U 

2 

I9VS 

l? 



584 

12% 

11% 



13 


7% 

M 


la 


•to 

J 

or 

24 

25% 


Soles figures oro unofficial Yeorlr highs ana lows rolled 
Ihe orevioiA 52 wteeks dm the current week. *u> not the loieii 
trading day. Where a soil! or stock dividend anvountma io 55 
oercenl or more has been oold. the year's n.gn-lo« range and 
dividend ore shown tor the new stock only Unless otherwise 
noted, rales ol dividends are annual disbursement mu, on 
Ihe laled declaration, 
a — dividend also exIralitJ’l 
D — annual rote of dividend plus stock dividend./! 
c — iiauidailno dividend./! 
eid— coiiM./i 

0 — new yearly low^i 

e — dividend declared or no id in or ©cod Ing 12 manms.'l 
p — dividend In Cmodion hinds, uiblect lo 15\ non-residenee 
to*. 

I —dividend declared alter spIH up or slock dividend. 

| — dividend sold mil /car. omitted, deterred, or no action 
Taken 01 latest dividend meeting. 

k — dividend declared or oold this year, an accumulative 
Issue with dividend* in arrears. 

n — new Issue In the past 57 weeks. The nioh-low ranoe Begins 
wllh IM Mart at trading, 
nd — nut aav delivery. 

P/E — orlctroamlngi ratio. 

r— dividend declared or paid in preceding 12 months. Plus 
slock dividend. 

s— stock sum ouiaena begins wun date ai sain, 
sis— sain. 

1 — dividend oold In stack In preceding 12 months, estimated 
cosn value on e*-dlviaend or en-aistribuilon dale. 

a— new veorivhloti. 
v — trading hailed. 

ul — In bbnirrmlev or receluorshlo or be.no reorganized un- 
der me Bankruaicv net. or wtcuriflK assumed bv such com- 
panies 

wd — wnen dlsiribuied. 
wl — wtien issued. 
mw — with warrants. 

, — es-dlvldend or cn-rlghls. 
rdts — e*-custribuilon. 
jfW — without warrants. 
f —ex -dividend and soim in tu». 
yld— vleia. 

Z — sales In lull. 
















Page 22 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


PEANUTS 


NICE SOINS.MAEat.. 
UJE BOTH FALL ASLEEP IN 
CLA55..ANP N0U1 WE 
HAVE TO REPORT TO THE 
PRINCIPAL'S OFFICE- 


IBHaMMHBgMHBalp^p 




PRINCIPAL'S 

OFFICE 




aiiiiBiiiiiBin 


SOLUTION TO PREVIOUS PUZZLE, page 21 
ACROSS 52 Author of 24 En 


52 Author of 

1 Rice U. team 55"Whm 

5 57 NeW YDrk ' 5 S®* 1 

„ machuie state bird term . . 

10 Forehead w To the W. S. Gi 

“■W ■ ... sheltered side 27 Tag 

16 MktSitiuUuE 61 28 Pen* 

17 Efird ofthe™*’ S*"*? 

20AlS I1 A S bbi e «3 Laugh loudly (becaus 

21 iJS t 16IW5, SSffS 

S\£!tt “ D S£S2L° d0r 

23 Served DOWN 38 Agt. 

winningly IWhaleoffiln. JJglackc 1 

24 Hasten kme 

25 Maryland's 2 Diluted 42 Emerta 

state bird 3Tra 44 Missive 

33 Inspire ** Lanka 45 Shrub o: 

34 Siberian city 3 Fo . r «*» time heath fa 

35 Existed 46 Profit 

36 Chera rooms 6 Grande 4g Taq t 

-ssa 

Ss^V— 8 Night, in Nice «g£-j 

9 ^r d_ »« 

41 Departs 10 Sultanate in 53 Spain's 

42 •• , Get Borneo river 

Your Gun" 11 Actual 54 Employ 

43 Alaska's state 12 Theater prize 55 piece 0: 

hirtl 13 Disney or ground 

47 Age Kelly 56 Baal or 

48 Ruler on 18 Prima (on Maram 

Olympus first view) 58 One oft 

49 ■ • Up, 19 Peculiar trait three R 

Doc?": 23 Somecorp. 59 Flying 

Streisand film employees maram 

& New York Tones, edited by Eugene Maleska. 


1 Whale of film 
fame 

2 Diluted 

3 Tra 

4 Lanka 

5 For the time 
being 

6 Rio Grande 
city 

7 Harding and 
Blyth 

8 Night, in Nice 

9 Clean-air-and- 
wateragcy. 

20 Sultanate in 
Borneo 

11 Actual 

12 Theater prize 

13 Disney or 
Kelly 

18 Prima (on 

first view) 

19 Peculiar trait 

23 Somecorp. 

employees 


24 Emcee 

25 Under 

26 "When I was 

served a 

term . . 

W. S. Gilbert 

27 Tag 

28 Perch 

29 Flightless bird 

30 W 

("because of) 

31 Sorceress 

32 Ruhr city 

37 Burg 

38 Agt. 

39 Black cuckoos 

41 Honker on high 

42 Entertain 
44 Missive 
45Shrubofthe 

heath family 

46 Profit 

49 Last 

50 Aureole or 
gloriole 

51 On the Red 

52 Growth on a 
tree mink 







footage is devoted to Django Remhardtbefore, 
under and after the Nazis. _ ■ r . 

Zwerin has a rationalization, ^he present, 
he observes, “clarifies the past.” And so we 
have an entire chapter devoted to the author’s 
recent visit to South Africa leading a jazz 
quartet under U. S. auspices, and an explana- 
tion 0 f why he had no reservations about iL 
(“The boycott laws provide for atonement by 
writing and/or speaking out about tile troth erf 
this evil system, the most evil system sipceNari 
Germany, which I am doing.”) 

We have, too, a report on the use of dope at 
jazz events in Poland in flic 1980s, and a 
su dden and totally irrelevant pot-down of the 
guitarist and anger George Benson, who was 2 
years old when the Nazis were defeated: We 
have inexplicable factual foul-ups, such as the 
placing in Paris, after Wcrid War II began, of 


e Ellington (he had gone home months 

earlier) and St£phane Grappelli (who remained 
in England throughout the war). 

All this having been said, “La Tristesse de 
Saint Louis” remains an absorbing work, pro- 
viding additional evidence that xwerm — a 
trombonist and a writer for the International 
Herald Tribune on popular music and jazz — 
is awiong die two or three most perceptive and 
readable a«thors cm jazz, as we learned in his 
autobiographical “Close Enough JFor Jazz.” A 
little egocentric, yes, with a tendency to remind 
us too often how many kilos be lost while 
writing die present .book. He is discursive, 
using too many flashbacks and flashforwaids; 
yet Zwerin’s idiosyncratic way of telling these 
intermingled stories seldom wanders too far 
afield. ' * 

The glue that holds these pages together is 
the passa ges devoted most doseJy.to the theme 
supposedly at band. When Zwerin interviewed 
subjects who lived in Germany, occupied 
France or Poland during the war years, he 
cheated information of which most of us were 
only vaguely aware. 

His research was neither as weH-otgapoed 


ANDY CAPP 


I t iMiOlurOWII^MWM l W 
0>,> p. Nvwt twin Syndcalr 


Buy me a ) 
► DRINK, -< 
SPORT? ) 


f KNOW 1 
^ — / _WHAT 

V J V LIFE? 


ARE YOU 
/WORRIED? 


53 Spain's longest 
river 

54 Employ 

55 Piece of 
ground 

56 Baal or 
Mammon 

58 One of the 
three R’s 

59 Flying 
mammal 


WIZARD of ID 


Flu# 2 / A 

AtiP A THAT SN/tf£ H4 £p 

^ t rmsi"n ILL 


MMNT HMT 
vuxevTo 


DEIVNIS THE MENACE 




records until i*w, a ----- ; . . 

somebody must have realizedhewas 
After that you could buy Arue Shaw records 
because they did not know his real name was 

A » Zwerin’s dramatis ^^narac 
fascinating: the bandleader Gcorp&att, 
whosemSer was Polish and whose fathm was 
black, who. without coflaborabn& somehow 
ingratiated himself with the Nazis m Warsaw, 
attracting uniformed officers to his dub; the 
trumpeter Bronislaw StasiaL who led a jazz 
bandmAnsdiwitz; Wfcslaw Macbeu, tederof 

a grotm m the tamp rjMrewOT 

sixofus. We could get half a loaf of bread, 
some marmalade and a few agarettes. Thanks 
to ««»<«•, I not only survived the war wit I 
became a professional bass player”)- -■ 

■; The^aasavedinyiif^thcmeisarecmxTOt 
motif. The subject of Zwerin’s nwst «tr««u- 
naiy interview is a former SS m an . Heinz 
Baktanf, who shows the author a senes of 
letters testifying to his alleged kindness. One 
was from a youth whose apartnlent was raided 
by Baldauf while the young man was listening 
- to a banned radio station during a party. “Mr. 
Baldauf asked me to entna into the next room 
and said, ‘Mr. Haas, you are a half-Jew. Tbjs 
wwW p«w real trouble for you, so 1 vfc i 
overlook the matter of the radio station: it wad 
not be written into my report.’ The result was 
that I was not punished, and until today I am 
thankful foe his humanity.” 

As Zwerin wryly observes: “Is it posable? A 
good Gestapo officer? A nice SS man?” The 
interview ends with Baktanf whistling a few 
bars from “Take the A Train” and asking 

TVr wrm tfm wvf ctamp a for his Stamp CO flection 

This episode and otters no less engrossing 
make “La Tristesse de Saint Louis” indispens- 
able reading. 


Leant vd Feather, joz critic of the Las Ange- 
les limes, wrote this review for the International 
Herald Tribune. 


