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INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


** 


Paris, Saturday, April 30, 1994 



No. 34,576 


' • ■'MFlii 



Dauinkl Bwlan 1 


Electoral Commission workers carrying blank ballots that were delivered Friday by army helicopter in Ubombo, m northern Natal Province. The voting was extended there. 


With Voting 
Seen as Fair, 
South Africans 
Turn to Count 


By Paul Taylor 

Wahm&un Pan Service 

JOHANNESBURG — Sooth Africa's first 
multiracial election ended Friday with praise 
for the voids, legitimacy bestowed on the 
process and some worry about the counting. 

President Fnsderik W. de Klerk. Nelson 
Mandela and the chairman of the Indepen- 
dent Electoral Commission, Judge Johann 
Kriegler, aD said Friday that in spite of wide- 
spread irregularities, they had no reason to 
doubt that the election would be declared free 
and fair. 

Mr. Mandela and Mr. de Klerk — partners 
in negotiations, opponents during the cam- 
paign, and most likely partners again in the 
new coalition government — moved quickly 
to sound post-dec lion notes of national rec- 
onciliation. 

“Unless we promote mutual trust, it will be 
difficult to face the problems of the country," 
said Mr. Mandela, the president of the Afri- 
can National Congress, who is expected to be 
inaugurated as the country’s first black presi- 
dent on May 10. 

Mr. de Klerk, who is expected to serve as 
one of Mr. Mandela's two deputy presidents, 
said South Africa had ‘‘launched itself into a 
new era." 

“Now is the time to rise above our differ- 
ences and concentrate on how we can work 
together,” be said. 

Judge Kriegler described the four days of 
voting as an “outstanding success." He' said 
credit belonged not to the Electoral Commis- 
sion, which he acknowledged bad misadmin- 
istered the election, but to the millions of 

See VOTE, PUge 4 


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S. Intervenes to Help the Dollar, but It Keeps On Sliding 


■■-i 


ct 


JAS 


By Carl Gewirtz 

Ir.lemstionni Herald Tribune 

PARIS — The United Stales intervened re- 
peatedly in the foreign exchange market on 
Friday as the dollar fell to near a postwar 
record low against the yen and a six-month low 
agsin'.i the Deutsche mark. 

f*v. :n'.ervcr,iu n. carried cat through the 
Federal Reserve Board, only temporarily bob 
»■ stereo the American currency, which was'lower 
against most other major currencies in New 
York trading but up slightly on the day against 
the yen. 

The dollar dosed in New York at 1.6535 
Deutsche marks, down from 1.6610 DM at the 


dose of trading Thursday, and at 101.600 yen. 
up from 101275 yen. 

Treasury Secretary Lloyd Bentsen said the 
intervention bad been intended “to counter 
disorderly conditions" in the foreign exchange 
markets. 

Having traded during the day at a six-month 
low of 1 .6430 DM, the dollar spurted as high as 
1.6655 DM before starting to slip back. The 
currency also touched an eight-month low of 
100.55 yen and a high for the day of 10140 yen 
before settling down. 

As in previous bouts of dollar weakness over 
the last tew years, speculation has focused on 
whether the dollar would fall below 100 yen. 


The record low for the dollar against the post- 
Worid War Q yen, readied last year, was 10035 
yen. 

Initially, analysts said they believed that 
Washington bad moved in support of the dol- 
lar, fearing it was headed for a free-fall 

Traders initially read much riwnjfirance into 
Lhe fact that the Fed was intervening agaiiut the 
mark as well as the yen. 

Intervention against only the yea would have 
been ambiguous, as the Fed could have been 
acting on behalf of the Bank of Japan, which 
was closed for a holiday. The Japanese central 
bank has been massively intervening for weeks. 


trying to halt an unwanted appreciation of the 


yen. 

The dual intervention, said Avinash Persaud 
at J. P. Morgan in London, “alters market per- 
ceptions and signals that Washington is not 
comfortable with a free-fall of the dollar.” 


John LaWare, a Fed governor, also said the 
intervention had been armed at curbing market 
volatility, rather than at influencing any partic- 
ular dollar exchange rates. 

“I don't think it is an attempt to peg dollar- 

— — - — ~ — yen or donar-maik," he said. “Intervention is 

But subsequent official comments teptpered used to with disorderly ^markets,” and 
"*nk> vi- -. . tfnd the dollar give o&ck some of its because the Fed “sensed that the markets were 

in disarray, intervention was impropriate" 
Although Mr. Bentsen has long denied that 
President SiH CKnton’s administration is seek- 
ing to devalue the do ll ar against the yen as a 
way of narrowing America’s $60 billion annual 


gains. 

Mr. Bentsen, in announcing the intervention, 
said: “This is in line with our previously articu- 
lated policy, which recognizes that excessive 
volatility is counterproductive to growth. We 
Stand ready to continue to cooperate in foreign 
exchange markets.” 


See DOLLAR, Page 14 


U.S. to Give 
Hata Cabinet 
Breather on 
Foreign Bids 

Nothing to Gain Now, 
Officials Assert After 
Tokyo Pleads for Time 

By Peter Behr 

Washington pan Service 

WASHINGTON — Washington has decid- 
ed to give Japan's hard-pressed new cabinet 
some breathing room by not pressing trade 
complaints against government procurement 
practices, officials said Friday. 

Japan was among the countries expected to 
be died Friday by U.S. trade authorities for 
discriminating against American companies 
seeking foreign government contracts. The 
could have tea to sanctions against Japanese 
products. 

The relatively low level of Japanese pur- 
chases of foreign medical and telecommunica- 
tions equipment is at the top of the U3. list of 
complaints. 

But Washington has concluded that nothing 
would be gained by turning up the heat on the 
new, minority government in Tokyo beaded by 
Prime Minister Tsutomu Hata. officials said. 

Washington will take stock of the issue again 
by June 30, just before the economic summit 
meeting of the Group of Seven industrial coun- 
tries in Naples. UJL officials did not rule out 
action at that time. 

Japanese authorities reportedly warned 
Washington that new pressure on trade now 
would harm relations and leave little room for 
reopening the trade talks that broke off in 
February. 

The U.S. trade representative. Mickey Kan- 
tor, had a promising meeting with Mr. Hata on 
April 15 in Marrakesh, Morocco, during sign- 
ing ceremonies for the Genera] Agreement on 
Tariffs and Trade; officials said. The U.S. gov- 
ernment wan is Mr. Hata to succeed in efforts to 
enact new tax reductions to stimulate Japan's 
economy. 

News agencies reported from Washington: 
Officials said it was stiD likely that the Unit- 
ed States would impose stiff trade sanctions on 
China, AFP-Extel News reported. 

Mr. Kan tor has been considering a hard line 
toward China and could designate it as one of 
the world’s worst offenders of rales protecting 
intellectual property-rights, a UJS. official said. 

“My hunch is that we will hit them,” the 
official said. 

Before early June, President Bill Clinton 
must give notice to Congress on whether he 
recommends that Chinese exports to the Unit- 
ed States continue to receive low tariff levels for 
the next year. 


J- 




- — 

sX — ' 


Has Thigh Operation After Fall 

apparently tripped down the steps leading to bis throne, dislocating 
his shoulder at 



By Alan Cowell 

.Vpv York runes Service 

ROME — In a further sign of advancing years and frailly. Pope 
John Paul II has fractured his thigh as he clambered from his bathtub 
in the Vatican. He underwent surgery for wo hours Friday in Rome’s 
Gemelii hospital 

Af ter an operation to insen a metal alloy replacement for pan of 
the right thigh bone, the papal spokesman, Joaquin Navarro- Vaiis, 
described lhe 7 .Vv ear-old Pope as being in 


1 overall condi- 


tion. 


A medical bulletin signed by four physicians said “the main 
biochemical and functional parameters remained in normal limits 
throughout the operation.'’ 

“His overall condition was excellent both from the point of view of 
medical parameters as well as the visual state," Mr. Navarro- Vails 
said after seeing the Pope just after the operation. "But we are talking 
about a person who has had an operation." 

The accident was the second in five months. In November, the Pope 


and fracturing a bone in the fall 

While such fractures are ool unusual among older people, the 
Pope’s health is a perennial matter of concern for the world’s 950 
million Roman Catholics, particularly since he last underwen t surgery 
for the removal of a large intestinal tumor in July 1992. 

His latest visit to the Gemelh hospital, where his recovery is 
expected to take three to four weeks, was the sixth of his 16-year 
papacy. The most serious surgery came on May 13, 1981, when 
doctors performed six hours of emergency surgery after a Turkish 
gunman, Mehmet Ali Agca, tried to assassinate him in Sl Peter's 
Square. 

Vatican officials said the Pope slipped in the bathroom of his 
Vatican apartment Thursday night at about 11 P.M. His personal 
physician. Dr. Rcnaio BuzzoneuL examined the Pope and X-rays of 
his fractured thigh, and derided emergency surgery was not necessary. 

The Pope slept for a few hours with toe help of analgesics before 

See POPE, Page 4 


Southeast Asia Pocket Fleets Pack a Bang 


By Michael Richardson 

International Herald Tribune 

SINGAPORE — Concerned that a diminish- 
ing U.S. military presence and the emergence of 
new regional powers might threaten maritime 
trade. Southeast Asian countries are developing 
new strategies based on small and fast missue- 
armed navies backed by land-based aircraft 
and, in the near future, probably by more 
submarines. 

Singapore, Malaysia and Indonesia are in- 
ven ting hundreds of ntilboiis of dollars to ac- 
quire corvettes and fast attack craft carrying 
precision-guided missiles that can damage 
much larger warships. Those nations flank 


Strait of Malacca, the main sea route between 
the Pacific and Indian Oceans. 

In recent years, partly as a result of improve- 
ments in missile technology, the combat poten- 
tial of small navies in the Asia-Pacific region 
has increased dramatically, said Joseph R. 
Morgan, a naval expert at the East-West Center 
in Hawaii 

“Many of of these fleets are now armed with 
potent ship- to- ship guided missiles," he said, 
“giving them an offensive capability that could 
significantly alter the balance of naval power.” 

Mr. Morgan, a former U.S. Navy officer, said 
that because of the ready availability of ad- 
duce (he end of the 


vanced weaponry since (he end 


Cold 


War, modem small navies could “exercise pow- 
er far out of proportion to thdr size" to a 
potential foe in narrow waterways of the region. 

Buoyed by sustained economic growth, many 
countries in the region can afford to buy com- 
bat aircraft and ships armed with missiles that 
can strike targets up to 225 kilometers <140 
miles) away; advanced electronic warfare 
equipment, and new-generation submarines 
that are suitable for operations in shallow wa- 

‘This trend will accelerate as the United 
States, Britain, France, Germany and Italy 
compete with each other, and with Russia and 

See ASIA, Page 4 


Lara’s Theme : Railing at the Bureaucrats 


By Fred Hiatt 

Washington Pest Service 

MOSCOW — Not lone after Boris Pasternak 
died, the KGB came and tot* Lara away. 

Olga I vinskaya had been Fasten^ Icwer 
and helpmate in the great writer's 
and ihemodel for Lara, Jte 
of his novel “Doctor Zhivago. The petty 
spiteful bureaucrats of the Soviet regime, en 


Mpwssfand Prices 


Andorra. . ^.9.00 FF 

Antilles 1 120 FF 

Cameroon..! .400 CFA 
Egypt ......E.P. 5000 

France ...9.00 FF 

Gabon.. 960 CFA 

Greece 200 Dr. 

Ivory Const .1.120 CFA 
Jordan...,........! JD 

Lebanon ...US$150 


Luxembourg 60 L Fr 

Morocco 12 Dn 

Qatar 8.00 Rials 

Reunion.... 7 1-20FF 
Saudi Arabia -9.00 R. 

Senegal-.j^^OCFA 

Spain . — 200PTAS 
Tunisia ... -1-000 Din 
Turkey -T.L. JSjOOp 
U.A.E. .....B30 Dirh 

U.S. Mil (Eur.) SLID 


ous af Pasternak’s international reputation and 
suspicious of any genius untamed by politics, 
miraculously never arrested the writer himself. 
But once he was gone, in I960, they tossed Miss 
I vinskaya into the gulag, where she suffered for 
four years. 

Now Miss Ivinskaya, 82, is wag ing one last 
battle against the bureaucrats of Moscow, and 
once a g ain the odds are stacked against her. 
Though her request seems simple enough — she 
wants the papers the KGB stole from her apart- 
ment 34 years ago — and though Russia’s 
regime has, in principle, changed. Miss Ivins- 
kaya has bumped into one roadblock after 
another. 

The government is reluctant to return the 
Pasternak papers — including part of the origi- 
nal manu script of “Doctor Zhivago" with a 
dedication to Miss Ivinskaya; a copy of a play, 
“Wind Beauty" and letters written to him — 
which it confiscated as seditious literature but 
now claims as cultural treasure. It is a situation 
common to Russia's museums, archives and 


libraries, which are crammed with priceless 
works expropriated by the Bolsheviks and now 
claimed by the dispossessed or their heirs. 

Miss Ivmskaya’s case is complicated by per- 
sonal grudges that have sprung back tolue after 
40 years, no less bitter than when Pasternak 
caused them by vacillating between wife and 
mistress. Bui it also reflects a continuing am- 
bivalence here about private property, money- 
making and the rule of law. 

“It is difficult to understand why this should 
be happening in the new Russia." the newspa- 
per Sevodyna wrote recently. 

indeed/ Miss Ivinskaya s troubles raise a 
question of bow different the new R^areaUy 
Se said her demand for ^ 

met with a combination of nationalist nieronG 
insinuations about herrole as mistress to the 
married genius, and se!f-ri^hteous pettifoggery 
that she finds all too familiar. 

Tl? sane pseudo-patriotic demagogy was 

See LARA* Page 2 



Ajmer Fiance- Pro* 

CHILD’S PLAY — Youngsters on a makeshift swing Friday near Sarajevo. The 
United States warned that Serbs might be preparing a new offensive. Page Z 

Kiosk ‘ 

EU Expansion, to 16, Looks likelier 



Trib Index 


Down 


The Dollar 

New Yortc- 


SLw 38 


wn m 


Fri, 


DM 


1.6535 




1.661 


Pound 


1.519 


1.514 


Yen 


101.80 


101.275 


FF 


5.6593 


5.6985 


Up and 
Comint 

An occasional series 
about the leaders of tomorrow. 



BRUSSELS (Reuters) — The European 
Parliament looks increasingly likely to say 
“yes" to European Union membership for 
Austria, Finland, Norway and Sweden in a 
vote next Wednesday, parliamentary offi- 
cials said Friday. 

But they added that many European MPs 
would seize the opportunity to press for 
assurances from EU governments that they 
would be given a bigger say in the Union's 
future. The parliament’s assent in the voles 
is needed if the EU is in fact expanding to 16 
members, as it hopes to do on Jam 1. 

The officials said that following a meeting 
between the parliament’s president, Egon 
Klcpsch, and political leaders Thursday it 
seemed that at least 275 votes would be cast 
in favor of expansion — 16 more than need- 
ed. 


Tiffany Chu, a former trainee for China’s 
national diving team, has been making a 
splash in lhe entertainment business as a 
partner with the National People’s Congress. Weather 


Books 

Crossword 


Page 1L 
Page 24. 


Israel and PLO 
Sign Self -Rule 
Economic Pact 


By Marlise Simons 

New York Tunes Service 

PARIS — Israeli and Palestinian delegations 
signed a sweeping agreement on Friday setting 
out terms for economic relations between Israel 
and the lands coming under Palestinian self- 
rule, and laying tire groundwork for develop- 
ment of these areas. 

Under the agreement, Palestinians in the 
West Bank town of Jericho and the Gaza Strip 
would be able to open their own b anks and 
collect taxes. They would also be allowed to 
export and import goods — among them such 
vital commodities as oil which their Arab allies 
have promised to provide virtually at cost. 

But the accord stops short of allowing Pales- 
tinians to have their own currency. Palestinian 
negotiators claim this as their right, but Israel 
sees this as a symbol of sovereignty whose time 
has not yet come. 

The agreement was signed after talks in Paris 
by Finance Minister Abraham Sbohat of Israel 
and the Palestine liberation Organization’s 
chief economic negotiator, Ahmed Qurie. 

The two moo, visibly relieved after a final aB- 
night session, shade hands in an ornate hall or 
the French Foreign Ministry in the presence of 
Foreign Minister Alain Jupp£ and other offi- 
cials and diplomats. 

The 60-page accord is the first detailed por- 
tion of the overall plan for Palestinian self-rule, 
which is expected to be signed by the two rides 
in Cairo on Wednesday. 

Both sides said the economic accord was not 
perfect and reflected concessions. But negotia- 
tors said the agreement was crucial because it 
spells out most aspects of the many day-to-day 
economic dealings between tire two peoples. 

Moreover, Israeli diplomats here said, the 
new accord is likely to be the blueprint for 
future economic ground roles in the entire West 
Bank if it Domes under Palestinian authority. 

These are among the main points in the 
agreement: 

• Finance: A Palestine monetary authority, 
much like a central bank, will regulate banks 
and foreign exchange transactions and manage 
currency reserves. The two sides will continue 
to discuss the possibility of issuing a Pales tinian 
currency. Palestinian say they wOl continue 

using the Israeli shekd and the Jordanian dinar 

as well as the dollar. 

•Taxation: A Palestinian Tax Adxnhristra- 
dgg will conduct its own tax policy, set its own 
rates and collect income tax, property taxes and 
nnmiripa! fees. Israel wiD transfer to the Pales- 
tinians 75 percent of the revenues of income tax 
paid by Palestinians working in Israel. Under 
Palestinian rale, the value-added tax will be up 
to two percentage points lower than in Israel. 

• Trade: The two rides will coordinate im- 
port tariffs and rates, but Palestinians have 

See MIDEAST, Page 4 




I 


Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 


Turks Offer Iraqis 
Foodrfor-Oil Swap 

Plan for Humanitarian Aid 
May Be Violation of UN Ban 


By Caiyle Murphy million belong to Turkey and 82 
Washington Past Saw* million are owned by Iraq. Turkey 

ANKARA —Turkey has oegoti- plans to refine the released oil and 
ated a deal to give Iraq humamlar- use it domestically, Mr. Sanberk 


ian aid in return for 12 mini on 
bands of mostly Iraqi-owned oil 
that has been trapped in a Turkish- 
Iraqi pipeline for almost four years. 

Some Western diplomats here 
said the deal's trade of oil for food 
and medicine could be viewed as a 
violation of United Nations sanc- 
tions against Iraq, which forbid the 
selling of Iraqi dL It essentially 
gives Iraq new ail income, albeit 
delivered in humanitari an aid. 

“It does have some elements'' 
that might violate sanctions, a 
Western envoy said. 

More importantly, faced with 
other signs that the internatioaal 
consensus on p unishing Iraq is 
fraying, Western diplomats are 
concerned Turkey’s initiative sig- 
nals a weakening of its resolve logo 
along with American-led efforts to 
maintain Iraq's commercial and 
diplomatic isolation until President 
Saddam Hussein is removed. 

Meeting in Sandi Arabia 
Wednesday with officials of six 
Arab states of the Gulf, Secretary 
of State Wanes M. Christopher 
expressed U.S. determination to re- 
sist any easing of UN sanctions. 

In meetings in Washington last 
week with Prime Minister Tansu 


CflJer of Turkey and in talks this 
week at tire United Nations, the 


week at the United Nations, the 
Clinton administration “made it 
dear that we would be opposed to 
any step that would violate the 
sanctions," a State Department of- 
ficial said. Whether the proposed 
Turkey-Iraq deal would fall into 
that categoty is stiQ under discus- 
sion, he said . 

A Turkish Foreign Ministry un- 
der secretary, Ozdem Sanberk, who 
struck the deal during a recent visit 
to Baghdad, called the arrange- 
ment a “limited rescue operation” 
to prevent damage to the pipeline, 
which was shut down when the 
United Nations imposed sanctions 
on Iraq after it invaded Kuwait in 
1990. 

“If s not an export of cal,” Mr. 
Sanberk said in an interview. “We 
don’t thmk ifs breaking sanc- 
tions." 

He made dear that his recent trip 
to Baghdad — the highest-level 
Turkish visit since the aid of the 
Gulf War — stemmed from Anka- 
ra's view that Mr. Saddam is not 
likely to be overthrown soon and 
that the Iraqi regime should be en- 
gaged in dialogue. 

This is a widely hdd view in the 
region, but ran s counter to the 
American assessment that sanc- 
tions are undermining Mr. Sad- 
dam’s legitimacy and wiQ eventual- 
ly lead to his downfall. 

But Mr. Sanberk said Turkey “is 
not going to break solidarity" and 
violate the UN embargo. “If we say 


said. 

The 12 mini on barrels represent 
about four days’ production by 
Iraq in the period just before it 
invaded Kuwait. Analysts say that 
given the current depressed market 
and the fact that the oil has been in 
the pipeline for four years, its value 
would likely be about $10 a barrel 
—or a total of $120 million. 

Mr. Sanberk indicated that the 
one-time oil deal was also motivat- 
ed in large part by his country’s 
severe economic crisis, which fol- 
lows the loss of about $20 billion 
because of the in terruption of trade 
with Iraq and the pipeline's clo- 
sure. Turkey used to earn $230 mil- 
lion a year from pipeline fees. 

The Turkish deal also under- 
scores the increasingly intense in- 
ternational competition to secure a 
favorable position in Baghdad for 
commercial activities once the UN 
trade embargo is lifted. French, 
Italian, German — and reportedly 
American — oil firms have had 
discussions with Baghdad about fu- 
ture contracts. 

These discussions come amid 
signs that three key UN Security 
Council members — Russia, China 
and France — are ready to support 
a partial or total lifting of the em- 
bargo on Iraqi oil sales. 

A c onsensus is building among 
these and other countries that the 
embargo should be ended once UN 
officials d eclare that Ra ghdnri has 

throng-term monitoiin^of its 
weapons- bniiding industry. The 
□ext review of sanctions is in May. 



U.S. Warns 

That Serbs Moscow Finds Spy’s Sentence Harsh 

MOSCOW (AFP) —The life sentence gjven to the former CIA official 
111 OV Wit art and Soviet spy Aldrich Hazen Ames was “too hank a spokeswoman for 

ITlcty ljUU l ^ Rushan intelligence services said Friday, Itar-Tass agency reported 

j , -I .hint that With the end of-the Cold War and the unproved world 

TVT A political climate, as wdJ as for strictly humanitarian reasons, he should 

INew Assault &tawb»wiw»dto 

x 1 ^ T 1 « No njatjgr wbo Ames worked for, we think this was too harsh,- 

_ „ _ . u r Ames. 52. was erven a life sentence Thursday by a U.S. court for 

By Steven Greenhouse ^ ^ former soviet Union and Russia since 1985,- in return for 


WORLD BRIEFS 










BLOCKED — Hanan Ashrawi, 
with West Bank Palestinians at : 


, right, former spokeswoman for Palestinian negotiators, talking 
a checkpoint after they were denied entry Friday into Jerusalem. 


‘Serious’ Israel -Syria Talks Expected 


By Steven Greenhouse 

Mar York Ttmes Semer 
JERUSALEM — Secretary of 
State Warren M. Christopher 
voiced concern Friday that the 
Bosnian Serbs might be moving ar- 
tillery around the Serb-controlled 
town of Brcko in northern Bosnia 
-to prepare an offensive against ter- 
ritory held by the Muslim-domi- 
nated governmenu 
Mr. Christopher warned the Bos- 
nian Serbs that the United Nations 
and the North Atlantic Treaty Or- 
ganization might move vigorously 
to discourage such an assault, 
which according to some reports 
would use artillery that has been 
withdrawn from the UN-declared 
“safe area" of Gorazde. 

“One of the things we've had to 
have in mind as we've moved 
through this situation is that they 
might move to another such area," 
Mr. Christopher said in Td Aviv 
after talks on Mideast peace ef- 
forts. “One possibility would be for 
the United Nations to designate 
those areas, if they are attacked, as 
safe areas. The one thing you can 
be sure is that the United States 
does not intend to relax its interest 
in this problem.” 

An administration official trav- 


Ulster Killings May Rise, Official Says 


BELFAST fAP) —The killing of a former soldier by Irish Republic^ 
Army gunmen has brought the death toUin. Ulster this week to eight, and 
Northern Ireland's police chief said the slaughter might escalate. . 

Tbe increase in sectarian and political violence in the province con® 


iod of relative quiet and a three-day 
month. 


by theIRA 


moment, Cut® constable air nuga Amraicy xuu. «. win reman 
broadly as it is, indeed it may escalate.” He Was speaking before Eric 
Smyth, a 40-year-old former soldier, was gunned down outside his home 
in Armagh, 35 miles southwest of Belfast The IRA said Friday that hi 
gunmen felled Mr. Smyth. - _ : 


Warsaw Warns on Effect of Strikes 


WARSAW (AP) —Poland's economic progress is under threat Emm a 
nine-day-old strike that has been spread by the Solidarity trade union. 
Prime Minister Waldemar Pawlak said Friday. 

The strikes may “lead back into economic crisis, the closure of weaker 
plants, to the -waste of all that we are achieving ax such high cost," Mr. 
Pawlak said in the Sejm, the lower house of Parliament He invited 
Solidarity to join a commission of government officials as well as union 
and business representatives that is to develop an economic plan.. 

Brown-coal miners started the strike to protest government plans for 
restructuring their industry. They were joined by other coal turners and 
then by Solidarity. It wants the government to abandon a wage-control 
plan, provide rax relief for needy families and cany out agreements 
readied last year on the role of state workers in privatized companies. 


Reuters 

TEL AVIV — Secretary of State Warren M. 
Christopher said Friday after talks with Prime 
Minister Yitzhak Rabin of Israel that he expected 
“serious” talks in Damascus on reviving Israeli- 
Syrian negotiations over the Golan Heights. 

Mr. Christopher, with an agreement between 
Israel and the Palestine liberation Organization 
on Palestinian self-rule well in sight after talks in 
Cairo this week, is to bring the Syrian president, 
Hafez Assad, new Israeli position papers on the 
Golan on Saturday. 

“1 expect the conversations there to be as serious 


and substantive as the conversations here,” Mr. 
Christopher said at a news conference with Mr. 
Rabin. “We've got a lot of hard work ahead of us." 

The Golan, which Israel captured from Syria in 
1967, is at the heart of the disputes that have 
hampered progress between the sides since talks 
began in October 1991. 

Mr. Rabin declined to divulge details of the 
“peace package" that Mr. Christopher was to con- 
vey to Mr. Assad, but he said that it included. 
Israel's view of stages of a withdrawal 
Mr. Christopher is doe to return to Israel on 
Sunday. 


cling with Mr. Christopher said the 
United States had wonted urgently 
with the United Nations to prevent 
an attack around Brcko. 

“There is a great deal of talk 
about developing a UN presence in 
Brcko,” the official said, suggesting 
that such peacekeepers could be 
important for discouraging a new 
Bosnian Serbian offensive. 

Mr. Christopher said the efforts 
by the United States, Russia, Eu- 
rope and (be United Nations to 
broker a cease-fire and overall 
peace settlement “will be a remind- 
er to both parties to stop the inces- 
sant fighting and return to the ne- 
gotiating table." 

Mr. Christopher also strained to 
show that NATO was not seeking 
to favor one ride or another in the 
conflict. 

“It’s not NATO's purpose to try 
to prevail in a warlike capari ty," he 
safe. 


Bosnia Dilemma: Muslims in Sea of Serbs 


By John Pomfret 

Washington Post Service 

SARAJEVO, Bosuia-Herzegovia — Admit 
Maslo looked up quizzically with his only eye 
— an almond-shaped, chestnut-colored thing 
topped by an eyebrow sprinkled with blood — 
and thundered: ■“Flowers?" 

Nine-year-old Admit, wbo shuffles imperi- 
ously around the ophthalmology clinic of Ko- 


sevo Hospital in Sarajevo in tattered slippers at 
least five sizes too big, was talking about his 


least five sizes too big, was talking about his 
fust home in Foea, once a predominantly Mus- 
lim city in southeastern Bosnia. 

His dearest memory of his latest borne, Gor- 
azde, is tbe blood he fell spurting from his right 
eye after a piece of shrapnel from a Serb shell 
tore through his eyelid on April 20 and gouged 
out the eyeball • 

Admir was evacuated from the eastern Bos- 
nian enclave along with 264 other wounded 
people earlier this week after a cease-fire agree- 
ment and threats of NATO air strikes against 


raining 100,000 Muslims, stuck in the middle of 
a sea of Serbs in eastern Bosnia. 

Tbe mostly Muslim Bosnian government will 
not trade than away, saying that it must main- 
tain a foothold in an area where its people used 
to constitute more than 60 percent of the popu- 
lation. 

The Serbs will not tolerate their presence 
because they are seeking a state free of Muslim 
pockets and their serious security concerns. 
United Nations officials refuse to call openly 
for the enclaves to be emptied of Muslims 
because they refuse to be accomplices to Serb 
“ethnic cleansing.” But no one seems to know 
how to deal with these zones, three of the six 
ironically designated UN “safe areas.” 


Now, after another you: of war in Bosnia, the 
international community has largely accepted 
the carving up of this country into two — a 
Croat-Muslim federation in tbe west and a 
Serb-controlled state wrapped around it to the 
north and east 


Police Chief Slain Where Colosio Fell 


TUUANA, Mexico (WP) — Three unidentified gunmen shot and 
killed Tijuana’s chief of police less titan a mile from the site where 
Mexico’s leading presidential candidate, Luis Donaldo Colosio, was 
assassinated last month. 

Jos£ Frederico Benitez, director-general of Tijuana’s municipal pofio# 
force, died in a hospital Thursday night, 40 minutes after be was shot in 
tbe head and neck as he was riding in his car in the Mesa Olay district of 
the city, the authorities said. His bodyguard was also IriUed. 

Mr. Bean tez was being drives to the airport to investigate a report of a 
bomb. The motive for the attack was not immediately dear, but he was 
known to have been investigating drag- trafficking and police corruption. 


Human Error Hinted in Japan Crash 


Such an approach raises questions about the 
long-term future of tbe eastern enclaves. The 
Serb attack rendered Gorazde, the largest and 
most economically viable of the eastern pock- 
ets, “a basket case,” in the words of Peter 
Kessler, a spokesman for the UN High Com- 
missioner for Refugees. 

While UN officials recognize that the fate of 
the eastern enclaves is a key to any peace plan. 


On April 22. NATO took steps to force the ^ have not acknowledged that the logic of 
rbs to endtneir onslaught on Gorazde and ^he current peace plan would clear them away. 

“Certainly not,'* said Sergio de Mrilo, chief 


not gomg to break solidarity and Serb forces battering the town, 
violate the UN embargo- “If wesay The boy's journey from a quiet village out- 

Saddam is going to stay, it is our side Foca to Gorazde and now to a crowded 
opinion and we are not going to hospital ward in Sarajevo, highlight what ap- 
break the lines,” he said. peare to be impeding tbe establishment of peace 

“We proposed a narrow, titra te d in Bosnia: the presence of three enclaves, con- 


break tiie lines,” he said. 

“We proposed a narrow, titrated 
rescue operation to once or twice 
flush out, repair and dose the pipe- 
line and wait for tbe removal of the 
embargo,” Mr. Sanberk said. 

A similar situation existed after 
the Gulf War on Iraq’s other maj or 
export pipeline, across Saudi Ara- 
bia. The Sandi govonment seized 
that oil, sold it and turned the pro- 
ceeds of aboat $80 million over to 
the state-owned Saudi Aramco 03 
Go. to cover the costs of maintain- 
ing the pipeline and storage tanks, 
according to Saudi officials. 

Of the 12 million barrels of oil in 
the pipeline, which transports oil 
from Kirkuk in northern Iraq to 


Serbs to end their onslaught on Gorazde and 
prevent Serb attacks on other “safe areas” in 
Bosnia, especially Srbrenica and Zepa, the two 
other Muslim pockets in the east. 

The “safe areas” were established early last 
year at a time when a now-moribund interna- 
tional peace plan sought to keep Bosnia whole 
and prevent creation of a purely Serb state. 

Srbrenica, Zepa and Gorazde all by inside 
provinces that the peace plan earmarked as 
Muslim-majority zones. 


Certainly not, sajo £>ergio oe mcuo, enter 
UN drill affairs officer for the countries that 


were once part of Yugoslavia, when asked if tbe 
United Nations was considering evacuating the 
“safe areas.” 


But then, in a sign of his and the United 
Nations’ understanding of the problem, be add- 
ed: “We may, very much against our will be 
obliged to move some people to safer areas." 


■ Tough Job, Mediators Say 

International mediators said Fri- 
day that they faced an uphill task in 
persuading Serbs and Muslims to 
agree a truce in Bosnia, Reuters 
reported from Sarajevo. 

The newly formed “contact 
group” of Western and Russian 
mediators met the Bosnian Serbian 
leadership in Pale outside the Bos- 
nian capital Friday after talking 
with the Muslim-led government, 
but there was still no agreement on 
the terms of an overall trace for 
Bosnia. 

The U.S. special envoy, Charles 
Redman, who led the group along 
with a Russian envoy, Alexei Nilti- 


TOKYO (Renters) — Investigators of the crash of a China Airlines 
Airbus in Japan said Friday that they thought the plane probably crashed 
after losing speed while aborting a landing attempt, Japanese press 
reports said. 

Investigators spent a third day listening to eyewitness accounts and 
inspecting the runway at Nagoya airport where tbe Airbus Industrie 
A300-600R crashed on Tuesday, killing 263 of the 271 people aboard 
Kyodo said investigators were becoming convinced that the accident was 
caused by pilot error. 

They now believe the plane crashed after losing speed rapidly when 
Captain Wang Lo-chi pulled the plane's nose up while trying to abort a 
landing, Kyodo news agency and NHK television reported. Witnesses 
said they heard a roar from the plane’s engines as it pulled up to about 45 
degrees from horizon taL Also, debris was scattered over a relatively small 
area, indicating the plane bad lost a lot of speed 


Toll at 44 After Kenya Ferry Capsizes 


MOMBASA, Kenya (Renter) — A ferry carrying rush-hour commut- 
ers capsized near the Kenyan port of Mombasa on Friday, and rescum 
recovered 44 bodies with an unknown number of people still missing , tbe 
police said. 

- A Kenya Forts Authority official earlier pm the death toO at 70. The 
state-run Kenya Broadcasting Corp. said as many as 300 people were 
feared drowned on the ferry, which was taking commuters from Mtongwdf 
village on the mainland to Mombasa island, five kilometers away. 

A police spokesman said 71 survivors were rescued by divers and 
policemen, and rescues who had recovered 44 bodies by Friday after- 
noon were continuing the search. 


2 Russian Upset by Bangkok Detention 

of aproposed cease-fire before they MANILA (Reuters) — A beamy pageant contestant from Russia said 
could resume peace negotiations. Friday she was upset after being detained bv immigration officials al 


2 Injured in Renewed Anti-Foreigner Violence in Germany 


The Associated Press 

EMMEND INGEN, Germany — In tbe latest outbreak of 
violence against foreigners, a group of youths attacked and 
injured two asylum-seekers, and arson is suspected in a fire 
at the home of Algerian refugees, the police said Friday. 

None of the nine Algerians were at home when their house 
in Kcnangen, in the southwestern district of Emmendingen, 
was gutted by a fire. 

Witnesses told of seeing two men acting suspiciously near 
(he bouse about 15 minutes before the fire broke out. The 


in Grief swald, in Eastern Germany, several youths at- 
tacked two refugees from former Y ugoslavia, 25 and 14 years 
old, on Thursday. The police said the attackers sprayed a 
mace-like gas al the refugees and slightly injured both of 
them with a knife before escaping. 


British Neo-Nazi Attacked 


ed Press reported from London. Scotland Yard said he was 
hospitalized in serious condition with head and neck inju- 
ries. 

It was the third attack this month on members of the 
party, which is putting up 30 candidates in local elections on 
Thursday. 

A letter bomb exploded at the party’s southeast London 


MANILA (Reuters) — A beauty pageant contestant from Russia said 
Friday she was upset after being detained by immigration officials at 
Bangkok’s airport, but said she would return to Thailand as a tourist 
Inna Sovoba, 20, who is in Manila to compete in the Miss Universe 
contest May 21, said she was kept in a windowless room at Bangkok 
airport “maybe for 24 hours” last week because she had no visa to enter 
Thailand. 

“I was shaken,” she said. “I was really like in prison." When told 
Thailand was wary of Russian women because there are many Russian 
prostitutes in Bangkok, die said: “I heard about this. I don’t know, 
maybe that’s why they did not give me a visa.” 


400 Casualties Reported in Yemen 


Turkey’s Mediterranean coast, 3.8 police suspect arson. 


Mike Newland, spokesman for the neo-Nazi British Na- 
tional Party, was brand, gagged and severely beaten Friday 
by three men armed with a hammer and clubs, the Associar- 


bead quarters on April 7, wounding an administration offi- 
cer. Alfred Waite. Last Saturday, Michael Davidson, 33, lost 
an eye when he and another candidate were kicked and 
beaten by a masked gang in east London. 


SAN’ A, Yemen (Reuters) — About 400 soldiers have been killed or 
wounded in two days of fighting between north and south Yemeni 
armored units 50 kilometers from the capital San’a, political sources said 
Friday. 

The battle involved about 200 tanks from both sides and was the worst 
clash since North Yemen and South Yemen merged four years ago, the 


LARA: Pasternak’s Mistress, Odds Still Against Her, Is Waging Her final Battle Against Bureaucrats in Moscow 


sources said. The fighting was the latest provoked by a feud between 
President Ali Abdullah Saleh and Vice President Ali Salem Baid. 

Tanks and artillery of the northern Fust Armored Brigade battled tbe 
southern Third Armored Brigade around the town of AmraiL The 
situation al the battlefield, on a plain flanked by mountains north of 
San’a, is now quiet but tense, the sources said. 


Ctatmaed from Page 1 

poured over Pasternak in 1958, 
when I stood near him and sup- 
ported him in bis terrible trials," 
she wrote this month in an open 
letter to Presadem Boris N. Yeltsin. 
“Twice I was sent to the gulag, and 
today I can no longer abide such 
demagogy. 


UNIVERSITY DEGREE 

BACHELOR'S • HASTBfS* DOCTORATE 
FcrWotK 

ThnxghCcrvaiartHo m aStucfy 
(3119 471-0306 ext 23 
JgJ* Fate (310)471-6456 

CfigSSa Fm or sand dotafed ream for 


Pacific Western l 

600 N, Sapufratia EMvd 
LMAnwtaB, CA ! 


“I am 82 years old, and 1 do not 
want to leave this life insulted and 
spat upon." 

Pasternak and Miss Ivinskaya 
met and fell in love in 1946, when 
he was 56 and she 34. For much of 
the rest of his life, the author would 
spend nights with his wife in their 
dacha at Pereddkino. near Mos- 
cow, and in the morning walk to 
the smaller dacha nearby where 
Miss Ivinskaya waited. 

When traveling, be wrote letters 
to Miss Ivinskaya pledging his un- 
dying love. “1 am bound to you by 
life. By the sun shining through my 
window, by a feeling of remorse 
and sadness, by a feeling of guilt" 
he wrote. 

"I hold you to me terribly, terri- 
bly tight, and almost faint from 
tenderness, and almost cry.” 

In 1949. because of her associa- 


tion with him, she was sent to tbe 
gulag for the first time, for four 
years of bard agricultural Labor. 
Their child was stillborn in prison. 

Just before her return, Pasternak 
told Miss Ivinskaya’s 1 5 -y ear-old 


turess who seduced him and tried 
toprofit by his fame — I don’t buy 


“At a certain period she gave 
Pasternak a great deal of joy. he 
said. “And whatever can be said 


daughter, Irina, that he was ready hcT - & suffered becau « one hdi>Kdual unable to come 

to break off the affair, spoking' . . .. . J 6 ™ 5 ^ rei V iess 161 

with what Mss Ivinskaya laterd£ . Nor is there any dilute, accord- lution martinets wbo « 
scribed as his typical “mixture of “8 Josephine WoU. a professor trolled the Soviet book mdusi 
ranrtnr «iiMm charm and nnHe- at Howard University, that Miss could not bnng themselves to rev 


with what Miss Ivinskaya later de- 
scribed as his typical “mixture of 
candor, guileless charm and unde- 
niable heartlessness.” But he 
changed his mind, and their rela- 
tionship continued until his death. 

Sympathizers of Pasternak's 
wife, and many intellectuals in his 
circle, derided Miss Ivinskaya as a 
gold digger and a seductress, the 
scholar Victor Erlich recalled. 

“She’s been judged very harshly, 
and unfairly." said Mr. Erlich, pro- 
fessor emeritus at Yale University. 
“Tbe notion that she was an adven- 


at Howard University, that Miss 
Ivinskaya served in large part as the 
model for Lara in what Mr. Paster- 
nak saw as his masterpiece. 

An early supporter of the Bol- 
shevik Revolution, Pasternak never 


tried vilified, jailed, killed or bounded 
i buy into suicide. 

Still by the time he met Miss 
gave Ivinskaya, Pasternak had resolved 
. he to write a novel that would capture 
said the truth of his time, the story of 
ire of one individual unable to come to 
terms with tbe barrenness of revo- 
rord- Julian. Tbe martinets wbo con- 
essor trolled the Soviet book industry 
Miss could not bring themselves to reject 
s the the book, but they also dared not 
ister- publish it. It confused the regime 
because it was neither pro-Soviet 
Bd- nor anti-Soviet but apolitical . 
lever In the end, the novel was pub- 


he died — exhausted. Miss Ivins- 
kaya believed, by unending attacks 

On Aug. 16, the KGB ransacked 
Miss 1 vinskaya's apartment and 
took her and her daughter to Lu- 
bianka, the dreaded secret-police 
headquarters from which so many 
Russians never relumed. 

Miss Ivinskaya's interrogators 
accused her of turning Pasternak 
against his cranny, of profiting 
from his foreign sales. 

In the end, her daughter spent 


TRAVEL UPDATE 








Denver’s new airport is still expected to open May 15, city officials said, 
despite a request from United Airlines to delay the opening because of 
glitches in the airport's computerized baggage system (NYT) 


sucyik Kcvoiuuon, rasiemas never in me ena, me novel was pub- 
wen: into outright opposition. But lished abroad, to great critical ac- 
as Stalin’s terror unfolded in the claim, but not in Russia. When Mr. 


two years in the camps, while Miss 
Ivinskaya spent an additional four. 
In 1988 — the ya 


World airfares hare reported a hefty rise in first-quarter passenger 
figures, and the International Air Transport Association said Friday that 
this could help the money-losing industry toward a recovery. (Rental 


1930s, the author refused to be- Pasternak was awarded the Nobel 
come a sycophant. He stopped ere- Prize in Literature in 1958. the So- 


aring altogether, earning his living viet establishment hounded him 
for years as a translator and enjoy- into renouncing the award. 


ing a mysterious immunity as most In the spring of 1960, Pasternak 


of Russia's other great writers were fell iD for the last time. On May 30, 


In J98S — the year “Do dor Zhi- 
vago” was finally published in Rus- 
sia — Miss Ivinskaya and her 
daughter were “rehabilitated,” the 
state's acknowledgment that their 
arms! bad been unjust. But Miss 
Ivinskaya's documents remain in 
government hands. 


_ Experts forecast a Middle East toraist boom when a peace treaty is 
signed, and urged Arab countries to join up with Israel to reap the 
dividend. The conference in Lebanon was told that Middle East tourism 
would grow 4 percent a year until the year 2000. (Reuters) 


A vintage car rally from London to Paris wiB help mark the official 
opening of the Channel Tunnel next month, or ganizer s said. (Revtetsl 


About 5& million foreigners visited Thailand in 1993, a 12 2 percent 
racrease over the year before. Radio Thailan d reported. (Af) 


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THE_ AMERICAS / 


INTERNATIONA!. HERALD TRIBUNE. SATURDAY, APRIL 30. 199* 


P&ge3 


f)? (>Ql j : ~ l d § ’"jV ^ J SZ : ; :c: \ fe5L • 


I 


■'iMhl. 





-- Jil'iElr 


sunsf He funl ?£ ntsen firing an assault rifle at a Washington police training center to demonstrate the power of such 

guns. backing a bill in Congress that would ban the manufacture, sale or possession of 19 models of semiautomatic weapons. 

Street-Legal Arms Widen Gun Debate 


By Stephen Braun 

Lx Angela Tima Service 

MIAMI — The men of Wilbur Enterprises 
ire never at a loss for firepower. At work in 
their fortified office, out on 3 job in their 
Xtmpany trucks, off for a night on the town, 
they dress for the occasion and ihev always 
pack heat 

Loaded guns can be found, in desk drawers 
and under counters, throughout the construc- 
tion company’s warehouse in north Miami. 
Inside his waistband. Lhe boss, Blair Wilbur. 
67, keeps a .38-caUbtr Smith & Wesson re- 
volver. One son who works at the corapanv 
regularly carries a pistol. Another keeps a 
shotgun in his pickup truck. Even the compa- 
ny's 71 -year-old gofer totes a revolver. 

“I took a date out one night, and I had the 
.38 in my shoulder holster,” Mr. Wilbur said. 
“I asked her if she had a problem with me 
carrying a gun. She says no, she's used to it. 
-one in Miami’s used to it. That’s proba- 


Everyone in ! 
blv because 


bly because everyone's carrying. 

In a country where city streets are seen as 
stalking grounds for violent offenders, the 
pervasive fear of crime that once impelled 
Americans to buy guns to secure their homes 
now persuades growing numbers to take fire- 
arms into the street 
According 10 a Los Angeles Times poll in 


January. 22 percent of the residents of gun- 
owning households said that they sometimes 
carried their weapons outside for protection 
— substantially higher than the 13 percent 
who said they did so in a 1981 Times survey. 

Law-abiding gun owners who want to car- 
ry a weapon are often forced to act like secret 
gunslingers — hiding pistols in purses, pock- 
ets and car glove compartments — to avoid 
arrest under local and stale laws. 

Bui in recent years, those prohibitions have 
begun to fall. Since 1987, Florida and nine 
other stales have passed laws making it easier 
for residents to carry guns. 

“More and more people are realizing that 
the police won’t be there when you need 
rhem." said Jeffrey Snyder, a Washington 
lawyer who has become' a talk-show apostle 
for the concealed weapons movement. “Your 
life is either worth protecting or it’s noL And 
if it is, it's worth protecting all the rime.” 

The prospect of more Americans arming 
themselves against street crime is recasting 
the debate that has raged for years over the 
presence of guns in almost half of the nations 
households. 

As more guns are carried legally by Ameri- 
cans. will they provide a strong deterrent to 
crime? Or will they provoke more bloodshed, 
inflaming minor encounters into shoo touts? 


Seven years after the Florida legislature 
passed a sweeping permit system allowing 
law-abiding citizens to carry concealed weap- 
ons, Miami and surrounding Dade County 
have become the proviag grounds far these 
questions. 

The emerging verdict here offers little com- 
fort to either side. The defensive earning of 
guns has not resulted in an upsurge in vio- 
lence, but neither has it demonstrably re- 
duced the city’s crime rate or helped to quell 
fears. 

At last count. 27.636 Dade County resi- 
dents were licensed to carry guns. For most of. 
these people, the moment of truth may never 
come. According to Richard Bohan' of the 
Miami Police Department, justifiable gun de- 
fenses by civilians account for 1 percent to 4 
percent of the deaths his unit investigates 
each year. 

Gun-rights activists respond that a drop in. 
Miami** violent crime shows the real impact 
that gun defenses can have. Last year, robber- 
ies dropped to 6,930 from 7,077 in 1992. and 
reported rapes fell to 305 from 403. 

But murders remained unchanged at 131. 
and police officials note that the liberalized 
permit law was in effect in the late 1980s. 
when lhe city's violent crime rale was higher. 


Tobacco Firm Halted Nicotine Study 


Canned Air in Jetliners? Fine, Study Says 


By Martin Tolchin 

Nrv»- York Timn Service 

WASHINGTON — The reduc- 
tion of fresh air in airline cabins 
since the mid-1980s poses no harm 
to passengers and crew members, 

' according to a study commissioned 
by the amine industry. The study- 
came under immediate criticism. 

“Both older aircraft, wiLh an all- 
fresh air system, and newer aircraft 
that have a combination of fresh 
and recirculated air, meet or exceed 
standards that are designed 10 in- 
sure a healthy environment,” said 
Jim Landry, president of the Air 
Transport Association, which fi- 


nanced lhe study and represents 
major airlines. 

Consolidated Safety Services, a 
Virginia consulting firm that con- 
ducted the study for the industry, 
tested the air in jetliner cabins dur- 
ing 35 flights without notifying the 
airlines or the crews. It found that 
the air quality met federal health 
and safety standards for workers in 
offices and factories. 

But a spokesman for flight atten- 
dants criticized the study on the 
ground that air quality standards 
for offices and factories are not 
appropriate for judging the crowd- 
ed confines of a loaded airplane. 

Aaron Sussell, an industrial hy- 


Away From Politics 


• Almost 23 million Americans live in places that do not meet federal 
standards for ooUutants like soot and acid aerosols, the stuff that 
produces haze in the air. the American Lung Association said. Those 
people _ 9.1 percent of the population in 16 counties across me 
country, including Los Angeles and Denver - are at risk for 
respiratory diseases and other health problems from the pollutants, 
the association said. 

• A woman who carried a revolver In her purse was wounded when 
she dropped the bag. Janis Wylie, 38, was in senous condition with a 
chest wound after her .38-caliber revolver went off in the court 
building in Glendale, Arizona, where she works. She had been 
carrying it because she feared her former husband, the police said. 

• One-third of physicians’ private practices do not offer health 
coverage to nurses, receptionists and others running metr offices, 
according to an American Medical Association study. But many of 
them buv coverage on their own or are covered through their 
spouses' 'policies. Only 1 1 percent of a) meotcal workers arc unin- 
sured, compared with 16 percent of all Americans too young for 

Medicare. , . ,, . . 

• Colleges and universities most provide students and staff writ 
annual reports on the number of murders, rapes, robberies and other 

ti£t occur on campus, under new federal regulauons pub- 
S£d in the Federal Register. “Encouraging students to pursuehigh 
aualitv post-secondary education is an important element of the 
SafSuSonT^r *hc regulations say. “A safe campus 
environment facilitates such education. 

• more than 60,000 teachers will have to undergo 

background checks under a new state law to keep child molesters out 
of classrooms. ... ... .. 

teTriS warned. The risk of dying beta* 
“ htSs was mice that of whites in 1960. the Centers for 
cS and Prevention said. Tire disparity is greater now. 


gicoisl with the National Institute 
of Occupational Safety, said the 
study had improperly used bis 
agency’s standards and those of the 
Occupational Safety and Health 
Administration. 

Those standards were meant to 
protect people in the workplace, he 
noted, but airplanes serve the gen- 
eral public, which requires more 
stringent rules because passengers 
include infants, the elderly and dis- 
abled people. 

A case in point were carbon di- 
oxide levels as high as 1,395 parts 
per million. These were well bdow 
the Occupational Safely and 
Health Administration's maximum 
of 5.000 but above the limit of 



Air-Conditional Engineers. 

In the 1980s, airlines in the Unit- 
ed States reduced the amount of 
fresh air circulated in the cabins, 
from 100 percent fresh air pumped 
in every three minutes to half fresh 
air and half recirculated air every 
six or seven minutes. 


The study was made public 
Thursday in anticipation of con- 
gressional hearings on the issue 
that are scheduled for next month 
by the aviation subcommittee of 
the House Public Works and 
Transportation Committee. 

“We thought it was important to 
get this study out in advance of the 
hearing," said Mr. Landry of the 
Air Transport Association. 

The study measured contami- 
nants aboard 35 flights involving 
two older planes that provided 1 00 
percent fresh air and two newer 
ones that provide 50 percent fresh 
and 50 percent recirculated. 

The older aircraft were a Boeing 
727 and McDonnell Douglas DC- 
9. and the newer aircraft were a 
Boeing 757 and a McDonnell 
Douglas MD-80. 

The newer aircraft generally had 
a higher level of contaminants than 
the older aircraft, but these were 
still within the range allowed by the 
Labor Department’s Occupational 
Safety and Health Administration 
and the Public Health Service’s Na- 
tional Institute of Occupational 
Safety and Health, the study said. 






CASINO 

D’ENGHIEN 


15 minutes from PARIS 

Thursday 28, Friday 29 and Saturday 30 April 

"CHENDN DE FER" TOURNAMENT | 

— Tirage LIBRE 

as well as 

12 Roulette Tables 
12 Blackjack Tables 

Restaurant Le Baccara 

Reservation ID 34.12.90.00 


of fresh air saves about J60.000 per 
jetliner each year because less fuel 
Is needed to cool the air. 

Since the change was introduced, 
some flight attendants and passen- 
gers have complained of head- 
aches, nausea and other health 
problems, especially after long 
flights. Many attribute the prob- 


lems to the reduced ventilation. 

The industry group’s study dis- 
putes this claim. “Results of the 
study (fid not reveal a potential for 
human health hazards,” said Dr. 
Jolanda JanczewsJd, president of 
Consolidated Safety Services Inc. 
of Okaton, Virginia, which has con- 
ducted federal studies. 

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By Philip J. Hills 

St tr VeirA T/mri See. we 

WASHINGTON — Scientists at 
Philip Morris Co. found evidence 
11 years ago that a substance in 
cigarettes increased the addictive 
power of nicotine, but the research 
was halted by the tobacco company 
and efforts to publish that and oth- 
er work were blocked, according to 
testimony by two scientists at a 
congressional hearing. 

The researchers. Dr. Victor J. 
DeNoble and Dr. Paul C. Mele, 
who left lhe company after their 
laboratory was abruptly shut 
down, also said that they and col- 
leagues at Philip Morris had made 
another striking discovery' at the 
time: an artificial version of nico- 
tine that seemed to have few of the 
toxic effects on the bean that the 
natural substance in cigarettes has. 

Dr. DeNoble said that, before it 
was curtailed, his research had led 
him to believe that nicotine alone 
was addicting “on a level compara- 
ble to cocaine.” 

He also revealed that he had 
identified for the first time another 
psychoactive and possibly addic- 
tive substance in tobacco besides 
nicotine. It is acetaldehyde, a natu- 
ral product of burning' sugars and 
other materials in the tobacco leaf. 

Under questioning, the scientists 
acknowledged that "their findings 
had been preliminary and tenta- 
tive. but they had been excited by 
where their research might have 
gone had it not been suppressed. 

The two men painted a picture of 
a company that started an ambi- 
tious research program in the 1970s 
to learn everything it could about 
nicotine and its effects on the body. 
The purpose was that someday the 
company could modify or replace 
the nicotine in cigarettes with less- 
hatmful substances. 

The work was to be so secret that 
the animals used in the research 
were brought into labs at night, 
under covers, and the work was not 
discussed with fellow employees. 

Both of the discoveries were “sci- 
entifically significant and exciting 
and need to"be followed up." Dr. 
Jack Henningfidd. chief of phar- 
macology research at the National 
Institute on Drug Abuse, said in an 
interview. 

“The idea of increasing addicti- 
veness by combining it with some- 
thing else is something that I don’t 
believe we have any other clear 
example of in science," he said. 
“Someone should take the ball of 
the research now and run with it." 

A spokesman for Philip Morris, 
Steve Parrish, said in an interview 
after the researcher’s appearance 
Thursday that the research had 
been withheld for proprietary rea- 
sons and was not as important as 
Dr. DeNoble had said. 

He said the hearing was “shame- 
ful" because it contained “innuen- 
do, leaked documents, convenient- 
ly changed opinions, scientific 
sensationalism." 

Dr. DeNoble and Dr. Mele testi- 
fied before the House subcommit- 
tee on health and the environment 
after Philip Morris had freed them 
Tram a lifelong agreement not to 
discuss their research without the 
company’s permission. 

They were freed from the agree- 
ment at the request of the pond’s 
chairman, Representative Henry 


A. Waxman. Democrat of Califor- 
nia. 

Two weeks ago. the panel heard 
testimony from the chief executives 
of the seven major tobacco compa- 
nies. On Thursday. Dr. DeNoble 
and Dr. Mde contradicted some of 
what the executives said. 

Dr. DeNoble said that be was 
threatened with legal action by 
company executives if he published 
or talked about bis nicotine re- 
search. contradicting the account 
given under oath by" the chairman 
of Philip Morris. William 1. Camp- 
bell, two weeks ago. 

Mr. Parrish "said that even 
though the researchers had testified 
that their work gave "strong evi- 
dence" in 1983 that nicotine might 
be addicting it did not prove it. 

Dr. DeNoble and Dr. Mele were 
key researchers si a Philip Morris 
laboratory in Richmond. Virginia, 
from 1980 to 1984. By 1983 the 
studies began to generate unwant- 
ed evidence — like early studies 
indicating nicotine was addictive 
— that might have caused the com- 
pany trouble tf disclosed in a law- 
suit. the researchers testified 
Thursday. 

Dr. DeNoble said he was told by 
Philip Morris research executives 
“that the lab was generating infor- 
mation that the company did not 
want generated inside the compa- 
ny. that it was information that 
would cot be favorable to the com- 
pany in litigation." 

The company instructed the re- 
searchers that ihev could not dis- 


cuss their work, the scientists said. 
Then, on April 5. I9S4. they were 
abruptly told to halt their studies, 
kill all the laboratory rats and turn 
in their security badges. 

The researchers also told of a trip 
to the New York headquarters of 
Philip Morris, where an executive 
wondered how their work would 
affect the company: “Why should 
we risk a billion-doliar business for 
some rats’ studies?" 

Dr. David A. Kessler, the com- 
missioner food and drugs, said 
Thursday that the testimony about 

dozens of suppressed studies 
showed “an extensive and sophisti- 
cated research program concerning 
the addictive potential of nicotine.” 

“This research, suppressed by 
the company for a decade, demon- 
strates the company's interest in 
the pharmacology of nicotine," Dr. 
Kessler said, “and the information 
in this testimony is critically impor- 
tant to our ongoing inquiry into the 
role of nicotine in cigarettes.” 

Especially interesting, he said, 
was the testimony that the compa- 
ny wanted to find an artificial nico- 
tine that would have the addictive 
and intoxicating properties of nico- 
tine without its dangerous effects 
on the heart. 

Earlier this year. Dr. Kessler said 
that for the first time the Food and 
Drug Administration was ready to 
regulate cigarettes as addictive 
drugs, something the agency had 
avoided for decades. 

To establish control over ciga- 
rettes it must be shown that nico- 


tine is addictive and that tobacco 
companies intentionally control 
the amount of nicotine in cigarettes 
to maintain smokers' addiction. 

One important measure of a 
drug's addictive; potential is wheth- 
er a laboratory animal will work 
hard pressing a lever to get the 
drug N icotine will get a rat to press 
a bar steadily, more than 100 limes 
an hour, and Dr. DeNoble found 
that the animals will do the same 
for acetaldehyde, though they win 
not do so for water or saccharin or 
other Tavcned substances. 

Dr. DeNoble said he was sur- 
prised to find that when he gave the 
animals a chance to have both nico- 
tine and acetaldehyde together, the 
rats tripled their bar-pressing to 
more than 500 limes a hour. He 
said that his work on the rats was 
cut off before be could establish 
more than the single indicator that 
acetaldehyde was addicting. 

The other discovery he reported 
Thursday was the finding of a n ico- 
tine-like substance called 2 ’merhyl- 
ni cotine, a synthetic chemical that 
causes animals to behave as if they 
were getting a nicotine high but 
without signs of heart distress like a 
rapid heart beat that usually comes 
with nicotine. 

Other researchers have since 
found several similar nicotine-like 
substances that act in the brain. Dr. 
DeNoble said, but Philip Morris 
dropped any attempt to see if these 
could be used to make a safer ciga- 
rette. 


E 


POLITICAL NOTES 




24 Expelled at Naval Academy Calls Clinton Would Like to Make 


WASHINGTON — Navy Secretary John H. 
Dalton ordered 24 U.S. Naval Academy midship- 
men expelled in the biggest cheating scandal in the 
school’s history, ending a wrenching 16-month 
investigation of the venerable military institution 
in Annapolis. 

Mr. Dalton ordered that two other midshipmen 
who had been recommended for expulsion receive 
lesser punishment. Officials would not say w'hy 
Mr. Dalton agreed to allow the two midshipmen 
to graduate next month and probably receive their 
navy commissions later this year. 

Navy otfirials withheld the names of those ex- 
pelled from the 4. 100-student academy, citing pri- 
vacy considerations. But sources said six of the 
midshipmen separated from the navy were mem- 
bers of the varsity football team. 

Officials said Mr. Dalton decided that the 24 
expelled midshipmen would not be required to 
repay the academy for their educations, which cost 
as much as S90.000. Nor did he order them to 
serve for three years in the enlisted ranks. Current 
seniors will be allowed to finish their spring 
courses but will not get academy degrees. 

“Separation from the academy without a com- 
mission or degree was thought to be enough” 
punishment, said Lieutenant Bill Spann, a navy 
spokesman. 

Brian Pirko. 21. one of the expelled midship- 
men. said he was “very upset" but not surprised by 
Mr. Dalton's actions. 

The 26 midshipmen Mr. Dalton reviewed were 
among 134 seniors implicated in the December 
1992 incident, which led to harsh questions from 
Congress and the naval inspector general’s office 
about the academy’s moral training programs. 
Those investigation's also faulted academy officials 
for reacting loo slow ly when the cheating first was 
disclosed and appearing to play favorites, especial- 
ly with members of the football team. ( WP ) 


WASHINGTON — President Bill Clinton says 
he once headed for a phone to call his mother, 
Virginia Kelley, before remembering that she had 
died, and wished just this week that he could talk 
to Richard Nixon to ask advice. 

Mr. Clinton called the CNN program "Larry 
King Live” on Thursday night during an interview 
by Mr. King with James Morgan, who wrote lhe 
book "Leading With My Heart" with Mrs. Kelley 
and her husband. Dick Kelley. Mrs. Kelley died of 
breast cancer Jan. 6 . 

Mr. Ginlon said he wished he could talk to his 
mother, and almost telephoned her one night afier 
he returned from a trip to Russia and Europe soon 
after she died. 

”1 went into the kitchen and got halfway to the 
phone before I realized that I couldn't call her." he 
said. “It was almost like a shock. A lot of people 
who lose a mother or father or husband or wife 
will tell you that, they find themselves almost 
talking out loud. I do that a lot." 

He said he had a similar feeling Thursday about 
Mr. Nixon, whom he eulogized at his funeral 
Wednesday. “I'm very grateful to him for the 
incredibly wise counsel he gave me in the last 16 
months." Mr. Clinton said. “Frankly, just Loday I 
had a problem, and I said to the person who was 
working with me i wish I could pick up the phone 
and call Richard Nixon and ask him what he 
thinks wc ought to do about this.’ “ (APJ 

Quote/Unquote 

Aldrich Hazen Ames, a former CIA officer "I 
volunteered to the KGB information identifying 
virtually all Soviet agents of the CIA and other 
American and foreign services known to me. To 
my enduring surprise, the KGB replied that it had 
set aside for me S2 million in gratitude for the 
information." f.VJT.i 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL CHUR- 
CH WBntencmrifltiQfHl 5 Evangsfcal Su> 
day Si. vice 10:30 am & 113ffamJ Kids 
Wacom. De Cunsteel 3. S. Amsterdam 
hb. 02940-15316 or 02503-41399. 

MILAN 

ALL SANTS CHURCH 
during les te atton met at 

MtarontheCha»lel*«t 

Holy Communion Sundays at 10:30 and 
Wa&wsday at 1930. S tn» Stficot, Ymrih 
FeOwvsrtp, Crecta. Cofiee, sidy ffoupe. and 
commutfy aefcvifeg. Al am welcome! CaS 
{0Z)65522Sa 

MUNICH 

NTERNATTONALCOMMUNTTY CHURCH 
. _ kl &rf- 
Sff. 10(02 


at 

4574. 


Evanotflcal BWe 
Bh4L5&m. Smc 
Ttwrasfcnslr.) (069) 

MONTE CARLO 

WTL FELLOWSHIP. 9 Ruo Louta-Notari, 
Sunday Worship 11:00 & 6 p.m. 
TeL 9?_1&£&00. 

PARIS and SUBURBS 

HOPE INTERNATIONAL CHURCH (Evan- 
petal). Sin. WO am. Hotel Orion, Man 1 ; 
Esplanad e de Lb Defense. TaL 47.735334 
or 47.75.1427. 

THE SCOTS KIRK (PRESBYTERIAN) 17. 
rue Bayard, 75000 P8ris. Metre FD Roose- 
vet. Femly service & Smday Sdxcl at 1D630 
am. every Smday. Al wefcome. ForMorma- 
tion487B4794. 


Sunday, 

djti. 50. avenue Hoche, Paris 8th. 
TeL 4227 J2&5B. Metro: Charles de GaiJe - 
Bede. 

STRASBOURG 

ST. ALBAN (Angfcan) at fEgfee dee Domrt- 
cahs. Euctanst 1030 am. comer BK*L de la 
VSctoira & roe de rUnh/eraHA, Strasbourg 
(33) B8 35 03 40. 

T1RANE 

INTERNATIONAL PROTESTANT ASSEM- 
BLY, IrtetdanomnaHcnal & EvangefcaL Ser- 
vers Sun. 1030 am, 530 pm. Wed 530 
pm Aruga Mystym Shyrt. Tel/Fax 355-42- 
42372 car 23262. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near lidabashi Sin. TeL 3261- 
3740. Worship Sente 930 am Stndays. 

TOKYO UMON CHURCH, near Omotesan- 
do airway sta. TeL 34000047, Vttxshp ear- 
vices Smday 030 & 1 1 30 am, SS at 9 j 45 
am 

VIENNA 

VENNA CHRISTIAN CENTER. A CHAR6- 
MATIC FELLOWSHIP FOR VIENNA'S IN- 
TERNATIONAL COMMUNITY, * English 
Language * Tiane-denonwieBonal, meets at 
Habgasse 17, 1070 Vienna 630 pm Every 
arifey; EVERYONE IS WELCOfcC. For 
mareHbrmabi at 43-1-31B-7410. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglasi) 


PARIS and SUBURBS 

THE AfcSflCANCATVHJRAL OF THE HO- 
LY TTUNTTY, Sun. 9 & 11 am 10 am Sun- 
day School for chtten end Nursery cam 
Had Sunday 5 pm Everacng 23. avenue 
GeoroVrate 75008. TeL: 33n 47201792. 
Metnx Geogs Vor A»na Mansau. 


FLORENCE 

ST. JAMES CHURCH. Sui. 9 am Rte I & 
11 am Rife M. Via Bernardo RuceaaJ 9, 
G0123. FIowicb, SaJy.TeL: 3966 2944 17. 

