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i WEAIH 3 tDXTA APPEAR ON PAGE IB 


No. 31,924 


Published With Hie New York Times and The Washington Post 



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Hijackers Free Liner; 
U.S. Passenger Missing 


Compiled by Our ' Staff Rom Dispatches 

WASHINGTON — Hie Senate 
passed legislation on. Wednesday 
that would require the UJJ. govern- 
ment to balanceits budgetby 199L 
The vote was 75 to 24. 

The senators then turned their 
attention to legislation to provide 
for a increase in the federal debt 
ceding to . kerb the government in 
operation until Oct. 17.- ■ ^ 

The budget vote ca me after the' 
Senate brushed aside an alternative 
deficit-reduction program spon- 
sored by Democrats. But in the 
House, -which most nod consider 
the measure, Democrats harriwund 
their opposition to the- plan, which 
“ ' “ “ O’Neill 


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called “a fraud.' 

A filibuster over the budget mea- 
sure had hdd up consideration of. a 
one-year rise in the debt ceding to 
$2,078 trilUoii,prampting warnings 
from the Treasury Department that 
it might ask banks not to honor' 
government ducks. 

The Treasury had announced be- 
fore the vote that it would go ahead 
with an emergency auction of $5 
billion in securities to keep the gov- 
ernment afloat 

Days of negotiations between 
the Senate majority leader, Robert 
J. Dole of Kansas, and the minority 
leader, Robert C. Byrd of West'. 
Virginia, ended after 3 A.M. 
Wednesday with an agreement to 
approve the temporary extension 
of the debt limit and alkw votes on 
the competing budget plans.- 

The measure that won approval 
Wednesday was proposed by Sena- 
tors Phil Gramm, a Republican of 
Texas; Warren. Bl Rudman, a Re- 
publican of New Hampshire, and 
Ernest F. HoHings, a Democrat of 
South Carolina. 

Under the proposal, the deficit 
would have to.be reduced to $180 
billion in the current fiscal year, 
$144 bOhon in fiscal 1987 and zero 
by fiscal 1991. 

The president for the first rime, 
would be required to submit a tank 
get each year that would meet these 
specified targets, - & 
would be reqmrt^ to 
get and pass related apprcpriatimi's- 
bills that also stayed withm them. 

If spending exceeded deficit pro- 
jections by 7 percenr or irane, as 
detennined by the Office of Man- 
agement and Budget arid the Gon- 
gresskmal Budget Office, it wcaikl 
trigger automatic, across-the-board 
cuts in federal programs. . 


: The Democratic 
rejected on a 5940-40 vote, called 
for the current S220-b31ibn deficit 
to be cut to SL70 billion in fiscal 
1986, which sponsors said would 
force action sooner. It also de- 
creased the power of the president 
to withhold money and called for 
negotiations with Congress rather 
ihan unilateral action. 

Many Democrats and some Re- 
publicans have questioned how 
evcmly the cuts would be distribut- 
ed under the Republican bilL They 
also say the bfll, in corgimctian 
with the president's veto power, 
could give the executive too much 
power over government spending 
decisions. ' 

Mi. CTNeffl,al)envocrat of Mas- 
sachusetts, delivered a pointed at- 
tack on the bill on Tuesday. 

. “In my opinion, of course, this 
bill is land of afraud,” he said: The 
amendment isabove current bud- 
gtt targets in the first two years, 
and would thus allow Rjqpuhsbcans 
running for re-election in the Sen- 
ate next year to dBm they had 
cured the deficits fat “any great 
costs are going to come after you 
get your six-year ejection," he said. 

. There are strong indications that 
it will be difficult to achieve what 
Mr. Rudman calls “a mechanism to 
force action” on the deficit For 
example, officials told The Wash- 
ington Post on Tdesiday that the 
White Hfase was attempting to 
back away from the deficit target of 
$144' bOhon for fiscal 1987 in the 
plan, out of concern the adminis- 
tration might not be abktb achieve 
it- ’ ■ ’ 

. Sources also said that President 
Ronald Reagan's national security 
^adviser, Robert G McFarlane, and 
Df^fense' Secretary:' Caspar' W. 
Wdnbetg^r had expressed serious 

^ je« abpdt: fife, leg-' 

iSkjon'bccause of'tHc prospect it 
could lead, to sharp cuts in U.S. 
imlkary expanskm. 

Ahhough Mi. Reagan has inrist- 
ed on protecting national security, 
“if s hard to see how” that is possi- 
ble under the existing plan, one 
senior administration official com- 
mented. - 

(AP,UPI, WP) 


Untied Press IntenuuumU 

PORT SAID. Egypt —Four Pal- 
estinian hijackers surrendered and 
left an Italian cruise liner Wednes- 
day in return for safe passage out of 
Egypt. The Italian government said 
that one American passenger was 
missing and may have been trilled 
during the two-day seizure of the 


EbumvUPI 


President Reagan with Lee Kuan Yew in Washington. 

LeeFleads With U.S. 
Over Protectionism 


By Stuart Auerbach 

. Washington Post Set-rice 

WASHINGTON — Prime Min- 
ister Lee Kuan Yew of Singapore 
delivered an impassioned speech 
against protectionist legislation to 
Congress , here Wednesday, warn- 
ing that such legislation would set 
off “a downward spiral in the world 
economy”' and increase political 
turmoil in Third World nations. 

He was addressing a spaisdy at- 
tended joint session and drew po- 
lite applause. 

Thomas P. O’Nall Jr, the Dem- 
ocratic speaker of the House; im- 
mediatdy postponed consideration 
until Thursday of a toll to lower 
textile inqxjtts. The bill would par- 
ticularly affect fast-growing Pacffic 
rim nations such as Sin g a p ore. 

.. *Tn -recognition of today’s ad- 
Uhtss ami as a courtesy to thepmne 
minister, I didn’t think it was the 
thing to do on the same day as tins 
address,” said Mr. O'Neill, who 
polled the Ml off the floor 10 min- 
utes before the House was doe to 
takeit up and almost certainly pass 
it. 

The textile bill is in the vanguard 
of protectionist legislation and is 
considered likdy to pass both the 


House and Senate by overwhelm- 
ing margins. It is unclear, however, 
whether its supporters can gather 
enough votes to override the ex- 
pected presidential veto. 

In his speech, Mr. Lee painted a 
bleak future for the worid if the 
United States becomes protection- 
ist. 

He credited U.S. support of free 
trade since Worid War II with en- 
abling Pacific rim nations to pros- 
per. Their success, Mr. Lee said, 
has caused many of the Third 
Worid nations to rethink their poli- 
cies of so cialis m. 

“Putting up^ barriers to American 
markets would halt the economic 
advancement of the free maritet- 
oriented developing Countries,” he 
said. “It would serai a signal that 
the model provided by the coun- 
tries of East and Southeast Asia is 1 
tio longer an available option-" 

Mr. Lee said that closed U A. 
markets would force China to slow 
down its modernization to the 
point where “she wifi become res- 
tive." push Japan into closer ties 
with Moscow or Beijing and end a 
shift of developing countries to- 
ward democracy and free enter- 
prise. 


ritino Craxi, the Italian presi- 
dent. said in Rome that the Ameri- 
can, identified as Leon KHingh- 
offer. 69, of New York, was found 
missing during a check of passports 
of the more than 500 persons 
aboard after the hijackers surren- 
dered. Reports Tuesday indicated 
thfli at least one passenger had 
been lolled. 

“The captain of the ship has said 
that the American citizen is miss- 
ing,” Mr. Craxi said. “But no body 
had been found aboard the Achille 
Laura and the captain therefore 
thinks the man was killed and then 
thrown into the sea during the 
movements of the ship.” 

Mr. Klinghoffer was reported to 
have been conf ned to a wheelchair. 

The U.S. Embassy in Rome was 
unable to confirm the report A 
spokesman for Klinghoffer family 
in New York said: “1 can’t tell you. 
We are not sure.” 

An Egyptian naval vessel ferried 
the gunmen from the hijacked liner 
Achille Lauro to the naval base at 
Port Said harbor. One of the Pales- 
tinians waved to die crowd. 

The ship later entered the hirbor 
at Port Said. 

Esmat Abdel Meguid, the Egyp- 
tian foreign minister, announced 
that four commandos surrendered 
at 5 P.M. local time and were prom- 
ised safe passage out of Egypt. 

, Mr. Abdel Meguitfs statement, 
issued after a two-hour meeting in 1 
Cairo with representatives of the 
United States, West Germany, 
Bri tain and Italy, did not say where 
the Palestinians were headed or 
when. 

: The surrender reportedly fol- 
lowed hours of negotiations involv- 
ing officials from Egypt. Italy and 
;Tdfe Palestine Liberation Organiza- 
tion. 

“The problem of the vessel has 
been sohed," Mr. Abdel Meguid 
said. “The four hijackers have left 
the ship. There were no precondi- 
tions. The ship will return to Port 
Said.” 

Despite his contention that the 
hijackers won no concessions, it 
appeared from his statement that 


they had refused to give up without 
a guarantee that they would be al- 
lowed to leave Egypt. 

He said that the ship was being 
searched, presumably for weapons 
or explosives, and was expected to 
enter the Port Said harbor “at a late 
hour tonight.” 

Earlier reports of the number of 
hijackers had ranged from seven to 

The hijackers wanted freedom 
feu- a guerrilla Ttero.’ Page 2. 

The hijackers may have planned 
to (fisonbark in Israel. Page 2. 

12, and some witnesses said there 
seemed to be more than four Pales- 
tinians aboard the Egyptian naval 
vessel. 

The Italian Foreign Ministry 
said that it received a radio mes- 
sage from the captain of the Achille 
Lauro, Gerardo de Rosa, soon after 
the hijacking ended. The captain 
said that everyone on board the 
ship was well “and there had been 
no episodes of violence," the For- 
eign Ministry reported. 

The Foreign Ministry said that 
there were 51 1 people aboard the 
Achille Lauro, instead of the 420 
previously reported. A spokesman 
said new information showed 331 
crew members and 180 passengers 
were aboard the luxury liner when 
it was hijacked Monday. 

The Achille Lauro was hijacked 
after calling at Alexandria, Egypt. 
A radio message from the ship to 
the Egyptian authorities Monday 
said the vessel had been taken over 
by heavily armed men believed to 
be Palestinians. 

The hijackers later demanded 
the release of 50 Palestinians held 
in Israeli jails and threatened to kill 
their hostages, beginning with the 
Americans, if their demands were 
not met. 

A spokesman at the headquar- 
ters of the Palestine Liberation Or- 
ganization in Tunis said that offi- 
cials there had kept in constant 
radio contact with the ship and 
persuaded the hijackers to return 
the vessel to Egyptian waters from 
a position off the Syrian, coast 

The successful end to the negoti- 
ations resulted from “close cooper- 
ation between a PLO delegation, 
Italy and Egypt” said the PLO 
spokesman, who was the first to 
announce the surrender. 

Mr. Abdel Meguid, however, 
said that no deal had been struck 
with the hijackers. 


“Our efforts focused on working 
to preserve the lives of the innocent 
people aboard the ship." he said. 
“No negotiations, in the strict sense 
of the word, were held with the 
hijackers.” 

More than 600 passengers and 
crew who were stranded in Egypt 
by the hijacking arrived Wednes- 
day in Rome on two Alitalia char- 
ter flights from Cairo. They had left 
the ship at Alexandria for a trip 
overland to Cairo and were waiting 
to reboard it in Port Said when the 
vessel was seized. 

The Achille Lauro left Genoa on 
Ocl 3 on an 1 1 -day Mediterranean 
cruise- 

A spokesman for the ship’s oper- 
ators said flights were being ar- 
ranged to fly passengers to Tel Aviv 
from Rome, wtiere they would trav- 
el to the Israeli pen of Ashod to 
rejoin the cruise if they chose. 



Leon Klinghoffer 


U.S. Wants Hijackers 
Caught and Prosecuted 


Angolan Army Retreating After Defeat by IUMTA 


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By Allister Sparks': 

Washington Post Service 

LOMBA RIVER, Angola— The 
Angolan Army is withdrawing 
from its assault cm the southern 
stronghold of anti-Marxist rebels 
commanded by Jonas Savimbi fol- 
lowing what appear to be heavy 
army losses in the biggest battle of 
the 10-yearold Angolan war. ' 

Thefighting took place along the 
banks of the Lomba River over the 
past few days. 

Guerrillas of Mr. SavimbTs Na- 
tional Union for the Total Inde- 
pendence of Angola, or UNTEA, 
turned back the major assault just 
north of Mavinga and 150 miles 
(240 lrilomeicxs) from UNTTA’s 
bush headquarters at Jamba, which 
Angola claimed 10 days ago be had 
abandoned in the face. of their big 
campaign. . 

This became apparent when, a 
group of reporfas visited the scene 
of the Lomba River battle oh Mon- 
day and saw evidence of heavy An- 
golan losses. The flat bush country 


was sttewn with the corpses of An- 
golan soldiers and the bunied-oqr 
hulks of Soviet-built armored cars 
and big ZS1 troop carriers. 

The occasional sound of mortar 
'fire could bci heard from across the 
river as the Angolan Army retreat- 
ed. north. 

- The correspondents saw the 
wreckage of a big Soviet Mi-25 he- 
licopter gnnship, one of five that 
UN IT A daims to have shot down. 
The . rebels also- churned to have 
shot down 16 other heScoptcrs and 
five Soviet MiG-21 fighters. 

There was no way of verilying 
these figures, fat it was evident 
that accmsidiaable amount of Sovi- 
et notary hardware had been de- 
stroyed, in the ba ttle. 

Trees had beat smashed down 
by heavy vehicles and stripped by 
shells, and there were hundreds of 
foxholes, slit trenches and under- 
ground bunkers; making it a scene 
reminiscent of_a World War I bat- 
tlefield, The earth was scarred with 
shell craters ■ and sccffched areas 


where explosions started bii&b fires. 
It was obviously a major conven- 
tional battle in what until now has 
been a guerrilla war. 

However, the reporters saw 
nothing to verify the Luanda gov- 
emmentY claim that South Africa 
helped UNITA with a series of air 
strikes against their advancing col- 
umns, or Mr. Savimbi's claim that 
die Angolan forces were command- 
ed by Soviet officers. 

Mr. Savimbi said at a briefing in 
a forward bunker that he had 
hoped to put some Soviet prisoners 
on display, but his troops bad been 
unable to capture any because the 
Angolan Army had gone to great 
lengths to rescue than with heli- 
copters. 

The bodies of nine Russians 
killed in the battle had also been 
removed Mr. Savimbi said 
The only prisoner that the re- 
porters saw was an Angolan pilot 
who gave his name as Francisco 
Matamba, 22. He said Russians 
(Continued on Page 6, CoL 5) 



Banian 


Jonas Savimbi, the commander of UNITA, describing the success of his forces. 


The Associated Press 

WASHINGTON — The United 
States said Wednesday it “wiD do 
everything possible to see that 
those responsible” for hijacking an 
Italian cruise ship are brought to 
justice, regardless of the arrange- 
ments Egypt made to gain release 
of the ship, its passengers and crew. 

“We believe those responsible 
should be prosecuted to the maxi- 
mum extent possible," the White 
House spokesman, Larry Speakes, 
said shortly after the Egyptian gov- 
ernment announced that the four- 
Palestinian hijackers had left the 
ship and were being taken to an 
Egyptian naval base. 

Mr. Speakes avoided drawing 
any conclusion about the health of 
the passengers, including about a 
dozen Americans, saying only that 
UJS. officials were trying to con- 
firm the Egyptian government’s an- 
nouncement that all were safe. 

A short time later. Prime Minis- 
ter Bettino Craxi of Italy said an 
American hostage apparently bad 
been thrown overboard and killed 
by the hijackers. 

White House officials said they 
were in touch with both the Egyp- 
tian and Italian governments trying 
to gel direct confirmation or refu- 
tation of the report 

President Ronald Reagan’s 
spokesman, meanwhile, said, “We 
do not know the details of the ar- 
rangements that the government of 
Egypt made to bring about this 
conclusion." But seeking to dis- 
tance the administration from a re- 
ported deal to give the hijackers 
safe passage out of Egypt, he add- 
ed, “The decision on how to resolve 
the crisis was one made by the 
Egyptian government.” 

He said the government had 
made it dear to “all concerned that 
we will do everything possible to 
see that those responsible are 
brought to justice." 

. Mr. Speakes briefed reporters at 
the White House after the Egyptian 
government, and the Palestine Lib- 
eration Organization announced 
that the hijackers surrendered after 
bolding the ship at sea with up to 
51 1 people aboard for two days. 

Asked if the United States was 
pleased the incident had ended 
peacefully, Mr. Speakes said “if 
that is the case," certainly “we’re 
pleased that something can be re- 
solved without loss of H/e." 

But he said “I think we’d rather 
look for ourselves before we talk’’ 
and added that “we have not seen 
all that we would like to have seen." 

The Egyptian foreign minister. 


Ahmed Esmat Abdel Meguid an- 
nounced: “The hijackers, who 
number four.'wOl leave Egypt." 

Mr. Speakes stressed that the 
United States had no independent 
confirmation of the situation in the 
Mediterranean and had not had 
direct contact with the passengers 
or crew. 

Mr. Speakes also said the United 
States had been in contact with the 
Egyptians and other governments 
in the region during the hijack cri- 
sis, but that the U.S. government 
played no role in any deal leading 
to the surrender of the Palestinian 
gunmen who seized the ship Mon- 
day in the eastern Mediterranean. 

“The derisions made were their 
decisions,” Mr. Speakes said. “We 
do not know what the arrange- 
ments were.” 

Mr. Speakes said that President 
Reagan was awaiting further de- 
tails before making any comment 
himself. 

“The government of Egypt has 
informed us the hostage situation is 
over." the spokesman said. “The 
government in Egypt has also stat- 
ed that all passengers are safe. U.S. 
officials have no information per- 
sonally on the condition of the hos- 
tages. They have not seen them." 






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Soviet-Born Boy, 
Now 18, Becomes 
A U.S. Citizen- 

The Aaadated Press 

WASHINGTON — Walter Po- ... 
lovchak, who was bam in the Sovi- 
et Union and at age 12 xefused to 
return, severed all legal tics with 
Moscow on Tuesday as he took tire 
oath of U.S. ciTizenfihip at a Capitol 
HEQ ceremony. 

“I know a lot of people take their . 
freedom for granted,” Mr. Pclov- 
cfaak, now 18, said. “I don’t and 1'' 
never wilL" 

The ceremony officially ended & 
legal struggle to stay in the United 
States after his parents returned to - 
the Ukraine in 1980 after, a brief 

taste erf American. life in QricagO.’ 

At the ceremony, Mr. Potovdiak 
directed a message to his parents:. 
“1 wish you well and hope someday 
we can be together agam.” . 

The ceremony ana birthday re- 
ception for Mr. Polovchak, whose 
18th birthday last week allowed 
him to legally decide fra 1 himself 

where he wanted to Hve, were spon- 
sored by liberty Institute, a politi- 
cally conservative group, along 
with several-other organizations. 



ThtAiiodoiidPiw 

Walter Polorctak hahfing iris U.S. dtizonsfap papers. 


INSIDE 

■ Britain’s Defense Secretary 
defended the nation’s nuclear 
deterrent and criticized a Soviet 
proposal for arms talks. Page 2. 

■ President Reagan is expected 
to nominate two more conser- 
vatives to Lhe U.S. Court of Ap- 
peals in Washington. Page 3. 

■ Puerto Rican officials expect 
the death loll in recent flooding 
to be more than 500. Page 3. 

SCIENCE 

■ Scientists in Egypt are trying 

to capture a sample of 4,600- 
year-old air. Page 11. 

BUSINESS/FINANCE 

■ A leading U.S. brokerage 

firm, Kidder Peabody & Co., 
was accused of mishandling 
customer funds. Page 13. 

SPECIAL REPORT 

■ Alter hectic growth, the econ- 

omies of the Nordic nations are 
slowing down. Page 7.- 


Britain in the 1980s: Portrait of a Society in Decline 


(The miter recertify completed an dght-and- 
a-half-year assignment as The New York 
Tunes bureau chief in London.) 

By R.W. Apple Jr. 
WASHINGTON — Six years after Prime 
Minister Margaret Thatcher took office, de- 
termined to promote recovery, proud old 
Britain —birthplace of the Industrial Revo- 
lution, master of a third of lhe worid in the 
19th century, a Great Power only four de- 
cades ago — remains a nation in decline. 

Britons have become accustomed by now 
to the fact that their armed forces are small 
and bound to get smaller; the victory over 
Argentina in the Falkland Islands was all the 
sweeter for that. They have become accus- 
tomed to losing their empire and finding 
themselves just another medium-sized West- 
ern European power; they ding to their spe- 
cial ties to the United States, whatever the 
strains, precisely because of that 
Most nave even started to become accus- 
tomed to a level of violence in Britain epito- 
mized most recently by dashes in predomi- 
nantly black naghborboods of major dues 
in die last four weeks that would nave been 
unthinkable in 1930, 1950 or 1970. 

Bui many must have been surprised to 
find themselves compared with the Italians, 
a people whose wine and sunshine they may 
envy, whose past musical and artistic tri- 
umphs they may admire, but whom they 


have never taken terribly seriously as a na- 
tion-state. 

Such comparisons have been made twice 
in recent weeks: by the International Mone- 
tary Fund, which reported that the average 
Briton is now poorer than the average Ital- 
ian, and by The Sunday Times of London, 
which looked hard at Liverpool and Turin, 
the two cities whose fans clashed at a fooi- 


which they have been excluded from pros- 
perity." 

Most Britons accept their lot with stoicism 
and humor, and still find much in their' 
society to treasure. 

In few countries do the old-fashioned 
ideas of friendship and loyalty run so deep. 
In few countries is there less raw, grasping 
materialism and less ostentatious flaunting 


Violence has become commonplace in British life. 


ball match iu Brussels in June with the loss of 
39 lives. 

Ian Jack, the Sunday Times reporter, con- 
trasted Liverpool's shabby food markets, 
scuffed with cheap pre-sliced bread and 
canned beans, thor fronts grimly grilled 
against vandals, with the bright abundance 
of Turin’s food shops. 

He died dulling statistics: a car for every 
2.14 people in Turin, a car lor every 62 tit 
Liverpool; one baby in 13 bora illegitimate 
in Turin, one baby in three in Liverpool; one 
in nine unemployed in Turin, more chap one 
in four in Liverpool. 

"England has grown much poorer than the 
rest of Europe; 1 ” said Fred Ridley, professor 
of politics at Liverpool University. “People 
here still haven’t caught on to the extent to 


of wealth. In few countries are ideas, their 
creators, and their expositors taken more 
seriously; political commentators talk not 
only of who won the vote in a key debate in 
Parliament but of who prevailed m the intel- 
lectual argument. 

If this is a country where governments are 
perhaps too prone to keeping secrets, it is 
also a country of rugged, continuous politi- 
cal debate, where a much broader spectrum 
of political predilections finds expression 
than, for example, in the United States. 

If this is a country where few people take 
the trouble to learn other people's languages, 
it is also a country where many people speak 
their own with elegance, fluency and wit. If 
(his is a country of decaying inner cities, it 
has somehow managed, with a large popula- 


tion packed into a small island, to preserve 
vast tracts of pastoral beauty. 

Such things are impossible to quantify, 
unlike per-capita income and gross national 
product. But they make daily life in Britain 
more rewarding than mere economic reality 
might suggest, and they help — wiih memo- 
ries of past glories — to give Britain a station 
in the world that the harsh statistics might 
deny iL 

Nonetheless, the signs of economic disad- 
vantage, despite the exertions of Mrs. 
Thatcher and the protection of the welfare 
state, are becoming more obvious — obvious 

in the cardboard suitcases British workers 
take on vacation, in the shabbiness of dress 
on city streets, in the mounting incidence of 
violence, squalor and drug-taking, in the 
appeals by institutions from museums to 
churches to hospitals for more money to 
maintain die fabrics of buildings and the 
standards of service. 

At a time of constant discussion, ah across 
Europe, of the developing gap in science and 
technology between Japan and the United 
Slates on the one hand and the rest of the 
world on the other. British research is starved 
for funds. 

Sir Hans Korn berg, one of the world’s 
leading biochemists, said recently at the end 
of his term as president of the British Assod- 
( Continued on Page 6, CoL 5) 





Page 2 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 10, 1985 


U.S. Decides ABM Treaty Permits 
Development of Missile Defenses 


By Don Obcrdorfer treaty signing on May 26. 1972 
Washington Port Serna gives a broad exemption from till 

WASHINGTON— The Reagan restrictions of the treaty for futun 
White House, reversing the legal types of ABM systems “based or 
interpretations of previous admin- other physical principles such a: 
islrations and some of its own past ,asers and directed-energy weap 
statements, has decided that testing oas - Many dements of the adminis 
and development of anti-ballistic 


missile systems such as those in the 
Strategic Defense Initiative pro- 
gram are permitted under the 1972 
ABM treaty. 

The administration's new inter- 
pretation of the treaty was con- 
firmed Tuesday by a senior White 
House official. 

He briefed reporters on U.S. ob- 
jections to the recent Soviet offer of 


treaty signing on May 26. 1972. Until recently, that had been in- 
gives a broad exemption from the terpreied to mean that testing and 
restrictions of the treaty for future development of exotic technologies '■$ , 
types of ABM systems “based on were not legal, except possibly for 
other physical principles” such as new versions of fixed, land-based 
lasers and directed-energy weap- systems that the treaty allowed Ar- 
ons. Many elements of the adminis* tide 5 of the treaty formally pre- 
cluded any testing or deployment 
of “ABM systems or components 

Former negotiator 

says decision makes ba ^" Smilh Md 

tvoatv a 'Hoad said it was wrong to interpret the 

treaiy a. ucau “agreed statement” as sanctioning 

lotto r ’ testing of ABM systems or compo- 

lener. nents that were flatly ruled out 

elsewhere in the treaty. “It is just 



Thousands of Killings 
Cited by Rights Group 


By Don Podesta 

1 Washington Pat Service 
WASHINGTON — Govera- 


rnther end of the ideological spec- 
trum. . 

In its entry on Nicaragua, the 
report condemned both the San- 


WORLD BRIEFS 

Beirut Kidnappers linked to Arafat 

BEIRUT (Reuters) - ■ 


In its entry on Nicaragua, the W&nffoii and Yasser Ararat, Rader (H-the 

P t^ U sSd U “ f "^d thi 

during the past year, and nearly f j prisoners and the anti- Soidiers i sc reinforced guards atSdvitt 

half the world’s nations held oris- 01 -the r*. center of Moslem-held west tfCTUiauu ‘ 


— Sa.ifSftg ^c.snrith ±y bu^re tree totar was cer- Covert U.S. AM for Asians Reported / 

advantages to Moscow, the official gf 

Mr Reagan’s Strategic Defense treaty.'^fcSmithW Those two at^ones. described Chile. “"tote vSSSS^uu^ uSEER * AfgStan. The Wall Street Joun^parted 

fatuauve. The Soviet offer was de- The purpose of agreed statement The senior official who con- ^ support for US. allies.wCTe said Accordingtotbe report, “Out- ^ 53]^ “t^govenunent rarely Wednesday. raid the 

staibed ra the bnefing as a place 10 D . jt said, was “to ensure fulfill- fumed the administration's current w consume U 49 of the U.S. rati- nght poh dal kiW. often of uu- impartS^^gations" Quoting unnamed intelligence 

Stort but. m its present form, one- mem of ^ obligalioil nol , 0 de- position said the Soviet Union had of J- 680 «™ed civilians during «*mterm- . aUegedwrtations “nSch in- Senate defense and mteOigence committee, approved tbetrausfarofj^ 

sided and threatening to U.S. secu- j ab M ^ ^ ^ ^ £v er accepted an interpretation of d f bv “? system* under the Soviet aygency operations, took place in JjJSed Trlraiudicial executions, money last month from secret Central Intelligence Agency accounts 

nt £- ponents except as provided in the treaty that banned “research. p!an. The United .States wmdd thus Chad, El Salvador, Guatemala, In- ££££ SaEfiSSnent of detain- appropriated for the 1985 fiscal year. . . 

Robert C. McFarlane, the White 5£Jj c | e 3 of the treaty,” which origi- testing, development of systems have only 531 missiles or bombers donesia and East Timor and Pern.” „ The funds are to be fuaneled to the Moslem rebels j through the C3A, 

House national security affairs ad- Da ji v aU owe d both countries to based on other physical princi- 1®** for deterrence against Soviet “Prisoners were hanged or shot The reoort ™TVvt attention to which sent $250 million to S280 million 10 the guonllas during the past 
yiser, volunteered a new interprets- ma i n , a i n lwo conventional ABM pies.” nuclear attack, and these would be after trials by military or revolu- evidence of beatines and killings of fiscal year. The Journal quoted sources as saying ihe panels were ttwd by 

Uouof the lJ-year-old Anti-Balls- systems, based on anti-missile mis- Most of the White House presen- h * 8Br nui11 " tionaiy courts that fell short of in- civilians in Zimbabwe’s Matabde- administration officials that some of the money might be used to 

tic Missile Treaty m a television ^ uSyTcoS ber of Sc^et weapons. ternatiooally recognized standards SSdmui d«± sentences imposed purchase more sophisticated anti-aumft weapons, 

propm Sunday. The agreed statement said that if jecdons ^ die Soviet arms-reduc- ■ U.S.-Soviet Meeting for a fair trial m Afghanistan, An- by military courts in Angola. _ 

The administration has been new ABM systems “based on other ^ proposal especially inclusion A U.S. statement said American Sp^ Cameroon, Iran and Libya, fo lXS entry on South Africa, the RpKpk Threaten HlfillWaVS 

moving in the direction mdicated physical principles” were created in of u s. i^es based in Europe and Soviet negotiators on long- the report said. organization said “detention with- 'tUVdUUI IWllCia imcaicu \ 5 J. \ 

by Mr. McFarlane in recent weeks, the future, “specific limitations on aa d “forward based systems” range nuclear weapons met for Amnesty International which out trial was used extensively and SAN SALVADOR (AP) — GuemEas in El Salvador have threatened 

though nol to the point of claiming such systems and their components among the strategic weapons to be three hours Wednesday at the U.S. was awarded the Nobel Peace Prize there were new allegations of tor- to extend the mining of roads to major highways to enforce a ban -on 


a 50-percent cut in certain (rffen- Q-atjon’s missile-defense research impossible that an speed state- advantages to Moscow, the official 


half the world’s nations held pris- 
oners of conscience, many of them 
wi thout trial. Amnesty Internation- 
al said Wednesday. 

In its annual report for 1984. the 
human rights organization, which 
is based m London, outlined al- 
leged abuses in 123 countries. 

More than \ ,500 executions were 
reported in 1984, the organization 
said, but “the true total was cer- 
tainly higher.” 

Deaths under torture were re- 


government guerri^ for .“the re- iTuX mffitiamen have ringed 

ported torture and execuaon-sQrle. ^ ana gunmen fadnapped-fonr 

killing of individuals captured. killed one of them last week. 

The United States regKtaed a for the Shiite Moslem Amal rrulifia disced 'tetetoap - . 

marked increase m the number of that they had acted to halt fighting m the 

executions of cr imina l s in 1984, tire pe .. ended when a cease-fire went into ^ect OcL 4. “Thae 

organization said, putting to death « *“5* Mnappers are connected to \ asser Arafat andfte 

21 prisoners, the most m one year arikhSan al-Masri told Beirut newspapers, “The . 

“to the^Soviet Union, Amnesty Sovi«‘ Union is a friend." . . 

International said it was concerned _ * T n x HI A £_J * 


sive missiles in return for a ban on prograxn ^ based on such exotic “**“ 

Mr. Reagan s Strategic Defense *l^: o | OEV treaty, Mr. Smith said. 

Initiative. The Soviet offer was de- — ° y ‘ — — • • 


□rent supersedes a provision of the said. 


, . . . . _ M . The purpose of agreed statement The senior official who con- . .. 

scribed ra the bnefing as “a place to D h ensure fuIfiU- firmed the administration's current consuraelW of the U.S. enu- right political fall 

start but. ui its present form, one- mem of ^ obligaUoil nol !0 de- position said the Soviet Union had d ^i ricnt of I - 680 nudear armed avilians < 



&7Sraspr5Wm £ plan. The United.States would ±us Chad, H Salvador, Guatem^ln- ™riTted for the 1985 fiscal year. ■ 

C. McFarlane, the White ^ c | e 3 oftiretreaty, which origi- testing, development of systems have only 531missiles or bembers donesia and East Timor and Pern.” *. The funds are to be funneled to the Moslem rebels i through the C3A, 

tional security affairs ad- Ba ji v aU owe d both countries to based on other physical princi- left for deterrence against Soviet “Prisoners were hanged or shot The reoort attention to which sent $250 million to S280 million 10 the guonllas dnnng the pwt 

viser, volunteered a new mterpreta- mainmin two conventional ABM pies.” nudear attack, and these would be afigf trials by military or revolu- wtrL-nr*- ni h ^rfn ps and « f fiscal year. Tbe Journal quoted sources as saying the panels were Usd by 

e l?-year-old Anti-Ballis- systems, based on anti-missile mis- Most of the White House presen- nUin " ^°aiy courts that fdl short of in- civilians in Zimbabwe’s Matabde- administration officials that some of the money might be used to 

e Treaty in a television ^ mu^T^y^cStSS^b- bCT I ^ iel . Wea ,P 0I1S : temationally recognized standards sentences imposed purchase more sophisticated anti-autrraft weapons. 

Sunday- . The agreed statement said that if jections to the Soviet arms-reduc- ■ U.S.-Soviet Meeting for a fair trial m Afghanistan, An- by military courts in Angola. _ - 

[ministration has been new ABM systems “based on other ^ propoS ai, especially inclusion A U.S. statement said American S°hL Cameroon, Iran and Libya, ^ its enuy ^ South Africa, the Rpkplc Threaten HlSUWaVS 

1 the direction mdicated nhvsical principles” were created m rtf 11 c and Soviet nesotiators on lone- the report said. nmam^rinn said “detention with- 'dlVdUUI iiucaicu ""5 11 . J. - 


don of the 13-year-old Ami-Bailie ^ slanSi based on anti-nrissile rais- 
tic Missile Treaty m a television 

program Sunday. The agreed statement said that if 


maintain two conventional ABM pies.” 

systems, based on anti-missile mis- Most of the White House presen- 


nmemm Qi.nHiu ^ sli "- , .. . taiion Tuesday was centered on ob- 

pro^ara Sunday. The agreed statement said that if jecdons to the Soviet arms-reduc- 

The administration has been new ABM systems “based on other {ion proposal especially inclusion 
movuie in Ihe direction indicated physical principles” were created in 0 f u!s. raissiies based in Europe 
by Mr. McFarlane in recent weeks, the future, "specific limitations on aa d “forward based systems” 
though nol to ihe point of claiming suc h systems and their components ^ slra ieac weapons to be 

the treaty authorized and ap- would be subject to discussion” ml b ® ^ Jh^ would produce 
proved ibe lesung. which were the and to mutual agreement “hkhlv uneaual” forces with ereat 


In its entry on South Africa, the 
organization said “detention with- 


SAN SALVADOR (AP) — Guerrillas in El Salvador have thnratened 
to extend tbe minin g of roads to major highways to enforce a ban-on 


arms control offices in Geneva, in 1977, called attention to abuses ture and 31-treatment of political driving that is designed to upset the economy. 


words Mr. McFarlane used Sun- 
day. In administration discussions, 
sources said, the issue was whether 
the treaty could be interpreted as 
permitting such activities. 

On Tuesday the senior White 
House official, who cannot be iden- 
tified under ihe ground rules of the 
briefing, confirmed that Mr. 
Me Far lane's televised remarks re- 
flected what was now the fixed po- 
licy of the administration. 

Gerard C. Smith, who was the 


“highly unequal” forces with great The Associated Press reported. in Central America by parties at detainees.” 


U.K. Nuclear Deterrent 
Defended by Heseltme 


n^tedwhat was now the fixed ^ ‘ By John Jones Mr. Hesdtine. replying to con- 

licy of the administration. Vrnted Pros international ference speakers Who criticized the 

} - . _ _ . . . . BLACKPOOL. England — De- of a plan to replace tbe na- 

chSf 1 ui °the ^ RM frase Secretary MicS Hesdtine, lion's submarine-launched Polaris 

XAffiSSmff ddh-^Kirt-.^ sRSSiajlSL-Ks 

teipiuiion "makes a dead letter" a>mp™> 3*‘ a Soviet propose Md ihe new syam w ould a bsorb 
of^ the treaty. Mr. Smith said ha or “-dcpandanl arms laks «tlh on^Hth of a WpMd m- 
believed it would make possible al- I 1 f ndj " “ d p “f: s “ d W=dae«la, crease m Bntam s defense spend- 
mosl unlimited testing Vod devel- there ws no good reason for Bnl- mfr 

opment of the Strategic Defense ^ 10 abandon 115 nndear dclcr ‘ Opponents of tbe program m- 


Initi alive for a space-based anti- 
missile defense, and probably also 


n to abandon ns nndear deter- Opponents of tbe program in- 
nt. dude a group called the Campaign 

At a session of the Conservative Nuclear Disarmament, which 


actual “building” of the system “as Party’s annual conference here, estimated the cost of the program 
long as you did not deploy.” Mr. Heseltine said Britain’s nudear at- 5 15.4 billion. 

An official said the still-secret weapons were “a last-resort deter- The group said Wednesday that 
negotiating record of the ABM rent against the whole range of that an opinion poll it commissioned 
treaty was “ambiguous” on the massive Soviet nuclear arsenal” showed that 64 percent of Britons 



treaty was “ambiguous” on the massive Soviet nuclear arsenal. showed that 64 percent of Britons 
point in question and subject to “a The Soviet leader. Mikhail S. were opposed to the introduction 
well-justified disagreement” within Gorbachev, proposed independent TridenL The poll also showed 
the government. However, this nuclear arms talice with France and iBat 46 percent opposed a defense 
view is disputed by Mr. Smith and Britain during his visit to Paris last policy based on nuclear weapons, 
John Rhinelander, legal counsel to week. President Francois Miner- compared to 40 percent who a p- 
the U.Sl delegation that negotiated rand flatly rqecied the offer, but proved it 
the ABM treaty. the British promised to study it At last year's Conservative Party 

At issue is whether “agreed state- However, Mr. Heseltine said convention in Brighton, a bomb 
mem D” between the U.S. and So- Wednesday: “Mr. Gorbachev’s lat- killed five people. This year’ s con- 
viet delegations at the time of the est Qffa propose that the British faem* comes with Prime Minister 

and French independent deterrents Margaret Thatcher’ s party at its 

r-^r should be balanced against Soviet °Pimon polls since 

UNIVERSITY SS-20 missiles. But our deterrent is late 1981. 

Wiiif tiwn 1 not, like the SS-20, just one part of The opposition Labor Party 
vEgi3»r DEGREE a huge nuclear armory." jumped to a seven-point lead last 


At last year’s Conservative Party 
convention in Brighton, a bomb 


UNIVERSITY 

DEGREE 


The opposition Labor Party 
jumped to a seven-point lead last 



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It is the deterrent threat that week after two speeches calling for 
makes all war unthinkable, Mr. He- moderation by the party leader, 
seltine said. Nefl Kinnock. 

“It is no surprise the Russians try Many Conservatives blame their 
so hard to persuade us to give it party’s problems on the poor pro- 
up,” Mr. Heseltine said. “But not a motion of government success sto- 
sngle new argument has under- ties. Conference delegates died the 
mined the overwhelming case for defeat of the miners’ strike, the 


| Britain's independent deterrent’ 


longest and most violent in Brit- 
ain’s postwar history, and the con- 
quest of inflation as two major 
achievements. 


Prime Minister Margaret Thatcher at the Conservatives’ animal conference. 

Israeli Officials Theorize on Motives 

Some Speculate Bijadsers Planned Terrorist Raid on Land 


The rebels called a nationwide ban on traffic Friday, the ninth such lft 
ban of the year, and warned ci vilians not to use the roads. They r_ - 
announced Tuesday over their clandestine radio station that they would 
plant mines on the major highways to sabotage military vehicles.. _ 

Mine blasts on a smaller road damaged ah ambulance Monday, killing 
a civilian and wounding at least four, according to reports from local 
military commanders. Rebels were reported to have fired Monday on 
vehicles that ignored Ihe ban in several parts of the country. 

Israel Opposed to Arms Aid to Saudis 

JERUSALEM (Combined Dis- ' 

patches) — Israeli opposition to 
West German plans to hdp arm 
Saudi Arabia cast a cloud Wednes- 
day, over President Richard von 
WrizsScker’s state visit 
Mr. von WeizsScker assured his- 
hosts that Bonn understood Israel’s 
demands for security, Israeli offi- 
cials said. Bat they said they were 
concerned -over Bonn's decision 
this week to allow a German arms 
company to bid for a contract to 
build a munitions factory in Saudi 
Arabia. Until now Bonn has barred 
arms deals with Arab states. . 

The first West German president 
to Mat Israel paid tribute Tnesday 
to Jewish victims of the Holocaust 
and expressed worry over the hi- 
jacking of an Italian cruise ship 
that carried some West Ge rman 

passengers, officials said. at i 

(Reuters, aP) Richard von WeizsScker | ’ 

12 FUipino Troops Relieved of Duty 

‘ MANILA (WP) — Twelve soldiers and militiamen were relieved of *. 
doty after the lriQmg Sept. 20 of 21 protesters in Negros Occidental 11 
province, theactinginned forces chief of staff, lieutenant General Fidd 
V. Ramos, announced Wednesday. 

• A police constabulaiy captain in Escalante in the-central Philippines 
province who ordered tbedtspersal of thousands of jobless sugar plants- 
tkm workers leading to the kiting was also relieved of duty and confined j 

to camp. General Ramos said. The shootings on the eve of the aimi versa- '* 

ryof the declaration of martial law was the most bloody political incident l 

in tbc2ti-year rule of President Ferdinand E. Marcos. ; 

l! 

East Bloc Talks to Precede Summit 

WARSAW (WP) — The Soviet leader, Mikhail S. Gorbachev, will 
meet with leaders of the Khemlin’s ax Eastern European allies thisj 
month, a few weeks before his talks with President Ro nald Reagan inf> 



HOTEL 
NEW YORK 


The party chairman, Norman Wahupen Pat Service 

Tebbit, was to speak on how the JERUS ALEM — Israeli officials 
Conservatives could better present said Wednesday that tbe hijackers 


estinians aboard the ship success- to dock at the port at Tartus, in G rS^.£fi^ i^ d ^ E ¥°P can pressagmrics. 
fully disembarked at Ashdod with northern Syria, indicated that the „ The wh be held m Sofia. Although no date was specified m the 

• • • • ■ J flnnnunnHTiAnt I iipc/iou ia / orfam rimiiwMntu — *i * ■ 


By William Claiborne estinians aboard the ship success- 

Washinvon Pat Service fuHy disembarked at Ashdod with 

JERUSALEM — Israeli officials weapons and attacked Israe- 


iheir policies to the public. of the Italian liner Achille Laura 

In a speech Tuesday, be de- tnay have purchased tickets For the 
nounced the Labor Party’s donrina- voyage intending to disembark at 


of the Italian liner Achill a Lauro u The official speculated that coub was not response 


'asnot responsible. D ^ ? ast bloc ^conference may shortly precede or coinride with Mr. 

Ft™. iw, tK. Reagan s proposed meeting with Western leaders in New York starting 


something went wrong” 


voyage intending to disembark at the ship off Alexandria. Egypt, that plo splinter group the P 
the Israeli port of Ashdod for a forced the gunmen to change their Front for the Liberation of 


The front broke away from the Ocl 24. 



A class of one in New York. 
A class of two in the world. 


tion by trade unions and leftist mil- me “.raeu port oi ASMOd for a “ ^ gunmen ujcuangc mar rrom ror me uoerauon ctf l^ales- s* « 

i tan is. He also criticized the terrorist operation and then wore aad that only then did they tme-General Command, in 1976 LiOITeCtlOnS 

alliance of the Liberal and Social Packed into commandeering the n fJ ^ n ^ dcCT “* following a Syrian thrust in Leba- , 

Democratic parties for being un- shl P- 440 passengers and non against Mr. Arafat’s PLO, this wwiJn,* ^ °o national dectwcs 

able to agree on anything. A government official, speaking tJiBJSSS m . wk which *■* ^S^ting alongside Mos- J k 1 w ^ 01 “ lted J»caose of a transmission error. The 

on condition that he not be ideni? TJeofficml would not diaracter- [ cm militiaT agiinst Christian ^ stated that the Flemish Sorialists have rejected 

fied. said the leaders of the Pales- SC Tl of reports or f! 03 forces in tbe Lebanese civil war. SfS gpverameTlt will not remove NATO cruise 

NATO Ministers to Meet FgSl&StSSi * 33 s 3 s£ a ^ ra Mondav , edj . ^ . - 

Shultz Before Summit ^ by ^ d . F b a ^ ^e^abroad - 

— =RgS=R5S= 

Israeli officials noted that the y i * * , . Arafat” : — 


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77 East frith Sired 
New York, New York 10021 
212 734 9100 


Holel Plaza A Ihe nee 
25 Avenue Montaigne 
o008 Pans 
723-78-33 


une uoerauon wraamzauon ano , r — . — ■> . 

its splinter faction. teT Palestine Israeli mteUigence agenaes. 


Uberation Front were denying re- “ raai ol " aajs 111 re- 
sponsibility because the ship was 1 ?“? ntlls scv ^ ral attamjts by 

seized without tbeir knowledge and Palestinian guemllas to land terror 
because ihev were emharrasseri hv 59uads.on the Lebanese coastline 


Israeli officials noted that in re- by Abdcl Fatah Ghanem. 
«nt months several attempts by ^ A . . c - 


BRUSSELS —George P. Shultz, because ihey were embarrassed by on “ie i^oanese coaniine 

U.S. Secretary of State, will meet the potential repercussions on the f °J J““2 K ? n 1D , l ° ^ beai 

Tuesday with NATO foreign min- PLO’s relations with Italy. mtercqpted in the Mediterranean 


I isters to discuss preparations for Israeli officials noted that the Dy . 15r ~ naval , , , , 

the November summit meeting be- small, Iraqi-backed wing of the Pal- ^f ad “jj S^njillas at Ashdod or 
** laden of ihe uSi.ed uSmta F^f faaM by « ^ P°^, ■bo art aepe 

Slates and the Soviet Union, the Mohammed Abbas, to which the SiSLa *e m- 


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States and the Soviet Union, the Mohammed Abbas, to which the rljrj m m " 

North Atlantic Treaty Organiza- hijackers said they belonged, sup- 5^5-5^ Navy’s surveillance. 


tion announced Wednesday. 


ports Yasser Arafat, the PLO chair- 


The foreign ministers meeting ra a n , ^d that Mr. Arafat bears 
will come amid a series of U.S. raspoostbility for the incident, 
consultations with the Western al- Without offering substantia tine 


at the port at Haifa aboard cruise ■ Mfos Reagan Seen as Target TT» • | -n 

ships would circumvent tbe in- The Jerusalem Post reported JM1 ftCKCFS V 
creased Israeli Navy’s surveillance, Wednesday that the Palestinian 

the officials said. gnnman may have intended to 1 A^A 

Israeli government officials ep- commandeer a Norwegian vessel -F OF d X^7 l V 
phased thrir betief that senior carrying President Ronald Rea- 

PLO leaders, inducting Mr. Arafat, gan’s daughter Maureen. United New York Tuna Service 


Hijackers Wanted Freedom 
For a 1979 Guerrilla f Hero’ 



Z*?*™ a j' Without offering substantiating were involved in putting the hijack- Press International reported from 
lies on President Ronald Reagan s evidence of what he lenned “re- ers aboard the Achille Lauro. They Jerusalem. ^ 

SS°f 1<ad f: P^racoved by Israel." the gov- conceded that the evidence was cir- Miss Reagan is on a Mediterra- 

Mikiuil S. Gorbachev and on the enunoit official suggested that the cumstantiaL nean cniise aboard the Norwegian 

new Soviet proposals for a negoti- PLO might have claimed respond- One official said that the fact Royal V iking Sky. The shro docked 
ated cut in nudear arms. btlity for the operation had the Pal- that Syria refused to allow the shin in Haifa arTSntidav. . 


•JERUSALEM ^ ^ on ibe; 

t. S V LEM T" hijackers beach in a rubber boat The four 

Achi, >' detccttd and two Of 


ilias LALAoUNISl^ 


TRAVELLERS REASSURED' WATER 
IN BOMBA Y 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. 

Most prefer Tonic in Bombay, Mar- 
tini in Bombay or Orange in Bombay. Vw 
Indeed, anything that one would J JQL 
usually mix in Bombay. Lffl^ 

But, let me assure you, there f 
is no need to sta\’ clear w 

of the water. ' 

Those rumours 

which infer that B 

water does not raLx BEjTafeft ■ 9 

with this most !9 


ededthat the evidence was cir- Miss Reagan is on a Meditetra- Lauro were said to ^ soon , “tected and two ® 

itantiaL n«m cruise aboard the Norweeinn onlv /wic mam. j* mentioned them were killed in a gun baule. An 

ic official said that the fact Royal Viking Sky. The shipdocked relrase of 50 Palestinian jJSln? 6 Isi ^ i pohceman also was killed. 

— v 

Luxury you’ll enjoy... 

Value yoaH appreciate 

No cliches, no platitudes, 

no six-star hotel bills ... ger Y^? Upk,s yoan " ^ Sft^sK tetaiSS 

At tbe Holiday Inn Bahrain The two Palestinians were the Sft Mrs. Haran -discovered 

we simply oflFer consistently 

Superior products and services, estIoe Liberatio n cated her. 

with no unpleasant surprises. f " r . ■ ~r. 


EmtyonAprSw79,twoPal- ^ ^ 

CS ftlStS? ^^iL e ‘“P!i 5OT - :ni ' other 

side town of Nahariya. They i.® 

grabbed Mr. HmnTSS’JE tLTjf 1 

old daughter. Einar and 100 Prienumn* for three Is- 

them out of the brildint Mis ^ ' . . . 

mn, who was on an level fed ^ Nahanya madcut claimed 

in a dosei with the ^ otb fr vicum. After the Pate- . 

ger daughter, Yaell^ y ^™ had kft with her hnsband 
The two Palestinians were the 

survivors of a group of four mem J 1 - ^ effort to keep her ymm- 

beo of the SStine Literatio; 'cEdSz* ^ ^ ^ 


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INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 10, 1985 


Page 3 


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J^dealh tofl couki total more than 
500 in the landslide that devastated 
a hillside shantytown here. 

Rexaos probed with pickaxes 

and their bare hands foradnrd dmr 
in a search, for the musing. - 

The mudslide was touched off 
Monday by three days of heavy 
rains. Severe flooding contributed 
to another 36 deaths on theialand. 
The weather front* which h** snee 
strengthene d into a tropical storm 
d e a g nat e d Isabel, was expected to 
strike the southeastern coast of the 
United States late Wednesday. 

Vivien Matted, assistant to die 
mayor of the port of Ponce, Jose 
Dapena Thompson, said Wednes- 
day that 500 registered voters hadl 
lived in the devastated area, ac- 
cording to a 1984 fist, as wdl as. 7 
their children and an unknown 
number erf unregistered people. 

“From this mmibeq you would 
have to subtract 250 survivbranow 
sheltered at two schodsin Fooce to. 
get the number of victims wbo are 
not accounted for,’* Mr. Mated 
said. "We would be tatting abate 
more than 500 victims.'’ 

