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Paris. Saturd ay-Sun day, December 3-4, 1994 

No. 34.762 

‘Goldilocks Recovery’: 

, Stable Prices 

U.S. Data Raise 
Fears Inflation 
Witt Come Back 

By Lawrence Malkin 

International Herald Tribune 

’ NEW YORK — Strong job growth last 
month signaled a still robust American 
economy with few signs of inflation, the 
government reported Friday, but unem- 
. pioymeat headed down toward the rfan ^r 
zone for wagepressures and another tight- 
ening by the Federal Reserve. 

Washington and Wall Street alike read 
the addition of 350,000 jobs last month as 
good news instead of reason to worry 
about inflation. Labor Secretary Robert B 
Reich called it a “Goldilocks recovery” 
that was neither cooling nor overheating 
the economy, and President Bill Clinton 
saw it as a sign of “strong success” of his 

Allen Sinai of Lehman Brothers called 
the mixture of low inflation, tiring employ- 
ment and strong productivity growth “sen- 

The bond market's bears went into hi- 
bernation in the belief that the Fed would 
stay on the case when it meets just before 
Christmas to consider raising short-term 
rates for the seventh time this year. 

In the financial markets, short-term in- 
terest rates strengthened while long-term 
rates declined; the dollar pushed above 
100 yen, and all this helped add 44 points 
to Lhe Dow Jones industrial average, which 
closed strongly, at 3745.62. 

“The bond market,” a Federal Reserve 
governor, Lawrence Lindsay, confidently 
told a television interviewer, “says we are 
on the right track.” 

Unemployment in November fell 0.2 
percentage points, to 5.6 percent, the low- 
est level since August 1990 — and below 
the level at which some members of the 
Fed maintain that labor gets tight enough 

demand inflationary wage increases. - 
r But Friday’s, Labor Department report 
itself showed no signs of such a rise, and 
Wall Street took comfort from a 2-cent 
decline in averse hourly earnings — just 
over an 8-cent rise, officials had correctly 
warned was a fluke. 

This moderation was reinforced by an 
October drop in orders for durable goods, 
the first in three months, especially in the 
booming automobile industry, and an 0.1 
percent decline in October’s index of lead- 

Further to Fall? n 

U.S. unemployment mta. monthly. 

8X1% — — — — 


’92 . *a. 


mg indicators, the first decline there in 15 

Job growth nevertheless spread across 
the economy in November. The construc- 
tion industry added 71,000 jobs to make 
up for low hiring during a rainy October. 
Inis is not expected to last, but low growth 
of 25,000 in retail employment is expected 
to improve during the Christmas season. 

Manufacturing employment rose 
51,000. In the service sector, which added 

147,000 jobs, two-thirds of the increase 
took place in the category of business ser- 
vices, in which companies supply tempo- 
rary workers when factories are stretched. 

Before the Fed both st unn ed and satis- 
fied Wall Street last month with a three- 
quarter point increase in the federal funds 
rate, such robust employment figures 
would probably have sent 30-year Trea- 
sury bond prices reeling and pushed up 
yields. Inst rad, yields declined from above 
8 percent Thursday to 7.91 percent Friday, 
a shade below where they were a week ago. 
Meanwhile, two-year notes tried to antici- 
pate the Fed’s Dec. 20 meeting, with yields 
up sharply, from 7.19 percent to 7.43 per- 
cent in a week. 

“Why should the Fed squander this con- 
fidence?” said Mickey Levy, chief finan- 
cial economist for NationsBank. “It 
doesn’t pay to wait.” 

Mr . Sinai said the job figures showed 
strength in capital goods and exports, as 
well as in consumer goods. He said he 
expected consumer spending to slow after 
Christmas but. not to collapse because of 
buoyancy in employment; and therefore in 
incomes and confidence. 

He also noted the first signs of increas- 
ing wages in a 33 percent growth of aver- 
age hourly earnings over the last three 
months, a slight acceleration from the 2.6 
percent over the last 12 months. 

_ Jiibn Mwm/Thr Auncuted Prem 

Survivors of Bhopal s gas leak listening wearily to speeches marking the 10th anniversary of the pesticide disaster. 

Bhopal 10 Years Later: Despair Lingers 

For Indian City Gassed in 1984, There Is Still No Resolution 

By Sanjoy Hazarika 

Sew Ycek Tima Service 

BHOPAL. India — Ten years after a 
blanket of lethal gas from a Union Car- 
bide pesticide plant swamped this cen- 
tral Indian city. Ram Singh Thakur, a 
former drugstore cleric, lies on a mattress 
on the floor of his shack just outride the 

Until a few years ago, Mr. Thakur, 64, 
was an outspoken community leader. 
Now, partly paralyzed after a stroke, he 
is unable to work or to walk. “Nothing 
seems to help ” he said, his voice slurred. 

Like most other victims of the Bhopal 
disaster, which began on Dec. 3. 19R4, 
Mr. Thakur has not yet recehed com- 
pensation from Union Carbide because 
of legal wrangling, much of it over 
whether ailm ents like Mr. Thakur’s 
stroke were caused by the gas leak. 

Thousands of victims stand in long 
lines every day at government and pri- 

vate clinics, seeking tablets, injections 
and syrups that will ease ailments that 
range from psychiatric problems to lung 
infections and eye problems. 

And while the compensation fund set 
aside by the company has crossed the 
half billion dollar mark, only a tiny per- 
centage of the mooev has reached the 

Even the cause of the gas leak remains 
a source of sharp disagreement. The In- 
dian government, nongovernmental 
groups and editors say that Union Car- 
bide s negligence and poor management 
are to blame. Union Carbide has long 
maintained that (he disaster was caused 
by an act of sabotage by a disgruntled 
plant worker, whom it has never identi- 

The resolution of the Bhopal disaster, 
the world’s worst industrial catastrophe, 
has been slowed by confusion, allega- 
tions of corruption and legal challenges 

by individuals and groups dissatisfied 
with the sums paid out 
Despite the continuing problems, 
Bhopal throbs with life. In neighbor- 
hoods near the plant, residents have tak- 
en advantage of government grants and 
loans to replace wooden huts with brick 
buildings and to buy televirion sets and 
motorcycles. Some survivors have moved 
to two-room apartments built by the 
government on the edge of the dty. 

Four hospitals have been built at a 
cost of more than $10 million. When 
Union Carbide recently sold its 50.9 per- 
cent stake in its Indian subsidiary to the 
Magor industrial group in India, it set 
aside the equivalent of $40 million for 
another hospital and for long-term medi- 
cal research and treatment of the victims. 

But no antidote has been found for 
exposure to the toxic methyl isocyanate 

See BHOPAL, Page 4 


U.S. Says PLO 
Honors Pact 

WASHINGTON (AP) — The State 
Department criticized Palesti n ia n police 
Friday for an ineffective response to ter- 
rorism, but said the Palestine Liberation 
Organization “in its words and deeds” is 
living up to its commitment to Israel's 
right to exist. 

The report. to Congress also cited the 
PLO’s failure to delete references to the 
destruction of Israel from its covenant 
and its reluctance to denounce the Arab 
economic boycott of Israel. 

General News 

Bifl CUnton made a preemptive strike on 
military spending. ***8® 

Book Review 



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Pygp g. imiiBi ™wiwmn 

Page 21. PHILIPPINE SURVIVORS — A FQiphw woman hogging a relative Friday after she and her two chOdreii, left, were 
Page 22. rescued from a ferry that sank in Manila Bay after a collision. More than 140 people were feared drowned. Page 5. 

GATT’s Director Hails 6 a Victory for Common Sense’ 

GENEVA — The director-general of 
te General Agreement on Tariffs and 
rade on Friday hailed the U.S. Senate 
jproval of the new world trade treaty as 
i victory for common sense.’’ 

The director-general, Peter Sutherland, 
id the Senate vote, and a key vote in the 
panese Parliament, had removed the last, 
al barriers to die creation under the trea- 
of a new World Trade Organization on 

n. 1. 

“The U.S. vote was always of crucial 
importance because it could have derailed 
the whole process, derailed eight years of 
work and an achievement that win go 
down in history as a remarkable one,” Mr. 
Sutherland said. 

He also welcomed the approval of the 
treaty on Friday by the lower house of 
Parliament in Tokyo, which means Japan 
will shortly become the second of the four 
top trading powers to ratify the deal. 

That vote, Mr. Sutherland said, also 

demonstrated Japan’s “commitment to the 
multilateral trading system” despite strong 
opposition from farmers and their backers, 
who opposed opening the country’s rice 

The Senate approval of the accord came 
late Thursday after a week of furious lob- 
bying by the White House. The final mar- 
gin. 76 to 24, was greater than many ob- 
servers had expected. The pact was 
approved by the House of Representatives 
on Tuesday. 

Moments before the final vote, the Sen- 
ate scaled a critical procedural hurdle in 
producing eight more than the required 60 
votes to overcome objections that the 
agreement broke budget rules because rev- 
enue lost from tariff cuts was not fully 
offset by sp ending reductions. The vote on 
the budget waiver was 68 to 32. 

The pact’s approval gave a boost to 

See GATT, Page 4 

U.S. and Europe 
Of 2 Minds on 
Security Needs 

By Craig R. Whitney 

New York Tima Service 

BRUSSELS — At the root of many 
problems within the Atlantic alliance over 
Bosnia is a growing tendency among the 
Europeans to take a different view of their 
security needs than the United States does, 
something that rarely happened during the 
Cold War. 

One thing allied foreign ministers all 
agreed on at NATO’s fall meeting this 


week was that Bosnia had been a failure 
that must never be repeated. 

But the Clinton administration still 
views Bosnia as a problem for Europeans, 
not for Americans. Europeans, for their 
part, are still skeptical of the use of air 
power to stop Serbian attacks, and the 
United States has apparently given up try- 
ing to convince them. 

Let’s get it behind us, the allies seemed 
to say cm Thursday, though the differences 
remain. The importance of the meeting is 
that “NATO is going to make itself rele- 
vant to the future,” Secretary of State 
Warren M. Christopher said. 

Even on this fundamental level there 
were important disagreements over how 
fast the alliance should accept applications 
from Eastern Europe. 

When the Clinton a dminis tration made 
clear last month that it was ready to move 
ahead on new members, the allies warned 
that going too fast could leave Russia feel- 

See ALLIES, Page 4 

UN Generals 
Block Strikes 
On Serbian 
Missile Sites 

French and British Try 
To End 6 No-Fly 9 Rule ; 
Butros Ghali Says 6 No 9 

By John Pomfret 

Washington Port Service 

ZAGREB, Croatia — The United Na- 
tions’ top military commanders in Bosnia 
have thwarted attempts by NATO war- 
planes to destroy Serbian anti-aircraft sys- 
tems that if left intact could bring NATO 
operations over Bosnia to a standstill. 
Western military officials said Friday. 

Lieutenant General Sir Michael Rose of 
Britain, backed by his superior. General 
Bertrand de Lapresle of France, also tried 
to convince the UN secretary -general that 
the operation to enforce an internationally 
mandated “no-fly” zone over Bosnia, one 
of the pillars of NATO's involvement, 
should be suspended indefinitely, the offi- 
cials said. 

The UN secretary-general, Butros Bu- 
tros Ghali, denied the request, which was 
made while he was in Sarajevo on Wednes- 

But the generals did persuade NATO to 
stop flying over Bosnia for al least six days 
of the last week, in what one Western 
military officer said was “a dangerous pre- 
cedent and another victory for the Serbs.” 

The generals’ attempt to stop NATO 
activity in the skies wove Bosnia illus- 
trates the fear that the senior British and 
French military officers in the former Yu- 
goslavia have of the Serbs. It also reflects a 
deep erosion of the power of the United 
Nations that has occurred in the last 12 
months that General Rose has led the 
mission in Bosnia, officials said. 

They said General Rose and General de 
Lapresle argued with Mr. Butros Ghali 
that NATO flights were angering Bosnian 
Serbian forces, who now hold about 400 
UN soldiers hostage, and thus were imper- 
iling their troops. 

The generals also told the secretary- 
general that the Serbs could be convinced 
in negotiations to remove the anti-aircraft 
missile sites, one of which has recently 
surfaced inside the Sarajevo weapons-ex- 
clusion zone in violation of a NATO ulti- 

Western officials said they believed the 
generals were mistaken oo both counts. 
While some said they sympathized with 
the generals’ plight, one senior diplomat 
said he found their behavior “shocking.” 

[But there were also signs Friday dial 
UN concessions might at least have had 
some beneficial effects. Reuters quoted the 
top UN official in the former Yugoslavia, 
Yasushi Akashi, as saying that leaders of 
the Bosnian Serbs had agreed to release 
hundreds of UN peacekeepers who had 
been detained after NATO air strikes two 
weeks ago. 

[“We have agreed an immediate release 
of missing Ukrainian soldiers, immediate 
movement of U.K. and Dutch convoys; 
normal activities will be restored for the 55 
Canadians at Visoko and UN personnel at 
weapons collection sites,” Mr. Akashi 

Without NATO overflights, hundreds of 
UN soldiers manning isolated positions 
surrounded by Serbian forces in eastern 
Bosnia would be at least three hours' flight 
time away from any NATO help should 
Serbian or Muslim forces attack them. 

More importantly, the presence of Ser- 
bian anti-aircraft missile sites throughout 
Bosnia roles out the recommencement of 
the U.S.-led air-drop operation, which of- 
ficials believe is critical now that Bosnian 
Serbs are again blocking UN convoys from 
delivering aid by road, officials said. 

The sole anti-aircraft missile site around 
Sarajevo is also playing a major role in the 
UN decision to suspend the Sarajevo air- 
lift, which has kept mcnre than 300,000 
people alive for more than two years. 

Large and lumbering, cargo planes are 
easy targets for Serbian SA-2, SA-3 and 
SA-6 missiles, a Western military official 
said. “And they don’t have ejection seats,” 
he added. 

The UN High Commissioner for Refu- 
gees has requested air drops for the last six 
weeks to Bihac, a Muslim pocket of 

189.000 people in northwestern Bosnia, 
that is suffering a withering attack by both 
Croatian and Bosnian Serbs. On Thurs- 
day, they added Srebrenica, home to 

40.000 Muslims, to the list because a Serbi- 

See PATROLS, Page 4 

U.S. Stamp Depicting Atomic Bombings Sets Off Outcry in Japan 

which appeared to have been caught by surprise by 
stamp and has not yet issued a statement. 

There is objection here to any use of the mushre 
cloud image, which stiQ evokes emotional manor 
But there is also more specific criticism that- 

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By Andrew Pollack . 

New York Times Service 

TOKYO — Japanese officials sharply criticized a 
plan by the U.sTpostal Sendee on Friday to issue a 
commemorative stamp depicting the atomic bombing 
of Hiroshima N agas a ki . 

The stamp, which will be issued next year in connect 
tion with tie 50th anniversary of the end of World 
War H, shows a picture of a bomb’s mushroom cloud 
and carries the caption “Atomic bombs hasten war’s 
end, August 1945.” 

Hitoshi Motoshima, the mayor of Nagasaki, called 
the stamp’s issuance “heartless.” 

He added: “Under the mushroom cloud, hundreds 
of thousands of nonmilitary people, including chil- 
dren and women, died or were hurt in just one mo- 

The controversy is the latest one to indicate that 
commemorations next year of the war’s end are as 
likely to revive old tensions as they are to lay them to 

The stamp controversy is in some ways similar to 
the one that erupted over plans by the Smithsonian 
Institution to display the Enola Gay, the plane that 
dropped the bomb on Hiroshima. A major question in 
that controversy is whether the bombing was justified 
and necessary to end the war. 

The stamp, which is scheduled to be issued next 
September, is one of 10 designed to portray the main 


events of World War II that occurred in 1945. The 
Postal Service has already issued 10 stamps each year 
for the last four years dealing with the events of 1941 
through 1944. 

“Our purpose is to provide a comprehensive history 
of the events of World War n, and we are not making 
a value judgment on any of those events,” the Postal 
Service saidm a statement on Thursday. "With regard 
to the specific stamp in question, we would be remiss 
in omitting such a watershed and historically critical 
event as the use of the atomic bomb.” 

The Postal Service said the images and the events 
for the stamps, which will be for first class mail, were 
chosen by a citizens' advisory committee with input 
from historians, from the State Department and the 
Defease Department, the Postal Sendee said. 

But if the State Department was involved, it did not 
seem to have informed the U.S. Embassy in Japan, 

as a moral crime. 

“The stamp’s issuance would lead toward sen tin 
opposite from the way we had been hoping to 
which is to abolish the atomic bomb,” said Abi 
Takahashi, who as a 14-year-old was badly burnet 
the Hiroshima bomb and is now an official of 
Hiroshima Peace Culture Foundation, which trie 
educate young people about the bombing. 

The bomb was dropped on Hiroshima on Auj 
1945, and on Nagasaki on Aug. 9. Six days later, Ja 

See STAMP, Page 4 





rage Z 


NATO Fails to Allay Russian Fears of Pact’s Expansion 


Compiled bj Our Staff From Dispatches 

BRUSSELS — NATO foreign ministers tried 
Friday without success to reassure Russia that 
the alliance’s plans to admit former Warsaw Pact 
countries would not create a new division in 

The Russian foreign minister, Andrei V. Ko- 
zyrev, surprised the ministers Thursday by criti- 
rrnng die plans and announcing Russia’s with- 
drawal from a program to improve military and 
political cooperation between Moscow and the 
North Atlantic Treaty Organization. 

On Friday, Mr. Kozyrev told the NATO and 
Eas t European foreign ministers that Moscow 
could not develop dose ties with the alliance 
until it spelled out its expansion plans, sources 

Mr. Kozyrev, they said, questioned whether 
the Western military allianc e had changed from 
its Cold War days. 

The NATO secretary-general, Willy Claes, 
sai d Friday the alliance would not change its 

plans to prepare an eastward expansion of the 
alliance in the light of Russian objections. 

“We are not ready to change one angle word 
or NATO’s decision,” Mr: Qaes said at a news' 
conference, referring to the alliance announce- 
ment Thursday that it would make a one-year 
internal study of the mechanics of enlarging 
NATO to East European countries. 

Mr. Qaes said he was confident that Russia 
would reach an agreement with the alliance to go 
ahead with these plans. 

Secretary of State Warren M. Christopher met 
separately with Mr. Kozyrev for more than an 
hour Friday to discuss the dispute and the situa- 
tion in Bosnia. 

“We shouldn't make too much of yesterday’s 
events,” Mr. Christopher said in a television 
ie said the 

which he said had to be viewed in the context of 
Russia’s domestic political situation. 

The British ft 
also. „ 

the partnership _ 

too important for Russia and too important for 
NATO to get lost.” - 

Poland’s foreign minister, Andrzej Olc- 
chowski, said be saw no reason far involving 
Russia in his country’s application to join 

“We don’t think it would be sensible or fruitful 

to negotiate with Russia about NATO," he said. 
“Russia is not a member of NATO.” 

IRA Ready to Talk on Weaponry 

interview. He said the Russians “will have a 
chance to analyze what we did.” He added, “I 
thmk they'll find it to be responsible and 

Foreign Minis ter Klaus Krnkcl of Germany 
said he regretted the incident with Mr. Kozyrev, 

Mr. K ozy rev’s comments cast a pall over the 
T n«*gring Thursday and over NATO’s attempt to 
draw its former Warsaw Pact enemies into the 
affiance. Some diplomats suggested he was play- 
ing to an audience in Russia, where the govern- 
ment is conte nding with a strong nationalist 

Mir. Okcbowskj said the foreign minis ters 

othere have repeatedly requested NATO mem- 
boship and the security guarantees that go with 

lL n« NATO allies, in trying to meet East Euro- 
peans’ demands for membership without upset- 
ting Russia, thought they had found a good 

At a summit meeting in January, President Bui 
Clinton and other allied leaders approved a U.S. 
initiative, Partnership for Peace, to bring former 
foes closer, but without membership- 

A total of 23 nations have enrblied_in the 
project, which allows them to take part in mili- 
tary exercises and other alliance activities. 

In -an effort to ease Russian fears about its 
eas twa r d expansion, the NATO allies had agreed 
to a special relationship with Moscow and insist- 
ed they had no intention of forming a hostile 
bloc. But Mr. Kozyrev was not impressed. 

CAP, Reuters) 

LONDON (AP) — The IRA expects negobatioos about weap- 
ons with the British to include security force arms as wjffl as it own. 
hidden arsenals, the movement’s political allies signaled Fnday. 

“We’re prepared, perfectly prepared, to discuss th&issue of the 
amount of weapons that are in calculation in Ireland, both legal 
and ill e gal Mfafcd McLougblin, a spokesman for Sinn Fein, 

said on BBC radio- ' . _ .. __ L 

Britain and Sinn Fan are to start talks m Belfast on Wednes- 
day the next bagstep in the search for a paEtical settlement in; 
Northern Ireland following the 5-month-old cwse-fire by thc lrish 
R epublican Army in its battle to end. British rule. • 

Ariane Carrying U.S. Satellite Fails 

KOUROU, French Guiana (Reuters) —Western Europe's 70th 
Ariane rocket sent a U.S. communications satellite worth more 
than $150 mini on phzogrng into the Atlantic Ocean after its third, 

stage malfunctioned. 

It was the second Ariane rocket failure tins year and the seventh 
since Western Europe began launching the Ariane series in 1979- 

m a - a a wth ‘.i • - 

The Arianespace president. Charier Bigot, said, “The third 
L 70 did not function correctly, the motor ignited but 

Russia Is Accused by Its Own 

Mediators See Moscow’s Hand in Chechen Raids 

The Associated Press 

GROZNY, Chechnya — Russian legislators 
trying to end a standoff in Chechnya accused 
their government on Friday of sending war- 
planes to attack the secessionist republic. 

President Boris N. Yeltsin’s government has 


toted from small- arms fire to air attacks. 

The Russian defense minister, General Pavd 
S. Grachev, says Russian mercenaries are fight- 
ing on both sides in Chechnya. 

But Mr. Dudayev, who declared independence 
lor his tiny republic in 1991, accuses Moscow of 
leading and arming the rebels. 

Air raids on the outskirts of Grozny, the Che- 

chen capital, continued for a fourth da 

“It is clear that these planes are not En glish < 

ay Friday. 
English or 

French but Russian,” said Ella Pamfilova, Mr. 
Yeltsin's former social welfare minister and one 
of four members of a parliamentary delegation 
to Chechnya. “This is against the law.” 

Other members of the delegation, which met 
briefly with Mr. Dudayev, demanded an end to 
the air strikes, warning that the conflict could 
spiral out of conlroL 

The lawmakers were trying to negotiate the 
release of about 70 Russians, said to indude 

soldiers and officers, captured in the fighting in 

Since the rebels’ air offensive began last week, 
thousands OF people have fled Grozny, a dty of 

Chechen officials said there ware new air raids 
early Friday east of Grozny. Mr. Dudayev said 
his borne was bombed Thursday, but that cla i m 
could not be verified. 

Moscow does not recognize the independence 
of Chechnya, which became part of tile Russian 
empire in the 19th century after a series of wars. 

Mr. Yeltsin threatened Tuesday to send in 
troops unless the fighting had stopped by Thurs- 
day, but when the deadline expired he said that 
Chechen fighters would be given amnesty if they 
put down their weapons by Dec. 13. 

There were reports, however, of Russian troop 
buildups near the bender. 

Although Russian ultranationalists lament the 
loss of Moscow’s empire, a recent opinion poll 
showed that most Russians are ready to let the 

Chechens go their own way. 


‘Chauvinist forces in Russian are . 
President Yeltsin to act, saying he cannot control 
‘little’ Chechnya,” said Vladimir Lysenko, a 
member of the parliamentary delegation. 

Mr. Lysenko warned that the conflict was 
endangering the lives of as many as 150,000 
ethnic Russians in Chechnya. 

Swiss Ballot: Jail Unwanted Aliens? 

International Herald Tribune 

GENEVA — An immigration measure that 
would empower Swiss authorities to imprison 
unwanted migrants for up to a year is very 
likely to win approval in a nationwide refer- 
endum this weekend, opinion polls indicate. 

The legislation ostensibly aims at curbing 
so-called drug tourism, which has turned tra- 
ditional bastions of rectitude like Zurich into 
a mecca for narcotics dealers and addicts who 
come from all over Europe. 

But church groups, human-rights groups 
and politicians on the left say that the drug 
problem is being used as a pretext to keep out 
immigrants in general They accuse the gov- 
ernment of playing to the xenophobia of 

people who have voted in the past against 
Switzerland's association with Europe or tire 
creation of a Swiss contingent for UN peace- 
keeping operations. 

Opponents of the measure predict it will be 
approved by a 6 to 4 ratio, with the Swiss 
German majority again outvoting the more- 
liberal French speakers. - 

The bill, proposed by the federal minis ter 
of justice and police, Arnold Roller, would 
allow the detention of migrants or asylum- 
seekers who do not have adequate identity 
documents. They could be held for a period of 
three months, extendable to one year if it 
takes that long to carry out their repatriation. 

stage of flight 

after i gniti on the motor only partially functioned.” The failure 
seat die PauAmsat-3 (PAS-3) plunging into the Atlantic Ocean 
late Thursday. 

Dutch Act to Stem Influx of Refugees 

THE HAGUE (AP) — In the hardiest move yet by the 
Netherlands to repulse refugees, the lower house of Parliament' 



asylum-seekers who arrive by 
The measure, which is virtually certain to become law, would! 
bar any r e fug e es who had traveled through so-called “safe third,, 
countries.” It is estimated that a total 55,000 refugees will seek,., 
asylum in the Netherlands in 1994. 

The flood has severely strained government resonrees in this 
country of 15 mflHonpeople, contributing to & rightist resurgence 
in national elec tions m May. 

Austrians Find' Tank and Arms Cache, 

VIENNA (Reuters) — Austrian anti-terrorist police seized a, 
tank and an armored personnel carrier in a major arms find ini 
raids on hones of suspected neo-Nazis, Austrian radio reported' 
on Friday. The discovery was made a year after rightist extremists i 
tor inch ed a series of letter bombs against public figures, 

A police team uncovered a World War n era T-34 tank and a| 
modem personnel earner in a search of a farm In the village of • 
GOpfritz an der Wild, northwest of Vienna. The village lies on the; 
edge of a hog military training area, near the Czech border. 

Aus trian radio said both vehicles were reported to be in good; 
working order. The police also seized a huge. cache of mmtaxy! 
explosives and automatic rifles. The radio said two men, including- 
tire owner of the farm, had been arrested. 

3 Slam at Home of Pakistan Minister 

KARACHI, Pakistan (AP) — Unidentified gunmen opened 
fire Friday night outside the house of the minister of industries; 
and labor, lolling three people, the police said. The minister,' 
Ghulam Akbar Lari, was not at home at the time of the attack. ; 

Mr. T.asi ’s bodyguard, his driver and another man believed. to< 
be woriring/or the minister were killed when the gunmen drove up; 
in a car and fired automatic weapons. The police said they did not! 
know the motive for the attack or who was responsible. 

On Tuesday, gunmen entered an office of the governing Paki-! 
stan People’s Party in Karachi and killed four people. The police 
have blamed many of the politically motivated attacks on the; 
Muhajir National Movement, an opposition group. 

For the Record 



A Chechen woman, holding an automatic rifle, joined protesters on Friday in Grozny’s 
centra) square. The placard reads, “Chechen mothers demand an end to the bloodshed.” 

Quebec Separatist Loses Leg to Bacteria 

By Charles Tmeheart 

Washington Post Service 

OTTAWA — Quebec and 
much of the rest of Canada col- 
lectively breathed a sigh of re- 
lief on Friday after a tense night 
during which the opposition 
leader Luden Bouchard, strick- 
en with a flesh-eating disease, 
had a brush with 

chard’s physician, said he was' 
confident the infection had 
been arrested in a scries erf oper- 
ations at St. Luke’s Hospital in 
MontreaL Mr. Bouchard’s left 
leg was amputated Thursday at 
nod-thigh, and a subsequent 
procedure opened up his ab- 
dominal cavity to remove re- 
maining known pockets of in- 

His doctors said at a news 
conference that Mr. Bouchard, 
the founder and leader of the 
separatist Bloc Qufeb6ccds» had 
narrowly survived a sudden at- 
tack of necrotizing fasciitis, an 
aggressive disease that quickly 
spreads to deaden the skin and, 
in four out of five cases, loll its 

Patrick D’Amico, Mr. Bou- 

The doctors said that barring 
unforeseen problems, Mr. Bou- 
chard would be walking again 
with a prosthetic leg in three to 
four months. 

The positive prognosis fol- 
lowed along night of rumor and 
grief as stunned Quebeckers 
contemplated the news that 
their most popular and charis- 
matic politician, who was seen 

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function Saturday night, was in 
mortal danger. 

With a referendum on sover- 
eignty expected sometime next 
year, Mr. Bouchard and his 
Bloc Qufcbfccois were expected 
to play a major role in organiz- 
ing and stumping for the pro- 
separation side. 

It was unclear whether his 
convalescence might delay the 
date of the referendum. 

■ A Common Bacteria 

The virulent disease that 
struck Mr. Bouchard comes 
from a common bacteria bettor 
known for giving children sore 
throats, Reuters reported from 

Doctors say the Group A 
streptococcal bacteria that 
causes strep throat and tonsilli- 
tis has developed a deadly 

strain that rapidly destroys 
body tissue and muscle. 

The bacteria penetrates skin, 
usually through a cut. Once 

someone has it, a very painful 
i swiftly that 

infection spreads so : 
antibiotics are useless and sur- 
geons have to cut it out or am- 

The rare disease, known as 
necrotizing myositis, caused 
panic when it appeared in Brit- 
ain earlier this year killing 13 

Researchers say they have 
known about it for years, but 
the lethal strain going around 
how is much more virulent 

Researchers now believe that 
a particular type of Group A 
streptoccod secrete an enzyme 
that invades the body’s immune 
system easier and consumes 
tissue faster than before. 


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Spy’s Goods Going, Gone 
(Including Russian Bear) 

New York Times Service 

MARIETTA, Georgia — The ill-gotten goods of Aldrich 
Hazen Ames, Moscow’s man inside the CIA, have been 
auctioned off in a suburban shopping mall, an incongruous 
end to the tale of greed that was possibly the tost great spy 
stray of the Cold War. 

The curious and the covetous bid on jewels* gems and 
geegaws, once stashed amid purloined papers and classified 
computer files, seized by the FBI after Mr. Ames and his wife, 
Rosario, were arrested nine months ago in their well-appoint- 
ed home outside Washington. 

The fruits of Mr. Ames’s espionage were on display Thurs- 
day before the auction, held to benefit the U.S. government 

Many stopped to examine them. Hazel Austin was at first 
taken, and then repelled, by a gold, diamond and costume 
pearl chain with a pendant of a golden red-eyed animal. 

“Is that a Russian bear?” she asked, wrinkling her nose. It 

“To think that people died for this stuff,” she said, referring 
to 10 CIA agents who were killed after Mr. Ames’s betrayals, 
for which he was paid more than $2 million by the Soviet and 
Russian intelligence services. 

A former SS coocentra ti on camp commander, Josef Schwanmh! 
berger, 82, who is serving a life term for killing 650 Jewish slave' 
laborers, was indicted Friday on 144 new charges of murder andl 
abetting murder in Stuttgart. The new indictment stemmed from 
evidence that surfaced during his earlier trial but could not be; 
introduced because it was not included in the request for his 1990. 
extradition from Argentina, where he fled in 1948. (AP) 

Fifty-two Kunfeh rebels were kffled as the Turkish Army I 
pressed its crackdown on rebel bases in the mountains of the; 
southeast, it was reported in Diyarbakir on Friday. (AP) 

Roman C atho lic ntboritics bare readied an out of eomt settle- ., 
mem in Dublin with a man who was sexually molested by a priest '< 
when he was an altar boy, news reports said Friday. The Connacht ; 
Tribune, published in Galway, Ireland, said the settlement was I 
more than 75,000 Irish pounds ($107,250). (AP) ■ 


^ Because of an editing error, an article on the Taiwan elections in, 
Friday’s editions iocoiTectiy identified Taiwan’s mam opposition: 
party. It is the Democratic Progressive Party. 


