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Serb Troops 
Surge Into 
Gorazde as 
Defenses Fall 

UN Observers Retreat 
To Center of the City: 
NATO Threat Ignored 

Compiled bp Our Staff Fnm, Ddpaicha 

mn*££2£ t ?' Bosnia_Hcrte govina — Bosni- 
fon r e l through crumbUne 
defenses around Gorazde on Friday and were 
on the verge of seizing the Muslim enclave 
drapue warnings from NATO and the United 
Natrons of new air strikes to protect UN forces. 

u.b. administration officials said that Serbi- 
an Forces had captured all strategic points in the 
enclave and that UN observers were pulling 
back into the center of the town. 

“All the key strategic points in the city have 
fallen to the Serbs,” an official said. 

A British UN observer was killed in the 
righting, complicating the situation for NATO 
since the rationale for air strikes earlier in the 
week was protection of the UN observers. 

A well-placed American official said the UN 
commander. Lieutenant General Sir Michael 
Rose, had declared the situation “untenable” 
and said it was too late for US. bombing raids 
to try to deter the Bosnian Serbs. 

The official said General Rose reported that 
he would withdraw aQ UN peacekeepers. The 
remaining UN personnel, numbering about 10, 
were in retreat to the inner city from the out- 
skirts, officials in Washington said. 

Bosnian Serbian army leaders called on Mus- 
lim troops in the enclave to surrender and urged 
Muslim and Serbian civilians to tav«» shelter 
behind Serbian lines, the Yugoslav press agency 
Taryug reported. 

Asked if the United Nations would be stick- 
ing to its commitment to protect UN personnel 
in Gorazde, one of six UN-designated safe 
areas in Bosnia, a military source said earlier in 
Sarajevo: “There is no question right now of air 

The United States, NATO and the United 
Nations were trying to decide what to do next 
They are trapped between a UN mandate that 
autliorized a humanitarian relief effort but that 
was transformed this week into a military mis- 
sion to prevent the capture of Gorazde. 

An American official said that although the 
pace of meetings and consultations about Gor- 
azde had speeded up, no meetings of NATO or 
the UN Security Council had been called. 

“We are now- trying to fignre out what we- 
should be trying to do " he said: 

The North Atlantic Treaty Organization was 
holding its fire even though a French reconnais- 
sance aircraft was hit by ground fire and two 
other British UN observers were seriously 
wounded in the renewed offensive against Gor- 

At the White House, the presidential press 
secretary. Dee Dee Myers, said, “Geaiiy, we’re 
concerned about Gorazde, and I think that the 
Bosnian Serbs should know that if they endan- 
ger the lives of UN personnel there, we stand 
ready to take the same action we took last 

Earlier. President Bill Clinton, trying to cool 
tensions after American-led bombing in the 

See GORAZDE, Page 7 

U.S. Air Patrols 
Halted for Day 
In North Iraq 

Complied by Our Staff Fnm Dopeucha 

WASHINGTON — The United States sus- 
pended air patrols by combat planes over 
northern Iraq for one day on Friday torem- 
force safety procedures that faded in Thurs- 
day's shootdown of two U.S. helicopters. 

While the F-15 fighter pilots were being giv- 
en additional safety briefings on Friday, 
AWACS radar planes continued operating oyer 
the “no flight" zone north of the 36th parallel, 
military officials said. , 

The AWACS could call m jet fighters m the 
event Iraqi aircraft were spotted violating the 
zone, the officials said. 

President Bill Clinton on Friday promised a 
“full report to the Amakan people tl™ 

horribletragedy ” «» «*«* 26 

personnel and Kurdish passengers were killed 
by fire from U.S. Air Force jets. 

J Mr. Clinton said he believed the alhed rms- 
sion in Iraq should continue : despite the<Us*r 
ter. “It’s performed a very valuable function m 
protecting Kurds from Iraqi persecution, he 

Sa “We‘re going to stay on top of this, woik 

thro ugh it and make a full report to the Ameri- 
can people,” Mr. Clinton said. 

Defense Secretary Wiliam J. P 650 ? * 

would take weeks to rift Ihrooghtteevidroce to 

ascertain why two F-15 fighters shot downthe 
two U.S. Army helicopters. AH aboard were 

our procedures need change, we will 
change than and we will change 
atdy,” Mr. Perry said at a 
individuals are found to be culpable. w^ wui 
discipline them. But we will not rush to judg- 

™ Fifteen of the 26 military offices JdHed were 

See IRAQ, Page 7 

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Lebanon ...USS 1 JO U.S. Mil. (Eur.) SUO 

Paris, Satur day-Sun day, April 16-17, 1994 

No. 34,564 

World Trade Treaty 
Signed With Cheers 
Tempered by Anxiety 

Luna Rdxmx/Tlc Aasxmcd fas* 

Peter Sutter! and, GATT's director-general, before the signing ceremony of the Uruguay Roald's Final Ad on Friday in Marrakesh. 

By William Drozdiak 

Washinpun Pan Sender 

MARRAKESH, Morocco — After seven 
years of a gnnrang negotiations, the curtain 
finally came (town Friday on his lory’s most 
ambitious effort to open world markets, as 
representatives from more than 100 nations 
signed a new global trade treaty here. 

But as delegates and diplomats marched to 
the podium to pm their signatures to the 
26,000-page Final Act of the Uruguay Round, 
the celebratory mood was tempered by anxiety 
that the world was entering an ominous phase 
of tension between East and West, and North 
and South. 

Persisting trade conflicts between the United 
Slates and Asia’s two major powers, Japan and 
China, struck some expens hare as evocative of 
bitter 19th-century rivalries when the United 
States was trying to pry open Asian markets. 

Although the disputes may not ultimately 
lead to the kind of gunboat diplomacy prac- 
ticed then, the pohucal intractability on all 
sides has started to raise alarms. 

Foreign Minister Tsutomu Hata, who is con- 
sidered the front-runner to become Japan’s new 
prime minister, met Friday with the U.S. trade 
representative, Mickey Kantor. but they failed 
to agree on reviving the so-called framework 
t nitre on a bilateral trade understanding that 
have languished since February. 

Another long-standing conflict, this time be- 
tween rich ana poor nations, has begun to 
ynwate worries about a jvorid economy that is 
becoming at once more interdependent yet 
more disorderly at tbe'same time. 

The vehement opposition of developing 
countries in Asia, Africa and Latin America in 

defiance of appeals by Western countries for 
new standards for workers' rights and the envi- 
ronment has underscored the c lashing interests 
between rich and poor nations. The argument, 
which has dominated discussions here, suggests 
that the collapse of ideofogicai blocs with the 
demise of the Soviet Union has now given way 
to stepped up struggle between haves and have- 
nots over future jobs and growth. 

Even Uruguay’s foreign minister, Sergio 
Abreu DoniHa, chairman and one of the biggest 
boosters of this round of the General Agree- 
ment on Tariffs and Trade, was moved Fnday 
to observe that the most common emotion felt 
among the various delegations at the agoing 
ceremony was “a sense of shared dissatisfac- 

The treaty, which must still be ratified by the 
US. Congress and other parliaments, breaks 
new ground by cutting industrial tariffs up to 
40 percent, slashing export subsidies that have 
made food more expensive; and setting new 
rules for trade in services and agriculture. 

It will also create a new Wodd Trade Organi- 
zation to succeed the 47-year GATT and serve 
as the third pillar of the Bret ton Woods system, 
along with the International Monetary Fund 
and the World Bank, in order to monitor trade 
and resolve disputes before they can damage 
the world economy. 

Although the world trade treaty may slave 
off an early return to “the law of the jungle” 
that many experts feared would have occurred 
if the Uruguay Round had faded, leaders say 
the enonnousness of (he challenges ahead will 
make management of trade conflicts essential 
to avoiding future wars. 

Just as the drive to open markets in Asia and 

See GATT, Page 7 

A Quick Study, Mandela Takes TV and De Klerk by Storm 

By Paul Taylor 

Washingion Poet Senior 

JOHANNESBURG — Nelson Mandela 
had just finished his first mode run-through 
of an Amcrican-style, televised presidential 
debate. “I am going home to study my notes,” 
he promised his American media adviser, 
Frank Greer. “I wiD be belter tomorrow. I 
know -you told me I did wdl, but that is 
because >x» are a gottf psychologist." - - 

That was Wednesday. Thursday night, it 
was 70 mmoles of live television combat — 
Mr. Mandeb, president of the African Na- 
tional Congress, versus President Frederik 
W. de Berk in the first presidential debate in 
South Africa. 

In between, the self-effacing neophyte, al- 
ready the favorite to win the April 26-28 
election, must have studied hard. 

Mr. Mandeb pummded Mr. de Klerk 
from start to near finish with a barrage of 
stinging accusations on issues ranging from 
racism to corruption to state-sponsored polit- 
ical violence. Tune and again, be flicked aside 
Mr. de Klerk's comebacks as “less than can- 
did,” treating them the way an imperious 
headmaster mi gh t dismiss the alibis of a 
chronic truant 

But then, in an extraordinary mood shift 
just before die close. Mr. Mandeb readied 
out and offered a hand to his battered oppo- 
nent. “I am proud to hold your band to go 
forward,” he said, ending on a graceful note 
of national reconciliation. "Let's work to- 
gether to end the division." 

Mr. de Klerk, normally an adroit practitio- 
ner of political stagecraft, had no choice but 
to clasp back and smOe warily. 

What has been surprising is Mr. Mandeb's 
interest in the art of television communica- 

tion — a medium he was totally cut off from 
until be was 71. He could have cruised to' 
victory in this campaign on his personal pop-, 
ularity and his organization’s grass-roots 
strength. He chose to try to master a new 

The lopsidedness of Thursday night’s en- 
counter was not merely, or mainly, a product 
of coaching. It reflected the overwhelming 
tactical advantages, that the candidate who 
it 27 years' injaB has enjoyed throughout 
campaign over the candidate who was 
once his symbolic jailer. 

Mr. Mandeb’s American poll-taker. Stan- 
ley Greenberg, has found that every time Mr. 
Mandeb attacked Mr. de Klerk during the 
campaign. Mr. Mandeb's stock rose. And 
every time Mr. de Berk attacked Mr. Man- 
dela, Mr. Mandeb’s stock also rose. “When 
the party of the oppressor attacks, you get a 
protective reaction from the people who were 
oppressed,” Mr. Greenberg said. “They rally 
around Mandeb and the ANC.” 

Mr. de Berk did not do much attacking 
Thursday night. Neither did he bother pre- 
tending that he expects to win. He said he 
would serve with pride as Mr. Mandela’s 
deputy president in the coalition government 
that wrn come to power next month. His 
appeal for votes mainl y revolved around the 

it that his National Party could pro- 

res that 

an ANC 


vide the checks and balances 
government would need. 

Mr. Greer was ecstatic with his candidate’s 
performance. “He had all the moments," he 
said. “He was tough enough to energize his 
base, but then he also able to reach out and 
for reconciliation." 

r. Greer has been here a half-dozen times 
See MANDELA, Page 5 

Agent* Fhncs-Picuc 

South African pofice cadets taking a rest at a ceremony in Pretoria fliat was addressed by Law and Order Minister Hennas KrieL 


Russia and Ukraine Agree on Fleet 

MOSCOW (WP)— For the fourth time in President Boris N. Yeltsin of Russia and 
two years, Russia and Ukraine have reached President Leonid M. Kravchuk of Ukraine 
an agreement to divide the disputed Black on Friday. 

Sea Fleet and settle what has proved the most Under it, the Ukraine Navy would receive 

contentious issue in relations between the 15 to 20 percent of the fleet Russia would 
two countries. control the rest The Ukrainian and Russian 

The preliminary accord was ann ounced by ships would then be stationed separately. 

Up and 

An occasional series about 
the leaders of tomorrow. 

Takahiro Fujimoto, a leading expert on the 
Japanese automobile industry, views conflict 
competition and cooperation as equal pans 
of the game. In Monday's Trib. 

The Dollar 

New YorV. 















Book Review 

P age 4. Crossword 

Page 4> 

Federal Reserve Poised to Raise Rates 

By Keith Bradsher 

Sew York Tima Service 

WASHINGTON — Federal Reserve offi- 
cials say they see no signs of accelerating infla- 
tion , but the country’s central bank is signaling 
anew that it will raise short-term interest rates 
again anyway. 

Tbe reason: Fed officials say they think low 
short-term rates have already encouraged too 
much lending, giving stimulus to an economy 
that no longer needs it 

The Fed's goal, according to Fed papers, 
congressional testimony and interviews over 
the past tvra weeks, is a so-called “neutral" 
policy rather than a stimulative one. But tbe 
Fed's definition of neutral is likely to fed fike a 
tap on tbe brakes to most Americans, slowing 
growth as companies and individuals pay more 
interest on their loans and mortgages. 

The Fed stance means that investors, who 
have been trading in declining, turbulent mar- 
kets the past month, may not be abb to find 
comfort even if monthly inflation reports con- 
tinue to show that current price increases are 
moderate, as was indicated by the data for 
March issued this week. Despite the positive 
numbers, tbe Fed will still be leaning toward 
pushing short-term interest rates higher. 

Tbe Fed’s desire to rein in growth also could 
irritate the White House, which has signaled 
repeatedly that it sees no rid: of inflation and 
little need for substantial increases in interest 
rates. Stock and bond markets fell sharply after 
both previous Fed increases, prompting' Presi- 
dent Bill Clinton and other officials to reassure 
investors that the economy was healthy. 

The Fed stimulates or reins in the economy 
by changing short-term interest rates, as it did 
with quarter-point increases in its target for 
federal funds oo Feb. 4 and March 22. At the 
time, financial markets interpreted the move as 
a sign that tbe Fed perceived incipient inflation 
that had somehow escaped private economists 
and investors. 

To avoid roaKng the financial markets. Fed 
officials do not fike to talk publicly about 
monetary policy. Privately, they have let it be' 
known that they do not see any immediate signs 
of accelerating inflation. Bui still they are sig- 
naling that they are uncomfortable with the 
current strong level erf economic growth be- 
cause it would eventually feed inflation. 

Fed officials like to say that their old policy 
was accommodative to economic growth while 
the new policy is “nernraL” Many have inter- 
preted tins as meaning that tbe Fed is neither 

seeking to brake nor accelerate economic 

But the truth seems to be more subtle: The 
Fed is really trying to make the economy grow 
at tbe fastest rate possible without feeding in- 
flation. By most economists estimates, that 
would be below 3.0 percent — alevd below that 
which many estimate the economy is now grow- 

Nobody knows for sure how fast the econo- 
my grew in the first quarto- because the official 
figures will not be available until April 28. But a 
consensus estimate of economists is that the 
economy grew 3 J percent in the first three 
months of tbe year. Lowering the growth rate to 
a “neutral" level below 3 percent will require 
higher short-term interest rates. Fed offioals 

The main interest rate the Fed uses to influ- 
ence the economy is the federal funds rate — 
the interest rate that banks charge each other 
for overnight loans. Tbe fed funds rate is cur- 
rently pegged at 3.5 percent, after tbe two 
increase earlier this year, which were the first in 
five years. 

Officials refuse to say precisely how much 
higher the fed funds target would have to be to 

See RATES, Page 10 

Signs of the Times (the 9 30s and 9 40s) Prompt Second Look in Berlin 

By Rick Atkinson 

Washington Pea Sendee 

BERLIN —Subtle as a punch in the face, 
the sign hangs from a lamppost along a busy- 
street in central Berlin: “Jews are excluded 
from sports groups." 

Around tbe corner, another lamppost with 
another sign: “Jews may no longer work as. 
independent craftsmen.” 

And another: “Jewish authors are forbid- 
den from aD literary activities in Germany." 

On virtually every block throughout the 

SdiOneberg neighborhood of Beilin, passers- 
by are warned of yet another prohibition 
imposed an non-Aryans: 80 regulations in all 
that preclude Jewish doctors from practicing 
medicine. Jewish children from playing with 
non- Jews, Jewish smokers from buying ciga- 
rettes or cigars. 

The neatly lettered signs are not evidence 
of a new wave of anti-Semitism, but rather 
are a stark memorial to the systematic op- 
pression of German Jews that began m 1933 
and persisted through the deportations and 

genocide of the 1940s. In Scb&ueberg, art 
imitates history. 

The project, titled “Places of Remem- 
brance" and sponsored by the Berlin Senate 
at a cost of 300,000 Deutsche marks 
($176,000), is intended to remind residents 
here that evil once was stitched into the daily 
fabric of German life. 

First posted on Berlin streets last summer, 
the signs have been so effective that the 
artists hope to duplicate them soon, with 
Fnglish translations appended, and ship the 

replicas to Washington, where they will be 
displayed next fall as part of an exhibition on 
Holocaust art or ganized by the Washington 
Project for the Arts. 

“It's intended to be a psychological work, 
wlndi means something that makes people 
think all the time, something that makes them 
reflect,” said Renata Stdi, an artist who creat- 
ed the Schdneberg signs with Frieder 
Schnock, a colleague. “1 wanted to do some- 
g that would be so anarchistic (hat it 
Id look perfectly fine but would guaran- 

tee that no one would ever sleep the same way 
again after seeing it." 

Details of tbe Washington exhibition, 
which will travel to the Institute for Contem- 
porary Art in Boston m early 1995, are still 
being worked on, according to Karen Holtz- 
man, tbe curator who is handling the project 
for the Washington Project for the Arts. 

About 30 artists, including Germans, 
Americans, Canadians and Israelis, are ex- 

See BERLIN, Page 7 




9F8S6.S 8.B 

Page 2 


Cloud Forming Around U.S . Spy Suspect’s Supervisor 

By Craig R. Whitney 

Nevr York Times Soviet 

BONN — Milton Bearden, the CIA's station chief 
here, is a tall, jovial, bland Texan who in 30 years with 
the agency has worked in intelligence in Hong Kong, 
on the border of Afghanistan after the Soviet interven- 
tion, in Africa, and in Washington, where he was 
deputy director and later bead of the Soviet-East 
European division during the Cold War. 

Hut might turn oat to have been his most danger- 
ous post One of the employees be supervised was 
Aldrich Hazen Ames, an agency employee arrested in 
February and charged with betraying vital secrets — 
and an unknown number of agents — to Moscow. 

Since then, Mr. Bearden’s reputation has been dam- 
aged by the publication of accusations that he had 
tipped off Mr. Ames that he was under suspicion and 
that, as a result he has been forced to take early 
retirement. American officials here familiar with CIA 
operations categorically deny that 

“It is amply not true that he is leaving early because 
of the Ames affair,** Ambassador Richard Holbrooke 

said. “Milt Bearden is one of the most outstanding 
people I’ve ever worked with in 32 years of association 
with people in the agency and has served the nation 
with great distinction." 

So important is the CIA's mission in Germany, 
where Mr. Bearden had been among those trying to 
strengthen ties with German intelligence and extend 

... _ I , . , .1 D.i.h.n 

the h«nd of friendship to the post-Soviet Russian 
intelligence service in Moscow, that Mr. Holbrooke 
talked at leng th this week, about the published reports 
with R. James Woolsey Jr., the director of Central 
Intelligence, and his operations deputy at agency 
headquarters in Langley, Virginia. 

The weekly news magazine U.S. News & World 
Report said earlier this month that FBI investigators 
had obtained a CIA cable “indicating that Bearden 
had warned Ames in 1989 that he was one of several 
employees then under suspicion by counterintelli- 
gence officers." 

Senior agency officials in Washington have assured 
the embassy that there was no such warning, accord- 

ing to officials who said Mr. Bearden also denied 
having warned Mr. Ames. 

Mr. Bearden will retire effective in January, but 
officials say he decided to do so for reasons connected 
with bis p enno n 

Mr. Iloibrooke and his deputy chief of mission. 
Donald Kuisch, haw rallied to Mr. Bearden's defense 
at embassy staff meetings. Scone of Mr. Bearden's 
subordinates were said to be wearing “press" badges 
Wednesday in mockery of the published reports. 

Mr. Bearden also visited Langley last month at his 
own suggestion, embassy officials here said, to tell 
investigators what he knew about Mr. Ames, which 
was apparently relatively little. 

As deputy chief of the Soviet-East European divi- 
sion (since renamed the Central Eurasian division) 
from 1983 to the summer of 1986, Mr. Bearden super- 
vised Mr. Ames, who was head of the Soviet counter- 
. intelligence branch. 

Both were involved in the interrogation of Viiali 
Y urchenko, a KGB official who defected to Washing- 
ton in August 1985 and mysteriously fled back to the 

Soviet Union three months later — some officials now’ 
ihinv possibly because he figured out that Mr. Ames 
was working for Moscow. 

After Edward Howard, a former agency employee 
identified by Mr. Yurchenko as a Soviet agent, es- 
caped surveillance and fled to Moscow that same year, 
officials were puzzled by the arrests and deaths of a 
number of Russian agents working for the United 1 
States that neither Mr. Howard nor Mr. Yurchenko 
could have known about. 

At that point, American officials say. a small group 
of senior GA leaders drew up a list of 200 people 
privy to such information. Mr. Bearden put himself 
and Mr. Ames on it 

By the time Mr. Bearden returned to Washington as 
chief of the Soviet-East European division in mid- 
1 989, after sendee in Pakistan, were had been no more 
deaths in Moscow, but the agency’s search for those 
responsible for the earlier ones continued, officials 
said. The list had been narrowed to about 20, riimi nat- 
ing Mr. Bearden but not Mr. Ames, who was assigned 
to Rome from 1986 to 1989. 


Lesotho Mutiny Appears to Be Over 

- . . . .« . • #« un » n J:- mimAm hrnln> Al!l in 1 

MASERU, Lesotho (AFP) — Sporadic gunfire broke out in the 
jsotho capital. Mason, on Friday, but South Africa's envoy tothe Liny 

U.S. Envoy Rebukes 
Germans and Kohl 
On Foreigner Issue 

By Rick Atkinson 

Washington Post Service 

BERLIN — In an unusually 
blunt critique of rightist extremism 
in Germany, the senior U.S. diplo- 
mal in Berlin has chastised German 
society for intolerance, self-pity 
and “compulsive self-analysis, 
while rebuking Chancellor Helmut 

v _vi r : :_.T .v_. “r - .— 

Kohl for insisting that “Germany is 
not a country of immigration.” 

not a country of immigration. 

“It is not reassuring that more 
progress is not bong made toward 
guaranteed civil rights for foreign- 
ers in Germany,” Douglas H. 
femes, principal officer in the U.S. 
Embassy’s Berlin office, said in a 
speech Thursday to a civic group in 

In a 15-page analysis of German 
strengths and weaknesses, Mr. 
Jones dropped the usually circu- 
itous language of UiL diplomats in 
Germany to deliver a pointed as- 
sessment based on five years* ser- 
vice in the country. 

He noted that Mr. Kohl had “un- 
equivocally condemned the anti- 
foreigner and anti-Semitic wave of 
violence" in Germany. But be 
nonetheless questioned whether it 
was “psychologically consistent" 
for the chancellor to assert, as he 
did last year, that Germany was 
both friendly to foreigners yet not a 
country of immigrants. 

“If I were a nkinhrari, I would 
take a certain amount of comfort in 
hearing that Germany is not a 
country of immigration,” Mr. 
Jones said. “That would signal to 
me that the nearly 7 million for- 
eigners who live here legally do not 
belong here, and that I am justified 
in wanting them oat And to be 
honest with you, this sentiment is 
by no means limited to skinheads." 

A Kohl spokesman said Friday 
that tbe chancellor s office had not 
seen the speech and had no com- 

Since reunification in 1990, Ger- 
many has been plagued with xeno- 
phobic violence. Mr. Kohl has been 
criticized for pandering to conser- 
vative voters in this election year by 
avoiding overt displays of sympa- 
thy for victims of neo-Nazis. 

Mr. Jones said he did not know 
of a single foreigner, “including 
myself, who has not had on at least 
one occasion the impression, 
through an incident or a comment 
from a German, that he is unwel- 

come, that he does not belong here, 
or that his ‘differentness’ did not 

attract unpleasant attention." 

“If Germany is not a racist soci- 

ety," he added, “why is its national- 
ity law, which was written in 1913, 
predicated upon race? Public atti- 
tudes about minority communities 
in Germany are ambivalent, at 

Although foreigners in Germany 
are entitled to a private cultural 
life, Mr. Jones said, “they are ex- 
pected to adapt and conform." 

“There is virtually no race-rela- 
tions le gis lation, than is no immi- 
gration policy, because, as we 
know, ‘Germany is not a country of 
immigration,’ ” he said 

Mr. Jones, who wifi retire next 
month after 21 years in the Foreign 
Service, is a fluent German speaker 
who is widely considered sympa- 
thetic to Germany. He said on Fri- 
day that he had not cleared his 
speech in advance with the U.S. 
ambassador, Richard Holbrooke, 
who has tended to be more circum- 
spect in his criticisms. 

In listing Germany’s attributes 
in his speech, he said that the coun- 
try was “prosperous, beautiful, at 
peace with its neighbors, generous 
in meeting its commitments, a cre- 
ative force in achieving European 
integration and the aims and ideals 
of the United Nations." 

He also noted that hundreds of 
thousands of Germans had public- 
ly demonstrated to show solidarity 
with victims of extremist violence 
and that Germany had accepted far 
more refugees from the war in the 
Balkans than any other nation, in- 
cluding the United States. 

Despite these attributes, howev- 
er, Germans indulge in relentless 
self-pity, he added. 

“The tendency toward compul- 
sive seif-analysis is contributing to 
the impression abroad that Germa- 
ny lades tbe will to confront its 
extremism problem pragmatically 
— that it is in fact paralyzed by its 
own history, like a rabbit confront- 
ed by a snake," Mr. Jones said. 

. He also criticized a recent pro- 
posal by a “high-ranking politi- 
cian" — dearly a reference to 
Wolfgang Schiuble, parliamentary 
leader of Mr. Kohl’s Christian 
Democrats — under which the 
German Army would be used as a 
police force to maintain order in 
the country. 

“I can think of nothing that 
wodd bring to mind worse associa- 
tions or that would give more of an 
impression of a state of crisis than 
this blurring of the distinction be- 
tween internal and external securi- 
ty," he said. 

Tbe United States Travel and Tourism Administration 
(USTTA) intends to contract with a qualified responsible 
firm to provide warehouse and customer order filling 
services for the distribution of the USTTA HOLIDAY 
PLANNER in France and Germany. The contractor shall 
directly receive and fill individual consumer orders for the 
PLANNER, and perform the same services for orders 
received from the U.S. Government and the European 
travel trade. The USTTA will provide the PLANNERS as 
Government Furnished Property (GFP) to the contractor 
for inventory and distribution free of charge. The 
contractor’s cost of operations (warehousing, inventorying, 
cost of taking orders), and a reasonable profit shall be 
passed onto the individual consumer via the retail price of 
obtaining a PLANNER. The contractor may be required to 
transport GFP from current warehouse locations in Europe 
to its own facility. The contractor is required to have its 
operating facility in Europe. 

interested parties should request a copy of tbe 
solicitation ( number 52SATS-4-000-55) in uniting from 
Mr. Max Ollendorff at tbe American Embassay (USTTA), 
2 , Avenue Gabriel, 75383 Paris, Codex 08, France. 




. ^ ■ 

French Senate Passes Language Bill 

Agence Francc-Prcae 

PARIS — Rightists and Communists in 
the French Senate have united in defense of 
the French language, passing a bill that sets 
fines of up to 20,000 francs for people who 
use English words when a French equivalent 

Socialists abstained from the vote late 
.Thursday, calling the bill “repressive” and 

A Socialist senator, Fran^coise Setigmann, 
who has assailed the bill for “xenophobia,” 
said the senators were “attacking the lan- 
guage of our youths," whom she said would 
be “the Grst victims." 

But a Communist senator, Yvan Renat, 
said French bad to be protected from “Amer- 
ican firepower.” 

Tbe sponsor of the bill is Culture Minister 
Jacques Toubon, who has defended it as an 
“investment in the future," denying that it 
was a “rearguard battle." 

Mr. Toubon said the measure did not aim 

to ban words that had long been established 
in the French language, like hot dog, sand- 

in the French language, like hot dog, sand- 
wich or W.G 

The bSl establishes a dictionary of 3,500 
terms and technical expressions published on 
March 15 as the bible for Lhe country’s lan- 
guage police. Offenders will face fines rang- 
ing from 1,000 to 20,000 francs ($170 and 

The dictionary outlaws such English words 
as air bag, Walkman, crash, scoop and soft- 
ware, and provides French equivalents. 

The biH, which must be approved by the 

National Assembly next month, says French 
wifl be compulsory on public notices, in work 
contracts, in restaurants and public transpor- 
tation, and during lectures and debates. 

Mr. Toubon said his objective was to pro- 
vide a “guarantee to the citizen, the wage- 
earner and the consumer that a foreign Ian - 
guage will not be imposed on him to the 
detriment of the national language.” 

But Pierre Berge, former director of tbe 
Paris Op6ra and president of the Yves Saint- 
Laurent fashion empire, strongly attacked 
Mr. Toubon in an article in Le Monde. 

A Socialist senator, Frangois Autain, ar- 
gued that the bin was unconstitutional and 
violated France’s 1789 Declaration of Hu- 
man Rights, which states that no one has the 
power to “dictate to another the forms in 
which be shall speak, write or publish." 

'A French Nazi,’ Prosecution Says of Touvier 

By Alan Riding ' 

New York Tima Service 

PARIS — As the first trial of a Frenchman 
for crimes against humanity nears its end, 
Lawyers for victims of Nazi persecution are 
arguing that the defendant, Paul Touvier, 
ordered the execution of seven Jews in 1944 
because he was himself a convinced Nan. 

“This trial has revealed the true face of 
Touvier, that of a French Nazi,” Alain Levy, 
a lawyer for one of the plaintiffs, told the 

But lawyers for the plaintiffs are now fo- 
cusing on Touvief’s links to the Nan occupi- 
ers because, under French Law, the charge of 
crimes against humanity can only be sus- 
tained if it can be shown that he was acting on 
orders of “a European Axis power” with an 
anti-Semitic ideology. 

In contrast, if the killing of the seven Jews 
on June 29, 1944, is consdered a “war 
crime," Touvier will be acquitted because he 
received what amounted lo a presidential 
pardon for those crimes in 1971. But crimes 
against humanity cannot be pardoned and 
are not affected by any statute of limitations. 

As a result, prosecution lawyers axe trying 
to show that (he ideology of Nazi Germany 
was embraced by the collaborationist Vichy 
regime and carried out by the militia, which 
Touvier served as intelligence chief. 

“Even Mussolini's Italy, while an ally of 
Germany, showed more humanity than Vi- 
chy’s France," Jean-Dommique Bloch, an- 
other prosecution lawyer, asserted. 

Appearing before the court last week, 
France’s chief rabbi, Joseph Sitiuk, said the 
trial would at last enable France to face its 
collaborationist past 

nine-member jury. “The word is not too 
strong. Masks have fallen away. Touvier can- 
not fool you." 

Joe Nordmann, another prosecution law- 
yer, described Touvier as “an auxiliary, an 
accomplice of the Gestapo," and added: 
“Touvier wore two helmets — that of the pro- 
Nazi French militia and that of the SS." 

In four weeks of hearings, a court in Ver- 
sailles has beard dozens of witnesses testify- 
ing to the 79-year-old defendant's role in the 
execution of the seven Jews, his anti-Semitic 
views and his protection by French clergy 
during his 45 years in hiding before his arrest 
in 1989. 

But he also said France's 500.000 Jews did 
not confuse Vichy with “the France we love." 
Rabbi Sitruk added: “I want to pay tribute to 
France for wanting this trial to happen. I do 
not condemn France. Admitting a mistake is 
certainly the highest moral nobflity." 

In response, the defense lawyer, Jacques 
Tremolet de Villers, has used every opportu- 

nity to argue that Vichy is in the dock. “This 
is me trial of a man called Paul Touvier and 

is me trial of a man called Paul Touvier and 
tbe events at Riffieux," be said, referring to 
the Lyon suburb where the executions took 

Touvier himself has also distanced himself 
from the Gestapo, even challenging evidence 
that he was dose to Klaus Barbie, the Gesta- 
po chief in Lyon who was condemned for 
crimes against humanity in 1987 and died in 
jail in 1991. 

With the trial due to end Wednesday, Lhe 
public prosecutor, Hubert de Touzalin, will 

present his final arguments on Monday. Mr. 
Tremolet de Villers will have tbe final word 

Tremolet de Villers will have tbe final word 
for the defense on Tuesday. If found guilty, 
Touvier faces a maximum sentence of life in 


( 31 0 ) 471 - 0306 ext 23 
Faoc 810 ) 471 -€456 

frRsSl FaKorMmS<fctafedmsumfcr 

Oslo Calls Off Hunt for Submarine 

Reuters An unidentified object was sight- 

OSLO — Norway’s armed forces ed late Wednesday in the 800-me- 
called off the search on Friday for a ter (2,650-feet) deep Tysfjord. Two 

Last year, Norwegians reported 
sut sightings of unidentified marine 

able foreign submarine in a coast guard vessels and a helicopter 

objects, three of which turned out 
to be Norweeian or North Atlantic 

Pacific Western Univi 

BOO KL Sepuhmda BfwL, Dep 
Lot Anrastoa, CA BOMB 

To subscribe in France 

swept the area with radar and so- 

Norwegian or North Atlantic 
Treaty Organization submarines, 
he added. 

just caB, loll fra, 

“The search was called off early 
this morning," Lieutenant Colonel 
John Espen Lien said Friday. 

Norway is the only NATO mem- 
ber that shares a border with Rus- 

capital, Maseru, on Friday, but Sooth Africa S envoy tothe tiny 
mountain kingdom said a mili tary uprising that began early Thursday 

appeared to be over. : .... . . . 

Prime Minister Ntsu Mokbehle went on national radio overnight to 
confirm that four cabinet minis ters taken hostage by dissident troops had 
been freed. A fifth hostage. Deputy Prime Minister Sdometsi Bahdo, 
had been reported killed earlier. 

Mr. Mokbehle appealed for calm and gave assurances that his govern- 
ment was in control of the situation. Gerhard Visser, Pretoria’s arabassa- 
dor to the kingdom, which is surrounded by South African territory, said 
the uprising appeared to be over. 

7 Central European Leaders Meet 

LTTOMYSL, Czech Republic (Reuters) — The presidents of seven 
Central European countries on Friday dis cu ssed the integration of new 
democracies into Europe in the first day of an informal two-day meeting. 

After the talks with the presdents of Poland, Hungary, Slovakia, 
Slovenia, Austria and the Grech Republic, President Richard von Weiz- 
of Germany said that his country, was prepared to overcome 
differences with former Communist countries in tbe same way that it was 
reconciled with France after World War II in seeking a united Europe. 
“This time we want, together with France, to create a European Union in 
which no region is directed against another European region," he said. 

But President Lech Walesa ctf Poland said that it was too early to create 
a “United States" of Europe because of continuing differences in devel- 
opment between Western Europe and new democracies. 

UN Envoy Is Hopeful on Cyprus Pact 

NICOSIA (Reuters) — A senior United Nations official said Friday 
that despite setbacks, Turkish and Greek Cypriots could still agree by tbe 
end of the month on limited cooperation between the two sides. 

“I thmk if the will is there the time is there as well" a UN special 
envoy, Gustave Feissd, said after meeting tbe Tur kish deputy undersec- 
retary of foreign affairs, Tugay Ulucevik, m the Turkish sector of Nicosia. 
Thae is enough time still to bring this home. I think it is possible to 
achieve this within the time available.’’ - 
The UN-backed measures focus on reopening Nicosia's airport and the 
resort of Vanosha, both unused since. Turkish troops landed in northern 
Cyprus in 1974 and divided the island after a coup in Nicosia backed by 
the military junta then ruling Greece. Mr. Feissd had two rounds of talks 
with the Turkish Cypriot leader, Rauf Denktash, on Thursday in his 
efforts to secure an accord by the Security Council deadline ctf April 30. 


A front-page article in Friday’s editions on the downing of two United 
States helicopters inaccurately described the origin of “no flight" zones in. 
Iraq. The zones were imposed by the United States, Britain and France. 


Channel Tunne l Safety Is Rated High 

Vbtar M»iunia;Afcnc* Fmcr-Proie 

IDLE FANCY — Spring was in the air on Friday as Russian soldiers looked over wedding dresses on sale on a Moscow street But lhe 
soldiers will not be ping home soon since the army has delayed spring demobilization because of problems with conscription. 

LONDON (AFP) — The Channel Tunnel is probably the safest under- 
sea mnnd in the world, bored through a stable and largely i m perm e able 
chalk layer more than 20 meters below Lhe seabed and with built-in 
security features, according toanew report by asecurity and political risk 

“Even if there were an earthquake or a large explosion in the tunnel or 
on the seabed, the chalk mail would seal itself without letting in the sea," 
said the consultant, Richard Gutterbuck, at a news conference held in 
connection with tbe release of his independent report Tbe report, 
published by the Research Institute for the Study of Conflict and 
Terrorism, also said the tunnel was more secure than the London subway 

Virgin Atlantic Airways announced a new daily sendee between Lon- 
don and San Frandsco, using Heathrow International Airport, beginning 
on May 17. A £299 round trip fare is offered far travel from London 
before June 30 with a return no later than July 17, and with a Saturday 
night stay. (Bloomberg) 

Beaches in Denmark are the -cleanest they have been in- 18 years, 
according to tests conducted at L288 locations, the Environmental 
Ministry said. Ninety-five percent of swimming areas conform to quality 
r equirements of Denmark-and the European Union, it said. (AFP) 

Part of the Amafienborg Palace complex, where the Danirii royal farm ly 
has lived for 200 years, was being opened to the public fear the first time 
Saturday in Copenhagen. Queen Margrethe II planned to preside at the 
opening of a museum in die palace of Christian VDJ, where ber eldest 
son. Crown Prince Frederik, fives. (AP) 

Gticago’s O’Hare Airport handled mare passengers than any other 
airport in the world last year, 65,077,508, the Airports Council Interna- 
tional said in Washington. Second busiest was Dallas-Fort Worth, with 
49,970,180 passengers, followed by London Heathrow, with 47,898,526; 
Los Angeles International, with 47,844,794; Atlanta Hartsfidd, 
47,088,487; Tokyo Haneda, 41,562,084, and San Frandsco, 32,736,672. 


chalk layer more than 20 meters below Lhe seabed anc 
securityfearures. according to a new report by a security as 

Parliamentary Races 
Go to 3d Round in Italy 


ROME — Elections for leaders 
of Italy’s new Parliament were 
forced to a second day after two 
rounds of voting in both houses on 
Friday failed to produce winners. 

President Oscar Luigi Scalfaro 
cannot begin consultations to name 
a prime minister-designate, widely 
expected to be the media ma gnate 
Silvio Berlusconi, until tbe Cham- 

ber of Deputies and Che Senate 
have elected their sneakers. 

have elected their speakers. 

Both assemblies were to resume 
balloting on Saturday with atten- 
tion on Lhe Senate, where the econ- 
omist Carlo Scognamiglio of Mr. 
Berlusconi's Fotza Italia party and 
Giovanni Spadolini, the former 
speaker, were in a dose contest. 

Mr. Berlusconi, whose rightist 
Freedom Alliance won the general 
ejection last month, raised tbe 
prospect of new elections if Mr. 
Spadolim is elected speaker, a post 
second only to state president un- 
der the constitution. 

“A government cannot govern if 
its policies are not accepted in both 
brandies of Parliament," he said. 
“Were that to happen, there would 
be no other solution than to go 
back to tbe electorate with a major- 
ity that would be confirmed and 

strengthened by the experience. I 
hope this does not prove neces- 

The Freedom Alliance, which 
links Forza Italia, the neofasdst 
National Alliance and the federal- 
ist Northern League, wot a major- 
ity of 366 seats in the 630-member 
Chamber of Deputies last month 
but only a relative majority of 155 
in the 326-seat Senate. 

Mr. Spadolini, a Republican 
who is backed by the opposition 
left and center, polled 156 votes to 
153 for Mr. ScogxuumgUo in Fri- 
day’s first round said was ahead, 
157 to 154, in the second. 

An absolute majority of 164 of 
the Senate’s elected and life mem- 
bers had been needed in the open- 
ing two rounds. 

Conditions ease on Saturday, 
wfam an outright majority of votes 
cast will be needed for victory in 
the thud ballot,. any l a simple vic- 
tory win ensure success in a fourth 

In t he Chamber of Deputies, the 
Freedom Alliance candidate Irene 
Kvetti looked certain to prevail 
over the weekend and become the 
Parliament’s youngest speaker 
since World War H 

To call from country to country, or back to the U.S., dial the WoridPhone number of the country you're calling from. 





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Page 3 



"-atec^n^ to 

ommended tfcTtbe U pNavvV^r, Arm ( ? 1 W®" Committee reo 
with his four stars inta« top admiral be allowed to retire 

**ual harassment SS, n0tWlthslandin e ^ role in the Tailhook 

Kdso ; of Admiral Frank B. 
which is now 6°® «® ** fidJ Senate, 

The SenatemIIit^S>w SL the comnutu *' s recommendation. 

of 5SS s ’ V *- ““ “ d four_star 

53 ««*«. Admiral Kelso’s 
accusation m c ? ntrov ersy because of a navy judge’s 

by naval that ^. e admiral bad witnessed misconduct 

&F2 iSSK 1 ?* tfie 195,1 convention of the TaS 

The iSS S? * Mva ^ ■?“*<» group, m Las Vegas. 
invesiiitiS ^ of tI 7 in & to manipulate the navy’s 

Kelso t denWf ^ t0 tod* his involvement. Admiral 

sSSeJSiSS Earlier ^ week, the Armed 

the man?S? °° k the unusual step of holding a hearing on 
fcJSE e P anel received testimony on Admiral Kelso’s behalf 

Wita J. p = A the chains "tllSS 

i™, of John M. Shalikashvili, and the navy 

S?S’M°r h ^ H ‘ Da i t “- ^“8^ backS^ Admiral Kelso! 
]« -forth* 5^' *?** Mr. Dalton acknowledged his “failure of 

'« not acting more forcefully to prevent the scandal 
L« a . r ' ‘wnwMMBBided to Mr. Perry’s predecessor, 

A _ - s * ,m ’ Admiral Kelso be forced to retire early, but Mr. 

overruled him Following the judge’s ruling. Admiral Kelso 
asrwd to step down this month, two months ahead of schedule, in 
exchange far a statement of support from Mr. Perry. (WP) 

Ke ntucky Senator Skips Leadership Race 

WASHINGTON — Senator Wendell H. Ford of Kentucky, who 
holds the No. - Democratic leadership post in the Senate, took 
himself out of the running to succeed the retiring majority leader 
weorge J. Mitchell, while the chair man of the budget committee, 
Jim Sasser of Tennessee, edged further into the race. 

Several senators said they expected a head-to-head contest — 
probably a close one — between Mr. Sasser and Senator Thomas A 
Daschle oi South Dakota, a Mitchell protege and so far the only 
announced candidate to succeed him. 

Some suggested that the race may shape up largely along seniority 
lines between Mr. Daschle, 46, one or many younger Democrats 
who came to the Senate from the House of Representatives in 3986, 
and Mr. Sasser. 56. a senator since 1976. 

