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INTERNATIONAL 



tribune 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Tuesday, April 26, 1994 


No. 34,572 




Comes In, 

His Coalition 
Comes Apart 

Socialists Quit in Anger 
At Parties' Regrouping ; 
New Cabinet Is Delayed 

T. R. Reid 

TOKYO 

s*s» 

of &W Demi:radc 1 S(S. lhe w,lhdnwal 

H «? e % ‘ ame J ,Jbl hours afier Tsutomu 

mia, d lading architect of last summer’s 

fJH 1 ”? P° bl!Cai realignment, was elected as 
prune minister. 

The latest upheaval left Japan with a prime 
minister but no cabinet. Mr. Hata can still form 
a gosemmem. but it would presumably be 
weak and unstable because he does not have a 
majority coalition to back it up. 

The governing coalition had been famed 
f ter the election in July 1993 that ended four 
decades of one-pam conservative rule. It fell 
asunder in the predawn hours Tuesday when 
the Socialists angrily withdrew because of polit- 
ical maneuvering b\ other coalition parties. 

This surprising development dashed whatev- 
er hopes Mr. Hata had for a smooth transition, 
and kepi Emperor Akihito waiting at the Impe- 
rj^ Palace, where he had been scheduled to give 
the new cabinet royal greetings Monday night. 

Unless Mr. Hata can find a way to patch 
together a new majority, the prospect for Japa- 
nese govern men i could be days, weeks, or 
months of stalemate. Among other things, the 
economic stimulus and the trade measures the 
United States has been pushing for will pre- 
sumably be delayed indefinitely. 

Japan’s poliucians have always relied heavily 
cn the elite permanent bureaucracy to make 
policy, and that is presumably what will happen 
now as the political world tries to rebuild after 
this latesi crisis. But the bureaucracy has been a 
champion of the status quo. It usually takes 
political leadership to force significant policy 
change. 

With the Socialists’ withdrawal Mr. Hata 
» forced to delay the appointment of a cabi- 
net. and thus the formal opening of his adminis- 
tration. Emerging from one meeting at about 
3:30 A.M., the man who should have been 
celebrating the proudest day of Jus long politi- 
co warae r wearily »aiu he would tiy to name a 
cabinet iare Tuesday. 

Mr. Hata said he still hoped to persuade the 
Socialists to rejoin the coalition, but he said it 
was "conceivable" he would move ahead and 
form a government without them. 

Mr Hau could then try to function as well as 
Dossibie without majority control in the Diet. 
Alternatively, it might be possible for liim to 
lure enough new members to his coalition from 
ether parses to build a new majority. The 
departure of the Socialists left Mr. Hata’s coali- 
tion with ISO to 190 seats in the 51 1-seat lower 
house of oarliameni. far short of a majority. 

i[ *£* Mr. Hata himself who triggered the 
Socialists’ reaction with a sudden announce- 

See JAPAN, Page 4 


Slack Dream Comes True After Long Nightmare More Bombs 

Kin 12 in 
South Africa 


By Bin Keller 

New York Times Serrice 

JOHANNESBURG — For decades it was a distant dream. 
Then for a few years it seemed inevitable. Only in the dosing 
days has it hit South Africans with the force of an dectric 
charge that it is real. 


On May 10, unless fate intervenes or the polls are wildly 
wrong, Nelson Mandela, a man who languished 27 years in 
prison for the treason of considering himself his jailors’ equal 
will be inaugurated as president. 

But that is only half, and perhaps the less a mazing half, of 
what will transpire this week in South Africa. For what once 


Over the next few days, a blade majority that has grown up 
enslaved by a misbegotten white ideology will become fun 
citizens of their own country. Beginning Tuesday with prison- 
ers and the bedridden, and continuing for two more days, they 
will vote. 

On Wednesday, a state that not long ago ranked its populace 
by the thickness of their b'ps and the curl of their hair will 
submit to a constitution so protective of an egalitarian ideal 
that it prohibits discrimination on the basis of sex or gender, 
though no one here seems to know the distinction. 


A hatf-ndfea supervisors gather to monitor elections. Page 5. 

seemed a confrontation of irreconcilable forces has ended in 
the most unusual collaboration Africa lias ever seen. 



when white dominion 
depart 

vice president? 

Or that the victors mi 
cabinet to such foes as 


step : 


t be obbged to offer seats in the 
lief Mangosuihu Buthelezi, whose 


Zulu nationalist followers have been embroiled in a 10-year 
power struggle with Mr. Mandela’s followers, and General 
Constandt Viljoen, the white separatist leader? 

Or that the white chief of the army and the white finance 
minister would be serious candidates to retain their jobs? 

All of these are possible under a power-sharing formula 
crafted as a five-year expedient to heal the wounds of racial 
division and especially to reassure whites that they will not 
become the new oppressed. 

“1 never thought we would negotiate with the ones who took 
our youth and our lives," said Tnandi Modise-Mkhwanazl 35. 
who was a teenage guerrilla and spent nine yeats in prison. She 
is now deputy president of the African National Congress 
Women's League. 

“I look at de Klerk and Buthelezi with bitterness.” she said. 

See VOTE, Page 4 





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Residents of a nearby black township waiting Monday at a court in Viljoenskroou, in South Africa’s conservative white heartland, for voting documents on tbe eve of elections. 

NATO’s Spin on Bosnia Utimatum: Indecision Is Over 


By Craig R- Whitney 

New York Times Service 

BRUSSELS — NATO has derided to put the 
best posable face on tbe withdrawal of Bosnian 
Serbian forces from Gorazde after an ultima- 
tum issued by tbe allies Friday to stop attacking 
then or face a stepped-up bombing campaign. 

Even though United Nations observers in 
Gorazde reported the Serbs were vandalizing 



the city’s infrastructure as they pulled out 
officials of the North Atlantic Treaty Organiza- 
tion said Monday that U.S. leadership had 
gjveo the allies new resolve to learn from past 
failures, including a dispute with United Na- 

NEWS ANALYSE 

dons officials Saturday over whether to start 
bombing then. NATO, they said, had shown 
that it was not going to walk away from Bosnia. 

Inderision in Washington and elsewhere is 
over — so went the message from the headquar- 
ters of the world’s most powerful mffitary alli- 
ance. But some officials here also acknowledge 
that NATO’s credibility has more than once 


come within a hair’s breadth of being destroyed 
over tbe crisis in Bosnia. 

The original failure was nearly a year ago. 
when Secretary of Stare Warren Christopher 
came to Europe and let die allies turn tbe 
United States down when be asked them to 
support air strikes against the Serbian attackers 
ana lift the arms embargo on the Balkans so 
that the Bosnian government forces, mainly 
Muslims, could defend themselves. 

Tbe next failure was narrowly averted in 
February, when the Serbs kept pounding Sara- 


A 4-month cease-fire is sought by a new, four- 
party ‘contact grotqi’ on Bosnia. Page 2. 


jevo in disregard of a NATO threat issued last 
August, but never acted on, to use air power 
unless they slopped attacking the Bosnian capi- 
tal. On Feb. 9, prodded by the United Slates, 
tiie allies finally issued a credible challenge to 
the Serbs to stop or face bombing, and the 
attackers withdrew their guns and tanks or 
turned them over to the United Nations after 
the Russians asked them to. 

The third failure threatened to discredit the 
alliance in Gorazde — until last weekend, when 
the allies issued an ultimatum like tbe one in 
Sarajevo, though that was loo late to save the 
lives of an estimated 715 people, mainly Mus- 

See NATO, Page 2 


Deutsche Bank Feels the Pain of Being Fooled 


By Brandon Mitchener 

International Herald Tribune 

FRANKFURT — Deutsche Bank AG. one of the most powerful 
financial institutions in Europe, said Monday it expects to have to 
write off “several hundred milli on marks” this Year in losses on loans 
to a missing real estate magnate whom it called “a fraudster.” 

But the bank conceded that the greatest loss was to its reputation — 
for “letting ourselves be fooled.” 

“The material problems are probably containable, but the loss of 
face is more extensive," said Hilmar Kopper, the chairman of Deut- 
sche Tfcmfr “There is no doubt for us that he was a fraudster." 

He said the bank had been the subject of “an almost unprecedented 
degree of scorn and ridicule" over tbe past two weeks. 


The disappearance and subsequent bankruptcy of Jflrgen Schneider, 
a real estate developer recently lauded as Germany’s “construction 
king,” came just three months after the near-collapse of a large 
German company in which the bank held a major stake. With that 
company — MetaUgeseQschaft AG — Deutsche Bank described itself 
as the victim of systematic deception regarding its risk. 

But Mr. Kopper and two fellow members of the bank’s board 
conceded mistakes in dealing with Mr. Schneider, including relying on 
the developer’s past credibility even as signs mounted that he had 
trouble paying his bills and was concerned about the future of his 
business, Dr. JOrgen Schneider AG. 

Bank officials revealed Monday that they had repeatedly questioned 
See BANK, Page 4 


Terrorism 

10 Die in Car Explosion 
Near Johannesburg on 
Eve of All-Race Election 

By Paul Taylor 

Washington Post Service 

JOHANNESBURG — As a deadly dec Lion- 
eve spasm of terrorist bombings spread to sev- 
eral cities. South Africa's political leaders, elec- 
tion officials and security forces closed ranks to 
reassure a jittery public that it will be safe to 
vote this week. 

On Monday morning a car bomb exploded at 
a black taxi stand in Germis ton, just east of here, 
killing 10 and woundiqg40, and Monday night a 
bomb was tossed into a bar frequented by blacks 
in Pretoria, killing two and wounding 21. 

On Sunday, a car bomb exploded in central 
Johannesburg, killing nine and wounding 100. 

No one has claimed responsibility for the 
attacks, but speculation from law enforcement 
sources centers on white rightists bent on desta- 
bilizing the transition from apartheid to a black 
majority rule that will culminate with the coun- 
try’s first all-race election. 

“A group of desperate people,” President 
Fredenk W. de Klerk said Monday, have “de- 
clared war on the rest of this society. 

“We will not rest until they have been 
tracked down, convicted and punished, as they 
deserve." 

“We have come light years in four years and 
we will not be deterred," Johann Kriegler, head 
of the Independent Electoral Commission, said 
Monday. “The vast majority of South Africans 
want to vote and win vote. 

“The election will show how marginalized 
they are in our society,” he said, speaking of the 
bombers. 

The commission's chief monitor, Peter Har- 
ris, vowed that the voting would go on, “Bombs 
or no bombs.” 

Balloting will held on Tuesday fa the elder- 
ly, the disabled, the infirm and for an estimated 
250,000 South African citizens living abroad. 
The general public of some 22.7 million eligible 
voters will cast ballots Wednesday and Thurs- 
day at 9.000 stations around the country. 

The South African Defense Force and the 
police will deploy more than 100,000 troops to 
provide security in and around polling stations. 

“I’m very poative and optimistic," said a 
defense force spokesman. Gert Opperman, 
adding that he believed the security situation 
would have been far more dangerous had the 
Zulu- based Inkatha Freedom Party chosen not 
ro join die election last week. “I don’t think acts 
of terrorism and sabotage by the right wing lias 
the same potential to upset tbe election," he 
said. 

Although terrorist bombs are relatively rare 
in South Africa, political violence is not. Since 
Mr. de Klerk released the African National 
Congress president. Nelson Mandela, from 
prison four years ago. more than 15.000 people 
have lost their lives in political killings. 

“It sounds cold-hearted to put it this way, but 
in some respects the violence has already been 
budgeted for in the national psyche," said Da- 
vid Welsh, a political scientist “Everyone knew 
that the last weeks before tbe election would be 
the most dangerous time.” 

Mast analysts doubted the attacks would 
significantly dampen turnout, which is expect- 
ed to exceed 80 percent of eligible voters. To the 
contrary, there were indications from radio 
call-in shows and man-in- ih e-street interviews, 
that it might strengthen the electorate’s resolve. 

“1 must vote," said Sibiso Ngubane, one of a 
large cluster of pedestrians who gathered across 
the street from the Genrdston taxi stand Mon- 
day morning and gaped at the twisted remains 
of a car, pans of which were dangling from a 
tree. “If 1 run now from the people who did 
something like this, 1 will run for the rest of my 
life." 

Lawrence Schlemmer, a poll-taker, said that 
even though the victims of the terrorism have 
been predominantly black, the bombings might 
have more of a psychological impact on whites, 
because they occurred in cities rather than in 
the black townships. 

“If anything, the bombs might help the 
ANC ” he said. “Their supporters are more 
inured to violence, while the supporters of the 
National Party are rather more umid." 




Clinton and Nixon: An Odd Couple’s Common Ground 



U.S. to Halt Blockade of Jordan Port 

tvi» it*;. Mr. Christopher spoke after talks in E 


ASCOT. England (Reuters) — TheU-S- 
Aqaba^iih^land-based inspecuon system. 

Profits on Wall Street 

— sHiriSS 


Mr. Christopher spoke after talks in Brit- 
ain with King Hussein, who had argued that 
the blockade, which was imposed to enforce 
United Nations sanctions against Iraq, was 
severely damag ing the Jordanian economy. 

Mr. Christopher said the land-based in- 
spections would be performed by Lloyd’s 
Register of Shipping. He said he sml needed 
to consult with other members of the coali- 
tion against Iraq bat that he expected the 

m tw, in nlan* “vwv w mm nrlv " 


By R.W. Apple Jr. 

New York Tunes Service 

WASHINGTON — They hardly seemed 
made for each other. 

One was in his 80s, the other in his 40s, one a 
Republican, the other a Democrat. One was a 
straight arrow, painfully shy, a classic loner, 
conspicuously formal in dress and manner 
(though under pressure, as the Watergate tapes 
showed, he could swear like a stevedore); the 
other, a devotee of Elvis and the Beatles, gre- 
garious to a fault, experimented with marijuana 
gThis youth, developed a reputation as a lady s 
man and much prefers sweats to suits. 

Their intellectual interests were different. 


too; Bill Clinton is a domestic policy man par 
excellence and Richard Nixon s forte was al- 
ways international affairs. And yet, after a 
fairly elaborate courtship, conducted through 
intermediaries, tbe two men formed a bond 
early in the Clinton presidency that lasted until 
Mr. Nixon’s death in New York rat Friday. 

The respect and rapport that developed be- 
tween them has been reflected in Mr. Clinton’s 
generous statements and actions since Mr. Nix- 
on's death. 

The president announced that he would fly to 
California for Mr. Nixon’s funeral on Wednes- 
day. He told his aides that if the' family wanted 
it fas it tamed out, they did not). Mr. Nixon 
would be given a state funeral in Washington. 


Watergate and his consequent resignation not- 
withstanding. 

He ordered a day of national mourning, with 
all federal offices dosed, in keeping with tradi- 
tion. 

He paid unstinted verbal tribute, saying Mr. 
Nixon had managed “to leave his mark on his 
times as few figures have done in our history.” 

Some of the president's aides were a little 
surprised. Tbe Vietnam policies the young BQl 
Clinton protested against were Mr. Nixon’s poli- 
cies and the draft that he at first tried so hard to 
avoid was overseen by Mr. Nixon. His wife, 
Hillary Rodham Gmtoo, worked as a lawyer for 
the House Judiciary Committee as it weighed 
impeachment charges against Mr. Nixon. 


But David Gergen, who worked in tbe Nixon 
White House and works as an adviser in the 
Clinton White House, said the president want- 
ed “to do this in a first-rate way." 

Mr. Gmton was under no compulsion to go 
all-out. But as he said on televirion on Friday 
night, announcing Mr. Nixon's death from the 
darkened White House Rose Garden, “It’s im- 
possible to be in this job without feeling a 
special bond with the people who have gone 
before" — the other 41 members of one of the 
world’s exclusive fraternities. Lloyd N. Cutler, 
who served Jimmy Carter as White House 

See NIXON, Page 3 


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Endless Parade of Arms Defines the Afghan Problem 


By John Ward Anderson 

Washington Past Service 

HFRAT Afghanistan — Mortars and eight-foot rockets 

mujahidin fighters lotrng Stinger 

missiles. There’s nothing Hke a parade. 

and the founding of the Islamic 

"Eri' l 22Ew-- -acompacuethat-lc^g 
SSSSSSSSSi hfiometers, SAM-7 surface. 


to-air missiles and thousands of soldiers shouldering AK-47 
assault rifles. 

And the convener of tlae parade, Ismail Khan, who controls 
most of western Afghanistan, is not even considered one of the 
top military heavyweights of this faction-torn country, which is 
entering the third year of a civfl war that has claimed more than 
lO.OOOEvcs. 

The extent of Ismail Khan’s arsenal most of it aging hard- 
ware left over from Afghanistan's 14-year war against the 
former Soviet Union and its Afghan protege regime, seemed to 
surprise agroup of Wesiernerahercan a United Nations peace 
mission. They saw a raze glimpse of western Afghanistan, and 
the stocks of arms in the hands of local militias that have given 


the country a reputation as the world’s biggest weapons bazaar. 
Except for the local soccer team and two busloads of refugees 
bringing up tbe rear, the parade was a four-hour sampling of 
Ismail Khan’s arsenal, including a few dozen Soviet-built 
tanks, communication vehicles, armored personnel carriers, de- 
mining tanks and antiaircraft guns. 

Helicopter gundrips, transport planes and training jets 
roared overhead in deafening review. 

Thousands of people lined tbe parade route, many clinging 
to trees or sitting on roofs and fences. Women, most of them 
wearing the blue or blade burqa that covers the entire form 
except Tor a small mesh far tbe mouth, were segregated on one 

See PARADE, Page 4 


e 7 


I 




Page 2 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


holy’s Neiv Subclass Faces the Final Humiliation _^ORLDJMEFS 


By Alan Cowell 

Ne*> York Time Serin 

ROME — In his prime, Gianni De Mtehelis was a 
natural for the headlines: His hair was long, his disco 
dancing renowned, his position in the inner cude of 
Italian politics beyond doubL As foreign minister, he 
boogied the globe. As power broker in Rome, he took a 
suite in a Rome hotel and held court there. 

Then came the fail 

Mr, De Micbelis, S3, was one of many leaders of the 
now near-defunct Socialist Party to be caught up in the 
“mani puliie" or “clean hands' 1 investigation into political 
corruption. He received his Gist formal notification that 
he was a target of the inquiry in July 1992, just before a 
glittery party given in his honor by the former U S. 
ambassador, Peter Secchia. 

Magistrates in four cities have decided to investigate his 
purported involvement in unlawful party financing and 
bribery. The bold suite is no more than a memory, and, he 
acknowledged in an interview, he does not disco any more 
because his presence under the strobes might provoke 
embarrassing incidents. 

If anyone wanted to discover how far Italy's mighty 
have fallen, they need look no further than Mr. De 
Michdis. 

As much as be was the emblem of Italy’s swagger 
through the 1980s, Mr. De Michdis has joined those who 
now project themselves as victims of the very system that 
nurtured them. With elections in March that swept a new 
political elite to power, this new subclass finds itself facing 
the final h umiliati on: prison. 


When the country’s new Parliament, dominated by the 
rightist alliance of Silvio Berlusconi, took office on April 
1 5, members of the previous Parliament lost their immuni- 
ty from arrest. 

A full two- thuds of the more than 900 legislators were 
not re-elected, reflecting the new order Italians believed 
they were electing. Since April 15, four former lawmakers 
have been jailed. Twenty-two more could face a similar 
destiny. 

That seems to have inspired a particularly marked 
humffify among some of them. 

“I am ready to accept my responsibilities.” Mr. De 
Michdis said in an interview in his apartment in central 
Rome, looking out onto the second-century Doric col- 
umns of Piazza di Pietra. “The only thing I would like io 
see is fairness. 

“I was considered a powerful man. Now, no more.** 

Mr. De Michdis faces an array of charges. Magistrates 
in Milan. Venice, Rome and Bologna have openra inqui- 
ries into posable illegal parly fin a n cing, bribery in return 
for public works contracts and misuse of development 
funds for the Third World. 

With the exception of party financing, Mr. De Michdis 
prodaims his innocence. “1 was not corrupt," he said. 

On the financing question, though, his views echo those 
of many of the thousands of industrialists and politicians 
caught up in the system. 


Evoking the “specificity’' of Italian politics, where, he 
said, a trace-powerful Communist Party bad to be con- 
tained, he argued that “the cost of politics in Italy was 


hi gher tha n in other European countries, while legislation 
limited politicians' access to legal financing." 

“The rules were wrong," he said, “and it was our 
principal mistake that we made the rules. We made the 
rules. We broke the rules." 

Not only that, he said, “there was a high level of excess, 
probably too high a level of excess — personal misbehav- 
ior — some people became rich." 

Not, of couree, that he did. He lived, he said, on a post- 
tax politician's salary of around 5120,000 a yea r — enough 
for the hold suite and the boogie sessions — plus the perks 
of office like free transportation. Now, he says, his outlay, 
along with his power, has dixmnisbed: His rent is no more 
than 5600 a month, and he is thinking of returning to his 
old job teaching chemistry at Venice University while he 
writes books on foreign policy. China, be thinks, would be 
a fitting theme. 

The supposition that key investigators in one or the 
scandals — the Tangertieprii (Bribe Gnp affair — were 
soft-pedaling on what Italy’s former Communists had 
. bom up to deepened last year when one investigator was 
dismissed after she began aggressively digging into the 
affairs of the left. 

People like Mr. De Michdis have their suspicions, too. 
Last week, the most famous of the MU an investigators, 
Antonio Di Retro, spent an hour in court insisting that 
illicit funds totaling some 5600,000 were paid to two 
former Communist leaders, Achllle Ocdwtto and Mas- 
simo D’Alema. 

"For anyone else, one word and they’re under investiga- 
tion," Mr. De Michdis said. “But did these two come 
under investigation? No." 


Rally to Protest 
Conservatives 

The Assodaed Press 

MILAN — Leftist parties led 
huge rallies against Italy’s new con- 
servative leadership Monday on 
the anniversary of the revolt 
against Nazi Ge rmany and its fas- 
cist allies. 

An estimated 200,000 people 
gathered in Milan and hundreds of 
thousands attended events in other 
cities for the 49th anmveisaiy of 
Liberation Day, winch marks up- 
risings that helped defeat the Nazis 
in Italy and led to the downfall of 
MussoHnfs fascist regime. 

But many of the largest rallies 
were aimed at the rightist coalition 
led by Silvio Berlusconi that won 
parihmemary elections las! month. 

Marchers chanted slogans mock- 
ing Mr. Berlusconi and another key 
ally, the Northern League leader, 
Umberto Boss. 

The largest march in M3an was 
led by Acmlle Occhetto, secretary 

of the former Communists, now 
called the Democratic Party of the 
Left The dcctions shut out leftist 
parties from power. 


Diplomacy Widens 
For Peace in Bosnia 

'Contact Group 9 to Seek Truce 


By John M. Goshko 

Washington Past Senior 

LONDON — The United States 
agreed Monday to join with Russia, 
the European Union and the Unit- 
ed Nations to establish a coordi- 
nating mechanism that will attempt 
to unify the international effort to 
end the bloody civil war in Bosnia- 
Herzegovina. 

Following a round-robin of con- 
sultations among senior diplomats 
who gathered bore Monday, Secre- 
tary of State Warren M. Christo- 

J iher and Foreign Secretary Doug- 
as Hurd jointly announced 
Monday night that the countries 
involved were establishing a “con- 
tact group" of working-level offi- 
cials, who have been involved in 
efforts to mediate the Balkan con- 
flict 

A senior U.S. official said that 
the group would work toward a 
cease-fire throughout Bosnia to al- 
low peace negotiations and to 
achieve agreement on what he 
called “the parameters of a perma- 
nent negotiated settlement.” 
Reuters reported that the group 

would seek a cease-fire lasting four 
months. 

[In Washington, President BQ1 
Groton said Monday that the 
North Atlantic Treaty Organiza- 
tion and the United Nations were 
“together” on Bosnia policy, and 
that an agreement by Bosnian 


Serbs to lift the siege of Gorazde 
should give new impetus to diplo- 
macy, Reuters reported. 

[“I think we’re all together from 
here on in," Mr. Clinton said. Un- 
derstandings on what will and wifi 
not trigger the use NATO air power 
in Bosnia “are in proper order 
now,” he said.] 

The senior US. official said out- 
side diplomats agreed that a settle- 
ment should be along the lines of 
proposals for preserving the terri- 
torial integrity of Bosnia within a 
loose confederation of Serbian, 
Muslim and Croatian areas. 

The Serbs have occupied more 
than 70 percent of Bosnia’s territo- 
ry, although past settlement pro- 
posals by outside mediators have 
called for giving 51 percent of the 
territory to the Muslims and Croats 
and 49 percent to the Serfs. 

The US. official acknowledged 
that so far the Serbs had shown no 
disposition to make the territorial 
concessions that would achieve 
that ratio. 

However, both Mr. Christopher 
and Mr. Hurd spoke in unusually 
tough terms about what they called 
the international community's 
growing impatience at the unwill- 
ingness of the Serbs to stop crying 
to achieve their goals through mili- 
tary aggression and their reluctance 
to surrender territory. 




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A soldier guarding trucks Monday near Moscow. They w31 be used by United Nations peacekeeping forces in the former Yugoslavia. 


“UN peacekeeping and air 
strikes are useful, but such mea- 
sures don’t add up to a negotiated 
settlement," Mr. Hard said. “That 
must be based on Serb withdrawal 
from a lot of the land they now 
hold, if they wish a durable future 
for their state and their children.” 

Mr. Christopher, responding to 
questions about why the United 
States and its NATO allies had 
waited so long to threaten the 
Serbs, said: 


“We had promises from the 
Serbs made to the U. N. and to their 
long-time allies, the Russians. 
Those promises were reneged 
upon. When it became apparent 
they wouldn’t be lived up to, we 
turned to our NATO partners to 
make dear that this kind of brutal- 
ity and killing has to end." 

Mr. Hurd and Mr. Christopher 
acknowledged that the contact 
group’s work could be a prelude to 
an international conference on 


Bosnia or a meeting of foreign min- 
isters from concerned countries. 

But they stressed that next steps 
would not be dedded until there 
was a dearer picture of what the 
group would be able to accomplish 
m the next two or three weds. 

The United Stales will be repre- 
sented on the group by Charles E 
Redman, the uls. special envoy for 
the Balkan conflict. 

Yiiaii L Churkin, the special rep- 
resentative of President Boris N. 


Yeltsin far the former Yugoslavia, 
will r ep r esent Russia. Britain. 
France and Germany also will con- 
tribute officials, who will represent 
both the European Union and the 
United Nations. 

Mr. Churkin was among the dip- 
lomats involved in the conferences 
in London on Monday, and Mr. 
Christopher wifi meet die Russian 
foreign minister, Andrei V. Ko- 
zyrev, in Geneva cm Tuesday for 
further discussions. 


Serbs Continue Gorazde Pullback but Block UN Aid Convoy 


Compiled by Our Staff From Dispatches 

SARAJEVO, Bosnia-Hazegovi- 
na — Bosnian Serbs blocked an aid 
convoy for Gorazde on Monday 
despite pledges to allow unrestrict- 
ed access. But they appeared to be 

manded^by the Nmt5° Atlantic 
Treaty Organization. 

For the most part, the Serbs halt- 
ed their assault on Gorazde on 
Sunday after NATO threatened air 

strikes if they did not cease fire and 


withdraw armor and artillery out- 
ride a three-kilometer radius. 

“We have good news from Gor- 
azde,” said a United Nations 
spokesman, Major Guy Vinet. 
“The situation is quiet There’s 
some sporadic small arms fire, but 
it's very little.” 

The United Nations evacuated 
another 91 seriously wounded or 
side people, bringing the total air- 
lifted out of the battered Muslim 
aty to 177 in the past two days. 


UN aid officials planned to evac- 
uate 600 people wounded in three 
weeks of intense shelling by Serbi- 
an forces. The Serbs ended their 
o nslaug ht Sunday under the threat 
of NATO bombing raids. 

Another UN spokesman. Com- 
mander Eric Chaperon, said there 
were indications the Serbs were 
pulling farther bade to meet the 
early- Wednesday deadline NATO 
set for a withdrawal of heavy weap- 
ons 20 kilometers from Gorazde. 



t-iCTf ' V’ • t 


■ .y.Vl * ■ i ; 


r. 


VACHERON CONSTANTIN 


NATO has also demanded free- 
dom of movement for UN person- 
nel and unrestricted access for hu- 
manitarian convoys to Gorazde 
and five other Muslim enclaves the 
United Nations has designated 
“safe areas." 

About 350 peacekeepers were 
deployed in Gorazde oyer the 
weekend, and a humanitarian con- 
voy delivered 90 tons of aid on 
Sunday. 

But Bosnian Serbs blocked a sec- 
ond aid convoy at the border on 
Monday, claiming it had no clear- 
ance, aid workers said. The convoy, 
which had left Belgrade with 80 
tons of food, was to try again Tucs- 

^They are delaying the .convoy," 
said Peter Kessler, a spokesman for 
the UN High Commissioner (or 
Refugees. “There is no freedom of 
movement.” 

The Bosnian Serbian Army said 


in a statement that it was complet- 
ing the pullout of iu heavy weap- 
ons beyond the three-kilometer ra- 
dius. It said Bosnian government 
-forces were violating the cease-fire 
with sniper fire. 

As they pulled back Sunday, the 
Serbs burned houses and blew 15) a 
water treatment plant, UN officials 
said. 

The lieutenant general com- 
manding UN troops in Bosnia, Sr 
Michael Rose, said be believed the 
Serbs would meet the alliance's 
deadline. 

“I am fairly confident they will,” 
be told the BBC “I believe they are 
actually withdrawing at the mo- 
ment. we have seen many signs of 
that." 

The UN special envoy in the for- 
mer Yugoslavia, Yasushi Akashi, 
has warned the Serbs over their 
delay in meeting the Sunday dead- 
line for the initial pullback, saying 


the United Nations might not be as 
flexible over the second NATO ul- 
timatum and its Wednesday dead- 
line. 

British and French helicopters 
resumed the evacuation of wrond- 
ed but UN aid officials said one 
British aircraft arrived bade empty 
because there were no patients 
waiting to be airlifted. 

They said Gorazde hospital had 
been unable to accommodate all 
tbe wounded and many were 
lodged in nearby bouses. They will 
have to be rounded up before the 
evacuation resumes on Tuesday. 

A UN spokesman said extra 
peacekeeping forces were deployed 
early Monday along from hues 
around Gorazde. 

The new UN contingent joined 
the 200 peacekeeping troops al- 
ready on tbe ground, a spokesman 

**“■ (AP, Reuters) 


■ Geneva, since 1755 





I m * 


NATO: Allies Say Deadlinefor Serbian Pullout From Gorazde Shows That Indecision Is Over 




mm 


JBCi 


vt otiaa* smw 


Contmaed from Page 1 

liras, who were killed during three 
weeks of shelling there. 

Even on Saturday, after the ulti- 
matum, senior NATO offidals 
feared the alliance’s credibility was 
at stake when the senior UN offi- 
cial in Zagreb refused to give 
NATO mflhaiy commanders the 
go-ahead to start a bombing cam- 
paign even though Serbian shells 
were stiD falling on the city. 

The UN official, Yasushi Aka- 
shi, said he wanted to give the Serbs 
time to fulfill an agreement to puO 
back that he had just negotiated 
with them in Belgrade. NATO offi- 
cials say that the alliance's secre- 


tary-general, Manfred Wbraer, 
called Secretary-General Butros 
Butros Ghati of the United Nations 
on Saturday to emphasize that NA- 
TO’s and the UN’s credibility were 
at stake. 

Mr. Butros Ghali, who had 
called on the allies to authorize him 
to call in air strikes to stop tbe 
suffering of Gorazde, then issued a 
statement emphasizing his readi- 
ness to do so. NATO set a deadline 
— 2:01 A.M. local time Wednesday 
for the Sobs to withdraw all then 
artillery pieces, tanks, mortars, 
rocket-launchers and other heavy 
weapons from a 20-kilometer zone 
around Gorazde. 


Air strikes will be authorized if 
the Serbs do not make that with- 
drawal, the bead of UN peacekeep- 
ing operations said Monday m 
New York, Agence France-Presse 
reported. Kofi Annan, UN under- 
secretary-general for peacekeeping, 
said that there was now “excellent 
collaboration” between tbe United 
Nations and NATO. 

If the Serbs meet the deadline, 
officials here say that NATO will 
not activate its detailed plans for a 
series Of heavy air strikes, phased to 
hit not just heavy weapons but Bos- 
nian Serbian military combat sup- 
port installa tions and other targets 


not been hit before. 

Other NATO offidals said they 
were confident that NATO and the 
UN were now on the same wave- 
length. 

If the Serbs do finally leave Gor- 
azde alone, and do not resume at- 
tacks on Sarajevo, they could still 
c h alle n ge the allies in four other 
places designated by the UN as 
“safe areas" nearly a year ago and 
taken under NATO protection last 
weekend with ultimatums like the 
one in Gorazde. The other safe ar- 
eas are Bihac. Srebrenica, Tuzla 
andZcpa. 

What is stiD lacking is a coherent 


military, political, and diplomatic 
strategy to end tbe war and demon- 
strate whether the allian ce, con- 
ceived to fend off a Soviet threat 
that no longer exists, can hall or 
deter the threat of widespread eth- 
nic violence elsewhere. 

Officials here saw hope in diplo- 
matic contacts under way in Lon- 
don and Geneva this week that 
NATO’s military resolve will be 
complemented by new determina- 
tion to find a negotiated solution. 

“The Spanish Choi War turned 
into a lesson in international fail- 
ure,” one diplomat said, “but in 
Bosnia we are building on tbe les- 
sons we have learned from our pre- 
vious insufficiencies.” 


No Resurgence of Anti-Semitism^ 
R ussian Prime Minister Tells Rabin 

MOSCOW (NYT) — Prime Minister Yitzhak Rabin, the highest- 
ranking Israeli official ever to come to Moscow, heard a promise Monday 
fromthe Russian prime minister that a new wave of anti-Semitism could 

not be orovoked in Russia. . . ' . 

Mr. Rabin, whose visit here has been marked by emouonal meeting 
with Moscow’s Jews, has been seeking public assurances fromhigb 
Russian officials that they will act against manifestations ^of anti-bemi- 
tism. He is also here to discuss prospects for advancing the MIdeasi peace 
talks, which the Russians are sponsoring with Washington. 

Since the ultnmationalist Vladimir V. Zhirinovsky, rode xenopboina 
and economic fears to win nearly a quarter of the popular vote m 
December^ dcctions, the never dormant fears of Russia’s Jews have been 
reawakened, and more have expressed interest in emigrating. Mr. Zhirin- 
ovsky, despite having a Jewish father, has made intermittent anti-Semitic 
remarks, though he denies being anti-Semitic. 

After meeting for two hours with Mr. Rabin and signing a set of 
economic and tax agreements, Prime Minister Viktor S. Chernomyrdin 
said that “no Zhirinovsky will be able to mate” a serious upsurge in anti- 
in Russia. “I can tell you unequivocally that this will not 

happen.” 

Poland Gives NATO a Plan for T ies 

BRUSSELS (AP) —Poland on Monday became the fust nation to give 
NATO its plans for developing military cooperation under the Western 
alliance's Partnership for Peace program for former foes in Eastern 
Europe. 

Defense Minister Piotr Kolocfcdgczyk presented an 1 1-page document 
to nffywls of the North Atlantic Treaty Organization outlining Poland's 
priorities within the program. 

He said they Indited improving compatibility between equipment 
and procedures, tighter comnnimratiops between the Polish general staff 
and NATO headquarters, and cooperation in air defense. Pol and is one of 
14 Central and East European nations to sign up for Partnership for 
Peace, launched by the alliance in Januaiy. 

Haitian Soldiers Said to Massacre 23 

PORT-AU-PRINCE, Haiti (AP) — Soldiers massacred at least 23 
fishermen and merchants in western Haiti near Gonaives, witnesses and 
human rights advocates said Monday. 

After raiding a stronghold of the ousted president, the Reverend Jean- 
Bertrand Aristide, and searching for supporters of the exiled leader, the 
soldiers boarded rowboats and fired at people unloading fish, firewood 
and other supplies on the seaside shim of Raboteau near Gonaives. 100 
mile from tbe capital, Port-au-Prince, according to witnesses. 'Hie attack 
took place Saturday but was first reported by Haitian radio Monday. 

The IriUrags come as Washington has toughened its stance against the 
rmlitaiy, w hich has dominated liaiti since ousting Aristide in a bloody 
1991 coup. 

East German Charged in Spy Case 

KARLSRUHE, Germany (AP) — A former East German general has 
been charged with treason for allegedly running a spy ring that passed 
secret information about the North Atlantic Treaty Organization to the 
Soviet Union, the federal prosecutor's office said Monday. 

The former Betuenant general, identified only as Alfred K_ 63, is 
charged with heading a t«nn of East German agents from 19S2 to 1990 
that obtained information about the the allianc e's militar y goals and 
tcrhniml capabilities. 

Three agents who worked under the farmer general have been convict- 
ed and given prison terms of five to 10 years. 

Closure of Ex-Soviet Reactors Urged 

CHAMBERY, France (Reuters) —The French environment minister, 
Michel Barnier, said Monday that Ukraine’s Chernobyl plant and 14 
other nimkyr reactors in the former Soviet Union must be closed. 

These reactors have been widely reported as deteriorating. Mr. Barnier, 
addressing a seminar on the consequeuces of the world’s worst commer- 
cial nuclear disaster at Chernobyl eight years ago, also called for more 
International aid to help stem the risk of nuclear contamination from 
farmer Soviet republics. 

Ukraine has said that urgently needed nuclear safety measures would 
cost 54 billion and that it could not afford to dose down its Chernobyl 
plant, which blew up on April 26, 1986, killing at least 31 and spewing 
radioactive dust over Europe. 

TRAVEL UPDATE ~ 
Old Sri Lankan Hotel to Get Face-lift 

COLOMBO (AFP) — One of the world’s oldest hotels, the colonial- 
style Galle Face in Colombo, is to have a refurbishment. 

Beginning in July, the 130-year-old landmark of the Colombo seafront 
will turn its management over to Raffles of Singapore, which plans to 
restore tbe budding. 

But the chairman of Galle Face Hold, Cyril Gardiner, says the timber 
floots, antique carved screens and waiters of a similar vintage will remain. 
“Everything will be old style. But the machines and equipment will be the 
very latest,” Mr. Gardiner said. 

Dans World Airfees arid it wasreaemngits free upgrade program for 
full-fare business-class passengers traveling to and from Europe between 
May 1 through Aug. 31. (Reuters) 

The first International air route the Palestinians wffl operate under self- 
rule will link Gaza with Cairo, the Palestine Liberation Organization’s 
chief negotiator, Nab3 Shaath, said. A Palestinian company and the 
Egyptian airline Air Sinai will fiy the route. (AFP) 

A total of 142hikere, sioefs and dimbere died in the Swiss Alps in 1993, 
up by 18 from the previous year, the Swiss Alpine Cub said. The number 
of people rescued in the mountains last year compared to 1992 declined 
13 percent to 1,592 people, the dub said. (Reuters) 

Calmer winds and trenches dug fay fire fighters have helped control a 
two-week-old fire just short of a nesting area of tbe rare giant tortoise in 
the GalApagos Islands off Ecuador. 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


Page 3 



Girls Have Their Day, Drawing Grumbles From the Boys 


By Barbara Vobejda 

fashion » whai «» simple 
ed ^^eous has somehow been made complirai- 

Kfae' ycSnefS a ?e ?J >, - OSSOmin S campaign to broaden 

sirains of . «““*«* bave 
nSr or c “ e forth. Not as organized as a protest. 

offered a K 3 ba ? UasI ?- die complaints have been 
WlSt alSi5?i a P° ,0 p UcaI1 y : What about boys? 
2’7 ui , 1 ; daughters of cleaning women id 

SSSU?SriL S r h< S [dn 'L ^ h® learning to 

^ lhan WSIt iag an office? 
SharkneHttse-Biber, a Boston College sociologist. 

occaVinn h f« e l ° ram . on ^e parade. Yes, ir’s a nice 
occasion for some daughters." Bui the Take Our 

w* U fj Il<er * l ^? Work Day, launched last year by the 
J*; Foontfaaonfor Women, is mostly for the daugh- 
she sajtT Wni,C ’ e ^ UCalw * women who have made it.” 

. a |»ui those not-so-lucky daughters who 

ave to deal with the fact their mothers have to take 
two jobs to support the family?” she a sked . “What 


about take your daughter to work and experience 
sexual harassment, or take your daughter to work and 
experience low wages?** 

Bui these and other grievances have been all but 
smothered by a much louder chorus of enthusiasm. 

Planned initially as a New York event last year, the 
concept leap ed from dry to city, propelled by women's 
organizations, businesses, government agencies and a 
pent-up enthusiasm among parents eager to share 
work space with their girls. 

What became a phenomenal success — more than a 
million girls participated— has this year mushroomed 
into something akin to a national holiday. The "mas- 
sive consciousness-raising exercise" scheduled for 
Thursday may include several million girls, said the 
Ms. Foundation president, Marie C Wilson. The idea 
has even vaulted overseas — to Africa, Japan, Ireland, 
Britain and Puerto Rica 

In the United States, hundreds of corporations, 
including AT&T and IBM, are sponsoring or partici- 
pating. Girls wQI be spending time with the Joint 
Chiefs of Staff, in ganneat factories, in the White 
House, with an astronaut, and with police officers. 
They will host a local radio talk show in Chattanooga, 
Tennessee, and serve as federal customs agents in 
Detroit. 


Interstate Hotels, a Pittsburgh-based hotel manage- 
ment company, urged its 80 hotels to support the 
effort. As a result, girls will be checking in guests at the 
Sheraton in Springfield. Massachusetts, and making 
pizzas at the San Diego Marriott. 

Ms. Wilson said her foundation's plan was, simply, 
to focus the nation’s anemic® on girls and show them 
the possibilities for rewarding careers. 

"lire minute a girl walks into an office,” she said, 
"people are going to be thinking not about what a cute 
dress she has on. She will get addressed about what her 
dreams are, what she wants to do.” 

Behind this "surprisingly degam” idea, Ms. Wilson 
said, is a much broader hope; to avoid what seems to 
be a troubled period for many girls, from age 9 to 12. 
Research shows girls often lose their self-confidence in 
the middle-school years, falter academically and are 
more likely to become depressed than boys. 

“Everybody wants a different life for their daugh- 
ters,” she said, and that is why this day has been 
adopted with religious fervor. 

Bui maybe all those months between the first and 
second annual event gave people too much lime to 
think and rethink the subtleties. Revisions, post-revi- 
sions and disturbing subtexts emerged. An obvious 
one was the boy problem. 


The day was barely off the drawing board when the 
outcry began: What about boys? 

But every day is boy’s day, the organizers answered, 
dearly annoyed. They were backed up by female 
academics who study precisely whar it is that makes 
the workplace a man’s place. ’ 

“Every * 
them,” 

at George Mason University 
"Women in Management.” 

Beverly LaHaye, president of Concerned Women 
for America, contends that the whole notion of a take- 
your-daughter-to-work day “is another feminist pro- 
ject to work against homemakers and siav-ai-homc 
moms. 

"It’s another effort to nuke motherhood an illegiti- 
mate profession.” 

Somewhat ironically, her perspective overlaps — 
even if briefly — with that of Miss Hesse-Biber, the 
Boston College sociologist Miss Hesse-Biber suggest- 
ed a day where dads stay at home with their sons, "to 
look at the invisible work women do to support the 
intellectual work men da” 

To those at the Ms. Foundation, the grumbling 
amply underscores their argument: Society is always 
si gnalin g to girls that they’re not worthy of attention 
just for being themselves.” 



lor Oimia/Tbc Awuaied An* 


Supporters of Armando Calderon Sol tfe governing party’s camfidate, celebrating his election victory ta tfae capital, San Salvador. 

Rightist Wins Handily in El Salvador 


By Douglas Farah - 

Washington Peat Sendee 

SAN SALVADOR — A rightist preoden- 
tial candidate, Armando Calderbn Sol has 
won a resounding victory in El Salvador’s 
elections, according to preliminary results. 

The first official results of the Supreme 
Electoral Council, based on 45 percent of 
ballots counted, gave Mr. Calderon 66 
cent of the vote in the runoff elections, wt 
tot* place Sunday. Leaders of his party, the 
Republican Nationalist Alliance, declared 
him president and took to the streets to 
celebrate. 

Rubfca Zamora, the candidate of a three- 
party leftist coalition, received about 34 per- 
cent. His group includes former Marxist 


. guerrillas, qf Ihp JVabundo Marti National 
Liberation Front. .... 

Mr. Zamora conceded the ejections, saying 
he was happy that the coalition had become 
the nation s second-largest political force, de- 
spite having little prior electoral experience. 

The Farabundo Marti organization panici-. 
pated in elections for the first time, after 
years of trying to impede the voting by blow- 
ing op electric lines, sabotaging transporta- 
tion and threatening to kill those who voted. 

Initial results showed that only 45 potent 
of the L5 milli on eligible voters turned oul. 

El Salvador was a key battleground erf the 
Cold War in the 1980s, and the United States 
poured $6 trillion in economic and military 
aid into the nation to defeat the Marxist 
guerrillas. 


But with United Nations mediation, the' 
outgoing president, Alfredo Cristiani, and 
the guerrillas signed a peace agreement in, 
February 1991 fit exchange for the guerrillas 
laying down their weapons and becoming a 
legal political party, the government agreed 
to sweeping changes in the military, including 
the retirement of more than 100 officers be- 
lieved responsible for widespread human 
rights abuses. 

Mr. Caldertn said he had received a “clear, 
unquestionable mandate” to govern and add- 
ed that his “historic challenge” was to unite 
the country and consolidate democracy.” 

Both Mr. Caider6n and Mr. Zamora prom- 
ised to continue Mr. Cristiani’s free market 
policies. Both candidates agreed that combat- 
ing widespread poverty and illiteracy would 
be the mam challenge of the new government. 


High Court to Hear 
Death Row Appeal 


By Linda Greenhouse 

New York Times Service 

WASHINGTON — The Su- 
preme Court on Monday accepted 
a death penalty appeal that could 
produce an important ruling on 
now federal courts should evaluate 
errors in state c riminal trials 
lead to convictions and death sen- 
tences. 

The case is an appeal by an in- 
mate on Louisiana's death row who 
is raising several challenges to his 
1984 murder conviction. Among 
his arguments are that the prosecu- 
tion suppressed evidence that could 
have persuaded the jury that he was 
framed, and that his own defense 
lawyer fell bdow minimal stan- 
dards of competence. 

In a ruling in October, the U.S. 
Court of Appeals for the Fifth Cir- 
cuit, in New Orleans, denied his 
petition for a writ of habeas corpus 
on the ground that, in light of the 
"overwhelming evidence 5, of his 
guilt, the inmate had not shown 
that the er ro r s had enough impact 
on the jury to have changed the 
outcome of the triaL 

The question for the justices now 
appears to be whether the Fifth 
Circuit applied the proper standard 
or whether, by contrast, the state 
should have been required to show 
that any axon in the. trial either 
had no effect on the outcome or 
were “harmless beyond a reason- 
able doubt." 

In appeals challenging the con- 
duct of a trial, the critical issue is 
often which ride has the burden of 
showing whether any errors had an 


impact on the outcome. The Su- 
preme Court’s long-standing ap- 
proach was to require the state to 
show that any errors were harm- 
less; if the state could not meet ibis 
burden, the defendant prevailed. 

But in a 5-to-4 ruling last year, 
the court changed the rules for a 
category of habeas corpus cases, 
for the first time giving the defense 
the burden of proving that the 
state’s mistakes at trial "had a sub- 
stantial and injurious effect or in- 
fluence in determining the jury's 
verdict.” 

That ruling, in Brecht v. Abra- 
hamson, did not involve a death 
penalty. The court may have grant- 
ed review in the new case to decide 
whether a death sentence changes 
the context of a habeas corpus case 
sufficiently to require the federal 
courts to conduct a more searching 
examination to make sure that any 
errors at trial did not affect the 
conviction or sentence. 

In the new case, Kyles v. Whit- 
; the Fifth Grout majority ap- 
plied the new rule of tne Brecht 
decision in rejecting the inmate’s 
appeal. The vote on the Fifth Gr- 
out panel was 2 to 1, with Judge 
Carolyn Dineen King writing a 
strong dissenting opinion. 

“For the first time in my 14 years 
on this court," Judge King wrote, 
"during which I have participated 
in the decision erf literally dozens of 
capital habeas cases, I have serious 
reservations about whether the 
state has sentenced to death the 
right man." 


iP POLITICAL NOTES + 


Mew Building at Pam- Spares Mo Expense 

WASHINGTON — The government is building a Si 19 million 
visitors center at Hoover Dam near Las Vegas, probably the most 
expensive such tourist siop ever financed by taxpayer dollars. 

Daniel P. Beard, the new commissioner for the Bureau of Recla- 
mation, speaks in a tone of disbelief when he relates how he Hist 
learned about the center's cost. 

“I walked in, and somebody says, ‘You’re building a hundred- 
million-doll ar building.' and 1 say. ‘You're crazy. You can't spend 
that much money on one building.' Well. I was wrong.** 

The Hoover Dam visitors center is a virtual stereotype of the ills 
associated with federal spending: cost overruns, management indif- 
ference and lack or oversight. 

Congress appropriated $32 million in 1984, costs ballooned, 
construction continued, millions more were committed, and appar- 
ently no one at the Interior Department, at the Office of Manage- 
ment and Budget or in Congress asked for a spending moratorium 
or review. 

"Who’s responsible? Well, everybody and nobody.*' said Mr. 
Beard, who took over last May as head of the reclamation bureau, 
an arm of the Interior Department 

Last week, after touring the visitors center. Mr. Beard said: “To 
me, it's a tragedy that we spent this much money. It destroys the 
credibility of federal agencies.” 

The construction and interest costs on the visitors center are 
projected to hit $! 19 million before its opening later this year. That 
exceeds the S90 million price tag of the recently opened U.S. 
Holocaust Memorial Museum. The most expensive new visitor 
center ever built by the National Park Service — at the New River 
Gorge in West Virginia — cost $5.3 million. 

Mr. Beard and Senator Harry M. Reid, Democrat of Nevada, Iasi 
year asked for an inspector-general's investigation and a staff review' 
of why costs were allowed to soar at Hoover Dam. After the studies 
are finished, Mr. Beard said, he will recommend "changes on how 
we present issues to Congress and make sure that we do a better job 
of being honest and open with people.” 

The dam — erected during the Depression to convert the energy 
of the Colorado River into' electricity for Nevada, Arizona and 
California — attracts up to f million tourists each year. Lake Mead, 
the reservoir upstream from the dam, is the largest artificial lake in 
the United Stares. { W ‘Pi 


Quote/Unquote 

President Bill Clinton, addressing families of soldiers killed when 
U.S. warplanes mistakenly fired on two helicopters over Iraa: 
‘‘Their lives were suddenly taken from their beloved families and 
from our nation. It is our duty, first, to continue the mission for 
which they save their lives. Second, to find the answers which [the 
families] rightfully seek. And, third, to pray together they will find 
the strength as the days go forward to ease their grief and lean on 
their faith.” (APJ 




Away From Politics 


Nixon Has Last Word, Criticizing Clinton 


Compiled by Our Staff From Dispatches 

NEW YORK — Richard Nixon, 
in his final book, takes sharp issue 
with President Bill Clinton’s for- 
eign policy, saying the United 
Stales should have taken the lead 
over Bosnia and handled crises 
with China and Somalia different- 
ly. 

In excerpts From the book “Be- 
yond Peace," published in Time 
magazine, Mr. Nixon also faults 
the president’s health care plan as 
representing “the ultimate revenge 
rof tire 1960s generation.” 

He said tne plan “is less a pre- 
scription for better health care than 
a blueprint for the takeover by the 


federal government of one-seventh 
of the nation’s economy.” 

On Bosnia, Mr. Nixon said, “Be- 
cause we are the last remaining 
superpower, no crisis is irrelevant 
to our interests.” 

He added that the United States 
should have taken the lead, short of 
committing ground troops to the 
area, so that Serbian aggression 
could have been blunted. 

"Our failure to do so has tar- 
nished our reputation as an even- 
handed player on the international 
stage and contributed to an image 
promoted by extreme Muslim fun- 
damentalism that the West is cal- 
lous to the fate of Muslim nationals 


but protective of Christian and 
Jewish nations." he wrote. 

He said U.S. lectures to China on 
h uman rights were imprudent in 
the light orCbina’s economic pow- 
er and within a decade will be irrel- 
evant. 

Speaking of that power and 
those lectures, he wrote: “Within 
two decades, it will make them 
lau gha ble. By then the Chinese 
may threaten to withhold most- fa- 
vored-nation status from the Unit- 
ed States unless we do more to 
improve living standards in De- 
troit, Harlem and South Central 
Los Angeles.” 

He (Sled Somalia "a lesson m 


how not to conduct U.S. foreign 
policy. 

“what began as a highly popular 
humanitarian relief program under 
President Bush became a hi] " 
controversial UN oation-buih 
project with President Clinton." 

Random House is rushing the 
book into print this week to take 
advantage of what the publisher 
called a “considerable demand to 
read Mr. Nixon’s last words and 
testimony.” 

The first copies of “Beyond 
Peace” will come off the presses 
Wednesday, the day of Mr. Nixon’s 
funeral, his publisher, Harold Ev- 
ans, said Monday. (Reuters, A?) 


• A mountain lion apparently at- 
tacked and killed a jogger on a trail 
near Cool, Calif omiaTTbe body of 
Barbara Scboener, 40, had claw 
marks, and sheriff's deputies found 
animal hairs that will be analyzed. 
There were signs the body had been 
dragged down a hillside. 

• A women’s group called Boycott 
Anorexic Marketing is starting to 
boycott products it says are pro- 
moted with advertisements that in- 

starvation diets and eating 
riders by using extremely thin 
models. Its first tanjet is Diet 
Sprite, made by Coca-Cola Co. The 
company said it had already 
stopped, running an ad that the 
group found objectionable. 

• A man doused tab former gjri- 
friemfs companion with gasoline 
and set him afire after forcing his 
way into the man’s hold room, the 
authorities in Las Vegas said. The 
victim was hospitalized in serious 
condition. His alleged attacker was 
arrested an charges of attempted 
murder, arson and burglary. 

• A man who admitted be was a 


Special Investigations said he was 
an SS guard at the Gusen concen- 
tration camp in Austria. 

MT. AP 


The American Chamber of Commerce 
in France 

& The American University of Paris 
present 


Seminar on 

NEGOTIATION 

conducted by professors 
Deborah M. Kolb & Jeffrey Z. Rubin 

of 


THE PROGRAM ON NEGOTIATION 
OF HARVARD LAW SCHOOL 


■ Qne«nd*balf-<li^seinm» 

M Designed for senior man age ment 

■ Presents negotiating strategies & tactics 

A ynihlff wt »w En gBrfl 

Thursday, May 19 & Contact: The American 

Friday, May 20, 1994 University of Paris 

at die Hotel Talleyrand, TeL: (33-1 J47.20.44.99 

US. Consulate, Paris Fax: (33-1 J47.20.45.64 


NIXON; A Young President’s Strong Rapport With an Elder Statesman 

... '• .... j-n- . ■ j th. iw rhnniw with Mr. Oinfon rhflt 


Continued fran Page 1 

counsel x pd bolds the same job 
under Mr. Clinton, said that even 
Mr. Carter, who won in 1976 large- 
ly by condemning the moral and 
political standards of the Nixon 
era, developed a rapport with Mr. 
Nixon and drew close to him. 

In the present case, there was a 
telling precedent. When former 
President Lyndon B. Johnson died 
in -January 1973, Mr. Nixon was 
president. He had been re-elected, 
after a divisive campaign against 
Senator George McGovern, only 
two months before. 

Mr. Nixon not only attended Mr. 
Johnson's funeral at a Washington 
church, but also went to the Capitol 
to view the body lying in state. 


Although several Clinton aides 
said there had been Hide discussion 
about the politics of the matter, one 
top White House official said that 
the president “had everything to 
gain and nothing to lose by acting 
magnanim ously and ass um i n g a 

^^Stonites could^anUy con- 
demn him for doing so; Nixonians, 
most of them presumably unfriend- 
ly to the present incumbent of the 
Oval Office, just might soften their 

than anything rise, howev- 
er, it was Russia —long a preoccu- 
pation of Mr. Nixon, now one of 
the biggest problems facing Mr. 
Oimon — mat sealed their rela- 
tionship. A couple of weeks ago, 
the former president sent to 


White House a letter analyzing the 
situation in Russia on . the baas of 
his recent visit there, 

Mr. Clinton told aides at the 
(imo that be bad never read any- 
thing as good on the subject, and 
after Mr. Nixon’s death, he said on 
television, “I was incredibly im- 
pressed with the energy and rigor 
he brought to analyzing tins is s ue. 

As is so often tire case in politics, 

each of the men had something the 
other one wanted: Mr. Clinton, tire 
foreign-policy neophyte, gained 
credibility through his association 
with Mr. Nixon, tire elder states- 
man, and be mentioned it often. 
Mr, Nixon, determined to do all he 
could to edge closer to the center of 
power as a final step in his self- 
rehabili tation campaign, had a bet- 


ter chance with Mr. Ginton than 
with his Republican predecessors, 
who were wary of association with 
a Republican who had sullied the 
rsnarnc. 


in World War II has left the Unii 
States for good, the Justice Depart- 
ment said. Mathias Denuel, 74, 
who came to the United States in 
1955 and worked as a tailor in Phil- 
adelphia before retiring to Florida, 
took a flight from Miami en route 
to permanent residence in Germa- 
ny. The department’s Office of 


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ESTERNATIOINAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


Bipartisan Challenges to Mideast Talks 


VOTE: 

Black Bream 


By Clyde Haberman 

New York Turns Serrlce 

JERUSALEM — As Israeli and Palestin- 
ian negotiators wrestled in Cairo with their 
still-unfinished peace agreement, influential 


On the Palestinian side, attacks on the 
Cairo talks were led by Haidar Abdel-Shafi, 
who beaded the Palestinian delegation during 
formal peace negotiations in Washington. 

