The Monitor from McAllen, Texas • 26

BUSINESS INVESTORS Rising rates have chased some out of bond funds INTERNATIONAL MONETARY UND Czech Republic to repay $471 million loan two years early COMPUTERS Successor to Windows OS to be called Windows 95 not 475 Microsoft widely regarded marketing powerhouse said Total foreign currency reserves stood at $78 billion at the end of August with $55 billion held by the central bank At the beginning of the year reserves hovered 1 588 228 as a the our country industrial pro duction is the most important pro said Tomas Husak assistant 32 010101 but the Czech Republic overflow ing with foreign capital and show ing positive signs of economic re covery in the production sector de cided to get a jump on the action The Czechs will be the first nation in the former East bloc to clear its debt to the fund By repaying the 1991 loan in one lump sum they also will save themselves $85 tril lion in interest The exact date of payment has yet to be determined 8725 9150 9500 9900 8310 6550000 9370 9875 1214 1232 1244 1210 1192 1140 2207 2217 2217 934 944 120 1162 3880 7080 844 1930 9890 1024 4700 1216 1235 1225 1193 2207 2207 2217 2217 2217 2217 2207 2210 2218 2247 2144 1220 1238 1229 1213 1144 1138 1180 1170 X5 loan was given) to strengthen the hard currency re serves of the central said Czech National Bank (CNB) spokesman Martin Svehla growth of these reserves is fast and allows us to repay the Ota C1B OfclC mn GOrao A1 Kmber A Masoca B2 My JulAug 8p deputy minister for foreign trade And the Czech crown which has remained basically stable through the price liberalization and privat ization processes begun in 1991 is on the verge of becoming exter nally convertible The currency al ready is internally convertible The Czech Republic ranks third behind Hungary and Poland on the list of former Soviet satellites fa vored by foreign investors SEATTLE What comes after According to Microsoft the cor rect answer is 95 The successor to hugely successful Windows pro gram will be called Windows 95 the company said Thursday Until now the successor had been code named Chicago a secret about as well kept as Michael Jack son a nd Lisa Marie wed nothing like a rise in interest rates to rattle the nerves of bond investors Ever since 1985 the total assets of long term bond and income funds has exceeded those of equity funds according to num bers from the Investment Company Insti tute Until this year that is thanks in part to a long period of falling interest rates alling rates tend to raise the market prices of bonds and this in turn jacks up the total return of bond funds But this rising interest rate environment has forced changes in shareholder habits one of which has been to bail out of long term bond funds The generally healthy economy also should make getting loans rel atively easy Recovery in the indus trial sector which showed nearly 1 percent growth in the first half of1994 after consistent decline since 1990 helped gross domestic prod uct rise 3 percent over the same period last year Windows 95 Applications not writ ten for Windows 95 will not be allowed to carry the official Mi crosoft logo Microsoft made public Thursday the new logo which says signed for Microsoft Windows 95" Products not designed specifi cally for Windows 95 can call themselves only com One reason investors have been moving out of long term bond funds and into other investments is that the price appreciation bonds have enjoyed over the past few years has been reversed rising interest rates and threats of more of the same have lowered bond prices By DIAN VUJOVICH Knight Ridder Newspapers By MICHELE KAYAL Journal of Commerce NEW YORK (APH Sugar futotM trading on 4M Mw VeA Goto Bug 4 Gotos Ex chang Tl coined the term when he first took over management of that fund in 1983 "The fund is 100 percent Ginnie Maes with Treasuries as our short term cash ve said Lemein "The fund use futures by prospectus used deriva By CASEY CORR Seattle Times 110 110 110 110 435 440 2 55 440 440 