Volume Declines on Baltic Ferries 

HELSINKI (Reuters) — Shipping lines running the huge car; 
femes in the Baltic reported a huge decline in the number of; 
passengers since the ferry Estonia went down with the loss of 900 : 
lives in September, a survey in the daily Helsmgin Sanomaf 
showed Friday. 

Boos E k man , managing director of Viking Line, which runs six 
passenger femes in the Baltic, said the disaster would affect 

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volumes into next year. Shipping lines, mainly Finnish- 
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Passenger Train Derails in Hungary, Killing at Least 21 

. . .. Tuesday to 


BUDAPEST — At least 21 
people were killed and 60 were 
injured when an express pas- 
senger train was derailed Fri- 
day while passing through a 
provincial train station in cen- 
tral Hungary, the police and rail 
officials said. 

Several carriages of the train, 
traveling from Nyiregyhaza on 
Hungary’s eastern border to 
Budapest, derailed and sheared 

into a platform crowded with 
commuters in the town of Sza- 
joL 120 kilometexs (75 miles) 
east of Budapest. 

One carriage smashed 
through the ground floor walls 
of a hostel for railroad workers 
next to the track and brought 
the two floors and roof cr ashing 
down on top of it 

Two carnages sliced into the 
waiting roam. 

A nurse in the hospital of 

Szolnok, about 10 kilometers 
from the scene of the accident, 
said that dozens of injured were 
continuing to arrive at the hos- 

“They are crowding the corri- 
dors and they are still being 
brought in. There are adults 
and children,” she was reported 
as saying. 

Other derailed carriages were 
strewn across the railroad 

estimated an aggregate 

the number of passengers during November. 

Spanish engineers striking for higher pay forced the stale-run 
railroad to cancel at least half the tr ains on most routes Friday in. 
the first of several walkouts planned for December. (AP) 

Angola's TAAG anfines win resume commercial fligh ts on 
Tuesday to Huambo, the country’s second city and former UN r 
ITA rebel stronghold retaken by government forces last month, 
the company said. (AFP) 

PlnEpiHne Aii&ies nations have threatened to go on strike if the 
carrier and its partner, the government, failed to address griev- 
ances. The pilots’ union said the management had imposed “harsh 
working conditions,” including longer flight limes. (AFP) 

A 30-story extension to Hong Kong's PettinsaJa Hotel was 
officially opened by the Duke and Duchess of Kent. (AFP) 

A US. judge in Atlanta has given final approval to distribute 
about $400 millio n worth of discount coupons awarded last year 
in a class-action settlement with major airlines. The coupons will 
be mailed to about 4.3 million claimants. (AP) 

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Clinton Confidant Is Saidt, Admit Guilt 


While House P M™Hul*e« IS ’?’*■ ' S 3 Slgnificanl blow to the 


r Ss^^sa^sSs 

. Aides to Mr. Clinton have watched the Hubheil *•■»«/* 

PdSSti? 1 - ■ V 2 h ****** con^f* JhfSS 

| charges against a close associate might mean for the White 
House, not only leg ally but also politically , j}?ff 

Ferment Rises for Senate Republicans 

WgHNGTON — In a sign or the turmoil within the 

- ^^ ra " SeDaIecauc ^ Senator Trent Loti of Mississippi 

?L m ° r ® m< ^ erale veteran whip. Senator Alan 
*■ Su^pson of Wyoming, for the No. 2 leadership job Friday 

• „Jcf n in t COn !/ n f 5 e ? ub ] , “ n majority had unanimously cho- 

- 560 Sena tor Bob Dole of Kansas to be majority leader for the 
' second i?S£ m hlS career- But then, bv a 27-to-26 vote they 

jT approved Mr Lott, an ally of Senator Phil Gramm of Texas 
i who is a Possible Dole presidential rival for the backup post 
L dur npmg Mr. Dole s veteran lieutenant. Mr. Lott, a conser- 
vative, is close to the presumptive speaker of the House 
Representative Newt Gingrich. 

_On the Democratic side. Senator Ton! Daschle of South 
Dakota rapped a rapid rise to power by winning election as 
u minority leader. Mr. Daschle, 46 and in the Senate only eight 
.. years, defeated Senator Christopher Dodd of Connecticut, 
on a 24-23 secret ballot, on the strength of overwhelming 
‘ support from younger, more junior Democrats. (AP) 

The Gergen Controversy Boils On and On 

Clinton Makes Preemptive Strike on Military Spending 

New York Tunes Senice 

WASHINGTON — Administration officials 
have acknowledged that the tuning and staging 
of an initiative to seek a $25 billion increase in 
military spending reflected a view that President 
Bill Clinton must do more to bead off what has 
been a strong line of Republican attack: that cuts 
since be took office have left U.S. forces incapa- 
ble of carrying out their declared mission of 
fighting two major conflicts at once. 

The officials said that Mr. Clinton’s plan was 
recognition of a need to improve the readiness 
and the quality of life of military forces, which 
have been stretched so thin dial (he Pentagon 
conceded last month that 3 of 12 Army divisions 
were not at peak readiness levels. 

“We ask much of our military and we owe 
much to them,” Mr. Clinton declared as he 
presenting his initiative Thursday at a ceremony 
with Defense Secretary William J. Pony and the 
Joint Chiefs of Staff. 

The $25 billion increase would be spread over 
six years. Among the purposes of the new money, 
Mr. Clinton said, will be the troops’ annual cost- 
of-living pay increases that Congress has already 
authorized into the next century. 

Mr. Clinton said he also would ask Congress 
for an emergency increase in this fiscal year’s 
Pentagon budget to help cover the costs of opera- 
tions in Haiti, Kuwait, Bosnia and off the Cuban 
coast. Administration officials said later tha t this 
emergency request would total about $2 billion. 

Republican congressional leadens described 
the plan to increase spending as a welcome and 
important first step. 

Senator John S. McCain Jr., Republican of 
Arizona, who is among his party’s most influen- 
tial figures in military matters, (ailed it “the first 
sign of recognition on Lhe part of this administra- 
tion that this nation’s military readiness and 
ability to defend its vital national interests in the 
world is in question.” 

But Mr. McCain and his fellow Republicans 
said the initiative remained inadequate to heal 
deep wounds in U.S. military might. They said 
they would fight to halt the decline in the Penta- 
gon budget, which has dropped to $252 billion a 
year from $281 billion since Mr. Clinton took 
office. Military spending would decline further, 
even under the president’s new plan, before ris- 
ing a g ain later in the decade. 

“This is a hemorrhage that needs a tourni- 
quet,” said Senator Robot C. Smith, Republican 
of New Hampshire, who is a member of the 
Senate Aimed Services Committee, “and the 
president is offering a Band-Aid.” 

At a White House briefing after the announce- 
ment, Deputy Defense Secretary John M. 
Deutch pronounced the plan sufficient to allow 
the Pentagon to dose a budget shortfall that had 
threatened to force deep cuts in weapons 

But Republicans immediately questioned Mr. 
Deotch’s arithmetic. They said that it would be 
impossible to make up a budget gap that the 
administration estimates will total 548 billion 
over the next six years. 

“We have a readiness problem now, and we 
will have a readiness problem after the presi- 
dent’s initia tive is implemented,” said Represen- 
tative Floyd D. Spence, Republican of South 
Carolina, who is preparing to become chairman 
of the House Armed Services Committee in the 
new Congress. 

A promise to restore military spending is a 
central feature of House Republicans’ “Contract 
With America,” which they have pledged to 
cany out once they take control next month. 

But Mr. Clinton said Thursday that it was 
“not right” to see his request for an increase in 
military spending as an acknowledgment that his 
critics were correct 

‘Lif] Ml3i\- 

WASHINGTON — There was little love lost between 
„ David R. Gergen and Clinton White House staff members 
from the day he walked in the door as the Republican who 
w was going to help save the Democratic president. 

“ Now that he’s on the verge of walking out his loyalty to 
Mr. Clinton is still suspect — as evidenced by angry White 
House gossip this week over Mr. Gergen’s comments at a 
dinner of former presidential speechwriters. 

A Reuters dispatch quoted Mr. Gergen as saying Mr. 
Clinton’s problem has been a failure to communicate his real 
principles to the American people and that “nobody knows 
“ what he stands for.” This was quickly interpreted inside the 
White House as criticism of the president Mr. Gergen serves. 

Mr. Gergen was so upset he arranged a guest appearance 
Wednesday on the “Larry King Live” interview program to 
combat suggestions he was criticizing Mr. Clinton and to 
.' reassert that if Americans knew that Mr. Clinton was a 
centrist and what he stood for. he would be doing better and 
. get re-elected. He also enlisted the dinner host, the columnist 
William Safi re, who has backed Mr. Gergen’s version. 

' Asked Thursday about Mr. Gergen’s comments. Mr. Clin- 

’ ton’s press secretary. Dee Dee Myers said, with as innocent a 
look as she could muster “Remind me again what Pavid was 
Sired to do here? Wasn’t it (pause) presidential communica- 
tions?” . ( H'PI 

^ Quote/Bnquote . . 

~ President Clinton, speaking. Friday .oil tax-Sutfihg propos- 
- ids: "While" 1 favor a midcDe^class tax cut and I don’t rule out 
’working with the Republican Congress on some of iheir 
ideas, my standard win be, Wdl ithelp increase incomes foT 
the middle class, will it promote jobs and growth, and can we 
.pay for it?” (AP) 

. r 

'*'■ rt>*- 

Away From Politics 

• Rashid Baz, 28, a Lebanese iunmmant who said he was 
traumatized by his war-torn childhood, has been convicted of 
murder and attempted murder for shooting at a van carrying 
Jewish Hasidic students last March in New York. 

• A woman who was scalded by hot coffee from a McDonald’s 
restaurant in Albuquerque, New Mexico, has reached a new 
settlement with the chain. Stella Liebeck, 81, had been award- 
ed $2.7 million in damages, but a judge later slashed this to 
$480,000. Terms of the new settlement were not released. 

• The rap star Tupac Shakra and Ms road manager, Charles 
Fuller, were found guilty of sexually abusing a woman last 
year, but acquitted on more serious charges of sodomy and 
c riminal weapons possession. 

• At iwwi seven indents at a H un ting ton Bead, California, 
high school were recovering after they unknowingly chewed 
LSD-laced babble gum that had been given to them by other 
students, parents and authorities said. 

AP. Reuter*. LAT, AFP 

FBI Advises 
Tight Rein 
On Aliens 

Los Angeles Times Senice 

rector of the FBI, Louis J. 
Freeh, is calling for tighter con- 
trols on student visas and alien 
marriages as part of an intensi- 
fied effort to curb terrorism in 
the United States. 

Mr. Freeh made the recom- 
mendations to Deputy Attor- 
ney General Jamie S. Gorelick, 
who asked Mm to review poli- 
cies and practices on immi- 
grants entering and leaving the 
United States in response to the 
World Trade Center bombing 
and to killings outside CIA 
headquarters — both linked to 


The recommendations, now 
under review tty the Justice De- 
partment, also proposed 
strengthening investigative 
powers against suspected “un- 
desirable aliens,” accelerating 
deportation appeal proceedings 
and limiting U.S. participation 
in a visa waiver pilot program. 
Under the program, 9Vz million 
foreigners entered the country 
in fiscal 1994. 

“Aliens coining to the United 
States to engage in illegal con- 
duct know that one of the easi- 
est ways to enter and remain in 
the country is by requesting 
asylum,” Mr. Freeh told Mr. 
Gorelick. • 

Under current procedures, 
-they are asked either to post a ' 
small bond guaranteeing their 
appearance at a future bearing 
or are released on their own 

“Any legal procedures de- 
vised to address such aliens will 
fafl unless they include provi- 
sions Tar the detention and re- 
moval of the alien,” Mr. Freeh 
said. “At present, too many of 
these aliens simply blend into 
American society and never re- 
turn for their immigration hear- 

A Justice Department offi- 
cial said Mr. Freeh’s proposals 
are part of a larger review of 
steps to prevent terrorism in the 
United States. 

Mr. Freeh said that two cate- 
gories of foreigners requiring 
“additional scrutiny” are those 
who enter the country on stu- 
dent visas but do not abide by 
the terms of the visa and those 
who “engage in ’sham mar- 
riages’ with American citizens 
or permanent resident aliens” 
solely to become legal residents. 

TRADING SMILES — President Bill 
of Kansas, from the Senate vote that passed the GATT world trade accord. 



Los Angeles Court Convicts Fleiss 

Of Running a Prostitution Ring 

A jury in Los Angeles convicted • Heidi 
Fleiss on Friday of running a high-priced 
prostitution ring. Miss Fleiss. 28, the so- 
called Hollywood Madam, was found guilty 
on three of five pandering charges. The jury 
was deadlocked on the two other counts and 
acquitted her of supplying cocaine to an un- 
dereover police officer. 

She was arrested last year after providing 
$l,500-a-iiight prostitutes to undercover po- 
lice officers posing as businessmen. The de- 
fense bad claimed entrapment. After her ar- 
rest, there was speculation about her clientele. 
But the judge ruled that the names of her 
customers were irrelevant to the case. 

Short Takes 

A lawyer is same a resfamnt that he chums 
served him a double espresso instead of de- 
caffeinated coffee. Donald Horowitz of New- 
ark, New Jersey, says the mix-up at last De- 
cember at the Teggiano Restaurant put him in 
the hospital with a rapid heartbeat. After a 

few sips, “I developed chest pains and my 
heart started racing,” he said. Mr. Horowitz, 
58^ who had a heart attack in 1991, claims he 
still has heart trouble because of the espresso. 
He did not specify the amount of damages he 
seeks. The restaurant denies the claim. 

Wine aging is vastly overrated, writes Frank 
J. Priai, wine critic of The New York Times. 
“Upwards of 90 percent of all the world’s 
wine is meant to be consumed a year or two 
after it is made,” Mr. Priai says. “Beyond that 
paint, it begins to deteriorate, it becomes flat 
and dull and loses both its color and bou- 
quet” High-quality wines can age five to 10 
years and a few exceptional wines even long- 
er. “Occasionally, a truly fine old bottle of 
wine comes along,” Mr. Priai adds, “a bottle 
whose contents display subtleties of flavor 
and bouquet rarely encountered in young 
wine. But these bottles are truly rare. Most 
■ old wines taste, well, old.” 

- The CMBitry’s most common name for dogs 
is Max, says a survey of 30,000 orders to Tags 
& Etc. Pet Products, and the most common 
name for cats is Kitty. The canine runners-up, 
in descending order Lady, Jake, Molly arid 
Sam (tied). Shadow, Buddy and Ginger (tied), 
Casey, Sadie, Maggie and Buster. The feline 
runners-up: Smokey, Tigger, Tiger, Patches. 
Missy, Shadow, Samantha, Baity, Callie and 
Midnight (tied). 

International Herald Tribune. 

life Terms Given 
To Killer of 2 at 
Abortion Clinic 

The A sso c i ate d Press 

PENSACOLA, Florida — A 
judge sentenced Paul J. Hill to 
two life terms Friday for violat- 
ing the new federal clinic-pro- 
tection law by shooting and 
killing an abortion doctor and 
his escort. 

Mr. Hill 40, showed no emo- 
tion as UB. District Judge Rog- 
er Vinson handed down the life 
sentences and a 10-year sen- 
tence for wounding a third per- 

Dr. John Bayard Britton, 69, 
and Janies Barrett, 74, a retired 
air force officer, died in the 
shotgun attack July 29. Dr. 
Britton’s wife, June, 69, was 

Mr. HID, a former minister, 
was the first person convicted 
of violating the federal abortion 
clinic protection law, passed 
earlier this year. He was also 
convicted of state murder 

Gingrich the Novelist Edits Out a ‘Goofy’ Reference to Bush 

■ ' • •> By Serge F. Kovaleski 

Washington Past Senice 

Gingrich, the House speaker- 
to-be who is co-writing a World 
War II novel says that he told 
his publisher to drop a draft 
Chapter that refers to a Lieuten- 
ant George Bush as “goofy." . 

7 Mr. Gingrich, Republican of 
Georgia, said that he 
v '■ ■’ ttrote, saw nor approved the 
- ' reference to the fora** presi- 
flenL who saved as a U -S. Navy 
lieutenant during World War 
: <>’ n. The book’s publisher, James 
Bara, said Thursday that the 

- section mentioning Mr- Bush 

was a suggested insertion that 

he had added to the novel but 
that Mr. Gingrich had not had a 
! chance to review. The book ts 
y * due out next August. ■ 

. ^ ! The book, tentatively titled 

. -V ‘“1945,” is one of two novels 
‘ : " InowoanxpyingMr. Gingr«*-it 

' ‘is the latest in a senes rf entff- 

I prises, including a weekly tde- 
. vision program on* conserve- 
1 tive network, intended to bmld . 
• ja national reputation and pro- 
1 mote his ideas. 

i His publisher, who is paying 

- ‘him a $15,000 advance, took the 
' " blame for the unflattering Bush 

‘ reference- “The fault lies entne- 
‘ to with me, and I deeply regret 
•both the obvious furor as well 

as any distress it has caused, 
said Mr. Bara, who heads Bara 
Publishing Enterprises in New 
York. “In this regard, I offer my 
special apologies to George 
Bush, a man I personally ad- 

The book, which is expected 
to nm about 400 pages, is being 
written with William R. Forst- 
cfaen, a historian and science 
fiction writer who has pub- 
lished about a dozen novels, 
Mr. Bara said. He said that the 
bo<A contract was signed about 
a year ago and that the co-au- 
thors would split the royalties. 

Spiced with an explicit extra- 
marital love scene and talk of 
divorce, the book seems an odd 
departnre for Mr. Gingrich, a 
conservative who has crusaded 
for family values and school 

pI fctr*BaeB describes the novel 
as an “alternate-history techno- 
thriller ” It looks at what would 
have happened if Hitler had not 
declared war on the United 
Slates. In the draft version. Hit- 
ler's plane crashes on Dec. 6, 
1 941, and he becomes comatose 
at a time when be would have 
declared war after the Japanese 
bombed Pearl Harbor. 

In the book’s first chapter, 
the main character, James 
Mannheim Martel, a naval in- 
telligence officer, says he still 

keeps a picture of a young 
Ameri can pilot standing on the 
wing of his bomber, which had 
crashed in the water. Mr. Mar- 
tel had flown cover for the pilot 
while he waited to be rescued. 

“Martel smiled as he thought 
about him,” the draft said. “He 
hadn’t been the cleverest flight 
leader in the fleet but by God be 
knew how to lead a group 
straight into enemy flak like 

they were on rads. What was his 
name? ... Lieutenant George 
Bush. Quite a guy, in his goofy 

Mr. Bara said the book’s sex- 
ually explicit scenes were writ- 
ten by Mr. Gingrich's co-author 
and reviewed by Mr. Gingrich 
and himself . 

A source dose to Mr. Ging- 
rich said he was working on a 
second novel with the science 

fiction writer Jerry Pounelle. 
The source said the book, which 
takes place in the late 1990s, 
dealt with a discovery by an 
American scientist that a Japa- 
nese corporation knows too 
much about targeting points on 
earth from a satellite network 
and is able to drop bombs from 

In 1984, Mr. Gingrich pub- 
lished “Window of Opportuni- 

ty,” a nonfiction book that con- 
tained his views on the world, 
through Bara Enterprises. Both 
efforts were partly financed by 
political contributors. 



Full detail* 

21st Century Group Ltd. 

Box 212.1sleworth 

TW7 7RY, United Kingdom. 

Tn OUR rea pers IN berun 

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5 REPORTS - Or Send Your Business Card ro: 

. _ „ Privacy Reports 

26A Peel Street, Ground Floor, (Dept 344) 
Central, Hong Kong Fax: + 852 850 5502 

Please Quote Dept. No. When Replying 

Faster Line 
At Moscow 

Washington Pool Senice 

MOSCOW — The United 
States ambassador, Thomas R. 
Pickering, has defended his em- 
bassy against Russian accusa- 
tions of rudeness and Soviet- 
style insensitivity by consular 
officials in visa-issuing opera- 
tions and said that the embassy 
was moving to simplify the pro- 
cedures in response to com- 

“I am not interested in hav- 
ing the United States portrayed 
as an ugly Soviet-style bureau- 
cracy,” he said at a news confer- 
ence. “And we will do all we can 
to try to deal with it." 

He said the embassy would 
set up an express line for Rus- 
sian tourists and business trav- 
elers who have visited to the 
United States repeatedly and 
had therefore already gone 
through the detailed embassy 

He also said the embassy 
would increase personnel and 
space to speed up the visa-issu- 
ing process. 

The issue is primarily a ques- 
tion of who gets much sought- 
after visas to travel to the Unit- 
ed States and about Russian 
complaints that the process is 
onerous and also often humili- 

But an underlying theme is 
the growing friction in relations 
between Russia and the United 
States, with the U.S. Embassy a 
local target of criticism. 

In the past three years, the 
United States has £one, in the 
eyes of many Russians, from a 
symbol of democracy and pro- 
tector of dissidents to a country 
that has its own interests, not all 
of them identical with those of 

Nonetheless, more Russians 
want to travel to the United 
States than probably any other 
country, and tins is the cause of 
the current disagreement. 

In the Soviet era, the U.S. 
Embassy dealt with 3,000 to 
4,000 visa applications a year 
now more than 130,000 applica- 
tions are filed annuall y. 



T he nightmare of anarchy 
and bloodshed in the 
African nation of Rwanda 
defies description. The hearts 
of everyone at the African 
WadiMe Foundation go out to 
the people of Rwanda. 

Our beans also go out to the 
mountain gorillas, popularised in the 
film 'Gorillas in the Mfef who Kve in 
the Pare Dos Voteare m Rwanda. 
Understandably, many of (be park 
rangers who guard this endangered 
species fled during the fighting. Others 
bravely remained u their post through 
most of the ovil war, monitoring the 
gonBas' whereabouts and wefl-being. 

it is imperative lor the gorillas’ 
safety that these wardens and 
rangers receive the food and basic 
equipment they need in order to 
return lo the perk and set up regular 
patrols id protect the goritUs 
Thai’s why the African Wildlife 
Foundation has established the 
Mountain GorifJ* Emergency 
Fond. Our goaf is to raise S8S.OOO to 
re-equip the rangers, and provide 
park personnel with food and equip- 
ment and money 10 live on far the 
nest six months 

Please send a donation to the 
Mountain Gorilla Emergency Fund c/a 
African Wikflrfe Foundation, 1717 
Massachusetts Avenue. N.W.. Suite 
002. Washington. D.C 20036. oi call 
(202) 265-8393 for more information. 

Together, we can ensure tha sur- 
vival of one of Earfo’s true wildlife 
wonders — the magnificent mountain 
gorillas of Rwendei 


Bosnian Serbs Now Seem, and Talk, Tougher Than Ever 

By John Pomfret 

• Washington Pm Service 

SARAJEVO, Bosnia-Herzegovina — One 
month ago, the Bosnian Serbs were on the ropes. 

The forces of the Muslim-led Bosnian govern- 
ment had just punched out of the northwestern 
Bihac pocket. A combined Croatian-Muslim as- 
sault had captured a Serb-held town for the first 
time in the war. NATO and the United Nations 

had agreed on a more robust use of air strikes to 

punish the Serbs. A crippling embargo imposed 
by their erstwhile ally. President Slobodan Milo- 
sevic of Serbia, had prompted talk of impending 

Now, however, the Serbs seem m a stronger 
position than ever. The North Atlantic Treaty 
Organization and the United Nations have 
backed off their threats, and Serbian troops, 
with abundant fuel and new missile batteries, 
are poised to slice the Bihac pocket in half. The 
major powers have hinted the/ will accept modi- 
fications to a UN-sponsored peace plan, to the 
Serbs' benefit — if only the Serbs will sign. 

"Hie Serbs' return to the offense on the battle- 
field after a break of six months has been 
accompanied by an important political shift and 
a hardening of their position. 

“If the international community gets tough 

with ns, we wffl get tough with tltem,” said Jovan 

Zametica, an adviser to' Radovan Karadzic, 
leader of the Bosnian Serbs. “We know how to 
do that.” 

The more aggressive posture was evident 
when Mr. Karadzic, the psychiatrist turned na- 
tionalist leader, refused to meet the UN secre- 
tary-general, Butros Butros GhalL Serbian 
forces are also bolding more than 450 UN 
soldiers. „ 

UN officials say the Serbs, who occupy 70 
percent of Bosnia, appear to be interested m the 
notion of an alliance with the Croatian Serbs, 
who hold 27 percent of Croatia. Those who 
favor this would like the resulting confederation 
recognized as an independent state, UN officials 


And for the first time, according to these 
offiraals, the Bosnian Serbs seem willing to see 
the UN peacekeeping mission pack its bags and 

“We have always wanted peace but, of course, 
it must be an enduring one,” said Nikola Kolje- 
vic, a S hakes peare scholar who serves as vice 
president of the self-styled Bosnian Serbian 
state. “We were ready to talk about other things 

earlier, but the international community missed 
its chance.” . 

Serbian officials have often said they feared a 
UN pullout because it could free NATO to hit 
hard at Serbian targets, following through on its 
threat to use air strikes to protect Muslim-held 
“safe areas” such as Sarajevo and Bihac. When 
the Serbs attacked Bihac nearly two weeks ago, 
NATO's limited strikes did not stop them. 

“Don’t mess about. If you bit us again, it 
means all-out war,” Mr. Zame tica. warned UN 
peacekeepers after the last of two air strikes. 
“This has come from the head of state, President 
Karadzic. He is in a furious mood.” 

The battle for Bihac demonstrated that the 
Serbs could attack a safe area without unaccept- 
able consequences. On Nov. 26, General Man- 
oljo Mflovanovic, the Bosnian Serbian com- 
mander of the operation, openly demanded that 
the Muslims surrender. 

UN officials say the rebuff of Mr. Butros 
Gholi was a strong indication that the Bosnia 
Serbs may be seeking some measure of recogni- 
tion as an independent state. These officials say 
Mr. Karadzic and his faction might no longer be 
satisfied with modifications of the international 


with Serbia. 

Under the plan, brokered by the United 

S tate s Britain, France, Germany and Russia, 
the Serbs would be forced to surrender about 
one-third of the territory they hold toaMushm- 
Croat federation. While the Mnshm-CnMl fed- 
eration would be allowed to form a confedera- 
tion with Croatia, the Serbs would not be 
permitted to confederate with Serbia. 

In August, the Serbs rqected the peace plan; 
the Muslim and Croat factions have accepted it 

Over the last few months, Britain and France 
have lobbied for the Serbs to be allowed “consti- 
tutional equality,” the right to confederate with 
Serbia. Last week, U.S. officials, including De- 
fense Secretary William J. Perry, signaled that 
the United States was willing to consider this 

But do the Serbs still want it? 

“Confederation is no longer our demand,” 
said Mir. KoKevic, the vice president “We want 
complete independence ana UN recognition.” 

“We’re offering them yesterday’s deal,” a UN 
official said. “We're not very good at listening to 
their changes.” 


NATO Thwarted 

Con&Hied from Page 1 
an blockade of aid convoys 

there is also wiping out stocks. 

An illustration of the respect 
tha t the United Nations grants 
to the Serbs unfolded on Friday 
in Sarajevo. Two wire-guided 
anti-tank missiles, fired from 
Serbian positions, hit the presi- 
dency building — one as Gen- 
eral Rose and Mr. Akashi 
emerged from their armored ve- 
hicles to enter the building and 
the second as they stepped in. 

But after the attack, the two 
went to the Serbian mountain 
stronghold of Pale to continue 

“1 would like to see our skies 
clear of NATO planes,” the Ser- 
bian leader, Radovan Karadzic, 
said after the talks . “We are not 
defiant. That is why NATO 
should not be around.” 

Significantly, Mr. Akashi ap- 
peared understanding. 

“NATO can bring in their 
planes, and the Serbs can bring 
in their air-defense systems 
against which NATO has to 
bring in more planes” he said. 
“We must do everything to 
break this vicious circle.” 

The moves by General Rose 
and General de Lapresle were 

Serbs to Get 
A Proposal 
For Linkup 

The Associated Pros 

BRUSSELS — The United 
States, France, Britain, Germa- 
ny and Russia sought to revive 
the peace initiative for Bosnia 
on Friday by unveiling new 
proposals, incTudmg the sugges- 
tion of a confederation between 
Bosnian Serbs and Serbia. 

The foreign ministers of the 
Bosnia “contact group” cations 
launched anew drive to end the 
fi ghting after Secretary of State 
Warren M. Christopher en- 
dorsed the European view that 
diplomacy was the best way to 
deal with the conflict. 

After the meeting, the French 
foreign minister, Alain Juppd, 
said it was agreed “to devise a 
constitutional arrangement” 
enabling Bosnian Serbs to link 
politically with Belgrade 


Fhurffy Goes Under 

Cruise Ship’s Survivors Are Taken 
To Safety in Djibouti and Kenya 


ROME — The Italian exuisefiner 

Ita S^ »T St -^Sho^icurezza, command^- b 1 chief of the 

re<» ved woM&mthetinp’s.croxs 

whowoetold by one of the two tugs at the scene 
gone down. 

The ship sank as it was being tawed by * ^l*?* 11 * 
ifles from where the blaze started early Wednesday. 

miles from where me t-j- - : jL-sH 

Pas^rs and m ' wjJ ‘ 

Nearly 1,000 
aboard thes 



ship Were sailing on Friday in a flotigtf stops M 
and medical care. The Italian Coast Guard cxwjdt-3 
Che rescue effort 

Many of those heading for Red Sea statepf Djibouti aM 
the Kenyan port of Mombasa were sunburned, exhausted 
in shock after their ordeal and a daylong transfer pperatiopatj 0 * 
sea. Some also had broken bones. 

Port authorities in Djibouti said they expected surwypig . 
from the Italian cruise .liner to arrive on Saturday oniffiretf 
merchant ships and two U.S. Navy vessels. ^ _ . ... ^ 

The 977 passengers and crew from nme county res abS4~ 
doited the burning, S30 million ship in life rafts andbOafepflL 
the Horn of Africa on Wednesday after fire brake out tow: 
-ngim- room. They first took refuge on the flat dedc of an 
tanker, the Hawaiian King 
They were ferried from tl 
ed among 10 rescue ships. .. . 

Port authorities said the first ship to arrive m Djibotitrj 
would be the Liberian-registered bulk 
Italians, 4 Israelis, 15 South Africans, 

7 German passengers and crew from the liner. . ^ 

It will be followed by the Lima with 50 passengers, the Iraki 
Sharbaz with 40 passengers, the U.S. Navy cruiser GettyriHriin 
with 165 passengers and U.S. frigate Halyburton with 43, "■ 
Two elderly male passengers died in the disaster, a Ges 
who suffered a heart attack and a Briton who was kQled 
blow to the head while he was boarding a life raft 
passengers were injured. 

carrier Bardu wiffl6n 

In Mombasa, shipping agents said five merchant shipswith 
hund reds of survivors were expected on Sunday, and officials 
said they were ready to receive them. 

ALLIES: Different Security Views 

because they feared 


Gropn IBc.'Tbc Awaacd Pnas 

Bosnian Muslims who were rounded op after recent fighting In Velika KJadusa, north of the enclave of Bihac. 

^1?™“ STAMP: U.S. Postal Service Sets Off Outcry in Japan 

NATO denials and UN clarifi- 

In Sarajevo, British Wing 
Commander Timothy Hewlett, 
a UN spokesman, announced 
that “NATO has stood down at 
our request just to help get the 
peace process going” 

The goal, he said, was to 
“better understand the mes- 
sages that are coming from 

His statement was immedi- 
atel 5 

ly contradicted by Captain 
i Mitchell of the U.S. Navy, 

Continued from Page 1 

surrendered. More than 

200.000 people were estimated 
to have died from the bombing 
by the end of 1945 and at least 

100.000 more later. 

Many American historians 
believe that President Harry S. 
Truman decided to bomb Japan 
to induce Japan to surrender 
and to save up to a million 
American lives that might have 
been lost had the United States 
tried to invade Japan. 

