View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

(516/517)

Selected Interest &
Exchange Rates
Weekly Series of Charts

September 4, 1990

DIVISION OF
INTERNATIONAL FINANCE

Prepared by t h e
FINANCIAL MARKETS

BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM

SECTION

Washington, DLC. 20551




Table of Contents

TABLES

1. LATEST FIGURES PLOTTED
2. DAILY CERTIFIED SPOT
EXCHANGE RATES
H.10 RELEASE
CHARTS

1. SPOT EXCHANGE RATE INDICES
2.
3.
4.
5.

3-MONTH FORWARD EXCHANGE RATES
GOLD PRICE—LONDON
CALL MONEY RATES
3-MONTH INTEREST RATES

6. EURO-DOLLAR DEPOSIT RATES
7. SELECTED EURO-DOLLAR AND
U.S. MONEY MARKET RATES
8. INTEREST ARBITRAGE: 3-MONTH FUNDS
9. LONG-TERM GOVERNMENT BOND YIELDS
10. INDUSTRIAL STOCK INDIES




SUBSCRIPTION RATES:

Weekly $24.00 per year or $.60 each in the United
States, its possessions. Canada, and Mexico: 10 or
more of the same issue to one address. $22.50 per
year or $.55 each. Elsewhere. $30.00 per year or $.70
each. Address requests to Publications Services Division of Administrative Services, and make payment remittance payable to the order of the Board
of Governors of the Federal Reserve System in a
form collectible at Par in U.S. Currency.

CHART 1

SPOT EXCHANGE INDICES
DOLLAR PRICES OF FOREIGN CURRENCIES AND WEIGHTED AVERAGE VALUES (THIN LINE)
AVERAGES FOR WEEK ENDING WEDNESDAY
RATIO SCALE
MARCH 1973=100
140
FOREIGN CURRENCY
130

PRICE OF U.S. DOLLAR

120

RATIO SCALE
MARCH 1973=100
140
130

BELGIAN FRANC

rA

120

110

110

100

100

' 90

90

80
70
280
260

80

i

i

i

l

i

'

i

i

i

i

'

I

'

i

i

SWISS FRANC

l

l

—

l

I

l

l

l

I

'

'

i

i

I

I

I

JAPANESE YEN

70
280
260

240

240

220

220

200

200

180

180

160

160

140

140

120
100

i

i

90

i

I

'

i

i

l

i

•

'

I

i

i

'

i

i

I

i

i

i

I

i

i

'

i

l

'

i

CANADIAN DOLLAR

—

U.K. POUND

i

120
100
90

80

80

70

70

60

60

50

'

i

i

I

i

'

i

l

'

i

i

i

i

i

1

> •

200
180

I

1

1

1

1

I

1

i

I

'

i

'

50

200

GERMAN MARK

DUTCH GUILDER

180

/ -

160

160

140

140

120

120

100
120
110
100

'

'

'

I

I

I

'

I

•

I

I

I

I

I

I

i

i

i

I

i

i

i

l

i

i

i

I

i

i

i

100
60
55

ITALIAN LIRA

50

FRENCH FRANC

90

45

80

40

70

35

60

30

50

•

i

i




I

'

i
1988

'

I

'

i

i

I

i

i
1990

i

i

i

i

I

i

i
1988

» l

i

i

i

I

i

i
1990

i

25

CHART 2

3-MONTH FORWARD EXCHANGE RATES
PREMIUM (+) OR (-)
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM
4

PERCENT PER ANNUM
4

U.K. POUND

GERMAN MARK

i

i

i

I

JAPANESE YEN

i

i

i .1

t

1

i

I

i

i

SWISS FRANC

DUTCH GUILDER

JVj

—

v./ \

—

v ;
\ V

:

i

i

I

i

i

i

I

i

i

i

I

i

i

i

FRENCH FRANC
x

1

1




1

1

1

1

1

1

1

1 1

1

1

1

1

i

i

I

i

i

I

i

1

1

i

i

V X

'V-_

w W V y V

1

1

ITALIAN LIRA

y v x /

12

1

-v

1
1988

1

1

1

1 1

1

1

1
1990

1

i

i

i

I

i

1988

i

1990

12

CHART 3

PRICE OF GOLD IN LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY

U.S. I DLLARS PER FINE OUNCE
520

U.S. DOLLARS PER FINE Ol

500

12.5 Kg BARS
AFTERNOON FIXING PRICE

480

460

440

420

400

380

360

340

320

1987




1988

1989

1990

CHART 4

CALL MONEY RATES
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM

16

16

12

—

U.S. FEDERAL FUNDS

12

FRANCE

JAPAN

0

'