On the Israeli side, the opposition leader, 
Benjamin Netanyahu of the Likud party, 
reaffirmed that he considered peace under- 
standings to have already been “vitiated” by 
the Palestine Liberation Organization. And 
so. he said, he does not feel required to honor 
commitments made by the present Labor-led 
government should he become prime minis- 
ter, which he confidently estimated would 
happen within two years. 

it was not the first time that Mr. Netan- 
yahu had said he was not bound by existing 
peace agreements, and it seemed a safe bet 
that his criticism would once again be ignored 
by Prime Minister Yitzhak Rabin. 

Perhaps more significant were the objec- 
tions raised by Mr. Abdel-ShafL a PLO 
founder, and 22 other prominent Palestinians 
from the West Bank and Gaza Strip. They 
began circulating a petition saying that if the 
eventual agreement allows Israel to continue 
expanding settlements — which seems highly 
likely — they will declare it to “lack legitima- 


cy” and therefore to be not binding on Pales- 
tinians. 

It would “not prevent the continued strug- 
gle of our people against the illegal actions of 
the Israeli occupier,” they said. 

The importance of their statement is not in 
its immediate impact. There seems almost no 
chance that, because of it, the PLO will stop 
dealing with Israel, especially with the two 
sides claiming to be near their goal of imple- 
menting plans for Palestinian self-rule in — 
and an Israeli troop withdrawal from —Gaza 
and the West Bank town of Jericho. 

But the petition signers are not Islamic 
radicals and other knee-jerk opponents of 
talks with Israel, who could be expected to 
reject any agreement outright- They include 
men like Mamdouh Aker and Ghassan Kha- 
tib, who were delegates or senior advisers to 
the Washington talks. 

If they refuse to recognize the validity of an 
accord, the PLO chairman, Yasser Arafat, is 
likely to find it more difficult than ever to 
persuade Palestinians that he has struck a 
good deaf in their behalf. 

As it is, his mainstream Fatah faction of 
the PLO has tried to ease the shift from 
Israeli to Palestinian control by agreeing for 
the next month to suspend hostilities in Gaza 
with its main rival there, the militant Islamic 
group known as Hamas. The two camps 
promised last Friday to stop killing Palestin- 
ians accused of collaborating with Israel — a 
pledge of nonviolence that does not extend to 


Israelis — and to end hostile statements 
about each other. 

Within a month, die PLO hopes to be 
running Gaza, and it would like as smooth a 
transition as possible! Its deal with Hamas is 
thus intended to keep things calm for the next 
few weeks, and does not represent a change in 
ideology or long-range strategy for other 
side. 

The Palestinian disenchantment with the 
Cairo talks did not come as a complete sur- 
prise. Like Mr. Abdel-Shafi, most of those 
who signed the petition had already been 
critical of Mr. Arafat, questioning his com- 
mitment to democracy under Palestinian self- 
rule, challenging his administrative skills and 
openly criticizing him for, in their view, being 
a bad negotiator by conceding too much to 
Israel 

To a degree, their protests are mirror im- 
ages of attacks by Mr. Netanyahu and other 
Israeli rightist leaders, who accuse Mr. Rabin 
of giving in too often to the PLO and compro- 
mising Israeli security in the process. 

According to Mr. Abdel-Shan, the agree- 
ment being hammered out in Cairo would 
continue Israel's settlement activity, its land 
appropriation, its “annexation and Judaiza- 
tiotT of Jerusalem, and its “economic hege- 
mony” over Palestinians in the territory. 

Mr. Khatib, a leader of the People's Party, 
which used to be the Palestinian Communist 
Party, said: “This agreement makes the Pal- 
estinian authority something like an agent of 
the real authority, which is the Israeli occupa- 


Continoed from Page 1 


on President Frederik W. 


When the African National Con- 
gress was founded in 1912, reason- 
ableness and Gandhi-style protest 
were the vogue. By 1944, when 
three young rebels — Nelson Man- 
dela, Oliver Tam bo and Walter Si- 
sulu — founded the ANC Youth 
League, a generation was running 
out of patience. 

At the tune, and for a long time 
af toward, the only outcome most 
of the young rebels imagined was 
revolution — and they had to ad- 
mit that it seemed a long way off. 

The campaign for black rights 
was measured out in massacres of 
blacks, each of which made the 
prospect of reconciliation seem 
ever more remote. 


PARADE.' Display of Weapons Shows Why Afghans Can Keep Fighting 


Continued from Page 1 


side of the street, and men were 
■ confuted to the other. 

On a street away from the pa- 
rade, a busload of refugees from 
Kabul the bombed-out capital 
their possessions tied to the roof 
and packed in boxes that filled 
most of the bus. hailed a visitor 
with a Liberation Day message. 
“America-Stinger. Iraq-cruise. 
Brezhnev-rat-tat-tat-tat-tai," one 
said, lifting his hands into ma- 
chine-gun position to enact how 
Af ghans had repelled their Soviet 
aggressors. 

Liberation Day is celebrated 
here on April 18, the day in 1992 
that Herat declared the country's 
freedom from the communist gov- 
ernment of the former president, 
NajibuUah, who had been instaDed 
by the Soviets in 1986. The mujahi- 
din forced the Soviet troops to 


withdraw in 1989 and finally top- 
pled General NajibuUah three 
years later. 

Since then, power-hungry muja- 
hidin groups have been gripped by 
age-old ethnic, religious, political 
and tribal rivalries that have 
plunged Afghanistan into a deadly 
dvil war, with most of the righting 
centered around Kabul. Herat, a 
dusty desert city of 500,000 people 
about 120 kilometers from Iran, 
has seen virtually no fighting since 
General NajibuUah was over- 
thrown. 

“You were the people who broke 
the Soviet Union and commu- 
nism,” Ismail Khan, 48, told the 
gathering from a reviewing stand. 
“Now again you are righting a 
smaller enemy. Be vigilant, because 
they are Itiffing our brothers and 
sisters in Kabul.” 

“Don’t let these enemies destroy 
our hope.” 


Tbe crowd responded with thun- 
derous cries of “God is great!” 


On a hillock just outside the city, 
men and women observed Libera- 
tion Day by praying at the Tomb of 
the Unknown Martyrs, a mass 
grave for an estimated 3,000 people 
who were executed by the local 
co mm unist government in late 
1978, before the Soviet invasion. 
The grave was uncovered by towns- 
people on liberation Day two 
years ago and is marked by a series 
of large glass boxes covering ditch- 
es that were dug to reveal a clutter 
of skulls, cloth and bones. 


carrying UJS.-buQt, shoulder-fired 
Stinger missiles, about a thousand 
of which were given to the mujahi- 
din in the final years of the war 
against the Soviets. The Central In- 
telligence Agency has allocated $ 65 
million to buy back the missiles, 
Fearing that they will fall into the 
hands of terrorists, but it has uot 
been able to repurchase many. 


In 1960, there was Sharpevflle. 
Anti-apartheid protesters gathered 
to challenge the humiliating pass 
laws that prescribed where they 
could go. The police, without hesi- 
tation, fired and kept firing until 69 
had died. 

The government banned every 
organization that seemed to pose a 
threat to order, and soon afterward 
arrested Mr. Mandela. The ANC 
responded by endorsing “armed 
struggle.” 

Then m *1976 came Soweto. A 
student protest against mandatory 
instruction in Afrikaans, the lan- 
guage of the rulers, spread widely. 
In crushing it, the government 
killed 575 people over the ensuing 
right months, a fourth of them un- 
der aee 18. 



BANK: 

A Loss of Face 


“Wehad no due,'’ he said, add- 
ing that it would take at least an- 
other month before the bank fig- 
ured out exactly what went wrong. 

Mr. Schneider left Deutsche 
Bank and more than 40 other fi- 
nancial institutions with about 5 
bfflion DM in debt when he fled the 
country with his wife, Claudia, 
amid signs that their private empire 
was beginning to crumble. He was 
reportedly planning bis exit wdl 
before Easter when he asked the 


bank for an appointment to discuss 
“the future of nis group" and social 
security for his family. 

“It’s the most normal thing in the 
world when a customer calls his 
hanker to request a tour (Thorton," 
said Ulrich Weiss, the board mem- 
ber with whom Mr. Schneider re- 
quested to meet Mr. Weiss had 
only met Mr. Schneider once, six 
years ago. 

In retrospect, Mr. Weiss said Mr. 
Schneider “must have known what 
he was going to do when he called.” 

In the weeks before Mr. 
Schneider called Mr. Weiss, Deut- 
sche Bank and other Gennan credi- 
tors had repeatedly demanded clar- 
ifications of die developer's assets 
and liabilities. 

In a letter dated tbe day of his 
disappearance to Mr. Weiss, whom 
he was supposed to have met Mon- 
day evening, Mr. Schneider said the 
hanks * demands intruded on his 


'krrin Canorikc AwflMied Pia« 

Supp ort er s greeting the ANC leader, Nelson Mandela, as he arrived 
at a Johaxmesbvg hospital Monday to visit bombing victims. 


president in 1989, the government 
had begun to relax many of the 
more degrading aspects of apart- 
heid. 


His predecessor, P.W. Botha, 
had abandoned tbe long-term mas- 
ter plan of s pinning off into 


der age 18. 

“After that, we wanted nothing 


separate homelands, and bad ac- 
cepted tbe principle of “power 
s hari ng" with blames. But the re- 
forms stalled. 

Tbe 1989 election was a genera- 
tional watershed. 

To Mr. de Klerk h seemed obvi- 
ous that whatever tbe intentions, 
racial division was not working. 

“There was no other alternative 
for South Africa,” Mr. de Klerk 
said recently. “Wcwere on the road 
to total confrontation, which 
would have annihilated everything 
which has been built up in this 
country.” 

From his cdl in PoUsmoor Pris- 
on, outride Cape Town, Mr. Man- 
dela cook the measure of the white 
rulers and their predicament and 
decided the time was ripe for com- 
mmucan on. 

In May 1986. Mr. Botha's minis- 
ter of justice, Hendrik J. Coetsee. 
arrived with a foreign delegation 
visiting Mr. Mandela in jail The 
imprisoned black leader proposed 
regular talks, which began secretly 
in July. 

On Dec. 20, 1991, nearly two 
years after Mr. de Klerk released 
Mr. Mandela and removed the le- 
gal ban on the Wade opposition, the 
gove r n m ent sat down with an array 
of its worst enemies and began for- 
mal talks on bow to move to de- 


While the crowd cheered enthu- 
siastically, it was also sobered by 
the continued strife in Kabul 
where an estimated 1,500 people 
have been killed since intense right- 
ing broke out anew in January. 


Back at the parade, rows of 
wounded mujahidin, many missing 
arms and legs, hobbled down the 
street. Anti-aircraft guns mounted 
in a fleet of Toyota pickup trucks 
and anti-tank vehicles rumbled by. 
Not all of the equipment was Sovi- 
et-made. Six soldiers marched past 


“1 think it's good to have these 
weapons for defense, but not to use 
against innocent people,” said Fa- 
zal Ahmed, a radio officer with 
Ismail Khan’s militia. “We should 
give the weapons to a national 
army and choose a government 
through an election of ibe people.” 


After that, we wanted nothing 
but to get out of the country and 
get mili tary training,” said Murphy 
Morobe. a student leader wbo went 
to prison for Ins pan m the upris- 
ing. 

In 1984, it was Vaal Triangle, 
Angered by rent increases and a 
new constitution that gave Indian 
and mixed-race voters — but not 
blacks — token places in Parlia- 
ment, residents of townships south 
of Johannesburg started an insur- 
rection that spread across the coun- 
try. The police responded brutally. 

The spiral of conflict seemed re- 
lentless. 

“If de Klerk hadn’t come along, 
it’s quite likely we would still be 
doing mass action.” Mr. Morobe 
said. 

By the time Mr. de Klerk became 


JAPAN: New Prime Minister Is Elected hut Loses Majority as Socialists Putt Out of Coalition 


Continued from Page 1 

menl that he was realigning the 
party structure within the govera- 


wgcoaliticm. 

The Socialists were the most lib- 


eral of the parties in the coalition, 
and they had frequent squabbles 
with various centrist parties in the 
multifaceted group. Still the So- 
cialists were the largest single party 
in tbe coalition, a status they cher- 
ished. 


Mitterrand in Central Asa 


Reuters 

PARIS — President Frantjois 
Mitterrand of France left Monday 
for a tour of Uzbekistan and Turk- 
menistan in what a spokesman said 
was an effort to forge new econom- 
ic ties with the two Central Asian 
republics. 


But Monday, jusl hours after be 
was elected prime minister, Mr. 
Hata and his allies made a surprise 
move: They merged four centrist 
parties into one new party, called 
Reformation. It has more members 
of parliament than the Socialist 
Party; thus it has taken over the 
status of biggest coalition party. 

The realignment was somewhat 
mysterious, particularly given Mr. 
Hata’s easygoing manner and his 
hand-earned reputation as a concil- 
iator in Tokyo’s seemingly endless 
political wars. Why would he pick 
this fight on the very day he was 
elected head of government? 

One possibility is that he had not 
expected a battle oyer the new par- 
ty alignment within tbe coalition; 
he amply miqudged hew angrily 
the Socialists would respond. 

Another view is that he was de- 
liberately trying to provoke a fight. 


It seems clear that the coalition 
parties have major disputes coming 
up over important issues such as 
tax reform and Japan's policy to- 
ward North Korea. It may be that 
Mr. Hata and his allies decided to 
hash out their diffeences with the 
Socialists now, rather than wait un- 
til it is time to vole on legislation. 

Whatever the reason for the 
move, the result was political stale- 
mate. In the early hours of Tues- 
day, politicians shuttled between 
smoke-filled rooms — a diche that 
still holds in this tobacco-loving 
country — but no resolution was 
apparent- Tbe one thing that came 
through loud and clear was the So- 
cialists’ sense of betrayal by the 
new prime mmisler. 

“A trust has been betrayed,” said 
the Socialist chairman, Tomiidn 
Murayama, in a bitter press confer- 
ence early Tuesday. “In these cir- 


cumstances, we don't have enough 
trust to be part of a coalition gov- 
ernment” 

After the previous coalition lead- 
er, Morihiro Hosokawa. an- 
nounced his resignation as prime 
minister on April 8, the Socialists 
agreed to work with the other coali- 
tion parties to elect Mr. Hata as the 
new chief of state and to forge a 
new policy agreement for the coali- 
tion. 

Tbe policy talks lasted nearly 
two weeks, and were difficult In 
the end, coalition leaders had to use 
deliberately ambiguous language to 
fudge their disagreements on lax 
policy and on Japan's stance on the 
North Korean nuclear problem. 

Stifl, the Socialists voted almost 
unanimously for Mr. Hata on 
Monday when the members of the 
Met elected him prime Minister. 

The next step was supposed to be 


the appointment of Mr. Hata’s cab- 
inet According to press reports, 6 
of the 20 cabinet posts were to be 
given to Socialists. They went more 
than SO years without getting a sin- 
gle cabinet seat until they became 
part of tbe governing coalition last 
summer, and it is dear they rel- 
ished the six cabinet posts they 
were given in Mr. Hosokawa’s cab- 
inet 

But when word started to spread 
among members of parliament that 
the moderate coalition parties had 
merged into the new Rjeformation 


Over the years of bargaining, it 
took one great concession on each 
side, one leap of understanding, to 
complete tbe deaL 
On Mr. Mandela's side, it was 
formally recognizing that blacks 
could not govern without the coop- 
eration of the white civil service 
and security forces. These powers 
bad to be pacified, and that meant 
giving them a share of the power. 

On Mr. de Klerk’s side, the 
breakthrough was accepting that he 
could not, in the end, have a veto in 
tiie next government 
Under the final deal any party 
winning 5 percent of the popular 
vote will be entitled to tt cabinet 
seal and tbe largest opposition 
party will get one of the two vice 
presidential posts. The president is 
obliged to seek consensus, and Mr. 
Mandela has promised he will do 
so. 

But in the end, the majority par- 


ty will usually be able to have its 
way. And if the ANC wins a two- 


mocracy. 


thirds majority, which polls show 
may be within reach, it w HI also be 
able to rewrite the constitution 
without malting major compro- 
mises. 

Over tbe years of negotiation, 
most South Africans seem to have 
grown accustomed to government 
by give and take. 

“People have matured a lot over 
that period," said Andrew Ma- 
pheto, a former guerrilla who spent 
nine years in prison and now writes 
for a weekly business magazine. 
“My assumption is that most peo- 
ple — they may not prefer it ideal- 
ly. but they prefer it to mayhem 
and violence.” 


privacy. 

“Wehad a lot of questions, some 
of which, may never be answered,” 
said Mr. Kojpper, speculating that 
Mr. Schneider “must have begun to 
get tbe feeling that something was 
in the works” as a result of the 
uncustomary attention. 

Georg Krupp, the Deutsche 
Bank board member ultimately re- 
sponsible for all real estate loans, 
said be found it “hard to imagine 
Mr. Schneider did all of the deceiv- 


ing himself.” 
Air. Koto 


Wife Is Accused In U.K. Killing 


The Associated Press 


party, tbe Socialists exploded. 

“Tins is outrageous!” stormed 
Wataiu Kubo, tbe Socialists' chief 
strategist. “What happened to trust 
and obligation? We have cooperat- 
ed with other coalition members 
until today, and then they suddenly 
make this move on the same day we 
were supposed to form a cabinet” 


GLOUCESTER, England — 
The police said Monday that they 
have charged Rosemary West, the 
wj/e of an alleged serial killer, with 
participating in the murder of one 
of the victims. 


Detective Superintendent John 
Bennett said Mrs. West was 
charged Sunday with the murder of 
Linda Gough. Ho- husband. Fred- 


erick West, a builder, has been 
charged with kOling Miss Gough 
and nine other women. 

Miss Gough's body and those of 
eight other women, including tbe 
Wests' 16-year-old daughter. 
Heather, were found buried under 
the family’s house in Gloucester, 75 
miles (120 kilometers) north of 
London. The bones of Mr. West’s 
first wife were found in a cornfield 
nearby. 


Mr. Koppersaid the bank would 
sue for damages if it found out that 
an independent appraiser whom it 
had hired baa assisted Mr. 
Schneider in deceiving the bank. 
The appraiser repeatedly certified 
statements of rental income that 
the bank now says were faked. 

“We were led to believe that be 
was an honorable person,” Mr. 
Kopper said of Mr. Schneider. 
“Now we know better. Such is life." 

Mr. Kopper said the bank was 
“aware of its responsibility” in the 
Schneider case. “The reputation of 
the banking industry and of Ger- 
many as a financial location is also 
at stake.” 

“We will do everything possible 
to re-estabtidi the reputation of the 
bank,” Mr. Kemper said, addins 
that there would be “no taboo* 
when it came to assigning responsi- 
bility for the fiasco. 

He also said that three projects 
that were already under way would 
be completed as planned and that 
contractors involved on the pro- 
jects would be paid in full for their 
work. 


BOOKS 


CHESS 


FOR OUR BELOVED 
COUNTRY: American War 
Diaries from the Revolu- 
tion to the Persian GnU 


WHAT THEY'RE READING 


Edited by Speer Morgan and 
Greg Michalson. 498 pages. 
$ 27.50. Atlantic Monthly Press. 


• Jay Farad, author of “John 
Steinbeck, a Biography,” is reading 
"The Enigma oj Arrival" by V. S. 


Reviewed by 
Katherine Knorr 


I N the 21 8 years since the Decla- 
ration of Independence, Ameri- 


of English prose. The novel set in a 
small rural community in southern 
England, evokes the texture of 
wildlife and rhythm of people’s 
lives. " 

(Miranda Haines, JHT) 



ca has been involved in about 10 
wars (it depends which you count), 
with a death toll over a million. 
American boys marched, stuled 
and flew off to fight for “our be- 
loved country ” in the words of 
George Sargent, an 18-year-old 
from Charlestown, Massachusetts, 
who fought the “secesh” daring 
that most murderous of all Ameri- 
can wars, the one between the 
states. • 

With the 50th anniversary of D- 
Day approaching, there is a small 
industry in memoirs of the invasion 
of Normandy. Here are other 
voices, other wars. 

“Ibad an ample opportunity to 
see the devastation caused [in Dan- 
bury] by the British,” Joseph 
Plumb Martin wrote of tbe cam- 
paign of 1777, when he was a 16- 
year-old recruit to the revotutkai- 


was shattered all in pieces and tbe 
blood flowing from his nose and 
mouth, but not a particle of skin 
was broken. I never saw an instance 
Kke this among all the men I saw 
killed during tbe whole war.” 

“It was a lonesome, dark night to 
spend there oc a battlefield with 
dead Frenchman and Germans on 
either side of me and the wind in 
whatever direction was bound to 
bring to me the scent of these decay- 
ing bodies," wrote Ponton on Sept. 
2, 1918, near Footenay in France. 

The people here are the lucky 
ones: They lived. Their diaries re- 


ary army. “Tbe town bad been laid 
in ashes, a number of the inhabit- 
ants murdered and cast into their 
burning bouses, because they pre- 
sumed to defend their persons and 
property, or to be avenged on a 
cruel vindictive invading enemy. I 
saw tbe inhabitants, after the fire 
was out, endeavoring to Had the 
burnt bones of their relatives 
amongst the rubbish of their de- 
molished houses.” 


Amy Wingreen, a Chicago nurse 
expert in yellow fever wbo tended 
tc soldiers in Cuba in 1898; Charles 
Ponton, a Kalamazoo teacher who 
went to France as an ambulance 
driver, Everett Fulton, a navy pilot 
from Texas who flew in the ftcific; 
Joseph Abodeely, an Arizonan wbo 
served during the Tet Offensive; 
and Duane Lee Smith, a Missouri- 
an who went to the Gulf. 


cord the waiting, the boredom, the 
rain, the mud, the anxious anticipa- 


Sargent and Martin are among 
seven voices in “For Our Bdoved 
Country,” a fascinating collection 
carefully edited by Speer Morgan 
and Greg Michalson, who are edi- 
tor and managing editor of The 
Missouri Review. 


Tbe other voices are those of 


“Great men get great praise; lit- 
tle men, nothing,” Martin wrote. 
These are the voices of tbe little 
men, patriots quite free of jingoism 
— unpretentious, generous, often 
funny, in the face of horror. 

“He fell dead into die trench,” 
Sargent wrote. “1 put my band on 
his forehead and found his skull 


rain, the mud, the anxious anticipa- 
tion that is so much a part of a 
soldier’s life. In tbe RevoJutionajy 
War, that waiting could take 
months, with little to eat nothing 
to do and worse to look forward to. 
In Vietnam, Abodeely wrote on 
April 26, 1968: "I'm sitting by 
some log bunkers my men made 
overlooking the valley far below. 
If s almost eerie as the fog rolls in 
through the forest and the skeleton 
trees with tbe limbs and leaves 
blown off from bangalore torpe- 
does.” A lot of the time, he lay in a 
tent listening to the terrible silence 
of the Vietcong. 

If death is always the downside 
risk, the lives of soldiers have other- 
wise gotten immeasurably better. 
In the Gulf War, a National Guard 
soldier came back with the follow- 


ing story: “We see a tent on the 
horizon. We’re directly approach- 
ing it wondering why the lieuten- 
ant isn’t being more care- 
fuL . . . We finally roll up near 
the place and he tells us that we 
have an hour to make telephone 
calls. We walk into this big tent 
and it's all setup with cubicles and 
telephones that accept credit cards. 
Fm thinking tins is weird. Finally, 
what the hey. I get out my plastic 
and call my mom and dad back in 
Arkansas.” 

In the end. what is surprising in 
these memoirs is the humor. listen 
to Joseph Plumb Martin, born in 
1760 and dead all these 144 years. 

“We had nothing to eat for two or 
three days previous, except what the 
trees of the fields and forests afford- 
ed us. But we must now have what 
Congress said, a sumptuous 
Thanksgiving to dose the year 
(1777] of high living we had now 
nearly seen brought to a dose. WcD, 
to add something extraordinaiy to 

our present slock of provisions, our 
country, ever mindful of its suffer- 
ing army, opened her sympathizing 
heart so wide, upon this occasion, as 
to give us something to make the 
world stare. And what do you think 
it was. reader? Guess. You cannot 
guess, be you as much of a Yankee 
as you wflL I will tell you; it gave 
each and every man half a gin oT rice 
and a tablespoon of vinegar!” 

Inieraatienal Herald Tribune 


By Robert Byrne 


IVANCHUK/BLACK 


G arry kasparov faced 

VasQy Ivanchuk in Round 4 


vj Vasily Ivanchuk in Round 4 
'in the Linares International Tour- 
nament in Spain. 




29_Qc6 because 30 Rc7!, threaten- 
ing 31 Rc7J, Rd7 (3I_.Rc8 32 Rb7 
Qb7 33 Bd5! Qd5 34 Qa6 forces 
mate) 31 Qc6l Bc6 32 Rd7 Bd7 33 
Bd5 forces mate. 


In the Semi-Slav defense, sig- 
naled by 4_e6, the aggressive de- 
velopment with 5 Bg5 is known as 
tbe Anti-Meran Gambit because it 
bypasses tbe Meran systems that 
can arise from 5 e3 and because it 
usually Jeads to sharp sacrifices. 
The pawn capture, 5-.de commits 
both players to a Mid roller-coaster 
ride. After 6 e4 b5. Black secures 
his queeuside gain and dares White 
to attack on the other wing with 7 
e5 h6 8 Bh4 g5 9 Ng5 hg 10 Bg5 
Nbd7Jlef. 


no ‘liafttt 
ansi:.. ’ 


■ Sift SB ! 

•a ;a m a 

k Jar 1 rV.:*| rfllfi.iH A i 


ft m 


JB. m a 

t» c a • t o n 


KASPATOV/WMITE 

Position after 29. . . ROT 


Tbe capture with 13„.Nf6!?, in 
place of I3...Ne5 or I3„Bb6, was 
tried for the first time last year. 


Taking tbe king out of the center 
with 16._0-00 is normal in the 
Anti-Meran. Black is betting that 
his coming mating attack in the h 
file will outweigh the opposing at- 
tack on his king. After 17 Nb5 ed 
18 Na7 Kb8 19 Nb5, White stays a 
pawn ahead since it would be fool- 
hardy far Ivanchuk to open a file in 
front of his own king with 
19~Qb2?! 20 Rbl. 


Blade draw by perpetual check 
with 23_Qh4 24 f3 Qh2 25 Kf2 
Qh4, and so on. Here. 24 Qe5 Ka8 
25 Rfel RdgS compels White to 
draw fay perpetual check with 26 
Nc7 Ka7 27 Nb5 Ka8 and soon. In 
this latter hypothetical line, White 


SLAV DEFENSE 

WMlr Black Wh to* Black 

Kup'rev Ivanchuk lUip'inv IvaaeMt 


cannot try to win by 26 Kfl be- 
cause of 26~Rg2! 27 Kg2 Qh3 28 
Kgl Qhl mate. 


Ivanchuk struck tbe first blow 
with 22_Bh4!, the point being that 
grabbing the bishop with 23 gh lets 


Kasparov defiantly pressed his 
own attack with 23 Qa5 Bc7 24 Qc7 
Ka8, and after repeating the posi- 
tion to gain time on his dock, be 
kept at it with 27 Rfel. On 
27_JJd6, he set up a bind on the 
black king with 28 Qb6 Bb8 29 a5! 
Ivanchuk could not defend by 


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Mr Schneider m the months lead- 
ing" up to his disappearance about 
fas conflicts with contractors, his 
personal wealth and the sum of ha 
debt to Gennan banks. 

But the bank, Mr. Schneiders 
largest single creditor with out- 
standing loans of 1-2 billion Deut- 
sche marks (S71 1 million), “had no 
reason to believe he was m trouble" 
until it received written notice of 
his disappearance on April 7, Mr. 


[i : S 4 


So he tried 29,..Rd7, but then 
Kasparov smashed through with % 
Re8!, threatening 31 Qa7 mate. 
Ivanchuk tried 30„Qh2 3 1 Kfl. yet 
he could not defend by 3J_Re8, 
because of the annihilating 32 a6! 
Thus, he desperately gave up his 
queen with 31_.Qg2 32 kg2 d4. Ka- 
sparov in turn gave np his own with 
33 Qb7! Rb7 to force an easy vic- 
tory with 34 Rh8 Rb5 35 a6! Ka7 
36 mi Rb2 37 Rf7 Ka8 38 a7 c3 
39 RIB! There was nothing to do 
about 40 ab/Q mate and Ivanchuk $. 
gave up. 


1 






Countdown Starts 

fa South Africa 

A Half-Million Supervisors 
Gather to Monitor Elections 


Page 5 


# Ntw 'fork Time, Sm,. e 

JOHANNESBURG - As ihe 
candidates South Africa’s fh£ 

['Si ffc UOnS ,efl ,he campaign 

Wcre y l3lxd b y a legion 
of perhaps a half-million people 
who m a gargantuan exercise he- 
ginn.ngTucsday vs-ill organize, po- 
l\K£ and validate what may be the 
worlds most closely monitored 
transition of power. 

. By the end of the w-eek journal- 
ists plugged into a suburban press 
center outfitted with all the bie- 
screen electronics of the Starship 
Enterprise nil! watch the faxed re- 
turns arrive from counting stations 
where hundreds of bank tellers 
haw been enlisted to tally more 
than 40 million ballots by hand. 

‘‘*Ve are not running an Ameri- 
can election," said Johann 
KJie&ler. the South African judge 
presiding over the electoral com- 
mission. We are not running a 
Danish election. We are not even 
running a southern European elec- 
tion. We are running an African 
election, for Africans, by Afri- 
cans.'’ 

The ballots, with color portraits 
of each party leader, were printed 
in England, and there is an interna- 
tional cast of observers, advisers 
and spotlight hogs. But otherwise it 
is South Africa’s pride that almost 
everything about this feat is a local 
i j production. 

A South African company 


turned out 85.000 collapsible vot- 
ing booths of cunning design in 
three weeks. South .African police 
officers and soldiers, unassisted by 
blue-heimeted peacekeepers from 
the United Nations, are to keep 
order during the direr days of vot- 
ing. 

Electoral officials estimate that 
more than 22 million South Afri- 
cans are eligible to vote, about 17 
million of them blacks who have 
never had the right. The exact num- 
ber is uncertain because there is no 
voter roll, no registration. 

Voting has been made as accessi- 
ble as possible: Anyone 1 8 years or 
older who shows up at any polling 
place with an acceptable identity 
document can vote. 

The electoral commission has 
widely distributed one-time-only 
identity cards to South Africans 
with a birth certificate, marriage 
certificate or other credible proof 
of residence. 

The issuing of identification 
cards was hampered in some areas 
by violence, in others by the diffi- 
culty of reading fingerprints from 
rural blacks who had labored so 
hard they had KleraQy worn their 
fingers smooth. 

The balloting has also been 
thrown open to South Africans and 
to former South Africans living 
abroad, including an estimated 
130.000 in the United States. 



China’s Space Plans 
Set Back by Blast 
Destroying Satellite 


Mir fcMrAfrmr FmrftiM 

A South African youngster watching on Monday while her mother was fingerprinted as she registered in a townsiap near Johannesburg. 


Since there is no list of voters, 
poll officials will prevent repeat 
voting by marking documents and 
fingertips with invisible ink that 
shows up under ultraviolet light. 

In an announcement that com- 
bined the tactics of the old South 
Africa with the intentions of the 
new, the police told reporters that 
they would detain anyone suspect- 
ed of planning to disrupt the elec- 
tions. 

On Tuesday, prisoners, the ill 


and disabled, and pregnant women 
will be the first to vote, followed cm 
Wednesday and Thursday by the 
long-awaited universal suffrage. 

Nelson Mandela, the president- 
in-waiting, is expected to cast the 
first vote of his 75 years Wednes- 
day in a black township in Kwa- 
Zulu, (he Zulu homeland, which is 
the stronghold of his bitterest black 
rival. Chief Mangpsuthu Butheteri. 

Each voter casts two ballots, one 
for a National Assembly and one 
for a provincial legislature. Voters 


select parties, not specific candi- 
dates, and parties fill the seats they 
win from a list of names submined 
in advance. 

Monitors from all parties are en- 
titled to watch the voting and then 
to ride with the armed guards who 
will escort sealed ballot boxes to 
counting centers. 

As part of a campaign to per- 
suade voters that their choice is 
private, the electoral law bans exit 
polls, and the election commission 
has warned that any reporter can 


be arrested for questioning a voter 
leaving a polling station. 

The electoral commission is to 
announce results from counting 
stations as they arrive, which 
means a preliminary outcome may 
be known Friday. 

The commission has up to 10 
days to announce a final result and 
pronounce the outcome free and 
fair, but Mr. Kricgler has predicted 
the outcome would be announced 
in about two days. 

— BILL KELLER 


Compiled b}- DurSuff From Despatches 

BELTING — A major explosion 
at China's apace launching center 
this month destroyed a $75 million 
satellite and dealt a new blow to the 
country’s space program, industry 
analysts said Monday. 

A spokesman for China Aero- 
space Industry Corp„ successor to 
the former Ministry of Space, said 
the April 2 blast killed at least one 
person, injured more than 20 and 
destroyed a laboratory along with 
die advanced weather satellite at 
China’s Xichang launch center in 
the western province of Sichuan. 

Although the satellite was Chi- 
nese, the incident was a setback to 
C hina ** attempt to become a low- 
cost launcher of satellites in the 
world market. Western industry 
analysts said. 

The spokesman said China's 
‘ launch schedule for the rest of the 
year would be affected, but he did 
noigive details. 

China, which is extremely sensi- 
tive about failures in its space pro- 
gram, hinted at the incident last 
week when it officially announced 
it had “readjusted” its plan for the 
launching of the first “Fengyun 2" 
stationary meteorological satellite 
because of an “accidental event.” 

The satellite was meant to be 
launched by a Long March 3 carri- 
er rocket from the Xichang launch- 
ing center. 

The spokesman said investiga- 
tions into the cause of the blast 
were continuing and that the re- 
sults would be made public. 


Rwanda’s Wounded Ref ugees 

Fleeing Survivors Were Hacked by Machetes 


By Donatella Lorch 

Sevr York Times Service 

KAYANZA. Burundi — Their 
clothes are blood-soaked, and their 
wounds are eerily similar. Pursued 
by fear, the 450 or so men. women 
and children in the makeshift hos- 
pital here made the same journey 
across the border from Rwanda, 
nursing deep gouges made by the 
machetes that struck their skulls, 
necks, and hands. __ 

They submit without a murmur 
of complaint to the painful scrub- 
bing of their jagged wounds, then 
curl up on stretchers or on the rain- 
soaked lawns to sleep. 

These are among the survivors 
who somehow escaped the massa- 
cres that have killed tens of thou- 
sands in Rwanda since the coun- 
try's president was killed more than 
two weeks ago. 


The villagers and townspeople, 
most of them members of the mi- 
nority Tmsi ethnic group, told of 
being hunted down like animals as 
they hid in fields and forests, of 
watching friends and relatives 
hacked to death and of walking 
wounded for more than a week 
without food. 

Most of the killing has been done 
by Hutus, whose ethnic group 
dominates the military, the militia* 
and the armed gangs roaming the 
capital and the countryside. 

Augustine Rugwizangoga said 
he was 15, but his small frame is 
that of a 10-year-old. Both of his 
hands are swathed in bandages, his 
wrists and his fingers having-been 
hacked by machetes. Like many of 
those who made the journey from 
Rwanda to Burundi, he lost his 
family in the fighting. Late Iasi 


Burundi Says It Foiled 
Coup by Tutsi Officers 


.-igi'iftf France- Presse 

BUJUMBURA. Burundi — Bu- 
rundi authorities foiled a coup at- 
tempt by a small group of Tutsi 
paratroopers and arrested six or 
seven of the plotters, diplomats and 
military officials said here Mon- 
day- ’ . 

In Brussels, the Belgian radio 
RTBF said the Burundi army had 
regained control of the situation in 
the former Belgian colony over- 
night and that the leaders of the 
abortive coup had been arrested. 

The officials here said that four 
officers and two or three other men 
were arrested and that four soldiers 
had managed to escape. The offi- 
cers were said to be from the High- 
er Institute of military cadres and 
were being interrogated. 

A diplomat said the situation in 
the capital of Bujumbura seemed 
now' to be “quite normal.” 

The coup attempt came amid lin- 
gering tension following the death 
in a plane crash of President Cy- 
prien Ntammira on April 6. This 


triggered a bloodbath of ethnic 
fighting in Rwanda, whose presi- 
dent, Juvenal Habyarimana, was 
also killed in the crash. Both presi- 
dents were Hutus. .. 

Burundi’s first Hutu president, 
Melchior Ndadaye. was killed dur- 
ing an failed coup Oct 21 that 
touched off an ethnic conflict in 
which tens of thousands of people 
died. 

Shooting could be beard Mon- 
day on the northern outskirts of 
Bujumbura, but the fighting be- 
tween the Tutsi-dominated army 
and armed Hutu civilians, which 
has been going on for several days, 
is unrelated to the coup attempt 

The Burundi army high com- 
mand said Sunday’s coup attempt 
was mounted by a very smaB group 
“which was immediately neutral- 
ized and failed to rally other sol- 
diers to their plan.” 

Burundi, like its dvD-war-strick- 
en neighbor Rwanda, has a major- 
ity Hutu population and a Tutsi 
minority. 


week, he stared ahead numbly, 
speaking in dipped sentences. 

“My family is all dead” Augus- 
tine said. “1 saw men with machetes 
hit my mother on the bead. I hid in 
the forest but they found me there. 
They killed my friends and cut my 
hands. There was no food, but even 
if there had been, I could not have 
used my hands to eat” 

Rwanda feD into anarchy after 
its president Juvenal Habyari- 
mana, a Hutu, was killed in a suspi- 
cious plane crash near the capital, 
Kigali, on April 6 along with Presi- 
dent Cyprien Ntaryamira of Bu- 
rundi The crash reignited the cen- 
turies-old hatred between the 
majority Hutn ethnic group, which 
dominates the government of 
Rwanda, and the minority Tutsis. 

What began as political violence 
aimed at Tutsi and moderate Hutu 
officials in a Rwandan interim gov- 
ernment has widened into what ap- 
pears to be a methodical killing of 
Tutsis across the countryside. 

The safety of the Rwandan Tut- 
sis now in Burundi is far from guar- 
anteed. Relief winkers are con- 
cerned that hospitals and camps 
could easily be overrun by armed 
gangs. It has become increasingly 
difficult for relief workers to get to 
the Rwandan border, because the 
main road is blocked by fighting 
near Bujumbura. 

■ Red Cross Polling Back 

The International Committee of 
die Red Cross, powerless in the 
face of spiraling massacres, said 
Monday that it had puQed its relief 
workers out of most of Rwanda, 
The Associated Press reported 
from Red Cross headquarters in 
Geneva. 

A spokesman, Ren6-Luc Thevoz, 
said that Red Cross staff members 
bad returned to the capital of Kiga- 
li from the southern town of Butare 
in despair over the uncontrolled 
slaughter. 

The decision means that than 
are virtually no international aid 
workers left outside Kigali. 

The charily Doctors Without 
Borders pulled out of Butare on 
Satuiriay after 170 patients at its 
hospital were killed by the Presi- 
dential Guard. It now has only two 
aid workers left in Kigali. 



HrnilMiNm/Av 

SURRENDER SCT IN STONE —Two Vietnamese working Monday at a military cemetery in front of a wall relief representing 
die surrender of tbe French general Christian de Castries and his staff at Dien Ken Phu mi May 7, 1954. The cemetery at Dien 
Ken Phn is a f ocas of Vietnam's preparations to celebrate the 40th anniversary of the battle, which ended French nde of Indochina. 


Tbe newspaper Workers' Daily 
said last month that China planned 
to launch five domestic and foreign 
satellites this year. 

Beijing’s launch industry first 
won international attention with 
the April 1990 launching of the 
ASIASAT satellite owned by Hong 
Kong-based Asia Satellite Tele- 
communications Co. 

China's rockets are cheap com- 
pared with those offered by the 
United Slates and Europe, but a 
number of setbacks have cast 
doubt on the cut-price launching 
vehicles. 

In February, China used its lat- 
est-model Long March 3A rocket 
successfully for the first time, 
launching a research satellite into 
orbit. The launching before that 
failed, however, when a recoverable 
research satellite fell out of radio 
contact and was lost in space. 

There have been other failures, 
including one embarrassing 
launching that was aborted live on 
television in 1992, bul industry an- 
alysts said Chinese rockets were 
basically reliable. 

Industry sources said China 
charged foreign customers about 
$45 million for a Long March 
launching. U.S. companies charge 
as much as $100 million, while Eu- 
rope’s Arianespace charges about 
$85 million, they said. 

Beijing has ambitious plans for 
its space program, including 
launching a manned spacecraft by 
tbe year 2000. f Reuters, AFP) 


Vietnamese 
Are Urged: 
Come Back 


Reuters 

HANOI — Vietnamese “boat 
people" in Asian camps should 
come home to start new lives, and 
Vietnam is ready to receive them, 
the United Nations High Commis- 
sioner for Refugees, Sadako Ogata, 
said here on Monday. 

“If they have very little possibili- 
ty of being resettled in a third coun- 
try, it is better that they start their 
lives back here,” she said after tour- 
ing a Vietnamese government re- 
ception center where a planeload of 
129 boat people from Hong Kong 
had arrived earlier in the day. 


U.S. Teen Prays for Singapore Clemency 


Complied bp Our Staff From Dispatches 

SINGAPORE — An American 
teenager jailed and sentenced to six 
strokes of the cane for vanda li s m is 
praying for the success of his clem- 
ency appeal to Singapore’s presi- 
dent, his lawyer said Monday. 

“Heprays every night, but he is a 
realist and I think be is prepared 
for it,,” said the lawyer, Dominic 
Nagulendrm 

Mr. Nagulendran said that Mi- 
chad P. Fay, 18, appeared well 
The lawyer saw Mr. Fay last week 
to get his signature on a clemency 
petition to President Ong Teng 
Cbeong. 

Mr. Fay has lived with his moth- 
er and ms stepfather here since 
1992. 

“He looked very good and said 


he is bong treated well," said Mr. 
Fay’s mother, Randy Chan. “He 
said he is doing 200 to 300 sit-ups 
and push-ups every day outside His 
celL" 

Mrs. Chan added that she “will 
never give up hope" for clemency. 
“But frankly, with tbe things that 
have happened since the very he- 
ir’s hard to have too much 


She said her son was bong se- 
verely punished to “set an example 
for all Singaporeans and expatri- 
ates” because Singapore’s authori- 
tarian government fears change. 

Mrs. Chan, 46, c*f Sl Louis, said 
she and her husband, Marco Chan, 
a business executive, planned to 
leave Singapore after her son ends 
the four-month jail term that is part 


of Ms sentence along with the lash- 
ing. He win be deported after his 
incarceration ends June 21. 

A conn sentenced Mr. Fay last 
month to tbe flogging, four months 
in jaD and a fine of $2,000 for 
spray-painting cars and other of- 
fenses. 

Some lawyers not linked to the 
case said they doubted clemency 
would be granted because this had 
never happened before in a vandal- 
ism case. (Reuters, A?) 

■ Anti- Asian Acts in U.S. 

An Asian advocacy group said 
Monday that an Asian is attacked 
or an incident of anti-Asian van- 
dalism is reported in the United 
States at a rate of nearly one per 
day, with many similar incidents 


going unreported, Agence France- 
Presse reported from Washington. 

In their first annual report on 
anti-Asian hate crimes, the Nation- 
al Asian Pacific American Legal 
Consortium reported 335 instances 
in 1993 in which anti-Asian senti- 
ment was expressed during a crime, 
or was suspected. 

At least seven of those crimes 
were homicides, including the Sep- 
tember murder of an Asian store 
owner in Washington. The report 
said 92 percent of the total inci- 
dents occurred in New York Gty. 

“Community distrust of and dis- 
satisfaction with police response 
and reporting practices continues 
to hinder unified efforts to combat 
anti- Asian violence," the report 
said. 


Mrs. Ogata said she discussed 
with Prime Minister Vo Van Kiel 
the scheduled expiration at the end 
of 1995 of the international pro- 
gram (o fund repatriation of the 
boat people. She said he told her 
that be would do everything possi- 
ble to help the 57.000 remaining 
refugees to return home and get 
them started on new lives. 

About 60,000 have come back to 
Vietnam with grants and other help 
since tire international repatriation 
program started in 1989. Half of 
those re maining are in Hong Kong. 

Most of tbe refugees took to sea 
to escape economic hardship in the 
1980s, although some have strong 
political reasons for refusing to go 
home. Most of those in Hong Kong 
are northerners, and most in Thai- 
land, Indonesia, Malaysia and the 
Philippines are from ihe south of 
Vietnam. 



Looking lor 
property in 


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Piaget. True values never change. 


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Paris 

16, Place Vendome. 

Monte-Carlo 

3, atvnue des Beaux-Arts. 

Geneve 

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PiageT 


jvAILLIER EN HORLOGER1E DEPUIS 1874 
GENEVE 


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I 




<— ■ Page 6 


TUESDAY, A PRIL 26, 1994 

OPINION 


Hcralb 


INTERNATIONAL 



(tribune Russia ’s New GauUist PhmeWUlSorek Test America 


PUBLISHED V>mi THE NEW WikK TIMES AMI THE WASHWUTIIN POST 


The Storm Over Algeria 


It is right for Europe to look anxiously to 
the Russian east, and hopefully to the Nor- 
dic countries about to reinforce the Europe- 
an Union. But what is happening on the 
southern shore of the Mediterranean mat- 
ters just as much. A brutal distortion of 
Islam may be winning its war in Algeria. If 
it captures Algeria, much of North Africa 
could be in danger of going the same way. 

There had been hopes that General lia- 
mine Zeroual, who took over Algeria's gov- 
ernment in January, could strike a deal with 
the more moderate part of the Islamic Sal- 
vation Front II has not happened. The 
Islamists, having had an election victory 
stolen from them in 1992, cannot now ask 
for less than a new election. The army’s 
hard-liners, fearing an even bigger Islamic 
vote this time, can hardly say yes. 

So the savagery goes on. Two schoolgirls 
are shot for not wearing veils; a frightened 
newspaper decides to close down; France 
urges its nationals to get out; a Russian 
Embassy driver is murdered. 

There may now be only two possible 
outcomes. One is victory for the Islamists, 
their moderates weaker in 1994 and their 
armed extremists stronger than they were 
two years ago. The other is an ex-Algeria, 
like ex- Yugoslavia, divided between an Is- 
l amis t-ruD main part, a coastal enclave or 
two still controlled by the army, and maybe 
a breakaway state for the Berbers, who are 
Muslims but have kepi their distance from 
the revolutionaries. 

Either outcome would almost certainly 
have consequences elsewhere in North Afri- 
ca. Next-door Tunisia, whose insecure gov- 
ernment rigged an election last month, has 
its own angry Islamic opposition. Libya's 
Colonel Moammar Gadhafi seems to be 
losing his grip. The rebellion in Egypt, 


though not yet on Algeria's scale, is follow- 
ing much the same pattern: increasingly 
ferocious guerrilla war, a tilt to extremism, 
mounting xenophobia. 

The whole region suffers from the same 
sociopolitical ailments: ill-run economies, a 
sky-high birth rate, too many unemployed 
young people. The Islamic protests made 
stronger by these things vary from country 
to country. But it is hard to believe that an 
explodin g Algeria would not send shock- 
waves all along the Mediterranean coast. 

If one, two or three of these countries go 
Islamist, Europe too will feel the impact. 
There will be more refugees seeking safety 
in Europe, more Europopulist demands for 
the refugees to be turned back. The vendet- 
tas of North Africa will be fought out inside 
Europe. And, for a time, the new regimes On 
the other side of the Mediterranean will 
seek to strengthen themselves by mobilizing 
both the ideological challenge of Islam 
and the earthier resentment built up by 
200 years in which Arabs have lived under 
Europe's shadow. Here are the makings of 
a new sort of cold war. 

In the long run, Europe will be all right It 
has economic strength: Sooner or later, the 
southern side of die Mediterranean will 
once again see the need for peaceful eco- 
nomic links with the northern side. It has 
the advantage in most sorts of military 
power (though it may need to look to its 
anti-missile defenses). There is nothing to 
prevent a mature Islam and a calm Europe 
living in peace with each other. 

But calm and maturity are not easy to 
come by in periods of upheaval. If the worst 
happens in Algeria, it will take time and skill 
to restore the conditions of a peaceful rela- 
tionship. There are douds to Europe's south. 

INTERNATIONAL HERALD TRIBUNE 


Little Help for Rwanda 


What looks very much like genocide has 
been taking place in Rwanda. People are pulled 
from cars and buses, ordered (o show their 
identity papers and then lolled on the spot if 
they belong to the wrong ethnic group. Thou- 
sands of bodies have already piled up. and the 
killing continues despite the presence of 1.700 
United Nations peacekeepers. The wider hor- 
ror is that the world has few* ways of responding 
effectively when violence within a nation leads 
to massacres and the breakdown of civil order. 

The UN Security Council threw* in the 
bloodied towel when it derided unanimously 
last week to cut back the blue-helmeted force 
to 270 soldiers in Kigali, the Rwandan capital. 
However morally unsettling, the pullout fairly 
reflects the unwillingness of roost UN mem- 
bers to recruit a force big enough to stop a 
genocidal conflict. Most troubling of all is the 
uncertain fate of thousands of Rwandans who 
sought the protection of UN peacekeepers. 

The choices were few and cold. The Security 
Ccwncfl originally posted 2p00 blue helmets in 
Rwanda to oversee a peace agreement Then 
fighting erupted on April 6. when a plane 
carrying the presidents of Rwanda and Burun- 
di mysteriously crashed. Both leaders were Hu- 
ms, the majority tribe in both cnantries. and 
the credible suspicion is that they were killed by 
Hutu hard-liners in Rwanda who oppose rec- 
onciliation with the Tutsi people. 

Everywhere in Rwanda, the Tutsi are being 
targeted by Hutu extremists; as many as 5.000 
sought sanctuary in the national stadium, an- 
other 5 BOO are in a Kigali hospital and 300 are 


said to be in a hotel. All these Rwandans who 
sought UN help could now be slaughtered, 
depending on who controls what part of the 
capital. Dismayed U.S. officials lake hope from 
reports that the stadium and hospital are under 
the control of rebel forces led by Tutsis. But 
this is meager solace, and human rights groups 
decry (he abandonment of (he innocent. 

Yet what other choices really exist? The 
UN secretary-general. Butros Butros Gbali. 
commands no troops and can only recom- 
mend military measures. Twenty-odd coun- 
tries — but not the United States — furnished 
the 2.500 troops in the original Rwanda force. 
Each nation can instantly recall its own con- 
tingent, and Belgium, Bangladesh and Ghana, 
all major contributors, have already done so. 
It is legally if not morally easy to justify 
pulling out since the unevenly trained UN 
force was meant to police a peace, not take 
sides in a civil war. Somalia provides ample 
warning against plunging open-endedly into 
a "humanitarian” mission. 

Given these circumstances, U.S. diplomats 
argued in the end that keeping a UN presence, 
however reduced, was better than nothing. In 
the hard coin of reality, that may be so. But it 
is scam comfort to Rwandans who in good 
faith sought UN protection. The horrors in 
Kigali show the need for considering whether 
a mobile, quick-response force under UN ae- 
gis is needed to deal with such calamities. 
Absent such a force, the world has little choice 
but to stand aside and hope for the besL 
— THE NEW YORK TIMES. 


Finally Out of the Bunker 


The hour or so Hillary Rodham Clinton 
devoted Friday to Fielding Whitewater-relat- 
ed questions from the White House press 
corps was time well spent She appeared and 
sounded as confident and unflappable as Bfll 
Clinton did during his prime-time televised 
news conference last month. The selling — 
Mrs. Clinton was seated casually in a chair 
and spoke without notes — conveyed an 
openness and eagerness to engage in a full 
give and take about her business moves as 
well as the other Arkansas affairs [hat now 
occupy the attention of a special counsel. 
Republicans in Congress and, of course, 
the press. This was an event that could well 
have happened long ago. 

Many people have been haring trouble 
sorting out what to make of Mrs. Clinton's 
successful venture into the commodities mar- 
kets. White House disclosures about her trad- 
ing activities clearly had a hide-and-seek qual- 
ity that did not help. Mrs. Clinton accepted 
blame for the shifting stories coining out of 
the White House. To not in any w-ay excus- 
ing any confusion that we have created.'* she 
said. “I don’t think that we gave enough time 
or focused enough." But beyond that conces- 
sion and her acknowledgment that she had 
been a chief foe of the appointment of a 
special counsel — for reasons of precedent — 
Mrs, Clinton held her ground that she crossed 
no ethical lines as the governor’s wife in trad- 
ing cattle futures on the advice of a close 
friend who also served as outside counsel for 
Arkansas’s biggest employer. 

She maintained that she never received 


“any favorable treatment” in her commodity 
dealings because of who she was or her hus- 
band's position. In explaining why she was 
not required by her broker to meet “margin 
calls” or to put up additional money to cover 
losses in her account, as is customary, Mrs. 
Gin ion speculated that the company was ci- 
ther backed up with paperwork or that she 
was loo good a customer for them to worry 
about That answer, along with her inability to 
explain how she was permitted to eater the 
market with S 1,000 when a single contract 
cost $1,200, was belter than not hearing any- 
thing from her at alL But it probably will not 
halt speailation about the help she received in 
ballooning her financial investments. 

The central question of whether funds from 
the failed Madison Guaranty Savings and 
Loan were improperly shifted to BiU Clin ion's 
gubernatorial campaign or to the Clintons' 
Whitewater real estate venture remains a live 
issue after the news conference. Mrs. Clinton 
flatly declared that she knew nothing about 
any such diversion. To the penetrating ques- 
tion raised by the Resolution Trust Corp.’s 
senior investigator: “If you {the Clintons] 
aren’t putting money into the venture, and 
you also know the venture isn't cash-flowing, 
wouldn't you question the source of the funds 
being used for your benefit?” Mrs. Clinton 
offered a less than satisfying response: ”WeU, 
shoulda, couida. woulda. we didn’t” Answers 
like that won’t put away Whitewater. But as 
Friday demonstrated, fielding questions is 
better than going in the bunker. 

— THE WASHINGTON POST. 



International Herald Tribune 

ESTABLISHED I HK7 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 

Cu-Clunmrn 

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• WALTER WELLS. Nun BHu* * SAMUEL ABT. KATHERINE KNORR and 
CHARLES MrrCHELMORE. Deputy FjEhv, • CARL GEWIKTZ. As* kvvEJiUv 

» ROBERT J. DONAHUE. Edihiril the Edwrtil P.ign ■JONATHAN GAGE Budncv, an l Funnrc Editor : 

• RENE BONDY. Ftywr PnbkJur* JAMES McLEOD. Aihvaantf; Dimtv J 

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W ASHINGTON — Russia's second rev- 
olution has entered its GauUist phase, a 
passage that will sorely lest American politi- 
cal maturity. America’s interests lie in helping 
Russia's politicians understand and work 
through this phase, not in letting it become a 
permanent feature of the global landscape. 

Not muchiun when confronted in Charles 
de Gaulle's France, Gaullism in Russian form 
will be even more troublesome for the United 
Slates. Paris was prickly. Moscow can be 
mortal. Russia’s vast nuclear arsenal makes it 
much more than a maverick. 

America has become the A-l target for Rus- 
sian politicians trying to mend a wounded 
national psyche and advance their careers. Like 
General de Gaulle and bis followers, who were 
trying to expungs the hunrilianoa of defeat in 
World War 11 and France’s colonial wars, these 
Russian politicians rebel against their own 
exaggerated sense of American domination 
and interference in internal affairs. 

They have benefited from the shift in the 
center of gravity in Moscow politics following 
the disastrous Duma elections in December. 
The parliament vote bad the perverse effect of 
discrediting most of those who participated 
while augmenting the power of Prime Minister 
Viktor Chernomyrdin and other Soviet-era 
managers who stayed out of the campaigns. 
The surprisingly strong showing of Vladi- 


•sponse “as a sinister throw- anu “*^^ !h eTtonbBcaitf M 

rVmlism and to CM 

“ wrote, describing a self- euphoria in Russia and 

e of doubts and suspicions ™ ^ a* United 

men Moscow and WashinE- Conflict OVCT QOMX ^ , 


By Jim llraglaod 

ejection results and events in the Balkans. Mr. mU5l understand that, 

mir Zhirinovsky — despite the campaign's Yeltsin and Mr. Kozyrev have taken to entiaz- Kus«a ^ w keep perspective 

exposure of his extreme nationalism and gen- ing the West, dewing down cooperation wim coming w terms with hu- 

crainuttiness — and the fragmented vote NATO and anphasamg Russia s separate na- mistake Boris Ydtsm s de; 

attracted by Russia's democratic movements tional interests. . EJSJJJ maneuvering* for “growing hubrn 

created an bpernng for a Third Force in Rus- “Many people m the United Stales insist goals,” terms re- 

sian politics that could claim to occupy a on xang tins response as a singer throw- ^ dv ^Vthe Repnbhcans’ pomt-raanon 
workable center. Thefailureof Western aid to bade to Ru»ian imperialism and the .CM Senator Milch McConnell 

ease the economic pain of revolutionary War Mr. Lukin wrote, ^describing a self- end of euphoria in Russia and 

change has given centrists allied with Mr. nmforang cydeof doubts ind i moons Desp Russia and the United 

^wnomyrdm a compellmg theme. dev^ng benveen M«cow and hashing- a useful working «da- 

Tbe theme was spelled out in detail earlier ton. ^his is a false dichotomy m the mint State ^ y jg intelligence official 

this month by Vladimir Lukin, the former of an old Boldiewk motto: Who is not with us rhat the disclosure of a Rus- 

Rustian ambassador to Washington who is is agorot us. ™l7kTtbe CIA had not affected the 

now chairman of the Duma’s foreign affaire MrTIukin's aiguinrat is one Washington w bSwcen Washington 

committee. In The Washington Post on April has dealt with before. The GauUist argument narcotics, ȣ 

3 Mr Lukin penned what many Frenchmen goes Kke this: Americas interests are best and htoscow .on temnsm^narcoi^ 

would recognizeasaGaullist manifesto. protected by having dear understandings nonproliferation mner pj 

The Stifeimhoria of both .America and with indepeDdent-mujded nations strong under the Bush -«r e 

Russia m«wning a problem-free “strategic enough pursue their own interests and “It lsmourml^est _ , . ^ countries 

partners^^Ssgivenvray to new suspicions, make their own judgments. States too weak to have rffcrtwehaison with - der . 

