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Heralfc 


INTERNATIONAL 










PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 





• % ' t U iHi 



**R 

Arianespace 
Is Spurned 
Bj European 
Consortium 

Telephone Companies 
Uwose American Firm 
To Launch Neu> Satellite 

By Jacques Neher 

PARK f -S^««7htar 
a S y A ^ 13Des Pace to introduce 

^T^erauooof rocket, the Ariane 5, have 
been dealt a setback by the Continent’s own 

iS^J!£ COnipaaies ' which have spumed Eu- 
CO ? SOrtJUm Md instead entrusted 
^ of a new television satellite to an 

old American Atlas rocket. 

Jhe estimated $100 million order, placed 
Monday with the commercial launching kit of 
General Dynamics Carp., angered officials at 
the 13-member European Space Agency, which 
has invested $6.6 billion to develop the Ariane 5 
two-stage launcher, set for its maiden Outfit 
next year. ^ 

The decision by the European Telecommuni- 
cations Organization, which groups 39 Europe- 
an telephone companies, follows the failure in 
January of an Ariane 4 in which a Eulelsat 
satellite and a Turkish telecommunications sat- 
ellite, were lost at a total cost of $356 million. 
The Eutelsal group received an insurance 
payout erf 180 million European Currency 
Units ($203 million) after that accident. 

Vanessa O'Connor, spokeswoman for the 
telephone consortium, said it was “finalizing 
negotiations" with General Dynamics for the 
launching, via an Atlas 2A rocket, of a 16- 
transponder television satellite, called Hotbird 
2, in August 1996. She said the organization 
picked the American launcher because 
“Ariane’s launch manifest was full-** 

But an official at Arianespace said that while 
there were no slots available on Ariane 4 rock- 
» ets in the Augusi-October time slot required, it 
offered to launch the satellite on Ariane 5, 
which was scheduled to make its second post- 
development flight in October 1996. 

“It looks like they don’t have confidence in 
Ariane 5," the official said, speaking on condi- 
tion of anonymity. “It’s surprising to see a 
European organization that essentially repre- 
sents European governments deciding against a 
rocket that was developed and paid for by 
European governments.” 

Claus Habfast, spokesman for the European 
Space Agency, said “we don’t like the deci- 
sion." adding that a European government or- 
t ganization should have first considered Ariane- 
space. 

The Ariane 5, a two-stage rocket designed to 
carry mann ed spacecraft and heavy satetiiles, is 
being built with a “failure tolerance" — an 
engineering measure of reliability — of 98.5 
percent. The Ariane 4, a three-stage rocket, is 
considered less reliable, with a tolerance of less 
than 95 percent. Of 35 Ariane 4 l a u nch i ngs , two 
have so far failed. Since the Ariane program 
began in 1979. there have been 63 launchings, 
of which six failed. 

“On the issue of safety, the Ariane 5 is as 
good, if not better, than the Ariane 4, especially 
since three of the failures in the last 15 years 
have been in the third stage, and Ariane 5 
doesn't have a third stage,” Mr. Habfast said. 

Nevertheless, experts say the fact that Ariane 
5 has no track record undoubtedly weighed 
heavily b the decision. 

For General Dynamics to win the order, the 
Paris-based consortium was probably wooed 
with a low price, possibly in exchange for the 
American company being awarded an equity 
stake in the operation, said Peter Glazer, a vice 
president in charge of space consulting for 
.Arthur D. Little, in Cambridge, Massachusetts. 

A spokeswoman for General Dynamics 
space division in San Diego would not com- 
ment. 


Paris, Tuesday, April 19, 1994 


No. 34,566 



Bosnian Serbs Vow 
Onslaught in North 

Gorazde Blasted Aim Is to Finish 
As UN General Their Conquest 
Fears f Disaster 9 Of Key Corridor 


The AuodaKd Preu 

Bosnian Serbian soldiers at a SAM-2 missile site near the Serbs' northern Bosnia stronghold of Banja Lain on Monday. 


Renewed Shrine, Same Old Mideast 


By David Hoffman 

Washington Pott Sorter 

JERUSALEM — In die shadow of the 
Dome of the Rode, a small dutch of televi- 
sion te chnicians huddled next to a satellite 
truck on Monday, beaming sfleni images of 
the lustrous gold edifice into the crystal blue 
sky. 

It was a singular moment for the indent 
shrine, the chad most holy in Islam and a 
signature landmark of Jerusalem, which 
been given a refurbished dome covered with 
.plated gold, financed by King Hussein of 
Jordan: 

The $65 mfflian restoration of the dome 


was formally dedicated on Monday. But on 
the 35-acre site that includes the domed edi- 
fice from where Muslims believe the Prophet 
Mohammed made his Night Journey to 
Heaven, there were no festivities and no 
speeches, just throngs of tourists. 

As befits the history of the contested site in 
Jerusalem's Old City — a place which Jews 
caD the Temple Mount, site of the destroyed 
First and Second Temples and the surviving 
Western Wall — even the celebration over the 
new dome was caught up in politics and 
conflict 

• ' The ceremony marking completion of the" 
18-month-long restoration was held in Am- 


man, Jordan, where King Hussein and digni- 
taries saw only a television view of the dome. 
Hussein gave a speech standing in front of a 
cardboard replica of Jerusalem and the 
Dome. 

Hussein, who sold off pan of bis personal 
fortune to underwrite the 18-month-long ren- 
ovation, sought to assert his custodianship of 
the shrine in a quiet rivalry with King Fahd of 
Saudi Arabia, who is custodian of Mecca and 
Medina, the two holiest rites in Islam. 

Hussein declared that any peace agreement 
wjtfclsiad would have to restore Arab sover- 

See ISRAEL, Page 4 


By Chuck Sudetic 

New York Tima Service 

SARAJEVO, Bosnia-Heizegovina — De- 
spite new cease-fire pledges. Bosnian Serbian 
artillery opened fire into the refugee-packed 
eastern Bosnian town of Gorazde again Mon- 
day as the senior United Nations general here 
warned erf a humanitarian catastrophe and 
blasted the Serbs’ leadership for using his 
peacekeeping force as a tool of war. 

[The UN secretary-general, Butros Butros 
fihali, intends to ask the North Atlantic Treaty 
Organization for authority to request air strikes 
— as distinct from dose air support — to 
protea UN “safe areas,” Renters reported from 
New York. Quoting diplomats, Reuters said 
this would require a decision by the NATO 
■Coupcfl, which in January authorized dose air 
support to help protea UN peacekeepers.] 

Monday’s attack on Gorazde marked the 
thir d day running that the Serbs have promised 
a cease-fire only to break it with shewing, UN 
officials said. 

The Serbs on Monday afternoon gave a UN 
diplomat another cease-fire pledge, hut aid 
workers in Gorazde reported heavy shelling on 
the town. Serbian tanks targeted the neighbor- 
hood of the main UN building, a UN military 
official said. 

The British lieutenant general 
UN troops in Bosnia, Sir Michael Rose, 

“It is a very sad week for the world when the 
United Nations peacekeeping operations have 
been so blatantly used to cover the prosecution 
of war by the Bosnian Serb authorities.” 

“The assurances given during this past 
week,” he said, referring to pledges by Bosnian 
Serbian leaders that they would not attack 
Gorazde, “have been consistently and totally 
ignored." 

“The assurances given that there would be no 
further a ttacks on Gorazde are at this very 
moment bong ignored,” General Rose said 
“There are shells falling at this moment in 
Gorazde. We are on the brink of a humanitar- 
ian disaster there. So in no way is our contribu- 
tion terminated.” 

The three- week Serbian offensive against 
Gorazde has gutied ihe credibility of the UN 
operation in Bosnia as well as the peace initia- 

See BOSNIA, Page 4 


Kiosk 


Federal Reserve Raises Rates in U.S. 


The Federal Reserve Board raised short- 
term US. interest rates for the third time in 
less thap three months, acting to damp down 
robust economic growth before it stokes in- 
flation. (Page 11) 

Stock and bead prices feU, but the drop 
was less dramatic than after the previous 
quarter-point increases in die federal funds 

General News 

A vineyard in Crimea trampled out the bitter 
grapes of “Ukrainization.” Page 2. 
Senator Mitchell has offered three alterna- 
tives to the Qinioa health care bilL Page 3. 
Noth Kraea says direct talks with the United 
States are the way to resolve dispute. PageS. 

Book Review '■ Page 7. 

Chess Page 7. 


rate, which now stands ~at 3.75 percent com- 
pared with 3 percent in January. 

Market analysts expect the Federal Re- 
serve to tighten again, perhaps at its policy- 
making meeting on May 17. One notable 
Wall Street watcher, Henry Kaufman, said he 
expected the federal funds rate to stand at 45 
percent at the end of the year. 


Dow Jones ■ Tub Index 





Mon dosa 


pnwiouBcana 


DM 


1.708 


1.7145 


Pound 


1.4765 


1.472 


Yen 


10020 


103.45 


FF 


5.8465 


5JX515 


In Soweto, a Generation’s Anxious Hopes 


& 


*>■ 


ises, we are gong to turn our backs on them.” 

The views of these young people present a 
kaleidoscope virion of the new South Africa — 
ever changing, as daily developments heighten 

Political leaders near a ccord to end Zirfn boy- 
cott of elections. Page 8 

the hopes, compound the fears or deepen the 


x* 


:> V> 

Jif* \ 


Weaned on the culture of youth protest and 
boycotts that began herein 1976 witn the police 
massacre erf Hector Peterson, 13, and 15 other 
'children demanding an end to apartheid in 
education, these young people are impatient to 
see the promises of the liberation struggle final- 
ly come to fruition. 

Mr. Mandela and his party are pledgingjobs, 
better schools, upgraded housing and health 
care — in effect, a phased-in reversal of the 
deeply entrenched slate policies of the National 


Party that relegated blacks to the bottom of the 
socioeconomic heap. 

These young people are realists, and know 
such fundamental change will take time. But 
how much? And how can Mr. Mandela begin to 
raise living standards when he will be faced 
with political, perhaps even quasi-military, 
challenges from his opponents, as these young 
people predict? These are the kinds of guotions 
that emerged last week during interviews at a 
Soweto youth program. 

“There are some people that wffl expect that 
on the first of May there should be jobs, there 
should be hairing,” said Miss Sdeke, who is 
talcing correspondence courses in accounting. 
“I don’t know what we can do to avoid that 
situation because it is going to come. There are 
those who want everything right away, which is 
very impossible.” 

Mr. Ntuli, who is studying engineering, said 
his hopes “change every day” with ms job 

See BLACKS, Page 4 


ft 




By Lynn Duke 

Washington Post Service 

SOWETO, South Africa, —In tiienew. 3 ^ 

Africa, Lerota L. Seleke, IS, hopes for indoor 
plumbing. It is a baric amenity, °ge that almatt 
ill white South Africans have. But apartheid 
placed a flush toilet beyondr^ 

Mokete Litelu, 19, wants respert. “Ttewbiw 
people are not respecting the blade pe°Pj** 
the present moment, and after the elections 
they still won’t respea us, heswL 

h may be necessary. He’srid 

for blacks to put whites m then place. He sai 
he was not advocating white “jjg 
“maybe just several whites, hundreds of them, 
to show who is in charge. . 

Marcia Sikakhane. 18, was not 
new government ought to he led y 
Nelson Mandela and thc jMrican 
Congress, the virtually assured winners onan 
moSSdections, do not havego^nmg^- 
rience, she said. “A white government * «P«n 
enced. At least they can correct what they 

d T«3Gladj! Cadwel, 20 “we asbtacb 1 _ _ __ 

ZT. Billion Survival Kit Is Scrapped by the Pentagon 



MKtad Proba/The Allocated Pjt» 

GERMAN NUCLEAR PROTEST — Police officers running toward demonstrators 
at a midear plant in Brokdorf who were protesting plans to send spent fuel to Britain. 


» * 


Newsstand prices 


Andorra .....9.00 FF ^“mbouraWL-Fr 
Antilles 11.20 FF 

Cameroon..! -400 CFA 2J2,taV".li.20FF 

Egypt E.p.5000 5SSXS*hi..9.00R. 

France 9.00 FF CFA 

Gabon 96QCFA s«rirf:..... 2 Q 0 PTAS 

Greece JOODr. Tunisia -.t 4)00 Din 

Ivory Coast .1.120 CFA Turkey ..T .l~15gOD 

Lebanon ...USS150 U.S. Mil. (Eur.l Sl.lO 


By Tim Weiner 

New York Tima Service 

WASHINGTON — After spending 1 1 years 
and $8 billion searching for ways to keep the 
government running after a sustained nuclear 
attack tat Washington, the Pentagon wiQ shelve 
its project as a high-tech antique of the Gold 
War, according to military officials familiar 
with the program. 

The Doomsday Project, as it was known, 
sought to create an unbreakable chain erf com- 
mand for military and civilian leaders that 
would withstand a six-month-long nudear war, 
which was regarded as a plausible length for a 
controlled conflict 

“That was the requirement: six months,” said 


Bruce Blair, a former Strategic Air Command 
officer asrigned to analyze nudear war plans in 
the early 1980s. “And at the end we had to have 
a cohesive chain of command, with control oyer 
ouf remaining nudear forces, that would give 
us leverage over the Soviets.” 

Tlie nuclear tensions of that era are subsid- 
ing, and the project has less than six months to 

** V “bn Oct 1, it’s history,” a Pentagon offidal 
said. 

like many other Cold War programs, its 
details remain top secret. And from accounts 
riven anonymously by army officers and gov- 
ernment officials, it is dear that this secrecy 
itself was a major stumbling block — in some 


ways as great a challenge as the technological 
hurdles. 

A Pentagon agency, the Defense Mobiliza- 
tion Systems Planning Activity, was given the 


impossit 

Pentagon, the CIA, the State Department and 
other agencies. 

Thei 
so-called 
.that mly 

personnel knew of them. 

“That raised the bureaucratic nightmare to 
the nth power,” Mr. Blair said. “No one knew 
what anyone else was doing. It was hard to find 



tary 


out even tiie technical characteristics of some of 
the plans.” 

UA government plans for surviving World 
War HI date from very early in the nudear era. 
Presidents since Harry S. Truman have been 
briefed on the Pentagon’s plans, which relied 
for decades an two huge shelters built in the 
1950s. One was situated beneath Mount 
Weather in the Blue Ridge Mountains of Vir- 
ginia, 50 miles northwest of Washington, the 
other beneath Raven Rock Mountain, 6 miles 
north of Camp David, the presidential retreat 

In t^l9^Mwm^arwar-Gghiing strate- 
gies that foresaw a battle lasting for months 

See DOOMSDAY, Page 4 


By David B. Ottaway 

Washington Past Service 

BELGRADE — Bosnian Serbian forces, ap- 
parently determined to complete the conquest 
of other territories they covet after their capture 
of the Muslim enclave of Gorazde, say they 
plan next to secure and widen the east-west 
corridor they hold across northern Bosnia. 

In an unusually frank declaration of intent, 
the chief of staff of the Bosnian Serbs’ forces. 
General Manjlo MOovanovic, said the narrow 
it along that corridor around Brcko on the 
»va River would be its next target. He asserted 
that allied Muslim and Croatian forces were 
preparing their own thrust northward toward 
Brcko from central Bosnia-Herzegovina. 

“We have decided to concentrate our forces 
and defend Serbian territory between Brcko 
and Dobqj,” General MOovanovic said. 

In the parlance of the Bosnian Serbs, this 
normally heralds a new offensive. The attack on 
Gorazde, for example, was a “counteroffen- 
sive” to an offensive allegedly launched first 
from there by the Bosnian Army. The Serbian 
attack on the town was purely a “defensive” 

action. 

For at least two weeks before the start erf 
their March 29 attack on Gorazde, the Bosnian 
Serbs carried out a propaganda campaign as- 
serting that the Muslim-led Bosnian Army was 
conducting a “massive offensive” against their 
positions indnding those around Gorazde. 

The Bosnian Army did mount last month a 
number of attacks on Bosnian Serbian posi- 
tions in central Bosnia around Dob qj and Tes- 
Hc to the southwest, according to UN military 
spokesmen. It was reported on Monday also to 
be attacking Serbian lines around Olova 

The Bosnian Army also maintains a toehold 
on the outskirts of Brcko where the corridor 
connecting Bosnian Serbian territory in north- 
eastern and northwestern Bosnia is reduced to 
less than a nde. The Bosnian Serbs have said 
they want to widen that corridor to six to eight 
miles. ' 

Serbian analysts and diplomats in Belgrade 
say the making of Bosnian Serbian policy seems 
mare than ever in the hands of its headstrong 
army commander, Raiko Mladic, 52, who has 
publicly pledged never to give an order to 
withdraw from any of the territory captured. 

He also spoke at length recently about the 
need to “liberate” another of the Muslim en- 
claves in eastern Bosnia, Srbrenica. His army 
was on tiie point of overrunning it last April 
when the then-commander of the UN peace- 
keeping force. General Phillipe Morillon, 
forced ms way through Bosnian Serbian lines to 
prevent its fall. 

General Mladic seems determined not to be 
robbed again by the United Nations of a vic- 
tory over the Bosnian Army at Gorazde. On 
Saturday, he boasted his troops would com- 
plete their takeover of the town by the end of 
the day even while intense diplomatic efforts 
were under way to arrange a cease-fire. 

Then on Sunday, he ignored a plan worked 
out the night before before by tiie Russian 
foreign minister, Andrei V. Kozyrev, and Presi- 
dent Slobodan Milosevic of Serbia for a partial 
withdrawal to allow the UN peacekeeping force 
to move in and establish a “safe zone.” 

Asked whether the Bosnian Serbian military 

See POLICY, Page 4 


Chinese Firms 
Slipping Into 
Private Hands 


By Kevin Murphy 

Intemanonol Herald Tribune 

HONG KONG — Quietly but quickly. Chi- 
na’s stock market experiment is turning into a 
privatization program, transferring control of 
stale companies away from Beijing faster than 
Chinese economic reformers had predicted or 
than conservatives now want. 

Stock bolding companies publicly traded in 
China and abroad are putting oontrol of some 
state-owned enterprises into the hands of pri- 
vate-sector shareholders and Chinese institu- 
tions which themselves answer less and less 
directly to the state. 

“The genie is out of the bottle now ” said 
Nick Moakes, a China analyst with S. G. 'War- 
bug Securities in Hong Kong. “At the moment 
it is politically unacceptable to talk about pri- 
vatization, and China will have major problems 
stopping it. But five years ago corporatization, 
too, was unacceptable.” 

No Bering official would dare call what is 
happening now privatization. The term corpor- 
atization news more closely to Beijing's ambi- 
tious game plan fra economic reform, one 
where the state encourages a market economy 
and private investment but ultimately retains a 
pre-eminent role in orchestrating overall devel- 
opment 

Cash-strapped state organs that were appor- 
tioned shares in the early days of the establish- 
ment of Chinese joint stock companies are 
widely reported to be selling their stakes in 
thriving “gray-market” transactions to the 
highest ladder — regardless of whether their 
hidings are strategic stakes which afford ulti- 
mate state control and in spite of flat bans 
against the practice. 

At the same time, other government share- 
holders with majority stakes m companies once 
managed by outposts of China's vast industrial 
bureaucracy have been threatened with loss of 
control through corporate rights issues to which 
they cannot afford to subscribe. 

When, for example, in a recent cash-raising 
exercise, Shandong Petrochemical offered each 
shareholder the right to buy 8 new shares for 

See CHINA, Page 4 


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Page 2 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


A Vineyard Reaps the Bitter Harvest of ‘Ukrainization’ 


WORLD BRIEFS 


% 


By Lee Hockstader 

Washington Past Service 

MASSANDRA, Ukraine — The black- 
soil farmland of Ukraine remains among 
the richest in the world. But as economic 
collapse has spread from industry to agri- 
culture here, it has squeezed wealth even 
out of land — even at die Massandra 
vineyard, maker of sweet wines much loved 
by czars and commissars alike. 

From his office in a ma gnificent Crime- 
an chateau perched os a cliff above the 
Black Sea, Massandra’s general director, 
Nikolai Boiko, 47, struggles to produce and 
sell wine in a cash-strapped country with 
an inflation rate spiking toward 10Q per- 
cent a month. 

buying anyShi^aki MrfjwkcT^bey 
haw to decide between mine or wine — 
there's no money for both." 

To avoid a collapse of the 1 00-year-old 
vineyard, whose name is synonymous in 


the former Soviet Union with quality 
wines, Mr. Boiko has devised a simple 
formula: Wine equals money. 

With little cash to pay wages, let alone 
keep up with inflation, Mr. Boko this year 
began compensating many of his more 
than 5,300 employees with a “bonus” of 10 
bottles of wine a month, which workers can 
trade for sausage and mjk. 

Massandra also is paying in wine for its 
bottles from Belarus, its coiks from Portu- 
gal an d its coal, od and wood from Russia. 


Much, if not most, of the 15 million 
bottles of wine Massandra produces each 
year is bartered away in this fashion, sim- 
ply to keep the company afloat --for now. 
As more and more enterprises in Ukraine 
go broke, and the inflating national curren- 
cy loses its value dady/nanging on by a 
thread has become a national pastime for 
business managers. 

Uk rainian newspapers and agricultural 
specialists have reported that Ukraine’s 


lack of hard currency is limiting spring 
planting this year for vegetables, wheat and 
sugar beets. 

In the orchards of the Crimean peninsu- 
la, fabled for peaches, apples, pears and 
grapes, many fear that lac jhrrp produc- 
tion slump of recent years may accelerate. 

With fuel and fertilizer in short supply, 
newspapers have even discussed fear of 
food shortages —an astonishing worry in a 
country with a third of the world's black 
sod and, untO recently, one of the world’s 
productive agricultural economies. 

The prospect of hunger summons chill- 
ing memories of the famine of the 1930s, 
when millions of Ukr aini an peasants 
starved during Stalin's f raced collectiviza- 
tion of agriculture. 

So far, there is no evidence of hunger, 
and some agricultural specialists say the 
warnings of shortages this year are exag- 


dties and Adds are passionate in their 
conviction that simply getting enough to 
. eat is ever more difficult. Typical wages are 
$10 to S3Q a month. People on pensions 
often get less. 

Many workers complain they have been 
partly — or entirely — unpaid for two 
months or more. 


The many people whose wages are fro- 
zen — as Massandra’s employees have 
been since December — are losing half of 
their buying power every 30 to 60 days as 
prices soar. 


But here in Crimea, people in both the 


Crimea’s economy, two-thirds of it tied 
to agricultural production, has been partic- 
ularly hard hit by the collapse of the Soviet 
Union and the Uk rainian government’s 
reluctance to enact even the most basic 
economic change. 

The government in Kiev is so steeped in 
corruption and communist mentality that 
in the former Soviet Union, the term "Uk- 
ramizatioiT has become synonymous with 


resistance to reforms and with economic 
disaster. 

Privatization is hardly out of the starting 
blocks, and land reform has not been seri- 
ously disenssed. 

U is the government's effort to sustain 
the inefficient, ' Soviet-built stale firms that 
has brought the inflation. 

Crimea once was a favorite resort area of 
Moscow’s C ommunis t elite, a status that 
made h easy fra local officials to get eco- 
nomic help from the Soviet government. 

The collapse of the Soviet Union nra 
only tut off that largesse, but also led to 
myt oms duties and other restrictions on 
Crimea’s exports to Russian markets. 

The limited access to Russia's markets, 
along with the generally disastrous Ukrai- 
nian economy, has convinced Crimea's 
Russian-speaking majority that salvation 

lies in seceding from Ukraine and reuniting 

with Russia. 

The Ukr ainian government rejects such 
a move, wanting it could lead to war. 


An 'Absolute Nightmare’ in Rwanda 

NAIROBI {Reuters) — Gunmen in the Rwandan capital of Kigali 
appeared Monday to have started deliberately killing wounded pa$e w 

areas they controlled, witnesses said. ... 

theyare deliberately kOling d casual** so none a* 
evacuaredbecause they know that the Red Cross wraW lake any 
casualties to hospital" said a diplomat who was based in Kigali. "Tt is 
another terrible strain this absduie nightmare. 

The gnim™ previously dumped dead and wounded on nearby road- 

•j CiwiimtiIv unless 


ine eunmen preYtwwaij uiu t w , , y — - 

tides or in ditches. Frequently, unless Red Cross teams arrived Bret and 
were able to check for agnsoflife, the badly wounded were assumed to be 
dead and dumped in trucks with the corpses by deaiHip crews. 


Mother Seeks Clemency in Caning 


SINGAPORE (Reuters) — The mother of an American teenager 
yntwirwt to be caned fra vandalism arrived here on Monday night to 

i - **•- - - a#« n«n>fi rl f rWuv Tans OiAnnn 


United States. . 

A Singapore court last month sentenced Mr. Faytosix strokes with a 
rattan ren c, four months in jail and a fine of $2,000 for spray-painting 
cars and other offenses. He pleaded guilty to the charges. 


For Hungarians, 
Anti-Semitism Still 
A Painful Subject 


Three From UN Killed in Somalia 


By Jane Perlez 

New York Times Service 

BUDAPEST — Just before the 
mass deportation of Jews from 
Hungary to death camps 50 years 
ago this spring, a young Protestant 
minis ter arrived for a clandestine 
meeting in a caft here. He left his 
battered suitcase slightly open on a 
chair beside him and watched as a 
courier dropped a 30-page account 
of Auschwitz inside. 

The cleric, Jozsef Elias, now 80. 
hurriedly arranged to have the ac- 
counts of witnesses, known as the 
Auschwitz Protocols, translated 
and circulated among Budapest 
church leaders and passed to the 
Hungarian leader. Admiral Miklos 
Horthy. There was little response. 

"The fact is most Hungarians 
didn't rqect Nazism, they accepted 
it," said Father Elias in his study, 
surrounded by dozens of works on 
the Holocaust, including his own. 
which were banned here until re- 
cently. 

"Whatever is said now about 
Horthy saving Jews is not true:" 

As ceremonies are held to re- 
member the deportation of 600,000 
Hungarian Jews within a matter of 
months in 1944, efforts are being 
made to use the occasion to try to 
bring Hungary face-to-face with 
anti-Semitism then and now. 

But the period of sdf-examma- 
tion is proving difficult as a nation- 
al election approaches next month 
amid what many see as increasingly 
loud echoes of anti-Semitism. 

Prime Minister Peter Boross laid 
a wreath at the Jewish Cemetery in 
Budapest on Sunday morning. But 
he and Foreign Minister Geza Jes- 
zensky declined an invitation to 
speak at a ceremony at the Opera 
House organized by the Worid 
Jewish Congress. 

This month, Mr. Boross’s gov- 
ernment issued a statement ex- 
pressing sorrow at the loss of Jew- 
ish life in 1944 bat fell short of 
recognizing nati onal responsibility 
for what happened in Worid War 
U, when Hungarians fought beside 
the Nazis. 

By appointing an ultrarightist 
member of parfiameni to the offi- 
cial Holocaust commemoration 
committee, the government of- 


fended Jews and others here. And 
at a conference on the Holocaust 
this month, Mr. Jeszensky was 
booed off the stage when he said 
Nazism and communism were 
equally bad and that 500,000 non- 
Jewisb Hungarians who died in the 
war should be paid equal tribute: 

In contrast to Mr. Boross, Presi- 
dent Arpad Goncz, a writer who 
was a political prisoner under the 
Communists and who is widely 
seen as a man of stature, addressed 
the audience Sunday. 

"It is our duty to look straight 
into the face of truth,*' he said. 

Hungarians must remember the 
"passivity of hundreds of thou- 
sands of people, watching hun- 
dreds of thousands of their fellow 


countrymen marched away to 
death," he said. The country must 


also remember the "near total help- 
lessness of the dauntless few, who 


lessness of the dauntless few, who 
did everything in their power to 
slow down the smooth operation of 
the machine." 



MOGADISHU, Somalia (AP) — Two UN peacekeepers and sl UN 
refagpe official were killed in two separate modems Monday in Somalia. 
The United Nations also reported that $3.9 millfon had been stolen from 
its Mogadishu headquarters. 

The soldiers, both Nepali, were tilled in crossfire between militias of 
two dans that had been fighting here since Saturday, said a UN 


Sanneh, 54, of Gambia, head of the town’s mission of die UN High 
Comnrissioner for Refugees, was killed when nrihtiamen shot at his plane 
as it touched down on the airstrip . 

Meanwhile, Tom While, chief of technical services fra the Somali UN 
mission, said the $3.9 million was taken from a safe in a heavily guarded 
area, apparently before dawn Sunday. An investigation was undo- way. 


life Sentence Demanded for Touvier 




VERSAILLES, France (Reuters) — The prosecution asked a jury on 
Monday to sentence Paul Touvier, a former Vichy militiaman, to life 
imprisonment for crimes against humanity over the murder of Jews is 
Nari-occnpicd France 

Hubert Touzalin, the prosecutor, told the court that Touvier, 79, 
accused of having seven Jews shot while he was intelligence chief of the # 
Lyon militia during World War n, deserved the maximum penalty smo e 
there were no mitigating circumstances. 

“I am convinced that Touvier knew of the Nazis’ anti-Jewish policy 
and his act fitted perfectly into the framework of the Nazis’ anti-Semitic 
plan," Mr. Touzalin said. “I ask the court to pronounce a sentence of life 
imprisonment.” The verdict is due late on Tuesday after the defense rests 
its case. 


NATO Aide Expects Russian Accord 


Today an estimated 80,000 to 
100,000 Jews live in Hungary, the 
largest Jewish population in East- 
ern Europe. 

The Communists virtually 
banned discussion of the treatment 
erf the Jews by the Gomans and by 
the Arrow Cross, the Hungarian 
fascists. 

Thus the accounts of Hungarian 
survivors of the death camps and of 
people like Mr. Elias, who tried to 
save Jews in Budapest, are not well 
known here. 


Srrja Sqx^ty/Afmcc FnarFnx 


PREFUGHT CHECK — A Uk rainian paratrooper applying lipstick before she boarded a plane bound for UN duty in Bosnia. 


Bank Scandal Rattles Gonzalez Regime 


BRUSSELS (Reuters) —A senior NATO official expressed confidence 
rat Monday that Russia would soon sign a Partnership for Peace deal 
despite its anger over air strikes early last week on Bosnian Serbian forces 
aitadring Gorazde. He said the Russians were determined to sign because 
"they do not want to be left out” 

In Moscow, a senior Russian legislator said the country’s leadership 
was divided over the issue, but he urged President Boris N. Yeltsin to sign 
the deal on mili tary cooperation offered by the Atlantic alliance. Sergo 
Yashenkov, who beads the defense committee of the State Duma, said 
failure to sign “could send the world back to the Cold War." 

Neutral Finland derided on Monday to join the Partnership for Peace 
program. Its participation would be restricted to peacekeeping and 
yaie h. rescue and humanitarian operations as wdl as to environmental 
protection. Foreign Minister Hrikxi HaavistosakL 


Mr. Elias has spent most of the 
last 40 years isolated in his house in 
Debrecen, 200 kilometers miles 
east of Budapest, writing books fra 
a German publisher. Only recently 
has any interest been shown by 
some Hungarians about his dan- 
gerous work in 1943 and 1944 and 
ratty recently have awards started 
to appear an his walls. 

Converted to Christianity from 
Judaism at the age of 16, Mr. Elias 
said he accepted the assignment to 
organize protection of the Jews — 
putting children in safe houses, or- 
ganizing food, duping the nrilitaiy 
into selling him 1,000 pairs of boots 
for the poor — knowing that four 
other pastors from his Reformed 
Church had declined. 


New York Tones Service 

MADRID — Allegations of tax fraud and 
financial mis conduct against the former head 
of Spain’s central bank have thrown the minor- 
ity government of Prime Minister Felipe Gon- 
zalez into disarray. 

Although no formal charges have been filed, 
the affair is viewed as potentially the most 


few months later, Mr. Rubio left the Bank of 
Spain. 

Manuel Fraga lribarne, the bead of the re- 
gional government in Gaikda and a powerful 
conservative voice, has called for new general 
elections. 


ing Mr. Gonzalez’s government and his Social- 
ist Party since he took office in 1982. It has led 
the opposition to call fra early elections. 

The case involves Mariano Rubio, who as 
governor of the Bank of Spain from 1984 to 
1992 played a central role in defining the coun- 
try’s economic policies. 

Documents published by a Madrid newspa- 
per this month suggested that be bad kept a 


secret investment portfolio and failed to pay 
taxes on huge profits. 


On Friday, Mr. Gonzilez publicly denied 
any plans to resign. But leaving room for specu- 
lation, be said be would assume "political re- 
sponsibility” when all the facts were known and 
added that they would be “very soon." 

Although Mr. Gocziiez was returned for a 
fourth term as prime minister in June, be is 
more vulnerable than before, because the So- 
cialists failed to win a majority in parliament 
and now depend on the Catalan nationalist 
party, Convergence and Union, to stay in of- 
fice. 


taxes on huge profits. 

The case is all the more embarrassing be- 
cause Mr. Gonz&lez vouched for Mr. Rubio’s 
honesty when the banker was accused of pro- 
viding privileged economic information to a 
small investment bank that collapsed in 1992. A 


The Catalan party’s leader, Jordi Pujol has 
conditioned his continuing support on "swift 
and sure” action against “the cancer of corrup- 
tion.” 


How Mr. Gonzalez addresses the problem in 
his state of the union address on Tuesday may 


determine whether Mr. Pujol decides to bring 
down the government 

The case broke two weeks ago when the 
opposition daily, El Mundo, reproduced on its 
front page copies of statements from Mr. Ru- 
bio’s secret bankaccounts and speculative equi- 
ty portfolios. The public prosecutor, the tax 
office, the stock exchange and a parliamentary 
commission immediately opened investiga- 
tions. 

On Friday, the 62-year-old white-haired 
banker, whose signature still appears next to 
that of King Juan Carlos I on some Spanish 
bank notes, made his fiist comments in an 
appearance before parliament's economy and 
finance committee. 

Mr. Rubio did little to address the charges 
that be had evaded taxes cm almost $1 million 
of income on secret investments, prompting - 
even Socialist legislators to turn angrily against 
him. 

"I have no idea how these purchases could 
have happened,” Mr. Rubio told the commit- 
tee: “I am not aware of having a secret account. 

I am not aware of having committed tax fraud." 


TRAVEL UPDATE 


Northwest Cuts Fares by Up to 40% 


EAGAN, Minnesota (AP) — Northwest Airlines is slashing summer 
vacation fares by up to 40 percent, the carrier said. 

The fares are good fra travel between May 18 and Sept. 12 in all states, 
except Alaska, and in Canada, Cancun, Mexico, ami the Caribbean, 
excluding San Juan, Puerto Rico. The nonrefun dable tickets will go on 
sale Monday and most be bought by midnight April 27. They also must 
be bought at least 30 days before travel and most destinations require a 
Saturday night stay. 

A spokesman fra TWA said it would match the fares in competitive 
markets. 


Sri Lankan hotels are tigfaCenhq; security to protect tourists after recent 
hotel bombings in Colombo and threats by Tamil rebels to kill tourists, 
officials said. (Reuters) 


The poBce evacuated the Brussels central rafroad station for almost an 
rnr Monday after receiving a bomb threat from a caller claiming to 


hour Monday after receiving a bomb threat from a caller claiming to 
represent a Palestinian group, the national news agency, Belga, reported. 
The station reopened after a search found nothing suspicious, ft was the 
third such alert this year. (A P) 



. •'V* -l 

•m 

-.ait-:- 


Riots Break Out 
Again in Lyon 
After Youths Die 


Berlusconi Readies Cabinet 


German Agent 
And Wife Slain 


'rm*: 


A fence Fnmce-Presse 



% ,V*. • -V!f. 


VACHERON CONSTANTIN 

/Qeriewi since 1755 - • 


iWfisS* 


Sn/t N ■ 


I LYON — Riots broke out in a 
, suburb of this east central French 
J city in a third nigjht of violence, 
which has left buildings and vehi- 
! des wrecked and seen nine people 
arrested. 


Ageice France-Prevte 

ROME — Members of the three- 
party coalition that dominated the 
March general elections are sched- 
uled to meet Wednesday to discuss 


hkdy candidates to the top posts in 
a cabinet expected to be headed by 











StteMtar of *20* fentee- 


Hundreds of police officers were 
deployed in the suburbs of Vaulx- 
en-Velin, Rillieux-la-Pape and 
Bron, where fire fighters said two 
cars and a building had been set on 
fire Sunday. 

Police said (he rioting sprang 
from the deaths Thursday in a sto- 
len car erf two youths from the 
Lyon suburbs as they tried to run a 
police roadblock. 

Their car crashed after a police- 
man fired shots at it 

The socialist mayor of Lyon, 
Jean- Jade Queyranne, condemned 
the riots as "premeditated acts of 
delinquency carried out by orga- 
nized gangs." 


a cabinet expected to be headed by 
Silvio Berlusconi. 

Officials said the process of 
forming a new government should 
be completed within two weeks. 

Media reports here are touting 
members of Mr. Berlusconi's Fraza 
Italia party as likdy to take the 
prominent jobs, with Cesare Pre- 
vin, a dose aide to Mr. Berlusconi, 
set to become justice minister, and 
the economist Antonio Martino 
poised to win the foreign portfolio. 

As for Mr. Berlusconi, now that 
his handpicked candidates are in 
the key speaker’s posts in both 
houses of Parliament, he appears 
confident that President Oscar 
Luigi Scalfaro will name him prime 
minister, perhaps by the end of the 
week. 

"I am waiting for President Scal- 
faro to pat me in charge of the 


government,” he said Sunday night 
as be celebrated his Milan AC soc- 
cer team's third national victory. 

Comparing government to 
sports, he pledged his cabinet 
would be made up of a team that 
would apply the same philosophy 
that led Ins soccer team to victory. 

That philosophy, be said, in- 
volved "perseverance, sacrifice, 
work and respect fra one’s oppo- 
nent." 

Mr. Scalfaro, meanwhile, was 
waiting for both houses of Parlia- 
ment to meet Wednesday to form 
the various political groups. The 
groups would then submit to the 
president the names of their candi- 
dates for senior posts. 

The rightist Freedom Alliance 
links Forza Italia, the federalist 
Northern League and the neofas- 
cist National Alliance. 

The new Parliament on Saturday 
elected two alliance candidates as 
speakers fra the upper and lower 
houses after Mr. Berlusconi threat- 
ened to force a new legislative elec- 
tion if the Freedom Alliance, in 


winch his party is the largest entity, 
failed to have its candidates elected 
to head the two houses. 

After fractious bargaining, the 
Chamber of Deputies elected the 
Northern League candidate, Irene 
Phretti, 31, as its speaker while the 
Senate voted for Carlo Scognarmg- 
lio, 49, of Fraza Italia. 

■ 125 Held in Mafia Sweep 

The police struck a major blow at 
Mafia penetration of northern Ita- 
ly, arresting 125 people on Monday 
in a vast sweep of the Milan area. 
The Associated Press reported. 

Arrests were also carried oat in 
Saiy and the southern Puglia re- 
gion, but the operation was cen- 
tered in Milan, officials said. They 
said more than 1,000 policemen 
took part and made 125 arrests; 110 
of than in the Milan area. Charges 
included criminal association, drug 
and arms trafficking. 

Among those arrested, anmrriing 
to the Italian news agency ANSA, 
was the wife Of Biagio Crisafulli, an 
alleged drag trafficking boss who 
escaped a sweep a few months ago. 


On Libyan Trip 


Reuters 

BONN — A senior German 
counterterrorism officer and bis 
wife have been murdered in Libya, 
a spokesman for Germany’s anti- 
extremist intelligence agency said 
on Monday. 

The spokesman said Silvian 
Becker, section head in the interna- . 
tiooal terrorism department of IhJ* 
Office fra the Protection of the 
Constitution, died in a Tripoli mili- 


tary hospital on April 9, several 
days after his wife died. 

Libya is off-limits fra personnel 
from the German domestic agency. 
The spokesman said, "We assume 
he was on a trip and that he and his 
wife were attacked by criminals." 

German radio said Mr. Becker, 
54, a Middle East expert entered 
Libya with his wife from Tunisia 
on March 8 in a Land Rover and 


was attacked two days later. 

The Libyans did not inf ram the 
German embassy until March 15. 


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BACKAT THE WHEEL _ Bin O^STteTS*? 

M^toig ID Oiartotte, North Carofina, as part of the 
®ooers 30m anniversary celebration. Mr. Qintonr's car is on 
“sP^y a * a nnwemn in Arkansas until his presidency ends. 

A Breather for Smokers on Legal Front 

* KINGTON — The momentum is building, no doubt about 
it Bui the lime does not seem to be ripe this year for new U.S. laws or 
regulations that would sharply curtail the use of tobacco. 

Politicians are moving slowly for many reasons, but the main one 
may be that no one is sure exactly what to do to stop people from 
smoking. Outlawing cigarettes seems to be out of the question. It 
raises the prospect of the corruption and gan g sterism that prevailed 
during Prohibition. 

“I tKink we have enough experience with alcohol," said Represen- 
tatiye Mike Synar, Democrat of Oklahoma, who is a leader in the 
anti-smoking drive in the House. 

“Alcohol didn't work, because of the black market" Mr, Synar 
said. (NYT) 

For Cora, California a Virtual 2d Home 

LOS ANGELES — It is well established that the White House is 
determined to stroke California voters as often and as vigorously as 
possible to win their allegiance in the 1996 election. 

But in the latest effort to plant the Bill Clinton flag in the richest 
electoral soil of any state with its 54 electoral votes, Vice President A1 
Gore stands out. After Governor Pete Wilson, a Republican, re- 
opened the earthquake-damaged Santa Monica Freeway last week 
without first alerting the White House, Mr. Gore hurriedly flew here 
to credit President Clinton for making UJS money avaflable to 
repair the expressway. 

Returning to Washington with barely a break, Mr. Gore flew to 
Morocco to address a committee of the General Agreement on Trade 
and Tariffs. And then he flew back to Los Angeles to lead a rally of 
Democratic volunteers on Friday night and to be the featured 
speaker at the Democratic Party’s state convention on Saturday. 

“If I make any more visits out here,” Mr. Gore told the delegates, 
Tm going to become a citizen of the state.” (NYT) 

Quote /Unquote 

The comedian David Letttnnan cm Hillary Rodham Clin ton's 
visit to Wrigjey Field in Chicago to throw out the first ball: “At one 
point during the game, she was getting a hot dog and a Coke. She 
passed a $20 bill down the row to the vendor. She got back $500." 

(LAT) 


Taking Charge, Mitchell Offers Health Plan Alternatives 


By Adam Clymer 

New York Tima Service 

WASHINGTON — With White House 
help, Senator George J. Mitchell of Maine 
is offering Democratic senators three 
cheaper modifications of President Bill 
Clinton’s health care legislation as he seeks 
to move them toward making choices. 

Each of the variations, like Mr. Clinton’s 
proposal, seeks to guarantee all Americans 
health insurance that can never be canceled 
and to require employers to pay some of 
the cost of their workers’ insurance. 

But each alternative would cost less than 
Mr. Clinton's plan, thereby making broad 
reform easier to pass. 

The cuts would result from some cmntn- 
nation of reducing what employers would 
pay, decreasing what the government 
would pay, hunting what benefits would be 
provided or increasing what individuals 
would pay. 

The president joined the Democratic 
senators at a meeting during the weekend 
and urged them to move forward and to 
resist appeals to lake only easy steps like 
insurance reform. 

Mr. Clinton said a strong position on 


health care would help the party in the 
November ejection, according to Senator 
Paul E. Simon of Illinois. 

Senator Jim Sasser of Tennessee said 
Monday, “The whole problem is so com- 
plex, people are stiU trying to educate 
themselves and get some questions an- 
swered.” 

Senator Thomas A. Daschle of South 
Dakota said “no commitments were made" 
on the shape of health care reform during 
the retreat, attended by 45 of the 56 Demo- 
cratic senators. 

Mr. Mitchell, the Senate majority leader 
who spurned a Supreme Court nomination 
last week so he could concentrate on pass- 
ing health care legislation, dominated the 
meeting and made it dear that he was 
taking charge of the issue, several senators 
saitL 

Mr. Mitchell said in an interview that no 
effort had been made to reach agreement at 
the weekend sessions, hdd near Williams- 
burg, Virginia. ‘There was no discussion of 
timing, except that we inteod to get it done 
this year," he said. 

The president did not discuss the sub- 
stance of the MitcbeD alternatives. But Mr. 
Mitchell's apparent preference was a plan 


that altered the way the subsidies that Mr. 
Clinton proposed to help small businesses 
meet the requirements would be calculat- 

This plan would not base the subsidies 
on total payrolls, as Mr. Clinton wanted, 
but on each worker’s wage. That would 
mean a company could get a subsidy for 
each of its low-paid employees. 

Mr. Mitchell told the senators this plan 
would distribute subsidies more fairly, 
reaching big companies with many low- 
wage workers and not wasting subsidies on 

He said^S would cost ~tSe goreramem 
about $50 billion less by the end of the 
century. 

But the alternative that differed the most 
from the White House plan was one in 
which employers would only pay 50 per- 
cent of the cost of the average premiums 
charged to their workers, instead of the 80 
percent proposed by Mr. Clinton. Thai 
plan would also reduce the value of the 
benefits package guaranteed by the mea- 
sure by 5 percent and let employers of 
1,000 or more workers, rather than Mr. 
Clinton’s 5,000, manage their own workers’ 
healthcare. 


Mr. Mitchell said tins approach, when 
compared with Mr. Clinton’s, would re- 
duce tire average employer premium for 
each family by about 16 percent and cut 
the cost to the federal government between 
$150 billion and $165 billion by the end of 
the century. 

Mr. Mitchell's third alternative was a 
variation .of his first It bases employer 
subsidies on individual wages rather than 
total payroll wages. And it allows compa- 
nies of any she to get subsidies, as his first 
plan did. But it would also reduce the 
benefit package by 5 percent. 

Two of the Mitdidl variations would 
reduce the total benefits either by increas- 
ing the co-payment required when individ- 
uals use medical services or by increasing 
the limit on how nwch a family 

could be required topay in out-of-pocket 
costs from the $1,500 for individuals and 
$3,000 for families in Mr. Clinton's pro- 
posal He did not choose a particular for- 
mula. 

So far, health care has come to a vote 
only in a subcommittee of the House Ways 
and Means Committee. The panel chose 
the route of expanding government-paid 
health care through a new form of Medi- 


care instead of taking Mr. Clinioa’s ap- 
proach of guaranteeing everyone private 
health insurance. The full House Ways and 
Means Committee and the Energy and 
Commerce Committee are likely to take up 
the issue next. Their chairmen are contin- 
ually meeting with uncertain Democrats, 
trying to find packages that could com- 
mand a majority. 

Senator Daniel Patrick Moynihan of 
New York, chairman of the Senate Finance 
Committee, said on Sunday that his com- 
mittee would start “informal discussions in 
the back room" on Tuesday about what to 
include in its bQL He had come under some 
criticism for saying last week that the com- 
mittee would not begin writing a Ml until 
mid-June. The Senate Labor and Human 
Resources Committee, beaded by Sen. Ed- 
ward M. Kennedy of Massachusetts, is 
ready to write a bill but is apparently 
waiting for the Finance Committee to acL 

Changes of the scat proposed by Mr. 
Mitchell have been discussed in general 
toms ever since the Congressional Budget 
Office concluded in February that the ad- 
ministration’s plan would add $74 billion 
to the deficit by the year 2000, not reduce it 
by SS9 billion as Mr. Clinton contended. 


Mexican Candidate Wants to Open Up the System 


By Tun Golden 

New Yo rk Tim a Service 

MEXICO CITY — The new 
presidential candidate of Mexico's 
long-governing party says further 
democratization of the political 
system is essential to economic and 
soda! progress. 

“1 do not believe the country can 
advance significantly in the eco- 
nomic or social areas if we do not 
strengthen our democracy," the 
front-running candidate, Ernesto 
Zedillo Ponce dc Le6n, said in an 
interview. “People are demanding 
more democracy." 

Mr. Zedillo, who took over his 


party's candidacy after the assassi- 
nation last month of Luis Donaldo 
Coloao, did not express support 
for any measures to increase elec- 
toral fairness beyond those being 
'negotiated among the main politi- 
cal parties. But his remarks ap- 1 
peered to signal an important de- 
parture from the thinirnig that has 
pervaded the administration of 
President Carlos Salinas de Gor- 
tari. 

Throughout the six-year term he 
began in December 1988, Mr. Sali- 
nas has been wary of changes to 
.open up the political system and 
reduce the huge advantages that 


have helped to keep his party in 
power for 65 years. He has tended 
to view such measures as potential- 
ly hazardous steps that have to be 
taken carefully lest they threaten 
political and economic stability. 

By contrast, Mr. Zedillo suggest- 
ed what more and more officials 
have come to believe as the peasant 
rebellion in the southern state of 
Chiapas has crystallized calls for 
reform: that stability will be impos- 
sible without convincing, funda- 
mental change 

Even more directly than Mr. Co- 
losio, Mr. Zedillo also acknowl- 
edged that winning the most votes 


was only part of the challeng e that 
the governing Institutional Revolu- 
tionary Party will face in the elec- 
tion on Aug. 21. 

“We also have to win legitima- 
cy," the 42-year-old economist 
said, referring to the expectation of 
many Mexicans that this presiden- 
tial contest, like nearly all of those 
before it, will be marred by fraud 
by the governing party. 

The comments by Mr. Zedillo 
are particularly striking because of 
the closed nature of presidential 
succession within the party. 

By its unwritten roles, senior of- 
ficials who aspire to the nomina- 


tion are supposed to hide their own 
litical beliefs from public view. 
: the candidate is chosen by 
tne president rather than by a party 
caucus or primary vote, the aspi- 
rants must show loyalty to the in- 
cumbent and avoid discussing 
problems or polities outside their 
areas of responsibility. 

Among the officials who were 
considered strong contenders for 
the prize that Mr. Colosio eventual- 
ly won, Mr. Zedillo ~ who saved 
as secretary of the budget and erf 
education before leaving the cabi- 
net to manage his predecessor's 
campaign —was probably also the 
rare whose views were least known. 


Court to Ponder 
Flea Bargaining 

The Associated Press 

WASHINGTON — The Su- 
s Court on Monday agreed to 
i whether statements made by 
defendants during failed plea bar- 
gains with federal prosecutors may 
ever be used as trial evidence 
against them. 

The court said it will use a Cali- 
fornia drug case to resolve what 
Clinton administration lawyers call 
“an issue of substantial importance 
to the federal c riminal justice sys- 
tem." Federal rales generally bar 
the use of such statements. 

But another federal appeals 
court has said such waivers can be 
made. 


Away From Politics 


• Radar iostn&nents aboard the space shuttle Endeavor 
collected three-dimensional images of the North Sea 
and the snow-capped Himalayas as the Earth-watch- 
ing mission drew near a dose. The shuttle and six 
astronauts are set to touch (town just before noon 
(1600 GMT) Tuesday, ending the 10-day mission to 
study the global environment. Weather forecasts are 
favorable for a landing at Cape Canaveral, Florida. 
•A Taiwanese fishing boat carrying 111 suspected 
illegal Chinese immigrants was seized and taken away 
from U.S. waters by the Coast Guard to prevent its 
passengers from coming ashore. Authorities found 10 
women, 101 men and 10 crewmen aboard the JmYIim 
No. 1 when they boarded it in international waters off 
San Diego, the Coast Guard said. 

• A Disneyland visitor fefl through a door on a Skyway 
gondola andlanded 20 feet bdowin a tree at the Alice 
ra Wonderland ride. The victim was a 30-year-oid man 
from Highland, California, said Lindsay Sdmebly, a 
Spokesman for the Anaheim park. The park, in Ana- 
heim, California, would not release his name. He was 
helped down from the tree by paramedics, treated for 


minor injuries at Western Medical Center and 
released. 

•A striking Teamster was charged with attempted 
murder in the beating of an independent tracker who 
crossed a picket line. Glenn Yeatts, 55, was beaten 
unconscious at the Arkansas Best Frtight System yard 
in Pico Rivera, southeast of Los Angeles. 

• More than 13,000 1 la w ma n state and county work- 
ers went on strike after rejecting a contract otter that 
would have given than a 4 percent pay raise over two 
years. The strike was to close all public libraries and 
curtail service at most state and county offices and 
health and dental clinics. Police and fire service and 
most public schooling will not be affected. 

• A man who dropped sexual-abuse charges against 
Cardinal Joseph Bemardin of Chicago has reached an 
out-of-court settlement in his lawsuit involving anoth- 
er priest and Onrinnatfs archdiocese, the church said. 
Stephen Cook, 34, a forma seminary student, will be 
paid an undisclosed sum to settle the $10 million 
lawsuit that accused a Cincinnati priest of molesting 
him in the late 1960s and early 1970s. AP. Rouen 


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Page 4 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


** 


U.S. Renews 
Call for 
Diplomacy 
In Bosnia 


By Paul F. Horvitz 

International Herald Tribune 

WASHINGTON — Groping 
anew for a strategy to end the Sit- 
ing in Bosnia, President Bill Clin- 
ton blamed the Serbs on Monday 
for the “grim and uncertain” situa- 
tion in Gorazde bat stressed that 
Washington favored diplomacy 
over any allied military retaliation. 

UJ3. officials gathered for an ur- 
gent meeting of the National Securi- 
ty Council, spoke critically of the 
Serbian advance on the UN “safe 
area" of Gorazde and gave every 
indication that Washington op- 
posed any military option that 
would require a larger commitment. 

Mr. Clint on spoke by telephone 
to the German chancellor, Helmut 
Kohl, and both leaders “reaffirmed 
their co mmi tment to a negotiated 
settlement," a White House 
spokesman said. 

The tone of the public comments 
by Mr. Clinton and his aides sug- 
gested that they were still deeply 
frustrated by events in Bosnia but 
unwilling to risk a further escala- 
tion of the fighting by pursuing 
aggressive actions against Bosnian 
Serbs. 

“1 don’t want to have a wider 
war," the president said. 

Mr. Clinton also played down 
any prospect for unilateral action 
by Washington, such as moving to 
lift the UN arms embargo for the 
embattled Muslims. This action 
would be of questionable legality, 
he said, and would undermine cur- 
rent and future UN embargoes 
elsewhere in the world. 

The president, noting past diplo- 
matic successes for the Western al- 
lies in Sarajevo and recent agree- 
ments between Bosnia and Croatia, 



ifc.. • :v.:, 


Bosnian Serbs returning from frontline duty near Gorazde. UN aides reported smaB-anns duels Monday on the fringes 


BOSNIA: UN Commander Warns of Humanitarian Disaster in Enclave 


Continued from Page 1 



expressed optimism about the 
’’ ilc 


long-term diplomatic effort to end 
the Bosnian crvA war. 

Secretary of State Warren M. 
Christopher, although harshly criti- 
cizing the Bosnian Serbs, offered 
no indication that any new U.S 
approach was imminent. 

In a speech to an education 
group, he said the Serbs had repeat- 
edly bed about their intentions, 
misled negotiators and engaged in 
“flagrant aggression and inhumane 
actions." He said U.S. officials 
were “urgently reviewing our op- 
tions for an appropriate response" 
to the situation in Gorazde and in 
Bosnia. 

Before flying to Milwaukee for a 
speech on health care. Mr. Clinton 
said the situation in Gorazde “re- 
mains grim and uncertain." 


live of the United States and Russia, diplomats 
and UN officials in Sarajevo said. 

The UN Security Council declared Gorazde 
a “safe area" last year after an identical Serbian 
offensive against the nearby Muslim enclave of 
Srebrenica. 

Secretary-General Bulros Butros Ghali 
warned two weeks ago that the Gorazde “safe 

ped in it, 
i Serbs did 
held on 

March 30, the day the offensive began. 

North Atlantic Treaty Organization fighters 
performed two limited air attacks last week, but 
they were carried out under a Security Council 
resolution calling for protection of UN person- 
nel, not the “safe area,” and did little more than 
delay for three days the Serbian onslaught 

Reports by UN relief workers said Serbian 
shells were ripping into Gorazde at a rate of one 
every 20 seconds Monday morning, but the 
artillery fire tapered off to' one every two min- 
utes by the afternoon. Fierce clashes between 


the Bosnian Army and Serbian forces were 
on the 


lot 


being waged on the edge of the town, a UN 
military official said. 

“After a break between 10 and 10:30. shell- 
ing of the city center started again, with hits 
reported on the police station, courthouse, and 
‘Panorama’ refugee center.” said reports filed 
this afternoon by a UN refugee relief worker in 
the town. “These are all located SO- to 100- 
meters from the hospital.” 

