BOOK BIND page 52

12 MONTH
CERTIFICATE

5.75%

INTEREST RATE

5870

A.F.Y./*

60 MONTH
CERTIFICATE

6.00%
6 • 1

INTEREST RATE

3 W0

A; F.Y./*

These are fixed rate certificates of deposit that are insured by Federal Deposit
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is required to obtain the stated Annual Percentage Yield.

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TRISH WELLMAN, CFP

17117 West 9 Mile Road, Southfield, MI 48075

54

"I brought them proof of his
high prices and told them that
he doesn't import their full
range of titles, only those he can
be sure of selling," says Mr.
Ezekiel, who now imports hun-
dreds of titles from an American
source for his three — soon to be
four — magazine outlets.
"If someone walks into his
store, they'll only find major ti-
tles, like Cosmopolitan or Vogue,
being sold for 30 percent over
the cover price. And if he decides
not to sell something like, say,
the Financial Times then the Is-
raeli customer misses out with-
out any viable alternative."
While Mr. Ezekiel does deal
primarily in magazines, he is
also eager to enter the book mar-
ket but complains again about
Steimatzky's long arm. After ap-
proaching local publishers — in-
cluding Keter, Modan and
Ma'ariv — he found that they
also wanted him to deal with
them through Mr. Steimatzky,
primarily for volume considera-
tions.
Mr. Steimatzky can buy and
sell 3,000 copies of a new title,
while Michelle's can sell 100
maximum.
Mr. Ezekiel offered to buy and
sell the publishers' surplus, as
he does with back issues of sev-
eral magazines, but he said that
they weren't interested.
"They're scared," he adds,
"and to such a point that they
would send me samples, but
with a list of attachments and
conditions. And it's not just
them, it's also Random House
and Penguin and the rest."
Israel, he says, is a relatively
large market with lots of read-
ers. If John Grisham comes out
with a new book and Mr.
Steimatzky decides not to sell it,
then no one would have access
to it as long as competitors are
unable to smoothly penetrate
the market.
According to Uri Rucham,
owner of Sefer V'Sefel, an Eng-
lish language bookshop in down-

LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES

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But Yoram Turbowicz, the
outgoing director general of the
Antitrust Authority at the min-
istry of trade and industry, has
been keeping his eye on the com-
pany for several years. Sources
within the authority say the
company is currently operating
in a regulatorily precarious
"gray area."
In 1995, Mr. Turbowicz wrote
to EH Steimatzky objecting to
the company's merger with then
Histadrut-owned Sifri, one of the
country's largest book distribu-
tion companies.
Eventually, Mr. Turbowicz
said the sale could go ahead but
only under certain terms.
Despite the authority's efforts
to limit Steimatzky's control of
the local books market, the com-
pany always has been able to get
around any claim that it is a mo-
nopoly.
When the authority suggest-
ed that the company had a mo-
nopolistic share of the market
— namely more than 50 percent
of it — for magazine imports and
sales, the firm successfully ar-
gued that direct subscriptions
also had to be taken into ac-
count.
Still, would-be competitors
like Mr. Ezekiel say Mr.
Steimatzky is just being cun-
ning.
`Those guys are a monopoly,"
he says, referring to Mr.
Steimatzky.
Mr. Ezekiel opened the first
Michelle's outlet four years ago
on the grounds of Moshav B'nei
Zion, pursuing his dream to own
a store stocking every magazine
on the market and hoping to im-
port them at more competitive
prices. But in his rounds with the
American publishers, Ezekiel
says he "banged into reinforced
steel walls." Each distributor he
approached — Worldwide Me-
dia, Curtis International, Conde
Nast — told him nicely, but firm-
ly, to speak with Eri Steimatzky,
who would surely be happy to
deal with him.

Phase Four Advisory, Registered Investment Advisor

Securities offered through Vestax Securities Corporation, Member, NASD & SIPC

1931 Georgetown, Hudson, OH 44236 (216)650-1660

181 S. Woodward Ave.
1 Block South of Maple

IN DOWNTOWN BIRMINGHAM (810) 642-1690

Symbol Name

Exchange

Dec. 13 Dec. 20

SCIXF
ECILF
TEVIY
IEC
ELBTF
ELT
ELRNF
TAD
CMVT
ISL

NASDAQ
NASDAQ
NASDAQ
NYSE
NASDAQ
NYSE
NASDAQ
NYSE
NASDAQ
NYSE

'11.00
'19.37

'10.43
'18.50

'45.12

'44.43
'17.61
'2.19
'6.00
'11.85
'28.37
'37.712
'11.75

Scitex
ECI Telecom
Teva Pharm
PEC Israel
Elba Computers
Elscint LTD
Elron Electronics
Tadiran
Comverse
First Israel Fund

'16.50
'2.37
'6.37
'11.25
'28.25
'35.75
'11.61

Change

+51.11

+s0.60
+s0.12
+51.37
+S0.14

Source: Allen Olen,der, Prudential Securities,
West Bloomfield.