Mr Lukm wrote. m Russia “a wave of infantile protect their own interests are too unstable that try to s py ° ° 

tiboul its opposite £od/or unreliable to be good partnere. Fr ^ M S 

-—infantile anti-AiSranism." Russian dtpto- The togic of thispropoatton is atftacnve. enemy, and ^^Skwitfa Sof 

mare who aDeeedlv axsoted that Russia Bul as it was with Charles de Gaulle, Kwame friends, you _ j. " TVint ic 4 Uiwl 


on se eing this response as a smster mruw- 
badr to Rn«ian imperialism and the Cold 
War,” Mr. Lukin wrote, describing a sdf- 
ianfordng cyde of doubts and suspicions 
developing between Moscow and Washing- 
ton. “This is a false dichotomy in the spirit 
of an old Bolshevik motto: Who is not with us 
is against ns.” 

Mr. Lukin's argument is one Washington 
has dealt with before: The GauUist argument 
goes Kke this: America’s interests are best 
protected by having dear understandings 
with independent-minded nations strong 
enough to pursue their own interests and 


comim uyci , — , . , 

Slates can construct a nseW iTOrtaug rdii- 
donship. A senior US. mteUignnce offaal 
E rocentiy that the djsdoaire of a Rte- 
dan mole in the CIA had not effected the 


pro-Americanism brought about its oppo 91 ^ 
— infan tile anti-Americanism.” Russian diplo- 
mats who allegedly accepted that Russia 
should become “a loyal junior partner of the 
United States” are now “upset and angry at 
having been taken for granted by Americans. 

Here Mr. Lukin dearly (rains his sights on 


But, as it was with Charies de Gaulle, Kwame 
Nkrumah, Gamal Abdel Nasser and other 
masters of the anti-American universe, it can 
be carried too far: America is expected not 
only to tolerate being portrayed as the root of 


and Moscow on terrorism, narcotics, nuclear 
nonproliferation and other subjects begun 
under the Bush a dmini stration. 

“It is in our interest, the official said. ^Ye 
have effective liaison with a lot of countries 
that try to spy on us. If you consider the 
French as 90 percent friendly and 10 percent 
enemy, and the Russians today 10 percent 
friends, you still try to work with each d 
them as much as you can. That is a. good 
prescription for the broader U-S.-Rnsaan 
relationship as well. 

The Washington Post. 


A Genocidal Aggression, 
And No Churchill in Sight 


By Anthony Lewis 


B OSTON — The fust great Nazi 
crime in World War II was the 
terror bombing of Rotterdam on 
May 14. 1940. Tbe Luftwaffe de- 
stroyed the city center and killed 900 
people. The worid, shocked, called it 
the Rape of Rotterdam. 

The Serbian assault on Gorazde is 
a crime of similar character. Over tbe 
last three weeks hundreds of Serbian 
mortars and heavy guns and 60 tanks 
fired at point-blank range into that 
small Bosnian city. More than 700 
people have died. 

In 1940 the anti-Hitler forces did 
not yet have the means to slop the 
Nazis. In 1994 there is no such ex- 
cuse. NATO bas overwhelming mili- 
tary power in Europe. It has not been 
used to stop the Serbian aggression 
because NATO governments were in- 
different to the slaughter, blind to 
its consequences or incompetent in 
the use of power. 

Comparison of today’s Serbian 
leaders with the Nazis always brings 
the objection that the Serbs are not a 
menace on the same scale. True, even 
the Greater Serbia thev want would 
not be anything like the threat that 
Nazi Germany was. But in other re- 
spects the analogy is apt. 

President Slobodan Milosevic of 
Serbia and the Bosnian Serbian 
leaders. Radovan Karadzic and 
General Ratko Mladic, are gripped 
by hatred — psychopathic haired, 
ooe has to think. 

They have no compunction of 
slaughtering the civilians of Gor- 
azde because those people are of a 
different religion: Muslims. To the 
Serbian leaders they are what the 


Nazis called Jews, Untermenschen. 

No one since Josef Goebbels, the 
inventor of tin; Big Lie, has covered 
up killing with lies as brazen as those 
uttered almost daily by the Serbian 
leaders. When NATO aircraft carried 
out pinprick raids two weeks ago on 
Serbian forces shelling Gorazde, a 
spokesman for Mr. Karadzic said 
that “no shelling of Gorazde had tak- 
en place.” Mr. Karadzic said that 
Gorazde was a mostly Serbian city; 
its prewar population was in fact 
70 percent Muslim. 

On Wednesday, Mr. Karadzic 
said: “The Serbian side unilaterally 
proclaims peace in Gorazde. With 
this, the Gorazde crisis comes ro an 
end.” As be spoke, the Serbian forces 
intensified their shelling. Even the 
R ussians gave up on Serbian leaders 
as irredeemable liars. 

One erf the most disgraceful aspects 
of the world's response to Serbian 
aggression bas been the gullible per- 
formance of the top United Nations 
official on the scene. Yasushi Akashi. 
Again and again he has fallen for 
transparent Serbian lies. 

On April 17. after meeting with 
Mr. Karadzic, Mr. Akashi said: “Dr. 
Karadzic and I have agreed a cease- 
fire tn and around Gorazde should 
become effective immediately. We 
agreed that forces should be' with- 
drawn from the front lines as far as 
possible as soon as possible” The 
Serbian assault, of course, continued. 

This past weekend, when Serbian 
forces at first failed to meet the terms 
of the NATO ultimatum to stop 
shelling Gorazde. Mr. Akashi again 
blocked NATO commanders’ plans 



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for immediate bombing. Once again 
he relied on false Serbian promises of 
earlv compliance. 

When President Bill Clinton final- 
ly decided last week to do something 
about Gorazde, he proposed that tbe 
ultimatum be enforced by NATO air 
strikes without seeking UN approval. 
But that part of bis plan was blocked 
by other NATO governments. 

What Serbian forces have done at 
Gorazde — the shelling cf an essen- 
tially undefended city, the deliber- 
ate targeting of hospitals and refu- 
gee centers — is a straightforward 
war crime. But does the West really 
care? Is ii serious about stopping the 
crime? That remains uncertain. 

If we in the West are serious, one 


thing we should do is speed up prep- 
arations for prosecution of the war 
criminals. General Mladic, his prin- 
ripal officers. Mr. Karadzic and Mr. 
Milosevic should all be put on notice 
that their actions at Gorazde are 
prima fade evidence of crimes. In 
addition, their assets overseas 
should be seized. 

Mr. Milosevic is not exempt be- 
cause he is in Belgrade. The guns and 
tanks at Gorazde -were not -made by 
the Bosnian Serbs. They come from 
the Yugoslav National Army. Simi- 
larly, Serbia should not be exempt 
from the NATO ultimatum. Sources 
of supply for the aggressors should be 
prime targets for air strikes. 

Surely £y now the West should be 


able to see tbe danger of letting geno- 
cidal aggression in Europe go un- 
checked. Or is our view distorted by 
the fact that tbe victims are Muslims? 

In his last bode, due out soon, 
Richard Nixon said the civilized 
world would not have permitted the 
Bosnian horror to go on so long if ibe 
victims had been “predominantly 
Christian or Jewish.” 

Gorazde; after aD the other cruelty, 
makes it certain that the Serbian na- 
tion will bear the stigma of the dema- 
gogues who led the aggression, as 
Germany was marked by the Nazis. 
But there are no Churchulian heroes 
in tbe West only weaklings who re- 
sisted too little, too late. 

The New York Times. 


Indonesia Hits a Rough Spot in the Road to a Post-Suharto World 


H ONG KONG — The first signs 
that the Ferdinand Marcos re- 
gime in the Philippines was begin- 
ning to unravel came with two dispa- 
rate events four years before its 
demise: the flight of a Marcos crony, 
the Filipino-Chinese financier Dew- 
ey Dee. which rocked (he financial 
system; and the 1982 Manila interna- 
tional film festival whose extrava- 
gance — courtesy of Imelda Marcos 
— stunned even Manila socialites. 

History does not repeal itself, and 
President Suharto in Indonesia has a 
record of achievement that eluded Mr. 
Marcos in the Philippines. But recent 
events in Indonesia indicate that a 

E rocess of change is under way as old 
>rces of stability are undermined. 
The most visible evidence of new 
forces ai work was the 10 days oF riots, 
strikes and ethnic violence' that have 
just shaken Medan, the nation’s third- 
largest city, in northeastern Sumatra. 
These were the worst civil distur- 
bances Indonesia has seal in years. 
They underline tbe sense of unpredict- 
ability that now exists in Indonesia as 
different groups step up competition 
for power in the post-Suharto world, 
clearly on the horizon the is 73 j. 

As significant as the Medan riots 
has beoi the scandal around Ba- 


By Philip Bowring 


pindo, the state development H ank. 
Bapindo appears to have lost $600 
million from loans to an obscure pet- 
rochemical company controlled by 
an Indonesian Chinese. Eddy TaosU. 
The affair is not merely costly to the 
.government, which must baD out Ba- 
pindo. It has cast shadows over two 
stalwarts of tbe Suharto era, Sudomo, 
former minister for security and po- 
litical affairs, and J. B. Sumarlin, a 
former finance minister. Both hap- 
pen to be Christian. 

Extensive press coverage of Ba- 
pindo has highlighted alleged links 
between the political elite, the Chi- 
nese business community and the 
role of influential Christians, who 
comprise 10 percent of the popula- 
tion but are alleged by many Mus- 
lims to have undue influence. Big 
bank scandals are not new here, but 
Bapindo has acquired a political di- 
mension that made it an ingredient 
in the Medan disturbances. 

Meanwhile, leading Chinese have 
been doing their community of 6 mil- 
lion few favors. At the height of the 
disturbances, in which a Chinese fac- 
tory owner was killed and roost of 


Medan's shops (.largely Chinese- 
owned) were forced to dose, Liem 
Sioe Liong, Indonesia’s richest man 
and President Suharto’s closest busi- 
ness associate, was throwing an ex- 
travagant party. 

The party, for Mr. Liem's 50th 
wedding anniversary, was held not in 
Indonesia — the adopted country of 
China-bom Mr. Liem — but in pre- 
dominantly Chinese Singapore, 
wnere it was billed as the “social 
event of the year.” 

If Mr. Liem thought that it would 
be discreet to hold tbe party overseas, 
be may have miscalculated tbe depth 
of Indonesian nationalism. Most In- 
donesian Chinese are not conspicu- 
ously rich traders. Bul they may have 
a heavy price to pay for the ethnic 
“triumphalism,” the gaudy wealth 
and the zeal for investing in China of 
some of their comrades. 

Medan is not typical of Indonesia. 
Its Chinese community is larger and 
less integrated than others. Bui ethnic 
Chinese are easy targets. In Medan 
they were scapegoats for workers pro- 
testing low wages — in particular the 
failure of many factories to pay ihe 


Algeria: An Earlier Time of Ferment 


N SwAS £ B r J oh “ K - 


eminent might help airlift the 35.000 
remaining Frenchmen and other Eu- 
ropeans from Algeria, where they 
face a growing Muslim fundamental- 
ist threat, awakened memories. 

My first encounters with Algeria’s 
Europeans date to 1957. The pre- 
dominantly Muslim National libera- 
tion Front or FLN, had for three 
years been leading an insurrection. 
Europeans had ruled the territory 
since the French conquest of 1830. 

These “Frenchmen,” the pieds- 
noirs, or North African-born Europe- 
ans. were a curious and colorful lot 
One of thdr most illustrious sons, the 
French novelist Albert Camus, called 
them “a bastard race, composed of 
unexpected mixtures. Spaniards and 
Alsatians. Indians. Maltese, Jews, 
Greeks, finally met here. These brutal 
cross-breedings produced, as in 
America, happy results.” 

How right Camus was! How stun- 
ningly beautiful were some of the 
pied-noir women of Algiers and 
Oran; how quick and often brilliant 
their men. Always they called them- 
selves Frenchmen. 

Tbe spectrum of pied-noir ideolo- 
gy and sentiment reached from leftist 
liberals like Camus to fascists like 
Jean-Jacques Susini, who, on April 
21, 1961, would uy, with a small 
junta of generals, colonels and For- 


eign Legionnaires (many erf them not 
French), to overthrow de Gaulle. 

On that night, this reporter sat on 
the narrow balcony of a harborside 
Algiers hotel, anxiously scanning the 
skies for a planned military airlift 
that never appeared: transport planes 
supposed to ferry paratroops north- 
ward to seize Paris for a government 
of the military, the pied-noir settlers, 
and the French right wing. 

There was no Algerian airborne 
armada. Loyalist metropolitan 
French draftees serving at Maison 
Blanche airbase outside Algiers had 
dumped sugar into gasoline tanks, 
blocked the takeoff runways, and 
otherwise assured that there would be 
no military challenge to de Gaulle's 
power in Paris. Within three days, the 
“putsch of the generals,” as it came to 
be called, collapsed. Independence 
followed in July 1961 It came under 
a Muslim bul secular-minded leader- 
ship which said that it had room for 
Europeans, Western ideas and even 
for the Christian and Jewish Algerian 
minorities in the new Algeria. 

Algerian Jews, perhaps even more 
than the tiny group of Christians, 
identified with Europeans and their 
culture. Most left the country, after 
President Ahmed Ben Bella's first in- 
dependent government in 1963 ig- 


nored Israeli overtures for diplomatic 
and trade relations with tbe Jewish 
state. This was largely because Algeri- 
ans believed that Israeli intelligence 
operatives had worked with die ex- 
tremist settlers of the OAS (Secret 
Army Organization) against the FLN, 
independence and General de Gaulle. 

Most of tbe small Christian minor- 
ity were Berbers. Algeria's new Mus- 
lim rulers after 1962 encouraged 
them to leant Arabic, because tbe 
Berber language often went hand-in- 
hand in their culture with French. 

Most of the educated Algerian lead- 
os who witnessed tbe post-indepen- 
dence European exodus in 1962 were 
comfortable speaking tbe language of 
the departing French. Classical Ara- 
bic, totally unlike tbe North. African 
dialectical Arabic of the Algerians, bas 
not been easy to leanL How you speak 
Arabic. French or Berber, and what 
you say. instantly lag? you in today's 
Algeria. It can also invite quick, death 
at the hands of tbe Islamic activists 
who are now, in the flight erf tbe Euro- 
peans and the betrayal of the old FLN 
promises of secularism and tolerance, 
winning a great victory. It is a victory 
that is bound to profoundly shake 
Algeria's neighbors, especially France. 

The writer, an ABC News corre- 
spondent and author based in Cyprus, 
contributed this comment to the Inter- 
national Herald Tribune. 


legal minimum wage. But in another 
recent landmark, the military, which 
bas mostly bad a symbiotic relation- 
ship with tbe Chinese community, ap- 
pears to have tried to find a Chinese 
scapegoat for its own dirty work. 

Last year, a young woman labor 
activist in East Java named Maisinab 
was murdered. The government came 
under local and international pres- 
sure to find the culprits, and a Chi- 
nese factory owner confessed to the 
killing. But he later claimed to have 
been tortured to do so, and it is now 
widely reported that the array was 
behind the murder. 

The Chinese are only one focus of 
resentment, but they tend to provide 
a link with the others. The Suharto 
family — - though not the president 
himself — is another target, for its 
accumulation of wealth through mo- 
nopolies and influence-peddling. Its 
acquisitiveness, in league with some 
Chinese groups, has denied opportu- 
nities to other priburm, or ethnic In- 
donesian, burin ess people. 

Religion is another source of dis- 
sent, especially among Muslim intel- 
lectuals who see links between capi- 
talism, Chineseness and Christianity. 

It would not be accurate to suggest 
that discontent, or ethnic or religious 
hostility, is seething. Indonesia's 
economy continues to grow just 
about fast enough to absorb labor 
force increases. Traditions of toler- 
ance are strong, extremist religious 
riews relatively rare. Separatism is an 
irritant on the fringes (Irian, Timor 
and Aceh) not a threat. 

For all its faults, the army remains 
a bastion of anti-communatism. It 


sees itself as the ultimate guarantor of 
national unity and a secular society, 
opposed to regionalism and religious 
intolerance. Yet even in the army 
there is tittle consensus about bow 
best to ensure stability in an increas- 
ingly open society. Should it crack 
down on unions and the press? How 
should it deal with heightened Islam- 
ic consciousness? 

President Suharto is widely accused 
of doing nothing to allow the develop- 
ment of political institutions; such as 
the parliament, and of playing army 
and civilian against each oilier rather 
than paving tbe way for a succession. 

Meanwhile, economic and social 
development have made Indonesia a 
much more politically conscious soci- 
ety. The media have gained greater 
freedom partly because the govern- 
ment has allowed it, and partly be- 
cause tbe urban middle class expects 
iL Open challenges to authority are 
few. but debate is widespread. 

Recent events concentrate the 
minds on several issues: how to main- 
tain the high rate of investment need- 
ed for economic growth in the face of 
labor unrest and anti-Chinese feel- 
ing; how to develop political institu- 
tions that reflect the nation's plural- 
ism without being overwhelmed by 
it bow to distribute wealth without 
siowingits accumulation; how to per- 
suade Chinese tycoons not lo behave 
like alien opportunists; how to satisfy 
expectations for change without en- 
dangering the achievements of Presi- 
dent Suharto’s aging New Order. 

Or, put another way, how not to 
follow the Philippine example. 

International Herald Tribune. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: London Bomb Plot 

LONDON — Intelligence of a star- 
tling character has reached die Home 
Office regarding an Anarchist con- 
spiracy in London. It has transpired 
that the real purpose for which the 
iron casing of the large bomb discov- 
ered in Oaken wdl was intended was 
to blow up the Slock Exchange. Far- 
naro, the individual who was to have 
placed the bomb, has avowed that he 
cared little if his own existence were 
sacrificed provided that the attempt 
were successful It is. of course, open 
to question whether any Anarchist 
could have penetrated into the pre- 
cincts of the Stock Exchange. 

1919: Treaty Dispute 

WASHINGTON, D.C. — Senators 
here view the Italian situation as the 
strongest argument yet presented 
against the League of Nations. While 
there is no disposition to defend se- 
cret diplomacy, many Senators feel 
that the pacts solemnly entered into 


by the Allied nations to crush Ger- 
man mitilarism should not be treated 
as scraps of paper merely because 
they woe secretly negotiated before 
tne United Stales entered the war. 
n« opponents of the League say that 
the dispute has reached such intenri* 
ty that no matter what adjustment is 
finally made it will be a source of 
irritation for decades, during which 
the United States wiii perhaps be 
required to furnish men and money 
to preserve the boundaries between 
Italy and Yugo-Slavia. 

1944: Germany Is Losing 

NEW YORK — [From our New 
York edition:] Admiral Ernest J- 
&ing. commander in chief of the 
Urnted Srates Fleet, said last night 
1 Apnl 25] at a dinner given in his 
honor that it is possible thatGerma- 
fy flWbe defeated this year and 
urat in this event plans already have 
been prepared for hurling the com - 
P‘ ne f,f iava1 ' air and armed forces of 
tne Alltcs against Japan. 




••i 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 

OPINION 


Page 7 







'fit 




'i 


How to Sum Up Nixon? An Inspiring Resilience 


XKf ASHINGTON — Late one 
working “ Li*™* House. 
0 72°, n a s P«ch. Richard N«- 
2JE* 10 encapsulate his more 

ISfd r Prt ^ eCes5C,rs “ a »nSle 
Eff « P*«: “Tmman — a 
nghter Eiscnhower — a good man. 

work. Me ■ — what?" 

_i n ?‘i“ vc a good answer that 
™gbt in 1970 : 1 do now. Nixon — 
an inspiring resilience. 

oolitic** '’I? 5 ’ hc rose “P 0510 *** 
political obituary and employed 

bis combination of grit, guile and 
greauiess to seize ibc moment that 
nad been denied him before. He 
expressed the secret of overcom- 
jng adyersitv in a private note to 
* , ^nnedy after Chappaquid- 
ajck: ‘A man's not finished when 
he s defeated; he’s finished when 
he quits. 

W | '- Nixon liked “the comeback 
theme because it identified his re- 
Hi™ from defeat with the careen of 
Winston Churchill and Charles de 
Gaulle. During another break in 
speech collaboration, he recalled a 
meetrng with General de GaulJe at 
which Nixon aides took notes. 

“They goi everything down of 
substance. But then de Gaulle 
said, in a kind of an aside, ‘All the 
countries of Europe lost the war, 
but only two were defeated.' They 
never wrote thai down. And that's 
the one thing I’ll never forget from 
that meeting. 

He instructed those of us in the 
Five O’CIock Group to “get the 
word out” about his 1960s come- 
back, which made the media ail the 
more resistant to our image-making. 
But as Hemy Kissinger once said of 
a selling argument, “U had the add- 
ed advantage of being true." 

We had no idea bow true it was, 
w hew soon the essence of Mr. 
Nixon’s character would be put to 
the test again. From die pinnacle of 
success — the vote of confidence of 


By William S afire 


a 49-siate landslide — he plunged to 
the nadir of forced resignation. Af- 
ter Watergate, he stood naked to his 
enemies, who had become legion. 

Stripped of power, denuded of 
honor, deserted by supporters right- 
ly dismayed at the cover-up, he had 
no reservoir of public trust and no 
visible means of defense. His only 
assets were his mind, his pride and 
bis hard-bought experience. 

I visited him at San Clemente 
during one of the most depressing 
moments. It was April 29. 197S. the 
day ihe capital of South Vietnam fell 
to ihe Communists. He took person- 
al responsibility for the debacle. 

“Terrible day for freedom, and 


all my fault.” be said. “The fall of 
Saigon is the direct result of the 
way 1 messed up Watergate." 

Then the second and even more . 
difficult comeback began. He 
thought, he traveled, he wrote. He 
took no fees for speeches and end- 
ed the public expense of protection 
by die Secret Service. 

Despite the glares of the guard- 
ians against his feared “rehabilita- 
tion,"^ slowly, over two decades, 
worked his way back first to a ten- 
tative acceptability, then to grudg- 
ing respect, finally to an honored 
role as leader to opinion leaders 
and adviser to presidents. 

How did he resurrect himself? 


be expiated by years of useful ser- 
vice; no humiliation so p ainf ul 
that it cannot be overcome by de- 
cades of selfless sagacity; no 
sooal doldrums so deep that 
cannot be dispersed by a gutsy 
it with life. 


By learning a great lesson and by 
living an example. The lesson was 
the need to rise above the us- 
against- them ethos of the political 
gutfighter. 

“Those who hate you don't win." 
be told his White House staff on his 
way out, “unless you hate them — That is why, to sum up Mr. 
and that you destroy yourself." Nixon in a phrase, this former aide 
Nixon-haters go to then 1 graves hat- would choose: an inspiring resil- 
ing him; he goes to his grave know- ience. By resolving a second time 

to earn his way to political re- 
demption — and then by dogged- 
ly, brilliantly triumphing in that 
second comeback — be justified 
the faith of all those millions who 
ever believed in him. 

Defeat be not proud; in Richard 
Nixon, ruination met its master. 
The New York Times. 


ing better than to bate them. 

The example he set in his subse- 
quent full generation of peace was 
that of a man who again refused to 
accept personal defeat. 

Richard Nixon, in becoming 
America's greatest ex-president, 
proved there is no political wrong- 
doing so scandalous that it cannot 


Growing Up With Him, and Learning to Forgive 


N EW YORK — Like more 
than a few Americans of my 
generation, ] learned to despise 
Richard Nixon around the same 
time 1 learned to recite the Fledge 
of Allegiance. Yet now, nearly 40 
years later, an America without 
Richard Nixon seems inconceiv- 
able and unimaginable, an emptier 
place. When the stroke hit. it was 
possible not only to root for him to 
live but to feel genuine loss at the 
prospect of his imminent death. 

Not because he can be likened to 
his bero. Theodore Roosevelt, or 
even his un enthusiastic ticketmate, 
Dwight Eisenhower. Far from it: 
Mr. Nixon was the historical black 
hole into which the higher dreams of 
the Kennedy brothers and Martin 
Luther King Jr. disappeared. 

But as a cultural archetype who 
inspired and inflamed the Ameri- 
can imagination for half a century, 
Mr. Nixon was a giant, right up 
there with Billy the Kid, Citizen 
Kane and Moby Dick. No wonder 


By Frank Rich 


he drove such major writers as Nor- 
man Mailer, Philip Roth and Rob- 
ert Coover to imaginative feats. 
Reading Gore Vidal on Mr. Nixon 
is akin to reading George Bernard 
Shaw on Shakespeare. 

“In Nixon we are able to observe 
our faults larger than life.” Mr. 
Vidal wrote in 1983. “He turned 
being a Big Loser into a perfect 
triumph by managing to lose the 
presidency in a way bigger and 
more original than anyone else had 
ever lost it before.’’ 

The faults that defined the Nixon 
character include hypocrisy, para- 
noia, cynicism, spitef illness and self- 
pity. Open Bartlett's to the Nixon 
entry and find lines like, “You won't 
have Nixon lo kick around any- 
more" and “WeU, I'm not a crook” 
and “When the president does it, 
that means that it is not illegal.” 

A tour through “Satire's New Po- 
litical Dictionary* reveals the ex- 


traordinary Nixon legacy to Ameri- 
can politics, from the dawn of spin 
doctoring to (he apocalypse of duty 
nicks. His name is cross-referenced 
with such entries as firestorm, inop- 
erative, bug, chronic campaigner, 
cover-up. CREEP and enemies list. 
Every Nixon barer has his own de- 
fining flash point of rage. My par- 
ents passed down tike treasured 
heirlooms ibdr recollections of his 
red-baiting congressional campaign 
against Hden Gahagan Douglas, ms 
bathetic Checkers speech, his sancti- 
monious attack on Harry Truman's 
salty language (this from the master 
of the expletive deleted!). 

For my generation, 1970 may 
have been the peak. When four anti- 
war protesters were shot and killed 
by Ohio Guardsmen at Kent State 
University, the president who had 
promised in the 1968 campaign to 
“bring us together” and get us 
promptly out of Vietnam responded 


LETTERS TO THE EDITOR 


On the Death of Nixon 

I am troubled by the reactions of 
many of my compatriots to the 
death of Richard Nixon. Reason- 
able people do and perhaps should 
differ about his character and his 
accomplishments and failures. Yet 
we are all made smaller by the 
death of another human being. Let 
us mourn the man and lay mm to 
rest peacefully this Wednesday. Let 
the historians and pundits trouble 
over his legacy later. 

JOSEPH SMALLHOOVER. 

Paris. 

Mr. Nixon abused the trust we 
put in him. A decent respect for the 
dead does r.m require that we cele- 
brate a man who used America’s 
highest office to try to undermine 
the democratic process. Nor is it 
fitting to let bygones be bygones 
where remorse — and regeneration 
— are not in evidence. To forgive 
and forget is not in this case mag- 
nanimous; rather, it is like wearing 
rose-colored glasses. It almost seems 
as if we Americans cannot bear to 
face facts: Not all presidents are 
good, not all endings are happy. 

KATHERINE CLARK. 

Heidelberg. Germany. 

Asia's Nuclear Games 

Regarding the opinion column 
"Why the Sudden Reticence About 
the Korean Threat ?" ( March 30): 

A. M. Rosen LhaPs observations, 
as well as those of Charles Kraut- 
hammer, seem to be about the only 
consistent warning? on this topic 
being addressed by columnists to 
the American people. Some of my 
Filipino business friends who were 
recently in North Korea tell me that 
an atmosphere of fear and a deter- 
mination to fight is evident among 
people thev met- Perhaps the North 
Korean authorities are readying 
their populace to face the unthink- 
able, while Western leaders dally. 

It is ominous to see how Western 
leaders — particularly American — 
refuse to deal with nuclear weapons 
proliferation in EasL and South 
Asia. These weapons, the facilities to 
make them and the presence or nu- 
clear fuels outside strong interna- 
tional controls and inspection 
should not be tolerated anywmere m 
this region. Given instability, re- 
course to nuclear weapons will occur 

in the area in the nex t decade or two. 

JAMES J. DALTON. 

Manila. 

Not Very Jeffersonian 

Regarding the report "Tbomos 
Jefferson's Lively Day at White 
House, Surrounded by Friends 
( April 13) bv Joel Achenbach: 

President BUI Clinton’s recent 
JeffersonphUe dinner must have 
been a fascinating event, what win 

all those Jefferson scholars mid an 

assortment of scientists, diplomats, 
architects, writers and other people 
who do Jeffersonian things. 

However. I note the presence ot 
one person who definitely does not 
do a “Jeffersonian thing" — tne 

international financier George 
Soros. Jefferson’s distrust ^specu- 
lators led in pari iotas tnuch-bafiy- 
taooed fallout with Alexander 
Hamilton, who hartwred nosu* 
suspicions. Jefferson considered the 
profession immoral. 
thought that speculators were mak- 

sSsffi'SiSfK 

SSSSKK?® 

nascent national g <* er °^i nms > s 

Perhaps the iron V of Mr- Soross 
presence was not pound lout .ana 

host of the dinner, who betseli made 
£100.000 speculating in agriculture. 
SSho tasSn known to cxenase 
some influence around Washington. 

JOHN O’BRYAN. 

Prague. 


Singapore Reserves the Right to Keep Order 


In “Singapore’s Assertion of a Right to Torture 
Is Intolerable" (Opinion, April 8). william Satire 
claims that caning is equal to torture, which is a 
“crime against humanity.” Surely it is better to 
inflict pain to punish criminals for what they 
have done, and to deter others from committing 
more crimes, than to let them roam freely and 
terrorize law-abiding citizens? 

The Singapore government did not introduce 
caning; the British colonial government of Singa- 
pore did. The sentence is not meted out by any 
“dictatorship” in Singapore, but by a court after 
an open trial, conducted in accordance with due 
process of law. 

The New York Times editorial "No to Torture 
in Singapore” (April 11) repeats the allegation 
that caning has never been used to punish vandal- 
ism ot private property, and that Michael Fay 
was singled out for unfair punishment. Singapore 
law makes no distinction between vandalism of 
public and private property when paint, tar or 
other indelible substances are used. Mr. Fay was 
not singled out. He was charged together with 
another American, a Hong Kong citizen and two 
Malaysians. In dismissing Mr. Fay’s appeal, the 
chief justice said that “these acts of vandalism 
were committed relentlessly and willfully over a 
period of 10 days” and that they “amounted to a 
calculated course of criminal conduct.” 

Philip Shell on, in the news report “In Caning 
Care. Doubts About Confession" ( April 18), 
raised the question of whether Mr. Fay really 
committed the crime for which he was convicted. 
The report said that Mr. Fay had told friends and 
family that the police physically abused him and 
coerced him into signing a false confession. In 
October 1993, the U.S. Embassy complained that 
Mr. Fay had been abused. A Ministry of Home 
Affairs investigation found no evidence of police 


abuse. The U.S. Embassy received a full account; 
it did not pursue the matter further. 

Mr. Fay was tried in accordance with due pro- 
cess of law. He was represented by a counsel of his 
choice. Counsel would have advised him of his 
right to plead not guilty and contest any confession 
proffered in evidence. Instead, in open court, with 
his lawyer present Mr. Fay pleaded guilty to the 
charges and admitted to the facts unreservedly. 
Neither Mr. Fay’s Singapore lawyer nor the British 
Queen’s counsel, Michael David Sherrard, who 
argued his appeal, contended in court that Mr. 
Fay’s confession was false or that be had been 
coerced into making or signing it Nor has Mr. Fay 
made this allegation in his petition for clemency. 
The court convicted Mr.’ Fay based on his guilty 
plea, not his confession to the police. 

The New York Tunes, whose editorials you 
publish, naturally seeks to assert American values 
around the world. But American values are not 
necessarily universal. Singaporeans, not Ameri- 
cans or anyone else, must decide the kind of 
society Singapore should be. 

The Singapore government is democratically 
elected. If the electorate disapproved of it passing 
and enforcing laws like caning for vandalism, the 
government would have been voted out of office 
long ago, not re-elected in nine successive general 
elections since 1959. 

The government believes that the majority of 
law-abiding citizens must be protected against 
criminal acts of the minority, and that lough laws, 
strictly and impartially enforced, keep Singapore 
dean, safe and crime-tree. We claim no universal 
validity for this approach to law and order. We ask 
only that citizens and foreigners alike respect and 
obey our laws when (hey are in Singapore. 

S.R. NATHAN. 

Ambassador of Singapore. Washington. 


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rnsrctbu 
man vindictiveness: “When dissent 
turns to violence, it invites tragedy." 

Watergate was still to come. 

So enormous were the passions 
Mr. Nixon provoked that be became 
an almost geographical pole in the 
American psychic landscape, analo- 
gous to the rootless Southern Cali- 
fornia that spawned him. He was the 
darkest doppd ganger against which 
we measured ourselves. 

And not just in weighty matters of 
ethics or conscience. A generation of 
boys learned the importance of a 
dose shave thanks to his famous 
debacle in the first 1960 debate. 

Mr. Nixon’s legendaFLiy hapless 
escapades in romance (courting his 
future wife by driving her to dates 
with other beaux) and comic self- 
promotion (his “Sock it to me!" 
cameo on “Laugh In”) defined the 
antithesis of cool 

It is clear that his hatred of his 
enemies was precisely what led to 
the self-destruction of Watergate. 
But did a final new Nixon emerge 
in retirement, mellower and wiser 
than the disgraced politician? Let 
history decide. 

What is certain is that many of 
his foes finally surrendered their 
own hatred — if not to forgive, 
that at least to respect his remark- 
able persistence and towering size. 

For an American who came of 
age with him in the second half of 
the 20th century, making peace 
with Richard Nixon proved in the 
end an essential part of growing up. 

The New York Times. 


Letters intended for publication 
should be ad dressed “Lotas to the 
EditaT and contain the writer's sig- 
nature. mane and full address. Lesters 
should be brief cod toe subject to 
editing. We camot be responsible for 
the ram tf msoRcued m a nuscr ip ts. 


Time for the Sacred Moment 


JOHANNESBURG 


— In 

democratic Western coun- 
tries. an election is a recurrent 
event of the social order, a day 
when, as a matter of routine in 
civic life, you go to make your 
marie in favor of ibe individual or 
political party whose policies for 
governing your life you believe 
wDJ do this best- Often, making 
dial mark is not a major experi- 
ence. I can project into this com- 
monplace acceptance because; 
although 1 am a South African. 1 
am white, and consequently i 
have had tire right to vote since I 
was 18 years okL 

But because I am a South Afri- 
can, I also understand what I be- 
lieve no one in tire Western world 
can: what this week’s election sig- 
nifies for the great majority of 
South Africans, the blades who, 
by law, have never before been 
allowed to cast a vote. And be- 
cause I have been a protagonist, in 
my way, in the struggle against tire 
racism that found its base in deny- 
ing blacks the vote, I also share 
what this election means to Wad: 
people. That is why I shall speak 
of “us" instead of “them" when 
attributing that meaning. 

To ns, the election signifies not 
just a new be ginning . It is a resur- 
rection: this land rising from tire 
tomb of tire entire colonial past 
shared out in different centuries, 
and proportions among 
the Dutch, the trench, the Brit- 
ish and their admixture of other 
Europeans; this indigenous peo- 
ple rising from the tomb of segre- 
gated housing, squatter camps, 
slum schools, job restrictions, 
forced removals from one part of 
the country to another; from the 
burial of all human aspiration 
and dignity under the humilia- 
tion of discrimination by race 
and skin; this people rising, for 
the first time in history, with the 
right to elect a government: to 
govern themselves. A sacred mo- 
ment is represented in the act of 
putting a mark on a ballot paper. 

Yes, there are high emotions 
involved in this election beyond 
the obvious political ones of the 
contest forpower as a democratic 
process. How to transform the 
emotion people feel into enable- 
ment, the ability to use that pro- 
cess. is another matter. The gen- 
erations of subjection have 
produced (heir own psychoses. It 
Is difficult to convince people 
whose lives have been totally 
controlled by white employers 
and tire authorities that served 
the interests of those employers 
that anything one commits to pa- 
per — a signature, a thumbprint 
— is not open to the scrutiny of 
the while baas and his agents. 


By Nadine Gordimer 

This is particularly true of 
farm workers. The blacks who 
work on white farms, although 
distinguished from slavery by be- 
ing wage-earners, have belonged 
literally body and soul to the 
while farmer. They and their 
families live by bis favor on his 
land and if dismissed lose their 
homes as weQ as their jobs. It is 
not easy to give them the demo- 
cratic faith to believe that their 
vote will be secret. By the stroke 

MEANWHILE 

of a pen in their own hand, they 
fear to lose whatever wretched 
security their lives have. 

Rural and urban people have 
been conditioned by one of the 
strategies of the liberation struggle 
that now, ironically, inhibits them 
from using tire vote. One of tire 
most successful campaigns 
against apartheid, adopted by 
both the African National Con- 
gress and the Pan-Africanist Con- 
gress, was that of refusing io cany 
tire Pass. The hated dossier that 
blacks had to exhibit, like a shack- 
le, on demand, and for which they 
went to prison on failure to do so, 
was the document that restricted 
their freedom of domicile and 
tbtir right to seek work in one area 
rather than another. 

From this anti-Pass campaign 
came a wariness of all official 
documents that has remained 
long beyond the abolition of the 
Pass. People retain a strong un- 
conscious reluctance to apply for 
an identity document that each 
voter must produce at the polls. 

Against this background, voter 
education has proved to be the 
essential first step in tire curricu- 
lum of a new democracy. Very 
different from electioneering, 
voter education must teach peo- 
ple not for whom they should 
vote, but why they should exer- 
cise their rights through the vote, 
and how to do so. A number of 
organizations have been formed 
to provide this. Probably the 
most active, nationwide, is Maria 
Trust (“Matin" means strength in 
Sotho) on whose board 1 serve 

Matia serves a whole country 
of constituencies varied by many 
differences of lan guag e, levels of 
literacy, understanding of civic 
processes. With 60 percent illiter- 
acy among the people, the possi- 
bilities of voter education by the 
written word are limited. Using 
the daily press is the least effec- 
tive of means. With a prolifera- 
tion of languages, the task of 
reaching tire population through 


oral programs is a challenge. 

There is the groat disparity be- 
tween material possessions of ur- 
ban and rural people. In tire vast 
black townships around tire cit- 
ies, television sets are widely 
owned, while in the rural areas a 
small transistor radio is the only 
medium through which people 
can be reached in their homes. 

Matia Trust lias devised many 
strategics to reach responses to 
these problems. From the 22 
branch offices around the coun- 
try, field educators go out to vil- 
lages, farms, factories, religious, 
youth and women's associations 
to explain to people in their own 
languages what the casting of the 
vote means to their future. 

Maria’s methods in this work 
have been so successful that the 
trust has run intensive courses to 
train field workers, as many as 
500 at a time, from other voter 
education programs as well as its 

own. Brief informative dialogues, 
following the mode with which 
people are familiar in commer- 
cial advertising, are aired on ra- 
dio stations. A 14-part TV mini- 
series featuring a popular black 
comedian was commissioned ac- 
cording to the ideas of the trust 
and has been shown on TV week- 
ly in the nm-up to the election. 

Perhaps the most original 
means of voter education has been 
tire creation of six traveling the- 
ater troupes of black actors who 
have devised and acted a play. 1 
have seen the play evolve fascinat- 
ingly in response to tire participa- 
tion of audiences. With song and 
humor it presents a mock-up of a 
polling station, with tire actors go- 
ing through all tire actual proce- 
dures: body search for weapons, 
presentation of identity docu- 
ment, placing of hands under ul- 
traviolet light and, after voting, 
into a special liquid, so that no 
one can vote twice. People in the 
audience are invited to come up 
and make their mark on a board 
representing a ballot paper. 

Maria Trust, like other voter 
educators, has been funded by 
overseas aid organizations and 
governments wishing to promote 
a democratic future in South Afri- 
ca. If there is the great voter turn- 
out now expected on election day, 
donors can fed satisfied that their 
money was well used, for without 
these imaginative and effective 
programs a vast number of South 
Africans would have missed the 
first opportunity to exercise tire 
right to govern their own lives. 

The writer, a novelist and essay- 
ist, received the Nobel Prise for 
literature in 1991. She contributed 
this to The Washington Past 



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International Herald Tribune 


Tuesday, April 26, 1994 
Paged 




Cerruti’s A-List: 


Here’s Hollywood 


By Suzy Menkes 

Inumaiitmal Herald Tribune 


N EW YORK — It sounds like a 
spoof of the Academy Awards. 
Here is Hollywood's take on Nino 
Cerruti’s List: 

Tor services to Michael Douglas's chest in 
‘Basic Instinct’ N 

Tea 1 Richard Gere’s high-profile gear in 
‘Pretty Woman,’ " 

Tor revealing the erotic backbone of Kath- 
leen Turner in ‘The Jewel of the Nile.’ " 

Tor malciwg Clint Eastwood’s blue-gray 
suits for ‘In the Line of Fire.’ " 

Tor covering Robert Bedford's confusion in 
‘Indecent Proposal’ ” 

Cerruti’s credits for costumes are so over- 
whelming that they make anew book of stars he 
has dressed on the Silver Screen. 

“I did not realize that there were so many — 
the result of 28 years’ work and my love far 
movies as a humble spectator,” says Cerruti. 

It toed; “someone from outside” to record the 
130 contributions he has made to movies, stage 
and television «nce be first dressed French actor 
Jean-Paul Belmondo in 1965 and made Faye 
Dunaway’s straw hat for “Bonnie and Clyde," 
right up to his wardrobe for Ton Hanks in the 
Oscar-winning “Fhfladelphia.” 

It is typical of- the elegant, unnassuming 
designer that, when “Cinema: Nino Cerruti and 
the Stars” was launched by Rizzdi during New 
York Fashion Week, the dinner was not packed 
with stars nibbing egos and soft-shouldered 
Cerruti suits. Instead, at the designer’s side sat 
Annette Insdorf, chairman of the film division 
of Columbia University. 

Cerruti is marking the moment that his film 
work goes public by establishing an annual 
grant at Columbia to finance the completion of 


and with a certain style of fashion,” he says. 
“When I was 19 1 was crazy about learning how 
to cut a suit. I have a Bang far the physical 
work of hands with materials." 

His work with actors started in the theater 
with French stars who now include the buflty 
Girard Depardieu, who demands extra cloth in 
his seams ^just in case.” 

Traditi onall y, working for stage or screen 
requires a flamboyance to make t hin gs larger 
tfrftn a real-life wardrobe. But Cerruti makes his 
clothes so much part of the personality that 
they become almost invisible. 

He explains how Clint Eastwood in Ti the 
Line of Fire" had to look “banaT so that be 
would blend into the crowd — the effect 
achieved by using different textures for the 
inevitable gray suit (The special requirements 
were For a single- breasted jacket for easy access 
to the gun.) 

In “Pretty Woman," the task was to make 
Richard Gere look smooth and svdte in a West 
Coast way. “An obvious Californian man trying 
to be international" is how Cerruti describes it. 

For the | minU screen, the endless changes of 
attire for “Miami Vice" created an i ma g e for the 
1980s dubbed “tropical due.” 

The book is glossy and glamorous, but not 
nearly as intelligent as Cerruti himself. It could 
have used a good writer to analyze just why 
Cerruti is the darling erf Hollywood costume 
designers and how his weak differs from that of 
the past 

Cerruti, giving credit to Silver Screen Legends 
such as Adrian, explains the difference. 

“If you compare how people were dressed 
before the war — it was a very rare film when 
they were not glamorous,” he says. “Now films 
have to be not about myth or heroes. There are a 
lot of social implications. There is an attempt to 
destroy (he dignity of human beings. What 
clothes have to emphasize is character.” 

The same might be said of current fashion. 


wonderful — to be a ‘godfather,’ ” says Insdorf. 
“It is not cmly generous in terms of money — he 
cares about nurturing the next generation of 
American filmmakers." 

“One of my dreams before I finish my career 
is to teach fra a while in school," says CenutL 
“I love young people — they have a spring 
inside themselves." 

Cerruti was just 20 in 1950 when, on his 
father’s death, he became head of the family 
firm, founded in 1881 at Bidla, Italy, a fabric 
center. The young man knocked the stuffiness 
out of the traditional suit, giving a stylish spin 
to tailoring. In fact he more or less invented the 
supple, light, body-conscious suit — a skiD he 
passed on to Giorgio Armani, who worked with 
him for seven years. Cerruti gravitated to Paris 

where he opened Cerruti 1881 in 1967, starting 
a women's line in 1976. The boutique in the 
Place de la Madeleine is the nerve center of his 
business, now worth S2L5 billion a year, includ- 
ing licensees. 

“In my case, I started as a fabric technician 


although! 

wardrobe 


Cerruti does not believe that a modem 


should be a blank canvas. 


“Fashion means establishing well-accepted 
lean lines and addins glamour to the dean- 


dean lings and adding glamour to the clean- 
ness," he says. “With minimalism, it is too easy 
to have a zea attitude that is too cold and 
iniellectualized. 

“Modem fashion starts with the presumption 
that the person has a strong personality, that 
you give people freedom and you make up your 
own mind. And today there is this horrendous 
cheating because the beauty of the modd domi- 
nates the equation.” 

It is the measure of his work in films that 
neither the well-honed body of heartthrob Gere 
nor the devilish character of Jack Nicholson in 
“The Witches of Eastwick” dominate their film 
wardrobes. Most people, asked to remember 
even Michael Douglas's definitive style in 
“Wall Street,” would be unable to get much 
farther than the suspenders. 

Cerruti's ultimate accolade is that his film 
work, like his fashion, is famous for getting it 
right, rather than drawing attention to itself. 



“CoerniiNta Carnai and die S*b.“(IUboSi. 1W. 


Designer Nino Cerruti with Sharon Stone: from top right, clockwise: Cerruti designs for Jack Nicholson in "The Witches of Eastwick'’: Kathleen Turner 
in "V.I. Warshawski": sketch for Richard Gere: Julia Roberts with Gere in “ Pretty Woman": tropical chic for Don Johnson in “ Miami Vice . 


NEWS EVENTS WHICH COUID AFFECT 
YOUR LIFE: 


Astrology for the Anarchic 





By Brian Parks 

New York Times Service 


the novelist Tom Robbins. The logical charts that Brezsny devises, 
horoscopes “are like little valen- The column has been around since 

_ ■ . .... t Ann I l. ... i_: I I 


FOLLOW THE WORLD EVERY DAY IN THE IHT 


N EW YORK — Here's 
“Real Astrology" for 
Cancer, April 13-19: 
“It’s a good week to 
make exotic wagers and to offer 
unexpected kisses and to traffic in 
valuable gossip. It's not such a 
good week to slam doors in anger 
or to issue left-handed compli- 
ments or to seduce farm wives 
while on assignment for National 
Geographic 

“It’s a fabulous week to roll in a 
field of dande lions and to insist on 
the premium blend and to acquire a 
magic wand or secret weapon. It’s a 
baa week to become somewhat 
pregnant or to talk back to the river 
or to indulge the whims of nowhere 
men." 

Not exactly your daily horo- 
scope 

Glib, hectoring, oblique, “Real 
Astrology” appears in alternative 
weeklies around the country, in- 
cluding The New York Press. Writ- 
ten by Rob Brezsny, 35, a Califor- 
nian, the column abandons the 
lovelorn readings of planets bela- 
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tines, buoyant and spilling over 1980. when be was hired by Good 
with mischievousness,” she said- Times, an alternative weekly in 
“They’re a soul prognosis." Santa Cruz, as its astrologer, at $1 5 

D ., r .. a week. Now, he’s syndicated in 58 

Brezsny said or his approach. bUcalions> 

“So much of what happens m your v 
life is stimulated by wbat you think Not every 
is going to happen. I want readers work. 


H'}' 


RmloIBwmmCB 
CQ, N. Africa, former 
Rich AHenMd*) Eta 
(UStataCaniMd 
Somn America 

BmoUMa 


The column appeals mostly to 
urbanites like lawyers, writers, mu- 
sicians and computer consultants 
who turn to it tor irreverence as 
much as fra insight. 

Daniel Filler, 31, a lawyer in 
Philadelphia, described it as a “re- 


life is stimulated by what you think Not everybody loves Brezsny’s 

is going to happen. I want readers work. 

to use their imagination to cook up “He has no standing in ihe pro- 
fession," said Henry Weingarten. 
^ the director of a more mainstream 

resource organization, the New 
{?£ /jJf York Astrology Center. He dis- 

kf/u ft ra * sse ^ AslroJo sy n 3:5 a 

(if s'SS, Brezsny also sings in a band 
n called World Entertainment War 

\ A and is writing a book on what he 
) A calls “macho feminism," the princi- 
V* i rjA P ,e titat men should nurture both 

(Tt y a Vj\l their strong male and female diar- 

•Ll y acieristics. He lives in San Rafael 

jfjl north of San Francisco, with his 
o, WJ wife, Ro Loughran, and their 3- 

Ls ? iff year-old daughter, Zoe. His wife is 

/J 130 m astrolo £ er - 

Leo, April 6-12: “With all those 
P’ 1 wease k ^ vultures 

in the neighborhood, I know it’s 

ui v! vv i k* 11 ^ or y 011 10 ma ' nta ^ n y our 

\\ \\ '*\“v leonine poise. And now I hear that 

vA, 'SgL the three-legged dog from hell over 

in cage No. 3 has invited a horde of 
fleas and a pack of lizards over for 
, ... a slumber party. I think it may be 

new responses to the events in their time ^ check the action at a 





rate*. 

t *> < \ .. \ *V 




One of Andy Warhol's versions of his “ Campbell's Tomato Soup Can. 


THE Soup Can Is No More 


rruvu'i 

W 


work of an. 


fort It was even a called it a “very premeditated and helped legitimize anything as Pop 


lives. I’m on a mission tosavepeo- ^ walering bole, at least on a 
pie from the genocide of the imagi- provisional basis. 1 hear there’s one 


freshingly anar chic advice forum.” 
Emily Gordon, a 24-year-old 


• For Honiudkff omringl hi major GWM nd^M IIMI taaill 
Gammy at 0130-U M8S or lax mem 17M13. Untar Gorman roprialkxts. 

taap«wdl«oi«tadlofalnwigOBra- 


IHT 

l a Z^voefc 


Emily Gordon, a 24-year-old 
editorial intern in New York, com- 
pared Brezsny’s writing to that of 


lUon - place not too far from here where 

“I predict the present l don't quite a nice mix of eagles, foxes and 
iieve in predicting the future.” panthers hang ouL” 

Although rarely mentioning "My secret agenda," Brezsny 


believe in predicting the future.” 
Although rarely mentioning 


Bui the Campbell's soup can that 
most of America — including 
Andy Warhol — grew up with, 
sang “NTm! M’m! Good!" with, is 
no more. In place of the harmoni- 


intelligent refinement” of a “pow- art 

erful “iwty" {which is corporate- But Warhol himself explained; 


planets and their perambulations, confessed, “is to be a poet who gets 
“Real Astrology" is based on astro- paid for writing poetry." 


ously balanced yei graphically as- 
sertive red-and- white, text-only !a- 


sertive red-and- white, text-only la- 
bel, there is now a photographic 


In the early 1960s, Warhol 
stunned the art world when he 
transformed what was considered a 


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(check qapropriote banes): 

FI 12 months (364 issues in afl witfi 52 bonus issues). 

□ 6 months (182 issues in dl wifli 26 bonus issues). 

□ 3 month* (9! issues in aB wflh 13 bonus issues). 


banal commercial image into a sub- L __ . *e Q -anu-wnite label has 

been around since 1898; two years 

1 later Campbell added a graphic 


Collier or etbrillants 


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touting a grad medal fra excellence, 
but few other “refinements" fol- 
lowed. The cans Warhol began 
painting in 1960 — the first was 
“Pepper Pot" — bad the same com- 
positional balance and dramatic 
use of white space, the same oddly 
tilted “O” in “SOUP," as today's 
cans. Like the Coke bottles he also 
painted, and the dollar bills, the 
Campbell's cans denoted perma- 
nence: icons of Americana. 

“It’s a testament to the classic 
quality of Warhol's paintings that 
it s taken decades for Campbell's to 

change the image on thar labels on 
their soup cans," said Mark Fran- 
cis, curator of the Andy Warhol 
Mtaeum, which opens next month 
m Pittsburgh. 

Thrasher himself described the 
^fmpbells label as an “icon.” 
Thai why dumge it? 

. because in a 12-month market- 
me test, 98 percent of people said 
they would definitely or probably 
buy soup in this new label,” said 
Doonalyn Pompper, spokesman 
s. Photos are easier to 
titan 'wrts- Said Pompper: 
*ne consumer is king.” 

Warhol, who mass-produced b's 
^ m a place called the Factory, 
would undoubtedly agree. ^ 



/ 






Washington Past Service representation of the product in- ject worthy of portraiture. Some 

r y ASHINGTON — It sj ^ e: So u Rl high-minded critics deemed the 

i / W as more than a can F - Martin Thrasher, president of cans a satire of capitalism; others 

\f of soup. It was a com- Campbell's U.S. Soup Division, discerned a b; 


through that 


w out warnoi inmsetf explained: 

speak Tor label"). But that s not «i just paint things that 1 always 
alL It was also a concession to mar- thought were beautiful thing s you 


ket forosand a return to the picto- ^ every day and nevertiunk 
nal tradition. ahnnt " „ n 


, a , n , . aboaL” Growing up in Pittsburgh 
96 i!?’ ar ^P during the Depression, he had eat- 
worid when he en his share oF Campbell's soup. 


i his share of CampbeD's soup. 
The red-and-white label has 






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Internationa l Herald Tribune, Tuesday. April 26, 1994 


Page 9 



THETRIB | NDEX; 111.143^ 

^ass^ssa - * m k ss&ss&s 

T* ( ~ mbar S Bus,ne5S News. Jan. 1, 1992 = 100 . 



100 


World Index 

•I/2S/94 close: 111.14 
Previous: 1 10.95 



Approx we^hlmg-. 32% 
Oosk 187.75 Prey .- 128 56 




A n j. 




a? t f*-: * 


ndjfma ndjfma 

1993 1991 1993 1994 


Horth*Amtirjca r' J '£ r ’ ' Latin America 


Appro* *eighlinp:2fir» 
Close: 93J6 Prey.: 92.63 



N 

1993 
World Index 

The index tracks US. do8ar values of stocks in: Tokyo, Nnr York, London, end 
Argentina, Australia, Austria. Belgium, Bnd, Canada, CMo, Danmark, Finland, 
France, Germany, Hong Kong, Italy, Mexico, NatbartandS, New Zealand, Norway, 
Singapore, Spain, Sweden, Switzerland and Venezuela. For Tokyo. No w Vorfc and 
London, the index is composed of too SO lop issues in terms ol market capOaSja&n 
otherwise the ten top stocks am tracked 





HBH 

Uon. 

rtwr 

PlM. 

m 

% 

times 

Energy 

111.65 110.61 +0.94 

Capital Goods 

111.75 

11133 

4020 

URties 

11952 1ia07 +0.36 

Rek Uatertate 

121.70 

120-22 

+123 

Finance 

J 14.96 115.43 -0.41 

Consumer Goods 

. 97 26 

97.09 

+0.16 

:iervices 

117.00 116.55 +0.38 

ISisceibneoiB 

125.17 

124.75 

+024 

Far mans intonnatkm about the Index, e booklet ia a\&Bable free of chotgo. 

Write to T rib Index. 1B1 Avenue Charies de GauBe. 92521 NeuBy Codex, Fiance. 


Debt: A New Third World Order 

With Fresh Investors Comes Risk of Great Volatility 


By Kenneth N. Gilpin 

New York Times Service 

NEW YORK — The international debt 
crisis is finally over. Well, maybe. 

A week ago, the world's biggest banks 
agreed to restructure the last big chunk of 
commercial debt in Brazil, effectively mark* 
ing the end of the 1 2-year-old leading crisis in 
I -aim America. 

But the deal underscored a quiet change 
that has been rippling through the credit and 
equity markets or Latin .America and much of 
the rest of the developing world: The banks 
have been superseded as the primary source 
of foreign capita) by such new private inves- 
tors as pension funds, mutual funds and 
investment firms. 

ft is a change that brings its own risks and 
the potential for new crises down the road, or 
just around the comer. 

Seeking diversification and higher returns. 


the new players have funneled billions into 
what have come to be called emerging mar- 
kets. For many of these markets, the flood of 
new money is proof that the painful econom- 
ic adjustments undertaken during the debt 
crisis at the behest of the banks and interna- 
tional lending organizations have paid off. 

But not so last, many international econo- 
mists and lending experts say. The new lend- 
ers bring something besides money with 
them; they bring potential for great volatility. 

Unlike the banks, whose billions were tied 
up in long-term loans, most of the new inves- 
tors ate holding debt or equity securities that 
trade in the open market, and they will move 
on when it no longer pays to stay put, the 
experts say. 

Making matters even more unsettled, 
many of those managing the new billions are 
relative novices in the developing world and 
have unrealistically high expectations about 


emerging markets, their stability and safety'. 

The recent sharp sdlofT in emerging- mar- 
ket debt has been tike a cold shower for some 
of the new investors. The selloff was triggered 
by the rise in interest rates in the United 
States, which made foreign investments less 
attractive:. It sent bond values rambling 19 
percent in the developing world in the first 
quarter, according to J.P. Morgan & Co.’s 
Emerging Market Bond Index. 

To attract — and hold onto — the new 
money, these borrowers increasingly will 
have to compete with others who want the 
money just as badly. This year, for example, 
the Turkish government was unable to pass 
muster with Western-bond rating agencies, 
and it is sill looking for a way to borrow SI 
billion. 