CHESS 


rrr. . M . ■ 

■■■■■BWiliiiaiiiBmHMr. . .w- .. ...th 











aiiaiia.iu 






THERE'6 ONE NICE THING 
ABOUT OWNING A CAT 


BUT r PONT KNOW 
_ WHAT ms J 




THAT SCRAMBLE! WORD GAME 
by Henri Arnold and Bob Lee 


Unscramble these four Jumbles, 
one letter to each square, lo form 
four ortfinary words. 




o»*5! 


i l / i \i» 



$ssmm 


ptil* 

WmKTtWMi 


IT COULC? BE THE 
BEST INVESTMENT 
ON EARTH! 


W>rid Stock Markets 


Now arrange the circled letters to 
form the surprise answer, as sug- 
gested by the above cartoon. 


Via Agence France- Presse Nov. 25 

Casing prices in local currencies unless otherwise indicated. 


Print answer here: 


Yesterdays 


(Answers tomorrow) 

Jumbles: FRIAR TESTY ENTIRE HELMET 


3930 3900 
3546 3375 
595 £05 

2575 2500 

itno 975 

7300 HA. 
2510 2S2S 


¥%' 

5 tv Chartered 
Sun AHJano* 
Tote and Lyle 
Ta»eo 
Thom EMI 
T.J.Grouo 
TrWalaor Kw 
THF 
Ultramar 
UnJlavarC 
United B bauds 
VkJccrs 
Woarnortti 


*80 686 

M 96 

463 457 

531 558 

533 StO 

59 298 

417 419 

420 417 

?S £ 

22 s 22 a 

12 21/3212 51/64 
264 219 

313 315 

596 588 


Cold Storaoa 
DBS 

FraNH-MtOV* 


F.T.3B I ados : 1M6J9 
Piwim.-rout 
. P.TXE.1M lodtx: M5SJS 
Prwnoes : W51A8 


Answer Sometimes a police dog Is the only law with 
thls-TEETH IN IT 


WEATHER 





Mcri BcnkJno 

OCBC 

OUfl 

ous 

Shonerwo 
5ln»* Daror 
SYtoraLond 
S*p or« Pre sj 
S ShKrrnshlp 
St TrocBno 
Unltod Overseas 
UOB . 


3 m sat 

us 5J0 
t2S dJO 
204 107 

HX!. 211 
530 5.15 

S25 830 

228 237 
220 223 

218 218 
252 1^9 

245 247 

620 635 

nm aas 
278 280 

1.45 1 AS 

X50 252 


Straits Ttataslnd I 
Previous : nxm 



Nomura Soc 
Olympus 


c 

F 

2 

54 

0 

32 

5 

41 

3 

37 

0 

32 

2 

2B 

Z 

36 

4 

39 

2 

28 

1 

52 

3 

37 

1 

34 

2 

28 

1 

30 

0 

32 

2 

28 

2 

54 

B 

64 

9 

48 

3 

37 

3 

37 

3 

37 

7 

19 

4 

25 

7 

45 

S 

23 

0 

32 

2 

28 

1 

30 

2 

36 

2 

28 

2 

28 

1 

34 

0 

32 

0 

32 

1 

30 


200 196 
420 415 
215 209 


224 224. 

257 2S2 


ACI 

AHZ 

BHP 

Boral 

8oueafitWll* 

Casrtemalr* 

Cola* 

Comako 
CRA 
C5R 
Dunlou 
Eldars Ixl 

rci fiuBtroila 
Maeellan 
MIM 
Wy «r 

Mot Airs* Bank 
wews Carp 
H Broken mil 
Pom Wan 
QW Coal Trust 
Santa* 

Thames Notion 

Western Minina 
Wasluoc BaiWine 
Waadstdv 


282 280 
4J0 472- 

142 840 

US 215 
IJ8 LS3 
8 8 
4JJ5 405 
170 MB 
U M6 
258 234 

240 2AI 
270 180 

21S 208 
2QS 205 
257 248 
135 255 
*03 438 
U0 876 
22 7 218 
340 OSS 
141 1J2 
540 542 
245 245 
338 228 
442 43 
TJ6 17 


Aiiore tnont* index : 188148 
Prwd8M;9914B 























































-** 


INTERNATIONAL HERALD TRIBUTVE, TUESDAY, NOVEMBER 26, 1985 


Page 23 






'I ' I.V.,-- 

M3 

Dk . ' AilI l-yard Wiboa-to-AIlen pass 
\ 0 JZ S ANGELB . -Chns Bahr, pat the ball at the Denver 42 with 
'Nt. . egtgpg^a.seopnd chance, lacked a six seconds left in the wnw» Wilson 

' a r*° &S- ’^SSJSS A S^- M 01 wer " ^ ibre91 a 20-y8«J«toAv«ic re- 

•i-.; •- a ?i ceiver Jesae Hester, who stewed 

• ! ^^^t^ a31 ‘? 8N4ll0, ® 1F001 -- out of bounds with one second 
: ■ '*• A.%V- V1 ® 1< ”7, °y er l ^ e stowing on the scoreboard dock. 

* « vV ?*?n VCr 2 ro S' ^ Bahr was wkte. right on his 40- 

., ,, ^ Si ^*puM liavc yard field-goal attempt. 

tef§& 


SPORTS 





on the 

in regulation. 

Iftt them both wefl,** Bahr said, 
e one I missed, Ihita^wieOl as 


NFL ROUNDUP 


j V^ 1 ^. a '■■ «ny I hit all yean It shocked me to 
•e-iT* -see « 80 wide. It’s irice to get the 
i c : 3*£ : ' ^econdcfaanoe. but 1 don't care if ^JSS* 

-adV.^ls "wgeUsafeiy/asinBgaiwegetthe 

• winning pouus." W® 5 ” 11116 

" - '- ■ The decision left the coJeadera t ~ Lc ^ uc ’ - •*-*«—* 

'^IVof the Western Division rf the Donald 

> a+/v \ . n :— c „i__n Iewdbmke then kicked his fourth 


“You can’t say h . wasn’t oedtr 
ing,” said Coach Tom Flores of the 
Raiders. Remarked Denver Coach 
Dan Reeves; “Yon have to give the 
Raiders credit. They certainly de- 
served to win the game. They realty 
took it to ns.” 

Buccaneers 19, Uons 16 : In 
Florida, Steve Young, in 
NFL start foQowing his 
jump from the United States Foot- 
ball Leaeue. eagmnered a 10-point 


■* American. • Football Conference ^ij , . , . 

with 8-4 records. They win meet [^dgoaJoftte^arM, a 24-yardex, 
?gam Dec. 8 in Denver to beat D«ron for Tampa Bay. 


Igwebuike 
field goal o 


lae 


The 
ed an 


et- 


t- 5? “ Hi*?. 5«^rd <Wv=lhal 
fine to the Bronco 14. patting t£m Y«ra^ ^ startedat ] ins maj 18 aftera 
r ;- -in position for Bair’s Sni4 kick- - Detroit P™* with 9:38 left m over- 

■-“.'r: -Marcos Alien, who gained. 173 

L 0,1 24 carries for the day, 

*■'■ started the' drive with -a 14-yard 

■run. Two plays later, quarterback 
“ Wilson fired a 42ryard pass 

“;■ wide receiver DokjeWHams to 

put Bdirin range. 

Denver had tied the game, 28-28, 
with 1 1 :59 left in the fourth ] 



Loms Wright 
• ziia? v? Denver. lode a 7-0 lead on the 
•**C- first of quarterback John Sway's 

^ three toudidown passes, a 16- 

yarder to wide receiver Steve Wat- 


- ; 7‘4i4 son with 5:13 remaining in the first 

quarter. The Raiders needed only tar ™ ,aIa ‘ 
22 seconds to tie it After Fulton 
Walker returned the kickoff 27 
^ards to the Los Angdes 39-yard 
line, ADen went 61 yards — his 
longest run ever in a regular-season 
game — fora touchdown. ; - 
The Broncos made it 14T at 2:36 
w - of the second .period on a 9-yard 
r’i shovel pass from Ehvay to running 
i i ’§ ! 1 back Gerald WIHhile, capping a 78- 
yard, 16-playdrive. But the Raiders 
*1 quickly moved 68 yards on six 
.plays to make it 14-14, the touch- 
‘.down coming on a 17-yard_pass 
j^nn Wilson to tight end Todd 
Christensen. 

- For the game, Wilson completed 
- <. 16 of 34 pass attempts for 238 yards 
; and was picked off three times. 

rrrr Elway finished with 19conq)letkHis 

it: in 32 attempts for. 1 64 yards. He 
did not throw an intercqrtKm. 


ttptmt 

time. “In the huddle, Steve was 
realty motivating os,- gating the 
team moving,” said offensive tackle 
Ron HdQer. “You could see steam 
coming off hfm It was almno hke 
you didn’t want to take a chance on 
disappointing the gay.” 

James Wilder had scored on a 6- 
yard ran to oil the lions’ lead to 
16-13 with 3:38 left in regulation, 
and Igwebuike kicked a 36-yard 
field goal with one minute to go. . 

Giants 34, Cnrtiinsds 3: In St 
Louis, Fb3 Simrm threw touch- 
down passes of 31 yards to Lionel 
Manuel and 12 yards to rookie 
Mark Bavaro and George Adams 
rushed for 113 yards and a TD as 
the New York (Sants throttled the 



British Columbia CFL Titlisl 


Compiled by Our Staff From Dojwrfcn 

MONTREAL — The big-play offense that led 
British Columbia to its third straight divisional 
title was dominant Sunday as the Lions won their 
first Canadian Football League championship in 
21 years by defeating the Hamilton Tiger-Cats. 37- 
24, in the Grey Cup game. 

Lion quarterback Roy Dewalt threw three 
touchdown passes, hitting wide receiver Ned Ar- 
mour on 84- and 60-yard scoring plays, and wide 
receiver Jim Sandusky for a 66- yard TD reception. 

Armour, a former San Diego State track star 
who never played college football, was playing as a 
replacement for Mervyn Fernandez, who missed 
both playoff games because of a thigh injury. 

“When I got the opportunity to play, I used it 
the best I could,” said Armour, who bad three 
catches in all for 151 yards. “I only played one 
regular-season game and caught one pass all year 
long. It sure was satisfying to get in the playoff 
game last week and to finally be part of something 
as great as this.” 