Pedro Gonzalez Ortiz, Ponce’s 
director of civil defense^ sad Toes- 
day he expected the death urfl 
would be more than 500. 

Some bodies were ton tightly, 
lodged to be removed and others 
were thought to be buried beneath 
more than 20 feet (6 metere) of 
packed mud, concrete and wood. 

“There is no air under, the nmd," 
said a rescue worker. “This will not 
be like Mexico.” After the. earth: 
quake in Mexico Gty in Septem- 
ber, rescue- woricer&ipullod survi- 
vors from the wreckage of 
collapsed braidings days after the 

initial <hncfr 

Bulldozers and other heavy 
equipment were hampered by the?, 
unstable, daylike .seal Rescnexx 
used chain saws, pickaxes, ropes, 
and their bare bands to extract 
bodia from the debris. * . 

Governor Rafael Hernandez Co? 
ion ordered three days of moum- 





' New Tort ■&*» 

Vince D’Attolico surveys Ins Pine Island farm in New Yorit state while the castanets 
from Manhattan he has reenrited to help harvest his crops keep right on working. 



as Crop Pickers 

Farmer Has New Yorkers Whistling While They Work 


- By William E.jGeist 

New York Times Service 

NEW YORK — As tor as any of his neighbors 
can tell. Vince D’Attofioo is just about the easiest 
fanner in the valley. He has ah of these dty slickers 
. from 1 Manhattan out harvesting bis crops, doing 
stoop labor for nothing and smiling about iL 

- Mr. DAteybco is a vegetable fanner who sells 
his produce at the Union Square Greenmaricet in 

- New Y<nk, .one of 19 Grcanhaniets in the city 

- where about 120 farmers sell produce from their 

• trucks. 

When Ms farmhands left midway through the 
-. growing season, he and Ms wife, Joan, were faced 
with Joang half their crop — despite their working 
18-hom; days, seven days a' week Deqierate fa 
bdp, hepat a sign on his truck at the Gnxnmarket. 
It read:- “Sunday Dinner at Our .Farm. Gate of 
; Veggies. Interested?” " \ - . 

we were overwhehned,”' mid Mr. D’Atlolico, 

* 53. The' first day, more »l»»n 40 penile volunteered 
to hdp, even after teaming wpric was umdveii “I 
could have sold tickets,” -he said, "and dot’s no 
fooling. New Yorkers are modi friendlier than 

‘ you’d tbrntc, and tbeyTl do anything — anything! 

. to. get away from the dty for a while." . 

“If you can get them to stop rushing around for 
a minute," he said, “they really do care about other 


people. 1 told people my problem and they said, 
‘Put me down.’ They came from all walks of life.” 

Some of his new far mhan d* are wealthy, Mr. 
D’Attofico said, but they did not look much like 
-affluent New Yorkers this week, crawling around 
in the bl ade dirt, weeding and picking vegetables. 

“It’s wonderful,” said Jewel Bachrach, a man- 
agement consultant, down on her hands and V"^ 
picking carrots, “a real cultural experience. It’s 
great just to cone om here and breathe fresh air, 
smdl the earth and soak in the sun.” 

She and another worker, Sondra Pugh, had 
made the 90-minute trip from Manhattan to the 
farm near Pine Island m Orange County in Mr. 
D’Attolico’s truck, through the foothills, past the 
quaint white farmhouses, the onion Gelds and the 
Jolly Onion Inn to Pine island. 

“We got to know Vmnie,” said David LeffeL a 
Manhattan artist “We talked about his daughter's 
wedding and the birth of his grandchild and Ms 
son going into the army.” 

“A certain amount of it is curiosity, too,” said 
Mr. LefTel, who was a little disappointed because 
he did not get to drive the tractor. 

“They all want to ride in the truck,” Mr. D’Atto- 
lico said. “Those two were saying, *Oh boy, look at 
the cow!' I laughed all- the way. 



km ordered three days of mourn- Til * 1 ' ■ T1 1 O • ■•..9' TB 1 

Florida to Frobe scientist s Research 
of tire^Cjolted On Brains of Electrocuted Prisoners 


'c rti ms Was 


House officials about obtaining 
technical help and federal 
Puoto Rico is a 
commonwealth 
States: 

Mr. Dapooa, mayor. af Bonce, . . . . g_ Loretta Tofani i a lot of checking into this by my “related to the cause of death" 
urged Predate Ronald Reagan to - VoWnntarlMa . office.” without permission, 

dedare the a^. a fader a 1 Z /-WASHINGTON - The mdfi- . Uier. however, Mr. Whitworth . Because the caure of dectrocu- 

< cM^xamner’scmminssionin Flor- . saM hebad decided- to penml the teonwasttepnscma’swiminalbe- 
tbe southern region of Puerto Rico „ iWHtnM of medical ; examiner’s commission bavior, he suggested, the research 


.and the state police to andnqtao *•* “distantly related to the cause 
rnirjal investigation. “They'D Zgve death. - " . . 
me the results and in review them 


it ? ■ j in Luc souuiem icguHi or nieno toco ■ 

t»>J> ItHievedOllll wtxiMtotol'Sn^thamJlOOjmP^ 


A.C 

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fc 


■_-r-^ where. 


could have surnvcd if they had 
paid attentibn, but instead toey 
laughed.” 

Mrs. Ortiz said sh^ her husband, 
her son, and about eight neighbors 
escaped through her kitchen door 
as the MU started to 

“Same people yelled, 
is sinking,” she said. “It 
like a helicopter was towering over 
us, and then there was water every- 



-5.SJ* 


The Red Cross and 


studying ^tbe adnmial mind, state 
(rffioals midL • 

Pemnssion for .the researdi was 
not obtained from the executed 
prisoners or from their families, ^ac- 
cording to Lori Naihmd, ftte inves- 
tigator intbc state medical examin- 
ees office. 

Florida law requires authorna- 
tidn fiom the individual or Ms fam- 
ily far any organ donation, accord- 
to the state attorney, Eugene 




HMH 


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flooding forced 5,226 people : 
tbtix b pmeK Hundreds of ftwniKat 
have been evacuated from flooded 
towns. 

■ Stona Warnings Coothme 
Tie tropical stosm designated Is^ 
abd was hearfiog Wednesday for 
the southeastern coast of the Unit' 
ed States with winds cf 65 mph 
(100 Iqph). It was the sixth tnne-.m 
three months thai the IT S, mint, 
land has been the ta 
cal storm. United Press Interna- 
tional reported from Miami. 

The Bahamian government 
, placed the Abaco Iriands and 
Gnmd Bahama Island on watch. 

* The National Hurricane Center 

- - - * saidstann warnings ought be nec^ 
essaiy fear the southeastern coast oa 
. • - Wednesday. 

“Satellite pictures thi* "wnwg 
continue to show that Isabel has 
not strengthened, m fact there may 
have been sonw tem porar y weak- 
ening,” an advisory said. 

At noon Eastern Daylight Time, 
the center of the storm war near 
latitude 28J north, longitude 75.8- 
west, or 325 miles (530 Mkmietea) 
east southeast of Daytom Beach, 
Florida. Ttestonn was moving to- 
ward the west northwest at nrady 
15 nq*. 


F= WALLY HNDLAY 

Galleries Intemcrtional 

new ytxk - (Meqgo - palm booth 
bevariy hffls • paris 


.Mr. WMtworth said Saturday. 
Tm totally unfawnfiar with any 
legal- authority that Would allow 
this to be done. There’s going to be 








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Naming of 2 Rightists 
ToU.S. Court Expected 


Mr. Whitworth said he was not/. 

u» convinced bv Mr. Hamilton’s ex- 

K^k rd -Ss'S'S i S 

tiana Leonard, approached Wil- ^ . 

m«.S 7™ b*o tofor^oo^oKopWtanu, 

S f ° r - th ‘ br a ^^ J d f r< ! m '^ Rothman, director of the 

«a- provide ^ 

Miss Leonard could not be Physicians and Surgeons, said the 
re a c h e d for c omm ent. But in. a law permitting the medical examin- 
sta lenient, Mr. Hamfltoo explained ex and researchers to gv»mine or- 
thal Miss Leonard was trying to gans related to the cf death 
determin e whet her a relationship “was written to cover physiological 
existed between head tranma sul- and not social conditions.” 
fared during chi ldho od and “aber- “When you start moving from 
rations of behavior, particularly ag- physiological categories to 
gressivt behavior.” cathodes,” Mr. Rothman said, 

Mr. Hamilton cited a state law “you have leaped a barrier which is 
that he said permits organ research extraordinary.” 


By A1 Kamen 

Wadmguit Pat Service 

W ASHINGTON — The Reagan 
administration plans to nominate 
two prominent conservatives — 
former Senator James L Buckley 
and Michael J. Horowitz, general 
counsel of the Office of Manage- 
ment and Budget — to the US. 
Court of Appeals here, sources 
said. 

Those nominations, along with 
another u> the same court pending 
before the Senate, would end more 
than two decades of liberal domi- 
nation of a court often described as 
the most powerful in the country 
after the Supreme Court. Its juris- 
diction is broader than that erf any 
other US. appeals court in civil 
rights, environmental and regula- 
tory controversies. 

The expected appointments are 
pan of the administration's effort 
to secure a conservative federal ju- 
diciary long after President Ronald 
Reagan laves office. 

Mr. Reagan has already picked 
three members of the 12-member 
court. If for mally nominated and 
confirmed, Mr. Buckley and Mr. 
Horowitz, and the recently nomi- 
nated Laurence Sflberman. would 
give the administration six solid, 
votes. There are five generally lib- 
era] votes on die court, with Judge 
Ruth Bader Ginsburg considered a 
swing vote. 

Mr. Buckley, 62, a former Con- 
servative Party senator from New 
‘York and more recently head of 
Radio Free Europe- Radio Liberty, 
bad been considered for a vacancy 
on the 2d UJS. Cireuii Court of 
Appeals, which covers New York, 
Connecticut and Vermont. 

The stances said Tuesday that 
strong opposition fiom Senator 
Lowell P. Weicker Jr. of Connecti- 
cut. a liberal Republican, and sev- 
eral other factors, convinced the 
administration to nominate Mr. 
Buckley for the Washington D.G 
court instead. 

On the D.C. circuit, no home- 
state senators could oppose hiin. 

Mr. Horowitz, 47, is a leading 
administration conservative noted 
for his efforts to limit the use erf 
federal funds for political advocacy 
by nonprofit groups, contractors 
and others who receive federal 
money. Those efforts upset both 
liberal organizations, who 
him of trying to “deftrnd” then- 
activities, ana corporate recipients 
of federal funds. 

A 1964 Yale law school graduate 
who taught rivQ rights law in Mis- 
sissippi during the 1960s. he spent 
15 years in private practice before 
the former director of the (Mice of 
Management and Budget, David 
A. Stockman, asked Mm to join the 
Reagan administration in 1980. 
v’-The administration picked Mr. 


Mr. Buckley “represents everything 
I have fought against in the Repub- 
lican Party” immediately opposed 
the no minati on. He said, however; 
that he would not fight it pubiidy 
at least until after the background 
clearance process was completed, 
sources said. 

Administration officials consid- 
ered having Senator Alfonse D’A- 
maio. a New York Republican, 
sponsor Mr. Buckley as a New 
York candidate. But Mr. Buckley, 
widely criticized for moving to 
New York lo run for the Senate in 
1970, Said he lived and voted in 
Connecticut and would not 
to be sponsored by a New 
senator, sources said 

On Sept 20, the New York Gty 
Bar Association, in an on usual 
move, announced that it would not 
approve Mr. Buckley, who had 
practiced law for only a few years, 
for the court. Mr. Buckley, on tbe 
advice of the Justice Department, 
had refused to meet with the dty 

bar association. 

Tbe New York Gty assessment 
is not binding on the full American 
Bar Association, but nevertheless 
troubled administration officials. 

The administration had been 
slow* to fill two vacancies on the 
D.C. court. Mr. Silberman, a for- 
mer deputy attorney general, was 
picked after a lengthy internal re- 
view, but Marion Edwin Harrison, 
a local attorney, was not selected 
after a similariy long period. 

Tbe death of the appeals court 
judge, Edward A. Tamm , in Sep- 
tember created a third vacancy on 
tbe court, increasing the urgency to 
fill the v acancies, sources «tiH 


Harvard Skats 
Reagan Issue 

New York Tunes Service 
NEW YORK — Harvard Uni- 
versity has dedded to grant no hon- 
orary degrees at its 350th anniver- 
sary celebration next year, cutting 
short a healed debate among its 
faculty and alumni over the pros- 
pect that President Ronald Reagan 
would be one of the degree recipi- 
ents. 

The decision, which a Harvard 
official called “the only graceful 
way out” of the controversy, was 
made last week in a dosed session 
of the Harvard Coqx, the universi- 
ty's top governing body. The cor- 
poration made no public an- 
nouncement erf its decision, but a 
spokesman, David Rosen, con- 
firmed that “no degrees will be 
granted." 

Mr. Rosen said the corporation 
gave no reason for tire decision, 
which took many at the university 
by surprise. But he said that Mr. 
Buckley about sax. weeks ago for a Reagan was still invited to speak at 
vacancy on the New York-based the convocation in September 
court. When notified of tbe move, 1986, which, will mark Harvard’s 
Mr. Weicker, who once said that founding in 1636. 


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Page 4 


Hcralb 


INTERNATIONAL 


Srtbime. 


Published WilbTheVw York Time* ind The Wadungion Poet 


All in the Same Boat 


The Palestinians who seized an Italian 
cruise ship on Monday also hijacked inter- 
national attention, which had been focused 
on the lethal Israeli air raid a gains t Tunisia 
six days before. Amid anger over the appar- 
ent murder of one of the Achflle Laura's 
American passengers, the pirates' surrender 
brings a sense of relief — and will soon free 
attention to return Lo the overriding issue of 
Israel's future amid the Arabs. 

A positive result of the hijacking was 
already implicit before yesterday's peaceful 
ending. As The New York Tunes pointed 
out, this time a terrorist attack had been 
indy international. The target was not any 
single country. An Italian ship had been 
seized in Egyptian waters carrying tourists 
of a variety of nationalities; all told, a score 


of countries were involved. And the four 
pirates were disowned by alL including Syria 
and Yasser Arafat. It was, as The Times put 
it, a chance for a “demonstration by the 
world and for the world that when it comes 
to terrorism, all must stand together.” Hie 
demonstration, however imperfect in some 
details, has materialized. 

It remains, as The Washington Post put it, 
for Mr. Arafat to show rejection of terrorism 
with more than occasional disavowals: “He 
could demonstrate it best, of course, by 
stating outright that Palestinians are ready 
to accept Israel.'* It remains, too, for Israelis 
to ponder an unfolding tragedy of violence 
and counterviolence and ask themselves 
what air raids have to do with peace. 

INTERNATIONAL HERALD TRIBUNE. 


A Defeat for the Law 


Some of the Reagan administration's la- 
ments about the World Court are surely 
sound. The tribunal sitting at The Hague^has 
indeed been used as a “political weapon" by 
Nicaragua in its current charges of aggression. 
And U.S. hopes that other nations would sub- 
mit to the court's compulsory jurisdiction have 
been disappointed; the majority go to The 
Hague when they think they can win. But by 
j oining tha t majority, the United States makes 
a good point in a wrongheaded way. 

President Reagan had already refused to 
contest Nicaragua's charges of U.S.-aided at- 
tacks against it Having failed to get that case 
riisnwwri, the Reagan administration now 
turns frustration into a principle: It will not 
accept the court's compulsory jurisdiction in 
“political" cases, apparently meaning those 
involving national security. It win trust the 15- 
judge tribunal only in disputes involving com- 
mercial, legal or border problems. 

To play the game the way the Soviet Union 
does can only encourage those who oppose any 
international order and seek to equate the 
superpowers as equally unrestrained in pro- 
jecting their sovereignty. Even granting the 
premises and frustrations of Mr. Reagan's 
lawyers, they have missed a chance to focus 
attention on U.S. grievances. 


Or the United Nations' 159 members only 
44 have agreed, like the United States, to 
submit international disputes to the court’s 
arbitration. Only America has been dragged in 
to face a charge of aggression — more property 
the province of the UN Security Council But a 
specific new reservation, with the Senate’s con- 
sent, could have exempted aimed conflicts 
without repealing the 40-year-old U.S. com- 
mitment to accept court jurisdiction in dis- 
putes with nations similarly committed. 

America's support has been the World 
Court’s main source of inspiration. Its use has 
been encouraged by every previous president, 
most energetically by Republicans. Although 
the court has only limited power to enforce its 
rulings, it had acquired considerable moral 
force in resolving lesser disputes. 

Reversing that American commitment 
should be debated — if only to make dear the 
limited step back that now seems desirable. 
President Reagan's lawyers say they want only 
to expose abuse of authority by the World 
Court and the hypocrisy of other nations. Why 
then give the appearance of joining those who 
resist any higher order? Why spite America's 
law-abiding name to square accounts in a 
petty brawl with Nicaragua? 

— THE NEW YORK TIMES. 


The Peace Corps Idea 


We have something to add to the celebra- 
tions now under way of the 25th anniversary of 
John F. Kennedy’s proposal to establish the 
Peace Corps. A great deal has been said and 
done in recent days to honor the extraordi- 
nary, and sometimes heroic, achievements of 
Peace Corps volunteers all over the world in 
the decades since the agency came into being. 

To all of this we say amen, and we also join 
in commending President Kennedy himself for 
having espoused the idea and helped push it 
into law. The Peace Corps, with its youthful- 
ness, its energy and excitement and commit- 
ment. became a kind of symbol of the Kenne- 
dy administration at its early best, and this was 
fitting. The agency got its momentum and its 
enduring personality in those years, and it 
reflected what was most innovative and ideal- 
istic about the Kennedy administration. 

But something is missing here. The some- 
thing is Hubert Humphrey. It is always a wise 
idea, when celebrating a proposal of this kind, 
to check out the Humphrey record. The late 
Democratic senator (and vice president) from 
Minnesota introduced the Kennedy adminis- 
tration Peace Corps bill in the Senate in 1961 
because President Kennedy asked him to. Mr. 
Kennedy asked him to because Mr. Humphrey 
bad proposed the Peace Corps idea three years 
before Mr. Kennedy espoused it in the 1960 


campaign speech whose silver anniversary is 
now being commemorated. We think Mr. Ken- 
nedy would not mind sharing ihe credit with, 
bis friend Hubert, and so we let Mr. Hum- 
phrey have what he always loved best: the last 
couple of hundred words. They are from his 
memoir. “The Education of a Public Man": 

“1 introduced the first Peace Corps bill in 
1957. It did not meet with much enthusiasm. 
Some traditional diplomats quaked at the 
thought of thousands of young Americans 
scattered across their world. Many senators, 
including liberal ones, thought it a silly and 
unworkable idea. Now, with a young president 
urging its passage, it became possible and we 
pushed it rapidly through the Senate. It is 
fashionable now to suggest that Peace Corps 
volunteers gained as much, or more, from their 
experience as the countries where they worked. 
That may be true, but it ought not to demean 
their work. They touched many lives and made 
them better. Critics ask what visible, lasting 
effects there are, as if care, concern, love, help 
can be measured in concrete and steel or 
dollars or ergs. Education, whether in mathe- 
matics, language, health, nutrition, farm tech- 
niques or peaceful coexistence may not always 
be visible, but the effects endure.” 

Again, amen. 

— THE WASHINGTON POST. 


Other Opinion 


A Time for Stability in Lisbon 

The victoiy of the Social Democratic Party 
in the Portuguese election may just bring an 
element of stability to one of Europe's most 
volatile democracies. The Social Democrats 
have served in every cabinet since 1980. They 
have also brought down more than one of 
them. Now that they will be playing first fiddle 
in the 16th government since the end, in 1974, 
of the Portuguese dictatorship, they may be 
less inclined to rock the boat. Since Portugal 
will join the European Community at the be- 
ginning of 1986, its stability and its ability to 
cope with pressing economic problems are 
matters of more than routine interest. 


One difficulty in Portugal has been the 
built-in rivalry between an elected president 
and a prime minister responsible to an elected 
parliament It is legitimate to ask whether the 
Portuguese electorate will continue forever to 
tolerate the obvious inefficiencies of Ihe pre- 
sent system. Whichever new government now 
will emerge, therefore, has every reason to 
concentrate on the economy and on the many 
rigidities that are bolding it back, rather than 
on the personal rivalries that played so big a 
part in the campaign now concluded. Unfortu- 
nately, the need to hold presidential and local 
elections within the next three to four months 
may prove too much of a distraction. 

— The Financial Times (London). 


FROM OUR OCT. 10 PAGES, 75 AND 50 YEARS AGO 


1910: Mobs Kill Priests in Portugal 
LISBON — The most astounding feature of 
this extraordinary revolution had been the 
absence of those repellam features which al- 
most invariably accompany political upheav- 
als. Up to {OcL 9] there had been no wanion 
destruction of life or property, no pillage, no 
outbursts of mob passion. But there are disqui- 
eting signs that a change is coming. The mob 
has now shown its fangs against the religious 
orders. Monasteries and convents have been 
forced and their priests killed and acts of 
sacrilege committed. The Government cannot 
be accused of collusion, but the gravity of the 
situation lies in the fact that no proper effort 
was made to control the soldiery and the 
populace who were permitted to loot and de- 
stroy at will not a single commissioned officer 
being present to keep the troops in hand. One 
is compelled to ask where will it end. 


1935: Chemical Warfare in Abys sinia 
WITH ABYSSINIAN FIELD HEADQUAR- 
TERS NORTH OF JUIGA — “They call us 
savages, but we will never resort to the ose of 
gas. which apparently is Italy’s first contribu- 
tion to the new civilization of Ethiopia,” said 
General Nasibu. commander of the southern 
area. A chemical irritant is being rained upon 
the Ogaden front, said dispatches reaching 
him [on Ocl 9]. This is a substance in the form 
of fine powdery particles which cover a wide 
area when dropped. Hie substance caused ter- 
rible agony to the wounded. The general stated 
[on Ocl S] that non-combatants were among 
casualties caused by Italian gas bombs, which 
had blanketed a wide area with a thick yellow 
fluid believed to be mustard gas, and caused 
soldiers and civilians to fall down in agony. He 
pointed out that there were only a few gas 
masks among Abyssiniaos on the front. 


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THURSDAY, OCTOBER 10, 1985 


An Unfolding Catalog of Arab Violence 


J ERUSALEM — When Israeli jets bombed 
the PLO headquarters In Tunisia last week in 
reprisal for the terrorist murder of three tourists 
in Cyprus, Italian Prime Munster fiettino Craxi 
led the European chorus of sympathy for the 
Palestinians and condemnation of IsraeL Jerusa- 
lem, as usual, warned its critics of the danger of 
appeasing terrorists. Mr. Craxi and other Euro- 
pom leaders, as usual shrugged off the warning. 
Then a PLO faction seized an Italian ship, the 

Achille Laura. The irony of their choice of target 
was obvious — but for Israel there was little 
satisfaction in being proved right. 

The Italian government, which has flirted with 
Palestinian terrorists for a decade, can be expect- 
ed to learn nothing from the current episode, 
which il will almost certainly treat as an isolated 
incident perpetrated by “extremists." 

But Israel, currently engaged in the search for 
peace, cannot afford to delude itself about the 
true m eaning of the Palestinian piracy. S een in 
the perspective of recent events, it is both a 
symbol and a warning to Jerusalem. 

Last Saturday seven Israeli campers were mur- 
dered by an Egyptian soldier. There were reports 
that his comrades prevented the victims from 
receiving medical attention. President Hosni 
Mubarak — who has turned a border dispute 
over Taba, a sliver of Red Sea beach the size of a 
few football Helds, into an international issue — 
dismissed the slaughter as “nothing important," 
without even a word of regret or condolence. 

As the victims — most of them children — 


By Zev Chafetz 

were bong buried, word readied Israel that a 
Tunisian security officer had fired on a crowd of 
Jewish worshipers in Djexba, willing atleast one. 
The Tunisian government, parroting Egypt's 
line, claimed that its Jew-kQler, too, was insane. 

In Lebanon today, insanity is no nsectarian A 
slaughter of historic proportions has been taking' 
place in the Lebanese city of Tripoli. Thousands, 
perhaps tens of thousands, of Arabs are murder- 
ing one another in an orgy of undifferentiated 
barbarism while the woridlooks the other way. 
(Western moralists are apparently concerned 
about dead Arabs only if Israel kills than.) 

Meanwhile in Beirut, Islamic fundamentalists 
have assassinated American and Soviet diplo- 
mats for no apparent reason, while fighting rages 
between Shiite Moslems and Pales tinians ^ of 
all places, the Sabra and Chatfla refugee camps. 

Closer to home, three more Israeli civilians 
were killed last week by Palestinian gunmen. 
Two of them were victims of agang that special- 
ized in thrill killings of Israeli couples in remote 
areas. The latest murders prompted the minister 
of police, Chaim Bar Lev, to advise people to 
carry weapons on their holiday excursions. 

And there is Yasser Arafat At about the same 
time that King Hussein of Jordan was in Wash- 
ington arguing that the PLO leader is now a 
reformed terrorist, Mr. Arafat was dispatching a 
hit team made up of members of his personal 


bodyguard to kill Israeli vacationers on board a 
yacht in the harbor at Larnaca, Cyprus. 

While the Tans of Mr. Ararat continue to 
main ram tha t only he can deliver Si peace 
Israel half the Palestinian movement is now 
under the control of a blood enemy of Mr. 
AraTat, President Hafez al-Assad of Syria. 

This is a depressing catalog of Arab instability, 

violence and extremism. It is a catalog that must 
give pause to policymakers in Jerusalem. 

Israel is be ing asked to make major territorial 
and political concessions in exc h a ng e for peace. 
But what good is a peace that rests on the good 
will of President Mubarak.; who considers the 
murder of Israeli children by. his soldiers to be a 
trivial matter; of moderate Arab states such as 
Tunisia, which harbor terrorists; of Mr. Arafat, a 
“leader" who no longer controls his own organi- 
zation and struggles for influence by crawling 
ever deeper intothe belly of the beast; of neigh- 
boring like Lebanon, Syria and the other 
Arab rejectiooists, who are determined to under- 
mine any agreement that might be reached? 

None of those questions is being asked for the 
Hist tune. But events of the past few days, and 
especially the hijacking of the cruise ship, have 
pul them into sharp focus. For Italy’s Mr. Craxi, 
the stakes were high: a ship and its passengers. 
For Israel they are considerably higher. 

37k writer, author of “Double Vision: How the 
Press Distorts Americas View of the Middle East,” 
contributed this common to die Las Angeles Times. 



Israel’s Air Baid on Tunisia Cannot Be Condoned 


W ASHINGTON — I am trou- 
bled about the idea that a 
nation whose dtizeos are victimized 
by terrorists has the right to hunt 
and kill anyone it believes to be 
responsible anywhere he can be 
found. That is Israel's justification 
for its Ocl 1 air raid on the PLO 
headquarters in Tunisia. While the 
Reagan administration has reserved 
judgment on the Tunisian facts, it' 
sometimes supports the principle 
that the Israelis have invoked. 

My trouble is not merely that 
armed reprisals beget even larger 
acts of terrorism, as we have just 
observed with the hijacking of an 
Italian cruise ship. Nor is it merely 
that the weight of international [aw 
is probably against the hunt-and- 
kill type of reprisal. My trouble goes 
much deeper than that 
Hunt-and-kiil is a principle that 
Americans totally reject m their 
own constitution and legal system. 
It is a principle that no other nation 
should ever be allowed to follow on 
United States territory. 

This can be proved by three hy- 
pothetical questions: 


By Lloyd N. Cutler 


If it were believed that one of the 
Iranian hostage- takers or the hi- 
jackers of TWA.flight 847 had en- 
tered the United Stales, would Del- 
ta Force commandos or the FBI be 
allowed to bunt down and loll him 
without arrest or fair trial? 

If the Sandinist government be- 
lieved that a “contra" leader in Mi- 
ami was responsible for a terrorist 
incident in Nicaragua, would Amer- 
icans tolerate a Sandinist assassina- 
tion of that leader in Miami? 

If the British government or an 
Ulster Protestant militia group be- 
lieved that an Irish- American in 
Brooklyn had helped to fund or 
direct an IRA attack in Belfast, 
would they be allowed to car-bomb 
the apartment house where the 
Irish- American lived? 

The answers to these hypothetical 
questions are evident. In every case, 
Americans would insist on arrest 
and either trial under U.S. laws or 
court-approved extradition for trial 
where the terrorist act occurred. 
They would never allow their own 


government or foreign nations or 
groups to kill mere suspects on 
American territory before trial. 

Whether or not such an act of 
reprisal would offend international 
law. it would certainly violate the 
UJ5. Constitution and the Bible. “It 
is not the manner of the Romans to 
deliver any man to die, before that 
he which is accused have the accus- 
ers face to face, and have license 
to answer for himself concerning 
tire crime laid against him. " (Acts 
25:16, cited by Chief Justice Earl 
Warren in a Supreme Court case.) 

How, then, can we assert the right 
to commix such a crime on the terri- 
tory of another friendly sovereign 
state, or condone such action by any 
other state? 1 submit that, on reflec- 
tion. we cannot condone iL 

It would be bad enough if the 
reprisal were so surgical that only 
the suspected terrorist was killed, 
and that, if fairly tried, be would 
certainly have been convicted. But 
armed reprisals do not work that 
way. Do the Israelis seriously con- 


tend that in addition to the alleged 
assassins who are under arrest in 
Cyprus, all those killed in Tunisia 
were also criminally response, 
and that all of them were certain to 
have been convicted in a fair trial? 
The question answers itself. ■ 

Terrorism is the Utter fruit of. 
perceived injustice. It began in 
Czarist Russia as a principled form' 
of protest against tyranny by assas- 
sinating the tyrant. It is now used 
to protest against democracies. It 
has spread beyond killing those in 
public office to Lhe deliberate 
slaughter of innocent people. 

We can and must deter terrorism, 
but not by practicing a form of 
terrorism ourselves. We have to find 
a more civilized way. When we can 
identify suspected terrorists in any 
law-abiding nation, we cannot pun- 
ish them before arrest and trial 
These are nor procedural niceties. 
They are at the neart of the -liberties 
that terrorism tries to destroy. 

The writo, a lawya , was counsel to * 
President .Carter. He contributed dtis 
comment to The New York Times. 


The Free Press Has Lost a Test Case on Licensing 

p AR1S — Can a free press exist if 


a government has the right to 
determine who can be a journalist? Is 
a licensing law a violation of the 
Declaration of Human Rights, which 
provides that “everyone has the right 
to freedom of thought and expres- 
sion ... to seek, receive and impart 
information and ideas of all kmds 
... in print . . . or through any oth- 
er medium of one's choice"? 

These significant questions have 
been debated for years before inter- 
national bodies, but they had never 
beat considered by a coon, until last 
month, when the Inter-American 
Court of Human Rights, which sits in 
San Jose, heard the government of 
Costa Rica defend its law giving a 
government-sponsored body, the Co- 
legio de Periodistas de Costa Rica, 
the right to jail a reporter for failure 
to obtain a license. Stephen Schmidt, 
on American residing in Costa Rica 
for more than 10 years, was convicted 
for working as a reporter (without the 
consent of the Colegio) on the Eng- 
lish-language Tico Tunes in San Josd 
He was given a suspended sentence, 
and he later left the country. 

The Colegio de Periodistas argued 
that the law, defended as a tool to 
protect the public from incompetent 
or irresponsible news reports, is as 
justified as laws licensing doctors, 

wyers and many craftsmen. 

The Inter-American Court is limit- 
ed to an advisory opinion, but its 
decision will have a significant im- 
pact worldwide. Nine other Latin 
countries have press restrictions simi- 
lar to Costa Rica's which could fall 
under the ruling- Moreover, since the 
free press provision for Latin Ameri- 
ca is essentially the same as the guar- 
antees in the Universal Declaration 
of Human Rights adopted by the UN 
General Assembly in 194S, the deci- 
sion could influence all signatories. 

Democratic countries have debat- 
ed licensing of jounulists for 350 


By Leonard H. Marks diis does 001 justify restricting the 

W>1 , reporter by a license that keeps him 

years. In England, John Milton in. should be treated .differently. They on a short leash and restricts the 


idea (1644) opposed the ef- 
forts' of the crown to control the 
printing press. His classic defense of 
press freedom became part of the 
common law that was followed in the 
American colonies, where the John 


The Case 
Against 



W 


charged that a defamatory or inaccu- 
rate report can harm society and the 
individual just as a person's. well- 
being is threatened by a doctor’s mal- 
practice. But there is a basic dis tine- 


nature of his 


When that 
ers. 


By George F. Will 

ASHINGTON —Several years 
, . ago I beard President Reagan 
say approximately this:. “I would like 
to t»ir- the Soviet leaders up in a 
helicopter over Los Angeles. I would 
point to all the small houses with 
swimming pools and I would say, 
■Those are the workers’ houses'* " 

Surely Ronald Reagan does not 
tfrfnfc the hard men of the Kremlin 
are misguided Lane Kirklands, labor „ 
leadens mistaken about how best to l 
raise living standards- But he may 
niostrate the great, and perhaps fatal 
paradox of American politics. 

Mr. R eagan is ihumpin&Ly success- 
ful because he is thoroughly Ameri- 
can — moderate, amiable, reasonable 
and convinced that others are, too. 

He has the constricted political 
imagination natural in a sheltered, 
liberal nation to which history has 
been land. He is, as the most success- 
ful American leaders are likely to be. 
especially apt to underestimate the 
terrible dynamic of the Soviet system. 
One manifestation of this misunder- 
standing is the sweet thought that the 
Soviet regime's leaders would be sus- 
ceptible to the taming example of 
American freedom and affluence. 

I mention this now because The 
Washington Post reports that recent- 
ly the president was dying over New 
Hampshire and said to the governor 
how much he would like to take Mik- 
hail Gorbachev to “any house down 
there" to meet “the working people.” 
What does the president think such a 
visit would accomplish? Perhaps: 
The Gorbachev palm slapped to the 
Gorbachev forehead, ana a thunder- 
struck exclamation, “Marx goofed! I 
have seen the future, ana lots of 
kitchen appliances, and it and they 
work. So dismantle the Gulag!" 

Is this another “it’s all a horrid 
misunderstanding" theory of the 
Cdd War? Usually the “misunder- 
standing" is a mutual misassessment 
of the other's peaceful intentions. In 
this case the supposed misunder- 
standing would concern how best to 
satisfy me common man. 

This theory founders on the fact 
that the thin slice of Soviet society 
that has power also has material com- 
forts. The regime is driven by the 
need to justify the exemption of the 
privileged few from the dismal life led 
by the many. The regime derives its 
legitimacy, such as it is. from the 
pretense that it is custodian of His to- l i 
tv’s progressive impulse. That is why 
the Soviet regime is not — cannot be 
— in. the five-and-let-live business. 

If the leader of this regime were not 
following in the shuffling footsteps of 
three cadaverous leaders, he would be 
seen to have ihe charisma of suet 
pudding. Yes, he is “resplendent" in 
his “gleaming white shirt” (words 
from the introduction: to his self-in- 
terview in Time magazine). But he is 
also a truculent Ban He is truculent 
when dismissing as “insubstantial" 

. all complaints about Soviet viola- 
tions of its Helsinki undertakings. He 
isa liar explaining how tickled Jews 
are about the privilege of remaining 
in the Soviet Union. 

The “bold; new” arms control pro- 
posal is bold in offering something so 
' old. It is the traditional Soviet alge- 
bra: X - X + Y + Z. The Soviets 
offer X (50-percent reduction of 
“strategic" forces). America will rive 
X . and will count its intermediate- 
range farces as strategic, and wQl IdU 
its attempt to catch up with the Soviet 
strategic defease initiative. The Sovi- 
et side wins not by getting America to 
accept their equation but by getting it 
to talk, exclusively, the arcane; anti- 
septic algebra of arms control 

It is axiomatic: Control the 
and you control the mining Regard- 
ing summit meetings, the axiom is: 
Control, the pre-summit conversation 
and you control the evenL 

And now look what is happening. 
Throughout the 1970s conservatives 
sensibly criticized the policy of treat- 
ing arms control as the centerpiece of 
U.S.~ Soviet relations. Today we see a 
Gresham’s law of political discourse. 

TTie dry arcana of arms control have/ ■ 
driven out talk of all other things , ' t 
including Afghanistan, Poland, An- ^ 
gola, Nicaragua, terrorism, arms con- 
trol violations, H elsinki violations. 

In another way. too, America is 
paying the price of its arms control 
So eager were the Nixon 
and Carter administrations for i 


ladiyocracythepr^standsas 1 mentTt^^oSSdS 
a.mh ^rfgo veMent charged with ington) prcmSSTcoiSbld' ^rith 

the Sovi«*bKp_ tH^ibSS 



t 


Amendment to the U.S. Constitution 
proclaimed that Congress “shall 
make no law . . . abridging the free- 
dom of speech or of the press." 

In t *tm America in 1948, the Bo- 
gota Declaration carried out the same 
thought, stating that “every person 
has the right to freedom ... of the 
expression and dissemination of 
ideas by any means whatsoever." 

The issue in the Costa Rican case is 
not a test of this philosophy, but of 
whether a requirement for a press 
license enforced by (government ne- 
gates that freedom. The hand that 
grants a license is the hand that can 
withdraw a license. It gives to a gov- 
ernment the power to discipline those 
who report on its performance. The 
c hillin g effect that this can have on 
independent thought and comment 
— on the very functioning of a watch- 
ful nress — is self-evident. 

The challenge to the licensing law 
does not preclude trade associations 


The journalist is -the channel accused of misconduct or poor j 
through which the public is kept in- meat has the right to revoke the re- 
formed on current events. To limit porter’s license and deprive him of a 
the number of people who can con- livelihood, who can doubt the effect? 
vey information and opinion in this Would a licensed - journalist' have 
way is to put on blinders and negate written the Watergate story or tried 
society's right “to receive informs- to unravel the Greenpeace affair* 


tion and ideas of aD kinds." 

Proponents of licensing argue that 
press freedom has been abused, and 
that libel and slander laws are not 
adequate to compensate victims of 
erroneous or malicious reporting. But 


The writer was counsel for the World 
Press Freedom Committee in present- 
ing arguments to the Inter-American 
Court He contributed this comment to 
the International Herald Tribune 


. Sprat levels rose faster. 
Today they are so large and varied 
that a mutual cut of 50 percent could 
be tailored to leave the. Soviets with 
an enhanced strategic advantage. 

_The lament of correct thinkers 
withm the Reagan administration is: 
3*. v woold attend a 
oakharov Summit” or an “AfghanT- 
sran Summit," but here we gtitoa 

Summit.** The question 
already is: What win Mr. Re 
up to make it a “success”? 


Washington Past Writers Grotqr. 

LETTERS TO THE EDITOR 

ADigfeg^Fa^ . ABoAerKindof Agent 

Your obituary of the French ac- ed Nations secretarial in NW v,** . P ... 


m 


obituary oi me French ac- ea Nations secretariat in New YVn* Retard,-™ P 

“rssan 

Council of Europe in Strasbourg. 

He was one of the founders of the 
International Association of Confer- 


(Ocl 1) contained a brief reference to 
her father, Andrfe X am ink er which 
perhaps you will let me amplify. 
During World War II Mr. Ka- 


AmericffSept 30. 
nckJ. Leaky and WlQiam $. Cohen : 
- senators seek a reduction 


oocs not pimauuc uouc nuujduuiu ^““6 rm- uihaumiuuiu naoaguoQ a LOnfer- in tfv* m i. ~~ " 7 ^ ° ^ww-uou 

or unions from advancing the well- minker served with distinction as a ence Interpreters (AIIQ, of which he - the ThSS*!? “ * 3V i el diplomats in 
being of their members in wage dis- lieutenant in General de Gaulle's was elected honorary prerident far ih- JSr to reduce 

----- ... to outstandingservidesT threat They fail to 


being of their members in wage 
pules or in determining working con 
di Lions, but there is a critical 
distinction between such functions 
and that of the Colegio. Nongovern- 
mental trade groups da not license 
and thereby restrict the right of an 
in dividual to express views publicly. 
It is that restriction that conflicts 
with the rights protection. 

The defender of the Colegio law. 
in arguing that lawyers, doctors and 
many craftsmen are subject to sinular 
restrictions, asked why journalists 


Free French forces. Toward the end. 
of the war he was appointed head of 


JEAN BACK, 
Geneva. 


Letters intended' for publication 
should be addressed u Leaers to the 
Edita’” and must contain the writ- 
er's signature, name and ftdl ad- 
dress. Letters should be brief and 
are subject to editing We cannot 
be responsible for the return of 
unsolicited manuscripts. 


Speaking o! Elegance 

Your front-page : 


' ErSff Soviet - brcd population 

“S^-^NewYSdLThT 

2 ^ &ee to move, 

aown aad j^e sensitive technical /" 

^ , Soviet officials ■ 

can be supervised a lot 


Your front-page report from Pari* a 101 more easily 

(Ocl 5) under the headline “Mis. ^American citizens. 

Gorbachev Seen as Elegant, nS 2 Wlttl knotted 


„ as .Elegant, Not 

Otic” Was mid and tasteless, aside 
. from being most undiplomatic. 

PATRICIA SCARRY. 

. G«aad, Switzerland. 


bowet system can doubt 

must r 


of the 

i there 

gence infiltration amongSth^^. 
ELIZABETH ZAGORSKA. 

London. 







A 19100-0-2-105-7600 


ft** 


11 new Siemens CPUs and the new 
PC-2000, all using the European 
operating system BS2000, have 
just had their premiere in Zurich. 

This doubles the number of CPUs 
available. At the same time. 

The performance (previously 0.3 to 
8 Mips - million instructions per 
second) has been extended by 
three great strides: to about 11, . 
15, and 27 Mips. 

BS2000 is thus the most universal 
operating system in modem inter- 
national computing. The power 
of the largest CPU exceeds that of 
the smallest by a factor of 80. 

If you include the PC-2000, 
the ratio becomes 200 to 1. 


The PC-2000 is the first personal 
computer ever to fully utilize a 
mainframe operating system. 

You don’t need a computer to 
work out the advantages: your data 
processing can expand with your 
business, without any costiy and 
disrupting conversions. 

Operating system, programs, 
and the experience gained by your 
staff - ali remain unchanged. 

As you have to assume that your 
company’s DP requirements will 
grow between 30% and 50% each 
year, the benefits quickly amount 
to millions. 

Furthermore, you do not need to 

keep changing CPUs so often. 

The performance in each group of 
the BS2000-processors can be 
increased continuously in the field 
-by a factor of up to 4. 


Your company is thus well equip- 
ped for the healthy growth of its 
data processing. 

For further information, contact: 
Siemens AG, ZVW 13, 
Otto-Hahn-Ring 6, 

D-8000 Munchen 83. 


Siemens Computers 
The European 
Answer. 





House Passes Farm Bill, 
Keeps Price Supports 


By Steven V. Roberts 

New York Times Service 

Washington — The House 

of Representatives has overwhelm- 
ingly adopted a farm bill that 
would cost S141 billion over the 

five years. Most of the money 

would go toward propping up 
pness paid to farmers and feeding 
the nation's poor through the food 

Stamp program. 

The vote Tuesday night was 282 
to 141. 

The Senate version of the bill, 
which is considerably more gener- 
ous to farmers than the one passed 
by the House; is scheduled to reach 
the floor late next week. 

In general, the House main- 
tained farm support programs at 
existing levels and rejected propos- 
als by the administration to gradu- 
ally eliminate those programs. 

Sponsors of the bill said that it 
fell far short of what was needed to 
revive the slumping fortunes oT the 
farm economy. 

Representative E. de la Garca. 
the Texas Democrat who is chair- 
man of the Agriculture Committee, 
said the legislation would keep 
farmers in a “holding pattern. " 

Representative Leon E Panetta, 


Honecker in Athens for Talks 

Reuters 

ATHENS — Erich Honecker. 
the leader of East Germany, ar- 
rived Tuesday in Athens for a 
three-day visit expected to focus on 
economic and arms control issues. 


a Democrat of California, added, 
“Essentially what we’ve done is 
hold the status quo when farm ar- 
eas are in a deep crisis.*' 

But the House, Mr. Panetta said, 
was “caught in a crunch between 

the farm crisis and the budget cri- 
sis." Accordingly, he said that 
while the programs were not re- 
duced they could not be augment- 
ed, either. 

In earlier votes Tuesday, the 
House retained provisions to re- 
store about 20 percent of the cuts 
made over the past four years in the 
food stamp program and defeated 
an attempt to kill the tobacco sup- 
port program. 

The House also reversed itself on 
a proposal that would have barred 
federal aid to farmers wbo did not 
provide sanitation facilities for 
their workers. The House originally 
adopted the measure by voice vote, 
but then aimed around and defeat- 
ed it on a roll-call. 

The farm debate has echoed with 
political implications. As the eco- 
nomic slump in the Farm Belt has 
persisted, President Ronald Rea- 
gan has continued to lose support 

Last year, two Republican sena- 
tors from the Farm Belt, Roger W. 
Jepsen of Iowa and Charles H. Per- 
cy of Illinois, were defeated in bids 
for re-election, and about a half- 
dozen Republicans from farm 
states face the voters next year. 

What made matters worse politi- 
cally was that the Reagan adminis- 
tration's budget this year proposed 
sharp reductions in many farm sup- 
port programs. 



UNIT A guerrillas examining a Soviet Mi-25 helicopter 
shot down during die Angolan Army’s recent defeat 


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Angolan Array Retreating After Defeat 

sga- gsaa g 

onn hpdinc in Anril. UIVaSlOtL Of the UNl i A-COII 


f Continued from Page 1) 
and Cubans were helping to fly the 
Angolan Air Force's MiG-2 Is, 
MiG- 2 3s, Sukhoi SU-22 ground- 
attack fighters and Mi-25 helicop- 
ter gunships. 

Mr. Matamba, who spoke Rus- 
sian, said be had spent three years 
in the Soviet Union learning to fly 

MiCb. Appearing at the briefing 
with his arm in a sling, he said be 
was shot down by a UNIT A anti- 
aircraft cannon on a bombing raid 
Ocl 3 on Mavinga. 

The pilot said he had not en- 
countered any South African air- 
craft daring the 45 missions he had 
flown during the campaign. He 
said Angolan radar operators had 
told him they had seen South Afri- 
can planes on their screens, “but I 
didn't see any in the air." 

Mr. Savimbi denied that he had 
received any active South African 
assistance. “There was not a single 
South Africa soldier here." he said. 
“We did not need it, we did not 
request it, and South Africa was 
notprepared to give it” 

The retreating Angolan Army is 
now about 20 miles north of the 
Lomba River, withdrawing toward 
the town of Cuito Cuanavale. 

With Angola’s rainy season due 
to begin this month, which will 
make the sandy tracks through the 
bush impassable to trucks and ar- 
mored vehicles, a counterattack is 


anda’s Soviet advisers had decided 

8 ™,d^ 



Jamba’beadquarters. had withdrawn the Oarire Amend 

“The Russians are like the ele- menu which prohibited U.S. aid to 
phants,” said the UNITA leader, UNITA. 
who received his guerrilla training On the battlefield, scores of the 
in China and reflects a Chinese Angolan Army’s dead were lying in 
contempt for Soviet military strata- the tropical sun. The air was thick 
gy “They’ll come back the same with flies and the trees heavy with 
way. and again.” vultures; nature’s gloomy under- 

He repeated his frequent appeals taker s waiting io do their work, 
for the West to come to his assis- The fact of so many un buried 
ranee, and said that since the latest coipses, and a group of 20 heavy 


assault ou his position, by far the 
biggest of the war, there were signs 
of growing support for him within- 
the Reagan administration. 

Mr. Savimbi said he believed Lu- 


Soviet Zfl troop-carriers — one 
with a rocket launcher mounted on 
it — which appeared to have been 
destroyed in a single attack, sug- 
that at least some of the 


began their retreat across the 
Lomba River. But Mr. Savimbi de- 
nied this. 

There was no evidence of South 
African troops in the vicinity and it 
seems unlik ely they were there. As 
Mr. Savimbi said: “I don’t want 
South African ground troops here. 
If one were killed or captured it 
would cause too many problems.” 

Mr. Savimbi gave Angolan. Array 1 
casualties in the battle as 2.300 
killed and wounded. He said 410 
UNITA fighters had been killed 
and S32 wounded. 


Riccardo Bacchelli, 94, Italian Writer, Dies 

third year to concentrate on litera- 
ture. 

His Gist article was published 
when he was 18. Two years later 
Mir. Bacchelli wrote his first novel, 
“Lodovico Clo’s Marvelous 
Thread." 

His last novel, “In the Cave and 
in the Vafley,” was written in 1980. 


Reuters .opmeat of modem Italy through 

MONZA, Italy — Riccardo Bao- the lives of a family of artisans m 
chdli, 94, the prolific Italian writer ' the Po valley, 
whose interests embraced history, In a career that spanned 70 
poetry, drama, and fiction, dial years, Mr. Bacchelli produced nu- 
Tuesday, doctors said. - mere us lyrical poems, essays, biog- 

Mr. Bacchelli was known for bis raphies and plays for stage, tdevj- 
popular historical trilogy “The MSI si on and radio, 
on the Po.” Published from 1938 to He was bom in Bologna. He 
1943, these novels traced the devd- abandoned university studies in (he 


Britain in the l980s:Portrait of a Nation in Decline' 


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(Continued from Page 1) 

ation for the Advancement of Sci- 
ence that the ability of scientists 
here to contribute Ip the study of 
cancer and other illnesses had al- 
ready undergone “a horrifying de- 
cline.” 

Different details catch different 
people's attention. 

A West German industrialist 
who negotiates labor contracts 
spent a few days recently talking to 
some English counterparts and 
looking at their figures. When he 
saw the average wage of an un- 
skilled factory worker, he asked 
bow such a man could ever afford 
to take his family to a good restau- 
rant Told that he could not the 
Ge rman remarked that neither he 
nor Ins employees would ever toler- 
ate such a situation. 

A Swede who knew Britain well 
25 years ago but had not been bade 
since was startled not long ago to 
see a small newspaper item boast- 
ing that British home appliances 
now had almost as good a service 
record as those from southern Eu- 
rope — when such products were 
not very widely used, let alone 
middy manufactured, a quarter of 
a century ago. 

All this is the reality, moreover, 
after five years of growth in the 
gross domestic product, the long- 
est-lasting upswing fra 30 years. 
What will happen when that boom- 
let ends, as many economists here 
now expect it to do in 1986? 

In some ways, the situation is 
worse than it seems, especially to 
those who live in the capital, in 
southeast England or in other 
of Britain, such as the West 
uy, where pretty settings or gentle 


oQ is no more. 

British society has demonstrated 
a remarkable cohesion over the 
centuries. It is embedded in folk- 
lore: the Britons are the experts at 
muddling through, the possessors 
of stiff upper lips. It shows in such 
homely details of everyday life as 
the orderly bus queue, the warmth 
of the greeting, and the patience 
lavished on an old woman in a 
village shop as she fumbles for her 
change. 