In a letter to colleagues, Mr. Ford, 59, said that “after consider- 
ation, thought and discussion” with colleagues “as wdl as long and 
meaningful reflection with my famil y, 11 ’ he decided to run again for 
assistant majority leader, or whip, rather than seek the majority 
leader post. (WP) 

House Backs Death Penalty ffor 65 Crimes 

WASHINGTON — The House responded to public demands for 
tougher punishment of violent criminals by voting to vastly expand 
the number of offenses punishable by death undo 1 federal law. 

Lawmakers went on record, almost 3 to 1, favoring the death 
penalty for 65 crimes, inducting killings in the drive- by shootings 
and carjackings that have heightened public anxiety about violence. 
With the 314-to-lll vote, the House went along with the Senate’s 
tough stance ou capital punishment 

“Plain common sense tells us that the death penalty is the only 
way to send an unequivocal message that some conduct amply win 
not be borne solely by innocent victims of heinous crimes without 
the highest price being paid,” said the chairman of the House 
Judiciary Committee, Jack Brooks, Democrat of Texas. 

Mr. Brooks led a successful fight against an amendment, spon- 
sored by Representative Michael J. Kopctski, Democrat of Oregon, 
that would have made capital offenses defined in a major anti-crime 
bill punishable instead by life in prison. 

Currently, the death penalty can be imposed under federal law for 
two crimes: killings in connection with a major drug ring or an 
airplane hijacking. The federal government last executed someone in 
1963. Since 1976, states have executed mote than 220 inmates.- 

•.. .. . : . . y (wp) 

Quote/If nquoto 

Senator Alfonse M. D’ Amato, Republican of New York, on the 
disclosure that the Clintons failed to report about 56,000 in corn- 
mod ities-rela ted income on their 1979-80 tax returns: “The presi- 
dent has sought to tax everything that moves and some things that 
don’t. Now that the president has raised everyone else's taxes, we 
discover that he had not paid all of his own.” (LAT) 

Blacks Increasingly Want Own Political Party 

By Thomas B. Edsall 

Washington Pan Service 

WASHINGTON — Support for a sepa- 
rate black political party has grown sharply 
among black voters, as younger, poorer and 
less-educated blacks are showing increasing 
discontent with the choice between the Dem- 
ocratic and Republican parties, according to 
a new survey. 

“Black nationalism remains a fundamen- 
tal dividing line in the black community, and 
this is one area where we see sharp class 
divisions,” said Michael Dawson, a Univer- 
sity of Chicagp political scientist who made 
public the initial findings from the survey of 
1,206 randomly selected blacks. 

“This report presents a pr eliminar y por- 
trait of the politics of black America,” Mr. 
Dawson said, and shows a more radical 
black America than existed even five years 
ago. Mr. Dawson said the survey found 
blacks evenly divided on the issue of creating 
a new blade political party. 

On a series of questions, substantial ma- 
jorities of blacks voiced pessimism about the 
future and were critical of the commitment 
to racial equality in the United States. A 
total of 86 percent agreed with the statement 
“American society just hasn't dealt fairly 
with black people." with majorities of 79 
percent ana 83 percent, respectively, who 
consider the U.S. legal and economic sys- 
tems to be unfair to 

On two different measures, black respon- 
dents in the telephone survey voiced support 
for Louis Farrakhan, the leader of the Na- 
tion of Islam. 

In all 62 percent said Mr. Far rakhan rep- 
resented “a positive viewpoint within the 
black community,” while 28 percent de- 
scribed him as a “dangerous extremist," and 
10 percent did not answer the question di- 

Mr. Dawson said that ou a “thermometer 
scale," in which 100 is strong warmth and 

closeness and zero is hostility and coldness, 
African Americans gave Mr. Farrakhan a 59. 
This was lower than the 67 given to President 
Bill Clinton and the 76 to the Reverend Jesse 
L. Jackson, but higher than the 57 rating for 
Anita Hill and the 50 ' “ 

Court Justice Clarence 

The increased support for a separate Mack 
political party is a reversal of trends through 
the 1980s, when support steadily declined. In 
1988, Mr. Dawson said, 26 percent support- 
ed a separate party, and in 1984 it was 30 

Firm majorities of blacks surveyed said 
blacks should “participate in a black-only 
organization” (56 percent) and supported 
creation of all-male public schools for black 
youths (62 perccnL). But a decisive majority, 
86 percent, opposed the suggestion that 
“black people should have their own sepa- 
rate nation.’’ 

Mr. Dawson argued that one reason for 
the growth in support for a separate political 

party was the perception that leaders of both, 
major parties, and most importantly of the 
Donocratic Party, had made the calculation 
that “too dose an identification with black 
interests is hurting them in national eta> 
jven the Supreme tions,” 

“The blade community is very aware of 
these shifts,” he said. 

Responses to questions evaluating the 
Democratic Party aid not. however, reveal a 
sharp increase in animosity. An overwhelm- 
ing majority of blacks continue to identify 
themselves as Democrats, 86 percent. In 
1988, 72 percent of blacks said (he Demo- 
cratic Party works very or fairly hard “on 
issues black people care about,” and that fell 
by only 3 points, to 69 percent, in the survey 
conducted in late 1993 and early 1994. 

The percentage who believe the Republi- 
can Party works very or fairly hard on these 
issues fell sharply, from 33 percent in 1988 to 
17 percent in 1993-94. 

Charges Reduced 
In Killing as Mexico 
Lacks Proof of Plot 

By Tod Robberson 

Washington Past Service 

MEXICO CITY — After charg- 
ing that several people plotted the 
assassination of Mexico's leading 
presidential candidate, the govern- 
ment appears to be backing away 
from conspiracy theories and re- 
turning to us original assertion that 
the March 23 killing was the work 
of a lone, crazed gunman. 

A source dose to the investiga- 
tion said a special investigator, Mi- 
guel Monies Garda, may have 
been too hasty in his announce- 
ment April 4 that as many as six 
accomplices helped the accused 
gmunan, Mario Aburto Martinez, 
assassinate the gaueramg party’s 

presidential candidate, Luis Don- 
aldo Colosio. Mr. Montes’s original 
findings led to the arrest and ar- 
raignment of Mr. Aburto and four 
otter men in the case, while two 
others have yet to be dunged. 

Hie source said a review of vid- 
eotapes, photographs and other ev- 
idence has failed to uncover suffi- 
cient proof of a conspiracy. As a 
result, charges have been chopped 
against one of tbe alleged accom- 
plices and significantly reduced 
against four others — including 
Mr. Aburto. 

Recent polls show a growing per- 
centage of the peculation believes 
that the governing Institutional 
Revolutionary Party of President 
Carlos Salinas de Gortari was be- 
hind its candidates assassination. 
Mr. Colosio was killed while min- 
gling with thousands of his party’s 

Supporters in Tijuana, in the state 
of Baja California. 

In his original conspiracy charge, 
Mr. Montes said Mr. Aburto was 
assisted by at least six men who 
blocked and distracted Mr. Colo- 
sio’s bodyguards so Mr. Aburto 
could gain easy access to the candi- 
date and shoot him at point-blank 
range. Mr. Montes sought to sup- 
port his claims with videotapes and 
photographs of the alleged conspir- 
ators in action. 

But he has yet to provide a possi- 
ble motive, nor have any of the 
alleged accomplices confessed The 
source close to the investigation 
said the photographic evidence 
alone would not be sufficient to 
prove a conspiracy in court 

Mr. Montes announced Sunday 
that tbe presiding federal judge in 
the case, Alejandro Sosa, bad 
. all charges against the bo- 

Josi Rodolfo RivapaJatio, for lack 
of evidence. 

In addition, Mr. Sosa reduced 
tbe charges against Mr. Aburto and 
three otter accused co-conspirators 
from eng a ging in a “criminal asso- 
ciation” to aiding and abetting a 
homicide. All four remain in a fed- 
eral prison outside Mexico City as 
the investigation continues. 

Mr. Sosa also reduced the main 
charge against Mr. Aburto from 
premeditated murder to murder 
with malicious intent, which carries 
a much shorter prison sentence 
than the 30-year term mandated for 
premeditated murder. 

Commercial Use Seen 
For Old U.S, Missiles 

Away From Politics 

• A dozen New York Qty police officers have been arrested on drug 
and weapons charges in connection with a corruption investigation, 
officials said. The officers, who all worked the night shift in a 
precinct in Harlem, are to be charged with offenses including selling, 
stealing and using drugs, selling guns and shooting a drag dealer 
during a robbery, all while on duty, sources said. 

• Skiing naked will not be aBowed to happen again at Crested Butte 
ski area in Colorado, resort officials said. They made the vow after 
about 40 men and women, apparently celebrating the end of the 
season, skied down slopes without doming earlier this month. 

• The American Society of Newspaper Edtows has elected Timothy 

Gallagher, editor of tbe Albuquerque (New Mexico) Tribune* and 
Diane H. McFarlin, executive editor of the Sarasota (Florida) 
Herald-Tribune, to its board. v . . 

• A Roman Catbofic priest in White Plains, New Ywk, has been 

sentenced fa eight yean in prison after pleading guilty to having sex 

withmembers of jS boys’ dubs fiom 1983 to 1991. The Rever- 
end Edward A. Pipala told the judge that he had been asm addret for 
20 years but had overcome his problems with God s help. 

• Workplace incidents of violence or threats of violence have been 

reoortedatmore than half of U.S. companies, according to a survey. 
^ Room, AP, ttYT 

By Edmund L. Andrews 

Mew York Tunes Service 

WASHINGTON — Hoping to 
find a peaceful, commercial use for 
relics of the Cold War, the White 
House is considering recycling doz- 
ens at mis f fflc y from the U.S. nude- 
ar arsenal and selling them to 
American industry for launching 
commercial satellites. 

Die rockets would come from 
the ranks of Minuteman, Poseidon 
and Trident intercontinental ballis- 
tic missiles that the Pentagon is 
d f c o ^m isci nning as part of the nu- 
clear-arms reduction pact negotiat- 
ed with Russia. 

They would meet a growing de- 
mand from American satellite 
makers, who now are looking over- 
seas fa find launching vehicles. 

The idea is one of several propos- 
als in a broad review by the White 
House Office of Science and Tech- 
nology, which is seeking ways fa 

help the country regain leadership 
in commercial satellite launchings. 

The administration is also weigh- 
ing whether fa spend billions of 
doHais on a new generation of 
commercial launching vehicles, or 
considerably less to upgrade tbe 
current generation of commerdal 
rockets like the Delta, manufac- 
tured by McDonnell Douglas 
Coip., or the Atlas, produced by 
General Dynamics Coro. 

Since the early 3980s, the U.S. 
c omm ercial rocket industry's share 
of the global market for commer- 
cial services has plunged fa 30 per- 
cent from 75 percent, chiefly be- 
came of competition from the 
lower-cost European consortium 

The administration review, 
■which officials hope to complete by 
June, has stirred intense debate 
within the government and indus- 
try. Rocket companies fear they 
could be put out erf business by a 
glut of surplus military missiles- 

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with Patricia Wells. 

The IHT's restaurant critic has set out 

She will be rating, in month-tp-month 
articles, the top restaurants from region to 
region, and comparing them to one another. 

Whether it's the best in dim sum, 
delicious but secret sushi bars or the finest of 
French tables, she will guide readers with 
articles about inexpensive restaurants as well 
as the grand ones in the world's major cities. 

pi of als o shar p her tips on how to select 

quality restaurants in unfamiliar territory. 

Don ’t zniss this series. 



Patricia Wells is the author of The Food 
Lover's Guide to Paris, now m os 
third edition. 

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CASTRO’S DAUGHTER ON CUBA — Afina Fernindez RevueUa, daughter of President Fidel 
Ctatio of Cuba, with a translator at Georgia State University ha Atlanta. In her first speech since die 

Over Policy 

By Steven Greenhouse 

New Yaek Tunes Service 

WASHINGTON — In an open 
rift with the White House. State 
Department officials contend that 
the administration is bowing to 
pressure from Grcek-Americans in 
delaying a decision to establish Ml 
diplomatic relations with the former 
Yugoslav republic of Macedonia 

Several Slate Department offi- 
cials complained in interviews that 
while Washington has recognized 
Macedonia, the delay in sending an 
ambassador there was strengthen- 
ing Greece's resolve tO maintain its 

trade embargo against the forma 1 
Yugoslav republic, which many of- 
ficials say is dangerously heighten- 
ing tgnginps in the Balkans. 

Concerned that the Balkan un- 
rest might spffl into Macedonia, the 
United States has sent 325 peace- 
keepers there and announced Fri- 
day that it would send 200 more. 

The failure fa send an ambassa- 
dor is aO the more disconcerting, 
the officials say, in light of the 
tough stance the European Union 
took on Wednesday in asking the 
European Court of Justice to en- 
join Greece's embargo. 

The Gfcck-American community 
has lobbied the White House inten- 
sively over Macedonia, urging Presi- 
dent Bill Qinton not to recognize 
the country or said an ambassador 
to punish the Conner republic for 
adopting a name that Greeks con- 
sider Hellenic A dminis tration offi- 
cials insist thwr fljcMop to rec- 
ognize Macedonia shows they have 
not caved into political pressures. 

The Qinton administration has 
criticized the embargo, which 
Greece began two months ago. 

The State Department has urged 
Mr. Qinton to send an ambassador 
to Macedonia because he promised 
in February to establish rail diplo- 
matic relations race Macedonia 
fulfilled certain conditions. Those 
included recognizing tbe borders of 
its neighbors, establishing a free- 
market system, and honoring the 
embargo against Serbia. Macedo- 
nia has met all these conditions, 

Greece has sealed off its north- 
ern border with Macedonia and is 
barring Macedonia from using the 
Greek port of Salonika. 

On March 9, a dozen prominent 
members of the Greek-American 
community, including Senator Paul 
Sarbanes, a Maryland Democrat, 
and Greek Orthodox Archbishop 
lakovos met with Mr. Clinton, Vice 
President A1 Gore and W. Anthony 
Lake, the national security adviser. 

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Page 4 


Split Grows in Japanese Party 

Compiled by Our Suff From Dispatches 

TOKYO —The search for a suc- 
cessor to Prime Minister Morihiro 
Hosokawa strained the governing 
coalition Friday and frayed the 
once-invincibk Liberal Democrats, 
who are growing increasingly frac- 
tious in opposition. 

Michio Watanabe, a former for- 
rign minister and leader of a major 
faction in the Liberal Democratic 
Party, indicated that he may quit 
the party to make a bid for Mr. 
Hosokawa’s post 

“Mr. Watanabe still has a strong 
desire to run for the prime minis- 
ter’s post," said an aide. Leaving 
the party “might be one of the 
options,” the aide said. 

Mr. Watanabe met later Friday 
with his major conservative rival 

for the post the party president 
Yohd Kona There was no imme- 
diate word on the outcome of their 

In another sign of splits within 
the opposition, rive Literal Demo- 
crats said Friday they were quitting: 
the party because it was “unable to 
offer a clear vision of whan it 
wanted to lead Japan." 

The Five, who mil act as indepen- 
dents for the time bong, said they 
hoped to shake up the political 
structure. They seemed likely to 
seek an alliance with the governing 

Mr. Hosokawa’s coalition united 
last summer to remove the corrup- 
tion-plagued Liberal Democrats 
from power for the first time in 38 
years. During his timein office, Mr. 
Hosokawa won adoption of politi- 

cal reforms but was stymied by 

disputes over other policies. 

His resignation has brought to 
the surface antagonisms among 
members of the coalition, which 
includes views ranging from the So- 
cialists’ to those of Ichiro Ozawa, a 
conservative power broker. 

Earlier this week, the coalition 
agreed in principle to select For- 
eign Minister Tsutomu Hata, one 
of Mr. Ozawa’s allies, as prime 
minister. But a final decision was 
delayed by internal bickering and 
by Mr. Hata's departure for Marra- 
kesh. for the signing of the General 
Agreement on Tariffs and Trade. 

Formal selection of a prime min- 
ister will not come until next week 
at the earliest. Mr. Hata was still 
considered the probable successor 
to Mr. Hosokawa. (AP, AFP) 

Seoul Ends 
Demand on 

With North 

China Will Imprison Reporter 

Hong Kong Journalists Denounce Conviction 


BEUTNG — Rejecting foreign 
appeals for clemency, a Chinese 
court on Friday upheld the espio- 
nage conviction of a reporter for a 

the first time since ibeir September form ation and sentenced to 15 
anest, as a judge in inililaiy-swle years immonmcnt ^ _ 

nage conviction of a reporter Tor a 
Hong Kong newspaper, and for 
emphasis broadcast the decision on 
national television. 

The decision by the municipal 
Supreme People’s Court apparent- 
ly means that the reporter, Xi 
Yang, will serve a 12-year prison 
sentence. Mr. Xi, a Chinese citizen, 
works for the Hong Kong newspa- 
per Ming Pao. 

Slate television showed Mr. Xi 
and his co-defendant. Tian Ye. for 

ZSZZ dSTM ' Mr.5fo heavy n-fda 

With heads bowed slightly but re- tHrovighnews circles in iHong 
veiling little emotion, each man £.ong, 

was held from behind by uni- Bnbsh colony’s 1997 shifttoOn- 
formed bailiffs. ™ so™gnty. .Many reporters 

„ „ , , saw it as a warning that Begmg 

The announcer called the care would tolerate independent 
prnsi them -very grave." journalism. 

At a secret trial late last month. The United States has added Mr. 

against them "very grave." 

At a secret trial late last month. 

Mr. Xi was sentenced to 12 years in Xi to a list of political prisoners it 

prison for stealing "state secrets" 
about internal policies on interest 
rates and gold reserves. 

Mr. Tan, a central-bank clerk, 
was convicted of supplying the in- 


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wants released. 

The Hoag Kong Journalists As- 
sociation denounced the verdict as 
“illegal and extremely unreason- 
able,” cast strong doubt on his pur- 
ported confession and said the pro- 
ceedings smacked of a show trial ■ 

“The hastiness of (he appeal trial 
gives the feeling that the outcome 
has long been determined before- 
hand and that the appeal is just a 
show,” it said in a statement cm 

The association's chairwoman. 
Daisy Li, said the association 
would ask China's parliament to 
investigate Mr. Xfs case to see 
whether the law was abused to 
achieve political ends in Hoag 
Kong before 1997. 

She quoted Mr. Xi’s mainland 
lawyer as raying the lower court 
had based its verdicts mi insuffi- 
cient evidence, confused facts and 
had misapplied the law. 

Zhang J unsheng , a senior Gri- 
nese official in Hong Kong, reject- 
ed suggestions that China was 
trampling on press freedom. 

“This is not a matter of press 
freedom,” the deputy director of 
the Xinhua news agency said at a 
reception as Hong Kong reporters, 
unfurled a banner reading “Free Xi 

He said it had to do with Mr. Xi 
“going into China to steal state 
secrets.” He said, “Everybody 
knows that reporting on the main- 
land is pretty free as long as you 
don't break the law.” 

PARIS 6th 


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| by Carolyn D. Smith I 

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Compiled in' Our Staff From Dispatches 

SEOUL — In a surprise step. 
South Korea unconditionally with- 
drew a demand on Friday for an 
exchange of envoys with North Ko- 
rea. clearing the way for renewed 
dialogue between North Korea and 
the united States over a suspected 
North Korean nuclear weapons 

**we have derided it would be 
difficult to resolve the midear issue 
through the exchange and have de- 
cided not to push for it any longer," 
the deputy prime minister, Lee 
Yung Duk, said ai a news confer- 

The exchange of diplomats and a 
full outside inspection of North 
Korea’s suspected nudear sites had 
been the two main conditions set 
by Washington and Seoul for a 
package deal with North Korea. 
U.S. -North Korean talks broke 
down last month over Pyongyang's 
refusal to accept either condition. 

The announcement on Friday, 
which was seen as a major oonces- 
a<m by South Korea, drew immedi- 
ate criticism. 

Yonhap, the South Korean news 
agency, said in a commentary that 
President Kim Young Sam “has 
lost face by rescinding the principle 
held for years by his predecessors 
that for North Korea, ‘the road to 
Washington goes through Seoul’ " 

The Joongang Daily News said 
that Seoul had played “the last 
South Korean cud," and that it 
was “now up to North Korea to 
choose between sanctions and a 
peaceful, negotiated settlement.” 

Tire concession was made in ad- 
vance of the scheduled arrival in 
Seoul of Robert GaHucri, Wash- 
ington’s chief coordinator on 
North Korean policy. 

Mi. Gallucri, undersecretary of 
state for political and military af- 
fairs, has been in Beijing trying to 
coordinate a response to North Ko- 
rea’s refusal to allow United Na- 
tions experts to inspect nudear 
sites that the United States, Japan 
and others suspect are bong used 
illicitly in a weapons program. 

As the United Nations Security 
Council prqiared to consider the 
next step in the deadlock, senior 
Chinese officials told Mr. Gallucri 
that they preferred continued at- 
tempts at a diplomatic solution, 
and not economic sanctions. 

Mr. Lee reaffirmed that the 
dropping of the exchange demand 
was directly connected with the 
U.S. -North Korean talks, and said 
Washington and Seoul would con- 
tinue close negotiations on the nu- 
dear issue, despite the “delinkage." 

Foreign Ministry officials in 
Seoul said that the derision bad 
been communicated to Washing- 
ton, China, Japan and Russia be- 
fore being announced. (AFP.AP) 

....... .. unq a/d/ajdks rmtr tro* 

AUTO-CRITICAL — Pakistanis in Islamabad inspecting Mercedes-Benz es imported by former Prime Minister Nawaz Sharif; 
The government displayed the cars after the opposition criticized Prime Minister Benazir Bhutto for importing one Mercedes. 

Bush, in Singapore Visit, Calls Caning 'Brutal’ 

By Philip Shenon 

New York Times Service 

SINGAPORE — Former Presi- 
dent George Bush joined the de- 
bate Friday over the prospective 
flogging of a U.S. teenager wno was 
convicted of vandalism in Singa- 
pore, Idling an audience here that 
raning was a “brutal” punishment. 

Mr. Bush did not comment in 
detail, however, about the case of 
Mi chad P. Fay, 18, of Dayton, 
Ohio, nor did he say if he had 
raised the issue during Ms private 
meeting s with senior officials of the 
Singapore government. 

Encouraged by President Bill 
Clinton and Mr. Fay’s family to 
join in protesting the sentence. Mr. 
Bush told an audience of students 
here that wide “most Americans 
want stronger laws," they also fed 
that “the punishment should fit the 
crime — caning is brutal." 

“You follow and respect the law 
of tire country, but that does not 
mean you have to agree with every- 
thing," be said. “We don’t have 
caning as a punishment in the 
United States, and I am certainly 
not advocating that system for the 
United States. 

At a separate gathering on Fri- 
day with many prominent Singa- 
pore business leaders, Mr. Bush did 
not raise the flogging issue and re- 
peatedly expressed Ms admiration 
for Singapore and its government 

“When I think of Singapore. I 
think of prosperity, I think of de- 
mocracy, I think of safe streets," 
said Mr. Bush, who is on a visit here 
sponsored by Gtibank. 

Singapore’s leaders have de- 
fended the caning sentence, saying 
that tough c rim inal laws and harsh 
punishments have kept the country 
relatively crime-free. 

Mr. Clinton and the State De- 
partment have condemned tire sen- 
tence. On Thursday, Mr. Clinton 
said that he would “certainly be 
grateful” if Mr. Bush joined in the 
protest during his trip to Singa- 

Mr. Fay is now in prison await- 
ing six lashes with a rattan cane. He 
pleaded guilty last month to spray- 
painting several cars and other acts 
of mischief. 

A U.S. businessman in Singa- 
pore who met with the former pres- 
ident said that Mr. Bush had ex- 
pressed a “general concern” about 
the case and had suggested that he 
would urge the Singaporeans dur- 
ing Ms private meetings to consider 

Without addressing Ms com- 
ments specifically to the case or to 
Singapore. Mr. Bush told the busi- 
ness leaden that public criticism of 

other g o vernments can be counter- 
productive. “You don’t influence 
other countries by insulting than,” 
be said. 

Earlier this week, the Singapore 
Ministry of Home Affairs released 
a statement that showed flogging 
was a common punishment nere, 

with about 1,000 people sentenced 
to caning each year. 

Female Condom Imports Set 

The Associated Press 

condoms should be available in 
Uj>. retail stores this summer now 
that a high-volume manufacturer. 
Chart ex International PLC of Brit- 
ain, has received approval from tire 
Food and Dreg Administration to 
ship the product to the United 



By James Goodman. 465 pages. 
$27.50. Pantheon. 

Reviewed by 
David Nicholson 

H ISTORIAN James Good- 
man’s aim here is to retell the 

11 man’s aim here is to retell the 
story of the Scottsboro Boys — nine 
young black men accused in 1931 of 
raping two white women — from 
many viewpoints, including some 
only peripherally connected to the 
case. Goodman uses letters written 
by the Scottsboro Boys, reports 
from private investigator, trial tran- 
scripts, court records and newspaper 
and magazine stories, as well as doc- 
uments from the archives of organi- 
zations involved in the cast 

The result is a rich and compel- 
ling narrative, as taut and suspense- 
ful as good fiction. 

There was always a “Rashomou"- 
Kke quality to the Scottsboro case. 
No two people could agree on what 
had happened or what it meant. To 
the Southern imagination, Victoria 
Price and Ruby Bates were flowers 

of Southern womanhood, their rape 
“a heinous and unspeakable crime 
. . . [savoring] of the jungle," and 
the Scottsboro Nine were “beasts 
unfit to be called tinman" For the 
Ameri can COBUDXBUSt Party and j ts 

legal aim, the International Labor 
Defense, the nine were symbols of 
capitalist injustice That might be 
used to further the party’s aims in 
the South. 

The 19-year ordeal of the Scotts- 
boro Boys began on March 25, 
1931, when the nine youths aged 13 
to 19 were taken from a train near 
Scottsboro, Alabama. Throughout 
a series of seven trials, before all- 
white juries, and three appeals to 
the U. S. Supreme Court, all denied 
raping the women, who, like the 
nine, had been hoboing. 

The governor of Alabama was 
forced to call out the National 
Guard to prevent a lynching, and 
the nine were tried just 12 days 
after their arrests. Eight were con- 
victed and sentenced to death. A 
mistrial was declared in the case of 
the ninth. It was only the beginning 
of a long struggle in the courts of 
law and public opinion. 

The great strength of Goodman's 

retelling of the stoiy is not simply 
the voices he interweaves through- 
out Ms narrative, but Ms unflinch- 
ing willingness to lode straight at 
the contradictions and paradoxes 
the case cxi compassed. Thus the 
Communists woe as interested in 
the political uses the case offered as 
in seeing that justice was done. And 
NAACP officials. Vying with the 
International Labor Defense to 
represent the Scottsboro Boys, 
were tom between wanting to fight 
the Communists and committing 
the organization's meager re- 
sources to a fight it might not win. 

Goodman finds similar mixed 
motives in the words and actions of 
while Southerners, such as Grover 
C. HaO, editor of the Montgomery 
Advertiser. Hall editorialized in far 
vor of the original verdicts, even 
after Haywood Patterson’s first re- 
trial in 1933, when Bates recanted 
her earlier accusations. As time 
passed, however, and Hall learned 
more of the facts of the case, he and 
other white Southerners with influ- 
ence began to look for a way out. 

Still and all, there were limits to 
the positions that Hall and Ms co- 
horts could take without directly 

confronting the racism that lay at 
the heart of their society. Eventual- 
ly he came to believe there was 
reasonable doubt the men were 
guilty and, moreover, that Bates 
and Price were women “who by all 
accounts never before had put a 
high premium upon their virtue." 

In the end, there was a compro- 
mise. Charges were dropped against 
four of the Scottsboro Boys m 1937. 
The action was part of a deal induct- 
ing pardons far four others — one 
had been sentenced to 20 years for 
assaulting a deputy sheriff. At the 
last minute, however. Governor 
Bibbs Graves denied the pardons. 

The case of (he Scottsboro Boys 
dragged on through the 1940s as 
four were paroled. Patterson es- 
caped from prison in 1948. Two 
yean later, the governor of Midu- 

r refused to extradite him, and 
published his story. Clarence 
Norris, pardoned in 1976 by Gov- 
ernor George Wallace of Alabama, 
died just live years ago. His autobi- 
ography was called “The Last of 
the Scottsboro Boys.” 

David Nicholson's reviews appear 
regularly in The Washington Post. 


1 Yacht heading 
4 Parson/author 
of note 

9 Odds and ends 

13 Churls 

18 Kaye’s “ 

Big Girl Now" 

19 Incensed 

20 Carper surface 

21 Cove 

22 Opera for 
singer Cook? 

25 Smallest 

2b Sealed 

27 Cosine’s 

28 Modem 


29 Alternative to 

30 How Ms. Shore 
paid for dinner? 

33 Chang's twin 

34 Cat ' 

37 Brooks or Allen 

38 Sun or moon 

39 Competitor of 

41 Skillful, 

42 Muck 

44 Refrain syllable 

45 Estevez film 
•- — Man" 

46 Comedian 

47 Soak 

49 Osso (veal 


52 Didn't bid again 

56 Mallorca Mrs. 

57 Low 

58 One-man 
Robert Morse 
play, 1990 

59 Graced 

60 Presided over 

62 Military 


64 Provide lodging 

65 Man in a fez 

66 Stage shows 

67 On—;; — boat 
to China 

68 Fenered 

69 Facade feature 

70 Model airplane. 
e -K- , 

71 Baidesrat. 

72 Flying 

73 Pan of a 

74 5iight 

76 Talk insincerely 

78 Mou nted lancer 

79 "What's the 

88 Scrooge's cry 

90 Hatfields jnd 
McCoys, e.g. 

92 Police depart- 
ment abbr. 

93 Song for anhr 

97 Model material 

98 People 

100 Beginnings for 
1 02- Across 

102 Results of 
100- Across 

103 Thev may be 

104 Folk song about 
an old gossip 

108 Hound 

109 Singer Braxton 

110 Dentist's 
supply, once 

111 Gay Nineties, 

112 Hard rain? 

113 Midterm, for one 

114 Apportioned 

115 Nonacademic 

14 fi B 17 B 

la lio in ita 

m 1 Ii9 Tib Iit 

1 5* 1 63 1 54 IBS 

81 LAX posting 

82 “Mighty Lak' a 
Rase" composer 

83 Rx writers 

86 Clinton Cabinet 

87 Mideast grp. 

Solution to Pazzk of April 9-10 


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1 Family member 

2 Wreck «* 

3 Aviation legend 

4 Lohengrin's 

request for an 

update? ,W 

5 Auction follower 

6 Greek H’s © New > 

7 Reflected 

8 Display item 31 Miffed 

9 Rind of cord 32 Archbishop of 

10 Cultivated land Canterbury 

11 Pipe fitting Thomas — 

12 Minuscule 35 Ready to go 

13 Streaked gray, 36 Irritated 

as an animal i 40 N.Y.P.D. alert 

coax 43 Like Lear 

14 Popular science 44 Intern 

magazine 45 Densit 

15 Soto at Popcyc'f svmbo 

wedding? physic 

C New York Times Edited by Will Shortz. 

54 Fictional aunt's 
padding material? 

55 Woody's boy 

56 Running mate 
of 1972 

60 All the tea in 

71 Speedometer 


73 Friend of Fidel 

svmboL in 

61 Rubicund 

62 What Mrs. 
Lindbergh got 
at the rooming 

75 Hair 

77 In traduce, with 

16 Hires new staff, 47 Sinkside device 
in a way 48 Provincetown 

17 Comic actor 
21 Abu Dhabi 

23 Hamlet 

24 Roofiopper 

28 Fairy queen 

29 Brit, decoration 


50 Angler's baskets 

51 Waited longer 

52 Vesilike clerical 

53 Early name in 
talking machines 

63 Demon's doing 

65 Colleague of 
86-A cross 

66 Hire, as a 

68 Cousin of Ml 6 
in spy stories 

69 Give birth, in a 

78 Given free 
range, as cattle 

80 Moisture 

87 “Hey, you!' 

88 Spend time 
without one’s 
wife, informally 

89 Salve ingredient 

91 Polite address 

92 Flying saucers 

94 Seine tributary 

95 Precipitates 

83 Vanishing 
deh'veiy people 

84 Piece of eake, 

85 It sends checks 
to Aj\.RJ>. 

86 Avis auto 

96 Put an 


99 1990 Indy 500 
101 Sanmr Merr 

104 Initials in 



105 “Friend or 

106 ' Haw- 

107 Cheery yell 

'I*' 1 ,. 

f! i - 1 * ' 

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^ ^ Conqueror 


Page 5 

Hesaid he told 
“The first rule of any 
pnsdenual debate is, be presiden- 

Tbat may require a bit of image 
S®“ £ y° m client isthe 



by the name of CKnton. 

. “ l “ Wr- Mandda, Mr. Greer 
has a client who was bom with 

££S n ™ aI ^ ^ Mandda “ a 

™. of Olympian stature and regal 
oeanng, bm also someone who can 
oesotf and dry, especially on TV, 
where he tends to retreat behind 

formers, formality and painsiak- 

tngly deliberate speech. 

“The rust rime we sat down to go 
S" debate," Mr. Greer said, 
he told me he knew he talked too 

Mr Greer’s antidote: “Be your- 
self. But if you know you talk slow- 
ly. Put your conclusions up front." 
When the debate began, Mr. Man- 
dela was so pokey with his opening 

three- minute monologue that the 
moderator had to cut him off bare- 
ly halfway through. But once be got 
mto the give-and-take, it was jab, 
jab, jab — lightning quick. 

Then there was the issue of 
whether io smile. Mr. Mandela’s 
thinks his smile makes him look 
foolish. Mr. Greer thinks it is radi- 
ant. but did not press the case. Mr. 
Mandela wore a droopy-mouthed 
frown for most of the debate. 

Mr. Greer and Mr. Greenberg 
bave worked in a few other libera- 
tion elections around the world, 
but they say this one is unique. 

"Liberation elections are usually 
about the past," said Mr. Green- 
berg, “They are an affirmation of 
the struggle. South Africa is differ- 
ent in (hat it has been four years 
since Mandela came out of prison, 
a time of growing violence and a 
declining economy." 

Their advice to the ANC has 
been to make the campaign about 
the future as well as the past: to 
show how people’s lives will get 

The ANC has published a de- 
tailed Sll billion, five-year recon- 
struction plan, which Mr. Mandda 
touted Thursday night, that offers 
more jobs, houses and education, 
with no new taxes and no deficit 

7 Die in Kyrgyzstan Slide 


MOSCOW — Seven people, in- 
cluding five children, have been 
killed in a landslide in the south of 
the Central Asian republic of Kyr- 
gyzstan, Interfax news agency said 
Friday- The landslide hit the south- 
ern village of Mazar-Bulat 

Massacre at Church Reported 
As Rwanda Battles Continue 

— _ Mohammtd Znarv’TV AUrcatcd Pro* 

1 wo youths removing debris from their father’s car in Sidon on Friday after the Lebanese city was shelled by pro- Israeli forces. 

Rabin Calls Jordan 

Camptioi hr Our Staff From Dispatches 

NAIROBI — The ethnic blood- 
bath in Rwanda raged unchecked 
Friday, with government troops 
and rebels dueling with rockets and 
mortars for control of the capital, 

Belgian news organizations also 
repeated that nearly 1,200 people, 
more than half of them children, 
were massacred at a church outside 
the city this week. 

The rebels and government 
forces were reported to have 
opened United Narions-brokered 
talks Friday afternoon, meeting for 
nearly an hour in a hoteL 

Moctar Gueye, a UN spokes- 
man, said by telephone from Kigali 
that fighting continued around the 
airport and in many parts of the 
city. Marauding gangs armed with 
machetes and other crude weapons 
carried on the ethnic slaughter, be 

By David Hoffman 

Washington Pan Service 

JERUSALEM — Prime Minis- 
ter Yitzhak Rabin said that Jordan 
had become "a paradise" for the 
militant Islamic movement Hamas 
and demanded that Jordan dose 
down the Hamas offices in Am- 
man. But a senior Jordanian offi- 
cial said Mr. Rabin’s charge was 
“rash, baseless and not conducive 
to the peace process.” 

Late Thursday night in Tel Aviv, 
Mr. Rabin ana Foreign Minister 
Shimon Peres called an joint news 
conference to make the demand in 
the wake of a series of bomb at- 
tacks inside Israel for which Hamas 
had claimed responsibility. 

Mr. Rabin and Mr. Peres were 
responding to recent television 
broadcasts, seen widely in Israel, of 
Hamas spokesmen in Amman an- 
nouncing that more such attacks 
would be forthcoming, and that the 
bombs were revenge for the He- 
bron mosque massacre. 

Mr. Rabin told reporters that 
“all the spokesmanship, all the 
statements to the whole world 
came from the office of Hamas in 

Amman, " 

“We would like to make it dear 
this situation cannot continue;" he 

Although Israel does not have 
formal ties with Jordan, both na- 
tions have de facto relations and 
Israeli leaden have frequently met 
with King Hussein of Jordan. 

“Israel cannot tolerate the con- 
tinuation of A mman bring a para- 
dise for the activities of the Ha- 
mas," Mr. Rabin said. According 
to Israel Radio, he issued a veiled 
threat to have Jordan put on the 
U S. list of countries with state- 
sponsored terrorism, which would 
mean a cutoff of all aid. 

Hamas is bdieved by Israeli ana- 

lysts to be a grassroots-based orga- 
nization, largely centered in the 
Gaza Strip and Hebron, which also 
draws financial aid and inspiration 
from several channels abroad, in- 
cluding in Jordan. H amas has his- 
torically been closely associated 
with the Muslim Brotherhood, 
which is the second largest bloc in 
the Jordanian parliament. 

Israeli leaders have previously 
tried to depict Hamas as funded 
from overseas, saying the United 
States and Britain, as well as Iran, 
served as overseas havens and op- 
erational centers for the Islamic 
militants. But privately, officials 
acknowledge that the group’s main 
activities and leadership are locat- 
ed in the occupied territories; its 
founder and spiritual leader is in an 
Israeli prison. 

The Jordanian official, who was 
not identified, told Reuters, “It is 

ridiculous to say Jordan is helping 
Hamas with these attacks just be- 
cause a Jordanian citizen comes out 
and says his group did it.” 

He was referring to frequent 
statements by Ibrahim Gbosheh, 
the Hamas spokesman in Amman, 
and Mohammed NazzaL, Jordan’s 
Hamas representative. The official 
said the two men were only “prac- 
ticing political propaganda.” 

After a suicide bomber killed six 
people in a bus attack, Mr. Rabin 
has come under growing public 
pressure to respond, and his re- 
marks about Jordan, which re- 
ceived wide press coverage in the 
Israeli newspapers Friday, seemed 
designed for domestic consump- 

Meanwhile, Israelis living in 
northern border settlements and in 
the Galilee town of Kbyat She- 
mona were ordered Friday into 

bomb shelters after a round of Ka- 
tyusha rockets fell on the upper 
Galilee overnight. The army said 
□o one was hurt in the attack from 
southern Lebanon, which Israeli 
officials blamed on the Islamic 
group Hezbollah. 

The rocket attacks were appar- 
ently in retaliation for the shelling 
of the southern port city of Sidon 
on Thursday by the Israeli-backed 
South Lebanese Army- The Sidon 
shelling killed four people. 

IsraeFs military commander for 
the region, Genera] Yitzhak Mor- 
dechai, said the Sidon shelling was 
a mistake. 

“Somebody lost control a mo- 
ment and fired on Sidon," he said. 
“It is, of course, not acceptable to 
us, bnt with the events developing 
in the field and attacks on South 
Lebanese Army people, the system 
is facing severe pressure." 

“There are hundreds of thou- 
sands of people cut off from any- 
thing decent or human,’’ Mr. 
Gueye said. “People are starving to 
death in tbeir own bouses. Babies 
have starved to death in their own 
homes. People are in hiding and 
cannot find food Hospitals are not 

Mr. Gueye said more than 
12,000 people were under UN pro- 
tection at the main hospital and the 
national stadium. But he said 
peacekeepers were not equipped to 
protect the large number of refu- 

Radio Vlaanderen ImemaDon- 
aal in Belgium and reporters in 
Kigali for the Belgian newspapers 
Het Volk and De Morgen reported 
that the Hutu-dominated Presiden- 
tial Guard was being blamed for 
the massacre of Tutsis at a church 
in Musba. 40 kilometers (25 miles) 
east of the capital. 

“At 6:30 Wednesday morning, 
they suddenly came into our 
church," the pastor, Danko Li trick, 
told Het Volk. “They kicked in the 
door and immediately opened fire 
with semiautomatic weapons and 
threw grenades. 

“Afterward, they attacked the 
defenseless people with knives, 
bats and spears. Only a few could 
have survived this massacre. There 
were 1,180 bodies in tny church, 
including 650 children." 

Mr. Gueye said UN observers 
had not ben able to check on the 
report. “We have received many. 

many reports of that nature, but 
our forces are stretched to the max- 
imum," he said. 

Mr. Gueye said that more than 
3.900 foreigners had been evacuat- 
ed from Kigali and that the UN 
estimated less than half that num- 
ber remained in Rwanda. 

At least a third of Kigali's 
300,000 residents are thought to 
have fled on foot. More than 20,000 
people are estimated to have died 
in a week of fighting 

(AP, AFP) 

Sand» Behead Drag Trader 


DUBAI, United Arab Emirates 
— A Syrian man was beheaded in 
Jidda, Saudi Arabia, on Friday for 
smuggling drugs into the country, 
according to an Interior ‘ 
statement published by the i 
Saudi Press Agency. 

The violence erupted in Kigali 
on April 6, when prescient Juv&nal 
Habyarimana, a Hutu, was killed 
in a suspicious plane crash. His 
death reagnited longstanding ha- 
tred between the majority Hutus, 
who make up most of the armed 
forces, and the minority Tutsi eth- 
nic group. 




John Curry, ’76 Olympic Skating Champion, Dies 

The Associated Press 

England — John Curry, a former 
Olympic and world champion fig- 
ure skater, died Friday from an 
AIDS-related illness. He was 44. 

His agent, Jean Diamond, said 
Mr. Curry had suffered a heart at- 
tack Friday morning at his home 
near -Stratford-upon-Avon. 

The English skater, who in 1976 
won the world championships and 
the gold medal at the Innsbruck 
Olympics, was diagoosed in 1987 
as having HIV, the virus that 
causes AIDS. 

Mr. Curry returned borne from 
New York in July 1991 after being 
told he had developed AIDS. He 
moved in with his mother and re- 

ceived regular treatment at Sl 
M ary’s Hospital in London. 

“New York when you are ill is no 
place to be, and I wanted to be 
here, around people who I knew 
and loved when things got really 
bad." be said. 

In the last years of his life, he 
spoke openly about his disease and 
acknowledged that he was homo- 

“There are days when Pm just a 
mess and I wake up and think. 
‘What’s the poiniT "be said. “But 
those days are few and far be- 

Mr. Cony was renowned for his 
artistry cm ice, mixing classical bal- 
let with acrobatics. His gold medal 
performance in 1976 revolution- 

ized the sport and captivated fans 
around the world. 

His first ambition had been to 
become a ballet dancer — a wish 
that was rejected by his father. 

Mr. Curry’s talent was groomed 
in the United States, where he was 
sponsored by a milli onaire Ameri- 
can banker, Ed Moseler, and 
coached by an Italian, Carlo Fassi. 