around $38 billion At the begin ning of 1993 they totalled a mere $850 million With such rapid growth Svehla said the bank sim ply need the money And if it did he said the investment rating granted by Standard in July and its recently upgraded ranking of would help it secure funds on the international capital markets 2490 2437 2468 2430 2450 2480 2430 2435 2345 21130 21130 21030 21030 21575 21130 213 05 21558 21830 22100 216 50 21860 21910 22075 21800 21950 22100 2210022050 22040 22150 22150 22100 22130 22220 6C orlday September 9 1994 THE MONITOR McAllen Texas PRAGUE Czech Republic The Czech Republic will prove that Eastern economic su perstar later this month when it pays back its loan from the Intema tional Monetary und two years early The first installment on the $471 million loan due until 1996 work force including 650 store jobs will be made over two years The news re re lease did not specify the number of management jobs being cut or how Jargfeitsntansgpment ranks areer Thu 33514 371 98514 2240 237Mp 239 Opon High Low Brattle ChgUGAR WORLD 11 rip 1235 1242 1231 1217 1198 1140 944 W12 so 1874 39051 7130 840 1930 10060 1030 4788 373631 38 35 34 44 3415JO ding Chicago is an operating system a housekeeper which runs applications such as spread sheets The name Windows 95 was cho sen to make it easier for consumers to identify the most current version of Microsoft Windows the com pany said Windows 95 promised in the first half of next year (thus is expected to be easier to use than the current Windows ver sion and to include many new fea product rollout of Windows 95 will $129 billion was set last said John Collins spokeswoman at the In vestment Company Institute this July just one year later a net of billion is going out of bond funds not flowing into One reason investors have been moving out of long term bond funds and into other investments is that the price appreciation bonds have enjoyed over the past few years has been reversed' rising interest rates and threats of more of the same have lowered bond prices Although there is no way of telling pre cisely where interest rates are headed or how bond funds will perform there are some flavors of gov emment bond funds that may hold an ap TT January there was a near record peal to those in search of a high quality it flow of money into long term bond funds long term investment is good is Inc of $11 billion The all time monthly record my said Karen Dunn Kelley se tumed Thursday in hopes of getting Edinburg Mayor Joe Ochoa re inance Director Joe Gonzalez said her old job back She was met with bad news will try to come back and work for the Christmas season 8725 8120 490 900 10220 10220 10200 10200 10200 10115 10900 10900 10900 10800 10715 10550 10550 10850 10415 37300 conb per Dee Mar Moy Jul8 Oee Wed4 open IrM Orange juice ORANGE NEW YORK rozen concentrale orange jwce trading on the New York Ortonchange Thu: Opon High low 9Mle Chfr ORANGE JUICl 50 90 6000 8i raMnum rtottera per tushol 36214 338 33311 335 333 3J5W 397 331 331 34 388 362 management talking about a tnple A rating on the securities in the fund no derivatives an average maturity no longer than 10 years and a balanced approach to the added Kelley really going to be invested in cash Treasury ob ligations agency debentures or agency mortgage pass Jack Lemein portfolio manager of the nior vice president of AIM Capital Man largest government fund around agement Inc good because keeping US 'Government Securities fund with prevent bond fund investments things as simple as possible while creating more than $12 billion in assets (800 342 from reacting to interest rate changes in the results necessary is always the most 5236) another load fund said he the market place 370858 9025 9430 9815 10 03 02 02 04 33 33 10 Continued from page 1C Sep 17410 17430 17 140 17140 240 Oct 17220 172 JO 16 9JD 18970 260 Dee 173 20 mX 16040 1TOJO 240 Jen J7340 17330 17070 17130 140 17640 17660 17350 17410 250 17020 178 JO 17540 17530 270 18050 18050 17730 17740 280 17930 