Proportionately few of the 3.2 


If this is hard to see from May- 


says Roy Jenkins of the Social Winchester. Oxford and Cain- tion. Yon define success in terms of 
Democratic Party, who is widely bridge — into teaching, the avfl mcoey, possessions, job titles. I de- 
cousidered to have been Britain’s service, perhaps even into banking, fine it as doing something I like, 
best postwar chancellor of the Ex- bur almost never into industry. enjoying my life. I don’t want wads 
chequer. Peter Jenkins, a leading There are a few signs erf success, of money." 
newspaper columnist, is even such as the emergence of belts of Brian Waldeq, a former Labor 
bleaker. No one has a convincing high-technology industry along member of Parliament, now a tde- 
explanation, he wrote the other motorways west of London and vision broadcaster and newspaper 
day, “how we are going to afford to east of Glasgow and the develop- columnist, despairs of success for 
import the food and raw materials ment of shopping malls on thepe- Mrs. Thatcher or any other politi- 
we need to eat and work” when the tiphery of many cities. • dan in remedying whai he terms 

Bat the class system, despite the “the economic failure” of modem 
example of Mrs. Thatcher herself, Britain. He says: “Every attempt in 
who grew up in a flat above her modem Britain by politicians to 
father’s comer grocery store, shows force cultural change founders bo- 
astonishing resilience. Ronald cause it is not rooted in popular 
Dworitiiu an American legal phi- sentiment. We are a radical people, 
losopher who teaches at Oxford as but nobody knows how to harness 
well as at U.S. universities, flunks our instincts, 
that snobbery among his students “We need,” he added, “to aban- 
has waxed, not waned, in the last don our passion for an ancient set 
five to 10 years. of values that places great emphasis 

At the apex of the system, un- on continuity, security and sophis- 
changed and unchallenged, re- tication, that exalts time-honored 
.... , . mains the royal family. The novel- good form in a smiting ship. We 

loose aspects of tile Here ci- j^ Ambony Burgess wrote early need, to be a coarser, more vigor-, ^ 

vflity, courtesy, oozmess -- have ^500^ ‘ oos. more hard-nosed, more detek 

always bound Britons to their “There a a fine stratum of use- mined society. In other words, we 
counter, evm m adversity. 1 hey are gkggju retainers surrounding need to be in peace what we have 

part of the Bnnshnyh, along witii. the ToyaLfamfly. Out of this dimbs always been in war.” 
lovely counbyside, dogs and hors- ^ bojQQj of the family a per- None of the political parties, per- 

Anaada ’ _ sonage like Princess Diana, whom ' haps not surprisingly, is proposing 
Battle of Britain. -all the world loves. She bakes no exactly that Mrs. Thatcher links 

Social cohesion persists, but bread, paints no pictures, reads no hard-nosed economic behavior not 

books above tbe-levd of Freddie to a change in. dd valnes but to a 
Forsyth, contributes nothing to the. retnm to Victorian moral virtues, 
worid’s^ work; she merely proclaims Labor, whose first response to 

the purely decorative function of accelerating decline was a lurch to 
herdass. the left, toward a more overtly so- 

“And this is admirable. Tins is dalist doctrine, now seems to be 
what the gruffest unenmloyed min- swinging back toward a mixture of 
er accepts as a part of heavra that socialism and (he old Keynesian 
he wfll never reach.” formulas. The Social Democratic- 

Is some of the problem a rduc- liberal alliance, called into being 
armed, hdmeted. shield-bearing lance to work on the part of the by the increasing extremism of the 
policeman on riot duty. typical Briton, whether an aristo- two biggest parties, talks of a politi- 

Michad Howard. Repos Profes- crat who would rather have a ecu- cal revolution that would dampen 
sor of Modem 'History at Oxford pie of part-time directorships than class and ideology and lead to eco- 
University, thinks that the feranda- manage a factory, a cleric who nomic revolution, 
tions may be buckling. He said last would rather fish on Saturday than - Current evidence suggests tharf -. 
yean “The degree of national unity earn double pay for overtime, or a none of the three has persuaded tor/ 
that we achieved under the leader- carpenter who announces that he British public that it has the righ t 
ship of Winston Churchill has beien .cannot do a job. when promised answers. Findings fluct uate from 
steadily eroded. The glorious flood because he is tired and thinks be poll to poll, but in most the three 
tide that swept us ail up together will take a week off? 
has ebbed, leaving a desolate fore- Almost three decades ago, Er- 
shore littered with evil-smelling de- nest Bevm, the great British foreign 
trims and decay.” .- minister, who had risen from or- 

Mrs. Thatcher Jand her cabinet phaned poverty through the trade jiiir 

would not agree, of course. While unions to political eminence, told a ceed, in the general election that 
conceding that unemployment is a group of American friends in New will probably take place in the fall 
social evil, even with the cushion, of Yoric; “The trouble with my people of 1987 or the spring of 1988, in 
unemployment benefits farbeyond is then poverty of desire.” “breaking the mold of British poli- 

anyttnng paid out m the 1930s, die A surprising number of people tics," it would probably find itself 
masts Aat government cannot cr* here concur One of die country’s forced to compromise its program 
ate jobs. She has rcmforced the kadmg bankers, himself a Jew of with one of the other parties togain 
department responsible for what Central European origin, said a few- a share of power 

“d employ- weeks ago: *1 think foreigners Not manVoncc-mighty countries 
ment, but has made it dear that make England dek— Asians in the adjust to newer. Si realities 


there are signs of strain, especially 
in the violence that has become 
commonplace in British life. It is 
still safe to walk on most of Lon- 
don’s streets at night, and the mur- 
der and rape rates are still low 
compared to those erf the United . 
States. But the old image of the 
benevolent, unarmed bobby is fast 
being replaced by that of the 


groupings have about tl» same lev- 
el of support, and that indicates no 
of steam for fresh 
it or innovation. 

Even if the alliance were to sne- 


might 

Americans, what have you, in the Europe. 

Qty of London, which is supposed But European unity remains a 

i 5 ?*** 5 ” ■ distaiu vision ’ and typical Britons 

fed Uttle sense of identity with 
cal estate sairi* T /nn't ... J, , 


When the oQ runs out, or nearly 
ies, “I despair for a country that 
has de-industrialized as we nave,” 


economic consciousness "in ibis Am#fi«n« mk , * .«_.!• *- t ' ’ “ strong and nnifi 

country — a new sense of innova- 
tion, so that British inventions are 
no longer exploited mainly bv oth- 

ct comtriesj a new work ethic, woman iin real estate said: “I don’t their ^ C^S'^CH^THellld 
where the government is no longer think it’s a linguistic accident that she still say. -TtertSTteiS? 
regarded as a “nanny” that will Americans run for office and the when flying to P^riTaS 
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NORDIC BANKING AND FINANCE 


A SPECIAL REPORT 


THURSDAY, OCTOBER 10, 1985 


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OVCS 


Economies Slowing 
After Hectic Growth 


By Errol G. Ram per sad ■ ■■ 'dgn banks could very Hkdy be n&- 
STOCKHOLM — Sweden: the the begmmn* of next 

last mgor industrial country in ? ar » Caisson rato. However, 
Western Europe to exdnde foreran the y. w ? U admitted with some 
banks, movedcloser to removing ^rcpp 11 ® and not quite to the 
all barriers as the Bank Inspection «tra‘*at they have been accepted 
Board accepted appficatjons&om other Nordic countnes; he 

1 3 foreign banks last week to set up ao fr!r’ , ' ' ' 

roba dianea ■ At the moment there is a 

Foreign subsidiaries have been ?““S ^ toWhbexalmticn 
operating in Denmark, where they m banking,^ Mt CMafr 

are involved maWteverv asr>ert “Moreover, weare using a 

of corporate financing, for some 5"““ ofjonwi capital m oar 
years, and more recently in Finland “^sbMnts and industries. St- 
and Norway . cause of this, we will welcome for- 

Of the five Nordic countries. Ice- W Imikmg as Beneficial for the 
land is the only one that does not Icelandic economy, notto mention 
allow foreign bank operations. And thef^f^^that^dgmer- 
within the Organization for Eco- . 


f.x^fe'y.y - * V 






operating m Denmark, where they 
are involved in almost eveiy aspect 
of corporate ftnanraTt^ f or some 
years, and more recently in Finland 
and Norway. 




nomic Cooperation and Develop- t- hi las ^wed^ s bid, for Swedish 
meat, Icdmdand New Zealand Gc< ?^ ft ^.^ I ^ mad ^. lI P lhc 

are the only members not permit- ST ’ WIth ? plKaats - 
ting foreign banks Only two American banks were on 

Hnomw v— v. the list. There were no ap pli ca tion s 


are the only members not permit- 
ting foreign banks. 

fortmited participalioriby foreign 
“IlequBlionoffoKigntaok, ^oa Bc^ b^ks 

asssfSs susrsrrsss 
ssssssfss sE-Sg? IS 

o^jht^Sedbbanki Islands, the cen^ tKS^WOT^aqwct^^KMrafanft’lieir 
Rq)icscnt3live offices for for- 

proval for license* was expected to 
_ be given in January. / 

I IntiiYtlom The list of applicants includes 

" "ll l-l III1NIII Banque NationaJc de Pans, Socifcte 

X G£o6rale,CMdit Lyonnais; Banqne 

nn . . Paribas and Banque Indosoez, of 

I f*T¥l . France; Citibank and Manufactnr- 

M. O - as Hanover Trust, of the United 

__ - . _ States; Christiana Bank, Bank of 

I T\liAOi 7 nl Oslo and Den norske Credittank, 

XJ LXIJXyCf. V cU of Norway; Kansallis-Osake- 

X P amldri and OKObanik, -ctf Finland, 

TX -1 • _ and Alaemene Bank Nederland 

IT1 n an Kin g NV. of the Netherlands. 

• Three notable U^. absences in 

COPENHAGej - Domestic . 

reffon w ^ ^ subsidiaries in Helsiiiki and 
■ 19? 1^ ^ G* 1 * Rest -National Bmk of Chi- 

marked by a pattern of far-reachr cago, which has maintained r e pr e- 
mg developnMntsranguig from m- ^taiive operatkms-m the Sw^ish 




i.-.' • '■ : _v- i 

kt n CopaMon hfaaaft 


NORDIC EXPORTS — A mass of logs, above, is 
poshed down a Finnish river. Modi of Finland’s 
lumber is converted to paper, right Below, design 
tables from Sweden and lamps from Iceland. 


Optimism 

Tempers 

Upheaval 




tnoGaamO, 


By Michael Metcalfe 

COPENHAGEN — After more 
than two years of vigorous econom- 
ic growth outstripping that of the 
rest of Europe, the economies of 
the five Nordic countries are slow- 
ing down, posing problems to be 
tackled in the immediate future. 

Last month’s national elections 
in Sweden and Norway proved in- 
conclusive and left the political 
map of the region broadly un- 
changed, indicating that the pa- 
rameters of economic policies are 
unlikely to change markedly in the 
next two to three years, according 
to economists and bankers. 

Both the Conservative-led coali- 
tion in Norway and the Social 
Democratic administration in Swe- 
den were relumed to power with 
sharply reduced numbers of parlia- 
mentary seats and. therefore, less 
room to maneuver in the economic 
arena. 

With the Social Democrats of 
Prime Minister Olof Palme depen- 
dent on the Communists for a ma- 
jority in the Swedish parliament 
and the Norwegian center-right co- 
alition of Kaaxe Willocb pinning its 
survival on the maverick right-wing 
Progress Party, pressures could 
build up to tinker with specific 
components of economic policy. 

“However, these changes will al- 
most certainly be no more than 
cosmetic as the ruling parlies will 
be intent on ensuring that their 
stewardship of the economies is not 
laid to waste.” one banking econo- 
mist said in Oslo. 

The international success of the 
Nordic economies over the last two 
years is to be measured in three key 
areas, economic growth, trade per- 
formance and current account. 
Where developments have been 
more checkered is in inflation and 
employment 

According to a recent report by 


year and next they are forecast to 
grow by 3.1 percent and 3.4 per- 
cent 

Fluctuations in international 


success taclded the problem of in- 
flation cutting into export price 
competitiveness. 

However, the level of imports 


business cycles have played their remains high and is projected to 
role in the small open economies of accelerate further in the next two 


Denmark, Finland, Iceland, Nor- 
way and Sweden, according to 
economists at the Paris-based Or- 
ganization for Economic Coopera- 
tion and Development. 


years, posing imported inflauonary 
problems in the immediate future" 
The industry federations' report 
forecasts that imports of goods and 
services into the Nordic area will 


Norwegian and to some extent expand by 4.4 percent in 1986 and 
Swedish and Finnish exports in- by 6.4 percent in 1985. compared 
dude raw materials and semi- with S percent in 1984, with the 
finished goods, which increase in growth stemming primarily from a 
volume early on in an international revival in business investment but 
economic recovery but then de- also from expanding private con- 
crease as demand tails off. sumption, particularly in Finland 

By contrast. Denmark, which ex- and Norway, 
pons agricultural products and fin- Growth in industrial production 
isbed manufactured goods, areas varies among the Nordic countries, 
where its industry’s price competi- While Danish, Finnish and Swed- 
tiveness has improved over recent ish industrial output is expected by 
years, is the sole Nordic country in the industry federations to grow by 
which expons are expected to ac- between 33 percent and 4 percent 
celerate in 198S and 1986. this year. Icelandic and Norwegian 

According to recent budget pro- production will expand by between 

1 percent and 2 percent." On aver- 
age. the Nordic economies are pro- 
Growth rales are jecied to increase their industrial 

_l„ • „ output bv 3.3 percent in 1985 and 

slowing. Exports close to 2.5 percent next year. 

from the Nordic area . Incr ^d exports and weaker 

domesuc demand hitherto have im- 
advanced by 7 proved the current-account bai- 

; ances of Finland and Norway. The 

percent in 1983 and latte^s case is exceptional, howev- 
, - 0 » er, buoyed as its economy is by 

by D.« percent m North Sea oil and gas revenues, 

l nO/f L * t which are expected to boost its cur- 

1^84, but tor HUS rent-account balance bv around 70 

year and next they «£, ^ < M ' M 

are forecast to grow "^ us hu 8 e surplus has to be seen 

“ in perspective. The traditional in- 

by 3.1 percent and dustries of Norway, such as min- 

. r ing, shipping and engineering, are 

J.4 percent. still performing poorly when mea- 

sored against their international 

. , . , competitors. 

posals for 198o, Danish exports are The exports of these sectors thus 
forecast to rise by 5 percent next [end to lag behind Norway’s un- 
year. sp uned by a surge m real pons , thereby contributing to a 
business investment of 6 percent deficit on the current account. 
In 1984. GDP growth was over 4 w hich is, however, more than can- 


quisitions and merger s to diversifi- 
cation into new financial services. 
A general feeling of optimism 


capital, and Bank of America, 
which was also expected to apply. 
Banque InAipiq is p lanning to 


0°. establish ajomt-venture bank with 


aon numg m me wmg oi nnprovea and the Bank of Oslo has applied in 
Mnnngs proving the role rather a joint venture wfthNmi^Nor- 


than the exception. . 

The picture is a little gloomier in 


wegian finance company. 

In its application. Mannfactnr- 


Sweden, where the major banks are ^ Hanover; the fourth largest 
laboring under Ha& burden of inter- American bank, noted that ithad 
est costs increasing at a faster pace credits of more than $1 MEoii, of 
than “Merest earnings, in part ^ch $330 nrilfain was in short- 
prompted by toe tough monetary to Swedish companies 

stance of toe Riksbank, the coun- and toe Swedish state. Banque Na- 
tiy’s central bank. • tkmafe de Paris has credits with 

Denmark is experiencing a bank- 50 ^cdidi companies 

mg profit boom as a result of brae- amounting to 4.8 bUGoa kronor. 
Goal domestic bond pnees; Na- Both of these credits were de- 
way is witnessing an explosion in xxibal by toe Bank Inspection 
bank loans as the commercial Board as “surprisingly brae.’* 
banks compete vigorously for mar- norske Creditoank plans to 



economic analysts of toe five coun- year, spurred by a surge in real portSi thereby contributing to a 
tries’ industry federations, gross business investment of 6 percent, jefirii on the current account, 
domestic product, which is a coun- In 1984. GDP growth was over 4 which ^ however, more than can- 
ny s total output of goods and ser- percent, toe fastest rate in Europe, eded out bv the healthy North Sea 
vices, will grow by a joint 22 per- and is expected to hover close to 3 earnings 
cent in 1985 collared with 3.4 percent this year. Current account developments 

percent m 1984. For next year, “GDP growth is expected to re- ^ i Vnm»r k and Sweden continue 
growth is expected to slow to be- main above the European average to prove disappointing, with toe 
twren 13 percent and 2 percent. over toe coining two years,” toe size of the deficits still giving cause 
Exports have proved toe mam OECD said in recent economic for anxiety among economists and 
driving force behind the strong re- report. “In 1985, the mam impulses government officials 
covery, propelling Denmark and to toe expansion of demand are Denmark’s 1986 budget propos- 
Ftnland m particular into the front- likely to continue to come from ais allow f or a f urt her fall in the 
runners of growth in the Western business investment and exports, budget deficit, helping to trim toe 
industrialized countries, though boosted by improved competitive- cmxem account shortfall progres- 
Norway and Sweden have not sively until a balanced external air- 

lagged behind in winning larger in- The conservative-led coalitions rent 'account is achieved in 1988 
teraauonal market shares. of Denmark and Norway, by Finance Ministry officials said 

But here growth rates are dearlv choosing toe hard road of stringent However, toe government has 


Denmark’s 1986 budget propos- 
: allow for a further fall in toe 


But here growth rates are dearly choosing toe hard road of stringent However, toe government has 
slowing down. Whereas expwts of incomes’ policies and holding nm into criticism from the opposi- 
goods and services from toe Nordic down public expenditure in two of Uon Social Democrats, who charge 
area advanced by 7 percent in 1983 toe world’s most advanced welfare 

and by 52 percent in 1984, for this states, have with varying degrees of l Continued on Next Page) 


ket shares; and Finland is hauling to 

itsdf out of a conservative bank ing ^ the wiStcoast, wtere hhaTi 


Stock Exchanges Gradually Entering the World Equity Boom 


By Benge Ryden 


environment into a restructuring of TTC- l™- ' " ' parties of New York, Tokyo and 

its financial svstem. natrnal base because of the region s STOCKHOLM — The winds of London. Coses i to Stockholm in 


over or toe number of listed com- billion, and Helsinki SI billion, "in toe 1980s, however, Continen- toe market and toe other half to- On toe horizon we can thus see 
parties of New York, Tokyo and Bond trade Lh us is 30 times bigger tal European and U.S. investors vested to special subscription issues signs of a truly Nordic stock mar- 


its financial system. ~~cry ~~ aruv.NJiyi.ivi — mewtnos oi London. Closest to Stockholm m man share trade in Copenhagen, nave discovered Uiat Swedish. Nor- abroad, particularly m toe United 

All told, 1985 is be ginning - to blowing over toe Nordic share trading is the Paris Bourse. twice as big to Helsinki, and equal wegian. Furnish and Danish com- States. Roughly id percent of toe 

assume the proportions of a water- s*odc exchanges. After decades of- Major differences to size also to share trade in Oslo. In Stock- panics can offer interesting poten- market value of listed Swedish 

shed year for Nordic banking, with ^TU-Osake^aSckT and OkS s * ow an< ^ characterize the four Nordic coun- holm, bond unde on toe exchange tial, both in acquiring shares from shares is now owned by foreign 


than share trade in Copenhagen, have discovered that Swedish. Nor- abroad, particularly in toe' United ket, although toe interest on toe 
twice as big in Helsinki, and equal wegian. Finnish and Danish com- States. Roughly 10 percent of the political level has not been strong 


to share unde in Oslo. In Stock- panics can offer interesting poten- market value of listed Swedish 


soeu year iot ivonnu duiuliuk. wuu ^ ..a nvn , — ,■>; — ■ — uimm.MUj.iiiv ivu huiub. 

the tanks radically redrawing the 5mk’S2Sl£Si «pck ^etoof Sw^en, Norway, trfes. Stockholm accounted for a 
contours of toe domestic fSmce *5^ ?»*** ^ trade of shares or about 59 billion 

scene. ba “?’ equity capital to 1984, compared with $23 bimon 

These developments are in some and are gradually entering for Oslo, $500 mfllion for Helsinki 

measure to be explained by the immigrants living toe evolvmg ^obal stock mariteu $200 million for Copenhagen, 

advent of foreign bmiks in Norway . The Swedish equity ^market jeyo- Market values of listed shares as of 

and Sweden during this year and 


CIU VUIt a VI I, L/CU1NJ t 1^11 IIQI _ ■. . - „ _ • — - — - — mmmmm mm — - 

and Sweden during this year and OKOtank describes its aims to lution took place m 1981, while the Dec. 31, 1984, were: Stockholm, 
next, a trend viewed among Nordic Sweden as “ethnic tanking.” “We other Nordic exchanges came a lit- $29 billion; Copenhagen, $9 bil- 


bankers as opening up toe domestic 
capital markets of -Oslo and Stock- 


itofthe tie later. 


400,000 Finns in 


Rave been In Stockholm, Oslo and Helsin- $5 billion. 


lion; Oslo, $7 billion, and Helsinki. 


f On the horizon we can thus see signs of a 
truly Nordic stock market, although 
the interest on the political level 
has not been strong. 1 


investors, an increase from about 4 
percent in 1980. 


Despite close historical, com- 
mercial and cultural ties between 
the four countries, it now seems 
more probable that real imerna- 


and nudging into com- OT s 1 ® are- customs with us in ki, total turnover hi shares has in- Iceland, so far, has no stock ex- is only one-seventh of share trade, toe domestic markets and in buying 

7“ --c’ Rmlaiut " cant Sr» TniC Hmiihr -um. <Vio« 1A hn> k,.l» 1 — .11 .l._ r u~,. 


outride the exchange. 


The. conclusions are somewhat For decades the Nordic stock ex- on (he Nordic stock exchanges. 


petmg more freely in toe provision rnuano. sam rjus, aeputy creased more tnan 10 tunes from change, but its banks have started because almost all bonds and mon- 

of financial services. director of OKObank in Sweden. 1980 to 1985. Copenhagen has ex- discussions about opening an ex- ey-markei instruments are traded 

■ “What we are witnessing is- a r The (wo Furnish banks intend to pwienced a somewhat slower de- change in Reykjavik. outride toe exchange, 

reconstitution of toe Nordic area's cater to the consumer needs erf toe v ^opment- The. conclusions are somewhat For decades toe Nordic stock ex- 

banking constellation, in which toe Finns in Sweden, the other T ° e Nordic stock exchanges are altered if bond and debenture trade changes have been almost exclu- 

domestic banks are playing a maor applicants plan to enter toe stiD 31,811 00 811 international scale, is brought into toe picture. Copen- sively devoted to domestic securi- 

prommem role, in order to rang market with corporate finanring. Tke Stockholm exchange’s share hageo, Oslo and Helsinki have ira- ties. Because of legal and other 

these traditional financial backwa.- Hfikan Johanson, din turn bvcr to 1984 put it among toe dilionally been very active in restrictions and perhaps to some 

tere more into the Eurcpean hme- rectm- of Crtdh Lyonnais in Stock- 10 biggest exchanges in the world, bonds. Copenhagen had turnover extent provincialism, share trade 

light,” said one senior" Danish holm, said that coordination wito but with only a fraction of the turn- of $53 billion in 1984. Oslo S23 over toe borders has been limited. 


Around 20 Swedish companies uonalization will evoWe fastertoan 
are traded on stock exchanges or regional integration, 
unofficially to other countries. For Amoog brokers and banks. Nor- 
some individual companies, for- die cooperation is also progressing, 
eign ownership is now important, A few Swedish banks or brokers 
for example Ericsson, with around h3ve become partners in stock ex- 
50 percent of toe shares, and Phar- change members in Norway and 
maaa. with about -5 pereenL Finland. After a change in leeisla- 
. Seven fonagn companies are hst- lion effeoiw Jan. 1 . 1 986. Sudden 


Finland,” said Kq Krus, dqmty creased more than 10 times from change, but its banks have sianed because almost all bonds and mon- shares quoted in, for example. New ed on toe Stockholm Stock Ex- n erm j. foreien-owned h-»pt c 
director of OKOtank in Sweden. 1980 to 1985. Copenhagen has ex- discussions about opening an ex- ey-markei instruments are traded York and London. To some extent, change, having entered during the Arou nd a dozen Nordic. Con tin en- 


foreign stocks have ako been listed last few years: three Finnish, two ^ American banks'are expect- 

nn fru Nnrni. 1 ctA/'l’ MaVionfioe Xf.wmAm'nn nno HAttreK >in4 nn« . . . ■ - . . . 


e Nordic stock exchanges are altered if bond and debenture trade changes have been almost exclu- The case of Swedish shares U.S. subsidiary of a Swedish com- 

mall on an international scale, is brought into toe picture. Copen- rively devoted to domestic securi- abroad is rather spectacular. From pany. 

Stockholm exchange’s share bageo, Oslo and Helsinki have tra- ties. Because of legal and other 1981 to July 1985, foreign investors The first Swedish company was 


on the Nordic stock exchanges. Norwegian, one Danish and one gj lo establish full-scale banking 
The case of Swedish shares U.S. subsidiary of a Swedish com- operations, and a re*, perhaps, will 
abroad is rather spectacular. From pany. n _ 

1981 to July 1985, foreign investors The first Swedish company was (Continued on Next Page) 

invested more than 12 billion kro- listed on the Helsinki exchange this — 

nor ($1.45 billioo) in Swedish year. A few Swedish shares are The writer is chief executive of the 

shares. About half was bought on traded in Oslo. Stockholm Stock Exchange. 




tanker. 

For well over a decade, Copen- 
hagen has enjoyed the presence of 
foreign banks and Helsinki opened 
its doors to foreign subridianes af- 
ter tanking regulations were .re- 
laxed to 1979- ■■’ - 

Bui more 'pertinent to toe pre- 
sent transitional period to domestic 
Nordic banking is the radical liber- 
alization of the internal capital and 
money markets, a' development 
that has been actively encouraged 
by the region's central banks. 

. In Norway, the conservative-led 
government has sought to abolish 
orrdaxmanyof the monetary con- 
trols taidinp commercial tanks 
since World War EL It revoked di- 
rect regulation erf bank lending at 
the start of 1984, easing tanks’ 
band investment obligation and 
abolishing direct control of leasing 
and factoring loans by finance 
companies. Last month it did away 
with a eatin g on bank interest 
rates. 

“The removal of these offipally- 
sanctioned interest guidelines ts 
bound to lead to an increase to 
borrowing costs, which mil benefit 
commercial banks enormously 
(Continued on Next Page) 


the other four state-owned French 
banks “would extend only so far as 
trade promotion for France is oon- 


As to the size of the market 
share Cridh Lyonnais could take 
in Sweden, Mr. Jobanson said: 
“The balance sheet total of the 
Swedish commercial banks is 
around 550 bOlion Swedish kronor. 
It is unlikdy that Credit Lyonnais’ 
b a lanc e during the first years of 
operation will exceed 13 billioii to 
23 bOfion kronor. However, in cer- 
tain other areas our market share 
may be higher, such, as transfers 
and letters of credits." 

In. describing his bank’s long- 
established ties with Sweden, Mr. 
Jobansaa said: ' 

“Between 1869 and the begm- 
ntog of-Worid War I, Ci&fit Lyon- 
nais had participated to six braid 
issues for toe Kingdom of Sweden 
and eight Swedish banks had 
opened Jbeir correspondent ac- 
counts wito our Paris headquarters. 
S ince then, we have developed our 

operations with a great number of 

mrimiriflf and commercial S awfish 
coaqraiiKs; especially those that 
V (Continued on Next Page) .* 


Industrial Prospects Remain Good 
Among Varying Economic Patterns 


STOCKHOLM — The waves from the closely 
fought elections this summer in two Scandinavian 
countries, Norway and Sweden, have not swamped 
the generally buoyant nature of these economies. 
The five Nordic countries as a whole are tackling 

issues where necessary to mnfntiiw growth while 
cutting public and budget deficits, but toe region 
continues to benefit from the revival that accom- 
panied the improvement to international activity 
last year. 

Now that toe passions of the political ^ta rr 
have receded in Stockholm and Oslo, the judgment 
of industrial leaders to the region is that the Nordk 
countries are continuing to respond reasonably 
well to toe international upturn. 

Economic analysts at the Organization for Eco- 
nomic Cooperation and Development noted that 
expons bad risen at relatively good rates. Invest- 
ment everywhere has been stronger and there has 
been a rise in industrial activity md a correspond- 
ing fall in unemployment, they said 

Economic patterns vary in. toe region, but in 


general, prospects for industrial growth to the five 
countries re ma i n good. 

Politicians are promising tighter fiscal policies 
to fight inflation. This is particularly high m Swe- 
den (around 7 percent), but Sweden’s good years, 
the strong growth period that started in 1983 and 
1984, are not over. 

Norway’s non-Sodalists promised bed-tighten- 
ing before they were elected but they are changing 
their minds, given toe strong pulse of economic 
activity. 

Denmark’s powerful investment boom has been 

call ed “a gmall mi rad p” by Some inter national 
economists, and the black spot of high employ- 
ment does not hide the fact that the country’s 
performance to recent years has been one of the 
most spectacular examples of a turnaround within 
the OECD. 

Finlan d’s government has just released a 1986 
draft budget that aims at lowering taxes and cut- 
ting tack on government spending, a cure that is 
becoming fashionable throughout Scandinavia 

(Coo tinned on Page 9) 



A welder in tfae Warts ilia Shipyard in Helsinki. 


John Hom.1 




Page 8 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 10, 1985 


A SPECIAL REPORT ON NORDIC RANKING AND FINANCE 


Inflation 
Troubles 
Economy 
Of Iceland 

REYKJAVIK — The Icelandic 
government’ s inflation strategy, 
which last year helped cut inflation 
10 29 percent from 81 percent in 
1983, is in deep water. 

For years, the island's economy 
has relied on the rich harvests of 
the Atlantic — cod, haddock and 
other fish. It has enjoyed full em- 
ployment, buoyam economic 
growth and industrial expansion. It 
has also suffered inflation of epi- 
demic proportions. 

By the early months of 1983, 
inflation was rising at an annual 
rate of more than 130 percent, the 
Icelandic currency was heaving un- 
der the burden of a series of devalu- 
ations and foreign debt was soar- 
ing. 

Thdfcemer-righl coalition, elect- 
ed into office in spring 1983, sev- 
ered the wage-price compensation 
links that had contribute! to the 
vidous circle of inflation in re cent 
years. 

The resulting decline in real 
wages brought reductions in pri- 
vate expenditure, and a more bal- 
anced economy in terms of control- 
ling foreign debt and reducing the 
current account deficit. 

'The government's efforts to re- 
store equilibrium to the economy 
received a serious blow by strikes 
last fall, which resulted in a series 
of inflationary wage settlements. 

. “Following a month-long public 
seaor strike,'' the OECD wrote in a 





• :vs-. 



Kmnm BmmflittHn 


Preparing Icelandic fish products for shipment. 


recent economic report, “wage set- 
tlements were agreed which im- 
plied wage rate increases of 21 per- 
cent up to the end of 1985 and, 
allowing for sympathetic private 
sector pay rises, increases of 23 to 
24 percent in overall wage rates." 

In order to preserve external 
competitiveness, the government 
was again forced to resort to a de- 
valuation of the Icelandic krona, so 
that the wage increases were re- 
flected fully in higher prices, 
prompting the inflationary cycle to 
begin all over again. 

According to projections by the 
Organization for Economic Coop- 
eration and Development, the con- 
sumer price index is expected to 
jump by nearly 30 percent in 1985, 
a rate of acceleration the Paris- 
based organization ascribes to the 
government's failure to implement 
fiscal and monetary curbs needed 
to support its stabilization policies. 

The counter-inflation policy 
comes against a background of fall- 
ing fish production, declining real 
gross domestic product, but, ac- 
cording to economists, relatively 


buoyant domestic demand despite 
reductions in real wage rales. 

In 1984 and 1985. however, GDP 
was showing signs of returning to 
growth after successive years of de- 
cline, in part explained by improve- 
ments in the annual fish catches. 

But the OECD is careful to 
warn: “TTie fishing sector, on 
which the country is sull heavily 
reliant, is faced with serious struc- 
tural difficulties, foreign indebted- 
ness is very high and real interest 
rates have now become substantial- 
ly positive; the current external 
balance runs a large deficit; price 
and wage increases have re- acceler- 
ated-” 

Prospects for this year and next 
are less gloomy, with small in- 
creases in the fish catch expected to 
help gro^s domestic product ex- 
pand by 1 percent in 1985. 

However, Iceland is still expect- 
ed to run a sizable current account 
deficit, putting pressure on the gov- 
ernment's aim of stabilizing the 
foreign debt/gross domestic prod- 
uct ratio, which is second highest 
after Ireland in the OECD area. 

— MICHAEL METCALFE 


Stock Exchanges Evolving 


(Continued From Previous Page) 
become members of the Stockholm 
Stock Exchange. 

Regulation or the stock markets 
in the Nordic countries has fol- 
lowed different paths because of 
different legal traditions, although 
they all rely on self-regulation. 

The Helsinki Stock Exchange, 
founded in 1912, defined its legal 
status more clearly in 1984 and is 
now selling up new rules for the 
market. In Oslo, new securities leg- 
islation has been adopted this year. 
From Oct. 1. a new Swedish insider 
law replaced the old one from 1971, 
penalizing certain kinds of insider 
trading instead of requiring only 
public disclosure. 

Generally speaking, the regula- 


tion of the Nordic markets is closer 
to the British philosophy or self-re- 
gulalion than to the U.S. system of 
legal regulation. 

In tlie Nordic countries, espe- 
cially Sweden, as in most other 
parts of the world, large institu- 
tions are playing an increasingly 
important role in the stock mar- 
kets. Recent unofficial figures esti- 
mate that around 80 percent of the 
market value of all listed shares in 
Sweden is held by other listed com- 
panies, foundations, pension 
funds, insurance companies, mutu- 
al funds and other big institutional 
investors, including those from 
abroad. 

The shareholdings of individual 
households are rather heavily 



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Finland Achieves Fourth Year 
Of Steady Economic Growth 

V %r lil 


Shipyard workers in Helsinki. 


John Gopafr*cn HmmJi 


HELSINKI — Unlike its neigh- 
bors, Finland's worry has bora 
more a case of leanriughow to cope 
with economic success than of how 
toachieveiL 

For the fourth successive year, 
economic growth is proceeding at a 
steady annual rate of around 3 per- 
cent in real gross domestic product 
terms. The deficit on current ac- 
count has been all but eliminated, 
wage and price inflation are under 
control and employment is grow- 
ing. ... 

“Whereas output in the two pre- 
vious years was driven largely by 
domestic demand, the major im- 
pulse (to growth) in 1984 waspro- 
vided by the real foreign balance,” 
the Organization for Economic Co- 
operation and Development noted 
in a recent report on the Finnish 
economy. ~ ‘ 

This balance is more than a sta- 
tistical measure of achieving ac- 
counting equilibrium between ex- 
ports and imports. It also reflects 
the delicate tightrope act Finland 
performs between East and West 
trade and the benefits it gains by 
offsetting one against the other. 

“The buoyancy of Western mar- 
kets (in 1984) offset a sharp decline 
in exports to Eastern countries,” 
the report said. “Combined with 
surprisingly weak import demand 
and improved terms of trade, this 


eliminated the current account def- 
icit.” 

Exports to its giant neighbor, the 
Soviet Union, spun into sharp -de- 
cline last year, but were compensat- 
ed by an increase in exports to the 
United States, Britain and the Nor- 
dic countries. This cycle is expected 
to revert to a growth of around 14 
percent in exports to East bloc 
countries during 1985 and a further 

9 percent in 1986, forecast econo- 
mists in Helsinki. 

The expon-driven growth helped 
Finland chalk up a trade surplus in 
1984 for the mat time in seven 
years and to wipe out its current 
account deficit 

. Following unfavorable develop- 
ments in early 1985, the rate or 
exported goods has begun to accel- 
erate again and during the second 
half of this year, exports of engi- 
neering and other metal industry 
products are projected to grow sub- 
stantially. 

According to a recent economic 
report from the Finnish Finance 
Ministry, deliveries to the Soviet 
Union are increasing, and exports 

10 Western markets wiU also con- 
tinue to grow slightly this year. In 
year-on-year terms, exports are 
forecast to grow by 4 percent or 5 
percent in volume terms. 

• “The rise in both export and im- 
port prices has slowed down, and 


the terms of trade are likely to stay 
this year approximately un- 
changed. The balance of trade wU 
remain markedly in surplus and the 
current account will stay m bal- 
ance,” forecast the Fmance Mims- 

^But storm clouds are on the hori- 
zon. To help counter an expected 
economic decline in 1987, the cen- 
ter-left coalition in September pre- 
sented a 1986 draft budget, which 
includes proposals to reduce corpo- 
rate taxation from a current 43 per- 
cent to 3 3 percent. 

The government, together with 
the business community, has ex- 
pressed concern at the low leve l of 
fixed investment, which decreased 
last year by dose to 2 percent, but 
which is showing signs of slight 
recovery m 1985. 

Increased investment outlays, 
boosted by the corporate taxation 
cuts, should help to spur employ- 
ment, which this year is expected to 

swell by around 25,000. Since 1 977, 
more than 150,000 new jobs have 
been created. 

Curbing price rises remains the 
coalition's most important eco- 
nomic priority. According to the 
1986 budget, the government tar- 
gets inflation at 4 percent, com- 
pared with 5 percent to 6 percent in 
1985. 

— MICHAEL METCALFE 


Danes Succeed in Reducing Spending 


taxed, which is one major cause for 
their diminishing role. 

This in turn has had important 
implications for trade. This year, 50 
percent of the turnover of the stock 
market has been in transactions 
made outside the exchange but re- 
ported there, mostly large blocks of 
shares. Almost every week, impor- 
tant changes of ownership, includ- 
ing friendly or hostile takeover 
bids, make headlines on the busi- 
ness pages. 

The rebirth of the stock market is 
thus not without challenges for the 
Stockholm Stock Exchange. As a 
general conclusion, however, we 
are happy to be pan of a vital and 
important sector of a modern mar- 
ket economy. 



COPENHAGEN — After three 
years in office. Prime Minis ter Poul * 
Schluter's non-Socialist coalition 
can pride itself in creating a small 
economic success story, which is 
the envy of its Nordic neighbors. 

The often shaky four-party coali- 
tion has hung together long enough 
to stitch a pattern of high economic 
growth, low inflation, reduced bud- 
get deficits and increased employ- 
ment. 

For the third successive year, the 
government in 1986 plans to keep 
expenditure unchanged iu real 
terms. “No other country in the 
OECD has succeeded in stopping 
the growth of public expenditure 
during these three years,” Finance 
Minister Palle Simonsen said re- 
cently. 

According to the 1986 draft bud- 
get presented to the Danish parlia- 
ment last August, the government 
_ plans to trim the budget deficit 
ESttVS/v .• •vSt again next year, to 26 billion kroner 
.Ww copeMOT He™* (gTj billion) from 36 billion in 
A Copenhagen bank. ■ i§85 and compared with 55 billion 


when the present coalition took 
power in 1982. 

The Paris-based Organization 
for Economic Cooperation and De- 
velopment and the International 
Monetary Fund, both former crit- 
ics of Danish economic policies, 
have singled out the economy’s 
achievements in recent years with- 
out entirely ignoring its setbacks. 

While praismg the government's 
record in boosting employment by 
around 50,000 in the private sector 
during 1984 and adhering to a 
tough ami often unpopular in- 
comes policy, the two international 
organizations have warned of Den- 
mark's deteriorating, current ac- 
count deficit, excessively burdened 
by heavy payments of debt interest 

The government has also come 
under fire in this area from the 
opposition Social Democrats who 
charge the administration with fail- 
ing to redress the deficit, expected 
by Danish central bank economists 
to swell to over 23 billion kroner in 
1985 from 17.6 billion in 1984.. 


Inflation ,has also remained a 
problem, though a measure of suc- 
cess has been achieved in -bringing 
price rises down from over 6 per- 
cent in 1984 to levels nearer 5 per- 
cent, with the government's goal in 
1986 set al.1-8 percent. . 

Moderating inflation' and keep- 
ing public expenditure in check 
have come at the expense of a strin- 
gent incomes policy and a series of 
tough wage control measures. After 
a major labor market dispute dis- 
rupted the economy for two weeks 
last March, the government adopt- 
ed a new stabilization package, the 
effects of which are beginning to be 
felt now. ; . 

Under the measures, wage in- 
creases were limited to 2 percent 
and 15 percent respectively in the 
two settlement years en ding March 
1987, and non-wage labor costs 
were reduped as of October 1985 by 
I J percent of the wage bflL More- 
ova; corporate income tax rales 
were raised from .40 percent to 50. 
percent, and a “f orced savings” 


p lan was introduced for higher in- 
come brackets. 

These draconian measures have 
gone hand in hand with a major 
overhaul of the Danish income tax 
system, one of the most punitive in 
-the world. Total taxes as a percent- 
age of gross domestic product are 
officially forecast to stand at 48 
percent next year, compared with 
44.4 percent in 198Z 

The tax measures include a re- 
daction of marginal income taxes, 
offset by the higher corporation 
taxes ana by deep cuts in the tax 
concessions allowed on interest in- 
come. 

Whether these measures will suc- 
ceed in keeping gross domestic 
product growth among the highest 
m the Western industnalized econ- 
omics— it was running at 4 percent 
last year and help industry to 
invest more to keep the economy 
ticking over, depends on the gov- 
ernment’s survival 

— MICHAEL METCALFE 


Slowdown Begins After Period of Hectic Growth 


(Continued From Previous Page) 

the coalition with failing to take 
measures to tackle the current- ac- 
count defiriL which has accelerated 
to reach a record 12.7 bQlion Dan- 
ish kroner (SI .32 billion) in the first 
half of 1985. 

Sweden, too, is running up a siz- 
able deficit on its current account 
again after the 16-percent devalua- 
tion of its currency in 1982 ap- 
peared to boost export perfor- 
mance sharply and helped prompt 
a modest current account surplus 
in 1984. Steady capital outflows 
had tipped the scales to a deficit of 
15 billion kronor ($1.88 billion) by 
August this year. 

In Finland’s case, an economic 
balancing act between trade with 
the East and West has reaped the 
benefit of a big trade surplus, more 
than offsetting a sharp decline in 
exports to Communist-bloc coun- 
tries with the buoyancy of Western 
markets. 

“Combined with surprisingly 
weak import demand and im- 
proved terms of trade, this elimi- 
nated the current account deficit,” 
in 1984, the OECD said in its re- 
port. 

Government measures to 
counter an economic decline ex- 
pected in 1987, including cuts in 
corporate taxation, should help to 
keep the current account in modest 
surpluses over the next two years or 
more, economists in Helsinki said. 

In employment and inflation, the 
economic track records of the five 
Nordic countries have proved more 
patchy. 

The task of oiling the comply* 
mechanisms of advanced welfare 
states and highly developed social 
benefits has often led to strains in 
making government finances meet 
and keeping inflation under con- 
tra L 


The public sector and social ser- 
vices components of each nation’s 
budget haw swollen disproportion- 
ately to the rise in industrial activi- 
ty, sparking increased government 
borrowing abroad and domestical- 
ly. This, in turn, has ignited infla- 
tionary expectations. 

Norway. Sweden and Iceland 
have been the most affected by the 
pressures of inflation. Norway is in 
the midst of an economic boom. 
Private expenditure has been run- 
ning at an annual rate of close to 9 
percent so far this year, and indus- 
trial wages have jumped by as 
much as 9 percent. 

Economists and central bank of- 
ficials in Oslo have voiced concern 


over these developments and it is 
generally agreed that next year will 
see the inflationary consequences 
of this year's consumer bonanza, 
with 1986 inflation easfly outstrip- 
ping this year's projected 55-per- 
cent increase. 

In Sweden, inflation is continu- 
ing to run at an annualized race of 
dose to 8 percent, more titan dou- 
ble the government’s projected 
aim, despite efforts to curtail con- 
sumer spending and impose price 
and wage freezes. 

Iceland has always proved the 
worst plagued by inflation among 
the Nordic nations. 

The a^nnal rate on the fishing- 
dependent island had fallen steeply 


from more than 130 percent in ear- 
ly 1983 to more manageable levels 
around 15 percent by third-quarter 
1984. But according to the OECD, 
inflation has dawed back to be- 
tween 25 percent and 30 percent, 
largely brought on fay a rash of 
inflationary wage settlements late 
last year. 

Denmark has proved the excep- 
Nordice 


tion among the . 

succeeding through a tight incomes 
and expenditure policy to push an- 
nual inflation down to bdow 6 per- 
cent so far this year, compared with 
well over 6 percent in 1984. For 
1986, the aim is 1.8-percent infla- 

percenTm*!^, the latest budget 
forecasts. 


Unemployment has also proved 
a headache far most of the Nordic 
countries, though it is less severe 
than elsewhere in Europe. 

In Sweden's case, the Social 
Democratic government has prided 
itself in brin g in g unempl oyment 
down to around 3 percent of the 
work force during its three years in 
office, whereas in Denmark, the 
jobless total is stQl running at 9 
percent and with barely an amelio- 
ration in sight 

Unemployment in Norway is 
down to between 2 percent and 2.5 
percent, while in Finland, unem- 
ployment in 1985 may also fall 
slightly.' ' 


Foreign Banking to Profit From liberalization 

as an international hank , with i 
to the corporate side of Han kin 
Mr. Ragnar said. “This meant hi 
ing to deal with the rhalleng i- 
traditional relationships. I thi 
that international banking in Si 
den will accelerate this process, a 
the competition it creates will m 2 
for more challenging rnnovatic 
in banking; business wfll be a qu 
tion of performance rather than < 
relationships.” 

, For the past three years. PK1 
been expanding its profile in corj 
rate banking in anticipation of i 
foreign banks’ entry. 

“On the money-market sii 
there is activity in Sweden, wh 
was not the case five years ag 
Mr. Ragnar said. “PK has bt 
responding to this activity, wh 
has come as a result of liberali 

tion in many areas of banking a 
corporate liquidity.” 


- (Continued From Previous Page) 
are export-oriented and those that 
have subsidiaries abroad. 

*Tn Brazil, through our affiliated 
bank. Banco Frances e Brasfliero, 
we are well established in Sao 
Paolo, which is the second most 
important foreign city for Swedish 
industry. And in France alone, our 
domestic network is working with 
more than 100 subsidiaries of 50 
Swedish groups, and in 20 other 
countries we have a substantial 
market share of the Swedish sub- 
sidiaries.” 

■; Gtibank, by far the largest of the 
applicants, with 2,600 branches in 
95 countries, has set its rights cm 
the corporate market. 

“Our objective is to link up the 
world in terms of infrastructure, 
where Gtibank can use its vast in- 
ternational network to introduce 
Sweden to the rest of the world,” 


said Bo Hammerich, who directs 
Gtibank* s operations in Sweden. 

“Our main diems will be Corpo- 
rate Sweden AB,” he said, referring 
to Swedish corporate borrowers. 

In Paris, Guy de La Prerie, direc- 
tor of European operations for 
Banque Indosuez, said that Indo- 
suez was applying for the Swedish 
license with Kansallis-Osake- 
Pankiri in an 80/20 joint venture. 
This would make Indosuez the only 
European bank with operations in 
the four Nordic countries. 

“Sweden's attraction for os was 
one of geopolitical balance,” Mr. 
de La Prerie said. “We have worked 
with Scandinavian companies in 
the Far East and the Middle East, 
where Swedish exporters are very 
active. We feel that by extending 
our presence into Sweden, we can 
extend our sendees to both local 
and French companies. It makes 


sense to be at both ends of. the 
chain.”. 

ochKre^tbanken (known as PIC), 
the largest bank in Scandinavia in 
terms of deposits, wdcomed the 
entry of the forrign banks. 

“We are basically in favor of 
their coming into Swcden and we 
lode upon this development as a 
means of increasing competition 
that could lead to cKnng g in the 
marketplace,” said Chaster Rag- 
nar, executive vice president for in- 
ternational operations at PK. 

“PKBanken in its present form is 
1 1 years old and our. prims objec- 
tive is to be an alternative to Swe- 
den’s other two large banks” — SE 
Banken and Svenska Handdsban- 
ken. 

“In pursuit of this objective, and 
naturally to increase market share 
also, PIC developed in many areas 


Sense of Optimism Tempers Upheaval in Region’s Banking 


(Continued From Previous Page) 
even if debt-seeking companies and 
individuals will feel the pinch,’' 
said one banking economist in 
Oslo. 

Proceeds resulting from security 
transactions in the continuing Oslo 
stock market boom, foreign ex- 
change dealing and the increased 
earnings of subsidiaries abroad 
have combined to boost the profits 
of Norwegian banks. They felt their 
interest rase margins squeezed iq 
1984 but nonetheless turned in 
handsome profits, likely to be re- 
peated this year. 

Deregulation is also beginning to 
sweep the Furnish capital market: 
short-term money rates have been 
liberalized and the central bank has 
revised its two basic monetary con- 
trol instruments, the regulation of 
average lending rates and the sys- 
tem of cash reserve deposits apply- 
ing to banks. 


These moves, while pushing up 
leading rues for corporate and in- 
dividual borrowing, have benefited 
the F innis h banks, who recorded 
bumper earnings last year and ex- 
pect another good harvest in 1985. 

- Moreover, the banks received 
another boost in the way of wider 
access to fresh capital sources earli- 
er this year when the authorities 
sanctioned a move to allow foreign 
ownership in domestic banks up to 
a maximum of 20 percenL 
“Our capital resources stand to 
benefit from this measure, as for 
the first time ever Finnish banks 
will be permitted to tap foreign 

sources of equity capital, putting 
pur assets /equity capital ratios on a 
Sounder footing.” a senior banker 
in Helsinki said. 

. v Danish banks, too, arc moving to 
boost their, capital. resources at a 
time when 1985 earnings are ex- 


pected to exceed greatly last year’s 
levels, and now that the dust has 
settled on the biggest Danish bank- 
ing scandal since the 1930s, the 
collapse last December of Krone- 
banken, Denmark's seventh-rank- 
ing commercial b ank. 

Swift action by the central tank 
and the largest commercial banks, 
winch jointly bailed out the belea- 
guered bank after it emerged that 
losses resultingfrom lad leans sub- 
stantially exceeded the bank's 
equity capital, limited the damage 
and restored the bank to an even 
keel. 

Last August, Den Danslce Bank 
and Privatbanken announced iden- 
tical one- for- six rights issues, 
boosting share capital at Den 
Danskc from 1.21 billion kroner 
(5(26 million) to 1.41 billion and at 
Privatbanken from. 90ti million to 
1.05 billion. Danskc Bank also re- 


ported a 5l-percent 
first-half 1985 operating profits to 
591 million kroner: 

Moreover, the rigid demarcation 

tines hitherto characterizing Dan- 
ish banking are rapidly budding 
under the strain of diversification 
into hew financial services.' 

Denmark’s three main insurance 
companies are changing the share- 
holding composition of their cor- 
porate structure, establishing hold- 
ing companies as the main 
shareholder, in a move to branch 
out into new financial areas outside 
the insurance sector. 

In ^ banks are offering 
insurance services*, inducting such 
innovations * mortgage and' dis- 
ability-linked insurance of hant- 
service accounts.' ■? • . 

market, the. imminent arrival of 


foreign banking he 
creased automation 
monetary stance 1 
bank have combini 
banking landscape 1 
# .Two , leading reg 
cial banks, Sundsvj 
Uplaadsbanken, ai 
form Nordbanken, 
den’s fifth largest bj 
ter able to compete 
atmosphere. 