Nicholas Elliott Dies at 77, 
UK Spy Confronted PhQby 

LONDON (AP) — Nicholas El- 
liott, 77, the British secret agent 
who confronted his colleague Kim 
Philby with evidence that be was a 
Soviet spy, died Wednesday of can- 

As an agent for MI6, Britain’s 

external intelligence agency, Mr. 
EQiott defended Mr. Philby when 
suspicions were first raised in the 
1950s. Mr. Phfiby was pnblidy 
cleared in 1955. and Mr. Ellioti 
helped him get a job as a corre- 
spondent in Beirut for The Observ- 
er, a British weekly newspaper. 

When conclusive evidence of Mr. 
Phtfb/s treachery surfaced, Mr. El- 
liott was sent to Beirut in January 
1963 to confront Mr. Philby. 

“I once looked up to you," Mr. 
Elliott recorded idling him. “My 
God, how I despise you now." 

Mr. Philby confessed his activi- 
ties and fled to Moscow, where two 
other double-agents, Guy Burass 
and Donald McQean, had detect- 
ed in 1951. 

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Bosnia as Chess Board 

‘V I 
\l\ ' 

‘V.. t 

Not by accident, certainly, Bosnian Serb 
leaders arranged on Tuesday to have the cam- 
eras picture them playing chess. Hu contest 
was response to NATO attacks on Serbian 
positions at Gorazde — attacks answering a 
new Serbian offensive. In a series of moves, 
Bosnian Sabs started charing out the foreign 
press corps, detained United Nations peace- 
keepers, blocked convoys and hinted at re- 
claiming heavy weapons that they had earlier 
surrendered. You could say the Serbs took a 
few small pieces off the board. But they did 
not risk their major pieces. Such discretion 
would be consistent with the political isola- 
tion and economic embargo that define their 
essential strategic weakness. 

It becomes dearer that the American ride is 
also playing chess. It is adding to its policy mix 
not only military leverage but diplomatic initia- 
tive. The air strikes — and the air “demonstra- 
tion flights" used on Thursday to stop bursts of 
local Serbian Are — make up the mQiiaiy 
contribution. The Croat-Muslim accord and 
the continuing effort, relying on Russian par- 
ticipation, to bring Bosnia’s Serbs into a na- 
tionwide settlement make up the diplomacy. 

Prerident Bill Clinton was keen to say on 
Thursday that Serbs should not regard the 

united Nations or NATO as enemy combat- 
ants. He said Thai The American purpose was 
not to try to win a military victory for the 
Serbs’ Bosnian adversaries but to gain com- 
mon adherence to UN rules and peace talks. 
This is a platform on which Russia, too, can 
stand. In fact, Russia is standing on it. A 
Russian negotiator is working vigorously to 
deliver Bosnian Serbs to UN terms. His labor 
proceeds despite Russia's complaints about 
not being consulted on NATO air strikes. 

This is a definitive moment in the Balkans. 
Fatigue has brought an opportunity to con- 
tain a miserable war in a region that has its 
connections to the United States and where 
Americans can act in allied and international 
company. The root security of the United 
States is not involved, but as citizens of a 
global power Americans have an interest in 
helping curb these new-type national disor- 
ders, at least in well-chosen places and with an 
eye to the costs. The new military element in 
Ameri can policy, in particular, has raised 
anxieties. But the past responsiveness of Serbs 
to modest NATO military assertions cannot 
be denied. This is the right time to take some 
new risks on the Balkan chess board. 


Work After Marrakesh 

With great ceremony, the trade officials of 
more than 120 governments gathered in Mar- 
rakesh to sign a complex trade treaty on 
Friday. It is a sweeping revision of the rules of 
international trade, designed to take rich and 
poor countries alike where they have decided 
they want to go — toward more trade and 
more open markets. For most of these govern- 
malts, ratification will be hardly more than a 
formality. But the United States will have to 
pass legislation to put the treaty into effect. 

It needs to be done tins year. That won't be 
easy, for Congress has its bands full, and a 
trade b01 mil have to go through the same 
committees as the legislation on health care 
and welfare reform. But until this trade bill is 
enacted, the United States will be hampered 
and handicapped in pursuing its own long and 
Urgent agenda of com plaints agains t other 
countries. They will merely reply that these 
cases are addressed in the new treaty and the 
solution is to get the United States into con- 
formity with h. They will usually be right. 

This worldwide agreement has not stirred 
the same passions and ideological fervor 
among Americans as the trade treaty last year 
with Mexico and Canada. The most visible 
issue at the moment is to find the money — 
about 5 1 3 billion over the next five years — to 
replace the revenue lost by tariff cuts. That 

American Children at Risk 

America's youngest children are in serious 
trouble, according to a panel of experts 
brought together by the Carnegie Corpora- 
tion. So many children are growing up with- 
out adequate medical and nutritional care, 
intellectual stimulation or emotional security 
that the nation's ability to produce healthy 
workers and citizens is in jeopardy. 

The Carnegie panel focuses again on two 
long-standing problems: the need for better 
health care and the problems of teenage moth- 
ers. While many of its recommendations are 
not aimed specifically at the Clinton adminis- 
tration, the panel’s report can help shape the 
debate as the administration and Congress 
tackle health care and welfare reform. 

The importance of what happens to chil- 
dren in their earliest years is not news. The 
Carnegie report builds on previous studies 
that have documented the wisdom and cost 
effectiveness of prenatal care, early health 
screening, parenting education and quality 
child care. But scientific research in recent 
years has re-emphasized how important a 
child’s environment is to healthy develop- 
ment, particularly brain development 

That is why the cumulative effect of the 
bleak statistics in the repot suggests a call to 
action on behalf of the nation’s 12 million 
children under the age of 3. One in four of these 
children lives in poverty. One in four lives in a 
single-parent household. And one in three vic- 
tims of physical abuse is not yet a year okL 

The report points to the already well-docu- 
mented and troubling changes in family struc- 
ture ova the last 30 yean: the increase in the 
percentage of births to unmarried mothers, 

from 5 percent in 1960 to 26 percent in 1988; 
the minio n adolescents who become pregnant 
each year, and the more than 500,000 who 
give birth. Nearly half of all children can now 
expect to experience a divorce between their 
parents and to live an average of five years in a 
single-parent household. 

The 30-member panel — experts in medi- 
cine, business, education and other fields — 
recognizes that money is tight But it encour- 
ages partnerships among federal, state and lo- 
cal governments, businesses, community orga- 
nizations and individuals to help children. 

There are two areas, however, in which the 
federal government can play a critical role. 
The pand joins the chorus calling for univer- 
sal health care, and argues forcefully for com- 
prehensive primary and preventive care, in- 
cluding immunization and well -child visits, as 
part of any minimnm benefits package under 
health care reform. 

The pand also bdps make the case for ef- 
forts to train, educate and provide adequate 
child care far teenage mothers as part of wel- 
fare reform. Such hdp is crucial for the 73 
percent of unmarried teenage mothers and the 
46 percent of all teenage mothers who gp on 
welfare within four years of giving birth. 

The Carnegie pand has not nude startling 
new discoveries, but h has spoken eloquently 
on behalf of children who cannot speak for 
themselves. Two dear needs stand out: ade- 
quate child care and health care. Without these, 
America will continue to fad its youngest chil- 
dren. The challenge now is to find ways to 
move beyond hand-wringing to action. 


Other Comment 

Showdown Time in Bosnia 

Have the Serbs finally won in Bosnia? Or 
have they crossed a line that makes their 
defeat inevitable? Answers must come in the 
next week or two, and their impact on East- 
West relations may be drastic. 

Sarajevo lives almost entirely on relief ship- 
ments. The Bosnian Serbs have closed the 
airport that brings in those shipments and 
imposed a blockade of overland shipments. 
Trapped in Sarajevo with its 380,000 inhabit- 
ants is the entire UN force stationed there. 

The Serbs have in effect declared war on the 
United Nations. The UN force in Bosnia 

cannot defend itself against the land mines 
and artillery shells intended to loll its people. 
If it must continue to face this level of hostil- 
ity, it may well be forced to withdraw. And 
there would then follow the debacle of a total 
Serbian victory with a bloody sack of Sarajevo 
— or NATO intervention. 

Europe has procrastinated in the Balkans 
long enough, alas, for the Russian right to 
awaken, and that awakening has grievously 
raised the stakes. One could wish it were not 
so, but it is so. In the days ahead, the tramp 
card may be Russia’s to play, but all of Eu- 
rope and the United Slates are in the gam& 
— Los Angeles Times. 

International Herald Tribune 



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will certainly be resolved. But there are other 
and less obvious conflicts, and one of them is 

the straggle ova dumping rules. 

Dumping is the practice of selling abroad 
for less than the price at home, or for less than 
the cost of production. There are a lot of 
reasons for doing it — sometimes to damage 
foreign competitors, sometimes simply to pre- 
serve jobs. Present American law is biased in 
favor of domestic producers who want protec- 
tion from imports. The new treaty will require 
a number of chang es in U.S. law, and the 
lobbyists for the protectionist industries are 
hard at work to ensure that those changes 
presave and expand their ability to shield 
them from foreign competition. If they win, it 
will be very expensive for the country as a 
whole because other countries will adopt the 
same provisions in retaliation and use them 
against American exports. There is a much 
stronger national interest in promoting the 
exporters, who are the winners in world com- 
petition, than in trying to prop up the losers. 

The dumping sections of the trade bill will 
be exceedingly te chnical. They probably will 
noL stir up mudi attention except among legal 
specialists. But this trade bill could have as 
much effect on future growth of the US. 
economy as anything Congress does this year. 


Bosnian Venture on a Wing and a Prayer 

W ASHINGTON — With the bombing of 
Serbian forces besieging Gorazde, the 
United States effectively enters the Balkan wars. 
By committing itself to preventing selected Ser- 
bian military advances, it has enlisted ever so 
gingerly, on the Muslim side. 

This latest Bosnian poHcy-of-the-month con- 
sists of a wing and a prayer. Still, it might work. 
It is conceivable that prayer and air power will 
suffice. The Serbs nrignt indeed be hdd in place 
by the loss of a tent, a truck and two armored 
personnel carriers (the total damage inflicted in 
the air strikes or the last few days). They could 
decide that it is useless to continue against this 
show of Western power. They might then return 
to the negotiating table and agree to a settlement. 

But what if the air strikes don’t work? Every 
other possible scenario coming out of Gorazde is 
bad, and the Clinton administration appears to 
have no strategy for dealing with any of them. 

Instead of winding down in the face of air 
strikes, the war could escalate. The Serbs have 
already responded by shelling Tuzla, harassing 
UN personnel and tightening the siege of Saraje- 
vo They wait to see whether Bill Clinton has the 
stomach to meet escalation with escalation. 

Or the Muslims, haring finally succeeded in 
b ringin g in American air power on their side of 
the ground war, might be emboldened to fight on 
rather than accept an unfavorable peace. In fact, 
after the Americans had finished bombing, all 
the shooting around Gorazde was outgoing Mus- 
lim fire directed at the surrounding Serbs. This 
obvious attempt to provoke the Serbs in order to 
bring on more NATO air strikes merited the 
Muslims a stem rebuke from Prerident Clinton. 

The worst scenario, however, is a Lebanon or a 
Somalia. An American pilot is shot down. 

By Charles Krauthammer 

My dissipated by Somalia, Haiti and repeated 
capitulations to N( 

like the similarly limited, early bombing of North 
Vietnam— sends a message not of resolve but of 
ambivalence. It demonstrates the bomber’s deep 
reluctance to engage in serious combat and the 
fervent wish to do the absolute minimum and 
quickly disengage. 

Hie administration is reveling in the toughness 
it demonstrated with these bombing runs. But it 
is quite possible that very soon everybody, Serbs 
included, will have seen through the strategy. 
Having dearly ruled out sending ground troops, 
the administration has in effect declared that 
America’s stakes are too low fora serious Ameri- 
can military commitment. This is an invitation to 
the Sabs to call the bluff. 

It is, of course, possible that Serbs are not as 
well acquainted as Americans with the Oimon 
administr ation’s chronic lack of resolve in for- 
n policy. The United Stales still lives off the 
"local capital acquired by Presidents George 

ih andRonald Reagan with their decisive 

actions in Grenada, Panama and KuwaiL That 
residual respect for American power, not yet 

... North Korea, might yet be 

wirtiiph to persuade the Serbs to acquiesce and 
put in motion the administration’s rosy scenario. 

The administration defends the air strikes as a 
legally required response to United Nations re- 
quests for dose air support, Tve assured Presi- 
dent Yeltsin that we nave no interest in using 
NATO’s air power to affect the outcome of the 
war,” said Mr. Clinton. This is patent nonsense. 
What other purpose is there? The only possible 
value of this operation is to tilt tire balance of 
forces in favor of the Muslims and bully the 
Serbs to the negotiating table. 

As in Vietnam, the United Stales bombs to 
parity. If it works, it would be a elastic Clinton 
finesse: threading one’s way to victory with a 
deft combination of bluff, threat and gpod tim- 
ing. If it doesn't, America will, to its peril, have 
violated a cardinal rule of diplomacy enunciat- 
ed half a century ago by the great political 
theorist Hans Morgenthan: “Neva put your- 
self in a position from which you cannot retreat 
without losing face and from which you cannot 
advance without grave risks.” 

Washington Post Writers Group. 

tured, paraded or ldDed. The American people 

" luff has 

wake up to the fact that the Balkan bli 
turned to war. They weigh their interest in the 
conflict against the cost, and head for the exits. 

Will the Serbs fold? The administration says 
that the bombing is a demonstration of “re- 
solve." It could easily be taken as the opposite. 

The bombing runs were tactically useless. Said 

one disgusted supporter of a more vigorous air 
campaign: “The first time we use air power, we 
send F-16& with dumb bombs to attack a tent.” 

In bombing as in chess (a favorite Serbian 
pastime), the threat is usually more powerful than 
the execution. In February, the threat erf azr strikes 
induced the Serbs to evacuate a 2Q-kilometer zone 
around Sarajevo. Next time, having seen the reali- 
ty of air strikes, they might be less compliant. 

The kind of exquisitely calibrated bombing 
that the Ointon administration is engaged in — 

By MITCHEU. b The AaHrafan05»fc*7>. CAW Syndic*. 

Expect Prolonged Growth With Modest Inflation 

W ASHINGTON — Fears of ac- 
celerating inflation have 
haunted the financial markets just at 
the time when the American econo- 
my has turned in its best inflation 
performance in decades. In 1993, the 
core indexes of consumer and pro- 
ducer prices — which exclude rood 
and energy — registered their small- 

By Laura D’ Andrea Tyson 

The writer chains President Clinton's Council of Economic Advisers. 

age point. Five were cal shock years: 
1973. *74, *79, ’80 and ’90. 

CHI prices can dramatically affect 
all prices. Core inflation 

est gains in 20 years. 

ravorable trends are continuing 
this year. The projected annual in- 
crease in the core Consumer Price 
Index ova the past three months was 
2.9 percent, the same as ova the 
preceding nine months. 

The administration, like most pri- 
vate forecastas, predicts an uptick in 
inflation in 1994, as continued growth 
raises the use of industrial capacity 
and reduces unemptoymenL We cer- 
tainly recognize the critical need to 
re main v igilant against inflation. 

The building blocks for a sustained 
expansion — smaller federal deficits, 
stronger business balance sheets, im- 
provements in productivity, robust 
investment — are in place. It would 
be a missed opportunity if the expan- 
sion suffered a premature aid as a 
result of accelerating inflation. 

So far, however, there are few signs 
of changes in the underlying causes 
of inflation. Rather, the financial 
markets appear to be reacting more 
to inflation myths than to realities. 

Myth No. I: Inflation can spike 
upward suddenly. 

Some commentators contend that 
inflation can strike at a moment’s 
notice. History suggests otherwise. 

Since 1957, the first year for which 
core Consumer Price Index data are 
available, there have been only nine 
years in which the inflation rate in- 
creased by more than half a percent- 

overall prices, 
jumped six percentage points from 
73 to 74, and the 79 ofl shock 
raised core inflation by nearly three 
percentage points in one year. 

Since 1957 there have been only 
four years when thoe was no oil 
shock yet inflation increased by more 
than half a percentage point: '66, ’68, 
’69 and ’78. The first three woe Viet- 
nam War years, when the economy 
was overheated; capacity utilization 
was well ova 86 percent and the 
jobless rate under 4 percent The av- 
jobless rale was considerably 
in 78, but that year was pre- 
by two years of rapid wage 
inflation, a trend we do not see now. 

In short, it takes an ofl shock or a 
severe overheating of the economy to 
produce a surge in core CPI inflation. 
Neither appears to be on the horizon. 
Oil prices are low and likely to re- 
main so at least for this yea. And 

ducer price index fa intermediate 
goods (say, industrial chemicals and 
wood pulp) and other measures of 
commodity prices. It is also true that 
commodity prices, severely depressed 
in recent years, can be expected to 
rebound as the economy expands. 

But in the past decade the purchas- 
ing managers’ index has, unsurprising 

today’s capacity utilization rates, in 
82 to 85 pa 

the 82 to 85 percent range, are well 
below the levels at which inflation 
might spike upward. 

Myth No. 2: Price increases for 
industrial Roods presage higher gener- 
al price inflation. 

The price indexes of die Federal 
Reserve Bank of Philadelphia and the 
National Association or Purchasing 
Managers increased noticeably in 
Febraary and were blamed for fuel- 
ing inflationary expectations. 

It is true that these indexes are 
somewhat correlated with the pro- 

inflation. The managers' index is 
based on a narrow survey that in- 
cludes only industrial commodities 
purchased by companies, a small part 
4 of the overall economy. Moreover, 
such commodities are becoming an 
ever smaller part of the total economy. 

Myth No. 3: Wages will soon accel- 
erate because we are so close to full 

One source of inflation could be an 
increase in the growth rate of unit 
labor costs — that is, the cost of labor 
required to produce a fixed amount 
of goods. But unit labor costs have 
been decelerating, not accelerating, 
in recent years. 

During 1993, unit labor costs in- 
creased by only 1 percent, compared 
with increases of I J percent in 1992 
and 23 percent in 1991. Ova the past 
half year, they have fallen as wage 
chang es have remained roughly con- 
stant in the face of increasing produc- 
tivity growth. These developments lie 
at the heart of the inflation story. 

Bat are we an the verge of acceler- 
ating wage inflation, as some observ- 
ers suggest? No. 

Even though the economy has cre- 
ated about 200,000 jobs a month- 
over the past six months, wage 

the 5.9 to 63 percent range, it is likely 
that wages wul begin to drift upward 

Flawed Buthelezi Does Have a Point 

By Stephen S. Rosenfeld 

W ASHINGTON — The col- 
lapse, even before it began, 
of an international mission to lift the 
threat of further and terrible vio- 
lence from South Africa's first all- 
race elections on April 26 to 28 is 
disheartening. It leaves untouched 
and raw the profound differences in 
constitutional principle that sepa- 
rate the African Natrona] Congress 
and Zulu Chief Mangosuthu Buthe- 
lesd’s Inkalha Freedom Party. 

Chief Buthelezi is bound to take 
most of the heat for his stubborn 
refusal to facilitate the fragil ^possi- 
bilities of eleventh-hour reprieve. 

The mediators had hoped to help 
South Africans prevent apartheid 
from yielding to ethnic violence and 
disintegration. This grim prospect 
arises only in part from the expect- 
ed defiance of a white right-wing 
fringe. The real nightmare is the 
ugly blact-oD-black turf struggle 
between the ANC, the certain ejec- 
tion winner, and a formidable In- 
kalha resistance. 

In most American circles, any 
argument between the ANC and 
Chief Buthdezi is ova before it 
begins. His personal qualities and 
political tactics — exemplified by 
nis reckless toying with mediation 
terms —have brought him showers 
of contempt. People commonly dis- 
miss the fears of domination pro 
fessed by many Zulus (far from all) 
mid attribute Chief Buthelezf s poli- 
cies to shea power-seeking. 

Under its almost mythical leader. 
Nelson Mandela, the ANC has 
worked hard and successfully to 
present itself as a multiracial non- 
ethnic liberation movement worthy 
of leading a new South Africa. But 
you don’t have to embrace Chief 

Buthelezi or disparage the ANC to 
appreciate the legitimacy of the 
constitutional issue he raises. 

The ANC wants a unitary state 
with strong central powers where 
ethnicity is subordinated to a single 
nationhood. Chief Buthdezi wants a 
federal structure that enables auto- 
nomous provinces to protect them- 
selves from feared central power. 

Like many others, I find Chief 
Buthdezi personally unappealing, 
his own worst enemy. Nonetheless, 
from an American’s safe distance it 
is hard to tell him that federalism, a 
structure designed to protect mi- 
norities and check central power, is 
unfit for what is fairly called one of 
the most ethnically fragmented so- 
cieties in the world. 

“No issue is so central to South 
Africa’s future," writes Patti Wald- 
mdr of the Financial Times. “Will 
the political system guarantee eth- 
nic minorities real power, or rele- 
gate them to the role of permanent, 
impotent opposition? Every de- 
mocracy is, in some sense, the dicta- 
torship of the majority. But can 
South African danocracy survive if 
the constitution, creates permanent 
losers who can never hope to rule? 
Can it prosper if a significant mi- 
nority of the electorate rejects the 
legitimacy of the constitution?” 

To me it makes more sense to ay 
that the best interim constitutional 
structure for South Africa is which- 
ever one South Africans agree on. I 
ay this rcaliring that the ANC has 
already made some constitutional 
concessions and has its own tradi- 
tions and constituents to answer to. 
But recent experience should have 
freshened everyone's appreciation 
(bat fundamental change in ethni- 

cally defined political systems like 
South Africa, Yugoslavia, Czecho- 
slovakia and even the Soviet Union 
must arise from consensus, not 
from acts of forcible dictate or from 
majority-rule dictate diha. 

The U.S. government plainly fa- 
vors the ANC, but it has been at 
pains to stay aloof from direct com- 
ment on South Africa’s constitution- 
al quest. Others point out that Amer- 
ica s own exper ie nce may have a 
bearing. It started out with a confed- 
eration reserving strong powers to 
the states, found that it worked bad- 
ly and moved on TO a system in 
which stales released powers TO the 
center. This is the bottom-op evdu- 
path that Chief Buthelezi 
follow. The ANC favors a 
centra l government de- 
j powers at its choice on Sooth 
Africa’s nine provinces. 

The latest turn of events may 
invite the bloodiest of births for the 
new Smith Africa. 

Pro-Inkatha Zulus can hardly ex- 
pect TO prevail in extended guerrilla 
war. But a responsible ANC-led 
government cannot possibly want 
to set out by having to pacify a 
determined, strongly aimed minor- 
ity in a hostile countryside. Some- 
how the possibility must be kept 
alive of constitutional consensus. 

No doubt this puts a difficult 
burden on the ANC, impatient as it 
is to claim its waiting mandate and 
get on with governing. Bat there is 
nothing hoe disrespectful to the 
ANCs constancy, principles or 
leadership. The rewards for re- 
straint are immense: TO have an 
election that will be an instrument 
of healing, not division, and to 
take power in a country launched 
on peace, not war. 

The Washington Past 

only gradually. 

And strong productivity growth 
will continue to moderate growth in 
labor costs. 

Myth No. 4: Rising import prices 
will heat up inflation. 

During the past yea, the dollar has 
depreciated against the yen and im- 
port prices of Japanese goods are up 
about 7 percent. But Japanese imports 
represent only about a fifth of total 
U.S. imports and only about 2 pocent 
of our gross domestic product 

The prices of imports from the rest 
of the world are Iowa than a year 
ago, partly because the dollar has 
appreciated against most other cur- 
rencies. Ova the past year, prices of 
European, Canadian and other Asian 
goods are down about 1 percent, and 
imports from developing countries 
are about 4 percent cheaper. 

Price increases for imports other 
than oil remain Iowa than the rate of 
ewe inflation, as has been true during 
the past five years. It is highly unlikely 
that import prices will be a source of 
accelerating inflation any tune soon. 

In the absence of an ofl price shock, 
it takes a sustained period of strong 
pressures on productive capacity to 
ignite truly inflationary conditions. 
Unless capacity utilization exceeds 86 
a 87 percent, or the jobless rate drops 
so bsiantiafly below its current level for 
a prolonged period, these conditions 
are not hkriy to develop in the near 

Instead, the economy seems well 
adorned to experience a decadc- 
s of steady growth and mod- 

est inflation, much as K did from the 
mid-’50s to the mid-’ 60 s. 

The New York Tones. 

What About 
The Fate 

Of Asians? 

By A. M. Rosenthal 


five years only 14 people, all Asian, 
ed for vandalism — the 

. has remained slow. Average 
ly earning s increased only 0.1 
percent in March despite significant 
employment growth. Ova the past 
12 months, average earning * in- 
creased only 14 percent. 

The major commercial forecasters 
believe tut labor market pressures 
do not push wage inflation higher 
until the unemployment rate, as mea- 
sured today, falls TO the range of 5.9 
to 63 percent 

The Council of Economic Advisers 
reaches a similar conclusion in its 
recent review of the relation between 
unemployment and inflation. 

These views are reinforced by the 
economy’s most recent experience. If 
labor markets were truly tight, there 
should be signs of mounting wage 
growth. But wage growth has bear 
stagnant ova the last year. Even 
when the nneznploymenl rate falls to 

were caned 
charge against him. But for a list of 
other offenses, 1,208 Singaporeans 
and other Asians were caned to the 
blood in 1987-1988 alone. 

Asians are not too doltish to know 
that Americans did not seem TO give 
one sectary damn about that then, or 
now. Asians also realize that Ameri- 
cans still talk about Singapore as if it 
woe some kind of Switzerland, run- 
ning afl neat and ticktocL 

The issue is not only vidoos flog- 
ging, but the other laws of which 
that is part and symbol: detentions 
without trial, adminis trative impris- 
onment and political, press and aca- 
demic control, the whole nasty au- 
thoritarian collection. 

Nome of this is any secret TO Ameri- 
cans who have the greatest moral 
responsibility to speak op: those do- 
ing business in Singapore. But when 
it comes TO Asian skm, pain and liber- 
ties, they have accepted it all without 
protest or complaint — before the 
sentence against Mr. Fay, and since. 

In China, American business ac- 
cepts fa worse. It accepts excrnciat- 
ing torture of Chinese and Tibetans. 
It accepts slave labor officially 
planned as part of the cheap labor so 
important TO Communist growth. 
1 with what goes on in Chi- 

na, Singapore's Hogging cane looks 
like the torch of liberty. 

I know many Americans who do 
business in China at hunt for it. 
They are people of attainment — 
music lovers, art collectors, politi- 
cally active Democrats or Republi- 
cans, men and women who have 
flowered intellectually and made 
their fortunes under liberty. 

They would perish unda the kind 
of government that their investments 
support. We agree on that and many 
other things. But they oppose any 
effort to -use America’s tariffs and 
trade to try ; at least try, to ameliorate 
tyranny, as the United States did in 
the Soviet Union and South Africa. 

I wonder — would their accep- 
tance of Chinese atrocities change if 
an American businessman woe ar- 
rested and oven the treatment that 
millions of Chinese and Tibetans re- 
ceive in Communist prisons? 

Suppose this American had his 
hands kepi handcuffed behind his 
back, ratrmeted so tight that be could 
not clean himself after using the toilet 
bucket in his cell? 

Suppose he were tortured by elec- 
tric batons? Shackled hands and kgs 
to a board for days, with a hole cut 
out for defecation? Suppose he were 
not once, but whenever the 
wished, 30 strokes or 50? 
75-77. 1 told a friend in busir 
ness mat I would send him a bode in 
which these tortures are just a few 
examples. But he can get it himself 
from Asia Watch, 485 Fifth Avenue 
in New York or 1522 K Street in 
Washington — “Anthems of De- 
feat” That way, after Ik reads it he 
will know where to send money. 

Suppose an American were arrest- 
ed and put in a cell where he could 
neitha stand straight nor he straight 
Page 82. Suppose he were sent TO a 
forced-labor brigade quarrying or 
finishing marble for export goods, 
where prisoners are deprived of food, 
sent to solitary or have their sai- 
tences extended for not meeting daily 
production quotas. Pages 104-111. 

If that happened to an American, 
would my friends in the China trade 
then agree to a little American eco- 
nomic pressure; like removing low- 
tariff privileges? Would they go as a 
group to the Chinese foreign office 
to protest torture and slave labor for 
Chinese — or jnst talk about that 
one American? 

If that is the bottom-line message 
from American business — flog 
Asians only — then in China, as in 
Singapore, it wQl be treated as it 
deserves. Contempt will be returned 
for contempt. 

The New York Times 


1894: Anarchist Chase 

LONDON — While tire Paris police 
are busy locking up unloaded Anar- 
chists, leaving the loaded ones at 
large, their confreres in London are 
having better luck. Now, they have 
made a great capture which seems 
to put them several steps ahead in 
the grand international Anarchist 
chaseL The nun they have arrested is 
Francis Polti, an Italian dynamite- 
monger, crank and generally all- 
round dangerous idiot 
PARIS — > M. Edmond Lepefletia, 
who had taken offense at an article 
bashed in the Gil Bias, fought a 

two sittings of the Peace Conference 
yesterday (April 16J. A HERALD 
correspondent learnt yesterday that 
it is hot proposed to hand ova Fra- 
me to the Yugo- Slavs. The issue now 
is to decide whether the dry is TO be 
internationalized or if it is TO be 
entrusted to Italy. The Italian Pre- 
mier is supporting the demand of 
the inhabitants of Frame for annex- 
ation to Italy. This question has be- 
come the touchstone of the whole 
Adriatic problem. 

: the weapons i 

engagement M. Godin received a 
wound in his right hand which ren- 
dered him unable to continue. 

1919: Frame to Italy? 

PARIS — There was no 
meat of the Adriatic question at 

WASHINGTON — (From our New 
York edition:] Japan’s war fleet is 
already damaged “so that she can 
never nope to make up the losses," 
and heavy new Wows at it may be 
e xpected in the “next few months," 
Admiral Ernest J. King , commander 
in chief of the United" States Reel, 
declared today (April 15]. "We are 
Seeking opportunities to strike when- 
ever we can get wi thin range of their 

warships or bases," he said. 

A s S 

■jr . , 

N EW YORX — Americans keep 
talking about bow clever the 
people of Asa are but keep acting as 
if they were dolts. 

In the controversy about the can- 
ing of a young man from Ohio, some- 
how it does not occur to American 
business executives, journalists and 
politicians that Asians wffl ask why 
they dose their eyes, mouths and 
hearts when the same canes scar the 
flesh of Asians. 

Let’s hope Singapore gives demen- 
to Michael Fay, now that George 

u^*Bu?Le?s alscMryfreal hard, to 
grasp what Asians understand: from 
America the big human rights mes- 
sage is “flog Asians only." 

The legal screws are being twisted 
hard against Mr. Fay. In the past 

m* ! - 4! ^ 

tflT: T*" f 

i AST j 
| ®iS!T»CNS f 

! Electors ! 

• guises 


■ H- r . 


\ - 



Enclave Falling 


Page 7 

SK ESP**. *■“ NATO’s 

rojein Bosnia s avil W8 r is “u> be 

mf? n b k 1 DOt P rov °cative and not 
try to change the military balance.” 

Sti£ £** fiw 

NATk Jfl no mterest in having 
NATO becoming involved in itul 

SSS^S?5E.!*““» Bfaro “ 

Defense Secretary W illem j 
ftary said he did not know what 
cauwd the new round of fighting. 

may be a prdude to 
more vigorous military activity or it 
may be a prelude to getting a better 
postion at the negotiating table,” 
jjjj!? 1 ? said - “ We hope it is the 

Secretary of State Wanen M. 
Christopher protested Serbian re- 
^ movement of more 
than 200 UN peacekeeping troops. 
- "‘S 1 ? 11 s . a very temporary situa- 
tion, he said Friday. 

thi? ' P lrisi0 P h er declined to call 
them hostages, though. “I don't 

s J*? pful to atladl P»- 

he told reporters af- 
ter a 30-minute meeting with 
Bosiuan vice president. Ejup 

The decision not to call for im- 
mediate air strikes drew condem- 
nation from the Bosnian prime 
minister, Haris Silajdzic. 

“I don’t know why there is no 
reaction to this,” Mr. Silajdzic said 
m Sarajevo. “The credibility of the 

U.S. Coal to Curb Saddam Is Unchanged 



. , , _ _ Anga NMrio|]KH&/A(cBcc Fmux-Pro^ 

A mmiasm {Haying ids cello in the center of Sarajevo on Friday while a Bosnian soldier stood by. 

United Nations is about zero. It’s 
absolutely outrageous." 

“The Serbs are on the edge of 
town,” said Major Dacre 
Holloway, a UN Protection Force 
spokesman in Sarajevo. "The situa- 
tion is very serious. It’s possible the 
Serbs will take the town in the very 
near future.” 

In Naples, NATO’s Southern 
Europe Command headquarters 
said a French reconnaissance air- 
craft was hit by ground fire in the 

Gorazde area but returned safely to 
the aircraft carrier Clemenceau in 
the Adriatic. 

Bosnian Serbian army chiefs de- 
nied its forces had fired at the plane 
and blamed Bosnia’s Musbro-led 
troops for the attack to try to pro- 
voke NATO attacks on Serbian po- 

UN aid officials in Zagreb said 
large numbers of people fled from 
the fighting into Gorazde during 
the day, pushing belongings 

Singapore to Let Review Circulate 

Agfnce France-Prase 
meat said Friday it would allowing 
the Hong Kong-based Far Eastern 
Economic Review to circulate 
2,000 copies a weds be ginning in 
May, after severely restricting Mies 
of the news magazine over the past 
seven years. 

The decision was made after Re- 

ous blow to international diplo- 
matic efforts to negotiate an overall 
cease-fire to halt two years of fight- 

The Russian peace envoy, Vi tali 
1. Churkin, earlier emeiged opti- 
mistic from talks with Bosnian 
Serbs in their stronghold of Pale, 
near Sarajevo, but hesaid later that 
the situation was tense. 

He said Thursday that he had 
thrashed out an outline truce with 
the Serbian president, Slobodan 
Milosevic, and Bosnian Serbian 

le Murphy 
tomas W. Lippman 

Washington Post Service 

U.S. warplanes that mistakenly shot down 
two American helicopters over Iraq on Thurs- 
day provided a grim reminder that the United 
States stiB has unfinished business with Presi- 
dent Saddam Hussein. 

More than three years after a U.S.-led coali- 
tion drove the Iraqi leader's forces out of Ku- 
wait in the Gulf War, the United States and 
some allies still have military units and relief 
workers in Iraq and are trying to force Mr. 
Hussein to submit to the will of the United 

As long as he refuses to comply with UN 
Security Council resolutions aimed at protect- 
ing the Kurds, a non-Arab minority of northern 
Iraq, the United States and its allies trill contin- 
ue to run the combined humanitarian and mili- 
tary operation they assembled after the war tc 
keep his forces at bay, Clinton administration 
ctffiaals said 

Washington has multiple foreign policy ob- 
jectives in the Iraq operation, and Thursday's 
accident does nor change them, officials said. 
These objectives include protecting the Kurds 
from Iraqi troops, keeping military and politi- 
cal pressure on Mr. Hussein by limiting his 
control over Ins own country, and providing 
enough humanitarian aid to keep the Kurds 
from fleeing en masse into neighboring Turkey 
and Iran. 

The White House national security adviser. 
W. Anthony Lake, wrote in the most recent 
issue of the journal Foreign Affairs that Mr. 
Hussein’s regime “is responsible for both war 
crimes and crimes against humanity. ^ regime 
whose invasion of Kuwait and gassing of its 
own people have rendered it an international 

He and other administration officials have 
said that Iraq cannot be readmitted into the 


international community unless Mr. Hussein is 
forced from power or changes his ways. 

No military accident, however unfortunate, 
is sufficient to undermine the administration’s 
determination to keep Mr. Hussein an interna- 
tional pariah and protect the Kurds from his 
vengeance, officials said. 

President Bill Clinton told Congress last 
week that "Iraq can rejoin the community of 
civilized nations only through democratic pro- 
cesses, respect for human rights, equal treat- 
ment of its people and adherence to basic 
norms of international behavior.” 

Asked Thursday if there were any implica- 
tions for that policy in the helicopter accident, 
the State Department spokesman, Michael 
McCurry, replied: “I don't see any. We are 
putting a very clear emphasis today on the need 
to continue Operation Provide Comfort," the 
name for the relief, operation, which is run 

jointly by the United States, Britain, France 
and Turkey. 

In the immediate aftermath of the 1991 war. 
21,000 allied troops conducted the operation, 
combining civilian relief and monitoring opera- 
tions out of a village near the Iraq-Turkey 
border with aircraft based at Indriik. Turkey, 
enforcing the UN-created “no-flight" zone 
north of the 36th Parallel. 

Now the operation consists of about 1,700 
people, including Americans from the military, 
the Agency for International Development and 
voluntary organizations. 

Mr. Clin ion reported to Congress last week 
that “over the last two years, the northern no- 
fly zone has deterred Iraqfrom a major military 
offensive in the region.” But be also said that a 
UN “special rapporteur" on Iraq has conclud- 
ed that “the extent and gravity of reported 
violations” of UN resolutions “places the sur- 
vival of Kurds in jeopardy.” 

In recent weeks, the State Department has 
criticized Iraqi military incursions into the pro- 
tected Kurdish zone of northern Iraq. Officials 
here were apprehensive that as spring melted 
the snow covering the Kurdish zone, Iraqi 
farces might try to test the coalition’s resolve 

The Kurds are a distinct ethnic group of 
about 20 million people living in an area that 
spans parts of Iraq, Turkey and Iran. Mostly 
Muslim but neither Arabs nor Turks, they have 
been frustrated for centuries in their aspiration 
to set up their own state. 

IRAQ: t/.S. Air Patrols Called Off for Day as Safety Steps Are Reinforced 

. „ ^ on 

wheelbarrows and carts. 

“The Bosnian army has basically leaders, based on a general cease- 
* crumbled in the pocket,” Major fire for Bosnia. 

Holloway said, adding that the Serbs have blocked UN traffic 
view Pub lishing Company Ltd. ap- United Nations was “trying to no- on tbeir territory and detained or 
plied to circulate the ma gazin e un- godate some sort of a cease-fire to placed under bouse arrest more 
tier provisions of the Newspaper ex tries le their officers from the line than 200 UN personnel, 
and Printing Presses Act, thq Min- °f ft* 6 -” In Sarajevo, a sniper fired at a 

istry of Information and the Arts Gorazde straddles a key route streetcar passing a hotel on Friday 
lid. linking, Serbian-held eastern Bos- and wounded four passengers, doc- 

nia with other territory controlled * * ' ** 

by Serbs in the southern part of the 
former Yugoslav republic. 

The Serbian offensive was a seri- 


Singapore authorities cut the 
magazine’s circulation to 500 
copies in 1987, saying that it had 
interfered in domestic politics. 

tors at a dty hospital told Reuters. 
The wounded were three women in 
their 20s and a 46-year-old man. 

(AP, Return) 

Coutinaed from Page 1 
from the United Stares. Three were 
from Turkey, two from Britain and 
one from France. AD were support- 
ing the UN Humanitarian relief op- 
eration for the Kurdish minority m 
northern Iraq. Five Kurdish pas- 
sengers were also killed. 

Mr. Perry said, “We have already 
made some changes in the piece- 
-dures there.” He said he could not 
reveal the changes for security rea- 

Mr. Perry, in earlier appearances 

on television news programs, said 
be was baffled over the disastrous 
mistake in which the U.S. Blade 
Hawk helicopters were mistaken 
for Iraqi Hind helicopters. 

”1 find it very diffimlt to under- 
stand,” Mr. Peny said. "The heli- 
copters do not look very much tike 
each other.” 

He said the F-I5 pilots had made 
two passes to inspect the helicop- 
ters visually, but did not try to 

ing fire. Such radio contact 

not part of their procedures," Mr. 
Peny said 

Asked if the fighter pilots might 
have overreacted because of 
mounting tensions with Iraq, be 
said: “There have been provoca- 
tions in the past, but there was 
nothing that would have made this 
day stand out in particular.” 

Mr. Pony said he was taking per- 
sonal responsibility for the tragedy. 
He said a special investigations 
team was en route to Turkey. 

“We're continuing Lbe opera- 

tions in northern Iraq, but we have 
made some adjustments to our pro- 
cedures,” Mr. Peny said in an in- 
terview with AP Network News. 

Asked how such a disaster could 
occur, Mr. Perry replied: “There 
were errors. There were human er- 
rors, probably, and there might be 
process or system errors as well.” 

The downed helicopters were 
ferrying the American, British, 
French and Turkish officers from 
Zakho to a meeting with Kurdish 
leaders in the Kurdish zone. 

GATT: The Curtain Comes Down on the Trade Treaty , but Disputes Unger 

BERLIN: On Lampposts 9 a Stark Remembrance of Nasi Horrors of 9 30s 

CoBtmned from Page 1 

Cantoned from Page 1 

cries of unfair competition in the West led to 
military dashes in the 19th century, many lead- 
ers who assembled here this week concurred 
that the world was entering a new stage of 
uncertainty and potential upheaval as competi- 
tion beats up in a global economy where capital 
and communications no longer respect any 
frontiers. _ 

Since negotiations opened in 1986. the 
world's economy has undergone dramatic 
changes, especially in Asia and Latin America, 
that have completely overwhelmed the original 
agenda of the Uruguay Round and in some 
cases, sapped the traditional dominance of 
United States economic power. 

In 1947, when the General Agreement on 
Tariffs and Trade was founded, the United 
States controlled half of the workTs $25 hillipiL 
in trade. But today, America is involved in less 
than 15 percent of global commercial ex- 
changes, which have soared to a value of 53.6 . 
trillion, according to GATT figures. 

I power 

em economies of Japan and Western Europe, 
which have become increasingly assertive in 
standing up for their own interests against 
those of the United States. But now, as other 
nations experience growth surges that have 
raised their affluence, they are pressing new 
demands on the world’s major industrial pow- 

“In a way, the Iron Curtain made the world 
economy more predictable because the free 
world was ultimately bound together by a polit- 
ical nexus against communism," said Peter 
Sutherland, GATT's director-general “Now 
you have more than 5 billion people competing 
for their share of the pie, ana that makes 
conflict all the more Inevitable.” 

For that reason alone, Mr. Sutherland said, a 
fa3n?e of the Uruguay Round had to be avoid - 
ed&t#il costs. It was this realization, he added, 
thrtimally dawned on world leader*, eveii. if 
they were dismayed by the results. . 

Tf we had not cut the deal by Dec. 15, the 
world overnight would have boon* a much 

more dangerous place," he said. “It would have 
been carved into spheres of influence, or re- 
gional trade blocs, which ultimately would have 
proved self-destructive .” 

Mr. Sutherland said Lee Kuan Yew, Singa- 
pore's senior minister, warned him that the 
inevitable consequence of failure would have 
been nothing less than war. 

“Lee foresaw a massive scramble for markets 
and competing alliances in the near future, not 
only involving Japan and China but the rest of 
Asia, that would have quickly escalated toward 
military conflict,” be said. “1 must say it’s hard 
to disagree with him.” 

In coping with future tensions over trade, one 
of the biggest problems remains hypocrisy. 

