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U.S. Jets Hit Guns Firing on 6 Safe 9 Area 

As UN Carries Out 

to Serbs 

2 F-16s Answer Appeal 
By Allied Ground Troops 

I ! and 

An American couple embracing at Rutare, southern Rwanda, after they were reunited while fleeing the country. The man bad been held hack in Kigali and Jeft with smEiST 

West Steps Up Ptillout as Rwanda Fighting Abates 

Compiled by Our Staff From Dispatches 

KIGALI, Rwanda — Fires burned on the 
outskirts of this devastated capital and hun- 
dreds of people looted aid warehouses on 
Sunday as fighting abated after three days of 
savage* chaos. 

Western countries continued an emergency 
evacuation of their citizens. 

Relief officials estimated that as many as 
10.000 people had been killed in Kigali alone 

in fighting that is the result of a struggle 
between the Hutu and Tutsi ethnic groups. 

About a dozen fires burned on the out- 
skirts of the capital and the Red Cross said 
there was looting in the city. Radio Fiance 
International said hundreds of people were 
involved, and that the stocks of the Red Cross 
and World Food Program had been plun- 

Belgium landed fresh troops at the Kigali 

International Airport to help its UN peace- 
keeping contingent rescue 1,500 Belgian resi- 
dents, the largest Western community in 
Rwanda and die foreign group most at risk in 
the tribal bloodbath. 

Fears of an advance on the capital by 4,000 
Tuisis of the Rwandan Patriotic Front were 
initially eased by a cease-fire agreement be- 
tween the army and the rebels, a Belgian UN 
commander said Sunday. 

“The two sides agreed this morning on a 
cease-fire and apart from sporadic shots it 
seems to be bolding,” Colonel Luc Marehal 
said in Kigali in an interview with Belgian 

But the International Committee of the 
Red Cross said later that Rwandan Army 
forces and rebels dashed on the outskirts of 

See RWANDA, PageS 

With Japan 9 s Political Shift , Economic Bets Are Off 

By James Stemgold 

Hem York Times Service 

TOKYO — The economic news in Japan has been grim for 
the past vear, so it came as a relief when Yasushi Mieno, the 
governor* of the Bank of Japan, cast off misgivings last week 
and stuck out his neck, declaring that the prospects for a 
recover) 1 this year were brightening. , 

Businessmen had waited a long time to hear that, but thar 

iov was short-lived. . . 

' Prime Minister Morihiro Hosokawa’s startling announce- so intertwined with the political situation,” said Tsutonm 
mem on Friday that be was resigning because of a financial Tanaka, deputy minister d the Economic Pl ann ing Agency, 
scandal has left economists fretting that a sustained period of “But if the bright signs were solid, they wouldn’t be so affected 
Dclitical turbulence coaid abort what even optimists expected by politics.” ^ t . 

to be only a fragile recovery. Added Kosaku Inaba, chairman of the Japan Chamber of 

The resignation itself may not have killed the recovery. 

economists said, but it did great damage to the public’s 
confidence in the economy’s health. It also means that in the 
coming weeks, economists are Seely to be looking more at the 
scramble for power in the parliament than at their computer 
projections for signs of the economy’s direction. 

“Never in recent memory has the state of the economy been 


f nm mem e and Industry: “We were just about to see the light 

in the dark umnel, but Hosokawa’s resignation has created 
uncertainty over the economic outlook. Tbe political disorder 
will have a negative impact ou Japanese industry, and political 
leaders need to fix the situation as soon as possible.” 

Most forecasters have been saying that (he economy will 
probably grow slightly less than 1 percent this year, a modest 
improvement over the anemic 0.1 percent growth rate in 19 93. 

At this point, analysts have little more than instinct to go on. 
because the battle to choose a successor to Mr. Hosokawa is far 
from over and the differences in economic policy between the 
various candidates are not great. But the stock market on 
Friday made what many analysts said was a reasonable assess- 
ment of the risks. 

As the news hit the market in the early afternoon, prices 

See JAPAN, Page 5 

Compiled by Our Staff From Dispatches 

WASHINGTON —Two U.S. Air Force jets 
under NATO command bombed positions in 
the Muslim enclave of Gorazde in Bosnia on 
Sunday after Bosnian Serbian forces brake 
through government defenses and threatened 
to overrun the city. 

It was the first time since Bosnia’s war began 
two years ago that the United Nations carried 
through on threats of air strikes on ground 

“UN peacekeeping forces requested dose air 
support,” accenting to U.S. military officials. 
“Two U.S. Air Force F-)6s responded.” 

The planes look off from the U.S. air base in 
Aviano, northern Italy. 

Sir Michael Rose, the British lieutenant gen- 
eral who commands UN forces in Bosnia, said 
Sunday be called in the air strike on forces after 
a Bosnia n Serbian tank began firing directly 
into the town of Gorazde. 

The two U.S. jets, diving out of low cloud 
cover, bombed a Serbian artillery position tar- 
geting Gorazde and Serbian shelling of tire 
town, which had escalated dramatically 
ih miigh the day, ceased IB minutes later. Gen- 
eral Rose said. 

The UN secretary-general, Butros Bulros 
nhuh said that planes would strike again if 
necessary to protect UN-designated “safe ha- 

President Bill Clinton also warned that the 
U.S. remained prepared to act again if request- 
ed to do so and said the air strike “was a dear 
si gnal ” to the Serbs of UN and U.S. resolve. 

Hours earlier, ignoring warnings by the Unit- 
ed Nations to stop their advance, Bosnian Ser- 
bian soldiers swarmed into Gorazde’s southern 
suburbs, where there was heavy sniper fire and 
scenes of civilian panic. 

The Bosnian Serbian forces on Sunday ac- 
knowledged the air strikes and called them an 
act of aggression. 

“By this act, NATO carried out a clear act of 
aggression against Serbian people,” the Yugo- 
slav news agency Tanjug quoted a Bosnian 
Serbian Army source as saying. The Serbian 
source accused NATO of “striking at civilian 
targets far from the front tine.” 

The Bosnian Serbian Army later said the 
strike caused some civilian casualties, Tanjug 
reported. It quoted the deputy chief of the 
Bosnian Serbian Army, General Milan Gvero, 
as saying NATO planes fired four missiles at 
civilian targets. 

There was no immediate reaction from the 
Bosnian Serbian political leadership or from 
the Muslim-led Bosnian government, which 
had long called for air strikes by the North 
Atlantic Treaty Organization against the Serbs. 

UN relief officials said that the United Na- 
tions was temporarily suspending aid convoys 
through Serbian-held areas. They said the sus- 
pension would take effect on Monday but did 
not say how long it would last 

UN officials m Sarajevo said two Serbian 
tanks were hit in the NATO air attack. They 
said they did not know exactly what had 

prompted the UN forces to call for the air 

Tne request for the raid by General Rose had 
reportedly been approved by the civilian head 
of the UN Protection Force, Yasushi Akashi. 

NATO has used the threat of air strikes to 
deter Serbian forces from attacking UN-de- 
dared safe havens in Bosnia. The threat was a 
factor in forcing the Serbs to withdraw their 
guns from Sarajevo in February. 

It was only the second time in the history of 
the alliance that NATO forces had been in- 
volved in combat. The first engagement was 
ordered in February, when NATO aircraft 
downed four Serbian aircraft. But that action 
was carried out to enforce an air-exdnsian zone 
the West has imposed over the former Yugoslav 
republic, rather than to deter a Serbian ground 

A spokeswoman for Mr. Butros Ghati said 
Sunday that the secretary-general had not wa- 
vered on using air power. 

The spokeswoman, Tbertse Gastaut, said: 
“As we have seen today, (tie secretary-general 
has not hesitated to use close air support and he 
would like to make it very dear that he will not 
hesitate to do so again to protect the UN- 
designated safe areas.” 

Gorazde, 55 kilometers (35 miles) south of 
Sarajevo, is one of the six safe areas for Bosnian 
Muslims established last year by the United 
Nations. But Serbs continued to besiege the 
city, as they have for most of the two-year war. 

As the Serbs pushed closer to the dty, hun- 
dreds of civilian refugees from outlying areas 
poured into Gorazde overnight Saturday, said 
Peter Kessler, a spokesman for the UN High 
Commissioner for Refugees. 

Mr. Kessler said later that his agency, which 
has four staffers in Gorazde, reported the town 
was growing calmer on Snnday evening. 

The fall of Gorazde would be a serious em- 
barrassment for General Rose and his UN 
peacekeepers, who had minimized the extent of 
the Bosnian Serbian offensive cad bad doubted 
if the Serbs intended to capture the city. 

General Rose; who was concentrating on 
attempts to reach an overall cease-fire between 
Muslims and Serbs in Bosnia, changed tack on 
Sunday when he said the Serbs had been 
warned “in no uncertain terms" to bait their 
Gorazde offensive. 

A UN mflitary spokesman. Major Rob An- 
nmk, said the F-16s had dropped their bombs 
under the direction of a forward air controller. 
The United Nations has deployed ground- 
based controllers as part of its planning for air 

The statement said that assessment of the 
damage caused by the raids was under way and 
that the Bosnian Serbs had been warned to halt 
their attack on Gorazde. 

A UN source in Belgrade said there had been 
two air strikes in the Gorazde area and that 
Bosnian Serbs responded with anti-aircraft fire. 
Shortly after the bombing runs, the intensity of 

See ATTACK, Page 5 

Clinton Insists That Serbs 
Cease Attacks on Gorazde 



Menem Parly Beaten 
In Buenos Aires \ote 

BUENOS AIRES (Reuters) — A leftist 
coalition trounced the government of 
President Carlos Sadi Menton m Bueaos 
Aires on Sundav in elections for an assem- 
bly that will reform the Argentine consti- 
tution, a senior official said: 

Exit polls showed the outcome in the 
capital, which does not affect a nationwide 
Stay for Mr. Menenfs Peronist& as giv- 
ing the leftist Broad Front a lead of 10 
percentage points or more, the official 




An occasional series 
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style is a wav of life 

With fats surreal style and clientele from 
around the globe, London’s StepnmJones 
is a thoroughly rood era milliner. Page za. 

Book Review 


Page 3. 
Page 24. 

China 9 s Social Rifts Nurture Dissidents 

By Lena H. Sun 

Washington Pat Service 

BENGBU, China — Without warning or 
explanation, a police bulldozer plowed into an 
apartment complex here and demolished sever- 
al brick-and-plaster homes. Residents watched 
helplessly as the walls turned into rubble, 

“They paid bribes to the police and we 
didn’t,” said one young woman, angrily jerking 
her hf-ad at the homes left untouched. 

A pro-democracy activist, Zhang Lin, 31. 
who bad been observing from the adetines, 
intervened and asked her: “Is the government 
right to tear down your homes? If the police 

took bribes, is this the kind of government we 
should have?” 

The woman did not answer. But for Mr. 
Thang , simply raising the question was an im- 
portant victory. Later that week, he would do 
the same with workers unhappj 
and with peasants in neighboring 1 
live in fear of local Communist Party bosses 
who they say beat and bully them. 

For activists like Mr. Zhang, the widening 
rifts in Chinese society are becoming a fertile 
breeding ground for the democracy movement. 

“The democracy movement is at a crossroads 
right now,” he said. “We plan louse our experi- 

ences to lead peasants and workers. That is the 
best way for us to develop the movement” 

The focus by some dissidents on specific 
grievances is a change from the abstract calls 
for democracy that characterized the student- 
led Tiananmen Square movement crushed by 
the army in Beijing on June 4, 1989. For the 
Communist Party, which has for decades called 
itself the dictatorship of the proletariat, this 
focus on workers and peasants strikes at the 
heart of its grip on power. 

Some dissidents even say that the urban and 
rural discontent is so deep that only a violent 

See CHINA, Page 5 

By Paul F. Horvitz 

International Herald Tribune 

WASHINGTON — President Bill Clinton 
demanded Sunday that Serbian forces halt their 
attacks and pull bade from the besieged Muslim 
city of Gorazde, saying he was ready to partici- 
pate in further NATO air strikes if peace talks 
do not resume in Bosnia. 

Mr. Clinton made his comments in a pre- 
pared statement issued from the White House 
lawn a few hours after U.S. F-16 fighter-bomb- 
ers based in Italy struck Serbian positions near 
Gorazde in response to a UN call for air sup- 

“The Serbs should cease then attacks on 
Gorazde and should pull back,” Mr. Clinton 
said, urging that talks on a sustained cease-fire 
be resumed. 

The United States must be prepared to use its 
air power again, he said, while cautioning that 
he did not know if that would be necessary. 

“This is a dear expression of the will of 
NATO and the wQl of the United Nations,” the 
president said, “and it’s a dear rail to the Serbs 
to pull back from Gorazde and resume the 

The first use of U.S. air power to strike 
ground targets in Bosnia opened a new and 
perhaps decisive phase in the protracted Bosni- 
an endgame. It also appeared to give at least 
temporary credence to Washington’s on-again, 
off- again threats to use force. 

The action by NATO came after a week of 
policy zigzag? by the Clinton administration, 
shifts that created considerable confusion 
about U.S. resolve. 

4 ' week’s end, two 
esmen for Mr. 

of State Warren M. Christopher 
sary to publicly clarify UJ5. intentions and 
erase the impression left by senior Pentagon 
officials that the United States wanted no part 
of the battle for Gorazde. 

Mr. Clinton’s statement Sunday, while not 
committing the United Stales to a broad role, 
left no doubt that U.S. air power would be 
available if similar, narrowly defined attacks 
were requested in the future, 

“We were retaliating," the president said. 
“The United Nations made it absolutely clear 

See POLICY, Page 5 

Missing the Missiles: South Dakotans Have That Empty Feeling 

By John F. Harris 

Washington Post Service 

UNION CENTER. South Dakota —Folks here lived for 
decades knowing that the Cold War might end with a 
nuclear doomsday in their own backyards. What happened 
instead was not a big bang, but a dull thud. 

Silo H-ia which for 30 years held a missile whose 

of the United Slates. “It’s one of those things’ that you gel 
used to and don’t give it a second thought” 

That attitude even seeped through to the people who 

Newsstand Prices 

Andorra 9.00 FF Luxembourg #>L.Fr 

Antilles n.20 FF Morocco... ..... 12 D* 

Cameroon ..1 .400 C FA ^^"" ^ FF 
E9V»t E P 50» 

France 9.00 FF 950 CFA 

Gabon 960 CFA SJ,” . 200 PTAS 

Greece 300 Dr. Tunisia ....1.000 Din 

SvorvCaost .1.120 CFA TurkfiY ..T.L. 15.(XW 

Jordon UP U.A.E- • ; P, 1 

Lebanon ...USS 1 JO U.S. Mil. (Eur.l SI. 10 

There was a muffled roar, and a mound of dirt sprang 
into the sky. a highly symbolic moment for a place where 
nuclear brinkmanship once was a local specialty. Earlier m 
the day, the last of 150 Mmuteman-2 missiles that had 
pockmarked 13,000 square miles (33,500 square kilometers) 

Yet in the shadow of the Black Hills, there is a final Cold 
War irony: Many people miss the mi s s iles. 

“I kind of hate to see ’em go,” said Darrell Steffes. a am ^ e “W 1 to the people «tto 

rancher in a widely echoed seStimenL “I can’t see where “files, “To me it s a regular 9-to-5 job.” 

they caused a damnbil of harm, and I think they contribut- £££**** ^ dOTl 

ed to our security. And they've sure put a lot of money into see it .as something .used to kffl. 

J " It is easy to see how what was once haunting gradually 

meaxmomy. _-—j mrrmiuteut hv became banal. Air force officials let visitors climb down 

The sflo that was blown up Thursday , by imo a sflo and roam around as the last missile was being 

was not an eerie, high-tech 
Jy pedestrian place. 

... _ — o — getiy, there were pulleys, pipes 

This mix of Norman Rocfcweu settings wtfl L/T. otrange- and hoses, along with a clunky computer that was protected 

love terrors may strike outsiders as surreal- But locals long 
o slopped thinking it was spooky to have an instrument 
mass annihil ation buried in the pasture. 

“How much do people in Washington, D.C, worry about 
living near the ‘Black Box’?" asked Gene Williams, who 

**■* riaaTo'n his farm. He ™ rrfmrng m the 

under terms of tiw 1991 Stra^ ReducaoQ nu dear code book always within easy reach of the pres deni 

with the former Soviet Union. 

by a combination lock and looked a but like a bank safe. Air 
force officials said it held a 64K memory, far less power 
than the typical laptop computer. 

“It’s like a Model T —it still gets you where you want to 
go,” said an Ellsworth spokesman, Kevin Krej caret. 

The Minuteman-2 ran deliver a bomb to a target 6,000 
auks (about 10,000 kilometers) away is about 30 minutes. 

Bur it has bees superseded by other missiles is the U.S. 
arsenal which was one reason former President George 
Bush agreed three years ago to scrap it 
The stand-down has been a gradual process; the unclear 
warheads were taken off the missiles in lale 1992. 

While the missies are gone from South Dakota, several 
dozen are still 10 be removed from Whiteman Air Force 
Base in Missouri; Mmuteman-2 missiles remaining at 
Malmstrom Air Force Base in Montana w£Q be converted 
into more modem Mmuteman-3 versions. 

The air force will retain plenty of ballistic- missile power. 
There are 500 Minntanan-3 and 50 Peacekeeper missiles at 
bases in North Dakota and Wyoming. 

Even these, however, are going into a relaxed posture. 
Although the Mmmeman-3 holds three warheads and the 
Peacekeeper holds 10, over the next several years both are 
to be revamped to hold a single warhead each. According to 
the air force, in peacetime the missiles will be aimed toward 
the ocean. 


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Campaign/ Kohl Challengi 

By Craig R. Whitney 

N < w York rones Service 

BONN — Rnddf Scharping, the Social Democratic 
chaflenger to Chancellor Helmut Kohl in Gennan/s 
elections on Oct 16 , is taking his campaign to the 

Bill Clinton and other leaders that he will be as reliable 
an ally as Mr. KohL 

“There are some people in Germany who believe 
that NATO could be replaced by something else," he 
said before Ids departure, distancing himself from 
more radical members of his party who have suggested 
replacing the alliance with the 52-nation Conference 
on Security and Cooperation in Europe. 

“There are others, like the Green Party, who believe 
NATO can be disbanded,” he said, referring to the 
environmentalist g r oupin g that many Goman com- 
mentators speculate he would have to rely on for 
support in parliament if he won. 

“I think both views are wrong," Mr. Scharping said. 
“We want NATO, and we understand h to be more 

than just a defense alliance. It’s also accomplished a 
great deal politically.'’ 

One of its achievements, he believes from his expert- 
race as governor of the state of Rhmdand-Palatinate* 
where 130,000 UJS. soldiers and their families were 
stationed at the height of the Cold War, is a gradual 
reconciliation between Germans and Americans. 

Mr. Scharping, 46, was elected leader of the Social 
Democratic Party in June, and has concentrated on 
restoring the centrist image it had when it last held 
power, under Chancellors Willy Brandt and Helmut 
Schmidt, more than a decade ago. 

Mr. Kohl's Christian Democrats say Mr. Scharping 
win be unable to escape the influence of his left wing, 
which since Mr. Schmidt was deposed in 2982 advo- 
cated accommodation with the Communists in East- 
ern Europe and distanced itself from US. mflitaiy 

Although Mr. Scharping got into trouble last month 
for botching an explanation of a campaign pledge to 
impose a 10 percent tax surcharge on higher incomes 
(above S3 5, 000, not S30,000 as he said), Mr. Kohl said 

last week that his patty would impose a 7 j percent 
surcharge on all taxpayers next year for as long as it 
took to get the formerly Communist eastern sections 
of the country into decern economic shape. 

The Social Democrats lead the Christian Democrats 
tty about Gve percentage points in public opinion 
polls- but Mr. Kohl dismissed that as irrelevant six 
months before the elections. 

Mr. Scharping is scheduled to see Mr. Clinton in the 
White House on Tuesday, sod said he wanted to 
discuss such things as the economic policies both men 
want to stimulate growth, cxeate jobs and reduce 
budget deficits on both tides of the Atlantic. 

Dining his talks with other officials and business 
representatives in New York Gty, Mr. Scharping also 
expects to be questioned about his party’s opposition 

expects to be questioned about his party’s opposition 
to German military participation in United Nations 
peacekeeping missions that could involve the risk of 

The Social Democrats challenged Mr. Kohl's deci- 
sion to send 1,500 German soldiers to Somalia last 
year, and also argued that the 1949 German Constitu- 

tion barred participation in nnEtary enforcement of 
the naval and air blockades around Bosnia, The Ger- 
man constitutional court is expected to role on the 
issue this summer. 

Mr. Scharping said that he was for German partio- 
nation in UN activities if they were constitutional and 
parliament approved. He added: “These soldiers must 
have the right to defend themselves and to carry out 
their mission. I am also for Germany's taking part m 
blockade actions, and if need be in their ntilitaiy 
enforcement. Thai describes everything the Umted 
Nations has done in recent years and wffl realistically 
be able to do in the near future." 

What actions the world will realistically welcome 
from Germany is another question. Mr. Schaiping is 
aware of the burden of German history on nis 

He believes that “remembrance is the secret of 
reconciliation," as he put it, and also the best way of 
combating evils like the recent rise of neo-Nazi radi- 
cals in his country. 


Mitterrand Opens 1944 Observances 

Mr. Mitterrand led 3,0W survivors anu 
certmony commemorating members of the MW* JSSfe 

who faced German mountain troops and F 
on the Alpine Plateau des CHte m March 

k— jw »h*» Resistance against the occupiers and took 

Israel Ban on Arabs 
Could Last Months 

Replacing Wbrkers a Problem 

By Clyde Haberman 

Mw York Times Service 

JERUSALEM — Government 
ministers suggested strongly Sun- 
day that a newly imposed ban on 
PaJestinian entry into Israel could 
last weeks and perhaps even 
months, although some senior offi- 
cials complained that the restric- 
tions would deprive innocent peo- 
ple of their livelihood. 

Fot most ministers, however, the 
potentially harmful impact on Pal- 
estinians took a distant second 
place to their main goal of reassur- 
ing Is raelis about their personal se- 
curity after several lethal attacks, 
most prominently a suicide car 
bombing by a West Bank Palestin- 
ian that killed 7 Israelis and 
wounded 44 others last week. 

The most effective solution, the 
government says, is to keep Pales- 
tinians out It is also a popular 
tactic among Israelis, for after seri- 
ous terrorist attacks they tend to 
fed safer if there are no Arabs 
around, even though it also means 
there are fewer people to fill con- 
struction and farm jobs that Jews 
in this country usually shim. 

The ban, in effect for the last 
three days, makes it illegal for the 
1.8 milli on Palestinians from the 
occupied West Bank and Gaza 
Strip to be inside Israel, including 
tens of thousands of low-paid 
workers who normally enter each 
day. Officially, this sealing-off of 

the territories is to last through this 
week and it will then be re-evaluat- 
ed. Islamic radicals threaten new 
raids to mar Israel’s Independence 
Day celebrations on Thursday. 

It is not the first time that such 
prohibitions were ordered, and in 
the past they invariably were eased 
after a while. But leaving their 
weekly meeting Sunday, cabinet 
members said that tins ban may be 
more than a quick fix. 

“The dosing is to be prokwged," 
Agriculture Minister Yaacov Tzur 

Housing Minister Binyamin 
Beo-EHezer said that be thought it 
would be retained even after Pales- 
tinian self-rule begins in Gaza and 
the West Bank town of Jericho, 
something that is supposed to hap- 
pen soon, although Israel and the 
Palestine Liberation Organization 
are still trying to work out details in 
talks that resumed in Cairo on Son- 

It seems extremely unlikely that 
the negotiators will meet their orig- 
inal target date of Wednesday for 
completing arrangements for an Is- 
raeli troop withdrawal from Gaza 
and Jericho. 

As an added sign of Israel's in- 
tention to make this territorial dos- 
ing a long one, Prime Minis ter 
Yitzhak Rabin was quoted by other 
cabinet members as saying that he 
wanted to keep it intact until the 



Instruments for Professionals 

r > . r ’ -• 

LW * 

An Israeli sokfier checking identity cards of Palestinian bus passengers Simday at a roadblock on the Jerusalem-West Bank border. 

self-rule agreement with the PLO 
had “proven itself” 

Pres um ably, tha t means unto 
there is a significant dedine in Pal- 
estinian attacks on Israelis, and 
some officials said it could take 
many weeks and even months be- 
fore that becomes dear. 

Freeing itsdf from cheap Pales- 
tinian labor is no easy task for 
Israel, which had come to take it 
almost for granted after capturing 
the territories in the 1967 Middle 
East War. But since the Gulf War 
of 1991, it has gradually reduced 
the number of Palestinian workers 
allowed in, replacing them with a 
few thousand foreign laborers and 
with Israelis offered subsidies and 
other incentives to take jobs they 
had previously rqected. 

A little over a year ago, just be- 

fore another territorial dosing after 
a wave of anti-Israel assaults, as 
many as 120,000 workers were per- 
mitted into land each day from 
the tori tones. That nmwh er had 
shrunk to 60,000 or less by early 
this year. And since the Hebron 
massacre on Feb. 25, Mien restric- 
tions were reimposed, it has dwin- 
dled much further as the result of 
curfews and other restrictions. 

With no one now allowed in* the 
catenet agreed Sunday to give six- 
month visas to about 15,000 for- 
eign construction workers, many 
expected to be from Romania ana 
Bulgaria, and to 3,200 farm hands, 
most likely from Thailand and Tur- 
key. That would increase the num- 
ber of foreign laborers to over 
35,000, an important change for 
Israel, which traditionally had re- 

jected the “guest workers” com- 
mon to Western Europe. 

But separating the Israeli and 
Palestinian populations for long 
periods may not be easy, goven- 
ment officials and mflitaiy com- 
manders caution. 

Deputy Defense Minister Mor- 
dcchai Gut said this weekend that 
keeping Palestinians out of pro- 
1967 Israel in effect defines bor- 
ders, something that the Israelis 
insist they do not want to do at this 
stage of their talks with the PLO. 

Major General Matan Vflnai, 
commander of Israeli forces in 
Gaza, warned that confining Pales- 
tinians to the turbulent coastal 
strip increased the likelihood of 
anti-Israel disturbances there. 

There also are questions about 
what exceptions will have to be 

Russian and Ukrainian Navies in Stormy Waters 

By Lee Hockstader 

Washington Past Service 

MOSCOW — An armed con- 
frontation at sea between Russian 
and Ukrainian vessels has inflam ed 
the already prickly relations be- 
tween naval forces of the two nu- 
clear-armed countries. 

The incident apparently began 
late Friday in the Ukrainian port of 
Odessa and ended after a daylong 
naval chase on the Blade Sea when 
four Ukrainian fighter jets buzzed 

the Russian fleet headquarters in 
Sevastopol on Saturday evening. 

Although the two sides gave con- 
flicting accounts, it seemed clear 
that the episode was by far the most 
serious yet between Russian and 
Ukrainian seamen, whose compet- 
ing chums to the Blade Sea Fleet in 
the last two years have led to 
moon ting tensions and recrimina- 

In Sevastopol, Russian and 
Ukrainian naval forces live side by 

side, their ships moored in the same 
harbor, in what must be one of the 
world’s most disharmonious mfli- 

taty “partnerships, 
m incidents dura 

sailors from the two forces have 
tied each other up and threatened 
each other with weapons. The Rus- 
sians have chased me Ukrainian 
ship and prevented another one 
from docking by chopping its 
mooring ropes with an ax. 

With the Ukrainians practically 

bankrupt, there are freqoent 
squabbles over finances. Add to 
that a constant rhetorical baraage 
by both sides and the result is an 
uneasy relationship deteriorating 
by the day. 

At the heart of the matter is the 
tangled question of who “owns” the 
300 mostly aging ships of the former 
Soviet Black Set Fleet, a force of 
more historical than strategic ingror- 
tance but nonetheless one that stirs 
passions in both countries. 

Vichy forces. 

Zhirinovsky Arrives in Strasbourg 

PARIS CAP) The Russian tetranationaHst Vladimir : V. 2 Zhirinovsky 

arrived Sunday in France after the government granted torn a visa to 
attend tbc Council of Europe’s parliamentary session m Strasbourg. . 

Mr. Zhirinovsky’s airival was guarded by pc^ Je^.orgamzations 
caDcd for a protest Monday in Strasbourg againstihe RosaanlawiMka. 
whose extremist Liberal Democratic Party captureda large share of the 
vote in Russian parliamentary elections in December. 

Mr. Zhirinovsky was to attend the spring session of the Council of 
Europe's assembly meeting as part of an 18 -member Russian parnaztKn- 
tary delegation. The visa was granted "for the 

for the duration of the parliament’s session, said Catherine uoiotma, a 
spokeswoman for the Foreign Ministry. She said that France s agreement 

. j-v _i ^ imnt fhpvicfl and added that 

fifidid Enla/Ite AEodflcd Press 

made — for example, Arab doctors 
and nurses from the West Bank 
who are now cut off from major 
hospitals in East Jerusalem. In ad- 
dition, the doting keros thousands 
of other Palestinians from East Je- 
rusalem, which they regard as their 
religious, cultural and economic 
center, as well as the capital of their 
hoped-for statdeL 

Some Palestinians denounced 
what they called collective punish- 
ment, and they received support 
from a few Israeli cabinet mem- 
bos, i nclndmg Communications 
Minister Shulamit Atom. 

“They are human bangs,” she 
said. “They have families. They have 
to work. They have to feed their 
children. And we know that the ter- 
rorists are people who can come in 
evenif'wewfll haveackwurc." 

Mr. Zhirinovsky would not otherwise have been given a visa to vish 

Italian Federalist Outlines Demands : 

PONTIDA, Italy (Reuters) — Umberto Bossi, the leader of die 
federalist Northern 1 on Sunday attached strict conditions to his 
party’s entry into the next government and again raised the prospect of a 
breakaway by the North. _ _ 

In a speech to thousands of supporters, Mr. Bossi demanded commit- 
ments to federalism and free-tnarket economics in return for entering a 
government and set a six-month deadline for their implementation. 

hhTgronp and the party of the mafia mag na te Silvio 

Bedusconi rmA Gianfranco Fun's neofasdsts; the three make up the 
Freedom Alliance that emerged triumphant in elections last month. 

“Within the new gov ernment we want two specific ma n dates for the 
League’s ministers,” Mr. Bossi said, one “to write a new federalist 
constitution” nT| d another “to write an anti-trust law like they have in P 
America.” He said the League would bring down the government and 
lead a northern breakaway if tl did not get swiftaction. 

Christopber Warns North Korea 

WASHINGTON (Reuters) — Secretary of State Warren M. Christo- 
pher s aid Sunday that, diplomatic efforts to get North Korea to' allow 
inter na tional inspections of its nuclear sites could last another six 
months. But he warned North Korea not to use the time to develop its 
midear capability, saying that would the situation. 

Mr. Christopher, appearing on NBC’s "Meet the Press,” also said the 
United S tales would not rule out options — induding preemptive strikes 
— if North Korea does not yield to international pressure. 

“Well, I think that Secretary Ferry’s use of six months is not a bad 
period of time,” Mr. Christopher said, referring to comments made last 
week by Defense Secretary Wiffiam J. Perry. Mr. Perry said the United 
SStates would have to shift from diplomacy to stiffer actions in six months 
if the situation remained unchanged. 


~ . 

British Airways Halts Yemen Flights 

LONDON (Reuters) — British Airways said Simday that it would stop 
its twice weekly flights to Yemen because of political uncertainty in the 
country and a steep dedine in demand. 

The airline resumed its Tuesday and Saturday flights to Yemen six 
months ago. They will be halted on May & Company officials said the 
decision was prompted fay “a steep derfme in demand and general I. 
political nncertaintyin the country as wdl as a lack of suitable agreement u 
to allow the airline to continue to serve both Aden and San'a with the ~ 1 
same flight" j 

Vietnam Airitues is to begin regidar flights to Japan in September but ! 
wffl fly to the new Kansai Arrjport m Osaka after being refused permission 
to use Tokyo’s crowded Nanta Airport, the Vietnam Investment Bureau 
reported Sunday. (AFP) 

Bomb threats have been made against the UJS. embassy in Kenya and - 
other American interests there, the State Depmtmcnt said. The depart- 
ment warned Americans to take extra precautions. (AFP) 

Egypt hopes to buN a bridge over the Suez Canal modeled on San , 
Francisco’s Golden Gate, a canal official said Sunday, and will seek a ’ 
5200 million loan from Japan for its construction. * (AP) 

TTiis Week’s Holidays 

Banking and government offices will be closed or services curtailed in 
the following countries and their dependencies this week because of 
national and religious holidays: 

MONDAY: Costa Rica. Mauritius. 

TUESDAY: Thailand. 

WEDNESDAY: Sri Lanka. 

THURSDAY: Boons, Honduras, Israel, Nepal, Sri Lanif 

FRIDAY: Banna. 


Sources: J.P. Morgan, Reuters. 


New and smaller version of the timepiece 
worn by flyers worldwide since 1952. 
Rot a t i ng herd with circular slide rule and 
variable tadiymeter. Great legibility, 
its selfwinding mechanical chronogr a ph 
movement is one of the smallest 
in (he world. Water-resistant to 30 meters. 
With leather strap or Pilot metal bracelet 

P.O.Box 1132 


7*1:4165/51 1131 
Fax.: 4165/53 1009 

Ukraine Agrees 6 in Principle 9 to Close Chernobyl Completely 

By Thomas W. Lippman 

Washington Peer Service 

WASHINGTON — The govern- 
ment of Ukraine has agreed “in 
principle” to shut down the re- 
maining nuclear power reactors at 
Chernobyl, site of the world’s worst 


FcrWaK IMaanSAcgden/bB^trienca 
ThaugpConmM Hama Stop 
(310) 471-0006 ext 23 

® Fk (310)471-6456 
Fax or aand Mated resume for 

I Pacific Western 

commercial nuclear accident, the 
UJS. Energy Department has an- 

Closure of the infamous power 
station near Kiev is not imminent 
because Ukraine stiH needs the 
electricity it produces. But U5. 
Deputy Energy Secretary William 
White said the agreement he sgned 
Friday in Kiev “puts Ukraine unal- 
terably on the fast track to shut- 

■us ask the buffer... 

He refused to offer a timetable, 
bat said it would be easier than 
Ukraine had previously thought to 
find substitutes for the power sta- 
tion's output If nothing else, he 
said, U.S. experts have convinced 
the Ukrainians that simple conser- 
vation measures such as installa- 
tion of electricity meters and mod- 
est price increases can cut 
electricity use enough to warrant 
rapid closure of the most danger- 

600 N. Sopulvsda BtaL, Dept 23 
LoeAncpiw.CA 90CMG 

S-l -N-G-A-P-O- R-E 

Vhtrt tenure il anything yen went it ta it. 

otis of the reactors at Chernobyl. 

Much of Europe has lived in fear 
of Chernobyl since the 1986 aori- 
denl there spread radioactive fall- 
out over several countries. The offi- 
cial death ton from that accident is 
still listed as fewer than 100, but 
public health authorities in 
Ukraine and neighboring Belarus 
have said thousands more have 
died of diseases apparently related 
to the accident. 

The International Atomic Ener- 
gy Agency reported last month that 
it had found “numerous safety de- 
ficiencies” at Chernobyl It also 
said the concrete sarcophagus built 
to encase the reactor that exploded 
in 1986 was deteriorating rapidly. 

Mr. White confirmed that find- 
ing. “Even the plant manager told 

me during my visit yesterday he 
drought the sarcophagus was dan- 
gerous,” he said at a news confer- 
ence Saturday after returning to 

Dining his meetings in Ukraine, 
he said, officials c£ several minis- 
tries said they favored shutting 
down Chernobyl as soon as posa- 
ble, but nuclear industry officials 
masted it had to be kept open at 
least till 1998 and could be operat- 
ed safely. 

Mr. White praised Vice Premier 
Valeri Shmarov for coming down 
on the side of closure and signing 
an agreement thai Mr. White raid 
“commits Ukraine to cease operat- 
ing Chernobyl at the earliest possi- 
ble time.” 

According to a text ot the U.S.- 

Ukraine agreement distributed tty 
the ILS. Energy Depa r tment, how- 
ever, the closure agreement is le&k 
dear-cut than that. ■ 

It says: “The Ukrainian adc 
agreed to cease operation of the 
Chernobyl plant once it reacbed a 
balance xn the eneigy system and 
found resources to take the plain 
out of operation." 

According to Mr. White, the 
Ukrainians want at least enough 
electricity to get them through next 
winter. But be said a joint study of 
available resources, to be complet- 
ed in early summer, is e xpe cte d to 

show Ukraine that conservation 
and alternative fuels can make up 
the difference. 

Ukraine is highly nuclear-depen- 
dent, drawing about 40 percent of 
its electricity from nuclear power:' 


Talks Between 

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theamericas / mmmo a besert bloom 


Mitchell Weighs Senate Pities and Court 

~ J . The Senate majority leader, George J. 
Mia bell, a leading candidate for a seat on the Supreme Court, said 
aunaay that he would hove to consider leaving his Senate post if 
nominated to the high court. 

u ^ a ^ actor to be considered in any decision.” Mr. 
Mitchell,- Democrat of Maine, said when asked in a television 
interview u he might step down as majority leader, 
vn L?? 1 very stron gly committed to enacting of a health-care reform 
bill this year as well as a crime bill and a welfare reform and 
campaign finance reform bill,” be said. 

“We have a very heavy and busy legislative agenda ahead and 
uiese are matters on which I have worked for many years and I want 
ro play a role in bringing them to enactment and that will be a factor 
that I will consider at the time if it need be.” 

Mr. Mitchell said he had not been contacted by the White House 
about the seat being vacated by Justice Harry A. Blackmun and that 
he had personally made ho decision. 

But he indicated that he would be qualified for the job, saying that 
a good nominee should have knowledge of the law and the ability to 
reason carefully and that “experience in nonjudicial areas is proba- 
bly a healthy thing." 

Mr. Mitchell, 60, has served as a U.S. attorney, and for eight 
months as a federal judge, but has far less judicial experience than 
other potential candidates. He had previously announced that he 
would retire from the Senate at the end of this year. 

The Senate minority leader. Bob Dole of Kansas, appearing on 
the same program, suggested that it would be better for Mr. Mitchell 
to step aside if he is nominated to the Supreme Court, saying it "gets 
a little sticky" overseeing the legislative agenda while preparing for 
confirmation hearings. 

Mr. Mitchell was also asked about a legal technicality that bars 
members of Congress from offices for which they had voted pay 
raises. “1 haven’t really given it much thought,” he said, noting that 
the White House bad asked the Justice Department to provide a 
legal reading on the issue. (AP) 

Di«d Leojputmlii/Tkr AsaocdKd Pit* 

I WHERE DO I SIGN? — Hillary Rodham Cfiiiton reactiog to 
a request for an antogp-aph during a stopover in Muskogee, 
Oklahoma, to promote the admanstoation’s health-care pbn. 

Clinton Activates Anti-Crime Lobby Push 

WASHINGTON ■— President Clinton and-senior members of his v 
cabinet will put on a major puslrthisttweeik to-IObbyfortoe crane - 
legislation that will be at the top of lawmakers’ ag en das when 
Congress returns from Easter recess, 
i Fresh off a week of pushing for health-care reform in town 

* meetings around the nation, Mr. Clinton in his weekly Saturday 
1 radio address focused almost solely on crime. “In my travels this 
. week, people made it dear to me they expect us here in Washington 
■i to take care of one job immediately: to confront the crime and 

• violence that are tearing our communities apart," he said." To 
underscore ihe administration's anti-crime efforts and rebut claims 
be has been slow to address the crime issue, Mr. Clinton will attend a 
rally at the Justice Department on Monday, and on Thursday. will 

■ ! host mayors, community leaders, police officers and others who will 

- talk about community policing and other issues. 

At the same time, the White House will continue what it calls its 
' “leadership days." in which 50 or more congressional offices send 
local leaders to the While House for briefings. Other administration 
offiria/s also will emphasize the issue. Education Secretary Richard 
W Rflev. for example, is expected to give a major speech on crime in 
, ' schools. ~ (W) 


Paul Costello, who worked for a former first lady, RosaJynn 
Carter, on partisan criticism leveled against Hillary Rodham Cm- 
ton: “There’s a built-in sexism: A spouse should not be mterfenng 
with the duties of her husband. The Republicans wifi not ray that 
righ t out But the Republicans believe they have a vulnerability, and 
they’re going to exploit it.” 

Thirsty Las Vegas Wants New Deal in the Water Game 

By Timothy Fg«n 

New York Tima Service 

LAS VEGAS — The mirage that grew out of Bugsy 
Siegel’s midcentury vision of showgirls slot ma- 
chines is now a metropoli tan area of nearly 1 million 
people. But the fastest-growing American city, 
sduAed to a Mojave Desert valley that receives miry 
four indies of rain a year, is running out of water. 

So, rather than try to curb a growth rate of nearly 
- 1JXX) new residents a week, the water czars of southern 
Nevada have their eyes on the main artery of the 
■American West, the Colorado River. 

The river runs dow nhill from its source in the Rocky 
Mountains, but it also follows another cardinal rule: 
In the American West, water flows toward money and 

Las Vegas has put forth an either-or proposition to 
its neighboring states: Increase the city’s allocation 
from the Colorado River or the city wffl try to run 
more than 1,200 miles (about 2,000 kilometers) of 

pipes into a network of und erg ro un d basins, sucking 
water from more than 20,000 square miles of wilder- 
ness, ranch country and national parks. 

And if the city cannot get the underground water. It 
would like to take a sizable amount from the Virgin 
River, which flows through Zion National Park in 
Utah, curls through the northwestern comer of Arizo- 
na and then runs into Nevada before emptying into 
the Colorado. 

Esse n tial, Las Vegas is trying to change what is 
known as the law of the river, which is basically a 
seven-state pact that determines how much of the 
Colorado’s water courses through the lives of nearly 30 
million Westerners. 

To ranchers upstream from Las Vegas and desert 
dwellers downstream, this “law” is sacred. But when 
the pact was put together in the 1920s, no one imag- 
ined that the desert slate of Nevada, one of the hottest 
places cm earth, could support a booming metropolis, 
a place made habitable by the invention of air condi- 
tioning and the siphoning of the Colorado River. 

"You can’t expect that this community, all these 
new people and all these babies and these families, are 
going to just go away,” raid Patricia Mulroy, general 
manager of the Sou thou Nevada Water Authority, the 
water agency for tire Las Vegas metropolitan area. 
“The old institutions of the West have gpt to change.” 

Still, there is a minority in Las Vegas who see water 
as a way to rein in the explosive growth that is 
transforming their city. In addition, thousands of 
people have filed complaints against the groundwater 
plan and the proposed Virgin River dam, both of 
which could face court challenges and federal 

Critics of Las Vegas’s plans say that giving the diy 

more water would be like giving a compulsive gambler 
another roll of silver dollars. 

In the last 10 years, housing developments with 
names like Marinas Cove have been built around 
artificial lakes dug into the Nevada sand. English 
lawns carpet new neighborhoods in a place where 

summer temperatures routinely reach 110 degrees 
Fahrenheit (43 centigrade). 

The latest additions to (he Las Vegas Strip, the 
tourist mecca, include a replica of the Nik River, a 
“Grand Canyon” with white-water rides and a moat 
holding giant pirate ships. 

Every day. Las Vegas uses more than 300 gallons 
(1,100 liters) of water per capita, nearly twice the 
national average and almost three times that of other 
arid cities like Los Anodes and Tucson, Arizona. 

Water officials say the data are skewed by the heavy 
influx of tourists, mare than 22 million people a year. 
But, in fact, most of (he area’s water does not go to 

“We are one of the biggest water wasters in the 
United States,” said James Deacon, a professor of 
environmental studies at the University of Nevada at 
Las Vegas. “The mam reason is because we’ve tried to 
put an Eastern landscape in the middle of the desert. 
This makes it extremely hard for us to ask for more 
water from the Colorado River.” 

'Defendant as Victim 9 Strategy Palls 

Sorv^ Shows Americans Think Juries Are Being Duped 


NEW YORK — A majority of Americans believe 
that the portrayal of defendants as victims as in the 
Bobbitt and Menendez brothers cases has gotten out 
of hand, according to a new survey. 

The findings are contained in a poll published in the 
current issue of the National Law Journal. The survey 

sum' defense lawyers are advancing in the courtroom 
today,” the journal reported. 

Of the poll respondents, 52 percent said they would 
have convicted Lorena Bobbitt of maliciously wound- 
ing her husband by cutting off his penis. Of those, 62 
percent were men and 43 percent were women. Mrs. 
Bobbitt was acquitted after a jury in Manassas, Vir- 

of 800 people nationwide was conducted last month gmja, found she was temporarily insane. 

by Penn and Schoen Associates Inc. 

The study showed that 59 percent of the respon- 
dents believe the “defendant as victim” strategy is 
being overused, while 30 percent instead say that 
many people legitimately commit crimes as a result of 
some suffering they have endured. 

According to the poll, 51 percent said that juries are 
being doped when they take into account all of the 
circumstances of the accused person and his or her life. 
On the other hand, one-third feel that juries are doing 
a better job of administering justice by doing so. 

“In theory, Americans are rick of the kind of ‘excu- 

In the Menendez case in Los Angeles, which the 
judge declared a mistrial when the jury was unable to 
agree; 68 percent of the respondents said they would 
have found the brothers guilty erf murdering their 

The Menendez brothers, Erik. 23, and Lyle, 26, 
claimed they were driven to killing their wealthy 
parents by years erf abuse. 

A vast majority of poll respondents, 89 percent, said 
they believed the most compelling argument to excuse 
someone for a serious crime was a mother protecting 
her children from a physically abusive father. 

Away From Politics 

• A firmer tomato is likdy to be the first genetically engineered food 
for direct human consumption to be approved by the UJS. govern- 
ment. now that a federal panel has cleared the way. Approval of a 
tomato that can ripen longer on the vine before being picked for 
shipment is probable within 90 days, according, to Dr. David A. 
Kessler, the commissioner of food and drugs. 

• Occasional use of cocaine, marijuana and other drugs is no great 
threat to health, and the drugs are relatively easy to obtain, accord- 
ing to 54 percent of youths from 12 to 17 polled by the U.S. Public 
Health Service; Donna E Shalnla, secretary of health, called the 
findings “alarming.” 

•A man chained fifth serrate in a Nazi unit that Jailed Jews and 
others in Latvia during World War II has been deponed to Austra- 
lia, the U.S. Justice Department announced Konrads Kalejs, 80, of 
Wumetka, Illinois, andSL Petersburg, Florida, had obtained Austra- 
lian citizenship in the 1950s. 

• The Woodstock 25th anniversary concert is a go for Aug. 13-14, 
with 250,000 people expected. After months of wrangling over 

money matters, sanitation, environmental impact and cleanup, au- 
thorities in Saugexties, New York, finally approved the Woodstock 
Music and An Fair ’94. 

jVJT, fVP, LAT.AP ■ 

Mrs. Clinton’s Futures Adviser Placed Her Trades 

By Sharon LaFraniere 
and Charles R. Babcock 

Washington Post Service 

During most of the 10 months lransa«i On the line were m 
Mrs. Clinton traded cattle futures, ores in the cattle business: 

liar fig- fleets the loose attitude of the 
buyers, Springdale office and its head bto- 

House has acknowledged that 
James B. Blair, an Arkansas lawyer, 
placed most of the orders for the 
trades erf cattle futures that earned 
Hillar y Rodham Clinton nearly 
$100, (WO profit in the late 1970s. 

A White House official contin- 
ued to in nrin that Mrs. Clinton 
made her own decisions on how to 
trade. But he said she had discussed 
them with Mr. Blair, who would 
then pass an order on to the broker, 
even though the broker was only 
supposed to take orders from Mrs. 
Qmton, . 

Previously, the White House de- 
scribed Mr. Blair as simply an im- 
portant adviser but had not ex- 
plained how Mis. Cfintcm carried 
out her trading. 

Mr. Blair was outside counsel for feedlot operators, a Chicago pit ker, Robert L. (Red) Bone, about 

Tyson Foods Co., Arkansas’ big- trader, Refco brokets and some- the trading rules. 

WASHINGTON — pie white gest employer and die was the gov- times the Refco president, Thomas - f _ _— 

ouse^has acknowledged . that S^^Although she made a Dittmer. Sn lS£ 

huge profit on her $1,000 invest- Mr. Blair had good reason to 

. « MtiMM tr**n im He rUlEt hno* nun* and 1981 —by the OUGIgP Mer- 

Earth View: 
Shuttle Tests 
New Radar 

New York Tima Service 

— Six astronauts have set out cm a 
space shuttle missi on to test an ad- 
vanced radar technology that may 
enable people to manage the envi- 
ronment of their home planet bet- 
ter in the future — and perhaps 
catch some fantalrang glimpses of 
life in the past. 

The shuttle Endeavour, carrying 
a $366 milli on Space Radar Lab- 
oratory, went into orbit Saturday. 

On the rime-day flight, the astro- 
nauts are to put the Endeavour 
through 460 maneuvers, more than 
on any previous mission, to point 
the radar at a variety of landscapes 
and seascapes. Scientists want to 
see bow wdl the technology can 
map different terrains and distin- 
guish between natural and human- 
induced environmental changes. 

The missi on’s primary radar tar- 
gets indude mountains in Europe 
and South America, ocean currents 

era oris wife. Although she made a 
huge profit on her $1,000 invest- 
ment, she was not a passionate 
trader who kept up with every 
move of the market Mr. Blair was. 

that Mrs. Clinton “did her own SB T xa P*™™™ 
trading” in the commodities mar- The mission s primary radar tar- 

krtTS the 1970s, but it stepped 

short of denying that an adviser and South America, ocean currents 
,,,, “id wetlands, forests, farmlands 

placed most of the orders, Reuters 'S, — £ti«« th* rirv 

Mr. Blair had good reason to 
keep up. He risked huge sums, 
making as much as $515,000 in one 
day and hoping to dear $2 million 

reported from Washington. 

and deserts. By penetrating the dry 
sands, the radar may also be aWe to 

According to his testimony in toe next, he testified. He daimed in 
three lawsuits against the coramod- a lawsuit against Refco that his 
ity brokerage firm of Ray E Fried- family ultimately lost $15 million, 
man & Co., known as Refco, Mr. Like other customers, Mr. Blair 

and 1981 — by the Chicago Mer- a White House official, asked chart the former course of the Nile 
cantile Exchange . and the Com- whether Mr. Blair placed most of River to antiquity, survey a buried 
modity Futures Trading Commis- Mis Clinton's orders, said: “Tm “lost city" on the tobian Pemnsu- 
» not denying iL Tm not saying he £ “d ™oovo; rams H* old 

Because Mrs. Clinton was the didn't or he did.” S Slk R»»d m_Weslem Chma. 

Rlfljr kept a special computer do- d aimed that Mr. Dittmer had 
voted to analyzing and charting tricked his brokers into making 
market averages over four-day, trades that manipulated cattle 
nine-day and 18-day periods. He prices for his own benefit, aBcga- 
had a “quote” machine in the back tkras that Mr. Dittmer has denied. 

. . . A . mm l « ■ '. . • A. _ ItTL!. _ IT 

only one authorized to trade her 
account, Mr. Bane technically vio- 

“Mrs. Clinton (fid her own trad- 

trades that manipulated cattle 




of his desk that enabled him to 
watch die market “tick by tick-” 

According to the 'White House 
official, Mr. Blair passed an trade 

Mr. ' Blair also was privy to a orders for about a dozen other peo- 
daily 2:30 P-M. conference call pie besides Mrs. Clinton, including 
broadcast over the speaker phone members of his family. The fact 
at Refco’s office in Springdale. Ar- that ht was allowed to do so re- 

ing to Leo Melamed, former chair- 
man of dm Chicago Mercantile Ex- 
change. Mr. Melamed reviewed 
Mrs. Clinton’s trading records at 
the request of the White House; 

■ White House Response 

The White House said Sunday 

in this trading process, it was done 
by the broker.” 

la and discover rains along the old 
Silk Road in Western Chma. 

Diane L_ Evans, a geologist and 
the project's chief scientist at the 
Jet Propulsion Laboratory, said the 
system should provide a detailed 
“look at the planet in a way that's 
never before been possible.” 

Navy Going by the Book on Sexual Harassment 

By Eric Schmitt 

New York Tima Service 

WASHINGTON — With its penchant for 
by-toobook precision, the anbury has man- 
uals for just about everything. Now, the U.S. 
Navy has a new manual on how to recognize, 
prevent and deal with sexual harassment. 

Titled “COmmanderis Handbook — A Tool 
Kit for Prevention of Sexual Harassment,” the 
manual defines the problem, tells how to han- 
dle complaints and bolds commanders respon- 
sible for eliminating harassment- The navy will 
distribute the manuals by early fall. - 

Much of the 64-page handbook, with lengthy 
attachments and sample cases, is a summary of 
orders and memorandums navy leaders nave 
issued since the bawdy weekend of the Tad- 

hook convention of naval aviators in Las Vegas 
in 1991. 

Using these new orders and regulations, the 
navy has dismissed 89 officers and sailors for 
sexual harassment since 1992. But even the 
navy acknowledges that the results have been 
mixed at best. 

Officials are hoping that the mere existence 
of the manual will be regarded as a sign of 

But here the military faces an issue etched in 
shades of gray, demanding subjective judg- 
ments and interpretations. “When I go to the 
field, a lot of people still don’t know what we 
mean by sexual harassment,” said Rear Admi- 
ral Paul E Tobin Jr, head of the navy's office 
for whai it describes as personal readiness and 

community support. "We’re trying to make 
sure they (mow where the line is.” 

Senior navy officials say the release of the 
manual coincides with increased sensitivity 
training and stricter punishment for offenders 
to hammer home toe service’s “zero- tolerance” 
message. But lawmakers and independent ex- 
perts say the tolerance has not yet dropped that 
far in practice. 


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AGE: Rescuers of Jews 
^hiring the Holocaust 

By Eva Fogelman. 416 pages. 
$24. Doubleday. 

'Reviewed by 
-Tom Laqueur 

M OVED by curiosity, Alexan- 
der Roslan sneaked mto toe 
iWarsaw Ghetto early one monung 
•before the night’s harvest of dead, 
'rmariated, fly-covered childrens 
-bodies had been removed. He was 
sickened by what be saw. He gave 
some bread to toe living who d«- 
-peratdy begged it from him, fully 
aware of toe futility of his 
- - Some time later, Roslan. a Pohsh 

By Alan TrnscoU 

I T is Body that two New Zea- 
landers form the b«t 
partnership in toe world an d are 
headed for mteroanonal tostoc- 
tion. They are 21-year-oW 
DeTMome, and 20-year-old Ashky 
Bach, who are known Down Under 

as “Ish” and “Ash”. . 

They scored convincing VICU ^** 
in toe main pair and u =f m . 
toe Australian national cbampu» 
4hips at Surfer’s Paradise on 
“Queensland's Gold Coast Del 

•Moure had achinol. tit sanKdou- 

ble a year earlier with a different 

J^They'won toe pair® *i*k ® 
overwhelming margin and wore 
aided by toe diagramed deal. «w 
pairs would reach good sewm- 
jpade contract, which took sophis- 
ticated bidding following the open- 
ing two no-trump bid. 

black marketeer, told a friend that 
be would harbor a Jewish child, 
preferably not a boy whose circum- 
cision would easily give him away. 
He aided up with Jacob Gutgdd, 
whose Jewishness was writ large 
upon bis face, never mind his pri- 
vate parts. 

When a neighbor tipped off the 
Gestapo that the Roslans were har- 
boring a Jew, Jacob spent seven 
hours in a kitchen cupboard while 
Alex’s children made distracting 
noises and he entertained the Nazis 
with enough alcohol to make them 
neglect their dirties. They returned. 
Had Jacob been found he would of 
course have been instantly shot and 
toe entire Roslan family hanged in 
public as a wanting to others. Alex 
transported Jacob to toe family’s 


Three dubs was Puppet Stay- 
man, so the three-spade rebid 
showed a five-card suit. Four no- 
trump was Roman Key-Card 
Blackwood, accepting spades as the 
trump suit, and South showed four 
keys cards and subsequently the 
trump queen and the dub king. 
North might have plunged at this 
point but issued a grand slamhni- 
tation with six hearts, and South 
accepted on toe strength of his 
spade jade. 

' West led a trump, and “Ish” as 
South won in his hand and played 
dubs, ruffing the third round with 
dummy’s spade ten. He could no 
longer play w 

mood by niffing since he lacked a 
side entry to the dummy, so be 
drew trumps and cashed toe heart 
ace. When he then took hs two 
remaining trumps, West^uki n« 
stand the pressure. Whether he dis- 


She offers three sorts of answers 

to account for how an ordinary hn- 

• Christopher Irwin, chid execn- _ ■ man bemg beo^ a “rc^ra sdf,” 

m iti'H aa.- s.tafeg 
ssssaas* asesamgs 

“The first book gives me good rwqxmsiMtof, was m a situitoon 

jargon to pin an ideaslhave intite 
bSEof mymind. The le Can* book \ 

“teas? and complex but very / LfinLl \ “ »)«wiung g^b^ 

Tr r n » / \ such anodyne palaver and the m- 

COT,peflmg - (Erik Insert, im * ^ * sane sangfroid of a Polish teenager 

(tnK ipsen ’ J who single-handedly cared for 13 

Jews at toe behest erf inner voices. 

.. . -.a. Second, motivations. There were 

new, far less visible home outside his wife, Akx took another Jewish those who rescued under the sign of 

• Christopher Irwin, dtidf execu- 
tive of BBC World Service Teievi- 
5acn, is reading “ Managing Brand 
Equity: Capitaftzingon the Value of a 
Brand Rome” by David Aaker on 
the train home and “The Nighl Man- 
ager' by John le Cane before bed. 

“The first book gives me good 
jargon to pin an ideas I have in tbs 
back of my mind. The IeCan£ book 
is intense and complex but very 

(Erik Ipsen, IHT) 

shows that any explanations she 
offers are hopeless. At this level, 
good is as banal as evil. And even if 
doing good is not a random event, 
it remains a profoundly unpredict- 
able one. Most of us who have read 
Anne Frank's “Diary of a Young 
Girl” have wondered what we 
would have done in a similar situa- 
tion, and we know ourselves at least 
as well as any psychologist might. 

This is not to say that the acts of 
lnniTnaai and com pa ssion recalled 
here cannot be explained but rather 
that the extraordinary stones in tins 
book must be read each for itself. 
Goodness rests in particulars. Thus, 
plumbing the depths of an Alexan- 
der Roslan means understanding his 

of Warsaw in a hoDowed-out couch boy into hiding: Shdem, a 9-year- others rescued because story, not assimilating him into the 

aboard a moving van. old in prec arious health from hav- ^ re judeophiles, either platitudes erf social conscience as we 

Over toe strenuous objections of ing spent several months, dawn to through personal connection or re- know it 





O J8782 
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* 954 

O J 107 64 

* Q 10 8 4 

* AKQJ3 
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^ to aT-^ti^Sh^ ron- - ***** ?* 1 C ^‘ 

tracted scarlet fever and infected taww „ JS A «™!TLe enoueh /*»* derke^y. wrote this for The 
— Alex's son, JureL The Jewish boy Bm ^dSg a befidflu ^adimpon Post. 

carried the heart king or unguarded of course could not go the duty of Christian charity does - r — - 

diamonds, toe grand slam was buiJiirek wenland sawdhalftas no£ go a wsy toward explain- 

medicine, which his fath£ tfara - for example, why the pro- 

NORTH broo&t bade to SbolenL The boy anti-Semitic father Fal- f[pO|| 

a in? 2 died nevertheless and Alex buned fojwsfc n^ed his life to take in a mJlH 

c QS2 him with what decency he could w j^^gtai, lice-infestcd Jewish boy ic-k-k-k-k 

o K Q 10 9 4 a basement. shivering in toe cold. 

* A 3 Next Jacob became seriously ffl. Finally, we are offered psydbody- HOTEL METROPOLE 

west qlj 51 with a fever that threatened his namicors«aal-}MyriiQlogical espla- GENEVE 

8 6 o t in 7 e 4 brain. With the terror of betrayal m nations. Set beside the stories of 

K. 9 _ . , ^ 3 his heart, Alex approached a doctor rescue and suffering, these are al- Since 1854 

■ j b 7 2 * Q 10 8 4 wIm offered to operate gratis, but most unbearably trite: Eghty-nine a prmi FGFD PLACE' 

SOUTH (D) said that he needed 10,000 zlotys to percent had an altruistic role model; A rruvtLcucw . 

* a K Q J 3 bribe his assistants. Alex sold his or, “as children most rescuers felt The only Grand Hotel 

house intoe suburbs. The war end- not only loved but protected.” located in the heart of 

* Kfi5 ed; Jacob survived; Alex’s own son, Fpgdmmhasnmdeajmgacon- Geneva's business 

North and South were vulnerable Jurek, did not. felled by a bullet as tribunon to Holocaust studies m and shopping center, 

re bidding: he wem outside to fetch wais" dur- collecting these accounts of con- Aff conditioned, 

ruth West North tot jjj e Warsaw uprising. sdence and courage, ranging from 

West led the the spade dghL 

Whv asks Eva Foedman, whose toe less wefi-known stories to those 
father was saved by toe likes of her of Oskar Schindler, Raoul Wallen- 
su bice is, did Alex or anv of the berg and MiepGies. But her sooal- 
otoer 300 men, women and chfi- psychologist self argues agamst toc- 
dren in her book, become rescuers? grain of her own evidence, which 



Since 1854 

The only Grand Hotel 
located in the heart of 
Geneva's business 
and shopping center. 
Air conditioned. 

1211 Geneva 3 
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TeteJC 421550 -Fcoc 311 1350 

Grad Bran 



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Read SuPMaxCB Africa, tame* 


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* For frtfbRnMon canceinng FioncHMhMfy h mai<x Gennan ctuao cat (of fnw IHT 
Oenneny at Q13fr94 3S B5 orta teas} 175 413. lirtSor Glirman regaadone. a 
Iran peted te granted lot aB now tatdBW. 

Yes, 1 wont to start receiving the IHT. This is the subscription term I prefer 
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This o Her expires August 31, \994, and is euaikhh to new subscribers only . g 

Page 4 

MONDAY, APRIL 11, 1994 





Exporting Labor Standards 

5?rt hit UP Old Communists Fear a Chinese Voice for Democracy 


a nifTiliic. iLnf fLoir fvmHfrv b9n 11 ran fKir " " a m** J5.ES^J3KMS^.Tte- ca’s other trading partners. 

trade surplus that then county will run this 

year with America tokeep Mr. Wa from speak- 


nied by political modernization —by democra- 
cy. Mr. Wri wrote, signing his nanwami address. 

He published a magazine exploring this . 
theme until he was arrested in May W79. The 

Labor standards are now on the agenda for 
future world trade talks, at the insistence of 
the United States. In tarns of Washington 
politics, the Clinton administration is blowing 
a kiss to unions that arc still sore about the free 
trade agreement with Mexico. But it is going to 
change the character of trade diplomacy. 

With the expansion of world trade, it is 
both desirable and inevitable that social issues 
should be taken up explicitly in these talks. 
But it win not be free of friction. Although the 
United Stales swears that it has nothing of the 
sort in mind, most of the developing countries 
suspect that this new attention to labor condi- 
tions wiD become merdy a veil for a new style 
of protectionism to keep their low-wage pro- 
ducts from competing in high-wage countries. 

Most of the world’s governments, after 
years of work, managed to agree last Decem- 
ber on a substantial expansion of the world’s 
trading rules. This effort, known as the Uru- 
guay Round of tpfVs, w3J estab l ish a new 
World Trade Organization to administer 
these rules, and the preparatory committee 
begins work next week. It has announced that 
it will take up what Mickey Kantor, the chief 
Amer ican negotiator, calls “the issue of the 
intersection between trade and international- 
ly recognized labor standards.” 

But the internationally recognized standards 

are in fact recognized chiefly by high-wage 
democracies. Unions and some of the politi- 
cians thou want a weapon against not only 
gpods node with child labor and forced labor 
but also goods made by poorly paid labor in 
general ptid goods from authoritarian coun- 
tries fhat do not permit labor to organize. 