FRANKFURT 

CHURCH OF CHRIST THE KINO 
(EjpiscopaVArgficarO Sun. Hdy Comnurton 9 & 
1 1 am Sunday School and Nirasy 10:45 am. 
Sebasten RlreSL 22, 60323 FrarwutGfiffiB- 
ny, U 1 , Z 3 LScjjeMfce. TdL 49® 55 01 84. 
GENEVA 

EMMANUEL CHURCH IS. 3rd & 3ffi Sin 10 
a.m. Eucharist a 2nd S 4th Sun. Morning 
Pn»er. 3 rue de Monfruc, 1201 Geneva, 
ZErtand Tel: 41^27328075 

MUNICH 

THE CHURCH OF THE ASCENSION. Sun. 
11:45 am Holy EudwSt end Sunday Sdtxi, 
Nursery Care provided. Seybothetrasse 4. 
81545 Munich (HartacNng). Germany. Tel.: 
45896481 65. 

ROME 

S7. PAUL'S WTTW-TH&WALLS. Sun. 830 
am. Hdy Eucharist Rto 1 1030 am Choral 
Eudianst Rite B. 1030 am. Church School lor 

cttten&Ntreewcarapraufet 1 pm Spani- 
sh Euctanst. via Napoli 59. 001B4 Roma. 
T*; 3918 488 3339 or 388 474 3569. 

WATERLOO 

ALL SWTS' CHURCH 1* Sul 9 A 11:15 
am Holy cuchaxt vrtti Chifcerfs Chapel at 
11:15. Ai t*her&jida«: 11:15 am VtetyEu- 
ehafet and Suxtay Sow*. 563 Chaussee da 
Lcwain, Chain. Belgium TeL 32/2 3B4-355& 

WIESBADEN 

the church of st. augustoe of can- 
terbury, Sun. 10 am. FamSy Eucharist 
FraMufler Strasse 3. Wiesbaden, Gomany. 
Tel: 4981 1 3056.74. 

EUROPEAN 

BAPTIST CONVgimON 

BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets at 1600. Bona Nova Baptist Church 
Carer de la CnXat de Bafeguer 40 Pastor 
Lance Bcrten, Ph. 410-1661. 

BERLIN 

INTERNATIONAL BAPTIST CHURCH. 
BERLM. Rodenbug Sir. ia (SegXz). Btte 
study 1045, worship at 12JX) earn Sunday. 
Charles A. Waited. Pastor. TeL 030-774- 
4670. 

BONN/KOLN 

THE WTS*M,TIONAL BAPTIST CHURCH 
OF BONNKOLN, Rhanau Strasse 9, KBtn. 
Worship ISO pjn. CaMn Hogue. Pastor. 
TaL (02236) 47021. 

BRATISLAVA 

BHeSbjdyinEn^feft 

PaSsady Baptist Chuch Zrfnsfcsho 2 1630- 
1745. 

BREMEN 

NTERNATIONAL BAPTIST CHURCH (En- 
glsh language) meets a Evangefeh-Fraidr- 
eMch KreuzgemetfvJe, Hoheniohestrasse 
Hprnanfr B os&Str. (arouid the comer from 
the BahrfoA smday worship 1730 Ernest 
D. Water, paste. TeL 04791-12877. 

BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Steda Popa Fteu aoo pm Qxted ffl 
RIchfflriscn.TeL 01 MI-61. 


(ma he 
behhdf 


BUDAPEST 

tebt Ratowshp. II Bimbo a 58 
i ernancB T^ofcsanjt a 7, rmedetely 
Ifrortertrance). 1 030 Btfe study. 630 
pm Pastor Bob ZbRdsn TaL 1156116. 
Raatadbybusil. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 
Scfia. Grand Narodrw Sobrorfe Square. Wor- 
ship 11.-00. James Outre, Pastor. 
TeL: 704367. 

CEUE/HANNOVER 

INTERNATIONAL BAPTIST CHURCH, 
VAteniisn Strasse 45, Cefe 1300 Wbrahb, 
1400 BUe Study. Paste Wert Campbei Ph. 
(05141)4641 a 

DARMSTADT 

DARMSTADT/EBERSTADT BAPTIST MIS- 
SON. BWe ctudy & Wore** Sunday 1030 
am StidkTfcsion Da-Eberstad, BuaeaielEtr. 
25, BSrto study 930, worship 10M. Pastor 
Jim WiiJb. TeL 0615&500821& 

dQsseidorf 

NTERNATIONAL BAPTIST CHURCH &v 
gfis h. ss. 1000, worship 11.-05. ChUen's 
ctareh and nuweiy. Meets at the Wama d cT ia } 
School, Leuchteribuger Kirchweg 2,DKat- 
serewertv Bfenfly fellowship. AH oenomine- 
IlDns welcome. Or. WJ. Delay, Pastor. 
TeL 021 1/400 157. 

FRANKFURT 

(NTERNATIONAL CHRISTIAN FEUOW- 
SHIP EvangeteM=re«drchiche Gemeinde. 
Sodroate. 11-18, 6390 Bad Homburg, pho- 
noFaic 0617S-62728 serving the FranWut 
end Taurus seas, Germany. Smday wor- 
tfvp 09545, nursery + Sunrfcpechool 1030, 
women's bfcte etudes. Houwgroups - Sm- 
day + Wednesday 1930. PaaNr M. Leuey, 
member European Bapfet Convention. "Oe- 
dare Hb tfary amongst the nattans." 

BETHEL INTERNATIONAL BAPTIST 
CHURCH, Am Darftbag 92. Frankfurt aM. 
SmdayworstollsOamarxieflOpJTuDr. 
Thomas W. HA pester. TeL: 069549559. 

HAMBURG 

INTERNATIONAL BAPTIST CHURCH 
OF HAMBURG meets at TABEA FEST- 
SAAL AM ISFELD 19, HanfeuraOstdorf. 
Bfcfe Sfedy at 11:30 « Worehfc at fe30 aadi 
Smfey. TeL 040/B20616. 

HOLLAND 

THNTTY BAPTIST Six 930, Worship 1030, 
nursery, warm feliowahte Meats at 
Btaemcamplaan 54 In Wassenaar. 
TeL 01751-78004. 

MOSCOW 

INTERNATIONAL BAPTIST F&LOWSH1P 
Meadng 1100 Kta Center Buting 15 Ona- 
DnahmtovskayaULSti Floor. Hal 6, Metro 
Staten Bantomeye Pastor Brad Stemey Ph. 
(095)1503293. 

MUNICH 

NTERNATIONAL BAPTIST CHURCH OF 
MUNICH, Hofcstr. 9 Engfeh Language Ser- 
vices. Beta study 1 6OT. Worsn p Servtae 
17S0. Pastors phone: 0906534. 

PAHS and SUBURBS 
EMMANUEL BAPTIST CHURCH. 56 Rue 
dee Bora-Raisins. RuelLMafcnateon. An 
Eemgefcal chuch lor (he EngSsh speafag 
community located in the western 
ft4S Waster 10*5. ChttM* 
Chudiand Nurewy. YotthmHstriss Dr. B.C. 
Thomas, pastor. Ceil 47.51 -29.63 or 
474B.1523 far Infamaion. 


PRAGUE 

Wem atou l Baptist Fetowhb meets at 8ie 
Czech Baptist Church Vlnonracfeka t BB. 
Prague 3. At metre stop Jttuz Podabrad 
Sunday a.m. 11:00 Pastor: Bob Ford 
(02)3110683. 

WUPPERTAL 

International Baptist Church. Ehgfeft. Gen 
man, Poreten. WoraNp 1030 am, Saleisb. 
21. Wuppertal - Eberfeki Al denominations 
welcome. Hans-Dleter Freund, pastor. 
TeL; 020214889894. 

ZURICH 

INTERNATIONAL BAPTIST CHURCH of 
Waderevri (Z&ich). Swfcatand, Roeofeeig- 
st rasas 4. Worship Services Sunday 
mornings 11 30. TeL 1-7002812. 


ASSOC OF NTL CHURCHES 
N EUROPE & MIDEAST 


BERLIN 

AMERICAN CHURCH IN BERUN, cor. ol 
Oay Alee & Pasdamer Sir. as. 930 am. 
Worship 11 am. TflL 000-6132021. 
BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS, Sunday School 
930 am end Chuch 10s45 am Kafenberg. 
19 (at the Int. School)- Tel.: 673.0531. 

Bus B5. Tram 94. 

COPENHAGEN 

INTERNATIONAL CHURCH tf Caaertaaea 
27 r . 

10:1541 

TRINITY LUTHERAN CHURCH, Nbehmen 
Alee 54 (Across torn Bngsr Hospte?- «*> 
' “ ' 1 93a won shfe 11 am. TeL (069) 



GENEVA 

EV. LUTHERAN CHURCH of Geneva. 20 
rue Ventera Smday rwreNp 930 in Gar- 
man T 130 In EngfistL Tat (022) 310508a 

JERUSALEM 

LUTHERAN CHURCH of fee Redeemer, Old 
City, Murtatan Rd. EngBsh wor s hip Sun. 9 
am Al are welcome. TaL: IDH2B 1-049, 

LONDON 

AMERICAN CHURCH fc London d 79 Tot- 
tenham CL Rd. WI. WoreNp at 930, SS at 
1030 am, Smg worship ai 1 1 am. Goodge 
SL Tibs; Tet 071-580 2791. 

OSLO 

American Lutheran Church. FritzneragL 15 
Worship & Sunday School 10 am. 
TeL (02) 443634. 

PARIS 

AMERICAN CHURCH IN PARIS. WbnMo 
1130 am 65, Oual tfOrsay, Paris 7. Bus 63 
at door. Meso Aha-Marceau or fevakfas. 

STOCKHOLM 

IMMANUEL CHURCH. Worship Christ in 
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Sunday. Birger Jarfeg. at Kunastensg. 
17. 48/08 / 15 12 25 x 727 tor more 
MxmeSon. 

VIENNA 

VIENNA COMMUNITY CHURCH Sunday 
worship in English 7130 A.M., Sunday 
stftod, misery. irtemafionaL al denemha- 
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WARSAW 
WARSAW; INTE RNATIO NAL CHUR CH, 

days 1130 am (^jp^iuSyL^Oamljme- 

ZURICH 

W7HWA7JONAL PROTESTANT CHURCH 
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.TeL: PUS 


j 



I 








Page 4? 


8 Years for Key Figure in Italian Scandal Yeltsin Foes 
SSr Witt Ratty 

Hn-MT(W.kU. a « SSpi company b71 & -1 "--™ Mcri.^.ltampnd from Rome. ^ 

manager accused of being one of the central chemical group. Aiter detajs d : Ok hgw *Tm fairly optimistic." the media magnate / k| Mfwty I Iffy 
certain the collapse oHml/s Ferrazzi indus- Garduu, head of Fa-- ^ before talks with his allies in the cooserva- l/llifHij -^*7 

aid group, has fii convicted and sentenced raza, laHed hunsdf. rive Freedom Alliance, which he ted to victory ^ ^ 

to efhtyears in prison. The six-month trial ^ “*"* 8600111 ctaaions * TXnemtn PlrU*t 

dramatized for nrimons of Italians the mazed fvJt^die’monev^Soaid to President Oscar Luigi Scalfaro asked Mr. JLfCSTfUC iCICE 

graft and oomrotion that envdooed the coun* Berlusconi on ThureS to form Italy's 53d L 


INTERNATIONAL HERALD TRTBUNE, SATURDAY, APRIL 30, 1994 

alian Scandal Yeltsin Foes ASIA: 


By John Tagliabue 

New York, Timer Service 

ROME — Sergio Cusani, the Italian money 
manager accused of being one of the central 
culprits in the collapse of Italy's Ferrazzi indus- 
trial group, has been convicted and sentenced 
to right years in prison. The six-month trial 
dramatized for milli ons of I talians (he maze ol 
graft and corruption that enveloped the coun- 
try's business and political leadership in recent 
years. 

In passing sentence late Thursday, a panel ol 
three judges in Milan added a year to die seven- 
year sentence demanded by Antonio Di Pietro, 
the anti-racket investigator who was also the 
trial prosecutor. The court also imposed a 
$10,000 fine and ordered Mr. Cusani to pay 

damages to taling $91 millio n to two FfiTUZZl 

companies. 

Mr. Cusani, a 45-year-old Neapolitan noble- 
man, was found guilty of falsifying corporate 
balance sheets, misappropriation of funds, and 
violating laws that regulate the financing of 
political parties. 

The defense lawyer, Giuliano Spazzali. said 
he would appeal the sentence. The defendant 
was in custody for five months before being 
tried, and will remain free pending the appeal. 

In passing sentence, the judges generally ad- 
hered to the prosecution’s view that Mr. Cusani 
was responsible for defrauding Ferrazzi of S9J 
million , $14 million of which was passed in 
bribes to politicians, most notably the former 


Socialist leader Bettino Crux, to smooth the 
1990 takeover at a hugely inflated price of a 
Ferrazzi company by the state-owned EN1 
chemical group. After details of the bribes 
emerged last year, Raul Gardini, head of Fer- 
nizzi, killed himself. 

But the sentence, Much was read by Uuel 
Judge Giuseppe Tarantola, also accepted as 
proven that $600,000 of the money was paid to 
the Italian Communist party for legislative fa- 
in an impassioned hour-and-a-half plea, Mr. 
Cusani asserted his innocence and said he had 
been made a scapegoat for the crimes of others. 

“You needed a face, a physical person, to put 
on trial," he said in the televised plea. “I was 
perfect because I would not collaborate and I 
was a friend of Craxfs." 

Mr Cusani accused the prosecution of hav- 
ing provoked Mr. GardinTs suicide by what he 
said were oppressive investigative techniques 
that included long preventive detention. 

The trial, which went through 51 sessions, 
provided Italians with something like a com- 
plete documentation of the Ferrazzi case, which 
attorneys on all sides have characterized as the 
boldest of all those that have come to tight in 
Italy’s wave of scandals. 

It was also the first sentence to be handed 
down, and as such was seen as bolstering the 
efforts of Mr. Di Pietro. 

■ Berlusconi 'Optimistic’ 

Prime Minister-designate Silvio Berlusconi 
was op timis tic Friday that he would rapidly 


form a government with neofascist and federal- 
ist allies despite skirmishes over the key job of 
interior minis ter, Reuters reported from Rome. 

‘Tm fairly optimistic.” the media magnate 
said before talks with, his allies in the conserva- 
tive Freedom Alliance, which he led to victory 
in the March general elections. 

President Oscar Luigi Scalfaro asked Mr. 
Berlusconi on Thursday to form Italy’s 53d 
government since World War II, three months 
after the tycoon entered politics. 

Mr. Berlusconi's optimism masked tensions 
with the federalist Northern League, which is 
c frtrrmra the Interior Ministry in return for 
supporting him. The ministry controls the po- 
lice and security apparatus and is an important 
power base in Italy. 

“There aren't any problems ihai cannot be 
overcome," Mr. Benosconi said before the talks 
began at his Rome house. ‘There isn't any 
disagreement with the League over the govern- 
ment program, and that’s the most important 
thing." 

The Northern League’s leader. Umberto 
Bos si, was adamant that he wanted the ministry 
to go to his party and told reporters he had the 
dout in Parliament to back up Ms claim. 

“We have the relative majority of seats in the 
Freedom Alliance," he said. Mr. Bossi has pre- 
viously said that the League, which has 109 of 
the bloc's 366 lower house seats, might opt “in 
the extreme” to support the new government 
but not join it 


POPE: John Paul Has Operation on Thigh After Fall 


(Earned from Page 1 

moving to the hospital, where he 
quipped to stall: “You have to ad- 
mire my loyalty." 

After his fall last November, 
when he took nine days to recover 
sufficiently to appear in public 
wearing a soft cast and a sling, he 
also sought to make a joke of his 
health problems and the specula- 
tion they inspire. “Tm all in one 
piece— Tm not dead yet," be said. 

Nonetheless, then as now, the 
Pope’s accident inspired the Vati- 
can to quickly deny any suggestion 
that his falls were related to some 
kind of fainting or temporary loss 
of consciousness. 

Ethiopia Claims Seizure 
Of Muslim Rebel Base 

Reuters 

ADDIS ABABA, Ethiopia — 
Defense Minister Seye Abraha said 
Friday that Ethiopian government 
forces cracking down on Muslim 
fundamentalists had seized their 
main base in the east of the coun- 
try. 

Mr. Seye said at a news confer- 
ence that the measures taken last 
week against the Unity movement 
'in an area northeast of the eastern 
Ethiopian town of Ogaden was not 
a major offensive. 


“I absolutely exclude any loss of 
consciousness or faintness, before 
or after the fall,” Mr. Navarro- 
Valls said. 

He said X-rays had shown the 
right Temur, the thigh bone, to be 
fractured and dislocated at the 
point where it joins the hip. 

Dr. Emilio Tresalti, the medical 
director of the hospital, called the 
injury a “classic fracture" that 
could “happen to anyone.” 

“The Pope's general condition is 
excellent," Dr. Tresalti said before 
the operation. “It is a complicated 
operation only because of its na- 
ture.” Vatican officials said the 
Pppe lost some blood during the 
surgery, but did not require blood 
transfusions. 

“The Pope will heal," said Dr. 
Gianfranco Fmeschi,-who led the 
surgical iiam that performed the 
operation. “His hip won't be like 
God made it, but like a bioengweer 
made it But heU heal" 

As the most-traveled pontiff in 
history, John Paul has found his 
journeying slowly curtailed by 
health problems. After his surgery 
in July 1992, he cut short a Carib- 
bean visit, and his subsequent voy- 
ages have been conducted at a far 
less hectic pace than in the early 
days of his papacy. 

The latest accident came on the 
eve of a planned weekend visit to 
SicDy, which has now been can- 


celed, as has a projected trip to 
Belgium from May 13 to IS. In 
early June, the Pope is scheduled to 
receive President Bfll Clinton, 
whan he first met during a visit to 
Denver last year. 

Mr. Clinton is scheduled to visit 
Italy to commemorate the Allied 
landings at Anzio and Nettuno 
during Worid War n. 

While the Pope's brushes with 
health problems appear to have be- 
come more frequent in recent 
years, he has usually recovered well 
so as to return to his packed sched- 
ule. 

Vatican officials ascribe his resil- 
ience to a love of outdoor pursuits 
— skiing, mountaineering and 
sw imming — that has endured 
since his youth. Dr. Fineschi said 
Friday, however, that the Pape’s 
tiding days were over. “He will not 
limp, bait under no dxcumstances 
can he dd or mountain climb. Even 
if the Pope were 20 years younger, I 
would be saying the same thing." 

Priests who have met him in the 
past few weeks say be seemed tired 
and deflated, pumping up energy 
only when inspired by the particu- 
lar emotions of meeting children or 
greeting pilgrims from his native 
Poland. 

He has devoted similar energies 
in recent weeks to increasingly irate 
tirades against population control 
measures, including abortion. 


Leg Fracture 
Is Just Latest of 
Health Woes 

The Associated Press 

ROME — Pope John Paul 
13 has had these injuries and 
other health problems: 

• May 13. 1981: Shot in the 
abdomen and hand by a Turk- 
ish gunman in St. Peter's 
Square. He spent 20 days at a 
Rome hospital after surgery. 

• June 20, 1981: Hospital- 
ized for infection linked to the 
wounds. He underwent an op- 
eration Aug. 5 and was dis- 
charged Aug. 14. 

• July 15, 1992: Operation 
for benign tumor on colon. He 
left the hospital July 28. 

• Nov. 11, 1993: Dislocated 
his right shoulder in a fall at a 
Vatican reception. He under- 
went an operation and left the 
hospital after an overnight 
stay. 

• April 29, 1994: Taken toa 

S tel after breaking and 
eating his right thigh 

bone. 


Per Bw ai hnewt information 

(food THE MONEY REPORT 
every Saturday in the IHT 


The Associated Press 

MOSCOW — Some of President 
Boris N. Yeltsin's political oppo- 
nents announced plans for May 
Day demonstrations, saying Friday 
that a political truce signed the day 
before was meaningless. 

The U-S. Embassy warned 
Americans m Moscow to stay away 
from the demonstrations Sunday 
for fear of violence. Authorities 
said thousands of policemen were 
being brought Into (be city to con- 
trol the crowds on the traditional 
labor day. 

One police officer was killed in a 
dash with protesters on May Day 
last year, and hundreds of people 
were injured as marchers armed 
with stones and metal rods fought 
the police. 

Mr. Yeltsin and bis allies signed 
a political truce with some of his 
opponents in a nationally televised 
ceremony in the Kremlin on Thurs- 
day. The so-called Civic Accord, 
timed to come just before May 
Day, contained a pledge by all sides 
not to use violence for political 
ends. 

The 245 signatories ranged from 
Russia's Choice, the largest pro- 
Yeltsin coalition in paitiament, to 
such little-known groups as Wom- 
en of the Navy and the Society of 
Private Detectives. 

Bui several of Mr. Yeltsin's bit- 
ter foes did not join the trace. For- 
mer Vice President Alexander V. 
Rutskoi, who has announced plans 
to form a united opposition to Mr. 
Yeltsin, did not attend the agoing 
ceremony. 

The chairman of the revived 
Communist Party, Gennadi Zyu- 
ganov, appeared at the ceremony in 
the regal Sl George’s Hall but did 
not sign the agreement. 

Mr. Zyuganov urged his sup- 
porters to gather Sunday on Tvers- 
kaya Street, formerly Gorky Street, 
a busy thoroughfare now lined with 
stores selling Western cosmetics, 
fashions and fast food. 

At least two other pro-Cormnu- 
nist rallies are planned. Organizers 
pledged the protests would be non- 
violent, and the government has 
authorized them. 

The U.S. Embassy, however, ad- 
vised Americans “to exercise cau- 
tion while traveling in the city to 
ensure they do not become in- 
volved in 'these or any other dem- 
onstrations." 


Contin u e d from Page 1 • ‘ coSTdosest to “obtain- anti-aircraft 

China, for a share of the lucrative ingtrae sea control over its gajstra- 

jSTh vSa.” said Paul age region,” It has stx modem staBed immedmtei^ 

Dibb, -bead of the Strategic and corvettes and a dozen fast attack Indonesia, the worid s largest ar- 
Defense Studies Center at the Na- craft, with six more planned. dtipdago nation, has 2 diesel- 
tional University in Canberra. Singapore’s defense minister, powered patrol submarines; 17 

The focus of security concerns in Yeo Nag Hong, said earlier tbs frigates, with 19 more under con- 
Southeast Asia has shifted from the year that the island state would get straction; and 9 fast attack craft, 
land to the sea following the end of additional advanced fighters, man- with.6 more bang built. 
Co mmunist insurgency and the time patrol aircraft, mine-counter- Sixteencorvettes <rf the defunct 
growing importance of maritime measure vessels and other high- pay t German Navy that were 
trade, offshore resources such as technology weapon systems to bought from Germany are now be- 
oO, gas and fisheries, and disputed protect its territory and vital sea ^ upgraded before altering ser- 
riairnc to sovereignty esjxxaally lines of communication- vice, 

over the Spratly Islands in the Malaysia has two “odero cOT;; ^ anDgd forces ^ Sragapoit 


WAV *** inoui/iHa uw — “ 

South China Sea between Vietnam, vettes and ei ght fast attack craft 
China, Taiwan, Malaysia, the Phil- equipped with missiles, and plans 
ippines and Brand. to acquire two more corvettes. 

“There is a sense of strategic un- , Under aj separate = contract voy 
certainty m the region," said Ami- likely to be concluded later tins 
tavAchaiya, coordinator of a seen- year, Malaysia will spend 
rity project at the Center for Asia- $1.6 trillion to build 27 advanced 
Pacific Studies tun jointly by the naval patrol vessels over the next 
University of Toronto and York two decades. , 

University in Canada. Malaysia’s defense monster, Na- 

Mr. Morgan said that of the jib Razak, said the new craft would 


VOTE: 2 Rivals Call Process Fair 


Contmaed from Page 1 

voters who waited hours, in some 
cases days, to cast their ballots. 

The voting, which began Tues- 
day, was extended for a day to 
accommodate rural black areas 
where distribution of voting mate- 
rials had been particularly slack. 

Figuring out just how many vot- 
ed wul be an exquisite conundrum. 
The combination of a huge turnout, 
a likely underestimate of the eligi- 
ble electorate, and improvised vot- 
ing procedures that hobbled the 
defense against ballot stuffing and 
other electoral mischief has led 
some analysts, only half-jokingiy, 
to forecast a turnout in the 110 
percent range. 

The culture of foil electoral par- 
ticipation is so powerful in a coun- 
try that waited three and a half 
centuries for its first democratic 
election that on Friday morning 
residents of two violence-ridden 
townships east of Johannesburg 
showed up at locked polling places 
and threatened the lives of election 
officials if they did not allow them 
to vote. 

The officials complied, even 
though the stations were not ay- 
posed to be open an extra day. The 
ballots cast there on Friday will be 
counted separately, and election 
judges will decide if they are valid. 

In the rural areas where the extra 
day was authorized, voters came 
mostly in dribs and drabs; appar- 
ently the vast majority had already 
voted, despite the glitches earlier in 
the week. 

“We had to do some double- 
dancing," said Peter Matshitse, an 
election official in rural Veuda, 


where voting had beat hampered* 
for two days by the fact that too 
many regional ballots and too few 
^ primal ballots had been deliv- 
ered 

The distribution sn ag s led to nu- 
merous improvisations nationwide, 
including the rushed printing of 9 
millio n extra baDots without nor- 
mal security procedures. Every vot- 
ing complication will now become 
a counting complication. 

But before the count begins, the 
ballots in the boxes have to be 
reconciled with the stubs in the 
poffing places. 

“We expect that in some case the 
n umb ers will not balance,” said an 
Electoral Commission member. 

The Electoral Commission has 
made it dear will hold the whole 
election process to less than exact- 
ing standards. Since Mr. Mandela's 
African National Congress is ex- 
pected to win by a wide margin, it 
ywm inconceivable that even a 
large number of disputed baDots 
cookl affect the outcome. 

But there is a good chance that 
there will be a major political-dis- 
pute over the ballots in KwaZulu- 
Natal Province, where (here is a 
three-way race between the African 
National Congress, the fnkatha 
Freedom Party and the National 
Party. It might force a repeat of the 
voting, or a negotiated political set- 
tlement. 

The Electoral Commission was 
to start counting baDots at 7 AM. 
Saturday in about 700 counting 
stations. Ithas said ithoped returns 
would start to trickle in later in the 
day. Sceptics are not expecting a 
definitive result until early next 
week. 


with.6 more bring built. 

Sixteen corvettes of the defunct 
East German Navy that were 
bought from Germany are now be- • 
ug upgraded before ottering ser- 
vice. 

Tbe aimed forces of Singapore, 
Malayan and Indonesia bold rego- 
lar bilateral exercises. Analysts said 
they were not involved in an amts 
rare with each other. The U.S. 
Navy aJso. bdds maneovars with 
the navies of .the time nations. 

America’s Pacific fleet comprises 
mainly large navalSessds, indnd- 
ing aircraft carriers, destroyer*, 
frigates, and amphibious ships. ■ 


MIDEAST: 

Pact on Economy 

Continued from Page I 

obtained a number of exemptions, 
allowing them to lower or drop 
rates for Hmitril quantities of goods 
from Arab nations and for goods 
from elsewhere if these arc needed 
for development, such as construc- 
tion marffrial< and agricultural ma- 
chinery. 

• Borders: There will be free 
movement of goods and people be-- 

■ tween the regions. Two customs 
authorities will jointly operate 

• Fnd: Fud is treated separate^ 
because Palestinians are likely to 
receive Iow-oost Ante ofl. Under 
the agreement, Palestine gasoline 
prices cannot undercut Israeli 
prices by more than 15 percent. 

•Tourism: A tourism adminis- 
tration wiD be set up. Tourists can 
move freely between Imel and the 
areas under Palestinian authority; 
tourist agencies can operate in all 
areas provided they comply with 
professional criteria, 

Mr. Qurie stressed that the 
agreement concerned all occupied 
Palestinian areas, not only the 
Gaza Strip and Jericho. Bat it 
would only be applied to other oc- 
cupied territories as they were evac- 
uated by Israeli troops. 

He said the Palestinians were 
looking forward to new relations of 
common interest rather than de- 
pendency in their economic ties 
with Israel. 




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DALAI LAMA IN BONN — The Tibetan leader being greeted Friday by Otto LambsdorfiT 

China Outraged by Clinton Meeting 

Beijing Calls Talks With the Dalai Lama f Interference’ 


Compiled by Our Staff From Dispatches 

BEIJING — China shaiply criticized President 
Bill Clinton and Vice President A1 Gore on Friday 
for meeting with the Dalai Lama, Tibet's exiled 
spiritual leader, accusing them of a "serious inter- 
ference’’ in China’s internal affairs. 

An angry Foreign Ministry statement said, "We 
demand that the U.S. side Uve up to its commit- 
ments on recognizing Tibet as pan of China's 
territory , abide by the basic norms governing inter- 
national relations, set store by the overall interests 
of Sino-U.S. relations and refrain from talcing 
actions interfering in China’s internal affairs and 
hurting the feelings of the Chinese people.” 

Mr. Clinton and Mr. Gore met with the Dalai 
Lama on Thursday and discussed religious and 
cultural rights in Tibet with the Dalai Lama, the 
1989 recipient of the Nobel Peace Prize, China, 
which accuses the Dalai Lama of trying to split 
Tibet away from its control, made it clear that it 
found the meeting unacceptable. 

It was not the first face-to-face session the Dalai 
Lama has bad with an American president. The 
Tibetan leader had a comparable “drop- by” meet- 
ing with Mr. Clinton in Mr. Gore’s office one year 
ago and also met privately with President George 
Bush in 1991. 

But the session lode on added importance now. 


because the Clinton administration must decide by 
June 3 whether to renew China’s trade benefits in 
this country. One of the markers the president set 
down for making that decision is whether the 
Beijing government made progress in preserving 
Tibet’s religious heritage, of which the Dalai Lama 
is the leading symbol. 

In a statement, the White House said the United 
States "continues to urge high-level talks between 
the Chinese government and the Dalai Lama or his 
representatives to resolve differences” 

The White House statement welcomed the Dalai 
Lama's offer in a speech in New York on Wednes- 
day to meet senior Chinese leaders to discuss 
differences with the Beijing leadership. 

The official Chinese press repealed Beijing's 
assertion that it would never compromise on its 
one fundamental principle, that Tibet was an in- 
separable part of China. 

Beijing said it would welcome the Dalai Lama’s 
return to China as long as be totally abandoned the 
idea of Tibetan independence and stopped activi- 
ties tO split the mnfhertanri. 

The Dalai met the vice president for about 

30 minutes, and Mr. Clinton dropped in on the 
meeting for about IS minutes, a White House aide 
said. The Tibetan leader was ending a two-week 
vial to the United States, where he has been giving 
a series of lectures. (Reuters, LIT) 


North Korea Rejects UN Demands for Inspections 



Harry La Fontaine Is Dead at 81, 
Dane Saved Jews From Nazi Camps 


•a 






err 



The Associated Press 

t MIAMI — Harry La Fomaine, a 
Danish World War II resistance 
leader who helped save thousands 
of Jews from Nazi death camps, 
has died. He was 81. 

Mr. La Fontaine died April 12 
after suffering an aneurysm in his 
adopted home, Miami, his widow, 
Edith, said Thursday. The funeral 
was private. 

He helped smuggle more than 
8.000 Jews from Nazi-occupied 
Denmark onto bcois headed for 
neutral Sweden within two weeks 
in October 1943, when the Ger- 
mans decided to apply their “Glial 
solution” to Danish Jews. 

Mr. La Fontaine hid Jews in hos- 
pital beds and closets of homes, 
helped rescue a rabbi by dressing 
him as a woman and fed pepper to 


Nigeria Reports Me nin g it is 

Reuters 

LAGOS — About 100 people 
have died in an outbreak of menin- 
gitis in the Bakori area of northern 
Nigeria, the News Agency of Nige- 
ria reported Friday. Health offi- 
cials have been sent with drugs and 
vaccines to combat the epidemic. 


Nazi bloodhounds to kill their 
sense of smell. 

He also tried to derail the Ger- 
man war effort with bombings. He 
once parachuted into Denmark 
with more than 100 pounds (43 
kflograms) of explosives strapped 
to his back. 

“The thing that strikes me most 
about him was that he talked about 
his ahndsm as being what every 
human bong should do,” said 
Merle Saferston of the U.S.-based 
Holocaust Documentation and 
Education Center. 

Baton Rouedte, 83, a staff writ- 
er at The New Yorker for nearly 50 
years who originated the Annals of 
Medicine series that chronicled the 
war against disease in elegant nar- 
ratives of medical intrigue and de- 
tection, died Thursday at his bran e 
in Amagansett, New York. He 
committed suicide, said his wife, 
Katherine Eisenhower Rouechd, 
who discovered the body. 

Mayor General Adaan Tayark, 
61, a Syrian otficCT who was promi- 
nent in bis country’s peace dealings 
with Israel, died of cancer Tuesday 
in a London hospital, officials in 
Damascus said. He was buried 
Wednesday in his Mediterranean 


hometown of Tartous, 300 kilome- 
ters oorth of Damascus. 

David Langton, 82, the actor best 
remembered for his role as Lord 
Bellamy in the acclaimed British 
television series “Upstairs, Down- 
stairs,” died Monday of a heart 
attack at Stratford-upon-Avon, his 
family said 

General Sak Satsakban, 68. a 

longtime anti-Communist leader 
andone of the few Cambodian gen- 
erals to emerge with credit from the 
1970s civil war against the Khmer 
Rouge, died of a heart attack Fri- 
day in Phnom Penh, according to 
the secretary of state for informa- 
tion. Khieu Kanharith. At the lime 
of his death, the four-star general 
was a military adviser to the gov- 
ernment. 

John Preston, 48, an author, co- 
founder one of the Fust gay com- 
munity centers in die United Slates 
and a former editor of the maga- 
zine The Advocate, died Wednes- 
day at his home in Portland, Ore- 
gon, after a long battle with AIDS. 
Mr. Preston co-founded Gay 
House Inc. in Minneapolis before 
moving to San Francisco to serve in 
1975 as editor of the nation’s larg- 
est gay magazine. 


BOOKS 




■ - 


* ... 


a-’--..-;. ' 
y 

<> , 


V- 

. •" ■ 


-Rebellions, perver- 
sities, AND MAIN 
EVENTS 

By Murray Kempton. 570 pages. 
$27.50. Tunes Books. 

Reviewed by 
Heywood Hale Broun 

O PENING the large volume of 
Murray Kempton’s “Rebel- 
lions. Perversities, and Main 
Events,” one is startled to discover 
tha t it is dedicated to WHIuun F. 
Buckley, a man whose parade of 
though t ee*!m& to pace to a different 
drum and down a different street 
from the march of Murray Kemp* 
ton. „ . 

This is just the first of a number 
of surprises, however, because 
Kempton, once a member of me 
Young Communist League, cud 
not, like many other old radicals, 
swing, like a windshield wiper, 
from way left to way right- Dimng 
the nearly 30 years (from the I96US 
to the '90s) covered in this cou ac- 
tion of pieces, he seems to have 
been comfortable with a screen or 
philosophy and scholarship in 

front of his fire. 

There are tunes, of course, wbra 
. the fire comes right through the 
Wen. When the government re- 
fused interment in Arlington Cem- 
etery to the ashes of Robert 
Thompson, a decorated hero or 
World War II who was also secre- 
tary of the American Communist 

Party, the flame of rage leaped high 
in Kempton. 

“Wherever those ashes go, uw 
glory of America goes with them. 
They belong to every soldier. . . . 


Those asbes had done everything 
for us but disgrace us; and now, by 
our treatment of them, we have 
disgraced ourselves.” 

When he wrote about Thompson, 
Kempton had long put commu- 
nism’s dreams behind him. but he 
admired the defiant, selfless courage 
of the soldier as be admired the 
fierce stubbornness of Westbrook 
Pegter, with whom he agreed an few 
of the world’s issues, as be perhaps 
admires Buckley as a verbal fencer 
worthy at a crossing of swords. 

The pieces collected here come 
from a variety erf sources. There is, 
however, a steady tone, a distinctive 

prose style: In describim the fall of 
the atomic scientist J. Robert Op- 
pen beimer, who believed that 
“Wh»t could be discovered ought to 
be discovered, whoever it tended,” 
Kempton said, “Elegance was for 
him its own absolution.” 

Kempton is too restless a thinker 
to let verbal elegance be bis end, but 

there is no doubt that style sits on 

his shoulder and urges him to pause 
lest be miss the word that wiD slip 
into place with prec isio n. 

Jn its conducting essay, written in 
1 990, Kempton, by then in Ms 70s, is 
beguiled by an account of Oliver 
Wendefl Holmes, then in his 80s, 
reading Plato “to improve his 
nrind." This effort for some of us 
slacks away into rosy trips to 
Things-as-iney-used-to-be, but 
Kempton, the septuagenarian who 
bicycles to writ, is all for that exer- 
cise of the mind that will keep it in 
shape in gp on asking questions and 
trying for answers. 

After a hundred or so absorbing 

pages of Kempton (me seems sure 
that he is, for all his complexity, a 


man more principled than pragmat- 
ic until we come across his quotation 
of a British journalist about the Par- 
is Commune of 1870 to the effect 
that Rue de Rivoli was fuD of ruffi- 
ans of the worst sort, those with 
principles. 

Who is a terrorist, we cry, and 
who a freedom fighter? Kempton 
«am p! y tells us with a fair degree ch 
objectivity about some of those who 
wrought havoc in the turodtaous 
’60s when “a very few of the affluent 
have joined a very few of the indi- 
gent m a coalition of common de- 
structive passions." 

In this new coBection he has not 
done anything so simple as finding 
himself, but he has found a way to 

S ' t the search. FoDowing him 
you may not always agree 
his answers to all his ques- 
tions — but he does make you look 
at with a mental eye you may 
too long have left closed. Advanced 
in years, he still spurns the fireside 
as he puffs and pedals on in his 
intellectual bicycle. He is one who 
would «>ih«y ratiocinate than renn- 
nisca 

Heywood Hale Broun, whose 
books indude “A Studied Madness, 
‘'Whose Link Boy are Your and 

" Tumultuous Merriment . " wrote this 
for The Washington Post. 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
AultofsW«««(tehvflfid 
Wr$s ar send your manusrfpt to 
MINERY A PRESS 
2 OID BR0MPTON na 


Compiled /n Our Staff From Dtpetdm 

VIENNA. — North Korea has rejected 
conditions set b> tbe International Atomic 
Energy Agency for new inspections of its 
nuclear sites, the agency said Friday. 

“The new reply from Pyongyang io our 
demands, which arrived in Vienna Friday 
afternoon, is unsatisfactory,” said the agency 


spokesman, Hans-Friedrich Meyer, adding 
that inspectors would not, therefore, travel 
to North Korea this weekend. “We will dis- 
cuss the situation again with the member 
states at the start of next week." he said. 

Last week. Pyongyang invited United Na- 
tions inspectors to supervise the replacement 
of fuel in a reactor at Yongbyon, one of the 


nuclear sites at the center of its dispute with 
the agency. The agency agreed, but imposed 
a number of conditions, including that it be 
allowed to measure the radiation lev els of the 
materiaL Mr. Meyer said Pyongyang had 
rejected this condition. 

Mr. Meyer said such a check was “crucial 
to prove that the North Koreans have cot 
diverted fissile material to military ends.” 

The inspection is intended to determine 
whether North Korea has diverted nuclear 
material to a coven weapons project, possi- 
bly during a mysterious 100-day shutdown 
of the Yongbyon reactor in 1989 with no 
outside inspectors present. 

Earlier Fridav in Moscow. Russia ex- 


pressed concern about North Korea's nucle- 
ar program and said it was ready for “full- 
scale military cooperation” with South 
Korea. 

“We have discussed North Korea and ex- 
pressed concern over the state of North Ko- 
rea’s nuclear affairs." Defense Minister Pa- 
ve! S. Grachev said after talks with his South 
Korean counterpart, Rhee Byoung Tae. 

The United Slates believes North Korea 
may already have produced one or two nu- 
clear bombs and could make more. North 
Korea dentes this, saying its nuclear program 
is entirely for peaceful uses. It has refused to 
allow complete UN inspections to verify its 
claim. 


General Grachev said he and Mr. Rhee 
discussed how to influence Pyongyang to 
prevent it from breaking out of the Nuclear 
Nonproliferation Treaty. Treaty terms re- 
quire signatories to permit outside verifica- 
tion. 

As pan of growing Russian reconciliation 
with South Korea, Foreign Minister Andrei 
V. Kozyrev told Mr. Rhee that Moscow was 
ready “to set up frill-scale military coopera- 
tion" with SeouL “1 am glad that we do not 
view each other through gun sights any more, 
but are ready to cooperate in producing them 
for a joint defense of friendly states,” the 
Itar-Tass press agency quoted Mr. Kozyrev 
as saying. (AFP. Reuters) 


Singapore Daily’s Mail Runs Against Teenager 


The Associated Pros 

SINGAPORE — An American 
teenager sentenced to be flogged 
for vandalism is being described as 
a “monster” and a “viper” ja letters 
from Americans and Singaporeans 
to a local newspaper. 

The Straits limes said Friday 
that most of the 312 letters it had 
received about the case were in fa- 
vor of the caning of Michael P. Fay, 
f6. A fourth of the letters, it said, 
were from Americans. 

Mr. Fay, who has lived here with 
his motiier and stepfather since 
1992, completed one month of a 


four-month jail sentence Thursday 
and awaits a government decision 
on a plea for clemency. 

President Bill Clinton has de- 
scribed his punishment — six 
lashes on the bare buttocks with a 
rattan cane — as “excessive.” 

A U.S. Embassy representative is 
scheduled to visit the youth in 
Queenstown Prison on Saturday, 
and his mother, Randy Chan, is to 
see her son Tuesday. 

Mrs. Chan said be was being 
treated well in prison. 

Mr. Fay, a senior at the Singa- 
pore American School and several 


other young expatriates were 
(ticked up by the police after a 
vandalism spree in October. 

Although he later asserted that 
his confession had been coerced, he 
pleaded guilty last month to two 
charges of vandalism, tw o of mis- 
chief and one of possessing stolen 
property. Flea- bargaining reduced 
the original 53 counts filed against 
him for spraying paint and tossing 
eggs at cars and other illegal acts. 

The Straits Times said the most 
“hawkish” letters had come Tram 
Americans, and the few’ appealing 
for compassion were written by res- 
idents of Singapore. 


“Ver min like Michael Fay arc 
making life in the big cities unliv- 
able,” the newspaper quoted Kevin 
Brennan of Long Beach, New 
York, as writing. 

One unidentified Sinagporean 
said his country should be gracious 
and just deport “the monster.” 

“It doesn't matter what our 
wimpy president say s. beat him,” 
wrote Thomas Dorsey of Hot 
Springs, Arkansas. 

Many Singaporeans, the newspa- 
per said, expressed indignation at 
American interference in their 
country’s internal affairs. 


Rwandan Exodus Called Fastest Ever 


By Paul Lewis 

New York Times Service 

UNITED NATIONS. New York — More 
than 200,000 terrified Rwandan refugees have 
flooded into the Kegara district of Tanzania in 
a 24-hour period, fleeing spreading massacres 
and dvii war in what the United Nations High 
Commissioner for Refugees described as the 
largest and fastest mass exodus it has ever 
witnessed. 

At least an additional 50,000 Rwandans have 
been spotted waiting to cross an unguarded 
bridge into Tanzania in lines more than five 
miles (eight kilometers) long. UNHCR and the 
World Food Program have propositioned some 
food and medical supplies. Tents and blankets 
arc to be airlifted Saturday from Nairobi 


UN officials say refugees are fleeing fighting 
and massacres in the smith era pan of Rwanda 
and are crossing into T anzani a apparently be- 
cause borders into Burundi and Zaire have'been 
closed 

The United Nations, meanwhile, received 
report of a massacre in northern Burundi of 
undisclosed size but suggesting ethnic violence 
is spreading to this neighboring country which 
suffers from the same tribal tensions as Rwan- 
da. 

In the Rwandan capital Kigali, the United 
Natrons still has some 450 solders guarding 
tens of thousands of Rwandans in the soccer 
stadium, the hospital and the Hotel Milk Co- 
lines. 


■ Reports of Atrocities Continue 

Reports of atrocities continued to come from 
Rwanda on Friday. The Associated Press re- 
ported from Nairobi 

In the south western Rwandan town of Cyan- 
gugu, policemen and militiamen fired machine 
guns and threw grenades at about 5.000 people 
who tried to force tbeir way out of a stadium 
where many had sought refuge, the United 
Nations High Commissioner for Refugees said. 

In a statement from its offices m Geneva, the 
agency said relief workers had been barred 
from the stadium and had no way to help the 
wounded or get an exact count of the dead. But 
at least 300 people were reported lolled. 


HatatoTeU 
Europe of 
Market Plan 

A pence France-Prene 

TOKYO — Japan’s new 
prime minister, Tsutomu 
Hata, will leave for his first 
official foreign trip on Mon- 
day, with stops in Italy. 
France. Germany and Bel- 
gium. an official said Friday. 

The former prime minister, 
Morihiro Hosokawa, was to 
have gone on the trip to 
strengthen ties with Europe 
and explain Japan's market- 
opening measures. Mr. Hate 
decided to make the weeklong 
tour himself after his predeces- 
sor was forced to resign over a 

financial scandal. 

“It is vital to promote Euro- 
pean understanding on Japa- 
nese efforts in proceeding with 
various reforms, including 
economic measures." Mr. 
Hata said. 

Mr. Hata will speak to gov- 
emmeni leaders in Italy before 
going to Paris on Wednesday, 
Bonn on Thursday and Brus- 
sels on Friday. 

In Brussels, Mr. Hata will 
talk with Belgian leaders and 
the European Commission 
president, Jacques Ddors, a 
spokesman : 


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Page 6 


SATURDAY, APRIL 30, 1994 


PINION 


Hcralb 


INTERNATIONAL 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHIMSTON POST 

Hold Firm Against Saddam 


SlnbuHC Much to Learn From South Africa 9 s Miracle 


Saddam Hussein is seeking and finding 
some international support for his effort to 
get out from under UN sanctions. Mainly, it 
seems, for conuncrrial and financial reasons, 
France, Russia and some others are inclined 
to let the Iraqi strongman resume some sales 
of dL To bead off this possibility, Secretary of 
Slate Warren Christopher has been in the 
Gulf drumming up fresh support for sanc- 
tions among the conservative Arab regimes. 
Dependent as they are on American protec- 
tion against a someday resurgent Iraq, these 
regimes evidently yet have some internal ele- 
ments open to Saddam’s appeals for relief. 

Unfortunately, three years after an Ameri- 
can-led coalition threw his invading army out 
of Kuwait, Saddam Hussein remains defiant 
and in power. Just a few weeks ago (he United 
States got a painful reminder of the costs of 
keeping him in check when American war- 
planes accidentally shot down two U.S. heli- 
copters conducting protective surveillance over 
Kurdish areas. Twenty-six people aboard were 
lost — more than last fall's one-day toQ of 18 
American dead that precipitated the Clinton 
administration's derision to quit Somalia. 

The incident in the Iraqi north made no 


visible dent in American commitment to the 
containment of Saddam Hussein. But the con- 
stancy of others in the ring requires regular 

American leading. Tbc sanctions issue is due to 

oo flie up a gain in the Security Council in May, 
and there is talk that some sanctions might be 
relaxed later. The commercial opportunities, 
the pain of the Iraqi people, the hope to enlist 
Iraq in containing revolutionary Iran, the pas- 
sage of time All these considerations tend to 
erode the common wQL Saddam Hussein's re- 
gime, however, remains unrepentant and unre- 
constructed. Ch<wa'ng to calm international 
anxieties at their most inflamed point, be has 
opened up to UN weapons inspectors. Still, 
they are left suspecting that he has hidden away 
supplies of Scud surface-to-surface missies 
and chemical feed stocks. 

Meanwhile, he is remote from compliance 
with other UN resolutions on human rights 
and the Iraq-Kuwait border. Anytime he 
chooses to, he could sell S1.6 billion in oil to 
buy food and emagemy relief. Apparently 
preferring to blame outsiders for his citizens’ 
duress, he chooses not to. The United Nations 
must bold firm. 

— THE WASHINGTON POST. 


Science’s Smallest Trophy 


After nearly two decades of searching, 
scientists have found evidence for the elusive 
“top quark,” the last undetected member 
of a family of particles that are believed 
to constitute the basic building blocks of 
all matter. 

The discovery, if confirmed. wiD be a prodi- 
gious triumph of experimental physics. A 
huge tMm of scientists sifted through the 
electromagnetic debris from billions of parti- 
cle collisions at the Fermi National Accelera- 
tor Laboratory to find dues to the existence of 
this extremely rare and evanescent quarry. 

More important than the feat itself, proof 
that the top quark exists will verify that the 
scheme by which physicists describe matter 
and forces — the so-called Standard Model 
of elementary particles — is essentially accu- 
rate. Had they been unable to find the pre- 
dicted quark, this edifice of modern physics 
would have collapsed. 

Quarks were first proposed in the early 
J 960s to explain the vast zoo of particles being 
found in accelerators. The notion was that 
virtually all such particles were composed of 
a few simpler particles called quarks. 

Though the proposal was at first strongly 
resisted, it eventually evolved into the now 
widely accepted Standard Model, which re- 
duces all reality to six kinds of quarks, six 


other particles named leptons, and three 
forces that govern their interactions. 

Although finding the last predicted quark 
will solidify the Standard Model the theory 
remains unsatisfying. It is messy and compli- 
cated in a discipline that prizes simplicity. It 
leaves out gravity, the fourth known force. 
And when used to predict what happens at 
very high energies, it yields absurd answers 
unless additional partides or forces are hy- 
pothesized to make it work. 

That is why physicists keep seeking a deep- 
er theory that would reduce everything to a 
few simplicities. No one knows Tor sure if such 
a “final theory*' is possible, or, if so, whether 
its formulation tie* centuries away or just 
around the comer. 

Until recently, the favored approach was to 
build ever bigger accelerators to probe colli- 
sions at ever higher energies. But now that the 
Superconducting Supercollider, the next big 
accelerator, has beat terminated, physicists 
are turning to cheap and imaginative ways of 
investigating these phenomena that do not 
require expensive, brute-force machines. 

That is the soundest approach to a subject 
that has no foreseeable practical applications, 
only the excitement of a grand intellectual 
quest to underetand the univeise we all inhabit 
— THE NEW YORK TIMES. 


Further With Gun Control 


Efforts at gun control in the U.S. Congress 
have thus far been worthy but piecemeal 
Advocates of gun control have concentrated 
on getting small pieces of legislation, any 
legislation, through Congress. That has meant 
choosing measures fashioned to seem most 
innocuous to those who fear the intimidation 
campaign of the National Rifle Association. 

So far, that tactic has proved its worth, 
most notably is getting the Brady law passed, 
which demands a five-day waiting period be- 
fore buying a handgun, and in getting Con- 
gress accustomed to the notion that the gun 
trade is a fitting target of legislation. 

Some members think Congress is now 
ready fra- a broader approach. Late last year 
Representative Charles Schnmer of New 
Yak and Senator Howard Metzeabanm of 
Ohio introduced a “ltitchen-sink” bill that 
covered everything from licensing to lists 
of weapons to be prohibited. It proved politi- 
cally ahead of its time. 

So this week Mr. Schumer, along with Sena- 
tor BID Bradley of New Jersey, introduced a 
more focused bill aimed at slopping the ille- 
gal trafficking in guns. 

The two legislator note that almost all hand- 
guns on America’s streets start as legal weap- 
ons. Then they are stolen, or sold through 
shady dealers, or bought by people without the 
proper documentation, or straw buyers who 
turn them over to illegal dealers with only one 
goal: to resell them on the street 

The Schumer- Bradley bill aims to stop traf- 
ficking through a number of practical mea- 
sures. The linchpin of the legislation is a 
proposal for a national handgun identity card, 
containing a photograph, a fingerprint and a 


magnetic strip to prevent fraudulent use. No 
ate in America would be allowed to buy a 
handgun without such a card. 

The bill would also limit handgun pur- 
chases to one per customer per month. While 
allowing a dearly generous number of guns to 
be bought for personal use, this would prevent 
the bulk buying of guns for resale. 

The bill would require guns to be registered 
and all transfers of handguns from one person 
to another to be recorded, much as is now 
done fa motor vehicles. That would prevent 
the use of straw buyers —people with legiti- 
mate identification buying for illegal dealers. 

Perhaps most important, the bill would 
reform the licensing of gun dealers. Obtaining 
a dealer's license now is ridiculously easy. 
There arc 31 times more registered gun dealers 
in the United States than McDonald's restau- 
rants — almost three-quarters of them dealing 
not from stores but from their homes or the 
trunks of their cars. 

The Schumer-Bradley bill would require gun 
dealers to have a real place of business and to 
meet stringent security standards. It would 
impose an annual fee for dealers of at least 
$3,000, with the revenue to go to the Bureau of 
Alcohol Tobacco and Firearms so that it could 
effectively police the firearms trade. 

The bill presents a systematic response to 
the traditional an ti - g un-co nirol mantra, 
which suggests that criminals wiD always have 
a way to gel guns, and that therefore everyone 
needs them. So far (here has been no compre- 
hensive legislative effort to stop the supply of 
illegal guns. The Schumer- Bradley bill repre- 
sents a sensible starting place. 

— THE NEW YORK TIMES. 


Other Comment 


The Challenges Before Hata 

Prime Minister Tsutomu Hata win face 
some decisive issues: the threat of trade sanc- 
tums from the United States and the nuclear 
crisis in North Kora. So far his political 
alliance has said only that it will “closely 
cooperate" with the United States, South Ko- 
rea and other Asian notions concerned in the 
Korean matter. However, if a war breaks out 
in the Korean Peninsula the Hata government 
will be caugbl in ill-advised indecisiveness. 


Will Mr. Hata's experience as foreign min- 
ister, finance minister and minister of agricul- 
ture help him pass this test? One thing is sure: 
The alliance of political parties he chairs still 
■ has far to go to avoid a break-up. 

The inherent instability of Japanese politics 
was pushed to the forefront by the Liberal 
Democrats’ fall This grim reality should serve 
as a lesson fa other countries, especially de- 
veloping ones that idolize one-party domi- 
nance by any means, legal or illegal. 

— The Jakarta Past 



International Herald Tribune 

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B OSTON— By the standards of 
todays world the election in 
South Africa is a political miracle. 
Many would have predicted that 
white domination would end in a 
cataclysm of violence, not a one- 
person -one-vote election supported 
by all major parties and groups. 

But it is a miracle created by 
harem beings. A series of calculat- 
ed political judgments made possi- 
ble the relatively peaceful transition 
to a new South Africa. 

President Fredcrik de Klerk made 
the judgment, long overdue, that 
white rule could be main tamed only 
at devastating costs, economic and 
sodaL He understood that the lead- 
ers of the African National Congress 
were (he most moderate interlocu- 
tors the whites could hope to find. 
He took the dramatic step in Febru- 
ary 1990 of releasing Nelson Man- 
demand his coUeagues from prison. 

Mr. Mandela took the path of rec- 
onciliation from the day of his re- 
lease. When I interviewed him two 
months later, I asked whether he 
favored the prosecution of men who 
had carried out murders on behalf of 
the government He said: 

“No, no, no. The whole spirit erf 
negotiations would be against taking 
revenge on any particular individual 
You think of a settlement os involv- 
ing the entire community in support 
of the settlement. Otherwise it will be 
an intolerable situation.” 

Thai sprit erf mdusiveness and 
reconciliation was carried on 
through the long negotiations and 
the election campaign. Mr. Mandela 
urged campaign crowds to support 
the police, who had been the bated 
enforcers erf apartheid. He went the 
last mile to brmg the prickly Mango- 
sulhu Buthdezi into the election. 


The new constitution, drafted 
mainly by lawyers of the ANC and 
the governing National Party, con- 
tains assurances to whites and other 
minorities. It has a detailed bill 
erf rights and a Constitutional Court 
to enforce it. 

Perhaps most important, the ne- 
gotiators agreed to conduct the first 
Section on the basis of proportional 
representation. In a system like 
Britain’s or America's, with legisla- 
tors elected by districts, few whites 
world have won — because only a 
few districts in South Africa have 
white majorities. Proportional rep- 


By Anthony Lewis 

m drafted resentation wDl produce many more 

e ANC and white members, because each party 
Party, con- will have the same share of seats as 
ss and other it has of votes in the whole country, 
loaded bill Tbc ANC agreed to proportional 
tional Court representation even though it will 
give tire party fewer winners. As a 
ant, the ne- study by the Center for Voting and 


Democracy in Washington put it, 
the leaders realized ihar the distor- 
tions caused by a district system 
“would be fundamentally destabi- 
lizing in the long run for both mi- 
nority and minority interests.'* 

The constitution also provides 
that any party with 5 percent of the 



Tbc QubtUa SefcoBe MoBior 

U»Ai v daT.aBS 7 >dta»c 


vote will have a seat in the cabinet. 
There will be a government of na- 
tional unity for five years, with Mr. 
de Klerk as a likely vice president. 

Those concrete measures made it 
easier for the National Party to give 
up its absolute hold on power. And 
on top of them, Mr. Mandela and 
his colleagues have given assurances 
to the bureaucracy and the army 
that thdr interests wOI be protected. 

ANC leaders have taken all these 
steps on the premise that a new gov- 
ernment can succeed only if most 
South Africans accept it as legiti- 
mate: Mr. Mandela told a television 
interviewer “To be dismissive of op- 
position —that is what was done m 
Angola and Mozambique. We must 

not malm that mistake .” 

Americans might look at South 
Africa and think about their own 
politics. South Africans lined up for 
bouts, determined to vote; half of 
all Americans do not bother. There, 
victims of oppression bufll bridges 
to those who held power; America 
increasingly has the politics of divi- 
sion and hate. They used propor- 
tional representation to mitigate 
conflict; Americans mocked a Lani 
Gumier who thought it was time to 
consider a form of proportional rep- 
resentation for the same reason. 

Of course the commitment to rec- 
onciliation and national unity will 
be tested by the realities of govern- 
ing. South Africans who live in 
shacks hope to achieve at least their 
modest expectations of a water tap 
and a job, and those will not be easy 
for the government to provide. But 
many people meant it when they* 
said as they waited to vote, that tins 
was giving them what they wanted 
most of afi: human dignity. 

The New York Times. 


An Apartheid Fighter Now Risks His Life for Haiti 


W ASHINGTON — In the basement of a 
converted Washington townbonse, a hu- 
man bomb ticks on the Clinton adminis tration. 
His name is Randall Robinson, executive direc- 
tor of the lobbying group ThmsAfrica. On the 
day I saw him, Mr. Robinson was in the 15th day 
of a liquids-only hunger strike. Always trim, he 
has shed 7 pounds (3 kilograms) and is deter- 
mined to keep going until the Clinton adminis- 
tration changes its policy on Haiti. To that end 
Mr. Robinson is prepared to die: 

It is important to say this right off. Randall 
Robinson is no nut He does not have a martyr 
complex — so say all who know him. He is no 
radical no fool no egomaniac. He is a centered 
maq t If not a man of the center, who for 17 years 
has been running a much-respected black lobby- 
ing group. MU Clinton, you can bet, knows 
exactly who Randall Robinson is. 

It is important to say another thing as well. On 
the day I saw Mr. Robinson, Tuesday, the very 
first voters were going to the polls in South 
Africa. Mr. Robinson nas been arrested seven 
times during protests against apartheid and 
TransAfrica was instrumental in getting the 
United States to impose sanctions on the old 
radsf regime. Tuesday could have been Randall 
Robinson's transcendent day. But he passed up 
any celebration to continue his hunger strike. 
South Africa was his passionate cause but Haiti 
is different For Haiti he is willing to risk death. 

Why? Mr. Robinson finds the U.S. “compliri- 
tous” in the death of Haitians. He believes, as Mr. 


By Richard Cohen 

Graton once did, that it is morally reprehensible 
to interdict Haitians on the Ugh seas and return 
them to the very thugs they are fleeing. He thinks 
that these Haitians would be welcomed in the 
United States as political refugees if they were not 
black. But they are scooped off the water like pond 
scum and sent back, sometimes to their deaths. 

Haiti is a foreign policy dil emm a for the Clinton 
administration. But in comparison to Bosnia, it is 
a walk in the woods — a miserable little place, run 
by the miliiary and the paramilitary who, taken 
together, have developed a taste for the killing of 
innocent civilians, the mutilation of their bodies 
and the rape of their female survivors. They are 
drug runners and goons, and they could be sent 
packing by any American street gang, never mind 
a company or two of marines. 

And yet the United States has allowed itself to 
be humiliated by this regime. It sneers at the US. 
embargo, it breaks its agreements, ii has scared 
off a naval ship and, emboldened by U.S. weak- 
ness. it has turned against political dissidents in a 
barbaric orgy of killmg — 150 or so in Port-au- 
Prince since January, maybe 26 more the other 
day in a military sweep of Gonaives. 

Fra Mr. Robinson, though, the paramount 
issue is the U.S. government's insistence on repa- 
triating Haitians fleeing their country. He says he 
appreciates that Florida, for instance, is appre- 
hensive about the number of Haitians that would 


come there, but something could be worked ora. 
Vietnamese refugees were initially scattered 
across the country. Mr. Clinton, he says, had 
adopted the most politically expedient policy, 
“more concerned about the polls than history. 

Mr. Robinson has dearly taken the measure of 
BQl Qin ton, a man he now regards with a fair 
measure of contempt The president responds to 
pressure. The waning of Randall Robinson will 
put Bill Clinton in a box. He cannot afford to let 
Mir. Robinson die — not for bis miserably wrong 
and inept policy, anyway. Soon, more and more 
members of Congress will join those of the Black 
Caucus and demand a change in U.S. policy. 
Military intervention no longer seems excluded. 

Randall Robinson is an appealing zealot He 
has had the doubts of aa ordinary person. He was 
afraid he woold makea fool of himsdt He is really 
not sure if be could let hhnsdf die. He has a good 
life — an impressive lobbying group, a member- 
ship in the black leadership, a standing in Wash- 
ington based cm achievement not bombast. And 
two kids and a wife, a woman who made him smile 
when he lifted the phone to take her calL 

Yet he means to die — if it should come to that 
— fra the wretched people of Haiti. He would 
prefer it otherwise, erf course: Ifsjust that to live 
and not do all you can for what yon bdieve is to 
Randall Robinson another form of death. “An 
unprincipled life is not worth living,” he said. “I 
would not know who I was.” 

We are afl about to find out. 

Washington Post Writers Group. 


Nixon’s 'Peace’ Strategy Had a Heavy Price in Blood 


W ASHINGTON — Richard 
Nixon’s powers of political 
stagecraft seem to have outlived him. 

Contrary to much of what has been 
said since his death, he had no inten- 
tion when he became president in 
January 1969 of ending the war in 
Vietnam. His greatest foreign-policy 
challenge was neither the opening to 
China nor detente with the Soviet 
Union. In Mao Zedong and Leonid 
Brezhnev, he was dealing with other 
powerful and ruthless men with 
whom he could do business. 

Mr. Nixon's greatest challenge was 
the war in Vietnam. His failure to 
respond to it wisely brought death and 
suffering to his country and Indochina 
and ultimately wrought his destruc- 
tion in the series of enroes and misde- 
meanors known as Watergate. 

Mr. Nixon was elected in 1968 be- 
cause he gate the public die impres- 
sion that be had a secret plan to stop 
the fighting In his old age, be admit- 
ted no such plan existed. His real plan, 
which he proceeded to carry out. was 


By Neil Sheehan 


to continue the war and attempt to 
win it with a new approach. 

He called his scheme Yietnamiza- 
tion. The strategy was to appease 
American public opinion and buy 
time with gradual withdrawals of the 
nearly 543,000 American troops serv- 
ing in Vietnam when he- took office. 

The burden of the fighting was 
smultaneously shifted to the South 
Vietnamese government’s armed 
forces. They were strengthened on 
Mr. Nixon's assumption that they 
would one day be able to stand alone 
against their Communist opponents, 
the nationalist-inspired followers of 
Ho Chi Minh. and preserve the sepa- 
rate South Vietnam that had always 
been the goal of U.S. policy. 

There was an alternative. Mr. Nix- 
on could probably have negotiated a 
cease-fire in exchange for a rapid 
American withdrawal with a publicly 
announced deadline. But that would 
have entailed admitting that the war 


was a hopeless cause and Mr. Nixon 
could not bring himself to admit that. 

“I will not be the first president of 
the United States to lose a war," be 
told the Republican congressional 
leadership in the fall of 1969. 

The flaw in Mr. Nixon’s strategy 
was that the regime in Saigon was 
fundamentally corrupt It would al- 
ways be dependent for its survival on 
the muzzles of guns wielded by for- 
eigners. The artillery, tanks and ar- 
mored personnel earners, the squad- 
rons of jet fighter-bombers and 
hundreds of helicopters Mr. Nixon 
lavished upon its armed forces did not 
change its moral bankruptcy. 

The strategy also required time — 
and in war, time means blood. By the 
time the Paris agreement was finally 
signed in January 1973 and the last 
U S. combat units were withdrawn, 
21,000 Americans had perished during 
Mr. Nixon’s presidency, more than a 
third of the 58,000 Americans who 


wiretap 

So They Thought America Was Crazy? ^ 


By A. M. Rosenthal 

N EW YORK — Shortly after Richard Nixon chose to 
resign the presidency rather than be thrown out. on 
Iranian general and a French ambassador asked me 
whatever was going on in the United States. 

The general served in the court of an emperor who had 
just told me that he ruled not by ordinary, generalized 
divine right but by specific divine decision conveyed to 
him by a heavenly messenger. The ambassador served a 
president to whom politicaTniessages were conveyed only 
by voters, or, between elections, by farmers demonstrat- 


ing for higher cheese subsidies. 
The general and the ambassac 


The general and the ambassador bad much in common 
— magnificent manners, superb education and intense 
loyalty to their leaders and systems of government. 

The general at the shah's summer palace, and the 
ambassador, b an Asian capital, asked the same ques- 
tions, Wbat had Mr. Nixon done to bring such disgrace 
upon himself? Had he participated in that Watergate 
robbery thing or ordered it? 

No? Well then, was there something else, some case of 
theft or political murder, something so ugly that both 
press and officialdom had decided — which they said 
they could understand and approve — to protect Ameri- 
ca’s honor by driving Mr. Nixon out on a tedinicality? 

I explained that the reason for Mr. Nixon's departure 
was nothing like that but simply what they bad heard and 
read but could not believe. Mr. Nixon had told his aides 
to get busy to make sure that he and his administration 
could not be connected to a political burglary he appar- 
ently had not known about until after the fact. 

Ii was a cover-up, you see, obstruction of justice, and if 
done by a president an impermissible violation of the 
constitution, you understand. 

By the time I convinced them that no other crime was 
being hidden by the American Establishment, the ambas- 
sador and the general shared something new in common. 
Both thought I was a fool and that so were the rest of my 
countrymen, nation-destroying fools. 