According to an incomplete casualty tally, 
the Serbian offensive has killed 302 persons, 
(including 37 people in the attacks on Sunday 
alone, the refugee-relief worker’s report said. 
The death toll includes 41 children and 105 
women and dderty people. On Sunday alone, 5 
children and 23 elderly people or women were 
kffled 

As of this morning, the offensive had left 
1,075 people wounded, including 73 wounded 


' out a full assault on the town of 
f, fearing that it would lead to a 
bloodbath that could prompt armed interven- 
tion by the international community. 

Rather, they say, the Serbs will maintain 
their choke hold around the Gorazde pocket, as 
they have around Srebrenica and Zepa, in an 
effort to render the area so economically amia- 
ble that the Muslims choose to leave of their 
own accord once a peace plan is eventually 
readied. 


on Sunday. WcD over 30,000 people, almost 
of the Gorazde 


half of the entire population 
pocket, have been rendered homeless, some for 
the second and third lime during the war. 
Analysts in Sarajevo said the Serbs were not 


The Serbian shelling, they say. is partially in 
response to fading Muslim resistance, partly 
vengeance-driven and partly an effort to terror- 
ize the M uslim population so it wQ] plead to be 
evacuated. 

A Western diplomat said the Serbs' attack on 
Gorazde had scuttled a U-S. peace initiative in 
Bosnia. 

“It is very difficult to conceive of a peace 
process now ” the diplomat said. “The actions 
of the Serbs over the last week have been 
directed toward making war. I don’t see how 
you can talk peace.” 


POLICY: Bosnian Serbian Military Heralds a New Offensive in North 


Continued from Page 1 


would accept their plan. Mr. Milo- 
sevic replied. “I believ e there is no 
serious politician within the Bosni- 
an Sobs who is not for peace.” 

The plan was “the only pragmat- 
ic way 5, to resolve the crisis over 
Gorazde, he said. 

Despite entreaties from various. 
United Nations. European and 
Russian envoys visiting Belgrade 
over the past week, Mr. Milosevic 


has so far taken no viable action to 
rein in General Mladic, according 
to diplomatic sources. 

Some believe be may even have 
given his formal blessings to Gen- 
eral Mladic's offensive against 
Gorazde. They also note that be 
held numerous meetings with lead- 
ers of the Bosnian Serbs, including 
General Mladic, prior to the final 
assault by Bosnian Serbs on the 
city on Saturday. 

Gorazde lies only a few miles 


from Serbia’s border and is close to 
its Muslim-populated Sandjak re- 
gion that constitutes a center of 
opposition to Mr. Milosevic’s gov- 
ernment 

“I think Milosevic was in on this 
whole thing,” said a diplomat 
“There is no rolit between him and 
Mladic over this offensive.” 

But other diplomatic and Serbi- 
an analysts believe that General 
Mladic is largely beyond Mr. Milo- 
sevic's control and bent on settling 


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his own personal battlefield ac- 
counts with the UN protection 
force and particularly its current 
commander in Bosnia, Sir Michael 
Rose. 

in any case, the fall of Gorazde 
would constitute the fulfillment of 
one of the Bosnian Serbs' mam 
long-term war objectives: linking 
the territories they hold in eastern 
Bosnia to those in the south and 
southwest of the country. 

General Mladic, whose daughter 
committed suicide in Belgrade on 
March 24, has reportedly been 
brooding lately over a series of mil- 
itary and political reverses dealt to 
Ms anny partly by a more assertive 
UN force that since mid-February 
has also had the backing of NATO 
air power. 

In July, his forces stormed and 
conquered Mount Igman, over- 
looking Sarajevo, only to be forced 
to withdraw immediately under 
UN pressure. 

In mid-February, General Mla- 
dic's army was obliged to pull back 
its heavy weapons from around Sa- 
rajevo under the threat of NATO 
air strikes. Then in March, UN 
peacekeepers forced it had to lift its 
siege of the Muslim enclave of 
Maglaj in north-central Bosnia. 


Bosnia Protests 
Over UN Leader 


Agence France- Presse 

UNITED NATIONS, New 

c 


Alija Izetbegovic, has demanded 
that Butros Butros Ghali step down 
as UN secretary-general if the em- 
battled Muslim enclave of Gorazde 
falls to the Bosnian Serbs. 

Vice President Ejup Game, who 
was visiting UN headquarters in 
New York, said that Mr. Izetbego- 
vic had written to Mr. Bulros Ghali 
on Sunday. 

Mr. Game said that Mr. Butros 
Ghali had failed to take quick ac- 
tion to prevent the capture of the 
UN-designated “safe area.” 


Russian Attacks Serb ‘Madness’ 


By Fred Hiatt 

Washington Past Sen ice 
MOSCOW — Rosaa’s envoy to 
the former Yugoslavia, returning 
here after the failure of his latest 
peace efforts, on Mondavattackof 
Bosnian Serb “extremists" who he 
said had “fallen ni with the mad- 
ness of war.” ^ , 

The envoy, Vi tali I. Churicin. 
said Russia should not allow such 
extremists “to use the pobey of 
Great Russia to cover their activi- 
ties.” Russia is a traditional sup- 
porter of the Serbs in Yugoslavia. 

After rlflrinmg influence over the 
Serbian fighters, Russia has failed 
in recent days to restrain them 
from a nocking the United Nations 
safe area of Goradze. 

Mr. Churkin, in a significant 
shift, said Russia should stop 


speaking for or with the Bosoiaij pol*y, 

_ D.ierjn ha aid, had agreed ment of Serb positions last week 

tenuse ttefhad 



believed all the world was against 
them. But instead of listening to 
Rncsian advice, Mr. Churkin said, 
the Serbs “are using Russian poli- 
tics as a shield.” 

“The time for talks has passed,” 
said Mr. Churkin, who is a deputy 
foreign minis ter. “The Bosnian 
Sabs have to understand that in 
Russia they are dealing with a great 
state, not a banana republic.” 

Mr. Churkin also said thatRus- 
sia could no longer support lifting 
the international sanctions now. 

“The Serbs showed no readiness 
or sincere desire to negotiate about 
anything,” he said. 

But Russian officials also re- 
newed their criticism of NATO 


was largely to blame for the current 
inflammation of tensions. 


Foreign Minister Andrei V. Ko- 
(rev, who also failed to broker a 


zyrcv, 

cease-fire during a visit to the re- 
gion Sunday, said. the current 
threat to UN peacekeepers is “not a 
reason for NATO bombing, but a 
consequence of it,’’ 

Hie government here seemed 
torn between a dears to support 
the Serbs, who have considerable 
backing among nationalist politi- 
cians in the parliament and anger 
at the Serbs' mtnmsgenee. 

Sounding angiy and distressed 
after the breakdown of his latest 
mediation efforts, Mr. Churkin 
called the situation “illogical and 
inexplicable.” 


CHINA: The Pace of Pnvatkalion CAMP: 

Anxiety and Hope 


N~id Sfcatp-Rcuro' 

of thetirtv. 


Continued from Page 1 
every 10 they held and only the 

state among major shareholders de- 
murred, People’s Republic of Chi- 
na Inc. saw its stake shrink from a 
controlling 5U percent to 38 per- 
cenL 

“The Chinese government is de- 
termined not to see its stake in 
these companies dwindle to noth- 
ing,” said Brian Power, managing 
director of China Securities ^Re- 
search Center Ltd. in a Hcmg Kong 
newspaper column highlighting 
such maneuvers. “Though hanging 
onto its stake means taking share- 
holders through many twists and 
turns.” 

In Zhongyuan Machinery & 
Steel Tube Company's rights issue, 
the stale ladted the 19 million yuan 
{512 million; needed to buy its 
allotment of shares in the new 
rights issue. Instead of paying in 
cash, the Ningbo Municipal Mone- 
tary Taxation Bureau, which held 
the state shares, gave Zhongyuan 
19 milli m shares it also owned in 
Ningbo Hnfian, a company listed 
On the Shanghai e xchang e. 

Now. Zhongyuan Machinery is 
Hulian’s largest shareholder and 
another example of a dear test of 
how far Beijin g is willing to let 

things go. 

Beijing’s development of a mar- 
ket economy and stock markets has 
created an expanding fist of Chi- 
nese equities since Shanghai's mar- 
ket reopened in December 1990 
and Shenzhen's market started sev- 
en months later without Beijing’s 
approval 

There ore A shares, yuan-de- 
nominated securities owned and 
traded only by Chinese domestic 
investors. Then came B shares, Chi- 
nese equities available to foreigners 
only but traded in Shanghai or 
Shenzhen and in U.S. or Hoag 
Kong dollars. 


The newest innovation comes in 
the form of H shares, securities 
held in Chinese state-controlled 
companies listed in Hcmg Kong. 
Nine companies came in the first 
batch. 


Another 22 major companies 
have been given clearance to begin 
extensive efforts to conform to in- 
ternational standards for account- 
ing and disclosure. 


But lurking unresolved in the 
regulatory background is the future 
of legal person shares, those A 
shares held by Chinese government 
entities and state-controlled indus- 
tries which were designed to help 
keep corporate control in state 
bands. 


“This is one of the toughest deri- 
sions to be made, and a mam rea- 
son the new national securities law 
is still to waiting to be approved by 
the Standing Committee of the Na- 
tional People’s Congress." said 
Nicholas Howson, a lawyer with 
Paul Weiss RifknuTs Beijing office, 
referring to China's senior legisla- 
tive body and the prickly ideologi- 
cal choices which confronts it in 
new legislation. 

“In addition, China is working to 
finalize regulations for companies 
that want to list directly cm over- 
seas exchanges, but it still faces a 
number of complex issues with 
broad political and practical trad- 
ing ramifications at home, includ- 
ing the legal shares dilemma," said 
Mr. Howson. 


Continued from Page i 
He has been looking for 
and has had 22 interviews, he 
said. But with the economy weak 
and financial markets jittery, 
“there is very little hope of getting a 
job.” 

Black unemployment in South 
Africa ranges from 25 percent to 50 
percent, de pending on the region. 
Because the skills gap between 
blacks and whites is so large, and 
because slightly more than half of 
the nation’s Macks live in rural ar- 
eas, blade personal income often is 
less than one-fifth that of whites, 
and in sane places far lower. 

Livingston -Sfbilekwana, who 
works with Mr. Ntuli and otto 
youths at the National Institute fa 
Crime Prevention and Rehabilita- 
tion of Offenders here, said the 
ANC was flirting with danger. 

“At the stage that we are, h is 
very dangerous to make promises 
and then find out that you can’t 
fulfill them,” he said. “People’s ex- 
have been raised too 


(liiiie* 

\feace t 

lesion 


Regulators estimate that up to 
3,000 Chinese companies have is- 
sued legal person shares, often to 
each other, which has resulted in 
tangled cross-ownership webs with 
parallels to Japan's keirelsu system, 
in which cross-share holdings be- 
tween companies have cemented 
business relationships. 


ISRAEL: RededUxttmg a Shrine 


Contiraied from Page 1 
eignty to East Jerusalem, which Is- 
rael captured from Jordan in the 
1967 war and claims as part of its 
eternal capital. “We say no to any 
peace formula that does not restore 
Arab sovereignty to Arab Jerusa- 
lem so that the whole city would 
eventually become a token and 
symbol of peace for all the faithful 
children of Abraham.” Hussein 
said. 


lowing a series of violent attacks on 
Israeli busses. 


The eight-sided dome, surround- 
ed by glazed blue tiles, was com- 


pleted in 691 by the Umayyad c 
lik. The si 


ca- 

site 


liph, Abd al Malik 
includes the stoae where it is said 
that Abraham prepared to sacrifice 
his son many centuries before. 


Jerusalem is the cultural, reli- 
gious and economic hub for nearly 
2 imTH nn Palestinians who live in 
the West Bank and Gaza Strip, but 
few of them amid visit the Dane of 
the Rode on Monday. Israel has 
imposed a closure on the territo- 
ries, barring most residents from 
entering Jerusalem and Israel, fd- 


PLO Says Talks Stalled 


PLO negotiators said on Mon- 
day their talks with Israel on 
planned Palestinian self-rule in the 
Gaza Strip and the West Bank 
town of Jericho had stalled over 
details of an Israeli amnesty for 
Palestinian prisoners, Reuters re- 
ported from Cairo. 


Mr. Ntuli predicts that “after a 
period of three years, if those things 
are not delivered, people will go to 
the far left, to Black Conscious- 
ness,” a movement that rejected the 
electoral negotiating process and 
whose small number of adherents 
advocates armed struggle. 

While Mr. N toll's may be an 
extreme projection, it is certain that 
youthful protests and boycotts will 
continue well beyond the dose of 
the polls after the April 26-28 elec- 
tions, said ThendoRatshhanga. 20, 
an officer in the Congress of South 
African Students, which represents 
about 70,000 youth. 

Of South Africa's 39 million peo- 
ple, 75 percent are Mack, and half 
of them are under 21. Education 
reform is among their most impor- 
tant demands. While 95 percent of 
whites pass matriculation exams, 
only -40 percent of blacks do so. 

; This disparity is due, in part, to 
the education disruptions created 
by die era of anti-apanheid activ- 
ism. But more fundamentally, it 
.refkctsthehugegapingcwmrDent 
spending for educating different 
racial groups. 

In 1991, school expenditure for 
whites was nearly six times that fa 
blacks. Black schools are over- 
crowded. Because black teachers 
emerge from this same inferior edu- 
cational system, students complain 
that they are not receiving proper 
instruction. 

“Ultimately you are still going to 
have racist schools,” Mr. Ratshi- 
tanga said. And if the instruction of 
bloat students is not dramatically 
improved, then the disparities be- 
tween white-black performance 
wQl be entrenched even in the new 
unified school system, be said. 


4 


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5# ■ _ 


DOOMSDAY: Time's Up for $8 Biftion U.S. Project 


Continued from Page 1 
demanded ways to connect the 
president, the secretary of defense 
and senior military leaders who 
could give orders to fire nuclear 
weapons from anywhere in the 
country. 

Far more elaborate plans began 
with National Security Decision 
Directive 55, an order signed by 
President Ronald Reagan in Janu- 
ary 1983 and still top secret. 

The directive to create “continu- 
ity of government’’ duing and af- 
ter a nuclear war was drafted by. 


among others, Oliver L. North, 
then an obscure Marine officer on 
the National Security Council staff. 

In the Reagan administration, 
the project was supervised by Vice 
President George Bush. A senior 
CIA officer, Charles Allen, was 
deputy director. In the Reagan and 
Bush administrations, it involved 


hundreds of people, including 
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White House officials, army gener- 
als. CIA officers and private com- 
panies run by retired military and 
intelligence personnel. 

According to army officers and 
government officials familiar With 
it, the project created elaborate 
new links in the unclear chain of 
command. 


special-operations commandos 
were to secure surviving leaders in 
scores of secret bunkers. 

After the capital was destroyed, 
the leadership would be linked by a 

communications system of space 
satellites and specially outfitted 
tractor-uaflers equipped with so- 
phisticated transmitters. Convoys 
of at least 16 lead-lined trucks, each 
commanded by an army colonel, 
were to hurdle down the nation’s'^ 
highways eluding Soviet warheads. 

Upon the trucks and throughout 
the nation, sophisticated radio and 
computer terminals shielded from 
the effects of nuclear explosions 
were to link surviving military arid 
civilian officials. 


s ^ 




seng, 
lr Jap 


- 


pla . 

called Uie Presidential Survivabil- 
ity Support System. Two hundred 


Billions of dollars were spent cm 
such equipment, much of which is 
now in army depots. 






S’; 




Th e U nited 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 (GFF) 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. Die 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 the 
solicitation (number 52-SATS4TXX)-55) in writing from 
Mr. Max Ollendorff at the American Embassay (VSTTA), 
^ 2, Avenue Gabriel, 75383 Paris, Cedex 08, France. JJ 






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Taiwan to Proceed 
With China Boycott 



' ,;, 'i '!(• 


Peulerj 

~ . Taiw an on Monday 
sarf Owia's investigation SkT* 
boat disaster that killed 24 Taiwan 

aplanned boycott of tour groups to 

Onoawomd go ahead un^Sre 

information was forthcoming. 

“TTie initial result is a positive 

Also, we hope the mainland can 
make public a more complete in- 
vestigation procedure." he said. 

. ]W Minister U Peng of C3una 

tbal his gov- 

iud closed us inquiry Into 
fire, ignoring charges in 
Taiwan that the killings were ear- 
ned out by renegade (Chinese sol- 
diers. 

China said the police in Zhejiang 
Provmoe had arrested three men 

SlSf d ^, r S >bei y *** arson in 

the March 31 disaster that killed 32 
people, including eight Chinese 
crewmen. The victims either 
burned to death or drowned. 


The initial Chinese response to 
the clamor over the incident was to 
say that the deaths were accidental. 

The Mainland Affairs Council, 
which formulates Taiwan's policy 
towards China, said it would con- 
^ue with a boycott of group tours 
to China planned to start May I,, 
ating dissatisfaction with the in- 
quest by what it denounced as Chi- 
na’s “bandit” authorities. 

“The report was just too simple. 
We are still waiting for a more 
reasonable explanation,” the coun- 
cil chairman, Huang Kun-hui, told 
parliament. 

Mr. Huang demanded that Chi- 
nese leaders apologize to the vic- 
tims’ relatives and allow Taiwanese 
reporters to cover the trial of the 
three suspects. 

Several members of the govern- 
ing Nationalist Parly’s CenLral 
Standing Committee also wel- 
comed China’s investigation. 

“Based on the fact that they an- 
nounced the result, they know what 
they did in the past was wrong. 
This is a correct direction,” said a 
former prime minister, Hau Pei- 
tsun. 


Chinese Welcome 
Peace Corps Despite 
Tensions With U.S. 


e 


By Daniel Southerland 

Washington Post Service 

LESHAN, China — The first 
American Peace Corps volunteers 
to serve in China are teaching in the 
country's southwest hinterland, 
where they must cope with unheal- 
ed classrooms, culture gaps and a 
stark lack of privacy. 

But the 18 American volunteers, 
who teach English to future teach- 
ers and medical students at five 
sites in Sichuan Province, appear to 
be adjusting well, getting a largely 
enthusiastic reception and keeping 
busy dispelling misconceptions 
about the United States. 

Despite st rains in relations be- 
tween the U.S. and Chinese govern- 
ments, this is one cross-cultural 
channel (hat seems to be working. 

Some of the Chinese students at 
the Leshan Teachers College who 
were raised in rural areas had never 
seen a foreigner, much less an 
American, before the Peace Carps 
volunteers arrived. 

“A lot of first-year students 
walked into the classroom wearing 
Mao-styl^ suits” and looking petri- 
fied at seeing a foreigner, said Ja- 
son Rekate, 23, one of five Ameri- 
cans teaching in Leshan. “Some of 
them were sure that Americans all 
have guns and use drugs." 

Everyone seems to know where 
the Americans have been each day 
and what they’re doing. Megan 
Tracy, 26, a teacher at Chengdu 
Teachers College, was approached 
by Chinese students after she re- 
turned from shopping fa vegeta- 
bles one day. 

“We heard you were overcharged 
in the market,” one of the students 
said “You have to be careful not to 
let them cheat you.’’ 

William M. Spodel, director of 
the Peace Corps program in China, 

said ’ he hopes to see it expand 
Peace Corps and Chinese Educa- 
tion Ministry officials began ■ pre- 
liminary talks in Beijing in Febru- 
ary on whether to continue the 
program, and a decision is expected 
this summer. 

In about 160 kilometers 

south of the provincial capital of 
Chengdu and 1,800 southwest of 
Beijing, the Americans live in one- 
room apartments that axe spacious 
by Chinese standards. They share a 
kitchen, refrigerator and dining 


room but often eat in the city’s 
small restaurants. 

Each teacher is provided free 
lodging by the college and a month- 
ly living allowance of 650 yuan — 
*75 — from the Peace Corps. 

The China program is a modest 
one for the Peace Corps, which 
deploys nearly 7,000 volunteers 
worldwide. But China 's govern- 
ment is often sensitive about pro- 
grams that bring foreigners mto 
dose contact with ordinary Chi- 
nese. It took two years to negotiate 
the details. 

The program originally was to 
begin in the fall of 1989. But after 
the United States protested China's 
brutal crackdown on democracy 
demonstrators in June of that year, 
both rides decided to postpone the 
start indefinitely. 

Beijing wants stronger ties with 
the united States to promote its 
foreign trade, and strategic inter- 
ests. But at the same time it is 
cautious in dealing with foreigners 
who could strongly influence Chi- 
nese youth. 

After renewed negotiations, the 
first volunteers finally arrived in 
China last .June; underwent 11 
weeks of language training and be- 
gan teaching last fall at five sites in 
China’s most populous province. 
They are to stay in China until mid- 
1995. 

They are called “U.S.-China 
friendship volunteers,” rather than 
Peace Corps volunteers — the only 
Peace Corps contingent in the 
world that u not identified by its 
proper name. This apparently is 
because Chinese Communist Party 
propagandists, in eariier^ears, had 
condemned die Peace Corps as a 
“tool of American imperialism.” 

Shuai Pritian, bran of the Eng- 
lish department at Leshan, super- 
vises the American teachers and 
their courses. “They’re working 
very hard,” Mr. Shuai said. “I hope 
the United States will Bead more 
teachers. The more the better.” 

In contrast with traditional Chi- 
nese teaching , which emphasizes 
rote learning and great deference of 
students toward teachers, the 
Americans try to encourage class- 
room discussion. 

“Our teacher tdls us to give a 
different opinion from his if we 
want,” said Gai Guguan, 22. “That 
makes our thinking freer” 




.‘?r, 






nr** 


t-i 

? 


Challenger’s Bid Fizzles 
For Japanese Leadership 

to the likelihood that only about 20 
out of more than SO legislators in 
his Liberal Democratic faction, the 
third largest in the party, would 
follow Him into the coalition — far 
short of the wwtH'nuim required for 
a chance to grab the leadership. 

Coalition sources said party 
leaders were expected to reach a 
final consensus on backing Mr. Ha- 
lf’s bid by Tuesday and (all for a 
parliament session to vote in a new 
prime minis ter the next day. 

Mr. Hata, leader of the Japan 
Renewal Party, a powerful group in 
the coalition, has been front-runner 
for the office of prime minis ter 
since Mr. Hosokawa stepped 
down. „ „ , _ 

Mr. Hata was a Liberal Demo- 
cratic for more than 20 years until 
he quit last year to join the coali- 
tion. . . . . 

As foreign minister and deputy 

prime minister, he played a key role 
in the Hosokawa government. 

(AFP, Reuters) 

■ Perry to Arrive TTrnrsday 
The US. defense secretary, Wil- 
liam J. Ferry, will virit Japan on 
Thursday and Friday, the Foreign 
Ministry said in Tokyo, according 
to Agence France-Presse. Mr. Per- 
w postponed the up) by two days 
after the downing of U.S. 
copters by US. jets over Iraq last 


TOKYO — Foreign Minister 
Tsutomu Hata on Monday ap- 
peared certain to be elected prime 
minis ter after his main challengers 
bid for the post failed to gam mo- 
mentum. . . 

Leaders of the seven parties m 
the governing coalition will resume 
talks on Tuesday, aiming to wap 
up a basic policy program bdf ore 
naming Mr. Hata, 58, as candidate 
to replace Prime Minister Monmro 
Hosokawa. Mr. Hosokawa re- 

^^Mihclri^furayama, head of the 
Social Democratic Party, tbe larg- 
est in the coalition said: All we 
have to do is nominate our candi- 
date, dect a new prime minister 
and pass the stalled budget bills as 
soon as possible." 

His confident prediction of a 
swift solution to Japan’s power 
struggle came after a former for- 
eign minister, IVOcfaio Watanabe, 

postponed a decision on wl^toto 

quit the opposition Liberal Demo- 
cratic Party as a preamble to seek- 
ing the leadership of the coalition. 
The delay, in effect, put him out of 
the running. 

. Long an influential faction lead- 

" er in the Liberal Democratic Party, 
Mr. Watanabe held prolonged dis- 
cussions on Sunday and Monday 
with the Liberal Democratic chief. 
Yobd Kono, and emerged to say he 
needed more time to think the mat- 
ter over and that it seemed difficult 
for him (o cooperate with the coali- 
tion "in the current situation. 

Liberal. Democratic sources at- 
tributed Mr. Watanabe’s hesitation 


week- 


For investment information 
food THE MO£Y REPORT 
ovay Saturday 'm the IHT 



Bmto flaw Tie Awoaari Pnw 


TOGETHERNESS— Martin Lee, center, bead of Hong Kong’s United Democrats party, whose call for more democracy in Hong 
Song is opposed by CMna, holding fhe hand of Anthony Cheung, left^ head of the Meeting Point party, as they announced Monday 
they were joining up to launch the Democratic Party in October. On the right is Yeung Sum, a member of the United Democrats. 


North Korea Insists 
On Talks With U.S. 


Coaqriled by Our Staff From Dispatches 

TOKYO — Breaking his silence 
on an issue that has raised tensions 
in Asia, President Kim H Sung of 
North Korea said direct talks with 
the United States are the only way 
to resolve the dispute over hu 
country’s nuclear program, which 
U.S. officials suspect is being used 
Illicitly to develop weapons. 

Mr. Kun made the comment in a 
written response to questions sub- 
mitted by the Japanese television 
network NHK, the network said in 
its - Monday evening news broad- 
cast Mr. Kun, who has been dicta- 
tor of North Korea for nearly half a 
century, rarely has contact with the 
foreign press. 

“Although we have never had 
nuclear weapons, America is un- 
justly finding fault with us and 
kicking up a ruckus with noisy 
pressure," he was quoted as saying. 

Accusing the United States of 
stocking nodear weapons in South 
Korea, Mr. Kim said, “The only 
way that the nuclear problem on 
the Korean Peninsula can be solved 
is thrmigh direct talks with the 
United States." 

While he apparently did not con- 
front the question directly, Mr. 
Kim's comments indicated that 
Noth Korea was sticking to its 
sition that it could not accept the 
Security Council's formal re- 
quest for full nuclear inspections. If 


so, it is unlikely Washington would 
accept Mr. lum’s call for direct 
talks. 

Fears that North Korea is build- 
ing nuclear bombs grew last month 
when it denied inspectors from the 
International Atomic Energy 
Agency (till access to its nuclear 
sites. 

In Seoul, military officials said 
the first shipment of Patriot anti- 
missile batteries for South Korea's 
defense had arrived Monday 
aboard two U.S. military transport 
ships. 

South Korean military officials 
said three Patriot batteries with a 
total of 24 launchers arrived at the 
port city of Pusan. Also shipped 
were 84 Stinger missiles for defend- 
ing the Patriots, which are to be 
deployed mostly at major ports and 
air fields, the officials said. 

President Bill Clinton ordered 
the deployment in late March be- 
cause of heightened tensions over 
North Korea’s nuclear program. 

But by the time of their arrival 
nearly a month later, tensions had 
eased somewhat and a new round 
of U.S. diplomatic efforts was un- 
der way. (AP. AFP) 


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Page 6 


TUESDAY, APRIL 19, 1994 



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OPINION 


licralh 


INTERNATIONAL 



Sribunc. 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Greece in the Balkans 


This week Washington welcomes Prime 
Minister Andreas Papandreou. It should be- 
gin by asking him to explain why Greece is 
throwing kerosene on the fire in the Balkans. 
Without, reportedly, even consulting h is for- 
eign minister, in February be suddenly 
clamped a painfully effective blockade on the 
former Yugoslav republic of Macedonia. The 
step is crueDy destabilizing in a country already 
caught up by tensions that threaten to ignite a 
whole new set of southern Balkan wars. 

By a sympathetic stretch, one can sense the 
historical anxieties that have led Greece’s lead- 
ership and hyper-stimulated public to perceive 
a mortal national threat in Macedonia’s claim 
to a Hellenic nam e and in its use of Hellenic 
symbols and rhetoric. But that on the baas of 
this emotional flight to commit what is dose to 
an act of war — blockading 80 percent of 
Macedonia’s commerce? To do this at a mo- 
ment when Serbia. Albania and Bulgaria are 
conducting policies that call into question the 
integrity of Macedonia and that invite a broad- 


er war extending even to Greece and Turkey? 
To persist in this self-defeating policy to a point 
where, in an unprecedented challenge to a 
fdlow member, the European Union is now 
bringing Greece to court for the blockade? 

Greece is not responsible for what others 
are up to in Macedonia. It is pressing no 
territorial or ethnic claims on its neighbor. 
Serbia’s interest in Macedonia's Slavs, Alba- 
nia’s interest in Macedonia’s Albanians, Bul- 
garia’s interest in a Maced o nian population it 
regards as Western Bulgarian — these cur- 
rents are not Mr. Papandreou's concern. But 
he can see these currents being agitated and. 
knowing his region, he surely knows bow 
inflammatory they are. He also surely knows 
the dangerous extra strain that Greece puts on 
Macedonia by its confrontational policy. 
Greece could yet challenge these policies more 
effectively, and with its NATO allies' support, 
by a touch of moderation. It should do its pan 
to head off a new escalation into war. 

— THE WASHINGTON POST. 


Lots of Death Penalties 


There is little doubt after last week that 
members of the House of Representatives are 
strongly in favor of the death penalty. The 
crime bill that came over from the Senate last 
fall made dozens of offenses capital crimes, and 
now the House has added more. Almost 70 
crimes wiD cany a death penalty if tins House 
provision survives conference, and that is likely 
to happen. On three separate votes, the House 
resisted efforts to soften these provisions. The 
capital punishment crowd prevailed 3 to 1, 
even rejecting an amendment that would have 
limited the penalty to crimes m which a victim 
was actually killed. Polls indicate that the 
death penalty is widely supported in the coun- 
try, so the House vote comes as no surprise. It 
is nevertheless a regrettable step, motivated 
more by vengeance than by reason, and ixnpii- 
cating society in barbaric punishment. 

Thursday’s votes wiD not be reversed, but the 
House will have an opportunity this Tuesday to 
take steps that wiD at least diminish the possi- 
bility that innocent people win be executed. At 
issue is reform of federal habeas copus law. 
Habeas corpus proceedings give prisoners a 
chance to challenge their state court convic- 
tions in federal court. It is a form of appeal 
th.it is available after afl ordinary direct ap- 
peals have been exhausted. Supporters of the 
death penalty have complained that repeated 
habeas corpus petitions, some of which at- 


tempt to more or less retry the case instead of 
contesting the constitutionality of the pro- 
ceedings below, have unreasonably delayed 
the imposition of sentences and have been 
very expensive. On the other ride, there is 
dissatisfaction because some defendants — 
even those facing execution — do not have 
qualified lawyers handling their cases: Some 
have no lawyers at all for habeas proceedings. 

The biD before the House remedies the situa- 
tion by limiting both the number of habeas 
petitions that can be filed and the time period 
in which the step must be taken. Successive 
petitions will, except in special circumstances, 
be eliminate d The bQl also would modify 
some recent Supreme Court rulings that limit 
the grounds for habeas corpus rehef. In addi- 
tion, and of great importance, the biD would 
provide for the appointment of competent 
and adequately financed lawyers for indigent 
drfmrfanis in capital cases. 

These reforms will be challenged on at least 
two votes, but the committee language should 
be preserved. The importance of habeas cor- 
pus proceedings is illustrated by the fact that 
40 percent of the capital cases heard at this 
stage are overturned on constitutional grounds. 
At a time when the number of capital crimes is 
being increased dramatically, this avenue of 
review must be preserved and strengthened. 

— THE WASHINGTON POST. 


Blowing a Smoke Screen 


“It's theater,” a public relations adviser to 
a cigarette maker sneered about last week’s 
dramatic clash between a congressional sub- 
committee and executives of the seven larg- 
est American tobacco companies. So it was. 
and a particularly corrupt and mendacious 
kind of theater at that. Perhaps the prospect 
of someday owing millions to the victims of 
their product compelled the tobacco execu- 
tives to deny the reality of the consequences 
of cigarette smoking. 

It was a shameful day for American busi- 
ness, even though we are wearily familiar with 
the obfuscations employed by the defenders 
of an industry responsible for the deaths of 
nearly half a million Americans every year. 

The tobacco executives were testifying at 
the invitation of Representative Henry Wax- 
man, chairman of the House Energy and Com- 
merce Subcommittee on Health and the Envi- 
ronment. Mr. Waxman was, in turn, respond- 
ing to the shrewdly worded request of David 
Kessler, commissioner of the Food and Drug 
Administration, that Congress give him “clear 
direction” as to whether the FDA should be 
enabled to take regulatory action on cigarettes. 

Last month Mr. Kessler suggested that the 
reason many smokos find it dose to impossible 
to break the habit may be because the industry 
makes it dose to impossible — by controOrng 
the level of nicotine, a powerful addictive 
agent, during the cigarette production process. 

For seven hours the executives faced sharp 
questions, which they buried in smoke. James 
Johnston of R_J. Reynolds, for instance, 
linked smoking with other pleasurable habits 
like drinking coffee or eating sweets. Mr. 
Johnston also said that neither be nor anyone 
else knew how many smokers died of cancer, 
because estimates of death are “generated tty 
computers and are only statistical” 

Seconds after being told that users of snuff 
were 30 times more likely to develop oral 
cancer than abstainers, U.S. Tobacco’s Jo- 
seph Taddeo said, “Oral tobacco has not 
been established as a cause of mouth can- 
cer.” Asked if he knew that cigarettes caused 
cancer, LoriUard’s Andrew Tisch replied, “1 
do not believe that” 

AD the executives, however, confirmed that 
tobacco companies could control the amount 
of nicotine in cigarettes by altering blends of 
tobacco. And every last one of the six who had 
children said be would prefer they not smoke. 

If the hearing was, as the PR adviser said, 
“theater,” it was also only a first act There 
was no denouement, but there were revela- 
tions. LoriDard’s Dr. Alexander Spears admit- 
ted, for example, that the data be gave Con- 
gress three weeks ago showing a drop in the 


amount or nicotine in cigarettes were wrong. 

After admitting to twice stopping publica- 
tion of a study that demonstrated the addic- 
tive effects of nicotine in rats, Philip Morris’s 
W illiam Campbell waived the secrecy agree- 
ment that has kept the researcher who headed 
that study from discusring it pubhdy. The 
companies also agreed to supply many private 
company papers, including aD the research on 
humans and animals concerning nicotine and 
addiction, along with the market research and 
internal memorandums on Reynolds's child- 
friendly Joe Camel advertising campaign. 

“I want to talk to you about the real issue 
before the American people and this subcom- 
mittee,” Mr. Johnston said at the beginning of 
his testimony. “The real issue is, should ciga- 
rettes be outlawed?” Raising the prospect of 
prohibition is a scare tactic. The real subject 
of these hearings is whether the tobacco in- 
dustry has knowingly created and manipulat- 
ed an addiction. The executives’ obfuscation 
and their king battle to keep their research 
secret point to the obvious answer. 

— THE NEW YORK TIMES. 

Other Comment 

Astounding' Tobacco Statistic 

Cigarettes are the single most dangerous 
consumer product ever sold. Nearly a half- 
million Americans die every year as a result of 
tobacco. This is an astounding, almost incom- 
prehensible statistic 

For decades, the tobacco companies have 
been exempt from the standards of responsi- 
bility and accountability that apply to all 
other American corporations. Companies that 
sell aspirin, cars and soda are ah held to strict 
standards when they cause harm. We don’t 
aDow those companies to sell goods that reck- 
lessly endanger consumers. 

— Representative Henry Waxman. 
Democrat of California, at a House 
subcommittee hearing last Thursday , 
as quoted by The Washington Post. 

The self-righteous cant emerging from 
America over smoking is enough to make one 
reach for a Havana dg&r. For the politicians, 
smoking has become all too easy a target. 

Congressmen see a natural advantage in bran- 
dishing dubious statistics and belaboring the 
industry. One of them. Henry Waxman, wants 
to have tobacco classified as a restricted drug. 
Americans should beware of what is becom- 
ing a hysterical crusade against tobacco. 

— The Daily Telegraph (London). 



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When a Mighty Alliance Aims for Peace at Any Price 


N 


EW YORK — Truman! thou 
shouldst be living at ibis hour. 
(With apologies to Wordsworth.) 
For 50 years American power, pur 


By Anthony Lewis 


in Europe. They faced down the 
severest challenges, and prevented a 
third great war. That age is over 
now. So we have to conclude from 
the h umiliatio n in Bosnia. 

There the United Slates and 
NATO, the most powerful tmlitaiy 
allianc e in the world, have aDowed 
themselves to be intimidated by a 
minor force of ultranationalist Sobs 
under demagogic leadership. 

The reason for tilts seismic change 
in the balance of effective power m 
the world is plain. The United States 
has in office an administration that 
does not believe in the commitment 


of American power, purpose and 
resolve to keep the peace. 

Eleven months ago a high Clinton 
administration official. Undersecre- 
tary of Slate Pbter Tamoff, as good 
as said so. He explained at a back- 
ground briefing that the United 
States could no longer afford to lead 
the world and that it would there- 
fore play a more modest role. 

Secretary of State Warren Chris- 
topher and others disavowed the 
Tamoff Doctrine. There was no in- 
tention, they said, of walking away 
from the responsibilities of leader- 
ship. But we can see now that the 
Tamoff Doctrine is in operation. It 
is in fact the Clinton Doctrine. 

Bosnia jg a dramatic demonstra- 


tion of the loss of purpose and re- 
solve abroad. BiD Clmton has repeat- 
edly seemed to take on the mantle of 
l eader shi p there, then wavered. As a 
show of irresolution it might have 
been plotted by a playwrighL 

Mr. Clmton came to office de- 
manding sterner measures to stop 
Serbian aggression: lifting the anus 
embargo on the Bosnian victims and 
nxing NATO air strikes against the 
aggressors. But when the European 
»Hres demurred, be gave up those 
ideas without a fight. 

A year of wavering seemed to end 
in February, when President Clin- 
ton led NATO to issue an ultima- 
tum to the Serbs to stop shelling 
Sarajevo. The Soils drew back But 


a gain the United Stares wavered, 
failing to press for a broader Serbian 
pullback and doing nothing as the 
Serbs launched an attack on the safe 
haven of Gorazde. 

A week agp there was another 
show of strength that seemed to 
promise resolve: the air strikes on 
Serbian g»ns at Gorazde: But when 
the Serbs renewed the attack, Mr. 
riinwn assured them that Amoks 
had “no interest” in (hanging “the 
military balance.” That is, ’TK) inter- 
est” in helping the victims of aggres- 
sion, the Bosnians whom a year ear- 
her Mr. Clmton had wanted to amt 
and help with air strikes. 

Administration officials indicat- 
ed that NATO would not hit the 
Serbs again because that might an- 
ger them and make them unwilling 


to agree to a cease-fire. Serbian 
tanks rolled into Gorazde, and then 
there wererepons that Bosnian Serb 
leaders had agreed to a cease-fire. 

That is Munich, an American Mu- 
nich. And it can only have the same 
result that it (fid when Neville Cham- 
berlain and others gave Hitler part of 
Czechoslovakia at Munich in 1938 in 
return for Ms promise to be gpod: to 


Blackmun: r A Seeming Lack of Outstanding Leadership on So Many Levels 5 


The following are remarks dun Justice Harry Blackmun of the U.S. Supreme Court sent fast June 
to SolLinowitz, a lawyer and former diplomat, who had asked him for comments. 


W tout- 

genera] but de 


r ASHINGTON — I ask rhetorically about 
“concerns.’' Do you share with me a 
deep concern about the state of the 
world today? I am old enough to have lived 
through two world ware and a constant string of 
lesser conflicts that seem inevitably to follow 
dosdy one upon the other. And I do not like very 
much the fed of things today. 

There are improvements, of coarse, that have 
been made, bat the continued stress everywhere 
and seemingly unending bloodshed, bloodshed 
that affects so many common people who want 
only to live out (bar lives in peace and under- 
standing, deeply disturbs me. 

Do you share with me a concern about our 
standards, professional and otherwise, these days? 
Are you bothered at aD by the current emphasis in 
the legal profession upon die “bottom tine.” on 


billable hours, on advertising and on a reluctance 
in many quarters to engage m pro bono work? 

Are you concerned about the overriding interest 
in some quarters of the medical profession with 
income, about that profession's decrease in patient 
confidence and about the proliferation of malprac- 
tice suits and punitive damages? 

Are you concerned about the wretched events in 
Los Angeles a year ago? Now. months later, we 
still cannot escape the grip and the significance of 
those events ana what they hold for aD of us in the 
days ahead. Indeed, it seems as though the entire 
warid — the Far East, the Middle East, much of 
Africa, South America. Europe and oicselies — is 
in tunncaL Man’s inherent inhumanity to ™»n 
Can we possibly rise above it and see to' it that the 
flowering of new life somehow wiD rise, as it 
always bos before, from the ashes of old disasters? 


And then are you concerned with the blight of 
continued racism and anti-Semitism in this coun- 
try? Nothing yet has convinced me that racism is 
not all around us stiD and at times seems to be 
growing stronger and more ugly. 

And are you concerned about baric values — 
what they are and whether we heed them? Are 
you concerned about your country? Are you 
concerned about its seeming lade of outstanding 
leadership on so many levels? Are you concerned 
that many of those whom we ought to be able to 
look up to appear now to have led of clay? 

Are you concerned about the seeming deteri- 
oration of moral values, about the failure of the 
f amily and the schools and the synagogues and 
the churches to lead and to show the way? 

Are you concerned about what seems to me to 
be a lessening sense of integrity, the very thing 
that stands out so impressively in many of our 
past revered leaders? 

The Washington Post 


Tfcei 

ty in Europe after World War H was 
that territory could not be seized by 
fare* Thai is the only principle that 
can assure peace in Europe after the 
Cold War — that can keep other 
conflicts from unravefing security on 
a far larger scale than Bosnia. 

Even many of those who opposed 
UJS. force in Bosnia thought that; 
race it was employed, America 
should not retreat. The public col- 
lapse of American wiD ax Gorazde 
has gravdy injured the interests that 
the president’s national security ad- 
viser, Anthony Lake, said on April 7 
were at stake in Bosnia: “NATO's 
credibility and our very vision of a 
post-CcM War Europe.” 

In drawing back from the wodd. 
President Chnton might say, he is 
following die w£Q of the American 
utt may be. Harry Truman 
a different view of leadership. 

Locking at Gorazde, Americas 
who wony about the consequences 
of faflnre to stand up to aggression 
and genocide in Europe could say 
what the Duke of Bourbon said in 
Shakespeare's “Henry the Fifth," as 
he looked at the field of Agmcourt 

after the outnumbered Fqghsih bad 

defeated the French: "Shame and 
eternal shame, nothing but shame!” 

The New York Times. 


This Isn’t the Way to Have the United Nations Keep the Peace 


N EW YORK — The agony of 
Gorazde confirms that Unit- 
ed Nations member states lack the 
means, as well as the will, for col- 
lective enforcement of Security 
Council resolutions. The story is 
the same in Haiti, where leaky eco- 
nomic sanctions punish the wrong 
lie, and in Somalia, where a 
1-track command structure 
helped doom the military and hu- 
manitarian mission. 

North Korea’s acquisition of nu- 
clear weapons would threaten the 
whole region, but enforcement of 
international norms will no donbt 
be left largely to the United States, 
turning a multilateral problem into 
a bilateral confrontation. 

Half a century after the UN Char- 
ter outlined a plan for organizing 
the international use of nribiary and 
economic power, nations are still 
experimenting with ad hoc respons- 
es to dangerous crises. 

Bosnia is a sad case in point. With 
Washington, Brussels, Moscow and 
even the UN secretary-general seek- 
ing a piece of the action, the patch- 
work command structure is as un- 
stable as it is awkward. By asking 
NATO to enforce Security Council 


By Edward C. Luck 


resolutions, a golden opportunity 
for Rassian-American cooperation 
has been turned into a messy com- 
petition for influence and prestige. 

While President Boris Yeltsin's 
last-minute dispatch of Russian 
troops to Sarajevo helped save face 
for mm and the Serbs, it has encour- 
aged the Serbs to use dividing tactics, 
playing East a gain a WesL It is be- 
coming apparent that an alliance 
founded to contain Russian power 
cannot long serve as the enforcement 
aim of a Security Council over the 
derisions of which Russia has a veto. 

The UN secretary-general has, un- 
fortunately. been given the dicey and 
controversial task of deciding when 
air strikes should commence, some- 
thing far beyond Ms responsibilities 
under the UN Charter. The enforce- 
ment provisions of the charter’s 
Chapter YD newer mention Ms office. 
The secretary-gen eraTs special assets 
as a neutral mediator would be com- 
promised if he were to act simulta- 
neously as commander in chief of 
forces involved in the conflict. 

As an international figure, the sec- 
retary-general can offer a global per- 


spective above the interests of indi- 
vidual states. Only national leaders 
can ultimately be responsible for the 
lives of their soldiers in warfare. 

This charter-based division of la- 
bor wouid permit a neat “good cop, 
bad cop” relationship between the 
secretary -general and the Security 
fVnmefl' Just as the Clinton admin- 
istration apparently has concluded 
that the Stale Department should ad- 
dress peacekeeping and the Defense 
Department peace enforcement, the 
secretary-general should oversee 
peacekeeping operations, while the 
troop-contributing countries, work- 
ing through the Security Council and 
its MDitaiy Staff Committee, should 
coordinate combat operations. 

In the schizophrenic Bosnia oper- 
ation. where the Security Council 
has placed peacekeepers and hu- 
manitarian workers on the ground 
as it threatens war from the air. the 
secretary-general should be consult- 
ed to ensure the safety of UN per- 
sonnel. It is the members of the 
council however, who must shoul- 
der the burden of working through 
the dilemmas aggravated by their 


ambivalent and mcoosisteat poli- 
cies. They cannot expect the secre- 

wratk^Mtoh^aor^OTJd he serve 
as their scapegoaL 

Over time, the key is to buDd a 
system of year-round military coop- 
eration, including joint training, ex- 
ercising , long support, rules of en- 
gagement and ringpnry p lanning 
that pardlri the NATO experience 
on a global basis. This is precisely 
what (he UN Military Staff Com- 
mittee — composed of the chiefs of 
staff of Ihe five permanent members 
of the Security Council, pins other 
nations and regional subcommittees 
as needed — was supposed to do. 

The Military Staff Committee 
was turned into a sleepy luncheon 
dub by the Cold War. Bui an invig- 
orated version could combine broad- 
based po&tfcal legitimacy with pro- 
fessional military preparations for 
joint acti ons on those rare occasions 
Mien the Security Council members 
can agree an deeds as well as words. 

National leaders would retain ulti- 
mate contid over their forces under a 

UN flag, as they do in NATO, but 
the practice of year-round coopera- 
tion would make the United Nations 


forces more credible and effective. 
And by activating regional subcom- 
mittees for the first time, UN en- 
faroeateatacticBfaahoggdiwerae 
as Korea, Kuwait, Haiti, Somali a and 
Bosnia could tap the participation of 
neighboring countries and regional 
organizations on a more consistent 
and cfcariy legal basis. 

rly and undertak- 
en selectively, military cooperation 
under the United Nations can lead 
to shared burdens, lower rirics, re- 
duced fears of American dominance 
and fewer misunderstandings with 
the Russians. 

Recent cobbled-together impro- 
visations are giving the goal of inter- 
national cooperation a needless 
black eye. It is high time for the 
United States and its partners to 
show that they are serious about 
delegating the rote of world police- 
man to the United Nations by devel- 
oping the mechanisms for doing it 
right rather than using their absence 
as an excuse for inaction. 


The writer is president of the Unit- 
ed Nations Association of the USA. 
He contributed this comment to the 
International Herald Tribune. 


This Espionage Iceberg Could Roil American Waters for Years 


W ASHINGTON — In chaos veri- 
tas. Out of the breakup of the 
Soviet empire emerge disturbing re- 
pots that Soviet penetration of the 
\JS. government daring the Cold War 
was & greater than any but the most 
dedicated mote-hunters believed. 

Using documents and defectors’ 
accounts obtained since the fall of the 
Berlin Wall, U.S. counterintelligence 
agents have concluded that a dozen 
— and probably more — previously 
unidentified officials scattered across 
an array of government agencies co- 
operated with Soviet intelligence in 
the past two to three decades, senior 
U.S. officials tdl me. 

The investigations of these officials 
are in prehminary phases, but paral- 
lel the prosecution of Aldrich Hazeu 
Ames, the former counterintelligence 
expert at the Central Intelligence 
Agency accused of having made mil- 
lions by identifying Russian QA in- 
formants who were then executed. 

If the fears of the spy-hunters are 


By Jim Hoagland 


justified, Mr. Ames is the tip of a very 
nasty iceberg that wiD rod govern- 
ment waters for years to come. 

“The Ames case is not going to be 
unique," says an official with detailed 
knowledge of that prosecution and of 
the newer prdimmary investigations. 
"There wiD be a reasonably steady diet 
over the next months" of disclosures 
of new spy cases involving agencies 
other than the CIA, and "there could 
be dozens of spy prosecutions over the 
next 10 years* of Americans who sold 
secrets to Moscow. “The collapse of 
the East German and Soviet sendees 
created an opportunity of great dis- 
covery for the United States,” this 
official added. “Out of their files came 
a lot of stuff (hat has been turned over 
to the FBI to start chewing on.” 

For the population at large, new 
prosecutions for old spying may seem 
antichmactic. The secrets that Ameri- 
can citizens sold to Russian agents 


did not aher the outcome of the Cold 
War, which ended by Soviet implo- 
sion. The new details of pre-WaD Fafl 
espionage may be more dramatic 
than significant 

Bui for the people and institutions 
of the intelligence community already 
reding under the impact of the Ames 
case and the accusations that die CIA 
was too lax in pursuing the spy with 
three last names, that is not the case. 
Their future could be significantly af- 
fected by a new wave of disclosures of 
Soviet motes who have worked else- 
where in die U.S. government 

These disclosures could spark a 
witch-hunt atmosphere in which con- 
fidence in government could be un- 
dermined. Instead of seeing new ar- 
rests as evidence of an old problem 
bang cleaned up, Americans may 
construe the spy trials to come as new 
proof of contemporary negligence 
and incompetence. 


Were Reds Under So Many U.S. Beds? 


W ASHINGTON —In the wake 
of charges that a high CIA offi- 
cial was a Russian “mole,” an old 
question is being newly raised. How 
deeply did the Soviet Union pene- 
trate the American government? 

Through two generations, that is- 
sue poisoned relations between liber- 
.als and conservatives. The liberals’ 
villains were Joe McCarthy and Roy 
Cohn, and to a lesser extent Whitta- 
ker Chambers and Richard Nixon. 
Among the * conservatives’ villains 
were the diplomat Alga Hiss, the 
nuclear scientist J. Robert Oppen- 
heimer and the litliam Henmans 
who defended them. 

Judging by a damning bode out 
Monday by Stalin’s favonte hit man, 
it is going to be a tough year for 
14 anti-anti -Communists.” 

Pavel Sudoplatov, author with his 
son of “Special Tasks,” is a loath- 
some killer. On Stalin’s orders, he 

for the assassination of 
Leon Trotsky; be hails Beria and de- 
rides Khrushchev. Self-serving and 
untrustworthy he may be, bm the 87- 
year-old spy is, as the editors Jenold 
and Leona Scbecter write, ‘The sur- 
viving institutional memory of the 
Russian intelligence services covert 
operations from the 1920s to 1953” 
The news lead in the bode, as ex- 
cerpted in this week’s Time magazine, 
is his detailed account of the way Mr. 
Oppeohetmer, as wefl as Enrico Fermi 
aim Leo Szilard, were enlisted as Sovi- 
et sources of information in the race to 
bufld the atomic bomb. 

Although not Soviet contract 
agents, these great scientists were 
knowing sources for his KGB opera- 


Bj W illiam Safire 

rives, reports Mr. Sudoplatov. Their 
motive in revealing secrete to Moscow 
— beginning, with Mr. Oppenbeuner’s 
leak to the Soviets of Albert Eastern's 
original letter to Fran 1dm Roosevelt 
— was not to betray the United States 
but to share information with Russian 
scientists to defeat the Nazis. 

Not aD America’s top scientists ar- 
rogated to themselves that momentous 
national security decision. The KGB 
tried and failed to attract George Kis- 
tiakowsky and Edward Telia. 

Like Mr. Oppenheuna, Alga Hiss 
was not a paid or controlled agent, 
according to Mr. Sudoplatov; Mr. 


Elizabeth Bentley identified Lauchlin 
Currie, an economist, and Harry 
Dexter White, a Treasury assistant 
secretary, as witting sources, and fin- 
gered Duncan Chaplin Lee. a law 
partna and later assistant to the OSS’s 
Genera] Donovan, as an NKVD 
agent (Mr. Lee, a descendant of 
Robert E Lee, denied this under 
oath.) But nobody has suggested that 
a confidant of FDR’s was a “con- 
trolled agent.” 

that Mr. Sodoplatov’s 


CIA Director James Wodsey has 
made dear to congressional commit- 
tees and in public statements his sen- 
timent that the CIA is already getting 
a bum rap for not having seen Mr. 
Ames as a mole-candidate earlier. 
Counterintelligence is time-consum- 
ing, painstaking work that must be 
undertaken without the subject know- 
ing that the net is dosing around him 
or ha, Mr. Woolsey argues. 

Premature disclosure of investiga- 
tion enabled the State Department 
diplomat Felix Bloch to avoid prose- 
cution in the late 1980s. Under exist- 
ing Jaw, the only way the CIA could 
have obtained Mr. Ames’s financial 
records was to notify him that it was 
doing so, a step which would have 
compromised the investigation that 
turned him up as a primary suspect in 
1991 and bad narrowed to him exclu- 
sively by May 1993. 

The law is now almost certain to be 
changed to permit tbe agency to trade 
the cash flows, investments and tax 
returns of employees, as a condition 
of employment. The administration 
wiD later tins month offer its own 
legislation as an alternative to a bill 
proposed by Senator D ennis DeCon- 
rini. Democrat of Arizona, which has 
features that the administration sup- 
ports and one major flaw. 

The flaw is Mr. DeConrinTs pro- 
posal in effect to pul tbe FBI in 
charge of all counterintelligence, in- 
cluding overseas operations now run 
by the CIA. This risks setting the FBI 
up as a separate foreign intelligence 
agency ana giving too much power to 
one agency m the government. Cut- 


ting the QA out of foreign counterin- 
telligence also could reduce the effec- 
tiveness of US. spy-chasing. 

An mteffigence community review 
of the major spy cases of the Cold 
War era, said to numba 20 to 30, 
suggests that most often important 
leads on treason cases come from 

S intelligence links now han- 
tbe CIA, according to one 
These sources include defec- 
tors, foreign liaison services and tip- 
offs about A merican secret informa- 
tion that has come into enemy bands. 

The wave of spy cases that may 
soon come crashing into court wiD 
accelerate the drastic overhaul of 
U.S. intelligence and counterintelli- 


gence mandated by the end of the 
Cold War. Congress and the public 
must be careful not to throw ihe re- 
maining valuable parts of the intelli- 
gence apple out with the wcnms that 
have eaten into it 

The Washington Post 

The Spy Games Continue ^ 

D ESPITE the professed shock in 
Washington that the Russians 
continue to spy, most leaders under- 
stand that espionage did not end with 
the Cold War. It is a point made by a 
former CIA director, William Colby. 
“Before we get too morally indignant, 
let’s realize the Russians were raid to 
be using Mr. Ames to identify Ameri- 
can spies in Russia. That meant we 
had those spies.” Professional spies 
know that the game goes on. 

— David Wise, commenting in 
The Washington . 


i wo msionans 1 cnees; 
die description (FDR assistai 
intelligence, disliked by Dor 
and Hoover) could apply to 


Hiss, KGB code name “Mars.” was 
“very dose to our s o urc es . . . highly 
sympathetic ... a source of agent in- 
formation for the SDvennaster spy 
cdl ... his behavior followed instruc- 
tions he may have learned in the 
1930s: never admit anything.” 

To those interested in the Ames 
case, the most intriguing sentences in 
the book attribute an allegation to an 
81-year-oM friend of Mr. SudopJa lev's 
in military intelligence, unnamed be- 
cause a son serves in government 
’The retired GRU officer remembers 
that there was a controlled agent 
source of information in Roosevelt's 
office. He was Roosevelt's assistant on 
intelligen ce affairs, and he was on bad 
terms with William Donovan and J. 
Edgar Hoover, head of the OSS and 
tbe FBI, respectively." 

Was there a Soviet mole in the 
Oval Office during World War II? 