1

1

I

« i

i

i

« i

i

i

i

i

i

i

i

i

I

I

i

I

I

i

i

i

l

i

i

i

16

0
16

12

12
CANADA
GERMANY

1

I

1

»

— 8

1

I

1

1

1

I

1

1

1

UNITED KINGDOM




i

i

I

i

i

i

I

i

i

i

I

i

i

SWITZERLAND

NETHERLANDS

1988

1990

1988

1990

i

CHARTS

3-MONTH INTEREST RATES
WEEKLY SERIES
ENT PER ANNUM
12

SWISS INTERBANK RATE

—

10

U.S. CD'S

8
6
WEIGHTED AVERAGE
FOREIGN RATE

4

' •

2

i

I

i

i

i

I

i

i

i

I

'

i

i

'

I

I

I

I

I

I

I

I

I

I

I

I

I

I

i

i

I

i

i

i

I

I

I

I

I

•

i

I

i

16

14

U.K. INTERBANK STERLING

CANADIAN FINANCE CO.
PAPER

12
10
8

i

6
10

8

__

i

I

i

i

i

I

i

i

i

I

i

i

i

i

i

'

I

'

i

i

I

i

FRENCH INTERBANK RATE

GERMAN INTERBANK RATE

6
4

2
10

'

i

i

I

i

i

i

I

i

i

i

I

< i

i

I

I

1 I

I

I

I

I

I

NETHERLANDS INTERBANK RATE

8
JAPANESE CD RATE

6
4

2

'

i

i




I

•

i
1988

i

I

i

'

'

I

i

i
1990

i

i

'

< I

i

'
1988

'

I

'

i

CHART 6

EURO-DOLLAR DEPOSIT RATES LONDON
AVERAGES FOR WEEK ENDING WEDNESDAY
CENT PER ANNUM

PERCENT PER AN

14

14

OVERNIGHT

12

3-MONTH

12

10

10

8

8

6

6

i

4
14

i

i

I

i

i

i

I

i

i

i

I

i

i

i

•

'

•

I

7-DAY

12

•

'

•

I

'

•

•

I

•

•

4
14

6-MONTH

12

10

10

8

8

6

4
14

6
1

1

1

I

1

1

1

'

•

•

•

L

•

•

I

1

'

•

I

1-MONTH

12

1

1

1

I

•

•

•

I

I

I

I

1-YEAR

12

10

10

8

8

6

4

4
14

6
'

I

'

L




1

1

1988

'

L

1

1

I

I

'

I

1990

I

I

I

I

I

I
1988

I

I

I

I

'

I

'

'
1990

I

4

CHART 7

SELECTED EURO-DOLLAR AND U.S. MONEY MARKET RATES
DIFFERENTIAL: PLUS(+), FAVORS BORROWING IN U.S.
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNUM

PERCENT PER ANNUM

14

14

12

12

10

OVERNIGHT

10

3-MONTH

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

FEDERAL FUNDS

90-DAY CD'S

DASHED LINE

J—I




i

I

I

DASHED LINE

I

i

I

i

i

i

I

i

i

DIFFERENTIAL

1988

J—I

i

J

I

I

I

I

I

L_1

J

I

i

i

I

L

i

i

DIFFERENTIAL

I

I

I

I

l__L
1990

J — i — i

1988

i

i

i

1990

11

CHART 8

INTEREST ARBITRAGE: 3-MONTH FUNDS
DIFFERENTIAL: PLUS(+), INDICATES FAVOR DOLLAR ASSETS
AVERAGES FOR WEEK ENDING WEDNESDAY
PERCENT PER ANNU