Armour, who has world-class speed, came to the 
CFL in 1982 after being cut by the San Diego 
Chargers, who signed hnn as a free agent. He 
outran Hamilton cornerback Less Browne on post 


patterns on both TD passes to break open Sun- 
day’s title game. 

Dewalt completed 14 of 28 passes for 394 yards 
without an interception for the Lions, who finished 
first in the Western Division with a 13-3 record. 
The Tiger-Cats, champions of the East with an 8-8 
mark, rallied from a 13-0 deficit to take a one-point 

lead in the second quarter, but they couldn't con- 
tain the explosive Don offense. 

Nor could they handle a defense that harrassed 
quarterback Ken Hobart throughout the game and 
sacked him eight times. Said British Columbia 
defensive end Nick Hebeler: "We had a good game 
plan 2 nd did a pretty good job executing it Ho- 
bart’s a great player and Lell be heard from in 
future years.” 

Dewalt. named the game's outstanding player, 
not only threw his three touchdown passes but also 
kept the Lion offense moving enough to set up five 
field goals by Lui Passaglia. who added three TD 
conversions and a 57-yard single. 

Hamilton's touchdowns came on a 35-yard 
catch by Ron Ingram, a 1-yard dive by Johnny 
Shepherd and a 1 2-yard reception by Steve Stapler. 
Beraie Ruoff had three conversions and a 21-yard 
field goal. (AP, UPfj 


Trailing by 9 With 31 Seconds Left, 
Bucks Rally to Defeat Suns, 140-138 


Cowboys 34, Eagles 17: In Ir- 
ving, Texas, Danny White threw 
first-half TD passes of 2 and 23 
yards to tight end Doug Cosbie and 
connected with wide receiver Mike 
Renfro on a 19-yard setting strike 
in the fourth period as Dallas past- 
ed Philadelphia. ' 

The Cowboys also got scoring 
runs of 3 and 10 yards from Tony 
Dorsett, who went over the 1,000- 
yard rushing mark for the eighth 
time in nine seasons. 

Rams 34, Packers 17: In Ana- 
heim,' California, Ron Brown, a 
member of the.U.S. gold-medal 
1984 Olympic track team, ran wild 
against Greea~Bay, going. 98 yards 
for a toudidown with the game's 
opening kickoff and returning an- 
other kickoff 86 yards fora secoad- 
periodTD. 


it. -- Denver WenT ahead:- 21- 14,^59 2^°“® ““ in NFLh£ American Sharon-Walsh Pete^7-5, 

8 - 5 ik Seconds before halftime on a 6- W. -tt Timmy 1 Brown of the 1966 - 
' -C N-St- yarder from Ehray to tight end Pndadlephia Eagles and Travis 

■' ‘ NtR [’. /^lovArtAa V mr T ap A mwrlair tlia 


to il U nr^d Ptao lmn notod 

New Fxigtend defensive endJKen Sims had trouble accepting Sunday's overtime loss to the 
New York Jets; consoling him was quarterback Tony Eason, who took over late in the first 
period when Steve Grogan sustained knee-figament damage that wffl sideline him until 1986. 

Australian Open Off to a Soggy Start 

Compiled by Our Staff From Dapauhei 

MELBOURNE — Seventh- 
seeded Mannda Maleeva of Bul- 
garia paced three other seeds into 
the second round of the women’s 
singles as the Australian Open ten- 
nis championships began Monday 
under soggy conditions. 

Maleeva, 18, scored an easy 6-1, 

6-1 victory over Lea AnionopKs of 
the United States. Meanwhile, 
lOth-seeded Catarina Lmdqvist erf 
Sweden, 11th seeded American 
Barbara Potter and No. 16 Kater- 
ina Maleeva — Manuda’s 16-year- 
old sister — also won first-round 
marches in the 64-draw women’s 
angles. 

Lmdqvist downed Regina Mari- 
kova of Czechoslovakia, 7-5, 6-2; 

Potter eased past compatriot Beth 
Norton, 6-3, 6-2, and Katerina Ma- 
leeva struggled before defeating 


champion Lisa Spain-Short, 6-2, 7- 
6, and Brown polishing off Ameri- 
can Barbara Gerken, 6-2, 1-6, 6-0. 

Chris Evert Lloyd, the top-seed- 
ed defending champion, and sec- 
ond-seeded Martina Navratilova 
were not scheduled Monday. Only 
three first-round men’s singles were 
completed. 

Most of the interest in the men’s 
singles centered on two men who 
are not due to play until later in the 
week. 

John McEnroe, the second seed, 
flew into Melbourne aiming to win 
the event for the first time. Despite 
failing to win a grand shun event 
this year, McEnroe said, *7 fed 
great” following a two-hour work- 
oat here. With a first-round bye, he 
is not expected to play his opening 
match tmtil Friday. 

McEnroe is coming off an un- 


said be felt much improved since 
his appearance here last year. “I 
think I am better in every way,” he 
said. 4 Tm serving better and I don't 
think I have real weaknesses. Tm 
much more confident than before.” 

“It feds good to be back on 
grass.” said the West German teen- 
ager. “The open was my first big 
tournament last year and it's good 
to be back. I love to play on the 
grass because I can dive around 
and h doesn't hurt.” (AP, UP I) 


The Associated Prof 

PHOENIX, Arizona — Things 
looked pretty bleak for the Mil- 
waukee Bucks w hen they trailed by 
127-118 with 31 seconds left 
against the Phoenix Suns. 

But the Bucks showed Sunday 
night why they lead the National 
Basketball Association’s Midwest 
Division by rallying to tie and then 
winning, 140-138, on Jeff Lamp’s 
two free throws with four seconds 
remaining in overtime. 

“I don't think we had much busi- 
ness winning this game.” Lamp 
said. “We just kepi playing hard 
and got some breaks at the end.” 

Terry Cummings sparked the in- 
credible comeback at the end of 
regulation with two baskets in the 
last 29 seconds, including a buzzer- 
beating 16-foot jumper that tied 
the game, 128-128. 

Milwaukee Coach Don Nelson 
was ejected with 7:42 left in the 
third quarter and Phoenix up by 
73-70. The Bucks were coached the 


rest of the game by as sis um i Mike 
Schuler, who said,’ “Terry's was a 
big, big hoop. We were looking for 
him and he came through.” 

Cummings scored 13 of his team- 
high 28 points in the final period, 
which started with the Suns lead- 
ing, 96-86. “I was supposed to re- 

NBA FOa S 

ceive the ball in the post, but the 
Phoenix defense cut us off so I took 
it to the right side and shot it.” 
Cummings said of his game-lying 
shot. “This one is real sweet.” 

Milwaukee made up ihe nine- 
point deficit on Cummings's slam 
dunk with 29 seconds left. Lamp's 
three-point play with 26 seconds to 
go, Ricky Pierce’s three-pointer 
with H seconds remaining and 
Cummings’s jumper. 

With the Suns leading, 127-123. 
and 19 seconds left, Larry Nance 
missed two free throws that would 
likely have put the game out of 
reach. “Come talk to me — I’m to 


blame for this one.” Nance said. “I 
should have bit those two Tree 
throws and we shouldn't have been 
in overtime. Blame this one on me. 

o.K.r 

“We threw- the bah away and 
made a few mistakes there toward 
the end,” was the understatement 
of Coach John MacLeod, whose 
Suns are 2-13. “We had a big lead, 
but we were taking our shots too 
fast. We should have been icing 
down the time. We just shot too 
early.” 

The Bucks led. 138-135, late in 
overtime, but Walter Davis, who 
had a season-high 38 points for the 
losers, hit a free throw with 19 
seconds left and added two more 
with nine seconds to go. After 
Lamp's decisive free throws, the 
Suns' Rod Foster missed a despera- 
tion 15-footer at the buzzer. 

Lamp finished with 23 points 
and Sidney Monerief 21 for ihe 
Bucks, while Alvan Adams had 28 
points for Phoenix. 


Islanders Edge Rangers, 4-3, on a Giveaway Goal 


. k Clarence Kay. Los Angeles tied the 

,: c. ykiSk seore again at 6:05 of the third 
-- tivt k quarto' on a 3-yard pass from Wfl- 
. «- Li sc son to tight end Trey Junkm. 
;...7jteaa: r The Raiders took the lead for the 
'r: , ,re: ici Bret time with 3:28 to go in the 
.;*r (gi quarter on a I-yardbootlegby Wil- 
- . son; that capped a 12-play drive 

- H sc following a surprise (made kickoff 
?.<» — which kicker Bahr recovered at 

_ the Denver 48. 

IC.06E 


WflHamc of the 196T Green Bay 
Packers —have rim hack two kick- 
offs for TDs in a game. 

Chefs 20, Gobs 7: In Kansas 
City, Missouri, Todd Blackledge 
passed 22 yards to Stephane Paige 
for one score, MBte Pruitt ran in 
from the two and Nick Lowery 
kicked field goals of 29 and 42 
yards as the Chiefs ended a seven- 
game losing streak. 


6-4. 

Only 14 matches were completed 
as rain twice interrupted play on 
the grass surfaces before play was 
halted for the day. 

A blunder also delayed the start 
on center court far more than two 
hours; a faulty sprinkler valve re- 
sulted in pan of the show court’s 
bring flooded overnight. 

Britons Sara Gamer and Aman- 
da Brown also advanced, Gomer 
beating former U-S. collegiate 


The Associated Preu Ruotsalainen's second goal of the 

NEW YORK — Steve Rich- game in the third period, the Rang- 
mond gave it away, and the New ere looked as if they were going to 
Yorklslandere were glad to take it. put the Islanders away for the sec- 
pressive victory iirtlie Stockholm- “They say that one player can’t lose- ond straight time when they pep-. 
Open. Ivan Lendl, top-seeded here, - J ' J * - ° ' ~ 


V: $-\l "ty 


has been unbeatable in the last cou- 
ple of months. If form holds, 
McEnroe will meet defending 
champion Mats Wilander in one 
semifinal with Lendl taking on 
Wimbledon champion Boris 
Becker in the other. Wilander is 
seeded third and Becker fourth. 