From now on, “the markets wOl begin to 

See DEBT, Page 11 



Madrid Chooses 
Santander in 
Banesto Bidding 


U.S. Refuses to Expand IMF’s Reserves 


G International Herald Trftwne 


Compiled by Our Staff From Dispatches 

WASHINGTON — Treasury 
Secretary Lloyd Bentsen of the 
United Stales on Monday formally 
opposed a $50 billion increase in 
international cash reserves for the 
world’s ailing economies 

Mr. Bentsen’s rejection came one 
day after he and otiwr officials from 
the Group of Seven industrial nar 
Dons pointedly ignored a plan for 
the Int&national Monetary Fund to 
create the new reserve assets, which 
would be used in particular to aid 


Eastern Europe and the countries of 
the former Soviet Union. 

Mr. Bentsen, in an address to the 
IMF, said the United Stales be- 
lieved there were adequate reserves 
in the world economy for aid pur- 

Moscow signals a sharply wider 
budget deficit Page 11. 

poses. America, as well as Europe- 
an countries, is known to be con- 
cerned that die creation of new 
reserves on the scale of IMF pro- 
posal would be inflationary. 


The United States has the ability 
to block allocation changes be- 
cause it represents 18 percent of the 
IMF voting shares, and 85 percent 
are needed to approve a request for 
expanded reserves. The IMF, 
winch is holding its spring meeting 
in Washington, is considering the 
proposal for S50 billion in new Spe- 
cial Drawing Rights, which com- 
prise a basket of currencies from 
the major industrial countries. 

Michel Camdessus, the IMF 
managing director, said last week 
that it was "urgent" the SDR issue 


be approved. SDRs are used by the 
IMF as a kind of overdraft protec- 
tion for member countries. The re- 
serves were created in 1970, as the 
dollar came under speculative at- 
tack, so that the IMF would have a 
Stable means of assisting countries 
with balance of payment problems. 

The countries of Eastern Europe 
and the former Soviet Union, be- 
cause they were not members of the 
IMF when the last SDRs were is- 
sued. have no SDR account 

( Bloomberg, Knigkt-Ridder) 


Reuters 

MADRID — Banco Santander 
became Spain's largest bank on 
Monday when it won a controlling 
stake in Banco Espatid de CrCdilo- 
Banesto SA for 280.9 billion pese- 
tas ($2.04 billion), oatbidding ri- 
vals Banco de Bilbao- Vizcaya and 
Argentaria Corporation Bancaria 
deEspaflaSA. 

The acquisition also puts Banco 
Santander among Europe's top 10 
banks, with assets of 18.6 trillion 
pesetas and 37,000 employees. 

Banesto was put up for sale after 
ihe Bank of Spam fired its manage- 
ment and rescued it from the brink 
of bankruptcy last year after dis- 
covering its balance sheet was bur- 
dened by huge loans. 

In the bidding, Banco San- 
tander’s offer was the equivalent of 
762 pesetas a share. Banco de Bil- 
bao- Vizcaya offered 667 pesetas a 
share and state-controlled Argen- 
tina, 566 pesetas. 

The central bank's governor, 
I nis Angel Rojo, announced the 
decision m a televised broadcast, 
after the results of an auction were 
analyzed by the Bank of Spain's 
directors. 

Banco Santander acquired a 602 
percent stake in Banesto. The auc- 
tion conditions stipulated that 
1325 percent must be sold to exist- 
ing shareholders at a nominal price 
of 400 pesetas a share. This left a 
total of 450 million shares on offer, 
equivalent to 73.45 percent 

As a result of the acquisition. 
Banco Santander gained control of 
a share of about 25 percent of 
Spam's banking market in teens of 
deposits. 

In a statement issued shortly af- 
ter Mr. Angel Rojo announced the 
winner, Banco Santander said it 
would direct Banesto toward tradi- 
tional banking activities and sell its 
media interests. 

It also sad it would raise capital 
with a one-for-three share issue at 
2250 pesetas, raising about 89 bil- 
lion pesetas in new capital and re- 
serves to maintain its capital-ade- 
quacy ratio above 10 percent The 
ratio of capital to risk-bearing assets 


now stands at 1336 percent, well 
above the recommended 8 percent. 

Banking analysis said the change 
that the acquisition was likely to 
have on Banco Santander would 
only be known after details 
emerged on how it planned to fi- 
nance the acquisition and what it 
intended to do with the shares. 

In addition, analysts noted that 
the condition of Banesto ’s finances 
was still not fullv understood. 


Trading Losses 
Bite Into Profit 
At Salomon 

Bloomberg Business Sens 

NEW YORK — Salomon 
Inc. said Monday that it had 
“disappointing" first-quarter 
results as the rise in interest 
rates that disrupted bond and 
stock markets caused its securi- 
ties subsidiary to lose S173 mil- 
lion in diem-related business. 

The securities and natural re- 
sources company said it earned 
$66 nriUkxi, or 48 cents a share, 
in the quarter, weH short of a 
Sl.73-a-share consensus fore- 
cast of analysts. A year earlier, 
the company reported a loss of 
$102 million as its Salomon 
Brothers Inc. unit lost S3 19 mil- 
lion trading for its own ac- 
count 

Salomon’s stock fell SI 375 
a share to $4425. 

Increased profits at the 
firm’s Phibro commodities 
t rading and oil refining units 
boosted the results- 

Salomon said it had losses 
in trading currencies and for- 
eign securities with clients. A 
year ago, the company made 
5230 million from client-driv- 
en activities. This quarter’s 
losses were offset by profit of 
$212 million from betting the 
firm's capital 


Tfeifekisseg Ahead /Commentary 


Mustn’t Dawdle on the Trade Pact 


By Reginald Dale 

International Herald Tribune 

W ashington —Now that the 
world's biggest-ever trade 
agreement has been signed and 
sealed in Marrakesh, it is time 
to get it through the U.S. Congress, and the 
sooner the belter. 

Already some dangerous ideas about the 
trade pact are afoot on Capitol Hill. The 
longer the agreement remains unratified, the 
more vulnerable it will be to protectionist 

pressures. ...... . .... 

Administration officials insist they will do 
everything necessarv to ratify the pact, the 
fruit of seven years of arduous negotiations in 
ibe Urueuav Round. They say that President 
Bill Clinton is fully committed to the cause. 

But it is not clear the administration has 
learned the lessons of last yearis near-fiasco 
over the North American Free Trade Agree- 
ment. saved only bv a bout oi lasl-raicute 
political arm-wrestling by Mr. Clinton. 

The min istration's biggest mistake over 
NAFTA was complacency — unaer estimat- 
ion the opposition and leaving its drive to win 
anoroval far too late. -As a result, last-minute 
wafers squeezed a lot of promises out of 
Mr. Clinton that he would have been better 

riSTtfere is much less organ^ai 
opposition, but that could ^SeasNovem- 
beris mid-ierm elections draa tkser. 

Congress is by no means yet cammi lMd to 
ibe Urueuav Round and its schedule is al- 
read v overloaded. The committees responsi- 
ble for the trade pact also happen to have 

SriScS over two 

"items of domestic legndauon — health care 

and welfare reform. 


Some major misconceptions need to be 
nipped in the bud. One is that it docs not 
matter if the implementing legislation is put 
off until next year. 

Yes, it does. Dday will increase the 
chances of the pact being blown off course— 
perhaps by a major new trade dispute with 
Japan, China or even Canada. 

Another mistaken impression is that the 
agreement can still be changed. Many Re- 
publicans think they can tighten up lax rules 
on subsidies, while some in both parties are 
demanding greater scope for unilateral U.S. 
action. 

The House Republican whip, Newt Gin 
rich, even wants to cut out the part of *' 

The longer the agreement re- 
mains unratified, die more vul- 
nerable it wiD be to protec- 
tionist pressures. 

agreement establishing ihe World Trade Or- 
ganization, which he regards as a sinister 
organ of world government that will ride 
roughshod over American interests. 

But U.S. agreement to the World Trade 
Organization was an integral part of the Uru- 
guay Round co m promise. There is no way of 
reopening the negotiations now. Under the 
fast-track procedure in force for the treaty. 
Congress must in any case vote >es’ or ‘no' 
on the whole pact at once: 

It is true the WTO means a loss of congres- 
sional sovereignty. Bui that will be no bad 


thing if it dips the wings of Capitol Hill's 
powerful protectionists. It wtil actually be 
good for the United States to be overruled fay 
the world organization when Washington 
tries to take politically motivated action 
against other countries’ exports. 

Where the debate enim the world of Alice 
in Wonderland is when it gets to how to pay 
for it all 

Under U-S. budgetary rules agreed in 1990. 
Congress must find ways to offset the revenue 
lost from the Uruguay Round tariff cuts, 
which could amount to nearly $14 billion over 
five years or perhaps $40 bUUon over 10 years. 

With the elections approaching, nobody 
wants to propose new taxes or spending cuts 
to bridge the gap. But nor does anyone want 
to suggest a waiver from the rules and set a 
precedent that opponents might exploit later 
on — the Democrats for health care or the 
Republicans for cuts in the capita] gains tax. 

The whole thing is absurd In the next five 
years the government is likely to collect about 
S3 in revenue for every $1 lost in tariffs, 
because of vastly increased trade. 

It is ridiculous to impose a budgetary pen- 
alty for freer trade, which pays for itself many 
times over. Congress should be brave enough 
to admit it has made a mistake and exempt 
trade agreements from the rules. 

The main thing for Congress to remember 
is that agreements to open up world trade are 
never perfect, but the United States has al- 
ways benefited from them. 

Mr. Clinton should remember that his de- 
cisive support for NAFTA won lop marks 
even from his critics as the high point of his 
first year in office. It is time for a repeat 
performance — preferably without the diff- 
hanging finale. 


CURRENCY & INTEREST RATES 


April 25 

Cross Bates Liro D.fi B.F. SJ=. Ysn Cl Peseta 

s 1 iffl inv — Mffl* >■*“ W 1 ’ ““ u *‘ 

i* isibs “5 ,,j. JUS — jure nan ss.n, aw 

34*05 sias ..'Jrt. a*.- «u* i.m» us- ism. uw. 

uw was 7 Z, awn 3 ms nj» wan ^ *»■« 


Eurocurrency Deposits 

Swiss 
Franc 


Amsterdam 
■nnttt 
PratUurt 
London (a) 

i 4l ■if rkfl -w-'— biwni 

MtVBi (JEM W1 143J5 WJJB U779 W.li 

SSroratw — ,iW0 ^ ijrai ■ aw «■» w?- uws uib* 

^ Mil t*1* bj* SUB wv 71.W MJ» azsu 

tDQZ' 


Porto 

Tofcro 

Toronto 

Zurtcfl 

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Other Delias’ 

^CorfenC!’ 

Current* *** erw***. 

A meet, peso °-Wtn HonoKone S 


Mil to'* 170 M35 5MS UW 71.99 MJ» ( 

1 IBJS 1 SUS vm M»- t 13 »‘ ' 

'SB =»> ggS- w — ***■ 1*" 1 
1CV „ II® ££ »o. *7® urn uut u» m 

! son LorKicn New yarn and Zurich. Hxltm m other centers: Toronto 

re Cur one Collar* Un,m ot MW «**.' «««" 

a. To hvy »* *'***■ ° 
available- 

aers corrtoe* Pari Currency Par* 

J4W0 MW.PWO 03M 5. Ah', rood 3M397 

e in* N Zeoknvis U453 S.Kor.wOfl 807.00 

HoneKOno* • Norw. krone 7.292 S wed. kroon "JOTS 

AuStreLS rtuns-ft rtrf MOLPeSO SM o TcJwOO* 2&40 

Atrtir.sdHL "fJJ Indian rup« VJ} 22 CO. ThWbaW 3 SS 4 

BrfflHcnK. 1WJJ ,„d*rwoh 172.14 TortHhllro 304®. 

CAjnMeraon W- |rtsnC H^.ro#lo tTUCO UAEdlrtwm i»5 

cwcowra* »*- ivceH sr-«*- ^ S rtvol r7«8 VeoerboUv. WMS 

KuwalUdidtr «WD Sc-« 

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Flo. mar»B 

Forward 

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Deotsch® mor * 

Swiss franc 


Dollar 

l month Iki' 3 % 

3 months 4 VW* 

& manttn 4KM0H 
1 war Stk-SU 
Source s: Realm Lloyds Bank. 


D-Mark 

Sfc-Ste 

5 Wr5 ^ 3 -W-4 '* 

S«.-Shi 3*w4 w. 
SU>-5Mi 3 “4^4 Vi. 


Srtritna 

French 

Franc 

Yon 

April 25 

ECU 

S V5h. 

516-6 

2 *»-2 •" 

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SVh-SV. 

5V6 

2 >-2 -- 

5W-6 

546-SMi 

S'Vw.S+v. 

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SU-S^i 

5 "ArS ■». 

2«f«-2 

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UnBed S*Ct« 
DHcsantrirte 
Prime rate 


Ksy Honsy Rates 

Close Prev. 
3jOO M0 
6» 6*k 

JSi 3% 
3A6 167 

AM 4.45 
176 3 J 4 

IM *M 
SM iffl 
M 7 OO 
655 4 

636 652 

7.15 733 

t asset 2.99 2S9 





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6.95 

6.95 


Currency 

ConaaftanWWr 

Jaaonrseyen 


amor 6MW t»4or 
um 1J820 1J841 

102.97 1 (ft» 


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io-voar out 

SSSS - ^ 

Intenention rate 

coil money 

wnonth urtettxmk 

jHFoath unerhank 
4^KMith Interbank 
OAY 

sources-' Reuters, Btoomtmra. Merrill 
tK»cn. eon* of Tokyo. C ommer zbank. 
Gnemntt Montagu. Credit twnrwft 

Hold 

am. pm arse 

Zurich JTOjOO 37175 

Lawton 3JU2S 37K» +3J* 

HOW York 37130 374.80 +2Z0 

l/£ depart; per ounce- London oHMioi flx- 

Mes; Zurich and New van ooadMMdfSosr 

mo arias; New rpr» Come* tJunei 
Source: Reuters. 


Quite simply 
the Royal Oak. 


m 

Audemars Piguet 

The master tea feb matter. 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


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market diary 


Blue Chips Rally 
On Earnings Data 


NEW YORK - Stock 
staged Monday after a number of 
blue-chip stalwarts, notably Du 
Pont, reported strong earnings and 
were given upgrades by brokerages. 

The Dow Jones industrial aver- 
age dosed at 3,705.78, up 57.10 
points, a gain sufficient to trigger 
the exchange's stock-trading collar. 


U.S. Stocks 


which limits trading and is de- 
signed to restrain voTatiiil 


latiiiry result- 
ing from program trading. 

Gainers outnumbered losers by 
about 10 to 7 on. the New York 
Stock Exchange, while volume was 
relatively light at 26224 million 
shares, down from 295.74 milli on 
shares on Friday when the Dow 
industrials were nearly unchanged. 

Du Pont rose 3 Vt to 58 Hi after 
reporting better-than-expected 
earnings and accounted for about 
one-fifth of the rise in die Dow 
industrials. Among the market's 
other notable gainers. Caterpillar, 
up 3% at lllti, and Boeing, up 1 
from 44%, also boosted the average. 

Du Pom’s results helped the 
chemical sector in particular. Mon- 
santo rose Hi to 79% and Dow 
Chemical climbed 2% to 61%. 

“Du Pont and some other com- 
panies are coming out with decent 
earnings, and bonds have settled 


down," said Thomas Gallagher, 
chief trader at Oppenhamer & Co. 

Bond prices rose, and the yield 
on the benchmark 30-year Trea- 
sury bond fell to 7.15 percent from 
7.23 percent on Friday. 

“People are optimistic that bonds 
have calmed down,” sad Mr. Gal- 
lagher. “They have fdt afl along that 
inflati on isn't a problem.” A week 
ago, the Federal Reserve Board 
pushed up die Interest rate on over- 
night bank loans to 3.75 percent 
from 330 percent, its third rate in- 
crease this year in a campaign to 
keep inflation from igniting. 

Among active stocks, Tenneco 
rallied 1% to 52W a strong gain 
after press reports claimed the 
company would soon announce 
plans to sell its Case subsidiary. 

Dealers said that the market may 
have ako been boosted after Peter 
Lynch, former manager of Fidelity 
Magellan, the largest U.S. mutual 
hind, recommended a number of 
blue chips and claimed they were 
relatively cheap at the moment 

Microsoft rose 2 to 93% after the 
company announced its decision to 
split its stock for the first time in 
two years, taken as an encouraging 
sign by analysts of the company’s 
confidence in its underlying com- 
puter software business. 

( Reuters 

Bloomberg, Knitfa-Ridder) 


Dollar Falls as Dealers 
See Yen Staying Strong 


Compiled by Ov Staff From Oaparcka 

NEW YORK — The dollar 
slipped Monday after the Group of 
Seven industrialized countries over 
the weekend did nothing to dis- 
courage a further rise by the yen. 
dealers and analysts said. 

A dealer at Banque Naiionale de 
Paris said that despite the fact that 
few dealers had expected anything 


Foreign Exchange 


3 come out of the meeting of G-7 
nance officials regarding forrign- 
xchange rates, the market had used 
(re lack of any such development as 
n excuse to sell the US. currency. 
The dollar fell to 1.6798 Deut- 
che marks from 1.6882 Friday and 
» 103.05 yen from 10324. Die dol- 


ur dropped to 5.7655 French franc 
5.7860 


:om 5.7860 but edged up to 1.4335 
wiss francs from 1.4325. The 
ound strengthened to SI. 4915 
vm $1.4895. 

An analyst at Smith Barney 
hearson. Lisa Fmstrom, said the 
oil ti cal turmoil in Japan, where 
be Social Democratic Party said it 
/as leaving the government coali- 
on, was likely to have (he para- 
oxical effect of keeping the yen 
bong against the dollar. 


That, she said, was because the 
Japanese government will be in no 
position to negotiate with the Unit- 
ed States on trade issues until its 
political composition is settled, and 
without talks on trade, Washington 
■ would be likely to favor a high yen 
as a means of holding down Ja- 
pan’s trade surplus. 

“Die evident lack of concern by 
other G-7 members regarding the 
yen’s strength tells the market that 
this is the right levd for the mo- 
ment against the dollar, with, if 
anything, further dollar weakness 
• likely," Ms. Fmstrom said. “The 
yen Is not going ro fall back until 
Japan gives in in some way to U.S. 
trade demands." 

The Social Democrats' with- 
drawal means the newly appointed 
prime minister, Tsutomu Hata, “is 
likely to put the trade issue on the 
badebumer for the time being in 
order to concentrate on maintain- 
ing his power base,” said Amy 
Smith, foreign-exchange analyst at 
IDEA, a consulting firm. 

The dollar was pinned down 
against the mark by upbeat fore- 
casts for Germany's economy, eas- 
ing pressure on the Bundesbank to 
cut the country’s interest rates. 

(AFX, Knighl-Ridder, Bloomberg) 


VbAjaeciBMdABU 


April 25 


The Dow 



NYSE Mast Actives 


TdMac 
RJR Nob 
(BM 

Victoria s 

DuPsrt 

Oirvstr 

CfentEn 

Nook 

GnMatr 

MWBFln 

FordM 

Kmart 

Man* 

PIKMf 

Unisys 


VOL MM 

76243 SHk 
55883 SVl 
a»i3 

25544 4 Mb 
25275 59 
25207 -39V* 
73BA 11% 
23531 33% 
22452 57% 
20640 19V, 
20502 57% 
2W39 17% 
18845 31% 
18834 53V, 
11513 12 


Law Lost Ota. 


S5% 


SSii 
45% 
55% 
48% 
11% 
32% 
54% 
18% 
56% 
16% 
30% 
52 'a 
11 % 


56% 

6% 

nu 

46% 

58% 

42% 

11% 

33 

57% 

19% 

S7S. 

17 

X% 

59% 

11 % 


*Vt 

9% 

*3% 

4-1% 
— % 
+ 1% 
*1% 
*4% 
* 2 % 
— 1 
— % 


r% 


Dow Jones Averages 

1 QPte 

MOT Law Last 

Cha. 

indul 345641 370608 344008 370570 +S7.TO 
Trtn 159348 161007 159X35141X25 +1573 
Uia 197.10 20043 19305 200.17 +072 

Como 129X52 130873 129274 130877 +1578 

Standard ft Poor’s Indexes 

industrials 

Tranw, 

Utilities 

Finance 

SP5DG 

SPUO 

Hfeb LOW Oasa Qfge 
52X52 519JJ5 S25OT +403 
3BUB 28875 3MM +472 
14X33 MU1 14100 +177 
pb *150 OTirt +022 
45271 447.50 45271 +5OT 
41701 41275 41701 +SOT 

MYSE Indexes 


Mot Law Last 

COT. 

Compasa* 

IndustriaU 

Tramp. 

utNty 

fmU 

258.47 247.92 25007 
30X90 30X37 30X90 
251 JS 24700 25103 
21X03 21X21 21XB4 
20937 20X09 20907 

+202 

+153 

+171 

+170 

+1.14 

NASDAQ Indexes 


Mob Low Last 

Ota 

Campasbe 

Indusirttas 

Bonks 

bwirancp 

Rntmoo 

Transp. 

73009 73624 73009 
75702 75X69 75702 
4X501 4X603 48X02 
882.93 87SJ8 88202 
09X50 89X04 89X90 
73172 731-47 73X79 

+703 
+ 501 
+270 
+2JM 
+ 54H 
+302 

AMEX Slock Index 


MOT Low Lata 

COT 


mw 43329 435.97 

+204 

Dew Jenae Dead Averages 

20 Bondi 

10 utilities 

IQ Industrials 

ciom 

9X43 

10009 

arac 
+ 004 
+ 002 
+ 0.14 


NASDAQ Most Actives 


NYSE Diary 


USHRtis 

Miestts 

Hell 


xsas 

AppieC 
TCfeMo 
MCI s 
TcJCrnA 


SnopBvS 

An rnm 

Oracles 

3Com 

LIBcp 

Oncsps 


Vat MOT 

LOW 

Last 

COT 

8*637 42»r u 

38% 

3844 

—4% 

44S48 94% 

91% 

93% 

+ 2 

L • 1 V . 

60'« 

62% 

+2% 

§4 , / 

16% 

17% 

+ 1V|> 

RjtrcTj|fl 

29% 

31 

♦ 1V4 


3*a 

3*fe 

—¥o 

ZO» 23% 

22% 

23 

—'A 

r i as 

19% 

1994 

+ 44 


30% 

31% 

- % 

17700 25 

22% 

25 

+ 2V» 

18240 <1% 

40% 

4144 

— H 

16095 31% 

29% 

30% 

+ 4e 

15699 53% 

50% 

53% 

+4VX 

14577 12% 

12 , A 

1214 

+ %» 


1544 

15% 

— % 


AMEX Most Actives 


AmdM 

spot? 


ExpLa 

o»6#i 

ENSOO 

Convrjn 

QutaPd 

IvaxCp 

Andreas 


VOL MOT 

Low 

Lost 

COT 

6223 TV. 

444 

7 

—14 

3936 45»« 

ABVp 

49 Vo 

♦ Wtt 

3749 10% 

10% 

10% 

♦ % 

3020 1% 

IWh 

Wk 

— Vu 

3010 36% 

25% 

25% 

—IV. 

2029 306, 

w» 

3UXk 

+ %> 

2000 5% 

5 

544 

—44 

2430 4% 

4% 

5% 

—Vi 

22*4 2644 

2544 

3414 

+ V4 

2059 20 

14% 

19 

+344 


Market Sales 


NYSE 

Am 


Today 

4PJO. 

•MTV. 

1107 
21 9 A3 


35805 

2020 

31954 


In millions. 


1541 


Itachraaed 
Tela) issues 
NOW HUM 
New La ms 


1382 
659 930 

582 572 

2792 2714 

25 15 

65 76 


AMEX Diary 


Advoiced 


UncnangPd 
Tote Issues 
NewHdM 
New Lows 


349 307 

235 248 

223 341 

807 815 

a 6 

23 26 


NASDAQ Diary 


DtsJlneO 
unchraoed 
Total issues 
New Kota 
New Laws 


1718 

13S5 

1917 


UtS 

1364 

1901 


40 

III 


Spot Commecflttes 


Aluminum, lb 
Coftoe, Braz. K> 
Copoer efectrotyiu 
Iron FOB. ten 
Lead. 5} 

Silver, troy ax 
Steel (scrap), tan 
Tin. lb 
ZkK.lt> 


Today 

0573 

079 

091 

21000 

034 

5.12 

13733 

16137 

04328 


0572 

0765 

091 

21X00 

034 

5-075 

73733 

16192 

04337 


EUROPEAN FUTURES 


Metals 


preview 
BM A] 


CIom 

Bid AJk 

ALUMINU M (HthM Orodt) 

§2o? nPerB TMS» 125430 12930 124030 
F BrtWrf 1289.00 129030 1264 CO 128530 
COPPBR CATHODES tHipk grade) 

SoS^* tsjxoo ib9*oo 

FflOWrt 191130 191MQ 191330 191X00 

L84S 

43X50 «S0 

Forward 4&K 4S550 449.50 45000 

NICKEL 

WJkirt per 53<&£|0 BiSM S3SJH SMU)Q 

Forward 5I1&00 532000 5305410 511000 

TIN _ 

Dollan per metric ton 
Soot 532530 531000 531000 SUOO 

53KOS 539000 533000 537530 




Denars 

soot 

Forward 


9U0O S7M 909 M 910410 
9384X9 nUM 9314)0 


Financial 


KJOT Low Close Ckoose 
3M0NTN STERLING [LJFFE) 

<38X008 <pb of HI »Ct 


Dee 


Jan 


Doc 


SS s 

9X57 

9X57 

9*24 

9*25 


9178 

9378 


9124 

9327 

92J9B 

9272 

9X75 

92J4 

9230 

9229 

9100 

9L92 

9L95 

9176 

91OT 

9171 

VU4 

9109 

9107 

91OT 

9104 

VL3* 

9104 

9101 

9121 

9IJB 

91 jM 

9104 


Est. volume: 41643. OPtA int: 47X725. 
34HOM7H EURODOLLARS (LJFFE) 

SI miRlOT-PtsaflMpct 


Jun 

SS 

95OTI 

9532 

-OJM 

S«p 

9*73 

9X32 

— 007 

DK 

HT. 

HT. 

9*01 

“0X8 

Urn- 

HT. 

N.T. 

tut 

— Xll 

Jot 

HT. 

HT. 

9X71 

— 0J3 

SOT 

HT. 

HT. 

9300 

—an. 


MJ3 — 005 


Ett. vatome: tot: 124 101*9. 

MWNTH EUROMARKS OJFFE) 

DM) nrfUiaa - pts of no pet 

Jam 9436 9071 9477 —am 

Sap *487 *4*2 

DK 909 9433 

MOT 907 9467 

JDP 9*57 94X1 

S«P 905 9430 

Dec 9*14 9X97 

MW 9400 9181 

Jaa 9X85 9X70 


9474 — 007 

9460 —aw 


9464 —015 


9471 -0X1 

9X99 —071 


9183 —070 


9X71 —020 

9X59 


9X47 —020 

9X39 — 021 


Dec 9162 9150 

Mar 9X47 9X0 

Est volume: 130543. Open tat: 951679. 
MONTH PIBOR (MAT1F) 

FF3 mMioa - pts of M8 pcs 

Job 94J1 9476 9477 -840 

SOP 9469 9462 *463 — 005 

Dec *465 909 9460 —ass 

Mar 9437 901 1 9430 —838 

JOH 94.13 94JD 9433 —0.13 

Sep 9X99 9174 9X74 -015 

Dec 9365 9X58 9159 — 0-13 

Mar 9X54 9X67 9364 —03* 

Eat volume: 3X544. Open Int: 222327. 
LONG SILT (LJFFE} 

AMa - Pta a aaedt or im pcs 

Jon 106-28 1QS-25 M649 —031 

Sen N.T. HT. 105-12 —Ml 

Est volume: 6X5SX Open int: 127632. 
GERMAN GOVERNMENT BUND (LJFFE) 
DM mm - P% of M8 pet 
Jdp 9460 9X58 9365 — LT7 

SOP 9433 9X33 9X31 —1.19 

eat. volume: 15X170. Open lot: 165695. 
18-YEAR FRENCH GOV. BONDS (MATIF) 
FmxBM-piapriaapc* 

Jon 12098 11976 12008 — L26 

Sep 12014 119412 11974 —172 

Dec 11936 11050 11X50 — 126 

Eil. volume: 21X082. Open Int: 145081. 


Industrials 


Low Lost Settle Cfttae 


Hf9b 

GASOIL (IPE) 

UJL doWwrs per mettle tan l ot a oM88 font 
Mtry 15X00 15075 15X00 15275 +L2S 

Jun 15L75 14V 75 151 _5Q 15160 4- ITS 

Jut 15230 1 50 7 5 15175 15230 + 175 

Abo I5Z2S HITS 14230 15375 +175 

Sep 15430 15X25 15430 154X0 +130 

OO 15530 15530 15430 15630 +130 



HM 

Law 

Last 

MOT 

HT." 

HT. 

HT. 

dot ' 

15925 

15775 

1592S 

Jaa 

15900 

15S09 

15050 

Feb 

1SBJ0 

15X50 

15050 

Mar 

N.T. 

N.T, 

HT. 


BRENT CRUDE OIL (IPE) 

U4L dpOnn per bnmHob at UBS barrels 


Jwt 

1504 

1551 

15 10 

Jut 

15*49 

557 

1504 

AM 

1X40 

1X30 

1X9 

SOT 

1304 

1528 

1551 

Oct 

1550 

1506 

1508 

HOT 

1550 

l&O 

1509 

D8C 

1X51 

1504 

1554 

Job 

HT. 

N.T. 

NT 

Feb 

HT. 

HT. 

N.T. 


Cat rakme: JS391 * Oaen W. 55350 


■ Stock Indexes 

Wgb Low Ctne ChOTfe 

FTsem CUFFS) 

EB per Inane poW 
Jno 31383 310 LO 31020 

* 31363 3)360 31105 -»g 

HT. HT. 3lSl,S — ■* 


Dee NT. HT. 31316 - 

6sL volume: 1LS21 open int: 5M3X 

CAC48 (MATIF) 

FFMPtrMS petit 

APT 20430 2B9630 2IOM5 

Moy 7m M 209730 710650 -4-S650 

a 

£% St?: ItT: S 

Est volume: 31X684 Open Hit.: 7X191. 

Sources; Motif, Associated Press. 
London MT 7 Hrtoncial Futures EactenM- 
wrt Petroleum Exomae. 




per Ami Pay Rec 


IRREGULAR 


ConwartaTNOiBe k 3931 M 5-24 

Enawarm convert _ .125 5-16 5-30 

Cen Grwtt Prop _ J9 5-2 5-17 

NFCPLCADR k .1304 5-9 7-4 

x^vprax amawd per ADR. 


MMB 


STOCK 

. S% M 5-14 
UVERSE STOCK SPLIT 
Pariecli Hotatapa 1 for 3 reverse 
STOCK SPLIT 
Bleat Grande Star 4 mill. 

S&ts&VRWt* a. 




. Hwne2for 1 s>ttt. 

MlcrosaR Carp 2 far 1 split 


INITIAL 

MM Iowa Rid n _ 375 56 5-27 

INCREASED 

Altaetnc Q .115 S-20 6-1 

Am Precision lad Q 3625 6-24 7-n 

ArmalraaBWrM q 72 5-6 6-1 

RrjtarCorp Q JO 5-2 5-iS 

Fl/UerHB Q .145 5-2 5-12 

UaoiTccha s 34 5+ 530 

REGULAR 


AmtodtCorn 


BuHBem-GWnc 
CVREIT 
Fairfax Bis 
Ftrmrtxrt Cdj 
f5fSjs« staux 
Fourth Rn 
HFFInd 
KoMkeveBncn 
IBM 

UtflGcmeteOi 

UndborpCorp 

MNBBncst** 

Mapna Bancorp 
Nthwest il Boa. 

Progressive Coro 

Sjw Coro 
Sctwlt Homos 
Sttwastern Ml Gas 


Q JO +3 640 

_ .10 6-1 6-15 

M 36+25+29 
_ 77 +15 7-5 

_ .14 57 5-16 


Q 34 54 5-26 


SfraftanMonmhr 
CamAffH 


Surgical L _ _ 
TCF Financial 
UF Bancorp 
Unlta Bancorp Inc 
Virginia Fst Fn 
WeslOae Bna> 


.17 5-2 5-13 

O 36 5-16 +1 
O .12S 5-4 S4B 

O .12 5-2 5-16 

Q 75 5-11 +1S 

. H3 H H 

8 35 5-M +1 

3625 5-2 5-14 

a 385 » 5-78 

Q .125 5-1 5-10 

Q 35 +10 +30 

O 325 S-l -6-1 
Q 34 5-13 +27 

Q 70+5+15 
M .16+29+9 
Q 34 +27 +10 

0 75 +13 5-3! 

a .ns N M 

. 38 +18 +10 

, 325 +29 +13 

Q 38 6-30 721 


Slower Deliveries Hit Boeing Profit 

.V 


Safi Swffisss? 

transports, compared with 93 in fiist-quaitcr 1993. c f 

SiffiT the earnings, at 86 cents a share; exceeded analysts estimates \ c 
arS “SSi Boeing said it stiU opeced IM4 WPjjl 
aircraft, with 1994 sales around S21 bflhoiL (Bloomberg KnighhRtM# 1 


DuPont Stronger Across the Board 

WILMINGTON. Delaware (AP) — DuPont Co, the big chernnal 
company, reported a 30 percent increase in firet-quartcr earnings Mon- 
day reflecting gains in its key businesses and the results of cost-cutting. 
DuPont reported earnings of $642 million, compared with $493 million 
year earlier. Revenue was 59-2 billion, up 1 percent 



a year earlier. Revenue was $9.2 billion, up 1 percent 
DuPont has eliminated 17,000 jobs worldwide since July 1991. 

The company’s petroleum earnings for the first quarter of 1994 were 
$215 minion, up 8 percent. Weak off prices were offset by rising natural 
gas prices and volumes, and by growing crude volumes outride the united 
States. earnings were $83 million, up 20 percent Fibers 

«rmngsof£t44 million were up 41 pcrcenL Polymers earnings were S 147 
mflliou, up 91 percent from last year. 


Low Oil Prices Cut Into Texaco Net 


NEW YORK (AP) — Texaco Inc. on Monday reported a 27 percent 
decline in fwa-guaner profit, as rising natural gas prices and growing profit 
for refined products were not enough to effect low oflprioes. 

Texaco earned a net $202 milli on on revenue of $7.43 billion in the first 
three months of the year. A year earlier, the company earned $278 million 
on revenue of $8.23 billion. 

Exploration and production earnings fell 43 percent, to $120 nulhon. 
Refining and marketing profit rose 9 percent, to $203 million. 


CNN to Broadcast Over PC Networks 


SAN FRANCISCO (Reuters) — Intel Chip and Cable News Network 
said Monday that they would test live multimedia news services on 
business personal computers. 

fttf gtnning in May at several lest sites, business PCs on local-area 
networks will display programming from CNN, part of Turns Broad- 
casting System Inc. 


Video applications have in the past taken up too much bandwidth, or* 
space on broadcast waves, to be used on networks of computers such a# 
those in offices. Intel said that it had developed a compression technology 


that allows delivery of video using less than 5 percent of the 
needed previously. 




Growing Tire Sales Help Goodyear 

AKRON, Ohio (Bloomberg) — Goodyear Tire & Rubber Co. said 
Monday that first-quarter profit rose 34 percent because of heavy demand 
from U.S. automakers for tires. 

Goodyear measured net profit of $116 million in the 1994 quarter 
against operating profit of $87.1 million in the 1993 quarter, in order to 
exclude the effect of a one-time charge of $863 million a year earlier. 

Revenue rose 3 percent, to $2.91 trillion, reflecting a 4 percent increase 
in tire sales that was fueled by demand in the U oiled States and Latin 
America. 

The number of tires sold in the United States rose 111 percent. 
Goodyear said. International sales increased only 2 percent, to $13 


Paris Prices UAP Shares at 7.3 % Discount 


Can^tM by Our Sufi From Dupatdies 
PARIS — The French government said Monday it 
would sell 47 million shares in Union des Assurances de 
Paris, France's largest insurer, at 152 French francs 
($26) each to retail investors, a discount of 73 percent 
from the current market price. 

Financial analysts in Paris said that the price was 

slum 


27 percent since the start of the year. It dosed 
at 164 frai 


francs. 

The government said it expected the sale, which will 
include purchases by employees and institutional in- 
vestors as well as retail investors, to bring in 183 
billion francs ($3.19 billion). 


The privatization, the fourth carried out by the 
government since October, was scheduled to begin on 
Toesday and last until May 3. The government plans 
to sell its entire 5034 percent stake. 

The UAP board also approved plans on Monday for 
a previously announced capital increase of 3.46 billion 
francs. The slate is selling its entire 5034 percent stake 
in UAP. 

The ministry said UAP’s-group of -core shareholders - 
would be Cie. Gtofcrale des Eanx of France, West- 
deuiscbe Landesbank Girozenirale of Germany and 
Soparinvest SA, a company controlled by Albert 
Frtre, a Belgian financier. 

(Bloomberg AFX) 


AT&T Makes Proposal 
For System in Africa 


billion, dragged down by the economic slowdown in Europe and the 
f the U.S. dollar against other currencies. 


effect of the strength of 


Wiitand Boat Offfc# 


Bloomberg Business Ne*s 

CAIRO — AT&T Corn, said 
Monday h had proposed bunding a 
fiber-optic communications net- 
work to connect African nations 
with one another and with other 
parts of the world. 

W illiam B. Carter, president of 
AT&T- Submarine.. Systems. Inc. 


The Associated Press 


LOS ANGELES — “Bad Girls" dominated the U. S. box office with a 
gross of $5 million over (be weekend. Following are the Top 10 money- 
makers, based on Friday ticket sales and estimated sales for Saturday and 
Sunday. 


said at the Africa Telecom *94 con- 
ference in Cairo that the proposed 
network would be operated by Afri- 
can authorities so that die revenue it 
generated would remain in Africa. 


1. “BoD Girt** 

Z "FOor WctkDns* and o Fumral* 

l-melnkwoH- 

.•-rtSJ .. . 

."CopiondRobberaons* 

5. 172 The MisfltY Ducks* 
.-Motor Loaave II* 

7. Threesome" 

."Bndittcon* 

9. "ScWmilert List* 

IX -While Fang r 


ITwotiem Cmturr-Fax) 

{Grammy) 

(Touchstone) 

(Imagine) 

' tTrtjfarj 

(VtanOhaey) 

( Warner BmJ 

(Timor) 

(Triumph) 

(Universal) 

(Walt Disney/ 


ss million 
*47 minion 
SIS minion 
. SU maiion 
*23 million 
S2J mllltan 
*13 mu Hon 
*13 million 
SL7 million 
517 million 
*13 million 


WORLD STOCK MARKETS 


AgonliaiahBM Ap>8 2S 


Amsterdam 


ABM Aram Hid 
ACF Holding 


6270 6290 
4870 4890 
9790 98 

47.40 47.70 
22X50 ZD 
7X50 7490 

4X50 41 JO 

6678 6X40 
132 13X20 
16SJ016M0 
17 17.3? 

4970 4V -BO 

HBG 330 328 

Hotariun 23770 mqjo 

Hoosovan 65.ro 66J0 

Huntor Douglas 7550 7730 

IHCCakma 3X30 3&40 

IntorMueftar 
UiH Nodcrkmd 
KLM 


Anold 
AkzoNobaf 
AMEV 

Bote-WessanMi 
C5M 
DSM 
Elsevier 
Father 


KNPBT 

Noditayd 

OcoGrtnten 

POUftMd 

PMIta* 

Polygra m 

Robcco 

Rodamco 

Rollnco 


Stark 


Dutch 


Unile ver 
sn Omm* ran 


Van 
V74U 
Wtotren/KUiwer 


8X70 8970 
BOTH 8190 
5090 51^0 
49 JO 49 

8OJ0 8070 
82.50 8230 
50 5T 
54 5460 
7X40 7930 
12270 12X50 
61 5930 
121 JO 12170 
9230 9110 

205 20X50 
49 JO 50.10 
21X10 20970 
51.18 51 

17930 17930 

110 111 . 


psas?a!v 


Brussels 


AG FBI 

ArtJM 

Bora 

Bakaort 

Cackertll 

Cabena 

Delhoiir 

ElectrabeJ 

GIB 

GBL 

Govaerl 

Kndletbank 

Petr afl no 

Powwfln 

Royal Bdoe 


jm ms 


4740 

2430 2405 
2S475 25250 
178 177 

5930 5980 
1356 1370 
62B0 4150 
1530 1555 
4360 4370 
9X50 9900 
6000 6810 
10675 10675 
3355 3390 
5460 5340 


Soc Gen Banauo U60 8450 


i Beta laue 2500 2595 
15100 15200 
15500 16550 
10400 10550 
23300 23500 
2485 2500 

rh M ar* 7 "" 


soflrn 
soivev 
Tract etwl 
UCB 

Union MbVere 


Frankfurt 

AEG 1797017990 

Allianz HoW 2615 2530 

Altana 611 60S 

Asko 1050 1025 

BASF 31431738 

Bavor 3811038970 

Bay.Hypabank 440 445 

BOV Veninst* 492 49S 

BBC 715 719 

BHF Bank 448 451 

BMW 859 m 

Commerzbank 354357.40 

Continental 28230 208 

Daimler Bata 87286330 

DOOUMO 541 941 

Dl Babcock 2672)070 

Deutsche Bank 7BI 781 

Douglas 596 600 

DradnorBcnk 400 4oo 

FeWmuehle 340 345 

F Kruno Haeseh 221 223 

Haroener 365 360 

Henke) 454 457 

HoaitlH 1110 1110 

•HoecJol 33570SJ7« 

Holzmann 650 842 

HOTtan 247 249 

IWXA 41441X50 

Ka)(5alr 145 746 

Karstadt 611 618 

Kaumof 540 548 

KHD 15X90 157 JO 

KtaectawWerte 170 In 

Unde 940 9*5 

Lufthansa 20450 202 

MAH 437 437 

Mnniwst n a im 47X5047X50 

MetallgeaeU 
MuatDiRuecfc 
Porsche 
Wwissa* 

PWA 
RWE 

Rhekwnetall 

fgjrtw 

Siemens 
TJiys*en 


22322X30 
3155 3130 
878 879 
485 482 
239 943 


47146U0 


vew 

VSUaen 

Walla 

[Index : 


363 
1073 1062 
397 400 
734 TWA) 
984+0 284 

36ISD 363 
5QX505DU0 
37437250 

453*5X50 
S3) - 
885 


Helsinki 

Amor-Yhlymo 127 129 




ILOlP. 
Kymmenc 
Metro 
Nokia 
Poh Iota 
Rano ta 
Stockmann 


TZgnAO 


112 

190 no 

*40 <29 

85 85 

90 HUB 




Hong Kong 

Bk Ecat Asia JZ3S M 
Cothav Pacific - 11 ll.w 




□airy Farm Inrt 11-40 JIAO 
Hang Lung Dev uao «50 

SarvBa* 51S0 5250 

unon Land 39 3X25 

HK Air Bng. Mg 46 


hk China Gas 


HK Electric ?3A0 23A0 
Land 


HKTetacnmm 14J0 1468 
HK Ferry 1QJQ 1X« 

Hutch wnampoa 33 M'S 
HvsmiOev 21M 21M 
JorcUne Vcdu 51 JO S2 
Jardtao Str Hid 29 JO » 
Kowtoon Mctar 1550 ,_1S 
Mandarin Orient 9« 1X10 
Miramar Hotel 21.48 2JJ0 
New World Oev 23.90 2560 
SHK Props *6J5 g 
sietux A 73 iso 

Swire Pac A 96 5650 

Tal Q>eung Pros 11 10J0 
TVE 1*0 3.40 

Wharf Hold „ 31 30JS 

Wing On Co Inti 12 W 
Wliaar Ind. 11 J» 1140 




Johannesburg 

AECI 
Attach 
Anglo Amor 
Bartaws 
Bhrvoor 
Buffets 
De Beers 
Brie f onte tn 


GFSA 
harmony 
Htahveld Steel 
Kloof 

Nedbank Grp 
R a n dl onWn 
Rumtat 
SA Brews 
St Helena 
50901 
Welkom 
western Deep 


26 26 
93 94 

21221250 
31 J5 3175 
„ 8 775 
MA. *1 
106 108 
51 52 

X95 X9S 
95 98 

2350 24 

24 24 

*3 ATS 
2750 2775 
*3.75 4*75 
87 BL7S 
9X25 89 

41 4650 
2350 23 50 
HA. HJl 
165 172 




5SHJ 583X98 


London 



Incttcope 

Mnofhher 

Lodbreko 

Land Sec 

Laporte 

Uxsno 

Legal Gen Grp 
Uoyds Bank 
Marks Sp 
ME PC 
Natl r 


3 . 38 
576 
155 



8-02 

154 

472 

5J0 

*79 

4-7* 

475 


550 

6JH 

r 

6+7 

7*7 

1.46 

476 

558 

475 


*39 
*42 
5JD 
4 56 
750 
204 


1 Ne p he w 
iKItnoB 
!th (WH) 
Alliance 
-_ eXLyfe 
Tesco 
Tnom EMI 
TomWn* 

TSB Group 


125 

*30 

*41 

544 

8J7 

5JJ6 

953 

1-96 

376 

376 

830 

249 

943 

370 

179 

577 

774 

673 

145 

281 

902 

130 

*73 

275 


Biscuits 


War Loan 3% 
Wellcome 
Whitbread 
Williams Hdes 
WURsCorraon 

wr* 


1177 1147 

246 245 

709 2.16 

1072 1CL8S 
338 377 

971 570 

4*47 *454 

ilO 5.17 
554 551 

185 192 

279 278 


Madrid 


BBV 3200 3205 

Bco Central Him 30*o 3050 
Banco Santander 61® 6160 


Baiesto 
CEPSA | 


755 778 


2315 2340 
6460 6530 
171 166 

977 981 

4410 4425 
3885 3875 
1770 1760 

^Krais'* ;3tus 


Errms 
Iberdrola I 
Renal 
Tabacolera 
TelefanfCP 


Markets Goaed 
The stock markets 
in Moan and Sydney 
were closed Monday 
for holidays. 


Montreal 

Alcan Aluminum 29% 29% 
Bcnx Montreal 26 25% 
Bell Canada 4M 48% 
BombmdierB 20% 2D« 
Cambior 17% T7 

Cascades 8 I 

Dominion Text A 7Vj 7% 
Donohue A 36 26 

MacMillan B! 2u 19% 
Nan Bk Canada 




.eleatabe 

Llntva 

Vktaotrsn 


9% 9% 

2T98 21» 
2» 23% 
IfV. 

mb 19% 
20 % 20 % 
5% 6 

14% 13% 




Paris 


Aeeor 

Airuaukta 


m 713 
807 814 


Alcotal Alsitiam Oi 679 


Am 

Bcneolra (Ctal 

BNP 

SSSS 1 

Carretaur 

GGF, 


’SS 1335 

553 555 

1»3 nn 
24124550 
£9 700 

857 85] 

JPS2-5 24 

229 JO 23270 


Cans 1 1250 123 

anrowr* 1470 1467 

amenta Franc 349 340 

Qua Med 
ED-AquJIabM 
Elf-Sanofl 


439 434 

« 405 

908 995 


1 metal 

Latorge Coppce 


Lrcn, £ocu 
OreallL') 
L.VJMJL 
MaTro-Hadwtte 
Michel In B 
Moulinex 
Paribas 





Sao Paulo 

April 22 


Banco do Brasil 71.70 20 

Banespa 1370 13 

Broonca 13 12*0 

Brahma 2*99 Z15 

Pty an opanema 20 1950 
Petrobras 105 94 

Teletxus 3X60 3170 

VDt* Rio Dace 107 98 

Vans 14* us 


BWSSV 1 S 1 ^ 1 


Singapore 


Cerabos 

a tv Dev. 

DBS 

Fraser Heave 
Genttas 
GcNtan Hope PI 
Haw Par 
Hume industries 


KLL 

mail 

Matevon Banks 




ou 

DUE 


$ 


Siang rik) 

Sime DartiY 
SIA 

Snare Land 
STxjre Press 
5 mg staamNilp 
Sttara Telecoown 
Strutts Trading 
UOB 
UOL 




BJ5 XQS 
7J0 7JD 

1150 11^ 

19.10 1X70 

1770 1740 

254 257 
350 148 
£45 53S 
975 575 

11 BUD 
104 2*8 
158 
*65 

12 . . . 
755 7« 
755 7-70 

11*0 T2.10 
5J0 575 
0 98 W6 
75S 750 
7A0 7.35 

1*40 1*40 
3M 184 
142 138 
176 174 

11.10 10.90 
Z2Z 230 

:238752 


Stockholm 


AGA 

AaeaA 

Astra A 

Atlas Copco 

Ele ctro I u3« 8 

Ericsson 

EssefT+A 

HanflHsbanken 

Investor B 

Norsk HYdra 

Procardia AF 

Sendvlk B 

SCA-A 

+E Banken 

SkandtaF 

Skansfca 

SKF 

Stars 

TraUsBatsSF 

Volvo 


413 fll 

617 617 


159 160 

516 514 


382 376 

345 346 


in in 

113 109 


TBS 187 
242JH W 

in in 
118 120 
121 121 
5350 


127 131 

1B2 183 


148 147 

392 397 


9850 97ISG 
712 698 


Tokyo 


485 4M 

745 ?47 


1178 


AknlBeefr _ 

ASQil Chemical 
! ASM Glass 
Bank at Tokyo 
BriSpestame 
Canon 
Coda 
Dal N- 

natwa ■ -11 .» .. .... — 

Dalwo Securities moo 1*40 


1530 ... 
1500 1510 
1690 1480 
1260 1280 


Nippon Print 1770 1 790 
m House 1540 1591 


Fanuc 
Full Bank 
Full Photo 
- -.JttSU 
Hitachi 
I BtacM cattle 
Homo 
Ito Yoksdo 
Itaetaf 

Japan Airlines 
Kallina 
Ksnsal P owe r 
Kawasau steel 


4260 4240 
yawl 22* 
2180 2710 
1040 1040 
946 «65 

791 810 

1730 1730 
5360 £90 
898 687 

Toe 751 

921 930 

2600 2620 
365 365 


K irin Br wrary 
Komatsu 
Kubota 
Krocera 
Matsu Elec lads 
Matsu Elec Wlcs 
Mitsubishi Bk 
Mitsubishi Kaset 
Mitsubishi Elec 
Mitsubishi Hev 
Mitsubishi Carp 
Mitsui and Co 
MltautasM 
MttsuaU 
NEC 

NGK Insulators 
Nlkko Securities 
Nippon Kogaku 
Nippon Dll 
Mjioon 5tarl 
Nippon Yusen 
Nissan 
Nomura Sec 
NTT 

Olympus Opttcol 
Pioneer 
Ricoh 
Sanyo Elec 

Sborp 

Shlmazu 
SMnetsu Chem 
Sony 

Sumitomo Bk 
Sumitomo Chem 
Suml Marine . 
Sumitomo Metal 


1200 1230 
905 917 
683 (70 

6300 6290 
1700 1710 
1140 1130 
2738 2750 
491 500 

609 615 

685 49*. 

11211 1130 
790 7S9 

951 9*9 

20)0 2020 
1150 1190 
1100 1110 
1220 1240 
raw 1028 

726 7Z7 

344 342 

600 400 

ST on 

2240 2310 
8880a 8970a 
1010 1020 
2570 2570 
862 1*9 
.505 508 

1440 1480 


TOtte *,tene 

p manrir 


TaWM i_. .... 
Takeda Owm 
TDK 
Tell In 

Tohro Marine 
T okyo E lec Pw 
Toppan Printing 
Torov Ind. 
Toshiba 
Toyota 

Yomaichl Sec 


WOO 5910 
2)50 2170 
475 482 

775 970 
288 291 

S I 487 
1 836 

1210 1240 
4*50 *630 
515 523 

S 10 1310 
SO 3250 
1310 13X 
700 492 

>73 775 
2010 2030 
863 BS8 


a: x ’00. 

NIKM4 22S ^19719 

Pt Ea o — : WM* 


Toronto 


AbirtbJ Price 
AsnjCD Eosta 

14% 

16% 







2l»% 

20% 

r 

■ 



30V. 


Ad la Inti B 

230 

238 

BCE 

40% 


Alusuissa B new 

ATS 

STB 

BkNOvOScotta 

27 

24% 

BBC Brwn Bov B 

1240 

124S 

BCGos 

15% 

15% 

OboGetUYB 

va. 

920 

BC Telecom 



CS HokSInos B 

593 

606 

BF Realty Hds 

Off? 

ElektrowB 

348 

374 


U 3i 

DM 

FlscherB 

1445 

U75 


9<L 

94* 


7750 

7190 

CAE 

S 


Jtlmall 8 

849 


Camdev 

S 

690 

Landis Gyr R 

874 

895 

CIBC 

•J+% 

79 

Moevenofak b 


436 


37% 

31% 

Nestfa R 

1211 

1234 

Con Tire A 

»744 

12 


146 

IM 

Confor 

XT% 

42 

rrrrnrrrili 

1630 

lxro 


4 'A 

625 

Roche Has PC 

68111 

om 

CCL ind B 

8V* 

8% 

Safra Rrautaic 

130 

130 


610 

4 


3710 

3735 


21% 


Schtnaier B 

8390 

8400 



71% 

So Ira- PC 

1022 

1014 






2230 


71% 

«!+ 

5wl«8nkCoraB 

•40J 

40/ 



074 

SwtSSRolnsur R 

5/4 

571 


16* 

14U. 

Swtacrtr R 

m 

SIN 


S3 

080 

UBS B 

MBS 

1TV6 

FCA lnl| 

320 


467 

47V 

Fed Ind A 


6% 

1- ■ • 1- " »: 

1244 

1240 

PfatCtwrOwHA 

FPI 

m> 

5V4 

1944 

5V. 

5BS index £97501 
Frvvtaai : HuS 




Gentra 

Guff Cdc 


- .'CdaRes 
Mees Inti 
Hemlo GW Mines 
Hoi linger 
Hor i mm 
Hudson’s B«»y 


inco 
Interprav pipe 
Jmnack 
Labatt 
LobtawCo 
Macke n zie 
Mam Inf/ A 
Maple Leal 
Maritime 
Mark Res 
MoCLean Hunter 
Moteon A 
Mama Ind A 
Horanda irtc 
Norand q. Fote« t 
Norcon Energy 
Nthern Telecom 
Nova Carp 

□shown 

P op u rtnA 
Placer Dacne 
Poco rttiuh-utn 
PWACOTP 
Roy rack 


*40 43S 
15 14% 
T2% 12 

15% 15% 

30% 30% 
18% 17% 
71% 2W 
33% 23% 
10 9% 

60% 39 

13 12% 
25% 25% 
9% 9% 

N.T. 17 
24 23% 
6% 6% 
24 23% 
12M 12% 
15% 15% 
38% 37% 
10 % 10 % 


U.5. FUTURES 


Seam Season 


Open Hon Low Oasm Qv OpM 


Rogers a 
Rothmans 
Roval Bank Can 
Res 


Sceptre 
Scott's t 
Seogrorn 
Sears Con 
Shell Can 
Sherrttl Gordon 
SHLSvstamhse 
Souttxm 
Soar Aerospace 
5taicoA 
Talisman Energ 
Teck B 

T homso n Carp 
Toronto Dotnn 
Torstw B 
TrertsoitoUMi 
TrwisCdoPlpe 
Trtlan FlnlA 
Trlmoc 
TflMCA 
Unlcorp Energy 
TSE 308 ... 
Previous : 


155 3% 
27% 27% 
TO% 10% 
0-82 0J84 
19% 19% 
30% 30% 
IfW 19 

81 IT 
26% 26V. 

14 13% 


7% 

41 

7% 

40% 

12 

9 


7% 

39 

B 

40 
12 

8 % 


18% 1B% 
17% 17% 
8% 8% 
31% 30% 
23% ZFL 
17% 17% 
71% 2tH4 
23% 23 

14% 14% 
18% 18% 
4-60 4% 

76% |7% 

0- 59 063 

1- 45 144 


Grains 


2-73* 
179% 
142 
183 -A 
2JSM 


TOOUR 

READERS 

JN 

LUXE^OURG 


If soever 
been easier 
to subscribe 
and save. 
Jusf call 

toll-free: 

08002703 


_ lT CCBOTJ UNariramn- 
3Jt ZOO Moy 94 3.14% 11V 

354 2J6 AM 94 1U% XII 

XJ71* 102 SlpM 117 02? 