Mr. Kan tor says the Clinton administra- 
tion's purposes are entirely different —to use 
trade as a mighty lever to lift social and politi- 
cal conditions abroad. It is wrong to think, he 
argued the other day. that economic develop- 
ment alone wfll automatically improve the lives 

of working people. That does not happen with- 
out a struggle because “social justice, market 
economies and democracy are all linked.” 

Trying to use trade as a tool to advance 

democracy abroad is a noble idea, very much in 
the American missionary tradition, but it tarns 
these negotiations into a threat to all govern- 
ments that are less than democratic. Until now 
Tnrfia. fearing for its exports, has been tbe most 
articulate opponent of bringing labor stan- 
dards into the trade talks. But India is a 
democracy. There is an even bigger country 
that is sot — a country whose exports to the 
United States are growing fast. Deliberately 
or not, the Clinton administration is widening 
its dispute over human rights with China. 


Groping Forward in Japan 

In just eight months as prime minister, Mari- 
hire Hosokawa brought deep and irreversible 
chang es to Japan’s politics. In the end, sadly, he 
was undercut by the same kind of financial 
scandal against winch he had earlier been the 
symbol of protest But before that happened he 
forced the passage of legislation that wiD dra- 
matically improve the conduct of Japanese 
ejections, nof least by curbing the excessive role 
of corporate contributions. The first prime 
minister in neariy four decades not to belong to 
the center-right Liberal Democratic Party, he 
marked the aid of its long dominance. 

The causes of tins upheaval have not been 
entirely homegrown. Like many other coun- 
tries, Japan is now searching far new political 
directions in a new world. With the end of 
Sovie [-American tensions that induced voters 
in many places to endure financial corruption 
as (he price of stability, they seem to have 
decided that they can do with less of both. 

After World War D the major defeated 
countries — Germany. Italy and Japan — all 
reacted similarly. Each put its politics into a 
kind of trusteeship, under prudent and reli- 
able men in dark suits, while the rest of the 
population wen labour the important business 
of getting rich. The pressures on Germany, 
with its long border on the Iron Curtain and a 
quarter of its people on the other side, led to 

the collapse of the trusteeship there in tbe 
middle 1960s and a return to multiparty poli- 
tics with alternations of power. Bui in Japan 
and Italy the trusteeships persisted, dominat- 
ed in each case by one big conservative party 
and accompanied in recent years by an explo- 
sion of graft and payola. Tbe same people bad 
been in office too long. Now the voters in both 
countries have expressed a sweeping revul- 
sion , and suddenly there is great turbulence 
and uncertainty in places where, for decades, 
there was stability to a fault 
For Americans, anxious to get on with their 
trade complaints against Japan, that is going 
to be exasperating. For some time to come 
there may be no one at the top in Tokyo 
capable of imposing much charge an trade 
policy. Tbe vacuum in Tokyo wffl be much 
more consequential for the United States than 
the similar one in Rome. Not only is the 
Japanese economy three times as big as Ita- 
ly’s, but Italy long since turned over most of 
its trade and economic policy to the European 
Union in Brussels. For tbe Japanese, relations 
with tbe United States will doubtless remain a 
great concern. But their lop priority now is to 
work out a new and more open style of de- 
mocracy for a generation of voters who. until 
last summer, knew only tbe one-party kind. 


No to Torture in Singapore 

If people were caned for vandalism in New 
York, would New Yorkers have a safer city? 
That seems to be tbe conclusion from the talk 
shows, public opinion surveys and letters to 
editors across the United States. Michael Fay, 
the 18-year-old American who has been sen- 
tenced to a caning in Singapore, is not doing 
wdl in the polls. 

At his hometown paper, tbe Dayton Daily 
News in Ohio, the cans and letters are running 
2 to 1 in f avor of inflicting tins form of torture. 
And tbe Singapore government is pointing to 
American public opinion as vindication for its 
uncompromising policy. The comparison is 
made agum and again: Singapore and New 
York, dean streets versus dirty ones, safety 
versus muggings, order versus chaos. Clearly 
Mr. Fay’s predicament has touched an Ameri- 
can nerve. For many who envy Singapore's 
orderly, dean society, who are tired of the dirt 
and danger of U.S. cities, the threat of pain 
and h umiliati on for transgressors seems worth 
the price. Japan, however, is also an orderly 
and relatively safe society; its order is not paid 
for with the fear of torture. Neither is Austra- 
lia’s. On tire other hand, Brazil, whose police 
shoot vagrant children for picking pcckets, 
has not made its streets any safer. 

Perhaps the general callousness about what 
Mr. Fay is facing may be related to the nature 
of his punishment. Maybe, because it is di- 
rected at the buttocks, it resembles too closely 
tbe childhood spankings or fraternity hazings 

that many Americans remember with some- 
thing bordering on nostalgia. It is hard for 
many people to imagine such a procedure 
causing the recipient to pass out, go into shock 
or sustain permanent scarring. 

Many Americans believe reasonably that 
visitors to another country should try to con- 
form to local customs and laws, and should be 
prepared to suffer the customary punishment 
for flouting them. But Mr. Fay’s lawyere ar- 
gue that caning has never been used in Singa- 
pore to punish vandalism of private property. 
Mr. Fay is being singled out, they say, and his 
American detractors are simply helping Sin- 
gapore scare propaganda points. 

Whatever tire case, it is disheartening to 
watch Americans, in their yearning for order, 
endorsing medieval torture for an act of ado- 
lescent mischief. It is time for Americans 
appalled by Mr. Fay’s sentence to raise their 
voices in protest American corporations — 
like General Motors, Eastman Kodak, Dow 
Chemical or Texas Instruments — that trade 
with Singapore should lean cm President Qng 
Teng Cheoog for clemency. It is also time for 
people concerned about Mr. Fay to flood the 
Singapore Embassy with phone calls. Tbe 
number in Washington is (202) 537-3100. 
America, theland that led the world in decry- 
ing duel and unusual punishment must dem- 
onstrate that older bought with torture is 
never worth the price — at home or abroad. 


Other Comment 

Korean Opportunity for China Tokyo Has a Promise to Keep 

There is a way out for China that would 
give it a nuclear-free Korea and still bait the 
Americans. Instead of resisting sanctions on 
North Korea, it could threaten to impose 
them. True, the threat ought have to be car- 
ried out, V Kim H Sung is determined to go it 
alone, and that would bring tbe risk of North 
Korea's collapse. Bnt threats may be the only 
way of getting North Korea out of the bomb 
business. America would hale to see China 
take credit for solving Asia’s biggest security 
problem. China, meanwhile, would for once 
have proved itself the greater power for Asia 
to reckon with. Masterful, and masterly. 

— 77ie Economist {London). 

Prime Minister Morihiro Hosokawa’s sud- 
den decision to resign should not be used by 
Tokyo as an excuse to back away from his 
promise to have a package of measures to 
open Japan's markets soon. The need to fulfill 
that promise is more pressing than ever as the 
world, not just the United States, watches. 
Reformist Hosokawa unfortunately fell short 
in delivering bombshell changes during his 
eight months in office, but he did manage to 
set Japan on a course of change, politically 
and economically. A slide back to the status 
quo could further derail U.S.-Japanese efforts 
to create a new framework for trade. 

— Los Angeles Times. 

International Herald Tribune 



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China’s determined pursuit and persecution of 
Mr. Wd since Secrenuy of Slate Warren Chris- 
topher went to Beijing last month and urged 
Dag Xiaoping’s government to ease up on 
human rights abuses — after which the govern- 
ment hounded Mr. Wd even more relentlessly. 

The Chinese behavior is indecent. More to 
the point, it is not very smart. It corners Mr. 
Christopher, who must make the key recom- 
mendation to President Bill Clinton before 
June 3 on renewing China's mon-favored-na- 
tion trading access to the American market It is 
mconcervaole that Mr. Christopher would re- 
commend extending most-favored status if the 
Chinese treat Mr. Wei and other dissidents 
worse as a result of his trip. 

Deng and Company must believe that they 
have something substantial to fear from Mr. WeS. 
Can his power be temfying enough to justify 
deliberately embarrassing an American secretary 
of state, forgoing special trade advantages and 
putting Beijing’s economic allies in the American 
business community on tbe spot by abusing a 
solitary, nonviolent advocate of democracy? 

point of cutting off tbar collective nose to spue 
tfcar collective face. He has their mmte. and 

him to 15 years mprison on trumped tro chaises dectson tad to be ***& 

of threatening China's national security. Qua 2 s 

Mr. Deng boasted in party meetings that the Chnstopber and paseeuhtmctf Mr. Wet the 
West, busy playing the China card against the president would revoke ttatrade privilege for 
Soviet ItorcwoddiwtdBnjptrdatkins for the Bdjin^ather partially or wholly. _ _ 
sake of an outspoken dectrioan — jnst as fee Mr. Drag seems 
Polish Communists banked on another dectri- sbengnght once agna Shortly after his rdeasc, 
dan-dissident, Lech Walesa, disappearing. Now Mr. Wei said that VS. attempts to find a 
it is Mr. Deng who seems prepared to disrupt reasonable compromise ot hnmiui rights i would 

relations withthe West because of Mr. WeL not work with Mr. Deng. Heated Aesop $ fable 
Released from prison last September, Mr. Wd about the flawed kunb that tned to reason 
has shown that the eaperiencehas not broken bis with the wolf. ‘Tm afraid any attest to use 

spirit. Despite repeated threats from the govern- reason and logic will prove abortive, he said, 
man, betas continued to speak out about the “It is not that the wolf does noi [understand 
need [eg democracy- On Apru 4 he was detained reason. It rs that he ism . j .interested, 
by police and placed under bouse arrest. Tong Does Mr. Deng hate Mr. Wa and b is ou tspo- 

Y L to assistant, has also been detained. ken ways more than he values low-tanff trade 

The persecution of Mr. Wd and of hundreds with America? It is hard 10 believe. But it is 

of other pro-democracy activists cuts the even harder to beSeve otherwise if you took « 
ground from under the feet of those who want the evidence. Hus wolf would rather have his 
Mr. Clin ton to renew most-favored status, meal than listen to reason. 

Without Mr. Clinton's authorization, China, The Washington Past. 

which is not a member of the General Agree- 
ment on Tariffs and Trade, is not eligible for 
the low tariffs that the status grants to Ameri- 
ca's other trading partners. 

Mr. Clinton wants to extend the stains and 
find a way to avoid fighting this battle year 
after year. Those sentiments are shared by all of 

«Sr grgss 

promises to undo tbe ratueal excesses of Mao dan-dissident. Lech Walesa, disappearing Now 

Zedong and the Gang of Four. it » Mr. Deng who seeroprqwrf to fisrupt 

Mr Deng had launched China cm the post- relations with the West because of Mr. Wo. _ 
jLfor, called the Four Modernizations: Released from prison last September, Mr. Wa 

Mao path he called the Four Modernizations: 
industry, science and technology, agriculture, 
and military affairs. Specific targets were set in 
each area for sustained national growth that 
would “propel China yet again toward the 
modem age,” the historian Jonathan D. Spence 
writes in *Tbe Gate of Heavenly Peace.’' 

Mr Wefs original sm was to take Mr. Deng at 

his word. On Dec. 15, 1978, he authored a wall 
poster entitled “The Fifth Modernization." The 
four changes proposed by Mr. Deng would pro- 
duce nothing lasting unless they were accompa- 

Jtdeased from prison laa September, Mr. Wa 
has shown that the experience has not broken his 
spirit. Dcsphe repeated threats from the govern- 
ment, he has continued to speak out about the 
need for democracy. On April 4 he was detained 
by police and placed under bouse arrest. Tong 
Yi, his assistant, has also been detained. 

The persecution of Mr. Wei and of hundreds 
of other pro-democracy activists cats the 
ground from trader the feet of those who want 
Mr. Clinton to renew most-favored states. 
Without Mr. Clinton's authorization, China, 

Central Africa’s Nightmare Makes Help All ike More Necessary 

N EW YORK —The neighboring 
African countries of Rwanda 
and Burundi have been plunged into 
unimaginable anarchy and blood- 
shed. Last week’s violence — the 
plane crash that killed the two na- 
tions’ presidents, the police and army 
rampage that killed more than 1,000 
people in Kigali, the Rwandan capi- 
tal — was only the latest convulsion 
in decades of ethnic warfare. Relief 
agencies estimate that 100,000 people 
have died in Burundi since October. 

The death of Burundi's president, 
Cyprien Ntaryamira, who was re- 
turning from a peace conference in 
Tanzania when ms plane was report- 
edly shot down, brought back a vivid 
memory of my meeting with his pre- 
decessor, Melchior Ndadaye, in Wash- 
ington on Oct 7. It also recalled trou- 
bling questions about bow the West 
often views the prospects for “demo- 
cracy'' in countries such as Burundi. 

At 40, Mr. Ndadaye was his conn- 
try’s first Hutu leader, despite the 
overwhelming majority (about 85 
percent) of bis ethnic group in the 
population. He was also the first 
democratically elected head of state 
in Burundi He envisioned Burundi 
as a multiethnic nation in which the 
long bloody rivalries of the Hute and 
Tutsi peoples would be set aside. 

He came to meet with State De- 

By Clifton R. Wharton Jr. 

paitment officials. As he outlined his 
plans for Burundi I could not help 
bat be taken by his youthful vigor 
sod c o mm* tnoi L 

He had been moving derisively 
since his election in June, taking firm 
steps to strengthen the fledgling dem- 
ocratic transition. He had renounced 
revenge and was creating a govem- 

Wemmtnot attempt to 
impose a'madein 
America 9 democratic 
model mother countries. 

meat of reconciliation — by includ- 
ing pr omin ent Tutsi; jn his Cabinet, 

freeing most political prisoners and 
allowing the return of exiled dissi- 
dents from both ethnic groups. 

Enormous fawks faced trim. His na- 
tion had known nothing but a tangled 
history of tribal conflict, European 
colonialism, monarchy and military 
rule. He had begun to plan the costly 
repatriation of refugees — perhaps 
200,000 people. (He himself had spent 
1 1 years in exile in Rwanda.) 

He had to build democratic institu- 

tions from tbe ground floor — an 
undertaking requiring parliamentary 
training, civic education and tike 
strengthening of nongovernmental or- 
ganizations. The rfm nmg a was tO 
adapt these institutions to the unique 
fjr raimstanres of his country rather 
than merely done a Western model 
And he had to address Burundi's 
alkxmsummg foreign debt, which was 
crashing the economic progress so cau- 
dal to stability. Mr. Ndadaye knew 
that it would require more man for- 
eign aid, and thus be also met with 
American business leaders, hoping to 
interest them in trade and investment 
I left our meeting with admiration 
far his aspirations and determination. 
Two weeks later be was dead, assassi- 
nated on his return in a coup attempt 
by Tutsi members of the military. ms 
doth, and now that of Mr. Ntarya- 
nrira, have holed more ethnic slaugh- 
ter and marred the exodus of as many 
as a milli on Hntns to neighboring 
countries, where many face starvation. 
Bat the tragedy is wider than that 
What has happened in Burundi and 
Rwanda may reinforce a widely held 
view in the West that democratic roots 
simply will not sprout in some African 
countries, winch are often seen as hy- 
brid political creations throwing to- 

gether tribes and cultures whose only 
common heritage, unless hdkL in check 
by a brutal dictatorship, is warfare 
against one another. 

There may be some truth to tins 
view — but it does not apply only to 
Africa. Andent hatreds and a lack of 
democratic traditions also lie behind 
the str ug gle in several former Soviet 
republics and of course in Bosnia. Af- 
rica’s smaller nations continue their 
bloodshed and turmoil largely out of 
sight, often considered a lost cause. 

Mr. Ndadaye knew what he was op 
against He was no innocent who bo- 
Sieved that Ins election would resolve 
bitter history overnight. He knewtiiat 
reconciliation was fundamental to his 
governmental and social reforms, even 
while he sought international support 
and economic stability. 

That he faded must not be taken as 
proof that Burundi is impervious to 
reform. It is another signal to tbe West 
that we cannot posh democracy faster 

than fr ram hr. agrimflatari 

Africa’s most populous nation, Ni- 
geria, remains a vivid example of tins 

point. Reports last week about a glob- 
al Nigerian drug trafficking network, 
run with the protection of the govern- 
ment, suggest that tbe label “democra- 
cy" cannot be used to cover up a 
corrupt dictatorship. 

We mnst recognize that a single free 

election does not a democracy make. 
In promoting democracy abroad, U.S. 
foreign poScy must take into account 
the posability —the probability— of 
failures fte that in Burundi. 

When they happen, we must contin- 
ue to offer our support and the neces- 
sary fmanrial aid, tryin g to engine that 
it is kept oat of the hands of corrupt 
officials and instead goes directly to 
the lenders and grass-roots organiza- 
tions that truly make op' the founda- 
tion of democracy. 

We must not attempt to impose a 
“made in America” democratic model 
on other countries, especially where 
cultural and ethnic divisions are an- 
dean and bloody. What works for ns 
will not necessarily work in Burundi 

Curtain principles — freedom of 
speech and association, and the se- 
cret ballot — may be essential, but 
the details of the democratic process 
must accommodate historical reality. 
We most not give up. Onjv with the 
help of the free wood wifl Burundi, 
Rwanda and other staging African 
nations inch toward a place in a 
peaceful global order. 

The writer, a former chairman of 
the board of the Rockefeller Founda- 
tion and former deputy secretary of 
state, contributed this comment to 
The New York Times. 


For an International Agreement to Tame Economic Migration 

G ENEVA — Trade officials from more 
than 100 countries convene in Marra- 
kesh this Tuesday for the formal signing of 
the final act of the Uruguay Round of multi- 
lateral trade talks. There, the major trading 
nations have an op port un ity to offer new 
hope of controlling the canses of much of the 
world’s irregular migration. 

As markets in industrial countries become 
more open and obsolescent industries are 
restructured or replaced, the demand for ir- 
regular immigrant labor will fal At the same 
time, increased access for labor-intensive 
goods in the markets of industrial countries 
will raise employment and income in the 
migrant-sending countries of Eastern Europe 
ana tbe developing world. 

Reckless bat lucrative trafficking in irregu- 
lar migrants, now flourishing in Western Eu- 

rope, the United States ana Japan, can be 
replaced by productive trade in goods and 
services, promoting welfare in both rich and 
poor countries. Ineffective or delayed appli- 
cation of the Uruguay Round agreements and 
continued protectionism would prevent this. 

In the Group of Seven industrialized coun- 
tries, some 23 million jobs are supported by 
merchandise exports, and many more by ex- 
ports of services. These exports depend large- 
ly on the import demand of Eastern Europe 
and mi grant-sending developing countries. In 
1991 and 1992, U.S. exports to Latin Ameri- 
ca, tbe Middle East and China grew at 10 
times the rate of increase to Western Europe. 

The European Union’s exports to these 

By Bimal Ghosh 

markets increased by 13 percent Protection- 
ist lobbies need to be reminded that a much 
larger share of EU exports now goes to 
developing countries than to North America 
and Japan together. And these countries 
have the largest reserves of unfulfilled de- 
mand — a vast potential market for the 
industrial countries to tap. 

Neither the developing countries nor East- 
ern Europe will be able to sustain such de- 
mand unless they can earn enough foreign 
exchange through their own exports. Trade 
protectionism would thus cause job and in- 
come losses to spiral everywhere. Increased 
emigration pressure in the developing coun- 
tries and in Eastern Europe, and more blatant 
forms of xenophobia in the receiving industri- 
al countries, would result 

Tbe Uruguay Round agreements will not 
benefit all migrant-sending countries uni- 
formly. Food-importing countries will lose, 
due to higher food prices, and countries re- 
ceiving trade preferences in industrial-coun- 
try markets mil see tbe value of their prefer- 
ences fall as tariffs are lowered. Hus will 
include neariy all of Africa and the Caribbe- 
an. Most of these countries wBl need — and 
deserve — aid in other forms. With an esti- 
mated annual gain of more than $240 billion 
in a decade as a result of the Uruguay Round 
agreements, the world economy can surely be 
expected to afford such aid. 

Trade by itself is not a perfect substitute for 
economic migration. Nor is fonagn direct 
investment or aid. So long as there are wage 
and income disparities between countries, mi- 
gration will remain a balancing force. These 
disparities cannot be erased ovennghL 
A recent estimate for a group of migrant- 
sending countries in Eastern Europe and 
North Afrira finds-tbat a growth rate of 6 to 8 

current growth predictions, it wifl take 35 
years for incomes in Eastern Europe to reach 
half the average of industrial countries. 

The limits to the potential of foreign direct 
investment are also dear. Just to replace cur- 
rent remittances from its workers abroad, a 
migrant-sending country like Bangladesh 
would have needed $3.1 billion — 10& times 
the amount of foreign direct investment h 
received in 1989. The Philippines would have 
needed 10 times and Morocco about five times 
their real investment inflows in recent years. 

Buz trade, aid and investment can be molded 
into a coherent poGcy of economic cooperation 
to make migration more manageable and pro- 
ductive. To do so, nations will need to negoti- 
ate — building on the potential of the Uruguay 
Round accords for freer movement of goods, 
services and eventually capital — a new inter- 
national migration agree ment . 

Tbe new agreement should encourage la- 
bor-surplus countries to adopt head-based 
development strategies, with emphasis on job 
creation, demographic p lanning and h uman 

resource development To ensure the success 
of these strategies, the migrant-receiving in- 
dustrial countries must modify their trade, 
aid and investment policies. These changes . 
must include planned assistance for festnic- 
curing wasteful, noncompetitive industries 
that depend on nregular immigrant labor. 

The agreement mould provide guidelines 
to create specific outlets for legal ana orderly 
migration, matching the needs and conditions 
of both labor-surplus and capital-rich coun- 
tries. In addition to admissions on family and 
other humanitarian grounds, demographic 
and labor-market needs, inducting short-term 
movements of personnel for trade in services, 
should be covered fkxiWy and harmoniously. 

The new agreement mast envisage in- 
creased support fra those migrants who are 
willing or even anxious to return, ensuring 
their smooth reinsotion as productive ana 
useful citizens in their coan tries of origin. 

By enhancing the predictability of tbe in- 
ternational migration system the new agree- 
ment would ezihancelbe capacity of the states 
to respond to a foil range of migration situa- 
tions. It wifl, hopefully, put an end to tbe 
growing fear that movements of people might - 
get out of controL 

The writer, senior consultant to the Interna- 
tional Organization for Migration, has Just 
completed a study on global migration and 
development, jointly commissioned by the Unit- 
ed Nations and the IOM. He contributed this 
comment to the International Herald Tribune. 

America’s Upstarts in Uniform Should Go Quietly Back to Base 

C HAPEL HILL, North Carolina 
— The U.S. military is now 

By Richard H. Kohn 

more alienated from its civilian lead- 
ership than at any time in American 
history, and more vocal about it 

Tbe current dispute between (he 
White House and top military offi- 
cials over the use of force in Bosnia is 
only the latest in a kmg line of open 
disagreements that have sometimes 
crossed the foe into outright insults. 

Last year a two-star general was 
retired from the air forcefor publicly 
disparaging President Bill Clinton. 
Tbe chief of staff felt obliged to de- 
mand in public that people m his ser- 

At the anm^eUte 
General Staff College, a respected 
congressman was greeted by catcalls 
at the mention of the president. 

When Americans think about civil- 
ian control of the mflitary, concern 
about a coup always lurks in the 
background. But that has never really 
been a serious threat Tbe 0131(217 
does obey orders, and civilians do 
make the key decisions. But beneath 
the surface is a continual struggle for 
influence, as (he miliiaiy strives for 
the autonomy it needs to accomplish 
its tasks and the civ ilians seek to im- 
pose policies to meet national needs 
and advance their own agendas. 

Because so much depends on cur- 
rent personalities and issues, a proper 
relationship between civilian and mili- 
tary leaders is hard to define. Some- 
times the bite is clear, as wheQ Douglas 
MacArthur tried to overturn the limits 
that the Tr uman administration im- 
posed on tbe Korean War. At other 
times it is murky. But most people can 
sense when the balance is awry. 

Cohn Powell, during Ins tenure as 
chairman of the Joint chiefs, used the 
swollen power added to the office by 
Conoess in 1986 and the political skill 
acquired in two decades m Washing- 

ton’s warn to steer his own virion of a 
post-Cdd War military establishment 
through the executive branch and 
Congress. He became the chief link 
between civilian and military during 
the Gulf War, and he did hts best to 
isolate one from tbe other, subordinat- 
ing policy to mQitaiy means and pre- 
venting the KlSh a dminis tration from 
rushing into combat before first as- 
sembling overwhelming force. 

He and the chiefs became virtually 
the arbiters of intervention in Bosnia 
and Somalia. During his last year in 
office. General Powell spoke out pub- 
licly on foreign policy quite beyond 
the American tradition of military ab- 
stention from politics. On homosexual 
service, he and the other chiefs, in 
alliance with key members of Con- 
gress, took full advantage of a new 
young president with weak authority 
in mnitary affairs to force the “Don t 
ask. don’t tdT com pro mise on the 

incoming ml mi nig H alion. 

Much of the military ’s expanded 
mflnenoe during the last two genera- 
tions has stemmed from inattention or 
abdication on the part of civilians in 
the White House and the Pentagon, or 
from battles between Congress and 
the president that allowed the rmlhaiy 
to pursue its own ends. 

During the Cold War, the miliiaiy 
came to see itself as separate i n soca - 
ety, with its own needs and interests 
— adept at rating the media, maneu- 
vering made the bureaucracy, playing 
off the administration and Congress, 

and p mnrtnnong publidy OH issues of 

war, peace ana policy. Mr. Clinton 
and Ids generation of senior military 
leadership may not be able to repair 
the damage, but they most try. 

Tbe White House should stop 
treating the military tike rt political 
constituency, to he wooed or “dealt 

with,” and more like a trusted family 
doctor: to be respected, the advice 
pondered — and checked against sec- 
ond opinions — and the recommen- 
dations accepted or rejected with full 
appreciation of the risk. 

The mflitary should withdraw into 
personal and professional neutrality, 
abandoning participation in public 
debate about foreign and military 
policy. It should resist the temptation 
to build alliances with lawmakers and 
the public fra more military spend- 
ing, or to maneuver in tbe bureaucra- 
cy to outwit civilian direction. 

The officer corps must come to 
terms with a much smaller role in 
American society — perhaps with be- 
ing marginal again, as before 1940, 
and certainly with being nnequivo- 

longer needed — or appreciated. at every level of mflitary education-^ 

Now he needs to make seme tough The Republic is not in immediate 

then telling them that their public 
statements on the subject wen: no 
longer needed — or appreciated. 

Now he needs to make some tough 
choices on service roles and missions; 
on tbe balance between readiness, 
modernization and the size of the 
force; and on weapons procurement. 

The chiefs value firm leadership.. 
Mr. Peny mnst assure that their re- 
placements, due for impomtmeat this 
year and next, will offer unvarnished 
advice without regard for personal or 
institutional aggrandizement, then 
lead their services in loyally support- 
ing whatever coarse is chosen. 

Most important, dvfl-mflitaryrda- 
tions need to be discussed and taneht 

danger. But a consciously separate 
military partiripating actively in poti- 
cy and national debate can only * 
erode American democracy. 

The writer, chairman of the CumnJ- 
han in Peace, War and Defense at the 
University of North Carolina, was the 
airforce's chief historian from 1981 to 
1991. This article was adapted try The 
New York Tories from one in ihc cur- 
rent issue of The National Interest. . 

m OUR PAGES: 100, 75 AND 50 YEARS AGO 

cafly nonpartisan. 

Officers need to remind themselves 
that peace and demobilization were 
the goals of the Cold War, and that 
suspicion of the brass, even dispar- 
agement, has been central to Ameri- 
ca's political heritage. They need to 
grit thar teeth like their predecessors, 
who had not only to educate civilian 
decision makers but also to swallow 
direction from leaders who were 
sometimes uninformed, misguided. 

capricious or even contemptible. 

It will fall to WflKam Ferry, the 
secretary of defense, to rebuild the 
relationship. He wifl have to under- 
lake a concerted campaign to reassert 
civilian control — first by having tbe 
secretaries of the services take back the 
authority that has migrated to the uni- 
formed staffs in the Pentagon, and 
second by making sore that (he next 
generation of ©socials recognize tbs 

problem and mil help to restore some 

trust between the two sides. 

He has made a good start by con- 
sulting the Joint Chiefs on Bosnia, and 

1894: Loss to the Pope 

ROME — The Pope has just had the 
misfortune to lose his confessor. Fa- 
ther de Bassano, who belonged to the 
Order of the Franciscans. This order 
has for a long time past had the 
privilege of furnishing the preachers 

to the Pope during Lent His Holiness 
was always present at their sermons. 
As regards his confessor, the Pope 
chose him as he pleased ... Tbe 
confessor of the Pope was formerly a' 
power at the Vatican, and the various 
Courts and Ambassadors tried to 
take advantage of the influence he 
exercised on the conscience of His 
Holiness. This, however, did not hold 
good of the confessor of Leo XIIL, 
who lived in sudi obscurity that most 
people only learned of his name on 
hearing of his death. 

1919: Soviets Opposed 

BALE — In Bavaria the declaration 
of a Republic of Soviets has roused 
great opposition; two governments 

e Pope are now disputing the power thei£ 
K Opposition movements are reported 
ijust had the almost everywhere in Bavaria. AD tbe 

mfessor. Fa- country people are against the Re* 
longed to the public of Councils and in various 
5 . This order dties in winch it has been proclaimed 

as: had the depopulation generally appears bos- 

he preachers tile. The attempt was made to declare 

ifis Holiness a Republic of Soviets at Nuremberg, 
icir sermons, but failed, as it did also at IngolstadL 

jr. the Pope WQrzbuig, Bayreuth and Erlangen. 

1944: Policy Defended 

WASHINGTON — [From oar New 
York edition;] Secretary of State Cor- 
defl HoU, in a definitive speech anv 
swering criticism that the United 
States has no foreign policy, revealed 
tonight [April 9] that the Roosevelt 
administration is wdl along who 
plans for establishment of an interna- 
tional organization to nmintain peace 
and prevent aggression and for ey- 
nonnc and other co-operative agree- 
ments to sustain America’s position 
as a working partner with the free 
nations of the world. 


•*■,.*'■ \ ■ * - 

‘ v ' 

■ •■•i - N - : . 
'■iu" • ■’ 


ir, it. >*' . . 

:.V* - ; 



Q&A: Beijing Must Cooperate if It Wants to Join GATT 

sign the 

iff > and Trade. T ®" 

Z^Jtr^T^^ °f ** 

wori'cS^ 5 °! GAT L ™ Aprn IS finales the 
a_<nde> fnJ^? trade accord. What is its significance, 
a^defroro the ^tanaied 1200 billion of & 

to add to toe world economy? 
r>~^i^, v ?ry dose to the brink of failure lit 
*Z- b * faflcd » ■»« the w<£d 
S irrevocably, There would have 

agamst ^?tog protectionism, and 
flirt have meant political and econo mi c con- 
nwnrau “ ** utte 

tnm organization m the future? 

nriti«ln will become what it was 

ongmafly intended to be auhe time of the Bretton 
woods agreements, namely a part of the triumvirate 
of wtuia institutions that will create initiatives for 
tree trade, and which by developing ideas will be 

more than just a secretariat I have talked with Lewis 

Preston of the World Bank and Michel ( anm^ iK 
of the International Monetary Fund about increas- 
ing linkages and synergies with the WTO. They are 
both po sitiv e about this, and also about bodies such 
asthe Organization for Economic Cooperation and 
Development providing ideas on trade. 

Q. Can you give an example of how you would 
cooperate with die IMF and World Bank at the 
World Trade Or ganization ? 

A.^ We could work together, for example, on coun- 
try visits, with the WTO providing trade analysis. In 
case. Egypt, we are already being funded by the 
World Bank to work together. 


0- Both China and Russia are applying to become 
members of GATT, and of the new organization. 
How soon will they join? 

A. China has been an observer at GATT since 
1982, and an applicant for membership since 1987. 1 
have had direct communications in the last couple of 
weeks from Prime Minister Ei Peng and be has made 
dear that China wants to become an original num- 
ber of the WTO. The target date for the WTO to 
come into existence is Jan. 1, 199S. The question of 
whether that is feasible or not is up to the contract- 
ing parties of GATT, but we are having a construc- 
tive dialogue. 

Q. Yet some Western diplomats complain about 

China's refusal to disclose their quantitative trade 
restrictions, their quotas. Some of that fairly basic 
information is treated by China as a state secret 
How do you get around such problems? 

A. Clearly if China wishes to be a member it will 
have to cooperate. I will be discussing their applica- 
tion in May when I visit Bering. 

Q. What about the concerns some members have 
about China's human rights record? 

A. It is the case that the negotiating positions of 
contracting parties to GATT may be based on issues 
other than trade. 

Q. What about tbe Russian application to join? 
Can GATT or the WTO play a role in encouraging 
economic reform in Russia? 

A. I think this is the view of tbe R ussian authori- 
ties themselves, who want trade not aid. Tbe Rus- 
sians have said that joining GATT is a priority issue 
for them, although their application comes a long 
time after China's, 

Q. In the last few days you helped to broker a 
compromise an the demands from the United States 
and France that workers' rights be discussed by tbe 
preparatory committee that is planning for the 
WTO. What can you say about workers' rights and 

A. dearly the trade-labor issue was not acceptable 

to a large number of countries. What I was deter- 
mined to avoid was this subject becoming a matter of 
rancorous megaphone diplomacy between North 
and South. 

Q. Isn't the linking of world trade and the obser- 
vance of internationally recognized labor standards 
similar to tbe link between protecting the environ- 
ment and trade? Hasn't the envi ronmen tal link al- 
ready been accepted? 

A. We have had a remarkable success on the 
environment, but we are dealing with 120 parties and 
these subjects require consensus. The environment 
discussion took years, and it was difficult and time 
consuming to achieve. 

Q. What do you see as tbe maim trade challenges 
after Marrakesh? 

A. First of all we have to set up the organizational 
structure while tbe ratification process continues. It 
is not good enough to merely monitor trade trends. 
We have to develop a structure that allows us to 
identify polities and needs proactively. 

Q. lsn t one of the main differences between 
GATT and the WTO that the latter will have an 
elaborate dispute settlements mechanism? Will that 
mechanism have teeth? 

A. The WTO will have a dispute-solving mecha- 
nism that can take definitive decisions; it will be a 
very powerful mechanism. There win be real sanc- 

Bonn Hopes Strikes 
Help Peace Process 


BONN — Germany said Sunday 
that it hoped NATO air strikes 
lmmpliwl against Bosnian Serbs for 
the first time in the war would 
persuade Serbian Traces to rein in 
their attack on Gorazde. 

Dieter Vogel,* a government 
spokesman, said Brain hoped the 
air strikes, ordered to protect Unit- 
ed Nations personnel trapped in 
the enclave, would help advance 
the peace process in Bosnia. 

“The attackers of Gorazde have 
no one to blame but themselves for 
this answer from NATO, which 
was executed on behalf of the Unit- 
ed Nations,'’ Mr. Vogel said. 

“The German government hopes 
that tbe attack will succeed in its 
aims and that attempts to seek a 
cease-fire in Bosnia can now con- 

Mr. Vogel added: “The govern- 
ment hopes the Serb side wfll now 

The North Atlantic Treaty Orga- 
nization has assembled the biggest 
collection of Western air power 

since the 1991 Gulf War at bases in 
Italy. This includes dozens of figjbt- 
ers enforcing a UN ban on nhhlary 
flights over Bosnia, as well as 
ground-attack aircraft and bomb- 

The United Stales has provided 
the backbone of tbe force from 
Aviano Air Base in northern Italy, 
but France, Britain, the Nether- 
lands and Turkey are also taking 

The F-16 used in Sunday's attack 
is rate of the world’s best fighter 
aircraft and can be equipped Tor a 
ground-attack role. 

NATO threatened air strikes 
against Bosnian Serbian forces be- 
sieging Sarajevo in February unless 
they withdrew their heavy weapons 
from around the capital within 10 
days. Tbe Serbs complied. 

But later that month, NATO saw 
its first combat action since the 
alliance was founded in 1949. U.S. 
F-16s shot down four Bosnian Ser- 
bian “Seagull" light attack planes 
that had vitiated the ban on mifi- 
tary flights over Bosnia. 

China Frees 
A Shanghai 

Compiled by Our Staff Fran Dispatches 

SHANGHAI — The police on 
Sunday released Bao Ge, whose de- 
tention along with another disti- 
-■ dent caused a diplomatic flap dur- 
ing a visit by Prime Minister 
Edouard Bahadur of France. 

Mr. Bao has been ordered to stay 
at home, however, and plainclothes 
poheemen are outside his front 
door, a family member said. 

He was brought borne under po- 
lice escort Sunday morning after 
about 24 hours in detention, during 
which be was questioned about a 
letter signed by more than so local 
activists and sent to China's parlia- 
ment last month. The letter de- 
manded democratic change and an 
official review of the 1989 protests 
in Beijing, crushed by the army 
with heavy loss of life. 

“They were very angry about the 
letter,” the family member said. 

Mr. Bafladnris visit was soured 
by a wave of arrests of dissidents. 

Among them were two of the most 
famous dissidents. Wei Jingsheng 
and Xu Wenli. as well as three in 
Shanghai, Mr. Bao, Wang Fucheng 

and Yan g Thou 

Mr. Balladur left China on Sun- 
day declaring bis four-day visit, to 

■ arms sales to Taiwan, a success. CHINA: Social Rifts Nurture Pro-Democracy Activists 

As be flew to Shanghai on Satur- 
day Mr. BaDadur demanded an ex- • 
planation about the detentions. He 
-f later said he was satisfied with the 
answer from Chinese authorities 
that Mr. Bao and Mr. Wang had 
not been arrested. The Chinese ex- 
planation apparently hinged on the 
definition of arrest. 

The trip “was meant to turn a 
page in our relations and resume 
relations that are more fruitful and 
useful for both countries.” Mr. Bal- 
ladur told France-2 television. 

“That was my goal and I think the 
goal has been reached,” he said. 

Mr. Balladur was the first 

and External Trade Minister Gfe- 
1 raid Longue l, his main goal was to 
cap a three-month process of nor- 
malization after a two-year dispute 
' over French arms sales to Taiwan. 

(Reuters. AFP) 

Grenade Attack in Moscow 


MOSCOW — A man was killed 
and more than a dozen people were 
wounded when a grenade was 
tossed from a car outside a Moscow 
subway station in southwest Mos- 
cow, the police said Sunday. The 
authorities linked the attack to ri- 
valry between criminal groups. 

French prime minister to visit — 
na in lo years. Flanked by Foreign 
Minister Alain Juppe and Industry 

overthrow of the party can save 


It is fear of this scenario that 
appears to be fading the recent 
wave of detentions of political dis- 
sidents, including that of the cram- 
tty’s most prominent and outspo- 
ken activist, Wei Jingsheng. 

Mr. Zhang, who is based here in 
Anhui Province, historically one of 
the poorest regions of the country, 
is a great admirer of Mr. WeL In 
Mr. Zhang's one-roam apartment, 
two pictures of Mr. Wd are taped 
on the wall next to his bed. 

Bengbu is satiated near the Huai 
River and is a critical transport hub 
on the rail line between Beijing and 
Shanghai Its problems mirror 
those of many dues in China. Fall- 
ing state industries in this dty of 
700,000 have led to rising unem- 
ployment and crime in recent 
years, la tbe surrounding villages, 
peasants who live in the squalor of 
mod huts have seen then living 
standards fall 

Such disaffected and disgruntled 
citizens are the targets of Mr. 
Zhang’s proselytizing. He is on the 
road 20 days each month, traveling 
around the province. He regularly 
visits Bdjing and the provincial 
capital of Hefei, about 100 kilome- 
ters south of here. 

Because of the disapproval of 

authorities, he and his associates 
are unable to create a formal orga- 
nization or call regular meetings. 
But they claim to have at least 100 
underground “core cadres” in the 
Bengbu metropolitan area who can 
be oiled on at a moment’s notice: 
They indude intellectuals, workers 
and veterans with 10 to IS years of 
pro-democracy experience and 
who have been jailed in die past 
Except for Mr. Zhang, almost all of 
than have regular jobs. For fear of 
jeopardizing the security of the oth- 
ers, only Mr. Zhang can be identi- 
fied publicly. 

There are several hundred core 
cadres involved in pro-danocracy 
activities in Anhm Province, Mr. 
Zhang estimates. It is impossible to 
independently verify bis claims. 
But during several days, it was dear 
that be was in contact with differ- 
ent cells and that he had several 
people who ran errands for him. 

“Now our strength is much bet- 
ter than at toe peak of the 1989 
movement,” said Mr. Z hang , add- 
ing that if China had another event 
like the Tiananmen Square crack- 
down. “or even one that is smaller, 
tens of thousands of people will 
come crawling out of (he ground 
because they’ve been preparing for 
tins fora long time.” 

In fact, in the coining months, 
greater pressure on political dissent 
is expected because authorities are 

fearful of any spark that might set 

off large-scale protests in the weeks 
preceding the fifth anniversary of 
tbe Tiananmen Square crackdown. 
A top-level directive from Bering 
has been sent to police offices 
around the country warning them 
about dissidents seeking to link up 
with workers and peasants. 

Mr. Zhang, a nuclear physics 
tie, is confident, calm and 
A rebel Iran an early 
age, he has been jailed five times 
for his activities, which included 
trying to set up a guerrilla 
1988 in southwest Yunnan Prov- 
ince. And be said he is not afraid of 
being jailed again for speaking to a 
foreign reporter. Some dissidents 
say foreign coverage of their activi- 
ties may even help protect them. 

“Tm a professional revolution- 
ary,” be said with pride. 

His confiddce comes from be- 
; a local peasant who became the 
one in his village to go lo 
placing first in the city’s 
mnveraty exams. 

His rebeflious streak was influ- 
enced by bis grandfather, who 
turned to Christianity after becom- 
ing tostDosoned with the Commu- 
nist attacks on Confucius during 
the 1966-1976 Cultural Revolution. 
By the time Mr. Zhang was 14, be 
too had lost faith in communism 
because his best teachers were la- 
beled “rightists” and persecuted. 

A MONKISH BRAWL — A policeman, center, being beaten Sunday by dissident Buddhist 
monks. They stormed then order’s offices in Seod in an attempt to depose a senior monk. Two 
monks were hospitalized; dozens of afters suffered scrapes and braises in ctesties frith tbe police. 


Compiled bv Our Staff From Dispatcher 

TOKYO — Japan’s governing 
coalition, teetering on the brink of 
‘ collapse, held another fruitless day 
aftalks on Sunday aimed at agree- 
ing on a successor lo Prime Minis- 
ter Morihiro Hosokawa. 

" Tiro days of negotiations have 
followed Mr. Hosokawa’s decision 
on Friday to resign after eight 
months in office because of a loan 
scandal. The negotiators were 
scheduled to resume the talks on 
Monday but under new oondinons- 

“Discusaans will continue bat 
we want all the leaders to take 
aid the government spokes- 
lasayoshi Takemura, head 

to Expand Talks on Successor 

The Socialist Party, the laiwst in 
tbe coalition, tided with Mr.Take- 

“We don’t think we’re going to 
gpt anywhere without the real play- 
ers taiang part. This includes all the 
fflntttfiaTcs who could replace Ho- 
sokawa,” sad a Socialist official in 

The resignation of Mr. Ho- 
sokawa, who remains as caretaker 
until a successor is chosen, has 
sparked a power struggle within tbe 
fractious alliance, which is now po- 

Foreign Minister Tsutomu Hata, 
who is also deputy prime minister, 
has emerged as a strong candidate 
fr afkffrf by his own Japan Renewal 

Party, tbe Clean Government Party 
and Mr. Hosokawa’s Japan New 

Opposed to him were several 
other groups led by the Socialists 
and Mr. Takemura’s party. They 
suspect Mr. Hata’s patron. Ichiro 
Ozawa, of wanting to create a big 
conservative party and take control 
of the government. 

Mr. Ozawa, who masterminded 
tbe coalition’s creation last August, 
has been trailed by controversy and 
allegati o ns of It is thought 

that he arms to form a sew alliance 
with one or more of his framer 
associates in the once-dominant 
Liberal Democratic Party and part 

ways with toe Socialists and his 
rival, Mr. Takemura. 

Mr. Ozawa and Mr. Hata led a 
liberal Democratic Party revolt 
last year after their mentor and 
party boss was implicated in a lag 
payoff scandal that eventually cost 
the conservatives their 38-year grip 
on power. The two formed the Ja- 
pan Renewal Party, which now 
dominates the coalition, to the ire 
of Mr. Takemura and other party 


Mr. Takemura said his party 
mi ght accept Mr. Hata as prime 
minister but only rat condition Mr. 
Ozawa agrees not to meddle in gov- 

(Reuters, AP) 

LPAN* Amid a Scramble for Political Power, AH Economic Bets Are Off 

* !aki Iv. In milter a new eovero- dies that wfll make a rebound difficult no 

my might be in jeopardy under a new govern- 
ment. In fact Mr. Hosokawa achieved little in 
this respect during his eight months in office, 
but he championed opening up Japanese mar- 
kets to a braongjolt of competition. In the long 
run, deregulation is regarded as necessary and 
positive by toe markets. 

Mr. Hosokawa’s call for economic reform 
was so popular — because it would lower what 

are among toe highest consumer prices in the 

a t 2* iv mimt •vnM'fAr) that flip Tlrtt 

'Continued from Psge I 



Sal drcci tail 

iake passing 

■ • -* meuaiiu»“»- “ -- days is declaring tnmscu an cwjuuiL 

^That’s the Hosokawa effect,” said Hanio 


21FC r S 

Mine that brougflt mt- wor ]d —that it is now expeaed that the next 

i expected that toe i prime minister is mtokely to abandon toe pash. 
aSpassing the budge Indeed, just about evoy political leader these 
as, and that the opposition . declaring himself an economic reformer. 

« the new budget incudes increases m the Hosokawa effect said Hanio 

and a one-year tax re- 
growih, its enact- 

dies that will make a rebound difficult, no 
matter who eventually heads the government. 
First, a flood of spending on new plants and 
new equipment dur i n g the “babble econo my 
of the 1980’s has left manufacturers with a large 

SQ §econto toTsmaig yen, winch toe United 
States has encouraged as a way of forcing a 
reduction in Japan’s yawning trade surplus, has 
hit exporters hard, further reducing profits and 
raising toe prospects for increased unemploy- 

And last, plummeting stock and real estate 
prices have crippled banks with mountains of 
bad and many corporations have had to 
deal with huge losses on speculative invest- 
ments. That legacy of the bubble years has 
made hanks reluctant to lend and has stunted 
capital spending. 

POLICY : After Strikes^ Clinton Calls on Serbs to Halt Attacks on Gorazde 

Costumed from Page 1 

that there were UN personnel in Gorazde, that 
an attack on toe town would be interpreted as a 
dear violation of tbe rules, and it happened 

The president said tbe latest round of Serbi- 
an attacks on Gorazde. a Muslim enclave in 
easton Bosnia that had been declared a UN 
“safe haven.” came at U quite an important 
point” in diplomatic efforts to end toe fighting 

He said he had great confidence in tbe UN 
commander in the region. Sr Michael Rose, a 
British lieutenant general, who requested the 
air support, and applauded the “rapid re- 
sponse” of UN civilian authorities in authoriz- 
ing the NATO bombing runs. 

Mr. Clinton said he had discussed toe deteri- 
orating situation in Gorazde on Thursday, Fri- 
day and Sunday with his top foreign policy 

“1 think we have to be firm,” Mr. Clinton 
said, adding that such a stance has tended to 
advance peace talks. 

“That’s all we’re trying to do, to further 
negotiations,” the president added. 

With Congress about to return from a recess, 
there were indications that Republican leaders 
were prepared to criticize White House Bosnia 
policy as confused and weak-kneed. 

Before toe Gorazde strikes. Senator Bob 
Dole of Kansas, the Republican leader in the 
Senate, referred to U.S. policy Sunday as “a 
little confused” and said Pteatagon officials had 

inadvertently given a “green light” to Serbian 

Technically, the U.S. F-16s were acting on a 
request by UN officials in Bosnia for “dose air 
support” as a backup for endangered UN 
.forces on the ground. Washington had said for 
months that it would respond with its aircraft 
to protect UN forces on toe ground. 

Although toe military circumstances were 
vague late Sunday, the political message to 
Serbian forces seemed dean If pushed to the 
wan, the Western allies, representing both the 
United Nations and the North Atlantic Treaty 
Organization leadership, will take carefully cir- 
cumscribed action. 

U.S. policy on the cavil war in the former 
Yugoslavia has been marked by considerable 
starting from the 1992 presiden- 
tial camp ai g n, in which Mr. Clinton called for 
the consideration of using air strikes at a time 
when President George Bush was reluctant to 
do so. 

Since enuring the While House, however, 
Mr. Clinton and his advisers have shown far 
less inclination to issue blanket threats, espe- 
cially after European leaders rejected U.S. calls 
for air strikes and lifting toe United Nations 
embargo on arms to the region. 

After agreeing to send U.S. troops to Bosnia 
once an overall peace settlement was arranged, 
toe White House began placing substantial con- 
ditions on the use of U.S. troops, chief among 
them being toe assent of Congress. 

Recent diplomatic successes around Sarajevo 
and dsewhoe in Bosnia, coupled with the one- 
day action of U.S. aircraft m shooting down 
four Serbian planes violating Bosnia’s no-flight 
zone, cast the United States in the role of 
protector of a fragile peace. Bat this role ap- 
peared to crumble as Serbian nationalist forces 
advanced on Gorazde. 

Last Sunday, Defense Secretary William J. 
Perry Stated flatly in a nationally televised 
broadcast that U.S. forces would not enter toe 
battle to protect Gorazde’s Muslims. Many 
analysts read his remarks to mean that Wash- 
ington was washing its hands of any responsi- 
bility for pressuring the Serbs militarily. 

Later, General John M. Shalikashvih, chair- 
man of toe Joint Chiefs of Staff, seemed to back 
Mr. Peny when he suggested that Gorazde’s 
terrain and placement of ground forces made 
air attacks more problematic than in Sarajevo. 

By midweek, however, Mr. Clinton's nation- 
al security adviser made it dear in a speech that 
the president was not ruling out the use of force 
in Bosnia. And on Sunday, Mr. Christopher 
ag ain sought to stabilize the wavering policy 

“If UN peacekeepers are in difficulty and 
call for close air support, that response can be 
made immediately, Mr. Christopher said soon 
before the Gorazde air strikes. “We've got am- 
ple authority and the United Stales would be 
disposed to join its NATO colleagues in re- 

ATTACK: U.S. Warplanes Bomb Bosnian Serbs’ Positions Near Gorazde 

Cortmoed from Page 1 

fighting near Gorazde decreased. 
another UN official said. 

The latest Bosnian Serbian at- 
tack on Gorazde, which began on 
March 29, has left nearly 100 dead 
and more than 400 injured in the 
eastern Bosnian enclave, where 
some 65,000 people are trapped. 

About two hours before the air 
strike occurred. Secretary of State 
Warren M. Christopher said toe 
United States was ready to join any 
use of NATO air power to halt 
Bosnian Serbian advances around 

If the UN commander asks for 
NATO air support to stop Serbian 
aggression, “we're going to be pay- 
ing a lot of attention to that and 
responding.” Mr. Christopher said 
in a television interview. 

He said toe United States had 
“an obligation and a right to re- 
spond along with its NATO col- 

Tbe threat of NATO air attacks 
led to a cease-fire around Sarajevo 
in February, and there had been 
pressure for NATO to take similar 
action in Gorazde. Senior mtotary 
officers, however, said air strikes 
would be less effective against the 
small-unit assault by toe Serbs 
against Gorazde. 

The French Foreign Ministry on 
Sunday said “the intensification, of 
toe Serbian offensive in Gorazde 
prompts France to confirm its sup- 


Bosnian Serbian sokfiers marching through a wooded area on their way to positions near Gorazde. 

port of any request for military lopher had said he was optimistic of UN forces between the two 
pressure, including air support,” that negotiatio n s could bring a forces, it would mean a rollback of 
that the United Nations might cease-fire to the city. troops, it would mean a lifting of 

make. “There was a very serious discus- the heavy weapons.” 

On Saturday, Mr. Butros Ghali son yesterday of a cessation of Mr. Christopher said that a US. 
ordered UN forces to use “all avail- hostilities between the Serbs and special envoy to Bosnia, Charles E 
able means” to roD bads. Serbian toe Bosnians,” Mr. Christopher Redman, “thinks we may reach a 
gains around Gorazde. said “That's not just a cease-fire, cessation of hostilities within toe 

Before toe air strike, Mr. Chris- but it would mean an interposition next few days.” (AP, Reuters) 

Kigali Begins to Bury Piles of Corpses 


KIGALI, Rwanda — Drunken 
soldiers and gangs of machete- 
wielding youths share the streets of 
this hiUy Rwandan capital with 
piles of mutilated, rotting corpses. 

Crowds of youths armed with 
sticks, kitchen knives, anything ca- 
pable of dashing open a human 
body, stand solemnly in toe roads. 

Corpses are p3ed m tbe center erf 
streets. Corpses are laid out in lines 
on toe rides of roads. 

Bodies are everywhere. In tbe 
compounds of luxurious villas. On 
the doorsteps in shantytowns. 

Men and youths in jeans and T- 
shirts. Women in dresses and 
bright tracksuits. Children with 
gruesome wounds. 

Red Cross officials fear that tens 
of thousands of men. women and 
children died in three days of tribal 
bloodletting in this green city in the 
heart of Africa. 

Teams of government workers in 
orange overalls, escorted by sol- 
diers, began collecting the bodies 
on Sunday. 

The soldiers were irritable and 
tense: The burial crews worked 
quickly, dumping the dead into 

mass graves before disease can start 
to spread. 

Although usually drunk, the 
young men in toe mobs seemed to 
feel the pride of their kiDmj>s turn 
to shame. They threatened visitors, 
who left quickly through a maze of 
roadblocks made from iron bars 
and branches. 

The killing squads say their 
checkpoints were set up to protect 
their neighborhoods. But toe barri- 
ers prevented toe escape of toe 
neighbors they hunted down. 

Justice Minister Agnds Ntaxna- 
byaHro said that many of those 

killed remained hidden in homes, 
often with survivors too terrified to 
move either themselves or the dead. 

Only a few blocks from the Hotd 
de Diplomatic, where representa- 
tives wan uterim government talk 
of peace, a dozen young men lay 
spread-eagled in the blood-stained 
dust. Homfic stab wounds marked 
their bodies. 

Fifteen minutes later, the dead 
had disappeared, thrown into large 
trucks and driven out to a mass 
grave on toe edge of toe city, a city 
that had a population of 200,000 
before tbe killings began. 

RWANDA: Westerners Step Up Emergency Pullout as Fighting Abates 

Continued from Page 1 

Kigali using mortars, grenades and automatic 

The ethnic slaughter was touched off by toe 
deaths last Wednesday in an air crash of Rwan- 
da’s president, Juv&nal Habyarimana, and his 
Burundi counterpart, Cypnen Ntaryamira. 
Both men were Hums. Tbe Rwandan Foreign 
Ministry said toe plane was shot down. 

Rwanda has been racked for centuries by 
recurring conflict between toe majority Hutus 
and the minority Tutsis. The Rwanda Patriotic 
Front rebels, who hold territory north of toe 
capital and had been promised a rde in govent- 
man under a peace agreement now in rum are 
mainly TbtsL 

Despite tbe cease-fire: roving gangs contin- 
ued the bloodletting in Kigali Most of toe 
victims were Tutsis killed by Hutus. 

In Kigali Eric Bolin, a coordinator for the 
French group Doctors Without Borders, said 
that when he and colleagues arrived at a hospi- 
tal on Sunday, they found that patients they 

had treated the day before had been killed by 
soldiers overnight. 

“We have decided it is no use to work here 
any more,” Mr. Benin said. “It is useless to core 
someone who is going to be lolled anyway.” 

Tbe report of toe cease-fire came as the 
mol tination emergency operation to pull thou- 
sands of foreigners oat of Rwanda continued, 
with France and Belgium coordinating arrh/is 
from a center in Nairobi 

The first group of French nationals was ar- 
riving in Paris ou Sunday night* the French 
Foreign Ministry said, and airlifts of further 
French groups from Kigali to toe Burundi capi- 
tal, Bujumbura, continued during the day. 

Eight Belgian planes left Nairobi on Sunday 
for Rwanda to start evacuating Belgians and 
other expatriates, the Belgian Embassy in Ke- 
nya said. 

Two U.S. planes carrying ISO foreign nation- 
als who fled Rwanda by road, including Ameri- 
cans, Canadians, Belgians and Britons, arrived 
in Nairobi from Burundi on Sunday, a spokes- 
man of tbe U.S. Embassy in Kenya said. The 

aircraft are to return Monday to Bujumbura to 
collect more foreigners. 

The U.S. secretary of state, Warren M. Chris- 
topher, said Sunday that toe evacuation of 
Americans from Rwanda was over and de- 
scribed toe situation in toe country as “very 
confused, very tense and very dangerous.” 

“As far as 1 know there are no Americans 
that are unsafe there,” he said. 

Mr. Christopher said 123 Americans had 
beat flown to Nairobi and others had crossed 
toe border to Burundi and Zaire by truck con- 
voy. There were a total of about 230 Americans 

living in Rwanda. 

Mr. Christopher said that toe U.S. ambassa- 
dor. David Rawson, had deeded against calling 
in toe 3% Marines sent lo Bujumbura to assist 
in the evacuation, so the Americans left without 
a military escort 

Vans picked up piles of dead bodies in Kigali 
to take them for burial in mass graves. Many 
people were killed in their homes and most 
Kigali residents do not dare lo go out except for 
essential food supplies. (AP. AFP. Room) 




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Europe’s Battered Bonds: 
Can They Forget the U.S.? 

By Carl Gewirtz 

International Herald Tribune 

wait mu {^ZZZ.xT manseis are simply m a lull 

whether ^ 0lher "P 5Ctl “ l S nse in U.S. interest rates, or 

sSS? havcfinaUybegUBto *»*■■ from 

** decou P lin S theory are encouraged by the perfor- 
*"o weeks. Although U.S^ates fsomArcc 

yields in th? **?* be ^ veea ^ and H percentage point, 
rSL i? j” m ^l or _European rackets have declined acro£*e 
^toOMpectrum. ITie fails have been substantial in Italy as well 
as m Oennany. Belgium, the — 

Netherlands and Spain, and se- “ T ~ 

lective in France, Denmark and Europe has had a 
Switzerland. «_ \ ,, , _ 

The Bundesbank's further tree lunch 7 thanks to 

U.S.fundmflo W9 . 

helj»d stabilize expectations ~ — 

interest rates are still headed lower," Christopher 
rolls at Basque Indosuez in Paris observed. But even he. a relative 
11116,3 out “y spectacular disconnection 
^ ^ m arket as long as the Bundesbank’s easing remains so 

Investors remain very skeptical about the scope for lower rates 
in “rope : and prefer to wait and see before jumping back into the 
market, he said. “We* d need to see steeper, more rapid cuts by the 
Bundesbank to get a faster decoupling,” 

The fundamental problem is that futures markets now assume 
that short-term German interest rates will bottom at 5 percent 
instead of the slightly more than 4 percent that had been expected 
previously. With short rates at 5 percent and a huge budget deficit 
to finance, Germany’s long-term interest rates are likely to rise from 
the present level of 6 J2 percent. 

The U.S. recovery was financed by a steep yield curve. (Properly 
tuned, a steep yield curve, in which long-term rates are much higher 
than shorter rates, encourages borrowing by business, maximizes 
the profits of financial intermediaries and mobilizes long-term 
capital). In the U.S. case, short-term rates were 33 percentage 
points, or 330 basis points, below 10-year yields in 1992 and the gap 
last year was some 250 basis points. Germany will need a spread of 
at least 200 basis points, but that implies a yield on 10-year bonds of 
7 percent — a levd that at this stage of the economic cycle could set 
back expectations of resumed growth. Ditto for the rest of Europe. 

Germany and the rest of Europe had been able to overcome their 
inverted yield curves — where short rates were higher than long- 
term yields — and secure the be ginning s of a recovery because of 
the record inflows of foreign (largely U.S.) money into the bond 
market that drove long-term yields to unnaturally low levels. 

But the violent first-quarter shakeout has driven that money 

See BONDS, Page 9 


... World Index \ 

International Herald Tribune 110 ™ ! ’ I 
World Stock Index, composed • -j 

of 280 internationally investable in ■ t t ' — 1 — — 

stocks from 25 countries, - 

compiled by Bloomberg 112 

Business News. 

Weekending Aprils, 
daily closings. 

Jan. 1992 = 100. lua f m t w t f 


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F M T W T 



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MSI 4 /UBt 

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Finance 116.15 115.08 +032 Consumer Goods 95.75 95.62 -fO.jl 

Services 11559 116.47 -076 IfisceUaneo us 125.62 124.74 +071 

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JESS Switzertandand Venezuela. For 

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Drops a 

Oil Refiner Loses 
152 Billion Yen 
Trading Currency 

Compiled bp Our Staff From Oitpaiekes 

TOKYO — The president of the 
Japanese refiner Kashima 03 Co. 
has resigned after announcing that 
the company lost 152J> billion yen 
(SI .45 billion) in currency trading, 
the second-largest such lass ever 
recorded by a Japanese company. 

An official of the Ministry of 
International Trade and Industry 
said Sunday that the ministry 
would begin an investigation this 
week into the loss. 

The Mi l l official said, however, 
that the ministry bad no plans to 
restrict Kashima’ s refinery opera- 
tions “because the company's fi- 
nancial trouble is not directly 
linked to its production and mar- 
keting business.” 

“we have no plans for adminis- 
trative action," he said. “It will be 

Wall Street Rattles Main Street 

While House Weighs Economic Toll of Market Drop 

By Keith Bradsher 

Mnr York Times Service 

WASHINGTON —If stock and 
bond prices do not recover from 
their recent plunge, the U.S. econo- 
my will grow somewhat less rapidly 
this year and next than it otherwise 
would, adminis tration officials and 
some private economists have said. 

They die higher interest rates, 
which discourage companies and 
individuals from borrowing and 
spending money. Moreover, they 
ate the so-called wealth effect: 
many American consumers wifi 
likely spend less money if they fed 
poorer because of shrunken portfo- 

case, it is offset by the economy’s 
generally growing strength. 

A survey this week of prominent 
economists by Blue Giro Economic 
Indicators found that their consen- 
sus forecast of economic growth 
this year had actually risen, 10 3.7 
percent from a 3.6 percent forecast 
in early March. 

Lehman Brothers, the New York 
investment firm, estimated that the 
wealth effect from the stock mar- 
ket’s recent retreat would reduce 
economic growth by only 02 of a 

Nobody knows how long the 
stock market will take to recover 
from Last month’s sell-off. Mr. Si- 
nai said that he expected the mar- 
ket to recover soon because the 
overall economy remained strong 
But Mr. Sinai added that he ex- 
pected interest rates to stay up. As 
a result, Lehman Brothers has just 
revised downward its projections of 
economic growth, but not drasti- 
cally, he said. Mr. Sinai revised bis 
forecast down to 3.4 or 3 J percent 
growth this year from a 3.7 percent 

all right if the company can deal 
with the losses with shareholders' 

Japan Energy Onp^ which has a 
25 percent stake in Kashima, said it 
was discussing a rescue package 
with Industrial Bank of Japan LtdL, 
Kashinas main bank. 

Kashima, a mid-sized refiner 
that is unlisted on the Tokyo Stock 
Exchange, supplies crude and fuel 
oil, mostly to Japan Energy. The 
other mayor shareholders in Ka- 
sbima, which was founded in 1967, 
are Mitsubishi Petrochemical at 25 
percent and Cosmo 03 at 21.6 per- 

Television news reports said that 
Hachiro Obala, president of Ka- 
shima, had said Ire would resign to 
take responsibility far die loss, 
which far exceeded the company's 
capitalization of 20 billion yen, af- 
ter a bailout plan had been mapped 

"I am very regretful that this has 
happened, "he said. “I feel an acme 
sense of responsibility.” 

Mr. Obata said the company 
planned to cover some of its losses 
by selling real estate assets. 

The losses included suns in- 
cor red by Kashima Oil Bermuda 
Lid., a subsidiary, Mr. Obata was 
quoted as saying. 