Tile growing soi 
the domestic capit 
mm*ets has gone 
wtth the need for g 

finance the state's at 

and, as a result, the 
credit poHcy has 

market-oriented. ' 

Tight monetary c 
er. ’hak squeezed id 
and 1985 will not pi 
for Swedish bankim 

—michaei 



INTERNATIONAL HERALD TRIBUNE. THURSDAY, OCTOBER 10, 1985 


Page 9 


fcrtft Ve,, 

' Groufi 


A SPECIAL REPORT ON NORDIC BANKING AND FINANCE 




At ‘I'-'v* . 
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^EL'Oi, 


ipending 


For f Third Way’ 


ByJurisKaa rial RcspcmsbiUty Without Sodal- 

STDCKHOLM - Thenarrow ^ ■ J- • . : 

re-election of the Sodal Democrat- •*“ ” Sweden’s - major banks 
ic prime minister. Olof Pahne. on a 8 raed miw^forecaststhal ecor 

SepL 15, gave a new mandate to his growth wotOddow odnsider- 

economic policy of the “third ■ 


economic policy of the “third ah &“ 1 , 9 ? 6 - 
way, betweetfausterity that raises ■ of the blackest forecasts was 

unemployment and expansion that ?J* de b y Handdsbanken. For 
drives op inflation. ; i986, it predicted zero growth of 

According to many observers, ®P°”* ^ m increase in; gross 
the path must bend more towmd product of 05 percent— 

austerity to avoid a new- crisis for othcr words, lotaltfagnation cf 

Sweden’s economy and the krona Swedish econmny, " according 
sometime before 1990 to ML'ThaBn. 

“Weare now at the tunringpouit _ the brighter: «de, : Hub« 
for the ‘third way*,” said Lfflemor F r °roict,.chief economist of Swed- 
T h ali n, a vice president and senior ***** (Sparbankentas Bank), the 
economist at Svenska Handedsban- ^ on } n)craaL bank owrod, by Swo-: 
_ • . dear’s savings basks, forecast that 

^ economic gcowth.wiD slow to 1 per- 

All thp mflinr Kanlra cent in ^ 1986 from an estimated 15 
AUIoe major banks. percent in 1985. A rise reexports of 

agreed in recent - ■ ^percent, down from a forecast 35 
« D • percent in. 1985, wiD sustain the 

forecasts that slight overall growth, he mam- 

himwl 

economic growth ^e^kmorepoativtviewof 

W AnU alnu- the economic cycle m Western En- 

womasiow rope," Mr. Fromlet Said. ‘There is 

considerably - ? 8°°<i peak in the capital goods 

j mvestmeat^deandmuchof Swe- 

in 1986 . ‘ deo’s eaqiorts arc capital goods." 

9mmm ^ • Bht he conceded that the 1-per- 

MESS! 



Norway Continues Deregulation Policies 


Young worker in Gothenburg, Sweden. 


OSLO — Norway's economy 
will slow down in 1985 along with 
the other Nordic economies, ac- 
cording to the latest Nordic Eco- 
nomic Outlook published by the 
Industry Federations of the five 
Nordic nations. 

The gross national product will 
increase 1.8 percent in volume 
terms in 1986, down from a fore- 
cast rate of 2.6 percent in 1985 and 
3.8 percent in 1984. Labor costs, 
however, will increase faster than 
in other industrialized countries, 
the report said. 

Prime Minister Kaare WiHoch’s 
Conservative coalition government 
was re-elected in early September, 
winch gives it a mandate for further 
deregulation of the economy. 

The energy sector continues to 
dominate the economy, accounting 
for more than 18 percent of Nor- 
way’s GNP and nearly 36 percent 
of exports in 1985, according to 
estimates by Bergen Bank. 

Economists ax the Nordic Indus- 
try Federations point out that tins 
“oil dependency” remains a ™in 
characteristic of the Norwegian 
economy. 

“The great challenge for eco- 
nomic as wen as industrial policy is 
to stimulate growth in the mdustri- 


“ft* *— ^ 


Industrial Prospects Remain Good 
Among Varying Economic Patterns 

/- (Continued From Page 7) “Swedish industry is rather Norwegian surplus but also ben- 

strong today,"* Mr. Hedbrmg said. c au se of one in Finland, 
even in those countries, Eke Swe- •'There has been a restructuring, According to the Central Statis- 


could a gain fa cc the preconditions .. . i . < ^ vca m Ujose countno, Eke Swe- ‘There has been a restructuring, According to the Central Statis- 

for a currency devaluation in a few Slower growth is forecast for den, most preoccupied with jobs, where some of the former major tics Office in Oslo, the index for 
years if current trends are not- re- T 081 m ° U 3tn ^ economies, so that Iceland has reduced its inflation, industries like shipyards have been overall industrial production in 
versed. does notworry Swedish economists and a snituner agreement between decreasing in rm p ff rt anre, while Norway for June was 7 percent 


versed. does notworry Swedish economists and a summer agreement between decreasing in rm p n rt anre, while Norway for June was 7 percent 

Economists were savins before ** the continuing high rate employers and trade unions marks production of electronic and con- above that of June 1984. The index 

the elections that regardless of who . mcrea8e <*f industrial labor costs a new era in labor relations, sumer- oriented goods has in- for exploration of ml and natural 

m Sweden. - / ' n A - e — - — - - • • .... - - — 


won, Sweden faced harder times . . . ^ r — . r 

and tough economic policy deci- Labw costs for industry have ment hm« led to new mstrumeats, “Nordic companies are very industrial index, after seasonal ad- 
sions in the next few months and risen m 1983-1985 at about the pnndpaDy by pnvate financing teclmolog^prone, using the latest justmeni, for the Aprfl-June quar- 
veais. same rare 8-10 percent, as we have orras. machmerv like mhmc and ad- ter this year rose 15 percent from 


Changes in the financial environ- creased rapidly. 


gas, however, fell by 9 percent. The 


machinery like robots and ad- 


al base Of mainland Norway," the 
Economic Outlook said. 

John Rogne, head of the eco- 
nomic policy section of the Norwe- 
gian Federation of Industries, said, 
“The main problem is the cost com- 
petitiveness of Norwegian indus- 
try. Unit labor costs wiU increase 
some 2 percentage points faster in 
Norway than in our main trading 
partners." 

Keeping rises in wages high is a 
combination of low unemploy- 
ment, below 3 percent, and a rela- 
tively high rate of inflation, at 
around 6 percent, be said. 

Traditional Norwegian export 
industries, including chemicals, 
raw materials and metals, “arc 
stagnant at a relatively high capaci- 
ty level," according to Mr. Rogne. 

But the high level of mainlan d in- 
dustrial activity is expected to ease 
off in 1986, with profitability dur- 
ing the current cyclical peak falling 
below previous levels. 

“Profits have increased marked- 
ly from 1982, but they are still be- 
low the last top of the business 
cycle in 1979 in real terms,” Mr. 
Rogne said. “For many sectors, 
profits are unsatisfactory due to the 
development of labor costs “ 

Despite moves by the Willoch 
government to deregulate Nor- 
way’s capital markets, some bank- 
ers think there is still considerable 
room for improving the entrepre- 
neurial clima te in Norway. 

“There is a need to establish new 
industries with growth potential," 
said Lars Uno Thulin, an executive 
vice president at Den norske Cre- 
ditbank, Norway’s largest commer- 
cial bank. 

He said politicians, unions and 
businesses all agree that new 
growth is needed in the mainlan d 
industries, “but it is hard to get 
attention to this." He added, “We 
need to improve the tax climate for 
start-ups of new businesses.” 

Business starts ma y be ham- 
pered, temporarily, by the very re- 



Empfying a fishing net in Norway. 


forms that some businessmen have 
demanded. The recent lifting of 
controls on interest rates is expect- 
ed to drive rates up on new lending, 
which is precisely what the govern- 
ment wants in the short term to 
slow down private consumption 
and imports. But at the same time, 
economists point out that the mea- 
sure will burden Norwegian indus- 
tries with relatively high imerest- 
rate costs on top of rising labor 
costs. 

While the export performance of 
Norway’s mainland industry has 
been satisfactory, “production in 
the import competing sectors, 
which account for 50 percent of 
total manufacturing production, 
hardly showed any growth in 1984" 
and the trend will continue through 
1985 and beyond, according to the 
.Economic Outlook. 

In a joint study, Norway’s trade 
unions and the Federation of In- 
dustries agreed that mainland in- 
dustries have to grow by at least 3 
percent a year until 2000 to main- 
rain balance with the energy and 
offshore sector. 


Moreover, with lower oil prices 
and tile dollar dropping on the for- 
eign exchange markets, the growth 
of revenues from energy expons 
may be threatened, even if Nor- 
way’s energy exports will grpv by 
volume during the rest of the 1 980s. 

“All Norwegians interested in 
the economy are watching the oil 
price," Mr. Thulin said. Bm at the 
same time, the recent declaration 
by the Croup of Five large industri- 
al nations that they would uy to 
drive down the high dollar may be 
the remedy for what Mr. Thulin 
worries about most, international 
protectionism and trade wars that 
could be very damaging to Nor- 
way's mainland industries. 

“In reality, growth in 1986 is so 
dependent on factors we don't have 
any control over" Mr. Thulin said. 
“Norway is terribly dependent on 
trade and trade patterns. Costs 
aren't reaOy the biggest challenge. 
In international trade, it's protec- 
tionism. When that starts accelerat- 
ing, it’s difficult to slow it down." 

— JURIS KAZA 


steps will be announced, had since the ’60s," Nils Londgren, . ^ difftraices, Nordic, vanccd computer systems both for the preceding quarter, 

sst, when Finance Minis- ™ief economist of the stale-owned nMnstiy has been performing welL administration and in production." A report by the Statist! 

_ ’ ’ _ DV ■ * TKa Tiailan nfm— C wwL nh Ift/lnr * * j ^ V • 


ter KjeU-Olof Fddi presents the ^KBanken, wrote in a recent pub- The Federation of Swedish Indus- 
fiscal 1986-1987 budget in early ^cation of the bank. “At the same tncs domestic demand is ex- 
January. Observers expect bitter in repent years, most impor- P«ted to grow by 2 percent this 
medicine in the form of govern- *•*“■ competitor nations have got- 3W by sUghfly higher than 
ment spending cats, higher taxes on their wage-increase rate down that next year. Gross domestic 


administration and in production." A report by the Statistics Office 
• As a result, the future for techno- showed that Norwegian industrial- 
logical industries in computer-re- ists expected the growth to comm- 


it tins lated con, 
™ mg. he sai 


appears pronns- 


measures. to an interview, Mr. Lundgren, dose to ^pe rcent, a drop from 

Imposing austerity wfll be tough- who is a. Social Democrat, re- years 3.4 percent, mainly as 
er now that Mir. Palme's new ad- marked thatthe government was ti« result ofweako- exports. Indus- r om ^' 


aHslerity to 3-5 percent/ 


product was calculated to grow at 


oe into the third quarter of 1985. 
although somewhat more slowly. 
Inter national economists at the 


Byemphasizmg computerization oE^SSdtiie 
m production, Scandinavian indus- . r S 


V ,,'* ■J 

i v 


> . *„■ fi s- 

.■ ■ ■,/ . . 
% • ■ . ■ 1 1 ,: : - 


% »%x .Y 


ministration needs the support in 
the Riksdag, the padiament, of 


trial produoion.howSS, is riing ^ ^ 

between 35 nercenr and 4 n«r«it wa 8® s * Hedbnng Sffld. 


ing that the cunoit-account trial productiOT, however, is nsmg 
dt, at 15 bflEoc kronor (51.81 between 35 percent and 4 percent 
ion) as of August, would -start inthemqorooantries and theover- 


and what it meant for industry. The 
• gover nmen t’s liberalization policy, 

maintain COSTS St B"’"™ 1 ™ 1 .* 

Hs in spiuonsgh “onomst noird. tas led 10 a 
^ doubling of mdustrial investment 
******* m • in the past two years. Exports have 




■■ Vvv . '■ -r 


Sweden’s Communist Party mflliou) as of August, would ^tart inthemqoroonntries and the over- Since domwtic tnaikeis m the boomed, and the forecast is that * • • *^*j ' 

The Communists oppose niSc to correct itself during the remain- trade balance of the Nordic region are smallcompared to teg- they will increase faster in 1985 and ' ■ 8 ‘- ••*••■■■' • 

c^, taJEZu der of 1985. Icavins oolicv-makera countries is expected to show a snr- ? nations, the first foreign market ] 986 than in 1984. 


.- : sz Sweden’s neariv 24-n ment vslni^ der of 1985, leaving policy-makers countries is expected to show a snr- cr nahons, the first foreign market 
higher : tax? _on w«lfli,.high UK elective bar^mmg.. . ooint™ to the ^SSScorrmSS 


1986 than in 1984. 

In Iceland, the major industries 
of fish and fish-processing are in a 


: Growth 


iIm* ri.il izatio® 


comes and investment earnings . Re added, “^e need fiscal con- OOTp^MratmgUst dump be F ause ^ a . dr0 P mlhccod 

that could-sour the SivetySror- strain ^^tough;nKxisnres 1 apd we pnb&hedby ^ftrevirldm, a busi- inA as apnme exanqjle. catdL Difficulties m these sectors 

able cHmatie for bu 5 mi^nnderAe~ ne^l '.C .t^^thr^year agree- ?«s^ed^r : placed Skanska, which H sns Watium, chairman of tfe have eased slightly, however, with 

Social Democrats’ previous adimn- meat on wages. Then it might 18 mvoIvcd m conslructicm, mostly board of Electrolux, appliance The recent strong dollar, since the 

istraiion. . ‘ 'work.” i -w overseas,, at the top of 16 compa- manufacturers, said: “Thanks to United Slates is Iceland’s most im- 

\4r Pahne mnv Wi ifrvr amndn • Mr 1 nninVi.; - - ®es accoKiing to volume siodc the 16-percent devaluation ofl982, portant markcL 

trading, The results of the ratings when the krona was restored to a ^On the whole, the fish and fish- 


% 




istraiion. * '* 'work.” .« . 

Mr. Pahne may lean for support • ; Mr.Lm 
to Sweden’s Liberal Party,- who '“named to 
added 30 new seats in the Riksdag, of econra 


^ ralistk**value, *Sw«hih"in- pr^S^' td^^thkh^ 

kast erf vdudt was SkSbeing dustry has been doin^ weU the last ^^70 perceS’of Iceland’s 
Westerbcre, 4Z^vho is trarmTm S with c^th^b^^? ^ m^or mdustrial groups three years. With our present wage- exports, are still in difficulties," 

negotiating system, however, this said OlafsurDavidsson, director of 




economics and medicine, the party They have something up their «on VrfwtmdRKF 
campaigned with the slogan “So- sleeve.” 




advantage is being regularly dimin- 





_ the Federation of Icelandic Indus- 

“Skanska’s top position reflects ished as wage increases are rather tries. “The extension of territorial 
Swedish business and industrial en- bigger than in our competing coon- fishing limits in the 1970s and the 
vironmeat the past 15 years,” Af- tries. subsequent expansion of the fisb- 

farsv&rlden noted. “While condi- “A Socialist government needs ing fleet were key developments in 
tions far manufacturing were not growing industry both to solve the this sector. The industry is still 
all that favorable, builders and real balance of payments problem and hoping to use it to full capacity.” 
estate companies could earn well, the budget deficit. Thai wn only be Aluminum, which for 

and almost ride-free." achieved by allowing industry to be about 15 percent of Icelandic ex- 

SCA, the forest industries giant, reasonably profitable. The govern- ports, has also been hurt by the 
and Volvo. Scandinavia’s largest ment is also making great efforts to world recession. A positive export, 
industrial concon, ranked fifth p^bin- the big increases, which is Mr. Davidsson said, was ferrosOi- 
and sixth, respectively, in the publi- quite difficult and which requires a con, used chiefly in the steel indns- 
cation’s listing. Ericsson's placing lot of courage since their voters are try. Exports this year exceeded 
only 11th was a major surprise to mainly wage earners. Perhaps it is those of 1984, be said Ferrosilicon 
some indus t rialist s- Unlike most of fair to say that the Swedish system production in Iceland is run jointly 
die other companies in the fist, .the gives the hen enough to eat but by the Icelandic state. Elk cm of 
telecommunications company is in takes all the eggs, with an individ- Norway, and Sumitomo of Japan, 
an expanding market, the report ual taxation that is highest in die Iceland’s biggest market in the 
noted, but risks in its information Western world." Nordic grnip is Denmark, fd- 

systems sector “mean its future Mr. Werthen. who is also on the lowed by Finland, Norway and 


ns 

— ■= • ^ 

■ ■ * n N 

ttSttS . s ^ 




PPlif? 






the Euro-Danish Krone. 


systems sector “mean its future 


isn’t as obviously bright as it was a boards of several other large S wed- 


few years ago.’ 


isb concerns, said that the govern- 


VAXUNG 


Industrial cooperation among ment could make “more favorable 
the Nordic natio ns is also on the terms for sma ll industry, which 
rise, especially in the field erf high would generate more mdustrial ac- 
technology. thuty and further reduce employ- 

. Accqrdmg to Anders Hedb nng , menL” 

m a naging director erf Computes More moderate wage increases 


A Stockholm bank window. 


JofBCapMoiHdMk. 


Sweden, a subsidiary of Det could be achieved byTowering di- 
Norske Veritas, of Norway, growth rect taxation, be said, 
in Scandinavian industry, espedal- The current-aceount balance is 
Iy in technology, is closdy inter- in surplus for the Nordic region as 
twined with Nordic markets. a whole, chiefly because of the big 


production in Iceland is run jointly 
by the Icelandic state. Elk cm of 
Norway, and Sumitomo of Japan. 

Iceland’s biggest market in the 
Nordic grnip is Denmark, fol- 
lowed by Finland, Norway and 
Sweden. 

“We buy much more from them 
than we sdL" Mr. Davidsson said, 
“and the trend is expected to con- 
tinue for some time to crane. We 
are griming to reduce the large sur- 
pluses by increasing industrial ex- 
ports and not just concentrating on 
fish. The government is encourag- 
ing industrial companies to expand 
their markets within the Nordic 
area.” 

— ERROL G. RAMPERSAD 


As Denmark’s fourth largest bank, 
SDS is both an active participant and in 
the forefront of the Euro-Markets. 


We at SDS are proud of our role in 
introducing the Euro-Danish Krone as 
an Internationa] lending currency. 

In March we lead managed the first 
ever Euro-Danish Krone bond issue for 
the European Investment Bank. In May 
we followed that success with an issue 
on behalf of the World Bank. 


SPAREKASSENSDS 

Denmark. Head Office: 

8 Kongens Nytorv. DK-1050 Copenhagen K. Telephone: +-15-M3 13 39. 

TlAex; l5?45sds£ddk.Fax: -»45-l-U 63 72. Cables', sdsstwing. SWIFT- Address: sdsidkkk. 
United Kingdom. Subsidiary Bank: 

London Interstate Bank Ltd.. 4th floor Bastion House. 140 London WalL London EC 2Y 3 DN. 
"telephone: 4-44-1-6068899. Telex: 884 161 Kbldn g. Fax: +44-1-600 3967. 
Singapore. Representative Office: 

1 Bonham Street, 9 38-02 UOB Building. Raffles Place. SingBpore0104. Telephone: 53 3 25 77. 
Telex: 29001 cesdsi re. Fax: 532 7583. 

Japan. Representative Office: 

Uchisaiwaicho Osaka Budding. K 703. 3-3 Uchisaiwaicho 1-cfaome, Chiyoda-ku. Tokyo 100. 
Telephone: (031501 8649. “telex: 33326 Fax: (031592-0874. 




• s BW0 


Banque Indo 




in Nordic Countries. 

Banque Indosuez is the only European Bank established the Bank's comprehensive international network now cove- 
in the four Nordic countries (Denmark, Finland, Norway ring 65 countries : in Western Europe and North America, 
and Sweden). This network in Nordic countries is part of as well as in Asia-Australasia and the Middle East. 








A SPECIAL REPORT ON NORDIC BANKING AND FINANCE 


Norway’s Challenge: Offsetting 
Low Oil Price by Innovation 


- * ■ sS 


^OSLO — Norway’s forecasts of 
snort-range” declines in the price 
:Of oil most now be emended into 
the mid-1990s, according to the 
m i n ister of petroleum and energy, 
Kaare Kris tiansen 
■ Haakon Lavik, chief press 
spokesman for Statoil, Norway’s 
state-owned energy company. 


uty manag er in charge of the petro- 
leum department at Bergen Bank 
“Thai is one or the main chal- 
lenges.” 

He said that for offshore compa- 
nies, it meant more investment in 
extraction and in reducing the cost 


agrees: "We think, in the long term, 
the real price of oil iso’* — : T * 


. „ — j up. It 

wul be lower even. The real price 
will rise slightly again in the 
J990s." 

Despite the price outlook and 
suggestions from the Organization 
of Petroleum Exporting Countries 
that worldwide oil production 
should be cat back, energy officials 
say Norway cannot adjust offshore 
production to react to temporary 
price and foreign exchange fluctua- 
tions. 

Hie country also cannot back off 
from commitments to massive in- 
vestments that will put even more 
gas and oil fields into production 
by the early 1990s. Norway is not a 
member of OPEC. 


Hie country cannot 
back off from 


commitments to 


massive investments 


that will put even 
more gas and oil 
fields into 
production by the 
early 1990s. 


In a late September press brief- 
ing, Mr. Kristiansen said that his 
estimates of 1986 revenues from 
the North Sea could not be dis- 
closed before Norway's budget is 
presented to the Storting, or parlia- 
ment, on Oct. 14. 

In 1985, he forecast the Norwe- 
gian government's net tax revenues 
from the oil and gas sector at 
around 35 billion kroner ($4.45 bil- 
lion). which, he said, was a decline 
from 1985. Petroleum Ministry of- 
ficials said 1984 figures, which 
showed gross revenues of 38 billion 
kroner, were not comparable be- 
cause of a change in accounting 
methods. 

“It is quite clear that with the 
forecasts, we do know that the total 
income in 1986 won't be above this 
year's estimate,” Mr. Kristiansen 
said. 

Lars Uno Thulin. an executive 
vice president at Den norske Cre- 
ditbank, Norway's largest commer- 



A- ' 

-i ipt' 




Mn CopM-«an (tank 


of offshore production equipment. 

The petroleum minister hinted rial bank, commented that “an oil 
iimt because of the falling dollar price of $18 a barrel wouldn't stop 
exchange rate, he will be telling the production at all, and it would Ik: 
“What is interesting is whether Norwegian government that its tax felt most strongly by the Ministry 
technical innovation can offset revenues from offshore energy pro- of Finance.” 
lower oil prices, especially in the due Lion will drop considerably in But Mr. Thulin also cautioned 
North Sea," said Geir Solberg, dep- 1 986. that Norway’s burgeoning offshore 



services industry could feel the 
pinch of lower oh prices as opera- 
tors sought to cut costs. “There 
could be negative consequences for 
the North Sea economy, for those 
servicing production,” he said. 

Mr. Kristiansen explained that 
any short-term production cutback 
was impossible because of commit- 
ments to pay off the High invest- 
ments necessary to exploit offshore 
Fields. Around 123 billion kroner 
has been invested in the North Sea 
since development began in the 
early 1970s. 

The cost of offshore facilities 
also made it “impossible to in- 
crease production in the short term 
when the currency and price situa- 
tion would indicate it,” Mr. Kris- 
tiansen said. Another factor that 
made it hard for Norway to control 
its deliveries of oil to the world 
market was “we "have no stocking 
facilities, we have to sell directly 
from the wellhead.” 

Norway’s allocations of petro- 
leum concessions are proceeding 
normally. The second part of the 
10th round was to start in October 
and aims at allocating 10 blocks by 
the end of the year. Forty-two 
blocks will be offered in the 11th 
round in early 1986. 

Mr. Lavik said, “Offshore pro- 
duction of oil in the North Sea has 
just come on stream, so we are just 
amortizing the investment.” Other- 
wise, the companies who own the 
fields would go bankrupt. 

Moreover, the Statoil official 
said, offshore investments were 
steered by considerations of re- 
source management “The way to 
exploit Helds is decided by the geo- 
logical model” Mr. Lavik said. 


Stafford's second, or “B,” plat- 
form weighs 824,000 tons, and the 
“C" platform, of similar size, has 
just come into operation and will 
be amortized over a six-year period 
to 1991. It cosl more than 11 oilljon 
kroner. 

Also completed recently is the 
8 80- kilometer (544-mile) Statpipe 

system to cany gas from Station! exponentially with depth,” Mr. La- 
and other fields to the European viksaid. 

Continent. Tt is due to start operat- XT „ , . . . 

tag during October, ctnyfag 4 *** N l ° nra y. rof{ered a «»** m 
Suiflord ga to Kursloon the tuncyggesduteownes 

maiidand, where some liquid petro- 2“ dte BnUsh govemmen re- 
diemicals will be extrerted bdore jgd g e ccn mcl to buy gas from 
•the “dry” gas is seat on to the - e Slerpoer field in early 1985. Mr. 


OFFSHORE TECHNOLOGY —Workers in a crane at a. 
shipyard in Stavenger, Norway, where concrete platforms 
are bu3t, left At right, a platform under construction. 


“Staff} ard B, which cost around 
$2 billion, wouldn't show above the 
water here, and platform cost rises 


south. 

Gas win play an increasingly im- 
portant role when development of 
the Troll field, off Bergen, starts in 
the 1 990s. Troll is believed to be the 
world’s single largest offshore gas 
field, with more than 1.5 trillion 
cubic meters in recove r able re- 
serves. It presents unprecedented 
technological challenges, since the 
bottom depth is around 350 meters 
(1,155 feet). 


Lavik explained that Statofl and 
Esso, the other nugor partner in 
Sldpner, were writing off their in- 
vestments in Sldpner against reve- 
nues from other fields. 

The British decision, he said, 
“was based not on the facts, but on 
political reasoning.” Britain would 
need new gas by 1 992* when one of 
its main supplies, the North Sea 
Frigg field, is expected to be ex- 
hausted. • • 


Mr. Lavik said the Seipner field, 
with around 213 billion cubic me- 
ters of gas, is considered too small 
as a supplier for the European mar- 
ket, but some Skapner gas may end 
up there anyway.. According to a 
Petroleum Ministry official, gas 
from Sldpner may be pumped into 
theEkoEsk field to counteract sub- 
sidence, that has caused some rigs 
to settle by as much as 40 centime- 
ters a year. Ekofisk gas goes to 
Europe. 


If the settling problem continues, 
the nfficigl said, FirrrfwV platforms 
would be exposed to damage from 
the so-called * 100-year wave,” a 
maximum probable storm wave 
height that must be exceeded by 
North Sea structures that are not 


designed to absorb wave impacts. 

— JURIS KAZA 




J.irt li! 

jsJtfk* . 






I . -X 






- ~ 


i-’-* 


ijyru' 


f 


John Gqa u w 


Norwegian Shipbuilders Continue to Restructure 


•toj&V-. •. 
* >V. - 


The Ekofish o3 field in the North Sea. 


John Capewcrt Hone* 


bering 1,200 in 1975, has since lost 
about 500 ships. It had 717 ships as 
of July 1. down from 774 ships a 
year earlier. 

uc - , . “Tonnage under the Norwegian 

Statfjord is a long and narrow flag has dropped from 423 mflHon 
Ddd so we have three platforms, tons m l915 to anjand 27 million 
aJ kilometers apart, to cover the tons m 19g5 - according to Rolf 
whole area with horizontal di% Saether, head of the international 
...^division of the Norwegian 'Ship- 
owner’s Association. StiU. as of the 


OSLO — Over the past 10 years, increased spending on maritime 
the traditional maritime might of education, research and devdop- 
this otherwise small and thinly menL 

populated nation has taken a beat- Hie shipowners’ association 
mg, along with much of the rest of published a plan of action in late 
the world's shipping industry. ’ September asking the Norwegian 
Norway’s merchant fleet, oum- government to increase 


shipping 
such 


industry, 
as a ‘ 


on maritime education, 
and devdopment by 200 million, 
kroner ($2539 million) and to 
mak e it easier to employ foreign 
seamen at lower wages on certain 
Norwegian flag ships. 

Shipowners' association officials 
think the government funds would 


traditional 
‘There is no 
tech ship” he said, 
buflt has the latest in fuel savings 
devices, etc, that is available.” He 
added that Evergreen, a Taiwan 
shipping c ompany , has a t no d g r p 
freight liner ship with just 16 crew- 
men, “and they get paid for 30 
months what a Norwegian makes 
in one month. " 

‘The Norwegian flag now de- 
mands a Norwegian crew," Mr. 


Ms. Viste said, “You see a shift 
from mare simple tanker and dry 
bulk to more sophisticated services, 
shore services,- a total transporta- 
tion package." In addition, die 
said, some shippers have tried to 
diversify, aiming at becoming con- 
glomerates centered on shipping 
rather than pure shipping compa- 
nies. ... 

At the shipowners’ association, 
Mr. Saether noted that “lots of 
Norwegian dripping- companies 


ihiHitmri \ 


•r » 


A 


Hoegfa declared. “If we want to have invested in land/ in comput- 
mamtain drips with a Norwegian. ^ aquaculture, aB .these new in- 



middle of 1984, Norway ranked, 
fifth in the world in maritime ton- 
nage, behind Liberia, Japan, 
Greece and Panama, and ahead of 
the United States and the Soviet 
Union. 

But despite strategic miscalcula- 
tions, overcapacities, and lean 
years, Norwegian shippers in the 
mid-1980s are making fair progress 
at modernizing and restructuring. 

Norwegian shipping companies 
have been pioneers in the area of 
offshore services in harsh and cold 
donates, and they do minate the 
pleasure cruise market in the Ca- 
ribbean 

“Investments in offshore services 
have amounted to $3 bniion in rigs, 
and $2 billion in vessels” since the 
early 1970s, according to Erik Aa- 
mot, chief of the offshore export 
section of the shipowners’ associa- 
tion. Since 1971, he said, the off- 
shore fleet operated by Norwegian 
companies (some under foreign 
flag) has risen to 45 mobile rigs for 
drilling , accommodation and con- 


In mid-1984, Norway ranked fifth in the 
woHd in tonnage, behind Liberia, Japan, 
Greece and Panama, and ahead of the 
United States and the Soviet Umon. 


struction and about 260 service ves- 
sels such as tugboats, anchor han- 
dling boats, diver support and 
specialized vessels. 

The offshore boom has been 


closely connected to the discovery 
and development of Norway's 
Noth Sea ou and gas fields during 
the late 1970s and efforts by the 
dominant state-owned energy com- 
pany, Statofl, to use as much local 
^industrial and maritime talent as 
ssibk to develop the offshore 


Danish design in banking 


In the Caribbean pleasure cruise 
market, Norwegian operators dom- 
inate with about 80 percent. Of 20 
cruise ships operating from Miami, 
nine are Norwegian. Since most 
passengers are Americans, “what 
really influences this is the econom- 
ic climate in the United States,” 
one Norwegian banker said. 

In traditional merchant ship. 

og, however, a price has been 
paid. There have been some bank- 
ruptcies and mergers accelerated 
by the wolf at the door. Other ship- 
pers have made quiet arrangements 
with their bankers to stay afloat— 
in a lending market that was domi- 
nated by foreign banks. 

Norway's shippers are also ask- 


True classics, Louis Poulsen's PH Snowball and Copenhagen Handelsbank. 
Both turn functional solutions into 
exquisite design. . . solid sense into bright ideas. 

See your banking operations in a new light - switch to Copenhagen Handelsbank. 
Denmark’s great international bank. 


[ing for government help, through 
L the 


abolition of rales that restrict 
[hiring of low-cost foreign Seamen 


Ion Norwegian vessels, and through 


be well spent after the billions that 
Nordic and other governments 
have poured into direct support 
and guarantees to aid ailing snip- 
yards, resulting in ship prices that 
tempted shippers to compete in ex- 
panding or modernizing fleets even 
when there was no dear market for 
the new vessels. 

“Profits have been drastically 
decreasing in the last 12 years,” 
said Ann Viste, deputy manager in 
charge of the shipping department 
at Bergen Bank. “There has bem a 
shipping crisis since the ofl crisis.” 

According to Ms. Viste, Bergen 
Bank has been spared any serious 
losses on its shipping loans. 
“Losses on our loan partf olio gen- 
erally have been 0.2 percent of as- 
sets, but in shipping they have 
been 0.1 percent of assets,” she 
said. In 1984, Bergen Bank had 23 
billion kroner in shipping loans out 
of a total of 20.1 billion kroner in 
assets. 

“We, the Norwegian banks, 
know the shipping market better 
than the foreign banks, we follow it 
day to day” the banker explained. 
She indicated that Bergen and oth- 
er Norwegian banks tned to nurse 
along their problem s hippi ng loans 
rather than write them off. 

“We take a more long-term view 
of shipping than the foreign 
banks,” Ms. Viste said, adding that 
since shipping was seen as a higher 
ririt area than industry, “the^iddis 
better and shipping fending is prof- 
itable." 

Westye Hoegh, chairman of Leif 
Hoegh & Co. A/S, a Norwegian 
ship management company run- 
ning a fleet of 47 drips, indudmg 
13 car/tradc carriers and four liq- 
uefied gas tankas, said labor costs 
are the main issue for Norwegian 
shippers. ■ 

In good markets, the labor cost 
differential is “not that important," 
he said. “You can offer financing 
packages, service, etc. Now, it is a 
cost problem, and this is hard for 
our unions and poEtidans to un- 
derstand. We need the flexibility to 
man the ships economically.” 

• Mr. Hoegh is skeptical of “high 
tech” as a panacea for Norway's 


dustries. and. of course, in real es- 
tale,” In addition,- :-he- said, -the 
offshorejjectqr andjncreasmg so- 
phistication of certain aspects 'of 
shippmfc are leading to natural 
finteifretween shippers and “on- 
shore” companies m engineering. 

The one shift in strategy fhqt has 
been profitable for. Norwegian 


'-■r.2 ■ 


flag and a core of Norwegian offi- shippers while keeping ihrm tech- 
cers, we should be allowed to crew niraSy, at sea, is into offshore ser- 
with a Far East crew and at local vices. 


(wage) tariffs, wtrich-are relatively 
well paying for those economies.” ■ 
As a ship manager, Leif Hoegh & 
Go. does not own most of its ves- 
sels, although it operates some 
owned by the Hoegh family. It has 
ran at an operating profit, but fi- 
nancial costs have kept the compa- 
ny in the red and forced Leif Hoegh 
& Co. to negotiate a refinancing 
with its banks, according to Mr. 
Hoegh. 


.V “The onshore, backup employ- 
ment related to this weak will ha- 
crease,” Mr. Saether predicted. , ’ 
*Thae will be a higher software f? 
and consultancy proportion, as ' 
wefi as high tech, such as remotely 
operated vehicles, submarine ves- 
sels, etc.” 




r- -z - 






. .Looking 10 years ahead, Mr. 
Saether predicted that “we will ex- 
perience a concentration of the 


The company has riot d iv ers ifi ed Norwegian flag on capital inteo- 
into “onshore" activities, but other s ^ ve > bigfa tech vessels and an in- 
shippera and the H«^‘ family's creased cue of muitiflag operations, 
private interests have. Famfly manr There wfll be an expansion of 
ey has gone into real estate invest- worldwide offshore activities by 
ments for several years, Mr. Hofcgh Norwegian companies.” 


said. 


—JURIS KAZA 


nnnnm 




Banking on 
bright reflections 



HANDELSBANK 


Bnnebw: London. Lo* A&i 
Subsidiary: Luzrabaafg. Rspncnucive*; ] 

Hoag Kenc, MsaiU, S»q Plulo, Stockholm, Sydney, Tbkyo. 


CONTRIBUTORS 


JURIS KAZA is a Stockbom-based journalist who specializes in 


1 joun 

Scandinavian economics and finance. He is a regular contributor to 


the International Herald Tribune. 


MICHAEL MFrCAIfF a fmandal jo urnalist based in Gopenha- 
gen. is a regular contributor to the Financial ^ Times Banking Newslet- 
ter. He is a former Reuters correspondent in Stockholm. 


ERROL G. RAMPERSAD is on the editorial siaff of the Interna- 
tional Herald Tribune's- special reports department. 


BENGT RYDEN is chief executive of the Stockholm Stock "Ex- 
change. • • . • V 



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A Norwegian ofl- 

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Lower Medical Costs for Hurd World 

ar^iai organs «m?S£ canDOl ^ aid 

SSS “ * ^ 5**^: ^ Dr- Hi A. Ftie&n, who cEu 
^SmSJIS *2“^ of 1 Intraoational Soc^forArtifidal Organs. 

= Sai k „“4Ss 

Interferon Said to Relieve Arthritis 

^ form of interferon has shown promise m 

°^ om, “ oid •**«** “ 
“ tnral vmi^Briui.* subsumes m the 
urnted States, aboQv two-thuds of patients ladles* pan. less swdKng of 
toe joints and general improvement in condition, Biogen 
ironed. The patients wens given gamma interferon by injection five, 
tones a week, for four weeks. ■ 

In earlier studies of about 40 patients in Europe, about two-thirds 
snowed improvement, one-quarter showed no ehangp while the rest had a 
worsening of symptoms or found the drug difficult to tolerate* Biogen 
noted. 

Speedy Flagellaless Bacteria Found 

WASHINGTON (NYT) — Bacteria that swim swiftly with no visible 
means of locomotion have been identified in a number of marine 
environments, scientists from the Woods Hole Oceanographic Institution 
in Massachusetts have reported in the joomal 

Mobile bacteria typically are propelled by wMphke tails, or flu gffla 
but dose ryaminariop with an electron microscope showed no ti r l i 
appendages or any other structures that might aid m swimming an the 
mari ne bacteria, belonging to the cla« of nr ganiemc Imn wn cy anoba c- 
teria or bhw-gieen algae. 

These orga nisms , of the genus Syncchococcus, propcl themsdves at a 
rates of 5 to 25 microns a second. A micron is mus milKniith of a meter. 
“It is di ffic ult to imagine how a the size and nhaj* of Synechococcus” 
could be driven so rapidly by any means other than fla gella^ <«i<t the 
report by John B. Waterbary, Joanne .M. Willey, Diana G. Franks, 
Frederica W. Valois and Stanley W. Watson. 

w ell Serves as Earthquake Monitor 

SM3THSBURG, Maryland (AF) — A weD in this western Maryland 
town reflects earthquakes around the world, probably because its water 
level is affected by shock waves traveling from the quakes* epicenters, 
scientists say. 

*Tt is a very interesting phenomenal," said Michael Smigaj, a hydro- 
logic tec hnic ian with the UK Geological Survey. “Maybe somewhere 
down the road it might be worth something.” ' 

The water level rose just over one foot (31 centimeters), then dropped 
by the same amount below the welTs normal level, wrthm the 90 minutes 
immediately following the Mexico Gty quake SepL 19, said Mr. Snrigaj 
and water level change s have been monitored during e arthq»mV <»3 even 
farther away. 

Exhibition on Artificial Intelligence 

BOSTON (UPI) — The Museum of Science here will host a national 
exhibition devoted to the impact rtf ar tificial intelligence and robots an 
society and file wok place. “The Age of Intelligent Machines" -mil begin 
a three-year U. S. tour in 1987 and might later be shown overseas, 
museum officials said. 

Roger Nichols, the museum’s director, said the exhibit would indude 
displays on robotics, machine vision, speech tedmology, computer- 
assisted instruction, natural language technology,- game playing , and 
graphics and mnae syntheas and composition. . ■ - 

Museums in HBnras, California, Ohio, Minnesota, North Carolina, 
Pennsylvania and Texas are coUabofi&igr^rith ll^Bbstob'lnusemn to 
organize toe exfcbitioii^ f- ft 


Scientists in Egypt Seek 4, 600- Year- Old A ir, Funerary Boat 


By Tiicjith MiUcr 

New York Times Senice 

G AIKO —Egyptian and Amer- 
ican scientists axe coxnbmizm 
space-age technology and archaeol- 
ogy to try to capture something 
potentially as precious as the rarest 
of Egypt’s antiquities: a sample of 
4,600-year-old air. 

Scientists said they believed the 
airim trapped ia a burial dbamber 
that was also Hedy to house 3 more 
tangible treasure:. a “solar boat" 
built in about 2,600 B. G to trans- 
port the soul of the Pharaoh Che- 
ops to heaven. 

The boat would almost certainly 
be the sister' of one discovered in 
1954, 12 feet (3.6 meters) away 
from the current site. The first 
boat, a 130-foot-long wooden ves- 
sel in superb condi t ion, was found 
in a chamber 25 feet from the 
southern face of the Great Pyramid 
of Giza. Its discovoy is widely re- 
garded as one erf the most impor- 
tant finds of modem Egyptology. 

Scientists are even more en- 
thralled, however, by the prospect 
of capturing air almost 5,000 years 
old. 

Dr. Omar E. eJ-Arnri, an archae- 
ological chemist and the Egyptian 
coordinator tit the project, saw the 


Solar boat 
with Che- 
ops’s car- 
touche 
(birds and 
sun) and 
chart show- 
ing pits (A), 
Cheops’s 
pyramid 
(B), those 
of Kheph- 
ren, Men- 
kanre and 
the queens 
(C, D) and 
Sphinx (El. 



straw mat covers, predicted that 
the second boat would have a sail 
and mast 

She said Cheops, also called 
Khufu, “would have had one boat 
built to cany his mummy upriver, 
(hal is, south in the direction of the 
source of the Nile. This is the boat 
wc found, the one with the oaxs. 
But according to their religious be- 
liefs, there should have been a sec- 
ond boat to cany him downriver " 

Some Egyptologists maintain 
that the boats were used to trans- 
port the soul and its mummy up 
and down the Nile, literally.' The 
original solar boat bad been’put in 
the water in ancient times, a fact 
that tends to support this theory. 

Ahmed Kadri director of the 


He said it was also the first time 
that the latest technology would be 
applied to archaeological investiga- 
tions in Egypt. 

Physical scientists and archaed- 


huge limestone slabs that form the ogists said they hoped toe captured 


ceiling of the chamber about to be 
examined were believed to have 
been sealed with gypsum cement. . 

Dr. Farouk d-Baz, a Boston- 
based geologist of Egyptian origin, 
who heads the American said 

thiswasthefirst time that scientists 
from several disciplines and coun- 
tries had agreed to work together to 
try to understand the demands and 
problems of conservation before an 
archaeological excavation was un- 
dertaken. 


air would be a boon to both disci- 
plines. For archaeologists and mu- 
seums, it might provide vital infor- 
mation about the environmental 
conditions in which organic matter 
can best be preserved. For physical 
science, Dr. Bazand Dr. Arini said, 
they hoped to learn about changes 
in the Earth's atmosphere since an- 
cient limes, if the air can be proper- 
ly captured and stored. 

“Even 20-year-old air is consid- 
ered a prize by the National Ocean- 
ic ana Atmospheric Administra- 
tion," Dr. Arini said. 

“NOAA has already expressed 
interest in participating in the anal- ■ 
yas of air samples," said Dr. Baz, 
who worked for six years in the 
National Aeronautics and Space 
Administration's Apollo program. 

The team hopes to use equip- 


Remote Galaxy 
Is Discovered 

l Mud Pros huematumaJ 

B ERKELEY, California — As- 
tronomers at the University of ment designed for U. S. space nu$- 
CsGfornia here say they have spot- sious to penetrate the rhamhw 
ted the most distant galaxy ever without introducing extraneous el- 
seen, more than 14J billion light ements. The 96-foot-long chamber 
years away. is covered by times tone slabs four 

The researchers said the galaxy to six feet thick, 
would date from rdatively soon af- Pr eliminar y exploration of the 
ter the “big bang, the cosmic ex- ate is scheduled to begin this week, 
plosion that scientists believe gave A « am p i,. of the limestone slab 
birth to th« universe 17 billion or 1 8 ^ pj t nearby that was 

biflion years ago. opened in 1954 is to be sent to the 

Stanislaus Djorgovski, a re- Massachusetts Institute of Tech- 
seardier involved in the discovery ndogy to be analyzed by Professor 
July 18rsaidr“Whh this galaxy, we Nafi Tokscz, a geophysicist, to de- 
are definitely getting very doseto tennine its basic properties, such as 
the time when" what he called “pn- porosity and permeability, 
meval galaxies." were formed. From this, Dr.Armi said, the: 


team hopes to be able to determine 
the thermal gradient of the stone — 
that is, how long it will take heat 
from drilling to dissipate. This will 
provide guidance about the kind of 
drill bits that should be used at 
various layers of stone to penetrate 
the cavity without altering its inte- 
rior temperature or introducing 
outside air. 

The site will then be inspected 
with radar and sonar tod earn what 
the pit contains. 

On Monday two engineers from 
California State University at Sac- 
ramento who are not associated 
with Dr. Baz's project began an 
ultrasound scan of the roof slabs to 
test equipment that they hope 
might also shed light on the cham- 
ber’s contents. 

After the radar and sonar scans, 
drilling is to begin. Dr. Baz said be 


hoped to borrow a drib and bits 
developed by Black & Decker Co. 
for taking core samples from the 
moon. To avoid the introduction of 
extxaneoas material into the pit, no 
drilling fluid can be used, and the 
residue from the drilling will have 
to be sucked out continuously. 

Once 2 bole is drilled, he said, 
several samples of air will be with- 
drawn into specially designed bot- 
tles similar to those used for NA- 
SA's space shuttle experiments. 

Gases in the air are to be ana- 
lyzed, and the pressure, tempera- 
ture and relative humidity at vari- 
ous levels of the pit are to be 
measured by fiber-optic sensors. 

“What we are particularly inter- 
ested in is the flmnnnt of carbon 
dioxide and carbon monoxide in 
the air," said Dr. Baz. “This could 
throw some light on the controver- 


ts Bodi/Th* Nm York Tow 

sy over whether there is a green- 
house effect, a hot topic now.” 
Some scientists believe the burning 
of fossil fuels raises the percentage 
of carbon dioxide in the atmo- 
sphere, leading to a gradual beating 
of Earth, which they believe is like- 
ly to have drastic effects 00 climate. 

All participants in the project 
stressed that there was no way of 
knowing whether the chamber con- 
tained a solar boat But almost all 
Egyptologists interviewed in Cairo 
said they believed it did 
Marydlen Lane, an Egyptologist 
with the American Research Cen- 
ter, noted that the unexcavated pit 
was almost identical to the pit that 
contained the first solar boaL 
Mona Rahhouma, director of the 
Cheops Boat Museum, which 
houses the 12-oared boat with its 
perfectly preserved linen ropes and 


said no decision had been made 
about whether to excavate the sec- 
ond chamber. 

Last Wednesday, the organiza- 
tion's Permanent Committee on 
Pharaonic Monuments unani- 
mously approved the nondestruc- 
tive exploration project formally 
proposed by Dr. Baz, Dr. Arini and 
the National Geographic Society^ 
which is helping to finance iL The 
project is expected to cost about 51 
million, most of which was likely to 
be contributed by the team mem- 
bers' institutions. Dr. Baz said. 

The two pits apparently escaped 
the ravages of weather and tomb 
robbers because they were covered 
with more than 10 feet of rubble, 
which was cleared away when Ka- 
mal el-Malakh began building a 
road Tor tourists 30 years ago. 

Scientists are encouraged by Mr. 
Malakh’s account of the penetra- 
tion of the first pit. Immediately 
after initial penetration, he re- 
counted,, be smelled “vapors, per- 
fumes of the wood, sacred wood of 
the ancient religion. I could smelf 
cedar and incense. But I was not 
smelling vapors. I was smelling 
time — history — 5,000 years." 


Genetic 'Marker’ Could Help Warn of Heart Disease Risk 


By Harold M. Schmeck Jr. 

New York Tunes Service 

S CIENTISTS have discovered a genetic 
“marker" that they believe may help identi- 
fy people who have a greater than normal risk of 
developing heart disease. 

The marker is a slight but precise variation in 
the chemistry of one gene. It can be detected 
through tests of genetic material from white 
blood cells. The variation was discovered by 
scientists at California Biotechnology, a re- 
search company in Mountain View, California. 

Comparison of 156 heart' patients and 41 
healthy adults showed that the patients were 
more than three times as likely to have the 
variation, which was found in one of the genes 
that control the production and distribution of 


blood fats. It is unknown whether the chemical 
variant is a normal variation in toe gene or an 
abnormality related to the development of ath- 
erosclerotic bean disease, which often leads to 
heart attacks. 

The discovery could prove useful in either 
case, officers of toe biotechnology company say. 
The variant called a restriction fragment length 
polymorphism, was found by using special en- 
zymes to chop up toe deoxyribonucleic add, or 
DNA, in cells. The pattern of toe DNA frag- 
ments is delectably different in people who have 
toe variant. 

Dr. John D. Baxter, a founder of toe company 
and a faculty member at University of Califor- 
nia, San Francisco, said studies were in progress 
among 16,000 people in an attempt to confirm 
toe initial finding. 


If toe finding is confirmed, toe company 
plans to develop a blood test for the chemical 
variant. If presence of tills variant proves to be a 
strong predictor of heart disease, toe test could 
be used in childhood to warn people that they 
should take precautions in diet and lifestyle to 
minimize toe risk. Dr. Baxter said. 

He said many of toe people in whom toe 
variant was round did not nave excessive choles- 
terol or other fatty materials in their blood, so 
conventional tests would not have identified 
them as having higher risk of heart disease. . 

The research findings were reported Monday 
in Melbourne at an international symposium on 
atherosclerosis. The studies were a collabora- 
tion with doctors at University of Munster Hos- 
pital in West Germany. 


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Hun Low close cam 
Composite - 10519 10550 10554 +135 

Industrials 121J4 CT.22 12105 +1G 

Tronsp. ItHiM 11&45 1ITL4S — 105 

Utilities 55.M Ssm 55.U +114 

Finance 10157 lflUl 10170 +141 



NYSE Diaries 


Declined 


.Total Issues - 
Hew H lefts 
New Lows 
Volume uo 
Volume dm 


*57 652 

• 427 841 

502 503 

■ 1N6 . IfM 
» ' 34 

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51194490 
29,464410 


Odd-Lot Trading In N.Y. 


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Od.7 
Oct.4 
Oct.3 
Oct. 2 


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1A751 364J30 
140087 365413 
144112 340324 
15*45* 374413 
171.696 400097 


Sates -StlTt 


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4093 

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Wednesday 

MSE 

Closing 


Vot. 0 > ♦ PM 99,141600 

PfWY.4 PM. Y0L 97,171600 

Prtv consolidated close 11Z93Z57I 


Tobias include the nationwide prices 
up to the dosing on Wall Street and 
do not reflect late trades elsewhere. 

Via The Associated Press 


AMEX Diaries 


Advanced 
Declined 
Uncftaneed 
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Hew H lofts 
New Laws 

Volume up 
Volume down 


Close Prey. 

268 216 

236 296 

771 774 

775 786 

6 10 

19 31 

1630430 
1561.105 


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NASDAQ index 


Composite 

industrials 

Finance 

Insurance 

UlHItlM 

Banks 

Transu. 


Close CPtee 
Z7128 +UJ 
271.72 +146 
36845 +084 
33093 +1M 
263.13 +Z18 
30084 +078 
2S197 +107 


Wort Year 
■ Age Aw 
281.15 24329 
28459 26517 
36111 27970 
33242 26743 
26279 21059 
29UB 711-52 
25837 22449 


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Industrials 20474 202.99 20182 +163 

Transp. 16778 1*583 166.10—004 

UllHMes 8005 7961 7963 +060 

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■1 B*'* 



Food, Technology Boost NYSE 


* United Press International 

NEW YORK — Prices on the New York 
Stock Exchange were higher Wednesday in 
moderately active trading, boosted by strength 
in food stocks and a bounce in technology 
issues.' 

The Dow Jones industrial average, which rose 
1.12' Tuesday, was op 123 to 1,326.72 at the 
close. 

Advances led declines by a 4-to-3 ratio. Vol- 
ume amounted to about 99.14 minion, up from 
97.17 minion on Tuesday. 

