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Bloomfield Hills. MI 48302

* Annual percentage yield when compounded quarterly. Rate is accurate as of 12/2/94.

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PAUL MILGRIM

42

Gratiot at 8 Mile

Israel's terms of trade worsened
during the third quarter as im-
port prices surged ahead of export
prices, the Central Bureau of Sta-
tistics reported.
The prices of import goods, ex-
cluding diamonds, rose 3 percent,

•1 WOOD MOTORS

(313) 245-0619 or 372-2600

while export prices increased a
more moderate 1.6 percent.
As a result, the terms of trade
index fell 1.5 percent following a
2.6 percent drop in the second
quarter.

LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES

Symbol Name

Exchange

Nov. 18

Nov. 25

Change

5 1.75

SCIXF

Scitex

NASDAQ

9 9.75

'18.00

ECILF

ECI Telecom

NASDAQ

'18.13

'18.00

TEVIY

Teva Pharm

NASDAQ

'25.88

'24.75

I EC

PEC Israel

NYSE

'26.00

'25.38

ELBTF

Elba Computers

NASDAQ

9 9.06

'18.00

5 1.06

FREE

ELT

Elscint LTD

NYSE

'1.88

'1.88

$0.00

ELRNF

El ron Electronics

NASDAQ

'7.63

'7.50

Municipal
Bonds Listing

TAD

Tad i ran

NYSE

'22.13

'20.50

-1.63

CMVT

Comverse

NASDAQ

'12.75

'11.75

-1.00

Receive Weekly Report

LANTF

Lan net Data

NASDAQ

'15.88

'14.38

5 1.51

Member S1PC

I SL

First Israel Fund NYSE

'12.00

'11.38

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to a larger one.
This was the calculation made
by countries such as Israel, Cana-
da and Mexico when they signed
free trade agreements with the
United States over the last
decade.
Indeed, it is Israeli economists
who fret about something else.
They say Jordanians do not earn
enough to purchase Israeli hi-tech
products.
Columnists in Israel have been
pointing out that both Israel and
Egypt received over $2 billion
each from the United States af-
ter their peace treaty 15 years
ago.
More and more, they are in-
sisting that the United States
now provide Amman with the
same: aid and not trade.
The call to Jordanians not to
be paralyzed by fear but to move
ahead was advanced the other
day by no one less than King
Hussein.
In a speech to the nation, King
Hussein declared, "It is high time
for us to define our own respon-
sibilities and priorities before we
lay upon others the responsibil-
ities of all that has befallen our
nation."

Terms of Trade Slip Again

custom
shirts by
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A

A

T
R
U
S
T
S

ordanians lack Israel's con-
fidence that bilateral trade
between the two countries
will boost the economy
of each, and fear a broader
Israeli penetration of their own
society.
As one Jordan-watcher put it,
"Jordanians believe Israel is so
advanced technologically and eco-
nomically, and so politically plu-
ralistic, that the country might
be swallowed up in an Israeli 'in-
vasion.'
"This is wrong, but this is what
Jordanians feel. It's like some-
body on the farm fearing the in-
fluence of the big city."
The fears range from the suc-
cess of Jordanian goods once they
compete with Israel, to concerns
that Israeli Western norms could
corrupt Jordan's traditional way
of life.
Jordanian fears sometimes
center on the size of Jordan's
economy, with some noting that
the economy is a small fraction of
Israel's $60 billion gross nation-
al product.
However, instead of being
swallowed up, economists note,
it is in fact the smaller market
that does better by having access

INVESTMENTS

Herman Schwartz

1
T

U)

FoM

Jordanians Fear Israeli
Economic 'Invasion'

4.GEdwanis&Sons,Ine

/NI WSVNT% RN( I /NV

BOB MORIAN
313) 336-9200 I.80165120

-1.13

Source: Allen °lender, Prudential Securities,
West Bloomfield.

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