For years I have kept running into the same reaction 
abroad — how could you people do this to a sitting 


president, one so admired in so many nations? No other came the firat president to resign his 
country would have done that! No — and every time 1 office in disgrace. 

hear it I feel not embarrassment but a new fludt of pride 

for my anmtry I feel new respect for all those politicians Mr. Sheehan is author of A Bright 
who did decide that presidential obstruction of justice Shining Lie. : John Paul Vann and 
could not be constitutionally tolerated. America in Vietnam " and “ After the 

I have deeper affection Tor Americans themselves, most War Was Over: Hanoi and Saigon. - 
of all those millions who were sick at the political cashier- He coatr ituted this comment to The 

mg of the man they had voted for, but who came to agree New York Tunes. 

that there was no other way. 

On any given day the American system and American 

politics are denigrated by cynics, even more at home than in mm datpc i Art 

abroad. That wont kill anyone. But it does sometimes AN TAWtS: 1UU, 

prevent Americans from seeing what is good and brave in — 

their conduct That lads to a kind a! automatic self- lOQj. _ ,, o o i 

abnegation, as unhealthy as automatic setf -aggrandizement. AO - rfc * l or a •soul S 33Ke 

No. no other country would have forced a president out LONDON —Hie local Governors oi 
on such grounds, because no other countiy was willing to the town of Cambridge have been 
pay s 0 much to prote« a donocratic constitution. . discussing the Sunday question. Two 
Myself, I think Mr. Nixons greater constitutional or three thousand Cambridaeires. 
offense was w treat federal investigative agencies as his who at present have Bide to amuse 
private detectives and personal prosecutors — hounding themselves on Sunday afternoons. 
Americans he considered his enemies. want admission to the Botanical Gar- 

Amencan insistence that elected offidafa observe the den on the Lord’s Day, where Ihev 
constitution in all its details produces a sense of fairness can study the plants and occudv them 
and justice done. It also produces the stability that allowed minds. The powers that be w£ie talk 
Mr. Nixon to create a fruitful life after so great a disgrace, jag the matter over and (he curator of 
Americans looked at him in his last yean and asked the garden, a clergyman, was asked 
themselves: Would I have been strong enough to return for his view. He declared sravdvtbu 
from such shame? If I were, would I not have the right to the thing was impossible because the 
do so, under the very constitution that Mr. Nixon violated poEceman on duty at the garden had 
and that so humbled him? to go to church for his soul's sake. If 

What Americans would have wanted for themselves that policeman did not attend each 
they gave to Richard Nixon, with grace. service the consequences lo the suiri- 

1 could have done without the canonization. To the end tual side of his nature mi chi be awfi.i 

he had attacks of mischief-making and to the end he L 

could not see why foreigners should try to do something 7919$ The frfeh Gm-n 
about things like mass torture in China. 

But after paying his price, he claimed his rights and NEW YORK — New York had it's 
received them, which should be a matter of pride to all Yes. second Si. Patrick’s Day of ibe year 

only in America, that's right. this afternoon [April 28] when' the 

The New York Times. 165th Infantry performed its Last 


Rigid Iraq 
Merits No 
UN Mercy 

By .Warren Christopher 

The writer, the U.S. secretory of slate , , 
is touring the Midtile East. 

R IYADH — In the wake of the 
tragic helicopter accident over 
- northern Iraq two weeks m some 
are calling for a change in U-S-poB-. 
zy. They argue that it is tune l° find a 
way to end the confrontation with 
-president Saddam Hussein. 

The implication is that Baghdad is 
ready to make amends and that 
America is somehow responsible for 

t)u> fwnfrrmHhnn 


died in Indochina. And these numbers 
are paltry when measured against the 
Noon lives lost by the Indochinese. Nearly 
dt that. 160,000 of Saigon’s troops were killed 
dent of fighting Mir. Nixon’s war. 
ar," be Id 1970 he threw another entire 
ssional countiy into the slaughterhouse when 
he sent American troops into Cambo- 
trategy dia and precipitated a war there to try 

m was to divert the energies of the Vietnam- 
uld al~ esc Communists from the snuggle for 
ivalon South Vietnam. Hundreds oTtbou- 
b y for- sands of Cambodians died in (he can- 

nd ar- flict and in 1975 the outcome brought 
squad- . to power the homicidal Khmer Rouge, 
sand who murdered 800,000 to J million of 
Nixon their people in the “killing fields.” 
lid not Time also meant that the opposi- 
tion at home against Lyndon John- 
Line — son's war. an outcry that left America 

By the more profoundly divided than at any 
finally moment since the Civil War, would 
he last renew itself against Mr. Nixon’s war. 
drawn, The protests brought out the worst in 
during his character. His White House be- 
than a came a place of paranoia and am>- 
s who gance, with an “enemies list” and a 
secret “plumbers” unit to illegally 
wiretap aides suspected of news 
O leaks, to pull dirty tricks on political 
opponents and to co mmi t burglaries. 

' The dead of Indochina exacted a 

kind of revenge when Mr. Nixon be- 
> outer came the first president to resign his 
time 1 office in disgrace. 


| This view is misguided. ' r 

I It ignores the basic fact that Iraq is 

nrrtnwmcoarolfrmcew^ 

obli gations die United Nations Securi- 
ty Cis udl imposed at the end of the 
Gulf War— even those it accepted as 1 
a condition of the cease-fire. 

Iraq continues to lay claim to Ku- 
wait It refuses to account for hun-' 

■ dreds of Kuwaitis who disappeared 
in the occupation in 1990. 

And despite a requirement in the; 
Security Coancfl cease-fire resolution ’ 
that Iraq abandon terrorism, its intd- 1 
ligence services are as active as ever.: 

Last year they tried to assassinaic- 
former President George Bush in Ku- 
wait. And this month two Iraqi diplo-; 
mats in Bdxnt confessed to ldUmg. 
Taleb SUhefi, an Iraqi dissident. 

Baghdad is also engaged in terror- 
ist campaigns against aid workers- 
and UN observers in northern Iraq. 1 

Saddam's instinct for repression^ is 
m anife st in his campaign ^gninst the- 
marsh Arabs of southern Iraq. 

These Iraqi citizens, whose way tf.jft 
life has survived for thousands of 
years, are being driven out of their 
ancient wetlands. Saddam’s engi-' 
ncers have dried out the marshes, and 
his armies are systematically bunting 
reeds and thousands erf dwellings. 

Anyone who doubts that Saddam- 
would again inflict the same erudite 
on the citizens of nonhem Iraq, 

. should be reminded of the “Anfal 
. campaign” erf 1988: 1*500 villages in, 

- northern Iraq were destroyed; more, 
than 50,000 Kurds were killed. In the' 
city erf Halabja, more than 3,000 
Kurdish men, women and children- 
were gassed to death. 

For three years, a multinational, 
effort led by the United Stales to 
provide relief and protection to 
northern Iraq has deterred Baghdad, 
from repeating such massacres. 

But they could recur — with vast, 
displacement of local populations to, 
neighboring countries — if the effort 
were abandoned. 

Some suggest that this danger, 
should be overlooked because Iraq is- 

he ginnmg to comply with UN reqinre- 
ments on weapons of mass destnic-. 
tioo. That argument plays into Sad- 
dam’s hands. IhtenuLtKHial sanctions 
are eroding Ms support in Baghdad. 

He hopes that if he creates the 
illusion of abandoning nuclear ,.0 
chemical and biological weapons 
programs, the Security Coundl will 
lift sanctions on Iraqi oil exports. ; 

But there is no reason to bdieve 
Iraq has derided to forswear weapons 
of mass destruction unconditionally' 

til rra^^^demands. There*' is even 
less reason to believe it wUl comply 
with the other UN resolutions. 

More likely, Saddam is trying to 
evade ofl sanctions so be can acquire, 
the resources to rebuild weapons be 
has never hesitated to use against his 
people and his neighbors. 

The international community can- 
not afford to allow this cynical tactic 
to succeed. 

has manipulated the suf- 
fering of tire Iraqi people in his ef- 
forts lo escape UN sanctions. That 
suffering is real 

But the responsibility lies not with 
the international embargo but with; 
Baghdad's policies. 

Saddam persistently refuses to 1 
take advantage of UN resolutions* 
that would allow Iraq to sell til to - 
meet legitimate humanitarian heeds. ' 

The international community must , 
continue to insist that Iraq nragt all 1 
its obligations. 

International solidarity in main- i 
taming sanctions is now bribing 
about Iraq's limited and belated steps ; 
toward compliance. Bat Bagh dad, 
still has a long way to go. 

The stakes are too high to gha( 
Saddam the benefit of the doubt or to- 
la ILS. policy be dictated by com- 
merrial interests or simple fatigue. 

Those who died in the tragic heli- 1 
copter accident over northern Iraq 1 
two weeks ago were engaged in a vital 
mission; to protect the weak from, 
aggression and to safeguard interna- 1 
tional interests, including those of the ! 
United States, in a critical region. 

The Clinton administration’s poli- 1 


cy toward Iraq will remain firmly, 
dedicated to these purposes. 1 
The New York Times. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO : 
1894: For a SouTs Sake du *y of thc by marching tip Fifth “ 


LONDON —The local Governors of 
the town of Cambridge have been 
discussing the Sunday question. Two 
or three thousand Cambridgeites. 
who at present have Side to amuse 


duty of the war by marching up Fifth “ 
Avenue prior to being mustered out 1 
The Irish green rivaled the national - 
colors in the flags waved by cheering? 
thousands. Colonel William J. Dono-- 
van, accompanied by Father Francis • 
P- Duffy, the idolized chaplain of the ' 
raguneni marched afoot 


want admission to the Botanical Gar- ^ H : 

1944: Soldier President? 

minds. The powers that be were talk- ADVANCED ALLIED HEAD- ■ 
ing the matter oyer and (he curator of QUARTERS, New Guinea —[From 1 
the garden, a clergyman, was asked our New York edition:] General 
for his view. He declared gravely that Douglas MacArthur in a surprise ■ 

the thmg was impossible because the statement issued early this morning ' 
"J ft ?. ti * had [April 30] said he wtmld not accept 
to go to church for his soul s sake. If the nomination for the Presidency* 
that policeman did not attend each The statement said: “I have had ; 

1 Qse ^ ueac “ J° fhe spiri- brought to ray attention newspaper . 

tual side of his nature might be awful articles, publishing in strqngffttS ; 
1919: The Irish Green detrimental toour 'wvrdfort tohaw ■ 

NEW YORK -New York had it's • 

second SL Patrick’s Day of the rear ‘ r ° nL ’ «»odered for 

this afternoon [April 28] when" the ** ?TtSi ‘ 

165th Infantry performed its last 






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International Herald Tribune 



A Special Report 


Saturday April 30, 1994 


Arts and Antiques 


Old, but Wiser and Costlier 

Better Research lifts Prices of Ancient Art 

international Henid Tribune finest minds on ancient myths to ranging from about £700 to about 

L ONDON — Knowledge unravel the enigma or this one. £3,500. But it was at Christie’s ihai 
sells. Where ad van cod Greek literature has not yielded the foil extent to which enlhusi- 
research results in pre- any cine that might exp lain the asm will now soar regarding Egyp- 
cise understanding and meanine of this nude man who dan art in the middle range was 
dating, the an or the Ancient 
World has never been in such high 
demand. 


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finest minds on ancient myths to 
unravel the enigma or this one. 
Greek literature has not yielded 
any clue that might explain the 
meaning of this nude man who 
dutches a dagger oT strangely 
Middle Eastern design, with the 


demand. curving blade of an Islamic period 

Since the season began, aniiqui- . poniard, and runs to confront a 
ties from Egypt and Greece have ferocious marine monster.) 
been reaching unheard-of heigh is. The next highest price, 

TKa ra^eou if nnr«lif fODl CAA m 


hM.ll IMMIUlg UUUUUU-U1 IJUgUI). 

The reason is partly because 
knowledge dispels the fear of 
fakes, forever present when it 
comes to Ancient Art. Hence the 
premium given to old collections,’ 
or to well-publicized collections. 
When seen by several generations 
or by a large public, the reasoning 
goes, an object can be considered 
to have enjoyed extensive vetting. 

Spectacular evidence of the im- 
pact of the new criteria on the 
market came forth twice in De- 
cember. 

The collection of Greek vases 
formal by a Zurich businessman 
that was sold at Sotheby’s in Lon- 
don on Dec. 9 offers the most' 
extreme case. Originally, the 64 
- pieces assembled with love and 
® care by Robert Hirsrht mnn were 
due to go to the small Zurich Uni- 
versity Museum. Most were 
bought after being vetted by 
Hansjorg Bioesch, a distinguished 
art historian teaching at the Uni- 
versity. An exhibition that was 


iwuviwiu min mw inwiiaiivi ■ t 

The next highest price, 
£88 1 .500. wem to a vase made en 
suite in the same workshop, per- 
haps by the same man. 

The other important pieces sold 
more predictably in a wide-open 
price range, from £24,150 (on At- 
tic black figure hydria, or water 
jar, attributed to “the Aniimeues 
Painter") to £221 ,500 (an Attic red 
figure cup attributed by Hansjorg 
Bioesch to the painter Douris, and 
by another scholar to “the Oedi- 


Total confidence 
in authenticity can 
unleash 
irrepressible 
enthusiasm. 

pus Painter,” a pupil of Douris). 


versity. An exhibition that was pus Painter,” a pupil of Douris). 
held from Nov. 1 2, 1987 to March The fact that not one item Tailed to 
6. 1988, in the University was find a buyer illustrates the i ire- 
meant to be the grand l aunching pressible enthusiasm that total 
of the donation. But this was not confidence in authenticity can un- 
to be. It fell through. Swiss coDec- leash. 

tors report, because a dispute The same feeling of being a field 

broke out between Mr. Hirsch- where problems of authenticity 
mann and a scholar who disap- are thoroughly dealt with accounts 
proves of the destruction that the m large part for the phenomenal 
unofficial excavations which feed success erf Egyptian art at auction 
the market generate. in the last decade. 

if it had been a publicity stunt Thanks to excavations that were 

devised by an auction house, it scientifically conducted earlier 
could not have worked better. The on a larger scale than in any 

catalogue entries incorporated the othcr fidd of archaeology — 

detailed information gathered by thnnv* also to the extensive use of 

the Zurich University scholars. * v ~ 

Attic vases can now be dated with 
remarkable precision — give or 
laif f* io years, sometimes even less. 

Thousands of Greek vases haw 


hieroglyphic Inscriptions that 
identify scenes and name rulers 


ranging from about £700 to about 
£3.500. But it was at Christie’s that 
the full extent to which enthusi- 
asm will now soar regarding Egyp- 
tian art in the middle range was 
revealed a day later. Not that there 
was undisenminating bidding, 
quite the contrary. 

But the finer pieces triggered 
furious competi lion. A limestone 
sculptor's model of the head of 
Hathnor carved in sunken relief 
made £8,050, almost twice the 
high estimate. A painted panel 
from a sarcophagus, its colors as 
bright as on the first day, was 
bought by Walter M. Banko of 
Montreal for £6,900, this time 
multiplying the high estimate five- 
fold. Later, the fragmentary head 
of what had once been a painted 
sarcophagus of the New Kingdom, 

probably of the 14th or 13th cen- 
tury B.G, was fought over be- 
tween a German and a French 
dealer. The Frenchman, Jean-Lou 
Desprat, one of the world's con- 
noisseurs of Egyptian art, bidding 
through his wife, won the contest, 
paying, again, £6,900. 

Excitement grew in the after- 
noon as Christie's sold the third 
and last part of a collection of 
Egyptian glass, which was found 
in Egyptin the 1920s and 1930s. In 
any other context, the tiny frag- 
ments and restored pieces would 
not have soared to the same levels. 
However beautiful the emerald 
great of a mosaic glass dish with a 
whoriing pattern of while spots 
may be, £11,500 for a piece of 
which nearly half is broken off is a 
large amount. Some would argue 
that £21,850 for five minuscule 
turquoise green hieroglyphs each 
measuring a few centimeters, is 
even more astounding — Chris- 
tie's had hoped to get £3000 to 
£5000. 

The sale drmaxed as a glass mo- 
saic bowl, probably of the first 
century B.G, made £59,800 in a 
contest pitching Naser Mokhtar- 

zadeh of London, one of the Irarn- 

| an twin brothers who own the 


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Imp ressionists 
Make a Comeback, 
But With Caveats 

Success of Sales Is Now Determined 
By Aesthetic Quality , Not Labels 


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By Sour en Mdflaan 

L ONDON Imoressioaisis and other Avant Garde move- 

ments from the late 19th century 10 World War I are once 
again leading the market. Here and there, huge prices are 

SSis^Sfe madness of the late 1980s is not. The 

environment is different, and so axe the buying 
mixture of caution and boldness. The buyers are other battle-hardened 
3d warriors who know exactly what they are doing, or newcomers 
apparently keen to follow in their footsteps. . _ .q 

P Snthe art market what will come next is often wtimed mthe firat 10 
lots of an important sale. What happened at Chm me si n Y° r k las 

fan, whence first substantial i auction of 


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The price of this Greek vase set a world record for any antiquity. 


Attic vases can now be dated with identity scenes and name rulers brothers who own the 

remarkable precision — gtve 01 ^ patrons — - scholars studying Mansur Gallery, against Ali Abu 

take 1 0 years, sometimes even less. Egyptian art achieve a degree of Taam. a Beirm dealer wfyo won the 

Thousands of Greek vases have precision rarely matched. Colleo- . Making allowances for the 

been published and continue to be tors are spared the wild variations . „ , 0 f poker game that was per- 

published in an ongoing corpus. ^ dating or regional attributions. . | ^ . e ^ ^ the contestants 

Some painters are known by They feel secure and then conn- b ^ amemoreex dted, such a price 

name, and names are given to dence has an impact on the most dm roost potent mixture in 

anonymous artists in a style renn- modest items. 

niscent of those coined for Pnmi- be seen in a small 

lives in late medieval painting. ^ ^ Bonhams on Dec. 7, where 
Just as there is a Maw de Mou- Equities that were not Egyptian 
(ins or a Meister des Mana Lebais ^ not ^ ^ At one point, 

{for the sublime paintings ulus- ^ ^ a Ion g patch in whi^ 
irating the life of Maty m me Aue ^ oman bronzes, glass, gold 


the ait market: certainty as to the 
nature, period and provenance of 
the otriect; certainty as to its ex- 
traordinary rarity (there may be 
no other piece of that size and 
quality left in private hands)*, and 

certainty of the relatively large po- 
tential constituency that Egyptian 
art in general, and rare glass in 
particular, enjoys. 

The possibility of demonstrat- 
ing that these objects left Egypt 
over half a century agomayhave 
played amadditional role. Those 


who keep an eye on international 
trends are convinced that one day 
an internationally sponsored ban 
on trading in certain categories of 
excavated antiquities must pre- 
vail. Objects that cannot be 
proved to have left their probable 
country of origin legitimately, or 
at some distant dale in the past 
(World War II is likely to be ac- 


cepted as the cut-off line) will no 
longer be easily marketable. Mu- 
seums will stay away from them. 
But for those pieces that will not 
come under a cloud, such as the 
glass sold at Christie’s, the com- 
mercial future win look brighter 
than ever. 

Souren MeWdan 


^ »Ukuc quail* no. 

dmuW ^Sn^acSding to nameand sizc-assoota'culed 
Sbetbei a»K: lawMfeiThc contrasting fate of the two W®jnos 
c^n^the sale is revealing. The first one, a fme drawing height- 
of made S17S.500. one fifth above the 

S^£awa®?SiSS 

the new trend. The bouquet in a glass bowl w f 
aTa time of transition. The composition and thecolor 
the impaa of the 17th century Dutch heritage while 
rigorwsdcetchy strokes, is, if anything, more. 

SoSm. In short, the still life is atypical but iris also very beaunful. 

?Sid to teimrth 5600,000 to $800,000 plus 

to SI, 487 ^00, exceeding by half the highest pnee expected. Nothing 

^ThetoS pSt offi s^was a pastd of two ballet dancers bending 
SS iuial Degas su^tcL The balla dancers accsntag* rose w 

droves to test the waters. By now they knew that the market was back 

nuyor test came a day later at Sotimby’s. where *e ^ 
added «OTfi^xjrtant touches to the picture trf the revitahzed market. 

Continued mi Page 8 


llOT Uic auuiauw p— --o- —t- 

irating the life of Mary in the Alte 
Pinakothek in Munich), there is an 
“Eagle Painter” . 

It entertains the illusion of pre- 

^otiSTi&^ptinter was attrib- 
uted a Cairetan vase in the sjtie 
which, in truth, is just about the 
most beautiful vase from Greece 
or Etniria ever seen on the market. 
It soared to a hitherto inconceiv- 
able £L20U00 ($3.3 million), 
more than double the previous 
highest price ever paid for a paint- 
cd vflsc* 

(That should be an inducement 
to the new owner to set the world s 


Ivviuiau u* o- * o 

dropped dead by the dozen. From 
lot 120 to lot 220, 1 counted 65 
unsold works. And then, when 
came the turn erf Egyptian objects, ; 
it was as if a new chapter of art 
market history was being written. 

A large number of small Egyp- 
tian figures and vessels, rarely of 
Breaiaistinctkm and sometimes 
remarkably dilapidated in appear- 
ance, came up as thejproperty of 
anEnghsh collector otherwise 
ram SfiiTliCT sold like hotcako, 
often to weft-known dealers who 
welcomed many modest pieces 


EVIAH, (74500) ■ FRANCE ■ PALAIS DES CONGRES 

Sunday IS May 1994 at 3 p.m. ^ 

To mark the Evian Music Meeting ^ 

unique high quality auction of 1 

VIOLINS, BASSES, CELLOS M 
VIOLS & BOWS M 

MUSICAL 

Sin.PTURES MWKU&ms. 



Exhibition in Evian : | 
Friday 13*. Sanuday 14* May 
■ from 10 JO aun. to 7 p-m- 
Sunday 15* May 
from 10 ajn .10 12 ajn. 


naacinCnanorainlfiW 


galerie mermoz 

6 roe du Cirque - 75008 PARIS 

Tel.: (1)42 25 84 80 
Fax: (1) 40 75 03 90 

ffiCOUMttH W 



Ray Uchlmsleix. Modem Painting u’iil.Gem 

* ,mdm *"*%Z2?6oo. 0 oo-s1nm x 

Forthcoming Sales at 
Christie’s New York 
Contemporary Art, Parts I and II 

" 4 May ec lO^aJTi- and 2 p-m. 

Viewing: 29 April - 3 May 

Enquiries: Diane Uprighe on (010 1212) 546 H69 

• AJ ■ 'Viml Mav sale is. by rickec only, tor 
«^hone (910 i2i2) 5 « H28. 

Impressionist and Modern Paintings 
and Sculpture, Parts I and II 

AUCti ° n; and 2 p.m. 

Viewing: 5-10 May 

Enquiries: Nancy Whvce on (010 1212) 546 H7U 

a fiA 7 i) 389 2820 (sales) 
Catalogues: ^ ™' r k (olO 1718) 784 1480 (sales) 

m Vnrk New York 10022 
502 Park Avenue, New Y . N j 9g0 8161 
Tel: (010 1212) 546 loOO Fa x. (010 



1.3:9.(100 II - S . 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 


Arts and Antiques I A Special Report 


Rome’s National Museum Moves Closer to Reality 


m 


By Roderick Conway Morris 

R OME — The National 
Roman Museum was a 
kind of curator's wild- 
est dream tamed worst 
nightmare. When, it was founded 
instover 100 years ago, soon after 
Rome became Italy’s capital 
again, it was given as a home the 
Baths of Diocletian by the city’s 
new railway terminus — a vast 
complex of monumental build- 
ings, the largest baths ever con- 
structed in the ancient world, once 
capable of accommodating 3,000 
people at the same time. 

The inheritor of multiple pri- 
vate and ecclesiastical collections, 
the museum was from the outset 
one of the richest repositories of 
ancient sculpture, frescoes, paint- 
ings, mosaics, inscriptions, coins 
and artifacts m the world. But, as 

the urbanization of Rome got un- 
der way, with the development of 
|anri within the city’s Aordian 
walls that had reverted to country- 
side after the decline of the em- 
pire, thousands of new finds sur- 
faced, eventually overwhelming 
the museum with acqiristions. 

“Everything that came to light 
was gathered together in the Na- 
tional Roman Museum, and the 
final result of this enormous influx 
of material was it became little 
more than a giant warehouse,” 
said Adriano La Regina, Rone’s 
superintendent of archeological. 


heritage. By the 1970s the lofty 
halls of Diocletian’s baths be- 
came, as in some Borgesian fanta- 
sy, so crammed with exhibits that 
there was no longer room for the 
public, forcing the shutting of 
most rooms until a solution could 
be found. 

Now, after more than a decade 
rtf work behind dosed doors, it 
finally looks as if what had be- 
come a museum only in name is 
about to become a reality. 

“We’ve acquired two new build- 
ings," Mr. La Regina said, “there- 
by tripling our exhibition space." 

“Each of the museum's three 
rites will have a different charac- 
ter the liberated Baths of Diocle- 
tian will presen t a unique opportu- 
nity to display sculptures intended 
for grand Roman public buildings 
in the kind of settings they were 
designed for, and to illustrate the 
relationship between them and the 
architecture. 

“In Palazzo Altemps we have 
another very happy situation: it's 
a Renaissance bunding that was 
completely restructured and reor- 
ganized to house Altemps* magnif- 
icent collection, so it is, in a way, 
already a museum. 

“Palazzo Massimo, on the other 
hand, is a Renaissance-style build- 
ing, but of the last century — so 
we have had a much freer hand in 
internal restructuring — and here 
we will be showing the develop- 
ment of Roman art from the Re- 
public to the late empire." 


Mr. La Regina planned to open 
most of the new museum this sum- 
mer, but die government failed to 
deliver the funds. '‘Here in Italy, 
even after funds have been agreed, 
amounts settled and set aside, 
there are suddenly second 
thoughts.” he said, “and the next 
thing you know is that funds you 
had been promised for this year 
aren’t going to be available till 
next year Or the year after.” 

Nonetheless, Mr. La Regina 
said, Palazzos Massimo and Al- 
temps should be ready next year, 
as well as parts of the Baths. To 
complete the rearrangement of the 
entire Diocletian complex will 
take longer, since there is so much 
ma teri al that has to be moved out 
before the final reordering there 
can take place. 

In evident frustration at chronic 
delays beyond his control, Mr. La 
Regma opened the ground floor of 


Palazzo Massimo for a week in 
December — and though it repre- 
sented only around a quarter of 
the final display, an impressive 
revelation it turned out to be. In 
almost any other city this ground 
floor alone — which shows the art 
of the late Republic and early em- 
pire, with major sculptures such as 
the General of Tivoli, Augustus as 
Pontifex Maximus and the 
Wounded Niobe from the Gar- 
dens of Sallust — would constitute 
an important museum in itself. 

This floor will be open again for 
at least three months from Sep- 
tember, when the floor above is 
used for a promising special exhi- 
bition illustrating the evolution 
and imp ortance in ancient Rome 
of the cult of the semi-human, 
semi-divine Dioscuri (“Sons of 
Zeus”), Castor and Pollux. 

With the National Roman Mu- 
seum completing the transition 


from fond hope to palpable reali- 
ty, Mr. La Regina should have 
more time to pursue another ma- 
jor project — the transformation 
of the extensive area of the Forum, 
the Colosseum and the host of key 
sites around them into a single 
“archeological park," Mussohm 
ruthlessly cleared much erf this 
part of central Rome in the 1930s 
to build for himself a triumphal 
way between the Colisseuro and 
Piazza Venezia 

. Such a high-handed act would 
be scarcely conceivable today, but 
it had the compensatory benefit of 
uncovering the heart of ancient 
Rome, and creating the potential 
for a unique historical and recre- 
ational open space — if only the 
traffic that flows through it could 
be diverted dswhere. 

RODERICK CONWAY MOR- 
RIS is a writer based m Venice. 




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Scotland’s Ugly Duckling Tries to Turn Into Cultural Swan 


Claude BOISGIRARD 

Auctioneer 

2, rue de Provence 75009 PARIS - Tel: (33.1) 47.70.8136 - Fax : (33.1) 4147.0534 

ESTATE MARCEL JEAN 

Paris - Drouot-Richelieu 
Friday, May 20*, 1994 at 2 p.m. 

On view : Thursday May 19“ 1 1 a-m. - 6 p.m. 


Exhibition from May 3 to 5, 1994 - New-York 
Y.M.P.L. The League 

4 East, 80th Screer - New-York, NY 10021 - Tel.: (212) 861 3200 


By Conrad de Aenfle 

G lasgow — No one 
could confuse this city 
with Edinburgh, 
whose stately Geor- 
gias and Victorian buildings and 
medieval hilltop castle give it an 
elegance that makes it one of the 
most beautiful cities in Northern 
Europe. Edinburgh is Scotland’s 
capital and the most important 
place in the country's political, so- 
cial, cultural and historical life. 

Glasgow is not pretty. It is the 
heart of Scottish industry, a city 
that has to work for a living. What 
it has bets waking at lately, with 
conspicuous success, is bolding a 
reputation as a center for the arts, 
not just for Scotland, but for all of 
Europe. 

The city’s profile got a lift when 
it was chosen by European Union 
offi cials to be the European City of 
Culture in 1990. A concert haO was 


12, RUE FAVART 
75002 PARIS 



TEL: (33.1)42 61 80 07 
FAX: (33.1) 42 61 39 57 


FRANCE'S FIRST AUCTION HOUSE / INTERNATIONAL AUCTION HOUSE 


IN PARIS - HOTEL GEORGE V - IN JUNE 

31, avenue George V - 75008 Pans 

THREE DAYS - FIVE IMPORTANT SALES 

concluded by Maitre Jacques TAJAN 

27 th , 28 th , 29 th June 1994 


• 18* century FRENCH FURNITURE and OBJETS cPART, 

an exceptional statue of St Job die Baptist done in sculpted stone by dais Sfoyler, Bourguignam School drat 1380-1390 

• IMPORTANT COLLECTION of VINCENNES and SEVRES PORCELAIN 

• OLD MASTER PAINTINGS from the 16* to 19* century 

including AHegrain, Bourdon, Chardin, Van Dad, Linard, Moiflon, Pontormo, de Troy, Verstralen... 

• MODERN PAINTINGS 

Boudin, Corwin, Derain, Dunoyer de Segonzxx, Van Danger, Foujrta, Gen-Pad, KI koine, Mcne-Katz, Leger, 
Mraquet (2 works), Modigliani, Picasso [2 works), Rouault, Tobiasse, Ufnllo, Valadon, Zadkine... 

Private collection of 10 importa n t Bernard BUFTET works done between 1947 and 1951 

[Former collection afAnare Fried from Paris). These works will be included in a separate catdogue. 


• IMPORTANT FAR EASTERN DECORATIVE and COLLECTOR'S OBJECTS 
from the MAiSON PERRET-VIBERT (founded 18801 
CERAMICS - BRONZES - FURNITURE - FOLDING SCREENS - PAINTINGS 
from China aid Japon from the 17*10 19*cenfuiy(Veiteii»requtecuTribijnddBGBimeradeftsrisj 

For indude furniture, objects or paintings, please c o n tact us m Paris (33.1) 42 61 8007 


A Sale of the 

M AG N l F I CK NT jewels 

of Helene Beaumont, 


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SOTHEBY'S 


buill lot the event, which amounted 
to a yearlong arts festival. Its latest 
success, one that has left cross- 
country rivals in Edinburgh fum- 
ing, was its selection as the site of a 
museum of Scottish an. Due to 
open in five years, it wiD be the first 

national Tnnswmi in Sco tland bufil 

outside the capital. 

Its record in attracting cultural 
institutions — plus a healthy mea- 
sure of hubris — are said to have 
lulled the Edinburgh arts commu- 
nity into a fatal complacency that 
culminated in the decision earlier 
this year to give Glasgow the new 
museum, although it should not 
have come as such a great surprise. 

“The trustees of the national 
gallery said the museum should be 
in Glasgow because Glasgow is a 
bigger city,” Bill Brown, chairman 
of the Scottish Arts Council, ex- 
plained. Glaswegian officials “of- 
fered fuD cooperation in providing 
painting* and also provided a very 
attractive model In other words. 


FOUNDED I'il 



assumption 
come to Edinburgh anyway. There 
was a monumental row because 


Edinburgh realized it had been up- 
staged by Glasgow.” 

There was also a danger that the 
Scottish Portrait Gallery in the 
capital would have to give up 
many of its works to the new mu- 
seum and dose, although it ap- 
pears now that that will not hap- 
pen. But the threat ired 
Edinburgh officialdom. Actually, 
for a long time approval of the 
new museum project itself was not 
certain — in either city. 

“The trustees had been leading 
a debate for several yean on 
whether there should be a gallery 
for Scottish art," Mr. Brown said 
“There are those who say that to 
do such a thing would ghetto-ire 
Scottish art Others say h would be 
a place of national pride." 

Even though that place is going 
to be someplace else, officials in 
Edinburgh are being gracious. 

“There’s no reason Glasgow 
shouldn't get the gallery,” Jobs 
Wilson, Edinburgh's deputy lord 
provost said “We’re a small 
country of 5.5 million people. The 
two cities are 45 miles (72 kilome- 
ters) apart There's no reason we 
can't both work in harmony." 


He conceded that officials there 
took things far granted during the 
bidding. “We rod tend to rest on 
our laurels,” he said “We need to 
take margarine occasionally when 
other people are getting butter. 
Perhaps we didn’t have enough 
fire in the belly.” 

That can't be said about Glas- 
gow, which has vigorously pur- 
sued festivals, museums and other 
cultural facilities as part of a de- 
cades-long strategy to replace its 
image at home and abroad as a 
dirty, decaying industrial center: 

“Glasgow was seen as a city in 
decline, winch it was,” said Jean 
McFadden. a City Council mem- 
ber. “Then in the 1970s, we started 
a campaig n to enhance the city’s 
image. It actually worked. It 

we* went out'amfstarted grabbing 
opportunities” 

Before the museum project and 
the 1990 festivities, Glasgow be- 
came home to the nati onal opera 
company, which splits its time be- 
tween Glasgow and Edinburgh, 
and more recently to the BnrreO 
Collection, an eclectic assortment 
of art works amassed by Sir Wil- 


liam Burrefl, a 19th century Glas- 
wegian shipping magnate 

A gallery of modem art is sched- 
uled to open in 1996, with roughly 
half of the £65 mflBon, or $10 
rafiko, that has been budgeted for 
its construction likely to come from 
the European Union. The EU is 
also expected to pick up half the 
cost, of budding the museum of 
Scotlidi art, which will run between 
£20 nwIBnn and £30 miHinn 

In fact, much cf Glasgow^ cul- 
tural enrichment can be credited to 

what Mrs. McFadden calls “the de- 
privation factor.” So great are the 
efforts by bodies in and out of 
Scotland to lend assistance that it 
may actually be in . better shape 
than Edinburgh when it comes to 
paying for the finer things in fife. 
As one Glaswegian put tt, “Edin- 
burgh is the capital, Glasgow has 
the capital" 

It certainly had the capital dar- 
ing the 19th century, a time when 
the* arts flourished along with ia- 
(In tf ri ff such as shipbuilding that 

made the city wealthy. 

“You’ve got to go back a little bit 
in history," Mr. Brown of the Arts 
Council said. “Glasgow 100 years 


oiy.lt 


ago was a very 
was the heart of wealth 
not just Scotland The Victorians 
built many galleries, theaters, mu- 
seums. Glasgow has always been a 
city that gave great support to the 
arts." 

Dugald Cameron, director cf the 
Glasgow School of Art, believes the 
ties binding industry and art go 
deeper titan the money earned m 
one being used .to pay for the other. 

“To me the real an of Glasgow is 
contained in the products made by 
Glaswegian industry and that . we , 
hope it wifi make again," the pro- * 
lessor said. “One of the most bean- 
tifid acts is to bufid a ffup up from 
5ted plates, launch it into the Clyde 
and send it off around the wodd” 

Mr. Cameron stud he hopes die 
new museum will combine fine aits 
with design as a way to inspire focal 
industry to mate its goods more 
artfully. “Well never -make tire 
most of anything in the wodd," be 
said, “but we can make the best of 
some things.” 


CONRAD DE AENLLE is a writ- 
er based in Paris. ■ ! 


Aesthetic Qualities Count in Impressionist Sales 


Continued from Page 7 


Here again, the importance of aes- 
thetics was underlined early in the 
sale, when a ravishing view of a 
villag e road under snow and the 
pale transparent light of a winter 
afternoon by Pissarro did much 
better than expected. It exceeded 
the high estimate by one third as it 
ended up at 52^205,000. A late 
Renoir, wefi-painud but not great, 
with a composition that is o r i gin al 
and full of movement, sold for 
54,952^00. This was just about 
right 

Rejections said as much as the 
positive choices about the buyers’ 
carefully discrimmating attitude. 
An unnecessary Pissarro never got 


off the ground and was bought in 
at 3260,000. Its good provenance 
made no diffoence, nor should it 
— a bad painting wifi always re- 
main a bad painting, no matter 
who owned it An equally medio- 
cre Renoir portrait of a guitar 
player was passed at 3850,000, no 
one displaying the faintest inter- 
est Its 31.250,000 to St. 750,000 
es timate nuuk no imp re ss i on in 
contrast to what would have hap- 
pened in the late 1980s when some 
greenhorns would have respectful- 
ly consulted the experts and 
obliged by leaving a commission 
bid. 

Interestingly, one of the more 
repellent (and clumsy) paintings 
by Egon Schiele, “The Love Mak- 
ers (Man and Woman I)*” was 


AsvfKMCtMr Dim- i r I '• M; ■ • ! : r. \ .! . s . ; r • •• 

Salle Saint-Jean Hotel cie Vi Ik- de i’.tri'- 

Nicolas de Stael 

1 6 mars a u 19 juns : 9 '■ ) 4 


: THE LEFEVRE GALLERY 
Stage Designs by 
EDWARD BURRA 

14 April - 12 May 
Alex Reid and Lefevre Ltd 
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auction sales 


IN FRANCE 


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raouofl 


9, Rub [*ouot, 75009 Paris -Tel: (1)48 00 20 20. 


PARIS 


Friday, May 6, 1994 

Room 5 at 2 p.m. - ORIENTAL AND FAR EASTERN ART. 
MUOK-BOBEKr, 19, rue de la Grange BSteKre, 75009 PARIS. 

TeL: (1) 48 00 99 44 -Fix- (1)48 00 98 5& 


Monday, May 9, 1994 

Rooms 5 & 6 at 3.30 p.m. - ORIENTAL RUGS. MILLON- 
ROBERT, 19, rue de !a Grange BStelifere, 75009 PARIS. 

Tel: (1)48 00 99 44 -Fax (D 48 00 98 5a 


PROVINCE 


Sunday, May 15,1994 

EVIAN - PALAIS DBS CONGRJES at 3 p.m. - MUSIC 
INSTRUMENTS: VIOLONS - ALTOS (VIOLA) - BOWS - VIOLS - 
CELLO. MILLON-ROBERT, 19, roe de la Grange B2telifcre, 
75009 PARIS. Tel: (1) 48 00 99 44 - Fix 0) 48 00 98 58. 

Sunday, May 22, 1994 

LE TOUQUET - PAIAIS DE L'EUROPE, Place de [’Hermitage at 
230 pm - 200 PAINTINGS. Eric PttlON, 124, rue Delaroche, 
62100 CALAIS. Tel: (16) 21 97 33 76 - Fax: (16) 21 98 02 31. 


downgraded compared with the 
33,828,000 it cost when last seen at 
auction in a Sotheby’s London 
sale conducted Dec. 4, 1984. After 
inflation, its price on Nov. 2 , 1993 
— 54,677.500 — is less than the 
figure attained a decade ago. Aes- 
thetics are definitely back as a fac- 
tor in the market 

The New York . sate farther 
demonstrated that cash is ready to 
flow when it comes to works con- 
sidered to be of mqor importance. 

Sotheby’s was offering the last 
of the large-size cut-out designs 
made by Matisse in the early 1950s 
when, crippled and reduced to 
moving about in a wheelchair, be 
could no longer wield the brush. 
The “last chance” syndrome 
worked to the fufi. Crude and un- 
gainly as it may be, the Matisse 
brought a phenomenal 
513,752,000. 

Four weeks later, the London 
sales, while bearing out the broad 
conclusions, added many nuances 
to the overall picture. 

There was only one truly signifi- 
cant work. The portrait of the 
Hungarian-born. French by cul- 
ture, and later American dealer 
Josq>h Brommer was painted by 
Le Douanier Rousseau in 1909. 
All professionals were saying that 
this was the last important Douan- 
ier Rousseau in private tends. On 
Nov. 29 it set a world record for ' 
the artist at £2,971,500 
(34,398,000). 

Big money was available at the 

3 , no matter for what style or 
x>L canoe the message. More 
interesting was a secondary mes- 
sage: Money is also available for 
CTnkn masterpieces. In the recent 
past big investors ted no time for 
these, and probably still do not 
This is yet another indication of 


the revived importance of aesthet- 
ic considerations at auction. 

Chi Nov. 30, Sotheby's included 
in its sale works consigned by the 
Paris dealer in rare books and oth- 
er things, Hare Bers. One of these 
was a beautiful, small stifi life with 
a guitar, only 28 by 19.4 centime- 
ters (11 by 7.6 inches), done by 
Juan Gris as a cover fra a volume 
of Pierre Reverdy's “Pofcmes at 
Prose.” It made £463,500. If this 
does not seem enormous, as it 
should, this is only because the 
huge estimate given by Sotheby's 
reflects the huge ambitions of the 
vendor. ' 

Another Bers picture, absolute- 
ly exquisite for its summer light 
and summertime mood, shows two 
women seated in a garden. Vuil- 
lard painted it about 1899-1900. 
“Sons le Portiqne" sold fra the 
same price as the Juan Gris, a very 
large amount fora VtdHard of that 
penod. Rarity had nothing to do 
with the success — other V uillar ds 
of that type could be found. It was 
the painterly perfection of the 
work that sent its price soaring. 

Sheer mastery again helped a 
painting hovering between tnefig- 
ural — an urban view seen 
through the distorting prism of a 
wet pane — and geometrical ab- 
straction by Maria Helena Vieira 
da Silva. Dated 1959, it made 
£73,000. This may not seem much, 
bat according to the criteria that 
prevailed until this sale, it is a lot 
for a painting that is not done in 
the pref e rred style of the artist 

Even more telling is the 
£200,500 paid for the portrait of a 
young girl by Balthns. Painted in 
1938, it is unlike the pictures to 
which Balthns owes his fame. It 
could be characterized as the tail- 
end of a long European tradition 


to the 15th century. Stylistically, 
its immediate forebears are the 
portraits of Picasso done around 
1900. Marvelous but atypical, it 
drew unflattering comments from 
leading professionals. 

The next important sales wifi 
take place in New Yoifc in the 
second week of May. The perms- - 
rient and i r r ev ersi ble trend ewer , 
the long term the dwindling 
number of works for sale — con- 
tinues to affect the market Im- 
pressionism is gone, where major 
art is concerned, and gomgregard- 
ing the second division, ine mar- 
ket now processes tirird-raters. 

Christie’s wisely gave up any 
pretence cf holding an early spring 

sale in London. Sotheby’s made 
an attempt that only succeeded in 
keeping the sale tide alive. “Iro 
pressi onist. Modem and CanteOh 
porary Art” had virtually nothing 
that qualifies as Impressionist A 
Neo-impressionist landscape 
done by Gustave Lraseau in 19u2 - 
came closest to it Estimated to be 
worth £15,000 to £20,000, h wts 
knocked down at £27,600. Nett 
came Guillaumin’s landscape 
“Paysa ge de la Creuse,” tfetdry 
rather than Impressionist It went . 
up to £18,925. 

And that was it Several 
century duds (Kandinsky’s 
“Mondnacht” painted m Tunis, a 
pen-and-sepia wash by Deforce, 
which Sotheby's heroically if ttn- 
wisdy ran on the cover) dropped 
dead, as they deserved to. Thu » a 
good sign for the market Present 
day buyers are not to be fooled 

This, in turn, is the best insur- 
ance policy against a crisis. The 
market has never been so vigorous 
and so wise all at once. - ' £ 


GALERIE VILLAREAL 

Art and the pleasure of Investing 

B£BTIN • BERGER - DURENPTE - DTSPAJUJES - EMP! - Pxank WELL . Otbtm 

, HttESZ-GAILLARDOT -GERARD- GIL- HEHBO.LAVniX-IAIMr . 

IMACLET- HNCAS - FERETH - QU1ZET - SAVREUX - STUPAR - URANOVSKy| 




93861040 


The Estate of 

Raphael SOYER 


smBaasaasm 



136 . Faubourg Sabit-Honore. 75008 Paris 

CAILLEUX 

Old Master Paintings & Drawings 
TeL: (1) 43.59.25.24 - Fax: (l) 42.25.95.1 1 



Yves M ikaeloff 

10 and 14 meRoytde 
75008 Paris 

Tel: (33-1)42 6164 42 
Ftt: (33-1) 49270732 


CROSVFNOR 
G a 1 1 r. r > 

•\\XE-fJKR(,SO\ 

FRANCIS PI II I.l UTs 

V.^-'ra'W ' 







Page 9 






, s *■ 

QK 
*:v.; St 


Antiques ! A Special Report 



Hockney’s Focus: 

New Ways of Seeing 
The World ’s Beauty 


By Diana Rico 


r »i v 


an 


* *J 


L OSANGELES — Most 
people, wfaea ibey reach 
Jflor n»d-50s, start to 
think about the gemJe 
pleasures of retiring. 

Noi 1 ®® ^ avid Hockney. The 56- 
year-old Y orkshireman — who 
ironically, has become known 
worldwide as the quintessential 
parnier of California, where he has 
lived since 1976 — is if anything 
stepping up the pace. He will havl 
■new paintings and drawings ex- 
hibited this year and neat, an auto- 
biography has recently been pub- 
lished, both new and restaged 
opera works are planned anda 
couple of retrospective shows 
thrown in for good measure. 

. work stopped when 
1 fall over,” declares the bespecta- 
cled artist, only half -jokingly. In 
an interview on a recent spring 
day in the orange-walled, blue- 
carpeted den of his Hollywood 
Hills home, Mr. Hockney exuded 
an engaging blend of restless 
schoolboy energy and hone-diy 
Noel Coward wit. From the gaily 
colored sofas one could see his 
pool — made famous in his 1970s 
paintings of lithe male bathers — 
surrounded by bougainvillea in 
brilliant bloom. He was preparing 
to fly to Houston, where ins volup- 
tuous set designs for Puccini’s 
Turandot, first created for the San 
Francisco Opera last year, were 
being remounted for a production 
by the Houston Grand Opera 
April 21 -May 8. 

Assistants wandered in and out 
as he showed a video he had just 
made of recent abstract gouache 
paintings and crayon portraits of 
family and friends. The portraits 
will be exhibited at the 1853 Gal- 
lery in his birthplace of Bradford, 


England, m July and August; the 
show then travels to the Andre 
Emmench Gallery in New York 
ana toEA. Louver Gallery, where 
an exhibit of new abstract works 
has just closed. 

An acknowledged modem mas- 
ter of drawing, Mr. Hockney will 

also have a major retrospective of 
ms works in this medium being 
organized by the Hamburg 
Kunsthalle. The show is due to 
open in. 1995 and will travel to 
London's Royal Academy or Arts, 
the Centre Georges Pompidou in 
Fans, the Los Angeles County 
Museum of An and the Guggen- 
heim Museum in New York. 

“I see the world as beautiful, 
andj try and point it out to oth- 
ers." says the artisL "I think we 
should see it as beautiful; for us to 
deny that would be terrible. And 
it’s often denied because we can’t 
look at it right.” 

Mr. Hockney has dedicated his 
working tife to learning to “look at 
it right.” Creating thought-pro- 
voking art as a student at Lon- 
don's Royal College of An in the 
1960s, his earliest works mixed fig- 
urative and abstract elements in 
offbeat ways, faithfully reproduc- 
ing the conventions of representa- 
tional painting while playfully re- 
minding us that art is, after all, 
only make-believe. 

After coming to California for 
the first time in 1964, Mr. Hock- 
ney had an artist's love affair with 
pool water, depicting it in snaky 
squiggles, with interlocking 
masses of limpid greens and blues, 
and in swishy brushstrokes dis- 
solving into mosaics of light He 
also captured the landscapes of 
Los Angeles — the boxy modem 
buildings, the twisty canyon 
roads, the textures of sea, moun- 
tain, and subtropical foliage — in 
increasingly complex paintings 



15 Minutes’ Fame, Continued 


By Dana Micucd 


A gouache drawing by David Hockney, 1994. 


that by the 1980s had become full- 
blown meditations on the mechan- 
ics of seeing. 

A selection of these works can 
be seen in “Hockney in Califor- 
nia,” an exhibit at the Takashi- 
maya Art Gallery in Tokyo 
through May 10 that will travel'to 
Kagawa, Fukushima, and Chiba. 

Mr. Hockney has worked with a 
wide range of media — from his 
CuBist photocollages of the 1980s 
and his opera sets, to primmak- 
ing, faxes, xeroxes, video s rills, 
and computer art. What underlies 
these all is a playful sense of ex- 
perimentation and a desire to find 
new and, he believes, ever more 
accurate ways to reproduce what 
the eye sees. 

Take his latest project, a com- 
mission to design sets for a tele- 
vised opera contest to be hosted by 
Pfecido Domingo in Mexico City in 
the fall. One reason he’s screening a 
video today is to see bow painted 
colors turn out on the TV screea “I 
think we can make fantastic color 
that you've never seen before be- 
cause nobody's taken the trouble to 
think about how the color should 
get to the screen," he says. 


This son of investigation has 
brought him under fire in some 
quarters. His strongest work in re- 
cent years has been outside of the 
anointed realm of pointing. “Many 
artwatchera who have continued to 
live in hope of something impor- 
tant to come," wrote one critic last 
year, “believe Hockney has became 
sidetracked in a blind alley of per- 
manent experimentation." 

Mr. Hockney seems unperturbed 
by these criticisms. “When you get 
to be my age as an artist, you dooT 
really care what criticism there is. 
I've nad the great advantage in my 
life that I’ve never been taken too 
seriously, because you’re more or 
less left alone to do whatever you 
want to do," he laughs. “I pursue 
my own in tuitions, ami they’ve nev- 
er let me down." 

Another volley he sometimes 
takes is for the sunlit optimism of 
his work. Lately, however, a subtle 
sense of emptiness has crept into 
the paintings, billow abstract 
landscapes unpeopled by figures. 

He discusses his isolation, 
which is partly the result of en- 
croaching deafness, in his autobi- 
ography, “That’s the Way I See 


LA l«ner tuflerj 


It.” which was copublished in No- 
vember by Thames & Hudson in 
Britain and Chronicle Books in 
the United States. Long an open 
homosexual, Mr. Hockney also 
admits that the loneliness grows 
out of the deaths from AIDS of 
more than two dozen friends. 

“My answer to the idea ’Your 
art's too pleasing’ is that 1 have to 
make the an I need and feel is in 
me." he says. “I’m deeply aware 
it’s not a perfect world. I'm deeply 
aware it’s full of sadnesses. Never- 
theless 1 think a visual art lhatis a 
pleasure to the eye is quite impor- 
tant. The urge to pleasure is very 
strong in us. What 1 do, 1 hope, is 
express my own joy in the world, 
no mailer how bad it is." 


DIANA RICO, editor of Interna- 
tional Documentary magazine, 
writes for ARTnews, Harper's Ba- 
zaar and G. Q. 


P ITTSBURGH — A city best known for its 
steel hills and bridges also happens to be 
Andy Warhol's hometown and the site of one 
of the major American art events this year. 
The Andy Warbol Museum, billed as the most 
comprehensive single- anisi museum in the world, will 
open its doors May 16 in a renovated historic ware- 
house in downtown Pittsburgh. The museum will 
house a collection of more than 3,000 worts by the 
Pop artist, the largest holding of Warhol’s art. 

Many of the paintings, drawings, sculptures, photo- 
graphs and films, which have been donated by New 
York's Dia Center for the Arts and The Andy Warhol 
Foundation for the Visual Arts, have never before 
been exhibited. The Carnegie Institute in Pittsburgh, a 
third partner in the project, will provide financial and 
administrative support. 

The idea for the museum was initiated by Dio. 
which had been organizing an ongoing series of War- 
hol exhibitions. Phil Spade Menil, the noted an collec- 
tor and patron of Dia. reportedly secured agreement 
from Warhol before his death in 1987 10 pursue a long- 
term venue for his work. 

“Our aim is to present the life and wort of Warhol, 
one of the greatest innovators of our time, in the 
context of 20th century art," says Thomas N. Arm- 
strong III, director of The Andy Warhol Museum and 
former director of the Whitney Museum of American 
An in New York. “The scope of his creative activity 
was extraordinary. More than any other figure of this 
era. he challenged our way of thinking about an." 

The museum's collection, selections from which mil 
fill six floors of galleries, comprises a full range or 
WarhoTs works from the mid-1950s to the late 1980s. 
Notable among them are his sculptures of Briiio boxes 
and Heinz boxes, the silkscreeij paintings “Three 
Marilyns,” “Elvis (11 Tunes)." and “Campbell Soup 
Can," and films from the ’60s. including “Empire" 
and “Sleep.” Also on display will be his self-portraits, 
“Disaster” and “Last Supper" pointings, and commis- 
sioned portraits from the *70s of Mao Zedong, Mick 
Jagger, Princess Caroline of Monaco and others. 

A special feature of the museum is its vast archive of 
the artist's correspondence, diaries, source materials 
for paintings, 2,500 videotapes and audiotapes, and 
over 600 “time capsules.” boxes filled with such 
ephemera as letters from Liz Taylor, magazines, post- 
cards, junk mail and restaurant menus that Warhol 
collected to document his daily life. 


“It’s central to Warhol's long-term legacy to have 
this tremendous expression of his art in one place.” 
says Archibald L. Gillies, president of The Andy 
Warhol Foundation for the Visual Arts. "The Andy 
Warhol Museum is similar in concept to the Muste 
Picasso in Paris, but it’s bigger and more varied.” 

The notion of a single-artist museum is fitting for a 
prolific artist like Warbol who worked in such a broad 
variety of media, according to Charles Wright, direc- 
tor of Dia Center for die Arts. 

“It's appropriate to see Warhol's work en masse in a 
large space." says Mr. Wright, whose mission at Dia is 
to present the work of single artists in great depth. 
“The new museum will give one an idea of the obses- 
sive way in which be wotted." 

The Andy Warhol Museum will also offer lectures, a 
public education program for neighboring schools, a 
bookstore and cafe and screenings of Warhol’s films 
and videos in a theater equipped with original 1928 
Marcel Breuer chairs from a movie bouse outside 
Paris. 

Warhol was bora in Pittsburgh m 1 928. He studied 
design at Carnegie Mellon University, and in 1949 
moved to New York City, where he became a success- 
ful commercial artist. 

His meteoric rise from artist to Pop icon began in 
the early 1960s, with exhibitions of his paintings and 
silkscreeos. Throughout the next two decades, his 
artistic output grew to include films and videos, the 
rock group “velvet Underground” and Interview 
magazine, all part of a commercial empire that made 
Warhol a cultural phenomenon worldwide. 

“Anyone who wants to understand the 21 si century, 
whether a scholar, engineer or poet, will have to see how 
Warhol understood the 20th century." says Kasper 
Komg, dean of the Slate University for the Fine Arts in 
Frankfurt. 

A selection of Warhol’s art will be on display in 
Europe in the coming months. An exhibition or his 
abstract works from the *70s and '80s. including his 
camouflage paintings- will be at the Rooseum in 
Malmo, Sweden from May 21-JuIy 31. and will travel 
to I.V.A.M. Centre Julio Gonzalez in Valencia. Spain 
in September. 

The Anthony d’Offay Gallery in London is present- 
ing a show of Warhol’s portraits from the 70s and '80s 
through May 28. while an exhibition of 47 works on 
Warhol will be on view at Munich's Edition 
from April 27-Sept. 30. 


DANA BOCUCCI is a journalist based in Hew York. 


Roots of Sotheby’s Global Art Empire 


•1 


% Barry James 


A N 18th century book- 
seller who hit on the 
idea of auctioning book 
collections for the aris- 
tocracy sowed the seeds of Soth- 
eby’s, the world’s biggest fine arts 
sales empire, which is celebrating 
its 250tl anniversary this year. 

With operations in more than 
100 coin tries and sales of more 
than SL3 billion last year, Soth- 
eby's trices its origins to Samuel 
Baker, a London bookseller who 
set up in business in 1733. He 
arranged the first auction of a li- 
brary tnder his own name in 1744, 
which Sotheby's counts as its offi- 
cial yar of birth. 

An inportant theory in aesthet- 
ics hdds that anything can be- 
come.! work of art provided that 
“the nark el” accepts it as such. 
Sothoy’s and its main rival Chris- 
tie’s see key players in this markeL 
And with its lavish and heavily 
publtized shows, Sotheby's has 
playd an important part in driv- 
ing set prices upwards. 

“I'is a question of knowing how 
lasts are evolving and how oppor- 
tuniies are moving," said Diana 
Brooks, the recently appointed 
presdent of Sotheby’s Holdings. 
Ash. she added, “is a part of t he 
wodd that is going to be extremely 
jmp rtant because of its economic 
poratiaL" 

looks provided the bulk of 
Sobeby’s livelihood for its first 
2Cjr years, but in the past half- 
ceitury it has branched out into 
selin g' anything from bibelots to 
red estate, virtually anywhere. 

Baker’s first sale of “several 
Hindred scarce and valuable 


Books in aO branches of Polite Lit- 
erature” fetched what was, at the 
time, the whopping sum of £826. 

Eleven yearn ago, Sotheby's sold 
a single book for £8.14 million (SI2 
million at current rates), a world 
record stiH The price paid for the 
Gospels of Henry the lion by a 
consortium of German stales and 
banks was also at that time the 
highest price paid for any work of 
art The book is cm display at the 
museum ip Wolfcnbuttcl. near 
Hannover. 

Baker and his successors han- 
dled most of the great libraries 
sold during the next 100 years, 
including that of Talleyrand. 

In 1767. Baker went into part- 
nership with George Leigh — a 
gifted auctioneer who exploited 
his natural sense of theatrical tim- 
ing to push prices higher. 

“When a high priced book is 
balancing between £15 and £20. it 
is a fearful sign of its reaching an 
additional sum if Mr. Leigh 
should lay down his hammer and 
delve into his snuff box,” said one 
contemporary. 

The first Soiheby was Baker's 
nephew, John, who extended the 
company' s role to take in the sale 
of prints, coins, medals and antiq- 


uities. The last of the Sothebys 
died in 1861. Since then the com- 
pany has gone through the hands 
of various partners. 

In 1917. the auction house 
moved to New Bond Street, where 
its sales of works of fine art and 
antiquities began to outstrip those 
ofbooks. 

With the decline of many of the 
great British country houses in the 
1920s, Sotheby’s hit on the idea of 
organizing sales In the old homes 
themselves. The company 
bounced back quickly aTter World 
War U, taking advantage of the 
partial relaxation of exchange- 
control regulations that enabled 
London to become once again an 
international auction center. In 
1955, Sotheby’s opened its office 
in New York. 

The fine arts business began 
booming in the late 1950s with the 
first of the major sales of Impres- 
sionist and post-impressionist 
works. In 1957, Sotheby’s held its 
firat evening sale since the 18th 
century, with guests and bidders 
asked to wear evening dress. The 
collection of seven paintings 
fetched £781,000, including Ce- 
zanne's Garcon au Gilei Rouge, 
which was sold to Paul Mellon (or 


£220.000 — seven times more than 
had been paid for any modem 
painting at a British auction. 

Since the opening of the New 
York office, Sotheby’s has concen- 
trated its development abroad. 

The 1980s saw a booming mar- 
ket in most categories, and in 1987 
Sotheby's sales topped $! billion 
for the first time. They shot up to 

51.8 billion the following year, 

52.9 billion in 1989 and S3 2 bil- 
lion in 1990, only to fall back to 
$13 billion the foUowingyearwith 
the Gulf War and the onset of 
recession. 

After two more relatively lean 
years, Sotheby’s says that confi- 
dence and growth are returning to 
the markeL Mrs. Brooks said that 
a realistic market “would be be 
somewhere between where we 
were and where we are." 

Forthcoming sales include (he 
shark that once hung in the Har- 
rocTs food hall, four original gypsy^ 
caravans, China’s most valuable’ 
stamp and a Turkish oil lamp, as 
well as more traditional fine art 
objects and paintings. 


BARRY JAMES is on the staff of 
the International Herald Tribune 






** j# I 




THE BRITISH 

ANTIQUE 

DEALERS’ 

ASSOCIATION 

FAIR 


.MEMBERS OF 
BRIT ATCS LEADING ANTIQUE 
DEALERS' ASSOCIATION 
WILL BE EXHIBITING 

THE DUKE 
OF YORK'S 

HEADQUARTERS 

CHELSEA. LONDON. SW3 

4th - 10th 

MAY 1994 

CHARITY GALA 
PREVIEW* 
3rdMAY6.00-9.00pm 
WEEKDAYS 1 1-OOam-H.OOp.m 

SATURDAY. SUNDAY 

& LAST DAY H.0OA.U-O-0OKM 
£10-00 (SINGLE) 
£15.00 (DOUBLE) 

TO INCLUDE ONE 
ILA-DA- YEARBOOK 
•ADMISSION’ DETAILS 
on application 
B^-D-A.~REE d 
exhibitions ltd 
TEL: 071 824 8493 
FAX« 071 824 8409 


[WALLY FINDLAY GALLERIES INTERNATIONAL^ 
2, Ay. Matignon 48, Av.Gabriel 


75008 


MS - Tel. 42.25.70.74 


GANTHER 

Nov. 1993 

Ardissone - Bittar - Bourrtd - Chau ray - 
Dubord - Fabian - Gaveau - Hambourg 
Kluge - Sebire - Tchoubanov - Vignolas. 



ART DEALERS 
ASSOCIATION OF AMERICA 

The Nation^ Leading Art GaUenes 


Colnagbi* 

21 E 67 NY 


Charles Cowles 
C20 W B-.vay NY 


Elkon*' 

16 E 37 NY 


Annua! ExhWtton d OW Master & 1 9th Century 
Drawings Apr 27- May 27 'U^Ca^og A^. , 
Exhibiting at International Fme Aits Fair. Boah Pfl 


Representing: Bates, Chihuty, Cobo, 
La Noue, Fonseca. Pepper 



Modem & Conlemporaiy Masie^ Bfitthus- 
Delvaux, Dubuffet, Ernst. Francs. Magntta. 
Martin, Maltese. MotfiewBU. Picasso. T&pgs_ 

20th Century Realism. American 
Modernism & Contemporary Figurative Art 


Richard Gray 

620 N Michigan Chi. (L 


Nohra Haime 

41 E 57 NY 


Lillian Heidenberg 
50 V,' 57 NY 


Nancy Hoffman 

429 \ V 3 way NY 


Janis 

1 1 0 \V 57 NY 


Modem and Contemporary 
Paintings and Sculpture pi2) 642-B87T 


Luis Caballero: The Male Nude 
Susana Jaitne-Mena: Blue 


Lynn Chadwick, Henry Moore. Bartrara 
Hepworth, Sandro Ctaa, Mimno Paiatfmo 
among other major masters 


John Okulidc Sculpture To May 25 

20th Century Masters: Arp to M 
Mondrian to Lichtenstein Thru May 



The Art of 18th Century France 


American Modernists, Stuart Davis. 

XIX Century, Corot Constable. Oetacrax. 
Contemporary Artists, OJitsM. Noland 


Stair Stainty Matthieson 
7 E 30 NY 


Stiebel Modern 

32 E 57 NY 


Italian & French Paintings from the 
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I Lee Smith HI: Dreams & Memories 
May 12- June 11 


'Mor -Sat "Mon-Fri ‘"TuSS-Fri * , n , nr nml 

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IWbluam BECKMAN 

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Moderna 

Kvaliten 


STOCKHOLM S 
AUKTf ON5VERK 


AUCTION JUNE 2 
ON VIEW MAY 2J-30 
Catalogue on request 

Pablo Picasso: Buste du 
femme 

au collier. Signed 1953 
Oil/canvas. 61x46 cm. 


Jakotugatan io, po box ib2|jb, s-ioj 25 Stockholm, Sweden, 

PHOSF + 4-b 8 45 J 67 OO, FAX + 4b S IC2S45 


EDGAR DEGAS 

Drawings 

April 29 - June 10, 1994 

Marc de Montebello Fine Art, Ihc. 

Nine East 84th Street 
New York, New York 10028 
Telephone (212) 472-1496 

CATALOGUE AVAILABLE UPON REQUEST 


Exhibition 


★ THE ART OF VIETNAM ★ 


300 Works on View 



ROY MILES GALLERY 
29 Bruton Street W1 

Monday-Friday 9am-6pm • Saturday 9am- lpm 

Telephone 071-495 4747 




CHRISTIES 


(S ,.«# 


VUX Si* 0 -W c ^ s* v :#$r:* 

7 'V & O 'b 


Belle Epoque Diamond Tiara, n j 1910 
To be sold in Genet>a on 1 9 May 1 994 
Estimate : Sfr 130-1 60‘ 000 

Important Spring Auctions 

At the Hotel Richemond, Geneva 
13 - 19 May 1994 

Under the aegis of Me Chrisrin, huissier judiriaire 

Fine and Rare Wines 
Sunday 15 May at 11:00 a.m. & 2:30 p.m. 
(Wine Tasting on Saturday 14 May at 11:00 a.m.) 

European Ceramics and Galanterie 
Monday 16 May at 2:30 p.m. 

Important European Silver 
Gold Boxes and Objects of Vertu 
Important Russian Works of Art 
by Carl Faberg£ and Paintings 
Tuesday 17 May ar 10:30 a.m., 

2:30 p.m. & 4:00 p.m. 

Important Watches and Wrisfwatches 
Fine Portrait Miniatures 
Wednesday 18 May at 10:00 a.m.. 

2:00 p.m. & 5.00 p.m. 

Magnificent Jewels 
Thursday 19 May at 10:30 a.m., 

2:30 p.m. & 8:00 p.m. 

For Jurther information and catalogues: 

Nicole Guiraud 

8, place de la Taconnerie 1204 Genevj 
Tel: (4122) 311 17 66 
Fax: (4122) 311 55 59 


J 


Special Exhibition and Sale 
June 1-25, 1994 

Archaic Chinese Bronzes, 
Jades and Works of Art 



Catalogue: $55 ppd, $63 overseas 

J. J. Lally & Co. 

ORIENTAL ART 

41 East 57 street New York, NY 10022 
Td (2U) 371-3380 Pax (212) 593-4699 






Page 10 


Arts and Antiques I A Special Report 


Is Market for Precious Stones Sparkling Once Again, or Just Blinking? 