The confessed Communist courier 


is true, who could dial early mole be? 
Two CIA historians I checked say 
assistant on 
Donovan 

ioover) could apply to John 
Franklin Carter, a newspaper colum- 
nist and novelist (always a nefarious 
combination) who used the pen name 
Jay FrankUn. He and a staff of six, on 
State Department payroll, supplied 
FDR with reports on Nazi leaders — 
and, at one time, an analysis of Soviet 
intelligence. He died in 1967, an ar- 
dent anti-Communist. 

This fellow migh t have been a “con- 
trolled agent” or a patriot As more 
documents and memoirs come out of 
tbe KGB woodwork, we wiD learn 
more— not just about FDR’s day, but 
about more recent penetration agents 
in U.S. btdliaaice agencies. 

Spooks can tbe resultant reassess- 
ment “walking back the cat” Histori- 
ans and biographers will have to re- 
shuffle shibboleths about familiar 
villains and heroes. And among pre- 
sent and retired intcfligeoce officers, 
“tbe Second Man” is getting worried. 

The New York Times. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: YerdPs Success 

PARIS — The most important event 
of the Paris season was certainly the 
production of Giuseppe Verdi's “Fal- 
staff," at the Opfcra-Cotniqoe. In spite 
of the fact that “FaktafF has already 
been played in Milan and other towns 
c£ Italy and Germany, it had not had 
the seal placed upon hs merits by 
being played before a public unpreju- 
diced % poUticri and patriotic consid- 
erations. “FaistafT can now march 
confidently to the conquest of the rep- 
ertoires of all the theatres of the world, 
for the work of the great Italian master 
obtained a very great success. 

1919: A Mexico Mandate? 

WASHINGTON, D.C — There is a 
growing belief here that if the League 
of Nations is adopted, the United 
States should become the mandatory 
for Mexico rather than for Turkey, 
Armenia or Albania, which are most 
frequently mentioned. The opinion 
prevails in Washington that, while it 


might be irksome to send troops to 
Aria Minor, the public would be mare 
willing to use an army to e stablish 
order south of the Rio Grande. 

1944: Homan Torpedoes 

LONDON — [From oar New Yack 
edition;] The Royal Navy’s hitherto 
most secret weapon, the so-called hu- 
man torpedo, sank an enemy cruiser 
and da mag ed a large transport at 
Palermo, aeflys strongly defended 
naval base, in January, 1943, and has 
since accomplished other conspicu- 
ous feats, the Admiralty revealed to- 
night [April 18], Officials described 
the human torpedo as the best-kept 
naval secret or tire war so far. Two 
men, wearing diving suits, sit astride 
the torpedo and drwe it to the target 
On approaching the target the torpe- 
do submerges. It is then guid ed be- 
neath the enemy ship. There the ex- 
plosive head is fixed to the bottom of 
the ship. A time fuse is set, giving the 
men . tune to get out of tbe danger 
zone, riding tiie headless torpedo. 


f 



I 



INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19. 1994 


Page 7 


V tin ‘ Pet 


)« 


Today’s Balance of Power 
Makes Rivals Out of Allies 


OPINION 


By William Pfaff 

SSSF®-' 
hC dCmanded 

Geography has unii] Our dav been ih* 

SsxkbssSS 

^er resouras, claims on eEc 
®JK>rmes living across disputed fron- 
here. the straightforward desire for terri- 
tonal aggrandWm -Shaw 

yiC E^S n ,^° njdC f l0gica] °f w. 

of I ex P ansion was a form 

of Lem ton a! nvalry. Within Europe it- 

was driven byHar^- 

buig and Bourbon territorial S 

ISf7^"^ onisnL Prussia W 

2£S i°, dominale to* other German 
realms and compete with Austria, its 

dauns on Denmark, its seizure of Alsace 


ers against competition. Are Mexico, 
Canada and the United States in an 
alliance directed against the European 
Union and Japan? 

It seems to me that a political vocabu- 
lary of power balance is often misap- 
plied today, when commentators of 
alliances with Russia to “contain" Chi- 
na, or with China to “con tain ** Japan. 
Contain them from what? The industrial 
nations and trading blocs are rivals in 
certain respects, but they are also mutu- 
ally dependent in that the prosperity of 
one relies on the general prosperity of 
the others. NAjFTA and the economic 
recovery of the United States can only 
benefit from European and Japanese 
prosperity, since all are major markets 
for one another's goods. 

Geopolitical rivalry is a zero-sum 
game m which gains by one require loss 
for others. Economic rivalry is a matter 
of marginal gain, or losses within a 


Power is now economic and 

w* 1 imi gyingi ymi* m KAX3 WJUlill A 

Cultural, b/injr tn th*> eu/w»<- context of general growth (or decline). 
, a * ucvess i n this situation, the traditional polity 

and good order of anation. 


and Lorraine in the Franco-Prussian 
war. Republican France’s subsequent 
obsession with recovering those prov- 
inces, the Austro-German-Russian ri- 
valry for influence over the territories 
breaking away from the Ottoman Em- 
pire and in revolt against Austro-Hun- 
gary s own authority . . . 

American policy in the 19th couury 
was motivated by the idea of Manifest 
Destiny on the North American conti- 
nent, and, in the case of the war with 
Spain, the idea of Pacific empire. 

Todav power and influence no long- 
? **1 t0 geography. The fact 
that Serbs and Croats are fighting to 
expand their national territories is gen- 
erally taken by the rest of us as another 

f troof that they are captives of ideas 
rom the past. Now national power 
rests mainly on industry and finance, 
and on cultural influence. 

During the period when the military 
reach of nations was limited, and the 
great powers occupied a relatively small 
part of the globe, policies of power bal- 
ance made sense. Victory in war, or 
successful exploitation of the threat of 
war, required alliances that shifted the 
calculations of military and naval pow- 
er. But wba t exactly does balance of 
power mean today? 

If conflict is economic, what advan- 
tage is there in alliance with one poten- 
tial rival against another? How does 
alliance, “balance,” serve competitive 
economic interests? 

The United States, Japan and the 
European Union are political and mili- 
tary allies, but they also are supposed 
to be economic rivals. They manufac- 
ture competitive goods and attempt to 
sell them in the same markets. The idea 
of economic alliance seems to make 
sense only as trading zones with barri- 


conception of power balance and power 
advantage risks irrelevance. 

1 do not say that classical issues of 
military and political rivalry and in- 
timidation have vanished. Military 
power certainly remains relevant with 
respect to the dangers that would arise 
from anarchical breakdown, political 
retrogression or the rise of authoritar- 
ian nationalism in a nuclear Russia; or 
with respect to the threat of further 
breakdown in the Balkans, jeopardiz- 
ing the stability of Albania, Macedonia 
and Greece and indirectly threatening 
West European order. 

But the United States, Europe and 
Japan are not military rivals, and they 
are today’s crucial powers. This means 
that military power does not have the 
significance it had before 1989. In this 
respect the United States, “the only su- 
perpower.” is not as powerful as it was 
when Russia still was a global power and 
national power was gen Hally measured 
in military terms. Military power does 
not generate employment and prosperi- 
ty, and that is today's competition. 

Effective world power is economic and 
cultural It lies in the success and good 
order of a nation. The nation that can 
successfully combine economic success 
and prosperity with social justice will 
exerase the greatest long-term influence. 

In that competition America’s power is 
compromised by the international per- 
ception that, in significant respects, it is 
an unjust society, distinguished by vio- 
lence, social disorder and decline. Eu- 
ropean influence is limited by its recent 
incapacity to create jobs and prosperi- 
ty. Russia still has enormous power in 
raw military terms but has drastically 
lost influence because of its economic 
political d 
new factors of i 
world affairs. 

International Herald Tribune. 

© Los Angeles Times Syndicate. 


and political disorder. These are the 
power and weakness in 



Congressic Park 


LETTERS TO THE EDITOR 


Mussolini’s Statecraft 

In response to “ Ally of Berlusconi 
Praises Mussolini as 'Greatest States- 
man ’ ” (April 2) by Alan Cowell: 

Gianfranco Fixti, the Italian rightist 
leader, states that Mussolini was “the 
greatest statesman of this century.” 


1 beg to disagree. 
Mussolini 


was responsible for launch- 
ing Italy into eight wars (against Ethio- 

S 'a, Republican Spain, Albania, France- 
fitain. Greece, Yugoslavia, the Soviet 
Union and the United States) in six 
years. May I also remind Mr. Fini that 
“the greatest statesman" lost all his wars 
and/or all the territories acquired in 
those six years. 

In so doing, Mussolini signed treaties 
of alliance with Hitler and the Japanese 
that were “aggressive,” not “defensive,” 
thus tying Italy to the Nazism of geno- 
cide and to the militarism of the attack 
on Pearl Harbor. 

This is why I would give Mr. Fmi an 
“F* in Modem History. 

ALESSANDRO CORTESE de BOSIS. 

Rome. 

The writer, a former Italian ambassa- 
dor, is president of the A men can Univer- 
sity of Rome. 

Effects of a Caning 

Regardless of public opinion, the ap- 
proaching in Singapore of Mi- 
chael Fay. an 18-year-old American, will 
have the desired effect: deterrence. The 
media attention surrounding it has dra- 
matically enhanced this effect Singa- 


Revere’s Midnight Ride, Revisited 


pore no longer has the choice of rescind- 
ing the sentence. To do so would send a 
message that one can get away with it 
DAN LoCASCIO. 

Ampang, Malaysia. 

The Blackmon Legacy 

Regarding “ A Justice Busy ‘Dealing 
With People"’ ( Opinion, April 8) by- 
Ellen Goodman: 

Harry Blackmun — “a man of jus- 
tice”? A man of justice for the millions 
of fetuses denied the right to come to 
term? A man of justice for all the women 
scarred by the memory of having ended 
the life in their wombs? 

Justice Blackmun says he wfll carry 
the tag of “author of the abortion deci- 
sion’' to his grave. Indeed he will. 

JAMES SWETNAM. 

Rome. 

America in Paris 

Regarding “ Paris American Center. 
With New Team. Plans June Opening” 
(Stage/ Entertainment, April 61: 

The glowing future of the Paris Amer- 
ican Center portrayed in this article ne- 
glects the very dim future of the Ameri- 
can lang uage Program, which was shut 
down on March 31. If “money itself is 
not lbe problem,” as an American Cen- 
ter official is quoted as saying, I wonder 
why teaching American English should 
not be a vital part of the new center. 
For language professionals in Paris, as 
well as for students, it is a loss. 

LINDA THALMAN. 

BouDay-les-Troux, France. 


W AYLAND, Massachusetts — This 
Monday, Patriot's Day in Ameri- 
ca, was the anniversary of Paul Revere’s 
ride b 1775. Every American has heard 
the story of that brent; it is one of the 
shared memories that make us one peo- 
ple, diverse as we may be. Bui we 
haven’t aO remembered it the same way. 

The best known version is still Long- 
fellow’s poem of 186L written to help 
the Union cause. He celebrated the mid- 
night rider as a solitary hero, galloping 
alone to Coacord. On the eve of the Civil 
War, the poem carried its own message: 
The actions of a single individual can 
turn the course of history. 

After the failure of Reconstruction, a 
war-weary generation found a different 
message in the sioryteDing of Mark 
Twain, who had a great contempt for 
history, observing that “every year the 
antiquarians shed new darkness on the 
past.” In an 1877 speech in Boston. 
Twain cruelly mocked Longfellow's 
poem, in the presence of the poet. 
Twain’s stories also had a moral: Be- 
ware of stories with morals. 

The generation or Theodore Roose- 
velt turned the silversmith into a mili- 
tary hero, calling him “Colonel Revere.” 
Its purpose was to praise the martial 
virtues and celebrate selfless service 
to the nation-state: 

That idea rang hollow after World 
War I, and a new breed of American, the 
historical “debunker,” came into exis- 
tence around 1923. Some debunkers de- 
lighted in demonstrating that Revere 
never reached Concord; others suggest- 
ed that he never rode at all. The moral 
for the debunking historian; Distrust 
the facts of history. 

The debunkers fell quiet in December 
1941. Soon after, the hero of the mid- 
oight ride was revived by the novelist 
Esther Forbes in “Paul Revere and the 
World He Lived In.” She made him into 
a “simple artizan” who rose nobly to 
great events. Her purpose was to cele- 
brate the ordinary American in an hour 
of extraordinary periL 
With the cnisade against communism 
in the 1950s, Revere was converted bio a 
Cold Warrior —a capitalist on horseback 
personifying the union of business and 
democracy. In his 1954 book “History’s 
Hundred Greatest Events,” William De 
Witt celebrated the event in those terms, 
the midnight ride alongside the 
i and the Korean War. 

After Vietnam and Watogate, the 
mood f-hangart a g ain, and the myth of 
the midnight ride was attacked with 
fury’. The old debunkers of the 1920s 
had crane mostly from the right and, 
with a light touch, had made Revere a 
figure of fun. The new iconoclasts were 
of the left — they raged against America 
and made the rider a symbol of eviL 
One iconoclast, the writer John Train, 
told The Washington Post in 1980 chat 
Revere was a “despicable” man who 
“set out with two other guys for money 
... turned stool pi won and betrayed 
his two companions/' None of this was 
true, but a new American generation 
wanted desperately to disbelieve. 

These divergent tales were the prod- 


By David Hackett Fischer 

ucts of poets, novelists, humorists and 
politicians. Historians have shown re- 
markably little interest in the subject, a 
neglect that is all the more surprising 
when one considers the abundant 
sources that remained untapped. 

Revere’ s ride was pan of the “Lexing- 
ton Alarm.” an event long remembered 
with the same vivid darity with which 
Americans recall the afternoon of Presi- 
dent John Kennedy’s death and the Sun- 
day of Pearl Harbor. More material — 
diaries, pension records, legal deposi- 
tions, British officers’ reports — sur- 

MEANWHILE 

vives from the Lexington Alarm than 
from any other event in early America. 
This evidence shows that the flliopietists 
and iconoclasts were far off the mark. 

Paul Revere was not a “ample arti- 
zan,” but a figure of remarkable com- 

E lexity — the complexity of the nation 
e helped to create. 

He was second-generation American 
on one side and old-stock Bostonian on 
tiie other, and his correspondence makes 
dear that be cherished both beginnings. 
He was the product of a Puritan Citv on 
a HID and a lusty Atlantic seaport, both 
being the same American town. 

He thought of himself as an artisan 
and a gentleman without the slightest 
contradiction — a new American atti- 
tude toward class. 

He believed passionately in the rule of 
law, but did not hesitate to take the law 
into his own hands. He helped start a 
revolution, but his purpose was to pre- 
serve the values of the past. 

Revere believed deeply in freedom but 
not in our modem conception of private 
rights, personal autonomy and individual 
entitlement. He and his friends wrote of 
their personal liberty and of the “liberty 
of Boston" and the “liberty of America,” 
adding an idea of collective rights and 
individual responsibility. 

He was an associating man, very differ- 
ent from Longfellow’s historical loner. 

isolated, lisadenl orgawzati on^A 
study of seven major revolutionary 
groups in Boston shows that of 255 total 
memWs, 83 percent belonged to only 
one group. Only two men joined as 
many as five: Paul Revere and Joseph 
Warren, a physician who became a colo- 
nial general and was killed at Bunker 
HDL They moved in more circles than 
any other Boston leaders and became 
linchpins of the Revolution. It was Re- 
vere’s many connections that made him 
so useful on April 18. 1775. 

In Boston, ne organized a complex 
network that repeatedly dis- 
British plans. Throughout New 
England, be met with town leaders to 
create an alarm system. To warn of Brit- 
ish movements, he arranged the display 
signal lanterns from Boston's tallest 
building — no easy task, as the Old North 
Church had a Tory minister. But Revere 
knew a Whig sexton and vestryman. 


He found a way to carry the warning 
across the Charles River even though the 
British had seized all Bostonians’ boats 
and blocked the way with warships. Re- 
vere organized a group of watermen who 
helped him escape, and his friends in 
Charlestown found him a horse that 
outraced his British pursuers. 

More than 60 riders helped him 
id the Lexington Alarm that night, 
did not diminis h Revere's role, for 
be ret them in motion. 

Paul Revere had other adventures that 
night. He was captured by a British patrol 
arm released around three o'clock the 
next morning, in time to help John Han- 
cock and Samuel Adams flee the British. 
At 4 AJvL, he and an accomplice, John 
Lowdl, rescued secret papers that Han- 
cock had left in Lexington. At five 
o’clock. Revere was present on T 
Great what the first Shots were fit 

The fighting was not, as most Ameri- 
cans have beat taught a spontaneous 
rising of individual farmers. It was a 
tightly organized effort 

In the morning, the Massachusetts 
militia stood eight times in dose forma- 
tion or fixed positions against British 
regulars. Twice the British were broken. 

In the afternoon, when the British 
force grew to a brigade with artillery, 
the colonists changed tactics. They sur- 
rounded the retreating British troops 
with what the British commander. Lord 
Percy, called “a aide of fire” and held it 
for four hours — no small feat of com- 
bat leadership. 

Afterward, Revere helped organize 
the second battle of Lexington and Con- 
cord — the contest for popular opinion. 
The Whigs of New England spread their 
version of events throughout America 
and Europe before the British govern- 
ment knew what had happened. This 
victory proved more decisive than 
the fighting itself. 

Revere had a genius for collective ac- 
tion in the cause of freedom — a para- 
dox closer to the heart of American 
history than the loners we love to cele- 
brate and delight in debunking. 

Americans on the political left might 
do well to remember the cause of free- 
dom. Those on the right might reflect on 
the idea of coDective action. 

Patriot’s Day is an official holiday 
only in Massachusetts and Maine. Per- 
haps it should be made a national holi- 
day. When Paul Revere alarmed the 
Massachusetts countryside, he carried 
a message for all. 

The writer, professor of American his- 
tory at Brandas University, is author of 
"Paul Revere’s Ride" and “ Albion’s 
Seed” He contributed this comment to 
The New York Times. 


Letters intended far publication 
should be addressed ", Letters to the 
Editor" and contain the writer’s sig- 
nature. name and full address Let- 
ters should be brief and are subject to 
editing. We cannot be responsible for 
the return of unsolicited ma nusc r ip ts 


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BOOKS 




for 


I.W 


SHADE OF THE RAIN- 
TREE: Die Life and Death 
of Rose Lockridge Jr., Au- 
thor of ff Raintree County” 

By Larry Lockridge. 499 pages. 
$27.95. Viking. 

Reviewed by 
Scott Donaldson 

O N Jan. 5, 1948, Ross Lock- 
ridge Jr.’s first and only novel, 
"Rain tree County,” was published. 
The book, an unabashed attempt at 
tbe Great American Novel that ran 
to more than 1,000 pages, was an 
extraordinary success. It won the 
$150,000 MGM novel prize, was 
excerpted in Life, and was chosen 
as a mam selection of the Book-of- 
tbe-Month Club. Two months lat- 
er, Lockridge went out to his garage 
in Bloomington, Indiana, turned 
on the motor of his new Kaiser, and 
asphyxiated himself. He was 33 
years old. 

His suicide made tbe front page 
of The New York Times, and for a 
time author and book alike stayed in 
the news. Later the same month, the 
Philadelphia vice squad impounded 
copies of the novel as “obscene and 
blasphemous” (it’s neither). In 1957 
MGM made a bad film of the book 
a with a good performance by Eliza- 
beth Taykx. In his 1974 dual biogra- 
phy. “Ross and Tom,” John Leggett 
compared Lockridge to Thomas 
Heggen, the young author of Mis- 
ter Roberts,” whose death m 1949 
was an apparent suicide. 

By 1992, “Rain tree County” was 
out of print and Ross Lockndge Jr. 
all but forgotten. His son Larry’s 
“Shade of the Rain tree” under- 
takes to bring both bad: in an au- 
thoritative biography that will cor- 
rect what he calls Leggett s 
“novelization” and restore his fa- 
ther’s reputation. (In Leggett’s por- 
trait, Lockridge is a humorless and 
egotistical Midwestern bumpkin; 
ms suicide is explained in sociologi- 
cal and Freudian terms.) 

Ross was the youngest of fm* 
surviving children — an older 
brother had drowned on a Boy 
Scout outing — and very modi the 
child of his parents. His father, 
Ross Sr„ fashioned a career fra 
himself as a popular historian oi 
Indiana. He brought up Ross Jr. on 
heroes and heroism, and by the 


WHAT THEY'RE READING 


• Anthony Sampson, author, is 
reading “ Neuromancer ” by William 
Gibson. 

“I thmk he writes marvelously, 
and he gives a terrifying but quite 
convincing picture cl a future dom- 
inated by c riminal multinati onals. 
It is maybe not the way the world 
will emerge, but nevertheless it is 
quite an interesting wanting.” 

(Barry James, IHT) 



time tbe boy was 15 had enlisted 
him as a working partner as the 
history show went on the road. 
Young Rossie took dictation, mem- 
orized speeches, and wrote copy on 
demand. At 23, he tossed off 1,300 
tines of blank-verse doggerel in a 
week to fulfill a commission fra- a 
pageant in New Harmony. 

Ross Sr. produced several home- 
spun volumes on Indiana’s past, 
but his one attempt at a novel was a 
failure. 

Elsie Lockridge was a frustrated 
fiction writer, too, who transferred 
her ambitions to her son. An ideal- 
ist and Christian Scientist, she 
demonstrated tittle affection fra 
her children; they felt she valued 
them more fra their accomplish- 
ments than fra themselves. 

To Us father, Rosas was a conve- 
nient resource to be used. To his 
mother, he represented a second 
chance at the recognition she 


yearned fra. He did everything he 
could to please them. He anther 
drank nor stacked and was active in 
religions organizations. Though ob- 
viously a young genius, be was pop- 
ular with other students, serving as 
dass president both in his junior and 
senior years at Bloomington High 
School. He won state champion- 
ships for his shorthand and typing 
skills, and at Indiana University 
earned his letter fra cross-country 
while compiling the highest grade- 
point average ever recorded there. 
He was a finalist for a Rhodes schol- 
arship, and then — married to his 
higb-scfaool sweetheart — proceed- 
ed to Harvard on a graduate-school 
fellowship. As an English teacher at 
Simmo ns College, be was much ad- 
mired by his female students, one of 
whom thought it a shame that 
“someone who looked a little like 
Tyrone Power was so goddamned 
uxorious." 


Uxorious he was, and also, ac- 
cording to his son Lany, “even-tem- 
pered, witty, helpful, nonsmoking, 
faithful to his wife, hard-woriring. 
once described as ’an unusually af- 
fable genius,’ who befriended the 
blind and in pasting rescued at least 
three people, one drowning, one 
fainting, one marooned.” 

He was also driven by an obses- 
sive idea — that he could, and 
would, write a great book. It took 
him eight years, and a couple of false 
starts, but finally be completed the 
first draft of “Rain tree County.” On 
April 24, 1946, he stuffed his 2.000- 
page manuscript into a suitcase and 
delivered it to a startled receptionist 
at Houghton Mifflin. 

Lockridge was never happier 
than when working on the book, 
and never quite right afterward. 
IBs tortured dealings with his pub- 
lisher and subsequent descent into 
depression make an unhappy but 
fascinating story, and Larry Lock- 
ridge tells it well, using tbe family 
records and other materials he dug 
out in his own long preparation for 
tins biography. For half its length, 
“Shade of the Raintree” is work- 
manlike and sometimes dull, but 
the last 200 pages are first-rate. In 
his breakdown and collapse Ross 
Lockridge Jr. comes fully alive on 
the page. 

Scott Donaldson, who has written 
lives if Ernest Hemingway, Scott 
Fitzgerald, John Cheever and Archi- 
bald MacLeish, wrote this for The 
Washington Post 


CHESS 



It's never 
been easier 
to subscribe 
andsave. 
Just coil 
toll-free: 
060225158 


By Robert Byrne 

A NATOLI KARPOV faced 
Veselin Topalov in Round 4in 
the Linares International Tourna- 
ment in Spain. The game began by 
following a slow, steady positional 
course in an English Opening: after 
10 Bf4, White has an advantage in 
central space, but the Mack d6 
pawn, though exposed on a half- 
open file, usually proves to be de- 
fensible. 

When Topalov tried to chase 
away the queen bishop with 
10_Nh5, Karpov allowed it to 
stand and be exchanged for a 
Wrigh t with 1 1 e3!? Nf4 12 e f. He 

had acquiesced in doubled F pawns, 
but his grip on the center was per- 
haps even enhanced by the transac- 
tion. Moreover, with the defensive 
jy strong black king k nigh t gone, 
there was nothing to impede him 
from loosening the enemy king do 

gtion with 15 h4, 16 h5 and 17 hg. 

Topalov should have asked him- 
self why Karpov did not lift a fin- 
ger to prevent the counterattack 
with I 6 „.b 5 ,siandardin such situa- 
tions. He got the answer quickly 
enough: 17 hg hg 18 Nc5! Now, 
18 JJe8 19 Na6! Ra6 20 cb Rb6 21 
be wins a pawn for White because 

21 Rb2? falls into a fatal trap with 

22 c7! Qb6 23 Qb2 Qb2 24 cS/Q. 


TOPALOV/SIACK 



Position after 19... ReS 

The Bulgarian relied on 18— dc 
19 Qd7 Rc8, readv to counter 20 
Bc6?! by 20-Ra7! But Karpov 
struck a tremendous blow with 20 

Re6!. after which 20-fe 21 Qe6 

Kg7 22Bc6 will cost Black materi- 
al. 

Thus, Topalov tried 20..R&7 but 
was imme diaidv hammered by 21 
Rg61 He could not refuse tbe rook 
with 21_Kh7 because 22 Qh3! Kg6 
23 Be4 f5 (or 23-Kg7 24 Qh7 Kf8 
25 Qh8 mate) 24 Bf5 Kg7 25 Qb7 

Kf8 26 Qh8 107 27 Bc8 wins mate- 
rial while maintaining a decisive 
mating attack. m 
After 2L.fg 22 Qe6 Kg7 32 Bc6 


Rd8 24 cb, Karpov had a winning 
knight plus three pawns for a rook. 
After 24.~Bf6 25 Ne41, Topalov 
could not play 25...Bb2 because of 
26 Rbl Bd4 27 b6 Rf7 28 Ng5 Rf6 
29 Qe7 Kg8 30 Qh7 Kf8 31 Qh8 
Ke7 32 Rel Kd6 33 Qf6! Bf6 34 
Re6 mate. 

Kamov’s sacrifice of rook for 
hi shop with 28 Rd4! Rd4 denuded 
tbe blade king of a key defender 
and he soon won two pawns. After 
he took back a rook fra his knight 
with 36 Qa7 Qf6, he had a bishop 
and five pawns for a rook. Topalov 
lingered for a few moves and then 
gave up. 


ENGLISH OPENING 


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Page 8 


INTERNATIONAL HERALD TRIBUNE, TUESDAY. APRIL 19. 1994 


4V1 
Ott, « 
Strai 
ema 
In 
acco 
lion 
rank 
The 
SJov 
And 
eign- 
Gen 
one- 


Police Say 
6 Held and 
Beaten in 
ANC Office 


Compiled by Our Staff From DapaKka 

JOHANNESBURG — The po- 
lice said Monday that they would 
bring kidnapping and assault 
charges after six blacks were locked 
in a basement cage in an African 
National Congress regional office. 

A police spokesman, Dave 
Bruce, said there was evidence that 
the six, one of them a 14-year-old, 
had been badly beaten. “We are 
investigating charges of man-steal- 
ing and assault with intent to cause 
grievous bodily harm,” he said. 

The ANC acknowledged the in- 
cident, but blamed a rogue security 
guard at its offices for the Pretoria- 
Wi twaiersrand- V ereeniging region, 
which includes Johannesburg, who 
had acted privately without the 
knowledge of the ANC 

The ANC regional chairman, 
Tokyo Sexwale, said a security 
guard at the building had been sus- 
pended “with immediate effect” 

The six were held in a cage in the 
basement of the building in central 
Johannesburg from late on Satur- 
day night, Mr. Sexwale said. Mr. 
Bruce said the police were tipped 
off after one of the six escaped and 
alerted them. 

Mr. Bruce said the police “had 
to subdue the guard and he has 
been arrested for pointing a fire- 
arm.” 

“Two irate senior ANC officials 
arrived on the scene and have laid 
charges against the police,” he add- 
ed. 

An Inkaiha spokeswoman. Su- 
zanne Vos, said party officials had 
spoken to some of the six, four of 
whom were Zulus. “None of them 
say they are members of Inkatha or 
any other party,” she said. 

“It is not the policy of the ANC 
to bold people against their will.” 
an ANC spokesman. said Monday. 

f Reuters . AFP) 



New Egyptian Film, 
Aims at Militants , 
But Public Pans It 


LoiSafl>HeAiBeBrifa» 

A member of the National Peacekeeping Force patrolling in Tokoza township on Monday, where fighting broke out with Zulus. The force was set up to oversee elections. 

Zulu Leaders Near Acceptance of Election Accord 


Compiled by Ota- Staff From Dispatches 

PRETORIA — Political leaders 
Indicated Monday that they might 
be on the verge of an agreement 
that would end the Zulu nationalist 
boycott of elections next week. 

A government spokesman said a 
proposal to end the boycott was 
accepted by all three rides during 
talks, involving President Frederik 
W. de Klerk, Chief Mangosuthu 
Buthelezi. who is the Zulu national- 


ist leader, and African National 
Congress officials. 

Mr. de KJerk and Chief Buihe- 


that he hoped to make an an- 
nouncement Tuesday “that might 
be very positive.” 


to include inkatha on the national 
election ballot, but that the party 


could be part of the voting for a 

lezi were to discuss the proposal Mr. de Klerk said of the talks, “1 regional government in N'atsu I 


! Prov- 


Tuesday with the ANC leader. Nel- am hopeful that something con- ince, which includes the KwaZulu 

l. ... : jn T .1 i. 


son Mandela, who was not present 
at the talks Monday. None of the 
participants gave specifics of tb< 
plan, but Chief Buthelezi said dear 
progress had been made. 

“I can say the discussions have 
gone very well,” he said, adding 


structive will come out of it 
The government spokesman said 
it was not too late for Chief Buthe- 
lezi’s inkatha Freedom Party to be 
included in South Africa’s first all- 
race election April 26-28. Previous- 
ly, officials have said it was too late 


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black homeland. 

Chief Buiheiezi indicated In- 
kaiha was dropping its demand to 
delay the elections, which has been 
consistently rejected by the ANC 
and the government 
“I don't think there is any possi- 
bility of postponing the elections, 
although 1 would prefer a post- 
ponement.” Chief Buthelezi said. 
“Bat I am realist ” 

The talks were no: announced in 
advance and followed the break- 
down of international mediators' 
attempts last week to resolve the 
political deadlock. 

Inka tha has said it is boycotting 
the elections and is demanding 
constitutional changes to ghe vir- 
tual autonomy for the Zulu heart- 
land of KwaZulu-Natal in the post- 
apartheid stale. Chief Buthelezi 


and the Zulu king, Goodwill Zwe- 
lethini. Fear that lhe ANC the Hke- 
ly winner of the election, will im- 
pose a strong central government 
and trample on Zulu rights. 

In another development, a South 
African news photographer was 
killed and two photographers for 
international news organizations 
were wounded In a crossfire be- 
tween Zulus and members of the 
fledgling National Peacekeeping 
Force in Tokoza township on Mon- 
day. 

The photographers were fired on 
while taking cover with troops of 
the National Peacekeeping Force, 
said Joao Silva, a photographer 
from The Associated Press who 
was with the victims. 

In Johannesburg, meanwhile, the 
police sealed off part of the center 
of the dry with baited wire on 
Monday to block any attempt by 
Zulus to stage a banned anti-elec- 
tion march. (AP, Reuters) 


By Chris Hedges 

yew York runes Semce 
CAIRO — A tourist bus is raked 
with automatic-weapons fire. A 
video shop is firebombed. A Chris- 
tian jewelry store is robbed, and a 
pohee official assassinated. 

Rather than a litany of the latest 
attacks by Islamic militants, these 
episodes are taken from the open- 
ing scene of “The Terrorist," 
Egypt's fust feature film to tackle 

the rise of Islamic fundamentalism. 

lhe three-hour production her- 
alds a campaign by Egypt’s movie 
industry, the world’s third largest, 
to counter the huge incursions by 
militant into Arab society. 

“This movie reveals, in a dramat- 
ic mann er, the internal contradic- 
tions within the terrorist move- 
ment,” said Minister of 
Information Safwat Sherif. “It il- 
lustrates that whenever anyone is 
allowed to see society dearly they 
give up extremism.” 

But many worry that the simple 
stereotyping of the militants by the 
state-controlled film industry, cou- 
pled with the portrayal of govern- 
ment officials as honest and effi- 
cient, could backfire. 

“It is a ridiculous movie that fails 
to examine the underlying prob- 
lems that create the militant move- 
ment and fails to offer any real 
solution,” said Ghgjs Anton, 54, a 
businessman, after viewing the film 
at a Cairo movie theater. 

The battle between the govern- 
ment and Islamic mili tants, who 
have a wide following in many poor 
villages and slums, nas mkan more 
than 350 lives and left 735 people 
injured over the last two years. 

The movie has infuriated nnder- 
mfHtant groups and was 


i in Jordan after protests by 
Islami c organizations. The leading, 
actor, the Arab world’s most fam- 
ous comic actor. Add Imam, has 
received death threats and is now 
protected by a large security detail 

Vehicles are not allowed to park 
in front of cinemas where the film 
is playing for fear of car bombs. 
Moviegoers pass through metal de- 
tectors and are searched at the 
door. 

The Islamic Group, the principal 
fundamentalist organization, 
opened fire on a crowd of moviego- 
ers at a foreign film festival in De- 
cember, killing a pohee officer. The 
group had condemned the event as 
“a festival of nudity." 

Many Egyptians have stayed 
away from “The Terrorist" out of 


fear of similar attacks, and theaters 
are only half full. Several actor? 
and actresses refused roles. 

“The main aim of the fanatics is 
the destruction of our culture,” said 
Mr. Imam. “And this is the fiat 
time we have grappled with this 
theme. Unfortunatety, I am one of 
the few fighting the fanatic current. 
I often fed alone. The people with 
the bombs and weapons have 
frightened many away.” 

The film was released after a 
monthlong soap opera called “The 
Family” was shown on television. 
The serial depicted cynical militant 
leaders manipulating pom- Egyp- 
tians in a bid to take power. 

. Egyptian officials have high 
hopes for their newest baulefrom. 

“The belated entry of cinema 
and television into the turmoil of 
opposition to terrorism will give 
millions of silent and confused 
viewers something beyond the offi- 
cial cliches to understand the phe- 
nomenon,” wrote a columnist in 
the pro-government daily A1 Ab- 
ram. 

What the film lacks in subtlety, it 
more than makes up for in brava- 
do. Mr. Imam is seen at the start as 
a ruthless, sexually frustrated man 
named Ali ordered about- by cow- 
ardly, rapacious militants. A sour 
grimace stamped cm his bearded 
face, Ali carries out a series of ter- 
rorist attacks in which the suffering 
of widows and children loom large. 

But Ali, on the lam, is struck by a 
car and taken in by a family whose 
affluence is in stark contrast to the 
impoverished existence of most 
Egyptians. They are kind, patriotic 
and tolerant to the point at incre- 
dulity, andbe-fmds love — platonic 
— with their daughter. 

Ali repents, befriends a Christian 
neighbor and leaves the Islamic 
movemenL 

In the final scene be staggers 
down a street, crying out to the 
famil y, as militants pump enough 
lead in his back, to drop a water 
buffalo. They rush outside to cradle 
the dying man in their arms. 

Hie film often appears to be lit- 
tle more than a vehicle for a series 
of long-winded speeches about ac- 
cepting sacrifices for Egypt and 
how Islam is supposed to be a 
peaceful faith. 

It ignores issues like unemploy- 
ment, political repression and 
housing shortages that many say 
te to the ris 


contribute 
fundamentalism. 


rise of Islamic 


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Under the Tents, 
A Husky Debut 

International Herald Tribune 

N EW YORK — Bounding along ihe stage in busky- 
paitemed sweaters, models launched Escada's new 
sportswear line. The German bouse chose American 
fashion week to show its fall collection. 

“We think it is a great idea to be here under the tents," said 
Escada’s Wolfgang Ley. “We open in Europe very early — we 
finished selling two weeks ago." 

Ley said that he would like to show a gain in New York, but would 
not confirm the persistent minor that Escada is planning to show in 
Paris. 

In fact, the straightforward collection, by the designer Michael 
Stolzenburg, probably looked its best in New York, whore most 
shows are not sending out creative fireworks. The show opened with 
a three-dimensional movie (the fashion pros wore complimentary 
goggles), followed by cavaliers in swashbuckling capes, feathered 
hats and Crusader boots. The costume-party look gave way to sturdy 
tailoring (cardigan jackets, gray flannel pants and quilled vests) or 
upscale sportswear, which meant sheading jackets and maxicoats. 

The new Escada sport line (happy families in familiar weekend 
wear) included denim, a dash of shiny vinyl and the husky- or fox- 
paitemed sweaters and parkas that are archetypal of the company's 
flamboyant mix-and-matcb separates. 

Suzy Menkes 


Escada's tunic sweater patterned with huskies. 



International Herald Tribune 
Tuesday, April 19, 1994 
Page 9 


Waist Not: Ups and Downs of the Midriff 


By Suzy Menkes 

International Herald Tribune 


N EW YORK — Waistlines have 
a habit of expanding and 
shrinking. Of rising and railing. 
And of inspiring puns. 

“Waist of Money” was Franco Mos- 
chino’s ironic statement embroidered 
around the middle of a designer suit. Scar- 
lett O’Hara's fabled 16-inch girth surely 
mated her beaux to exclaim “What a 
waist!" The exhibition devoted to the cen- 
ter of the torso at New York’s Metropoli- 
tan Museum is called “Waist NoL" It is 
subtitled “The Migration of the Waist. 
1800-1960.” 

There have been fashion moments when 
waists were wanting. It would have been 
hard to find the natural middle in the 
1920s, because waists bad dropped to the 
hipline. The Empire line, as worn by Jane 
Austen heroines and Napoleon's Empress 
Josephine, sent waists scuttling for the 
bust Up toward the armpits they rose 
again before World War l — and there may 
be a significance in ihnL 
According to the late James Laver, a 
British historian, after a crisis in society 
(think French Revolution or global con- 
flict) waists are set in a spin. When society 
settles back to normal, so does the waist. 

“In post-crisis periods, women's clothes 
tend to be straight in line, pale in color and 
with the waist in the wrong place — sym- 
bolic of the fact that post-crisis periods are 
never straitlaced either physically or mor- 
ally," Laver wrote in “Costume” in 1963. 

So what do we make of the fall-winter 
New York seasoo, where the waist was the 
focus of attention? And often the naked 
waisL Bare midriffs peeked from under 
cropped sweaters at Donna Karan. Flesh 
showed above low-slung wool-tulle skirts 
at Isaac Mizrahi. Over-the-knee coats were 
belted high on the ribs by Marc Jacobs. 
The waist disapppearcd discreetly under 
Zoran’s boxy tunics, but was on display 
above tiny A-line skirls in a cute schoolgirl 
look by Christian Francis Roth. 

The waist seemed to float about in rela- 
tionship to the hemline, as designers jug- 
gled and struggled to get the proportions 
right- So when Calvin Klein dropped his 
hemlines to just over the knee, the waist 
rose to balance the new length. 

O R is there more to the middle of 
the body than meets the eye? 
Richard Marlin, curator of the 
exhibition at the Met’s Costume 
Institute, sees the waist as “an exceptional 
area" of the body — a malleable zone 
unprotected by bones over which it is pos- 
sible to take control A fashionable waist 
becomes not just a fashion symbol hut also 
a personal statement. It can even be an 
erotic zone, and Martin, in the scholarly 
essay in the exhibition catalogue, quotes 
Edmund Waller’s 1664 love poem “On a 
G indie," in which the lovelorn poet envies 
“that which her slender waist confin'd.” 


The ebb and flow of the waist starts at 
the beginning of the 19th century with the 
tiny torso ami Empire waist above a long 
skinn y skirt. By the era of Victorian crino- 
line, the waist was in its proper place, 
looking exceptionally slender under the 
spreading skin. An 1899 American waist 
rancher and rose-sprinkled French corset 
show that it is not just discipline and diet 
that draw in the curves. The final exhibi- 
tion case shows Vivienne Westwood’s re- 
cent revival of the corset that keeps pop- 
ping up in collections from Chanel to 
Mizrahi. 

Martin and Harold Koda, the assodate 
curator, relate the dropped-waist dresses of 
the 1920s to the rectilinear forms of Cubist 
art, when “the body was concaved of as 
essentially two dimensional” They also see 
it as a reflection of the new liberty for 
women in society. The freeing of the body 
had begun when Paul Pair et loosened the 
silhouette in the early pan of the century. 
His exotic oblong-shaped gold evening 
gown in the show is a precursor of the 
1920s chemise. 

From that on, the exhibition follows the 
waist’s ins and outs: the wasp- waist of 
Dior’s famous 1947 New Look, with a 
jacket cinched in above padded hips and a 
full skin. The same shape was briefly re- 
vived in Christian Lacroix’s pouffe skin of 
1987. which figures in the show. Similarly, 
Cristobal Balenciaga's 1958 “sack" (in 
reality an elegant chemise) was echoed in 
1965 by Pierre Cardin’s graphic, waistiess 
minidress. 

T HE bare midriff first appeared in 
the hippie era, with the low-slung 
pants and high-rise (ops of the 
Woodstock crowd. Martin says 
that it was the first time in Western fashion 
history that the bared middle has been 
displayed — at least below the waist. The 
navels flashing through this season's inter- 
national collections have put a focus on the 
waist by baring it from ribcage to hips. 

The Metropolitan’s exhibition might 
have included a navel ring — high fashion 
among the supermodels. It also misses out 
on accessories: the belt has after all been a 
means of defining, shaping and giving fo- 
cus to the waist Significantly this fashion 
season was not big on belts, although Caro- 
lina Herrera put ladng like a decorative 
corset on the outside of aday dress, and in 
Europe John Galliano proposed the wide 
Japanese obi sash to shape slinky 1930s- 
style dresses. 

Why should a woman’s email waist be a 
standard of physical attraction? “Youth is 
perhaps the template for such beauty,” 
says Martin, adding that “age, sedentary 
life and good living” are challenging to the 
shapely waisL The hare midriff, requiring a 
flat, boyish figure, is currently the ultimate 
goal — the holy grail of diets and exercise 
classes on which a modern woman chooses 
to waist her time. 

“Waist Not" at the Sfetropolitan Museum 
of Art unlit Aug. 21. 



Clockwise from top left , designs by Mizrahi, Donna Karan, Richard Tyler and Carolina Herrera. 


/% * : 


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> 













Vinroao Ibadi to The New Voric Tbs 


Giulio Cappetlmi at his new store; Vico Magistretti chair; Antonio Citterio chaise. 


‘New Puritanism’ at Milan Furniture Fair 


By Suzanne Slesin 

New York Times Service 


M ilan , Italy — 
Those who think that 
Milan is waning as 
Ihe trend-setting 
center of the design world were 
obviously not around for Salone 
Internazionale del Mobile, the gi- 
ant annual furniture, lighting and 
accessories show. 

One factor drawing foreign fur- 
niture buyers to the most influen- 
tial marketplace of its kind in the 
world was the weakening lira, 
which has fallen about 50 percent 
since the fall of 1991 
It may be only in Milan that 
hundreds win stand in tine to 
glimpse a new chair hanging 16 feet 
(4.8 meters) off the ground in semi- 
darkness in an un finishe d, cement- 
coated but oh so atmospheric furni- 
ture store (Driade, in this case). 

Of course, it helps that the choir, 
a pastel plastic beauty called Lord 
Yo, is a wiy offering from Philippe 
Starck, the French designer and in- 
ternational superstar. 

Shadowed by television crews 
and devotees, Starck talked about 
his new design as exemplifying his 
“old dream” of “democratic, af- 
fordable furniture." For Starck, 
who designed the Paramount in 
New York — a hotel be said, with 
“no style but the rate of the 
room” — the Lord Yo comes from 
everyone’s “collective memory.” 
The chair, a modern descendant of 
the cozy Lloyd Loom design that 
was once a staple in the English 
country house pantry, will be sold 
in the United States for about $150. 

This year, the look at the fair 
comes from the convent, the sana- 
torium, the hospital and the school- 
room. It is a back-to-basics. no-, 
nonsense aesthetic, which could be 
called “the new Puritanism.” “Sim- 
ple.” “dean,” “fresh,” even “ami- 


design" were the expressions to 
drop. Time to forget about the 
grand gesture, the big bans and 
maybe even about having a good 
time. 

A few years ago, Milan's design 
aesthetic shifted from rigorous and 
rational toward a more sensual 
handmade, ethnic look. Now, like a 
naughty child caught in the act, it is 
coming bade to its senses. 

Some people, said Cfflda Bojardi, 
ibe new editor in chief of In term, a 


Even the designs 
bordering on austere 
often induded the 
new essential: charm. 


40-year-old design magazine, 
“have had trouble understanding 
that charm and design can go to- 
gether.” 

But others do gel it. They indud- 
ed the designers who concentrated 
on such down-to-earth materials as 
cotton webbing and natural linen; 
those who cleverly move striped 
ticking from the mattress to the 
headboard; those who encourage 
the love affair of cast aluminum, 
pale wood and translucent plastic. 

Even when their designs bor- 
dered on the austere, (hey often 
induded die new essential of con- 
temporary design: charm. 

Once again, the Salone, which 
ended Sunday, was under the influ- 
ence of two gold medalists: the 
French Starck, whose chairs at 
Driade, lamps at Flos and beds at 
Casana are the focus of the fair, 
and the Italian Antonio Citterio. 

Grterio’s room settings at B&B 
Italia are oases of perfection. And 
his Zanzibar collection of seating 
for Flexform had all the right de- 


tails: Utile metal cap feet, a pale 
wood frame, a blue velvet seal, a 
snow-white linen pillow and deli- 
catecaning. 

Classic designs from the ’50s, ’60s 
and *70s woe poised in the wings- 
Are you old enough to remember 
Gaetano Peace's 1969 huge red Se- 
ries Up chair, with its ottoman in the 
shape of a beach baD? Well it was 
bad; in full force: 

So was dassic Scandinavian 
styles The spirits of Alvar Aalto. 
Hans Wegner and Arne Jacobsen 
seem to hover about numerous ta- 
bles and chain, with white maple 
replacing the original teak and 
rosewood. 

The newcomer Tim Power's little 
neo-’50s chair for Zeritalia. with its 
tempered glass seat and back, was 
especially appealing. 

“My idea was not to redesign 
things' from (he beginning," said 
Power, 31. an American designer 
who worked for the Milanese design 
concern Sortsass Assoriati far four 
years before going out on his own. 

“I wanted to return to simplicity 
in these post-Memphis times,” he 
said. And be did. 

The old guard was not to be un- 
done. “The young design is done 
here by people over 70.” said Eleon- 


SPRING SUMMER 
COLLECTION 

ESCADA 

In 

Paris 

Marie-Martine 

8, rue de Sevres, 

Paris 6th 


<ue Peduzzi Riva, a Milanese archi- 
tect, referring to Adnfle Castig- 
licni’s new Hx benches at the De 
Padova showroom. 

The master architect Vico Ma- 
gistrate's work was very visible. 
His Ostenda chaise for Campeggi is 
an updated version of the old-fash- 
ioned chaises that lined sanatorium 
verandas. 

Not surprisingly for commercial- 
minded buyers, beds were ubiqui- 
tous, along with panoplies of new 
linens. But none were as definite in 
their point of view as Starck’s emi- 
nently stark room-size bed “envi- 
ronments” for Casana, with glass 
partitions and clever bed rabies 


whose drawers open on the side. 
They are called Soeur Marie, Soeur 
Louise, Soeur Jeanne and Soeur 
Tbirtse. You could call the collec- 
tion “Sister Act IIL" 

But please don’t try to talk de- 
sign. “It’s a no-design, timeless 
bed,” Starck said, “almost like the 
bed of your grandmother. These 
are absolutely dean and honest, 
beds that are like those in the old 
hospital or the convent” 

Why then were they double, 
queen and king-size? “These are 
the beds of God,” Starck said. And 
who is God, then? “Why, me," he 
replied. 

Goodnight Philippe, and pleas- 
ant dreams. 


Suite up-grades 
for weekdays 
and even sweeter 
weekend packages. 

31 floors of value. 




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tf Do Pcut sch e mork — —DM im47 

tf Do Yen Y 10021470 

nr GAM Allocated Ml ft-Fd S 148.19 

mt GAM Emera Mkts Mltl-Fd _S 17107 

ivGAMMUi-EwepoUSS X 13880 

Hr GAM Mm-Eurnpe DM DM 13VJI8 

nr GAM Mm-Gtobal USX 1 179.9* 

mt GAM Market Neatral 5 11347 

W GAM Trading DM DM 131.9* 

iv GAM Trading USS 5 1*941 

nr GAM Overseas. X 164,15 

nr GAM Pacific 1 87489 

nr GAM Selection X 429** 

nr GAM Slnscsianc/Atalavria .8 498*9 

w GAM SP Special Band SF 13188 

NGAMTyaw X WM 

ir GAM US. X 19485 

w GAMut Investments —4 83017 

iv GAM Value X 13137 

nr GAM VmJtr thorn % 19845 

wGAM WortOwlde. X 6TO0* 

nr GAM Bond USX Ord — - 1 U382 

IV GAM Band USX Spedol— S 18747 

•vGAMBantfSF SF 10240 

iv GAM Band Yen Y 1*60080 

w GAM Bond DM DM 12145 

iv GAM Bond C C 14087 

iv GAM [Special Bond l 141-23 

w GAM universal USI X 15211 

n> GS AM Composite—— 8 33100 

SWISS REGISTERED FUNDS *1-1 -*222424 
MahMbocterirosse 171CH KOAZuridi 

tf GAM (CH) America SF 15177 

tf GAM (CH) Europe SF 9049 

tf GAM | CHI Mondial SF 170*5 

( GAM (CHI Podttc SF 290.17 

EC REGISTERED FUNDS 
US East 57rt Street .NY UW2221748B-<200 

w GAM Eurooe S 8988 

W GAM Global X 1*4*7 

iv GAM International X 190.10 

IV GAM Ncrti) Amort CO 5 WJ3 

IV GAM Podfle Basin _X 1B487 

IRISH REGISTERED UCITS 
Eortsfort TerraeeJSublln 2 353-14760430 
nr GAM Americana Acc — — DM *083 

iv GAM EaropaACC DM 13*91 

ur GAM Orient ACC DM 16084 

IV GAM Tokyo ACC - — .. — DM 177.99 
iv GAM TOW Bond DM ACC _J3M 10848 

ivGAMUntverxalDMAcc DM 174.10 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda: (809) 29S*000 Fm:(809l 29S4180 
JWH GLOBAL STRATEGIES LTD 


JWH GLOBAL STRATEGIES LTD 

iv (C) Rntntdat & MetulD X 14782 

nr (D) ICT Global S 91183 

iv (F) G7 Currencv X BIB 

wIH) Yen Financial X 14*82 

iv ( J) Diversified Rsk Adi X 1148* 

iv(K)lntl Currency &Bond-J 11*4* 

nr JWH WORLDWIDE FND -4 UU9 

GLOBAL FUTURES A OPTIONS SICAV 
m FFM Inf Bd Proor-CHF a _5F 10086 

GOLDMAN SACHS 

w GS Adi Rate Mart. Fd II — I 9.93 


GOLDMAN 
wGSAdl R 
aiGS Globa 


aiGS Global Currency 9 123744 

iv GS Global Equity X 1189 

nr G5 World Band Fund X 10*0 

nr G5 World income Fund X 981 

GOITEX FUND MANAGEMENT 

nG. Snap Fund Ecu 715185’ 

GRANITE CAPITAL INTL GROUP 

IV Granite Capital Equity S 05703 

iv Granite Capital MM Neutral* 08297 

w Granite CoalTot Mortgage— S 07777 

OT ASSET MANAGEMENT (IRELAND) LTD 
Tel: (44) 71-71*45 47 

tf GT Aoeon Fd A Snares S 

tf G7 Asm FdB Shorn $ 

d GT Asia Fund A Stares £ 

tf GT Asia Fund B Shares, 5 

tf GT Aslan Small Comp A Sh4 
rf GT Aslan SmaH Camp B ShS 
tf GT Australia Fd A Sharas-I 
tf OT Australia Fd B Shares_X 

tf GT Austr. Small Co A Sh I 

tf GT Ausfr. small Co B Sh 5 

tf GT Berry Janorj Fd A Sb_s 
tf GT Berrv Japan Fd B Sh — 4 

It GT Band Fd A Shares S 

d GT Band Fd B Stare* X 

d GT Bio & Ap Sciences A SlLS 
tf GT Bio A Ap Sciences B Sti-S 

tf GT Dollar Fund A Sh * 

tf GT Dollar Fund B 5h X 

tf GT Emerging Mkts A Sh_j 
tf GT Emerging Mkts B Sh _J 
tf GTEmMktSmallCoAShJS 
tf GT Em MM Small Co B sn J 
nrGT Euro Small Co Fd A37l J> 
ur GT Euro Small Co Fd B 511-S 
tf GT Nona Kong Fd A Shares* 
d GT Haag Kong Fd B Starts! 
d GT Honshu Pathfinder A ShX 
tf GT Honshu Pathfinder B Sh* 
ur GT Jop OTC Stories Fd A Sh* 
w GT Jap OTC Stocks Fd B SM 
nr GT Jop Small Co Fd A Sh— X 
ivGT Jap Small Co Fd B Sh_J 
ur G.T. Latin America Fd - -4 
d GT Strat e gic BdFd A Sh— J 
tf GT Strategic Bd Fd B Sh_4 
tf GT Telecomm. Fd a Stares* 
tf GT Telecomm. Fd B Shares 5 
r GT Technology Fund A Sh_S 
r GT Toritnolagv Fund B 5h_5 
OT MANAGEMENT PL C (« 71 7794567) 
tf G.T. Btotndv'Healtti Fund-* 2141 

0G.T. Deutschland Fund 1 ■ 1344 

tf G.T. Eurooe Ftad X 51.97 

nr G.T. Global Small Co Fd — X 2980 

tf G.T. Investment Fund X 2549 

iv GT. Korea Fund X 588 

w G.T. Newly Ind Cauntr Pd_s 59J7 

ir G.T. US 5nWl C o mpanie s -J 2*47 

GUERNSEY CAPITAL MANAGEMENT LTD 

/ GCM GM»I SoL Ed. X 10582 

GUINNESS FLIGHT FD MNGRS (GaserJ LM 
GUINNESS FLIGHT GLBL STRATEGY FD 

tf Managed Currency , — 5 3985 

tf Global Band $ 3788 

tf GMbal High income Band-S 2283 

tfGlltAIBwd £ 11.1* 

rf Earn HMI Inc. Bond * 234* 

tf Global Equity X 91*1 

d AmertaanBtueChto— _S 2781 

tf Jeoon end Podflc X 127.75 

d UK [ 2449 

d Euroaoon — S 113*7 

GUINNESS FLIGHT INTL ACCUM FD 

tf De u tachemork Money DM BU80 

tf USDoUarMoney 1 38819 

d US Dollar High Yd Bond * 2*59 

tf InTl Balanced Grih X 342# 

HASCNBI CHLER ASSET MANGT GwunMC 

w HeBenbteMer Com AG X 545080 

tv HamnbleMer Com Inc S 11141 

tv Hoswibiader pm X n*4S 

irAFFT X 132944 

HEPTAGON HIND NV (3ffHU533) 

I Heptagon QLB Fund s 9483 

m Heptagon 0*0 Fund s 7BJ0 

HERMES ASSET MANAGEMENT LTD 
Bermuda: U09)2K *040, Lim: (39)40* 4* 61 
Estimated Prices 

m Hermes European Fund Ecu 35288 


ntHemus North American Hs 297.1* 

m Hermes Aslan Fund. Jt 384*7 

m Hermes EnRrgMkteFund-S 13402 

m Hermes Strategies Fund, — S 714*1 

m Hermes Neutrtri Fund X 113.17 

m Hermes Global Fund- 5 64121 

m Hermes Bond Fund-. -Ecu 120*84 
m Hermes Sterling Fd— — * 112t7 

m Hermes Gold Fond —4 *2*81 

INCOME PARTNERS (ASIA) LIMITtD 
urAstan Fixed Income Fd—X 10247 

INTER INVEST (BERMUDA) LTD 
C/o Hoik at Bermuda Tel : 809 295 4000 
mHodge Hag & conserve Fd_I 982 

INTBRNATIOHAL ASSETS FUND 
Z Bd RoveL L-J4G LuxetnOourg 

iv Europe Surf E Ecu W4J 

INTERNATIONAL MGMT INCOME FUND 
tf Ametique du Hard, 10027 

d Eurwe Continentolc.. DM 10087 

tf Extreme Orient AnalasaxonAS 

tf France FF 

rf Haile —Lit 10066380 

rf Zone Astothwe Y 1001380 

1NVESCO INTL LTD. pob m, Jersey 
Tel: 44 53* 73114 

rf Maximum income Fund — I 18100’ 

tf StBrflngMngdPtfl E 22*90 

rf Pioneer MOfken E 58130 

tf Okasan Glabal Strategy —5 ' 178900 

tf Asia Super Growth s 2151 ao 

tf Nippon WtuTont Fund I 2 S ! i'M 

d Asia Tiger Warrant X *4400 

tf Eim»«n Warrant Fund — X is®; 

rfGtdN.W.im 5 MM) 

PREMI ER SELECT FUNDS 

rf American Growth s 

tf American Enterprise 4 

rf Asia Tiger Growth X 

rf Dollar Reserve X 

tf European Growth X 

rf European Enterprise X 

tf Global Emerging Markets 

d Global Growth 4 

a Nippon Enterprise— .-4 BJEDO 

tf Nippon Growth... » 

d UK Growth- E 

rf Sterling Reserve f 

tf North America, Worrant — S *8*00 

tf Greater China Opos, J 7J0D0 

1TALFORTUNE INTL. FUNDS 

wr Class A tAgsr. Growth ItoUS 8739880 

iv Class B (Global Equity] — s 11.73 

wCIm C [Global Bond) X 1180 

lrCtosD (Ecu Bond) Ecu 1)83 

JARDIME Fleming , GPO box U*a Hg Kg 

tfjF ASEAN Trust X 5*88 

tf JF Far East wrm Tr s 2487 

rf JF Gtotal Conv. Tr X 1*71 

a JF Hang Kong Trust S 198* 

tf JF Jaean 5m. CO Tr. Y 51638.00 

tf JF Japan Trust Y 132*180 

tfJFMOfOVSlO Trust X 2*45 

tfJF Podflc McTr. X 1256 

tf JF Thailand Trust— X 3482 

JOHN GOVETT MANT (LOJUL) LTD 
Tel: **424 - 429*20 

w Govett Man. Futures— Jt 1289 

wGaveH Man. Fut. USX X B.M 

iv Govett X Gear. Curr_ 5 12*0 

tv Govett X GIW BaLHdoe X 1 18539 

JULIUS BAER GROUP 

d Boertand SF 954JS 

tf Contar JF I94S47 

tf Equtbow America X 240547 

tf Eauiboer Europe .JF 1722.96 

tf SFR - BAER SF 1 727*7 

d Stodcbar SF 2MS4Q 

tfSwJsstJor SF 3137.13 

tf Uairibaer S 225580 

tf Eunx* Bond Fond Ecu 75280 

tf Dollar Band Fund I 72980 

tf Austro Bond Fund AX 127080 

tf Swiss Bond Fund SF 

d DM Band Fund— DM 

d Convert Bona Fund SF 

tf Global Band Fund DM 

tf Euro Stack Fund Ecu 

d US Stack Fund x 

tf Podflc Slack Fund -4 

tf Swiss Stock Fund SF 

tf Spedol Swiss Stock -SF 

d Japan Stock Fund Y 

tf German Stock Fund DM 

tf Korean Stock Fund S 

tf Swiss Franc Cash SF 119980 

d DM Cash Fund DM 72MUM 

tf ECU Cosh Fund Hoi 12S7JW 

tf Sterling Cash Fund C 70*980 

tf Dollar cash Fund X iwi.no 

rf French Franc Cosh FF (10480 

KEY ASSET MANAGEMENT INC 

m Key Giatai Hedge s 25940 

mKev Hedge Fund Inc X 15745 

m Kev Hedge Investments 1 14543 

K1 PACIFIC ASSET MANAGEMENT INC 

m Ki Asia Podflc Fd Lltf X 12.10 

KIDDER. PEABODY 

b Chesapeake Fund Ltd X 270580 

b Hi Fund LM I 777780 

ft Inf I Guaranteed Fund t 130077 

b Stonehenge LM X 145289 

LATIN AMERICAN SECURITIES 
Tel : London 071 628 1234 
tf Argentinian invest CaSIcavX 2*82 

tf Brazilian Invest Co Slcav—X 2e.«o 

tf Colombian Invest Co Slcav-X Ii53 

tf Latin AingrEvtraYleM FOX 111319 ■ 
d Latin America Income Co_* 9.97 

tf Latin American Invest Co_S 10.17 

tf Mexican invest Co Slcav X 34*3 

tf Peruvhn Invest Co Slcav— X 15.11 

LEHMAN BROTHERS 

tf Aslan Dragon Port NVA—S 942 

tf Axial Drawn Port NVB—X 942 

tf Global Advisors II NVA — X 

tf Global Advisors ii NV B — X 

tf GMrt Advisors Port NV A3 1043 

tf Giatai Advisors Pori NV B-S 1048 

tf Lehman Cur Adv. A/B X 7.90 

tf Premier Futures Adv A/B _* 9.16 

LIPPO INVESTMENTS 
24/F LIbpo Tower Centre. 89 QueenswmrJtK 
Tel (853) 847 6888 Fa* 10521 594 0388 

nr Java Fund -* 941 

■vAsean Fixed Inc Ftf X 9*7 

iv IDR Manev Market Fd % 12*0 

w USD Motty Market Fd X 1041 

w Indonesian GnnvMFd. X 1879 

iv Askm Growth Fond X 11.15 

w Aslan Worrqnt Fund JS 7*5 

! LLOYD GEORGE MNGMT BS» 845 4433 

w Antenna FixxJ — 4 lo7* 

w LG Asian Smaller Cos Fd_s 79.1004 

•v LG India Fund Ltd X 7*70 

LLOYDS BANK INTL (BAHAMAS] LM 
LNyta Americas Portfolio ami SB4TU 
wBatonced Moderate RJbkFdX 972 

LOMBARD, ODIER & Cl E -GROUP 
OBLIFLEX LTD (Cl) 

tf Multicurrency X 3318 

tf Dollar Medium Term . X 2*94 

d Dollar Long Ter m — . . — X 2087 

tf Joomiese Yen Y 4953JM 

rf Pound Sterling 1 27J9 

d Deutsche Mar* DM 7089 

tf Dutch Fkrln FI 1044 

tf HY Eure Currencies-— Ecu 1479 

tf Serfs Franc — SF 13*0 

tf US DoUar Short Term X 1281 

tf HY Euro Carr DMd Pay —Ecu 7747 

tf Swiss Multicurrency SF 77.15 

tf European Currency Ecu 3289 

tf Bristol Franc BF 139.CS 

tf Convartft* 5 15.15 

0 French Franc FF 16363 

d Swtsx MoltLDivMend SF 1022 

tf Swiss Franc Short-Term — SF 106 .*b 

tf Ccrarfkm Dottor -CS 1144 

tf Dutch Florin Multi FI 1543 

tf Swiss Franc Dhrfd Pay SF 1180 

d CAD Multkair. Ota— CS 1289 

tf Mediterranean Curr 5F 1188 

tf Convertibles =_4F 10.13 , 

MALABAR CAP MOMT IBentWOa) LTD 

mMaiobor Inn Fund— X 19*7 ! 