But others argue that the 
United States believed Japan 
was dose to surrendering any- 
way and that the U.S. estimate 
of the number of potential casu- 
alties from an invasion was far 
lower, perhaps 30,000. Some of 
these historians say the motive 
for the bombing was to demon- 
strate American power to the 
Soviet Union in anticipation of 
the Cold War. 

The justification for the 

bombing is a major focus of the 

controversy over the Smithsoni- 
an display of the Enola Gay. 

The exhibit, scheduled to 
open in the spring at the Air 
and Space Museum in Wash- 
ingum, was criticized by veter- 
ans groups as bong too sympa- 
thetic to Japan. So the text has 
been changed to offer more jus- 
tifications for the bombing. 

Those changes have been 
criticized by some American 
historians and by bomb survi- 
vors in Japan. 

Sword Vanishes 
From Museum at 
Windsor Castle 



CH Interdenortina S onal & Evargefcaf Sun- 
day Service iftOO am & 1130 amf Kkfc 
Welcome. De Cuserskaal 3, S. Amstentem 
Into. 02940-1 5316 or 025094 1399. 


BLY (AOG), An EngIsh-ianaEme, Irterde- 
nominafona! FeBcwErtp. Sunday Service 
1030 am. Kiev Council of Trade Unions 
Buftftig. 16 Khreschaft Steer. Pastor B- 
donBrcnm (7044) 2443376 or 3502. 

des Bons-Ralsms, RuaU-Malmalson. An 
Bongeicai church to Ihe BngWi speaking 
community located In the western 
sutxjrbs.S.5. 9:45; Warship; 10:45. ChO- 
ttaVs Church and Nuroy. Youto ministries 
Dr. BjC. Thomas, pastor. Cal 47S129 j 63 or 
47.49.1529 tor Information. 

geicaf). Sun. 930 am Hotel Orion. Metro 1 
: Esplanade de La Defense. Tel.: 
47.733354 or 47.75.1437. 

rue Bayard, 75006 Peris. Metro FD Rooae- 
vett. Family service & Sunday School at 
1030 am. every Sunday. All welcome. 
Fbr Information 48 78 47 94. 

CafooicJ. Masses Smday: 9:45 am, lino 
am. 12:15 pm, and 630 pm Saturday: 
1130 am and 630 pm Mroda^-Frida^ 

For kiformaGon wrte EUU cto Hertz, Fiyden- 
hmdsvej 49, DK-2950 Vecbaar, Denmark 
(Fax + TeQ (45) 42-B9-4184. 



OF EUROPE (AngSccm) 


HOLY TRINITY, Sun. 9 & 11 am 1045 
am. Sundtay School tor chfcfron ard Nwsery 
care. Third Sunday 5 pm Evensong 23, 
avenue George V, Paris 75006. TeL 33/1 47 
20 17 92. Metro: George V or Alma 


ST. JAMES' CHURCH Sun. 9 am Rto I & 
11 am Rite II. Via Bernardo RuceSaf 9, 
50123, Florence, Italy- TeL 395629 44 17. 


chlch Kreuzgemelnde, Hohenfohestrasse 
HeTTnarevBaaG-Sr. (around tie comer from 
toe Bahrfel) Sunday wonHp 1730 Ernest 
D. Water, pastor. TeL 04791-12877. 


Stiada Pope Rusu 22. 330 pm Contact 
Pastor Mto Kamper, TeL 312 3880: 


maels in Modes Zsfomond Gimnazlum, To- 
rokveszul 46*4. Sundays. IftOOCofee 
Fetowshfo. 1030 Wbretfx Taka Bus 11 
fctxn Bantyany tor. Other meefrigs, ca8 Fte®- 
tor Bob ZUnden. TeL 2503932. 


paVAngtcan) Sin. Holy Communion 9 A 11 
am Sunday School and Unsay 10946 am 
Sebastian Rinz SL 22, G0323 FrsnMurt. Ger- 
many, Ui. 2. 3 MlqueWUtee. Tat 49/69 


World Trade Center, 36, Drehan Tzankov 
BtaL Worship 11:00. James Duke. Pastor. 
TeL 704367. 


I n te rna tiona l Baptist FMowahfa meets at toe 
Czech Baptist Qturch Vhonradska 0 86, 
Prague 3. A1 metro stem Atooz Podebrad 
Sunday a.m. 11:00 Pastor: Bob Ford 


Waterloo Battel Fetawrtp Worship 1400 
at Swedish Church, Chaussee de Cnaiterai 
2 acmes from MCDonaUs. TeL 065 225076. 


International Baptist Church. EngEsh. Ger- 
man, F^rataa Worship 1030 am. SoieraS-. 
21, Vttjppcrtel - Elwfett. Al denombafons 
welcome. Hans-Dieter Fraund, pastor. 
TeL 02084696384. 

WSdenswi (Zurich). Ro se ntoormte 4, 8820 
WadensuKL Wbrahfo Services Smday mor- 
nings 11 «L TeL 1-724 2662 . 


Wtndmuten Skassa 45, Ceis 1300 \ 


1400 B We Study, Pastor Wert 

830 am. 50. avenue Hoehe. Paris) 
42273655. Metro: Charles de Gaule - BoSe. 


EMMANUEL CHURCH. IS. 3d & 5tto Sun. 
10 am Eucharist & 2nd &4toSua Morning 
Prayer. 3 me de Montooux, 1201 Geneva, 
Swlzeriand. TeL 41/22 7328078. 


(UZThefestenstr.) (089)1 

PEACE CHURCH - English-: 

3p o|k lrg 

1 5. 80337 Munich 

• Tor station),. Tel. /0) 69 v- 
300-6100 (parsonage) or (0) 89 + 
2311 56-3 (dfe). INFORMATION, otoerci- 
es, call (d) 69 +23 81 27 or (0) 6192 + 



searched toe scriptures daSy" Acts 17:1 
Evangafca! Enrfsh service at 1030 am wi- 
th Paster Daw tobobon. Franz Josel Slras- 
se 23. Fv Mb cel 43 (0) 662455562 


CHURCH near BdabasN Sn. TeL; 3261- 
3740. Worship Service: 930am Sundays. 
TOKYO UMON CHURCH near Omoiesarv 
do subway sta. TeL 3400-0047. Wo^wp 
sennoes Sunday 830 & 11:00 am, SS el 
945 am 


If von would Ske a tree ESte course ty mad, 
_ j contact l-KRJSE de CHRIST. P.O. 
1 511 SteunfcxL indana 47891 USA. 


Language' Tran&denontinafion a l. meets at 
H&nasse 17, 1070 Vienna, 630 nm Eve- 
more information cal: 43-1-318-741Q- 


11:45 am. Holy Eucharist and Sunday 
School, Nursery Care provided. Seyboths- 
tiassB 4, 81545 Munich (HariacMig), Ger- 
many. TeL 49/B9 64 81 85. 


830 am Holy Eucharist Fte I; 1030 am 
Chord Eucharist Rfte It 1030 am Chuch 
School far diadren & Nursery care provided; 
1 pm. Spanish Eucharist Via NapoU 56, 
00164 Rome. TeL 3918 488 3339 or 3916 
474 3569. 


ALL SAINTS' CHURCH 1st Sun. 9 & 1 1:1S 
am. Holy Eucharist wtto ChldretVs Chapel 
at 11:15. Al otoar Sundays: 1 1:15 am Holy 
Eucharist and Sunday School 563 Chaus- 
s 6e de Louvain, Ohten, Belgium. TeL 32/2 



CANTERBURY. Sun 10 am. Ftanly Eu- 
charist Frankfurter Strasso 3. WSesbadan, 
Germaiy. TeL 4981 1 30:66.74. 

FTl (05141)46411 


MISSION. Btote study & Worship Sunday 
1030 am. Stadtmisston Da-EberstadL 
Buescheistr. 22, Bfole study 930, 

10:45. Pastor Jim Wabb. Tel.: 061! 


gtish. worship and ChBctien^ Chtsch Sun- 
days at 1230 p.m. Meeting temporary at 
foe Evsngefech - Freadrctfche G9nme fa 
ry(Kabeibe«g 11). Friend- 


W3. De Lay, TeL 0211 -400 157. 


SHIP Evmrgelsch-RBUnchGche Gemefada 
Sodenerstr. 11-1 8, 638 0 Bad Homburq, 
phonWFax: 0617362728 senring the Franfi- 
furt and Tains areas, 1 
worship 09:45, nursery + 

IttOO. women's tibia etudes. 

- Sunday + Wednesday 
Levey, merriber European Bapftsi Convert- 
ttoa 'Declare Hte gnty amongst toe na- 

CHURCH. Am Dachsberg 92. Frankfurt 
aJM. Sunday worship 1130 a. nv and 630 
pm. Dr. Thomas W. HA pastor. TeL 069- 



BARCELONA: (34) 7230158. 
BRUSSELS: Tel.: (32) 2-260 0226. 

or ( 32 ) 2-762-4293 meets 3rd Sun d month. 
QEHEVAflEMfc(41)31-3523721 or 

HEBELffiKS: (49)6221-472116. 
KABStSUUITERN: (49)63950585. 
MUNICH: (49) 821-47 24 86 Or (49) 8926- 
2326meete4foSuntiayeachm0 8t2pm. 
PBaoeCtsich. Frauenfobstr. 5. Mgrtitfi 
NUREMBERG: (49) 911-46-7307 or 
(31) 175*7-8348. 

NETHERLANDS: (31)71-140988. 
RARISi (33) 1*42 77 96 77 
UK: (441 81 ■8910719 
WIESBADEN: (49] 61 1 71 61 


meets at 9:30 a.m.. Bona Nova Baptist 
Clwch earner de fa CWat tie Safaper 40 
Pastor Lance 8onfen. Ph. 4396059. 


BERLIN. RotitertugStr- 13, (Stegto)- Bfcfe 
study 1045 wnntofoal 1200 each Sunday. 
Charles A Vtarfotd. Pastor. TeL: 030-774- 


CH OF BONNMOLM. Rhetoau Strasse 9, 
Kdfa. worship I.-00 p.rn. Catvln Hogue. 

TeL- (02236) 47021. 


Bible Study to English. Palisady Baptist 
Church Zrinskaho 2 1630-1745. Contact 
Pastor Jozhp KJadk. Tet 31 67 79 


CHURCH Industrie Sir 11, 6902 Sandhau* 
sen. Bfcte Study 09:45, Wgrehp llffl. Paaor 

Patl Hendm. TeL 06224«2» 


TRINITY BAPTIST S.S. ft30. Worship 
1030. nursery, warm tetewhip. Meets at 
Bloemcampfaan 54 to Wassenaar. 
TeL 01751-78024. 


11 am.. 7 pm TeL 407-4347 or 302-3017. 


Meeting 1100; Ktoo Center BuUng 15 Druz- 
meyPh,(095) 1503293. 


MUNICH Hoteti. 9 Engish Lan^age Ser- 
vices. BWe study 16.-C0. Wbrshp Service 
1730. Ptatort phone:690B534. 


day Atiae & Potedamer Sir. SS. 930 am, 
Worehip 11 am TeL 0306132021. 


CHURCH OF 8RUSSa.S, Suncfay School 
930 am and Church 10:45 am Kteten- 
bera. 19 (at toe W. School). TeL 673.05B1. 

gen. 27 Farvetgada. Vartov, near 
Study 10:15 & Worship 11:30. TeL; 


gen AOee 54 (Across tom Burger HosplBJ), 
Sunday Srtoool 930. wortop 11 am TeL 
(069) 599478 or 51255Z 


rue Veidafaa Sunday worship 930. In Ger- 
man 1130 fa En^sh. Tet (022) 3105039. 


LUTHERAN CHURCH of the Redeemer. 
Ofd C8y. Murialan Rd. Engish worship Sun. 
9 am Al are wefaejme. TaL (02) 281-049. 


AMERICAN CHURCH In -London 79 Tot- 
tenham CL Rd. W1. SS at 10.00 am., 
Vttarshfoat 1 1XO am Goodge a tube. TeL- 


1 1 3Q am 65. Dual (fOrsay . Paris 7. Bus S 
at door, Metro Atofe-Marcseu or imaSdes. 

IMMANUEL CHURCH. Wordtip Christ in 
Sweetish, English, or Korean. 11.30 am. 
Sunday. Bhger Jarlsa. at Kungstensg. 
17. 46/oa / 15 12 25 x 727 fpr more 


BLY. Interdenominational S Evtmgeiical. 
Services: Sim. 1030 am, 500 pm. wed. 
500 pm F faffl My siym Shyri. TefRox 355- 


worship In English 11:30 A.M., Sunday 
school nursery, international, al dengmfaa- 
(ons welcome, □oraheagarae 16, Vienna 1. 


Ernteh sperttfaft workst^) service- Sunday 
SotooI a Nursery. Sunda ys 11:3 0 a.m. 
Scfanzengasse25. TeU. (01)2625525. 


CH Ens^sh Speahtog, worship service. Sun- 

TeL (01) < 


LONDON —The police said 
Friday that they were investi- 
gating the theft of a ceremonial 
sword encrusted with diamonds 
from Queen Elizabeth IPs 
Windsor Castle in the latest ap- 
parent security breach at a roy- 
al residence. 

The police in Windsor said 
the sword, a gift to Prince Philip 
from the United Arab Emir- 
ates’ president, disappeared 
from a cabinet in the castle’s 
museum on Thursday. 

There were no signs of a 

The police were called in by 
officials when they noticed that 
the sword and its scabbard, val- 
ued at more than £7,000 
($10,970), were missing. 

Security at Windsor Castle, 
west of London, was breached 
last week by two drunken 
schoolboys from Eton who 
broke in while the queen was in 

Earlier this year an attendant 
at Buckingham Palace, was sen- 
tenced to jail for stealing a 
painting worth £350,000. 

without tmdwrnfmng the integ- 
rity of Bosnia as a sovereign 

Mr. Juppe and his British 
counterpart. Foreign Minister 
Douglas Hurd, will travel to 
Belgrade on Sunday for talks 
with President Slobodan Milo- 

Mr. Christopher made dear 
that the current peace initiative, 
and its territorial division giv- 
ing Bosnian Serbs 49 percent of 
the territory, remained intact 

But the contact group’s state- 
ment said the Imd'dxvuzoh 
“can be adjusted by unitnal 
agreement between die par- 

The statement said both the 
Bosnian Serbs and the Cro- 
atian-Muslim group should be 
allowed “equitable and bal- 
anced arrangements.” 

The Bosnian Serbs now con- 
trol 70 percent of the territory. 

Allowing a linkup between 
the Bosnian Sobs and Serbia 
has been one of (he main war 
aims of the Serbs and will be 
seen as a step toward the 
“Greater Serbia” that has so far 
been resisted by the West. 

Earlier, the Bosnian Serbian 
leader, Radovan Karadzic, sug- 
gested that the possible offer of 
confederal links with Serbia 
would not be enough to get his 
side to accept a peace plan. He 
asked for international recogni- 
tion of Bosnian Serbian sover- 

Continued from Page 1 

ing threatened. A year ago it 
was the other way around: 

Washington was more worried 
about Russia's feelings than the 
Europeans were. 

Nor do the Europeans, led by 
Germany and France, want the 
North Atlantic Treaty Organi- 
zation to take in new members 
faster than the European 
Union, which is taring to 
strengthen its own mOitaiy arm. 

The Russian foreign minis- - . . . . 

ter, Andrei V. Kozyrev, seemed American troops in then 
to confirm European apprehen- tty protection frona 
sions when he objected to the attac ^ “Uriogthe „ 

one-year schedule that was fi- woity that future admmistia* 
naUy agreed upon, saving it was dons m ay not honor the Om~ 
too short. The initial U.S. pro- „ ton admimstranOn’s pledge tp * 
posal was to set a deadline of ‘ keep it least 100,000 there after \ 
raid-1995 for NATO to tell pro- neat year. 

keeping troops they have there 

For France and even fer 
Chancellor Helmut Kohl, who 
is eager to dispel French fratp 
about reunited Germany aod 
keep moving toward Europeai 
unity, NATO does not rule out 
a separate European defease 
identity — one the French hra 
pursued on their own for yeao. 

Many Germans* used to ) 

Ing on more than 300, ( 



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Spective new members 
they need to do to jean. 

At first, Germany and 
France tried to persuade the 
United States not to set a sched- 
ule, but Mr. Christopher finally 
persuaded the Germans that if 
they did not. Republicans in the 
majority in the new Congress 
could try to impose one. 

“We will present the results 
of our deliberations to interest- 
ed partners prior to our next 
meeting in Brussels.” the for- 
eign ministers finally agreed. 
That will not be until the end of 
1995, but even that was enough 
to upset Mr. Kozyrev. 

American officials said that 
the British had been the biggest 
European supporters of the ex- 
pansion plan. But Britain and 
France have been the countries 
most at odds with Washington 
over bombing Serbs in Bosnia. 

The German foreign nmns- 
ter, Klaus KriikrJ, also had 
some words for Senator Bob 
Dole, expected to become the 
Senate majority leader. Mr. 
Dole has been urging the Euro- 
peans to get their troops out iff 
the way in Bosnia and lift tijte 
weapons embargo against the 
Bosnian government v - 

“Lifting it now would proba- 
bly make the situation ev^i 
worse,” Mr. Kinkel said, stating 
a widely held European view.* 

Last week, NATO and the 
United Nations could not agF& 
on an American suggestion that 
intensified air raids could stop 
the Serbs* advance on the gov- 
ernment-held Bihac enclaw, 
and on Thursday one French 
official said, “What happened 
in Bihac is a rehearsal of wbjft 

would take place if the embargo 
were lifted.” 

BHOPAL: 10 Years After Pesticide Disaster, ‘Nothing Seems to Help ’ 

Con tinu ed from Page 1 

that spewed out of the factory that day. 

Mr. Thakur, his wife and three daugh- 
ters each receive a small payment from the 
government every month. His wife, Shanti 
Devi, said she did sewing and borrowed 
money to make ends meet. 

One judge has been suspended on cor- 
ruption charges, and accusations against 
three others are being investigated. 

Nearly half a million people in Bhopal 
lief, which is 

receive this interim relief, which is to stop 
when the victims receive their compensa- 

Union Carbide made a payment of $470 
million in 1 989 to compensate victims. The 
funds were frozen after legal challenges to 
the settlement by activist groups. With 
accrued interest, they have grown to about 

$600 millio n. 

Not only has the compensation process 
been slow, but advocates for the victims 
say that profiteers have become involved, 
promising higher payments if they are paid 
a fee. 

The 38 courts handling compensation 
cases began issuing rulings last year, and 
they have ordered payments of SUQ mil- 
lion in 120,000 cases, with more than 
300,000 cases to go. 

About one-fifth of the money went to 
relatives of 6,954 people officially listed as 
having been killed by the leak, and the rest 
to surviving victims. 

But senior medical specialists com- 
plained that many claims of death and 
serious injury were based on false docu- 

In May, after a flood of complaints, 
Justice Abdul Gayoom Qureshi, who su- 
pervises the payment of compensation, 
blocked payments in the higher compensa- 
tion cases, from $1,600 to $16,000. He 

instructed the judges to adjudicate 
minor injury cases. 

Mohammad Alcr am, who works at a «, 
furniture store, was 12 when his father,^ 
truck driver, died in the gas disaster, lg 
October, his family received the equivalent 
of $5,500. which was divided among hj§ 
mother and seven siblings. 

The money has been deposited in a batik 
and can be withdrawn only after three 
years. The family, members can collect the 
interest every month, Mr. Akram said. J 

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There are many who believe that if tbe, 
payments had begun coming into the. city 
years ago, life in Bhopal today could bate 
been far less painfuL '} 

“All these efforts are ad hoc," said Mi£ 
hesh Buch, a prominent environmentalist 
and town planner. “There hag been no 
productive use of the millions of dollars 
flowing in." 

GATT; Group’s Director Hails U.S. and Japanese Votes 

Continued from Page 1 

President Bill Clinton. With the 
help of business executives and 
Republican leaders in both 
houses, Mr. Clinton lobbied for 
the agreement to the end, even 

after supporters concluded they 

it. He 

had enough votes to pass 
was host at a breakfast Thurs- 
day at die White House for hes- 
itant senators of both parties 
and lobbied by phone through 
the rest of the day. 

At the White House, sur- 
rounded by Senate and House 
leaders, Mr. Clinton hailed the 
vote and. referring to Lbe North 
American Free Trade Agree- 
ment, said: 

“Just like the historic vote on 
NAFTA a year ago, this vote 
for GATT shows once again 

that our country is moving in 
the right direction, reaching out 
to the rest of the world and 
looking at the best interests of 
our own people.” 

The GATT agreement, the 
product of seven years of nego- 
tiations, will create a new 
framework for trade among 124 
nations, lowering tariffs by one- 
third, bringing down subsidies 
for farm exports, strengthening 
protection for patents, inven- 
tions and recorded entertain- 
ment and taking the first steps 
toward regulating trade in ser- 
vices and investment. The 
World Trade Organization will 
resolve disputes and enforce the 

The agreement will benefit 
U-S. manufacturers of medical 
htsiruments, farm equipment, 

drugs and electronic products, 
whose exports will no longer 
face other nations’ tariffs. Some 
less-efficient smaller farmers 
and the nation’s textile and 
clothing manufacturers are 
most at risk from increased im- 
ports resulting from the lower- 
ing of U.S. trade barriers. 

“Any way you cut it, we’re 
the big beneficiaiy,” said the 
incoming Senate majority lead- 
er, Bob Dole, Republican of 
Kansas. He called it a “net gain 
for the American people.” 

. But Senator Ernest K Hol- 
lfngs. Democrat of South Caro- 
lina, who led opposition to the 
pact, described the vote as “the 
gravest mistake the U.S. has 
ever made on economic policy.” 

(Reuters, WP) 


U.S. Says ATRs 
Are Safe Craft 

The Aaoaated Press 

ATR aircraft are safe, fed-^ 
eral regulators said Friday^ 
m seeking to reassure pas- 
sengers about the type of 
plane that crashed in Octo- 
ber near Chicago. 

The trash of an Ameri- 
can Eagle ATR-72, killing 
68 people in Roselawo, In- . 
diana, on Oct. 31, and re-* 
ports this week that some 
pilots were reluctant to fly 
the planes have unnecessar- 
ily frightened people, Fed- 
eral Aviation Administra- 
tion officials said. 

The agency has restricted 
the use of tlx planes in icy 

J?sr . ■ 





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Page 5 


More Than 140 Feared Dead in Philippine Ferry Accident Negotiator Defends 

Omp!td be Our Stott Fm~- m ___ 

North Korean Fact 
Despite Loose Ends 

Coupled Ow Staff from Dispatches 
**ANTLA — ■ More than 140 
were feared drowned on 
Fnday after an inter-island fe«- 
xywthrowe than 600 peopie 
[Xxxricomtd with a conSn- 
.er ship in Manila Bay and 
■ Rescuers recovered 34 bodies 
after the early-morning acci- 
dent, but as night fell they sus- 
pended the search for 1 13 pas- 
.sengers and crew of the ferry 
believed missin® 

. } thn* they are dead," said 
■a Coast Guard spokesman 
jJaime Daquilanea. “I think 
.they are with the ship below.” 

; Divers who reached the ves- 
,sd m less than 30 meters (100 
.feet) of water at the mouth of 
'Manila Bay said they could see 
; bodies pmned under baggage 
•and debris. ^ 

| Ships in the area rescued 45 1 
people from the sea, many coal- 
j®£ with diesel oil that came out 
iOf the ferry's engine room as it 
[sank. The freighter, the Singa- 
pore-registered Kota Sun a. was 
•damaged but joined in the res- 
cue effort. 

i Survivors said the ferry crew 
jhad done little to help passen- 
igers evacuate the ship, which 
•sank within 30 minutes. One 
‘crew member said the ca ptain 
PQd his top mates had been 
jtrajjped on the bridge by the 

1 The accident, the worst in the 
jPhihppmes 1988, happened be- 
fore dawn as the Cebu City, 
headed out of Manila Bay. 

The ferry's owners, William 
Cutes, said the vessel had been 
struck amidships by the con- 
lamer ship in the busy shipping 
darnel between Corridor 
land and the southern rim of the 
bay. The freighter, five times 
the ■erry’s size, destroyed the 
bridge and lore a three-foot 
hole m the lower deck. 

The executive vice president 
of William Lines, Albert 
Chiongbian, denied allegations 
mat the 24-year-old Cebu City 
was unseaworthy. 

The chief of the navy. Rear 
Ad mir al Pio Carranza, said a 
mistake by either or both of the 
bridge officers on the ships 
could have caused the collision. 

The Kuta Soria was en route 
to. Manila after unloading cargo 
in central Cebu Province when 
the collision occurred. The Jap- 
anese-built ferry, commis- 
sioned in 1970, was en route to 
the central Philippines. 

Some passengers sleeping on 
the upper decks managed to 
scramble from the Cebu City 
onto the Kota Stiria before the 
ferry tore itself away and sank-. 

Others plunged into the bay 
to be picked up by rescue ves- 

The worst peacetime ferry di- 
saster occurred in the Philip- 
pines in December 1987. More 
than 3,500 people died in the 
collision of the ferry Dona Paz 
with an oil tanker off Mindoro 
Island. (Reuters, AP, AFP) 

OttM/A^cuct Frutt*Pl^Bc 

Rescuers transporting the body of a victim of the ferry disaster Friday as relatives of passengers looked on in Manila. 

Faith After a Son’s Death: Couple’s Tragedy Inspires Israelis 

By Clyde Haberman 

[ New York Tima Service 

- JERUSALEM — The letters keep coming — 
tens of thousands of them by now, Esther Wax- 
man says — so many that she had to hire a 
private company to sent them. 

In Israel, the correspondents include her 12th- 
grade students at Hebrew University Hi gh 
School in Jerusalem, where she teaches En glish 

“I do not believe in God,” one of than wrote. 
“I come bom an atheistic family. Nevertheless, 
we lit candles on Friday night and my sister and 
I even looked in Ps alms about the release of 
prisoners. It didn’t help, or so it seems at least 
and so I wanted to ask you how can you still have 
faith after this." 

‘ “This" was the October kidnapping and kill- 
ing of her soldier son Nachsbon by members of 
the Islamic group known as Hamas. And the 
answer to the student’s question, says Mrs. Wax- 
man, an Orthodox Jew, is that faith still bums 
brightly for her and her husband, Yehuda, even has been sorely tested. 

\f*My husband is interested in opening an edu- 
cational center now to get than young, to teach 
these children, these Hamas people, shout hu- 
man life and values universal to all religions.” 
she said. “He feels that by the time they’re 
-teenagers -—however old these kids were who 

took Nachsbon — it’s too late. Even their own 
parents can’t get to them anymore.” 

Nachsbon Waxman, 19, was gunned down on 
OcL 14 during a failed rescue mission by the 
Israeli Army. For almost a week before that, as 
the ki dnap pin g d rama built, his parents became 
familiar figures across Israel and is much of the 
world, appealing without anger and with sad 
dignity for his release, prayers that went 

Now, seven weeks have passed. Yet Israelis 
and others — many letters come from abroad — 
are still reaching out to the Waxmans and their 
six surviving sons, not just to comfort but appar- 
ently also to be comforted. 

Along with the letters, invitations cascade into 
their row bouse in northern Jerusalem to speak at 
schools and community centers around the 

Yehuda Waxman, a forma schoolteacher and 
mare recently a real-estate salesman, found him- 
self invited to the si g nin g ceremony last month 
for the peace treaty between Israel and Jordan. 
The next night, he was in the Israeli Parliament 
meeting President Bin Clinton. 

It is unusual for so much attention and e mo- 
tion to be focused on one family. This is a land 
with no shortage of victims on both sides of the 
long Israch-Palestmian conflict, and it was not 

the first time that a soldier had been kidnapped 
or killed. 

Yet many Israelis have turned to the Wax- 
mans. as though expecting that their bitter expe- 
rience had supplied them somehow with the 
answers to complex questions. 

“We readied hearts," Mrs. Waxman said at 
home over coffee, ha voice occasionally a qua- 
ver. “My son was everybody’s son. 

“Maybe there's the dement of faith,” she said. 
“People in this country tend to be very extreme, 
and they see the religious community as an 
extreme, fanatic group. But we're practicing, 
religious Jews who are also part of modem West- 
ern civilization, and maybe that hit a chord. 
Maybe people are lacking that dement of faith, 
and grabbed onto it when they saw it in so-called 
normal people. 

“It's sort of crisis therapy," she added. “Reli- 
giously, spiritually, politically, we just feel as if 
we're floundering here, and there isn't a real 
concrete plan to give us direction. People seek 
direction, and my husband talks about that.” 

Both Waxman parents are 47 and children of 
survivors of the Holocaust. He grew up in Roma- 
nia, she in the FLalbush section of Brooklyn, a 
place that — Israelis need no reminding — also 
produced Dr. Baruch Goldstein, the settler who 
killed 29 Palestinians in Hebron last 'February. 

“Somebody wrote me saying that I'd vindicat- 
ed the American Jewish community that immi- 
grated to Israel, as a counter to Goldstein,” said 
Mrs. Waxman. “I don't want that description of 
me. I don’t know what motivated him. I don’t 
want to get into that at all.” 

Similarly, the family has avoided speaking out 
on Israel’s present peace policies. 

But she acknowledges that an Israeli journalist 
was close to the mark about ha husband and ha 
when he wrote that “he supports the peace pro- 
cess with reservations — die opposes it with 

Of more immediate concern is ha family. An 
8-year-old boy, a twin, has Down's syndrome. 
Another son, 20, is also in the army, in a unit that 
was just sent into southern Lebanon where it 
faced possible fighting. With the family having 
lost a son, he needed his parents’ permission to, 
go along; they refused. 

This week happens to be the festive Jewish 
holiday of Hanukkah, when families gather to 
light candles and sing songs. 

“The Sabbath and holidays are very difficult 
for all of us,” Mrs. Waxman said as the doorbell 
rang — a mailman bringing yet another stack of 
letters. “That's family time. All of my children 
have their own seats around the table. Nach- 
shon’s seat is empty. Bui he’s there.” 

Lebanese Leader’s Resignation, Over ‘Obstacles in Path,’ Awaits Syria Talks 

ConpUed by Our Sufi From Dispatches 
BEIRUT — Prime Minister 
Rafik Hariri at Lebanon said 
Friday that he would not back 
down from his decision to re- 

But an adviser said the prime 
minis ter still had not formally 
presented his letter of resigna- 
tion to the president, and would 
not do so until after talks with 
Syrian leaders in Damascus on 

• Analysts here say they be- 

lieve that the final decision on 
his resignation will be taken by 
Damascus, which has 35,000 
troops in Lebanon and pulls the 
political strings in Beirut. 

“For two years I have been 
trying to push forward the pro- 
ject of rebuilding” the country, 
Mr. Hariri said in a speech, 
“and for two years there are 
those who are working oo put- 
ting obstacles in my path. My 
last step is a step I mil not back 

4 American Students in Fight 
With Egyptians Will Quit Cairo 

Mr. Hariri, speaking at the 
opening of an Arab book fair 
hours after announcing his dc- 
rision-to resign, did not specifi- 
cally mention resignation. But 
Lebanon’s national television, 
which broadcast the speech, 
said he was referring to it. 

“I came to take part in build- 
ing Lebanon, and I have tried to 
attract all the positive potential 
hidden in the country and to 
with everybody so as to 
release a great cycle of develop- 
ment which Lebanon is in dire 
need of,” Mr. Hariri said. “But 
this effort was met with at- 

tempts to impede it and create 
doubts to hinder its execution." 

A source close to Mr. Hariri 
said earlier that he had cited 
irreconcilable differences with 
House Speaker Nabih Bern as 
the reason for offering his resig- 
nation late Thursday to Presi- 
dent Elias HrawL 

It is the third time the 48- 
year-old prime minister has 
staged a one-man strike since he 
became prime minister in Octo- 
ber 1992 with the task of re- 
building Lebanon afta the 
1975-90 civil war. 

He stayed at home for a week 
last May. causing apprehension 

for Lebanon’s future at home 
and abroad and a S237 million 
run on the Lebanese pound. 

Mr. Hariri, a construction ty- 
coon who made his fortune in 
Saudi Arabia, has spent two 
years on an ambitious program 
to rebuild Lebanon from the 
civil war. The Gation has 
achieved monetary stability, a 
steady capital inflow and' in- 

cr eased peace and security dur- 
ing Mr. Hariri's rule and has 
begun rebuilding from the mins 
of war. 