“It is extremely regrettable that 
we have caused Rich a situation in 
axLarea other than our main busi- 
ness of o3 refining," Mr. Obata was 
quoted as saying. “But we are mak- 
ing sure wc immediately enforce 
internal drills to sure such a 
situation will never occur again.” 

Kashima’s losses are second only 
to those of Shows 5&ell Sekiyu KK, 
which disclosed a foreign exchange 
loss last year of 1663 billion yen 
from the same type of currency 
forward transactions. 

Kashima repented an unconsoli- 
dated pretax profit of 113 billion 
yen on revenue of 2803 billion yen 
in the business year ended March 
31, Kyodo News Agency said. 

The company’s refinery in Ka- 
shima, northeast of Tokyo, has a 
capacity of 1 65.000 barrels per day. 

(Reuters, AFP) 

After running various computer 
simulations of the economy. Presi- 
dent Bill Qin ton’s Council of Eco- 
nomic Advisers has concluded that 
if the stock market falls 20 percent 
below its peak in early February 
ami stays down, this will knock 0.4 
percentage point off the expected 
annual growth rate of the U3. 
economy, reducing it by about $20 
b31ion. Growth is now running a 
little over 3 percent. The stock mar- 
ket is trading about 7 percent be- 
low its peak. 

“There is a wealth effect," Laura 
D* Andrea Tyson, the head of the 
Council of Economic Advisers, 
said Friday. “It’s a relatively small 
effect but it does require a sus- 
tained, that is, long-term reduction 
in the value of slocks.” 

The braking effect of a falling 
stock market and rising interest 
rates on the economy may also be 
hard to notice, if, as may well be the 

The Clinton administration has concluded 
that if the stock market tails 10 percent and 
stays down, 0.4 of a percentage point will 
be shaved off the economy’s growth rate. 

percentage point if the stock mar- 
ket stayed 10 percent below its 

But when bond market losses 
and the economy-slowing effects of 
higher interest rates are included in 
the calculation, the harm to Ameri- 
can economic output grows to 0.5 
of a point this year and 0.7 to 0.8 of 
a point next year, said Allen Sinai, 
Lehman's chief economist. 

The key question, Ms. Tyson and 
other economists said, is not bow 
deeply the stock market has fallen 
but how long It will stay down. The 
reason is that consumers appear to 
be very slow in reviring thrir spend- 
ing plans in response to finan cial 

forecast a month ago, and revised 
his forecast for next year down to 3 
percent from 3.4 percenL 

When the stock market crashed 
in 1987, many doomsayers predict- 
ed that the economy would be se- 
verely damaged. They were proved 
wrong, since the economy grew 3.9 
percent in 1988, a rate not equaled 
for any year since then. 

That striking miscalculation set 
off strong criticisms of the wealth 
effect theory at universities. The 
effect now is “something that's not 
emphasized by academic econo- 
mists but is emphasized by eco- 
nomic forecasters," said Laurence 
Ball, an economics professor at 
Johns Hopkins University. 

Forecasters are quick to defend 
their continued reliance on Lbe 
wealth effect, saying that it plays a 
limited role in their computer simu- 
lations and helps improve the accu- 
racy of their predictions. 

They contend that when the Fed- 
eral Reserve lowered interest rates 
after the 1987 crash, the resulting 
stimulus to the economy out- 
weighed consumers' losses on 

Yet the wealth effect also plays a 
dwindling role in forecasters’ cal- 
culations. Mr. Sinai, who special- 
izes in the effects of financial mar- 
kets on the real economy, said his 
model now assumed that consumer 
spending would drop by only 3 
cents for every dollar of decline in 
the value of financial assets. 

Before 1987, the model assumed 
that for each dollar of losses, con- 
sumer spending declined by 5 
cents. The Council of Economic 
Advisers’ model still assumes that 
the effect is 5 cents for each dollar, 
but other economic forecasters 
place less emphasis on the wealth 

Christopher Probyn, an econo- 
mist at DR1/ McGraw-Hill, said 
that for reasons (hat were not quite 
clear, the wealth effect may nave 
been slightly more important in the 
last several years than before 1987. 

Mr. Probyn's statistical analysis 
Friday showed that each dollar of 
losses produced a penny drop in 
consumer spending from 1961 to 

See MARKET, Page 10 

This Dutchman’s Dome Is His Castle 



By Robert L. Kroon 

Special to the Herald Tribune 

GENEVA — One night in the late 1970s, 
Jan P. van Eeden, a young Dutch civil engi- 
neer working for a Rotterdam construction 
company, was contemplating an inflatable 
teams ball when the idea struck. 

“I thought that if these temporary bubbles 
could be reinforced with spray concrete, you 
could build cheap, permanent storage domes 
for every, purpose;" Mr. 
van Eeden recalled. The 
process had been tried 
in Germany and the 
United States bnt dis- 
carded because the con- 
crete would not bond 
with the slippery surface 
of the vinyl membrane. 

Mr. van Eeden tried a different approach, 
working on the inside of his test models. To 
overcome the bonding problem, he first ap- 
plied an insulating layer of polyurethane 
foam in which he embedded a steel mesh as 
an anchoring base for the sprayed concrete. 
Within days the bubble hardened into a per- 
manent structure, but as Mr. van Eeden or- 
dered the air compressors shut off. be admits 
he “had butterflies all over my guts.” 

Unnecessarily so, as it turned out. because 
after 20 years the first van Eeden dome is still 
standing. Mr. van Eeden took out patents 
worldwide, quit the Rotterdam company and 
founded International Dome Systems. Since 
1986 it has bnflt more than 50 domes of every 
size and shape from Venezuela to Malaysia 
for a total value of 545 million. 

The company, with a bead office in Cy- 
prus, affiliates in the United Stales, France, 
Brazil, the Netherlands and Spain, and li- 

censees in half a dozen more countries, has an 
order book worth $15 million. 

Mr. van Eeden's dome enterprise is still 
largely a one-man show and he is parsimoni- 
ous with financial specifics. He farms out 
most contracts through local contractors 
whom he selects and trains. 

International Dome Systems gets its reve- 
nues from license fees and the sale of the cut- 
to-order “airforms” from a plant it owns in 
the Netherlands. 

“In April 1986, 1 got my first European 
order for the construction of two grain stor- 
age domes in France.” he recalled. 

There are now 17 of his domes in France. 
Most of them are for grain or cement storage, 
but there is also a hemispherical cinema for 
an audience of 800 in the Futuroscope theme 
park near Poitiers, which opened in 1992. 

To hear Mr. van Eeden tell it, there's no 
limit to the applications for his bubbles. 
When Saddam Hussein was still more or less 
respectable, the company inflated a number 
of instant mosques in Iraq in the late 1980s. 

Mr. van Eeden rhapsodizes about the mer- 
its of his invention. “Since the concrete is 
protected against rain by the plastic skin, it 
hardens under ideal circumstances and lire 
reinforcing rods will not corrode over lime. 
Rain does not interfere with the spraying 
either, since my crews wortc. inside the bub- 
ble,” he said. 

“The only critical stage is the first five days 
before the concrete solidifies," he said. “And, 
of course, the airform cannot be inflated in 
stormy weather.” 

Mr. van Eeden personally supervises tins 
“incubation period” and the air compressors 
are guarded day and night. Diesel generators 
automatically take over in case of power 

fail ure. “So far we have never had an implod- 
ing dome.” he said 

The builder pointed out that the dome is 
one of the strongest load-bearing designs that 
exists. “Trouble is, domes like Sl Peter's in 
Rome are somewhat pricey nowadays.” 

Whtte most of the company's structures are 
hemispherical, Mr. van Eeden is experiment- 
ing with cylindrical and other forms, for 
another lucrative market, noise-abatement 
covers for expressways and railways. 

“Airform surface tunnels can be inflated in 
50-meter segments over existing tracks." he 

The Firm is bidding through its Dutch licens- 
es, Hollandse Be ton Groep, for a contract to 
cover part of a $4 bDlion freight railway the 
government plans to build between Rotterdam 
and the German border. Dutch state rail plan- 
ners caution that Mr. van Eeden’s noise abate- 
ment claims may be overblown. 

Skeptics also question the esthetics of the 
company’s naked plastic tunnels, which, in- 
evitably, have been nicknamed “condomes" 
in the Dutch media. 

But Mr. van Eeden is hard to discourage. 
“First of all. our polyvinyl outer skin can be 
supplied in any odor,” be says. “Second, it 
can be covered’ with shrubs or grass for addi- 
tional aghl-and-sound values.” 

Charles Vos, a professor of civil engineer- 
ing at Delft Polytechnics! University, agrees 
there’s a future for inflatable surface tunnels. 
“Building costs could be 30 to 40 percent 
cheaper than conventional structures," he 
said. “1 think noise abatement parameters 
can be met” 

Articles in this series appear every other 

Hits 3.3% 
In Latin 

Regional Bank 
Urges a Fairer 
Sharing of Gains 


Latin America experienced a third 
consecutive year of growth in 1993, 
but the bonanza may torn out to be 
ephemeral unless its poverty-strick- 
en masses receive a larger stti* of the 
economic pie, (he Inter-American 
Development Bank said Monday. 

The area’s gross domestic prod- 
uct grew by 3J percent, after rising 
by 2.9 percent in 1992 and 3.7 per- 
cent in 1991, reversing a decade of 
stagnation, according to the bank’s 
annual report. 

“In most countries tins strength- 
ening of economic activity was ac- 
companied by further reductions in 
the rate of inflation in an environ- 
ment of enhanced macroeconomic 
activity," the bank said. 

“New, sizable inflows of foreign 
capital were testimony to the in- 
creasing confidence oS the interna- 
tional community and world finan- 
cial markets in the prospects tor 
continued economic expansion and 
price stability." it said. 

But the bank, which is holding its 
annual meeting in Guadalajara, 
Mexico's second largest city, 
warned that a lot remains to be 
done to consolidate the gains. 
“Poverty indexes remain adverse 
and income distribution is still 
highly skewed,” it sad. 

“Economic growth and modern- 
ization are not likely to be sustain- 
able in the absence of political and 
social stability, which in turn will 
depend upon a more equitable dis- 
tribution of the benefits of that 

The warning took on urgency 
with its release in Mexico, where a 
peasant uprising in the south in 
January and the killing of Luis 
DonaJdo Coiosio, the riding party 
candidate, in the north in March 
shook a country long seen as a 
regional model of stability. 

“Latin America now has to ruin its 
attention to social issues,” the IADB 
president, Enrique Iglesias, said. 

The bank, he said, planned to 
increase its capital by S40 billion to 
$100 billion and devote half of its 
resources to look after the region’s 
pressing social needs. 

By any measure, Latin America 
and the Caribbean had an impres- 
sive year. Exports grew by 3.6 per- 
cent adjusted for inflation and pri- 
vate capital, estimated at $65 
billion in 1993, poured in for the 
fourth consecutive year. 

Inflation fell in most countries 
and the debt burden kepi shrinking 
as more countries cut public spend- 
ing and raised revenue. 

In addition, the bank pointed 
out that the implementation of the 
North American Free Trade Agree- 
ment between the United States, 
Mexico and Canada bad opened 
the door to a hemisphere-wide free 
trade zone. 


businessmen operating in Asia 
want the United States to stop try- 
ing to ttnk trade with human rights 
progress, a regional business group 

A communique issued by the 
Asia-Pacific Council of American 
Chambers of Commerce Saturday 
after a two-day meeting said: 
“linkage results in direct retalia- 
tion, mistrust of U.S. reliability and 
an overall soaring of a supportive 
business relationship." 

The council is a coordinating 
body of U.S. business groups in 16 
countries in the region, including 
Australia, Hong Kong, Indonesia. 
South Korea, Malaysia, Singapore 
and the PbHippmes. 

“American businesses have and 
will continue to promote human 
and workers' rights in the countries 
in which they do business,” the 
council said. 

But the group also strongly rec- 
ommended that the U.S. govern- 
ment retain China's most-favored- 
natictn status unconditionally. _ 

The council's recommendations 
will be discussed with U.S. law- 
makers daring its annual gathering 
in Washington in June. 

Its president, Douglas Henck, 
said that human-rights issues 
should be separated from trade and 
rif<ani«arf through bilateral com- 
missions or in the United Nations, 
the natinnal T Wnuna news agency 

“We support the U.S. govern- 
ment's caQ to improve human 
rights conditions, bnt we fed that 
linking, it with trade is a lose-lose 
situation.” Mr. Henck said. 

The AFL-CIO, the largest U-S. 

labor organization, has petitioned a 

withdrawal of Malaysia's preferen- 
tial trade status due to alleged vio- 
lations of workers’ rights in tne, 

The council asked governments 
to promote fair market access in \ 
the services sector. The key sectors 
died included telecommunica- 

tions, transportation, insurance, 
banking ana professional consult- 
ing services. 

The closed-door meeting, which 
focused on U.S. business competi- 
tiveness in Aria, was opened by 
Prime Minister Mahalhir bin Mo- . 
h smarf of Malaysia ou Friday. 

The Asia-Pacific Council of 
American Chambers of Commerce 
also wants the U.S. government to 
revise tax and export policies that 

the council says burden U.S. em- 
ployers with excessive costs such as 
the taxation of income earned 

For investment 


every Saturday 
in the 1HT 


20, Boulevard Emm anu el Sorv cis 
L-2535 Luxembourg 

ELG Lwonboorg-342% 



Omega Constellation. 
Self-winding chronometer 
in 18 k gold. 

Swiss made since 1848. 


am se tundra au ritoe social a Luxembourg le 20 avril 1994 h 
15 beores, avec l'ordre du jour movant : 


I, Rapport de gestiou du Conseil d 1 Administration; 

2 Rapport du Reviseor dTEntreprises; 

3. Adoption des com pie* de l’exerace au 31 d£cembrel993; 

4. Affectation du rfisullat de I'exerdce; 

5. Decharge am administra tears el au R£visenr d'Entreprises; 

6. Nomination des oi games sooaux : 

* R Selection des admimstratenrs sortants; 

* Examen des nouvelles candidatures proposes par le 
Conseil <f Administration; 

■ Reelection du Revxseur d’Entreprises. 

7. Divers. 

Lea resolutions des actionnaires lors de I'Aasemblte General r 
Onfinaire seronl voters k one majorile simple des actionnaires 
presents et volants. 

Chaqne action a un droit de vote. 

Tout actionnaire pent voter par mandatirire. 

Pour la sodete, 


20, Roolevard Emmanuel Serais 





The sign of excellence 


«- Page 8 

A i 





















































































































1 Stai 






Close of trading Friday, April 8. 

GfpName WWy 
Fa Name LatChn 


Bond p 974 —.10 

CoGrp 1X34 +05 

MunBd p lass —.06 

1048 + 24 
AARP Hirst 
BaiS&Bn 1415 +09 
CopGrn 3102—25 
GWoMn 1504 —10 
Gw Incn 32.15 + 30 
HQBdn 1540— .14 
TjeFBdn 17J24 
ABT Funds 
Emeryp 1453 +24 
FL HI 9.98 —09 

FLTFx 1023—07 
Gwttilnp 1031 +.12 
Utainco 1125 —.10 
AFLgCGpn 940 +47 
AHA Funds 
Baton n 11.94 +42 
Ful 949—07 

Lon iai7 — JM 
AIM Funds: 

AcAGvp 9J1 —03 



Chart p 



















2547 +44 
1149 +49 
841 +47 
1727 +44 
940 —08 
1147 +45 
1141 +45 
922 —47 
1244 +44 
9.98 — 43 
8.10 — 43 
942 +41 
1044 —03 
1059 —43 
1229 - " 

21.49 +J9 
2142 • ' 

1743 + 44 

9.91 —42 
945 —08 
.. _... 1043- " 

MtySecn 1058 —47 
CapGrn 7029 +46 
Gnncon 1040 +46 
income 946 —06 
ASMFdn 9.73 +.10 
Accessor Funds: 
IntFxInn 1147 —09 
AecMortflH44 —06 
ShtlnlFx 1148 —04 
Acomin 1180 —45 
AcmFd 13.19 -41 
AdsnCdP 21.14 +.19 
AdvCBdp 1013 +42 
AdvCRefp 945—17 
Arfvesf Advent: 
Gavtnp 9.19—12 
Gwtftno 1642 +48 
HYBdP 9.10 —11 
Incanp 1248 —02 
MuBdNat 940 —05 
Spdnp 2Q42 +48 
Aetna Funds: 

Aetna n 10.57 +.04 
Band n 9.94 —05 
Gcwinco 1026 + 46 
mtlGrn 1142 +41 

Graivtni 3147 +J4 
IncGrr 1142—02 
WVkJCpGcH2.ll +41 
SmCapf 2127 +49 
ACancep 64 6 +47 
Baton C 1X33 —03 
BatanBI 1426 -46 
BandAP 1321 —13 
Cnstvlnv 1041 —07 
CpBdBp 1321 —13 
CPBdCp 1321 —13 
Court P 1649 + 45 







11.45 +JM 
8.02 — 47 
8.02 —47 
B4I —.08 
222 +43 
20A6 +.15 
GwttoFp 2449 +.10 
Gwttfit 2845 +.15 
221 +.03 
1127 +42 

943 —41 
1723 + 42 
842 —12 
B42 —12 

. 842 —.12 

MtoTrAo 926 —46 
MfoTBP 976—06 
WUpTrCP 926 —46 
MltlGC 948 +44 
Mfflnt 145 






MrtgB P 

Grp Name Wfcfy 

FdName LastQise 

MMSAP 842 + 45 
MMSBf ‘ 

843 +.05 

MCAAP 948 —48 
MuCABO 9JB —08 
MuCACR 948 —08 
MuFLCp 949 —41 
ICATA 1253 
MullCAB 1244 + 41 
MINBp 946 —48 
MuOHCo 921 —41 

MuNJBP 920 —06 
MUNJCp 920 —46 

MNYA 920 —10 
MuNYBP 920—10 
Mu NYC P 920—10 

NMuAp 946 —48 
NtIMuCp 946 —48 

rAp 1227 +.16 
vA 9.12 —II 

IP 9.12—11 

NAGvC 9.11 —.11 
PrGrthApllJl +23 
PrGrthB pi 123 +23 
Oust A p 23.11 +.19 
STMIqp 8.99 +.04 
STNUbl 829 +44 
TeChp 2743 +41 
Wkflncp 147 
AmSouft Funds: 
Balance 1148 

Band 104? —47 

1424 + 45 
Gvtln 9 48 —43 
LtdMaf 1022 —06 
ReflEq 1646 +20 
Amanotoc 1245 —49 
Ambassador fid: 
BdncF 949 —42 
Band nx 940—13 
CoreGrFnlX23 +.14 
Growth r? 1X36 +20 
WxStkrw 1140 —04 

tofflqndnxfJH —12 
lntistkn 1242 +.17 
SmCoGrni329 + 29 
Ambas sa dor fay; 

Bond nx 940 —13 
Career n 1422 +.14 
Grwthn 1325 + 20 
1ntBondnx9J5 —12 
mtlSIKn 1241 +.17 
5mCoGrnl378 +29 
TFlntBdnxlO.17 _ 
Ambassador Ref A: 
Bond lx 940 —13 
CflreGr 1622 +.14 
Gnatti 1325 + 20 
InIBond x 945 —.12 
IrtlStk 1241 +.17 
SmCbGr 1328 +29 
TFlntBdtxlO.17 _ 
Amcore Vintage: 
Equity 10.11 +46 
Fxlnai 944 —48 
trtdTTF 947 —04 
Bakin n 11.96 +47 
Equity n 1147 +.17 
InttEqty n 1247 + 43 
LtdTrmn 946 —43 
OnstAp 1529 +23 
CmstBp 15J9 +22 
CpBdB P 626 —40 
CorpBdAp676 —00 
EmGrC 2499 +48 
EGAp 25.15 +49 
EmGrBp 2469 +47 
EntApe 1245 +21 
EnJBoe 1196 +20 
EatvIncA P5J1 +43 
EqlncBt 521+43 
EqtocCp 521 +.03 
ExchFd 10746 +40 
FUMbA p 12.18 —43 
FMaB p 12.19 —43 
GIEqAp 1145 +49 
GEaBpn 1127 +46 
GIGvAp 846 —48 
GtGvBpn 840 —08 
GiGvCp 845 —48 
Gw5eApx 10.12 —13 
GvScBpx 10.14 —11 
GvScCpx 10.12 —12 
GvTo97p 1115 —48 
GvTIAp 849 —46 
GvTTBp 849 —46 
GvTICp 849—46 
Grinc p 1241 +.14 
H«xt»Ap 1424 +.10 
HrahB p 1422 +49 
HiYWInvA P629 — 46 
HTYWBD 640 —06 

MllBAp 9.94 —06 
MUlBBP 944—05 
PaceAp 1143 +.19 
Pa«S P 1126 +.18 
TEHYA Pi 025 —04 
TEKYBP10J4 —05 
TaxExIA Pi 147—46 
TxEIBp 1147—05 
TXMSAp 923-46 
UTflAp 823 —47 
American Fuads: 
AmBalp 1146 +41 
Anwp 1249 +45 
AmMutl pfQ.96- — ill 
BandFdp 1323 —13 
CaptnBI p 32.14 —IS 
CosWViplifil -48 
CroWGf 1724 +47 
Euoocp 2120 —05 
FdfaWP 1746 +.15 
GovtP 1345 —14 
GwftiFdp 26.13 +.10 
HITrsto 1429 —13 
IncoFdp 1321 —44 
lnl8dp 1327 —10 
TmCoAp 1843 +.11 
LtdTEBd 13.96—05 
NewParp 1446 +.11 
SmCPWp2344 +.18 
TaxExptPl 126 — 44 
TxExCAp 15-19 — .10 
TxExMDPl449 — 46 
TxExVA P1527 —JH 
WshMutp1646 +.11 
AmOwtti 929 +.06 
AHerOa n 125 —41 
Amor Nad Ftmds: 
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kiame 70.97 +21 
Triftex 1545 +.11 
API Grtpn 12 23 +.16 
Am Perform: 

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EouJv 11J9 +48 
IntBd 1025 —07 
AmUKFdfl 2045 -47 
AfflwyMutf 748 + 47 
Analytic n 1149 +43 
AnchGapt 2046 +22 
AZTF 1021 —41 
CO TF 10.12 
HI TF 11.15—04 

KYTF 1022 —03 
NrensJTF 948 +42 
ORTF 1033 —02 
TxFUT 927 +41 
Bofancan 921 —48 
Edlncn 9.19 —15 
Fxlncn 941 —11 
Ardi Foods; 

Bal 9-74 +43 
EmGrtti 1129 +.11 
GovCorP 1046 —0B 
Grolnc 1246 +.11 
WVOTF 1144 
USGW 1IM8 -49 
Armslnan B25 +46 
AfiantoGr Pi 093 +.11 
Alias Fuads: 

CoMurti 1077 —44 
CAIns 942 —46 
GvISec 9.99 —09 
Grume 1193 + 23 
NaMun! 1041 —42 
BB&T Farids 
BrtBn 941 —02 
GrrtncTn1029 +41 
IntGouT n 944 —48 
SKkwTn 940 —06 
BE A Funds: 

EMkEt 2122 —40 
InflEP 1852 —10 
SipFxln p 1643 +49 
BFM5hDun 928 —43 
BJBGlAp 1149—01 
BJBlEaA p 1142 —44 
BNY Hornfflutc 
Eqtncn 10.93 +46 
IrtGout 946 —08 
NYTEn 948—46 
Bataan Graap: 

Bond L n 145—41 
BondSn 945 —10 
EriterpS n 1744 +25 
E titrpn 1624 +20 
Gwttin 1272 +45 
IWI 1612 —10 
Shodown 1220 —41 
TaxFrt n 1044 
TcxFrLn 826 —42 
UMBBn 1094 —07 
UMBHrtn 925 
UMSSfn 1642 +46 
Value n 2544 +41 

Grp Name WUy 
FdName Last On 

Bruce n 9875— Z 13 
BnindpSIn 1028 —07 
GSdncnp 840 + 41 
Ga»liivnpl628— 19 
GavtSec np 14.94 -id 
MUklCP 16.14—03 
QurtGfttpll42 +41 

SpEqp 20.57 
.USOvS TO 746 —06 

Burnham pxl976— 26 
C&SRltyn 3164 +.19 
CGM Funds: 
AmerTFx 9.17 —10 
CetOevnEJi + 143 
Fxdncnxl023 —48 
Ntaftln 2776 + 26 
CrtmosP 1325 + 43 
CATFlnx 1814 +42 
ColBorefa Trash 
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QA75IK 1047 —16 
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InflEqn 611 +44 
InUR nx 9.15 

Adilnc 9.93 
BICWPD 1611 +.15 
CacOevp 23.12 +.10 
Bankers Trose 
fnstAMptxZtf —41 
IfKJEqnx 1026 —42 
InvimTF 9.98—06 
InvtnlEa 1372 + 42 
InvllIBnx 9.90 —IS 
InvEqlX X 10L20 +43 
‘ n20L87 +.18 

Base VI n 1542 +.13 

^SS ,n 1221 "^5 

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Bondn 97B —05 
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FocGrAnltm +47 

Euuity n 



InllBdAn 2816 —17 
947 + 41 


USGvAn 1927 —OS 
USTklxA n!923— 16 

Benham Group: 
AdfGovn 973 —42 
CcrTFln >075—05 
CaTFlnn 928—03 
CoTFSn 1048 — M 
COlTFHn 897—46 
CafTFLn 1070 —12 
EqGron 1148—42 
EurBdn 1047—16 
GNMA n 1021 —44 
Goldin n 1229 —28 
IncCre n 1428 —42 
LTreosn 922 —16 
WTFln 1023—44 
NTTFLn 11.18 —04 
STTreosn 943 —43 
Twl99Sn 9326 — 2D 
TorOTO n 6722 —28 
Tcx2005 n 4610 —78 
Ta20l0n 33.11 —20 
Tar2D15n 2423 —78 
Tcr2020n 1670 — 71 
TNaten 1812—4* 
Ulil falcon 9.15 —10 
Beraer Group: 

100 pn 1624 +.17 

101 pn 112* 
SmCOGr 227 * 44 

Gv5hDunl221 —03 
ShtOurn 1248 —42 
IrtDvirn 1224—08 
CaMun 1320 —04 
□tvMwiniou —04 
NYMun n 1810 —06 
InHVoln 1666 +.10 
BerwynFd nl823 +28 
Berwynlncrt249 —18 
BWradiWCG1147 +24 
BOa iced 1042 
Equity 1816 +47 
Eqlndex 1049 +43 
Rxedlnc 941 —07 
QuartEq 927 
STRxlnc 975 —41 
-SCMure 1856 —04 
Moncbwd Funds: 
A merEg n V63 +.19 
RxTFBd n 677 —44 
Flexlncn *20 — 03 
GCrnp 1045 —01 
PrcMnp 948 —21 
STGtn 140—01 
ST Bondn 225 
BdEndov* 1744 —22 
Bttttmrord Ponte 

BIQxp 826 —04 
Manahje 925—41 
anaeal 9J6 —01 

Breison Funds: 
BnnsnGJ f ltLSO —41 
BnnsQBI 971 —45 
NUSEqty 973 +.17 
Bmdvwnn 2676 +42 

2246 +28 
1771 —06 
1649 —IB 
1611 —03 
1602 —43 
29.12 —04 

2144 +46 

TxRJtdn 1028 
TxFLnp 1623—08 
TxFVT 1683 —04 
USGov 1420 —12 
Cambridge Pds 
CaoGrA 1428 +.17 
GvtnA 1106 —13 
GwttlA 1542 +21 
MuInCA 1424 
CnpGtfil 1424 +.17 
GvlnBt 1110—13 
QMHBt 1632 +21 
bKCfSt 1472 +42 
MuIncBt 1426 - 

CcpMkldxnl027 +43 
Ckxk tolEq nx9 JO — 42 
CapflrtFl nx 978 —16 
CWildb Mui U 
EmoGrn 1245 +.18 
Grwth 1171 +73 
COPPHUtl 926—01 
Capstone Group: 
FundSW 1699 +48 
Gvttnc 678 —01 
MedRs 1727 — 36 
NZkxxl 1128 +25 
NJapan 748 + 41 
USTrend 1112 +44 
Cardinal Famiy: 
AgaGth 925 +43 
Bakmoed 924 -41 
Fund 1220 

1243 —42 
E 9.53—45 
1620 -45 
1617 —05 
P 822 +46 
n 2224 +.16 
1224 +47 

1348 +49 

QtesM 139.95 + 1.19 
|cMawnl4329— 34 
ubbGrin 160* +.15 
ubbTR 1420 +47 
Cltoper n 47.94 + 1.10 
COtonkil Funds: 
hUErtP 1974 +.15 
CrtTEA 745 —02 
ConTEA 724—42 
FedSec 1047 —49 
FLTEA 722 +43 
FundA 842 +45 
GrwttiAp 1326 + 
HiYtdA 675 — 
maxneAp630 —47 
IMGrA 1047 +43 
MATxA iS —01 
Ml TEA 675 —01 
AVf TEA 697 
NdResA 1227 +41 
NY TEA 686—03 
OhTEA 745 
SmSBtP 1723 + 24 
SbtlncA 740 —05 
TxExAp 1110—45 
TxInsAp 7.95—01 
USGrA 1127 +43 
USGvA 650 
UI0AP 1222 ... 

CATEBt 745 —42 
CTTEBt 724—02 
FedScBt 1847 —49 
FLTxBt 722 + 43 
FundBI 842 +45 
GfEqfl 72.77 —02 
GwthBt 1180 +20 
HYMuBI 976 
HYSecHt 675 —46 
IncameB 630 —07 
IrdGrB 10.04 +42 
MATxBt 7J5— 41 
NatResBtl224 +41 
NYTxBT 686—03 
StrttnBt 740 

GrpName lMdr 

I Nome LtatChM 

MRSt 1126 +.10 
FacGrt 1928 +.14 
PttMt 11-4—40 
Premier p 848 —42 
SalMup 1149—03 
MUnsedt1875 +JB2 
STBd 920-JH 
STUSp 9.97— 05 
1426 +49 
1162 —0+ 

1308 —.10 
1923 +48 
UL)) —07 
924 + 45 
1223 +.13 
1025 “ 


9J9 +.11 














Grp Name .. . 

FdName Last Choe 

En t e rpr ise Gfwxe 
CmApp 3026 +42 
Gv5ecn 1174—13 








820 +.11 
1744 +.11 
1648 +47 
526 + 41 
1137 . 


Grp Instt 
- 1 1592 +.1B 

rl 1744 +.10 


TsyRsi 920—04 

D SSd2®lSS +43 
Value p 2825 +.10 
2S48 +26 
1542 +.10 
Ip 1241 +.U 
.... p 17.93 +.10 
InflEQP 1249 +.14 
Detain 642 —05 
USGovtp 827 —06 
TreasP 9 JO —44 
TxUSp 1246—07 
Txlrts p 1899 — 67 

US Liu 1139 +44 
USSmJ 646 +.11 
US6>10n 11.4? +.14 
Japan n 2580 —48 
UKn ZL60 —27 
Cortn U.97 —10 
OFARIEsil044 + 47 
Fbodnx 10128 —M 
GiBd 10024 —64 
Gavin 102.19 -48 
IrtGtf 10642 —84 
M»BM 1120 +.13 
LCapW 1Z16 +.10 
PacRim 1620 + 44 
USLoVaJ 10.18 
USSmVcS 11 j47 +49 

Cwig rw n RnrtB 
EVramn 1609 +.10 
Fotndn 1242 —6? 
GtoRen 1373—22 
LtdMktn 21.16 
MunCAn 1045 —03 
MunlFn 1821 —42 
Munilnsn 949 — 01 
Retire it UJ0 +41 
T«Rtfl 1628 —41 
VrtTmn 1678 +42 
ExoetMkfcB 619 - 

ExtnvtfiP 743—04 
FAM Vain 1974 +.14 
FBI. Series 

BIO*, t 1611 +.18 
Growth! 1111 —09 
VkGrSdt 1824 —45 
HTTBd I 1818 —09 
Mangdi 1141 —42 
EFB Lexicon: 

CraVApo 11.15 +47 
Fxdn 1806 —49 
IrtfOv 1804 —45 
SelVakiepll^ +.10 
SmeaGr nil 71 . 

FBEq 1027 +49 
FBNJ 1049 

U55hart 9.96 
WWHedg 9J9 <-41 
WW FxdJn 9J7 +43 
FMB Funds: 

DtvECp 11.12 +47 

GrpName - Wkhr 
FdName La* drat 

TfYHYm 1024 —TO 
PAHYm 1026 _ 

SMIncn 9 JS —07 
SfttOun 943—05 
ShhnMu n 9.78 —01 

Rdu^ P fl ^ jB42 +.14 



11.12 +47 
1807 -47 
1047 —07 


FF A Funds: 

Carat 2816 +46 
NewMcx 1042 —19 
Formnl 1327 +.10 
Perm 2142 +24 
Foirmtn 2440 +46 
Fosdonon 1727 +42 

1110 —05 



Columbia Funds: 
Balance n 1728 +45 
CamSIkn 1542 +.17 

„J — -in 
11.58 +42 
1222 —49 





1272 —12 
82D —02 
2&JTI +23 
1105 +.14 
1970 +.11 

GOUf 1048 —09 
Grolnc 15-50 +24 
Growth till +28 
MtmB 1326 — 07 
Coenpass Gmiar 
Eqtylnca 1222 +.10 
Fxdln 1028 —10 
Growth 10-71 

1322 +.13 

1045 _ 
10-31 +42 

1046 +44 



CuiiiPoiSe Group: 
BdSBC P 1146 
Growth a 1245 +44 
InOOFdP 675 —07 
P 1465 +.18 
P 742 —02 
p 1814—10 

Equity 1650 +.17 
Incm 1021 
LMMat 1049 
Govt 1028 —09 
Grwth 1698 +.19 
Income 926 —03 
TofRel 1422 +45 
Cnptevn 1945 

BrtaiAn 1023 
Ertdx 7023 +49 
GUSdAn 946 
GrEaAn 947 +.13 
IrrtSaAn 975 — B 
InIKr An 1226 —02 
VcdEqBpnl3J7 +25 
COwcnIGr 1026 —01 
CowenOP 1249 +24 

AstAflp 1279—01 
EwifaVP 1578 +45 
ORMunN122I —01 
Specialn 1245 +47 
OesIFuads Trash 
Bondn 9.56 —48 
SJBdn 976 —07 
SpEqn 1124 +47 
Value n 1077 
VAMun 923 —04 
CuFdAflfn 929 
CuFdSTn 972—04 
CuOer Trust 
ApvEqn 975 —02 
Brfytncon 920 —02 
GavtSec n 9.93 —06 
DFAIntVrtn9J4 +.11 
EquBy 1839—01 
Govhnco 928 —06 
LTGovf 775 — 42 
Murtlne 1042—04 

Am VOlt 2222 +22 
CnTTxFrl 1240 —08 
CvGral 1141 — 41 
1879 +44 
1614 +48 
2925 +49 

636 —01 
1221 +41 
849 + 42 

1045 +44 
9.17 —10 
1872 +27 

72B -47 
1807 +J01 
922 —06 
721 —10 

1046 —08 
1820 +42 

. 1817 —42 

MuOHp 1814—44 
MuttPAI laiB— 01 
HYTXFt 1148 —13 




Divio t 














Baton n 4522 +21 
Incoman 1178 —09 
Stock n 5117 +47 
DwnSoOcf 1242 +47 
Dremwi Funds: 

Contra 1329 +.15 
HIRtn T5J4 +27 

SmCpVrtnl027 +.10 

A Bond nx 1414 
Aprecnp 1416 +42 
Asset A>nl24l +43 
Bafaxrt 1349 ‘ 

CafTkn 14-50 —49 
04 Win 1102 . 

CTIriln 1249 —09 
Drovlus 1260 +.13 

EdBInd 1241 
FLIrtn 1297—47 
GNMA 10x1451—13 
GnCA 1345 —13 
GMBd p 1458 -48 
GNYP I9J5 —16 
Grlncnx 1853 +43 
GwthOpnl022 +48 
insMunnpl7j44 — 46 
Intel mn 1373 —05 
InlerEqp 1543 + 41 
IrrvGN n 1479 —06 
MAIntn 1241 —10 
MA Tax n 1522 —OS 
MietBdn 1221 
NJIrtn 1340 
NJMunni340 —10 
NwLdr 3349 +25 
NYTTXnp 1120 
NY Tax n 1493 —12 
NYTEp 1723—13 
Peaplndt 1529 + 48 
PeaMidm1672 +.19 
ShlnGvn 1142 —05 
STMCpn 1247 •“ 

ShlnTp 1299 —43 
ThdCntrn 605 +45 
USTfnT 1248— II 
USTLna 1443 —16 
USTShn 1528 - 
Dreyfus Comstock: 
CapValA 1146 -25 
CapVdBMlTl —26 
FSBAP 9JS —12 
9J9 —11 

CAMunA 1226 —10 

CTMUA 1179—04 
CapGth 1528 +45 
CTMuBt 1178 
FL MunA 1441 
GfelnvAnlSJS +43 
GKInvBt 1523 +43 
GtenaA 1419 “ 

GnmaBt 1420 
MAMunA1123 _ 
MDMunA1226 — 46 
Ml MunA 1523 —05 
MDMuB 11226 __ 
MuBdBt 1340 —07 
MurtBdA 1340 —47 

ncmiia 1272 

NCMuBt 1271 —06 
NY MunA 1404 —10 
NY MuB i 1404 — .10 
OHMuA 1228 —07 
OHIWlfit 1229 -47 

PAMuBt 15.90 — 45 
TXMUA 2833—07 
VAMuA 1499—10 
VAMuBt 15.99 —10 
GCrp J392 +45 
Growth p 3925 —16 
Income p 182* — 1? 
UivA 2062 +J6 

InvBt 2844 +45 
Dupree MuhMft 
IntGovn 1811 —08 
KYTFn 726 —.11 
KYSMtn 520—01 

EquilYP 5741 +.15 
Flexp 5205 +2* 
Income p 4701 —18 
MuBffix 3921 + JO 
Eaton V Classic: 

China 0 798 

FLLMP 921 ... 

GovtP 9J5 —46 
NaflMunp 9.17 —05 
Eaton VMmtaK 

974 +41 

O+fl-td t 
China 1 

Ml Lid t 

1120 +46 
1809 +43 
996 _ 

926 + 41 

NrtUJdt 1813—43 
NJLIdt 1804 +41 
ALTxFI 1814—01 
NYLWt 1003 —01 
AZTrFt 1031 —03 
PALfdt 1809 —41 
ARTxFt >98 +41 
CaiMunit 921 —05 
COTxF t 9.92—02 
CTTxFr 1041 —44 
Eqtnt 1873 +45 
FWTxFt 18S2 —02 
GATxFt 940 —01 
GovtOblr 994—06 
Wlnct 720 —47 
KYTXFt 979 —02 
LATXFt 9.95 
MDTxFt 9.94—07 
MATXFt 1827 —42 
MITxFt 1813 —01 
MNTXFt 9.98 —12 
MOTxFt 1815 —04 
NJTxFt 1842—42 
KYTXFt 1067—05 
NaltMunt 922 —04 
HCTXFt 998 —01 
OHTXFI 1824 —43 
ORTxFt 1047 —02 
PATxFt 1833 
RITxFl 925 —42 
SCTxFt 9.92 +41 
TNTxFI 992 —D3 
TotRtn lx 698—11 
VATXFt 1818 —02 
WVTXFt 999 —03 
China P 1342 +46 
EVSlfcX 1249 + 49 
Growth p 7 29 +47 
IncBosP 633 —07 
MunBdX 929 -48 
STTsy P 5597 +43 
5pc£atP 743 +48 
TradGvf 1141 —06 
Tnxllnvp 747 + 42 
TrodToJ1P626 —07 

Eesp&in ]gs i-3 

EmEat IU7 +.10 
EmrtdUS 1821 —07 
FLTE 1857 +41 
&nCapimo09 +97 
EmpBJd 1745 —11 
Endow 1858 +42 

ArmSSpn 940 — 42 
Arm 1 n 940 — 42 
ExcfiFd n 694? +22 

Harts n 1020 —06 

Fsn hn 609 —43 
FGROn 22 20 
FHYTn 695 ■ .. 
Fmsn 1809—46 
FITSSP 1009-46 
FsIgtlSn 1036 —43 
FsWltSSpl836 -43 
FST n 2445 +.16 
FSTlSSp 649 —03 
GnmrtSnlioa —06 
GnmaSp 1140 —46 
RstfSSp 1840-46 
IMTIS 1023 —44 
Max Cro 1136 +44 
Minicap n 1121 +.16 
ShrtTerm 1816 —43 
US Gavin 941 —13 
SBFAn 1648 —01 
FUaBy Advisor: 
EqPGR 2698 +42 
ErtTnc 14.95 +.18 
GBXResc 1629 +.15 
Gavtnp 994 —09 
GrwOpPp2522 +22 
HIMUP 1127 —01 
WYMpn 11J3 —43 
IncGfp 1449 +41 
LtdTOlp 9.92 ■*•42 
LtdTBR 1020—45 
LhTTEl 992 +42 
QvseaP 1320 +.10 
STRP 926 —05 
STratOPP 193S —11 




2990 +23 
1543 +.18 
9J4 -45 
1021 —05 

FWerty Invest: 

AorTFm 1120 —03 
AMgrn 1421 +48 
AMgrGrnl371 +48 
AMgrln nxl077 
Bakmc 124* +41 
BtueCh 2689 +43 
CAbis re 9.91 —16 
CATFne 1194 —18 
Canada n 174* +43 
CopApp 16J5 +.19 
Ccptna) nr 92B —06 
Cangr3fnT4379— 73 
Contra 3020 +36 
CnvSecn 1576 +47 
Destiny 1 17.10 +32 
Oesfinyll 2724 + 33 
DrsEqn 1636 +26 
Diverinfl n!145 +42 
DNGttin 1125 +48 
EmgGrorldLM +23 
ErreMkt 1639 —40 
Eautfnc 3140 +J0 
EQiln 1620 +.17 
Ert dx 16-50 
Europe 1928 +42 
ExchFd n9734 +.13 
Hdaff=dn1940 +99 
Filly 1843 +.M 
GNMn 1839 —08 






1897 —05 
1224 +46 
928 —Of 
2654 +50 
2174 +41 

11.97 —02 

InsMun n 1170 —42 
kited n 1077 —46 
hUerGvtn 9J1 —US 
kiOGrln 1739 +70 
InvGBn 735 —45 
Japan n 1341 +45 
Lrt1nAmnl443— 71 
UdMwl 932 —01 
LowrfYr 1729 +.10 
MITFn 1135—02 
AANTFn 1024 
McseOan 71.15+123 
Mkttnd nr 33.18 +.12 
AAA TF n 11.11 —42 
MfBeSecnl027 — Of 
Muncpfn 7.90 
NYHYn 1176 +42 
NYlnsn 1133 +43 

1144 +49 
2327 +.12 

2618 +.18 
1539 +47 
RealEstnUSB +.16 
Ret Grn 17J5 +46 
ShtTBdn 9.15 
STWldn 937 ... 

SmaflCap 1029 +35 
SE Asian 1239 +45 
S&Slcn 1937 +28 
1934 —11 
5601 +37 
4021 +32 
1334 +41 


Trend n 





1603 —10 
AmGoidr2235 — 26 
Auto re 2325—04 
Biotech r 2452 
Bnfcstr 2235 —06 
Broker r 1523 —33 
Chemrx 3135 +34 
Compr 2743 *39 
ConPrdr 1436 - 

CslHourelt42 +.16 
DtAeror 1652 +.15 
DevCam rel725— 83 
Bectrr 1749 +21 
Energy rxT634 +32 
EnaSvcr 10J8 —41 
Enviror 1899 +.14 
FlnSvcr 4942 +.92 
Food re 29. T9 —53 
Hertthrx »0O —ifl 
HomeF 2458 +32 
IncEvrolVTl +39 
mdMatr 2134 +28 
trsurr 1825 —05 
Leisrre 3676—150 
MKffWr204O +73 
NotGasr 9.17 +43 
Paper r 1726 +.13 
PrecM*trl616 —33 
ReaBnkr 1837 + 38 
RetaBr 2559+130 
Softwrr 2635 +76 
Techr 488* +24 
Teteaxn r5il5 —79 
Trans r 2131 +32 
Uffirx 3434—145 

AsrMunn 929 —01 

me 1830 

CTHYnr 1078 +42 
FLMum 1029 + 42 
GNMAn 928 —08 
Gavtnn 1005 —14 
tfigrtnm 1201 —07 
MtMvnf 972 —00 
InvGrBdn 9JO —10 
LtdGV 970 — 45 
LTGn 1043 —20 
MD Mum 936 _ 

Mudnr 1805 +42 
NJHYr 1890 —41 

BnBi 3033 +38 
PocBbi 3938 +45 
5m Co 12.13 +31 
TXFS 1811 —45 
FM-kxGvt 1852 —11 
HrttorMu 1039—10 
AstADn 1817 +42 
Bgkmcel nl041 +41 
Eftldxln 1030 -+44 
Fxdlndn 1028 —48 
GDvB tSn 9.15—05 
InttncJ n 972 —05 
Ltd Indr 943 
MtjjSecIn 949—04 
MunBdln 1837 +46 
RflgEqtn 1148 +45 
SPK£q)nl342 —01 
SlOCkln M.12 +.15 
FWA n wi F u nd s : 
AstAflp 1617 +41 
Baknp 1031 +41 
Equfly p 1502 —01 
Eqkttp 1031 +44 
Fxdlncp 1029 —46 
GavBdP 9.15—05 
InttnCP 972 —45 

Udine 9.93 

MtgSecp 949 —44 
MunBd D 1037 +46 
RegEqp 1149 +46 
SltxSep 16.12 +.11 
FsiBosiG 930 —47 
FstEodnr 1538 -04 
FrslFdE 1037 +.11 
RHwMu 1072 —42 
FJret Investors: 
BtCNpm 1516 +.12 
Globlp 543 +41 
Gcrvtp 1102 —05 
GrolncM 625 + 43 
HWiYdP 5.15- * 
Income p 402 — 05 
MvGrdp 928 —09 
LBeBCp 1373 +.12 
UfeHYn 1025 —08 
USA to 1129 +48 
MATFP 11JQ —03 
M1TFP 1144—04 
NJTFd 1235 —07 
NYTxFr P1A29 — 05 
PATFp 1235 + 02 
SpecSd 1124 - 
SpSi+P 1729 +.16 
TaxExprp 903 —02 
TofRetpx ll-S — D4 
uiamcopxSM— .10 
VA TF P 1110 —04 
FlrstMuf 938 +.11 
Fir* Omaha: 

Equity fl 1076 - 
FXdtncn 945—10 
SIFxInn 977 —06 
FPDvAStpxl2J7— 04 
FPMuBdP 1140 — 03 
Rrst Priority: __ 
EquityTr nl039 +.14 
FMhncTlr 948—11 
LtdMGv 977 - 
First Urtott 
BrtTn 1125 +42 

Pu&TF 1131 —05 
Si Gov 1033 —07 
5mC0PGrt622 +30 
TAGov 1035 —06 
TXAdHY 642—05 
TX TF 1139—0* 
JSGcwScx672 —06, 
Ufflitiw 698—471 
VATF 1131 —05 
CoraOud AL16 —03 

InvGrtide p689 
RlsOtvp 14.15 —06 





1126 +02 
1125 +42 
1000 —04 
1000 -.05 
HiGtfTFB P1033 — 47 
KGdTFCtl033 —07 
MnBdTn 9.83 — .<H 
NCMunCt 920 —.10 
USGwtBp 933 —0S 
USGvtCr 933 —08 
Votueflp 1704 +.03 
VdueCtn170* +03 
VotueTn 1704 + 43 
RrstFrt^n 939 —47 
EmGttip 1234 +34 
Mfnpx 1610 —.10 

mtTrp 1241 — 13 
MMuni pxlOJl —07 
OuaiGrp 1227 + 44 
TeUncShPWJa —.17 
TotRTsv PX9J0 —M 
Value px D.14—09 
FkJvsMp Grow 
AATEap 1851 —.03 
AATECp 1030 —43 
AZTEAp 103S —03 
CTTEAp 1612 —43 
COTEp 934 -03 
FLTEp 1033 — 42 
GATEA P 161 5 —43 
GMRbP 1732 + 44 
IrtfTEp 1805 -06 
KYTEAp 1039 -02 
KSTEp 971 —45 
LA TEA p 1021 —42 
LtdTEp 1054—44 
MITE A P 1135 — 43 
MO TEA p 1020 —47 
MITE CPl 133 —04 
NCTEAp 1604 —04 
AIM7EP 920 . 

NYTEp 1039 —08 
OHTEApIl.14 —45 
PATEA pl802 —03 
TnTEAp 1872—44 
UtOAp 9.91 —46 
VATEA p 1079 — IS 

Band no 1923 —04 
Gib in pn 931 —09 
Growth TO 1323 +.08 
MuMdfpn 536 
Fontaine n 11142 —.17 
AslAIlP 1449 +02 
CopApp 2344 +.15 
Caprt p 1734 +39 
Roucrp 2643 +33 
GejGrihp 1430 +.16 
GcvTRp 630 —.14 

Grwth p 



IE Nat 



2733 +31 
662 —47 
1613 -02 
1851 —02 
931 —.13 

Fortress tavsfc 
AcGRtt 973 —41 
Bondr 927 —46 
GlSlra 674—02 
Murine 1x1024 —07 
OH=ortP 1088—03 
Ulflr 1128—01 
44 Wall Eq 637-42 
Forum Funds: 

InvBnd 1039 —49 
IhvStk 234 +34 
MEBna 1623 - 
TaxSvr 1629 — 
Bdnp 685 +44 
BUieChpnp6J2 +48 
DiscvP 2026 +35 
Fmtrnp 26J0 +20 
GavSec 939—06 
Grvrihnp 1236 +40 
946 + 41 

FrrokSfl Tempt 
Giablp 1343 +44 
Hlri p 1227—13 
Hancp 11.16 —46 
Gkbgln 1279-47 
Growth n 1072 +.11 
CAW 1027 —05 
Aggrealp 1524 +35 
GnHntpx 1525 + 45 
Gwttlfp 1370 +49 
Ira fox 9.92 —48 
MgdTRfrll.12 +44 
Fundamental Funds 
CAMun np 630 — ,15 
NYMunnpl45 —01 
U5Govn 141 —.02 
GAM Funds; 

Gtabd 14637—4.96 

mn 19132 — 6io 

PacSas 181.10+228 

DtverstdnU24 +43 
GNMn 1633—04 
Income n 11.17 —07 
S&SLngnll49 —08 
S&SPM n 3536 +36 
TaxEx 1124 —03 
Trusts n 3239 +30 
GfcbdC 1671 —06 
menmeC nil-57 —,Q7 
inteaon 1432 —12 
SlrogC 1530 +41 
USEqDn 1523 +.11 
GEUSE 1522 +.11 
USEcjA 1520 +.11 

E^pcne 1935—136 
mfetn 9.96—42 
TxFrVA nl022 
Amerp 1830 +.14 
EmMkt 1522 —48 
EmMJdB 1537 —28 
Europe P 1865 +.13 
Euros 1058 +.12 









Inti p 

937 — .04 
977 —M 

611 +46 

612 +46 
1654 +23 
1239 +31 
1130 +J1 
1823 +24 
1051 +45 
1025 +05 

1247 —01 

LatAmG 2117—130 — 

Poctf P 1197-43 
PaofB 1259 —03 
StratAp 11.19 +.11 
Strata 11,19 +.18 
Teles 1631 —04 
Telecom 1629 —04 
WHhrP 1681 +.18 
WkhvS 1671 +.19 
GabeCi Funds: 

ABCP 10.12 
Asset na 2226 +03 
ConvScpnllJ* +.02 
EqltiCD 1136 +.10 
GUntCPn 947 —03 
GtCorwn 1845 
GlTelp 924 —44 
Growth no 2240 +.10 
SmCnpG 1691 -.15 
Value p 1137 
Cakay Funds 
AssetA/lnlOJS +01 
CT Mu n 9 St +04 
EdGrth 1339 + 45 
EqtVot 1176 +.18 
Eqlnon n 1115 +05 

HiQBd 1830 —.12 

IntBd mm —09| TuxEx 
IntEqtn 1228 +42 1 TatRtn 

SmallCo 01770 *31 
U5Treasnl829— 49 
umty 90S -.14 
IDEX Group: 

Idex 1628 +31 
2G<abAp 1530 *43 
SGTOwA p 1727 +30 
2TOXEx 11.19 +41 
21ncFlAp 1032 —47 
ldcx 3 1544 +.16 

2RxlnAP 971 -47 
IDS Group: 

BmCpp 619 -44 
Btxrtn 544 —4* 
CATEP 615-45 
DEI p 720 +45 
Diseavp 1133 +.15 
EqutfP) P 1086 +.15 
Extrlnp 437 -.03 
Fedinco 689—02 
GtobBdp 578—45 
GtaGrp 650—05 
Growth p 1730 +37 
HiYOTEp 226 -41 
IrtsrTEp 539 
Inti p 10.09 +48 
MgdRP 11.14 +45 
Mnsp 625 

Mich n 







638 -41 
617 -41 
1146 +41 
613 -43 
1603 +.16 
538 —01 
634 —10 

Progreso 664 +01 

9.01 — ii 
1946 -.18 
1432 +.13 
93* +07 
617 —06 
641 +0C 
635 -03 


!S1 Funds: 

Muni pnx 1031 —07 
NoAmPX 923 —10 
Trstpx 9.60 —1J 
IndOrwGT 949 —09 
(ndependenoe CBp; 
Oppcrtp 1897 +43 
SlntGvtP 9.75—04 
TRBdP 937—05 
TRGrp 1202 +06 
InvResh 653 +02 
InvSer Optfftb 
CQPGri 1244 +.14 
OuatStk 1370 + 09 
USGvt 923 —02 

Dynm p 1228 +36 
Emeriti pnl IMS *2 » 
Energy n 1008 + 04 
Environ 681 —07 
Eurcpen 12.92 +.15 
FtnS-Tcn 1620 +.19 
Gold n 663 —20 
Growthnp 533 +45 
HlthScn 3657 +71 
Hrrid np 697 —06 
tnd1nconpll25 +47 
intGcvn 1230 —06 
inttGrn 1629 +.17 
Leisure n 22.1 D +.12 
PacSas n 1655 +.1? 
Seilnanno637 — ia 
TxFreenpl539 + 41 
Tectin 2303 + 27 
TotRIn 1774 +.11 
USGavt np 736 — 08 
LTKln 944 — 08 
ValEa 1692 +44 
invPfln p 947 —05 
InvPOfY 1279 —49 
InvTrGvtSt 934 —.11 
ISefFdnp 1439 
... .JP Growth 1643 +.12 
07 i S P fneeme 921 — * 
Bondn 935—07 
□iversitd n 945 +41 
EmsMkEd#86 —29 
lnt^qtyn10J7 +.14 
ST Bondn 9.77 —M 
SmallCo n 1022 +46 
SetHutyn 10,66 +48 
Jackson NaSonnt 
Growth 1863 +44 
Income 945 —.06 
10.12 —02 
1029 + 44 

KPMI 2636 -.19 
TxETrt 1024 -41 
TeDCFft 730 —41 
Keystone America: _ 
AulncFp PAO +30 

979 —41 
1149 *46 
1037 —42 
1023 —11 


GtOcC t 
Kidder Gtour 
ARM GvA 1 1 48 —43 
ARMIratB 12.00 
AstAflB 1236 +44 
EmMWA 1892 —11 
EmMkffl 10.90 —II 
GBTEqBn UJ4 —45 
GSiEpC n 1699 —05 
GfcEaA 1696—05 
G»FxB 11.93 —19 
GfcFxA 11.93 —.1? 
GvIAt 1610—15 
IntFlA l!J —07 
KPEt 23.18 +47 
MurrtBdA 1073 +45 
SmCroA 1141 +2B 
LMHn 1745 -| 

SpEan 3779 +36 
IncEQn 2630 *70 
ShortGv n 1820 —26 
WMfSn 1735 —38 
S Band 2851 —45 
Bondn 2874 -45 
IntEqn 3534 +45 
Mo liner Funds: 

STkilCt 975 -44 

SIFT An 97l—^i 
TXITA n 948 —43 
VduelA pi 335 -*49) 
VolueTA 1336 +.09 

UHIBp 840 —481 GIUBf J446 ^Ig 

CalTD px 1070 — >J ’ 1 W?Gfl nrtlMS T"?? 
(JSGvBt 939 —12 1|» + -I* 

A«Dp 1520-^ 

r— utn 1179 -79 ' -tt 

nmTirn IX —03 ! GTtflB I 144? +.11 


. u ^ ul , .... comTecp 879 — 43 , , „„ 

VAI TAn 1020 —46 ! OvGOPX 1954 *■“ I SSS'Bn'xS —09 

..., NYTF 1075— Wj NtBond 9.11— 11 j gJjgP ! Wq, - f - 7J7 

1190-42 STFxtnc 9,74—43 NatnFd 16S -.18! &1M3 19AS ' 

942—07 TR Eq 1220 + 48 NIGwIh 1173 -.10' 

2228 +35 iMarkTVrotaFds: TxFret 94* — 48 i 

^70— 16 Eauflv 949 +.14 USGvtnr 944— Jl. 

199 —06 Fxtjmcm 975 —12 NeitoserBenn: \ 

670 +30 Muni 9.W — 44 . AMT9dnl671 -.12 ; 

Genesis 1(B -48 1 

Gvo^bin 1131 -77 1 _ 

LMMat n 1805 —45 [ SBDpx 
.VU xdxsn 1077 -.13; USGDp 
MuST 1147 —04, WIDp 

1670 . 

1898 —43 McriiemafchFds 
742 -01 Eroity 976 -45 1 
932 _ Ftesdnan 9JB— 44 1 

947 —44 faUFXIn 930 —07 1 
VAMuBd 973— .07 | 

G rthO 
GUrtJtx 10^ -■}' | 
HHncDB lg --1J | 
UtvGD 10J7 . 

NYTxDpXlO^— 10 | 
MHO RX 1008 — 48 , 
STGvtDp 2. 45 —01 . 


93S —.1? ! 

*GvS«A™9^ —45 i Partnreri 19.97 -J6|Pt»pSk 

Brtonn I17D +46 
Equity n 1639 +.19 
Inltnc 939 -07 
IntlEq 1145 — 73 
NYTF TO 1037 —05 
USGvn 931 —04 
Laurel Investor: 

AtOCp 1647 —17 
CopA p 2744 +20 
itus a 1238 —09 
Irtp 1335 +72 
Msdlp 1878 —13 
SeGrp 1620 + 08 
Tffldp 1138 +41 
Laurel Trust 
BdnaJn 976 + 46 
rntminn 1027 —07 
S&PS00 948 +03 
SXxdcn 1740 +.16 
Lazard Group: 

Equity 13.98 +31 

1036 —41 
1020 —11 
931 —48 
1894 -44 
745 _ 


1181 —03 
931 —41 
1036 —42 
1022 —.10 
932— 4S 
1896 -JH .. _ 

744 —41 I Maxis Funds: I 

940 —02 1 Eartty|pnl339 + 45; 

Income f [<M6—07| 
Prism tpn 979 + 41 
MertGIh 133* +.18 
MertSfrn 12.18 +■£ 

MergerFdpn 13.09 _l 

Merk&ain 2619 +32 
MerriB Lynch: 

AmerlnA 975 + 47 1 
ACSRAO 936 —43 
AZMA 1825 
BalA 1170 +03 
Bos VIA 2375 +32 
CAMA 921 +44 
CatMnA 11.16 -07 
CopFdA 2737 +71 
Consult P 1225 —41 
CPHiA 804—04 
anvGdA 11.16 —12 
CpfTA 1171 —ID 
OevCap 1539—34 
DrasA 1611 +43 
EuraA 1622 +.18 
FecEecAo 92a —10 
FLMA 977 +46 
FdFTA 1473 + 05 
MNMuA 1816 

830 -45 

NY OTC n 976 -4&lPanGtahn 1174 +45 


1633 +43, 

10.10 —to) 

H£oA 1626 +.15 
IruGov a 9.77 —06 

GlhMA 937 +021 SelSeWn 223? +75lPuragBi 
VctEOA p 935 +48 UltraBdn 932—41! G4g5 
Marshall Funds: 1 New Alter 29 AS -.18' IntBd 

Bdn 938 +43 'NewCrtlp 1143 +.14; LA TF 

EalnC 930 — 431NewU5AP 11-96 -73 1 STGv ^ •+- ™ 

Gvtfaien 921 —o; Mcbotas Group: > ValEdX 1144 +4/ 

tntBdn 933—06' Mcholn 5174 +34 i ValGrx 1A76 +.16, 
MidOsin 972 +.18 Nrtllln 2608 '-S3 9WW»A«g • 
ST Incn 97V -41 1 Niehlncr 325 -! gnri« .WStS 

Stock rt 951 +48 NchLdr. 1823 -.16 1 E«J*lyA 161? +-« 

VrtEan 9.95 +.16 Mcbolas Appteaate i 

Mathers n M22 —09 BaKUhB 1334 +.10 

- ‘ CoreGthA1332 +^! 

CoreGnt«lX45 + 2, 

QjreGrffiOI255 +77 
EmgGrA 1226 + 36 
EmaGrB 1843 -36 
EmsGtGulll73 +35 
IncGrA 1629 +.13 

IncGrfi 163 -.14 

WW&B 3683 —43 

WWgr 1692 —42 

Nomura rtf 1877 +74 
North Am Puntte 

OGr?’ P 16B +70 1 UdMt C 970 —44 
GrwttiCP 1438 +49' Ml Ma c JOSS -.02 
Gr incCp 12>® +.11 W77— OS 

USGirtCP 973 -44! SmCroC 2237 +24 
NelnvGr n 2*03 +05 iPrtnBrtn 16x6 —42 
NefnvTrn 1839 -0* [ Parnassus _ 3379 +32 

mVerBftnll74 +44 
MuWB 13.15 +.13 
PncGrB 16^—13 
57T3t® 9« +47 

MunArzl 11^ -45 
MUFLA 949 + 41 
MuSai 11.13—41 
MunHYt 1073 
MutnsA 1071 
Munlnt 1071 —£1 
MuMdt 1861 -43 
MunMAt 1178 —44 
MuMnt 1133—4* 
MuriMlf 1139-41 
MuniMod 11864— 06 
AluNCt W58— 05 
I0!jl -42', MurtU* 10JS— 46 
049-43 MuNYI 1137-47 
“ AtartOtit 1132 — 46 

MuPot 1037—05 
NtMunt 1604—03 
Struct to 1122-45 
Stnjdfi t 1121 —46 
USGwiUn 937 —12 
UWBtt 9.04 —07 

1472 +47 i 

MIMuA 1035— TO 
' SmCPA 22.17 +^ 
I USGvIA 939 —42 


i BaJanCn 1126 +48 

Bain 1889 —02 
GthStkn 1244 +77 
HKBmetn 933 —49 
InttSUcn 1623 
Stfcktxn 1076 + 46 

BcndCn 928 —06 ! ntnam Funds: 
|qujlYCnl670 +33 • AmGovpx822 — 12 
GvHntC 939-421 AdiAp 1033-43 
HYlEq Cnl476 +.15 AsraAp 1372 +47 
InKSvtCn 977 —45 | BffivAP 474-04 
IrtlCn 1371— IB; AZTE 644—02 





Nw them Funds: 

Rxinn 9.92 

lrtGrEun 1043 

. SmCoGrnlQ.13 

1276 +4 ?l TxExWn 9.94 
965-10, USGovtn 9.9S 

1070 —07 .NorweSl Funds: , 

13.11 +42 i ArtUST 9.85 —06 
AtfGcvA 935 —05 . 
COTF A 93? —10 1 
GvttntTr 930—14; 
GvtlncA 933 —14 [ 
IncomeTr 975 —16 , 

1542 —01 
1233 —Id 
1818 +37 
392 +42 I 
936 — 06 ; 
1173 +05 
949 + 42! 