MAN INTERNATIONAL FUTURES 

m Mint Limited ■ Ordinary ’ 

at Mint Um Ifetf- income— 
m Mint GW LM - Spec issue —5 
mMMIGM Ltd -Nov 2007 
mMlntGtdLJd-Jon 199* 

DIMM GW Ltd- Dec 199* 
m Mint Gtd Lid -Aug 1995 
mMlnl Gld Currencies — 
m Mint Gtd Currencies 2001 
mMlnl Sp Res LM (BNP) 

m Athena Gtd Futures 

m Athena GW Currencies S 

m Athena Gtd Flnanrials mc_S 
m Athena GM Financials Cos 4 
mAHL Caoilol Mkts Fd_ * 
mAHL Commodify Fund 

at AH L Currency Fund X 940 

mAHL Real Thne Trod Fd_J 1078 

mAHL GW Real Time Tnl I 10*5 

mAHL Gtd Can Mark 5 1082 

mMap Guaranteed 1996 LM S 848 

mtto Leveraged Racov. Ltd* 10.98 

m MAP Guaranteed 2D00—J 9.92 

mMbl1GGLFInm03 X 747 

MARITIME MANAGEMENT LTD 
73 Front St Hamilton Bormmto [809)292 9789 
iv Maritime Mlt-Sector I LM -S 102147 
w Maritime Glbl Brio 5erie3_i 8*4** 

■r (Aarllime Glbl Delta Series 4 82*33 

iv Maritime Glbt Tau Series— X 03*13 

MATTHEWS INTERNATIONAL MGT 
EMERGING A5IAN STRATEGIES FUND 

mClass A S 12*09 

d Class B X 11550 

m Pacific Convert. Strat ■ 4 9842 

MAVERICK (CAYMAN) (809) 94WM2 

m Maverick Fd S 1*74647 

MCKINLEY CAPITAL PARTNERS, LTD 

mTta Corsair Fund LM 1 17217 

ME ESP IE RIO M 

RoUn 55. lOlBdc. Amsterdam (1G52111BB) 
w Asia Pac Growth Fd N.V.—4 40*4 

w Asian Cmrifai KaMlnas J 5988 

w Aslan Selection Fd N.v „F/ mss 

w DP Amer. Growth Fd N.V.-S 348* 

■vEMSOthtareFdN.V. FI 10885 

tv Europe Growth Fund N.V—F1 44*4 

w Japan Diversified Fund 5 5132 

W Leveraoed Coo HoW 5 41.9* 

IV Tokyo PatL HaM. N.V X 249.77 

MERRILL LYNCH 

tf Dollar Assets PartMla X 780 

tf Prime Rate Pontoilo S 1080 

MERRILLLYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

tf Class A S 841 

tf Class B — X 841 

MERRILL LYNCH 

GLOBAL CURRENCY BOND SERIES 

AUSTRALIAN DOLLAR PORTFOLIO 

tf Category A AS 1839 

tf Catenary B AS IBM 

CANADIAN DOLLAR PORTFOLIO 

tf Category A CS 1*23 

d Category B CS 1197 


CORPORATE HIGH INCOME PTFL 

tf Class A-1 S *■£ 

rf Class A-2 5 951 

rf Class B-1 J 

tf Cto B-2 » 9X 

DEUTSCHE MARK PORTFOLIO 

tf Category A DM ijffl 

rf Category B DM 11» 

EUROPEAN BOND PORTFOLIO (DM) 
tf Class A-T— X 1584 

8o5mIII . .1 jm* 

rf Class B-l S 5ffl 

rf Class B-2 S . >4.12 

EUROPEAN BOND PORTFOLIO (USSI 


tf Class A-1 DM 9.73 

tf Class A-2 —DM 1W 

rfCldti B-I I. . .. —5 V3 

tfaaSSB-2 5 _ 1036 

POUND STERLING PORTFOLIO 

tf CategaiYA -J J5-2 

tf Category B t 1SJ2 

US DOLLAR PORTFOLIO 

tf Category A — * 

tf Category R .8 

YEN PORTFOLIO „ 

tf Category A Y J299 

tf Category B — 1270 

MULT) CURRENCY BOND PTFL 

tf Class A X £25 

d Class B * 21 J* 

US FEDE RAL SECURITIES PTFL 

tf QassA— — — — * Mr 

tf rtvwM B * 952 

MERRILL LYNCH 
EQUirr t CONVERTIBLE 5ERIE5 
BASIC VALUE PORTFOLIO 

tf CkmA S 1*43 

d Class B— S 1*82 

CONVERTIBLE SECURITIES PTFL 

tf Class A X 1*33 

tf Ctosx B 5 138* 

GLOBAL ALLOCATION PTFL (USS) 

tfQanA — — S ID*7 

tf Class B X 10*1 

GLOBAL EQUITY PORTFOLIO 

d Class A X I0.U 

tf Class B S 1S9 

EURO EQUITY PORTFOLIO 

d Class A X 1*34 

d Class B X 1389 

LATIN AMERICA PORTFOLIO 

tf Class A X 1X27 

tfCkzmB X l**S 

WORLD NATURAL RESOURCES PTFL 

tf Class A S 11*7 

tf turns S 1181 

DRAGON PORTFOLIO 

d Class A 1 1584 

tfCtonB — -1 154* 

MERRILLLYNCH INC S PORTFOLIO 

tf Class A S 845 

d Class B X 845 

tf CtaraC 1 845 

MERRILL LYNCH MEXICAN INC PORT 

tf Mexican UxXPtflQ A S 954 

tf Mexican Inc SPtfl OB— S 954 

tf Mexican lac Peso Pttl a A5 8.93 

d Mexican Inc Pese PM Cl B 4 853 

MOMENTUM A55ET MANAGEMENT 
IV Momentum NavriDer Perf-i - 9S.92 

m Moment u m Rainbow Fd— 4 122.12 

m Momentum RxRRU S 6951 

m Momentum S f oc km ester — s ISS83 

MQRVAL VOKWI LLER ASSET MGT Co 
w Wlllerf onds-WUlerband Caps 15*7 

iv WIHertunds-wniertiond EurEcu 1757 

n> WiMerfurats-Wlfierea Eur— Ecu US 

w Wlllertunds-yiiUereg Italy -Lit 14*7289 

iv WlUertunds-Wlllerea NA — S 1057 

MULTIMANAGER N.V. 

w Cash Enhancement S 1£33 

w Emerging Markets Fd x ZLS9 

w Euroneon Growth Fd. Era 152* 

iv Hedge Fund £ 1241 

* Japanese Fund— _—Y sra 

w Market Neutral X U52 

wWartd Bond Fund Ecu 128* 

NICHOLAS* PPLEGATE CAPITAL MGT 

wNAFIeribte Growth Fd S 1C50 

iv NA Hedge Fund s 132.72 

NOMURA INTI- (HONG KONG) LTD 

d Nomura Jakarta Fuac X B55 

NOR IT CURRENCY FUND 

mNCF USD X 82355 

mNCF DEM DM 8954* 

mNCFCHF SF 92159 

mNCF FRF FF 4*6043 

mNCFJPY — -v 8Z69SJC 

mNCF BEF BF 2ni31ffl 

OBEY ASSET MANAGEMENT LTD 
77 Gnawer 5J4 j*t WIK 9FEA4-7I-4V92W3 

tf Odev European — DM 15352 

ivOdev European — 5 ’■ 

wOdtrt Euroa Growth Inc. DM 15177 

tvOdey Eutop Growth Acc— J PM 15*53 

wQdev Euro GrthSter Inc i £t.i2 

voder Euro Grth Ster Acc —6 618* 

OLYMPIA CAPITAL INTL. INC 
WIMams House, Hamilton HMI1, Bermuca 
Tel: m 292-IOJS Fax: *79 2952X3 

w Finsbury Grcuo 5 2164* 

lVOtymptoSecuriteSF JF 177.4) 

w Olvtnnla Slots Emera MktsS 9U80 

w Winch. Eastern Dragon 1 1784 

w Winch. Frontier X 282*1 

w Winch. Fut. Olympia Star — 1 14746 

nr Which. Gl Sec Inc Pi (A) — X S8e 

w Winch. Gl Sec Inc PI (C)— X 989 

iv Which. Hldg Inti Madisen_Ecu Mt&Ij 

w Winch. HktglnflSerD Ecu T72SL78 

■v Winch. H Ida Hit! Ser F Era 171114 

w winch. HidgOty Sior Hedges H2659 

iv Winch. Reeer. MuW. Gv3d-S I95S 

iv Wlnehestor Thailand S 30J3 

OPTIMA FUND MANAGEMENT 
73 Front Sl. HamiltoaBertnuda 809 295-84S8 
w Optima Emerald Fd Ltd— s 1002 

ir Optima Fund S 1789 

wOollmc Futures Fund X 172* 

■v (Mima Global Fund— S U4I 

wQeilma Perlrata Fa Ltd S 959 

wOotlmo Shari Fund___ X 45* 

PACTUAL 

tf Elemilv Fund lm. « 284,973* 

tf Intirity Fund Ltd- l 4*758*4 

tf Star High Yield Fd Ltd S 1248051 

- PARI BASGROUP 

w Lunar S BJ2 

tf Parvest USA B X 2158 

rf Panwst Japan B v 586780 

tf Parvot Asia Pod! B s TUI 

d Parvest Eurooe B. Ecu 

rf Parvest Holland B. JR 

tf Parvest France B FF 

tf Parvest Germany B DM 

tf Parvest ObO-Dol tar B J 

tf Parvest Owfom B DM 

tf Parvest OWi- Yen B— Y 161*7*00 

tf Parvest OMhGulden B FI 

tf Patvext OWI- Franc B, FF 

tf Parvest OMI-Sier B_ 1 

d Parvest ObH-Eai B. Ecu 

tf Parvest OMPBeftn B LF 

tf Parvest S-TDofiarB X 

tf Parvest S-T Eurooe B Ecu 

tf Parvest S-T DEM a DM 

rf Parvest 5-T FRF B FF 

rf Parvest S-T Bet PhtsB BF 

tf Parvest Global B LF 

tf Parvest Int Bond B X 

tf Parvest OblKJra B Lit 

d Parvesi Int Equities B— — s 
tf Parvest UK B r 

tf Parvest USDPtosB X 

tf Parvest S-T CHFB 5F 

tf Parvest ObJKtmoda 8 CS 

tf Parvest Obfi-DKK B DKK 

PE RMAL GROUP 

l Commodities Ltd s *S*ez 

f Drokkar Growth N.V, X 289*44 

f Emerging Mkts Hktgs— — X *174* 

t EuroMir (Ecu) Ltd Ecu 172555 

f Investment HhJgs N.V X 131951 

I Media BConununtcatiom^* 10*445 

f HoscaILM X 1777*6 

PICTET BCIE -GROUP 

w F.C.F UK VOl (Lux) 1 6*13 

w P.CF Germaval (Lux) - — DM 9985 

w P.CF Noramval I Lux) X 28.11 

» PjCF Valiber (Lux) Ptns 1014780 

* P.CF Valltalta (LUX) Ul 13548580 

w PX.F VOifrance (Lux) FF 13*255 

w P.U.F. Valfeand SFR (Lux) JF 299.16 
w P.U.F. Valtond USB (Lux/ JS 2JZ4J 

nr P.U.F. Volbond Ecu (Lux) -Era 19088 

w P.UJ. Volbond FRF (Lux)JFF 99*34 
mt P.U.F. Volbond GBP (LuxU 9787 

wPXI.F. Volbond DEM (Ua)DM 30L23 

wF.U.F.USXBdPtfl (Lux] — X 10034080 

IV P.U.F. Model Fd Ecu 1255* 

wP.U.T. Emera Mkts (Lux) -X 18755 

iv P.u.T. Eur. Omort (Luc) —Ecu 153*5 

ft P.U.T. Globed Value (Lux) -Era )a*7 

wP.U.T. EurovoM Lux), Ecu 23X19 

a Plctnt voHutsse(CH) SF 6*185 

mind Smon COB (IDM)_ X 47752 

PREMIER INVESTMENT FUNDS LTD 

c/a PJX Box 1H& Grand Carman 
Fax: (8091 9498993 

m Premier US Equity Fund —5 1178.94 

rn Premier Ea Risk Mgt Fd— S 134753 

m Premier inn Ea Fund— s 129X40 

m Premier Soverefgn Bd Fd_S 0909 

m Premier Giatai BdFd t 1475*2 i 

m Premier Total Return Fd— X 100X59 

PUTNAM 

tf Emenrfna Him Sc Trust s 3B42 

w Putnam Em. info. Sc Trust S 145* 

d Putncm Gk*. High GrinrltiX 17.14 

tf Putnam High Inc GNMA FdS S85 

tf Putnam Inn Fund . — -a 1559 

QUANTUM GROUP OF FUNDS 

w Asian Devetopmmt 1 

w Emerging Growth Fd H.V.-X 18X51 

v Quantum Fund N.V. 5 75852*3 

w Quantum Industrial S 18749 1 

wQuantinn Realty Trust 1 13350 

w Quantum UK Realty Fund—* IOLM 

W Quaxar InTl Fund N.V S 14743 

iv Quota Fund N.V X 15*19 

QUARRY MANAGEMENT LTD 
TW«ohone:8ll9-9*M(ia 
Facsimile : 889- 94M062 

tf Atlas Arbitrage Fd Ud X 9B» 

tf Hesoeris Fund Ltd x 106.91 

tf Meridian HedaeFtfLM s/s A mils? 

tf Zenllh Fund Ltd S/S X BUrf 

REGENT FUND MANAGEMENT LTD 

w New Korea Growth Fd X 1173 

«v Nova Lai Podflc invGo—X 453* 

nr Podflc ArbH fjpe Co S 986 

m RJ_ Couniry Wrnt Fd X 25*58 

tf RrsentGMAmGrthFd— s 19*12 

tf Regent GM Euro Grth Fd^S 35920 

tf Regent CM inK Grth fd X 13Q57 

tf Resent GM JOP Grth Fd — X 2.99S9 

tf Rnam GM Padf Bash S *4855 

tf Resent Gltd Reserve 1 11471 

tf Regent GW Resources- — s 2*4** 

tf Regent G« Tiger s 13827 

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tf SBC Emerging Markets s 112154 

rf SBC Small ft Mid Caps SwJF 54200 

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d DaUar Bond Selection x 13480 

rf Era Band Selection Ecu 1BS57 

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tf US Agrenive Equities S 119* 

tf European Equities X • 11X3 

d Podflc Equities S 1385 

d Natural Resources X 885 

YIELD ENHANCEMENT STRATEGISTS 
tf Enhanced Trees. Returns-* NA 7,11937 


Oth er Fu nds 

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For investment 
informaHon 

Read 

the MONEY REPORT 
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. 



OIL & MONEY 

Asia & the Pacific 

Singapore June 15 16 

Hcralb ^S -Sribunc The Oil Daily Group 


For farther 

information on the conference: 

Brenda Hagerty 
International Herald Tribune 
63 Long Acre, London WC2E 9JH, England 
Tel: (44 71) 836 4802 
Fax: (44 71) 836 0717 





































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Page 11 



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Greenspan Touches the Interest-Rate Brakes Again 

By Lawrence Malkin “The Fed is not on some mission Chemical Bank. Bank of New York each other on overnight loans, is 30-ycar Treasuiy bonds up to 7.42 Fed’s preferred growth ranj 
international Herald Tribune to cream the economy," said Sam and Banc One of Columbus, Ohio, now three quarters of a point above percent from 7.29 percent. below 3 percent — along 


By Lawrence M alkin 

International Herald Tribune 

NEW YORK — Determined to 
keep on top of inflation even before 
it reappears, the Federal Reserve 
Board chairman, Alan Greenspan, 
poshed op banks* cost of money on 
Monday. Leading banks responded 
by making loans more expensive 
for a wide range of customers. 

Financial markets reacted to the 
Fed's increase in shon*-tenn inter- 
est rates with considerably less 
frenzy than they did to its two 
small tightening moves since Feb. 
4. Ibis, analysts said, indicated in- 
vestors were getting used to the 
idea dial the central bank will keep 
raising rates until the U.S. econo- 
my’s growth slows. 


“The Fed is not on some mission 
to cream the economy," said Sam 
Kahan of Fuji Securities. "It’s like 

driving a car down a steep fain. Yon 
can dam on the brakes or just keep 
giving them a touch. They don't 
want to throw the economy off the 
road." 

Still, after the Fed guided the 
federal funds rate a quarter point 
higher, to 3.75 percent, leading 
hanks announced a half-point rise 
in the prime rate that they charge 
some of their best customers, a 
move likely to cm into demand for 
consumer and business loans that 
are pegged to the prime. 

The increase, to 6.75 percent 
from 6.25 percent, was announced 
by such major banks as Citicorp, 


Chemical Bank. Bank of New York 
and Banc One of Columbus, Ohio. 

“Since businesses are on balance 
debtors, ibis will reduce profits," 
Robert Dederick, chief economist at 
Northern Trust in Chicago, told 

European markets fafl after UJ5. 
rate announcement Page 1 L 

Bloomberg Business News. Almost 
half of the estimated $2 trillion in 
badness debt outstanding is vari- 
able and sensitive to shifts in interest 
rates. Because of the actions by the 
Fed and the banks, "badness profits 
wiU be hurt," Mr. Dederick said. 

The Fed’s target for tbe federal 
funds rate, the rate banks charge 


each other on overnight loans, is 
now three quarters of a point above 
the 3 percent where it stood when 
the squeeze started. Tbe upward 
movement has gpne more than half- 
way toward what is believed to be 
the Fed’s goal of 4 to 4.5 percent. 
This means more to come — proba- 
bly at tbe next meeting of the policy- 
making Federal Open Market Com- 
micteeoa May 17. 

Tbe stock market took a moder- 
ate hit an the news, with the Dow 
Jones industrial average falling im- 
mediately about 45 points. The 
Dow ended tbe day 41.05 lower, at 
3,620.42. 

Bond prices fell by more than a 
point, which sent interest rates on 


Investors are expected to stay on 
the sidelines until the Fed confirms 
the shape of its interest rate trajec- 
tory. “If you’re a fund manager," 
said Robert Faulkner of Aubrey 
Lanston & Co., “you don't exactly 
further your career right now by 
betting against the Fed." 

What the Fed seems to be target- 
ing now is not cfirectly inflati on but 
an unexpected speedup in the econ- 
omy, which grew at an annual rate 
of 7 percent during the last quarter 
of 1993 and did not slow as much as 
expected during the first quarter of 
tins year. Growth in gross domestic 
product now is estimated to have 
been at about 4 percent, white the 


Fed’s preferred growth range is just 
below 3 percent — along a trend 
that it believes will relieve pressure 
to raise prices and wages. Hitting 
that economic sweet spot is just as 
hard in finance as it is in tennis. 

Most on Wall Street bad expect- 
ed the central bank to wait until its 
next scheduled meeting May 17 to 
raise rates, bra one who did not was 
John Lipsky, chief economist of 
Salomon Brothers Ino, who cor- 
rectly predicted in his weekend 
market letter the central bank 
would move before then. 

Mr. lipsky noted that when the 
FederalOpen Market Committee 

met in February, its growth fore- 

See RATES, Plage 12 


tAsia/Pacific 


*PP<0x w»gh&ng:32% 
Close: 131.18 Pm: 13039 


Appro. Mating: 37% 
Close: 1l2JJ4Piwj 112.14 



Carmakers Find It 9 s a Sellers 9 Market * Phantom’ Trades 

Rising US. Demand Catches Dealers With Empty Lots Cost GE’s Kidder 



Latin America 


ApproiMfeNn£5% 
Close: 10536 Pro: IQ 



? i-i 


North America 


Appro weigMiig: 26% 

Close: 90.43 Pro: 9058 


M N D J **' F M A NDJFMA 
. 1B3 IBM 1883 IBM 

.«? wwtoinpe* 

The index tracks U.S. dollar values at tucks ire Tokyo, Nos York, London, and \ 
Argentina, Australia, Austria, Belgium, Brad. Crate. CMa, Danmark, FWand, 
Franco, Germany. Hong Kona My, tender Nateartend* New Zealand, Norway, 
Singapore, Spain, Sweeten, Swttmrtand and Vanezueta. For Tokyo. Now York and \ 
London, me index Is composed of 20 top Issubs )n tonm or market capda&zaBm . 

etherise toe ten top stocks are tracked 


.industrial Sectors 


CapH Goods 
Raw Materials 
Consumer Goods 


109.63 11053 -0.63 
118.99 119.12 -ail 
117.36 117.17 48.16 
114.88 115.69 -0.70 


110.44 110.56 -0.11 
122.48 12237 +0,08 
9530 9559 i032 
124.04 124.72 -055 


For more information abort Bio Index, a booktel is avakablebBe of charge. 

Vw'nte to Trto Index. 181 Avenue Charles de Gaufe, 82521 Neudy Cedes, France. 

O International HeraW Tribune 


By James Bennet 

New York Tones Sendee 

DETROIT — What had seemed a stately 
recovery in the auto market turned into a boom 
this year, and some dealers’ lots are emptying 
even as automakers are piling on the overtime 
to raise production. Particularly for buyers of 
four-wheel-drive vehicles and other light 
trucks, the wail for vehicles with the options 
they want can stretch beyond three months. 

‘T don’t know bow anyone could have antici- 
pated the strength of this market," said Ron 
Sobrero, general sales and service manager for 
the Chevrolet divirion of General Motors 
Crap., which has long waiting lists for emy- 
thing from sporty Camaro coupes and convert- 
ibles to the colossal Suburban station wagons. 

As dealers sense a sellers’ market, the prices 
customers pay are rising, in some cases over the 
sticker price. Economists predict that the im- 
pact (m the overall inflation rate is likely to be 
mild. But the government says its method of 
calculating inflation may not fully reflea the 
surging interest in pickup trucks; minivans and 
four-wheel-drive vehicles. 

Shortages in tbe auto industry, which oc- 
curred in other economic recoveries in the 
1970s and 1980s. illustrate die strength of the 
economy, said David L Littmann, economist 
with Comerica Bank. 

“It’s highly significant, because it represents 
perhaps most dearly the confidence of tbe 
consumer,” he said. 

In February, for the first time since the 
government began tracking the data the Amer- 
ican auto industry was operating at more than 
100 percent of existing factory capacity for 



production of cars and light trucks. By paying 
more overtime and taking other steps, the auto 
makers say they can wring out vehicles at a rate 
of 120 percent'of capacity. 

In November 1978, the record for capacity 
utilization before January 1994, automakers 


used more than 92 percent of their factories. 

After the brutal plant dosings of the 1980s, 
the automakers were reluctant to expand, an 
attitude that auto industry analysts say is 
healthy. 

“In tbe very short term, it’s a small problem, 
but generally speaking I think it's a good 
thing," said John Caress, tbe anto industry 
analyst for Wertheim Schroder & Co. in New 
York. “The guys who run the Kg Three recog- 
nize that this will not last, and they’re not going 
to rush out and build new plants." 

The domestic automakers are caught in a 
bind. Because American and Japanese plants in 
the United States can make omy so many cars 
and trucks, sales growth is likely to slow this 
spring. 

But while they are scrambling to bolster 
worker productivity and e hmma le production 
bottlenecks, tbe companies are loath to add the 
factory space that is so costly to idle later. 

Switching over an existing plant to assemble 
a new vehicle — let alone buOdrng a new 
factory — is a lengthy, expensive proposition. 
For example, to make more of its popular 
Explorer spat-utility vehicles. Ford Motor Co. 
plans to outfit a Sl Louis assembly plant that 
now makes a rear-wheel-drive minivan. To 
make the switch, part of the plant win shut in 
August; the first Explorer is not scheduled to 
roll off tbe line until January 1995. Ford, which 
many analysts regard as one of the world's most 
efficient automakers, says the changeover wifi 
cost $400 million. 

By raising the prices of Japanese imports well 
above their American-built rivals, the strong 

See CARS, Page 13 


$210 Million 


Thinking Ahead /Commentary 

Better German Leadership Than None 


! By Reginald Dale What the ex-Commumst nations wan 

laiemniontd Herald Tribune tightly integrated ration from which it W( 

WASHINGTON — What Eu- to disJod g e thenL 

\ ih / rope needs is a 1950s revival — Ironically, the much-maligned boreauc 
j m/m/ in terms of political leadership, of tbe European Commission have \ 
| y y that is. In the aftermath of quicker to grasp the scale of the chalk 
; World War II. a group of visionaries started man most of the Union's politirians. 

: die drive to European unity in order to make The Commisrian plans to exploit Ger 
future wars in Western Europe impossible, ny’s presidency of the Union in the sec 

Now the Cold War is over and the contr- half of this year by launching a drivi 

neat’s overriding historical imperative is to 

ensure Europe is never divided again. But mhmh 

most West Europeans are bogged down in i i 

their own domestic problems and are lameo- Joann po llflf i aiM Understand 

-S.SISA.''. SIS*-*- *at it fc argent to bring 

rope looks like finding the leadership it needs Centr al a pi j Easter n Europe 

— for better or worse — is Germany. _ - 

Today’s German leaders may not be the into trie Western IOuL 
Fathers of Europe of the 1950s. But, whether 

in government or (position, they at tost see 

that it is urgent to bring Central and Eastern broads and strengthen the Union’s 1 
Europe into the Western fold. with the Hast 

Others. especially m France and Britain, . . , . _ _ 

«,cn«^hS*<Sraanv is championing the Despite much ontrasm of the Euro* 
^irraSOTttnsiOTfor essentially Union, two points need to be made dear. 

IS rS^u>^STa huge zone dT trade : treatment so far accorded iheCa 

seirisn rc ? s 5 n5 ' w . . , Thev and Eas t Europeans is not as miserly : 

riahf SJZSS^mJSSU 

“b ul Germany's interests and tray M okjo^s former sa^^ can be g 

ilwf rffiSJcoinddB. Particularly to tbe urunediaie Umon membership. 

East of the old Iron Curtain, there is a grow- The Central and East European coun 
>t, in g realization that if Germany does not could not yet begin to apply EU rules in fi 

i accelerate the move to a truly united Europe, competition policy, agriculture and 

the historic opportunity may be lost. environment, let alone economic and ro 

With NATO membership ruled out tor the ^ p^jcy. 
foreseeable future, ^Central and ^ Uflk)n ^ ^ carefully 

ropean countries tew co .- f w ^ West, expansk® if it is ntf to endanger the gair 

SS.-T^iT^S Se pa5t40 ycais. It already has to absorl 


what the ec-Communist nations want, a to four new members — Austria, Sweden, 
tightly integrated umon from which it would - Norway and Finland — next year. 


be difficult to dislodge them. 

Ironically, the much-maligned bureaucrats 
of tbe European Commission have been 
anreker to grasp the scale of tbe challenge 
man most of the Union's politirians. 

The Commission plans to exploit Germa- 
ny’s presidency of the Union in the second 
half of this year by launching a drive to 


Bonn politicians understand 
that it is urgent to bring 


broaden and strengthen the Union’s links 
with tbe East 

Despite much criti cism of the European 
Union, two points need to be made dear. The 

trade treatment so far accorded the Central 
and East Europeans is not as miserly as is 
often made out, and there is unfortunately no 
way Moscow’s framer satellites can be given 
immediat e Union membership. 

The Central and East European countries 
could not yet begin to apply EU rules in fields 
tike competition policy, agriculture and the 
environment, let alone economic and mone- 
tary policy. 

The Union has to prepare carefully for 
expansion if it is not to endanger the gams of 
tbe past 40 years. It already has to absorb up 


But there is an urgent need for what Brus- 
sels officials call a “pre-accession strategy" 
that would both prepare tbe Central and East 
European countries for membership as rapid- 
ly as possible and let Moscow know they are 
already being incorporated irrevocably into 
the west 

The 12 Union governments should stop 
dragging their feet over promises to bold 
joint ministerial meetings with the Central 
and East Europeans on everything from for- 
eign polity to new transportation links. For 
those applying for membership, as Hungary 
and Poland did this mouth, the Union 
should make it abundantly clear that entry 
procedures are already under way. 

The East Europeans can help by majring 
their laws conform with those of the Union 
and starting to align their economic and 
monetary policies. Now that they have ne- 
gotiated free-trade pacts with the Union, 
they should introduce free trade among 
themselves. 

All governments, both East and West, 
should begin thinking on a Pan-European 
scale. They should start tackling common 
problems — such as agriculture and sled — 
as if the Union already included at least the 
six Central and East European nations (Hun- 
gary, Poland, the Czech Republic, Slovakia, 
Bulgaria and Romania) that have been prom- 
ised Future membership. 

Meanwhile, if they cannot lead themselves, 
the other EU members should swallow their 
qualms about German leadership. It is much 
bener than none. Is this case, nke General 
Motors and America, what is good for Ger- 
many is good for Europe, too. 


CURRENCY & INTEREST RATES 


April 18 

Cross Hates M sj=. y« c* mm 

* L, UB sun- — “»* *** 1J »’ UR UN" 

UMtorem UK w t® “ ** JUS Ufl7 SS SB SB* 

snwn JUO sua »as uis rw 1.1777 \u»‘ me 

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Madrid BUTT JtSSB fjf? 25 ZZ BUB 4UH U2LBS B7U U»B IMS 

MBn LflUS «U0 VU1 jh u« M UB M 

Nwrvort CM ai«J *«» Siffl* *3Bi UW 

Parts S8SS7 UW M** 7*35 5171 VXB 71X W) W 

Tokyo ttLH UUD -5“ 17 M UM* IW U*S" 

Trate U* “2 SS UK- U59 om* IMS- ISM VSU9- 

told. ua, tun u« ura mm ^ wx »i«» 

: eco UJU uui *“ Mil un WS aa. nun 

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ratesatluj n. ... umt, of ICO; NO.: not ouated; fLA.: md 

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1 rtor 4 «r 5 «■ 


D-Mark Prone 
SVS'.i. 3 «. 

5 Ur*ik *. 

5%^V, 3^-4 

5 ^-SHO 3 ?M-« 





April 18 


French 


ECU 

Sterling 

Franc 

Yen 

S *w4K 

5*r4V. 

2**-2*- 


5 Kr5*» 

5*4 

2 »«r2 

6-6 Vfe 


5Vr6 

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T*-2* 

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AahB mdkra te Interbank deposits ol SI mUOon mMnum (or aqirfvwanf l. 


Kay Homy Bates 


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PMllKUt" 17M0 
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sawn rival xme 
SMLS 144 


United States 


Comm, paoor Hi dors 
Smoate Traasary MH 
1 wrTWaro'i >1 


dose Prev. 
100 ICO 


SLAkr.md xn 
S-lCor.woo 800X0 
S«ed. lamm 7S» 
TohmnS 2 L 3 I 

Thai Main 25J1 

Tartu 9 to 3S145L 
UAE dirham 14737 
VmMhr. 11*35 


MerrtHLvKiiaMay Read* asset 104 


CoS money 
Vinenlh Istorbaok 
Smooth teterhank 
« iii e at t ln tSThnst 

1 h*earOflt 

Franco 

latorveaMoa rm* 
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1-morth Ui t er h nirtt 

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6 maO h lu t er h ooV 
IKtoorOAT 


Coll manor 
I m oo th teterhnak 


Sources: Sctrfcrs. Bloomberg. Merrill 
Lynch, Bank of Tokyo. C ommar zbonk, 
Greermeil Montagu. Credit Uwomts. 


M * IMW«« 
1 JB 58 U 87 B 13 B» 
1(033 mu row 


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Oti nmri 1 
Lombard rate 
Can moaov 


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Cmroocr *•»+»»*%. SSmCWU 1 JB 58 UCT «« I^SSrah 

PMOdSteru 1 -* 7 W J-®" jaMmcvcd 10133 1 #M* Qdlmoaov 

Dms<kc mark l TO ™ ^ 

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<»* ^ SSS£ti* 


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(Toronto): imf tSDRI. OBW*te fnm Rmn** 


Zurich 377 JS 377 J5 UnctL 

LMdn 377 JS 378.1A +<t« 

Now York 37 X 60 3713 ) 

ua. doBaro per ounce. Landanotndaiflx- 
Inas: zurtai axi Now York opeotno ana daw 
Inp prices; Hew York Came* (Jane) 
Source; Neuters. 


GEC Alsthom Clinches 
Korean Train Contract 


Bloomberg Bteiness News 

PARIS — GEC Alsthom signed a 
12 billion French franc (5105 bil- 
lion) contract on Monday to equip a 
high-speed rail line in South Korea 
in a victory that analysts said would 
do more good to its image than to its 
balance sheet 

The Franco-British engineering 
company, a joint venture between 
Alcatel Alsthom of France and 
General Electric Co. of Britain, and 
the Korean High-Speed Rail Con- 
struction Authority said they signed 
a letter of intent rat the equipment 


“Of course not,” he said. “Had that 
been the case, we wouldn’t have 
gone for it" 

He said that GEC Alsthom 
would be able to maintain its initial 
profit margin because South Kore- 
an companies have a larger dare of 
the contract than originally 
planned and this means that con- 
struction costs will be lower. 

Analysts were concerned, how- 
ever, that the transfer of tedmdogy 
stipulated in tbe contract might al- 
low tbe South Korean companies 
to compete in a few years with 


for a line extending 432 kilometers GEC Alsthom for fast-train con- 
(270 miles) between Seoul, the C3pi- tracts everywhere in the world ex- 


tai, and the port of Pusan. cept in Jturope ana iNortn America. 

It capped months of tough nego- The agreement, which is to be 
rations in which GEC Alsthom, signed after the South Korean gov- 


tin Europe and North j^nerica. 


Bloomberg Biainas Newt 

NEW YORK — Kidder, 
Peabody & Co. said Monday it 
would take a $210 million 
charge against first-quarter 
earnings because its bead gov- 
ernment bond trader had made 
“phantom" trades of U.S. Trea- 
sury bonds that inflated profits. 

The General Electric Co. 
subsidiary, which said it would 
post a first-quarto- loss as a 
result, said it had fired the trad- 
er, Joseph Jett, and given six 
other employees “special as- 
signments” until it completed 
an investigation. 

John r. Welch Jr, the GE 
chairman, called the false trades 
a “reprehensible scheme” that 
violated “everything we believe 
in and stand fra." 

GE said its first-quarter prof- 
it after tbe charge would be 
“dose to” the $1.08 biltion it 
earned from continuing opera- 
tions in the year-earlier quarter. 

Tbe electrical defense, broad- 
casting and financial-services 
conglomerate had said Kidder 
and its other finance businesses 
would post “excellent" profit fra 
the first quarter and that earn- 
ings per share would be up as 
much as 1 1 percent 

Mr. Jett, 36, a managing direc- 
tor, had worked at Kidder for 
three years after bolding posi- 
tions at other Wall Street firms. 
He could not be readied for 
comment on Monday. 

The alleged “phantom trades" 
involved so-called Treasury 
strips. These are securities that 
are created by separating the 
principal and interest payments 
an US. bonds and repackaging 
them as separate securities. They 
are zenHXXipon bonds, which 
are sold at a discount to ibdr 
face value rather than paying 
interest. 

Michael Carpenter, Kidder's 
rh airman and drid executive, 
said the scheme of phantom 
trades appeared to have been 
devised to improve Mr. Jett’s 
performance record. 

Mr. Jett's performance-based 
compensation last year was 
more than 59 million — “one at 


nations in which GhG Alsthom, 
declared “preferred bidder*' last 
August, cut its initial bid by at least 
10 percent. South Korean compa- 


emmeat formally approves it in 
May, marks the end of an intense 
three-year struggle between GEC 


nies will receive orders accounting Alsthom and Siemens AG. 
for at tort half the value of the When GEC Alsthom said last 
contract. They include Hyundai August that it had provisionally 
Precision & Industries Co, Daewoo won the contract, it valued it at $2.4 


Heavy Industries Gx, and Haqjin 
Heavy Industries Co. 


billion. Tbe value announced on 
Monday showed that GEC 


Pierre Suard. chairman of Aka- Alsthom granted South Korea a 
td Alsthom, said the company was significant rebate. 


the highest at the firm,” Mr. Car- 
penter said. 

Kidder executives said they 
did not know by how much Mr. 
Jett’s alleged activities had in- 
flated earnings. 

Mr. Carpenter said the false 
trades had been entered in the 
company’s own acoounts and 
did not involve any Kidder ch- 
eats, He also said they were un- 
related to trading in mortgage- 
backed bonds or derivatives — 
securities backed by other assets, 


The false trades 
violated 
'everything we 
believe in and 
stand lor/ 

John F. Welch Jr., 

GCs «4ra«rtnqn_ 


including bonds — or to general 
market conditions. 

Kidder said it had learned tbe 
extent of Mr. Jett's trading late 
last week while trying to recon- 
cile records of the firm’s trades 
in Treasury strips. 

“In the scheme; a large num- 
ber of phantom trades were en- 
tered over more than a year, cre- 
atmg paper profits unrelated to 
trading performance." Kidder 
said. 

Mr. Jett allegedly was able to 
profit from an accounting fea- 
ture of Kidder’s trading system 
that recorded the difference be- 
tween the current price of a strip 
security and its future value as a 
profit 

To take advantage of that a 
Kidder executive sad, Mr. Jett 
sold forward contracts — or 
promises to buy or sefl strips at a 
designated price oaaset dale — 
and then purchased the actual 
securities. 

That was profitable because 
zero-coupon bonds become 
more valuable as their maturity 
approaches. 


THE AIRCRAFT 
FOR YOUR 
BUSINESS 


not losing money on the contract 

Economic 
Growth Ebbs 
In China 

CnmpBed by Our Stag From Dispatches 

BEIJING — Economic growth 
in China slowed in tbe first quarter 
of the year but prices soared, 
throwing into doubt tbe feasibility 
of the government's goal of keeping 
growth and inflation below 10 per- 
cent this year. 

The government said Monday 
that gross domestic product rose 
12.7 percent in the first quarter, to 
862 bQlkm yuan ($99 billion), com- 
pared with 14.1 percent in die cor- 
responding pored last year and 
13.4 percent for the whole of 1993. 

The slowing was mostly caused 
by weaker industrial growth and 
more reasonable levels of fixed 
capital investment, said Ye Zh cn , a 
spokesman for the State Statisti c al 


“We were able to lower the price 
tag by having tbe German competi- 
tor in tbe race until the final mo- 
ment of negotiations,” said Kim 
Jin Tae, a spokesman of the Kore- 
an High-Speed Rail Construction 
Authority. 


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Industrial production rose 16 
u percent in the quarter, compared 
. * with 25 percent in the first quartet 
’A* ‘ of 1993. 

Fixed capital investment — 
Zk. largely responsible for last year's 
overheating of the economy and 
the resulting austerity measures — 
grew by 36-2 percent, which was 
J2. naif tbe speed of the same period 
has last year. 

m “Economic growth has indeed 
slowed slightly," said a Western 
“*■ diplomat who specializes in eco- 
nomics. (AFP. Reuters) 








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page 12 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


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E MARKET DIARY 


Blue Chips Plunge 
As Rate Rise Bites 


Compiled by Our Stuff From Dispatches 

NEW YORK — U.S. stocks slid 
Monday after the Federal Reserve 
Board pushed up interest rates Tot 
the third tune since Feb. 4, Hashing 
hopes that first-quarter earning s 
would spark a rally anytime soon. 

“The Fed has ensured that this 
sort of Chinese water torture will 

U.S. Stocks 

continue,” said Eugene Peroni, an 
analyst at Janney Montgomery 
Scott “Such policy can only con- 
tribute to continued instability of 
the stock market” 

The Dow Jones industrial aver- 
age plunged as much as 47.59 
points, to a low of 3,613.88, before 
recovering slightly to close at 
3,620.42, down 41.05 points for the 
day. The Dow Jones industrial av- 
erage has fallen about 9 percent 
from its all-time high on Jan. 31. 

The yield on the benchmark 30- 
year Treasury bond surged as high 
as 7.43 percent before sailing bade 
to 7.41 percent It had dosed on 
Friday at 729 percent. 

Losers outnumbered gainers by 
13 to 4 on the New York Stock 
Exchange and volume totaled 
271.45 million shares, down from 
308.13 million on Friday. 

“J think that just like the first 
Fed ti g htenin g was well publicized, 
this one loo has been well-publi- 
cized and wen-forecast," said Gail 


Dudack, dud technical analyst at 
S.G. Warbuig * Co. “We expect 
stocks will follow bonds" over the 
next few days, she said. 

The decline was led by shares of 
General Electric, which fell 1% to 
94% after its Kidder, Peabody bro- 
kerage unit said it would take a first 
quarter charge. 

Mr. Brown said be still expected 
first-quarter earnings to be strong, 
but tWt many companies’ stock 
prices already reflect earnings opti- 
mism. “Some of them wiD be pretty 
good, but a lot of that has already 
been discounted,” said Mr. Brown. 
“I am not sure where we can go 
from here.” 

Companies expected to release 
eammg s this week include General 
Dynamics. Kellogg. Sears Roe- 
buck, Westingfaouse Electric, Bris- 
tol-Myers Squibb, and Blockbuster 
Entertainment. 

Among other notable losses. 
United Technologies Corp. slumped 
1% to 64% after it reported e arning s 
of 71 cents a share In the first quar- 
ter, up from 42 cents a year earlier.. 

Shares of McDonnell Douglas 
countered the current and rose 2fi 
to 114% after the company said 
earnings showed a strong gain. 

Platinum Software shares col- 
lapsed, falling by 6 7/16 to 3 9/16. 
Toe company said it expected to 
pest a “substantia]” Jess in its third 
quarter and would restate earnings 
for the five previous quarters. 

(Bloomberg, Knighl-Ridder) 


RATES: Fed Tightens a Notch 


Cootmned from Page 11 
cast for the year was 3 to 325 
percenL “and it's now clear that 
there’s more juice in there, which 
meant they nari almost certainly 
failed to achieve their goals, so they 
had to move quickly to maintain 
credibility." 

A Fed spokesman said Mr. 
Greenspan made the decision on 
his own after consulting members 

Foreign Exchwtge 

by telephone but not bothering to 
call for a vote. He thus publicly 
asserted his authority and deliber- 
ately contradicted rumors and 
some published reports that he had 
fallen under the thumb of his own 
committee and could not act with- 
out iL 

Henry Kauf man, the Wall Street 
money manager who used to be 
known as Dr. Doom, said be ex- 
pected the federal funds rate to 
stand at 4 5 percent at the end of 
the year, “but that won’t be the end 
of the world." 

“It wOl not stop the economic 
advance,” he added. “The private 
sector and households have worked 
down their debt, and it's still 
cheaper to borrow at short rates 
than long,” 


■ Other Markets Hit Dollar 

The dollar was lower all around 
in late trading amid concerns about 
weak US. stocks and bonds, news 
agencies reported from New York. 

“Declining stocks and bonds 
really hurt the dollar today” said 
Karl HaDigan, a trader at ENG 
Capital Markets. “Higher rates will 
help the dollar in (be future," be 
said, but they will not do any good 
until investors are more willing to 
buy U.S. securities. 

The dollar dosed at 1.7080 Deut- 
sche marks, down from 1.7145 at 
Friday’s dose, and fell to 10320 
yen from 103.45 yen on Friday. The 
U.S. currency subsided to 1.4475 
Swiss francs from 1.4550 francs, 
and to 5.8465 French francs from 
5.8615 francs. The pound rase to 
SI.4765 from $1.4720. 

The dollar weakened against the 
yen on concerns regarding the U.S. 
Treasury’s perceived desire to see 
the dollar fall further against the 
Japanese currency. This sentiment 
persists despite protestations by 
Treasury Secretary Lloyd Beatsen 
over the weekend that the United 
States is not seeking to manage 
foreign-exchange rates. 

(AFX, Bloomberg} 


Via Auodolcd Pres i 


Apr! IE 


The Dow 



SpSii 

mm 



V J. j* I V. * 

ftirr.xVi. ira'.ii;..? . 



JHT 


NYSE Most Aethras 



V 06 Mah 

LOW 

LOt 

an. 

TelNtex 

37819 57 Mi 

55 

55 

—2 

Norsk 

36604 32V. 

31% 

31% 

— % 

Merck 

32058 2»W 

28% 

29 

«-% 

BM 

30886 56% 

52% 

53ft 

4 % 

□toM 

27651 22% 

21 

21 % 

— 1 % 

CJirveir 

34143 51 ft 

50% 

SI 

4 % 

Motarias 

23562 90ft 

89% 

89% 

— % 

WWMrls 

2326* 24% 

34ft 

24% 

— M 

GnMatr 

21381 SBft 

56% 

57 

— TVj 

cocoa 

19140 40% 

37% 

38% 

■M 

RJRNah 

18723 5ft 

5% 

5% 

_ 

anaap 

17604 40 

38% 

39 

— 1 V6 

GenEl 

17381 97% 

M 

94ft 

—1ft 

NatnsBk 

17552 SSft 

52 

52% 


PMMr 

16771 50% 

49% 

50% 

-4% 


NASDAQ Most Actives 



VOL 

High 

Law 

Last 

CUB- 


68504 

61% 

58% 

58% 

— 1% 

PiatSffs 

4X919 

6% 

3% 

Wh 

— fiVu 


3233X 

30% 

29% 

2*ft 




16% 

15% 

16ft 



26405 22% 

21% 

21ft 

_ 

Micstts 

24206 85% 

B3% 

<3 

—1ft 







21719 

16% 

15 

15% 

—ft 

ApptaC 

20531 

30% 

29% 

29% 

— % 

TetOnA 


19ft 

19% 

19% 

—ft 

NYAfcNk* 

19333 

51% 

48ft 

49% 

—ft 



12% 

12 

12%: 

— ftl 


18735 30% 

2* 

29ft 



■ M'J 

22% 

21% 

21*» 

1 

WeHftt » 


71% 

67% 

68ft 

—1ft 


AMEX Most Actives 



VOL Mob 

Low 

Last 

an. 

EchaBav 

907* 11% 

10% 

10 % 

— % 

awvsts 

8878 24% 

23% 

23% 

4ft 

RoyatOg 

an 4 v M 

4 

4 

y u 

ENSCO 

3885 

3W„ 

3>%, 

— «!• 

SPOR 

3641 44W« 

44V B 

44>ftl 

-+V M 

ALC 

3532 37 

36 

36ft 

—ft 

wmtrd 

3259 *ft 

*ft 

9ft 

4 % 

IvcxCp 

2845 25ft 

36% 

25% 

—ft 

SalPtub 

2713 3% 

3^4 

2% 



TapSrce 

2708 6% 

5% 

6% 

-Vi 


Today 

4pm 


NYSE 

Ann 


13JB 

21134 


16J83 

278.915 


In millions. 


Dow Jones Averages 


Opeo 

High Low Last Cte. 

Indue 36+1.17 3668X1 3613+8 3620142 —41X5 . 
Trans 1608X4 161025 1S82XB I585J1 —26+4 
UH 1*6.17 19SX3 1*2+9 194.11 -013 

Comp 1293X7 1295.** 127BJ0 1280X3— 14J2 

Standard ft Poor’s Indexes 

Industrials 

Tiansa. 

Utilities 

Finance 

SPSOO 

5P 100 

HK* Law CtoM arts 
519+8 512.12 5X2+9—5.12 
393+8 357.12 387+9 — 6J9 
157+3 155.18 156+8 Unch. 
44+2 43+9 <3+0—022 
447+7 441+8 44246 —172 
412+9 406+0 407+1 -3+8 

NYSE Indexes 


tfigh i+w Last an. 

Compasife 

industrials 

Trams. 

tnafo 

Ritortcc 

348+8 24526 24L70 -1+6 
3DL55 30040 30078 -086 
251X7 246J* 246+9 — 4J5 
309+0 207X6 20023 -0+1 
211X2 2C8JD 208+8 —1X2 

NASDAQ Indexes 


Htoh Law Late Cte. 

Composite 

industrials 

Bonks 

Insunmce 

Rnonce 

TrWBP. 

73076 719+7 72057 —7.40 
76092 7 5&X9 75032 —096 
68333 679+9 681X5 —1+6 
888+8 881 A* 881+4 -079 
892+1 887+3 88&J9 —0+8 
736+7 729X7 729X7 —044 

AMEX Stock Index 

Moil Law Last On. 

438+2 433+4 434X0 —US 

Dow Jones Bond Averages 

20 Bonds 
, 10 Utilities 

10 industrials 

dese cirtc 

98+0 —0+8 

96+0 —0+5 

101.11 —oja 

NYSE Diary 


dose P r«V. 

Advanced 
Declined 
Unchanged 
! Total issues 

1 NewHSWW 
New Lows 

632 1029 

1648 1108 

530 638 

2S00 2775 

13 13 

178 107 

AMEX Mary 


CtoM Prev. 

Advenced 
Decteied 
Unchtmged 
Told issues 
New Highs 

New Lows 

174 275 

426 292 

236 236 

836 sra 

11 5 

44 34 

NASDAQ Diary 


Oust Prev. 

Advonead 
Declined 
Unencrood 
Totrt issues 
NewHiohs 
New Lows 

1199 1481 

1935 1550 

1843 1949 

4977 4930 

43 a 

149 127 

Spot Commodifies 

CawnfidOr 

Today Prer. 