Becker gave his first news con- 
ference since arriving in Australia 
last week and named Lendl and 
McEnroe as his likety rivals. Becker 


NHL FOCUS 


a hockey game, but I did,” said 
Richmond after the Islanders de- 
feated his New York Rangers, 4-3, 
in overtime Sunday nighL 

Richmond had just hit the ice to 
relieve some tired defensemen 
when things fell apart for the Rang- 
ers. who had stormed back from a 
3-1 deficit. 

Tied at 3-3, thanks to Rojo 


■ i. « 


13 


SCOREBOARD 


* 

, m> v 
••• K 

w 

x & 

.7- Ml 




Basketball 


Australian Open Tennis 


-National BasketbaH Association Standings 


The Draw 


- EASTERN CONFERENCE 
Atlantic Division 

,'W L Pet 


II 1 M6 — 


Cbfcoao 
SB Was hi ngton 


J Now Jersey 

- • 9.7 

562 

3tt« 

^ -Ptuiodolphfo 

6 7 

662 

5 . 


6 « 

AM 

5V. 

New York 

Hit • 

r a -MUwoutcoo 

3 1! 

Central DMstott ' 

.-214 

BM 

13 5 

xn 

— 

Ootroit . 

TO 5 

*o 

IVi 

Atlanta 

. 7 8 

MT 

4Vl 

r-j XJevefatvl 

6 9 

AM 

SVt 

0 > -CWCUBO 

6 ID 

■375. 

6 . 

f \' jQcnana 

3 10 

JOI 

7ttl 

?•- : . WESTERN CONFERENCE 

MMfWtst DtvWnr 


^fltwnver 

11 3' 

J86 



r-« jttousfon . 

10 5 

-M7 

m 

- j -utoh 

8 7- 

SO 

3VZ 

San Antonio 

• 7 8 

M 7 

4 VS 

, * Ooltol 

4 . 7 

662 

41ft 

t ' -Sacramenjo 

£i 1 . 

4 10 

PocMc DhrtsJoa 

J?M 

7 

.*9 J LA. Lakers 

T3 2 

JW7 

rare . 

C n , Pprttond . 

18 7 

588 

4 

e -UaWen State 

7.9 

638 

61ft 

LA Cfimra 

6 8 

M9 

61ft 

seam# 

6 9 

A 00 

7 

r. -Phoenix 

r- 

2 13 

.133 

11 


Hockey 


NHL Standings 


-V 
c'k > 


* WALES CONFERENCE 
1 Patrick Division 

- W L T PM SF GA - 
PMIOtMpbkl 77 A D M IM t5‘ 

WastHaoton 12 t 3 27 03 &S 

NY Island*? 9 7 4 22 77 78 

ny Ranger? 10 in l 21 - U M 

Now Joncv 8 ID 1 17 49 70 

Pittsburgh 6 12 3 15 IS >2 

Adams tuvtsloo 

.VSton 11 l < a 8 72 

MrffaKi 12 7 1 25 79 U 

QuabK 10 V .1 21 JV 72 

Montreal 1 I 1 S n H 

Hartford « 10 0 18 68 77 

CAMPBELL CONFERENCE 
Karris DNtstoa 

75 
92 
79 

M3- 
B» 

73 
73 
92 
102 
106 


SUNDAY'S RESULTS 

27 27 22 36—106 
‘ 27 26 2S 27-111 
Ruhmd IMS 5-7 27. Makne W-1V 6-9 26; 
DaUoy 10-14 7-727, Woo IrktoC 10-21 64 26.RS- 
boonls: Chicago 27 (Gnion 9). Washington 40 
(Roland 121. MUi: Chkooo 14 (Pexnn. 
Oondno 3), Washlnofon 30 (Williams 9). 
Atlanta II 28 17 26-98 

Ctevefagd M B H 26— M 

Turpin 12-T7M27. Andaison M M 14; Lav- 
ingstan 6.13 M 17, Willis 4456 IX RofcOunds: 
Atlanta Si (LevhiBslonin.CMvolancl 63 (Hin- 
son 111. Assists: Attanto 24 (WHtinon 8), 
dovdand 20 fBaofov 13L 

2S 36 21 M— 118 
17 34 » 28— US 
Thmnpom 11-17 74 29, Pnxson TO-T7 84 21 i 
Ofohiwon 15-25 7-9 37, LtoVd M-11 04 20. R8- 
bounds: Houston 53 (OMuwOfi 101, Portland 
49 (Ttwmason 13) JUsists: Hooston 19 (Samp- 
son 4), Portland 20 (Vcdontina 7L 
New Jorsov ’ M 31 27 H— 111 

Socromioto 21 20 31 21— MS 

Birdsong 9-16 3521, Rkhodno 7-11 36 17, 
□awfcivs 64 57 17: Ttwut 6-14 36 16, Woodson 
6-2044 14,. Ktalno 5-13 4-7 14, TbomMOn 2-5 10- 
12 1*. R eb o un ds: NowJorser 49 twillloms m, 
Sdcramenta 37 (Thoroe. kMm 91. Assists; 
Now Jersey 31 (Richardson 12). Sacramohto 
22 (Draw 5). 

Dmr 18 26 18 23— M 

Seattle 32 28 31 19—118 

. McDaniel 9-16 46 22. Chambers B-M 1-2 17; 
Eneri teh M4M U. WtiUo542-2 14. Roammds: 
Denver 35 [Nett. Cooper 7), Seattle 51 (Skim 
11). Assists: Denver 23 .(White 51, Seattle 35 
(Henderson 10). 

MHmuKee 28 S 26 42 U-M8 

Phoenix 22 » 38 32 TO— U| 

Cummings 13-19 44 28. Lomu s-12 7-7 23: 
W.DcviS 11-20 15-17 38. Adonis 11-13 6-0 28. 
Roboonds: MBwnu Roe 56 (Cummings. Llstar. 
Lorna 6), Ptioenlx SOINance It). Assists: Mh- 
waukee 36 (Presoev 81, Phoenix 40 (Nance 8).’ 
5m AbhHllo M M 22 B6« 

I— A. Lahore 31 38 W 26— 1«- 

E Johnson M2 9-9 21 worfhv 9-12 3-3 21? 
MttcheU T2-1904M. Gdmore 64 1-2 13. Hughes 
5-1 336 11 Rebounds: Son Aittonto47 (Comoro 
81, i_A. Lakers S2 (Raratds n). Assists: San 
Antonio 35 (Wore 10), LA. Latere 27 (E. 
Joh ns on 13). 


MEN 

Ivan Lendl C1L CnchoelovaUa. bye. 

Leonardo LnvnUo, Mexico, bye; Ben Tes- 
termon UA. vs. auallfltr; Kelly Evmndea 
NewZsohBXLvs. Brian' Tooehor, UX; Christo 
5tryn. South Africa vs. qualifier; Rlcfcy Os- 
torttiun, West Ocrmanv. vs. uuulWer; Wahor 
PerUss, IsrorC bye. 

Brad OWert o»>, UJ, bye. 

Tomas smld fil), Qecnostovrfda. bye. 

John LJovnL Britain, bye; ciem Loven- 
decker. U 3» vs.quoU«ler; JocobHtasefcSwtt- 
Mrtand, vs. auaUlter; Stephan# Bameau, 
Canada vs. John Frowlev. Australia; Mar* 
Edmon d son, AusfraDa vs. Uovd Bourne, 
U&: Sammv Ctammatva Ui bye. 

Jocddm Nystrom m, Sweden, bye. 

Boris Becker (41, west Germany, bvc. 

Wol mono Poop, West Germany, vs. AAkdiM 
Schapers, Nethertoods; Houb Van BnocteL 
Netherlands. Vt Cohn Dowdesmnll. Brito In I 
Nelson amis. Brasil, bye; Most Mitchell. U A. 
vx. dirts Lewis, New Zealand; Tim Oulllkson, 
UA, bye; Tart* BentwMteS. Prance, vs. Dor- 
ran Cohm. Australia. 

David Pnto tm, UA, two. 

Henrik Sundstrom (14), Swede n , bye. 

qualifier, bye; Simon YduL Australia, vs. 
John Alexander, Australia; Memo Dostum. 
Netherlands, vs. WBIhr Masur, Australia; 
Shlame Gfldcstoln. Israel, vs. qualifier j Mem 


Anger, U-S- ny»; Bud Schultz. UAvs-awalin- 
er. 

Stotan Edbers 15). Sweden, bye. 

Johan Krish (A, UA, bye. 

Chlo Hooper, UJL. bye; Hank Pflstor. U5. 
vi Qualifier; Peter Doahan, Australia, vs. 
auatlflor; Pofor Thruon, Australia bys; AAatt 
Doyle, Irotand, vs Jar Logi dus . UJL; Mark 
Woodtorde. AuurollD. vs qualifier. 

Oreo Hofanes no. UJ, bve. 

Poof ABMCaae (12), (IA bys 
Robert Green. UL bvc; MTko Leach. UJL 
v*. Jonathan Cantor, UJL; ThnWKkbon, UJL. 
vs qualifier; Marc Flur, UA, vs Jeremy 
Botes Britain; Leif Shlrtts U A, vs Guv Far- 
oe!. Prance; Qualifier, bra. 

Mats WBanaer (3) Sweden, bra 
Thn Mayotte (f), ua. bra 
Mite Bauer. UA. vs Mar* Dickson. US.; 
Francisco Gonzalez. Paraguay, vs Jones 
5vanssoa Sweden; Robert scad. Argentina, 
bve; Mike DePalmer, U5. vs John Fitzger- 
ald. Australia; Damir K ere He, west Germa- 
ny, vs Slave Shaw, Britain: Slobodan Zhwllrv 
ovlc. Yugoslavia bra 
Scott Davis m, ui, bra 
mart Leconte (13), Francs bye. 