Pasadem Groan: 

_ • BaIRtnA 3036 —47 
. GrawthA 15.10 -46 
_! Nifty 50 1636 -48 

_ .PaxWorfdnl306 +.01 
, iPavstviBln 1175 +4* 
_ Pelican 1144 +46 
_ , PenCan A 674 +.10 
- PAMunlp 103* —02 
_ Perftxmarxa FdK 

EqConp 1177 +44 
Eqtnsn 1177 +44 
InFICD 9.98—10 
IfiFlIn 978—10 
MCpGrin 974 +70 
STFICpCI 943 —44 
STRIn 933 “ 

MnlnsA 772 —01 I 

1248 +.15* MunLtdA 939 —01 1 Nuveen Funds: 

1170 +04 1 MutiTTA 934 — 01' CAIns 10.11—41 
1623 +.15 MNattA 1048 —03 

w ise 

SeEq 1699 +.13 | NJMA 

StroYd 9 JO —10 NYMnA 

Lfi&enNY 762 —06; 
LeebPern 1860 —12! 

IncameA 976 —17 ; Perm Fort Funds: 

TF IncA 933 —46 PermPtn 1636 —18 
TFIrcT 933 —07 TBOln 6607 *43 
VolcGrA 1761 -47 VBondn 5658 —Da 
ValuCrT J7JS +48 .PerffCGn 1127 —JU 
Phfta Fund 660 —03 

CATxAp 600 —04 
Convert p 1942 +42 
CPAT 4176— <2 

DhrGrp 964 —01 
DvrtnAp 1231 —07 
BnRsAp 1369 +.15 
EqtnAp 860 +46 
EuGrAe 1178 +01 
Fed lop 924— JIB 
FLTxA S32 —01 
GeaAp 1374 +43 
GtGvAp 1634 +46 
GIGrAp 935 +42 
GrlnAp 1307 +.11 
HJthAp k*i +7* 
WYdAp 1279 —07 
HYAdp 1812— M 
InanAp 636 —04 
tnvAp 775 +.10 
MnlnAp 849 
MaTxll 94* —04 
MfTxnp 887-44 
MwtiAp 871 —02 

AmerLdP 949 . 

GWGovtp 9.H —131 
Gvtlnd np 1810 —05 

HrYld P 1444—47 

[nvGrnc 934 -49f 7XMA 
MtfTr P 1635-05, WWtocA 
PATFo 1677 -43 1 


MAMun 965 +41 I Janus Fan* 

NYMun 1078 + 42 < +06 

STBd n 9.93—06 
SmCaEqnl2.13 +.13 
TE Bond nl 035 
Gateway Funds: 
GovtSd n 9.91 
maxPIn 1661 -44 
SWRWG 1603 +.19 
GnSecn 1235-42 

Erisa np 2533 +.14 
GintJFdn 1441 +34 

Sped pn 7.43 +42 
WktwGrpl639 —13 

Balanced 941 
GavISec 975 
MtoCop 1815 +43 
Quoted 966 
QuatGr 934 +42 
Frankfin Group; 

AGE Fund X272— 03 
AdjTJSp 963 —03 
ARS 931 —02 
ALTF 1131 —03 
AZTF 11.10 —05 
Baflnv p 2162 —01 

Crtlns 1131 —02 
CA lrtermW.18 —44 

CdTTFrx 7.07 —05 
CDTF 1160 —01 
CT TF 1069—09 
OyiSec 1231 
DNTC 967 +.14 

EquBy 675 +49 

ErtflC 1352—01 
F15T ARSp932 —02 
RertnterralDj?— 03 

Pcarx 1175 —id 
FLTF lnp 966 +08 
FLTF 1132—03 
CATF 1169 — Q5 
OGvlnc 839 + 04 
GtUHp 1237—06 
Gold 1435—33 
Growth 1337 +JB 
HYTF 107B —07 
HlMuBdpl077 —01 
incoSerx 22b —03 
1NTF 1167 —04 
InstAdt 966 —44 
InsTF 11.96 —03 
NYlrtmITF P1043 - 
IrttEqp 1337 +43 
— 1846 -.03 

US =3 

1132— « 
1136 —03 
1138 -47 
1177 —46 

. . .. . 1074 

NY Tar x 1141 —li 
NC TF 1137 —03 
OrtofTF 1167—03 
ORTF 11.18 —05 
PacGrwthbtTS +33 
PATF 1817 —04 
PremRt 615 +42 



nx 1239 +44 

__ nx 1816 —.12 
ltd rot 1379 + 06 
Munlnt melon? — 07 
SmQ3pnxl442 +.13 
OtreelntA 9.76 —.07 
G<**ncx*0Q47 +.10 
Galaman Sachs Frrty: 
CapGr 1576 +.14 
Gtolnc 161? 

Grinc 1670 -0? 
IntEq 1744 +.13 
Murtlne 1349 —44 
SetEq 15.16 +.16 
SmoCaP 5D.D9 +45 
Gofatman Sacta Insfe 
AffiGv 949 —42 
GowAa 9.90 —02 
ShrfTF 9.91 
ST Gov 9.82 —03 
Gavvtt Funds 
DvIpBd 819 +79 
EmgMk 1576 —35 
GtGvln 937 —01 
IrtEq 1236 —03 
PfcSTO 801 —01 
Smcos 1633 +33 
GvtEqty n 2238 —01 
EstVd pn2233 +.14 
GqvlncP 1236 —09 
OH TF p 1230 —75 
OuoVdp 1822 +71 
GHMNTE 932 —44 
GHNatTE 1049—05 
Greensprngl477 +01 
OaanSan Fondk 
AstASOC 1881 +44 
GBGIrtt 1347 
Bondn 1137—09 
PtrtAlr 2818 +37 
Studcn 2038 +60 
Taxfix 977 —43 
USGavt 931 —09 
HTlnsEqp 1234 +.12 
HTMgFlp 9.98-46 
HaranCob 9.C? —SR 
Hanoyer biv Fite 
BJChGrl 1002 +47 
STOwl 937—44 
SmCpGrt 9.91 —47 
USGvt 937 —48 
Band 1874 -45 

Enterprn 20,96 —03 

FedTxExn671 —42 


Furutn 1940 +.12 
Grthlnc 1449 + 73 
IrtGvt 493 — 04 
Mercury 1234 +78 
ShT.-nBdn 193 —01 
Twenn 2178 +77 
ventrn 4773 +34 
WrtdW 2495 +.14 
JananFdn 1179 —08 
John Hmcodc 
CATEf 1174—47 
DisevBt 893 +.19 
GrowthpelSJO +.M 
UAeorex 1132 -01 
LTGvA p 862 —44 
AAA TE f 1138—45 
MflTEB 11.17 —05 
NY TE fp 1130— .10 
STStrate 861 — .03 
SpUEAp 1574 +36 
Sea EBp 1115 -36 
SaOpsA 811 +49 
SpcOpsB 809 ‘09 
StrincA to 731 —43 
5trtncB 731 
ToxEx Ipel 039 —48 
J Hancock Freedm: 
AvTech 1087 +.1! 
EnvraA p 333 +.11 
GtlnSt 893—12 
GtahAp 1107 +.11 

P 1471 -45. 
TotRe) np 1335 +41 
varrrnp 1836 -.M 1 
CnvSecn 1173 +.14 j 
CLdr 12.19 +46! 
GNMAn 7.95 -.04 I 
Global n 1171 +46; 
Goidfdn £73 —.12 
Gthlncn 1193 +77 
SI Govt n 976 —47! 
StSil 414 —19 | 
5ft nv 219 —09 
_ TEBdn 1049 —02 
936 —49] WldEm 11.91—34 
• +■ 'Liberty Fcndy: 

AmLdr 1468 +.10 
CoeGrA P 1274 +.13 
EokncAp 1105 —41 
EqlncCf 1105 —41 , 
FTlef n 1839 
FTStt 1874 —05 
HilncBd 1898 —01 
MnSc 11.13 -47 ■ 
USGvtCP 747 —Oil 
USGvSecA 748 —41 
UtitFd 1130 +01 
UtBFdCt 7739 -J 
Ltoerty Ftoanciof: 
GttltrtC 1030 +48 
hu/Munl 1032 +43 
TF Bond 1074 -02 
USGov 892 -02 
Ulil 1891 —10 
LTMFIVP 9.71 —04 
LmtTrmp 9.90—42 





/AA ins 





NY Its 





10.10 —09 , 
945 +4*! 

9JS -02 
9.96 -.03 I 
568 -43 
1002 —44; 

972 —03 I 

10.12 —S»j 

1810 —42 ' 
944 . 1 

9.92 —04 I 

103* —01 
1145 —48 
2147 —16 
1047 —01 
1177 +49 
1577 + 49 
1276 - 44 

£73 +.16 
KL36 —01 
842 — 04 
AdSRB 936 -42 
AmerinBt 975 +47 
A2A1BI 1825 
BalBt 1178 +43 

BasVlBf 2200 +30. 

CalMrBt 11.15— 07 ! GovlSecArt963 — 09 IPNipont Fds: 

CAMB 961 *44 OckHafln 1264—04' Bondn 9.97—08 
CnpFtffit 2734 -TO'OaKmrk 2103 +.10 1 TEBondnll33 -.07 
CpH© t 804 — 0* 1 OdtnxiB 1436—07, EmsMBalOfl* -79 
anvG<S 11.16— 12. Oberweis 2167 - 33 r EquOvn 1892 +.14 
CpITBT 1171 — iD :OCKSlTEp.ia38 — 49, CcpAppn2234 +.14 
DrooBp 1505 -42 OffWryn 934 —43; IntEan 1144 +.15 
EuraB t 1436 +.17 OWtniJ 7805 _ .POBaxEG 1236 + 63 

MflTxll p 875—02 
NJTXAp 879 —02 


, CapAcsAn9.93 -.131 
EmCntiAn925 +39 

BrtanFd 1836 +44 
CdTx6pl302 —02 
CapAap 1830 +77 
CvFdSer 1732 —41 
EqtyOppx 739 +45 
Growth 2034 +75 
HiYield 673 —06 
InGrAp 936 — 42 
toGrSf 936 —02 
tnH 1264 —41 
MuFlAp 1233 — 40 
MulFIBp 1231 — 08 , 
5tadd=d 1378 +.10 
TE Bd 1886 -42 
TotRetp 15.13 +43; 
USGvB 978 —44 
WUOPP 7040 

NwOpAp2376 +.15 
NYTxAp 838—07 
NVOpAp 860—fl* 
OTCEp 1048 +45 
OhTxlIp 878—04 
PATE 8.98 —03 
TxExAp 872 —43 
TFTnAp 7859—23 
TFHYA 14.19 —07 
TFHYBt 14.19—07 
TFtnBt 1430 — 03 
Texasp 845 —03 
USGvA px 7237 —17 
UtHAp 9JH —07 
VstaAp 767 +.16 
1133 +49 
1031 —43 
1337 + 48 
819 —04 
1896 +42 

FedSecBt 938 — .10 lOldDanin I8K +.13'PBgrknGra: 

^ABt^ 977 + 46 lOhftnpiC Trust I ARSl_H 7.19-42 

_ 1462 +05 i Balanced 111545 _ 

FdGrflt 931 — 49 j Eartan 1531 -.16' 
GIAEt 1311 +02. Indn 17.15 -411 

GJBdBI 765 —.10 , LowDur n 9.98 — 41 ] 
GJCvBfx 1076— JJS'One" 

GIRSBI 1496 —41 
GtUtBfX 1230—11 
GrlRBt 1776 + 35 
HeoCftfit X53 +4f 

IP 946—01 
aA 1270 +.10 
IA 1238 + 41 ! 
i 36 +42 

WEnfit 11.18 *46 : GvArmA n 931 —031 

CdpApptilAlS +75 
190 +.17 

Growth n 12.' 
irrtn 2339 +45 
IlMGr 1030 —05 
ShtOurn 943 -42 
Vciuen 1271 +76 
Heartland F<te 
USGvtp 971 —14 
Value p 2349 —30 
WITXF 970 —14 
Herajto Funth 
EuruVl 1811 +01 
LAmrVol 1072 —57 
NAnxGtln 935 —11 
PcffiVal iai3 +43 
V/ldBd 931 —06 

GiobB t 

1241 +.11 
393 —12 
1630 + 72 
1815 *35 
1572 —61 
GotdBtx 1570—38 
PdcBas 1<34 +.15 
RgBkAx 2858 +47 
RB8kBtx2852 +.10 
Ach A 1142 +45 
AdiBI 1175 +44 
BdlAPX 1049 —71 
BoBpx 1810 — 19 
BandAfpel463— 21 
EandBe 1463 


1428 —70 
1479 —18 
942 —05 
1180 +43 
1271 +41 

KSlAAunLt 1245 + 45 
Kaufman nr 334 +44 
Kemper Pants: 
AdiGav 537 —42 










QtoApppl432 +.10 
DtvIncPX 1041 —16 
IncGrp 1177 +.12 
LMGavPx?76 —05 
SrnCroS pl6-19 +77. 
ffigWMak Funds: 1 

Balance n 94? +45 
Bondn 1825 —.05 
GovtSdn 937—02 
Growth n 10.00 +.13 
,-lncGrn 9 JO +.13 
IncoEq 1138 +48 
SeGrEqn 1440 +.10 
HSRardGr 1815 +.15 
HomstdBdn 548 — 42 
HomsMVl 1435 +.15 
HorocMn n 1977 +38 
HudsonCrolX16 +.18 
WjrrxnertiKMT* —16 
HwnmrG 21.18—45 
HypSD 898 —03 
HVCSD2 977 -43 
lAATrGr 1533 + 49 
Baton pn 1036 
Sandpn 934 —06 
EmoGrpnl563 +73 
Gavtpn 9.94 -44 
Grinc p 1443 +.12 
WFdn 1334 +.19 

MtBd 9 23 —07 
Mtoccen 1374 +47 
Regtonnp21.l6 +72 
Resrvpn 9.99 +41 
Vrtuen 1133 
BM Mutual Fuads 
UxyeConl431 +.05 
MuniBd 942 —07 

12J7 +.10 
7.19 —44 
812 —04 
1237 -41 
1805 +42 
882 +41 
1379 +.09 
904 -06 
830 —04 
InttFvnd 1078—05 
AAuniBd 9.91 +41 
933 +43 
11.15 -03 
1273 -07 
1074 —04 
9.15 -05 
8-42 -04 
7.19 +45 
548 +49 
1832 +.19 

962 +43 
878 —03 









Kemper kivsh 
Divlnct 642 —03 
Gvtf 7.08 —03 
GWftll 1637 +73 
HJYIdt 807 —04 
ST Gif 7.17 +05 
ShtWt 818 —43 
SmCpEq 11132 +74 
ToiRett 1169 +46 
Kemper Premte: 
Divin 644 —42 
Gvt 749 -03 
Growth 1734 +73 
hSYld 808 —04 
STGI 7.17 +03 
SMnt 871 —03 
SmCpEq 1138 +74 
TotRf 1374 +45 
Kent muds: 

ExEqlnS 1235 +.19 
Fxdntos 971 —07 
WxEato 1030 +04 
IntEmra 1120 +08 
LtMadns 941 —02 
MerfTEJh 9.99 +04 
MIMulns 905+03 
VolEOIn 1830—43 











1819 -49 
1544 —17 
961 +02 
819 +49 
22.72 +34 
977 +.14 
822 +.19 
7.71 +45 






igsg rcgk.* m any more 
M w^BQ pgAGB teri 

UK 071 589 5237 


Lon don b cort AO BtCY 


071 589 6200 



W 071 5869298 
Craft card*. Escort Setvia Worldwide 



071 266 0586 


(Continued From Page 10) 

•NEWVlOttr EteBrtS«vtte 
r n«ot* PARS 
Craft cords exsapted 


0«*r *r- tSoUNTL +35 Z# 42 » 


_ P" Wexkfs Mat SwxdAi Glrk 

morCnSlCatdi-Sania HtubWM 

Id Qau Esart Agency 071 738 0311 


aesEA Escotr shwcx 

51 Beoochonp.Pfaai, LonrtnSWX 
Tit <71-584 6513 EMSrted IBywv 

•**•"*" TOKYO — — — 

BJ/ JAPAN Brat i Goida Agency. 
TH: TOKYO l»3Sa8. 1998 


boon Service Ltodrai {71) 3W 5145 

Esaxt Agoncf 34600 89 aeAonfe 

BCO»{r SBV1CE Dayiato everey. 
Ftert diom 071 225 3314 London. 


ABtem 1, D«an. 

tart Strare 
T*L Q77 / 572967 

GCWlEMBfS NaNdub Mayfre * 
corf service, SsKUfauat 26 Ihe Hgfrie, 
Hcfand Tefc +3) OTffl 3607998 

m ”W 

Bdune Bart Sen*» ' 321 99 41 


Priraie bcort Service. 

7 doyi/evmflt Tet 071 493 2784 

■ * BOSTON ' * USA * * 


Mrt«- oredB cbA A17-491-1221 ■ 

Mojv credt cart azEptad. 

To subscribe in Switzerland 

just call, toll free, 

155 57 57 



WOW 381 99 48 

P1EASE CAB 089 ■ 9) 23 14. 

d teem. Escort Serwce, 7 days 


BOJSSaSL 10+®OM Escort Sanies 
Tri: on 255 1030 & 0? 343 81 53 

— — VR-W . 6459 “* — 

Escort Service. Cra£> cords. 
Teb 03-34797170 


Enarf Sovce OSjgg?, everyday. 

, ftotare * JOANNAH ’•*• 
CALL 0336 447 971 


f*e«O.Y, SECANT. ffiUCATH). 
Sopraoe Egprt H- q 1 5321132 

TOP 1 

LONDON - 0 7 1 -925 

■a •• *• 


ki Mortem* Dow/Everiras 
212-27M522 USA. 


Ewctixix} fell Escort + Trwei- 

Servire. Col VicTO +43-1-3106319. 

U^rara. 9.9 

Divnx 2574—145 
Fund n 2346 +.13 
Uflliw 1833 —12 


GDBdn 18£7 +02 
Growth n 1267 +.16 
Gr&lnn 1147 +.16 
PrttEqn 1249 —42 
SmCcp n 11*9 +.10 
Lord Ahtoett 


DeveCthPllUM +.13 
Ea 1990 p 1186 +.14 
RfVrtup 1238 +.15 
GIEdP 1246 +.14 
Gllncp 838 -48 
GovtSecp 277 —43 
Nat TFT r 433—02 
TaxFrp 1048 —04 
TFCTp 9.M —45 
TxFrCal plOA4 -45 
TF FL p 472 -02 
TFMOP 540 -44 
TFNJp " 

Tax NY p 
TFTX p 977 — J3 
TF PAp 446 - — 02 
TF HI P 441-43 

TFM1 478 — 07 
TF WA P 402—41 
ValuApppU42 + .13 
USGavt 437 —.05 
Lutheran Bra: 
BroHlYdx 933 —12 
Fund 1709 +.17 
Income 8X1 —07 
Muni 817 —07 
OppGr 1822 +77 
MAS Foods: 

Bakmced fCL25 —46 
EmerGrnT631 +.14 
Equity nx 2036 +09 
Fxdlnll nxl077 —36 
FXdincn 1178 —.18 
ClFxin i 020 —23 
HYSecsnx943 —18 
IntCqn 1449 +.« 
LfdDurFI TSl 2B —.12 
MtoSkFc 1811 —.13 
MunFxl iais —03 
SetEq nx 17.19 +06 
SeiFlnx 1020—17 
SefValnx 1302 + 06 
SmCpVln 17.16 +78 
SpFln 1147—16 
Value nx 1112 +04 

NUTAp 113* +.11 
MJGAp 1048 +03 
BoodAPX 1242 —16 
EmGrA p 1892 +.«3 
GrQoAp 1098 +07 
GvLtA p 869 —.04 
GvMoApx*31 —07 
GvScApx 939 —12 
HilncAp 517-05 
InOoApx 774—05 
LtdMAp 7.18—03 
RsaiAp 13.17 +.18 
SectAp 1231 +47 
TctRAp 1245 +.02 
UfilA p 7.14 —04 
VcfciAp 947 +.16 
WOGvAp 1138 —10 
WoGrA 1631 +09 
WoTotA p I860 +03 
MuSdA 1033 -01 
MuHlAx 881 —13 
MUUA 745 
MuALA p 1826 —01 
MUAR.A p 970 + 01 
MUCAAP 545—02 
MUFLAP 947 *02 
MuMAAplCUJft — 02 
MUMDAP18B6 —43 
AHuMSAp 930 +01 
MuNCApll.44 — 02 
MuhfYAP 10.46 —04 
MuSCAQ 1179 
MuTNAp 1825 —01 
MUVAAP 11.14 —01 
MuWVApll.17— 03 
CcoGflf 1342 +.17 
Band Bx 1240 —.16 
EmGfBt 1885 +A2 
GatdBI 644 —20 
OvMMtx 631 —07 
GvSdTtx 939 —11 
WUiB t £17 —05 
kdmBIx 842 —09 
MA 1TB II 30 +.10 
MuBdB 1862 —01 
SectBf 1279 +02 
TrtRBt 1205 +.02 
WoEqBt 1637 +.16 
WoGvfi 1134—10 
1636 +09 
1038 +02 

GIHdB 1247 +42 
LatAmBt 1577 —34 , 

MAMBt 1829 -01 > 

MIMuBt 949 + 02 1 
MNMBt 10.16 —M3) 

MnlnsSt JSX —02 ; 

MnLtdBt 949 —01 ! 
fAutrufi 944 -41 ; 

MNattBt 1808 -43; 

NJMBt 1034—41 
NYMnBt J 14* —47 
NCMBt 1804—421 TFBdA 
OHMBt 1031 -46|lllCarc3 
PocBt 2899 — .16 illlCorNC 

p 9^-07 
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EuGrBt 1178 

731 —02, 
679 —01 i 
709 —02 
895 —02 
707 -01 

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IntFxl 9.91 -45 I 

GNMAx 1294—13 
HfiYklm 823 —06 
1214 +.10 

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SfrDvBtx 1274 +47 
TertIBt 573 +.15 
TXMBt KL36— 41 
UtlfalBlX 861 -.14 
WWIncBI&4i —05 
AteTtfTxn rdt 
AstAllfil 1135—02 
CcpAppf 1042 _ 

FtoxBd fn 1826 +01 
Grtn 1896 
CapApA 1813 +70 
CTOApB 1808 +70 

MobCop ___ 
STMMlIx 749 —05 

ShrtTrpx 870—46 

n 137* — 04 POarFUnds: 

1172 +.06 BdtGrAn 1030 — 01 
EqAflA n 1206 +41 
EoGrAn 1037 +07 
EqUlA 1864 +09 
FxdinA 979 —.11 
lrtmGvAn977 — .11 
NJMuAn 1078 +04 
STInvAn 9.96—01 

— „ _ , Etrincp 1549 +46 

CATE AplD06 —.10 America 1866 —08 
OteHYP 1266 -02 Bcndp 977 —09 
icFdo 3605 +30 CocGrp 1540 + 31 
tnCAp 942 + 09! Goto 747 -70 
InCBt 939 + 49! Growth p 1203 +72 

1133 +.12: 
184* —041 
MuA 1044 +01 ; 
CcGr 1873 +.14 < 

937 -08| 

9.75 - to ; 
1046 -04 

OBiop 2)41 

GIGrp 1441 +S 
GiobEnv pl844 -05,' 

income p 949 —46 

1818 +71 


EqlncC 113* +.01 

EqfatvstA 1245 +.19 

EulrrvC 12 S3 +.18 

GovSecA 7.10—05! NYTaxApl2l7 —.17 
WtoCA 837—061 NYTxBlnl217 — 17 

GMXAAP3601 -.11 
GlabIBl 3546 +.10 
Gatdo 1X91—17 
GvtSecA pi 873 —06 
WYKA 1X94-04 
WYWBr 1188—44 
fn&TEAp 1839 —.15 
IntrTEa 1477-10 
IrrvGrAp 1031 —10 
MifitCA 1145—12 
MSIncGrA21.?0 +77 
MIMicA 1X54—47 

Europe p 1828 +49 
PitXXFdp2248 -01 
PinMBdPl044 -05 

HiincB 636 -06 

InrtEaCp 1075 —M 
IrtIFxInf 7.99 


MedAstB 898 *0+ 
MedAStA 940 + 46 
ModAstC *40 +05 
RschBalC 9.1? +06 
TaxExA 740 -03 
TxExE 740 -03 
MlMalnc 10.47 —0* 

AdiUSGvt 9.95 —42 1 
Govtp 975—101 
tntGv p 103* —09 
L£shUKIA1848 — 04 
LeshTsvA 884 —11 
OHTF 1142—01 
TFint p 1067 —05 
USGovLM 744 —15 
Monelta 1533 +40 
ManettMC 1254 +06 

OPPtei 1021 +08 1 
PATE API ,3? —701 
SpedAp 2736 -37 1 

IrttGr 2148 +09 
Pionrllp 183* +.1* 
PioThreep203B +71 
ST Inc XW —41 
TaxFreeptI77— 41 
USGvp 9.91 —08 
WnthREl 1238 “+.T1 

Batoncp 1170—04 
EmerGr 1946 +30 
Govtn 898 —17 
Grinc 999 
InsIGv 940 —40 
InstGvArt 973 —08 
AMITE 1048 —03 
NatlTE 1037 —05 

1X1B +02 
1433 +06 

971 +42 
1298 +.11 
2505 +76 


inaxneBt 644 — 04 
InvBI 74? +.10 
AAATxBl 904 —03 
MurtBt 870 — 03 
NJTxBt 879 —02 
NwOppB 12X58 +.14 
NYTxflf 847—06 
OTCBt 1041 +06 
TXExBt 872 —03 
USGvB tx 1284 —16 
UtHBI 9.01 — 07 
ViStoBt 741 +.15 
VoyBt 11.13 +08 

bwnit 1470 +.11 
Qppori 2944 +34 
SchafetV 3673 +^ 
Sdvodln pnZ1.76 +.W 
Schroder 84* +78 
C&Stn 946 +41 
CATFn 1035 +02 
G0V» 9.96 — 47 
bitllndx iai7 +47 
NUTFBn 946 -41 
1000 r 1229 +46 
SITFBdP 947 - 

SmCpfdx 949 +.12 
Scarvna 1445 —48 
Scudder Fundt; 
BotoncednllJS +02 
CaTTK n 9.98 -44 
CflpGtn 1976 -—16 
Develop n 3215 
EmlWrinciaVS +12 
GNMAn 1472—11 
GIOMn 3443—01 
GGmCb 1572 — .11 
Gaktn 1345 —I* 
Grwlncrt 1645 +JS 
Income n 1346 — n 
Womrtl n*247 -48 
IrttBdn 1262— 
LatAmr r 2043 —72 
MA Tx n 1x12 —05 
MetfTFn 10 M —45 
MMB 837 —03 
NYTxn 1077 —05 
OHTxn 1263—45 
PA Tax n 1297 -4* 
Pao0ppsnl586 +70 
OuoJGrn 3538 +.11 
ST Bondn 1138 —08 
STGMfl 11.11 —41 
TxFHYn 1134 —45 
Valued 124? +41 
Zemnn 11X2 —.14 

ASSetA 1X42 -41 
BIQl 1741 +JD 
Bond 1072 —07 
SecteBy Fund* 

Bondp 7.17 —12 
EquBy 546 +.07 

Com St 739 
CSverdFd 8W +46 


US Gov p A45-UJ3 

Baton n 3036 -%]? 
Gwttin 2173— <.16 
interim 10.14 — ^ 
Munln 873—43 
CATFC 777 -4] 


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938 +.18 
933 +.19 
973 +.19 
942 +.19 



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734 +09 
932 + 01 
742 +.12 

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AmShsnplXlf +70 

np 939 +.18 

pn 840 —45 

Stfu nitei Group? 
■Front ierA 1106 


CapFdA 1570 +74 
COTxA 7.19 —01 
CmSJXA 1233 + 07 
ComunA 1439 +37 
commurtJ 1432 + 36 
FLTxA 738 
GATxA 739 —04 
G&EnvQ/U48 +01 
GtEmoD 1041 +01 
GrowthA 5.15 +48 
IncameA 1379 —03 
inoameO 1X76 —03 
IntlA 1678 +.17 
LATxA 810 —02 
MassTxA 777—02 
MDTxA 745 —01 
MTTxA 831 —02 
MirmTxA 777 —4* 
AflOTxA 731 —04 








7 JB —01 
779 —05 
800 -03 
743— 01 
737 — 02 

BostFarGrlOTl +.13 
BostGrwMX90 +44 
B0 SNTOiO15l 91 +38 
BasNumOl605 +38 
3uest Far VaftMs 
CATE 1036 —09 
Fund 1146 +.14 
GEq 1344 +.01 
GrincA 930 +4) 



1036 —07 
1831 +30 
1632 +.10 
1170 — » 

CAHyTxA 637 —03 
CAQTXA 630 —04 
5CTXA 726 —41 
USGvtAp 649 —04 
HiYBdAp 673—42 
Senfinet Group: 
Balanced P1439 —43 
Bondp 817 —05 
ComSkpOJD +.10 
EmGrp 537 +.11 
GvSecSD 977 —06 
Growth p 1676 +47 
PATFP 1293—03 
TFtnep 1300—04 
World P 1260 +42 
SentrvFdn M33 +09 
Seauoian 5442 +.92 
Seven Seas Series: 
Matrix n H38 +05 
S&PMid nil 45 +.14 
SP500n 1070 +43 
ST Gvt n 970—04 
YtdPIn 9.99—01 
178* Fuads 
GavMed 938 —08 
Grolnc n 1030 +43 
MATElnn 973 
TExMedn 942 +03 
Showmut Fds-hnwfc 
Fxdlndn p 972 —08 
GrEqlylnp1O04 +45 
GrtnEqln P1079 + 04 
infGvlnln p972 —44 
SmCpEfaip>073 +.14 

ExdiFd (19836 + IjM 
EnervyA 1039 +44 
GSEngyB 1035 + 44 
GvtlncA 1220—59 

GvttnB 1218 —09 
GthCn 834 +.13 
InvTrB 8J0 +45 
InvTrAp 832 +45 
InvTTC 834 +45 
NYTF A p 744 —45 
NY TF C 735—45 
SmollcapB9.14 +.12 
Amtndn 139 —02 
Assoen ■ JB +01 
Invest n 175 +41 
Oceansn 227 —44 

Stain Roe Fds 
CapOppnSUS +33 
Gvttnc n 936 —49 
HyMunn 10J94 —06 
Income n 947 —08 
tntmBdn 838 —07 
IntMun rt 1102 +42 
toft 977 
LtdMkin 974 — ffi 
MgdMun 873—42 
PrimeEqnl4.19 +.11 
Spedn 2236—03 
Stock n 2295 —03 
ToffRefrt 2 &91 +.« 
Stoprtone Funds 
Botanp 1136—01 
GrEQP 1431 +.16 
toted KUO —10 
LMGavAn977 —44 
Vamnomen1137 +.10 
Shatton Fuads 
DtvkfendrttJO -49 
Growth n 1977 +.13 
SmCron 26 46 +.12 
Stoona Funds 
Advlon 1810—02 
Amman 939 —os 
AstaPacn 930 +.17 
CmStkn 1734 +.18 
Discovn 1675 +.11 
GovScn laiO— .10 
Growth i» 1149 +31 
HTYTMu 930-08 
Incan 937 —13 
tosMun 1850 — 01 
win 1X77 '+32 
tovstn 1833 
NUxifBdn 946 
Opptntyj)277D +J8 
STBondn 90S— 06 
STMunn 1005 —01 
Total n 2400 +36 
BalAsatA p1435 +42 
DrvtncBp 475 —04 
EmGrA p 1741 +38 
EmGrS 16.95 +38 
FedScBP 1815 — 07 
GrowthA pl4J6 +70 
hfilncSp 777 —06 
HUncAp 7 36 —M 
TEInsAplITd +01 
USGvA 833—06 
USGvB P 834 —05 
VahieB 1470 +.12 

WerBdfn 979 —04 
IntlEq n 1375 +01 
LgCapGrn939 + 01 


LaCroV 974 —03 
MtaBXdfn ” 

5mCpElnpl073 +.1 
FxdincT r n972 —09 

GrEqrnr 1004 +05 

RCMFund 2079 +70 
rsi Trash 

C are 
ST1F ' 

26.19 —75 
3420 +37 
3535 +43 
1806 +41 
2533 +.15 
536 +.14 
1X21 +01 

StrtncAP 471 —SB) PocEurG 1432 










2877 —.17 
2538 +.1? 
21.14 —08 
2538 +.19 
2206 +09 
21.1* —07 
1974 —10 




MontrGtdp 936 -74 
MorttrSIp 1673 —05 
PAortBomery Fds: 
ErnaMJd 1378 —.16 
GtobCom 15.12 *05 
GtobOpp 01375 —06 
Growth n 1510 +.15 
to5fEMJdl4647 . 
lnttSttiCdPB08 —31 
ShDUtGf 9.90 -04 
SmCapn 1721 +34 

AstaoGrA 1508 +.12 
AstonGB 1502 +.12 
GtobEqA 1208 + 75 
Gto&EqB 1200 +35 



901 +08 

1001 +05 

SHcGrwn 11.12 +36 
SffcApn 1533 *39 
M1MUC Funds 
A&SAI 1333 +05 
Fttfincm 941 —48 
hurt 1676 +35 
MtsSecs 973—05 
MMPiGtn 93S +02 
MMPxlrtn 941 —07 
MSBFdn 1477 *29 
Mackenzie om: 
AtRGvAp 972 —01 
AmerFdpl238 +09 
CAMutIP 9.96-03 
Canada 1036 +09 
FixtOCP 9.75-07 
Gtobrt 1274 +.12 
LKtMUP 1007 —04 

NYMuna 930—05 
NofMup 936-05 
N Amerp 637 *01 
Mackenzie tvy: 
ChinoAt 936 +.11 

1700 +.21 
1471 +.13 
935 + 0t 
26.96 +.13 

& Escort Serwce 
Zsich 01 / 383 06 51 


MitinoBCi Escort {. Travel Serna 
Tet 382407 79 72 


MrtnSlay Funds 
CoApl 1902 + 34 

convt 1201 —03 

Cro6d t 771 —08 

Ertdx 1X50 +05 

Gtoblf 1134 +70 

Govtt 821 —04 

WRsGoldtHM3— 04 
TxFBt 939 +02 

TolRtt 1534 +31 

VOlt ISJ6 +.19 

Managers Funds; 
GapApn 2*05 +37 

EmergEq 901 —30 
Fxlnan 1810 -05 
ini5mCpnl<U8 — « 
MurtBd 1034 —05 
MrgKgSop 1X18 +07 
Mere SM Inert 
AdCtrvn 1176 +37 
AsianEqn2034 +30 
Balx 9.15 —.10 
EmGr 1503 + 30 
EmMkt 1470 —33 
EmMkDb»n834 +31 
EoCrnx 1124 *.17 
FxOtncx 10.12 —11 
GiEqty 1339—06 
GfFxlnnxlQJO —71 
MYMrw 1033— .10 
mnscn 1617 +02 
IntEo 1472 +.07 
Rec+Yld 0X939 —IB 
VcXueEq IU034 —01 
SCValCIX 1073 —05 
MuWenkmpteCS +.11 
MuirCATF 1532 —19 
MunMfGO 1032 +.10 
MuHBrrft 1779 +01 
MuTOtt series 
Beaaxsn 3137 +32 
Dtecovry 1330 + 04 
Ouottdn 2603 +34 
Shares n 7936 +39 
WCC Funds: 

Equfayl PX1134 +06 
Fkrtnd p 1036 —.12 
OHTElB 1030 +04 
EortlyRpx1337 + 08 
FxfflncR P1032 —.12 
OH TER pi 034 +04 
r«TxFrlm9j5 +02 
HSYWA A90 —04 

IncGrA 9.92 —01 

MulHA 477 —04 

EAFE 1237 +.14 

SJTtnCBr 471 —02 
STOSTIAP 407 —01 
StlnGrAP 493 +01 
StrmvAp 407 —03 
Tareetp 2533 -78 
TxFrBte 930—11 
TxFrApe 932 —12 
Tump 1731 +.14 
TwRIAp 8*4 +09 
T-jtRtStTl 830 +.10 
USGvtp 93? —07 
VatStAp 1400 +07 
Overtaad Express 
AStAXA 1132 —01 
CATFA 1079 — 06 
MuIncA 1036—05 
StrntGrA 1X95 +J8 
ST Govt 50.92 —09 
USGvIA 1025 —SB 
VRGA 902—04 

PBHGGrn 1X10 +31 

.. Fds 
Baton KUE —02 
CapAon 1X33 +.19 
CXvLown H32 +05 
EmergMkt 1400 — 33 
ErtlEqn 11.44 
Eqlncn 1136 +05 
Irrtn 1101 +04 
Mo^dln 970 —06 
MWCro 1195 +70 
SmCpG 1805 +7B 
SmCpv 1168 +0* 
UtISfcn 808—10 
Totfietn ID.T6 —07 
TRIII 9.13 —05 
LowOurn 1102 —.02 
LDII 9.90 —04 
ShartT n 9.91 —01 

Sector p 17.13 
vrtuep 1873 
PiprTrlD 937 
PiprTrShD 901 -0S 
Plant TNtx 1008—02 

Portico Fds: 









+ .10 

Grinc n 


+ .10 



MklGrLn2101 +09 
ST Bondn 1118 —04 
SoGrn 3239 +34 
TxEmBdn9.90 —03 

BakmaeS I2J3 —02 
Batanc 1X13 —01 

1119 +01 
977 —08 
1037 -05 
1161 +71 
979 —17 









1434 +34 
1X36 +05 
IT JO —01 
ItM —02 
1231 +.19 
1230 +.19 

AdRtlAp 976 —04 
AdHWTAn 976 — W 
Balm 1036 +05 
BdTAn 1039 + 06 
CPGTAn 1136 +.13 
DivIN I 1117 —.09 
DMTAn 10.17 —09 
EmGTA 11.15 +32 
EalncdVf 71.12 -01 
EqtniA 11.12 
ErthTTA 11.14 . 

BrrtTA 935 +03 
FUntM 1107 —.03 
GAITAn 1078 —05 
GvfTA n 909 —08 
GvtINt 9.89—08 
toMuTAn 937 -06 
WEaTAnl1.B2 +05 
MoBTAn 1009 —.08 
MQIIp 1037—05 
MDI TA 1037 —05 
MBS TAn 933 —07 
MuInTA 1037 —02 
Muni a p iaj7 —02 
SIGMA p 4.10 —03 
51 GvICt 4.10 -03 
SfGvTAn 4.10—03 
STInTAn 9.75— 0e 
STlnlNt 975-04 





AEanagcd) 1116 

937 +.05 
937 +05 
H335 +31 
1038 +03 
971 —08 
926 —SS7 
931 -08 
1229 —Ml 
1X98 —01 

PATFp 931 
STBdl 975 —04 
5mCopV51X30 +.12 
SmCQpVl 1X31 +.13 
Value I 1132 +.14 
Values 1132 +.14 
PRARJtyn 9.74 +.16 
PodhcUSx 906 —14 
PadflcGrtnx937 +04 

AsGrp 2413—06 
CATFp 709 —05 
Captocn 145B +07 
US Gv 932—05 
APrasnf 1810—07 

Asset An 1034—01 
Fxdnn 9.93 —07 
Gmuttin 1322 *23 
Intln 1X04 +02 
ST Gov n 934 —04 
Vrtuen 1135 +08 
Price Foods: 

AdiUS 4J2 —01 
B&tncs 1136 
8K7G 11.12 +.16 
CrtTxn 936 —05 
Cep Apr n 1233 —03 
DrVGron 1109 +04 
Eqlncn 1X90 
Eqldxn 1X89 
Euroown ” "2 
FEFn 1X33 +02 
FLInstntn 9.96 —06 
GNMn 92b —06 
GATFn 973 -03 
GflJGV 935 -.10 
Growth n 19.71 +.12 
Gwthlnn 1532 +08 
HlYkln 831 
Ineomen 876 —07 
IntlBdn 9.74—17 
InhDisn 1X90 —17 
IntSlkn 1739 +02 
Jrocvin 11.12—12 
LntAmn 891 —35 
MdSitn 502 
MdTxFrn 9.93 —03 
MtdCapn 1461 +07 
NewAmn2X50 +01 
N Asia it 17.92 +00 
NewEron2ai3 +06 
NwHrenn 1X72 +.16 
NJTF n 1036 -05 
NYTxFn 1032 —07 
CTTCn 1507 +.15 
1839 +0» 
491 —02 
437 —02 
1438 +.10 
1135 +.06 
1039 -06 

R«is Funds 
C&BBaf xll39 —K 
C&BEqx 1231 —07 
DSIDvx 1036 +.10 
DStLMx 938—13 
FMASpc 1077 —01 
ICMSCx 1678 —01 
SAAW PM ru072— 08 
SirSpEqn 1X65 +36 
SrGwIhnxfXf +08 
SrSTRnxlO0l -06 
SrBal nx 937 —04 
SterGTFn 900—04 
SterBJnx 1132 —0) 
TSWFlx 93* —10 
TSWIrtl 1X13 
Rrti Tonqn 1730 + .16 
RembrancB Fuads 
AstoTl 9.11 +31 
BofTrn >37 
GtFstnTlrnl817— 06 
GwthTrn ID-10 +.13 

nflEflTrn1230 +07 

SIGvFIT 936 —07 
SmCopT 1008 +08 
TEFTTrn 93B 
Tax FlTr n 974 —07 
VahieTrn 978 +02 
Rears InvTret 
Bakeiced 1X89 —09 
EaGra 17.91 —07 
Eqlram 1731 +09 
Income 1532 -1* 
RevnBICh 1417 +.14 

GrtnCETr nl079 _ 

faitGvITrn 972 —04 
LTIKTrn 936 —04 
SmCpET 1074 +.15 
Storm nust: 
CtfMuAp1038 —04 
CptncAp 1024 —25 
EmGrAp 1X76 
RJnsAp 93B +05 
GrtncAp 1179 +08 

_ 903—05 

SmCQpG 1X17 +J5 
SmCnPV 1X47 — m 
TotRtBd 976 —07 
THE Funds 
AdiUS A p 7JB— 01 
BotaflAp P0O +.12 
BatonB 1177 +.12 
BdlOCAP 1131 —09 
CATFAp 7J7 —04 
CapGrA p 1461 +09 
CtoG»MH 455 +08 
GtobGA»1136 —07 
GrOpAp 1X18 +03 
GvScAp 11.13—07 
GwttlA p [075 +33 
HflncAP 975—09 
IrrtEqAp 1534 +.14 
lntEqBpnlSJ8 +.15 
LtdUSA 1X04 -07 
MasSTAplXM — lOQ 
TxEXAp 726 
VahieAp 772 +.15 
TRAK Funds 
IntrFxn B01 —06 

unBcd services 
AHAmn 2034 +35 
Enron 431 +04 
GtoRscn 631 +02 
GW5hn 131 —09 
Growth n 535 +07 
Incoh 1232—01 
RedEstnlOM +37 
5P77©vtn 904 — or 
USTxFrnll35— 03 
Wr1dGidnl709 —25 
V^oron 933 +02 
AdKJvn 939—12 
Agarinn 73* —os 
CanvFd n 1233 +01 
Fundn 1733 +ji 
tncomen X3i — 02 
LevGT 2X94 -j-jgy 
NYTEn 907—09 

spdsrn 1X50 +j* 

ToxEx n 1006—03 
USGVt n 1173—25 
Van Eric ■ 

AsfcOynBttJl +09 
AsiaAP 1236 +09 
GofdResp 6,14 —09 
IlnvGtd 1471 —36 ‘ 
WrttS flCP 838—01 
WrWTrnpiajo +07 
VanKampea Met: 
CATFAp 1*31 —17 
GWthA p 1851 +.H 
HiYtdA P 938 — 04 
HjYMBt 937 —05 
InTFAp 1835-05 
OlTFBT 1832 —05 
MunlnApl478 —06 
MukKSt 1476 —35 
PA TFA p 1X69 —03 
PATFB 1X68 —03 . 
5TGIAP 831 —01 
ST GIB t 851 —01 
StolnAp 1X60—14 1 
sTomet 1x59—14 
TXFHBt 1432—09 

TxFrHiA P1413 — J8 
USGvBt 1433 —06 
US GVA P 1434 —08 
UtatyAp 1X14 —16 

urasr 1114 —16 . 

Vance Ex change : 

COPE 16X68 +J8 
DepBstn 8376 +31 
Divers n 16871 +38 
Ebos 19815+1.18 
ExFS 23063 *M 
FdEx 14177—10 
ScFto 12475 *26 




ArtnfT n 900-08 
ArtnLTn 972—15 
AdmSTn 9.95 —04 
AswtAn 1X76— SB 
Convt n 1178 —03 
Eqlncn 1X61 —03 
Explorer 114473 +32 
Morvain 1138 +.15 
Prmcpn 1830 +71 
(Juantn 153? . 

STARn 1308 +08 
Trtnttn 3135 +07 
TrUS 3036 +35 
STTsryn 1009 — M 
STFedn ions —05 
STCorpn 1861 —04 
rrrsrvn 1007—0? 
GNMAn 932—06 
rrCorpn 930 —07 
LTTsryn 9x1—15 
LTCorpn 854 —09 
HYCorpn 733—07 
Prefdn 892—11 
IdxTaJBn 936—08 
klxSTBn 934—04 
idxfTBn 936 
ktxBrt 1035 
ktxSOOn 4201 +.15 
IncfatExtn 1894 +25 
letxTotn 1177+07 
IdxGron 937 —03 
IdxVrtn JU0 +.12 
IdxSmC 1537 +71 
IdxEurn 1136 +06 
idxPacn 11.13 +72 
hhdnstn 4X39 +.15 
MutfiYdmojo - 
Munitntn 1XB9 —03 
MuUdn 1035 —03 

- J|PS 

firs- * 

- I 

MuMpn 1108 +01 

GrowthA pll 31 +.17 
InttGrAp ” 

_ 1 H 66 +.10 

NolMUApl076 —03 
STGlAp 2J9 +01 
USGovAp 976 —11 

MDMultnlOJT — 04 
UStodfn 10.11 —06 
UStncTfl tail -06 
ValEaltn 1109 +07 
VaEtfTn 1109 +07 
VAMuTn 1039 —08 
VaMunlt 10J9 —08 

BlueChp 3221 —02 








815 SB 

TxTrHY 01137 —04 





1176 —03 
1032 —02 
1X18 +04 
908 —14 
9.94 +01 

Asst A p 
BtoeA p 

1137 +.10 
.. 1404 +.15 
CaTTApX 1071 —11 
CooAAp 1104 +79 
OnTeA 902 —03 
DvGrAPXl903 +01 
EurGrAp 739 +06 
GtEnAt 11.06 +06 
GilnApx 1079— 10 
QGlAp 1078—02 
GrtllAP 1977 +.11 
HUnAp 867— 10 
IncAp 931 —15 
IrtvGAD I0J1 —14 
MHInApxlO09 —JU 
WTax Ap 1175-03 
NYTxA pxI073— 10 
RegFAP 1778 +.W 
STGMAp X45— 01 
SmCTOA 1046 +07 
USGvA p ?J9 —11 
uttAp 80i —a; 
ASstBt 1132 +.10 
ATLBl 1572 -01 
BlueBt U57 +.15 
CofTBtx 1X72 —10 
CcpABt 1X32 +70 
CmTeS 899 —03 
DvGrBlX 1909 +05 
Eu&SI 934 <06 

19 J2 +.10 

11.10 +06 
1077 -.16 
1037 —01 
867 -.10 
930 —.15 

1030 -.15 

MHtnBtXiaOS -08 
NTOXBt 1175 —03 
NYTY8!x!0J3 —.10 
ReflFBt 1608 +.17 
STGMSP 145—01, 
SmCopBll033 +06 
5t1B* 902—11 





Hi mat 



TFInsIn 1071 —04 
TXFrSI n 534 —02 
US tot £17 -03 
USLono 9.94 —.12 
VATFn 1074 - 02 
PrhnrvTn 1009 —03 

DivArti 1X90 +06 
GovtPrt 978 —08 
IraTEx 971 +01 
5P10QP1 1434 + 03 
TE Prt 874 +02 
PrmMBS 931 —08 
Princor Funds: 

BIChPX 1132—01 
Bond x 1071 —la 
COpAcc 1934 +.18 
EmoGr 2X89 +04 
GovtX 1X73 —14 
Growth 2937 +JS 
ManoBed*X39 -05 
TEBdx 1131—06 
UfStteSX 932—19 
World 704 

ProqrsVI 10J7 +.13 
PIFFx4tocn977 —10 

PIFtotMu tp!074 + 01 
Pray tov couurofc 
EndvOtf 11.06 +71 
IratGrth 11.16 +23 
SmCdOGr 1X29 +78 
PruclSpcnp 704 +06 
PnntauHiu Funds 
MchA 1X59 +.18 
NWlB 1270 +.16 
Art Af 939-01 
StodcGv 9JG -. 02 
CAInAp 1001 —05 
EwdAp 1X57 +.16 








1332 + 03 
11.01 +02 
1332 —05 
106 +02 
1X66 —12 
. 875—09 
GtOpAp 1X01 +.lo 
rfYMAfp 829 — 0? 
toVerAto1174 +04 
MoBiAp 1X19 +.13 
MuHiA 1072 —03 
1X39 —13 
?.«□ +08 
9.07 -07 
11.22 -04 
932 —01 
* "" .16 

RTFdnfpXSAO +.10 
GovSecp 1X75 —02 
Growth p 2532 
MkJCrop 2S.14 +01 
S0CAWD 2X60 +01 
RfaraBd 931 —09 
RimcoSJk 1108 +71 
RlvertnE io.i3 +03 
T.=-w?yi 9J8— 08 

Equity 1X67 —06 
Fxdln >31 —13 
TNMuQb 905 
Robortsm Stephens: 
Contra n 1X24—15 
EmGrp 1X96 +35 
VolPtus 1407 +32 

BdGrowplXlB —03 
ROMup 17J4 —31 
LWNYp 377 —01 
Rodney Square: 

Divin P 1279 —09 
Growth p 1600 + 73 
InttEqp 1X37 —06 
Rocdston Fumte 

Grin 1039 
MidWGr no* 
Royce Funds 
PennMu 873 + 01 
Eqtnc 537 +01 
OTC 638 —04 
Premier n 638 +02 
Value in 931 +02 
Rusk more Grows 
AmGasn 1107 —01 
USGLun 933 —IS 
USintn 9.11 —.10 
MOTFn 10J3 —03 
VATFn 1079 —04 
RVdxNOVO 906 + 04 
RvdexURSN847 —03 
SBC Wldln 971 +03 
SBCWkKSr 1599 +.14 
SB5F Funds 
CooGrn 738 +09 
Qxtvrthi nll37 — 07 
SBSFn 1X18 —02 

1031 —03 
Morthhin 934—05 
SpEauan 1773 +05 
SpEauSttl 1026 +.14 
small Bonny Jt 
CunAnA 1671 +01 
GIGvIAx 1X25—04 
tocGroAplX70 +08 
IncRctAx 938 —03 
IWtA 7774 —77 
MoGovtA*X25 —13 
MuCalAxlX15 — .12 
MuFLA X1273 —09 
MuUdAx X50 —05 
MunNtAx1173 —12 
MuNJA x 1X13 — .10 
MllNYAXlXTl —12 
5HTSY 404 —02 
USGvIA 1304 —07 
UtllApx 1276—14 
SmU Barney B&C 
lime 1773 —17 
CroApB 1406 - 

Intffl 1709 —17 
MuLMBx 630 —04 
SmfataBmySbren A: 

Laval n 

1075 +.13 
931 +.JJ 
886 +05 

MtgBkdn 779 —03 
Munln 803 —01 
SmGrwn 1X85 +35 
SmVcrin 809 +02 
TMRtnn 801 —09 
Tw n rteten Group: 
AmerTYr 1335 +. 
CanAcc 15.11 
DevMfctRliJS —I 
Farpnp 935 +02 

GtobOpp 1X87 +.U 

ip 1737 +.13 
tntxxnp 974 —02 
REStP 1339 +.02 
SmrtCOP 800 
World p 1574 

n 1537 —02 
CAtnsLTnia37 +02 
FL Iran 1079 + 07 
NJtosn 1107—01 
NYlnsn 1075—01 
OHlnsn 1 1.00 . 

PA Ins n 1074 +01 
5PEnrer 1480 +73 
SPGokJr 1X64—13 
SPHRtir 3X30—37 
SPServr 2X27 +.19 
SPTeCh r 1874 +79 
SPUtO 1030 —11 
USGron 1439 +08 
InttGr 1X38 +.11 
We) lily n 1800—05 
WeBtnn 1931 +09 
Wrtdsrn 1378 +.12 
Wnetsll 1630 +72 
Venture Advisers 
tncPtx 506 —08 
Murtntx 9.15 —02 - 
NYVen 1171 +.15 
RPFBtx X10— 05 . 
RPFGRt 1426 +08 
RPFG1 11.19 +70 
RPFCVX 1X67 —16 
Victory Funds 
AaorGr 9.91 +32 ; 
CarpBd 931 -08 
Equity 1038 +.13 
‘ 932 —08 

903 + 01 

+»;T !?» 


BnMSp 1X08—76 
FarEqS 1X15 +05 
FEsofS 1076 +02 
GrwthS 1136 +09 
ThfedAvV 1703 —08 
Thomson Groape 
ErttoA 1X39 +.17 

ArtGvAp 905 —02 
AdvsrAp 2504 +72 

Bahxxrp 1101 +05 
Bandnnx 1036 —70 
Bdtnebepx 927 —12 
CopGrnx 1133 +.17 
GNMAD 932—06 
imrnKrtd S6L94 —13 
ShtGvnp 903 —04 
InHFxtnpnllUU — 22 
kUMnpx 1078 —01 
IMGvt to 937 —07 
Intlp 1071 +.19 
Eqtoc Raxl3J3 —01 
EatodxnDlS09 +02 
KSTFx 1077—03 
MWCGp 1179 +73 
PA Mun npx+s —m 
SmCappnlOJA +31 
VahBnpxl038 +04 
Cart rare 1530 +09 
SIFE Trust 191 +0# 
SIT Ratos 
Grthlnc x 24.10 +72 
Growth n 1X25 +72, 
toll ^ 1456—09 

TuxFreen 932 —01 
USGov 1034 -06 
517 Classic 

BafTrn 938 +01 
COOGrip 1175 +09 

AgGrAp 2534 +.17 
ApprAp 1082 +.12 
TetGAp 1138 +01 
Telto 9903—136 
AzMuAp 9.77—01 
CoMuAp 1531 
DhreSttnc P804 —03 
FdValAp 7 JO +.11 
GIOpAp 29.17 +.02 
HitncAt 1139 —04 
IntCAA 812 —01 
totNYA 814 
LtdMup fl07 
LhfTrp 7.40 —06 
MaGvAp 1X49 —.08 
MgMuApU39 —03 
MaMUAplX27 -03 
►fiMuAp 1X51 —04 
NVMUAP 1X35 — 09 
Pr MAP 2035— Jl 
SpEaAp 19.19 +36 
PrTRA 153* +.18 
UtBAp 113b —71 
WtoCA p 636 +06 
WWPAp }27 +SB 

AflGrBI 25J9 +.17 
ApprBt 1078 +.11 
CaMuBI 1531 
ConvBt 1477 +03 
















8D4 —.03 
1406 + 01 
935 +01 
709 +.11 
2806 +02 
931 —07 
979 +09 
1139 —04 

21.72 +39 
1270 —05 
933— m 
TargetA 1X70 +34 
TExA 1132 
USGvA 908 —06 
EqtoB 1X37 +.17 
GrwthBt 2131 +37 
tocameBt 775—12 
totfflf 11.90 —05 
OpotBT 28.96+1.14 
PreeMteBlX15 —29 
ShlGvB 932 -03 
TcTxExB 1 1131 
Targets JX57 +33 
USGovBt 904 —06 

IntMu 1X78—07 
LWTIn 1X01 — 06 
LldCOI 1232 —06 
LtdGvtP 1X33—07 
UdMunnlX26 —05 
NMInt 1278 —04 
Tocquev 1X02 +08 
Tower Fumte 
CopApp 1375 +.12 
LA Men 1077 
Total Ret 9.77 —06 
USGv 1009 —06 
Trademark Farete 
Equilvn 1034 + 01 
Govtlndan 933 -07 
KYMunn 97* —02 
a> v»gvtn 937 — 05 

AdiGvA 908 —01 
CATFAP 9.98—02 
CopApp 1X15 +06 
EmGAp 2535 +35 
Gvtncp 7.92 —.06 
GrlnAp 1171 +.13 
GvSec p 702 —07 
tostGv 25.12 +02 
tovQurtp 859 —12 
TFBdA 1002 —03 
Tn re e ne i A nSpcfc 
BICMPI 1138 +03 

SMGVlnn 971 -0* 
vista Funds; 

BOA MUl +01 
Bondptl 1039 —07 
CAInt 934 — 01 % 

CapGr 3179 +31 
COpGrBt 3173 +30 
Equttypnl234 +.11 
Gov Inc 11.11 -09 
Grinc 2909 +.15 - 
GwMftfip 1494 +06 • 
GrtnBr 2901 +.15 
bltlEqA 1105—03 . 
NYTF 11.19 —02 
STBdp 1000 —01 
TFtnan 1132 +01 . 

VWumer 1403 +09 ... 
AZthS 1CL37 —22 
COTF 1816 —31 - 
FL Insd 1814—22 
GroStkP 1735 + 01 
/ATT 9.15—00 + 
MNIns 1815 —18 
MlnnJnt 1070 —03 
1109 —18 
902 —18 
901 —72 
1031 —22 
1001 -09 






97B —06 
7009 — m 


Erode t 







908 —02 
2S01 +32 
924 —09 
1174 +.13 
923 —06 
1X55 —25 


Art B t 

EmftBfit 1X55 
Ealnc nt 1139 

FIShBt! 11 JO *02 
H»AI 1136 +03 
FlxCntfn 1898 +02 
GNMA ftn 1403 —II 
GIAstfi 1.91 + 02 
CtobBt 1134-05 

CTOGrip 1105 +09 
CTOGrT 1105 +09 
toGBT 9.98 —.10 
InGrSIfl p 9.98 —II 
toGBIvp 1033 +04 
InTEBdT n1861 +04 
Su*EaTn906 +75 
SunbEolp 9.95 
STBtffrp 906 —05 
ShTTrTr n 907 —05 
VdtocT n 9.98 +02 
Vafind a 9.96 +01 
Sateen Fnnste 
CrtTFrn UJ8 —13 
EauOvn 1X13 +08 
GNMAn 901 —07 
Growth f» 19.72 +30 
KYldn 886 —04 
tocamn 17.17 +06 
Munich 1372-05 
NWn 1236 +.13 
SagomrGrpTllJ? +03 
Cwn 1893 +2} 

tovGdBt 1174 —77 
MoGvBtnlZA? —08 
MsMuQt 1539—03 
NJMuBt 1231 —04 
NrtVVt^t 1X35—09 
PrMtBt 2034 —JO 
PrmTRBtl534 +.18 
SectrBI 1477 —71 
SoEqBt 1901 +35 
5tli nB f 1X72 +06 
TefGBt 11.47 +01 
TxExB 1 17.13 —05 
UtttBt 1X56 —21 
VWnd Bt 636 +06 
SmffiiBntySbren Fd* 
ProRet 934 + 02 
Prinll p 703 —03 
Prfnfllp 702 _05 
SmBtglD tnx9.96 —01 
SmBrShGbc 9J9 —01 
Gow 11.17 —25 
totnl 2X23 —09 

sStoYFowte 57 
Brtfflra 934 +01 
DvreWSt 1179 +.10 
GrStk 970 +05 
totCr 1275 —06 
totmJnc 939— os 
totoMd 939 —06 
Ud to _ 1812—04 
OjR|BStlX*l +33 
OHTF i860 02 

8S32? 9 -° + - n 

Sp/VdSt 1876 +.1) 
Siklne >33 +03 
US Gvtln 1871 —06 

. 9j ° * M 
Sounaain 1X30 +09 

SAM SC 1378 + 09 
SAM vain 1732 -01 
SjTrVJCnBmoil — 08 
SoTrVfcnSt 1807 +03 
SpPtStK 3408 +26 
»?Ctah 934 -01 
Stouecsooi Funds 

CATFin 1804—03 
CATF 1001 — 03 
CrnSlkn 3135 4..H 
Dvsln 1070 +05 
GNMA 10.73 —07 

14J6 +.19 
1X54 —19 
1036 -03 


Equnvn 3037 +37 
FxdtoCrn nl9.92— II 
GFXton 1881 +02 
IrUEotv n 2537 +30 
tort+>lnn2234 +07 
MATraDn30.19 _ 
Secur n 1973 — dh 
STAR n 1902 —04 
SmCpEgnBL32 + 1.06 

Star nTTMt 
RelVat 1139 +09 
SWteFd 1134 +08 

"^us* ForCredun: 

906 —02 
MSP 974 —04 
TMP1996 931 -04 
TFEB97 9.70 
Turner^ nlX27 +.18 
TwreedyGV 1X39 +.13 
29m Century: 

Baflnv n 15J9 +23 
Gain 17.12 +32 
Growth n 2X91 +30 
Hertnvn 1145 +76 
IntlEq n 734 +.12 
LTBondn 9 JO -.12 
Setectn 37.95 +31 
JxESTn fS7 +JJI 
TxEtotn 1818 +01 
TxELTn hub —01 
Ultra n 7173 +73 
USGvShT n?A7 -04 
Value n 502 +04 
V®ta n 9,96 +32 

LKLras^tk n4.93 —02 

AqsvGth n 19.1 3 +22 
Brtm»3nlX17 +01 
CABdn 1804 +01 
Camsrn 22-72 +JD 
GNMA 9.9S — 02 
Gojdn 8.90 —79 
Grfttocn 9.99 +07 
Gntohn 1607 +04 
incStkn 1X38 +02 
tocame n 1100 —05 
SJJ" JSM - sn 
gYHdn T073 —10 
SitTBndn 900 —0< 
TftFIn 900 + 02 
5®Tn 1236—02 
T^Tn 1X12 -08 
TkESbn 1038 
JAABd 1038—03 
WkJGrn 1231 
Asia 1022 +.18 

EJyLite 876 +.10 

EmsAmr 884—36 
Ewjly 1933 +26 

IncGrox 1174 
intMedto X80— 03 
JnllW 1032—02 
IntTt 157 —jot 

LTTE 879 —OS 


Wortaura Ptocne 
Grinc n 140* +06 
CopApp n 1X38 +.11 
EroGthn tub +J4 
Fiwflncn 909 —08 
GkUFxdn1865— 06 
IntEnun 1X59 —06 
tostEqn 1X72 —02 
InlGvtn 934 —08 
NYMuni nlO.13 —at 
WasatchAa 1931 +J3 
WeBiPodc Greer. 
Divine 1271 —06 
Govt 975 —11 
Grinc 2234 +.13 
Gwttl 11X58+1.19 
OuarUEqn5J3 —02 
Tudor n 2X15 +.13 
WertzPVrt n 976 +01 
WeitZVan 1573 + 05 
AstAOn 970 —07 
Bondktxn 931 —.10 
GwthStk nlQ03 +J3 
SXP5OOnlO0Q +01 
USTAJIn 972 —10 

+ 73 sll , , 

+.17 i.’y.Vln- . 

-06 •*««*■. 1. 1 -i / • - 

-03 <' . ■ - : 

; < ..'.T 





LT Bd 
or re 

1030 —03 
1434 — 0? 
932 —11 
1239 +.14 

Boflnvt fl 1736 + 04 
BasVll n 2075 +.17 
Eqtoln 7032 +03 

GNMA In 1539 —06 
IrrtBcU n 10.16—05 
MIDCOt n 1X48 +33 
ST Govtt 1532 — 04 
BaffnvR 1734 +04 

GNMAR 1538 —06 

MidcoR 1630 +33 

ST GovtP. 1531 —04 

Westwood Funds 
Ballnst 7.10 +04 

, Eqlnsf 5J4 +06 

TrrtBtfl 97B— 11 •- - 

BalSvc 707 +03 ..-•P 

EqSvc 573 +06 , 

IntBdSv 978 —11 ' 

WHom Blair: 

Growth n 9J8 +.10 

Income 10J2 —02 ■ .j” 
toHGthn 1X37— 13 .1 

pH j. 