By Sonren Melildan 

V IGOROUS or soften- 
ing? Depending on who 
you listen to— the gem 
professionals or the 
auction house experts — the an- 
swers haw never been so widely 
divergent in the jewelry business. 

At the top, the market looks 
reasonably impressive. On April 
12, Christie’s had every reason to 
congratulate itself when a star 
ruby and diamond ring, which it 
expected to knock down between 
5220,000 and $260,000, rose to 
$1,080^00, setting a world record 
for a star mby at 541,000 per car- 
at. 

This one had a star design with 
remarkably straight, clear-cut 
lines. Given its deep red color and 
the large size — 26.40 carat— this 
made it irresistible. But while pro- 
fessionals thought it might double 
the high estimate, no one dreamed 
it would multiply it more than 
fivefold. 

The buyer’s name is Moham- 
med Mahdi al-Tajir from the 
United Arab Emirates. His collec- 
tion of European silver from the 
17th to the 19th century could be 
admired in a London show in Jan- 
uary 1990. Stone professionals will 
be surprised to learn that Mr. al- 
Tajir is also prepared lo go for tbe 
top in rare stones. 

Two days later, it was the turn 
of Sotheby’s to enjoy triumph with 
big gems- At $4.402400, a dia- 
mond necklace with 10 pear- 
shaped pendants of D-cdor, inter- 
nally flawless (in the jargon of the 
Gcmmologica] Institute of Ameri- 
ca, this describes (he top of the 
top) has become the most expen- 
sive necklace ever sold at auction. 
The signature of Harry Winston 
obviously made a difference. As a 
jeweler who insisted on remaining 
anonymous pointed out, he alone 
in the past would have had the 
fmandal ability to buy as well as 
the courage to keep long enough 
the 10 diamonds, which together 
' 199.34 carats. 


today, this would probably be 
impossible for anyone including 
the Harry Winston firm. (The two 
sons, Bruce and Ronald, who took 


over the company are locked in a 
highly publicized dispute that par- 
alyzes and even threatens the very 
existence of Hany Winston, as the 
Miami Herald concluded in Janu- 

af The anonymous jeweler reckons 
that it would have taken Harry 
Winston at least a year to gather 
and cut the stones to perfect sym- 
metry. In some cases, this proba- 
bly involved a small loss of weight 
and, therefore, increased the cost. 
In addition, there were many 
smaller diamonds whose color 
grades, conveyed by letters of the 
alphabet according to the system 
or the Gemmotogical Institute of 
America, were not nearly as good 
as “D." All together fee invest- 
ment, even for such a powerful 
company, must have been phe- 
nomena] before the object was 
eventually sold. Here too, the rar- 
ity of the finished product was fee 
key to the successful outcome. 

Yet there was no great rush. The 
unprinted estimate quoted to New 
York professionals was $4 million 
to S5 Minion, (without premium). 
But the stonecutters and retailers 
alike kept saying it was worfeper- 
baps S3J adUioa to 53.6 minion, 
including fee 10 percent premium. 
In the event, it was bought by 
Ahmed H. Fitaihi, president of the 
retailing business based in Jeddah, 
Saudi Arabia, feat carries his 
name. Mr. Fitaihi, who confirmed 
in a telephone interview that he 
did acquire it, said be had bought 
it on the reserve. 

John D. Block, director of Soth- 
eby’s jewelery department, for his 
part assures that he had “three 
bids on the telephone at S3.S ant- 
lion.” That does not actually con- 
tradict Mr. Fitaihfs contention. 
Many in New York jewelery cir- 
cles are convinced that be was in- 
deed the only real contender. 

Nor is it by any means fee only 
significant acquisition feat fee 
Jeddah jewel merchant made that 
day. Minutes before, the other 
sensation in the sale was a “Fancy 
Blue Natural color diamond, the 
largest round brilliant cut dia- 
mond of fancy blue color ( 13.22 
carats) ever offered at auction,” 
Sotheby’s catalogue entry ob- 
serves. It climbed to 54,237400. 


At 5320,499 per carat, this makes 
it the third highest price per carat 
for a blue diamond. The record 
price for Fancy Blue Diamonds 
now stands at 5500,000 per carat 

These twin purchases made 
Sotheby's day and were enough to 
raise its sales to nearly SO percent 
more than Christie’s. They also 
serve to underline the extraordi- 
nary fragility of the market which, 
in the past four years, has been 
increasingly dominated by a single 
buyer. Mr. Fitaihi emerged rather 
suddenly on the international 
scene in fee autumn of 1990. In 
November last year, according to 
one stonecutter. 70 percent of 
Sotheby's sale by value in Geneva 
was bought by the Jeddah mer- 
chant 

This time, according to fee cal- 
culations of a professional who 
declined to be identified, had Mr. 
fitaihi not been bidding, fee fail- 
ure rate by value at Sotheby’s and 
Christie’s would have been around 
half fee total knockdown in both 
houses, instead of just over 20 per- 
cent at Sotheby’s (where sold 
items added up to $29-5 million) 
and31 percent at Christie’s, which 
sold $20 2 /Trillion, worth of jewels. 

In other words, fee apparent 
bullishness at the top, with prices 
sailing close to all-time highs, con- 


ceals a certain lack of stamina. 
The one-horse cart could topple if 
fee only horse stalled. Some stone- 
cutters and retailers who are now 
fee main source of supply of auc- 
tion houses are deeply concerned 
about fee current trend. Com- 
pounding the problem, fee auction 
market in the middle area, say for 
good diamonds weighing S to 8 
carats, is getting softer from one 
sale to fee next. John Block said 
that in mid-April there was “no 
support from the trade.” 

At Christies on April 12, a 
stone ring wife a pear-shaped 3.66 
carat diamond of G color and VS1 
clarity was bought in at $20,000 — 
$5,400 per carat — without any 
bid co ming from fee room. It was 
estimated slightly on fee high side 
at $8^200 per carat But a jeweler 
said it should have sold. If you 
wanted one in the trade, you 
would have had to pay $7,000 to 
$8,000 pa carat At Sotheby's 
there were similar cases. A 3.25- 
carat diam ond ring was bought in 
at $13,000. below the $15,000 to 
$20,000 estimate. It has no color 
or transparency grading certifi- 
cate. A professional who looked at 
it says it is probably H or I on fee 
Gemroolojpcal Institute of Ameri- 
ca chart There are just so takers 
for these kinds of stones. 


But William Goldberg, the re- 
nowned New York stonecutter, 
corrects this impression of a weak- 
er market for small stones by ril- 
ing his own experience at fee Basel 
fair in April where the family busi- 
ness sold several stones in this 
range. His view is that there were 
too many mediocre, undesirable 
stones in recent auctions. 

Undoubtedly, things only look 
up when a rarity factor comes in. 
Signed jewels incorporating im- 
portant stones do wdL At Soth- 
eby’s, a ring with fee signature 
Winston on the platinum mount 
carried a 33.6 carat diamond rated 
by fee GIA to be D cdor, and 
VYS2 in clarity. But the working 
diagram notes feat it is “potential- 
ly flawless.” In plain English, by 
repolishing and reducing its 
weight minimally, perhaps to 
3 155 or 33J8 carats, it win turn 
into a so-called flawless stone of 
the highest order. Hence the 
$2,147,000 that it eventually 

raaHt* 

This represents $64,700 pa car- 
at and compares wife the 562,628 
pa carat which was given on June 
15, 1987 at Sotheby’s New York 
for a 35.87 carat flawless diamond. 
In the category immediately under 
the top, the price level is pretty 
much the same as in 1987. Nor 


should this come as a surprise. 
Much fee same state of affairs is 10 

be observed in various areas of the 

art market 

Another example of a successful 
signed jewel is the sapphire and 
diamond nwH«r» made by the 
Swiss-bom Ostertag in Paris 
around 1935. At $ 937400 , it ex- 
ceeded even Sotheby's expecta- 
tions. 

At Christie's tl» pattern was the 
same. A diam ond necklace wife 
two rows of graduated circular-cut 
diamonds flanking a central band 
of three-stone motifs imitating 
leaves was designed by Hany 
Winston in the early 1950s. GIA 
certificates indicate the stones 
were of F or G color, wife varying 
grades of transparaicy. It wait up 
to $541400. 

Both rooms now pin their hopes 
for feefuture on the Far East, with 
Christie’s running of Soth- 
eby's. On Oct. 10, 1993, it bdd the 
first ever auction of jewelry and 
watches in Tajpei 

On May 2 and 3, Francois Cur- 
id, director of jewelry sales at 
Christies’ worldwide, will be con- 
ducting the first jadeite jewelry 
and watches auction in Hong 
Kong. On fee ghtz market, the 
confrcatatiou between the big two 
now extends to fee Far East 




. «r 

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'Mk 






11 mm 


*js 

'•if# 1 

file nit ts! expensive 

■Vd ckincu cTcT wv/i'/ n! 

niu iicui hroimhi S4.-4i.i-..'' ‘A ' 


Softc hft 


As Auctions Decline, Dealers Dominate in Medieval Works 


EXHIBITION 

OF 

SELECTED 

19tli and 20th Century 
OIL PAINTINGS 
21st April - 7th May 1994 

Malcolm Innes 
Gallery 



RICHARD ANSDELLELA. 

Going to be Fed. OO 00 canvas: 30 x 40 Us. 


172 Walton Street • London • SW3 2JL 
Tel: 071-584 0575 • Fax: 071-589 1066 


MARLBOROUGH 



Seven Tomatoes, 1992 CHI on canvas, 38 x 46 an 

AVIGDOR ARDKHA 

Works 1992-93 
6 May - 4 June 1994 

MARLBOROUGH FINE ART (LONDON) LTD 

6 Albemarle Street, London Wt Tel: 44-71-629 51«St Fax: 44-71-629 6338 


By Souren Metikfen 

L ondon — siowiy, fee 
market pendulum is 
swinging back in favor 
of the trade versus fee 
auction houses when it comes to 
the an of the Middle Ages, the 
Renaissance and the early Ba- 
roque Age. 

Last March, at Maastricht, 
wallring through fee stands of the 
dealers who specialize in the Grid 
was like going through one of 
those fabled auctions, replete with 
works of every category, in every 
price bracket that were still being 
held a decade ago. The only differ- 
ence is that they were not illustrat- 
ed in one catalogue as is fee case 
in auction houses. By contrast. 



and Sotheby’s where 
or seven centuries is lumped to- 
gether under the faintly ridiculous 
title “European Sculpture and 
Works" was a disappointing expe- 
rience to anyone used to the abun- 
dance of yore. 

There was a telltale similarity 
between fee covers of Christie's 
catalogue cm April 20 and Soth- 
eby’s catalogue cf April 21. Both 


GINO HOLLANDER 


For information: 

Owners 

Collectors • Dealers 

Hollander Studio 

979 Queen Street 
Aspen, Colorado 816 ft 
Tel.: 303/925-7855 


MANHATTAN 
ARTS & ANTIQUES 


TOM Second Avenae at 56ft Sant 
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The Noun's Lngest and finest 
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OPEN TO THE PUBL/C 
BML-Saf. 10:30-6.-00 - SUL 12004:00 


The International Fine firt Fair - New York City - May 13-17, 1994 


sess 


^•bMRovFlSH:^, 

foaMtK. 

Old Mastci Paintings 

if ftminttn Kiv fMi Off 

Tiumm in :1 flitswo Fax Lui p) a 9iu 




f. M M .\ ,\ (■ h !. 

M O A T T J 

PARIS 

MAY 6 - 2 1, 1994 

V \ t. \ II 1 It I 1 I O > (H 

Old Master 
Drawings 


Jack Kilgore & 

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[ 5 > EAST 7 1” ST R EET 
Mtt YORK, NY t O 0 2 1 

TEL (2 12)6* O'- 1 I 4 9 
FAX (2 I 2)0 SO- 13*9 
M i>\'S i t: l O i » 0 

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INTERN ATJO*^ 



nsiex-GHivffi ct 

drawings SCX'UTV^- 


MAY 13 

THROUGH 

MAY 17 
1994 


Fri.-Mon.: 1 1 .00 am-S.OD par. Tues.: I 1 .(>0 Jni- .00 pm 

THE SEVENTH REGIMENT ARMORY 

PARK AVENUE AT W i l t STREET, NEW YORK CITY 
Tel; (London! 071 734 WS1 rat: 071 494 4SW Tel; (NYl 212 352 0063 


MIA N. WEINER 

OLD MASTER DRAWINGS & OIL SKETCHES 


BY APPOINTMENT 


S EAST 77th STREET, NEW YORK. NY 10021 (212) 249-9193 


American Impressionism 

■ AND 

Turn of the Century 
Danish Paintings 


AD ELS ON G A L l E R 1 E S, INC. 

The Mark Hotel 25 East 77th Street New York 10021 
Third Floor Tel (212) 439 - 88 °? Fax (ma) 438-8870 
Monday - Friday 9:30 - 5:30 Saturday by appointment 


had so little qualifying as ’’Medi- 
eval” that they laid emphasis on 
early Baroque sculpture. Christie’s 
cover reproduced the detail of an 
early 17th century bronze figure of 
Venus from some Venetian work- 
shop, perhaps that of Niccok) 
Roccatagliata. It was sold for 
£9200 ($13,610). Sotheby's ran a 
marble group of Jupiter and Juno, 
merely characterized as “French, 
second half of fee 17fe century." 
That went for £33450. 

The selection of such objects as 
cover lots underfill es the slow de- 
cline in quality of what is on offer 
at auction. Both were good, but 
not brilliant. Sure enough, there 
was much in both catalogues feat 
looked like filling in, which 
showed in the outcome of both 
sales. Of fee 1 11 tots entered by 
Christie's, 41 were left unsold. At 
Sotheby's there were 225 casual- 
ties out of a total 423 objects or 
groups of objects. While fee total 
sold added up to £785,620, feds is 
not much of a performance. 

Above all, there was nothing to 
match in quality fee finest of the 
Maastricht fair 'objects, nor, even 
more importantly, to create fee 
surprise effect feat is essential to 
grip the collector's attention. 

The star at the fair, not just in 
Maastricht's assemblage, .but for 
the whole season so far, was fee 
142.7 centimeter (57-inch) statue 
of Isabella fee Catholic, Queen of 
Spain. Carved in fee mid- 1490s, 
the style of fee polychrome wood 
piece is reminiscent of Gil de Si- 
loe's work. 



Edwri R. Lite 


Queen Isabella of Spain 


At fee “private” viewing, fee 
representative of fee Ministry of 
Culture announced that Spain was 
buying back fee statue, which had 
been lost sight of since it had been 
sold in New York in 1927. It was 
to be set up at the top of the grand 
staircase of fee Alcala de Henares 
University in Madrid, founded, 
precisely, by Isabella. Trade 
sources say fee price was over 
$250,000. 

There were other finds at Maas- 
tricfaL A few are almost as sensa- 
tional in their way to the collecting 
world, if not in that price league. 
On the stand of Patrick Rdjgere- 


GLAUDE MONET MUSEUM IN GIVERNY 

THE HOUSE - CLAUDE MONEY’S GARDENS 
THE WATER-LILY POOL 

Open everyday except Monday, from 1st April to 51 October 
10 xm. -6 pm without Interruption. 

West highway, dir. Rouen, exit Bonnltres near Vernon (Eure). 
_____ Information: ( 16)3251 28 21 ■ 


RE SOU & POYET 

IV" emit JO"’ ( \-nl n ry 
I*nini it /us <nul Drti triw>s 


164, Faubourg Saint-Honore, 75008 PARIS 
Tel. 43 59 35 95 Fax: 42 56 24 29 


Auction Alternative? 

Prominent dealer with international clientele seeks to parchase 
ancient Chinese, Japanese and other Asian art from private 
collections and estates. Works in jade, ivory, porcelain, lapis and 
bronze particularly welcome. AD inquiries treated wife utmost 
confidentiality and discretion. Reply: 

BOX D— 417 

International Herald Tribune 
850 Third Avenue— 8th Floor 
New York, NY 10022 USA 


IMPRESSIONIST AND MODERN PAINTINGS 

Renoir, Chagall, Braque, Kandinsky, 
Schiele, Dufy, Dubuffet and More. 

Talma Galleries Fine Art Inc. New York 

by appointment only. 

TteLi 212 223 5780 - Fax: 212 223 5782 


April 6- Mat 2S 

Newman 

Rothko 

Still 

Search for ihc Sublime 

C&M Arts 

1"> K\m 78 Sir.m' \r.u >okk KMUt 
212 W()l-U 02 () 1 W 212 S(il-7878 Wed-Sal 10-3:50 


bog of Haarlem, two large stone 
fragments f ro m a baptismal font 
caught the eye. The figures of 
apostles or saints standing in high 
relief under Rbmanesque arches 
had the stiff dignity of early 1 2th 
century sculpture in Northern Eu- 
rope. 

They woe acquired by the city 
of Maastricht for fee Treasury of 
Samt-Senrais (Sint Servaas in 
Dutch) in the Romanesque cathe- 
dral which has a few exceedingly 
precious works of art from the 
Middle Ages. The price was in the 
area of $70,000. 

When it comes to the Renais- 
sance and fee Baroque period, an 
abundance of high-quality wares 
at Maastricht compared wife fee 
auction houses was more astonish- 
ing still, in terms of shea num- 
bers. On Reijgersberg’s stand 
alone, 1 saw four objects that 
qualified as museum works. A cas- 
ket designed like a gable-ended 
house constructed of very heavy 

{ tanks, beautifully carved with a 
ow relief pattern of the late Re- 
naissance; was fitted wife etched 
steel mounts Nuremberg fashion. 
Inside, -shallo w circular cavities 
where leather bags filled wife gold 
cams would sit without moving, 
revealed its destination as fee trav- 
elling safe of some banka. One 
might just imagine Fugga on the ; 
move; The asking price was 80,000 
guilders ($42,100). Within hours 
the casket was gone. 

So were two low-relief carvings 
from some large-size group in the 
best early Renaissance style of 
Antwerp, probably in the 1520s. 
The two characters, one wearing 


fee Ottoman-style turban reserved 
in Renaissance ItaHanaie iconog- 
raphy for Middle Easterners,, 
whether intended as Jews or Mus- 
lims, fee other in Western armor, 
are seen moving forward with a 
swinging dan that is remarkable. 
The two were sold together in the 
area of 125,000 guilders. 

My own choice would have been 
a copper basin executed m repouss£ 
around 1650. It was recovered 
about 10 years ago from a canal in 
Amsterdam. The inner well is 
lobed, obviously under the influ- 
ence of some shapes in Chinese 
porcelain, which by then was im- 
ported into Holland by the thou- 
sands The deep black sheen of fee 
patina adds to fee attraction of the 
object, otherwise in perfect condi- 
tion. It was probably buried delib- 
erately, posably wife the personal 
belongings feat could not be burnt 
of same victim cf fee plague, or 
cholera, as was customary to stem 
the spread cf the epidemic. It is so 
unusual that one well-known dealer 
turned it down some years ago, 
pronouncing it to be a fake. The 
object, which carried the modest 
pnee tag of $2,400, can now be 

admired in toe Amsterdam Histori- 
cal Museum. 


not aU sold at once, can be multi- 
plied. Axd Vervoordt, an Ant- 
werp deala, was displaying a hith- 
erto unrecorded set of four 
portrait medallions cast in bronze, 
in the greatest Fontainebleau 
school style around fee middle of 
the 16th century. 

For a variety of reasons, some 
of these objects would probably 


never reach- die auction houses. In 
some cares, they might not have 
been recognized for what they arv 
such as fee two low relief figures 
from fee scattered Antwerp en- 
semble. Or they might have not 
been deemed “commercial’* : 
enough, stub as the- $2,400 Am*. ; 
sterdam basin. All fundamentally 
to a voy small number of 
sophisticated buyers. The 
atmosphere of hysterical competi- 
tion in which prices can be hj 
to death has no influence < 

Other objects need to bei consid- 
ered at length before reaching a 
decision, as for example the 
French bronze portrait medal- 
lions. Again, fee auction house is 
not fee ideal place. 

Bui, above all, dealers I ave fee 
the know-how and, not 
the contacts in the ccpectmg 
world to find them, /uction 
houses have a few months n bufid 
up a sale. Dealers can take t year, 
or much longer if they war to, to 
prepare for an art fair. Vis in see 
more at Maastricht than fet rdoin 
any auction and they h&vt mote 
time to make the final dedion to 
buy than fee split fractioi of a 
second when fee auctioned 1 gav- 
el threatens to come down . 

Fra: aO rarefied fields, yhere 
quantity and quality are it reas- 
ingly the problem, the top-lc dart 
fair is the ultimate solution And 
from the Middle Ages to the iarfy 
Baroque Age the name of th t art 
fair, nowadays, happens be 
Maastricht 


GALERIE 

LES OREADES 

RUSSIAN PAINTERS OF THE 20TH CENTURY 

25 r. Tvcrskaia, 103009 Moscow. Tdc (095) 299 2289 - Fax: (095) 299 22 89 
52 r. de Moscm, 75008 Fans. TeL: (33-1) 43 87 59 20 - Fuc (33-lJ 43 87 99 20 


SOUREN MEUKIAN is 
tar of the International Herauqtn- 
bune. 


PRE-COLUMBIAN ART 

LATIN AMERICAN ART AND PHOTOGRAPHY 

THROCKMORTON FINE ART, INC. 

153 EAST 6 1ST STREET NEW YORK NY 10021 
TEl 212.223.1059 FAX 212.223.1937 BY APPOINTMENT 


Uj'-rA-Z. 





THE NEW PIER SHOW 

MAY 4-9/1994 

.driogo 

Exposition 
; work of Iteeogpabttd 
j Artists pr«>Mted 
by b iINftitedMfrom 

n 1 


Opening tight Benefit for the 
Munim of CorrtEtnpoouy Ait 

Wednesday, May 4,1994 

For lafomMbon contact: 

Thomas Btadonan AmxMts 
215 West Huron, Chicago, tt. 60610 

Phone 3125873300 Fix 3125873304 



mm <ff g 


rUsnDMum 


.<• * r-.i-v-wv 4 . 

£m vvi'iS 2ataRL. 



Gregqky GUXESPE 

is represented, by Forum GcdUry 


”^-1 iSStSSSteCuSSW 


Whitehall 

Cnunnptmg Catami Center 
Rolando Briseno. CadosDuque 
Franca Ghitti . Lcond Gongcna 
Ana Mercedes Hoyos . Jay Milder 
Bubm Ncssim . Beatrice Q»t 
Jorge Salarar . Buky Schwartz 
Nicolas Speeded 
Catin American SpeaaQsts, 
Cont emporar y aadOfydem Masters 
12 WKu Stmt 9QC 10013 
HE 212 941 JUS To* M15 
'Tatis: 331 3493.4 103 Jbq 4102 
’Bogota: ffl 3345405^243 3615 


N& GEN « DEW EY 

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NKV 1 JO Sc MEXICAN TEXTILES 
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Ws buy nr* saS J^snres Aitequre of | 

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Exclusive advertising 
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sates 


M.G 


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22 rue Orexfot, 
75009 Parts. 
Tab 4841-8848 
Trfefsx: 4T-70-1S56. 



The Golden Gallery 


Exhibiting 
Jim Dine 

Richard Diebenkom 
Sam Francis 
Helen Franken thaler 
Jasper Johns 
Robert Motherwell 
Robert Rauschenberg 
Frank Stella 
Wayne Thiebaud 

38 Newbury Street 
Boston. MAQ2U6 
617-247-8889 


The Estate of 

Max WEBER 

is represented by Forum GaBery 
NY toll 

* ftMgqia raws fat t 2 tn mxn 












INTERN-VTIONAI. HERALD TRIBUNE 





•: t £$j. \l£*:xP '£ \: : ": .. •• .,1 .. :■’. ..' . .. • . ..... J 

* ^ Heron, ' by Alfred Sisley . ro/» left , a/irf Frederic Basil le. below . /I I rig/t/, Renoir’s painting of Bazille at work. 

The Road to Impressionism 


By Michael Gibson 

International Herald Tribune 

P ARIS — The style »e know as Impres- 
sionism was full-fledged in 1869. but 
the Fran co- Prussian War postponed 
. its coming-out party by five years, and 
it was only in 1874, in an exhibition organized 
in Nadar’s gallery, that the world was finally 
given the opportunity of discovering the new 
idiom. The exhibition now at the Grand Palais, 
which traces the movement's gestation through- 
out the' decade up to 1869, is fascinating for 
several reasons. 

There is the obvious ddigbl of seeing and 
comparing nearly 200 outstanding or signifi- 
cant works from various parts of the world 
hanging briefly side by side. There is also some- 
thing particularly relevant to our present situa- 
tion: The show opens with a section devoted to 
the 1859 Salon that may seem appropriate in 
view of the currently confused state of the arts. 

The consensus of critics visiting the 1859 
Salon was that the arts were in the doldrums. 
Craftsmanship had undeniably reached an all- 
time high, but it was being used to express silly- 
narrow conceits, and the former hierarchy of 
established values no longer appeared relevant. 
Historical painting, which until then had been 
thought the highest form of art (see David or 
Delacroix), was on the decline. Religious art 
was downright moribund. As critics observed, 
lesser art forms (the landscape, the genre scene) 
were becoming dominant. 

“Art has become a senseless repetition,” not- 
ed Zacbarie Astruc, and Charles Baudelaire, 
while drawing attention to the works he regard- 
ed as outstanding (Delacroix and Frornentio), 
concluded that there was “no explosion: no 
unknown genius.” „ 

“imagination is without credit, be com- 
plained, “grandeur is despised, accent is laid on 
craftsmanship alone.” 

These critics were mostly giving expression 
to a mood, for the Salon offered some fine 
paintings, including Delacroix s “Ovid Among 
the Scythians,” a wide mountainous landscape 
in which the traveler is seen reclining and chat- 
ting with the barbarians while a docile mare in 


the foreground allows herself to be milked. But 
next to that stood the dreary perfection of Jean- 
Leon Gerdme's “King Candaule" or William 
Bouguereau’s “Day of the Dead." 

In this pessimistic perspective. As true’s con- 
clusion appears all the more prophetic: “Would 
you believe, as you contemplate this decadence, 
that one would need at most (0 years, with the 
hdp of intelligent stimulation, to bring about 
the finest period of art?" 

The complex web of moods and notions 
guiding the production of artai the.ume reflect- 
ed equally complex social patterns, but other 
patterns can also be made out. Consider the 
progression in texture and color between, say. a 
twilight landscape by Charles-Franqois Daubi- 
gny, executed at the inception of this period, 
ana the luminosity of Monel's “Garden in 
Sainie-Adresse,” done in 1867. 

ft is not just a matter of the former being 
done in the declining light while die latter 
stands fa dazzling sunlight. Danbigny also 
painted scenes in broad daylight, but his color 
scale tends (o be muted and somber and. above 
ail he seems obsessed with the ponderous sub- 
stance of wood and stone. He does not so much 
paint the light glancing off various surfaces, as 
the dense, dark material that lies beyond reach 
of the light. There is a fatalistic mood here, 
which is still romantic in a subdued way. rather 
in the way Flaubert’s “Madame Bovary," pub- 
lished in 1 856, may be said to partake of both of 
these states of mind. 

The exhibition is divided like the traditional 
Salon into various subjects: Landscape, the 
Nude, Figures in a Landscape, Still Life. Por- 
traits, Impressionist Landscape and Modern 
Life. In each case the shift in die approach over 
the decade is striking, but it is most obvious in 
the nude. 

Manet’s “Olympia" and his “Dejeuner sur 
I’Herbe" were both found offensive, though for 
different reasons. “Olympia” was perceived as 
a prostitute, and her flesh was dull and rather 
opaque, instead of being pink and translucid. 
In this sense the sordid aspects of “real life” 
were seen to invade and degrade the “spiritual 
and ideal" realm or the arts. 

Even stranger and more disquieting nudes. 


Freedom and Chaos for Icon Artists 


By Steven Erlanger 

New Y ork Times Service 

P ALEKH, Russia — Katerina Shchen- 
itsina, one of the painters of the fine 
black lacquered boxes that have made 
this village famous, is painting icons. 
She bemoans the regimen she believes is re- 
quired Tor devotional art: muting the paints 
with baptismal water, fasting and. worst of all. 
abstenuon from television and sweets. Bui she 
is a believer, and she can now offer her art to 

^”some 75 years after the Communists banned 
the icon painting that Palekh had practiced since 
the 15th century, replacing it with muuamn» ot 
Russian fairy tales, songs and Soviet village 
idylls, some 'Palekh artists, like Shchenusma, 
have returned to religious traditions. 

“Morally and spiritually, life v> muchbetwr 
than before," said Sbchemtsnuu 46. who has 
painting for 25 years- She ; «P» 

stunning miniature with a bjbhcal 
checking the faces. “It’s important to stop 
painting at a certain point, to avoid making it 

I* 

which reflects the larger society around jt m tius 
Which Palekh iiseir was a 

ssJSX-i- j- 

sssswssit™ 
'essmiss i-aja- 

work or paint less ambiuous pieces in order to 


produce more; local museums can no longer 
afford to keep up their collections, and compet- 
ing guilds of painters cannot agree on rule s of 
trademarks, certification or even a quality com- 
mittee to protect their reputation. 

Most strikingly, there is now variety and a 
new sense of rivahy. The single artists' union, to 
which all of Palekh’s 350 or so painters once 
had to belong, has been broken up, along with 
the monopoly the Soviet Union held on sales 
and exports. 

There are now seven competing guilds, or 
arniet, with different organizing principles and 


The Soviet Union "s 
breakup has brought new 
woes to Palekh’s artists. 


marketing concepts. Without the state as a 
middleman, artists are now receiving up to 25 
percent of the retail price of their work, com- 
pared to peibaps 5 percent before. 

Green HiQ, where many of the artists live in 
this community of 6 J00 people, some 200 miles 
northeast of Moscow, is now called Capitalists' 
Hill, and there are more private cars io be seen, 
both Volgas and Volvos. 

The collapse of the Communist government's 
official atheism has also meant that the exqui- 
site local church, the Cathedral of the Raising 
of the Cross, which is filled with Palekh’s an- 
cient icons and religious frescoes, is no longer a 
museum. It was reconsecrated last year. But 
even the cathedral — ils tiered, tapering tower 
recognizable on many Palekh boxes — is haring 
trouble maintaining its cultural treasures. 

For local bureaucrats and cultural bosses of 


the old Communist government, the changes 
have brought a different kind of disaster. The 
art isis are now uppity and the church is reluc- 
tant to let in too many tourists to see the 
famous murals and icons. 

“All these artists want io be creative and 
independent and take every attempt to control 
them as dictatorship." said Galina N. Vincgra- 
dovna. deputy head of the Palekh district ad- 
ministration, “It’s right that they should profit 
more from their labor. But for us it brings 
chaos, not creativity." 

Alevtina G. Strakhova, director of the Nation- 
al Museum of Palekh Art, said with a shrug: 
“Fewer artists arc really concerned about main- 
taining the purity of Palekh an. and some just 
trade this reputation for money. They can’t even 
get together to discuss their common problems. 

Most of the artists would agree. Alexander V. 
Dudorov. head of the Association of Palekh 
Artists, said Palekh is a “good example of 
socialism transferred into capitalism, with au 
the problems of instability and ignorance. 

“Some put the breakup down to creative is- 
sues but T think it was mostly economic, he 
saicL “In 1 989, when the borders opened, artists 
could travel and finally see the rea) value of their 
»«rk." Previously, he said, the artist might get a 
maximum of 5 percent of the retail pnee for a 
box; now. the figure is at least 20 percent Bunte 
West’s tow of things Russian seemed to peak in 

J991, and ihe subsequent 1 ^^. 1 ^ 0 ff ljrTalC ^ 
customs and taxes -combined with die surge tn 

ESSE# - h* m ** 1 * more **** 

*^£5** *om ^ results of our 
peristroika was Europe,” Dudorov said, 
the first recipient of our rubbish, loo. All 

5 000 pieces a year. But the fuk^, 

S fae postcards pasted to cnAoiid a»l 
covered with floor sealant, are numberies. . 


Saturday . April 30, 1994 

Page 11 


Sotheby’s Loses a Rising Star 

P ARIS — Sotheby’s has. 
lost its rising star in the 
Old Master paintings are- 
na. Etienne Breton, dircc- 


less noticed because of their smaller format, 
were being painted, toward the end of the 
decade, by Cezanne. One is "Une Modeme 
Olympia,” with its obvious reference to Ma- 
net’s work, including a semi-nude black woman 
who appears to be fanning the woman on the 
bed. The oddity here is the woman's posture, 
and the presence of a fully dothed man (as in 
Manet’s “Dejeuner”), who sits there glaring at 
the woman with sullen intensity. 

The difference is that CAzanne was still work- 
ing out his powerful apparently dangerous fan- 
tasies in extraordinarily violent paintings, while 
Manet was very much in command or his work, 
which was socially provocative but did not 
reflect a deep, unresolved conflict. 

C&zanne, however, ultimately worked his 
way out of his labyrinth and found a form that 
was both undeniably modem and exceptionally 
balanced in a classical sense. It was thus a 
triumph through an which could only be 
achieved by first passing through the Damean 
Inferno of the paintings of aggression and im- 
potence. 

A NOTHER illuminating comparison 
is that of Eva Gonzal&s's “Enfant de 
Troupe" and Manet’s “Fife Player” 
— identical subjects. The former 
siands in a real, well circumscribed space while 
the latter is set in a luminous void, and Manet's 
brush stroke already heralds the free-flowing, 
aerial spirit that came to be called Impression- 
ism. 

The shift in social values that occurred at that 
time in France, and the conflicts this brought 
on, are apparent in the evolution of the subject 
matter treated in the arts. But there is also 
something else, something less easily circum- 
scribed,, which appears in the range of colors, 
the evocation of light, the transition from the 
laborious, conscientious, craftsman like brush 
stroke to the swift, light, darting and evocative 
flick of the brush that catches, not the eternal 
essence of the figure or the landscape, but the 
elusive essence of mutability. This was the new 
preoccupation of the age. 

The exhibition remains in Paris to Aug. 8. It 
goes to the Metropolitan Museum of Art in 
New York from Sepu 19 to Jan. 8. 


P ARIS — Sotheby’s has. 
lost its rising star in the 
Old Master paintings are- 
na. Etienne Breton, direc- 
tor of the Old Masters depan mem 
at Sotheby's France, has revealed 
that he is resigning. 

ATier nearly eight years in his, 
present capacity, Breton is to join 
forces with Marc Blcmdeau SA. the 
Paris art brokerage and consultan- 
cy operation set up in September 
1987 by another former Sotheby’s 
star. Breton's departure has far- 
reaching implications for the com- 

SOUREN MEUKL4N 

pany. He belongs to the tiny elite of 
those who went into (he art busi- 
ness driven by an early and intense 
desire to do so. 

Breion said fa an interview that 
his vocation was triggered by the 
visit of a French dealer to his par- 
ents' apartment while he was attend- 
ing high school. They needed a valu- 
ation of the family paintings. As the 
late Francos Heim strode into the 
drawing room with his determined 
military' bearing, he caught sight of 
the portrait of a woman hanging 
over the chimney and said as a mat- 
ter of course: “Ah. you’ve got a good 
Thomas fle Keyser there." The abili- 
ty to identify at first glance the work 
of a little-known Dutch painter of 
the 17th century greatly impressed 
the teenager. 

He, too, would be an expert. 
After graduating fa an history’ 
from the Soibonzte. the young man 
did the art training course at Soth- 
eby's fa 1982-1983. This was fol- 
lowed by' a two-month spell under a 
French expert Jacques Kan tor and 
another 17 months in the employ of 
the art dealer Jean Gismondu for 
whom he built up a small choice 
collection of 18ih-centuiy masters. 
In July 1986, Blondeau. who was 
head of Sotheby's France, hired him 
to become Sotheby’s expert fa Old 
Masters and put together the Monte 
Carlo rales fa the field. 

Blondeau's instinct was quickly 
proven right. Breton’s eye was 
sharp. He performed an early stunt 
when a young student called Phi- 
lippe Gujnot come in with a point- 
ing he had just bought at a French 
provincial auction for a few hun- 
dred francs. This. Breton quickly 
found, was a preparatory sketch for 
Charles Le Brun’s “Scevola Con- 
fronting Porsenna." painted about 
1640-1650. The hunch was bril- 
liant. The early wort is in a strong 
Caravagesque vein. Breton took it 
into his sale with a - 150,000 to 
250,000 franc estimate. Helped by 
the surprise effect, the sketch 
climbed to 555,000 francs. The stu- 
dent was over the moon. He later 
became a gifted dealer based fa 
Bourg-en-Bresse. 

Greater finds were to follow. 
One day Breion saw a farmer 
walk into his office with a family 
DQkt. wrapped up in a brown par. 
per. Unfortunately, the Diircr was 
a copy. The farmer bit his lip and 
said He would come back. He had 
plenty more at home. Breion firmly 
encouraged him to put photo- 
graphs in the mail rather than go to' 
so much trouble. Die photographs 
duly arrived. It was Breton’s turn to 
bite his lip. To his disbelief, a whole 
group of unrecorded works by the 
rare Neoclassical painter Anne- 
Lcniis Girodel could be recognized 
from the amateurish snapshots. He 
rushed to see the farmer. 

Among his pictures, the portrait 
of a melancholy child dated 1800 
stood out. He is seen leaning three- 
quarters, holding a book open dan- 




Josse Lieferinxe painting of the Visitation, sold for 1.3 million francs. 



Etienne Breton, who will 
join a Paris art brokerage. 

gling from his hand. Die title of a 
Latin grammar leaps to the eye, 
“Us Rudiments.'* Back home. Bri- 
ton discovered that a portrait by 
Girodei was sent to the Salon in 
1800 under the title “Portrait of a 
Child Studying His Rudiment.” as 
the salon catalogue called it Even- 
tually, Breton came across a print 
by Mondraldy and Devisme that 
bears out the verdicL It is a view of 
the Salon room with the pictures 
hanging and, right fa the middle, 
there appears the melancholy child. 

The 1800 catalogue even names 
the sitter, Romafavffle Trioson, son 
of the doctor who was Girodet’s 
patron. Along with the other Giro- 
ifeis, the portrait was included fa 
Sotheby's June 16, J99J, sale with a 
1.5 million- to 2.5 million-franc es- 
timate. Later, however, it was 
pulled out. Pierre Rosenberg of the 
Louvre wanted it and Breton nego- 
tiated a private treaty’ sale through 
Sotheby’s to the museum. 

But Breton’s greater satisfaction 
fa that sale of the fanner's pictures, 
which netted over 11.1 million 
francs, was identifying a “Visita- 
tion" painted in an unusual style, 
halfway between Flemish and Ital- 
ian Primitives. It turned out to be 
an unrecorded section of a re table 
of Mary’s life of which three others 
survive! The retable is the wort of 
an anist known only by his other 
retable, similarly broken up, the 
Retable of Sl Sebastian. 

They have been ascribed to a 
painter called Josse Lieferinxe, do- 


cumented as working fa Provence 
from 1493-1508. 

Why did discoveries such as 
these,' of which be made many 
more, fail to keep Breton happy? 
Largely, he says, because of the sea 
change that has affected auction 
house life fa the last four years. 
Finding and researching pictures 
took up 60 percent of fas time or 
more when he joined the company. 
Now this accounts for less than 
one-rifth. The economic con- 
straints resulting from the fierce 
competition between Sotheby’s 
and Christie’s have led to often 
self-defeating, cost-cutting efforts. 

Marketing has taken over at the 
expense of connoissemhip. Depart- 
mental heads are requested to sub- 
mit budget projections a year ahead, 
Much can only be done by imagin- 
ing things. Consigners rarely send in 
their goods more than four or five 
months before a planned sale. Fixed 
budgets are set by administrators for 
the production of catalogues three 
months before the sale, on the basis 
of the estimated value of what is fa 
hand, when the best frequently 
comes fa lata, at the eleventh hour, 
which necessitates impossible jug- 
gling. And the list goes on. 


A LL this made it hard to 
resist the prospect of 
joining Blondeau SA. 
held out to Briton the 
moment the expert, now 34, men- 
tioned to Blondeau that he was 
thfakfag of looking for other ven- 
ues. Blondeau himself followed 
much the same line of thinking a 
few years earlier. He too found that 
the upper hand gained by adminis- 
trators from the world erf finance, 
the increasing volume erf paper 
wort and what be described as the 
management effort at mind con- 
trol, made the job unattractive. Af- 
ter 18 years spent with Sotheby’s 
where be was one of the pillars of 
the Impressionist and Modem An 
establishment, Blondeau left to set 
up fa September 1987 the world’s 
fust an brokerage and consultancy 

r ration led by an insider from 
auction world. 

His fundamental idea is rooted 
fa common sense. In the present 
market structure, where auction 
houses increasingly tend to present 
themselves as a public service when 
they are commercial outfits whose 


aim is. quite naturally, maximum 
profit, an buyers and vendors need 
an independent advisory’ body 
which bos no personal stake in 
what is sold. Die auction bouse 
expert who puis the sale together is 
under pressure to sell as much as he 
can, for the highest possible price. 
He is not likely to say candidly that 
his pictures are not very good, or 
that his own estimate is inflated. 

Vendors are confronted with 
parallel problems. Should they sell 
a given work at auction? Privately? 
And just what is the potential value 
of what they own? On all these 
scores, the opinions given by deal- 
ers or auction house experts could 
be influenced by their desire to 
handle the sale. 

Blondeau's basic principles are 
simple. On direct advice to buy he 
rhargfts a fixed fee. 3 percent at 
auction, 5 percent fa private trans- 
actions. On sales he handles, his 
charge is 10 percent to the vendor, 
less on important items. Blondeau 
prefers not to buy from clients. He 
does so only at the express request 
of a vendor eager to avoid the pub- 
licity of an auction, or dealers, and 
keen to sell at once. Blondeau then 
asks him to state his price, which be 
either accepts or declines. 

In the last few years, the opera- 
tion has taken off. Blondeau SA 
has been advising on a continual 
basis 12 to 15 “very serious art 
buyers." He conducts about 80 
transactions a year on a one-to-one 
basis within a 550,000 to 55 million 
range. In 1991, the operation was 
extended to Contemporary Art, 
with Philippe Segalot in charge. 

With Ola Masters to be handled 
by Breton, a new line of substantial 
business is potentially open to 
Blondeau SA. Quite a few old-tim- 
ers. disgruntled at the prices of Im- 
pressionist an which they see as out 
of proportion to the general level of 
prices, are turning to Old Masters, 
particularly French 18th-century 
pictures. From Breton, (hey get the 
in-depth information and detailed 
coaching that no auction bouse ex- 
pert can find time to give, to ray 
nothing of his psychological condi- 
tioning. With art consultancy, a 
third component, equally removed 
from auction houses and dealers, 
has been introduced into the an 
market. It could lead to profound 
structural changes. 


MAYDAY! By Peter Gordon 


1 “Mayday!" 

4 M-Sgl.'s 
inferior 

7 D.E. A. worker 
It “#,’toa 
proofreader 
!6 Tear io shreds 
IS Mideasi airline 

20 Expression of 
trouble 

21 Natalie played 
her 

22 JeanJacques 
Rousseau work 

23 Ciiv on Norton 
Sound 

24 Part 

25 Noble, in a way 
2fc Ibexes 

27 Simon fit 
Garfunkel's 
first hit, with 
“The’ 

30 Tom to shreds 

32 Clear 

33 Refinery 

34 Spotted 

35 polloi 

36 Marvy 

37 Collect 

38 Treated unfairly 
.41 First name in 

fashion 

42 Wiesbaden, tor 
example 
45 Answers 
48 Escapes alive 


53 Up 

54 Mess of hair 

56 Not working 

57 L’-duim.e.g. 

58 More plump 

60 Building block 
maker 

61 Encase 

63 How dogs kiss 

64 Resident's 
suffix 

65 Pricev 

66 Triple Crown 
winner 

War 

69 Female lobsters 

70 Sites of mam- 
brawls 

74 One-twelfth of 
jpica 

75 “Later* 

76 Felix, for one 

77 More or less 
vertical, to a 
sailor 

78 Book before 
Isaiah 

82 With bated 
breath 

84 Physics unit 

85 Workers in 
Detroit make a 
dash for it 

86 Pickled 

88 Grand Canyon 
transportation 

90 Sports club 


Solution to Puzzle of April 23-24 


□UUkiU QQQU GOGEBE 
□UOUUDLI L3UUUU kUL'L'UUfc 
UaaUQQQQUUUDU nUUQUUD 
□□a amaci UDQDUU oouo 

ULiULI UUULJU LIUGLILJ Lit! ML. 

acjaaa □□□□□ ebb cbgde 
aaaaaa □□□ueoe eeeqeo 
auaa eebe dede 
aaaaauutnnoQU geeeeuoe 
□□□□□ ana ukohece eee 
□ aaa □□□on qqedd eedd 
aoB anaaQBQ gee eeoeb 
aaaaaaas oedhbeedeede 
0000 QQBG CEDE 
aCJOCIBQ OHODDOE EDEDGE 

□aaaa seo edodd edged 
□□□□ aaaaa qodce edcc 
□aaoi ananas qdedo cbd 
aaanaaa hhqqqddqeeeee 
afoooaaa doddb bddebeb 
aaasQD poob egged 


92 Dr. Scuss’s 

“ Ran the 

Zoo" 

93 Out of the wind 

97 Orches mi e 

100 White House 

brass? 

JOt Value judges 

103 .Military mores 
carrying a 
warning 

106 Travel guide 

107 Oeut layer 

108 Computer 
symbol 

1 09 Kitchen tubiul 

HO Bluffer's ploy 

111 Stace direction 

112 Like 
praseodymium 

113 Hired soldier, 
in slang 

114 Comic Johnson 
and namesakes 

1 15 Sme qua nons 

116 Oscar’s cousin 

117 “For shame!" 

118 Lugubrious 

DOWN 

1 Italian painter 
Martini 

2 Narcotic 

3 Dire Straits' 
first hit 

4 Dog's gift 

5 Go all out 

6 "Caligula" 
author 

7 Helped get well 

8 Give 

team) 

4 Place-kickcr 
Benirscbke 

10 Kings and 
queens 

11 Says “cheese" 

12 Expert groups 

13 Isn't fora lot of 
people? 

14 Medea's aunt 

15 Diner 

16 “Live” host 

17 Nudge 

19 Football Hall ol 
Famer Dawson 

28 'The Selfish 
Gene" topic 

29 Effigy 

31 Ricky Nelson’s 

“Sweeter 

You" 



ed get wen Q New York Times Edited by Will Shortz. 


36 Vitamin bottle 
abbr. 

37 Hand lotion 
ingredient 

39 Until now 

40 Clairvoyant's 
skill 

41 City south of 
Hamar 

42 32-card grnte 

43 “Nonsense!" 

44 Penny 

45 Battle of Britain 
prp- 

46 Wing, perhaps 

47 Average guv 

49 Where 
Caodaism is 
practiced 

50 Outlines 


51 Cheap 
accommoda- 
tions 

52 Susan Lucci and 
John Beradinu, 
for two 

55 Jaaa's Kid 

5** Link for give 
and go 

60 Deceive 

61 Astounded 
condition 

62 She's possessive 

65 Fad. loan acev. 

66 Basilica pan 

67 “Let’s Make a 
Deal" option 

68 Chinese 
dynasty. 
1368-1644 


69 Nimbus 
7J Poet’s 
contraction 

72 Bad. in 
Barcelona 

73 light blue 

75 Movie pooch 

76 Arnett's net 

79 Seat ol Cass 
County 

80 Unstoppable, as 
apian 

81 Unsafe? 

83 Character 

created by 
A nne Nichols 

87 TV series about 
the Reeds 

88 Boohooed 

S9 Racing brothers 


90 * Miller" 

91 Chop 

94 Humbert 
Humbert's 
passion 

95 Cleared 

96 Whistling 
soun ds _ 

47 Poplar tree 

98 River from the 
Alps 

99 Paperboy’s 
path 

100 Assault 

101 Shoelace tip 
J02 F.D.R/s 

mother 

104 Ponzi scheme 
■ 105 Michelle, par 
exrmple 


f 






























































** 



International Herald Tribune , Saturday , April 30, 1994 


Page 13 


waaassSSSggcsS 






N D J F 

1993 


M 


| North America 


Latin America 1 

Approx, weighting; 26% 
Ctese: S3.06 Prev. 1 S3. JO 
iQ 

Ha3 

Appro*, weeding: 5% M 

Ctose; T12JJ9 PreiLIJ24l7 QaaS 


II ’W^ 1 1 •• 






N D J F M A 
1993 1994 

The Max tracks US. doSar values at s tocks tv Tokyo. Nn York, London, and 
AromttM; An strata, Austria, Belgium, Bnzfl, Cauda, Chte, Denmark, Rntomt. 
Frame. Germany, Hong Kang, Italy, Mexico, Nettorfands, New taelend, Norway. 
Stogapn^ Spain. Sweden, Switzerland and Venezuela, for Tokyo, New York and 
London, the Mbs Is composed of dm SO top tows In terms of market mptoHy o iw , 
otherwise toe ten lop stocks are tracked. 


I Industrial Sector's; / I 


FfL Pnv. % 

daw doM ctangr 


Fit 

Ptw. 

dam 

ctangi 

Energy 

111^1 111J39 +020 

CepMGood* 

1J2S5 

11118 

-020 

Uttfflss 

12057 120.46 +0.06 

RiwMaterWe 

124 37 

12457 

-0.16 

Hnance 

11046 116.78 -057 

Consumer Goods 

9022 

9047 

4026 

Sendee* 

117J5 117.83 -0.41 

IfleceBeneoue 

12024 

129.25 

-0.78 

For mors Information about lha Index, a booklet Is avalabla free of charge. 

Write to Trib Index, 181 Avenue Charies da GauBa, 92521 NeuOy Cedar. Fiance. 


O International Herald Trtuie 


Earnings 
Jump 
At Ford 

58% Gain Marks 
Big Three Sweep 

By Doron P. Levin 

Sew York Times Sennet 

DEARBORN, Michigan — 
Rounding out a spate of positive 
financial news from the U.S. auto 
industry, Ford Motor Co, on Fri- 

S reported its best quarterly ns 
s mice 1989, posting a first- 
quarter profit of $904 million, up 
58 percent from a year earlier. 

The results reflected a one-time 
after-tax loss of $440 miiHon be- 
cause of the sale of First Nationwide 
Bank, a chain of savings and loans. 

Last year, Ford reported a $572 
million first-quarter profit. On 
Thursday, General Motors Corp. 
posted a first-quarter profit of 
$853.7 million, a 67 percent gain 
over last year. Last week, Chrysler 
Cbrp. reported a record profit of 
$938 million. 

Improved automotive sales in the 
United States was (he biggest single 
reason for Ford's improved results. 

Net income from worldwide 
automotive operations was $955 
million, compared with $176 mil- 
lion a year ago. U.S. automotive 
operations accounted for $835 mil- 
lion of profit, compared with SI 13 
million last year. Excluding the 
First Nationwide write-off, finan- 
cial services earned $389 million, 
down from S396 million last year. 
Ford’s total revenue for the quarter 
was S30J billion, up from $26.8 
billion a year ago. 

Ford said the latest good finan- 
cial sews should be just the begin- 
ning, since automotive sales are ex- 
pected to grow. “If you think of this 
m baseball terminology, the recov- 
ery is in the first inning in Europe 
and the third or fourth inning in the 
United States,** said David N. 
McCammon, vice president of fi- 
nance and treasurer. 

Despite (he positive earnings 
news, investor concerns about the 
duration and strength of the up- 
swing in automotive sales have 
knocked Big Three shares well 
down from their 365-day highs in 
recent weeks. Ford rose 87.5 cents 
to $58 J 75 Thursday, still far below 
its 12-month high of $70,125. 


Mutual Funds Do Nicely 

Investors linfazed by Recent Sell-Off 


By Floyd Norris 

New York Tima Serrict 

NEW YORK — A loi of mutual fund investors 
were frightened by the stock market turbulence in 
March and April But even more investors thought 
it provided a buying opportunity. 

'Tt’s a positive sign that the first-quarter sell-off 
has not hurt investor confidence about wanting to 
be in mutual funds,” said Bruce Spcca. a spokes- 
man for the New England group of funds, who 
reported that new accounts invested 50 percent 
more money in April than in the comparable 
month last year. 

Nowhere was that clearer than in aggressive 
growth mutual funds — supposedly the riskiest of 
me lot, and an area that one might think investors 
would avoid in times of turbulence. 

But grass sales of such funds came to 57 billion 
in March, the Investment Company Institute, a 
trade group, reported Thursday, breaking the old 
record of S5.6 billion, set in January, just as the 
market was peaking. 

“The shakeout in the market hasn’t really dent- 
ed investor confidence, 1 ' said Christian W. 
Thwaiies, a vice president of Aetna mutual funds, 
who added that u he had been out of touch, with 
only his fund group’s sales figures as a guideline, “I 
wouldn't have known there was any son of correc- 
tion." 

At the same time, it is clear that many investors 
are concerned. As new investors flocked in recent- 
ly, some of the older ones got out Hie net cash 
flow into aggressive growth funds, after deducting 
redemptions and net transfers into other types of 
funds, was a relatively modest $1.6 billion. 

Over all the minority of investors who try to 
time markets by moving mosey from one fund to 
another showed a distinct concern in March. 


They transferred S3.7 billion more out of stock 
funds than they transferred in, the heaviest out- 
flow since $63 billion came out in October 1987. 
the month of the stock market collapse. But be- 
cause of the new money coming in, stock funds as a 
group had a net cash inflow of $6.7 billion in 
March. 

in bond funds, which have suffered from rising 
interest rates, there seemed to be less ambiguity of 
investor response. There, many investors nave de- 
cided to bail out, and new 'investors have not 
leaped in to take up the slack. The net withdrawals 
from bead funds last month came to S7.7 biHion, 
the heaviest since the S8.7 billion in October 1987. 

That may have slowed down this month. At T. 
Rowe Price, domestic bond funds saw net redemp- 
tions in April, but not at the rate of March. Fidelity 
Investments also reported money flowing out of 
bond funds, but some other groups said they had 
■email inflows. 

The stock fund figures, and the reports Thurs- 
day from managers who reported more money 
going into stock fluids in April than in March, 
reflect a confidence that the stock market can 
withstand the shock of higher interest rates and 
recover its lost , 


That belief dearly is held by the professionals 
who run the stock funds as well as the investors 
who buy fund shares. 

The managers of aggressive growth funds 
bought a net $52 billion of stock in March, far 
more than was available from investors, and as a 
result cut down the cash portion of such funds to 
.6.5 percent of assets, the same level as in January 
1992, just before the small-stock market stumbled. 

At the end of March the cash position in domes- 
tic bend funds was 6.4 percent, the highest figure 
since May 1990, when they were keeping 7 percent 
of their assets in cash. 


OECD Takes Aim at Bribery 


Reuters 

PARIS — After years of pains- 
taking study, the Organization for 
Economic Cooperation and Devel- 
opment said Friday it had ap- 
proved a policy aimed at stamping 
out corruption and bribery of gov- 
ernment officials. 

The Paris-based group of indus- 
trialized countries, which last 
month welcomed its 25th member, 
Mexico, began studying ways to 
end corruption in 1989 at the re- 
quest of the United States. 

Now, the group has “achieved a 
compromise after a delicate period 
of bargaining” said Marc Pieth, the 


Swiss chairman of the OECD Work- 
ing Group on Illicit Payments. 

Although all countries have 
some laws that outlaw bribery of 
their own officials, the U.S. For- 
eign Corrupt Practices Act is the 
only legislation among OECD 
me mbers that makes it a criminal 
offense to bribe to an official of a 
foreign country. 

Ameri can officials have been 
keen to get an OECD policy. Secre- 
tary of State Warren ML Christo- 

f iber has said U3. companies are 
osing millions of dollars a year in 
contracts because they are unable 
to match the bribes of competitors. 
The measure agreed upon by the 


LVMH to Take 
Majority Stake 
In Guerlain 


Compiled by Our Staff From Dispatches 
PARIS — Christian Dior, part of 
French luxury goods company 
LVMH Mofir Hennessy Louis 
Vuiuon SA, said Friday it agreed to 
buy a major stake in the perfume 
house Guerlain for 1,96 billion 
French francs ($341 million). 



OECD leaves leeway for individual 
countries to take derisions on the 
exact steps to take to combat cor- 
ruption. 

“But tins is not just another 
vague text,** he said. “It is a firm 
commitment to effective measures 
based on agreement that corrup- 
tion is both harmful to fair compe- 
tition and to the political process.” 

He said individual OECD mem- 
ber countries would now review the 
document and determine what they 
could legislate to ensure enforce- 
ment of the measure. 

“I think countries win fed bound 
by the recommendation,** Mr. Pietb 
said. 


rights in Djedi Holding 
controls Guerlain. It will pay the 
Guerlain family 1.96 billion francs 
in a special issue of new Dior stock. 

Djedi owns 85.8 percent of Guer- 
lain, while LVMH has controlled 
the other 14.2 percent since 1987. 

The Gueriam family will contin- 
ue to control the majority of votes 
in the company, but Dior will be 
jointly responsible with them for 
the company's management and 
strategy. 

The acquisition values the whole 
of Guerlain at 4.4 bQEon francs. 
Dior has pre-emption rights on re- 
maining Djedi snares odd by the 
Gueriam family. 

“LVMH with Guerlain will be 
the world leader in high-quality 
perfumes and will have about 20 
percent of the French market." said 
Bernard Arnault, chairman of 
LVMH. 

LVMH already owns Christian 
Dior, Givenchy and Christian La- 
croix perfumes. It intends to keep 
the Guerlain brand distinct while 
exploiting (he alliance to cut adver- 
tising and distribution costs. 

LVMH shares gained just mere 
than I percent Friday, to 929 
francs. 

LVMH said in March that it was 
seeking acquisitions for hs family 
of luxury products, which include 
champagne, cognac and leather 
goods in addition to perfume. Its 
decision in January to untangle a 
six-year-old cross-share-bolding 
agreement with Guinness PLC al- 
lowed it to raise about $2 bfllion for 
SUCh ncqui ri ti o ps, analy sts said. 

In the deal, Guinness sold its 24 
percent stake in LVMH to the 
French company, while at the same 
time buying a 34 percent stake in 
Mofit Hennessy, getting a lock on 
the champag ne-and-cognac divi- 
sion. In return, LVMH agreed to 


reduce its 24 percent slake in Guin- 
ness to 20 potent by mid- 1995. 

Guerlain made a net profit of 
162 mfllion francs last year on sales 
of 2 bStion francs. It expects net 
profit this year to return to the 191 
million francs it has averaged dur- 
ing the past two years. 

LVMH bad a 337-biflion-franc 
net profit last year on sales of 23.8 
billion francs. It last month pre- 
dicted net profit growth of at least 
20 percent this year. 

(Bloomberg, AP, AFP) 


aZv.Kt 


use 


Ferrwssd’s Loss 
Is Up 
Of Write-Offs 

Bloomberg Businas Hem 

MILAN — Ferruzai Finan- 
riaria Sp A, the Italian agro- 
chemical holding company, 
said one-time charges to write 
off investments pushed it into 
a deep loss in 1993. 

The company said its net loss 
widened to 2.419 trifficn tire 
($13 UDion) in 1993, from 
1319 tritium tire in 1991 

Ferruzzisaid that in the first 
two months of 1994, however, 
revenue was up 13 percent to 
3.45 trillion tire, and gross op- 
erating profit, which is before 
depredation, interest and tax- 
es, was up 26 percent to 447 
bflhOD tire. 

The 1993 loss included one- 
time rfiar ggs of Z079 trillion 
lire to write down the value of 
investments in currency and 
commodity futures. Many of 
these investments were made 

yeare ago bm were illegally hid- 
den in off shore companies. 

The losses were disclosed by 
the company last summer, and 
led to the old management be- 
ing ousted. 

Raul Gardini, the former 
chairman and the son-in-law 
of the founder, committed sui- 
cide in July. 


Q 


ECONOMIC SCENE 


Plugging Russia’s Aid Drain 


By Peter Passell 

New York Tima Serdce ( 

N EW YORK— After months of agoniz- 
ing. the International Monetary Fund 
has written another aid check for Rus- 
sia, for $13 billion. 

But bow much erf the money will truly be spent 
to help keep Russia’s economy afloat, and how 
much will end op is Swiss banks? 

Capital flight has dearly diminished the impact 
of aid to Russia the last few years. Political opposi- 
tion to stepping up grants and loans has been 
buttressed by educated guesses that the faucet is 
barely keeping up with the drain. 

Why give aid, the argument goes, if it does not 
add to the pool of hard currency available to 
import antibiotics or computerize factories? 

The standard answer is that aid remains the 
West’s only available carrot for keeping Moscow 
focused on reforming its economy. 

A less obvious one, suggested by Stanley Fi- 
scher, former chid' economist for the World Bank, 
is that capital sent abroad by Russians is not lost 
forever. . , . . . . 

Capital flight is easier to understand than it is to 
measure — or to stop. In a country where corrup- 
tion is widespread, as it is in Russia, foreign 
currency can be siphoned off in many ways. 

Some of it leaves the country in suitcases; more 
is probably diverted to m a n a g e r s of enterprises 
who have inflated their import bills. 

Still more, it is worth noting, probably leaves 
Russia for reasons that honest capitalists should 
respect Russian enterprises that sen goods abroad 
choose not to swap their earnings for rubles, on the 
reasonable grounds that dollars or gold are more 
tikdy. to retain their value. 

Jeffrey Anderson, an economist at the Interna- 
tional Institute of Finance in Washington, figmes 
that half of the $40 billion in capital that left 


Russia from 1991 through 1993 consisted of nnre- 
pa trialed revenue from exports. 

How should this doleful inference affect policy? 
Most economists probably agree with Mr. Ander- 
son’s view that “Western assistance, by itself, is 
meaningless.'' 

Most would also agree that short of imposing 
Soviet-style restrictions on travel and business, Rus- 
sian capital flight cannot be stopped by increased 
vigilance. But there is no consensus about what 
should or could be done to change Russians' incen- 
tives to store their wealth in every form but rubles. 

Judy Shelton, author of a book called “Money 
Meltdown," argues that when “people choose to 
conduct their serious business in another curren- 
cy,” the answer is to give them what they want — 
another currency. 

She would concentrate aid on financial stabiliza- 
tion, using the funds to back anew Russian curren- 
cy that would be tied to the value of, say, the 
dollar, and freely exchangeable for it. 

Eventually, the idea goes, this good money 
would drive out the bad, and all transactions 
would take place in lhis so-called super ruble. 

But as Mr. Fischer notes, and Ms. Shelton con- 
cedes, the credibility of the promise to redeem this 
sopercorreacy at a fixed rate depends on the credi- 
bility of the people who make the promise, 

Mr. Fischer goes further, arguing that “nile- 
basod” s tabiliza tion plans are next io useless if 
there is a legitimate fear that the rules wffl be 
broken and in any case would be unnecessary if the 
government had the will to stabilize the ruble by 
controlling spending and credit 

Hence, for most economists engaged in the de- 
bate over aid and capital flight, the battle lines are 
drawn more narrowly. 

On one side are those who support the Intern a- 
See RUSSIA, Page 14 


Lauder Firm 
Gets Polish 
TV License 

New York Tima Struct 

WARSAW — The Polish gov- 
ernment on Friday awarded NTP 
Plus SA, a broadcasting consor- 
tium that includes die New York 
cosmetics heir Ronald Lauder, a 
license to operate 11 regional tele- 
vision stations. 

Far Mr. Lauda, die ruling al- 
lows his third foray into Eastern 
European television. Central Euro- 
pean Media Enterprises, a compa- 
ny controlled by Mr. Lauda and 
Mark Palma, the forma U.S. am- 
bassador to Hungary, already oper- 
ates several television stations in 
the forma East Germany. Earlier 
this year, it launched TV Nova, the 
Czech Republic's first nationwide 
commercial television station. Mr. 

also funds several philan- 
thropic organizations in the forma 
communist bloc. 

In Poland, with nearly 40 million 
people, 82 percent of households 
have color TV sets. NTFs regional 
network win reach about a third of 
the country's viewers. Leonard Fa- 
tig, managing director of Central 
European Media, said the NTT* 
consortium would invest approxi- 
mately $50 million in the network. 

Central European Media’s Polish 
partners in the venture include Woj- 
tek Fibak, a forma professional ten- 
nis player. Mr. Fibak, a resident of 
Monte Carlo, owns a newspaper 
publishing enterprise in Poland with 
1 993 sales of ova $50 million. 



(Ol 


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NwmiH 


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U«s HunB .fortnt 10260 
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Eurocurrency Dopoolta 


Dollar 


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3 5*r5*» 
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port, escudo 

nou.ruVe 
Saudi rival 
5M.t 


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0363 

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22463 

16M5 


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1.5538 


currency Par* 

S. ftJr. rand 35305 
5.K0T.WWI 807-50 
Swed. Krona 743*3 
Taiwan 5 2M0 

Thai ba« 2M2 

Turkish Bra 33441. 
UABlSthm 1*71 
VHCZ-Mllv. 118-10 


Close 

100 

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167 

442 

182 

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570 

643 

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JJJ62 11883 UW 

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Carom, paper IBS dots 
>aMRNi TrcBsanr BUI 

1- yem- Treasury bill 

2- rsor Treasury note 
5-rer Treasury note 
7 -yw Treasury note 
lWraar Treasury an* 

3B-rear Treasury bond -n- 

Merrill Lynch 3B-*iy Ready «*»* 1« 
Japan 

Dbauatrate 
CM PUMP 
1-aMnUiMBtasok 
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616 

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4-40 

386 

672 

572 

661 

666 

679 

776 

102 

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Sources: INC Bad* rokm {Ta * ,0,i 

IMtton); Anoncr Fn* ** ****,' ^ Review** A?. 

(Toronto): IMF (SDRI- o**r data from mo 


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565 

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MNllibrtiftank 

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19>yD0^ OAT 

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LYPtb. Bank of ***** Ciw»niw*»— *■ S 
Gntnlieii Montagu, Creak Lyorm/a. ia> 

Gold 

AJS6- PJA. 0*0 

TgWrti 37565 3757S +320 

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US-dottaroptrovno. Utodm ol MM^ *■ 

toot; Zurich end No* VortoamMd and eta- 
M, prices: Now York Coma (Anal 
Source: Room** 


CNP 1933 RESULTS 

CIMP strengthens its position 
as leading personal insurer in France 

Steady net earnings growth 
to FF 1 ,262 million 


CNP's consolidated premium income advanced 52% in 1993 to 
FF 64.3 biliion. Individual insurance totaled FF 51.7 billion, and group 
insurance FF 12.6 biHion. Assets managed by CNP were up 36% 
over the year to FF 21 7 biHion. 

Rigorous management over many years accounts for CNFs steady, 
uninterrupted growth since 1987. Net earnings increased by 13% to 
FF 1 .262 million. 