Prices were higher in active trading of Ameri- 
can. Stock Exchange issues. 

“Tfee market has been stabilizing since late 
September” said Philip Roth, technical analyst 
at EJP. Hatton. He smd that strength in take- 
over stocks combined with weakness in the 
technology sector have caused the market aver- 
ages to trend adeways. 

A Tally could emerge from toe stabilization 
period, with toe Dow cBrnbing as high as 1,360 
tn the nett couple of weeks, Mr. Roto said. 

Thomas Ryan Jr_ vice president in charge of 
block trading at Kidder Peabody,, said 
bouyancy in the technology sector and pros- 
pects that Congress might push through a bal- 
anced budget-resolution was encouraging some 
buying. He said a balanced budget resolution 
could prompt a rally of 30 or 40 points on the 
Dow. 

Beamec Cos. was near the top of the active 
list and higher amid talk that it may be involved 
in a leveraged buyout 


ITT was up in active trading. The company 
said it knew of no reason for toe rise in its stock 
price. 

American Medical International was ahead. 
Rumors say the Bass Brothers of Texas have 
taken a major position in toe stock. 

Gould was lower. 

Food stocks were gaining. Dart & Kraft Ino, 
Quaker Oats. PQlsbury, Ralston-Purina, Bor- 
den and Sara Lee Coip. all were up. 

Among airline issues, UAL Inc. and AMR 
Corp. were up. Northwest Airlines, against toe 
subject of takeover speculation, was also gain- 
ing. 

AT&T was up. AT&T introduced a new per- 
sonal computer designed to compete with 
IBM’s most powerful computer, the EBM PC- 
AT. 

In media issues, Viacom was again ahead 
after jumping 5% in toe previous session. Capi- 
tal Cities Communications, which added 4$i 
Tuesday, also was up shaiply. 

High-tech issues, which experienced heavy 
selling Tuesday, bounced. IBM, Sperry, Hon- 
eywell, Hewlett Packard, Cray Research and 
Digital Equipment were ah recovering some 
ground. 

Among blue chips, Exxon, General Motors 
and General Electric were all ahead. U.S. Steel 
was Iowa. 

On the Amex, active issues included BAT 
Industries, Ozark Holdings and Wang Labora- 
tories Class B. 


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Growing with America’s 
wine industry. . . 

Ametek's Valley Foundry 
Division is the country's 
leading supplier of winery 
equipment. 

Write for latest reports to: 

AMETEK 

Dept. H, 

410 Pork Avenue, 21st Floor, 

New York. NY 10022. 


15 Worth 
Utah Low 5 left 


5 Ml Dos* 

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9 5/8 % DUE APRIL 

15. 1986 

We intern the bondholders ttorjn ac- 

cordance with the temstmd 

conditions of the notra. Electnotf * 
SSTtas elected to ' “ f “ 

outstanding notes <” November 15. 

1985 at 100 % 

interest on the said notes wil' ^ ro 
accrue on November 15, 1985 ■ 
The interest accrued since Apni Ij» 
1985 amounts to SUS 56,15 per note 
of $US 1000 nominal- 

Redemption price per notepf 
SUS 1000 nominal: SUS l.056,15 
ThenoteswiU.be rcro*“ rs “Ji ( , 

coupons nr 7 due April 15, 1986 
atoned according to the terms and 
conditions of the notes. 

THE PRINCIPAL 
PAYING AGENT 
SOC3ETE GENERALE 
ALSACIENNE DE banque 
15 Avenue Emile Reuter 
’ LUXEMBOURG 




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IftralSElSribune. 



imiKSPAT, OCTOBER IoTto^ 


BUSINESS / FINANCE 


U.S. Stocks 

Report, Page 11 


Page 13 


«J**-*' • A 


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WAU STRICT WATCH 

After Two Failures, Pfizer 
Still Lookingfor Mergers 

BjJOHNCRUDELE 

Ne» York Tones Soria 

N EW YORK — Pfizer Inc; already has two strikes 
against it this year in the game of takeovers, but the 
New York-based health-care and consumer-products 
company ls stiB at baL according to itc rhmnnai, nett 
chief executive officer, Edmund T. Pratt Jr. • 

“We are considering acquisations ai aQ times,” Mr. Pratt said 
Tuesday ma telephone interview. When asked if any g~ini«i*inn 
targets are under active consideration, Mr. Pratt rcpbedTjArc we 
talkmg to various people? Yes, we’re stffl lookmgftt various 
possfirilmes. 

One buyout opportunity slipped away from Pfizer's grasp last 
week when Richardson-Vicks 


Pfizer has never 
been reluctant to 
discuss ha desire 


decided to merge with Procter 
& Gamble rather than contin- 
ue to resist the- advances of 
Unilever. Pfizer reportedly 
matched Procter & Gamble’s 
winning SlAS-biMon bid far 
Richardson- Vicks. 

Pfizer's other failed take- 

over attempt this year came'' 

earl i e r when GJO. Searle, the pharmaceutical company 
developed the sweetener Nutrasweet, d ecided to* merge with 
Monsanto. 

Mr. Pratt confirmed that on f ry ( Ru-haw i. 

son- Vicks, but he would not disclose the "mramt of the bid. And 
he said Pfizer was also interested only in parts of Searle, a 
company that reportedly wanted to be purebasedin total. 

Analysts say Pfizer has never been reluctant to dfoevre its 
desire for acquisitions; which it ha^ ma ulariy over the l««» 
two decades. - 

But the analysts add that the operations acquired were general- 
ly s m a ll, many were situated overseas and all fit nicely into what 
Pfizer defin e s as its six business groups. And, imtil thin year, these 
acquisitions have been attempted without niiirh publicity, die 
analysts note. 

But Ronald Nordmann, who tracks. Pfizer for Paine Webber 
Inc_, said the company “has an internal mergers ao quiiitioos 
staff that rivals that of some investment Htmirmg firms.** The 
staff s purpose, accordingto Mr. Nordmann, is to search out 
acquisition opportunities and uncover beneficial liwwqng pacts 

with other com panies. 

P FIZER’S acqnisition philosophy has not changed in the 
last dozen years, according to Mr. lYatt. Its intuit, he says, 
is still to expand its existing six businesses — pharmaceuti- 
cals, hospital products, chemicals, -agriculture pharmaceutical 
products, consumer goods and material sciences. 

Years ago, Mr. Pratt said, Pfizer “rejected the idea of being a 
conglomerate.” 

But one thing has changed, analysts say. Pfizer, reportedly with 
$1.2 billion of cash and marketable securities on hand, is no 
longer afraid to go after a big catch. Mr. Pratt said this was 
(Continued ou Page 15, CoL 1) 





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• Rzuftprt Holdings 
based hi London 
tB 84 revenues: $433 mSHon. 

1884 net income: $ 66 mfflion 

terminals worldwide: 60,700 

Reuter* provides news and date 
about currency and commodtty 
markets, stock quotes and money 
market I nform a tion. 


Teterate 

based In New York 

1 984 revenues: $1 14 million 
1 984 net income: S 29 million 
ter minate worldwide: 29,000 

Teterate provides financial news 
and market commentary as well as 
data on debt instruments, precious 
metate and currencies. 


Quotron Systems 

i a based in Los Anoetes 

1 984 revenues: SI 90 nrfflton 
1 984 net income: $ 27 mffiton 
terminals worldwide: 72,000 

Quotron provides stock quotes 
from U.S. and foreign exchanges, 
news retrieval and historical finan- 
cial information. 



Th* Nw York Tuna 


New Computers Off er Fingertip Trading 


By Nicholas D. Krisrof 

New York Tima Sendee 

NEW YORK — A Wall Street lunch, five 
yean from now, may consist of soup, steak, a 
5,000-share trade and dessert, in that order. 

*Tf the name of a security comes up, itTl be 
commonplace for someone to reach into his 
pocket and pull out a device that gives the 
security’s current price and relates it to other 
data,” said Gordon S. Maddin, president of 
the National Association of Securities Deal- 
ers. “And then you'll be able to use the device 
tojgut in an order.** 

That is but one vision of the future of 
financial information where electronic com- 
munication of data wQl increasingly call the 
shots. What is dawning, say experts, is a new 
generation of financial interchange stemming 
not just from the instant awareness of infor- 
mation but from the ability to act upon data 
by trading through a computer. 

For a decade or more, New York banks 
and bickers have been able to get instant, or 
real-time; information about the price of 
stocks or French francs. The volume of infor- 
mation continues to expand today, but at the 
same rime the focus is shifting to ways in 
which the data can be manipulated, carried 
across national boundaries or nsed to facili- 
tate trading by computer. 

Among the manifold consequences are 
these: 

• Individual investors increasingly will be 
able to use their personal computers at home 
— or at restaurant lunches — to get real-time 
data and buy or sell stocks. 


• Banks and brokers are acquiring the abil- 

ity to manipulate the mountain of data they 
receive: Computers, for example, constantly 
scan exchange markets around the world to 
alert traders if they can profit from discrep- 
ancies in d/wj»w< of rates. 

• Real- time inf ormatio n is uniting the fi- 
nancial wudd. An investor in Sydney, Aus- 
tralia, can follow New Yak tr ading almost as 
easily, and trade as fast, as a counterpart in 
New York. Information companies/ are 
scrambling to matce their data pools intema- 

. tir wial- 

• Brokers are not just receiving informa- 
tion an the computer, they are acting on it 
Soon it win be possible to buy a cargo of oil 
and arrange payment, insurance and inspec- 
tion all on the computer keyboard. 

• Roles in the information world are blur- 
ring. Computer companies are wlting infor- 
mation, xnd information companies are 
b uilding computers. 

Wei ghing these dev elopme nts and helping 
10 mold them, is a graying, unassuming man 
named Glen N. Renfrew, the Australian- 
born managing director and chief executive 
officer of Reuters Holdings PLC 

“We’ve helped shape the market,” he said 
of currency trading in the dozen years since 
Renters te rminals that report real- time ex- 
change raxes became ubiquitous in trading 
rooms. “By providing a shop window far 
currency rates around the world, we helped 
make the market what h is today.” 

Others agree that the flood of real-time 
information has revolutionized the markers, 




quickening the pulse of trading while permu- 
ting huge increases in volume. One of the best 
examples is the ofl markets, where the infor- 
mation revolution dawned suddenly a few 
years ago. The turn came when trading in oil 
futures exploded on the New York Mercan- 
tile Exchange, and screens carrying Mere oil 
prices appeared in every trading room around 
the world. 

“Even four years ago, everything was word 
of mouth,” said J. Richard Perkins, the New 
York regional manager of oil trading for 
Chevron International. “Now everybody is 
'ued to a screen.” Since everybody now has 
«<n*» hadr price information — indee d, 
equipment to graph it and store it — trading 
is, at rimes, more difficult 

“You used to be able to catch guys,” Mr. 
Perkins said. Now they check their screens 
before agreeing on any price, he said. 

The same change s occurred earlier in the 
money markets, traders said, when Telerale 
Inc. and other Rompanies began providing 
ingtam electr onic information. 

“The biggest impact that Telerate and oth- 
er, similar services had was that they cut 
down on the time yoa spent on the telephone 
to find out where the market was,” said S. 
Waite Rawls, managing director and head of 
trading at the Chemical Bank. “The focus 
went from an oral market to a visible mar- 
ket.” The result was faster and more efficient 

trading, he added 

Although Lon don- based Reuters domi- 
nates the international information business, 
(Continued oo Page 17, CoL 4) 


U.S. Aide Prods 
World Bank to 
Release Funds 


By Hobair Rowen 

Washington Post Service 

SEOUL — A U.S. Treasury offi- 
cial said here Wednesday that the 
World Bank “has about $2 billion 
available this year that they are not 
lending.” 

But David Mulford, assistant 

treasury secretary, said the bank 
will be persuaded to gel that money 
into debtor nations’ hands in accor- 
dance with the U.S. initiative out- 
lined here this week by Treasury 
Secretary James A. Baker 3d. 

Mr. Mulford made clear that the 
Reagan administration also is seek- 
ing to get a more efficient opera- 
tion out of the Inter-American De- 
velopment Bank. A large 
replenishment of funds is coming 
up for the IDB early next year. 

“We will not be vailing to join in 
the replenishment for the IDB un- 
less reforms can be carried out by 
the principal debtor countries in 
Latin America that the IDB 
serves," Mr. Mulford said. 

Mr. Baker’s goal is to boost de- 
velopment bank lending by $9 bil- 
lion over the next three years, an 
increase of 50 percent over current 
projections. 

Mr. Mulford said this increased 
lending is critical if the Baker plan 
is to succeed in getting additional 
commercial bank loan commit- 
ments of S20 billion over the next 
three years for middle-income 
debtor countries. 

He said that action to implement 
the program is necessary quickly, 
within the next several weeks. 

Mr. Mulford acknowledged that 
the new program amounts to a ma- 
jor shift in U.S. thinking , and dem- 
onstrates “a willingness on the part 
of the United States to take more of 
a leadership role” in the manage- 
ment of the debt crisis. 

“It’s been our view for a long 
time that the World Bank has not 
been using its resources effative- 
Jy.*’ he said. 

He would not comment directly 
on the impact of this assessment on 
the decision of A.W. Gausen not to 
seek a second term as president of 
the World Bank. But other sources 
left no doubt that the Reagan Ad- 
ministration had lost confidence in 
Mr. Gausen, and. become con- 


vinced that the bank needed a more ■ 
dynamic leader. 

Mr. Mulford said that “a perfect 
example” of a more aggressive ' 
lending policy by the World Bank ' 
would be a large, quick-disbursing 
structural adjustment loan for Ar- 1- 
gen tina that would help its eco- 
nomic recovery. 

He also complained that the 
bank is slow to move compared ' 
with the International Monetary - 
Fund. “They can streamline : 
things,” Mr. Mulford said. 


U S. Shift on Debt Crisis Is Hailed in Fi 



Zorich 


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1411 VaaabMIv. U20 


By Carl Gewirtz 

International Herald Tribune 

PARIS —The recent UA rever- 
sal erf position on the debt crisis — 
from promoting austerity measures 
to activdy sponsoring a growth-led 
economic revival — is meeting a 
favorable response in the interna- 
tional financial community. 


- W 


cstortlaa: 1X107 lrt*i I 

Sources; Bar*** du Benctwc tBmsseH); Bence CamnrenSal e HaUate (Milan}; Ban aw Me- 

- VA> ttonare do Paris (Parts}; Bane of Tokyo (Tokyo): IMF (SDR); BAH (dkor,riyat dhitam). 

Other data (ram Reuters and AP. 


Interest Rates 


ltrve aspect ot the program outlined 
by Treasury Secretary James A. 
Baker 3d at the International Mon- 
etary Fund/ World Bank annual 
meeting in Seoul is that it signals a 
basic shift in the UJL position on 
the debt crisis. 

“Mr. Baker is trying to face reali- 
zed he more pragmatic, rather 
dogmati c/* said Rimmer De 

Vries, a senior vice president of 
Morgan Guaranty Trust Co. in 
New York. • 


fir an 
man 


ization 


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‘emery 


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im m 


U5. oommg to the conclusion that 
h was time for a new initiative,” 
said Edward Neufeld, senior econ- 


omist at the Royal Bank of Canada 
in Montreal. “The change in the 
way the United States looks at the 
in ternati onal debL problem is very 
encouraging.” 

“It’s music to my ears,” says a 
European official of the change. 

This is most evident in the Rea- 
gan administration’s new attitude 
to the World Bank, which is now 
being urged to play a broader, more 
active role in helping the major 
debtor countries to grow their way 
out of the debt trap they are in. 

Until now, Washington has been 
the major obstacle preventing the 
World Bank from seeking an in- 
crease in its capital base and, thus, 
its lending capacity. The Reagan 
administration had argued that 
adoption of sounder domestic eco- 
nomic policies by the developing 
countries would ultimately attract 
foreign capital in the form of equity 
investments — a much sounder 
base on which to pay for develop- 
ment than bank I r vyn R. 


Mr. Baker, who now is calling for 
a 50-percent increase in lending by 
the World Bank and other multilat- 
eral development banks during the 
next three years, has signaled a 
U.S. willingness to “look with fa- 
vor” on futare calls to increase the 
World Bank’s capital 

However, the enthusiasm about 
the UB. initiative wanes, especially 
in Europe, when it comes to the 
other key aspect of the U.S. pro- 
posal — that commercial bank 
lending to the developing countries 
increase 2ft percent a year, or S20 
billion over the next three years. 

The 2ft-perceut figure represents 
no significant change from the 
strategy adopted at the outset of 
the debt crisis in 1982. Then it was 
supposed that 3-percent annual in- 
creases in inflation-adjusted eco- 
nomic growth in the industrialized 
countries and 5-percent annual in- 
creases in lending would enable the 
debtors to weather the crisis. 

The economic growth figure. 


representing export opportunities 
for the developing countries, has 
been met. But bank lending has 
not. It actually declined in the Fust 
quarter of this year. 

Mr. De Vries and Mr. Neufeld 
express optimism that lending will 
pick up. “The banks wiB cooper- 
ate," Mr. De Vries said. 

Mr. Neufeld' s optimism is based 
on the conviction that “the new 
process that has begun mil gener- 
ate its own numbers and details" — 
numbers encouraging better credit 
standing and details about linking 
new loans to such things as cofin- 
ancing with the World Bank giving 
lenders greater security. 

European bankers, who asked 
not to be quoted, are less enthusias- 
tic. They expect political pressure 
will 1 drive management to increase 
lending but privately fear, as one 
said, that “it is a bottomless hole.” 

A major problem to be ad- 
dressed is the reluctance of many of 
the smaller banks — who everyone 


agrees should never have been in 
the business of cross-border expo- 
sure — 10 continue lending. 

Up to now, these institutions — 
generally thought to represent 10 to 
20 percent of the lending banks — 
have been pulled into new commit- 
ments through the IMF's tying its 
own lending to loans provided by 
the commercial banks. 

The effort to get these small 
banks to keep up their lending is 
now widely considered not to be 
worth the small amount of money 
they actually put up. But finding a 
way to let these banks bail out 
without opening the way for all but 
the biggest of the multinational 
banks to jump out of the business 
wilJ be difficult 

IF means, of course, that the 
banks who do continue lending to 
developing countries will have to 
accept a bigger increase than the 
2ft percent died by Mr. Baker if 
the $20-billion target is to be met. 


U.S. Charges 
Kidder With 
Violations 

The Associated Press 

NEW YORK — The U.S. Secu- 
rities and Exchange Co mmissi on 
charged Wednesday that Kidder, 
Peabody & Co, erne of the leading 
brokerage and investment banking , 
houses in the United States, mis- 
handled at least $145 million in . 
customer' securities between late ■ 

1983 and late 1984. 

The SEC Opened adminis trative 
proceedings against Kidder and its - . 
vice president and director of oper- - 
ations, Gerard A- Miller. 

In the year ended in September . 
1984, Kidder used at least $90 mil- 
Eon of customer securities to ar- ' 
range repurchase agreements and 
pledged an additional $55 million : 
in Stocks and bonds as c ollater al ' 
for various bank loans, the SEC *. 
staff charged. 

In both types of transactions. 
Kidder allegedly violated rules that ; 
require it to safeguard customer 
assets by placing than in segregai- . 
ed accounts. In effect, the commis- 
sion staff is charging that Kidder 
used its customers’ stocks and 
bonds in order to raise money for 
its own purposes. 

Hugh Covington, Kidder’s vice 
president for marketing, said the 
proceeding involves “differing in- 
terpretations” of “technical rules." 

“We disagree with the SEC staff ; 
that our bookkeeping practices in r 
March and April erf last year violat- 
ed these rules,? Mr. Covington ' 
said. “At no time were our custom- 
ers inadequately protected again st ; 
loss.” 

The UK brokerage industry has 
been under dose scrutiny for much ' 
of this year after ILF. Hutton, an- 
other major firm, pleaded guilty to 
2,000 counts stemming from a 
scheme to write huge overdrafts on 
its bank checking accounts. No 
such conduct is involved in the aDo- ■ 
gatious against Kidder. 

The case marks the second time 
in less than two years that Kidder, 
Peabody has become involved in 
controversy. Peter N. Brant, once 
the firm's top-selling stockbroker, ' 
pleaded guilty in the summer of 

1984 to charges that he illegally 
used information leaked by a Wall 
Street Journal reporter, R. Foster 
Winans, to money in the . 
stock market. Mr. Winans was later 
convicted of conspiracy and fraud . 
charges along with another Kidder 
broker, Kenneth Fdis, who was a . 
dose associate of Mr. Brant’s. > 


Sources: Monan Guaranty (doBar. OH SK Pound. FF); Uoyds Book- (ECU); Reusers 


(SDR). Rats* maUcaOfe la brisr oan k de p o j tt s attl r 


t 


' A 
•I 

1 

Key M — c y 


tat). 


Oct 9 




‘L -r * 



w. 


TH 71fr 

7 13714 79/16 

9V> 9Hr 

m an 

»m«n 775 775 

monr BOx 7.13 7.14 

: MmoHi Traosorr ■<*> 733 7J1 

. CD 'i 19-57 dor* 735 735 

:■ CD* MAT day* 7 M 7 M 


U SJB 
445 4 11/14 
435 4W 
US 411/14 
4JD « 


OwraMN Rad 
Ode north Wartaak 
»*aeMh lohnaak 


'N ') France 


cbimmmv 




«Mah 

hMtatRih 
Coll Meaty 
7HMy T ra agy MB 
Smeatt hrtertw* 


CM 


946 946 

Ml 99/14 
’ 9M 946 
97/14 946 

946 95/14 


11(6 . 1116 
12 04* 

n i/M m/14 

117/44 117/M 


bine 4.7/14 
4M . 47/14 


Sources: Reuters, Commerzbank. CriOt 
Lmaatt. Book ot Tata*. - 



VAMM^Mutotlteda 

. Ocl 9 

MorriH Lvadt Koadr Mate 
3* day oma y laWU 739 

Tatorata lateroct Rate tadex: 7377 ' 

■Source: Merritt Lyoch. minute, . 



0*9 


AM. • PM. 

225.15 22425 

mm ■■ — 

POTi* (125 MB) 32475 22734 

32535 .32155 

***** jbj5 

Hew York — 32540 


— OJS 
+045 
+130 
+030 
+035 
+040 


Lueemheure, Portl and Loudon otBdot ttx- 
tnes ; Hone Koae and Zurich apmdrm and 
'ctoitno Prices; Maw York Cemex currant 
contract. Ah prices la U&Sporoencs. 






ToOur Readers 

Beginning today, we will publish daily-a brief statistical overview of the 
UB. government-securities market. The overview will appear under the 
headline “US. Treasuries.” Today it appears oo Page 14. 

The first part, via Sakmxui Brcrthers, will provide yidd data on three- 
, and ax-month and one-year Treasury Mb and the 30-year U.S. Treasury 

4’bond. 

f The overview will also include the Merrill Lynch Treasury Index. This 
total-return index encompasses all U-S.^ Treasury issues whhmamrities of 
One year or longer. The index is weighted for market value. Each security 
: in the index is weighted twits total outstanding -value; and new issues are 
induded m the indac on their issue dote. The base value for theindex has 
been set at 100 ou Dec 31, 1983. The index value can be thought of as the 
dollar amount to which $100. would have grown if it had been invested in 
the sector on .Dec. 3V, 1983, whlran coupons reinvested in the market. 


Growth Bate 
Said to Falter in 
Eastern Europe 

Reuters 

VIENNA — Eastern Eu- 
rope’s steady recovery from 
economic recession in 1981 suf- 
fered a setback in the first half 
of this year, with growth in in- 
dustrial production faltering 
from the high rates of the last 
two years, the Vienna Institute 
for Comparative Economic 
Studies said Tuesday. ' 

Growth of industrial output 
in the six nations — East Ger- 
many, Czechoslovakia, Poland, 
Hungary, Romania and Bulgar- 
ia — was T.l percent in the first 
six months, compared with 4 A 
percent in the same period of 
1984 and as aggrega te target of 
43 percent for all of 1985. the 
institute said. In all the coun- 
tries accept East Germany, in- 
dustrial performance was 
gish compared with the 
1984 period and plans were not 
fulfilled, according to the insti- 
tute. 

In the first quarto- of this 
year, the severe winter caused 
an enogy squeeze in Romania 
and .Bulgaria, and resulting 
power shortages led to cuts in 
the workweek and suspended 
production in these countries, it 
said. ; 

Problems in oil and gas out- 
put and transportation in the 
Soviet Union, which led to a 
significant Hading in exports to 
the West, might also have im- 
_ to East 
countries, the insti- 
tute said. 


Merritt Plans to Buy2KeySCM Units 


The Associated Press 

NEW YORK — Merrill Lynch 
& Co., fighting a bid by Hanson 
Trust PLC for control of SCM 
Corp^ said Wednesday that it has 
exercised an option to purchase 
two major businesses of SCM for 
$430m31ian. 

Merrill Lynch also said that it is 
continumg with its offer of $74 a 
share in cash for 10 mill i nn shares, 
or approximately 80 percent of 
SCM’s stock. _ 

Hanson Trust is waging a federal 
court fight in New York to void the 
“lock-up options” that would allow 
Merrill Lynch to purchase what 
have been described as SCM’s 
“crown jewels” — its Durkee 
Foods concern and chemical pig- 
ments business. 

Merrill Lynch said Wednesday 
that a subsidiary would purchase 
those businesses. 

On Tuesday, Hanson Trust an- 
nounced it would offer $75 a share 
in cash for the two-thirds of SCM it 
does not yet own, if the options 
granted Merrill Lynch were 


ianson Trust, which earlier 
spent about $250 million lo buy 
32.1 percent of SCM’s shares out- 
standing, would spend another 
$630 million to buy the remaining 
8.4 million shares. 

The Merrill Lynch investor 
group, which includes senior mem- 


bers of SOM’s management, has 
said that if it is successful in its 
offer, it would acquire the remain- 
ing SCM stock with securities val- 
ued at $74 a share. 

SCM shares rose 25 cents to 
dose at $72.75 Tuesday on the New 
York Stock Exchange. 

Hanson Trust’s fust unsolicited 
bid was withdrawn last month after 
SCM ameed to be acquired by the 
Merrill Lynch group. But Hanson 
Trust won a court fight that en- 
abled it to continue buying SCM 
stock on the open market. 

The Merrill Lynch group has 
said it must acquire at least two- 
thirds of the stock in SCM for the 
merger to be completed under New 
Y ant law. Hanson Trust has nearly 
enough stock now to block that 
move. 

But Hanson Trust said it was 
keeping its holdings just below 33 
percent because of another twist to 
the takeover battle. 

The agreement between SCM 
and the Merrill Lynch group pro- 
vides that if a hostile suitor ac- 
quires a third of the stock, Merrill 
Lynch can exercise its lock-up op- 
tion. 


Merrill Lynch said Wednesday 
that the lock-up options already 
bad been triggered and said it 
would dose the sale on Ocl IS. 

It said Hanson Trust owned 3.96 
million SCM shares, or about 37.4 
percent of the 10.6 million shares 
outstanding. Hanson Trust, howev- 
er, argued that after counting stock 
options held by executives and 
stock conversion rights held by 
holders of other SCM securities, it 
holds just 32.1 percent of approxi- 
mately 12J million SCM shares 
eligible for purchase. 

Merrill Lynch said that if it gets 
two-thirds control of SCM it would 
then attempt to rescind its pur- 
chase of the food products and 
chemical pigments businesses and 
apply those funds to pay for a pan 
of its merger. 


WHAT WOULD LIFE BE LIKE 
WITHOUT IT? 
WEEKEND 
EACH FRIDAY IN THE IHT 


mm INTB9fATH)IUl£ POUR L'AFRIQUE QCClKNTAlf 

U-S. S30.000.000 floating rate notes 1982/1988 

The rate of interest applicable to the interest period from October 9, 
1985 up to April 9, 1985 as determined by the reference agent is 
per annum, namely U.S. $43,60 per note of U-S- $1.000, — . 


ADVERTISEMENT 


SEKiSO! HOUSE, LTD. 

(CDR») 

TVuaHm^HrfijmMMBivsiluiatlinin lBih 
October, 1985, ji FLH-A-wtnjii,. YY . 
Sfxjc.ir.ui I7X InEahulipn. div. cp. nu. 44- 
(jnujnpzjllrd In mi AITnLllv! | nl lh* B 
CDR-J Sckitli Roane, Ltd., will In- filt- 
jlJi- vtilh Dfln.-t.l2 on per CDR. irpr. 
SO nhk. and nitb DO*. 88.40 oat per 
CDR, repr. 1.000 nbn. (iliv. [ut nxiiitt- 
iUu* (ITJII.I'WS: Yra 7J> [h-li.l jfler 

did w linn o( l.Vt jaiam-*- tuv “ Y.n 5A.2S 
- WU..7B |-r » n«. rw.r 50 4 k. 
Yru 1.125.— - [Hk 15.60 I*V CUR. rv|rr. 
I.OODfth*. Wiihotu an Afluljwi 20% Jjii. lax 
■ \in IKK. l.Olivrl'I<R.nw "41 

j».. Yra 1.500.— - iHu:208n r rt:ro?. 
nnir. 1.000 4 e-.. wH br iMmiitl. iMIit 
02.28. 1980 I he rfix. will <niK hr ptH uniliT 
drdih-fKiu uf 20*3- Jap. ias vuih nun. 
DIL. LI6; LKt. 83,20 ih-i iet i!ML r»-|ir. 
mil. ■'JO and 1 .000 -A-i. ill a, rnnLilKV 

nilli I hr Jziuintr tax ti-piUlim.. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 

tmuienbni. llh UrtnU-r. 1965. 



Hie famous Corum Ingot Watch. A pure gold 
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Corum Italia. 20146 Milan. icL 242.77.93 - Otter countries. Corum. 
2300 La Chauz-de-Fonds. Switzerland. lel. 39/28.66.66. 



' ?■ 

d 






Page 14 


INTERNATIONAL 


1 i mmm \ -maa 


Wednesdays 


MSE 


Closing 


Tobies include tfae nationwide prices 
up tone doslDBon Wall Street 
and da not reflect late trades elsewhere. 


«!i MW Trawler 

38 vs in Travel 


ratm 


Ml 44 10 

am as 


341k -bk TrioPe 
I9VS am Tribune 
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100 70 9 


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448 JIM sm 

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159 56 »* 

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1480 44 43 

22 8<* 81* 
si us m 
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1ZJ 1Mb ink 
87 38Vb S7te 
45 14fb 144b 
? 7B4b IP* 
323 389b 384b 
209 1418 141* 




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m 

3M + W 

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Grains 


89-2 — S 

So 3 

87-38 -A 

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( Con t inued fowl Page 12) 


434b SunCo 2J0 « II 8§0 3218 51>* 
904* SunCpf US 2.1 >107 106 

40 SuKfetr 130 Cl 11 858 4T* 4J4* 

51* SunMn 350 Wb 

7 SunMpf 1.19 18.1 373 74* 

31 SunTrst IJB 17 397 33 

144* Sup Vais 17 m XTb 

2 g* SUPMkt 80 U 12 118 41W 

m* Swnk 48 17 19 I W 

181* Sybmtl 1JB 4.9 14 988 2293 

300. Sytom Of 240 *7 27 35*3 

114* SvmsCp 14 IS 114b 

45U| Syntax 142 38 M 3918 85U> 

3044 Sysco 240 45 U 363 3Sfc> 


350 64b 84b 
373 74b TV- 
397 33 BVi 
>7 899 20Tb 2U* 
12 118 AW *0% 

19 2 124b 174b 


27 as*b 3Sft> 
14 IS U4b lib 
14 7918 83M> 844b 
16 M3 3S*J 374* 




WHEAT ICBT1 

MOO bu mJnkme*-deaar»pgr bushel 
3439b 2391b Dee 381 XQ5 29* 3M|* +8146 

17*1* 187 War 107 in 10546 limb +82 

4JQ 184 MOV 3831* 106 10046 38546 +821* 

172Vk 281 Jill 184V* 287V* 2814* 2Jflb +811* 

1 *S 167 San 287 2S9h 285 23ft* +83 

IPS 2.WV, Dee _ 380 +82 




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78-18 “2 

7120 -a 


Est. Soles Prey. Sates «S7 

Prev. Day Open int. 73830 uoTO 



9195 n* ~J£ 




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SSV* 351b Xerox 380 44 13 1174 474b 484* 47% + 4* 

551* 481* Xerox pf 5X5 108 208 54* 54V* 546* + 1* 

29 194b XTRA M 28 11 42 2246 2246 224*— <4 


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301* 244* ZoteCp 1-32 43 ID 8 28V*. 281* 281*— % 

18Tb 71* Zapata .12 13 57 328 BV* 3 8 — Ml 

574b JIM. Zavres 48 4 16 1294 51 5BV*501b + 4* 
27 14'A Zenith E ID 399 17Vb 161b 15W + V* 

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M j . i 1 j 'JJ. « 1 i . T 


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NYSE Highs-Lovvs 


Livestock 



MEW Hiatts 30 


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CATTLE (CME) 

40800 Rk.- cents per lb. 

4540 sua Oct <180 <240 

6785 5580 Ooc 6170 63.95 

£7.45 54.35 Feb 6125 6140 

4787 SSJD AST <1.40 6180 

6685 36JS Jun 6120 6125 

6540 5SJ0 AUB 6130 6130 

6060 58.10 _OCt 59 JO 59 JO 


<185 <U2 —85 

<280 6282 —1.10 
60J8 6085 -.90 

ML70 6075 —85 

61-55 6187 —40 

5960 5960 —JO 


5045 

£% SS 

5BJ5 Jan 
59 J0 Mar 
6000 May 
HUS Jut 
6090 S*P 
6180 Dec 
6485 Jan 
6155 Mar 
8290 May 
4125 Jut 
Prew.l 

Open l 
W(0 



Eat. Sates 20399 Prew.Sates 19893 
Prav. Dav Open ltd. 56,984 up 1608 
FEEDER CATTLE {CME) 

44800 1 ta^ cents perm. 

7232 5685 Oct 6*60 *440 

7120 58.10 Wav 4695 66.95 

7980 6080 Jan W75 6975 

71.70 6062 Mar 6950 6VJ7D 

7180 6060 APT 6880 60*0 

7080 6C.IC MOV 6745 <7.53 

<150 6575 AUB <750 £780 


industrials 


6375 —22 
6535 —137 


t£.Sal« 14» Prav-Sohs U66 
Prey. Day Open Int. 9681 off 227 


66JS 664 
<730 <7J 




AMEX Highs-Lcms 


Currency Options 


IBM IBM 184b 
50 49 49Tb 

59 59 59 

2D» 204b 20H 
<K 5* m 
95 95 95 

24Tb 349b 24Tb 
HP* KM 10*4 
44H 44Vb 44 ft 
37V5 371b 371* 
20 I9T* 20 


FmnttefUoM Front a wt 
Maelnd San WescoFIn 


CesttaAM EtecAud Dv GraharoCP 

HiffiExt Helmneac Xeyc oA 

LynctiCSyss MocGreoar MtoPIn 

SaxonOilDvn SobPro S**rrnHitbn 

Tumerflrdn VI con Wedeo 


ElecAudDv 

HelmRetc 


SraphTcb 

LaerplPar 

RtoGindeDr 

Tbxscan 


PHILADELPHIA EXCHANGE 
Opttob« Strike 
UwteriyJijp Price Ct Xta ■ L aU 

Qd Joe Apr oct job A 
L2SUN Johmm Yea-HOlkt el a awd e 
SFranc M a 032 a 

Nov Feb May May 
I28S0 Brnm Peabd+centt per unit. 
BPound 125 r e ■ 

14135 140 360 9 I 

14135 145 168 a a 

14135 150 065 8 e 


ADVERTISEMENT 


ADVERTISESIENT 


lOTEHYATIOUfAL POSITIONS 


FINANCIAL CONTROLLER- 
EUROPE 


Tills is a senior financial appoinfamentbased in Brussels, Belgium, 
In a rapidly expanding company, part of the M/A-COM group, a for- 
tune 500 company. Wears operating lira specialized microwave high 
technology field. Through internal growth and acquisitions, we expect 
to maintain pw above than average growth pattern 


The controller wIB have an overall responsibility for all aspects of 
finance. Accounting and EDP In the different European subsidiaries. 
Mora importantly, as a key member of a small, dynamic management 
team, he/she will be charged with ensuring the company has the 
necessary management information systems, internal controls and 
financial resources to successfully meet its expansion plans. 


The position demands a strong competent accountant who wH I take 
charge of and implement monthly company and group financial repor- 
ting In a computerised environment In addition it is Intended to intro- 
duce group treasury management and hedging programs so an expo- 
sure to cash/foreign currency operations would be advantageous 


Knowledge of local accounting, tax and environment is also required. 
Please reply in writing with your c.v. to : 
Microwave Associates InL Inc. 

Rue Victor Hugo 176 
1040 - Brussels/Belgium 


MITSUI ENGINEERING & 
SHIPBUILDING GO., LTD. 

(CDRs) 


14135 

osawmt 

D Mary 

i£ 

nsJWFrw 

FFranc 


SONY CORPORATION 

(CDRi.) 


s «u, r : : 

Prwcft Pr«n»1Mi at a coat p*r i 
s 125 r a a 
• JaMObbb Yen-MOHte of a cmI mi 
47 156 I ■ 

_4i DJ8 8 


f} 7 ■ » 

47 072 I 8 

Dae Mar Jam Da c 


The undcix^ned or no un.es lhai ihr An- 
nual Report prr .March 31*1. 1*415 of 
Mllmi Eiu^neeriiig & Shipbuild- 
ing Co., Ltd. «* ill he available in 
Aimleidam at 
Atpemene Bank Nederland 
Anulerdam-RoUerdani Bank \.V„ 

Bank Mee* A Hope NV W 
Pierson, Heldrinp St Pierson N.V.. 
Kas-Asencialu? N.V. 

AMSTERDAM DEPOSITARY 
COMPANY* N.V. 
AmsIenLun. 2nd fVlober. 1983. 


Hie undersigned announces lhal I he 
Third Quarter Report 1985 of Sony 
Corporation will be available in 
Annrferdam at: 

Pierson. Heldrinp & Pierson N.V.. 
Alpemene Bank Vrdnkud N.V.. 
Amsierdnn Rotterdam Bank N.V.. 

Bank itin> & Hope \V_ 
Kj+.AmocuIk- N.V. 


iia JiJO r s 

115 2660 r s 

120 2i4o r r 

125 r r r 

uo r r r 

T3S 780 r r 

1« 445 US r 

U3 243 445 r 

730 MO 380 4JS 

155 _ r MS r 


q. 15 r 

B3S 150 
085 248 

zoo r 

385 885 


AMSTERDAM DEPOSITARY 
COMPANY N.V. 


CDrtlr 74 032 r 

62800 WMtOanaoa Mor*»«aatbi 
DMorfc 30 787 r 

3770 31 A«8 r 

3770 33 r r 

3770 34 3JW 483 

3770 35 115 372 

3770 36 ZJT Z5B 

3770 37 188 2J1 


m 

3#- 




r 


y.f ■-/ H » < 


Aiustcrdam. 2nd Oi-JaLer. ]%5. 



ATLANTA INTERNATIONAL 


Vi 1 .1 ' 5 V I » A J-'1 1 • ’ ' 


November 4-6, 1985 - Atlanta, Georgia 

Meet the leaders and explore investment opportunities 

Atlanta Mayor Andrew J. Young 
Robert P. ForrestaJ- Federal Reserve Bank of Atfanfa 
Pierre J-J.G. Hueber - Wilma I n ter n ational 
John J. Hunfz, Jr. - Arthur Young ft Company 
G.W. McCarter - Eastern AirEnes, Inc 

Atlanta E c o nomic Call: 

Developm en t Co r po r at i on 1404} 658-7000 
Telex: 154111 OCOMUT 


CHIEF TECHNOLOGIST/ 




FuB-time position avdlcdsle for ARRT-Re^stered RoeSation Therapy 
Technologist with m i n i mum 1 year dosimetry experience !o manage 
progressive Radkrfion Therapy Department. 2 Bnear aocefaxtcxs, 
Siemens simulator, ADAC RTP computer. Competitive salary. Com- 
prahsnuw benrfls indude hedth cm dental insunxice, 1 00% tuition 
rambursement, 23 pad days off per year. 

Phase send resume to Merrbe m the Personnel Deportment at; 

ST. MARY’S HOSPITAL 
101 Memorial Drive Kansas Gty, Mo. 64108 
Equal OpporUmky Employer 


3779 39 042 1J9 

6J5H 08* J WHII TteWHIblUl 
JYen 40 r <84 

4438 41 584 r 

46J6 42 482 r 

4676 *3 352 r 

*436 44 284 r 

4*36 45 189 284 

46J6 46 1J0 IJf 

463* 41 1X51 1.12 

£28*0 3 win Proocx*nt» PW nil. 
SFranc 39 781 r 

44-00 <2 452 r 

46JM 43 381 r 

4600 44 xan r 

4600 45 2T7 U» 

4600 46 1.50 251 

4*80 « 072 189 

Total can vat »738 
Total pot V8L 13888 

r— Mol trotted, j— Ko option after 
Last b pram bon (purdiaao Price;. 


r in o r 

4 JO 0-17 CL44 r 

r 031 070 r 

385 s 185 r 

280 185 » * 

S S 781 8 

» * s 176 

r r 281 r 





5P COMP. INDEX (CMC • 1 

PoMsaadobfXs 

30085 17570 Doc nUI UUB 10275 

30375 T* 2 JB Mar 10*80 10605 lfifc 

smjv uua Jun ins ie»js« 

.Inn i«7j8 soa narauHeis 


EsLScXea 84845 Prav.SabHjMBS 

nsbDatONPlKtJtetaw , . 

. VALUE LUMtKCVri 

Pnh riafmrifnit 

m ms ma o#c m inso raw 

90988 >9050 Mar WU0. 19260 19090. 

&t.5o*oi Prav.Sate* 5JM 
Prav. Day Opmi Int. 7878 cb>2B2 
RYSB COMP. IMOEXOfYFB) . . 

Doc MS50 1M75 

11175 ' jSS Mar WN is turn. 

k i%?6 

i £tWB5r<»wr 


r 002 r 

r tun r 

5» aos r 


284 082 

1J« r 


US T. BILLS (I MM} 

H million- pts at ?oo act. 

9387 8577 Doc 9200 9280 

9271 B668 Mar 9285 9285 

9133 87J1 Jun 9289 9289 

9281 8880 Son 9173 9174 

9178 8983 DK 9183 9183 

9179 0951 Mar 91.16 9U0 

9181 90® Jan 9080 9090 

Est. Sain 4892 Prov. Sates 0792 
Prav. Dor OponlnL AM WM 


9276 9277 
9261 9282 

9286 9286 
9172 9172 
9182 9182 
91 -M 91.1* 
9090 1070 


Commodity ladexes 


Hat. T796T7 

■ lot. mao 


itraSu 







GmmMfities 


r ^ 


Weekly net asset value 


Tokyo Pacific Holdings N.V. 
on Oct. 7 , 1985: US. $135.15. 

Listed on the Amsterdam Stock Exchange 


I nfo r mati on: Pierson, Hektrtng & Pierson N.V„ 

Herengracht 214, 1016 GS Amster dam . 


JSVi 


DBWQ&BjaSET 

12 Rue Bloncho, 75436 Paris CH>EX 09. 

Tel. .- 280.61^*6. Ext. 71 - 285-44.40. Ed. 4Z 


• Ffwndi lady, top ttiptoraatic bock- 

fjrvtjnd, poed rttpariancm ki pubfce rriaJicxa, 

b 4 ti p rate r frandv &>gtoh. Gro ok. notiem 
of Nation, Mgh loral hostess wflh oitaraultett 
d u rgonoaBo ra , mb ttmadf. cftaflmgna 
pcaaktrv Frao to travd but ptofatm Paris 
Band. JML- 46S. PorirCadna L 


• BUNCH KXPORT SALESMAN, 36 

yoon del i nl e raal i o n d Mntodn, fiv 


gtiili, Spanish, Ganaan, o xp ori m obd in for- 
woidlna aid o mport bates, epon mlndod, 
avdlafate now. SffiCS flood Opport i wBy in 
l ulwn cBond ocHviSw "ttw in Franca or 
oferood. 369. PorimCadna L 


• Arandi ArdteA OPUS, dynamic. 35. 
stegte. trStofluai Rnsndv Bigtbh and Ardaic. 
Hubd writte n and spekan. 6 y or , of inter- 
national ax pcrtew ca h Bw ftekb of foraly 
homos upuibuaib buOdng, dWc, te hu ra 
c an ters and decoration «f mtauranH, 
shops. Gan be ovaflabte rapkOy. SKK5 
cMtnghs A ra w oidfcig i nte «n ol i e n d tab. 
Art.- 456 ParipCoAm L 

• BtUNQUAL SSCStrAAT, 48. <Franefi + 
EnflEsh stenas} wMi goad background, 13 


Will i dill sin Hn« 38 years old. Master in 
law Cram American and French Unteanilte s 
with ten yen of i nte rne Sand e x perience 
(Joint rantem related » cn gitiearing and 
transportation}- SSC5 a podtion as can- 
trad m a n ager. Ro£j 468, PaMtdH U 


• fOMn hbkh pusamn dt • us 

based mut ta io Hand Chemicek Company, 
with extemhe ep e ioW ond e x pertettce fiu- 
repe, Mid-Easi. Africa, fluent English. 
SSK5 porHtme or p e rnm nsta exeadw* 
passion or p rafocf in taw. Art.- 4W, 
PavCatml. 


aus sectors (tuan aflum ut, co mm crdd. H- 
nandnfl. atMnbhdien). Leading firms aid 
nwUnatiand, exp erfa ixe in t spa Htpdtf, 
computer worid, banlang kibortlury more 
often at lap lenl. Pro rfcd , active nwlhtxB- 
cd, b looUng ter ateadbe fab wbh pcssteS- 
Hy to improve ddh. Opanedfotdsuggas- 
tea. Artr 455 PerieCoAn L 
• aUUOBB ACCOUNTANT old LE- 
GAL AWKTOft, 33 years. In* ymes of 
experience *i an bite r n o thi i i d aid) firm 
(one of fite big eight) seven yetn of exp«ri- 
•n* b a French od v er fis h v and tourfam 
BWP> Expertise in BP and mhjo oo nip at- 


en. fluent Engbh, flood knowtedge of Ital- 
ian. LOOWNC FOReisnMe position m 
a sntdl or medurndzed aen p un y or an 
AtMfil Mam gar posffion h o huge group, 
Art, 854 ftrt-Codet L 


USIF, REAL ESTATE 

Notice ol Aanoal General Meeting of Shareholders 


Nodoe b faercbv given that the Annul] General Meeting of SharelnldeiB 
of U5(F, Rea] Estate f'USfF*') will be held at (be Naatati Bench Hotel 
(Commonwealth Room). West Bav Street on the Maud of New Providence 
in the Commonwealth of The ttehanuw. on Tuesday, tfae 3rd day of 
December. 1985 at 1(M)0 o'clock in tfae forenoon [far the following 


to consider and. if thooght fiu to approve tfae appointment of Me 


Coopers & Lybrand of Nassau, N.P.. Bahama, as the auditors of USTF 
for the current fiscal period; and 


for the current fiscal period; and 

2. any other business which may properly come before the m e et ing . 


Dated tins lai dav or October, 1985 ROYWEST TRUST 

CO RPOR ATION (BAHAMAS) 

limited 

Cnatodina Trustee 


Note: A Shareholder entitled to attend and vote is entitled lo appoint a proxy 
to attend and vote in his place and stead and such proxy wed not be a 


Shareholder of USIF. There » enclosed with this Notice a form of 


bang solicited by the Custodian Trustee which lo be valid mist be signed 


and deposited at th e offi ce of Ro>Voi Trust Corporation (Bahamas) 
Limited, P.0. Box N-77B8. Nassau. Bahamas, not less than 48 hours before 


the time appointed for holding the meeting. The enclosed envelope should 
be used to mail the completed proxy lo RoyWest Trust Corporation 
(Bahamas) Limited. 

Holders of International Depositary Receipts (IDRa) issued by Morgan 
Guaranty Trust Company of New York who wish to have the underlying 
USIF abuts voted at tfae meeting, must either deposit the attached voting 
instructions duly died in and signed together with their fDRs or have tfae 
voting instruction including tfae confirmation of deposit of their bmt 
deposited by their hank not later than November 19. 1985 with one of the 
paving agents of U5IF listed at the aid of the voting imCructioo. 




^ Asian • 
Gonvnocnies 


Oa.9 

Year 


DOC 141.00 13580 14000 14148 135JD 1ZUB 
Mar 14940 14200 148LBQ 14940 1AM 1A40 
May 15380 14400 15288 15140 \OM wS 
UO 16040 16040 14940 140D0 l-asn 153 Sc 

? t*MtsrAai6U9tSs%8ESmS 

Vehtoiw: 28A le*s also tons. 


JS-22 ’52-5S tsaso issoo 

Ocf 15940 15989 l<409 I6S80 km i«um 


Dec U79 1775 177* 1777 1774 1777 

Mar 1429 1413 1415 141* 1411 14W 

May 14*5 14*0 14*3 14*8 1431 V439 

J*y 1458 1451 1454 1457 14B 1452 

San 1464 14*1 1465 1467 14SS 14M 

Osc I4<3 14*3 140 1445 T8» 143* 

Star 14*7 14*7 1440 145S 1443 144* 

Vaiuma: U26 tots of 10 tens. 






mov 

Tan 22875 22640 22540 82740 
VMume:24S2 tots of 180 tons. 

Sources: /iM*ert and UxtOon Petroleum Ejt- 
dutnt IwaM. 


Tor Bcaodcmflna 

taAmoniM 


London Metals 



S^fteonPnfit 

Increases 11% . 


••'mi'yli .11+ 



The Associated Press 

Massachusetts 
~ Kajrtheon Co. announced 
1-perccw increase 
naxrnmgs and a lO^peromt in- 




cnHons m the third quflittr 
EanaMg rose toS953 naffi 


TO^to^amo n.oy 
». on sales of $Mf 


■ '/inn 




[Cfacaortertbeoar: +«» 

*** I Aranas VteMivTf* 


M - ' * 



sauna: tint* IMA 


M i *277^ million 
^5 a share, on «]« of $S 















































































if* 


K 

ft 3 hk " : /- 

8S»:^' 

■'-*£ i 

w *» • ' 


■ i; v- 

• ' > 

ftl - 

r '■• 

1 .a „ 

• 1 *. v.. 

* a r 

fcft \..r~ .. ' • 

W» '!*- 

1 4a 

*• «*•.■** 
wirf’ !*»,•. i 




;*■ » 


business roundup 


Rose 21% in 8 Months 


1 ***»' a 

-■VT- a- 


By Juris Kaza 

/nremariwtaf Herald Tribune 

STOCKHOLM - Alfa Laval 
the. Swedish maker of food- 
processing and agricultural equip- 
ment, said Wednesday that pretax 
eammgs in the eight months 
^jS- rose “l percent Itoio a year 
earter, to 376 million kronor ($472 
million) from 312 million kronor 

The company said in its interim 
report that sales rose 10 percent, to 

5.8 billion kronor, while order in- 

Nippon Planning 
U.S m Oil Venture . 

Reuters 

TOKYO — Nippon Ofl Co. said 
Wednesday that it plans to explore 
for ml in the United States with 
financial backing from Japan. Na- 
tional Oil Corp. 

Nippon’s president, Yasuoki Ta- 
keuchi, said his companyaod other 
Japanese firms that he did not 
name plan to driU in five U.S. fields 
owned by Texaco Inc. Under terms 
of the accord, which has not yet 
been completed, any production 
would be turned over to Texaco in 
exchange for oil from non-US. 
sources. 