Aluminum, B> 
coftee. era. to 
CopscrctecfrofYttc.it> 
Iron FOB, ton 
Urod. b 
Sbver. troy oz 
Steel (icr up), ton 
Tin, lb 
Zinc lb 


0571 

0795 

on 

21100 

034 

1285 

13623 

34447 


0582 

21100 

034 

524 

13633 

16697 


EUROPEAN FUTURES 


Metals 


PmtoiB _ 
Bid Art 


bS*** Art 

ALUMINUM (HWiCrotfel 
ggw»pe rm ^c*on w4jo RS&SO 128150 
ftorard IW&SlWMa 1307i10 


Oct 

Noe 

Dec 

Job 

Feb 


COPPER CATHODES CHW> Grade! 

fgr m TBBX m **s • mm 

FSrUrti X»X0 188730 WOOD 


38B 


186400 

_____ 188300 

i man 

Mien ptf metric tod 

SHT <3800 

Forward 45200 45300 

NICKEL 

toS° rSPer 8 ^00 > MOOO 551000 5S2QOQ 
Fonwrd 54KX0 550000 558000 558500 

E“ 1Pern ^W 539000 54000. 
Forward 5J9SX0 5«000 544300 545500 

ZINC (5Mdol HM Crode) 

Dolton per metric M) __ 

Soot 92700 92800 9Z7X0 92800 

hoOtxrl 94800 94900 9400 94850 


Financial 

High Lew Chasm c met 
MAO NTH STERLING CUFFEJ 
8500000 -PtS Of IBS PCt 
jsa 9478 

Sep 9455 

Dec 94.16 

Mar 9375 

Job 9326 

SH> 9203 

Dec 9208 

Mar 9272 

Jos 9103 

See 9103 

Dec 9171 

■tar tjj) 

EsL volume: 72310 Open lot: 4S5056 
3-MONTH EURODOLLARS (LIRFE) 
SlmUBoa-Ptsof lOOpet 
Jus 


Dee 


EsL volume: 71; Ooen Int. 9064 
MIONTH EUROMARKS (UFFEI 


HW> Low Lost Settle arte 

Aoe 15150 14975 15150 151-» + 

ivi-k lsnjO io7< 15250 + J50 

lltM 15450 15*« +M0 
15575 15175 15575 Xf£» + 

U&35 15725 15800 15800 +275 

1S87S 15875 13875 + “5 

NT. N.T. N.T. 15275 -+1M 

Mar NT. N.T, NT. 15825 +325 

E*T. vehpne: 11666 . Open Int. 97572 

BRENT CRUDE OIL IIPE) . 

«nww.«r ta< I. » rfucowmb 

T&09 —M3 
IMS -MS 
15X7 — OM 
1505 — MS 

SB =ffi 

15.19 —006 

_ ... .... ... 113=5® 

E5L volume: 2258. Onn in). 136210 


Job 

15+6 

liOC 

15.10 

JbI 

153) 

MM 

I50S 

Aag 

15.15 

1422 

1507 

Sep 

1SL17 

15X5 


Oct 

15+1 

15. W 

15-15 

No* 

15.17 

15L14 

15.14 

Dec 

lir 

15.16 

1520 

Ja 

1527 

1527 

1527 

Feb 

N.T. 

I4.T. 

NT. 


94J0 

94J1 

nits 

9446 

94+6 

_0X3 

94X6 

94X7 

-QX6 

93+7 

91+0 

— Oil* 

9110 

93.10 

—an 

92+8 

92+6 

— 0.12 

9240 

92J2 

— aia 

92.10 

*2X8 

—010 

91+5 

91+0 

— 0X9 

91 JB 

91+6 

— 0X4 

91 +: 

91+1 

— 3X5 

91+8 

9148 

—0X4 


Stock Indexes 

HUB Low OoM OnaW 
FTSEMOnJFFB 
(25 aer index point 

Too 32040 31320 31380 - 49.0 

Sep NT. N.T. 31565 — 

DOC NT. NT. 31ff0 “ 

EsL volume; 16579. Oped >nt- 55,156. 
CAC401MATIF) 

j A^^^lWIO^jWoO 216AM —MO 
Moy 219500 2X4250 2159.50 — 6W 

Jen 2X8000 214400 2W2O0 —AM 

Sep NT. N.T. 215950 —&M 

Dee NT. NT. 219000 — L50 

Mar N.T. N.T. 221900 —MO 

Est. volume: 3QA44. Open int.: 75451 
Sou ran: Matfl. Associated Press. 
I London Ud7 Finatctoi Futures Ezcnanae, 
■ lan Petroleum Exchange. 


95 JB 

9538 

9SJ9 

— aio 

M+a 

9478 

ta+7 

— 0.12 

NT. 

NT. 

94.17 

-ai4 

NT. 

NT. 

9388 

— 014 

NT. 

NT. 

9157 

— 0J4 

NT. 

NT. 

*130 

— 0.13 


DMImnfloH 

;s 

is 

it 

1 ■ 



Jan 

94+7 

94+4 

*4+6 

Unen. 

ses> 

94+2 

9486 

94X9 

+ 0 x 1 

Dec 

95X2 

94+7 

94+8 

— 0X1 

Mar 

95X3 

94.97 

94+8 

— 0 x 2 

Jan 

94X7 

94+1 

94X2 

niw 

Sop 

94+7 

94+1 

94+1 

— 0X7 

Dec 

9446 

M+2 

ta+o 

— OX7 

Mar 

94X2 

9423 

9423 

— 0X9 

Jea 

94+1 

94.14 

ta .11 

— 0X9 

Sep 

9404 

94X2 

919? 

0X5 

Dec 

9388 

*187 

93X6 

— 0X4 

Mar 

91X0 

917* 

*176 

— 0X4 


Dtvfdsnds 


Co m pa ny Per Amt Par Rec 

IRREGULAR 

Cntonkd Mcallnco _ 0485 4-29 5-13 


Ert. volume: 1 M 01 Z Open I pC X *86960 
MIONTH P1BOR (MAT I FI 
FFJ mflUon - pis of 180 pd 


Juo 

9427 

9422 

9434 

— 0X1 

Sep 

9447 

9442 

94+5 

Unch. 

Dec 

*456 

9452 

M53 

—0X1 

Mar 

9422 

9448 

*450 

—am 

jua 

MJ6 

94X1 

9434 

— 004 

Sep 

9420 

94.13 

94.15 

0X5 

Dec 

94X2 

9384 

9186 

— 0X7 

Mar 

93+5 

*184 

91+6 

—an 


EsL volume: 26661. Open inC 229703. 
LONG GILT tLJFFE) 

CSOOOO -Pfx A OnOs of 100 PCt 
Jon Xtn-a 106-12 106-13 —1-31 

Sep N.T. N.T. IB-16 -V31 

EsL volume: 93 , 7 m. Open Intj 4 744774. 
GERMAN GOVERNMENT BUND (UFFE) 
DM 250800 - bts oil H pd 
Jen 9657 9533 9147 —087 

SOP 9585 9530 9520 —085 

EsL volume: 1 61009. Open Int: 7 200.111. 
10-YEAR FRENCH GOV. BONDS (MAT IF) 

FFseoaoe-pts at 100 pd 

Jun 122.94 12174 12102 —074 

Sep 122.M 12174 12L24 —074 

Dec 12IA4 121.44 12044 —034 

EsL volume: ZOOM. Open ML: 130152. 


Fid 5ei Prec Metois 
PM Sel ResBfcsbr 
Fid SottwofeCptr 
Franklin AZTxFr 
Frcnkltn MA WsTxF 
Franklin Ml InsTxF 
Prua HI YldPtaa 
Puoet SoundP&Lt 
RFS Hotel Invest 
Tanoer FodoryOutl 
Volvo AB 

x^mprax USS amount. 

STOCK SPLIT 

Scorpion Tech A 1 tor 20 reverse s»W. 
INITIAL 

FFLCBncp _ 56 4-25 


■ D 1 4-1S 4-18 
_ 32 4-15 4-18 

: 73 4-15 4-1 B 

. JS53 4-20 +20 
„ jK5 4-30 4-20 
I ^ 4-2D J-20 
; sms 4-29 5-13 
: ^ 4-25 5-15 
_ 74 4-29 5-15 

_ M +29 5-16 
x 5699 +25 5-23 


_ _ So 

_ .10 + 2 ) 3-1 

_ JJI25 4-15 S-16 


Flrsuwce 
Merooielnchn 

IN CREASED 

Vermont Fad Sra o J 2 +27 5-35 
REGULAR 

O JB +22 5-13 
. 57 M 61 

O J25 5-2 5-16 

M Sin +28 5-10 


Industrials 

Htgn low Lost Settle arse : 

GASOIL (IPEJ , i 

US. doUan per metric ton-lots oflOO tons 
Mar 15225 14975 15173 151-50 +325 1 

JOB 15050 14800 15050 15000 +350 I 

Jot 150J5 14875 15025 15&2S +X5C . 


Bettiof Bsep 
CDPUOl ft 1 *r p 
Century BncoA 
Cm HI Inco 
Colonial HI inoaMn 
Cafonicd IntermHI 
El Paso NaturtGae 
Frcnkin CA InsTxFr 
FranKta CA Inlenn 
FronkJn CO TxJFr 
FranUn FL InsTxFr 
Frankln ga T xFr 
Fradkln MN XnsTFr 
Frcnkln OH msTFr 
Pmnkln pa TxFr 
FradUn PR TxFr 
Kubco Com 
HuntMfg 
Kevdoae Herlftne 
tCirnco Rllv 
OSP lnc 

Putrid PremOSvIl 
Premier Bksnrs 
FWiwnHIYMB 
Sellffraon Quo! Muni 
Seiicman Sel Niunf 
Valley BnoVtl 
Verso Tacbs 
York Foci 


U.S. Rate Move Alters European Markets’ Good Mood 


Bloomberg Business Ne*s 

LONDON — European stock and bond 
prices nimbi ed Monday after the U.S. Federal 
Reserve Board said it planned to raise short- 
term interest rates for the third time this year. 

Slocks fell and bond yields rose amid con- 
cern that higher interest rates on U.S. bonds 
would lure money out of other markets. 

“The Fed’s poured a pound of salt into an 
open wound,” said Chris Anthony, head of 
sterling bond research at Hoare Govett Securi- 
ties Ltd. “It’s a bit of a sham e. It all seemed to 
be coating right, then the Fed put the boot in,” 
he added, echoing other analysts' reaction that 


the Fed’s move had scuttled the trend toward 
lower interest rates in Europe that buoyed 
prices last week. 

In London, the Financial Times-Stock Ex- 
change 100-share index fell 30.1 points, or 0.95 
percent, to 3,13820. Glaxo Holdings PLC de- 
clined 16 pence to S59 pence (58) a share, and 
HSBC Holdings PLC lost 15 to 786. 

Analysts said the rise in U.S. rates had killed 
an indpient rally in British stocks on specula- 
tion that U.K. interest rales might soon be cut- 
in France, the CAC-40 held onto a gain of 
0.47 point, ending at 2,160.06, bu: it had re- 
treated from a high for the day of 2,188.61. as a 


rally based on hopes of French interest-rate 
cuts also faded. 

German stocks feD back in late trading, but 
still ended higher on the day as investors re- 
mained confident of Germany’s economic re- 
covery, traders said. 

The DAX index of 30 German blue-chip 
stocks, which slipped 10.44 pctints in after- 
hours trading ended the official session at 
2328.78, up 13 percenL 

The SMI Index in Zurich fell 3.8 points, to 
2369.1, and the EOE Index in Amsterdam 
dosed 3.69 points lower, at 421.43. 


M OS2S +3 5-T3 
M JOB +79 5-13 
Q 7025 +10 7-X 

M JH6 +2D +20 
M 3** + 2 D +20 
M .055 +20 +20 
M £44 +20 +2D 
M JOS +20 *30 
M JHB +20 +2D 
M JH3 +20 +20 
M J351 +20 +20 

M J1S7 +20 +20 
Q .12 5-20 +1 

O .09 +25 5-3 

Q 26 +29 5-10 
O JO 5-2 5-16 
JOS +22 5-16 


M .075 +29 5-13 
Q .12 +15 5-1 

M SU +15 4-25 
_ .0782 +25 +28 
. M7 +25 +28 
O 74 +13 +20 
Q J* +29 +10 
Q .15 +2 +16 

lb Conodkm foods; m- 

moofbly; owamrlr; j isml onoixil 


U.S./ATTHE CLOSE 

Accounting Charge Hits NationsBank 

WFW YORK (Combined Dispatches) -Chase Manhattan Cap. said 
uSlSflS earaingwinnped in step with an impro vement m 
^rtdteNationsBSlc Corp.'s net incom e slippe d as strang 
re^« wBoifeet^t a charge to cover an acoountmg changem the year- 

^NationsBank, the thiid-largea U J. bank, eamrf a net S417 million is 
Nauonsoana, Tniiwnn a year ago. The results were skewed 

ESffiSTjES not take mto account a S20& million 

rhS^tcTco^TaSuiiting change. Net interest income rose 
S S S quarter, to SIJMQiOT, whde the bank reduced its toan-fos 

PI ChS 1 I^StS ni S f ^^si U.S. bank, earned a net S3M 
mSin the quarter, more than double the $153 imlhon earned drning 
the first Quarter of 1993, as it reduced us provision for possible credit * 
losses to SI60 ntiffion from S360 mflhtXL Fees and conmnssans totaled 1 
S446 million, up 22 percent, amid gains in amsumcr-banking^acdit-card 
and mortgage-banking fees. Bloomberg) 

Ad Sales Narrow Time Warner Loss 

NEW TORK (Bloomberg) — Tune Warner Iho, paced by strong 
advertising gains in its magazine group, said Monday its first-quarto loss 
narrowed from a year ago. 

Hie media and entertainment company reported a loss of S54 mflkon, 

compared with S124 mfition a year earlier. 

Increased cash flow from Time Warners publishing, film and Home Bcr 
O ffice cable programming operations made up for declines in its cable 
transmission systems business. 

Coke Efl^imgs Gain on Sales Jump 

ATLANTA (AP) — Coca-Cola Co. said Monday that firetqnaner 
profits rase 28 percent on a 10 percent gain in sales. 

In the three months ended March 31, the soft-drink maker earned a 
record S521 reunion, compared with S442 milli on in the similar period a 
year earlier. Revenue for the first quarter was £335 billion, which 
included a 6 percent increase in international soft-dank sales and a 7 
percent jump in UJL sales. 

Commissions Lift Merrill Earnings 

NEW YORK (Bloomberg) — Despite rising U.S. interest rates that 
disrupted stock and bond markets, Merrill Lyndi & Co. said Monday its 
first-quarter earnings rose 21 percent, to a record S372 million. 

Merrill said a 20 percent rise in commission revenue bdped the bottom 
line. Asset-management fees rose 23 percent, to S444 million, as clients' 
assets under management increased 13 percent, to 5164 billion. 

McDonnell Douglas Earnings Rise 

ST. LOUIS (Bloomberg) — McDonnell Douglas Corp. said Monday 
its operating profit rose 43 percent in the first quarter, boosted by record 
earning? in its military aircraft business. 

The company earned $1 34 million, compared with profit from continu- 
mg operations of S94 million a year ago. 

Revenue fdl 18 percent, to $2.93 btffion, led by a 53 percent decline in 
the commercial aircraft segment. Revenue in mflitaiy aircraft rose 10 
percent, to $1-82 billion. 

For the Record 

Ameritedi Corp. said Monday that its first quarter profit fell 85.4 
percent, mostly because of charges related to the efimmation of 6,000 1 

jobs, while CJS West iac. earned a net $324 nriUkra in the quarter, up 
fromS316 million in the year-ago period. (AP) 

Whirlpool CtnpL said Monday it earned $67 nriffion in the first i 
reverting from a loss of $ 162 million in the year-ago period, bdj _ 
percent increase in sales. 

Intel Gap. said Monday it earned a record $617 million in the first 
quarter, compared with $548 ntiQion in the year-ago period, on record 
shipments of computer chips and higher prices fon ‘ 



its microprocessors. 


Waakand Box Offlco 


The Associated Press 

LOS ANGELES — “Four Weddings and a Funeral” dominated the 
U. S. box office with a gross of $4 J mUfion over the weekend. Following 
are the Top 10 moneymakers, based on Friday ticket sales and estimated 
sales for Saturday and Sunday. 


I.- "Few Weddings and a Flnwrar 

fSramarw 

SOmfiHon 

1 "Com and Rabbersons" 

fTrbtarl 

sia million 

1 "The Paper" 

(UntversaO 

S3J million 

4. "Motor League II” 

IWanwr Brothers) 

S12 million 

4.122 The Mighty Docks' 

(Watt Disney) 

532 million 

6 . "Survjvtog |t» Game' 

JNewUmOimma) 

S2+ million 

7. "Threesome* 1 : 

rifrlstarP-- V 

■ • S 2 J million 

a"WWleF«mo 2 * 

:rwanohrmY) • 

52+ million 

9. “Sctrindlort List" 

(Universal) 

523 million 

11 "Naked Gun 33%” 

{ Pmxrmautit) 

52 million 

11 "Serial Mom' 

{Savor Pictures) 

52 million 







WORLD STOCK MARKETS 


Ao«neo Fronea Prtuo April IB 


Amsterdam 

ABN AmroHM 
ACFHoMtna 


Ahold 


6360 6560 
5070 49m 
9870 9970 

48.10 4830 
227 JO 22670 

7820 77.50 
3970 4080 
6860 7090 
13120 130 

16850 17020 
17 1720 

50.10 57 JO 

31850 314 

23850 237 

6270 6320 
80 81.50 
3980 3920 
89+0 88+0 
81.50 8 +SO 
50+0 5070 
4970 49+0 
7620 7420 

MJO B&30 

50+0 51+0 
57 56+0 
7920 79+0 
12670 12620 

62 61+0 

Rollnco 125.50 12520 

gora fo 94-40 9420 

Royal Dutch 20860 207+0 
Stork 4960 4960 

UltUmw- 20840 20870 

Vai Ommeren 5040 so+o 
VNU 18120 1B2J0 

Wottars/Khumr 112+0 113+0 


AMEV 
Bota-Wenanen 
CSM 
DSM 
Ebovter 
Fonhor 
Gut-Brocades 
HBC 
Hdndw n 
Hooflovuns 
Hunter Douglas 
1HC Colood 

Inter Mueller 
Inn Noderland 
KLM 
KNPBT 
NWUhml 
OceGrlnten 
Pokhoed 
PWllDS 
Potvoram 
raxwca 


AG Fin 
Arbed 


Brussels 

3640 2650 
4300 4825 
2380 2370 


DettwUo 

Efectrabe! 

GIB 

GBL 

Govoert 

Kredlettaik 

Petronna 


Cockerlll 181 iso 

5970 4000 
1370 1338 
6210 62X0 
1550 1540 
4350 4355 
9970 9900 
7130 7100 
10450 10430 

3330 3X9) 

Royal Bdse 5500 5490 

Sac Gen Banque 8430 B5D0 

Soe Gen BMahwo 2625 2600 

Sonna 15200 15300 

Srtvav 15975 16075 

TracfeM 10500 10425 

lUCB 23300 23050 

UoJanMMerv 2+0 2595 


Frankfurt 

AEG 177171+0 

AJltamHoW 2660 2655 
Altana 609+0 598 

Axko 1045 1045 

BASF 32470 319 JO 

Bayer, „ 396390+0. 

Bay. Hypo bank 462 466 
Bav Vera insbk 497+0 495 
BBC 7+5 699 

BHF Bank 450 445 

BMW _ 87B 862 

Conunerxbank 355+0 351 

Continen ta l 297 290 

Daimler Bern 88270874+0 

oTSSbeLck 278» M 
Deutsche Bank 778+0779+0 

Douetas _ 599 594 

Dtesdner Bank 4UL50 405 
FeMmaeMe aso 340 

F Krupp HoesOl 231 224 

Horpener 349+0 350 

Henkel 661+0 659 

HocMM 1065 1058 

Hoectat 34880 34 UO 

Hoteno nn 890 895 

242 2*2 

430421+0 
146+0 MS 
578+0 575 
S37 50820 
157.40 151 JO 


IWKA 

KCdlSolZ 

Koatatn 
Koufhot 
KHD 


KtoeduierWertelWJO 163 


Uinta 
Lutthorao 
MAN 

.Mannosmonn 
M e W l BOM W 
Muencti Rueek 
Por sche 
Ptwsson 
PWA 
RWE 

Rh clntnetoii 

SdtarMe 

SEL 

Slemeta 

Tftyssw 

Vortn 

Veba 

VEW 

Vtas 

Votkswapen 

weita 


932 907 

207 203 
444436+0 
483+0 473 

tn 229 
2990 2990 
875879+0 

483460+0 

245 241 
469+0461+0 
364 252 
1074 I860 
420 410 

7387072620 
293+0289 JO 
395 356 

507+0502+0 
376 372 
499 4S7 

539+0519+0 
870 869 


! fnftx : 282878 


Helsinki 


Amer-Yhtyma 

EiHoGutteit 

Huritamakl 

K.OJ*. 

Kvmmene 

Metro 

Nokia 

Pohloto 

Repolo 

Stockmann 


1Z7 126 
41 4l-« 
206 210 
12+0 1270 

us m 

198 203 

407 409 

88 90+0 
93+0 95J0 
230 215 




Hong Kong 


Bk East Asia 
Camay Pacific 
Qwuna Kona 
Chino UeM Par 
Dafry Form Inti 

Hang Lung Dev 

Hong Sene Bank 

Henderson Land 

HK Air Ena. 

HK China Gas 
HK Electric 
HK Land 
hk Ready Trust 
HSBC Holding* 
HK Shane Hits 
HK Telecomm 
HKFernr 
Hutch Whampoa 
HvsanDev 
Jardine Atetfx 
JordlneStr Hid 
Kmvtaon Motor 
Mandarin Orient 
NUranwr Hotel 

Nmr World Dev 
SHK Proas 
Stotux 
SwbpPac A 
Tol Cheung Pips 
TVE 

Wharf Hold 
Wing On Co Inti 
Wlnsarlnd. 


34 33+0 
n+o ii+o 

39+0 4025 
44+5 *425 
tl+O IT +0 
14+0 14+0 
52+0 52+0 
43 43J3 
4125 45 

16.90 16+0 
2840 23.10 
23+0 24 

even t> bi 
90+0 92+0 
12+0 12J0 
14 13+0 
1850 10+0 

3X75 33+0 

2440 2470 
35+0 55 

30+5 29+0 
I860 mg 
10+0 1060 
22+0 22+0 
2740 28 

52+0 SS 
3+S 4.18 
57JO 57+0 
10+0 1880 
140 340 
32+3 3275 

1240 1260 

11J9Q 11+0 


Johannesburg 


AECl 
Attach 
Anglo Amer 
Barlows 
Blwoor 
Buffet* 

Dm Beers 

DrtefanteJn 

Gencor 

GFSA 

Harmony 

HtobveM Steel 

Kloof 

HoitoonfcOrp 

RanOK nl eJn 

Rusplat 

SA Brews 
Sf Helena 
Sasol 
WMkom 
Western Deep 


22+0 21+0 
93 93+0 
208 207 

30 29.75 
B B 
NA 45 
10830 I OS 
55 35 

9.TO 9 
90 99 

26 26 
23+0 23 

46+D 47 

26+0 26+0 
46 46+0 
H7 B7+0 
8250 81+0 
MA 45 
22+0 22 
NA 44 
177180+0 
gnjjgfe 8^4957+9 


Abbey 

Allied 


London 


Naff 

Lyons 

ArtaWtaolns 
Argyll Group 
An Brit Foods 
BAA 
BAe 

Bank Soot land 
Barclay* 

Baa 

'bat 

BET 

Blue Circle 
BOC Group 
B ools 
Bonnier 
BP 

Brtf Airways 
.Brit Gas 
,BHi steel 
!Brf»T*M08rtl 

BTR 

CaMe Wire 

Ca dbury Sch 

Co radon 

CoOMVtrelto 

Comm Union 

Courtould* 

ECC Group 

Enterprise Oil 

Eur otun n e l 

FI* 6 rtS 

ForlB 

IGEC 

Genl Acc 

Glaxo 

Grand Met 

GRE 

Gulmss 

GU5 

'Hanson 

Hllljdown 

HSBCHtdos 

ICI 


4+7 

582 

2+1 

248 

5+4 

9+3 

4+1 

1+6 

5.18 

5+3 

444 

1+9 

3LZ1 

6JB 

543 
448 
U7 
4+0 
2+8 
1+3 
347 
3+9 
4+4 
4+8 
173 
248 
5+0 

544 

4+5 

4+5 

5 

1+1 

2+3 

3.15 

L2S 

5+9 

4+3 

1.90 


242 

1+8 

7+6 

825 


477 

5+5 

2+2 

246 

898 

9+6 

4+4 

1+9 

SJ 

5+3 


548 

448 

3+0 

*39 

2+8 

1+6 

Ml 

3+4 

4+7 

4+9 

3+7 

248 

S+S 

543 

5+5 

4+7 

120 

1+7 

2+3 

3.19 

6+4 

SJ5 

4+5 

1+7 

478 

6.15 

246 

173 

8+1 

824 


Incncope 

Klneftsher 


Land Sec 

Laoorfe 

Lasmo 

Legal Gen Grp 


Marks So 

ME PC 
Naffl .. 
Notwest 
NthWst water 


p&o 

PIHd notan 


Piudenllal 
Rank Org 
Red land 
Reed Inti 
Reuters 

Roinmn (unit/ 
Royal Scat 
RTZ 

Sataburv 
ScotNewan 
Scot Power 


3+3 
5+7 
3+4 
1+6 
5.18 
7+9 

..... 815 

Smith Nephew 1+5 
SmlthKDneB “ 


5+5 
806 
1+3 

£2 
171 
478 
347 
426 
4+8 
444 
475 
5+7 
845 
740 
1+8 
4+6 
3+9 
4.15 
3+0 
857 
19+0 
973 
1+5 
187 
402 3+8 

8+1 


5+3 

5+3 

1+1 

6+1 

737 

172 

476 

838 

424 

476 


772 

1+9 

4+2 

376 

818 

836 

844 

4+4 

978 

1+5 

a+9 


Severn Trent 
Shell 




158 

5.13 
370 
470 

2.13 


SWI All 

Tate & Lyle 

Tesco 

Thom EMI 1141 1145 

TbmWhs 249 249 

TSB Group 220 219 

Unjtoeer iB+9 ioti 
U td Biscuits 342 345 

Vodafone 5.11 117 

VVtrr Loan 3>b 4831 4806 

WeDeonw S 26 575 

Whitbread na 856 
WllfamsHdBS 3+8 3+3 

Willis Corroon 222 227 

F.T. 3 8 Index : 24M4I 


Madrid 

BBV ]OBO 3185 

Bco Central Hbp. 2870 2945 
B ancoSa nfande r 6060 6340 
B4an«0 799 825 

CEPSA 2710 2775 

Omwadoi 2213 2295 

|«iesa 6300 6670 

Ercrat 1 sm 157 

ssr' s ^ 

17§ mo 


Milan 

BmcoComm 

Benetton group 

Creditor 
EnWiefn 




Son Pooto Torino lWWIUw 

flfp «B0 4946 

SSr 222 3970 

Sgi. 2361 

IS™ JLA. — 

TocpAssI RUp ^ 

SSl 5 S?i 5 f- 


Montraal 

ssaasta"' ® » 

Bombardier B 
Comfttor 
Cascades 
Dominion Text A 
DomhueA 
MacMillan Bl 
Nall Bk Canada 
Power Carp. 


Quebec Tri 
GvebecorA 

.Unhra 

Vldeatran 


49tt 44H 
21 21Vh 
171k u 

7* 7V. 

2»k 2Sk 

2 2* 

9Vh 9ti 

nvh 22 
6 6 
14 uie 


BSS5?«S :,mn 


Paris 


Accor 


735 739 


Latarve.GoMtae 


AlrUoufde 828 822 

AtcaMAWhom 685 Ml 

Axo. _ T333 1342 

Banco ke <Cle) 574 563 

BIC 1326 1322 

BNP 251 25740 

Carrefour tan 4049 

CCJ=. 240 236+0 

Cera lia^anajo 

Charoeurs 1503 1490 

amenta Frxmc 352 361 

dub Mid 429+0 420 

EH-Aauttalne 410 411+0 

Ell-Sanafl 982 983 

Euro Disney 32+5 3340 

Gen. Eaux 2713 2723 

457+0 457+0 


461457+0 
6430 65* 
594 589 

1222 1206 
877 B79 

1377013840 
271 271 

143+0 141+0 
435 43740 
199-50 199 

390 389+0 
926 920 

S2 ffi 

592 595 

14820 14890 
1762 1775 
905 915 

716 703 

565 560 

626 633 

324+0 323 

179 184 

338+0 33880 
16470 167+8 
1469 1452 


Lyon. Eaux 
Oreal (L’l 
LVJVLH. 
Malro-Hothette 
Mtcheftn B 
Moulloex 


PecWnev.Intl 
Pemod-Rlcani 
Peugeot 
Prlntamos (Au) 
Rotflofechntaue 
Rh-PaufencA 

Raff. SI. cools 
Redoute (La| 

So Int Goboln 
8 E+. _ 

Sfe Generate 
Suez 

Ttamson-CSF 
Total 
UAP. 

Vatao 

SES MUIT 4 


To Oar Readers 

The stock market in 
Zurich was closed 
Monday for a holiday. 
Stock prices from Sao 
Paulo were not avail- 
able for this edition 
doe to problems at the 
source. 


Singapore 

7+5 7+0 
7.73 7+3 
1140 11+0 

18+0 HM 
17+0 17+0 
2+6 2+2 
3+4 3+4 
810 5 

855 840 
10+0 1840 
2+6 2+4 
1+4 1+2 
8+8 W 
1Z10 12 

7+5 7+5 
7+0 7+0 
11+0 11+0 
810 S 
3+4 3+6 
745 740 
7.15 6+5 
14+0 14+0 
19!? 196 
338 338 


10,90 10. TO 
2.16 2.12 
; 2239+7 


Fraser Neove 
German 

Gold en Hooe PI 
Haw Par 
Hwne Industries 
I nchco pe 

KL Keaong 
Lum C hong 
AMnwiBcmkfl 

OCBC 

OUB 

OUE 

Sjmbowang 

|pSAv 

SWeLand 
Press 


(JOB 

UOL 


Stockholm 


AGA 
Asea A 
Astra A 
AlksCopca 
Electrolux B 
Ertann 
Essslte-A 
ttandefsbanken 
iWMtarB 
Hum Hydro 
Proeordto af 
S andvfcB 

5CA-A 
S-E Banken 
Skanoia F 
Skonska 
SKF 
Stora 

y3Sf” BF 

k toe nw dta : 
Pm r iees : 1 S +2 


416 413 

619 616 

156 U8 

509 509 

376 379 
347 344 

112 HI 

107 107 

184 184 
Z» 237 

113 112 

120 120 
128 127 

S3 5350 
137 135 

189 179 

148 146 

407 415 

99+0 97+0 
691 684 

1831+2 


Amcor 
ANZ 
BHP 
Boipl 

Bouoamvine 
Coles Myer 
Comal co 


Sydney 

9.70 9+2 
<25 4+6 
17.10 1&+A 
376 3+0 
073 070 
4+4 4+6 
4+0 4+6 
17.14 16+6 
4+3 4+5 
1+2 1.19 
i+a 1+6 

KLM 1034 
2 


RA 
C5R 

Fosters Brew 
Goodman Field 
lei Australia 
Magellan 
MIM 2+3 2+0 

Not Aust Bank 11 JB 11+6 

News COTP 9+7 9+2 

Nine Network 830 822 

N Broken Hill 133 130 

Poc Dunlap 810 5 

Pioneer Inri las 105 

NmndV Poseidon 2.15 2.10 

OCT Resource* l.iB 1.18 

Sartos 4 184 

TNT 3X4 ZD4 

Western Mining 7.10 4+9 

Westuoc Banking <79 4+7 

WoodsWe <30 415 


Tokyo 

S 497 

745 

1210 1190 
1610 1610 
1550 1550 
1670 1650 

1310 1320 

. ji Nippon Print lva 1930 
Dolwo Hou se 1590 WO 
Dahra Smcnrfttms 17X T7C0 


Aka I Eleetr 
AsMd Chemical 
AsahJ Glass 
Bank o» Tokyo 


Fanuc 
Full Bank 
Pull Photo 
Fujitsu 
Hitachi 
Hitachi CeCle 


lto Yokado 
Itochu 

Japan Ahllnes 
Kail mo 

Kansol Power . 
Kawasaki Steel 
Kirin Brewery 
Komatsu 
Kubota 
Kyocera 
Motau Eleclnds 
Motau EtecWks 
MUsuMshi Bk 
MJtsuWsftl Xml 
MltsuMrtl Elec 

Mltaubtshl Hev 

Mitsubishi Corp 
Mitsui and CD 
Mitsubishi 
Mitsumi 
NEC 

NGK Insulators 
Hlkko Securities 

xsszisir * 1 

UKSI^Sn- 

Nissan 
Nomura See 
NTT 

Olympus Optical 
RJcori 

inyo Elec 
arp 

il man»_ 
rinetsuChem 

litomoBk 
iltomoChem 
...jl Marine . . 

1 ml tamo Metal 
. jtsel Corp. 
TaUho Marina 

TWedaOmn 

Tallin 

okya Marine 
.'ekya EfeePw 

Toppan Printing 

'ortry Ind. 
'oshlba 
Toyota 

Yamakhi Sec 
O.’jr >00. 


4390 4360 
2360 2320 

2240 2230 

1030 1040 

986 978 
811 810 
1750 1760 
5520 5530 

702 699 

701 684 

935 925 

2660 2660 
.385 37S 

1240 1250 
953 936 

686 670 

6590 6600 
17X 1720 
1140 1140 
2860 2S30 
SB! 515 
618 619 

891 660 

1180 1W0 
600 798 

999 1000 
2070 211X1 
1150 1150 
1100 HOC 
1290 1260 
1060 1050 
73S 737 

360 350 

615 613 
910 896 

2340 991 
9200a 9190a 
1060 1050 

2500 2480 

883 878 

511 506 

1600 1690 
7X8 718 
2070 2040 
5960 5950 
2200 2230 
503 3Q5 

1010 990 

293 257 

703 697 
859 841 

1270 1260 
4660 4666 
520 511 

1360 1350 
3260 -'Pta 
1390 1370 
712 W» 
790 780 
2030 300 
BSD 863 




Toronto 

Abflfbl PIN* M* IT* 

sssar « a 

sS as 

49K 49% 
ZTfy m 
15fe 1514 
2513 2S* 
NA ■« 
0+0 0+2 
9U Mt 
n 7ta 
4+5 4+5 
S9W 30V. 



Canadian Poctflc 309k 21 Vs. 


Con Tire A 

lift 

13% 

Cantor 

41% 

4J 

Cara 

4+0 

<35 

CCL ind B 

Bft 

tt% 


420 

415 

Cominca 

20 ft 

21 % 

1. I- H 

31ft 

22 


0X9 

0X9 

Dickenson Min A 

N.O. 

— 

Dafasco 

21 % 

21 % 

Dvlex A 

0X1 

083 

Echo Boy Mines 

14% 

15% 

EOWffySffvreA 

OX5 

080 


EH 

3ft 

Fed Ind A 

7ft 

,7ft 


Fletcher Chall A 

FPI 

Gertra 

GddCorp 

Gulf Cda Res 

Heesintl 

HemtoGid Mines 

Holtlnoer 


Hudson's Bov 

Imoseo 

Inca 

Interprav pipe 
Joruiock 
Labatt 
LabtowCo 


Magna Inti A 
Maple Leaf 
Maritime 
Mar* Res 
Mac Leon Hunter 
Molson A 
Noma IrW A 
Noranda lnc 
Noranda Forest 
Narcsn energy 
Ntnsrn Tetecom 
Nava Corp 
Oshawq 
PagurlnA 
PtoeerDome 
Paco Petroleum 
PWA Corp 
Ravroc* 


Rogers B 
Rothmans 
Royal Bank Can 
Sowrtre Res 
scorns Hasp 


Sears Can 
Shell Can 
Sherri ti Gordon 

SHL Svstemhse 

Souttwm 
Soar Aerospaco 
Ste jcoA 
TaOsman Entry 
Tec* B 


TorprlQ Domn 20 ft 

Toretar B 23ft 

Transaha Util MW 

TronsCda Pipe 17ft 

Triton Flnl A 4+o 

Trlmoc 14* 

Trtaee A 0+4 

Unlcorp Energy 1+5 

nsm 



UaSto FUTURES 


VaAnedeiedPraa 


AND W 
SAI2BU8G 

You can 
receive 
ihelHT 
hand 
delivered 
to your home 
or office 
on the day 
of 

publication. 
Just coil 
toll-free; 
0660-8155 
or fax: 

06069-175413 


Seasor 

wen 

Season 

Low Open 

High 

Low 

Close 

Cha CfcJrt 


Grains 



WHEAT lOttST) MBeufflumm-i 

UnnrlaW 


172 

IOO May 94 128 

132 

124ft 

328 

-00114 14+53 

154 

1*4 Julta 116 

122% 

1X5% 

118% +0X3 27X66 

15T- 

3X2 S«>W 119 

124 

115% 

121% 

*cxr- 6uo 

1+S 

1W Decta 127% 


124V. 

axn 

*0X2 5J1S 

156% 

128%Mar*S 135 

US 

1X1 ft 

132 

+ 4X2 373 

135 

1I6V>Moy9S 



129 

+0X3 1 

142ft 

3J1 Jut 95 116 

117% 

114 

116ft *QX7V» 62 

EsLscdes 13X00 Frfs.sdes I1JS2 



FrTsopenW 48+2* w> 5t 

1 




WHEAT (KBOT) S+Oflbu r^-^urrv. 

iftiarluiW 


17?% 

28B MOV 94 3J8 

3J2 

125 

325 

—001% 7,156 

155 

287 Jui*4 115% 

122% 

1X4% 

118% +002% 11184 

155% 

XB%S«pta 117% 

3X4 

114ft 

119%+OXlft 1532 


117% Dec 94 123% 

1 x 0 % 

123% 

326 

+0XZV. 2J59 

153% 

136ft Mar 75 121 

130 

127 

127 

337 

334 121 May 95 

Ertsctes NA Fri's.wries 

<840 


123 

16 

Pi’s open ini 36+S4 oft 575 




CORN 

(CBtrn MeObunVodnunvOoftmoerl 

LXdNl 


116U 

2JB%May M 2+4 


2+0ft 

2+M» 

— O03V. 77, *28 

114% 



2+3 



2.(3% 

2 + 0 % Septa 2 +oit 

2+Oft 

2J4 

157 

-0X4% 30285 

173% 

U6%DeCta 2JJW 

253% 

2+» 

2+*%— OQS% 72886 

179% 

2J3%Mar9S 2J9% 

2J9ft 

12% 

155% -OXi 6330 

2X2 

2+3ftMay*3 2+1% 

2+3 

159% 

2+0 

—O0S% 756 

2X3% 

2+5 Jut 95 265 

2+5 

2+7 

2+3’+ -0X4% 1J65 

2+1% 

2+6% DSC *5 2+9 

2+9ft 

2+4% 

2+8 

-002% 1JP1 

ESt SOiW 65X00 Fffs.safe! 

51X62 



FifsoeenW 31134* off 3426 




SOYBEANS (CBOT) S+Nbu 
7J1 iWhMovta 4+4 

658 

651% 

656% +0X3% 39,105 

7+0 

584% Jut ta 6J1 

6J4% 

d+fft 

654% +OX4 51748 

7J5 

628 Augta 4+6 

650% 

643% 

648% +0X4 9+55 

4+9% 

617 Septa 629 

6X0 

623ft 

627 

5^2? 

7+7% 

SJ5%Nov94 612 

613ft 

6X7 

610 

—002 36X68 

670 

617 Jan 95 617% 

619 

613 

616%— 41X1% 2JHJ 


622 Mor»5 622% 

<23% 

618 

620%-aflSV. 682 

670 

62S MOV *5 424 

62S 

621 

622 

-OD* 85 

4J5 

425 Jut 95 627% 

627% 

624 

625 

-002% SB 

4+8% 

5XI%N0V*5 S+S'l 

1ST 

583 


Est.sctos 45X00 FfTs. softs 

36*78 



FrTs open int 149+BB off 619 




SOYBEAN MEAL {CBOTI 

*n orlon 


232X0 

18478 Mayta 187 JO 

188X0 

18680 

187+0 

*0+0 21X72 

ram 

18520+4*4 187 JO 

18610 

186+9 

187+0 

♦ 050 36256 

32100 

185JX) Aueta 166-50 


18570 


♦0JD *+S4 

2HX0 

18370 Sep 94 184J0 

185X0 

18610 


+0+0 7+3* 


181+0 Oct M 182+0 

m+a 

181+0 


+ 110 6A30 

20* JO 

4+0DeCta >ii JO 

TBI+0 

10650 



200X0 

180J0JB195 181+0 

181+0 

18080 

10080 

-020 1,70* 

194X0 

181 JQ Mar *5 18150 

18350 

182J0 

18220 

—020 451 

19150 

TSUOAtovTS 78320 

18320 

,8220 

182JD 

-020 225 

7BBJ0 

182+0 Juf *5 184X0 

184X0 

78250 

78150 

-0X0 127 

ESt. softs 15X00 FffS. softs 

11571 




FiTs opened *o+*e off w 





SOYBEAN OOL (CBOTI unb-m 

onor Wb 


30+5 

21 JO May 94 2728 


27.14 


+128 21X76 

2* JO 

21 JS Julta 27 J7 

27+0 

27X8 

27 J* 

+126 30+18 

29 JB 

21+5 Augta 27X3 

27.15 

26+5 

27.12 

+023 n+co 

28X1 

22+0 Septa 1650 

2670 

2637 

26+5 

+116 70247 

Z7.fi> 

22. IS Oct ta 830 

2573 

25+3 

2577 

+017 7 JBI 

77JB 

65QDeeW 25X3 

25-15 

3180 

25X2 

+105 16855 


22+5 Jan 95 24J5 

2<*» 




24+5 

24+OMOTtS 24+5 

24+S 

2470 

ZtTT 

-009 SOB 



24+5 

Z4+J 



2640 

3475+195 24+8 

24+8 

24+5 

24+5 

-110 71 

Esf.x+a 18X00 FfTs. softs 

17X14 




FH'lOPftlfed *1375 Off 230 






Livestock 



CATTLE tamo mean.- 




H2J5 

73J8APT94 7615 

7615 7577 

75J5 

-0*0 6+61 

75J7 

71J5 Junta 7110 

7112 

7112 

1117 

—1X0 30X10 

7187 

7130 Aug 94 7T72 

7172 

nus 


—1X0 13+03 

74,10 

71X700 94 7285 

7287 

72X7 

7227 

—020 10+68 

7430 

72X5 Dec M 7122 

7125 

72+S 

7175 

—1144 4+K 

7425 

7273 Feb *S 7280 

7280 

72+0 

7152 

-OJI 1XW 

75.10 

7150 Aar 95 7385 

7195 

73+2 

71+5 

-030 537 

Esi. sates 17+0 Frl's.sdes 

11+7* 








FIBBER CATTLE KNM] 

taeON-MMrn 




30X5 




«X> 

7870 Marta 80.15 

M.15 

79 J7 

79.57 

-0+0 3X58 

53X0 

7U5 Augta BL2S 

807S 

79+7 

79+7 

— a« 4+46 

njo 

79 JD Septa 80X2 

BQX2 

79 JD 

79.72 

-OX 938 

ms 

79 JO Od 94 7980 

79.90 

794) 

7075 

-117 732 

axo 

77+5 Nov ta 80JS 

OCXS 

8000 


— 0JO 435 

n.95 

79X8JWIH 7*70 

7*70 

79+2 

79+2 

-OX 85 

■JS 

79.I0MCT96 7700 

79.00 


78+5 


ES.SC* 

1 1+46 Fit's, sdn 

2.181 




Ffl’soaenM 12+89 UP 687 





MGS COMER) AflOOM-caifitok 




51.92 

39J7ASTM 46+0 

47.1S 

4630 

4680 

+Q.93 789 

5LZ7 

4127 Junta 52X0 


52+0 

0.15 

+0+0 17J85 

SU7 

4SJ0JUW 52X0 

sz+o 

5180 

5115 

+145 1716 

OAt 

4635 Augta SO. 13 

Sa+7 

teto 

sens 

*0+2 1190 



4690 




SLSD 

45X5 Dec 94 4400 

4625 

4580 

*633 

*127 2JBS 

SUO 

4130 Feb *5 4615 

462S 

4605 

46X5 

♦0X8 299 

BLS0 

40.90 Apr 7S 030 

4683 

44+5 

44+5 

+0X5 149 

51 JO 

48A)J|*19S 



085 

+1X5 a 

EsI. sates 4.109 FrTs.wfts 

3+03 




FffJOMflirt 31.9a off 4 





PORKB9UES ICMBQ «U»aK.-oiMSMrft. 


ft JO 

teJSMoyta 5415 

54JS 

SUB 

5195 

♦C.M <47* 

axo 

aoaiJuiM so+o 

55.15 

5610 

54+2 

+112 SX1? 

59 JO 

4200 Augta 52+5 

S+7 

52X0 

5220 

♦ 1M 714 

11.15 

39.IOFeb*5 5650 

56+0 

5585 

5580 

-145 133 

KL9D 

38+0 Mar *5 55+0 

a*o 

HJ5 

SUO 

+110 W 

11X0 

5650 May 95 



S7XS 

+0J0 1 * 

=sLides 3 JBI Ftrisws 

2+11 




Fri'caoanM I0JS7 up IBS 






Food 

COITEEC OKSB} SUOOWlL-ampirB. 
90+0 6326 MOV 94 8 LOO BI.TO 10.10 

87+9 6450JUIM BL75 8125 BLOO 

8X38 aJBScpM MJB 84+5 13+0 

91+0 77.10 Dec 94 8S+0 IL3Q 8520 

90+0 78.90W 95 87.10 B7J0 86+5 

TUB B+oMcyK US V! M 

•920 tUOJdh 

9IJB 99 20 Sep 95 

ErtsMss 2X451 FfTiStaas aid 
Frt-sapanlnt 59+06 Off 2405 


SUCAN-WDRUStl (NCSEI nuajta- 
12+7 &308tavW 10,97 11+4 II 


ltt.97 



rrv" 

.ill II 



K Lrl 


:v '1 

f f ] 


t~\ 



L- J 



■ \ 

K 1 1 

















Han 

Low OP*n 

«» 

Low 

dose 

QV 

Op0d 

12-53 

9-lSJulW 1U2 

11J7 

1U0 

1U1 

+8X6 41075 

11.98 

9+2 Oa M 11.15 

11JS 

11.15 

ix.17 

+007 29084 

11J2 

9,17Mor95 10+9 

1083 

1009 

10JD 

+8X7 14341 

11+8 

11157 Mo *5 1082 

W82 

K117 

70*0 

+88! 

20B 


10+7Jul 95 1080 

1084 

10-87 

1090 

+805 

1.II9 

11+0 


10.91 

10X5 

1890 

+OIII 

365 

1 1X5 

108SMcr9A 10+0 

10JB 

HUB 

1090 

+085 

<1 


T3J02 





Ft?* open In! 112X67 off «15 









1348 

978 Apr 94 1124 

1160 

1X24 

1140 

+23 

202B 

1365 

999 Julta 1164 

1184 

1164 

1171 

+21 31026 

1377 

M20SSPW 1193 

1206 

1193 

1195 

+ 10 12065 

1X9 

tofiDecta 1225 

1210 

tas 

1230 

+18 

8,143 

1382 


1275 

1263 

1263 

+ 18 1DJM 

1400 

11 11 May 95 R9B 
1225 Jul 95 1325 

1298 

1291 

1284 

+ 18 

4.944 

1407 

1325 

1325 

1308 

+ 18 

XBS 

1350 

T275SCP95 



ran 

♦ 18 

521 

1437 

1333 Dec 9S 



1360 

*18 

291 

138S 

1385 Mar 94 



1395 

+ 18 

1 

Bf. softs 9.W* Ft rs. 60*4 

IA837 





Fri'sapenH 80J83 aft 132 
ORAN68 JUICE (NCTN3 HM84. 
135X0 WXOMayta 102X0 102+0 

cord»aa 

10CL45 

■>. 

10050 

—1+5 

5+568 

ism 

WlJOJl+W 104J5 

105+0 

10300 

10.10 

—1 JO 10+88 


10550 Septa 106-50 
105X0 Nov ta 10805 


TOSJO 

10JJO 


2041 

134X0 

wans 

10600 

106X8 

—1.10 

133X0 

10136 ton 95 108X0 

108X0 

106+0 

107-50 

— OJS 

2,118 

1342S 

10600 MW 95 108X0 

109+0 

109 JO 

109+0 

+050 



May 95 



non 




Jul 95 













ESt-SCfti NLA FrTfcRrtS 

3+42 





| FWSOPenW 22X10 UP 372 






Metals 




M GRADE COPPER (NCMX) NOW 

fet-catuwk 



93JS 

74.60 Apr 94 86.40 

87.10 

84+0 


—80S 

351 


73+OMay 94 87.15 

87 JS 

6641 

87X5 

-0)0 21054 

9780 

7610 Jin 94 



87 JS 

-OOS 

906 

II 1 


OLIO 

8185 

B. 30 

20+27 f 

IezlJ 


8810 

8700 

87 JS 

+0X5 

5,193 

101 JO 



8700 

87+5 

+0X5 

4.118 

90+0 


8705 

8705 

87 JS 

+OW 


*9X0 

73X0 Feb 95 



<705 

+020 


W7 .50 

73X0 M» 95 87+5 

87+5 

87+5 

87-95 

+825 

2X31 

91 JO 

76+5 May 95 87+0 
7BJ0JU195 87J5 

87 JS 

87+0 

QL05 


an 

91 JD 

87+5 

B7J5 

801S 

+830 


91 J5 

* 7630 Aug *S 



87+0 



9125 

79.10 SOP 95 



8825 

+030 


9115 

75800095 



87+0 

+810 


sax 

nJ5NO»9S 



87+0 

+0X5 


9185 

H - iV 



8BJ0 

+830 

3D 

89 JD 

88+OJun 96 



86K 

+OJO 


1 E3t.S*B£ 10+00 Ff*vu*» 

6J78 





1 rtrsoomnm 57+62 lto ITS 





I 571X 

91 8X Aorta 



5260 




■ ■if l.'-TlTg-If 

53SJ 

9(0 

S24J 

+87 54+26 

5660 

aax Junta 528 X 

537X 

5260 

52BJ 

+2J 


5865 

371 X Julta 528X 

54UX 

S280 

S3U 

*20 29+41 

590+ 

3765 SepW 5368 

500 

532+ 

SM 

*29 

4752 

597X 

380-0 Dec 94 539+ 

551+ 

99+ 

542+ 

+30 10+36 1 

564X 

401XJon95 550X 

5500 


5445 



6040 

416+Mcr 95 5500 

5S0X 

5500 

5500 



4065 

4180 May 95 561 X 

5410 

5610 

S5U 


2X73 

6100 

4300 Jul 95 



541.1 


5650 

493XS8P9S 



SS7.) 

-3J 

Iff 

624X 

S39XD0C9S 



5761 

+12 



Jon 96 



57H+ 

♦ 32 



25X61 





FfT*0P>vil« 112X41 up 9a 








428+0 

335X0 Aivta 3*3+0 


3*300 

3*020 



437X0 

35700 Julta 390X0 


Ft-lfl+N 

2*3+0 





k ■■ 

39500 

-410 

1009 

429+0 

374+0 Jem *5 3*9X0 

406X0 

f. ’If j 

39610 


440 

lE-LJI 

B 1 -A ■ 

m 

aaso 

397 JO 

-oio 

083 


9,m 





GOLD 

NCMX] ltomraL-dtoanpirfearec. 






37810 

37170 

96+0 

—890 


3*2+0 


378X0 

278X0 

377+0 

— two 






L- ' B 


415XB 

341 JD Aug *4 381 JO 


371.10 

OEi 

r* 11 

417X0 

344X0 Odta 38150 

385.10 

SOSO 

384.10 



42650 

3C0O Dec 94 387 JO 

.18900 

38690 

39.10 


411X0 

363-50 Fed *5 371 JO 

39200 

91 JO 

390+0 

—e+o 

iso 

417X0 

364+0 APT « 



BUS 

-aso 

<479 









arr? nn 





413X0 

41 OJO Od 95 


40440 

—420 


429X0 

43200 Dec *5 



40840 


<5*4 

4265D 

412-5D FetJ 9i 



472+0 



ZX+K 











Season Seam 


Open Mob Low dose Chg OpJtH 


95.180 


907WDKM 94+30 *4330 *4.100 

90+4BMcx~95 KOTO 94+00 93+10 
*4230 987X0 JUP 95 93750 93250 93+9Q 

94+M 9L3105*P» 91470 91470 0210 
M+90 71.180 Dec 95 0178 90.110 *2+30 
94220 *0260 Mar 96 91110 93.1U 92+70 

E&t.prts NJL FiTlarts <0+57 
PrrseepikP 2+31+33 up 252*5 
BRITISH POUND (CN3Q iprmrt-lMn 
1+150 1+474 Junta I +680 1+7SB l+6» 

l+5fl0 1+440 Sep *4 1+710 1+730 1+634 
1+950 MSOODeCta 
1+640 l+64DMarta 
FA sates NA. FtTvstoes 6+08 
FWsepaiM up Ml 

CANADIAN DOLLAR «MER) lNr*.lpg| 
07B05 OJIUJunM 02202 02710 OJT7& 
02068 Septa 02170 02177 02140 

BJDSDCCM 07130 87150 87120 
02IO0MW9S 02125 02125 020M 

04*90 JUn*5 07080 02080 02073 

NA. Fri's.MSe* 1173 

FrfscpenW * 2 +* up 1*9 
German mark ccmeh) iwnM-inh 
0+133 85607 Junta 0+817 0+048 8+7*0 

0+065 0.5600 SBp *4 0+824 0+833 857S2 

0+953 055*0 Dec » 0+801 8+830 0J7B5 

0+817 O5810Mcr9t 
EstKfles NA. FfTLscrts 3M2E 
FrTsi s.pi in t *8009 up 2926 

JAPANESE YEN CCS 

8089*450X08871 Junta 

OJ Q990KL OQ8942SSPM 

0X099301 JXJ9525DCC 94 

Est. soles NA. FfTs. sates 13+03 
FiTlo pei Int 51316 off 1043 
SMBS FRANC KNBt] l par tong. IpeH 
02115 86590 Jun M 86875 86919 868 
U1U 0+60D Septa 0+892 06*25 068 
87130 8*485 Dec ta 0+926 0+945 0+8 

Ert soles NA. FrTs.sate 26+19 
FrTsoo anlnr 37.137 op xnt 


94.110 -830311+15 
93+20 — 30)264+17 
93+00 -340205+47 
93+30 — M0 174+99 
*2+50 —230 134*28 
92+90 —220126+55 


tauc* 90X001 _ 

1+738 S-54 48+C6 

1+716 158 9M 

1+7D4 +58 32 

1+700 +60 2 


87112 

87143 

87116 

07095 

82073 


—31 36,116 
—25 1+3 

—3i wn 

—33 605 

—34 76 



86*05 +31 38711 

0+919 +34 375 

0+945 + 26 U 


Industrials 






\W '■ 

^P - ' F •/ . T 7 I . 



| 1 | f - 1 






1 1 ’1 




1 * 1 1 1 ’^ 1 










j. ■ 




Wr 1 

1 . 1 >| 





riM-i 


Ml ■ J 




















_ Oct 95 

^B-tates MA. Fri's. sales 12+69 
RrT* open kit 58+44 up 13* 


» Ja 
SUB 
57+0 
5S40 
57.17 
57 JO 
SUO 
39X0 


ssxo 

51+0 


*1X0 May 94 47.10 4723 46.90 

47 JO 4720 46+5 
41 20 AS 94 47+5 4750 47.10 

<220 Acuta 47+5 0835 47^ 

43+0 Septa 48X0 49+1 48+5 

AUOOdta 5QJQ 5805 4925 

46X0N~« 5895 5895 5020 

*U®DeCta 51 JO 5125 51 JO 

4325 Jan 95 47 j* pjs pm 
52X0 S2J5 51X5 

£S5£w ** njs 5135 
4190 

47+5 jm *5 
47+0 Aus *5 


47X3 
46X3 
47.11 
47+6 
48+6 
<9-5* 
50+1 
51 Jl 
5121 
SI 21 
9+1 
49+1 


4871 

49+6 


-IU7V+a~ 
-037 3UW 
-839 33+77 
—839 12+86 
-834 9.571 
—829 7X3 
—029 S223 
—829 11.971 
—834 4XSI 
—824 3+» 
-029 1^9 
-834 778 

—039 7U7 

-839 Bl 
— UP- 


Financial 


PSA —815 36X27 
9i» -81* 11 JC 

*427 —021 4+62 

*4+5 -023 150 


184,971 

060 


US T. BILLS CCMEM *1 Nta-wnm 
9676 95+7 Junta ti*6 93+6 95+1 

96+1 9837 SepM *5X3 95+3 *531 

*810 94X0 Dec ta ta.96 *4X6 9677 

Km *663 Mar 95 

Est.seta NA Fri'i.wfes 1204 
FrTsmnM S2J8 8 Off 3B5 

5YR. TREASURY (LUO It KlUOInlA-MiWPViaoc 

112- 05 104-23 Jun 94105- 195 105-225 104-» 104-24— V 
110-1*5104-06 Septa 104-13 104-14 HD-26 103-28 — 27 
ES. Bate* KA Fits, sales 51,193 

RfSOPtaW 187+31 OR 2699 

WYtLTREAS+rr ICBOD naxeoprta-pisLiMkBiHBDa 
115-21 HD-30 Junta 105-19 1U-Z1 106-00 M6-X4 -103 338*96 

11MJ US-30 Septa 104- H 104-11 103-06 IIB-10 —105 10+61 

114- 21 lax-ao aecta 102-17 102-17 ttn-ti ttu-tj —tot tm 

" 1 -® IE-09 MOT 95101-19 wi-l* 101-18 HH-K -105 

105-22 101-35 Jun 95 100-29 US-29 IID-28 100 - 2 S —105 

K.W4SS NA. Firs. sates 86844 

FrTsoPWirt 

IB TREASURY BONDS (CBC7T) OpMUUBdUlManMl 
119-2* 91-06 ton 94104-71 1M-26 HD-03 103-13 -188 427+76 
118-36 90-13 Septa HU-26 , 03.26 102-06 HB-1S-1H 46+32 
lXB+0 91-19 Dec W 103-00 103-00 UT-16 Ml -23 —108 
lto-* 100-30 Mar 95101-25 101-23 100-16 I0MS— 107 

115- 19 90-15 Ain* 100-05 100-18 (0045 W0- IS —106 

113- IS laa-28 Sm9S 99-19 100-00 99- r* I00-0Q —106 
10-14 IOO-W OKH1HI 99-16 99-05 *9-16 —106 

114- 06 99-04 Mv 96 *8-23 9842 *8-73 9942 —106 
Est.Kfes NA FITS, sates 273+50 
Ftfs aagi W 509.173 up H7H 

MIMOPAL BONDS (CBOT) UXhhv. W»88— ITMpp 
104-07 1746 Junta *0-31 9147 19-11 0-26 —106 31.132 

*5-17 86-13 Sapta *0-12 90-iJ 88-25 0940 -4 06 159 

Estsdes na. Fri*s. sates 63X 
Frfsoomnin) 31+91 up 10} 

EURODOLLARS ICMER3 ilMMUKlKt 

95+TO TSAO Junta IU30 93J» tS-MO *5+60 — 1 MMttM 

95+78 90360 Septa 94.920 96950 94300 94710 — 210378+0 


71 


32+31 

1.9*0 

274 

77 

4 

34 


□TOMoyta 1LM ,877 1&43 

14X2 Jun 94 ,6+6 16+6 16+ 

14.15 Jut ta IS^n ,sjd 16J5 

1635 Aug 94 UJ6 14.44 1820 

16505CPM 1835 180 820 

14+500*4 1845 I8M 18» 

,6 - V 16JSC 7AW 
1693 Dec M ,849 16+7 16J8 

1 5.15 Jan « ,850 16+4 8to 

1128 Feb 95 ,870 1830 1854 

13+PMayrs 

1SJ3 Jun*S 18X3 1803 uw 

1805 Jut *5 ^ 

16.16 Aug *5 

16 J 1 59P W 17+0 17X8 17X0 

MCO095 ■" 

X6JDDeC*5 1775 T72 T7J25 

— . M 174S 

Ri’SDpanM 418TO 


19+0 


■ww 

nr. 