These results strengthen CNP’s leadership of the personal insurance 
market in France, with a market share of 17% m 1993, versus 13.5% 
in 1992. 

At the Annual Me^ang of Shareholders, to be held on June 2, 1994, 
it will be proposed to declare a net dividend of FF 10 per share, making 
a gross dividend of FF 15, including tax paid in advance [tax credit), 
against a net dividend of FF 9 in respect of 1992. 

CNP’s expansion is based on a dearly defined strategy of: 

• Specializing in personal insurance. 

• Developing its activities simultaneously in: 

- individual and group insurance, 

- savings products and risk guarantees. 

• Innovation, notably in the fields of capitalization products for 
retirement and nursing cere for the elderly. 

• Working in partnership with leading French and foreign institutions 
to market jointiy-deveioped products. 


In FF biliion 


<1893 


1992 


change 


Premium income 

84.3 

42.4 

+52% 

Market share 

17% 

13.5% 

+26% 

Net earning's (Group share] 

*1.262 

1.118 

+13% 

Total assets 

240 

1B1 

+33% 

Equity excluding minorities 

"10.306 

8.473 

+22% 

Assets managed 

217 

160 

+36% 


Sr 




Analysis qf premium 
INCOME ClN FF SfljUON) 





Net earnings 
On FF million) 



m to pi at a 


Shapeownershjp 



Investor information : 

Phone: [33-1)42 IB 90 73 
4. place Raoul Dautry- 75015 Paris 


CIMPi VIVEZ BIEN ASSURE 


I 




Page 14 

MARKET DIARY 


INTER XATIONAI. HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 


U.S./AT THE CLOSE 


Falling Bonds Fail 
To Depress Stocks 


yfeAwcmtnlftcH 


Dow Jones Averages 


EUROPEAN FUTURES 




Metals 


HI9B Low LHl Sctlto 




40»x IS-W u-S* 


man 3664.14 ww.n 3459.3a wi# -laxs 
TrortS 16J67S 1441.23 1431X4 1640.13 + 24J0 
Uffl 19441 199.51 1S6J8 199.38 + IJM 
Comp im34iai6Jl 1301731319.*! ♦ 10J4 


NEW YORK — Stock prices 
rose Friday, bucking a decline in 
the Treasury bond market as a bar- 
rage of economic reports convinced 
investors that higher interest rates 
have yet to dampen economic 
growth and corporate earnings. 

The Dow Jones industrial aver- 
age dosed up 1338 points, at 


U.S. Stocks 


3,681.69, while gaining issues out- 
numbered losing ones by a 3-to-2 
ratio on the New York Stock Ea- 


The benchmark 30-year Trea- 
sury bond feU 16/32, to 87 10/32, 
while the yield rose to 730 percent 
from 736 percent Thursday. 

Stocks are often dragged down 
when bond prices fall, because the 
resulting rising interest rates in the 
credit markets could draw funds 
away from equities and make bor- 
rowing for expansion too expen- 
sive. Bonds were hit by concern 
about inflation that was fueled by 
lbe weak dollar and rising com- 
modity prices. 


But stocks were surprising some 
analysts Friday by overperforaring 
bonds for the first time in many 
sessions. With braid prices lower. 


“there are plenty of excuses for this 
market to go right down the toilet 
bowk" said Alfred Goldman, vice 
president of A-G- Edwards & Sons 
Inc. in St Louis. 

Friday’s performance points up 
tbe fundamental strength in the 
stock market, Mr. Goldman said. 
“If siobks were really vulnerable, the 

bond sefl-off would have given us an 
excuse to take it down further." 

An increase in single-family 
home sales and an uptick in a re- 
gional consumer sentiment index 
restored stock investors' faith in the 
U.S. economy. 

Trucking stocks rose on reports 
of a tentative settlement in the 
Teamsters strike. Consolidated 
Freightways gained I'A to 2746. 

Delta Air Lines rose 2W to 4746 
after being upgraded to a buy from 
neutral by a Dean Winer Reynolds 
analyst The airline said Thursday it 
was slashing jobs in a restructuring. 

Gateway 2000 fell 4 15/ 16 to 
1546 in active trading after the per- 
sonal computer maker said its firsi- 
quarter earnings fell. 

Dig! International which makes 
data communications hardware and 
software, fell 4 13/32 to 13 19/32 
after it said its second-ouaner earn- 
ings did not rise as much as analysts 
expected. (AP, Bloomberg) 




Standard A Poor** indexes 


zmmm 




Industrial! 

Transc. 

Utilities 

Finance 

SPOT 

SP 100 


HMi Law Close 

52SJ4 521-71 323X0 
400.97 39431 40000 
16031 138X1 159X3 
43X0 4100 43X0 
451 as 44751 45051 
41456 413X6 415.10 




.*■• • ■ r \’ 

■>:* U ..... 


NYSE Indexes 


High LOW Lost Chs. 


daw Previous 

BW As* Bid Ask 

ALUMINUM (High Grade) 

"* 1280X0 jmso 

wSo 1*7X0 T30S.PB WSSO 
TOPPER CATHODES (High Grade) 
gllufS war ] 91 ISO 191450 

SUrU 1952X0 1?S1W 1W« 

LEAD 

45230 453J0 

SSEwrd «MW 470X0 407X0 <6U>0 

NICKEL , 

smm S3ju» 

S?lwd OTU» 5595X0 545000 546&M 

TIN 

^ ors PGr n D95J0° n 54OSX0 541000 5415JJ0 
KSrert 5460X0 5470X 0 5470X0 5475X0 
zmcwwcw HWiCfwOe) 

Dolton per metrician „ 


Ad 15075 " i? W 153.75 153J5 —QJi 

SS, • 5*00 usJO 15000 155.75 ->075 

DK S?J0 15075 157X5 157 JO —075 

1S7J0 ®X0 157.25 -OK 

Feb 1545S 1 5030 1S&JB 157X0 -rUf 

MOT N.T. N.T, N.T. 154X0 — OJS 

Est volume: 13X54 . o*ffl fat. 99X44 

BRENT CRUDE OIL OPE) ' 

U .S.tiol tart per MavHan of 1XH barrels 
Jon 1570 15X8 15X9 ISA? .+034 

j™ 1557 15X5 1557 1554 4-040 

Are 15X8 15X5 15X0 15X8 4-0X2 

f« M 15X4 15X5 15X5 +030 

oS 15X5 15X6 1535 I$X4 +030 

Nov 1515 1515 1515 15X8 +030 

Bee liM 1511 1511 15X8 +030 

j2a N.T. N.T. N.T. 1551 +030 

Feb N.T. N.T. N.T. 1553 +030 


Est. volume: 39X41 . Open Int 155779 


Stock Indexes 


U.S. Economic Signs Remain Upbeat 

WASHINGTON (Bloomberg) U.S. sales of new sing^familv 
dwete rose 1 1.1 percent in March as temperatures turned mild and 
Sramtami fniothe housing msAet Wore mortgage rates ra- 
creased, the Commerce Department said Fnday. 

Sepwately, the University of Michigan s qpnaun sentiment index 
roato 92.6 in April from 913 in March, while the Cwnmerce Depart- 
raent said personal incomes rose 0.6 percent in March and consumer 
spending increased 0.4 percent 

Taken together, the reports show an. economy emerging from its wmier 
hibernation.” said Bruce Steinberg, an economist at Merrill Lynch & Co. m 
New York. Even so. evidence is starting to accumulate that the tipple 
effects from the Federal Reserve Board's campaign to push up short-term 
interest rates on overnight bank loans are slewing the economy. New 
housing sates of 739,000 in March. forexamplerwhile representing* strong 
advance, fefl shore of the peak of 817.000 reached m December. 


ngss® 


Composite 

Industrials 

Tnmsp. 

UliTJty 

Finance 


250X2 248X4 TW Iff t|JJ 
307X9 30558 307X1 '1X2 
253.74 250X4 253.74 +3.19 
214.18 212X9 713-53 +0.97 
70032 204X5 20032 + 1,12 


gUd S 949X0 949J8 


Financial 


NASDAQ Indexes 


Low Lad Os. 


NYSE Most Actives 


composite 

Ind u strial* 

Ba nks 

Insuiunce 

Finance 

Tramp. 


73121 72099 73321 +1X7 
7A3X4 759X9 743X4 *2X1 
489X9 487X4 489JB *1X2 
889X7 SB5J8 889X7 +2X8 
901.14 89092 901.16 +0X2 
741X5 73593 738.18 ->198 


voL Kati 

RJRNfaptC 17SS60 AAk 
FUR NOB 44424 6*V« 


RJRpfP 

CresREn 

FortJAA 

TelNkut 

Owstr 

AAatarta s . 
BtockE 


63*82 6% 
42340 2M 
31993 S8M 
28805 59H 
28457 49VH 
25790 45V, 
22813 27 'A 


TeteOann 22285 24 
GnMotr 21749 57 y, 


NMedEnt 

PMMr 

lAACFrt 


21197 30 'A 
21065 17V, 
20200 54V- 
19007 379b 


LOW 

Last 

OtSL 

4ft 

6ft 


6ft 

6ft 


6ft 

4ft 

_ 

25ft 

24ft 



54ft 

58ft 

+ T, 

SBft 

58ft 

—ft 

47ft 

48 

-1ft 

44ft 

44ft 



25ft 

27ft 

+ 1% 

24ft 

25 

—ft 

54% 

54ft 

+ ft 

29 ft 

29ft 

—ft 

14ft 

17ft 


53 

54ft 

+ ft 

37 

37ft 

—2ft 


AMEX Stock Index 


Mata Law Last Qnu 
439.92 437X3 439.90 * 0.98 


Dow Jones Bond AvsragM 


Hhh Law Oom awree 

t-JMONTH STERUNO (LlFFE) 
BBMOO-ptSOtlMpO 
Jim 94X3 94X7 MAS +0X1 

SCP 94X7 9437 94X5 +0X3 

rEc 9190 9377 - 93JB8 +0!M 

Mar 9X35 9370 9135 +004 

92X4 92.70 92X4 + 005 

Ore 9138 92X4 9139 +0X5 

DK 92X2 91.93 92X2 +0X2 

Wr 91.76 91X4 9173 UnctL 

Jan 91 J7 91X4 91X7 +0X4 

Sep 91X2 9179 91X3 +0X3 

Dec 91X0 91.15 91 JO +0X5 

Mar 91.09 91X4 9U4 +0X3 

Est. volume: 60X14. Oam M.: 495518. 
3-MONTH EURODOLLARS ( LlFFE) 

II nUBton - pa of 1 N ad 
Jh 9SJ1 9579 9577 —0X4 

Sep 94X7 9444 9444 — 0X8 

Dk 94.16 943)9 94.13 —0.10 

Mar 93X1 93X0 9187 - 0.15 

JOB N.T. N.T. 9340 J-0.15 


Htab low Close Choree 
FTSE 100 (UFFE1 
dS aer Index print 

Jan 31550 3Q94X 3T39X +19X 

sea 3130X 3133.0 31574 +19X 

Dee N.T. H.T. 31684 +19X 

Est. volume: 11X21 Open bit.: 53443. 


Macy’s Revises Reorganization Plan 

t __ _ v ' n ri a rt _ . _ 1 ■ 


21 5740 +440 
2133ffi3 +23X0 
2157X0 + 24JS 
217231 +H50 
2202JB +23X0 
2232X0 +23X0 
Est. volume: 51X71 Open Inf.: 75741 
Sources.’ Motif. Associated Press, 
London inti Flhmdel Ftitwes Exchange, 
mn Petroleum Exchange. 


Dividends 


NEW YORK (Bloomberg) — R-H. Macy & Co. announced a revised,' 
reorganization proposal Friday valued at 53.67 billion, this time offering 
nothin g initiall y to its lowest dass of bondholders but giving them ihe 
chance to get stock in the retailer if its value improves. 

The new plan, unlike Macy’s previous plan, treats different bondhold- 
ers differently. Overall, the new plan raises the compands value by $70; 
mil I tot with the possibility erf a $260 million increase If the retailer's' 
market value rises after it emerges from bankruptcy-law proceedings. 

Macy’s previous proposal submitted in March, valued the company at ' 
$3.6. billion, with the possibility of distributing an additional $300 
million. Bondholders and other unsecured creditors have sought a higher' 
total valuation for the : company because it would increase the amount ' 
they would receive once the senior creditors are paid. 


20 Bonds 
HI Utilities 
10 Industrials 


Close ChW 

98X9 + 0X3 

94X3 —070 

100X4 +0X7 


Est. volume: 633. Ooen bit.: 10X69. 
3-MONTH EUROMARKS (LlFFE) 
DMI mKHoa - MS Of IN PCI 


Compare 1 Par Aro) 

IRREGULAR 

CotonM PropTr „ 43 

STOCK 

FNB Cam 5% 


S&P Reviews Bankers Trust Ratings 


NEW YORK (Bloomberg) — Standard & Poor’s Core, said it may 
iwer its rating on Bankers Trust New York CoTp.’s $3.6 dQUoq of debt ' 


NASDAQ Most Actives NYSE Diary 


DOLLAR: U.S. Says It Stepped In 


Cootioned from Page 1 


trade deficit with Japan, financial 
markets have been skeptical of 
such disclaimers. 

Many analysts have said that as 
long as there was no central bank 
intervention, markets would as- 
sume the administration secretly 
supported a weaker dollar as a way 
of getting the Japanese to make 


faltering dollar could damage the 
UB. Treasury’s quarterly refund- 
ing operation next month, when it 
sells new bonds, notes and bills to 
refinance the U.S. debt. 

The news agency quoted George 
Tzanetatos of Menill Lynch & Co. 


Intel s 
Gcatarn 
FdLJaA 
Novell s 

Gsoos 

TeJCmA 

MCE 

Lotus 

Sicrbcks 

US l-flftl S 

3Com 

SdOonn 

DSC 

■Oroctes 

MlCSftS 


VOL 

Htah 

LOW 

Lost 

Cbg. 

70557 61ft 

59ft 

61 

— 'Vi. 

40810 

16ft 

15ft 

15ft 

— 4>Vi. 

41013 

5ft 

Sft. 

5*1 

♦ft 

39505 

18ft 

17ft 

18ft 

— % 

37656 31ft 

30% 

30Vu 

— 

32065 

19ft 

18ft 

19ft 

+ ft 

29799 23 

22ft 

22ft 


24281 

46 

42 

6fft 

+ lft 

23981 

30% 

27ft 

29ft 

+lft 

22474 

38% 

34ft 

37ft 

-ft 

22318 99Vu 

54% 

5B>¥u 

+ 3'Vh 

21943 

5ft 

4ft 

5Vv 


21533 

61ft 

58 

ta 

+ 2% 

1K377 

30% 

29ft 

29ft 


17719 93ft 

91ft 

92ft 

■+H 


Advanced 
Declined 
Unmanned 
Total Issues 
NawHtohs 
New Lows 


1297 934 
858 1275 
621 606 
2776 2817 

26 31 
48 43 


Jsa 

94.93 

9677 

9692 

sep 

95X7 

9U.90 

9SX5 

Dec 

95X0 

94X4 

95X0 

Mar 

9654 

9677 

9693 

jm 

94X7 

9651 

9645 

Sop 

9638 

9624 

9634 

Dec 

94.11 

9601 

9610 

Mar 

%% 

9181 

9191 

Juo 

9145 

9176 

Sep 

9140 

9157 

9144 

Dec 

N.T. 

N.T. 

9153 

Mar 

9145 

93X4 

91X5 


INCREASED 

CBSrL Assoc Proa Q X75 

Indiana United Q .15 

Rauch Indust Q X2 

INITIAL 

Vocu Dry Co X5 


5- 10 5-25 

6- 10 4-20 
4-10 4-24 


Est. volume: 176*400. Open bit.; 9467K 
3-MONTH PI BOR (MAT I FI 


EXTRA 

GSWInc 9 6X0 

REGULAR 

Am Business Fid O £0 


AMEX Diary 


UnDmoed 
Total Issues 
New Highs 
New Lows 


324 304 

234 Z*2 

234 230 

792 828 

12 17 

16 22 


PF5 million 

-Ptiaf 109 pd 



Jon 

94X2 

9631 

94X2 

•MUSS 

Sen 

9643 

94X7 

94X3 

+ 0.10 

Dec 

9662 

9647 

9642 


Mar 

9647 

94 JS 

9647 


Jm 

9623 

9614 

9623 


Sop 

9197 

93X1 

9194 

—AIM 

Dk 


9120 

9174 



9154 

9157 

—0X9 


Am Oppart In .. 

Am Set Pori MX9375 

Americas Inca Tr M .106 

A very Dennison Q .24 

BT Financial Q 3B 

CENIT Bancorp O X9 

CasneAM O .12 

Computer Task A .10 

□amity Cotp q X8 

DonneUvRR 3 .14 

DownevSv&Ln Q .12 

Eastern Bancorp Q .04 

FHtertek O JJ45 

Fst Fad HoWbs Q .12 

Flemlno Cos Q JO 

GSW/nc a JO 

Giddinss Lewis a jo 

Gilbert Araockrt Q JO 

GoWen Poultry Q XI 

PiKllufm MldAm S .07 

Interface Inc A Q X6 

Inti Shiphold Q X5 

Lodd Furniture O- X3 

Lobtaw Cns a X6 

Market Facts O X7 

MlcJioel Foods Q AS 

Middlesex Water Q .2625 

Minerals Tech O X25 

Minnesota MunTrm M X509 

Occidental PeirxH Q 25 

OSuRtvan Carp Q X7 

Oalebav Norton Q 30 

Plum Creek O X8 

Potomac Elec Q A15 


AMEX Most Actives 


as saying that the prospect of a 
weak currency at refinancing time 


Foreign Exchange 

concessions in trade talks. A weak- 
er dollar makes imports into Japan 
more expensive, and a strong yen 
hurts the business of major Japa- 
nese exporters. 

Brendan Brown, a London- 
based analyst at Mitsubishi Fi- 
nance, said the intervention “shows 
Fed concern that it does not want a 
cheaper dollar ” 

But he added: “I doubt interven- 
tion alone will be decisive in turn- 
ing the dollar up against the yen. 
That will require further cuts in 
Japanese interest rates and in- 
creases in U.S. rates." 

Mr. Persaud said he expected the 
intervention to “significantly in- 
crease the risk” for market opera- 
tors to go on selling dollars on the 
expectation the currency would 
continue to falL 

New Yoik analysts quoted by 
Reuters said there was talk in tbe 
market that the intervention had 
been prompted by concern that a 


weak currency at refinancing time 
was thought to have been a concern 
for the Treasury. 

“The intervention was probably 
part of a game plan to stabilize the 
market and see the refunding go 
smoothly,” be said. 


TvaxCP 

ExpLA 

EcPoBay 

5FDR 

VkxJB 

ENSCO 

Hasbro 

InterOI? 

Audre 

HtthPm 


VoL 

Hgh 

Low 

Last 

Chg. 

13773 

24ft 

23ft 

2<ft 

— Ift 

9145 

1ft 

1% 

1ft 

_ 

5902 

lift 

lift 

lift 


4819 45*<> 

44W» 

45Yn 

+V H 

3401 

22ft 

22ft 

22ft 

—ft 

2945 3<¥i. 

3ft 

3V* 


2005 

34 ft 

33ft 

34 

+ ft 

2405 

5% 

«V U 

Sft 

-ft 

1973 

1V H 

1 

PA 

+ft 

1945 

'Vu 

ft 

ft 

♦ft, 


NASDAQ Diary 


Advoncod 
Dedtaed 
UiKhongod 
tom Issues 
NewHSgm 
Now Laws 


1499 1424 

14U 1570 

1890 1799 

4993 4993 

76 64 

111 125 


Spot CommodJtlos 


Est. volume: 71,15a Ooen WL: 217,238. 
LONG OILT (UFFE) 
aUM-KtS ASM OHIO PCI 
Jan 106-21 104-27 1064)9 + 0-07 

Sep mt-15 KU- IS ms - 12 +0417 

Est. volume: 79X77. Open bit.: 122^88. 
GERMAN GOVERNMENT BUND (LlFFE) 
DM 250000 -Pt* Of 100 pel 
Jan 95.40 94.13 9112 + 045 

SOP 94X2 9173 9445 +048 

Est. volume: 199X81. Open bit: 1BU99. 
10-YEAR FRENCH GOV. BONDS [MATIFJ 
FFSMOM-PtSaMOfl pet 
Jun 121X4 12038 12134 +0.10 

sen 12030 119X8 120.46 + 0X8 

Dee )19.|4 1)190 179414 +004 

Est. volume: 224X20 Open bit.: 157X72. 


Maritat Sales 


N Trading Activity Fades 

The dollar slipped in New York 
trading as market activity slowed 
from the hectic period just after the 
Fed intervention, news agencies re- 
ported. 

“The market is vary quiet: no 
one likes to play on intervention,” 
one trader said. 

The U.S. currency was quoted 
late in tbe day at 1.4024 Swiss 
francs, down from 1.4210 francs at 
Thursday’s dose, and at S.6593 
French francs, compared with 
5.6985 francs. The pound gained to 
$1.5190 from $1.5140. 

An analyst at MMS Internation- 
al stud the dollar had been under- 
mined by weakness in UjS. securi- 
ties markets, which in turn 
triggered mare liquidation of U.S. 
assets by foreign investors. 

(AFX, AFP. Reuters) 


NYSE 
Amsx 
NasdOQ 
In mIHIons. 


Aluminum, lb 
CoHee, Braz. lb 
Capper etectrulvtlc. lb 
< Iran FOB. Ion 
Lead. K> 

1 Silver, trov 02 
Steel (scrap), ion 
miu 
Zinc, lb 


Industrials 


KM Low Last settle CbYe 
GASOIL (IPE) 

U Jl doBars Per aietric tan+ots of MM tens 
May 148X0 147X5 148X5 14825 —075 

Jen 14823 147X0 147.73 147X5 —1X0 

Jut 14875 14823 14875 14873 — 125 

AOB 130X0 149 JU ISLM 15825 —873 

Sep 1512S 151X0 1512S 131-50 —U» 


Providence WorcRR S jb 


Russell Cp 
S anderson Farms 
Shell Cda Ltd 
Sana! Offshore 
Tamtamdi Inc 
Tribune Co 


4- 1 4-15 

5- 6 5-25 
54 5-25 
5-6 5-25 

4- 1 6-15 

5- 13 4-1 

5- 10 5-20 
5-9 5-27 
59 5-27 

6- 15 7-1 

5-11 4-1 

5-11 5-26 

5- 4 5-18 
•-I 8-15 

5-13 500 
53 4-10 
5-10 5-T6 
5-2D 6-10 
5-16 4-10 
5-11 5-25 

5-27 7-1 

5- 13 5-27 

6- 2 4-16 
64 621 

6- 15 7-1 
5-13 5-20 

5-9 5-23 
5-16 4-1 

5-16 4-17 
*6 5-25 

4- 10 7-1 S 
Si-W 7-1 

5- 30 6-8 
5-16 5-27 
5-27 4-30 
5-12 5-26 

59 520 
5-9 523 
5-13 615 
513 531 
4-3 615 
526 69 ' 


lower its rating on Banka's Trust New York CoTp-'s $5.6 billion of debt 1 
because of the company’s increased focus on trading. 

The credit rating company said it may Iowa the rating on Bankers 1 
Trust's senior debt to A-plus from AA. Tbe reduced rating would indicate’ 
obligations that are likely to be repaid but are susceptible to adverse 
changes in the economy or the borrower’s circumstances. A Iowa rating 
would make it more expensive for Bankers Trust to borrow money. 
Borrowing costs are critical for banks, which profit from tbe difference 
between these costs and what they charge customers for loans. 

S&Ps concern centers on the bank’s “increasing focus on trading,, 
particularly on proprietary trading.” In proprietary trading, firms bet thetr 1 
own money rather than using then capital to help clients trade securities. 


Catastrophes Cut Aetna Earnings 

HARTFORD, Connecticut (Combined Dispatches) — Aetna Life & 
Casualty Co. reported an 88 percent decline in first-quarter earnings 
Friday, mainly as a result of one- lime gains in the like period last year and 
losses from a severe winter and January's California earthquake. - 

Aetna reported earnings of $46 million, or 40 cents a share, compared 
with $394 million, or $3.57 a share, in the first quarter last year. Last 
year’s first-quarter profits included $228 million in adjustments, mostly 
from a benefit obtained by discounting a portion of workers’ compensa- 
tion reserves. (AP. Bloomberg ) , 


j# 

* 


LTV Profit Up for First Quarter 


CLEVELAND (AP) — LTV Corp. said Friday it earned $ 15.3 million . 
in the first quarter, versus a loss of $47.7 million In the like period a year 
ago, as sales rose 8 percent. ; 


The steelmaker, which emerged from bankruptcy last Jane, said per- - 
are earnings were 16 cents for the three months ended March 31. First- 


share earnings were 16 cents for the three months ended March 31 
quarter sales were $(.06 billion, up from $989 million last year. 


RUSSIA: Keeping Money at Home Opel Accuses Lopez Daughter 


Disney Names Single Chief for Films 


Continued from Page 13 
tional Monetary Fund's passive 
stance: that aid should be doled out 
for meeting goals, such as reducing 
inflation and deficit spending while 
keeping Russian interest rates high 
enough to create a real market for 
capitaL 

“Interest rates are now higher 
than inflation," one IMF official 
noted with approvaL Thau he said, 
gives Russians an incentive to hold 
their savings in rubles rather than 


in dollars and exporters a reason to 
repatriate their earnings. 

On the other side are those eager 
to take calculated risks, who sup- 
port tbe idea of setting conditions 
but think there is a case for erring 
on the side of generosity. 

“Capital flight is a symptom of 
state bankruptcy,” said Jeffrey 
Sachs, an economist at Harvard 
and former adviser to some reform- 
minded figures in President Boris 
N. Yeltsin's cabinet 


Compiled by Our Staff Awn Dispaicha 


RUESSELSHEIM, Germany — 
Adam Opel AG has filed industrial 
espionage charges against a daugh- 
ter of Jos£ Ignacio L6pez de Arrior- 
ttia. the purchasing and production 
chief of Volkswagen AG. 

In a report in the weekly maga- 
zine Focus, to be published Mon- 
day, an Opel spokesman said the 
company believed that Begouna 
L6pez removed computer disks 


from the United States that con- 
tained information on cost-cutting 
plans for certain General Motors 
models. Opel is a subsidiary of 
General Motors Cotp. 


LOS ANGELES (NYT) — Walt Disney Co. has promoted David 
Hoberman, the president of Disney's Touchstone Pictures unit to a new • 
job in charge or all motion pictures produced by the company. 

He will run all three arms of Walt Disney's principal moviemaking 
operation: Touchstone, Hollywood Pictures and Walt Disney Pictures. * 
Mr. Hoberman, 41, said he would seek to expand Disney’s slate to include ' 
big-budget action films such as “Lethal Weapon” or “Cliffhanger.” 


For the Record 


Opd and GM have already filed 
industrial espionage charges 
against Mr. L6pez, whom they ac- 
cuse of taking secret information 
with him when be left GM for VW 
in March 1993. 

(AFP, AFX) 


Shaw Cbaununiaitioas lac, formerly Shaw Cablesysiems Ltd., said it 
has agreed to acquire all the shares of Ontario-based CUC Broadcasting 
Ltd. for 635 million Canadian dollars ($460 million). CUC is a private ' 
cable company serving 350,000 subscribera m Ontario. ' ' - f Reuters) 
Merrill Lynch & Co* the New York brokerage, said Friday it will buy a 
stake in DSP Financial Consultants LtcL, a large investment firm based in 
Bombay. Terms were not disclosed. (AP) 




51 


Friday s S!o*ln 


WORLD STOCK MARKETS 


U.S. FUTURES 


Season Soam 
Htofi Low 


Open Wufi Low Close Ota Op. Inf 


Season Season 
Hah Low 


Open HMi Low am am- Op.w - 


Agence France Pneeie April 29 


Via Associated Pn»i 


1857 Mar 95 1124 1124 1124. 1121 -884 2257 


Seam Season 
HWi Low 


Open Mon Law cm Cho OnJnt 


Amsterdam 


Helsinki 


ABN Amro HM 4120 62.10 


ACF Holding 
Aegon 
ABoW 
Akro Nobel 
• AMEV 


48 4tLSB 
95X0 9SJ0 
4720 47.50 
22320 22220 
7840 72.90 


BMs-Wewonen 3920 3920 


CSM 

DSM 

Elwvter 

Fafcker 

Ght-Brocn 

HB43 

H« luck on 


65 65.10 
13840 139-48 
16720 187 JO 
1440 1890 
49-70 49.70 
334 33450 
23420 240 


Amor-Yhlyma 
EnwkGutzelt 
Huhtamidd 
KJ3.P. 
Kymnune 
Metro 
Nokia 
I Potiiala 
Recoin 
Stadunam 


138 139 

3840 3920- 
713 213 
1110 1230 

no 109 

302 2M 
454 499 

812SJ 81 


9520 95J0 
223 213 




Hoooovens 72-2D >1.10 

Hunter Douglas 7720 79 J0 


I HC Coland 
Inter Mueller 


39.10 39M 
8720 88 


Hong Kong 


Incheptm 

Kinafleher 

Lodbraka 

Land Sec 

Lorarte 

Unma 

Legal Gan Grp 
Llovds Bank 
Marks Sp 
ME PC 
Natl P ow er 

iai4i VSU5I 

NthWst water 
Pearson 
p&o 
Pill: burton 
Powartten 


I nil Nederland 7720 77X0 


KLM 
KNP BT 
NMIIOVd 

OceGrtnfsn 

Paklwed 

Philips 

Polygram 

RMteca 

Rodamco 

Rot faro 

Rnrento 

Royal Dutch 

Stark 

Unilever 


5359 5140 
4890 3020 
77JD 77.40 
BUO BUD 

4920 4940 

5420 5440 
7620 76X0 
12030 121X0 
59 A0 99J2D 
i3oa i- ■" 
92X0 


49 A0 4890 
707.10 2)1 


Von ommeren 55XO 55 
VNU 179.10 180AQ 

Wotters/tcfuwer iobljo 10880 

3K“ 



Brussels 


AG Pin 

Arbed 

Borro 

Bakoorl 

Cocker nt 

CONM 

Dei halxe 

Etecmfae 


GBL 

Gevaert 

Kredlettwnk 

P+lroflna 


2450 2450 
4900 4850 
2495 2485 
26450 26300 

m ra 

5960 5960 
1346 1376 
6200 6220 
1570 1560 
4380 4385 
10050 10200 
7000 6990 
10675 10700 
3450 3460 
5680 5680 


43 
1850 
23 
21X0 
22-20 
85 

tie 12 

im 1890 
1810 
31 JS 
2240 
5050 
2830 
15X0 
1830 
2050 
2170 
46.25 
3X0 
515 

l 11.10 

3A0 
29.90 
1W 
11X0 


Rank Ora 
Reckltt Col 
Redland 
Reed IMI 
Reuters 
RMCCrouD 
Rom Rovce 
Rottimn (unHl 
Raval Scot 
RTZ 

Satnsbury 
Scot Newcas 
Seal Power 
Sears 

Severn Trent 

Snell 

Stebo 

Smith Nephew 
SmlthKllne B 
Smith (WH) 
Sun Aliknoe 
Tate & Lyle 
7esro 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
Ufa Biscuits 
Vodafone 
War Loan 3V) 
Wellcune 
Whitbread 
williams HMs 
Willis Cerraon 
F.T.nindujJ 


i5i 5J7 
577 573 

1X6 1X2 

670 470 

815 815 

1J0 1-58 

453 4X4 

5X3 5X1 

439 4A2 

4X7 4X1 

428 430 

452 455 

4X3 495 

452 450 

7.10 7.13 

2X7 2X6 

479 4X1 

3X0 114 

430 437 

470 472 

5A7 552 

844 838 

5X0 5X7 

9X3 9 A3 
3JH 2X3 
4KJ 
403 

844 838 

372 373 

522 £23 

556 358 

1X1 1X2 

497 5X5 

724 727 

420 422 

1A5 1A4 

3X0 374 

458 503 

325 324 

4A4 449 

2.10 2.12 
1122 1128 

2X4 256 

2.13 810 

1073 1082 

3M 358 
5A4 839 

4406 44A7 

824 810 

844 844 

3j69 380 

220 223 


Accor 
AtrLkwWe 
Alcatel AlsHiam 

/kOT 

Banco Ire (Cie) 

BIC 

BNP 

BOUYQUCS 

bsi+Sd 

Carrefour 

CCJ=. 

Cerus 
Charoeurs 
Cfawnts Franc 
Chib Med 
EHnAqultolne 
EH-Sonofl 
Euro Disney 
Gen. Eau* 
Havas 
inwtai 

untrue Coppee 

tAorxHia 

Lyon. Eou* 

OreaKL'l 

L.VJULH. 

Matra+tachette 

MlctwHn B 

Moulinex 

Par fans 
Pctfalnev Int! 
Pernod- RI card 
Peugeot 
Prlntemos (Ao) 
Rodtotectintaue 
Rh-Poulmc A 
RaH. SL Loufl 
Redoute (Lai 
Salat Gotxrin 


Amcor 

ANZ 

BHP 

Bora! 

Bougainville 
Coles Mver 
Camalro 
CRA 

CSR _ 
Festers Brew 
Goodman Rekt 

ICI Australia 

Magellan 

MIM 


Sydney 

970 9.75 
472 478 
17 17X2 
3X3 145 
vllle 875 877 

rer 449 453 

I 4-65 465 

165S 1478 
4X1 491 
Brew 124 123 

n Rekf 1 51 152 

ml la W50 10.48 

5 2 2 

2X9 2X5 


1 Hudson's Bar 
Iroascn 
moo 

Interprav pipe 
Jonnock 


Grains 


11A3 1857 Jut 95 

UA0 S0j70d95 

UJS 10X8 Mar 96 

ES-Hdes -I7A04 Thu's. sates I8AJ3 

TlWiopenirt 10J2» off JIM 

COCOA (NCSE) lOrmrtc ten*, liter on 


11.19 -am uoa 
11.17 —9.04 344 

11.14 -0X4 39 


Est sates NA. Thul. sates mm 
Thu's open Ini 2AMA46 up 9945 


BRITISH POUND (CMSQ iDtroomd- 1 paMMUteiHLOOSl 
IJ150 lA474JlinM 15120 15234 15064 15180 +52 45114 

15120 1.4440 Set) 04 15090 15200 15070 15156 +54 14X3 

15060 lASOODoCte 17.100 151 70 UBS0 15144 +54 34 

1A6S0 IA640 Mar 94 151» 151» 15040 15134 +58 3 

Ext sales 28412 TTxTs. sates 28706 
Thu'5 open int 44224 UP 883 

CANADIAN DOLLAR KMER) tpenSr-lpOffMMsDMHI 
07805 871 13 Jun 94 07214 87231 07203 07214 38AB0 

877*8 07068 Sep M 07177 07200 07141 07184 1.913 

07670 OTHBDecM 0 7168 07178 07150 07141 1263 

87605 07020 Artite 95 07135 07150 07133 07140 60S 

87 522 OASSSJonW 07«20 . 92 

_SSP95 07100 I 


not Aust Bank 11X8 11X8 


r ... 9A7 9A3 

Nine Network 575 5 JO 

N Broken WII 3» 328 

POC Dunlap 4X2 4X5 

Pioneer inn 2X8 227 

Nmndy Pose Won 2JM 2X2 

OCT Resources 175 171 

Santas 399 4«5 

TNT 114 UD 

wostorn Minins 7 6. 95 

Westpac Banking *74 476 

WMflBMs 422 420 


399 4X5 
314 310 
7 6.95 


LoblawCa 
Mackenzie 
Magna inH A 
Maple Leaf 
Maritime 
Mark Res 
MocLean Hunter 
Matson A 
Noma ind A 
Naranda Inc 
Ncranda Forest 
Norcsn Eneray 
Nttwrn Tetocnm 
Nova Cara 
Oshowo 
Pagurin A 
Placer Dome 
Poco Petroleum 
pwacotp 
R ay rock 


IM .. 

21 21 Mi 
2 » 24 
94k 


rr* 12H 

2440 2446 
9*i 94* 

17 17 

2310 24 

W 0 510 
2410 34 

13 1310 
1(1* 1610 
4110 411* 
1040 10V» 
2190 2)14 
355 355 
B40 »0 
Iff* W* 
as 877 
1910 19 

31 £2 




Market Qosed 
The stock market in 
Tokyo was dosed Fri- 
day for a holiday. 


Tnomsoo-CSF 

Total 

U-A.P. 

Valeo 


Toronto 




F.f5-eiiq 
Prevtous : : 


Sao Paulo 


Johannesburg 


Madrid 


SacGen Bonque B690 8630 
SocGenBelotenM 2693 .2690 
SofhKi 15300 15200 

Solvoy 16400 17000 

tiuciomi nooo loeoa 
UCB 23450 23550 

Union Ml mere 7595 2565 

*mMiar snmn 


Frankfurt 


AEG 18150184X0 

Allianz HOM 2588 2602 

Altana 42741550 

AsfeO 1038 1060 

BASF 329 JO 

Bayer 393X39350 

Boy. Hypo bank 473 472 

Bov Vftreinsbk SHS12J0 
owe 

BHF Bank 


AEC1 
Attach 
Anuta Amer 
Barlows 
Blyvoor 
Butfels 
□e Beers 
Drletontcfa 

Gencor 
GFSA 
Hormanv 
HtahveM Steel 
Kloof 

NedbankGro 
Rondfantdn 
Rusmar 
SA Brews 
Si Helena 
Sasal 
Welkom 
western Dean 


» 25 

95 95 

245 221 

35 3210 
NO. 7>* 
43 42 

114 1081A 
55 52 

9V» 8.95 
100 95 

24 Vs 24 

26 24XS 
49V0 43V: 
2016 28 
49 45 

86 85 

96 94 

41 40 

2F6. 24V. 


BBV 3215 3210 

Ben Central Hlsp. 2M0 2M0 
Banco Santander 5920 (020 


Banesto 1125 1075 

CEPSA 3000 2700 

□raooaas 2335 2330 

Endesa 66S0 6650- 

ErcTO* T5B 161 

Iberdrola 967 971 

Repsoi 4490 4470 

Tobacatern 387S 3900 

Teletanlco 1830 1780 

32451 


Boko do Brasd 24X0 2350 
BancSPO 14.99 1450 

Bradesao 16J0 1550 

Brahma 30V 300 

paronapaneflia 22X9 23.99 
Petrahras 125 124 

Tafebnn 44.95 44 JO 

Vale RIO Doce 118.9911650 
Varta 145 160 

Bavawa fades: 170M 
previous : 16733 


Imler Benz 


$11 SI 250 
749 735 

440 444 
901 895 

__ 35936070 

Continental 289X028950 
«D 5® 
525 542 

DtHatWKk 267X0372® 
Dautscha Bank 78170710X0 

DrSdner Bank 395401^ 
Petdinueiite 367 347 

F Krupp Hoesch 22022050 
Heraener 373 370 

Henkel m 459 

Hochtief 1120 1140 

Haeetaf 364WJ5650 

Hobmartn 880 894 

Horten 244 245 

IWKA 42341750 

Kail Sab 144M550 

Karstadl 429 432 

Kouflwf 545 553 

KHD 15450157X0 

Kioecknerwerke 17117252 


teS!S 5K, : 


Nfl. - 
173 149 

5375X0 


Milan 

Bona comm 


London 


Abbey Nan 
Allied Lyons 
Aria Wtgg Ins 


Aria Wtgg bis 
Arm'll Group 
ass Bril Foods 


Benetton group 
CIR 

Cred llal 
1 Enigiem 
I Perffa 
Ferfln Rbn 
FtalSPA 
Fltumccmdea 
Gmeraii 
l Fl 

I la lam 
1 taigas 
Italmobntare 


951 948 
21021250 
45950 45450 


Unde 
Lufthansa 
MAN 4595045450 

Monn csraon n 477SI4725Q 
MetallgesHl 221 223 

Muench Bueck 330 327S 

Porsche CT 875 


PreuttOfl 

PWA 

RWE 

Rtiefamefall 

Sctterina 

SEL 

Stamens 

Tftvwefl 

Varta 

Veba 

VEW 

vSfcswapen 

Wdta 


m 87$ 
478 483 
249X0 2S0 
447473X0 
341 360 

1107 1105 
400 418 
74750 753 
394J0 291 

to <6 352 

513.90515X0 
37450 373 

4(950 471 
S26S23X0 
8W B90 

22W« 




BAA 

BAa 

Bank Scot land 

Bar clavs 

Boss 

BAT 

BET 

Blue Circle 
BOC Group 
Boots 
Bowater 
BP 

Brit Airways 
Brit Gas 
Brit Steel 
Brit Telecom 
BTR 

Cable Wire 
Cadbury Seh 
Carodon 
Casts Vfydta 
Comm Union 
Courtauhts 
ECC Grwin, 
Enterprise Oil 
Eurotunnel 
F Isons 
Forte 
GEC 

Genl Acc 

Glaxo 

Grand Mel 

GRE 

Guinness 

GUS 

Hanson 

HlUsdowi 

H5BC Hldgs 

ICI 


Montedison 

oilveni 

Pirelli 

RA5 

Rlnascente 

Saipem 

San Paolo Torino 

SME 

Snia 

standa 

Stef 

Toro Assl Rise 


Singapore 

Cerebos 8X5 820 

□ tv Dev. 7X5 8 

DBS ll.« 11A0I 

Fnuer Necnre 1&XD 1490 

Gentlng i?as i?ao| 

Golden Hone PI 2X3 143 

How Par 138 3X4 

Hume industries 540 545 

Incncape .5X0 5X5 

Kcaael 11J0 

KL K«ng 191 2J1 

Lam Chana 1X0 1X4 

Mcfavon Banka 850 ISO 

ocbc n n 

OUS 7M 7 AO 

OUE 7X0 8 

Sembawong 12X0 12X0 

ShangrUa 120 535 

Sima Darbv 198 4X2 

SIA 75S 7X5 

SKwre Land 7.«s 7 as 


AMttbl Price 
Agnteo Eagle 
Air COnada 
Aftierta Energy 
Am Barrie* Res 
BCE 

Bk Nava Seetta 
BC Gas 
BC Telecom 
BF Realty Hds 
Brematea 
Brunswick 
CAE 
Camdev 
CISC 

Canadian Podflc 
Can Tire A 
Carter 
Cara 

CCL Ind B 
anealex 
Com Inca 
Canwest Exo) 

Denison Min B 

Dalasro 

DvMnA 

Echo Bar Mines 

Eovlhr Silver A 

FCA I nil 

Fed Ind A 

Fletcher Chail a 

FPI 

Centra 

Gull Cda Res 

Hecslntl 

Hernia GW Mines 

Holltaeer 

Horsham 


Royal Bank Can 
Sceptre Res 
Scoffs Hasp 
Seagram 
Sears can 
SMI Can 
SherTtn Garden 
SHL systemhse 
Southam 
Spar Aerospace 
Stelae A 
Talisman Encra 
Teck B 

TlwmonCm 
Toronto Doran 
T orator B 
Transaito util 
TransCda Pipe 
Triton FbH A 
Trtmoc 
TrliecA 
unieorp Eneray 



^sss'rss^ 


Zurich 


A<Ba Inti B 
Alinuisxe B new 
BBC Bran Bov B 
ObaGefavB 
CS Holdings B 
EtaktrowB 
F better B 

Interdbawnl B 
Jtlmotl B 
1 Landis Gyr R 
MOevteWldlB 
N+WI« R 

Oeriik. Buehrle R 
PorgasaHld B 
taw* nog PC 
Satro Republic 
SandozB 
SehindterB 
Saber PC 
Surveillance B 
SwtesBnkCorpB 
Swiss Retnsur H 

Swissair R 
UBS B 

Winterthur B 

Zurich Ass B 


WHEAT (CBOT) MOaounSnlmuni.adiBrs wrou i nw . 

3X2 3X0 May 94 3X1 W IS 320M 7L24V5 rOXS 2X29 

3X6 296 Jul94 3X5 3X1 323'A UH *0X414 77.146 

XST6 3X2 SeaW 3XBW 13446 337V, 13414 *aaHk M 28 

IAS 3X9 Dec 94 359 145 3X714 XUV, +0X3’4 6.140 

354 Vi 177 Mar 95 141 347«* Ml 147 *0X5 3*9 

118 X 1 6 Vj May 95 143 +0X5 74 

147* 3.11 Jill *3 134 3X5 130 123 1 * +8L0J 1 A 77 

ESL soles NLA Thu’S. 17.130 
TTWlopen hr 44565 alt 2573 
WHEAT (KBOT1 &660 bu mfaSmum- OStora per buflliai 
3X9W 2.98 May 94 3L39W 144ft 3X8 346ft +OX1 2.770 

355 297 Jut 94 12Bft 3J2W IMVi 137ft rOXSto 13543 

355ft 3X2ftSip94 3X0 3J4U. 128ft 133ft +0X4ft 3.764 

3X0 3.17ft Dec 94 137ft 141 M. 3XSft in +a Oa'A 2724 

153ft 125 Mar 93 142 XCft 137ft 340ft +a02h 348 

Z24 121 ft May 95 US *0X3ft 17 

Est. sates NA. mu's.saies 1490 
Thu's open kit 23X66 off 654 

CORN tCBOTi umtxinMnun^eeianx^uudm 

116ft 138ft May 94 255 169ft 241ft 249 *a05ft 24X» 

116ft 24J JuJM 26894 273 2471* 17! +8X4ftJ3S583 

197ft 140ft Seo 94 143ft 144ft 241ft 246ft +0JBft 31564 

173ft 2J6ftDeC94 157 159 254ft 158ft +0X2% 7Z44S 

259ft 253 Marts 242ft 165% 261 244ft +0X7% 6,749 

2X2 257ft Mav VS 264ft 149 246 169 -0X2 ’A 766 

2X3*6 259 JuIVS 247ft U0 247 % 170 +002% UH1 

258ft 244%t>ee95 ISO 251ft 2X9 V, 251% -0X0% 1.132 

Est. soles N-A Thu's- sotefl 101.915 
Thu'S OP«n in» 275.149 oH 7586 
SOYBEANS ICBOT) SABO 6un*nninn-e>4of»ltet tonl te I 
751 592ft May M 673 478 (72 *77% +0X4ft 14X54 

750 594ft Jul 94 671 ft 677ft *71 676ft +BX4% 61,138 

7X5 678 Aug 94 6X7 671 644% 670% +0X4 10X04 

6X9ft 617 Sep 94 6X5 iAtVt 6X3 6X7 -ft 04ft <L277 

757ft 555ft Nov 94 6X7% 631ft 4X3 671 »0X4ft 4576 

670 613 Jan 95 633 634ft 630ft 636ft *0X4% 1952 

673ft 618 Mar 95 637ft 642 6X6 4X1ft +0X4ft BOD 

670 671 fttotf 95 639 643 639 642 +0X4 ft 344 

675 63f JM 95 642 643 641V, 643 *0X2 754 

650ft 5X1 ft Nov 95 611ft 612 609ft 611 1X61 

Ed. sates N-A. Tlwft. iotas 56803 
TmraoeanM 139,179 up 645 
SOYBEAN MEAL (CBOT) ISO fan- <ukn iter ten 
232X0 1B470MOY94 19040 19a 70 189.90 I90J0 *110 8.511 

230X0 1B5X0JUIM 19050 191.10 190X0 191X0 +0JD30X97 

22101 1 Site Aug 94 190X0 190X0 119 40 190X0 +030 11777 

71000 U3JH&P94 18850 18060 187,90 181 50 *030 IM 

206X0 Wl JO Oct 94 185.90 18630 11540 186X0 * 040 MB4 

209.00 450 Doc 94 1B4.IO IEU0 184X0 18510 *020 U734 

a»m 18050 Jon 95 11610 U530 164,10 1B610 1X84 

19000 Ml JO Mw 95 186X0 187X0 184X0 117X0 751 

193J0 1820) May 95 186SH -0X0 234 

IKS 112-9 Jul 93 181X0 107X0 1M9 -0X0 153 

EsI. sales KA Thu's, soles 33,9/5 
TtarsuaenM 87570 oH 523 
SOYBEAN ML (CBOT) OMfaiMnHrigu 
30X5 21X0 May 94 7065 7(97 2863 3091 +0X9 9X68 

7970 21 J5 Jul 94 2655 2693 2850 2690 4 064 36947 

29X0 TlXiAuoW 2011 2SJ2 2015 2851 40X0 11X90 

2840 2240 Sep 94 27X5 27X5 2750 27XS +034 11X0! 

77 JO 22.100c! 94 2651 249 26JD 2678 *0X9 8.181 


1345 999X694 1IZ1 1133 1H4 1128 +5 36979 

1377 W30SBI94 U51 11» 1141 1155 +7 14.176 

1389 1041 DOC 94 1192 1198 1187 1194 +4 8X64 

1382 1877 Mar 95 1238 1232 1219 1E7 +8 16346 

1400 1OTIMav95 1114 1114 IWf 1120 +5 119 

1407 1225 Jul 93 1277 1277 1273. 1777 +8 2X08 

USD 1265 SepVS 1295 1295 1290 1791 +6 533 

M37 12KDrc9S 1325 + 5 679 

1385 1350 Mar 9* 1340 —15 3 

1742 173 May V4 1255 17S7 T28B 1257 + 8 5X04 

Est. sirtn 6903 Thu'S, sates 9.114 
Thu's ooen Int 81X63 up «2 
ORANGE JUICE (NCTN) 11X00 In^cwB Mr 0 l 
135X0 B9X0MOV 94 10595 10650 10380 103X0 —1X0 2.109 
135X0 10073 Jul 94 109X0 W9J0 W5J0 10650 —1.15 13X75 

13450 104X0 SCO 94 11150 112X5 MOTO. 108X0 —2X0 3X23 

134X0 10615NOV94 111 JO 111 JO 108X0 10605 —4.10 1.122 

132X0 103JDJan9S II2JD I12J0 H»J0 lldin —2X0 2X05 

124X5 lOeXOMvVS 115X5 115.93 113J0 112J0 -3JS 644 

11625 lUSi Matts 1MJ0 —too 10 

JuIVS 119X0 119X0 119X0 115X0 — 60B 

S8P 95 115.00 —1X0 

Est. sales SXOO Ws. sates 6099 
DW'SOPWlW 21,990 on sn 


13® —IS 3 
1257 4 0 5X04 


EsLsrte* 6871 Thuft.sdes 6v612 
Thu'S open kit 4L454 up 707 

BERMAN MARK (CMEH) J per mortal paWMiHfaSlseOl 
04133 0J607Jun94 04011 04074 0JW3 04041 +30106.995 

04065 OJ400S8P94 06007 06067 0J993 04(05 +37 3XSB 

04000 SJOWDecM 04059 04069 0J99S DJOtl +36 1« 

OJtaO QJfflO Jun95 04089 +37 1 

05817 O5B106tor96 06053 +35 619 

States 83,144 WS. cates 75J42 
i Thu's open «it 111X21 up 7351 
J APAWBEYE W (CM B7J IW riyljrtgftaWMIl 
0X09945UlB871Jun94 &18>91t2IXD9K£aX<FaWUm70 -22 (IXH 
Dxcwwunom70fl7W«io^^ -21 
QXK)inS>. 009S23 3ec94 OXH»700X10071lllX099«2n Olttka —20 698 

ttMBISSMSBWWJun 95 00)0143 —14 J 

Om«^0OMMA6^0XI0l200XIOI2IHLOlOO4aBX10077 —18 M 


Metals 


WORADE COFFER (NCMX) HXDQ «»v croMperte 
W2X0 7340 May 94 9090 9140 9040 91JS +0J5 6934 

91 JO 7610 Jun 94 91 JO 91 JO 9040 70,93 -0X0 988 

10ZJS 74X0 Jul 94 91 JO 91X0 9080 91J0 -010 36738 

103J0 7699 Sao 94 91X0 9145 90J0 91X5 +005 6497 

101.90 767SDOC94 9080 91X0 9040 9090 -0X5 6490 

70*1 76.70 Joi9S 7005 -010 

77X0 73X0 Feb 7S 9080 —015 

107 JO 73X0Mar73 9040 9040 9010 7075 -015 3/00 

TITS 7685 May 95 9010 9ILM 90X0 9040 -<UB 433 

91X0 38-89^1195 7040 -SJ9 474 

91X5 75JBAua9S 9US +0X5 <27 

91X5 N.Mftl! 7040 -030 318 

7015 75X00095 91X0 91X8 91X0 91.15 +0X5 

ILX 77X5 NM 95 91X5 

21-5 7040 —030 389 

89 JO aajajaivo mao — aso 

*2X5 42. 70 Mar H 7090 -030 

Est. sales 11X00 Ws sates 22X14 
Thu'S OPWI Int 63J04 up 1852 
SILVER (MOtlX) SMOtiweo-eMiMriroraL 


Bn. sates NA Thu'v sales 37X74 
Thu's OPOl Ini 45X09 up 8327 
SWISS FRANC KMBO mm- itatMUtelllHI 
0X115 04590 Jgrr 94 07089 07174 0X068 67138 
0X115 04600 Sep 94 O7100 0X184 1JTO0 07154 
“XUO _ 0488SMCM 07)45 07170 67140 07182 
EsLartes ?L454 Wv sales 37X09 
nWsapenini a,iu in 43a 


+ 49 3M» 
+50 453 

+ 51 337 


Industrials 


COTTON 2 (HCTN) nnk-aniiiirb. 

SfS2 s?- 10 “XO 14.91 84X0 +L40 U8S 

fllJS 58<30 Jill W 81JQ B3_5D 81.9Q P7J *m jvm 

lit* SfaSS?! Jf 57 74.W 710 +ai2 AM 

2-14 73.4S 72A9 7X04 -010 16,729 

«SS W* 7137 73X5 -030 1.355 

7AM 7tM Ma s —am 423 

7*00 7040*895 74J5 7690 7445 74X0 +0XS 92 


3045 21X0 May 94 2045 7197 

79X0 21 JS Jul 94 2655 2693 

29X0 71 45 Aug 94 2018 3652 

2840 2240 Sep 94 2745 27X5 _ 

2748 22.100(394 2654 2600 26JD 2678 

77X5 090 Dec 94 2544 2605 25X5 24X2 

3615 2245 Jam 95 2540 2SD0 

2665 7670 Mar 95 2545 25.50 

2640 7443 May 95 1615 HJ5 

2640 2445 Jul 95 3610 2615 

Esksirtes NX Tteft-tales 20X02 

Thu's open on 96X89 cfl 1753 


2245 An 95 2540 2600 2540 2680 
74X0 Mar 95 2545 25.50 2545 2SJ0 


2667 May 95 7615 25J4 25.15 25X5 

2445 jm 95 3610 2615 2610 2615 


+0X9 *46* 
•044 369(7 
+ 040 11X90 
+036 1(401 
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INTERNATION AL HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 


Page 15 



Continental AG 

Sets Further Cut 
Of 2,000 Jobs 


Slow Days in Blast Europe 

West’s Car Plants in Ex-Soviet Bloc Sag 


■■Mm 






Compiled bp Our Staff From Dispatches 

HANNOVER, Germany — 
Continental AG said Friday it 
would cut as many as 2.000 jobs 
and shift production to lower-wage 
countries, despite a recovery in 
first-quarter earnings. 

“We can't stop tackling our struc- 
tural problems at ibe first signs of an 
improved economy " the tiremaker's 
chief executive. Hubertus von 
Gruenbog, said at the company's 
nnnual news conference. 

Continental's focus on streamlin- 
ing operations has been sharpened 
in recent years by losses in its North 
American operations, the recession 
that hurt European vehicle manu- 
facturers and Pirelli SpA's attempt 
Last year to take over Continental. 

Continental executives said op- 
erating earnings in the First quarter 
of 1994 were “slightly higher" than 
in 1 993, a year in which the compa- 
ny's earnings fell SI percent. But 
they said profit this year might only 
match the 6S.1 milli on Deutsche 
marks ($39 million), or 7.10 DM a 
share, earned last year. 

“Since March/ April we’ve noted 
a rebound in demand,” Mr. Gruen- 
berg said. “First-quarter business 


wasn’t bad, but we could still use a 
bigger boost from the overall econ- 
omy.” 

Conti Denial said it would to 
eliminate 3 percent to 4 percent of 
its 50,974 jobs this year, after mak- 
mg a 20 percent cui in employment 
over the past three years, and it said 
it planned by 19% to transfer 25 
percent of its car-tire production to 
lower- wage countries, especially 
Portugal and the Czech Republic 
(Bloomberg, Reuters) 

■ Pirelli's Hans lor Issue 

The chairman of Pirelli Tire 
Holding NV said the Dutch unit of 
the Italian tiremaker would use a 
planned capital increase to support 
its investment program and to accel- 
erate medium-term projects, includ- 
ing new plants in Asia and Eastern 
Europe, AFP-Extd News reported 
from Amsterdam. 

Giuseppe Bencini also said that 
with the increase, which will take the 
form of a l-for-3 rights issue, “it will 
take a much shorter time to resume 
dividend payments,” though be said 
the Pirelli SpA unit would only re- 
sume payouts “when results are 
good enough." 


Swiss Banking Income 
* Lags on Trading Slump 


Bloomberg Business News 

ZURICH — Two of the top 
three Swiss banks said Friday their 
first-quarter earnings lagged be- 
cause they could not repeal the 
trading-income bonanza of 1993. 

CS Holding and Union Bank erf 
Switzerland are looking instead to 
economic recovery to buoy 1994 
profits. 

They said they were hoping less- 
than-spectacular trading results for 
the first quarter would be out- 
weighed by an easing of ibe bad- 
debt burden as economies recover. 

“The results of these first few 
months lead us to be optimistic,” 
said Rainer Gut, chairman of CS 
Holding, “even if the financial mar- 
kets aren’t showing the same ex- 
traordinary dynamism as last year.” 

UBS said first-quarter group 
profit was lower than in the compa- 
rable year-earlier period- But the 
bank said it was confident full-year 
profit would grow if provisions for 


bad and doubtful debts continued 
to decline. 

Without providing income or rev- 
enue figures, UBS said trading in- 
come was patchy in the first quarter. 
Securities trading was “successful," 
despite the significantly weaker per- 
formance of stock markets. 

CS Holding, the parent of Credit 
Suisse, Swiss Volksbank and CS 
First Boston, said its performance 
during the first quarter was “satis- 
factory," and that it expected “very 
satisfactory” result for the year. 

The bank said its trading income 
was lower but provisions for bad 
loans also were declining resulting 
in a “gratifying” first-quarter result 
Swiss Book Corp. said last week 
that its first-quarter earnings were 
worse than expected amia lower 
revenue- ,,- 

Shares trf all three banks feu Fri- 
day on the Zurich Stock Exchange, 
with Swiss Bank Corp. losing near- 
ly 5 percent 


By Matthew Brzezinski 

New York Times Sertiat 

WARSAW — When Eastern Europe opened iis 
markets to Western competitors, its outdated auto 
industry faced a dear choice: integrate with the 
West or perish. Western capital, technology, and 
markets were seen as the only way Tor the industry 
to survive the loss oT its monopoly position. 

Tfcs than five years after communism collapsed 
in Eastern Europe, nearly all its automobile com- 
panies have become subsidiaries of large Western 
automakers. Fords, Mercedeses, Fiats, Volvos, 
Volkswagen! and GM Opels now roll off assembly 
lines that once churned out the uninspiring auto- 
mobiles that polluted the air of Budapest, Warsaw 
and Prague. . 

But while benefiting Tram Western expertise and 
capital, the East European automobile industry 
has found itself unexpectedly vulnerable to market 
swings in the West. 

As West European car sales haye slumped. East 
European automakers have experienced the down- 
side of the integration they sought- .... 

The East Europeans have restructured uar in- 
dustry, retooled assembly lines, increased worker 
productivity and introduced stringent quality-con- 
trol procedures. Now they are finding it hard to 
accept that sales have dropped because wealthier 
West Europeans have been hit by recession, 
though there are some signs of recovery m the 
Western car market. .... .. 

“We’ve done everything the Italians have asked 
of us, and now they tell us our cars are not selling 
anymore,” said Piotr Lukaszek, a union represen- 
tative at Fiat’s Tychy plant in southern Polnnd. 
‘But it’s not our fault. Maybe the Italians are not 
selling them properly.” 

The parent company, Fiat SpA, announced ear- 
lier this year that it expected a loss of more than Si 
billion in 1993. The Italian automaker, which has 
an 11 percent share of the European car market, 
saw its overall sales decline by more than 2G 
percent from 1992, prompting plans to lay on 

15.000 employees, or 7 percent of its work force. 
Fiat holds a 90 percent stake in the plant at 

Tydiy, which the company acquired two years ago 
in a deal valued at $2 billion. 

The FSM plant — its initials stand for Small- 
Engine Automobile Factory in Polish — makes the 
Cinquecento, an Italian-designed subcompact in- 
herited from Fiat’s 500 series thaL competes with 
European cars such as the Renault Clio and the 
Ford Fiesta. . 

Last year, the FSM plant turned out more than 

200.000 Cinquecentos. So far this year, production 
has fallen by 16,000 cars because of four weddong 
shutdowns. Giovanni Pratti, a spokesman for Fi- 
at’s operation in Poland, said the delays in produc- 
tion were necessary because “our dealers m Europe 
have "si gnifi cantly decreased orders." 

To Hat. the plant in Tychy seemed a natural site 
to produce the Cinquecento. The FSM plant of- 
fered a stable investment environment because it 
had already produced more than 2 milhou older 
Fiat models under license in the last 20 years. 
Other Fiat models have been manufactured m 
Russia under the brand names Zhig^ MdLada. 

Last year, the FSM plant exported 150,000 Cin- 
quecentos to Western Europe, and 40,000 more 
were sold in Poland. The low cost of Polish labor 


made the Cinquecenio. at 55.S90. the cheapest 
subcompaci marketed in Western Europe. 

Cinquecento’s success was short-lived because 
its arrival saturated the low end of the European 
compact car market. 

Poland’s second-largest car producer. FSO — 
initials stand for Personal AuiompbOe Famorv in 
Polish — produces the Polonez, a hatchback sedan 
designed 16 years ago. FSO. based in Warsaw, has 
also been hit by the recession in the Western auto 
industry. The debt-ridden state enterprise has 
pinned its hopes oT survival on an investment 
General Motors Corp. 


Last December, GM agreed to spend a cautious 
S25 million to assemble 10,000 OpelAsms i «dans 
at the FSO plant. GM already produces 150,000 
Onels a year in the former East Germany, and 
assembles and makes engines for 10,000 more cars 
annually in Hungary. 

The slump in Western orders extends beyond 
Poland totbe Czech Republic, where the Czech 

We’ve done everything the 
Italians have asked of us, and 
now they tell us our cars 
are not selling anymore.’ 

Piotr Lokaseek, a union 
representative at Fiat's Tychy plant in 
southern Poland. 


auto company Skoda, now a subsidiary of Volks- 
wagen AG, manufactures a five-door hatchback 
with a base price of $6,200, which is about S3.000 
cheaper than GlvTs Opel. Skoda’s exports to West- 
ern Europe stalled at 51,000 cars last year. 

Even worse, its sales to Poland, which is Skoda’s 
largest single export market, have fallen 50 per- 
cenupaitly because of Poland’s imposition in 1992 
of stiff duties of up to 100 percent on car imports. 

Skoda pi=wis to circumvent the tariffs by assem- 
bling 5.000 cars at a plant in western Poland that is 
partly owned by Volkswagen. 

The FVwh government has imposed a similar 
tariff policy that allows Skoda to keep 75 percent 
of its domestic new car sales in the Czech Repub- 
lic. where it sold 100,000 cats last year. 

The tariff wars with Poland and the depressed 
markets in Western Europe have led Skoda to 
explore new markets in South America, China and 
even North Korea. 

The recession in Western Europe has had its 
greatest impact on Skoda’s investment strategy. 
The company sold a 31 percent stake to Volks- 
wagen in 1991; in return, Volkswagen pledged to 
increase its share in Skoda to 70 percent and invest 
$5.6 billion in Skoda by the end of the decade. 

But after Volkswagen lost SI billion in the first 
six months of 1993, it backed out of an $870 
millio n modernization loan to Skoda. 

Even so Skoda showed profit of $38.8 nnllioQ in 
its last fiscal year. In fact, strong sales at home 
have absorbed the impact of the recession in west- 
ern Europe for both Skoda and Fiat m Poland. 


»«. 


NYSE 

Friday's Closing. 

Tables Include the nationwide puces up 10 , , 
the closing on Wall Slreetand do not reflect 
late trades elsewhere. Via The Associated Press 



Joblessness 
In France 
Is Steady 
At 12.2% 

Bloomberg Businas News 

PARIS — The rise in French 
unemployment slowed almost to a 
halt in March, government data re- 
leased Friday showed, but econo- 
mists said the jobless rate probably 
had not peaked. 

Several economists said, howev- 
er. that the slow rise in unemploy- 
ment combined with signs of grow- 
ing business confidence indicated 
the economy was gaining strength. 

INSEE the national statistical 
institute, said France’s unemploy- 
ment rate was unchanged in March 
at 122, percent, though Labor Min- 
istry figures said the number of 
jobless people rose a slight 8,600, to 
about 3,321,000. The increase cwn- 
pared with typical monthly in- 
creases of 40,000 to 50,000 a year 
ago, when France was in recession. 

But, despite a forecast by econo- 
mists at the stale-owned bank 
Crfdii Lyonnais that unemploy- 
ment would Teach about 12.6 per- 
cent by the end of the year, a survey 
by INSEE tins month showing ris- 
ing optimism among business exec- 
utives and the latest fiat unemploy- 
ment figure seemed to many to 
confirm France’s tentative eco- 
nomic comeback. 

“We're on the way to recovery, 
but nothing momentous," Jean- 
Paul Betbeze, chief economist at 
Credit Lyonnais, said. 

Layoffs were at their lowest level 
rinw- the summer of 1991, the em- 
ployment report said. Jobs on o ffer 
at the country’s national employ- 
ment agency in March were down 7 
percent from a month earl ier, a t 
114,200, but were up 38 percent 
from a year earlier. „ 

“We’re in a transition phase, 
said Philippe Auvemy, an econo- 
mist at Credit Agricole. “Employ- 
ers are making fewer layoffs but are 

still not hiring." 

■ Plane Project Supported 
Prime Minister Edouard Baha- 
dur called on France’s leading Eo- 

S allies Friday to bufld the so- 
European Future Large 

Aircraft, a military transport plane, 

for their air forces, Reuters report- 
ed from Dijon, France. 

His appeal was the dearest sign 
yet that France was ready to com- 
mit itself to the multibQlion-ddlar 
aircraft program, which could cre- 
ate tens of thousands of jobs across 

Western Europe. The program 
would involve more than a dozen 
aerospace companies and funding 
from six countries. 