“We are all sinners,” Mr. Sutherland said. 
“Nobody wants to admit that his country is at 
fault, but each must recognize that protection- 
ism is practiced everywhere.” _ r - 

As a result, developing countries no longer ", 
shrink from challenging die West on the values 
and policies it imposes mi them within the 
world trading system. 

fiected to contribute paintings, 
sculptures, photographs and even 
videotapes that capture “responses 
and reflections on the Holocaust by 
artists who grew up after World 
War H,” Ms. Holtzman said in a 
telephone interview from Washing- 

She said she hoped the Schone- 
berg street signs could be hung 
throughout the surrounding neigh- 
borhood “to mimic the way they 
did it in Berlin, in unexpected 
places that challen ge the viewer ” 

Selected by a jury of Berliners as 
part of a public competition, the 
Stib-Schsock project commemo- 
rates the oppression of 16,000 Jews 
who once lived in the so-called Ba- 
varian Quarter in south-central 
Beilin. Each aluminum ami mea- 
sure® 20 by 28 indies (50 to 72 
centimes) and is bolted to a lamp- 
post 10 feet (3 meters) above the 
sidewalk. A colorful enamel picture 
of objects from everyday life 

adorns one side, and on the flip 
side is primed the text and date of 
an anti-Semitic regulation culled 
from various Nazi decrees. 

Tims, a picture of a chessboard 
illustrates the sign declaring: “Jew- 
ish members of the Greater Ger- 
man Chess Association are ex- 
pelled. July 9, 1933.” 

A single razor accompanies the 
decree: “Jews may no longer pur- 
chase soap and shaving cream. 
June 26, 1941." 

The 80 signs document the pro- 
gressive obliteration of the Jewish 
community from the spring of 
1933, when Jewish judges and civil 
servants were dismissed from pub- 
lic employment, through February 
1945, when Nazi officials ordered 
the destruction of “all files dealing 
with anti-Semitic activities” as 
Russian uoqps pressed toward the 
German capitaL 

“Jews in Bcriin are allowed to 
buy food only between 4 and 5 
o’clock in the afternoon. July 4, 

“Jews may not use public librar- 
ies. Aug. 2. 1941.” 

“All Jews over the age of six 
must wear a yellow star with the 
word “Jew' on it. SepL 1, 1941.” 

“Eggs are no longer sold to Jews. 
June 22, 1941” 

“No fresh milk for Jews. July 10, 

After an initial uproar, including 
denunciations from those who con- 
sidered the project in bad taste and 
calls to the police from residents 
who thought neofasdsts had run 
amok, the signs have become pari 
of the landscape in Scbdneberg. 
Schoolchildren on field trips amble 
from lamppost to lamppost with 
their cameras and notebooks. None 
of the signs have been defaced. 

“This was an important step to 
get people to think about what hap- 
pened, to get them to go back into 
the past,” Mr. Schnock said. 

Although Berlin’s small Jewish 
community has generally support- 
ed the prqject, few Jews here have 
any illusions that the evils of a half- 

century ago have been eradicated. 

In late March, for example, a 
synagogue in the north German 
town of LObeck was firebombed, 
the first such attack on a Jewish 
house of worship in Germany since 
World War II. 

Equally disquieting was a na- 
tionwide opinion survey issued last 
month that indicated that more 
than 20 percent of Germans har- 
bored negative feelings toward 
Jews and nearly half believed anti- 
Semitism in Germany was likely to 

For Miss Stih and Mr. Schnock, 
the Schoneberg prqject was an op- 
portunity to keep these memories 

“It’s been 60 years since these 
laws were first passed,” Miss Stih 
said. “That’s three generations, and 
that’s the limit of memory. Many of 
the people who experienced this 
directly are dead already. But it’s 
something that we just can’t for- 












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\-i ART 

* Saturday-Simday, 

c A April 16-17, 1994 
' PageS 

A Onetime Darling of France 

By John Russell 

New York Times Service 

A MSTERDAM — A hundred years 
ago, people all over France were 
awed and impressed by the gigantic 
historico-religious murals of Pierre 
Puvis de Chavannes. 

And when Puvis showed the nine muses 
levitating, or lolling around in white shifts and 
doing nothing in particular, the public was 
captured, just as it is captured today by a 
Kurosawa movie or a daylong interpretation by 
Peter Brook of an Indian epic poem. 

But times change, and perspectives change. 
So do expectations. The centaoazy in 1998 of 
the death of Puvis may or may sot be a matter 
for heartfelt celebration around the world. But 
already (and through May 29) there is a retro- 
spective exhibition of more than 140 paintings 
ami drawings by Puvis at the Van Gogh Muse- 
um in Amsterdam. 

Organized by Aimes Brown Price, an Ameri- 
can who has been working on Puvis since the 
early 1970s, the show has had the enthusiastic 
support of the artist’s family. 

Much of the work w31 be unfamiliar even to 
the Puvis enthusiast, and it ends with a provoc- 
ative epilogue in which works by Gauguin. 
Maurice Denis, Maurice Prendereast and Pi- 
casso indicate in varying degree the influence 
exerted by Puvis. 

The show calls for a certain historical per- 
spective. After France’s crushing defeat in the 
F ran co-Prussian war of 1870-71, Puvis gave 
both his heart and his low-keyed narrative gifts 
to the portrayal of the French provinces, one by 
one, as paragons of beauty and fecundity. 

The women in those images were like figures 
lifted from Attic grave steles and tricked out in 
French national dress. Exempted in this way 
from the temporary misfortunes of their coun- 
try, they spoke for an eternal and a perennial 

No subject fazed Puvis. When asked to por- 
tray the legendary saints of France for the 
Panth6on in Paris, he wait ahead with alacrity 
and even gave himse lf a cameo role as St 
Trophimus, bishop of Aries. Faced with a sub- 
ject like “All hail to thee, nutritious Picardy!” 
he give it his best shoL 
For officialdom, for academe, for ambitious 
municipalities and for some of the most gifted 
among his juniors, he was the indispensable 
point of reference: As much as Victor Hugo in 
poetry and Auguste Rodin in sculpture, he 
personified France. 

(11-meter) wide “Sacred Wood” for the muse- 

um in Lyons was “a dismal apology for paint” 
and that “this Puvis de Chavannes nonsense 

has really gone on quite long enough.” 

At the time of the student revolt in Paris in 
1968, Puvis’ s monumental hemicycle in the Sor- 
bonne was regarded as the apotheosis of an 
unchang in g and unchangeable educational re- 
gime. Yet Puvis exerted a certain influence on 
Seurat and Gauguin. The relationship between 
than and Puvis was often thought of as. at best, 
a historical curiosity, because both Seurat and 
fiaiignin endowed us with a view of modern life 
that was infinitely more -vigorous and more 
challenging t han that of Puvis. 

The Amsterdam show is timely, therefore, 
not because of an imminent centenary but be- 
cause Puvis is due for re-evaluation. 

Visitors who wonder why the show is held in 
Amster dam, rather than m a French or an 
American city, will find the answer in a famous 
letter from van Gogh to his sister, WiQamna. 
Writing in 1890, the year oT his death, van Gogh 
included a sketch from memory of Puvis’s “In- 
ter Artes el Naturam," which he had lately seat 
in Paris. 

V AN GOGH loved that picture. 
“When you look at it for a long 
time,” he wrote to his sister, “you 
could imagine yourself present at the 
rebirth of everything that you ever believed in, 
and of everything that you ever desired.” It was 
the portrait, in other words, of a “strange and 
providential encounter between ancient and 
far-off times and raw modernity.” 

Van Gogb Itaon. Amenta 

One of Puvis de Chavannes * muses : 

There was simply no escaping hint In Paris 
he made enormous decorations for the Panthe- 
on, the Hdtd de Ville and the Sorbonne, there- 
by imposing his unmistak able vision upon three 
key dements in the French capital — the sanc- 
tuary of the illustrious dead, the seat of civQ 
authority and the orderly pursuit of learning. 

The enthusiasm for Puvis was by no means 
confined to France. After he had been invited 
in 1893 to decorate the Boston Public Library 
and the enormous allegorical paintings were in 
place the results were described by Henry Ad- 
ams as “the greatest thing s ever painted.” 

But even in his lifetime there were those who 
did not dote on his work, in 1884, Edmond de 
Goncourt wrote in his diary that Puvis’s 34-foot 

The mix of drawings and smallish paintings 
works very well Puvis the draftsman brings a 
feral energy to the figure of the executioner in 
“The Beheading of John the Baptist.” 

As an easd painter on a small scale, he could 
come across with a physical plenitude and an 
overpowering sexual vibration. In the big deco- 
rations, those traits got bleached out, or 
drained out, or both. (The tittle painting called 
“La Toilette” from the National Gallery in 
London is a marvelous example of what he 
could achieve.) 

The exhibition also shows that Puvis had a 
sense of humor that he kept secret from the 
public. He could make fun of hims elf, of the 
official Parisian art world, even of his own 
idealized view of ancient Greece. (See. for that, 

of a modem Greeklj^ ow * n ® u P ^ 

Altogether, much to be learned. 

The Looting of East Europe’s Art 

By Jane Perlez 

New York Tuna Service 

B UDAPEST — With the opening of 
Eastern Europe’s borders, its linle- 
visited museums and poorly guarded 
churches are being stripped of paint- 
ings, manuscripts and religious objects by 

Some of the stolen art has surfaced in the 
Western art market But many pieces, like near- 
ly 200 artifacts stolen from the Budapest Jewish 
Museum in December, are so rare and so recog- 
nizable that selling them would be virtually 
impossible, ait experts said. 

The Jewish collection, which included excep- 
tional examples of 17thrccmury silver Torah 
decorations, was worth “many millions” of dol- 
lars, WQIiam Gross, a Judaica collector in Tel 
Aviv, said. But the financial valuation, as in 
most art robberies in post-Communist Eastern 
Europe, is not the most important point Rather 
it is the historical and cultural loss just when 
nations are trying to retrieve their identities 
after four decades of communism. 

And for many countries, the surge in robber- 

ies is only the latest chapter in a century of an 
pilla ging - During World War II, Hitler’s armies 
took many prized possessions back to Germa- 
ny. Afterward, the Soviet Army hauled many 
objects bade to Russia. But unlike those epi- 
sodes, the current phase appears to feed the 
Western antiquities and art trade. 

“These countries are hemorrhaging their her- 
itage,” said Constance Lowenthal, the execu- 
tive director of the International Foundation 
for Ait Research, in New York. The devastat- 
ing combination of open borders, the need for 

hard currency and a ready and unscrupulous 
market in the West makes ror a recipe of cultur- 

market in the West makes for a recipe of cultur- 
al disaster.” 

In the Czech Republic and in Slovakia. Ba- 
roque churches are bong ransacked of wooden 
carvings and sculptures, paintings, and altars. 
Each year since 1989, at least 20,000 valuable 
objects have been shipped across the Czech 
border into Germany, Czech art historians say. 

In Poland, art thieves specialize in religious 
art from haphazardly guarded Roman Catholic 
churches. The Vatican became concerned last 
year and ordered Polish dioceses to inventory 
their artifacts, said Wojtiech Jaskulski, the di-‘ 
rector of cataloguing at the Centex for the 

Protection of Public Collections in Warsaw. 
And in a sign of bow urgent the problem has 
become, cadi edition of the Polish magazine 
Art and Business devotes two pages to photo- 
graphs of the latest valuable missing art. 

T HE theft at the Jewish Museum was 
the most stunning loss in Eastern 
Europe. It was apparently the work 
of a professional gang who knew that 
the building adjacent to the Central Synagogue 
was closed for renovation and had only an 
antiquated alarm system. 

The thieves chose a day when the usually 
busy street in the Jewish quarter was quiet and 
it was possible to heave heavy suitcases, packed 
with tne objects, out a window without being 
detected, the police said. 

“It would be the equivalent of someone steal- 
ing all the Americana in the Smithsonian,” 
Gross said. The pieces were irreplaceable be- 
cause they gave material evidence of Hungarian 
Jewish history. “You couldn't get 10 percent of 
it bade from outside sources,” he said. 

The museum, just reopened, will display 
remnants of the collection kept in the base- 
ment, most of it uncatalogued and of less value 
than the stolen pieces. 




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Monday, April 25, 1994 

Room 4 at 2.15 p.m. - ANTIQUE BOOKS FROM THE 
EDITIONS FROM 19th & 20th Centuries. Experts: M. Berfes, 
M. Courvoisier. ADER TAJAN, 12, rue Favart, 75002 PARIS. 
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*fArts & Antiques 

The Special .Report 


Friday, April 29, 1994 

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ADER TAJAN, 12, roe Favart, 75002 PARIS. TeL: (1) 42 61 80 07 
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John Varley’s view of London from Greenwich Observatory, painted toward the end of the 18th century. 

A Golden Era of W atercolor 

Imemaaonal Herald Tribune 

L ONDON — Of all the great an 
creations of Europe, few have 
failed so signally as British water- 
colors to reach the level of interna- 
tional acclaim their greatness deserves. Per- 
haps it is just as welL 
In museum shows, they are spared the 
honors of art-historical discourse at its most 
pompous. On the auction scene speculation 
has yet to overtake them and discoveries 
continue to be made every day. 

Two sales, at Christie’s on Tuesday and at 
Sotheby’s on Thursday, confirmed that, while 
the t rickle is getting thinner, things do not 
fundamentally change. In any other field, the 
revelation of such a wonderful work as the 
view of “Barmouth Sands” by David Cox 
that turned up at Christie’s would make 
headlines. It was probably done between 
1810 and 1820. On a vast sandy stretch in 
nuances of golden ocher, a woman is huddled 
on a horse, behind a man who leads by the 
bridle another horse loaded with a huge bun- 
dle. Heavy clouds roll over hazy hills at left 
and two tiny silhouettes can be made out in 
the distance. It is a picture of loneliness and 
immensity, as subtle in feeling as it is light in 
its touch. Cox, a household name among 
En glish collectors, is barely known outride 
Bri tain. The masterpiece, which made £2,990 
(54,485). had never been reproduced until the 
sale catalogue came ouL 
Nor had John Variey’s landscape with the 
Greaiwich Observatory in the foreground, 
done as a study in perception through haze, in 
the closing years of the 18th century. The 
discovery is a small sensation. It cost its 
unidentified English collector £4,370. a lot as 
such watercolors go and a trifle if measured 
on the scale of international prices. 

The reasons for this underpricing are mani- 
fold. but Cist and foremost comes the fact 
that, unlike a sketch by Claude Lorrain or 
Alfred Sisley, British watercolors were mostly 
done by artists who did not paint in oils, but 
only sketched in pencil and watercolor on 
paper. They illustrate one of the most intrigu- 
ing episodes of European art history in mod- 
ern times, which began around the third 
quarter of the 18th century and lasted just 
ova 100 years. Most of the artists developed 
outside the established artistic channels as if 
they belonged to a different world. And to a 
large extent they did. 

Variey, who was born in 1778, started out 
as an apprentice to a silversmith and took 
drawing lessons in his free time. He later 

studied at Dr. Thomas Monro’s “academy.” 
But in the main Variey was his own master, 
free Of at tachm ents. 

Cox followed a similar path. Bora in Bir- 
mingham in 1783, be was the son of a black- 
smith. At first, be trained under a designer of 
jewelry ornament and then turned his hand to 
score painting. In 1804, he went to London 
and almost at once took drawing lessons from 
Variey. By 1808. Cox was ready to set up as a 
drawing master in Dulwich, imm une from the 


not much to show for it in his work. A view of 
“Hampstead Heath — Branch H31 Fond” in 
brown wash was included in Sotheby’s sale. It 
may have been done in 1828. The vigorous, 
nervous sketch of dark trees at the top of 
sloping grounds, with a gleaming pond in the 
foreground, has a somber naturalism that sets 
it apart. At £2,050, ft was a bargain. 

Immediatel y afterward, there came a deli- 
cate view of a large pond amidst trees done 
like pale brown shadows, which betrays the 
influence of Tumerian compositions. Painted 

in light allusive touches, it has a poetic fed 
utterly different from the harsh and dark 

influence of international trends in Europe. 
His composition of “Bambtngh Castle, North- 
umberland” sold at Christie's for £1,955, 
shares only the most superficial- resemblance 
with comparable European landscapes. 

A glance is enough to show that Cox has 
disregarded topographical detail. The em- 
phasis is on atmospheric effects, on volumes 
molded by light on the suggestive value of 
hues to convey a mood 

Peter de Wint likewise came from the depths 
of Britain, even if his father was a New York 
physician who bad settled in Sto&on-Tteiir 1 
In 1SJ2, he left for London to be trained by an 
engraver, John Rnphad Smith and by 1806 be, 
too, was taking lessons from Variey. 

Sotheby’s sale included an admirable view 
of the Trent which, according to Sotheby’s 
exper t Henry Wemvss, was probably done in 
the 1830s. A broad bond of elongated sky is 
reflected in the meandering estuary in steely 
streaks of gray and white. A similar coloristic 
counterpoint connects a low hill at right and 
the darker shades of ocher mi a sandy expanse 
at thefooL Unlike anything else at that time in 
Europe, this small masterpiece sold for £6,590. 

Even the great Thomas Girtin, who had a 
more formal and sophisticated training, 
moved in the same unconventional direction. 

A small view of Tintern Abbey, in-Mon- 
mouthshire. which dales from about 1796 
Mien Girtin was 21, shows bow color and 
light prevail over unessential detail. The trees 
are done in light fluffy billows of green or 
sandy ocher, the river is stylized in parallel 
streaks of color. The gem cost its buyer 
£17,250 — Girtin. like John Robert Cozens, 
falls in a different financial league. 

The next generation was more adventur- 
ous, and much more versatile. Some of its 
artists seem to have had no trouble in travel- 
ing different roads at the same time. John 
LmneQ (1792- 1882) studied while still in his* 
teens wider the perennial Variey, but there is 

utterly different from the harsh and dark 
“Hampstead Heath.” Its easierappeal sent it 
flying to a generous £14,950. That does not 
nearly exhaust the range of Lmneffs styles. 

B UT for freedom and versatility no 
one quite beats Edward Lear, 
whose career was roughly contem- 
porary with Lumen's, even though 
he was bora the year LinneD painted “Re- 
gent’s Park." Lear was a self-taught artist 
who started doing bird drawings for the Zoo- 
. logical Society and moved from birds to topo- 
graphical drawings. 

In 1837, he set out for Italy, embarking on 
’ a fife Of constant travel — Albania,' Greece, 

quick skrtcEes he made by the dozen are his 
besL They were the visual shorthand notes 
that provided (he basis for the carefully fin- 
ished walotdors and the travel books he 
would produce back in England. They are 
abrupt and full of fantasy like the nonsense 
verses for which he is famous. One of these 
terse sketches seen at Christie’s shows the 
Nile as a long horizontal strip with spindly 
palm trees going up like needles. It brought 
£3,680. Lear’s finished watercolors are so 
different they ooald be from another artisL 
The view of Euboea in Greece is an idyllic 
vision of palm trees and cypress trees. At 
£2,530 it hardly seemed overpriced. 

The last great generation was that of Albert 
Goodwin, who reverted to the Romanticism 
of the 1840s (“Whitby Abbey at Sunset,” 
done in 1907, a beautiful watercolor, was 
disregarded and made a mere £1,035 on Tues- 
day), and of Hercules Brabazon Brabazon, 
who osdUated between the picturesque and 
occasional masterpieces in a highly advanced 
style. Of the latter, there woe none this week. 
With them, came the end of the art and, some 
would say, of any art in Britain. The alterna- 
tive, henceforth, was to be kitsch or labored 
nonentities dubbed modem art 

In Finland, Concepts for Urban Life 

By Ken Shulman 

.. v ' > "' - 
••• - 4 ._ •••• • *• • 

T URKU. Finland —0. 1. 
1. 2. 3. 5. 8. 13. 21. 34. 
55. . . This is an arith- 
metic sequence, discov- 
ered by a mathematician named 
Fibonacci, in which each integer is' 
the sum of the two integers that 
proceed it Articulated in Pisa dur- 
ing the 13th century, the apparent- 
ly ample Fibonacci sequence en- 
codes in its cumulative progression 
the secret of the growth of plants 
and of spiral forms in nature. And 
it may also am tain the formula to 
generate a concentric rebirth in this 
sleepy university town and former 
capital of Finland. 

“Onr profession is numbers,” 
says Klaus Andersson, the director 
of Oy Telefakta AB, a Turku-based 
telephone-directory company that 
is sponsoring the first of a series of 
artworks conceived to transform 
Turku into a city of conceptual 
environmental sculpture: Mario 
Merz’s Fibonacci sequence from 1 
to 55 in two-meter red neon num- 
bers descending the 100-meLer 
smokestack of the Turun Energja- 
laxtos coal-fired power plant. 

The Finnish capital until 1812, 
Turku is a port city of 160.000 
wbose population includes 40,000 
students who attend the rity^s 
Furnish and Swedish language uni- 
versities. Turku is best known as a 
stopover port for the many Swedes 
and Finns who take the 12-hour 
cruises in the Nordic summer light. 

prehensive $250 million urban-ren- 
ovation project intended to trans- 
form the city’s stffl busy port and 
its once bustling waterfront area 
into dwellings and commercial 
spaces. An abandoned marine rope 
factory is being converted into stu- 
dio space for artists. 

While most of the dvil construc- 
tion will be financed with public 
funds, the European Sculpture Gty 
project is strictly private. Each of 
the artworks — which like Merz’s 
Fibonacci sequence can cost up- 
wards of $100,000 — must find a 
sponsor. Six artworks have found 

^ • M 

Turku smokestack where Merz will install his sculpture. 

“There are nearly 4 million peo- 
ple who pass through this port each 
year,” said Deputy Mayor Armas 
Lahoniitty. “If only a tenth erf them 

came ashore, it would make a big 
difference fra - this town and for 
everyone in it” 

Conceived in 1993 by Amnon 
Barzel, artistic director, and Paivi 
Kiisfci, project director, the Turku 
European Sculpture Gty project is 
an ambitious plan to create 20 con- 
ceptual artworks within the dry by 

the end of 1995. 

Ten artists have already submit- 
ted plans for artworks. Anne and 

Patrick Poirier of France intend to 
use a spherical liquid-gas storage 
tank to create “The Room for the 
Experience of Loneliness.” Anish 
Kapoor hopes to blast into the ex- 
posed granite rocks that run along 
the river Aura to carve out “space 
for the self” Micha Ullmann of 
Israel plans to create “the edges of 
an unseen ship." 

The European Sculpture Gty 
project is a complement to a com- 

The most recalcitrant element in 
the entire project is the population 
of Turku. Like Finland's proposed 
entry into the European Union, the 
European Sculpture Gty project 
has raised a considerable amount 
of cynicism and second-guessing. 
People in Turku are asking whether 
they need either Europe or art, and 
whether Band’s project is at all 
suited to their city. 

“People are skeptical,” conceded 
Seppo Lehtinen, a journalist ■ at 
Turun Sanomat, the Turku-based 
newspaper and Finland's third- 
hffgest daily. “It wfll chang e after 
thQr see a finished work of art. Bui 
I don’t know which way it w31 

“Until they see that wc are not 
making statues, but working with 
spaces and materials that are al- 
ready here, they won’t be enthusi- 
astic about it,” Baizel said. “After 
they see it, they wiU simply be 

Ken Shulman is an American 
writer based in Italy. 


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Internationa! Herald Tribune, Saturday -Sunday, April 16-17, 1994 

Page 9 

THE TRIB INDEX • nn ocrtBa 

280 S 3tod< Index ©, composed of 
by aoombe^ oountries, compSed 

N D 

: &i World index 

The Index tacks US. datar values of stocks Ire Tokyo, Not York, London, and 
Argentina, Austrafia, Austria, Btaghan, Brazil, Canada, CM*, Dam**, FWand, 
fiance, Gormony, Hong Kong, Italy, Mexico, NaBiartanda, Not ZMand, Norway, 
Singapore, Spain, Sweden, Swttmtand and Vananmta. For Tokyo. NewYorieand 
London, lha Max is conwxxsed of the 20 top Issues to dams of marital captsdutton. 
otherwise the ton top stadia ate backed 

1 Industrial Sectors 1 

Rt Pm. % 

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110-53 10934 41.18 

Capdal Goods 





119.12 11952 -033 






117.17 11657 4051 

Consumer Goods 





115.69 11540 -0.18 





For mofB information about tho Index, a booklet Is avalablB bee al charge. 

Write to Tib Index, 181 Avenue Charles da Gaube, 92521 NeuByCedex, Fiance. 

O Menattanal HnaM Tifeuna 

Big Loss 

Downgrade Adds 
Weight on Stock 

Compiled by Our Staff From Dispatches 

NEW YORK — Digital Equip- 
ment Corp. announced Friday that 
it had a wider-than-expected loss in 
its third quarter and that it would 
cut 7,000 jobs, or 8 percent of its 
work force, by the end of the year. 

In response to the announce- 
ment, the company’s stock fell 
55.875 in heavy trading to dose at 
523 on the New York Stock Ex- 
change- The shares have dropped 
more than 30 percent in the last 12 

Standard & Poofs Corp. said it 
had downgraded DigitaTs senior 
debt to BBB from BBB-phis and its 
preferred stock to BB-pios from 
BBB-minus. About $1.4 billion of 
debt, including preferred stock, 
was affected 

Moody’s Investors Service Inc. 
was considering a similar move, 
saying it may lower DigitaTs Baa2 
senior debt rating. 

Digital, the third-] argest Ameri- 
can computer maker, said its loss in 

enccFtc^Jl83J million, ar*$I34 a 
share, from 530.1 million, or 23 
cents, in the year-earlier quarter. 

Saks dropped 6percent, to $3.26 
billion from 53.45 billion, as service 
revenue plunged 11 percent and 
product sales declined by 1 percent. 

Signaling that the computer gi- 
ant's woes are far from over. Digi- 
tal said a further restructuring of 
the company was “probable.” 

The quarter’s results were a ma- 
jor setback for Robert B. Palmer, 
who took over as chief executive 
from founder Kenneth Olsen a year 
and a half agp with a mandate to 
stop the financial bleeding. Ana- 
lysts hinted that some executives' 
days at the company may be num- 

The loss was far wider than the 
mean estimate of a loss of 31 cents 
a share projected by 14 analysts 
recently surveyed by Institutional 
Brokers Estimate System. The 
group’s woret-case consensus fore- 
cast was for a loss of SO cents a 

( Bloomberg Reuters) 

Much Ado Over Bananas 

Compromise Solution: Back to Status Quo 

Compiled by Our Staff From Dispatches 

MARRAKESH. Morocco — In a bizarre case of 
brinkmanship, the European Union on Friday 
reached a tradeoff in a bad-tempered tussle over 
hananas. For good measure, fish were involved. 

The row, pitching Germany against France, bad 
threatened to overshadow the signing ceremony by 
125 countries of the Uruguay Round trade accord. 

After a last-minute session of ministers of the 
12-nation EU, France and Germany ended their 
row by agreeing to disagree. The present system of 
EU banana imports, which protects relatively 
high-priced bananas from France's overseas terri- 
tories, will be maintained, but a German challenge 
to that system will be beard by the European conn 
this summer. 

Basically, the compromise leaves the situation 
exactly as it was two days ago when the problem 

“We trotted around the track and came right 
back to where we started,” commented one senior 

It did not help that a key player, Industry 
Minister Gerard Longoet of France, apparently 
had a leisurely dinner in this fabled city on Thurs- 
day and showed up three hours late for an emer- 
gency EU council sesaon, by which time the Ger- 
man delegation had stormed ouL 

France had been demanding that Germany 
withdraw a legal challenge to the ElTs banana- 
import system. U not, Paris said, i! would block the 

commission from signing the government-procure- 
ment accord. 

Germany had fretted about signing the Uruguay 
Round agreement, fearing this would legitimize 
the controversial banana import system. 

Germany is Europe's largest consumer of ba- 
nanas and has always bought cheap “dollar zone” 
bananas from Latin America. It was particularly 
angered by an import agreement reached last 
month by the European Commission, Colombia, 
Costa Rica, Nicaragua and Venezuela- This set out 
a complicated licensing system, forcing European 
countries to buy from exporters approved by Latin 
American governments. 

’They’ve gone bananas,” was how one neutral 
observer summarized the fruit flap. 

(AP, Bloomberg AFP, Reuters) 

I U.S. Says Japan Talks htamdnsve 

Senior American and Japanese officials said 
they hoped to resume trade negotiations before the 
Naples summit of the Group of Seven industrial- 
ized countries in July, but U.S. officials incktiri 
that “the baQ is still in the Japanese court,” The 
New York Times reported. 

After meeting in Marrakesh with Foreign Minis- 
ter Tsutomu Hata of Japan, U.S. Trade Represen- 
tative Mickey Kantor said the two tides needed to 
End some “common ground” before they could 
return to the so-called framework talks that were 
suspended in February. 

Building Firm 
Of Absent Chief 
Says It’s Broke 

China Unveils 'Green’ Growth Plan 

Ccotpikd by Our Stuff From Dispat c hes 

BEIJING — The government 
unveiled on Friday a multibflboti- 
doflar plan to promote sustainable 
development into the next century 
without provoking widespread en- 
vironmental deterioration. 

The National Environment Pro- 
tection Agency reported that two 
years of 13 percent economic 
growth had aggravated such envi- 
ronmental problems as air pollu- 
tion, acid rain and untreated waste 
and cost the country SI 1-5 billion 
each year. 

In response, China has adopted a 
white paper on “Population, Envi- 
ronment and Development in the 
21st Century.’' known as Agenda 
21, It lists 63 projects, ranging from 
cleaning smokestacks and car ex- 
hausts to sustain able development 
of the oil reserves in Ibe Tarim 

The report was drawn up by 
more than 300 Chinese specialists 
with the help of the United Nations 


Russia and China: A Tale of 2 'Cures’ 


By Peter Passdl 

New York Tima Service 

EW YORK — Is “shock thera- 
py” necessary, or even useful for 
curing what stils the failed Com- 

munis! economics? Russia, nntil 

recently advised by Weston economists and 
institutions identified with the get-h-done- 
yes today school of reform, has yet to take 
off. China, meanwhile, took the conservative 
route of grafting a free-market economy onto 
the established planned economy and has 
enjoyed a tremendous increase in economic 

But before declaring the gradualists to be 
the winners in this great economic debate, it 
m a w>s sense to look closely at whether Chi- 
na’s success has much to say about Russia’s 
failure. Probably the most serious effort to do 
just that will be published in the next issue of 
the journal Economic Policy. 

Jeffrey Sachs of Harvard University and 
Wins Thye Woo erf the University of Canfor- 
nia at Davis argue that China began with 
what the economic historian Alexander 
Gershchenkron called the “advantages of 
backwardness.” They also predict that the 
Chinese wiD soon face the contradictions of 
their piecemeal reform. 

Since economic growth means a bigger pie, 
everyone could be made better off by increas- 
ing fee size of every slice. But the process is 
not automatic. At the heart of the resistance 
to every shift from central planning to decen- 
tralized free markets is the ; vabd fear that 
there wiH be big losers as well as big winners. 

China has been able to finesse this problem 
with a combination of luck and political skill, 
Mr. Sadis and Mr. Woo argue. 

In the late 1970s, reform was tried in agri- 
culture, which had been exploited to sustain 
higher leveb of consumption in the cities and 
to finance industrial investment. Farm pro- 
ductivity rose so rapidly in the first few years 
of privatization that jural incomes could in- 
crease sharply without reducing the surpluses 
creamed off for the cities. There were virtual- 
ly no losers and very little opposition. 

By the same token, private industry grew 
without exacting a toll on the state-owned 
industrial dinosaurs. The labor fading the 
spectacular rise of export-orienied light in- 
dustry along the southern coast came from 
the vast surplus in rural areas. 

Not only was there no inherent conflict 
between tbe prosperous new economy and 
the stagnant old one; there were major syner- 
gies, the two economists suggest- 
ive new demand for labor relieved some erf 
the social pressure on rural Ghma, which no 
lon ger bad a mmmntte system to guarantee 
subsistence for families. Domestic produc- 
tion of higher-quality goods embodying 
Western technology reduced production 
costs for state-owned heavy industry. In addi- 
tion. prosperity in the southern regions sub- 
stantially increased die demand for currency 
and bank deposits, allowing Beijing to print 
money to keep ailing state enterprises alive 
without creating unattainable inflation. 

Contrast Puna's flexibility with Russia’s 
rigidity. Russian agriculture is heavily subsi- 

dized, so there is little prospect of short-term 
gain for farmers who forsake tbe collective. 
State-owned industry, construction and 
transportation employ 52 percent of the Rus- 
sian population, compared with 19 percent in 
C hinn The burden of keeping the inefficient 
state sector abve is far greater. 

To put it another way: The Chinese were 
down so loos that it all looked tike up to 
them. The Russians are trapped by their 
relatively high state erf economic develop- 
ment and unnalistic short-term expectations. 

Seen from this perspective, the comparison 
between Russia and China looks less tike a 
test of rapid versus slow reform and more like 
an ironic historical joke. Russia, which for 
centuries has measured its success or failure 
by comparisons with the West, is in a far 
worse position to mimic Weston economies. 

Still, the most striking idea in the Sachs- 
Woo analysis is that China may be running 
oat of room fa “no-losers" growth. Beijing’s 
ability to finance state enterprises without 
mflatzonary consequences turns on the im- 
probable willingness erf newly affluent Chi- 
nese to hold thar wealth in cash rather than 
in tangible property. 

At tbe same time, tbe productivity gap 
between rural and urban dwellers is generat- 
ing the capitalist revolution's first high-pro- 
file losers in the form of a vast migratory 
labor class: The resulting social friction has 
yet to turn into political beat But it may. tbe 
authors imply, unless tbe government finds a 
way to reshuffle income now used to keep the 
peace in the state sector. 

Development Program after China 
promised to follow the objectives 
of sustainable development set out 
at the so-called Earth S ummi t con- 
ference on environmental issues in 
Rio de Janeiro in 1992. 

The Agenda 21 plan sets nine 
priorities and dozens of projects in 
agriculture, environmental protec- 
tion, dean energy, improved use of 
natural resources and biodiversity. 

Chen Yaobang, deputy minister 
of tbe State Planning Commissi cm, 
said the first group of 63 projects, 
to be presented at an international 
conference in Beijing in early July, 
would cost 53.8 billion, of which 
China hoped to raise 40 percent 
from abroad. 

“If we can get the foreign funds 
and match them with domestic 
money, we win indude tbe projects 
in the state's national plan,” Mr. 
Chen said. Tbe domestic funds 
would came from central govern- 
ment investment and loam and 
fund-raising by localities, inducting 
money from individuals, he added. 

The white paper said China also 
would be looking for money from 
such organizations as tbe Global 

Environment Fund, the Ozone 
Layer Protection Fund, the World 
Bank and the Asian Development 

Among the priority projects are 
deaner steel, paper and coal power 
production; improvement of safety 
at nuclear power plants; wind, so- 
lar and biowaste power; public 
transport planning, and a pilot 
light-rail project. 

Other projects include sustain- 

"global environmental prob- 
lems, population control and com- 
bating poverty. 

China spends only 0.7 percent of 
its gross national product on envi- 
ronmental protection every year, 
the environment agency said. 

“Our nation's base conditions 
and strategic development goals 
dictate that in future China cannot 
just look at quantitative growth 
and choose a development mode 
divorced from sustainable use of 
resources,” Mr. Chen said. 

Tbe report echoed this, saying 
that “ec on o mi c growth should be 
harmonized with environmental 
protection.” (Bloomberg, Reuters) 

By Brandon Mitchener 

JnumoaonoJ Herald Tribune 

Schneider AG, lbe big real estate 
company whose chief executive has 
been missing since April 7, filed for 
bankruptcy Friday as the govern- 
ment announced the first foreclo- 
sure on tbe company’s possessions. 

The Berlin-based Treuhandan- 
stait said it was repossessing three 
companies and four parcels of real 
estate in Leipzig. Earlier, the dis- 
trict coart in Kdaigstda, where the 
company has its headquarters, an- 
nounced it had declared itself insol- 

Elsewhere, government officials 
repealed pleas that big creditor 
banks cushion the collapse for 
thousands erf small contractors. 
Banks took pains to «>lm financial- 
market fears tha t that rian)agg 
could spread. 

One leading banker called the 
coDapse of the company an “earth- 
quake in tbe real estate market” 
that would shock banks as well as 
contractors. But others 
the 13-year rise and sud- 
den faS of the Schneider empire as 
an isolated event 

Dieter Vogel, chief spokesman 
for the federal government in 
Bonn, said the government “hopes 
and expects that the banks — of 
their own volition and out of thar 
own conviction — will give those in 
need a chance to deal with their 

While most of tbe 5 billion Deut- 
sche marks (S3 billion) that Mr. 
Schneider’s companies owed banks 
is secured by collateral the 250 
tmffion DM he owes carpenters, 
plumbers and and others is not 

Mr. and his wife, 

Claudia Schneider-Granzow, dis- 
appeared last week in what credi- 
tors say appeared to have been a 
planned attempt to escape respon- 
sibility for a foreseeable ooflapse. 

Mr. Schneider assembled an em- 
pire of often luxurious buddings 
during the real estate boom of the 
1980s and immediately after Ger- 
man unification in 1990, sometimes 
borrowing all the money used for 
expansion projects. 

Since the onset of recess on and 
fading rents in 1991, however, the 
return on many of his investments 
has fallen short of his expectations, 
industry sources said 

Bui while real estate prices have 
fallen sharply all over Germany 
and are expected to continue to 
decline in the East, most experts 
say Mr. Schneider was more vul- 
nerable than most in Germany to 
tbe factors that caused his fad. 

Mr. Schneider owned historic 
buddings all across Germany, no- 
tably in Leipzig. 

Hartmut Stolzmann, a real estate 
loan marketing manager at 
Landes bank Hessen-ThQringm in 
Frankfurt, said Leipzig was headed 
for a glut of office space that would 
drive down prices and returns on 
developers' investments. Elsewhere 
in Germany, tbe glut has already 

According to the Goman Real- 
tors Association, top rents for of- 
fice space have fallen as much as 30 
percent in the last two years, from 
55 DM to around 45 DM a sc 
meter (10.76 square feet) in 
burg, from 90 DM to 60 DM or 65 
DM in Frankfurt, from more than 
70 DM to around 50 DM in Mu- 
nich and from 50 DM to 42 DM in 

While rents fed, the availability 
of space was rising. Hamburg cur- 
rently has 400,000 square meters of 
empty offices, up from 80,000 a few 
years ago, and Frankfurt around 
300,000, about double the year-ago 

Because rental contracts can run 
for decades, however, developers 
who invested prudently in the 
1980s and have rented their pro- 
jects for the long term have no need 
to fear a sudden collapse in income. 

Prices are expected to bottom 
out by the end of the year. 

Frankfurt, which recently was 
chosen for the headquarters of the 
future European central bank, is 
one of Germany's most competi- 
tive markets for office space. 

According to a recent study by 
the real estate consul tan is Jones 
Lang Woo ton, 587,000 square me- 
ters, or 7.1 percent of the office 
space in the city, was vacant at the 
end of 1993, more than double the 
32 percent vacancy rate the year 
before. A 5 percent vacancy rate is 
considered nonnaL 

But despite the apparent glut in 
Frankfurt, new office buildings are 
stiff going up all around town. 


Cross Rates 

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Eurocurrency Deposits 




Start ins 




April 15 


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amounts 3*tw4H> Sfr» 

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Soonas: Heaters. Uor» Bank. 


Ksy Horny Rates 

Owned Stales 

•tax. P«e 
Ner*. krone 
Polish deer 
Port, escudo 
Soddl rtyat 

Per s 

Currency Pars 
S. Air. rand USAS 
tand. krone 7 jim 
Taiwan J 3UB 


Turkish Ora 36205. 
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Sw$sa fraac IXSQS 1 ^ , n . ^ Ban* (Brvssots); Banco CaaunetOBte natlana 

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3-moatt interbank 
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n-yoerOevcramcRt I 
Lombard rate 
CoU man/ 

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Gall money 
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3 B i wtl h I nfern a l* 
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Sources: Reuters. Bloom here, Motrin 
Lrach. Bonk of Tokyo. Contmorzbonk , 
Greenmell Montagu. Credit Lyonnais. 


Now York 
US. dollars per ounce. London official flx- 

inps; Zurich end New York eeenlnp and do* 

las prices; New York Comex 1 June 1 
Source: Reuters- 








377 JO 

— 065 




Kdes eaux 


Sharply improved results < 

for Lyonnaise des Eaux-Dmnez in 1993 

■ Net income: FF 804 million (compared with FF 379 million in 1992) 

■ Cash flow : FF 6 billion (+ 16% ) 

A t its meeting of April 13, 1994 chaired by Jdrbme 
Monod. tbe Board of Directors of Lyonnaise des 
Eaux-Dumez reviewed the Group’s parent company 
and consolidated financial accounts for the 1993 fiscal year. 

Financial highlights 

FF millions 






Operating income 


Nei operating income 



Non-recurring items 



Nei income more amortization of goodwill 



Net income 



Cash flow 



Despite a persistently difficult economic climate, the Group 
posted sharply improved results in 1993. 

Group consolidated revenues increased 3.5% to FF 93.6 

Earnings unproved significantly at all levels of the income 

• Operating income rose 26% to FF 3.4 billion while net 
operating income advanced 34% to FF 2.8 billion, 

• Income from non-recurring items was FF 95 million 
compared with a loss of FF 198 million in 1992, 

• Net income before amortization of goodwill jumped 64% to 
almost FF 2 billion. 

After amortization of goodwill of FF 524 million, net income 
totalled FF 804 million compared with FF 379 million in 1992. 
Cash flow grew dramatically to FF 6 billion, up 16% . 

Breakdown by sector 

(FF millions) 






Revenues Net 












Property development 


and other activities 










■ Revenues from services increased 16% to FF 38-2 billion, 
reflecting growth in water supply, waste management and 
energy revenues and changes in scope of consolidation 
(consolidation of the Priam group in the energy sector); this 
sector now represents 40% of total consolidated revenues. 
Tbe fall in income is attributable to lower capital gains 
compared with 1992 and the growth of minority interests. 

In the water supply sector, important commercial successes in 
previous years are now at an operational stage with new 
opportunities still arising. 

Sita continued to step up both its presence in all areas of ihe 

waste management sector and operations in the most 
buoyant European and Asian markets. 

In France, Ufiner-Cofreth reorganized its network around 
a regional structure. Outside France, its subsidiary Trigen. 
bolstered by tbe acquisition of another operator in its field, 
is now No. 1 in the North American urban heating and 
cogeneration market. 

The Group has therefore consolidated its market positions in 
France and internationally. 

Furthermore, 1993 also confirmed the strong potential of 
the communications sector. Cable is likely to break even 
within two years and the French TV channel, M6, posted 
outstanding results. 

* 1993 was one of the most difficult years in several decades 
for tbe construction industry. Dumez and GTM-Enlrepose 
resisted well, winning large contracts - often jointly - in 
France and abroad, while subsidiaries of GTM-Enlrepose 
(Entreprise Jean Lefebvre, ETPM, concessions.) performed 
well overall. 

Revenues contracted slightly to FF 43 billion, down 6.2%. 
In line with forecasts, the net loss for this sector narrowed 
significantly, reaching near break-eveq (-FF 14 million 
compared with -FF 461 million in 1992). 

In tbe building and civjl engineering sector, in order to 
optimize operating resources, networks and international 
operations, and to seize development opportunities which 
exist abroad today and will arise in France in the near future. 
Dumez and GTM-Encrepose Drill pool their expertise into one 
single company. Dumez-GTM. which they will hold jointly. 

* Revenues from other activities rose 6.5% to FF 123 billion, 
reflecting modest growth in sales in the property develop- 
ment sector and a stable United Westburne. 