16+5 

16+1 

1833 
1831 
1831 

1834 
7836 
18+2 
16+8 
18+4 
16+0 
16+7 
1834 
18X1 
16+0 
16X5 
17X2 
17X9 
17JS 
17+2 


+007 62+41 
— OiEHM+M 
-0X5 45+J8 
—005 29+47 

JSSS 

=^2 

1 SRS 8 

-an 

-Oil AM 
-Oil S.M0 
—Oil 15+39 
-Oil 5+» 

—011 5 m 
—an 6N 

—Oil 641 
-012 W+77 

-an 1+47 


61 JO 
61X0 


43+0 May 94 3038 SsbSjq 
4610 Junta SUD 5115 SlS 
44.WA+M 50+0 5L90 toi 

S+OAuoto 49.95 5030 %J0 

SlSSS S 8 S *» 
_ SilSS-ta £££*£* 

RT.22. - “to* 32.130 

r-rvi open BO UI+53 up qq 


54X0 

47+0 

«X0 


SUO — 03BS2JW 
50+6 -43230+M 
PM —031 14910 
49 J6 -02711+jg 
<9X2 -025 
<7+7 -OS 
4857 —025 2+61 


Slock Indexes 

Sue stlSta'sS Ss'ss -^" 7 % 

MS™ 

I 


Moody's 
Reuters 
DJ. fnjturn 

C«a Research 


Commodity Indexes 

Clew 


1307.10 

ixn.ro 

136J7 

222.17 


Preriow 

1*55 

1374 

mfi 


9 1 1..*' 


■ ,'r •“ 

■ .li'S 


I 


I 





























Mil . - 

Ns. 


1 V- 






Schneider Hit 

With Personal 
Bankruptcy St 


FRANKFURT — fto n i^ ny ffled F or bankruptcy last Friday. 

proceeding were lamS^IP 1 ^ c 7 h ? J whereabouts of Mr. 
Monday by two hnnir« c >^ , on Sdinader, who is being investieai- 

fugitive prope^ifJSS 38 * e unknown. He disappeared over a 
pled *??. *80, leaving the company 

to unraveL COnlmu ^ with bank debts of 5 bilbooDeut- 

Meanwhife Mr «„u . sc * >e “*rks and unpaid bills of 

largest bank ^ eM ^ s around 250 million DM. 

Bank AG, defendtJ?LcH? CUl ^ e 2** ^ railkfun *“* prosecutor's 
accusations that h |5? ag f J ^ st “directly cridtized Deut- 

fonned authorities mriSL 1101 “J «*e Bank over the weekend, saying 
of his red dSte^S^S ly J en0U8h 11 WB * Iwarre*’ that the bank had 
financial problemT* 101 ** 11 ^ 5 30116 no1 in * onnc d authorities more 

sraSsSr? SfasaasaSS 

tel n^S^,£ a S2b.“ sald ‘! April 4 and received cm April 7 Ihfll 

eight of the 7 Sn . <leM:,0 P“ ie “ of the company had acute problems, 
agni oi the 75 protects undertaken The U 


krvT , 75 projects undertaken 

g Dr. Jurgen Schneider AG, Mr. 
ocnneiaer s company 

-SmT^bse 

oant filed the case on Monday in 
the district coun in the town of 
Konigstem, where Mr. Schnieder’s 
company is based. 

Earlier on Monday, Technoteam 
Bau consul i AG, the Schneider sub- 
sidiary that carried out the building 
projects, filed for bankruptcy. Mr. 
Schneider’s main operating compa- 

Germany to Post 
Rise in Output 

Bloomberg Business News 

BONN — The government ex- 
pects to report a rise in first-quarter 
gross domestic product as the re- 
covery in Western Germany 
strengthened while growth in the 
East gained momentum, the Eco- 
nomics Ministry said Monday in a 
summary of its monthly report. 

The ministry also said it expect- 
ed inflation to slow this year. West- 
ern Germany’s inflation rate fell to 
32 percent in March from 3.4 per- 
cent in February. 

The ministry said an improved 
business c limat e, rising manufactur- 
ing orders and increased construc- 
tion activity since the beginning of 
the year supported its view of recov- 
ery in Western Germany. In Eastern 
Germany, inHugriat production was 
up 16 percent in the first two 
months of 1994 from a year earlier, 
construction orders surged 29 per- 
cent, and retail sales rose 9 percent. 


The h ank said it had immediate- 
ly launched its own investigation, 
during which suspicions emerged 
that Mr. Schneider may have acted 
fraudulently and falsified docu- 
ments. 

On Sunday. April JO, Deutsche 
Bank rejected a request from Mr. 
Schneider for a bridging loan for 
his company. 

At the same time, the bank start- 
ed to suspect that Mr. Schneider had 
actually absconded and had not 
simply left the country on the advice 
of ms doctors, as he bad claimed. 

“The following two days were 
used fear further internal clarifica- 
tion of the situation and for talks 
with other banks," Deutsche Bank 
said. 

On Wednesday, Deutsche Bank 
launched its own suit against Mr. 
Schneider and offered to help the 
public prosecutor's office with its 
investigations. 

“I do not see what is bizarre 
about this,** a Deutsche Bank 
spokesman added. He said all 
Deutsche had been told was that 
the company had /fiffimlffas and 
(he Hank t>ad than investigated 
these. It had later made a com- 
plaint to the prosecutor and offered 
to help farther if required. 

Bank creditors have said they 
would form a group to examine 
which of Mr. Schneider’s building 
projects can be continued in a bid 
to limit the damage to thousands of 
gnat! companies. 

In an interview with German ra- 
dio, Economics Minister Gunter 
Rooodt said German banks had a 
special moral responsibility not to 
let small and medium-sized com- 
pameahit by the collapse of Mr. 
Schneider's property empire fail 
(Reuters, Bloomberg) 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


Portugal Plows Ahead 

Small Stock Market Posts Big Gains 


New York Tunes Service 

MADRID — Investors in Por- 
tugal’s small but booming stock 
market were barely ruffled when 
rising American interest rates 
sent most European markets 
turmoil last month. Never mind 
the bears on Wall Street, they 
said, forget the volatility in Ma- 
drid; Portugal is on its own cyde. 

Foreign investment and fall- 
ing local interest rates have been 
hiding a rally that began more 
than a year ago and that some 
say is likely to continue, albeit at 
a slower pace. 

The Lisboo stock market’s 
BVL index, which soared 53 per- 
cent in 1993, continued to climb 
early this year, reaching 999.46 
mi Feb. 18 — its highest since 
October 1989, the last time the 
index was above 1,000 points. 

Analysts call its earing over 
the last two months an overdue 
tech ni cal correction and still ex- 
pect it to move generally higher. 

Though the Lisbon exchange, 
which some international 
funds classify as an emerging 
market, is small and narrow by 
European standards, money has 
been pouring in. 

Over the last year, the volume 
of trading has almost tripled in 
local-currency terms, to 56.05 
trillion escudos ($321 million) 
last month. 

“The amount of money com- 
ing in is realty tremendous,” said 
Francisco D’Orey, a trader at 


Mdk> Valor es, a Lisbon broker- 
age firm. In three years, he said, 
daily trading volume had jumped 
tenfold, to more than 3 bfljjon 
escudos. 

In dollar terms, daily trading 
has jumped to the range of $15 
min fnn to S20 millio n, compared 
with $5 million to $10 million in 
the first half of last year. 

Many analysts agree that 
changes made m late 1991 gave 
Portugal's market more interna- 
tional credibility. Insider trading 
was outlawed, and automation 
increased, the market's liquidity. 

Brokers acknowledged that 
the first six months of 1993 were 
driven by frenzied foreign invest- 
ment, especially from the United 
States. But as interest rates be- 
gan to drop, falling from 14 per- 


C * f~ t ' $ ’• ’ -t***; 



Source: Bloomberg 


cent last year to just under 9 
percent in March, local institu- 
tional investors jumped in to join 
the rally. 

“With risk-free High returns 
on T-bonds, mutual funds had 
no time for equity portfolios," 
said Eduardo Stock da Cunha of 
Banco Santander de Negbdos, a 
Spanish mer chan t bank in Lis- 
bon, Now, he s aid, “funds man- 
aged by our asset-management 
company went up by 200 percent 
in 1993 and we set up two stock 
market funds in six months." 

Prime Minister Anibal Cavaco 
Silva «»id in March that rates 
could fall a further two percent- 
age points by year’s end. Infla- 
tion, currently 6.1 percent, is ex- 
pected to ease to between 4.5 
percent and 5J percent by the 
end of 1994. 

The Finance Ministry, mean- 
while, says it is determined to 
push its privatization pregram. 
Four companies — two cement 
makers. Seed and Qmenios de 
Portugal EP, and two paper and 
pulp companies, Cefla and Em- 
presa de Celulose e Papel e Por- 
tugal SA — will be on the market 
by summer. 

Sectiiddade de Portugal EP, 
Portugal Telecom and Pttrbleos 
de Portugal are scheduled for sale 
to investors in 1995. The Finance 
Ministry predicts that these three 
giants alone will increase market 
capitalization by 5 percent. 


Russia Reforms Draw Western Praise 


Reuters 

ST PETERSBURG — Western officials gave 
Russia's economic reform program approval 
Monday, praising the country’s commitment to 
cutting inflation and slashing its budget deficit. 

But they warned that reform must continue if 
Russia is to expect more financial support from 
Western governments and lending institutions. 

At a meeting of the European Bank far 
Reconstruction and Development here, Law- 
rence Summers, the undersecretary of the U.S. 
Treasury, said he was encouraged by comments 
from Prime Minister Viktor S. Chernomyrdin 
that reforms would stay on rack. 

Mr. Chernomyrdin met officials from the 
Group of Seven industrialized countries — 
Britain. Canada, France, Germany, Italy, Jar 
pan and the United States — for informal talks 
on Sunday night. 

“I’m encouraged by what’s been going on in 
the last few months,” Mr. Summers said. Tm 
encouraged by lower inflation and I'm encour- 
aged by moves to cut the budget deficit. The 
central bank has a new religion in terms of 
controlling credit.” 


Financial analysts have said that unbridled 
credit provided by the Russian central hanlr was 
one /actor behind Russian inflation of 2,600 
percent in 1992 and 9.000 percent last year. 

But inflation has subsided as inflation-ad- 
justed interest rales — long lower than headline 
inflation rales — became positive. 

Kenneth Clarke, Britain’s chancellor of the 
exchequer, said it was important for Russia to 
keep interest rates higher than inflation. 

The Russian central bank refinancing rate 
stands at 210 percent, or 17.5 percent per 
month. Consumer prices rose 8.7 percent in 
March, and Mr. Chernomyrdin said Monday 
he expected April’s inflation rate to be similar. 

Recent Russian policy has been targeted to- 
ward meeting conditions from the Internation- 
al Monetary Fund to receive a new $1.5 billion 
loan. Mr. Summers said he expected the IMF 
board to approve the loan Wednesday. 

But one result of tighter central tank credit 
to Russian enterprises is Ekety to be rising 
unemployment and worsening social condi- 
tions. The government, under pressure from 
industrial and agricultural lobbies to boost 


spending, may find it hard to match its words 
with deeds. 

Mr. Summers said Mr. Chernomyrdin was 
working on ways to soften soften the social 
impact of reform. 

“The Russian government sees this as a priori- 
ty, and we share that view,” Mr. Summer; said. 

Despite the social unrest that comes with 
reform, the lure of a vast emerging market is 
attracting foreign investment, bankers and 
economists said. Privatization is shifting up a 
gear with planned debut offers of block shares 
to foreign investors in coming months. 

Opposition to President Boris N. Yeltsin is 
still strong, but agitation by hard-liners for a 
nniKs upheaval to remove him seems to be 
flagging with no signs of widespread popular 
support for a violent change of leadership. 


ft's never been easier to subscribe 
end sam. Just coB taJHhae: 
08002703 






Page 13 


Berlusconi 
Loosens 
Media Reins 


AFP-Exiet News 

ROME — Amoldo Mondadori 
Editors SpA said Monday it was 
buying all of the publishing and 
printing activities of Silvio Berius- 
cone Editore SpA and would offer 
51.15 percent of the company to 
foreign and Italian in v e s t o rs. 

Meanwhile, Finmvest SpA, the 
company controlled by Silvio Ber- 
lusconi that acquired a majority 
slake in Mondadori in 1991, said it 
would reduce that stake to 47 per- 
cent from 98 percent by selling 
shares on the stock exchange. 

Mr. Berlusconi, the leading can- 
didate to become Italy’s next prime 
minister, has said he would put 
Fininvest into a blind trust if he 
wins the office. 

Mondadori said the acquisition 
would cost about 490 billion lire 
($30 million). Trading in Manda- 
dori shares have been suspended 
since Wednesday. 

Mondadori will issue 33 million 
shares, raising nominal capital to 
12&9 bfficoure from 952 billion. 
These shares will be added to the 33 
nriffian Mondadori shares held by 
Silvio Berlusconi Editore to com- 
prise the 51.15 percent of Monda- 
dori offered to the public. 

The offer price has not been de- 
cided but will be between 12,000 
and 15,000 lire per share. Holders 
of Mondadori savings shares wQl 
be able to convert those into com- 
mon stock at a 1-for-l ratio plus a 
payment of 3,750 lire per share. 


Investor’s Europe 


* ; | 

2- r* 

> » '■ '** i ^*i ; m 






k* i mmr r vu , • *^.’1 fWVNMMa r J «r -xs rnm,t ‘. " . 1 

■ 


Sources: Routers, AFP 


Very briefly: 




# Banesto's suitors narrowed to three, as Banco de Klbao- Vizcaya, Banco 
de Santander and Argentina QnporaciAn Bancaria de Espafla SA said' -- 
they had confirmed to the government they would lad for a controlling ^ 
stake in Banco Eszofiol de Crtdilo SA; two other banks dropped out. 


stake in Banco Espafiol de Crtdilo SA; two otter hanks dropped oul - : 

• Banco Popular, one of Spam’s largest, privately owned banks, an- 1 
nounced consolidated net profit of 14.97 billion pesetas (S 107 million) for > 
the first quarter of 1994, a 0.1 percent increase over a year earlier. '* 

• France’s economic recovery spread to aB sectors in March, according to - 
a monthly survey of company managers by the Bank of France, and was ’ 
particularly strong in transportation industries, mainl y because of “mea- ’ 
sures by the government io encourage the replacement of old vehicles. “ ' 

• Vagin Groq* PLCs chairman, Richard Branson, announced an accord , 
valued at £150 million ($221 million) with a Japanese company to turn 
the former County HaH building in London, just across the Thames from 
the Houses of Parliament, into one of the city’s biggest bolds. 

• Cbmpagme de Suez's rhaimum Girard Worms, said Suez’s Soti£f6 

Generate de Belgique unit was considering increasing its 1 1.89 percent 
stake in Accor SA, a French hotel concern. Bloomberg. AFP. Reuters - 


: French hold concern. 


BlOomberg, AFP. Reuters ‘ 


Swiss Drug Firms Post Gains 


Compiled hr Oir Staff From Dispatches 

BASEL, Switzerland — Ciba- 
Gdgy AG and Sandoz AG said 
Monday that first-quarter sales 
were generally strong, and the drug 
companies predicted improved re- 
sults for the full year. 

Sandoz said sales rose 1 percent 
in the quarter from a year earlier, to 
427 billion Swiss francs (S3 bil- 
lion), and it said it expected full- 
year sales to gain as much as 8 
percent in local-currency terms. 

Ciba-Gagy said its 2 percent de- 
cline in sales, to 5.58 billion francs, 
was entirely due to the weakening 


of other currencies against the 
Swiss franc. It said sales were up 3 
percent in currency-adjusted terms 
and predicted that 1994 operating 
profit would improve from last 
year’s 2J6 billion francs. 

Sandoz did not make a specific 
forecast, but its chief executive- 
ri«ggna*g, Rolf Schwdzer, said the 
company felt “very confident 
about business treads for the rest of 
the year,” and the company said 
profit should outpace the year's ex- 
pected growth in sales. 

( Bloomberg, AFX, Krug/it-Ridder ) 



CARS. Suddenly , Demand Outstrips Supply at American Auto Dealers 

Continued fitn Free 11 Detroit’s car production rose other popular options; the coupe is from the competition is Ukdv to 

^ 14 OnwcHiim the first ouarter and $8^70 and the sedan is S9.12G. cause at least a small uptick in 


Coutumed from Page 11 

yen has helped to tighten the U.S. 
market, effectively taking Japan's 
capacity out of the picture. Import- 
ed vehicles commanded only 15 
percent of the US. market in 1993, 
down from more than 26 percent in 
1987. according to an analysis by 
Stephen J. Girsky, the auto-indus- 
try analyst for PaineWebber Inc. 

Nevertheless, Mazda Motor 
Carp, sales also are surging, and 
the assembly plant it operates as a 
joint venture with Ford in Flat 
Rock. Michigan, has been at 100 
percent capacity since October. 
The plant builds the Ford Probe, 
Mazda 626 sedan and Mazda MX- 
6 coupe. 

In the First three months of the 
year, car sales increased 15 J per- 
cent over last year’s level, while 
Gghi truck sales jumped 22.8 per- 
cent. In March, Chrysler Corp., 
Fond and GM each reported the 
highest monthly truck sales ever. 


Detroit’s car production rose 
14.9 percent in the first quarter and 
track output rose 19.8 percent 

On average, dealers' inventories 
of cars and trucks are well below 
where they were a year ago at this 
time. Since sales generally pick up 
in the spring, dealers try to stock up 
in the preceding months, to have at 
least 70 selling days’ supply cm 
hand. But at the aid of March, 
dealers had only 58 days* wrath of 
domestically produced cars, com- 
pared with 69 days’ wrath a year 
earlier, and 59 days’ worth of do- 
mestically produced light trades, 
compared to 78 last year, according 
to Ward’s Automotive Reports. 

Luxurious sport utility vehicles 
are not the only hot sellers. Dealers 
have only 30 days* supply of the 
Chevrolet Cavalier, a small car that 
has not been redesigned in 1 3 years. 
Sales have soared since last fail, 
when Chevrolet introduced a “val- 
ue priced" version of the car, which 
has standard anti-lock brakes and 


other popular options; the coupe is 
$84)70 and the sedan is $9,120. 

Waiting lists are common at 
Chevrolet dealerships. Customers 
can drive away in unpopular mod- 
els like the Lumina sedan without 
much problem. But if they warn a 
Blazer sport-utility vehicle with 
particular options, they should be 
prepared for at least a five-week 
delay. Fra a Camaro, they will wait 
at least 10 weeks. And for the full- 
size Suburban, the wait will be four 
to six months. 

“We don’t have anything,” said 
Harold Schumaker, inventory con- 
trol manager at Hank Graff Chev- 
rolet in Davison, Michigan. “We 
used to have no room in the front 
lot and the back lot, and now we 
have all kinds of roan.” 

When it comes io buying trades, 
consumers have few alternatives to 
the Big Three, so production limits 
at Fran, Chrysler and GM leave 
them stranded. The higher prices 
thai are the inevitable offshoot 


from the competition is likely to 
cause at least a small uptick in 
inflation. 

A peculiarity in the way the con- 
sumer price index is calculated may 
piean that rising truck prices will 
not push up the national rate. The 
formula for determining the rela- 
tive impact of car and track prices 
on the index was worked out be- 
tween 1982 and 1984, before light 
trucks soared to 40 percent of vehi- 
cles sales last year. 

As a result, a 10 percent, jump in 
truck prices wouid raise the CPI by 
only mne-hundredibs of a point, 
said Patrick C Jackman, an econo- 
mist at the Bureau of Labor Statis- 
tics. By contrast, a 10 percent jump 
in car prices would raise it by two- 
fifths of a point, be said. 

Over the ruxt three years, the 
automakers, including the Big 
Three and foreign companies, plan 
to expand their capacity in the 
United Slates by at least 10 per- 
cent, from the current leva. 


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Japan’s Surplus 
Seen at Peak 
Afte *' Record 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


Succeeding in Japan: a Trilogy 

3 American Companies Discover a Common Path 


TOKYO' 

MASS'S 

mabcally ^plosive Hgurew^t 
ty to shrink this yearatTasi 

It won’t drop drastically but 

^^haspeak^said^o 
31 ,nd “ strial 

^ OQe - *** merchan- 

figure for riscal year 1 993-94 

MlOMhiJr* pre * ious high of 
5) 10.89 billion set m 1992-93. 

In the latest year, exports rose 6 

rose 5 percent, to $244.19 bSu^ 

Suip,us ^ ^ 
United States, its most vocally irate 
trade panner aiso widened in 

ws^ftiur 0 S u 114 bi,Iion frora 

445.76 billion the previous year. 

i Jr^' S trade surplus with Asia in 

.. t?«. exceeded 11131 with the 
United States for the first time, a 
finance Ministry official said. The 
doUar-denominated trade surplus 
with Asia came to $55.95 billion, up 
25.1 percent from the year before. 

Still, growing import volume 
suggests structural changes are 
afoot in Japan that are likely to 
whittle away at the surplus. 

"There are three reasons why the 
surplus will come down — imports, 
imports and imports,” said Geof- 
frey Barker, chief economist at Bar- 
ing Securities (Japan). 

NEC Considers 
General Magic 

Bloomberg Business News 

TOKYO — NBC Coip., 
which dominates Japan's mar- 
ket for personal computers, 
plans to invest in General 
Magic Inc. to gain access to. 
the American company’s com- 
munications software, Nikkei 
English News said Monday. 

An NEC executive, who 
asked not to be identified, de- 
nied the company had made a 
formal decision to invest in 
General Magic but said be 
would not rule out the possibil- 
ity NEC might do so soon. 

Nine other high-technology 
companies have takea stakes m 
the three-year-old California 
software manufacturer, whose 

Telescript and Magic Cap com- 
munications software systems 
are becoming increasingly rec- 
ognized as the global standards 
for computer communications. 


Economists said the combination 
of a strong yen, which limits import 
prices, and three years of recession 
had begun to effect a basic change in 
the way consumers and corporate 
customers view imports. 

“There is a change in values on 
the pan of consumers which favors 
‘reports,’’ M|-; Barker said. Mr. 
Koide said: "Import volume has 
been expanding from last summer, 
showing almost double-digit 
growth. Japanese consumers are 
becoming quite concerned about 
price as long as there is no major 
difference in quality.” 

Japanese exports — once a fa- 
vorite with overseas buyers at al- 
most any price because of their 
high quality — are also likely to be 
affected by rising costs. 

Measured in yen, Japan’s global 
trade surplus is already shrinking. 
The Finance Ministry said the sur- 
plus narrowed 4.7 percent in 1993- 
94, to 13.18 trillion yen. 

After the initial appreciation of 
the yen over a year ago, Japan’s 

a s actually widened as the 
value of exports rose. But as 
foreigners bought fewer Japanese 
exports because of their higher 
prices, the trade surplus has begun 
to flatten out Economists call this 
delayed effect the J-curve. “You’ve 
got weak oil prices and yen strength 
pushing us into yet another kink in 
the J-curvc, but you do have do- 
mestic demand picking up and an 
increased import propensity," said 
Jesper Koll, chief economist at S.G. 
Warburg Securities Japan. 

(Keuters, AFX) 


Los Angeies Times Srrv/cr 

TOKYO — - When Apple Computer Inc. 
entered the Japanese market in 1977, its name 
recognition was so low and management co- 
ordination so poor that its first shipment of 
“Apples” was met by a refrigerated truck. 
Dow Chemical Co. faced the opposite 

S ’ 'em when it proposed 20 years ago to 
a caustic-soda plant here The well- 
known Dow name terrified Japanese chemi- 
cal companies. 

“We must suppress Dow, a world seller 
with its massive capital and technology, be- 
fore it lands in Japan,” a panic-stricken Kan- 
ame Kashina, director of the Japan Soda 
Industry Association, said on a television 
show in 1974. 

Dow Chemical persevered, developing re- 
lations with Japanese companies and moving 
in as barriers to foreign investment slowly 
eroded. Dow currently has seven subsidiaries 
and joint ventures in Japan, in constroctioo, 
pharmaceuticals and other industries. 

Apple now ranks second in Japan's person- 
al-computer market 

ll is not just well-known companies that 
are finding ways to overcome the difficulties 
of doing business in Japan. Among the Utile- 
known successes is Japan Marketing Data 
Systems Ltd., which conducts a lucrative 
business helping bigger companies — includ- 
ing Apple — get around Japan’s complex 
distribution system. 

As the U.S. and Japanese governments 
face off over issues that could spiral into a 
trade war, the experiences of these three very 
different companies show that foreign com- 
panies willing to examine their own faults can 
succeed in the Japanese market 
During Apple's first decade in Japan, the 
company seemed to do almost everything 
wrong, from illogical distribution routes to 
making user manuals and software available 
only in En glish and installing managers who 
did not speak Japanese or understand the 
market 

Apple was an example of “how not to 
succeed in Japan,” a U S. State Department 
official said m 1988. 


“People called us a laughingstock,” Apple 
President Michael H. Spindler said during a 
recent visit to Tokyo. Toe challenge, he add- 
ed, was: “Get the product right so people can 
use it Price it right so people can buy it 
Then buQd a distribution system, so people 
can find it” 

Apple’s turnaround began in 1989, when it 
marketed Japancse-language software For its 
products ana hired Shigwhit-B Takeuchi, an 

Foreign companies 
willing to examine their 
own faults can get ahead 
in the Japanese market. 

executive from Toshiba Corp., to head Apple 
Japan. He quickly broadened Apple’s distri- 
bution networks and cut prices. 

Apple sold about 300,000 Macintosh com- 
putes in Japan last year, carving out a 13.4 
percent share, up from 8.1 percent in 1992 
and second only to the dominant NEC Corp., 
whose share was 52 potent in 1992 and 49 
percent last year. Apple executives predict a 
20 percent market share by 1995. 
Although Mr. Takeuchi stepped down as 


president late last year and his successor has 
not yet been named, Apple Japan seems well 
on its way to achieving its goal of SI billion in 
ann ual sales here. 

For Dow Chemical, the key was seeking 
opportunities in many market segments ana 
looking for joint ventures and other ways to 
serve Japanese companies, after its initial 
plan to enter the market was barred. 

Dow’s determination paid off as trade bar- 
riers fell and other factors made the company 
more acceptable — such as Japan's long re- 
cession. which has prompted more compa- 
nies to look at Dow’s lower-priced products. 

41 ’Quality at any price' is no longer accept- 
able to the local consumer or manufacturer," 
said James W. Harris, president of Dow 
Chemical Japan Ltd. 

The Japanese are willing to consider a 


lower-priced foreign product now, he said, 
“even if h means they have io break relation- 
ships with somebody they’ve been doing busi- 
ness with for a very long time;" 

Dow Chemical’s worldwide presence also 
helped as Japanese companies themselves be- 
came more global 

“A global company that can supply Toyota 
in Japan, Toyota in North America and 
Toyota in Europe with a common product, 
made any place and delivered to meet then- 
needs, at the lowest cosl-zo-serve, is going to 
win,” Mr. Harris said. 

For Japan Marketing Data, meanwhile, 
success has come from its ability to help 
companies with their direct marketing, get- 
ting them past one major obstacle io doing 
business here. 

Japan’s infamous multilayered distribution 
system not oily jacks up pnees by 30 percent 
or men through profit-taking at each level of 
the network but also ends up Nocking foreign 
manufac tu rers fr om contact with their custom- 
er bases, said Charles T. Luebker, founder and 
president of Japan Marketing Data. 

Direct mail and related telemarketing op- 
erations help by delivering goods directly to 
consumers and providing manufacturers with 
information about what kind of people buy 
their products, he said. 

Japan Marketing Data, with $10 million in 
revenue last year, has doubled its business 
annually for five years in response to in- 
creased demand from foreign com p an i es that 
do not know how, or lave no way, to reach 
Japanese consumers directly, said Marc D. 
Fnoti, executive vice president. 

Executives at Apple, Dow and Japan Mar- 
keting Data all saiu pressure from Washington 
had helped win access for foreign products in 
Japan. But they also expre ss ed fear that the 
United States might overplay its hand. 

“We greatly support the continued pres- 
sure of the United States government on the 
Japanese to increase market access," Mr. 
Luebker said. But he said he worried about 
die way Washington “so clumsily goes about 
dong it," adding: “There’s no finesse, no 
style. They just look like a bully." 


Such a Deal Burma Has for Foreign Investors 


RANGOON — The colorful leather jacket 
made from bariting-deer hide and qiafreslrin 
was definitely more Mandalay than Milan. 

Red and brown blotches on a light tan 
coat fringed in rough green-and-black boa 
constrictor skin may not be everybody’s idea 
of style, but it drew a lot of attention at 
Burma’s first major trade fair this month. 

“We call ibis our three-color flower de- 
sign,” explained Myint Than, chairman of 
the Mandalay-based Nila Leather Jerkin 
Product Cooperative. 

“My 15-year-okI sou invented tins unique 
technique while playing around with different 
dyes. The inspiration comes from Allah." he 
said with an engaging waggle of the head. 

Surrounding his stall were hundreds of 
other displays by Burmese businessmen and 
civil servants hawking everything from plas- 
tic buckets and hand-woven textiles from the 
Golden Triangle to vast tracts of farm land 
and a new brand of cigarettes. 

Foreign businessmen and tourists joined 
thousands of local residents for a stroll along 


the as salesmen invited them to take a 
closer look at their wares. 

Burma, shunned by all bnt a few nations 
since its ruling generals crushed a pro-de- 
mocracy movement in 1988 and renamed the 
country Myanmar, has recently been open- 
ing up in a bid to boost its economy. 

Organized by the Trade Ministry, Myan- 
mar Trade Fair *94 was pan of a relatively 
new drive by the ruling State Law and Order 
Restoration Council to attract investment 
and win export orders. The oily problem 
was that almost all participants at the show 
were new to the export game. 

“We are beginners. We haven’t any cus- 
tomers," Myint Than said. “Now that the 
government has opened the economy this is 
our first chance to find exporters." 

Opening the fair, which ran April 1-12 
under the slogan “Export expansion — the 
national strength," the trade minister. Lieu- 
tenant General Tun Kyi, said one of the 
main aims was to gel international exposure 
for Burma’s exportable goods. 

“The government is therefore giving top 


priority to export promotion,” he said at the 
opening ceremony attended by members of 
the ruling council, diplomats, local and for- 
eign businessmen and a bevy of Burmese 
models. 

Of the 203 stalls, 33 were taken by state 
corporations, 1 8 by joint ventures. 60 by coop- 
eratives and the rest by private enterprises. 

Them Win, chairman of the Myanmar 
Industry Association, was busily looking for 
buyers for his new brand of cigarettes. Polo 
Nine, which he hopes to be able to export to 
Russia China. 

The cigarettes, which wholesale at just 
S2J0 for a carton of 200, were made locally 
from by Myanmar GJader Tobacco Ltd., a 
joint venture set up one year ago with back- 
ing from South Korea’s Glacier Tobacco 
LuL, he said. 

“A lot of people believe the game polo was 
invented in Burma and everybody here con- 
siders the number nine to be lucky, hence the 
name Pok) Nine," Thein Win sad. 

Asked if he thought the military council’s 
poor human rights record might put off po- 


India Says Foreign Investors Fall to Keep Up With Its Reforms 


Reuters 

NEW DELHI —Prime Minister 
P.V. Narasunha Rao told potential 
foreign investors Monday that his 
33-month-old economic reforms 
were irreversible but the overseas 
funds needed to sustain his efforts 
had not kept pace. 

“The translation of foreign invest- 


ment approvals into actual imple- 
mentation in the form of projects 
has been somewhat bdow expecta- 
tion so far,” Mr. Rao told a meeting 
of potential investors. 

Up to February of this year, In- 
dia approved foreign direct invest- 
ments worth 140 billion rupees ($4 
billion), mainly in the energy and 


food-processing sectors. But the ac- 
tual inflow of investments totaled 
only 30 btllioa rupees, according to 
the Industry Ministry. 

Mr. Rao is piloting far-reaching 
economic changes aimed at ending 
four decades of state controls. 
About 250 investment projects, 
worth more than $1-5 bflUon. have 


been identified as having the po- 
tential to attract foreign investors. 

The investment opportunities 
cover five industrial sectors: food 
processing, leather and leather 
goods, textiles and ready-made gar- 
ments, chemicals and related in- 
dustries, and metallurgy. 

The projects identified for dis- 


cussion at the meeting of potential 
foreign investors were of small or 
medium size, which are considered 
important for India in terms of 
employment potential. 

K.R- Narayanan, the vice presi- 
dent of India, said his country of- 
fered better long-term economic 


Battle Against Inflation Holds Key to Sri Lanka’s Prosperity 


Reuters 

COLOMBO. Sri Lanka — Run- 
away inflation, stoked by nsmg 
government spending in an election 
year, will dampen Sn Lanka s 
economy, which otherwise would 
benefit from better agricultural 
output, officials and economists 

said on Monday. 

“A 6 percent growth rare tins 

year is realistic," Aquna Mahen- 
dran, an analyst with Crosby Secu- 
rities, said. “Rains will increase tea, 
rubber and coconut production. 
Tourist arrivals are op and manu; 
facturing should be all right d 


pending on lower lending rates.” 

But inflation, now around 12 
percent, is expected to accelerate as 
the government battles to' win a 
presidential election at the end of 
this year and a parliamentary elec- 
tion in early 1995, be said. 

Last month the ruling United 
National Party suffered a surpris- 
ing loss to the opposition People’s 
Allian ce in a key regional election 
and is now making vote-catching 
but inflationary gestures. 

Welfare measures such as free 
yh opl uniforms and midday meals. 


phased out for lack of funds, are 
being reintroduced. 

“If government finances get out 
of control, inflation will increase 
sharply,” another private-sector 
economist said. 

Last year Sri Lanka’s economy 
grew by 6.7 percent, compared with 
5.6 percent in 1992, the central 
hank governor, H.B. Dissanayake, 
said last week. 

He said the manufacturing, in- 
dustrial and services sectors grew 
while direct foreign investment and 
portfolio investment had increased 
considerably in 1993. 


“One of the Ingest battles to 
keep the economy buoyant is to 
keep inflation down, and that means 
not to allow too much monetary 
growth," Mr. Dissanayake said. 

The Central Bank announced last 
month it would issue short-term se- 


curities to mop up excess liquidity, 
hut analysts said new, longer-term 
instruments were needed. 

Also fueling inflation are high 
foreign-exchange inflows and ele- 
vated military spending. 


United States 
Aerospace 
False Claims 

PACE AND ROSE 

ATTORNEYS AND COUNSOjORO 
WASHINGTON O C. 

■203) 770-2093 
PAHS 

AASB to 41 

E 06 .AN&ELE 8 
r 3 IOi 2 T 7-2000 


Financial Copy Editors 


The International Herald 
Tribune is looking for senior copy 
editors to fifl important roles on 

die business and financial copy 

deskin its Paris newsroom. 

minimum requirement 
is several years’ experience 

... t j ■ J financial MDV 


in die newsroom of one or more 
major Fngfe h~l angii a g e daily 

newspapers. 


The successful candidates 
will have a sophisticated interna- 
tional perspective based on jour- 
nalistic experience in Asia and/or 
continental Europe, as well as a 
fall understanding of the 
American financial markets. 

Interested applicants 
should fax resumes to the busi- 
ness/finance editor in Paris 
at (33-1) 46 37 93 38, or mad to: 


BuEmess/Finance Editor 

International Herald Mmne, 181, Avenue Charies-de-Gaulle 
Inteman ^521 Neuflly Cedex/France 


CASINO LOUTRAKI 

EXPRESSION OF IMFRE&TFOR CO-OPEFbFnON 

Al Loutraki, 80 km from Athens - a Casino license will be soon granted by the Greek 
Government 

The Municipality of Loutraki and Perabora, having the appropriate land as well as specific 
pre-leasibility studies for the touristic development of the wider area, and having interest to 
co-operate with investor in order to participate in the official tender for the acquirement of a 
license. 

Invites 

Investors to submit proposals of expression of interest for the phase of pre-evaluation (short- 
list). 

Basic criteria for the pre-evahiation of the proposals: 

■ Experience in laige touristic development programmes (amounts, invested, country, year, partners, etc.). 

• Experience in constructing, organising and operating of Casinos (co-operation with other hotel of casino 
chains). 

• Presentation of appropriate economic data indicating the financial statue of the candidate invertor 
(balance sheet of last 5 years, shareholders). 

• Co-operation with Banks with suitable references and permission to further request additional 
information. 

■ Urntmum amount of investment for the first phase of construction of the project should be the amount 
of 40 milfi on USD. 

■ Desired Tnarimum construction duration 3 years. 

Short-listed candidates will receive in doe time from the Mimicipality the relevant 
prefeasibHity studies which include: 

- The Hotel-Casino duster, 

- The construction and operation of a Marina, etc. 

The Municipality, with its Socidte Anonyme will collaborate with the strategic investor 
with a percentage share and terms which will be set during the negotafton phase. 

AH proposals must be submitted by the 10th of May 1994 at the following address: 


Municipality of Lootraki - Perahonu 
El. Venlzelon 47 - Loutraki 

XeL: 9741-02172 & 01-7221932. 


Cosmos adv 


Page 15 


ASIA/PACIFIC r 


Investor’s Asia 


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Very briefly; 

• Indonesia's labor activists said they would continue strikes for pay 
increases and freedom to form independent unions. Three deaths and 82 
arrests were reported on Friday as demonstrators clashed with the 
miliuuy in Sumatra. Police said they have released 62 workers after 
interrogation and detained 20 for further investigation. 

• Singapore started tests for electronic road pricing a method of billing 
motorists for using streets much as residents are charged for water or 
electricity. The system may institute three types of charges: a road entry 
fee, one based on mileage and one based on the degree of traffic 
congestion. Three international consortia are competing far the contract 
to install the system that might be valued as high as S170 nnQion. 

• Japan’s cigarette sales rose by 1.1 parent in the financial year that 
ended Marco 31, the fifth consecutive year of increase, to a record 332.6 
billion cigarettes, the Tobacco Institute of Japan said. 

• Tung HoSted Ltd, one of Taiwan’s largest steel companies, saidpretax 
profit fell 39.4 percent in the first quarter of 1994, to 109.2 million Taiwan 
dollars (S4 imffion), due largely to falling prices. 


ten rial buyers and investors, he said Burma 
was better than China “m a political sense" 
and that nrina did not seem to have any 
problems selling its goods. “Just because of 
the human rights situation, do 1 have to stop 
my work?" he demanded. 

Beneath a large sign inviting foreigners to 
“grab the golden opportunity now” Myo 
Myint, a civil servant from the Agriculture 
Ministry, was on the lookout for foreign 
business people to persuade to invest in 
fanning, plantations and food processing. 

He said the government had identified 
1.55 million hectares (3.83 millioD acres) of 
fallow land and 8.23 milli on hectares of 
cultivable wasteland that would be suitable 
for joint ventures. 

Scott Montgomery, an American busi- 
nessman who has lived in Rangoon for a 
year, said amid the bustle that the Burmese 
government was trying to follow China by 
encouraging state-owned enterprises to pity 
a leading role in building up the economy. 

“It is getting more and more open but it 
isn’t a free market yet,” he said. 


• Bangkok Bank Ltd, Thailand’s largest commercial bank, raised its 
interest rates for savings accounts by 0.25 percentage point, to 5 percent, 
following the rise of prime lending rates last month. That move was 
aimed at stabilizing the market after foreign funds migrated out of Thai 
securities in the wake of the Bangkok stodc exchange’s recent slump. 

• China said it would introduce compulsory licenses for architects and 
increase supervision of building. 

AP. Bloombaf, AFP 


C1T1C Pacific Issuing Stock 
To Buy Assets From Parent 


Reuters 

HONG KONG — CITIC Pacif- 
ic LtcL. the first Chinese-controlled 
company to become a Hong Kong 
blue drip, said Monday that it was 
buying I.S2 billion Hong Kong 
dollars (SI 97 million) worth of as- 
sets from its parent and would raise 
more than twice that amount by 
issuing stock. 

OTIC Pacific, which has busi- 
nesses from car dealerships to a 
stake in Cathay Pacific Airways, is 
to boy stakes in road and rail tun- 
nels, and residential and commer- 
cial property in Hong Kong and 
China from its parent, China Inter- 
national Trust & Investment Corp. 
Hong Kong (Holdings) Ltd. 


In the deal CITIC Pacific win 
boost hs stake to 35 percent from 
10 percent in the Western Harbor 
road timed that is to link Hong 
Kong island with the mainland and 
the new Cbek Lap Kok airport. 

To help pay for its purchases, 
CITIC Pacific is to issue 166.27 
million new shares, or 8.99 percent 
of existing shares, at 23 dollars 
each, to raise 3.82 billion dollars, 
cmc HK is taking 6627 million 
shares and the rest are being placed 
with financial institutions. 

About 1.4 triOion dollars of the 
proceeds wiD go for capital expendi- 
ture and 900 million dollars for loan 
repayments and working capitaL 


prospects for foreign investment 
and trade than China’s booming 
economy. 

But while the sheer size of the 
Indian market for industrial goods 
is attractive for foreign investors, 
questions about the stability of its 
politks has kept foreignera cautious. 


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_ Page 16 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


NASDAQ 

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25% 24% 24% — % 




AMEX 

Monday's dosing 

Tables include the nationwide pnees up to 
the dosing on wall Street and do not reflect 
late trades eteewtiere. Via The Associated Press 


12 Month 
UghLow SkK* 


DW YM PIS 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994- 


ADVERTISING SECTION 





Takeoff Year 
For the Economy 


rpad Goncz has 
Deen president of 
the Republic of 


May 8. Are any issues 
emerging from the ongoing 
political debates that could 


nTiSBaflij Hungary since cause a shift in the policies 
1990. After earning a doc- of the past four years? 



torate in jurisprudence, he 
embarked on a long and dis- 
tinguished career as a politi- 
cal activist (with accompa- 
nying periods of incarcera- 
tion), editor, writer and liter- 
ary translator. Mr. Goncz 
has been awarded a number 
of major national and inter- 
national prizes for his writ- 
ings and translations. 

According to outside ana- 
lysis. 1993 was Hungary's 
turnaround year, and 1994 
will be its takeoff year - a 
year of modest but sustained 
growth. Do you see this up- 
swing developing? 

With a few 
very' important 
qualifications, 
yes. Industrial 
production - a 
bellwether of 
any economy — 
has been show- 
ing a marked 
rise for some 
time now, as 
have such key ArpadGoi 
sectors as mana g e d 
tounsm and ser- Hungarv 
vices in general, .. 

The upswing is 
very - evident when you walk 
through the streets of Bu- 
dapest or other major cities. 
It shows itself in the new 
stores and automobiles and 
newly restored buildings. 

The qualifications: the 
transformation of our coun- 
try's agricultural sector has 
vet to generate increases in 
{his area’s output Our econ- 
omy is still characterized by 
high rates of unemployment, 
corporate indebtedness and 
inflation. These factors have 
caused social hardship in 
certain segments of our soci- 
ety, and expenditures allo- 
cated to alleviate this hard- 
ship have made it difficult to 
reduce the public sector s 
budset deficits. 

One further point, this 
time positive. “Modest” was 
the term used to describe our 
current growth, and that is 
probably not quite accurate. 
The upswing may have 
started earlier and now be 
much more pronounced - 
and unemployment may be 
lower - than official ngmes 
have been indicating. The 
official reporting system 
simply does not yet cover a 


I cannot foresee any large- 
scale policy shifts occurring 
after the election. The coun- 
try’s underlying economic 
factors are going to remain 
the same no matter which 
parties form the government 
after next month’s election. 
The new government will 
also inherit the same range 
of options to deal with these 
factors and problems. Most 
importantly, the process of 
finding compromise solu- 
tions to current issues will 
also be set forth. It is this 
consensus-building that has 
enabled Hungary to avoid 
large-scale 
social unrest 
and given the 
country its 
reputation 
for political 
stability, 
jj? This reputa- 
a tion. in turn, 
has proven a 
considerable 

, ..m t asset in se- 
Arpad Goncz: We have curi for _ 

managed to keep d ^vest- 
Hungary on an even 

keel. you have 

been in office since the in- 
ception of post-revolution- 
ary Hungary. What charac- 
teristics do you see emerg- 
ing in your newly reformed 
country? 

A great deal of resource- 
fulness, the ability and the 
willingness to cope with 
whatever challenges and 
problems current events 
throw into our back yard. 
We have managed to keep 
Hungary on an even keel, to 
keep its economy and its in- 
stitutions intact over the past 
four years - no small accom- 
plishment during a period of 
large-scale upheaval in our 
traditional markets in the 
east and in the south and the 
swing into recession of our 
new major trading partners 
in the west This recession, 
in turn, has triggered an out- 
break of protectionism on 
their part. The recession is 
coming to an end in the 
West, the restructuring of 
Central Europe is now at an 
advanced stage, there are 
signs of recovery In the east 
and peace in the south. 
These developments indi- 
cate that Hungary’s era of 


“ifSdSSE “g Pi ^°eii"oS 

^The country 's national creating a 
election is scheduled for 



.'*v .. • • >. • r->: 

" -■ Mr • ■ ^ ■,/_ 



' * 'V.* 

- - - i\£ 


► r. V • : 


V “ *• 

aa' : 


Over the past tew years, Hungary’s 
transformation into a tree-market economy 
has been remarkably smooth, thanks to its 
success in attracting foreign investment, 
wide-ranging privatization, political 
stability and the entrepreneurial spirit of its 
people. Today, key indicators show that 
the economy is ready to take off. 

Hidden Reserves, 
Visible Assets 


ven Hungary’s staunchest supporters were not 
expecting the good news. After systematic and 
scientific evaluation of the data, a ream of re- 
searchers announced that all of the existing indi- 
cators on Hungary’s economy “were not quite accurate,” as 
they carefully put it. Their study showed that foe country’s 
“non-statistically reported economic activities” probably 
amounted to 25 percent of foe previously established gross 
domestic product, not the 18 percent predicted. 

If true, this would amount to foe largest readjustment of 
recent years. In 1985, Italy factored its “shadow economy” 
into its official GDP, catapulting foe country to fifth place 
among foe world’s industrial nations. A similar readjust- 
ment, Hungarian-style, would mean that Hungary entered 
the growth column a full 18 months earlier than previously 
thought It would also go a long way toward explaining foe 
burgeoning prosperity and bustle of entrepreneurial activity 
in the country’s cities and towns. Most importantly, foe exis- 
tence of hidden reserves of this scope would account for the 
country's ability to keep on course during four years of up- 
heaval and recession. 

The report, compiled by an international team of experts, 
was confirmed by a series of subsequent developments. 

After securing more than half of foe investment flowing 
into Central Europe over the three previous years, Hungary 
was widely forecast to undergo a year of foreign-investment 
retrenchment in 2993. Boosted by mid-December’s $875 
million purchase by Germany’s DBP Telekom and 
Ameritech of a 30.2-percent stake in MATAV, die Hungari- 
an telecommunications authority, the country defied the ex- 
perts’ predictions and set its fourth consecutive record. For- 
eign investors dispatched $25 billion to the country in 1 993, 
up a whopping 88 percent over the previous year. 

The target set by the government for Hungary’s nascent 
private sector was 50 percent of GDP by the aid of 1994. In 
-mid-March, Bela Kadar, the country’s minister of interna- 
tional economic relations, announced that this goal had been 
reached eight months ahead of schedule. This achievement 
was fueled by a continuing boom in company foundings and 
the success of the country’s privatization program, whose 
efforts are now nearing the halfway point Today, Hungary 
has nearly 900,000 companies of all sizes and descriptions, 
an increase of 18 percent over foe previous year. 

Even in its problem areas, the country has been doing bet- 
ter than expected. Although still high at 12.6 percent, offi- 
cially reported unemployment was down by some 10,000 
persons in February. In early March, it was announced that 
the government’s chronic budget deficit had been kept down 
to 6.2 percent of GDP - right on target and wen below foe 
previous year’s figure of 7 percent. The country's preelec- 
tion phase, now in its last month, started with dire predic- 
tions of apocalyptic swings to foe left or right. It is conclud- 
ing. however, with tidings of coalition-building and a con- 
tinuation of the moderate policies that have given Hungary 
an unmatched reputation for political stability in Central Eu- 
rope. Elections are scheduled for May 8. 

Many of foe country’s assets are quite evident to anyone 
who takes the trouble to look, as did the International Labor 
Organization in its recently released report, “Are Hungarian 


ss” probably 
dished gross 


Elections in May 

Hungarians take to the voting booths in May to make 
what has proven a fateful decision in other former War- 
saw Pact countries - whether or not to re-elect foe gov- 
ernment they chose in their post-Communist idealism. 

March polls conducted by Gallup Hungary indicate 
that Hungary’s center-right coalition government - the 
longest-lasting one among foe new democracies of East- 
ern Europe - may finally fall. In the poll, foe coalition's 
members - foe majority Hungarian Democratic Forum, 
the Christian Democrats and the Independent Smallhold- 
ers - all trailed their liberal and socialist competitors. 
Thirty-one percent of people who intend to vote said they 
would vote for foe Sotrialist Party, the legal but not ideo- 
logical successor of the former Communist Party. The 
Socialists' current economic platform is based on private 
ownership and does not propose any vast changes to 
Hungary’s current economic overhaul. 

The Socialist’s popularity rating is way ahead, in 
polling terms, of the 15-percent rating received by its 
closest competitor, the liberal Federation of Young De- 
mocrats, or the 10 percent received by the governing 
Hungarian Democratic Forum. The Forum is represented 
by the current prime minister, Peter Boross, who was 
nominated for the post after Prime Minister Jozsef Antall 
died from cancer in December. Despite his recent entry 
on the scene and his relative lack of political experience, 
Mr. Boross fores well in polls. Often ahead of trim, how- 
ever is Socialist Party President Gyula Horn. A former 
foreign minister in Hungary’s transition government, 
Mr. Horn became well-known for allowing East Ger- 
mans heading West before the Bolin Wall’s foil to cross 
through Hungary. Mr. Horn has not yet been confirmed 
as the Socialist Party’s candidate for prime minister. 

The election’s first round will be held Sunday, May 8, 
and the second round on a yet-undetermined dare later in 
M a y Susan Spencer-Wendd 


This advertising section was produced m its entirety by the 
supplements division of the International Herald Tribune s 
advertising department. David Hennges is a British writer, 
photographer and broadcaster specializing in Central Europe. 
Lucy Hookeris a free-lance British writer based in Budapest. 
Susan Spencer-Wendd is news editor of The Budapest Sun. 
Terry Swanzberg is a Munich-based business writer. 



Labor Costs Really So High?” The repot concluded that the 
country’s labor costs are actually among the lowest in the 
world. Hungary's wages are slightly higher than those of its 
neighbors (although still one-tenth of Germany’s, for in- 
stance); its productivity, however, is much higher - and 
growing. 

On a cost-per-unit basis, Hungary compares favorably 
with such low-wage paradises as Mexico. Companies such 
as Philips and General Electric have cited this productivity 
as their reason For transferring facilities to the country. 

Many of Hungary’s assets are neither hidden nor undis- 
covered, especially the stunning cityscapes of Budapest and 
the charms of Lake Balaton. Tourist arrivals in the country 
were up a strong 13 percent in 1993. While a large portion of 
this increase stemmed from the youth and package- tour seg- 
ments, Budapest is increasingly receiving foe market’s high- 


end customers: business and “cultural” travelers, according 
to Peter J. Leitgeb, managing director of the Grand Hotel 
Corvinus Kempinski Budapest and a highly active propo- 
nent of high-end tourist development in the city. Opened a 
year and a half ago, the well-run, 140-million-Deutsche- 
mark hotel occupies a choice location in Budapest: directly 
on Erzsebet ter (Elizabeth Park). 

“I think you can use our hotel as a microcosm for the state 
of Budapest's tourist trade as a whole,” says Mr. Leitgeb, 
who has held senior positions in the hotel trade in Europe. 
America and the Far East “More and more high-end travel- 
ers are coming from farther and farther away to visit Bu- 
dapest After those from the Goman-speaking area, Ameri- 
cans and Japanese now form the second and third most nu- 
merous national groups at our hotel.” 

Terry Swartzberg 



MAGYAR NEMZETI BANK 


HUNGARIAN ECONOMY - STEADY PROGRESS 


1990-1993 - Four Successful Years 

In the past four years, Hungary has scored 
remarkable results in developing its economy: 

• Modern legislation and institutions needed for a 
market economy have been created, and clear and 
transparent rules govern the environment for the 
business communily. 