Amos Atansdorf, Israel, vs Peter McNa- 
mara, Australia; John Sodri, us, bye; Brad 
Dmvett, Australis vs Mar* Wboldrldos. 
UA; Dan Cassidy, U.S- bve; Nduha odizor. 
Nigeria, vs David MacPnereen. Australia; 


Bill ScanJon. UJS. vs Danie Vtssor, Soutn Afri- 
ca 

John McEwm CD, Ui. bra 


Football 


National Football League Standings 


AMERICAN CONFERENCE 


\ SL Louis . 

8 8 

3 

19 

66 

F Cnlcaga 

8 18 

3 

19 

86 

Minnesota 

5 10 

5 

15 

73 

JM1TOH 

4 12. 

4 

12 

65 

• Toronto 

4 . 13 

3 

11 

74 


3 myrtle Division 



. Edmonton 

15 4 

2 

32 

103 

Calnary 

- id 7 

3 

23 

.88 

VtDKDUW 

9. 11 

2 

20 

89 

.Winnipeg 

8 11 

2 

18 

79 

1 Las Angeles 

5 14 

2 



; SUNDAY? RESULTS 


J>!rtst»rgh 



- 2 

-1 

PbtteMaMa 



'1 

r 


Poulin 3 (7)| craven {7),SJnbalo2 (l2).Ron 
gutter |4)l LemMin 04), Cunneyworin (4l. 
£h«xil (SI, Bloiadefl (6). ShoHoo Boot: Pitts- 
bursh (on Jansen) MH2-B; phltadeWita 
. (on Herron) 1HW5— 36. 

’■j - N.T- islandm 4 l 0 l— 4 

? i • N.Y. Rangers 1 1 1 *— 3 

y* 7 Latter («, Basw rill. LaFenoaine <121. «t- 

l f" bert(2);RuotHlo<hen2(5).Braalu>n>.Siiots 

*, .on Bool: N.Y. islaadare (on Scott) 11*M— 
XU N.Y. Rangers («t Smith) UHO-M-ai 
Los Ansetes . 3 8 1 *-« 

V CbJeag* 13 1 9—4 

; wells <SL NkhollS (11), Dionne (6), Syfcee 

/ (J): Secord- (I), B Murray (3), Usrmmr (71. 

Olcnif (7). Sliata on goat: L« Amwlt* (bn 
Souve) UwiMO-1— 31 ; Chicago (on Eliot) 17- 

V 14-H-2—44. 


Selected Collie Results 

■AST 

" Vllhmovo mi, Vermont 61 
SOUTH 

N. Caralina 187. UCLA » 

MIDWEST 
Brooklyn CoL IX Toledo 7T 
Valparatso U. Illinois Tech 4 A 
Xavier (Ohlol 91, SE Lautskata 75 . 

SOUTHWEST 

Arkansas U. & llUaah 73 - . 

FAB WEST: - - 
Motro 54. 63, Montana Tech 51 


iv: 


T0UKMAMENT1 
Big Aggie NIT 



East 

W L 

T Pet PF 

PA 

. N.Y. Jets 

9 3 

a 

xso xa 

197 

Now England 

8 4 

0 

667 240 

200 

Miami 

8 4 

0 

MJ 799 

345 

IndtanapaHs 

3 f 

0 

JS0 214 

292 

Buffalo 

2 10 

0 

.147 162 

256 

Cleveland 

Central 
4 6 

0 

JM 201 

172 

Pittstwrgti 

6 6 

0 

500 273 

218 

Houston 

5 7 

0 

617 206 

270 

OnctonoH 

5 7 

0 

A17 299 

325 

LA Rotosr* 

mm 

8 4 

0 

647 274 

2(1 

Denver 

8 4 

0 

467 294 

232 

Seattle 

6 5 

9 

445 261 

223 

San Diego 

S 7 

0 

617 319 

332 

Kansas Ofy 

4 8 

0 

X33 222 

278 

NATIONAL CONFERENCE 


Dallas 

Beet 

8 4 

9 

Ml 2 54 

214 

M.Y. Giants 

8 4 

t 

M7 282 

1«6 

Washington 

7 5 

9 

JO 218 

225 

Philadelphia 

4 4 

9 

>500 200 

210 

SL Louie 

4 8 

0 

J33 201 

2*0 

x -Chicago 

Control 
12 0 

0 

uxnast 

nr 

Detroit 

6 6 

0 

JOD 230 

36 0 

Green Boy 

5 7 

8 

.417 246 

281 

Minnesota 

5 7 

D 

617 244 

278 

Tamm Bov 

a « 

0 

■167 247 

359 

LA Rams 

west 

9 3 

0 

.750 258 

196 

San Francisco 

6 5 

8 

.345 ZS 

1W 

New Orleans 

4 a 

0 

.333 220 

323 

A norths 

2 ID' 

0 

.147 218 

357 


Dallas 34, PhUodtiBbia 17 
LA. Rems 34. Green Bay 17 
Kansas a tv 20, indlanagolls 7 
LA. Rtdders 31. Denver 28. OT 
MONDAY'S GAME 
Seattle at San Prendsat 

Grey Cap Sirmmary 

(At Montreal) 

Hamilton 8 14 0 10—24 

hr. Columbia W1J 1 11—37 

niret Quarter: BC— Armour 84 pare tram 
Dewaff (Pascagna Uc«(),5:i6; BC— FG Pas- 

SOSlfal 44, 11:14. 

secoes Quartan BC— FG Passoslle 2H 
3:16; Ham— Ingram 35 Pass from Hobart 
(Ruoff kick), 6:57; Ham— Shenherd 1 run 
(Ruetf klex). 13:00; BC— Armour 68 eassiraivi 
Dewalt I Passagna kick ], 13:40; BC— FG Pas- 
SOBUa 24, I4A 

TUrd Quarter; BC— PG Passog lla 37.9:59, 
Fourth Quarter: BC— PG PtHsagila77, :09; 
Ham— FG Ruoff 71.3:49: BC— Sandusky 66 
pare fcnom DewMI IPareaona kick!. 6:34; 
Ham— Stapler IS pare from Hobart I Ruoff 
kick), 9:27; BC— Single passaotla 57, 74:50. 


WOMEN 

□vis Ewrf Uoya CD, UJ, vs. Rat Fab- 
bank, South Africa. 

Candv Reynolds. U A. vs. Betsy Naoefsen, 
UJL: Barbara Gerken. Ui. w Amanda 
Brawn, Britain. 

Bettwo Boobs (to. West Germany, vs. 
Dionne BalestraL Australia. 

KsterfiM Mtfls evo (76), Bulgaria, v*. Shar- 
on WbtavPete. uj. 

AJvckt Moui tan. UJ- vs. qualifier; Marcel ki 
Mesker, Netherlands, vs. Mvrlam Scbropp, 
West Germany. 

MremelaMaioevB ah Bulgaria, vs. Lea An- 
tonopns, U A 

Pam Shrtver Ml, UA- vs. Andrea Hoi Iteva. 
Czechoslovakia. 

Undo Gales. UA. vs quaJHIer; EtSUko In- 
owe. Japan, vs Elizabeth Mlnter. Australia. 

Catarina Linda vbt (IS). Sweaea vs Regina 
Morsikava, Catchostovekla 

Ja Dgrie ( 11], Britain, vs Anne Mintor. Aus- 
tralia. 

Sara Corner, Britain, vs Usa Saain-Short. 
US.; Carina Kanssan. Sweden, vs G4gl Fer- 
nandez. Puerto Rico. 

Ctaodla KoBde-KUscO (5). West Germany, 
vs Annabel Craft, Britain. 

Zina Carrhea (6), UL vs Belinda Cord- 
welL New Zealand. 

Terry HeilOOgy, Ui, vs quatlfier: Jenny 
Brroe. Australia, vs Ann Honrlcksiofi. U.S. 

Use Bander (14), U5, vs Louise Field. Aus- 
tro no. 

Wtndr Toro boll (»), Australia vs qualifier. 

Uz SmyOe, Australia, vs Qualifier; Molly 
Van Nostrand. Ui. vs Ylrglnla Wade, Brit- 
ain. 

Ho no MandBteva (3)- Czoehoslavakla, vs 
Camille Beniamin, u.5. 

Heiemi Sokova (8). Crecnasiavakia, v*. Jen- 
Ine Thompson. Australia. 

Lori McNeiL UX, vs Hobhi White, UJL; 
Ovtsttone Jolissalnt, Swi^ertenO, vs Etta* 
Buraia, UJ. 

Pascalo Paradis (IS), France, vs dual lller. 

Barbara Potter (11), UJL. vs qua I (Her. 

Anna Hobbs Britain, vs Hu Na, U JL; Soohle 
Amkich, France, vs Nicole Pravls Australia 

Morttno Navrariuva (2). u vtauaHRer. 


pered goal tender Billy Smith with 
three successive shots in overtime. 

But one of the near-misses 
bounced to Islander center Pat La- 
Fomaine. who batted the puck out 
to the blue lrne. Richmond tried to 
control the puck, but fumbled it 
away to Islander Greg Gilbert, who 
was playing in only his fifth game 
since Iasi February because of knee 
surgery. Gilbert skated in all alone 
and beat goalie Ron Scott ] :57 into 
overtime. “There’s no excuse for 
giving up a puck for a breakaway 
goal at this level" Richmond said 
“I sure picked a bad time to do iL" 

In the night’s only other games, 
Philadelphia beat Pittsburgh and 
Chicago and Los Angeles skated to 
tie. 

The Islanders bad taken a 2-0 
lead on first-period tallies by Ken 
Leiter and Mike Bossy before 
Ruotsalainen connected from 55 
feet on a slapshot at 18:14. Later's 
goal, his first in the NHL. was 
Iaunced from the top of the right 


mL • * 



The Auooand Pteu 

Ranger goalie Ron Scott shouldered aside this first-period 
faceoff ciicle and came off a pass shot, but at 1:57 of overtime he couldn’t stop Greg Gilbert. 


from Neal Coulter. 