But some of Mr. Hariri’s pro- 
jects have aroused criticism and 
he has had repeated conflicts 
with Mr. Hrawi and Mr. Beni, 
the two other members of Leba- 
non’s ruling “troika of presi- 
dents.'' (Reuters, AFP) 

The Asso ci at ed Press 

LRO — Egyptian and 
audents dashed on the 
is of the American Uni- 
r in Cairo , and officials 
aid four Americans in- 
; in the incident were 
> the country, 
tents and witnesses said 
ht started afta U.S. Em- 
officials arrived at the 
own campus Thursday to 
gate an incident a day 
in which four American 
its allegedly roughed up 
yptian, Mustafa Najam, 
president of the Student 

y said about 250 students 
ed to demand that the 
iats leave the campus, 
ng that they woe in ta- 
in student affairs. The 
iats were unable to leave 
the police were sum- 

least two students, both 
sd to be Egyptians, were 
a hospital for treat- 
y said. There were no 
i arrests. 

ison for the confronta- 
reen Mr. Najam and 
jean students was not 
sty known, 
iversity has an enrou- 
more than 3,500 in 
and undergraduate 

programs. More than half are 
E gy ptians. Among the foreign- 
ers are many American and 
British students who come to 
study Arabic. 

Chartered in Washington, 
the university was founded 75 
years ago- 




IMS Vppa GnatfCuri Sow- 7U ftOSOLfl) - Fo «M.J9.79. 


C*twNu Saw Abril S-7 - Td. 280JS7S - Fi* 280JOW. (metro Mira Gatin* 

42, baricctnl CUm (metro Sdramra) - TtL ZXL787S - Ft* 2HL74Q2. 

IQ, nK da Cqaanes (mean Open) -TcL 40.1 $.tXUQ - Fix 42.S6.49.54. 

boulevard CcaMooSnitOT (metro. HER Font Mjiiia ' 
Ftmkc Bm Termsul) • Tel WJJS.7P 3* - Fu 42_%4934. 

} a 



15 minutes from PARIS 

Open for all games 

Monday - Sunday 3 p.m. - 4 a.m. 

(Weekends and Bank Holidays) 


Restaurant Le Baccara 

Reservations: (X) 34. 12.90.00 

Dining Out 



Real Dofch Cooling Open bora lunch unit 
nidnirf*. Sputa* 275. 

Tid_- 624 99 98. Iteavafons lecconanded 
Al major oe&catk. 

PARIS 1st 



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Cben 7/7. N PARC, CARTS EAR IS f€VB! FAR. 
I, rue du Mon Thcfcv. W : 42A0A0 26. 

PARIS 2nd 


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decor Excellent wine* & mineral waters 
32, rue Si More. TeL (1) 42 96 *5 04. 

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att* 101,mVidbdulemple.T. 



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Rent llJ0am.b3pjn.enatam7pjn.b 


lha Braaerfa of faa 20’s. 

Spedetanc ati Sww, ‘dtoumuto*, seaboi 
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Haded or dr barf bxfian rntauantin France 
for Be laadfoa rendu (air condKoned). 14, rae 
Dmphfne. T.: &26.M.9I 

PARS 7* 


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canard & retoedet ov confa de canardAir 
conditioned. Open everyday. 79 rue 
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invalids* Terminal. 

PARS I5dt 


Dance Fortes every Safaday rtigh 
n. wine 

load SuBel and tveautic (tile Tot de 
ftiionfa lOdiloaraffahaidfeo- 
luring a spfencfd view of #» oly rmd 
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FF 350 md. bdhtivd dancing. 

Paris Hlor 18. o*. Suften. 11; 4273.92.00. 


Male herirgs - RaAori ■ Cream dieese band 
and Iru homemade - Cheese cuLe & oO fa 
trad. Jewish spee. 69 Av. de Wograrn. 
Teld2^7.34.7v. Ewry day ip b ntidrtgk 


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French radrtend coding 190 bis bd. Mreire. 
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Turkish & Inti specialties, lobster her, best 
seafood reslawani, 1st Boor. MahlNsb.9: 
TcL 512B&43. Air ccndfan uJ. 80m. Opera 
NowvS pun. & 6 pm-lam, oapl Sunday. 

By R. Jeffrey Smith 

Washington Past Service 

WASHINGTON — A senior 
Clinton administration official 
has defended the U.S. nuclear 
accord with North Korea 
against bipartisan congressio- 
nal criticism that it gives the 
Communist nation too many 
early benefits while putting off 
for years the elimination of the 
country’s capability to make 
nuclear arms. 

Ambassador-at-Large Rob- 
ert L. Gallucd, the chief U.S. 
negotiator, said at a Senate For- 
eign Relations subcommittee 
bearing that the accord “ad- 
dresses all our concerns about 
North Korea’s nuclear pro- 
gram” by immediately freezing 
die country’s production of plu- 
tonium for weapons and even- 
tually forcing its dismantling of 
all related facilities. 

But Mr. Galluori acknowl- 
edged under questioning that 
the two new Western-style nu- 
clear reactors North Korea is to 
get as a reward for destroying 
its existing facilities could even- 
tually be used by North Korea 
to produce more plutonium, al- 
beit not for many years and not 
without substantial difficulty. 

There would be “a technical 
possibility” that North Korea 
could withdraw from the accord 
in around 15 years, after the 
two new reactors were complet- 
ed, and reprocess the reactors’ 
spent fuel rods to extract more 
plutonium for use in weapons, 
he said Thursday in response to 
questioning from Senator 
Charles S. Robb, Democrat of 

Vir ginia, ou tgoing c hairman of 

the East Asian and Pacific Af- 
fairs subcommittee. 

But Mr. Gallucd said that 
spent fuel from the so-called 
‘light water” reactors would 
contain dangerous radioactive 
isotopes, making its handlin g 
difficult He also said the move 
would cause Washington to halt 
new fuel rod shipments to 
North Korea, leaving the coun- 
try without fresh fuel to keep 
generating electrical power. 

Mr. Gallucci took pains 
Thursday, as he did during a 
White House debate about the 
accord, to say that the fate of 
the spent fud from the two new 
reactors remains “open for ne- 
gotiation.” He indicated that 
Washington would seek to clar- 
ify the matter in a pending con- 
tract between North Korea and 

a multinational consortium that 
would bufld (he reactors. 

Although Mr. Gallucd did 
not say exactly how, other offi- 
cials said that Washington 
would seek to get a North Kore- 
an commitment in the contract 
that all spent fud from the new 
reactors would be exported in- 
stead of stored in North Korea. 

Senator Frank H. Mur- 
kowski. Republican of Alaska, 
also expressed concern about 
the issue Thursday. But Mr. 
Gallucci declined to answer di- 
rectly when Senator Murkowski 
asked if Gary MUhollin, an in- 
dependent nuclear proliferation 
expert, had correctly calculated 
that the total quantity of pluto- 
nium generated by the two new 
reactors would greatly exceed 
the amount that North Korea 
might have developed on its 
own with its existing technology 
and no accord. 

“I'm not going to be able to 
give you a yes or no.” Mr. Gal- 
lucci said. The difference in 
strategic terms “isn’t that 
much” between plutonium 
caches of such great size, be 
added. He had previously esti- 
mated that North Korea could 
have used its existing technol- 
ogy to make enough plutonium 
for 30 nuclear weapons a year. 

Jakarta Hedges 
To Beef Up Law 
On Labor Safety 


JAKARTA — Indonesia, un- 
der fire for its labor safety re- 
cord, has promised to get tough 
with companies that violate 
worker protection laws by 
pushing tor harsher p enalties 
and prosecuting 95 companies 
under existing laws. 

The official Antara news 
agency quoted Labor Ministry 
officials as saying they had 
drafted a bill that includes 
harsher penalties for violators 
— usually those failing to pay 

the minimrrm wage — than the 

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December 34, 1994 
Page 6 

Marville’s Once and Future Paris 

By Katherine Knorr 

Int&nattonai Herald Tribute 

Paintings of Do Quang Em, here with a portrait of himself and his wife, have sold for as much as 570,000 abroad. 

Vietnam’s Flourishing Art Scene ^Sussei 

V — J thp iranifrtrmatinr 

P ARIS — When Baron Haussmann 
was preparing to tear up the 
streets of Paris, the dty asked the 
photographer Charles Marville to 
mnV- a record of what was disappearing: 
medievally narrow streets, courtyards 
crowded by workshops, leaning apartment 
braidings and what seems now, in a city 
surrounded by skyscrapers, almost open 
countryside. , 

Marville* who was a mildly talented il- 
lustrator, mostly in lithographs and wood- 
cuts, made his career as a photographer of 
record, first with reproductions of paint- 
ings and sculpture and architectural pic- 
tures of churches and chateaux, later as the 
official photographer of the Louvre Muse- 
um, and finall y as the set photographer in 
the transformation of Pans. 

By Philip Shenon 

Sew York Times Service 

H ANOI — During the Vietnam 
War, there was little paper and 
almost no canvas in North Viet- 
nam, and so one of the fathers 
of modem Vietnamese painting, Bui Xuan 
Phai was often forced to do his work on 
matchboxes and scraps of newsprint. 

Phai, who in his lifetime never earned 
more than the equivalent of a few hundred 
dollars from his art, had a graceful, fluid 

painting style that is still much imitated by 

Vietnamese artists, north and south, 
died in his beloved Hanoi in 1988. 

It is a sign of how the free market has 
begun to affect Vietnamese art that young 
admirers in Hanoi have begun to copy 
something else of Phafs — his distinctive 
signature — in hopes of persuading unsus- 

pecting foreign art buyers to pay thousands 
of dollars for wfam appears lobe; 

ran original. 

‘There are many, many obvious fakes of 
Phai," said Nguyen Thi Lan Huong. 27, 
the owner of the Gallery Saigon, one of 
dozens of art galleries that have opened in 
Vietnam in the last two years. “By now, I 
do not think there are many real Phai 
p ainting s left in the country. The foreign- 
ers have bought them all The foreigners 
seem to like our paintings very much." 

Vietnamese art is suddenly a very big 
business, a ondtimillion-dollar industry 
that now supports hundreds of artists who 
until a few years ago were united by their 
desperate poverty. “The prices keep going 
up, said Huong, whose own jet-setting 
lifestyle demonstrates just how good the 
money in this business can be; after re- 
turning from a recent trip to the Indone- 
sian resort island Bali, she was off to Sin- 
gapore for an art exhibition, followed by 
her first visit to the United States. 

With the fascination elsewhere in Asia 
for all things Vietnamese, paintings from 

Vietnam are be ginning to turn up in exclu- 
sive galleries in the Asian money centers of 
Hong Kong and Singapore, drawing prices 
that start at several hundred dollars and 
end in the tens of thousands. 

Collectors caught up in the craze for 
Vietnamese art have driven up the price of 
a genuine Phai, which might nave retched 
$500 a few years ago, to as much as 
$25,000. The question in Hanoi today is 
whether Vietnam’s artists are also bong 
asked to sell their souls — for a very 
handsome price, mind you. 

Some artists complain that the overall 
quality of art in Vietnam is declining as 
talented painters turn out work as quickly 
as they can, hoping for equally quick sales, 
while un talented painters flood into the 
market, turning out what they hope will 
attract the eye of undisceraing tourists. 
“That is my concern," said Nguyen Van 
Chung, a painter who is the director of the 
National Museum of Fine Arts in Hanoi 
“If cur painters think too much of money, 
they wifi be producing a market product 
They will just try to satisfy the taste of the 

when he opened a show of male nudes. It 
was not until 1990 that the government 
allowed nudes to be shown publicly, and 
even today male nudes are generally con- 
sidered taboo. 

O THERS suggest that after gener- 
ations of government-enforced 
poverty, the money is precisely 
what Vietnamese painters need 
to encourage them to take the next step: to 
b egin producing work that challenges the 
political order. 

It may already be happening. While lit- 
tle Vietnamese art is overtly political 
painters — who for years were essentially 
government employees because there was 
no one else to buy their work — have 
begun to produce images that once would 
have been forbidden by Vietnam's prudish 
government censors as counterrevolution- 


A young, openly gay Vietnamese pai 
created a sensation in Hanoi in Febn 



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Marville’s work for the city, which, be- 

Modem Vietnamese painting had its 
start in the 1920s, when the French colo- 
nial government established the Ecole des 
Beaux- Arts deTIndochine in Hanoi which 
trained a generation of painters from 
across French Indochina. 

Hie French influence may explain why 
Vietnamese art today appeals so widely to 
the Western eye. Western-trained art deal- 
ers admire the technical achievement that 

is usually missing from the painting pro- 
duced elsewhere in Southeast Asia. “It's 

unique in this mixture of European and 
Asian styles," said Shirley S. Hui, a Chi- 
nese- American art dealer who is one of the 
owners of the Gallery La Vong in Hong 

Hui represents several of Vietnam’s best 
artists. Among them no one brings a higher 
price than Do Quang Em, 52, a painter 
whose photo-realism style follows naturally 
from his earlier career as a photographer. 

While his large oil paintings sell for as 
much as $70,000 apiece by the time they 
land in Hong Kong, Em lives modestly in a 
small house in Ho Chi Minh City. A de- 
vout Buddhist, his only obvious luxury the 
pack of imported Dunhill cigarettes at his 
elbow, he shrugs when asked about the 
money his works attract overseas. Al- 
though he does not want to discuss his 
prices, he clearly sells them to overseas 
dealers for a small fraction of the prices 
they eventually command. “In Hong 
Kong, they can offer my paintings for the 
prices that they like,” he says, insisting that 
whatever happens elsewhere in Vietnam, 
his work will not be corrupted by the 
sudden opportunity to become rich. “I 
care only for the art." 

gan in 1858, meant recording the old, but it 
alcn meant shooting the tearing down, the 
r emar kable scaffolding and aD the new 
points of modem civic pride, from the 
buildings to the statues and parks (like the 
weird and extraordinary Buttes-Chau- 
mont), omnibus stops, Morris columns 
an d municipal toilets, the famous vespa- 

The range of Marville’s work, which 
deserves to be better known, is revealed in 
a wonderful show at the Bibliothbque His- 
torique de la VIEe de Paris (22 Rue Malher 
in the fourth arrondissement) until Dec. 

Marville, who was bom in 1816, is 
something of a mystery. Almost nothing 
is known of his fife, not even when he 
died, perhaps in 1878. His attitude to- 
ward the utilitarian but extraordinary 
pictures that he took is not entirely clear. 
He is believed to have had a temper, and 
had fallings-out with several of the people 
he worked with. His artwork and some of 
his photography mak e him appear some- 
thing of a romantic. His self-portrait in 
the exhibition shows a handsome, care- 
fully dressed man. 

Marville the photographer is also little- 
known today, and this show is an attempt 
to rescue him from darkness by exhibiting 
and pub lishin g hundreds of pictures in the 
city’s archives, from damaged calotypes to 
some uncannily clear original prints on 
papier albumin 6. 

work as an architectural photographer. On 
the tare occasions when people, appear, 
they have the stondike quality brought on 

by |ffij P ?teTh&y, the curator of the 

diow, rays that MarviUe shot in the morn- 
ing or evening- and often in rain, to em- 
phasize darkness and squalor. This seeins 
true of some, but not all these, pictures. 
Wet pavement was useful to the photog- 
rapher because water enhan c ed the re- 
flection of light* and early or late sun gave 
greater contrast and so precision to the 
subject. In quite a few of dtese photo- 
graphs, the sun spreads large rectangles 
of pale light on distant pavement, and 
white traces indicate daytime human bus- 
tle that didn’t get recorded by those long 
camera 1 

, ! Marville had extensively pho- 

churches in his previous-work, 

he did not record the medieval churches 
that Haussmann was to raze. Marie. , de 
/, also the editor of a bookof photo- 
ts published by Hazan to acco m pany 
exhibition, believes that was emphati- 
cally not part of the assignment — show- 
ing the churches would not have set. the. 

right tone for this magnificent propaganda 
project. r 

A lthough Marine's pictures 

of the streets of Paris are likely to 
strike a nostalgic chord in anyone 
who admir es the dty. they were 
probably meant to do quite the opposite. 
They emphasized narrowness, crookedness, 
the irregular pavement, even the greasy 
darkness of wet cobblestones, and so- 
showed how insalubrious was the Paris soon 
to disappear, bow shabby the houses, the 

MarviUe's photo of a vespasienne on 
Rue du Faubourg Saint-Martin, 
erected in 1848. 

T HE Second Empire wanted to 
make Paris a modem city (and 
one without street insurrections). 
Haussmann’s ideas were phara- 
onic, as some would label Francois Mitter- 
rand’s grands traraux. Haussmann was 
that most alarming of urban planners, the 
visionary, and while he created a beautiful 
and truly 19th-century dty, with broad 
avenues and paiks and proper urban light- 
ing and sewers, he also ran thoroughly but 
of control. 

When Marville photographs the new, 
everything is fun of light. Here at last is sky 
and trees and fountains. He is a sober 
recorder of urban, imperial grandeur, and 
his vision in these photographs was the 
vision that informed the great world expo- 
sitions where Progress was the theme and 
MarvOle repeatedly won medals. 

Here are naltaras pavilions being built, 
here the H6tel de Vibe rising grotesquely 
from its ashes, paries carved out of the 
earth, people peaking through the wooden 
barriers at the enormous wont around the 

Was Marville a great artist? An obvious 
comparison is to the far better-known 
Atget (who was probably inspired to 

artisans’ workshops, the little buanesses. 

Objects are always precisely photo- 
graphed — street names and administra- 
tive posters are clear (and familiar, the 
typography having remained the same), as 
are stonework, porte-cochere curbs, pock- 
marked walls — testimony to Marville’s 

some extent by Marville). Although their 


aims were m some ways contradictory, 

Marville does not fare badly in the com- 
parison. His mean streets, in rain and in 
sunshine, are eerily beautiful; a centrfjf 
later, they seem an unwitting tribute to 
the little man, to towns with human di- 
mensions, testimony to Che hubris of im- 
perial power. 

Into the Void With Yves Klein 

By David Galloway 

Germany — These two Rhine- 
land cities, traditional rivals in 
the cultural sweepstakes, have 
undertaken a unique collaboration. With 
“Yves Klein: Leap Into the Void." they are 
currently sta ging the first major retrospec- 
tive for the revolutionary French artist 
(through Jan. 8). 

Though he had not yet celebrated his 
34th birthday when he died of a heart 
attack in 1962 and his active career 
spanned a mere eight years, “Yves the 
Phenomenon,” as he dubbed himself, had 
already exerted a pivotal influence on the 
contemporary an scene. He had also an- 
ticipated many of the minimalist and con- 
ceptualist trends of the following de- 

In addition to paintings, assemblages 
and installations, Klein articulated his 
idiosyncratic aesthetic in performances. 

architectural proposals, photographs, 
ios. He even corn- 

best known among museumgoers, every 
trace of personal gesture and subjective 
expression is banished. By reducing his 
works to pure color, he strove to free and 
sharpen the viewer’s own perceptual facul- 

Such canvases also hung, as aids to med- 
itation, in thejudo school Klein founded in 
Montparnasse, after winning his black belt 
in Tokyo. The duty of art, according to the 
Zen-inspired teacher, was to assist the 
viewer in discovering his own soul 

The most “soulful" color for Klein was 
the vivid ultramarine blue that he devel- 
oped together with a chemist friend and 
subsequently patented as TKB" (Interna- 
tional Klein Blue). The first show of blue- 
on-blue paintings was held in a Milan 
gallery, where the identical formats were 
offered at a wide range of prices. 

The following year, visitors to Klein’s 
show at the Pans gallery of Iris Clert 
ripped blue cocktails in a vacant all-white 
space. Outside, a “sky sculpture” of blue 
balloons lifted into the air. Reliefs and 

of the sort normally reserved for stars like 
James Dean. A smart career move. 

Not surprisingly, the Klein legend has 
often stood in the way of an objective 
appraisal of his stanue. The overview now 
provided by the Rhineland retrospective 
thus offers a rare chance to come to grips 
with the works. At Cologne’s Museum 
Ludwig, viewers can observe the artist’s 
“Emergence and Development,” while 
Dusseldoif offers “Culminations," includ- 
ing the canvases Klein “painted" with a 

Further shows at Cologne’s Galerie 
Gmurzynska and at Haus Esters in Mon- 
chengladbach (through Feb. 5) round out 
the picture. 

texts and film scenarios 
posed a symphony consisting of a single 
sustained chord, followed by an equal 
period of silence. 

Small wonder, then, that many of his 
contemporaries labeled him a charlatan. 
As evidence, they could point to the two 

sculptures of sponges dipped in TKB' 
would i 

catalogues of his monochrome pointings. 

published in 1957. Each documented 10 
canvases that were not actually produced 
until the following year. 

In the monochromes for which Klein is 

I extend the repertory, along with the 
“Imprints" produced by paint-smeared 
bodies writhing across a canvas. 

Resolved to break down the barriers 
between an and life, KJein cultivated tbe 
skills of self-promotion that his contempo- 
raries Joseph Beuys and Andy Warhol also 
mastered. In 1 957 he confided to his diary, 
“A painter should paint a single master- 
piece, himself, incessantly." If in his own 
short career, Kirin became a living legend, 
his early death assured him a mythic status 

I T is no coincidence that the museum 
shows, which move next year to 
London’s Hayward Gallery and M at- 
drid’s Reina Sofia, originated on the 
Rhine. One of tbe first important exhibi- 
tions of Klein’s “ Monochromes" was held 
at Dfisseldorfs legendary Galerie Schmela 
in 1957. 

He created his “Void” room for Krefeld 
in 1958, and in 1959 completed massive 
sponge reliefs for the new musical theater 
in Gelsenkirchen. Die exposure helped 
Kirin to attract German collectors, and A 
critics here were more sensitized to the* 

aesthetic implications of his personal nry- 
In his ' ' ' 

thology. In his brief, volatile career, “Yves 
the Phenomenon” sought nothing less than 
a redefinition of art itself. 

David Galloway is an art critic and free- 
lance curator based in Wuppertal, Germany. 



By Colin Thubron. 374 pages. 
S23. HarperCollins. 

Reviewed by Luree Miller 

C OME with Colin Thubron 
to Central Asia. Tbe tales be 
tells are the latest tidings in a 
long tradition of travel literature 
about this remote region that has 
obsessed the imaginations of 
English adventurers since the 
first days of the British Empire. 
The 19th-century travel writer 
Isabella Bird Bishop heard her 
homebound husband declare, “1 
have only one formidable rival 
in Isabella’s heart, and that is the 
high tabid and of Central Asia.” 
English men and women, such as 
Isabella, poked at the edges or 

chanced a single daring thrust 
toward the forbidden heart of 
Asia. Their accounts compose a 
.small body of fas cinating travel 
literature that is suddenly bur- 
geoning: Tbe Russian empire 
has crumbled, and Central Aria 
is now an open land. 

Travel there still is not easy. 
But typically, tbe English forge 
ahead as intrepid, independent 
travelers carrying with them a 
strong sense of history based on 
their predecessors' adventures 
and Britain’s long involvement 
in the Great Game. 

Thubron, an acclaimed Eng- 
lish novelist, wanted to plumb 
the heart of Asia to discover 
what makes it beat His journey 
was made during the first spring 
and summer of Central Asia’s 

unexpected independence From 
Russia in the fall of 1991. Arriv- 


AuSkxs Wwtt-wWe InvSed 
Write or send your mawsaipt lo 

rag in Ashkahad, a city that 
“looked impermanent,” he 
roamed for 6,000 miles by bus, 
train and car through ori ginall y 
nomadic lands now designated 
as the independent states of 
Turkmenistan, Uzbekistan, Ta- 
jikistan, Kazakhstan and Kyr- 
gyzstan. Everywhere Thubron 
was haunted by history. 

“Die Lost Heart of Asia” is 
enriched by Thubrcm’s knowl- 
edge of Muslim culture; he has 
traveled extensively in the Mid- 
dle East and North Africa. The 
mosques of Samarkand, restored 
medresefas (Islamic schools) of 
Tashkent, and fortress ruins in 
deserts and mountains prompt 
his historical vignettes of long- 
forgotten sultanates, their sav- 
agery and splendor. 

Russian is the lingua franc a of 
Central Asia, and Tbubron’s 
ability to Speak it (which he 
modestly says is halting) is a 

definite asset People teD him tbe 

stories of their lives — usually 
during marathon vodka-drink- 
ing sessions. The horrors they 
endured under Soviet rule are 
now being forgotten or mini- 
mized as they struggle for surviv- 
al in the current economic chaos. 
Tbe new states are founded on 
ethnicity, but identities are un- 
clear. Ethnic intermarriages 
have blurred tribal loyalties. A 
miasma of longing for some sort 
of certainty and purpose in life 
hangs over Central Asia from 
the Aral Sea to (he Pamirs. 

Halfway through his journey. 

. hounded and bilked 
by hard-faced, loitering youths 
and loutish, drunken adults, 
Thubron realizes “bow deeply 
my concept of the Russians bad 
changed. Suddenly everything 
which they had achieved here — * 
in education, welfare, adminis* 
(ration, however corrupt and 
limited — ■ was ilw-gtuniTig to 
collapse. The old, bullying pro- 
paganda — the Marxist invoca- 
tions to wok and unity — aD at 
once looked like benign com- 
mon sense, a plea for tbe future." 

As a travel writer Thubron is 
not memorably crotchety like 
Paul Theroux or vividly opinion- 
ated like Martha Geflhom. He is 
cvenhanded and courteous, even 
to bores and lushes. Bui he is 
persistent in his curiosity, fol- 
lowing obscure leads and dan- 
gerous roads to find the rnrf 
heart of Asia. He has a novelist’s 
sensitivity and an historian’s 
perception. One could not ask 
fora more rewarding travel com- 
panion in a little-known land. 


v- - - 


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is.- : 


Luree Miller, author and trav- 
el writer, wrote this for The 
Washington Post 

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At Auction, a Feverish Search for Big Names 

Picasso portrait (detail). 

Inientafional Herald Tribane 

L ONDON — Nothing is more 
mysterious than the mechanism 
that gels big money flowing in the 
art market. For Impressionist and 
Modem pictures, the wheels that started 
moving last year in the fail were spinning 
faster this week than at any point. 

On Monday and Tuesday, as Christie’s 
and Sotheby's conducted their respective 
night sessions traditionally reserved for the 
pick of the baske t, the eagerness to buy 


was vivid in both houses. Sales in both 
sessions added up to an astonishing £?5 
million ($39 million), given the merchan- 
dise. There was tilde on offer and the 
quahLy was not impressive. This is a dan- 
gerous moment for buyers. They operate in 
the tail end of a market at a point when 
leftovers tend to be overvalued because 
nothingeise is available. 

At Christie's, the feverish search for 
great names even when these were not 
appended to great works was obvious. Im- 
portant paintings by Gustav Klimt, the 
towering figure of the Secessionist move- 
ment in Vienna, are no longer seen at 
auction these days. So when a large picture 
by the master came its way, the auction 
house’s public relations machinery 
drummed it up. That the closeup view of 
flowers in a garden, painted by the artist 
about 1905-1907, should bear no connec- 
tion to the innovations that made Klimt's 
originality was happily ignored. 

The composition reflects Klimt's belat- 
ed exposure to Impressionism. Spots of 
bright red and bright orange with a lighter 
sprinkling of purple and white pop out of a 
sea of greens. This is all about color effects, 
not light. In contrast to Impressionism, it 
has no depth, no volume and no perspec- 
tive. Nor does the composition display the 
crisp structural delineation that character- 
izes Klimt’s uniquely expressive portraits 
and urban scenes in his grand manner. If 
its price did not seem quite as extravagant 

as it actually is at £3,741,500. this is only 
because the mud-boggling estimate was 
set by Christie's at £3.5 million to £5 mil- 
lion, plus the 10 percent premium. 

At least the Klimt had charm. No such 
redeeming quality accounts for the 
£573,500 paid for a late cityscape by Paul 
Signac, “La Place aux Herbes. Vcrone," 
done in 1 908. By then, the Pointillist tech- 
nique in Signac's oeuvre had become a 
trick rather than a way of conveying a feel 
for light. Without the Pointillist screen, the 
view would come close to photographic 
accuracy. Like the Klimt, the Signac falls 
outside the corpus of the oeuvre that once 
made the artist great. 

Not only did uncharacteristic works fare 
splendidly on Monday, but so did sheer 
mediocrities. Camille Pissarro's harvest 
scene painted in 1887, when the Impression- 
ist crust was heavily influenced by the Poin- 
tillism of Signac, is unbalanced and con- 
fused. It fetched a whopping £1,013.500. 
The price suggests a buyer dying to own a 
Pissarro and falling back on what is left, i.e. 
the works unwanted after three decades of 
feverish hunting for Impressionist art by 
every museum or major collector of 19th- 
century painting. Pissarros turn up in most 
sales, but great Pissarros are unobtainable. 

T HE rarity factor is now affecting 
early 20th-century works. Picas- 
so’s Neoclassical period, which 
lasted about three years until the 
end of 1923, is hard to come by. The 
portrait of a woman, her enormous head 
bending forward with a glazed expression 
of unfathomable boredom, was hugely ex- 
pensive at £2,091,500. 

On Monday, only the most improbable 
daubs were left out in the cold. Typical 
casualties included a moonlit landscape by 
Corot, not unlike some outsized color image 
for Camembert cheese, complete with cows. 
An unfinished Monet landscape, as deli- 
cately done as if the artist had brushed the 
canvas with a broomstick laden with paint, 
also floundered. Otherwise, interest re- 
mained sustained throughout. 

Yet, it was left to Sotheby’s T ucsday sale 
to give the full measure of the effervescent 
mood of an buyers. Perhaps the week’s 
most astonishing coup, when looked at 
from the vendor’s viewpoint, certainly not 
the buyer's, was the sale of a still life by 
Manet. The picture was left unfinished. 

Flowers are heaped on a Louis XV mar- 
quetry table. Its top is vaguely indicated in Thepubh 
broad splashes of browns. In the back- through the 
ground, a few sepia strokes on a creamy 
surface suggest that the artist intended to 
reproduce some landscape p ainting . The 
messy picture carried a £500,000 to 
£700,000 estimate. At £400,000 no one 
seemed interested. Simon de Pury, who 
was conducting the sale, then called out 
£410,000, and suddenly brought down his 
hammer, almost shouting, “Sold!" Alex 
Apsis, the director of Sotheby’s New York 
Impressionist and Modem art department, 
acting on behalf of a client, had signaled he 
was bidding. 

Another miraculous price from the ven- 
dor’s viewpoint in Sotheby’s auction was 
the £397,500 paid for a landscape by Hen- 
ri- Edmond Cross, a fellow traveler of 
Pointillism. The view of a deep bay, with 
hills in the background, is an academic 
landscape barely disguised by the PamtD-' 
list technique. Two women standing in the 
water at the far end, would appear to have 
been added as an afterthought. They hard- 
ly enhance the appeal of the landscape. 

As the sale progressed, a continuing up- 
grading process seemed to be in the making , 

A study of a naked wo man reclining on a 
couch in a would-be provocative posture 
carried the signature of Kees van Dongen. 

The Flemish artist produced some true mas- 
terpieces in his Fauve period. Unfortunate- 
ly, this was not one of them. A band of 
green color has been slapped along the leg, 
presumably to indicate a shadow. The con- 
fused setting is hard to make out The 
clumsy picture comes wi thin inches of qual- 
ifying as a daub. The generous £386,500 
that greeted it would be inconceivable were 
the market not so starved for goods. 

The magic of famous names was as ef- 
fective at Sotheby’s as it was at Christie’s. 
It boosted a Picasso with a faint claim to 
heralding Fauvism. The large watercolor 
sketch of an actress performing at the 
Moulin Rouge dated 1901 brought a stag- 
gering £1,816,500, above the high estimate 
by one third. 