Investor’s Europe 


Frankfort 

DAX -I 


Latidoin 'Pteirfe - 

FTS&-T0G Inriax WvGA<X 40 ; ~ Ko* 

■’ •• ... - '' " • • 





£s> !'■#=» 'i’ZsX* - • 2fi06- M - fl iVil * 



"Sources: Reuters, AFP 


Very briefly; 


. UUD AC Holding announced a l-for-15 rights offering 10 shalttold- 
o^Traise linMon Deutsche malts ($931 miM. ’{fi 1 
dividend for 1993 to 15 Donate marks a share from 13.50 DM ana 
announced a bonus payout of 35 DM a share, 
rwa ritiirr jYcjgir Art cnid it would raise 1.14 billion Deutsche marks 

million new shares ol 380 DM each. 

DreHtoerritxresdosed Friday at 395 DM a share m Frankfurt. 

. .... j nercent of its shares were in the hands of unknown 

* “Ad Airways had said it was not the mystery investor 

Sir^Sv^k^fpaStake, and it said a Swiss bank acting on 
behalf of an unidentified party holds a further 6 percent stake 

Unilever’s OMO Power product, which competes with P&G s AneL 

• Dassault Hectirarique said it had returned to profit last year, with 

francs ($9 “J* 

million francs in 1992 

Deckel Files for Bankruptcy 

.. . l.. c,-dr rumorha »hnut 2000 employees, 


has about 2000 employees, has 
oeif«t to be given 15 months to 
settle claims. 


Compiled by Our Staff From Dispatcher 
FRANKFURT— The machine- 

tool maker Deckel Maho AG has 

filed for protection from creditors ^ s pokesman for Deckel Mabo’s 
under Germany’s bankruptcy law, gjjmlqyee council said banks would 
Deutsche Bank AG, one of its mam yj grant loans totaling 30 mil- 

creditors, said Friday. lion to 50 million Deutsche marks 

A court official said n would - — — 


A court oinciai suu m * 
take about four weeks to deddeon 
the implication for protection. He 
said an agreement was being 
songht under which the company 
would have to settle 40 percent of 
creditor claims to stay in business. 

The amount of the claims was 
not specified. Hie company, which 


UUU IA/ JU Uirnivu a* 

($18 million to $30 Bufficm) to en- 
able the company to continue. 

Company executives were not 
available for comment Hie compa- 
ny expects to post a loss of 140 
million DM for the year ending 
June 30, on sales of 340 million 
DM. f Reuters, Bloomberg, AFP) 


von r 


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Page 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 


NASDAQ 

^ Friday's 4 p.m. • 

This list complied by the AP, consists of the 1,000 
most traded securities in terms of dollar value. H Is 
updated twice a year. 


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* dls — Sidtstributtan, 

*w — without warrants. 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 


Asian Markets 
Get Over Fears 
On U.S. Rates 


Reuters 

HONG KONG — Asian sl0C k 
markets have largely abandoned 
tbar interest rate-driven panic of 
recent weeks, discounting the effect 
of a US. rate increase and focus) ne 
on domestic growth, companv 
news and political dcveiopmeoit 
analysts said. 

“ I believe anyone will be 
mpT* «** Fecferal Reserve 
Board pushes American rates up 
next month, said Colin Bradbury 
regional sira legist at Jardine Flem- 
ing in Hong Kong, 

The Fed has engineered a rise in 
the federal funds rate, the fee 
charged on overnight loans among 
coimneraa) banks, by three-quar- 
ter of a percentage point since 
February, in quarter-point incre- 
ments. It is widely expected to add 
another quarter point, bringing the 
rate up to 4 percent, at a policy- 
making meeting May 17. 

In Hong Kong, where the Hang 
Seng index fell nearly 4 percent in 
Uie week after the Fed’s latest rate 
increase, on April 18, analysis said 
U.S. rale strategy was just one of 
several factors affecting the market 

“To conclude that the whole 
market's going down the pan be- 
cause rales have gone up is a very 
crude assumption,’' Mr. Bradbury 
said. He aid uncertainty about the 
future of China's most-favored-na- 
tion trade status with the United 
States and the inflation-prone Chi- 
nese economy were affecting the 
market as were the Hong Kong 
government’s plans to uy to cool 
off the colony’s real estate market. 

Interest-rate concerns, Mr. Brad- 
bury said, are already reflected in 
the market: “Thai's why it’s come 
down." He added, “People now are 
going to look much mare at under- 
lying factors and fundamentals." 

But Lehman Brothers' chief Asia 
economist, Miron Mushkat, said 
that although a quarter-point rise in 
U.S. rales bad been discounted, 
“that discounting is keeping the 
market at a certain leveL" 

He said while the situation in Chi- 
□a and the Hong Kong real estate 
market were sources of worry, con- 
cerns over interest rates “are strong- 
er than those pertaining to other fa- 
ctors, everything else being equal." 

In Taipei, Joe Kaa a vice presi- 
dent at Jardine Fleming, said of 
U.S. rates, “so far we haven’t seen 
any impact” 

He said the main concerns in 
Taiwan were economic growth and 
the local currency. There are re- 


ports that the central bank wants to 
cut the value of the Taiwan dollar 
to boost exports. 

The picture was similar in SeouL 
where analysis said U.S. rates were 
overshadowed by fears of domestic 
inllaiion^Ve are just watching the 
nse of U.S. interest rates, but its 
unpa« is not big as foreigners at 
first thought,” said Eugene Yoon, 
economist at Schroders Securities. 

Even if U3. rates rose, the im- 
pact would be small, as South Ko- 
rean rates are much higher. 

Foreign brokers in Jakarta said 
U.S. rates were a concern only in so 
far as they affected other markets. 

"Jakarta can be affected on a 
day-to-day basis by sentiment on 
other markets, especially in Hong 
Kong, but there is no long-term 
correlation,” said Richard Fischer, 
equity sales manager at PT Barings 
Securities Indonesia. 

Most money coming into Indo- 
nesia, he said, is not rate-sensitive. 
With the big U.S. pension funds' 
allocations to emerging- market eq- 
uities ranging around 5 percent or 
10 percent, he said, rises in U.S. 
rates would be unlikely to have 
much effect. “Investors don't have 
the liquidity to get in and out of 
Jakarta,” he said. 

Another broker said the mam fac- 
tor affecting Jakarta stocks recently 
had been good company results. 

Kuala Lumpur analysts said re- 
tail investors, who accounted lor 
most trading volume, were focusing 
on company news, 

“The interest-rate theme is no 
longer having much of an impact 
on the market," William Qian of 
Seagroatt & Campbell Research 
Service said. 

In Singapore, analysts said that 
although stocks would be vulnera- 
ble lo a Wall Street fall, there was 
little correlation between the local 
market’s health and UjS. rates. 

"In the short term, rising interest 
rates in the U.S. will be negative for 
the equities markets, but ultimately 
investors will return to fundamen- 
tals,” said Liew Yin Sze, bead of 
research at the brokerage concern 
J. M. Sassoon & Co. 

In Bangkok, analysts said U.S. 
rates had been discounted as an in- 
fluence and said the market was 
more concerned about tbe weakness 
of Thailand's governing coalition. 

But in Bombay, analysts said 
foreign mutual funds, the market's 
biggest investors, would probably 
defer investments in Inma if the 
Fed raised rates again. 


Japan Auto Market Creaks Open 

Need a Used or Foreign. Car? Ma verick Keiyu Sells Both 


By Steven Bruit 

Inlermutanal Heruhl Tnbunr 

. MACHIDA CITY, Japan — Kiyoiaka Ne- 
gishi, a 20-year-old part-time worker, knows 
that all be can afford is a used car. But the 
only way he can get a feiR for what his roooev 
will actually buy is to come to a sprawling 
used lot run by a maverick businessman here 
on the outskirts of Tokyo. 

If he went to a dealership affiliated with 
one of Japan’s big carmakers, be likely would 
find only a small number of used cars, most 
of them variations of the same model Nor 
would checking the papers and magazines 
help much, because sales between individuals 
are rare. 

“We’ve come here to get a sense of the 
market,” Mr. Negishi said, poking about a 
used Toyota jeep under his parents' watchful 
eyes. 

Tire lack of a broad market for used vehi- 
cles in Japan is just one aspect of the Japa- 
nese car distribution system that the United 
Stales has criticized as collusive and dosed to 
foreign products. 

Washington, saying that tight financial 
links between manufacturers and dealers 
make dealers reluctant to handle foreign cars, 
is demanding that Japan set goals for expand- 
ing the number of dealers selling foreign 
vehicles. The demand has become a key to the 
framework talks with Tokyo. 

Japanese carmakers insist their affiliated 
dealers ore free to handle foreign vehicles, 
and, in fan, many do: Ford Motor Co„ Tor 
example, will begin selling vehicles through 
dealerships affiliated with Nissan Motor Co. 
dealerships next month; Chrysler Corp. sells 
Jeeps in Honda dealerships; and Toyota Mo- 
tor Corp., whose DUO dealerships have sold 
Volkswagen AG cars since 1992, will begin 
selling General Motors Corp. vehicles 
through Toyota dealerships from 1996. 

Growing access to dealerships, combined 


with the strong yen and improved quality of 
American cars, is leading to a rise in foreign 
car sales, although the absolute level remains 
low and imports of cars made in Japanese 
plants abroad comprise nearly half the total, 
and are the fastest-rising component. 

The foreign shore of tbe market has risen to 
6.4 percent, an increase of 2.6 percentage 
points from a year ago. according to figures 
supplied by Toyota Motors Corp. 

“There still is some misunderstanding that 
the Japanese distribution system is dosed.” 

They say it's O.K. to 
sell foreign cars, but their 
faces tell a different 
story: It’s not O.K.” 

Yoshiiriro [none, president of 
Keiyu, a used-car dealership. 


the president of Toyota. Tatsuro Toyoda. 
told a group of dealers on Tuesday. “The 
decision to sell non-Toyota vehicles.’ includ- 
ing those of foreign makes, is the independent 
decision of each dealer.” be said, reiterating 
remarks made in 1991. 

Yet many dealers. Including Yoshihiro In- 
cite, president of Keiyu KK. which runs the 
huge used-car dealership, said the comments 
of Mr. Toyoda and others were little more 
than propaganda. 

“They say it’s O.K. to sell foreign cars,” be 
said, “but their faces teU a different storv: It's 
not O.K.” 

Mr. Inoue says his dealership, which is 
independent, show's tbe extent to whkh infor- 
mal rules among dealerships distort the free 
market — to the disadvantage not only of 
foreign carmakers, but to Japanese dealers 
and consumers as well. 


“If we were a normal dealer we wouldn't 
make any money.” the feisty 57-year-old said. 
“We’d be forced to sell a certain number of 
cars by the maker, and not necessarily the 
ones we’d like to sdi.” 

Satoshi Imaseki, Kriyu’s financial chief, 
said. “The business of selling cars in Japan is 
not built around the concept of satisfying tbe 
car consumer, bur the car manufacturer.” 

Most Japanese dealerships seD only a part 
of the maker's lineup. One reason is that the 
major automakers give affitiated dealerships 
responsibility for huge areas, usually a pre- 
fecture. This, in turn, leads them to set up 
numerous small dealerships which can sell 
only a limited number of models in a limited 
territory. As a result, they are usually small 
operations, financially dependent on the 
manufacturers. 

“The dealers are very closely tied to the 
auto manufacturers whose used cots they 
sell” said Jonathan Dobson, an analyst at 
Jardine Fleming Securities. Kayo, in con- 
trast, resembles a big car dealership like those 
common in the United States, with customers 
ambling along the passageways under wind- 
blown pennants and serenaded by tacky rock 
music Salesmen take a low-key approach, 
and there is do haggling over prices. 

The approach has mode Keiyu, which is 
listed on the over-the-counter market, one of 
the fastest-growing car dealers in Japan. Mar- 
gins on used cars are about 20 percent about 
double these of new cars sold through dealer- 
ships. The company expects sales to expand 
nearly 12 percent to 15 billion yen {5146 
million), in the year ending March 31, as net 
profit jumps 36 percent to 680 million yen. 

Kejyu also profits by turning restrictions on 
other dealerships to its advantage. Mainline 
dealers, for example, are often raddled with 
cars they cannot move. In desperation many 
turn courtly to Keiyu. allowing it sell new cars 
at prices below those in regular dealerships. 


China Limits Layoffs in State Companies 


Bloomberg Business News 

BEIJING — China will punish 
its inefficient state enterprises if 

a an their bloated work forces 
ul government permission, 
the official Xinhua news agency 
reported Friday. 

A package of 20 measures issued 
by the Ministry of Labor to curb 
rising unemployment will require 
that state companies report layoffs 
and pay for workers' job searches. 
It also allows the government to 
veto dismissals, the agency said. 

"The government wiU penalize 
enterprises when they conduct ille- 
gal layoffs," the agency quoted 
Zhang Xiaqjian, tbe ministry's chief 
employment official, as saying. 


China's economic reform pro- 
gram aims to free state companies 
from subsidies and administrative 
orders to sink or swim in the mar- 
ketplace. But with 49.6 percent of 
state companies in tbe red, com- 
pared with a third at the start of the 
year, tbe government is concerned 
this policy could set off unrest. 

The new package colls for slate 
aid to unprofitable companies with 
potential It says hopeless cases 
that go bankrupt should set aside 
funds from their remaining assets 
lo aid laid-off workers, (he news 
agency said. 

Last month, the Labor Ministry 
forecast that urban unemployment 
would jump 19 percent, to 5 mil- 


lion, by the end of the year because 
of enterprise reforms. About 4.2 
million workers were jobless at the 
end of 1993, only 2.6 percent of the 
urban work force, but that does not 
count idle workers on reduced pay 
at unprofitable companies. 

Another measure is an “unem- 
ployment warning line,” which 
would allow tbe central govern- 
ment to send emergency funds to 
areas whose jobless rate runs out of 
control the agency said. 

China has been forced to damp 
down on bank loans to bring infla- 
tion under control slowing the 
economy after two years of 13 per- 
cent economic growth. Without 
these loans many state enterprises 


cannot meet their wage bills, ac- 
cording to stale press reports. 

During a meeting Thursday to 
commemorate International Labor 
Day oo May 1, Chinese leaders 
trial to reassure workers that the 
pain would be “temporary,” the 
China Daily reported m a separate 
article. 

“At present, the living standard 
of some workers is not improving 
and some are even facing tempo- 
rary difficulties,” the paper quoted 
a Politburo member, Li Roihuan, 
trfli ng model workers. 

Many workers took part in labor 
disputes last year and the number 

rtf irtrulrafe chrtt nn V) nMTPfll 


Page 17 


ASIA/PACIFIC 


Investor’s Asia 


H«is Kong v :'-' 

Hang Seng • . . • . r 'p 





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Sources: Reuters, AFP 


InKTunmal Herald Triton* 


Very briefly: 

■ Playmates Properties Holdings Ltd. plans to develop a 36-story com- 
mercial and office building in Shanghai along with Harbour Ring Interna- 
tional Holdings, a unit of Playmates Toys Holdings Ltd, and Shwgtof 
Huangpa Urban Construction. Financial details were not disclosed. The 
two Playmates companies resulted from a breakup of the former Play- 
mates International Hohfing. Ltd. last year. 

• Deha Electronics Inc, a Taiwan computer component maker, earned 
SI 14.6 million Taiwan dollars (S4 million) in the first quarter, down 31 
percent from 1993 because of poor profil margins and rising competition. 

• Hong Kong Aircraft Engineering Co. said i! suffered losses on its 
international debt securities portfolio because of falling bond priceslast 
year. The company did not disclose the size of the loss. 

• Evergreen Marine Corp-, the large Taiwan shipping company, plans to 
set up a container terminal in China, its first move into the mainland 
market. Evergreen has a $50 million budget for investment in China. 

• Sooth Korea's gross domestic product growth exceeded 8.0 percent in 
the first quarter, according to estimates based on industrial output made 
by the country's Economic Planning Board. 

• PMex Mining Cmp^ tbe second-largest gold producer in the Pinfip- 
pines, saw net profit plunge 50 percent, to 105 million pesos (54 million), 
in 1 993 because of losses from mining operations. Bloomberg, afp 


GE Settles in Diamond Case 


The Associated Press 

SEOUL — A South Korean in- 
dustrial diamond maker said Friday 
it had reached an ouHrf-coun settle- 
ment with General Electric Co. of 
the United States to end a yearlong 
dispute over stolen technology. 

Terms of the settlement were not 
announced. The Korean maker, D- 
jin Corp., said details would be 
worked out and signed in May. 

fijin executives said under tbe set- 
tlement, they would import GE 


technology for making high-grade 
industrial diamonds, while the UJL 
concern would drop a lawsuit filed 
against the South Korean company. 

A Boston court in January found 
flj in guilty of using stolen GE know- 
how to develop its industrial dia- 
mond manufacturing technology 
and banned the Korean concent 
from producing the diamonds for 
seven years. The South Korean com- 
pany appealed the decision, saying h 
developed tbe technology on its 
own. 


Indonesia Revamping Airline System 


Reuters 

JAKARTA — Indonesia is revamping its 
lucrative but sluggish domestic airline sector, a 
move analysis said could spur airlines to greater 
efficiency, reduce fares and boost tourism. 

“To streamline tbe domestic sector is a step 
in the right direction." an analyst said Friday. 
“The industry has tremendous potential in view 
of the country's huge population and populari- 
ty with foreign tourists." 

He said the revamping would help boost the 
tourism industry and spur competition among 
domestic airlines, resulting in reduced fares and 
improved service. 

“The move will bear fruit in the long run. It’ll 
be good for the economy," the analyst said. 

Hie director-general of air transportation, 
Zainudin Sikado, said Thursday the govern- 
ment was revamping the domestic airline sector 
to eliminate inefficient operations, such as de- 
layed or canceled flights. 

He said 14 new routes would be introduced, 
including several direct flights between cities in 
the country, which comprises nearly 14,000 is- 
lands. Tbe sprawling archipelago spans 5,000 


kflometerc (3,100 miles), has about 10 interna- 
tional gateways and a population of 185 million. 

“We are committed to reducing stopover 
fli gh ts, which will certainly reduce fares for 
passengers," he said. 

Mr. Sikado said the new routes were needed 
to meet the rising demand from passengers and 
airlines. Indonesia expects tourist arrivals to 
increase by II percent in 1993 lo 3.4 million 
from 3.06 minion in 1992, earning the country 
about $3.6 billion. 

According lo government data, Indonesia 
has 26 domestic airlines, but only six offer 
scheduled passenger service. The rest consist 
mainly of charter lines and cargo carriers. 

“Most of our private airline companies are 
now capable of operating wide- body jets," Mr. 
Sikado said. 

Among tbe prominent carriers are Merpaa, a 
uni t of national canin' Garuda Indonesian Air- 
ways, and Sempati Air, which also serves cer- 
tain regional destinations. 

Merpati, Indonesia’s largest domestic airline, 
recently ordered J 6 new turboprop aircraft. Sen> 
pati Air, partly owned by President Suhartos 


youngest son, plans to go public in Jakarta later 
this year and is considering enlarging its fleet 
The mainly Muslim country has some of the 
world’s most scenic spots and pristine beaches, 
and the cultural sights of Bali in eastern Java 
are a big tourist draw. 

■ Indonesia Seizes Assets in Scandal 
An Indonesian government official said Fri- 
day authorities looking into a multi-million- 
dollar bank loan scandal have seized an island 
west of Java, 40 bouses and numerous cars 
belonging to a leading suspect in the case. 

“As pan of tbe effort to recoup some oT the 
losses from (he letter of credit, we have seized 
from Eddy Tansil one island, 40 luxury houses. 
39 cars and some land," a spokesman for the 
attorney general's office said. 

The so-called Bapindo case involves an un- 
paid letter of credit, worth 5430 million, to Mr. 
Tansti’s Golden Key Group, whicb has inter- 
ests in petrochemicals. 

Tbe trial of Mr. Tansil and others in the case 
is set to begin Saturday. Four former employees 
of the state-run PT Bank Pembangunan Indo- 
nesia, or Bapindo, also have been implicated. 


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FIRST COLUMN = 

Fear Edges 
Out Greed in 
New Markets 

I F you’re looking for an introduction to 
the terrible twins of the fimnoal mar- 
kets, greed and fear, ask emerging mar- 
kets investors — they probably know at 
least one of them personally. 

TTie years of plenty — 1991, 1992 and 
1993 — incited some investors to ever more 
reckless excesses of greed. Far some small 
investors, there was a gathering momentum 
of avarice that went hand-in-hand with 
thf?iiflfitiflsgn csfi. The net result was that large 
percentages of individuals' in ves table wealth 
went into emerging market mutual funds. 
And this despite warnings from commenta- 
tors ?nd the industry itself that emerging 
market investment is supposed to be the 
exciting dement in a personal portfolio — 
the top 10 percent (at the outside 1 S percent) 
of “risk” capital. 

After the years of plenty we have had four 
months of famine. Yet the reaction to the 
disappointments of 1994 has been, on the 
whole, surprisingly mature. There have of 
course been a few shrill cries of “no fair." as 
though it were not a marketing requirement 
that fund companies point out that prices 
can go down as well as up. The really greedy 
seem to have treated those caveats with a 
lrind of simple- minded insouciance — the 
sort of complacency usually reserved far 
safety announcements on plane flights (sure, 
it might happen, but not to me). 

Pleasingly, and perhaps surprisingly, the 
majority of small investors is not quite so 
greedy or so witless. The steadfast refusal to 
seD at the first sniff of difficult times may be 
evidence of a mature, long-term attitude to 
emerging market investment. Cynics might 
say that what it really betokens is nothing 
more than plain old investor inertia. The 
argument runs that it takes a lot to persuade 
investors to buy, and, once they’ve bought, 
they are even more reluctant to sdL But it is 
too early to tell, so judgment must be re- 
served on the issue of investor maturity. 

As for emer g in g market performance, the 
picture remains undear in the short term — 
except that it’s extremely unlikely that the 
years of plenty will return soon. Yet, cm the 
principle that these economies really are de- 
veloping, it seems on balance quite likely 
that patient investors will get their long-term 
reward. 


Cautious Cheer for Africa Markets 


I TS hard to imagine that there are any 
stock markets left in the world that 
have not been picked bare by Western 
speculators looking for higher returns 
than mainstream markets offer. Fund man- 
agers and stockbrokers are an intrepid lot, 
thnngh , and they are now touting the virtues 
of investing in, believe it or not, Africa. 

A number of stock markets there have 
been opened to foreigners lately, and they 
have been accepting the invitations. Institu- 
tional investors that specialize in developing 
markets, mostly pension funds, had 4 per- 
cent of their assets in Africa and (he Middle 
East last year, up from less than J percent in 
1992, according to organizations that track 
these markets. 

Many mainstream emerging market 
funds, u there are such things, have 6 or 7 
percent of their holdings committed there. 
Even the edebratod investor George Soros is 
said to have taken a Dyer on Morocco. 

The bets, so far, are paying off. In spite of 
unrest created by spreading Islamic funda- 
mentalism in North Africa and vicious civil 
war in sub-Saharan Africa, many markets 
have been spectacular performers in a year 
in which returns almost everywhere else have 
been not so hoL 

Consider these first-quarter results, com- 
piled by Kleinian International Consultants, 
which follows global emerging markets: 
Ghana, the biggest winner cm the continent, 
rose 80 percent, followed closely by Kenya, 
with a 76 percent gain, Zimbabwe, up 40 
percent, ana Namibia, 34 percent higher. 

Morocco and Tunisia were each up 18 
percent and Egypt rose 28 percent Some of 
the laggards were Botswana, which gamed 8 
percent, and Swaziland, up 9 percent. 

South African shares were flat during the 
quarter, in volatile trading, in the run-up to 


This market, which has a capitalization of 
$180 billion, is in a league of its own in 
Africa. Some classify it as an emerging mar- 
ket, others as developed. Shares of South 
African gold producers have traded in the 
West for many years. 

The results in the fledgling markets were 
figured in local currencies and so were not 
always as big as they seemed. People who 
follow these pro-emerging markets, as they 
are euphemistically called, point out that 
this is one of the many risks that speculators 
face. Last year, for instance, the Zimbabwe 
dollar was devalued by 17 percent, and the 
Botswana unit, the pula, is depredating at 
about 1 percent a month, said Elizabeth 
Morrissey, managing partner at K i dm a n . 

In many other countries, however, the 
currencies are quite stable. Even where that 


is not the case, the rewards, at least this 
quarto, have outweighed the currency risks. 
Using the example of Ghana, Ms. Morrissey 
remarked that “if the market’s going up 80 
percent and you're only losing 12 percent 
from the currency, you’re doing better than 
in London or New York.” 

True, but the risk of dvil war is less in 
those dries, too. 

Dan Smaller, an emerging markets spe- 
cialist for i-chman Brothers, notes that polit- 
ical instability is the rule in these countries 
but that investors who accept that have been 
well paid. He dismissed the impact of Islam- 
ic fundamentalism in Egypt, for instance, by 
saying that “people realize Egypt has a 
strong government with a veay vocal minor- 
ity. Local Egyptians are confident in their 
economy ana their market," 

One com plain t about investing in Africa is 
that record-keeping and storage of shares 
does not meet Western standards. “There’s 
still some concern ova custody," said one 
observer or these markets who insisted on 
anonymity, “like whether you have to fly 
over and hold your shares in the hotel safe." 

liquidity is also a problem. The Ghanaian 
market, for instance, has a capitalization of 
about $157 millio n. Many American over- 
the-counter stocks are much bigger. 

But the markets are growing, mainly be- 
cause the countries' economies are, as well. 
One of the fastest is Morocco, where Mr. 
Smaller forecasts a 10- to 12-perceut rise this 
year in gross domestic product with 9 per- 
cent interest rates and 4 percent inflation. 

“Each privatization they do has gone ex- 
tremely well,” be added. “They have taken a 
lot of positive steps to create mutual funds 
and pension funds. They’re moving in the 
right direction at good speed.” 

Many governments have privatized state 
industries and have taken other steps to 
expand market participation reminiscent of 
another region that made good. 

"Most of the open African markets are 
j»rgnp through the same m*rJmi»riftn!c that 
theLatin American ones did at the end of 
the 1980s," Ms. Morrissey said. “With ctm- 
H nned economic liberalization, companies 
are going to keep growing. 

“A lot of these markets have learned from 
some of the drawbacks we saw happen with 
the emergence of other markets,” she added. 

The markets in southern Africa are also 
being helped by the lifting of sanctions in 
South Africa, even if shares in that country 
itself have not done wefl. 

“One of die major reasons to invest in 
Africa is that since sanctions have been re- 
moved, for the first time in four years the 
economy is coming out of recession,” said 
Marianne Hay, who numag es the Morgan 
Stanley Africa Investment Fund, a pan- Afri- 
can fund recently listed on the New York 


Emerging. Markets 


Page 19 
Investing In India 
Emerging-market bonds 
‘Ethical’ Investing 


Morocco 

-17.5% 




Page 21 

‘Quantitative’ management methods 
Latin American markets 

Stock Exchange. Noting that a drought in 
the country is also ending, she predicted that 
South Africa’s GDP wffl grow 2-5 percent 
this year and 4 percent next year. 

Two funds that specialize m South Africa 
were listed in New York around the same 
as the Morgan Stanley fund, and broad- 
er emerging market funds are likely to in- 
crease their exposure in Africa. Barclays 
Bank announced last week that it was the 
first fund manager to get U.S. regulatory 
approval to invest in several central and 
southern African markets. 

Speculators who want to try their hand at 
picking an individual African stock can go to 
one of the larger brokers, wbo in turn can 
malcc the purchase through a local firm. The 
transaction costs will probably be higher 
than for Western stocks, though. 

While tbe African bandwagon is starting, 
to get crowded, some cautious types are 
refusing to hop on. One veteran analyst 
notes mat not many years ago, emerging 
markets were dismissed as “cats and dogs,” 
just like American penny stocks. 

Fans of the markets realize tbe idea 
sounds weird to people who are used to 
baying nothing more unorthodox than Gen- 
eral Motors, but they insist that there are 
tremendous long-tom opportunities. Ms. 
Morrissey said that the average Westerner 
should put very little money into Africa, but 
that “it should be part of an emerging mar- 
kets portfolio, simply to balance what may 
happen in Mexico and Asia. It’s simply pan 
of a broader diversification strategy. 

Despite their sudden interest, foreigners 
still account for a relatively small 10 percent 
or so of total capitalization in African mar- 
kets, one of thear main attractions. 

“You can talk about what Morgan Stanley 
does from now until forever, but what you've 
got to look at is that Joe Schmo on the street 
is putting money into the market, showing 
confidence in the economy” Ms. Morrissey 
asserted. “What you have to convince your- 
self of is that these economies are on the 
right track finally after 20 years at tbe 


The Money Report is edited by 
Martin Baker 


Botswana f-Y 
.7.8' 


Egypt 

1 "-V^g '7/ .2ri‘c I 

J?. , 

"I 

Kenya *1 

• 

--7ir ! 

'ii'. v 

, • "• • 7? 'I 

i' ” ' .***• 

«• I 

f !• ;! 

1 i - 
5* v 

[•v ■ T \ 


' ; V^PWT.* .'r • Swaziland . ; «... . 

: X nfi’J -Tf ' .* t* • \ ** ‘ •» - ■ - A _ 


iMTMjnn al HeraHTdhme 


South Africa Funds Start Slowly 

T HREE African funds listed in New ous peace was made between the Afri 
York started trading within a National Congress and Znhi national ts 
month of each other last winter. The violence in South Africa and mucl 
anticipating the elections this week the rest of the continent sent the price of 


T HREE African funds hstedin New 
York started trading within a 
month of each other last winter, 
anticipating the elections this week 
in South Africa. The timing turned oat to be 
awfuL ’r..-’’ 

The funds were brought to market “on the 
back of a lot of hype,” said Thomas Herzfeld, 
a specialist in dosed-end funds. They all 
came out at $15 a share, stayed there briefly 
as their underwriters apparently supported 
tbe price, lira sank and haven’t come dose to 
$15 since. 

The South Africa Fund and the New South 
Africa Fund mil invest mainly in that coun- 
try. The Morgan Stanley Africa Investment 
Fund has mom of its assets there, because it 
is tbe most liquid market, but it was created 
as a pan-Afncan fund. 

Marianne Hay, the Morgan Stanley food’s 
manager, said that once the fund is nmnmg at 
full speed, she hopes to keep 35 percent er its 
assets in South Africa, 20 percent in sover- 
eign debt and 25 percent in Morocco, Bo- 
tswana, T unisia and Zimbabwe. The rest will 
be in shares of^ Western compa n ies that derive 
at least half their revenues in Africa. 

Dm Morgan Stanley fund has had the 
worst showing of the three, dipping below 
$10 before climbing hack to $12 after a tenu- 


ous peace was made between the African 
National Congress and Zulu, nationalis ts. 

The violence in South Africa and much of ' 
the rest of the continent sent the price of the 
fund well bdow the value of its assets. 

“In the very short term, we’re seeing the 
worst possible situation in South Africa," 
said Miss Hay. “In areas like Africa, where 
you're seeing pictures of violence every day in ’ 
the press, it scares away investors." 


attract foreign money, she said that while 
other regions “have had more attractive 
shorter-term re t urn s, Africa will eventually 
catch up with other areas at the world.” 

Much of ha fund’s assets have been in 
African government debt, which fell with a 
thud recently, along with sibtrt emerging mar- 
ket debt What has also hurt is a mil m the 
financulzand, thecurrewy through which all . 
South African transactions are effected. 

Dan Smaller of Lehman Brothers finds the 
market the most exciting in Africa, “even 
though it's (kmc pretty miserably." He said 
that with sanctions lifted, the market will 
soon become a fixture in emerging market 
indexes, meaning institutions that index win 
be forced to buy exposure. When that hap- 
pens, be said, “South Africa wfll see emera- 
mg-market-type investors, not just commod- 
ity players and gold bugs.” G de A. 


INVESCO Fund 
Performance Comparisons 


INVESCO 


EUROPEAN WARRANT FUND* 

(From 1st April, 1993 to 2Bth March, 1994) 


NIPPON WARRANT FUND* 

(From 1st April, 1993 to 28th March, 1994) 



Apr May Jun Jul Aug Sap Oa Nov Ok 94 Fab Mar Apr c 

— ■ - INVESCO European Warrant Fund (U.S.S) +130.82% 
MSCI Europe (U.S.S) +1 9.05% 

Source: Mtaapal, offer- nxjffer. no income (ll-5£) 

FUND OBJECTIVE 

To provide shareholders with capital growth from a highly geared 
investment in the European equity market through equity warrants. 


ASIA TIGER WARRANT FUND* 

(From 1st April, 1993 to 2Bth March, 1994) 


200 

P 

l 

N 

200 


E 

D 



R 

E 

175 


c 

X 


150 

E 

6 



N 

D 

150 


T 

P 


100 

A 

G 

E 

R 

125 


E 

F 




O 

100 

50 

C 

R 

M 



H 

A 

A 

N 

75 


N 

C 


0 

G 

E 

50 

v*- 

E 






CE 


**■-*"• | | -J | 

VofimcJ, NUBbcr 1 

ft**"* 1 1 ■ 1 



International Fund Investment 


y, - «>; ' '17 - < 7 ' ,; - w vr; ' 

i it v ; f| : ■ mmwHm 






Ap. May -un jul Aug Sop Oct Nov Doe 94 (tab Mar Apr 

■— INVESCO Nippon Warrant Fund (U.S.S) +29.731% 
- — — Nikkei 225 Stock Average (U.S.S) +17.19% 

Source: MktojmI, offer-io-oKer. no Income (U-S.S) 

FUND OBJECTIVE 

To provide shareholders with capital growth from a highly geared 
investment in the Japanese equity market by means of a portfolio 
of Japanese equity warrants. 

PREMIER SELECT 

GLOBAL EMERGING MARKETS FUND 

(From 1 si April, 1 993 to 2Bth March, 1 994) 



300 

p 

I 

N 

200 


£ 

D 


250 

R 

E 



C 

X 



E 

E 

175 

200 

N 

D 



T 



150 

A 

G 

E 

P 

E 

R 

F 

150 

100 


O 


50 

C 

H 

R 

M 

125 

A 

A 



N 

N 


0 

G 

E 

C 

E 

too 



■ INVESCO Asia Tiger Warrant (U.S.S) +146.89% 

■ MSCI Pacific ex Japan (U.S.S) +38.17% 

Source- Mknipal. affer-ro-offer, no income (U.S-S? 


FUND OBJECTIVE 

To achieve tong-term capital growth from a highly geared portfolio 
of Asian equity warrants. 

• Investors should note that equity warrants a highly geared 
form of investment and therefore are categorised as high risk. 
Typically they should form no more than 1-2% of an overall 
balanced portfolio. 

vttestin3i »t 0morto « 

INVESCO International Limited 
INVESCO House, Grenville Street, St. Helier, 
jersey ]E4 8TD, Channel Islands. 
Telephone: (0534) 731 14 Facsimile: (0534) 68106 


Apt May Jun Jul Aus Sop Oa No< Doc 94 F«£i Mar Apr E 

■ INVESCO PS Glob. Emerg. Mkts (U.S.S) +42.77% 

■ MSCI World Index (U.S.S) +14.90% 

Sou roe. MrcropaJ, offer-to-effer, no income (USSl 


FUND OBJECTIVE 

To achieve capital growth from investment in leading companies 
based in the emerging markets of the world. 

’ ToTsaTes Sbppo 1 % 

INVESCO International Limited, IMfESCO House, 

Grenville Street, St Helier, Jersey JE4 8TD, Channel Islands. 

Please send me fuB details of the 

Q European Warrant Fund Q Nippon Warrant Fund 
PI Asia Tiger Warrant Fund Q PS Global Emerging Mkts Fund 


ADDRESS 


m 

vmi®' 



POSTCODE 


HT3Q0494 


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of this fast developing sector of the 
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Reactions to 1.FJ. hfve been 

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e magazine is badly needed 
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Topicsindude: 

■ Fund analysis and performance. 

■ Opportunities and pitfalls in the markets. 

■ Developments in investment 
management 

■ Custody and administrative issues. 

■ Regulation and technology. 

■ Personality profiles. 




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INTERNATIONAL HERALD TRIBUNE, SATURDAY, APRIL 30, 199-t 


Page 19 


THE MONEY REPORT 



Indm: The Jewel 
Could Use Polishing 


mutual binds. Total rotum in U.S. dollars. 


*?- 

£*Cl 




* t » hi. 


A JESK/b* 

ssa star? ^ *W*is£ 2.15 

the corporate sector? andS.!, 11 Swftf w' CTS ’ a lypicaI ordcr by a 
<ty of an entrenched 2^^°? W>mpanv or 0lber “**■ 

culture have all been died!,™ 15 ® tutiopal investor often involved 
sons why India could develo! £??' S^T? 5 toousands of shares, 
toe jewel of the emerema-ma^ , ^bw-MirnsivB settlement sys- 
crown. 1 - J1,t rging “targets tem simply couldn’t handle the vol- 

But uncertainties linger; an ineL 
nnentsenlTOJent system that buck- 


JFfndia.. — ,4?- i* : ..... 162.80 

India 106.19 

kxSa G«jwttvfur>d Inc. ,77196 ■ 

-« -™..»..76.70 - 

/estmant Punch.; : _ .,'.50.37 

;~JL — *i — ^ — .5o.&r ■ 

6tmi VA Fund— ... .23.04 

ac£ jyaao 


“The market was flooded with 


iea under the weight of heavy for- share cenificaie&T said Mr. Bryan, 
eign investment during last year's n °ting that each document and a 
iourth quarter, the problem or vol- onesponding transfer deed had to 
auiity common to many emerging “^lergo many layers of manual 
markets, and fears that growing P a '*ssing. The task of registering 
foreign competition within India new 'wnership of traded shares has 
wll put a damper on the earnings n °j i7*Ued to 5 or 6 months, he 
of domestic equities. f® 1 ^- 1 yty days is considered long 

home analysts also fed that the m aevelw »ed markets. 

Bwnbay Slock Exchange, whose A forth.- comnli cation is new 
about 80 percent legislation c.SSfbM^h by 2^ 
since mid- July despite a 1 3 percent Securities 
plunge in early March, could be India, known Tte S3f^hkh 
due for a major falL outlawed foe 

There may be corrections in the ^ over" trade . by which thev 
offing,” said George Long, manag- could trade over a* extended peri- 
ing director of BZW Investment °d withoit having *o pay for the 
Management in Hong Kong, which shares. Th ; SEBI’s iteawas to cut 
runs two India funds managing down on weculation, but analysts 
about $485 million. say the m.ve bos also dried' up 

The consensus on India, analysts liquidity ail set off a war 
say, is that it’s stDl a good long- between briers and the SEBI. 


HuraJayturR 
Second tocs^ 
IbdaFund A 
First k*Sanft 
SECTORAV 


Seconding 
tiFtocSsC— 
Indie Miftnii 


fbve^wrt Fund-.,...; ; ._.412£0 ; 

133.02 " | 

iFimit.-— — — ,139.73 


Bombay Slock Exchange, whose 
index has gamed about 80 percent 
since mid- July despite a 13 percent 
plunge in early March, could be 
due Tor a major fall. 

“There may be corrections in the 
offing,” said George Long, manag- 
ing director of BZW Investment 
Management in Hong Kong, which 
runs two India funds managing, 
about $485 million. 

The consensus on India, analysts 
say, is that it's stDl a good long- 
term play, but also a market that 
may be plagued with settlement in- 
efficiencies and other growing 
pains for years to come. 
q India's securities market is still 
reeling from the tidal wave of in- 
vestment capital that hit the coun- 
try last fall, flooding its outdated, 
noncomputerized settlement sys- 
tem and prompting the leading cus- 
todian bank that deals with invest- 
ment in India, Hongkong & 
Shanghai Banking Corp., to take 
the unprecedented step of indefi- 
nitely turning away aD new busi- 
ness. That moratorium, which be- 
gan cm Dec. 6, is still in effect. 

On Dec. 31. Hongkong bank 
took the further step of placing 
limits on the trading volume it 
would handle from existing diems, 
such as major fund groups whose 
products are geared toward inter- 
national retail investors. 

“The basic problem involved the 
amount of funds flowing into the 
market, as well as the speed at 
which they were coming in.” said 
Nick Bryan, senior relationship 
manager for global securities at 
Hongkong bank. “We had antici- 
pated about $500 million coming 
into the market during 1993, but 
the figure in fact turned out to be 
more than $1 billion.” 

Another aspect of the backlog 
which dogged the vans of the mar- 
ket involved the small lots in which 
R Indian equities, traditionally ori- 
ented toward domestic retail inves- 
tors, are traded. “Specified,” or 


toga Farid A 
inefia Giiowtti 

noi‘ wn ? 5 J “ p Q l lraaea sbares nas Ptes* f&esmfBni Fund-.—:.. -QAS 

^ Ued to 5 or 6 months, he go^rtm •* T«,<« 

^4- ' ;rty days is considered long ■ SECTOR A*RA€» — « 1 »R . 

m develw^j markets. Temur.*? *§**>/ . • * • -,// 

A forth.- complication is new ^ u S“rr jxrrr 

legislation e-acteoin March by the Source. Mcropal 

securities ant Ptt-h^n o, Board of 

India, known , s ^ gr-gr Jardine Flemizg loves tniem Man- na, India has a market that has 

outlawed the aujj tv 0 f brokers to a S emenl m Hoag ^ 0D S- "So you’ve been around for a long time. That 
“roll over" trade bv which thev p 01 economic raomy. declining gives it a certain stability that Chi- 
could trade over L extended oeri- mlercst rales » 211,3 the long-term na doesn’t have right now ” 
od wiibou having -n M v for the ejects of the dereguhtion The total market capital of Indi- 

shares. Th; SEBI’s idea was in cut po^oe 5 l3iat began a lew years ago an equities is currently estimated at 
down on tteculation, but anahsts now ^ nail ® 10 fec d through. It’s between $100 billion and $120 bih 

say the m.ve bos also dried' un f fa ? y macro pic ' Ko ^ , « ... _ , 

liquidity ail set off a .m*i\ w ,r ture - Scobie Ward, who manages 

between briers and thetPni Mr. Boyer, who also manages the Hong Kong-based Lloyd George 

t ' JF India Trust, a S328 million Management’s LG. India Fund, 

However, despite these compli- Hong Kong unit trust, said he ex- said that India was “research inten- 
cations that ohmic the ability of pected annual per-share earnings sive” and that successful stock 
mutual fund; m d investment trusts growth in the Indian market to ex- picking often involved venturing 
— the major chicles for retail in- ce ^ 30 percent for the next three into remote parts of the country to 
vestors in lno t — to trade in the years. Acknowledging the prob- meet the managers of family- 

owned companies. He added that 
- 10 percent of the L.G. India Fund 

rpt was invested in global depository 

* R© COfcenSUS on India ig that it’s still a receipts, or GDRs, in Indian coro- 

good iocr-tenn play, bat also a market that pa siS shares, orfered by about 20 

may be Damipd with u»Hl«m An » ^dian companies, are traded on 

• L. . 3 ®S uea wlUl settlement exchanges outside the country. 

utefflcie&ies and other growing pains for a ^Sem < lSi^ VeS ^ 

years to ©me. Some observers who like the In- 

dian market emphasize that pro- 

‘ jects such as a central share deposi- 

tory, a comprehensive stock 

market, new India i*js continue lems with settlements, he also said exchange to replace the 23 now in 
to crop up. The compute launch- that the Indian government was operation, and a computerized 
ing tiiese funds sa\ bat India’s committed to improving the system trading and settlement system are 
positive aspects ouiv-tb ju nega- in line with its policy of bringing all under consideration, steps 
live ones, and that alihgh trading the country into the global invest- which tiny say should bring India's 
can be difficult, it mill quite ment mainstream. efficiency into line with major mar- 

achievable. ... , kets shortly. 

This week, for examplLondon- M*- °j ^ 1 W Others are not so sanguine, 

based Fleming Investor Tn^t the opem-ended Bombay Hina Ltd. “Things have slowed down a lot 
Management Ltd, launch « ch a >v. ® ** dosed-end India February” said an analyst 

offer for the Fleming liian In- f? md 011 JS based in Bombay who requested I 

vestment Trust, a closed^ fund 1 J CW Yoric ^l ock , anonymity. “And some people 

that wffl invest in a wide oge 0 f thal . sonie *“* forgotten what happraed in 

Indian equities. JonalkiSoyer, ear ?J? gs m lnd if ai the fall when the crunch really hiL 

who will manage the fund ;., ttat 10 3 year 1111011811 ^ But the systems still just aren’t 

Indian companies are ripe l«trn- “doiitro. there. It’ll be two years before we’ll 

ings growth. '‘Settlement and custody issues see significant improvement and | 

“Unlike many emerging are major bottlenecks,” he said, five years before things will be real - 1 
kets. India is just coining oarf a “And India is still very volatile. But W smooth, 
nasty two- to three-year indtrial I’m bullish going forward. The “The bottom line," be cone hi d- 
recessicm," said Mr. Bqytr, bo market is small as a percentage of ed, “is that there are still a lot of 
leads the India investment icanbr the total economy, and unlike Chi- problems.” 


1 fee.*-: .• — ....—.7152 ' 

sprt Fund—:..... ja ' 


However, despite these compli- 
cations thai nlubii the ability of 
mutual fundimd investment trusts 
the major ehicles for retail in- 


Jardine Flemiig Investment Man- 
agement in Hosg Kong. "So you've 
got economic raovery. declining 
interest rates, and the long-term 
positive effects of the deregulation 
polities that began a few years ago 
now beginning to feed through. It’s 
a fairly encouraging macro pic- 
ture.” 

Mr. Boyer, who also manages the 
JF India Trust, a S32S milli on 
Hong Kong unit trust, said he ex- 
pected annual per-share earnings 
growth in the Indian market to ex- 


The coifeensus on India is that it’s still a 
good lonr-tenn play, bat also a market that 
may be pagued with settlement 
inefficie&ies and other growing pains for 
years to cqn e . 


market, new India i^s continue lems with settlements, he also said 
to crop up. The coi%jes launch- that the Indian government was 
ing. these fimds Sty hat India’s coounitted to improving the system 
positive aspects out*n jts nega- in line with its policy of bringing 
live ones, and that alilkgh trading the country into the global invest- 
can be difficult, it mill quite ment mamsirt-am. 

for oxan^London- **• Long ^ KW. whict l row 

based Fleming Invoi^T^. the op^drd Bomtav Fund Ltd. 


This week, for exan^lLondon- Mr. Umg of BZV^ sdych rnns 

based Fleming Invoi^T^. tbeopependodBmnbavFandLtd. 
Managemem Ltd. ]aund!( , share ¥ ” B ^ ““ 

offer for the Fleming Irian In- 5 uld JS 

vestment Trust, a doLbd fuad Yo * Si 01 * “J 

that will invest in a wide og e „f thal 
Indian equiues. Jonalkaw, m lnd P 31 

who will manage the fund, v, 3 5 “rr dnongh the 

Indian companies are ripe I .earn- 010 01 

ings growth. '‘Settlement and custody issues 

“Unlike many emerging oar- are major bottlenecks," he said, 
kets. India is just coining curf a “And India is still very vobtile. But 
nasty two- to three-year icihrial I’m bullish going forward. The 
recession,’’ said Mr. Bqyo, ho market is smaD as a percentage of 
leads the India investment Manor the total economy, and unlike Chi- 


Finding f Ethics’ in developing Markets 


By Tom Cr ampton 

YN1CAL observers tend 

C to argue that emerging 
markets are hotbeds of 
capitalism ruled by the 
law of the jungle. The only ethical 
claim they make is that the market 
will, in the long terra, lift toe ex- 
ploited from misery. 

Following toe trend of environ- 
mentally sound investing, however, 
some fund managers have begun w 
build emerging market funds with a 

conscience. . 

This sound.- nice, but would you 
know an ethical company if you 

^Not* outside toe Unit®£ States, 
said Peter Chines of toe Washing- 
ton-based Investor Responsibility 
Research Center. The center is an 
investment research J*p 

gathers information on ukJ&t 

500 companies to allow subsen hers 

roscrtSftoeir portfolios on a van- 

etv of social issues- 
’“We get our information fro 

Agovernment sources, ssu ■ 

^es.-Thisim^rma^^ 

able to anyone who ask* _ J 
compile it on a daily basis. 
“Tisvery different ouL^e toe 
II S ” Mr. Chines added. 
America there areoer^^^ 
require public repo rung- 

^Substances Control Act The 

Freedom of Informal 

allows us to go torougfi ™ 
ton that is noi intenuonaUy dis- 
tributed to the P u vT’ m - r teis. Mr. 

Even in dwstoP ^™? f 
Onces aid toeinfo^ 1 ^ found 

“> 0“ d - ..P^^^rnation toat is 


daily-responsible investing, calk human rights, the enviran- 
a “double bottom line. meet and labor relations. 

“We look at the traditional b>v Social conscience aside, Mr. 
torn line, which is quantitative Schueto said, clean companies are 
How much money can we mate’ a sound long term investment. 
Then we look at the second botten “They are less likely to be faced 
hne, in which we try to gauge the with the liability of a large deanup • 
quality of toe company relating v> tmormw, if they are clean today." 
Us products and how it operates,' The Calvert fund, with $107 mil- 
Mr Schueto said. fcn under management, returned 

He added: “We look at aD toe 125 percent over the past 12 
stakeholder groups, meaning noi autos, according to Bloomberg 
just toe shareholders, but also em- temess News, 
ployees, vendors and suppliers, toe Mr. Schueto is upbeat about toe 
communities in which the compa- koe of ethical investing in emerg- 
nies operate, and the environment, ^narkets. “Our U.S.-based so- 
We gel a character prefile of com- «*) conscious funds provide us 
raniS and invest in the most so- 'A* history of showing toat we 
Sy responsibly managed in any caduwefl by doing good.” Unlike 
aiven sector. We look for compa- uCalwsi fund, Eurco SoMarite 
rues that are head and shoulders titia ethical problems with its 
above their peers.” priLnot its investments. 

Andrew Preston, investment kfmd does not directly invest 
m*naner at Murray Johnstone In- in aapng markets, and its invest- 
ram atonal luL which manages meant ethically Wind. “For the 
ihe Calvert World Values Global moan ibis fund is made up ex- 
Eoiritv Fund, said that identifying cdussM French stocks, and we 
those companies can be diffienk. took*4e best-perfonmng com- 
‘‘Ue problem is a lack of informs- pamiio jet as high ia revenue as 
tion or toe veracity of that infonna- posat. sad Mntod Vaslrn of 
. CWdiiianais, which manages 

U0 “it is basically impossible to theful 
cbcck up on everything a multina- “It staatial that we mate as 
tifSl is" involved in. We just do u imichiwqBpoOTble. as hWf the 
Sfrire b«i of our abffities,” Mr. earom^w toe Socifeto d’lhves- 
Prestonsaid. “In many Third tissemeid ik iyfevdoppemeni In- 
WorW countries, where U is next to tematioil « SIDI, to develop 
imnosable to find out enough, v* small cqbb« “ 

“£f£Sced to fafl back on negative Eastern Mr. Vaslmsaid 
S«SnR” SEDI is owpany run by the 

SC The Calvert fund's negative Catholic organizes 

^.rrramwe. checks companies far in- loans, train?, ^ Western exper- 
'^SSrint£tobac» industry, tise for snunwP 80 !® 5 “ B»«eni 
u^Dons-makiag and nndear paw- Enmp& toissystira 

weapons-p^.^v e screening deals allows him > coBfentrate on the 



ing study in toe 

information about . cmJJJ dcc jde 
Chines said mv method is 

what entena to u- - » s perfor- 
to compare a a given 

manceagamst >ts P« etbpd js l0 

industry. Anoto^ . ^ yn- 

judgecompanK»by to«r? f looC 

pact — a Sti*" J^matter who is 
emission is l»d toe W 1 ^ 

responsible tor ‘ ■ ^ncs. “ wl11 
criterion. company 

lead you to rej^i^ries.” Ai»to- 
ar.d even eatire in ■ ^nmenial 
er consideration * ^^anv put* 

Jsassg-as* 

it Lyonnais s hu epicrgjng 

wrestle e T,icallv di^ renl 

markets using 
approacncs. . Valu es 

The Calvert ' v ° r ‘ a £ . l uP in l", 2 
al Equity Fund *j5^ P ilie Lb[ ' 
wito what ? w ^!Sdenl fo^ sl> 
vert Group s ' 1L r 


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Leverage Rocks Emerging Bond Markets 


By Rupert Bruce 


E merging markets 

have recently been 
dubbed “submerging'' 
markets, and nowhere is 
toe epithet more appropriate than 
in the bond markets. 

Since toe Federal Reserve Board 


Stability Wanted 

Brady Bond index of erner^rt 

in U.S. dollar terms. 

300 j 

Dec. 1989 = 100 




•> -V «*.»-> 

,.v. > 


which are mainly Latin American 
— have sunk like stones. The Salo- 
mon Brothers Brady Bond Index, 
which measures the capital value of 
emerging markets' government 
bonds, fdi nearly 20 percent in 
February and March. 

Barton Biggs, director of world- 
wide equity research, strategy, and 
economics at Morgan Stanley, 
blames leveraged investors. “The 
correction was entirely technical.” 
he says, “and I toink it came about 
because the indigestion in other 
markets and the losses that the 
hedge funds and other players took 
forced them to cut back in these 
markets.” 

John Purcell, managing director 
and head of toe emerging markets 
research group at Salomon Broth- 
ers ln&, adds that some of the do- 
mestic Latin American investment 
companies were leveraged, mean- 
ing that they accentuated the im- 
pact of upward or downward 
moves of toe market through toe 
use of such derivative instruments 
as options and warrants, winch can 
be used to replicate the effect of 
borrowing money. 

Leveraged investors make mar- 
kets more volatile because if they 
invest $1 mil li on and borrow an- 
other $4 miilirm, their investment 
only has to fall 20 percent for the 
initial capital to be wiped out In 
practice, leveraged investors get 
called on 10 pul up more capital — 
OT “ marg in” — as ihwr inves tmen ts 

fall and this often leads to selling 
elsewhere. The result was that there 
were many forced sellers, and some 
could not meet their margin calls. 
In this way market drops can be 
seif-feeding. 

Beyond this, political strife in 
Mexico has sent shudders across 
the continent. When Luis Donaldo 


I - 100 ^ 1 ■ 

1 .1990 1»( . 

1 Source: SajzrnqnBK&ma 

Colosio Murrieta, toe president- 
elect, was assassinated in March, 
investors were reminded that polit- 
ical risk still exists. And a couple of 
kidnappings, one this week, have 
not hoped. 

The bull market in e m erging 
market bonds began in earnest at 
the beginning of 1993. According 
to Leena B-Ali, a fund manager at 
Foreign & Colonial Emerging Mar- 
kets LuL, the markets had been 


, i.. „■>] 

law ' 


l uiei iiauo nal Herald Tnbuflf 


American Income Company, or 
LATINCO, a Luxembourg SI- 
CAV. or mutnal fund, rose more 
than 1 1 percent. This year, LATEX 
is (town 12 percent, and LATINCO 
is flat. 

Ms. EJ-Ali says that many of the 
leveraged American investors were 
tempted to buy Latin American 
debt because they could borrow in 
U.S. dollars at 4 percent, and then 
boy bonds with income yields at 


Leveraged investors make markets more 
volatile because if they invest $1 million and 
borrow another $4 million, their 
investment only has to fall 20 percent for 
the initial capital to be wiped oat. 


driven until then by Latin Ameri- 
can flight capital buying them 
through Swiss Kinlcs . But. aroufiB 
the middle of toe year, UJS. inves- 
tors started to buy. 

During toe year, the Salomon 
Brady Bond Index climbed more 
than 40 percenL Many investment 
funds prospered and grew with h. 
Foreign & Colonial's Latin Ameri- 
can Extra Yield Fund, or LATEX. 
which is listed on the London Stock 
Exchange, rose almost 35 percent, 
while its more conservative Latin 


least 2 percent higher. Any capital 
gains were a bonus. 

For those investors who were not 
leveraged, the standard investment 
theme was: Latin America's bor- 
rowers were becoming more cre- 
ditworthy following the dark days 
of the 1980s when most govern- 
ments defaulted on their debt re- 
payments. Therefore, the relatively 
high income yields on the bonds 
looked secure, and should fall This 
would lead to a rise in the capital 
value. 


Mr. Biggs believes that the lun- 
“jttnental reasons for buying in 
toese markets have improved just 
“ Prices have fallen. 

He cites Peru as an ex tr eme ex- 
ample: “Peruvian hank debt hac 
gpnc T w ?. from 75 cents to 37 
cents, the biggest faU out of any of 
toe papers we Inflow, and yet in toe 
same period the Peruvian stock 
market is up, and the Peruvians did 
a privatization that instead of rais- 
ing SI billion raised $2 billion. The 
economy is growing faster than ex- 
pected at 9 percent, and inflation is 
mpuing down faster than expect- 
ed." 

In Peru, like many emerging 
markets, bank loans to govern- 
ments are traded in expectation of 
them being converted to Brady 
bonds at some point in toe future. 
Mr. Biggs says.be is “definitely” a 
buyer of Latin American bond 
markets. However, lie believes A 
couple of things have to happen 
before they can stabilize. 

“There are two things the mar- 
kets need,” he said. “Fust of all 
they price themselves off U.S. 
Treasuries and the problem has 
been that spreads have doubled in 
toe last three months. Stability in 
the U.S. Treasury market would 
help. And, second, they have to get 
through this indigestion, and we 
are malting a judgment it is pretty 
well through.” 

Emerging market bonds are 
priced relative to U.S. Treasury 
bonds because investors assume 
they are more risky, and therefore 
should be cheaper. For that reason, 
they tend to have higher yields. But 
as the risk is perceived to decline, 
so the spread between their yields 
and these of U.S. Treasuries nar- 
row. 

Mr. Purcell is unwilling to pre- 
dict when stability will return to the 
U.S. Treasury market and so to 
emerging bond markets. But he be- 
lieves toat in a year’s time the Unit- 
ed Mexican States Dec. 31 
2019, the benchmark Latin Ameri- 
can bond, will have risen in value 
by about 10 percenL When that is 
added to the income yield, it could 
give a total return of as much as 20 
percenL 




job of running a profitable fund 
rather «ban having to worry about 
ethical subtleties. 

The fund, he said, “is a way for 
bankers, who do not necessarily 
know anything about how to help 
impoverished people, to aid in de- 
veloping market economies." 

Set up in 1991. Eurco Solidarile 
has grown to 132 million French 
francs ($23 million). Last year the 
total return was nearly 21 percent, , 
half of which went to SIDE Not 
only do investors know that their 
money is helping to develop East- 
ern Europe, said Mr. Vaslin, but 
they also get a tax break on their 
profits. 

Laurence Rouget-Le Clech. a di- 
rector al SIDI, concurred with Mr. 
Vaslin. “A problem we have often 
run into in Poland is that people 
only want to make fast money. It is 
difficult to find responsible entre- 
preneurs who will cany a business 
through for as long as a year.” 

Although the objective is devel- 
opment, not maximal profits, Mrs. 
Rouget-Le Qech said unethical 
companies are not necessarily ex- 
' chided from receiving help from 
SIDI. “If we made ethical treat- 
ment of workers a sine qua non for 
investment, we wouldn’t put any 
money into Poland.” 


LATIN 

AMERICA. 

RETURNS 

NOW 

AVAILABLE 




BANQUE INDOSUEZ 


To the pioneering explorers of the 1490's, 
Latin America was a new world of opportunities. 
Five hundred years later, it is again. 

Fuelled by major restructuring and stabilised 
by receding debt and inflation problems, Larin 
America has become one of the world’s largest 
emerging markets. And it is generating a growing 
range of opportunities for the sophisticated 


private investor. 


Hence the new Indosuez Latin America Fund. =i 
Based in Luxembourg, this equity Fund will EE 
invest in a broad range of industries and sectors s 
throughout Latin America: consumer, rerail, = 

infrastructure, telecoms, media, transportation = 


and financial services. 


It will also seek out smaller, less well-known = 
companies with the potential to take maximum = 
advantage of the economic revival in the area. = 

The Fund’s investment advisor is Garrmore A 
Capital Management Limited, complemented by = 
the sub-advisor lndosuer Capital Latin America. EE 
Both companies have long experience of || 

investing in the region, and lCLA’s four locally ^ 

based research offices will provide up to the {= 

minute analysis of political, economic and S 

individual company developments- s 

If you’re interested in a return from Latin 5 
America, simply complete the coupon and send it || 
back to us. = 


To: indosues Latin Aiaecic.i Fund, c />• Bail 411 c Indciue: Luxembourg SA. 39 all£e Scheffer. L-2520 Luxembourg 
Pleuc have vour IiimI Bsingue InJoaue: Private Banking officer send me a brochure with full detail*. 


= Name: MrfMrs/Ms . 
§= AJdrew: _ 


Count ry: 


. Post Code: . 


Luim Amcrtc Fo»J b- flnMhnwJ p*r-n m 1 K. Un 11 rJKtccJ. 1 m wnJcr ihr Founcul Service* An l«e Gmniwmlv- therftan.lUimpimhWh the UKrccuhton I"™ m*J to ...mpciwThm 
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d BBL Invest BeJahini- BF II 

d BBL Invest For East Y 371 

0 BBL Invest A«in f 4 

0 BBL fnvest Latin Amer % 5 

d BBL invest UK r 1 

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iv storllno Eaultv Fd (Sian) _c 1953 

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0 Eurosec ECU A IDiv) Ecu 1443449 

0 Eurosec ECU B (Cop) Ecu 145J036 

0 intetecUSOA(Dtv) s 257*24 

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0 Japan JPYB(Capl. Y 11359911 

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0 North America USD A (DM* 151593 

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BANQUE SCANDINAVE EN SUISSE-GSHEVA 

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?0 Cl Emerg Mortals Fd CS 59J 

0 Cl Eurenean Rind- a 501 

d CanodoCuor. M ortaaa* FdC* 1550 

CAPITAL INTERNATIONAL 

w Capital mo Fund — * 131 A3 

■rCaptWItOllcSA - S 452* 

CDC INTERNATIONAL „ , 

w CEP Court Torme FF 173649^ 

iv GFI Long Hermt FF 15JTOUB 

ON DAM BRAZIL FUND 
0 Ondom Eaultv Fund. A 122.UW 

0 Ondam BolanCtd Fwd— S 1057236 

CITIBANK (LUXEMBOURG) SA 
FOB 7323 Luxembourg TW, 477957) 

d Cltlnvest Gtobol Bond J 10034 

0 dttoMSt FGP USD JI 1239.11 

0 Cltmvest FGP ECU ECU 129064 

0 dttovast Selector S 1451.15 

0 Ottajrrencles USD S W2538 

0 CtttairrenOes DEM DM 14179 

0 attcuiYcncto , GBP [ HI JO 

0 OHrurew I tYaw - v 1237960 

0 atloort NJL Equity S 23594 

0 atlporl Cunt Euro Eaultv -Ecu KS.16 

0 Cfflparf UK Eautty I (4677 

0 ONport French EouHv FF IMJS 

0 CHtoort Garmon Eaultv. — DM nxuo 

0 Cltlport jam Eouttv Y 4B4AD0 

0 Otlporl IAPEC S 22535 

0 Oticort Eamec S 1646* 

1 " Cltlport HA. S Bond * 15595 

0 Cltlport Euro Band. -Ecu 154.94 

0 MOOQOC0 Currency Fund —3 14264 

CITIBANK (PARIS) SJL 
'■rCHi 96 Cm Gtd S 988979 

cnrmusT 

•v US * Eouttles I 25698462 

nr US* Money Martel * 1597222 

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w The Good Earth Fund s 1134271 

COMGEST (5M) 44 71 73 II 

wCamgest Asia .... . .3 I2S434 

iv Comoed Europe SF 17*466 

CONCEPT FUND 

b WAM Global Hedge Fd S 1B22M 

a WAM IM1 Hrf Hadae Fd S 9R96J 

CONCERTO LIMITED 
hr NAV 15 April 19M . . * 9502 

COWCN ASSET MANAGEMENT 
CPnen EiHtrpriae Fond N.V. 