CENT PER ANNUM

16

16

12

12

CANADIAN FINANCE
CO. PAPER, COVERED

INTERBANK STERLING
COVERED LONDON

8

8

U.S. COMMERCIAL PAPER

EURO-DOLLAR DEPOSITS

4

i

0

i

I

i

i

i

I

i

i

4

DASHED LINE

DASHED LINE

i

I

i

i

'

i

i

» I

i

i

i

I

i

i

i

I

i

i

i

0
2

2

i

+

0

2
16

I

DIFFERENTIAL

DIFFERENTIAL

»y

I

12

'

I

+

0

v

'

I

'

I

I

I

I

I

I

I

I

'

i

INTERBANK DM

'

I

'

i

'

l

i

i

» I

i

i

i

2
16

12

SWISS INTERBANK (SF) COVERED

COVERED FRANKFURT

8

8

0

EURO-DOLLAR DEPOSITS

EURO-DOLLAR DEPOSITS

4

I

I

I

I

I

I

I

4

DASHED LINE

DASHED LINE

I

I

I

I

I

1 1 1 I

'

1 I

» 1 1 I

I

0
2

2
DIFFERENTIAL

DIFFERENTIAL

+

+

0

0

2

I

I

I




I

'

I
1988

I

I

I

I

I

I

I

I
1990

I

I

I
1988

'

1 I

I

I

I

'

'
1990

I

2

CHART 9

LONG-TERM GOVERNMENT BOND YIELDS
WEEKLY SERIES
PERCENT PER ANNUM

PERCENT PER ANNUM
14

14 ,
UNITED STATES

CANADA

12

12

10

10

'

I

»

I

'

I

I

I

I

'

I

I

'

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

14

14

UNITED KINGDOM

FRANCE

12

12

10

10

I

I

'

L

I

I

I

L

I

I

»

I

'

»

'

I

I

I

I

I

I

I

I

I

I

L

I

'

I

L

I

I

•

I

I

I

I

I

I

I

10
SWITZERLAND

I

I

I

L

6
10

JAPAN

I

I

I

L

I

I

I

L

I

I

I

I

10

10
NETHERLANDS

GERMANY

MONTHLY

i

i

i




I

I

I
1988

i

I

I

I

I

I

I

i
1990

i

I

I

I

I

I

I
1988

I

I

I

»

I

L

I

I
1990

I

CHART 10

STOCK INDICES
WEEKLY SERIES
RATIO SC>
1986=

SCALE
X)

5

200
175

__ NETHERLANDS

- UNITED STATES

1

150

1

125

1

100

1

75

50
400
350

i

i

i

I

i

i

i

i

i

i

i

I

i

i

i

i

'

i

I

i

i

i

I

i

i

i

I

i

i

i

I

I

I

I

I

I

I

I

I

I

I

I

» I

I

I

'

I

I

'

« I

I

I

I

i

I

i

i

i

i

i

i

i

— GERMANY

_JAPAN

300
250

200
150

100

i

i

i

I

i

i

i

I

'

i

i

l

i

i

I

i

200
175

I

I

— FRANCE

— SWITZERLAND

150
125

100
75

50

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

200
175

I

I

. UNITED KINGDOM

.CANADA

150
125

100
75

•

« I




i

i
1988

i

i

i

i

i

l

i

i
1990

i

i

i

I

i

i
1988

l

1990

SERIES
l-Aug-90
Chart 1.

8-Aug-90

15-Aug-90 22-Aug-90 29-Aug-90

Spot Exchange Rates and Indices

Noon buying rates (U.S. cents, w e e k l y a v e r a g e s )
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

3.0278
86.765
18.594
62.292
0.08510
0.67427
55.270
73.373
184.12

3.0646
86.932
18.786
62.978
0.08609
0.66738
55.897
74.468
186.40

119.31
86.48
83.79
175.23
48.85
176.54
158.67
236.05
74.47

120. 76
86 .64
84. 65
177 .16
49. 42
174. 74
160. 47
239. 57
75. 39

3.0799
87.254
18.892
63.361
0.08641
0.66915
56.238
75.852
188.39

3.1215
87.528
19.113
64.252
0.08683
0.68033
57.021
77.679
191.71

3.1342
87 .989
19.195
64.373
0.08676
0.69000
57.131
78.491
194.72

Indices, March 1973 base rates = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound

121
86
85
178
49
175
161
244
76

.37
.96
.13
.24
.60
.21
.45
.03
,
.20

123
87
86
180
49
178
163
249
77

.00
.24
.13
.75
.84
.13
.69
.91
,
.54

123
87
86
181
49
180
164
252
78

.50
.70
.50
.09
.80
.67
.01
.51
.76

Weighted a v e r a g e exchange value indices , Mar. 1973 = 100
Belgian franc
Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swedish krona
Swiss franc
U.K. pound
U.S. dollar
Chart 2.

109 .37
76 ,
.50
74 .01
175 .23
.34
41 .
165,.85
148,.55
67 ,
.64
223..81
65..68
87 .
.07

109 .76
75 .93
74 .14
176 .
.07
41 .
,11
167 .
.08
149..16
67 .
.57
227 .
.02
66 .
.22
85..97

109 .68
75 .97
74 .11
175 .46
40 .
.87
168 .84
148..71
67 .
.44
228 .34
. 02
67 ,
85..45

-5.14
-1.86
-0.30
-3.26
0.22
-0.36
-0.99
-6.76

-5. 15
-2. 10
-0. 58
-3. 38
0. 14
-o. 56
-1 .19
-6 .79

- 5 . 04
-2..04
-0 .53
-3..51
0 .18
-0..56
-1 .09
.
-6 .77
.

-4..71
-2..03
-0..33
-3..37
0.
.19
-0..34
-0..73
-6 .58
.

-4..58
-2..06
-0..25
-3. 32
0..01
-0..32
-0..48
-6 .39
.

Gold Price in London, Afternoon Fixing

U.S. dollars per fine ounce
Chart 4.

109. 33
76. 58
73. 94
174. 95
41 .39
166 .24
148. 33
67 .62
220. 68
65. 26
87 .59

3-Month Forward Exchange Rates, Premium or Discount

Canadian dollar
French franc
German mark
Italian lira
Japanese yen
Netherlands guilder
Swiss franc
U.K. pound
Chart 3.

108.61
76.91
73.57
173.89
41.13
169.26
147.47
67.58
218.66
64.79
88.25

369.15

381 .99

397 .
.43

408..70

398..81

8.03
7.88
13.38
9.79
7.95
7.41
8.03
7.88
14.86

8. 07
7 .95
13. 83
9. 66
8. 05
7 .33
8. 28
8. 08
14. 93

8..13
8 .00
13..63
9..35
8..00
.31
7.
8..26
.98
7.
14..91

8..30
8..13
13..53
9..81
7 .95
.
7 .38
.
8..11
7 ,88
,
14..83

8..08
7 .89
13. 23
9..86
7.
.93
.43
7.
8..06
7 .43
.
14..80

Call Money Rates

U.S. federal funds
Overnight Euro-dollar deposits
Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom




SERIES
l-Aug-90
Chart 5.

7 .93
13 .40
9 .81
8 .17
7 .78
8 .24
8 .75
14,.95
9,.94

7. 86
13. 33
9. 84
8. 38
7. 83
8. 42
8. 83
14. 96
10. 03

7. 89
13. 20
10. 00
8. 39
7. 92
8. 49
8. 85
14. 96
10. 06

8 .04
13 .05
10 .04
8 .35
8..03
8,,42
8.,75
14. 98
10. 07

8 .10
12 .98
10 .24
8 .37
8 .23
8 .46
8 .55
14.,90
10. 13

7 .88
7 .91
7 .94
7 .91
7 .90
7 .99

7 .95
7 .94
7 .94
7 .88
7 .88
7 .96

8 . 00
8 . 00
7 .94
7 .91
7 .89
8 .00

8 .13
8 .08
8 .05
8 .04
8 .05
8 .16

7 .89
8 .05
8 .08
8 .14
8 .24
8 .38

Euro-Dollar Deposit Rates

Overnight
7-day
1-month
3-month
6-month
1-year
Chart 7.