The publicity given to Caiflebotte’s name 
through the current Paris show similarly 
boosted the painter’s life-size portrait erf his 
old friend Paul Hugot- Executed in 1878. at 
the height of Impressionism, it is as far 
removed from it as anything CaiUebotte 
ever did. The standing figure looks like a 
photograph adored by hand. The predomi- 
nant color chosen is, as it were, a negation 
of color. The portrait is a study in mono- 
chrome black against a white ground with- 
out any substance to it, like the white paper 
backdrop of a photographic studio. That 
portrait cost its buyer a huge £661,500. 

D OES all this pave the way for a 
replay of the late 1980s when 
attendances were prepared to 
swallow everything? Not for the 
moment. Aside from the fact that the mar- 
ket now stands at about half the price level 
it reached when hysteria climaxed in 1989- 
90, there is a noticeable feeling of self- 
control and composure as bidders get in on 
the act. Gigantic sums were lost' by the 
reckless investors who came in from the 
stock exchange and other places in the late 
1980s, when they tried to realize what they 
imagined to be their artistic assets in a 
moment of need. The memory lingers. 

In addition, those who bought in 1988- 
90 and were not forced to unload their 
holdings hang on to them because prices 
are nowhere near what many of them paid. 
If they were to sell now, they would lose 
not just the interest on the sums invested, 
but part of the capital as well. Because 
many buyers of yore are not ready to seU, 
the market re mains tight. With far fewer 
transactions than five years ago, the mar- 
ket keeps its cool, even when its actors 
significantly overpay. 

CaiUebotte portrait of Paul Hugot. 


The Artistic Heresies of Andre Derain 

By Michael Gibson 

IntemOkmal Herald Tribune 

P ARIS — Andie Derain, 
one of the leading Fau- 
vist painters, a friend of 
Matisse and Braque, 
- later much admired by Balthus 
and Giacometti, feD into a two- 
fold disgrace with the French art 
, world. He broke with the princt- 
jples of Modernism in the *20s, 
and reluctantly accepted to take 
1 part In a German art tour orga- 
nized for propaganda purposes 
by the Nazi occupiers in 1941. ' 
Derain had hoped this trip 

might help him recover his bouse 
in Chambourcy. Its occupation 
by soldiers left him homeless. In 
fact, however,, the house re- 
mained requisitioned throughr 
out the war. He also imagined he 
might be able to secure the re- 
lease of a number of French art- 
ists who were then prisoners of 
war. In this he was. also disap- 
pointed. And while he was 
cleared of accusations of col- 
■ liberation tty a. court after the 
war, the excitable mood of Pari- 
sian society in the postwar years 
led to his relative ostracism. 

Viewing the current, exhibi- 
tion at the Musfie <TArt Mo- 
dene de la Vflle de Paris (to 
, March 19), one cannot help 
t hinking that Derain’s contem- 
poraries were perturbed above 
all by the heresy erf the artist’s 
highl y personal and socalled 
Neoclassical evolution. This is 
hardly smpriang, since it is also, 
though in a positive sense, an 
i eni gma to the contemporary 

Derain was qumtessentiafly 
French in his temper and out- 
look and even in his features: An 
amusing photo displayed in the 
exhibition shows him most con- 
vincingly dressed up as Louis 



XIV. He was curious, sensitive, 
inclined to experiment, engag- 
ingly prone to understatement 
and, being a practitioner above 
all, rather suspicious of theory — 
a trait that distinguished him 
from the P arisian mainstream of 
his day. 

His early Fauvist work is suf- 
fused with the enthusiasm of a 
youthful hedonism. O brave 
new world that has such colors 
in It! The underlying white of 
some of the best landscapes 
done in Cotlioure in the south 
of France bespeaks the artist's 
riaryfe ment at the sight of this 
sunny, dappISTworidN 
This “revolutionary" part of 
Derain’s work, remains the most 
accessible to a modem viewer. 
But the painter soon turned to 
other things, his colors became 
more muted, his landscapes and 
portraits and still lifes more 
classical or Cubistic or even na- 
ive in the maimer of Marie Lau- 
rencin or . . . but at this 
point, words begin to fail one as 
one observes the artist running 
the gamut of forms and styles, 
testing one idiom after another, 
all in the short decade preced- 
ing World War L 

Derain’s eclecticism is quite 
unlike the diversity we associate 
with Picasso's production and 
which we now take as a matter 
of course. This may be because 
one senses a singleness of pur- 
pose in Picasso, a powerful and 
indeed brutal authority and a 
dear awareness of his own pub- 
lic persona, while Derain's pro- 
tean shifts seem to reflect a last- 
ing perplexity or discomfort. 

The artist was marvelously 
gifted, however, and his evolu- 
tion shows an intimate concern 
with the fundamental issues of 
art. He did what be felt was 
necessary and always spoke his 

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mind on matters artistic, at the 
risk of shocking (he guardians 
of the aesthetic creed. 

He did not hesitate, for in- 
stance, to declare that the Im- 
pressionists painted like “fairly 
gifted young ladies” and that a 
gray- toned painting by Le Nam 
could demolish a Monet any 
day. One may or may not agree, 
but one can only gain from be- 
ing confronted with such chal- 
lenges to hallowed common- 
places. Derain did as much in 
his own work, as demonstrated 
by more than 300 items includ- 
ing paintings, sculptures, draw- 
~ihg£r ccstunoes and sets assem- 
bled in this exhibition. 

B UT his experience of 
World War I, notably 
at Verdun, seems to 
have put an end to the 
gaiety of youth. French critics 
rather ominously refer to the 
manner of the succeeding years 
as a “return to order” — imply- 
ing that reactionary forces were 
attempting to take over the field 
of the arts and that Derain had 
lost his revolutionary ardor. 

He had no doubt lost it, but 
things were not that simple. 
Diplomatic relations with the 
arts erf the past were far from 

easy at that time, and Derain’s 
nudes, still lifes, portraits, alle- 
gories and mythological scenes 
betray a nostalgic delight in 
forms no longer considered rel- 
evant — a delight tempered 
with the somber pessimism of 
the Ecclesiasts. 

To the triumphant proclama- 
tions of modernism, grinding 
the bones of the past and cele- 
brating the glories of the new 
life, Danin's art appears to re- 
spond that there is “nothing 
new under the sun” — an af- 
front to all that Modernism be- 
lieved in — and his constantly 
shifting eclecticism; which of- 
fended the disciplined experi- 
mental bent of the modernists, 
is a formal demonstration of 
this assertion: “AO of this has 
already been done and we. like 
every one of these artists of the 
past, are also subject to time 
and death.” 

As a result, there is an unusu- 
al pathos in the eroticism of his 
nudes, and something timeless 
(something beyond both mo- 
dernity and tradition), in his 
best work — something that 
might well remind one of the 
huge questioning eyes of the 
Egyptian Fayyum paintings or 
of tne feather-light murals of 




A German onuolu-numutcd uvhitit marquetry; par,]uctry and 
parrel-gill bureau cahinct-Pii-stand, mid 18th Century, 

50 in (128cm) wide; S8itt. (22.15cm) high; 29in (75cm) deep 
Estimate: £40,000-60,000. 

530 Lots of 
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London, 15 December 1994 

Orlando Rock on {44 71) 389 2358 
Stefan Kist (4471) 389 2343 


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Tel: (44 71) 839 ‘AR.ll F.i.v (44 71) 389 2215 

Pompeii emerging from the vol- 
canic ashes to bear witness to 

This pathos inherent to De- 
rain’s work does not Appear in 
that of, say, Matisse or Picasso. 
On the other hand, Derain lacks 
the cohesion apparent in the 
latter’s manic abundance, and it 
fails to achieve the synthesis 
that is so clearly viable in the 
way Matisse unfolds his primal 
intuition and brings it to glori- 
ous fulfillment. 

Derain’s work of the last 
years is often profoundly, inti- 
mately sorrowful. Rather sig- 
nificantly, the last room of the 
exhibition contains two somber 
little landscapes, one of which is 
described as “iriste” in the title, 
and the other as “smistre.” Be- 
side them hangs the artist’s ulti- 
mate self-portrait, a master- 
piece in the great Western 
tradition that, like the rest of 
the production of this fine, im- 
perfect punter, confronts the 
artists of today with a lasting 

Detail of ” Autoportrait a la pipe, ” Derain's last self-portrait, done in 1953 . 


October27, 1994 - January 22. 1995 

Allan Stone Gallery 

113 East 90th Street, New York. NY' 10128 
Tel.: 212-988-6870 




■mi PHONE- 42 25 59 29 ~ — 

Painting & Sculpture 
Antique & 

December 8 - 14 


1 1 a.m. to 8 p.m. 
Late night 

December 9 until 
10 p.m. 

At the foot of the 
Eifel Tower on the 
corner of Quai Branly 
and Pont d'iena. 

)0e! Garcia Organisation 
Cyril Gaiilot - Eric Fantou 
Phone: (33-1 ) 43.63,39.36 
Fax: ( 33- 1 i 43.28.54,26 

Herald Tribune 
ado work 



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(Before I W Midelbotrrg- after 16561 

Signed in monogram 
On panel - 37 x 28.5 cm. 

Fully illustrated catalogue 
available on request 


13 Duke Street, St. James’s, 
London SWIY 6DB 
Telephone (0171)930 3062 
Fax (0171) 839 6303 




5th - 23id DECEMBER 1994 

Mon-Fri 9-5.30, 

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Softbound: £15 ind p&p. 
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TEL; 0171-930 7RSS. FAX: 0171-839 4853. TELEX: 91671 1.~ 

•Page 8 






tribune Don’t Blame UN Personnel for the Bosnia Failures 

— Jiunl. iirAkl nru-p V . -- Lilt 

Amoral Endgame in Bosnia 

With Serbian forces advancing without 
restraint, European and American diplo- 
mats in headlong retreat from their own 
p eace plan and the United Nations 
threa tening to withdraw its peacekeepers, 
(he prolonged dismemberment of Bosnia 
is moving into its endgame. Washington 
cann ot, especially at this late date, unilat- 
erally rescue Bosnia from its unhappy 
fate. Neither is it obliged to lean on the 
Bosnians to accept Serbian terms in order 
to end the fighting. 

But what the Clinton administration 
ran and must do is stop trying to please 
everybody at once and instead begin talk- 
ing bluntly and honestly — to the Bosni- 
ans, the Serbs, the allies and the Ameri- 
can people. That is something that the 
a dminis tration has so far spectacularly 
faded to do. The last few days have been 
the worst, as the White House, the State 
Department and the Pentagon spoke 
with three discordant voices. 

The a dminis tration must begin by 
making sure the Bosnian government is 
under no illusion that NATO, the United 
States or the Republican Party is going to 
rescue them from the militarily superior 
Serbian forces. If the Bosnians prefer to 
keep fighting rather than freeze current 
front lines in plaoe, that is their right, but 
they will fight alone. There does not even 
seen to be much realistic hope that the 
United States can get the in ternational 
arms embargo lifted to equalize the sides, 
although Washington should keep trying. 

To the Serbs, the administration 
should make plain that it will not go 
along with its allies in rewarding their 
attacks on civilian centers with new ter- 
ritorial concessions and further easing 
of UN economic sanctions. Washington 
probably cannot do anything to stop 
Europe's diplomacy of appeasement, 
but it can and should veto further re- 
wards to the Serbs in the Doited Na- 
tions, other than as part of a package 
deal to lift the Bosnian arms embargo. 

To NATO, Washington should con- 
tinue emphasizing that it wQl not let 

differences over Bosnia interfere with 
larger common objectives. But recogniz- 
ing that there is no NATO consensus 
over Bosnia does not require surrender- 
ing American principles and interests to 
forge a false consensus, as the adminis- 
tration seems inclined to do. 

Washington is still formally committed 
to contributing ground troops to monitor 
a just and voluntary peace. It should 
make plain that no American troops will 
be available to enforce the peace plan 
that Britain and France seem intent on 
imposing on Bosnia. Should the adminis- 
tration be so foolish as to persist down 
the road that London and Paris axe chart- 
ing, the new Republican-dominated Con- 

gress should and probably will force ft to 
reverse course, at considerable political 

reverse course, at constaeraoie pouucai 
and diplomatic cost. 

To the American people, the adminis- 
tration would do well to acknowledge 
that with Europe no longer divided into 
auclear-armed blocs, the United States 
is not obliged to intervene in every con- 
flict. Truly horrible crimes have been 
committed in Bosnia, mostly by the 
Serbs. But no compelling American se- 
curity interests could have justified 
sending U.S. ground troops or overrid- 
ing the preference of the European 
Union not to resist the Serbian advance. 

Even with no U.S. troops on the 
ground, Washington had a right and a 
duty to speak out As the main military 
contributor to NATO and Europe’s fa- 
vorite candidate for enforcing any Bosni- 
an peace settlement, America could not 
afford to let others make decisions on its 
behalf. It still cannot. 

The diplomatic endgame in Bosnia is 
likely to be as messy and amoral as what 
has been going on for the past three years. 
America's substantive role in these events, 
while not glorious, has been more honor- 
able than that of most other countries. The 
best way to maintain that honor now is to 
summon the will to speak the painful truth 
to friend, foe and the American people. 


Now to Reinvent Rwanda 

The West, or the part of it ready to take 
up the daunting task, had three choices in 
calculating how to put post-slaughter 
Rwanda back together. It could wring its 
hands — which is tempting, when you 
look at the problems, but a bad idea. It 
could associate itself with the Hutu gov- 
ernment in exile (in Zaire), which speaks 

for a Rwandan majority but which is 
forever tainted by the killings — another 
bad idea. Or it could support the untested 
mmority-Tutsi military government set 
up by the winners of the war. This was the 
choice, made more by Washington, less 
by Paris. It was somewhat arbitrary, but 
no other choice could have been made. 

Rwanda emerged from the slaughter 
with a half-million or more of its citizens 
dead and millions exiled or otherwise 
uprooted, and with its economy and civil 
structures simply gone. Now it has a 
struggling military-appointed govern- 
ment. Neither the president nor tire prime 
minister is a Tutsi, and lire latter, an 
earnest Montreal-educated businessman 
named Faustin Twagiramungu, who has 
just been in Washington, is no fanatic, 
but an opposition figure who is no apolo- 
gist for the Rwanda Patriotic Front. 

There is no consensus yet on whether 
Hutu-Tutsi reconciliation is possible and 
bow it might best be pursued. Internation- 
al peacekeepers to secure the camps in 

Zaire and escort refugees home seem es- 
sential. and remote. At IS percent before 
the carnage, Tutsis may now be barely half 
that: a narrow base that makes the Patriot- 
ic Front hesitate at the notion of elections. 

How does one reinvent Rwanda? In 
Washington. Mr. Twagiramungu did the 
dealing that will make up the 59 milli on 
in arrears owed the World Bank and 
unlock 5130 million or more in project 
assistance and credits. The United Slates 
on its own is presenting an early 512 
million aid package. One item is a half- 
million dollars for an international war 
crimes tribunal, although early trials 
could run up against the bale and fear 
still at large in the land. Washington set a 
useful example by sending an ambassa- 
dor back after the war and by sponsoring 
the war-crimes and other human rights 
initiatives. If the French can loosen up a 
bit, the European Union, a major provid- 
er of emergency aid. has development 
money ready for Rwanda, too. 

Call all this peanuts. It is not unrelat- 
ed to Rwanda’s absorption capacity and 
to the small scale of Western attention 
to Africa as a whole. Americans have 
only a slight bilateral interest in Rwan- 
da, but a country that has the devasta- 
tion it has can be ignored only at the 
common shame. 


Other Comment 

China like Everyone Else 

What is it about China that leads oth- 
erwise intelligent people to suspend their 
critical facilities? Voltaire, echoing a fas- 
cination with China provoked by the ide- 
alized dispatches of early Jesuit mission- 
aries, saw in Emperor Qianlong the 
philosopher-king Europe never had. 
With more tragic results, the secular aco- 
lytes of Chairman Mao centuries later 
would write even more fantastic reports 
about the splendors of his new China, 
this while the Cultural Revolution was in 
high fever. More recently the enthusiasm 
has moved in the opposite direction, with 
China a sort of economic Shangri-la 
where the basic laws of commerce — 
contracts, property rights, the rule of law 
— are suspended and profits are had by 
tossing in ever higher sums of money. 

All this looks set to change yet again. 
The world is undergoing one of its peri- 
odic reassessments of China, and even its 
most ardent champions are having Sec- 

tor instability than the uncertainty such 
arbitrariness breeds. 

China has made enormous progress 
since Deng Xiaoping first threw open its 
door, and the eagerness of outsiders to 
participate in the building of a confident 
and prosperous China attests to the wis- 
dom of that decision. Sustaining this pro- 
gress, however, mil depend on China's 
own recognition that it is ultimately sub- 
ject to the same rules and principles that 
apply everywhere else. 

— Far Eastern Economic Review (Hong Kong). 

Nationalism in Norway 

and thoughts. During a recent meeting in 
Beijing, Prime Minister Li Peng told 
members of the board of Dow Jones & 
Co. that China's new stock markets in 
Shang hai and Shenzshen remain “exptai- 
mentaL" There is no surer prescription 

The Norwegian “no" vote to the Euro- 
pean Union, and the campaign leading 
up to it. have brought to tire surface long 
submerged myths of Norway’s unique- 
ness and individualism. The motley coali- 
tion of parties and movements which 
opposed joining the EU managed to win 
this time by appealing to such nationalis- 
tic mythology. It is to be hoped that 

—PI -At l<wl +1—. 

Norway wSl not be led down the path of 
mythological nationalist isolationism. 

mythological nationalist isolationism. 
That danger remains, despite all the as- 
surances of the country's international 
solidarity and commitment to NATO. 
— Neue Zurcher Zeirung (Zurich). 

International Herald Tribune 



RICHARD McCLEAN, Publisher & Chief Executive 
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H ONG KONG — The fashionable 
campaign of vitriolic abuse aaainst 

By William Shawcross 

XJ. campaign of vitriolic abuse against 
Lieutenant General Michael Rose, par- 
ticularly from American newspaper col- in Bihac haven't even had gd 
umnists, politicians and diplomats, is to go around. Moreover, as is 
hypocritical and absurd. this very moment, UN foro 

The columnist William Safire (IHT ways been potential if not i 
Opinion, Nov. 29) c»n« him “the reincar- tages in Bosnia, 
nation of Neville Chamberlain" and crit- The West has never defined 

icizes bis “repugnance at ‘war-making’ objective for former Yugos 

when UN havens become war zones." country was dissolved on conflicting 

Such invective, widely whispered by principles — that the borders of its for- 
Washington policymakers, deflects at- 

tention Cram the politicians who made „ „ m , . . » 

the decisions that Genoa] Rose is forced i w West tlCUS never (t€p 

to try to implement. It also tries once _ i J j L - u .;, L] 

again to make “the United Nations” the U political Objective 

whipping boy for the catastrophe of Bi- . fnr former YllCTlhrfr 1 - 
hac m particular, Bosnia in general. , " J » 

Thus Mr. Safire writes that Bihac “has 

fOTceln drfenseoftie safe areas and to 

both to threaten 

in Bihac haven't even had enough rifles made ttos aunost impos«««. 
to go around. Moreover, as is obvious at The ^disaster of ffhacd i the rwult oi 

omSrUN forees have al- the 

ways been potential if not actual bos- force m defense of ^rafe^si and to 
in Bosnia support humanitarian operations, 

defined a political 

objective for fonner YugosW The was ^ CoS 
jvJintrv was /tn mnflictiM warned members of the Security unm 

sion erf the assistance operation; ^ ^Thett were other problems. Except 
“safe area" concept, Mtabtatori m So- for Zeoawd Srebrenica, the physical 
curity Council Radunons SM and 8 3 6, ^ areas were never 

made this almost impossible. ooimuu* » 

The disaster of Bihac is the result of drawn on the To theSert*. 

support humanitarian operations. 

In June 1993, when Resolution 836 

cfl the resolution would make the 

The West has never defined 

apolitical objective 

UN force the theoretical protector of 
etn/i of the warrina Dairies, the Bosnians. 

one of the warring parties, the Bosnians. 
And yet it would not have the practical 
to extend that protection. 

The UN force said it would require an 

additional 32,000 troops to be able to 

additional 32,000 troops to be ante to 
protect the safe havens, unlike the Golan 
Heights, where the UN forces are inter- 

rendered the poseurs and pontificators of 
the United Nations helpless and con- 
temptible." And so? Weu, Jbe states that 
the United States can now reduce its con- 
tribution to the United Nations to about 
10 percent of the UN budget, from the 
current 30 percent or so. Haw covenient. 

General Rose's predicament, like that 
of the entire UN mission in former Yugo- 
slavia. is not of his own making it is the 
result erf deliberate decisions made by 
members erf the Security Council, in par- 
ticular the United States, France, Bri tain 
and Russia, and imposed on the United 
Nations’ peacekeepers. 

General Rose’s critics might ask with 
wbat he was supposed to “ mak e" the 
war they call for. The badly named UN 
Protection Force in former Yugoslavia 
is armed very lightly — at best, for 
limited self-defense. The Bangladeshis 

taex republics would now be international 
borders, and secondly that the new states 
had the right of national seLf-detennma- 
tioa. This obvious conflict led to war and 
the subsequent problems of the UN force. 

Tire goal of all political leaders in for- 
mer Yugoslavia has been international 
recognition of new borders. So every- 
thing the UN force does plays into the 
hands of one or other of the parties. 

The UN force was established to pro- 
tect the humanitarian relief programs run 
by the UN High Commissioner for Refu- 
gees. It has und oubtedly saved hundreds 
of rhoujonds of lives and alleviated much 
misery. But its second effect has been -— as 
with so many relief operations — to rein- 
force the war parties and attend the war. 

To succeed m humanitarian operations, 
the UN force had to be seen as impartial, 
its armed force just the protective exten- 

H eights, where the UN forces are inter- 
posed between the parties, these areas 
were completely surrounded — by Serbi- 
an forces. The request for such reinforce- 
ments was rejected out of hand by the co- 
sponsors of the resolution. 

Instead, governments gave themselves 
an excuse. If you look closely. Resolution 
836 is a monumental exercise in hypocrisy. 
Members of the Security Council specifi- 
cally chose the words “to deter attacks" 
agains t the safe areas rather than “to de- 
fend" th«m, and “to promote withdrawal" 
rather than “to ensure or enforce" it 

In other words, the resolution means 
far less than many Bosnians believed. 
That way, governments argued that the 
UN force (fid not really need to take on 
extra troops. Realistic, perhaps. 

Yet now their officials abuse the UN 
force for failure to defend areas that they 
never were prepared to enable it to de- 

Arid defini tions differed- To the Sabs, 
the term “safe area" meant a denriLta- 
rized zone, as with Srebrenica, where the 
Bosnians handed in their weapons as a 
condition for Serbian withdrawal. . 

But Resolution 836 did not call for 
demilitarization of other safe areas. The 
Bosnians refused to give up their weap- 
ons — and, endangering their own civil- 
ians, have used Bihac and other safe 
areas as launching pads for attacks. Thdr 
lunge out of Bihac led to this most-recent 
Serbian counterattack. 

It seems evident that the present deba- 
cle has seriously damaged the United Na- 
tions and NATO. An early, aggressive 
response to the Serbian onslaught in'1991, 
as Margaret Thatcher urged, would al- 
most certainly have been more effective 
than the shffly-shaUying of all govern- 
ments. But it is absurd cant to blame . 
today’s debacle on the UN officials, high 

or low, who have risked their lives to try to 
carry out comradictixy resolutions which 
they were never given the means to tom 
American officials, and laptop gener- 
als in the press, are using General Rose 
and the United Nation* as convenient 
whipping boys. It is an ignoble and crass 
diversion which prevents helpful lessons 
from being learned bom the disaster. 

The writer, author of “Sideshow: Kissin- 
ger, Nixon end die Destruction of Cambo- 
dia” and ‘^The Shah ’s Last Ride, 1 ' contribut- 
ed this comment to the Herald Tribune. 

The Shame Began With George Bush’s Decision to Do Nothing 

B OSTON — Anyone who did 
not grasp the meaning of 

not grasp the meaning of 
what is happening in Bosnia 
need only have looked at the 
newspaper picture this week of a 
Bosnian government soldier tak- 
en prisoner by the Serbs at Bi- 
hac. "Hiey made him wear a fez, 
mocking his religion, as the Na- 
zis made Jews wear a yellow star. 

How did it happen that, SO 
years after the Nazis, human be- 
ings are bring humiliated and 
killed in Europe because of their 
religion? AH of us in what we 
like to think of as the civilized 
West share the shame. 

The crucial moment came af- 
ter Yugoslavia began to split 
apart in 1991. Slobodan Milose- 
vic of Serbia sent the federal 
army into Croatia, destroying 
Vukovar as totally as the Ro- 
mans did Carthage. What would 
the great Western alliance do 
about this menacing violation of 
Europe’s peace? 

President George Bush, the 

By Anthony Lewis 

leader of the alliance, made the 
decision: to do nothing. Why he 
was so craven remains a mys- 
tery. He bad just come out of the 
Gulf War a hero, the man who 
said Iraq’s aggression “will not 
stand" and acted on that vow. 

The fall of Prime Minister 
Margaret Thatcher may well have 
made the difference. She had 
goaded him to action against 
Iraq, sating, “Don’t go all wobbly 
on us, George." Her successor. 
John Major, had less spine. 

In 1992 the Serbs began their 
onslaught on Bosnia, the first ex- 
plicit religious-nationalist aggres- 
sion in Europe since the Nazis. 
They drove 2 milli on Bosnians 
from their homes and killed hun- 
dreds of thousands. They burned 
villages and blew up mosques. 

The Western alliance still re- 
sponded with inaction. In fact it 
was worse than inaction. West- 
ern countries recognized Bosnia 

but then enforced an arms em- 
bargo that denied it the means 
to defend itself. 

Worse still — far worse — the 
West led the victims to believe 
that it would come to their res- 
cue. That was only to be expect- 
ed, the West having left them 
defenseless against a cruel ag- 
gression. But no gallant rescu- 
ers appeared. 

Instead, NATO shucked the 
problem off to the United Na- 
tions. A UN Protection Force 
was sent to Bosnia to get relief to 
areas besieged by the Serbs. But 
the force became a plaything of 
the Serbs: it cringingly followed 
orders of Serbian^ commanders. 

The UN force commander. 
Lieutenant General Michael 
Rose, is a symbol of the sellout. 
On television this week he spoke 
of the wonders he had done for 
Bosnia — among other things, 
saving Gorazde from Serbian as- 

sault. In fact he long resisted 
doing anything about Gorazde. 
And he has done little bat whim- 
per in recent days as the Serbs 
have taken hundreds of his men 
as hostages. 

The one time the Serbs really 
backed off was when the mar- 
ketplace massacre in Sarajevo 
shamed the West into a mean- 
ingful threat of bombing. The 
Soils believed iu After that, 
right through the Bihac disas- 
ter, General Rose and others 
blocked the use of meaningful 
air power. 

Tlie British and French were 
the blockers. Britain especially; 
its performance in the destruc- 
tion of Bosnia has brought back 
to life perfidious Albion. 

The Clinton a dminis tration 
has done its part in the disaster, 
too. Its huffing and puffing pro- 
longed the pretense that some- 
one might actually rescue Bosnia 
— prolonged the agony. Presi- 
dent Bill Clinton did not have 

the will to lead the alliance to a 
genuine resistance against the 
Serbian aggression. 

Now it is time for the charade 
to end. The West has only two 
honorable courses: (1) Get the 
UN force out, despite all the risk 
that entails for trapped B osnians 
this winter, and undertake sys- 
tematic bombing of Bosnian Sob 
mili tary installations; or. (2) tell 
the Bosnians that we are not go- 
ing to lead them on anymore, 
they have to settle for what they 
can get. and we shall then help to 
make their rump country viable. 

It is an appalling choice. Bat 
that is what has been left to the 
West by the weakness that be- 
gan with George Bush's deci- 
sion to do nothing. 

“This should have been dealt 
with two years ago." Margaret 
Thatcher said this week That it 
was not may prove to be the 
undoing of much more than 

_ The New York Times. 

If Nato Won’t Save Bosnia, Why Would It Save Central Europeans? 

W ASHINGTON — A ques- 
tion about NATO: If the 

W tion about NATO: If the 
house is burning down, as ap- 
pears to many to be the case 
after the alliance's humbling in 
Yugoslavia, then why are others 
from Central Europe still clam- 
oring to get in? 

Because, of course. Central Eu- 

By Stephen S. Kosenfeld 

ropeans, sitting in a historically 
stressful neighborhood, do not 

stressful neighborhood, do not 
have the luxury of ignoring that 
they must do whatever they can 
to improve their future security, 
even if the prospects at any given 
moment do not look so rosy. 

They can see more clearly than 
Americans that one of die two 
large possibilities for the post- 
Cold War re tooling of NATO — 
keeping toe peace and maintain- 
ing stability throughout Europe 
— has been severely discredited 
in Yugoslavia. 

Unfortunately, the other possi- 
bility, which is reinforcing demo- 

cratic tendencies in Central Eu- 
rope by bringing new states into 
the club of Atlantic democracies, 
has also been badly shaken. 

Consider that successive Amer- 
ican administrations of different 
parties determined that the Unit- 
ed States had no vital interest that 
required it to put ground troops 
into Bosnia in the relatively safe 
role of peacekeepers. 

Then how could anyone expect 
a future administration to find a 
vital interest in putting troops 
into another state of the region in 
toe event of tension or conflict? 
And, presumptively, against a 
much more potent counterweight, 
Russia rather than Serbia? 

Let there be no confusion 
about this hypothetical. NATO 
membership means near auto- 
matic military aid when you are 
in trouble. If you are not guaran- 

teed aid, you arc not in the club. 
If you are not guaranteed aid, 
then an aggressor could always 
figure he might get away with 
crowding you or taking a free bite 
— the definition of instability. 

This fact creates, in the present 
period of diminishing American 
overseas commitments, a wicked 
irony. If NATO were a less seri- 
ous organization, then it might 
more casually add to its member- 
ship. But the certainty that add- 
ing a member equates with pro- 
viding an ironclad security 
guarantee may now reduce the 
American taste for extending 

The result is a political dilem- 
ma. If NATO finally is not going 
to offer new security guarantees, 
then toe whole discussion about 
toe terms of extending member- 
ship becomes a cruel joke. It is a 

Not Much GATT Cheer in Brooklyn 

N EW YORK. — The Uru- 
guay Round GATT aeree- 

1N guay Round GATT agree- 
ment will tear a large bole in the 
U.S. federal budget. But this 
breach of the budget is not con- 
sidered a major problem by gov- 
ernment leaders in Washington, 
because toe new GATT agree- 
ment wQl be a bonanza for big 
business. And that is something 
favored by Democrats and Re- 
publicans alike. 

When benefits for working 
people or the poor are involved, 
the budget deficit is seen as an 
insurmountable problem. There 
is no money for investments in 
ordinary Americans. But the 
specter of 542 billion in lost 
tariff revenues over the next de- 
cade is met with a shrug by the 
movers and shakers in Congress 
and the While House. As long 
as it's for business — well, then, 
that’s all right. 

Brownsville, a desolate and 
mostly forgotten neighborhood 
in Brooklyn, is light-years from 
Washington. Its residents will 
never be mistaken for the Cham- 
pagne-drinking, limousine-rid- 
ing lobbyists who have been 
swarming all over Capitol Hill 
in a gaudy display of corporate 
muscle on behalf of GATT. 

A glimpse of this crippled 
neighborhood was provided in 
Senate testimony last spring by 
Anne Kohler, who runs a soup 
kitchen in a tiny storefront that 
once housed a bakery: 

“Our clients consist of the 
working poor, single mothers 
with children, long-term unem- 
ployed single men (part of the 

By Bob Herbert they’re living such great lives at 

blue-collar work force, where 
many jobs have disappeared), 
married families with children, 
senior citizens, toe mentally ill, 
the disabled and the handi- 
capped; some are illiterate; 
some are college-educated. 
Some are chemically depen- 
dent, and some worked all of 
their lives only to find that in 
old age the safety net has begun 
to crumble beneath their feet." 

What these soup ki tchen cli- 
ents have in common is an eco- 
nomic predicament so dire that 
they cannot be sure from one 
day to the next that they will 
eat This is not easily under- 
stood by congressmen, senators 
and presidents who have trou- 
ble buttoning their jackets over 
their ample midsections. Hun- 
ger is alien to them. 