“It was one of those shots you 
always dream about,” Leiter said. 
“The puck came out slowly to me 
and I just shot iL 1 don’t even know 
where it went in. I just saw the light 
goon” 

Bossy fired a point-blank 25- 
footer at 1 1:15 for his 13th goal of 
the season. LaFontaine made it 3-1 
when he flipped the puck over 
Scott's shoulder to cap a 2-on-l 


who gave the Islanders a 4-3 decision Sunday in New York. 


break at 4:02 of the second period. 

The Rangers' Bob Brooke scored 
his eighth goal (one more than his 
total last season! on a 10-footer at 
13:03 of the second period to trim 
the deficit to 3-2 before Ruorsa- 
lainen tied it with his fifth goal of 
the year. 

The Islanders avenged a 5-0 
drubbing by the Rangers Saturday 


night at the Nassau Coliseum. “To 
lose here would have been devas- 
tating," said GiJberL “It was an 
advantage to play them so soon. 
We had an opportunity right away 
to redeem ourselves.” 

Jt was also the first time in his 
career that Smith had been victori- 
ous in overtime during the regular 
season. (AP. UPIi 


Results 


Fire! downs 
Rnsnovvons 

Paxslno 
Cotnp-Att 
PlHttS-OvttW* 
Fumbles- lost 
Penal ths-yrgs 


BC 

14 

M-m 

394 

J4-2M 

1*41 

2-1 

12-IDS 


Hgfll 

17 

38-198 

184 

I1-3M 

1266 

1-1 

1065 


- (At Ctodmaiu 
. Louisville B0, Tuba 74 

(At DamsrJ 

Karans m , Washington « 

' (At Hartford, Can os etteot) 

St. JAM'S 45. W-A/trainla » • 

(A* Houston) 

Cute 46. Alo^Blnnlnatam 54 

• tteo TtMff Classic 
CtenwIodsltifUNew Mexico 61, San Dlooo 46 
TWrd Blade: Lam Beocn st. 6$. Bucknau 4$ 


(K-49lnakKi dtridon t Itfol 

SUNDAYS RESULTS 
Chicago 36, Atlanta 0 
OeWkmd 34. Cincinnati 6 
Houston 37, son Dlooo 35 
woaMnoton 30, Fitttznran zt 
Miami 73. Buffalo M ■ 

N.Y. Jets 14. New England IL OT 
New Ormans X, Minnesota 73 
N.Y. Gteris 34. St. Louis 3 
Tainoa Bav W DelraH 16. OT 


RUSHING: Brill sti Columata, Stms 19-98, 
Passagila V13. Haml rtan, Hobart 14-1 10. sitso- 
h«m 14-88. 

passing: British CMwnBia. Dewa i t U-28- 
0094. Hamilton, moan ttMM-174, Parras 1 
1 - 10 . 

RECEIVING; Brttlsn CatumMo— fiOfKkl*- 
ky 6-135, Armour M51, Pankrats 3-79. Hmnli- 
ton, Stoator frSS, Ingram 3-W7, Crawford 2 - 2 . 

ATTENDANCE: 5L723 


MEN 

(Ftret Round) 

Toda NeHon. ui Roger Roshocd. Austra- 
lia. 66, 61. 6-X 

Peter Doohoru Australia, del. Andrei Crm- 
notev. Soviet Union, 68. 6-). 6-2. 

Shkvno Giicksteln, Israel, def. Stuart Bad, 
Britain, M, 7-6. 76. 

WOMEN 
(First RDuaa) 

Boraora Potfor (li). ux.dsl. B*ttt Ngrtoa 
UA, fra 4-2. 

Menuala Atetaeva (7), Bulgaria. d»L Lea 
AntongoBA Ui. 6-1, m. 

Katertao Maleeva (Ml. Bulgaria, art. Shar- 
on WOWfPete, UJL 76. 46. 

Catarina Undavtsi (10). Sweden, del. Bsai- 
na ManJkova. Czodiosiowakla 7-5. 6-2. 

Myriom Shroro, West German v, del. Mar- 
csila Mesker, Metnerion dL 66. 66. 

Etsuko inoue, J soon. art. Elhs&eiti Mlnter. 
Australia 66. 76. 

Room White. UiOet LOTI MCUril, UitJ. 
5-7, 6-1; Christlonrw Jgllssolnl. Switzerland, 
def. Elite Burgin. Ui 6-7, 66. 6& 

Masako voamc. Japan, defJWrclo/rairi ton. 
UJ. 7-5. 4-2. 

Sara Gamer, Brltom,«f. Lisa S0aln-St»rt, 
ILS.6X7-& 

Amanda Bronn, Britain, dot. Bartiara Ger- 
ken. UJL 62. 16, 4-0. 



NFL FOOTBALL 

SEE YOUR TEJUK PLAY 
EVERY WEEK! 



Wherever you live in the world, you can see the NFL 
of your dioice every week, just days after (he action. 


ORDER BY PHONE OB TELEX AND 
CHARGE TOUR SUBSCRIPTION TO YOUR i 
MAJOR CREDIT CARD. OR SEND THIS f 

COUPON TODAY WITH YOUR CHECK OR CREDIT | 
CARD AUTHORIZATION. | 

Dl'ii me >j complin' sFl gamo pin. 1 - *4 tflhrf 

).'jir.ts. '•« nnul for oaI\ ’ *" 

□ PonT.-l lump iif ihe UuJ. 

□ .\1» ij'unuriejm— 


r' P’i 

i I4'< I ujnl in ,it Uh. 

_ f i~l T..I . n . ..r 

low? PonTeL, ihe NFL's’ overseas licensee since 1080. | 

videotapes aO NFL games in the U.S. and distributes copies | □ Ye s*nd mr j -»tr,nii cumpine jami- i«h 'v«k r.. r mi-. < iu | 
of all games to fit all the worid's video standards. J r - ich - 1 u , 

Each tape contains the complete, uncut same you want, I S Kn:aJ ► 3me s 

phis highlights of other games to give voii 3 hours of NFL I n ^! l0nlr l<am r , — ~r~~. — — ~T. 1 

arttoo Svppt uwlr . > □ send mi osscoa ainnid for -i*i c nrti fo tunpe. » I <.act. « 

acuon e\eiy weex. . mm-Li-i nnd 4fnu. s ; fu fjt Li>l | 

. □ itiu uumdrufFar.ipr.Udd S Rr e ni C dabled«pu«if,.racl» 066 iv . 
I □ Please (tursumv I 

noli D.vmea Dns.i O tTRu DkCCt's D'USTrai 

.... you J Cjrd \r E-.p J 

Cassette I □ cheit eneti^ed. 


ORDER BY PHONE 


Keep i 




I iddros. 

I 


for seven days, and return it in the handy re-usable mailing I 'ideuSiiwr □ vhs 
pooch. Easy, convenient, economical. j udLS> smubrd- □ p.u i 

LOWER PRICES | 

And for 1985. prices have been lowered again. Half 

tile regular season, 8 complete games, plus highlights of 
many other games, for just S 139. 

Additional games each week just S 10 each. So order j ^ (n ’ c«nuny, ihtsv 

now and join the thousands worldwide who wiD caichPon- ! 2 ii- 6 t 666 & 

Tel’s -\TL this year! I 

FREE NFL SCHEDULE j 

If vou order by this Friday, you'll receive a team-bv- * 
team NFL schedule absolutely 'free. Pay widi your credit | 
card and the first game is sent the same day. * i 


□ beta 

mo?i rounviis i 

O .unffttta 'TSC 


□ \1D£i»2i‘0*' J 

□ frtadi>ECA'( 1 


frtim GcrttUO''. rtis 1 

02lf- 62406* 


UBnOi.oni.1^- libg 200 - 4000 Mi witbrf 39 
Iqu'lic/ ScjnUic of Csraesr 
Taler: 0508 820 





Page 24 


INTERNATIONAL 



TRIBUNE, TUESDAY, NOVEMBER 26, 1985 


ART BUCHWALD 


Women’s Throw-Weight Ro 7 Cohn Reflecte on His Fiel 7 Career 



W ASHINGTON — While 
summit watchers are divided 
on whether Rea g an or Gorbachev 
came out best in Geneva, there was 
one person at the utiles who really 
got a raw deal He was Donald 
Regan, the president’s chief of 
staff, who unfortunately spoke to a 
reporter as to the role of the lead- 
ers’ wives at the conference. 

Is an interview with The Wash- 
ington Post. Regan said that the 
coverage of Mrs. 

Reagan’s and 
Mrs ; Gorba- 
chev's activities 
in Geneva 
would have high 
appeal to wom- 
en. "They’re not 
going to under- 
stand throw- 
weights or what 

Buchwald 

what is happening in human 
rights,"" be said. “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 of 
what happened." 

□ 

I knew Regan was in trouble 
when I walked into my office and 
found my assistant steaming over 
her coffee, and the Post article. 

“Is he crazy?” Cathy wanted to 
know. 

“No, he’s a very sane man. He 
was only making a point that most 
women would rather read about 
Nancy and Raisa because your sex 
does not have the capacity to un- 
derstand anything about throw- 
weights.” 

“What is throw-weight?” 

“Well it a — a — it has to do 
with ah — something in the arms 
talks — like our side says, 'Don’t 
throw your weight around at this 
table' and then die other side says, 
"Well throw our weight anywhere 
we want to.' And then both sides 
walk out of the room. A wo man 
would never understand it.” 
“Suppose 1 told you throw- 

Byron Letter Fetches $50,000 

Reuters 

PARIS — A letter dated 1823 
from Lord Byron, the En g lish poet, 
to the French novelist Stendhal 
fetched 380,000 francs (about 
S50.000) at an auction of 19th-cen- 
tury letters and manuscripts. 


weight is the total weight of what 
1 can be carried by a missile over a 
particular range. It is the weight of 
the business end of the rocket, and 
it includes the armaments along 
with the hardware necessary to get 
them to their targets back on earth 
from die apogee of a ballistic tra- 
jectory. once they have been ‘boost- 
ed' to that height by the launch 
vehicle and after the other stages of 
the missile have fallen away.” 