145 389 DvcM 3J7 102 

354% 357 Mcr93 3J1 US 

3JS X16%May95 

3-0% 111 Jul9S X17 12* 

Est. Stas HA. RVs.Kta$ 9547 
FrrsopenM OJU off 113 
WHEAT CXBOTJ unbmmnwn- 
X79% US Moy 94 125% IX 

355 287 Jut 94 114% X1T* 

355% 352% Sep M X17% 352 

340 112% DrcW XM 328% 

353% X25 Mcr« 126 351% 

354 X2THM0V9S 

Est. stats HA Frt*x.Btas *31? 
R+sopwiW 7*872 up 3» 

CORN KBCm uoduuMtutv 
314% un6Moy94 257% 259 

116% 141 AH 94 240% 257% 

292% 2-*% Sep 94 255% 257% 

234%Dec« 249% 253 

253% Mar 95 255% 259% 

258%Moy9S 251% 243% 

250ViJul95 240 244% 

144% Dec 9J 144% Ita 

EH sates HA Frit, sues 48.1*5 
BfiaaenW »i223 off 2WJ 
SOY8CANS (aton MOtunMrun- 
751 55I%Mov94 *58 669% 

750 5J4%Jut94 656% 649% 

7^5 628 Aug 94 450'A L6JV, 

6*9% *17 Sep 94 631% 641 

655% Nov 94 614% 6J4% 

613 Jot 93 621% *20% 

618 Mr 99 626% 634% 

621 Moy93 634 635 

634 JUI9S 632% 637% 

— S81MNta9S 681 688 

EsLstaes HA Frfs.stae* 463M 
FritcuenW 14*944 off Ufa 
SOYBEAN MEAL (CBOT) taiMRW 
732J30 14*70 May 94 1BX00 19Q50 
1B520JUI94 18X38 19X78 
18530 Aug 94 18690 1*178 
lSL70Sep94 185J0 1*780 
181500094 )H£0 IB* 70 
4J0DK94 1B220 18180 
19050 Jon 95 18230 11X70 
111 50 Mar 93 U*30 1S600 
1B2J0MOV95 183.00 1RSJ0 

IS2_50J<4t5 1*150 1*440 

Est. sales HA Pffxstaes 712W 
FfTsapenM 9 VfU up 1687 
SOYBEAN 04L ICBOT) HJOBta-ta 
3045 ZIJOMay 94 27.42 2855 

2920 21554494 2757 2632 

29 28 71 45 AIM 94 27^ Z7.W 

2X43 224IS8P94 24J0 2752 

77.60 22 10 Od 94 2S.75 1635 

27.05 0.90Dec94 2625 2S42 

&S SSiU ss ss 

SS hSjS^s” l«s 

Est tufas NA. IXlfl 

FrTs open M 1 01.921 off 77 


X13 XIIH-HUOX 7.204 
XI154 217% *(mr% 29469 
3.15Y, 33 1% *-01D% 6216 
125V. 351% *1184 6678 

130% 355 4-fljo 371 
131 *(104 26 

117 354 rOOt 40 


Season Season 
rttfi Low 


Open Meh Low Onee Cha OP.W 



9.17 Mar 95 11.10 

1125 

1X13 

1123 

+ 001 15J3S 

HAS 

1007 May 95 11.15 

1123 

11.13 

1121 

+005 

2202 


1QJ70H 95 



1121 

♦003 

1.191 


IOJ7 Od 95 



11.19 

♦001 

351 

1105 

1888Mor 94 



1LI4 

—002 

0 

EsLstata 

2103 RTvstatt 

43*738 






m 

COCOA 

1365 

1377 

USJ 


1407 

USD 

1437 

1385 


354% 3-29% +054 6873 

113% 1T8% +010% 1W53 
116% 12QM+X(B* 3415 
1ZM 3J7V. +tUB% 1448 
126 350% +003% 364 

125 +003 17 


2JB%— OOOY. 5+755 
252 127593 

257% +881 29530 

252’A +002 70J17 

258% +002 4415 

263% +CJB 775 
244% +021% 1224 
248% +081% 1,114 


757% 




675 

650% 


ynan 

IT0JO 


20980 

20100 

194J0 

1 9150 



2750 20 14 

Z7_n 2X29 
2752 2787 

2675 2751 

2585 2652 

2552 2541 

2X08 2557 

3695 2520 

2115 +035 

3695 369S +B23 


+087 17.946 
+046 35,103 
+055 TIJB7 
+037 10452 
+041 6347 


+ 031 22*4 
+029 741 


Livestock 


CATTLE 

7527 71 25 JOT 94 7240 7285 

7X13 TO»Aub94 702 2-M 
7610 71870094 7US 7140 

7630 728J0*eM 7280 7385 
7625 TL40Fta« 7280 7245 

7X10 7120 Apr 95 »8fl 7165 

EstStaM 18,9(17 FfTv late 6514 
PTt BPWlk* *4+3*4 Clt 1404 


71 JS 
7040 
7W 
7350 
7240 

ns 


TUB —025 32,157 
70-50 —0.15 is oWK 

71.90 -4U0 11830 
7241 -083 5,903 
7240 —085 1143 
712 871 


8589 
8440 
8100 
81 JO 
BUS 
SJO 

8095 

8023 


CATTLE 


79 JS 
79 JO 
7985 


BOH 

7948 


7920 APT 9* 

7170M8V94 7US 

79.32 AJO 94 7955 

7920Segfa 798# 9M# 

7955 Oct 94 7910 7923 

7745 MW 94 79.95 
7780 JOT 96 7948 

7XSM0T96 
EAltaB 2883 Ftfs-SOte LIS 
FmopenW13587 OT 203 
HOGS 

5627 4527 Junta 032 S2.9S 

«ti 4520 Ju! 91- SUB 52AS 

Sot 4635AOT94 49JB mSJ 

Oji CJOOa* «8S 4X05 

S3 *680 Dec W 4U5 *5.10 

SUO 4670 Feb 95 4680 HIS 

£S 4090 APT 93 4165 43JB 

53 4X25 JOT 95 «.W 

EsLstaes ,3872 W».«W 160 
Frf* open int »4COT 95 
PQRKBS4JES CMEftJ AWta-e 
SjO 3980 Jut 94 5133 5320 

4280 AOS 94 5140 
39. 10 Fib PS »« 
SMOMarW SJO 

u 5650 May 95 5245 

_5«tas 3422 WlWW 1,904 
FfTsopenW 94* «* 


7945 

7985 

7940 

7940 

7940 

79JS 

T93S 


7985 -002 1869 
7985 -007 3461 

7942 —418 5^79 

7940 +O10 1861 

79^ talt 947 
7135 -082 60 

7943 +B.U 114 

7X50 -005 23 


3X38 045 -OO 17,145 


5147 

4X50 

**57 


4658 

4M 


Jim ~ 41 If i/«IN 

5147 —033 5432 
4983 -022 1pW5 
4693 +0.17 1,978 

4612 +007 2*562 

4680 + 0.10 335 

4U8 S3S 184 
4X00 —083 52 


SMD 

61.15 

60J0 

4180 


5180 

5630 

5X80 

SUB 


5247 

SUB 

5X60 

SUO 

5141 


5X15 -047 «*! 
5045 -7.12 18*4 
047 —083 149 

9J0 -030 M 
S.12 -841 1119 


Food 


C UOS gin, - I, 
6125 MV 94 8650 8685 

66904494 0685 8530 
MJSSep* 1615 BUD 
77.10 Dec « gJJ 

7X90 Mta* 95 WJg BK 
8X50 Mar 95 8945 
8540 Jilt 95, 

B40SCP95 

s“-*ssa<ra’^ 

nje 

1141 


9050 
87 J5 
BUB 
9UB 
90J0 
9140 
SUB 
*140 
£ a| 


8638 


8690 
87 JO 
8925 


0625 

8675 

B&9D 

8695 

87^0 


9045 


2428 

~a.ro 2 i 8» 

-080 H45B 
—420 <963 
—4.11 2*192 
-430 Ml 
—440 31 

—438 1 


9.!SJul** jug JW 

9OTOdW 11X7 1145 


1141 
1144 

1142 


1140 

11.91 

1145 


+048 11/478 

—4M 4*428 

31.344 


0540 

13540 

13650 

13440 

'EM 

13625 

11X50 


M H0A7& UP 2M 
INCSQ nmtalctee- SMrta 
9994494 HOT 1144 1117 

100D5OTM 1145 1170 1145 

KM1D0C94 1303 1207 1185 

1877 Mot 95 1235 1335 1321 

KBDMarfS «» 71 » 7008 

1225 AH 95 U85 IMS 1245 

12755ep9S 

l305Oec9S 1340 1340 1S3 

1305 MOT 96 1372 1372 1^2 

)233May9* 062 Utt 1230 
I 5062 Ftrs-staes *778 
itat 84163 tal 924 
JUICE (NCTM lOTMramw 
8940 May 94 10145 191-25 9940 
100.75 At 94 10X25 10175 WUO 
10400 SCO 94 10675 106J5 104J5 
10615NOVM 10740 1B7-H 10740 
W150 Jan 95 10948 10940 10625 
10640 Mot 95 1IO60 11140 11025 
11X50 Mav 95 
Jut 95 
Sop 95 

HA FWs-sate 1,90 
ihtf 22452 OK 113 


1119 

1140 

IS 

ran 

1367 

1291 

130 


—11 3650 
-81X558 


—7 10485 
— 3 SM 
-* 2480 
-7 571 

—2 401 


1385 


4490 


9940 

10X10 

18600 

W7A0 

MX75 

11140 

mao 

11*50 

11440 


—TOT 1411 
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INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 245, 1994 


Page 11 


EUROPE 


u '<v M , f- 

■ tn t ■ 


U.K. Economy 
Grows for 8th 
Straight Quarter 


LONDON-.B^s^ 

oSti^iih e r ei8hlh 

quarter in the first Quarter of 1994 

aad output is now back at the levels 

seen before the 1990 - 9 t nrocn™ 

tiata published Monday * 

rhe Central Statistical Office 

d0I ? eslic P^uct grew 
0.7 percent in the first quarter from 

n«<,? 7 r n0lls ^ &ame as in the 
nnai three months of 1993 . 

The year-on-year growth rate. 


Russia Signals 
Wider Deficit 

Reuters 

MOSCOW — Russia an- 
nounced plans Monday Tor a 
soarpty wider budget deficit, 
jeopardizing targets agreed 
with the International Mone- 
tary Fund and risking fragile 
plans for economic reforms. 

But economists said that 
much would depend on wheth- 
er parliament approved addi- 
tional spending when it de- 
bates the budget this week, 

Alexander Pochinok, depu- 
ty head of a parliamentary 
budget committee, said a new 
Finance Ministry draft envis- 
aged a 1994 budget deficit of 
68.8 trillion rubles (S38.4 bil- 
lion), widened by 10.3 percent 
from a previous draft. 


edged up to 2.6 percent in the first 
quarter from 2.4 percent in the fi- 
nal quarter of 1993. The govern- 
ment has forecast 2.3 percent 
growth for 1994. 

The output index rose to 100.7, a 
level last seen in the second quarter 
of 1990. The economy shrank over 
the subsequent seven quarters. 

A spokesman for the Treasury 
said Monday that the economy bad 
now experienced “two yean of re- 
covery across a broad from.” 

The government also said Mon- 
day that Britain’s merchandise 
trade deficit with non-European 
Union countries was £673 mil li on 
($1 billion; is March, little changed 
from £640 milli on in February. 
Figures covering trade with the Eu- 
ropean Union are being delayed by 
problems with a new data- gather- 
ing procedure introduced at the 
start of 1993. 

Merchandise trade covers physi- 
cal goods and excludes payments 
for services such as insurance, ship- 
ping and hawking and dividends. 

Richard Needham, a junior trade 
minister, said the value of manufac- 
tured exports in the first quarter of 
this year was 1 5 percent higher than 
in the year-earlier quarter, and ex- 
porters had done well in Asian and 
North American markets. 

But the recent trend toward a 
widening trade deficit is troubling 
economists, who said they wore 
concerned that Britain could be 
facing one of its periodic balance- 
of-payments crises in the near fu- 
ture. (AFP, Reuters) 


Lloyd's Braces for Court 


By Erik Ipsen 

Internationa i Herat J Tribune 

LONDON — An expected grim week for the 
Lloyd's of London insurance market got off 10 a 
surprisingly bad start Monday, As lawyers put 
their finishing touches on opening arguments for 
Tuesday’s commencing of the largest legal case 
brought by Lloyd’s members against their under- 
writing syndicators, a study released Monday con- 
cluded that the market’s reserves against pollution 
and asbestos claims were only a small fraction of 
the claims it would probably face. 

The report, written by Randolf Fields Wires 
have it spelled Randolph, an insurance industry 
consultant, estimated those liabilities ax £26 billion 
(S39 billion) and Lloyd's reserves at only a tenth of 
that. Mr. Fields said Lloyd's reserves were inade- 
quate to cope even with expected asbestos claims 
much less the far larger burden of pollution claims. 

Nick Doak, a Lloyd’s spokesman, said the re- 
prat was “nothing new,” and faulted it fra several 
technical inaccuracies. He conceded, however, that 
Lloyd’s own attempts to quantify its asbestos and 
poflution related liabilities has yet to reach a con- 
clusion. 


The company's legal woes pose more irmnediaie 
problems. Those problems will begin a thorough 
airing Tuesday, when lawyers representing 3,095 
individuals whose capital backed insurance poli- 
cies fra seven syndicates managed hy the Goods 
Walker agency will begin their High Court action 
seeking £600 million in compensation. 

“We think we have a rood case based on dear 
evidence,” said Richard Platts, membership secre- 
tary of the Gooda Walker Action Group. 

The Gooda Walker group is rate of 40 such 
groups of wealthy people who have financed the 
market since its inception 300 years ago. The 
backers, known as the Names, are seeking total 
compensation in excess of £2.5 billion fra negli- 
gence and mismanagement. 

In February, Lloyd's offered to settle all legal 
actions out of court by awarding the Names a total 
of £900 million, but the offer was roundly rejected. 

As the first major legal case and as the largest. 
Gooda Walker will be closely watched. “It is 
important because it will set the Lrend for the other 
cases," said Charles Sturge, co-editor of Chaise t. 
an organization that tracks the Lloyd’s market 


Sweden Chips Away at Welfare State 


Compiled by Our Staff From Dupacha 

STOCKHOLM — The huge 
budget deficit that has given life 
support to the Swedish welfare 
state will be shatply reduced by the 
turn of the century, Finance Minis- 
ter Anne Wibble said Monday. 

She presented a plan to speed 
already-announced budget cuts, 
slashing another 20 billion kronor 
(5234 btihon) to bring the total rix- 
‘ cuts to 100 billion 


Mrs. Wibble said that to meet the 
long-term goal of further reductions, 
pension benefits would be reduced 
and the retirement age would be 
raised to 66 years from 65, 

The center-right minority govern- 


ment may have difficulties petting 
further reductions approved in par- 
liament, however. Goran Persson. a 
member of the opposition Social 
Democratic Party, called the new 
budget cuts “a very weak proposal.” 

Mrs. Wibble predicted unem- 
ployment would total 8 percent in 
1994 and 12 percent in 1995 , while 
growth would be 2,4 percent this 
year and 3 percent next year. 

The government presented three 
different scenarios for economic 
development after 1995 and all 
three assume that Sweden will be a 
member of the European Union. 
The government’s favored scenario 
aims for 4 percent growth and for 


structural reforms to increase flexi- 
bility in the labor maricet 

(AP. AFX Bloomberg) 

■ Volvo Sells Cardo Stake 

Volvo AB has sold its 43.S per- 
cent slake in the Swedish invest- 
ment concern Investment AB 
Cardo for about 3.7 billion kronor, 
Volvo said Monday, according to 
an Agence France- rresse dispatch 
from Gothenburg, Sweden. 

Volvo said that the disposal of 
the stake was pan of its “new strat- 
egy, winch was announced last 
week” to concentrate on its car and 
truck business. The operation was 
expected to yield a capital gain of 
about 2.6 billion kronor. 


Siemens 
Is Resolutely 
Cautious 

Complied by Our Staff From Dlsptacha 

MUNICH — Siemens AG, the 
electrical and lekcommunications 
giant, said Monday that its net prof- 
it rose slightly in the first half of the 
business year but that it stfll expects 
a decline in full-year earnings. 

Some market analysts were more 
sanguine than the company, how- 
ever, predicting flat profit at the 
worst for the year. 

Siemens raid net profit was 879 
million Deutsche marks (S521 mil- 
lion) for the ax months to March 
31, up from 877 million DM a year 
earlier. Saks rose 3 percent, to 38 
billion DM, while orders rose 9 
percent, 10 44.4 billion DM. 

A spokesman said that Siemens 
still expected its profit to decline in 
the business year ending Sept 30, 
from the 1.98 billion DM it earned 
in 1992-93. In January, the company 
said it expected a fall of 10 percent 
to 15 percent. 

Siemens, which typically has 
earned a large slice of its profit from 
returns on its financial in vestments, 
has said its 1994 result would be hit 
by falling interest rales in Europe. 

Manfred Piantke, analyst at Bank 
Julius B3r in Frankfurt, called first- 
half orders “really quite good.” 

A pair of London-based analysts 
had a different perspective. “The 
period of u nd erperf onnance is 
over,” Kevin Bran at Credit Suisse 
Fust Boston said. In the coming 
half, Siemens should show further 
modest improvement, due largely 
to better financial returns, he said. 

“I think at worst you’re looking 
at flat earnings” for the year, Den- 
nis Extern at Merrill Lynch Re- 
search International said. 

(Bloomberg, Reuters) 


investor’s Europe 


■ . ,CAC 4Q- v 














■ J i .O ' 1 ' >V i i . 1 - 1 - y - r/ ' » ■ * ; - 1 ■■■*-■■ / . 




Sources; Routers, AFP 


InMa wmlHtnHTtitmt 


Very briefly: 


DEBTs Change in lineup of Private Lenders to Developing Nations Brings Potential for a New Kind of Crisis 


Continued from Page 9 

exert more discipline on these 
countries,” said Lincoln Rathnam, 
director of emerging markets at 
Scudder, Stevens & Clark, an in- 
vestment management company 
based in New York “If people 
don’t like a particular policy, they 
will react to it and exert a rather 
severe penalty on local securities 
markets.” 

Still, despite the recent bond sell- 
off, many investors’ faith in the 
developing world remains strong, 
in part because of changes that 
have already been implemented in 
several countries. 

Thai faith has been tested in 
Mexico this year, for example, by 


NYSE 

Monday’s Closing 

Tables include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades elsewhere. W& The Associated Press 


the peasant uprising in Chiapas 
and the assassination of the ruling 
party’s presidential candidate. But, 
while investors were rattled — as 
much as 58 billion has been pulled 
out of the country since the start of 
the year — many are staying put, 
and some even see buying opportu- 
nities. 

“There has been huge conceptual 
progress,” said Pedro Pablo Kuc- 
zynski, a former minister of mines 
in Peru who is now chief executive 
of Westfield Capital, a Miami- 
based investment firm that takes 
equity positions in Latin American 
companies. “But we still have a 
long way 10 go. And the debt is stiD 


Indeed, while most of the debt 
problems left over from the ’80s 
have been worked out, a lot of that 
debt remains 10 be serviced, about 
5500 billion of it in Latin America 
alone. Without strong economic 
growth, meeting interest payments 
will be a challenge. 

And that could result in a su- 
preme test of faith for the new 
investors: If some governments 
and private borrowers default on 
their bonds, as some specialists say 
is inevitable, the developing world 
could mod up holding the bag. 

In the ’80s, banks had little 
choice but to work out their prob- 
lems, pumping in more money to 
keep that debtors afloat But the 


new investors, who individually 
have much less at stake, may just 
decade to take their losses and go 
elsewhere. 

Last year, the major emerging- 
market economies saw about 
5180.8 billion in net inflows of for- 
eign capital, according to the Insti- 
tute for International Finance, a 
Washington-based organization es- 
tablished in the *80s by big banks to 
monitor the debt crisis. 

Nearly 74 percent, or $133.4 bil- 
lion, came from institutions such as 
pension funds, mutual funds and 
investment banks, which invested 
in equity or braids of private com- 
panies that were formed during the 
debt crisis. Commercial banks, by 


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Continued on Page 12 


accounted for just 
lion of the gain. 

That is a sharp contrast from 
1981, when commercial banks ac- 
counted fra 86 percent of the pri- 
vate money that flowed into these 
countries. 

The problem, according to some, 
is (hat many investment decisions 
made over the past few years were 
motivated more by low interest 
rates in the industrialized world 
than by reasoned assessments of 
(he countries and their economies. 

New money “went to countries 
that were performing and to others 
that were not performing,” said 
Charles Dahara, managing director 
of the Institute for International 
Finance. 

At a recent conference, Mr. Dal- 
lara said this habit of indiscrimi- 
nate investing ran the risk of “in- 
ducing complacency among 


policymakers” in developing na- 
tions. 

Now, the risk is that some un- 
foreseen financial failure will turn 
the spigot off as abruptly as it was 
turned on. 

Policymakers in developing 
countries have their work cut out 
for them, Mr. Dallara said. Not 
only must they constantly upgrade 
information for investors, he said, 
but they should also be consistent 
in their policies. 

“If you deviate from soand poli- 
cy over time, your access to a cer- 
tain market will close op again," he 
said. 

Still, among developing coun- 
tries, the movement toward inves- 
tor-friendly transparency is likely 
to be uneven. As a consequence, 
there will almost certainly be 
bumps, perhaps big bumps, along 
the way. 


International Herald Tribune 

PARIS — Peter Sutherland, the 
director-genera) of GATT who last 
December helped to push through 
the world’s biggest trade accord, 
said on Monday he would not be a 
candidate to head the World Trade 
Organization that is to be set up 
early next year. 

The former Irish attorney gener- 
al and European Union competi- 
tion commissioner made the an- 
nouncement in a statement. Mr. 
Sutherland first indicated he might 
leave the Geneva-based job in an 
interview earlier this month with 
the International Herald Tribune. 



REPUBLIC NEW YORK CORPORATION 
SAFRA REPUBLIC HOLDINGS SJL 


Consolidated Statements of Condition 
and Summaries of Results 

These statements and summaries represent the consolidated accounts of Republic New York Corporation and its 
wholly owned subsidiaries and of Safra Republic Holdings S.A. and its wholly owned subsidiaries. Republic 
New York Corporation owns 48.8% of Safra Republic Holdings SA, which is accounted for by die equity method. 


Cash and due from banks 

Interest bearing deposits with banks 

Precious metals 

Investment securities — . — - — 

Trading account securities — 

Federal funds sold and securities purchased 

under resale agreements — 

Loans, ner of unearned income ........ — 

Allowance for possible loan losses 

Other assets — 


Total assets 

Liabilities 

Total deposits 

Trading account liabilities — — — — 

Short term borrowings — — . — .. — — — — 

Other liabilities — —. 

Long term debt. — — — — — — 

Subordinated long-term debt and perpetual capital notes 

Shareholders’ Equity 

Cumulative preferred stock 

Common stock arid surplus, net of treasury shares — 
Retained earnings.. 


Net unrealized loss on securities available for sale, 
net of taxes 

Total shareholders' equity — 

Total liabilities and shareholders’ equity — 

Bode value per share .. — ... 

Client portfolio assets in custody — — — ... 

Net income, for the three months ended. — ........... 

Net income per common share (primary) — 

y^Average common shares outstanding (primary) 


REPUBLIC NEW YORK 
CORPORATION 

March 31, 


1994 


1993 


SAFRA REPUBLIC 
HOLDINGS S-A. 

March 31, 


1994 


1993 


(izv thousands of US$ except per share data) 


$ 602,263 

$ 

446,934 

$ 

51341 

$ 

60,864 

5^05,088 


7,271,423 


3,964369 


3301379 

l t 521,937 


419,242 


- 


— 

14385,763 


13,063,123 


6385,640 


5357,635 

2,954,056 


844,131 


93368 


43,617 

2,159,5 96 


1,769300 


_ 


_ 

1 0,051,994 
(313,416) 


7,925,159 


3351398 


1,173316 


(251,870) 


(110,901) 


(56,790) 

9,738^78 


7,673,289 


1,140,497 

329,003 


1,116,726 

4.795335 



3.282,057 

_ 


280,081 

$41,862,616 

$34,769399 

$ 11,864318 

$ 10360302 

$22,13930Z 

$20,713,976 

$ 

7,667312 

$ 

6,819,860 

2,484,177 


114358 


— 


— 

5,879,697 


4328341 


2,015,178 

240,197 


1,705,094 

4,010,969 


3,091,999 



231315 

2,628,242 


2,175362 


750,000 


447,600 

2,205,674 


2,130,988 


— 


— 

556,425 


556,425 


_ 



714,802 


711,288 


904302 


901,870 

1365,093 


1346,162 


343,608 


254,863 

(21,764) 


- 


(56379) 


- 

2314356 


2313,875 


1,191,631 


1,156,733 

$41,862,616 

$34.769399 

$ 11.864318 

$10360302 

$ 3732 

$" 

33.67 

$" 

67.17 

i 

6337 




$ 

5,779302 

$ 3,697,565 

$ 79,779 

$ 

8,745 

$ 

43347 

$ 

27,205 

$ 138 

$ 

1.18 

$ 

2.44 

$ 

154 

52357 


52,196 


17,738 


17,703 J 


Risk-Based Capital Ratios 

As of March 31, 1994, Republic New York Co r po ra t i on's risk-based core capital ratio was 16.15% (estimated) and 
total qualifying capital ratio was 27.80% (estimated.) The ratios include the assets, ride-weighted in accordance with 
the requirements of the Federal Reserve Board specifically applied to Republic New York Corporation on a fully 
consolidated basis and capital of Safra Republic Holding; S-A. Total consolidated assets are approximately US$ 52 
billion and total consolidated capital, including minority interest and subordinated debt, exceeded US$ 5.3 billion. 


Republic New York 
Fifth Avenue ar 40th 
New York, New York 10018 


non 


Safra 


SkA. 


, Hoi 
32, boulevard Royal 
2449 Luxembourg 

Banking Locations 

:va, uitnairar, uuemsey, London, Lugano, Luxembourg, Milan, Monte Carlo, Paris, Zurich, Beverly Hills, Cayman Islands, 
Lra Angeles, Mexico City, Miami, Montreal, Nassau, New York, Buenos Aina, Caracas, Montevideo, Punta del Este, 

Rio de Janeiro, Santiago, Beirut, Beijing, Hong Kong, Jakarta, Singapore, Sydney, Taipei, Tokyo 


Geneva, Gibraltar, Gt 


• Tborason-CSF, the French state-controlled electronics company, is 
unable to publish its 1993 results by the April 30 government deadline 
because of problems in calculating its share of a plan to support Credit 
Lyonnais, the state-run bank that posted a loss of 7.0 billion francs (Si 
billion) in 1993. 

• Airbus Industrie received orders for 35 new aircraft during the first 
quarter but also 29 cancellations; the European aircraft building consor- 
tium sold only 38 aircraft for all of 1993. 

• Svenska Handebtaokea AB, the Swedish bank, earned 123 billion 
kromra(S 156 million) after loan losses in the first quarter of 1993, up from 
316 millioa a year ago, helped by a sharp reduction in credit losses. 

■ Royal PIT Nederland NY, the Dutch post and telecomm unica lions 
operator, will be partially privatized in early June, with the government 
eventually selling off two-thirds of the company; private investors will be 
given first priority. 

• Norsk Hydro A/S, the Norwegian energy and chemical company, said 
first-quarter earnings rose 48 percent from a year ago. to 13 billion 
krona (5177 million) because of currency gains on oil revenue; the 
company sells its oil in dollars on the international market. 

AFP, Reuters. Bloomberg 


World Trade Chief to Depart 


lent 

of 

ent- 


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ark 
to 
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jm 

es- 
ley 
52 
)m 
uy 

tut 
rai 
ml 

x- 
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The announcement came less 
than two weeks after the signing in 
Marrakesh of the Final Act of the 
Uruguay Round, effectively a world 
trade trea ty The accord, reached 
under GATT auspices, creates the 
World Trade Organization, which 
wiD absorb the 47-year-dd GATT. 

Mr. Sutherland's announcement 
came on his 48th birthday; he is not 
expected to stay in Geneva beyond 
Dec. 31. There have been sugges- 
tions, which he has denied, that he 
might be a candidate later this year 
to succeed Jacques Ddo is as presi- 
dent of the European Commission, 
the Union’s executive body. 


J 


T 


t 

r 












































































INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 199 ^_ 


Page 13 

asia/pacific 


m --m 


mt 


Asia Television 
To Feed STAR 
With Programs 


Wall Street Likes Japan 

Economy Expected to Lift Tokyo Stocks 

.... - nmMGinvtv attractive, manager of the Japan Fund 


On Price of 
India Issue 



Bloomberg Business Ne*s 

HONG KONG — Asia Televi- 
sion Ltd-, one of Hong Kong’s tele- 
vision stations, has agreed to pro- 
vide the regional satellite 
broadcaster STAR TV with more 
than 1,000 hours of Chinese-lan- 
guage programs a year for the next 
three years, the companies said. 

The two companies will also co- 
produce at least 40 hours of televi- 
sion dramas every year to be simul- 
taneously broadcast on Asia 
Television and the STAR network, 
which is owned by Rupert Mur- 
doch’s News Coip. Asia Television 
will show them in Cantonese and 
STAR will air them in Mandarin. 

The agreement resolves a dispute 
that has simmered between the two 
ever since a similar accord reached 
in 1991 proved to be unworkable. 
That prevented Asia Television 


from selling its programs to other 
broadcasters in Asm, but it also 
prevented STAR from showing 
Asia Television programs for long 
periods of time while they were 
being marketed on video by Asia 
Television. 

Under the new accord, Asia 
Television will be able to distribute 
its programs throughout Asia. 

STAR is scrambling to acquire 
programming for its two Chinese- 
language channels, including a re- 
cently launched movie channel. 

The agreement may help Asia 
Television to break even or make a 
profit this year after many years of 
losses, said Ken Lwok, the secre- 
tary of the company. Asia Televi- 
sion is 50.83 percent owned by Lim 
Por-yen, the chairm an 0 f the Hong 
Kong real estate concern Lai Sun 
Development Co. 


Japanese Car Output FaHs 



Compiled by Our Staff From Dispatches 

TOKYO — Japanese vehicle pro- 
duction fell 12 percent in the year to 
March 31, the third straight year of 
decline and the biggest drop since 
1947, the Japan Automobile Manu- 
facturers' Association said Monday. 

But auto industry analysts said 
they expected output to stabilize at 
slightly higher levels in 1994-95. 

“Japan's vehicle production is 
likely to be around 1 1 milli on vehi- 
cles in 1994-95," said Noriyuki Ma- 
tsushima, an analyst at the Nikko 
Research Center. The counti'y’s 
automakers produced 10.85 million 
vehicles in 1993-94. 

Analysts attributed the fall in last 
year's production to sluggish domes- 
tic demand and exports, along with 
a shift to overseas production be- 
cause of the yen’s appreciation. 

But they said domestic demand 


should bottom in the first half of 
the year and then recover in step 
with the economy, while the yen 
was bound to depreciate from its 
current lofty levels. 

In 1993-94, car output fefl 11.8 
percent, truck production fell 12.7 
percent and bus output declined 
11.8 percent. 

The association reported a 7.1 
per ce nt d eclin e in domestic de- 
mand, which marked the third 
straight yearly fall, and an estimat- 
ed 18 3 percent drop in exports. 

Japan exported 555.90 billion 
worth of assembled cars and $15.45 
billion worth of car components in 
1993-94, while it imported S5.60 
billion worth of assembled cars. 

In value terms, Japan's car and 
car-related industries account for 
about 13 percent of its manufactur- 
ing output. (Reuters, AFP) 


By Kenneth N. Gilpin 

Net* York Times Service 

Political instability, a sour 
economy and an overvalued cur- 
rency are usually not mentioned 
in the same breath as a promising 
stock market. But in the case of 
Japan, the well-documented 
troubles have turned its market 
into a contrarian play. 

“Japan is a case where all the 
bad news is out and on the tar 
hie,” said Michael Metz, chief 
investment strategist at Oppcn- 
hrimer & Co. “I think it is a 
relatively attractive market, and 
my guess is the surprise will be 
on the upside." 

Japanese stock prices have 
performed decently so far this 
year, rising by more than 13 per- 
cent, while markets in other 
Asian countries with superior 
short-term fundamentals took a 
beating and the bull markets in 
the rest of the world stumbled. In 
dollar terms, the Japanese mar- 
ket's gain has been even more 
impressive: about 24 percent. 

The rebound, though fueled 
by money fleeing other markets, 
is no passing fad, many money 
managers said in recent inter- 
views. While they tempered their 
comments with a short litany of 
risks, the money managers de- 
scribed the recent run-up as the 
possible harbinger of a true eco- 
nomic recovery in Japan. 

After four dismal years during 
which the Nikkei average erf 225 
stocks fell from its high of 39,000 
to flirt with 15,000, the first-quar- 
ter turnabout has turned some 
hf uds (The Nikkei dosed Mon- 
day at 19,709.14 points, down 
25525, in the middle of its range 
over the last couple of mouths.) 

Douglas Johnron, a senior in- 
ternational equity strategist at 
Merrill Lynch & Co. dismissed 
the Japanese market at the be- 
ginning of the year and pointed 
to better opportunities else- 
where. especially in Europe. His 
view has changed. “The market 


is looking increasingly attractive, 
in pan because of the imconung 
economic recovery.” Mr- John- 
son said. , . 

It is a recovery that virtually 
all those interviewed expect to be 
modest But after four years of 
rWJming corporate earnings any 
economic gain should bolster 
profits and thus stock prices. . 

David Ishibasbi, a vice presi- 
dent and portfolio manager at 
Smith Barney Shearson, pulled no 
punches. “Earnings reports tor 
the fiscal war that ended on 

Mardi 31 will start to oome out m 

May, and they wfll be hor rible, 
he said. “Estimates for the current 


have & good chance of e xc ee din g 
those estimates, he ocplained. 

On the political front, Japan s 
miing coalition on Monday in- 
stalled Tsutomu Hata as prime 
minis ter, but the Socialists later 
threatened to leave the coalition. 

"Many investors are con- 
cerned about political risk, but 
so far the major wave toward 
deregulation, political reform 
and greater participation in poli- 
tics hasn’t shown any signs of 
reversing," said Sung Kwak, a 






i|ga 


manager of the Japan Fund at 
Scudder, Stevens & Clark. 

Some portfolio managers also 
twice comfort from the Tact that 
Japanese investors — institutions 
and individuals — have mostly 
kept their hands in their pockets 
amiri the turmdL Increased opti- 
mism about the economy and 
politics could send their stock- 
piles of savings into equities. 

Foreign in vestment is driving 
the market for now. John R. 
Hickling , a portfolio manager at 
Fidelity Investment Services 
who runs its $1.8 billion Over- 
seas Fund and its Japan Fund, 
said the country fund's assets 
had more than doubled since the 
start of the year, to S277 million. 

When asked to name prontis- 
mg investments, Mr. ruckling 
and other money managers recit- 
ed a strikingly similar list. 
Among their favorites, blue-chip 
electronics exporters, including 
Sony Corp. and Hitachi Ltd., 
companies that have been re- 
vamping their operations to cope 
with the strong yen and that will 
benefit from strong sales abroad 
when — and if — the currency 
loses some of its potency. 

“There are a couple of themes 
in Japan," said George A. Mur- 
na ghflin. a vice president at Rowe 
Price- Fleming in Baltimore. 
“Play sectors that benefit from 
an economic rebound,” he said, 
citing companies like Nippon 
Steel Co. 

Consumer-oriented stocks 
also stand to benefit as the Japa- 
nese economy picks up. Mr. 
Mumaghan said he liked retail- 
ing stocks, especially Xebio, a 
sporting goods company, and 
companies involved in modern- 
izing Japan's housing slock, such 
as Daiwa House, which makes 
prefabricated homes. 

Helen Sheng, an assistant vice 
president at the U.S. Trust Co., 
said, “We like discount retailers 
like Ito-Yokado and Autoback 7, 
a discount auto parts retailer.” 


Bloomberg Business Sens 

NEW DELHI — Flans by In- 
dia’s overseas telecommunications 
monopoly to raise up to $1 billion 
are likely to fail, international fund 
manager s said Monday. But offi- 
dais close to the company, Videsh 
Sancbar Nigam LttL, contested 
this, saying investors were simply 
trying to talk the issue price down. 

Videsh Sanchar Nigam, which is 
state-controlled, wants to raise the 
money by selling 20 million shares 
in the form of global depositary 
receipts, which are tradeable certif- 
icates held by overseas custodian 
banks on behalf of investors. 

“I will be very surprised if they are 
able to raise SI billion," said a fund 
manager who attended a company 
presentation last week in London. 

The fund manager, who asked not 
to be identified, said the ti ming for 
the sale was wrong because nearly 
all Indian global depositary receipts 
listed in London are quoted at a 
discount to their issue price. 

“The issue has been priced vay 
aggressively,” another overseas 
fund manager said. 

Videsh Sanchar Nigam will price 
the securities next week and has 
said it hopes to sell them at 1 ,400 to 

1,600 rupees (S4430 to $50.80) a 
share. Thai would put the shares at 
a future price/ earnings ratio of 
about 40, one fund manager said. 
Bat the company appears to have 
received some offers below 1,100 
rupees, said Dinesh Valji, head of 
Bhimji-Valji & Co. brokerage. Its 
shares currently trade between 
1,200 and 1300 rupees in Bombay. 

The officials close to the compa- 
ny, who asked not be identified, 
said there was a campaign by some 
investors to bargain down the price 
of the GDRs to recoup losses re- 
curred through Indian mutual 
funds. They said there were no 
plans to cut the sire or price. 

“The issue is doing extremely 
well but there is a disinformation 
campaign," one official said. “This 
is typical Wall Street aggression." 



Issass 

.... 

*."7\ 




Sources; Heufens, AFP 


Very briefly: 

. Chinese workers’ average annual incomes rose 19.4 
3 ^ 36^1 ($373). Sigh the real increase was whittled down to 2.8 
a Labor Ministry spokesman said. 

;S»'S^mBE5s3ss 
■JSSS 1 KSSSSSS- 5 ® 

in Australia valued at about 45 billion yen ($434 million). 

ESiasid pharmaceuticals in Europe. Australia and New Zealand. 

. Japanese department store sales fell 4 peront or *££«■** 
eSJSwttl tiDlion yen, the Department Store Association said. 

• Alcatel Aktbom opened its first Malaysian plant, under 

billion ringgit ($ 743 mSicHi) contract to supply digital telephone lrees- 

. South Korea is »^requo^ 

nies that formed consortiums with local partners ito seek: 1 > . 

contract for a cellular communications network for South Korea 

Taipei and Manila stock markets leaped on 
analysts said confidence had returned to some 


Their Business? 

[Trowdl to Lean on Chinn 


---V- . : ■ • 


By Peter Behr 

Washington Post Service 

WASHINGTON — Jeffrey B. Swartz of Timber- 
land Co„ the trendy sporting shoe company, reams 
that he had an immediate reaction to the 1989 massa- 
cre of dissidents in Beijing: He ordered the company 
to stop selling its shoes in China. 

Tlmberland's international vice president at the 


Human rights “are coming very rapMy on *c ^eare 
in free-mSet systems over there, said Mark Hoffman, 
chairman of Sfisase Inc. aCalifomia software company 
whose sales in China are growing rap.dly 

Most American companies re Chma already 
sure that no prison orchild labor is used to make the 
Sets they buy, said Jerry R. Junkins, chairman of 
^exas Instruments Inc. and bead of the 
trade task force for the Business Roundtable, the 

... r «irn — TIC 


*SSS 3 FSS 3 S+» pistol at the HTSSSTta the 

Swartz moved up in 1991 to become dueT lobbying arm of 250 major US. corporations, 
operating officer of the company his father founded. Bul Human Rights Watch wants public o 
Hethen directed that Timberiand, based mHampton, not private good deeds. US. con 


Balancing safely and performance in institutional fund 
management calls for considerable discipline . 


. ' • 


y yu 

■ n 


New Hampsmre, pnase out should oeciare uuu uigj , a-~~ r- - 

made hiking boots, as welL Timberiand will not do ^uced by prison or child labor, Mr. Dick® 
bSdneM wi§J a system it regards as “fundamentally fasirage compulsory poha^^octimaijon 

evil," he said in an interview. . . . „ sessions at the workplace; they should demand control 

TimberUuxTs unilateral boycott of China puls it rn — 

distinct minority among US. compa ni es. ‘Ta some - 

Ttfanv U.S. companies are 


i. 




influence to improve human 

t&SSESE&SE 

business take a stand. Watch, which over Wring and firing of employees, ratted^ kav 

The organization Human ing that in the hands of govennnra i agency and 

Suld speak out for freedom of expression for thor 

Sears. Roe*mck & Co. fora I 

SSto grant mon ^political freedom and ^S^^cntgoo^iMdevgthptota^ 
economic security to p]ace d to use their from entering its sior^hTalso 

“Manv U^. companies are weu pi w r ^ Tq-. jic refusal to permit any nnniaiy 

considerable h^uence ^ Sunsel of presence" in its oversea^ facilities and Levi Strauss & 
workplace," said Richard Dicker, assoa ■ ^ pyUing out of China. . 

KSSassfiSS 

has urged Mr. CHntoa to cril<n „ &S5SS* in it says, are doing busmess with factories controlled by 
zL., codes of conduct or dmng rraiimw. . 


*s**faE 


"-BSsSasg 2tsS53SSs£?a 

status m cut off billions Chm« arm«J foms, 

aassSgsiR— 

mSJZf a vice preadentof the in bowev . who or^nnedMti Amnson s un^^ for Home 


To succeed 
jn delivering both 
stability and a 
substantial return, 
a private banker 
must bring together 
first-class specialists 
including asset 
managers, economists, 
financial analysts 
and tax experts. 

He devotes 
bis time exclusively 
to management 
oftbefimd. 

A client's confidence 
has to be earned. 

At this level of 
responsibility 
there is only room 
fur specialists. 






i ;" . 1 • 




'd 


asserts your pnnopi® ® 

O’Flaherty, a vice president 

isKssssttgasssrs? 

China do more for human righ executives asserted, a — 

back and issue statements, v.*. - 

* U.S. $400,000,000 

UNm o «^r ft National Westminster Bank 

1 Floating Rate Capital Notes 2005 

M ana "22- fflTS 

FRANCE I us. $238.28. 

ByiTWChBsettentatenBa-k.NA. 

, 3 w.r r/fZSL y London, Agent BanK 

~ ^ anril25.l994 



United States 

Me* 1 t** 5 

AND 

ACQfSlTlONS 

E MUU ROS li- 
fe ^ocouNa^ 




Genevan Private Bankers 

Liberty • Independence • Responsibility 
In Geneva: 

BOBDIER & Ge - DABIER HENTSCH & Cie - LOMBARD 0DIER & Cie - & Cie - PICTCT & Ge 

(1844) (1796) K ’ _ 


opnMfltriTri niftr^ 1 1* >r T Wi> 

2*lPtt3^lta5T^UXljn^aa*tnrf**0. 


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Page 14 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


NASDAQ 


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J3'. r l2S*6CndDyS IJOe SA12I 12J Z?W 27% i5 v 
HVn SHCoer® _ ... 993 7V> 2 7V. *W 


Monday’s 4 non. 

This list compiled by the AP, consists of the 1.000 
roost traded securities in terms of dollar value. It is 
updated twice a year. 


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33 14 CWInaA 
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12Monm su 

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3 thcSe* Z j . H !?!« 1° J2«_ -ft 


37 257 37 % 25% »% + l 
1 3525 9% Mi ,9% -% 


S3 10% 10 10 *% 


15% 3%AAONs 
Zg% 12 ABC Rod 

30 15 ABTBfd 
26% 10% ACC C? 




trass 

22% 1 lift APS HM 
1S% 4% ASK 
33 13% AST 
29V. 17 AttmH 
JHulOWAdaims 
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20% 9 And 
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44% WWAchratfa 3 
38% 30% Atfvams & 
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14% 7WAooum 
14% JUiAiflWleltl 


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... _ 100 
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_ 3a 

481 3A 17 5504 
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- 39 876 

- - 240 


15% 14% IS • % 
17% 16% 17% + % 
23V, 22% 23 -% 

20% 20 2016 + % 
IS 15 IS 
34% 33% 33% - 


40% 39 40% * 1% 

13% 12% 12% -% 


BOOS. 

21% 16 After* 


RAsae* 

19%”%A^t d 


3% lVbABASetn 
14 7%Arianf>n 
16 7*6 AlnSero, 
24% nUAHdCJ 


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- II 629 

-. 16 6174 

- 19 196 
._ 34 192 

AB &A 7 415 
>. 17 3711 

- - 293 

.16 J 21 172 

30 J 23 4)43 

- _ 1521 

_ 4*7 

JO J IB 1896 

M .7 17 1529 

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■ I0e .9 - 762 

- _ 67 

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lA9e 10 17 1618 

- — 1075 

■Me 3 M IB 

33 35B3 

^ ea 903 

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_ 39 9S1 


18% 17% 18% tin 
22% 21% 22% *% 
18% 18% 18% + * 
8 % 8 % 8 % — % 
18% 17% 18% ♦ » 
30% 19% 19% — % 
13% 13% 13% - 

33% 21% 22% »W 
10% 10% 10% ♦ % 
5% 8 8% » % 

17% 16% 17% *1% 
11% 10% 11% »% 
35% 34% 34% *% 
34 24% 26 *1 

7% 7% 71%, — Vp 

4% 6% 6% — % 


19% l0%caitiSlr 
34% YYiCOtOCPS 
19 12 Celadon 
34%23%C0iotipl 
36% 15 CdlPro 
20% 9%Ceu«nr 
re*ft35WCejCroA 
34% 14 OOnPfi ! 
74% 3%CeUrTcs 


12 454 11% 10% 10% — % 
3 13 3704 11% 9% 11 * % 

_ _ 971 13% 12% 13 — % 

I 25 367 29% 29 39% + W 

_ _ 2051 24% 22% 24 *1% 

_ 12 478 10 9% 9% — % 

— _ 171 44% 44% 44% —W 

_ _ 175 20% 19% 30% ... 

- 3412 16% 14 16% + 1 

Z 131 a% 21% S1V, _ 


74% 3%CnrTc9 

45%20%Cenenji 
24%12%C«itCd 
rr% 4%C*tfxT7 
43 i5%Ceniorm 


„ _ _ 22 21% 31% _ 

_ 346 15S2 10% IO% 10% 

_ X 112 36% 33% 34% *% 
_ .. 5605 9% 8% 9% — % 


li% 5%C9ntocor _ -. 5605 9% 9% — % 

32%2S%ffidBri 1.12 W 11 168 30% 29% »% _ 
19% SWCeoWn _ ^ 7B1 11. 10% 11 *% 


37% 34% 37 » 2i/|i 

34% 32% 34 *166 

13% 12% 13 •% 

10\. tfl% 10% *% 
13'. 13 13 - 

2% d 1% 3% — % 
57% 56% 56% —V. 
16% 15% 15% — % 
20% 20% 20% - 
17% 16% 17% - 

■m'Ve TP.* 28% * % 

2< 24>4 25 t^r 

U’u 14 Id 1 * ♦* 


24% 5*i Aloha 1 
35% lS’^AIpnoBta 
38% 14%Altera 
24% 5%AHron» 

92 2l WAmerOn 
30%5i%ABnkr 
33 lOWACOInd % 
2i%l4%AmF=n>rs 
34%25'AACreets 
24V, ii AHltheps 
22%14%A»S_ 
17% 4V.AMedE__ 
23 18 AmMbSot 

30%l3ViAPwrO»S 
23% 1 5% AmRMlfl 
39Vi20WAmSupr 
27 IB AmTaie 
14% 7%ATrovel 
16% 9 AmefCcs 
26% l6%Amfed 
52 31 Amoen 
Is 5 Amnons 


_ 17 317 
- _ 310 
^ IB 267 
_ 13 458 
M ZJ 7 124 


49% 17% Carrier _ 29 4701 30% 2BV, 30 *ZW 

M'Al7%Cerwcar A2* Ua 20 1624 21% 21 21V, *5t 

TB'x. 9%Qvm5h at J 11 1W 1» 11% 11% 

25 17 CJUOnK 6 AO 23 8 388 71 20% 20% * W 

14% 5%awek«* - 21 7507 6% 6 6% *1% 

24% 16 Chescki _ 33 303 17% 16% 17V« — 

19 3 OVcass „ IB 367 11% 10% 11% *% 

60'A28%ai4Jcem _ 39 2418 47% 43% 4> +2% 

7% 7%Cntj«Tc _ .. 1725 5% 4% 5 — % 

U 50 CH ran _ 113 9417 63 59% 63% *2% 

!?% 4%awwnds _ 70? 2239 J74* IS 714*714 

32Vi 15 G0CO — — 436 18% 17% IS *% 

6l%n OmFni 1JB 24 13 161 53 5W S3 *% 

34%M%OnldS .17 J 79 1473 31% 38% 3] *% 


20% i7%f=OAiart 
34% 27 FtATn 
25% ISWFCaRrf 
31 U 23% FCdmC & 
27 16%F1FNU S 
19% 12V»FlFnQ» 
?9%2334RHOW 
22% ft%PtPcNlw 
16% 13%FstPakn 
30V, 23% FSpcC 5 
43%35%FTenns 
23% I7%RMTV 5 
33 17 FMh- 
30%12%FaamM 
7% 5%F=dUoe 
7% 5%RfljQA 
38% 30% For Am 

6 3%F«mslO 
23% 19%FortfJ3 
22'A 7%Fossa 
25 6%4DSon 

sjm 

32% 22V, Fritz 
42’A31'AFulrHB 
20% 7%Rjna> 
15% 4 FuhnUla 


146 3J 11 
\J0 34 II 


44 U 7 
40 U 22 

1.00 13 7 

SI 13 _ 
M 24 8 
1.18 4L5 II 


61A 31 
Z52 18% 
1299 51% 

2U7 20% 
219 9 
12 £4% 

^4,1^ 


1.06 XT 12 
148 4.1 9 

27 

JMl 2 > 


07 1J 294 
.09 14 288 

1JB 3J 12 


* 

- 10 


_ 41 
„ 23 
SB 1.7 21 


s m 

384 23% 
895 17% 
28 26% 
1024 8% 

347 15% 
1578 78% 
384 40% 
338 21% 
10 19% 
172 MV6 
1312 £ 
1363 5% 

ifo 3 i5s 

148 

re 7% 

503 >1 
465 27% 
17 30% 
219 35% 
£82 19 
1745 12 


34% 36% * % 
18 18Va +% 
11 11% _ 


?> % ^ 


33% 14% AmtcO, s 
16% 11% AncJiBco 


16% 11% AnctiBcP 
17%lo%AndiGm 
38% 13 Andrews 
21V* 13 Andros 
30% 18% Artec 

ZT.ii jo<*Aplebws 
20% l3HApdD0tl 
33 BVWAcdlmv 3 
52 18%AnMJVU s 
21% 15% ArtMfDra 
n% 12*. ArborHI 
19 OJa ArchCm 


_ 15 27 

— 3023 

- ^ 6J00 
_. 29 7939 
_ 17 «83 

jOIc _ 118 1508 
48 34 I 9! 

J4 U 1? 856 
_ 30 267 
JO I J 19 2227 

72 u 

- 70 579 

_ 14 2678 

_ 820 
_ 38 4857 

_ 8 1974 

_ _ 307 

- 57 

_ 9 407 

JO b 4 20 283 

_ 1516240 
_ 23 244 
OB S 24 902 
_ 6 190 

_ _ 321 

-. 2V 3670 

_ 9 56 

.. _ 1316 
48 14 -31838 

.02 .1 52 953 

JU 3 50 696 

_ -. 858 

.. 5S 379 

_ 29 8465 

M 1.4 14 50 

- 25 613 


10 9% W5 *% 

13% 11% 13% ♦% 
13% 17% 13 
34% ZM 24V. *H 
18% 15% 18% *% 

A 1 ', 6 A% — % 
16%dl5 15 —1% 

35% 34%39/u * Vi» 


1A% 15 IA *% 
A4 59% 62% *2% 


64 59% 62% *2% 

22% 22 22% *% 
14% 13% 14% *% 
19 18% 18% *% 

30% 29% 29% 

14V, U 14% ‘ % 
20% 20% 70% — % 
9% 9% 9% — 

19’- 19 19%, »*b 

22% 31% 23% ■*% 
16% I6'4I7% + I% 
27V, 2a% 27% — % 
19% 18W 19% 

12% 11% 11% *«% 

14% 14 14V, « % 

21% 21% 21% - 


9V, 9% 9‘.'< — V. 

17% 15% 16V, —Vi 
12% 13 13% +"* 

15% 14<A 15 *% 

38 Vi 35% 38% * 1% 
17% 16% 16% — % 
25% 24% 25% *% 
31 29% 31 + 1 % 

25% 24 24% *% 

22% 20% 22% *1% 


20 IB% 19 +V. 

29% 2BW 28% — % 


43% 41'x, 43% +'Vu 

17% 171* 17% *% 


35% 26% ArvoGp 
36% 14% Aroosv 


36% 14% Aroosv 
15% S'* Ark Best 
21% 15 Armor 
22% 13% Arnolds 
24% 5% Arrefl 
13% A'AAdwvrlli 
46 16 ASOCtTl 

34'A ln-AsdCmA 
J3% IMAsDCmB 
20% lo%Asnc& 


31'A27V.AsrortaF 
39 25% AttSeArs 


25% 9%Atmels 
27% IB AuSon 
9V„ 3 Vi AuraSv 
1515 5 Auspex 
61% 37 Autodk 
34'4 21 % Autolnd 
29% 10 Au rotors 
28V. 16 AvIdTcti 


1.00 X7 8 13 

43 M 
J0A J 14 589 
J4 X2 19 43 

40 2J1 17 37 

_ 25 4716 
_ 29 503 
_ 26 3304 
_ 501 39 

_ 314 ITS 

- 13 183 

J2 15 2T 1481 
_ 27 4194 
.- 34 1515 

I 14 is 

48 .9 22 1522 

... so ms 

— 50 5572 
.. 68 2142 


17% 17'* 17% *% 
21 18% 20% * 1% 
14% 14 14% *% 

27% 26% 26% - 

17 I6'A 16VA — % 
12 % 11 % 12 % +% 
20Vi 20V* 20V. - 

19% 19 19% *■% 

19% 18 18% -% 

10% 10% 10% *v> 

33% 32% 33 
23% 22 23'5*1 

32% 22 22 - 

15% 14% 15% + Vi 
28% 28% 28%,— V. 
29 28% 28% —V. 

24'4 22% 24 +1% 

20% 19 20% *1% 

7% 6% 6 %— ’ht 

1% 5 5% _ 

56 54% 55% — % 

28V. 27% 27% +% 
18% 16% 17% *1% 
26% 25% 25% — % 


*5 

?r% 38S* 

29% SUBMCWU 
27*. . 15 BWIP 32 
30 9% Baboon 

25% 15% Baker J .06 

24 9%Ba>yGm 
32% 24V* BanPonc U» 
78 S9% BcOne PIC3J0 

45% 16%BnoGauc J2r 
24% 17%Bancfcs 
20%ll>BkSouth 44 
38%26WBantO& 32 
26% 12%BanvnSv 


38 21%Bareft 
16 9%Bar«tR 


16 9%BareiRs 
7 2iy M Barrec4i 
59V. 37% BovBks 140 
35% 16% BadBtti % 

57% 38 BelIBcp 
15V. 6%EJeOMiC 
49% 23V*BeUSPt 
9ti SHBetdOG 
48 32 Berkley 44 
26 13%Bertud 
29% l4%BestPwr 
13W 8%EWBS .12 
52%25%Btasen 
13% BHBkxnat 
6%2tv u BfaTcG 
33% 26% BoatBn s 1J4 
23% 16% Babe vn J7 

25% m BoakMm 

32% 14'4 Baarntvvn 

27%1iHBartid 

f4% 3 6%Bo5tTc Ck 
14% 9%BoxEnB 
15% 3% BrttoV 
52 Vi 11 BrdbdTc 


17 9 m 
J 11 1204 

- 58 1M 
_ 20 3147 
_ 20 229 

1.9 100 1832 

- 13 39 

3 12 400 
-. _ 1401 

3.1 10 138 
54 _ 23 

lj - 1185 

- 19 20 

2J 13 3934 

14 17 576 

~ 23 693 
_ 27 10 

_ 30 220 
_ ~ 1274 

24 14 886 

- 43 1873 
~ 16 89* 

15 ss 

.3,1^ 

_ 25 10 

- 12 716 

“UiSS 

- 17 3933 

- _ 2339 
X9 10 2885 
U 18 567 

29 123 

- 25 2184 
_ 23 2834 
— ZB8 722 
_ 47 343 
-108 711 

- - 2382 

- - 2164 
21 1143 

- - 330 
- 600 

XO 17 9M, 
_ 35 2073 
_ 28 197 

- - *4 

- - 49 


29% 29% 29% — % 
17% 16 16% +% 

18 17% 17% *% 

62% 606. 62 +1 
26% 26 V. 26% +% 
IB 17 17 — % 

19% 10'A 10% +V4 
20% SO 20% *% 
14% 12% 13% tIi 
32'/* X X% *% 


35% 34V* 3P/. *1 
16V* 15% 15% — % 
33V, 33% J3VA _ 
14% 14% 14% — % 
3% 3% 3% +% 

57% 56’i 57 — % 
27% 25% Z7W+M4 


UVi 10% 11% — W 
35 34 35 +1 

6% 5% 6% +V6 

36% 3546 3546 - 

1546 15% 15% *V4 
17 15V6 16 —1 

13V* 10% 12 *1% 

38 34% 37% + 1% 

10 Hi W* *V H 
3% 3 39u *%. 

32% 314% 31% — % 
30% 20% 20% *% 
Z? 21 27% — % 

lS’idlSW 13% — 1% 
12% 12 12% +% 
37 % 36% 37% +% 
12% 12% 12% — Vm 
10 % 10 % 10 % -*% 


17 15% 1646 +% 

34% 31% 32% — 2% 
13 12 12 —1 

13V. 12%12’W. — tf* 
8 % 8 8 % - 
23% 22% 22% — % 
16 15% 15% — % 

11% 11 11 

25% 25% 25% _ 


AMEX 


Monday’s Closing 

Tables Include the nationwide prices up to 
the dosing on Wan Street and do not reflect 
late trades elsewhere. Via The Associated Press 


12 Momh 
HWl Low suck 


ptvYUPE 100s HUH LwrmuaOYfl 


4 Sir M 4.9 - 123 
c _ a 4% 

: - is * 

T* Z a a 

W- z z l 

-23Q1X1 - 421 
X71 A 4J0 — 57 

_ 19 25 

_ - 5 

I 15 82 

: J : ’S 

- - 98 

— - 10 

... 6 2 

_ 54S 

- - 9 

- 15 13 

- 20 13 

1.44 8.9 - 1216 

- w 526 4 

- 4 26 

- II IS 


1% %B8.HfJir 


82% 60 BMC 
27%16'ABNFBC 
24% 19 BedgrM 
11% 8 BQV.rr 


AiKtSSK 


23%19%BonFd 
14% 7%Borwlro 


25% 21 % BT cv 7% nl Jfl 
26Vi31%BT cv7% nl.90 
.% V B BeBWHl 


*„ Durm - " 

2% 1 v,, Barrynsn 
26% l4V.Bam_b 
1% HBarWr 
19% 6 ’iBCH>KG 
189*1 01* BoyiW JO 
6. 2'V, 1 BOVOU 
7% JSBSHKpwI , 
36% 29% BSAARK n 101 
3% 1 Bdmac 
26% 15 BendiE 


9V, 6%BenEye 
107 8? l, iBersCa 


107 82''iBereCe 
19% 6 W Bn fowls 

1%, v^Bemce 

75% 21 % BOIkMf 
15% IB EWoHA 
15% 10% BUR B 
3% I B«eivm 
Tv,, Iv.BwcHd 
15% II eaBHJSn 
15, 12 BNJIOn 
lS%M%BNYIQn 
53% 36% BleirCO 
27% 18 BlnSMia 
34% ITHBMuntA 
16% nviBoddie 
12% a%Bo*Val 
5% IHBawmr 
28% l£%Bav>nc 
«% 7%BraoRE 
16 7%Brandn 
14 BWBncno 
4% I*,, Brock C p 
iv- WBuHUn 
29% AWBusns 


7% 4WCIIFm 

8% 7WC1M 
9% 3WCMICP 
3% l'.kCSTEnt 


7 19 4U 4% 4V* -% 

84o II 0 X138 7 V, 7% 7% > Hi 

71 1U I'Jk 7% 7% — % 

188 !■% I'/,, 


13% 10 CVBFn 32b 7 J 10 13 U 17% 17% — V 


5% U.CVOFnn 
1% . 1-..CXB 
72 ZYWCODIvAn 


... ._ 30 2% 2Vi, 2Vi, 

... 1 % V* w —■<« 

461 41% 40% 41% • V, 


27% li'.COBleAS 70 9 7 4 77% 77% 77% 


34% 24% □ntas .17 S 

18% 946 arcon - 

44% 13% Cirrus 
40%19*C&»s 
78 7%airfloms _ 

71 % !3%OubC0r 
42 19 CStMttn _ 

36 25 cobra _ _ 

41 w 17%CacoBn 1JX) X7 

22% 16 Crtlexlp - 

28 10%C©sne* S 

14% AWCoonosg — 

16V* 11 CotranK _ 

31% TT'/.CWewen _ - 


- 12 2458 11% d 8% 10 —1% 

- 66 6578 34% 3144 34% *2% 


- 66 6578 34% 3144 34% *2% 

_ 3221015 37 30% 31% +% 

_ 45 88 19% 18 18% *% 

- IX 14% 14 14% +% 


= s .as si 

L7 17 682 27% 26% 77'- _V, 


1.7 17 682 27% 26% 77'- ~Vj 

_ - 758 22% 22% 22% * % 

- X 114 20% X 70% *■% 

- _ 35 11% 11% 11% - 

_ X 383 14 II 13% — W 


20% 10V.GMB 
21Vil7%GPFnd 
41% 7%GT1 

22 l%Goiev 

42% 24% Gartner 

16% OViGasonics 

23 l2%GdeFA 
24% I6%GonT2000 
1246 5V.Gc4wyFn 
36% l9V,GnCrHR 
32%12%GnNufi*S 
27 9%GeneThr 
49% ZBWGOKtlnsI 
31%13'AGenslo 
35<A14%Ceniexs 

5% IKCenn 
41% 24 Genzym 
17% SVmGOATk 


1L. 13% — w 


73%i7%G«nnG 
28% 19%GKB.8ws 
19 8 W Gilead 


_ 50 903 20% 19» San 


25% 15%ColBCpS M IS 7 13) 21% 20% 21% *% 
S% 17%Com3r -M 1J 14 2243 20% 19 20 *% 


ffi’TW 


J _ 1912 16 


UViCmCSPS J>9 J *-14367 16 15% 15% —46 
nviCoRimnet wi is is% »s% —v. 