Ms. Kohler’s soup kitchen is 
called Neighbors Together and 
is the second-largest in Brook- 
lyn. It serves a simple lunch 
(canned meat, a starch, canned 
vegetables) to 500 people a day. 
five days a week. 

“I think most people are un- 
aware of the tremendous pover- 
ty that exists in this country," 
said Ms. Kohler during an inter- 
view last Monday. “I see the 

the taxpayers’ expense.” 

One evening sbe took a boy 
from a desperately poor family 
home to spend the night with her 
and her husband in a different 
part of Brooklyn. “I told him be 
could sleep on the sofabed, or on 
a makeshift bed on the floor, 
beside our bed." A stricken look 
crossed the boy's face. “Do you 
have mice?" he asked. 

GATT is about power, mon- 
ey and influence. Brownsville is 
about survival. Some of the very 
same government officials who 
have gone to toe mat for GATT 
are also trying to cut the food 
stamp allotments of toe poor. If 
there is equity in that kind of 

path that no responsible state, 
either the provider or toe recipi- 
ent of a guarantee, would want 
to start down unless it knew at 
the beginning how it would come 
out at the end. 

This dilemma was latent before 
NATO's experience in Bosnia re- 
vealed for all to see toe Western 
hesitation to make security com- 
mitments on new terrain. 

Now toe dilemma is real: for a 
year or more, and to this very 
day, NATO has been moving to- 
ward a position that, if toe alli- 
ance is “successful.” will bring it 
up against a wall. The West’s 
dedication to integrating toe 
new Europe and deepening the 
roots of Central European de- 
mocracy eventually collides with 
its reluctance to provide new se- 
curity guarantees. 

In toe glow of the collapse of 
the Berlin Wall, it was easy to 
succumb to a vision of a Europe 
moving ever more confidently 
into a pattern of mutual respect 
among democratic states, large 
and small Yugoslavia woke most 
people up. Unfortunately, Eu- 
rope’s ethnic and regional pulls 
are not confined to Yugoslavia. 

If NATO cannot succeed in 
tucking in other mature new 
states, then it becomes progres- 
sively harder to explain why there 
should be any more concern 
about NATO than there is about, 
for instance, the Rio treaty. 

The record of American and 
Western governments in Bosnia 
— hinting at deeds of rescue 
which were never, or never ade- 

wilh open eyes. Its advocates 
have to make the best case that 
not just American sentimental in- 
terests but American security in- 
terests are involved. 

Meanwhile, other paths must si- 
multaneously be explored. These 
only begin with the alphabet soup 

of military/ political organizations 
covering Europe. They go on to 
the incipient reappearance of a 
19th century European political 
dialogue on a balance-of- power 
theme. They must fold in a new 
20th century dialogue engaging 
America and Russia but a vending 
reflexes of Cold War competitive- 
ness and pushy nati onalism 
It is hard and it will take tinv» to 
build a united Europe. The guid- 
ing word should be: no more de- 
ception erf others or of yourself. 

The Washington Pose 

What Does Europe Wan# 

When the Soviet Union began; 
the Berlin blockade in 1948, many 
in the United States did not be- 
lieve that rescuing a recent ene- 
my's ruined capital was in the 
American interest. But the block- 
ade and the ensuing airlift hel ped 
force a larger question. NATO was 
founded in the following year. The 
Balkans war is the Berlin blockade 
of the post-CoId War era. 

If Western Europe intends to 
assume a measure or responsibility 
for security in Eastern Europe, a 
role for the United States [can be] 
i m a g in e d. When the question of 
NATO is posed in this way, the 
legitimacy of the Balkans war as a 
forcing of the question is obvious. 

Americans wonder what West- 
ern Europe really wants. 

— Lot Angeles Tones. 

quately, performed — makes can- 
dor about toe future of NATO 

dor about toe future of NATO 
essential at this time. 
Enlargemait must be pursued 


governing — not to mention a 
sense of humanity — Ms. Koh- 

sense of humanity — Ms. Koh- 
ler has been unable to find it. 

“Food stamps!" she cried, 
her eyes angry. “Can you be- 
lieve they want to cut food 
stamps? A monthly allotment of 
food stamps provides about 88 
cents per meal. fU take you 
shopping and you see if you can 
buy a meal for 88 cents. Now 

1894: Slow Recovery 

they’re going to give them less?" 
The fine restaurants of the 

suffering in the eyes of these 
people. Some of them are frail 

people. Some of them are frail 
and old. There are women who 
are retarded. They can’t work. 

1 get sick to my stomach when 
I hear the stereotypes about 

I hear the stereotypes about 
how lazy the poor are, how 

The fine restaurants of the 
nation’s capital were heavily 
booked for Thursday nig ht as 
corporate representatives pre- 
pared to celebrate the Uruguay 
Round's final passage, if the 
Senate gave the thumbs up, 
there would be toasts and laugh- 
ter and triumphant applause, 
the kind of exuberance that ac- 
companies a sudden accelera- 
tion of wealth and worth. 

The New York Timer. 

NEW YORK — Business men 
are made weary and discouraged 
by toe slowness of the improve- 
ment in trade. The bankers are 
unable to lend money and are 
getting blue. On the strength of 
the absorption of nearly sixty mil- 
lions by the Government loan, 
they tried to advance rates to 2 
per cenL, but failed. The Financial 
Chronicle says that Congress, by 
authorising a popular loan, could 
promote an industrial revival. 

Senate. Republicans fainted that 
if the situation has not been 
cleared up by toe middle of tire 
month they will bring up the 
Lodge resolution declaring war 
with Germany ended. The Re- 
publicans would be glad to have 
peace before the Christmas recess. 

1944: ISazi Rocket Plane 

1919: Fate of the Treaty 

WASHINGTON —The opening 
session of Congress brought 
nothing forth to indicate the fate 
erf the Peace Treaty. Both sides 
are up in the air, the Republicans 
taking toe cue from the statement 
of Senator Lodge yesterday [Dec. 
1] that toe Treaty must be Ameri- 
canised before it is ratified by the 

LONDON — [From our New 
York edition:] Germany has two 
super-speed fighter planes oper- 
ating over the western front one 
of them the rocket propelled in- 
terceptor, ME-163, is capable of 
flying up to 600 miles an hour, ' 
Allied Air sources disclosed to- 
day [Dec. 2], The other high- 



i -ii 

■5 ; 

speed fighter is the jet-propelled, 
twin-engined ME-262, capable of 
flying from 450 to 500 miles an 
hour. Forty-one enemy ship s of 
this type were destroyed recently 
by American fighter planes in a 
strafing attack at Piphrim. 

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comp, ted 

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Approx, weighting; 32% 
Close: 12253 Pravj 124.18 



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[ North America 

Latin America 

Appro*, weighting: 26% 

Approx, wigrting: 5% 


Close: 94.45 Prev. 9341 

Close: 129.90 Prewj 132.18 


The index Backs US. doBar values of stocks In: Tokyo, Now York, London, and 
Argentina, Australia, Austria, Belgian, Brazil, Canada, Chile, Danmark, Finland, 
France, Gennany, Hong Kong, Italy, Mexico. Netherlands, New Zealand, Norway, 
Singapore, Spam, Sweden, Switzerland mid Venezuela. For Tokyo, Ns w York and 
London, the index is composed of the 20 top Issues In terms of marital capitalization, 
othenviee the ten top stocks me tracked 

1 Industrial Sectors \ 
















CapiU Goods 





12 Z 57 






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Consunar Goods 


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+ 0.19 


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For more information about tf» Index, a booMef is ava^faWe free ot charge. 

Wide to Trib Index, 181 Ayenuo Charles deGeube, 92521 Neutty Codex, France. 



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International Herald Tribune, Sahirday-Sunday, December 3-4 , 7994 

Page 9 

Seoul, in Shift , 
Backs Samsung’s 
Automaking Plan 

By Steven Brull 

International Herald Tribune 

SEOUL — Marking a milestone in the deregulation of 
South Korea's domestic markets, the government signaled 
Friday that it would allow the Samsung group. South Korea's 
most powerful conglomerate, to enter the automobile busi- 

Although Samsung has had (he legal authority to enter the 
automobile assembly business since the late 1980s, the gov- 
ernment had blocked its application since last year because of 
opposition from rival automakers and Trade Ministry offi- 

Samsung's plans remain sketchy, but analysts said it in- 
tended to concentrate on exports. That is likely to annoy 
foreign automakers, which despite vociferous complaints and 
modest market-opening responses, remain largely excluded 
from the South Korean market, Asia's second biggest. Cars 
made in Japan are banned. 

Samsung's entry also would augment, if not accelerate, 
plans of other South Korean automakers to invest billions of 
dollais through the rest of the decade to increase production 
capacity to 5 million units, of which 60 percent would be 

South Korean exports are targeted mainly at developing 
countries, where there is strong demand for inexpensive cars. 
But companies are also investing in new models and dealer 
networks in the United States and Europe. 

They feared that more competition would undermine an 
industry seen as key to South Korea’s economic prosperity. 
That concern was heightened by Samsung’s aborted attempt 
to take over Kia Motors Corp., the only nonconglomerate 
among South Korea's automakers. 

Government officials also were worried about a public 
backlash over aiding the expansion of Samsung, the biggest of 

See SAMSUNG, Page 10 

Bond Rally Sends Stocks Higher 

Compiled by Ow Staff Fran Dispatcher 

NEW YORK — Stocks rose 
Friday^ and blue-chips soared, 
on the back of a sharp drop in 
long-term bond interest rates. 

‘‘No doubt this economy is 
going to be rolling along for the 
next couple years,” said James 
Fay, a money manager aL Free- 
dom Investors Corp. in Pewau- 
kee, Wisconsin, which manages 
the Frontier Equity fund. 
“We're going to see record cor- 
porate profit growth occur- 

The Dow Jones industrial av- 
erage ended up 44.73 points, at 
3,745.62. Advancing issues on 
the Big Board outnumbered de- 
cliners by 13-to-8 on moderate 

The bond market reacted joy- 
ously to marked drops in com- 
modity prices and a govern- 
ment report showing a 2-cent 
drop in the average hourly wage 
ana a shorter workweek. 

The price of the benchmark 
30-year Treasury bond closed 
up 1 5/32, at 95 11/32. in New 
York, reducing the yield to 7.91 
percent from 8.02 Thursday. 

The Labor Department re- 
port also fueled op timism about 
the economy by showing that 
350,000 jobs were added last 
month and that the unemploy- 
ment rate fell to a four-year low 
of 5.6 percent, exceeding most 
analysts’ projections. 

Stocks also cheered the re- 
port, which found no sign of 
imminen t inflation despite a 
four-year low in the unemploy- 

ment rate. Traders said com- 
puterized trading led the ad- 
vance, kicking in in early 
afternoon to drive up blue-chip 
indices ever higher until the 

“The economy doesn't ap- 
to be grinding down to a 
It,” said Alan Ackerman, 
market analyst at Reich & Co., 
“and that’s good for the earn- 
ings outlook.” 

Shares of electric utility com- 
panies rose amid speculation 
that interest rates would not 

rise much further. Higher rates 
hurt utilities by making their 
dividends less attractive and 
raising their borrowing costs. 

“If you’re looking at a level- 
ing off of interest rates, it’s OJC 
to play in utilities,” said Bill 
T angevin, manager of institu- 
tional trading at Morgan Kee- 
gan Inc in Memphis, Tennes- 

The Dow Jones utilities aver- 
age spurted 137, to 179.41. De- 
troit Edison Co. jumped %, to 
26%, and Consolidated Edison 

Japanese Economy Spurts chips. 

Compiled by Our Staff From Despatches 

TOKYO — Japan’s economy expanded 0.9 percent in the July- 
September quarter, the government said Friday, in a new sign that 
the world's second-largest economy may be getting back on track. 

The 3.7 percent annual rate growth reflected increases in capital 
investment and consumer spending as well as continued expan- 
sion in housing investment, the Economic Planning Agency said. 

It followed a revised 0.2 percent increase in the previous quarter, 
leading the agency to predict a “full-scale recovery” by March. 

Private economists were more cautious, saying the fast pace of 
expansion may not last and that structural drags on the economy, 
including mountains of bad debt, could dampen recovery. 

Tsulomu Tanaka, a planning agency vice president, said con- 
sumer spending grew 1.1 percent during the latest quarter, thanks 
to a one-year income tax cut in June as well as a summer heat 
wave. The record heat triggered a surge in spending on everything 
from beer to beach wear. 

Mr. Tanaka said corporate capital spending rose 0.5 percent in 
the quarter, the first increase in three years. It fell 2.1 percent in 
(he previous quarter. 

He said it remained difficult to predict how strongly the 
Japanese economy would grow, noting that the yen’s strength and 
the pace of growth in spending by companies, known as capital 
outlays, must both be watched. (AP, AFP, Bloomberg, Reuters) 

Co. of New York rose Vz to 25%. 

Wal-Mart was the most 
heavily traded stock, closing 
unchanged, as retailing stocks 
r emain in the spotlight as the 
holiday shopping season gets 
under way. 

Computer stocks were mixed, 
with Compaq rising 1%, to 39%, 
Dell up 1%, to 41%, and Sun 
Microsystems jumping 1 13/16, 
to 32 13/16. But Intel slipped 
1/16, to 62 9/16. Dell was re- 
covering from the sharp drop it 
suffered Thursday when CS 
First Boston downgraded the 
stock over concerns about de- 
fects in Intel’s new Pentium 

software offerings, Lotus 
rose %, to 44%, but Microsoft 
fell 5/16. IQ Software Corp. 
skidded 4%, to 1 1% after it said 
third-quarter earnings fell to 17 
cents a share, from 19 cents a 
year earlier. 

Chrysler rose } A, to 48%, after 
it said it would increase its divi- 
dend 60 percent, launch a SI 
billion stock buyback program 
and relaxed shareholder rights 
in response to demands by the 
investor Kirk Kerkorian, who 
owns 9 percent of the company. 

ITT Corp. rallied 3%, to 80%. 
PaineW ebber Inc. rated the 
conglomerate, whose business- 
es include insurance, auto parts 
and paper and forest products, 
a “buy. 

Best Buy rose % to 33%. re- 
covering from a plunge of 11% 
on Thursday, when the dec- 

See STOCKS, Page 10 

Merrill Lynch to Bail Out Orange County on Derivatives Loss 

C international Herald Tribune 

By Lawrence Malkin 

International Herald Tribune 

NEW YORK — Merrill Lynch & Co. an- 
nounced Friday that it was lending Orange 
County, California, about 52 billion to help it 
ride out its losses from one of the biggest U.S. 
derivative deals to go sour so far. 

Merrill Lynch noted that it had been dealing 
with Orange County for 20 years and that the 
county had a S2JS billion lme of credit. The 
current loan, designed to permit the county to 
weather its unprofitable investment in deriva- 
tives, will be secured by investment-grade securi- 
ties, Merrill Lynch said. 

The county will pay the interest, and Merrill 

Lynch does not anticipate any losses on the deal, 
its officials said. 

Robert L Citron, treasurer of the county 
south of Los Angeles, announced Thursday that 
the investment fund he managed for the county 
and for many towns and public agencies in 
California had lost about 20 percent of its S7.5 
billion face value because of rising interest rates. 

Mr. Citron was known for the aggressive strat- 
egy he employed by borrowing money to buy 
securities whose value is derived from underlying 
stocks, bonds and mortgages. These derivatives 
have been hit hard by rising interest rates, caus- 
ing huge corporate losses. 

[Senator Alfonse M_ D' Amato, the incoming 
Senate Banking Committee chairman, on Friday 

called for increased scrutiny of derivatives regu- 
lation and said he would hold bearings on the 
matter, Reuters reported. 

[Separately, Bloomberg Business News quoted 
Richard Robots of the Securities and Ex chang e 
Commission as saying the SEC was “looking 
into” Orange County’s brokerage transactions.] 
Betsy Dotson, assistant director of federal 
liaison at the Government Finance Officers’ As- 
sociation in Washington, said there was no cur- 
rent information available about state and local 
government use of derivatives. But she stud she 
doubted that it was widespread. 

A General Accounting Office study said that 
in 1992 only 4 percent erf local and 17 percent erf 
state governments used derivatives. 

Earlier, Leslie Wayne of The New York Times 

Orange County is one of hundreds of munici- 
palities, mutual funds, colleges and corporations 
that tried to increase their investment returns by 
buying securities that were, in effect, high-risk bets 
on the direction of interest rates. 

The $20 billion Orange County fund included 
about $8 billion in reserve money for future 
needs from more than 1 80 municipalities in Cali- 
fornia and $12 billion in borrowed funds. 

Mr. Citron took about S8 billion in the money 
of these municipalities, borrowed $12 billion 
more and used it to buy a wide variety of securi- 
ties that go by the name of floating-rate deriva- 
tives and reverse repurchase agreements. 


Blue Collars Become Scarce 

By Sylvia Nasar 

New York Times Soviet 

N EW YORK — By all accounts, 
Americans are more overworked 
Lhan ever. Unemployment has 
dipped below 6 percent, overtime 
is at a record high, and many workers are 
hol ding down more than one job. So why are 
so many men — healthy men in the prime of 
life — working less than ever before? 

Even as the powerful American job ma- 
chine has churned out tens of millions of new 
jobs in the last two decades, recent studies 
disclose thai men older than college age and 
younger than the usual retirement age of the 
early to mid-60s are working much less than 
men did 10 or 20 years ago- A rising propor- 
tion arc neither working nor looking for work. 

The most stunning change is the shrinking 
share of men who serve as traditional bread- 
winners — the male who works full time, 
year-round, year in and year out 
Among young and middle-aged men, the 
percentage performing that basic family role 
has dropped sharply. In the 1970s almost 80 
percent of men from 22 to 58 worked full time 
for at least eight of the 10 years. 

But during the 1980s, that proportion 
dropped to 70 percent. 

Men's experience stands in sharp contrast 
to *ha« of women, who are working more and 
at higher pay. . , 

As America’s economy increasingly focus- 
es on advanced sendees ; and hirii techndpCT, 

in the working-age population. 

fits such men can command have plunged by 
as much as one-fifth since the late 1970s. 

The result? These men are not, as popular 
wisdom would have it, generally working 
more to make up the lost pay. Instead, as the 
rewards of working have shrunk, most are 
working less. 

“It’s the Achilles' heel in the American job 
success story,” said Richard Freeman, a labor 
economist at Harvard and editor of a book of 
articles, “Working Under Different Rules.” 

The decline in work among men has worri- 
some implications. 

All too often, the only available alterna- 
tives to steady, full- time work are off-the- 
books employment or even crime. The young 
and pooriy ed u cated, — the same demo- 
graphic group that is working less and whose 
opportunities and pay have contracted — is 
the group most likely to get into serious 

Indeed, the number of men in prison, on 
parole or on probation now exceeds the num- 
ber counted as unemployed. In 1993, accord- 
ing to government data, there were 4.6 million 
adult men under such state supervision, com- 
pared with 4.2 milli on looking for work. 

“The equivalent of the long-term European 
unemployed who are on the dole is the U.S. 
prison population,'’ Mr. Freeman said. “They 
give them welfare and we put them in prison 
with free housing, food and TV. We haven’t 
escaped the problem.” 

The decline of work among men is not 
limited to the United States. European men 
are working less, too. 

In contrast to the European situation, how- 

See EMPLOYMENT, Page 11 

Iberia Pilots 
Will Renew 

MADRID — Pilots employed 
by Iberia, Spain’s national air- 
line, will renew negotiations with 
management Monday on a cost- 
cutting plan aimed at averting 
the carrier’s bankruptcy and 
paving the way for a $1 billion 
government bailout. 

The pilots met for four hours 
Friday to decide whether to join 
the accord reached Monday 
with most of Iberia's employ- 
ees. The agreement, which aid- 
ed a wildcat strike Monday, 
rails for cutting as many as 
3,500 jobs and slashing salaries 
by between 3 percent and 15 

Thepflots balked at the pack- 
age Thursday, prompting the 
airline to threaten to proceed 
with an emergency plan that 
would mean laying off 20 per- 
cent of the work force and sell- 
ing the flag carrier’s more at- 
tractive assets. 

But on Friday, a representa- 
tive erf the pilots' union insisted 
the talks had never broken off. 

Iberia needs the support of all 
its workers for its viability plan 
before it can seek the European 
Commission’s authorization for 
a $1 billion government bailout 

Javier Salas, the chairman of 
Iberia, said he had no idea what 

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Dec. 1 

__ nja bj=. IF. Yen CS Peseta 

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tor, York, Tonntotsld 

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Eurocurrency Deposits 


Dec. 2 










5Mr5 *. 






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4 Vrhhk 





fi V<S ‘Vk 


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anrnemc. mu* 
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KOW.W M 111* 
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Malay, rMS. 1SS4S 






part. MOMS 
rokl rotate 
SoMD rtral 











-Currency Par* 
s. AIT. raid 15582 
5. Kar. wan 79&20 
SMKUcnma 7-7371 
Taiwan* 2&» 

nuitaaM 25.04 

TarUstaDra 3*455. 
UAE dirtum 3472 

Venn. boil*. IS? JO 

1 month MYa 5*W-5* 

3 m onths 5*v-5 v» 

5 months 5tt-5te 

1 year 7W-7N 5^-5 v. 

Sources: Rsukrx Lkrrds Bonk. 

pfdea raaWenftte to mtettonk deposits of St mSHon mtnhnm (or eovtmtntl. 

Key Money Rates 

United States 
prune rate 
Federal taodi 
3 month CD* 

Comm, uraer 188 days 
Amoatta Treason tafll 
Vraar Treasury MU 
a-rtu r T reas ur y rate 
5wn T reas u r y rate 

7-year Treamnr note 
10 -rear Treasury rata 
Mhrcar Treason hood 

Morrill Ltm*S doy r ea d y < U* ot 445 






Baak base rate 



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Call Money 





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Iraratb interbank 



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3-manth toterbenk 





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1J7S5 1.3735 UTSS 

9942 79.28 


. 1UM M-dar I WW ■ ...... 

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! 3 S 35 ™ — •- 

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OKI. Other data h wn ketriefS usd nr. 

Discount rate 

CaB moaov 

Haonth mereae* 


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lAyeor Oiwonu a cnf te nd 


Lombard rate 
Cad mot *T 
maootb tetertrak 
Maori* UrtertMMk 

Hi IS 

£ZZ £22 
2 Vk 2*, 
2 S 2* 
2* IL 
<54 445 

110 5,15 
5J0 530 

330 338 

535 535 

737 73! 

Sources: Reuters, Bloomberg. Merrill 
Lynch, Bank olTokm Commerzbank. Credit 













New York 




US. dedtars per ounce. London atbdal Be- 
Irm : Zurich orti New York opening and cbn- 
k>o prices; mw York Cemex t February J 

Source: RMtfS. 





The Special Committee for the Promotion of Private Investment in Banco 
Continental S.A., appointed by the Government of Peru, through the 
Commission for the Promotion of Private Investment, COPRI, announces the 
sale of the Peruvian Government's participation in: 

Banco Continental is Peru's third largest commercial bank in terms of assets 
and equity. 

The tender terms for the International Auction Sale may be obtained from 
november21 through: 

Luis Hidalgo Viacava 

Av. Republica de Panama 3055 
Centro Comercial Continental Of. 20 
Lima 27, PERU 

Telefax: (5114) 419396 / 419424 / 417250 
For further information please contact' 

Credit Commercial de France 
Paris, Francia 
Francois Lagree 

| Tel: (331)4070-7040 
i Fax: (331)4070-7075 

Socimer International 
Madrid, Esparia 
Salomon Benatar 



CCF/Socimer Perti 
Lima, Peri 
Guillermo Van Oordt 

(5114) 429896 


Comision de 
Promocion de 
la Inversion Privada 


Lima-Peru, november 1994 

This advertisement has been approved by Cred'a CommerciaJ de France, an authorised person for the purposes of 
Section 57 of the Financial Services Act 1 986 (FSA). 

■l.. '■ -f — 

— . • juwrt 

Page 10 


Dollar Gets Rise 
Out of Jobs Data 

NEW YORK — The dollar 
rose against other major curren- 
cies Friday, posting its biggest 
one-day gain against the yea in 
three months after a govern- 
ment report showed the UJS. 
economy growing strongly with 
low inflation. 

The catalyst for the rally was 
the government's employment 
report for November, which 

Foreign Exchange 

showed the lowest jobless rate 
in more than four years, at 5.6 

percent, and the largest number 
of jobs created in five months. 
Aviaash Persaud, head of 

currency research at J. P. Mor- 
gan, called the drop in the un- 
employment rate “genuinely 

The robust report, like others 
this week, confirmed investors' 
perceptions dial the U.S. econ- 
omy was growing strongly 
enough to force the Federal Re- 
serve Board to raise rates to 
stop inflation before it got a 
foothold in the economy. 

“This report is positive for 
the dollar, said Earl Johnson, 
foreign-exchange adviser at 
Harris Trust & Savings Bank in 
Chicago. “The Fed has plenty 
of reason to raise rates." 

The dollar dosed in New 
York at 100.605 yen, up from 
99.345 yen Thursday, and at 
1.5800 Deutsche marks, up 
from 1.5735. The dollar rose to 
1.3337 Swiss francs from 13295 
francs and to 5.4210 French 
francs from 53930 francs. The 
pound weakened to $1.5610 
from $1.5665. 

With U.S. interest rates ris- 
ing, it is becoming more expen- 
sive for traders to bet against 

STOCKS: Bonds Set Off a Rally 

Continued from Page 9 
ironies and appliance retailer 
said its third-quarter earnings 
would be below analysts' expec- 

A competitor of Best Buy, 
Circuit City, rose ltt to 23% 

U.S. Stocks 

after it said its earnings should 
exceed expectations. 

General Electric rose IV* to 

46% after irs Kidder, Peabody 
unit sold about S700 million 
worth of mortgage-backed se- 
curities to Bear Stearns in prep- 
aration for the sale of Kidder to 

Merck rose I to 37% after the 
U.S. government approved sales 



Amer-YMyrna 96 9600 

Erao-Gutnii 3120 3110 

Huhtamakl MO 138 

KLO.P. 6.10 6.10 

KnTOTWM 133 136 

Metro MO MS 

S4J0 51301 Notto 683 687 

JU0 54J0 | Pohlota 73 71 

'“’"RWOkJ 88 B8J0 

Stockmann 2(1 244 

Stockmann 2(1 244 

Hong Kong 



I Yia AMdstidPiw 

Dow Jones Averages 


Open HM Lot* Lot ckfr 


DowUones industrial average 

Indus 3698J2 3743.95340044 374502 +44J3 
Trtstt W3L9I 143730 1437.33 143840 + 136 
UM 177.17 17931 17634 17931 +137 
Comp 1339.11 125098 123731 1250.92 +1100 


Patton per metric foa 

*»» 191930 man 

Forward 196cK)_WiOC 
suet. 2 «coo ml 

Forwoni 2943J0 2944JOO 


Delian per mettle tan 

Sort 6SU0 65430 

Forward 66630 66730 



Spat wBcnn awwi 

Forward S9SOOO 05530 


DoSm per metric ton 


s&s ssawc* 

Spat 114850 714730 

Forward 117430 117538 

BM Ask 

HUM Ln> UHt sew. cm 
aanv mm 15050 15075 14930 —425 

5S uB IBS MUS |§» — 630 

jS lix N.T. N.T. 15130 —430 

+®*7 iri 1 UT ut j nn 

the dollar by buying yen. Two- 
year interest rates in the United 
States stood at 7.43 percent Fri- 
day, compared with 2.86 per- 
cent in Japan. 

Some analysts said the inter- 
est rate differentials could 
swing further to the dollar's fa- 
vor as soon as Dec. 20, when the 
Fed’s policy-making Open 
Market Committee next meets. 

“All the red lights go on at 
the Fed when the unemploy- 
ment rate gets this low,” said 
Paul Farrell, manager of strate- 
gic currency trading at Chase 
Manhattan Bank. “We might 
see a rate increase as soon as 
this month." 

Strength in the Treasury 
bond market also helped the 
dollar gain. 

Before Friday, bond prices 
had spent most of the week 
slumping, while the dollar re- 
mained on relatively firm foot- 
ing. That made the turnaround 
in bond prices Friday all the 
more reason to buy dollars, an- 
alysts said. 

“As people get more confi- 
dent about the Fed, they get 
more confident with holding 
U.S. assets," said Michael Faust, 
international portfolio manager 
at BaOard, BienI & Kaiser in San 
Mateo, California. 

But some analysts said the 
dollar was destined to rise re- 
gardless of the performance of 
other U.S. markets. 

"The dollar's decoupled from 
the performance of the domes- 
tic U.S. asset market,” said 
John Nelson, managing direc- 
tor of global foreign exchange 
at Barclays Bank. “It's now 
much more sensitive to growth 
and higher interest rates than to 
flows of capital in and out of 
the U.S." 

(Bloomberg, Reuters, AFX) 

Standard A Poor's Indira 

SP 500 
SP 100 

Hlfh Law Oust cm 
53834 53234 53033 +411 

3(7.54 345.15 36734 +130 
14938 148.18 14937 +US 
4136 4071 4176 +031 

4176 4071 4176 + 031 
4S37I 44830 (SIX +478 
42237 41134 42234 +371 

NYSE Indexes 


i ndustri als 



24831 24536 24831 +137 
312.92 309.71 312.91 +240 
222.97 22142 22147 
1997* 19737 19974 4-174 
194.99 193.15 19439 +137 

192030 192130 
194530 194630 

294830 295030 
291530 291630 

63730 63830 
6523B 65LD0 

806830 007030 
810030 818530 

AM NX N.t: N.T. Jg|S -430 

55 KT, N.T. N.T. 15450 — 430 

oS NT N.T N.T. 15650 —430 

S„ NX MX NX 15850 -430 

Est. vaiBtna: 24351 . Open InL 101363 

ffi™ !i8 S3 H=K 

liH 1537 1437 1630 —061 

£* uS U£ Ut> 1599-006 

£5, its 16.15 16.15 1533 —058 

« ittf 1539 1579 1572 —056 

J? 1591 1573 1571 —034 

•ur tr+ ut icu na 

uunan « ngnn c 
613000 619530 

ltS 1579 1579 1572 —056 

jtS Sn 1573 1571 —034 

Vtr NX UT. 1574 —OS 

1U0 1639 1639 1639 — 030 

T4J5 1835 1835 TSS8 — 

MX NX NX 1630 —OS 

113130 112230 
114930 115030 

Me 1630 1575 1S7S 1433 —073 

EsJ. vohffiw: 59381 . OPWW. 172773 


J 4 fit 's OHO 

*984 <r:..V'. ,v^._ 

I NASDAQ Indexes 



NYSE Most Actives 

74330 74008 743.12 +179 
74086 7*612 74836 +2.96 
60934 66775 68864 +132 
09072 887A3 889 J3 +227 
657.94 85824 BS720 +025 
65133 <4873 64960 +336 










F orkDrt 






VOL Mek 
(5990 22Vi 
43986 6% 
43878 2«% 
«563 16% 
3S484 3446 
34277 «% 
29612 2756 
25650 52% 
24199 4M 
23556 5 
21321 391* 
71030 17% 
20925 44* 
20B33 37% 
1M17 36% 

Bond A 

HM Law Clow Ckaan 

BOMai-plsaf in act 

Dec 9160 9355 9357 —033 

iJurr 9185 92J6 9279 -033 

JUn 9126 92.17 9222 — 032 

SCO 9U1 9L76 9177 —033 

5S 9W9 9101 91.44 —US 

7130 >7124 9176 +031 

JM 91.17 91.10 91.M +033 

5«o 9135 9077 9133 + 033 

Die 9034 9038 9073 +034 

MW 9085 9079 9084 + 033 

Jan 90® 9074 9079 + 004 

IS KG’? 9073 fan +034 

ESL volume: 88042 Open M.: 511,160. 


Stock Indexes 

HW Law Ctae omi 
as per Max atom 

Dee 30353 30043 3gf3 —343 





20 Bands 


+ 006 Nte 



10 Uflllttos 


+ 007 jaa 



10 iKtoatrtab 


+ 005 Sta 



9261 — 039 

9238 —013 

9239 —0.12 
nos —Ut 

{IS 30453 W1 4 30200 —363 

J5T aiSLD 30373 30373 —363 

voiunr. 18308. Open hit: 63605. 