15-Aug-90 22-Aug-90 29-Aug-90

3-Month Interest Rates

U.S. 90-day CD's, secondary market
Canadian finance paper
French interbank rate
German interbank rate
Japanese CD rate
Netherlands interbank rate
Swiss interbank rate
U.K. interbank sterling
Weighted a v e r a g e foreign interest rate
(G-10 C o u n t r i e s )
Chart 6.

8-Aug-9 0

Selected Euro-dollar & U

. Money Market Rates

Overnight Euro-dollar deposits
U.S. federal funds
Differential

7 .88
8 .03
-0 .16

7 .95
8 .07
-0 .12

8 . 00
8 . 13
-0 .13

8 .13
8 .30
-0 .17

7 .89
8 . 08
-0 .19

3-month Euro-dollar deposit
U.S. 90-day CD's, secondary market
Differential

7 .91
7 .93
-0 .02

7 .88
7 .86
0 .01

7 .91
,
7 .89
,
0 .02

8..04
8 .04
.
-0..00

8 .14
8 .10
0 .03

Euro-dollar deposit
Interbank sterling (London), covered
Differential

7 .91
7 .94
-0..02

7 .88
7 .91
-0 .04

7.
.91
7.
.94
-0.. 02

8 .
.04
8 .
.15
-0..11

8 .14
8 .27
-0 .13

U.S. commercial paper
Canadian finance paper, covered
Differential

7..82
8.. 09
-0..27

7 .76
.
8 .01
-0..25

7.
.81
7..99
-0..19

.93
7.
8.,18
-0.,26

8 . 01
8 .25
-0 .23

Chart 8.

Interest Arbitrage, 3-Month Funds

Euro-dollar deposit
Interbank DM (Frankfurt), covered
Differential

7 .91
.86
7.
0.,05

.88
7 .
.79
7.
0..09

7 .91
,85
7 .
0.
, 06

8.
,04
8 .02
0. 02

8 .14
8 ,12
0., 02

Euro-dollar deposit
Swiss interbank, covered
Differential

,91
7.
7.
,74
0.,17

.88
7.
7 .61
0..27

7 .91
7 .73
0. 18

8. 04
8. 01
0. 03

8. 14
8. 06
0. 08

10.,54
10.,10
8. 66
7 .48
6 .08
10. 73
8. 38

10. 86
10 .03
8 .89
7 .85
6 .05
11 .,02
8..62

ND
10. 56
8 .96
ND
6 .24
11 .14
8 .67

ND
10 .47
9 .00
ND
6 .39
11 .37
8 .82

ND
ND
9 ,07
.
ND
6 .60
11 .,36
8.
,97

118. 94
144. 85
121 .20
169. 89
107 .94
141 .58
143. 75
142. 89

115..84
135. 24
110. 42
158. 80
102. 20
130. 04
135. 66
136 .29

116 .91
130. 69
110. 30
158. 76
101 .65
131 .02
135. 63
137 .13

114. 74
115. 13
100. 27
146 .68
97 .75
120. 23
125. 88
128. 07

Ill .54
126 .18
103. 50
144. 53
97 .97
121 .66
128. 70
129. 57

Chart 9.

Long Term Government Bond Yields
elds

Canada
France
Germany
Japan
Switzerland
United Kingdom
United States
Chart 10.

Stock Indices (Wednesday figures)
gures)

Canada
France
Germany
Japan
Netherlands
Switzerland
United Kingdom
United States

Indices (in order, rebased to 1986=100) are Toronto Composite, CAC General, FAZ Aktien,
Tokyo SE (Topix), CBS All-General, Swiss Bank Index, Financial T i m e s Ordinary, NYSE Composite



FEDERAL RESERVE statistical release
H. 101512)

August 31, 1990

FOREIGN EXCHANGE RATES
FOR THE WEEK ENDING

AUGUST 31, 1990

The Board of Governors of the Federal Reserve System is advised that the Federal Reserve Bank of New York has certified
for customs purposes the following noon buying rates in New York City for cable transfers payable in foreign currencies:

MONETARY
UNIT

Aug. 27

^AUSTRALIA
AUSTRIA
BELGIUM
CANADA
CHINA,P.R.
DENMARK
*EURO COMMUNITY
FINLAND
FRANCE
GERMANY
GREECE
HONG KONG
INDIA
*1RELAND
ITALY
JAPAN
MALAYSIA
NETHERLANDS
*NEN ZEALAND
NORWAY
PORTUGAL
SINGAPORE
SOUTH AFRICA
SOUTH KOREA
SPAIN
SRI LANKA
SWEDEN
SWITZERLAND
TAIWAN
THAILAND
*UNITED KINGDOM

DOLLAR
SCHILLING
FRANC
DOLLAR
YUAN
KRONE
ECU
MARKKA
FRANC
D. MARK
DRACHMA
DOLLAR
RUPEE
POUND
LIRA
YEN
RINGGIT
GUILDER
DOLLAR
KRONE
ESCUDO
DOLLAR
RAND
WON
PESETA
RUPEE
KRONA
FRANC
DOLLAR
BAHT
POUND

0.8311
10.915
31.840
1.1372
4.7339
5.9515
1.3375
3.6635
5.2030
1.5515
152.90
7.7735
17.390
1.7290
1149.75
144.45
2.6958
1.7480
0.6280
6.0055
136.55
1.7745
2.5650
718.70
95.90
39.978
5.7115
1.2750
N.A.
25.530
1.9443

0.8302
10.925
31.880
1.1422
4.7339
5.9425
1.3387
3.6575
5.2060
1.5525
153.50
7.7720
17.360
1.7260
1147.50
143.48
2.6875
1.7493
0.6313
6.0090
136.95
1.7640
2.5550
718.00
96.03
40.018
5.7205
1.2815
27.280
25.440
1.9483

0.8325
10.957
32.020
1.1378
4.7339
5.9625
1.3367
3.6675
5.2160
1.5575
154.25
7.7710
17.380
1.7235
1155.00
143.62
2.6895
1.7551
0.6303
6.0260
137.25
1.7640
2.5560
717.60
96.43
39.968
5.7330
1.2850
27.287
25.450
1.9465

0.8168
11.015
32.150
1.1455
4.7339
6.0000
1.3262
3.6860
5.2500
1.5660
155.05
7.7630
17.480
1.7132
1160.80
144.30
2.6890
1.7648
0.6132
6.0610
138.20
1.7650
2.5675
717.20
97.45
39.948
5.7605
1.2960
N.A.
25.460
1.9225

0.8160
11.090
32.310
1.1545
4.7339
6.0415
1.3150
3.7220
5.2850
1.5760
154.90
7.7630
17.520
1.7026
1170.00
143.93
2.6890
1.7760
0.6153
6.0900
139.10
1.7650
2.5804
716.80
98.05
39.938
5.7890
1.3085
27.293
25.490
1.8920

MEMO:
»*UNITED STATES

DOLLAR

85.35

85.32

85.50

86.05

86.62

COUNTRY

(CURRENCY UNITS PER DOLLAR)
Aug. 28
Aug. 29
Aug. 30

Aug. 31

•VALUE IS U.S. DOLLARS
**INDEX OF WEIGHTED AVERAGE EXCHANGE VALUE OF U.S. DOLLAR AGAINST CURRENCIES OF OTHER G-10
COUNTRIES. MARCH 1973 = 100. WEIGHTS ARE 1972-76 GLOBAL TRADE OF EACH OF THE 10 COUNTRIES.
SERIES REVISED AS OF AUGUST 1978. FOR DESCRIPTION AND BACK DATA, SEE "INDEX OF THE
WEIGHTED-AVERAGE EXCHANGE VALUE OF THE U.S. DOLLAR: REVISION" ON PAGE 700 OF THE AUGUST
1978 FEDERAL RESERVE BULLETIN.
THIS RELEASE IS NOW AVAILABLE THROUGH THE FACILITIES OF THE DEPARTMENT OF COMMERCE'S
ECONOMIC BULLETIN BOARD. FOR INFORMATION, CALL (202) 377-1986.