_ 21 
_ 20 
40 U II 


27 Crr«MOs 48 U 11 ISO 31% 31 


28%17%CmcFdl 
26 lI%CamHIS» 


- 7 465 » 19% 1946 ♦% 

_ 18 185 a. 21% 27 


18% B CmprsL 
6% 3%Cmptrx 
7'A JVuCmDar, 
M 7%OnpO>£ 
12% 4%CplNwfc 
48 V. 21 Comptiwr 
20% B Comers 
9% JWCcdCan 
33% 17%CpneEF5 
15% ll%ConcHld 

22% 14®* COOTS B 
S3% 21 y, spier s 




18 ?%CorTher 
l»'i 17V, CorGcfcF 
54Y, 2l%C0rcfc 
72 6%CareiCDS 
26 12%Shmoa 
16% 6'JCorctCP 
37% I4 V»CoMCds 


37% TOMCroaln s 
39% l7%QTqH-l 


39’i l7V,CrTchl-t 
28 10 CnodSvS 

26 13%CndAci»S 


„ - 1671 11% 10% 11% *7* 
299 4% 4% 4% _ 

- 17 89 5% 5% 546 * % 

.10 J 1? 549 1 5% 14% Is ♦% 

- 32 269 8% 8% 8V6 *V* 

- 34 2661 44 'A 42% 43% * V* 

_ }4 567 9 B% 9 *% 

_ _ 879 4% 4% 4% _ 

- 24 35 21 'A 20% JIV* *V6 

„ _ 315 12% 12% 12% +% 

II U 3 73 39V. aw 39% _ 

_ _ 127 15V* 14% 14% — W 

50 U - 2094 19% 1B% I9W +% 

_ 24 186 24W 23% 2SW— I 

_ _ 57* 101* TOW 10% ♦ V6 

_ _ 421 11% 10 11% +% 

_ 12 2771 1L46 17% 18% +% 

_ 20 2073 47% 46% 47 + Vi 

_ - 474 19% 19% 19% * V* 

_ M 776 18 16% 18 +-1% 

- 40 402 14% 13 14% +% 

OB _ W 3238 23% 23 23% * W 

_ 31 1773 49% 4546 49% +2% 

02 .1 32 4T07 27 » 96% + IW 

_ IS 10 37% 37% 37>A _ 

„ 12 7315 26% 24% 25% * 1% 


ISWlSWGTlFnd 
1416 TViGlLktAv 
22%15%Grandd 

4% 2% Grown, 

15% 12% Gryphon 
19V. 7V6GuetS 
25% 19WGulfSou 
31% 13WGUDK, 
52% 29ViGymbree 
7BYi 9 HBOs 
29 18%H5Rsc 
40% lSWttoBHor 
24% 13 HortbiBc 
18 V* 12% HctdGp 


_ 53 

_ a 
_ a 
_ 21 
30 J 13 


5507 18% 
189 10 
573 2Q% 
74 35* 
813 U% 
292 X% 
Z534 zmt 
60 11% 
43 32% 
2605 24 
529 11% 

as 

1199 a 
607 4% 

210 58W 
PI 19% 
6521 24% 
2146 9% 

884 42 
328 8% 

■8 Ik 
'?« % 
ztU ^ 

1495 8% 

714 1946 
318 4 

2 14% 
243 17% 
716 24% 
29*1 23% 

972 43V, 
■2117 S% 
27 20% 


11% 1146 - 

18% 18% +% 
9% 946 —16 
19% 19% +% 
35 35 + W 

13% 14% +46 
19% 20% — % 


11% 1146 +W 
32 32% — 46 

23V* a +% 

II 11 — % 




13% 13% — % 
M% 26 +1% 

4% 4% _ 

26% 27% +46 

l3% 11% +% 


19V6 19% +% 
23% 23% +46 
846 9 - 

40% 40% — Vk 
744 8% +M 
15% 1546 — % 
17 17 _ 

20 20% +Vi 

7 7 — % 

22% 22% _ 

1446 15 — % 

746 8% +46 
1846 19% +U 
346 346 — % 
14 14V6 + U 


22% 24% +146 
21% a% +46 
4046 43% +2*6 


36%22V6Hcrvtpf 
27 12 HHMSys 


1 108if24% 
93 1646 


27 278 31% 2046 204i - 
33 46 22 21% 22 +46 


39% 30’-» CutlnFr 

g 29WCumbFd 

13V.Cusia, 
23 10 CvoneO 
17W 5%Crw»5_ 
41% 18% Cyrix Cp 


- 33 46 22 21% 22 +46 

- 18 529 11 ID 10 —46 

J0e A TO 41 35% 3S'A 35% — W 

fl 14 13 7B 54% 5* 54 

_ 25 33? 27 26% 27 + W 

- a 23 22% 2IW 21% — % 

_ _ 149 H6 9V6 9% -. 


3646 22%HrttndE 
15% 846HchBA 
20%13 MeUnTr 
31 9 Heibtfe 

12% 9V6HaSmer 
Sw BESSES: 

7vw nil l Kj M 

TO 22%HomodC 
204612 HomoTBS 
34 22%Honlnd 


- 26 161 re% 

_ a 23 33% 


1946 7946 — % 
TO TO — 3W 
23 24% + 1 Wm 
16 16% — S 

25% - 

2246 23 — W 

1646 17% +> 


72 U 13 1494 20 
,17e 1 S 29 906 10’ 


MV6 12%Hombk 


IS 29 906 10% 
_ _ 40 11% 

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n 56 







INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


Page 15 


i 




-h 


Brazilian Win e Label Sticks in U.S. 

Marcus James Wins Market Share From Europeans 

®y James Brooks 


wine lake.” said Mr. Fredcrickson, who pub- 
lishes the Gomberg-Frederickson Report, a 
•nonvhly newsletter on the industry. “The mar- 
ket is highly competitive." 

Beating Italian brands has a special reso- 
nance here in southern Brazil’s hilly wine coun- 
try. a region settled more than at 



„ - Brooke 

■ garibaldi, 

\y known for iis wi n es_ international- 
worldwide slump Lysates ft* bucked « 
and emerged^aeS?^ States 

ptF^ST " 8 ™ c «■ 

Br azilian wine shiomenL 

Stats jumped 36 percent law 5 United impoverished immigrants from northern Italy, 
thanks to Marcus James a brand^' m ? iny Of the cooperative’s 1416 member families, 
southern Brazil. 8 ™ d narae from Mr. Alberici said, “993 percent are of Italian 

■ Marcus James, which is PcnoNii ■ j descent ” 

percent lower than its Chile.™ ^ Itah'an descendants cultivate 100.000 acres of 

expected to displace Italv's Rr,ru I ?? CUUon ’ a vineyards in Brazil's sonlhemmost state, Rio 
the second-most-popular imnnn^ - ■ v ^ af ?* Grande do Sul, and are responsible for about 95 
Umjed SU.«. J™ percent ofBrazil’s wineproducliott. _ 

lhr “ as much 

more labeK £ ,any 

dropped 10 pe^f ifl993 Slales 

I^jp£n and PonngalaisoS d'eeS ? 

lSsu« PCranl 5310 '« 

snd'mrtn2J'^f ra ^ 5“ ? n *« strength 

ssnsaaSSSSsi 

United States. exporter to the 

, penetrating American markets.” 

Jose Alberici Jr.. Aurora’s president, said. “We 
are preparing for growth of 20 to 30 percent a 
year. 

In a 15-year campaign to win a slice of the 
jMnencan market, the Aurora winery imported 
oak casks from Kentucky and Tennessee 
• Americans like the oak- flavored tastes for 
theu* reds and whiles," said Mr. Alberici, who 
uses stainless steel vats to ferment the Marcus 
James wine that is sold in Brazil. 

: Next, Aurora adopted an Amen can-sou nd- 
rng brand name and had its U.S.-designed la- 
bels printed in New Jersey. To get high-quality 
corks, Aurora imported Portuguese corks from 
California. 

And it contracted with Canandaigua Wine 
Co. of Canandaigua, New York, the second- 
largest American winery after E&J Gallo Wine 
Co. of California, lo market its Brazilian wines 
in the United States. 

“We Americanized the packaging” said How- 
ard Jacobson, a senior vice president for sales at 
Canandaigua who helped introduce Aurora 
wines to the market in 1988. “We never focused 
on the fact that this is a Brazilian wine." 

Marcus James has already pushed Brazil 
ahead of Argentina in wine exports 'to the 
United Slates. If trends continue, Marcus 
James this year wflj lead Brazil past PortugaL 
But Jon Frederickson, a wine-industry ana- 
lyst in San Francisco, questioned whether Bra- 
zilian growers had planted enough vines to 
support their market's expansion while main- 
taining their price advantage. 

“There is a worldwide glut of wine, a huge 


Red and green, colors in the Italian Dag, also 
seem to be the colors of Brazil’s wine region, and 
the family vineyards and Maminas often resonate 
with conversations in the Venetian dialect. 

The agricultural cooperative bottles char- 
donnay, white zuifandd, nesting and cabernet 
sauvignon wines for export under the Marcus 
James label 

The company, based in Bento Gonsalves, has 
achieved sales of 550 million a year, and its 
brochures are primed in English, Portuguese 
and Italian. 

With the crispness of autumn now in the air 
in the Southern Hemisphere, growers are buoy- 
ant about what they call an exceptionally 
strong 1994 grape harvest. 

But outside this European comer of Brazil 
the success of Marcus James is unexpected, as 
Brazil has never been a nation of wine drinkers. 

Brazilians annually consume a men 1.7 liters 
0.8 quarts) a person, a small fraction of their 
consumption of rum. By contrast, Argentines 
each drink an average of 54 liters a year. In Chile, 



Source: Cooperatfva Vnlcota Aurora 


NYT 


South America’s largest wine exporter, per-capi- 
ia consumption is about 20 liters a year. 

In addition, Brazil's economic zigzags and 
high inflation have caused wine production to 
stumble. After falling to a 10-year low of 164 
million liters in 1987, total wine production last 
year climbed back to 24S million liters, just 
below the 1986 level 

The country’s ups and downs also have driv- 
en out most of the multinational liquor compa- 
nies that invested heavily in southern Brazil in 
the late 1970s. Of 34 foreign companies bottling 
wines here a decade ago, only four majors 
remain: Seagram Co. of Canada,’ Bacardi Corp. 
of Puerto Rico, the Mo5t & Chandon unit of 
LVMH-Moflt Hennessy Louis Vuitton of 
France and Ibe Remy Martin unit of Remy 
Cointreau, also of France. 

Tm not going to sit around and wait for 
Brazilians to start drinking wine," said Mr. 
Alberici, who has steadily oriented his 63-year- 
old Brazilian company toward exports. From a 
negligible level a decade ago, exports now ac- 
count for almost one- third of Aurora’s sales. 

Last year, when a methanol adulteration 
scandal shook South Americans’ faith in wine 
from Argentina, Mr. Alberici moved aggres- 
sively into Paraguay, winning 10 percent of the 
wine market there, largely with cheap jug wine. 

But in a world awash in wine, breaking into 
the competitive American market was tougher. 

“All over the world, there is an excess of 
wine,” said Danilo Cavagni, a director of Moel 
& Chandon who is also president of the Brazil- 
ian Wine Growers Assooation. “Consumption 
is dropping in Europe, in Argentina and in 
Chile. Tne U.S. is one of the Tew countries in the 
world where consumption is in creasing.” 

Wine consumption in the United States was 
about 2.43 gallons (9.2 liters) per adult in 1992, 
up from 232 gallons the year before, according 
to Impact, another industry newsletter. 

Initially, Marcus James did not specify the 
country of origin on its labels. But last Septem- 
ber, Canandaigua started to play up the wine's 
Brazilian roots by offering to pay 51.29 to the 
Rainforest Alliance for every bottle coupon 
returned by buyers. 

Through a “Save the Rainforest" promotion, 
Canandaigua has contributed $32400 to the 
alliance, a nonprofit group based in New York 
that is dedicated to protecting tropical forests. 

Aurora’s prices are kept low to promote sales 
to young adults. A bottle of wine sold wholesale 
at tiie winery in Brazil for $135 costs about 54 
in American stores. 

With Canandaigua planning to expand 
American distribution, Aurora executives nope 
the cooperative’s 10,000 acres of vineyards may 
one day produce America's most popular im- 
ported wine. Aurora has been helped by a 50 
it drop in Riunite’s sales to the United 
ites over the last five years. 

“It's been a tremendous success story ” Mr. 
Jacobson said. “I think Marcus James can dou- 
ble in sales in the next three years." 


Shell’s $1 Billion, Deep-Water Gamble 




By Agis Salpukas 

New York Times Service 

GARDEN BANKS, Gulf of 
Mexico — During most of the 
hour-and-a-half helicopter ride out 
to Shell OiTs Auger offshore drill- 
1 j ing platform, one can see rigs and 
platforms dotting the deep blue 
water below. 

Then, for 30 miles, there is noth- 
ing but water and sky. Finally the 
‘eye glimpses the four yellow hull 
towers of the 39,000-ton Auger 
platform and, gradually, the out- 
lines of pipes, rigging, valves and 
living quarters rising 419 feet (128 
meters) above the water. 

• Here, in pristine isolation. Shell 
Oil Co., part of the Royal 
Dutch/ Shell Group, earlier this 
month opened a well in water far 
deeper than humankind bad ever 
ventured in search of petroleum 
wealth. Shell hopes the platform 
and its 14 wells will be producing 
46,000 42-gallon barrels of oil and 
125 million cubic feet (34 million 
cubic meters) of natural gas a day 
by year’s end. 

If Shell's technology succeeds, 
the significance will run far deeper 
than the company's bottom line. 
The success of the Auger platform, 
’ 136 miles (220 kilometers) off the 

r Louisiana shore, could open whole 
'new regions of Ibe Gulf of Mexico 


to offshore drilling, revitalizing the 
gulf oil industry and possibly giv- 
ing the United States its largest oil 
field since the development of 
Alaska’s Prudboe Bay in the 1960s. 

Bin with oil selling for 517 a' 
band or less these days, and with 
no previous experience in pumping 
ofl from such underwater depths. 
Shell has no guarantee that it can 
make the 513 billion Auger plat- 
form pay off. 

“The real question,” said PhiDSp 
J. Carroll Shell’s president and 
drier executive, “is not whether the 
development can be done, but 
whether it can be done profitably.” 

Eight miles past the continental 
shelf, where the golFs floor falls off 
sharply and beyond which offshore 
drilling has never before been at- 
tempted, the Auger platform floats 
tethered to an anchorage 2,860 feet 
— more than a half-mile — below. 
The previous undersea world re- 
cord was hdd by Conoco, which 
draws oil from a well 1,758 feet 
bdow the gulfs surface. 

Mr. Carroll said his company 
and others in the oil industry, 
through use of seismic readings, 
have found evidence of petroleum 
in about 30 deep-water locations in 
the gulf. The combined reserves 
from those deposits alone have 
been estimated at between 3 bOEon 


and 4 billion bands, or about six 
months of current output by the 
Organization of Petroleum Export- 
ing Countries. 

“This is with only about 15 per- 
cent of the leased acreage having 
been explored.” he said, venturing 
that deep-water fields in the gulf 
potentially hdd 15 billion bands 
— which would be even more than 
PnidhoeBay. 

For now, tapping that potential 
depends on the 132-member crew 
under the supervisee of Bob Os- 
buro, 57, die Anger platform’s pro- 
duction superintendent “That’s 
the cash register,” Mr. Osbum said 
to a viator, pointing to a meter on a 
lower level of the platform. The 
meter will measure the flow of oil 
before it is transported by pipeline 
to another Shell platform 72 miles 
doser to shore. 

Currently. Auger is producing 
about 2300 barrels of ou and 3.7 
million cubic feel of gas a day. The 
goal Mr. Osbum said, is to have 
each wdl capable of pumping 
about 6,000 bands a day. 

Shell has not invented anything 
new, but ii has taken existing tech- 
nologies and pushed them to new 
limits. Aiding the effort were newly 
sophisticated three-dimensional 
computer modeling techniques, 
which allow seismic readings to be 


rendered into detailed pictores of 
ibegulTs underwater geography. 

These models gave Shell confi- 
dence about the extent of the Auger 
field’s hidden treasure. 

Shell's engineers and subcon- 
tractors also developed advanced, 
deeper-waler versions of the under- 
water robotic machines called re- 
mote operating vehicles, whit* do 
much of the installation and main- 
tenance work on the golf floor. 

Many of these same innovations 
mil be used for the Mara platform, 
200 miles northeast of Auger and 
about 130 miles southeast of New 
Orleans, which Shell expects to put 
into production in 1996. 

The Mara rig, which sits above a 
field estimated at about 500 mrilioo 
barrels of oil and its gas equiva- 
lents, will be operating in even 
deeper water: 2,933 feet 

Shell's efforts are being watched 
with interest by other major com- 
panies, such as Exxon Corp„ which 
has also discovered potentially 
large deposits in the gulfs deep 
waters. 

“Everybody is wondering how to 
do this, said Jon L Thompson, 
president of Exxon Exploration 
Co. For everyone, Mr. Thompson 
said, questions are the same: 
“What kind of facilities? What's 
the cost?” 


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Taiwan Expected to Lower Its Sights 


Return 

TAIPEI — Taiwan is likely to scale down 
its growth targets for the year, analysts said 
Monday after some disappointing trade fig- 
ures were released for die first quarter. 

Based on the new data, said Jonathan 
Ross, country manager for HG Asia Securi- 
ties Taiwan, “wc will bare to see a downward 
revision" in full-year forecasts. 

Taiwan budget officials predicted that 
gross national product would grow 63 per- 
cent this year, after expanding 5.9 percent 


last year and 6.0 percent in 1992. But Mr. 
Ross said the forecast now may not be met. in 
part because the improvement in the U.S. 
economy had not helped Taiwan yet. 

The Economics Ministry said last week 
that orders from the United States, Taiwan's 
largest export market, had fallen 03 percent 
in March. 

Exports in the first three months grew jusi 
0.4 percent, the Finance Ministry said Mon- 
day, to 520.13 billion from 520.05 billion in 
the first quarter of 1993. Figures for March 


were worse, showing a 
57.00 billion from 5739 hi 


erf 5 percent, to 
on a year earlier. 


“This was one of the worst quarters for the 
trade surplus in 13 years," Mr. Ross said. 


“The trade picture does not look good." 

Taiwan's surplus in trade of goods and 
services, which fell to 53.8 billion last year 
from 55.1 bfflioa in 1992, had been forecast to 
rebound to 543 billion tins year. For the first 
quarter, the surplus shrank 82 percent, to 
5240 million from S134 billion. 


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PERSONALS 


HAPPY MUMMY TD 
uns A JAKOSUVA. iwm Siam, 
bom 26 April 1909, living «i fane 
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mho Gb«j mmenory . Para, Bodan- 


BodenJ 


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fro? 41-21-329 00 52. 


VIULAIB 


New lurory n— bedroem c p roto— I 
54 xun. + bakony ID ion, garage, 
fireplace. 70 mites Geneva 


USA RESIDENTIAL 


MAUI HAWAII, OCEANFtONT 
Condoe. SZUU0+ down/M price 
5140000+ . InJiause finroa 
gnityfeg. Col 24 hoies. Tet 
DUO. Foe 8064690228 USA. 


REAL ESTATE 
TO RENT/SHARE 


GREAT BRITAIN 


XM6HTSSDGE, Beigravw. Marivr 
We haw enAnNe agency an a layr 
tikd ion ol funwhed and unfomsfad 
luxury hemes - short, long I. Ca tea. 
Serviced bioda ovtdahfe M fa on 
npfenhon. Tet 44 71 486 574] Fox: 
4* 71 486 0540 - AeaX Properties 


HOLLAND 


OS AMBMBWS Long 
A Short Tone leases for {seed f w- 
ndhed houses & flaK Teh +31 Z) 
6258071. Fos +31 20 6380475. 
Kenwsgacht 33, 1015 CD Ang t erdcm 


PARIS AREA njRNISHQ> 


PARIS 

“8ETTH THAN A HOTH." 


3t. 




'Srws/rrj 


Off® YOU H 

QUALITY APaSTMENTS 
• luxury furnished 

• Spedel rales for long stays 

• mhons ol “Umi SMse" 

• Oose to (he HW Tower 
and “Troend ero" S quae 

faces staring at USS7DD per week 
For farftir inSnnrfaB A re te rv rfim 
ad 1-45 25 9501. Fa* 1-4288 2991 


PAMS LA DEFENSE 1 
RESDBKX CARTEL 

Sparine 2 or Jroora apertronh 
to ree) for 3 days at none. 

__ hxnerfine teerertons 

T* 133-1) 41 25 16 16 
J? 1 ® Fax 133-1) 41 25 14 15 


NBJH1Y, BD DE LA 5AUS5AYE high 
rices, lerge reception. 3 beriocxnL 2 
On gordea 165 
net let 14563 17 77. 


BUSINESS MESSAGE CENTER 


READOS ARE ADVISED 

that the International 
Heral d Tribune am o# be 
held rmpoadble for lost or 


nit of transactions s tem - 
mk tg front MhiiSmieid 
whkhappmarln 
His 


ed that readers make «fs- 
pnnpriafe inq uir ie s before 
rendritg any money or en- 
tering into ary bktdktg 


BUSINESS 

OPPORTUNmES 


OFFSHORE COMFAMB 
1 Free proiessianci cororinfacn 
1 Worldwide noopcxalions 
1 Inmediafe aveAoUiy 
1 FuP ooriideniid servioei 
1 Laden repeiereaeur 
’Fdi ’ - 


ASTON COBTOfiATE TBUSTEES LID 
19, Peel Scad, OcudcK He of Man 
Tet 0624 626991 lax 8634 625126 


COMMaOADBUS&CK POUNCE 
andbUe for any wane prefects 
worldwide. R» bnef synopsis m 

. to Catparde Mnms, 44- 
11300. Quote Befi T1 


OFFSHORE BAMt wth Ows A Scenefc 
Pul merchant or commerool bark 
powen. Tm he# wen* Immedate 
Eorofer. US S25J»a^lnsdan « 71 
394 5157. Canodo WW W 6169. 


OFFSHORE COMIWKS: JPa 1/5 
Church Street. Dou^cb, Isle d Mbs. 
M- 106741 629529 Faa 10620 62 


OFFSHORE OOMWOBL.For free 
hfochurfl or odmee Tet Loncton 
44 81 711 1224 Fox- 44 81 748 65S8 


BUSINESS SERVICES 


$AVE ON 
International 
Phone Calls 

Now you con col the 
US. and km at mudi a 
65ft compar edlo^l o m lj diooo 

CbThw^honK ^Sceor l£b 

ad mod MiJugeL 
AvedoUe in el enrtnet. 

Calnr* for rotas and tee how 
mo an ben saviag today. 

Ural open 24 boon. 

t Ttx. 

ekallbacK 

Tef: 1/206-234-8600 
Fox: 1/206-282-6666 

417 Seaxid Avenue Wert 
Sedfc,WA 98119 USA 

Ago* mepiras welcome 


OHSHORE COMPANIES 
FROM £150 

Various cosranes, Frit senaoef. 
•0BS4AT10NU COMPANY 
sbvkes ruq UMI1B> 

Stoniroot Howe, 3 - 5 
Old Bond Sheet. London W1X 3TB 
Tefe + 44 71 493 4244 
Teh + 44 71 491 0605 


BUSINESS TRAVEL 


Wiwlnw Okm Frequent TiaveBen 
to Oriert/Aashda/Afncc/Nok & So. 
America Save ip to SOIL No cou- 

pons, no relictions. Imperial Cmodo 
Tet51 +341-7227 Fox 51+3417998 


CAPITAL AVAILABLE 


FUNDS AVAILABIE 
TO PURCHASE: 

* letftn of Creed 

* Bat Guarantees 

* Oder Acceptable Gotiafcrd 

* Badted by favale tnwaSon 

THRU MAJOR tm. BAMS 

CAPITAL SUPPORT CORP. 

tLS. (714) 757-1070 Fax 757-1270 


SERVICED OFFICES 


Your Office in Gennany 

we are "of year service" 

• Comp fe re o ffice se rvices cd Two 

prestige oddee.:-'* 

• My eqiepped offices for rimt 
term Or lonQlenB. 

• kfemriioncay trained office 
and profetoisMl oaH or wur 

jfcpiwl 

• Con be legally used a Mur 
eorperafe dooiicfc for Grenany/ 
Europe. 

• Tow bums operation can pal 


• Since 1972. 

hrirco Buriaere Sonricre GmbH 
LdnxbHous ora Habhouwnpcxi 
JuAniamfeaw 22, 

6000 Fredkfort on Main I, 

Germany. 

TAtwatSs® 
faulm 595770 


AGENCE CHAMPS ELYSES 

urriofeh »i funwhed oportroa*. 
readeniiol oroos, 3 nwerie txsd mt 

Tel: [11 42 25 32 25 

Fox (1)45 63 37 09 


AT HOME IN RAMS 

PAMS PROMO . 

cparfcwirtj to rent funxdwd a nor 

Tet (V) 45 63 25 60 


74 CHAMTS B.YSK5 


FOR 1 MBt OR MOB Kgh da a 
2 or 3-rooni upu tosenti . FUiY 
_ wmeoatereshvations 
T* (1)44 13 33 33 


8th, GEORGES V 
5room dupisc, 2 bativ 

refined decon*orv F25JM0. 


Tefc (1) 42 25 32 25 


an 

Reef Eftale Aoenh, offer for leu, 
very bo aiefuT apanmm in fan. 

6 made, nrinni from 2 to 6 mono. 
Tel 1-4527 1219. Fas 1-4527 4233 


ltth-RANHAGH 

Beounfti tfwio wilh privOe o ra rtwnt 
Batixocnt equipped Uchen. F4J0D net 
Tefc(lT45 25 90 90 


TO RENT 


I lironli I'liiail Bn ■■ nutmmnli nD 

rmpaefl ouo®y cwanniBnn, on 
sow, fan and ateria. CAfTTALE 
PMTNQS Tet (1) 46 14 82 11. Fcse 
(1147 7230 96. 


CHAMPS aYSEES/GEOCGE V, lovely 
60 sqjru lying + bedrocm. swny, 
nevriy redone. foam 1-47 23 04 84. 


15ft, near 7th. large hmg. 2 bed- 


RE SAINT IOUB, 

75 sain. 


>501Lfa (11* 23 04 84. 


w? mmmm a moment. fo#y 

nauinnpri m Boulogne. 170 sqjn. + 

. tmraee. For rent or seL 

raw. Owner: 33/1 47200819 

NUB 8B4VB*£ dinrar priray wish 

service & fimehed wreck 3 rss* to 
2 yeorw Tel 1-0124040 fa< 1-42 


100 sgm. 
AvoloSai 


1AUN QUABTHt, 2 . 

BASTLLE, 2 roan duplex: 
AHA 1^14009 0837. far 1-4036 




NEAR E70RE, 2-fiOOM FLAT, for 6 
months, 45 sgjn., very qwet entxely 
equipped F5J00 netfel: 1-40550996 


ST QBUMM DB PRB share barious 
100 sqje, FF4JOO each, profeukxial 
wouxxi preferred May la. 1-4326930? 


ON CHAMPS DE MARS, leeeptipn + 
3 bedrcKwts, huuriow. EMBASSY Tel 
(1)47 20 30 05 


PARIS AREA UNFURNISHED 


Embassy Service 
YOUR REAL ESTATE 
AGENT M PAMS 
Teh (1) 47.20.30.05 


(15ft) - II RUE « 4AVH, beautiful 
1 4 rooms, triple bvria 2 bS«. FBSOO 
+ doges. Tet 1-45 26 06 57 or vist 
Wed Z /Acri hexn 430 txe to 7 cm. 


tbi, hie de vaaem, M das, 

aftn, 130 sore., newhr ienowt«t 


REAL ESTATE 
WANTED/EXCHANGE 


FRENCH RIVIERA -Super Gvmes- 
CoHbniia+tougins-St Paul de Vance. 


mg space, ran. 2500 sqm 
feeing South/ South Wtast ■ sea mew. 
Budget up to FF 12 M. Fm often lo 
141 YA 3C 51 44 Swfaeriond 


EMPLOYMETrfT 


GENERAL POSITIONS 
AVAILABLE 


PROFE55WNAL TCAMfiNG 
ORGAMZBl and PROMOTBt for 


D>. Mac Kenzw +41 81 54 23 5Z 


LEGAL SB VICES 


DIVORCE FAST. S29STO. P.O. Box 
8040, Anriiain, CA 92802. Cafl/ Fax 
1714) 9688695 USA. 


LOW COST FLIGHTS 


SCHEDU1H) d* RMafc Irt, 

al towed fixes, d» May 
fd FT Free (11 4? 55 13 11 


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Page 16 


INTERNATIONAL Ut'KALD TRIBUNE. TUESnAY, APRIL 26, I W 



Monoma-BahroUiPO 28Q8.FX SBOM Tl 532Z35 
m ABC Fulwex Fund Lid 3 lMj# 

25SS MSS* Fund 1 ec.i -» iMjn 

P«C GWoi Recovery Ftf„j l0S.fi 

iSvLf^S 0 F -°> ®** Z* 3 ' Atwtortotn 

w Columbia Securtim fi 

w Trora Europe Fund Fi n 

w Tnm Europe Fond F___s 
w Alrento ,fi 


aig fund management lm 

tf AIG Amer. Er. Trusty. 5 

wAlC Batanced World Fd i 

d AIG Efflerg MUi Bd Fd S 

WAIG Euf Ru Fund Pk„ ECU 

ftAiG Euro small Co Fd Pic J 
w AIG Europe Ffl pic ____j 
w AIG Japan Fund -- 1 


96S 

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« AIG Japan Small Cos Fd s 

w AiG Laltn America Fd Pic J 
wAtGMlllearreiKV BtSFdPics 

nr AiG South Eint Asia Fd i 

tf HjghLHe Fund—. Ecu 


0 UBZ Euroootimbtr Fund. Ecu 

tf UBZ L (quid tv Funds S 

a UBZ UauMHv Fund DM DM 

d UBZ Lfoultfttv Fund Ecu Ecu 

d UBZ LkwkHtY Fund $F JF 

ALFRED BERG 

d Alfred BcvgNordffi s 

Alfred Bora SJcuv 


HUM 

1M.445? 

inn 

1566198 

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344.72 
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23862 
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19897 
TUB 


ALPHA FUND MANAGEMENT. LTD 
48 Par-Lo-Vliie Rtf. Hamilton. HMII Bermuda 


w Alpha Asio Hedge I Apr 04) J 
m Alpha Europe Fd CMar 3D -Ecu 
m Alpha Futures Fd (Mor III A 
m Alpha GM Pro Trod Mar SIS 
m Alpha Global Fd (McrHl-S 
m Alpha Hedue Fd (Mar J1)_X 
m Alpha Jaooi Spec (Mar 3TU 
m Aloha Latin Amer (Mar 31 IS 
ffiAkho Poclfic Fd lMar]tl_S 
m Alpha SAM S 


ni Alpha Short Fd (Mar 311 . 

m Alpha 5tt-T Fi* inc I Mar 

31). 


14S.1B 

241.14 

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10260 

99I6J 

45441 

mu 

318J9 

402.13 

127.74 

49.91 


m Alpha Tlildate Fd (Mar 3D J 

m Alpha WortWftTlon (Mar IDS 

niBuch-AUu EurHda Mar J1 Ecu 

mdotxMVM! value IMar 31J-S 

W Hef s*i Japan Fund — .r 

m Hemisphere Neulrol Fe»2SS 

mLallnvesi Value (Mar 311 — S 

iriNlehAppi Aurelia IMar DU 

niPccH RIMOPPBVI AprllJ 

mRlnaoeii Inrr Fund IMar JDS 

m Sane furiFd (Mar 311 S 

m Sal oa inn Fd (Mar >11 * 

ARRAL ASSOCIATES LTD 
w Arrol Amer Icon Quant Fd-J 
w Aural Aslan Fund. 


10959 

174.91 

109.75 

1048 
13865 
runs 
109.94 
11075 
17524 
104.79 E 
10144 
trzw 
10847 


w Arrol Inn Hedge Fund-—* 
BAIL 12 Place Ycndomc, 750ft Pans 
ntlnlamiarkel Fund — S 

I imeroHI Convert Bds— FF 

I mterotfl Inti Bds. 


1102 

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r intoroffl OMt Convertibles-* 

MMnnamet MuHkurrenn Funa 

m Class A _ , -FF 

m Class B . -c 

mCtoss C T 


59430 

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BANK BRUSSELS LAMBERT 024] 597 307 


a BBL Imres) Amelia). 

a BBL invest Belgium 

a BBL Invest Far Ecart 

d BBL Invest Asia 

d BBL Imres) LollnAiiter. 

d BBL Invest UK. 


d BBL Renta FdinfL. 

d Pafrtmonkif. 


d Renta Caati S-Medlum BEFBF 

d Renta Casn s-Medhnn DEMDM 
d Renta Cash S-Medlum USD S 

d BBL (L) invGoWnHnes— LF 

a BBL IL) Invest Europe LF 

if BBL (LI imr EutU-lmmo — LF 
d BBL IU Invest Wand— — LF 
BANOUE BELGE ASSET MQMT FUND 

Shore Distributor Guernsey 0401 724414 


19949 
1334940 
57279 JIO 
41173 
487*4 
24443 
305300 
20334*0 
120942*0 
3108*7 
51*403 
12154 
14741*0 

uiwo 

1737*0 


w Inti Eaultv Fund (Slcovj _X 
tv inti Bond Fund ISIcov) — S 

w Dollar Zone Bd Fd (Slcavl A 

w Starting Eaulty Fd (Stoav).c 
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w Asia Pacific Region Fd S 

BANOUE IHDOSUEZ 

Hr The Dragon Fund Slcov. — S 

m Japan Gtd Fd A {llftn/94) J 

m Japan Gtd Fd B 131/03/941-5 
m Dual Futures Fd Cl A Units S 

m Dual Futures Fd Cl C Units* 

m Maxima Fut. FdSer.i a. AS 

m Maxima Fut. Fd See. 1 Cl. BS 

ni Maxima Fut. Fd Scr.2 CL Cl 

m Maxima Fut. FdSer.2Cl.DS 

m Indoumz Curr.CI A Units S 

m Indosucz Curr. O B Units — S 
ft IPNA-J. 


1144 

1S4S 

11*4 

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d ISA Aslan Growth Fund * 

d ISA Japan Reo. Growth Fd_Y 

d ISA Podfle Gold Fund— S 

d ISA Aslan Income Fund J 

d ladosuez Korea Fund... -S 
wShanelial Fund— S 


iy Himalayan Fund. 
w Manila Fund. 


tvMoicicmFund. 

wSiom Fund. 


d Indosuez Hang Kano Fund-S 

d Oriental venture Trust— I 

d North American Trust S 

if Slngap * Malay Trust S 

d Poctftc Trust hk* 


d Tasman Fund. 

d Japan Fund. 


wManastd Trust. 


d Japan Womxit Fund. 5 

d Wnridwfcw Grovrtti Fund— S 
windosun High Yld Ba Fd A* 

windacuttHlgh YMBdFdB* 
b Maxi Espono— _Ptw 
Maxi France— FF 


104*2 

130.23 

11827 

131.991 

HZAK 

107*39 

104*91 

107*17 

tn.i92 
435*0 
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89*3 

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nr Maxi France 95, - — FF 

d Indaswz Latin America — 

BANOUE SCAN DINA VE A LUXEMBOURG 
■SS UNIVERSAL FUND ISICAVJ 

d Eurosec ECU A (Ol v l Ecu 

d Eurosec ECU B ICop) —Ecu 
d Kite bet USD A IDIvl ■— * 

tf intetsec USD B (Cap) 1 

tf InMband USD A (Dtv) S 

tf InteibandUSDBICra) — I 
tf Ftonsec Global FM A (Dlv> FM 


tf Finnsec Global FMB (Cop)FM 
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d inMbcnd 
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tf Far E«s7 USDS ICaP7 
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d Jomn JFY B (Can) 


tf Parsec FRF B jam! 


tf Latin America USD A (Dtv 11 

USD B (Cap)S 



7452591 

1452991 

202358 

212049 

14*107 

19*094 

225*872 

229*872 

119.1549 

147*531 


25.9438 

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d Latin America . 

tf Norm America USD A (O(v)S 

tf North Amer USD B (Cop) -S 
BANOUE SCANDINAVE EN SUISSE-GBNEVA 

w Infattxmd Oil SF 83*5 

w Intense CM SF 31474 

IV Swlssfund CM SF _ 174*4 


BANQUS SC5AL LI AN C 8-CREDIT BANK- 


(41M)JM-ir__ 

wP blade North Am Equltln 5 
w PNIade Europe Eautttes — Ecu 
wPletaiN AstatPadllcEq I 

w Pletaac environment Ea — l 

wPWadeDoUor Bands S 

w Pieiade ECU Bonds — Ecu 

w Pletaae FF Bonds — FF 


■vPletaao Euro Carry Bands —SF 

w PKHoaa DoHar Reserve 9 

w Ptehsk ECU Reserve Ecu 

ht P teloae SF Reserve. — . -SF 
nrPMode FF Reserve— FF 
BARCLAYS INTL FUND MA NADERS 
Hong Kang, Tel; (852) K241900 

d Cldna IPRCI S 

d Hong Kona 1 


97*5 

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rw 

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tf Indonesia, 
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tf South East asm. 

BDO GROUP OF FUNDS 

w BDD US5 Cash Fund S 

w BDD Ecu Cash Fund-— —Ecu 

w BDO Swiss Franc Casn SF 

w BDD InL Bond Fund-USS — X 
tv HDD Ini. Bond Fund -Ecu —.Ecu 

w BDD N American Eaultv Frt 

Hr BDD European Equity Fund Ecu 
at BOD Aston EaaUv Fond — S 
m BOD U5 Small Cop Fund — I 
w Euratinandere Fixed Inc— FF 

w Eurafln MuHI-Cv Bd Fd — FF 

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w Belinvest-BrtaU 1 

w BelMvest-GtatMi X 

w Betlrwesl-lsrael..., .J 


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iv BeUnvesl-Muffltiend. 
•* Bel Invest- Sooer lor — 

BNP LUXEMBOURG 

INTER CASH 
r France Manet»ni_ 
r France Securite—. 
t inter Cash r 
I inter Cash Ecu. 


1143*3 

974.75 

4*905 

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1023*0 


inter cash GBP. 
7 inter Cash U5D_ 


t Inter Cash Yen. 


INTER MULTI INVESTMENT 

w PrWatlsailons inn invest — S 

w Teteeom Invest — 1 


1473429 

1759197 

27438* 

191101 

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INTER OPTIMUM 
iv Inferbond USD — 
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1294492 

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w Mulllaevrtes DM. 

w USD 

w FRF 

Hr ECU. 


INTEHSTPATEGIE 

iv Austro lie 

w France.. 


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1131*5 
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mt Europe du Nerd. 


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wAmertaueOi Nard. 


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w Global. 


1225*1 

11871.10 

1341*7 

aui» 
1 04079 
11*955 
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342*2 


BUCHANAN FUND LIMITED 
e% Bout at Bermuda ltd: (809) 295*000 

f GWbai Hedge usd * 11*8 

i Gtotxjl Hedge GBP. — . — t I4i3 

/ Eurooean X AitatiHe S 12*4 

r Poanc — i 1482 

i Emerging Martels. 1 2428 


CAUSE GENTRALe DES BARQUES POP, 

d FructlluK - Obi. Fses A FF 8*8027 

tf Frueilbu - ObL Euro B .Ecu 1SUJ9 

MrFruclIlux -Actions FsesC-FF 92372* 

d Frucfllu/ - Actions Earn D .Ecu 170121 


tf Ffuetltuv- Court TermeE-FF 

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CALLANDER 

nr Cal lander Emer. Growih i 

irCoUander f -A sset —5 

w Caiunder F- Austrian __A5 

i* Callander F .Spanish— _ 2*10 
w Callander F-US Health Cores 
wCaUandcr Swiss Growth — SF 
CAMPBELL (BERMUDA) LTD 

w GW Irnlltullonal <1 Aorl— S 


17**6 
1*17* 
1232*2 
917*80 
si i: 
15297 


CANADIAN INTERNATIONAL GROUP 


flljB 


tf CI Canadian Growth Fd — Cs 
0 Cl North American Fd — »C5 

d Cl Podfle Fund— CJ 

tf Cl SMel Fund C« 

d Ci EmeruMartetsFd CS 


tf Cl Eunxtean Fund —XS 

d Canada Guar. MOtlganeFdCS 

CAPITAL INTERNATIONAL 

w Copilot inn Fund J 

w Capitol Malta SA > 


427 

7*8 

1708 

7J» 

8*3 

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1180 


l3Ufe 

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11448*5 

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CDC INTERNATIONAL 

ir CEP Court Terme FF 171*40 a2 

wGFi Long Terme FF 151. -moO 

CINOAM BRAZIL FUND 
d Clndam Eaultv Fund * 

d Clndam Balanoptf Fund— J 
CITIBANK (LUXEMBOURG) SJL 
POG 1 373 Luxembourg TcL 477 95 71 

d Clllnvesl Global Bond S 

d Ctttmeti F CP USD- * 

0 Clllnvesl FGP ECU Ecu 

rf CHtnveJt Selector s 

tf Clttaitrenaes USD 


tf CMairrencIa DEM— —DM 
tf ClMcumrories GBP— — r 

tf CRturreneies Yen Y 

d Cittaort HA Equity * 

tf UIHwl Cent. Euro Eauilv -Ecu 

d a noon uk Eaoirv_ — t 

tf CltlPOrl French Equity FF 

d C It toon German Eauttv — DM 

tf atlPOrt Japan Equity Y 

0 Cfflngrt 1APEC — S 

0 attoort Eamec S 


a aitport nas B and. 

tf attoort Eure Bv>d- 


-Ecu 


tf Managed Currmcv Fund—S 

CITIBANK (PAWS) SA 

iv CM 94 Cop GM S 

CITITRUST 

iv US S Equities S 


WJ5 
12X57 
128*41 
1427 48 
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1022.96 

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CREDIT SUISSE 
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110070 


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d Band valor US- Dollar. 

d Bond valor D - Mark DM 

d Bond Valor Yen. 


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0 C5 Pant Growth USX » 

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1076*00 

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□UDINA SWIECA ASSET MANAGEMENT 
Tel : (109) 945 MJ0 Fu« . 1809) 945 1488 

B Hlglmridoe Capita* Coro X 12312.13 

m Overtook Per f ormance Fa j 209BJ* 
m Pacific RIM Op Fd— — 1 10L79E 


EBC FUND MANAGERS I Jersey) LTD 
1-3 5eate St St Heiler ; 0534-36331 
EBC TRADED CURRENCY FUND LTD 


0 Capital. 

d Income . 


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tr Ermltoge Amtr Hdg Fd — s 

w Ermiiage Emer M*fs Fd s 

EUROPA FUNDS LIMITED 

d American Eaultv Fund J 

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EVEREST CAPITAL (NT) 7922209 

m Everest Comioi mil ua x 

FIDELITY IHn INV. SERVICES ILgt) 

d Discovery Fund s 2042 

tf For East Fund i tun 

d Fid. Amer. Assert j 19791 

0 FkL Amer. Vtfuro IV S 112317*0 

tf FronilerFung— , — x j*n 

tf GWMl ind X 1941 

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ADVERTISEMENT' 

INTERNATIONAL FUNDS 


April 25, 19M 


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m F MG Global U1 Mori 5 

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FX CONCEPTS (BERMUDA! LTD 

iv Concept* Fom Fund 1 

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wCataHedgrli 1 


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GARTMORE INDOSUEZ FUNDS 22/49/9* 
Tel : 1357) 44 4* JevTOFa* : (3521 465*21 
BOND PORTFOLIOS 


I KL7* 
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d Dollar Bona Dra225. 

d European Bd 0(51.18. 


d Global Bond Drt 215. 

EQUITY PORTFOLIOS 
0 ASEAN. 


tf Asia Pacific. 


d Lonlmmkjl Euro 


tf Fr 


d iniernai tonal. 
d Jouan. 


tf Worth Amerlco- 
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GEFINOR FUNDS 

London : 071-490*171. Geneva : 41 223S5S30 
iv Ea&l Investment Fund, 
iv Scoirhlf Wend Fund _ 

" Stalest a meric on — 

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OFFSHORE FUNDS 
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SWISS REGISTERED FUNDS 41-1-4222426 
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tf GAM (CHJ America SF 1*461 

d GAM (CHI Europe— SF 98.14 

tf GAM ICH) Mondial SF 16888 

tf GAM (CH) Podfle 5F 289*7 


SEC REGISTERED FUNDS 
135 East S7rd Street, NY KXEZ31M884200 
W GAM « SUt 

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wGAM Eureua Ace — —— DM 

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ft GAM Tokyo Acc DM 


■9*8 

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Total Band DM AcC—DM 

wGAM Universal DM Act DM 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda: (8091 2954000 Rox:(IW)29M1B0 
JWH GLOBAL STRATEGIES LTD 
w (Cl Financial & Metals — S 1*7-53 

ft (D) Global Diversified S 1BU5 

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iv ( J) Diversified R*K aoj, — X 


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GOTTEN RIND MANAGEMENT 
ftG. Swap Fund. Ecu 


9.91 
1237*6 
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0.9547 

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67201 


GRANITE CAPITAL INTLQROUP 
W Granite Capital Equity— X 
nr Granite Capital Mkt Neutrals 
w Granite Capital Mortgage -J 
GT ASSET MANAGEMENT (IRELAND) LTD 
Tel: (44)71-7104567 
tf GT Axean Fd A Shares- — * 

tf GT Asean Fd B Shores X 

0 GT Asia Fund A Shares — J 
tf GT Asia Fund B Shares .3 
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GUERNSEY CAPITAL MANAGEMENT LTD 
f GCM Glcool Sel Eo. 5 105*2 


GUINNESS FLIGHT PDjMNGRS (GnSCT) LM 


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0 OK C 2858 

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0 Dwjtxihemar* Money DM 88.748 

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ftHSientri-Her CW" AG X 637100 

ft HszentuKtr Can Inc 1 Uij5 

■v Hmcnoierift Div S 131.74 

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HEPTAGON FUND NV (59IM1555J) 
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m Hermn Sterling Fd c 

m Hermes Gqtd F und. 


3/9*3 

131.10 

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INCOME PARTNERS IASIA) LIMITED 
ft Aslan Fixed Income Ffl_—_X 19*89 

INTERINVEST (BERMUDA) LTD 
C/D Bank ol Bermuda. Tn : 801 295 4000 
nrHe&K Hag a Conserve Fd- J 9.9 ? 

INTERNATIONAL ASSETS FUND 
2. Bd Royal, L-M49 Luxembourg 
ft Eurooe Sua E Ecu 102.78 


INTERNATIONAL MGMT INCOME FUND 

0 Amaruutodv Hard 5 IOU3 

tf Europe ConlincMale DM IOOaI 

tf Extreme OrtefilAngfeaFMiAl 100*6 

tf France - ff 500*1 

tf itallD Lil iawi*o 

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let: 4* 534 7J1I* 

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d AIW 5wr Growih S 

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tf Gtd N.W. 199*. 


PREMIER SELECT FUNDS 
d American Growth. 


1 * 100 ' 
2-1970 ' 
57810 
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23*200 
2*700 
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d European Enterprise 8 

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tf Nippon Growth 

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6*200 
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6*008 
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56908 
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5*200 


4*580 

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1TALFORTUNE INTL. FUNDS 
ft Clou A I Apgr. Growth I toils 

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nr Gass D (Ecu Bona) — _Eeu 
JARDIHE FLEMING, GPO Bax 11448 HO Kg 
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87157*0 

11.72 

11*0 

11.18 


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d JF Pocflic Inc. Tr._ 
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JOHN GOVETT MANT (IJ3JHU LTD 
Tel: 44*94 - 429*30 
w Govett Mol Futures ___J 

ft Govett Mon. Fut. USX s 

w Govett X Gear. Cutt- 


25.4V 

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d BaertomL— SF 

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12** 

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12*3 

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0 Swtssbar 



tf Uaulbaer. 

0 Europe Bold Fund, 
tf DoHar Band Fund. 


tf Austra Band Fund, 
d Swiss Band Fund. 


tf DM Bond Fund. 


d Convert Bond Fund SF 

tf dobed Bond Fund DM 

tf Euro Stock Fund— —Ecu 
d tie Stack p <— 1 x 


tf Podfle Stock Fund, 
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d Japan Stack Fund. 


d German Stack Fund. DM 

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d Sterling Cash Fund. 
0 Dollar Cash Fund — 
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-Ecu 


KEY ASSET MANAGEMENT INC 
m Key Global Hedge x 


947*2 
1904.15 
23SJ.M 
1721*2 
1117*5 
2517.7* 
3071*2 
7254*0 
1*9*0 
128*0 
1241*0 
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147.10 
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259*0 

151.95 

14563 


mK) Asia Podfle Ffl 
KIDDER, PEABODY 
tf Cheeapeake Fund Ud 
tf III Fund Ltd 


12.10 


b Inti Guaranteed Fund, 
tf Stonehenge LM. 


2705*0 

1117*0 

130077 

145220 


21*1 
25J2 
14J8 
18.1311 ■ 
9.96 


34.18 

14.11 


LATIN AMERICAN SECURITIES 
Tel : London 071 428 1234 
tf Argertffnfcxi Invest Co Slavs 
tf Brazilian invexl Co Sieav — X 
If Colombian Invest Ca 5icav -S 
tf Lathi Amer Extra Yield FdS 
tf Latin America Income Ca— 5 
0 Latin American Invest Co— X 
tf Mexican invest Ca sieav —J 
d Peruvian Invest Co sieav _S 
LEHMAN BROTHERS 
tf Aslan Dragon Part NV A— J 
0 Aslan Dragon Port nv B — X 
tf Global Advisors II MV A — 8 

d Global Advisors II NV B X 

0 Global Advisors Port NV AJ 
d Global Advisors Port NV BJ 

d Lehman Cur Adv.A/B X 

tf Premier Futures Adv A/BJ 
LtPPO INVESTMENTS 
24/F Dope Tower Centre, 81 OugstswavHK 
TM (852)8676888 Fax (852)5960380 
iv Java Fixtd 


9X1 

1At 


I0J8 

10J3 

7*0 

1.16 


ft Await Fixed Inc Fd — X 

■> (DR Atariey Morton Fd * 

w USD Money Market Ffl — J 


Indone s i a n Growth Fd- 
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Fund 

w Aslan Warraid Fund. 


9*1 
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11*3- 
1061 
IMS 
10*8 
7 JO 


LLOYD GEORGE MNOMT (852) 8454433 .. 
ft Antenna Fund . .. S I7.t6 

w LG Axkui Smaller Cox Fd— * IMW 

w LG India Fund LM X 1**3 


LLOYDS BANK INTL (BAHAMAS) Ltd 
Ltovds Americas Portfolio (8011 322*711 
w Bcdretced Moderate Risk FdS 


LOMBARD, ODIER &CIE- GROUP 
OBLIFLEX LTD (CI) 

0 Mufflcurroncy ■■ X 


9J9 


tf Dollar Medium Term. 

tf Dollar Lone Term 

d Meane st Yen. 


0 Pound Stoning - 
a Deutsche Mark, 
d Dutch Florin. 


d HY Eurocurrencies. 
tf Swiss Franc- 


-ECU 

JF 


tf US Dollar Short Term, 
d HY Euro Cure Dtv id Pav — Ecu 
tf Swiss Multicurrency— — SF 
tf European Currency _^_Ecu 

tf Bcbtatt Franc BF 

0 Convertible * 


0 French Franc. 


tf Swiss Mum- Dividend SF 

tf Swiss Franc Snort- Term _SF 
tf Canadian Dollar cx 


0 Dutch Florin Mutll FI 

tf Serfs* Franc DlrU Far - — SF 
tf CAD Mull tour. Dtv CX 


tf Mediterranean Curr., 
d Convertibles. 


JF 


JF 


33*1 
25AI 
2B4B 
49*9*0 
77.19 
17J5 
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14*7 
1137 
1181 
1169 
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1J73J 
14.93 
159 J2 
10.13 
10468 
1365 
1537 
1008 
12JH 
11*9 
10*6 


(MALABAR CAP MGMT (Bermuda) LTD 
rnMaiahar inn Fund—— X 1967 


MAN INTERNAriONAL FUTURES 
mMlnt Untiled - Qralnorv . 


HI mm Limuefl 
mMinl Gtd 


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in Mini Gtd Ltd ■ Nov MQJ— 
m Mbit Gtd Ltd - Dec 1994 — 
m Mini Gtd Lid ■ Aug 1995 — 
mMln! Gtd Curecnc Id- 


m Mint Gre Currencies 7001 I 

mMln! So Pes Lid rBNPI 1 

m Athene Gta Futures S 

mAmena Gtd Currencies 1 

mAtneno gw Financials Inc J 
m AHteno Gtd FJnaneiort Ce» * 

m AHL Comal Mkh Fd S 

mAHL Commodllv Fund J 

m AHL Currency Fund . —I 
ffsAML Real Time Trad Fd — » 
m ahl Old Real nme Trd — s 

/j) ahl Old Cod Mark LK X 

m Mgs Guaronleed 1194 Lid * 

01 Moo Leveraged Reatv. Lid* 

ffl MAP Guaranteed 3WH 1 

rnWini G GL Fin 1083- 


46L30 
1*67 
29J4 
3373 
I9J3 
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162 
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10*35 
1114 
9J3 
10 74 
1116 
11*2 
1012 
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1065 
1DJ2 
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w 


MARITIME MANAGEMENT LTD 
73 Front St Hamilton Bermuda 18091292 vm 
w Mgrlltme Mil-Sector I Lta J 102591 

nr Maritime Gtbi Beia Series J 84299 

iv Marmroe Glbl Della Series* 827 m 
1 * Marti (me Glbl Tou Series-* S?i «J 

MATTHEWS INTERNATIONAL MOT 
EMERGING ASIAN STRATEGIES FUND 

ffl Class A % 130 09 

d Class B X 11477 

mPoeilie Convert Stral J 98 h 


MAVERICK I CAYMAN] (8891 949-7942 
m Maverick Fd X 1*73647 


MCKINLEY CAPITAL PARTNERS. LTD 

niTheCerxoir Fundud 5 11117 

MEESPIERSON 

Beklnifl. toiTkt. AffKJerdoro I20-S7IH88) 


nr Asia Pec Growth Fd NV 

w Aston camtai Hotolmr s 

ft Aston Selection Fa n v Fl 

w OP Amer. Growth Fd N.V. _X 

w EM5 Offshore FONV Fl 

ft Ell race Grawm Fund N.V. _F) 

w Joson Dluersll KsJ Fund 1 

w Leveraged Can HOW 1 

ft Tokyo Pot Hold N.V X 

MERRILL LYNCH 

tf Dollar Assets Port lello X 

tf Prime Wr Portfolio X 

MERPILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

rfCW»A X 

d Class B X 


4QD4 
45 to 
106.03 
3568 

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5415 
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255 to 


too 

10*8 


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GLOBAL CURRENCY BOND SCRIES 
AUSTRALIAN DOLLAR PORTFOLIO 
tf Category A. .....AX 


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tf Cbfroory A CS 

0 Coleoory B — -CS 


1135 

18*3 


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l<*5 

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■Mi reguMory authonty. PiWidifc o> bid and offered price. EtestaHalripntgfpnce calculated 2 days pnoMoputthcabonic bid price. 