D*e** P **' 197C3IJ 7M430 178730 -JJJ® 

jS 199530 197850 199630 -1730 

M N.T. N.T. N.T. Unclj. 

Mir 199730 199450 OT450 -J7JI 

j2f M.T. N.T. 199630 -1730 

sS 201630 200(50 201930 -17M> 

ESi. volume: 20506. Open hit: 47,106. 

Sources: Motif, Associated Press. 
Toneton inti FMaockA Futuna Exdxmoe. 
tnrt Put meom £W»y_ . 

Motorola Wants to Buy a DEC Plant 

PARIS buyS|tS Eqmpment ■ 

Sonth Quecosferry, S«xland, a’ ; 

Motorola spok^Dran computer maker, has incurred 

Digital, the third-largest U. ■ P jh e sale would be 

substantial losses in each transform it into a 

part of a Analysts said Digital. 

to JJOoSta taw 

GM to Pay 851 Million in Truck Case 


$51 million on safety and researdi proems. _ 

Transportation Secretary Fcdeoco wdm 

Union Padfic Alters Santa Fe Offer 

BEIHI^HEhL Pcn^Nania Urnon ^dfic 

Cmp. on Friday amended its tern to offer ™j^**J*& 

K ,, I ' 


Union Pacific said its new offer for 57 percent of Santa Ftfs 
shares at $17^0 each in cash included the condition that Santa Fe 
rbhrr redeem the rights in its takeover defeore or declare the 
rights unenforceable. Santa Fe adopted the shareholder-rights 
plan Tuesday to avert a hostile takeover. 

I AMEX Stock Index 

hfisK Low Last 

AMEX Most Actives 

NYSE Diary 




Han wiB 



VaL Htoh 
8397 3H 
7W IVi. 
6224 IOVt 
5740 H 
4663 39% 
4136 12% 
3904 46 
3387 7% 
3120 Y. 
3085 <5** 

Law Last 
3% 3% 

14k 14k 

10 % 10 % 
'¥» Ufo 
381k 39 
11« 12Vk 
V M V» 
7 7V6 


Total issues 
Now Laws 

45Vw 49% 

AMEX Diary 


DM! mBtoa - Phi at IN pd 
Doc 905 903 904 —031 

Mv 9467 9463 9466 Urtch. 

JTO 9435 9430 9434 +CL0 1 

Sep 9403 9097 9401 +031 

OK 9369 9363 9367 +032 

Mar 9362 933a 93^1 +032 

Jon 91T7 9339 93.15 +005 

See 9291 9235 92.90 + 035 

DOC 9265 9268 9265 + 036 

Ntor 9 ?rU I 9266 9268 +033 

jST 5036 9234 9235 UncJi. I 

SOP 9231 «31 . 9732 +031 

Est. volume: 69990 Open tot.: 740778 
E5 a " m -&?"V& 9436 UhctL 

5^ ^ %S SB 

S«p 9363 93J6 9361 +104 

Dec 93.12 9105 9111 +035 

Mar 9264 92J6 9263 +036 

Jwi 9262 9263 9161 +037 

S«p 9261 9263 9260 +038 

EsL volume: 40377. Open tot: 191621 

Par Amt 

* A 

x JC 

Anato AmCorpSA x ^ W-T5 VOt 

Dirt inarMiifti _ J776 12-15 T2-JJ 

MFSMuiuwmnc - -K? a-H 1^5 1 

MFS lfrtrlntfTr - 12-15 12-30 

SSOTsmllCaa .12S12® M 

prudBodieOibA . ^ss T2-B q-o 

KSbSSSgSg«I . MS 12-8 12-15 

pni J PoC GrwA - .IBS 12-6 12-15 

T^t PrtTrWrBd . J1 J2-M 12-21 

Trat PrtTrlrtlBd - -W n-M 12-71 

Mspprox amount per ADR. 


ICN Ptarmocaut n -238% 12-5 12-27 

Czacti Fd I tor L2DM reverse spin. 

Anataa Dcvtom 3 tor 2tspllt. 


Franklin Sri RE Q -U TWO 1-16 


Security BnMant . J375 0-15 INO 

ICN Pharmoaeut n .t3 12-5 12-27 


M 345 tM2 12-22 

M 38 12-15 non 

G 2TO5 20 3-1 

CbnHnentaJ Mfp Ea O 12-15 1^ 

Drl Grp Dlv&rnc M 392 12-16 12-30 

NASDAQ Most Actives 











a ICO % 



3Com > 

vol Wan 




73603 63% 



+ % 

36343 419* 




35642 194k 



— % 

30670 33 



+ l"b 

29071 17% 



+ Vb 

28507 23% 



+ % 

23416 63% 



♦ n/y 

22712 40% 



— v tt 

22693 46% 



+ 1% 

22618 45% 

43v „ 


♦ 1 

21169 329h 




20042 13% 



+1V 4 

18104 41 



— 1% 

17325 43% 



— % 

16383 Vs 




Total Issues 
Now Laws 


00888 - pts A Ml a* 180 PCt 
DtC KB-10 102-26 10226 —034 

Mar W2-19 102-00 102-53 —034 

Jim N.T. N.T. 101-03 — 034 

Es*. volume: £8639. Open hit.: n&531. 
DM 250688 - pts oflM PCt 
Doc 9163 9T.H 9167 +032 

Sto 90.90 9067 9879 +030 

Jaa N.T. M.T. 9034 +030 

Estvahniw: 14X983. Open InL: 208687. 

10*4 —0.12 

Mar 11266 11230 11254 — 0.n 

Jm HIS 111.10 11164 —0.12 

5«p 1 1960 11836 11086 —812 

Estvotoma; 174324 Open Jut: MS 37). 




Total town 
New Lows 

New Gasoline Will Dent Sun’s Profit 

i w*!;,. 

NEW YORK (AP) — Sun Co. said Friday that fourth-quarter 
np<» ra ti n g income would drop about 80 percent, partly because 
g».«nlfiw» prices have not kept up with the higher costs of makin g 
reformulated gasoline. „ B 

Sun sa i d its income from operations in. the quarter would be S 10 
million, down from $55 tniTli on a year earlier. Operating income is 
profit before taxes, interest payments and other expenses not 
directly related to the cost of doing business. 

The reformulated gasoline, mandated by the U.S. government 
to smog, costs more to refine. Sun said it had not been . 

able io raise prices to recover the expense. 


Conseco to Sell Its Stake in Insurer 



of the drug Prilosec for the long- 
term prevention of a common 
disease that causes heartburn. 
Prilosec was developed by Astra 
Merck Inc., a joint venture be- 
tween Merck and Astra AB. 

Arrow International Inc. 
gained 1 to 28 VI The medical 
supplies maker said it expects 
profits of $7 million, on sales of 
$47.5 million, for the quarter 
that ended last month. 

Autoimmune Inc. gained 
11/16, to 5 15/16, following a 
report that Eli Lilly & Co. had 
agreed to invest up to $40 mil- 
lion in the company's technique 
to treat juvenile diabetes. 

(Reuters, AF, Bloomberg 
Knighl-Ridder, AFP) 











in muttons. 

Aluminum, 0> 

Copper etoctrofytto. lb 
iron FOB, ton> 

51 1 war. tray az 
Steel (scrap), Ian 
Tin. to 
Zinc, to 

wall LOW Lad Settle CkVe 

U.S- deUan per metric too+ots ol 100 tans 
Dec MLOO 14235 M2J0 14225 —530 

Jan 144J0 14525 14560 14525 —450 

Fe 6 15060 14725 14725 14725 —475 

Mm- 15230 14823 VRJ5 14930 —425 

Apr 15173 14850 14860 14860 — 450 

AIM Strategic 
CanAara Inc 
Continental Mto Eo 
Del Gtp Dlv&lnc 
Del Grp GIDtv&Inc 
Duff Phelp Ul CfP 
Duff Phelp UtTxFr 
FnnUln AUv RE 
I FranfcHn RE loco 
I Genuine Parts 
Htoh Yield Incn 
Inn OPParfBMBty 

M 388 12-16 12-30 
M 398 12-15 12-30 
M 38 T2-15 12-KJ 
a 37 n-10 1215 
- .M25 12-30 1-16 
_ .125 TWO 1-16 
Q 2873 1H 1-2 
M 3725 12-15 12-30 
O .15 12-15 12-30 
M .115 12-71 12-39 
M 38 12-15 12-30 
Q .U5 12-22 1-4 

Q 27 2-22 3-10 
a .n 12-14 12-28 
M 37 12-12 12-27 

Mentor lac^H 
Times Mirror A&C\ 
United Wisconsin H 
Zwets Total Ret ■ 

NEW YORK (Knight-Ridder) — Conseco Inc. said Friday it 
would sell its 40 percent equity stake in Western National Carp, to 
American General Corp. for approximately $274, or $11 for each 
of the insurer's shares. 

Conseco said it expected to recognize a “modest” after-tax net 
- gain on the sale, which is subject to regulatory approval. The 
msnrance company said the proceeds would be available for 
general corporate purposes, including repurchases of Conseco 
common stock. 

For the Record 

(Mutual; ■ parabl e la CanotSan toads; ro 
monthly; o- uu a r torty; i wwil wau i nt 

RJR Nabisco Hoh 
until January a $1.1 

i Corp- said Friday that it would delay 
ion public offering of Nabisco shares. 

( Bloomberg) 

Euwtuio-i * 

SAMSUNG: In Shift, Seoul Bocks Company’s Plan to Enter Car Market 

Continual from Page 9 
the nation’s chaebol, or con- 
glomerates. The chaeboL run by 
families who exercise nearly ab- 
solute control, dominate the 
country's economic landscape. 

But these concerns have 
waned as an export boom has 
enhanced the strength of the 
coun tty’s automakers. Perhaps 
most importantly, however, of- 
ficials dose to President Kim 
Young Sam concluded that 
there would be little public out- 

cry over allowing the country's 
largest business group to be- 
come South Korea's fifth major 

Samsung’s application to en- 
ter the automobile industry had 
been blocked on a technicality. 
Officials refused to give the 
company permission to import 
technology, thus blocking im- 
plementation of an agreement 
reached in April with Nissan 
Motor Co. of Japan. 

Now the government is ex- 

pected to approve the import of 
the Japanese technology, per- 
haps within the year. 

Other automakers expressed 
shock over the government's 
shift, suggesting that the move 
would have a negative impact 
on the auto industry. 

The indusuy has boomed this 
year, due primarily to the 
growth of the yen. 

Analysts said Samsung, 
which began producing trucks 
in May, was capable erf succeed- 

ing in the automobile industry. 
The group's interests range 
from semiconductors to holds 
to life insurance, and profits 
from one sector are likely to be 
used to subsidize initial invest- 
ments in automobiles. 

Although Samsung is South 
Korea’s leading electronics 
maker and the world's biggest 
producer of memory chips, it 
has put a priority on bolstering 
its presence in heavy industry. 

StiH, even with Nissan's help. 

it is hkety to be several years 
before Samsung becomes a seri- 
ous threat to its rivals. In addi- 
tion to acquiring technology, it 
must develop dealer networks 
and establish a brand image. 

“Samsung has the financial 
and o rganiza tional capability to 
implement their plans,” said an 
analyst who asked not to be 
identified. “But you don’t be- 
come a .global competitor in 
automobdes in just a few years, 
although with any new entrant 
existing players will be pres- 

Samsung plans to invest 6S0 

billion won ($820 million} next - 
year to produce passenger cars 
as early as 1997. The sum would 
be part of a $5 billion invest- 
ment that would eventually give 
the company capacity to pro- — 
duce 15 minio n cars per year, m 
Reuters reported. 

Even as Samsung expands 
production, however, the do- 

- mPCtl/* morfrMt nrtlY rrra^n oTJirl^a 

production. However, the do- 
mestic market will gradually be- 
come more competitive. Xm- 
Dorts. which now imlne im list 

come more competitive, tm- 1 Liya m 

ports, which now make up less I NT kt 

than 5 percent of the market, I 111 jC 

arc Hkefy to expand as tariffs I . 

decline. ■ -■ “ ' 




Sumitomo BJt 
Sum/tomo Own 
5uml Marina 
Sunritomo Metal 
Tattri Corp 
Tofcedo Oiam 

Takva Marine 
Tokyo Elec Pw 
Tococti Prtatloo 
Toror lint 
Toth too 
YomakM Sec 

O. Jf «C 

daw Frav, 

28 2S 
1820 1820 
511 569 
829 825 

313 320 

603 600 

1230 1230 
525 547 

2780 2780 
M20 1 420 
ns 721 
710 701 

2100 2100 

734 724 




AECI 34 33JS 

AHech 95 96 

Anpto Amer 230 229 

Borlowi 34 3175 

BuHols 35 NA 

De Bears WJO 89-50 

□rlMontetn 5960 5960 

Ggneor 1415 1435 

GFSA 122 123 

Hcrmonv 34 3360 

Htohvald Steel 38 3765 

KlOOf 56 5425 

Nadbank Grp 42.75 4250 

Randtantetn 37 31 

RUSPWJ 10660 107 

SA Brews 9763 9650 

Sasal 32 32 

Western Deep 1&15Q 162 

; 573165 



Amcor 37) 868 

ANZ Ul .194 

gW. ™ DBMB.IO0B 

E lie M9 ^ I Du Pont Cdo A 

r 417 416 

495 495 
18 18.16 
440 449 
wr l.HJ L72 

Goooman FMd Lll 1.13 

(Cl Australia 11 11-30 

Magellan 2 1.92 

MIM 265 264 

Cdn OccJd Pet 
Cdn PoctBc 

11 1160 
2 1.92 
265 244 

Mol Aust Bank 1064 1050 

Haws Cera 5JM MS 

N Broken HIM 121 363 
PtjC Dunlop 3.46 361 

Pioneer lf»n 620 323 
MrraxJv PaseWon 1.9S 158 
PutHUhO BrOcsta 368 367 
OCT Resaurcas 163 160 
tantos 159 362 

TNT 268 262 

We st er n Mltanp 761 7jo 
WestnacBanUne 422 420 
Woodstae 472 474 

psasnrnu^ 11 


Toro Awe 



Bank Montreal 

BCE Mobile Cam 43W 43% 

712 7» 


io% urn 

WHEAT CCBOT) 5J0B Du n*vrr»m- ODKrvoT Diw»( 

41846 369 Dec 94 ISO 3^09i 366% 1W +0iM% 3600 

4264 127 Mar 95 1909j 194 189'+ 191'A ♦06Ri (1624 

1«V1 H6'5Mov95 171 174 L. 370 172 'A +00JW 4748 

363to HI Ail 95 140 143V. 36915 3-0 *063% 07*9 

145 339 5(095 1469, 147 3ASV> 347 4Q61V, H4 

373 1 m Dec 95 3J» 359 15ft 159 *403Vi 271 

ISM 335 JUI96 135 -0631* 11 

Est. sales 18600 Tlej's.Kto 18.11* 

WsmaiW 64.129 alt 1709 

WHEAT 0CBOT) 16«Duit*wtw. uu e n l ewBWtal 

42Ta 11715 Dec 94 195V, ajji 195 1994* 'OOm 2629 

427V* 365 Mar 95 191 394 190 V, 392V* +063M, 22636 

403 36lV,Mav9S 175 177 1»4V4 375Vk*04aV5 2634 

344% 314WJUI9S 347 3509, 367 350** +OD+V. 4J4J 

177 369 Sec 95 151 351 151 151 *062 ’A 103 

169 % 152 Dec 93 140 IM 340 340 -0.0ft 16 

Esl sales NA Thu's, sate 7733 

TtVilOTW 31654 off 13(1 

CORN (COOT) MOD bumnlmjm. defter, Mr DU 0 W 

177 2.10V, Dec 9ft LMVk 117 1144* 2.15V* *061** 19,171 

IS2V, ZXhMarfl 265V_- 276V, 27*44 26SV* *0.02*, 17R730 

265 268 May 95 232 233 U 271V, 27714 *0A2V* 39679 

215^ 262% Jui 95 266% 27714 26* 267 V, ♦0.02J* *6471 

270% Ul Sea 93 241 9, 243 261 241V. -067V* 490 

243 26S+D0C9S 26SV, 24*9, 265% 24* V* -0JJ1V* 21087 

260^ 249>i*Mr 9ft 253 Vi 252 233% *001 V, 1666 

347 2^V,XH?6 258% 260 253% 2694* -001% 1.11$ 

Est. sales 51000 THu-lvte *4,194 
Phi's oaenH 746601 oil J12I 
SOYBEANS later) meun*wvT>-i**nc<rtuNI 
7.M 5J7 1 . Jm 9S 5 js 43V^ i*4V, 558'A 5424* *066 496*7 

705 S47V.MOT95 169 173“l 547V, 172 +0^)69,32303 

7059, L56 May 95 5.77 500 574V: 1799* -0.06V* 1*615 

706 V, i*3V,Jul95 502 SOS S79'.. 503V*+0.06 24972 

6.12 S56V,A«9S 504 S8i 503 !•, 1854 -0O+VV 2678 

413 471 Sep 95 S« S90 503 V, 307 *0.0555 7687 

S509, 568V, Nov 95 SV4 197 110 193V* *005 11653 

116 5.9S Jon 9ft 198 600 S98 400 -03UH. 10S 

117 102VaMw9i 107V, 107V, 107V, 1B7%+008 P 

4S 199ViJu|«e 417 414 412 414 +IUU 60 

*89 , IM Start* IM 600 19* 100 + 001 116 

Est.stoas *3000 Thu's, sues 40.106 

Thu-jcwenlrt 13415* Qlf 1568 
SOYBEAN MEAL (CBOT) imom-tannrw 
20900 1 5500 Dec 94 Isis 15*00 ia» 15110 — QJD 9376 

21760 1570QJCT19S 157 JO I5&20 15600 I56J0 -0A> 32423 

20700 160.90 Mce 95 1PO0 161.80 16450 1SL70 -OJO 25.934 

30700 MSflOMav95 16110 16660 1M5D 164J0 -OJO 12J88 

20100 169J0JU195 17000 17QJ0 U9.I0 149 JO -410 11787 

1B260 m.70Auo95 17270 17240 m.40 171 JO 2.927 

U2J0 !56JSep95 I74J0 I743J 17X40 173.70 1621 

18100 lTSftOOd 95 176J0 17150 17S10 17SJ0 -430 49ft* 

18569 1 7150 Dec 7S 1 79 JO 179 JO 17400 17430 -060 1341 

.. . .. .. 11*68 — 070 V 

Est. sales ltMO Thu's, sales 20648 
ThU*S0OBI W 105644 up 377 
SOYBEAN Oto (CBOT) MUMta-tatasaerlMta. 

29 J* 

2240 Dec M 




29 J2 















24 .ro 



2235 Sea 95 






223500 9S 





2200 Dec 95 





2125 Jo, 96 




ElLSde* 3SJBD Twl.Mes 26407 
TtxTiooenlrTf H1A10 oH 170 

-068 1X272 
+E» 36.191 
+165 24963 
+ 0JS 14379 
+061 11644 
*40 2620 

WtoimiB 227 223 

8 »" 448 647 

BBCBrwnBjtoB lira 1107 
Oba Gatov B 704 707 
CSHbtoljwS jS 554 
ElefctrowB 338 340 
FlldWrB Uje 1500 

HtferdhauntB 1720 1775 

. 1 — — — - if., 

JaJmoll B 768 731 

Landis Gy r R It? 732 

Maewnmick a mo 443 

«***« R 12JJ iS, 

OerillLBueRrle R 1Z7J013BJ0 
Poraesa HU B U 50 M«0 

ROCTtoHtto PC 5725 5775 

Solra RroutrfVc millS 
5onoaz B 702 701 

5CMndlMB 7400 7400 

Sutzer PC S? So 


(HCMX) fSAHta- 


UST.BUJ <CMER) SimMan-nfiM 100 bo 

96.10 9465 Dec 94 M28 9433 9US 9429 -406 7.720 

9585 9153 Mar 95 9X48 9150 9160 9136 1*5 \\VX \ 

9LM 91S3Jun95 9U8 92.92 9U4 92.91 — 0D4 2693 

TBu*SOPenln» 25678 UP 710 

SriLTnEASURY (CBOT) slM6toer*+-**»A]»taa«I«0ea 
104.20KM65 Dec 94100 - 16 100-315 100-02 100-305+ IM 756(7 

103-S 99-20 MV 9599-315 100-125 99-15 HD-I1» JM 114,186 

J.KMS Jf-W AH 95 99-14 100-00 99-0* 100-00 » IS 19 

99- 07 99-07 Sep 95 99-23 * 15 J 

Est. solas i Hum m/LsoK wjm 

TlftTs openW 18*654 U> 3483 

K*P2? sieMMerto-eniltaUwiflOBa 
1)4-21 W-02 Doc 94 99-29 100-27 99-17 100-27 * 27 1J41J19 

«-« JJ-U MW 95 99-09 100-03 98-20 100-02 + 27 16SJ13 

105-23 97-27 jun 95 90-19 99-18 98-11 99-18 * 20 381 

101-06 97-11 Sep 95 97J8 99-05 97-» SMS + 30 9 

110-31 H-30 Dec 95 98-18 98-21 98-11 *8-9 +IQ 
Esr.Sfttos 200602 Thu's. sales 12S60l 
Thu's open W 299,924 UP 206 

!!■*«■ 91-19 Dec 94 98-16 (9-10 *7-30 «-15 • 1 03 1 67 Art 

116-20 95-13 Mar 95 97-28 98-30 97-01 90-27 >104 H9& 

115-19 96.27 Jbn 95 97-03 to- 14 9ft- 74 to- 1| - 1 0ft riTS 

12-15 94-10 Sects 96- IS 97-31 96-15 97-31 > 1 OS 400 

113-11 93-27 Dec 95 96-21 *7-21 96-21 97-21 >106 W 

' J4-06 93**3 Marto 97.11 ,107 47 

100- 20 91-06 An 96 96-25 97-01 96-2S 97-07 -108 26 

*3-25 93-05 SCO 96 96-10 96-33 96-10 96-73 >108 2 

Ed. sales 62A000 Thu's, soles 145,756 

Tnu'ftaeertfttr axa an iiots 

MiAtojPALWMH. laarn utane+AisDaeiiMct 

91-17 Ml Dec 94 83-24 85-14 83-20 BS-13 . 1 14 14,723 

H-09 79-78 MO" 95 *3-1 S B5-03 63-04 85-01 +114 2X448 

EP-ioies IMO0 Thw^. soles IZ£K 

TJftrsapenW 38.1 n OH 60 

EURODOLLARS ICMBRi ii micei+fteinKi. 

H.W njiopKU sun sum mao gun -ranum 

«22 9UQM<e 95 92.950 92.960 92J70 92080 —70483661 

WM 90,71 DJun 95 9iW 91355 92.1J0 92J30 -20 3C^22 

(4550 91JIBSta9S 92JS0 WOW 91.900 9X090 - 10267.538 

Survell taKe B .... .... 
Swtss BnkCorpH 364 360 

Swfe* Rehowr R 767 709 
Swtssair R 7*5 BOS 

UB5B 1130 1135 

WtotBriliur B 667 670 

Zurich Ass B HA. T237 

702 701 

7400 74SC 
873 880 

„ irs 1790 
B 364 360 

COffC E C MCSE) j>jaata.-unxe 
2 AU 5 77.10 Dec 94 1 57 JO 157.00 
74A00 78.90 Mar 95 15980 141.75 

8XS0MHV95 J62J0 163 35 

24110 li MX*?i >*400 MUO 

T W i w |6330Sea95 16SJ0 16*25 

MJ0 81 JO DeC 95 >6730 1S7J0 

2KLS0 1 6530 MOT 96 

May 96 

Ea. sates SA22 Wlsmw sau 
W sapMM 304PB UP 354 
15.25 917MOT95 14£ JA57 

15.18 10J7MOV93 U» 

I4.7S 10l57 A89S 13-95 'LB 


1SL0D 15R00 VS 

157.75 161 00 -0J0 1EJM1 
160.10 162+5 -105 6-325 

16230 14430 — I1C 2X2? 
I&4J0 166.25 —100 IA4S 
1*7 JD 16L90 — I JB 1,113 
1®A0 —105 233 


!JJ3 —0.15 77^25 

14.16 1427 —023 3X617 

U90 IAN —Q.l I 2X340 

1-56 7 a 

LS6 112 

« 1708 1702 

195 T74J 1728 
r*S 1702 1723 

■95 \Tj6* 1720 

99$ 1705 1705 

]9S 1701 1704 

95 1708 1701 

lW 1740 1702 

95 1701 1704 

93 1703 1705 

'95 1703 1707 

:*S 1728 1728 

ii-SfiiSl 2-2 UJO 1705 17 jS ZoS iSf 

J748Reb96 1723 1725 1723 1725 — 0Q 9 " 

17220m 96 1725 1725 1740 1700 
:96 1025 102S 1820 1820 
Thu's, sales 91, — 

_ Seals 54-50 SU0 SttO M no —An 

5140 3200 5200 S0O IftS B7 

SU0DK95 SL20 5220 OXI SJO — 003 *7 

5MAU096 .5425 5425 5*75 5425 ^Lto 

Stock Indexes 


487.10 42920 Dee 94 44905 45400 447-55 iUn .SUHU4S 

2*-)g «105MorW 43100 45720 450.W «20 +5% 660M 

S-2 43000 46IJ0 SS taUff *4JS iW 

£» “fcaseaw 461BD 46&a 4«2o 3SS twl tS 

&.x*s NA Thu's. Kfcs lS3n 
Thu’saaenW M7 Ati * nn 

eaenW 267^n m> ne 

(NYFB) hmimm, 

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gS SftteS*** *“» gjj :22 S 

rf&00 34920Seo9S 

&. sales ha Uei’s. sdas 40a 

Thu'scTwim 4.9S9 up a 

US TUMumn nra rj.m run run u 

94JM 90,71 DJun 95 9EW 9L350 92.1J0 7Z2X 
(4560 91JIBSta9S 9108) WOW (1.9Q0 92M0 


Page 11 - 


* Browning-Ferris Wins 

Struggle for Attwoods 


JSJSJ 8 r- dcd victoriously Friday when : 

($?nS.LTSS“ d iu 091 »“““ 

As the deadline on the offer passed Frida\ 
afwraoon, Browmng-Ferris said itSrecdvS 
. ce i. rcpre5entin 8 56 percent ti 

Attwoods ordinary shares. v 
Browning-Ferris, the second-largest waste 
management company in the world, made a cart 
f* Nov. 17 of 1 16.75 pence a share and \ 
^dividend of 3 .25 i pence. That offer 7 

K£'X®' S orisinaI ofte ° n *•»*■ 

Attwoods said the increased offer was “mea- 
ger” and urged shareholders to block BFTs at- 
tempt to acquire the company “on the cheap.’ 
are eleariv Aid — u.. .v* k 

— — I wiu^ouy on i 

disappointed by the outcon 
bid, Ken Foreman, chief i 


of the , ... 

Attwoods, said. 

A last-minute bid for Attwoods from Ikot 

Waste Recycling Corp. of Toronto came too late 
to slow BrTs progress. 

Ikotek made a conditional offer that topped 
Browning-Ferris's by 1 1 percent. Ikotek said it 
would give 130 pence a share, but only if share- 
holders allowed the BFI bid to lapse. 

, we saw today was a bit of excitement, 

but u didn’t have any substance to it,” said Philip 
Angell, assistant to the chairman of Brown ing- 
Fems, William Ruckelshaus. 

Attwoods has operations in Britain, continen- 
tal Europe and the eastern United States. Its U.S. 
business concentrates on solid waste disposal 
and medical waste services. 

Analysis called the deal beneficial for BFI. 

“BFI has got a very good deal for itself.” said 
Robert MiUer-BakeweU, an analyst at NatWest 
Capital Markets. “It has got a very strong posi- 
tion now in the U.K. solid-waste industry. In the 
U.S., it has significantly strengthened its position 
down the Eastern Seaboard and in Florida.” 

(Bloomberg, Reuters) 

Agnelli Firm 
Reports Pact 
With GFTSpA 

Bloomberg Business News 

MILAN — The holding 
company Gemma SpA said 
Friday it had reached an 
accord with creditor b anks 
of GFT SpA to buy control 
of the Italian textile group. 

Gemina, controlled by 
the Agnefli family, said it 
would pay as mud) as 104 J 
billion lire ($65 million) for 
GFT equity warrants held 
by banks and inject 60 bil- 
lion lire into the company. 

The banks will still hold 
a stake and reschedule 
GFT*s 434 billion lire debt, 
Gemina said. 

RJB Mining Acquires Bulk 
Of British Coal’s Mines 

Bloomberg Business Ne kj 

LONDON — RJB Minin g PLC said Friday it would pay £8 1 5 
million ($1.3 billion) to buy the biggest chunk of mines offered in 
the British government's privatization of British Coal Corp. 

RJB, a mining company based in Doncaster. South Yorkshire, 
agreed with the government to acquire all the operating British 
Coal mines in England, which produced 31 million tons last year. 

The acquisition would make>RJB the largest coal-mining com- 
pany in Britain, where coal production was dominated by the 
state-run monopoly for almost 50 years. 

British Coal, once one of the world's major coal producers, is 
being sold by the government after decades of declining demand 
for coal and growing use of other power sources. 

Riffs move is a bet that coal demand and prices will r emain 
strong after 1998. when British Coal's contract with the country's 
electricity producers expires. 

RJB said it would sell about £400 milli on of new stock to help 
finance the purchase of the 15 operating min es and 16 open-cast 
pits. The rest of the cash needed, which RJB estimates will be £494 
million, will be raised through Barclays Bank Ltd. 

New Stake 
In Spain for 

In Norway’s 6 iVo,’ 
Free - Trade Area 
Gets a Reprieve 

By Robert L. Kroon 

Special to the Herald Tribune 

GENEVA — Norway’s 
rejection of European 
Union membership was a 
stay of execution for EFT A 
the European Free Trade 
Association, which was 
founded more than 30 years 
ago as a counterpart to the 
Common Market. 

Had Norway followed the 
example of Sweden in the 
referendum on EU member- 
ship last week, the meeting 
of EFT A ministers in Gene- 
va on Dec. 12 would have 
amounted to “our burial cer- 
emony,” said Ake Land- 
quist. a spokesman for 
EFTA, which was created in 
1960 by Austria, Britain, 
Portugal, the Scandinavian 
countries and Switzerland. 

“A free-trade group re- 
duced to Switzerland, Liech- 
tenstein and Iceland would 
no longer have made much 
sense,” he added. 

Even with the Norwegians 
on board, EFTA will shrink 
from a market of 32 million 
people to 1 i million on Jan. 
I, when Austria, Finland 
and Sweden quit to join the 
EU. But Mr. Landquist fore- 
sees a new role for EFTA: as 
a halfway house for Central 
European countries and the 
Baltic states seeking EU 

“EFTA and the concomi- 
tant European Economic 
Area could be a useful prep 
school for the East Europe- 

ans.” he said. “After alL the 
EEA covers 60 percent of the 
economic ties with Brussels.” 

In December 1992, Swit- 
zerland rejected member- 
ship in the European Eco- 
nomic Area, which leaves 
only Iceland, Liechtenstein 
and Norway in the group. 
While admitting that the 
EEA is currently in limbo as 
an economic grouping, offi- 
cials say the EFTA ministe- 
rial meeting will try to define 
a new starting point for both 

“The key is in Brussels,” 
said Mr. Landquist. “It is no 
coincidence that the EFTA 
ministers* meeting is always 
scheduled right afleT the EU 
summit, in this case the Es- 
sen conference on Dec. 9. 
Future relationships with 
the East European countries 
will be a central discussion 
point in Essen, but we don’t 
expect solid commitments at 
this stage.” 

Countries such as Poland, 
Hungary and the Czech Re- 
public might choose what 
Mr. Landquist called a 
“partnership for prosperity” 
through the EEA. 