• The country’s economy has by now mastered the 
problems caused by the simultaneous loss of East 
European markets and the challenge of a thorough 
restructuring in both production and ownership 
patterns. This was achieved, however, at the price of a 
temporary decline in gross domestic product and a 
rather high rate of unemployment 

Favorable Development of Inflation 

Due to a considerable extent to a carefully guided 
monetary policy, inflation has been kept within 
tolerable limits. The annual consumer price index, after 
reaching a peak of 35 percent in 1991 following the 
dismantling of subsidies, decreased to 23 percent in 
1992 and to 22.8 percent in 1993. The prospects for a 
further reduction are very good, as monthty rates in the 
first three months of 1994 were about half the 
corresponding values of the preceding year. 

Dynamically Growing and 
Powerful Private Sector 

Due to a favorable environment for starting 
enterprises, the number of registered business entities, 
incorporated and non-incorporated, rose from less 
than 40,000 in 1989 to around 170,000 at the end of 
1993. The number of licensed individual 
entrepreneurs, totaling less than 200,000 in 1989, has 
grown to 700,000. 

In the past four years, Hungary has accomplished an 
ambitious program of privatization. Despite the scarcity 
of local private capital, local investors are participating 
increasingly in this process. 

Currently, more than half of total GDP is produced by 
the private sector. 

Steadily Increasing Flow 
of Foreign-Investment Capital 

Under a clear legislation for foreign investments, 
providing guarantees lor free repatriation of both 
profits and - in case of termination - capital, direct 
foreign investment started to soar in 1990. During the 
four years of 199Q-1993, an annual average of US$1 5 
billion flowed into the county. The figure for 1993 was 
US$2.3 billion, with the largest individual foreign 
investment to date - US$850 million - into MATAV, 
the Hungarian Telecommunication Company, by high- 
profile German and American investors. Foreign 
investors are active at the Budapest Stock Exchange 
as well. In the near future, state bonds will be 
available for foreigners. 


Flawless Foreign-Debt Management 

Hungary has always been prompt and accurate in 
servicing its debt to foreign lenders. The four years 
that followed the political change in 1990 brought an 
even more resolute policy in maintaining the 
international financial position of the country. The 
National Bank of Hungary, as the sovereign borrower 
for the country, has been able to substantially improve 
the maturity structure of foreign gross debt with the 
share of short-term debt decreasing from 1 6.2 percent 
in 1989 to 8.2 percent at the end of 1993. Net foreign 
debt decreased from US$15.9 billion in 1990 to 
US$14.9 billion at the end of last year. Gross foreign 
debt, however, increased from US$21.3 billion to 
US$24.5 billion, as there was a decline in exports last 
year, seriously affecting the current account. This drop 
in exports was due to the accumulated effects of the 
loss of eastern markets, West European recession and 
highly unfavorable weather conditions in farming. 

Due to the country’s flawless debt management and, 
not {east, to its political and economic stability, the 
NBH was able to increase its foreign-exchange 
reserves to US$6.8 billion, amounting in value to about 
seven months of imports; the NBH accomplished this 
by increasing its bond issues on various international 
capital markets. The confidence of foreign capital 
markets is indicated by the fact that the NBH was able 
to issue 20-year bonds on the U.S. bond market 

Challenges and Outlook for 1994 

The results indicated above were not achieved 
without problems, of course, and some of these 
challenges are likely to prevail for some time. 
Recovery in industrial production, however, has 
started, with growth in 1993 amounting to 4 percent; 
early 1994 results confirm the favorable tendency. 
There are hopes for West European markets to revive 
this year, and ~ with the “Europe” agreement in force 
since Feb. 1 this year - the conditions for the access 
of Hungarian goods to these markets are likely to 
improve. In addition, the outlook for agricultural 
production, an important source of goods for export, is 
better than ever in the past few years. The deficit of 
the central budget is likely to be higher than in 1993, 
but it will probably still remain within 7 percent of GDP. 
The World Exhibition or “EXPO” in 1996, to be 
organized and held in Hungary, will likely be a strong 
magnet for business and activity from all over the 
world, and it will no doubt increase the attractiveness 
of this country for world business. 

National Bank of Hungary 

Information Department 

Budapest 

Telephone: (361) 131 49 38 

Fax: (361) 153 02 86 


. 1 v 
» . 1 

m 













Page 18 

advertising section 


INTERNATIONAL HE RALD TRIBUNE, TUESDAY, APRIL 19, 1994 


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General Motors considers its $235 million Hungarian plant a true success story. 


t is a much- 
vaunted fact in 
Hungary that tins 
small country of 
10 million people has at- 
tracted S7 billion, or mote 
than half of the total foreign 
investment flowing into the 
region, since 1989. 

The explanations for the 
original investments are 
clear. Strategically located 
in the heart of Central Eu- 
rope, Hungary is ideally lo- 
cated as a stepping stone 
into markets in the east. 
Hungary had done business 
to its east, north and south 
for many years and had all 
the requisite experience. 

Hungary's Communist 
regime had also taken the 
first steps toward market re- 
form long before any of its 
neighbors, introducing 
small-scale private enter- 
prise in the late 1970s. 

Moreover. Hungary could 
provide the foreign investor 
with a highly educated but 
inexpensive work force, a 
legal and financial infra- 
structure, proximity to es- 
tablished markets in West- 
ern Europe and access to 
Hungary’s own domestic 
markeL These advantages 
attracted a host of muldna- 


Investor Profile: General Motors 


Four years after the decision to lo- 
cate General Motors" new produc- 


tion plant for high-tech engines in 
Hungary, GM Hungary’s Managing 
Director Ernst Hoffman shows no 
signs of regret. “Are we satisfied 
with our investment? Without any 
hesitation, the answer is yes.” he 
says. “We can measure it in figures, 
quality or self-satisfaction. Here we 
are really at the top of the rank of 
good quality. As for the attitude, in- 
volvement and flexibility of the labor 
force, I am proud of my Hungarian 
crew. They are flexible and under- 
stand the business.” 


GM formed a joint venture with 
die agricultural-machinery manufac- 
turer Raba and invested 400 rzdtSon 
Deutsche marks ($235 million}. Pro- 
duction started in mid- 1992. The 
government helped GM Hungary up- 
grade the local infrastructure with 
telephone lines and a gas pipeline. In 
general, however, the site in Szeot- 
gotthard was ideal. The company 
also capitalized on a 10-year tax con- 
cession from the government. 

Originally, the plan was to build 
1.6-liter engines for export to GM 
Europe’s other assembly plants. This 
year, the company expects to pro- 


duce more than 140,000 engines. 
Then the idea struck to the Astra 
model - family -sized bat not expen- 
sive — was ideal tor the Hungarian 
market, and the project was expand- 
ed . Sales of Astras have, more tot 
doubled every year since. More tot 
half of the 17.000 units sold last year 
were assembled at the Szemgot&ard 
plant mid sold tax-free on the Hun- 
garian market. Within CM Europe, 
the Hungary branch is considered a 
true success stay. Production statis- 
tics are good due to lower costs and 
the most modem techniques. . 

- UEL 


W hen you choose a partner abroad you 
will want one who is familiar with 
domestic conditions. In Hungary this primarily 
means the economy, the development of the 
capital market, and the status of privatisation. 

In Hungary you will find Magyar Hitel Bank 
with branches throughout the country, and a 
customer base representing more than one-third 
of the entire Hungarian corporate sector. 

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market, significant correspondent banking 
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tional companies to Hun- 
gary. Alcoa invested SI 65 
million in a joint venture 
with Hungarian aluminum 
manufacturer Kofern. Italian 
electrical engineers Ansal- 
do, a subsidiary of IRI. 
joined up with the Hungari- 
an company Ganz with an 
investment of Si 30 million. 
French pharmeceuticals 
company Sanofi paid SI 00 
million for a 51 -percent 
stake in Gunoin. 

Original investments had 
a multiplying effect. Ger- 
man car manufacturer Audi 
invested S450 million in a 
greenfield engine-manufac- 
turing plant in Western Hun- 
gary. following the example 
of Ford, Suzuki and General 
Motors. The single largest 
investment came in Decem- 
ber 1993, when the telecoms 
consortium Magyarcom - 
comprising Deutsche Bun- 
despost Telekom and 
Ameritech International - 
won a tender for a 30-per- 
cent stake in the Hungarian 
Telephone Company with 
its S875 million bid. This 
was Eastern Europe’s largest 
deal, and a further S43 bil- 
lion will follow over the 
coming decades. Mag- 
varcora eclipsed General 
Electric as Hungary's largest 
investor, overtaking GE’s 
S550 million investment in 
the Tungsram light-bulb- 
manufacturing company. 

One of the first to move 
into Hungary, GE has now 
begun relocating production 
sites from Britain to Hun- 
gary, where wage costs are 
lower. Tungsram recently 
received a S600.000 contract 
to supply bulbs for the New 
York subway, showing that 
the company is a sound 
long-term investment. 

Despite successes such as 
Tungsram, however, there is 
speculation that Hungary 
might be losing its glow. 

“There is less direct in- 
vestment. but does that 
mean Hungary has lost its 
attraction?" asks Edward 


Bush, president of the 
American Chamber of Com- 
merce in Hungary and gen- 
eral director of the First 
American-Hungarian Insur- 
ance Company (AHICO), 
part of the American Inter- 
national Group (AIG). “The 
marketplace is not saturated, 
but investment has slowed a 
little. It is the same all over 
the region. Maybe it is just a 
natural cycle.” 

Bela Kadar. Hungary's 
minister of international 
economic relations, says: 
“You can read about Hun- 
gary’s lost position every 
week in the newspapers. But 
it is wrong that Hungary' has 
lost its attractiveness for for- 
eign investors" 

At the end of 1989, direct 
foreisn investment was 
S570 million. In 1993, it had 
ballooned to S7.1 billion out 
of a total S30 billion for the 
former Comecon group, ac- 
cording to Mr. Kadar. 

“Fifty-three percent of for- 
eign investment is in the 
manufacturing industry, 
which shows that Hungary 
is attractive as a production 
site and that foreign coun- 
tries want to relocate here,” 
says Mr. Kadar. “Last year, 
SZ3 billion was direct capi- 
tal equity investment” 

There are still challenges, 
according to Mr. Bush. 
“You have to develop a 
strategic approach,” he says. 
“For foreign investors, it has 
to be comfortable in the long 
term You have a war to the 
south. But if the war re- 
solves itself, Hungary is a 
natural place to invest Hun- 
gary has a strategic location, 
ft is politically stable, and 
any of the logical scenarios 
for election results in May 
indicate it will continue to 
be stable. It has an extreme- 
ly productive and intelligent 
work force. The big thing 
they needed was the techno- 
logical transfer." 

One oft-cited criticism is 
Hungary’s small domestic 
market. Hie assumption is 


that larger markets will lure 
away potential investors. 
This argument is fast losing 
credence as increasingly free 
trade with the European 
Union means domestic and 
foreign investors do not 
have to rely on a narrow 
Hungarian domestic market, 
but can protoe for the 400 
million consumers of the 
European free-trade area. 
This year, Suzuki plans to 
export 10,000 cars made in 


their plant in northern Hun- 
gary to Western Europe, tak- 
ing advantage of Hungary’s 
preferential relationship 
with the EU. . 

“Via the agreement, Hun- 
gary has a chance to sup out 
of the boundaries of the nar- 
row domestic market,” says 
Mr. Kadar. “The economic 
destiny of small countries 
will be left behind via inte- 
gration." 

Lucy Hooker 





More than a stepping stone: Hungary offers investors a 
domestic market thirsty for Western goods. 


Banks, Finance: Adaptability Pays Off 


H ungary’s young 
financial sector 
already has many 
of the most so- 
phisticated features and in- 
strumentalities common to 
its senior Western counter- 


parts. 

These include thriving 
markets in certificates of de- 
posits (CDs) and commer- 
cial paper (CP), electronic- 
based securities and shares 
trading systems, and corpo- 
rations’ routine use of cur- 
rency futures as hedges. 
Like its Western counter- 
parts, Hungary's central 
bank has a wide-ranging 
brief and has not been hesi- 
tant in malting use of it 

Unlike in die West, these 
features have not risen sole- 
ly from the desire to maxi- 
mize profits or to steal a 
march on the competition, 
but rather from the simple 
need “to keep on top of a 
rapidly changing business 
environment," according to 
Lajos Bokros, chairman of 
the board of Budapest Bank, 
one of Hungary’s “big six" 
banks. 

This environment has 
been marked by bouts of in- 
flation and inflation-caused 
high interest rates and mon- 
etary volatility, as well as by 
a rash of nonperforming cor- 
porate loans, a result of the 
near-total collapse of the 
companies' markets in the 
east. 

To stay afloat and to keep 
the “credit machine” in op- 
eration, the banks have re- 


lied on a great deal of adapt- 
ability and on well-dosed 
measures of public support. 

One item adapted has 
been the CD, a standard in 
advanced financial centers. 
CDs have now established 
themselves in the Hungarian 
banking sector - and for a 
very good reason. 

The issues have offered a 
neat solution to a vexing 
cash-flow bind: large 


er" the spread, which now 
totals 8 percentage points, 
blue-chip customers have 
displayed a good measure of 
inventiveness. They have 
started issuing their own 
“paper," thus inadvertently 
putting Hungary in the van- 
guard of one of Europe’s 
late-blooming capital mar- 
kets. 

In turn, the country’s 
banks generally manage 


has been well-managed. As 
key indicators show, Hun- 
gary’s standing as a well- 
performing financial market 
has been maintained 
throughout this “era of ad- 
justment," during which foe 
forint’s convertibility and 
level of acceptance have 
steadily increased. 

Today, the currency is 
“convertible for all practical 


purposes," says Peter Akos 
Bod, president of the Na- 
tional Bank of Hungary. 
Buoyed by hard currency re- 
serves now totaling more 
than $6 billion, the ratings of 
the country’s “governmental 
paper" have actually im- 
proved - and this despite to- 
tal governmental foreign in- 
debtedness of more than $24 
billion. 

The free expatriation of 
profits is an important sell- 
ing point with international 
investors, and it has been 
continued as a matter of 
course. 

One factor enhancing in- 
ternational investors’ confi- 
dence in Hungary’s financial 
sector is its exemplary open- 
ness. 

Today, 24 of the country’s 
42 banks are entirely or par- 
tially owned by foreign in- 
vestors. Non-Hungarian 
banks and their subsidiaries 
are playing a welcome role 
in helping to develop the 
country’s retail banking, 
which is still generally 
bogged down in the “cash 
and carry” phase, as Nation- 
al Bank Director Istvan 
Nadory puts it. 

These banks have also 
been highly active players 
on Budapest’s shares and se- 
curities exchange. 

Another confidence-, 
builder has been the Hungar- 
ian government’s clear com- 
mitment to largely removing 
itself from banking opera- 
tions by the end of 1996. By 
that time, the Hungarian 
government plans to have 
redutted its equity stakes in 
its banks to under 25 per- 
cent. 

One method that will be 
used is privatization. “One a 
year” is the current timetable 
for such privatizations, with 
the Hungarian Foreign 
Trade Bank and the Bu- 
daptet Bank reportedly the 
first in line. 

T.S. 


24 of nation *s 42 banks 
are owned by foreigners 


amounts of short-term funds 
going out (in the form of the 
banks’ credits to corporate 
customers) and - because of 
a high percentage of nonper- 
fomring loans - not enough 
revenue and principal re- 
turning to cover tbe issuance 
of further credits. By issuing 
high-yield CDs, the banks 
have secured a source of 
fresh cash. 

These issues have also 
been able to absorb a large 


portion of the “hot money” 
floating around Budapest. 


floating around Budapest, 
thus creating a new market 
in foe process. 

The country’s banks em- 


ploy a large spread (foe dif- 
ference between interest 


Ference between interest 
rates charged and paid) to 
amortize foe costs of these 
nonperforming loans and foe 
expensive CDs. 

Often unwilling to “cov- 


these issues, securing the 
banks an additional source 
of revenue. 

Such services and sources 
of capital have sufficed to 
stabilize the banks' cash- 
flow situation, but not foeir 
overall capital-adequacy po- 
sitions, sapped by foe non- 
performing loans. Enter the 
National Bank of Hungary. 
In two separate and recent 
moves, foe bank first orga- 
nized a swap of a portion of 
the banks’ nonperforming 
loan portfolios for long-team 
state securities, and then 
subscribed to a recapitaliza- 
tion of several leading 
banks. 

As a result, foe b anks are 
well on their way toward ex- 
hibiting normal capital ade- 
quacy ratios. 

Of key importance is that 
this scrambmig and shifting 


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Page 19; 


Promoting Trade: 
J QB Gets Easier 




Decisions, decisions: At a Budapest supermarket* a wide selection of brands manufactured by leading multinationals. 


Soviet rnarkec fin a”y collapsed. At 
recession hit Western Europe and 

SinccMfa^Mu ° m on P^gary’s southern border, 
in direct mer $1 bUUon 

of Yugosla^ 2 ^ f *** emb argo against the ramp state 

men tom. ^ at home went through a mo 

where they couhiSI* 8 : 13100655 t0 put ** iem “ a position 
This evenmaiK,^ 181 ! *? ““I* 516 with Western companies. 
tually took its toll on Hungarian exports, which 

By 1 992 , all foreign trade 
was convertible 

in !? 9, - and 1992 - 1993 * “ports de- 
SB-Sfr niSl S t ! n£ 271 a 1 account deficit of $3.4 

a- , 0 . in much larger than anticipated; the nation had 
million surplus in 1992. The cofiapse of exports was 

£2 na ! 1 y by P”* 1 ® 1118 “ Hungary’s largest export 
sector, agnculture: two years of drought and persistent un- 

dw^ajms >Ver ^ ownersbi P * e breakup of coopera- 
te , now . is the time for optimism, says Bela 

iyaaar, Hungary's minister of international economic rela- 
tions. W e have traveled the most difficult part of the road to 
market institutions and the legal framework of a market 
economy, says Mr. Kadar. “We are on the threshold of a 
new phase in the business cycle.” 

Western goods continue to flood into a hungry market, 
with a doubling of imports from the European Union, as de- 
mand m the Hungarian economy defies the recession, h has 
created a trade deficit, but these are the first signs of eco- 
nomic recovery, says Peter Akos Bod, governor of the Hun- 
garian National Bank. 

In the first half of 1993, exports dropped 27 percent. The 
latest figure for 1993, however, is only 17 percent, due in 

^MKSa^rjaei'5 from Wine to Medicine, New Exports 

“Hungarian entrepreneurs got the message that interna- " 

tional competitiveness will be considered a priority by the 
government,’' says Mr. Kadar. 

Hungarian business has gone through a revolution over 
the past four years. Production targeted at Soviet and Dm 
European markets - where quantity, not quality, counted - 
has had to be upgraded to suit more demanding tastes. Pro- 
duction is now aimed primarily at Germany, Switzerland 
and Austria. Small and medium-sized companies are boost- 
ing exports. These smaller businesses now account for 
around 40 percent of Hungary's gross domestic product 
In 1 989, over half of Hungary’s exports were transacted in 
nonconvertible currencies, but by 1992 all foreign trade was 
convertible. Exports to Western industrial countries amount- 
ed to 41 percent in 1989. Hungary, however, retargeted its 
exports, and by 1992, 71 jpercent of Hungarian exports went 
to the West - and this despite the recession in Germany, 

Hungary’s most important trading partner. 

At the same time, Hungary has achieved a considerable 
shift in product orientation, away from heavy m achinery to- 
ward consumer goods. Hungary is concentrating on sectors 
in which it has a lasting comparative advantage, such as 
food processing, pharmaceuticals and the manufacture of car 
components. In addition, new goods are being developed for 
export; these ranee from wild rice to vitamin tablets. 

The problem For Hungarian exporters has been how to 
muscle into ever more competitive Western markets, but 
here, too, the future is looking brighter. 

Under Hungary’s association agreement with the. Euro- 
pean Union, 80 percent of industrial exports to the EU are 


free of tariffs and quota limits. Over the next three years, the 
remaining goods, including textiles, steel and most agricul- 
tural products, will also be freed of restrictions. An asym- 
metric arrangement gives Hungary an extra seven years to 
remove all similar barriers to EU imports. 

Hungary's export industries had been unfamiliar with 
Western business practices. Previously, trading houses took 
care of the buying and selling side of the business, but sud- 
denly Hungarian marketing managers had to acquire profes- 
sional marketing skills overnight. To assist new businesses 
with the unfamiliar job of promoting themselves and locat- 
ing business p ar tners abroad, a matchmaking service is pro- 
vided by the European Union Phare program, together with 


the Investment Trade Development (ITD) agency. Contacts 
for customers or potential investors are passed on to Hungar- 
ian businesses eager to cut a new deal 

The Phare program, .targeted at central Eastern Europe, 
also helps with training, technical assistance, credit guaran- 
tees and loan schemes, as well as skills transfer, right down 
to teaching entrepreneurs how to draw up a business plan. 

This year, ITD Hungary is running a program to promote 
wine exports, which it hopes will serve as a blueprint for 
similar programs in other sectors, such as meat products, 
fruit and vegetables. In short, says ITD Hungary, its job is to 
convince the outside world that doing business with Hun- 
gary is smart Thai job is getting easier. LJL 


Welcome to the 
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Kempinski Budapest 


European hospitality in the very heart of 
the Hungarian capital. A hotel world of its own: 
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and travel a la Kempinski. 



nder commu- 
nism, the pur- 
pose of Hungari- 
an wine produc- 
tion was to produce cheap 
and passable table wine for 
export to socialist sister 
states. As the region under- 
went changes, however, 
members of the Szolloskert 
Nagyredei cooperative in 
northwestern Hungary real- 
ized that was not where they 
wished their future to lie. 

With a 40 million forint 
($380,000) bank loan, they 
invested in new technology 
to keep the temperature of 
the fermenting wine con- 
stant and to seal it to prevent 
oxidization. 

They quickly managed to 
produce wines such as 
cabernet sauvignon and 
Knot gris of a standard suit- 
able for the West European 
market 

“We made very important 
technological innovations. 


and the quality of wine made 
a substantial change toward 
the taste of Western Euro- 
peans,” says Andras Nagy, 
president of the cooperative. 
‘It tastes fresh, healthy and 
fruity, with a richer flavor of 
the grape in the wine.” 

Members of the coopera- 
tive still use traditional 
methods for their top-grade 
wines, such as the 1986 
Harslevelu, which won the 
gold medal at the Bordeaux 
wine exhibition last year. 
Wine made for mass con- 
sumption with the new tech- 
nology has also been faring 
well. 

Through well-known 
British supermarket chains 
like Sainsbury's, Safeway 
and Azda, the cooperative 
sells 2 million bottles of 
wine a year. Of 10 million 
liters produced, 75 percent 
to 80 percent is exported. 
Last year, the income of the 
cooperative reached $10 


million dollars from both 
wine production and its 
deep-frozen fruit and veg- 
etables business. In May. it 
plans to hit the U.S. market. 

It is not just in wine pro- 
duction that Hungarians ex- 
cel. 

From Professor Rubik to 
Ede Teller, Hungarians have 
made a name fra themselves 
in science. Software design- 
er Graphisoft’s computer- 
aided design program for ar- 
chitects is used all over the 
world. Hungarian chemical 


company Cbinoin has an 80- 
year tradition of research 
and development in medical 
drugs. 

With the support of their 
new French partner Sanoft, 
it is now further developing 
its compound Jumex/De- 
prenyl for the treatment of 
Parkinson’s disease; the 
compound is already on the 
U.S. and West European 
markets. Cbinoin is also de- 
veloping drugs to treat asth- 
ma and epilepsy. 

ti. H . 



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rading opportu- 
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ing this stock-exchange 
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trading - made on the basis 
of newly promulgated laws 
- will have a greater long- 
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Emerging stock markets 
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international investors, and 
their interest has pushed 
stock exchanges from War- 
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dapest Stock Exchange's re- 
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dex made it something of a 
laggard, but this gets it high 
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Though still relatively 
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ADVERTISEMENT 


Sffljfflll MflRRMGE - THE HUNGfiRHIN WflY 



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advertising section 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


a nVF.RTTSING SECTION 


Building a Private Sector in Hungary 

The State Property Agency's Privatization Program 

Since 1990, the State Property Agency has privatized some 644 companies, of which 183 have been partial privatizations. The SPA 
privatizations have brought in just under $2 billion, of which $1.41 billion has been on a direct basis (non-credit or compensation coupo 
531 companies and stakes in the 183 partially privatized companies remain to be sold. The SPA’s current holdings are worth nearly w Dimon. 


A Program for Every Kind of Investor 

Non-Hungarian Investors g 7 ■■■■, v , - r 

In 1993, foreign companies and individuals took stakes worth $250 million in SPA companies, accounting for some 33 ■ >\ ■ 

percent of all revenues received by the agency. To date, 356 foreign investors have spent some $926 million for stakes in ’•? t ' "" •• 

421 companies. Not surprisingly, Austria and Germany are the two largest investors, accounting for more than 40 percent 

of total sale proceeds. Other major investing communities are the United States, the Netherlands, France and Britain. .pc y. ■ ' ' . 

Major Investors v ' r '>‘ " 

The SPA has successively introduced some of the countys best-performing companies - including Pick, Zalakeramia, ■ ■ ■ '• ■ 

Domus, Primagaz and Globus - to the Budapest Stock Exchange, creating Instant blue chips.” These are now staples of ■„ ‘-r. - ^i, ^^Vi^fflgjaaiSs^NwEMi 

institutional investors’ portfolios. ?*■;,. X ?-* . ' -- 

Owner-Operators and MBOs - /:? ^ 

To date, 9,314 retail and service outlets have been reprivatized, often sold to their former owners or current operators, in V -~ x I ■” • -K 

transactions worth $370 million. An increasing number of management buyouts (MBOs) are being financed by special credit v; ; ; . y ‘ . ; • < 

facilities set up for that purpose. In 1993, some $217 million was authorized for MBOs, more than double the previous year’s ; ; V' . • . .V . 1 v : 

To date, “employee stock-ownership plans” (ESOPs) have taken equity stakes in 148 companies and properties worth a 
total of $31 1 million. Some 20,000 persons currently hold stakes in ESOP programs. 

Domestic Private Investors 

Through two programs, the SPA has encouraged toe building of a broad base of individual shareholders in its privatized companies. 

Compensatory coupons have been issued to 1 .3 million Hungarians who had suffered expropriation or persecution. The total market worth of these coupons currently amounts to 
$800 million. To date, toe SPA has redeemed compensation coupons worth $197 million in privatized assets. The SPA has organized special swaps of shares for coupons, granted 
coupon holders top priority for newly issued shares and encouraged toe formation of coupon-based joint stock investment vehicles. 

A deferred payment scheme has just been launched. In it, private investors can purchase shares worth up to $1 ,000 (after paying a nominal registration fee) on toe basis of a 
government-supplied interest-free loan, then take up to five years to pay it back. An initial $40 million tranche of shares in four blue chips is currently being offered under toe scheme, with 
some $ 1 20 million worth of shares in 70 other companies to follow. 


.v'ssesi 


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SPA and Entrepreneurs 
Fuel Free- Market Economy 


Before they have sent out their first 
tenders or pnnted a single catalogue, 
privatization agencies are often deep into 
two uphill battles. The first is overcoming 
local corporate management's reluctance to 
leave the safe harbor of public-sector 
ownership; the second, convincing 
international companies to consider the idea 
of investing in the agency's particular 
country. 

These battles were never waged in 
Hungary. After more than two decades of 
“autonomous operations" under the Kadar 
regime, the country's nascent companies 
and their executives were highly familiar with 
the tenets of capitalism and eager to give 
them a full-scale test Through their dealings 
with these companies, the world's business 
community knew Hungaiys economy and 
was aware of its underlying strengths: high 
levels of education and qualification, coupled 
with an innate interest in entrepreneurial 
activities. 

In the immediate aftermath of 1989, 
many international companies were 
therefore willing to take a good look at 
Hungary and to consider working with its 
enterprising companies. Thanks to the 
events unfolding in the post-revolutionary 
period, the international companies liked 
what they saw. Not only did the country 
quickly set up a democratic regime, but the 
elected coalition also has managed to serve 
out its term - something of an 
accomplishment in the Central European 
region. Equally gratifying was the 
Hungarians' wholehearted support of their 
new free-market economy. This has been 
evidenced by the founding of more than 
500,000 businesses over the past four 
years. 

One event that confirmed this initial 
positive impression was the founding of the 
State Properly Agency in 1990. According 
to Tibor Pongracz, state secretary for 
privatization and the agency's chairman, the 
SPA was set up at a key moment in the 
country's move into the private sector. 

“A lack of interest in privatization was not 
the country’s problem,” he says. “Quite the 
opposite. In the preSPA period, there was a 


wave of ‘orvthe-spot 7 privatization as 
everyone rushed to get their own particular 
piece of the Hungarian economy, be it the 
local pharmacy or some of our largest 
companies.” 

The legacy of these "instantaneous 
privatizations,” according to Mr. Pongracz, 
often was companies and properties sold 
under value, or at unrealistic terms and 
conditions, resulting in nonviable ownership 
structures. 

This "rather chaotic situation” threatened 
to dissipate the country’s store of economic 
goodwill. 

The SPA stepped in and brought order to 
the country’s privatization efforts. First, the 


toe company. Also now in wide use is toe 
Treuhand’s operrtender process, in which ail 
potential purchasers enjoy toe same access 
to information and bidding. This openness 
has proven especially attractive to 
international companies, which have 
invested $926 million in toe Hungarian 
economy through toe SPA. 

Many large companies privatized by toe 
SPA have a core of major corporate 
investors and a broad base of corporate, 
private and employee shareholders. This 
AngloAmerican” corporate look is no 
accident 

Under toe auspices of toe SPA, these 
companies have been constituted as joint 
stock companies and listed on toe Budapest 


U IV, WUIIU , O pi IVUULUUVI I v,« I Ul UJ. I II U IV, . f » I I ■ I I ll n - I . 

agency organized itself. It catalogued the companies and listed on ftie Budapest 

portfolio ot companies entrusted to it and Stock ^change. Commenting on toe frurte 
later put that information into toe agency’s jj ^ s P ro ^ s ? n C approach, Lajos Bokros, 
computers for use by its specialist the exchange s chairman says. It is a 

departments. Next, toe agency used sound 
business principles to organize toe portion 

of toe country’s privatization program stpck a ™ security exchanges 3m toe 

entrusted tot H primary venue of business transaction. 

The results have been impressive. In just _ niancrf onPci 

four years, toe SPA has partially or entirely nnrlnn 

privatized more than half toe companies nS;„Iyfn intn 

originally entrusted to it Its cumulative sales 

roughly equal toe value of assets still in its a P er ®? n fJ ^ke in toe compares firture, 

Szabo the SPA’s managing director, the behind the irrftoductbrTof schemes that 

** is® at a 

SdSlSS ? ma,n ° P ^ a$e * 

en i_° T "7, . . . . "Small Shareholders’ Plan,” in which private 

The SPAs most important investors receive governmental credits to 

accomplishment is that by adapting proven purchase stock 

‘Sometimes, the SPA'S job Is more that of 

?“m(llcons-6toe* Hmnts of the SS X' r ' 

on a company^bycornpany basis, into operation find their way to the private 

corporate ownership and management sector. 

These features include the entire price This process^ caHed ^selfpnvatization, is 

Tffl'iSSSS&l SESSttSffiSSS^tStfnmto 

IS5 hfd IS eSuated P on toe basis not ** seff-privatizers’ adherence to generally 
KfcSSSSS bSKiS? applicable capital end casM« gu*te. 

secured, investment commitinents and toe In line with toe experience of most Central 
feasibility of its future operating strategy for and East European countries, Hungary has 


also undergone a massive wave of smalt 
scale privatization, in which previous owners 
or current operators have assumed control 
over their beauty parlors, restaurants, 
pharmacies and farms. Many of these were 
paid for with coupons. 

One major feature of toe country’s 
economy stems from what toe Hungarians 
call toe Belgian model.” State ownership of 
key industrial and public-goods producers 
via a central holding company is standard 
throughout Western Europe. Hungary’s 
version is toe State Holding Company. Set 
up in 1992 to complement toe SPA’s 
activities, toe SHC currently holds stakes in 
163 companies. As situations permit and 
depending on toe government’s perception 
of interest, toe SHC strives to reduce its 
equity portion in its companies to either 5 
percent 25 percent or 50 percent through 
privatization. In 1993, toe SHC realized 
revenues of $900 million from this activity. 
Nearly all of that was from toe sales of a 
minority stake in Hungary’s MATAV 
telecommunications authority. For 1994, a 
tranche of equity in 28 major companies - 
including banks, pharmaceutical producers, 
and oil and gas producers - is being offered 
to toe markets. 

Viewed from toe outside, toe privatization 
system in all its forms and modalities seems 
well-constructed and operated. That 
impression is slightly misleading, senior SPA 
executives point out As Mr. Pongracz 
emphasizes, it has taken “enormous 
amounts of effort and learning to get toe 
system running smoothly and efficiently. 

“We have had our share of setbacks and 
made our share of mistakes," he says “And 
this process has involved a lot of sacrifice. 

In toe interest of accomplishing a true 
transformation, not just a ‘paper shift* of 
ownership common to other privatization 
programs, we have been forced to let 
nonviable companies go into liquidation 
Employees have been made redundant. 

“But at toe end of toe day, Hungary will 
have a fully operational private sector with 
market-proven companies. And that is what 
counts. 


* STATE PROPERTY AGENCY 



INTERNATIONAL HERALD TRIBUNE, TUESDAY, 




^yp-^'Cr^ 




Page 21 


ITISENG SECTION 











Hunting for Tourists (and Fishing^ Too) 


he huni is on for 
jj&g g&I tourists in Hun- 
Sary. Since 1991. 
r~™ tourism has been 
booming; the number ofvfs 
nors , n 1993 increased 20 
yS ent ° Ver Ihe P rev *ous 

Last year, however the 

?hisri?T ni realized thsu 
this development had been 


too haphazard, and a survey 
was commissioned to estab- 
lish nationwide guidelines. 
Among the recommenda- 
tions that have emerged are 
a call for the creation of an 
“attractive but realistic” 
tourism image for the coun- 
try as a whole, with a juridi- 
cal basis conforming to Eu- 
ropean Union regulations. 


,.3 < vFi Ily h ^ wa y .between Budapest 
?e^ K na V ar I Vers ■**» are forced to 

uv* in 


Emphasis is to be placed 
on extending the length of 
the tourist season, which 
hitherto has been limited 
mainly to the summer, in- 
corporating areas largely un- 
touched so far and raising 
the average amount of cur- 
rency spent by visitors. In all 
of these respects, it was felt 
that the development of 


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renowned for ibe indastty Cto &i 
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away, a its', facade " j 

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. tem away from the main Sawgh road. 

• ] im-eentiKy caihedml tin q&apaw. 

Hiil possesses one 1 of- the . most -prized' 


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■ Hungary^ 

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hunting facilities in Hungary 
would be beneficial. 

This is by no means a new 
development. Hunting, 
shooting and fishing have a 
long tradition in this Euro- 
pean heartland; with the re- 
sumption of normal tourism 
conditions, there is gready 
increased incentive for 
Westerners to indulge in the 
country's game sports. 

Not many European re- 
gions can match Hungary's 
stock of game. The world’s 
best assortment of deer- red 
deer and fallow deer - can 
be stalked in the south of the 
country. Of the last nine 
record antlers, five were 
bagged in Hungary. Lesser 
game - particularly pheas- 
ant, woodcock, waterfowl 
and hare - is prolific here as 
well. Most of the stag popu- 
lation lives west of the 
Danube; the best examples 
are found between Lake 
Balaton and the Slovene- 
Croarian frontier - in the 
Mecsek hills and Gemenc 
forest, for instance. 

For roe deer (an estimated 
250,000 head in Hungary), 
the best hunting fields are 
along the rivers Tisza and 
Koros in the east of the 
country as well as on the 
Great Hungarian Plain (Al- 
fold). The roebuck kill tradi- 


tionally begins on May I 
and continues throughout 
the summer, when it can be 
combined with shooting 
wild boar during the corn- 
field mowing, although 
there is such an abundance 
of this game that they can be 
hunted year-round. 

Newer territories that are 
coming into fashion are the 
Pilis woods (only half an 
hour's drive north of Bu- 
dapest) and the Matra and 
Bukk hills in the northeast, 
where mouflon can be spot- 
ted with the aid of local 
hunters. The latter should be 
contacted, in advance, 
through the intermediary of 
MAVAD, the 60-year old 
Hungarian Game Conser- 
vancy Company, at Uri utca 
39, H-1014 Budapest, which 
will also handle requests 
from those who wish to im- 
port their own rifles, shot- 
guns and ammunition. 

For anglers, fishin g licens- 
es can be easily obtained on 
the spot. The best area to 
head for is Balaton, the 
largest lake in Central Eu- 
rope, where the main catch 
is fogas (the delicious local 
pike-perch), sheat-fish and 
carp. The closed season for 
fishing extends from April 
20 to May 20. 

David Hermges 






Preparing for Expo ’96 


O ne hundred years 
after Hungary 
hosted its first 
international ex- 
hibition, the nation invites 
the world again for Expo 
’96. 

Scheduled for May 1 1 to 
Oct 4, 1996, the Expo aims 
to further Hungary's image 
as a new European center 
and to demonstrate how 
communication - the Expo 
'96 theme - is critical for a 
better world. 

Sitting on the banks of the 
Danube, the 44-hectare 
(108-acre) Expo site in a 
busy sector of southern 
Buda will host about 45 na- 
tional pavilions, 12 corpo- 
rate ones and an estimated 
12 million visitors. 

Expo '96 will cost about 


Hungary is situated al- 
most exactly in the 
middle of the Euro- 
pean continent. The 
vast majority of the 
land is low-lying, con- 
sisting of a sizable 
area of flat land 
known as the Alfdld 
or Great Plain in the 
central, south central 
and eastern parts of 
the country. Through 
the country flow two 
major rivers, the 
Danube and the Tisza; 
Hungary has Central 
Europe's largest lake, 
Lai* Balaton. 


Area: 93,034 square 
kilometers (.36,307 
square miles) 
Population: 10.5 mil- 
lion 

Capital: Budapest, 
pop. 2 million. 

Miuor cities: 
Debrecen, pop. 
212,000 

Miskolc, pop. 196,000 
Szeged, pop. 175,000 
Ethnic Populations: 
About 90-percent 
Hungarian. Groups of 
Croatians, Germans, 
Gypsies. Slovaks, 
Slovenians, Serbians. 
Romanians and others 


Hungary: Facts and Figures 


make up the remain- 
ing 10 percent. 
Religions: Roman 
Catholic, 60 percent. 
Reformed Protestant. 
20 percent 

Language: Hungari- 
an. 

Land use: 70 percent 
of land cultivated for 
agriculture. 

Climate: Continental 
climate, with warm 
summers and cold 
winters. Average Jan- 
uary temperature in 


Budapest is 0 degrees 
Celsius (32 degrees 
Fahrenheit) and in 
July about 23 degrees 
Celsius (73 degrees 
Fahrenheit). Annual 
rainfall is about 
652 milHroeters. 
Currency: Forints. 
Government: A par- 
liamentary republic. 
Last elections for Ihe 
386-seat National As- 
sembly were in 1990. 
Upcoming elections in 
May. 


Useful Addresses: 
Tourism 
Tourinform 
(Hungarian National 
Tourist Information 
Bureau) 

H-1052 Budapest 
SuLo utca. 2 
Tel.: (36-1) 1179-800 
IBUSZ Accommoda- 
tions Office 
H-1052 Budapest 
Petfifi tdr 3 

Tel.: (36-1) 1185-707 
Business 

Hungarian Investment 
and Trade Develop- 
ment Company 
H-1051 Budapest 


Dorottyau.4 

Tel.: (36-1) 118-0051 

American Chamber of 

Commerce 

H- 1068 Budapest 

D6zsa Gyogy tit 84/a 

Tel.: (36-1) 269-6016 

British Chamber of 

Commerce 

H-101 1 Budapest 

Iskola u. 37 I/a 

Tel.: (36-1) 201-9142 

German Chamber of 

Commerce 

H-l 143 Budapest 

Stefttnia tit 99 

Tel.: (36-1) 252-2478 

&S-W. 


$1 billion. It has secured the 
corporate sponsorship of 
Coca-Cola and is close to 
signing further corporate 
contracts this spring, accord- 
ing to Expo ’96 Commis- 
sioner-General Etelka 
Pataky-Barei. The organiza- 
tion is still negotiating with 
France, Spain, Japan and the 
United States about their 
participation. 

Years ago. Vienna and 
Budapest planned a joint 
Expo to foster communica- 
tion between two polar polit- 
ical worlds. Following de- 
mocratic reforms in 1989, 
however, the joint plan was 
scrapped, leaving many to 
wonder whether cash- 
strapped Hungary, which 
must underwrite 31 percent 
of the overall budget, could 


go it alone. 

The nation must pay for 
ambitious Expo-related 
plans, including new toll 
roads into Budapest, a new 
bridge over the Danube, air- 
port expansion, moderniza- 
tion of tire Vienna-Bu dapest 
railway link and exhibition 
halls. The halls wall later be 
used by neighboring univer- 
sities. 

Ms. Barsi contends, how- 
ever. that the Expo's mam 
challenge will be time, not 
money. Preparations are on 
a tight schedule, with little 
room for error. 

“Tirne may be our biggest 
opponent,'’ Ms. Barsi says. 
“We know that by 1996, 
Hungary has to show that ft 
has found its way back to 
Europe." 


Healthy Holidays: Congress and Cures 


quincum. ioter- 
p- r eted as mean- 
j=t? ip ing “rich wa- 
ters," was the 
name given by the Romans 
to their settlement on the 
right bank of the River 
Danube, upstream from 
where die Hungarian capital 
now stands. There is ample 
archeological evidence that 
the iecionaires benefited 
from die healthy properties 
of thermal springs in the 
area - and the tradition has 
been maintained to the pre- 
sent day. 

During the 16lh and 17th 
centuries, the baths in Buda 
were of central importance 
io the Turkish occupiers. 
Today’s tourist managers 
have turned the waters to 
good use in their incentive 
-rave! schemes, along the 
lines of “Come to the Con- 
cross and Combine it with a 
Cure." 

There is indeed a good se- 
lection of convention facili- 
ties in the city, including the 
custom-built Budapest Con- 
gress Center (the latest ex- 
tension to which was built 
only last yean, just 10 min- 
utes from the middle o* 
town, and the imposing 
Royal Buda Palace over- 
lookinc the Danube. 

Virtually the whole of 
Hur.earv is covered with a 
network of 22 cities and 
towns with mineral water 
and thermal springs claim- 
ing medicinal properties. 
Budapest heads the list it js 
the only capital city in “ie 
world authorized to call it- 
self a “spa town" and boasts 
no fewer than nine watering 
places. 

Not quite the biggest, out 
certainly the most luxurious, 
are the thermal water pools 
(one each, indoor and out- 
door) at Hotel Gellert- This 

is a traditional establishment 

dating from the days of the 

Austro-Hungarian monar- 
chy. Last year, to mark its 
75th anniversary, it was giv- 
en a thorough facelift- 

The Gellert. open year- 
round to the public, also of- 
fers special incentive pack- 
ages during summer for up 
to 1 ,500 persons at a time in 
the form of a “Poolside Par- 
ly." including dinner ana 

dancing. Recommended 
clothing: collar and tie, , 


cocktail dress and/or swim- 
suit 

An older bathing estab- 
lishment, dating from the 
days of the Turkish occupa- 
tion, puts on a show for up to 
50 guests (men only) under 
the title “Suleiman Pasha’s 
Harera.” Recommended 
clothing: towels optional. 
Moving westward to the 
Lake Balaton holiday area, 
there is a range of several 
renowned spas, headed on 
the northwest shore by 
Heviz, with the largest natur- 
al hot-water spring in Eu- 
rope. Outdoor bathing is pos- 
sible throughout the year. 

Even closer to the Austri- 



The Heviz spa along Lake Balaton. 

an border and thus a favorite sive medicinal facilities has 


resort for Viennese health 
seekers is Hungary’s 
youngest spa, Buk, where a 
rich thermal spring was dis- 
covered by chance during 
unsuccesstul drilling for oil. 
A four-star hotel with exten- 


now been built in this rather 
isolated spot Buk is only a 
short drive away, by horse 
cab if desired, to the me- 
dieval picture-book town of 
Koszeg, once a frontier 
fortress. DJ9. 


On Target 

Trying to reach decision-makers in Central Europe? 
There is no better way to target top executives 
and government officials than 


THE BUDAPEST SUN 


Published in the heart 
of Central Europe, 

The Sun provides reliable 
information in a region 
where that’s a scarce 
commodity. 

That’s why 30,000 readers 
in more than 30 countries 
turn to The Budapest Sun. 
Every week. 


■ j^inicOTMtKjnaSout advertising please fill 
out the form below: 


COMPANY 

ADDRESS — - 

TELEPHONE/FAX (indude country a dry code) 





mmi 


fifes 


MaW ^ Dept, The Budapest Sun, H-1068, D6*a Gyflrgy M WA. Hungary FAX: (36-1) 268-1103 


- 

pmrturrlm m d 


■I 


Partner Country Hungary at the Hannover Fair '94 

Central Hungarian lectures at the Convention Center/TCM/ 


20th April 1994, 2:00 p.m. - 5:00 p.m. in Conference Room 3 A 
2:00 p.m. - 2:45 p.m. Development of German-Hungarian economic relations 
2:45 p.m. - 3.-05 p.m. Hungarian efforts to promote free trade 
3:30 p.m. - 4:00 pjn. Success stories 

4K)0 p.m. - 4:20 p.m. Hungary as a target country for investments 

4:20 p.m. - 4:40 p.m. Privatization - an alternative to foreign capital investment In 

Hungary 


21st April 1994, 2:00 p.m. - 6:00 p.m. in Conference Room 13/14 

I. Theme : National Committee for Technological Devebpment/OMFB/ 

2:00 p.m. - 2:20 p.m. Hungarian innovations - tasks of the OMFB 

2:20 p.m. - 2:40 p.m. Scientific and technological cooperation - tasks of the OMFB 

II. Theme: Ministry of Industry and Trade 

2:40 p.m. - 3:00 pjn. Role of industry in the Hungarian economy. Current industry- 

political tasks of the Government. 

3:00 p.m. - 3:20 p.m. Present situation and perspectives on German-Hungarian 

industrial relations 

HI. Theme: Ministry of Culture and Education 

3:50 p.m. - 4:10 p.m. Making Hungary's higher education system match the European 

standard - one of the primary objectives of the Hungarian 
Government. 

4:1 0 pjn. - 430 pjn. Scientific research and technical development in 

Hungarian universities 

IV. Theme : German-Hungarian Chamber of Industry and Trade 

4:30 p.m. - 4:50 p.m. Current business position in Hungary. 

4:50 pjn. - 5:10 p.m. Activities of the Hungarian Chamber of Innovations 

■ ■ HEUST IDEE UND OEI5T 


■ ■ HEUST IDEE UND DEIST 

Ungarn 


f 


HANNOVER 
MES5E 94 

ML-ZL INK 1W4 


Further information-. 

Deutsche Messe AG - Messegelande 

30521 Hannover. Phone: /051 1/89-0 Telex: 92 27 28 

Tfelefax.- /05 1 1/89-326 26 - Tfeletext: *30 143* 







kps* s.*?*? &I9E5-V 83 g Sr's og. 










Pa fe 

G] 


Page 22 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


SPORTS 



Scoring Drought E: 

As Mariners Beat Brewers 


The Associated Press 
For a while, it looked fike there 
night be a Scoreless in Seattle se- 
quel. 

The Mariners, who were shut out 
by Milwaukee on Saturday night, 
and hadn't scored a run in 16 in- 


nings, finally broke through for five 
runs in the fourth Sunday on their 


AL ROUNDUP 


way to an 8-3 victory over the 
Brewers at the Kingdome. 

Ken Griffey Jr. and Torey to- 
vullo each had three hits for Seat- 
tle, and starter Dave Flaring bene- 
fited from the Mariners’ 13-hit 
attack. 

“It's pretty hard to come back 
after a shutout and fall behind right 
away," Fleming said. “It really 
helped to get a lead in the fourth. 
That made thing s a lot easier." 

Lo vullo, Eric Anthony and Dar- 
bies in^e fourth off Jaime Na- 
varro, and Bill Haselman hit a 
homer in the sixth. 

Seattle's manager, Lou Piniella, 
was beginning to wonder where the 
runs were gomg to come from for 
his young team, which was picked 
to contend this year in the AL 
West, but started with five straight 
loses. 

“That was a real blue collar in- 
ning, the kind we've been looking 
for, said Piniella. “We knew we'd 
have to grind out the runs against 
this team, and we did." 

Fleming allowed two runs and 
nine hits m 614 innings. 

Milwaukee took a 1-0 lead in the 
first when Turner Ward, whose 
homer accounted for the only run 


Ward, who homered batting left- 
handed Saturday, hit this one from 
the right side. 

That blow only intensified the 
Mariners’ hangover from the one- 
run defeat 

“That was a tough game to lose," 
Lovullo said. “But that scoreless 
thing wasn't on our minds today. 
We knew we just had to ride it out 
— we were going to break out of 
the slump sooner or later." 

Athletics 5, Twins 1: Ron Dar- 
ling, coming off two shaky starts, 
limi ted visiting Minnesota to three 
hits in eight inni ng s and Mark 
McGwire homered for the third 
straight game. Darling had given 
uptime runs in nine facing* in his 
two previous outings for Oakland. 

Scott Erickson took the loss. 

Blue Jays 5, Angels 4: Ed Spra- 
gue dropped a angle over a drawn- 
in infield in the 10th to score Ro- 
berto Alomar with Toronto’s 
winning run in Anaheim, California. 

Alomar tingled off Joe Grebe, 
and after Joe Carter’s double and a 
walk loaded the bases, Sprague hit 
a soft liner that deflected off the 
top of first baseman Eduardo Pe- 
rez’s glove. 

Todd Stottlemyre gave up a dou- 
ble and a walk in the 10th, but got 
Gary DiSarcina to fly to cento’ for 
the final out. 

Orioles 6, Rangers 5; The reliev- 
er Lee Smith shut down a ninth- 
inning Rangers rally to preserve 
Baltimore’s victory in Arlington, 
Texas. Smith, who gave up two hits 
in picking up his American League- 
leading sixth save of the season and 
major league-leading 407th of his 
career, came on after Juan Gonza- 


lez and Jose Canseco opened the 
Texas ninth with consecutive home 
runs and Dean Palmer followed 
with a single. Palmer later scored 
the game’s final run. 

Chris Sabo knocked in three runs 
for Baltimore, including a two-run 
homer, bis first in the American 
League. 

In other gomes, reported Monday 
in some editions of the Herald Tri- 
bune: 

Royals 8, lagans 3: Kevin Ap- 


iter 


as 


and 


A; 
a 1 


; City won its fourth straight 
its first sweep in 
since 1973. 

came into the game with 
run average after 
allowing nine mas in the Royals' 
22-1 1 loss to Boston last Tuesday. 

Jack Morris gave up eight hits in 
6% innings. __ 

White Sfix 7, Red Sox 4: In Bos- 
ton, Frank Thomas and Darrin 
Jackson hit solo homers in the 
fourth inning , and Lance Johnson 
added a pair of RBI singles for 
Chicago. Scott Sanderson, malting 
bis first appearance for the White 
Sox, allowed one run and six hits in 
six inning s. Roberto Hernandez got 
the final four outs, striking out the 
side in the ninth for his second save. 

Frank Viola allowed four runs 
and seven hits in 5 Vj innings. 

Yankees 8, Tigers 6; Benue Wil- 
liams ignited a four-run eighth with 
a sacrifice fly against Bill Krueger 
and T -iris P nkmta capped the inning 
with a two-run tingle for New York 
in Detroit. Xavier Hernandez 
picked up the victory despite giving 
up a two- run homer to Eric Davis 
in the eighth. Jeff Reardon got his 
second save. 



Smoltz Baffles Cubs 


As Braves Win 10th 
Straight on the Road 


The Associated Pros 

Dwight Gooden or John Smoltz? 
Not much difference, says the 
Atlanta catcher Charlie O’Brien. 

O’Brien caught Smoltz on Sun- 
day as the pitcher struck out eight 


NL ROUNDUP 


Cubs, recording a 4-2 triumph in 


Chicago. Smoltz leads the mqors 


with 22 strikeouts. 

The victory was the 10th straight 
on the road tor the Braves, tying a 
dub record. The Braves are 12-1 
overall. 

The Cubs lost for (he sixth 
straight lime at home since the start 
of the season, two short of the re- 
cord-setting team of 1937. 

O’Brien, who caught Gooden for 
four years with the New York 
Mets, says Smoltz “is as good as 
they come." 

Cubs starter Mike Morgan gave 
up four runs, three unearned in five 

jnning t 

Ryan Klesko's sacrifice fly gave 
Atlanta a 1-0 lead in the first 

A single by Smoltz started the 
three-run thirl After the fielding 
error by Morgan, McGriff singled 
home Smoltz: Terry Pendleton’s in- 
field hit brought home Blauser and 
McGriff scored when Rick WiUdns 
third baseman Steve Bue- 
throw. 


Ryne Sandberg’s two-run homer 
in the sixth, his first tii 


K Dia. Ths fctv- 

Ftorida’s Benito Santiago charged die Giants reliever Kevin Rogers after being hit by the tell indie 
eighth faning in Miami, prompti n g a bench-clearing brawl Santiago and Rogers woe both ejected 


since last Aug. 
27— also against Smoltz— cat the 
lead to 4-2. 

Roddes 6, Expos & Hhs Buries 
homered with two outs in the 10th 


A Triumphant Berlusconi Hopes to Hang On to AC Milan 


Return 

ROME — Silvio Beriusconi, 
triumphant owner and chair- 
man of AC Milan, said he 
hoped to h.nig on to the dub, 
whtcb secured its third Italian 
soccer title on Sunday, despite 
his new political career. 

“Spots dubs are not profit- 
making organizations and there- 
fore I hope to stay on,” said 
Beriusconi, who is expected to 
lead Italy’s next government. 

Milan, which is also in the 
European Champions’ Cup 
s emifinal*, became only the sec- 
ond team since World War II to 
win three straight league titles 
when it drew 2-2 with Udinese 
on Sunday in Milan. 

And Berlusconi made it dear 
after the match that he took his 
political career seriously, saying 
that if his “political responsibil- 
ities” required it, be “wouldn't 
hesitate for a second to resign 
from Milan.” 


zation counts for more than in- 
dividual talent.” 


icapta 
id the 


esi, 33, said the team had yet to 
come lo the end of a winning 
ran in winch it has won four cl 
the last seven Italian champion- 
ships as well as two European 
Champions’ Cups and two In- 
tercontinental Cups. 


“It’s a gamble, our continu- 
ing success, but I remember 
that three years ago everybody 
was writing us off and nobody 
would have predicted us win- 
ning three in a row," he said. 


The team's coach, Fabio Ca- 
pdlo, said the club's continuing 
success was based on sound 
management. 

“Milan has remained at the 
top, among the very best in soc- 
cer, despite changing many dif- 
ferent players," he said. "It 
means that our overall organi- 


One player who had a bitter- 
sweet view of the celebrations 
was the French star Jean-Pierrc 
Papin, who played on Sunday, 
but who leaves to join Bayern 
Munich at the end of (he season 
because he is tired of being reg- 
ularly dropped by Milan. 

“I almost began to cry when 
the fans started shouting my 
name, 1 * he said. “This is a great 
day, but I’m a tittle sad because 
I have to leave this great team. 
The important thing now is that 
Milan goes on to win the Euro- 
pean Cup." 

AC Milan faces visiting Mo- 
naco in a Champions’ Cup 
semifinal cm April 27. 



West Indian Sets 
Cricket Record 
Qf375inTest 


Reuters 

ST. JOHN’S, Antigua — Brian 
Lara of the West Indies blazed his 
name into cricket history on Mon- 
day when he broke Gary Sobers’s 
world record, hitting 375 in the 
fifth and final test a gainst En gland _ 

The 24-year-old left-hander 
passed bis compatriot's record of 
365 not out with a wristy pull to the 

boundary and bm immediate ly in- 
gulfed by policemen and fans. Play 
was halted for several minutes, and 
Sobers, who set the previous record 
of 365 in 1958, was faced to wait 
until the police cleared a path fa 
the two men to embrace. 