9*4 

9* 


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a Class b ? . . — 

DEUTSCHE MARk PORTFOLIO 

0 Calewwv A—. — DM 13GB 

tf Colonarv B — — - — --“DM '^71 

EUROPEAN BOND POPIFOL IG I DM I 

0 CUK.fi! — - -J 

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d Class. Bi -* 

tf Clas-J B i _ ... x 1583 

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tfCtosiAl DM 

tf Class A 7 . DM 

tf Clow 0- 1- -S 

d Class B-l- — ' 

POUND STERLING POPfFOLIO 

tf CoJPWTf A J 

0 Category B ... 1 

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tf Calnwt A — — X 

d Coieggry B -1 

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tf Coteffwv A V 

tf Caleaot * B -T 

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0 Class A * 

rf Class 6 » 


91?. 

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96? 

1026 


15*/ 

15*1 


1362 

1118 


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tf Class A * 

tf Class B * 


2210 

71*9 


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EQUITY / CONVERTIBLE SERIES 
BASIC VALUE PORTFOLIO 

tf CIOS SA * 

a Class B — — X 


»C 

9.1) 


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tf C toss A 


1*6) 
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0 Class B 5 

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0 Class A . S 

tf Class B. 


(*.I4 

1378 


GLOBAL EQUITY PQPTFOLIQ 

0 Class A » 

d Class B S 


1039 

1033 


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tf Class A 1 

tf Class B 1 


1DD9 

9*4 


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tf CkBiA i 

tf Class B * 


1*28 

13*0 


14 JM 
13*1 


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tfdOSSA — S H» 

0 Class B * 1083 


DRAGON PORTFOLIO 

tf Class A 

0 Class B . 


MERRILL LYNCH INC S PORTFOLIO 
0 Class A X 


is.ro 

1569 


0 Class S 

tf Class C- 


X 


855 

8*5 

8*4 


MERRILL LYNCH MEXICAN INC PORT 

0 M» Icon UK S PHI Cl A X 1*3 

d Mexican Inc 1 Ptfl Cl B X 1*1 

tf Mexican Inc Peso Pill Cl A * 874 

tf Mericon Inc Peso Pill Cl B.S 87s 

MOMENTUM ASSET MANAGEMENT 
ft Momentum NavtHIler Pert J 9271 

m Momentum Rwwow Fd — x l» n 

m Momentum RxRR.U X 87*9 

m Momentum 5toc»mo5tcr — X 15483 

MORTAL VOHW1LLER ASSET MOT Co 


ft wntof Tcfraun. 


ft WllleriurelsWillerband Cans 
iy Wiiler/onds-ivtiierboitd EurEcu 
w WiUcrfunds-Winereq Eur_Eeu 
i> WHIertumb-wiltorea lialy -Ui 
w WWerfunls-Wlilcreq KA — X 
MULTIMANAGER N.V. 

hi Cosh EnharCTment X 

ft Emerging Markers Fd 5 

ft European Growih Fd— Ecu 

w Hedge Fund 

Fund. 


1 ** 
1539 
126 * 
KOS 
1*148*0 
HUD 


1032 

2ZTS 

15.18 

<2J* 

871 

11*7 

12*9 


ir Mortftt Neutral 

iv worta Band Fund Ecu 

nichglas-app legate capital mot 

w NA Flexible Growth Fd S 1*7*0 

ft NA Hedge Fund - -S 132.12 


8*5 


NOMURA INTL. (HONG KONG) LTD 

0 Nomura Jakarta Fund S 

NORtT CURRENCY FUND 

fflNCF USD X 830.95 

tn NCF DEM DM B9569 

mNCFCHF SF 92479 

mNCPFRF FF **fiOJD 

raNCF JPY — .Y 82495^1 

fflNCF fl£F HF 2700*0 


OOEY ASSET MANAGEMENT LTD 
21 Grosvenar 5U.dn WIX 9FE64-71-499 2998 


d Odey European . 
■y Odey European. 


ft Odey Europ Growth inc DM 

w Odey Europ Growih Acc — DM 
w Odey Euro Grth Star inc — t 
w Odev Eura Grih Ster Acc_( 
OLYMPIA CAPITAL INTL. INC 


15237 
1*8 W 
15377 
1503 
41*0 
*132 


Williams House. Hamilton HM1L Bermuda 
Tef: 809 392-10)8 Far: I ^ 


: 809 395-2305 

J 

iv Olympia SecurifeSF SF 


ft Finsbury Groub. 


wOlvmpla Stars Emorg MklxS 

iv Which. Eastern Dragon S 

w wmai. Frontier J 


w Winch. Fut. Ofvmpto Srar I 

w Which. Gl Sec Inc PI (AI — 5 
ir Winch G( Sec inc Pt iCt — X 

1 mn Madison ^Ecu 
-Ecu 


ft Winch HIM In fl Modi son -i 

w Winch Hldg inti 5er D 1 

w Winch. HMg inti 5err_— J 

' . HldO Oly St 

. Reser. Mull 
ester Thaitoi 
1 FUND MAI 


cu 


ft winch HldO Oly star Hedges 
«v Winch. Reser. Multi Gv BflJ 
w Winchester _ _ J 
OPTIMA FUND MANAGEMENT 


215*0 
17161 
922*9 
17.17 
283*3 
(49. f* 
8*4 
9*9 
146131 
172620 
171117 
1115*8 
1848 
383* 


73 From SI. HamllfoniBermuda 809 2954658 
ftOrtlmo emerald Fd LM — 1 Jfl*7 


ftOpNma Fund. 


r Optima Futures Fund- 
t Optima Global Fund — 


jGlob 

ft Optima Perieufa Fd Lid— J 
ft Optima Short Fund. 
MBIT-EX GROUP OF FUNDS 
d OrtHtex AstaPoeFd. 

0 OrWtox Grofttb Fd. 
tf OrbltwHwtm&EnvIrt 


17.7B 

1722 

13*3 

9*4 

7.15 


0 



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PACTUAL 

tf Eiwntlv Funa Lid 5 

tf Infinity F 


5*40* 
7*098 
4.9139 
4*894 . 
USSR 


'FundUd- 


tf Star High Yield FOLM. 
PARIBAS-GC 


ft Luxor. 


5ROUP 


257*181 

405*981 

'25.1383 


tf Parvesl USA B- 


0 Parvest Japan B 

0 PcrvesfAsta Poeif B_ 
0 Parvesl Europe B. 


-Ecu 


d Pnrvest Holland B Fl 

0 Parvesl France B FF 

tf Parvesl Germany B DM 

tf Parvesl OhlHOoitor B X 

0 Parvesl OWI-DM B DM 


0 Parvesl Obi I- Yen B 7 

0 PDrves* ODD Gulden B — F 
tf Parvesl O«l-Froito B F 


8*2 
2135 
5111*0 
48.97 
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1271*9 
423J7 
1739.17 
1897*5 


161449*0 

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d Parvesl Otui-Sicr B. 
tf Parvesl OWI-EcuB. 


tf Parvesl ObD-Bdux B_ 
d Parvrsl S-T Dollar B_ 
tf PQivesl 5-T Euraoe B. 
tf Parvesl S-T DEM B — 
0 Parvesl 5-T FRF B. 


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_ .. _ _.FF 

tf Parvesl 5-T Bef Plus B BF 

0 Parvesl Gtobci B LF 

tf Porenl ml Bond B 5 

d Parvesl Otfl-Llro B LI! 


tf Parvesl int Eouffhrs B.. 
0 Parvesl UK B. 


tf Pnrvest USD Plus B 

tf Parvesl 5-T CHF B. 


JF 


..C* 

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d Parvest OWi Canada 
tf Parvesl Ohii'DKK B. 

PERMAL GROUP 

f CommodlNes Ltd I 

( Drakkor Growth N.V 5 

/ Emeruing Mkts Hwi s 

/ EvraMlr (Ecul LM Ecu 

f Investment HiossN.v s 

f Media 6 Cantiuunical ions .. 5 

/ Nokoi Ud S 

PICTET 8. CIE -GROUP 

ftPCF UK VjI fLurl C 

w P.CF Gernnvol (LuU DM 

ft P.C.F Noramvqi 1 Lu*i 1 

wPC.F vaiibCT iLu, ). Max 

ft P C J 1 vjiitaiia (Lu-i Lit 

wP.CF'/aiiranwiLuit FF 

ft P.U F. Vclborj SF R (LU*i .5F 
irPUF VotalfflO U0D Hurt J 
w P U.F Volbsnd Ccu (Luri .Ecu 
ft P.U F. ValDCftd FPF (Li*"l FF 
ft P U F. Vaibcnd CUP iLu* l.i 
ft P.U F Volbard DEM ILuk) DM 
ft P U.F. U5 S Da PH* ILUr l_S 

w P.U F Model KJ _Eeu 

■rP.U.T EtneraMMMLuvl .* 

w P.U T Eur.Ooocrt 'Luit Ecu 

b P.U T. Global venue ilu«>. Leu 

w P.U T Curoval iLuit Ecu 

d Plclel wafwisse ICH? . . . SF 

mlwl Small CaallCMI X 

PREMIER INVESTMENT FUNDS LTD 
C/O P.0 BOI 1100. Grand Cayman 
Fan- (8891 949 097] 
w Premier U5 Lwjitv Furfl. S 

nrPrenWr lr»ff £0 Fund S 

mP rentier Sovereign td Fi)..s 
m Premier Global Bd Fd_. . .1 
m Premier Tnim Pclmn Fd - i 
PUTNAM 

tf Emrralna Hlri Sc. Trir.t . S 
ft Putnam Em Into :< Trusts 
tf Putnam Guo Hfoh Grcwrii x 
a Putnam Hwh Inc. GNMA FOS 

tf Putnam in* i Fund. X 

QUANTUM GROUP OF FUNDS 
w Aslan Dovdoamenl .1 

w 6 merofflff Orjviriri FdN v J 

nr Quantum Fund ff V .Z 

wOuanhm mduslilai- . _S 
ft Quantum Real* Tru'.i - . 5 
ft Quantum UK P rally Find .1 

ft Ouosor tail F und N.s X 

k Quota Fund N.v — J 

QUARRY MANAGEMENT LTD 
Tetootwte . 8W ■ Mvoata 
Facsimile 109.449-iSktf 
0 Alios Artritroar Ftf Lid— . J 

tf HWPtfrl! FDM LW » 

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0 Zerrttn Fund Ltd ff-- 5 

REGENT FUND MANAGEMENT LTD 


l£B5 
2024.93 
16056 
13145 
17124*0 
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130*3 
544J8 
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9174 

98*8 

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184*5 
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101*9 

net? 


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ft Pncltlc Arhllraur Ca . ...» 

mB.l Country WrnIFJ 3 

0 Regent DIDIAin Grin » 0--S 

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tf Regetti GW Inll Grih hi. . 5 

tf FeoenicMt Jan Guard - » 

d Rcoenl GltfPodl Bosm ..5 
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ir 'd 
4/79 
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75458 
59111 
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w Pevml Moghul Fd Lffl — - » 

m Pcqeflt Pori IK Hfla Fd » 

0 Rcgenl SriLanta Fd X 

w undet valued Assets Ser I— X 
ROBE CO GROUP 
POB 97U0QS A2 HoHerdom.UI 1 10 77* I W 

d PG America Fund Fl 

d RG Europe Fund — Fl 

tf PG Pot IhC Fund— — Fl 

tf RG Divtrentc Fund Fl 

d RG Money Plus F FL. Fl 

if RG Money Plus F X 


1.9000 

9.78 

mom 

11.98 

ll.U 


a RG Moray Plus f DM DM 

d RG Money Plus F SF 5F 

More Robcco see Amsterdam Slocks 
ROTHSCHILD (GROUP EDMOHO DE) 
IN-HOUSE FUNDS 
ft Aslan Capital Haidtngs FdJ 
nr Datwa LCF Rothschild Bd j 

w Deiwa LCF Rothseh Ea X 

w Farce Cosh Troon ion CHF JF 
w Locum J 


IJ700 

13550 

14100 

54.10 

1 1358 
10373 
111*5 
104*6 


w Leveraged Can HofcBnas J 

ftOtUI valor ■ ■ ...SF 

b Pri QMitane Swiss Ftf — 5F 

b Prteamtv Fd Euroae _Eru 

b Prteaultr Ffl+toivetin SF 

b Priequilv Fd'Laf In Am I 

b Frlband Fund Ecu — Ecu 

b Prlband Fund USD X 


b Pribond Fd hy Emer Mkls* 

wSeteciivoInvesi SA 

0 Source 1 


w US Bona Plus 
wVOriOPto* 


.Ecu 


ROTHSCHILD (GROUP EDMOND DE) 
OTHER FUNDS 
ff Asia/ Japan Emerg, Growth) 
w E serif Eur Porto In* Txl.-Ecu 
w Europ Strain invesfm fd -ECU 
b int enrol Futures t 


6017 

101543 

100197 

10332.79 

25*8.14 

4144 

9UJ1 

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H7JM 

111953 

131*17 

123*09 

110412 

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1163580 

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b OMigeii Ghtote Fd General DM 
b Qtmaesl Global Fix income DM 
d Podfle N/es Fuad S 


w P«rmai Drakkor Grth NV_s 

t Selection Kortoon ff 

t> Vlctairc Arlene 1 


17J1W 

1 * 11 . 1 * 

106*00 

101117 

194.180 

171684 

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50286* 


ROTHSCHILD A55ET MGMT (Gl) LTD 

ni Nemrod Leveraged Hid- x 841*9 

5AFDIE GROUP/KEY ADVISORS LTD 


iff Key Diversified inc Fd Ltd* 
SAPRA REPUBLIC HOLDING 
w Republic GAM— — J 


w Republic GAM America X 

w Rep GAM Em Mkls GlohffU 
ft Rea GAM Em Mfctx La! Amt 
w Republic GAM Europa SF JF 
w Republic GAM Europe USS* 
ft Republic GAM Grwth CHF JF 

w Republic GAM Growth c t 

iv Feeubtlc GAM Growth USX J 
ft Republic GAM Opportunity X 

w Republic GAM Pacific s 

ft Republic GnsevDol Inc— 5 
ft Republic Gnsey Eur me — p m 

ft Republic Lot Am Aflac X 

i» Republic Lai Am Argent % 

ft Republic Lot Am nrtan | 

w Republic Lot Am Mexico 5 

w Republic Lot Am Vcrua. S 

ft Rea Salomon Strut Fd Lid J 
SANTANDER NEW WORLD INV. 
m Commander Fimd « 

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14155 

1105 

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109*2 

110*4 

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103*1 ■ 
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SKAHDINAVISKA EMSKILDA BANKER 
5-E-BAHKEN FUND 
d Europa ,nr - - * 

tf FhjrranOstem Inc S 

tf Global Inc S 


106*62 

107*94 


tf LakamedeV lnc_ 
tf V or toen Inc 
0 Jaaan inc— 
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0 Sverige Inc. 


tf Nantamerlkb inc. 
tf Teknolool Inc. 


JSek 


tf Sverige RMetand Inc 5ek 

SKANDIFONDS 
0 Eauliv mn Acc I 


0.99 

0.95 

1*1 

0.91 

ixn 

99*3 

0.98 

1621 

050 

1*2 

1640 


tf Eaultv (art Ine- 


rt Eaultv Global. 


tf Equity Nat. 
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tf Eauily Nordic- 

d Eaultv UX. 


tf Equity Conti netihd Europe J 
d Equity Mediterranean. 

0 Equity North Am 
0 Eaultv Far East - 


0 toll Emerging Markets. 
0 Bond Inti Acc— . .... 


0 Bend inl l ine- 


rt Bond Europe Acc - 
d Bond Europe Inc. 


0 Bond Sweden Acc. 


0 Band Sweden Ine- 


rt Band OEM Acc— 
rt Bond DEM inc. 


0 Band Dollar US Aa. 


tf Bond Ool tor US Inc. 
a cure. US Dollar. 


a Cure. Swedish Kronor Sek 

SOCIETE GEN ERA LB GROUP 
SOGELUX FUND (SF) 

ft SF Bands A UJA X 

ft SF Bands B Garmanv __DM 
ft SF Bondi C France— FF 


1700 

13*3 

1*4 

121 

110.96 

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151 

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154 

0.94 

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7J7 

055 

160 

1*5 

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1232 


ft SF Bands EC* 


ft SF Bonds Fjapon 


w SF Bands G Europe 



>» SF Bands H Work) wide 

ft SF Bondi J Belgium BF 

WSF Ea K North America —X 

wSF Ea L WJEurope- -Ecu 

wSF Ea M P ocHIc Borin .Y 

ft SF Ea P Growih Countries* 

w SF EaD Gold Mines—. X 

ft SF Ea. R Wortfl WKtt— I 


ft SF Short Term s France— PP 

wSF Shari Term T Eur Ecu 

SODTTIC ASSET MANAGEMENT INC 


1559 

3213 

121*8 

1220 

2377 

JM! 

1624 

831.00 

14.98 

)«*9 

158* 

17*7 

33*4 

15*1 

170.1985 

14** 


ftSAM Brazil. 


w 5AM Diversified. 


i» SAM/McGarr Hedge. 

ft 5AM Opporfimftv 

w SAM Strategy — — 
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1 * GSAM Comooslle 

SR GLOBAL FUND LTD 

mSRI 

m SR As km. 


20529 

13212 

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12734 

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10616 

104*3 


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1*4 Bd de to Prtruwe, L-Z330 Linembmirg 


b SHB Bond Fund- 


ftSvenrtaSef. FdAmerSh — * 

1 * Svenska Sal, Fd Germany—* 
ft Svenska Sei. Fd inti Bd ShJ 
ft Svenska Sel. Fd tori Sh^_5 

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ft Svensho 5W. Frt Mttt-Mkt — Sek 
iv Svenska Sol Fd Podf Sh — X 
ft Svenska Sel. Fd Swed Bds— Sek 
w Svenska Sol. Fd S vtvio sti -Ecu 
SWISS BANK COR P. 

tf SBC 100 Infle* Fund SF 

rf SBC Equity PtF-AuttnikL-AS 
0 SBC Eaultv Ptfi-Conada_.es 
0 SBC Faulty PtfhEurope — Ecu 
a SBC Ea PiW-Nrttter lands — Fl 

0 SBC Govern BO A/BS 1 

tf SBC BandPtfl-AusfrSA, — AS 

tf SBC Bond Plfl-AusfrSB AS 

0 SBC Bond PttLCon* A a 

tf SBC Bond Plfi-Con* B. a 

0 SBC Bond Ptfl-DM A DM 

0 SBC Band Pffl-OM B DM 

rf SBC Bona PfiMJutch G, A — Fl 
tf SBC Band Ptfl-Dutah G. B— Fl 

tf SBC Band PtlFEcu A Ecu 

tf SBC Band PtlLEcuB-— Ecu 

d SBC Bond PlILFF A FF 

tf SBC Bond PIM-FF B FF 

rt SBC Bond Fm-Plas A/B Ftas 

0 SBC Band PH LS Wrung A _l 
d SBC Bond PtfVSterilno B _t 
rt SBC Bond Partltolo-SF A__5F 
d SBC Bond Porttoflo-SF B — SF 

tf SBC Bend Prfl-U5S A I 

rf SBC Band Ptfl USS B S 

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0 SBC MMF ■ AX AS 


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0 SBC DM Shart-Temi B .DM 

0 SBC MMF- OuKh G Fl 

0 SBC MMF - ECU ECU 

0 5flC MMF ■ Esc Etc 


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0 SBC GiW-Ptil USD Grtti„_S 

ff SBC G1W-PTN SF Yld A SF 

tf SBC Glbl- Pill SF YU B SF 

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0 SBC G IDF Pm Ecu Inc A ECU 

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ff SBC GIW -Pill USO Inc B —X 
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ff SBC GM PMI-DM Yld A/B -DM 
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ff SBC Emerging Market* — S 
a SBC Sawn 6 MM Cam Sft JF 

0 AmericaVotar — X 

0 Angtovotor 1 

0 A rid Portfolio, J 

tf Convert Band Setoctian —.SF 

0 D-Mar* Bond Selection DM 

a Dal tor Bond Selection X 

ff Ecu tft*W SrifcikHt -Ecu 

d Florin Bond Sdccllcn — -Fl 

0 Front rVokr _ F J 

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d itaiVatar— Lit 

tf JanonPorttofta — — J 

a Shnlino Bond Seieelton — t 
0 3w. Forcfon Bond Seleetwn.SF 

0 Swnsvotar — — -f 

rf iintvorxal Bonfl SefocIMn.-SF 
tf Universal Fund 5F 

? EMP LC ? 3N G l'ot A LXTRAT £ 0 Y SICAV 
d GtabN Grawm — »_* *>-*' 


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tf OaxxA-1 
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tf Equity Income J 

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d LnuMHv. 


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d B - Fund. 


tf E - Fund. 


tf J - Fund, 
tf M 


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tf UBZ Him* Convert . 


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0 UBZ X- Bond Fund— » 

0 UBZ Southeast Asia Id — X 

UNION BAN CAI RE ASSET MGT fUHAMJ 
INTERNATIONAL, NASSAU 
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UNION BANCAIRE ASSET MOT (U8AMJ 
INTER NATIONAL, LUXEMBOURG 


2414.97 l 
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w UBAM Japan Y 

ir UBAM Sterling Band s 

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tf Jopm-lnvest 


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tf Podflc-invcst. 
tfSbflf 


26450 Y 
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0 Skondinovtora-lnwoif- 

d sterling* in eri 

0 Sw(» Franc- invest, 
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tf Swistroal. 


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tf UB5 America Latina X 

d UBS Aria New Horizon 3F 

0 UBS Aria New Horizon s 

0 UBS Small C Europe SF 


0 UBSSmaU C Europe DM 

1 UBS Part lav SFR Inc SF 


0 UBS Port Inv SFR Cop G—SF 
0 UBS Pori inv Ecu Inc— SF 


tf UBS Pert Inv Ecu inc— —Ecu 


tf UBS Port Inv Ecu Cap 
0 UBS Part fnv Ecu COp G— Ecu 

0 UBS Part Inv USX inc- i 

tf UBS Pori inv USS inc SF 

tf UBS Pori Inv USS Cap G_JF 
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d UBS Pari Inv DM inc DM 

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0 Yon- Invest. Y 


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0 UBS MM InveXt-UI LJT 

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tf UBS MM tovraFSFR T SF 

tf UBS MM Invwt-FF FF 

0 UBS MM InveSMHFl Fl 

tf UBS MM Invext-Cans— CS 

tf UBS MM Invest-BFR BF 

0 UBS Short Term Inv -DM — DM 
0 UBS Band tov-Ecu A Ecu 



0 UBS Band inv-Eai T. 
tf UBS Bond ImnSFR. 
tf UBS Bond inv-DM. 


0 UBS Bond Inv-USS- 


d UBS Bond Inv-FF. 


tf USS Band fnv-Can S. 
tf UBS Band Inv-Ut- 


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0 UBS B.I-USS Extra Yield — X 
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tf UBS Fix Term Invest 9* — t 
tf UBS FBI Term invSFR 94 JF 
tf UBS Fix Term idvDM 94— dm 
tf UBS Fix Term InvEcu 96-Ecu 
tf UBS Fix Term Inv-FF 94— FF 

d UBS Ea Inv-Eurooe A DM 

d UBS Ba Inv-Euroce T— DM 

d UBS Ea tov-5 Cap U5A X 

tf UBS Port r Fix UK (SFR)— SF 
0 UBS Port 1 Fix toe (DM) —DM 
tf UBS Pari 1 Fix Inc (eco) -Ecu 
tf UB5 Port 1 Fix inc IUSS) — 5 
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tf UBS Ow (nv-WI# USX * 

d UB5 Cm> InvWlO Germ— DM 
WORLDFOUO MUTUAL FUNDS 

0 > Dolly Income 1 

0 DM Dally income. DM 

tf S Bend Income 1 


JJr TUI17 


d Non - s Bands. 


0 Global Botox. 


0 Global Balanced. 


rf Global Eouirto. 

0 US Conx e nrailvo Eauirim —X 

0 US Aeraxrive Eautttn 1 

tf European Eauffles— __S 
0 Pacific Eautflcs- 


tf Natural Resources. 


Other Funds 

* Arilcroissonce Sttav FF 

w Actl thane* Slcov . — 1 

iv AcNtmvm Ltd 1 


w Act toest ion Sieav. 
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w Adelaide. 


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at Anna investment^ 


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w Aauf to Inlernoflenol Fund J 
tr Arbi Hr investment.— J 

ftArpvxFund Balanced SF 

ft Argu* Fund Bona 5F 


ff Asia Oceania Fund, 
w ASS (Arienl AG. 


.. -- - OM 

w ASS (Derivative) AG Dm 

» ASS I Zeros ) ag Dm 

m Associated imrestan me. J 

1 * Athena Fimd Lta 1 

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ft BomtH Hedged Growth Fff J 

» Beckman Int Coo Ace J 

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d Blkuben-Miorvai EEF Ecu 

0 Btocmar GUM Fd (Cavfflon)S 
d Btocmar GtabattBoh a mo a l x 
a C.Ci 1 s 


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w Qdiflvesi Acttans mfi bf 

ft Contlveri Obll Beta* CT BF 

ftConrhftti OWi weno Dm 

» Convert, fo inn a Certs X 

1 * Convert Fd mn 0 certs X 

m Grata Drill Car-. 1 


inCregcat Asian Hecer Mar ill 

mCRMF uturex Fund LU 1 

it Cumber tori NV 1 


ft Curr Control 2E80 j 


ff D. WIIIW 99W FW 

wDG.C L-r— — j 

d DtHwa 3« m " — 1 

0 DBArgenriMiBdFd"-— V 
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0 OrcftVi*^«* rKae g! , ■^ 
t o<ft pwformowe Fd— — 

m Dvnosrv Furto — J 


tf Emi I 


dEm.FranceirtoPjuiA 

0 Emi France ind. Plus B 


tf Emi Neth. inBe» 
rf Emi Neih. WJ* : ol _ 

ff Emi Spain Inti Plu5 A 

3 iSisSSmind.Plu4a- PW 

0 Emi UK Index Plus * f 

tf Emi UK MjSLSKS 1 

m Enuistar Offshore LW- -- * 
iv Ewur. Sfo im. M Ecu M FdEcu 
ft Elpir. S» inv Slh Eur F«- J 

tf Europe 

tf Europe QDliWlionx ecu 

wF.I.7.FuntfFF JF 

iv FALP. Portfolio-- -J 

iv Fairfield toil Lta -- — -\ 
iv Fairfield Senrtr Lta—- — J 
w FWrtieta Strategies Lid — X 
m Forum Fumf -f 

mFlreWrdOv«M«LW- — } 

i» First Ernie Funo * 

w First Ecu LW ■ — E«u 


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i» FL Truxl Aria — J 

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d FondltaliO 

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ir Fanhix 3 Devtw *r 


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ir r wriwn • — - — 7 e r 

w Fonlux 3 - mff Bond— jr 

■v Formula 5c led ton Fd 5F 

m Future Generailon lw 5 

mOEM Generation I 
m Gemini Core Ltd- 


mGems PnwnBsiveM t-fd-S 

m German Sei. Asxodates DM 

mGFMC Growth Fund —J 

ft Global 91 Fu 


w Global Arbitrage Ltd. 
0 Global Cap FO BW ' 


ft Global Futures Mgl Ltd — l 
m Global Monetary Fd Lid — S 

iv Gonnorc) SF 

tf Green Line France FF 


m Guo/ on toed Capita) 1mm N LF 

w Hartttoger Latin Amer X 

1 HQifKnwnn HWgs N.V X 

w HB InverimenH Lid 1 

mHemtspitere Neutral Feb 28 5 
d Heritage Coo Grovrtti FdLtai 
■r HesNa Fund- 


b Higftbrtdge Caudal Cora — I 

w Horizon Funfl- — FF 

w ibex Hotainss LW SF 


iv IFDC Japan Fund- 
b ILA-IGB. 
fi (LA- IGF. 
fi IIJtolNL. 


■v Indigo Currency Fd Ltd- 
r mn securities Fund- 
d Interfund SA. 
d investa DWS. 


w Japan PacHk Fund . 
m Japan Selection 1 


iv Japan Selection Fund. 
wKenmarGM. Scries 2- 
ft Kenmar Guaranteed . 
wKMGtowL 


0 KML-11 High Yield- 

■r Korea Dmomic Fund 3 

w Korea Growth Trust 5 


ft Lb Fovette Holdings Ltd — S 
ni Lo Jolla int Grin Fd Ltd — s 
b Lawman: Offshore Stral— 1 
ir Leaf Slcov s 


6* ' 


m Leu Performance Fd X 

ft LF infernal tonal ■ — .X 


m London ParttaitoServicex_S 
fflLPS Inti H.P.B- 


mLux Inti Mot Fa LW- 
ft Luxlund. 


m Lynx Sel. HaMlngs- 


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ft M 1 Mufli-Sirafegv 


w MJdngdon Oftritore. N.v — 1 
ffl Master Can A Hedge Fd — X 

iv Matterhorn Offshore Fd 1 

■rMQE Janan Funa LF 


tn McGinnis Global (Mar 31U 
01 MCMim. Limited. 


w Millennium Inlemat ta noi— I 

mMJM fnfernatkxwl LW 1 

m Momentum Guild LM 
wMuittftitiires 


FF 


0 New Millennium Fut. Lid. 

0 Newtxmk Debentures- » 

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fllN5P F.l.T. Ud. 


ffl Oaecm Strategies Limited— 3 
ft Old ironside mr I Ltd — — S 
m OmeaaDveroeas Partners S 

fflOaeatUtrimer u3 Arh X 

m Optimum Fund — 1 


w Oracle Fund L to- 


rn Overtook Pe rf orm an ce- — S 
m Podf RIM Opp BVI Apr 11 J 
ffl Pan Find inc Fd (Jan3i).J 

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ft Panda Fund Pic. 


m Panpipes Offohore iMor 31 « 

m Paragon Fund UmiteO 1 

at Parallax Fwtfl Ltd 5 


mPeauot inti Fund, 
iv Pnarmo /Wheel to. 


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w Piurigesttan Plurlvaleur. 
w Pturfvast Staav . 


mPombay Overseas LW 

Hi Smaller Co-.._ 


m Portuguese . 

mPrtmo Bond Plus FdLti 
mPrlma Capital Fund Lf 


fflPrimeMuifi-lnvest. 
mPrimea 


xr Pyramid lav Fd Cora - 
tf RAD int. Inv. Fd. 


>.r- 


tf Regal mff Fund ud. 
f Rlc moves) Fund B. 


wRM Futures FunflSlenv__S 
wire, — _Ei 


wSeltartslnflEqul . 
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tf Sanyo Klc. Spain Fd — 
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ft Saturn Funa— 
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ffl! 


J FundOttLVOI BVI Lta_l 
:i / Tech SA Luxembourg! 


fflScimhar ?uor. CurrFd— _J 


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mSetocta Global Hedge Fd — s 
tf Sefectlvi " - 


. live Fat. Ptfl Ltd x 

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■r andair Mu HI fund Lid X 

» SJO Global (609)921-4595 — X 



ft Smith Berner wrktwd See J 
• Barney Wrttfwrt Soec 1 


- Scls 


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w $7> international SA B Sh -3 
ai Saint Hedge Hid— A 


in Srirlt Neutral Hid. 

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w SfeMtonfl OVas Fd Ltd-S 

ft Steinhardt Realty Trust 5 

ffl Stride/ Fund x 


fflStrame Ottshore LW. 
0 Sunset Global HI LM- 
tf Sunxel Global One — 
fflSusstx McGarr. ..... 
m Tos Currency. 


■furbreipi 

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ft Techno Growth Fund. 

d Templeton Global Inc X 

ffl The Bridge Funa N.V. S 

ffl The Geo-Giobaf Offshore— »t 

tf The instil Mulli Advlsorj > 

ffl The j Funa B.V.1 . 1 ta -- % 
ft The Jaguar Fund n.v. ^...5 

rt The Latin Equities Fd- S 

0 The M"A*R*s Fd Slcov A S 

0 The M*A*R*S Fd Slcov L— DM 

ffl The Seychelles Fa Lta 1 

ni The Smart Bond Ltd — . SF 


■torntfi 


ft Tlw Yellow Sea Invl Co. 

ft Tneflto m-m Fun.»es x 

fflTlgef SrifC Hold NV Bfo X 

fi Tl IC (OTC) Jop. Fd Slrav-5 
fi Tokyo (OTC) Fund 5kav _S 

ft Tran* Global Invl Ltd S 

rt TronspocIHc Fund V 

w Trinity Future! Fd Ltd.- s 

ffl Triumph i- - t 


fflTrtufflon 11 , 


!%®i 


d Turauobc Funo. 


fflTwgedv Browne Inn n.v.. 
ft Tweedy Browne nv. Ci a. 
ft Tweedy Browne n.v. Cl B- 
0 UbaFuturex. 


d UboFotures Dollar. 

f Ultima Growth Fd Lta X 


0 Umbrella Debt Fund Ltd s 

tf Umbrella Funo Lta X 

» Uni Band Fund. Ecu 


w Uni Capital AUemogne^ .... 

ft Uni Capital Convertibles Ecu 

ft UnKHooai 51 rev DEM dm 


w UitFGtoboi Slcov Ecu-. 
» UnKJiobal sieav FRF , 
w Uni -Global Sieav FS — 
ft um-Gtobal Stcov USD. 
tf Ulrica Eaultv Fund.. 

0 Unlco Inv Fu 


ffl Unmade* Chf 

ffl Unliraaet CHF Reg sf 

ffl Uni trades FRF 6F 

munnredex USD j 

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fflV^tor Futurn Funa j 

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ffl Welle* Wilder inn Fd ' 

ft Wilier joean v 

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0 Win Global F0 Ba. Pftl ecu 

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rt World BOencrd Fund S a '* 

ffl War 10 wise Limited .. 

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ffl WW EOJWIH Gf ttl Ftf Ud 3 

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To subscribe in Franca 


lust call, follfrtfc, 

05 437 337 


For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 


‘MEp 


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For expert advice on personal investing. 

Every Saturday, the International Herald Tribune publishes The Money Report, a weekly section that provides 
a penetrating analysis of financial products and services available to today's high-net-worth investor. 

For timely investment information, read The Money Report. 



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INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


Page 17 


ADVERTISEMENT 


Cost of Quality: 
Exchange Rates 
Favor Foreigners 


The effects of economic 
recession in Britain a i SS 
/* 1 in the private- 
» h °iP, seci or, where the 

feT^v ?^ b0ardins P°P ,Is 

- percent in the 
decade to 1993. 

This has reduced econ- 
omies of scale and forced 

Private sector 
offers boarding 

fees up higher than the pre- 
vailing rate of inflation, al- 
though this increase is bal- 
anced by favorable curren- 
cy-exchange rates for non- 
Hntish parents. 

One of the most popular 
schools for expatriates based 
m London is the American 
School, which occupies a 
r'ree and a half acre campus 
m St. John’s Wood, a posh 
inner-city residential neigh- 
borhood. 

TJe 1,200 or so students, 
both boys and girls, attend 
classes from kindergarten to 
1 3th grade in a system based 
on the American educational 
model. 

Students from over 40 na- 
tions are represented on die 
roll, but the majority are 
U.S. citizens, for whom the 
school was created in 1951 
“to meet the need for conti- 
nuity of American curricu- 
lum.” The institution is fully 
accredited by the Middle 
Stales Association of Col- 
leges and Schools in the 
United States. 

There are no boarders, so 
some pupils have to allow 
time for journeys of up to 30 
miles each way. In the class 
of 1993. 34 percent of 12th 
graders earned grades of A 
and 48 percent Bs, underlin- 
ing the school’s good acade- 
mic record. Over 90 percent 
of the class continued on to 
four-year colleges. 

Schools with a more 
British tradition are keen to 
attract the children of non- 
British parents. Bedales 
School was founded in 
1893 and takes stu- 
dents from the ages 
of three to 16. 
They leave 
when they 



reach 18. with most going 
on to a university. The 
school is in Petersfield, 
Hampshire, a county to the 
southwest of London, only 
about an hour by road from 
both Heathrow and Gatwick 
international airports. 

Christine Teale, registrar 
for admissions, says? **Be- 
dales was the first coeduca- 
tional boarding school in 
England to treat boys and 
girls equally. We do lots of 
outdoor practical work such 
as looking after apple trees, 
as well as baking bread and 
making jam. Our academic 
standards are high.” 

The school follows the 
British educational examina- 
tion system and does not of- 
fer the International Bac- 
calaureate. All new pupils 
are expected to be fluent in 
spoken and written English 
and have to pass entrance 
tests prior to admission. 

Fees for senior boarders 
are almost $18,000 a year, 
while day students pay 
$12,800. Boarding students 
are in the majority and sleep 
in six-person, mixed-aged 
dormitories until the age of 
16. 

Woldingham School in 
Surrey, also close to Lon- 
don, educates almost 500 
girls and was founded as a 
Roman Catholic institution 
in ] 843, although it now has 
lay management Fees for 
boarders are around S 14,000 
a year. 

'Most girls are English, but 
the school exchanges stu- 
dents with Catholic institu- 
tions in France, Spain. Ger- 
many and Austria on an an- 
nual basis. 

This year, visiting teach- 
ers came from Japan for the 
first time, and t te Japanese 
language appeared on the 
curriculum for senior stu- 
dents. Over 90 percent of die 
school's graduates enter a 
university. 

The choice of schools in 
Britain is wide, with many 
public-sector schools offer- 
ing free education plus high 
standards. For those wanting 
boarding places, however, 
the private fee-paying sector 
offers tiie only way of meet- 
ing that need. 


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The fastest-expanding 
sector on the British educa- 
tion scene over the past 
decade has been business 
and management studies. 
Universities have fallen over 
themselves in the rush to 
provide courses for aspiring 

100 institutions 
now offer MBAs 

executives and those already 
rising up the corporate esca- 
lator. 

The jewel in the crown of 
business qualifications must 
be the MBA - the master of 
business administration - 
which is reckoned by many 
to be the passport allowing 
junior managers access ro 
the middle and upper reach- 
es of corporate responsibili- 
ty. Over 100 British univer- 
sities and management 
schools now offer MBAs. 

The elite courses remain 
the two-year fiill-time ver- 
sions offered by London and 
Manchester Business 
Schools, which rank hi 
the top 10 of Europe. A 
don Business School MBA 
costs around $15,000 a year 
in tuition fees for the 180 or 
so students admitted annual- 
ly to the full-time track. 

London Business School 
attracts a truly cosmopolitan 
mix of MBA participants, 
with more than half arriving 
from nations outside Eu- 
rope. About a quarter are 
British and a similar propor- 
tion are women. The campus 
is centrally located in a large 
public park, which also 
houses the London Zoo. 

Leicester University’s 
Management Center runs an 
extensive distance-learning 
MBA program, with teach- 


ing bases located 
around the Pacific rim, 
including Hong Kong, Sin- 
gapore. Thailand and 
Malaysia. The 2,000 stu- 
dents in this course pay tu- 
ition fees of about $8,250, 
covering their whole period 
of study, which lasts a mini- 
mum of two and a half 
years. 

The Leicester MBA is 
structured around three main 
areas of study: strategic 
management, analytical 
methods and management 
techniques. 

A further two options 
have to be selected from a 
list of nine, which includes 
international marketing and 
business. A dissertation of 
up to 15,000 words is also 
required, and this can focus 
on the student's employing 
organization. 

.ondon University is the 
largest in Britain and also 
one of die oldest, founded in 
1 836. Another of its pioneer- 
ing claims is that it was. one 
of the first universities to of- 
fer its degrees externally to 
candidates living virtually 
anywhere in the world. 

For those looking for a 
first degree, London offers a 
huge range of options within 
its BSc economics and BSc 
management courses. The 
former has no fewer than 79 
subjects to choose from, 
grouped around themes such 
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and finance. 

.Students can complete 
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three years or as many as 
eight. The tuition scales are 
complex, but not too expen- 
sive, and degree fees can 
work out to less than $2,000, 
not including books or other 
materials. 


A Brief 
Checklist 
For Parents 


Parents choosing a school 
in Britain are offered a list of 
actions they might take and 
questions they might ask: 

• Make sure you receive a 
prospectus from each school 
and read it carefully. 

• Itemize all costs. Uni- 
forms may be compulsory 
and expensive. Other extras 
may include books, food, 
medical aid, music tuition 
and sports equipment. 

• Check the insurance 
arrangements regarding ac- 
cidents and illness. 

• Make sure you see the 
school during a normal 
working session. Impressive 
buildings and planned open 
days may project a false im- 
age. 

• Visit as a family, if pos- 
sible, and pay close attention 
to your child’s reaction to 
the school's atmosphere. 

• Make an effort to talk to 
the school’s students when 
no teachers are around. 

• Find out about the 
school’s approach to disci- 


pline. Does it 
tend toward the au- 
thoritarian or die lib- 
eral - and does thal suit 
you and your child? 

• Is the curriculum broad 
enough and does it meet the 
likely requirements of your 
child? 

• Are the facilities ade- 
quate across the board, from 
science laboratories to music 
rooms? 

• What exams does the 
school enter students for? 
Some institutions offer- only 
British exams. 

• How good are the exam 
results? 

• What proportion of stu- 
dents go on to college or 
university? 

• Find out how many stu- 
dents are normally in a class. 
Ask both the students and 
the teachers, and count the 
number in the classes you 
see. 

• Does the school strike 
you as a happy and comfort- 
able place? 


This advertising section 
was produced in its en- 
tirety by the supple- 
ments division of the In- 
ternational Herald Tri- 
bune's advertising de- 
partment It was written 
by Graham Wade, a 
British free-lance writer. 


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Page 18 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


SPORTS 


In NBA Playoffs , a Mix 
Of Rivalries Old and New 


Tke Associated Press 

There will be some old rivalries 
as well as a first- rime meeting when 
the National Basketball Associa- 
tion playoffs get started this week. 

The Chicago Bulls have eliminat- 
ed the Gevdand Cavaliers four of 
the last six years, including twice 
when Michael Jordan ended the 
series with buzzer-beating shots. 

Jordan's not around this time, giv- 
ing the Cavs some hope against 
their old nemesis. 

Also in the Eastern Conference, 
the New York Knicks will face 
their cross-Hudson rivals, the New 
Jersey Nets. 

But Indiana and Orlando will 
have to start a new playoff tradi- 
tion as the expansion Magic are 
making their first postseason ap- 
pearance. Indiana, sincejoining the 
NBA in 1976, has never made it 
past the first round. 

Here’s a look at the best-of-5- 
games first-round matchups: 

EASTERN CONFERENCE 

Atlanta vs. Miami: The Heat 
looked hot after the All-Star break. 


winning five straight road games at 
>ut fell apart late in the 


tie’s in the first half of the season 
before injuries 10 Vernon Maxwell, 
Mario Elie. Matt Bullard and Carl 
Herrera limited the options of 
coach Rudy Tomjanovich. But Ha- 
keem Olajuwon still should be too 
much for the Trail Blazers. An up- 
set is possible if Chris Dudley, re- 
cently returned from a season-long 
ankle injury, can help on defense. 

Phoetkx vs. Golden State: The 
Suns are vulnerable to teams with 
dominating big men. so at first 
glance they caught a break here. 
But it’s a double-edged sword — 
Golden State is similarly vulnera- 
ble. In what could be a' shootout, 
Phoenix has homecourt advantage, 
mare weapons in reserve and play- 
off experience to put them on top. 

San Antonio vs. Utah: The Jazz, 
despite being the lower seed, have a 
big regular-season sweep — 5-0 — 
to give them confidence. But the 
playoffs are a new season, and the 
sweep will mean nothing if Utah 
can't contain David Robinson and 
Dale Ellis starts hitting from out- 
side again after a late-season injury 
and slump. The Jazz ended the sea- 
son with a 10-game winning streak 


followed by a 2-8 slump followed 
by a 9-2 finish. So the series will 
ride on whether good Utah or bad 
Utah shows up. 


Robinson 
Pours it on 


one stretch, but f 

season, nearly losing' the last play- 
off berth when Rosy Seikaly 
sprained as ankle. He got back in 
time to salvage Miami's second 
postseason appearance, but the 
Hawks are playing too well to be- 
come the fim top seed to lose to an 
' ath seed. 

r York vs. New Jersey: This is 
the matchup fans in the New York fTM « 1 

area were looking forward to. The fYV* I IT If* 
Nets’ 4-1 advantage in the regular 
season is intriguing, but the per- 
ceived matchup advantages for 
New Jersey should disappear when 
the Knicks are able to concentrate 
os them exclusively. Benoit Benja- 
min has played well lately, scoring 
20 or more points in three recent 
games. If he could keep it up, the 


The Associated Press 

David Robinson, the San Anto- 
nio center, scored 71 points in the 


Spurs' 112-97 victory Sunday over 
die Lot 


upset possibility is there. 
OKasova. Ctevc 


Chicago vs. Cleveland: Jordan is 
gone, but so are Geveland’s Brad 
Daugherty and Larry Nance. The 
Cavaliers did remarkably well to 
win 47 games, but Chicago did re- 
markably well to win 55. The Bulls 
look that much better right now. 

Orlando vs. Indiana: The Pacers 
are playing better than any Indiana 
NBA team, finishing off the season 
with a dub-record eight straight 
victories. Many observers will take 
the position that the Pacers are soft 
until proven otherwise, regardless 
of how many times Rik Smits 
scores 40 points in a game. The two 
Davises, Dale and Antonio, and 
Derrick McKey are doing a lot to 
reverse that perception. Tne Magic 
are virtually devoid of playoff ex- 
perience, but it will take a lot to 
defeat Shaq and Co. 

WESTERN CONFERENCE 

Seattle vs. Denver. Seattle is 
loaded, with nine tough players at 
coach George Karrs call. Ricky 
Pierce has looked good in limited 
action since he returned from an 
injury, giving the defensive-minded 
Somes an extra offensive weapon 
they might not have needed. Steals 
champion Nate McMillan is 

Hi ~r.*o niir. ntf 


Pierce's defensive twin off the 
bench. The Nuggets have made a 
remarkable turnaround from three 
years ago, but they have little 
chance against Seattle. 

Houston vs. Portland: The Rock- 
ets’ depth was comparable to Seat- 


Los Angdes Clippers in the final 
regular-season game to win the Na- 
tional Basketball Association scor- 
ing title with a 29.787 average. 

Robinson, who joined Wilt 
Chamberlain, David Thompson 
and Elgin Baylor as the only play- 
ers to score more than 70 points in 
a game, finished the season with 
2,383 points in 80 games. Orlando’s 
Shaquille O'Neal scored 32 points 

E l New Jersey on Sunday to 
second at 29.346. 

Houston’s Hakeem Olajuwon 
was third at 27.3, followed by the 
Los Angeles Clippers forward 
Dominique Wilkins (26.0) and 
Utah forward Karl Malone (25 2). 

The strangest occurence Sunday 
came at Houston, where Calvin 
Murphy, the single-season free- 
throw p«eentagc rccord-holder. ; 
hexed his chaQkiger. Mahmoud 
Abdul-Rauf of Denver. Abdul-Rauf 
missed his 10th free throw in 229 
attempts to finish at 95.6 percent, 
just off Mmpby’s mark of 95.8. 

During a timeout after Abdul- 
Rauf was fouled. Murphy called 
for the ball from the referee, held it 
a moment, then tossed it back. 
Abdul-Rauf then missed the sec- 
ond of two attempts. The San Anto- 
nio forward Dennis Rodman won 
the rebounding title for the third 
straight season with a 173 average. 
O'Neal was second at 133 and At- 
lanta's Kevin Willis third at 12.0. 

The Utah guard John Stockton 
took the assists tide for the seventh 
straight season with a 12.6 average. 
Portland’s Tracy Murray was the 
top 3-point shooter at 45.’9 percent, 
making 50 of 1 09 attempts. 


■ Decline of 2 Dynasties 

The Utah Jazz put Magic John- 
son's Los Angeles Lakers out of 
their misery with a 103-97 victory 
Sunday, as the once- mighty Lakers 
failed to qualify for the playoffs for 
the fust tune in 1 8 years. The Asso- 
ciated Press reported. 

And in Cleveland, the Cavaliers 
stopped Boston on Sunday. 117-9). 

as tire Celtics (32-50) finished their 
worst season since they were 29-53 
in 1978-79, the year before Larry 
Bird arrived 

Johnson ended his 16-game 
coaching career with a 5-1 1 mark, 
including a franchise-record 10 
straight losses, contributing to the 
second-worst season record (33-49) 
in Lakers history. 

The Jazz finished 53-29 and are 
in the playoffs for the 1 1th straight 
year. The Lakers finish ed with a 
second straight losing season for 
the first time since 1974-75 and 
1975-76. 

Robert Parish, Boston's 40-year- 
old center who now becomes a free 
agent, received standing ovations 
from the sellout crowd of 20373 
when he was introduced and again 
when be left the game with 1:54 
remaining. Referee Dick Baveua 
handed him the game ball when 
Parish walked onto the floor to 
acknowledge the second ovation. 

"All you guys are retiring me 

E rematurdy,” Parish said later. “I 
aven't said one word yet. I’ll have 
a meeting with my agent, then I'll 
take some more lime off and make 
my decision." 

With the victory, the Cays set up 
another playoff series with their 
longtime nemesis, the Chicago 
Bulls. Cleveland (47-35) clinched 
the sixth seed in the Eastern Confer- 
ence and will open the fust round 
Friday at third-seeded Chicago. 



Fielder Strokes 

2-Out Single to Save 
Tigers in the 9th 


The Associated Press 


bases loaded for his first save. Steve 

■ssasass 'ts.'S?-**, 

Detroit manager would like to see Tr z une ' 
more often. „ Tms :7, Btee J«js 3s Ate Qfe 

Finder hit a three-run homer led off the game with his first home 
early, then singled home the go- run in U17 career at-bats, and 
ahead run in the ninth inning Sua- 



day as the Detroit Tigers defeated 
the White Sox, 7-6, in Chicago. 


Julio Franco and Robin Ventura 


AL ROUNDUP 


r .u,<’ • . r. v-v \\t. 

Virwv Booi'A^hY fVKfcoPrcv* 

Kurt Rambis blocked Bryon Russell's layup, but the Jazz handed the Lakers their 10th straight loss. 


hit consecutive home runs in the 
Ch i regn sixth, and did it again in 
the eighth for a tie at 6. 

Tony P hillip s drew a leadoff 
walk in tire Detroit ninth from Jose 
DeLeon, and Lou Whitaker sacri- 
ficed. Reliever Dennis Cook struck 
out Kirk Gibson, but Udder, who 
was called out on strikes in bis 
previous at-bat, in the seventh with 
the bases loaded, tingled off Ro- 
berto Hernandez. 

“I just wanted to stay on top of 
the ball," Fielder said. “A lot of 
times when you get a full count, the 
pitcher's got to make his pitch." 

“A angle — that's his best hit- 
ting," Anderson said. “He gave us a 
good at-bat" 

Mike Gardiner was the winner. 
Mike Hennaaan pitched the ninth 
for his third save. 

Indians 12, Rangers 7: Albert 
. Belle and Manny Ramirez each 
drove in three runs as Cleveland 
won at Texas. 

Belle, who homered, and Ra- 
mirez each had three of the Indians’ 
17 hits. Dean Palmer, who hit 33 
home runs for the Rangers last sea- 
son, hit his first of the year and 
Doug Strange also connected. 

Charles Nagy won despite giving 
up six runs in five innings. Derek 
Ulliquisi got tire last out with tire 


Giants Snap Out of Hitting Slump, at Mets 9 Expense 


The Associated Press 

A weekend power display sent tire San 
Francisco Giants to Montreal with guarded 
optimism that a team batting slump was 
over. 

Following a four-homer, 14-hit eruption in 
a 10-1 romp Saturday, the Giants added 1 1 
hits Sunday and beat the New York Mets. 4- 
2, in San Francisco on the strength of Matt 
Williams's two-run homer. 

“We weren’t going to hit 310 as a learn all 
year," said Williams, whose sixth-inning 


ing curve that Williams hit over the fence in 
left. 


“ I thought 1 had Williams fooled and he 
ended up pulling it in the bleachers,” Saber- 
hagen said. “I was making some pretty good 
pitches except for the curve. I’ve been strug- 
gling with it lately." 


and three m the eighth, then loaded tire bases 
in tire ninth against Trevor Hoffman before 
Mariano Duncan grounded into a game- 
ending double play. 


Dodgers 7, Expos 1: In Los Angeles.- Tim 
fafiacn hit a parr of two-run homers. Mike 


Saberhagen also didn't fool Barry Bonds, 
who doubled on his first two at-bats and now 
is 5-for-9 lifetime, with three homers, against 
Saberhagen. 


Wallach hit a pair 
Piazza drove in three runs with a homer and 
RBI double and Pedro Astacio scattered 
seven hits in his first complete game of the 
season. 


NL ROUNDUP 


homer was his eighth of the season, tying 
New York’s Jeff Kent for the National 


National 

League lead. 

Right-hander John Burkett was trailing 2- 
0 on solo homers by Kevin McReynolds and 
Todd Hundley before the Giants rallied for 
three runs in the sixth. 

Right-hander Bret Saberhagen. who 
hadn’t lost in six decisions dating back to 
June 25, took a five-hit shutout into the sixth. 

Darren Lewis led off with a bum single, 
stole second and scored on Todd Benzinger's 
single. Saberhagen ’s next pitch was a faang- 


Benzinger, shifting from No. 6 to No. 3 in 
the batting order, changed his fortune 
against Saberhagen with three consecutive 
singles. He entered the game (tifor-9 against 
Saberhagen. 


Padres 6, Phiffies & Andy Benes stopped 
his nine-game losing streak, winning for the 
first time since Sept. Land Tony Gwynn tied 
Dave Winfield's club record wiih his eighth 
consecutive hit as San Diego stopped visuing 
Philadelphia. 


Phil Plamier drove in three runs with a 
double and homer for San Diego, which had 
a season-high 14 hits. 

Philadelphia got two runs in the seventh 


Early in the game. Montreal outfielder 
Larry Walker mistakenly gave a live ball to a 
fan m the stands. With one out and Jose 
Offerman on first base. Piazza lifted a fly 
ball near tire stands. Walker caught it and. 
thinking it was the third out. handed it to a 
young fan in the first row. Walker had to 
retrieve the ball to keep Offerman from sew- 
ing. 

Cubs 12, Rockies 4: Steve Trachel scat- 
tered seven hits in his first career comoiele 
game, and visiting Chicago roughed up Colo- 
rado’s David Nied for four runs in the first 
inning and wound up with a season-high 16 
hits. 


three more runs in the first on Derrick May’s 
run-scoring single, Sammy Sosa's RBI dou- 
ble and Shawon Dunston's run-scoring 
grotindouL 

In earlier games, reported Monday in some 
editions of the Herala Tribune: 

CanBnals 5, Astros 4; Bernard' Gilkey 
scored on a wild pitch by Mike Hampton to 
cap a three-run eighth inning as the Cardi- 
nals rallied past Houston in Sl Louis. 

St. Louis trailed 4-2 when Ray Lankford 
led off with a double off Shane Reynolds. 
Gregg Jefferies hit an RBI tingle, took third 
on Todd Zeile’s tingle and scored an Gil- 
key’s fielder’s choice gronndout 


visiting Minnesota went on to 
Toronto’s six-game winning : 

Cole homered on the fourth 
pitch from Joan Guzman. Guz- 
man, 2-15 at the Sky Dome, gave 
up seven runs in eight innings. Ke- 
vin Tapani kept the Twins ahead in 
ending their three-game losing 
streak. 

Brewers 7, Royals 0: Ricky 
Bones pitched his first shutout in 
74 career starts, and the Brewers 
triumphed over Kansas City io 
Milwaukee for their fourth victory 
in a row. 

Bones gave up six hits, struck out 
three and walked one. He ended 
the game by getting Dave Header- 
son to ground into a double play 
with the bases loaded. 

Mansers 7, (Moles 6: In Balti- 
more. Ken Griffey Jr. hit a three- 
run homer, highlighting a four-run 
ratty in the eighth inning that lifted 
Seattle. 

A wild pitch by reliever Brad 
Pennington scored the first run in 
the comeback, and Griffey fol- 
lowed with a 438-foot drive to right 
field, just 25 feet short of the ware- 
house at Camden Yards. It was the 
closest anyone has come to the 
hi i iirfing in a game, although Grif- 
fey hit it last year during a home- 
run derby a day before tire All-Star 
game. 

John C umming s was the winner. 
Bobby Ayala got six outs for Seat- 
tle's first save; the Mariners had 
been the only team without a save 
tins season. 

Red Sox 5, Angels 4: Scott Coo- 
per hit two solo home runs and 
Boston won its sixth straight game. 
The Red Sox have won nine in a 
row at Fenway Park against Cali- 
fornia. 

Cooper homered in the fourth 
and sixth inning!) off Phil Leftwich. 