PMtapX1847 — 03 
PATXFT 1002 —10 
QuaJVtv 1073 —0* 
USGov 1830—01 


WrnFltn 9.99—09 
WlnGrtn 1862 +.13 
WinMTp 936 +05 
Wind tn 1X13 +.13 
WinAGtn 1534 +.17 

Woodward Fds: 

Bond 978 —11 
Eqldx 1868 +0* 


IH tut 

-■ : 1 



I ntBd 





1033 +.09 

935 —09 
1866 +01 


936 —02 
1434 + 7? 






831 —06 
8.12 —06 
80S +02 
X91 —02 


Acoimuttiv7.i5 +.JJ 














600 —04 
2030 +33 
9J1 -75 

9-17 — 03 
2404 *J9 
9.11 +07 
702 +01 
5.14— sa 
1106 +.12 
7.78 +08 
1X95 +J8 

Vanguard 7.19 +06 

wortono Assets: 
CBGre 1171 +.17 
dtlnc 1024 —04 
OBd 1876 +06 

Nwprns 1836 +24 
vans 3 i*j2 —02 
VantWV nil J3 +.19 
WTirtUEqui F dSi 
BefgLux 904 
Dutch 1844 
HongK one 1X99 - 

Japan 907 
Norrte 935 - 

Spanish 631 
Swiss 900 
MMtrtf Funds 
Gurtn 1815 —or 
GvObn 1302 —23 
tnBJOi 1107 
JrBOi 1170 ._ 
NearBdn 11X4—07 
QutGor IXI3 +02 
SeIBChn 1X35 —01 
Totftetn 1209—12 
Yacktmn np 9 J2 +03 
YtenGlab 809 —06 

StrafAx 1X65 +-09 
ZSAppA 1X49 +.W 
Z5MAAX1X10 —07 
ZSGvAp* 1O04 —06 
ZSPAp 1231 +06. 
Strata 1X67 + .12 
ZSAppB 1X38 +.13 
Z£ MAS x 1X09 —05 
ZSCvSx 1001 —06 
ZSPB 1X30 +06 



— u 

•> p ‘ 

Page 9 


Amount Coun. met 

(mRflofw) Price end 




™»wi9 RateNotaw 





t** lihii Ccdabfe to par from 1995. 

Hyundai Engineering 
& Construction 






Okar 6-month Libor. Caflafafe of par front 1997. Fma not 
*dosod. Ddnarri nations SSOOjOOQ. [KS As« Anance.) 

. , rj Mortgage Finance 






Ov«f 3-month Libor. Aworago Ho X2 years. Foes 020%. 

(Bardayt de Zoate WbcUt 

Building Society 







Orar 3- month Libor. Rbaffared ol 99.81. Cofiable at par from 
1996. Foes 02X%. {S.G. Worburg.) 

Overseas finance 

Dm 500 





Noncakabie, Fees 2%. {Gonwnerzbonk.} 

Tate & Lyle Int'l 






Beoffered a 99JKL NoncoilaUe. Fees 1fe%. (Hoorn Garatt.) 

Quebec Province 

FF 5,000 





feoffered to 9863. Nonmflabie. Fees 2%. (AferriB Lynch Srcflj 

5ociet§ Nationde des 
Che mi ns de Fer 






Yield 471%. Noncoliobln. Ptocwxb 253 miffion francs. Fees 
OJO%. (i.P. Morgan Securities.] 

• . General Bectric 
- Capital Corp. 

ml 00,000 





Noncattobfa. FungUe with oufetonding issue, raising total 
amount to 350 biBon Ere. Fes 1H% (J.P. Morgan Securities.) 

Inr 1 Finance Corp, 

m.1 50.000 



100 M 


Noncsflctoie. Pom 1ft% (Banco Nanonata del LovoroJ 


(TL 750,000 




99 JO 

Cobble at par from 1997. Fees 2%. [Banco Commeroale 



m. 150,000 




99 j 5 

Nonadfabfe. Fees 15WL (Banco tf Booxl] 

Export Finance & 
■ Insurance Corp. 



71 4 


99 JO 

Noncaflabfe. Fites IK% (Hambros BanL) 

Honda Int'l Finance 

y 10,000 

1 996 



NonaJabfe. Foes 2% (Merrill Lynch Ml) 

Merrill Lynch 

Y 40,000 


31 h 



Noncotebte. Foot 025%. (Morrit Lynch Int'l) 


Thermo- Electron 






SemianniwSy. Cdfcfcfe tx par from 1999. Convertible at 567% 
par share, a 14JB9X premium. Fees 2JM6. (Lehman Brothers 

IMF Pledges $1 Billion 
After Algeria Devaluation 

Last Week’s Markets 

Compiled by On r Staff From Dispatches 
ALGIERS — Algeria devalued 
ils currency by a further 40 percent 
over the weekend and raised inter- 
est rates as pan of painful reforms 
mandated by international credi- 
tors despite a Muslim insurgency. 

The devaluation on Saturday, 
coming on top of a smaller one the 
previous weekend, reduced the val- 
ue of the dinar by about 45 percent. 


Y 40,000 2014 open 100 

— Semiannual coupon mdtoteed at 1 to V£%- Nanc afl oble. 
Convertible at an expected 2Vi% premium. Fees 216%. Terms 
>0 be ut April 13. Denominations 10 ndton yen. {Nomura 

imports, including some basic 
foods, more expensive. 

The attempts at reform come as 

the military- backed government 
fights a two-year-old Muslim fun- 
damentalist revolt fueled by dis- 
content among unemployed youth. 

Michel Camdessus, managing 
director of the International Mone- 
tary Fund, said on Algerian televi- 
sion that the fund would provide $1 
billion to the Algiers government 
and on other foreign creditors for 
additional support. 

On April 1, the IMF had readied 
agreement with Algeria to provide 
mere credit in exchange for mar- 
ket-oriented reform of an economy 
still dominated by often inefficient 
state-owned industries. The IMF 
originally asked for a 60 percent 

In the two recent devaluations, 
the official value of the dinar has 
been reduced from 24.85 to the 
dollar to 36. The dinar has fallen 90 
percent in its official value snee 
1990 and far more on the black 

In addition, the central bank’s 
prime rate was raised from 11 per- 
cent to 15 percent Saturday. The 

official inflation rate is 25 percent, 
but economists say it is far higher. 

A second agreement was under 
negotiation (o restructure the coun- 
try’s foreign debt of S26 billion. 
The annual payment due of S9.4 
trillion, in pan due to lower world 
prices for Algeria's petroleum ex- 
ports, is expected to exceed export 
revenue this year. 

The government has sought to 
maintain subsidies on food to 
avoid unrest, but the new devalua- 
tions will make it more difficult. 
Due to its rapidly growing popula- 
tion, now at 26 milli on, and lack- 
luster agricultural production, the 
North African country has been 
forced to import grain and other 

in a statement given to Agence 
France-Presse, Islamic groups said 

that the recent crackdown on mfli - 
tams, which has caused over 500 
deaths, was part of a government 
plan to “help the country swallow 
the IMF plan's impoverishing of 
the masses." 

Algeria's main labor union said 
that it was unhappy that it had not 
been included in the IMF negotia- 
tions and that it would call for 
strikes if the effects of “shock ther- 
apy” became “unbearable” for 
workers. Other associations issued 
statements promising to form an 
“anti-IMF front.” 

Companies are expected to come 
undo- pressure to lay off more 
workers. Some economists estimate 
that the number of jobless may rise 
by up to half a milli on from 2 
million already unemployed, many 
of them young. (AP, AFP ) 

All fimm ant as ol c/oseottratHno Friday 

Stock Indexes 

United State* Apia ApM enw 

167436 163596 -MIS 1 * 

19463 196JB —084% 

163U9 U35.19 +013% 

4T2J4 41233 + 0.10 % 

447.10 44077 +030% 

521.16 +026% 
24029 24726 +050% 

DJ Indus. 

DJ Util. 

DJ Trans. 

SAP 500 
S&P ind 
FTSE 100 
FT 30 

Nikkei 225 19,93429 

G er many 

DAX 220034 

Hoop Kwg 

Hang Seng 939022 








+ 1.11 % 
.+ 1.15% 

+ 041 % 

+ 329% 

+ 297% 



599 JO +095% 

iMrfcT Index Fran Morgan Shxitor Copttat IrtTL 

China Reportedly Bans 
New Car-Making Plants 

The Week Ahead! World Economic Calendar, April 11-15 

A schedule of this week s oconornc and 
unandai events, compiled tor the Intern a- 
banal Herald Tribune by Btoombem Busi- 
ness News. 


•Aprs 11 Tokyo Federation ol Japan 
Bankers’ Associations to release boik 
fending end deposrts for March and Used 

Sydney Senate Select Committee on 
foreign ownership of prim media. Wit- 
nesses include former prime minister. 
Eat Hawke. 

Beijing Portugal’s prime minister, Ani- 
ta) Cavaco Suva, begins visit to China. 
Taipei Taiwan International Cycle Show 
opens at the Taipei World Trade Canter. 
Earnings expected Peregrine Invest- 
ments Holdings. Regal Hotels Internation- 
al, South China Brokerage, South China 
Holdings. South China Industries. 

<* April 12 Hong Kong January vol- 
ume and price movements ol merchan- 
dise trade. 

Tokyo Economic Planning Agency re- 
leases monwiy economic report 
o April 13 B risbane Dennis Mahoney, 
cruel economist at Prudentiet-Bache Se- 
curities, to address Securities Institute of 
Australia on inflation 
Earnings expected Asia Discovery 
Fund. Semi-Tech (Globe!), 
c April 14 Melbourne Westpao-Met- 
aourne Institute survey ol consumer cort- 
.lence for April. 

3bng Kong Chase Manhattan Corp. 
Chairman Thomas Labrecque discusses 
true tanking group's plana tar devetop- 
nerr. m me Asia-Pacific region. 

Tokyo Sank of Japan releases bank de- 
lending ana wholesale pnee Index- 
Hong Kong Governor Chris Patten to 

6peak at the University of hong Kong on 
Implementation ol the Joint dac la alien. 
■April IB Hong Kong Industrial pro- 
duction Index tor fourth quarter of 1993. 
W sg nyta ii March tood price Index. 
Earrings expected Santa! Manufactur- 
ing, Shougang International 



baianca tor Mach. 

Bruseab March net borrowing require- 

Frankfurt March final cost of living. Also 
March whotasrie price index. Forecast: 
Up 0.2 percent In month. 

Frankfurt February rataH sates. Fore- 
cast Up OS percent In year. 

Aomtantem March consumer price In- 
dex. Forecast Up 0.6 percent tt month, 
up 2.9 percent In year. 

Madrid March unemployment rate. 
Forecast 162 percent tor month. 

•April 11 Parte Bank of Ffence secu- 
rities repurclmwtenow. Chill ook:PaaaB>- 
llty of smell cut In 56 percent Intervention 

Fate Japanese banka meet wfth Ban- 
queNattonalede Paris and Banquetndo- 
suez to discuss Euro Disney debt. 
London February consumer credit 
Forecast £250 mil8ort. 

Rome Farmed FtoanzIarte-SpA boom 
moating to. dtaouse issue of up to 2.0 
tHUon Hm of new oheres. 

■ April IS Basel European Monetary 
institute central bank governors monthly 

Amsterdam February producer prices. 
Copenh a gen February unamptoymem 
rata Forecast 12.3 percent. 

FranMut Bundesbank to tender tor bids 

on securities repurchases. 

Paris March preliminary consumer 
price index. Outlook: Up 03 percent in 
month, up 1.6 percent in year. 

Earnings expected Accor. Daimler- 

• April 10 Marrakesh, Mor- 
occo World trade talks 

Earnings expected Mfcholln. 

• April 14 Frankfurt Bundesbank 
council meeting; centra! bank presents 
1993 annual report 

London January merchandise trade. 
Forecast £1.31 bUton defied. 

Parte Bank of France securities repur- 
chase tender. Outlook: Posstofflty of snaD 
cut in Intervention rate. 

Earnings expected Fortia.8olvay.Cock- 
ertit Sombre, AEG AG, Blue Circle Indus- 
tries. Forte. Aud AG. Axe. L’OiftaL 

• April IB Amsterdam March con- 
sumer price Index. 

A mttorriran Trade balance. 

Marrakesh Signing of GATT worid trade 

Earnings expected Co mm er zb ank AS. 

Ameri ca* 

■ E eridiH i e ex pe cte d IMa week Beer 

Steams Cos* Sci-Med Lite Systems toe. 

■ April 11 Near York TVSM and Prod- 
igy, the on-fine computer services owned 

by mtemauonai Business Machines Carp, 
end Seers Roebuck A Go., launch Toad 
TV Onflne, e national interactive guide tar 
TV listings on 46 networks. 

Sen Joss, CeAfomfa Semiconductor In- 
dustry Association rslaeees boofc-to-btt 
ratio tor Ma tc h . 

Mo de Janeiro OMdate to discuss new 
auction date lor maritime company Uoyd 


Taranto canada-U-S. Business Associ- 
ation and Toronto's Board ol Tittle spon- 
sor seminar on NAFTA. 

Atlanta Rabinson-Humphrey Co. hosts 
Its annual Southeastern Conference, fea- 
turing presentations from - 1 08 companies, 
most of ihem headquartered In the South. 
■ April 12 W — I dngl m i March pro- 
ducer price Index. 

Schau m burg, iHnols Motorola Inc. 
holds conference cafl to rSscuse test- 
quarter earnings. 

Sno Paula inflation tor first weak in 
April Outlook: To rise from 41 M psrcenL 
New York Wartftefcn Schroder A Co. 
holds media conference, featuring talks 
by Gerald Levin, chairman of Time 
Warner, and Reed HundL chairman of the 
Federal Conununicatfona Cotnrrwssioci. 
Eandngs expected Sun Mkaoaystems. 

• April 12 Washington March con- 
sumer price index. 

Wa s h i n g ton March retell safes. 

•April 14 Washington January bute- 
nes* Inventories. 

Earnings aeqmctaa Bank of New York 
Co.. First Fid nitty Bancorp. First Union 
Corp_JJ\ Morgan & Co. Rubbermaid 
too. Weils Fargo 4 Co 
e April IB Washington February ca- 
pacity utilization and todustrial output 
Ottawa March consumer price Index. 
Eamtaga exp ec ted Ganentech Inc., 
Johnson Control Inc. 

SHORT COVER BONDS: Can Europe Decouple P 

sraeli Bank Executives Sentenced 

JERUSALEM (Reuters) — An Israeli court shocked the banking 
,ublishmeni on Sunday, ordering former top officials to jail for a 1983 
iares scandal that cost the government $9 bflKon. 

A District Court judge imposed sentences of 15 ) to eight mem tbs on 
me former top executives of four of Israel's biggest banks. They were 
>Lmd guil tv in February of fraud in Israel's btrapst financial scandal and 
■ven 45 days to appeal against the sentences, which also ^eluded fines of 
340 000 for each of the banks and up to $ 200,000 for individuals. 

The defendants, who declined comment, included former top officials 
. om Bank Hapoalim, Bank Leumi, Israel Discount Bank and United 
birahi Bank. Each offense carried a maximum jafl term of five years. 

Jaimler Suffers Loss, Magazine Says 

BONN /Reuters/ — Daimler-Benz AG. Germany’s largest mdostrial 
?. uilir-Sortthai according to the stricter U.S. accounting rules that 
£££ Kd its New York stodc madKtiisting tat 

l.S billion marks fSI. 05 biffion) into the red m 

iC n • XS^X n oTuom S EDM in 1992 under U.S. rules, 

^ reserves to boto thrir results. 
. tbecompany s profit plunged 60 percent 

“ 615 Mercedes-Benz AG, 

The group, wtob , l^AG a^Deutsehe Aerospace AG, 

J^dSSdS^dcnd for .993 ,0 SDMfn. 13 DM. 

IS. and Europe Seek Contract Deal 

-* — llS0 ^ 

ade liberaiizalion. 

ordan to Bail Out National Airline 

^^ciTtTc^!. UanieTJSfoU pla^Li privei 

rS 8 I million ^ m ”L3^a^Stedul^w SI42 million of its 

Si dSftSS 1 h* million, the paper said. 

J.K. Survey Discounts Rate Shift 

* n not need to either cut or raise 

LONDON t Reuters/ — to enjoy a year of robust 

uerestratesat present Monday. 
'owthwith bits latest study that British 

The Ernst & Young H™ Cl b ^-j 5r)aoea i xa 1994, a higher rate 
■oss domestic product; The ITEM Chib 

ZfJSSESi tSSS* m0<w foriIS 1 fW2Ba 

a’ aria Suspends 2 Bank Directors 

a„arta aid on Saturday it tad 

JAKARTA (Retiren) -Tte Rj™' dnring a, invesuganon 
mporanly suspended two state Dan* 

ito" a multi-million'dollar loan scan ■ ^ am ertta ri ? ns questioned the 
The scandal broke in to Golden 

ire of a 5430 million . . , 

.e> Group, a company Sat it had suspended Sjahnzal 

The ninauy said in a i^'S tabungan Negara, and appointed 
resident of the srate-ron^ ^ ^ had also sus- 

‘‘idigdo Sukarman as lempor^ KPl . 
endtd Bambaug Runtjoto, z Bapindo director. 

Contamed from Page 7 

home. Long-term yields are np al- 
most a fuQ percentage point from 
the end of last year in Germany 
and France, the two largest econo- 
mies in Europe. Both claim that 
growth prospects are more linked 
to long-term rates than short-term 

All of Enrope has been hit with a 
significant tightening of monetary 
policy at the very moment when all 
are still Dying to emerge from re- 

For Jonathan Wibnot at CS First 
Bn$ tpn in London, this means that 
“Europe has had a free lunch. The 
low level of U.S. rates pushed mon- 
ey out of the country and drove 
long-term yields in Europe lower 
t hap they normally would have 
been. Now that the United States is 
increasing rales, the Bundesbank 
and the rest of Europe need to 
simultaneously double the dosage 
of easing to preserve the expansion 
that’s begun." 

The key issue now. he said, “is 
how to finance the expansion now 
under way in North America and 
Europe without nuking finan cia l 
markets.” And his answer is: A 
stronger ddlar. 

This requires the Federal Re- 
serve to rapidly increase short-term 
rates to whatever level meets its 
target erf being “neutraL” "Hie 
Fed’s next policy-making meeting 
is May 17 ami analysts at J.P. Mor- 
gan and Salomon Brothers assume 
t hat the cost of overnight money by 
then will be 4 percent, up half a 
point from the current 3.5 percent. 

It also requires, Mr. Wibnot add- 
ed, an end to U.S. threats to push 
down the dollar against the yen in 
trade talks with Japan. 

Yields on five- and 10-year U.S. 
government paper are currently 
some 3 00 basis points above com- 
parable levels in Japan, a mighty 
attractive indtement to boy Amaa- 
can, if only investors can be com- 
fortable that they will not lose all 
that extra income on the foreign 
exchange market. 

The yen, currently at 105 .3 pe r 
dollar, has appreciated 13 percent 
since the start of the year and wor- 
ries persist that it amid rise a lot 
mor e unless Washington chan ge s 
tactics in the trade dispute. 

Japanese portfolio investment 
outflows have shrank to a monthly 
average of Sl -6 billion this year 
from a SI 15 billion monthly out- 
flow in the final quarter last year. 
With the fecal year just begun, 
noted Brendan Brown at Mitsubi- 
shi Finance International in Lou- 
don, all that is needed to spur a 
resumption of that outflow would 

be “a reasonable prospect that U.S. 
bond yields have plateaued and a 
conviction that Washington is -not 
trying to talk the yen higher.” 

Mr. WDmot argued that the po- 

thal the rise in the dollar would 
itself ease incipient UB. inflation- 

cap thensemUB. bond yields 
dollar wt 


ary pressures by making imports 
more attractive, reducing the abili- 
ty of carmakers and chemicals 
companies to raise domestic prices. 
Increased esports from Europe and 
Japan would also help secure 
growth in those areas. 

“We need a coordinated switch 
in policies," Mr. Wflmot said. “The 
United States needs to switch from 
emphasizing employment growth 
to discouraging inflation through 
higher short-term rates that allow 
the dollar to go higher, thereby 
drawing in foreign savings to allow 
the recovery to continue. Europe 
needs to finance its budget defiats 
with lower short-term rates that 
drive domestic funds out of the 
money markets and into bonds.” 

At a Glance 

Eurobond Yields 

April IMnr 30 Yr bfed Vr tow 






ILS. S,mdM term 





ILS. S, start term 





Pounds Jterflng 

























ECU. tone term 


7 JO 



ECU. mdm term 

6 a 
























Source: Luxembourg Stock Exchange. 

Weekly Sales April? 

P ri m ar y Marte! 

Cartel Eerodxia- 

l Neel s IMS 
SMtoldS 050 1930 3*7-00 30740 

CanvsrL 2030 - 2M30 fi0» 

FRMx 4190 130 136430 IZU0 

ECP 3444J0 145640 403230 271W 

Total 3307.10 L61S40WW-70 346*40 


j orb s mobs 
B rutete 1391381731940 2251030 2X406 
Convert. 57650 437.10 132110 13421 

FRMx 45Z75B 13M.10 HN730 3.W55 

f£P 5359 JO 749038 &62UD U4WJ 

TOO) 2145540 2631050 5543600 4JL23U0 

Source: Euroaear. CedeL 

Libor Rates 

April 8 








OsotaMBWit 513/16 



















50UV8S-- Uordt Bank. Reuter*. 

Compiled fy Our Staff From Dispatches 

BEIJING — A new government 
policy prohibits setting up auto as- 
sembly plants for the next two to 
three years, the official China Daily 
newspaper said Sunday. 

The policy appeared to be intend- 
ed to help existing auto manufactur- 
es*, already worried about competi- 
txm from abroad after China jeans 
the World Trade Organization. 

China hopes this year to join the 
world trade group, the successor to 
the General Agreement on Tariffs 
and Trade, acid probably would 
have to emits 200 percent tariffs on 
imported cars. 

China has six auto assembly 
plants, including joint ventures 
with Volkswagen AG, Peugeot SA, 
Chrysler Corp. and Suzuki Motor 
Co. Most of the plants import some 
pans from abroad. 

The new strategy is contained in 
what China Daily called a “confi- 
dential” policy document 

Experts will keep close watch 
over component-making joint ven- 
tures planned with General Motors 
Corp., Ford Motor Co., Renault. 
Vdvo AB, Daewoo Corp. and Nis- 
san Motor Co. “because such pro- 
jects can easily be developed into 
car assembly plants in a short 
time," China Daily said. 

The newspaper said even after 
the ban on new plants is lifted, the 
government anil not approve oper- 
ations that assemble complete 
knock-down kits from abroad. 

Any new operations will have to 
obtain at least 40 percent of car 
parts locally and 60 percent after 
three years, the report said. 

The listing joint venture auto 
plants began by assembling for- 
eign-made knock-down kits but 
have gradually developed local 
suppliers for most parts. 

However, strict government lim- 
its on thetr output and high taxes 
have kept the puces of these cars at 
about $30,000 and up. 

Imported automobiles already 
are flooding China's teeming cities. 

China produced 230,000 cars last 
year, mokty at ventures with for- 
eign partners, but the countiy offi- 
cially imported 310,000 cars, up 48 
percent from 1992. That does not 
include huge n umbos smuggled 
into China. (AP, Reuters ) 

Beijing to Set 
New Yen Issue 


BEIJING — Bank of China, 
the country’s leading foreign 
exchange bank, win return to 
Japan’s bond market to raise 
between 15 billion and 30 bil- 
Hon yen ($142 milli on and 
$284 million) for energy and 
transportation development, 
the official China Daily .said 
on Sunday. 

Hie issue likely will go to 
market in the first half of this 
year, a Bank of China foreign 
exchange official, Huo Tuan 
jie, was quoted as saying. 

The issue mil be the bank’s 
15th in Japan. 



This week's topics: 

O The Markets Revenge 
O Erich Reatfiatit teS/raking Up Siemens 
O A Trail Of Red Ink At Credit Lyonnais 
O Russian Oil: Bright Signs For Western investors 
O CEO Pay. Rewards ForThe Recruted 

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Boeing Rolls Out Its 777, Start of New ‘ Airplane Family 9 

EVERETT. Washington —With Holly- 
wood-style ballyhoo, Boeing Co. raised 
the curtain on its huge new twin-engine 
777 airplane, the company's most ambi- 
tious project in a quarter of a century. 

The wi de-body plane, which will be able 
to carry more than 400 people, is the 
centerpiece of an effort to tranrfonn 
Boeing’s corporate culture and is seen by 
analysts as the company’s biggest risk 

since it launched its 747 jumbo jet in the 
late 1960s. 

Boeing unveiled the plane Saturday as 
part of a multimedia show complete with 
colored lights, rock music and videos pro- 
jected on giant screens. 

But the industrial backdrop is a down- 
turn in the airline business that has forced 
the world's biggest commercial airplane 
manufacturer to lay off thousands of em- 
ployees, including 17,000 last year alone. 

Still, Boeing executives said they see die 

777 as the beginning of a “family of air- 
planes” that win meet airline needs for the 
□ext 30-50 years and mamtani the compa- 
ny’s 65 percent market dure against Airbus 
Industrie and McDonnell Douglas Carp. 

“We expert this airplane will be in pro- 
duction through a couple of economic cy- 
cles,” Boeing’s president, Phil Condit, 
said “Our job is to make sure we have it 
ready so when we come out of tins eco- 
nomic cycle, we have an airplane ready for 
the customers to be in,” 

The 777 is Boring’s first “fly-by-wire" 
jet, in which moving parts are controlled 
electronically with no cable connections, 
and its first “paperless” plane, designed 
entirely on computers. 

Boeing has received 147 orders for the 
planc~wmch sells for between $ 1 16 million 
and 5140 million. Analysts have said 
Boeing needs to sell about 300 of the 
planes to break even on the initial produc- 
tion cost, which they have estimated at 54 
When. . 

MAKKET: Wall Street Slump’s Effect on Economy 

1987 bot nearly a two-penny drop 4 slock market peak two months ago 

mw w IQR7 9nf Me PhiTHns did eXDTSSS COO- 

Cantirmed from Page 7 

1987 bot nearly a two-penny drop 
since 1987. 

Some economic policy-makers 
are dubious of such calculations. 

Phillips, a Federal Reserve 
governor who is one of the Fed’s 
experts on the workings of finan- 
cial markets, said that she was 

But Ms. Phillips did express con- 
cern that the fall in financial mar- 
kets might prompt many house- 
holds to review their heavy debt 
burdens and cut bade on consumer 
spending. High household debt and 
a low savings rate are more of a 
problem than fluctuations in the 
mandal markets, she said. 

Also at issue is whether many 
investors ever based their personal 
spendn^ levels on the bond market 

ing how many percentage points 
economic growth might de c l ine af- 
ter a stock market sell-off. 

“I wouldn’t put the fine point on 

Many investors do not see® k 
include their most recent invest 
meal gnus in deriding whether t< 
buy a new car or house, mafcjm 
derisions based on their weaftf 
over recent years, said Harvey Rq 
senblum, a senior vice president a 
the Federal Reserve Bank of Dai 
las. “A lot of people don’t think£ 
permanent’’ when the marfc; 
spurts upward, he said. 


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Page 11 

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- r 


The sleeping giant wakes - and shops. Here, a mail in Shenzhen, Guangdong province. 

Major Names, Big Numbers, High Stakes 

Foreign investment and 
trade in China are poised to 
reach new heights this year, 
building on the astonishing 
growth of the last two years. 

The value of overseas in- 
vestment actually used rock- 
eted 150 percent in 1992 to 
$1 1 billion, and leapt 135 
percent last year to reach 
$25.8 billion. 

Exports gained 18 percent 
in 1992 and 8 percent in 
1993. reaching $91.8 billion 
last year. Imports hit $104 
billion last year, adding 29 
percent to the 26.4 percent 
rise in 1992. 

Stunning growth was fu- 
eled by a new wave of re- 
forms, which opened the 

60% iff 
joint ventures 
tire already 
posting profits 

country for foreign stock- 
brokers. retailers and other 

Preferential policies estab- 
lished in the 1980s to lure 
foreign investment began to 
spread from their beachhead 
in coastal special economic 
zones and large cities. Inland 
cities such as Wuhan are at- 
tracting more investment. 

China reported that 155 of 
the top 200 foreign-funded 
manufacturing ventures, 
ranked by sales volume, 
were profitable in 199_. 
Overall, some 60 percent of 
joint ventures are already 
posting profits. . 

This year. China is intro- 
ducing ambitious banking 
and tax reforms to try to im- 
prove macroeconomic con- 
trol ami smooth out the dam- 
aging boom-and-bust eco- 
nomic cycle. 

Big. inefficient state- 
owned enterprises, a major 
drag on the economy, are 
aggressively trying to attract 

foreign technology, capital 
and management skills, of- 
fering partial ownership and 
an entry into the domestic 
market in return. The size 
and market reach of such 
large potential partners is at- 
tracting more multinationals. 

There are obstacles, to be 
sure, including the possibili- 
ty of a strict credit squeeze 
later this year to cool off an 
overheating economy. But 
many overseas investors say 
more money will go into 
China and new types of pro- 
jects will open to foreigners. 

Masahiko Fujita. a direc- 
tor and vice president-^ the , 
Hoffg Xong office of'ttae 
large Japanese trading firm 
Marubeni, says there may 
not be a lot of big projects in 
the first part of the year as 
uncertainties over new Chi- 
nese tax regulations sort 
themselves out. He expects a 
jump in investment in the 
second half of 1 994. 

“China has potential be- 
cause it has 122 billion peo- 
ple and its low living stan- 
dard is rising fast,” he says. 
“Other countries’ economies 
are slowing down, including 
Japan's. Southeast Asian na- 
tions are short of manpower, 
so now almost everyone is 
focusing on China." 

China's stunning growth, 
13.4 percent last year, opens 
a wide range of opportuni- 
ties, he adds. “We already 
have 30 joint ventures in 
China, and we’d like to ex- 
pand to 100 very quickly." 

Japanese heavyweights 
such as Sharp and Hitachi 
are moving into manufactur- 
ing ventures with new en- 

American companies face 
the added uncertainty caused 
by the dispute over U.S. re- 
newal in June of China’s 
most- favored -nation trading 

“But in general, U.S. firms 
take a longer-term view," 
says Frank Martin, president 
of the American Chamber of 
Commerce in Hong Kong. 
“We receive literally hun- 
dreds of inquiries expressing 
interest in China. If we can 
get the MFN issue behind 
us, there’s a good chance 
we’ll see another surge in 

U.5. investment in China." 

Infrastructure projects of- 
fer good opportunities for 
U.S. multinationals. AT&T 
Internationa] announced in 
early March that it had set 
up a joint venture which 
could take more than 30 per- 
cent of the Chinese market 
in fax machines, cordless 
telephones and other com- 
munications projects. 

China is beginning to 
open other big infrastructure 
projects, including the con- 
struction and management 
of ports and airports. The 
major U.S. oil companies 
are lining up to explore the 
potentially rich Tarim Basin, 
which was opened to for- 
eigners last year. 

Securities firms such as 
Merrill Lynch are helping 
underwrite stocks offenki to 
foreign investors. 

European companies are 
active in the same areas as 
U.S. multinationals. In infra- 
structure, for example, 
Siemens of Germany is ne- 
gotiating with Dongfang 
Electric Machinery Works 
to set up a joint venture 
making thermal and nuclear 
power machinery. 

Yukong Ltd. plans to join 
other South Korean compa- 
nies that are launching big 
projects. In March, it an- 
nounced that it had reached 
agreement in principle with 
China Petrochemical Corp. 
to build a SI .5-billion oil re- 

finery in Shenzhen, near 
Hong Kong. 

Some Southeast Asian 
countries complain that Chi- 
na is “stealing" investment 
from other countries in the 
region. Experts say, howev- 
er, that any diversion of in- 
vestment is ouiweighed by 
lucrative investment oppor- 

“The China factor will still 
be the driving force behind 
bullishness in the region," 
says Alex Tang, research di- 
rector at Yamaichi Securi- 

Since Singapore agreed to 
help set up an industrial park 
in the East China city of 
Suzhou last year, Singapore 
companies have signed 
some $3 billion in letters of 
intent and agreements for 
projects in the park. 

Hong Kong companies, 
mainly manufacturers seek- 
ing cheap land and labor, are 
the biggest investors in Chi- 
na. In addition, companies 
such as leisure wear and ac- 
cessories maker Giordano 
are leading the charge into 
China's domestic market. 

Trade is burgeoning as 
China implements reforms 
to prepare for re-entry into 
the General Agreement on 
Tariffs and Trade. At the be- 
ginning of the year, China 
reduced import tariffs on 
2,800 items and relaxed re- 
strictions on import licenses. 

Gene Linn 

The new face of China is 
one of galloping 

as manufacturing 
and consumer goods 
find fresh niches. 


“the Year of Reforms" is the brave slogan adopted by China in 1994. After 15 
years of steadily chipping away at the old planned economic system, this year is 
to see introduction of fundamental reforms in banking, monetary policies, taxa- 
tion and enterprises intended to build the foundation of a market economy. 

Foreign experts generally give China an “A" for intentions, but expect the 
grade for implementation will be lower - at least in the short run. 

“The reforms are overly ambitious to start with,” says Ian Perkin, the chief 
economist of the Hong Kong General Chamber of Commerce. “It reflects a bit of 
naivete that’s probably a holdover from the old command economy when you 
gave an order and everyone stuck with it.” 

One of the main problems with implementation will be opposition from power- 
ful regional and economic interests. 

“In the previous 10 years, everybody gained from reforms." says Vincent Chan, 
senior economist at Peregrine Brokerage. "Basically, the central government just 
relaxed control and gave local governments more autonomy. But now, some peo- 
ple will have to give and some will take.” 

Those who may be asked to give the most are the approximately 100 million 
employees of state companies. 

Thousands of state enterprises are to become shareholding companies. In many 
cases, some of the shareholders will be foreign companies that can inject capital, 
technology and management skills. 

Enterprises are to lose state subsidies, but generally will be allowed to charge 
higher prices for their products as price controls are lifted. The hoped-for overall 
result will be lean, mean corporations. 

Perhaps too lean and mean. Efficiency will require paring bloated staffs and 
cutting the comprehensive welfare benefits given to most employees of stale en- 

Coniinued on page 14 


china’s world-beating economic growth may be too much of a good thing this 
year. The stunning growth that has ignited enthusiasm about die domestic market 
is in danger of spinning out of control. 

Government attempts to blunt soaring growth could cause a hard landing. A 
moderate slowdown, however, could keep the economy’s extraordinary momen- 
tum intact by leading to a soft landing. 

Chinese leaders are now circling the airfield, preparing to bring the economy 
down easily. At the recent session of the National People’s Congress (NPC), they 
adopted economic targets that are still high, but well below recent marks. 

Real gross domestic product growth catapulted 12.8 percent in 1992 and 
jumped 13.4 percent in 1993. The NPC goal for this yean 9 percent Investment 
in fixed assets, which has fueled recent spectacular growth, is to grow at 10 per- 
cent after jumping 50 percent in 1993. The sharp drop in fixed assets is designed 
to stem a dangerously steep rise in prices. The NPC aims to bring inflation down 
from 14.5 percent in 1 993 to the single digits this year. 

The process of lowering economic expectations looks familiar to Anthony 
Chester Chan, regional economist for Mees-Pierson Securities. 

Just as they did last year, Chinese leaders came out around the first of the year 
with strong statements about the need to slow down growth. In March, the NPC 
set conservative targets. 

Continued on page 18 


air travel across China is growing at a phenomenai rate, with new airlines form- 
ing and established carriers adding new routes. Traffic is growing at 25 percent to 
35 percent a year, and the number of flights is expected to reach 6,000 a week by 
the end .of the year. 

The result has been a bonanza for Western manufacturers as Chinese airlines 
snap up muitimillion-dollar jetliners as though they were model airplanes. 

A recent Chase Manhattan Bank report estimates that China could spend $90 
billion on 12100 new aircraft by 2010. But Beijing is now going beyond merely 
buying foreign aircraft and parts. Aviation consultants say that China will have to 
seek Western aviation and communications technology as well as reservations, 
management and security systems for many years. In addition, the expanding in- 
dustry urgently needs to train pilots, air-traffic controllers and airframe, engine 
and electronics engineers. 

Western companies have already made inroads into the industry. Seattle’s Boe- 
ing Co. is strengthening its relationship by establishing a spare-pans warehouse at 
Beijing International Airport and sujrport facilities at 12 other airports. The com- 
pany has been most successfijl in selling aircraft to China; 14 percent of the jetlin- 

Continued on page 20 


Business Overview 

Page 1 1 

Reforms Digest 

Page 1 1 

Economic Update 

Page 11 

Air Transport 

Page 11 

Auto Industry 

Page 12 

Foreign Investment 

Page 12 


Page 12 


Page 14 

Consumer Market 

Page 14 


Page 14 

Advertising Boom 

Page 16 


Page 16 

Energy Needs 

Page 16 

Soft Drinks 

Page 16 

Stock Exchanges 

Page 18 


Page 18 


Page 18 


Page 20 

Real Estate 

Page 20 

Power Company 

Page 20 


the International Herald 
Tribune’s advertising depart- 
ment. • It was written by John 
Colmey, Gene Linn. Michael 
Mackey, Garry Marchant 
and Whitney Mason in Hong 
Kong, and William Brent and 
Nick Driver in Beuing. 



X s 






















i • 

1 n 





T < 
‘ *r 
. it 













i - 



Automakers Gear Up 
For the Fast Lane 

For decades, the favored Chinese 
modes of transportation have been the 
bicycle, the bullock can and the electric 
bus. Not anymore, say foreign au- 
tomakers. The Chinese have discov- 
ered the car. 

To be sure, the day when Beijing will 
experience Bangkok's traffic jams is a 
long way off. At the end of last year, 
there were only a little more than a mil- 
lion cars across the country. Still, that is 
250,000 more than the year before, and 
the promise of growth alone is enough 
to make automakers put their foot to 
the floor. 

‘The motorization of China is hap- 
pening so quickly,” says Eric Carlson, 
Volkswagen’s strategic market, manag- 
er in Asia. “The kind of development 
that took place in the U.S. over 50 
years is compressed into 10 years in 

Hie number of cars produced and 
sold last year by the seven foreign au- 

J21R* T9* rytk 

The automobile is beginning 
to supplant the ubiquitous bicycle. 

lomakers in China increased 64_5 per- 
cent, to 308,000. Of those, Volks- 
wagen, with its Santana 003,000), Jet- 
ta (12,000) and Audi 100 (18,000) 
lines, produced by its Shanghai joint 
ventures, has a dear lead over its com- 

Chrysler came second. Its Beijing 
plants produced and sold 14,000 Jeep 
Cherokees and 36,000 Beijing jeeps. 
Daihatsu was next with 4I,0uu, fol- 
lowed by the French team of Peugeot 
and Citroen with 17,000 and 5,100 
each. The overwhelming majority of 

those were bought by joint ventures 
and government officials. 

The number of imports is hard to 
judge due to smuggling, but Mr. Carl- 
son guesses that over 100,000 cars 
were brought in last year. Mercedes- 
Benz, which has five companies in 
China importing cars for the luxury 
market, refuses to release sales figures. 

Terence Cheng, marketing manager 
of MD Motors, sole distributor for 
Rolls-Royce in China, says they must 
be doing well. He was quite happy to 
sell 20 Rolls-Royces on the mainland 
in 1993, 10 more than the year before. ■ 
BMW also imported 200 cars. “The | 
market is growing for us,” says Mr. 
Cheng. ‘The Chinese want luxury cars 
to show their status ” 

Importers, including luxury carmak- 
ers, could be hurt by tax reforms intro- 
duced in January. Before, foreign joint 
ventures were allowed to import cars 
duty-free. The permitted number was 
determined by the venture’s capitaliza- 
tion. Since the change, importers can 
buy as many as they want, but will 
have to pay a 110 percent duty for 
small cars, 150 percent for larger ones. 

Another determinant of sales is local 
content Short of foreign currency, Bei- 
jing frowns on imports of all kinds and 
limits production - all cars produced 
ate sold - according to the percentage 
of local materials incorporated. Volks- 
wagen hopes to keep its edge when it 
produces its first Santana, designed in- 
house, next year. Local content will be 
a high 80 percent. 

China has just unveiled plans to build 
a new industrial park, dedicated to 
building 100 percent local-content cats, 
in booming Shenzhen. It will invite 
Korean and Japanese companies to 
take part in production, with an initial 
goal of building 50,000 vehicles. 

While the numbers seem tiny, the fo- 
cus is on the future, when the number 
of private owners will outstrip official 
purchases. Based on their experience in 
other developing countries, carmakers 
say private demand reaches a critical 
mass when the per capita income 
reaches about $5,000 per person. 

In China, that is due to happen 
around 2005. At die current rate - total 
sales should hit about 1 million a year 
by 1997 - private buyers will make up 
the largest segment of the market early 
in the next century. 

“It's a critical time now for carmak- 
ers in China.” says Mr. Carlson. “Style, 
fashion and technology must be in pari- 
ty with other car markets around the 
world.” John Colmey 

Western aircraft makers and computer manufacturers are getting in on the ground floor. 

Foreign Investment. The Third Wave 

*" , ' * ^ ‘ Vk", ;; 

is a Mrtayftan- <<s?¥5tairi 

When American aircraft 
maker McDonnell Douglas 
Corp. first announced in 
1987 its plans to build 
planes in a Shanghai joint 
venture, most analysts con- 
sidered it the height of fool- 
hardiness. The company has 
since signed a contract for 
$9 billion worth of planes, 
and the same analysts are 
calling Garath Chang, the 
man behind the move into 
China, a visionary. 

With China's potential 
consumer market of 1.16 
billion people and an eco- 
nomic growth rate of 13 per- 
cent last year, almost any 
company or corporation op- 
erating internationally is 
buying into that same vision. 
As a result, say analysts, 
China is now experiencing 
the third and largest wave of 
foreign investment since the 
country opened its doors in 
the early 1970s. 

“In the late 1970s, there 
was a lot of hype, but not a 
lot of investment,” says a di- 
rector at Peregrine Invest- 
ments in Hong Kong, of the 
first wave. Much of that was 
aimed at property and small 
manufacturing projects for 
export. Western companies 
that went in tried to avoid in- 
vesting any capital. 

He says the second wave 
consisted of Asian investors, 
both companies and ty- 
coons. Their focus was on 
buying factories, largely in 
southern China, to export 
textiles, toys and other con- 
sumer goods. “They waited 
until the late 1980s,” he 
says, “and bought cheap af- 
ter the Tiananmen Square 

Next and last came the 
large institutional investors, 
who last year began pouring 
funds into China's emerging 
stock markets and infra- 
structure projects. They are 
also raising funds to make 
direct investments in facto- 
ries, or on behalf of clients 
who want to establish a 
strong market position 

quickly. “Before, most in- 
vestments you heard about 
were $1 million to $5 mil- 
lion, max,” says Sonja Jong, 
an investment analyst at 
Mees-Pierson Securities. 
“These days that’s nothing.” 

Investments of more than 
550 million are becoming 
common now. For example. 
Peregrine recently raised 
S100 million to help Ameri- 
can Standard buy several 
Chinese factories to manu- 
facture ceramic and sanitary 
bathroom products. AT&T 
recently invested 550 mil- 
lion in a telecommunication 
venture. This year alone, 
Coca-Cola Co. announced it 
will spend 5150 million on 
five new Chinese plants, 
with plans to increase that to 
23 by 1996. “The third 
wave,” says the Peregrine 
director, SviC dwarf the first 
two waves.” 

It already has. In 1993, 
foreign investors committed 
$1 10.9 billion to 83,265 pro- 
jects, almost double the 
1992 dollar amount. Actual 
investment leaped 134 per- 
cent , to nearly $26 billion. 
Investors from Hong Kong, 
Taiwan, the United States 
and Japan led the pack. Eu- 
ropean countries are catch- 
ing up fast 

Ms. Jong says investors, 
particularly from Western 
countries, have more confi- 
dence now. “Previously, 
they worried about national- 
ization. More and more peo- 
ple realize that is not going 
to happen.” Nor are in- 
vestors concerned that Chi- 
na’s next leaders will re- 
verse the economic reforms 
put into place by 89-year-old 
leader Deng Xiaoping. 

“The market economy is 
well and truly in place.” says 
Edward Old, chairman of 
Caltex China Ltd. “Imagin- 
ing a complete turnaround is 
totally implausible.” He says 
[hat as China moves toward 
the next century, there are 
bound to be highs and lows, 
as there are on any graph 

that depicts change. In Chi- 
na's case, he says, ^he di- 
rection of these points along 
the graph are firmly estab- 
lished. They are going up, 
and going up quick. Anyone 
who wants to be a player in 
Asia has to be in China.” 

According to Nick Ni, an 
economist with Nomura Re- 
search in Hong Kong, the 
most promising sector right 
now is finance, followed by 
infrastructure, manufactur- 
ing and retail He says that 
China’s financial reforms, 
introduced last year, are cur- 
rently focusing on the bank- 
ing system. Imcouragement 
of participation of foreign 
banks is one priority, in 
everything from building 
railroads to raising funds for 
state enterprises on interna- 
tional stock markets. In- 
creasing [he involvement of 
foreign brokerages in the 
country’s two stock markets 
is another priority. 

In Shanghai, which is fast 
regaining its status as a ma- 
jor financial center, there are 
cunently 22 foreign banks, 
and more on the way - as - 
soon as they are allowed in. 
Trade finance is the main ac- 
tivity. Although banks are 
restricted to offering for- 
eign-currency services, 
largely for foreign compa- 
nies and joint ventures, ana- 
lysts say they could be al- 
lowed into the local curren- 
cy market in three to five 

Brokerage houses also 
hope to be allowed to trade 
in A- and B-share compa- 
nies, instead of B-shares 
only, in the next few years. 
For both businesses, the fo- 
cus is on carving out niches 
in the industry and cultivat- 
ing guarud (relationships). 

“Experience tells us that 
once a sector in China is 
promoted by the govern- 
ment, the early bird catches 
the worm,” says Mr. Ni. 
“The latest trend in China is 
investment in the financial 

For now, other sectors, 
such as retail, are lagging 
behind. The government 
currently controls prices on 
many goods, protects local 
products through tariffs and 
import licenses and restricts 
access to retail businesses. 
Intellectual property rights 
are not adequately protected. 
As China moves toward re- 
gaining its membership in 
the General Agreement on 
Tariffs and Trade, however, 
these obstacles will gradual- 
ly fall by the wayside. 

“The average manufactur- 
er is looking for. potential 
markets,” says Mr. Ni. “If 
computer manufacturers 
looked around Southeast 
Asia, they would find that 
most countries have com- 
puters tip to the ceiling. In 
China, ft's a new market. 
The demand for almost any 
consumer good - shoes, 
clothes, food - is huge.” 
How does a foreign in- 
vestor new to the mainland 
find a way in? Mees-Pier- 
son's Ms. Jong says there 
are several ways. “You can 
start at the top with the min- 
istry that is organizing the 
sector you’re interested in - 
say the Ministry of Post and 
Telecommunications. You 
could approach production 
units in the provinces or the 
local telecommunication bu- 
reau,” she says. “Or maybe 
you know someone who 
knows an official in any of 
those places.” 

The key to investment in 
China has and will be to de- 
velop lasting relationships 
with officials and business- 
people. But the most impor- 
tant step is to get in now and 
start China is a huge coun- 
try with a plethora of laws, 
taxes and regulations that 
not even Chinese officials 
can always keep trade of. In- 
vestors will have to over- 
come numerous obstacles. 
They can be overcome, 
however, and the risks 
should eventually pay off. 



in the late 1980s, a small U.S. comput- 
er maker called AST started in China 
what is today one of the fiercest wars 
for a personal computer market in the 
world. AST began by advertising in 
Chinese computer magazines. 

By 1992, AST had captured a quarter 
of China's 51 billion computer market 
In 1993, it launched a joint venture to 
build a 516 million plant to produce 
100,000 PCs. An IBM plant, built in 
1990, is part of a plan to increase sales 

to 520 million. A planned Compaq 
joint venture aims to produce 30,000 
PCs in 1994. Meanwhile, Apple has 

developed a Chinese ! anguage Macin- 
tosh. According to the U.S. Chamber 
of Commerce, China’s computer mar- 
ket will grow by 42 percent in 1994 
and 1995. 

AST’s success has many lessons for 
manufacturers who are looking toward 
China. First, patience pays off. Bei- 
jing's import-protection policies favor 
some production ventures more than 
others: usually those that are high-tech, 
export-oriented or use local input in 
their products. Once foreign companies 
are inside, those same policies can pro- 
tect them; China often closes a sector after it is saturated. 
Joint ventures that export can sell 30 percent of their output 
locally in most cases. 

That alone is worth it With retail sales climbing 24 per- 
cent a year (higher in some places) and a savings rate even 
higher titan that, China is the hottest consumer market in the 
world. Relative to Western countries, total numbers are still 
small, but they will not be for long. 

After all says Nick Ni, an economist at Nomura Research 
Institute in Hong Kong, “Every manufacturer is looking for 
a potential market” 

This is only part of the reason manufacturers are rushing 
into China. Exports by foreign joint ventures jumped 45 per- 
cent in 1993, to $25 billion. Total exports climbed 8 percent, 
to $92 billion. With the right partner in the right location, 
factories can be up and running in months. Foreign invest- 
ment in manufacturing has traditionally settled in the south, 
where the toy and textile industries are concentrated. More 
high-tech producers are in Shanghai or around Beijing. 
Heavy industry has headed toward die three northernmost 

In most cases, investors will choose one of the five 
provinces designated as special economic zones - Hainan, 

Shenzhen, Shantou, Xiamen and 
Zhuhai - or the six cities where foreign 
ventures can engage in retail - Beijing, 
Tianjin, Shanghai, Guangzhou, Dalian 
and Qingdao. The economic boom, 
however, has led to competition among 
regions, provinces, cities and town- 
ships, with each trying to offer mare to 
foreign investors. 

Some trends have nonetheless 
emerged. “If you’re Japanese, you will 
likely go to Dalian. If you’re Korean, 
you will probably go to Shantou,” says 
Scmja Jong, a China stock analyst at 
Mees-Pierson. ‘If you’re Western, you 
will probably go to Shanghai.” 
S h a n g h ai is clearly a current favorite. 
Last year, for example, the construc- 
tion of 50 office buildings began in one 
small area alone in the city's Pudong 
development zone. Swiss pharmaceuti- 
cal producer Hoffmann-La Roche is in- 
vesting $30 million in a joint venture in 
the city to produce vitamins, antibiotics 
and other drugs for the domestic mar- 

Ciba-Geigy, another Swiss pharma- 
ceutical concern, which exports 75 per- 
cent of its output to Asia, plans to ex- 
pand from one to three plants in Shanghai. It also plans to 
build five more plants throughout China in order to better 
service the domestic market 

Rising waps have tended to force foreign manufacturing 
to look for cheaper labor pools north of Shanghai and nort£ 
east to Dalian and Shenyang. Although wages are still cheap 
compared with Western rates, they are racing ahead ofthe 
20 percent to 25 percent inflation rate. The price of foctory 
space is also going up. That is not going to change. 

Nomura s Mr. Ni says current wage rates for unskilled 
workers are $85-125 a month in Guangzhou, Shanghai and 
Beijing, and wound $60 on the eastern seaboard. OtiEr em- 
ployee costs, however, such as insurance and housing, can 
double the figure. Still says Mr. Ni, “Western corrSnies 
aren t too concerned. The profit ma rgin s an? high.” 

How does a company get into China to export or sell to the 
domestic market. A foreign enterprise can take the form of 
an equity joint venture or a cooperative joint venture. The re 
gS— IS ro® 51 difficult to breach, as Beijing guards 

Opening any type of foreign enterprise and ensuring its suc- 
oess is not easy. Laws are changing constantly, and China is, 
of course, soil a Communist country, at least nominally. J.C 


Page 5 

‘ Wav-c 

• . *• v ' 

**°** Ce officers in Empangem restrannng Intortha Freedom Party hackers as thousands demonstrated against incoming elections. 

Violence Is Averted as Zulus Defy Arms Law 


« E w MP ?i l ? ENI ’ Sou ' b — Thoo- 
5JS ‘?£ ul V s def,ed a s'*** ^ emergency in 
South Africa s Natal region by carrying tradi- 
uonal weapons during a march on Tuesday, 
allbough ihe demonstration ended without 

But police officials said the death toll else- 
Natal and its adjoining KwaZulu 
black homeland had risen to 71 since Presi- 
dent Frederik W. de Klerk declared the emer- 
gency last Thursday to halt political violence 
in the region. 

The police said the Zulus paraded with 
weapons that included shields, fighting 

sticks, machetes, spears and knives. The 
march was to back demands by Goodwill 
Zwdhhim, the Zulu king , for a sovereign 
Zulu state. A w'mitar demonstration in Johan- 
nesburg last week ended with more than 50 

“Wc could not disarm them without blood- 
shed,” police Major Margaret Kruger said of 
Tuesday’s march, which was watched by 
heavily armed police with dogs and troops 
backed by armored vehicles. 

■ Helicopter Is Shot Down 

A civilian helicopter was shot down Tues- 

day by unidentified gunmen over Tembisa, a 
black township northeast of Johannesburg, 
Sooth Africa's private Radio 702 reported. 

The radio, cited by Agence France-Presse. 
said two bullet holes were found in the fuse- 
lage of the helicopter and that its four occu- 
pants were chased by a hostile crowd after an 
emergency landing . 

Colonel Eugene Opperman. a police 
spokesman, said that a helicopter had 
crashed into two booses in the township and 
that two of the four occupants had been 
taken to hospital with minor injuries. He said 
he had no knowledge of a crowd chasing the 

MARKET: Wall Street Rebounds, But Investors Wary of Risk 

Contained from Page 1 

which had risen a full percentage point in the 
past month and made slock yidos look increas- 
ingly anemic, ended their week-long fever. Af- 
ter finishing at 7.41 percent Monday, the yield 
slipped to 7.35 percent before the stock market 
opened Tuesday and finished at 7.25 percent. 

This market activity also pushed the dollar 
up more than a pfennig against the Deutsche 
mark and by more than a yen as traders reck- 
oned that foreign money would flow toward 
stronger U.S. markets despite the less favorable 
interest rales. 

A series of factors fueled Tuesday’s turn- 
around. First, bond traders came to work and 
noted that European bond and stock markets, 
after being closed for a long Easter weekend 
holiday, had reopened Tuesday with more 
equanimity than Wall Street about recent sta- 
tistics showing strong growth in the U.S. econo- 

“Europe may have sensed that the U.S. was 

doe for a rally,” said Dennis Jarett, of Kidder, 
Peabody & Co, dismissing theories that trans- 
Atlantic markets had decoupled and would go 
their separate ways — an explanation that few 
fund managers accept during turbulent market 
turns Hke-this one. 

Then the government issued its index of 
leading economic indicators far February, 
which was down 0.1 percent 

But few imagine this is the end of the market 
saga that began in February when the Federal 
Reserve Board reveraed five years of loose mon- 
etary policy and began tightening interest rates. 
The problem is that no one knows when or how 
markets wiH bottom, and one reason is the 
amount of bo rr o win g that had stimulated the 

rimwmd Vlwn<l<liMliefn n n pfffmlHilfil Wn 

one knows how big it was, or how long it will 
lake to unwind. 

■ Neal Soss, chief economist at CS First Bos- 
ton, said the unwinding of bond leverage, or 
loans, was not complete, and until leveraged 

buyers return to the market, it's impossible to 
know the real level of demand for bonds. 

“I can't see the bottom,” Mr. Soss said, “and 
I don’t think anyone wiH untD some major 
event like a wdl -publicized failure tells us all 
that it’s over because the banks have cut their 
losses and called their loans.** 

Hugh Johnson, of First Albany Securities, 
drew a parallel with WaO Street in 1962 —just 
as President Bill Clinton Ekes to compare him- 
self to John F. Kennedy, who then was presi- 
dent During the first six months of that year, 
he recalled, the U.S. economy was robust as it 
now is and inflation was low. but the stock 
market declined by 27 percent “for no apparent 

“So don't be puzzled,” he said. “The factors 
causing uncertainty in all markets are not easy 
to quantify and they range from the apprehen- 
sion that inflation may be troubling in 1995 to 
fear that Clinton has yet to face his first foreign 
policy test. Maybe North Korea wfll be has 

RUSSIA: Zhirinovsky and Friends Have Quite a Party POLICY: 

Continued from Page I * Communist reformer — he has' Puty'sdH does 'not look or sound 17 S. JfoD€S Fade 
now taken to attacking die West. Eke a party on the rise. It dams i 

Continued from Page 1 

that it is not going to bring any 
benefits to the country.” 

Whatever his prospects, Mr. 
Zhirinovsky's statements have be- 
come more outrageous, his boast- 
ing more grandiose and his targets 
more wide-ranging;. 

Yet the message is essentially un- 
changed- He continues to preach 
Russia’s imperial imperative, milk- 
ing national nostalgia for a great- 
power status that evaporated with 
the collapse of the Soviet Union. 
He has become expert at expiating 
the wounded pride of Russians 
who feel that the last decade has 
left them poorer, weaker and more 
humiliated than they ever were be- 

“Zhirinovsky — the Last Hope 
of a Cheated and Humiliated Peo- 
ple” read one of the hand-painted 
signs on a wall at the House of 
Tourists, where delegates this 
weekend said they saw nothing 
wrong with his move to assume 
dictatorial powers. . . 

“Our party without Zhirinovsky 
would not be a party,” said Anatou 
Bachich, 35, a ship's engineer from 
Kamchatka. Russia’s easternmost 
peninsula. “Only a strong leader 
can save the situation in the coun- 
try today.” . . . . 

If before Mr. Zhirinovsky laid 
the blame for the country’s Sony 
condition at the door of the ruling 
“democrats” — as Russians refer 
to Mr. Yeltsin and his team of posi- 

Commomst reformers — he has' 
now taken to attacking the West, 
the United Stales in particular, as 
the witting agents of Russia's de- 

“The Americans are clever,” he 
said. “They know it is better to 
come here with chewing gum, 
stockings, and McDonald’s.” That 
comment drew big applause from 
the delegates. 

In his election campaign, Mr. 
Zhirinovsky had a promise for ev- 
ery constituency: more housing fa 
the Russian military, higher pen- 
sions for old people, fewer taxes fa 
business owners and more respect 
for Russian women. But since then, 
he has turned away from the mun- 
dane issues of government — the 
economy was barely mentioned in 
his speech on Saturday — and set- 
tled bade oo the natio nalis t themes 
that have served him so wdL 

Thanks in part to Mr. Zhirin- 
ovsky, but mostly to the mood he 
has crystallized, these themes have 
now become a fixture in Russian 
politics. A new anti-Western, anti- 
American tone runs through the 
oratory of the political opposition, 
from the Communists to former 
Vice President Alexander V. Ruts- 
koi, who just this weekend accused 
Mr. Yeltsin of turning Russia into a 
colony of the West 

For all of Mr. Zhirinovsky's ex- 
travagant boasts of heading the 
largest party in the world's largest 
democracy, the Liberal Democratic 

Party still does not look a sound 
Eke a party on the rise. It claims 
125,000 dnes-paying members, but 
its headquarters are still where they 
were before the December election 
—at the top of four flights of stairs 
in an old rundown building on a 
grimy Moscow side street, with a 
warren of dusty roans, cluttered 
with comes of Mr. Zhirinovsky's 

Flush with foreign publicity but 
pinched fa money, the party has 
adopted a frankly mercenary ap- 
proach toward non-Russian jour- 
nalists. A half-hour interview with 
Mr. Z hirinovsky , which cost $3,000 
last month, jumped to S5.000 in the 
week before the party congress be- 
cause of die “great number of ap- 
plicants,” his press secretary noted. 
Even office workers have taken to 
billing reporters. 

“Three minutes, one hundred 
dollars,” said a woman in the ante- 
room to Mr. Zhirinovsky’s office, 
citing the going rate for a chat with 
a party functionary. “Here, we 
charge for everything. What do you 
expect? You are only distracting us 
from our real work.” 

The New York Times and other 
American news organizations have 
routinely refused to pay Mr. Zhir- 
fotfysky fa interviews, and he was 
not interviewed fa this article. 

ITALY: Berlusconi Halts Talks 

Continued from P*ge 1 

of emergency and democracy itself 
is at Because the core of all 
this is that a party that is only one 
man can control television. And 
who will control the controller. 

Mr. Berlusconi owns three pn- 
vaie television networks that draw 
almost one half of I talian 
The newoiis played a central *^ 

months ago. 

Mr. Berlusconi 

W to Mr. Bossi, even thoughheid 

Dot mention him by 

sooke to reporters m Milan, “ims 

isneachery. And 

me seems a scandal to me. hesaia, 

SSSb Mr. Bossi of “ 

electorate like goods to be bough 
and sold.” ., 

On hearing of Mr. Berlusconis 

somewhat dismissive. ™ j 

cr strangp,” he said. 1 liunk ** 

lost his nerve.” 

Even if the break 
two men does not “ 

lapse of the rightist alliance, it tm 

Sores the abiding pe^ 
mosity between ***** 
political differen^^®atari 

difficult to see how ttay 


Mr. Berlusconi raised 
bilitv of pariiament being unable to 

produce a mjyonty government — 
a potential nightmare fa Italy at a 
time when its political old guard, 
the nation’s glue fa over 40 years, 
has crumbled while its p utativ e 
successors have fallen into dispute. 

“If par liam ent, ignoring the out- 
come of the elections and ignoring 
the emergency this country, with- 
holds its confidence, then the only 
thing wiH be to so back to consult 
the voters immediately, ” he said. 

Apart from the personal differ- 
ences between Mr. Bossi on the one 

hand and both Mr. Fini and Mr. 
Berlusconi an the other, the three 
are split cm ideological fines. 

Mr. Berlusconi denied t hat h e 
hffd ever proposed himself as prime 
minis ter but said, “I would have no 
problem in standing aside if my 
candidacy were an impediment.” 

Attack on Police b Corsica 


AJACCIO, France — Three po- 
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ter a hand grenade thrown from a 

passing cm exploded outside a po- 
lice s tatio n in the Corrican town of 
Bastia, the police said Tuesday. Six 
care in the parking lot were dam- 
aged in the attack, which occurred 
Monday night before the last of 14 
Corsican separatists detained last 
month was flown to Paris. 

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KwaZulu Delay? 

Continued from Page 1 

to be rancorporated into South Af- 
rica after the vote. 

In the two months since Mr. 
Buibelezi and the king began can- 
ing fa a boycott, pobticaTlrinings 
have escalated to record levels in 
KwaZulu and its surrounding 
province of Natal, where factional 
fighting between the ANC and In- 
katha has raged fa a decade. 

Mr. DeKierk placed the entire 
province under a state of emergen- 
cy last week, but the move has not 
stemmed the bloodshed. There 
have been 88 killings in the region 
since the regulations were imposed 

South Africa's new electoral law 
empowers the commission — a 
multiracial, multiparty body creat- 
ed to run this vote — not to mount 
the election in any part of the coun- 
try where it finds that circum- 
stances make it impossible. The 
commission also can invalidate re- 
turns from part a all of the country 
if it determines that voting has not 
been “substantially free and fair” 

If the balloting were to go ahead 
in most of the country but not in 
KwaZulu, where about one-sev- 
enth of all South Africans live, the 
commission could certify the na- 
tional result and order a new re- 
gional or subregional election to be 
held later. 

But ANC leaders have consis- 
tently warned that to delay the bal- 
loting in KwaZulu would merely be 
pouring oil on a fire. They are ex- 
pecting to win the vote in the home- 
land, and they warn that their sup- 
porters in KwaZulu will be enraged 
if they are not allowed to join the 
rest of the country in its historic 
exercise in universal suffrage. 

The election commission is a 
nominally independent body, but 
one with a strong pro-election bias. 
One source described Tuesday’s re- 
port more as an alarm bell than as a 
declaration of intent not to cany 
out balloting in KwaZulu: 

But the commission is facing real 
procedural difficulties that will 
have to be addressed in the next 
three weeks. In its task force report, 
the commission noted that the 
KwaZulu rivil service and tbeZnlu 
tribal authorities, who carry out 
some governmental functions in 
KwaZulu, are not providing the 
necessary assistance — in the form 
of buildings, manpower and tele- 
communications — to set up the 
roughly 1.000 polling stations 
needed fa the region. 