“Id say you were lying.” 

“How can Donald Regan believe 
that women are more interested in 
what Mis. Reagan and Mrs. Gor- 
bachev had for tea than war and 
peace between the superpowers?" 

“He didn’t exactly say that. He 
said that women by nature are 
much more Fascinated by ‘human 
interest stuff than what happens in 
Afghanistan.” 

□ 

“Do you know where Afghani- 
stan is?” Cathy asked. 

“Not offhand, but if you give me 
an atlas HI find it.” 

-It’s next to Pakistan and south 
of the Soviet Union. If Regan 
wants to poll women about what 
they are interested in, why doesn't 
he poll men on the whereabouts of 
Afghanistan?” 

“You’re taking Don Regan’s 
statement much too seriously.” I 
warned Cathy. “He was just josh- 
ing as be would in a men's locker 
room.” 

“He's the second most important 
man in the White House.” 

“When he said those things he 
wasn’t speaking as a White House 
aide, but as a former Marine. As an 
ex-Marine myself, I assure you that 
we revere the weaker sex. If any- 
thing, Regan was complimenting 
women for being more Involved 
with clothes than human rights.” 

“Regan is Ronald Reagan’s 
Rambo.” Cathy said 
□ 

I had never seen her like this 
before. “You must not get upset,” I 
told her. “Regan did leave an out 
for himself when he said some 
women would still be interested in 
the major issues of the summit” 
“Followed by most wouldn’t,” 
she said “Does that statement 
mak e him a pig or doesn’t it?" 

“I don’t think it is for us to judge 
what Regan believes American 
women want to read from the sum- 
mit The only thing we can do is 
judge him as a man.” 


By David Margolick 

Net* York Times Service 


fronts, and iris lawyers and friends say it is 
not dear whether he will win on either one. 

Four months ago, a disciplinary committee 
recommended that be be disbarred for several 
purported abuses. And, far more than a year, 
Cohn, 58, has bom fighting liver cancer. Last 
month, his doctor told the bar panel he had 6 
to 12 months to live. 

“Hie burden of life has shifted” Cohn said 
in a recent interview. “Now the burden is 
against me and my making it is an uphxQ 
fight.” 

In the interview, which focused on Cohn’s 
physical and professional troubles, he 
emerged as the “totalisi” that William F. 
Buckley recently called him during hearings 
in Cohn’s case in New York He appears 
totally devoted to his friends, his past con- 
duct, his conservative, anti-enrnmunitt poli- 
tics. 

At one point Cohn was asked whether, if he 
died tomorrow, he would die content 
“The answer is yes. I would” he said, 
adding that he was not particularly bothered 
by the prospect that his death would satisfy 
his detractors. 

“But Fd feel sorry, in a sense, for the 
people who have done this to me.” he said 
referring to the disciplinary panel. “There are 
certain rules of decency that you fight under, 
whether you're fighting communists or anti- 
communists or people you just don’t like. I’ve 
been a tough fighter, but I hope I haven't 
kicked people when they’re down.” 

For three decades, from the moment nril- 
Iions of television viewers saw him whisper- 
ing to Senator Joseph McCarthy at a hearing . 
Cohn, then the senator's key aide, has been 
among the most durable and distinctive fig- 
ures of his generation — anathema to many, 
friend to the powerful patron of politicians, 
confidant Of cardinals. 

For the last three weeks, be has simply 
been, according to his green plastic bracelet, 
“Roy Marcus Cohn,” a hyphenated patient 
□umber at a Washington-area hospital 
For much of t h at time, usually eight hours 
a day. his left hand is bound by adhesive tape 
to an intravenous device containing two bot- 
tles of clear fluid — pan of the experimental 
cancer medication that he said he and eight 
others around the country were talcing. 

“Sometimes I think Fve gotten marrj ftd to 
a machine.” he said. “When you wake up in 
the morning it's there and you fed tike reach- 
ing over and patting it. When you go to bed at 
night you look over to make sure it’s feeling 
all right and that the light is flashing. 

“The rest of the time. I feel like throwing it 
out of the window.” 

Illness has softened his features. His walk 



■Jr " 



Georg* ToiWThe New York Than 

Roy M. Cofan in the cancer ward. 

is halting, his touch slight and shaky; his eyes 
seem' more melancholy than menacing. 

His appearance became an issue during the 
closed-door disciplinary hearings in his case 
in September, when be showed up one day for 
five minutes. This was inadvisable medically, 
but, by Iris lawyer’s admissio n, quite advis- 
able tactically. 

“He appeared just so the committee panel 
members could see for themselves that he was 
in fading health.” said Cohn’s law partner 
and confidant, Thomas A. Bolan. 

Cohn’s speech, too. has changed, grown 
raspier, with occasional slurring of words. 
But his sentiments — particularly about the 
panel that has recommended his disbarment 
on the grounds that he misused a client’s 
funds a decade ago — are no less pungent 

He called the five committee members “a 
bunch of deadbeat guys who could never get 
a significant job by election of the public or 
appointment by any responsible authority,” 
and said that the panel’s investigation of him 
was “a set-up." 

“Let’s say I'm very controversial which I 
am. Of all the lawyers in the country, am I 
such a menace that I am supposed to be 
pulled out of a wastebasket after 10 yeans on 
the basis of a couple of stale, garbage-pad 
cases?” 

Cohn has defeated disbarment attempts 
before and said he was confident of f ending 


this one off. In this instance, however, he has 
a new enemy: time. . „ v •, 

The Appellate Division of the New York 
-State Supreme Court gave Cohn until Janu- 
asy to rebut the case against him, a measure 
opposed by Michael Gentile, the bar panel s 
chief coimseL Such an extension, Gentile told 
the court, might “effectively nullify the entire 
proceeding.” 

To Cnim, [hat translates to one thing: 
“They want to do a job on me while Tm still 
here, period, »nd they’re afraid time might be 
running out." 

This is not to say that Cohn has abandoned 
all hopes about his health. His doctors, he 
noted, have told him he may be discharged 
next week to resume treatment in New York- 
“Maybe Tm kidding myself, but I don’t 
fed near death at all" he said. He would like 
to vacation in Acapulco, resume some sem- 
blance of his law practice and continue work- 
ing on Iris autobiography. He said Random 
House recently offered him a $250,000 ad- 
vance fa* his memoirs, to be be edited by the 
journalist Sidney Zion. They would con tain 
reflections on McCarthy, the Rosenberg case 
and other episodes. 

“1 can’t practice law in the traditional 
sense of falnno on an eight-week trial but 
there are rhingc I can do. But.nobody’s kid- 
ding me. I know what my chances of survival 
are — maybe 40 percent” % 

Cohn has a varied collection of allies; 36 
persons, inelnrfing Buckley. Barbara Walters 
and William Satire, along with judges and 

E ians, have appeared before the panel 
said All attested to what they called 
Cohn’s honesty and integrity in their person- 
al dealings with him. 

“He is absolutely impeccable;” Buckley 
said, according to transcripts. “Not only 
would I have to forage wi thin my own memo- 
ry for any example of a lade of integrity; I 
would find it a priori inconceivable." 

Other witnesses, such as Safire, sharply 
upbraided the panel for the timing of its 
investigation. 

Cohn said he discovered his illness in Octo- 
ber 1984, when be fotmd what proved to be a 
malignant tumor behind his ear. Shortly 
thereafter, he started daily chemotherapy. 

He attempted to maintain his customarily 
hectic schedule of work and travel including 
trips to Monte Carlo and Israel last summer 
and a recent appearance at the annual A! 
Smith dinner. Bui Bdan said his law practice 
bad been reduced to “zilch.” 

Cohn, who spent several months in treat- 
ment in New York, recalled how he began to 
cry as he ate lunch with Walters daring a 
break in his chemo therapy 
“You start talking about old times, and It’s 
murder," he said beginning to cry anew. “It’s 
a funny thing to say, hut it's the effect erf all 
this on my friends, my clients, the people who 
have supported me for 30 years, that’s almost 
the worst part of it” 


PEOPLE 


I 1 , 1 


KTTTTTT] 




fighting Nicaragua's leftist Sandin- 
ist government, was voted this 
year’s “most conspicuous example 
of language that is grossly decep- 
tive, evasive, euphemistic, confus- 
ing or self-contradictory,” WHEam 
D. Lutz, chairman of the coonc£Ts 
Committee on Public Double- 
speak, paid. Lmz, brad of the En- 
glish department at Rutgers Uni- 
versity, said the prize was inspired 
by George OrwriTs intention to ex- 
pose gobWedygook. 

O 

More than a hundred film stars 
turned out for a tribute in Los An- 
geles to Roddy McDowaB, the child 
actor who grew up to become Hol- 
lywood’s bat buddy, and Deborah 
Kerr, the perfect screen lady. “He’s 
a consumate actor, but he's a ge- 
nius at friendship” Efizahrtfa Tay- 
lor said in presenting McDowafl at 
the third annual American Cmemai 
Awards banquet in Los Angeles. “1 
know and appreciate and am in 
awe of the great, compassionate 
actress, Deborah Kerr,” Dinah 


The dinner wa& hdd to 







l ^<7 lw n J 

















F 5 f ft r~ 





' f *1 

Tlt'fi'M - '■* j! '-Wl 

1 1 1 i ( ) *. ■ S • 





the Prix MfaSds Efangx.** 
awarded for “God Knows” to & 
American writer If 

The Mfedids prize riot the 

philosophical essag : awarded cfcr 
the first time, wbuljo. NBdrf 
Serves, a French professor at St* 
ford Umversty, foriasbook, The 

Five Senses." ,Tfae r % 

Framjais wot toS Bm H nu A u . 
39 , for his novel “Nrifisaace (fine 
passion" (Birth of fcPassitw), tbe 
story of a yowh in the; HWQk. Ifc 
Prix Ffanina Fnnpitweat to Hec- 
tor Kandotti, an Argentine an 
has lived in France for 25 yearsito 
fats nowd “Stas fit MSstitordefc 
Christ" (Wi&ntithe Piijhif 
Christ). V ' ■ •' 

- •• % 

The Association for ihe Pri- 
vation of HbRner ia-Interaatuitd 
Affairs, based t&Fhrjs^bas present 
ed itsaffimaiNbbfe Prize forfe 


writer who creased 
loose mPnatct - 


MOVING 


ALLIED 

VAN UNE5 INTI 

OVBt 1300 OfflCES 
WORLDWIDE 

USA AIEed Von lines InflCoep 

IblblJ 31*4114100 
Or cafi our Agency European offices: 

PARIS Desbordes t ntenwsSearf 

(1) 43 43 23 64 

FRANKFURT sJ£H*ujg. 