According to Japanese press re- 
ports, the partners wffl spend $100 
million over three years to set up 
three exploration companies in the 
United States. Seventy percent 
would be loaned by JNOC, the re- 
port said. 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 10, 1985 


flows rose 19 percent from a year 
eajiio; to 63 ME on kronor. • 

AHa-s president. Hany Faulk- 
ner, said the interim results coo- 
firmed eariierf orccasts of a rigmfi- 
icant improvement in eammgs for 
' all of 1985. The interim report said 
profitability- would improve even 
metre during the last fourmomhsof 
the year. - 

An analyst at a nngor Stockholm 
brokerage said the right-month re- 
sults were in line with market ex- 
pectations, although somewhat be- 
low his own fcnrecast. 

“I expected earnings of about 
400 millio n kronor* he said, “but 
h’s going in the right direction. I 
think they can match my earlier 
forecast of 600 millio n kronor for 
the whole year.” 

Alfa reported earnings of 416 
toiHioa kronor in/. 1984, -down 48 
percent from the year before. It 
attributed the sharp to 

losses on its large-scale, turnkey 
" contracting business and a weak 
market for products serving' agri- 
culture, mainly coding tanks, sepa- 
rators and other equipment for - , 
dairy farms. 

Sales of the industrial group, Al- 
fa's largest, increased 18 percent, to 
3.4 billion kronor, while order 
bookings were cm 31 percent, to 42 
billion Kronor, the company said. 

It said that orders for the agricul- 
tural group were practically un- 
changed at 13 billion kronor, while 
sales dropped S percent, to 1.4 bil- 
lion kronor. 


VWtoharoduce 
Inexpensive 
New Car in US 

' Reuters 

WASHINGTON — Volks- 
wagen of America announced it 
win introduce a inexpensive 
new car built in Brazil to the 
jUi>. market in late 1986. 

Noel Phillips, Volkswagen of 
America president, described 
the car as an “entry” model, less 


Total Parent Net Rose 107% in Half 


■ He said the car would be 
made at ousting VW facilities 
in Brazil and would be priced 
“well below” the Golf sedan, 
although it would not be the 
cheapest car in its small-car 

rfaec 

Another VW official said the 
new model would be sold in the 
United States as a first car for 
many people with the hope that 
they would later move up to 
more expensive Volkswagen 
models. He predicted that the 
company would seO 250,000 
cars in the United States next 
year, including both production 
at its Westmoreland, Pennsyl- 
vania, factory and vehicles im- 
ported from West Germany. He 
said 1985 sales are expected to 
be 225,000 units, up by 27 per- 
cent over the previous year. 


Reisers 

PARIS — Cie. Fran false des P 6- 
iroles-Total said Wednesday that 
parent company net profit more 
than doubled to 1.04 billion francs 
($129 million) in the first half of 
1985. . 

The parent company posted 
profit of 502 million francs in the 
first half of fiscal 1 984. The French 
government, with 35 percent, is the 
principal shareholder of the oO, 
gas, energy and chemicals group. 

Sources at Total said that the 
company expects its first-half 
group net profit to be slightly high- 
er than that of the parent company, 
despite heavy refining losses. 

Levi Strauss Says Net 
Rose 60% in 3d Period 

The Asso ci a t ed Press 

SAN FRANCISCO — Levi 
Strauss & Co. said that its earnings 
for the L985 third quarter increased 
60 percent, after taxes, reflecting 
gains in sales of jeans and other 
products. 

The company released figures 
Tuesday showing set income of 
$35.9 urilHon on sales of $770.9 
million. Levi Strauss & Co. is no 
longer a publicly held company, 
having been acquired by members 
of the founding family in August. 
The latest results compare with 
third quarter 1984 after-tax earn- 
ings of $223 mini on and sales erf 
$718.8 minion. 


The group results, due out in 
about a month, would then be close 
to last year’s first-half group profit 
of 124 billion francs. 

The sources said that they ex- 
pected the first-half consolidated 
figures to show group cash flow ai 
about 4.7 billion francs, up strongly 

Finn Flans Holiday Closing 

Reusers 

SUNNYVALE. California — 
Advanced Micro Devices Inc. said 
Wednesday that it plans to dose its 
facilities in the United States for 
two weeks during the Christmas- 
-New Year holidays as a result of 
the severe recession in the semicon- 
ductor industry. 


from 4.1 billion in the like period in 
1984. 

The parent company figures do 
not include losses incurred by its 
Cie. Franchise de Raffinage refin- 
ing subsidiary. 

It said that the relative stability 
of crude oil prices inthe first half of 
1985 influenced results. 

CFR, 67.6- percent owned by To- 
tal reported a first-half parent 
company net loss of 749.37 million 
francs, up sharply from a 494.43 
million loss a year earlier. 

Total said that the movements 
on foreign exchange markets and 
uncertainties concerning interna- 
tional oil markets make it impossi- 
ble to extrapolate second-half 1985 
results from the first-half figures. 


Manufacturers to Lower Credit Rates 


Seie York Timet Service 

NEW YORK — Manufacturers 
Hanover Coip„, the fourth- largest 
U.S. bank, has said that it would 
lower its interest rate on credit 
cards ‘and other revolving credit 
products to 17.S percent from 19.8 
percent. It was the first such reduc- 
tion by a major American bank in 
four years. 

Manufacturers said Tuesday 
that the action was intended to at- 
tract customers from other banks. 
However, ft also was seen in the 
industry as a means of heading off 
pressure for lower rates from con- 


sumer groups and the U.S. Con- 
gress, where some members have 
complained about the gap between 
the interest rates charged on credit- 
card balances and the cost of mon- 
ey to banks. . 

Manufacturers said its interest 
rate changes would take effect with 
the November billing cycle. 

Other major New York banks, 
including Gtibank, Chemical Bank 
and Chase Manhattan Bank, said 
that they were studying the situa- 
tion. But in California, BankAmer- 
ica Corp- and Wells Fargo & Ca 
said that they would not lower their 
rates. 




Abbott Laboratories of North 
Chicago, Illinois, reported 1984 
earnings of $402.6 mitiin n, or $334 
a share, on sales of S3.10 billion. 
The health care products concent 
said that earnings rose 16.7 percent 
to 5106.7 million in the third quar- 
ter of 1985. 

Adolph Coots Co. said it expects 
third-quarter, per-share eammgs to 
fall to 45 or 50 cents from 58 cents 
posted in the like period of 1984. 
Jeffrey Coots, president of the Col- 
orado-based brewing company, 
said that net income had decimal 
because of a "significant increase 
in the company’s tax rate.” 

British Steel Corp. has been giv- 
en permissioa by the European 
Community’s executive commis- 
sion to buy the steel coils business 
of Alphastcel Lid. of Britain. Fi- 
nancial terms of the transaction 
were not disclosed. 

Cenex Corp. of Rockville, Mary- 
land, said it has filed suit in federal 
court against G.D. Searle & Co. 
Genex alleges Searle fraudulently 
induced it to increase production of 
a raw material of Searle's sweetener 
aspartame. Searle is ending pur- 
chases of the material from Gen ex 
this month. 

Medtronic Inc. of Minneapolis 
said it plans to introduce in the 
United Stales a heart pacemaker 
that adjusts to the activity level of 
the wearer. A spokesman said the 
product already is sold in Canada, 
Japan, Australia and five European 
coumries. 

Nakajhna Ail Co. of Japan has 
had a 2 8- per cent duty imposed on 
its electronic typewriters by the Eu- 


Page 15 


ropean Community. The commu- 
nity said that Nakajima was selling 
the machines in Europe for less 
than the cost of production. 

Nippon Steel Corp., Nippon Ko- 
kan Gou, Sumitomo Metal Indus- 
tries Ltd. and Kawasaki Steel 
Coqk, all of Japan, Matmesmana 
AG of West Germany and Nuova 
Italader SpA of Italy, are bidding 
for a steel-pipe order to supply 
Iran's planned pipelines, according 
to Japanese steel industry sources. 

Nova Pharmaceutical Corp. erf 
New York said its new drug 
NFC-168 has demonstrated effec- 
tiveness for appetite control in tests 
in animals. The company said it 
does not appear to be a stimulant 
and is unlikely to “have addiction 
potential.” 

Pa nco ntmental Mining i i d cald 
it placed 12.7 million shares at 1.90 
Australian dollars (5133) each 
with institutions to raise 24.13 mil- 
lion dollars for working capital. 
The placement price compares with 
Wednesday's market price of 1.95 
dollars per share. 

Renault, France's state-owned 
auto company, said it has finalized 
a 470- million -franc (55825-mil- 
lion) contract to modernize the 
Moskvicth auto plant near Mos- 
cow. Renault said the contract was 
Tor the supply of robotized welding 
and assembly lines. 

Sun Co. said it had agreed in 
principle to sell several oil fields in 
west Texas for about 5825 milli on 
and was evaluating an additional 
$25 million in offers for other prop- 
erties, transactions it estimated 
would generate 5190 million in af- 
ter-tax gains in the fourth quarter. 



V . j m ? 




• ••* . ' 7 o 

r ■ v 


■t' 




i •* ~ r -?' 
r - _ "■ ) 


Pfizer Still Seeking Mergers 

(Con ti nued from Rage 13) in direct competition with Pfizer 
proved by the Rjcfaardson-Vicks and '-would probably create major 
bid, which he expected to be ac- ' antitrust problems. On Tuesday 
cep ted. “For the Gist time we’ve Pf“ er » for the first time, publicly 


• --~v - V 




shown wt^ns wilting tn mwciHw-Qn f denied any interest in Rorer. 
that big," he said. Pfizer aims for annual profit 

Analysts suggest that Pfizer’s 8 rowth 15 percent, and it has 
new-found appetite for a big acqui- been on. target 

sition might be due, at leastmpart, ^though eammgs may faD short 

to the company’s product cycle. “ t® 81 I tins year, the cheaper 
They say Pfizer's three biggest pro- ttollar could aid earnings m ! 

• * m -* nnrvi uKah# fnm rtf rtll DC 


prietaiy drugs are Procardia, an 
anti-angina (hug; Fddene, which is 
used in treating arthritis, mid Cefo- 
bid, an antibiotic, and each has run 
into increased competition. 

Mr. No rdmann stud Pfizer now 
finds itself in need of products to 
fill a void that could last several 


since about two-thirds of all Pfizer 
employees are outride the United 
States. "Pfizer is one of the primary 
benefactors of a weaker dollar,” 
according to Ronald Stem erf the 
First Boston Corp. 

But the benefit of a depreciated 
dollar will not be frit until 1986. 


Tttiswana^ fed, the coup- 
on the matieL 8*3 ny will have good earmngs growth, I 


y about 40 “ - ■ 

drugs now in advanced critical tii- i 

Pfea^ih SSdj 

tions of diabetes, is considered one 


" Michad Martoieffi;^ ^wbo follows 
Pfizer for the Philadelphia firm of 
Janney Montgomery Scott, pre- 
dicts that the company wffl earn 
about 53.4$ a share tins year.com- 


to get . a SSJSffJSBjZm 
^hen aurent drug competition * pared wiffl984»s $3.08 aSare. 
intensifying, Mr. Nordmann said. ' 

-O ne of the way, to grow i$ via the G hiiii« DCT al ne ,e 0 n«DCT 
acqumuoo rovuc. . ; 7 —j 

Rumors have persisted for Reuters 

rnomhs t ha t Pfizer has its eye on ACCRA, Ghana — The Bank of 

Ghana has announced a 5-percent 
devaluation of the cedi, the nation- 
al currency, setting an exchange 


product 


antacids. Pfizer already sells over- rale of 60 cedis for one U.S. dollar, 
the-countor medicines such as Ben- The devaluation Tuesday was the 


Gay, Virine, Uznsom and Destin. 

But Rorer also makes medical 
implant products, a business that is 


latest in a seties ririce October 1983 
under pressu r e from the Interna- 
tional 'Monetary Food.' • - 



Delta 


mmMSmm 


Limited 


( Incorporated under tfie laws of the Bahama islands 
as a company limited /y guarantee ). 

An open-ended Investment Trust listed on the 
London Stock Exchange 


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W74 1975 1978 1977 1978 1978 1980 1981 1982 tt83 -19M 19SS 
Ju^ 1974 >100 


Extracts from the Statement tty the Chairman 






performance, as rcllecicd in a rise of 32% is the net asset value per 
share. This appreciation, as well as the king term growth, is compared 
below with the major indices. 


Net asset value per share 
Dow Jones Industrial Index. 
Standard & Poor's Composite Index . 


Growth since - 
JO.7.74 ' • 3I.7JH 

+ 501 % ’* +yz 
+ 1(1% ' +21* 
+ 1*% +26% 




During the last few months the Federal Reserve has been injecting 
liquidity mto the bankingsystem. This development, together with 
the fall erf the US. dollar, is expeded to stimulate the American 
economy, in the near future. Continued economic growth and the 
decline in intereri rates and in the dollar should allow fora 
substantial rise m cotporaie profits panic ulariyits y caron -year 
comparisons are becoming much easier. 

Your Company will maintain its ctxicen uution m medium and'smaller 
■ sized companies believing current valuations of these stocks arc 
attractive noth in actual terms and as compared to larger companies. 
For a copy of the Report and Accounts, please contact: 

. Investment Advisers 
KLEINWORT, BENSON LIMITED 
20 Fenchurch Street , London EC3P 3DB 
: Telephone: (01) 623 SOOO. Telex: 888531 . 



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IF YOU KNEW THAT REPUBLIC HAS THE HIGHEST CAPITAL TO ASSET RATIO OF ANY MAJOR U.S. BANK, YOU’D BE PHONING THEM TOO. 


Republic National Bank of New York.TradKJonaI banking In an age of change. 

NEW YOWC{t-2l2>-930-tf00 -LONDON(+1.|>^09-a«S -PAWSi33-tj.260.3ew LUsEI. 160 URCr> 5 i) 47f>7j| MiLAN[3‘i ?i-eCrj'HI - A SAFfA BAf4K WITH CAPITai. OF 0"vtFi Si,300000 000 














TJMontn 
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Sb, oase 

_Pfr._Yld.PE WO* High Law BaotClnw 




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■23 1-0 1’ « 31** 21 211* + ft 

M 2467 23V* 22* 22* +jfi 
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JO M 29 41 10ft 10ft ire-* 


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236 14k 

324ft 27V* 
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141ft 8Vr 
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Letilghs JW Jii 
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27ft 12ft 
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30ft 20ft 
43 23ft 
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77ft 12 
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154k II 
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22ft 14ft 
12 6ft 
19ft 1346 
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23ft 16ft 
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21ft 17ft 
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HAL ,10e 15 
HMG AO 55 
HU BC aOo 12 12 
Halifax JMe 8 
Ha uni 
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Hamstl .931 13.1 8 

Hndvm n -BSe J 1 

Hantrds 50 25 15 

Hamev 

Hmbri .15 5 II 

Hashrpt 100 55 
Hasiina 30a 13 6 
HlltlCTS 9 

HlltlCh 17 

HIHlEx 15 

HelttlM 54 S3 I 
HeinWr JOe 15 8 
Heinkk .10 .7 0 

Hildar 50 

Hellnn! 

HelmR 

HrrahO 32 

Hlndrl 43 

HoIIvCp 3» 13 1 
HrrwGn 

Hmlnspf2.0S 1X8 
Horml 5 54 26 13 
HmHar 18 

HoMPtv 150 1DL4 16 

HouOT J7el7J 
HovnE 0 

HubelAi .76 16 12 
HubalB 9 J6 35 12 
HudGn .40 22 14 
Husky 0 36 5.1 




■ifiirm. 


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7ft lft 
3ft 2ft 
9 3ft 
2% lft 
24i. ft 
40ft 30 
13ft 6ft 
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2ft 14k 
73 6ft 
15 10ft 
4ft 2ft 
16*k 5ft 
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8ft A 
10ft 4ft 
10ft 4ft 
7 5ft 
Eft 13ft 


ICEEn 7 

I CHS 7 

ICO IBS 

I PM 

IRT GPS 33 

ImoGp 57 b 24 
Implnd 
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JO 1.1 E 
7 


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141 45ft 
5 lft 

4 2ft 
16 7ft 

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13 3646 
25 7Vi 
27 17ft 
91 lft 
73 lift 

5 12ft 
56 3ft 
52 6ft 
20 3ft 

1 646 

352 4ft 
7 4ft 
24 6 

114 Eft 


346 346 

4446 45 — ft 
14k lft 
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7ft 7ft 


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36ft 3646 
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184* 19 — 4k 
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lift lift 
12 ft 12 ft 
3ft 3ft + ft 
Aft Aft + ft 
3ft 3ft 
446 4ft 
4ft 4ft— ft 
4ft 4ft— ft 
546 6 + ft 

Eft 2246 + ft 


17ft lift Joclvn 50b 43 9 17 


74» 5ft Jacobs 
4ft 2ft jet Am 
lft ft JetAwt 


9ft 5ft Jetron 7111113 12 IS 


4ft 246 JohnPd 

lift 7 JatinAm JO 44 10 

114k 6 Jotmind 4 

714 3ft JmjJjkn 19 


lift lift Tift— ft 
5ft 5ft 5ft 

% X 

4ft Oft 6ft + ft 
2ft 246 2ft + ft 
7ft 74k 7ft 
84k 8ft 816— V6 
34k 34k 3ft 


2414 16U 
22ft 15ft 
12 * 
16ft 4ft 
19U 13ft 
24ft 18ft 
27ft 10ft 
7ft 346 
B 4ft 
2ft 1 
2546 16 . 
14*. 6Vk 
134k 8ft 


A 2 1J 16 
J2t 48 10 


JO 15 13 7966 


5ft 5ft 5ft + U 
2ft ZM 22ft— ft 
[6ft Wft Tift + ft 
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8 7ft 7ft— ft 
14 103 194 +1 

9ft 1916 1916— U 
7ft 716 716 
3ft Jft-Jft— ft 
5ft I5ft I5fe + ft 

Jft 3ft .316— ft 
Vft 94* 946— ft 
9ft 9 9ft — ft 
6 5ft 5ft- ft 

% € + 


30ft 31ft 
44k TV* 
16ft 10 
13 '104k 

Eft 14 
446 2ft 


KnGfipf 450 125 
KapoXC 


Ketch in 551 17 
KevCoB JO* 84 


Site 36ft 
30 3ft 
60 12ft 
95 lift 
J7 17ft 


TO 7*i COt 
12ft 5ft CM I Ca 
Jft lft CMXCO 
19ft 14ft CRS 
9ft 846 CSSn 
14ft «ft CoesNJ 
8ft 4ft CaoieA 
14ft 10ft CalRE 
2Bft 1846 Calmat 


>8ft 18ft + ft 
9ft 9ft 


J4 11 11 


78 IV* 1ft lft + ft 
5 16ft 16ft 16ft + ft 
8 Bft 8ft Bft— ft 
22 Jft 9ft 9ft— ft 
1 4VS 6ft Oft + ft 
46 12 lift 12 4- ft 

58 28ft 27VS Eft + ft 

s 1 % % 


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lft ft Coitn wt 


15 

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40 2.1 H 

34 


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6 Fair Fin 



31 

1118 

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21 

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14ft 

Aft Food mi 



5 

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lift, lift 

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114 

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50 

22 

12 

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3846 

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1246 fl 
7ft 2V; 
4ft 214 
4ft 3ft 
44V 3ft 

lft B 

Jo^JB 


: KevCoA 
KevPti JO 22 
KbvGb 
KW dewf 
Kilem 
Ktnark 
Kirby 
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Knoll 

KawrC 2J2 87 


181 2ft 
400 9 


35ft 36 +1 
316 3ft— ft 
12ft 12ft + ft 
lift lift + ft 
17ft 17ft- ft 
3ft 3ft— ft 
2ft 2ft— ft 
846 9 + ft 

2ft 2ft 
3ft 316 
3ft 346 
3ft 3ft- ft 
2ft 3ft 


4ft 4ft— ft 
14 14 — 'A 

26ft 26ft— ft 


2ft 1ft LSB 
3ft 146 La Be 


7ft 3ft LaPnl 


lift LmJBnn 50 33 n 
114* Lndmk M 2.1 13 


21 2ft 2ft 3ft 
3 lft lft lft— ft 
2 4 4 4 

5T 18ft 18 1816 + ft 

58 19ft 1846 19Vk + ft 


Do you make the best possible 

use of your cash? 




1 MAVE MV FIRST 
MILLION- IP* YEN 




Rothschilds are Europe’s leading 
managers of international money funds. 

These funds provide an efficient 
alternative to a deposit account in any 
major currency. 

Their principal features are:- 

★ Security of capital. . 

★ Wholesale rates of interest without 
^ deduction of tax. 

★ Fourteen different currencies. 

★ Ease of acquiring and switching 
currencies - free of charge. 

[ ★ Speedy redemption. 

★ A choice of interest distribution 
or accumulation, 
j- They are designed for:- 

| Both large and small investors. 

r - Residents of all countries where no 
local restrictions apply. 

Those who wish to choose their own 
currencies 

o r 

1 Those who wish to use Rothschilds' 

expertise in currency selection. 

Those who require income 
or 

Those who prefer capital 
accumulation. /m/S 



246 2ft 246 +' ft 
316 3216 3316 +?ft 
116 116.116 
Jft JJVfc 39ft- 46 
816 8 - 816 - 
1 11 11 
7 tfft «* 

4ft 1416 14ft + 4k 
9ft 19 . W 
2 ft 12 12 ft + ft 
2ft 1216 12ft + 16 
4ft 4 4., 

lft lft lft 
9 28ft 28ft- ft 
Oft 10ft 10ft— ft 
116 lft 1ft 
7 6ft Bft— ft 
Oft 20ft 20ft— 16 
5 45 45 —ft 

rvi 9 9ft + ft 
(ft 16ttr lift 4- ft 
3ft 316 3ft 
416 74 14 — W 

I 1846 1846— 16 


\Wf* 



[ 

54* 5ft YankCo 11 36 7V* 4ft Aft— 

6 

• . 1 


This advertisement hus been placed by N. M. Rothschild & Sons 
Limited, un exempted dealer. 8hd does Hat represent an uivitatkm 10 
subscribe Tor or purchase shjres in Rothschilds' international money 
funds. Shares in such funds may only be acquired on the basis or a 
current prospectus and application form. 


To receive further details of our imernational’money 
funds, please complete and return this coupon to: 

N M Rothschild Asset Management (Cl.) Limited, 

P.O. Box 242. Sl Julian's Court, St. Peter Port. Guernsey, 
Channel Islands. 

Telephone: Guernsey (048 1 1 2674/ & 26331. 


JHTlO/lfl 


N M ROTHSCHILD ASSET MANAGEMENT 



L 1 ■EBEBSE 3 I 

I E 5 SM KE 3 I 




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CURRENCY MARKETS 


INTKRNATIONAl. HERALD TRIBUNE, THURSDAY, OCTOBER 10, 1985 


/L-L> 


J^3 


Page 17 


Dollar Mixed in Europe After Japanese Buying 


With New Technology, Trading Moves Onto Computer Screens 


LONDON ti. J II . uhict, m boncon, me doi- 

miil nSr T ^ „ doU " .«* J«r fdl io 214.32 yen from 21575 
mixed Wednesday m Europe fert- yea Tuesday 

towing intervention by the Bank of The dollar was tittle d» nwrf f 


L EilUUlJv ilHBr JdpdQ6S6 till VI Tiff (Continued from Page 13) each minute used. But Lotus De- Securities of Los Angeles, last 

i J D it is behind in the critical U.&. mar- wlopment Corp. Iasi month intro- month announced that it will trade 

Tuesday. Later, in London, the dol* lar came out os the day loo ting kcL New -based Tdertie is duced a product, called SignaL that stocks with private investors over 
lar fell to 214.32 yen from 215.75 rather resilient. ” * the leader in providing quotations receives real-time data over FM ra- computers. 24 hours a day. After 

yeo Tuesday. Dealers said the afternoon mar- on domestic money markets and om. stock exchanges are closed. Spear 


__ stock exchanges are closed. Spear 

W? ST"? 11 ^toeBaAof The ddfirr was little changed ket was thin andno^ous bit there fixed-income securities, while Quo- ’ “ ln the future, we plan to make a will buy a stock Tor a bit less than 
aSzJZ? aJ! ■ against the British pound, dosing was underlying dollar demand t™ Systems Inc of Los Angeles fu >> range of business information its closing level, or sell it for a bit 

SmCQkiQf Tilflt ftlfllAT MflllBfnnl nn 1 m f 1 41 fri j M a .. .a ® _ 1 m A - L. .... J 4? ^ _ CPIYIPPC awrl'lk a ia Ciontl iic*rr w mr\r* 


tions Imd agreed to further depress on Tuesday 
the U.S. currency. 

•SaaarsKr sffi^sns?. 
esc j ” u —"» Ba&ff&fsp: 


amid uncertainty over the aims of leads ® providing stock quota- semecs available to Signal users.” 

the central banks and the possibili- doQ5 - . ■ “ d p * Mana. . president of. ... -. — , 

jy of furthtf intervention. To 0131011 the challenge of Reu- Lotus. These could include stock have a wealth of real-time infonna- 

Some dealers forecast the dd- “rs in the United States, both Te- quotations from foreign markets, lion, so increasingly the emphasis is 
laris trading range for the rest of ,CTalc Md Quwott are moving Lotus officials said, 
the week at 2.6350 to 2 6550 TIM abroad. Quotron. for example, now An even smaller company. Spear 


more. 

Major traders, of course, already 


55?TlW S^SKfiaO^jSsOrai abma^otronjcr^mpl^o*. 

TheonS"bankV«mw«. frtraiilTOO; 8.W8 FrmdiSncs, wth some encouragement possible 1 . <ow , tt ™g als abraad ’ J? 

toshi Sumiia row J, S, J" ^own from $.068; 2SI2S Dutch with Friday's scheduled release of frol ?- Icss 1^0 a year ago, and 

gutickn, down frim 19810, uri US. retail sales data for Septet*, f fasl «W“« stock quotations 
1,78425 Italian lixu, down, from her. The figures are widely expect- from exchanges all ova the world 
r£!S D wj? ,Bnl ’ L78525. . ■ ed to be » improwment ovtfthe ^ bsvytar we’ve addai 

wd rram* and West Germany . # 1 9-oercem crowth in Aumst. Amsterdam, Frankfurt, Dussel- 

bad agreed to intensify their efforts w ?“ d i n 8 bt & n <l Q,e tIy on ratefdosed d « rf - Zurich, Geneva, Luxetn- 

to push down the dollar. He said .Wednesday and some operators i; M j„ .k« ,h. bourg, Brussels, Paris, Johannes- 

Jhat he wanted the dollar u> faS ] £ A J***Z d ***** UA DwSwS* to bur 8* Sydney. Singapore, 


on ways to relate it to other data. 
“You’ve got information ova- 


Floating-Rate Notes 


Dollar 


taMf/Mm. 

AIIMlfWiK 


CaamiNut Bid Askd 


thcreport, cmcr^rS from Tokyo. giSSSWSSZ Hong Kofig.fokyo,’ Osati and ~~ 

o2S da H^ li ^i Cve — ti0 ^ ^ '“Trari^had been locOdng over ofSbOlion In aSmatagemau ^ ndon ’" sajd Gcof«e H. Levine, jH25*ScSfn/*a 

agreea on sept 22 to jointly inter- their shoulders and wondering bills. The sale was widehrantiemat- Quotron's vice president for mar- AuonHeFwww 

veae m currency maritetsin a bid to where the central banks were," one cd and produced little mmacL ^ teUn S- “Mflan. Madrid, Stockholm S£cE£«Dito 

Iowa the dollar’s value morda to dealer said. IsolaSfalls of 1/16 poim were ^Melbourne will be brought on 

[SiS! , w 0niS ‘ tmlC ,“ Ncws of Bank of fapan doU,.r seen afte lie Federal Serve set ^ ^ . , , RBSSl* 

taws m the Umtea States. sales ihk owtimt «*«• Tel crate also is ai min g for for- sawcokakaBUMnn 


La Tokyo, the dollar d«*d at m 
-17.85 yen, up from 21425 yen said one U.S. dealer. “But the dol 

THE EUROMARKETS 


“News of Bank of Japan dollar seen after the Federal Reserve set 
sales this .mooting came, like the $15 billion in customer repurchase 


Isolated falls ofl/16 point were °* ggS 55 

seen after the Federal Reserve set rad °[ riieyear. s eaS^ sSriiow 

$U billion in customer repurchase . Telerate also is aiming for for- 
agreements, but business was gen- fgn markets, pareadarfy hoping 
eraflythm. f^LP Reuters) 10 P laCc ,ts tcnnmals m trading 

' rooms m East Asia. Revenues from g !2SS5 
" outside Nonh America are growing a* 

70 percent annually, and wifl be S5S2rS»i 
• i nearly one- third of total revenues »&£■&£?«/« 

V - - , „ • S“" 

■ww /> I hfst* thnsf* titans > n rMi stne^s. BiTokroP 

rJhrr Sector — Renters, Telerate and Quotron 

JwmAM kJClwf — are competing in pan bv using 

tothe dollar. It ended at a discount .products. Telerate. for' exam- . 

of 2 bid, within thetotal feesof2W Pj«. 13 pushuiS 3 Potable umi that 

Il f giyes real-tune stock quotauons, re- naww 

The Bank of Helsinki issued a ce * ved ovcr TM radio. And Reuters bS !3n imm*i 
B sS^-Sir^iu^y- moving beyond the supply of 

mil bond piyialTSaton 2d 10 lie,p trans ' tg«»" 

priced at par. The issue was lead- arrnv -f wSw*^ 

managed byCrtdit Commercial de Beyond tte titans arc an array (M Boinbosu^wieopj 
^u^mid matures in March 1996 coimaxaalbnmtt yug to extend gJLg., 

i* — .Tr. _ .iT* _~rT. _ real-time mfonnation to the small 


e in Dollar Sector 


By Christopher Pizzey •: The GDF i«ue was quoted, ex- (othedollar.lt ended at a discount Tdera t£. for exam- 

luZer* 7 -warrants, on the mar&TlOQ* of 2 bid, within Setotal tSSS 13 Pf*in8 3 P^able unit that mh 

LONDON — The dollar sector bid and the warrants were trading percenL 
of the market saw two new warrant at about $25.75. The Denmark The Bank of Helsinki t sa i rd a pver rM radio. And Reuters m w 

issues emerge Wednesday, indud- transaction was quoted by the lead 38^-mfllion-European-currency- {* mowng heyond the supply of gw* 

ing a SI 00- million bond issue for manager at a discount of about l)fc unit bond paying 9 percent and ml 9 rmat,on lo oe ‘P arran 8 e trans- 

Denmark that carried almost ideu-. for the package, within the total 2- priced at par. The issue was lead- ac 5 ®“’ ... . . ISfc 

deal terms to Tuesday’s novd issue percent fees. • manaaxl by Crtdit Commercial de Beyond the titans are an array a boi^, 

for Gaz de France, dealers said. The other warrants issue was a France and matures in March 1996. 

As with die GDF bond, the 10- traditional equity-package tor To- It was quoted on the market at a re “rj™fc uuormauoa to the small 

year Denmark issue pays 1 1 per- kyu Corp. The $70-mfllion issue discount of about 1%. just inside E22"£r« 

cent a year and has warrants exer- has warrants exercisable into the the 254-percent fees. yesior. So far, real-ume mforma- 

dsable into 10-year, noncaDable, company’s shares at an expected Tbe Australian-doDar sector saw 

bonds also paying 1 1 percent If the premium of about 254. a 25-anBion-doIlar bond for Sanwa ovcr P hone on e& 1 at a charge fra: 

warrants are exodsed in the first The Tokyo bond has an indicat- Australia Ltd., guaranteed by SSSS 

five years, the host bonds, which ed coupon of 6H percent and was Sanwa Bank Ltd. The issue pays w r n. D . 

are callable after five years, must lead-managed by Nomura Interna- 1414 percent over five years and WC8t bcrnran rTioes fuse 

also be tendered. But tbe package tional Ltd. It was well received on was priced at 10056- Rouen mbiui 

price lor the Denmark bond was the market and ended at 10054 hid. On the secondary market, dollar- WIESBADEN — Wholesale w«i! 

104 Vi, while the GDF issue, was Nomura International also., st raight bonds were generally a prices in West Germany rose 0J SSSw 
priced at 1033k. l a un c h e d a20-btilion-yen dual-cur- touch higher at the longer end fed- percent in September from August <£»« 

The lead manager for both the rency bond for E16ctricit6 de lowing Tuesday’s limited gain* on and 03 percent from tbe level of create 


vest or. So far, real-time informa- tSSLn 
tion generally has been supplied bEkumwvj 
over phone lines, at a charge fra 


i r er phone lines, at a charge fra 

• Bordo«B*.p*r w< w 

Bardavi O/SIS ' 
Barclays OSS P«tb 

West German Prices Rise 

. _ Batalina DM/mup 

Return B«*skHnMy«tri,) 

WIESBADEN — Wholesale 


e market and ended at 10054m On the secondary market, dollar- WIESBADEN — Wholesale SSEtjW 

Nomura International also . straight bonds were generally a prices in West Germany rose 03 
inched a 20-bfllum-yen diral-cur- touch higher at the longer end fed- percent in September from August 2£ 1 »g ,oawvw 
ncy bond for Btctriciti de lowing Tuesday’s limited gains on and 03 percent from the level of 


Denmark and the GDF issue was France paying 8 percent and priced the UJS. credit tnaA^ts . dealers September last year, tbe Federal 

Morgan Stanley IntemationaL ai.IOt. said. Floating-rate-note trading Statistics Office said Wednesday. oScm/ojijwmvi 

Dealers and syndicate managers The issue will be redeemed for was thm, with period Eurodollar In August, tbe index had fallen 0.7 ctewnnryi 

said that further issues of this sort $108.68 nriffion in l995, giving an deposit rates showing little net percent from July and was 02 per- - 

may well be on the way. effective exebangtrate of 184 yen chan^ by the close, they added. cent above the August 1984 level. 


£ SS 

tK - 

Bh I7-* 
r*v m 
IW 20-15 
n. a-u 
iu »ja 
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r, IMS 

SV; llll 
«k 0642 

r* !*•» 

n* 3X-W 

r* o-e 

>*. OS-13 
IN 13-11 
sv, ata 
VU 3301 
r* 17-iQ 
m. ii>T2 
in own 
to. 3M1 
IV 21-01 
fU. 81-11 
tik ana 
i% ewa 

■h 13- 12 
aw 2M2 
r-\ 27- u 
n 17-01 

Ilk IB-10 
ik sun 
ity - 
i*y u-a 
Mb 15-11 
1 »12 
•Vh 31-10 
IK - 
IK 2MU 
SM 7«-01 
IK 10-11 
IK 214) 
IW 2S-U 
in 2H5-11 
0341 


t)ct v imer/MBt 

I Cham Mon OSS fl 
I COanr mm Carp 19 
• am Oxat Mfln Corp Oo 
' AAe Chemical U 

Chemkrfwiwwy) 
onwtoiio Bi n 
Chrislionta Wt« 
ailcorpOS_ 
ancarpAMMIWkly) 
CirkxypStfM 
attcor*PB»9t 
Cmearp87 
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Comer tea 91 
Comments FebO 
C is eme n M. HwB 
Conwo urn Mamraai f i 
Comp Ftn Oc tfiMthl 
Cound) Of Europe n 
CesW9t 
CdWti 
cdffMum) 
edn 

CesmeB7yr2 
Cr Fender am 
Cr Fonder OeW 
Cr ForEupcrtn 
CrLrormaBfl/W 
CrLvoanedlMm 
Cr LranoaHn/M 
Cr Lvoanaun/oj 
CrLyeneaUV* 

Cr LvonnaU Jan*2/Si 
Cr Lvonna)»l7 (Cos) 
Cr Lvoreml* BO 
Cr Lvoonaif Juaf2/M 
Cr National n 
CrNa)tom)WM 
Cr Hal tonal 01 
)BQ£7 Cr«flSraVift« 

1CCS7 CreattanxloHN 
noo.15 CriraUaaofZ 
99JM DaUchiKaWOt* 
Dono «o/V9 [Mlhlyl 

CvNankoNeiHD 
DenNankeDecM 
fJS Denmark jantt/to 

01^5 Denmark 0(381/70 

*o» Denmark f»7W 

X.U Ole Erse oesmrM 

0052 DresmorFMfl 
DrmOrcrFMBI 
DreaanorFMW 
EWoroctoHucn 
££H99 

Ed»«7{Mn«y) 

End axis (M*lr) 

Enel Oo 
(M 
EcfW 
Eec*B 

Exterior In) n/*» 
FerraweW (MBBrl 
Ferra»)e* 2 /W 

Eorrawle AbrvT7 

Ftatanaw iWiwyi 
FtanhAPMiWH 
fW Boston »I/M 
F)ntBJ[5rV«« 
F)fVBkSwf97 
Firs) OitwooW 
FlraCMaiooW 
FMCMawk 
Firs) City Texas VS 
Ftrfl inter** 

Fort 91 

Fortune S+L *2 
Full Int W*t 
Ccntlnonce /*2 
Genflrexwi *27*4 
GrtW 
GAB 


I fifty 


|rr,ji7i| 

'1%1 


j 


CaunaMM BW Add 

m Jt4i 
t*. 65-12 
ik i>n 

IK 3M2 
Sh 27-11 
n. o-n 

ns ai43 
25-11 
my u-n 
n )M 2 

Ft 3V1S 
7K W41 
BH n-12 

m 15-10 
m si-10 

BM. 27-12 
Ith 21-11 
Mt 20-11 
8K 'HH 
*V> 13-11 
IK 2M0 
IK 3M2 

BK - 
BK 2742 
KO HKH 
IK 12-12 




load," said Mr. Rawls of the Chem- 
ical Bank. “What you need is the 
ability to take the information on a 
real-time basis and massage it a bit 
real quickly.” For example, be add- 
ed, if a customer calls For a price on 
a complicated transaction, the 
bank is much more likely to get the 
business if a trader can instantly 
proride a quotation, instead of 
haring to pull out a calculator and 
call back later. 

Information suppliers also are 


Coupon NMt Bid JUlut 


CaPmv 
Gas *6 
filiull 

CtAimr-UISlSova 
cm mstrn re/vs 

Grind lavs 72 

Grind lavs W 

GtWMrmW/M 

hUlSomutiM 

HUI Samuel Peru 

Hfeoanofins 

Mono Kano P«re 

Hvdrt02(Mihly] 

HWraSSIMihlrl 

ld«) 

ICcfcmd*S/QS 

lodonMlaaVtS 

IblKovA 

irriondSi/v? 

irplcnd*7 

irelandM 

meiiturtB 

tsvdmern 

itrfy** 

ttsly w>n* 

IfolyOS 

CltohP 

joMorean*7 

KSPFeM 

KcuriroOrK 

KWnwort Ben f I 

KMrmen hnU 

KMnwnBMPn 

Korea Dev Bk 1*4* 

Korea ExdiBk 5548 

UnCohiS+LJ* 

UovdsBkPrru 

Liavtun 

Uovds»2 

Uord&W 

LiebBS 

L tea 86 

L»cb*2 

Malania M/w 
Malaysia 08)15 (Mill) 
Moiaysla As>rS*/*2 
MOkmia DKB7.T7 

MaJayxiaB8/n 
Malavskj OdrtB 
Mon Han *4 
MonHartH(WkJy) 
Mar MUM 
MOTMUD9 
MorMidto 
Mellon Bk*t 
Midland BkPcro 
Midland Bk Peru New 
Mkfland In) *3 
MkJtood Inll* 
Midland ini *2 
MMtarOkini 
MHHanaint«t 
Mitsui Fin *7 1 Cop) 
Mitsui Fin H 
Mon Grenlea M 
MW Bk Den *2 
Mao 97 (Cap) 
MOlBkDtlrollM 
Hal Comm Bk IF/M 
Nat West Pern i A) 

NOl Wesi Perp (01 
NO) WW Flnfl 
NOl west Fin 05 
Not West M 
Nat West Finn 
Nat Wed Fin Peru 
NfStkOvM 
NewZ«donoS7 
N) Steel Dev 97 
Nippon Crll 
Nordic im*l 
OkbU 
OlbM 
OIB95/99 

Oftihorr Minins 91 
Offshore Minina 86 
Pirelli 91/M 
Pnc *7 

PkBanktnHfll 
Quxxnsted IBatJ 96 
Rente 91 


» 1«-11 
110 29-11 
Bat 27-12 
1744 
sa k 06-17 
SK 274} 
M6 0242 
BK 3*43 
BK 7747 
Mk 29-11 
*Vi M-10 
19} 16-03 
h 1941 

IK H-11 
Btk 1MT 
Bh 1241 

||4 

K wa 

IK 1)43 
IK 2M7 
IK 1M1 
BK 12-11 
n iHU 
say own 
IK 12-11 
IK 28-10 
» 2643 
BH 30-11 
BK 0347 
IK 2543 
IK 20-11 
2743 
BK 29-11 
IK 0S-I2 
Ilk - 
IK 12-12 
6 DP-12 

9K 31-10 
IN 06-17 
*K 1510 
Hk 14-11 
BK 17-12 
IK 21-11 
7% 10-13 
IK 15-10 

SK 0512 
IK 2842 
8 K 054) 
IK 39-11 
IK 1*42 
IK - 
IK 
BK 
IN 
BK 
IK 
SV, 

■k 
8 

9K 
BK 
IK 
BK 
IK 
BK 
IK 
IK 
7K 
IV. 

BK 
BK 
«K 
9K 
* 

9K 
BK 
IK - 
IK 26-12 
BK U4I 
f 72-11 
BK 2511 
BH 2M7 
BK - 
IK 04-12 
IK 2241 
IK 2747 
IK 12-17 
SK 19-12 
* 13-11 

BK 2743 




providing software to analyze the 
data or respond to the information 
in other ways. Reuters, for exam- 
ple, has introduced equipment ai- ‘ 
lowing dealers in currencies, gold 
or Eurobonds to trade through 
computers. Previously they saw 
each other’s prices on a terminal, 1 
and then negotiated over the tele- 
phone. But now they can tap out.' 
messages through the computer, 
and conclude a transaction without 
picking up the telephone. 


RapMPoUn*7 
RBCOS 
RtaBi/W 
So Homo 91/93 
Sanwa M Fin BI 
SaiWfi Ifll Fin 94/94 
Scmnalnt FlnW 
scam* fib Aom 
Scancfl FbiDflc93 
Seal land Int 92 
Uc Pod Re *7 
5 k Fad Be *2 
Shawdwt Coro 97 
SndBB 
Seal *0/93 

SteiniV 

Sfelnl*! 

Sk Chi 90795 

SocGenMoru 

SecGanNovM 

Soc«n*7 

Snd>91 

Spain *2^7 

SodnBSIMIMv) 

Spain am 

Spain** 

Stand Chon U 
Stand Chart 71 
Stand Chart Marti 
Stand Chart Mismatch 

StU + Oil Assent Nto 
State Sk India 17 
5uniitamoTM*2/*4 
SunchnmllstxmJcen 97 
Sweden BO 
Sweden 90/05 
Sweden 92/15 (Mltlly) 
Sweden If /*» 

Sweden 91/ttJ 
S weden Perp 
Tatvo Kobe 971 Cap] 
7alyo*2/M 
Takualn(2/M 
TuKal AtiO 94/99 
Tortoro 92 
TovoTM92/9* 

T VC 94/04 
Ub Norway 91 
Ue Norway 99 
urd Klnudom 90/97 
weibFaraaf? 
WHbFarao*7 
wntnac*7iCap) 
WimClvnOI 
Wand 0B Fern 
Wbrld BkB9/*4 
rotohomo 71/94 
Yokohama 97 (Cop) 
ZentraUPkau9i 


Coupon NM BM Alktf 


BK 2511 
IK ®-n 

BK. 16-10 
1 05-12 

BK 3643 
IK 3*41 
BK 1947 
*% U-1S 
736 23-12 
BK 2*43 
BK 21-11 
F« B241 
BK 07-11 

IK 3518 

IK 14-12 
M 0-12 
IK 19-12 
SK BUB 
BK 1143 
9K 07-11 
BK 1843 
B3v 30-U 
BK 2742 
BK 70-03 
SK 2842 
IK 39-11 
BK 0841 
891. 50-1! 
BK 11-01 
BH 0341 
9U. HI 
IK 21-11 
8K 13-41 
tV. 19-43 
7K. 05-13 
7H 1041 
IK 1510 
8 'A 29-11 
BK 2511 
BK 1*41 
IK 07-11 
BK 2511 
BK 1843 
BK 12-12 
SH 14-07 
8 16-12 
BK 09-12 

21-05 
SK 2143 
8K 0741 
IU 27-12 
BK 1511 
BK 1842 

8* 1503 
7JS4314-12 
7-55 29-11 
BH 02-tW 
BK 1511 
816 1541 


Non Dollar 


UK 1511 MUSI 0065 
11H 37-1* 1004010050 
3141 9V» 100LB8 
UK 31-D 100.1250067 
UK 31-11 H8.1BUIII2B 
ITSk 1510 wmu043 
UK 15-11 *MB 9950 - 
11K 25121006210852 
1IH - 1003510045 


AflZBkg*7 
Bfc Montreal *4 
BkNovo Sadia 00 
Bk Tokyo 80/98 
BalndetuaTi 
BetoutaiK 
Citicorp 19/91 
CeomeN 
Cr Fender 00 
Cr National 91/95 
Denmark 93/98 
Hall lax 0/592 
mti 

I reland *3 
Ire! and 96 
Uovax Euro *6 
MtB Bk Dm 96/99 
MtaBk Den *1/94 
Mini 10 

Nottaa«yideBS.9S 

NewZedaid97 

RbsOS 

SndfO/fl 

Stand Chart Sta Perp 
YorluMrelMf1/«4 


Source : Credit Sutsse-Flrst Boston Ltd. ' 
i London 




Prices 


' NASDAQ Prices as 4f 
3 p-ivLltow York (lm». 

Via The Associated Press 



35 

1503 

285 

927 

TO 

7D 

542 

1272 

S 

274 

60 

19T 

57 


30 

5l5 

58 

fft 

ID 

■ i 
21 
an 

37 

rv 

78 

43 

5 

6 

309 

24 

4J 

155 

191 



1BK 
3W6 
. ITS" 
l«h 
BK 

20 20 20 
22V. 22 22 
37% 37K 37K 
10K 10K_ 10K 
*K 7K 9K 
2716 26K 2M 
llfti IffK 109V 
1416 146 a 1466 
4K .4}% *6 
49% 4K 6K 
Oh Vh 4K 
7K 7K 7K 
UK 1» !Bw 
1716 1716 1716 
14K. 


47w 

71*— 16 

Bte-v» 
916— V> 
63K . ■ 

9K + 16 

1»— Vk 
lgl-16 

UK — » 
816 

32ft— Vk 
51ft— 16 
£ft - 
716 + M 
13% + 16 
J0K 

14Ki + ft 
Mft-+ ft 
10ft 
Sft 
mv 

ws 

5ft + ft 
30ft + ft 
20ft +ft 
Bft + ft 
23 + ft 

416 — ft 
21ft— ft 
11* 

3^- ft 

3% 13ft + ft 
9V, 20 + ft 

13% — Vt 
17 + ft 

4ft + ft 


-a ra 1 . 

AS 2 

* j 
Ml 

-60 19 210 
S& 15 111 
LM 11J 9 


152 

141 

22 

23 

-00 12 4Sx 


.12 A 998 

no 55 58 

D4 2 A B1 
50a S3 847 
44 

JS U 119 
J, 7 
242 
2123 
J2 2J 70S 
72 
48 

J8 .9 

31 
33 
2143 
-U 1.8 7 

671 
601 
77 
5 
52 
1 
54 

M 106 342 
^flaltU 1* 
.14365 56* 
10 

48 in 27 
76 

M>S3 56 
24 

35 


80 04 206 

SO 1J 26 
*4 42 38 

SO 24 286 
» 


*ft 6 i 
is 1 * 4H 
lift 8ft 
21 14 

*% 5ft 
lift i 
4ft 

21V* 16ft 
11% 7ft 
4 2ft 
4ft 216 
!5ft Oft 
34ft 16ft 
M ft 
Wft Yi 

Sft 3ft 
I3H. 5% 
14ft ..6ft 
21% ttt 


2*- 

53 

27 

.104 

-Ml 63 ■ 

■45 

-i» 13 lai- 
773 - 
J7- 

» 3 ; . 1® 

ML 11 20 

. . 1. iSS. 

-• .75* ■ 


7ft 7ft 
4ft 4Wi 
10ft 1016 
19ft 1* 
5ft 5ft 

■UtA 

19ft 19 

2 » 
2ft 2ft 
-13- 12ft 

IK* 

10 9ft 
lift ok 

76ft" 1*H 


7ft— ft 
4ft— ft 
10ft 

1916 + ft 
SV. 

19ft + ft 
9% 

4% 

2ft— ft 
13 + K 

16ft -9 ft 
39b + ft 


15 5ft 

5ft ft 
Uft 5W 
3596 24ft 
II 7ft 
12% . 7ft 

16 12ft 
11% 6ft 
12% 7% 

V 1 ® 

28ft 9ft 
19% 4% 
19ft 12% 
M 4ft 
13% 7 
.14ft - 436 

% SH 
>3 8 

36 15% 

im 7% 

T7fe IV9 
7116 10 
2016 Bft 


10W 10ft 10% 

30% 30ft 38% + ft 
1716 16ft 17ft + % 

til'* 

M-»iS 

ip= 

e% ift ^%— ft 

% M*S 

12 % S' 1 * w* +ift 

17ft 17ft 17% 


31% — ft 
25 +16 

15ft 

17 —ft 
« 2* 
18% 4- ft 
I 44 —1ft 
> 14% 

2% 

14 + ft 

4% 
lift 

I 6ft- ft 
31ft— ft 
19 + % 
14% 

IT +ft 
19ft + ft 
11 —ft 
2ft— ft 
37ft— ft 
40% + ft 
9ft- ft 
1ft— ft 
24ft -t- % 
Bft 

1B%— ft 
9ft + ft 
15ft + ft 
3 —ft 
Bft + ft 
21 +1 
9 — % 
7 

119* 

Bft- ft 

4ft— ft 
» 

1ft + ft 
Bft— ft 
6ft— ft 
14ft— ft 
15ft . 
13%—% 

49% +1 
2% + ft 
38ft — ft 
0 % 

T* 

16ft— lft 
38ft + ft 

ft*— ft 
3ft 

11% +1 
14ft + ft 
22ft— ft 
13—16 
29ft + 16 
2ZK— ft 
21ft— % 
20ft— 16 


19ft 11 EwnSut 

140 

17% 

V 

17W— % 

IBM Sft ExovJr 

397 

I0K 

10 

10% + ft 


17 17 

46% Oft 

14 13% 

Bft 4ft 
lift lift 
4% 4% 
32 31ft 

te™ 

lift 10ft 
1916 19 
lift 11 
29* 2ft 
38ft 37% 
40% 40ft 
9% 9% 
lft lft 
26ft 25% 
8ft 8ft 
Ifft 18ft 
9ft S% 
15ft 15 
3ft 3 
6ft 4% 
21% 20 
9% 9 
7 ft 7 
119* lift 
BM 7% 

Si % 

4ft 4% 
18ft 18 
3% 5ft 
lft 1% 
9 8% 

7 «ft 
15ft 14ft 
15ft 15 
13ft Uft 



7< ft 13ft Karthr <25 

17% 10% (Cosier .251 21 

10% 6% Kovdon 8 

6116 38ft Kemp 150 35 J10 

41% 26ft KyCnLF IDO 24 21 

8ft 4ft Kevn 34 

11 4% K*yTfn 109 

21ft 13 Kinder D6 A 2382 
U% 4% Kray - S J 35 

14% 9ft Kruoer J2 27 443 

29ft *% Kulcke .121 U 282 


16ft UP* 15ft— ft 
11 10 % 10 ft— ft 

Bft 0% Bft 
52 ft 51ft 52ft ♦ ft 
38ft 38 38% + ft 

6 5ft 5ft— ft 
7ft 7ft 7ft— ft 
17*6 I6M 17ft + ft 
7ft 7V» 7ft — Vk 
12ft lift 11% + *6 
9ft *% 9% — ft 


8% OvrEvp 85. 

