“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.