In the property development sector, sales of residential and 
leisure locations benefited from lower interest rates and 
government measures. On the other hand, the office property 
market remained very depressed, showing no real sign 
of recovery. The Group was therefore required to make 
further provisions, generating a FF 717 million loss, although 
this was lower than tbe 1992 figure. Losses from this sector 
should be significantly lower in 1994. 

United Westburne reported a net operating profit due to 
ongoing measures to reduce costs. The loss recorded reflects 
provisions pertaining to a major streamlining program 
devised by the company's new managemenL 


In light of improved results, the Board of Directors will 
propose to the Annual Genera! Meeting to raise the dividend 
to FF 16.50 per share (including tax credit) from FF 15 
in 1992- Shareholders will have the option to receive this 
dividend in shares. 

9 fra 5 E9 OC C^<g.£. 

Page 10 



Technology Issues 
Again a Weak Spot 

Via Mwdated ft an 

The Dow 

^*rXT'C f'JR'l 'T?T~ JTfi? 7 11 

Compiled by Our Staff From Dhpaxhts 

NEW YORK - US. slocks 
closed little changed Friday as a 
rally in oil companies offset de- 
clines among computer shares. 

The Dow Jones industrial aver- 
age closed down 1.78 points at 

U-8- Stocfcs ““ 

3.661.47, while dedimng issues 
edged advancing shares by a 9-to-8 
maran on the New York Stock 
Exchange. But the NYSE Compos- 
ite index edged up 0.09 points, to 
247.65, and the Nasdaq index rose 
0.95 point, to 728.26. 

Theprice of the benchmark 30- 
year Treasury bond edged down 
■2/32 point, to 87 16/32, with die 
yield inching op to 729 percent 
from 728 percent Thursday. 

Bonds were held back by senti- 
ment that the Federal Reserve 
Board would raise interest rates 
sooner rather than later, after a 
report that U.S. factories used 
more of their plants and made 
more goods is March. 

Stocks were underpinned by the 
simultaneous expiration of futures 
and options on stocks and stock 
indexes, known as “double witch- 

OO stocks also were strong, lifted 
by an increase in crude ou prices 
after being stuck in a general mal- 
aise for weeks. Crude oil fen- May 
delivery on the New York Mercan- 
tile Exchange rose 32 cents per bar- 
red to S16J5, the highest level in 
five months. 

‘There’s a lot of leverage in these 
companies,” said Leslie Ferris, 
portfolio manager at Mackenzie 

Investment Management in Boca 
Raton, Florida. In the past decade; 
."they’ve brought their break-even 
points down because of cost-reduc- 
tion programs, so they’re struc- 
tured quite effectively for any in- 
crease in oil prices.” 

Amoco rose 1VS to 57% and Phil- 
lips Petroleum rose 2 to 31% in ac- 
tive trading while Chevron rose 2% 
to 91 and Exxon edged up Vi to 63. 

Anadarko Petroleum shot up 4% j 
to 55% after the oO and gas explor- 
er was raised to buy from hold at 
Mabon Securities a day after it won 
16 offshore lease blocks in the Gulf 
of Mexico, which could boost pro- 
duction there. 

But technology issues continued 
to suffer, dragged down by a large 
loss posted by Digital Equipment, 
which plunged 5% to 23 and was 
the most actively traded Stock on 
the Big Board. 

Digital’s earning s hurt other 
computer and technology stocks, 
with Apple Computer sliding 1% to 
30%, IBM f ailing 1 at 52% and 
Motorola losing 2 to 89ft. Motor- 
ola dropped almost 16 this week 
after saying first-quarter earnings 
climbed 46 percent, still just shy of 
analysts’ forecast. 

Intel fefl ft to 59% in active trad- 
ing after the semiconductor maker 
was cut to neutral from buy by an 
analyst at Alex. Brown & Sons Inc. 
Friday was the second day of losses 
for Intel, which was hit by news 
IBM struck a deal with Cyrix to 
market competing computer drips. 
Cyrix rose 1/16 to 29%. 

Dow Jones Averages 

open mail low Lost a>e. 

Indus 3ML57 367931 3&S3L81 366147 — 1 J8 
Thins 1603.1? 1614X3 1604JJ7 161125 *1.55 
Uffl 10X78 19*90 19X51 1MJM *020 
COmo 1292.16 129X86 129X12 129055 -033 

Standard A Poor’s Indexes 






SP 100 

Lost Oase 
51749 51001 ■ 
39095 39000 
15073 15*50 
AM 44.12 
44541 446.10 ■ 
61020 41141 ■ 

NYSE Indexes 





F in ance 

teafa Law Las] at*. 

5S2 5&S ?£■* +{UW 

30443 30X29 30X43 —aid 

«J-» «*■£ 251.04 

21047 20946 21000 +118 

NYSE Host Actlvos 


































+ % 


















NASDAQ Host Actives 

Intel s 

a kb 5 
T teCmA 













1 60% 



— % 

1 31% 



i 17% 



+ % 

’ 20% 



— % 

1 70% 




i 13% 



1 16% 



— % 





1 54% 










+ 1% 




— 1% 








— % 

NASDAQ Indexes 

itt* Low Last an. 

composite 72947 727.26 72026 +QOJ 

toduHilals 768.12 76*35 76446 *046 

Banks 68348 680J6 u£n 

Insurance m/M ssub 5+53 

Rnancr WOOS mjs i:SJ6 +1.79 

Tramp. 74140 73X71 73*71 I*w 

AHEX Stock Index 

HWl Law Last as. 
43X32 43744 43X29 +0J7 

DewJones Bond Averages 

20 Bonds 
1® Utilities 
10 Industrials 

NYSE Diary 

I Declined 
Total issues 
New Highs 
New Laws 

(Bloomberg, AP) AMEX Most Actives 

RATES: Dollar Looking for Clues 

Conthraed from Page 1 
bring down borrowing and spend- 
ing so that the economy does not 
grow more than 3 percent. Private 
economists estimate a fed funds 

Foreign Exc ha nge 

rate of more than 4 percent but less 
than 5 percent is needed to allow 
this to occur. 

Forecasts for a federal funds rate 
between 4 and 5 percent appear 
consistent with the reasoning of 
Fed officials. 

■ Dollar Cains on U.S. Data 

Sentiment that the U.S. economy 
was strong enough to prompt the 
Fed to raise interest rates lifted the 
dollar against most major curren- 
cies Friday, news agencies reported 1 
from New York. 

But the dollar slumped against 
the yen after U.S. and Japanese 
officials failed to resume formal 
trade negotiations after a world 
trade meeting in Marrakesh, Mo- 

The dollar rose to 1.7145 Deut- 

sche marks from 1.7100 DM' 
Wednesday, and slid to 103.45 yen 
from 104.27 yen. Against other cur- 
rencies, the dollar rose to 5.8615 
French francs from 5.8478 and to 
1.4550 Swiss francs from 1.4470. 
Sterling slipped to $1.4720 from 

“People still think UiL rales are | 
heading higher,” said Matt Porio, a i 
currency trader at Chase Manhat- 1 
tan Bank. “It’s just a question of 
when it’s going to happen.” 

Lingering concern about the 
health of U.S. stock and bond mar- 
kets kept the dollar from rising fur- 
ther, traders said. Stocks and bonds 
plummeted in March, taking the 
dollar with them, amid concern 
that Higher rates would hobble the 

“Higher interest rales are a dou- 
ble-edged sword for the dollar," 
said David de Rosa, director of 
foreign-exchange trading at Swiss 
Bank Corp. "They bolster the dol- 
lar, but they also contribute to what 
some people think is becoming an 
asset-market meltdown.” 
(Knight-Ridder, Reuters, Bloomberg) 

V«t. Mah Law Last Og. 

EchoBav 7284 TIM 11 11 — ■% 

awvSRS 6559 23 Mi 72V, Z3Vk *% 

wrtxm 6230 9% 8% 9% +% 

ENSCO 482B 3% 3V. 3>Vm +V„ 

VTOC8 4572 23* 23* S Mi — W 

RovdOft 3736 4% 4% 4¥ H — 

SPUR 3111 +Wn 44*7*1 44*fe — Ki 

ALC 2971 369k 35% 36% *1% 

tVfflXCp 2590 26% 25% 25% — % 

PaoGkl 2180 17% 16% 16% — % 

AMEX Diary 

Total Issues 
Now Hiatts 
Now Laws 

Mark* Sates 






Today Prav. 

4 sun. cam. 

30949 335451 

1X44 17498 

25084 311095 

New Lows 

1020 932 

1102 I2Z4 
644 640 

2774 2796 

13 12 

106 123 

Z74 239 

292 310 

236 247 

802 796 

5 6 

34 42 

1481 1527 

1550 1555 

19149 1190 

4980 4980 

48 32 

127 155 



Ora Previous 

BU Aik BW Art 
Dalian pot miiMc ion 
5£t ranSo 128X50 raj* taag 

Forward 130650 Vffim 130980 1309J0 


r-rnffiV* ««* » « 

Form** 188280 108380 188280 1B838S 



RxwWIl 45580 45680 46050 46180 


Forward §8080 558580 560580 561580 

TIN . . ... 

544580 545580 
544580 545580 550500 551080 
ZINC (5pecM HW i Grade) 

S5S“ r,P * m W80 Bn 92880 93250 93350 
Forward M80 WUD 95380 95*00 


HM Low CJo*a CBnnse 


94J5 9*63 9*73 + E-ffi? 

«S 94J1 9*36 5*49 +0.OT 

S 9*15 9*01 94.13 +089 

S- 9171 9154 9X69 +089 

SET 9X23 9388 9X21 +009 

jas 9279 9X66 9278 + 08B 

Dk 9243 9X32 9X42 +087 

92.18 9288 9X1 B +088 

JW 9178 9189 91.99 + 108 

tu 91JU 9133 9180 +006 

Dk 91.68 91-59 9186 +086 

ISj- 91 .S 91*7 91.52 +007 

M. volume: 9*571. Open lnt: 466J9 Q 

SI mlUloa-ptiof UOpet 
L. K47 9546 9549 —082 

w MP 9486 9*89 —am 

WJ7 9*37 9*31 —081 

9*00 9480 9484 —081 

jS ht. 93Ji -am 

(£ HT. HT. 9143 -082 

Est volume: 198. Open Interest: oc. 
DM1 mHiton - pts of TOO pet 
1_ MM 9*62 9*66 +003 

££ 9*89 9*05 9488 +081 

•Wr 9580 9*95 9*99 +081 

S. 9*95 9580 —082 

H72 9483 9*87 — 084 

ss as ™ =a 

iR ^ =s» 

Sk 9X91 S raTO +D8I 

ram 9376 9X50 +005 

Est. volume: 140345. Open bit: 979,940. 
FFomiawiWieop^ ^ 

StS StS SiS 

Mar 9*53 9*46 9*51 +081 

9*5 9*30 9*30 +081 

Sea 9476 9*13 9*20 —082 

d2c 9*1 D 9480 9483 -OJK 

Mar 9*00 9X99 9197 Und* 

Eli. volume: 52950. Open InL: 23789* 

mw ilwoact 

ss *w na k its 

Ert volume: 10L7K. Open M.: T4M4* 

DM 230000 -Ph Of 100 Pd 
Job 9687 9*23 9*34 — 049 

sS *48 9*83 968S —040 

Elf. volume: 15*911. Open Hit: 206781. 

5^’ P &&™&74 12X76 -048 

Sep 12X56 12X1® 12178 —CUB 

Dec 12186 12186 12L2B -048 

Est. volume: 19*100. Onen Int.: 136478. 

HWl Low Lott Settle Clrte 
OCt 15175 15180 151-5 151^ -Up 

52 ili SS SS Si +S 

3f tffiM laZ 15575 1 5550 +1 IS 

Feb t%m U500 >5500 15580 +025 

Est. volume: 10460. OponW. >7r«5 

IXX d#U« POT lw7*Hot» of 1890 
Jen 1516 1*63 1512 1512 +£2? 

JoT 1110 1*61 1510 1110 +UJ 

AH 1384 1*64 1503 1587 +527 

tg 1584 1*63 1584 llM +0^ 

3S 1519 UTS 111? Ill* 

Nov 1524 M80 1524 1524 +020 

Dec 1530 1*85 1525 1525 + 024 

Jon MJ0 MJn 1*90 1535 +021 

TO N.T. N.T. NT. 1538 new 

1 Est. volume: 38854 . Own let. 6X040 

Stock Indexes 

Hlotl LOW a BSC OMI 


E—w w w tss 

voUmw?i&J7L Open tat?3fi<L + #U 

CAC40 (M ATIFl . 

216680 +^» 
SSr 716580 213X50 216528 +Kg 

j^n 214380 712280 214850 +B|B 

SW 7147 JO 214180 2165.38 +H« 

Dec N.T. N.T. 219680 +^K 

M NT. NT. 222100 +2X50 

Est. votome: 2X735 Open Int^ 7555 X 
Sources: Matlf.A isocJatnd Pro *. 
London inn Financial Futuna Excnanaa 
Ion P e tr ol e u m Exchange. 


Company Per Amt 


BeerStiamadipM - 706 
Ever g reen F uuml t u - .1* 

MadecaADR * 8176 

xrappiax amount per share. 


Ryot Beck i Co - 86 


instrumententorm n x 1J5 
x^pprox amount Per ADR. 


5- 16 6-1 , 

6- 10 6-30 

+25 5+ 

+28 5-121 
S-13 6-13 
+25 5-16 
+22 +29 
+Z2 52 

+X 5-73 
+22 +28 

+29 5-25 
5-16 +1 

5-10 5-19 
5-26 +15 
+22 +29 
+W 7-1 
+29 5-6 

5-37 +20 

p-ummal; s-paraMe la CMaflai : 

Spot Cow w odMas 


Him Low Lost settle Ortw 

U5doftn P* ntetrle foUots of 180 ton 
Mar 15080 14780 14*25 14825 —185 

S l3S 14573 146JD 14680 —103 : 

jS" tSS 14680 94*75 14*75 — 080 

iSS 14885 14883 14775 —085 
Sop 15080 14880 14980 14980 UndL I 




Aluminum, lb 



Coffee, Bras, ib 



Comer etedrotync, lb 



■ran FOE. tan 



Lead, lb 



Sliver, iruvaz 



Steal (scrap], ton 






Zinc to 



European Stock Markets Post Moderate Gains 

Compiled by Our Staff From Dispatches 

LONDON — Stock markets is Europe rose 
as much as 12 percent Friday in response to 
signs of moderate economic growth in the Unit- 
ed States. 

In Britain, consumer inflation figures came 
in lower than expected, sending slocks and 
government bonds higher as some speculated 
on a UJC. interest-rate cuL 

The Financial Thnes-Stock Exchange 100- 
share index was the day’s best performer, rising 
12 percent Shares rose 1 percent in Zurich and 
almost 1 percent in Paris. 

The European component of the Internation- 
al Herald Tribune World Stock Index rose 028 
percent, to 112.11. 

U.S. economic figures carried the most 
weight in European markets. An increase in 
industrial output and factory utilization con- 
firmed the rapid pace of growth in the U.S. 
economy, though they weren't as strong as 
analysts expected. That suggested the pace of 
growth had moderated since the end of last year 
and seemed to reduce the risk of higher U.S. 
interest rates. 

In Britain, retail prices rose 03 percent in 

March, semfing the animal inflation rate down 
to 23 percent from 24 percent the month 

Trevor Langhame, equity strategist at Klein- 
won Benson Securities LtiL, said stocks reacted 
well to the figures. 

In Germany, the DAX Index managed only a 
small rise, gaming 1.71 points to 2200.42 In 
trading after the official close, the DAX was up- 
a further 11.46 at 221 1-88. 

U.K. bond prices rose: The benchmark 15- 
year issue's yield fell to 7.66 percent from 7.79 
percent (Bloomberg, Reuters) 

+ao 7-u 
+15 +32 
+22 +9 


U.S. Output tile Biggest in 5 Years 


industrial output increased by 0-5 percent as factories, mmes and 
utilities operated ax 83.6 potent of their capacity. 

That vrasup from 83.4 percent in Febniary and wasthe highest rate 
since June 1989, when business was running at 83.9 percent of capacity. 

A Philip Morris Food-Tobacco Split’ 

NEW YORK (AP) — Philip Morris CoSn facing increased opposition 
to cigarettes, is considering whether to roKt its totacco fromitt 

foodand other operations. Analysts believe that its nval, RJR Nabisco 
Holdings Corp., is considering a similar move. ^ 

Philip Moms, maker of Marlboro and other cigarettes, issued a 
statement quoting Hans Storr, the company’s chief financial officer, as 
saying such a move was under study as a way to boost the value of the 
annpany’s shares. The New York-based conglomerate’s nomobacco 
products include Kraft cheese and Miller beer. 

Tobacco opponents are proposing higher taxes on cigarettes, further 
restrictions on places where people can smoke and tougher health-related 
regulations on the industry. 

Board of Trade Pulls Out of Globex 

CHICAGO (AP) —The Chicago Board of Trade dropped out Friday 
from the troubled Globex system, an around-tbe-dock. electronic futures 
trading venture, and announced it would form a competing after-hours 
network with Bloomberg Financial Products. 

The move cast further doubt on the long-term survival of Globex, 
which was created with great fanfare a few years ago but has encountered 
numerous problems. The Board of Trade, Chicago Mercantile Exchange 
and Reuters Holdings PLC developed the Globex system. 

The Chicago Board of Trade chairman, Patrick Arbor, said the ex- 
change was willing to continue its Globex participation for at least 
another year but not under terms of a proposed revamping, that would 
weaken its ability to create a separate, in-house electronic trading system. 

Upjohn Earnings Fell in 1st Period 

KALAMAZOO, Michigan (Renters) — Upjohn Co. said Friday that 
its first-quarter earnings from continuing operations fell to $135 million, 
from $138 minio n a year earlier, excluding extraordinary items, due to 
competition from generic drugs. 

The company said its consolidated first quarter sales of $906 million 
declined less than 1 percent from 1993 levels despite a $68 million drop in 
sales of the Xanax anti-anxiety agent because of generic competition. 

“We achieved this sales and earning s performance in spite of intense 
generic competition against several key products,” said the Upjohn 
rhairman and chief executive officer, John Zabriskie. 

Genentech Profit Rockets in Quarter 

SAN FRANCISCO (AP) — Genentech Inc, the biotechnology com- 
pany, said Friday that profit more than doubled to $38.9 million daring 
the three months that ended March 31. That was 172 percent higher than 
5143 million for the same period of last year. 

Sales rose 30 percent to 5198.9 nuDion, from $133 milfion: 

During the quarter, Genentech introduced two drug?: Pulmozyme 
DNase for treating cystic fibrosis and Nil tropin human growth hormone. 
Sales of Pulmozyme totaled $22.4 milli on during the first quarter. The 
company said sales of Nutropin and Protropin, another growth hormone, 
rose 3 percent to $53.6 mini on, from $523 million. 

Phillips Said to Seek Joint Venture 

NEW YORK (Bloomberg) — Phillips Petroleum Co. may sell 50 
percent of its petroleum refining and marketing assets into a joint venture 
to raise cash &d reduce debt, said Alan Gaines, a principal at the Gaines 
Beriand Inc. brokerage house. 

Mr. Games, who upgraded the stock to a “2- 1" strong buy, from a “2- 
2” buy last week, said be bdieved Phillips could be courting non-U.S. ofl 
companies to take a stake in its refineries. 

“I heard from a very good source that I've determined to be infallible 
that they’re attempting a joint venture,” he said. Statoil, Petrtteos de 
Venezuela and other major ofl firms have been approached, he said. 

For die Record 

Robert Eaton, head of Owyster Cotp., said electric cars would not be a 
practical option for possibly decades to come. While be said the company 
was prepared to bund them, he also warned: “We can’t can’t afford tq 
waste billions of dollars on technology that won’t work.” (Kmgfit-Ridder) 

Hydro-Quebec has agreed to pay up to S72 million to limit natives if it 
builds a new hydroelectric project in northern Quebec. Payments (or the 
Great Whale project would be spread over 50 years. (AP) 

r* 9 



fc! ^ ■ ’ 

viva' V:'- 


F.-.dC/ 3 



Agonc* Pronca Prtaa April 15 

ABN Amro HW 
ACF Holding 

Akzo Nobel 







Open Hfcpi Low Cttne On OpJnt 



lloowov w n 

Hunter Douglas 

IHC Caknd 

later Mueller 

Inn Nadortaxl 








Season Season 
NUi Law 

Open HWl Low Cfesa Cha OpJM 

Thu's open Inf 61.411 off 3W 
1247 870 May 94 1092 1LB7 1091 

12.50 9.15 JufM 1183 11J4 1183 

1190 9^? Oct 94 H.10 11.18 11.10 

1LS 9.17Mcr95 I0J7 1094 HUE 

1TAB 1097 May 95 1096 1097 1089 

nA3 1057Jul» 1099 WL99 TOW 

1140 S0J7Ocf 95 1097 1097 HUN 

11-05 1095MD-M 

EsLsdes 9A88 Hu^mei 10178 
Hifiopeittf nun on 1543 
COCOA (NCSt) lanwtrlcHv-Snarim 
1368 978 May 94 1127 113* 1775 

1365 999 Ad 94 11H 1U4 1143 

1377 HDOSepM 1175 1190 1171 

1389 10*1 Due 94 1213 122S 1209 

1387 Hi77Mar95 13*3 1251 1237 

1400 lUIMoy 95 1260 1262 UU 

Vat 1225JUI95 

1350 1275 Sep 95 

M3T 1332 DOC 95 

1385 1381 Mar 96 

Ect.stfes 1*472 UMrosola 18,9131 
Thu's open int KL515 off 1979 
135JXJ nJNMayM IflUO 10290 10190 » 
13*00 101 -SI AH 94 10*05 10*80 10*40 II 

13*50 HHJ0S*D94 10*05 10805 1Q7j00 II 

13400 105J0Nav94 10833 10825 W.W II 

13200 101» Jan 95 10*80 10850 10800 II 

13425 10*00 wer 95 V 

EsLk+h 1500 TteA-aHes 2424 
TIWiapenH 21/38 up 711 


87 JD 
35 8790 
JO 87_75 
87 J5 
87 JO 



'■ rw-r.i 


+0J6 21974 
+002 4*261 
+892 29990 
-001 15,151 
—086 IfiB 
-009 1,110 
-099 311 

—032 41 

—15 5J01 
—6 3*418 
—4 12AKJ 
-1 U2S 
-1 1*3*4 
—1 4J49 
—1 *681 
— 1 HI 
—1 291 

-1 I 

— 1J0 6348 
— 1J5 9J52 
— IJS 2409 
— 3J0 1,127 
-JJ» 2,114 
-U0 541 

+035 374 

+030 21403 
+035 OU 
+040 T9J&5 
+035 5.128 
+QJ8 *132 

+040 1,9Z1 

+040 468 





+0jB 298 

— W 1 
^3 50415 

-74 2*100 
— ?4 SJJ7 
-7J 10533 
— 73 

-7.1 *468 
—79 2964 



1 _ 







u ■e-'* ' ‘‘M 

S Z ■ ‘Q 

pp ' '.a 

K "• k) ■ ■ 

• 9 









Season Seaeon 
HWi Low 

9*890 90400 Jun 94 9*530 

9*570 90360 SOO 94 9*928 

9*110 90710 DOC W 94330 

9*580 90340 A6ir 95 94970 

9*730 90710 Jun 95 9*7X1 

94330 91JT05ep95 9X430 

9*280 91.180 Dec 95 93.100 

M33B 90730 Mar 96 9X050 

EStxdes HA. Thu'* Kies 
TTxi*s open Int 2405.737 off _ 

BRTTBH POUND UMBO imruant-l paMnwoteWJ 
13150 14474 Jun M 1^728 14738 14676 14684 

14900 14440 Sep 94 14640 14690 14640 14658 

14950 1490 DOC 94 14646 

14610 1 4640 Mar 96 14640 

Est- Hies NA Thu’+Ues 7,374 
Thu's open Int 48368 on 68 

07*05 071 13 Jun 94 07226 07228 07187 87199 

87740 arose sep w otibo ojiio ojiss oltmb 

87670 0-7038 DoC 94 07151 07154 07141 07147 

07405 tl?a20MarV5 07T2B 

87*0 04990 An 95 87107 

Est.nle* HA. Thu'S, sates *329 
, Thu's open Int 41,850 up 347 
04133 0.5607 Jun 94 05834 0JB4S OJ5808 (L5B2T 

04065 0-5400 Sep 94 056(37 05822 05796 05007 

059H 05590 Dec 94 05799 05814 05799 03807 

05817 83810 Mir 96 05817 

NA. Wt. sates 4*049 
TtersapenW 9*083 up 1633 
MMH N8TS I (CMBRJ iprm-tpoMNMnm 
Q00994!n onB8njunM oj»Moaaow2Bj«Miiaii096« 
UnmQAOW^p M a0096B500B9743000MB5nil09743 
Ofi®9300009S2SDec94 0081004 

Stsales HA. Thu's. soles 2*503 
Thu's o pen mi 5*» air 167 
5*^’ F *A/JC (CMER) i p«r Vano- T w4rr» nuah PUJ0O1 
07115 I16S90JUI94 06914 06914 Qj 6S5D 06874 
07115 04600 Sep 94 06892 06902 06861 06685 
07138 OfflCDBC94 08917 04920 06885 06909 
&t- K*es HA. Thu's, cries 17.277 
Thu'sapsnM 3*919 up 1705 





— 27 37,891 
-21 1,964 
-29 1JM 


—31 76 

+58 51,458 
+59 2309 
+60 02 



8093 -034 1*511' 

8073 -OSZ22JN jL 

7192 -OH *751 • 

7*39 -aaiun 

7*18 -007 973 

7*32 -OH 390 

7470 —030 78 


UST.MLU (CMER) siiMtaPHsdWpQt. 

KJ» BgJilM 9*91 9*97 9SM HSJ —OOI 3*634 

9048 9*srsep94 93-C 9145 9*39 9*44 —001 

96, HI 9*98 Dec 94 9*93 9*98 9*91 9*98 +001 4A4D 

9*05 9*63Mar95 9*S +OM iS 

BE. sales NA. Thu'isdej un 
Thu's open in’: 52773 off 1494 

1TJ-05 tO+23 Aei 94 105-16 105-21 105-07$ 10$-19 + 03 1M.484 

11+19510+06 SeaM 106-20 10+34 18648 10+33 + 02 U4 

Est. sates HA. Wosalu 42JK1 
Tiers enenH 190S38 up 5481 


115-01 10H0 Jun 94 105-14 105-2 105-03 185-17 t 04 314LQ60 
115-2! ra^O Sep 94 104-03 10+H 104-02 10+15 + 04 1*041 

11441 10+00 Dec Ml 03-09 10+19 10+09 10+17 + 04 «7 

111-07 Kn-OT Mar 95102-15 102-23 102*11 ia+23 + 04 11 

105-22 101-27 Jun 95 W1 -25 KB-01 10V-25 102-01 + 04 

E*t Sties HA. ThuHlOlH 10*647 
TUTS open W 34*809 up 431 7 

!J9-» 91-06 An94 HH-SD 104-29 104-07 104-21 + M 41*846 

n+» 90-12 sesw u+zi 10+30 10+09 10+33 + 01 mSS 

!!H! ,£ - 2 “w hj+» io+oi + 01 Sm 

11640 10040 Mar 95182-01 W+16 102-01 102-12 + 02 iw 

11+1? 9+15 Jun 95 101-34 + K 2*1 

112*1510141 Sep 95 10048 101-08 UMI 101-46 35 

1U-M10040 DM99 10V22 41 

11441 9944 Mar *6 100-08 94 

Est. scles NA. UeTS-SateS 4S2A47 
Thu's open M 49*377 Up 1994 

M25 a E?!uP D ! ,D 5.S , P n «»MMi»i4vi8 n 
mfrS 7 SiS *W3 91-01 9049 91-00 + 07 31.044 

S 7 S952*»-M 7347 8M4 H-46 + 08 144 

Estsaw na. Tiw+stoeo 4436 

m-v 5 "SsmsJ §§ laif 

tt&ssflrcni “■ 

ComT nodity Indexes 

DJ. Futures 

Com. RessonJi 

1 MSB 

999 M 




Page 11 

ii I 

in i b»- 

l ■*- 


Operating Profit 
Soars Nearly 25 % 
At Commerzbank 

Milan Rides the f Big Bang 5 

Screen-Based System Sparks Big Volume 

FRANKFURT Analysts said the sharp increase 

bank AG, the Snali^, partI ? * c facl * at Co°>- 

three FrankfartcSmS^t^ S* F er £ bank *e only Frankfurt 
said operating profitsS^ ba ”!f' !*“?* 10 rtAxe its risk provisioning 
oneKmartgrin iqq-i 031 ^ nea dy i 051 But it also reported strong 
other strone sur P ass “ 1 S growth in interest income and own- 

^kgSSLSaSST” by its ac ? Hmt 

The bank’s 1993 ■ f omm ?? bank reduced its group 
profit after operaung risk provisions to 1.77 bmion DM 

bans rose^4 P ^Sf^ f ? r ns ty from Z08 WHon DM m 1992. 
£?Dl^JS?ii5t U3 bdI m Commerzbank chairman, 

Mardn Kohlhaussen, said the bank 

1 mUlion DM in 1991 expected profit to increase this 
year, despite credit risks. He added 
that in the firat two months of 1994, 
fy net interest and c ommissio n in- 

irroup Net Foils ma ^ !wm 

At Continental. 

Group Net Falls 
At Continental, 
But Payout Set 

Compiled by Our Staff From Dispatches 

HANNOVER, Germany - 

Continental AG, the lire mak- 
er, Mid Friday that group net 
profit dropped 51 percent to 
™. on l^utsche marks 
($38 million) last year, from 
133.0 million DM in 199i 

Earnings per share in 1993 
shpped to 7.10 DM, from 
14.80 DM a year earlier, but 
the company still said it would 
pay a dividend of 4 DM a 
share for last year after omit- 
ting a dividend for two 
■straight years. 

News of the renewed payout 
seemed to please investors, as 
Continental shares climbed 3 
to 290 DM on the Frankfurt 
Stock Exchange. 

Group sales dropped 33 
percent, to 9.4 billion DM. 

Parent-company net profit, 
however, rose to 71.2 million 
DM from 38 million DM. 

(AFX, Bloomberg) 

“high extraordinary net earnings" 
from selling pan of its stake in the 
German retailer Karstadt AG and 
the insurer Dfi V Verachenmgs AG. 

Earnings on proprietary trading 
in 1993, boosted by Germany’s 
buoyant securities markets, more 
than doublol, to S50 million DM 
from 263 million DM. 

“Everyone has to be aware of the 
uniqueness of last year’s financial- 
market conditions,*' Mr. Kohlhaus- 
sen said. “It certainly wouldn’t be 
right, either, to make 1993 the stan- 
dard for proprietary trading in the 
current year. 

Group net income, as previously 
reported, was 586 mflhon DM in 
1993, down 15 percent from 687 
minimi DM in 1992. The decline in 
net income was due to an account- 
ing technicality became the bank 
listed assets in 1992 from its pur- 
chase of Berlin Commerzbank as 

In a related development, Com- 
merzbank announced it had set op 
a subsidiary solely to trade deriva- 
tives, which it also said would be 
the first of its kind in Germany. 
(Reuters, Knitfa-Ridder, Bloomberg) 

Compiled by Om Staff Fnm Dispatches 

MILAN — Business boomed on the Milan 
bourse Friday as Italy completed its “Big Bang” 
with the switching of all stocks to an automatic 
trading system. 

Orders continued to be heavy, as they have been 
all week, as trading was swelled by more than 180 
stories and warrants switching from the open- 
outcry system to screen-based trading. 

The market's blue-chip Mibtri Index closed 7 
points higher at 12,615 — down from an early peak 
of 12,933 because of political worries — and trad- 
ing volume was estimated at 1.7 trillion lire (SI 
bdlion). Volume surged to a record 23. trillion lire 
A day earlier. 

During the past two weeks, the index has risen 
20 percent as cash-rich Italian investors bet that 
the right-wing coalition led by the media magnate 
Silvio Berlusconi would usher in a government 
committed to the free market and tax cuts. 

Expectations that the Bank of Italy would cut its 
discount rate at least one-quarter of a percentage 
point over the weekend also underpinned the mar- 
ket’s sentiment. 

The MJB index, meanwhile, soared 4.6 percent 
to 131 1. from 1,253 on Thursday. 

Milan had been steadily winding down the 
open-outcry method, where floor traders shouted 
out their orders. On Friday, the remaining shares 
from small and little-traded companies switched 
over to the screens, bringing Milan into line with 
the world’s most advanced exchanges. 

Analysts say the Milan market was in the grip of 
its most powerful bull run since 1985, when the 
introduction of mutual funds in Italy unleashed a 
wave of liquidity that flooded onto the bourse. 

As then, it is liquidity that is driving up prices as 
Italians, among die world’s biggest savers, seek a 

new home for their savings as interest races fall 
worldwide, dulling the attraction of bank deposits 
and investment in government bills and bonds. 

Investors also are betting that 1994 will see the 
Italian economy shake off recession. They have 
been encouraged by hints from some big industrial 
companies that business so far this year has been 
better than expected. 

Some signs of concern, however, were apparent- 
ly in the market Friday, after the recently elected 
right-wing coalition failed to get its nominees 
elected as parliamentary speakers. 

"The problems in Parliament added a bit of 
nervousness," a trader said. “With prices already 
so high, many decided to take some profits.” 

Meanwhile, Mr. Berlusconi's top economic guru 
criticized the European Union's plans for mone- 
tary union. 

Antonio Martino, bead of economic policy at 
Mr. Berlusconi's Fcoza Italia party and a possible 
minis ter in the next government, said the battered 
European Monetary System could not work be- 
cause it bucked the market. 

He said a angle currency should compete along- 
side existing ones. 

“The way to get to the common currency is 
through competition between the national curren- 
cy ana the parallel one," be said. 

Mr. Martino said he opposed returning the lira 
to the European Exchange Rate Mechanism, al- 
though he strongly supported a common currency. 

The lira left the currency grid in September 1992 
together with the British poimd at the height of a 
European c urr e n cy crisis. Since then, it has lost 
more than 25 percent of its value against other 
leading currencies, paving the way for a boom in 
exports and lower interest rates. 

(Bloomberg, Reuters, AFX) 

Banka Bohemia’s Deposits Frozen 

Bloomberg Business Men 

swamped branches of 

clients could be freed in the fore- koruny. With 40 branches and of- 

customers seeable future.’ 1 

fices around the country, and 

At the bank’s main branch in flashy advertising «»m | 

SGS Joins 
Of Intel 

PARIS — Just one day after 
IBM said it signed a deal that 
would lead to competition with In- 
tel Corp. in the lucrative micro- 
processor market, SGS-Thomson 
Microelectronics BV said it also 
would make and sell x86-standard 

The French-] tali an company 
said Friday the chips would be 
made at SGS Thomson’s plant in 
Phoenix, Arizona. 

Competition from SGS-Thom- 
son and Internationa] Business 
Machines Corp., which said Thurs- 
day it had signed a deal with Cyrix 
Corp. that lets it sell x86 chips, 
would be expected to erode Intel's 
dominance in the market. SGS also 
licenses Cyrix technology. Intel mi- 
croprocessors are found in more 
than 85 percent of the world’s per- 
sonal computers. 

“There will be some pressure on 
prices," said Mike Glennon, an an- 
alyst at the British office of Data- 
auest Inc. “The real question is, can 
the market grow sufficiently to ac- 
commodate these two big manufac- 

California-based Intel, which 
was IBM’s dunce to provide the 
microprocessors for the original 
IBM PC personal computer in the 
early 1980s, has gone on to become 
the dominant supplier of personal- 
coraputer microprocessors. 

Intel has battled in court to de- 
fend intellectual property rights re- 
lated to x86 processors. A spokes- 
man for Intel said the proposed 
IBM-Cyrix manufacturing agree- 
ment may be dependent on the out- 
come of a lawsuit between Intel 
and Cyrix. (Bloomberg, Reuters) 

■ Food Compamea Merge 

Two of France’s leading food 

rqawro u. *pj> mm m ttammxz i n m x xtmttixmtttsnmttfr:- 

rpi« an Friday to deman d their Prague on Friday, customers en- bank’s deposits grew rapidly after companies said they planned to 
money after its deposits were fro- countered a locked door and two its foundation in 1991 as one of the merge their ready-to-eat business- 
zen by the Grech National Bank, guards who told them the bank first fully private Czech banks. es, Reuters reported. 

Banka Bohemia is at the center would not be for the day, and asked 
of an international financing scan- them to leave, 
dal ste mming from its issue $1.2 Many people stood outside, 

iards who told them the bank first fully private Czech banks. es, Reuters reported, 
wld not be for the day, and asked Saint Louis and BSN said their 

em to leave. C l a i man ts in the sale of the new company, called Panzahm, 

Many people stood outside, prime bank guarantees are sure to would generate turnover of 8.4 bil- 

SolvajSaysIt’s Sound Despite Loss 


BRUSSELS — Soivay SA’s net proportion of debt to equity rose to 
30.8 percent in 1993 from 26.8 percent in 1992, but the Belgian chemical 
company said Friday its financial structure remained sound. 

"When we consider the strong decrease in cash flow in 1993 as well as 
the substantia] investment program of the last years, we consider we have 
a gpod financial structure," said Daniel Janssen, chairman of the compa- 
ny’s executive committee. 

Solvay said late Thursday it had a consolidated net loss of 6.91 billion 
Belgian francs ($20 million) in 1993, which it said was the biggest loss in 
the company’s history and its first loss since 1981. 

billion in bogus securities. The commiserating with other clients include the National Council of lion French francs ($1 bfllian) a 
bank has contended it was itself and worrying about how they Churches in the United States, year. 

defrauded when it agreed to sane would pay thor bills. 

Sources: Reuters, AFP 

Very briefly: 

• Secmitas AB» the Swedish security and guarding service, wants to make 
two acquiritions in FVance this year in a bid to double its sales there; it did 
not identity any potential targets. 

• France should see a rise in industrial investment this year, breaking the 
trend of declining investment between mid-1989 and 1993, the statistics- 
office INSEE said. Investment should be encouraged by lower interest 
rates, it said. 

• Sdnadg SA, the French engineering and construction company, had 
earnings of 405 million francs ($69 million) in 1993, a 33 percent increase 
from 1992, as the company cut its debt by 40 percent 

• British inflation slipped to an annualized 23 percent in March from 2.4 
percent in February, the country’s central statistical office said. 

• CJba-Geigy AG, the Swiss chemical company, is protesting a 5.7 billion 
yen ($6 immon) assessment for back taxes levied by the Japanese 
government for 1990 to 1992. 

• Austria should see economic growth of 2 percent this year and 3 percent 
in 1995 , according to the economic research institute WIFO. The econo- 
my grew 03 percent last year. 

• Bran Union AG, the Austrian brewer bom last year out of a series of 
mergers, will pay a 50 percent stock dividend. The company, which is 66 
percent-owned by OsterrekhischeBnui Beteffigongs AG and includes the 
Hungarian subsidiaries Sopron and Marine, expects earnings this year to 
be on par with year-ago earnings despite shrinking demand. 

Reuters, AFP. AFX 

foreign partners’ plan to issue the 

An administrator appointed by 

“It's a catastrophe; it’s all my 
money,” said Gerta Voticka, a re- 
tiree. “I don’t understand bow this 

the central bank, who is trying to could happen. Is there no control?" 

trace and reclaim all the notes, 
called "prime bank guarantees," 
deckled on the deposit freeze. This 
followed several large withdrawals, 
mainly by corporate diems, follow- 
ing publicity about the internation- 
al financing fiasco. 

The national bank said Banka 
Bohemia would try to increase its 

Miss Voticka said she had just 
sold her house and deposited pro- 
ceeds of 150.000 Czech koruny 
($5,025) into her account 

Paris Club Agrees to Polish Debt Restructuring 

Compiled by Our Staff From Dispatches 

WARSAW —The Paris Chib of 
Western government lenders said 

Zdenek Cihak stood nearby, Friday it had agreed to cut Po- 
dttkmg his head. His accounts at land’s $34 billion official debt by 
the bank total more than 600,000 $8 billion, 
koruny, he said. The decision, made at a meeting 


Friday's Closing 

Tables Indude the nationwide prices up to 
the dosing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


hWi Low Stack 

The nanonal bank said Rani™ koruny, he said. The decision, made at a meeting 

Bohemia would try to increase its Bank officials said this year that Thursday, implements the second 
liquidity “so that the deposits of the bank had deposits of 1 1 billion half of a 1991 deal that effectively 

• ‘ ~ • ‘ - r cut Poland’s debt to Paris Club 

countries by SO percent in terms of 
net present value. 

A letter from the leader of the 
creditor group to the deputy fi- 
nance minister of Poland said the 

ttv VM PE 1001 reoh LowuaeriCh'a* Hot Law Mode 


flation and increasing output, 
could bring a new wave of capital- 
market investors, especially to the 
stock market, where prices have 
plunged in recent days. 

The WIG index of 23 stocks that 
trade on the Warsaw stock ex- 
change plunged more than 30 per- 
cent this week as selling swamped 
the country’s young brokerage in- 
dustry and led to new pricing rules. 

The stock exchange temporarily 
abandoned its rule allowing prices 
to fluctuate by no more than 10 
percent in either direction during a 

The 10 percent rule restricted 
volume this week, as desperate sell- 
ers could not conclude a trade. 
Only six stocks in the 23-stock in- 
dex traded Monday, when the in- 
dex fell 10.7 percent, and only four 
issues traded on Tuesday, when it 
lost 103 percent On Thursday, the 
index dropped a more moderate 6.7 
percent and volume picked up. 

From the WIG’s peak of 20,760 
points on March 8, the market has 
fallen to 9,980, the first lime it had 
been below 10,000 since the first 
week of December. 

“Clearly there’s a mood of panic 
sdHng,” said James Lister-Cheese 
of Morgan Stanley in London. 

(Bloomberg, Reuters. A P) 

second stage of a three-year-old single session. Micha! Gawarski, a 

agreement had taken effect April l Warsaw 
because Poland had met earlier bank Pi 
payment obligations and reached allowed 
agreement on debt reduction with 
commercial banks. 

In March, the London CJuh of 
creditor commercial banks cut 45 — 

percent from the $13 billion that I 
Poland owes them. 

Russia remains Poland's only 
creditor with which do agreement 
has been reached. A zero option — Tit nrtf 
forgiving debts on both sides — has from 28 
been discussed, but talks have NAjSp* 
stalled over calculation of the arti- 

Warsaw broker with the Polish 
bank Pekao, said the rule change 
allowed more trades to take place. 


The undersigned ann amirat tKnl as 

from 28 April 1994 at Ka*-A*ociatie 
N.V, Spuistraat 173, Amsterdam, the 
Certificate* StUndictgerLUM 
npr. 5 shares of common slock of 

“ . , ' v Tr. , , . 7 nsr. » snares ot common sioex oi 

final currency m which the trade L)SS 0.01 per value, will be pavabk 
between the two countries was as- 'With DOs. 2^0 net per Certificate 

sessed under their former Commu- 
nist governments. 

Officials in Warsaw said they 

repe. 5 shares and nth Dfls. 58,00 
net per Certificate reps 100 duns 
(div. per recycle 22.0fc.94; US$ 030 

uiuguu ui yyumw aoiu uicjr per snare). The dividend dulri- 

were optimistic that the Paris Qub nation is sot subject to taxwith- 
deal would boost Poland's econom- holding at source. 

ic recovery. 