8 OwnMs J8 ID 17 

% Oxaco 81 


«% *ft 9% + % 
16 15ft 15M— % 
*v ft ft— ft 


lift 5% 
1816 9% 
23ft 10 
19ft 8% 
47% 30V, 
20% 12ft 
-lift 11 
-17 lift 
17 “14 
5*% 36 " 
32 21% 

7ft 4% 
15ft B% 

ITS 

24% 1*’6 
44% 38ft 
7ft 4ft 
20% lift 
36 18ft 
Bft 4ft 
4*V» 21% 
25% 30% 
33% 15% 
26% 1* 


LDRmk. 

LSI Las 

LTX 

Lo Petes 

LaZ By I 

LndFrn 

LnkSiw 

L amaT 

Loncast 

T_an»Co 

Lawsns 
LetDta 
Lelner 
LewrtsP 
Lexicon 
Lexldta 
Uetjrl 
Lflnvs 
LfeCcm 
LtlvTut . 
Un&rt . 
LindDTB 
LfzClas 
LonsF. 1 
Lotus 
Lvnden 
Lyntaas 


7 Aft 
14% 

11% 10% 
17% 16ft 
47% 47 
19% 18% 
Uft 14% 
15% 15ft 

o'* Eft 
*% 9ft 

a a 

2 % 2 % 

20% 19% 


7 + % 

15ft 4- % 
1) + % 
17 + ft 

47 — % 
19% + % 
Uft + % 

i% + Va 

5 - ft 
•ft 
6% 

2% 

2% — ft 
19% 


4% 

21V 5ummD 



249 

2ft 

14% 

7% SumlHI 

.10 

IJ 

1242 


2ft 

% SunCsr 



415 

lb 

10ft 

6M SunMed 



12 

9 

10% 

7% Sop5kv 



35 

g 

5% 

3 Suprtex 



369 

3% 

14 

8 SymbT 



72 

9 

Uft 

6% Svniech 



•8 

10% 

5% 

2ft Synfrer 



7 

3% 

18% 

I H i Svscon 

J8 

U 

17 

18% 

24b 

u SyAsoc 



43 

Uft 

7b 

3ft Svslln 



48 

5% 

11% 

6% S/sinto 



242 

10ft 

25ft 

13% Syxtml 

DB 

A 

20 

21ft 


1 2ft— ft- 
71b + ft 
1% 

8% — %. 

8 + % ■ 
3ft- %. 
8% — ft 
10ft- %-- 
3% + 

17 ft- % 
13ft— 1 . 
51. 

10 % - %• 
21ft + % 


5 

1 

87 

T 

46% 

46% 

6 

+ Vs 
+ ft 

1.9 

397 



16 

+ % 


36W 

38ft 

35 Vi 

STft 

+lft 

2D 

2 

5% 

5>i 

4% 

+ b 

9 

1132 

40ft 


40% 

+ ft 

54 

39 


3b 

mi 

+ b 


1993 

17ft 

left 

16% 

+ ft 


3 

22% 

»% 

22% 



514 

20% 

19ft 

20% 

+1K 



4 — Vi 

11%— % 
6ft 

44% +1 
4% + ft 
2% + % 
24% 

7% + ft 
18% 

15 +* 

14ft— V* 
21% 

15 + ft 

15 — % 
8% + <6 
lift 
• 4V * 

18% -% 
*%— ft 
12% 

>'X-* 



3 

19* 

3% 

10% 

10% 

10ft + l* 

Bft 

5% 

51* + ft 

22b 

71% 

21% + ft 


5% 

5% 

ias 

100ft 100ft —4M 

lab 

16ft 

T6b 

SK 

W* 

8% 

6% 

Sft 

5ft 

21% 

21% 

21% — % 

2% 

2ft 

2ft 

6% 

6% 

6% 

5ft 

Jft 

Sft— ft 

17% 

17 

17 —ft 

Uft 

lift 

Uft + ft 

2W* 

28% 

2*ft + ft 

1 

1 

7 

ft 

ft 

ft 




SO 1.1 Z140 
D6 A 10 

% \ 

n 14 

.10 A 414 
t M 1.4 11 

1-72 5D 265 
.20 ZS 2 
.141 55 


.16 ID 51 

1 J* D 24 

- .*2 17 22 

(1D0D4D 16 

70 
13 

34 

nd M 25 528 

ier 1D0 46 42 

ltd 11 

NJ ,*93 

.10* 5 1 

1 44 3D 24 

2301 
20 

— j 4 


19ft WM 
9% J% 
21% 7 \ 
2% 2ft 
ft % 
17 16% 

17M left 

T*r 
8 % 8 

R R 

16ft 16 
14% 1* 
5% 5ft 
15% 15% 
34 33ft 
21ft II 
10% 9ft 
5ft 5ft 
X X 
3ft 3ft 
25% 25% 
26ft 25ft 
4% 4ft 
27% 26% 
22 22 
n% n% 

23% 23 
28ft 27% 
10 ft 10 % 
7 7 


19 + % 

9% 

21% -t- % 
2ft 

H * % 
16ft + ft 
17W + % 
29% 

I 

1 — % 
2ft 

2ft— % 
14 — % 
lift + ft 
5ft — ft 
15ft 

33% + % 

21 — ft 

10% + % 

5ft 

X 4- ft 
3% + % 
25% 

24ft + % 
4ft 

27% + % 

22 

-Vi 

23% 

Z7K 

10% + ft 
7 - ft 




*ft 9% 9% 

7ft 7ft TV* 

10 % 10 % 10 % + % 
19% 19ft 19% 
lft «ft 4ft— ft 
13 Uft 13 + ft 

11 9% 10ft +1% 


5ft 

14% 

10ft + ft 
»ft + % 
3ft— ft 
28% + V* 
19% +1 

19ft— ft 
8ft 

27ft + % 
. 10ft + % 
5ft + ft 
14 

4ft — ft 
10 
Uft 

7ft + ft 
37ft + ft 
Uft— ft 
6 + ft 

21ft Y ft 
16ft 

28% + ft 
12% — ft 
9% — % 
22% 

•ft + % 
3% — ft 
12ft— ft 
15% — % 



45 

S .14 S 845 
212 
540 
«S 

140 u n 
19 
84 
78 
. 303 
74 
4* 

U 

4138 
387 
13 
194 

.16 ID 97 
BIX 
24 
186 
18 
IW 
64 
4 
81 
1217 
725 
534 
898 

mix 20 

I 902 


15% 9ft JBRsfS .16 ID 
8Vb 3ft Jackpot 
41% 25% JwkLte 
37% Uft JtunVYir 
8% 4ft Jet Won 
2lft UU Jar Ico .13 A 
n* 3ft JanicM t 
10% 4M Jasatisn 
19% 9ft Juno* 

20M 13% Justin JO U 


24M 13ft KLA1 699 

8% *% KVPhr ^ ' « 
33 20%-Kaman At 2.1 212' 


10 9ft 
33V* J2M 
121b lift 
• 6 5% 

5 4ft 
3ft 3ft 
(7% 46% 
25 24% 

I5M U% 
21M 21 
5 4% 

10ft 10 
3% 3ft 
11% 11 
23M 22% 
3ft 3ft 
2 2 
18% 10 
13 17% 

34% 21% 
6% (ft 
lift lift 
4% 4ft 
Sft 8% 
9ft 9ft 
17M I7M 
14% 14 

fh R 

23% 21M 
9ft 9 
1t% lift 
8 7ft 


10 + M 
33 + ft 

* + % 
4M— K 
3 ft ♦ ft 
47% +1 
25 

14% -1% 
21M + VS 
4ft— ft 
10K + M 
3% + K 

11 — % 
23 + ft 

3ft + ft 
2 

10 % — % 
13 

24% +2M 
4% 
lift 

Bft— tt 

Bft 

9ft 

17M + % 
14% 

ft-* 

22 t ft 
9ft 
lift 
7ft 


4] 

37 

J4 13 841 
ZOO 46 724 
X 1.1 1111 
At 3D 223 
JW J 760 

7 

241 

22 

JO 2.9 108 
IS? 

15788 

4 

3 

J2 11 1 

DO 17 75 

1.1» 4D 5409 

.« 3 n 

D4 J 154 
8*7 

* 228 
.40 25 1302 
44 ID 300 
XU S 816 


>44 84 24 

48 25 9 

DO 3J 210 
2.1D 94 M 
IDS 3J 252 
61 


4% 4 

9ft 9% 
25ft 24% 
44 43K 

18ft 17% 
13% 1JK 
13ft 13% 
5% 5% 
2% 2ft 
2ft 2ft 
7 6ft 

6 554 

5ft 5ft 
KR* 19U 
32 32 

8 ft Bft 
25 25 

2*ft 39ft 
5S 27% 
Uft 14ft 
19% 18% 
U 10% 
1ft lft 
14ft Uft 
44W 43% 
46% 46ft 

7 Bft 
7ft 7ft 

14ft 14% 
17ft 17ft 
27ft 27ft 
21% 31ft 
22ft 22% 
49 48 

fft 5ft 

14ft Uft 
9ft 9ft 
7% 7ft 


10% 10ft 10ft + V. 
5ft 5ft fft + ft 
33ft 33 33 

17ft 17% 17% — y. 
S M M* 

21 % 20 K 21 + ft 

sk sk »* + % 

7H 7ft 7ft — % 
18ft 11% 18% — % 
16ft lift 16ft— ft 


17% Uft 17% 4 % 
lft 1 Bft 4 % 
31% 31ft 31% + ft 


5 lft 
T7ft II 
46% 32ft 
47% 3*ft 
32% 18% 
41% 23 
23% lift 
36 11% 

9% 3 % 
19% 12ft 
a% 22ft 
19% 13% 
Bft 51b 
8 4b 
» 12ft 
34ft 26ft 


Oceener 

OcUlflS 
OgllGs 1 
□rioCs : 
aiCKM i 

OtORfit 

oidsotc : 

sssr 

OrilcC 

OpIicR 

Ortanc 

Orbit 

OrtsCo 

Oshmn 

OttrTP : 


4% VLI 
7b VLSI 
4ft VMX 
7 VSE 
6 VolidLo 
BV. VOIFSL 
26ft VdJWII 
19% voiLn 
11% VanDu^ 
5% Vonzeli 
2 ft vanlrex 
13b vlcorp 
BV « viedeFr 
9V; vlkino 
13% Vlrolek 
5% vooovl 
Ub vpmnf 


148 

26 

771 

.lie 1.7 149 

3219 
331 

1J0 12 259 
.40 Z0 50 
A0 13 13 

111 
31 D 

.I2e .7 200 
J 2 e 18 134 


5ft Sft 
UK lift 
4ft 4ft. 
9b 9ft- 
6b 6ft 
Uft 15ft 
37 37ft 
20'i 20b 
17ft 17ft 
5% Sft 
5b 5 ■« - 
15ft 16ft 
Tfi 7%- 
12 12 
18 18ft 
7ft 7ft • 
16ft 17b ■ 


































Page 18 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 10, 1985 


18 ' J# )10 |H |12 


13 





14 





15 









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17 





18 













■ 

21 









■ 

23 




24 






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■ 

25 

26 




■ 

27 



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30 




31 

32 

33 

34 

as 





36 




37 




38 




39 

40 



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41 

42 





1 

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43 



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02 





63 





PEANUTS 

I WENT INTO NEB7LE5 
YE5TEREW, MU TALKEP 
IDA PSYCHIATRIST... 


I ASKED HIM IF 
TALKING TO A CACTUS 
WAS A SIGN I WAS 
GOINS CRAZV... 


' NO, HE 5AlP/(MY 
IF THE CACTUS STARTS 
TO TALK BACK!" 


PLEASE 
PONT SAY 
ANYTHING- 


BOOKS 


| tO~ tO QHMumaato— 9>n t— -w 

BLONDIE 

( THESE NXS. TOUGH 
1 TIMES POR OUR t 
_ • COWPPW 


e\ ri\ 


WE'LL ALL. HAVE TO 
7 0TTE THE BULLET ' 


f THAT© EASY, 
7 FOR HIM TO 
SAY... r-tf 


► he poesnThm/e 

MY 0RIDGEWORK ,' 


* 


ACROSS 

1 Spot 
4 Spanish 
demonstrative 
8 Band 

13 Kenton or 
Kowalski 

14 Booty 

15 PuJiczer Prize 
author: 1981 

16 He caused 
Desdemona's 
demise 

17 Staff 

18 Aileen Quinn 
film role 

19 UmoJd amount 

21 Frying pan 

22 Dutch city 

23 West's "Black 

Lamb and " 

25 Overact 

27 Norwegian 
actress Julie 

28 Working hens 

39 Four-wheeled 

carriage 

35 Was in danger 
of a shark’s bite 

38 lota 

37 Life of the 


49 Co. logos 

52 Wodehouse 

valet 

53 Aardvark 
55 Burstyn or 

Terry 


lo/io. as 

20 Borodin 
protagonist 

21 Adventure tale 
24 Nonwoven 

fabric 

26 Ancient Asian 


BEETLE BAILEY 


56 Insect's mouth 28 Infielder 


38 Sell more 
cheaply 

41 deCristo 

Mountains, in 
the Rockies 

43 Several eras 

44 Warning in a 
library 

45 "Frosty 

1951 Autry hit 

©flew York 


part 

57 Cockle 

58 Form of silica 

59 Tosca's 
interest 

GO Homophone 
for use 

61 Data 

62 City on the 
Rhone 

63 Firmament 

DOWN 

1 Decorous 

2 Sharp-sighted 

3 Chemical 
compound _ 

4 Convoys 

5 Gershwin tune 

6 Yellow- 
flowered 
weed 

7 Maturity 

8 Desk appliance 

9 Nervine 

10 Sonata 
movement 

11 Candidate for 
naturalization 

12 Ibsen man 
saved by 
Solveig 

13 Shoe 
salesman’s 
question 


Whitaker 

29 Beard grown 
by a barley 

* farmer 

30 Small house; 
hut 

31 Kin of 
banebreakers 

32 Goatsucker 

,33 Inquest 

holder: Abbr. 

34 Savoie season 

36 O'Casey 
character 

39 Takes 
umbrage 

40 Swindles 

41 Whet 

42 “Charley's 

44 Colored glass 
piece 

45 “I cannot 

lie" 

46 Spiral; Comb, 
form 

47 Happening 

48 All in 

50 Saunter 

51 U.S.M.C. 
persons 

52 Bridges or 
Davis 

54 Cultivates 

56 Buddy 



ANDY CAPP 


WON 
> THE < 
FINALS 
PET-! j 


AVJSTBEl 
, ASLEEP— -j 


JU 3 T AQ WB^NWJg^gWWHar, 

fiucceasRjL 


© New York Time*, edited by Eugate Maleska. 

DENNIS THE MENACE 



WIZARD of ID 

wfcpaw 3 

A (\ 

Amove ^ 
fdpsupi o fa 


REX MORGAN 





A 


A COUPLE 
TIMES A 


WHEN YOU FIRST , ^ 

SNORTED COCAINE, J WEEK, MOSTLY 
HOW OFTEN CM P A WHEN 1 WAS 
YOU DO ITT INVITED TO 

PARTIES ON 
SALES TRIPS f 



AFTER THREE 
TO FOUR 
MONTHS' I 
BEGAN USING 
IT ONC£, 
MAYBE TWICE 


AMD NOW YOU'RE USING 
rr HOW OFTEN —TEN, ^ 
TWELVE TIMES A DAY*) 




SUPPOSE 



GARFIELD 

JON, THERE '6 SOMETHIN & 
- 1 FEEL I SHOULD TELL WU, 
BECAUSE MOU'RE GOING 1 TO 
FIND OUT ANVWAV j^a 


I HAP TO * 
SANDBAG 
HIS TONGUE 



THE NUCLEAR AGE 


By Tim O’Brien. 312 pages. $16.95. 

Alfred A. Knopf, 201 East 40th Street, New 
York, N. Y. 10022. 

Reviewed by Michiko Kakutam 

T IM O’BRIEN’S most recent novel, “Go- 
ing After Cacoato,” published in 1978, was 
one of the finest books to emerge from die 
Vietnam War. Picaresque, mythic in dimen- 
sion, “Cacdato" found, in the halludnaxory 
dreams of a renegade soldier, the perfect meta- 
phor — and narrative strategy — for dealing 
with that most surreal and anomalous of wars. 
It made the reader both apprehend the ugliness 
of death and combat, and also visceraBy expe- 
rience the hero’s panic and soft, eager longings 
for safety and escape. 

In “The Nuclear Age,” CBrien is addressing 


In “The Nuclear Age,” O'Brien is addressing 
similar issues of war, death and existential 
terror — but he has turned from the batfleErant 
in Southeast Aria to the battlefront at home. 
His hero, William Cording, is a veteran of 
1960s radicalism — “10 years cat die lam, 
hideout to hideout, dodging bombs and drafts 
and feds and all the atrocities cf our machme- 
tooled age" — who has more recently made a 
fortune m uranium speculation, and who now 
counts among his “assets," “a blond wife and a 
blond daughter, and expensive Persian rugs, 
and a Jowdy redwood ranch house in the 
Sweetheart Mountains." 

William, however, is not year avenue Yup- 
pie; be is a self-styled survivaHst who, like 
Cacriato, spends most of his time in a dream 
world of his own making. By 1995, his fantasies 
about nudearwar — he dreams about radioac- 
tive pigeons, tilting continents, homing flesh 
— have reached sudi a pitch that be is budding 
his own bomb shelter. When his wife and 
daughter threaten to leave him, he takes them 
captive, drugs them with Seconal, and then 
drags them into this hole he has assiduously 
dug in the backyard. “The world is in danger.” 
William explains. “Bad threw can happen. We 
need options, a safety valva 4 * 
w nimm is constantly asking tiimmJf wheth- 
er he is crazy; and while the reader is qniddy 
convinced that he is seriously unbalanced, 
O'Brien seems to want us to question what it 
means to be sane in an insane worfd. Maybe, 
he suggests, William isjust “a normal guy in an 
abnormal world.” Hus issue, of course, has 

Solution to Ptevfous Puzzle 


EEBQ D 0 EJ 0 GIOEID 0 

ncHR naan oehieiq 
□nan aana aaaaa 
EQQiiaQCiiasaaaGina 

□□□□ □niasQn 
□□□Ha anas nacss 
DEED EJQC 30 D 0 GH 3 CI 

□Ban anas decide 
scHHEiiii aana 

Hniaa aaaaaa 
QB 0 DnQ 3 Qanaa 0 na 
□□□Bin ta nan □□00 
dched iiaoB naaa 

BEBBH EH 1 BE □□[30 


already been addressed with docmrace and 
humor by Joseph Heller in “Caich-22’' and by 
O'Brien himself in “CacdauT; and t his tone 
around, it has begun to fed a little sbopwoin. 

That in itself would baldly be a problem, but 

in The Nuclear Age;” the theme’s presented 
as a didactic pastiche of R- D. Laing and 
Jonathan Scbefl. bereft of originality or p»- 
suarive passion. People do pot normally spen d 
every waiting hour obsessing about abstrac- 
tions like nuclear war or worldwide devasta- 
tion, and O’Brien never makes WUbam’s hyste- 
ria. real or convincing. He never captures his 
fear, his craziness or even bis point of view; 
and since we cannot sympathize with William 
the way we did with the hero of “Cacdato,” he 
strikes ns as little more than an aberration — a 
kook, and a pretty boring kook at that, 

Altjyyig b fas r^riHhff^fr T T*nip ;sr * nCHB ahrmi 
growing np in the bomb-scared 1950s, as the 
anxious child of well-mteatiancd parents, pos- 
sess a pleasing specificity, William's account of 
his later oqpaiences as a high-school oddball, a 
compos radical, an un dergr ound man, 
mow increasingly vague and full of dtehfcs. 
Hfetoiyaad the consequences of the 196Qsare 


fiill of names (Kennedy, Johnson, Nicon^ and 
events (the assassinations, the moratonnms, 
the sit-ins) and freeze-dried statistics; and Wil- 
liam’s own life stoxy becomes a monotonous 


worse rhetoric. By the end of the book, he has 
turned into one of those tireso m e prophets, 
fond of shouting “Doom!" at the top of his 
hmgs; or issuing such portentous statements as 
Tm a man at my age, and it’s an age of 
extraordinary jeopardy* or “as a father, as a 
rrtan of the times, ! was more detexnaned titan 
ever to hold the Sue against dissolution." 

As for William's friends and lovers, they arc 
painted as pasteboard caricatures of mufits 
playing at revolution sw i mm in g and Hying to 
get a suntan daring/an interlude at guerrilla 
camp m Castro's Cuba; buying mink coats and 
motels as soon as they realize that the 1960s 

ulcus in the extiro^wSSm’s^rst love, Sa- 
rah, is a voluptuous cheerleader turned radical, 
who actually utters fines like Tm bad news. 
Too bottohamfle"; and his wifo- 10 -be Bobbsis 
a stewardess who is constantly haiptng about 
her need far “space." 

Perhaps we are supposed to find these char- 
actets amusing, their leaden dialogue ftmhy in 
a perverse sort of way; botif that is the case, 
CrBtien never manages to poll it off. The jokes 
about three-legged dogs, morticians, dead po- 
nies, and cancer belong to side adolescent 
humor, the cracks student radicals 
are often so lame that the reader does not know 
if O'Brien is satirizing the excesses of those 
revolutionaries or thedmmeasof their critics. 

No doubt O'Brien attended m The Nadcar 
Age* to address not meaty the anxieties pro- 
duced by the shadow of the bomb, but also the 
more general precarioosness of modem life, 
the frailty of our family bonds, our susceptibil- 
ity to loss and death and sorrow, our craving 




undertaking such a venture' is to be admired; 
unfortunatdy, there is little dse in ‘The Nucle- 
ar Age” to celebrate. - - 

Michiko Kakutani is an the staff of The New 
York Tones. . 


By Alan Truscott 

O N the diagramed deal, an 
obvious auction led to 
three no-trump, a am tract that 
looked easy when the dummy 
appeared. East won the open- 
ing spade lead with the long 
and shifted promptly to the 
heart jack. This play might 
have been less attractive to 
East if he held the king, so 
South judged correctly, play- 
ing low twice from the dosed 
hand. 

In slightly different circum- 
stances, with East known to be 
without an entry, h could be 
right for Sooth to sacrifice a 
heart trick, allowing West to 
win the second rooud of hearts 
with the king, in order to pre- 
serve dummy’s entry. Here 


BRIDGE 


that unusual move would have 
■ been useless and South took 
the ace. The diamond jade, was 
ledfor a successful finesse, and 
a chib lead to the ace' uncov- 
ered the bad break. With noth-r 
ing better to do South fiase- 
vered with dubs, leaving West" 
with the lead in this position: 

NORTH 

97. 

O — 

*7« 

WEST. EAST . 

*— . ■ 
SOOTH 

• 47 

90 

0 AQ • 


defense waj helpless. West was 
forced to duck. Now South 
could writ, cash , the heart 
queen and lead aspade to end-' 
pUocJBast and make bis game. 


NORTH 

Ilk 


WEST 
• UIB9 
9K« . 

4 734 
4 J.MSI 


SOOTH (p) 

• 7 7 S 
9 Q 43 
OAQWJ 

* AQ 3 

Stfb Ate wfn vatMnMa. Tbo 


^ m fIN-T. 

Thanks to urn menace of pm 
dummy’s isolated dubs,- the w«* 


N.T. ■ pm ixx 

M PM 
*• led Om spade tm. 


Wirid Stock Markets 

Via Agence France-Presse OcL 9 

dosing prices in local atmndes unless otherwise aubcaud. 


Now arrange the dnotod tetters to 
form tea surprise answer, as sug- 
gested by the Bbwe cartoon. 

—[ilmDmm 

(Answers tomorrow) 

. ■ ( Jumbles: NERVY, RURAL PODIUM BRANDY 
YBNaroay Answ er Whet the counterfeiter wanted— 

MONEY “BAD” 


WEATHER 


iw 

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Bk East Asia 
OtetmaKana 
China LI Wit 
Grwn isKm 
Hang Sana Bank 
Henderson 
China Gas 
HK Elacsnc 
HKRMHVA 
HK Hotels 

HKTetaPtaae 
HK YaumatH 
HK Wharf 
Huftfi wtwi no aa 
Hvsan 
Inti Cllv 
Jardbw 
jardlna Sac 

Kowloon Motor 

Miramar Hotel 
Now WOdd 
SHK Praps 
statu* 

5w!r» Pacific A 
Toi Cheung 
Wah Kwone 
wm on Co 
Wlnsor 
WODdlnt-i 


21 2IA0 
laid iuo 
15M 16.10 
0.1D MB 
41JD 42 

,23 

1 USB 
34 » 

*AS LSB 
7 7 

8JH SJS 

IS “I 

MJO as.90 
0A2 DA2 
0.77 097 

1230 1230 
U2D MAS 
9JQ 
4U0 4SJSD 
740 7JKJ 

2f» 29 

1JT 107 
083 oat 
1A3 IAS 

*ss <n 

2175 2.15 




Cold Storage 
DBS 

Fraser Neowe 
Haw Par 
IncBcape 
Ataf Banking 
OCBC 
oua 

DUE 

Shangri-la 
Sima Orator 
Snore Land 
S-pore Press 
S Steamship 
SI Trading 
United Ovarwas 
UOB 


3 298 
S35 533 

t 6 
222 2B 
211 21Q 

SA5 ite 
BIS 820 
273 2J5 
TLB. — 
NO, — 
IJO 1J* 
233 234 

418 410 
28* 0315 
2M 3JH 
145 IAS 
332 332 


Strain TIrus lad Index -TMJ7 
Prevloa* : 7*477 j 


^Ltovd 

^te&pco 


ikens£a 

Volvo 


2010 2000 
2135 218? 


1395 137B 

UH 13*8 



3UT«ckCgrA. 
W3»TeckBf 
900 Tax Can 
laSMThOfttNA 



Tile Daily 










































Page 19 


wife'- 


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i 


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■■■=*&» 

ItoSanj 



Blue Jays Beat Royals, 6-1 


By John Fansnah 

Washington Pw SenUx 

TORONTO — Frank While, die 
second baseman for die TCsmam 
Qty Royals, is one of basebalTs 
most casygamg people, friendly to 


BASEBALL PLAYOFFS 


ing Kansas City’s left-handed 
pitching, led off with a doable to 
nght -center. Barfield walked 
Upshaw sii 


strangers, always easy to talk to. single to Ranee Mnffiniks — the 


up an RBI 

S53JS«S!SME 

had been embarrassed, 6-1, by ihe ^ to ^ ^ base platocm — and then walked 

Toronto Bine lays in Game 1 of the 

Aznencsn League's chanmhmsfam Game 4 Saturday dez’ssaoifioTfly madeit 5-0. 

? enfiS ’ snan- W w* a ^ l |r 1 f n ”? s inoT^ 5 ^ 5 Thai was more than enough fra- 

m B he stalked to the shower. lot, Kod Sueb. whose W85 record sdeb, opcriiHy shice the Roy* 
Ain t no thing to say about it, he B " B mct ll-t * • me i * 1 J 

He pitched good, we didn't 

ilayed good, WC efidn’t. They — — r —r=^ - »w»cu a run m me innnn huh wac 

wra, we lost Nothing else to say." ^goodconnoloftbefa^iiill.ihe a microcosm of the entire evening. 

F« the Btae Jays* the «npt drier was breaking weD, the curve George Bdl led off with a SS 
rould not .have been wnttea better, w* going where I wanted and I He was running with the ritdfas 
On a balmy night m Exhibition had control of the chaageup/* Johnson poSd to short By the 

S*™. 5’? 15 (pdrth ig □ time first baseman Steve Bafbcni 

Rame Minister Rian Mnhoney) When Sdeb is getting all four got the ball in his dove. Bdl was 
rocking with defight from the start, pitches over there are few teams rounding second, head down, in- 
Toronto blew the Royals away to that can hit them, especially' one tent on talcing third, 
take a M) lead in this best-of-seven with a 252 batting average. Only Shocked, Balboni double- 
^ nSS kr G ¥ J *J‘ 10 P* 2 ?® 5 Geoige Brett, with a angle and a clutched as Bren scrambled toward 

here Wednesday. double, had any luck against him, the bag. Balboni threw the ball at 

rvitnltvl n r\o*iA CkaU aahsm M l*aM TA n f j n n 



“People 
ghi because 


BeufeoUnmd ft*p fcaenctu x m) 


1 might r b ? Q aDaveStieb game," least 20 feet over Brett's head. Beil Kansas City’s George Brett, wincing at a called third strike in the sixth inning of Game 1. 
was our first Brett said. “He’d throw that slider scored easily and Mulroney dead- & 


playtfE," said center fielder Lloyd for the first two pitches and if d ed to go for a walk throw* the 

Moseby. “But after the Yankee se- v *~ oV alvAii* »hm « iLi <*L 'TTT-. L.*J I— 

□es last week, this didn’t fed like 
very much pressure at alL” 

If anybody played as if there was 
pressure, it was playoff-wise Kan- 
sas Qty. Starting pitcher Chari , fc 
Ldbraodt was shelled, fading to get 
a batter out in the third ultimo By 
the time be left, Ldbrandt hadj ‘ 


break about two inches. That he’d stands, 
throw another and it’d break two After that, it was Sticb’s show, 
feet He was tough.” until Cox decided 101 pt/4wc was 

Ldbrandt wasn’L He had been enough and brought Tam Henke in 
3-0 lifetime against the Bine Jays to pitch the ninth. It was Henke 
but, after a routine first inning be who allowed Bren’s third hit and 
began sin king . the only Kansas City run. 

Jesse Barfield started the trouble “If it was. stiS best-of-five, this 


Oilers Seem Geared to Repeat 


r giv- with a second-inning single to cen- loss would mean more," said the 

: amA (M- r nki-an,4t *1 ia« kit D«n!.< TV_I. TT I - n ,n 


By Robert: Fachet 

Washington Post Service 

WASHINGTON — When the 
National Hockey League opens its 
69ih season Thursday, one- third of 


NHL PREVIEW 


dous forwards, and Mike Keenan 
is a well prepared, competent coa- 


Bostoa (82) — Another rookie 
coach. Butch Goring, takes over a 
team in the midst of change. With 
O'Reilly and Mil bury gone, an era 
ended for the Bruins. The big 


hadietired only set of 16 batten, shaw, evidence that his normally as a postseason manager. And behind the bench. body by surprise. Hnm/ tw-™ and iiv-Mminci, 

SES? 0 !? ^ Garth *2? ^ CaDSaS Qty has lost straight In addition to the wholesale _ New York Rangers (62) — Ted E^speedraihe?*a?^£* 

people me gomg to get a tot of hits followed with aroutme pop to left m postseason competition — the coaching turnover, there has been ? VC T a . team thal wa ? the comers. Pete Peeters nS a 


Warmup Exerase 

DaveStieb 
when a 

the starred _ 

and Stieb wmt bade to work, retiring Kansas Gty one- two-three! 



earned- run average this season shaw. and Touv Fernandez, fol- that » nn^ir Etarr fnr tVii* <nm*ri. 


flood of touted rookies, 

m/'llldinn IBM imwruaJjwitaJ mm 


Finnish 


Ranno Hel- 



Instead, it was a laugher. Stieb Blue Jays think is the key to oadt- roll with it and come right back." 



National FoothaQ League Leaden 


Mm. 


•i;r. U'ffiji 

r-dOiDs 


' ^ -C 


fM' 


M 

A ' 





Mhxnl 

Son MKn 

Dwivar 

a«v»tand 

Cincinnati 

Pimburoh 

Seattle 

RakSere 

Jolt 

IndlanapoU* 
Buffalo 
Kansas CIlv 
New Ena land 
Houston ' 


Pittsburgh 

Raiders 

Jets 

Cleveland 

New Enakmd 

Miami 

Denver 

Houston 

KmasCItv 

Seattle 

Indianapolis 

Buffalo 

andnnatt 

San Otago 


AMERICAN CONPBRENCa 
TOTAL OFPKNSt 

Yards Rush 


3054 

3002 

ISM 

IBM 

182* 

TO1 

iro 


5M US 
432 1570 
405 1381 
870 M4 
730 1099 
7D0 1031 
503 .1215 


BartfcowsU. AH. 
Montana SJ=. 
DtaJtey, GJB. 
Simms, Giants 
Kramer. Minn. 
Lomax. 5U_ 
D-WItsan. no. 
HlBPta, Dot.' 
Brock. Rams 


ill 

m 

m 

147. 

167 

159 

131 

133 

n* 

m wbs r s 


49 738 

104 1273 
1C 778 
71 1233 
M 1211 
85 1143 
14 930 

47 9S 
49 107 


1633 

B7 1074 

Aft 

Yd* 

Avs La 

TD 

Thurman, DcJL 

1598 

698 900 wlhter, T4. 

m 

536 

46 

34 

2 

Wolfe. DalL 

,1596 

7® 8«1 Dorsatt, OafL 

.94 

444 

a 

31 

1 

JotawaRaia 

*1560 

61**. >156...«u a0 ^An~.-~— .105 

396 

34 

33 

2 

FoUoumi. DalL. 

1540 

•*> "“92 Roaore. Wash. 

. 71 

301 

44 

31 

1 


1530 

*» *67 Tyfef, S.F. 

73 

367 

54 

26 

2 


1251 

497 754 





Landata. Glanls 


Andersen. Stx. 4 4 0 0 24 

Coffman. GA. 4 0 4 0 34 

Scoring (Ktcktog) 

PAT FG La Pts 
Butler. CltL 19-19 HM4 34 49 

SoOttan. DalL 15-15 9-14 53 42 

Andorsoiv NXt. I M2 10-13 55 41 

OT3onoohue, stu 14-14 8-11 4* « 

Murray. OoL 10-11 8-n « 34 

intsrceanons 

No Yds Lg TD 
4 34 SO 

4 31 . 31 1 

4 9 4 1 

3 73 44 1 

3 53 29 0 

P uo Im s 


WOymsr. NA 


Yards Rush 
1351 
14W 


US 
1623 
. U53 
. . 1499 

172* 
1740 
1748 
177* 
184* 

. 1*4* 
20S 

INDIVIDUAL 


Pass 
94 745 

439 *80 

447 973 

450 WTO 
544 1059 
444 989 

527 1172 
*19 *10 

540. 12S 
501 1247 
458 1T21 
942 .907 
444 1305 
BU 1270 


Crola, S.F. 
Wilder. TA. 
Hill. DalL 
JJCML TJB. 
Cosble. DalL 


U 


No Yds Avo 
S '401 112 
.31 04 U 

S 407. US 
» . 319 114 
, 24 331 127 

ScsrtM (Toacbdownsl B«1gM, TA 

TD Rush Rec Ret Pts Stanley. GJB. 
Craig. If. 8 4-4 0 48 Taylor, CM. 

McKinnon. CM 6 0 * 0 3* McOiXv, Gnts 

Brawn. Minn. 5 r 


17 

49 

23 

32 


Saxon. DcrtL 
Coleman. Mini. 

Buford, CM 
Birdsong, su_ 

Pant Returner* 


NO 

Y«U 

La - 

Avg 

26 

1186 

68 

456 

20 

8*9 

57 

454 

22 

980 

62 

44 S 

22 

*57 

*9 

43J 

25 

1084 

66 

434 


a 30 


Cooper, pirn. 


No 

Yd* 

Avg 

La 

TD 

9 

103 

116 

29 

0 

11 

118 

107 

15 

0 

10 

IBS 

105 

21 

0 

15 

139 

9J 

37 

0 

11 

9* 

94 

16 

0 


UeS. College Team and Individnal I ja i fe rB 


TRAM DEFENSE 
Total 


Fouls, SJX 
Esloson. CM 
Plunkett, Rodrs 
Krtao. sea. 
(KBrlen, Jets 
Marino. Mia. 
Oankrtian. dev. 
Kenney. KX. 
Malone. Pitt. 
Elway, Den. 


Aft Com 

Ydo 

TD lot 


123 

75 

1084 

10 

4 

Oklahoma 

109 

64 

762 

7 

3 

Control Mich. 

103 

71 

803 

3 

-3 

Artama* 

166 

96 

1219 

II 

6 

Michigan 

130 

85 

962 

5 

3 

Autwra 

195 

117 

1413 

1 

6 

Iowa - 

124 

76 

935 

5 

5 

Florida 

157 

01 

1208 

■ 

5 

Georgia T*ch 

T71 

08 

1110 

12 

6 

Southern Cat 

191 

100 

1379 

12 

■ 

Oklahoma SL 


Ploys Yds Yds ae 
.94 2*3 144£ 
184 541 18741 
. 244 855 2137 
2» 941 240-2 
22S IDS 255-0 
290 WO 2407 
264 1048 267 a 
254 1074 2682 
246 1077 2892 ' 
276 IIM 2720 


TEAM OFFENSE 
Total . 


Nebraska 

Auburn 

SMU 

Indiana 

Kansas 

laum 

-Bnuharn Young 
Stanford 
Tens ABM 
Miami tFlaJ 


Alt Yds. Avg Lg 


mm* 

ts- 


At 






Chrlstmn, Rdr* 
SloU worth, Pitt 
BML Buft 
Largont, Sea. 
James, SXL 


Turner, Sea 
LIbps. PUL 
Pales, Jets 
Brooks, CM 
Warner, Sea 


TD 

2 

» ' 
3 
3 
3 


No Yds Avg La TD 


McNolL Jets 

106 

472 

44 

69 

Warner, Soa 

101 

417 

Al 

21 

Allen, Rafatore 

96 

409 

A3 

20 

Marie. Clev. 

67 

356 

S3 

61 

Bvner, Clrv. 

82 

350 

A3 

36 


GFL Leaders 


SCORING 


Kentwfd, Woe 
ilia BdC. 


32 

339 

106 

33 

2 

■ Ruott, Ham 

29 

367 

IZ7 

27 

3 

RMgwav, Saak 

2* 

295 

7.1 

21 

1 

Dorsey. Ott 

28 

429 

15J 

48 

2 

Hoy. Cal 

28 349 124 

(TaodKlMra) 

60 

2 

Dtxoa, Edm 
Kurtz, Mtt 

TD Rush Rec Ret Pfe 

Ellis, Sask 

7 

0 

7 

0 

42 

Bowl wpa ■ 

6 

0 

6 

8 - 

35 

. - . . 

6 

4 

2 

0 

36 



RUSHING 


% 



Revel*, MM 
Karris. Dsn. 
Lawary, ICC 
Breech. CM 
Loahv. Jets 


Scoring dacUM 
PAT FG 
15-15 IMS 
14-18 9-11 

13-13 W-11 
17-18 4- 8 

13-14 Ml - 
lataroaotloM 


La Pts 
40 48 

48 43 

58 43 

53 35 

48 -34 


Jenkins. B£- 
Hobart. Ham 
Dunlgaa Edm 

Watts. Ott 
Elite. Sask 
wiison, Mti 
Cowan. Edm 
Brown, ott 


TD CFGS Pts 
0 38 35 15 158 
0 37 30 19 144 
0 23 22 21 110 
0 22 22 14 102 
0 20 Z1 -12 101 
0 14 S .14 99 
It 35 17 It 97 
0 22 S 3 91 
13 0 0 0 70 
12 8 0 0 72 

No Yds AwgTD 
298 1180 5.1 8 
373 894 12 4 
*7 682 72 5 
99 638 6A 6 
78 533 60 10 
121 442 3J10 
- 108 425 32 1 
43 368 58 0 
- 75 253 AJ 4 


Poye. 5 torrid 
Norsetti, Kansas 
Boson. BYU 
Everett. Purdue 
TnJtobnsn. Tom 
TetdavidaJMla FI 
Bradley, ind 
Ryplea WashM 
GreenfekUintnm 
Lana. Iowa 


Plays Yds Yds pg 
320 20M 5145 
32S 2045 5142 
238 1544 5153 
343 2026 5065 
378 2513 5024 
303 2008 5025 
386 2482 4944 
339 1971 4927 
327 1920 4805 
290 1895 4717 

INDIVIDUAL 
Total Offense 

Yds Avg Yds PB 
.1488 45 3710 
1807 75 3614 
1782 75 3544 
1351 19 0X3 J 
888 7 3 2948 
1151 74 2875 
1145 7.1 2042 
1348 7.1 2734 
1082 54 2705 
1081 7J 2702 


Cherry, K.C 
Woodruff, PHI. 
Ross. K-C 
Brown, Haa 
Harris. Sea. 


No 

Yd* 

Ls TD 


5 

26 

24 

0 

Clements, Wpg 

3 

-62 

33 

0 

Dewitt B.C 

3 

47 

27 

a 

Dun loan, Edm 

3 

1* 

13 

0 

Paoaao. Sask 


Barnes, MH 
WWts, Ott 





No 

Yds 

Lg 

Avo 

Gill, AMI ’ 



Camarilla NLE. 

35 

1631 

75 

464 

Hobart, Ham 

- 

• *'\: r 

Molsieienko, SD. 

27 

1253 

63 

464 

- Jordan. Sask 


. .■/ V 

Roby, Mia 

17 

764 

62 

449 

Holloway, Tor 


- /■ 

LJohnson. Hau. 

28 

>216 

5V 

434 



. * ‘.i r 

Stark, ind. 

21 

907 

61 

412 




Na 

11 

17 


YdS Avg 
154 145 

200 T14 

99 118 

77 11J 
84 105 


25 


TD 

0 


Walker, Rodrs 
Pryor, ICE. 

HHL Butt. 

UbPS, Pitt, 
femes, SXl. 

^ NATIONAL CONFERENCE . 

TOTAL OFFENSE 

Yards Rush Pom 
D ottas 1971 608 1370 

Chicago 1948 710 .1251 

San Frandscs 1951 757 1194 


PASSING 

AM Com Yds 1C TD 
376 224 3373 14 16 
377 243 3298 9 28 
357 219 3108 19 16 
398 241 3084 14 8 
. 342 212 2864 19 11 
359 187 2370 18 9 
389 184 2009 D * 
349 147 2020 9 13 
158 101 1349 7 3 
131 *4 1144 3 » 
RECEIVING 

No Yds Avg TD 
76 1337 174 10 
59 lia 19.1 11 

45 1124 17J 6 
48 1019 150 3 

57 979 172 7 

58 958 165 5 
84 865 185 3 
44 M119.T* 

■47 783.157 5 

46 757 165 3 


Rmsnpb 

Car Yds Avg Yds pg 
108 815 75 2037 
118 676 57 1694 
151 839 53 167 JB 
137 664 4J 166-0 
SB 395 64 1317 

Passing 

Ratine 
Aft Cp Yds Ids Pts 
99 6* 936 10 T72J 
74 49 788 4 168.1 
130 It 1121 14 1683 
103 67 960 10 1674 
180 113 1687 12 1S7J 
Receiving 

Gms Ci Yd* Cl pg 
Muster, Stanfd 4 39 398 93 

Bynum. Ora SI 5 42 523 A4 

Allen. Ind 4 29 446 73 

Lockett. LneBcti 5 36 438. 73 

Bellini. BYU 5 34 535 64 

FfeJd Goals 

FGA'FG Pci FGPO 


Jackson. Auburn 
Thomas. Ok lost 
Palmer, Temale 
White, MlcttSt 
Dward, SMU 


Santo*. SD SI 
Murray. TexA&M 
Long. Iowa 
BOO, Fla 
Norseth, Kansas 


BASEBALL 
American League 

BALTIMORE— Resigned Earl Weaver, 
manager, lor wit year. 

SEATTLE" ■Na m ed Dick Boldorson. vice 
president In charge of basebaH operations. 
National League 

NEW YORK— N amed Roland Johnson 
scouting director. 

SAN DIEGO— Signed Grain Nettles, third 
baseman, to a new contract. 

BASKETBALL 

National Basketball Assedatioa 
SEATTLE— Placed Tim McCormick, far- 
' wartt-center. on the bilured reserve list. 
FOOTBALL 

" National Jfootboa League 
ATLANTA— Signed David Croudlp. corner- 
tadL R» lea se d Reggie PleoaonLcomerbCKk. 

CINCINNATI— Waived Sean Thomas, cor- 
norback. 

GREEN BAY-L-Reieased Tony Degrata de- 
fensive Unemun. Signed Mark Shumate, de- 
fensive linemen. 

KANSAS CITY— Waived Odls McKinney, 
defensive back. 

SAN DIEGO— Placed Ludaus Smith, cor- 
nerback, on the inlured reserve lilt. Signed 
Jim R ockford, conwrback. 

HOCKEY 

National Hockey League 
BOSTON— Sent Daun KostynskJ. forward, 
and Cleon Doskalakls, goalie, to Moncton of 
the American Hockey League. 

CALGARY— Acquired Craig Levie, de- 
fenseman, In the waiver draft. 

DETROIT— Assigned Lone Lambert, right 
wlna; Claude Loiselle. center, and Bob Pn>- 
berf. left wing, ta Adlronaock at me AH L. 

NEW JERSEY— Acquired Ranav Vells- 
diek. defenseman. In tbs waiver draft. As- 
signed Karl Frisson, pool le; Luc Dufmir. left 
wtng, and Pat Conacher, center, ta the Malna 
Mariners of Hie AHI_ Assigned Shawn Mac- 
Kwale, goalie, and David Andenoa left wing, 
to Fort Wayne of the International Hockey 
Leaoue. 

N.Y. ISLANDERS— Acquired Randy Boyd, 
defenseman. In tne waiver draft 
N.Y. RAN G E RS— Sent Glen Hanlon, goalie, 
to Adirondack of me ahl. Sent N lek Fotiu and 
Mike Rogers, forwards, and Rob Whistle and 
Stave Richmond, defensemen, to New Havsn 
of the AHL. Sen) Pierre Lorouctie, center, to 
Hershev of the AHL. Sent Terry Carkner.de- 
fensemon. to Petartiorouoti af Hie Ontario Ju- 
nior Hockey League. 

PITTSBURGH— Acquired Willy Ltad- 
slram, Don Frowlev, and Mike BtalsdelLMght 
wing*. In the waiver draft. Drooped Wayne 
Babycti, rtotit wing, from the roster. • 
TORONTO— Acquired Owls Kotsopoulb. 
defenseman, from Hortferd In exchange tar 
Stewart Gavin, left wing. 

VANCOUVER— Acquired Brcni Peferson, 
center, hi the waiver draft. 

WASHINGTON— Acquired Dwight Sdm- 
HeM, defenseman. In the waiver draft. 


Playoff Box Score 

AMERICAN LEAGUE: GAMB I 
KANSAS CITY TORONTO 



abrhw 

abrhbr 

LSmith H 

4 0 0 0 Garclo 2b 

5 0 2 0 

Wilson cf 

4 1 1 0 Loo 2b 

0 00 0 

Brett 3b 

4 0 3 0 AAoiaby cf 

5 00 0 

Orta eh 

4 0 0 0 GBetl If 

5 12 0 

Sherldn ri 

3 0 0 1 CJhnsn dh 

4 110 

White 7b 

4 0 00 Barfield rf 

2 110 

■ Balboni lb 

3 0 0 0 Upshaw 1b 

3 2 10 

_ Sundbrg c 

3 0 0 0 Glam 3b 

110 0 

. Bloncln » 

2 0 0 0 Mullnki 3b 

3 0 11 

Dloro nh 

10 10 Whitt c 

30 12 

Cncpbt ss 

0 0 0 0 Femng; *s 

3 0 2 2 

TOolii- 

32 1 5 1 Totals 

34 611 5 

Kaoaaa aty 

0M 00* 

*01— 1 

TOroeta 

023 100 

OOX— 4 


The Whalers 
and could be a 
four dry years, 
nets should be a 
big plus, and Ulf Samuelsson is a 
much improved def enseman. The 
forwards are excellent fore- 
checkers. and Jorgen Pettersson 
will add scoring punch. 

NORRIS DIVISION 

ton Oilers once again figure to Craig .Simpson will anchor another se^S^nSs. the^aclc'Hawks 
drink from the Stanley Cup. The !“ e ; r Po f bl £- took Edmonton to six games in the 
challengers managed to pass a new gpaltender Gtlles Meloche; if he Stanley Cup semifinal Roger 
rule Kmiting the four-on-four situa- ,„ e *** *"8 saves, the Pen- Neilson will serve as General Mo- 

tions in which the swift Oilers ex- 6 11 * 11 ? ^ s 9 ore enc ’ u E^ 1 to wm on a ager-Coach Bob Pulford's chief 
ceL but it would take a handicap re S^ f aas. strategist, a perfect role for him. 

' - Nw (54) -Defenseimn ^ 

Craig W ofa nm is a yoimgster of gosT whci Murray Bannernan 

-dWanaaSko^havabccn 

goalie Chico Resch, at 37, is the Minnesota ( 62 ) — 

NHL’s elder statesman. The Devils ch, L^HiSig, lSraed much 
rig taa to p ass anyone, bal al aj hand, but he 

they are unproved enough to guar- 
an tee that no Patrick team will hit 
100 points. 

ADAMS DIVISION 
Montreal (JM) —The Canadiens 
have the most talent in the division 
and young players make it a team 


setup like golfs to bring Wayne 
Gretzky & Co. back to the pack. 

Tight races are likely in three of 
the four divisions. The Smythe 
could be close, too, if the Oilers 
treat the 80-game regular season as 
i o 2 o the playoff warmup it has become 
for many of the better franchises. 

A rundown of each race, with 
predicted order of finish (teams’ 
1984-85 points are in parentheses): 

PATRICK DIVISION 


Waslangton (101) — Don't be 

fooled by the mediocre exhibition- of the future. Swedish right 
~ u “ * ■* Kjdl Dahlen, goal tender Pa 


right 

must overcome the ire of fans who 
wanted Herb Brooks as coach. 
Kent Nilsson adds scoring punch, 
but what this team needs axe disci- 
pline and sound goaltending; nei- 
ther is yet in evidence. 

_ St Louis (86) — Despite the ad- 
dition of Mark Johnson, center re- 


Gam6 Winning RBI — Wtiltt 111. 

E— 8a Ibant. LOB— Kansas City 5. Toronto 8. 
2G— Brott. G-BolL CJetinson, D.lorg. SB— 
BarfteW 111. SF— Fernandez. 

IP M R ER BB SO 


Gustafsson at center shratid ^aTd c^ter St^e ^ °°^ Wicjcen- 

vide a big boost, and rookie de- could make a quick impact. The big iSffl SSr b h? g M Ul A4 th ^v ,Uiy ' 
fenseman Kevin Hatcher looks like question is the coadxJean Perron, 


Kansas aty 
Labmdt UM 
Parr 
Gublaa 
DJaekson 
Toronto 
Stlob W.1-0 
Hanks 


;ood one. Still needed: a left wing who will try to fill the shoes of the mu^iTbm 

io can score consistently. departed Jacques Lemaire. die Blues are thin i 


UNbronOI Pttcbed ta 3 bolter* In the 3nL 
MBp — Upshaw, bv Lei brandt, T— 2:24. a — 
39,114. 


