“G reat Rate )
0v
APY*
5.2
7 MONTH CD
665-4030
Ann Arbor (Downtown)
Ann Arbor (Main Centre) 665-4080
Bloomfield Hills 258-5300
Farmington Hills 737-0444
882-6400
Grosse Pointe
Visit Any Branch, Or Open By Phone Today, 1-800-968-4425
Republic Information Center Hours
Monday-Friday 7 AM - 7 PM • Saturday 9 AM - Noon
They're Banking
On ADRs
Chase Manhattan Bank New
York and Bank Leumi of Israel
have announced plans to cooper-
ate in issuing American Deposi-
tory Receipts (ADRs) and Global
Depository Receipts (GDRs) for
Israeli companies.
Most foreign companies want-
ing to attract U.S. investors issue
ADRs, which are notes that rep-
resent shares of a stock in a for-
eign company.
ADRs are used to offer foreign
companies access to the U.S. mar-
ket and American investors the
opportunity to buy foreign stock
while reducing the bureaucracy
encountered at the U.S. Securi-
ties and Exchange Commission
and other U.S. agencies.
Stephen Iovino, senior execu-
tive for Chase Global Trust
Agency Depository Services
Group, said the combination of
Chase's technological ability and
Leumi's knowledge of the Israeli
market will increase ADR's pop-
ularity with Israeli companies.
In 1983, Teva became the first
Israeli company to issue its
shares in the U.S. through ADRs.
Since then, several other Israeli
companies have taken the ADR
route - including Elite and the
Israel Land Development Corn-
pany.
Trade Deficit
Growing Wider
REPUBLIC
. BANK
Member
FDIC
' Annual Percentage Yield (APT) is accurate as of November I, 1994.
DISTINCTIVE
Penalty for early withdrawal.
Minimum of $1,000 balance to open and earn interest.
PERSONAL
BANKING
NO-LOAD FUNDS
The Israeli trade deficit more
than doubled last month to $791
million as imports shot up 55 per-
cent and exports rose 35 percent,
the Central Bureau of Statistics
reported.
Imports grew impressively to
a record $2.246 billion from
$1.449 billion in September,
while exports expanded to $1.455
billion from $1.079 billion.
During the first 10 months of
the year, the trade gap widened
by $1.2 billion, or 22 percent over
the same period last year. Im-
ports jumped by $2.6 billion,
while exports grew a more mod-
erate $1.4 billion
THE TOP PICKS FOR 1995
An in-depth workshop for
the serious investor
01 - Learn specific strategies for creating a
winning conservative, moderate, or
aggressive no-load portfolio.
LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES
►
Symbol
Name
Exchange
Nov.11
Nov.18
SCIXF
Scitex
NASDAQ
'20.38
'19.75
ECI LF
ECI Telecom
NASDAQ
'17.88
'18.13
+$0.25
TEVIY
Teva Pharm
NASDAQ
'27.50
'25.88
-51.63
I EC
PEC Israel
NYSE
'28.50
'26.00
0- Reservations required. Limited seating.
ELBTF
Elbit Computers
NASDAQ
'22.50
'19.06
OP.
ELT
Elscint LTD
NYSE
'2.13
'1.88
ELRNF
Elron Electronics
NASDAQ
'8.38
'7.63
TAD
Tadiran
NYSE
'22.38
'22.13
CMVT
Comverse
NASDAQ
'12.25
'12.75
+s0.50
LANTF
Lannet Data
NASDAQ
'13.63
'15.88
+s2.25
ISL
First Israel Fund NYSE
'12.63
'12.00
-'0.63
to- Find out why last year's top funds could
be next year's flops.
O►
Advanced nature of Top Picks Workshop
restricts attendance to those with
$200,000 of investable capital.
No cost to attend.
•
available to investors outside
the Detroit area
42
Call 1-800-882-0707
. YOLLES INVESTMENT
A MANAGEMENT, INC.
Change
Source: Allen °lender, Prudential Securities,
West Bloomfield.