Analysts said the deals with 
creditors, coupled with falling in- 


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IMF Chief Urges 

Beijing to Rein In 
Demand and Prices 


Japan 9 s Insurers Investing at Home 

Page 13 




-r * — . - - 

the International Mo«I heh ^ <lof throug !* budget and roonetaiy 
Monetary Fund, sures, he said. He added that 

was .P ai ? iculari y important bo 

SSSfffflSffiS SreSS-JSSTK 


controL” STr? 6 jl dema,Mi “Oder gram of structural ref dm the 
p?"* .Camdessus said. just implementing now * the* 
mte^ fimsterUPra S s« an chief stSd. ^ 

1994 in a n? ,? ercent far program indudes ban 

m^ k rcport , to Paf lament last and currency reforms and < 

®° ( ar price increases measures that would mice C 
shown little sign of slowing “the extra mile toward full ma 
^ e _ e 9? oom ^ h®s roared ahead, economy mechanisms,” 
-y\5 nc * a Y’ Chinese economists Camdessus said, 
said t he eco nomy was hkety to grow Those reforms, if they are ca 

/ha ^ ccnt “k year, much more out, also would give the Chi 
10315 106 government had hoped. authorities greater indirect co 
The economists, front the State 0VEr ^ CCOD omy so that 
Staustics Bureau and Chinese wodW not have to dam the br 
Academy of Social Sciences, said 0n g rowth 10 control inflation 
tms was good news bemuse China Respite the dzfficojries at 
would continue to attract foreign ^ r - Camdessus sounded a no 
investors. But it bodes in for the Optimism about China’s chanc 
government's efforts to control in- ooutroDing price increases, 
nation, which has been stoked by “What reassures me is tha 
excess demand for raw materials, ^ avc ncvcT seen the Chinese a 
energy and transportation. Growth ' nfia o° n to escape oat of cant 
in these sectors has run far behind 

manufacturing growth. Bering tods, “important” « 

“'~ 1 h SOf 2 &: 

compared with an inflation rate rZL^ZZJ 

lac# uM, of it r, - . companies, Mr. Ca m dessus i 

creai-s in »rh J »n P ^^ nL i. PnC L!^ That brought on a new inflatio 
orasesm urban areas have been suigp thatmusi now be addle 
more acute, with inflation ^ 

^ C i? < ?wS.^l annUalized 26 pep ’ Unlike the World Bank, tht 

rebruuy. ternational Monetary Fund i 

Overheating in China is a fact not have any lending program ■ 
and has been one for 18 months,” r*hfna J m in tnf hifm y there is 
Mr. Camdessus said. “It's crystal ited. The Fund’s board, howi 
clear — and the Chinese authorities reviews the state of China’s ea 
agree on that — that they must take my once a year, as it does with z 
strong macroeconomic steps in or- IMF members, and it has just c 
der to reduce internal demand and . plcted that study for this year. 

tuiuugu ouagta ana monetary mea- 
sures, he said. He added tint this 
was particularly important because 
scaring inflation threatens to under- 
mine China's efforts to liberalize 
and open up i*s economy — a view 
the Chinese government sinrea 
“If they are not able to correct it, 
this will endanger the major pro- 
gram of structural reform they are 
just implementing now ” the IMF 
chief said. 

That program indudes banking 
and currency reforms and other 
measures that would take fTiina 
“the extra mile toward full market- 
economy mechanisms,” Mr. 
Camdessus said. 

Those reforms, if they are carried 
out, also would give the Chinese 
authorities greater indirect control 
over the economy so that they 
would not have to dam the brakes 
On growth tO Control inflatin g 
Despite j£e difficulties ahead, 
Mr. Camdessus somded a note of 
optimism about China's chanc es of 
controlling price increases. 

“What reassures me is that we 
have never seen the Chinese allow 
inflation to escape oat of control, " 
he said. 

Bloomberg Bututets Sera 

TOKYO — Most Japanese life insurance 
companies plan to keep their new investment 
capital at home this financial year to avoid 
risking currency losses in wbai they see as a 
political battle between Washington and To- 
kyo over the value of the yen. 

Most of the capital will be used for such 
interest-bearing investments as bonds and cor- 
porate Joans, and some wi B be used to buy 
Japanese equities. The financial year for Japa- 
nese life insurance companies started April 1. 

Most of Nippon life Insurance Co.’s net 
increase will be invested for stable interest 
income in Japan, in such things as bonds, 
money-market instruments and corporate 
loans, said Yoosuke Matsunaga, a public rela- 
tions manager at die company. Nippon life is 
Japan’s largest insurance company. 

“Our general policy this year wifi be to stay 
away from investing any more money abroad,” 

Mr. Matsunaga said. “At the present time; we 
can't afford to take currency risks." 

He said only 4 percent of Nippon Life’s 
total assets was exposed to the risk that 
returns would decline because of fluctuations 
in exchange rates, down from more than 10 
percent a few years ago. 

The yen has strengthened steadily in recent 

months as Tokyo and Washington have con- 
tinued to be stymied in their efforts to resolve 
their trade differences. The Japanese curren- 
cy's appreciation has only been worsened by 
the recent fall of the government of Prime 
Minister Morihiro Hosokawa. 

Although V& bands have more rapidly 
rising yields than Japanese bonds and so are 
more attractive. “Japanese investors are really 
concerned about the exchange rate,” said To- 
■dpniri Nakano, manager of the bond invest- 
ment division of Asahi Mutual Life Insurance 
Co„ Japan’s fifth-largest life insurer. 

He said the risk that the dollar may fall 
against the yen could caned out the benefits 
of yields of more than 7 percent on 30-year 
VS. Treasury bonds. 

The yen’s rise against the dollar is consid- 
ered a result of political forces. Traders and 
investors say that U.S, officials, dismayed 
over Japan’s persistent trade surplus, prefer a 
stronger yen to cut the sales and profits of 
Japanese exporters. 

Although insurance companies are fikdy 
to earmark some new money lor investment 
in Japanese stocks, this is likely to be rally a 
smalt fraction of the amount put into bonds, 
loans and money-market investments. 

Nippon life forecasts that the Nikkei 225 

index, which ended Friday at 20,164.63. will 
range between 18.000 and 22,000 this year, 
Mr. Matsunaga said. 

He said the company would add to its 
stock portfolio if toe index fell toward the 
lower end of that range. But the total amount 
purchased will not be huge, he added, as the 
company does not expect big improvements 
in earnings. 

Megi Mutual life Insurance Co_ Japan's 
No. 4 insurer, does not plan to look at forego 
investments and stocks. 

Its net increase in capital wifi be 1.1 trillion 
yen ($10.6 billion) in mis financial year. Al- 
most all the increase mil be put into bonds, 
corporate loans and the money market The 
plan allocates 760 billion yen to bonds and 
corporate loans and designates 300 billion 
yen as sarplas capital to be parked in money- 
market Investments. 

The plan also calls for a decrease of ISO 
billion yen in foreign investment an d a 20 
billion yen cat in stockholdings. The rest will 
be invested in real estate and mutual funds. 

Dai-Ichi Mutual life Insurance Co~, the 
second-largest life insurance company, is 
planning to use half its increased capital to 
buy Japanese bonds, the Nihon Keizai news- 
paper has reported. 

Thailand Focuses on Local Bond Market 

nation to escape oat of control,” Compiled!# Our Slag From Dtspttaha 

i said. BANGKOK — With one of the 

Beijing took “important" steps most prosperous and stable ecorto- 

Thailand is a prime example of a ter a three-day holiday. The finance 
prosperous Asian economy now at and banking sector led gains. 

last summer to rein in inflation but mies m Asia, Thailand is poised to 
then relaxed its credit stance to- take the lead in the region in devd- 

ward the end of the year, probably 
under pressure from state-owned 
companies, Mr. Camdessus said. 
That brought on a new inflationary 
surge that most now be addressed, 
he said. 

Unlike the World Bank, the In- 
ternational Monetary Fund does 
not have any lending program with 

lyin g a domestic bond market. stock marki 
So far, Hong Kong and Japan tpranc maii 
are the rally places in Aria to have Because tl 

fflifim seriously the idea of setting many Thai 
up a market to trade domestic gov- through the 
eminent or corporate braids. manywestc 
Emerging economies in the re- direct t 
gjon have been intent during the While the 
past 20 to 30 years rat cultivating change of T 

a stage where it must borrow and But private companies need 
invest if it is to continue to thrive, fiords they can't procure from the 
While it already has an efficient stock market alone, and the Thai 
stock market, it only set up a do- government also has a pressing de- 

tpestic market for bonds last year, mand for funds to repair its crum- 
Because the only way to invest in bling infrastructure, 
many Thai companies has been So Thailand is looking for funds. 

not have any lending program with past 20 to 30 years rat culti vating c han ge of Thailand index has risen 
China, so its influence there is lira- growth. Now, with their economies about 40 percent in the past four 
ited. The Fund’s board, however, prosperous and healthy, people in years, it has gone through wild 

reviews the state of China’s econo- 
my once a year, as it does with most 
IMF members, and it has just com- 

__ get rid of overheating. 

(Reuters, AP) 

the region are demanding more and 
better goods and services — so gov- 
ernments and businesses have to 
sow to meet their demands, and 
that costs money. 

Digital VCRs 5 Next Hurdle: Prices 

through the volatile stock market. The government itself has sold 
many Western institutions have lit- bonds in foreign markets, but it is 
tie direct exposure to Thailand- limited in how much it can raise 
While the benchmark Stock Ex- abroad. The ceiling, which is reset 
rimng ft of Thailan d index has risen et»h year, is $3.2 billion this year, 
about 40 percent in the past four Yet the local bond market has 
years, it has gone through wild barely gotten off the ground. Only 
swings, and hs future p e rf o r mance about $500 million in securities has 
could be just as erratic; been sold in the one year erf its 

The index jumped 3.8 percent existence. 

Friday, to 1,282.16 points, aided by “The biggest obstacle to devel- 
an influx of foreign investment at- op mem of a Thai bond market is 

withholding tax.” said Tim Goo* 
ddl, director of the debt markets 
group in the Hong Kong office of 


Merrill Lynch. “Otherwise, there’s 
a huge potential for fixed-income 
business in Thailand." 

. The country charges a 15 percent 
withholding tax on corporate bond 

But the government has taken 
other measures to encourage fixed- 
incrane investment, such as work- 
ing to keep its currency stable 
against the dollar and setting up a 
Securities and Exchange Commis- 
sion to oversee debt issues. 

Another draw to Thai bonds is 
the high yields. Investors can earn 
from 7.75 percent to 10 percent on 
money market securities, known as 
bills of exchange, with maturities 
from roughly one month to one 
year, said Francis Tjia, director of 
Income Partners (Asia) Ltd, a Hong 
Kong money-management compa- 

(Bloomberg AFP) 

Sources: Reuters, AFP [ntcnutkm! HmkJTrftroe 

Very briefly: 

• Sanho Shipping Co. plans to open on Monday a direct cargo route 
between South Korea's port of Pusan and Chong in in North Korea, 
cutting delivery times between South Korea and northeastern China to 
seven days from 40 on the current route. Stmho is a venture of Samsun 
Shipping Chip, of South Korea and Xianhu Business Group of China. 

• Ctible & Wireless PLC and Hong KongTekyommomcathms Ltd, signed 
a deal with China to lay and maintain deep-ocean international telephone 
cables. The venture, called Smo-Britisfa Submarine Systems Ca. is seen a 
step toward operating a telecommunications system in China. 

• Hyundai Electronics Cb. said its first quarter sales rose 37 percent in the 
first quarter, to $469 million, largely reflecting gains in computer chips. 

• Kerry Beverages Ltd, a venture of Coca-Cola Co. and Kerry Group, is 
investing in a $25 milli on bottling plant in northern China. Kerry 
Beverages mil own 85 percent of the plant in Shanxi Province, and the 
rest wifi be held by the Shanxi Bureau of China's Ministry of Coal. 

• Nissan Motor Ca plans to export about 3J00 trucks to Canada this 
year from its plant in Smyrna, Tennessee, replacing sales from Japan, 

• Hteom Holdings Bhd_ the Malaysian manufacturing conglomerate 
previously known as New Serendah Rubber Co, plans to take an 85 
percent stake in AirAria Sdo, which will be the second Malaysian airline. 
Mofaz Air Sdn. will retain the rest of AirAria. 

• Mitsubishi Ltd, the Japanese retailer, revised its loss estimate for the 
year that ended Feb. 28, raising it to 5.4 billion yen ($52 million) from 2.0 
billion yen. It blamed weak sales. AFP. AFX, Bloomberg. AP. Reuters 

Compiled by Our Staff From Dispatches 

TOKYO — The world’s lead- 
ing electronics companies have 
avoided a tussle over formats for 
the next generation of video re- 
corders. but analysts said Friday 
they now faced a sterner battle — 
getting people to buy them. 

In a thaw that would have been 
unthinkable during the consumer 
electronics boom of the 1980s, 50 
companies from around the 
world agreed Thursday to use a 
common basic design for home 
digital videocassette recorders, 
which aim to bring cinema-quali- 
ty pictures and compact-disk 
sound within reach of ordinary 

The companies included Sony 

That batik confused consum- 
ers and damaged Sony’s balance 
sheet. With the electronics boom 
now over, analysts say no one 
wants to risk that kind of a fight 

a gain. 

“Manufacturers are being hurt 
by the recession, so they chose to 
cooperate rather than compete," 
said Takeo Narase, an analyst at 
Daiwa Institute of Research Ltd. 
“Now they can fed safe in the 
knowledge they will not be 
wrong-footed by the success of a 
competitor’s technology." 

The companies remained tight- 
lipped about when their first 
commercial products would be 
available and how much they 
would cost —something analysts 

or six times the price of the typi- outer-friendliness of the new 
cal analogue recorder now on the VCRs wiD be of any use to oidi- 
shdves. nary television viewers. 

Another reason for remaining Manufacturers who signed the 
vague on when home digital agreement included Sony, Mat- 

Corp. and Matsushita Electric In- 

dustrial Co., whose Betamax and ' them 

VHS formats fought a battle for ^ P 1 * 110 tbcm 

dominanc e — w on by Matsushi- 
ta’s VHS — in the analogue 
VCRs now on the market 

Current estimates put the cost 
at around 300,000 yen ($2,900), 


Another reason for remaining 
vague on when home digital 
VCRs wiD come rat the market is 
that companies don't warn to 
make consumers delay or quit 
pirdiaring the existing equip- 

Digital VCRs have been used 
by professionals for some time, 
bat prices currently start at 10 
million yen. 

Besides offering sharp images, 
being digital means they win be 
easy to connect to computers and 
communications devices, so they 
can be used at the core of future 
multimedia systems. 

But analysts say the new ma- 
chines will need to costless than 
300,000 yen to catch consumer 

They also wonder whether the 
sbek editing functions and com- 

Brierley Seeks Bargains in Ads team Wreckage 

shushita, Victor Ca of Japan, 
Sharp Corp. and Sanyo Electric 
Co. in Japan; Samsung Electron- 
ics Ca of South Korea; LSI Log- 
ic Crap, and Texas Instruments 
Inc. of the United States, and 
BASF Magnetics GmbH of Ger- 

Analysts do not. expect the first 
commercial products to arrive 
until 1997, when full high-defini- 
tion television broadcasting is 
scheduled to begin in Japan. 

With regular television, the dif- 
ference between an analogue and 
a digital recorder will be minimal. 
Bat there are now serious doubts 
over whether Japan's HB-Virion 
HDTV system wm stiD exist then 
(Reuters, AFP) 

Remm ing at other thing s than pa ying off 

_ , bankas,” he said. 

MELBOURNE — The stock- 

market raider Sir Ron Brierley said . Sir Ron’s publicly traded hold- 
Friday be intended to salvage some ing company, Guinness Peat 
value from the wreckage of the Group, emerged this week as Ad- 
Australian investment group Ade~ steam's largest shareholder, with a 
laide St eamshi p Co. 526 percent stake. 

The New Zealand businessman Guinness Peat paid about 15 
said he hoped to win a seat on the cents a share, or 3.5 miUion Austra- 
Adsteam board so he would have a lian dollars ($2 million), for its 
say in the reduction of its debt, a stake, which has already risen in 
restructuring of its cross-share- value, with Adsteam shares listed 

holdings and the sale of other in- 

Friday at 21 cents, steady with 
Thursday’s dose. 

Konami Co., of Ninja Turtles Fame, Is Going It Alone 

Bloomberg Business Now 

TOKYO — With the giants Sega and Nin- 
tendo Co. already battling and titans such as 
Sony Corp., Matsushita and NEC Corp. 
poised to eater the fray, Japan’s video-game 
market may seem like no place for a pip- 
squeak gamemaker to strike out on its own. 

But that’s precisely what Konami Co. has 
done. The maker of “Teenage Mutant Ninja 
Turtles" mid “Lethal Enforcer" began its 
drive toward self-reliance two years ago when 
it broke an almost exclusive marketing rela- 
tionship with Nintendo and started seEmgto 
Sega Enterprises as well. By next March the 
company will depend on Nintendo for about 

half its orders, down from 80 percent a 

Ko namT s efforts to get out from under 
Nintendo’s thumb haven't stopped there; ei- 
ther. The company plans to open 50 amuse- 
ment arcades in Japan over the next five 
years, to build on the toehold h has gained in 
the traditional game market with a line of 
jigsaw puzzles and to design semiconductor 
circuits for atcade games. 

buttoijroaden its safesf»5& Profit has fallen 
from 8 bilhon yen ($78 million) two years ago 
to an estimated 3.45 billion yen for the year 
ending last month rat sales of 46.4 billion yen. 
The «*ming s decline stems largely from Nin- 

tendo’s slumping sales. This turned a once- 
prasperous alliance into a liability for Kon- 

“The company simply has to break free 
from dependence on Nintendo," said Yutaka 
Sagtyama. an analyst at UBS Securities. 

Konami officials declined to co mmen t. 

Just a few years ago, breaking from Nin- 
tendo wasn’t even a possibility. But now the 
lode that Nintendo and Sega have had on 
Japan's 3 10 billion yen game market is under 
siege: That may create new opportunities for 
little guys. 

Analysts say the key to Konami’s survival 
is in making its software available for use on 
the host of games machines about to come on 
the market 

“It’s now the time to start look- The purchase marks a return to 

Japan Bankrup tcy Debt Falls 

Compiled by Ow Staff From Dupadta 

TOKYO — Japan’s bankruptcy debt fell 37 percent in March from a 
year earlier, to 501.1 billion yen (55 billion), but the weak economy is 
likely to drive it higher soon, a debt researcher said Friday. 

A researcher for Tokyo Commerce & Industry Research Co. specified 
slow retail sales, the cool summer last year, the high yen and corporate 
restructurings as factors in an expected higher bankruptcy rale: 

The number of bankruptcy cases eased 3.2 percent in March from a 
year earlier, to 1,285. Compared with this February, cases jumped 22 
percent, but debts slipped 22 percent. 

Debt during the fiscal year ended in March dropped 10 percent from 
1993, to 6.8 trillion yen, Mule the number of cases was almost unchanged 
at 14,580. 

Industrial production for February was revised downward to a decline 
of 0.1 percent from a provisional increase Of 0.2 percent, the Ministry of 
International Trade and Industry said. (Reuters, AFPJ 

f amiliar territory fra Sr Ron, who 
formerly controlled the Adsteam 
group subsidiary. Industrial Equi- 
ty. through Bneriey Investments, 
the New Zealand-based investment 
company he founded. 

He said Guinness Peat’s invest- 
ment in Adsteam was speculative, 
adding that any benefits would not 
be obtained overnight. 

Adsteam, which has negative 
shareholder equity as a result of a 2 
bQHon dollar loss over the last three 
years, has been undergoing a re- 
structuring to reduce debt. 

Adsteam' s shares stood at 6.60 

dollars in early 1990, putting its 
value at at 2.6 billion dollars, be- 
fore fears about its 6 bQhon dollar 
debt took bold. 

Sr Ron said the debt-reduction 
program had been vital but that 
Adsteam had a chance to create 
shareholder value now that it had 
an influential shareholder. 

“There comes a time when some 
proprietorial input is justified and 
necessary," he said. 

He said Adsteam should consid- 
er unraveling its messy cross-share- 
holdings with the investor Tooth & 
Co. and the retailer David Jones 


IWOMVUhTW. M niv- -J7V 


Now Printed in 
New Yokk 
For Same Day 
Delivery in Key Cities 


1 - 800-882 2884 

(IN NEW YORK, CALL 212-752-3890) 

1 - : Tl i : ‘ 

* L * 

Two Left 
In China 
Auto Bid 

BEIJING — Chrysler Corp. and 
Daimler-Benz AG are battling ; « 
out in final bidding for an 8.8 bil- 
lion yuan ($1 billionjjoint-venture 
project in southern China. _ 

The UA and German auto g- 
ams are running neck-and-neck f o 
the project, which wiD form toe 
cornerstone of southern Chinas . 
automobile manufactunng ba^, 

the China Daily reported Fnday. 

The deal is to be made final in June. 

The Chinese partners in toe ven- 
ture, to be based in Zhaiman g , £ 
the southern province of Guang- 

mobile Manufacturing Plant. 

The planned factory is 
to have an annual output of ou.wu , 
minibuses and 100,000 fflotor ^ 
gines, the newspaper flri- Abou 

30.000 vehicles are produced annu- | 
afly is Guangdong Province, aim- 

pared with the market demand for , 

60.000 additional can each year 
“We foresee a bright future for 

the new project," an official with i 
the provincial planning cotmts- \ 
son said, adding th2t au«> demand 
was growing 10 percent annually. 

T» in SwftCT'fcqj 

jusJCoH, toll free, 

15557 57 



At Iyw tfreM) 80 km Grom Athens - a Casino license will be soon granted by the Greek 

The Municipality of Loutraki and Perabora, having the appropriate land as well as specific 
pre-Ieasibility studies for the touristic development of the wider area, and having mlerest to 
co-operate with investor in order to participate in the official tender for the acquirement of a 


Investors to submit proposals of expression of interest for the phase of pre-evaluation (short- 

Basic criteria for die pre-evaluation of the proposals: 

• Experience in large touristic deve lo pment programmes (amounts, invested, country, year, partners, eta). 

• Experience in constructing, orgamung and operating of Casinos (co-operation with other hotel of casino 

chains). . 

• Presentation of appropriate economic data indicating the fin a nci al statue of the candidate investor 

{balance sheet of last 5 years, shareholders). , 

• Co-operation with Banks with suitable references and permission to further request additional 

information. _ , . 

■ Minimum amount of investment for the first phase of construction of the project shocia be the amount 

of 40 million USD. 

■ Desired r TinT i m,IIT1 construction duration 3 years. 

Short-listed candidates will receive in due time from the Municipality the relevant 
prefeasibility studies which include: 

- The Hotel-Casino duster; 

- The construction and operation of a Marina, etc. 

Tie Municipality, with its Sodete Anonyme win collaborate with the st ra t e gic investor 
with a percentage share and terms which will be set daring the negotabon phase. 

AU proposals must be submitted by the 10th of May 1994 at thefolloicing address: 

JKanfefpalfty of Lortnfci - Pemboras 
EL Venbsdon 47 -Loutraki 

TeL* 9741-02172 & 01-7221932. 

. . ^ ana aaa mb w aa mm «a» a. aw am 

Return your order to International Herald Tribune Offers, 37 lambton Road, London SW20 OLW, England. t 

For Easter service, fax order to: (4481) 9448243 N/W|-_- — 


Please send me copies of THE FRONT PAffi. cm /cooe 

Price per copy: UEE39 (US$55), plus postage couniky — ■- - — .... - V1 n r.S x^tfinnrnov Payincni is by credit card only, pease charge to my tffdH cant 

Europe: £4.80 per copy, □ q □ MasaQid □ Eimxard □ Diners □ Visa 

USA/Canada: £780; CanJ ^ 1 1 1 i 1 i 1 i 1 » i 1 1 1 _i 1 1 Expiry (fata : 

Rest of world £13. 

Signature — — 

Please allow up to three weeks for delivery. company ek vat id n°. lj — L.I J l 1 I I— l — l — 1 — L_LJ 

Cosmos adv 

S,b .scz-ig., 

Page 14 



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April 16-17, 1994 


Maybe the 
Sages Know 


H ELL HATH no fury like an inves- 
Or perhaps, put more 
precisely, like one who has caught 
«■ Km r a °°W from fickle April weath- 

JJLJ2 f r rom **“ ***&*% dismal pcrfor- 
maaa of many emerging, Markets thisyear, 

merging markets that every sage 

S*®*“*“ mder *** capru^aslS 
seems still to be touting. 

How can they keep trying to sell us on the 
Philippines, Indonesia, Malaysia and Thai- 
land, not to mention Mexico and Argentina, 
goes an oft-heard refrain these days, when 
“* returns delivered by these mar , 

kets in 1993 have plummeted to earth with 
such agonizing thuds? 

facts would appear to lend credence 
to this cry. So far tins year, as measured by 
general equity indexes, the Philippine mar- 
ket is down 14 percent, the Thai market is 
down 27 percent, and Malaysia and Indone- 
®» - hav ?,? ch fallen about 20 percent Mexi- 
co is off by 12 percent since the first of the 
year, and Argentina is down 10 percent 
Hardly a repeal of last year, which saw 
those four Asia/Pacific markets rise by an 
average of 1 13 percent while the two Latin 
American markets climbed an average of 50 
percent Indeed, it was these upward curves 
that prompted investors to hop quickly onto 
the emerging-markets bandwagon — for 
many, as it turned out too late in the run. 

But if the research that has gone into fhfc 
week’s report on small companies has found 
a common thread, that theme is an old axi- 
om: The most successful investors are those 
who ride out the rough spots and hang jn for 
the long term. That has certainly been the 
case for small-company investors. 

It will likely be the case in these emerging 
markets as well. Healthy, not-o verb ea ted 
growth is quite rightfully projected for many 
Asia/Pacific countries in the coming years, 
and Latin America should continue to devel- 
op as sophistication grows and a more di- 
verse range of companies raises equity. 

If emerging-markets investors refrain 
from panicking, they might find that their 
advisers know something after all. p Q 

Small Companies: Tracking the Cycle 

By Conrad de AenBe 

O NE PECULIAR aspect of the de- 
cline in the U5S. stock market that 
began late in January is that 
shares of lag companies have been 
hit harder than those of smaller ones. 

The most widely followed market index, 
the Dow Jones industrial average of blue- 
chip issues, fell 1 0.9 percent during the two- 
month drop. An Index of smaller stocks, the 
Russell 2000, fared much better, however It 
held on gamely, actually marking a new high 
in March, before succumbing to the gravity 
that snared the other averages. From Jan. 31, 
when the correction began in the others, 
until the bottom earlier this month, the Rus- 
sell 2000 had a relatively mild descent of 8.1 

It is not supposed to happen that way. The 
conventional wisdom holds that shares in the 
stalwart industrial giants t hat make up such 
indexes as the Dow are less perilous to own 
during a decline. 

“Theoretically, small-capitalization stocks 
are more vulnerable in a bear market,*' 
James Stack, editor of the advisory newslet- 
ter InvesTedr Market Analyst “The reason 
is the lack of liquidity became they're thinly 
traded. Any setting pressure tends to push 
them down more man largocap stocks.” 

So, bow can the anomaly be explained? 
Analysts hold differing views. There’s also a 
lively debate over whether the most recent 
cycle favoring small companies, which began 
in late 1990, is petering oat arjust hitting its 

Some experts say the stronger perfor- 
mance by small-caps this year may show that 
they arejn a “longer-term upturn.” 

“People really believe that the turn has 
come in this group,” said Bernadette Mur- 
phy, a technical analyst at M. Kimmdman & 
Ca “They’ve chosen to hold on rather than 
sell than out If the correction continues, 
they will suffer, as well — nothing is impervi- 
ous to corrections — but we seem to be going 
into a rally time, so the Russell should rally 
as well” 

Mrs. Mmphy added that a healthy small- 
companies sector is a good sign that the 
market as a whole is in good shape. 

“It tends to add greater interest to the 
market when small-taps are performing,’’ 
she said. “Individual investors in particular 
enjoy small-cap stocks because they're easier 
to understand than big conglomerates.” 

Small stocks certainly had the worst of it 
during the bear markets of 1987 and 1990. In 
the first, which culminated in the collapse in 

October, the Dow fell 37.4 percent from its 
August high. The Russell 2000, which repre- 
sents the 2,000 largest stocks after the 1,000 
largest, fell 39.1 percent 
The difference was more pronounced in 
1990. The Dow fefl 21.8 percent during t he 
summer, while the Rnssdl index lost 30.5 
percent But the faithful who held their 
small-cap issues through the worst were well 
rewarded: While the Dow has risen about 55 
percent from its low in October 1990, the 
Russell 2000 has done more than twice as 
well, with a gain of 1 15 percent 
Indeed, that sort of performance has been 
the rule throughout much of the last three 
decades. From 1961 through 1983, tbs S&P 
500 beat the smaD-caps in only five of the 23 

A FTER 1983, everything changed. 

During the next seven years, small 
companies lagged their larger 
counterparts in every year except 
1988, the first year of the post-collapse run- 
up. The total return for the S&P 500 was 140. 
percent compared with a mere 19 percent 
for the smaller companies. 

Susan Hirsch, who follows small-company 
stocks for Lehman Brothers, says the leader- 
ship of small-caps since 1990 is likely to run 
on for some time. She notes that based cm 
traditional measures of valuation, such as 
the ratio of price to earnings, small stocks 
were trading at a 34 percent premium to 
large issues. That is dose to the bottom of 
the historic range, which runs from a slight 
discount to premiums of more than 200 
percent. That was the case in the late 1960s 
and in the early 1980s, just before they 
fell out of favor. 

Miss Hirsch also rites the well-document- 
ed pattern in which small stocks do belter 
than big ones for about seven years and then 
let blue chips take the lead for an equal 

“We’re very positive cm small-cap stocks,” 
she said. “We fed they have a few years to 
go. When they outperform it’s by a wide 
marg in , and they usually outperform for 
several years. 1 think we're midway through 
the cycle, which could go through 1997. 
That’s my best guess.” 

Not everyone is convinced. The analyst 
Robert Prechter notes that this year there 
was no January effect, the tendency for ’email 
stocks to outshine big ones during the start 
of the year. The Dow industrials rose about 
twice as much doling the month as the Rus- 
sell 2000. 

In the January issue of his Global Market 
Pe r spec ti ve newsletter, Mr. Prechter wrote 

Small Companies 

Page 17 

Historic performance 
European smafl-company funds 
U.S. small-company funds 

that “the bear market in secondary-stock 
relative strength that began 10 years ago has 
probably resumed.” In other words, the last 

probably resumed.” In other wards, the last 
three years was a corrective blip in the trend 
toward greater performance by blue chips 

toward greater performance by blue chips 
that started in 1984. 

Mr. Prechter bdieves that small-cap issues 
generally do better when a market advancers 

sttipTas the bull market ages. Should bigger 
stocks resume their ascendancy, it woaldbe 
one more negative sign of many that he sees 
in the market. 

But if the advance in small-caps has in fact 
run its course, then the course was a lot 
shorter than it was supposed to be. More- 
over, opinions differ on what is behind the 
seven-year cycle. 

Miss Hirsch gives the credit to the “techni- 
cal product cycle, an explosion of new tech- 
nology that has a multiplier effect on other 
technological processes.” While the two pre- 
vious eyries followed the birth erf the inte- 
grated circuit and the personal computer, the 
catalyst for this one, noted Miss Hindi, is 
the client server, the hardware that allows 
computer users to Share infor mation. This 
hardware, she said, should be tire “founda- 
tion for the information highway.” 

Mr. Stack sees a different baas for the 
cycle. In his opinion, the periods of relative 
strength and weakness reflect the mood of 
the trading public more than the intrinsic 
worth erf companies erf any particular size. 

“If one were to ask what makes small-caps 
outperform in one period and underperform 
in another, there’s really no answer ” he says, 
“other than the fact that investor psychology 
tends to make wide correctional swings.” 

Mr. Stack said that after the severe bear 
market that ended in 1974, blue drips were 
shunned and smalle r companies became so 

Sources: tobatson 

hot that they were priced well beyond what a 
person of sober judgment would have be- 
lieved them to be wrath. Then, in the early 
1980s, their shareholders wised qp, sold oat 
and replaced their small stocks with big 

The sell-off was “only natural,” Mir. Stack 
said. “Those stocks were carrying large 
price-earnings ratios and exorbitant valua- 
tions.” Today, the opposite holds, and “blue 
chips are too rich.” 

Large-cq> stocks can be thrashed about by 
popular caprice, too, of course. But they are 
mare liquid, and so the moves are generally 
less violent. They usually do not go up as 
much as small-caps, but they do not go down 

Herald Tribune 

that much, either. That is the dilemma pre- 
sented to investors. 

“Historically, small stocks do better than 
big stocks, but then there's the volatility," 
Mrs. Murphy said. “You can gain better 
profits, but yon have to be able to ride out 
the swings that small stocks take. Right now 
they represent a lot of value, but when they 
become extended and abused, their correc- 
tions become more severe.” 

The Money Report is edited by 
Martin Baker 

Morgan Grenfell 

In Britain, Some Reasons to Roar Again 1 European Growth Trust. 

By Rupert Bruce 


J UST AS Britain’s investing public be- . 
gan to accept the argument that die 
country’s smaller companies were its 
best long-term bets in the midrto-late 
1980s, these ruins ran into a major bear 
market For several years, small companies 
were soundly beaten by their larger rivals on 
the London Stock Ex ch a n ge. 

But things changed in 1993, when the 
long-awaited economic recovery came into 
view. Investors began to cast their minds 
back to times when the British economy was 
growing at a healthy pace. They recalled that 
stocks in smaller companies had provided 
some of their best investment returns and 
began to buy them. 

The Hoare Govetl Smaller Companies In- 
dex, the classic yardstick of stocks m smaller 
companies in Britain, shot up 44 percent in 
sterling terms last year. Thai performance 
made the Financial Tim es-S lock Exchange 
All-Share Index’s 15.6 percent return look 

Advocates of Britain's smaller companies 
expect them to achieve better returns than 
larger stocks for the next few years They 
also think they will do well compared with 
cash. This is despite the recent correcnon m 
equity markets worldwide and fears of high- 
er inflation and rising interest rates in Brit- 
ain. — „ 

Andv Yeo, a research analyst at H°are 


two to three years will be a good time tor 

smaller companies. . , u,. 

In fact, the securities house is ajjdrng 1 by 
fc its forecast of a 20 m M Hoare 

W Govcrt Smaller Companies Index tins year, 

^T^predicuon is based on Hoare Gt> 
veu’s estimates of earnings grow^ forlhe 

index’s 600 stocks, whichbyd^u^on^ 
prise the bottom 10 pwj .of the : Brmsn 

stock market o smaller 

rues team at Hdl Sanug “ ^jou (SU 
STofSore Gtobal PortfoUe 

““4" at mauler companies.^ 
lend builders. prup=W««^_ 

British Small-Company Performance 


Morgan Grenfell European Growth 



Source: Datastrmm 

No.l in Europe. 

neering stories. Those companies that do 
particularly badly in recession,” he says. 

With the economy apparently on an up- 
turn, he adds, “there is now the prospect of 
th em outperforming.” 

The recent fail in the stock market has 
failed to take as much shine off smaller- 
companies as larger ones. While the FT-SE 
All-Share Index fell 62 p erce n t in the first 
three months of this year, the Hoare Govetr 

Advocates of Britain’s 
smaller companies expect 
them to achieve better 
returns than larger stocks 
for the next few years. 

Small er Companies Index climbed 2.9 per- 

Mr. Yeo bdieves that much of the hiccup 
has been erased by a switch in the stock- 
market consensus. Earlier in the year, the 
feeling was that the next move in interest 
rates would be down; now it is that they will 

StiR he bdieves that after a quiet summer, 
smaller companies mil start to move higher 
again in the fall. This will be fueled % a 
combination of announcements of strong 
half-year earnings and a restoration of liquid- 
ity after this past winter’s demanding flood of 
stock issues, he says. 

But a sea change seems to love taken place 
in the British stock marto that should make 
picking die right stock far mare important 
than it has beat so far during this rally. 

International Herald Tribune 

Mike Giddings, a director of RothschQd 
Asset Management, which runs the offshore 
Five Arrows UJK- Smaller Companies Fund, 
says: “Inevitably, the urgency to achieve an 
exposure to smaller companies, where stock 
is often scarce, led to rapid price apprecia- 
tion and some fairly indiscriminate baying. 
That phase has probably now run its course. 
From here on, earnings growth is likely to be 
the chief determinant of stock-price perfor- 

But while smaller companies seem set for a 
period of superior performance, some stQl 
question Hoare Govetfs contention that 
smaller companies are the best equity invest- 
ments over the long teem. Despite 1993*5 
strong performance, the Hoare Govett Small- 
er Companies Index only surpassed its 1987 
pre-crash peak in January. 

The index has achieved an 18.7 percent 
annual compound return since hs da t aba s e 
began in 1955, and it has beaten the FT-SE 
All-Share Index by an average of 43 percent a 

Doubters say this may be because few in- 
vestors bought smaller companies before the 
]970s and, as a result, they traded on a lower 
and cheaper ratio of share price to earnings 
per share. These stocks have since become 
more popular and have caught up, so some of 
the glittering returns most be thanks to start- 
ing from a lower base. 

But Mr. Yeo is steadfast 

“If you look at the 43 percent return, two- 
thnds of that has came from higher dividend 
growth,” he said. “What we are saying is that 
the smaBer-canmames end of the market is 
able to producemgber dividend growth and it 
is th«t max drives ou tperfor m an c e.” 


The Morgan Grenfell European Growth Trust 
is the top performing European Growth Trust in 
its sector since its launch on 1 1th April 1988. 

An investment of £1,000 invested at launch 
would now be worth £3,919" representing a 
compound annual return of 26% " significantly 
outperforming the average European Fund. 


Against a background of falling interest rates 
and economic recovery in Continental Europe, we 
expect European stocks to generate substantial 
growth in the medium term. The Morgan Grenfell 
European Growth Trust is the ideal way to take 
advantage of the wealth of European investment 

For further details please call us today on 
44 71 826 0826 or complete the coupon below. 

To: Morgan Grenfell Investment Funds Ltd., 
20 Finsbury Circus, London EG2M 1 UT. 

Please send me further details of the 
Morgan Grenfell European Growth Trust 

Full Name 

Address — — 




'Source: Mkropot offer to bid, net moons le i madad since launch (1 1 .4.88), and 1 .3.89 k> 1.4.94. 

Phase remember to the value of unite and income fooro fen may Ul as ml as rise (thh may party be As result of exchange rde Inductions), 
and investor may not gel bade the original amount inv es ted. 

Pati per fo rmance is not neaasarfly o guide to future pet tu rmoncm. 

Issued by Morgen GrwfoS Investment Funds Iri, Finsbury Gran, tandon EC2M 1 UT. Member af IMfiO. Morgm GrenMI kiwsfenertf Funds Ud 
is an appointed representative of Morgan Grenfefl IM Trust Manager* ltd which is a member of 1MRO IAUTRO and fa AUPF. 

PRl V 


Now: No. 1 Account open for new clients 

-t £ Mn. 1 with Tvske Bank 

* No. 1 for interest^ aging with 

You get very possibility for 

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changing cuSmeyurterest rates world-wide. Please request our brochure. 

DKK: 5.000%* 
ECU: 5.250%* 
DEM: 4750%* 
GPB: 4125%* 

*(pcr April 1994) 

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j No. 1 in response 

Nents Mr/Mis/Mfca/Ms 





April 15, 


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every Saturday 
in the iHT. 

For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 

The conference, 

one of Asia’s leading energy forums, 
will be addressed by oil industry 
experts from the world over. 


Asia & the Pacific 

Singapore • June 15 (sf 16 

Mcral bl^pfoj SribuPC- The Oil Daily Group 

For further 

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Tel: (44 71) 836 4802 
Pax: (44 71) 836 0717 


Tapping In Early 
As Europe Recovers 

European Small-Company Funds 


By Peter Gartia nd 

&£££?■ companies in 

to look attractive again. ® 


mrat mZunch, said now is thed^ 
to buy mto those small companies 
thatru the three 

?SJi^ d 5 T5WDcd 111(1 ““derre- 

searched. He especially favors 
those that have lean, ntmbnreatH 
crane structures and a strong focus 
on boosting ear nings 

While Europe's small companies 
have been more severely battered 
by the recession than larger ones, 
they also have been more aggres- 
sive in restructuring their business 
units, he says. As a result, these 
companies are in a much better 
position for significant productivi- 
ty and earnings growth as Europe 
fmergsre from recession. 

Seeing a way to tap into this 
market as it forms, UBS launched 
its own Swiss franc-denominated 
European smaller companies fund 
last October. So far, it has attracted 
5740 million, mainly from private 
. investors. 

An even more recent addition to 
the sparse number of European 
smaller companies funds available 
to the international private investor 

the Jupiter Tyndall European 

- Smaller Companies Portfolio, a 
subfund of the company’s Luxem- 
bourg Global Fund 

Jupiter TyndalTs rationale for 

— launching a fund devoted to small- 

er companies in Europe this past 
January was to capitalize on the 
improving fortunes of such firms as 
the region's economies pull out of 
recession. - 

According to Jupiter Tindall 
the European economy as a whole 
is already showing signs of having 
reached its low point, and corpo- 
rate profits should rebound, boost- 
ed by lower interest rates, the U.S. 
economic recovery and widespread 
corporate rationalization. 

John Robinson, international 
" operations director at Jupiter Tyn- 
dall says that in most developed 
markets high-quality smaller com- 
~ panics exact a premium. He adds, 
however, that in Europe, despite its 
status as a major global market, the 

opposite is true: “It is stffl possible 
to buy weB-run growth stocks at a 
™scoum to the market.” 

Another sector fund was 
launched just this week by Fleming 
Fund Management (Luxemburg) 
SkA, which added a European gn»n 
companies subfund to its $1.9 bfi- 
hon Fleming Flagship umbrella 

P rivate investors 

can buy directly into Eu- 
rope’s smaller companies, 
but it this could be haz- 
artious, especially given the lade of 
research of the sector. Mr. Wht- 
toann says that many of the compa- 
res checked over by analysis from 
UBS had never been via ted before 
by a financial mstTtiftifltL 
The traditional lade of research 
in this sector is another reason, 
over and above the normal com- 
plexities of investment decision- 
making, for private investors to use 
a specialist fund and allow the 
managers to take the investment 

One of the longer-established 
funds in this area is GT Managc- 

Eorope’s small 
companies are in a 
good position for 
productivity and 
earnings growth. 

meat’s European Smaller Compa- 
nies, which was launched in 1984. 

The $120 million Dublin-based 
fund is managed by Justin Thom- 
son, who while careful not to pre- 
dict that Europe’s small companies 
“are going to gallop ahead in abso- 
lute terms,” nevertheless says they 
should do wdl compared until Eu- 
ropean stocks overall 
“What really gets small compa- 
nies going is the final downward leg 
in the interest rate cycle,” he says. 

Mr. Thomson manages the GT 
fund cm a stock-picking basis, rath- 
er ihan using the conventional top- 
down approach that starts by as- 
sessing the macroeconomic picture. 