(069| 250066 

DUSSELDORF/ RAHNG04 

[02102)45023 IJFLS. 
MUNICH LM.S. 

(089) 142244 

LONDON 


ANNOUNCEMENTS 


HAPPYIHANKSGIYING, THLfltS. 28 
AT HE KING OPSIA. 21 RUE 
DAUNOU, PARIS 2 (Metro OPERA] 
Away from home? You am tfil cele- 
brate Thanksgiving in a traditional fonv 
4y c ft no HJh ere. Come and erjoy a reel 
American Thcntadving day feint. Det 
bou* stuffed turkey vmh enmberry 
sauce, served with 'txStiond American 


INTERNATIONAL CLASSIFIED 


Musicd uuiU'ume with American foot- 
baS video dps from 8pm to 3 am. 

Per fanmAm 0^42 60 99 89 


DIVORCE IN 24 HOURS 

Mrtyd Of aanfesied actions, low ant. 
Haiti or Dotn i rBc o n Sepufaic. For infer, 
wrfon, send S375 far booklet 
/handfeng to Dr. F. Gamete, ODA, 
1835 K Sr N.W. Washington D.C 
20006. USX Tel: 20MSHS31 


REAL ESTATE 
FOR SALE 




EXCEPTIONAL 
ON QUAI OF SBNE 
FACING OE ST LOUK 
Penthouse, living, tftiing, 4 bedrooms, 3 
baths, office, mod's room, 1600 sq.m, 
terrace, fortaffic view over Paris. High 
price. Vat Guardian e\*ry day except 
Saturday rrftrrooon and Sundays: 16 
Qua des Celeste, 7500* Pans 


REAL ESTATE 
FOR SALE 


PARIS A SUBURBS 


16 THAVE VICTOR HUGO 

Hgh floor; 6 rooms. 240 sqm. 

BCB 47 27 89 39 


REAL ESTATE 


REAL ESTATE 
FOR SALE 


SWITZERLAND 


| 181H SACK COM 

lovely dialer. Kgh up. 2 bedrooms, 
froplaee, terrace. 
1=2.450,000. OPTIM 45 62 03 03 



PALMA DE MALLORCA SWITZERLAND 
Owfaui? E^SSbaeyito CRANS-MONTANA 

atwved in the mart elegant and quia 

SSSKH 35 W 

'* - nSM8a 2 “ 4, “ 

con wood, Frenc h odr, etc Each ppory 

frep fara . NEAR 
en, separate mod's aeq, 4 betfcoons AT T5ARAT HAMET 

with bathroom 6 weir-in doset. etc To- 


REAL ESTATE 
FOR SALE 


SWITZERLAND 


SWITZERLAND 

VIUMB - A WINTER AND 


lol about 360 sgjn. property with 3^(M 
Kt-m garden, ndoor & outdoor pod, 
renne, garage; air oondrionma, door- 


yl| v, garage; air conrfrionmg, boo 
ran service etc. 

Price U5S260000 to USS350OT). 


HHHCJO SON ARMADANS 


International Business Message Center 


BUSINESS 

OPPORTUNITIES 


CCM. LTD 

Cbmeoiie formed LUC. & worldwide 
uvirfng Ue of Man. Turto it Cocot. 
Angurta, Panama end Liberia 

for further information, please contact 

3 at: - 5 Upper Orurdi St, Daugia*, Ue 
Ma n, via Great Britain, tefc Douglas 
(0424) 23733, 4 k 627900 CCM IOMG. 


BRING AMB0CAN TRADITION 
^ TO PARIS 
Fdcrtpi Hoiday Partial 
PUos des Conj?fe 

• Live Teteceat of Key Na Gams 
■ Hohdoy Music & Decoronons 

• Food & Retreshmenis of Your Otoice 

• Private Rooms for 6 la 600 Plus 

Available Oates & Scheduler 

• Sun. Dec 15 7pm Giants vs. Delias 

• Sun, Dec. V 7pm WBd Cad Playoff 

• Sat. J«u 4 7m Divntorxd Playoff 

• Sun. Jan. S 7pm Divrsionoi Playoff 

• Sim, Jan. 12 7pm Conference raiah 

Re*pn»e Nowl limited Seating 
For Information Caetad: 

Mme L Ardhst 

Mas-Corn Associates hc/P AT, SA 
25. Rue des Long-Pfes 
92100 Bouto^e 
Tefc 46 09 W B2 
Teles 270560 


PARIS & SUBURBS 


500 SQ.M- DUPLEX 

, wBbLAfOSCAPS) GARDEN 

about 250 sqm. OW wood pandna in 
a rented decor, 4m high cedng^ 3 sep- 
ar ato bedroom earn with its own 
Mnptuous bathroom & cfenving. 
Maids room, pa lin g , high dan b«3d- 
ing. Ready to move m. 

BATON 47 04 55 55 

TB£X BATON 630855 F. 


HAMEAU BOILEAU 

16th. Charming 250 sqm. home, 100 
sq-m- garden^ impecasbK cajm, sunny. 


E 42 66 32 35 


U-SA COAL 

190£00n00 tans ofwevar law sutpiv 
rad rt^ves. 50J»0 t me of xerac 
ksnd with mseicd *vrfece 4 water 
right. Also ai 6 gas pofcrtid. Must 
«3fc Gerteni Energy & Winerds Corpo- 
ration. 11605 Dodge Sheet. Om Jha. 
NebraA o 68154 ,USa. Telex: 434591 
FORS1B. Rtone: 402-330 0555 



Mss chdet 
95J100 


I Boceflent opportunities for foreigner t . 
60% mortga ge ovejfo ble a 

or ** o interest. 

Agence R a nande hn mnh RU re SA 

GcL Beriarrin Cocatart 1 
1003 LcMame - Switeerkmd 
Tel (021) 20 70 11. Tlx TESTS AW. CH 


CP. 251 r CH- 1200 Geneva 6. 


LONDON 

fitfaoory & Oust services 1 Company 
formedon A domkfdion I brieniation- 
d tax I Bank accounts est a b li shed I 
General brands advice 8. aia sto nc e 1 
JPOt, l'Wkfegcto St, London El 7HP 
TS: 01 377 W4. The 893911 G 



Wjm 


IRt'J 

31 


mQj 


3 


cczas 

Llm 



Cold and diamond neddact arith 
interchangeable tresse in 
■l colours 



M d tinuticod bade near Opera' 

- fsq u rth 

AN EXPERJJBNCH) 
MANAGEMHrfT 
SECRETARY . 

Knowtedgel^nSi/^S ^ drorltxmd 

secretory poabm shordy, . 

AKrgd Kf fe g° ,} "*** 

oan« Drain. 

Send handwritten letter, resume & 
photograph tos- 

75009 PcHi 


Kmddod temporary . 
agwey seeks 

SECRETARIES 

nungual mgush 

9»f*«>nd Engtofvfreneh . 
.i.-Perrawnt podtiora 

Cornua is ’’ •, 

69 Bd Howmarm. 
75006 Por» or 47 5 1 12 40, 

. 41 roe Ybnr, 92200 NksT 


CORPORATION 




VANCLEEF&ARPELS 
LONDON 
Have pleasure in 
announcing their 
annual exhibition 
of the latest creations of 
jewellery, Christmas gifts 
and watches from Paris 
to be shown for the first 
time in London. 

November 26 - 
December 10, 1985 


153 New Bond Street 
London, W.l 
Teh 01-491 1405 


ZUUGH-ZURICH-ZUR 1 CH 

THE RNANQAL CENTER 

• TOUR INTEGRATED BUSNESS 
SBtVKB COMPANY 

• YGUB QfHOE AWAY ROM HOME 
B us i n e ss Sernas Corah Cap. 
B ah nh olslmae 52. 048022 ZuriSl 
Tefc 01/211 92 07 Tbc 813 062 BSIC 


YOLB RflNSCD OffiCE 
m LOfOON 

• 7^dery 24hour OQBSS&BT S wu|iKj |ig 
■ Pod Support jemces mdvefna 

Moeund.l Wat, rapyng, ac. 

• OptpgroiB h pn a a i t o t Mi Service 

• Short or lorn term ova Jubi ty 

, , Warid-WWi fetheaeanSei 
1 10 The Sbvmd London WC 2 SGAA 
Tefc 01 *364918 Tte 24973 


i 



p 





ACIt 50 BUSINESS 
CBilTKS W EUROPE 

• FuBy equipped affieu » wt . 

MRS 

Tel (!) 43J9.77.S5, Tfar 642187 F 
OB«VA 

Tefc (22) *W»4r^421t!8 CH 
H (89)710 0060 Tlx 1769972630 


PARIS 

BMP CHAMPS aYSffiS 
MNM0 . 

OFFICES 

VHWMGHOAS5 ' 

COf rotN CEBOOW 
gQffiT ABAT --THBCrMX 
US SATHUTE, B sue CeparOe 
75116 tofe Tefctl) 4727 1559. 



TOR AMBBCAN ORGANIZATION 


SECRETARIES A VaH .ABLE 


S 5 K 







MWRVEBrfTBUM 

JUNIOR SECRETARY 

. B'fGUSH MOTHER TONGUE 
Knowledge of French ■ 


,W, raiwj 



irafeuj 






i mu— m ill