• The commission also said the 
KwaZulu and South African police 
had not given assurances they had 
the manp ower required to secure 
the polling stations during the three 
days of balloting. 

Mr. Mandela said Tuesday night 
that the additional forces activated 
in the region under the state of 
emergency had not yet reached full 
strength. - 

In Gaza , Relief on Both Sides 

As Deportees Return, Israeli Army Packs Up 

By David Hoffman 

Washatgton Post Senice 

RAFIAH, Israeli-Occupied 
Gaza Strip — In the shade of a 
small fruit tree on the border with 
Egypt, the Ajour dan waited fa 
hours Tuesday to get a taste of 

They chartered a bus and 
brought two dozen family members 
to the steel fence between Israel 
and Egypt, ringed with Isradi sol- 
diers in bulletproof vests. The fam- 
ily was waiting fa Riyad Ajour, a 
32-year-old Palestinian activist 
whom Israel departed at the zenith 
of the Palestinian revolt four years 

IBs return, along with 50 other 
Palestinians who were exiled or be- 
crane fugitives during the intifada, 
marked the latest m a rush of 
events sngysting that Israd is 
moving quickly to deliver tangible 
results non the peace accord on 
Palestinian self-rule in Gaza and 
the West Bank town of Jericho. 

While the deportees and former 
fugitives were being hugged, 
wrapped in Palestinian flags and 
hosted on the shoulders of cele- 
brating friends and family, Isradi 
soldiers in Gaza were busy wres- 
tling with box springs and dresser 
drawers. At the main Isradi army 
command post in the center a 
Gaza, lorries hauled away file cabi- 
nets and desks as Israel continued a 
frenetic pace of evacuating its inili- 
taiy quarters in the strip. 

“All of us are sure, the occupa- 
tion will be over one day soon,” 
said TaEb Ajour, who served eight 
years in Israeli jails, as he waited 
for his courin Riyad. “When you 
ask me, where am I from, 1 should 
have a passport to tell you. But I 
don’t I want my flag, my identity, 
my passport” 

The Palestinian flag* in Gaza are 
looking faded, and the portraits of 
Chairman Yasser Arafat of the 
PLO have disappeared. But the 
Gaza Strip has started to look a 
little bit less Eke occupied territoiy. 

Soldiers exuded a sense of relief 
at checkpoints as the huge trucks 
rolled away, carrying out the debris 
of the military government and 
army headquarters. One soldier 
grinned as he waved a track on 
through at die Kissufim check- 
point, a small mare of concrete 
blocks. “Just call us the last refu- 
gees from the army ” he said. 
“We’re gong home soon.” 

WhDe the talks between Israd 
and the PLO on implementing the 
Gaza-Jericho peace accord are 
moving forward in Cairo, Israd is 
carrying out the evacuation with- 
out waiting. Command posts and 
oEvc-drab pillboxes are being cart- 
ed out Eke so many toys. 

According to Isradi officials, 
within two weeks most of the evac- 

uation wiU be finished, although 
troops will remain in the field until 
there is a final agreement, and Isra- 
d still has to complete the transfer 
erf civilian government to the Pales- 
tinians. Later this week, the first 
Palestinian policemen are due to 
arrive and take up their duties. 

Only two months ago, Israel was 
saying it would not even begin the 
evacuation until all the papers were 
signed But now, it appears most of 
the work will be done before the 
documents. One purpose of the 
rash is to inject some momentum 
back into the Gaza-Jericho process 
after the interruption of the Feb. 25 
Hebron massacre. Also, last week's 

killing of six Fatah activists ii 
Gaza by Israeli troops cast a pall ofv 
popular sentiments here. 8° 

Last spring, Israd repatriate/?' 
deportees from the 1970s and eait u ‘ 
1980s, but many of them were dde” 
leaders who left before the intifada" 
On Tuesday, both here and in Jeri 
cbo, Israel brought back streets 
leaders of the revolt, who still carter 
influence. Although no one is sujnl 
what role they wdl assume, somo- 
Palestinians believe they will hdjji- 
bridge a gap between the youth 
still on the streets and the okteut. 
leadership of the PLO in Tunifof 
many deportees worked fa th 
PLO there during their exile. 

CHINA: Arrest Puts U.S. on Spot) 

Conthmed from Page I 

to the Foreign Ministry and sought 
additional information on his star 

“If the report is true, we regret 
that the Chinese have taken this 
step,” an embassy statement said 
“To the best of our knowledge, Mi. 
Wei has only made use of the uni- 
versal right to freedom of opinion 
and expression as set forth in Arti- 
cle 19 of the Universal Declaration 
of Hnman Rights.” 

From Beijing’s point of view, a 
free and outspoken Mr. Wei poses 
a major lhreaL More than anyone 
else, the dectridan-turned-activisi 
has become the focal pant fa 
many democracy activists. 

“We want to raise one flag and 
come up with one leader,” said a 
dissident who was released from 
jail last fall and is based outside 
Beijing. “We think Wei Jingsheng 
is the most appropriate person.” 
Since his release from nearly 15 
years in jail in September, Mr. Wei 
has met with other activists, grant- 
ed interviews to foreign journalists, 
and written pro-democracy articles 
for Western publications. 

In an article fa the Hoag Kong- 
based Eastern Express earlier tins 
year, he said Bring “persuasion and 

education” to change China’s ate 
tude toward human rights was Elr 
a lamb trying to reason with a wol" 

“It's not that the wolf doesn 
understand reason, boi rather tbs? 
he isn’t interested in discussing re* 
son,” he wrote: 

The Chb esc government faces 
series of anniversaries in connei 
tion with tire democracy movemer 
between now and June 4, the 5ft 
anniversary of the Chinese Ann 
crackdown on demonstrator! 
Amid widespread discontent ovc 
unemployment, rising inflatior 
and corruption, officials are afrai 
that any commemorative fodder 
could explode into large-scale pre 

Because there is no concept c 
the presumption of innocence i 
the Chinese judicial system, it i 
.likely that the next step would b 
fa Mr. Wei to be charged, triec 
and sentenced to jail again. 

Some analysts pointed out tin 
the wording of the Xinhua dispute 
on Tuesday left some room to me 
neuver because Mr. Wei has nc 
been charged with any crime. 

’They’re gang to wait and se 
how CTinion reacts,” said Mi 
Munro. “If he rolls over and play 
dead, they’ll say be has committo 
criminal offenses.” 


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Continued from Page 1 

in Belgrade, committed suicide 10 
days ago. Western diplomats in 
Belgrade said. 

Although her motives are un- 
dear, one account died by diplo- 
mats in Belgrade is that her father's 
uncompromising leadership was 
deeply troubling to her. 

In any event, her funeral in Bel- 
grade provided an illustration of 
the divisions in Serbia and Serb- 
hdd Bosnia, with Radovan Karad- 
zic, the leader of Bosnian Serbs, 
conspicuously abscnL Mr. Karad- 
zic, like Mr. Milosevic, appears 
more interested in discusring a set- 
tlement than General Mladic. 

Fa the United States, the situa- 
tion apparently engineered by 
General Mladic in Gorazde and 
Prijedor now poses delicate prob- 
lems. “The Serbs seem to be saying 
they don’t want peace and we can’t 
face it on them,” said one official. 
“We don’t have the pohtical will or 
capacity. Moreover, how can we sit 
down with them now a believe 
they are in good faith?” 

As these problems fester, the of- 
ficials said, the danger is that the 
momentum toward peace generat- 
ed in recent weeks win evaporate. 

Performance Comparisons 



(From 1st April, 1993 to 28th March, 1994) 


(From 1st April, 1993 to 28th March, 1994) 


C 1 qq | | i V i 1 1 — ~i 1 0 G 

Apr May Jun Ail Aog Sap Oct Now Dac 94 Fab Mar Apr *= 

• INVESCO European Warrant Fund (U.S.S) +130.82% 
MSCI Europe (U.S.$) +19.05% 

Source; Mteropal, ofter-to-offer. no income (0JS.S) 


To provide shareholders with capital growth from a highly geared 
investment in the European equity market through equity warrants. 


(From 1st April, 1993 to 28th March, 1994) 

Apr May Jun Jut Aug 5ap Oct Nov Doc 94 Feb Mar Apr 

■■ INVESCO Nippon Warrant Fund (U.S.$) +29.73% 
Nikkei 225 Stock Average (U.S.® +17.19% 

Source: Micropal, offer-to-ofler, no income [U.S 


To provide shareholders with capital growth from a highly geared 
investment in the Japanese equity market by means of a portfolio 
of Japanese equity warrants. 



From 1st April. 1993 to 28th March, 1994) 


E 2SO 



O 200 



A 150 



E 100 

Apr May Jin Ail Aug Sap On Nov Ovc 94 Fob Mar Apr 















































■ INVESCO Asia Tiger Warrant (U.S.$) +1 46.89% 

■ MSCI Pacific ex Japan (U.S.S) +38.17% 

Source: Mtoopal, offer -ttwjffer, no income [U.5.S] 


To achieve tong-term capital growth from a highly geared portfolio 
of Asian equity warrants. 

* investors should note that equity warrants are a highly geared 
form of investment and therefore are categorised as high risk. 
Typically they should form no more than 1-2% of an avataB 
balanced portfolio. 

Voting ^ totnorroVi 

INVESCO International Limited 

INVESCO House, Grenville Street, SL Helier, 
Jersey JE4 8TD, Channel Islands. 

Telephone: (0534) 73114 Facsimile: (0534) 68106 

Apr May Jun Juj Aug Sop On No* Dm 94 Fob Mar Apr E 

INVESCO PS Glob. Emerg. Mkts (U.S.S) +42.77% 
■ MSCI World Index (U.S.S) +14.90% 

Source: Micropai, offer-to-offw, no income (US-S) 


To achieve capital growth from investment in leading companies 
based in the emerging markets of the world. 

J" To: Sales Support, 

J INVESCO international Limited, INVESCO House. 
i Grenville Street St Helier, Jersey JE4 8TD, Channel Islands. 

} Please send me foil details of the 

■ Q Eieopean Warrant Fund Q Nippon Warrant Fund 
| Q Asia Tiger Warrant Fund [31 PS Ghfoal E merg in g Mkts Fund 





Page 6 






Algerians Need Dialogue 

Beware of ‘‘enlightened’’ military coups. 
Two years ago, with a militant Islamic party 
noised to win parliamentary runoff elec- 
tions, Algeria’s army struck, canceling die 
rote, rounding up Islamic politicians and 
reposing an army-backed dictatorship. The 
west, led by Algeria’s former colonial ruler, 
France, put its fear of Islamic radicalism 
ihead of its commitment to democracy and 
wished the soldiers success. Instead Algeria 
blunged into an abyss of terrorism and civil 
fvar with no end yet in sight. More than 4,000 
people have been killed and many thousands 
Imprisoned. Tens of thousands have fled 
Abroad, mainly to France. 

} It should have been clear two years ago that 
un Islamic movement supported by millions 
bf voters could not simply be crushed by 

rights and the Islamic Front operating within 
constitutional rules. It might not have worked 
out smoothly, but it would have honored the 
democratic process, and it could not have been 
worse than what happened after the coup. 

Two years of violence have strengthened 
hard-liners on both sides. With top leaders erf 
the Islamic Salvation From in jail, the more 
radical Armed Islamic Group has launched a 
new wave of terrorism aimed at foreigners, 
unvcQed women and even Islamic leaders who 
favor negotiations. Meanwhile, top army 

i n min e 

inffitary force. It should be even dearer today. 


; tie middle ground for potential compro- 
mise has been much reduced. 
a Algeria’s secular socialist regime was 
“hocked by the success of the Islamic Salva- 
tion Front in first-round parliamentary elec- 
Asions in 1991. Low turnout and electoral 
‘ground rules guaranteed an Islamic majority 

An the runoff. Wisely but in vain, then Pres*- 
Acoest Chadli Bendjodid argued that the runoff 
Should proceed. His idea was power sharing, 
23 »ith a secularist president guaranteeing basic 

leaders oppose calls by President 
Zeroual for a compromise peace. 

France last week withdrew most of its 
teachers and wyhnicinns- Fearing the estab- 
lishment of an Islamic republicjust across the 
Mediterranean and the resulting flood of refu- 
gees, it has been urging Japan to increase 
economic aid to Algeria, hoping to shore up 
tbe military regime. But any such aid should 
be conditional on dialogue. The only choice 
left is between trying to negotiate with the 
Islamic Front and letting power shift in die 
streets to the Armed Islamic Group. 

There woe better choices two years ago, 
but Algeria's generals and their Western back- 
ers were Dot interested. Arc they now ready to 
learn the lessons of that disastrous mistake? 



Consensus on Population 



ir /coca 


tember the United Nations will con- 
in tern ationa! conference on pop- 
A^Jation ami development, for which planning 
£ias been under way for years. This week the 
a Inal preparatory meeting for the conference, 
A^vhich is expected to produce consensus on 
| ibout 90 percent of the matters to be taken up 
a n Cairo, is being held in New York. Conader- 
ng the diversity of the participants — indud- 
ng governments, international organizations 
ind hundreds of private, nongovernmental or- 
ganizations — it is remarkable that consensus 
m tins issue, involving deeply held views on 
amity, gender and religion, is a realistic goal 
The problem is easily staled: World popular 
ion growth rates have descended from their 
xak in the ’60s, but if current rates continue 
he workfs population, now 5.6 billion, wffl 
louble in less than 50 years. This has an 
mormons impact in the developing worid, 
vhere resources will not keep up with demand. 

The United States alone now spends about 
i5Q0 milium a year on international family 
rlamring programs. The worldwide total is 
>4.6 bimon. Bui this effort is dearly not 
sKHigfa if sustainable development is to be 
ichieved. It is expected that most of the Cairo 
xmferees wQl agree that the primary goal of 
ntemational efforts must be to provide lam- 
ly planning services to the millions of couples 
vho want but do not now have access to them. 

At other end of the spectrum are groups 
vith a different emphaas. The Vatican and 
■ome of the more conservative Muslim coun- 
ties, for example, oppose contraception and 

alternatives such as abortion and voluntary 
sterilization. A generation ago that position 
hqH more support than it does now. So while 
religious groups have every right to press their 
agenda and try to persuade other conference 
participants, it is unlikely that they will be 
able to derail current programs or block need- 
ed expansion. F eminis ts and other partici- 
pants, on the contrary, will be pushing for a 
much broader effort designed to deal with i 
issues outside the traditional service-provider 
model- They believe — and they are right — 
that the world must pay more attention to 
women’s reproductive health matters in gen- 
eral They emphasize prevention and treat- 
ment programs related to sexually transmitted 
disease and AIDS. They deplore the condition 
of women in many parts of the developing 
world and denounce barbaric practices such 
as female genital mutilation. They want to 
devote more resources to the education of 
girls, which is a certain route to smaller fam- 
ilies and improved status for women. 

The only problem for the conferees in ad- 
dressing these admirable objectives is money. 
Tbe pie is not yet large enough even to cover 
family planning needs. Everyone can agree 
that progress should be made on all fronts, 
but the delegates will be debating not only tbe 
need for more resources but also the priorities 
that must he set in fight of current limitations. 
The New York sessions will focus attention on 
these goals and should provide momentum 
toward achieving them. 


Foreign Policy Spokesman? 

A i 


Even as they edge toward the peace table, 
Bosnia's Serbs continue to kill people in the 
xmrse of grabbing further territory and 
‘deansing” it of non-Serbs. These atrocities 
ire going on now in several dries, including 
Gorazde, a town, mind, that the United Na- 
tions Security Council has designated as a 
‘safe area." And what is the American re- 
sponse to the possibility of saving mostly 
Muslim Gorazde and Frijedor, also under 
siege, from this fate? Says Secretary of De- 
fense William Perry: “We will not enter the 
war to stop that from happening." 

From an earlier exchange with the secre- 
tary, we arc aware that he sera virtue — to win 
mblic confidence, to prevent “mission creep" 
— in being explicit about American political 
aids and military means in Bosnia. But we 
rontinue to fed that be is taking an otherwise 
xmmendable devotion to transparency to un- 
certain lengths. The United State cannot con- 
front every vile act by Serbs or others. But, as 
\ global power on whose policy other nations 
alculate their own, it cannot afford to leave 
he impression that avoidance of force is more 
mportant than repudiation of the acL Such 
u impression converts a free pass for one 
nisdeed into an invitation to the next. Could 
tot Mr. Peny suggest, for instance, that “eth- 

nic cleansing” is abominable? That Serbian 
defiance cannot fail to affect consideration of 
what is due Serbia in a peace settlement and 
of when sanctions should be lifted? 

Part of the trouble here lies in the fact that, 
on this issue and some others, Defense Secre- 
tary Perry is speaking in something of a Gin- 
ton administration vacuum. He has an unde- 
niable knack for policy explication, and in his 
short term as Pentagon chief he has become 
the a dminis tration's most resonant voice on 
the always acute subject of tbe military impli- 
cations of American diplomacy. 

Not has he confined himself to tbe military 
implications. In remarking on future UB. 
policy in Somalia, for example, he told NBC 
News on Sunday: “I cannot imagine the polit- 
ical circumstances which would allow us — 
motivate us — to go back in and [rescue 
Somalia} again,” It was a major policy state- 
ment of the son that ordinarily would be 
made by the secretary of state or the president 
himself. President Bill Ginton is entitled to 
organize the functions of his government as he 
chooses. If Secretary Peny is to become a 
ranking foreign policy spokesman, however, 
he will be judged by the standards that nor- 
mally apply to that crucial job. 


Other Comment 

To Secnre Post-Odd War Gains 

I A: 
i B* 









■ Kic 
. For 
, Pra 


: VkM 

I VOll 



1 was called back from Calif arms before the 
Cuban missile] crisis had been announced to 
he public to examine the data on Cuba to try 
jo understand what it all meant, and unfortu- 
latdyit was very clear what it all mean L In tbe 
weeks after that, we approached a nuclear 
xmfroniaiioa between the United States and 
he Soviet Union. It was my opinion that we 
were probably gang to a nuclear war, and it 
was only with enormous relief a few weeks after 
hat that we were relieved of that catastrophe. 

I have lived my entire adult life with a 
hreat of a nuclear war hanging over my head, 
that cloud has been lifted with the end of the 

Cold War, but it truly is a precarious lifting. 
What Russia and some of its neighboring 
states are trying to do today in terms of 
reforming thdr political and economic system 
has a very uncertain outcome. 

There are 25,000 nuclear weapons still in 
Russia. It seems to me our first objective is to 
naD down tbe gains achieved with the ending of 
the Cold War and with the lifting of tins threat 
of a nuclear holocaust. The best way we can do 
that is to help the Russians in the dismantling 
of these weapons, help them in the converson 
of their defease industries, hdp than in tbe 
reform of the former Red Array. 

— U.S. Defense Secretary William Perry 
quoted in The Washington Past 

International Herald Tribune 




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Rebuilding Before the Nightmare Is Over 

jgARAJEVO — After a nightmare winter. 

spring has finally come to Sarajevo, bringing 
with it earnest talk of reconstruction. 

A joint Britisb-American team is here assess- 
ing damag e to the infrastructure. Prime Minister 
John Major and his overseas development minis- 
ter came to study the problem, ana Britain has 
pledged £18 milli on to hdp. The French are 
worrying aloud that thdr companies may miss 
out on lucrative contracts. 

Reconstruction, especially after a war like this, 
is a long and hugely expensive process thru re- 
quires careful handling. Done wal, it could begin 

By Tain Guest 

Serbian-held territory, as well as the city’s pipes 
and reservoirs, held by the government. Reinte- 

Serbs and Muslim drink the 
same water, bum the same gas, 
use the same electricity. 

to heal the ethnic wounds and even reunify the 
city. Mishandled, it could accelerate "ethnic 
cleansing” and perpetuate divisions. 

The job wiO be enormous. Self-help and a 
remarkable UN relief operation have prevented 
mass starvation, but two years of siege have caused 
untold damage. Vast numbers of braidings, roads 
and bridges need repair. About half the city’s 
hospital capacity has beat last. Sixty percent of 
the water system has been damaged. Sewage has 
backed up, causing hepatitis. AD but six of the 
city's 34 garbage trucks have been destroyed. 

The British- American team puts the immedi- 
ate cost of reconstruction at £275 annum. The 
Bosnian government’s estimate is S5 billion. 

The human toll of course, is even more dis- 
turbing. According to the nongovernmental 
group Doctors Without Borders, 5,200 Saraje- 
vans have been killed during the siege, and more 
than 15,000 have been wounded. The list of the 
vulnerable seems endless: (be 600 amputees, the 
victims, tbe broken families, the disturbed 
Idren. People’s fierce determination to survive 

is giving way to anguish and bereavement. Never 
was a people 

more in need of sustained help. 
Nimble footwork wiD be needed if the United 

Nations is to mount the proper response. Some- 
how, development must begin even as the hu- 
manitarian emergency continues. 

A new, weakened Bosnia will be unable to 
afford the heavily subsidized health system en- 
joyed by Yugoslavia before the war. Tie govern- 
ment’s hopes of expanding primary health care 
could be undermined ifthe lifting of the siege 
opens the way to a Hood of inappropriate drugs 
and expensive equipment. Careful coordination 
will be most important 

But the main risk is that the reconstruction or 
Sarajevo wiQ proceed in the absence of a ownpre- 
bensive political settlement for aO of B osn i a . 

The outlook in the eastern enclaves of Srebren- 
ica, Gorazde and Zepa is grim. Gorazde is aga i n 
under siege. In Banja Luka, deep in Serbian-held 
territory, the rape and murder of Muslims goes 
on daily. Muslim families are afraid even to seek 
Umcef vaccinations for their children. 

The UN special envoy, Yasnshi Akashi and 
his military commander, Sir Michael Rose, have 
negotiated an agreement to open three local 
roads and a bridge in Sarajevo, a limited step 
toward freedom of movement and restoration 
of commercial traffic. , . . 

But it is a race against time. Authorities m the 
Serbian-held suburb of Grbavica have threat- 
ened to expel remaining Muslims if Serbs arc 
not permitted to leave Sarajevo. Several Serbian 
doctors caught trying to escape from Sarajevo 
recently were beaten and jailed. 

This raises the specter of what UN officials 
term the “Nicosia nightmare" — permanent 
division of Sarajevo on ethnic lines, patrolled at 
great cost by the United Nations. 

Reconstruction and politics necessarily over- 
lap. The key to Sarajevo's recovery lies in its 
utilities — water, gas and electricity. But all Che 
main sources lie outride the dty and pass 
through Serbian lines. Technicians say the only 
viable solution is to restore utilities to their 
unified prewar state. This means refitting the 
dry’s mam water-pumping station at Bacevo, in 

grating the dry’s utilities would benefit not just 
Sarajevo but the Serbs in suburbs like Grbavica. 

But self-interest has takes second place to 
ethmehatred in this war. The Serbs have blodtcd 

food, turned off water, reduced gas pressure and 

denied fuel to Sarajevo — knowing that the 
Serbian suburbs would also strife. 

The Bosnian government followed suit It 
threatened to shut off gas to its own people in 
deepest winter in hopes that international out- 
rage would force the Serbs to increase gas pres- 
sure. It refused to release badly needed water 
from an expensive U ^.-provided water treat- 
ment plant. One of the motives may have been to 
preserve tbe powerful image of suffering. 

There will be no recovery for Sarajevo or for 
Bosnia as long as this sort of mentality prevails. 

Will peace be different? A senior UN official 
will shortly be appointed to coordinate recon- 
struction in Sarajevo. To be effective, he or she 
w HI need to be polite but firm —both with the 
city government and with aid donors. Aid must 
be used responsibly and directed to real needs. 

Bui the real challeng e will lie with the Serbs. 
Somehow, the Bosnian Serbs most be co-opted 
into rebuilding the dty they destroyed, while 
bring pressured to open up the eastern pockets 
and end the thuggery in Banja Luka. There 
should be no aid for Bosnia's Serbs and no lifting 
of sanctions an Serbia untfl they make a commit- 
ment to a reunified Sarajevo and to minority 
rights. To this end, the UN Security Canned 
should consider deploying human rights moni- 
tors in the Serbian-odd areas — something that 
should have been done when the fighting began. 

The Serbs and Muslims of Sarajevo drink the 
same water, bum the same gas, use the same 
electricity. Peace, in the long term, can only be 
a cooperative venture. 

The veriter is assessing the UN relief operation 
in farmer Yugoslavia for the Washington-based 
Refugee Policy Group. The views expressed here 
are ms awn. He contributed this comment to the 
International Herald Tribune. 

A Reconstruction Job for Italians, 
But Where Are the New Tools? 

Bj Marino de Medici 

W ASHINGTON — A funny 
thing happened to Italy’s “pro- 
gressives” — the old Communists 
and their new fellow travelers — on 
thdr way to the modem Forum, Ita- 
ly’s parliament- They were trounced 
by a party that is not a real party and 
did not even exist three months ago. 

Forza Italia (Go, Italy), tbe politi- 
ted overnight by 

cal movement created 
SBvio Berlusconi the MBaneseentres 
preneur, won a relative majority. This 
is a stunning repudiation of the sys- 
tem that had ruled Italy for almost 
half a century. The Communists were 
the last part of that system still stand- 
ing. They had widely been expected 
to win. But they lost big. 

There is only one explanation for 
tbe sudden reversal of their fortunes. 
Italian voters, in their wisdom, cor- 
rectly ganged the ex-Communists for 
what they are, a party that lives off 
the central welfare state and peddles 
the discredited fiction of bureaucrat- 
ic regionalism. 

Italians saw through the ex- Com- 
munists’ new cover of progress visin 
and pegged them as the carriers of the 
very ideas and practices that had 
foisted corruption, patronage and in- 
efficiency in the First Republic. Far 
from being a progressive party, the 
Communists, renamed Democratic 
Party of the Left (PDS), stood for 
maintaining big government — that 
is to say, the old system. They were 
thus a conservative party. 

Whatever the future may bring, the 
Second Republic wiD be sharply dif- 
ferent from the tired old bureaucratic 
machine that took from the general 
public and gave to the we£! -connect- 
ed. This system was authoritarian 
and thus unresponsive to the needs 
and rights of the citizens, and it was 
incapable of satisfying legitimate de- 
mands with a minimum of fairness 
and effectiveness. 

The electorate showed that it has 

had its fill of the finely practiced art 
tivismo,” the shame 

of ‘‘consotiauvismo,” the shameful 
u can50ciaxion'’ of the major parties. 
By that Machiavellian device, tbe 

various parties of the political spec- 
trum — from the Communists to the 
rightist “currents” of the Christian 
Democratic Party — engaged in spir- 
ited political warfare on the public 
scene, while carefully sharing the 
spoils of power among themselves in 
what Americans used to call tbe 
“smoke-filled rooms.” The charade is 
over, as the Italian voters have made 
it unmistakably dear that this sys- 
tem's practitioners, including the 
Communists, are the past and not the 
“progressive” future. 

Why did so many American ob- 
servers not see what Italian voters 
saw? True, the Italian Communists 
promised to be good NATO allies, 
good members of the European 
Union and good economic and finan- 
cial partners. Their representatives 
went to Washington in a steady 
stream to give words of assurance 

show of reliability. 

For some American observers, the 
choice seemed easy: Since Forza Ita- 
lia had shaped a coalition with (he 
former fascists, it had to be rejected 
outright. Unlike the Italians, those 
Americans did not realize that while 
fascism died 45 years ago, the Com- 
munists were bidding to consolidate 
a formidable power base in the coun- 
try. Italian voters said “no” to that 

The future of Italy win unfold with 
political and constitutional reforms 
(on a federalist model, to begin with), 
the search for more advanced forms 
of solidarity, and a new relationship 
between the citizens and the state. 
Forza Italia may not be the answer to 
these pressing questions. It is a het- 
erogeneous bunch, but it is certainly 
better equipped — intellectually and 
technically — to open up new ave- 
nues for the establishment of a truly 
modern Italian stale. 

The Communists did not recognize 
or did not want to accept the fact that 
the old Italian national state had 
ceased to exist as a structure that 
.served the political class rather than 
the citizens. The hope now is that out 

of the shambles of the ancient order, 
a new political structure may devel- 
op, based on real alternatives or good 
government and led by men of keen 
vision and intellectual honesty rather 
than inveterate political tacticians. 
No matter how difficult tbe shaping 

A Balancing Act for Parties of the Left 

HERE IS another lesson from The 

Italy about the difficulties facing 
parties of the left: They need to prove 

they can change countries from the 
inside out without threatening to turn 

them upside down. It is a hard line to 
. If left-of-ccmer parties promise 


too much change, they scare people. If 
they lode too responsible, they start 
resembling the status quo. Italy’s for- 
mer Communists managed to commit 
both errors at the same time. 

Slain in New York , Slain in New York 

N EW YORK — Crime is going 
down in New York City. 

By A. M. Rosenthal 

Crime is going down in New York 
City. Crime is going down in New 
York Gty. The police tell us so. 

Say it out loud a few times your- 
self and one of two things wQl hap- 
pen. You wiD get a chuckle from 
anybody who hears you. Or you will 
begin to believe it. 

That's the tricky part You may 
talk yourself into going for a walk in 
Central Park as night rails. Or, if vou 
are a mother in a housing project, 
^ou may tell your kids that those 

cracking noises are cars back- 
firing, so go play in the street. 

Tbe police say violent crime de- 
clined last year by 4 percent overall 
in seven major categories. A police 
spokesman says the department is 
“very pleased with the trend.” The 
implied journalistic altitude is that 
the public is wrong because it has 

this crazy “perception" that tbe city 

Men! than 

is more violent man ever. 

I doubt that many New Yorkers 
share any sense of pleasure. New 
Yorkers know that the figures are 
so desperately high that a drop 
here and there does not change the 
reality or quality of life in New 
York nor the accurate “pero®- 
tion” that tbe city continues to be 
unforgivably dangerous. 

That is what police officials 
should be saying — or yelling. New 
Yorkers know that if crime contin- 
ues anywhere near as high it wQl 
destroy New York's hope of re- 
maining a place where people want 
to live; work, play, visit and create: 

Right now, a case can be made 
that fife in New York Gty is more 

at risk than in some of the world's 
most ugly civil wars. 

Tbe report said that murders in 
(he city were 2J> percent fewer than 
in 1992. in the same day's paper 
was a dispatch from Haiti saying 
that 50 or more bodies were turning 
up in the country’s capital every 
month, victims of a bloody wave of 
terror. If New York ever reaches 
that level of murder, the dty will 
proclaim fiesta time. A L5 percent 
“drop” since 1992 brings murders 
to 1,946, about three times as high 
as in Haiti afire, and 1,500 by gun. 

New York's murder total also 
turns out to be the number of peo- 
ple killed in each of the last two 
years in the dvil war that is tearing 
apart Algeria. 

In the 1930s and ‘40s, New York 
had about 300 murders, one-fourth 
by gunfire. The truth is that tbe 
streets have not been safe for non- 
criminal dtizens for a quarter-cen- 
tury, whoa drug-induced murders, 
robberies, burglaries and other vio- 
lence started the crime explosion. 

Plainly, something important is 
going gd in crime analysis. Crime is 
so dominant that New Yorkers are 
supposed to be pleased —at least 
not outraged — when tbe figures 
show that thdr dty has dose to 

2.000 murders a year, 86,000 rob- 
beries, 112,000 car thefts and 

99.000 burglaries. 

They take us for forts, people 
who say we New Yorkers should 
think we are making progress 
when only about 35 people are 

murdered every week and we are 
down to about 1,600 robberies 
Sunday through Saturday. 

But they are right; we are fools. 
We whine about tax money we have 
to spend on law enforcement, from 
street to court to prison. We permit 

perversion of our legal system by 
prosecutors and judges who bar- 
gain thousands of violent-felony 
pleas down to save court time. We 
begrudge money spent imprisoning 
criminal addicts and money to 
make prison at least of some use — 
no drag therapy, no parole. 

We insist that tbe mayor has to 
cut the police if he wants to cut 
other departments. Yes, it does 
cost lots of money for lots of police 
to find and arrest criminals, but 
not nearly as much as the price of 
thdr marauding. 

Senator Darnel Patrick Moyni- 
ban has written about an American 
disorder, “defining deviancy down.” 
That means coming to regard as 

acceptable actions we once regard- 
ed as acutely offensive, immoral or 
illegal To me, that means a cop 
who sees a street drug deal and 
wafts away, or a judge who bargains 
down a confessed killer’s sentence, 

Now, in the land bnDt on demo- 
cratic law and order, we are defin- 
ing down not just criminal devian- 
cy. but our own hopes and rights to 
public safety, the most elemental of 
democratic rights. 

In New York, every day 1,600 

take placed ilwse that are'^S 
ed. If that is progress, then God 
help the city oi New York. 

The New York Tones. 

ex-Communists had 
aO iefi-of-center It 
a program dripping with i 
and responsibility. But Sflvjk) Botins- 
coni brought the neofasdsts and die 
separatists behind his leadership and 
drove home a message of buoyant 
optimism. Tbe left never recovered. 

It was so afraid of seeming irre- 
sponsible that it looked dour and 
timid betide Mr. Berlusconi's opti- 
mism. The Communists played Jim- 
my Carter to his Ranald Reagan. 

The ex-Communists got into the 
preposterous position of being cast 

not as the party of change but as 
representatives ol i" 

the old system. The 
ex-Communists* alliance included 
tbdrold hard-liners — and so they got 
nailed for some of the left's unpoptuar 
views, especially on taxes. 

Italy’s new rightist pop ulism can 
be scary. Bnt as Italian progressives 
discovered, politicians of the center 
and left who run as the last defenders 
of the welfare state and the sober 
triends of modestly active govern- 
ment will lack the dynamism to meet 
this new right on equal terms. 

— E.J. Dionne Jr. 
in The Washington Past 

In Japan, 
No Longer 

Far Away 

By Otto Lambsdorff 

T OKYO — How far away Japan 
is, many of us used to thimk back 

in 1974, what the Trilateral Commis- 
sion hdd its inaugural meeting, in 
Kvoto. with the ccnlidt goal of in- 

Kyoto, with the 

chiding Japan for the first time as a 
full-fledged. partner in an interna- 
tional dwate tha t had long been con- 
fined to America and Europe. How 
close Japan has become since then. 

Closeness is often synonymous 
with quarrels. And bilateral relations 
today — barely four months after tbe 
conclution of tbe Uruguay Round of 
multilateral trade liberalization talks 
— seem dominated again by severe 
strains on the trade front . 

Between Japan and America in 
particular, these tensions have taken 
mi the proportions of a full-blown 
— a feud in winch both 
bluntness gives a paradoxical 
measure of just how deep-the eco- 
nomic, political and human interpen- 
etration among our three regions has 
become. But then, what of Europe 
and the Europe-Japan relationship 
is all of this? 

We Europeans tend to marvel at 
the creations of Japan’s ancient past, 
and we rejoice over the feats of the 
Mdji Era. It’s time we devoted the 
same attention to post-1945 Japan. 

In the last two decades, the Euro- 
pean political and business commu- 
nity has largely overlooked the spe- 
cial role of East Asia and of Japan in 
the region. It has overlooked the op- 
portunities offered by the dominance 
of Japan's exports in modi of Asia,* 
many countries resent Japanese ex- 
clusivity and would like to diversify 
their trading partners. More impor- 
tant, Europe has tended to overlook 
Japan's long-standing drive toward 
greater productivity. 

The result is that the European- 
Japancse relationship has often been 
seen as the weak side of the triangle. 
Indeed, foreign direct investments 
between the European Union and Ja- 
pan amount to less than 5 percent of 
the total flow of investments among 
the three regions. Europe’s trade defi- 
cit with Japan remained at a preoccu- 
pying S263 billion last year, despite 
a slight reduction due largely to the 
European recession. 

Thus; to a large extent Europe 
shares the frustrations vented by the 
Ginton administration and sup- 
rts American calls for more open 


it many of us in Europe question 
hr unilateral a 

die noisy and highly unilateral ap- 
proach often favored by our Ameri- 
can friends these days to achieve this 
end. To overcome our present diffi- 
culties, we need urgently to: 

• Turn down the volume. Al- 
though, much remains to be done, 
tbe fact is that Japan's markets" are 
much more open than is commonly 
thoaght. To find a way out of its 
economic predicament, Japan is al- 
ready having to reform its business 
and social ways in the Western di- 
rection, however gradually. 

• Return to multilateralism- It 
might appear that strong-arm, unilat- 
eral tactics hold more chance of 
yielding immediate results. Yet in the 
long run these can only be self-de- 

of a government coalition, the Ital- 
ians have taken a big step forward. 

The writer is Washington commen- 
tator for the new Rome daily L’lnfor- 
mazione. He contributed this comment 
to The Washington Past 

long nm ^ m raecaa ^o my^De^re u-ae- 

international trading system. 

It is particularly shocking to see 
separate agreements between the 
United States and Japan — the semi- 
conductors deal for example, and the 
Motorola deal — being struck at the 
expense of third parties. Not only 
does this fly in the face of the pains- 
takingly formulated rules of the Gen- 
eral Agreement on Tariffs and Trade, 
it is uttafy inconsistent with any rea- 
sonable exports strategy. 

What we now need, perhaps more 
than ever, is a “quiet forum” such as 
former President Jimmy Carter has 
thoughtfully recommended (IHT 
Opinion, Feb. 19). He was thinking 
of the U.S.-Japan Economic Rela- 
tions Group, a small private group- 

ing blessed by both governments, 
which did wonders in tbe *70s to 

lessen trade frictions. Such a forum, 
established on a trilateral and not a 
bilateral basis, could help us today. 

The epochal changes of the last few 
years have not altered the fact that 
North America, Europe and Japan, 
with two- thirds of tire planet's pro- 
duction, form the incontrovertible 
engine of world trade. As such, a 
trilateral framework of cooperation, 
gradually enlarged, remains the key 
to sustaining the welfare and security 
of all our peoples. 

The writer, a former economics min- 
ister of Germany, is chairman of the 
E uropea n branch of the Trilateral 
Commission; the commission's plenary 
session for 1994 begins Friday in To- 
He contributed this comment to 
' International Herald Tribune 


has been arranged for to-day [April 6] 

1894: Desperate Mobs 

NEW YORK — Howling, desperate 

nrebs of strikers, composed largely of upon Mme. Jaurts and her daughter 
Hungarians, are parading the Penn- . at the Villa de la Tour, and at La 
sylvania coke regions near Pittsburg. Muette flowers will be placed in front 

as a protest against the acquittal of 
J auras’ assassin. A delegation mil call 

Ten thousand tons of coke have been 
destroyed by the strikers, together 
with tire storage wagons and ware- 

<rf the bust of M. Jaurte. 

houses. Perhaps the most p**aiii?r 
is tire pan 

1944: Japanese Advance 

feature of the situation 
played by tbe women. Bands of 1 
are going about mating the strikers 
to acts of violence; and there were 
several cases of aon-nxdomst men 
having been set upon by women and 
left senseless after the attack. 

NEW DELHI — [From our New 
York edition:] Increasing thdr pres- 
sure along the entire 200-mile India 

1919: Socialist Unrest 

PARIS — The recent acquittal by a 
Paris jury of Viliam, who shot M. 
Jean J&urts, the Socialist orator, has 
caused a great deal of unrest and 
dissatisfaction in Socialist and work- 
ing-class aides. The labor party 
looks upon Villain's acquittal as a 
class verdict. A big labor gathering 

invasion front, Japanese forces have 
seized a fifteen-mile stretch of the 
Lmphal -Kohima highway and are 
thrusting through the wild Nag,a Hills 
above Kohima wi thin eighty miles of 
Dimapur era the Bengal- Assam Rail- 
way, American Army-operated life- 
line into upper Burma. Japanese 
units previously were reported to 
have cut the sixty-mite road between 
^PH capital of Manipur Slate, 
and Kohima to the north, but to- 
day’s [April 5] advices gave the first 
indication Urey hud consolidated 
their bold on that supply link. 



K.t, '■ 


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■ttu • • ' "rr** 


Population: Young, 
Male and Mobile 

China’s 1 .17 billion people account for 
between a fifth ana a quarter of the 
world’s population. These are people 
on the move, according to population 
expert Ron Skelton of Hong Kong Uni- 

According to Mr. Skelton, 100 mil- 
lion people are on the move at any giv- 
en time within China, as the rural poor 
move from the countryside to the urban 
areas in search of work. TTiis huge mi- 
gration comes as China is learning to 
live with the consequences of its very 
effective birth-control programs. 

After the first two decades of Com- 
munist rule forced down mortality 
rates, the 1970s and early '80s saw a 
dramatic decline in fertility as China 
became more affluent and more 
women entered and stayed in the labor 

In the 1990s, according to Mr. Skel- 
ton, the hallmark of that population is 
“migration - unquestionably." He, like 
others, however, is keen to point out 
that this is not the only feature of note. 
“It's not a nice neat picture," he says of 
China’s demography. 

What China’s mass internal migra- 
tion will mean is still uncertain, but 
there are already some pointers to the 
likely consequences. 

The population will become increas- 
ingly urban. Official statistics from 
1992 already show an urban-to-rural 
ratio of 26 to 74. In addition, some 
470.2 million people, or just over 40 
percent of the population, live in the 
coastal provinces. The cities and the 
coastal areas are magnets for migrants. 

This pattern can be summed up as 
‘ ‘rural to urban and urban to urban." the 
latter meaning the move from smaller 
cities and towns to bigger cities. 

Hong Kong businesspeople say that 

10.000 people a day are trying to get 
into Guangzhou. They point out that 15 
years ago, Shenzhen, the first special 
economic zone, was a small town of 

30.000 people. It is now a metropolitan 
area of 3 million. 

Says Mr. Skelton: “Suddenly, the 
dam has burst, and China is joining the 
rest of the developing world. Never has 
a nation modernized without mass mi- 

mm I 


The services spectrum is wide, ranging from street barbers to hotel health clubs. 

Dealing Wrra a Truly Mass Market 

* • i** L 

Demographic studies suggest that China's market 

will favor youth-oriented products for many years to come. 

... w ..r 


" v '* .• I,: 
•• .• 


Official statistics show that in China, 
the number of mothers with children 
under 30 months - around 56 million - 
is equal to the population of Britain, 
says market researcher David Bottom- 
ley of Asian Commercial Research. 

That youth segment, however, has 
yet to make its real presence felt Ex- 
perts point out that constant large num- 
bers of young people entering the pop- 
ulation will work against the graying of 
China's population. 

"Demography will prevent the emer- 
gence of gray power in China,” says 
Mr. Bottomley. He suggests that the 
market will favor youth-oriented prod- 
ucts for many years to come. 

China has a small urban infrastruc- 
ture at the moment, both in terms of the 
number of cities and the facilities in 
them. There is major concern about the 
ability to cope, simply because of the 
potential size of the cities. 

Another imbalance that will become 
more and more apparent is the increas- 
ing male dominance of the younger 
population. It has been noticeable for 
some years that more males were being 
bom than females. 

China could well find itself dealing 
with a very distinctive and high-profile 
set of urban problems for most of the 
2 1st century. 

Michael Mackey 

China’s consumer market 
offers a huge opportunity 
with no limits on the prod- 
ucts that can be introduced 
there, according to David 
Bottomley, managing direc- 
tor of Asian Commercial 
Research. He warns, howev- 
er, that investors must un- 
dergo some “unthinking ” or 
shedding of certain assump- 
tions about emerging mar- 
kets, before entering it. 

Other experts point out 
that while the Chinese mar- 
ket will show an upward 
trend for some years to 
come, it is not without pit- 
falls. "Foreigners have to be 
very careful," says Mary 
Wong, assistant executive 
director of the Hong Kong 
Trade Development Coun- 
cil. “There are certain phe- 
nomena they should watch 
out for." 

The basic advantage of the 
Chinese market is not so 
much its scale as the level of 
its potential pent-up de- 
mand. This demand is 
backed up by real wages that 
are increasing sharply in the 
urban centers as gross do- 
mestic product grows by 
around 1 2 percent a year. 

Even in the rural areas, 
which are often poor and un- 
derdeveloped, there is some 
effective demand because 
basics like accommodation 
and health care are provided 
by the local work unit, leav- 

ing cash earnings to circu- 
late. With 800 million peo- 
ple living in the rural areas, 
this is a less-well-off but still 
lucrative mass market — for 
the right product. 

It is the 340 million peo- 
ple who live in the thriving 
urban centers, however, who 
are the mainstay of a retail 
sector that Hong Kong 
Trade Development Council 
figures show grew by 16.8 
percent, to l.l trillion yuan 
($127 billion), in 1992. The 
council estimates that this 
trade increased by 24 per- 
cent in 2993. 

This market is not ho- 
mogenous, and can be char- 
acterized as akin to those of 
Australia and the United 
States in the early years of 
the post- World War II con- 
sumer boom. There is pent- 
up demand for everything. 

China, however, has a cru- 
cial difference. As Mr. Bot- 
tomley points out. “Every- 
one has television, so the vi- 
sion of what life is like with 
a lot of consumer products is 
already there, as is the idea 
of respectability of money 
and possessions." 

What, then, are the prod- 
ucts this increasingly afflu- 
ent urban market is eager to 
buy? Analysts point to two 
distinct trends. First, there is 
a move away from basic 
consumer goods such as re- 
frigerators and TVs; in the 

southern and coastal areas 
these are already replace- 
ment markets. According to 

elry, pens, handbags and ac- 

Brand names, however. 

polyester garments 
could be big sellers 
in Beijing 

a Hong Kong Trade Devel- 
opment Council report, the 
next level of consumption 
will be “luxurious products 
and services.” These are list- 
ed as “VCRs, large-screen 
TV sets, air conditioners, 
telephones, modern equip- 
ment for kitchens and sanita- 
tion items.” Another sector 
that will “sell well" includes 
high-grade garments, food 
products and cosmetics. 

The second trend is the 
willingness of Chinese con- 
sumers to pay higher prices 
for imported and joint-ven- 
ture goods. Items that do 
well in this category are 
high-quality clothes and gift 
and travel items such as jew- 

els the key to success with 
ambitious young private en- 
trepreneurs who are looking 
for outward signs of their 
success. This is, in effect, an 
infant conspicuous-con- 
sumption market. 

One of the best ways to 
become established in the 
market, say analysts, is to 
manufacture goods in China 
via a joint-venture company. 
Cheap labor can be utilized, 
and die problems of trans- 
portation are avoided. 

The allure of foreign 
goods is nonetheless strong 
enough to encourage one 
Hong Kong men's clothing 
manufacturer, Goldlion, to 
produce in China, export to 
Hong Kong and re-export to 
China. “All in the hope of 
giving ties the right image," 
says one expert, who asked 
not to be named. 

Mrs. Wong adds that 
easy-to-Iook-after clothes 
made from polyester or 
polyester mixes would sell 
well in the northern cities. 







fix (he 

EsnbGshment of an 
Equity Joint Vernon: 



Ericssoa Radio Systems AB 
Stockholm. Sweden 

Nanjing Radio Factory 
Jiangsu Province, mC 

September. 1992 


acted as advisor to L. M. Ericsson 
for this transaction 




fix (be 

Pw*|i.( bwim of an 

Equity Joint Venture 


Erieaan Tekcom AB 
Stockholm. Sweden 

^npVw g Pom RTetecomanmicatkOfti 
Administrative Bat ea u 

t kungrtmg M a chiner y Import & Export C utyura oc 
April. 1993 


acted as advisor 10 L. M. Ericsson 
far this transaction 




fix the 

FafahliahlBfH pf mi 

Equity JouM Venture 



Ericsson Radio SvszctmAB 
Stockholm. Sweden 

G nmgTho n Radio Factory 
Cmanjyfnti g MoMc Oatato uraca tKio Gxporarioa 
Gua ng dong M a cWnr ty Import A Export Cotponticn 
December, 1992 


acted os advisor to L. M. Ericsson 
for this transaction 




for the 

P. tT oW MtKi n fni 

of an 

Equity Joiot Vamne 


TeieTooaktieboiagn LM Ericsson. Sweden 


North Eastern Cotmmmkarioa Group Company 
Liaoning. PRC 

July. 1993 


acted as advisor to L. M. Ericsson 
for this transaction 



for the 

damn: of i major 
Technical Cooper aboo A g ie emta 



Enema Tekcom AB 
Stockholm. Sweden 

Nanjing Ericaaon Com m e rttaim o Company Limited 
Bangui Province, PRC 
March. 1993 

acted as advisor to L. M. Ericsson 
for this transaction 




for the 

of a 

Wholly Foreign Owned 
PRC National Holdmg Company 


Beijing. PRC 

Tcfcfonakiieboiaga L. M. Ericsson 
Stockholm. Sweden 

March. 1W4 


acted as advisar to L. M. Ericsson 
far tins transaction 

Exceptional Results. 

Continued from page II 

terprises. Millions of newly out-of- 
work former state employees could 
trigger social unrest. 

Central leaders, who regularly stress 
that stability is more important than 
anything else, already this year have 
re-established price controls on many 
daily items and exempted slate enter- 
prises from contributions to funds for 
construction of energy and transport 

“A lot of reforms are being pushed 
into the future as the leaders concen- 
trate on immediate problems, namely 
social unrest," says Mr. Perkin. 

If state enterprises are not forced 
away from the public trough, it will be 
impossible to fully implement bank- 
ing reforms. 

These reforms are designed to end 
the system in which banks were oblig- 
ed to loan money to central and local 
government officials to support com- 
panies owned by the government. 

Most banks are now to lend money 
purely on a commercial basis, leaving 
government-directed loans to so- 
called policy banks. 

Richard Wong, director of the Hong 
Kong Center for Economic Research, 
says it will probably take time for gov- 
ernment officials to resist the tempta- 
tion to bully banks into providing 
loans. Another problem is that many of 
the loans already made to loss-making 
enterprises will have to be written off. 

“With a balance sheet of bad debts, 
it will take a long time before banks 
have the resources to lend on a com- 
mercial basis," says Mr. Wong. 
“Nothing is going to change very dra- 
matically in tiie next year." 

An important part of monetary poli- 
cy is the move to finance the budget 
deficit by selling bonds instead of by 
printing more money, which pushes 
inflation even higher. The government 

fa. ?;• * -V 

't, .•*•> •**&*?'! 

|V , •. ■ „ . * . v, •;-»''*>■ 4 * v r ' * < 

*'f -'VA*. *. 

has had to force workers to buy bonds 
in the past. 

China also wants to take the central 
bank. People’s Bank of China, out of 
the lending business to let it concen- 
trate on monetary issues. 

Reform of the foreign-exchange 
system will rationalize and tailor the 
system to the market, boost Chinese 
exports, encourage foreign investment 
and “serve as a useful first step to full 
convertibility of the renminbi,” ac- 
cording to a study by the Hongkong 

The bank says the risks of the re- 
forms are higher than they would have 
been several years ago, when the swap 
rate was stable and there was little dis- 
parity between official and swap rates. 

One of the main steps of the reforms 
was to abolish the official foreign-ex- 
change rate and instead use the rate at 
swap centers that are used by autho- 
rized domestic and foreign businesses. 

Tax reforms initiated on Jan. 1 are 
badly needed to let Beijing regain 
control over fiscal policy and to dis- 
courage speculative investments. But 
they have raised resistance from local 
governments, which see taxes divert- 
ed from their coffers to Beijing and 
fear that new taxes will reduce foreign 

The Land Appreciation Tax threat- 
ens to curb robust foreign investment in 
property development by imposing 
taxes of 30 percent to 60 percent on ap- 
preciation of the original investment 

The value-added tax of 13 percent 
to 17 percent will cut into the profit 
margins of many manufacturers and 
raise prices of goods and services. 

Special economic zones are to end 
preferential tax rates for companies 
with foreign investment 

Some local officials have said they 
will apply the new taxes according to 
local conditions. The biggest impact 
°f Jhe new taxes so far is uncertainty. 

"It’s now a gray area, with every- 
body watching to see what happens,” 
says Masahiko Fujita, a director and 
vice president at the Hong Kong of- 
fice of Japanese trading company 


Hong Kong 

Tel: (852) 523 7733 

Fax: (852)877 5918 

the first telephone in China, connecting two rooms of the 
Dowager Empress’s palace in Beijing’s Forbidden City, was 
installed by L.M., Ericsson in the late 1 9tii century. 

For a few decades following this auspicious debut, the 
Swedish telecommunications giant continued its chain of 
successes with a shipmenr of 2,000 phone sets to Shanghai 
in 1894 and China’s first automated switchboard service in 

After that, Ericsson kept in dose contact with the Middle 
Kingdom through the long years of war and revolution, win- 
ning its first AXE public switching equipment contracts in 
1981. Meanwhile, competitors invested in China, and Erics- 
son found itself frustrated in its efforts to reclaim its legacy 
as the pioneer in telecommunications in China. The great 
telecom prizes of the day - cellular systems and public ex- 
changes - seemed to lie beyond its grasp. 

Enter the “old China hand” consultants of XRG The 
firm s three partners have roots in China as deep as Eric^ 
son s. Principal John Hoffmann’s family hails from nlri 
Shanghai: he studied Chinese politics at Hrard ^ 
worked for Rothchilds i„ ChinaT The of 

P^f- w as Sun YaSen’s foreign mhi- 
.ster. XRG s profess.onal team brings together sp£ia™ts 
) ,ke ranvigoraung Ericsson, on the dSy 5 
The best China resources work for themselves - y 
Beginning in 1991. XRG completed a China assessment 
and, together with senior Ericsson managers in and 
Stockholm, crafted a comprehensive OaKSST 
Three years later, Ericsson has two cellular and three iSc 

™ tur f “ «■«*. Plus a China holding^mptZ 
and finds itself back where it started, at the forefronL ^ • 



" n k 

■^£SijSING ~ 



Can you sustain the engines 
of growth in China 
without accelerating an 
energy shortage? 

China begins to release its vast industrial potential and ABB, as a world 
leader in electrical engineering, is already there, working with local partners to 
strengthen the infrastructure and update industrial processes. The Shidongkou 
power plant in Shanghai uses ABB’s advanced super-heated steam technology 
to conserve 90,000 tons of coal each year. Two new ABB gas-fired power plants 
going up in Guangdong province will be the highest-rated combined cycle 
facilities in China. ABB provides the systems technology and equipment which 
distribute electricity more efficiently, too, and make Chinese industry more 

Yes , you can 

productive. Control systems, electrical equipment and drives for new aluminum and steel cold rolling mills in Fujian 
and Sichuan. Process control systems for modem sewage treatment plants in Shanghai. Forty ABB mine hoists 
already operating will soon be joined by others in Anhui and Heilongjiang provinces and an ABB Master control 
system to operate an open cut mine in Inner Mongolia. On Chinese railways, travelers enjoy the comfort and 
convenience of ABB’s International Coach, a simple, flexible railway car designed for low-cost local assembly, 
while in the south-east region, ABB is installing a complete train protection system to automatically control speed 
on 300 km of track. In China and throughout the world, ABB is creating flexible, efficient local solutions to help 
clients respond more quickly and precisely to technological challenges. like bringing the world’s largest market up 
to speed without draining its energy resources. 

ABB is an official sponsor of the 1994 China Summit meeting in Beijing May 11-13 1994. 

ABB offices in Hong Kong and China; Beijing, Chongqing, Fuzhou, Guangzhou, Qingdao, Shanghai, Shenyang, 
Wuhan, Xiamen. ABB offices in Asia Pacific: Sydney, Australia; New Delhi, India; Jakarta, Indonesia; Kobe, ■ 
Japan; Seoul, Korea; Kuala Lumpur, Malaysia; Kathmandu, Nepal; Auckland, New Zealand: Manila, Philippines; 
Singapore, Singapore; Colombo, Sri Lanka; Taipei, Taiwan; Hanoi, Vietnam. 

F -el6 


I -^VERTISING section 

The New, Improved 
Advertising Industry 

Heading into downtown Shanghai is 
like entering a corridor of conspicuous 
consumption. For long stretches, any 
view of the city is obliterated by bill- 
boards lining both sides of the road. 
They peddle, among other things, Ital- 
ian shoes. American soft drinks and au- 
tomobiles and a slew of new luxury vil- 
las catering to a rising class of wealthy 

As the country's market economy 
finds its legs, the advertising industry is 
holding aloft the banner of the new and 
improved China: “Buy, Buy, Buy. ’ 
Chinese officials predict that advertis- 
ing spending in China will reach about 
30 billion yuan ($3.5 billion) a year by 
the end of the decade. About 60 foreign 
agencies are already active in China, 
hoping to get a piece of the small but 
growing pie. One company last year 
forked over one million yuan to Chi- 
nese sex symbol and actress Gong Li to 
plug an air conditioner on television. 

Outlawed as bourgeois until the start 
of China's reforms in 1978. advertising 
is becoming more soph is beared. Once- 

ny to enter China back in 1986. Much 
depends on the whims of Chinese bu- 
reaucrats at the state-controlled televi- 
sion networks and newspapers. “If they 
don’t like you, they won't give you 
space,” she says. o 

This is assuming, of course, that 5 
space is available. Demand is so high 3 
and advertising space so limited that | 
companies may face a wait of a year or S 
more to finally get their product before z 
the public. Like anything in China, the | 
wait depends on connections, or f 
guanxL within the Chinese system. 

Another potential problem arises 
from Chinese demands that fees be 
paid in full before the advertisement is 
aired. Foreign companies have little re- 
course if their ad is bumped to another 
time slot on television or a different 
space in a newspaper. 

Says Ms. Peng: “Clients are very re- 
luctant to do this.” 

Pricing for advertising is also differ- 
ent for foreign companies, which in the 
Chinese capital are required to pay 
more than three times as much as their 

The rise in living standards can only increase the already heavy dem a nds on transportation infrastructure. 

Financing Railroads, Highways, Ports 

Where billboards bloom, can celebrity endorsements be far behind? Beauty 
products in Shanghai and actress Gong Li, hawker of air conditioners. 

local counterparts for a 30-second spot 
on television. Meanwhile, a new law 
barring advertisers from buying direct- 
ly from the media has sparked protests 
from foreign agencies, who say that the 
move will only be detrimental to estab- 
lishing a market system. 

Still, overseas interests, lured by the 
estimated 600 million Chinese who 
tune in to watch television and the mil- 
lions who read newspapers, are for die 
moment willing to pay the higher 
prices, which are still far cheaper than 
in the West 

William Brent 

lackluster television spots are being re- 
placed by fast-paced, slick productions 
more reminiscent of those from Chi- 
na's capitalist neighbor to the south, 
Hong Kong. More than 30,000 Chinese 
companies have already entered the ad- 
vertising fray. 

Even with all the recent trumpeting 
of China’s market of nearly 1.2 billion 
consumers, die ways and means of get- 
ting to them are still limited. 

“It's a seller's market." explains 
Mary Peng, chief representative in Bei- 
jing for Dentsu. Young & Rubican, the 
first major Western advertising compa- 

Ten years into the process 
oF economic liberalization in 
China, which most analysts 
now characterize as “irre- 
versible." investment 
bankers in Hong Kong are in 
search of capital to build and 
rebuild China's transporta- 
tion infrastructure. Through 
their pension funds. North 
Americans and Europeans 
will be financing a substan- 
tial portion of the most in- 
tensive campaign of road, 
bridge, port and rail building 
in history. 

“This century shifted 
wealth from the private sec- 
tor to governments." said 
Hong Kong developer Gor- 
don Wu in an address to the 
American Chamber of Com- 
merce. “During the 19th 
century, most infrastructure 
development was privately 
financed. Now that govern- 
ments have ‘wasted’ the 
money, private-sector devel- 
opment of infrastructure is 
again necessary. This is 
proving to be true in China.” 

China's need is acute. Ac- 
cording to the U.S. Embassy 
in Beijing. China's existing 
transportation infrastructure 
is capable of carrying only 
about 60 percent of demand. 
China's rail network is the 
smallest in the world. and is 
used three times more inten- 
sively than that of the United 
States. Yet rail remains Chi- 
na's lifeline, carrying 58 
percent of the country’s 
freight in 1991. compared 

with 18 percent by road and 
21 parent by water. 

China's road network has 
grown only slightly since the 
1950s. even though the 
freight it carries has risen 
250-fold. According to the 
World Bank, if private vehi- 
cle ownership relative to 
population were equal to 
that of the United States. 
China would have 800 mil- 
lion vehicles and would 
need 28 million kilometers 
(17 million miles) of roads. 

The 2,000 ships that call 
yearly at Shanghai typically 
languish for a day or longer 
in the turgid waters where 
the Yangtze spills into the 
sea, waiting for a position in 
the overburdened port. 

China’s State Planning 
Commission and Ministry of 
Foreign Trade and Econom- 
ic Cooperation this year 
have taken the first steps in 
seeking foreign help with 
the country’s transportation 
woes, circulating a list of 
210 major transportation in- 
frastructure projects. 

To attract Financing for 
these and other infrastruc- 
ture opportunities through- 
out Asia, Peregrine Invest- 
ment Holdings, a major in- 
vestment banker in Hong 
Kong, launched the Asian 
Infrastructure Fund. At the 
end of a day of presentations 
to pension fhnd managers in 
San Francisco, an executive 
with the frmd said: “I like 
transportation, but bankers 

don't understand it very well 
yet. They look at all the 
problems with Gordon Wu’s 
superhighway, but that’s a 
specific case." 

David Taylor of the 
American Chamber of Com- 
merce in Hong Kong con- 
firms that American invest- 
ment in transportation infra- 

way project, however, has 
been plagued by delays and 
substandard work by Chi- 
nese contractors. 

Even so, with daily traffic 
volume between Hong Kong 
and Guangzhou projected at 
100,000 vehicles per day a 
decade from now, Mr. Wu 
stands to make a packet Un- 

serves only 60 
percent of demand 

structure is still minor. 
“Americans are still wary of 
investing in long-term pro- 
jects in China,” he says. 

Mr. Wu’s company, 
Hopewell Holdings, is 
building a 188-mile system 
of six-lane superhighways 
linking Hong Kong and 
Macao to Guangzhou, the 
capital of Guangdong 
province. The province is 
the fastest-growing region in 
the world, registering 15 
percent growth for the past 
three years. The superhigh- 

der the terms of Hopewell’* 
build-opera re- transfei 
(BOT) arrangement Hope- 
well will have an ownership 
interest in the highway and 
adjacent lands for 30 years, 
after which the assets will 
revert to its local govern- 
ment partners. BOT is. as 
one investor put it “the fla- 
vor of the month." 

“I think transportation in- 
frastructure projects offer 
great prospects for sustain- 
able long-term invest- 
ments,” says the fund execu- 
tive. “One major advantage 
of transportation projects is 
that they require very few 
foreign components' and, 
hence, little foreign curren- 
cy. This is an especially im- 
portant consideration in Chi- 
na's interior, where foreign 
currency reserves are small.” 
Whitney Mason 

* .! 

I A: 
. Bl 


F I 





■ Kit 
• Llr 



1 Ma 

■ PCI 
. Pri 








. We 
I Pfl 



We have a big link with China. 

Dalian is also the name of a big industrial port in north-east China where the WEPEC Chinese consortium, 
in partnership with TOTAL, is building one of the most modem refineries in the Far-East - with a capacity of more 
than 100,000 barrels a day. TOTAL is an international oil and gas company, present in over 80 countries. 
Our activities cover all sectors of the oil and gas industry, from exploration, production and trading to refining 
and marketing of petroleum products and LPG. TOTAL is also involved in the specialty chemicals industry 
(rubber transformation, resins, inks and paints).- The Dalian project is only one of TOTAL’S jmna 
international partnerships, demonstrating our commitment to the .development of energy 
projects worldwide. TOTAL China. Beizhan Binguan. West Wing. 100044 Beijing. 

Tel: (86) IS 3147 01. Fax: (86) 18 31 55 S7. TOTAL BY NAME. TOTAL BY NATURE. 




Reaches for 



Western petroleum companies are helping China fuel its 
expanding economy with its own energy reserves. 

China has embarked on the world’s 
largest energy modernization program, 
and foreign oil, engineering and power 
companies are rushing to help the 
country leap into the 21st century. 