■vOonAsns * 1351® 

wClnsa B She. . * 167*64 

CREDIT AGRICOLE 
INDEX! S 

0 Indexle USA/55P SS0 S 1532 

0 Index li JaponJMkXti Y 

0 IndoxtsG BretTFTSE t U34 

0 Indexls FronceTCAC 40 FF 15476 

0 indexls CT ff n*57 


MONAXIS 

0 Court Term U5D 4 

0 Court 7enne DEM— — -—DM 
0 Court Term JPY — , Y 

0 Court Tonne GBP I 

d Court Terme FRF — . — — FF 
d Court Term ESP Pto 

d Court Term ECU Ecu 

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d Actions inti DIverilBees — FF 
d Actions Nord-Amertailrxo J 

d Adlans Jcpandsni Y 

d Actions Angtatoes 1 

0 Adlans AOomandos DM 

0 Adlans Froncahm Ff 

0 Adlans Esp. 5 Part — Pta 

0 Adlans I ta I terns Lit 

0 Actions Bassln Padfhiue — S 

0 ObllB MU Dhrerdtlees FF 

0 OWhi Nord-Americnlnes. — S 


0 Oblfe Janoncdses — Y 234467 

0 ObUaAngMses 1 UM 

0 OUla Altormndes DM 3930 

0 Obile Franadses FF 153X3 

d obtla Esp. 5 Port.. Pta 272230 

rf ObUo Convert, totem.— FF 15142 

0 Court Terme Ecu Ecu 2179 

0 Court Term USD * 1732 

0 court Term FRF FF 14131 

CREDIT COMMERCIAL DE FRANCE 

0 Elysees Monctotre FF 8963040 

0 Sam Adfcash USD B S 1WL40 

CREDIT SUISSE 

0 CSF Bondi SF 

0 Band valor Swl SF 

0 Bond valor us -Donor % 

0 Bond VOhir D-Morh DM 

0 Bond Volar Yen Y 

0 Band Vcriar [Sterling jt 

0 Convert Voter Serf SF 

I 0 Convert Voter US - Doitar— S 
0 Convert volar CSterilng, — E 

0 CSF I nte raottanoi SF 

-0 Actions Sutsses — SF 

0 Credb Smll+Mld Cm SwItziSF 

0 Europu Valor, — — SF 

1 0 Energte - Valor SF 

0 Podftc- valor _SF 

0 CS Gold Motor— — * 

0 CS Tiger Fund % 

0 CS Ea Band A Ea 

0 CS Ea Bmd B Ea 

0 cs Gulden Band A -FI 

0 CS Gulden Band B FI 

dCSHbrnno ibertaFdA Pta 

d CS Mhano Iberia Fd B Pta 

0 CS Prim Bond A DM 

d CS Prime Bend B DM 

0 CS Europe BondA DM 

0 CS Europe Band B DM 

0 CS Fixed I SF 7% 1/96 SF 

0 CS Fixed I DM 8 % 1/96 DM 

0 CS Fixed I Ecu 8 3/4% 1/lLEar 
0 CS Swb* Franc Bond A— SF 
0 CS Serin Franc Band B— SF 
0 C5 Ban 0 FdUreA/B_— Uf 
0 CS Bond Fd Pesetas A/B — Plus 
0 CS Gernxxty Fund A n»* 

0 CSGemxiiiy FuudB DM 

0 CS Euro Bhie China A DM 

0 CS Euro Blue Chins B— -DM 

0 CSShort-T.BandSA S 

0 CS Start- T. Bond * B S 


0 CS Short-T. Bond DMA — OM 

0 C5 Shcut-T. Bond DM B DM 

d CS Money Matai Fd * * 

0 CS Money Market Fd DM — DM 

0 CS Money Mortal Fd I c 

d CS Money Mortal Fd Yen— Y 
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0 CS Money Matat Fd HF 1 _.FI 


0 CS Money Mortal FdUI_Ut 
0 CS Money Mortal FdFF_FF 
0 CS Money Mortal Fd Pta— Pin 
0 C5 Money Mortal Fd BE F_BF 

0 CS OvtoJYufec A DM 

0 CS Oeto-Protoc B DM 

0 CSNorth-Amertcan A. * 

0 CS NartthAmerfan B S 

0 CS UK. Fund A 1 

0 CS UK Fund B I 

d CS From* Fund A — FF 

0 CS Frame Fund B PF 

0 CSEurareal DM 

0 cs Italy Fund a ut 

d cs Ittaty Fund B Ut 

0 CS NeAerfcmds F 0 A— FL 

0 CS NenwriBids Fd B Fi 

0 CS FP Bond A FF 

0 CS FF Band B — FF 

0 CS Capita! SFR2800 SF 

0 CS Capita DM 2 D 00 DM 


0 C» Captw DM T9T7_ 
0 CS Cmitat Ecu 2006 , 


0 CS Capital FF 2 ND FF 

0 CS JQpon Megatrend SFR—SF 


0 CS Japan Megatrend SFR— SJ 
0 CS Japan Megatrend Yen — Y 
0 CS Phrtt IncSFH Mb. SI 


0CS Port! BalSFR SF 

0 CSPbrH Growth SFR SF 

0 CS Port! UtC DM A/B DM 

0 CS Port! Bal DM DM 

0 cs PorM Growth DM — — dm 

0 CS Pont torus* A/B * 

0CS Peril Bel USS S 

0 CS Purtf Growth US* * 

0 CS Pbrtl Inc (Lire) A/B — ut 

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0 CS Pertf Gro (Lire) A/B — Lit 

0 CS Eq Fd Emera Mkts S 

0 CS Ea Fd Small cm USA-4 

, 0 CSEoFd SfflOU Eur- DM 

0 C5EaFd Lot America S 

I CURSITOR FUND 

0 Curaltor East Aslan En 1 10516 

0 Curator Gtx Gwth Sub-Fd J 1083* 

DARIER HEMTSCH GROUP 
Tit 41-22 7H 48 37 

0 DH Motor Mortal* Fund_JSF 1082080 

0 DH Mmdartn Portfolio SF UOOUIO 

0 Honticti Treasury Fd 5F 100960 

0 Sam ansi Portfolio— — 3F 3313S 

DISCOUNT BANK GROUP 

wMuttlcurr. Bond SF 137182 

I wOotvnl Band S 11*248 

■V Eurova Equity— ECU 134930 

■ ivN.Ameria Equity S 1)9243 

■vPocBlc Eaultv J 12313) 

DtT INVESTMENT FFM 

0 Concentre + DM 5563 

0 inti Rententond+ DM 7235 

DUBIN A SW1CCA ASSET MANAaEMENT 
Tel : 18*9) 945 1400 Few ; (10) 945 1MB 

b Hiahbridge Capital Caro 1 1231513 

m Overtook PeriarmgnceFa-s 2QS0.9S 

in Pacific RIM On Fd S 107.13 E 

EBC FUND MANAGERS UCW) LTD 
1-3 Seale 3t. 5t Hotter ; 053404331 
ESC TRADED CURRENCY FUND LTD 

a Capital- s 2UI3 

0 Income S 15.120 

INTERNATIONAL INCOME FUND 
0 Long Term , * 32jnt 

0 Lana Term ■ DMK DM 1063635 

ERMTTAGE LUX CDMD238) 
w Ermlhiaa inter Rote Stral-AM 

w EraiRaae Seb Fund 3 6380 

w ErmHoge Allan Hodge Fd j 1161 

wEnnllaoe Euro Hedpe Fd— DM 123S 

iv Ermltuge Crwhy Asia Fd— J 1930 

nr Ennltoae Amer Hdg F0 S 9JN 

w Ermthse Enter Mkn Fd — s 1435 

EURQPA FUNDS LIMITED 

0 Amerian Eoutly Fond s 2593o 

d American Option Fund 6 185*4 

irAJtonEserftrFd * ) SUB 

■v E mgpem Emily Fd s 1)076 

EVEREST CAPITAL Ital 272 22N 

m Ewrest Caotw lirtt Ltd s 14502 

FIDELITY IRTL INV. SERVICES (Lex) 

0 DUavcrv Fund— S 2033 

0 Fdr Cm» ftwil « J132 

d Fid Amor. Assets Jt 19931 

0 Fid. Amer. values iv 5 1 1744740 

0 Frontier Fond * 2534 


INTERNATIONAL HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 


ADVERTISEMENT' 


INTERNATIONAL FUNDS 


April 29, 1994 


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0 international Fund — 
d New Europe Fund — 

d Orient Fund — - 

0 Podflfi Fund 

0 Special Growth Fund. 
0 World Fund 


HNMANA6EM8NT SA-UflWHo(4TTl/*Wia 

w DdlQ Premium COrp S ra&tn 

FOKUS BANK AJL 0243 555 
w Scmtonds InTI Growth FdJ 183 

PlfflO MARKETING GROUP (BID) 

P.a Box 2001. Hamilton. Bermudo 

rtlFMC Global (31 Mar) J 1427 

m FMGN. Amer. (11 Mar) — 1 1063 

m FMG Euroao U1 Mart- — S 11.12 

mFMGEMCMKT131Mor) J 1113 

mFMG 0131 Mar), S 937 

FX CONCEPTS (BERMUDA) LTD 

wCancaats Forex Fund i IBM 

GAIA CURRENCY FUNDS 

w Goto Hcdoe II, S 122.19 

w Gaia Hedge III— S 11» 

w Goto Sw5s Franc Fd 5F «« 

ir GAIA Fx — i W5M 

mGeta Guaranteed Cl. i _S U37 

mGala Guaranteed CL H—S BUI 

GARTMORE IHD0SUEZ Fl7ND52OTV9n 
Tel: (352146 54 24 470 
Fox: (30)445421 
BOND PORTFOLIOS 

0 DEM Band DisSil DM L46 

d Dhwrtwnd DIS2.7B SF 113 

0 Dolter B«KL— DH286 S 266 

0 European BdZ— DIs l.tP—Ecu >31 

S FranaFranc— JDt* 1533 — FF 1133 

0 Globa Bard — Db2.17 — 3 245 

EQUITY PORTFOLIOS 

0 ASEAN — 5 !* 

0 Aito Podftc S 5B 

0 Contlfwrtol Europe Ecu 1^ 

0 DWetaOim Market* .480 


IRISH REGISTERED UCITS 
Earts/orf TerraoeJMrfln Z Iss-l-BTWdJO 
w GAM Americano Act — . DM 9505 

wGAM Europe ACC DM 13112 

iv GAM Orient Acc — — — DM 15582 

w GAM Tokyo Ace , ,dm 17686 

w GAM Total Bond DM Acc_DM 10787 
w GAM Untvennl DM Aoc— DM 17337 

GLOBAL CAPITAL MANAGEMENT LTD 


uda: (8091 2954000 FaxrlBOH 2953)80 
GLOBAL STRATEGIES LTD 


JWH GLOBAL ST RATEGIES LTD 
w(C] Financial & Metals—— 5 
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ir IHI Yen Fbmndoi * 

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w IK) inti Currency & Band-* 
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GLOBAL FUTURES A OPTIONS SICAV 


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wGS Gtobol Eoufty S 7LM 

wGSWOrtd Bond Fund _5 1833 

wGS World Income Fund s 9 JO 

GOTTEX FUND MANAGEMENT 
w G. Swop Fund .. . —Feu 114939* 
GRANITE CAPITAL IHTL GROUP 

nr Granite COPHOl Equity * 59547 

wGranHeCopHoIMkl Neutrals 57Z7I 

w Granite Gooimi Morteme— * 57209 

GT ASSET MANAGEMENT (IRELAND) LTD 
Tel : (44)71 -7W 45 67 

0 GTAoeanFd A Shares * 

0 GT Asean Fd B Shares * 

0 GT Asia Fond A Shores — S 

0 GT ANo Fund B Shares S 

0 GT Asian Small Comp A SU 
0 GT Aston Small Comp BSh3 
0 GT Awfrafto Fd A Sdata-3 
0 GT Australia Fd B Shares-* 
d GT Aastr, Small Co A Sh — S 
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0 GT Berry Japan Fd A Sh — s 

d GT Berry JmanFdBSh s 

0 GT Band Fd A Shares s 

0 GT Bond Fd B Shores * 

0 GT Bta & Ap Sciences A Sul 
0 GT Bio 8 . Ap Sciences B ShjS 

0 GT Qatar Fund A Sh S 

0 GT Donor Fund B Sh — — S 
0 GT Enwrglita Mkts A Sh — ji 
0 GT Eroerutos Mkts B Sh _i 
0 GT Em Mfcr Small Co A Sh J 
0 GT Em MW Small Co B Sh J 
w GT Euro SmaB Co Fd A Sh J 
wGT Eora Smafl Go Fd B sir J 
0 GT Hong Kong Fd A Shares* 

0 GT Hang Kona Fd B Share, s 
0 GT Honshu Pathfinder A Sh* 

0 GT Hanstta Path fi nder B Sh* 
iv GT jop OTC Stacks Fd A Sh* 

IV GT Jap OTC Stocks FtfBShS 
wGT Job Small Co Fd A Sh_J 

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wG.T. Latin America Fd * 

0 GT Strategic Bd FdASh— 3 
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0 GT Telecomm. Fd A Shores* 

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r GT Techno low Fund A a. _J 

r GT Technology Fund B Sh_S 
OT MANAGEMENT PLC (M 71 719 43 <71 
0 G.T. Biotech/Heath Furet-S 3147 

0 G.T. Deutschland Fund— J UW 

0 GT. Europe Fund s 5244 

wQ.T.Gtobal Small Co Fd * 2830 

0 GT. investment Fund * 25.9* 

wG.T. Korea Fund * 583 

ip GT. Newly InaCountrFd—S n.» 

■wG.T.USSnKJllCompalles -1 24.12 

GUERNSEY CAPITAL MANAGEMENT LTD 

f GCM Gtobol Sei. Ed. J 16540 

GUINNESS FLIGHT FD MNGRS (Gfltey) LM 
GUINNESS FLIGHT GLBL STRATEGY FD 
0 Managed Currency— -.-S 29/0 

a Global t 3&.rt 

d Gtobol HhP» income Bond-S 22/8 


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GUINNESS FLIGHT I NTT. ACCUM FD 
a Dagtschcroarii Money— _DM S8JS51 

d us Dollar Money s 35343 

0 US Dollar HhXi Yd Band s 24J6 

0 Inti Balanced Grth S 3629 

HASENBICHLER ASSET MANGT GesjnMi. 
iv Hosenbtchter Com AG— J S99480 

w hosenWcMer Com Inc $ juu 

■ HasenacMer Dt*. j 12S69 

wAFFT, » 1140/0 

HSPTAGON FUND MV HSfHlSm 

1 HeotaoanQLB Fund * 9119 

0 ) Heptagon CMO Fund___s 7060 

HERMES ASSET MANAGEMENT LTD 
Bermudo: 1809)295 4005 Lin : (3521404 64 *1 
Flnat Prices 

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INCOME PARTNERS (ASM) LIMITED 


d France-. ff 11 J5 

0 Germany. — DM SM 

0 lattfuot tonal s 

0 Japan ■ — Y 27MD 

0 North America 1 157 

0 Switzerland SF 381 

d United Kingdom ..t 140 

RESERVE FUNDS 

0 DEM Dts5390 DM 6859 

0 Dollar 0)3 2881 1 2.15* 

d French Franc , FF 1269 

d Yon Reserve Y 2B4J 

GERNOR FUNDS 

London : 071 -<9941 7L Geneva : 41.22355530 

iv Scottish World Fund s 446.9740 

wHaluSt. American 3 34597 

OSMESBE FUND Ltd 

w (A) Genesee EagtO S 135LS4 

w(B) Genesee Short— s 7182 

W 1C) GoneMcOOTOrtunltV— 3 15209 

iv (F) Genesee Nan-Eouity— 3 13BJ8 

GEO LOGOS „„ „ 

ir II Straight Bond B Ecu 104647 

IP II PocHlc Bond B SF 145148 

GLOBAL ASSET MANAGEMENT 
OFFSHORE FUNDS _ 

11 AlftaJ5UXuOtas,iaMOT44eS4Tb24037 

wGAMerica J 

w GAM ArbSlrose * 39325 

IP GAM ASEAN S 41739 

w GAM Australia S 215JS 

I tv GAM Boston — ^S 33531 

nf GAM-COrelfi AUnnefanka—S 70135 

iv Gam Combined DM 13584 

w GAM Cross-Maiiiet -S 107.15 

iv GAM European I 9183 

iv GAM France- FF 191*88 

tr GAM Fraac-wl SF 27665 

wrGAM GAMCO-. S 20*87 

wr GAM High Yield S 15552 

wGAMEcatAstalRC 5 *9749 

IV GAM JOTOT S 87*65 

w GAM Money Mkt* USS S 10081 

d Do Sterling — 1 loun 

0 Do Swiss Franc SF TOI.19 

0 Do Deuisdiernork DM 101.75 

0 Do Yen Y 1002400 

IV GAM Allocated Mltt-Fd S 16684 

iv GAM Emerg MMs Mlh-FdJ* 1*521 

wGAMMIH-EuTOMUSS S 137.9* 

w GAM MIH- Europe DM.. — _DM 13501 

<v GAM MU Global USS — — S 17087 

Mr GAM Market Neutral S 11286 

w GAM Trading DM — DM 13131 

w GAM Trading USS * Ufss 

ip GAM Overseas— J 1*727 

tv GAM Pacific — J 90599 

w GAM Selection s 41187 

w GAM SlngOTore/Matoyski JS 71931 

ip GAM SFSpectal Bond SF 131.79 

IV GAM Tyche S 343.19 

wrGAM Ui J SMU 2 

iv GAMut Investments * 61237 

iv GAM Value— _* 12519 

wr GAM Whitethorn S 19674 

prGAM WbrMwtoe * 69069 

wGAMBpndliSSOrd S 14X10 

wGAM Bond USS Seectol i 18431 

or GAM Band SF SF HELD 

wGAM Bond Yen Y 14*0180 

wGAM Band DM DM 11925 

wGAM Band £ I 15970 

wGAM CSpedal Bond— 4 14080 

wGAM Unlvena USS _* 14984 

W GSAM Composite S 33780 

SWISS REGISTERED FUNDS 4VI-422 2426 
Muhtebachstnisse I7XCH 803«Urtch 

0 GAM 1CH) ABHrtca SF 15189 

0 GAM (CHI Europe SF 10535 

0 GAM (CH) Mondial SF 14067 

0 GAM (CHI Pacific SF 29S46 

SEC REGISTERED FUNDS 

US East 57Rt SlneeLN Y 1662U1MB5420B 

wGAM Earn % 9049 

WGAM Gtobol S MAO* 

wGAM Internationa % 19133 

wGAM North Amorlco — S 0584 

wGAM Pocfflc Brain S 19035 


w Aslan Fixed income Fd — i 15296 

INTERINVEST (BERMUDA) LTD 
C/b Bank a Bermuda. Tel: 669 2954660 
mHodoeHOBG Conserve Fd-I _ M! 
INTERNATIONAL ASSETS FUND 
l Bd Rural. L-2449 Luxembouni 

w Europe Sad E Ecu 9941 

INTERNATIONAL MGMT INCOME FUND 
d Amertacedu Nord— — 3 10536 

0 Europe ConUnenloht DM 10073 

0 Extreme Orient AngtoKBonAS M5B 

0 France FF 50579 

0 i mile — LR 

d Zone ANOItauc— — T 1001780 
INVESCGItfTL LTD, POfl 271, Jersey 
TH: 44 53*73114 __ 

0 Motomum Income Fund — l 59900 

0 Starling MngdPlfl s 23120’ 

0 Pioneer Mwtats — , — ^ jC 68 M 

0 Okasan GW»l Strategy — S 17^» 

0 Asia Super Growth » 22J7S0 

0 Nippon werrom Fund S 

0 Asia Tiger Warrant 5 *7400 

0 European Wamzil Fund — S 19100 

0 Gtd N.W. 1994 S 96200 

PREMIER SELECT FUNDS 
0 American Growin — — — s 68*00 

0 American Enterprise— 3 93*00 

d Asia Tiger Growth S 113100 

0 Daltar Reserve— I M tM 

dEuroobonGrowih s zffffl 

0 European Enterprise s £*200 

0 Gtobol Emerging Markets _5 5630 

0 Gtabai Growth .3 5JA0 

0 Nippon Enterprise. — S 51*00 

0 Nippon Growth * 

0 UK Growth C 153W 

0 Starting Reserve c 

0 North American Warrant S 45290 

0 Greater CMra Opw — 3 74B0 

ITALFORTUIIE IHTL. FUNDS 
w Class A lAggr. Growth IWJ* 0971680 

wans* 8 (Globa Eaultv f * H.« 

w Class C (Gtabai Bondi S 1597 

w etas* D (Ecu Bond) —.Feu 1 L 10 
JARDtNE FLEMING , GPO Bex 11*41 H* Kg 

0 JF ASEAN Trust * 545* 

0 JF For East Wmt Tr * 2*95 

0 JF Globa Conv.Tr S 1447 

0 JF Hang Kong Trust S 'JS 

0 JF Japan Sm. Co Tr Y SOTA0 

0 JF Japan Trust. Y '292180 

0 JF Malaysia Trust 1 H36 

0 JF Poclllc Inc. Tr S 1245 

0 JF Thalimd Trust * 34J4 

JOHN GOVETT MART (LOAD LTD 
Tel: 44634- *29420 

wGovett Man. Future £ 128* 

w Govett MOT. Fa. USS I 591 

w Govern Geer. Curr s 1553 

w Govett IGlMBoL HCbe S 103143 

JULIUS BAER GROUP 

0 Boertxmd SF 

0 Conba -5F 

d Enulbaer America— — 3 

d EauOxxr Europe — SF 

0 SFR - BAER— SF 

0 Stackbar SF 

0 Swtgba -■ S F 

0 Liao liner S 

0 Europe Band Fund— Ecu 

0 Dollar Band Fund S 

0 Austro Band Fund AS 

0 Swiss Sand Fund, SF 

0 OM Band Fund DM 

d Convert Bond Fund SF 

0 Global Band Fund DM 

0 Euro Stock Fund—. £cu 

d US Stack Fund 5 

0 Poctfk Stock Fund 1 

0 Serin Slock Fund SF 

0 SpccW Swiss Stock SF 

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0 German Stock Fund DM 

d Korean Stack Fund S 

0 Swiss Franc Cash SF 

0 DM Cash Fund— DM 

0 ECU Cosh Fund Eat 

d SbcrtSm teen Fund— C 

0 Dollar Cam Fund i 

0 French Franc Cash, — . .FF 
KEY ASSET MANAGEMENT INC 

in Key Global Hedge — * 29930 

to Key Hedge Fund Inc S 15135 

nj Key Hedge Investments S I4SL63 

Kl PACIFIC ASSET MANAGEMENT INC 


rn KJ Asia Pacific Fd Ltd 5 12.10 

KIDDER. PEA BOOT 

b Chssapwfte Fund LM S 249260 

b III Fund Ltd * 111786 

ft Inti Goju ul eod Fund S 130581 

b Stonehenge Ltd S 164549 

LATIN AMERICAN SECURITIES 
Tel : London 071 < 21 1Z34 
0 Argentinian invest Co StaavS 2537 

d Brazilian Invest Co Slcav^t 2122 

0 Cotamtatan Invest Co Sicov J 1533 

a Latin Amer Extra Yield Fd I 9.9501 

a Lain America income Co_S 935 

d Lotto American invest Co-3 1036 

d Mexican Invest Co Sicav S 4571 

0 Peruvian invest Co Skov— S 14.11 

LEHMAN BROTHERS 

0 Aslan Dragon Port NV A S 936 

0 Aston Dragon Port NVB—S 935 

O Gtobol Advtsora n NV a s 

0 Gtobol Advisors II NVB S 

d Gtobol Advtan Pari nvaji 1552 

0 Globa Advisors Port KVBj* 1047 

0 Lehman Cur Adv. A/B S 7.93 

0 Premier Futures AdvA/B-S 927 

LIPPO INVESTMENTS 
747F Ltopo Tower Centre. » OuewiswavJiA' 
TN (6521667*06 Fax 1152) 596 6)66 

WjouoFltad S 985 

wAsaan Fixed incFd— 3 9J6 

w IDR Money Market Fd. — S 1264 

W USD Money Martel Fd. — I 1569 

W Indonesian Growth Fd_ * 1577 

W Aslan Growth Fund __5 1592 

wArion Warrant Fund _* 781 

LLOYD GEORGE MNGMT (653) MS 4*33 

w AiUereia Futnl, — — S 17.11 

w LG Aslan Smafler Cos Fd_s 163256 

W LG India Fund Ud . 5 1433 

LLOYDS BANK IHTL (BAHAMAS) LM 
Lloyds Americas Portfolio (6091 322-8711 
W Balanced Moderate Risk Fd* 939 


LOMBARD. ODIER * ClE -GROUP 
OBU FLEX LTD (Cl) 


OBUFLEX LTD (Cl) 

d Multicurrency 

0 Dollar MetHum Term — 
0 Dollar Lon g Term 

d Pound Stemna — — 

tf Deutsche Mark — __ — 

0 Dutch Florin 

0 HY Eurocurrencies 

0 Swiss Franc 

0 US Dollar Shari Term 

0 HY Euro Curr Dfvkl Pay, 
d Swiss Mutticarency— 

0 European Currency 

d Betgkxi Prune 

d Convertible—— 

0 French Franc — 

0 Swiss Mum-Dividend — 
0 3wh» Franc Short-Term. 

0 Canadian Donor. 

0 Dutch Florin Muttl — 
0 Swiss Franc Divid Pov— 

0 GAO Mulficur. Div — 

0 Mediterranean Curr 

<S Canvortlbtes— — 


MALABAR CAP MGMT (Bermuda) LTD 


mMotator mn Fun d * 1947 

MAN INTERNATIONAL FUTURES 
mMInlLbntied- Ordinary — S *530 

m Mini LhnHed- Income s 1447 

mMlnf Gtd Ltd -Spec issue— s 293* 

m MW GW Ltd- Mov 2«B S 2172 

mMlnf Gtd Lid ■ Dec itat i 1*33 

m MW Gtd Ltd -Aug 1995 S 16.11 

mSUitt Gtd Currencies S 742 

m Mint Gtd Currencies 3»1__S 982 

mMlnt Sp Res Ltd I BNP) 1 louo 

m Athena Gtd Futures S 111 * 

m Athena Gtd Cunencles__l 932 

mAttiena did Financials lnc—t ?o.M 

m Athena Gtd PlnandObCapA 1516 

mAHL Capita! Mkts Fd i 1332 

m AHL Com merit IY Fund S 10.12 

mAHL Currency Fund 5 948 

mAHL Real Time Trod Fd — S 10 JB 

mAHL Gtd Real Time rre % uws 

mAHL GM COT Mark Ltd 1 1522 

mMOT Gwiranlerd 1996 Lid — S BM 

m Map Leveraged Eterav.LW3 15*6 

mMAP Gwmxiteed 2D0U 5 9.93 

mMlnt G GL Fbl 2003— S 787 

MARITIME MANAGEMENT LTD 
73 Front St Hamilton Bermuda (009)292 97E9 
wMarltlimMlt-5ecteriLld_S ig)288 

w Maritime GIW Beta SerlesJ KSJ 1 

w Maritime Gia Delhi Senes 3 81645 

w Maritime Cl HI Tg U £erles_S BJ7. 76 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 

m Chm A - _ * 11660 

0 CtoSSB. S 11484 

0 Pacific Cat verLStrat S 7832 

MAVERICK (CAYMAN) (W) MP7M2 

m Move rick Fd l 14736*7 

MCKINLEY CAPITAL PARTNERS. LTD 
ffl The Corsair Fund Lid — 8 11517 

MEESPIERSON 

Rokln 55. 101%k. Amsterdam (25521 11881 


w Asia Poe. Growth F 0 N.V. _S 
w Astwi Capitol HokUngs — Jt 

w Aslan Selection Fd H.V FI 

w DP Amer. Growth Fa N.v._ s 

w EMS Offshore Fd N.V. FI 

w Europe Growth Fund N.V. -JT 
n Japan Diversified Fund—— J 


w Tokyo Pac. Hold. N.V. s 

MERRILL LYNCH 

0 Bailor AsxtK. Portfolio * 

6 Prime Rote Ponwta i 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

0 Class A 5 

ri rsnw fl I 

MERRILL LYNCH 

GLOBAL CURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO 
0 Category A A* 

d Category n a* 

CANADIAN COLLAR PORTFOLIO 

d Category A cs 

0 C 0 tesorvf>- — - — CS 

CORPORATE HIGH INCOME PTFL 

0 arasA-t- — — * 

0 Class A.J S 




.-fotAvaPaMqN 
k++- A msterdam 
r to publication: r 


.-OutefiRorlfi; 


0 CtoSf B-l 3 IX 

0CtoS5(M S 9J7 

DEUTSCHE MARK PORTFOLIO 

0 Category a DM 13.10 

0 Category 8 - DM 1579 

EUROPEAN BONO PORTFOLIO (OM) 
rf <Tn« *-i « W80 

0 Class A-2 1 1680 

0 OtfSS B-l J 1A* 

tf CtoffiB-J i ■ ISMS 

EUROPEAN BOND PORTFOLIO (US*) 

0 ClassA-l - -DM 9J1 

0 CtoM-A-2 DM 154* 

a can B-i * 9JJ 

d CWjM * 1037 

POUND 5TERLING PORTFOLIO 

0 Category ft. 1 I&W 

0 Category B 1 158S 

US DOLLAR PORTFOLIO 

tf Category A. — . ..A 1337 

d Category B 5 1332 

YEN PORTFOLIO 

d Category A Y 1M 

0 Category b Y 127* 

MULTI CURRENCY BOND PTFL 

dCtassA * 

d Oass B * Tibi 

US FEDERAL SECURITIES PTFL 

0 Class A — * MS 

0 Class B * 

MERRILL LYNCH 

BQUITY / CONVERTIBLE SERIES 

BASIC VALUE PORTFOLIO 

0CIOS5A i 1*5 

0 Class B % 118* 

CONVERTIBLE SECURITIES PTFL 

d Class A — * 1*^ 

0 class B i il# 4 

GLOBAL ALLOCATION PTFL (USD „„ 

d Class A S 16^ 

0 Class B 3 1641 

GLOBAL EQUITY PORTFOLIO 

dChKSA 1 IM4 

d ciais B * 939 

EURO EQUITY PORTFOLIO 
r* «■ * , i , * 1464 

d Class B * 1A1S 

LATIN AMERICA PORTFOLIO 
d nirm J * 15-14 

f r£Sw : l 1485 

WORLD NATURAL RES0U RCES PTFL 
d rL -* * 1141 

a am B 1 77-74 

DRAGON PORTFOLIO 
d Class A — * 1586 

3 Class a * 1538 

MERRILL LYNCH INC J PORTFOLIO 
d m»«« « * 8^3 

0 CUSS a s 840 

d Class C * 

MERRILL LYNCH MEXICAN INC PORT 
tf Mexican IncSPttia A_s «49 

d Mexican incSPtfl a B_ — 1 948 

d Mexican Inc Rosa PHI Cl A3 9.13 

d Mexican Inc Pern Pffl a a 3 9.JJ 

MOMENTUM ASSET MANAGEMENT 
w Momentum Nowdler Feri_S 9987 

m Momentum Ralnbaw Fd S 1221J 

m Momentum RxR R.U — » 6739 

m Momentum Stoefcmcster— 3 15683 

MORVAL VOHWILLE R ASSET MGT CO 


IV Wilier Telecom S 

w WUterfundsJNIIterband Cap* 
w Wmerignds-Wlltertxud Ea Era 
w WUterfunds-Wllteraa Eur— Ea 
w WIitariunds-WDIeraa lto*y JJt 
wWDkrlunds-Vriltertq NA — S 
MULTI MANAGER H.V. 
wCash Ei4M K-en wnt — * 

w Emerging Markets Fd — — * 
w European Growth Fd— — -Ecu 
wKedgeFund * 


0 Odev European DM 

wOdev Eurooeon— — S 

wOdvv Eutod Growth Inc DM 

wOdevEorap Growth Acc — DM 
wOdev Earn Grth Star Inc — l 
wOdev Euro GrtfiSfer Acc — c 
OLYMPIA CAPITAL INTL INC 


Wllltanu House. Hamilton HM1L Bermuda 
Tel: 609 292-1018 Fax: 609 295-2205 

w FlnAury Group — S ZI5J 

w OtvmptoSecurfteSF, 5F 17IL 

wOtymata Store Emera Mkts* 9251 

w Winch. Eastern Dragon — _S 17.' 

nr Which Frontier—— _Jl 283) 

iv Winch Fa. OtvmMa Star— I M9J 

w Which Gl Sec inc PI I A) s 51 

tr Winch Gl See Inc PI 1C ) — S 9j 

w Which HMginrtMadlson-Ecu 14*6) 

iv Which HUg Inn Ser D Ecu 1726) 

w Winch Hldg mn Ser F -Ecu 1713 

w Winch HldgOtv Star Hedge* 1095) 

iv Winch. Resar. MuilL Gv BdJS 15 

IV Winchester Thailand — — i 35: 

OPTIMA FUND MANAGEMENT 
73 Front St, HemUtoraBermuda 189295663 


w Optima Emerald Fd LM — * 

w Optima Fimd 5 

w optima Futures Fund — -5 

iv Optima Globa Fund S 

wOoIbno Perlcuta Fd Ltd — S 
wOpUma Short Fund S 

0 StHu HeaHtT&Envir FdJ 
0 Orbitex Japan Small Cot Fd* 

0 OriRtex Natural Ras Ft) — a 
PACTUAL 

0 Eternity Fund Lkj * 

rf infinity Fund LM — S 

0 Star High Yield Fd LM S 

PARIBAS-GROUP 
wLuxer 3 

0 Porvest USA B 5 

0 Porvest J«xw B ,Y 

0 Porvest Ado PocH B 5 

0 Porvest Eurgae B„ Ecu 

0 Paves! HotlondS. , .R 

0 Porvest France B FF 


0 Porvesi Germany I 

0 Pavest Obit- Dollar B s 

0 Porvesi OWFDM B DM 

0 Porvesi OWVYen B — Y 

d Farvesi ObH-GuMen &— Ft 

d Porvesi Obtl-Franc B FF 

d Porvest OWL Star B 1 

d Porvest Obil-EaiB Era 

0 Porvest OWLBetuxB LF 

d Porvest S-T DWtor B J 

0 Porvest S-T Europe B Ecu 

0 Porvest S-T DEM B DM 

0 Porvest S-T FRF B FF 

0 Porvest 5-T Bet Plui B BF 

0 porvest Globed B LF 

0 Porvesi int Bwid b » 

d Porvest ObtHJraB Lit 

0 Porvesi IW Eautttas B * 

0 Porvest UKB c 

0 Porvesi USD Ptos 8 . 1 

0 Porvest S-T CHFB SF 

0 Porvest ObU-CanadaB Cl 

0 Porvest OWI-DKK B DKK 

PEKMAL GROUP 

1 Co mmodities LM * • 

/ Drakkar Growth N.V I z 

t Emerging MktsHUgs— 5 1 

t EuroMIrlEcul Ltd Ecu T 

t Investment HUM N.V i V 

I Media & Communications— S II 

I Mesas! Ltd -J 1) 

PICTET A ClE -GROUP 

W PJC.F UK Yd lUx) ( 

w PX.F Germava (Lux) DM 

ivP.CF Naromvol (Lux) S 

w P.GF Vailber (Lux) Ptos 91 

wP.CF VallWIfa I Lux) .Lit )3S 

H>P.CPvaironcc(Lin) J=F I! 

w P.U.F. Valbond SFR (Lux) -SF 
m> P.U J>. Vataond U5D I Lux) A 
m P U P. Vatband Ecu (LuMJEai 
wP.U.F.Vathand FRF (Lux)-FF 1 

iv P.U.F. Valbond GBP (Luxl-C 
WP.U.F. Valbond DEM ILuxI DM t 

w P.U.F. US* Bd PHI (Lux)— S 1011 

w P.U.F, Modal Fd Ecu i 

w P.U.T. Emero AMI* (Lux)— I 1 

wP.U.T.Eur.OOTCrt (Lu*)— Ecu \ 

b PJJ.T. Gtobol value I Lux I -Ecu l 
nr P.U.T, Eurmal (Lux) —Ecu i 

0 Pictet VataWsse (CHI SF ( 

m Inft Small Cot flDMi S 4 

PREMIER INVESTMENT FUNDS LTD 
c/o P.O. Bax IH& Grand Cayman 
Fax: (609) MMW 

in Premier US Eaulty Fund— S 11 

mPtetnief Inti Ea Fund— _S 15 

m Premier Sovereign fld Fd—J i 

m Premier Global Bd Fd S 14 

m Premier Tata Return Fd — J H 

PUTNAM 

0 Emerging HHh Sc Trust ■ A 
w Putnam Em mta. Sc Trust* 

0 Putnam Glob, titan Grawtn J 

0 Putnam Man Inc GNMA Fd* 

d Putnam inrt Fund— — 1 

QUANTUM GROUP OF FUNDS 


w Aston Devetoomwl i 

w Emerging Grawtn Fd N.V—S 

w Quantum Fund hv. i 

w Quantum industrial * 

w Quantum Realty Trust — _J) 

iv Quantum UK Realty Fund_c 

w Quasar inti Fund N.V * 

v Quota Fund N.V V 

QUARRY MANAGEMENT LTD 
Titartibiie:n7-tt9-0Q5D 
Facsimile: 669 - 94M062 

d AIMS Arbitrage Fd Ltd * 

0 Hesneris Fund Ltd * 

0 MerkBan Hedge Fd Lid s/s 4 
d Zenith Fund Ltd l/S 3 


REGENT FUND MANAGEMENT LTD 


W Mew Korea Growth Fd 3 

wrifoyo Lot Pocfflc inv Co i 

w Pacific Arbi traoeCa X 

fflUL Country Wrnl Fd .5 

0 Regent GM Am Grih Fd * 

a MtNntGOgl Euro Grin Fd_* 
O Regent GtDtinfl Grift Id — s 
d Reoent Gtol J» Grth Fd—J 
0 Regent GM Pocit Basin — S 

a Regent GW Rejerve S 

0 Regent Gl« Resources 3 

0 Resent Gtoi Tiaer s 

0 Regent GW UK Grth F0—8 


M • “"“r 

isasgassferf 

0 RG Afnerteo_Fvnd- — - — y ma 

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0 RG Money PR#”— -jy- 

0 R«M 0 n«PhBFDM---O* 

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IN-HOUSE FUNDS 


:^^RaS5wB0^« 

wDalwa LCF RatttCh 

w Faroe COSH TreOWoi^afF^F 

w Lemaeed Cop ttortw —A 
wObU-Votor JL- — H 

b Pri Qioflcree Swi®Ed — 

0 Priequftv F0-Ew«PS- S? 

b PrtequHy FGHrtyetla. — -AF 


b Pr totality W 0 IU 1 Afa — A 

b Prtbond Fund Ecu— £ «u 

0 prtbond Fund USD L. -j 
dPittendWHYEmebMAte* 

wfletoctlve Invest SA_£_ * 

0 Source 4 — — * 

w US Band Ptos— — | -* 


ROTHSCHILD (OROUf EDMOND 
OTHCQ FUNDS I 


OTHER FUNDS I 

0 Asta/ Jaoan Emera. ®bwih* I73W7D 

w Esurtr EurPor fn Wp^-Boi OSM 
w Eixop Strnteg m tn <d -Ecu 16U06 


b Optlgesl Globa Fix 

0 Pacific NIe* Fund— J — —8 5» 

nrPerma Drokkur GrtSNV -S 26998* 

1 Selection Hortam — 1_— FF 8 ”2K5 

b Victor* Artani - i -— S 
ROTHSCHILD ASSET MsmT (CJI LTD 

mHamrodLevenwdtW, — J 6*189 

SAFDIE GROUP/KEY JdVISORS LTD 

niKey Dhrersffled me FlIWJ nam 


I DM 171 AW 
J 557 


w Market Neufrol S 1554 

xr World Band Fimd Ecu 1281 

M1CH0LAS41PP1JEGATE CAPITAL MGT 

wNA Flexible Growth Fd S 1*582 

■rNA Hedge FUnd S 13595 

NOMURA INTI. (HONG KONG) LTD 

0 Nomura Jakarta Fund * 595 

NOSIT CURRENCY FUND 

OtNCF USD 5 82595 

mNCF DEM — DM 895JW 

rnNCFCHF SF 92*39 

mNCF FRF — FF 44*080 

mNCF IPY — Y KW9SH0 

mNCF BEF BF 2703380 

ODEY ASSET MANAGEMENT LTD 
2 ! Grosvenor SLLxta WIX VFEMfl-in 2998 


SAFRA REPUBLIC 1*^ MNO 

W EtPUbltC GA*L_— — 8 

w RroubHc GAMAmert — S 
iv Reg GAM EibMklsG bo 3 
■r Rea GAM Em Mkts L Ami 
w Republic GAM 8 u ran iF JF 
w Republic GAM EuroP JSS 8 
w RePuijHc GA.M GrwffJ HF SP 
w Republic GAM GrowR — t 
w Republic GAM Grown ISSA 
iv RePuMk: GAM Doaorr dty S 
w Republic GAM Pacific f 

nr Republic Gnsav Dal In . — S 
wteHjbRc Grew Eur ir — DM 
w RCMAlitC Ud Am Alkx _S 
nr Republic Lot Am Aroe — 1 

w Rwublle Ud AtaBroz —3 
w Republic LOt Am Mexl — 1 
iv Renubdc UD Am Vrne — S 
w Ren Satamcxi Stmt Fd IJ l 
SANTANDER NEW WON > INV. 
m Commander Find— S 16500 

sitANDfiSlvisKA EN5 ICHJJA BAttKa ^ 
S-E-BANKEN FUND l J 

0 Eurooa inc : — J - — * v lin 

d Ftarran Ostern Inc * 597 

0 Globa Inc ZtJO 

d Lakamectel lac J “lb* 

0 Vorideninc— — - — — . J 185 

d Jaoan Inc — Y 9578 

d Mills Inc S *99 

* — *=»* 1*31 

0 Nanlomcrfto Inc * 595 

d Tcknaiagl Inc ; X . 186 

d Sverige Ronteiond Inc Sek 1545. 

SKANOIFOHDS i 

0 Eautty inn aoc s 1730 

d Eaultv mn iiw— — s 1179 

0 Equity Gtabai S .186 

0 Equity KM. Resource* * U* 

tf Bnuttv Japan — _Y 11*22 

0 Equity HonXc ■ S 132 

0 Eautty UX r 186 

0 Equity Continental Europe JI 132 

d Equity MedltarraneaL — s LTD 

d Equity North America S 186 

0 Eautty Far East f 435 

0 urn Emerging Markets — 5 1 31 

0 Bond inrt Aoc * 1243 

0 Bond Inn Inc _1 740 

d Bond Europe Acc $ 157 

0 Band Europe In c _S 597 

0 Bend Swe d e n Acc— — 17.15 

d Band Sweden inc —Sek 157* 

0 Bead DEM ACC —DM 137 

0 Band DEM Inc DM 59S 

d Band Dollar US Acc — ■— * 141 

0 Band DoHarU5 Inc * 1JM 

0 Curr. US Daltar 5 136 

d Curr. Swedish Kronor Sek 153* 

SOCIETE GENE RALE GROUP 
SOGELUX FUND (SF) 

wSFBondsAUJA I 1632 

ir 5F Bands B Germany — —DM JL73 

wSF Bonds C Franca — FF 12731 

wSF Bonds EG 8 1 1511 

IV SF Bonds F Japan Y 2377 

■v SF Bands G Europe ■ Ecu 1782 

tv SF Bauds H world Wide S 1840 

wSF Bonds J Botgkim BF 82180 

iv SF Ea. K North America t T73* 

wSF Eq.LW£urape —Ecu 1630 

iv SF EqM Pocfflc Basin— Y 1550 

wSFEtlP Growth CawdrtasX 1730 

wSF Ea. O Gold Mines s out 

wSFEq.R World Wkta * 1546 

w SF Short Terms France— FF 1753864 

WSF Short Term T eur Era 1636 

SODtTIC ASSET MANAGEMENT INC. 


w SAM Brazil t M 

■vSAMDfiiWxfffed_ S 133 

wSAM/McGmr Hodge— s 9* 

w SAM Opportunity — * 12 ) 

w SAM Strategy 3 11* 

m Alpha SAM . . * 123 

m GSAM ComnosttB S 331 

SR GLOBAL FUND LTD 

mSR European 1 lffl 

mSRAriai ... — J 91 

mSR Internattaixil * HD 

SVBNSKA HANDELSBANKEN SJL 
Ut Bd do (0 FWtvHBr L-2I76 Lwcembourg 


0 SHE Bond Fund— S 5613 

wSvemkaSeL FdAmerSh — * 1511 

w Svcnsko Set Fd Germany—* 113* 

wSvtmskaSeLFd mn BdSh J 1233 

wSveniko SeL Fd Inti Sh 1 5943 

w Syensko 5eL Fd Jocai Y 392 

wSvtnskaSeLFdMHMttt— Sek 11517 

wSvemkoSel.FdPoctfSh—* 733 

wSvcmkaScLFdSwcdBdt— Sek 14042 

I wSvenska SaL Fd Syivm Sh -Ecu 142286 

SWISS BANK COUP. 

0 SBC 100 Index Fund SF I8B30 

0 SBC Equity Pm-Auslralta-AS 21180 

0 SBC Equity FtfLCanoda CS 21780 

0 SBC Equity Pra-Eurone — Ecu 28780 

0 SBC Eq Ptfl -Nether tands_FI 39380 

0 SBC Govern Bd A/B » S 1007,13 

d SBC Bond PttFAuStr SA AS 11220 

d SBC Bond Pfit-Auslr i B — a* 12140 

0 SBC Band Ptfl-ConJA— _CS 11134 

0 SBC Bond Ptll-Carvl 8 CS 12783 

a SBCflondPtfi-DMA— DM 1*94* 

0 SBC Band Pttl-DM B —DM 18521 

0 SBC Bond PMHTutch G. A— Fl 1*9.14 

0 SBC Band Ptft-Dutch G. B— Fl 18511 1 

0 SBC Band Ptfl-Ecu A — —Ecu 11434 J 

0 SBC Band Pttl-Ecu B Era 130471 

0 SSC flood Pftt-FF A FF 5W33* 

0 SBC Bond PHLFF B FF fflSm 

d SBC Batxl Pffl-Ptns A/B. — Pto* H*48fl 

0 SBC Bond Pltvstertlra A — £ 55.9M 

d SBC Band Ptti-5ternngB—f *oJ| 

0 SBC Band Porttafio-SF A — SF 1137M 

d SBC Band Porttafio-SF b__SF 13928BE 

0 SBC Band PHt-US* A * lo jPff 

0 SBC Bond Ptfl-US* B * l llPg - 

0 SBC Band Pin- Yen A — Y 1 HXHgF- 

0 SBC Band Ptfl-YonB Y llsoMKr; 

d Sac MMF - AS AJ i 

0 SBC MMF-BFR BF 112 10^ 

0 SBCMMF-CcskS — C* *#E : 7 

0 SBC DM Short-Term A DM tfiJBJ i 

d SBC DM Short-Term B dm J 

d SBC MMF- dutch G— — Fl 88*71 >1 

0 SBC MMF ■ Ecu — Era #■«. 

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0 SBC MMF -Pta— Pta >6037 J» 

0 SBC MMF -Schilling AS MM 

d SBC MMF -Starling — c SSarn 

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tf SBC MMF -US -Dollar — x tu naf* 

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tf SBCGftFPtRSF Gr ih — .. S F 

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0 SBC GRH-Ptfl SF YW B SW ' 

0 SBC GtM-PW Ecu Ytd A EOT K»43 

0 SBC Gibi-m Ear YW B EUf 7* ««3« 

0 SBC GM-PW USO Yld A — JjK 1 W94J 
d SBC Glbf-Ptfl 1730 Yld B_JT WJ 


0 SBCGlW-PtflSF Inc A tf 

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tf SBC Glbl-PHI Ecu Inc A— _An 4 ».I9 
tf SBC GM-m Era Inc ft got JjW.TJ 
tf SBC Gtat-Pin USD IKIUR ; 1009.11 
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0 SBC GUH PHt-DM GrawttikXlM . W642 
tf SBC GBit Ptfi-DM YH A/R37M . 104042 
0 SBC GM Pttl-DM Inc A/B^DM . <04553 
0 SBC Emerging Markets - <09599 

d SBC SmaB & MM Caps SW— *F SM80 

0 AmerlcdVo ku ~ » 33932 

d AnutoVotor. J|__C 2273* 

0 AsloPorttalio k— _8„ . 66046 

0 Convert Bond Satocttoit— SF . 10U3 

0 (MWark Band Setecftoth— DM 11*42 

0 Florin Bond Selection— — PL JS-JS 

tf FroncrVatar j FF 21578S 

0 CertnantaVWtv DM 5*1£ 

0 GgMPortMta I 364^ 

0 iberitfValer — Pto *099780 

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0 S Whs valor . ■ ,, — JF 5867S 

0 Ufttvaraa Buna Sftacttan— SF 7B3S 

0 (nival aul Fung—.. • -5 f I228t 

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0 GAM Growth— ■* 1285 

0 DM Gtabai Growth— —DM 14,14 

d Smaller Compete — i 1389 

0 Amariban— ■ * U4* 


0 Swiss Valor 3F 

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SWWTH PORTFOLIO 

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tf UBZ Work! income Fund— Ecu 

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tf Asia Growth Convert SFK-5F 
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0 UBZ DM -Bond Fund, J3M 

0 UBZ D - Fund DM 

tf UBZ Swiss Eautty Fund-— JF 
0 UBZ Amer! ran Ea Fimd — % 

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0 UBZ Southeast Azta hL — 3 _ 

WOOH BANCAIRE ASSET MGT CU, 
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For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 


World News. World Views. 



Every day, the International Herald Tribune provides clear and concise coverage of world events 

with a scrupulous separation of reporting and opinion. 

For objective and informative reading, make sure you get your copy every day. 

For subscription information, please call: 

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"Tf- < L INTERNATIONAL mi »f 

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The Third World Goes p Quantitative 9 


tMHnanoral Herald Tribune 


By Rupert Brace 


A HANDFUL of in- 
vestment managers 
from developed markets 
are bringing number-' 
crunching, computer-aided invest- 
ment management techniques to 
bear on companies in emerging 
ones. “Quantitative’' techniques, as 
these are called, are gaining m pop- 
ularity and growing in terms of the 
amount of money they manage. 

U.S. firms such as Acadian Asset 
Managers, Emerging Markets In- 
vestors, Montgomery Asset Man- 
agement, and State Street Global 
Advisors all swear by these meth- 
ods. Between them they embrace 
two approaches: amply tracking 
one of the global emerging stock 
markets* indexes, or trying to beat 
them. 

But there is an innate contradic- 
tion in their approach: The Third 
World data upon which they rely 
are notoriously unreliable. 

Arnab Banaji, chief investment 
officer at Foreign & Colonial In- 
vestment Management and a tradi- 
tional “qualitative" manage r who 
relies on his analysts’ judgments 
about stocks, produces many ex- 
amples: When the Chinese post an 
economic growth number they may 
underestimate inflation and over- 
state growth, he says; China’s inter- 
est rates do not give you much of an 
idea about the cost of money be- 
cause some just cannot borrow it. 
And China is far from exceptional, 
he adds. 

He also says that the indexes that 
these quantitative funds rely on as 
their benchmarks are flawed as av- 
erages of emerging market perfor- 




“-nee. He says the “investable" 
ont, — covering stocks that inter- 
natiuuj investors can buy — tend 
to be high quality but limited in 
tx-crage, while the mare cotn- 
prehens-eare not updated regular- 
ly enough. 

Bryan Sutaeeks, portfolio man- 
age- and a managing director at 
Monigomeiy Asset Management, 
is vtgomis in defense. He contends 
that in markets r rom Malaysia to 
Mexico the quabtj of djqa is fairly 
reliable and improving all the time. 
.He also says it « possible to 
‘wash, or adapt, some data to 
make thou more usable. 

"We would say that emerging 
market dan is as good as the Unit- 
ed States' vas 20 years yeans ago." 1 
he said, “and we have been using 

Q uantitative techniques in the 
lotted State for 20 to 25 years." 
Jeffrey Davies, vice president in- 
ternational investments at State 
Street Global Advisors, says that 
while the backwardness of emerg- 
ing markets mans that numbers 
are harder to some by, it also 
means that they are easier to beat. 
True, be cannot use some of tire 
highly complex strategies that 
quantitative techiiques use to try 
and outperform mrkets in the de- 
veloped world. Bn these are not 
necessary. 

“Tilts,” which iicKne a stock 
portfolio to lode fo cheap slocks 
measured by such rtios as “price 
to book value," worth these mar- 
kets, be said. 

“In summary, thse markets 
tend to get to extremes^ overvalu- 
ations relative to ead other and 
very simple screens alia you to tilt 
your portfolio and be: the mar- 
ket" 

But one argument thattolds true 


for quantitative funds in developed 
markets does not hold true here. 
Index- tracking funds have tradi- 
tionally sold (hemsdves on the 
grounds that mosi traditional qual- 
itative funds have tended to under- 
perform the indexes that measure 
established stock markets. In 
emerging marfcqis, tire opposite is 
true. 

Frank Russell Co., the interna- 
tional investment consultant, has 
found that almost all of the invest- 
ment managers on its database 
have beaten the global emerging 
markets stock indexes during the 
last three wars. They also boast 
lower volatility. 

“Everyone has their time in the 
sun and "most of these indexes tend 
to be very heavily weighted in Mex- 
ico and Malaysia,” said Mark Cas- 
tdin, senior investment strategist at 
Frank Russell, adding that the 
managers did well by concentrating 
on smaller stock markets. 

However, investment managers 
are far from being consistent per- 
formers. Frank Russell has yet to 
find one that can remain in the top 
quarter of its performance league 
table for more than nine months. 

Mr. Castelin says this is because 
the managers tend to take big bets 
on individual markets. The wild 
ups and downs of the markets 
mean they can be big winners one 
year and losers the next. This is 
where the quantitative managers 
who try and beat the indexes think 
they have an advantage. They say 
that their approach means they are 
less affected by swings in market 
sentiment Instead, the cool-head- 
ed computers crunch economic 
data ana tell them where to invest 
their money. 

Mr. Sudweeks contends that bis 


approach is unusually rigorous, 
given the vast amount of data he 
collects — macro-economic and 
from sending analysts to visit com- 
panies. 

In truth, those quantitative man- 
agers who try to beat the markets 
only use computers as an aid. 
Montgomery Asset Management 
for example, uses its quantitative 
programs to choose the countries it 
should invest in, and tends to make 
tire slock- specific decisions itself. It 
also overrides the computer on oc- 
casions, as it cannot make judg- 
ments about such recent events as 
Mexico's recent peasant uprising 
and tire assassination of the ruling 
party’s presidential candidate. 

Regardless of their methods, 
these so-called “active" quantita- 
tive funds should be considered as 
competitors of traditionally man- 
aged funds. They show no dear 
performance advantage over the 
traditional funds, but some inves- 
tors may be happier with their rig- 
orous approach. 

As for the index trackers, Mr. 
Castelin says there is a place for 
than despite their inferior perfor- 
mance. Research has shown that 
U.S. investors should diversify at 
least 20 percent oT their portfolios 
internationally for tire best trade- 
off of risk and reward. And Mr. 
Castelin adds about 2 percent of 
the portfolio should be in emerging 


But that research has been done 
with reference to the global emerg- 
ing markets indexes, he says. Any- 
thing other than an index fund 
might invest heavily in stocks that 
move in closer synchronization 
with US. markets and spoil the 
diversification. 


BRIEFCASE 

Vanguard Introduces Fund 
To Follow 12 New Markets 

Vanguard Group, an American fund com- 
pany that is one of the largest providers of 
index funds, has introduced what it bills as 
the “first passively managed emerging mar- 
kets mutual fund for individual investors." 

The Emerging Markets Portfolio will try 
to match the performance of the Morgan 
Stanley emerging markets index, which 
tracks 12 developing stock markets in defer- 
ent parts of the world: Malaysia, Hong 
Kong, Thailand, Indonesia, Singapore, the 
Philippines, Mexico, Argentina, Brazil, Tur- 
key, Greece and Portugal. 

It would be too expensive for the tuna, 
which is expected to have a very low expense 
ratio of 0.6 percent a year, to buy every stock 
listed on all 12 markets. Instead, Vanguard 
will try to achieve dose to the performance 
of the index by putting 95 percent of the 
fund’s assets into a statistically sdecWdram- 
pie of about 300 slocks. The rest will beheld 
in cash to handle redemptions. 

Most funds that track indexes like the 
Standard & Poor’s 500 keep only a tiny 
fraction of their assets in cash. The high 
percentage in this fund refle ^ 

Srnre demerging markets, «nd of tfiepub- 
lic’s affection for them. Many of tlw SwrtJ*- 
east Asian markets, for instance, rose sharp- 

spectacular a manner a couple of months 
that reason- the company w ur^ng 
Sstots not to sink then enure wealth mto 

Emerging Markets Portfolio is de- 
s^f^Sduals who «i*hto compte- 
Sent a soundly balanced mvestment pro- 

SfflTKMt, . slalement 

C.Wfets 

sSssrt-sr-SS 

the initial buyers. 

Long-Term Growth Seen 
in* Ex-East Bloc Countries 

In 5 ^ 200 international 

A survey investment advis- 

investors and profeaonm ^ £ast£nJ 

sas for ton8 ’ term 


also found tl-t nearly three-fourths of all 
foreign investrent in the region consists of 
joint veninreswhile direct acquisition re- 
mains rdativdirare. 

Global Rcsech’s Derek Duggan says: 
“Lower growth ad rising inflation charac- 
terize all but a hidfnl of the 23 Central and 
Eastern Europeaicountries. but the report's 
findings dearly >ow bow the breakup of 
economic links ii the region and current 
market reforms hie renewed the consider- 
able commercial oportunities available to 
companies, investen, and their professional 
advisers." 

Among other ana/ses, the 225-page re- 
port covers a break own of current invest- 
ments in the region ad looks into the viabil- 
ity and profiLabflny f opening offices in 
various countries. 

For further informaon, call Global Re- 
search at London (44-1) 779-8679. 

AT&T Offers PTpald Cards 
For Phoning Whin the U.S. 

France has had its tekartes for several 
years, but for the firsi tin, prepaid phone 
calling cards are now availde in the United 
States. , 

AT&T, the long-disiant phone service 
giant, is offering the phoneilastic at their 
AT&T Phone Center sioreshroughout the 
United States. The cards can ^purchased in 
credit values ranging from $99 to $30. 

Unlike European prepaid uds, the U.S. 
version will not be inserted inia slot on the 
telephone itself. Rather, the tier wffl dial 
an AT&T operator and read dan identifi- 
cation number printed on the cd. Charges 
will then be automatically deleted from 
that card’s “account” until di credit has 

been used up. . 

The cards are only usable uhm the 
States, and domestic calls are prid at a fiat 
rate of 60 cents a minute. Sampkrales for 
international calls are $2.40 a mute to 
Europe, and $3.00 to Hong Kong. 

Other long-distance providers arreport- 
edly readying their own versions one pre- 
paid card. Besides winning new nismers, 
the phone companies ha^anotheobjcc- 
tive- Making a dent in the bflHons of ’Bars 
lost’ through fraudulent use of revving 

‘^SSo^tion^lheAT&'b 1 ^- 
paid card, call (800) 462-1818 inahe UJed 
States. 1 


Fleming IntematlonalPiit 
2 FUn& Under ‘Umbfella’ 

Fleming International Fund Maketinf 
introducing two new funds within fas w» 
national “umbrella fund.” The ku$i ad* 
tkms to its stable are an emeigmg npar^ 
fund and a European smaBer-comptaies ve- 
hicle. 1 


A Rough Ride in Latin America 


By Martin Baker 


F EW investors have had 
so traumatic a start to Lhe 
year as Latin American 
enthusiasts. The Trib 
Latin American index has lost 
about 8 percent oa the year, falling 
from 122J5 at Dec. 31 to around 
the 112 mark at the close of the 
week. And it got there via a mid- 
February peak of 155.89. That, es- 
pecially for a five-councry index 
which you might expect io have 
flatter loss- and gain-curves, is a 
very rough ride indeed. 

Investment prospects have not 
been helped by a stream of bad 
news emanating from the area. This 
week’s resignation of Ruth de Kri- 
voy. the governor of the Venezue- 
lan centra] bank, has knocked con- 
fidence in the government's 
contentious monetary policy. Half 
the members of the bank’s baud 
resigned in sympathy with the gov- 
ernor. 

In March, Mexico and many of 
its Latin American trading part- 
ners were hurt by the assassination 
of Luis Donaldo Colosio Murrieta, 
the ruling party's presidential can- 
didate. 

■ "And then there is the change in 
U.S. monetary policy and the cru- 
cial shift in the direction of U.S. 
interest rates," said Christopher 
Poll, chairman and chief executive 
officer of the international eco- 
nomic data and fund statistiesfirm, 
Micropal. Micropal tracks more 
than 1.000 funds in its “Emerging 
Market Fund Monitor" publica- 
tion, and Mr. Poll argues that 
events have reached a critical junc- 
ture for those invested in Latin 
America. 

“The Latin American markets 
right now are all about investor 
confidence, lhe markets have suf- 
fered badly this year, but they will 
bottom if favorable sentiment can 
be restored. Key to that is U.S. 
interest rate policy.” 

Yet the stream of fund invest- 
ment opportunities to commit capi- 
tal to Latin America is steady and 
continuous. Surely the prerailing 


tots of Potential 

Trib Index Latin America 
Jan. 1, 1992 = 100 




M j j a . « .'d^ 

' • • * ' 1993 ! ' , yl; ’ ' UBK ■ . -V.* .: y 

Source: Bloomberg lmenwkwal Herald Tribune 

conditions of uncertainty make for offer period on his firm's Latin 
bad timing? " American fund on Friday. Mr. 

“On the contrary, it's rather Fraber argues that die markets 
good timing,” says Bill Parker, a have plenty of scope for upward 
Paris-based director of private movement, thanks m part to sus- 
banking at Banque Indosuez. mined global economic activity, 
which is launching a Luxembourg- “Look at the oil price. It’s 
domidJed Latin American fund aTCH , nf j $15.70 a barrel for Brent 
“The reaction to the rise in U.S crude. A couple of months ago it 
interest rates has probably been a was $13 jo. Take into consder- 
littie overdone. There was a lot of ation ^ oil production has 
selling, especially in the debt mar- ^ aU-ume high, and that the 
kets. that was for technical reasons. OPEC countries are still pumping 
In other words, there were lots of || ou ^ and you see a commodity 
highly borrowed hedge funds t h at - s m plentiful supply, but 
which couldn't stay in die market whose price is still rising. That 
once things moved against them, means deman d's U P - 011 the back of 
And their moving out accentuated economic activity " 

E -increased dpaad for oto 

re iSdraJlhf^i^ h But! 0 Mr ** “ Ihe ™* rs bi §8« P rod “<»'- 
profits already nude. But. Mr. CMc ^ ^ biggest produc- 

erofwood pulp, with Brazifncrt far 

percent of the assets invested. The De “ u *“ 

rest of the fund will commit money , A furuier argument adduced in 

“purely to equities” across the ma- fa r v ^9[ LatlQ . A f^i“ “ “* 
jor Latin American markets. Larg- ? f £Sf d_ 

er companies will account for 30 estimates that SIM bilhon 

percent of the portfolio, and 60 left the martets dunng the uncer- 
percem wffl go into medium-sized tamu« of the 198&, and that ody 
companies, which Indosuez be- S4C I billion of that has yet returned, 
lieves is the major growth area in W1 “ l more 10 comc ' 

Latin America. But the picture is not universally 

Tony Fraher, manging director pleasing. Mr. Fraher says that in- 
of Singe r & Friedlander Invest- vestors sboald choose their markets 
mentHmds in London, dosed the carefully. He is enthusiastic about 


the prospects for Mexico and Ar- 
gentina. 

That enthusiasm finds a more 
somber echo at G.T. Management 
in London. "There was an element 
of market bubble about Latin 
America, thanks to easy U.S. mon- 
etary policies and interest rates. 
That’s gone now — so investors 
have to be very careful about which 
markets they choose," said a 
spokesman. “We don't expea all 
the markets to move together. The 
ones we like include Argentina, 
which seems to be dong all the 
right things economically. Brazil, 
on the other hand, has a lot of 
difficult questions to answer." 

The idea of concentrating on the 
main Latin American markets in 
difficult times is a common theme 
in the fund industry. Scudder, Ste- 
vens and Clark, the U.S mutual 
fund giant with more than $90 bil- 
lion under management — $6 bil- 
lion of which is m emerging mar- 
kets — has just unwrapped a new 
Latin American Tund aimed at the 
mainstream markets. 

“Investing in Latin America to- 
day has everything to do with in- 
vesting in wholesale and dramatic 
change." said Edmond D. Villi ani, 
president of Scudder. “Although 
investors can expea volatility, fun- 
damentals have fallen into place 
throughout much of Latin America 
that support the potential for long- 
term economic growth." 

The Scudder Latin America In- 
vestment Trust is listed on the Lon- 
don stock exchange. It will “em- 
phasize . . . Argentina, Mexico, and 
Brazil with small investments else- 
where in South America." It is in- 
tended to offer international inves- 
tors exposure to the expertise the 
firm already offers its U.S. clients. 

Not all analysts are persuaded, 
however, that big means best in 
Latin America. Mr. PoD, for exam- 
ple. puts the small market of Chile 
“way at the top” of his Hsl 

But in Latin American markets 
all things are relative at the mo- 
ment Even a country which comes 
out much better than its neighbors 
may not be a lucrative investment 
for dollar-ori rated investors. 


Morgan Grenfell 






Thanks to the imperfect state of the pan- 
European market in financial services, the 
funds are at present only bang sold in Ire- 
land, Luxembourg and Britain. 

For more information on the funds, call 
Fleming in Luxembourg at (352) 4030.40. 

International Advisory Group 
Provides Hedge Fund Ratings 

Hedge funds have been one of the hottest - 
investment sectors of the 1990s. They have 
attracted billions of dollars of investment; 
they have been the subject of much curiosity, 
speculation and an increasing amount of 
publicity — but a number of important ques- 
tions remain largely unanswered. 

Have they been a good investment? Are 
they really as low-risk as their high-profile 
publicity claims? international Advisory 
Group, a Nashville, Tennessee-based firm, is 
one of very few research organizations that 
claim to have the answer to these questions. 

The group has a database with informa- 
tion on more than 8M U5. hedge funds, and 
tracks the quarterly investment performance 
of 416 funds. The firm claims that it has “the 
largest database anywhere of U.S hedge 
funds." 

Hie group is an SEC-registered invest- 
ment adviser, and constructs model portfo- 
lios for its clients. It also sells its research on 
hedge funds and their managers. 

But how much money should an individ- 
ual have before investing in a hedge fund? 
George P. Van, the group’s chairman, said, 
“$375,000 is the average investment size. But 
investments by individuals can vary between 
510,000 and $10 million." 

Those with the investable capital and the 
interest in these funds can obtain more infor- 
mation by calling International Advisory 
Group at Nashville (615) 377-2949. 

Now Association In Britain 
Reports on Mutual Funds 

Investors and would-be investors in tiie 
British mutual fund market have responded 
enthusiastically to a new information service 
started by the British industry’s trade associ- 
ation, according to reports from that body, 
the Association of Unit Trusts and Invest- 
ment Funds. . , .-nnn 

In its first seven weeks, more than 7,000 
people called the association’s telephone ser- 
vice, with 1 .500 writing in for an information 
puck , says the association. 

“It is particularly encouraging that almost 
half the callers own no funds, said Victoria 
Nve, the association’s communications di- 
rector. “Although it’s a $150 bfflion industry 
there is always the danger of preaching only 
to the converted.” . . , . . 

The number of the association s semce in 
London is (44 81) 207-1361. Letters should 

. be addresed to AUTIF, 65 Kingaway. Lon- 
don, V/C2B STD. 


No.l in Europe 






EUROPEAN GROWTH TRUST 

* 




TOTAL RETURN* 


SINCE 

LAUNCH 


OVER 5 
YEARS 


MORGAN GRENFELL 
EUROPEAN GROWTH 

£3,919 

EUROPEAN 
SECTOR AVERAGE 

£2^33 

ri-'/AA * . . 




frmK 

'i* X 


% 


J-..- ‘~f ffeyj 


CONSISTENT EXCELLENT PERFORMANCE 

The Morgan Grenfell European Growth Trust is the 
top performing European Growth Trust in its sector 
since its launch an 1 1th April 1988. 

An mvestment of Lt ,000 invested at launch would 
now be worth 13,919* representing a compound annual 
return of 26“ o* significantly outperforming the average 
European Fund. 

INVEST NOW 

Against a background of falling interest rales and 
economic recovery in Continental Europe, we expect 
European stocks to generate substantial growth in the 
medium term. The Morgan Grenfell European Growth 
Trust is the ideal wav to take advantage or the wealth of 
European investment opportunities. 


For further details please call us today cm 
44 71 826 0826 or complete the coupon below. 


Io: Morgan Grenfell Investment Funds Lid. 
20 Finsbury Circus, London EC2M 1UT. 

Please send me further details of the 
Morgan Grenfell European Growth Trust 


Full Name. 


.Postcode . 


MORGAN . 