He also made a diving stop on Tim 
ider down the 


Salmon’s grounder down the thud- 
base tine m the fifth and made the 
play to first 

Aaron Sele won despite giving 
up more than three earned runs fa 
the first time in his 22 major league 
starts. Greg Harris relieved, pitch- 
ing out of a jam in the eighth, and# 
Jeff Russell pitched the ninth for 
his sixth save. 


Brian Jordan's double sent Gilkey to third, 
and Gilkey scored on the wOd pitch by 
Hampton. Rich Rodriguez pitched two in- 
nings for the victory. 


Reds 5, Martins 2: Tom Browning pitched 
a three-hitter at Riverfront Stadium for his 
second straight complete game, following his 
two-hit shutout against Philadelphia a week 
earlier. 


Yankees 6, Athletics 2: Jim Ab- 
bott held Oakland hitless until Gc- 
ronimo Berroa bloqped a single 
with one out in the seventh inning 
at Yankee Stadium and New Yak 
wrai its fifth in a row. 

Abbott, who pitched a no-hitter 
at home on SepL 4 against Cleve- 
land, allowed one run on three bits 
in right innings. He struck out six 
and walked five. 


Chicago's first five batters got hits, sinn- 
ing with Karl Rhodes's 416-foot homer into 
the right-field bleachers. The Cubs scored 


Reggie Sanders bounced two hits off the 
center Arid fence, then drove a three-run 
homer into the second deck. 


Don Mattingly, who did not 
homer in New York's first 15 
games, connected fa the second 
straight day. His three-run homer 
capped a four-run third inning 
against Bob Welch. 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 



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SPORTS 


Page 19 -—7 


Steffi Graf 
Shrugs Off 
A Threat 
Of Attack 

Reuters 

^JvlBURG - A deaLh threat 
10 Graf, the world’s top- 
f'Uuccd women’s Iranis player cast 
a shadow over Monday’s start or 
the Hamburg Open women's tour- 
nament. where Monica Seles was 
stabbed in the back during a match 
last year. 

The threat was made in a hand- 
written letter mailed to a Hamburg 

newspaper Friday and published 
Monday ltwas signed, “Friends of 
boes and Opponents of Graf.” 

W *h Hamburg there 
wtll be another attack,” the letter 
said. Bui this tune it is the slimy 
Graf who will be the target. And we 
aranot playing with kitchen knives." 

The police do not believe the 
threat is serious, and Graf has no 
plans to pull out of the tournament. 
• u Players will be assigned two 
bodyguards, and undercover police 
will be in operation at the event, 
which runs until Sunday. 

Graf, who plays her opening 
match on Tuesday, reacted coolly 
to (he threat on Monday. 

“After 12 years on the t«infe 
circuit you don’t take things so seri- 
ously,” she said. 

G On ter Parche, a lathe operator, 
smuggled a kitchen knife into the 
Hamburg complex in a plastic bag 
on April 30 of last year, *nH 
stabbed Seles, then the world 
. No. 1, while she was seated during 
a changeover between 

The attacker, who received a 
two-year suspended sentence, said 
be had stabbed Seles because he 
was obsessed with her rival, and 
wanted Graf to take over as the top 
player in (he world Seles has not 
played competitively since. 

Hamburg officials have stepped 
up security, but say there is no sure 
way to prevent a recurrence. "If 
someone wants to shoot, then you 
can't stop that,” said the tourna- 
ment director, G Outer Sanders. 

Graf, who had a routine training 
session on Monday, said she had 
received similar letters in the past. 

“Of course there are copycats 
who do this kind of thing to get in 
the newspapers,” she said. 

All players will be accompanied 
' by two bodyguards when they walk 
from the dressing rooms to the 
court Bodyguards will also stand 
. near the players’ seats with their 
. backs, to the court, watching the 
crowd during the ebangeovers. 
i- Undercover police have been as- 
signed to watch for suspicious per- 
sons at the complex, and officials 
will try to ensure Lbal nobody is 
able to bring in weapons. 

Graf said she did not believe the 
security needed to be any u'ghter. 

“Being close to the spectators is 
part of it all," she said. “That 
should not be ruined." 



rbai So ««]>■■ TV ftrv. 


Calgary’s Rod Stern grimaced after Dana Murzyn of Vancouver sent him sprawling to tbe ice. 

Flames Rally Past Canucks 


The Associated Press 

Muhammad Ali coined tbe 
term “rope-a-dope” — conserving 
energy, even taking a pounding, 
until using a late flurry to win. 

Tbe Calgary Flames did just 

th»I. 

For the second straight game, 
the FI anas combined a third- 

im PLAYOFFS 

period scoring lunge with hot 
goaltending, beating the Ca- 
nucks. 3-2, on Sunday in Van- 
couver. As a result, the Canucks 
arson the verge of elimination in 
tbe Stanley Cup playoffs. 

“Mike gave us the opportunity 
to win the game, and we men- 
tioned it just before the third 
period,” Calgary’s coach, Dave 
King, said of Mike Vernon, his 
g callender. “We played that 
rope-a-dope hockey and he kept 
us in the game. We were tired m 
the second, but got great goal- 
tending and played a good third 
period/’ 


Wes Walz and Theor Fleury 
scored third-period goals SuDday 
to cany the Flames to a 3-1 lead 
in their best-of-7 series. Game 5 
is Tuesday in Calgary. 

Calgary played without in- 
jured centers Joe Nieuwradyk 
and Joel Otto, yet sparkled in the 
third period for the second 
straight mad game. Tie Flames 
had won 4-2 on Friday by scor- 
ing four third-period goals. 

On Sunday. Wah tied the 
score 2-2just 44 seconds in to the 
third period. Fleury scored tbe 
game-winner at 3:38 when he 
mapped a passovt from Robert 
Reichd past the Canucks goal- 
tender Kirk McLean. 

Hadthawks 4, Maple Leafs 3: 
Jeremy Roenick scored one min- 
ute, 23 seconds into overtime to 
boost Chicago over visiting To- 
ronto and tie (heir series at 2-2. 

Gary Suter’s third goal of the 
game with 7:25 left in the third 
period knotted the game at 3-3 
for the Blackhawks. Suter is tbe 


first Blackhawks defenseman to 
get a hat trick in the playoffs. 

Rob Pearson, Doug GUmour 
and Dave Andreychuk scored 
for the Maple Leafs. 

■ Norway Tics Sweden 

Espen Knutsen scored with 1 1 
seconds left, giving Norway a 
surprising 3-3 tie with Sweden, 
the Olympic champion, on Mon- 
day in the opening game of the 
World Hockey Championships 
in Bolzano, Italy, news agencies 
reported. 

The goal was Knutsra’s sec- 
ond of the game and capped a 
comeback that saw Norway rally 
from a 2-0 deficit. 

Canada, the Olympic silver 
-medalist." packed with NHL 
players, easily beat Italy 4-1. 
And the veteran winger Jari 
Kurri struck a last-minute goal 
to give Finland, the Olympic 
bronze medalist, a 4-4 draw with 
the Czech Republic. 

Later Monday, Austria played 
Germany in Group A and 
France faced the United Slates 
m Group B. (AP. Reuters) 


In NFL Draft, the Future Is Now 

With Salary Cap, Teams Seek Instant Results From Picks 


The Associated Press 

NEW YORK — In the new era 
of free agency, teams want players 
who can play now, not take four 
years to develop and then leave. So 
that's tbe way the first couple of 
rounds of the National Football 
League draft went. 

The Cincinnati Ben gals hope 
Dan Wilkinson will jump right in 
on tbe defensive line. Jim Mora 
expects Joe Johnson to start for 
New Orleans. Mike Holmgren 
wants Aaron Taylor zo do the same 
for tbe Green Bay Packers. Ditto 
for receiver Charles Johnson in 
Pittsburgh. 

The search for instant contribu- 
tors was tbe theme of the draft, the 
first of the free- agent salary cap 
era. As high-priced veterans are 
phased out under the cap, low- 
priced rookies are brought in. 

The draft resumed Monday with 
a minor bang when the San Diego 
Chargers traded fullback Marian 
Batts to New England for the Patri- 
ots’ third- and fifth- round choices. 
The Chargers used the third -round- 
er to select wide receiver Andre 
Coletnan of Kansas State. 

Cincinnati started the third 
round with another Ohio State 
player to join Wilkinson, running 
bade Jeff Cothran. Then Indianap- 
olis took tackle Jason Matthews of 
Texas A&M as the draft began its 
long trek through the day. 

Tbe thud round was full of run- 
ning backs — fjHTMf Smith of 
Houston to Seattle; Calvin Jones of 
Nebraska to the Raiders; James 
Bostic of Auburn to the Rams; Le- 
Shon Johnson of Northern Illinois, 
the nation’s leading rusher, to 
Green Bay. Byron (Bun) Morris of 
Texas Tech to Pittsburgh, and 
Gary Downs of North Carolina 
State to the Giants. 

But no quarterback was chosen 
between Trent Differ of Fresno 
Stale, who went to Tampa Bay with 
the sixth pick overall and GW. 
Post's Peny Klein, who went to 
Atlanta on the llith pick in the 
fourth round. The Hasman Tro- 
phy winner, Charlie Ward, re- 
mained unchosen at that point 

But few of these players win 
come dose to big money right 
away. One of the wrinkles of free 
agency is a separate rookie salary 
cap that will hold down the payroll 
for first-year players. 

Wilkinson, who was a sopho- 
more at Ohio State, led a crc?p of 
underclassmen who were picked 
early. 

Seven nonseniors were taken 
with tbe 29 picks of the first round. 
It was also a draft for defense — 10 
of the first 13 picks were defenders. 

Mostly, it was a draft for players 
who can produce immediately. 

“They’ve told me they want me 
to contribute right away,” said 
Charles Johnson, a receiver from 
Colorado who slipped down to the 
17th spot largely because of the 
rush to draft defenders. Taylor, an 


offensive lineman, was left at 16th 
for the same reason. 

In fact, the only offensive players 
taken early were running haclr 
Marshall Faulk of San Diego State, 
by Indianapolis with the second 
rack of the draft, and quarterbacks 
Heath Sutler of Tennessee (third 
by Washington) and Differ. 

The fourth pick was defensive end 
Willie McGinesi of Southern Cal a 
pass rusher who people in New Eng- 
land will expea Bill Parceflsto turn 
into Lawrence Taylor. PazceBs was 
more md'med to compare him to 
Chris Dokanan, who was traded 
from Minnesota to Adana for the 
Falcons’ top draft pkk next year 
and a second-round pick tins year. 

After McGincst, Indianapolis 
moved up to take Nebraska line- 
backer Trev Alberts; the Bucs took 
Differ and San Francisco moved op 
to take defensive tackle Bryant 
Young of Notre Dame to plug the 
gaps in their defensive Eire. Then 


Seattle took another defensive line- 
man, Adams of Texas A&M. 

Cleveland took Alabama corner- 
back Antonio I^mgham with the 
ninth pick; Arizona took lineback- 
er Jamir Miller; Chicago took Al- 
corn Slate linebacker Jc5m Thierry; 
the New York Jets got comerback 
Aaron Glenn of Texas A&M; and 
New Orleans took defensive end 
Joe Johnson of Louisville. 

Then cany three straight offen- 
sive Unwnw, starting with Bernard 
Williams of Georgia to the Eagles. 
The Rams took Wayne Gandv of 
Auburn and tbe Packets took Tay- 
lor. Then after (he Steders took 
Johnson, tbe VDdngs had two pkks, 
talcing omnerback Dewayne Wash- 
ington of North Carolina State and 
tackle Todd Steussie of Cal 

Miami weal for defensive tackle 
Tim Bowens of Mississippi; De- 
troit took wide receiver Johnnie 
Morton of Southern Cat, and then 
came three surprises. 


First the Los Angeles Raiders 
took linebacker Rob Fredrickson 
erf Michigan State; the Cowboys 
took Shame Carver, and the New 
York Giants took wide receiver 
Thomas Lewis of Indiana. 

The first round concluded with 
Texas A&M running back Greg 
(fill going to Kansas City; Houston 
taking defensive end Henry Ford 
of Arkansas; Buffalo taking safety 
Jeff Bums of Notre Dame; Sait 
Francisco taking ful lback William 
Floyd of Florida, and Cleveland 
taking wide receiver Derrick Alex- 
ander of Michigan. 

In the second round, the biggest 
moves were the products of trades. 
The Vikings used Atlanta's second 
round pick to take David Palmer, 
the all-purpose wide recdver-kick 
returner from Alabama who can 
also play quarterback. 

Atlanta got a 1995 No. 1 pick 
ba ck by trading wide receiver Mike 
Pritchard to Denver. 



SAILORS’ SPRAY— I 
in Fort Lauderdale, Honda, after winning tbe fifth leg of tbe Whitbread Round the World Race. 
On Monday morning. New Zealand Endeavour arrived in port to take die overall lead in tbe nice. 


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SCOREBOARD 


SIDELINES 


Mq|or League Standings 

AMERICAN LEAGUE 
East Dto Mop 



Hr L 

pa. 

GB 

Beaton 

13 5 

J22 

— 

Toronto 

12 6 

467 

1 

Now York 

11 6 

**1 

IV* 

BaWmore 

10 7 

JOB 

2V* 

Detroit 

6 12 

J EB 

7 

’ Cleveland 

Ceatrol Division 
10 6 

425 

_ 

CMcaao 

11 7 

All 

— 

1 Milwaukee 

10 7 

588 

VS 

• Kansas City 

7 9 

A3B 

3 

• Minnesota 

6 13 

.316 

5V* 

’ CalHooila 

West Division 

8 11 

421 

_ 

Oakland 

7 »1 

389 

Vi 

Seottlo 

6 11 

553 

1 

' Texas 

5 1» 

513 

Ito 

NATIONAL LEAGUE 



East Division 

W L 

PCL 

GB 

1 Atlanta 

14 5 

737 

— 

‘New York 

9 9 

500 

4»« 

‘ Montreal 

9 10 

A7t 

5 

* Florida 

8 10 

544 

5W 

^Itilladelphto 

a n 

.421 

6 

Cincinnati 

Ceatrol Divtston 
11 5 

588 

— 

SL LOWtS 

It 6 

547 

VS 

Houston 

9 B 

529 

7W 

'Pttfsburaft 

8 8 

500 

3 

' adcaao 

s n 

513 

6 

' San Frondxo 

West Division 
li B 

579 

— 

CMorado 

8 9 

571 

2 

' Los Angel ra 

B 11 

521 

3 

'San Diego 

6 14 

TOO 

S» 


Sunday's Hue Scores 


AMERICAN LEAGUE 
CaHtarnta OM KM MM * 0 

MM 3*0 Ml «*-« « • 

LeffwJefe 1C Panenan 17). B. Patfareonm 
and Turner, Fawego* (81-' Sri*. HarrH {71. 
Russell (9) and Valle. W-Srie. M. 
L— Leftwktb M. Sv— Russril 16. HRs— Bos- 
ton. Cooper 2 IS). 

j u.1,.^1- 111 IM 31S-7 II ■ 

on mi m— » » « 

Tapani. Gufnrfe fs), watts W arrfVUett**; 
Guzmov Codon* (91 ond Borders 
.1-1. L— Guzman. 2-2. HR-Mlnnesota Cole (1). 

Oakland Ml MB Ml-* « J 

Now Yam Ml *»•»-**• 

WriA, Briscoe |7>» Eckerslev W ai**S»rin- 
tout: Abtxto Reardon 
W—Attaott, 2-2. L — Welch, WH 
Aidret* ft). New York. Motttaght ***■ 

^cattle 100 2M M0 — 1 11 J 

jummora w* Mi •»—*** 

HIBbard Cummings IT). A veto 
»n; Mwer.Pennlngtan 

m. mi I m ana »ou» 

L— Pennington. 0-L Sv— A VOW (1). H H^-Sey 
iir, PirtJ (4). Gr liter IS). BalWnww Hones ra. 

Kansas CUT MO DM #M-« 6 ] 

mnweiw «ea im e*— J 17 * 

OuMcza Pichardo 161 «*» 

Banes and Mltsson. W-Bones. 3-). l-**- 

'ia. 8-1 

too 300 an— r > 1 

CeicuM 003 M2 #»-« • 1 

Doherty, Krueger l«. 
non m and Tetiirion; 

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Dora. Karkovftz Of- W-Gar^-WlL-l*- 
Loon frl. Sv-Heanemon (3). 

(D.CUoOBn Frenen2 [7),Vmruro2 (4). 

463 4M 2M-H V * 
TUBS 8M «• 7 , ” * 

Nagy, Plunk (6). Lllltoubt («> 

Orover, Hunt {AiWiMesMe f7,Corr>8rter 
and Ortiz. W — Many. M. »*- 

Sv— Ullkwtsl (II. HRs-CWvshsid. Belle 131. 
Teuv Pttimer ()}, Strom* MI- 


NATIONAL LEAGUE 
PiHstarg* Ml Ml IM-6 3 I 

AMento III MB tlx— 3 » 1 

Cooke. Ween (7), T O&afca (I). Dewey (I) 
and GoH; Maddux and Lopsz.W-Maddwc.4- 
1. L— Cooke. W. HR— Atlanta. Lemke (1). 
Florida OM 300 000-3 3 I 

Ond man Ml 130 iix-c 9 l 

Hammond, Lewis (7). Aqirfao (B) ond Smti- 
a an; Brawnlnoand Dorsrit.W O rewnbi a .2- 
0. L— Hammond. V2. HR— dnetonan. Sad- 
on 14). 

Hoestaa Ml OM IM— 4 9 I 

St. Loots MB MB BW— $ ■ 1 

Swindell, Reynolds IS). Edens <l), Jones (B). 
Hamnton <S) and Eusebio; Watson. Hobwm 
IT}. Rodrtmm tot. Pens 19) ond Ptevoa. 
McGriH |9>. w-n odrlguoz. i-Q. L—edo»a.2-t 
Sv— Pore* 16}. HR— Sf. Loris. Zelto 14). 
Odea go tot in sm-^ix i& 1 

Colorado IM IM 0U— 4 7 I 

Trocftsei and Wilkins,- Ntod, Blair a>, RuV 
Hn 16), Reed (B). Moor* »1 and Sheaffer. 
W— TmcftseLJ-LL— Otleascv 
Rhodes (4). Colorado. Burks (7), Young Q). 
PMKKMpMa MO OM 331-5 t X 

San Diego 1BI 21B 0ta-4 M 1 

Schilling. Judan CSV. Wed (7). O. Jones CB) 
and Doultarw Benes, Ge. Harris (B), M. Davis 
IS), Hoffman IB) and Ausmus- W— B en evl-4. 
L—Sctill/ino Ml Sv — Hoflmon, a HR— Son 
Oleoo, Wont to- US). 

New York im an nt-J 6 • 

San Fraadsoo MS OM M»-4 11 ■ 

M llMilMNlH N W in s rn rnsim 1B1 ml 

Hundley; Burkett. Butte (B).M. Jackson (?) 
and J. Reed. W— Burkett M. L-aaberteoon, 
2-7. 3v— AL Jackson. A HR— Son Frondsca 
Ata. Williams (B); New Yark.McRsvnoMs <11, 
Hundley 14). 

Montreal OM OtO IN-I 7 2 

Los Angeles MI IM Ms— 7 t o 

pj. Martinez, Shaw (7). Bauchor (B) and D. 
Fletcher; Astaeloand Piazza. W-Astoctal- 
2 , l— RJ. Martinez. 0-2. HRs— Los Angelea, 
piazza (3), Woltoh 2 Ml. 

The Michael Jordan Watch 

SUNDAY’S GAME: Jordan won! l-tor-4 
wttti a single In (he Barons’ 54 km to the 
Mawivtiie Xoross. He extended Ms Mtitno 
strrok to 11 games. His single was a Mah 
Infletd chad fielded or shortstop Ted Corbta 
who Had no Play at first base. He also growl- 
ed out three times. He mode a running caldi 
Hilly ball that was NT to Nm In rtwit-center. 

SEASON TO DATE: Jordan Is 154ar44 and 
Is batting J26. He is errorless in 17 chances. 


HOCKEY 


NHL Playoffs 


N.Y. Rangers 1 * »-« 

ILY. islanders 2 0 0-2 

First period— I. fstondar^ Thomas ) 
(KTUPPv Ferraro), l:M lap). 2. IsKnders, 
Plante 1 (Turgean. King), 7:31 X Rangers. 
Kovalev 4 (Lamer, Zubov), YU59 (pp>. Pen- 
a dies— Anderson, N YR (goalie I n terterance). 
■25; Plante. NYl (charging), 2:21 : Mattaov. 
NYl ihookmg). 10 J); Kypreas, NYR Irough- 
iml. 1 2:02; Thomas. NYl (rougMng), »»:B2. 

second P eri o d «. Rmseta Zubov 2 
(Leefth), 3:<2 (pp). i Rangers. Messier 3. 
10:22. Penalties— Kasparallis, NYl (reugn- 
fngj, 2MO: HnfalL NYl, served by Acton 
IreugWiw), 3:«.- Beufeeboam, NYR (cross- 
chedttofll.iK?. - MocTavtsaNYR (rwgMng), 
11:27; Cfiynoweta nyi iiaaMigl, V:2T. 

Tbinl Period— & Rangers Larmer 2 (Nem- 
Chlnav, Gilbert). 5:34. 7. Rangers. Messier 4 
(BevSiBboam), )7:HB. Pe nglite— Vaske, NYl 
(cross-tMridng), 4:30; Wens. NYR (rwvgft- 
Ingl, ll:04; MacTawlsh. NYR (crasKhcck- 
Ing). li:H; VutoW. NYLmlnoomoior-game 
misconduct (avectieadng, Hbm bw), 11:04. 

SMts on goal — Ranftfs 12-B-13-GA istond- 
Ifs 7-7-4— IB; power-ptar opporhmine*- 
— RaMers 2 ol 6; islanders I of t; gsaOss* 
—Rangers. R tenter . « (IB shot^li sows). 
IsbndHL HejdalL D-3 (34-W1- 


e l T— x 

' St Looks l 0 o-i 

First Period— l. St Louta Hoaslev 2 ishono- 
hath Duchesne). 7:22 (PPL Ponol»|gs— Later. 
Dal (crosschecking), 2:M; Modana. Dal 
(Mgivsticklng), 6:45; Zomte sil (cross- 
checking), 9r2i. 

Second Period— 2. Dallas. Modono 4 IKlatl. 
Eklund). 15:47. Penaltles-Zmotek. Dal 
(erandottlno), 4:9*: Zombo. SIL (lrf»- 
ptag). 7:3): Orurta, Dot double mlnor-mis- 
conduct lroughlnal.lll:(B; Baron.SlUdoubte 
minor l roughing). 10:03; McRae, St L, miscon- 
duct, 10:03; Miller. SM_ (trlpplna). 13:42 

Third Period— 3. Dallas. Modano 5 ICourt- 
natt,CavolM). 16:13 Inn). PenoDtes— Evoson. 
Dal (hooking). 4:33; Later. Dal (rauridnal. 
10:91; Mlilor. StL IrougWngl. »:0H Dallas 
bench, served by Courtnoll (too many men on 
let), 1M0; Duchesne, StL (hooking). W:27. 

Shots on goal— Dallas 12-1M-32. St. Louis 
S-U-T— M; pewer-atar o P Pcrt u nlHes-OoUoa 
t of 4; Sf. Louts J of S: peollee-OoJlBs. woko> 
luk.«-a |24shats-25 saves). St. Louis, Joseph, 0- 
4 (32-30). 

Crigarr 1 • « 

VCttlWW* 1 1 D 2 

Mrs) Period— 1. Calgary, Stern I IKtsio). 
H®. 2. Vancouver. Gritnas 2 1 Bure. Brown), 
17:54. Penalties— Keamer, Col (Interter- 
ence).S:24; Bure. Van (hairing). 7:12; Yaw. 
ney.ad (hairing). 11 :0Z; McCarthy. Cal. mis. 
conduct D.-02; AntosftL Van, misconduct 
11:02; Linden, Von (elbowing). 13:47; Pat- 
rick. Van (rougMng), 16:12; MusiL Cal (htah- 
sticking). M:39; Colgory bench, served by 
Stem, 17:5«; Courtnoii, Van (chorgfngl. W:». 

Second P eriod A Vancouver, Unden 3 
(Courtnolt Brown). 2 :0k Penalties— Sullivan, 

Cat ( In terference), 7:02 ; Bure. Vcm (Interfer- 
ence). 9:37; Chorbonneau, Van isteahlno). 
18:01. 

Third Perio d 4. Calgary. Wriz 2 (Mocln- 
nta Roberts). :44. 5. Calgary. Fleufy 4 (Ifel- 
cheL SulDvon). 3:38. PenoItv-MusIL Cal 
Otokflng), 7:3L 

.Shots on goat CbMafV 1M-I0-O. Vancou- 
ver 15-17-12—44; pgwerplav epperttmiHes- 
— Calgary 0 at 5; Vancouver 1 ol 7; «oafles> 
—Colgory, Venwn 3-1 (44 shots42 saves). 
Vancouver, McLean 1-3 (2S-25). 

Toronto i i l a — 3 

Odom 2 B 1 1—4 

First Period—' ), Chicago. Safer 1 I A monte, 
Rawdcfc). 9zSa. I Chknao. Suter 2 (Murphy, 
Roenick), 1328 (pp). 3. Toronto, GUmour 2 
IMocoun. Gartner). 14:55 Ipp)- Penaltle- 
»— Andrevdujfc, Tor (rougnmg). 4:44; Car- 
ney. CM (interference), 4:46; Stumlz. CM 
(tripping), KL37; Ckwk. Tor (roughing). 
13r06; Rouse: Tor (roughtagl, 13:37; WWn- 
rkh. Oil (tripping), 13:37: Yseboert, CM 
(rougMng), 13:37; Osborr*. Tor. misconduct, 
17:11; Dubinsky, CM, misconduct. 17:11; An- 
dreydwk. Tor (tafdtng). 19:41. 

Second P e ri od 4, Toronto, Andreychuk 2 
(GUmour, Mironov), 14:40 (PP), Penalties- 
— Mocoua. Tor (roughing). 1:36; ZereL Tor 
(Ngh-sltekhis). 7:31: Leteovre. Tor (cross- 
checking), 11:25; Curmeywortn. oil Itrte- 
p(i» 1. I3d5; 5uter. Chi interference), U 33; 
EUett Tor (rougMng), 17 JI: Murphy. Oil 
(roughing), 17:59. 

TMrd Period— & Toronta Peonon ' IGU- 
mow. EHMtl.239.6. aUcoBO,SuW3 ( Roenk*, 

MurphvL 12:35 (pp). Ponontes— Roenick. CM 
(IntertotenoB), Murphy, CM liugteswk- 
Iqg), 5®: GW, Tdr (enasrdKCkingl. 

Overtime— 7, Chicago Roenick l (Amonie. 
Murphr). 1:21 Pznoltles-None. 

snsts ga goal Toronto id-ii-i* 9— 37. Chi- 
cago frll-B-2— 2>i power-ptay opoortoslttes- 
—Taronto 2 at 6; CWcago 2 at bi gocdic*r-Tor- 
anta POMn. ^2 «7 shots- ZS savnl. CWmbo. 
BeHour. 2-2 137-34). 

Worid Championships 

Group B 

Sadden X Norway 3 
Canada 4. itnlv 1 
Finland 4. Czech Republic _4 


NBA Final Season Standings 

EASTERN CONFERENCE 
Atlantic Dhrblae 



wr l 

Pet 

GB 

v-New York 

57 25 

595 

— 

x-Orlando 

50 32 

510 

7 

x-riow Jersey 

45 37 

549 

12 

x4AJumJ 

42 40 

51J 

IS 

Boston 

32 50 

J90 

25 

ptillodeipWo 

25 57 

J05 

32 

Wasbington 

24 5B 

Central DWtstoa 

293 

33 

z-Atlanta 

57 25 

595 

— 

x-OUcago 

55 27 

571 

2 

x-indtana 

47 35 

573 

10 

x-Cftrveland 

47 35 

ST3 

10 

Charlotte 

<1 41 

500 

16 

Darroit 

20 62 

744 

37 

Milwaukee 

20 62 

744 

37 


WESTERN CONFERENCE 
Midwest DtvMaa 

W L Pd 61 
V4touston SB 24 .707 — 

it -San Antonio SS 27 671 3 

x-Uteh 53 29 ^46 5 

* -Denver 42 48 512 16 

Minnesota 20 62 N4 38 

Dallas « ft* .157 45 

Pacific DMsloa 

j -Seattle 43 19 74* 

x-Phoenlx 56 26 683 7 

x-Gotden Stole 50 32 A10 U 

x-Porttand 47 35 573 16 

LA. Lakers 33 ri Ml 30 

5o c*um e n tu 28 54 J4I 35 

LA.aiPPers 27 55 JXI 36 

x-gakied Ptoroff berth 
y-won division Mtle 
z-best c o nterence record 

SUNDAYS RESULTS 
Detroit 20 » 26 23—182 

PMIadeMda 23 33 22 S3-IM 

D: EMlott 12-22 )-23i. Liberty 5-20 1-3 ZIP; 
Dawkins 7-4 2-2 14 WOrirldoe 11-17 2-4 34. Re- 
Bounds Detroit 55 (Anderson 14), Phllodel- 
pfdo 62 (Worirldse 10). Assets— Detroit 29 
(eilkott 9). PnlladelBhto 24 (Dcrwkfrts 7). 

21 27 31 m— 99 
WaSUMtfan 25 34 24 34—117 

C: Mourning 4-T7 410 14 Hmiktes 4-9 7-1 14 
W: Gugikrtta 14-21 M 31. Muresan 10-13 i-i 71 
Retwond*— Charlotte 52 (Mourning 13). Wash- 
ington 6 (GupUottO On. Assists— Charlotte 16 
(L Johnson 41, Washington 39 (Pricw 77. 
NSW York 15 19 13 35-92 

Chicago 19 22 17 16—76 

M.Y.: Ewing 10-1S542S. Smith 6-11 X4 1S.C: 
Plppen 9-21 5-6 24 Gram 5-io 2-2 12. Re- 

BWpdS N ew York 46 (Ewing 8). Chicago 50 

I Ptooea a Vrillloms 71. Asriite— New York 20 
(OaUev 5). Chicago IS tKenr 5). 

Boston 16 24 22 29- 91 

ftoy^l m vl 27 37 B 2S — 117 

B: Brown 7-12 1-1 14 Gamble B-l* M 14 
McDaniel 7-132-4 14C: HI1I7-* 6*20. Williams 
10-13 M 22. Rebowels— Boston 47 (Parish. 
McDaniel 91, Cleveland 51 (HILL Ketnplan 8). 
Assists— Bashw 27 (Go mate 51, Cievetaxl 41 
(Price 10). __ ... 

Denver 11 30 36 2S-1U 

Haostoa 27 *3 20 27—IB7 

D- PaC» 6-12 7-9 23. Rogers Ml l-l 14 if; 
Olajuwan 15-21 « H Cassell B-13 6-7 21 Re* 

boueds— Denver 53 (Mutem&o 101. Houston 47 

(Oluluwon 13). Assists— Denver 20 I Pock 7). 
Houston 31 I Cassell 8). 

Utah 25 34 » 25-103 

LA. Ukeri 25 21 ® 20— 97 

U- Malone 9-20 M 34 Stoctlon H *S 14. 
LJL; Van Exel 7-22 4-S 21. Jordon 7-K) 6-8 20. 

ughoaads— Utah 59 ISaencer 11 1. Los Angeles 

HdtamoUW.AiiisJs— Utah* (Stockton 101, 
Los Angeles 19 (Van E.el 9). 
cmiw 28 27 27 28—110 

34 34 IB 23—10* 
S; SdvempfB.il 1-3 18, Parian HBWHtP: 

C Robinson 7- 13 48 20. Strickland 6-15 8-1220. 

Reboteds-Seatile 51 (K*mo W . Portland 63 
(Drexier 17J. AiilSfs-Seaflle ZD (KcmP. Me- 
Milkm. Askew 4). Portland 26 (Strickland 14). 


20 17 32 43-112 
LA. Clippers 19 U 32 38—97 

5;S: Rodnwt 45 0-08. Robinson 26-41 18-25 __ . 

71. LA.: Vfllklns 6-17 34 14 Vauaht 7-10 2-2 14 TOlir Of Spain 

Deher* MM744 24 Reboupds—5an Antonio 66 

( Redman 17). Los Anaetes47 (Outlaw, H. Ellis 
61. Assists— San Antonio 2* (Del Negro, Ftevd 
6), Los Angeles 23 (Jackson «). 


tram toe firsl stage, a Mae- 


27 30 23 21— 91 
Orlando' 34 21 21 34—120 

NJ.: Coleman 10-15442* K. Anderson 6-12 
3-517.0: Scott 7*14*4 20, O’Neal 12-21 8-1432. 
R Anderson 8-to 3-221. Resounds— New Jer- 
sey 49 (Morris I). Orlando 72 [O’Neal 22). 
Assists— New Jersey 25 (K. Anderson I). Or- 
lando 32 (Kardawav fl). 


38 23 28 27—1*2 
38 M 31 25-416 
M: Rider 7-t4 10-1025. M.W1Mon»44 M 14 
D: Jackson 7-18 5-5 20, Campbell 10-14 35 22. 
ReboaPds— Minnesota 4S (Brawny). Dal lae 45 
(Smith. Lever 9). Assists— Minnesota TV 
ILoettner 5), Deltas 23 (Rooks 5). 

Goldee state 19 S 26 29— 97 

Sa c ramento 26 27 M 22-405 

G: Got Una 5434 11 Jennings 6-15 1-2 15. 5; 
w ebb 10-27 64 2 L Richmond 8-16 4-7 23. Ra- 
bouads— Golden State 61 (Gatilngi5).Socn>- 
mentott (Potvnlce 14). AsWsti— Golden State 
27 (Jermings IS), Sacramento 23 (Webb 71. 


- NBA Playoff Openers 


FIRST ROUND 
(Bew-af-Rvo series) 
Thorsday. Aprfi 28 
Miami at Attanto 
Indiana at Orlando 
Utah at Sen Artanki 
Denver at Seattle 

Friday. April 29 
New Jersey at Mew York 
Cleveland ol CMcaao 
Portland at Houston 
Golden state at Phoenix 


s he m e trr time trial la VattodoM, Snotn: 1, 
Tony Rominoer. Swl bartend, MapeLCtav 10 
mlnutes^S seconds; Z Alex ZuUe. SwHzeriand. 
OMCE. 20 seconds behind; a Meirtor Mouri, 
Serin. Bonesta24 behind; 4 Gtenhica Ptera- 
bon.ltohr.Amor*ondVlta9beMnd;&Atorino 
AtonsaSptek Banesto. 33 behind; 6. Abraham 
Diana Spam, Maeet-CkzvMbeMiri; 7. Stephen 
Hedge, Australia Festlno. 34 beMnd; 8. An- 
riano Batfi. Italy, Mercannc. 35 behind ; 9, Je- 
sus Montoya Spain, Benesta 38 behind; la 
Pedro Detgoda, Seokv Bonesta 3» behind. 

OveraH stnmteigs : 1, Rominoer. 10:35; Z 
Zulta2C s econds be h ind; X66owrt, 24 behind: 
4 Pierabon.zr behind; S. Alonso. 33 behind: 4 
Otano.34 behind; 7, Hodge, 34 behind; L BaHL 
3S behind; 9,Mantcrva38behlnd; 10, Detgoda 
37 behind. 


GREATER GREENSBORO OPEN 
Scwws otter Sundoris final round of the SV5 
oeUltaa tauraemeet Played ea the 4fS8Y»d 
UBOHSMter), pot- 72 Forest Oaks Country 
Ctab coar se , la OraenSbora, North CaroHna: 
Mike Springer, United States 64-49-70-77—275 
Hate Irwin, United Slates 6573-71-69-278 
Brad Bryant. United States 68-71-68-71— 278 
Ed Hu menu, united States 7745^348-278 
Bab Later. United Stoles 69-7149-70-279 
John Morse. Untied States 724847-73-280 
Donnie Ha mm ond. U-S. 78-71-49-78— 2W 

Dudley Hart United States 754947-70-281 
Mike Smith. United States 69-7149-70— 3si 
Joel Edwards. United States 6949.73-78-281 


FIFA Puts Off Move on French Ban 

ZURICH (Reuters) — FIFA, soccer's world governing body, reserved 
judgment on Monday about whether the suspensions of players banned 
in (he Valeacieajnes-MaisdDe bribery scandal could be lifted. 

Tbe French soccer federation on Friday banned three players involved 
in the affair until July 1, 19%, but said they would be willing to see them 
play outride France as of July 1 this year if FIFA agreed But a FIFA 
spokesman, said the body could not comment on the issue “until we have 
the position in writing from (he French federation .” 

Tbe spokesman acknowledged that (he French request, as reported 
was unus ual and probably did not have a precedent. FIFA normally 
extends domestic bans for serious offenses, such as corruption, to make 
them effective worldwide. 

Springer Gels His First PGA Victory 

GREENSBORO, North Carolina (Reuters) — Mike Springer claimed 
his first career title on the PGA Tour with a wire- io- wire victory at the 
Greater Greensboro Open. 

Springer, who led after each round and began Sunday with a four- 
stroke cushion, shot a final-round par 72 for a 13- under-par 27S total and 
a three stroke victory . He sank a 20-foot birdie putt on the last bole for his 
final mat gin of victory over Hale Irwin, Brad Bryant and Ed Humenik. 
who finished tied for second Humenik had the best round of the runners- 
up with a four-undo - 68. Irwin finished with a 69 and Bryant had a 71. 

Springer. 28, and in his fourth year on the Tour, bad six birdies, six 
bogeys and six pars and watched his lead fluctuate from a high of five 
strokes down to just one. 


For the Record 


SOCCER 


INTERNATIONAL FRIENDLY 
Iceland 2, United Stales 1 


Giovanni lYapattooi, 55, one of Italy’s most successful soccer coaches, 
signed a one-year contract Monday with Bayern Munich and will join the 
German powerhouse next season. The Italian, currently coach of Juven- 
tus in Italy, will replace Franz Beckenbauer. (AP) 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, APRIL 26, 1994 


ART BUCHWALD 


The Profit Solution 



W ASHINGTON - When the 
history of the airiine business 
is written, a page will have to be set 
aside for Conrad Rada, who devel- 
oped the Bottom Line economic 
theory which spelled out how an 
airiine conld never make a profit. 

Rader teaches “Red-inkono- 
mics” at Wonka U. and is a leading 
candidate for a 
Nobel Prize. I 
found him in 
front of his 
blackboard 
drawing perfect 
zeros with a 
piece of chalk. 

“They say 
that you were 
the first scientist 
to discover how . 
the airlines Bocnwaid 
could lose money without even try- 
ing," I said. 

□ 

“You can say that again. Before 
the Rader hypothesis, some airlines 
showed profits. Now they’re all 
bleeding red ink.” 

"How did they do it?” 

“It was a case of bad manage- 
ment plus lock. I made & study For 
USAir and I discovered that before 
deregulation, a majority of the air- 


Renovated Fillmore 
To Reopen This Week 

The Associated Press 

S AN FRANCISCO — A refur- 
bished Fillmore, the auditori- 
um where rock V roll history was 
made for a time in the late 1960s, 
will reopen Thursday with a lineup 
of new talents, including Chna 
Isaak, Miche/Ie Shocked, Queen 
Latifah and Counting Crows. 

There, at the opening on Dec. 10. 
1965, the late rock V roll impresa- 
rio Bill Graham presented Jeffer- 
son Airplane and Great Society, 
with The Grateful Dead, who had 
just changed their same from The 
Warlocks a week before, as the 
warm-up band. 

In its heyday from 1965 to 1968, 
(he Fillmore presented three bands a 
night, mixing bhies, rock 'n' rofl and 
jazz in an eclectic lineup that fear 

Jams t Joplin, Jinn Hendrix. 'lhe 
Who, Cream, Jefferson Airplane 
and the Butterfield Blues Band. 


lines were making a reasonable liv- 
ing and still flying people where 
they wanted to go. They took the 
money they had made and ordered 
new planes with it and the rest they 
distributed in profits. My job was 
to discover what they were doing 
wrong.” 

“How did you do that?" 

“I found out that the reason for 
the profits was that the airlines nev- 
er engaged in a price war. There- 
fore f advised them to slash their 
fares until they went into Chapter 
11 ." 

0 

“The price war should have guar- 
anteed a loss.” 

“It worked far better than I had 
p lanne d. Not only did the airlines 
slash fares, they started giving 
away seats for nothing. I can’t take 
all the credit for how bad it be- 
came. The ones who must do that 
are the CEOs.” 

“Wasn’t the cut in fares a good 
move to get new customers?" 

“It seemed so at Gist But then 
the law of the jungle took over, and 
the airlines started to cannibalize 
each other. Once the competitor 
was bleeding the survivor could 
charge anything it wanted to.” 

“why didn't the airlines make 
money once they chopped off their 
competitors’ heads?” 

“Because of their frequent mile- 
age plana. They gave away so many 
seats that there was none left for 
paying passengers." 

“Was that your idea?” 

“It was one of them. Frequent 
flyer programs are the mother’s 
milir of Chapter 11.” 

“Everyone flies and nobody 
pays," I said. 

□ 

“It wouldn’t have wotted if the 
airline executives hadn’t seen the 
writing on the wall and voted them- 
selves golden parachutes when the 
companies were going under. 
Knowing that there was always 
money waiting for the bosses made 
it easier to screw up the industry." 

“Are those the clients you 
worked for?” 

“When they had a profit prob- 
lem, they came to me” 

“What about the need for new 
airplanes?” 

“An airline can always use new 
airplanes, but they’re much happier 
putting their money into advertis- 
ing their cut-rate fares.” 


A Rough-Edged Brother Act, With Taste 


By Betsy Sharkey 

L OS ANGELES —Bob Weinstein tells 
die story of riding a subway home 
tom Manhattan to Queens when he was 
just 13 years old and his brother Harvey 
was 15. They deeded to pass the time by 
testing Harvey’s knowledge of film. 

“The entire subway car was listening," 
says Bob. “The questions got harder and 
harder, and the people got quieter and 


* ■ v. j-*' 'v-' 

. .. <*• TV- . 




quieter." The final question was: Who was 
toe Russian director of “War and Peace?” 
“People are going, “No way, man, he ain’t 
getting that,’” says Bob. Harvey scans the 
subway car, then says, “Sergei Bondar- 
dmk. “The oowd,” says Bob, “went wild." 

Harvey’s favorite story about Bob took 
place a few years ago, the day they walked 
past a basketball court m Manhattan. 
*Thcsc black kids were on the court, and 
they looked at Bob like he was rheqomies- 
scntial overweight executive and they were 
taunting him,” says Harvey. “He said, TU 
take all of you on, one on one.’ And he 
beat aD three." 

Whether or not memory has infused 
these moments with more drama and dar- 
ing over the years, the scenes say much 
about the psyches of these two brothers. 
As founders and co-chaimen of Miramax 
Films, Harvey, 42, and Bob, 39, have argu- 
ably became (he dominant force in the 
world of art-house films. Yet in that high- 
brow milieu, the brothers are obsessed 
with proving themselves in a Sergio Leone 
“Fistful of Dollars” kind of way. 

The brothers wffl go to the Cannes Inter- 
national Him Festival in May with a record 
four films in competition: “Mrs. Parker and 
the Vicious Grde,” the Dorothy Parker 
story starring Jennifer Jason Leigh: Quen- 
tin Tarantino’s “Pulp Fiction"; “Red, the 
third film in the Krzysztof Kieslowski tril- 
ogy; and a French mm, Patrice Cb&neau’s 
“Queen Margot,” based on the Dumas nov^ 
eLTwo more of their films will be shown at 
Cannes: “Fresh” at the Directors' Fortnight 
and “Oaks” during Critics' Week. 

Last year they had “The Piano” and 
“Farewell My Concubine,” which went on 
to share Cannes’s top prize and were 
prominent in this year’s Academy Awards 
competition. 

what is intriguing is the dichotomy the 
Weinsteins seem to represent. The tough 
kids from Queens, who never shed thar 
rough edges, search out and buy films that 
are artistically sensitive and aesthetically 
unconventional. They have exhibited an 
uncanny knack for slamming off the 
cream of the independent film crop. More 
elusive is their taste, how they pick and 
choose die films they will pursue. 

“I used to think that they were rather 
like a savage going down a path.” says the 
film director James Ivory. “He sees some- 
thing shiny and doesn’t know what it is but 


"A TITANIC 

“A GRF£ T r " 




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QUACK I* 01 ™ 
smerm. strum- 

pe aMt&MST** 



Jxk MsmMf/The Ntw Y art: Times 

Harvey Weinstein, left, and Bob Weinstein of Miramax, have four films in competition in (he Cannes Festival in May. 


picks it up because be knows it’s valuable. 
They've had a string of successes, and you 
have to respect that But God knows, with 
their son of personal manner, bow it 
comes about” 

Like many independent film compa- 
nies, Miramax is not so much in the busi- 
ness of making film* as of buying complet- 
ed ones, although with its acquisition last 
year by Walt Disney Pictures, that is 
changing. While the Weinsteins liked the 
script for “The Piano,” for example, they 
acquired the rights to distribute it only 
weeks before it was shown at Cannes. 
Nevertheless, Miramax took “The Piano” 


play befc 
could bid for it. 

“Farewell My Concubine” was a near 
polar opposite. An epic that explores so- 
cial, sexual and political themes in China 
over 50 years, set against the backdrop of 
Chinese opera, it was acquired by Mira- 
max after virtually aD other independent 
distributors had passed on iL 

“It had everything going against it,” 
says Harvey. “It’s a Chinesc-language 
film. The length of the film is going to 
prevent some people from going to see iL 
There’s the subject matter — the homosex- 
uality. the suicides, the cruelty. People 
who are educated in this business, who had 
to judge the commercial value of it, who 


had to answer ‘Win this do well in the 
marketplace?’ said no." 

The word on Miramax is that the Wein- 
stein brothers are passionate, relentless and 
sometimes ruthless in thar search for, ac- 
quisition of and marketing of obscure films. 

Harvey moves through this wodd with a 
Oint Eastwood swagger in a John Belushi 
body. He chain-smokes, looks as if he 
hasn’t chang ed his shirt in days and talks 
in a voice that growls its way along. 

“Harvey is really a kind of actor," says 
Ivory. “He has a great actor's voice, tre- 
mendously resonant, with a strong dra- 
matic delrrery. He uses it as an actor ought 
to: to terrify, to mystify, to beguile." 

Bob has the same steely grit and a Grou- 
cho Marx, double-martini dry style. As they 
have scripted their lives, they are brasher, 
smar ter and rougher than the other guys. 

Some competitors and filmmakers cast 
the brothers more in the role of villains 
than crusty heroes. Over the yean, the 
Weinsteins have stepped on toes, bruised 
egos, been labeled brutes and bullies. 

Bob readily admits to playing hardball 
with exhibitors. “I deal with theaters who 
want to play 'Demolition Man’ for a ninth 
week, and I want to get Tie Me Up! Tie 
Me Down!’ in there,” he says. “We've got 
to be tough." 

If directors complain about Miramax, it 
is most often because Harvey will suggest 


that films be (rimme d. “ Ninety percent of 
the time it’s not a problem," says Harvey. 
The situation becomes dicey, he believes, as 
a filmmaker becomes more estab l ish e d. 
“It’s hard for them to read that they're a 
genius a year ago,” says Harvey, “then 
come to terms, to see the flaws in what 
they’re working on now. You have to un- 
derstand that temperament and still find a 
better way to do it” 

Harvey’s penchant far snipping has 
earned h»m the sobriquet Hartrey Sdssor- 
hands. At die end of the day, he says, it is 
not the filmmaker s, Ms employees or even 
Miramax's new owners at Disney that he 
answers to. “My Erst loyalty is to the 
movie,” he says. 

Jeffrey K&tzenberg, chairman of Mira- 
max’s parent. Wall Disney Pictures, has 
beard all the stories. T know there are 
many people in their past incarnation that 
they would rub up against the wrong way,” 
says Katzenberg, referring to die Wein- 
steins pre-Disney years. “But after a year. 
I've seen winds made these men. They are 
redly good sends. I think it was circum- 
stances that made them have to do thing s a 
little hairier, a little rougher. These are two 
caring, generous, sweet people . . . who 
are killers about their business.” 

Betsy Sharkey, an editor at large for 
Adweek magazine, wrote this for The New 
York runes. 


PhUby's Widow toSeU 
Spy's Book Collection 

The widow of Khn Pfafty, the 
Briton who spied for the Sovka 
Union for three decades, is plan- 
ning to auction books, memauoes 
and a hombuig hat that belonged 


and a hombuig hat that belonged 
to him. Rufina Ph3by, TiK spy’s 
fourth wife, told the Independat 
on Sunday she would .use the mon- 
ey to improve her daily life in Mos- 
cow. Sotheby’s hopes' the sale oq 
July 18 will raise £100,000 
(51 50,000). The bulk of the sale will 
be of FhDby’s large library, includ- 
ing books with inscriptions by his 
fellow spies Oay Burgess and Doo- 
ald Maclean. Fhilby was recruited 
by die KGB in 1934 and spied feff 
the Soviet Union until herfled to 
Moscow in 1963. He died at 76 in 
1988. . :. - v 


Steven Spielberg was' the naia 
winner at the British Academy of 
Film and Tdevison Arts awards, 
repeating his Oscar triumph, with 
best Elm and beat director prizes 
for “Schindler's List" Anthony 
Hopkins won best actor, for *TM 
Remains of the Day,” and Holy 
Hunter added a best actress to tk 
Oscar she won in “The Piano.”. - 

□ r" ...W. 

Sylvester Stafloue isn’t into long 
goodbyes. When he broke off hu 
five-year relationship with die 
model Jennifer Flavin last month, 
he sent the news by Federal Ex- 
press. “He sent me a six-page hand- 
written letter," she told People 
magazine. “It was pretty sloppy”' 

□ 

Cold feet? Amy Carta- and her 
fiance postponed their May 2& 
wedding, The Atlanta Journal- 
Constitution says. Carter, 26, and 
Mfchad Antonocd, 27, gave no rea- 
son, the newspaper said. 

□ 

The founder of ABC and his wife 
are donating $60 nrilKon to Har- 
vard Medical School, The': New 
York Tones says. The oft, hum 
Leonard H. Gohfenson, 88, and his 
wife, Isabelle, 81. is the largest in 
the medical school's 200-year histo- 
ry. the newspaper said. Goldens®, 
a Harvard graduate, took control 
of an eight-affiliate network tin 
1953 and made it a national giant, 


IITORNAHOIVAL 

CLASSIFIED 

Appears on Page IS 



WEATHER 


CROSSWORD 


Europe 

Today 

High l«*« W 
OF OF 

AJoava 23/73 12753 a 

Amtatan 1702 11/92 po 

Anfcsi 18*4 SMI pc 

«n 32m 1305 Ml 

Batata 1B/B4 13/55 a 

Batata 21/70 1203 I 

Barti 1601 7M4 Mi 

Bnaaato 1702 SMB pc 

BwfapMt 2006 10/90 pa 

Co«itaaan 13*5 6/43 Mi 
Coats OaTSd 23/73 1416? a 
Diidn 1*157 7M4 ah 

B&tatfi 11/80 7AM ah 

Ftonnca 2008 1163 Mi 

Rvttist 1604 am pa 

GanMB IB/64 1060 pc 

HsMrtd 0M8 9MT I 

Malta 1906 1060 pc 

LoaMnaa 22/71 I8JM a 

Utan 1906 1305 a 

London 1601 BM8 pc 

MaiMd 21/70 9MB a 

tan 21/70 13/96 pc 

Mom M67 3/37 pa 

Uuta 1601 BMB Mi 

Nfca 1604 1263 pc : 

(Mo 1263 6/43 ah 

Pskra 1702 1407 a 

Pad! 1702 1102 pc 

Piogua 1702 BM6 Ml 

Hoftn* 46S 3/37 Ml 

Bona ia«4 1102 a 

SI Patonfaug 1509 907 a 

Soefchcfcn 1102 7M4 ah 

Smtwag 1702 1102 Ml 

Tata 6/48 BM3 I 

Vwta 1606 1305 Ml 

Item HOI 9/49 Ml 

Wanes' 1702 at 46 Ml 

Zutti T702 11(52 Ml 

Oceania 


Forecast for Wednesday through Friday, as provided by Accu-Wealher. 



sfifis 



North America 
Warm weather from Pltls- 
burW u> Now York CUy and 
Was/rinqton, D.C.. Wednes- 
day wifbe reptaood by wri- 
er weather Mar Uris week. 
Locally heavy relnm will 
dampen the southern Rock- 
ies later this weak while 
warm ah' surges northward 
from Houston to Dales. 


Europe 

Part* through London will 
have <ky. saesonabia weath- 
er Mar this weak. Madrid wl 
be diy end ooa( Wednesd a y, 
then My end warmer Thurs- 
day and Friday. Berlin 
through Warsaw will have 
dry. seasonable weather 
later tfite week. A storm wffl 
spread rain northeastward 
biro southwestern Turkey. 


Asia 

Rato over east central Chtaa 
Wednesday w# stiff! Thurs- 
day, leaching Okinawa by 
Friday. Northeast China 
through northernmost Japan 
will remain damp and cool 
wBh periods of rain. Tokyo 
wffl be breezy with near nor- 
ma/ totoperatures and a law 
showers, Marita to Bangkok 
w« continue to bo warm. 


Today 

Hgh Low « 

OF OF 
36/95 ZS/ra pc 

25/79 7/44 po 

ZB/79 21/70 pc 
36/96 25(77 pc 
36/100 23/73 a 
24/75 SMS a 
IP/M 1407 Mi 

32/fls am pc 
SB/79 21/70 c 
1804 BM a 


Mgh Low W 
OF OF 
34/93 2B/79 po 
IBM 7/44 a 
ZB/79 21/70 pc 
34/03 .22/71 pc 
39/102 23/73 pc 
19498 3/37 pc 
19/M 10/M pc 
SZ/M 23/79 pc 
*7*0 19/M pc 
line 9M8 r 


1MB 1365 a 21/70 1467 pc 
24 m «W1 pc 21/70 12/63 pc 
24/78 W«7 a 24/75 16*1 pc 
21/70 1162 Ml 25/77 11/62 pa 
31/99 26/79 pc stm mm i 
23/73 13/M pc 23/73 14/57 pc 
17*52 9«8 pc 22/71 12/53 pc 


Middle East 


Today Tomorrow 

Mgh Law W M0> Lew W 

CIF OF OF OF 

21/70 14/67 pc 24/75 19/64 pc 
20/79 12*3 pc SOB 16*1 B 
19*6 7/44 a 26/79 13*5 pc 

19*6 10/60 a 23/73 16*1 pc 

84/93 1569 a 37/90 16*4 4 

38/10021/70 a 37/98 21/70 a 


Latin America 

Today Tmronow 

Mgh Low W Mgh Low It 
OF W OF OF 

BuonaaMm 26/78 16*1 pc 23/73 13/55 I 

Caracas SO/M 24/76 pc 31/M 24/75 po 

Una 24/75 16*4 a 24/75 19*6 pc 

Monica Oy 28*2 13/56 a 2B*2 1365 pc 

ffiadatata 27*0 21/70 pc 27*0 22/71 pc 

Santiago 21/70 7M4 pc 24/76 1060 pc 


19*6 12*3 a 20/88 13AS a 
23/73 16*1 a 33/73 16*1 a 


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Marta 26*2 11 
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instruction 
s Onetime La 
Scala tenor 
11 Shake up 

14 Brook 

19 U nip eked 
it Hollywood's 
Thurman 
it Star of "The 
Invisible Man" 

15 Hoover, for one 
CO Zeus or Jupiter, 

e.g. 


siScnoofgrp. 

22 Wood-shaping 
tool 

23Fleur-de 

29 Mr. Sondheim 
27 Not left In the 
lurch 

32 The Time 
Machine' 
people 

39 Speckled horse 
3« Poet Wilfred 
aeMeanies 
» Religious 
offehoot 


Solution to Prole of April 25 


mnciH [uanna assn 
naan aasaa Haag 
□□□□□□□Etna sang 
□□□aoaas nogaao 

□□□0 0O00C1 
EQEQH0 amsaanag 
n am aaaaa aaaaa 
□hho 00Q30 aaaa 
□ □□00 [90000 H33 

bub 0 b sana 

□□□000 □□□□□□□□ 
□□□u aaaauaoaau 
0000 auaau □□□□ 

H0GJI3 SBEJBS QDflS 


eo Pay by mail 

42 Onetime 
Texaco rival 

43 Not on the level 
48 Talkative Barrett 
4c Prefix with 

plasm 
47Notderic 
4i Two-pointer, 
the hard way 
Cl Comes out 
8«K)norcaiypso 
music 
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asPiggfB 
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•4 Star of 'The 
Vanishing" 
(1993 version) 
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soapbox 

as Pull off a coup 
ae Author Beattie 
To Choir voices 
71 Minus 


i Electrical paths 

* Gyp 

3 All. once 

4 Com thafs-nota 
coin 


9 une who snares 
a masthead 
biUng 

a - — financing 
(car ad phrase) 
7 Sow's opposite 
• Rightmost 
column 
9 A century in 
Washington 
ie— — bodkins 

11 Star of "Without 
a Trace’ 

12 Flabbergast 
is Japanese 

noodle soup 
isKewple 
22 Orbiting points 

34 Betsy Ross, e.g. 
2t ‘Don't Bring Me 
Down’ rock 
band 

27 Nocturnal bear? 

28 They might be 
heard a 

thousand times 

29 Star of 
"Missing" 

30 All broken up 

31 Disband, 
postwar 

asHlrschfeld hides 
them 

37 This, in Madrid 

38 Chimney grit 


41 An mugs 
44 Barrister's 
headgear 

4a The "c' in etc. 
ao Actress 
Lemmons 


91 "My Fair Lady’ ao Dickensian chil 

lady ei Eerie loch 

92 Stonewortcsr az Concorde etaL 

53 Divans 64 Book after - 

57 Newts Esther 

se False god aa A stingy fellow? 



> by DtaBBa Otokareon 


O New Vork Times Edited by Will Shorts, 


Travel in a world without borders, time zones 

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Pottnger 05017-1-288 

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fcgjgggga 155-5042 

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