Playoff Comparison 

NATIONAL LEAGUE 
Statistics tar St. Louis In It* 12 gomes 
against Lai Angeles In 1985 (SL Louis won 
ttwej: 

■attar AB R H HR RBI Pet 

Cwfeno 9 1 3 0 0 333 


the defense and Mark Hunter adds 
x departed Jacques Lemaire. muscle, but the Blues are thin over- 

New To* Islanders (8d) — This Buffalo (90) — Rookie Coach huv 

is a rebuilding year with a lot of Tim Schoenfeld replaces a legend, 

question marks. Can Kelly Hrudey Scotty Bowman, who will betook- nSS^KA 

blossom mto a first-class goal tend- ing over his shoulder from the gen- J“ d 001 

erf Can Denis Potvin Sd Ken eiS manager’s pereh. BoSromfi 
Morrow lead young defensemen no patience with voung players, so who 
like Paul Boutilier and Gord Din- SchVenfeld could ’help lib you^g- iL^SS 

cen to a higher level of play? Will slers as Swedish ceaita Mikael An- .7 

B„ ra.„_. d.. d5reson . The wcairKsTd^ f ““ B Mfa Me 


Pat Flatley and Pat LaFontaine 
achieve (he stardom predicted for 
them after the 1984 Olympics? Be- 
cause of last season's slump, Cmoh 
Al Arbour is expected to emphasize 
the regular season for a change. 

Philadelphia (113) — A thin de- 


Herr 

47 

3 

15 

Nieto 

23 

1 

7 

McGee 

51 

e 

14 

Dejesus 

4 

0 

1 

Jorgefisan 

4 

i 

1 

Porter 

16 

0 

4 

Coleman 

43 

5 

10 

Smith 

43 

5 

10 

Van 5lYtm 

19 

O 

4 

Clone 

40 

4 

g 

Pendleton 

46 

3 

V 

Landrum 

14 

1 

2 

Braun 

8 

2 

1 

Harper 

1 

0 

0 

Lawless 

I 

0 

0 

Tefal 

403 

33 

*3 


Ewen anti Harold Snepsts must 
carry a heavy load. 

Toronto (48) — If youngsters 

EX'ZE-iESiSZt ESZfi&^SS 

b« Dec™. i y “h“™ ™ ^ 


where Scboenfdd, Jerry Korab and 
Dave Maloney will be missing. 
Quebec (91) — Defense 


7 °^ fense took the Flyers a long way a enough experience for a Wgjump 3XZ™S 
4JB4 year ago. It's not Ucdy to haroen forward. Mario Gossclin provide d 

again- Brad Marsh will benam- solid orwit<»ndina and rioht Hol 3 e calming, 34, cannot be 


3 333 ie Pelle Lindbergh will have a tough the dub’s penchant for dissension: 
- — time repeating last season’s sue- Mario Marois and Michel Goulet 
cess. The Flyers have tough, tens- spent the summer grousing. 


Soccer 


WEST GERMAN FIRST DIVISION 
Bavor Leverkusen L Hamburg 1 
Bavam Munich <V Hanover 0 


Pitcher 

IP W-L SO BB 

ERA 

Davfev 

an 

0-0 

6 

0 

0X0 

Lahti 

19 

1-0 

1 

a 

a no 

Andutar 

212 

2-0 

12 

A 

1-52 

Tudor 

21 J> 

1-2 

14 

3 

2J57 

Horton 

*2 

0-0 

4 

7 

2J9 

Cox 

too 

0-2 

11 

3 

4X0 

Forsch 

Al 

04) 

4 

1 

A15 

Campbell 

A0 

0-1 

i 

0 

AS) 

Worrell 

□J) 

041 

0 

0 


Total 

1094 

S-7 

M 

33 

241 


i> i - , . V . zjuijk, .m8hhhh j LtLLUiUL UC ex- 

* m Pered by the official emphasis on John Anderson waTan^importMi? msS«°forem- U Don 

f 3 CSSnS£SSS^S± 2 KSt iHSA® ^ man onthe^t in S ^ 

SMYTHE DIVISION 
Edmonton (109) — Finnish 
winger Esa Tikkanen and Craig 
MacTavish, the former Bruin, fig- 
ure to make a great team a tad 
better. Only complacency has a 
chance to beat the Oilers. 

Calgary (94) — Injuries have 
been a problem for the Flames, 
who will miss Nilsson's 37 goals. 
His departure should make for a 
closer-knit team, however. There is 
enough talent to regain second 
place. 


1 311 
3 JOO 
3 .196 
0 .143 

2 .125 
0 MO 
0 M0 

32 330 


1986 Tour de France Witt Pul, 
Premium, on (limbing Ability 


Statistics tar Lo* Angeles la ft* ins gams* 
ooaUut 51. Lome: 


Tennis 


Fomansez,' B.C 
BOnt.Wpg 
PopkMSkL Wgg 
EtaaaitLSesk - - 
Grow, Tor 
Talbert, Cfri 
EHI&, Sasfc. 

Sandusky, B.C 
Kelly, Edm 

AtrMgfe Ott ’ 

.PUNTING 

Na Yds Avo. 



Glann 
SL Louis 
enwi Boy. 
Tairaa Bay 
W M W nowti 

Minnesota 

Now Orleans 

Atlanta 

Rbms 

Detroit 

PbUadotoMa 


1761 

1729 

1656 

1660 

1640 

1619 

1355 

1530 

1447 

1378 

1326 




Giants 
WDshbiglon 
Roms. 

^Ntadetahia 
“ta Frandsco 
. 4d«IIoj 
? Chicago 
7 Green Boy • 
Mlmossfe 
Tanwa Bay 

fit Loul* 

New Orteon* ' 
Atlanta 
Detroit 


TOTAL DEFENSE 

Yards Rwti 
1338 50* 


633 1KB 
652 1 1077 
737 197 
541 1099 
.930 710 
S04 1115 

601 954 

602 928 

654 793 

457 921 

■596 790 


. . 1394 

1455 
1463 
1S41 
1553 
1707 
1721 

1783 

1784 
IBM 
IBM 
IBM 
W99 

INDIVIDUAL' 

Bera 1-i Ihii*. 

Alt Com Yd* TS Iftf 
CIH. .. 123. .79 J1JK. 10 5 


555 839 
465 990 

716 747 

582 959 

471 1082 
446 1361 
618 1111 
632 1151 
617 IU7 
901 903 

505 1279 
*59 1217 
■94 1104 


dark, Ott 
Dixon. Edm 
Ruoft. Ham 
Pntasrila Bx. 
Cameron, Wpg 
lleslc. Tor 
McTague. Mtt 
HOY. CM 


Clash, BJ1 ■ - 

Zeno, Sort: 
Stee le. Wpg 
Cartad. Tar 
Woods, Edm 
mm.CN : 

Crawford. Haro 
TrefHbb Edm - 
NolfeN Wpg 
Bennett. Horn 


. L 

116 5447 47J) 71 
96 4412 460 72 

103 4706 4SJ 77 
107 480644.9 76' 
91 4077 418 is 
119 5084 427 • 81 
1M 4414 424 65 

117 4845 414 77 
PUNT RETURNS 

No Yds AvgTD 
D 853 10J 0 
• SB *17 106 2 

47 417 93 1 

48 385 AS 0 
33 -323 9J D 
* 310 97 0. 
43 309 73 1 
35.-289 8J 0 
37 286 A* 0 
30-284 9.5 0 


WMtar..Ky 12 11 J17 U5 

Jogger, wash 15 13 J5a no 

Stodlki, Va 12 10 JOS 2J0 

Zendalas, Arte 17 12 306 1M 

LAO, UCLA . 11 11 1JHB 120 

Scoring 

TD XP FG Pfe PtPg 
JaefcBOn, Auburn 8 0 0 48 120 

Dopant SMU 6 0 0 36 128 

-Muster. StanU 7 2 0 44 11A 

BollbiL BYU 9 0 0 54 1ILB 

Stamm, va 0 12 10 42 105 

AU-Pa-paie Runners 
Rush Rtc PR KOR Yds YdsPg 
McCollum. Nvy 490 147 45 2DB 890 2215 
Jaefcsan, Auburn 813 0 0 0 815 3033 
Thomas, Ok laSI 676 10 92 0 778 194J 

Pahnar. Temple 839 78 0 47 964 192J 

Cherry. Oregon 804 121 0 205 932 IBM 

JBteresFttoes 

G No Ytfc TD IPG 


WoQwr, E Caro 
NorihnatiuOrc SI 
Moore, OklaSt 
Webstar. Fresno 
PewoU, Auburn 


5 8 
5 S 
4 4 
4 4 
4 4 


Punting 


cofitart. Auburn 
-KM* Rice 
Kelly, Minn 
-BJmlin, Miss 
Carter, SMU 


75 0 160 
39 0 UM 
100 1 1J» 
75 1 1D0 
62 0 LOO 

No Avg 
15 4 U 
20 47.9 
17 45.1 
34 446 
14 44.1 


PRO LEADER5 
MEN 
Earning* 

1. Ivfe! Lendl. S8474QL 2. John McEnroe, 
S822JB37. X Mot* W1 lander, S527JS7. A Jimmy 
Connor*, S446636. j. Borfe Becker. S34L055. 6 . 
Ander* Jarrvd, *305X69. 7, Tim Mayotte, 
S283689. 8, Stolon Edberg, 5277,15$, 9, Tomas 
Solid, S8U74. 10, Joafclm Nystrom, ffww-iw* 
Tear Point* 

LJatm McEnroe. 3601 1 Ivan LendL 12B4. 3, 
Mat* Wl lander. 1598. A Jlmmv Connors. 2X58. 
5. Barb Becker, 1,901 », Yannick Noah,1697.7. 

Staton E Aero, 1£1 1.& Anders Jarryd, ] 66a 9. 

MJIostov Medr, l£8i. 10, Tim Mavotte, 165a 

WOMEN 

Earnings 

T, Marline Navratilova, *1,152X79. 2. Olrts 
■Evert Lloyd, 5774^49. 3. Hana Mandllkova 
*509697. 4. Hdeno Sukova, S347S87. 5, Pam 
Shrtver. *323603. a Ctoudia Kohde-KIbch. 
3300545. 7, Zina Garrison, smOM. & Kafhy 
Jordan. S1S3L34& % Kothv Rinakfl, *175692. la 
Elizabeth Emyllo, JUS637. 

Tour Points 

V Chris Evert Lloyd, 21 00. Z Martina Navro- 
ttlova, 1850. l Pam Shrlver, 1220. 4, Claudia 
Koftde-Kiisctw ilea, a zina Garrison, lino. A. 
Mono Mandrueovd, W0, 7, Manueto Maleeva 
*65.8, Kathy RlnaWI.900.9,GabrielaSobarinJ, 
895. UL Helena Sukova B7i 


Batter 

AB R 

H HR 

RBI Pet 

Wnitffetd 

14 

3 0 

2 

3 471 

Guerrero 

29 

7 14 

1 

3 MS 

Sax 

34 

6 14 

0 

1 412 

Cabell 

16 

3 6 

1 

4 J75 

Brock 

35 

3 12 

0 

3 443 

Anderson 

23 

3 6 

a 

2 -261 

Matuszek 

5 

0 1 

0 

1 200 

Marshall 

31 

0 6 

0 

4 .194 

Landreoux 

32 

4 6 

2 

6 .IBS 

Madtocfc 

48 

7 9 

1 

1 .188 

ScteOda 

27 

2 5 

0 

2 .185 

Yeooer 

17 

0 3 

0 

3 .176 

Duncan 

36 

5 5 

0 

0 .139 

Maldonado 

16 

1 2 

0 

0 .125 

Bailor 

6 

o a 

0 

0 400 

Johnstone 

1 

0 0 

0 

0 400 

Total 

402 39 H6 

5 

34 264 

Pitcher 

IP W-L SO 

BB ERA 

Dfex 

2.1 

0-0 

1 

1 0X0 

Howell 

94 

1-2 

9 

3 1X0 

Welch 

184 

2-0 

9 

2 140 

Valenzuela 

174 

1-0 

15 

5 149 

Nledenhnr 

».1 

1-1 

8 

3 1.93 

Honeycutt 

124 

14 

9 

5 340 

Hershber 

20.1 

1-1 

14 

6 X10 

Reuss 

19.1 

0-1 

8 

7 326 

Castillo 

0.1 

04 

1 

0 5440 

Total 

. 1114 

M 

75 

24 137 


will be 23 daily stages; four will end 
at the tops of major climbs — at 
Superbagn&res, Col du Granon, 

l?S55SiS 

23-stage. 4, 000-kilometer 

taret, Gabbier, Tel egraphe and plenty of offense, Dale Ha werchuk 


Compiled by Our Stuff From Dispatches 

PARIS — Organizers of the 
Tour de France, the world’s most 
prestigious bicycle race, have an- 
nounced a J9S6 route with heavy 
emphasis on mountain climbs. 

(2.48 5 -mile) course, unveiled Tues- 
day, features some of the most rig- Croix de Fer, with the linish _ at ™ nawercnuK 

orous maun lain stages seen in re- L’AJpe d’Huez. The event’s one rest !“l > ^ I L slatus ’ ^ 

and Irish cyclist day will come after the AJpine 
stages and before the riders tackle 
the Massif Central 
. Felix Levitan, who helped plan 
toe course, said toe lough moun- 

Frenchman Bernard Hinault, a tain stages were a “real provocation 
five-time winner, agreed that “the aimed at wait-and-see competitors , V _r ’ 

route is favorable uTto climbers," in toe pack." ^ ^^SfSSSSSS!!^ 

but he added dial “there is every- The organizers are expecting be* 59 West 

thing there for a great tour." ^ tween anfSa TSSSSSSg 2Sd? TcSfSS 
The 73d tour, starting and finish- national amateur groups, and may fh » 

ing in Paris, will run from July 4 to cut squads to a nS™ of nmc 


cent lours. 

Stephen Roche said it “seems made 
to measure for toe Colombians," 
who are noted for their climbing 
skills. 


toughness is no problem. 

Los Angeles (82) — The Kings 
moved ahead last year when Coach 
Pat Quinn instilled some discipline, 
but they lack the talent to challenge, 
toe division's top three. Scorer- 
Marcel Dionne is 34; the defense is 


MF, UP!) 


POS mON-BY-POSITIOM 
Flrat Bate 


JGBUns. an 
Zona, Sask . 

FfeUktr H*«ti 

Tawnrend, Twr 
Ptxaen, Mil 
Catarbono, Ott 
EttaanlA Ott 
HTTLMft 
Ettwrnf. Sa*k 

-Janos.. Edm • 


KICKOFF RETURNS 

NO Yds AvgTD 


30 610 203 
23 . SU '22.9 
IB 40* 22J 
19 4M21JI 

13 351 27.0 

14 322 38.1 

15 2*2 W J 

12 282 XU. 

13 274. 21 J 
11 2W 236 . 


NO V* TD Avg 
TucMr, Utah B 201 0 25.1 

Sdundes. Svrow 10 190 1 194 

Mttoolf, Toxos 10 169 0 16.0 

- LsndOk Army * iso o 16J 

Green, Ouko 4 98 0 1*3 

lOclcofT Retam 

No Yds TD- Avg 
Glvim, Lnrllo U 505 2 St) 

Tucker, Utah 8 ns* 1 XSJ 

: Walker, TxTeai * Tfe 0 323 

TJockron, Go 5 156 0 314 

Calhoun. Fidrtn . 7 217 l 314 


FEDERATION CUP 
(Round TWO) 

CAT Rog o va, Japan) 

Cwchoslovnlilo itaf, Swltxarond 2-1 

UnltM States <fef. China 341 

Arganllno del. Now Zealand 2-1 

Australia dot Spain jo 

Bulgaria del Yugoslavia 3-0 

nerty Oaf. Mexico 341 

Hungary art. Canada 2-1 

Britain 1, Japan 1 (poor tight stopped picrri 


Basketball 


NBA PRC5CAS0M 
Boston na L-A. Lakers ID* 
Attonto 124. Gfevstond 108 
Houston IB, CMcogo 122, 2 OT 
Portland 115, Golden Stale 107 


Player 

AB 1 

I 

M HR RBI BA 

Brock, la 

438 

64 

110 

21 

66 251 

Clark, STL 

442 

71 

124 

a 

87 2B1 


Second Bau 



Sox. LA 

488 

62 

>36 

i 

47 279 

Herr. STL 

596 

97 

180 

B 110 202 


Shemtoa* 



Duncm. la 

562 

74 

137 

6 

39 244 

Smith. STL 

537 

78 

148 

6 

54 226 


Third Bos# 



Modtak, LA 

513 

69 

141 

12 

56 275 

Pendhn, STL 

55* 

56 

134 

5 

69 240 


Left Fielders 



Gucrrer, LA 

487 

99 

156 

31 

87 220 

Calnuv STL 

63* 

107 

170 

1 

40 267 


Center PleWere 



Landrex. LA 

402 

70 

129 

>2 

SO 3U 

McGee. STL 

612 

1T4 

216 

10 

ta 353 


Right FMdtry 



Marshll, LA 

518 

72 

132 

28 

95 293 

Vn Shice, STL 424 

61 

110 

13 

55 259 


Catcher* 




Scfeada, LA 

429 

47 

127 

7 

S3 296 

Nieto, STL 

253 

15 

57 

0 

34 225 

Porter, STL 

240 

30 

51 

10 

36 211 


Drive-In Wagers? You Can Bet on It 

r a c verA« T7 ^ jtss ^ UfJ **? "This way we get people on their lunch breaks or 

. *-Aa vhjAS — At a drive-m window here, motor- coming home from worit,” he said. 
i5ts can rader the Steelers minus six points or three of Bettors can wager from $5 to S3, 000 on any games 

toerr favorite football teams fora quick parlay. listed and can also bet anv of the parlay cards or 
Following toe trend of banks and fast-food outlets, specials available. 

NflfM C T.Wn land- ■— . J — l 1 !_ J a * 

A mm\T in the drive-up lane lists the latest odds 
or poinl spreads; a player makes his choices before 
driving to the betting window. 

The window has been open on a five-day basis, but 
Taonessa said it will eventually become a seven-day 
ic i*u9 iiugui wait in one to ptace bets. operation. “Right now it's only for football betting, 

It’sjnst like a McDonald’s where you drive up and bul 11 ^ go to baseball and basketball by next 


its sprats book, where bettors can drive up and plunk 
down money. 

The experiment has proved so successful that the 
resort no longer advertises the window, which is espe- 
cially popular on football weekends when a dozen or 


S! 

taonessa, who manages the sports book. “Except on *** now ““*■•■ * 
our menu you look up point spreads" He said the only real complaint so far is that the 

Taonessa said the experiment began earlier this year window doesn't offer a cashier to pay off winners, 
alter some bettors co mpl a ine d about a lack of parking Players must still go inside the casino to collect. “I 
space and of having to fight through the crowded think down toe road we’re going to need a cashier," he 
casino to place bets. said. 







& t 


Page 20 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, OCTOBER 10, 1985 


ART BUCHWALD 

Drugs 9 Hits and Errors 



AOTINGTON— Who’s on 

No, Who is in court testifying in 
the baseball drag trial. 

WdJ, if Who is in court, then- 
What is on first? 

No, What is also a government 
witness. Who told the prosecutors 
What gave him amphetamines dur- 
ing the World 
Series. In order 
to save his drfn 
What offered to 
name the people 
who sold them 
to form 

Who did 
What name? 

I Don’t 
Know. 

Don’t tell me , ... ... 

you don’t know Buchwald 

who else is involved in the scandal. 

I Don't Know is testifying for 
the government after they threat- 
ened to give him 30 years. 

Who could be on second? 

I told you. Who is not playing 
baseball anymore. He's spending 
all his time ratting on his pals. 


Menotti to Move 
Festival Finale lor 
’86 Spoleto U.SA 

The Associated Press 

C HARLESTON. South Caroli- 
na — The 10th anniversary of 
Spoleto Festival U.SA. will not 
end with a bang neat year, the orga- 
nizers have tentatively decided: 
The traditional outdoor finale and 
fireworks will give way to a gala at 
Gaillard Municipal Auditorium. 

The outdoor jazz concert also 
would be moved indoors in the pro- 
gram drawn up by the festival’s 
founder and artistic director, Gian 
Carlo Menotti. 

After meeting with the festival's 
executive committee, the composer 
said the finale need to be moved 
because of difficulties in ^tting 
large crowds down the two-lane 
highway to Middleton Place, the 
plantation where die final event 
has been held. 

Events in the tentative 1986 line- 
up include the operas “The Saint of 
Bleeker Street” by Menotti and 
“Lord Byron's Love Letter” by 
Raf fauna de Banfield, with libretto 
by Tennessee Williams. 


But if Who isn’t playing base- 
ball, and neither is What, and I 
Don’t Know is in court, then that 
means no one is covering first 

Someone is on first but he hasn’t 
been indicted yet 

Do I dare ask who is on third? 

I don't biow. 

What is I Don’t Know doing on 
third? 

I Don’t Know is not on third. AO 
I said was T don't know who is on 
Third. The reason I don’t know is 
they’re still searching everyone’s 
locker. 

□ 

It sounds like a big scandal 

It is because once they start 
rounding up the usual suspects 
there is no end to it Every one is 
copping a plea with the assistant 
attorney general. As long as you’re 
willing to blow the whistle on 10 
pals you can play baseball 

Who is representing the defease? 

No, Who is a witness for the 
prosecution. The government 
wants Who to tell the jury where be 
got the dope. 

What dope? 

That’s right What bought dope 
from a third party. 

Who? 

I Don't Know. 

You mean f Don’t Know was a 
dealer? 

According to What he was. Who 
led them to What, and What led 
them to I Don’t Know. Once I 
Don’t Know takes the stand there 
will be a lot more players involved, 
d 

We haven't talked about home 
plate ycL 

That’s where they unloaded the 
stuff at night 

Where? 

Under the plate. 

Who knows about it? 

Of course Who knows about it. 
And so does WhaL Every player 
helped himself to some when be 
came to bat 

Did the manager have any idea 
how much was being used? 

No, the only one who knew was 
the caterer for the team. 

Who was that? 

It wasn’t Who. 

What? 

Possibly. 

How far will the witnesses go to 
save their own necks? 

I don't know. 

That’s more than likely. 


Cooperstown Autumn: Condos, Baseball, Opera 


By Tanc Periez 

Nsw York Times Service 

C OOPERSTOWN, New York — The 
crystalline lake immortalized in the 
novels of James Fenimore Coops shim- 
mers in dear sunlight these days, a cheerful 
salute to autumn. 

While out-of-townera flock through the 
Baseball Hall of Faroe, the prospect of the 
first housing development m four d ecades 
on Otsego Lake has aroused the indigna- 
tion of those locals who are sometimes 
blast about die sports archive but never 
about their lake. 

Thirty-two condominiums are about to 
appear on a 30-acre (12-hectare) bluff 
above die nine-mfle-loag (14J-lrikxneter), 
fir-fringed lake, and they represent to 
many lon gtime residents as unwelcome 
20th-century encroachment in a village 
proud of its 1787 birthdate. 

“The srndl of the french fry is fast ap- 
proaching,’’ said Robert Seaver in his col- 
umn. “The Badger.” in the weekly newspa- 
per, The Freeman's Journal He objects to 
the prospect “of more traffic on the lake 
road and die threat of pollution to a lake 
known for its pure water. 

But the condominium bulkier, Frank A. 
Brigugho Jr. from nearby Oneonta, says 
his development will raise property values 
in a village where spacious Victorian lake- 
front homes with pillared porticoes can be 
had for less than one-bedroom apartments 
on Central Park West 
And. be argues, it is time that what he 
calls an exclusive preserve is opened up. 
“Why should a pnvilegd few only have 



of 4,191 hits Rose had jnsi broken. Then 
the boy snapped a photo of the old-tnner. 

WilliamGmlfoite, the publicity director 
of the Hall of Fame, said the museum had 
been in tcodi with Rose to ask for a me- 
mento or two. 

The iwtMim already has a display case 
devoted to Rose, crammed with uniforms, 
halls and hfits “We’ve given him a list,” 
GmlfoDe said. “But we'll be happy to get 
what he decides.” 

□ 


m 


Dowd J— York Wan P) 

Statues of James Fenimore Cooper (left). Babe Ruth In Cooperstown. 


access to that 


asked. 


Much of the self-image of Cooperstown, 
a villa ge in Otsego County about 60 mpeg 
west of Albany, springs from two fam il i e s : 
the Coopers and the Clarks. 

Several monuments, one a 25-foot (73- 
weter) column of Italian marble, celebrate 
James Fenimore Cooper, the anthor of the 
** i ^alheretocking Tales.” The writer’s fa- 
ther, Judge W illiam Cooper, returned from 
New Jersey in 1790 with his family and 
built a manor bouse on the lake. 

Edward Clar k, the founder of Singer 
Sewing Machine Co, came half a century 
later, choosing the serene village as a sum- 
mer playground. He put up handsome 
homes and acquired large forested tracts 
on thelakeshore that remain, unsca t hed, in 
.the family. 

In 1909 he opened a sumptuous resort 
hotel, the Otesaga, for well-to-do New 
Yorkers who preferred the central part of 
the state to the Adirondacks. The Otesaga 
still stands, a grand dowager of a bufldint 
catering these days to conventioneers, such 


as m embers of the New York State Garden 
Clubs, who were there last month. 

Henry Cooper, a writer at The New 
Yorker magazine and a great-great-grand- 
son of the novelist, keeps a place in Coo- 
perstown. But it is the legacy of the Clarks 
that dominates. 

Some of the locals say, in jest, that Coo- 
perstown is really a feudal village because 
the largest employer of the £300 year- 
round residen ts is the Clark Foundation, 
the repository of much of the Clark wealth. 

The foundation, housed close to the 
museum, supports .many of the 
village enterprises, including the Baseball 
Hall of Fame, two other historical muse- 
ums, the Otesaga Hotel, the hospital and a 
golf course. 

It was the Clark Foundation that sdd 
the land that the bulldozers are clearing for 
the condominiums. Foundation officials, 
however, are no happier about the pros- 
pects of new housing on the lake than 
anyone else in the village. 

“We thought the lakefrant property was 
very porous and it was our feeling that it 
was pretty close to worthless,” said Edward 
W. Stack, who heads the foundation. “If 
we’d known what was going to happen, 
there's no way we would have sold it” 


Conversation in theCoopenlowii Diner 
early one recent morning: Two women at 
the counter discussed the day's news before 
going off to work. 

ft was too bad, they lamented, that in a 
village of history, the governing body had 
turned down a proposal, the night before, 
to erect a monument in memory of the 
marines from New York State who had 
died in the terrorist bombing of the marine 
headquarters in Beirut in 1983. One of the 
had been from Cooperstown. The 
village seems to care more about attracting 
tourists than remembering its own, the 
women agreed. 

“For ail the fuss about baseball here, the 
Little League doesn’t even have a field of 
its own,” one woman said, referring to 
something that has long been a sore spot 
for residents. 

More than 200,000 fans linger over the 
artifacts in the Baseball Hall of Fame each 
year, often touching the bronze likenesses 
of those of their heroes who have been 
admitted to the pantheon. 

Since Pete Rose's record-breaking hit, 
the crowds have seemed especially rever- 
ent. The other day, a young boy asked his 
father about Ty Cobb, whose career record 


Soon, opera win compete with baseball 

Coopetstovo, a village where legend has 

[a pretty roach, discredited legend) Abner 
Doubleday invented the game in 1839. 

On 20 acres of Grids that were once a 

turkey fann. Thomas Goodyear is buflding 
an opera house. - 

He envisions a Cooperstown venaon of 
Glyndeboume, England, where a summer 
opera company performs in the country- 
side for audiences, some of whose mem: 
bers, in formal attire, picnic from the 
tranks of Rolls-Royces. 

“It may not be: as riassy. because you 
can't get Americans to get dressed up in. 
evening dotbes.” said Goodyear, a portly 
man who has done a lot of character acting 
and who says he is no relation to the tire 
family. 

For 10 years the fledgling company, 
known -as the Giunmergass Opera Theater 
(named after James Fenimore Cooper’s 
name for Otsego Lake), has. been makin g 
do with the high- school auditorium. Under 
those strained conditions, die group has 
won criti c praise and foundation support 
for its small-scale English-language pro- 
ductions. 

In the next month or so, ground is to be 
broken for a 900-seat opera bouse that will 
be made of wood and have a barnHke 
exterior. It has been carefully designed to 
blend in with the surrounding farm bmld- 
mgs. Asa beginning, a large bam of blood 
wood was finish ed in June arid used this 
past season for set construction. 

“The Bartered Bride,” “Cast fan tntte” 
and “Falstaff” were staged in repertory 
thjy summer. More than 11,000 people, 
about half cf thrm from die county, at- 
tended the 18 performances. 

“I had friends here who were so snooty 
they wouldn’t think of going to opera in 
Coope rs to w n," Goodyear said: “Now they 
at die high-school auditorium and they 
it’s terrific.” 

Do the opera patrons mix with the base- 
ball fans? “Not rate bit,” Goodyear said. 
“The baseball people come wearing shorts, 
bobby sods and nigh heels. Huy take a 
look at the museum, eat a haminngerand 
flee. The opera people are a little more 
affluent They stay at the Otesaga Hotel 
and enjoy die village." 


PEOPLE 


h Dedicated to Lennon 
A plot in Central Park in New 
Yorkwas dedicated Wednesday as 
a memorial to the fanjsr Bead* 
John Lennon, whose widow, *<*» 
Puff lifting a line from the Beaties 
song“HeyJ»de,” called the sujen 

as Strawberry 

“our way of taking a sad song and 

mairfnp h better." The 33-acre 
(1. 4-hectare) triangle of bod was 
planted with ««. shrubs 


wide in memory of Lennon, «*o 
was murdered in New York m De- 
cember 1980. He would have been 
45 Wednesday. 

□ 

Peggy Lee, 65, is in satisfactory 
condition, in a New Orleans hospi- 



ft 


tal after ai — - , 

heart (mention. The anger si 
mend at week to 10 days m the 
hos pi t al before going back to Cali- 
fornia, and should be back to nor- 
mal in two to three months, said 
Dr. Tom Orisner. Lee was in New 
Qrfiami for an engagement at tire 
Fairmont Hotel’s Blue Room. 

□ 

Two North American research- 
ers, a group of Hungarian environ- 
mentalists and an Indian human 
rights network will share the 1985 
Right Livelihood Award. The win- 
ners^ selected from 80 nominations 

from around the world, were an- 
nounced by Jakob vou Italaft aa 
Swedish-German writer who sold a Y 
collection af stamps to institute the 
prize in 1980 as an ahonatiye to 
the Nobel Prizes. The award, 
750,000 Swedish kronor (about 
594,000), to be shared equally by 
the winners, will be presorted at a 
ceremony in Stockholm Dec. 9, on 
the eve af &e.fktoei presentations. 

A self-educated C anadi a n , Pat 
Mooney, and GaryFowkr, a doc- 
toral student in sociology from 
Prttsboro, North Carolina, were 
honored for drawing attention to 
tbedangerof rndkcmga widevari- 
ety of locally adapted plants with a , 
few Irigh-yrelding out disease- 
prone varieties. The ‘Hungarian 
group Dana Bor, or Danube CSr- 
de; was cited for opposing die con- 
struction of a hydraefctfrio plant 
The fa*” group Lofaiyan is an 
organization of writers and imd- 
Jectuals founded by the anthor 
Ran? Kodwri to strengthen and 
link together community and re- 
gional groups working for human 
rights caraes. - . 


ft 


Ut 


6 

(-7 

W 


■iT 


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N ASIA AND PAGHC 

coronet our local cfatributor on 

I HwaMTrlme 


USA AJfadVreiUnMfaflCarp 
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PARIS n wbo n fae btfewaSond 

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FRANKFURT 

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1005 Tail 
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HCNQI 
T* HK 5-286726 


Mata TO THE SWISS KQHE 
for ffievr overwMreg appal in favor 
of the eanhqydte vrcJnns in Mam. 
EMBASSY OF MBQCO 


3005 Bern, SvHtaeriand 


A1COHOUCS , ANONYMOUS m 
EngETfSa (My) 65 99 6i tone 


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Hawn 


PORTUGAL SEE 
Hohfayi8.TtoveL 


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te Keyser, POB 2. BI000 Bnmfe. 


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MOVING 


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ova isoo ones 


gaums 


tart 


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baggage, airs mxttafe. Cal Ota- 
Serrres281 IB BY faear Opera). 


REAL ESTATE 
FOR SALE 


FRENCH PROVINCES 


NEAR MONACO 

ROQUBlMC-CAftMMnN 
Beaufifd Vila far sofa onhr rarotos 
away fa ro McntoCarfo wtm 4 b e d - 
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views and suroanded by a 2000 sq.m. 
private garden 

fir further dots*, please C ortort: 

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26 bis, Bd ft e n e sse Charlotte 
MC 98000 MONACO 
Tdb (93) 50 66 00, The 479417 MC 

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MARKETING AG 

Gefleratrasse18, 

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TW: (061) 4Z23.77 
■fetor. 64446 taco ch 
1MWMUM USC1ZQOO NVESTWBUT 



Tb: Thun Container Marketing AG 
GeMem*rasra1fl.CH4062Ba9BlSwiaw1and. 

P tease send mo fcHl dettfltwWwut pqig w oo. 

ffi&S*** 

ADDRESS: 


OFFICE: 


HT 01 


INTERNATIONAL CLASSIFIED 


REAL ESTATE 
FOR SALE 


FRENCH PROVINCES 


FYOU IKE THE TCP and the bed d 
avnrylhng, yap rat hove a faok to 
(fa now presSoaus flafc r tax Nat, 
Cate D'Azur, ftiwde pool end gcxdai 
- fotoJic sea v faw v A W eSWe 
prouanLAik tor iff*"* to Prom utiofi 
Mozart: Race Mozart, 06000 res. 

re 1931 vn n. 


MCE. Sm VWW. spfencM ftwwgjje. 
10 laona, luxurious fittings, 3700 
land, pod, pool house, possdxS- 
nvF<2(uji)00. fttrocrion Mo- 


sq- tn. 
ty tan. 


rort Bureau"* Mi 1 ho 

dm Angkto, 06CTO Net; P3 8S3737 


IABE - canflfc R ooftop tjfa. 5/6 
rooms, pcfKxark view^TcO sqjn. 
pfantad tefracu. n^70j)0tt Proino- 
»on Mazart, Hocb Mozart, 06000 
Mta- TuL (93) 87 Ofl 20 ___ 


MONACO 


FOR SALE - RARE 
TOWWfOUSE 
MONTE CARLO 
6SP gyw. hing ysx, 920 s qjn. lid 
Luxurious fittnim, Sft, large gauge. 

For further rtjnnanon aartad; 
MTSUSXA feduwe Sole Aav« 

e *H«)7 SoS?H 


PARIS & SUBURBS 


ST CLOUD 

VIEW OVER All PARIS 

bd- 


or eroaings aad^Sundap 741 


OOBSN. EsopriancCZl tiliS 

+ — zzw w. AtcoreforKWOOmO. 
Tat 354 0150. 


NEAR F8G. ST. HONORS. Lorefy 

' Eft, iKa^orv I bockoora, 

._ as0J 


SWITZERLAND 


SUNNY SOUTHBtN 5WI1ZER1AM0 

LAKE LUGANO 

... large 

beautifal par* wBi 1 7JX30 sejjn. private 


area, swannng pod, private nurmo, 
private beodv Id qutaty apartment} 
B0sam..l90tgin. + terrace} 24 -47 
**mT Prices: rfliWOO - SF1, 179.150 
ttrhteROBdernoBvalogointheSouth- 
•moreaef d* tiie Lugano yritfioport- 
menb 5T l^Jn. - 1 30 jqjn. + bdanes. 
Abo evafiooking lake and oorAtm. 
Bad location on the lake in an old 


REAL ESTATE 

TO RENT/SHARE 

GERMANY 

BONN: SpadoiB funethed horeee, 
fufy eqappKl, up to 6 pereom. 
DM130 to 250 per dor Bams Ftoa- 
mg Agency: Monin Qvnwuba Tic 
m 9® QW 0 . TA (0) 22M24345 

' GREAT BRITAIN 



LONDON. Far the bed freshed flats 

and houses. Consult .fte Specnfats 
FhSps. Kay and tawo- Tel: South of 
PaA 352 8111. North of Fort 722 
5135- Telex 27B46 IBDE G. 

HOLLAND 

DUTCH HOUSING C BfflBE BY. 

Dduxe rertofe. Vatemrotr. 174, 
Arerterdcn. 020621234 or 623222. 

ITALY 

When in Bane: 

PA1AZZO At V&ABSO 
lurory oportment house with fumahed 
fVrts, nvolahle far 1 week and more 

Phona 6794325. 6793450 

Write Mo dd Vetafcro 16, 

00186 Rome. 

MONACO 

TONOPAUrr OF MONACO 

M HEART OF MONTS CARLO 
Beculshi udurraAed rerotoned. 
modem buddng near beaches, nj ah 
daro.3 roonn, BOTPped Idtehre, crfcr, 
periling. F!2j0uVnxMh + drogex. 

In beaudd modern txddng near 
Coeno Gardens, targe utoirnnhed 
aycgtiTrerrt.i 3 ftec5 Ciojtb, 

EtaU5IVT^fA®«IW^^>lA 

MenteCdo 

Tefc 193) 50 66 84 

Tdroc 469477 


SF2f0/t50 - SF 485^50. McrP 
gages at low Svnn interest rrfes. Free 
fir sale to fartagnerL 

EMERALD - HOME LTD. 

VtaG. Caftorf 3, Of-4900 
TR: CH-V 1-54291 3 - 
■ lbs 73612 HOME CH 


LAKE G0CVA AND 

MOUNTAIN RESORTS 

ft ee iyrs can buy fuvefy toj artinenss 
with rao^vfictnt vkws af Lota Ganevo 
6 mourtaHTS. Mcrtreui, VSkin, Verteer, 
Las Dufaterats, Ovteai cfOex necr 
GUaad, Leyro. Prices faro 5^23^00. 
Mortgages ifflta 65% ta <M% e*reH. 
^Glfi8£ PLAN SJL. 

Av Alton Repae 24, 

Ot-1005 Lausanne, SwKznVni 
TdL pl) 22 35 12 Tec 2ST85 MRS 
Estcfifabad Staca 1970 


REAL ESTATE 
TO RENT/SHARE 


(JSA 


Brand New 

THE KIMBERLY 

145 E. 50th 
New York 10022 

A Unique 

Hotel Suite 
Residence 

offering 

pre-opening savings on 
S mo., 1 yr. & 2 yr. leases 

fiKAfang 

Studio, l-Bedroom & 
2-Bedroom Suites 
All magnificently 
furnished and all with 
luxuriously appointed 
kitchens & marble baths. 

Executive Services Avaik&le 

Model Suites 

(212) 371-8866 


PARIS AREA FURNISHED 


SHOtTTBRM STAY. Advantages of a 

hotel without inronveraences, fed ci 
homo in nco s ti lus, one bedroom 
and mare in Pans. SOREUM: 80 rue 
de rUravarnit. Pais 7 th; 5*4 39 40 


SHORT IBM STAY. From I week. 

Fufly equpped stucSos and 2 rooms, 
to4 -i- - 


REAL ESTATE 

TO RENT/SHARE 

PARIS AREA FURNISHED 

Embassy Service 

« Are.de Meatow 

75008 Fhrie 

YOUR REAL ESTATE 
AGENT IN PARIS 
562-7899 

STAYING IN PARIS? 

RANSfi) 6 1MUM9B 

H8ST-OASS APAHTMBfTS 

Mirhuib iwfti 2 nwrthk 

Abo Hah * houses far ode. 
MTBZ URfttS, 1, fee MdSen, 

Ptae (^Tet 563 1777 

Bysees-Concorde 

Apartmertt / Hauero 

Short lain renkdi 
avoBabfa from 1 vreefr euwxrdr 

AflP. 9 Rue Rrnde, 75008 Pres 

Teh (1| 265 11 wTTdex 64PV3F. 

74 CHAMPS-EYSEB 8«h 

Stocfo, 2 or IrooBi opartmert. 

One math or more. 

IS CLAHDGE 359 67 97. 

RACE DAtMEML Owner's opal- 

mat For year or fass. 60 sqjn. 5ch 
fky^etotota, aeriptody gypped 
wi anen. bescs ooro, hviog, trepoce, 
Wuieo-ttiwig, bath. DOfctxnr, shl 
add twice vwddy. ftOOO: 700 3108 



E « . i^v , 




vice pcasitM. 


ced Mortpamasa. Mad ier- 

l M George; 322 82 50 


NEAR BD A8AGO. Modem, bah 
etas, large 2 rooms. F5j0D0: S6I8& 


REAL ESTATE 
TO RENT/SHARE 


PARIS AREA FURNISHED 


NEUUT, high daa 2 rooms, kitchen, 
hrfs.onyrden. F7D00;6 247675. 


I6IH. living + 2 M o a n dma, 

in FlljaOQ. Owner tek SOB 19 88 


MBtmiUDBfl 

|3ro1/long firm I 


PARIS AREA DNFUBNISSZD 


CHAMP DE MARS 

Modern, ivfag + 2 bedrooms, F5DOOL 
73 563 68 38 


16TH IBOCAtiKa t*ce 2 room flat 

F5.9W. Tefc SS3 1777. 


EMPLOYMENT 


EXECUTIVE 
POSITIONS AVAILABLE 


MANAGE* EUROPEAN &A1E5 
Spadkdty/Todtoicd Apes 




a a ifwm mAR we nm hc jart 

i Mcrcqir, Europwn 5des report- 

- tof ^? y - The Priori 

b g IkjcIiq momradurer of ndurtnd 
aid technical papeis.1Ht ide- 
IfBp toy tf iocg> S yw 
Ip inJurtrid sdB of teefee- 
will cbi emelm on the dr 
RKrcRiof) Miousvv. Dcpenem 
bonier, fluid fifratiorr, ond 



rrenoi 4 v^srman wan uuicn, 
fiolan, or Spcnsh a fAn- 
’ D eyee A tedrecnl deyw 
from an o mmte vri Bropeai 
urvytesrty; preferably n cei 

S&y 

muce&i h j career bade 



parting s ates o gtws. axteoing on on 
customer bene etft scies in the 
...... Jen dolor category. Sefary 

S35-fOM boras, andhi benefti 
trorviews wiJ be held storting Oct- 21 
in Europe. & interested, rfecae send 
to; 


Atan Grem VJ. 
LYBAIL 


Ows&wt tU I 


INC 

tote** W03824 
332-4600 


EMPLOYMENT 


EXBCDT1VE 
POSITIONS AVAILABLE 


TRAVEL EXECUTIVE, Coro bated, re- 

qirired by laadng reermtend taw 

KSSiS 

ddetoovmee 

c6 aspects of nxneng tour idwis- 

Eartsm Mee^rranBCn, Travden b- 
ternotiooed, 97 Syogroo Avo, Athene 
117-45 Green 


FOR THE FEAnXC 

M1BNATIONAL 

POSITIONS 

TURN TO MCE 14 


EXECUTIVES AVAILABLE 


DYNANRC MANAGHL takrofae 

" vrtfi LLS. aropo- 
ny. seeks new dttence. senior roary 
ogeraoitpo rttion. g deroMy w ri h LE 
corporation or nl conRwnQ twin. 
Bdenmea^esieoa e> sa^bumsB 

guaL&^v^FVem^GttwtoMA 
Eatooma faro Swig Business SdvooL 
Bar 2773, Hm*t Tribute; 92521 
Meugy Cadee, Fntoce 


ATTWACnVC YOtJMGv snpte 

can women axe cutwe seeb ■ 


Aneri- 


tiand a o tre p reneorid posieon n a 
«bo> eoapany or partnenNp. J [here 
BXtenfaa. atwari. i danctm cl boa- 

•xpenma era (Dwvni 
this unique kfcta seeks an out* to 
u6» these manna, to* 41910, h- 
tefnatonrf HerajdJr*oeto 63 long 
Acre, London, WCWWn 


BITE 0MFB3AL RMQB Ntae «l 
seeks dents. DB.TA team higWy 
taened. 9yytrt topfatl prrvt*»e «pt>- 
nence. prafestarodam assmcl ras- 
aJtL aerie, bodygeara. etc Contact 
Qv Foot he. 81 -WS4754 or Sow 

2 T, 1X14 North Dde Mabry, Tocb- 

po,FU 33818 USA. 


USCmZBU. AMU, BAA Intenroionol 

Business, e n^ eriep ce d h sdra; odver- 


<io eeda m opoa em art pnedata Tree 
to travel / relocate. Context; JJ_ Pft- 
tei, Soudrias 88, KofaoafcL 11571 
Greece. AlriansTre 714 2?? 


PROJECT 


1 tafl. roped- 
pro- 


EMPLOYMENT 


EXECUTIVES AVAILABLE 




cream * prepare! ynrentiL naoo- j 
reports. Smb 


bum. 


ret Hot rBSi nmvsa 
Nealy CedexFtanae? 


WTHWATIOMAL BCOHWE |42) 



CWHBraSPOSOTOMLttrodrokirf 

saisa., 

H3P3C7. ' , 


AJWCAITON5 AKRffiraB iw 


. -Miii uiilLiu i< prowjWy ML. 
ofFT5380/-toreaditheBfdSecre- 


GENERAL ' 
POSITIONS WANTED 


■ OSAUVe WORKHOUSE: , 
Enp a-ianoef office dtomder seeks 
new pwiiion as tan envirorveenL Prob- 

lem a ehdfangt. chaos no abstade. 
■Baround ntdrongri pri nt pnoctoc- 
fon. Pr ofad c um ifa u fan if 

■■Write BacH 

92521 Neuiy Cedro; Fnroul 


MUUlLNGUAL SWtSS IADT HAS 

8v< ti tallS. A South Awgrim. ftaterf 
IfanM 

ffKBY 




JHarpaani «win!uapnyrt 
U£ or vrertfavde. Write G. Petret- 
ten, CH-1111. Cefariror / Merges. 
| Tel m/220b 41 SwrtiteW 



groept Seatap pqrifawrotroyel 
agneya depnrtro enr u rotoger for 
hraet & &wpL Contact Manor, PO 
Bat HOOT Jent idtau 9M70T braeL 
The 3411^WTY 1606376 


lOOtWGTO NjMKce prmrte 


International Business Message Center 


USA RESIDENTIAL 


MAMARONECK, N.Y. 

Ureque bwesnnent epportuaty. over- 
lodnng water in asdvxc Wes t die s ter 
County. NY. 20,000 sq.fi. office onto 
enums to faae far 3-5 years at VI 8 
per so. ft. WH conader sde and car 
nibr&nde. Ufa newly converted Ketoric 
londmorfcbrto&rga co rr w iierriy kmrt- 
od to rtany red HUtway. Amcte 
' and sprtafaig sys- 

of Jason , 

lorchmant, NY. U-. 1914, 

In Swrtrerfand. fab {«) 64 35 4a 


REAL ESTATE 
TO RENT/SHARE 


CANADA 


TORONTO, CANADA - LUXURY. 
FJy fum shed red egwpped l A_2 
□edroant 


5han /Iona term 

80 Brel st 


Hstes. imw sews 

renTcfe-Ma* 


Mortar Sietes 

„ ,.v~ -■ Fast. Ste. 7 72. Trx.no 
M5E IT4 Canada. fftd)«<?-fOK 


ATTENTION EXECUTIVE 

PubUiraurbi 


in Am ta ton turi o nu f WerolrfTK 

bane, where more ffiero a third 

of o ruffian re a ders tearid- 

widn- meet af whom are in 
businaa and industry, vriB 
mad it Juat him t in (Aril 

AJ3S9S) baton 10 u, ert- 

Bki t wo 


am Wwc you 

bade avt yon re — ag o w3 

sapoar within 49 hours. Tbo 

rata Is OS.S9.80 or load 
■ gili t d t n f par tns. You roust 


otto bSBng adtfaros . 


BUSINESS 

OPPORTUNITIES 


OFFSHORE & UK 
LTD COMPANIES 


We of Man. Turta. An(pala. Chor 
taireds, PonrevL libaria Gtbrafccr red 
moa aha efhhcre arcs. 

• Cortfdedici advtoe 

• ki i n e Ju te avvdaiiSty 

• Nmanee Sanaa 

• Bearer data 

» Bod rayrt m i w n s 

• A ccoretxto A retatnetrdicn 

• MoJ. te tept i c n e & tekx 
booUtafatot; 

- PORATI 

5BMCB LTD 

Head Office 

Ml HihibiL D owlro Wt of M an 
Tefc Doagtai [0624) 23778 

TtaronWMSffiCTG 
londeii Resiesentreve 
Old Bond SJ.^kjndon W1 
Td 01-493 4244. Tb 28247 SCSDN G 


UNMUEOPKCTUNTY- Luxwy os- 

no crane dip with bn world-wefa 
sports coverage To be ooaswd 

on arises to n o w here. A inrtC nun*. 

bee of pott o gt i r e ns coiai* Cdl 
Mr. Maas US». 


BUSINESS 

OPPORTUNITIES 

BUSINESS 

OPPORTUNITIES 

FINANCIAL T1ME5 

BSjGIUM 

The bert pcssftfa Start to 
the buaress day is the 
RNANQAL tWb. 

The earfer it s in yow hands, 

*e gnsrter its rotoe fa you. In 
BSUSSHS - ANTWHff - GHENT 
ieuvb 4 - roamix 

yon eon rtart your busress day wrth 
one of the firart ueemaiuml news 
krteftags in the world. 

Why ml cm FT Snrods office 
p2J 513 2816 rijto now* 

USA 

8USGE565 * SEAL ESTATE . 
Bugnes sates; axratjerod mdurtrid 6 
rendenrid red eflCrte sda & teases. 
Property momaaeieit & business de- 
velopment- Write wre your require- 
mertfi S finonod spaa to 
tfirare Beatty & Bwroea Brokers, 
14795 Jeffrey Ki, #210. 
trvine, Cdfomta 92714 USA 

Tefc nA651-B030: The 590194. 

lOOPBOfT NSE 
STIMATH) IN ONLY 4 YEAJB 

Shore hofatogs avafabte in US, 
Sterfcw, 5wa Francs, inris of 
USJ1J00 or equwdert. 
le Pre efc cerf - frpitafa_3, 

, 77aS l TL : I! SBr 

BAHAMAS 

bJSTC5S CQNt^CnOtQ 
facorparceion red lareagemenl af 
LLKLpuiH^ ustania wot) resort, to 
dtfrid red agn-breinesi presets with 
us famtns red tax coneesson.- red 
estate sates red managenwni; Govern- 
n*rt feererof re-irr*oiang, offshore 
bretong, taro, investment and mde 
UusucHuro. 

Riu-JWkJ Maioaenioil Corpcra&cn Lfd 
284 Bay Street. P.Q &caN4826 
Nasau. Bchrem 

PK (009) 3251126 or 322-8549 


■B 




BUST INVESTMENT NEW31HTBL 

Awud-wevwq Int ( Hwry Schgta let- 
ter. 550 far tad sdtSMWft F0(C. 
P.O. Ba 381. 0+100 f lousrome, 

“-witae-risrifl 


BUSINESS 

OPPORTUNITIES 


SMALL AMBBCAN con^prey faeoted 

in die center of the American refinery 
/ peti odwuiicoi /driSng «eo (Took 
USA) is loaktag for qurety products 
far datoiburior n Tew / In u rere o/ 
OWahoma Tap rears experience in 
nxstaring of inresJncJ produds BB 
•Mfl at exterem intanahord esroo- 
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