Even though China has the fourth- 
largest power industry in the world, per 
capita consumption is very low, rank- 
ing only 80th in the world, and 120 
million Chinese have virtually no elec- 
tricity. China's energy needs are rising 
by 10 percent a year, and the country 
will need $25 billion in foreign invest- 
ment in the next eight years to maintain 
its booming economic growth. 

Fourteen power projects worth $8.2 
billion are already in the works, from 
the nuclear power sector to the thermal 
power industry, which is building three 
300-1,300 megawatt plants with for- 
eign investment in south China alone. 

Perhaps the most ambitious of Chi- 
na's energy projects are those designed 
to harness the country's vast water sys- 
tem. With 2,000 years of dam-building 
experience, Chinese planners already 
have their eyes on an ambitious $100 
billion scheme to develop the Yangtze 
River region before the year 2000. 

The centerpiece of that project is the 
Three Gorges Dam. Set for completion 
in the early 21st century, it will be the 
world's largest hydroelectric project, 
supplying power-starved central China 
with all its electricity needs. 

Critics said a few years ago that the 
country could not afford the estimated 
$18 billion price tag, and international 
financial institutions appeared loath to 
grant the financing needed. But now 
Merrill Lynch has offered to devise fi- 

nancing for the project, and fierce com- 
petition has begun among foreign engi- 
neering giants such as Kumagai Gumi, 
Westinghouse and General Electric. 

In the middle of an industrial revolu- 
tion that will dwarf that of the 19th cen- 
tury, the earth’s most populous nation 
needs prodigious amounts of foreign 
technology and capital - not to mention 
oil. The Middle Kingdom has vast 
quantities of untapped oil, much of it in 
the western region of Xinjiang. 

Because most of that oU is still in the 
ground, China recently signed a con- 
tract to import 3 .5 million tons of oil a 
year from Saudi Arabia, and this year 
will become a net importer of oil for 
the first time since 1949. 

Caltex, the oil-refining joint venture 
between Texaco and Chevron, believes 
Western petroleum companies can help 
provide China with enough of its own 
oil resources to keep its fast-growth 
economy going. Edward H. Old, chair- 
man of Caltex China, says he is confi- 
dent that Beijing will overcome prob- 
lems caused by transportation bottle- 
necks and underfinanced refineries. 

“China will become one of the most 
prominent forces, and certainly the lead 
market for growth in the Asia-Pacific 
region," says Mr. Old. “Even if you as- 
sume that the growth rate drops sub- 
stantially - and they have said they 
want it to drop to 9 percent - the ener- 
gy demands will continue to grow 
much faster than in Europe and the 
United States." 

Energy experts once thought of Chi- 
na as a country with vast natural energy 
resources but. given the low-tech, low- 

income nature of its society, few possi- 
bilities for their use. But that was be- 
fore 1978, when senior leader Deng 
Xiaoping launched an economic re- 
form program that surpassed all expec- 
tations and swallowed much of those 
resources. While it remains the largest 
oil producer in Asia, with a record pro- 
duction of 145 million tons last year. 
China accounts for only 5 percent of 
world oil production, and this has not 
kept pace with industrial demand. 

“It would have been difficult for any- 
one to have predicted the kind of 
growth China has had,” says Mr. Old, 
who concedes that China has taken 
large steps to develop more of its own 
oil resources. 

China's highest hopes are reserved 
for Xinjiang's oil-rich Tarim Basin, but 
after years of trying to develop the re- 
gion themselves. Chinese officials have 
now opened the remote area to foreign 
oil companies. Texaco and four other 
foreign companies agreed in February 
to develop a portion of the Tarim de- 
spite skepticism over Chinese esti- 
mates that Tarim's reserves are larger 
than those of Alaska's Prudhoe Bay. 

Another Western company evaluat- 
es exploration possibilities in regions 
like Tarim is Total, which has been 
present in China for 15 years. It began 
m exploration and production, and has 
more recently moved into industrial co- 
operation and refining. Total has a 20 
percent interest in the construction and 
operation of a refining complex in 

S* 1 ’ "'ll have a capacity of 
‘XX- 00 barrels a day when it starts up in 
1995 - Nick Driver 


if Coca-Cola could get China’s 1.2 billion people to drink 
one l. 25-liter bottle of soft drinks per week - less than the 
American average, but a long way from China’s current av- 
erage of two cans per year - the company would double its 
global annual sales of 10 billion cases. After investing 
decades of time and over $100 million in China, Coca-Cola 
finally turned a profit in the challenging market in 1990. 
Perhaps more significantly, Coca-Cola’s perseverance 
through the years is paying off in close cooperation with 
state authorities. The world's leading soft drink producer al- 
ready has 13 bottling plants around the country, three of 

which are state-owned. Last February, the comoanv an- 
nounced another $ 150 million in international investment to 
build 10 mote plants, most of them in China's *iSvi™Eri 
or. The comply expects total investment in its China oner- 
auons to reach $500 million by 1996. Coca-Cola ssharenf 
the vast market is approximately 12 percent - more than 
twice that of its nearest international competitor - and sir™ 
emblazoned with the familiar Coca-Cola logo dSminfte 
streets where few Westerners have tread. One joint 

has even devdoped a frail-flavored soda called Jinmeile 
pecially for the mainland. yj 








Page 17 ’ — r 





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Investments Holdings Limited 


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* £ 
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As a leading participant in Asia's capital 
markets, the Peregrine Group is at the 
forefront of international capital-raising for 
economic developments in the People's 
Republic of China. 

We are proud to sponsor the 1994 China 
Summit Meeting in Beijing — 
an opportunity to bring together the highest 
levels of Chinese government officials with 
leaders of the international business 
community to discuss China's economic 
direction for the 21st century. China’s 

Peregrine is uniquely positioned to formulate 
and execute investment and financial 
strategies in China and throughout the 
region. We are Asia's largest independent 
investment bank outside Japan with: 

• net assets of US$500 million 

• 17 offices in 11 Asian countries, 
including Beijing, Shanghai, Nanjing, 
Guangzhou, Shenzhen and Hong Kong 

• global distribution 

Sponsored by 

Peregrine Investments Holdings Limited 


Beijing, People's Republic of China 

The China World Hotel 

May 1 1-13, 1994 ^ i$ 

v : :• • : •'><- 

An Economic Summit 

v ' .. • • •• • : ?- • drS 

Meetmg Convened by the ■>/* / <• 

International Herald ••• 1 ‘ ^ 

■r . ./ *••>. , ' 

Tribune and the State ,( 

Commission for ; ...; ? H - , ^ j y - l . . 


Republic of 

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1 _ Page 18 



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Mainland Markets 
Ease Open Their Doors 

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A*— '.:X. '• v -x.. 

There is increasing pressure in China 
to open a third official stock exchange. 
Some 22 major mainland companies 
are preparing to seek stock-market list- 
ings both in China and overseas, possi- 
bly including New York. 

Tianjin, W uhan and Shenyang are all 
vying for the exchange, which will sup- 
plement the work done by the ex- 
changes in Shanghai and Shenzhen — 
even though Beijing has made it clear 
that the thud exchange is unlikely to be 
set up this year. 

Tianjin, like many other cities in Chi- 
na, already has a relatively well-devel- 
oped financial-services center, with just 
over 200 members using computers to 
trade in state Treasury and corporate 
bonds as well as funds. 

For the remainder of 1994, however, 
foreign investors will have to trade offi- 
cially through one of the other two 
markets, which in practice means 

While Shenzhen may be the center of 

end of January, there were roughly five 
times more A- than B-shares, as well as 
an A-share mutual fund. 

In the Shanghai market, total trading 
for 1993 reached 246 billion renminbi, 
or approximately $28 billion at the 
swap exchange rate that prevailed at the 
end of last year. This was four and a 
half times the 1992 trading level of 54 
billion renminbi. 

The distinction between A- and R- 
shares, created partly because the ren- 
minbi is not yet fully convertible and g 
partly because of the command-econo- jjj 
my ethos of limiting foreign involve- | 
ment, is under a great deal of pressure I 
from both domestic and foreign traders. | 
It will be some time before the maging | 
of the two types of stock is possible, ac- | 
cording to some sources in Shanghai « 

According to press reports in Hong 
Kong. Hwang GuLxian, a director with 
Shanghai Shenyin Securities, said that 
several other areas had to mature before 
any merging could be considered. He 

Capital inflow is relreving the pressure on China's currency caused by die trade deficit 

In Search of a Viable Exchange Rate 


A market in transition: Pre-capitalist transport 

at the Shanghai exchange; the modern Shenzhen trading floor. 

w « 

China’s economic boom, it is very 
much a poor cousin to the more tradi- 
tional financial hub of Shanghai. It is 
also considerably overshadowed by the 
adjacent Hong Kong exchange, winch 
has a much higher capitalization. This 
fact alone is influential in the number 
of Chinese companies seeking what is 
called an H-share listing there. 

Confirming the prevalent view of 
Shenzhen as an immature or experi- 
mental market was the recent decision 
of the exchange to freeze listings of A- 
shares, i.e., those for sale exclusively to 
mainland Chinese, following a 40 per- 
cent decline in prices. B-shares are ex- 
clusively for foreign investors. By the 

cited regulations, the legal framework 
for the country’s work force and re- 
source issues, particularly foreign ex- 

One company well-positioned to 
capitalize on the market is Peregrine, 
which has demonstrated considerable 
skill in helping China develop its econ- 
omy. “We are a bridge between China 
and the outside world, having a long 
historical involvement and some good 
contacts there,” says Francis Leun. Of 
Peregrine’s strategy, he says: “We in- 
vest our own capital in China, help Chi- 
nese companies modernize and expand 
and help bring them to the public mar- 
ket." MJVL 


People's Republic of China 

The reforms enacted by the Chinese 
government on Jan. 1 this year, which 
abolished the effective two-tier curren- 
cy exchange system, have been hailed 
by Hongkong Bank, among others, as 
“The most important reform of China’s 
foreign-exchange system since the 
1985 decision to establish swap mar- 

The reforms created a unified rate 
that is set daily by the People’s Bank of 
China based on the market rate the day 
before. The bank gets that information 
from six of the major swap centers 
which, among them, handle more than 
50 percent of transactions and are 
linked by a Shanghai-based computer 
network. It is the aim of Chinese offi- 
cials eventually to link all the swap 
centers, thereby creating a truly nation- 
al market 

April 1 had been set as a target date 
for this, but there are technical prob- 
lems with the installation of the com- 
puter system, which may cause serious 
delays. The markets linked into the sys- 
tem will already have an estimated liq- 
uidity of over $15 billion, according to 
press reports. 

The system, based on supply and de- 
mand, is much nearer to international 
norms, an essential prerequisite of 
GATT membership - a major strategic 
goal of the Chinese leadership. The 
abolition of the two-tier system was 
comparable to a 33 percent devaluation 
of the renminbi, as well as what the 
Hongkong Bank’s China Briefing 
called “a useful first step towards full 
convertibility of the renminbi.” 

Despite the move’s uncertain effect 
on China’s trade, it signaled a clear in- 
tention by the leadership to reform the 

There are still hurdles ahead, howev- 
er. apart from any short-term confusion 
of initial adjustments. “Eventually, 
China can create a viable exchange rate 
for the renminbi, but there are a lot of 
pressures that it will have to deal with,” 
says Ian Perkin, chief economist at the 

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Hong Kong General Chamber of Com-, 

One he is quick to cite in this context 
is inflation. Currently running at 24 
percent in the urban areas, although 
much lower in the rural areas, the effect 
of inflation is akin to devaluing the ren- 
minbi domestically, says Mr. Perkin. It 
could fuel momentum toward another 
devaluation, something to be avoided 
at all costs unless it signals a structural 
upgrading of the economy. 

The balancing act that China most 

bring off in both the short and long 
terms is expanding trade and liberaliz- 
ing its economy without adding to 
pressures to devalue. The short-term 
objective must be to avoid devaluation 
pressures in the overheated cycle that 
the economy is in now. 

It remains to be seen how much will 
be remembered from mid’ 1992 to mid- 
1993, when the swap centos showed 
significant renminbi devaluation. This 
was largely due to economic overheat- 
ing, which was sucking in imports and 
diverting resources from exports. 

The problem of import demand 
growing faster than export capacity is 
common to developing economies. 
While China’s trade deficit is putting 
pressure on the currency, Mr. Perkin 
points out that “capital inflow is saving 

He offers an illuminating statistic in 
regard to rebalancing the import-export 
equilibrium so important to heading off 
_ devaluation. “There is some $140 bil- 
lion worth of investment pledged for 
China, only $27 billion of which has 
been used," he says. 

What concerns many at the moment 
is not the unsuitableness of Chinese fi- 
nancial institutions for managing in a 
market-sensitive way the creation of a 
viable exchange rate. That, the conven- 
tional wisdom runs, will come with a 
fuller market economy and reform of 
the roles of the various banks - al- 
though that move is probably ded to as- 
tute political timing. 

. . The concem. js_ rather. the govern- 
ment’s obsession with stabilizing the 
exchange rate at around 8.7 renminbi to 
the dollar, using methods such as sell- 
ing reserves and tightening administra- 
tive control. Experts such as the 
Hongkong Bank advise that it should 
focus instead on preventing sharp and 
sudden devaluations, and not use these 
devices to counter pressure for structur- 
al devaluation that will arise with the 
economy’s maturation. 



Continued from page 11 

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“Then, after they had laid 
the political groundwork 
with the statements and in 
the NPC, they launched an 
austerity program at mid- 
year," Mr. Chan says. 

A number of economists 
expect a replay of 1993’s 
austerity program. “Li Peng 
is talking about 9 percent 
growth and getting inflation 
down,” says Ian Perkin, 
chief economist at the Hong 
Kong General Chamber of 
Commerce. “That’s unreal- 
istic without a clampdown." 

As last year, economists 
say, China would have to 
use administrative fiat to 
curb growth because mar- 
ket-oriented macroeconomic 
controls introduced early 
this year are not effective 
enough yet 

Last year’s credit squeeze 

pulled industrial production 
down from 27.6 percent 

down from 27.6 percent 
year-on-year growth in the 
second quarter to 16.4 per- 
cent in October. 

As the politically power- 

ful state-owned sector ran 
short of working capital, 
China had to relax austerity 
measures in the fall. Indus- 
trial output growth jumped 
to 29.8 percent in December. 
Another mid-year, tempo- 
rary cutback in credit would 
benefit some foreign in- 

“If you use foreign capital 
for a project, you can get 
very good terms," says 
Richard Wong, director of 
the Hong Kong Center for 
Economics Research. 

On the other band, foreign 
retail operations in China 
and foreign exports to China 
will likely suffer. Manufac- 
turers who rely on domestic 
suppliers and markets will 
find that even foreign fund- 
ing will not totally insulate 
them from harm. A wide- 
spread shortage of working 
capital will mean that many 
suppliers will have to cancel 
or curtail shipments, and 
end-users will not be able to 
pay for products. 

Last year's credit squeeze 
did not bring down the over- 

As the economy evolves, 
so most financial 
instruments and 
banking technology. 

all Tates of GDP growth or 
inflation. It did stabilize the 
renminbi, however, and cur- 
tailed diversion of funds to 
speculation in real estate, 
stocks and foreign ex- 

This year’s attempt to 
slow down economic 
growth will probably result 
in “more or less a soft land- 
ing,” says Vincent Chan, se- 
nior economist at Peregrine 
Brokerage. The 9 percent 
goal for GDP growth is rea- 
sonable, he says. “The key is 
growth in investment in 
fixed assets. The target is 10 
percent I think it will be 16 
percent, compared to 50 per- 
cent last year ” 

Fixed-asset growth figures 
for tile first few months of 
1994 will be crucial, accord- 
ing to Mr. Qian. Lower in- 

vestment will not get infla- 
tion to the NPC target of be- 
low 10 percent, but should 
push it down two percentage 
points to 12.5 percent for the 
year, be says. 

He is also optimistic that 
China can cope with its 
growing trade deficit. After 
several years of surpluses, 
China suffered a $12.2-bil- 
lion shortfall last year, 
which some experts say 
threatens China’s foreign- 
exchange reserves. 

According to Mr. Chan, 
the deficit is likely to contin- 
ue, but he says the current 
surge in imports is not a ma- 
jor problem because much 
of it consists of equipment 
pid industrial materials go- 
ing to rapidly growing, ven- 
tures with foreign invest- 
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cess," and Berjaya Group Bhd. of 
Malaysia is wasting no time in pushing 
ahead with ambitious plans for China. 

With assets totaling over $2. 1 billion 
and an annual turnover of $800 mil- 
lion, Berjaya is a publicly listed 
Malaysian conglomerate. Vincent Tan, 
its chief executive officer, who took 
over the company in 1984, has trans- 
formed the group from a steel-wire 
producer to a widely diversified group. 

Berjaya has adopted a policy of estab- 
lishing busiaess opportunities and 
growth through joint ventures and al- 
liances, and has expanded its business 
in China as well as in Hong Kong, the 
Philippines, South America and the United States. 

Having opened an office in Beijing only in late 1992, Ber- 

jaya was a relative latecomer to the 
Chinese market. In less than two years, 
it has commited itself to projects 
around the country in areas including 
“frastructure, property and real-estate 
development, social welfare, industry 
and recreation. 

Berjaya’ s joint- venture projects and 
plans include constructing a second 
bridge in Nanjing spanning the 
Yangtze River, developing land in 
Shanghai's Pudong development 
zone, building a golf course in 
Shenyang and running a printing com- 
ply , m B®jing and a rubber powder 

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Page 19 

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“ Page 20 



"advertising section ? 

Gets a Wake-Up Call 

itt li 

With the recent ending of its monopoly 
on telecommunications, China has giv- 
en foreign companies a glimpse of new 
horizons in a market that is already the 
most promising in the world. 

China expects to spend about $6 bil- 
lion this year alone on telecommunica- 
tions, an astounding pace of develop- 
ment. New telephones installed this 
year will total 9 million, nearly double 
last year's figure, and the target by the 
year 2000 is 65 million, which would 
bring telephones to five of every 100 
Chinese. More than 100 million lines 
will also be in place by the end of die 
century and about four times that by 
2020, which would make China’s the 
world’s largest telephone system. The 
new switching systems will be pro- 
gram-controlled and digital. China 
plans to lay down 32,000 kilometers of 
fiber-optic cables between major cities 
by 1995. Cables will also link China to 
Japan and South Korea. 

Vying for the cellular market. 

Naturally, the telecommunications 
boom has attracted all the world’s ma- 
jor players, but some restrictions re- 
main in force. The Ministry of Posts 
and Telecommunications, which pro- 

vides service and sets regulations, last 
year banned foreign companies from 
investing in, operating or taking part in 
the operation of China’s telecommuni- 
cations services. Despite the reiteration 
of the ban several times and the scut- 
tling of several deals, most analysts say 
it is just a matter of time before it is lilt- 
ed. “There’s a good chance it will be 
lifted, say within the next five years or 5 
so," says Michael Ricks, vice president § 
for business development at Ericsson | 
Telecommunications China. g 

In a country where political controls 1 
are still tight, steps have also been tak- S 
en to prevent the average Chinese from | 
joining the information superhighway °- 
that the new telecommunication ad- 
vances have brought. Private owner- 
ship of satellite dishes was banned last 
year, and subscription to international 
information networks is also restricted. 

As in the prohibition of foreign equity 
investment, most analysts believe re- 
strictions on flow of information will 
become increasingly hard to enforce 
with the growth of the non-state sectors 
in China's economy. 

In a market with such vast growth 
potential, no one seems particularly up- 
set by these minor distractions. Swe- 
den’s Ericsson, for example, registered 
sales of some $500 million in China 
last year, making China one of its top 
five markets in the world. “It's one of 
our biggest markets, and it’s become 
one quite rapidly,” says Mr. Ricks. 
Meanwhile, competitors like Siemens, 
Alcatel and NEC have also carved out 
substantial pieces of the Chinese 
switching system market Motorola has 
dominated the cellular telephone and 
pager market although competition is 
becoming stiff er. AT&T has recently 
taken steps to increase its market share. 



s ^ 

Real Estate: Not Too Hot to Handle 

The Chinese real-estate mar- 
ket is starting to bounce 
back after last summer’s po- 
litically inspired cool-down. 
This presents good opportu- 
nities for foreign investors, 
experts say, though they 
warn that the fledgling mar- 
ket still poses problems for 
the unwary investor. 

Real estate and construc- 
tion were strongly affected 
by economics czar Zhu 
Rhongji’s 16-point austerity 
plan last July, which was de- 
signed to slow an economy 
on the verge of overheating. 
Loans to developers were 
restricted, certain specula- 
tive property ventures at the 
luxury end of the market 
were canceled and some 100 



The International Herald Tribune and the State Commission for Restructuring the Economic Systems of the People's Republic 
of China have invited the world's business leaders to an unprecedented summit meeting on China's socialist market 
economy. Its aim is to foster a dialogue at the highest levels amongst the leaders of the Chinese government and the global 
business community. The Summit, The Socialist Market Economy of the People's Republic of China: Cooperation with 
Global Business,'* will be held in Beijing on May 11th and 12th of this year. 


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billion yuan ($11-5 billion) 
in unauthorized loans to 
property developers was re- 

The result was a turn- 
around, with land prices 
fallin g up to 30 percent in 
some regions in the second 
half of 1993. Coupled as this 
was with a 10 parent drop 
in commercial property in- 
vestment, the market started 
to look favorable to foreign 
investors once prices started 
to right themselves. 

Some experts in the prop- 
erty field such as Dominic 
Leung, head of the China 
services division at Richard 
Ellis in Hong Kong, view 
these measures as a good 
thing, arguing that they are 
necessary for the regulation 
of the industry. Mr. Leung 
points out that by sealing off 
domestic finances, “new op- 
portunities were made avail- 
able on schemes planned 
that were short of funds.” 

As is often the case in 
China, the key is the right 
joint-venture partner. Tt de- 
pends on where you are 
from, the financial muscle 
you have and the connec- 
tions,” says Mr. Leung. 

One hurdle still to be 
overcome is that no non- 
Chinese national can own 
property via a freehold 
arrangement Leaseholds are 
the norm. These cannot ex- 
ceed 50 years, except in the 

residential sector, where 70- 
year leaseholds are usual. 

A related problem affect- 
ing the sector is the degree 
of state control it is still sub- 
ject to. C.N. Brooke, senior 
partner in the Hong Kong 
properly brokerage Brooke 

ung calls “still pretty unso- 
phisticated” is without re- 
turn. Not only can it benefit 
from Western expertise, but 
there is a fast-growing de- 
mand for all types of com- 
mercial premises. 

Mr. Leung sums up the 

Rents have 
doubled twice in 
Beijing in 18 months 

Hfllier and Parker, summed 
it up best when he said in a 
speech in Hong Kong in 
March: “Amidst a confusion 
or absence of regulations, 
the central and provincial 
governments have made 
several attempts to regain 
control of the property sec- 
tor - and of its financial 

There is also draconian 
legislation of the construc- 
tion industry in regard to 
plot ratios and zoning. 
“There are a lot of restric- 
tions, more than in Hong 
Kong,” says Mr. Leung. 

This does not mean that 
the market, which Mr. Le- 

supply side of the equation 
for China in three words: 
‘There isn’t any." 

His advice, which is also 
offered by other property ex- 
perts, is to avoid the regional 
fragmentation of the nation- 
al market and to concentrate 
on prime sites. 

This means avoiding or 
deferring getting on the real- 
estate bandwagon in sec- 
ondary locations such as 
Wuhan, Nanjing, Chengdu 
and Shenyang. “Big cities 
and prime products that will 
bold their value even if the 
market hiccups” are to be 
preferred, says Mr. Leung. 

Geographically, this 
means Beijing, where office 
rents have doubled twice in 
the past 18 months, Shang- 
hai, Guangzhou and the 
Pearl RiverDelta, particular- 
ly the town of Shenzhen. 



+> ■ .: ■ 
■ ■ 

despite China's 
fast-growing economy, 
factories in the boom- 
ing coastal regions are 
forced to operate at 75 
percent of capacity be- 
cause of a dearth of 
electrical power. 

“China is the largest 
market for power gen- 
eration in the world,” 
says Alexis Fries, top 
executive in the Asia-Pacific region for 
electrical engineering giant ABB Asea 
Brown BoverL “Just in order not to lose fur- 
ther ground, China has to add 15,000 
megawatts a year - that's equivalent to elec- 
trifying Switzerland - every year.” 

ABB’s relationship with China can be 
traced back to 1907, when it supplied the 
country's first steam boiler. The Zurich- 
based group has had an office in Beijing 
since the late 1970s. 

In the last few years, ABB has stepped up 
its operations in China, building six power 
generation plants of various types from 

Harbin to Guangdong. 
h It has also set up six in- 
dustrial-service joint 

For the immediate 
future, ABB aims to 
build two power plants 
per year. The plants 
will average 1.2 gi- 
« gawatts, double the ca- 
5 parity of plants built in 
the last few years. 

The next step for ABB is to replace im- 
ported components, which drain scarce for- 
eign-currency reserves, with parts manufac- 
tured in-country. 

ABB is having little trouble finding fi- 
nancing for its projects in China, according 
to Mr. Fries. “Infrastructure investments 
have been a discovery for overseas Chi- 
nese/ he says. “Energy infrastructure in- 
vestments offer the benefits of stable de- 
mand, steady cash flow and flexible options. 
Moreover, power generation is an essential 
prerequisite for any other industrial devel- 
opment” WJVL 


Continued from page II 

ers Boeing will produce in 
1994, or 36 airplanes, will 
go to this market. Boeing 
also helped launch an air- 
craft maintenance course in 
Tianjin, where graduates 
study for U.S. Federal Avia- 
tion Administration exams. 
In addition, Boeing assisted 
China Southern Airlines in 
setting up an FAA-ap proved 
flight-training center in 
Zhuhai, near Macao. 

The French-based Euro- 
pean consortium Airbus In- 
dustrie has set up Airbus In- 
dustrie China to handle vari- 
ous commercial, industrial 
and product-support activi- 

The company will set up a 
service support center and a 
flight-training center with 
modem flight simulators in 

Airbus already provides 
regular technical assistance 
at three major Chinese air- 
lines’ maintenance bases. 

Hong Kong’s Cathay Pa- 
cific Airways has responded 
to China’s appeal for help 
with airline management 
training. In March, the air- 
line signed an agreement 
with the China National 
Aviation Corp. to provide 

free on-the-job training and 

Under the agreement, 
middle and senior manage- 
ment from China’s many 
airlines will be seconded to 
Cathay headquarters for six- 
month stints. There they will 
learn revenue management, 
scheduling, flight opera- 
tions, marketing, schedul- 
ing, staff training and devel- 
opment as well as passenger 
and cargo operations. 

Jim Eckes, Hong Kong- 
based managing director of 
the aircraft consulting and 
leasing firm Indoswiss Avi- 
ation Ltd., sees excellent op- 
portunities for Western 
companies in China. 

One area is in short-term 
joint ventures or manage- 
ment contracts with Chinese 
airlines, especially the new. 
smaller carriers. 

“A lot of cities and 
provinces feel neglected by 
the big airlines and want to 
start up their own carriers,” 
he says. “They may have to 
bring in a foreign airline for 
financial or managerial as- 

Help will be needed in 
reservations systems as well. 
“The airlines already have 
the airplanes and full flights, 
but the reservations systems 

are inefficient I’m not cer- 
tain when they will focus on 
this, but they will have to,” 
he says. 

Major overseas airlines 
are reported to be marketing 
their reservations systems in 
China now. According to 
Hong Kong-based executive 
David Solloway of United 
Airlines, “There is a mind- 
boggling potential for CRS 
[computer reservations sys- 
tems] in China.” 

China’s growing airlines 
need Western technology 
and systems to handle the 
growing traffic, he says. 
China Southern Airlines has 
already asked the U.S. carri- 
er for a computer so it can 
plug its international reser- 
vations office in Guangzhou 
into United’s Apollo system. 

Security expertise pro- 
vides another opening for 
Western companies. In 
March, a team from the U.S. 
company Aviation Defense 
International was invited to 
look at Beijing Airport. ADI 
trains personnel in perimeter 
security, access control, pas- 
senger checks and documen- 
tation checks. Security hairi- 
ware companies have also 
been involved in talks with 

Garry Marchant 



u . 

M O N D A Y 

s routs 

Olajuwon in Foul Trouble, 
Maxwell Boosts Rockets 



! 77 m > Associated Press 

■ M^ C Si ) ^ UWOn ** dK”** ol “MVP, 

crowd m Houston. Vanon 

showdown on Saturday. 

maWna ? e Rc J c * tels ^ if taw guards arc 

^mgthor shots, they are a different team," 

“Svi coach, John Lucas. “Their 

2®* h «k like ours. If they hit the first 
“Si* of taar confidence goes way up." 
fo "ouston increased its lead over San Antonio 
totwo games m the Midwest Division and 
evened the srason series 2-2. The teams meet 
again April 19 in San Antonio. 

four steals, five assists and 
toee rebounds. Kenny Smith added 22 points 
aod seven assists as Houston's guards ont- 
smred the Spurs’ backcourt starters 49-26. wa- 
ne Anderson had 16 points and Vrnny Del 
Negro 10 for the Spurs. 3 

? me 10 «* Olajnwon battle 
the Spurs David Robinson, but both centers 


were saddled with five fouls over the final eight 

Olajuwon finished with 20 points and 13 
rebounds, and he dismissed MVP talk. 

■T S,™ 1 , worr y in 8 about that," Olmuwon 
said. I d rather win the war and lose the battle, 
that’s what’s important. Besides, MVP is not 
one game and anyway you can’t go wrong if you 
pick me, David or Scottie PSppen.” 

Robinson, after scoring only one point in the 
first quarter, led the Spurs with 30, including 15 
after drawing his fifth foul with 8:10 left 

“The first quarter was bad," he said. “We had 
no movement, no activity. We put ourselves in a 
bole. We didn’t lose became of the first quarter. 
It just put us at a big disadvantage." 

Houston look a 47-39 halftime aided by 
San Antonio’s cold start, but the Spurs pulled 
even at 51-51 with 7:40 to go in the third and 
appeared to be making a comeback after 
Olajuwon drew his fourth foul with 6:22 to go. 

Robinson was enraged after drawing his 
fourth foul, an outburst that cost him a twihtiig»l 
foul and led to another when Lams complained. 
Smith missed both shots but then hit a 3-pointer 
for a 61-51 lead with 4:50 left in the period. 

Houston hit six free throws but didn’t get 
another basket until Matt Bullard's 3-pointer 
made it 70-62 going into the fourth quarter. 

Magic 125, Heat 105: ShaqmHeCTNeal, lim- 
ited to 10 points through three periods, scored 
Orlando’s first five of the fourth quarter, spark- 
ing a 14-4 spurt that lifted the Magic in Miami. 

Orlando defeated the Heat for the third time 
in five meetings to win the season series for the 
first time in the team’s five-year histoiy. The 
Heat lost all three games in Miami this season. 

Miami scored on all but three possessions in 
a 42-point third quarter to tie the game 88-88. 
But the Heat missed eight of their first 11 shots 
in the last period and fell behind 102-92. 

Hawks 117, Buffets 103: In Atlanta, Stacey 
Augment hit 12 consecutive shots and scored 26 
points as Atlanta stopped visiting Washington. 

Kevin Willis had 25 points and grabbed 15 
rebounds for the Hawks, who shot 60 percent 
from the field in winning for just the second 
time in five games. 

Danny Manning had 17 points and Modkie 
Blaylock 12 points and 11 assists, three of them 
in a 13-6 Atlanta run in the first four minutes of 
the third period. 

Augment, Who missed only his first shot of 

the Hawks stretdieJ > ^2-5^h^tnne lead to 
75-61. Atlanta extended its lead to 93-75 with 
three minutes left in the third quarter. 

Brib 125, Buds 99: Chicago scored the first 

1 5 points against Milwaukee on the way to a 37- 

19 lead after me quarter in Chicago, and the 
Bulls coasted to their seventh straight victory. 

The victory, the Bulls' 13th in 15 games, kept 
th»m on e game behind first-place Atlanta in the 
Central Division. It was the fifth straight game 
Chicago has held its opponent undo 1 1© points. 

Warriors 117, Tfantarwofres 105: Chris Mul- 
lin scored a season-high 29 points and LatreQ 
Sprcwdl added 11 of ms 17 points in the fourth 
quarter for Golden State in Minneapolis. 

Chris Webber had 20 and 10 rebounds for 
the Warriors, coming off their most decisive 
lass in almost two years — Thursday’s 134-102 
defeat in Houston. 

Jan 128, Cuppas 104: In Salt Lake City, 
Kati Malone scored 15 of his 25 points in the 
dedrive third quarter against Los Anglese as 
Utah won consecutive games far the first time 
in a month. 

Tom Chambers, John Stockton and Tyrone 
Corbin scored 20 points each for the Jazz, who 
had failed to win two straight games since the 
end of their 10-game winning streak on March 8. 

Trad Bhzerc 112, Lakers 104: Clifford Rob- 
inson and Clyde Drexier scored 25 points each 
as Portland defeated visiting Los Angeles for 
the sixth straight time. 

Tory Smith scored 18 points, Elden Camp- 
bell 17 and Sedafe Threat! 16 for the Lakers, 
who played without Coach Magic Johnson, 
who kept a commitment be made before he was 
hired, Michael Cooper toadied in place of 
Johnson, who was in Detroit far a Mgn school 
all-star game, “Magic’s Roundbafi Classic." 

Hornets 127, 76ere 122: Larry Johnson scored 

20 paints and Tyrone Bogueshad 19 pants and 

13 assists as Charlotte won in overtime in Phila- 
delphia to improve its slim playoff hopes. 

Tie Hornets, with eight games remaining, 
must catch other Miami, Indiana or New Jersey 
to get a postseason berth. They trail die Pacers 
and Nets by four games and the Heat by 4& 

Grand National: 
Race Is Winner 


' * •* * # 4 

* *• ' v - ; v 
v'", . ‘ '■ . 'is > ' 

• ' v •, S- i • 

. *r c v : 

. V .‘Ls 

Matijm HntxmfTkc Auodued Pro* 

The jockey J. Supple coridn’t stay od Zata’s Ltd at the last fence of (he Grand National steeplechase at Aintree, 
England. Mmmehoma was a ltf-fengffa victor in the race, wMdi after last yeart fiasco went off without a batch. 

Yamaha Moves Into Lead in Whitbread Race 
As Storms Damage Endeavour and La Poste 

Agence Franee-Presse 

' AUCKLAND, New Zealand — One-time leader Tokio 
limped into port Sunday in Santos, Brazil, as Yamaha 
took over at the lead in storm-lashed Whitbread Hound 
■the World Race. 

: The Japanese-New Zealand entry Yamaha went ahead 
: in the race’s fifth leg after the Italian boat Brooksfidd had 
forged into the lead Saturday for the first time by pulling 
■ off a gambling maneuver. 

Guido Maisto’s Whitbread-60 yacht, in eighth place 

Meanwhile, the storms that had all but ended Tddo’s 
hopes and forced the British W-60 Dophin and Youth to 
bead for Rio took its toll on two maxi yachts. New 
Zealand Endeavour and the French boat La Poste. 

Endeavour had dropped back to ninth after gales 
damaged its sails and deck gear, and forced the crew to 
chop up two bunks to strengthen a delaminating hull. 

La Poste, minus two crewmen retained in a jail in 
Uruguay after being accused of attacking a hotel burglar. 

Compiled by Oar Staff From Dispacha 

LIVERPOOL — Faroe became 
triumph at the Grand National as 
the Aintree horse race laid to rest 
the ghastly memory of 1993. 

And the English comedian Fred- 
die Starr was laughing ah the way 
to the bank after picking up about 
5500,000 in prize money and bets 
after his 16-to-l shot Munnehoma 
sloggpd to victory on Saturday. 

But the other big winner was the 
reputation of the world’s premier 
steeplechase, restored after last 
year’s embarrassing two false 
starts, which led to the race being 
dedaied void. 

Mnzmehoma, ridden by Richard 
Dunwoody, held off a strong, late 
challenge from Just So to win the 
grading 4ft-m0e (73-kilometer) 
race by 1W lengths. 

Moorcroft Boy, the 5-io-l favor- 
ite, finished third and Ebony Jane, 
25-to- 1, was fourth. 

In the best performance ever by 
a woman jockey in the National, 
Rosemary Henderson, SI, rode 
150-to-l shot Fiddlers Pike to fifth 
place. Roc de Prince was the sixth, 
and last, finisher. 

The recoil heavy rains took a toll 
on the other 30 starters, who either 
fell, lost their riders or pulled up on 
tire heavy ground. 

The main casualty was The Fel- 
low, die French-trained gelding 
bidding to become the second 
horse in histoty to win both the 
Cheltenham Gold Cup and Grand 
National in the same year. The Fel- 
low was contending' for the lead 
when he feD althe 24th fence. 

But a new starting procedure 
waked perfectly, as the starter. Si- 
mon Moran t, pressed an electronic 
button that automaticall y raised die 

The move took It past Yamaha and another Whitbread 
60 yacht, the European entry lutrum Justitia.'But Ya- 
maha reded the Italians batik in on Sunday to take a 12- 
nautical-mile lead, with lutrum a further six miles behind. 

also had to slow to repair its hull. 

Chris Dickson, skipper of the Japanese yacht Tokio, 
which lost its mast Thursday, was hoping to strengthen 
his boat at Sao Paulo’s pot of Santos before sailing up the 
coast to pick up a spar being flown in from New Zealand. 

The final leg begins May 21 inFortLaudodale, Florida. 
It is expected to end in Southampton, England, in July. 

Three extra official* were sta- 
tioned farther down the course to 
halt the field in case of a false start, 
but they weren't needed. 

Another worry was eased when 
the sun shone. Several days of rain, 
had and sleet had led to fears that 
the race would have to be canceled 
or postponed. 

the police mounted a huge secu- 
rity opoation to prevent the race 
from being disrupted by animal- 
rights activists. Last year, demon- 
strators got onto the course, caus- 
ing one of the false starts. 

At least 23 people were arrested 

Saturday outside the course, in- 
ducting a man carrying a hammer 
and darts, but the race was not 
affected. The police also seized fire- 
bombs, incendiary devices and oth- 
er material. 

Security personnel were posted 
along the guard rail and fences in 
case activists broke from the crowd. 

Miinneboma pulled into the lead 
group by the second circuit. Moor- 
croft Boy challenged coming into 
the stretch but faded. Then Just So 
pulled alongside in the final fur- 
long, but Munnehoma galloped 
away to the narrow victory. 

Dunwoody, 30, who won the Na- 
tional in 1986 on West Tip, said: “J 
thought for a stride or two in the 
dosing stages I was gong to get 
beat The other hose just got to me 
but mine battled back. The ground 
was very, very testing." 

Starr, who was too busy with 
wok commitments to travel to 
Aintree, watched on television. 

Despite the numerous spills, 
there were no serious injuries to the 
horses or riders. Officials reported 
that Quirinus sprained a tendon 
and Double Sr£k was bruised, while 
the jockey Graham Bradley aggra- 
vated a shoulder injury when Black 
Humour feU 

Henderson is the oldest woman 
ever to take part in the race while 
Fiddler’s Pike, aged 13, was the 
oldest horse running Saturday. 

"He is virtually past it and I 
certainly am,” Henderson said. 

• Some of the finest U.S. fillies 
cast some long shadows toward the 
year's championships when Classy 
Mirage outran five rivals to win the 
38th Bed O' Roses Handicap at Aq- 
ueduct on Saturday in record time 

The 4-year-old had never raced 
more than seven furlongs, but this 
time she rocketed one mile and 
drew dear by 4% lengths over For 
AD Seasons and by 956 over the 
favored Dispute. Ridden by Rob- 
bie Davis, she ran the mile in 1:34, 
dipping a full second off the record 
set 26 years ago by Too Bald. 

• Brocco re-established himself 
as the best Kentucky Derby pros- 
pect on the West Coast by outdud- 
mg Tabasco Cat in a thrilling 
stretch drive to take the Santa 
Anita Derby on Saturday in Arca- 
dia, California. Brocco won by 
three-quarters of length. 

(Reuters, AP, NYT) 


OTC Consolidated tracing for week 
ended Friday, April 8. 


WBMc - 4139 716 5*4 4V6 —11* 

KWWIt _ 3930 174* 164* 14* —1* 

WMJMgt _ 1337 14 21 22ft +1 

WM»S -45049 74!* 67 Wi — 

WaOstdS - S 7 'jSi 4*4 TVi + W 

Werner » .12 A 282E W* 27V. 29 + U 

Wesencs « 11 mom ttv, 27va — v, 
WsfCstCA .«!«««■ *Vb 

WsfCsiFL JO 13 141 I2U 174* 7141 —Hi 

WstMor _ 1537 71V, 1614 71% *3 

Wfltra -ZB 1.6 6018 ISVa 17 +1 

WNewtn A0 1.7 471 23% 73 Z» „ 

WHOnOS J3 26 770327% 26H TP/k - 1 * 

WaSIcoB .138 J 160 18H IB 18V, *W 

Wsscots _ 13420 OTWITHaWn-HIV., 

Wl Um fml _ 1153121* 12'A 13V, — 4k 

WfBcnfcs MTTA 127 14HMH16H +44 

WltBret _ 377 9 7Vt 7Vt — » 

WMicTc _ 4*5 B44 0V4 - 

WMnPb -32431 14'4 111* HV.-3'A 

WSIWntr _ 3224 311*19 2W* +H 

WMm _ 2494 7V, 7 7 —'A 

Wstsvs 1433 17H16 17*4 +H 

WtfpBc 11 3 3 a -H 

WHwOn -15474 9V> 8H BVa — H 

wetseeJ _ 441 4 H 4 W, m +W 

vrnrPr 1.34043 5121H31H21H +H 

Woven JW IA 10 32*, 32*4 32H - 

WlXJTf .10e _ 55 W* 9'A Wfc +*s 

Wheorty A 1174 10H 9*. 10 ♦'* 

WnaoRvr _ 499 31 29 MV, +1* 

WWHHs M U 750 23H 2144 22H — JJ 

WNFdi - B45420V6 17 19H +46 

WholCoa -12972 8 6Vu TV> — 

WtDHtvS -14990 2014 14M 19V. +1V, 

WltkLu _ 1307 20 181* 19*4 +H 

WHyjA 1.10 1J 333 B8 84 » 85%— 3 

WBomtS Si 2.110267 SOW 45H 4*14 —46 

Wfflml - 2 21* 2 Vi 2'A +H 

Wmsons -1250039*4 29H 37V, +4 

WBmTTs 1JU 4.1 4476 25*4 M 2446— 1H 

Wk«JRIVT _ 672 6V, 5H 6H — JV 

WBtsSFu - 2281 10% 9V. lOVi +S 

WrTtwRs M A 338 13 12W. 13 +H 

WHcCT _ 2206 72V4 70** 714* +14* 

Wototm JO 1 J 997 17V. 1» 1646 +•* 
Wondwra - 2927 174* 14 IT 1 * — V* 
WOodld M 2.1 149 14<* 15 1 * 14 —1* 

WrkCap 54 U 4 251* 25V4 2SV. - 

WIOACP - 1M7 1B** 1 tv, J7H +4* 

WerAS .12 1.2 681 944 846 94* +4* 

Wwltios J4 1J1 9537 30V, 19 191* — W 

Wyman _ 3626 5*6 4V. 59, +1 

- 4004 4<* 346 3H —V* 
3 X443214* 21 21W +W 

_ 53952U*. 2Vu 246 +’* 
-14942 5346 44W 514* +14* 
-21062 25V* 19 1 * 34% +4 
_ 4325 17 12 l6V u +2<*u 

_ 10 14* 1» 14* 

_ 147421 17 204* +24* 

_ 938 17V6 14 14V. —1 

YtflDiHCp .94 4JI 11174 241* 231* 23*6 — V. 
YotOltl - 243 14* 1% 14* —Vo 

YorfcFn M 2J8 48214* 204* 21H _ 

YarKRS - 1037 5 4% 4»* —46 

Yaunker - 733018 1544 itv. —4* 

- 29 IT 1 *. 14'* 

1*'* — 


- 4414 84*, 8H 


2 216 246 


- 241 1346 12 


- 8199 38 35 

371A — 


-11344 UK 1446 



- 1471 3i* 3 


- 4738 3446 32 


• V, 

- 48 116 14* 


L9 349 38 3646 

- 2350 746 19. 

- 722431 24 

38 + 





- 297 7V6 M6 

- 1344 11V> 10V, 




- 5313 346 3 Mi 

- 35 TVt 7Vi 

- 372 3 2Vk 
731 9'A 8 Vi 











Major League Standings 

(Through Sotontay) 

W L Pet 
Boston 4 1 JOQ 

Toronto 4 1 an 

Botttmora 3 j J 9 ) 

NlwTort 3 1 JSB 

DetroU I 4 M 

Central DlvtUoa 

Clew) and 3 0 1.000 

Milwaukee 3 i 350 

Chicago 2 3 MB 

Mi nnesota 1 4 300 

Kansas City D 3 MO 

West Division 

Cal Horn la 3 2 MO 

Oakland 2 2 -500 

Terns 1 3 .390 

Seattle 0 4 Ml 

East Division 






New York 















Florida 1 3 

cmnrai Dhrwon 








SL Louts 
















1 4 




San Francisco 





Las Angeles 










San Diego 





Friday’s Line Scores 

Cleveland 031 BM 130-0 It I 

Kansas CUT St M «W-3 7 1 

Nosy. LDlkwfct ID, Turner (9). Farr TO csM 
•LAiomar; Oontorv Brewer 14), AAoononto 17) 
Pletsatdoiai.lWonlootwervTOandMa c farlarw. 
W— Nagy. 1-0. L~Gordon.O-L HRe-CJevelond 
Thgmt (1). Kansas CHy, Coleman (1L 
Boston m 030 04*— fl 9 1 

oiiaioa m 011 «*— 4 11 3 

Set*. Quanfrlll (6). Trtlcek <71. Fassas (7). 
Bankhead IB), Russell (7) and Valle: Bern, 
DeLeon (61, Assenmoeher (D. McCoskin (8) 
and Korkovlce: w— Fassas, l-ft L— Assets- 
macher. 0-1. Sv— Russell (31. HRs-Oileogo. 
Raines 2 (2). Franco (2). venhirn 13). 
conforms oeo toe no— 1 6 a 

AWtraokar 3*1 007 OOX—5 9 I 

Leftwtch. Leftets (7) and Turner; Bones. 
Uayd TO and Nilsson. W— Bones. 1-0. 
L— LeftwicMM. HR— Milwaukee, Seltzer (2). 
Detroit 000 oeo 000-11 4 0 

New York 100 Ml 2**— 4 B 1 

Doherty, Boever (7) and Kreutor; J .Abbott 
wtcfcmon (B), Ham (» andSteilcy. W—J Ab- 
bott. ML L— Doherty, 0-1. S v Howe (1). 
Seattle BOO 28B too — 7 9 0 

Toronto 230 010 0*x— « 12 2 

Fleming. Gow (4). JJSMson M), Davis 

17) . Ayala (B) and D.WIteon; A-LeHer. Ca- 

danet TO. Timlin (B>, Stottfemvra (9) and Bor- 
den. W— AJjeltar. 7-0. L— Fleming, 0-1. 
HRs— Toronto. Carter (2), Delgado 131. 
Texas 2M BM 113—7 9 1 

Baltimore BOO Ml 030—5 • • 

Armstrong. C ar pe n ter (7). Honeycutt (7), 
Howell (8), Henke (9) and R odrig u e z; Mayor. 
Elchhom IB) and Holies. Tackett TO. 
W— I towel L ML L— Elchhom, 0-1. Sv— Henke 
(1>. HRs— CJames (1), Rodriguez (l). Bom- 
more, Devereaux (3). Hammonds (1). 
Oakland 1B3 on 010 2-10 12 0 

Mkmesoto HI M M 1—9 17 t 

[10 ton togs) 

Welch, Ontiveros (7), Nunez (7), Edcersiey 
(B). Briscoe TO. Toy tor (ID and Slelnbacti; 
Mo ho me s, Garogazzo 16). Willis (S), Gaslai 
(10) <md Wa (boric w— Briscoe. ML L — Coskm. 
0-l.Sv— Taylor 111. HRs— OokteuLSlerra 111, 
McGwire (II. Gates (1). Stelnboch (2). 

CMeago M0 BN 1B2-I 6 B 

Montreal BM OH 000-0 3 0 

TrmdHcl BauHsto (D.mvcts (9) and WDcbB,- 
PJMarlfna. Rajas <71. Shan <91, Boucher TO 
aid D.F (etcher, w— Trochsefc Ml l-PJJWf- 
Hnsz. 0-1. HR— Chicago, Dunstan (1). 
Phltadetohta BM 020 028 0-4 10 1 

ancbmaH 2B1 W0 ON 1-5 • 0 

(IB button) 

Rivera, MtoWllHam* ID. Mason (7), West 
TO and Pratt; Rllo. J.RutHn Ml. J -Brant ley 

18) . Carrasco HO) and Oil ver.W— Carrasco. 2- 
0. L — West, 0-1. HRs— PhltodeWiia. D-Holllrts 
(1). Cincinnati. Mltrtiell 2 (31. 

New York ON 2N DO-5 9 0 

Hoafon DO to* m—t > 0 

Hillman. Linton 161. Tetahedsr (7). Hursl (B) 
and Stinnett, Hundtov 17); SwtndelL ToJanes 
(7), ML WB Dams TO and Servris. w-fiwtodefl. 
ML L— Hillman, 0-7. Sv-MUMlItoms (1). 
HRs— New York, Bonilla (l).Ry. Thompson (1). 
Colorado IN 322 0B*-7 11 B 

Pfllsbargb Oil BN 110-5 S • 

Nled.MJHimaz (7),S.Reed 18), B. Ruffin Ml, 
Holmes TO and Girardl; Wagner, Minor (31, 
Johnston (6), Manzanillo «}, Ballard (8) and 
Slauom. w— NiedL ML L — Wosner. 0-1. 
HRs— Colorado. Bichette |41. Pittsburgh. 
K. Young ID. 

Florida BN ose hm 2 • 

San Diego BN 2W Dx— 4 * 0 

Weathers. RJLewts (7), Nen (B1 and Sartlo- 

(81 and Ausmus. 
Weattiera. 0-1. 
Sv— Hoffman (1). HRs-Son DiegftPlanfler 
(D. DBell (D. Lockhart 2 (2). 

Altaota 820 IN 183-6 6 B 

Las AngsNs ON oh BN l 0 0 

Mercker and Jlaaez; Aatorih Wayne (81. 
Park (W and Piazza. W-Merckor. ML L— As- 
toria, o-l. HRs— Atlanta. McGrtff (1 ), Justice 
(1), Pendleton (l). 

Saturday’s Line Scores 

Detroit BOO BM 0B1— 5 B B 

Mv York BN am 100-3 3 0 

Moore. Davis (8), Hennonam TO and Tribe- 
tan; Key, Kamlerteekl TO and Notes. 
W— Moons ML L — Key, l-LSv — Hemwman (1). 
HRs— Detroit, Temeton n). N.Y. CTNefll 01- 
seams BOB m 1*0-6 9 « 

Toronto BM Bf2 B02-B 11 B 

Hibbard, Nelson (*). King [7), Thigpen (B) 
and Wilson; Guzman. CasHlto (7) end Bor- 
ders. W— Castflte ML l— T hlgoen, 0-1. 
HRa— -Seattle. Griffey 2 (2), Anthony 12). To- 
ronto. Carter TO. 

Texas BN 101 830-5 8 I 

BadUnore 003 002 Ux— 7 12 1 

Brown, thirst TO. Carpenter (B), Honeycutt 
(8) end Rodriguez; Mussina Mills 16), EJch- 
nom ID. Poole (S>, Smith 19) ond Holies. 
IV— Mussina 2-0. L— G rown, 0-2. Sv— 5mllh 
(3). HRs— Texas. Strange (1), Gonzalez TO. 
Baltimore, Davoruaux TO, Halles (1). 
California 0D BN 0S3-6 M I 

Milwaukee OH BD 300-1 W 3 

Letter, Lewis (7). Patterson (7), Butcher (8). 
Grate TO and Turner, Mvora IB); Htouera, 
Kiefer (7), Fetters (8), Orosco (9) and Nruron. 
W— Butcher. ML L— Fetters. 0-1. Sv-GralM 
(3). HRs— Milwaukee, Nilsson (1). Joha TO. 
Boston DO BBS 701—5 IB • 

CM coao 0D BM 31 X — 6 13 1 

Clemens. Harris TO. Faseas IB). Trtlcek (8) 
and Valle; McDowelL Hernandez (Bland Lo- 
VafNere. Karicovtoe ID. W— McDowelL 1-1. 
L-Harris.0-l.5v— Hernandez [U.HRs— Bos- 
ton, Dawson (3). Chicago. Thomas (U.Korko- 

yics (2). 

Oakland BM EM 120—14 W 0 

JMtonesaU Mf ON 000— 0 4 0 

Karsav. Reyes (81 and Ste ln boch. Hctnand 
TO; Puhdo. Trombley (4), Guthrie 19) and 
Wo) beck. W— Karsav. ML L— Pulido. 0-1. 
HRs— Oakland, Javier (I). Sierra TO, Berroa 
ID, Stelnboch 131. 

Colorado ON 203 Ml— 5 9 1 

Pittsburgh 383 3D 2Dx-lfl 13 0 

Reynoso. Blair 14), Reed [51, Munoz TO. 
Moore TO end Shea H er; Smith. Dewey (61 
and Gaff, w— Smith, l-l. l— R eynoso, 0-1. 
HRs— Colorado. Galarraga 3 (4). Hayes (1). 
Pittsburgh. Garda (1). 

Philadelphia BOS BN 0*7—1 8 1 

aadraKtl 000 IN Dx— 2 7 0 

Schilling, Jones (I) and Dautton; Smiley, 
Brantley <81, McElray (8), Carrasco TO and 
Dorsatt. W— Smiley. ML L— Schilling. 0-1. 
Sv— Carrasco ill. HRs— Philadelphia, rnco- 
vtolla (1). andmoh, Morris (1). 

St. Loots BN 103 BN 00-5 B 1 

Saa Francisco IN ON BOB D-4 10 2 
Game 1 (11 Imttngs) 

Watson, Paiadas TO, R. Rodriguez IB), Hc- 
bvcm (B), Murnhy TO, Urban! (ia| and Pop- 
pas; Burkett Hick error (6), Burba (6), Fray 

(1) . Rogers TO.Monteleane (id and Manwar- 
fts. W— Monte leone, ML L — Urixntl, 0-1. 

SL tools MW 031 200—5 7 I 

San Froadsao DO OH bob— 1 6 B 

Game 2 

Tewksbury, R. Rodriguez (8). Perez 19) and 
TJMcGrfff; Torres. Menendez (7), Monte- 
leone TO. Hkkerson (8). MJadtson TO and 
JeJteed. W— Tewksbury, ML L— Torres, 0-1. 
HR— 5an Frondsco. Bonds (2). 

New York ON 4H BSl— 8 12 • 

Houston ON ON 002—3 3 O 

Saberhagen and Hundley; Harntsdv B.WIF 
dams (4), Edens TO and Toubensee. W— 5a- 
berhaaen. ML L— Hamlsdi, o-l. HRs— New 
York. Vtzealna (2). Hundtov TO, RvJxxnpsan 

(2) . Houston. Ccdeno (1), Donneis (71. 

Florida IN HM 806—15 16 • 

San Diego 0W OH B00— 13 0 

Rapp, J -Hernandez (7). Gartner (91 and 
Santiago; Benefc PJLMortthex f7). Sager TO, 
Mauser (8), MDavis (9) and Johnson. 
W— Rapp, ML L— Bern 0-1 HRs— Florida, 
Canine 9 (4), Destrade (1). 

Atlanta in oeo ooe 1 — a 9 I 

Loc Angela D8 ON ON 8-1 4 2 

(IB innings) 

GJWaddux. McMfdwel 00) and J -Lopez; 
Ke-Grass. Wayne (11. THWarreU (10) and Pi- 
azza W— GJHaddux, ML U-TdJMorreH, 0-1. 
Sv— McMIdiael (1). 

Ottawa DO B01 BD— 4 

Maalraal 011 BN MB-1 

Young, BuHlnaer (7), Plesoc TO. Myers (9) 
and Parent. Fassero, Wettetond (8) and Web- 
ster. W— Ptesac. ML L — Weffetand, 0-T. 
HR— Chknxz Zambrano (1). Sv— Myers (1). 

west indies vs. Enatand 
Saturday, to Bridgetown, Barbados 
England first Iminps; SSfraii out 
West indies first Innings; 788-7 

Australia vs. South Africa 
Friday, In Bloemfontein, south Africa 
Australia: 3834 (SO overs) 

South Africa Innings: 202-8 
Australia won by one run. 


NBA Standings 

Atlantic Dtvtsloo 



New Jersey 


40 35 
39 35 
27 46 
27 St 
22 53 

Central Division 
52 23 

m 4tj 

J 07 









31 24 




43 33 




39 X 




35 3V 

A 73 



20 S3 




19 55 



Midwest Division 

W L 




53 20 



»-5an Antonio 

52 23 




47 28 




37 36 




20 54 




9 65 

Pacific Dtvlston 




56 18 



x -Phoenix 

49 25 




45 30 



mOriden State 

43 31 



la Lakers 

33 41 



LA. Clippers 

26 48 




25 49 



Or lando St D 39 37—123 

Miami 23 22 « 17— IBS 

OiScott 6-K 7-lfl 23, Anderson 7-10 74 25, 
Hardaway 9-17 44 24; M: Rice 14-36 M 31, 
Smith 10-18 1-2 21. Rebounds— Ortonao S3 
(Rallltt39),MlamiS5(Longli). Aulsts— Or- 
lando IB (Hardaway «), Miami 20 (Long 5), 
Golden State X SB 28 39-117 

Minnesota 29 37 32 37— IBS 

G: Webber 8-1244 ZLMu1linlT-236-729;M: 
West ID-774424, Laettner 9-28 5-724, William* 
5-10 11-12 31. RebomxN— Golden state 60 
(Webber. Owens ID.Mhnesota 43 (Brown 9). 
Attfsts— GaMen State 39 (SprewNL JetMngs 
7), Minnesota 26 (Laetfner 8). 

Milwaukee 19 25 36 39— 99 

Chicago 37 I) 27 30-133 

M: Norman 9-13 1-S3IL Baker 7-103-7 TOC: 
Plppan 74 54 19, Wllltams 9-13 3-2 21. Re- 
bounds — Milwaukee 38 (Day 6), Chicago 51 
(Pippen 70). Amlsls— Milwaukee 39 (Mur- 
dock 61, Chicago 40 (Kukoc 7). 

LA COpperi 29 25 23 27— 1*4 

Utah 33 M 35 36—128 

LA: Harper S-126-9 l7,Detwre 5-12 64 T7; U; 
Corbin 9-102-330, Malone 7-15 1 HI 25, Stock- 
Ion 8-12 34 20. Chambers PIS 2-2 2D.Ro- 

baaads— Lae Anoetaies (Vaught 12). Ufoii 30 
(FJpencer 12). AuWs— Los Angeles 34 (De- 
here, woods 61, Utah 33 (Stockton ID. 

LA Lakers 30 33 M 25—1*4 

Port load 37 37 36 38-113 

LA: Campbell 6-165-6 77, Tjmtth 8-170418; 
P: CRoblraon 9-17 7-8 3&Draxler 10-17 54 25 
Rebounds— Los Angeles 47 (Dlvac ID, Port- 
land 59 (Drextor 14). AmIbII UBBt—lNg 
(Threat! 7), Portland 23 (Slriddand IS). 

x-d Inched ptovolf berth 

Minnesota 36 31 23 30-NB 

Boston 20 27 31 33—112 

M: Laettner 1 1-16 6-8 28. WUHama 9-132-3 2D, 
B; Parish 6-10 74 19, DGrawn S-17 84 24. 
Rebound* wUnnesoN 36 (ML Brown 81, Bos- 
ton 36 (Polish 12). AssisfS-MJiineKta 23 
(Rider. West *), Beaton 37 ID. Brown 9). 
New York 13 » 39 23- 97 

PMtodMMttO 39 3* 17 30 — MS 

NY: Oakley 6-75 64 18, Anthony Ml 0416; P: 
Werrthersaaan 1 V19442L W00kldae6-ll 6418. 
Rebounds— New York 44 (Ottdey 18). Phlto- 
detohtaffi (Leckner TO. Assists— New York 33 
(Anthony B). PMkidetohto 2B (Berras M. 
aevetoM 23 as 13 17— 9t 

Washington 29 30 29 26-IN 

C: Wttklns 8-16 58 Zl.WUflams 7-1044 18; W: 
MacUan 11-15 44 36, Chapmen 13-19 04 29 
Re bou n d* Cleveland 39 (WDOams 13), Wash- 
ington 48 (Mod-eon 12). Asdsto— Clevetand 1? 
(WUkinj.vyUlkms4). Washington 26 (AdomsS). 
Detroit a 79 33 37— m 

Ortondo 33 23 34 35-117 

D: Mills 15232-2 28, Hunter 7-13 1-2 17; O: 
O'Neal 16-23 13-12 40. Hardaway 9-16 B-ID 26. 
Rebounds— Detroit 55 (Mills 15). Orlando 61 
(O'Neal 16). Assists— Detroit 30 (Hunter 7). 
Orlando 29 I Hardaway 9). 

New Jersey X 22 16 2*-7B 

Charlotte 38 28 20 21—99 

NJ: Coleman 7-11 5719, Newman 510 3-5 14; 
C: (.Johnson 511 5-9 17. Mourn Ino 514 3-i 19. 
Rebounds — New Jersey S3 (Brawn 8). Chor- 
iatte65(LJahnsen lOl.AssMs— New Jersey 22 
(Anderson 6), Charlotte 23 (BagueSi Bennett S). 
CD) cage 23 U ZT 26—190 

Indiana 22 23 36 33— M 

C: Gram 7-16 55 19. Pippen 517 2-4 21; I: 
Smits 1517 54 25, Miller 511 55 15. Re- 
bounds — Chicago 41 l Grant 14), Indiana 43 
(McKay 9). Assists Chicago 24 (Pippen 7), 
Indiana 24 (Workman 10). 

DaOa* 25 33 34 19— 93 

Seattle 29 M 37 31—111 

D : Mashburn 516 510 27. Lever 44 W 1 1 s S : 
Schrempf 7-13 54 19. Payton 77-78 04 22. Re- 
boamts — Dallas 43 (Williams 7). Seattle 57 
(Kemp 13). Assists — Dallas 7 (Washburn 7). 
Seattle 24 (Payton 7). 

Denver 23 33 H 31— 112 

LA. Lakers 39 S 25 25- 99 

D: Pack 44 11-12 19. Rogers 9-12 2-2 71; LA: 
Dlvac 7520 53 33, Worthy 510 74 21. Re- 
bounds— Denver 55 (Mutombo ID, Let Ange- 
les 36 ( Dlvac 9). Assists— Denver 22 1 Pock 6), 
Las Angeles 3) (Van ExeL Worthy 10). 
PhOOIttX * 21 24 24 32— HI 

Sac r ame nto 33 27 13 31— 1B4 

P: Barkley 73-225732 KJahnson 9-77 9-12 
27; 5: Webb 51558 18, Richmond 13-29 57 33. 
Rebo u nd * P hoenix S3 (Barkley 16), Sacra- 
mento 54 (Polynfce ll). Assists— Phoenix 70 
(KJohnson 8). Sacramento 26 (Webb 131. 

Saa Antonio 9 X 23 27— N 

Houston X 27 28 35-IN 

S; RCM516 1-217, Robinson 9-1811-12 30; H: 
Olaluwan 7-145720, Maxwell 528 7-9 27. Smith 
M2 44 22. Rebaondi-Sim Antonio 56 (Rod- 
man 16), Houston 45 (Otaluwon T3). Assists— 
5en Antonio T7 (Andersoa,Del Nopra5). Hous- 
ton 22 (Otaluwon. Smith 7). 

Washington 27 » 20 36— IN 

Atlanta 32 3* 31 14-417 

W: Butter7-137-721.GugUotta5112415;A: 
WHIG 11-19 34 25. Augmon 1M3 2-2 24. Re- 
bounds— Washington 32 (GusHatta 7), Atlanta 
51 (Willis ID. Assists— Washington 17 (Gw»- 
I lotto 6), Atlanta 33 (Blaylock 11). 