Boskie, malting bis first 
for Philadelphia since 
wquired him from Chi- 
test week, allowed two runs 

nine hits in six rnninge 

Giants 9, Marlins 8: Mark Portu- 
gal won his 14th consecutive deci- 
sion, allowing five runs in seven 
inningt Barry Bonds hit a two-run 
homer, as did Matt Williams, who 
went 4-for-5. 

The visiting Giants took a 9-2 
lead. Ryan Bowen gave up eight 
bits in five innings fa Florida. But 
the Martins threatened with three 
runs in the eighth after a bench- 


clearing fight that began when a 
by Kevin Rogers brushed 


itch 


Benito Santiago, who then 
charged the mound and tackled the 
reliever. 


Cninoh 5, Padres 0: Geronimo 
Pena homered from both sides of 
the plate, and Rene Arocha re- 
bounded from two poor starts with 
a five-hitter fa St Louis, which has 
won four of five. He struck out 
nine, matching his career high. 

Pena, playing oily because of an 
injury to second baseman Luis Ali- 
cea, homered left-handed off viat- 


Cirto FsmgaJB/Tbr taourf Ptoi 

AC Milan players (firing onto the grass for a glide after winning their third straight Italian soccer title at Mitel's San Siro stadftun. 


An dated Lara then knelt to loss 
the turf before resuming his in- 
nings. He cracked one mote glori- 
ous straight drive but fell at last 

dic^^aiid was caught by wicket- 
keeper Jack RusselL 

West Indies immediately de- 
clared at their massive 593 fa five 
and lunch was taken early. 

Lara had started the third day 
with West Indies on 502 fa four 
and his personal tally at 320. 

Fa a few minutes he was level 
with Sobers, but then took sole 
charge of the record with the 44th 
boundary of his innings. 


mg San Diego's Andy Ashby in the 
thud and hit a 3-2 pitch from Marie 
Davis in the seventh. 

The Padres have lost seven of 
eight and axe 2-1 1 overall, the worst 
record in the major leagues. 

Mets 4, Astras 2: Jeff Kent hit 
two more homers, including a two- 
run drive in the eighth at Shea Sta- 
dium. He has seven this season, 
including two multihomer games. 

Kent connected fa a solo boner 
in the second off Houston's Darryl 
Kile and a go-ahead drive with one 
out in the eighth against Todd 
Jones. 

Bobby Jones gave up five bits in 
eight innings. John Franco finished 
fa his second save: 


DENNIS THE MEN ACE 


PEANUTS 


CALVIN AND HOBBES 




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DISTRACTED.' 



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inning off G3 HerecBa at hfile Hgb 
Stadium, putting Colorado above 
iOO for the first time ever at 6-5. 

Colorado has won four consecu- 
tive games and tiro has won six 
straight extra-inning games. Mike 
Munoz. Colorado’s sixth pitcher; 
threw a one-hit 10th. 


in some editions of i 
bune: 

Dodgers 19, Pirates 2: In Pitts- 
burgh, Cory Snyder hit three 
homers and drove in seven runs, 
and the Dodgers matched their 
highest nm total since moving to 
Los Angdes. 

Snyder had a pair of two-run 
h orn ets, then added a three-run 
drive during a nine-run seventh in- 
ning for the second three-homer 
game of his career. 

Tom Candiotti allowed two runs 
over six innings for his third 
straight victory as the Dodgers fin- 
ished with 21 hits, baiting a four- 
game losing streak and Pittsburgh’s 
six-game wanting streak. 

Reds 7, PtaSSes 0: Tom Brown- 
ing pitched a two-hitter at Veterans 
Stadium fa his first shutout since 
May 7, 1990, the 12th of his career. 
It was the first victory since July 22 
fa Browning, who missed the end 
of last season because of a broken 


am 


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‘We HAVE weakest at our HOUSE evert nay. 

tti A BAWlYTPADmOM.' 



Vs newr been easier 
to subscribe and save 
- just cdl ox 
FranWurt office 

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From Austria 
mi us iriMree 0660 61 55 
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SPORTS 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19, 1994 


Page 23 


Hornets Gain Edg, 
On Heat in Duel 
F or Playoff Spot 


e At European Basketball Final Four, 2 Greek Threats 


^ Avociated Prcn 

left in the resuja, 

SSsslssbSS 

HSht between Cto- 

- ^BA HIGHLIGHTS 

£ r s ^? co £i in ^ *“• “ «dl 

IW**" for beller »eed- 

uigaod the homecoun advantage. 
Tne only teams fighting to «- 
the Hornets 
Sf ™ *!«*. Charlotte helped it- 
V defeating New 

York, 107-91, while Miami was los- 
ing to New Jersey, 1 10-103. 

Miami's lead over Charlotte has 
jhnink to Hi games, and the Heat 
i th . e .,. l0U ^ r schedule in the fi- 
nal week, with games against Min- 
Msoia, Atlanta and Indiana. The 
Hornets play teams with losing re- 
cords: Detroit, Boston and Wash- 
ington. 

If ihe teams finish with the same 
record, Miami gets the playoff 
berth because it won the season 
series 3-1. 

The Hornets, winners of six of 
their last seven, beat the Knicks de- 
spite paying without center Alonzo 
Mourning, who sat out a one-game 
su s p en sion. Larry Johnson scored 
22 points. Hersey Hawkins had 20, 
Ddl Curry 15, Frank Brickowski ] 1 
and Kenny Gattison 10. 

Nets 110, Heat 103: In Miami 
Kenny Anderson had 29 points and 
1 1 assists and Benoit Benjamin (25 
points, 12 rebounds) had his sec- 
ond straight strong game as New 
Jersey clinched its playoff spot 
The Nets will end u p eroded 
sixth or seventh, depending on how 
Indiana does in its final four 
games. The Nets, who currently 


trail the Pacers by a half-game, 
have three games left against Mil- 
waukee, Philadelphia and Orlando. 

“I think there's a four-leaf clover 
with me somewhere, because I’ve 
really been stepping up my game 
and doing everything I have to do 
to help take us into the playoffs,” 
Anderson said. 

Miami led 60-48 at halftime but 
Anderson scored 12 points man 18- 
4 ran at the end of the third quarter 
that turned around the game. 

Facets 104, Pistons 99: In diana 
also clinched a playoff spot and 
tied a team record with its 17th 
road victory of the season. 

After Detroit Jed 79-78 with 9JS 
minutes left, Byron Scott hit two 
jumpers in a 9-0 run. 

Magic 118, Boils 101: In Orlan- 
do, the Magic moved a step doser 
to clinching the homecoun advan- 
tage for the opening-round playoff 
series, which probably will be 
against Cleveland. 

Shaquillc O’Neal had 32 points 
and 14 rebounds, Nick Anderson 
had 22 points and Anfernee 
Hardaway had 21 points, eight re- 
bounds and seven assists. Orlando 
leads Gervdand by 2K games and 
has the tiebreaker edge over the 
Cavs because of its better confer- 
ence record. 

Chicago had its 10-game winning 
streak ended and faded to move 
ahead of New Yak in the three- 
team racefor best record in die East 

Rockets 1 19, TraH Blazers Utk- 
in Portland, Oregon, the Rockets 
became the first team in NBA his- 
tory to make 400 3-painters. 

Houston was 10-for-18 from long 
range far the g^me, with Vernon 
Maxwell going 6-fra-ll and scoring 
12 of his 27 points in the fourth 
quarter. Maxwell hit three 3-point- 
ers during a 22-5 run that broke the 
game open in the final period. 

The previous record for 3-point- 
ers was 398 by Phoenix in 1992-93. 


Ndeti and Pippig Break 
Boston Marathon Marks 


The Associated Press 

BOSTON — Cosmas Ndeti of 
Kenya, the defending champion, 
and Uta Pippig of Germany shat- 
tered Boston Marathon records on 
Monday, winning a race that began 
with a slow pace. 

, Ndeti held off a late charge from 
1 Audits Espinosa of Mexico to win 
the 98th annual event in 2 hours, 7 
minutes, 15 seconds, the fastest 
marathon in six years and the fiftb- 
fastest ever. 

Pippig won by a more comfort- 
able margin in 2:21:45, the fastest 
marathon by a woman in nine years 
and the ihird-fastesi in history. 

Ndeti pulled in front with just 
over four miles (6-5 kilometers) left 
but looked over his right shoulder 
with about 200 yards (180 meters) 
to go as Espinosa dosed the gap. 
But the Mexican, who won last 
fall’s New York Marathon, ran out 
of ground and Finished three sec- 
onds behind. Jackson Kjpngok of 
Kenya was third. 

The previous course record of 
2:07:51 was set by Rob de Castella 
of Australia in 1986. Ndeti won last 


year in 2K)9‘J3. The fastest mara- 
thon ever, 2:06:50, was run by Be- 
layneh Dinsamo of Ethiopia in 
Rotterdam in 1988. 

It was the fourth straight victory 
for a Kenyan. Ibrahim - Hussein, 
who did not compete Monday, won 
in 1991 and 1991 

The Boston Marathon record for 
women was Joan Benoit Samud- 
son’s 2:22:43 in 1983. The world 
best of 2:21:06 was set by Ingrid 
Kristiansen in 1985 in London. 

Pippig, who won last fan’s New 
York Marathon, fought oil a pre- 
race cold. 

Keith Brandy of the United 
States look the lead from Nivaldo 
Hlbo of Braril 2.72 utiles into the 
race and held it until just after the 
15-mfle made of the 26-mile, 385- 
yard race when he was passed by a 
pack of about 10 runners. 

They went ahead by picking up 
what had bear a slow pace despite 
weather conditions — tempera- 
tures in the high 40s Fahrenheit 
(about 5 centigrade) and a strong 
taflwind — that were conducive to 
fast times. 


SCOREBOAR D 

Major League Standings 


Baltimore 

Boston 

Toronto 
New York 
Detroit 

Cleveland 

f Chicago 
Milwaukee 

KonsnCItV 

Minnesota 

Oakland 
Cal Mom la 
Seattle 
Ten 


A 


■* I 

/. ' 


AMERICAN LEAGUE 
East Division 

W L PH 

7 4 436 

7 6 436 

8 5 515 

6 5 545 

4 B XB 

Central Dhrtekm 

6 4 .600 

6 5 -545 

i 5 -545 

i 5 » 

6 9 JOB 

West DtvteMa 

7 S -583 

6 1 *462 

4 7 564 

4 7 564 

NATIONAL LEAGUE 

East Civilian 

W L Pet- 

Atlanta 12 * 

New York 7 * 

Philadelphia 4 £ " 

Florida S 7 AVJ 

Montreal * ■ J33 

Central Division 
Cincinnati l * 

SL Louis l s SO 

Plttstouroft J ? ™ 

Houston 4 ! « 

OX ana 3 8 373 

West Division 
San Frmdsea ? | 

Colorado 4 5 ~~ 

Las Angeles 4 8 -333 

sESEr 2 n -i* 

Sunday’s Line Scores 

AMERICAN LEAGUE 
Kansas CUT 1™ BN «£-* " f 

Cleveland MB WO 3M— 3 • 1 

Anpler, Belinda »>. (PI wW Moo- 

tartan*; Morris, Swan (71. Plu» * 
M-Tumer (8). Farr (P) and 
pier. 1-2. L^Marrta. i-T. HRs— Konsa* atv. 
HameBn (41. OeveMnd. Belle til- 
CtXcoaa 8W *» “ : 

Boston 100 800 B38-419 3 

Sanderson. MeCasklH 

and Karkavtcs; viola. Bankhead I61.HMkein 
IBI.Quantrtll (Hand valla. vv-Sand^vjn.i- 

fl. L-VteJa M. Sv-HeraondK («- 

HRs— ChkmM, Thomas (5). Jackson I4».B6S- 

ton. Grenwell (31. Vaughn «»■ , 

_ nm York oaj 881 om-4 ii » 

• Demur Bti H8 tt*- 6 » 1 

MuthaUand, XJtenwndez (7J. Roordmiw 
am Stonier: Cullfctatav. Krueoer W.GWW- 
ner 181, Boever IP) and TerttaloiLW'-***'- 

nondtLl-a L-Kroe9er.0.1.Sv-W0«»W «»• 

MR— Detroit. E Davis (28. , . 

Miasmata 1 80 ■» MO-1 * I 

800 311 0W-4 

Erickson, Codon (6). Trombfey (71 
Pans; Darling, Tartar (PI «!»»» 
W— DorUng, 7*1. L— Erickson. M HR-Ook- 
land. McGwire Ml. , 

Milwaukee 1W 000 §W-3 » 7 

soame «• 

Navarro, Oro*co (71, Bronker (71 o'” 


GB 


1 

Wi 


v» 

» 

1 

3VS 


1W 

TVs 

Th 


OB 

4 

SVx 

6V» 

TVs 


lta 

4 


Vs 

3 

JVS 


eny. SurtioH (8). W— Ftambin, 2-1. L— No- 
varm VI. Hfte— Milwaukee, T.Ward (i). Se- 
attto. Hasemwn (1). 

Taranto 108 1» 000 1-4 0 8 

California 183 000 018 0-0 9 9 

(U 

AJ-etter, W.willfoms (7),Cnsfino t«.Sto«- 
lemvre (P) end Borden; Fin lev. Grate* (10) 
and CTurner. W— Stotttemvre, WL L-GnXw, 
IKZ. HRs— Toranto White (3). Carter (s>. CaU- 
tomia CJDavls (3), B Jackson (2). 
BaltUnore OM m WO-6 n 1 

Texas *00 BTi 813-8 M ■ 

S.FemoTX>*z. WUi lomson (41, Poole (8), Mills 
(PI, LSmlth (P) and Holies; Aj-n»«rono.Drryer 
15), Hurst (71. Carpenter (8),WMteslde (8) and 
Rodrtauez. W— Williamson, 14. L— Amr- 
ttroito, W. Sv-LSmtth (6). HRz~Ortotos> 
Srdw (11. Texas. Gonzalez (3), COrkkb (41. 

NATIONAL LEAGUE 
Houston 100 100 DM 5 0 

New York no «• w»-4 n i 

Kile. TJones (8) and Servais; BJenes. Fran- 
co IP) and HuniBev. W-BJanu. 3-L 
L_T_jone5kO-1. Sv-Franoo (2). HR»~ Houston. 
Bonwa (3). Mew York. Keni2 (7), Hundier (3). 
dodnoati OBO 000 303-7 16 1 

PMIadeWda DM 0M MM 2 2 

Brawn tea and Dorsert; Baskle. Muw (7). 
Williams IP) and Pratt W Brownlna 14 
L— Baskle, O-i. 

Las Anodes 828 <31 W0-1P 21 ■ 

FWsMndi WO 001 MO-2 10 I 

amdtottt Gall (7), McDowell (81 and Pka>- 
n. prince (6); Cooke, Johnston (6), Ballard 
(7), White IP) and GofL w— Condtaflt M. 
b—Cooka. >3. HRs— Los Annies, Snyder 3 
HI, Mondesi (1). 

Son Dleaa 0M OM MM S 8 

st unis on >20 »«-5 b o 

Ashby. PaJWrtkw (StMDw* (7),HnHmcn 
ni ata Johmon; Arochaond TAieGrtB. W—Ar- 

ortw. vt L— Ashtw, M. HRs-OFena 2 CD. 
M Francisco OM 312 MO-0 W 0 

narida oil IM MM n I 

PgriugaL Rosen ni, Frey W.MJdckson (8) 

and Manaarim: Bowea Oankmr (»>. Men IB), 
YJteraz tPJ ond Sarteooo. Tbioioy (9). W—Por- 
38L L — Bowen, H Sw— MJacksan (2). 
Hl*-*an Fnatctoo. McGee at MawiMoms 
in. Bools (4). Florida, SieMefcl (3). 

^Ota 102 600 MM IT 0 

CUCOOO M0 082 180—2 6 2 

Smalts. Stadon (81. McMIchaH IP) end 
O'Brien; MQfpnfV Ustev (6), Ptesac (71. Bat»- 
ikjg (8) and Wilkins. W-Smoltt.2-1. L— Mnr- 
0-2. 3 » .Mc M Ichnel 14). HR— CWcooa, 

WO 220 0M 0-5 II 3 
Sorads JI2 801 WO M 11 • 

(11 lnniO09| 

Rue ter. Show (0). Rotes (6).Seett 17), Write - 
■nd iPLHertdla HO) ond wetntor; Freernon, 
Blair (5),S.Reed (71, B-RuMn (Bi- Holme s IP), 
uugraz HD). ond Sheofler. SUwdl ff). 

?-l. l iierodin, 6-XHfts (to- 
treat Atou 12). COterada, Burts (5). 

The Michael Jordon Watch 

SUNDAY'S GAME: Jordan went Mor-4 
ttttti one swan hose. He bounced weakly to 
s-caod bo« in ttw second tenhft had o sh«p 

und* is W» In the fourth, a ten Hr dran In ter 
a Bit in me rawtetti ond a popup to second In 

stolehis fourth usemd wenl to 
imrtononoverifirow.He was Mcked ef! find 


By Ian Thomsen 

International HaxtUt Tribune 

TEL AVIV — The Israelis, who know 
something about conflict, p lan to assign - 
700 police to the Yad Eliyahu basket baD 
arena on Tuesday night fm the semifinal of 
the European mens’ basketball Final Four. 

Spectators will be searched to prohibit 
them from carrying firearms, no alcohol 
will be served during the games and soft 
drinks wQl be sold in plastic bottles with 
the caps removed. This is mainly because 
the Greeks have arrived. 

There was speculation last month that 
security concerns following the Hebron 
massacre would force the removal of this 
Final Foot from Israel — but this was only 
rumor, assures a spokesman for FIB A, the' 
international basketball federation. 

Alas, the Greek threat is no rumor. With 
dympiakos Pireus opposing P anathinai - 
kos in the first semifinal, Greece is assured 
of its first appearance in the European 
Championship final, which is to be played 
here Thursday. 

Spain will supply the opponent, for the 
other cgraifinni pus Joventut Badalona 


against Barcelona. The Spanish, however, 
are not known for throwing coins. The 
Greeks are known for throwing coins, for 
shooting flares inside arenas and for 
swarming the court Just a few weeks ago, 
95 people were injured in a domestic game 
between Ofympiakos and PAOK Falonica. 

The Greek scmifinalists have been 


,000 are expected in Td Aviv — to behave 
properly. Otherwise, FIBA has threatened 
to remove the 1995 European Nations 

Cham pi onship from Anthens. 

This midweek will go far to decide what 
the country’s reputation will be. If the 
Greek league had not become known as the 
dominant basketball power pool in Eu- 
rope, then most likely another reputation 
would have surfaced: that as the country to 
introduce soccer-style hooliganism to bas- 
ketbalL 

The first reputation is more attractive. 
While the recession has gnawed at the 
game in Italy and Spain — borne of inflat- 
ed player salaries in the 1980s — the 
Greeks have flourished. In Roy Tarpley, 
110 meters and still just 29 years old. 


Olympiakos has amiably the best player 
ever to preform in Europe. He was a Na- 
tional Basketball Association all-star when 
continued drug problems forced his sus- 
pension from the NBA two years ago, and 
— having applied for reuxsiaiemem — he 
looks like an all-star-to-be. He is trim and 
appears to have dedicated himself to re- 
turning home. 

With the Greek national center Panayo- 
pis Fassoulas and the 28-year-old forward 
Zarico Paspalj, who was unable to adapt 
culturally dining a short trial with the 
NBA’s San Antionio Spurs in 1989-90, 
Olympiakos has the closest thing the Con- 
tinent has know to the celebrated Boston 
Celtics from line of Larry Bird, Kevin 
McHale and Robert Parish. 

The comparison grows more valid in 
light of the departure of European talent to 
the NBA in recent years. They have pro- 
duced 54 of the team's 74.4 prams per game 
in Europe this season. Everything happens 
inside for them, and the job at Panathinai- 
kos of either silencing or out-shouting 
them will fall upon a former NBA backup 
center (3d string behind Parish for one 


season in Boston) and a 36-year-old guard, 
Greece's favorite son. 

The former is 2.17-meter Sioyan Yran- 
kovic, who is complimented up front by the 
former Atlanta Hawk Alexandra Volkov. 
Their job is to distract the big three of 
Olympiakos and allow Nikas Galis to win 
or lose from the perimeter. 

The European game has improved 
around Galis since his arrival to Greece 
from Seton Hall in 1979, but Gabs has 
maintained his advantages at an age when 
most guards can't keep up. He led the 
European championship in assists and 
points Q52 per game) this season, and if 
his rival is allowing him to take the game in 
his hand from the outside, Olympiakos 
won’t like its chances. 

In this year of Greek dominance, the 
Spanish are considered underdogs. In this 
tournament, that is a blessing. Last year’s 
which sent 


champion, Limoges of France, 

Benetton’s Toni KLukoc to the NBA with 
his first Final Four loss, can explain why. A 
more sensational opponent for Barod'oaa 
would have been Real Madrid and Arvidas 


Sabonis, but it was knocked out in straight 
games by Badalona in the quarterfinal. 

The lesson of Limoges is to respect Ba- 
dalona . Badalona’s Serbian coach, Zetko 
Obradovic, Ids namy? at Partizan Bel- 
grade with a European final upset in 1992 
against none other than his current team. 

■ Olympiakos Seeks Serbs’ Return 

Officials of Olympiakos said on Monday 
that Serbia should be allowed to return to 
European basketball competitions, Reu- 
ters reported from Tel Aviv. 

“We are all sad that Serbia are not par- 
ticipating in this competition as they are a 
major force in European basketball,” said 
the Greek club's president, Socratis Kok- 
kaBs. 

“I hope we will soon have peace in for- 
mer Yugoslavia because we want aB their 
teams to participate in European tourna- 
ments,” he said. 

Serbia has been banned from competing 
in international sports events in accor- 
dance with United Nations sanctions. 


Caps Stop 
Penguins 
In Opener 


The Associated Press 

The Buffalo Sabres have taken 
the home-ice advantage away 
from the New Jersey Devils in the 
National Hockey League play- 
offs. Don’t tell the Washington 
Capitals they have an advantage, 
though, even after winning the 
opener at Pittsburgh. 

While the Sabres beat the Dev- 
ils 2-0 in East Rutherford on Sun- 
day to take a 1-0 lead in the East- 


NHL PLAYOFFS 

era Conference opener, the 
Capitals beat the Penguins, 5-3. 

But the Capitals have a recent 
history of winning openers and 
losing series against Pittsburgh. 
The Penguins won Stanley Cups 
in 1991 and 1992 after losing play- 
off series openers to the Capitals. 
They won four straight after los- 
ing the first game in the 1991 
divisional finals and took games 6 
and 7 in 1992 after trailing 3-2 in 
the first-round series. 

The Capitals, who finished 13 
points behind Pittsburgh in the 
Eastern standings, on Sunday 
wore down Pittsburgh with pa- 
tience and defensive pressure: 

They sealed their victory on Joe 
Juneau’s breakaway goal at 10:34 
of the third period fra a 4-2 lead. 
Washington’s Peter Boodia and 
Mike Ridley scored 222 apart in 
the second period to reverse a one- 
goal Pittsburgh lead. 

Pittsburgh was 25-9-8 at the 
Civic Arena during the season, the 
NHL’s third-best home record. 
The Capitals arc 3-0-1 in their last 
four against the Penguins, but had 
won just rate of thehr previous five 
in Pittsburgh- 

Ihe playoffs continue Monday 
with the Islanders via ting the 
Rangers and Montreal at Boston 
in the Eastern Conference, and 
San Jose at Detroit, Chicago at 
Toronto and Vancouver at Calga- 
ry in the West 

Sabres 2, Devils 0: Domimk 
Hasek brought his regular-season 





* ' 'r'-ivv.' 


Rm Frchna/Tlic Ayuiciattd Pren 


The Islanders’ Darhrs Kasparsitis flipped the Rangers 1 Sergei Nemdrinov in their playoff game. 


goal tending brilliance to the play- 
offs by stopping 30 shots. 

Sddom-used Todd Simon pro- 
vided all the offensive support 
Hasek needed by scoring his first 
NHL god on a 4-co-3 power play 
late in the first period. Alexandra 
Mogilny added an empty-net goal 
with 8 2 seconds to play. 

Hasek, whose 1.95 goals- 
against average this past season 
was the best in the NHL since 
Benue Parent had a 1.89 GAA in 
the mid 1970s, was the difference 
in the game, particularly in the 
second period when the Devils 
outshol Buffalo 13-5. 


“I had a good season, that’s 
why 1 feel confident now,” said 
Hasek, who stopped a league-high 
93 percent of the shots he faced 
this past season. “I think I saw 
every shot except one in the third. 
Fortunately it hit me in my pad.” 

In an earlier game, reported 
Monday in some editions of the 
Herald Tribune: 

Stars 5, Bines 3: In Dallas, 
Darcy Wakaluk stopped 33 shots 
in a surprise start over No. 1 goal- 
tender Andy Moog. leading the 
Stars over Sl Lows in the first 
NHL playoff game in Dallas. 

Wakaluk started his first play- 


off game in goal instead of Moog, 
the 10th winnmgcst goalie in 
NHL history, who straggled to a 
24-20-7 record and an average of 
3.27 goals-againsl in the regular ' 
season. 

SL Louis tied it 3-3 eady in the 
third period rat a power-play goal 
Brett Hull and a 60-foot wrist 
by Ptul Housley. But Gram 
Ledyard tipped in a shot by Craig 
Ludwig with 3:49 left and Trent 
Klatl sealed it with 1:37 to go on a 
pass from Mike Modano. 

Dallas got off 45 shots at Curtis 
Joseph, who is 13-10 in playoff 
games. 


byB 

snot 


Unsung Sharks: 

A Polyglot Miracle 

By Jay Privman 

New York Times Service 

SAN JOSE, California — At first, Arturs Irbe was teased by his 
teammates. They stfll roll their eyes when Irbe enters the San Jose 
Sharks’ locker room, or boards a plane, wearing one of his ersatz ties. 
“I don’t know if it’s possible, but one is uglier than the other” said 
defenseman Jeff Norton. 

The ties are actually pieces of cloth about three feet long and two 
inches wide. One is off-white in odor, with an interlocking green and 
brown design that lodes faintly American Indian. 

“You want to see it?” Irbe asked earnestly. 

“It's a gpod luck charm,” he said, as he let the tie roll over his 
fingers. “It’s a belt, a rope, bnt I wear it as a tie. They made it in our 
country in the 13th century. It is native colors. I got it when I was 4 
yearadd, in kindergarten. I try to keep my identity as a Latvian. I'm 
proud to be a Latvian.” 

Irbe is also the backbone of a team that set a record for the biggest 
single-season improvement in the 76-year history of the National 
Hockey League, the one whom a polyglot of players rally around. 
The Siarks finished the regular season with a 33-35-16 record, good 
fra the final playoff spot in the Western Conference, where they will 
face Detroit in the first round, beginning Monday night. It is a 
remarkable turnaround for the Sharks, who were 1 1-71-2 a year ago. 

The Shark players come from everywhere. Mixed with the usual 
assortment of C anadians and Americans are two Swedes, two 
Czechs, two Latvians and three Russians. The Sharks also brought 
aboard a Russian assistant coach, Vasily Tikhonov, son of Viktor 
Tikhonov, the legendary coach of the Soviet teams. 

And Irbe is the common thread, who brought together Tikhonov 
and Kevin Constantine, the Sharks' new head coach. 

Tikhonov coached both Irbe and Sharks defenseman Sandis 
Ozolinsh in their native Latvia. And Constantine won the Interna- 
tional Hockey League championship in 1991-92 with the Sharks 
minor-league affiliate, the Kansas City Blades, with Irbe as his 
goal tender. 

The transformation began when the Sharks promoted Constan- 
tine last summer. Constantine, 35, had neither played nor coached a 
game in the NHL, but has won the team over with a commitment to 
defense and preparation built around extensive use of videotape. 
The result: the Sharks, who gave up 414 goals last season, surren- 
dered only 265 this seasons and they have the fewest penalty minutes 
of any team in the league. 

The management acquired four of the Sharks' top five scorers 
through trades or waivers. The Sharks made trades for the star 
Russian wing Sergei Makarov and play-making forward Ulf Dahien. 
Centers Todd Elik and Igor Larionov, castoffs with previous teams, 
were claimed on waivers. Of the top five scorers on the team, only 
Ozolinsh, drafted by the Sharks in 1991, was on the team last season. 

Ozolinsh, Ray Whitney and Pat Falloon, all of whom are 21, 
provide the Sharks with a foundation on which to buikL More 
immediate results came when the Sharks reunited Larionov and 
Makarov, who for a decade were the top players on the former Soviet 
Union's powerful Red Army team. They first chafed under Constan- 
tine’s disriplined style, but are now allowed to play a free-wheeling 
game . Makarov, at 35 the oldest player on the team, erven older than 
his coach, led the Sharks during the regular season with 30 goals. 

Irbe is the ironman on defense. He played in 74 of the Sharks' 84 
games tins season and was on the ice for 4,412 minutes, a single- 
season NHL record. Weighing 180 pounds, but only 5 feet 8 inches, 
he is small for a goal lender. He makes up fra his size with quickness. 


base In seventh, but It took sbe throws to 
and the rundown. 

Jordan flekM a one4wp stnule ctoaniv lor 
Ms only chance In the flaKL 
SEASON TO DATE : Jordan b 7-tor-23— aH 
■litotes. Ha b hitting J04 and has four stolon 
bases. He b errorless In 11 chances. 


Shots M 


n-iM — 3i. 


NHL Playoffs 


SL Loeb • l *-* 

DgM • I S-S 

First iieriod— No scoring. Penantea- 
— Baron. StL (hold Ins), 8:53; Zomte, stu 
(rouuMnal. )?:47; Zmoiefc. Dal IrmMne), 
11:47; Ulley, StL (raueMng).13:n,- GawdlM. 
Dal (hooking), 14:08; Nedvea SIL Icross- 
ctweklno). 15:81; Housley, StL (etbowtns). 
15:81: Motown*. Dal (staslUng), 15 Ml; Mo- 
dona. Dal ( interference). 15S4; Klatt, Dal 
I In ter f erence). 1WL 
Second period— 1. DaBas. Gamer 1 <Le- 

dvord, CavalllnT). 3:50 («■)- 2. Dallas, Gilch- 
rist 1 (CourtnaU. CavnUInll. 5:15 (pp). 3, 51. 
Loulb Kasatonov l (Shcmnhan, Hull), 14:06. 4, 
Dallas, Gilchrist 2 1 CourtnaU, Modano). 15:31. 
Penalttee— Roberts. StL {Interference), 2:45; 
Shanahan. SIL Itrippma). 3:39: Chase. SIL 
(rouahtog), 5:26; Hatcher, Dal (roughing), 
5:26; ►LBroten.Dal (interference), 6:27; Mot- 
Vichuk. Dal (hooking). 12:05. 

Third period— S. SL Loub. Hull 1 (Jomev, 
Housley), 5:10 (pp). 6. St Louis. Housley 1 
t Dodsons*, stmahem), M:» Ion). 7, Dallas, 
Ledyard i (Ludwig, CourtnaU), 16:11. 8. Dal- 
las. Watt 1 (Modano, Zmotek), «:21 PenaF 
ties — Ledvard. Dal (holding stick), 3:20; Mo- 
dano. Dal (triaeJng). 6:09; Roberts, StL 
( hook Ina). 6:09; Roberta. StL (twldina).a:21; 
Shanahan. SIL (rouoMngl. M: W: Baron. StL 
(crasechecklng), 10:1«; Bows StL (rough- 
ing), 10:14; zomba. StL mol or (nghttngl. 
10:14; Hatcher, DM (roughing), »:W; Eva- 
soa Da) (rouohlnal. I0:T4; awrta. Dal mater 
(flohtina), 10:14; Motel chute. Dal (tripping). 
13:48; Ledyard. DM lerosKhaeklngl. 20:80. 

Shots an pool— 5L Louts 104- 17 — 36.Ddlos71- 
1W— mniHtef opportontties-«. LPUb2 
of7;OaBoa2of7;goane*— St Laub, Joseph. 0-1 

(45 JhoteJO saves). Dal las. walcaiuk, W> 136-33). 

1 a W 

2 0 1-3 

, , -f, Washington Khrtttteh l 

I Hunter, Bandra). 4;49. 2. Pittsburgh. Lp- 
ateux I (Tacchet. Murahv). 17:10 X PMv 
bunh. Mullen 1 Uagr, GJBrown). 14:14. Peo- 
attles— Juneau was Urteteng), 2:09; Jonas, 
Was (tripping), 6:4i; Fronds. Ph tbooking). 
16:06; Hunter. Was (roughfite). 19M3; Too- 
HanettL Ptt (roughing). 19:41. 

Second period 4.W asH l fe| twvBondra1 IJu- 
net»BurrW»),n:IP.5,WBsW«iti«.W(Jl«<l 

(Hatcher, Milter). 13:29. Prrtfllhes— Stevens, 
Pit UtakBao me stick), 4a#; Reekie. WBS 
(Mgb-sBcklng), 8:75: Hatcher, Wo6 IhUh- 
sHcMng). U.-08; GJJiwtv PU fh-tedjW. 
19,-00; Strokes. PB (holding the stfckl. '8:25. 
TWrd Period— & Washington. Juneau 1. 

W:347,PBisljurglvUBnlei«2l*<l»i* | Y.Ja«rl. 

19:14. & Was hi ngton. PlvaaKn Ii 19:24. Pteinl- 
ttes-oateemon. Was (holding), 4^3; Wt™- 
rtefewas (roughfngi. 13:15; ttSamuebwa 
(raugnino), 13:13; Francks. PH (hooking). 
14:45; TocctteLPtLmlnar-mbCOnduct froudv 
Ins), 18:58; Hotchar. was (hooking), 19:11. 


Pittsburgh lWr9-M; POwer-fMay oppartm)- 
nes-washlngtan 0 of 5; pmsburgh 0 ol 4; 
ooattes— Washington, Baoupre. W) (30 stiofs- 
31 eaves). Pittsburgh. Bonom 0-1 I3V24). 
Beftalo S 0 1-4 

New Jieny o t # 

First Period— 1. Buffalo, Simon 1 (Hcwor- 
chuk), 19:49 (pp). Penattlee— Caroenter, NJ 
(I n terference). 330; Badger, Bui (tedding). 
8:13; May, But motor IfWiUng), 15:18; Pe- 
luea NJ, maior (fighting), 15:18; Ray. Bui 
(Mgh-ettcklng), W 'JOs Doneyko, NJ (hWv 
sttcfclnol.lB^Q; Stevens, NJ (tripping), 19:15 
Second p eriod- N one . Pen ol t toa -I lower- 
cfeik. Bui (trtpteng), 7:46; Smthllk. But (Wer- 
ference), I1J4: MoHar. But (roughing), 13:23. 

TWrd period— 2, Buttota, Ataptlny 1 (Hower- 
chuk, Bodger). 19^1 (en). Penatties-Car- 
ponter, NJ (crosschecking), 9^8; SmcMIk. 
But (Mgnaflcklng). 11:19; IWepukin, NJ 
(htetrattokina). H: 1 & 

Shots on goal— Buffalo 13-5-5—33. New Jer- 
sey 9-13-8—30; power Play opp u rteHto*- 
— Buflalo 1 of 4; New Jersey 8 of 5; goaltes- 
— Buflakv Hasek. H) (30 shofe-30 saves). New 
Jersey, Bradew, 0-1 (22-21). 


BASKETBALL 


bo u e ds Oas t an 40 (Fax 7). Washington 64 
(Canton 10). Asstsfe— Boston 16 (Douglas 8), 
Washington 28 (Adams 7). 
ladUa 24 V 29 32— IN 

Detroit 25 25 22 27— 99 

l: Smlts 6-15 4-j ta. S cott 7-9 (Ml 16; D: Dw 
mars 7-17 4-4 20, Thomas *-2U 2-2 22. Re- 
bounds— Indiana 48 (DJtovls it). Detroit 44 
(Anderson 13). Assists— Indiana 27 (Work- 
man 9], Detroit 22 (Thomas 6). 

HOW York 21 26 M M— 91 

Charlotte 27 38 38 2P-IM 

NY: Ewing 9-21 2-3 20. Blackman 5-8 0-0 12; 
C: (-Johnson 10-20 2-3 22, Hawkins 7-13 5-7 20. 
Rebounds— Nrw York 46 (Oakley. Ewing 10). 
Chorluttn 49 ((-Johnson 12). Asdsti— New 
York 22 (Harper6),Ctwrlatte32(BoauesI6). 

17 27 18 25— 99 
26 28 IS U — M 
D : Elite 9-15 34 21. Stlth M 2-2 14; Ml West 7- 
12 34 17, Laeftner 7-16 5-6 19. Rebounds— Den- 
ver 52 (EUK. Mutombo 9), Minnesota 46 
(Laeftner 121. Assists— D en ver 31 (Pack 8), 
Mtanesato 27 (Williams 12). 

Hew Jersey 38 21 36 *-l» 

Miami 21 32 23 28-U3 

NJ: Benjamin >13 74 2& Anderson 11-24 64 
29; M: SoUey 7-M 4-6 19, Smith 5-12 94 19. 
Ilebooods New Jersey 56 (Bentendn 12). Mi- 
ami 49 (Rice W. Assists New Jersey 23 (An- 
11). Miami 23 (5mitti 7). 


CM cage 29 28 23 21—101 

Oriando 35 24 M 29-118 

C: Ptooen 15-24 2-4 34, Grant 7-22 35 17; O: 
GNea) 12-198-932, Hardaway 8-I54-52L Anderi 
son 9-17 2J 22. Rebounds— CMcago 43 (GHrani, 
Lorsley 9), Oriando 54 (O'Neal H). Assbfs- 
av» (Longtovt), Oriando 26 iHvdawav SL 
Houston 28 33 19 3F-II9 

Partfand 28 U 27 29-11* 

H : O tollman 11-187-10 29, Maxwell 9-18 K27; 
P: Strtckkeid 1820 80 m Kenev 9-14 4-9 34. 
■Mboneds— Houston 55 (Otatarwon 12), Port* 
Iand5*( Kersey 11). Assists— Houston 31 (Max- 
well B), Portland 29 (Strickland 9). 




Long Beach Grand Prix 

The order of finish of Indy-ciir race In Lon 
■ear* Cahfornla: 1, AJ U riser Jr- Ui- 
Pnnxke-llmor VB-D, IQS, 99283 mph (159.746 
kph); 2. Nteel Mansell. England, Lota-Ford 
Cos worth XB. 105; X Rotter Gordon, US. 
Loto-FdnJ Coawatih XB, 105; 4. Ram Baesel. 
Brazil, Lola-Fard COsvmrth XB, 104; 5. Marla 
AndrottL U& Lnln-Ford Caswarih XB, 104; 6. 
Michael Andretti. U& Revnard-Forri Cas- 
wortti XB, 104; 7, Maurido Gugelmlru Brazil. 


Reynard Ford-Gosworth XB. KM; ft Adrian 
F ernande z . Mexico, R eynard-llmor VB-D, 
1*4; 9, Tea Fohl. Italy. Reynard-llmor V8-D, 
KM; la Stefan Johansson. Sweden, 1993 
Pcnske-llmor VB-D, M2. tueL 


BASEBALL 




AUSTRALASIA CUP/ SHARJAH ONE-DAY 
New Zealand vs. Sri Lanka 

1st inetaas. Monday, le Shariah, UJLE. 
New Zealand: 2174 (50 oven) 

Sri Lanka; 215-9 (50 avers) 

New Zealand won by torn runs 


BALTIMORE— Activated Std Fernandez, 
Pitcher, from u-ctav dfadifed list. Optioned 
Damon Ehdard. outfielder, hi Rochester, IL 
BASKETBALL 

National Basketball Association 

BOSTON— Activated Matt Wenstnun. tor- 
ward, from In lured list. 

FOOTBALL 

National Footbtel League 

PHOEN IX— Stoned Selh Joyner. (Irutoacfc- 
ar. to 5-voar contract. 

COLLEGE 

IDAHO Homed Julie Haft women's bas- 
ketball coach. 

IOWA ST— Johnny Or r. men's basketball 
Conch, resigned, tanned Tommie Lteoins run- 
ning backs coach. 

JUNIATAf-WIH field a women's 
team beginning thb (oil 


Heritage Classic 


Final scares tram 51.25 million 
an AfM-vanf fU28mefart, par-n 
HUn Head, South Carotlea: 
Hate Irwin 68 65 65 68— 266 
Crag Norman 67-66-67-48—266 
Loren Roberts 69-786862—269 
David Edwards 7871 4 564 -2 70 
David Frost 7861-7847—270 
Natai Henke <9 696446—270 
Bab Estes 65-786848-271 
Russ Cochran 67-6744-71—271 
Larry Mize 67-65-7545—272 
Jesner Parnevtk 68684947—272 


NBA Standings 


AtWweat Dhrtslon 



W L 

Pet 

BB 

EASTERN CONFERENCE 
AMonfCe Dtvfetao 



W L 

Pci 

GB 

y-NewYoric 

54 24 

■592 

— 

x-Ortondo 

47 31 

603 

7 

x4iew Jersey 

43 36 

544 

llto 

Miami 

40 39 

506 

14V* 

Boston 

30 48 

JS5 

24 

Philadelphia 

24 54 

JOB 

30 

Wadiington 

23 55 

Central Dtvtstan 

JBS 

31 

x-Attarrta 

55 23 

705 

— 

wChleaoa 

54 25 

484 

IV* 

x-Oev*iand 

45 34 

570 

1BV* 

x-lndkma 

43 35 

-551 

12 

Cbartotte 

38 40 

487 

17 

Detroit 

20 SB 

756 

35 

MUmnAae 

19 S9 

744 

36 

WESTERN CONFERENCE 
MMwutDtvttlea 



W L 

Pet 

SB 

v-Housten 

57 21 

731 

— 

x-5an Antonia 

53 26 

571 

4V* 

x-Utah 

49 29 

528 

0 

x -Denver 

39 39 

500 

18 

Mlnnents 

20 58 

756 

37 

Dallas 

11 67 

Pacific Dlvbloa 

.141 

46 

v-Seattte 

60 IS 

769 

— 

x-Phoeniz 

52 26 

567 

8 

x-Goksen State 

47 31 

503 

13 

x-Porttand 

46 33 

582 

HU 

LA. Latarj 

33 45 

523 

27 

l_A.OJnaers 

27 51 

546 

33 

Sncrcmwito 

27 51 

546 

33 

x-dmehedptarsw berth 


y-d Inched tfvtatan fine 


SUNDAY'S RESULT* 



33 21 26 17— MO 

31 32 37 39— M2 

B: Radio 4-97-7 TT, Brown 1818 1-3 21: w: 
Moclmi M 74 21, Owgney 1W8 84) 20- Re- 


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(Continued From Page 8) 


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Pago 24 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 19 , 1994 


ART BUCHWALD 


Whitewater Answers 


Shock Waves in Paris Over a van Gogh 


PEOPLE 



VIMSHINGTON — There 
W seems to be some confusion 



TV seems to be some confusion 
about Whitewater. . 

So let me answer sane of your 
questions. 

“Whm is WhitewaletT’ 

It’s an underground river that 
runs through 
Arkansas east- 
ward right into 
the White House 
Rose Garden. 

“Is that all?" 

It is also a real 
estate invest- 
ment. Some Ar- 
kansas hot-shot 
developers tried 
to bund retire- , . 

ment homes RdmaW 
along the banks of the Whitewater 
and lost their shins. 

“What’s wrong with that?" 

Nothing, except that nobody in 
the White House knows exactly 
bow many shins the president and 
his wife lost 

“What’s wrong with that?" 

The project was financed by the 
Madison Savings and Loan in Lit- 
tle Rock, and the bank went under 
with $60 million of the taxpayers’ 

shirts." 

“What’s wrong with that?" 

No one seems dear about the 
relationship between the bank and 
the Clintons. They only know that 


TTie Piano’ Rated X 


By Manila Film Board 


Reuters 

MANILA — Jane Campion, the 
New Zealand film director of the 
Oscar-winning movie “The Piano,” 
has rejected any cuts in the film, and 
local distributors are urging Philip- 
pine censors to lift the ban on iL 

“This is an art fihn and the scenes 
in question are handled artistically 
and tastefully and cannot possibly 
be deemed to be offensive," Campi- 
on said in a letter to Jema Films 
distributors in Manila. “I fed that h 
will be a lesser Dim if any scenes are 
removed and that it wiD be rendered 
incomplete,” she said. 

Jema Films has appealed to the 
Movie and Television Review and 
Classification Board, to lift its ban. 
The board, which had given the film 
an X rating and declared it “unfit 
for public viewing,” said it wuld 
rule on the appeal Tuesday. 


Jim McDougal was a Good Friend 
of Bill 

“What business is that of any- 
body’s?” 

None, except that every time the 
president discusses Whitewater he 
comes up with a different number 
for Us tosses and that confuses the 
American people. 

“Maybe he had a bad accoun- 
tant." 

That’s a given. Whoever was 
keeping the books for the prez 
should be sent to a maximum secu- 
rity boot camp for life. 

“Did Mrs. Clinton's investment 
in the co mmo dities market have 
any thing to do with Whitewatet?” 

Not mdcss she bought futures in 
frogs’ legs. They say mat she went 
into commodities hoping to recoup 
the money she had invested in 
Whitewater. Although the Clintons 
did not know too much about real 
estate, they became expats on soy- 
beans when they were at Yale. 

“Is the press being unfair by pur- 
suing every investment the Clin- 
tons mader 

Nobody is blaming the Clin to os 
for their investments. But the me- 
dia has a right to know where they 
found so many lousy accountants. 
□ 

“What can the average American 
citizen do to show support for the 
president?" 

Buy one of the lots in 
Whitewater. Almost all of them are 
still for sale. If it became another 
Levittown, the president would be 
vindicated for bis business judg- 
ment in real estate and be hailed as 
another Donald Trump. 

“All this happened years ago. 
Why is it suddenly coming up 
now?” 

Except for Bosnia, things are 


By Alan Riding 

New York Times Service 


P ARIS — Even though repeatedly rebuffed by the 
Culture Ministry, Jacques Walter kept lobbying 
throughout the 1980s for pennisston to take his van Gogh 
punting, “Garden at Auvers," out of France, first to hang 
it in his Geneva home, later to sell it for a better price than 
it would fetch here. 

Finally in December 1 992, after a decade of frustration, 
the 86-year-old retired mine operator auctioned off the 
pointing in France, selling it to a Paris hanker for S9.5 
million, less than one-sixth of the value he believed it was 
worth on the international market 
But if the Culture Ministry thought this was the end of 
an irritating affair, it underestimated the wrath of Waiter 
and his son, Jean-Jacques, who are both French citizens. 

In hardy 16 months, they have turned a squabble over a 
painting into a major headache for the government. Wal- 
ter’s first move was to take the French state to court to seek 
compensation for losses stemming from the fact that die dl 
painted in 1890, bought by Walter in New York in 1955 and 
brought to France in 1957, had been declared a national 
treasure and was not allowed to leave the country. 

Last month, a lower court in Paris ruled in Walter's 
favor, not only ordering the state to pay him 5717 millio n 
to cover the difference between the painting's value here 
and abroad, but also setting a precedent that sent shock 
waves through French government and museum circles. 

“Without speedy and radical changes in die law and 
serious fiscal incentives for collectors, it is to be feared 
that crucial pieces of our national heritage still in private 
hands wQl leave France forever," the French Committee 
of Art History said in response to the ruling. 

The Culture Ministry, which classified “Garden at 
Auvers” as a national treasure in 1989, promptly Tiled an 
appeal. 

was an amazing decision," a senior ministry official 
said, noting that if the Appeals Court confirmed the original 
verdict, further appeal to the Supreme Court was likely. 

“They’ll lose again just as I said they’d lose the first 
time,” Philippe Peninque, a lawyer who represents Walter, 
said confidently. “The only difference is that they’ll also 
have to pay interest accumulated since the March 22 
derision. The appeal is costing them $17,000 a day.” 

Just in case, Walter has also taken the case to the 
European Union’s executive commission, arguing that the 
export ban violated a regional agreement on the free 
movement of goods, and to the European Court of Human 
Rights, nlaimTng that compensation was required by the 
French constitution. 

Yet whatever the outcome, the legal war against the 
French state will go on because Walter has already opened 
m> an even more striking front, this time claiming owner- 
ship of the extraordinary W alter-Guiflaume collection of 
Impressionist paintings Boused in the Orangerie Museum 
in Paris. 

This collection, estimated by some experts to be worth 
between $860 million and $1 .4 billion on the international 
art market, comprises 144 paintings, including 24 works 
by Renoir, 22 by Soutine, 16 by Cezanne, 12 by Picasso, 10 
by Matisse, nine by the Douanier Rousseau and five by 
Modigliani. 

Jacques Waller claims that the collection was sold 
illegally to the French state by his stepmother, Domemca, 
who inherited half the paintings from her first husband, 
Paul Guillaume, an art dealer and collector, and the other 


very quiet around the world, and 
Whitewater gives everyone a 
chance to read about something 
that doesn’t affect them. Besides, 
Americans fed better knowing that 
even their president can’t fill out a 
tax form correctly. 

□ 

“Do you rtrink that Hillary will 
play the commodities market 
again?" 

She'll probably try to stay oul 
U nfortunately, she's stuck with 500 
’tons of goose livers and she’s gang 
to have to unload them fast. 

“Is Whitewater another Water- 
gate?” 

No, but it isn’t Son YaDey either. 



The Press to Lay Off 

Princess Nori, the youngest child 
of Emperor AkMo and Empress 
Mkfiko of Japan, tamed 25 cm 
Monday and criticized speculation 


lions by Japanese reporters, Non 
said speculation about prospective 
marriage partners could disrupt a 
number of fives and hinted that she 
fdt no particular rush to get mar- 
ried. “Before the crown prince de- 
rided to get engaged, the mass m©- 
dia disrupted the lives of a ntaQba' 
ofpe^witatiwjrriamor.dreply 
hurting them in some cases.” ate 
stud. “It is painful for me to see thm 
this regrettable aeration has hap- 
pened again with regard to me.” 


Courtney Love, the wife of the 
rock star Kurt Cotam, denies that 
dm overdosed on heroin in a Bever- 
ly Ffifis hotel “It’s not true, I wishl 
could go into it, but I’ve been ad- 
vised not to say anything,” Love 
told the Los Angeles Times in ‘a 
brief interview from her Seattle 
home, where Cobain shot himself 
to death on April 5. Love was afr 
rested April 7 and booked on suspi- 
cion of possessing heroin, drag 
paraphernalia and stolen property. 


Agent* France- Press 

“Garden at Anvers,” painted by van Gogh in 1890, has become a major headache for the French government 


half from Ms father and her second husband, Jean Walter, 
also a collector. 

Walter argues that the two-part sale in 1959 and 1963 
“for a symbolic amount" totaling S660.000 was in fact a 
donation in disguise because, he says, Domemca Gufl- 


laume-Walter herself provided the money that enabled the 
Society of Friends cf the Louvre to purduse the collection. 


Society of Friends cf the Louvre to purchase the collection. 

His lawyers say that in the case of a donation. French 
law protects Walter’s and his two asters’ right to inherit 75 
percent of their father's legacy. Walter has therefore now 
asked a Paris court to revoke the sale-donation and to 
return the entire collection to the Walter family. A ruling 
is expected before the end of this year. 

For the Culture Ministry, the sale'was perfectly legal. 
“You have to remember that the an market then was not 
what it is today." said Catherine Pinion, a legal adviser in 
the ministry. 

“You also have to take into account all the money spent 
by the government restoring the Orangerie," she sakL But 
after the van Gogh ruling, the ministry is worried. 

Yet, remaxkably, neither the compensation nlstim nor 
the claim to the Walter-GuiBaume collection had caught 
the public's attention here until February when French 
newspapers reported that an investigating magistrate. 


Renaud Van Ruymbeke, was looking into the possibility 
of corruption in the van Gogh case. 

Jean-Jacques Walter, 61, an engineer who represents his 
family's interests in Paris, said that his father had twice 
been told by intermediaries that permission to export 
“Garden at Auvers” would be forthcoming if he made an 
payment to Culture Ministry officials. But, Walter said, 
ins father rqected the offers. 

In contrast, he said he knew nothing about the case that 
attracted the attention of Van Ruymbeke, who was al- 
ready investigating allegations of illegal payments to 
France’s Socialist Party. 

According to Le Monde, the judge found documents 
from 1989 suggesting that a potential buyer of the van 
Gogh was willing to pay a SI 3 million bribe to obtain an 
export permit. The judge, who then looked into other 
reports of attempted corruption in the case, has now 
completed his report although it is not known whether he 
recommended that charges be brought. 

While this investigation has whetted the French appetite 
far scandals, though, it is the van Gogh and the Walter- 
GtriHanme cases that most worry tire Culture Ministry, 
because rulings in favor of Walter based on legal technicali- 
ties could have a huge impact an the French art world. 


Wedding notes from all over. The 
French rocker Johasy HaOyday ami 
Adeline Bkndhu rave exchanged 
wedding vows for a second tim& 
HaDyday and Blondiau were mar- 
ried m 1990 and divorced two years 


married JfflGoodacre, a naoddand 
video director. .. . . The British ac- 
tor Dudley Moore has married his 
longtime girlfriend, Nicole Rotih 
JtdlBd, leSS than 3 nwnth after ht 
was arrested cm suspicion of “spou- 
sal abuse” after both he and Roth- 
schild had called the police during 
an argument 


St John Gielgud will have a 
West End London theater named 
after him in honor of his 90th birth- 
day. Gielgud is scheduled to switch 


)m October. 


INBEBN AHOro AL 

CLASSIFIED 

Appears on Page 8 


WEATHER 


CROSSWORD 


Europe 


Forecast for Wednesday through Friday, as provided by Accu-Weather. 


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8/46 3/37 
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11/52 -1/31 
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Today 
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C/F OF 


Tomorrow 
W High Law W 
OF OF 


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EMfrng 

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Manta 

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Seoul 

Shanghai 

tET" 

Tokyo 


34/03 25/77 
24/75 14/57 
26/77 20438 
33/81 25/77 
30/07 22/71 
24/75 9/46 

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27/80 18/84 
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pe 34/93 28/79 pc 
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from Bokot to Washington, to near or sflghfly above rw- 


pc 12/53 5K1 e 
ah 10/88 4/38 ah 


D.C„ late this wank. Houston 
and Dallas on northward 


mal trom Pads to London 
later this week. Southwest- 


ah IB/94 BM8 pc 
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pe 17/82 0«3 pc 
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through Denver and Great om Europe, Inducing Spain 
Fall* trill have dry, warn and Portugal, a* have cool 


c 10/90 1/34 e 
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weather. The deserts at Art- weather wm scattered rains, 
zona and New Mexico on Central Europe. and Scancfi- 


southward Mo Mexico will navia will have settled 
be hoLWWiy cold wU linger weather while heavy ralnB 
trom Hudson Bay to Maine. soak southeastern Europe. 


Asia 

A alow-moving alarm will 
douse eastern Korea, west- 
ern Japan and much of 
northeastern China with 
heavy rains later this week. 
BelpTfl wIB have dry weather. 
Mights will be cool. Tokyo 
w» turn cooler with s c aUe ied 
sho w a ra Thursday or Friday. 
Manila to Bangkok will be 
hot wtti hazy swishine. 


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might be used 
on a trawler? 
a London elevator 
ia Tibetan V.l.P. 
i« Plume source 

16 Starter at an 
Italian 
restaurant 

17 Quick on one's 
toes 

18 Shoshonean 
ia Health resort 


20 Department 
store employee 

21 Behan's “ 

Boy" 

23 George Sand. 
e-9- 

MGsne Kelly's 
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29 Loving touches 

2 B German coal 
region 


28 PropeOed a 
punt 

29 Amtrak listing- 
Abbr. 


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North America 


A n aha ag a 

Marta 

Bosun 

Chfcago 


Middle East 


Latin America 


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89/84 18*1 ■ 32/89 16/81 • 
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Oceania 


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39 Sparta was its 
capital 

40 Have the chair 

44 Resounding, as 
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45 TV knob abbr. 
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V.l.P. 

47 Left the chair 

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a Capuchin 
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4 Racetrack 
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32 Baking pans aaHerds. 

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universal 
9 Scholarly 
to Eliza's 'enry 

11 Chicken dish 

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23 Turns white 
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48 Cushion 
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slat 

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in Roman myth 


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Palo Alto 


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2 Change, as 
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28 New 

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31 Some lose 
sleep over it 



PwptabyMBaW* 

6 New York Times Edited by Will Shortz, 


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Q 1994 ABET 


tfttoir I** fcarafehfc firm c*wv phme. 

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A Aw* w ml «n*i KWM 

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