(, 1<1 \l I I I I 

l:n c-l;ncni I ur,!-. M 


* Source: Micropd offar to bid, net inconw reinvefled since buntiril 1 AB8), ond^3 A&9 to 1 -4-94. ^ 

Haase remember lhat past performance i s not necessarily a guide lo fotw* performance. The wbe or unite cm meonw hum M nioytail os wei 
rr. m« nartiv bethn rwuil of exchanae icSe Ruduafcns). and lhe investor moyixrf gel back the ongi not cynounr bwoSbu. _ 

luued by MonU SUhXedmml Funds lid. 20 fiwbmy Cion, tiwdon K2M lUt M*Aer <*?**?- W 




rV^FSTYOUR FUNDS; N DENMARK 

i iNVEk * 1 Return March 93 - March 5,5% P-*. 

% \ □ N °- 1 AC ^Smcy deposit account (oo-demand). )9 diffe- ^ be considered 

J HigMnteresr cu ^^ t ^s up to 9% p-a- •ft«perfbrn^ s b«^ 

J currencies <md with differem composi- portfolio management of intomaiional 

| 5 bond funds m securities, f 

| rions. t 

I P: in European cunendcs. • LISBON 


Please send or telefax the coupon to Jyske Bank. 


Name: 


Street: 


securities. 




I COPENHAGEN 


jtanberofSJ-A. 


Postal Code: 


Country: 


Telephone: 



PRIVATE RAN KIM 
INTHRNATIONAI/; 

PK-r>A I'.np-jiiiKiL'ei- 


4^ JYSKE 

K. 5 bank 





INTERNATIONAL HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 




s Stop 
wks, 1-0, 


Nt-TEar ■ i 

W -i 




Semifinals 


Dreams arm 
Tennessee Pi 

Rough Road 


* \.+i\ 

; P' . 

nigs; vl - n jffi 

« i&» : ‘ 


to Maple Leafs will 
remember their last yoy 
0 Stadium more than the 

awks. 

.with another strong perfor 
mance from Fdix Poiviu m goal, 
the Maple Leafs beat the Bkck- 
bawks, 1-0, Thursday night to win 
tbdr firsi-jouad National Hockey 
League playoff series in the last 


hockey game played in the “Mad- 
house on Madison.” 

Potvin stopped 27 shots as To- 
ronto closed out the series and the 


STANLEY CUP PLAYOFFS 

65-year-old hockey arena. The 


Blackhawks will play in the United 
Center across the street starting 
next season. 

“Anytime it’s a J-0 game you’ve 
got to feel good about yourself. " 
said Potvin. wbo had three 1-0 
shutouts in the series, which the 
Maple Leafs won by four games to 
two. 

“I'm happy about the way 1 
played in this series. ” he said. 
“Hopefully we’ll keep it going next 
series. I don’t want to play 60 
games like this, but it’s fun. Five of 
the six games were decided by one 
goal. It's always like this in the 
playoffs. You want to be focused 
and do your job.” 

The Maple Leafs advanced to 
the Western Conference semifinals. 

Mike Gartner, a iaie-season ad- 
dition from the New York Rangers, 


the fourth-best in the league, 
scored the first five goals. 

Sergei Fedorov, Steve Chiassoo, 
Ray Sheppard and Vyacheslav Koz- 
lov scored first-period goals. Steve 
Yzerman. who missed the fust four 
games with a knee injury, scored in 
the second. Dino Gccardli connect- 
ed in the second and third, giving 
him five goals in the series. 

Ulf DaMen scored for San Jose, 
the three-year-old franchise that 
reached the playoffs with a losing 
record. The teams will play the sev- 
enth and deciding game Saturday. 

Canucks 3, Flames 2 (OT): In 
Vancouver, Trevor Linden scored 
at 16:43 of overtime as the Canucks 
beat the Flames and tied their se- 
ries at three games each. 

The Canucks* victory sent the 
teams back to Calgary for a deciding 
seventh game in the'Westem Con- 
ference series on Saturday night. 

Linden lifted a rebound over Mike 
Vernon, who was sprawled in goal 
after Calgary bench penalty in over- 
time for too many men on the ice. 






i.WT- 












PS* 


The Blackhawks 1 Gary Suter took a spin under the Maple Leafs’ Dimitri Mironov Airing second-period action at (1 


Renters 

go Stadium. 


hat day. 

I told her 


Austria Falls to Russia in World Hockey 


Compiled by Our Staff From Dupatdus 

BOLZANO, Italy — Austria slowed the 
high-scoring Russians but lost. 4-1, in the 
World Ice Hockey Championships on Friday as 
Quebec Nor cliques Andrei Kovalenko and "Va- 


5-1, to move to second place in Group B. a 
point behind the United States (3-0). Later 
Friday, Italy was to play Britain. 

Russia has yet to be tested in the preliminary 
round and doesn’t meet a real hockey power 
until its game with Cana da on Monday. 

Russia's team bears little resemblance to the 


lery Kamensk y each had goals, 
m its first two games at the 


scored the game's only goal in the 
first period. The Maple Leafs wait 


first period. The Maple Leafs wait 
on a power play after Chicago was 
called for having too many men on 
the ice. Ganna deflected in Dave 
EUetts shot from just inside the 
blue line with 5:1 1 left in the peri- 
od. and that was the only score: 

Red Wings 7, Sharks T: In De- 
troit, the Red Wings' big guns fi- 
nally roared to life, pinaing down 
the Sharks. 

The Red Wings, who had the 
best record in the conference and 


In its first two games at the preliminaries. 
Russia scored 19 goals in shutting out Italy, 7-0, 
and routing Britain, 12-3. 

The Austrians held Russia scoreless for the 
first 17:20, until Alexander Smirnov struck. 
Austria tied it at 16:54 of the second on a power 
play, but Russia went ahead again at 18:02 on a 
shot by Edmonton Oiler Ilia Biakine. 

Austrian goalie Michael Puschacher turned 
back 21 shots in the second period alone. Kova- 
lenko and Kamensky added goals in the third 
period. 

Russia and Canada are tied for first in Group 
A after three rounds. 

In nearby Canazei, Finland routed Norway. 


squad that finished out of the medals at the 
Lulebammer Olympics two months ago. But 


there are only five holdovers from the Olympic 
squad that finished fourth. 


squad that finished fourth. 

In Canazei, (eft winger Sami Kapanen's two 
goals powered Finland to a root of Norway. 

Kapanea 20, put Finland ahead for good early 
in the second period and soon made it 4-1 with 
help from Los Angeles King Jari Kura following a 
power j^ay by forward Mika Niemmen. 

Norway opened the scoring seven minutes 
into the first period with a short-handed strike by 
Ole Dahlstrom. but Saku Koivu equalized on the 
power play 10 minutes lata. Defenseman Erik 


In Thursday's late gomes: 

In Group A in Bolzano. Canada (3-0) practi- 
cally assured itself a berth with a 3-2 squeaker 
ova Germany. 

Canada's Brendan Shanahan scored a hat 
trick to back goalie Billy Ranford in a penal ty- 
fflled game. 

The St. Louis Blues forward evened the 
match up in the first period after Germany 
scored an early power-play goal. He added two 
more goals in the second period. 

In the third period, Canada played two men 
down for more than four minutes and Ranford, 
the Edmonton Oilers goal lender, held off furi- 
ous German attacks. Germany made it 3-2 in 
the 13th minute but was unable to come with 
the tying goaL 

Paul Kariya had two assists to remain the 
tournament scoring leader with seven points. 

In Group B, Olympic champion Sweden 
blanked France, 6-0. (AP, Reuters) 


Boxer- s Death 
Revives Debate 


The Assoajred Pna 

LONDOft— The debate in 
Britain over ^vhfther to ban 
boxing has beer, renewed by 
the death of a super-bantam- 
weight contender 43 hours after 
he was pommeled in the ring. 

The boxer, Bradley Stone, 23, 
died Thursday from brain inju- 
ries suffered in a super-bantam- 
weight title fight Tuesday. 

But the government rqected 
calls for a boxing ban. Sports 
Minister Iain Sproat said Fri- 
day: “As there are proper 
medical safeguards, anybody 
is entitled to pursue the' spent 
that they wish.” 


By David Nakamura 

Washington Post Scrnce 

PHILADELPHIA — The gath- 
ering last Sunday was designed to 
fulfill every mother’s dream. 
Coetta Garner, mother of four, had 
invited 300 people to the Barley s 
Crossroads Community wow* 
iy»? > r her home in Falls Churcnj 
Virginia, to watch the Nation* 
Football League draft on the Jp 
screen television. Surely, it W*Q 
not take long to find out wnemw 
son Charlie, the youngest# w 
f amil y, would be selected.# 

A standout for two septs as a 
tailback for the Univer# of Ten- 
nessee — and, before#!, the Vir- 
ginia P«P Play? al 

Stuart High Sc ho# in 1089 
Charlie Gama ha#een Pigged as 
a first-round pidf But tnsre was 
something Coept Gamd didnt 

Until Charire told haliai day. 

“1 pulled ifer aside am told ha 
that 50rW&gs raigl he said 
about me-on television#) prepare 
yourself," Gama said Ire at Vet- 
erans Stadium, as be ®Iected on 
draft day. ■. 

\nd so it was ihJfcis mother 
.found out that he ® failed an 
NFL dreg test, regisMng positive 
for marijuana use. Rortly there- 
after ESPN, tdevfflg the draft 
live, broke the ne**> the public. 
Soon, the first rofl ended, and 
Gama had not b# selected. 

“I was very. v-Mdisappomxed, 
to .the point whetnad to breathe 
hard to readjuswself and carry 
on the rest of m day" Coetta 
Gama said. “1 M 300 people at a 
community cer^ftvho were going 
to be looking Aring." 

Eventually, Sna went to the 
Philadelphia Hs, who took him 
in the secondAd, 42d nick ova 
aU, the sixth Aing back chosen. 
The joy he Ava s quickly tem- 
pered when put on a confer- 
ence fall wiAporters, who ham- 
mered a vA questioning him 


e until the team's pub- 
iff an short tbeques- 
only was there the. 
estion, but as a high 
1 Gama had bon 
cocaine possession 

ilf in those positions. 


I be said 
b prepare 
Ire at Vet- 
ilecied on 


"and i assume full responsibilities, H 
Gama said as he neared the end of 
his first tour of the Eagles' head- 
quarters. “Bat the one instance 
where they said I had possession of 
cocaine was truly false: I was stand- 
ing outside my grandmotha’s 
house, which happened to be a 
drag-infested area, and it was a 
drug sweep and everybody wbo 
was standing out there got locked 
up." 

That charge was eventually 
dropped, although it cost him a 
nigh t in jail and ms family 52,000 in 
legal fees. Gamer also denies 
smoking marijuana. He said that 
on the night before he was tested at 
the NFL scouting combine in Indi- 
anapolis, he was at a gathering at a 


friend's house. While some people 
were smoking marijuana, Gama 


vas lhaKiis mother 
it he (ft failed an 
l, regisMng positive 
use. RortJy there- 
televflg the draft 
> nevJp the public, 
t roM ended, and 
9t b# selected. 
i. vAusappoimed, 
heiAad to breathe 
usAself and cany 
rf M day,” Coetta 
lB300peopleata 
irAvho were going 

Aiq went to the 
As. who took him 
Ad. 42d pick ova 
■ting back chosen, 
■was quickly tern- 
las put on a confer* 

eporters, whoham- 
[i questioning him 


were smoking marijuana, Gama 
said, he was playing video games. 

Alter San Diego State’s Marshall 
Faulk — the* consensus No. 1 run- 
ning bads - — Gama had been rat- 
ed among the next batch, which 
included Texas A & M's Greg HOI, 
Florida State's William Floyd, 
Florida’s Errict Rhett and Arizo- 
na’s Chuck Levy. They were all 
drafted ahead of him. 

In line with NFL policy, Law- 
rence Brown, the doctor in charge 
of substance abuse drug cases, noti- 
fied all the teams about Gama. 
The league would take no other 
action: it would be up to the toms 
to decide. 

“Teams have different philoso- 
phies,” said Tom Donahoe, the 
Pittsburgh Steelers’ director of 
football operations. “Sometimes, if 
you think a guy might have a char- 
acter flaw, you back off." 




Major League Standings 


West Division 

San Francisco u 10 m — 

LHAneoins io ll A7t i 

Colorado 9 12 429 2 

San Dim 7 IS JIB 4to 


AMERICAN LEAGUE 
EON Division 


Thursday's Line Scores 



w 

L 

Pet. 

GB 

Boston 

IS 

7 

M2 

— 

Bottlmoro 

14 

7 

M 

»» 

New York 

13 

a 

419 

ito 

Toronto 

13 

9 

491 

2 

Detrail 

4 U 

Central DlvMan 

J0Q 

8 

Clovetand 

12 

8 

400 

— 

Chicago 

13 

9 

491 

— 

MlliAWkee 

12 

9 

471 

to 

KarmnClly 

9 

10 

474 

2to 

Minnesota 

4 15 
West DIv Woo 

J4B 

3» 

Seattle 

9 

12 

429 

— 

Texas 

a 

IT 

■421 

— 

California 

9 

14 

391 

1 

Oakland 

7 

IS 

318 

2to 

NATIONAL LEAGUE 

East Division 



W 

L 

Pet. 

GB 

Atlanta 

15 

6 

.714 

— 

Montreal 

11 

10 

424 

4 

Florida 

11 

11 

408 

4to 

Now York 

10 

10 

400 

4to 

Philadelphia 

8 13 

Central DMsioa 

381 

7 

Cincinnati 

14 

4 

300 

— 

51. Louts 

12 

7 

432 

Ito 

Houston 

ll 

IB 

424 

3to 

Pittsburgh 

to 

10 

400 

4 

Chicago 

6 

14 

300 

8 


AMERICAN LEAGUE 
BotfOO MB MB NO-4 7 1 

OoMDAd BOD IBB MO— I 9 0 

Darwin, Ryan 17). Fassas (8)< Harris A). Rus- 
sell (9) and Berrytull; Von Pence), Horvnon 
II). Eckerstey (9) am Stolnborii. w-Dorwhv4- 
1. L— Von PeBcoL 0-1 Sy— R ussell »). 
HRt— Boston Goopot (4). Oakland, Aktneto 12). 


MilwauMO Ml 07) OS— 12 10 0 

Minnesota BOB B2S 099- 2 12 1 

VHomon. Scanlon IU, Llavd f»J and Nils- 
■on. Mattwny (9); Pvrilda Tramway (4), Co- 
■tan (8). GoraooBO (9) and Waibock, Parks 
<». W - - W o man, 2-0, L— Pulido, 0-3. 
HR»— MUwaukofeWOrti 14). VauaM (11. Jota 
2 (S>. Mtooko (1). 


Taranto BBB BOB ME— 0 11 0 

Taxes 1MJ ON box— i 4 1 

Loiter nod Bardtni Brown, Henke (9) and 
Rodrifnm. W — Ura r m. 1-4. L — Leller, 2-L 
Honke (3). 

Now York 900 409 080—0 I 2 

Seattle IBB Cfl Mo— « IB B 

rAvlhoitoRC wiekman (Si, Gibson 10) and 
Stanley; Salkard. T. Davis (71 and Hose) men. 
W— SalkeW. 1-0. L— Mu I ha I land. 2-1 

Sv— TJJavts (1). 

summon m no eoo-4 n • 

Colltornla BIB bob bbw 3 B 

SF=ornanaei LoSmlth (9) and Tackett; 
Dopua Lewts (7). Lettorts |9» and CTurner. 
W-SFornandBil-a L— ttomn. 1-3. Sv— LCS- 
mtth. 11. h R s— California, Curtis fit. C Davis 
14); Baitlmora. Hammonds |4). 


W — Hanson. 1-1. L— Tomlin. 0-1. HRs— Cincin- 
nati. Larkin 2 (2). Morris (21. Femandu IS). 
Pittsburgh. Martin (3). 


The Michael Jordan Watch 


Friday's Results 
Do lal 13. Nbwon Ham 1 
Seibu 15. Kintetsu S 
Lott* 14. Orl* 2 


THURSDAY’S GAME ; Jordan went l-tor-4 
with a two-run double, orun scored and o walk 
In o 9-4 victory at Huntsville. He struck out 
ana. Jordon scored tram first an a aoubl* ana 
handled a baa hit and a fly boil In right Held. 

SEASON TO DATE : Jordon lslB-for-6a bat- 
ting JOB wlin nine RBIs, two double* fivo 
walk*. 20 strikeouts and one error. 


L jaw n « 

NBA Playoffs 


Japanese Leagues 


Detroit BBS BBB BIB- 4 11 3 

Kama City B4B 421 B2»-13 H B 

Betctwr, Soever 15) end Krtvtcr; Appier. 
Pichardo (7) and Moetar lone. W— Aprter, M 
L— Betatwr. 0-4. HRs— Dot roll. Fielder (7). 
Kansas City. Mactartane (3), Goettl (4). 

CMcaao IBS MS ms t 1 

Clevdaad SOB m 900-3 t 2 

Alvar**. DeLeon (BLAewnmacher (Blond 
Kartovleu Nabbotz. Barnes 12), Turner (4). 
Swen IB) md Pena. W— Alvarez, SB. 
L — Barnes, *1. Sv— Assenmacher ()). 
HR— Cleveland. Ramirez 14). 


NATIONAL LEAGUE 
Colorado IBB IJB BBB— 7 9 I 

Florida 120 BOB Bfit-B 9 1 

Harris. Blair (S). Ruffin (I) and Glrardli 
Bowen. Gardner (5). Hen (■), Hernandez <9) 
and Santiago. W— Nen. 1-1. L— Blair, M. 
Sv— Hernandez (3). HRs-Colorado, Burta 
19). Bkdwfrt (», Me) la (1). 

CMcago l*i bob iso ns k i 

Houston 300 001 OM 00— « B I 

(11 Urn togs) 

Morgan. Plesocll).Crim(B).Mv*rsnil one 
wnkfns. Parent 181; Kite, Edens (9). MJ.WJ- 
lloms (11) aid Einebkz W-Crim, UL 
L— Mt.WIHtoms.0-2Sv— Myers(3).HRe— Chl- 
caaa Rhodes 2 (41. Houston, Bagwell (5). 
cmannatl 003 050 MB— 19 W 0 

Pittsburgh M0 020 3ZB- 7 12 I 

Henson. Sctiaurek (7), Carrasco (B) and 
Dorutt; Tomlin. Mlcell (4). Manzanillo (3), 
Minor (4), Taboua (7), Dewey (8> and Soft. 


Central lkkrm 



W 

L 

T 

Pet. 

GB 

Yarn lari 

12 

4 

0 

447 

— 

Ownktil 

10 

7 

0 

488 

Ito 

Yokohama 

9 

9 

0 

400 

3 

Yakult 

8 

9 

0 

471 

3to 

Hiroshima 

7 

10 

0 

412 

4ta 

HansWn 

4 

11 

0 

353 

Sto 


FrtOoyT ReiutTs 
Yomhirt 7. Mcnsfih) 4 
ChunJchl 4, Hiroshima 1 10 Innings 
Yokohama B. Yakulr 5 


Pacific League 


FIRST ROUND 
(BetFof-FIve) 

THURSDAn RESULTS 
Miami 22 34 19 23—93 

Atlanta 31 15 23 19-BB 

IMkunl ted series l-c> 

Long M M 9. Rico 5-M 2-21iSaJley 6-11 2-2 
14, Shaw 04 BOOL Smith B- 154-5 22, Smkoly S-l I 
34 11 Cates 7-10 M 17, Miner 1 -53-4 S. AsklnsS- 
I M a Totals 3640 18-24 93. 

Mannlna 4-I3M la WIIIH4-13M 17, Koncok 5- 
10 1-2 1). Auonai 5-7 4-4 14. Btavtock 3-1S 1-2 9. 
Elite 4-17*4 IS, Whatley 1-2MI Ferrell 1-4 3-2 A 
KMteMMi LanaMMU Totals 3444 18-23 U. 

3-Foiat goals— Miami M (Smltn 2-X Rice 1- 
3, Cates 0-1, Shaw 0-1 1. Altarrta M4 (Bteylactt 
3-7, 8Mo 0-7). Fouled «rt— SoUev. Rebounds- 
—Miami 54 (Rice 10), Attanto 5) rwuHs l»;. 
Assists— Miami 13 (Colas 5?. Atlanta 25 (Blay- 
lock 91. Total tools— Miami 22, Attonia 20. Fla- 
graef tout— Soltov. 


FTom tog 2-3 0-0 4. Totals 3447 17-22 89. 

Krystkowtek 2-5 04 4 Dicatt 5-13 44 IS. 
O'Neal 11-20 34 24, Anderson 4-14 2-2 U 
Hardaway 4-11 3411 Rol lira 2-3 004. SkltoS 1-2 
0-0 2. Royal 44 44 14. Bovrtc MO-00. Totals 2S- 
74 57 ■« Be. 

S^oliii amis— Indiana 4-11 iB.ScaN 2-2. 
Miller 3-7, McKey O-i. Workmai 0-11, Orlande 
5-17 (Anderson 3-ia Hardaway 1-2. D^cott 1-4. 
5klmb-l). Folded eat— None. Rabeands— In- 
diana 52 (Me Key. D.Oavts 101. Orlando 54 
(O’Neai 19). Assists— Indiana 3 (Workman 
11). Orlando 22 (Hardaway 10). Total fort- 
s— Indiana 19. O Hondo 19. 


19 II XI 24- O 
H 32 23 21—1*4 
led serial 1-8) 


Second Period— None, Penofflee— Garinar. 
Tar (hooking), :34i Murphy, CM (Mortar 
once). 7:4a 


WL R. Williams 4-7 (H1 11. MU- 
D. Abduh Rtwf3-12<H)7.Stmt 2-6 
hda 2-7 2-2 6, Pock 14 24 4, 
i. B.WIIIIOIT1I4430 1&MW24D- 
^040, Brooks 1-41-23. Totals 32- 


p-4 lAScttrvmpf44 13-1421. Cage 
B45-79;Payton9-15>420,McMlt- 
BPerkMs24549,Askew344411, 
M 13, Schettter 1-1 M Z BJohnwm 
Clog 300-2 0. Totals 34-74 3740 104. 


Third P erio d None. Penalties— Macoun, 
Tor (rewdilaal. 1|:D3; Murphy. CM Ictwra- 
(no), M:0L 

Shots on goal— Taranto *44-11 Chicago 
13-1 1-3-27; povnr-idav ow ari anl lNH-Tor- 
onto I ot2; Chicago Dot 3; gealtee -Toronto, 
Patwtn, 44 (27 shots- 27 saves). Chicago. BeF 
tolir. 24 118-17). 



W 

L 

T 

Pet. 

GB 

Indiana » 22 34 23— » 

Da tel 

11 

7 

0 

411 

— 

Oriaado 24 28 38 15-48 

Setou 

11 

7 

a 

411 

— 

(Indiana tod series l-i) 

Lotte 

e 

9 

0 

471 

TV, 

MeKev 2-11 l-25,D.DovlS 3-7<H)4.Smlts7-17 

Orix 

e 

9 

a 

471 

2Vi 

?-3 14. Miller 9-18 44 24. Workman 3-13 2-2 8, 

Nippon Ham 

7 

10 

l 

417 

3to 

Ccrmer 1-2 042, 84cott 4-82-3 1ZAAavls2-3 4- 

Kintetsu 

6 

9 

l 

404 

3’.- 

6 8. Thompson 1-3 0-1 Z Mitchell 0-1 2-2 2. 


Ulak 35 17 IB 29-89 

SOB Antonio 3* 25 27 24-104 

(San Ar.tcitio ted scries 14) 

Corbin 6-1 M2. Mo tone 13-21 IB-12 36, Spencer 
24 WH Steektoo 14 1-1 » Hwnocek 3-11 1-1 9. 
HunwftrtosMMB. Chombers 04 B40, Benoits- 
10 V29.crottv 14Mi Russen 1 -22-21 Howard 7 
2 3-3 7, Band 0-1 1-2 1. Totals 30-73 25-29 89. 

Ellis 4-7 2-2 10. Rocenan 1-50-2Z Robinson 9- 
177-V2&Del Negro 5-7 1-2 11 Anderson 6- 133-3 
IS, Kntohi 4-12 1-1 9, CvmmlngsMl 2-2 18. Reid 
1-5 1-21 Daniels 1-lMlCarr 04MS. Floyd 1- 
1 C4 l Hclcv £4 1-2 5- Totals 4249 104. 

3- Point goafs— Utah 4-11 (Homatcfc 2-4. J 
Crafty M, Russell i-l. Bond 0-1, Hunun-issO- 1 
1. Chomfcers 0-2). son Antonio 2-7 (Del Neatoi 
i -l, Daniels l-l. Knight 0-1. EiilsO-1 Rodman m 
2). Pouted oat— None. Rebounds— Utah 
(Malone 1C). San Antonio S2 (Rodman llfl 
Assists— UkUl 19 (Stockton Bf, Son Antonio S 
( RoWnson 7). Total fools— Utah 21. 5an Anfl 
nto 25, TechnJecte- — Rodman, Utah 
Sroort, Russel L Flagrant fouls— Rodm^* 
EtecHoas— UM) coach Steen. 


■ 4-15 (R-WIMomi 34. 

4, Me* 14. Breaks 0- 
ttel-4(AAcMlltanl-l, 
l r GUI 0-1). PoMted 
Ms- Denver 42 (Mu- 
rklns, Kemp 9). As- 
(.Seattle 34 (Payton 
L Seattle 22. TechM- 


■ Pteyufla 


■him 1 o 0-1 

■coed B I 8—9 

first Period— I, Toronto, Gartner l (Elletf, 
Ironov), 14:49 <is>). PenaMeo— Clorh, Tor 
hbowineJ, 3.-06; Clark. Tar (stashing). 5:25; 
itcogo bench, served by Amont* (too many 
en). U:5L 


Crtmry 1 8 1 *-« 

VancMWir 1 1 B 1-3 

PWl to rtB* L Vancouver, Dlduriil (Lto- 
dm). 8:3t Z Cotgory. Roberts 2 (Fteury, Zo- 
tankl). 19:99 (up). PenaH to s- V Dalz, Cal 
(Irfpplng)i 3J4: RonnJna. Von (tripping), 
3:3*; KUta, Col (tlosMng), 14:57; Momeseo, 
VOn (Motvstlcking), 19:52. 

Becend Period -3. Vancouver, Ctabon- 
noaui (CaurinalL Lafayette), 7:lft Ponaittes- 
— MocInMs. Cal (hooking). 7:30; RonntM. 
Van (haaklna),*:44; Brawn, Van (tripping), 
uai; ModnnlfcCol (tripping). 18:33. 

TWrd Period— a Catsory Vtab 3 (Zakipskl 
MactanH), 3:34. Pendltles-Courtnall. Van 
(olbowtag), 4:15: Keczmer, Cal (Interfer- 
ence), 4JS: Hettiam Van (booking), 5:15; 
Vownev, Cal Uatei tore nce), 8:25; Klsla Col 
(cross-checking). 12:41. 

Ovgrttme— & lAmeouver, Unden 4 (Lurrim* 
Bure). 16:43 (pp). Penalty— Cototry bench, 
served by Wall (too many men). U:a 
Shots on goat— Cotgory 54-104-32. Von- 
oouver 10-7-1-4— 25; pawer-pt a r epperteel- 
ttas-Cataary I ol4; Vancouver l of 4; eeoltes- 
— Catoary, Vernwv 3-3 (25 tM»22 saves). 
Vancouver, McLeaa 3-3 (5748). 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 


wwooioA 
sat? oh I 

WE. GO? y 


I SURE ^ 
WISH YOU 
COULD 
TOWS. , 


WtB A MAtoQAR 


AweArt 



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IEDrts 


INTERNATIONAL HERALD TRIBUNE. SATURDAY, APRIL 30, 1994 



Page 23 



For Israeli Sports, 
Inspiration Comes 
From Connecticut 

■By Ian Thomsen 

TFI AVTV a Herald Tribune 

there is a popular^S^n S? S°od ma*^ T-shirts .in law). 

Now, ithasto be teH. University of Connecucut. 

the swollen American 

raL^jAnSanoSuS mind 10 of Connecli- 

®“ “ “ **» ^ <* f® wld. the University of Connecti- 

“JJL2 SSLrTf 1 i"F h, r* Notfc Dme Uiveisity is to 
Araenran caihohcs. In the last five vears< three young, tall Israelis 

^ T fe ba ^ baD “? al ^ University of Goanecticui. To 
say Umversiiy of CoMtcticut to die sports-minded Israeli is to 
convince him or her that anything is po^le. 



during the European basketball Final Four 
ranter this month. “If you thank about it, Boston Cdttege and Seton 
Hall have each had good players from Israel la\*ty. Our school has 
woq two of the last five Big East championships bring big kids from 
Israel For a country oT this size, that's quite a thiivg." 

Israel identifies potential athletes as early as the a|* of 10. sending 
them to special sports schools, but there is oaly room for the best 75 
to live at the national trailing center near Natanya. W«h a popula- 
tion of 4.5 million* Israel is larger than Norway, which has become a 
power in winter sports and soccer. 

But the idea of an Israeli sports array winning c hamp ionships 
overseas — and embellishing the country’s reputation as an interna- 
tional player — is limited by the needs of the real army at home. 

Military service is mandatory for most Israeli men and women at 
18, the age when most athletes are manning into champions, 
including the Americans on Calhoun's team. The army allows 125 of 
the best male athletes to continue athletic training. 

“The military service comes at a very critical age for our athletes, 
taking three years from the boys and two years from the girls.” said 
Mkfaa Goldman, deputy sports minister. "Ever? with the special 
arrangement allowing our most talented sportsmen to go out for 
practice and competition, we stiQ have some dj Acuities with the 
anny that influences the athletes' development," 

Forty-five women athletes were granted mifiarv dispensations 
this year. “Actually, there are no limits on the wnfien,” said Istah 
Kramel, assistant to Goldman. “If we had some more very, very 
talented women, they could go out from the army. We have a lot of 
women going into the army right now. and they're linited in the jobs 
they can do." 

It was not until 1992 that Israel earned its first Olympic medal 
when Shay Oren Smadga won a bronze in judo, of al things. “That 
was a big day,” Kramel said. “After that, thousads of children 
began taking lessons in judo.” 

Now judo probably ranks behind soccer, basketbll and tennis 
in popularity. Among those, only soccer was populaihere 30 years 
ago. 

“We have to remember that other small countries te e traditions 
for certain worts, and they’ve been playing those spoic for a long 
time,” said Goldman. “Because Israel is a new country, ie competi- 
tion can be very hard for our athletes.” 

It is a country of immigrants. In the short term, ihtprocess of 
assimilating waves of immigrants seems to distract the pverameot 
from the comparatively trivia] needs of the sports moverem. Once 
the Russian culture has settled in Israel however, the spirts move- 
mem can only benefit. 

The NBA commissioner, David Stem, met with the forwr Soviet 
dissident Natan Sharansky during an award ceremony in Ire Salem 
for ex-Soviet athletes now living in Israel “Sharansky tolome that 
hCWBS taken with the Tact that sports is such an enormous veicle for 
integration and social absorption, more than he had antidpted ” 

Stem was in Israel for the European Final Four. Since 1 97 when 
Maccabi Td Aviv won the first of its two European Chaapions 
Cups, basketball has grown to become a unique form of intention- 
al expression for Israd — one that has not been embraced ,v the 
surrounding Arab states. 

The role of Connecticut in that growth was nothing more tha an 
accident, Calhoun said. He bad met Israeli coaches at intemalinal 
duties in 1985 and 1988, which led to his invitation the following 
year to a clinic in Israel At that time he heard of a player naied 
Nadav Henefeld. ' 

The recruitment began after Henefeld, who was searching fc a 
U.S. college, called Calhoun. Henefdd led Connecticut to the hg 
East Conference championship in 1990, making him a star in Isral 
— so big, ultimately, that he felt he had no choice but to return bont 
and play for Maccabi Td Aviv, 

He was followed to Connecticut by Gdard Katz in 1990, who was 
followed by forward Doroo Schaffer, a hero on last season’s champi- 
onship team. In a sense, their successes underline the tensions 
between Israel's domestic and international agendas. Henefdd's, 
subtle talents seem to have withered in Israd; ted he been able to' 
stay in America, he might be playing in the NBA and bringing more* 
glory to Israel For his part, Calhoun finds himself having to _ 
negotiate periodic and strenuous releases for his Israeli players to s . 
represent their national teams. 

But the coach isn't complaining. Every Connection home game is 
televised three times on the Israel sports network. The countiy 
invited him (o give more duties during the Final Four, which allowed 
him the chance to recruit a 6-foot, 9-inch (2.05-meier) forward 
straight out of the military. . - * 

“These kids are older than the college players in the bates, 
Calhoun said. “We get them after they've come out of the military 
service, and they know what they want.” 



Pacers Overcome Magic, 
Heat Hold Off the Hawks 


I un St.> hi - Tlv 4«.rulal Firv. 


The Asset toted Pren 

If you believe in magic, uy the 
Indiana Pacers' Iasi possession as 
evidence that it exists. 

If you believe in the Orlando 
Magic, you’re having a hard time 
believing they didn't win the first 
playoff game of their five-year exis- 
tence Thursday night. 

Trailing 83-86 with 25 seconds 
left, the Pacers tool three shots and 
grabbed three offensive rebounds 
before Byron Scon swished a 3- 
pwmer with 2.0 seconds to go. gi\ - 
ing Indiana an S9-S8 victory in the 
series opener in Orlando. Florida. 

Scott, whose 142 playoffs games 
was more than ah of his Indiana 
teammates combined going into 
the series, was determined to win 
the game with a 3-poinier. 

“In my mind. I warned it to be a 
3 or nothing." said Scon, who 
played on three championship 
teams for the Los Angeles Lakers. 
“It felt great. I knew it was in when 
it left my hands. I just ran back 
with ray bands up, because I knew 
it was in.” 

Before Scott's game-winner, Rik 
Smits missed a 12-footer. Derrick 
McKev couldn’t get a tip rofalJ and 
Reggie Miller misfired on a 3- 
pointer. 

“It's very- disheartening because 
we know we should have won.” 
Orlando's Anfernee Hardaway 
said. “WeH have to look at the 
films and find out what happened.” 

“We played the whole game well 
and the last 13 seconds we left the 
shooter open and he hit a big shot,” 
said Shaquille O’Neal, who had 24 


points and 19 rebounds in Orlan- 
do’s first playoff game. 

Miller led Indiana, which has 
lost in the first round of the play- 
offs the past four seasons, with 24 
points. 

The Pacers trailed by as many as 
17 points before rallying to lie il 86- 
86 on Miller's 3-poimer with 42 
seconds to go. O’Neal went high to 
tap in Donald Royal’s miss, giving 
Orlando a 2 point lead, but the 
Magic’s inability to keep the Pacers 
off the offensive boards cost them 
die game. 

Heal 93, Hanks 88: In Atlanta. 
Miami joined Indiana with a big 

NBA PLAYOFFS 

road victory, holding the Hawks a 
field goal in the final seven minutes 
and erasing a 77-69 deficit in the 
last minutes. 

Glen Rice’s tip-in gave Miami a 
90-87 lead with 32 seconds remain- 
ing then he added two free throws 
20 seconds later to stretch the lead 
to 92-87. 

“I'd say it the biggest tip I ever 
got,” Rice said. “People say we’re 
in good shape to split in Atlanta, 
but honestly we came in expecting 
to win two." 

Miami, swept by Chicago in 
1992 in the team’s only other post- 
season appearance, overcame the 
Hawks’ homecourt advantage in 
one game. Atlanta woq its final 
seven home games in the regular 
season and posted a 36-5 record at 
The Omni going into the playoffs. 

“This is a vety big victory. I 


Hie Somes’ Detief Schrempf trying to get past the Nuggets' Brian W illiams in their Seattle opener. 

Pirates’ Pitching Staff Caves In as Reds Romp, 19-7 


guess the biggest the franchise has 
had ” Rice said. “We win our first 
playoff game. We finally win in this 
building. 1 think we put a lot of 
pressure on Atlanta.” 

Steve Smith scored 22 points and 
Bimbo Coles 17 for Miami. Kevin 
Willis led the Hawks with 17 poinis 
and 16 rebounds. 

Spins 106, Jazz 89: In San Anio- 
nic, the Spurs, who lost all five of 
its games to Utah during the sea- 
son, won the sixth meeting as Da- 
vid Robinson scored 25 points and 
Terry Cummings 18. 

The Spun opened a 24-point 
lead five minutes into the third 
quarter and held on. 

Karl Malone had 36 points and 
10 rebounds for Utah. Jazz coach 
Jerry Sloan was ejected with 7; 37 
remaining for arguing an offensive 
foul call. 

SuperSoaks 106, Nuggets 82: In 
Seattle, Detief Schrempf scored 21 
points and Gary Payton 20 as Seat- 
tle had an easy time with Denver, 
opening a 25-point halftime and 
coasting from there to the end. 

The Nuggets, back in the play- 
offs after a four-year absence. lost 
their 10th straight playoff game. 

Shawn Kemp had 1 6 points, nine 
rebounds, six assists and two 
blocked shots for Seattle, while Bri- 
an Williams led Denver with 15 
points. Dikembe Mutombo bad 12 
points, nine rebounds and four 
blocked shots for the Nuggets. 

“We played aggressively, re- 
bounded the ball well and did all 
the little things, too.” Kemp said. 
“If we continue to do that, we'll be 
fine." 


The Associated Press 

The Atlanta Braves’ equipment truck was already unload- 
ing gear at Three Rivers Stadium, and the Cmrinnati- 
Pittsburgh game wasn’t even over yet 

Evidently, opposing hitters just can’t wait to gel at the 
Pirates' pitching staff. 

The Reds were the latest team to wreck the Pirates 
pitchers* egos and earned run averages, working over six 


NL ROUNDUP 


pitchers for four homers, 16 hits and a 19-7 romp Thursday, 
their eighth victory in 10 games. 

“We were very aggressive and got a lot of good pitches to 
hit,” said Barry Larkin, who celebrated his 30th birthday 
with a pair of two-run homers. 

Good pitches? Some teams don’t see as many good pitches 
in batting practice as they do off a Pirates' staff that has 
three relievers with four-digit ERAs — Dan Miceli (18.001 
Jeff Tabaka ( 18.00) and Bias Minor (10-24). 

The Pirates' bullpen gave up 16 (4 the 19 runs to jump ns 
out-of-sight ERA to 6.94. 

“It just shows you bow important pitching is." Pirates 
manager fun Ley land said. “That wasn't very pretty. Thai 


was a disaster.’’ 

The Reds’ outburst was their biggest in more than 800 


games —or since a 19-6 romp in Montreal on May 1, 1989 — can't be happy with only one game, because I'm still hitting 

. L . — -- *- (.197), but I hope it's the start of things to come.” 

The Pirates must be wondering if the worst is yet to come 
with the NL Easi-leading Braves in town for a three-game 
weekend series. 

Marims 8, Rockies 7: In Miami Andres Galarraga tied an 
NL record with his 29th RBI in April and Ellis Burks. Dame 
Bichette and Roberto Mejia homered for Colorado, but the 
Marlins rallied for five runs in the eighth inning. 

Greg Harris had retired 16 consecutive Marlins when the 
eighth inning began with Colorado ahead 7-3. Alex Arias’s 
bases-loaded RBI single and center fielder Burks's run- 
scoring error ended the rally. 

Bunts, who began the game as the NL’s leading hitter, 
went 2-for-4 and raised his average to .440. Bichette hit his 
eighth homer and drove in four runs. 

Cuhs 5, Astros 3: April hasn’t been much different than 
October for Astros reliever Mitch (Wild Thing) Williams, 
who put the go-abead run on base in the 11th inning in 
Houston with a two-out walk and allowed another run to 
score on a wad pitch. 

Karl (Tuffy) Rhodes hit a pair of homers as the Cubs 
stopped a three-game losing streak. 

• Atlanta and St Lous were rained out for the second 
straight day and now must play a six-game series July 21-24 
at Busch Stadium. 


but it wasn't even the biggest rout in Pittsburgh this month. 
The Dodgers won 19-2 on April 17. 

The Pirates are 7-3 at home, but have been outscored 45- 
!2 in the three defeats. 

“The one thing we do well is catch the ball, but you can't 
catch it if it's going out of the park,” Leyland said 

Hal Morris drove in six runs with a two-run double and a 
grand slam. Tony Fernandez hit his fourth homer in as many 
games and Bret Boone was 3-for-4 with a pair of RBls. 

Larkin hadn’t homered all year and was hitting only .176 
before he followed winning pitcher Erik Hanson's first two 
major-league hits with a pair of two-run homers. The first 
came off losing pitcher Randy Tomlin (0-1), who gave up 
five hits and three runs in 3ft innings. 

“I told Barry, ‘Hey, way to celebrate,' ” said Reds manag- 
er Davey Johnson, whose team is off to its best start 1 14-6) 
since the 1990 world champion Reds opened 18-5. The Reds 
were only 7-13 last year. 

Larkin was just I-for-4 Wednesday in a 3-1 Reds' loss to 
Pittsburgh, prompting a late-night session with his hitting 
coach — his wife, Lisa. 

Lisa’s advice; Go after the ball be more aggressive, don’t 
watch so many pitches, go back to bring the attack hitter you 
were while bitting over 300 for the last five seasons. 

“I haven’t driven the ball like this aB year," Larkin said. “I 


Rangers Down Jays, 
Red Sox Beat the A’s 


SIDELINES 


iarricheLlo Hurt on San Marino Track d* 

JMOLA. Italy (AP>— Rubens Barricbdlo of Brazil suffered a concus- 
ion, a swollen nose and lacerations to the mouth when bespun off the 
rack and crashed at high speed during Friday s qualifying session for the 

car went off at the 

ecame airborne after hitting the track edge and crashed into the 
rotective barriers. The car flipped oyer uws. _ , , 

Later, Ayrton Senna set a Jap record and beat out Michael Schumacher 

or the provisional pole position. 

Lowe Slates Busy Return to die Ring 

— Riddick Bowfi will end seven months 1 


SHTNfiTON (Reuters) — Riddick Bowe will end seven months of 
mi with a hectic summer schedule of thra figjits ui 
in with a June 1 1 bout against Buster Mathik Jr- his handlers said. 
® i . < nr-.iv (toxins Association and International Boxing 
SEE S with Evanto Holyfield la* 

S Sftftar r heavyweight contender Bueter 
s. The 10-round bout will be staged at Caesars Palace in Las Vegas. 
Fights wfll take place on July 15 and Aug. 13 against as yet 
[ted opponents. 

e NFL Says Good-Bye to Two Byes 

W YORK (API —The National Football League has said bye-bye 

they. visit Pittsburgh- 


The Associated Press 

Kevin Brown, who rgected lhe 
Texas Rangers’ offer of $20 million 
for four years during spring train- 
ing, bounced back from five terri- 
ble pitching starts this season with 
his first victory, a 1-0 triumph over 
the Toronto Blue Jays, on Thurs- 
day in Arlington, Texas. 

Brown came into the same hav- 
ing allowed 58 hits ana 36 runs, 
indsding seven homers, in his pre- 

l AL ROUNDUP 

\vious29 innings. The Blue Jays had 
^scored 10 runs in 3ft innings 
against him just nine days before. 

/ Sinct his last outing, a no- deci- 
sion e«n though he gave up seven 
tans in 7ft innings. Brown visited 
(he sane sports psychologist he 
coosultrib 1992. The visit seemed 
towork for Brown, who picked up 
the win despite allowing 10 hits in 
innings. 

Biown 0-4) and Tom Henke 
combined to hand the Blue Jays 
their first shitoul since June 30, a 
span of 103 tames. Henke gave up 
a leadoff double to Carlos Delgado 
in thenimh, 4en got out of the jam 
for hix third »ve. 

“Tha could fe the turning point 
of our season.’ Texas manager Ke- 
vin Kennedy s«L “Haring Kerin 
back grips everybody confidence." 

Brown, who fc expected to be- 
come a fee agetf after the season, 
also altered his df-day routine. 

I woifcd 30-tf minutes a cou- 


FusL Chris James doubled, moved 
to third on Will Clark's grounder 
and scored on Jose Canseco’s sin- 
gle. 

Toronto starter Al Lei ter (2-1) 
retired 16 of the next 17 Rangers, 
allowing only a two-out double re 
Bill Ripken. Letter had seven 
strikeouts and gave up only four 
hits. 

Red Sox 4, Athletics I: In Oak- 
land, California. Scott Cooper ho- 
mered and doubled to drive in all of 
Boston's runs as the A’s lost their 
10th straigbl their longest losing 
streak since dropping 11 straight 
from June 8-18, 1978. 

Danny Darwin (4-1) allowed 
seven hhs and struck out seven in 
6 % innings. Jeff RusseQ walked the 
bases loaded in the ninth, then 
struck out Mark McGwire for his 
eighth save. 

Brewers 12, Twins 2: In Minne- 
apolis, John Jaha hit two home 
runs and Turner Ward homered -•< *' * 

and drove in three runs for the 
Brewers. 

The Brewers, who were no-hit by 
the Twins’ Scon Erickson on 
Wednesday, ended a 20-inning 
scoreless drought with a run off 
Carlos Pulido (0-3) in the third on 
Ward’s RBI double. 



World Cup , 
With Suds 

Compiled in Our Stuff From Oupaxdta 

new’ YORK — Beer is 
likely to be sold inside stadi- 
ums during World Cup soccer 
matches across the United 
States this summer. 

World Cup chairman Alan 
Rolhenberg said that an alco- 
hol sales policy was likely next 
wed: and he' expected most 
venues would allow the public 
to buy beer during matches. 

“All we can do is make our 
recommendation, which will 
not call for an alcohol ban,” he 
said. “We don't believe that's 
necessary or appropriate." 

“I think what we’re going to 
recommend is that no sales lake 
place after halftime," he said. 

The subject caused a furor 
earlier this year when Rothen- 
berg sent a letter to the nine 
venues recommending they ban 
the sale and consumption of 
alcohol before and during 
matches. 

• Soccer fans outside the 
United Stales wiD have to wait 
two days lata than members of 
the U.S. public to purchase in- 
dividual game tickets for the 
19W World Cop under a plan 
announced Thursday. 

US. fans can buy tickets 
with credit cards starting al 
1400 GMT Sunday on a toll- 
free number, with a limit of 10 
tickets lor any match. Interna- 
tiona] patrons may purchase 
tickets starting Tuesday by di- 
aling (213) 365-6300 in the 
United States. 

Officials said 65 percent of 
the 3-5 nrilli cm tickets available 
for the World Cup were for 
US. customers. (Reuters. AFP ) 


Ejv i i jv TV \wxmrd IVrv* 


The Rangers’ Manuel Lee sailed over the Jays' Ed Sprague to ton a double play in Arlington, Texas. 


Greg Vaughn and Matt Nieske 
added homers for the Brewers. 

Royals 13, Tigers 4: In Kansas 
City, Chad Kreuter and Travis Fry- 
man committed consecutive errors 
in the fourth inning, leading to four 
unearned Detroit runs. 

Kreuter, the catcher, dropped 
i foul in the sec- 


Tim Belcher (0-4) remained win- 
less in five starts, allowing 10 runs 
— five earned — and 10 hits in four 
innings. 

Kerin Appier (2-2) gave up Cedi 
Fielder's homer in the third. 

Mariners 6, Yankees 0: In Seat- 
tle, rookies Roger Saikdd and Tim 
Davis combined on a three-hitter 
and Trao Martinez had three RBIs. 

Salkeld ( 1-0} allowed two hiis in 
6^ innings for his first major- 


ole of darion the side, saw a cou- BobHamdin’spopfoulm the sec- ™ “V ““ 

pie things! in sow old film and ond and Hamefiangled. Fryman 1 ^ 

SSdT son* adjustments," misplayed Gary Gaetti's hard 2* innings of one-hit relief. 

he said. “I don't kn 0 * if that’s the grounder to third for another error. 

Felix Jose, Jose Lind, Vince Cole- 
man and Brian McRae then drove 


innings < 

Orioles 4, AngdsZ: In Anaheim, 


California, Sid Fernandez allowed 
three hits in 8ft innings for his first 
AL victory and Lee Smith picked 
up his lltb save. 

Fernandez (I-ff). who signed 
with the Orioles as a Tree agent in 
November, struck out five and 
walked two before yielding a one- 
out homer re Chad Curtis in the 
ninth. 

Smith came on and got the final 
two outs for his 11th save in as 
many opportunities to become the 
first pitcher in major-league history’ 
to save 1 1 of his team’s first 21 

ga me s. 


White Sox 5, Indians 3: In Cleve- 
land, Wilson Alvarez (5-0) won his 
12th consecutive decision to match 
Jim Kaat's string in 1974-75 for the 
longest winning streak by a White 
Sox left-hander. 

Robin Ventura drove in four 
runs with a pair of singles for the 
White Sox. who won their I3th 
game to match the franchise record 
for April wins set last year. 

Rookie Manny Ramirez drove in 
all three Cleveland runs with a two- 
run home run, his sixth, and an 
RBI single. 


Favorite Skips 

2.000 Guineas 

Compiled by Our Staff From Dtspanha 

NEWMARKET, England — 
Trainer Peter Chapple-Hyam on 
Friday puBed the 2.000 Guineas fa- 
vorite, Turtle Island, out of Satur- 
day's first colts' classic of the season. 

The last-minute decision, 
blamed oo the fast-drying ground 
at the British racing headquarters 
here, deprived owner Robert Sang- 
stcr of the chance to complete a 
famous double after Las Meninas's 

1.000 Guineas victory Thursday. 
With the old favorite gone, 

bookmaker Ladbrokes’ odds on 
jockey Michael Kimane and 
King’s Theatre improved from 9-2 
to 6-1 for the one-mile, £150,000 
(£225,000) race for 3-year-olds. 
Colonel Collins, also owned by 
Sangsterand ridden by John Reid, 
went from 8-1 to 6-1. 

(Reuters, AP) 


only reason,W ifstfnainly got to 
bepanof rtf 
Texas w*rd its l<* e tun in the in runs. 


• Record 


SSKStfSffftWSSS 

in 1946. died Friday at age 
[Suffering a hean attack earlier this month, the French 
tion announced. 



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although tins would 
me. 1 mean that they get 
endless stream of calls from peo- 
ple who are furious that their elec- 


maty got turned off just because 
they failed to pay their bOl for 297 


ia 

call the 
going to 
people in a 

nnmp 

Service.” These 

thate? 

they hate you PER .- 
they hate die public in 

’“gmeripfbccansc the public is forever 
cafiug than op to complain. 
C^joiow whereof I speak. I used to 
Jit'— - 1 am not proud of this — a 
ihewspapCT editor. This was at a 
' paper in West Chester, Pennsylva- 
nia, called — I am not proud of this 
either — the Daily Local News. We 
came out daily, and we specialized 
in local news. For example, if Rich- 
ard M. Nixon resigned the presi- 
dency, we’d send reporters out to 
the shopping mall to badger ran- 
domly selected shoppers into hav- 
ing an opinion about this, and our 
big headline would be “LOCAL 
RESIDENTS REACT TO NDC- 
ON RESIGNATION." This is ba- 
sically how we handled all news 
(“LOCAL RESIDENTS REACT 
TO DISCOVERY THAT CLAMS 
MATE FOR LEFE”). 

□ 

So one spring day I made the 
editorial decision to put a photo- 
graph of some local dudes on the 
mat page. At least I thought they 
were aucks, and that’s what I called 
them in the caption. But it turned 
out that they were geese. I learned 
this when a WHOLE lot of irate 
members of the public called to tell 
me so. They never called about, 
say, the quality of the schools, but 
they were RABID about the duck 
vs. goose issue. 

I tried explaining to the callers 
that, lay, basically a goose is just a 
big duck, but this did not placate 
them. Some of them demanded that 
we publish a cor re c ti on (for whom? 
The geese?), and by the end of the 
day I was convinced that the public 
consisted entirety of raging idiots. 

Ibis is what people who answer 
the phone at, for example, foe elec- 
tric company, go through every day. 
I don't mean that they get calls 
about incorrectly captioned goose 


they fa 

consecutive months, or people ask- 
ing questions like is ft 0. K. to oper- 
ate a microwave oven in the bath- 
mix 

So let's say that you have a genu- 
ine problem with your electric bilL 
The people in “Customer Sendee” 
have no way of knowing that you're 
an intelligent, rational person. 
They’re going to lump you in with 
the winning non-rocket-sdemist 
public. As far as they're concerned, 
the relevant facte, in any dispute 
between you and them, are these; 

1. They have a bunch of electric- 
ity. 

2. You need it. 

3. So shut up. 

This is why, more and more, the 
people in “Customer Service” won’t 
even talk to you. They prefer to let 
you interface with the convenient 
Automated Answering System until 
such time as you die of old age (“If 
your FIRST name has more than 
eight letters, and your LAST name 
begins with H through L pre ss 25 1 
NOW. If your first name has FEW- 
ER than eight letters, and your last 
name contains at least two ETs, press 
252 NOW. If your . . 

So is there any way that you. foe 
lowly consumer, can gain foe seri- 
ous attention of a large and power- 
ful business? I am pleased to report 
that there IS a way. According to 
an Associated Press news report 
from Russia, an electric company 
got into a tailing dispute with a 
customer and cut off the custom- 
er’s electricity. This customer, how- 
ever, happened to be a Russian 
army arsenal. So the commander 
ordered a tank to drive over to the 


electric company's office and aim 
at foe wine 


its gun at the windows. The elec- 
tricity was turned right bade on. 

Perhaps you are thinking : “But a 
tank costs several million dollars, 
not mdmting floor mats. I don't 
have that kind of money.” 

Don't be siDy. You're a consumer, 
right? You have credit cards, right? 

Perhaps you are thinking: “Yes, 
but bow am I going to pay foe 
credit card compan/T 

Don't besdly. You have a tank, 
right? 

• Knighi-Ridder Newspapers 


INTERNATIONAL HERALD TRIBUNE, SATURDAY, APRIL 30, 1994 


Lyle Lovett: Visitor From Country Music 

J ir~irr TO - 


InrenmiionaJ Herald Tribune 

P ARIS — As anyone south of Ultima 
Thule must surely know, Robert Alt- 
man is shooting a film in ftiris called 
“Pr6t-4-Porter” which centers on the fash- 
ion trade and stars almost everyone in- 
cluding- in a bit of typecasting a news- 
hen can only approve — Julia Roberts 
and Kim Brtin ger as ace journalists. 

Lyle Lovett plays a Texas cowboy boot 
manufacturer, which also figures since he 
comes from Texas and usually wears cow- 
boy boots. “I know my way around boots 
and can talk about boots, that’s pretty 
much all I have to do," Lovett said. Two 


* 3 “ 

jfe 


1 * 




MARYBLUME 


pairs, one brown and one black, stood 
neatly in his Paris suite, toes pointed dry- 
ward, although in deference to his Ret 
Kawakubo suit he was wearing black lace- 
ups buffed to a Marine Corps gloss. 

In his first film, Altman’s “Tbe Player.” 
Lovett was foe narrow-eyed, thin-lipped 
mystery man who shadows Tun Robbins: 
more a presence than a character. “Shore 
Cuts” showed that be can be a powerful 
actor as wefl. He played foe hard-bitten 
overworked baker who harasses the par- 
euts who failed to fetch their son’s birth- 
day cake, unaware that foe boy has died in 
an accident. It is a performance shaded 
with class resentment and intense fury that 
suddenly shifts to a moment of redemp- 
tion — foe only one in foe film — in which, 
having learned foe truth, he offers foe 
stricken parents warm bread and a chair. 

In “Pret-a-Porter,” has third Altman film, 
Lovett pals around with Lauren Bacall, 
pushes the plot forward, wears his own 
boots and has his hair, winch looks as if it 
grows c« richly arable land, reined in, in his 
own words, by the barber every few days. 

Days off, he does his real work, which is 
writing songs. If in films be seems an ob- 
scurely fascinating Altman eccentric, be is 
by trade an extremely popular singer who 
started appearing in public in 1976. at 18. 

Al tman 's granddaughter took him to 
hear Lovett in Los Angeles and he has been 
a fan ever since. Julia Roberts, whom Lo- 
vett married last June in a surprise ceremo- 
ny in Indiana, where Lovett bod a gig, met 
him not on the set of “The Player” as is 
commonly supposed, but after she told mu- 
tual friends that foe had all his records. His 
next one comes out in August and will 
probably be called “I Love Everybody." 

Does he? 

“No” he says firmly. “Sometimes we say 
just the opposite of what we mean." For all 
his laid-back niceness and his habit of 
punctuating sentences with “Welt Hi be!" 
Lovett has written songs filled, in the 
words of Rolling Stone, with wicked intel- 
ligence and absurdity and wit. 



«U*s tZ* f 

Robert Altman sad Lyle Lovett, during tbe shooting of “Pret-4-Porttj” in Paris. 



people 


Amy fisher Taps Nixon 
In Autograph Auction 

A letter from A my Fisher made 
more at a New York autograph 


He has also been described as a great 
minia turist, sensitive, humorous, as a cult 
figure and as a cross-demographic per- 
former. The label he started with was 
country singer and it is one be likes be- 
cause, he says, you are part of a big dub 
when you play country anisic 

“I think part of its appeal is foe value 
system that country music represents. And 
maybe now that this way of life is dimin- 
ishing, people are looking for it." 

Country music is often the music of the 
dislocated and dispossessed, of a harsh life 
modestly lived. “The upside is we don’t 
have a lot of money but we’re happy, we’re 
all foe same. It really does represent the 
idea foal everyone's foe same, that Do- 



body’s better than anyone else, this voice 
I'm hearing on foe radio, he'! 


, ^ „ _e'sjust like me, 

he could be my next-door neighbor. That's 
what it represents,” 

It is potent in part because what It 
represents no longer easts, just as there is 
little country left for country music to sing 
about. In a way it expresses foe last of foe 
American dram and. Loveu says, has 
never bees more popular. Country singers, 
he adds, display the last vestiges of com- 
mon courtesy. 

“After their shows they will sit at a table 
and sign autographs or stand outside fodr 
bus and sign something for everyone who’s 
lined up there. That doesn't happen in foe 
world of rock *tf roll — you’re on foe bus 
and you're out of there." 

In addition to traditional country singers. 


Lovett has listed as influences 1 

man and Tom Wahs. He grew ' 
kiwi outride Houston that was 
Ins mothers family, German 
who came there in 1840. His 
was a combination of farm and 1 
Hank Williams on foe radio anc 
eats’ records of Benny Goodman, 

Cote and Ray Charles. His par 
worked for Exxon in Houston 
roomings at five to beat foe comi 

“I really believe foal I was ai ( 
the choices that I’ve had in my ’ 

ability to do what I want to do, V 

they jived their lives doing things they bad 
to do. Because of foe kinds of Kfe they had, 
they provided me with foe opportunity to 
have choices they didn’t have themselves." 

He started guitar lessons in grade school 
and at Texas A&M majored in journalism. 
Although he is rarely there because of his 
and his wife’s schedules, home is foe farm- 
house his grandparents both outride 
Houston in 1911 — “the last couple of 
mites of road to yonr house, there’s not 
another road that looks like that” 

His career has been steadily successful 
since he made his first record in 1986 
although he says that anyone in the enter- 
tainment business is used to rejection. 
“Gosh, for every success you have 1 think 
you have twice as manyrgectkms, but you 
have to follow the path that avals itself. A 
lot of it is bumping into walls before you 
finally open doors." 

With Altman's films and his marriage to 
Hollywood’s biggest female star Lovett 


has fniren oo new dimensions as foe 
a’s pet real person, “a post-sensitive 
type," says a recent Esquire cover. 1 
S. Thompson listed him as soraeog 
rable — “it was a note of encoupefo^L 
that’s what it was, he accorded^ a 
— and in Carrie Fisher’s layff no\*i foe 
sour Hollywood heroine faj&sues about 
the nice hometown girl hf beyinend is 
probably going to fall for “They j both 
love Lyle Lovett, anything .. 
grits, and going to wend, oui-of- 
museums on rainy afternoons. 

He is notmoved by his new stai 
of my philosophies of life is if t 
going well, don't think about it { 

?f somebody wants you, don’t 
why. Just go and do it." 

People do want him for 
days and he says he takes 
reads scripts. He thinks Altra 
ity has probably helped hi 
rnnsjc is what he wants to d 



these 
igs and 
sensibil- 
iuric and 
that be 


really feels he can do. 
“To 


fm neither a good enouj 
good enough musician to 
somebody’s band or a g» 
somebody’s band. So I 
own songs, I have to writ' 
“The main thing I wan) 
to write a good song, that’ 

I want to do. And to 
dmngwdL if Robert Ali 
movie I want to pull m. 1 
be believable. But 
about most of the 
story and write a go 


not a 
singer in 
player in 
to sing my 
own songs, 
is be able 
ie main thing 
hatever I'm 
puts me in a 
it. I want to 
really think 
write a good 


by Rkhard Nixon. Fisher's letter, 
described as “a kw later," was 
written to a woman with whom the 
teenager was imprisoned after she 
foot M*iy Jo Buttafnoco, her lov- 
er’s wife, ft sold ftfSSSO. The Nix- 
on card from the early 1980s sold 
for $480. The status of the prest- 

drncy was upheld by Abraham Lin- 
cdb, whose SRnanire on a stripping 

document itched $11,000. 

□ 

At thfLong Wharf Theater in 
New Javen, Connecticut, Judy 
who plays a distraught 
wifrfr Brin Friers “Faith Heal- 
in (he midst of a mooo- 
chain-smoking as called for 
foe script, when a man stood up 
the audience and approached (be 
stage. “I could see him coming pur- 
posefully toward me," Geeson said 
later. “And he said: ‘This is dis- 
graceful You’re going to JdU your- 
self tbe amount you smoke.' ” Au- 
dience members urged foe anti- 
smoker to sh down and shut op. 
Instead, be pointed out that the 
theater is a nonsmoking venue, is- 
sued a warning to Geeson about 
cancer and left. The show went on, 
although as Geeson said. “The at- 
mosphere bad totally been 
changed, naturally.” Tbe theater 
then put up a notice explaining that 
the actors smoke onstage, but also 
cut bad semiring in the play. “In 
the script it says she lights them 
butt end to butt end,” Geeson said. 
“But ifs fine. I just drink more." In 
real life, Geeson quit smoking four 
mouths ago. The cigarettes she 
puffs on during foe play are tobac- 
cotess. Herbal. Nonaddictive 

□ :■ 

The Barcelona-born pianist Am- 
ende Larrocba was awarded one of 
Spain’s Prince of Asturias prizes 
Friday for her work in foe arts. The 
awards carry a cash prize of 5 mil- 
lion pesetas ($36,000) and a sculp- 
ture by foe Spanish artist Joan 
Mr6. Bom in 1923, foe pianist be- 
gan concertxzmg in 1940 and made 
her first tour of the United States 
and Europe in 1947. 


INTERNATIONAL 

CLASSIFIED 

Appears on Pages 4 & 7-10 


WEATHER 


POSTCAR] 


Europe 



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Forecast tor Sunday through Tuesday, as provided by Accu-Wealher. 



North America 
Them wfl bo a period of wet 
weather across the East 
Coast Sunday. The raJnlalt 
may bo heavy across the far 
Southeast Chicago w9 be 
m*Jnty dry and aaeaonaWe. 
<1 wffl also be dry and sea- 
sonable across the West 
Coast, 
and San 


Europe 

Above normal temperahves 
wfH return to Pads Tuesday 
after a brief cooldown. Eng- 
land will be considerably 
cloudy Sunday through 
Tuesday and tfwrs wffl boa 
few shows re. It vriB be ch*y 
across Finland with a lew 
fftmtes posstta. ftety «rtT be 
mainly dry. 


Asia 

There will be extensive 
showers across northeastern 
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By Alan Riding 

New York Times Servi ce 

P ARIS — Cyril Collard’s transformation 
into a cult figure began March 8 last year 
when, three days after be died of AIDS, foe 
young actor-director’s first and only film, “Sav- 
age Nights," won four Cfcsars — the French 
Oscars — in an emotionally charged ceremony 
tdevised nationwide. 

All foe elements were there. A promising 
career had been cut short by AIDS. He was 
handsome. He was perceived as a rebel “His 
death at foe age of 35 has turned him into the 
James Dean of tbe 1990s," said Paris Match. 

When he died, 900,000 people in France had 
seen his film, but 1.9 million more saw it before 
the end of 1993, and it is being shown in several 
IT.S. cities. Sates of Collard’s semi-autobio- 
graphical novel, adapted for foe movie, have 
jumped from 42.000 in March 1993 to 412,000. 

Most tdKng. however, was foe reaction of 
many young people in France to the movie’s 
story of a bisexual filmmaker who falls for a 
teenage actress and has unsafe sex with her 
without disclosing that he has the AIDS virus. 
For many youths, “Savage Nights” (“Les 


Nirils Fauves”) was not a can 
messa ge was that love conqu 
“With Cyril Coliard. AIDS 
question Of poetry, hygiene an 
desire and love," Thomas * 
front-page article in Le Mi 
plain foe star’s popularity 
readers. “He conveyed sora 
life with AIDS is still life, 
Indeed, in the movie, d 
Laura, played by R 
infected even though she 
after learning that Jean 
Jean, played by Col 
healthy, and he has sun; 
the icon for foe “Co; 
romantic aura has 
that a young woman 
infected with the AID: 

In a long program 
French television 
Suzanne Prourecoun 
Erica, had died of 
A few days earto 
iy of a Parisian” • 
wrote about 
said her grand 


tale. Its 


so longer a 
lity, but of 
wrote in a 
to ex- 
led older 
new — that 


arely present 
is not 
io precautions 
positive, 
strong and 
own death as 
non.” But foe 
by a report 
is said to have 
has died. 

AIDS seen on all 


prfl 7, the novelist 
nen 


granddaughter, 

ber, aged 26. 
Giroud’s “Dia- 
led, in which she 
unnamed writer who 
contracted AIDS 


after an affair with Coliard. Giroud later ac- 
knowledged that she was referring to Suzanne 
ProtL And a furious debate promptly ensued. 

Dominique Jamct, a writer, until recently in 
charge of constru ctin g France's new national 
library, described Coliard as “one of these Irre- 
sponsible’ criminals” who plays with death. 

Cofianf s parents were quick to respond, pro- 
testing “these monstrous allegations*’ and not- 
ing that when Coliard and Erica Prou were 
lovers, in 1984, AIDS tests did not exist and 
relatively little was known about the disease. 

Now, with AI0S, art and morality ail com- 
peting for the high ground, there is at least a 
debate, one that reflects not only tbe distaste of 
older conservative French for the subversive 
role models adopted by their diOdren, but also 
the perennial French fascination for those pil- 
lars of romantic art: love and death. 

But Romane Bobrmger, Collard’s co-star in 
the movie, said the debate had gone astray. 

“Cyril was neither a hero — it was those 
around him who turned him into a hero — nor a 
bastard,” foe said. “He was just a living person, 
of flesh and braes, that’s alL The truth or not 
the truth matters little. There are no guilty 
parties. There are only victims.” 


O 



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555 

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797-797 

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0-890-1112 

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M009M1B 


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