Charlotte 81 23 35 » 9—117 

PttttadelPMa X 27 29 17 4-123 

C: LJahneon M5 2-2 2B, Bogun t-M 14 19; 
P: Weatherspoan 71-23 1-4 24. Borros 9-74 04 
22. J Jitatone 516 58 24. Raboonds— awrtotte 
99 (LJohnson, Gattfson 9). PhOoMphto 55 
(Weatherspoan 12). Assi s t * ChorioHe 31 
(Booties 13), PhUadelphla 24 (Borros 6). 

NHL Standings 


"‘ fi 

v . / JM 

• ■+'\ .. , 
v ; c: 

AltanHc Dtvbtoo 

W L T Pts GF GA 
I-N.Y. Rangers 31 23 7 109 290 222 

x-New Jersey 46 M 11 M3 298 213 

Washington 37 X 10 84 270 258 

N.Y. Islanders 34 35 12 BO 274 256 

Florida X X 16 80 225 225 

Philadelphia 34 38 9 77 285 306 

Tampa Bav 29 41 11 69 215 241 

Moribe osf DtvMoa 

x-PIKsburgh 43 27 13 99 295 285 

X-Montraa) 40 30 14 94 280 Z38 

x-Buftato 42 30 9 93 274 211 

x -Boston 40 28 13 93 275 246 

Quebec 33 40 8 74 267 273 

H ar ttard 25 47 9 59 217 279 

Ottawa 14 58 9 37 200 3D 

Central Division 

14 94 280 238 
9 93 274 211 
13 93 275 246 

8 74 267 273 

9 59 217 279 
9 37 200 3D 

bsno Inaaje/TV Annealed Prep 

ON TOP IN JAPAN — Pete Sampras en route to a 6-4, 6*2 victory Sunday over Michael Chang in 
the Japan Open final in Tokyo. It was the sixth tide of 1994 for Samjaas, the world’s No. 1 player. 









341 267 






264 235 






271 255 

x-SL Louis 





260 271 






244 230 






241 330 

Pacific DMstofl 






295 251 






276 272 

x-San Jose 





247 262 






228 346 

Las Angeles 





285 314 







x-d Inched b layoff berth; v-d Inched division 
z-cl Inched overall best reaxd 

Montreal 0 0 0-4 

Buffalo 0 I 0—1 

Second Period: B-Audeffe 28 (Boucher. 

Badger) (pp). Shots an goal: M (on Hasek) 5 
11-12-31. B (on Roy) 15104— 2& 

Dallas 1 0 0—1 

N.Y. Islanders 1 2 2-5 

First Period; O-Caurtnall 21 [CavaMRi); 
N.Y.-Vukota 3 (Acton. Matey). Second Peri- 
od: N.Y.-T unman 37 (DalgamotKrvpp) (Pi); 
N.Y.-Turoeon X (Matakhov. King) (pp). 
Third Period: N.Y.-Ferrora 20 (Hogue. DoF 
florao); N.Y.-Hogue 35 (Acton) (shl. Shots on 
goal: D (on Hextall) 57-19—32. N.Y. Ion 
Mooal 151510-32. 

Toronto I 1 1—3 

N.Y. Rasgers 8 5 0-5 

First Period; T-Zezel 7 (Osborne. Berg). 
Second Period: N-Y.-TUckanen 22 (Noonan); 

M. Y^ Anderson 21 (MocTavlstv Knnwvtsev); 

N. Y.-K ovulev 22 (Lnrmer, Nonttomif N.Y.- 
MacTovMtlS (A n der so n. Zubov) (PP); N.Y.- 
Kovalev 23 I Korvovtaev) ; T-Borschevsky 17 
[Pork. Gartner). Third Period: T-Gortner 33 
ICtark, Lefebvrv). Sbots on goal: T (on Rich- 
ler) 1H510— 37. N.Y. (on Potvln, Rhodes) 25 

Pittsbargb 0 11—3 

New Jersey 3 3 1-3 

First Period: NJ.-Guerin 24 (S. Stevens. 
Dowd); NJ.-Guerbi 25 (Dowd. S. Stevens) (pp); 
NJ.WVacUxjn37(N7chQi Is). Second Period: P- 
Jogr3) (Howgood. Murphy) (PP); NJ.-Dond3 
IS. Stevens. Zetenukln); PD.-Hoifc 11 (Mac- 
Lean, Modry); nj^. Steven* is (DomL Driv- 
er) (pp). TNfd Period; Nj.4AcKay D (PeUm 
Honk).- P-G. Brawn 3 (Jagr, K. Stevens) (pp). 
Shots an goat: P (an Bradeur) 7-194-32. N J. 
(on Barrasso, Dapson) 157511 — 33. 

SL Louis I 0 0—1 

CMeago 3 3 5-6 

First Period: C-B. Sutter 9 (Ysebaert, Cho- 
llos) (pp); SL-Stastny 5 (Duchesne. Shana- 
han) (pp); C -Poulin 14 (Dublnsky, Carney); 
C-Ysebaert IX Second Period: G-Murphv 29 
(Raenlck,Chellosl (»h); C-Murphy 30 (Roen- 
k*. Ruuttu); C-Klmble4 [Draaoa, Dublnsky). 
Shots on goal: XL (on Bel tour) M514-3X C 
(on Hrtvonk) 157-12-34. 

San Jose * 0 4—2 

Catgary 1 2 5-5 

First Period: C-Kblo7 OCruseli SJ.-WhH- 
nevl3IGarseniov,Norton) Ippl ; Sj.-Ozollnjh 
26 (Larionov. Wtittnevl. Second Period: C- 
Yownev* (KWft THov) (sh); C-F7eury37(My- 
tander, Nteuwendyk). Third Period: CrMocio- 
nb 27 (Fleurv. Relchef) (pp); C-Rekliei 39 
(Nytender.VUtokoskl) (en).Shotsongaal:XJ. 
(an Kidd) 544— 22. C (an WoHe) 1549-3S. 
AnabeUn 0 7 2-3 

Edm o nton 1 0 0—1 

Firs) Period: E-Buchberger 3 I Richard- 
son). Second Period: ArGnmbock 11 (Ladou- 
ceur. Williams). Third Period: A-Valk IB 
f Loner. CB r ntedt); Ar S w zen ey 15 (Semenov, 
Houlder) (pp). Shots an goal: A (on Brath- 
watte) 7-74-7 — 28. E (on Hebert) 1 1-258-39. 

Tampa Bay 1 2 0—3 

Baton 0 o 0—0 

First Period: T-Tucker 13 (Bergevta. 
Hamrilk). Second Period: T-Bradley 24 
(Hamrilk); T-Hcmrt1k3 (Ehmiuk. Eteadiev). 
Shots on goal: T (on Casey, Rtondeau) 10-9- 
16-31 B (an Young) 5-14-73-31 
LM Angeles 0 2 1-3 

Winnipeg 3 o i — 4 

First Period: W-Romanluk 4 (Drake. 
Klmt); W-Darrln Shuman 21 (Darryl Shan- 
non. Steen); W-EmersonX (Drake. Qulntall. 
Second Period: LJL-Blafce 28 (Gretzky, 
Kurri); LA, Word 11 ( Donnelly. Sydor ) (pp). 
Third Period: W-Emenon 33 (Drake, Tka- 
chufc); LA-orace ll (Zhttnlk. RobifaUe). 
Shots on goal: LA ton Chev e ktoe) 51519-46. 
W (on Stouter. Hrudey) 1557-25. 

Ottawa 1 ■ 3-4 

Washin g t on 4 I 3-4 

First Period: O-BauniueS (Daigle, Dineen) 
tab] ; W-Berube 7 (Poulin. Reekie) .- w-Mlder 
12 ( Reekle.Cote); W-Krvaler 10 (Hunter. Bur- 
rkfne); w-Jones 16 (Krvgler. Paulin). Seamd 
Ported: W-Kryoter 11 (Reekie, janes). TMrd 
Period: O-Balvbi Z O-DaJgle 19 (Turgean); 
W-Plvonko 14 (Poulin. Hatcher) ; W-Mlller 13 
(Rldlev. Juneau); W-Krvaler 12 (Ridley); O- 
Datate 2D (Bauraue. Dtaeenl. Shots oaooai: D 
(onTatxtraccn 747— T9. W (on mxtelev. BUF 
ington) 15156-27. 

Anaheim 10 2-3 

Vancouver 1 0 0—1 

Firs t Period: V-Adams 73 (Slegr, c raven),- 
A-Sweenev 16 (SoccoKTldrd Period: A-Carrv 
baeft 12 (Saccoi Hill) (pp); A-Socco 19 
(Sweerwv.McSween); (en). Shots on goal: A 
(on McLean) 516-13-35. V [on Stihttenkav) 

Detroit 0 0 2—2 

Catgwy i 2 5-4 

First Ported: C-McCarthy 5 (Nieuwendvk, 
Yawner). Second Period: C-PaMck 6 (ReF 
cheL Keczmer) (pp); C-Stem 9 (Kidd) Ish). 
Third Period: D-Primeou 28 (Kon stun ll n ov, 
Chtasaan) Ino); D-Frirneou 29 (Sheppard) 
(sh) ; c-Suiil van 4 ( Fieury). Shot* an goal: D 
(on Kidd) 15515-26. C (an Osoaod) 11-15 
11 — 52. 

Pittsburgh 1 0 8-1 

Montreal 2 5 2-9 

First Period: M-Leemon 3 (Destardins, 
Muller); M-Beitows X (Leemoii) (pp); P- 
Jaarx (Francis. Lemleux) (pp). Second Pe- 
riod: M-Oaraphaua*e37(ljaeman,OfPlctra); 
M-Oionne 19 (Cartwmeau, Schneider); 65 
Koane 16 (Destardins. Dianne) (pp) ; 6A-Dam- 
phousse X (Muller, Odelein) (pp); 6501 Pie- 
tro 13 (Odelein, Schnekter) (pp). Third 
Ported: M-Leeman 4. M-Coroonneou M (Se- 
vigny. Keane). Stotts an goal: P (on Roy) 155 
9—25. M (an Barrasso, Dapson) 5194—34 

ta Tokyo 

Men’s Stogies, Semifinals 
Pete Sampras ( l). UA-deL Henrik Holm (11), 
Sweden trZ 51; Michael Chang TO. US. acL 
Boris Becker (3), Ge rm any. 7-6 (7-2), 6-Z 4k 
Men** singles. Fteal 
Sampras d*f. Chars. 4-4, 4-2. 

Women Sbtgtos. Se ml ttau l s 
KlmBco Dote (l), Japan dal Nooko Sawo- 
mahu 13), Japan. 54. 51 -5; Amy Frazier (4),!. Sabine AppelRKXW TO. Belgium, 7452- 
Womea Staple*, Fhxzl 
Date. del. Frazier, . 7-5, 64. 

lo Florida 

Women's Stories, Semifinals 
GatBiefa5abatiftt Ml. Argent in a, def. urxF 
chez Vtajrto (1), Spate, def. Martina NavnzfF 
lava (3), UJL 64. 6-3. 

In BaroBtaoa 

Menb qn gt»«, seadnoots 
Carlas Casta (6), Spain, dot Alex Cerretla, 
Spain. 53. 53; Rkhard Krailcsk TO. Nether- 
lands. def. R onal d Agenor, Halt). 4-c 5X 


Nigeria Z Zambia 1 

Third Place 
Ivory Coast X Mall 1 

WV Venlo a. PS V Eindhoven 3 
Go Ahead Eagles Z SC I lee re n ve en 3 
Combiiur Leeuwarden Z FC Utrecht 1 
FC Groningen 4 Willem 11 1 
RKC Waahvflk 1, Roda JC Kerkrode 1 
FC Twente 5 Vitesse Arnhem ) 

Feyenoord Rotterdam & Snarta Rotterdam 1 
MAC Breda LMWMoasfridite 

Standings: Alax, 44 points; Feyenoord, 63; 
PSV.38; Rada JC 36; Vitesse. 35; FC Twente 
and NAC33; W»em ll and MW, 30; Sparta, 
27; GJL Eagles, SU: I lee r e n vee n . 25; FC 
Uhecht,24j votendam.23; VW.Zl; FC Gro- 
ningen, 70; RKC and Cambute. Ml 
S emifi nal 
Chelsea Z Luton 0 
Manchester Untied 0, Oldham 0 
(Tie otter 90 minutes; renlav Wednesday) 
Coventry 1, Tottenha m 0 
Liverpool t, Ipswich 0 
Manchester aty 2, Newoosile 1 
Norwich 4- Southampton 5 
9ieffieid Wednesday L Queen* Park Rangeral 
west Ham a Everton 1 
Standings: Manchester United, 79 points; 
Bkickbara 76; Newcastle. 65; Arsenal, 63; 
Leeds. 59; Sheffield Wednesday and Liver- 
pool 57; Wimbledon, 52; Aston Villa. 57; 
Queens Pork Ranger* 50; Norwich. 48; Cov- 
entry, 47; west Ham, 44; Chelsea and Man- 
chester City. 42; Ipswich, 41; Everton, 40; 
Tottenha m . 39; Oldham, 37; Southampton. X; 
Sheffield United, X; Swindon, 26. 

Cannes 1, Le Havre 0 
Lens 4, Toulouse 0 
MartlgueS 1. Nantes 2 
Auxerra 3, Solrrt-Etlcnne 0 

Lyon 4, Bordeaux 2 
Caen 5 Marseille 0 
Metz I. Montpellier 1 
Sochaux 1. Strasbourg 3 
Angers 1. Ulle 2 

Staadtogs: Porte-SG, X Points; MaraeHle. 
45; Auxerre. 42; Nantes mid Bordeaux. 61; 
Cannes. 30; Montpellier, 38; Lens and Lyon. 
37; Monaco and Sahrt-Etteme, 35; Stras- 
bourg. 33; Metz and Sochaux. X; UUe and 
Caen. 29; Le Havre, 26; Morttown, 23; Tou- 
louse, 20; Angers. 75 

Banissta Dortmund Z FC Cologne 1 
vra Leipzig 5 FC Nuremberg 2 
Bayer Leverkusen Z SC Frettmni 1 
Dynamo Dresden L Schoike 0 
vra Stuttgart X Knrisrufm SC 0 
Bayern Munich Z Elnti utM Frankfurt 1 

Hamburg SV l, warder Bremen 1 
Duisburg 1. Katserslautern 7 

Sta n dings: Bayern Munich. 39 pointer KaF 
to r il oulern and Bayer Leverkusen, 35; Bor- 
ussla Dortmund, 34; Etatroriit Frankfurt. 
Karlsruhe. Hamburg and DuiNxxu S3; VfB 
Stuttgart and Cologne. 32; Banmla Moen- 
chengkxlbach ond Warder Bremen, 30; Dyna- 
mo Dresden, 29; Schaifce,a; Nuremberg. 25; 
Freiburg. 22; Wattenschela 21; Leipzig. TA 

Nate: Dresden to lose four points at end of 
season tor licence Irregularities. 

Intornaztanale of Milan 4, Lecce l 
Torino X AC Milan 0 
Parma X AS Roma 2 
Cagliari X Ragghma 0 
Lazio of Rome X Atakmta of Bergamo 1 
Napod X Juvenfus of Turin 0 
Ptaoenzo L O mw x w 1 
Sampdorte of Genoa 7, Genoa ) 

UcSnese X Fangio 0 

Standings: AC Milan, 48 pouts; Juventu* 
42; Sampdarkb41; Lazia,40; Parma. 38; Tori- 
iTo.33; Napoli, 37; Inter and Roma. 30; Foggta, 
CagUarL Genoa and Cramanesc, 29; Piacen- 
za. 28; Rea P la no and Udlnese. 26; Atatanta, 
18; Leccev IX 

Snorting de GHon ft Sevffla 1 
Looranes ft Barcelona 0 
Athletic de BIKxio a Real Madrid 1 
Tenerife ft valtadond 2 
Racing de Santander ft Dcnerttvo Coruna 1 
AHcHcd de Madrid ft Oviedo 3 
Ceita XReal Sodedad 2 
Valencia 4, Albacete 0 
Raya Valtecano 1, Zaragoza 2 
LWda 1, Osasona 2 

S tan dings: Deporitva de La Coruna 49 
paints; BarcetorxL66; Real Madrid, 41; Zara- 
goza, 39; AlfiMtcd* Bilbao and Sevilla, 38; 
Valencia, 36; ARxKete.34; Raring de Santan- 
der and Tenertte, 33; Oviedx 32; Sporting de 
Gllonand ReaJSodedcxLJl; Raya Valtecano. 
Looranes ond Gcfta, 28; Atlehco de Mzxtrid, 
27; VMIadotkl, 25; Ltotda, 23; Ousuna, 22. 

zotaz. ilwmtoA from Syracuse, I L Exn*kM 
their Player dcvetePrttort contract with Ha- 
gerstown of the SAL through the 1996 sensoa 

Mattotxri i riipw ■ 

ATLANTA— Sent Eduardo PBrgiixtttStor, 
to mlncxMeoeve camp tor reassiwuutonL 

CINCINNATI — Signed RKh DeLudo, 

pitcher, <md assisaned Mm to hxftnabefis. 

AAOalnwd Pete SchoureLpitriwr^tt Mte- 

en from N.Y, Mets. 

FLORIDA— Jeff Motts, rtttwr, dtfod 
waivers and was sent outright- to Gdntanhn, 
FCL Bought cmtracf of YBrids PerebpttdF 
or, from Edmonton. 

HOUSTON— Put SM Brazun, W baiemm 
an Briar dJsaWed itst Pvrchtmd Dw coif 
tract of Roberta ftetadfrie.'Whld^/frem 
Jaduwa TL Assigned Onnete' Maritnet. 
outflektor-ist ba s eman, to Tucson. RCL 

LA DODGERS— Rxleawd MJkc Shorper- 
son, Mtetder, from mfroHeague conhocl. 
Recalled Billy Ashtey.o u f fl eider.trapi abw- 
quarque, PCL 

N.Y. METS— Bought contract "of John Can- 
ge las L outfielder, and Fernando Vina, tafl*kF 
•r.ond Jonathan Hurst, pitcher; tram Norioik, 

I L Sent Doug Uttar, pitcher, to minorHeooue 
camp for reassignment 

PITTSBURGH— Bought cwh o Ua of Jett 
Ballard and Raveto Monwnilta, Pitchers, 
from Buffalo, AA. . . 

ST. LOUIS— Optioned Omar OHverax 
pttriter, fa Louisvlliw AA. Bouohf contract of 
RidiltodriBUK, Pitcher, from Louisville. Sept 
Rich Batchelor, pttcher, to nttnonleague 
amp for reassignment. 

SAN DIEGO— Bought contracts Of Keith 
Lockhart, mfl eMcr, and AJ. Sager, Pitcher, 
from Los Vegas, PCL. Assigned Luis Legez, 
tnfMder.and Kevin Htggim. catcher, to La* 
Vegas. Put Doug Broattt, pitcher, on 65duy 


SAN FRANCISCO— Put Rod Beck.pRriMr, 
an 15day disabled list. 

NHL— Pined Mario Lemlevx. Pittsburgh 
Penguins center, SSOO far charging at referoe 
Kerry Fraser d urin g a same Monday. Sus- 
pended Bob Proberi, Detroit R ed W ings left 
wfcia. lor 2 games ond ttned Mm SS00 for hea5 
butting Sandy McCarthy, Catoary Flames 
right wtng. in game April X 

AN AH E IM— Readied Scott Me Kay, enter, 
from Son Diego, IHL. 

DALLAS— Readied Travis Richorxte. at- 
ttratman. from xatamamo, IHL 

PHILADELPHIA— Signed Nei) Little, oeaF 
lender, lo 5yoar cantrari. 


C E A dded Allentown COBeae to Its member- 

women's soccer beg i nning fail of 199X 

AUBURN — Named Eugene Harris, Rotate 
Ltd no and carl tAnh men's assistant bcnkoF 
baft coaches. 

ALABAMA— Named Ivy WKNanrs numkig 
backs coach. 

ALFRED— Sarah BurdsalL women's bas- 
ketball coach, resigned to accept a similar 
position at Lynchburg. 

Platt, baseball coarii. 
the soring Quarter. 

ASHLAND— Named Stephen Parker men's 
and women* soccer coach. 

AUBU RN— Named Cliff Ellis min'* basket- 
bail coach. 

BALL 5Tr— Fired LyrniMJtehem and Larry 
Davis, man's assistant basketball coach. 

BELHAVEN— Peter Fuller, menu soccer 
coach, resigned to become soccer coach ond 
assistant athletic director at Houghton Cd- 

BOSTON Ur-Named Dennis Wotfi men's 
huskri bollcooriL Homed John McCarthy of- 
tenstvg coordinator and Quarterbacks coarii 
and Jason Swepeon fun-rime assistant and 
wide receivers coach. Pr w noted vo kmteercs- 
stshmt coarii Bob BlricnHMo part-time assis- 
tant and tunning backs coach. 

BUTLER— Barb ar a Greenbura. women** 
■oftbalt coarib resigned ettedlva at eenan's 

BRANDEIS— Norm Levine, men's track 
and ooss country coach, res i gned. 

CALIFORNIA— Named Devin Scniass 
women's ass i sta nt volIevfaaH coarii. 

CHICAGO— Named Dick Motoner taotbcui 

CINCINNATI— Dantonto WTngflefd, fresh- 
mnn b as ket ball forward. d e clor edhlmsehefT- 
gtele for NBA draft. 

Ameiiccw Looma 

CALIFORNIA— Put Mark Longstorvpttdv 
er.onlSdov disabled ItoLretroacttve to April 
6. Coiled up Brian Anderson, pitcher, from 
Vancouver, PCL 

SEATTLE— Pul Keith Mitchell, outftaktor. 
on I5dav disabled list. Recoiled Grog PtrkL 
InftoWer. from Calgary, PCL 

TORONTO B ou gh t contract of Alex Gan- 


Results Saodov of racw 27« Utometers [MB 
mites) with 22 sections of mbble il e n * * tor 
tetri of 56 kBaeMien US a»«esj In Roebrix, 
Fnmce: 1, Andrei Tehran, Moktova 7 hours, 
21 mtautes.2 seconds; Z FabtoBaWalo, Italy, 
7 minute. T) seconds; x Franco BaltertnU ita- 
ly.same time; 4,01 of Ludwto. Germany. 1J* 
behind; 51 Sean YBtes. Britain, same ttma; 5 
Johan Capiot. Belgium, same lime; 7, Gilberi 
Ducfas-Lassafic, France, same Ihne; ft Lud- 
wig Willems. Belgium, 1:31; 9. Frankie An- 
dreu, U; S; ,4:14; lft Nlco Venweven. Nother- 
kmds, 4:14. 

World Cop atandlnas (otter 3 races): l.An- 
drelTdini It, Moldova. B5 pa tails; X FabioBaF 
data, Italy, <7;X(He) Gtannl Bugna, Maly, 50;- 
Giaraio Furtan, ltotv,50; x Franca BailerinL 
Itoty, 45; ft Johan Museeuw Belgium, 40; 7, 
Maria aprilbiL Italy. 25; ft Johan Capiot, BeF 
rium, 34; 9, Adriano BaffL Italy. 25; lft (tie) 
Oitri Ludwig, Germany, and Stetano ZanlnL 
Italy, 2ft 


'Are the ocas on wewr after the news 

^ A 616 PARTY.. 


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Page 23 i - r 


Jos^- Maria Olazabal scanning the creek for his ball on No. 13. He 

Carter Powers Jays Past Mariners 

The Associated Press 

Joe Carter, completing a big first 
week, hit a three- ran homer and 
drove in five runs Sunday, iw»Amg 
the Toronto Blue Jays to a 12-6 
rout of Randy Johnson and the 
Seattle Manners. 

Carter, the hero of last year’s 
World Series with his champion- 
ship- winning home ran off Phila- 
delphia’s Mitch W illiams, has four 
homers and 12 RBIs. He homered 
Sunday in the first inning then 
added a sacrifice Qy in the second 
7 and an RBI single m the third. He 
left in the sixth inning after bruis- 
ing his left knee. 

Johnson, who threw seven no-hit 
innings in Seattle's season-opener 
— — before tiring, was tagged for a car 

reer high and dub record 11 runs. 


inning and left the game in the 
second. Baltimore's Rafael Pal- 
meiro had a homer and three RBIs 
against his former teammates. 

Tigers 8, Yankees 3: Cedi Field- 
er snapped out of a 2-for-23 slump 
with a pair of home runs, and Lou 
Whitaker drove in his 1,000th ca- 
reer ran as Detroit triumphed in 
New York. 

FI elder tied the soon: 2-2 with a 
one-out homer in the sixth. After 

Grafae came on for his third save. 

WMte Sox 8, Red Sox 0: Alex 
Fernandez pitched a sot-hitter — 
all singles — for his first shutout in 
nearly a year, as Chicago stopped 
visiting Boston. 

Fernandez struck out six, walked 
one and was backed by three-nm 
innings in both the third and fifth. 

Min games played Saturday: 

Orioles 7, Rangers 5: Mike De- 
vereaux and Chris Hoiles homered, 
and reliever Alan Mills worked out 

Johnson, who had won eight con- 
secutive decisions, gave up eight 
hits in 2% innings and walked ax. 

Dave Stewart allowed four nms 
and eight hits in seven innings. He 
is 19-5 against Seattle. 

Both dugouis emptied in the 
sixth. Devon White was grazed by a 

S itch and had words with pitcher 
eff Nelson "after he was forced at 
second for the inning’s final out. 
No punches were thrown and calm 
was restored. 

Rangers 8, Orioles 7: In Bald- 
more, Jose Canseco ended a 1-for- 
14 slump with three hits, including 
a homer, and Ivan Rodriguez ho- 
mered and had three RBIs as Texas 

Canseco had a perfect day at the 
plate; reaching five times and scor- 
ing three runs. He started the sea- 
son 0-for- 1 3 in the Rangers' first 
four games. 

Texas first baseman Will Gaik 
sprained his right ankle in die first 

Jordan Fans, Is Still Hit With Team 

Compiled by Our Staff From Dispatches 

HOOVER, Alabama — Michael Jordan, as a superstar in the 
NBA, got the calls. But not as a rookie in the Southern League. 

He struck out three more tunes — twice cm called third strikes, 
prompting his first argument with an umpire — and went 0-for-4 
Saturday night as the Birmingham Barons lost, 5-3, to fh attanringa 
He is hitless in seven at-bats as a baseball pro, with five strikeouts. 

But, thanks to Jordan, the Barons will be traveling in style this 
year. He is buying anew bus for the team: a $350,000 luxury vehicle 
similar to those used by touring rock stars. It has 35 reclining seats, 
sax television sets and a VCR, and a lounge area with wet bar. 

“It’s Uke. stepping, into a new airplane,- said Joe Thrasher of the 
Thrasher Bros. Bus Co, which has provided the Barons' charter 
service fra 14 years. “It just never leaves the ground.*’ ( AP, LAT) 

the Tigers moved ahead, he hit a 
two-run bomer in the ninth. 

Limited to just two hits through 
the first six innings by Mdido Pe- 
rez, Detroit rallied fra three runs in 
the seventh 
cock and Jeff 
Angels 4, Brewers 1; Rookie Bri- 
an Anderson won his first major- 
league derision, and Dwight Smith 
and Chad Curtis drove in two runs 
each for California in Milwaukee. 

Anderson worked 8K timings, al- 
lowed a ran an five hits, struck out 
three and walked two before Joe 

of trouble in the sixth for Balti- 
more; which is off to its best start in 
seven years. 

Juan Gonzalez hit a three-run 
homer in the eighth to bring visit- 
ing Texas within 6-5. But a sacrifice 
fly by Jeffrey Hammonds in the 
eighth put the Orioles up 7-5, and 
Lee Smith got three outs fra his 
third save. 

Blue Jays 8, Marinos 6: Carter, 
evoking memories of last year's 
World Series, hit a two-run homer 
off Bobby Thigpen in the ninth 
inning to stop Seattle in Toronto. 

Mize, Olazabal and Lehman Tied 
For Final-Round Masters Lead 

Hans. Dcryi/Tbc A»ori*tcd Pto* 

a bogey ami stayed a shot off the lead in tbe titird round. 

Tony CastiEo gave up one run 
and on two hits in three innings for 
Toronto, which overcame a 5-0 defi- 
cit. It was the fourth straight loss for 
the winless Mariners, who got apair 
of homos from Griffey. 

Tigers 5, Yankees 2: Mike 
Moore, routed on opening day, 
came bade to stop New York and 
end visiting Detroit’s four-game 
losing streak. 

He pitched hitless ball through 
.the first five inning s and allowed 
three hits in seven, handing T immy 

Key his first April loss in four years. 

White Sox 6, Red Sox 5: Juho 
Franco tied the score with a two- 
out, two-nm single in the seventh, 
and Rota Ventura followed with 
the go-ahead single to defeat Bos- 
ton in Chicago. 

Jack McDowell, last year's AL 
Cy Young Award winner, out- 
pitched three-rime winner Roger 
Clemens in their fifth career mat- 
chup. Cl emens allowed four runs 
and eight hits in six-phis mnjng ft. 
McDowell allowed four runs and 
eight hits in seven innings . 

Angels 6, Browns 4: Jim Ed- 
monds and Eduardo Perez 1st con- 
secutive RBI singles in the ninth off 
Jesse Orosco in Milwaukee. 

California trailed 4-1 in the 
eighth. With the score 4-4 in the 
ninth, Chad Curtis singled off 
Mike Fetters and, two wits later, 
Chili Davis was intentionally 
walked. Orosco replaced Fetters, 
and Edmonds and Perez followed 
with their hits. 

Athletics 14, Twins 0: Oakland 
hit four hornets for the second 
straight game and Steve Karsay 
pitched seven shutout innings in 

Terry Stembach and Ruben Sier- 
ra homered for the second consecu- 
tive night as tbe A’s spoiled the 
major-league debut of tbe Twins 
starter Carlos Pulido. 


AUGUSTA, Georgia — The for- 
ma- champion Larry Mize, the Eu- 
ropean Ryder Cup star Jos6-Maria 
Olaz&bal and tbe unheralded Tom 
Lehman were tied for the lead at 
eight-under-par with nine holes left 
at the Masters on Sunday. 

The front nine settled into a 
three-way fight fra the lead be- 
tween Trfrman, the overnight lead- 
er, OlazAbal and Mize, who used a 
string of three successive birdies 
from the sixth to grab a share of 
first place. 

All three were playing steadily 
and confidently as the stretch run 
began and the trio made their way 
toward Amen Corner, where bo- 
und eagles often fly on the 
round at Augusta National. 

Three shots back was the Sooth 
African Ernie Els. 25, an emerging 
star who seemed to be feeling right 
at home in his Masters debut. 

Els, who began the day at one- 
under-par, eagled the par-five 
eighth hole to reach f oar-under and 
then registered the first birdie of 
the day atlhe testing par-three 12ih 
to reach five-undcr. 

Lehman, who led by one after 54 
holes, birdied the second hole to 
reach eight-under-par and Olaza- 
bal matched him with a birdie of 
his own to move to seven under. 

Lehman paned out the rest of 
the way to tbe turn, just missing 
two long birdie putts. Olazibal 
pulled even with the American with 
a birdie at the eighth, where the 
Spaniard made eagle on Saturday. 

The other leading contenders 
failed to gain ground on the front 

Tom Kite negated his birdie on 
No. 2 with a bogey at the fifth hole, 
which caused problems for many 

Ian Baker- Finch of Australia, a 
former British Open champion 
who began the day four shots back 
at 213, bogeyed the second hole 
and the I Oth to fall seven shots off 
the had. 

Jim McGovern, who also started 
the round at 213, double- bogeyed 
tbe third hole and then Iriple-bo- 
‘ the par-three sixth to vanish 
the leaderboanL 
' Tbe two-time champion Tom 
Watson, who started five shots 
bade, dropped to even par by die 
trim, and the Australian Greg Nor- 
man, one behind Watson after 54 
holes, failed to mount a charge. He 
was a -dismal six-over-par on the 
day through 14 holes. 

Jeff Maggert, the first off the tee 
on Sunday by virtue of having the 
worst score after three rounds, 
drew, the biggest ovation early in 
the day when be sank his second 
shot on the 485-yard, par-five 13th 
for only the third albatross in Mas- 
ters history. 

Maggert hit a three iron 222 
yards and into the hide to put bis 
name alongside that of Gene Sara- 
zen, who hit the “shot beard 'round 
the world" on the par-five 15th on 
his way to winning the 1935 Mas- 
ters, and the Australian Bruce Dev- 
lin, who scored two on the par-five 
' 'Ufa hole in 1967. 

startling result drew such a 
thunderous ovation from the gal- 

lery that Maggert said, “1 felt like 1 
was in the lead.” 

Maggert finished tied with ama- 
teur John Harris for the worst score 
at 17 over par. 

M Earlier, Len Shapiro a) 'Ihe 
Washington Past reported: 

In the bump- ana-grind scuffling 
to get into proper position for the 
final 18 holes, Lehman became the 
unexpected leader of the Masters 
pack as Augusta National again 
bullied and bruised some of the big 
boys of golf on the third round with 
capricious winds and greens that 
were getting faster, harder and 
more treacherous by the minute. 

Norman, a stroke off the lead at 
the start of the round, elbowed 
himself in the solar plexus with an 
almost inexplicably rotten 75 with 
no birdies that may have dashed his 
chances for his first Masters cham- 
pionship — one he was heavily fa- 
vored to win. He was one under for 
54 boles, six strokes behind Leh- 
man, his play ing partner on this 
cool, cloudy day. 

Lehman, after a stunning 40-foot 
pun for birdie at the almost impen- 
etrable 170-yard 16th hole, had a 
one-stroke advantage ova Olaza- 
bal. Both shot 69, the day’s best 
score, although the Spaniard hit his 
second shot into the water at the 
485-yard 13th hole. Olaz&bal, who 
finished second here in 1991, still 
managed to salvage a bogey there. 

Also still very much in conten- 
tion was the first- and second- 
round leader Mize alter an even- 
par round of 72 for 213 that 
included holing out from the trap 
b ehin d the 12th hole fra birdie. 
That stroke of brilliance was negat- 
ed by a bogey at the 1 8th, and Mize 
stayed at five under. He was tied 
with the former British Open 
champion Baker-Finch of Austra- 
lia and McGovern, who both shot 

Another stroke back was Tom 
Kite. Also within range were the 
two-time Masters champion Wat- 
son. at 214, and the 1976 Masters 
winner Raymond Floyd, at 215. 

Dan Foreman, the 1993 runner- 
up who was one shot off the lead 
starting the day, carded 76 after 
bogeys on the fast two holes, and 
was at 216. 

Norman masted that he “hit tbe 
ball better today then I did the first 
two days," even though he bogied 
three of his last four holes on the 
front nine. 

It was not supposed" to be this 
way when his twosome teed off in 
the morning. Lehman, who spent 
five years wandering the world in 
search of his game, tad never won a 
PGA Tour event Norman is a two- 
time British Open champion and 

ermtne world. 

Most players said they couldn’t 
imagine the old course setting 
much more difficult even though 
they know it wilL Pins would be m 
an the usual impossible places Sun- 
day, and the pressure on the back 
side at Augusta would make 
mouths cotton -dry and throats 

Lehman handled the pressure 
magnificently Saturday for a man 
who first qualified for the Tour in 

Jeff Hiynes/Apmcr Fnocr-PltSX 

With a three-mider-par 69 in the third round, Tom I/famm, “a kid 
from Mmnesota,’’ became unexpected leader of the Masters pack. 

The Third-Round Scores 

On Hie UlS-vani cua-nefer), por-72 
come la Auonsta, Georgia (o-amatear): 
Tom Lehman 747469—209 
Joso-Marto otozabal 74-67-49-210 
Larry Mize 40-71-73—211 
Tom Kite 69-72-71 — 212 
Jim McGovern 72-70-71—213 
Ion Baker- Finch 71-71-71—213 
Tom Watson 70-71-73-214 
ROT Floyd 70-74-71—715 
Loren Roberts 7540-72—215 
Ernie Els 74-07-74—215 
Grog Norman 70-70-75—215 
Jay Haas 72-77-73—216 
Corey Pavln 71-72-73—716 
Dan Foreman 7466-76—216 
Brad Faxon 71-73-73—217 
Chip Beck 71-71-75-217 
David Edwards 73-72-73— JIB 
John Huston 72-72-74—210 
Russ Cochran 71-74-74—212 
Vllav Singh 70-75-74— 219 
Curtis Strange 7470-75-219 
Bill damn 72-73-75—230 
OavM Frost 7471-75-220 
Jeff SI U man 7475-71—220 
Lanny Wodfclm 73-7473—220 
Worm Gredv 7473-73-220 
Fuzzy Zoelier 7472-74—220 
Bemherd Longer 747472—220 
Ben Crenshaw 7473-73—220 
Hale Irwin 73447V— 220 
(Work O'Meara 75-70-76—221 
Scon Simpson 747473—221 
Nick Price 7473-74-221 
Seve Ballesteros 70-76-75—571 
Craig Parry 75-7473-222 
Nick Fakto 7473-73—222 
Futton Allan) 60-77-76-222 
Lee Jonzen 75-71-76—222 
Holkne Mesh! of 71-71-00-222 
Howord Twttty 73-7474-223 
Sam Torrance 7473-74—223 
Fred Funk 79-70-75-224 

Andrew Magee 747474-224 
Mike 5 Inndly 7769-79—225 
Ian Woosnam 7473-77-226 
John Cook 77-72-77—226 
Sandy Lyle 7473-70—226 
COstantlno Rocca 79-70-70-227 
John Daly 747477—226 
extafin Harris 72-7400—228 
Joff Maggert 747302-230 

Foiled To Qualify 
Colin Montgomerie 77-73—150 
Nolan Henke 77-73—150 
Johnny Miller 77-73—150 
Crain stodler 7474— 150 
Jumbo Ozakl 7474— ISO 
Rkk Fehr 77-73-150 
Mark CalcaveeeMa 7475—150 
Oil Morgan 7476—150 
Gary Player 71-79—150 
Dudley Hart 7475—151 
Jim Gallagher, Jr. 7477-151 
Bllhr Mayfair 7477—151 
Brett Ogle 7477-151 
Jack Nlcklaus 7474-152 
Dormy Ellis 7474-152 
John Inman 7476—152 
Grant Waite 7478—152 
Peter Baker 7475—153 
Bob Estes 77-76—153 
Charles Coady 0474-154 
Anders F er s b ran d 0474—154 
BDIy Casner 77-77— IM 
John Adams 7474-154 
Davis Love III 7474-154 
Scott Hoch 7479-154 
Steve Elklngton 81-74—155 
Arnold Painter 7477— is 
Pavne Stewart 7474-156 
o- Jeffrey Thomas 7474-156 
Tommy Aaron 7600— IS 
Blaine McCodlsfer 79-74-157 
Barry Lane 7603—19 
o-Iafn Pyman 83-79—161 
Gay Brewer 8474-163 

1983 and won less than $40,000 his 
first three years. When he lost Ins 
card after 1985, he began a seven- 
year stretch in the satellite and 
mini-tour events and on the Asian 
and South African tours. 

After finishing first in earnings 
an the Hogan Tour in 1991, he got 
back to the PGA Tour and has won 

more than $1 million tbe last two- 
seasons, including a tie for third in 
his first Masters a year ago. 

The Masters course generally fa- 
vors his right-to-left game, and 
while he is not considered among 
the game’s longest titters, “he tits 
it long enough," Kite said of tis 
playing partner in Friday’s round. 























n ] 


Abebe Gels Only $25,000 in Jakarta 

JAKARTA (AP) — Addis Abebe of Ethiopia won the Bob Hasan 10- 
Kilometer race Sunday, and only three seconds off the world record that 
had gained him $500,000 last year, but had to settle for $25,000. 

Abebe was timed in 27 minutes, 43 seconds, followed by Eduardos 
Nabunome of Indonesia and Shannon Butler of the United States. Anne 
Marie Letko of the United Slates won the women’s competition in 32:45. 

e fo Beijing, a spokesman for the State Sports Commission said China’s 
record-breaking women distance runners bad pulled out of the London 
marathon because “they have iiguries (and) their training has not been 
normal because of too many social activities." He would not give details. 

Tchmil Wins Paris-Roubaix Race 

ROUBAIX, France (AP) — Andrea Tchmil of Mo ldova won the Paris- 
Roubaix eyding race Sunday as the other favorites were slowed by flat 
tires and broken chains in the 270-kiloineter classic that began m near 
freezing temperatures and continued through ram, simstae and snow. 

Fabio Baldato of Italy finished second, with another Italian, Franco 
BaHerini, about another minute behind after ms Hat toe. 

Gilbert Duclos-Lassalle of France, who had won the last two years, 
finished seventh after first breaking a whed, tb« -*Ja**i 

Museeuw of Belgium, closing on the lead, broke his chain with 30 

kilometers iefL 

Surgery on Gascoigne Goes Wall 

LONDON (AP) — A sled rod was surgically implanted into Paul 
Gascoigne's right leg to repair the two fractures monied while the Jy 
yra^dEnglish midfidderwas practicing with theltahan team Lazio. 

3 .K-t h* tuin h* able to olav football again and should 

Braves’ Mercker (Correct) Pitches No-Hitter 

Aft Ftnafl/Tbe Anodaed ?tm 

Own Ho Park: Overshadowed. 

Compiled by Ow Staff From Dispatches 

LOS ANGELES — With the Atlanta 
Braves' starting rotation the envy of base- 
ball it didn't figure that journeyman Kent 
Mercker would be the first to pitch a no- 

But the 26-year-old left-hander, a con- 
verted idiever wi thorn a complete game in 
11 previews major-league starts, did just 
that in a 6-0 victoiy Friday night. 

Ironically, Mercker had a hand in tbe 
Braves' last no-hitter, going six innings 
against San Diego on SepL 11, 1991, before 
Mark Wohlers and Alejandro Pena fin- 
ished This time, it was Mercker all the way. 

And for one night, the celebrated $16 
million staff headed by 1992-93 Cy Young 
Award winner Greg Maddux, 1991 winner 
Tran Glavine and strikeout artist John 
Smoltz was forced to watch Mercker ac- 
complish something that, to date, has 
eluded each of them. Mercker is being 
paid $1,225 million this season. 

“I kind of chuckled to myself: Here’s a 

dunce to put up or shut up and I put up 
tonight,” said Mercker, 16-13 in parts of 
six major-league seasons. 

He struck out a career-high 10 and 
walked four. The closest the Dodgers 
came to hit was in the sixth inning, when 
Eric Karros lined to second baseman 
Mark Lemke near the bag. It might well 
have been a hit had Lemke not been mov- 
ing to cover second because Brett Butler 
was trying to steal with two out. 

“Alter the sixth inning , when Lemke 
caught that ball, I had a sense of a no- 
hitter, ” Mercker said, “because thou is uo 
way that play should have been made." 

Center fielder Ddan Sanders also made 
a nice running catch of a liner by Jose 
Offennan in the fifth, and Terry Pendle- 
ton made plays at third on two hard-hit 
grounders m the second. 

Mercker completed the no-hitter by gei- 
[ Butler arid Mflw Piazza on called third 
, then got Karros to Ml a ground ball 
back to the mound. Mercker began to 
throw to first baseman Fred McGriff, but 

tis adrenaline was so high he thought he 
might heave the bafl into tbe dugouL 

So he ran across the infidd toward 
McGriff and tossed tbe ball softly. 

* Mercker also stole the spotlight from 
the Chan Ho Park, who relieved for the 
Dodgers in the ninth and became the first 
South Korean to play in the major leagues. 

The right-hander faced the heart of the 
Braves' batting order, McGriff, David 
Justice and Pendleton, all of whom had 
homered earlier. He walked McGriff and 
Justice, with both scoring on Pendleton’s 
double, then retired the next three Braves, 
striking out Javier Lopez and Mercker. 

“The best thing I did was strike out two 
people, the worst thing was walk two peo- 
ple," he said. 

Park said he was more nervous during 
the exhibition series last weekend against 
the California Angete. 

“When we played in front of the Angels, 
there were a lot of people," be said. “So 
this was not that bad." (AP, LAT) 

Reed Snao/Tl* AaocaKd Plea 

Kent Mercker. Time to put up or start tqj. 

daSEsSSSSSSsw Hill, Mr. April, and Rejiggered Expos Avoid a Sweep by Cubs 

centimeter ( 13 ^ 2 -inch) rod into the leg to stabilize the broken bones. 

Ruth’s Bat Fetches Record $63,000 

Hank Aaron, wno on April 8. 1974. broke . KmU’s 
ran recooTby hitting his 715th against the Los Dod^, att^ed 
ceremonies at Arlan tf-Ful ton County Stadium celebrating i£L 
Sadaharu Oh bolds the world record with 868 homers hit in Japan. 

For the Record 

Nigeria won its second African Nations Gip tide as Emmamiti 
Amunflce scored twice in the 2-1 defeat ofZamta. ^ 

The African soccer eonfederalioo ^ 

World Cup finals are expanded from 24 to 32 teams, B ^p} 

W « in 1 W Warid C^. i» 

finer Milan to play for the Japanese Qllit JjffJ 

my Tubbs, uteuniversity’s winningesthasketball coach, quit after M 

seasons at Oklahoma to coach at Texas . nror wdtraweieht 

PeroeU Whitaker of Ok United States rotated ^ 
title with a unanimous decision over Santos Cardona of (Reuters) 

of Thailand retained ta WBA 
Bangkok with a decision over Jesus Rojas 
Tracy Patterson kept his WBC .^^tamwttght with ai 
decision over fellow American Richard Duran tn Reno, . eva ( 

The Associated Pros 

Ken HSQ continued his April 
brilliance and the Montreal Expos 
shook up their batting radar Sun- 
day to down the Chicago Cubs, 8-2, 
avoiding a sweep of ihe three-game 
series in Montreal. 

Hill allowed one run and four 
hlw in seven innings. He struck out 
four and walked four. Hill, who 
was 0-3 agains t the Cubs last year, 
is now 6-fl in April starts the past 
two seasons. He was named the 
National League’s Player of the 
Month last April after going 4-0. 

The Montreal manage, Felipe 
Aknz, juggled his batting order 
Sunday, moving MaFquis Grissom, 
the team's normal leadoff hitter to 
the No. 3 spot, and batting Mike 
Lansing first Wil Cordero, who 
batted in tbe shah spot in Satur- 
day's game, balled third. 

Grissom had three RBIs, Lan- 
sing had three hits and scored 
twice, and Cordero went 2-far*4 
with an RBI. 

Leading 3-1. the Expos scored 

five times in the sixth. Chicago's 
starter, Juan Guzman, gave up two 
angles and a walk before I Arising 
and Cordero delivered RBI singles. 
Grissom then turned on reliever 
Blaise Hsley’s Gist pitch for a two- 
run angle, and Larry Walker dou- 
bled in a run on his second pitch. 

Guzman, making tis first start of 
the season, lasted only 5U> innings, 
allowing eight runs and nine tits. He 
walked three and struck out four. 

Montreal jumped to a 2-0 lead in 
the first on Cordero’s RBI triple 
and a sacrifice Oy by Grissom. 
Steve Buechele’s run-scoring 
groundont brought the Cubs within 
2-1 in the fourth, but Sean Berry’s 
RBI angle in the bottom of the 
inning put Montreal ahead 3-1. 

Rey Sanchez drove in Chicago's 
other run with a single in the eighth. 

Min games played Saturday: 

Braves 2, Dodgers 1: In Los An- 
geles, Jeff fitinser had three hits, 
including an RBI single in the 10th 
mning , as the Atlanta Braves ex- 

tended their season-opening win 
streak to six. 

Greg Maddux pitched four-hit 
ball over nine innings. The two- 
time Cy Young Award winner 
struck out four and walked one 
before the rookie Tony Tarasco 
pinch-hit for Him in tbe 10th. 

Mark Lemke started the winning 
rally with a one-out single off re- 


liever Todd Worrell before Dekm 
Sanders singled pinch-runner Mike 
Kelly to second with two out. 

Btiusor followed with a Hue drive 
dial rookie rig ht fielder Raul Mon- 
desi short-hopped. Mondesi made a 
one-bounce throw to the plate, but it 
skipped past catcher Mike Piazza, 
who was given an error. 

Maddux had had a tough act to 
follow, 24 hours after his Atlanta 
teammate Kent Mercker threw a 
no-hitter against tbe Dodgers. 

Any thought the Braves had of 
becoming tbe first team since the 

1917 Sl Louis Browns to pitch no- 
hitters on consecutive days quickly 
vanished when Tim Wallach 
grounded a clean single through the 
left side with one out in the second. 

Cobs 4, Expos 3: Sammy Sosa hit 
a sacrifice fly in the ninth off John 
Wettdand as Chicago rallied to 
win in Montreal. 

Montreal led 3-2 in the eighth 
but Wetteland, who blew just six 
saves in 49 chances last year, 
walked Sosa and threw away a 
pickoff attempt fra an error that set 
up a game-tying single by pinch- 
hitter Marie Grace. 

Reds 2, Pti&es I: John Smiley, 
the Reds’ biggest disappointment 
last year, anchored their third 
straight victory by shotting out 
Philadelphia fra TVs inning s in Cin- 

Brian Dorsett singled home the 
only ran off loser Curt Schilling in 
the fourth inning. Hal Morris add- 
ed a homer in the eighth off Doug 
Jones. Hector Carrasco gave up a 
leadoff homer in the ninth to Pete 

Incavigtia before getting his first 
major-league save. 

Pirates 10, Rockies 5: Carlos 
Garcia homered and drove in three 
runs, and Jay Bell had three tits as 
Pittsburgh stopped visiting Colora- 
do to aid a four-game skid. 

Garda and Bell singled ahead of 
Orlando Merced’s two-run double 
in the first off Armando Reynoso. 
Zane Smith survived three homers 
to win as a starter for the first time 
since Aug. 13. 

(Sants 4, Cardinals 3; CanSmds 
5, (Sants I: Bob Tewksbury al- 
lowed one ran in seven innings and 
drove in the go-ahead ran to give 
SL Loins a doubleheader split in 
San Francisco. 

The Giants won tbe first game 
on Matt Williams's two-ouL run- 
scoring sin gl e in the 1 1th. The Car- 
dinals didn't get a hit off Giants 
starter Salomon Torres until the 
fifth mning of the second game. 
Then the right-hander fell apart 
giving up five hits and three walks 
in two innings. 

Mets 8, Astros 2: New York’s 
Bret Saberhagen, fresh off a five- 
day suspension assessed for spray- 
ing bleach at reporters, pitched a 
five-hitler in Houston. He took a 
two-tit shutout into the ninth be- 
fore allowing consecutive homers 
to Anditjar Cedeno and pinch-hit- 
ter Chris Dorm els. 

Ryan Thompson, Todd Hundley 
and Jose Vizcaino all homered for 
the Mets, the second of the year for 

Pete Harnisch allowed six runs 
and six tits in 3 Yt innings. 

Martins 15, Padres 1: In San 
Diego, Jeff Conine homered twice 
and drove in five runs as Florida set 
a team scoring record. 

Conine hit a three-run homer off 
A. J. Sager during an eight-run out- 
burst in (he seventh, and added a 
two- run shot off Mark Davis in a 
six-run ninth. The 15 runs broke 
the team record of 12, set Aug. 11 
in a victory over the Chicag o Cubs. 


— _ Page 24 


The Surreal Headgear of Stephen Jones 


By Suzy Menkes 

fntenumonal Herald Tribune 

metal-mesh helmet for Claude Montana; shipping a con- 
signment of rain hats to Tokyo, and comforting, consoling 
and equipping the mother of the bride. 

If all that sounds an unlikely occupation for the modern 
age, you have to know that Jones is a milliner extraordin- 

Tastemakers \ 


An occasional series 
about people for whom 
style is a way of life 



aire — one of England's mad hatters who has achieved 
international sums. 

His latest collaboration has been with fellow country- 
man John Galliano — a symbiotic relationship in which 
Jones’s sancy cocktail hats and curling geisha-girl straw 
pieces reflected the spirit of the clothes. 

Jones, 36, could claim to be following the headlines 
written by Elsa Schiaparelli in the 1930s. Ever since he 
graduated from St. Martin’s School of Fashion in 1979, 
Jones has been known for surreal hats — witty, fantastic, 
whimsical creations, from a fried egg sunny- side up on a 
tilted platter to a reincarnation of Schiap’s glove and 
ballet shoes sprouting horn the bead. When the Fashion 
Institute of Technology in New York staged a “Fashion 
end Surrealism " exhibition in 1988, Jones's hats had pride 
of place. 

“But I wouldn't do something like that now.” says 
Jones, referring to the fried-egg hat. “I am now very much 
more into fabric and texture. A hat doesn't exist by itself. 
It is an accessory to other clothes.” 

Indeed. .And who in a world of working women and 
base half-capped presidents wears model millinery — the 
hand-made, craft-based headgear th3i is the haute couture 
of hats? 

“A baseball cap is just as valid as a fell hat was 20 years 
ago," insists Jones. “And young people — especially in 
England and even in Tokyo — the under 25s aQ wear 

To cater to different tastes and pocket books, Jones 
makes a range of ready-to-wear hats, of which a pull-on 
rainhat — corduroy velvet one side and plastic the other 
— is a besl-sefler from Manhattan to Tokyo. Princess 
Diana is a client for soft, casual headwear, rather than (he 
“statement” hats that she once considered essential for her 
royal role. 

Jones has an international clientele for formal hats, with 
a core of 30 to 50 customers who come bade each season. 
That means English ladies (Inspired by the royal family) 
Hocking for summer garden party bats, and winter hats 
ordered by Germans, Canadians and Hong Kong clients. 
His London studio draws young and old, from 15-year- 
olds to elderly ladies. He is currently overwhelmed with 
orders for the Royal Ascot race meeting at which a formal 
hat is de rigueur. 

Jones's heart is in the model hats to which he tries to 
give “verve and crispness” and a touch of irony: a giant 
lettuce leaf made out of spring green chiffon dipped in 
gelatine; a cage created from plastic wire; a peky hat 
fashioned from wood-shavings: a pleated organza hat. its 

Ww Ashworth 

Milliner extraordinaire Stephen Jones is one of England's mad hatters who has achieved international status. 

spiral of pleats folded by hand- to the beat of a metronome 
“to get the right rhythm.” His latest collection, entitled 
“Rococo Future” will be the subject of a Tokyo exhibition 
at the Ginza Artspace in May. 

Jones says that his hat heroes are Schiaparelli “because 
her hats were complete fantasy” and Lily Dache, the 
French-born American milliner with “a combination of 
French sophistication and American pizzazz, the opti- 
mism and brightness of the period.” That is a spirit he tries 
to emulate. 

“1 hope there is a tightness and a whimsy and a playful- 
ness,” he says, “and that 1 reach ihe point between when a 
hat is an imposition and is balanced with the person who is 
wearing it/* 

The annual turnover of his business is £1 million ($1.5 
million), which includes Jones's work as a consultant to 
the Japanese beauty firm Shisetdo, 40 percent from the 
Miss Jones ready-to-wear line and 30 percent from model 
hats, plus ids work with designers for runway shows and 
designs for rock stars. 

Since the early 1980s, Jones has created hats for Boy 
George, Mick J agger, Grace Jones. George Michael, Di- 
ana Ross and bands including Spandau Ballet and recent- 
ly Rhythm *n Bass, whose members he describes as “arriv- 
ing in die showroom as though it were Aladdin's Cave.” 

Jones’s taste for the avant-garde prevents even his 

special-occasion hats from becoming the brimful-of- roses 
beloved by English country ladies. Rather than reveling in 
trimmings, he sculpts in straw or crin (hatmaker’s horse- 
hair), using transparency or curving lines to give feminini- 
ty and romance. 

For the runway, he can indulge in fantasy, making the 
hats “tight-hearted, fan and a bit frivolous.” Even after 
nine years of a “great relationship,” he finds Claude 
Montana a demanenng taskmaster, requiring modern in- 
ventiveness rather than references to the past like Gal- 
liano. Jean-Paul Gaultier wants ideas, pumping Jones to 
come np with inspiration according to each collection’s 

But what about Mrs. Average who needs a hat for an 
occasion yet hardly knows how to put it on her head? 

“When customers come in, they are unsure — they 
don't know what they want,” he says. “Then you work 
with proportion, texture and b alan ce and make them feel 
more confident, comfortable and beautiful because they 
are more relaxed.” 

That nonchalance comes from the knowledge that the 
bat is made to suit — whether it is a show-stopping beret 
of lace wire, or a simple straw cloche. 

“A hat can take you away and allow you to become 
somebody else,” Jones says. “And that touch of fan easy is 
much easier to put on with hats than clothes.” 

It’s Swell to Be Peppy Again 

By William Safire 

W ASHINGTON — Llovd Cuder, the 76-year-old 
Washington legal establishmentarian, was askea 
by a reporter if he would consider staymg » “ 
PrademCtinton’s White House coimsd^eyondfe 

StiOrt penoa wax uaa uw t. 

that tetimued his planned stay ^ part because Tm 
married fairly recently to a very young and pepjjywtfe 
and I want to spend some more cune with ter. 

Peppy is a swell word. Like swdl, it is Old Slang, part 
of tterazzmatazz language used by Generation Z (the 
incipient geezer set), which can still recall the tyncs of 
Ira Gershwin and Cole Porter. I can remember my 
mother idling me how to do weD on television m the 

early ’50s: “Be peppy!* , . 

Cutler's wife of four years was assumed by some 
Generation X members of the press corps to bei ffaar 

Generation X members of 
age. Not so; Mis. Cutter is 

artist Polly Kraft, 

It is Old Slang, part of the 
razzmatazz language used 
by Generation Z (the incipient 
geezer set). 

widow of the columnist Joseph Kraft, and aster of 
Kay Evans, wife of the columnist Rowland Evans. Her 
age is her own business, but she is in ray cohort and I 
am no spring chicken, to use another example of Old 

But peppy Polly is. (In a generation, she will be said 
to be spripufy, and as a nonagenarian, spry.) 

Pep is a shortening of pepper, which took place 
about the tune, 1912, that gin up was spawned from 
ginger. Advertising copywriters used it before that 
industry found its home on Madison Avenue: “This 
newest Overland Four went a Canadian car ad in 
1916, “has more power, pep, punch, and speed.” 

p^talks. A breakfast censafmm^^^ 1 did well 
before flaking out 

The adjective peppy appeared at the dose of World 
War L according to Merriam-Webster’s 10th Colle- 
giate, and was used by Sinclair Lewis in “Babbitt,” 
his best-selling 1922 novel: “Wouldn't it be a good 
idea if I could go off to China or some peppy place?” 
(That locution may have been repeated, to ms rue, by 
Secretary of Stale Warren Christopher 72 years 

S tandar d English synonyms include spirited, lively, 
energetic and vigorous. All those words have the requi- 
site fife in their meaning, but only the grand old peppy 
can claim yesteryear's quality of being full o' pep. 


The most ominous phrase in diploma tese these days 
is near abroad. It means “people of Russian ethmc 
background who now live m states that broke away 
from the Soviet Union.” If Russia and Ukraine go to 
war over Crimea, until 1954 a part of Russia and with 
a mostly Russian-speaking population, it will be over 
Russia’s reach to bring back its near abroad. 

The earliest citation turned op by the Dialog retriev- 

al system is this letter to The Washington Tunes of 
ApnL2h 1993: “Mr. Bodie criticized Russia’s pro- 
claimed interest in the ‘near abroad.' He said that 
Russia’s belief that it must resurrect its presence in the 
near abroad is "the opiate of the political classes’ and 
does not serve the Russian democratization 

Hie earliest Neds citation is not until Nov, 30, 
1993, in (he English-language Moscow News, describ- 
ing a competition of hairdresser “from different cities 
of Russia mild the ‘near abroad.’ ” 

- The meaning is usually “Russian ethnks living in 
neighboring states, but near Russia’s border and un- 
der a claimed Russian protection." In Britain, the 
Oxford English Dictionaiy editors tell me their earliest 
citation is from a British publication. The Art News- 
paper, dated April 1993, and. defines the phrase more 
by territory than population: “Russia’s new borders 
wjth die so-called 'near abroad (the republics of the 
former U. S. S. R.) are becoming a reality” In Octo- 
ber 1993, The Boston Globe also defined it by territory 
and hyphenated the phrase: "the new nations along 
the Russian periphery — a swath of territory that 
Russians, call ‘the near-abroad.’ ” 

We’re missing something big. Tm speculating, but 
usage must have' begun soon after the breakup of the 
Soviet Union in August 1991, probably by the Russian 
press in quoting Russian officials. 

Who coined near abroad — in Russian blizhneye 
nzrubyezhyc. Tm informed by Cdestine Bohleo, the 
New York Times Moscow bureau chief — and who 
first translated it into English? Send specific cita- 
tions to Academician Safire, New York Times Wash- 
ington Bureau, 1627 Eye Street N.W., Washington. 
D.C. 20006, U. S. A. 

.□ . 

Mouth to mouth is a form of resuscitation; Mouth 2 
Mouth is a new magazine from Time aimed at teen- 
agers of both sexes and is described by its editor, 
Angela Janklow Harrington, as “a cross between Van- 
ity Fair and Mad.” 

I have planked down $15 for a year’s subscription 
because it has a feature titled “Words We Hate,” by 
Evie Shap iro, damning the “subtle and insidious” 
words “that pollute a conversation. ” 

Ample is out: “a fancy way of saying you’re fat.” 
Youthful resistance to euphemism is a hopeful sign, 
but moolah and Ointment are also taboo in speech for 
an odd reason: “Notice how your face has to scrunch 
up unattractively. . . . Fins,' they sound like you’re 
making barnyard noises.” 

Nite. kwik, e-z, thru — “flai-qui lazy. Why do 
advertisers think: misspelling is such a consumer 
draw?” Can't kid the kids. 

“If we’ve saved just one person from the crushing 
shame,” Shapiro writes, “of using, say, brouhaha in a 
nanial conversation, we can consider our job done.” 
Gee, I'm sorry to see brouhaha — “hullabaloo” — 
vanish from the teen scene. It's a peppy word. 

He »■ York Times Service 


Appears on Page 1 1 










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Forecast for Tuesday through Thursday, as provided by Acou-Weather. 

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Showers Tuesday and 
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City to Washington, D.C.. 
than windy and warm with 
some sunshine Thursday. 
Rams likely m Chicago and 
Detrot Tuesday and pertiaps 
Wednesday. Rather sunny 
and warm Tuesday through 
Thursday in much of Florida. 

Middle East 

| itaMBomfaly 


Rainy, chilly weather will 
begm (Tie period from Poland 
and eastern Germany south 
to Italy and Greece. Some 
rains wffl linger through mid- 
week. Western Germany 
through France wffl be cool 
(or the season with a few 
drawers Tuesday. England. 
Spain and Portugal win be 
mostly dry. 


Rahy, windy weather wV hfl 
Japan Tuesday and there 
will be showers Into 
Wednesday. Tuesday, It wfl 
shower in South Korea and 
perhaps Shanghai. China, 
with dry weather afterwards. 
Tuesday will be muggy tn 
Hong Kong, Shenzhen and 
Taiwan; it may downpour. 
MUmwk wffl be moderate. 


Today Tomorrow 

KWi Uw W High Low W 


Bata 23/73 14/97 ■ 24/75 17/62 pc 

Caro 30/86 12*3 a 31/88 18/81 a 

Damascus 22/71 9/48 a 24/76 12/53 pc 

Jwutem 21/70 12/53 a 29/73 14/57 P= 

lira 38/100 13/55 s 37188 17/62 8 

Readi 34/93 18*4 a 34/93 17*2 • 

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Today Tomorrow 

Hfflh Low W KtgCi Low W 
Bum* Akin 23/73 11/52 a 20/73 13*8 a 

Caracas 29/84 28/73 pa 29*84 24/75 a 

Lima 23/73 18*4 ■ 24/75 19*8 pc 

MraJooCay 29/84 1366 s 30*8 12/63 pc 

RtodoJanain 28/73 21/70 e 27 *0 21/70 i 

Santiago 28/79 8/46 I 24/75 B/46 pc 











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21/70 14*7 sh 22/71 18*1 pc 
21/70 13*5 ah 23/73 16*1 pc 

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