“Hie primary objective is the 
identification of quality growth 
stocks, with national market con- 
siderations as secondary,” he says. 

t i iiiimiBiiii i i i i **i 


WmmMzzmMmmmemmMmmlk , 

Source: Mkropal 

Two of the more recent winners 
in his portfolio are MLP AG of 
Germany and UFF SA of France, 
both financial- sector companies 
that recorded dollar returns of over 
60 percent in the second half of 

The geographical breakdown of 
the GT fund as of March 1 showed 
a strong bias toward France and 
Switzerland, with these two coun- 
tries accounting almost equally for 
a total 42 percent of the fund’s 
assets. There was a 17 percent ex- 
posure in the Netherlands, 13 per- 
cent in Germany, 9 percent, in 
Scandinavia. 5 parent in Italy, 8 
percent in other markets and 6 per- 
cent in cash. 

F INALLY, modem asset 
management techniques 
require that, when invest- 
ing in equity markets, the 
large and the small capitalization 
structures should be dearly distin- 
guished, and separate portfolios 
constructed for each structure 
There are other strong argu- 
ments in favor of investment in 
European smaller companies at tiie 
present time. Including such stocks 
m a larger portfolio can also bring 
attractive diversification benefits 
and improve the overall risk/returo 
profile of an investor’s pan-Euro- 
pean portfolio. 

Anthony Bolton, who manages 
European investments for a num- 
ber <x Fidelity funds, stresses that 
smaller companies do generally 
outperform larger ones. Now that 
the economic decline in Continen- 
tal Europe appears to have been 
halted, be says, it is a reasonable 
bet to invest in tins sector. 

“The next recession is far enough 
away,” Mr. Bolton says. 

C URRENT major hold- 
ings in the GT fund in- 
clude IHCCalandNV, a 
Dutch capital goods 
manufacturer specializing in ma- 
rine technology; DQp Ing Fust, a 
Swiss electrical goods retailer; Naf 
Naf SA, a French concept retailer 
popular among young people, and 
Moebd Walther AG, a German 
furniture retailer. 

James Cape! does not offer a 
specific European smaller compa- 
nies fund to investors, but the com- 
pany does follow the sector closely 
through its Quantitative Tech- 
niques division. The James Cape] 
Smaller European Companies In- 
dex comprises 17 markets, 16 in- 
dustrial classifications and 966 
constituent securities. 

Adrian Tupper of James Capd 
says there were three reasons for 
com p ilin g the index. The first was 

U.S. Funds: The Best and the Brightest 



^ By Michael D. McNjckle 

S MALL caps are risky. For 
every fund that does well 
there seem to be dozens 
that are laggards. But fund 
Tianagers that specialize in ferret- 
ng out the best U.S. small compa- 
nies have often succeeded in tuni- 
ng risk into reward. 

One example is the Twentieth 
fentury Gif trust Investors fund, 
iased in Kansas City, Missouri, 
those performance over the five- 
nd 10 -year periods throu gh ti ns 
iast February was rated first in 
mall-cap funds by Morningstar 
Mutual Funds, the Chicago-based 
nalysis firm. The fund delivered 
n pnnnnlizgd return of 28.66 per- 
-nt over the five-year period, and 
4.66 percent over the decade. 

In addition, the fund ranked first 
l total return for all mutual funds 
overed by Morningstar over the 
Q-year period, and second over 
**ve years. 

The fund is unique, says Tweoti- 
Ji Century, in that it is designed 
idarivdy Tor investors wishing to 
ave a gift in trust to a child, 
■andchild, charity or anyone else 
her than a spouse. 

The fund requires a minimum 
)-year investment, which Gunnar 
■ ughes, a spokesman for Twenti- 
h Century, said “forces you to do 

what you really ought stay - 

invested and ride everything ouL 
We force you to stay in the market, 
and these kinds of returns are pos- 
sible whoa you do that. 

“We go for the very, very high 
flyers. Tmy companies in hot in- 
dustries. most of themmhigb-iecb- 
ndogy or buHned.” 

I NVESTORS seeking a more 

conventional fund — one 

not limited to gift accounts 
— might find Putnam’s OTC 
Emerging Growth fund worth in- 
vestigating. The BoSton-based fund 
ranks second on Mprmngstar's Id- 
year high-performance list, with- an 
annualized return of I8.72 percent, 
and fifth over the one-year period 
to Feb. 28, with a retain of. 4038 

Douglas Foreman, who man- 
aged the fund during in 1993, said 
his strategy was to look for fast- 
growing companies that were-yery 

“U a company is not a 17 percent 
grower ex better, we don't even 
look at it,” he said. “We Hke com- 
panies with little or no debt, good 
management, a good track record, 
and winch also own a lot of their 
own stock.” 

The fund’s industry plays in- 
clude retail gaming, health care, 
HMOs and biotechnology, Mr. 
Foremen said. Selections that did 
well last year, be added, included 



Snapple Beverage Corp. Liberty 
Media Corp-, and more recently 
Mid Atlantic Medical Services, 
which “went up SS even on a terri- 
ble day.” 

“We picked H up at about the 
$400 nwHan level in terms of mar- 
ket cap and it’s already up to about 
$600 million or $700 million,” be 

One fund that has not been 
around quite long enough to make 
the 10-year ratings, the PBHG 
Growth fund, bared in Wayne, 
Pennsylvania, has gained consider- 
able investor enthusiasm in recent 
years. The fund attracted money 
file a magnet when it changed to 
no-load status in early 1993; funds 
under management have grown 
from about S3 xtriDian then to $340 
million today. 

A MONG sznaS-cap funds 
covered by Morning- 
star, PBHG Growth’s 
performance placed 
first over the three-year period 
through Feb. 28 with an iwinnaliraH 
return of 35.57 percent. 

“Wd use a bo«om-up, stock-by- 
stock sort of approach,” said Gary 
POgram, who has managed the 
fund since its inception m 1985. 
Mr. Hlgram said the fund c urr ently 
had a Hst of about 430 stocks that rt 
considers, with about 100 being 
presently invested. The companies 
are spread across four major indus- 
tries: technology, consumer goods, 
health care and business services. 

“On average, the compani es are 
in the $250 nnffioo- to $500 miHion- 
raagein terms of revenue,” Mr. Pil- 
grim added. “They're typically 
growing wdl in excess of 25 percent 
annually, and they are companies 
that we would characterize as being 
in the wnergmg growth stage. Not 
the start-up, not the first two or 
three years, but the second stage 
where things are coming together 
and -where you can say with some 
assurance that there is a high proba- 
bOrty af sustainable growth." 
Rounding out the best-perfonn- 

Now is the time 
i for a leveraged ■ 
I investment in 1 

ing small company fundi in- the' 
United States is the MFS Emerging 
Growth B, based in Boston, which 
turned in annualized returns of 
41.97 percent 31.05 percent and 
26.61 perc en t over the one-, three- 
and five-year periods through the 
end of February. 

“We try and be early, and wc fed 
we get lower valuations when we 
are early” said John Ballen, the 
fund’s manager. “We can lake sig- 
nificant positions with a lot of up- 
side potential We also try and find 
companies which we think are rea- 
sonably rapid growers, say 20 per- 
cent or better, and we've been able 
to find those kind of companies. 
Someday they’ll get recognized by 
other investors.” 

Some examples of the fund’s ap- 
proach, Mr. Bailee added, include 
“very earty" investments in Micro- 
soft Corp., Office Depot Inc. and 
McCaw CeDular Communications. 

MFS Emerging Growth, with 
more than 5500 million under man- 
agement, was closed to new inves- 
tors earlier this year to preserve the 
flexibility of the fund. Mr. Ballen 
said, howevCT, that the- company 
bad opened two new funds, the 
Wold Growth fund and the OTC 
fund, that would follow an invest- 
ment strategy similar to the Emerg- 
ing Growth fund. 

For those who want to take the 
plunge into this investment arena, a 
word of caution. Expats say this is 
decidedly not the place to jump in 
and rail of the market. Michael J. 
Corbett, a senior analyst with the 
Chicago-based Mutual Fund Let- 
ter, said that investors “need to pay 
attention to the increased risk and 
the volatility involved" 

■j rce: Morningstar Inc. 

For complete details cm 
this high potential 
p ro g ra m, write/fiax today. 


Address - 

PS PffllfWkj Services SA. | 
Transmission Office (IHT) 
Znmikerstr. 18, 8702 1 

Zollflcon, Zurich, | 

Switzerland * 

Fax:(411)39203 55 I 


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Historically, Small Really Is Beautiful 

to examine whether the smaD-com- 
pany effect — Ioosdy defined by 
many analysts as the tendency of 
small companies to outperform 
larger rampant^ during economic 
recovery and over long periods of 
time — prevailed in Europe. 

Seco n d. cttmTIw companies in 
Continental Europe are now con- 
sidered to be a genuine asset cate- 
gory and it was necessary to have a 

definitive criterion for measuring 
their performance. 

By PlnBp Crawford 

porations can be very seductive to 
the retail investor. Globally known 
names and products, credibility 
bom or many years in business, and diversity 
that can smooth out a collapse in a particular 
sector or market can all lead to sustained 
earnings growth. 

Recently, however, vast corporate down- 
sizing and the well-publicized travails of 
blue-chip companies have dimmed the bril- 
liance or sprawling international concerns 
with wide-ranging product lines, prompting 
investors to look mto smaller, more market- 
responsive companies. 

Many analysts, acknowledging that mar- 
ket cycles play an important role in deter- 
mining whether large- or small -company 
stocks perform better, say that long-term 
investors should now be looking to small 
companies for dynamism and earnings 
growth. Volatility may be greater with small 
stocks, they add, but holding onto them has 
dear benefits. 

Historically, small-company shares have 
shown an eye-opening dominance over 
large-company stocks. According to a U.S. 
market study by Tbbotson Associates, a Chi- 
cago-based investment-consulting firm, an 
investment triads in small companies on 
Dec. 31, 1925, would be worth considerably 
more today ih»n the same investment put 
into large companies, Treasury bonds or 
Treasury bills. 

Defining “small companies” as a combi- 
nation of the New York Stock Exchange’s 
bottom 20 percent in terms of market capi- 
talization and like-sized companies trading 
on the American Stock Exchange and over- 
the-counter markets, the study found that $1 
invested in that index would nave grown into 
$2,757 by the end of 1993. 

In contrast, the same $1 would have grown 
into only $800 if invested in large companies 
— defined as those listed in the Standard & 
Poor’s 500 stock index — and into $28 if put 
exclusively into 20-year Treasury bonds. 
Thirty-day Treasury bills would have 
brought $11.73 from the $1 play. 

The compound annml rates of return over 
the 67-year period were 1236 percent for 
small com panies, 1033 percent for large 
companies, 5 percent for T-bonds, and 3.69 
percent for T-bills. Inflation, as measured by 
the consumer price index, was 3.13 percent 

annuall y. 

The volatility of small-company stocks 
over the same period, however, was 35 per- 
cent per year, compared with 203 percent 
for S&P 500 companies. 

“The upside is that small-company stocks 
clearly outperform large company stocks in 
the long term," said Keith Gctsinger, a se- 
nior consultant at Ibbotson. “And the cost 
associated with those returns is volatility. 
Small stocks go up quick, and they can also 
come down quick. But if you can deal with 

on Investment 

• 'yj 

Source, tobotson Associates 

the volatility and you’re a long-term investor 
with a perspective of 10 years or longer, then 
you want more small-company stocks in 
your portfolio.” 

Mr. Gctsinger sold be believed that most 
investors were unaware of how soundly 
small companies have outperformed larger 
ones over ^ 

“I think most people focus on their riski- 
ness rather titan on the potential returns,” he 

Despite the risk associated with new. 

According to a U.S. 
market study, an 
investment made in 
small companies in Dec. 
1925 wonld be worth 
considerably more today 
than the same investment 
pot into large companies, 
Treasury bonds or 
Treasury bills. 

small com panies, many analy sts say the rea- 
sons these concerns tend to perform better 
— not just in the United States but, generally 
speaking, internationally as well — are myri- 
ad. (hie reason often died is the companies’ 
tendency to focus on a narrow range of 

“We call some of them ‘category killers,’ ” 
said Roy McKay, managing director of 
Scudder, Stevens & Clark lnc_ a New York- 
based fund concern whose stable of products 
fr w - friHfc small-company funds. “They’re 
high-quality companies that have a singular 
focus. Some tremendous market caps have 
been created by such companies." 

As examples, Mr. McKay cited Cisco Sys- 
tems Lno, Much makes products used in 

fancmoJowl HenU Tribune 

building computer networks, XOinx Inc., a 
supplier of programmable logic devices, and 
ZLlog loo, which makes products for the 
data communications market. Each compa- 
ny is five years old or less and has had huge 
sale s namings -per-share growth Since 
going public. 

“Most of the recent innovation in certain 
sectors has also come from small compa- 
nies,” Mr. McKay said. “They’re more flexi- 
ble and can stay closer to the customer. Also, 
many of them are 1 still largely owned by 
y*nir>r management, and that creates a dif- 
ferent intensity level in the way a business is 
run. If management owns a lot, we know 
the/rc working late at nighL" 

Mark Adorian, managing director of M3- 
cropal the London-based fund-tracking 
company, panted to the conventional wis- 
dom that small-company stocks tend to do 
very well during a recovery period, as overall 
optimism about the market entices investors 
to court risk. He added that small companies 
can react to the scent of an upturn more 
quickly than larger firms. Of course, few 
market stories are rate-sided, and analysts 
stress that there can be disadvantages to 
investing in small companies beyond short- 
term volatility. 

First, there is the flip side of the recovery 
stray: Small companies tend to do worse 
heading into a recession as confidence sinks 
and investors torn to safer havens. Small 
companies also can have trouble gaining 
access to capital when they need iL 

In developed markets, however, the con- 
sensus is mat there is no reason why the 
history of small-company performance 
should not repeat itself in the decades ahead. 

Jean Sinquefield, executive vice preadent 
of Dimensional Fund Advisors, a Califor- 
nia-based company thai specializes in small- 
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Page 18 




Rangers’ Drive to the Top of the NHL Fueled in Part by 4 Russians 

By Joe Lapointe 

New York Tims Service 

NEW YORK — En route to the regular- 
season championship of the National Hockey 
League, the 1993-94 New York Rangers were 

often defined by two primary subgroups: for- 
mer Edmonton Often and former Chicago 

mer Edmonton Often and former Chicago 

The former Oilers are seven veterans with 
Stanley Cup rings, led by Mark Messier, the 
team's captain, whose personality dominates 
the clubhouse. 

The former Blackhawks include six veterans 
plus the coach, Mike Keenan, whose personal- 

ity dominates many other things about the 
franchise. Most of the former Chicagoans were 
among die group Keenan took to the finals two 
seasons ago. 

A third subgroup, less celebrated but equally 
significant, is the quartet of Russian players, 
mostly young ones, who have joined the team 
over the last three seasons. 

As the Rangers headed into the opening 
game of the Stanley Cup playoffs on Sunday, 

agains t the New York Islanders, these four 
Russians had emerged as key components of a 
team with a respectable chance to win its first 
cup since 1940. 

They are Alexei Kovalev, a second-year for- 
ward whose recent heroics have helped the 
Rangers finish the season with an 8-2-2 record; 
Sergei Zubov, a second-year defenseman whose 
power-play prowess made him the team's scor- 
ing leader with 12 goals and 76 assists; Alexan- 
der Kaipovtsev. a rookie defenseman who has 
quietly become a steady, valuable regular, and 
Sergei Nemchinov, a veteran center. 

Nemchinov, who has little to say in two 
T-mgiiag re, U the senior leader of the group at 
30. Even though Russians started joining the 
NHL in 1989, he became the Rangers' first 
Russian player in 1991 after nine seasons with 
Red Array and Soviet Wings. 

“It’s a credit to Sergei Nemchinov, being the 
torch-carrier who came here first and made all 
of us believe that Russians were great guys to 
have on the team and great people and all that,'’ 
said Neil Smith, the president and general man- 

ager of the Rangers. “1 think North American 
players have to learn that by experience. If the 
first guy coming in had been a jerk, then . . ." 

Smith's voice trailed off, but the implications 
were obvious. The next Russian Ranger, Kova- 
lev, wasn't exactly a humble, reserved, team- 

anything that comes into his head, even if 
nothing does. 

On the night after the Rangers clinched the 
Presidents’ Trophy with a 5-3 vicituy over To- 

ronto in Madison Square Garden, for instance, 
Kovalev discussed his two goals, both on ex- 

Sergei Zubov, 23, who became the team's scoring leader, 
f has played fabulously for us, 7 said the coach, Mike Keenan. 

oriented, mature veteran. He was 19, a first- 
round draft choice, a raw package of skill and 
wilL Kovalev recently turned 21 and his scoring 
has exploded since he moved from right wing to 
center a month ago. 

On any night, Kovalev might dazzle the audi- 
ence with a spectacular goal set up by swift 
skating and tricky stick handling. 

At nines, Kovalev might lose his temper and 
be suspended for spearing an opponent or for 
causing injury by tripping him from behind. 
And, when the game is over, Kovalev might say 

biJaratrag rushes, which gave him 10 in the last 
11 games and 23 for the season. He predicted 
that next season he might score, oh, maybe 35. 

In midspeecb, be felt the steady gaze of 
Messier, who lurked nearby, pretending not to 
listen too intently. Suddenly, Kovalev dropped 
his eyes and began to discuss team play and his 
defensive responsibilities. He is a work in pro- 
gress, this kid. a potential masterpiece. He also 
Finished the season with 23 goals. 

When Keenan moved Kovalev from right 
wing to center, Kovalev sought advice from 

Messier, a 15-year veteran at the position. Messi- 
er said the importance of the conversation wasn't 
so much what was said, but that it took place. 

“That in itself speaks of his maturity ” Messi- 
er said. “AH of a sudden, he said “Gee, maybe I 
can learn some things,' and he did." 

For most of the season. Messier was the 
scoring leader of the team. But in the latter 
stages be was overtaken by Zubov, a 23-year- 
old who joined the team last season. Messier 
finished with 26 goals and 58 assists, for 84 
points, four fewer than Zubov. 

On the power play, Zubov works the point 
with growing poise and assertiveness, driving 
shots to the net when he has the chance, moving 
the puck to teammates when coverage con- 
verges on him. He is one of the better Rangers 
at anticipating the flow of play and putting 
himself in position to intercept a pass. Off the 
ice, he can be laconic and opinionated, likely to 
critique the condition or the ice in Montreal or 
the quality of the air in California. 

Last season, Zubov spent half bis time at 
Binghamton in the minor leagues. This season 

he «»«» to training camp out of shape sad 
Keenan sent him to the minors again briefly-':. 
After an horrendous first period in an way- 

A Double Record 
For the Sonics in 
Rout of Clippers 

The Associated Press 

The Seattle SuperSonics have 

been saying all along that they have 
the deepest team in the National 
Basketball Association. 

And against a Los Angeles Clip- 
pers team playing out the string, 
the Sonics proved their balance 
with a startling display of depth on 
Thursday night. 

They not only scored the most 
points by an NBA team this season, 
in a 150-101 romp, but the Sonics 

Warriors 113, Trail Blazers 108: 
Latrdl SpreweU scored 27 points, 
Golden State rallied from a 16- 
point second-half deficit in Port- 
land and, with its fourth straight 
victory, took a one-game lead over 
the Trail Blazers in the race for the 
sixth playoff position in the West- 

in a lsu-iui romp, out tne homes 
put 10 players in double figures for 

the first time in league history. 

A laytrp by the little-used Steve 
Scheffier with 8.4 seconds left 


made him the 10th double-figure 
player as the Sonics eclipsed the 
record of nine players in double 
figures set by the Philadelphia 
76ers in 1977 against Washington. 

‘There’s a lot of good players 
that don't get much of an opportu- 
nity to play." said the coach, 
George Karl "Shelf was great out 

Scheffier’s 11 points were a ca- 
reer high. He joined Detlef 
Schrempf with 21, Vincent Askew 
with 18, Shawn Kemp with 17, 
Kendall Gill with 16, Chris King 
with 15, Gary Payton with 14. Mi- 
chael Cage and Nate McMillan 
with 22 each and Ervin Johnson 
with 10. McMillan and Payton had 
six steals each. 

“It was nice for some of the 
younger guys to get a chance to 
showcase their talents,” Kemp 

All 12 Sonics scored as Seattle 
rolled to its 59th victory and im- 

S roved its hamccoun record to 35- 
. Seattle has a 2 Vi-game lead over 
Houston in the race for homecourt 
advantage throughout the playoffs. 

The point total was the most 
since the Sonics scored 154 in a 
five-overtime loss to the Milwaukee 
Bucks on Nov. 9, 1989. The previ- 
ous high in the NBA this season 
was 146 by Golden Slate against 
Minnesota mi April 1. 

Jazz 101, Spurs 90: Utah swept 
the five-game season series against 
San Antonio as Karl Malone 
scored 23 points and Fehon Spen- 
cer had 22 points and 17 rebounds. 

Spencer had three 3-point plays, 
including one that capped a 9-0 run 
that tinned the Jazz’s 76-74 edge 
into an 85-74 lead with 8:06 left 
David Robinson scored 31 
points for the Spurs, but he had just 
six in the fourth quarter before 

foulingout with 3:19 r emainin g 
Yinny Del Negro scored 15 points. 

VinnyDel Negro scored 15 points, 
but cmly three in the second half for 
San Antonio, which fell four games 
behind first-place Houston in the 
Midwest Division. 

Knicks 111, Bullets 106: New 
York clinched its second straight 
Atlantic Division crown, winning 
at Washington behind 33 points 
and 13 rebounds from Patrick Ew- 

Rolando Blackman's 3-pointer 
with 61 seconds left snapped a 100- 
100 tie and enabled the Knicks to 
pull even with idle Atlanta in the 
race for homecourt advantage in 
the Eastern Conference playoffs. 

Hornets 112, Magic 108: Char- 
lotte unproved its slim playoff 
hopes as Larry Johnson scored a 
season-high 31 points and Alonzo 
Mourning hit a key jumper with 37 
seconds left 

Mourning, who scored 17 points 
on 5-for-14 shooting, made a 15- 
footer after Shaquille O'Neal 
scored 12 consecutive points to 
trim the Hornets' lead to 109-107 
with just under a minute to go. 

O'Neal led Orlando, which had a 
four-game winning sneak snapped, 
with 37 points and 16 rebounds. 

Gretzky Gets 10th Scoring Title, 
Hasek Is Season’s Top Goalie 

him to shape up or he would spend 

his career in the minors. Zubov responded . 

“He’s played fabulously for us," Keenan 
said. “He plays every situation. He's capable of 
ft. He’s another player completely on tbrop-y 
swing. He reportal in terrible condition. Awnd. 
Once be realized he made a mistake, he wasa 
man on a mission. He’s never looked back since 

In a curious way, the Rangers can thank 
Karpovtsev for helping to steer Zubov toward 
hockey when they were children in Moscow. - 

“When we were schoolboys, 7 years old. I 
said to him, ‘Hey, Sergei, let’s go and sign up 
and train for hockey.’" Kaipovtsev said, 
through an interpreter. “Our families lived veiy 
dose by, and we celebrated all our holidays and 
did everything together." 

Kaipovtsev was drafted by Quebec but never 
played there. He joined the Rangers through a 
trade last September for Mike Hurl but, and 
Finished with 3 goals and 15 assists. 

Karpovtsev said the family bond between 
him and Zubov continued, and included Nem- 
chinov and Kovalev as wriL There are together 
in the back of the bus, talking or hanging out at 
each other’s homes. 

The Associated Press 

While the Los Angeles Kings didn’t make the 
NHL playoffs this season after reaching the 
finals last year, they did have the league's top 
scorer, Wayne Gretzky, who took home a re- 
cord 10th scoring title. 

Buffalo's Do minik Hasek was the top goat- 
tender and Vancouver's Pavel Bure the top 
goaf-producer in the 1993-94 season. 

They were the unofficial leaders as the NHL 
finished its regular season Thursday night and 
looked forward to the Stanley Cup playoffs, 
which start Sunday. 

Gretzky finished with 130 points to 120 for 
runner-up Sergei Fedorov of Detroit. The 
Kings’ center compiled 38 goals and a league- 
leading 92 assists during a season in which be 
broke Gordie Howe's all-time goal record of 
801. Gretzky finished the season with 803. 

Fedorov had 56 goals and 64 assists in his 
120-poim totaL Boston’s Adam Oates finished 
third in the scoring race with ] 12 points on 32 
goals and 80 assists. 

None of the New York Rangers, who won die 

Presidents’ Trophy with the league's best re- 
cord, finished in the top 10 in scoring, although 
Adam Graves set a team record with 52 goals. 

Hasek lopped the goal tenders statistically 
with a a 1.95 goals- against average. He became 
the first goaltender in the NHL to post a sub 
two-goal average since Bennie Parent did so for 
the Philadelphia Flyers with a 1.89 in 1974-75. 

Hasek also lead the league in save percentage 
with .930 and was tied with Montreal's Patrick 
Roy and Chicago's Ed Belfour for shutouts 
with seven. 

New Jersey rookie Martin Brodeur, who led 
the Devils to their best season in history, was 
second with a 2.40 goals-against average. Roy 
was third at L50. 

“We get together to celebrate different occa- 
sions," Karpovtsev said. “My birthday was the 
other day, so everyone got together to celebrate. 
Several days before, Alexei had everybody over 
for palmany, which are like little raviolis with 
meat, which Russians eat Yes. Alexei made 
them himself. 

“It's not that we're so bad off that we are 
co nstantly meeting each other,” Karpovtsev add- 
ed, “but it is nice to be able to get together.” 

Smith said no one in the organization treaiaL 
the Russians differently from Canadians oP 
Americans or Europeans from other nations. 

T never hear than referred to as ‘the Rus- 
sians,’ ” Smith said. T think that is very impor- 
tant. That, in itself, would show a rift” 

Messier said the four Russians “have been 

“The guys have accepted them," he said. 
“They have conformed and they have tried to 
learn about the game over here and it has made 
a big difference. We all have different pasts. We 
all come from different places. Bat when any- 
body comes through that door the first time, 
they become a Ranger.” 

Bure was the only player to reach the 60-goal 
td this season. He was followed in that cate- 

kvd this season. He was followed in that cate- 
gory by Bren Hull of St. Louis with 57. 

Boston's Ray Bourque was the top scorer 
among defensemen with 20 goals and 71 assists 
for 91 points. Philadelphia's Mikael Renbere 
led all rookies in scoring with 38 goals and 43 
assists for 81 points. 



The NHL Regular Season ’s Leaders , Milestones Reached 


Player. Toom op O 
Wovno Gretzky. LA II 3 
Serge) Fedorov, Det 82 54 

Adorn Oates. Bos 77 32 

Doug GMmaur. Tor S3 27 
Pavel Bum, Van 74 40 

Work Recent Phi 84 40 

Jeremy Roenfck. CM 84 44 

B. Shanahan, StL 81 S3 
Jaromlr Jeer, PR 80 32 


Ron Fronds. Pittsburgh, 1,000th, OcL It, 1993. 
Bemie Nkholis. nj, 1.000th. Fetx U 1994. 
Dina decortUI. Detroit. unotti. March 9, 1994. 
Brian Propft Hartford, lJMOth, March 19, 1994. 
Shu touts 

Patrick Roy, Montreal. 25th. Jan. 26, 1994. 
Plovers Wltb 8N or More Assists 

Bullets Tom Gugfiotta and Kevin Duckworth si 
Bonner tat not tne Knicks, wbo won the Atlantic 

Jre (■co/ftoKn 

with 37 points and 16 rebounds. 

Rockets 194, Kings 99: Hakeem 
Olajuwon scored 34 points and 

Robert Horry had career highs of 
30 points and 14 rebounds as 
Houston beat Sacramento and set a 
franchise record with its 56th vic- 

Tbe Rockets won their sixth con- 
secutive game and defeated the 

Kings for the 23d time in 24 games 
in the Summit. 

Olajuwon scored 11 consecutive 
Houston points during a stretch 
when the Rockets outscored the 
Kings 17-2 for a 72-61 lead with 
one minute left in the third quarter. 

B. Shonohan, StL 81 52 SO 102 

Jaromlr Joor, PR 80 32 47 *9 

Dow Andreychuk, Tor 83 S3 45 98 

Goal In 

(Minimum 25 (amt] 

Mayor, Team OP Recant oaa 

Domkrik Hasek, But 58 30-204 US 

Martin Brodeur, NJ 44 ZM1-8 240 

Patrick Ray. Man 48 35-17-11 230 


Glenn Anderson, Twanto-N.Y. Rangers, 
1400th. NOV. 24. 1991 

Ml keFolIgna Toronto- Fla, UDOttL Jem. 7,1994 
Dale Hmnenhuk. Buffalo. 1 40»h. Feb. 4. 1994 
Paul Cottar. Detroit, 1.000th, F«a 14, 1994. 
Denis Seward. TB, 1400th. Feb. 27, 1994 
Brian Props. Hartford, jjxwft. Mores i W94 
Keith Acton, NYI, 1,000th. Feb. 21. 1994 
Jacques Demerw Montreal caactL 7nth, Dec. 
4 1992 

Robot NHIsctl Fla.cXMCiv750th.Jan. 17. 1994. 
Amty Mooo. Dallas. 500th. Oct. 16. 1993. 
Kelly Hrudey.LnAngetea.500tft.Jan. 11,1994 
John VOnbtasbroudv Fla. 500th. March 24 1994 

Gretzky. LA, BQ2U, March 22 1994 
Gratzkv. BOOftv March 22 1994 
Brirnie Nkftctls. NJ, 400th. Qcl. jl. 1993. 
Dave Andreydwk, Tar, 400th. Dec IE 1993. 
Brian Bet tows, Montreal, 400tn, Jon. 24 1994 
Brett Hull. St. Louis, 400th. March 1. 1994 

Steve Vienna n, Detroit. 400tlv Oct. 13. 1993. 
Doua Gilmour. Toronto. 400th, Jan. 14 1994 
Mkmrt Goulet, Chicago. 400th, Jan. 27. 1994 
Ai Macinnls, Calgary, Moth, March IE 1994 
Berate Nichalls. NJ. 600ftv March 19. 1994 

x-Wavne Gretzky, Edm-LA 
Gonfle Howe, Def-Har 
Marcel Dianne. Drt-LA-NYR 
x-Paul Cotfev. Edm-PH-LA-Oet 
Stan MIkita Chi 
x- Bryan Tranter, NYl-PIt 
x-Rav Bourque. Bos 
Phil Essw/fn. GhABas-NVR 
Booby Clarke, Pldl 
x-Mork Messier, Edm-NYR 
Alex Detveeduo. Det 
x-Oate Hawerchufc, Win- But 
Gil Per r eault, But 
John BucrK Det-Bos 

Active Player* aaslag In 
Denis Savon). Chl-Man-TB 
Peter Stastny, Oue-Nj-StL 

Plovers With 509 Goals 
x-Wayne Gretzky, Edm-LA 
GanSe Ho we. Del -Mar 
Marcel Dionne. Det-LA-NYR 
Phil ElPOUtO, Oll-BOS-NYR 
x-MJke Gartner, was-Mln-NYR-Tor 
Bobby MulL ChhWln-Hor 
Mike Bossy, NYI 
Guy Lafleur. Man-NYR-Que 
John Bucyk, Del-Bos 
x-Jorl KurrL Edm-LA 
x -Michel Goulet, Que-Chl 
Maurice Rlcfxjnl. Mon 
Stan MIkita. Chi 
Frank Manovllch, Dor-Tor -Mon 
x-Bryon Trettter. NYl-PIt 
x-Olna CfccorallJ, Mln-Was-Det 
Gil Perreault. But 
Jean BeUveau, Mon 
Lanny McDonald. Tor-Col-Col 

Active Players Ctaelne le 
Marla Lemteux, PH 
Date Hawerdwk, win-Buf 

Gem Anderson, Edm-Toft-NYR 
Mark Messier. Edm-NYR 
Stew Ynrmofi. Det 

Plovers wm 1AM Pol 

x-Wavne Gretzky, Edm-LA 80 
Gordie Howe. DePHor 801 
Marcel Dianne, Det-LA-NYR 731 
Phil Espaslta CM-Bm-nyr 717 
Stan MtkHa, CM 541 

x-Bryon Trotttar, NYl-PIt 524 
John Bucvk, Oat-Baa 556 
Guy Lafleur. Men-NYR-Que 540 
Gilbert Perreault. But 512 
x-Mark Messier. Edm-NYR 478 
x-Date Hawonchufc. Wln-Buf 484 
Alex DelvecctHa, Oet 454 
*-P. Cotfev. Edm-PtHj&OM 344 
Jean Ratetta. NYR-Sat . 491 
x-Jort Kuril, Edm-LA ' 555 

x -Den Is Savord. Cm-Mon-TB 441 
x -Peter Stastny, Ote-NJ-StL 449 
Norm unman, Del-Tor 490 
Jean Bellveau. Man 507 
x -Marta Lemleux, PH 494 
Bobby Clarke. PM 358 

x-Ray Bourque. Bos J11 

All Ptl 
1455 2458 
1049 1,850 
HMD 1,771 
873 1J90 
924 1447 
901 1,425 

813 U49 
7*3 1 .353 

814 1,326 
838 1,316 
814 U9B 
B25 1,281 
934 1,278 
778 1.367 
712 1.247 
797 1.238 
787 1 .234 
739 1229 
712 1419 
717 1211 
852 .1410 
077 1,188 

»MG«1ner. WbfrMkvNYR-Tor 617 
Bobby Hull. au-wm-Har 610 
x -Michel Goulet, Que-Oil 548 
Berate Federiuv StL-Dtt 389 
Mike Bossy, NYI 573 

x-5teve Ynrman, Det 449 
Darryl Siftler. Tar-Phl-Oet 484 
F. Mchovilch. TonOet-Mon 533 
x-Ron Francis, Hof-PIt 338 
Daw Taylor, LA 431 

x-GAndersan, Edm-TarNYR 480 
Dents Patvln, NYI 310 

Henri Richard, Mon 358 

Bobby Smith. Mln-Mon 357 
XrtLNIciiOUI. LA-NYR-Ed-NJ 416 
Rod Gilbert NYR 408 

x-Dlno aceor*lll,Mlr>-Was4>et 513 
Lanny McDonald. TopCoI-CijI 500 
x-B. Promt PM-Bas-Min-Har 425 

» 1,171 
540 1,170 
604 1,152 
761 MJO 
S3 1,124 
453 1,122 
437 un 
570 1,103 

741 UDV 
638 1W 
579 14V 

742 1451 
488 14M 
479 1 436 
<07 1423 

«15 ton 

501 IJJ14 
504- UXM 
579 1J»4 


Leading Defensemen in Goat Scoring fn 

x-Paul Coffer. Edm-Pft-LA-OVt 
Denis Patvln. NYI 
x-Ray Bourque, Bas 
Bobby Orr, Bos-Chl 
Doug Maim BaXhMMn-AH-Was 
(jc-ocffve glover) 


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Page 19 

- W .:■ i 

A A? p ■ 

T . N . 

" ■ * * ^ ' 

Maddux Pitches 3-Hitter, 
Braves Top Giants Again 

her Matt Waibeck tagged out Junior Noboa in the seventh inning, then in the ninth singled in me of the four runs that gave the Twins a 5-4 victory in Oakland. 

At World Cup, a Country Twang to Offmt Tenors 

. Compiled by Our Staff From Dispatches 

• LOS ANGELES — Opryland Produc- 
tions, owned by the company that runs 
Nashville’s celebrated Grand Ole Opiy 
country and western music hall , will produce 
the World Cup opening ceremonies in Chi- 
cago on June 17, the soccer tournament’s 
organizers have announced. 

The half-hour ceremony, before the open- 
ing match between defending champion 
Germany and Bolivia, will be a tribute “to 
the spirit of the games utilizing a cast of 
thousands, exciting special effects and a 
spectacular finale,” a s tatem ent said. 

It should also be a contrast with the July 
16 concert in Dodger Stadium in Los Ange- 
les, at which tenors Pladdo Domingo, Lu- 
ciano Pavarotti and Josfc Carreras will sing 


together for the first time since July 7, 1990, Northern Ireland, a non-qualifier, in Fox- 
the night before the World Cup final in Italy, boro, Massachusetts, cm June 3. 

Walt Disney Co. was originally to pro- • Christian Ziege, the Bayern Munich de- 
duce the opening ceremony in Chicago, but fensive midfielder who is one of Germany’s 
the agreement collapsed and was terminated most talented young players, is out of the 

by mutual consent in February. 

In other soccer news: 

• The June 11 exhibition match between 
Italy and Costa Rica has been moved to the 
Yale Bowl in New Haven, Connecticut, be- 
cause Giants Stadium outside New York 
CSty began instaffing a mass field this week. 
Only one exhibition wm be played there, 
between Colombia and Greece on June 5. 

It was also announced that Saudi Arabia 
and the host VS. team will play an exhibi- 
tion match May 25 at Rutgers University in 
New Jersey, and that Colombia will play 

World Cup after tearing hgaments in his left 
ankle, the team’s doctor said Friday. 

In Buenos Aires, a federal court ruled that 
Diego Maradona had complied with the 

treatment ordered for cocaine abuse, and' invasion of 
thus dosed his 1991 drug case. •The Its 

• FIFA said it won’t stop World Cup UEFA of 
organizers in the United States from re- officials dw 
questing <rimrnnl histories and investigative • F-n gfam 
records from those seeking credentials for home mate 
the tournament. least follow 

“If s not in our ballpark directly,’ said the Football / 
FIFA spokesman Andreas Horen. “We owners. 

The Associated Press 
ATLANTA — It was Greg Mad- 
dux at his best and even John Bur- 
kett, who won 22 games last season, 

was taking notes. 

Maddux pitched a three-hitter in 
besting Burkett, and rookie catcher 
Javier Lopez hit two home runs and 
drove in four runs as the Atlanta 
Braves beat the San Francisco Gi- 
ants, 6-1, Thursday night. 

It was Atlanta’s ninth victory in 
their first 10 games of the season. 
The Giants, who beat the Braves in 
the series opener on Tuesday night, 
lost for fourth time in five games. 

Maddux, now 3-0, is seeking an 
unprecedented third straight Cy 
Young Award. He struck out nine 
and didn’t walk a batter. He has 
allowed only one earned run in 26 
innings, lowering his ERA to 0 J5. 

The Giants’ run in the ninth was 
unearned, coming on a sacrifice fly 
by Willie McGee after Darren 
Lewis opened the inning with a 
. single and took second on an error 

and third on a ground out. 

Twins a 5-4 victory in Oakland. “I try to watch torn (Maddux) 

• and do some of the thin g s he does. 

He’s amazing,” said starter and los- 
er Burkett, who was 22-7 with a 
• m 3.65 ERA in 1993 and was fourth in 

o/if f /1V| the Cy Young voting. 

9C^I/ JL t/f I %3 Maddux threw only 96 pitches 

and 74 were strikes, with 25 first- 
, , strike pitches, 

consider rt unfortunate because of the way it “He’s in a league of his own," 

was handled. However, for overall security rotation mate John Smoltz said, 
and safety, it seems we have to live with iL” “You can’t pitch any better than 
The security waivers are being sought for he did tonight,” said the Braves’ 
the 5,000 to 7,000 media personnel expected pi tchin g coach, Leo Mazzone. 
to attend, as well as for sponsors, employees, ^You just sit there and watch his 
volunteers and teams . mmmanH and you’re in awe.” 

Major U.S. news or gan i z ations have pro- it didn’t appear to excite the un- 
tested against the forms, saying they are an flannahle Maddux, who rarelv 

command and you're in awe.” 

It didn't appear to exdie the un- 
flappable Maddux, who rarely 
_ t. . shows emotion. 

• The Italian club Tonno was cleared by “I can’t complain," he said. 

UEFA erf charges it tried to bribe game Asked if this was one of his finer 
officiate during the 1991-92 season. performances, Maddux replied: 

• England will continue to play all Us “There’s always room for improve- 
home matches at Wembley until 2002 at meal, but I was pretty satisfied 
least following an agreement between the with my pitches tonight.” 

Football Association and the stadium's in addition to the nine strike- 
owners. (Reuters, AP, AFP) outs, Maddux had 15 ground outs, 

two pop ups to the infield and only 
ODC OOtfidd put OUt 

“It was too much Maddux, far 

too much Maddux," said the Gi- 

ants’ manager . Dusty Baker. 

18 Lead in Whitbread Deion Sanders took care of the 

offense early with a run-scoring 
and (AP) - — The J apan e s e-New Zealand double in the second, then scoring 
: unpredictable winds of the mid-Atlantic on an error by Matt Williams on a 
ed its lead on the fifth leg of the Whitbread grounder by Jeff Blauser. Sanders 

raised his average to .61 1 against 
id yacht Merit Cup by 33 nautical miles and T Wfc^tt 
over the second Whitbread 60, Galicia 93 Lopez then connected for his 

Football Association and the stadium's 
owners. (Reuters, AP, AFP) 


J J r .~ (Wor-)9)wItti one RBI and three stolen boa**. 

^ ' 1 1 1 , He hat walked three time*, struck out eight 

i t1mo*.Helia»omiBtit11tlvbail*Inrtghtlleld. 

Major League Standings Japanese Leagues 


CM* Mukitvi CMlnd UKX0D0 


"{ j ** Yomiuri 4 a o mt - 

i l ^ Ml Yakut 3 2 D m V* 

g Q ™ n ?° rB * * -J2 £ Yokohama 3 3 0 300 1 

Toronto " * Hiroshima 3 3 0 JO m 

j 1V * awnichl 3 3 0 MO 11* 

De ^' r-rt.-ii.irt- M Howhin r-r e- Ml 1* 

. Central Dfotaioa Friday's R«*ott* 

* J ® .7 Yakut 4, Ygmlurl 3 

T" y ’ w "“ e ? J ® HaraMn 5, Yokohama 0 

f f l cnurtehl 7. Hiroshima 3 

Kansas City 2 5 -286 4 po dfi c Ijagiff 

Minnesota 3 7 -300 W L T Pd OB 

WestDIvtsloa Dalai 4 2 8 MU — 

Oak tend s 4 Jii* — 4 2 0 .667 — 

California * f IE 3 3 0 300 1 

T » x “ ’ J 2 Nippon Ham 3 3 0 J00 J 

Seattle 7 6 i50 2Yi Lotte 2 3 0 .400 lit 

■"EBSaSr" 8 Ktntehw 1 4 0 JU 2Vi 

M GB Rhhhr*R«dt* 

"S 1 (S GB Lane 7. Daw 0 

l \ , Soibu 4. Orix 1 

5 1 “ * H-IXB— . 

Montreal 4 5 -444 414 

Philadelphia 4 5 444 4to 

Control Dhrtstaa 

Cincinnati ! J S T H'C E OPE " 

*}■'■?* | ! S J in Wk» Fnsxe 

Howtan * \ " 1 , Mnri Slagles, OeorterttaaU 

Plttstxiruh 4 4 JM 2 siava DosedetCKCft RepaMlcctei Thlerrv 

cnlraB0 ... _.-L-r_ GuanMa France!, *-4,74 (Mil Jhn Courier 

West DnrtuoB cz>, UJL, det WOrne Ferrolre C7J, South AM- 

5anFrondsa> 5 i ,Z ca.fr3.6-2; Max Rocs*t (Jl.Swftz»rlan(t(l«t. 