17880 1773 0 17760 230 17800 17900 17630 17910 330 Wed MlM 10447 Wetf1i open 80481 Wheat KANSAS CITY 0P) Mwai Mutt lhe Kmee Ctv Boeri al Trade Thu: Open High Low Sett Chg eleratora processors milt end merehendleera 348 333 383 363 337 357 356 367 ISJKxAbe cents per Sep Not JSG Mar May Not Jan Sep Wed open Ini Sep fw Mra May Sep Oac Wod'e open nra Cash grain SPRINGIELD 8 (AP) Truck raid ral taida far arafa rtrararl in CNum QtauHaM Oom 9w USDA rapraeent bitfa horn isnnM Open High Low 5etttt Chg COEE de Alvin College Station Wichita alls Gainesville Dallas Mier 130 pm Central Ume bo6 No 1 Yoaowsoybcene No 2Ys4owCom No 2YolowCam o4ermM otMlor bide nq not quoted ravlsod Coffee NEW YORK (AP) Co8ee fuhm fradkxj on Ora New York Coflea Sugar and Cocoa Es change Thu: ARSA ApascoA 02 Sensed C04 Bimbo A "31 Cernas 6 Windows have been shipped Mi With the introduction of Win crosoft said Analysts estimate that dows 95 Microsoft is also launch Windows 95 will generate $1 bil ing a new logo that indicates ap lion'or more in sales over the two plications fully compatible with years following its release Microsoft is hoping The company is not planning to will drop three other products produce a new version of Windows Windows 311 Windows for Work every year but it does want cus groups 311 and MS DOS and tomers to think of a shift to Windows 95 and new ap model year in the same way that pucauons mat yonc wnn 11 people regard the model' year of Microsoft said it will continue t0 their cars make Windows 31 for customers More than 60 milfion copies of who request it tures such as longer file names and be its biggest ever although it gave simplified "plug and con no spending nections for CD ROM players and Microsoft jn lhe past has indi other hardware cated new versjons of products by Windows 95 will help make per decimal points: Windows 31 fol sonal computers run more like lowed Windows 30 Apple Macintoshes which have had long file names and plug and play since 1984 But Windows 95 will boast several features found on the Macintosh efficient and appropriate way to Kelley who is also a chief investment officer for AIM and oversees the man agement of AIMs Government Securities und (800 347 1919) a load fund has an investment style that combines con servative management and consistent per formance When 1 talk about conservative fives and was my way of saying here an easy way of owning Gin nie Maes if Ginnie Maes are attractive to you the investor this fund simplifies that process and it complicate that in vestment thought by adding in other secu Lemein udded But even if this simple plain vanilla ap proach to investing makes good sense it Oct Mar May Jul Od May Jul Wad'a open Int ap SUGAR 14 A' 112400 bi4 cm par Nov 2179 2178 2178 2179 Jm 21 44 214m BT 21 JT Mar 2193 2193 2141 2143 Curr rw 3975 3340 TateM TUU 2930 1 3075 KMB2 pays' sales but Gonzalez" said cities slated for' store closures in Kmart is one of the biggest sales Orange Snyder Early Uyal 1 wa a a a a a a a a la Aiaan sively go after businesses to fill the contributors in the city ceived a call from the Kmart Corp when told of the closing will early Thursday informing him of have a definite impact on sales tax the decision Kmart store (closing) is a Neither the city nor the state oficausk comptroller office Til probably end' "up going Tncivwuc no' pivuiisci VCffijisSKl said 'longtime Kmart ever The Economic Develop shopper Brenda Durbin of Edin "It mieht be slow but thev had ment Corporation will burff enmn nul tiznnrln 1 1 dinhiro vn husband Danny left by Kmart and the former restructuring is expected WortK flnd SuInhlir sDrinP fully meet our retum on inyestment fias W0kcd at lhc store on and off When the Klpa it "thofamn Wal Mart store on Highway 281 to eliminate 6000 jobs and cut itff requirements Antonint said dic ast tw0 yea After spending ily will begin shopping at ya Ochoa said management fonx by 10 percent Tlte Associated Press contributed In addition to Edinburg '11 the summer in Houston she re Mart in Edinburg