Colorado X I « » Jonll Aires*. Spaln.fr4,W. 74 (frfr); Atterlq 

Los Angeles J J ® ' Bcrasateaul, Spain. Arf. SWan Edberv 01. 

SanWego l 9 .W0 4Mt Swwlen>&<6 .x 

_ . . . HON8 KONG OPEN 

Thursdays Line Scores mows oeonomo i s 

NUchoet Ctumg CW. US. tot. Michael TeO- 

AMERICAN LEAGUE butt. Australia fr3 6-4: lean Lendl (2), UA. 

Baittmore 100 200 0t*-0 » • def. Greg Rusedski (U, Canada 34 74 fr3; 

Mtnat 100 on 0*0—1 4 0 Brad GWiert »), US* del. Jamie Moraaa 

Mussina MIUs <01. LaSmlth <M and Hollos; Australia fr3 74 (04); Patrick Rafter (4). 
Moore. iDavls (») and Trtflctwv W—Musstna. Australia def. Martin Damm, Czech Reoub- 
L— Moore. 1-1. Sm— L ftSmhh (4). HRs Bat- gc. 44 fr3 fr4. 
li more, Anderson <1). Detrotl WMMmr 12). 

New York 300 OM m-M If • 

cmcaga 003 001 00^3 0 2 

Kev.XJHwnnndez (7),PaH 19) andStantav. 

[^yrmitlrAtetJawelLCdOkfil.SchwarrfB). SHARJAH ONE-DAY INTERNATIONAL 
DHemondcz <91 and Kor*ovlc*.w— Kov.2-1. India n. Pakistan.- Group A 

L— McDowell, 1-2. HRs— New Yorit, OTWU 2 i,j intangs. Friday, Ib Shnriaa UAE 

<3». Chtaroa Thomas <3). DrJackson <31. lmM; 219 (443 own) 

Minnesota 100 100 004-5 » 0 Pakistan; 2234 

100 no » • 10 1 Pakistan wan bv six wickets 

Topom, TYomWey <71. Aoulleral*) «td 
waibeck.- Karjay. Eckersiev <9> and S telfr 
boch. W — TremMov. 1-0. L — Gckerstry. O-l. 

530 tot 089-7 w * GERMANY FIRST DIVISION 

T _. j, on ow mo— 3 0 1 FC Kaberslautam 4, Bayern Munich D 

Bones and Nilsson. Mathew <31; Brown. DUTCH FIRST DIVISION 

Whiteside 18) and Rodrigue*. W— Bones. 2-a psv Eindhoven 3. FC Twenti 2 
L^erawn. 04 HMNM »»- 
Toronto 209 001 00»-« w ■ 

California 008 030 » •* tt 

Guzmcn. W.WHfl«nS ID toA Banfen; 

MAeher.BjtaHeraoniB. <8i «Myajw NHL Final Season Standings 

W^LLelter, HI L-Guanon 

<41. HRs— CoMamki, EadW (2). Wmon <1). EASTERN CONFERENCE 

NATIONAL LEAG UE _ Atktatlc Dhftato* 

Hoodoo 001 018 T~i J " W L T PI* GF GA 

nnririn 1R8 SIR Iv v .. m 14 a no 4n tn 

PWotffPttiQ 111 8—® 

N.Y. Reswen • I I 0-2 

Fkst Period: P-BrimrAmaur 35 (Remiara, 

Fawn, second Period: p-oiMaio it <Rec- SOUTHAMPTON, England (AP) — The Japanese-New Zealand double in the second, then saving 
Z 1N^1‘ y*** Yamaha escaped the unpredictable winds of the mid-Atlantic oo an enor by Matt WilHams on a 
chinov). s»ti 0* goal: p <an Richter) 7-J24- doldnims Friday and widened its lead on the fifth leg of the Whitbread grounder by Jeff Blauser. Sanders 
*—79- N -Y. (on Roussel) H-28-IM—53. ’Round the Worfd Race. raised his average to .61 ! a gains t 

HwJertav i 2 v4 Yamaha led the Swiss maxi yacht Merit Cup by 33 nautical miles and Burkett. 

Hrwperioct cwjuinn 7 (Mcuwain, yo- hdd a 147-mile advantage over the second Whitbread 60, Galicia 93 Lopez then connected for his 
s hin); m-powd s (Guem Aarfin) ueu. Pcscanova of Spain. If Yamaha continues at this pace, it will overtake second home run of the season 
bewnF Tokio and Intium Justitiafor the overall lead itr the WhitbrearfbO dass. lofflng <rff thb seventh orfBuficett 

tmri Pwrtad: ill-hohii 13 (DrhMD.SMison Inttum Justitia was more than 1 50 idles back, wh3e Tokio had docked and added a three-run blast in the 
gam: o ton Bra itaur) frfr-7-w. N-L (on am- at VitOTia, Brazil, to replace a broken mast. dghth off Kevin Rogers. He leads 

52 ***"*' « • 2-2 the Braves with 10 RBte. 

Tanws Bay i a i-s 9 Ri*itiaVi Tpams Tiwl in Paris 4nRa11 “He's Strong," said the Braves 

FHFtaM: T-Kiimo z) ccM*. Grotton) U 01113811 ledtHIS 1 lctl lit i dTlS 3rIMU manager, Bobby Cox. “I have a 

PARIS (AFP) — Peter Baker and DJ Russell followed up their feeling eveiy time he goes up to the 
t-con » (Kjima sovora) (op). Twra Pvri- blist ering 58 in the opening round with a 2-under-par 68 Friday in the plate that he’s going to hit one nine 
itSfnS^SSm^SSSS. ^CTFamEuropt^^^g^touri^rM^ I^wiih miles." 

sboboa goal: q < m pupm) 144-13—31 t ( an the other Bntteh team (rf Paul Eyles and Russdl Claydon, who added a ■ In other games: 

Thte mrtL oout iT) ia-i>s-». four-birdie 66 to thdr opening 60. . Rockies 5, FUlKes (h That Allan- 

P 5 ■: - * i : t 

Yamaha Widens Lead in Whitbread 

2 British Teams Tied in Paris 4-Ball 

nice open 
I n Mm Franco 
Men's SMh. QaariarilgaU 
SfavaOnedBLCzech Republic dot TWorrv 
GuardWa Franc*. fr4,74 04); Jhn Cauriar 
Q), UJL. d*t Warne Farraha CD. South Afri- 
ca. frX &4i Marc Roant (5). Switzerland, dsf. 
JardJ AireM, Spam, *4, 34. 74 (frfr) : Alberta 
Bcrasattaul, Spain, ttaf. Statoi Edbcrg (II, 
Sweden. 64. frl 


MkMel Ctumg (1). US. def. Michael Ted- 
butt. AustraDa frd 6-4: Ivan Lendl (2), US* 
def. Greg Rusedski (8). Canada, 34 7-5 M; 
Brad Gttbori (3), US* deL Jamie Morgan, 


India n. PaMstaa; Group A 
1st (redoes. Friday, In Sheriah, UAE 
India: D9 (453 own) 

Pakistan; 223-4 
Pakistan wan bv six wickets 


FC Kaiserslautern 4, Bayern Munich 0 
PSV Elndhawn X FC Twente 2 


NHL Final Season Standings 

Starts oa god: Q<on Pupm) 144-13-53. T (on 
TMboulL Cloutier) 12-13-5-2?. 

M.Y. Istaaden i • *— 1 

Florida 1 1 2-4 

First Period: F-Mrtlanfar 38 (Belanger, 
Bearing) (w>J;N.Y^Mclnrls2S(Hague).Seo- 
ond Period: F4IUH 12 (Ntadermayer. Brawn). 
Tlilid Period: F-Undsav 6 (Brawn); F-Hutl 
13 (Barnes. Lowry). Shots o* goal: N.Y. Ion 
VOnMesbrauck) 9-124—2*. F (an McLemon) 

5- 1S-73—M. 

Taraata * * T-4 

Chicago 2 2 8—4 

First Period: T -Borschev sky 13 (dark, 
Eastwood) (pp);2ChlamCaraev4 (Shanb. 
R. Sutter); C-Suier 5 (Rocnkfc, Ysebaeri) 
(pp>; T-Oark 45 (CHIU AndreychirtO (gg). 
Second Period: T-Ctark 44 ( Borachcvskv. An- 
dmchuk) (pg); T-Pearson 13 (Andreychuk. 
Cullen); C-Reenlck 47 (CDelios. Bertoor) 
(pp>.~ C-Grotiam 12 (Cuimeywarih. Stmntz); 
T-Cuilm 12 (Pearson, Lettfavre). Third Pert- 
od: T-Cullen 13 (GUI) (pp). Shots an goal: T (an 
BeHour) 1344-30. C (on Rhodes) 8-114-2). 
WbwJpeg 8 0>—l 

St Loots • 1 3-» 

Second Period: 5L-Hu!l S7 iNcdved, Du- 
chesne) (PP). Third Period: SL-Shanahon 51 
(Kasatonov); SL4twndhan 53 Uanney, Hom- 
ier).- * WbmlcPRi TJ aodnk 41 (Dr-Sfmnnoa 
Emerson) (pp). Starts eaoaai:W (an Joseph) 

6- 104—22 52- (on QieveWoe) 1244—29. 

Detroit 7 t I — 8 

DaDas 8 3 1-4 

First Period: D-Cottev 14 (Draper, John- 
son); D- Johnson 6 (McCOrtV. 5H linger). Sec- 
ond Period: DfrGagner 32 (P. Brottn. Le- 
drard); De-CogrlnoU 23 (Ledvant Cavalllnl) 
(ppl;D»McPtwe2DiN I Braten. Ludwig) Ml. 
Third Period: DsrMav 5 (Hatcher. Modem); 
OJCnz lav 3* Starts on goal: D (on wnkatak) IV 

7- 10— 0ft. Ds (on Essensa) I81frl2-3L 

EDa i o u tna l 8 i 8-a 

Let Armeies 8 3 0 8—2 

First Period: E-Krovcnuk tt (Pearson). 
Sacsad Period: LA.-RaWtoU1c 44 (Todd. 
Drear); LjLrHuddv 5 (Sydor, Todd) (pp); 
ThH Period: E-5taPietaa4 (Rice). Shots op 
goaf; E (on Stouber) 84-MKJ— 2?. la. (an 
Brothwolle) M844-37. 

NHL Pfayoff Openers 

Severiano Ballesteros and Jos6 Maria Olazkbal moved within striking 
istance (rf the halfwav Domt on the St Cloud course with a 67 that left 

■ In other games: 

Rockies 5, PHIBes (h That Atlan- 
ta got great pitching was not sur- 
prising. That Colorado did was. 
David Nied, Bruce Ruffin and 

Atlantic Mvfakn 

(41. HRs— Caufornkii easev i«. own— ■ EASTERN CONFERENCE 


Headtaa eoi me aoa— 2 * » w l tpsgfu 

norido 488 988 *8*~ * y Rane ers 52 24 9 113 299 231 

Hombctv Reynolds (l). Hasnpwi Ml# 47 M 12 iu 306 228 

Edeos (71, tatt-VVlttloeyiai CBliwiriSM^vatoLTGM" » 95 10 88 277 26) 

bensra(».- weather* Perwro, Haw jL^TtaSSere 

aMSanlioMW-WeatnerEVl.L-wntodx frMjY. 

• phnoa «g? 

SL Louis 8*9 412 Ote— 8 IT 1 Tamna 

Astodo, McDowell (4). Park »>, GaH »» v4 , tmtoorefl 
ond Prince, Ptoaa (9); Watson. HU»an (8). 

Murphy (8). RJtedrtgoas W. P om (9) yd 
TJWcGriH. W— Watson. l-O- (^-AStodo . 8-2 - 
Sv— Perez (4J. HRs— Las Aitaries, Woltoeti 
(2). SL Loafs, BLJonkm (1>- .. _ 

Ch kai«o OH «91 M8-» ” * 

New York M3 82) 82W-I9 M 1 Ottawa 

TrachaeL Bumnger (5), llsley (6).Crtm a 

Plesoc (8) ond WfflUBs; Soherhagea MJw 
duK(Bl.Hur* (8), Union (8). Franco (91 ana 

Stinnett. Hundley (9). W— Union, ML 

eac.V-'LSu— Frenen (ll.HR*— CtUcaga,Se*<i •J™ 

C1J. Buedwle CD. New York. Kent 2 («« 

Rv. Thompson O). *CWaw» 

San Dkmo 888 l» 888-2 11 l 

Ptttstauuh til 888 8**— 4 4 3 Winnipeg ^ 

Bene* MDavh (I), Hoffm an W 
mui; Woaner, ManaanlBa (8). Dewey (9). 
tare (9) and GotLW— wagner, M. l— B enesJW- x.ww«- 
Su-Balkrt (I). HR-Pmsbursh, Hunter <>>■ 

San Frandsce 8M 000 091-1 3 1 

Atlanta 0*2 *08 13»-4 » * 

Burkett. Revere 17> and J*-R**d; Blm0n xmali 

du* and XLooez. W-GJteddui«. 34 L^«ur- dwlston M 

ken, l-l. HR-Aiknta. XUx*x 2 13). 

Qrtorado BN 888 tH-5 8 « T*™ 

prektaeMta 816 888 I 88-4 * • HMlttrd 

taed.BJ4trfBn(|),Halm*s(9)taidGlrarw. Boston _ ^ 

HrblM BmNUhp series) 

L T pts GF GA Sunday 

24 8 113 299 231 Eastern Conference 

25 12 lot 306 228 N-Y. Islanders cri N.Y. R an gers 

35 10 88 277 263 Montreal of Boston 

36 12 84 282 2*4 Buffalo at Now Jersey 

34 17 83 233 233 Washington at Pittsburgh 

39 10 BO 294 314 Uonrin y 

it-N Y Ishuidws 34 36 12 84 282 264 wmaw a now Jersej 

Flnrilin 33 34 17 83 233 233 WasMfiglon at Plttsbu 

PhlMetabto 35 39 W 80 294 314 »4a« 

30 43 11 T) 224 2ST WhstafP O 

Tomin iioritaHBl Division San Jase at Detroit 

v4>ittsburgn 44 27 13 181 2» 285 Chicago at Toronto 

42 29 13 97 2B9 252 SL Laub at Delta* 
s^AWtreal 41 29 14 94 283 248 Vancouver at Goteonr 

..Buffalo 43 32 9 95 202 718 

SSic 34 43 B 76 215 284 

Z 2? I escorts &( 


Central Dhrtslea 

W L T Pts OF DA v 

z-DdroH 46 » 8 100 356 275 BSLfiRAV] 

^2Sa 43 29 12 « 280 20 DOWWWI 

• Mta « 29 13 97 SB6 265 

SET S S l 

pacMlc Mriskm 

(Xomtv « 29 13 97 302 256 

S S « UK 071 58S 


La* Ang»™ __ « ia ** wm 

distance of the halfway point on the St. Qoud course with a 67 that left prising That Colorado did was. 
them four shots off (hie lead. David Nied, Bruce Ruffin and 

• Fred Funk and Bob Estes shot 6-onder 65 for a oncsstroke lead over j^anen Holmes pitched the first 
Masters runner-up Tom Lehman and Bany Jaeckd the Heritage Classic «.wnm in the Rockies’ brief histo- 
at Hilton Head Istand, South Carolina. Greg Norman was in a group of iy of 170 games, the team’s staff 
six at 67. (AP) hav ing entered the game in Phila- 

ddphia with a 7.97 caraed-nm av- 

For the Record erage, worst in the National 


Vrem Sdneider, Switzerland's triple Olympic alpine skiing gold med- “We’ve been crucified in Denver 
afist said she plans to race for another season. (Reuters) for the way we've pitched,” said 

Nied, who allowed only two hits in 

seven inning s- “This is big.” 

ny: oawey 3-4 fra 12. Ewing 15-25 34 3); w: Ruffin pitched the eighth and 

■ -J-V-T MocLean B-M *4 23, Adams Ml 54 20. HolmCS the ninth of the Ruffles* 

C!»eaf»vfrlOMin.ll«l«wad*-NewYart4B A** . . 

NBA StamflnaK (Ewtngi3).wrewnaion<o(Guaiiottni«).A*. Burst shutout toss at name once 

SSSSC asto— New York 21 (Oakiey, Davis 5), wash- Montreal blanked them on Sept. 

Inoton 23 (Adams 10). i c idqo 

EASTERN CONFERENCE _ . _ _ „ ,3 L^ i . , . 

Attmidc Dtvuan “*"*°”* ” ® ^Tlus dub was not even fanned 

y-New York S » £ - TSbto«n 14.18 m ofc^yfri 4 ^” yet the test time the Phfllte were 

x-ortondo 46 W 405 7 O: Scott 11-2) *7 32. O’Neal 15-23 7-17 37. Aiv shut OUt at home, Said COHJra- i 

New Jersey 4136 S32 i2w do’s manager, Don Baylor. “That’s 

SS 53 5a a major accomplishment for us." 

PhUadelphla 24 S3 J12 29V» (Hardaway 12). DflQt£ Bichette broke 3 SOOTCieSS 

WMWnBton 22 54 J99 31 saeramenta 23 26 15 IS- » tie with a SCVenth-UUting. IkHUCT 

Houston 21 m as 33-iM ^ doubled in Cdorado’s final 

xAftanta 53 23 497 - Si R)cfm««J5>-Z7 5-7 28. Webb 9-193-3 23; H: -"TryV:.,,., 

x-Ortcogo 53 54 MB VS Horry 18-147-18 30. Olaluwon 15-24 44 34. Re- ran v m I ® 1 ~' ^ „ , 

x-aevekeid 43 34 J5B lOtti poun ds . S acr am ento Ji (PolyiVce 20). Hous- Mets 10, CsTO 9: In New York, 

fj * ^ ~ »w s’ (Horrv v«). Asststa-Socramento 24 jgfj Kent homered twice and drove 

OwHotfe 37 » AO 16 (Webb 12). Houston 32 (Horry, Cassell 7). 

Datrotf 20 56 ^3 33 U1 fiVC THUS IOT the MetS, WHO re- 

SCke. 19 57 34 » » b £ covered after blowing a five-nm 

WfaSI E RN CO NFERENCE S: Robinson 12-27 7-7 31, Del Negro 6-18 M lead OVOT Chi c a go . 

Midwest DIvtaiM 15; U: Malone 7-17 9-12 2X Spencer 9-13 4422. Ryan Thompson added a two- 

x-riowstwi » “ « 7 Raboend*— Son Antonio 59 (Robinson Ilf, . . . 

s-San Antonio 53 25 s/9 4 utab So (Spencer 17). Asslste—Stai Antonio 20 nm homer IW the MetS, W0O ICO by 

x-utah «» ™ (Dei Negra 7), Utah 25 (Stockton i3>. 8-3 before the Cobs rallied to lake a 

M^Zloto to 56 ^3 36 la. cBupers is 27 35 2«-wi 9-8 lead in the cagbth on a three-run 

□anas m 66 .1st 46 1U 41 *»— » homer by Sammy Sosa and a two- 

PariflcDMNo* LA. WIUdnsh214419,DehereB-120422;5: __ c u-. l u p nA J v |. 

v-5Mtn« » 18 J66 - 8 etwwnat Wl H 21. Askew M3 44 18. R» ^ „ 

51 26 ill I bounce— la. aiopers si (vbugtit 9), Seattle In the bottom half of the mnmg, 

x-GoMen store 46 « jw t3 T TO ; , g*— ° « Kent hit a two-run homer off Dan 

x-porttond 45 32 J84 ?4 fWbods 7), Seattle 39 (Payton 12). PlesaC. 

LA-Lokers 33 43 A34 25W Portland 25 36 90 17—188 Q n _j o. p nu 

LA.atopere 26 Si J38 33 aeMn Stole M 26 31 32-119 CanwaB 7, INNffieR B. Aay 

tocnmmtto 26 si J3B 33 P^Grant frSB S4ZI. Drwier V229; G: Lankforf had tWO WtS and th«e 

jtettodbed plavoH berth; y-dWfalon title owonsM5fr922,Mullln7.H 4 420.Sorawe<lll- RBIS U1 St LOUIS as Allen WatSOn 

THURSDAY'S results w 1-3 27. RcbooMta— ftrttond 6f (Drexier li). h „ H his seV en-eame losine 

New York si a so 2 »-iii Gotten state 54 iom io). Atahto-Portknd naitea ms seven-game losing 

imiibliHilnil 35 21 33 33— W 34 (5trickknt n). Gulden State 30 (MulHn 9L Streak. 

W L 



v-nbw York 

S3 23 




46 30 



New Jersey 

41 36 




■40 37 




29 47 




24 S3 




22 $4 



Centra* Dhrlsiea 


S3 73 



S3 24 




43 34 




41 35 




37 39 




20 56 




19 57 




Mlchwst Divtatoa 


56 20 



x-San Antonio 

53 as 




49 2B 




38 38 




20 56 




111 66 



PncHIc DfvisSea 


99 18 




51 26 



x43ald*n Star* 46 li 



x -Porttand 

45 32 




33 43 



LA. a tooers 

26 51 




26 51 



Mllnctied ptaYofl berth; y-dMalon title 
NOW York 31 22 38 29—1 

WDsMoOto* 25 26 33 21-1 

rST^HN NY: Oaklav 2-4 88 12. Ewing 15-25 86 33; W: 

MacLean 814 66 23. Adams 6-11 56 20. 
OieaneyfrlO 9-11 21. Rebounds— New York 48 
(Ewing 13), Washington «2 (Gugllotia 10). A*- 
llsto— New Yorit 21 (Oakley, Davis 5), Wash- 
ington 23 (Adams 10). 

Ckartotto 35 n 24 »-m 

L pel GB ° rta * fc ' 35 22 29 JS-taf 

23 jjfj _ C: LJohnoon 14-18 M 31. Curry 8-14 1-221; 

30 60S 7 O; Scott 12-23 57 32, OTHeal 1523 7-17 77. 4 jv- 

36 J32 12tt a&non ®-' 5 M 21 - Rebaands— Charlotte 52 

37 09 ijv, (Mourning 9). Orlando 55 (OWeal 16). As- 

47 24 Stota-awriotta 34 (Bagues 18). Orlando 29 

S3 312 27V> (Hardowav 12). 

M SK 31 Saeramenta 23 26 15 IS- » 

*Men Houston 21 24 25 32-101 

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Watson (1-0) allowed five runs 
and six hits in 7 1-3 innings. whDe 
striking out a career-high seven. 

The Dodgers, who trailed by 9-2 
in the eighth, lost for the sixth time 


in seven games when Mike Perez, 
who allowed a run in the ninth, 
struck out Eric Karros and Mike 
Piazza with runners on first and 
second for his fourth save. 

Pirates 4, Padres 2: Pinch-hitter 
Dave Clark pat host Pittsburgh 
a head, 3-2, with a triple in seventh, 

and Andy Van Sjyke preserved the 
lead with a hi g hli g ht- film catch as 
the Pirates won their fourth 

San Diego lost its fifth in a row 
and fdl to 1-9. 

Martins 8, Astros 2: Benito San- 
tiago hit a three-run double and 
Kart Abbott followed with a homer 
as Florida sowed six runs in the 

first inning in Miami 

Jeff Canine hit a two-run homer 
and moved into a tie for the NL 
lead with five. 

Loser Pete Hamisch lasted only 
two-thirds of an inning , allowing 
jfournms and six bits. 

Stopper Eckersley: 
The Twins’ Go Sign 

The Associated Press 

Once again, the Oakland Athlet- 
ics’ stopper, Dennis Eckersley, 
couldn’t slop the Minnesota Twins. 

Eckersley, having failed to hold a 
three-run lead in the ninth ranmg 
Thursday as Minnesota rallied to 
win, 5-4, in Oakland, said, “I’ve 
been snakebit by this team.” 

He had failed to hold an 8-4 lead 
last Friday in a game the A's went 
on to win, 10-9, at the Metrodome. 

“That’s baseball I couldn't stop 
the bleeding again, just like I did 


last week,” said the first pitcher in 
major league history to post 30 
saves for six straight seasons. 

Trailing by 4-1 this time, the 
Twins gpt four runs off Eckersley 
in the ninth on an RBI single by 
Matt Waibeck, a run-scoring dou- 
ble by Alex Cole and a two-run 
single by Chuck Knoblauch. 

“A whole bunch of us would like 
to have Eckersley on our staff,” 
said Minnesota's manager, Tom 
Kelly. “We’d be lined up to get 

him. " 

(Moles 3, Tigers 1: In Detroit, 
Brady Anderson homered and Bal- 
timore teammate Mike Mussina 
improved to 5-0 lifetime against the 
Tigers, holding them to one run 
ana four hits in 7 % innings. 

Alan Mills struck out Eric Davis 
with the bases loaded in the eighth, 

and Lee Smith pitched a perfect 
ninth for his fourth save. 

Yankees 10, White Sox 3: Paul 
CXNeall homered twice and drove 
in five runs as New York won in 
Chicago. He hit a two-run homer in 
the first off Jack McDowdJ and 
added a three-run drive in the sev- 
enth off De nnis Cook. 

Brewers 7, Rangers 2: John Jaha 
drove in four runs, three with a 
homer, and Ricky Bones pitched a 
five-hitter for visiting Milwaukee. 

Bones struck out three and 
walked one in his first complete 
game of the season. He retired 12 of 
the first 16 Texas batten before 
Ivan Rodriguez led off the bottom 
of the fifth with a double. Manuel 
Lee then-ended the shutout with a 
angle to right. 

Angels 6, Blue Jays 4: Mark 
Lei ter won for the first time since 
the death of his infant son and Tim 
Salmon drove in four runs as Cali- 
fornia beat visiting Toronto. 

Damion Easley hit a solo homer 
in the seventh on Juan Guzman to 
snap a 3-3 ti& 

Toronto scored a run in the ninth 
on a bases-Joaded sacrifice fly by 
Joe Carter. But Paul Molitor was 
thrown out trying to take second on 
'the play, and John Olerud fouled 
out to end the game. 

Leiter allowed three runs and 
seven hits in seven innings. It was 
his second start since his 9-month- 
old son, Ryan, died of spinal mus- 
cular atrophy on April 4. 



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Page 20 



{ The Stupidity Ray . . . 

M IAMI — I see by the news- 
papers that solid progress is 
bang made by the failed Clinton 
administration, which has finall y 
moved beyond the Bumbling 
Around Cludcssly Phase and is 
now deep into the Kg Incompre- 
hensible Scandal Phase. 

This is good. Under our system of 
government (called, technically, 
“The Goober System"), ibe primary 
function of the executive branch. 

from heiicopiers at natural disasters, 
is to get involved in vast, festering 
legal messes that affect the legisla- 
tive process in a manner very similar 

to what happens when you attempt 
to flush a dead moose down a com- 
mode: Everything gets stopped up. 
Which is exactly what we want. 

That’s why there’s a top-secret, 
high-tech, seif-activating device in 
the White House attic called the 
Stupid Ray. I'm sure you have long 
suspected that there was such a 
device. You have noticed that we 
keep sending all these brilliant peo- 
ple to the White House, and the 
instant they grab bold of the con- 
trols of the Slip of State, they be- 
come Jerry Lewis starring in “The 
Nutty Administration.” 


Take Richard M. (Dick) Nixon. 
Here is a man with an IQ of 384 
who every six weeks produces a 
hardcover book explaining how we 
can solve every problem in the en- 

tire world, and look what happened 

when he got into the White 
NIXON (to his aides):. . . And 
our First priority must be the imple- 
mentation of the New Federalism, 
with the concomitant amalgam- 
ation of the structural parameters 
of the . . . 

STUPID RAY: Humrammmm 

NIXON: ... I know! Let’s in- 
stall a tape recorder in here, then 
discuss a criminal conspiracy! 

AIDES: Great idea, sir! 

And it wasn’t just Nixon. Jimmy 
Carter was a nuclear engineer. Do 
you think a nuclear engineer with 
an unimpaired brain is going to tell 
reporters that he was chased by a 

And now we have the Clinton 
administration, loaded with brains, 
flailing around like a blindfolded 
mud wrestler in this Whitewater 

We here in the print medium are 

working overtime to keep you 
abreast of this affair by cranking 
out long, fact-tilled stone. Each is 
carefully reviewed prior to publica- 
tion by a team of brilliant theoreti- 
cal physicists headed by Stephen 
Hawking; if these people have even 
the faintest due as to what the story 
says, we rewrite it to make it more 
incomprehensible for you, the aver- 
age citizen. 

This is easy for us, because even 
WE don’t understand this scandal. 
All we know for sure about 
Whitewater is, it has something to 
do with — surprise! — a failed 
savings and loan. EVERYTHING 
has to do with a failed savings and 


Here’s what I want to know: Did 
YOU, personally, ever have any 
money is a failed sarongs and loan? 
No, nght? Neither did I. Neither 
did anybody 1 know. I bet neither 
did anybody you know. So where 
the hell are ail these Tailed savings 
and loans coming from? Who put 
all these billions of dollars into 
them that we taxpayers are always 
paying back? Space aliens? Are we 
bailing out Martians here? 

This is only one of the many 
Whitewater questions now under in- 
vestigation. And although cf course 
it would be wrong to pass any judg- 
ment before aD the facts are known, 
we can safely assume that everybody 
involved is guilty. The Republicans 
cannot BELIEVE tbeir good luck, 
but they are trying to be cool about 
h. As Senate Minority Leader Bob 
Dole (R-Mister MeanyPams) put it 
in a recent speech, “We cannot al- 
low work on critical national issues 
to be halted by a shortsighted parti- 
san obsession with Whitewater 
Whitewater Whitewater Whitewater 
Whitewater neener neener neencr ha 

Speaking of issues: There are 
some other ones, such as the budget 
deficit, and the fact that you appar- 
ently can write “RUSSIAN 
AGENT* on your Central Intelli- 
gence Agency employment appli- 
cation and still get a high-level job, 
and as concerned citizens we 
SHOULD be thinking about these 
things, and demanding better from 
our leaders, but every time we cry 
to . . . 

Hn mrnmmmmm . , w 

Knight-Ridder Newspapers 

Roman Polanski’s Take on Hollywood 

By Joan Dupont 

B oulogne-billancourt, 

France — Roman Polanski is drink- 
ing tea and eating a piece of maizo, his 
lunch break between snots. His new mov- 
ie, “Death and the Maiden,” adapted from 
the play by Ariel Dorfman, is being made 
with American producers and European 
funding in the Paris suburb of Boulogne, 
an unusual situation that suits his unique 
predicament Since he cannot go to Holly- 
wood, Hollywood has come to him. “Hol- 
lywood-sur-Seine,” he calls it with a wjy 
la ug h, saying how happy he is to be shoot- 
ing m this venerable, if dilapidated studio. 

>Vith his flinty features and clever-child 
gaze, Polanski resembles a marble faun, 
weathered by time. It has been a good 
season for the director, who has had many 
calamitous ones. He recently acted in Giu- 
seppe Toraatore’s “A Simple Formality,” 
opposite Gerard Depardieu, a film that is 
slated for the Cannes festival; a retrospec- 
tive of his films and shorts is on in Paris, 
and above all, he is bade at work. 

He wrote the script for “Death and the 
Maiden” in just six weeks with Rafael 
Yglesias, who came to Paris to work with 
him — “It was a great encounter,” he says. 
In the movie, Sigourney Weaver plays a 
woman tortured under a dictatorship. Her 
lawyer husband (Stuart Wilson) is named 
to investigate the crimes of the previous 
regime; when he befriends a doctor (Ben 
Kingsley) and brings him home, the wom- 
an is convinced this man was her torturer, 
and makes him her prisoner. 

Ever since “Knife in the Water” (1962), 
his first feature, the cat-and-mouse game 
played out in huis cIos has been a Polanski 
theme. “But this is the surface, just the 
action, it’s not what die film is about.” be 
says. “What I find interesting is the theme 
of the relativity of truth — the Rasbomon 
theme — whose story is it? Can you really 
establish the truth? And how to deal with 
the past in a country that so drastically 
chang ed the nature of its regime: 1 lived 
with this in Poland on many occasions. 
How do you deal with those who were 
your oppressors?” 

Attuned early in life to the ironies of 
shifting regimes, Polanski has always 
charted his own course. In France, where 
be was born and where he came to work in 
the ’60s, he was at odds with his New 
Wave contemporaries: “1 go for emotion 
and the form is very important — the way 

Polanski in Paris; Best of both worlds? 

The Vn Yurt Tto*a 

somebody tells a story, even if the story is 
reach takins 

breathtaking. I think the New Wave was 
the triumph of amateurism over profes- 
sionalism. I understand that directors ob- 
jected to films that were shallow and theat- 
rical but by torpedoing the people at the 
helm, they sank the vessel, the industry.” 

Polanski takes a last gulp of tea and 

heads for the set, pointing out the ettanns of 
the studio on the way — one of his gripes 
with the New Wave is that they deserted the 
studios to shoot on location. “This one is 
going to be tom down too," he says. “I 
managed a deal so we could shoot here — 
it’s the last swan, 1 mean the swan song” 
He complains of forgetting his English 
after all these years in France. Years ago. he 
commanded the language and big money 
with movies like “Rosemary’s Baby” ana 
“C hinat own” Yet he remains profoundly 
European, and critical as he is of French 
fil mmaking, he is oo the tide of France in 
the debate about state support. “I believe 
that some form of subvention is necessary 
for cinema to survive in Europe. We don’t 
have an industry in American terms — it's 
artisan’s work here: Without that little help 
the government gives, many films wouldn't 
see the day. Ours wouldn't,' nor would have 
“Bitter Moon” (his previous film]. Look 
what happened to the British film industry 
whoa they stopped stale subsidies. 

“Is it protectionism to give money for 
museums or ballet? Why is cinema differ- 
ent? In the U. S, the money c pm« front 
private sources or corporations, but it’s tax 
deductible, so it comes to tbe same thing 
But I am against quotas, violently, because I 
come from the country of one big quota — 
you could only see films or plays that were 
government-approved or sponsored.” 

On tbe set, Tonrno DeQi Colli, director 
of photography for Fellini and Sergio Le- 
one, who worked on “Bitter Moon.” is 
waiting for him So is Weaver, smoking 
nervously, and Kingsley, sitting in the Irv- 
ing room, bound to his chair , head blood- 
ied, mouth taped 

“Sigourney took up smoking for tins' 
film.” the director says. Bui she is not easy 
with it, any more than she is with the gun 
that she has to Ore in Kingsley’s direction. 
Polanski shews her bow to smoke — 
“Don’t kiss the cigarette!” He removes 
Kingsleys tape to give him a breather, and 
gets behind the camera. 

“Roman edits as he shoots; be doesn’t 
wail for the cutting room," says Thom 
Mount, the producer. Mount first worked 
with Polanski on “Frantic" ; he has been 
working on the movie, which started out at 
Warner Bros^ for two years. 

“I mads a co-production deal with 
France, En gland and Spain after Warner 
backed down. There’s not a penny of 
Ameri can money in the film,” he says. 
“Hollywood is a bit terrified because Ro- 
man can’t work there and they have no 
control over him. In America, ks seat as 
a villain, like Charlie Chapl in .” 

On stage, “Death and the Maiden" 
played from Broadway, directed by Mike 
N icho ls, to Brazil, directed by Hector Ba- 
beuco. Dorfman is one of the movie’s 
producers and comes on the set regularly. 

“We are doing something important on 
the subject of trust and reconciliation in 
this film, showing that democracy is a 
personal issue; not just the business of 
governments,” Mount said. “And nobody 
has lived these conflicts like Roman." 

P olanski, who now lives in Pans with bis 
wife, the actress Emmannefle feigner, was 
raised in wartime and was on his own 
ear ly, As a chi ld in Krakow, he witnessed 
his mother’s arrest; at 8, he escaped from 
the ghetto before it was destroyed, and 
spent years in hiding. After tbe war. be 
went to Krakow and was reunited 
with his father; bis mother did not return. 
Id May 1968, when he came to the Cannes 
festival with Sharon Tate, star of “The 
Fearless Vampire Killers,” he was a fam- 
ous filmmaker, about to start his own 
family. The following year, right months 
pregnant, Tate was reordered by the Man- 
son dan in the Hollywood hlfls. 

lo 1977. the director was again in tbe 
headlines, charged with statutory rape in 
Los Angeles; released on bail, be left the 
country. For his detractors, his film fasci- 
nation with the grotesque has been proven 
evil, although there is more menace than 
bite in those films ; and since Tate's mur- 
der, he has been accused of transposing 
morbid obsessions — with violation and 
murder — to Ids movies. 

The accused man. now 60, paces the set 
with lupine grace, acting out the parts, 
showing Weaver bow to handle the gun. 

Nothing has changed, he says: “For the 
moment, I can't think of working in tbe 
U. S." Nor can he work in any country 
from which be can be extradited on that 
rhaiy His universe has shrunk. What has 
changed is that be is a father for the first 
time. “It's phenomenal to have her," he 

Joan Dupont is a Paris-based writer spe- 
cializing in the arts. 


Court Ups the Slakes 

In Warhol Estate Battle 

A judge says Andy Waiters es- 
tate Is worth about SS10 million, 
nearly $300 million more than its 
executors bad declared, which 
means the Warhol Foundation, the 
estate’s principal beneficiary, could 
owe the estates former lawyer, Ed- 
ward Hayes, at least SS million in 
legal tees. Hayes and the founda- 
tion have beat fighting over the 
value of property the pop artist left 
when he (fed in February 1987. , 
Hayes, whose fees are 2 percent of ■ 
the estate's total value, daimed that ■ 
it was worth at least $700 mfllioo; . 
the foundation, relying on apprais- 
als by Christie’s auction house, said . 
it was worth $220 million. The es- 
tate has already paid Hayes S4.85 ■ 
million for work he did room 1987 . 
until he was fired Last summer. 


Princess Diana has agreed to 
make two public appearances at D- 
Day anniv ersary events. She wffl 
unveil a monument to the Canadi- 
an war effort on June 3 in London 
and will join other members of the 
royal family at a commemoration 
service on June 3 in Southsea. 


The Marquess of Btaadford was 
arrested is the wee hours of Friday, 
less than 24 horns after he had qp- 
peared in court on other changes. He 
was charged with u sing ancosne 
language and behavior at a late- 
night pharmacy and was released cb 
bad. On Thursday, Blandford plead- 
ed guilty to stealing a checkbook 
and forging checks but denied he 
had refused to pay a taxi fare. He 
was released on bail then, too. 


The mi thinka ble happened at 
London’s genteel Royal Opera 
House — young composers 
posed to avant-garde music b 
loudly at the end of a sold-out per 
fonnance of the opera “Gawain. 
About 30 people, who call them- 
selves the Hecklers shouted, “Bon 
fraud and rubbish” at the end of 
tbe work by Sir Harrison Birtufe- 
tte, Helen Anderson of the Royal 
Opera House said, “Organized 
heckling belongs more to til 
past and I believe it’s times j 
that these young people revere.' 



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Forecast for Sunday through T uesday, as provided by Accu-Weather 

North America 

Boston to Washington, D.C., 

wB be dry and coca Sunday. 
Monday kite 

to Tuesday will 
turn milder. A spring heat 
wave will continue from 
Phoenix to Salt Lake City 
early next week, the south- 
ern United Slates wffl be dry 
and pleasant. Very cold air 
across Canada *41 read) the 
northern PUrs Tuesday. 


London and Parti w» have 
mainly dry. seasonable 
weather this weekend into 
Tuesday. Heavy reins and e 
lew thunderstorms from 
Budapest to Bucharest early 
next week wfl bring an and 
to the speB of warm wea#wr. 
Turkey and the southern 
Ukraine will remain very 


Bo0ng through Seoul wfl be 
dry and warm Sunday into 
early next week. Tokyo will 
be dry and seasonable. Rah 
and a tew heavier thunder- 
storms wB ensJt over south- 
central China this weefcsnd 
and spread toward Shanghai 

by Tuesday Bangkok and 

Mania wffi be hot with some 
hazy sunshine. 

Middle East 

Latin America 

fc Low 




2 6/79 16/91 
33*1 I4S7 

zrm a 11*2 

23/73 13/56 
37/96 1801 


26/77 1702 0 
3403 1B/B4 t 
26/79 1102 o 
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A New Generation of Jazz Clubs Thrives in New York 


By Peter Watroos 

New York Tunes Sersrce 

N EW YORK — The gods of 

rub their bands together and smack 
lips at the right of a new jazz club, all lighted op 
and ready to go. 

Like the Titanic, jazz dubs are launched with 
great intentions. And like the Titanic, they tend 
to sink, fndigo Blues, Condon’s. Cameo’s, For- 
tune Garden Pavilion and Yardbird Suite have 
all gone the way of the great auk. 

At the moment, new jazz spots are brighten- 
ing Manhattan’s landscape. The gods orbank- 
ruptcy must be smiting. But they may be 
deprived of their pleasure. The new clubs seem 
better established — that means capitalized — 
and a bit more willing to go the distance it 
takes to succeed. In addition, the managers 
are realizing that there’s a huge pool of yonng 
musicians to draw on, cheaply, and that a new 
awareness of the music might just result in a 
larger audience. 

As anybody who has sprat a few evenings in 
New York dubs knows, jazz has existed in 
architecture that’s best described as High 
Leftover, in spaces that were best left vacant 

The new dubs tend tobe fancy, even garish, as 
if they’d been taken right out of a Parisian’s 
imagination. And it’s possible to eat at many 
of these clubs without fearing for one’s palate. 

The most telling example is the Indium 
Room Jazz Club, a bustling basement room 
below the Iridium restaurant across from Lin- 
coln Crater. Like its upstairs relative, the room 
is overloaded with design motifs, with mosaics 
on the steps down and cast aluminum on every- 
thing, from wine racks to coat hangers. 

Downstairs as upstairs, everything seems 
melted, as if the room has taken a good jolt 
from a flamethrower. But it has the right scale 
for the music: small It’s comfortable, not too 
loud, with an audience that ranges from people 
in suits to tourists to jazz scene-sters. The 
musicians, an a small stage in a corner, can be 
sera by almost everybody in the club — not 
always a certainty elsewhere — and people can 
stand at the bar and watch. 

The room, winch opened in January, serves 
stylish American regional cuisine. And the 
kitchen is open until 1 A. M. “I don't like going 
into a dark, crowded basement, and I dou t like 
bad service;'’ said Ronald Sturm, the club’s 
manager and booker. “So I'm going to nut the 

K“- - 

dub accordingly. I have a demographic that 
runs between the ages of 20 and 60, and I'm 
going to keep the amenities op.” 

The booking policy is enlightened and the . 
roster includes traditional, swinging jazz musi- ' : 
dans of tbe second or third level Sturm said _ 

was dedicated to brin ging in youngs - musician! 
who are less wdl known but on their way up. “I 
want to hire people Hke the trumpeter Marcus 
Printup, or Cyrus Chestnut or Carl Allen, be- 
cause I owe it to jazz to present younger, 
mainstream musicians and give them a 
chance,” he said. “HI be booking the legends, -z 
but the majority will be the young, exdting ;• 
players who wiR attract both an audience 
knowledgeable jazz fans and also give the tour- 
ists who crane m a real show." 

Other fresh jazz spots indude tbe jus- *r 
opened Downstairs at the Metropolis with 
touches of brass and marble and a great big fish 
tank; Metronome, which has high ceilings and 
an Art Deco sensibility; Dan Shaku, a jazz 
ttpstera* jaradise on weekends, Down Beaf,d* 
most traditional of the new clubs, right in jazz's 
central nervous system, between the Village 
Vanguard and Sweet Basil on Seventh Avenue 
South in Greenwich Village. 

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