he said Edinburg The cuts in the management to this report CommoditiesOYIEANM 68488 btiOoRmpra 100 bt 2019 2U0 2810 2848 2506 N46 2SM 1531 2S79 2989 559 2540 2565 2534 2543 2837 2540 2510 2517 2515 2515 2495 2495 2432 2465 2430 2435 i Kmart Continued from page 1C pp' Edinburg store since eb 1 stores across Texas will close by "Kmart conducted an of our core discount stores to iden Outside the Edinburg store tify which stores were not meeting Thursday shoppers were' surprisedi our return on investment require and dismayed at the news wiu an broadcast to its discount stores na I tionwide Thursday morning i Z1 forward with our re newal we will insist that our stores top Ho Jan Wod'a open Mexico stocks MEXICO OCKI (MericenPeeo) enm 3315 2I4Q 2940 3090 ftQUrf huor PL 'll OB Dec Jen Mtr Moy Aug ep Od Doc Wi open 90490 1267 WTOSANWAL 100 tons dolora per ton WUC1T I 377 378 388 34 M47 07 47 Markets Continued from page 1C At a morning news conference ard 500 Stock index gained 215 to 47314 The Nasdaq composite gained 502 to 76930 while the American Stock Ex change market value index gained 019 to 45551 Retailing Companies were ac tively traded on the NYSE Kmart rose i to 18 after the company announced it would close 110 US technology companies over those in Japan Compaq Computer gained 1 Vt to 36Vs while computer chip maker Texas Instruments gained I Vi to 77 On the Nasdaq market software maker Microsoft gained 1 1 16 to 57 5 16 year for the next three years Its stock gained 1 Vs to 56V Dow Chemical gained I 's to 76'i paper company James River was tip 1 to 24Vs A It Bond prices retreated later in the day as investors became uncertain about release of the Au Hewlett Packard the electronics gust Producer Price Index and computer company gained 2 Vs The ed has raised interest rates Minnesota Mining and Manufac not only for Stephens County but begins just west of ort Worth' to ort Worth Star Telegram south of Breckenridge the results the surrounding counties as ward Breckenridge and Throckmor At the Ridge 'Restaurant in were similar I nf in Comanche mfattraittxLja Sir phens Young prownwooa Hamilton Cunningham said ithasTjjeeiizanisl lidw To" Throckmorton and Shackelford Comanche extraordinaty year our said Sherry Rey counties" should have some prelimi "Our sales are up 40 percent nolds of the Comanche Chamber of Breckenridge lies alnaxt in the nary numbers in a week or so and over last year and last year was Commerce I Hunting Continued from paga 1C 7 we had about 7000 Jo 8JXJ0 peo former Hamilton chambet manager ort Werth ccnter of the from ast 7 sne nieoce stores Ahnufr 5000 hunters starred tut rvun11 inw 1 fill motels and restaurants and president of the Breckenridge he said fill every motel and ton then runs south down through Breckenridge manager Michael I Kf VdMrMrkA DrAtim turViJ U1 r5! am 1 money atea Chamber cf Commerce was en has traditionally been our couraged by an ongoing study of biggest weekend of the year for "dove economic benefits said Don Haile a to that city about 90 miles west of 4 to 901! on the NYSE after an ar California based insurer 20th stores as part of a restructuring he offered reassurance that he is five times this year to cool turing said it expects earnings tide in the Wall Street Journal de Century Industries said its earth Some other retailers gained as well growth ot more than 1U percent a railed advances by and other quake expenses are expected to nse including bears up i to 4yvi to bou minion jrom uic previously ine iocs composite inuex estimated $685 million Its stock gained 104 to 26082 The Stand fell 3' to 9 'A committed to fighting inflation nomic growth and keep prices sta after reports that he was more in ble and' investors are concerned terested in stimulating employment about any weakness in the if this issue Such a position would run con 72 trary to ed Chairman Alan Greenspan but Blinder said he and Greenspan have operational differences of any significance" 44UW? 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