One requirement for 
membership in the Europe- 
an Economic Area is mem- 
bership in EFTA. In the past 
year, the Baltic states. Slove- 
nia and other East European 
countries have shown some 
interest in EFTA but only 
as a temporary alternative 
before membership in the 
European Union. 

Compiled by Our Staff Fran Dispatches 

LONDON — Pearson PLC 
said Friday its Financial Times 
Group unit bad paid £153 mil- 
lion (S239 million) for a further 
10 percent stake in Spain's pri- 
vately owned Recoietos Cia. 
Editorial, giving it majority 

Pearson said the purchase. 
from Qnspo Coneo de Corauni- 
cacitin, would bring Pearson's 
total shareholding in Recoietos 
to 56.7 percent, making it a fully 
consolidated Pearson subsidiary. 
Grupo Correo will retain an 85 
percent stake in Recoietos. 

“We have developed an ex- 
cellent working relationship 
with Recoietos over the past 
seven years,” Frank Barlow, 
managing director of Pearson, 
said in a statement. 

“They have built one of the 
leading media groups in Spain, 
and we look forward to con- 
tinuing to do all we can to pro- 
mote their further success and 
profitable growth as pan of the 
Pearson group.” 

Recoietos publishes the 
Spanish business and financial 
daily L’Expansion as wed as a 
daily sports paper, women’s 
magazines, a medical newspa- 
per and a series of free newspa- 
pers distributed in Madrid. 

The founding shareholders 
and managers of Recoietos 
have agreed to retain 34.8 per- 
cent of the equity. 

Recoietos had net earnings of 
£15.3 million in 1993. 

Pearson said it saw opportu- 
nities for increased cooperation 
between Recoietos and other 
parts of the group. 

(AFX, Bloomberg) 





FTSE 100 Index 





HJQ * ft, 

m J 


3100 ft 


M fu- 

A 3000 J ■ 


I T 

2000 ( 

I 2900 - - 

1900/ - ^ 


190D J A SOND A 

s d hi D 









%. . 

■■ Close 

• Ctos* 





408.18 . ; 



Stock Index 


















.■CJO 8 


Financial Times 30 2,323.80 




FTSE 100 





General Index 












f. 963.95 







Stock Index 









Sources: Reuters. AFP 

Inienuiinnnl HtraU Tribune 

Very briefly: 

• Alcatel CIT SA*s chairman. Pierre Guichet. was released from 
jail. He has been barred from meeting with employees of France 
Telecom or any of the Alcatel companies. 

• Saab Automobile AB, of which General Motors Corp. onus half, 
sold 2,068 cars in the United Stales in November, an increase of 
17 percent from a year ago. For the period from January to 
November, Saab’s U.S. sales rose 19 percent. 

• Russia’s monthly consumer-price inflation slowed to 14.1 per- 
cent in November from 15.1 percent in October. 

• Vendfime Luxury Group PLC a maker of luxury consumer 
goods, said first-half pretax profit rose 21 percent, to £105.7 
million ($165 million). Revenue rose 17 percent, to £605 million. 

• Allied Domecq PLC said it had completed the sale of its Lyons 
Seafoods business to the unit's management. 

• European Commission officials said they expected demand for 
Japanese cars in the European Union to rise next year. 

• Qba-Geigy AG said it had signed an agreement with three 
Chinese partners to develop and market a new drug to combat 

mal aria. AFP. AFX. AP. Bloomberg, Reuters 

Eurotunnel Shareholders Seek Aid From Paris EMPLOYMENT: Men Are Working Less in changing u.s. job Market 

Compiled by Our Staff From Dispatches 

PARIS — Small investors in Eurotunnel 
SA face a crisis that could dilute their 
holdings, the head of the Eurotunnel 
shareholders' association said Friday, and 
be called on the French government to 
provide “spectacular” help. 

The association president, Christian 
.Cambier, said the best solution would be a 
V billion franc ($744 million) injection into 
Eurotunnel to help it overcome its cash 
problems. In return, he said, the state 
could take a symbolic share of the equity. 


Friday** Closing 

Tables indude the nationwide prices up to 
the dosing on Wall Street and do not reflect 
lata trades elsewhere. Vfa The Associated Press 

He said the government should inter- 
vene through 'the national railway compa- 
ny, Soti6t£ National des Chemins de Fer. 

If Paris does not take action, he said, 
small shareholders will be “flattened” in 
the same way as occurred in the restructur- 
ing of Euro Disney SCA Holdings of ini- 
tial investors in that company, which runs 
the amusement park near Paris that is 
struggling despite massive injections of 
cash from big shareholders, have been 
heavily diluted 

“The state will not be able to avoid a 

spectacular measure to help Eurotunnel’s 
cash flow to get through a difficult period 
in the middle of 1995.” Mr. Cambier said. 

Eurotunnel said earlier Friday that fi- 
nancial institutions had given it a four- 
month extension on the exercise of an 
extra credit of £50 milli on ($78 million). 

Morgan Grenfell & Co. and S.G. War- 
burg & Co. issued the extension, which 
runs through March, the company said 
“Eurotunnel does not yet know whether 
or not it will need this money,” a Eurotun- 
nel spokesman said (AFP, AFX) 

CootHned from Page 9 

ever, the decline in men at work 
in America does not appear to 
have been caused by welfare 
payments, unemployment 
checks or disability payments 
that are so generous they tend 
to discourage employment, re- 
searchers say. 

Such alternatives to a pay- 
check have, if anything, become 
leaner and harder to get in the 
United States since the early 
1970s. Instead the drop is a 
result of lower pay and Fewer 
opportunities for the kinds of 
jobs less educated men have 
long filled 

By and large, the rise of a 
sizable nonworking class — 
along with an even larger group 
of prime-age men who are fre- 
quently unemployed, work part 
time or do temporary work — is 
concentrated among academic 

“There’s been a huge decline 
in work for prime-age men,” 
said Lawrence Katz, a labor 
economist at Harvard and the 
former chief economist of the 

Labor Department, “and it’s 
concentrated among the non- 
white, less educated and men 
whose pay is below the aver- 

So what's going on? Think of 
these men as the counterparts 
of the fanners who left the 
country for the big cities, start- 
ing at the turn or the century 
and stretching well into the 
1940s, 1950s and 1960s. What 
makes this transition so much 
more traumatic is that factories 
and services no longer provide 
plenty of jobs for blue-collar 

Most of the new jobs for peo- 
ple with less education and ex- 
perience are what many would 
consider “women’s work” — 
clerical, sales and service. 

A study by the management 
consulting firm Me Kinsey & 
Co. found that in the 1980s the 
U.S. economy created 27 cleri- 
cal, sales and service jobs and 
eliminated 16 production, 
transportation or manual-labor 
jobs for every 1.000 working- 
age Americans. 

Women with relatively little 

education and low pay have not 
experienced the same sharp pay 
declines as men. And they are 
actually working more, not less. 

But men, with rare excep- 
tions, have not joined women in 
these growth sectors. 

It is not just that such work 
generally pays less or that it 
may require greater skill with 
numbers and words — men of- 
ten simply are loath to take so- 
called pink-collar jobs, and em- 
ployers equally unwilling to 
hire them. 

A recent study by Stephen 
Rose at the National Commis- 
sion for Employment Policy, a 
government study group in 
Washington, tracked the ca- 
reers of a large number of 
prime-age men through the 
1970s and 1980s. 

In the 1970s, 68 percent of 

men with less than a high school 
education, who comprise 15 
percent of the male work force, 
worked full time for eight of the 
10 years. In the 1980s, that fig- 
ure fell to 51 percent. 

The deterioration for black 
men was similarly startling. For 
that group, the proportion of 
“hard-core employed” dropped 
from 73 percent in the 1970s to 
51 percent in the 1980s. 

Few economists are ready to 
say the decline in wages at the 
bottom of the pay scale is over 
or that men will not continue to 
respond by working less. 

Chinhua Juhn, an economist 
at the University of Houston 
and the author of two studies 
on the topic, said, “I don’t see 
much that indicates that tech- 
nology is going to shift back in 
favor of less skilled people." 



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Page 13 


■ China Stocks Fall 
In Hong Kong 
On Credit Pinch 

stocks plunged in Hong Kong 
on Friday after Beijing vowed 
to maintain tight credit, which 
is bad news for state-run enter- 
prises looking to grow. 

The Hang Seng China Enter- 
prise Index of state-owned Chi- 
nese companies dosed with a 
kiss of 55 .58 points, or 4.9 ner- 
*° 1,079.21, bringing the 
week’s dedme to 11 percent. It 
had fallen as low as 1,067.60. 

“On the macro level, inves- 
tors are worrying about a tight- 
enrng of credit,” said Lawnmce 
Lo, a China equity analyst at 
Smith New Coun Far East 

All 13 Chinese state enter- 
prises listed on the exchange 
fell. Guangzhou Shipyard was 
among the worst hit, tumbling 8 
percent to 3.175 Hong K^g 
, dollars (40 cents). 5 

* “rye been detecting worsen- 
ing investor concerns about 
China, and this is another piece 
of n ews to add to these con- 
cerns,” said an economist in 
Hong Kong who asked not to 
be identified. 

After a four-day economic 
policy session that ended 
Thursday in Beijing, Chinese 
leaders pledged to keep credit 
tight to control inflation. Con- 
sumer prices rose 27.7 percent 
year-on-year last month. 

On Friday, the Chinese gov- 
ernment forecast 11 percent 
growth this year but warned of 
more high inflation in 1995 as 
income gaps widen, law and or- 
der deteriorates, and ailing state 
industries await reform. 

Chinese newspaper reports 
Friday did not give any new 
target for reducing inflation, 
now running at more than 20 
percent Analysts said it was 
possible that officials did not 
want to set targets that might 
not be met, or that they could 
not agree on new ones. 

China's leaders already had 
announced that controlling in- 
flation and refo rmin g failing 
state enterprises would be top 
goals for the new year. 

An editorial in the Commu- 
nist Party newspaper People’s 
Daily called on party commit- 
tees and governments at all lev- 
els to “safeguard the authority” 
of national economic policies 
and actually implement them. .. 

The paper earned a front- 
page report and commentary 
on the economic meeting, 

ABB to Take 
China Stake 

Bloomberg Business Hews 

Asea Brown Boveri Ltd. 
said Friday iL would buy a S 
percent slake in the share 
offering of Harbin Power 
Equipment Ltd.. China’ s 
largest supplier of equip- 
ment for power plants. 

Harbin Power is set to 
issue about 72 million 
shares on the Hong Kong 
Stock Exchange at 2.58 
Hong Kong dollars (33 
VS. cents) a share. 

The company will issue 
363 million shares in a pri- 
vate placement 

S.G. Warburg Securities 
(Far East) Ltd., global coor- 
dinator of the sale, said the 
private placement had been 
10 times oversubscribed. 

which appeared to reflect a cau- 
tious compromise of the differ- 
ent opinions within the party 
over how fast the economy 
should grow, how quickly state 
companies should be sold off 
and how to balance stability 
and growth. 

Not all analysts linked the 
fall in Ghma stocks to the news 
out of Beijing 

Morihiro Suzuki of Daiwa 
Securities said the news from 
China had little to do with the 
__ in China stocks, which 
said tended to rise and fall 
more dramatically than the rest 
of the Hong Kong market. 

“The big fall in China-related 
shares is caused by their high 
volatility compared to the Hang 
Seng index,” he said. 

“Overseas investors sold 
property-related stocks a few 
months ago already,” he added. 
“At the time they switched from 
p roperty to H shares. Now 
they’re selling H shares.” 

H shares are China stocks 
traded in Hong Kong. 

State-run industries account 
for about half of China’s indus- 
trial output, and just under half 
of them have been losing mon- 
ey. Concerned about the possi- 
bility of social unrest, (he gov- 
ernment has stopped short of 
massive layoffs. 

(Bloomberg, AP, AFP) 

TV Firms Tune In to Asia 

3 Nations 7 Broadcasters Unveil Plans 

Compiled bp Our Staff From Dispatches 

HONG KONG — Television operators 
from the United States. Japan and France 
unveiled p lans here Friday to expand activi- 
ties in the Asia-Pacific region, the latest at- 
tempts to break into a market pioneered by 
News Corp.'s STAR-TV satellite channel. 

Tune Warner Inc. is spearheading the ef- 
fort by American companies by asking Sony 
Pictures Entertainment Inc. and MCA Inc. to 
join HBO Pacific Partners, the company that 
controls the pay-TV channel HBO Asia. HBO 
Asia is a subsidiary of lime Warner's Home 
Box Office Inc. 

Another U.S. company. Turner Broadcast- 
ing System Inc., said its TNT/Cartoon Net- 
work would soon start satellite broadcasts in 
Thai and Mandarin. Turner also signed an 
accord with TelecomAsia Corp., a Thai cable 
television operator, to offer the cartoon chan- 
nel and CNN International in Thailand 

Japan Broadcasting Coip. plans to expand 
its presence in the region by launching a 
satellite service in April that will broadcast 
for 12 hours a day. 

France T61£visjon, which controls the two 
state-owned channels, is negotiating an agree- 
ment with China Central Television for ex- 
changing television programs. France T&6vi- 
sion said it hoped to sign the deal in February. 

The expanding Asia-Pacific region has 
been drawing increasing interest from media 
companies worldwide who see massive earn- 
ings potential. But new ventures have been 
somewhat slow to take off because of the 
large investment necessary before companies 
are likely to turn a profit. 

The HBO deal wfll give the pay channel 
exclusive rights in Asia to current and future 
titles and library films from four Hollywood 
studios: Columbia Pictures, Universal, 
Warner Brothers and TriStar Pictures. 

The wider library of movies should en- 
hance the movie channel's appeal in the coun- 

tries where it is available, which include Sin- 
gapore, Thailand, the Philippines, Indonesia. 
Taiwan and Brunei. 

HBO Asia said it planned to start broad- 
casting in China next year. 

The Turner deal with TelecomAsia calls for 
the U.S. company to provide four hours of 
cartoons dubbed into Thai and two movies 
subtitled in Thai when Telecom launches its 
cable service early next year. 

"The vast Thai market is of strategic im- 
portance to Turner,” said Bryan McGuirk, 
managing director of Turner International. 

With a population of 60 million, Thailand 
now has four commercial television networks 
and one commercial-free network on nonsub- 
scription channels. The networks are owned by 
various government departments, with most 
programming time sold through concessions. 

The addition of pay television through ca- 
ble is creating a shortage of programming, 
industry sources said. 

Japan Broadcasting’s expansion plans in- 
clude beaming programs in Japanese to a 
region stretching from Russia to Burma to 
New Zealand. 

At present, the Japanese broadcaster pro- 
vides nearly two hours of news and features to 
about 25 focal broadcasters in 13 countries 
via satellite. 

“Our main aim is to foster a better mutual 
understanding with Asian countries,” said 
Junichi Hayashi, chief of Japan Broadcast- 
ing's Hong Kong Bureau. 

He said the rapid rise in international satel- 
lite television services in the region had fueled 
the network’s expansion plans. 

Kunio Irisawa, head of international rela- 
tions at the company, declined to say how 
much the expansion would cost but said it 
was less than $10 milli on. The expansion is 
surest to approval by the Japanese Diet, he 

(AFP, AP, Bloomberg, AFX) 


VW Stays Calm, but Investors Panic, 
As Japanese Distributor Hits Ropes 

Bloomberg Business Hews 

TOKYO — Volkswagen’s 
Japanese unit said Friday that it 
was not too worried about a 
collapse in the value of the 
stock of a debt-ridden company 
that handles distribution of the 
automaker’s products. 

Volkswagen Audi Nippon 
watched its investment in Jax, 
the dealership in which it holds 
a 50.02 percent stake, lose 2.3 
billion yen ($23 million) of its 
value this week. 

“It is very unfortunate for the 
average investors,” said Minoru 
Shimizu, manager of the presi- 
dent’s office at Volkswagen 
Audi Nippon. “Bui we bought 
into Jax to cement our business 

relationship, not make money 
by trading the stock.” 

Volkswagen said it expected 
bank creditors to give Jax debt 
relief to keep going. 

Since Volkswagen said Nov. 
25 that it would not bail out the 
distributor with a 4.8 billion 
yen capital injection, brokers 
have been swamped with sell 
orders, and trading in the stock 
has been suspended. 

Jax shares last traded at 691 
yen each. Shareholders trying to 
sell at 251 yen a share Friday 
could find no buyers. 

Volkswagen bought control 
of Jax last year at 490 yen a 
share to get a ready-made deal- 
er network to supplement its 

other dealerships. Volkswagen 
changed 14 of Jax’s outlets to 
Audi and Volkswagen dealer- 
ships. all in the Tokyo market. 
Those outlets now account for 
about 7 percent of the compa- 
ny’s sales in Japan. 

“We bought into Jax because 
we wanted them to sell our 
cars,” Mr. Shimizu said. “They 
have been doing a good job, but 
their debts are too large.” 

Even after Volkswagen’s in- 
vestment, those debts stand at 
12 billion yen. Jax will write off 
a remaining 1 billion yen this 
ycarof the 4.6 billion yen it lost 
in the last couple of years as a 
result of land, stock and curren- 
cy speculation gone wrong. 

$1.1 Billion 
India Debt 

Coupi/cd by Oar Staff From Dapateha 

BOMBAY — Moody’s In- 
vestors Service Inc. on Friday 
raised its rating on India's sov- 
ereign debt, saying the coun- 
try’s economic program had put 
it on a path toward stronger 
economic growth. 

The New York-based credit- 
rating concern said India's re- 
structuring of its tax system, 
along with liberalization of its 
trade and investment rules, bad 
promoted increased savings 
and foreign investment, both of 
which would fuel growth. 

Bankers welcomed the up- 
grade, saying it would help In- 
dia raise funds internationally 
to support a multibillion dollar 
program to improve basic infra- 
structure, and attract foreign 

The company raised India's 
rating to Baa3 from Ba2. 

The upgrade affects SI.l bil- 
lion of sovereign foreign-cur- 
rency debt, including Euro- 
bonds issued by its Oil & 
Natural Gas Corp., which are 
guaranteed by the government, 
Moody’s said 

Chakra borty Rangarajan, 
governor of the Reserve Bank 
of India, said the upgrade was 
“a clear recognition of the con- 
fidence of the international 
markets in the growth prospects 
of the Indian economy and its 
ability in particular to manage 
the balance of payments.” 

The upgrade placed India’s 
debt at the lowest investment- 
grade level. Previously, the debt 
was classified as speculative. 

“It is wonderful news. Since 
1991 we have been on the non- 
investment category and that 
made it very difficult for us to 
get funds for more than six 
months,” an official from the 
State Bank of India said. 

Moody’s and Standard & 
Pom’s Corp., another rating 
agency, cut India’s debt rating 
to speculative grade as its bal- 
ance-of -payments crisis buQt 
up in mid- 1991. 

India scraped through the 
crisis by mortgaging part of its 
gold reserves, sharply cutting 
imports and raising domestic 
interest rates. 

“India still faces many chal- 
lenges,” Moody’s said, citing 
ethnic conflicts, inadequate in- 
frastructure and population 

(Bloomberg, Reuters) 

|| Investor’s Asia [ 

Hong Kong 
Hang Seng 

Singapore ■ Tokyo 

Straits times ; NHdrei’ 225 - • 

11000 ■ 

2400- v 

220® ; • ' 

ioow iV 

' - 8308 m 

flMj' 2HJQ0 ' u ■ ••••■■ • • 

_ j 4 w 

■ \ m ' • v\- - 


■. taas* 


1994 1884 

SO Nf'O' ®®J ! A S 044 O ■ 


Index ■ 

Friday: Prov.' - ;■%. : j : 

Close ' Close • Change 

Hong Kong 

Hang Seng' 

• a^21S7 -fttaosp : -R4B.V 


Straits Timas 

2,189.02 Z22BJ35. . -1S1 

Sydney' . .. 

Al Ordinaries 

1,880,19 1,900.40 . >1-07 


Nikkei 225. - 

18^98.30 19,0iaa0 -0:08 

| Kuala Lumpur Composite 

S77.74 966.13 -0.85 ; 



1.371.80 -2.44'. 


Composite Stock 

1.Q6SL83 1,066.21 -118 


Weighted Price 

6^79^82 6,444.05 +0^6 

Man Ha . 


. 2^96.75 ■ 2,645^6 -1.84 . 


Stack Index . - 

,47105 482.13 -2^0 

New Zealand 

N2SE-40 • 

1^42^6 1^76.06 -1,70 - 


National Index 

,1^43JM- 1,953.42 -0.52. 

Sources: Reuters, AFP 

vrtulicau) Herald Tribune 

Very briefly: 

• AST Research Inc, the U.S. computer maker, signed a distribu- 
tion agreement valued at 1 billion Hong Kong dollars (SI 29 
million) with Legend Holding Ltd. of Hong Kong. 

• Daiwa Institute of Research Ltd, a unit or Daiwa Securities Gx, 
has agreed to help Brama set up a stock market and privatize 
state-owned companies. 

• Nippon Telegraph & Telephone Corp. plans to connect every 
household in the business areas of Japanese cities of more than 
100,000 inhabitants to a fiber optic network by 2000. 

• China exported textiles worth $27.1 billion in the first 10 months 
of the year, a 31.4 percent increase from the year-earlier period. 
Textiles accounted for a third of China’s exports in the period. 

• Caterpfflar Inc. named Lei Siting Hong Machinery Ltd, near 
Shanghai, to be an independent dealer in C hina. 

Bloomberg, Return, AFP' 

Investors Suspect Hanoi 
Is Letting Currency Slide 


HANOI — Vietnam’s cur- 
rency, the dong, has been 
steadily falling against the dol- 
lar, prompting accusations 
from some investors that the 
country’s central bank was or- 
chestrating the slide. 

“I think it’s a managed deval- 
uation,” a foreign banker said. 

The dong, which was steady 
at about 10,500 to the dollar in 
mid- 1993, has weakened in re- 
cent weeks, with the State Bank 
quoting an official rate of 
1 1,003 to the dollar Friday. 

Allowing a gradual deprecia- 
tion of the currency would keep 
Vietnam's exports more com- 

petitive and could help ease a 
growing trade deficit by dis- 
couraging imports. 

Government officials said 
the dollar was appreciating 
against the dong because of its 
rise on international markets 
and because Vietnamese busi- 
nesses needed hard currency to 
settle contracts. 

Officials at the International 
Monetary Fund agreed. 

“I don’t see there is anything 
indicating underlying pressure 
on the exchange rate," said 
Erich Spitaller, a Fund repre- 
sentative. “We are dealing with 
a freely market-determined ex- 
change rate system.” 









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FBx: 449 - 89- B423455 -TeL 449 -89 -6423451 





AN B1IE ffiSONALITY ond idR bexhefor of 4^6iT - fact certainly a hhn WOlfiD YOU IMTO RAJSCTOU8 QRDtiEN dA o hd jud bondsone} bd 
InAand affintcpaB^f Horrim riuefiod in Earape and inti* US a fae anr ba gfao re focbl e ond ftKau dbi ATTORNEY AT LAW - 4j/6’2* -? F ry hii 
CoUfooBniae EanpKtt Utmbd kfcnwficipd temguoMad p-ayfione^ fewlyh, p ywedjo foe pubEcw « ntondiaipl 
offe priwtie B b. A tiwagh noirty bnf he Mtb a En m^nfoiiiuiHiig wit, who aMe to M mnUi 

mkLrt in TTennonii ha rrlTini rfrV^ Jl — 1 — w* wocmb nod Mturel high dmdvd deaxzxk Thb 'certain woaen m 
raKMAH4GBVWI^APracAl0NSAEIIEQUE5IBX ^«i«' may bo faerem w F08 MAJWAGf ONLY. 


. OaBy 10-19 hn. D-81545 MOndtaMi/Ctonnany HarthauMr Sir. 10-k By appoinCmenf 

Vtam. For respons&le people 

O X Y 0 E N E 


ft* (1)42 97 44 4* 

MAW UBto ie* SrSHlBE 

I CEHEttBS 56 OrSwtfW. «M3 


TOKYO MAMUflE OU aw rtro. 
to nice Jffxmaefaeeta WatoB 
afamwi for Mtxnoge or Fnmhlto 
UTdew 3EB7322. 

mou, RMH PEOPtf mb qwfiy 
and foody foanddfa Pbaw col 
ABAC fare t Q3-1] 457080 N. 

ream moles whbbmde to 

fnerek/lfenialta fr* mfo: Hermes, 
Box 110660/E, 0-10836 Bertn 

l el ago. D1C Semratomi 
7 R9 A veen Nl Fx +317““-“ 

rnaef you. far toe panto 

write Ctorvnas htrodiictions, Bax 
COM. CA 92625 USA. 






Thetogen ear export company 

" 6 X£,“MSi“ 

Export satas-repskation. 

Shppng - inarrarai 

European, Afnmn & LL5. specs. 

Tnawxv 51 Vtoedfair, 

Tot a^a^ff^x^So3B.97. 
tela 3527 Trans EL 

mam TAX-HUE need 


Sme day regbtaXian pcniUs 
renewoUe up lo 5 yean 

We oho reader cm wMi 
fexpredj foratoi fa+ee} ptata 


AEred Eidwr State 10,0+8027 Zmids 
Tet 017202 76 lOTete 815915. 

Fmc 01/202 76 30 




• Sffi 


GQUMHBH, 1RS0 8 1650 Sfafa 
Sto 34 HOffo, from 21/12^4 to 
4/01/95. OmrMr. Aiow# fotj ft* 
1-42 QB 7696 or home 1-0 73 OS 89. 


Trawmat. Postah ond WateradcxA. 
MareEy - Friday lOore ■ Mtom. 

26 therm SbMt LendoaWJ. 

DTP 193 SMRtort. te+49711^34913 

in the dyie of --- 

2JOO. Tet P ori, om 47 20 



1995: TO OWE A nHMV B JMtad 
fation Cdtocr Pastor .ghtoor. 

LETS, 13, nr rfHerbm^A 7B121 

Cimpieraa. Fnxxo. far * 

town hr 03-11 30 54 


wort, Hb A oeodtodc mrpflfwwt Ftx 
avdwaton & mfannctojn to ward re- 
area to ftxdBc Sootom Unwendy. 
9581 W. Pko fed., Depr. 121, l» 
Angefa. CA90QKUSA 


Amodtod Al SubiedL Hxno Stady. 
FAX. 3193546^Tet 31M566623 
fa 2804. tom Ofy, IA 52244 USA 



sam Superb new al Pora. Terracec. 
Dec. 22nd to fa 4* Td 1-46224016 


The IHT 

'newspapers In the 
classroom" materials 
are now available. 
fa more Infcrrnaferpieas a contact 

Mari’ Louse Stott 
Servic es Dep ahtmctt 


181 Avenue Cm«£&«-G*ou£ 
OR FMC 33 (1)46 37 06 51 






Edith Brighta 




(also Sat/Sun) 


TeL: + 49 - 171 - 2 45 52 52 
TeL: + 49- 69- 431979 
Fax: + 49- 69 - 4320 66 












PLEASECALL: CD +49- 171 -M5S252fli+49.0-41 »79 

O im.SimSSniAmCANBl£mSMAN.. . 









PLEASE CALL' QO +«-I7l-2455252ot+49-69-43 1979 


ITOra, fa. wtt, arira, wd odu- 
odod, aoodemic, wWngid. refad, 
dan in Mtrahn, daaiod nuk, 
art, nature, dung end Booking, ito- 
nefaedy to dble, sWa mhndfog, 

wdtiv^ «ubwid wel eduonled n 
«dn whom to duns dreana, ttmgfos 
and lou^to and to dart a foniy. 
Pfae wriie fahotofl to fa Sffi, 
tH.T, friedrkfotr, 1ft 060323 Ftofo 
iurt/Mofo, Genmy 


(fa 2 Ti aompUan i mHoa, 
t«*T, ton km, weB b»fa 
nmeitM gniiaai who afore i 
fafa of me al modi as I do, 
ihore momems to maybe the red 
« fortr W fa 3532. IK' 
Q Lang Aaerioafcn. Wm 9 H 

BWIWJl AMBUN tody, 2Q 
who a .fay tewa to tad, s » 

tneodfrdeimafa Tel 44 71 413 913 



Friday's 4 p-fflL 

TWs Dst compiled by ihe ap, consists of the 1,000 
most traded securities in terms of dollar value, it is 
updated twice a year. 

Hi9h Low Stock 

23 ft 12 ABC Roil 
30 13 V. ABT Bid 

26% >7% ACC Co 
r% Enl 

4<Hmjiuao. r* 

48% 31* ADC Tel 
u% 9%aesoyi 
13* tytoAES&s 
33 19 V. AK SfO(H 
31 'a 164, APS Hid 
33 1 0H AST 

29 V» litoAbbevH 
1M 6ftAbteTC< 
27% 135VA <a*«n 
ZJ% 15 A cmeMei 
14ft 7 ft Add 
30 ISftAoJom 
24*14 Adortcs 
Z3W10 Aaddih 
37ft J] Adta&v 
38ft 19% AdabeSv 
39 Soft Aaron 
35 lOtoAdvHIt 
11 % 4ftAdvTas 

41 % 24V. Advents 

37 ft 23 ft AdvantB 
22ft 17 AMCmpS 
16% 9 Agourn 
28ft IS* AirExo 
634* 46ftAK20 

2ift 9ftAJantec 

28 ft lgft Atxmh 

19 V. lOftAICKIa S 
2Bft 23 Ale* Bkl 
25"i 10ft AUasR 
12ft MAlKUiPn 

40ft JlftAlfcro 

31 ft 16ft AlrResc 
21V, lOftABrOO 

46 23'oAmerOn i 
26ft 19 ABnkr 

19ft 9ft AmBlOg 
19ft 14ft AOaiVov 
25ft IflftACoUoKl 
29ft KftAmEoote 
34ft 23ft AGreel 

24 Vj SV.AHIfticp 
18ft UftAMSs 
17 v i 5% AMedE 

22 12VcAlliMbS<n 

301. 14V.APw.Cnw 
IS IlftAPublish 
23ft 15ft ASovFL. 
24ft liftAmSuiVS 
18 10ft AT rowel 
26*4 If Amfed 
40ft 34ft Ampen 
33ft a'/.AfnfcrrCo 
17ft lift AncftBcp 
19ft 10 V. AnchGm 
53 21 ft Andrew * 

21ft MftAncVoS 
38ft 18ft Artec 
12ft 2ftAperfirS 
19ft 13ft Atftoee 
4fi»24ftA ppteC 
18ft 11% Apfsau 5 
15V. II Apiebee 4 
lift 3ftA«lExtr 
lift 13ft ApdPgti 
33 IS aodlnov* 
Sift 32 ft ApIdMoll 
22ft 16 AitjorDro 

25 15 ArborHI 
21 10"/„ArbrNt1 

23 13* ArclDO S 

32 Vi 2b' li ArnoGp 

27 1 1 '/■ Argmv 

15ft lOftArKBest 

24 1 aft Armor 

23". IB Arnolds 
Wft SftArtsff 
35ft lift AseendC 
13'.'. FftAshwrtfi 
46 24 A5PC1TI 

30 23 AsdCmA 

29 JlftAsdCmB 
TOft 12ft AsKC 

M' .AitomjF 
3t '* lift AMSeAir 
3C lift AlrioSII 

26 ft 15 AuBon 
9e„ 3 i .i l Auro3r 
10 3ft Auspe* 

40 MftAuiodk i 
34' . 16' . Autolnd 
29' .13 AuldtolC 
43ft 17 AvidTch 

_ 18 177 
. 21 3S 
_ B IX 
.120 .7-378 


- 30 W 
_ 708 

^ - 437 
-48f 33 18 610 
„ 779 
_ 10 334 

- _ 6515 
_ 37 2199 

I ” 

_ 14 9107 
_ 6 573 

- 25 111 

_ 30 98 

.. 34 688 
17 3710 

.16 2 a 

JO A 26 B616 
— 376 
a 3 

- - 904 

_ 2275 

J7 I J) 11 457 
32 13 10 566 

Z Z 463 

J4 .9 IS ZH 
l.B0e 3-3 _ 125 

- — 387 

■* *1* IB 229? 


_ .. 134 

40 2^’g 

- 16 261 
112 5115 

.71 U 7 W 

.16 I.U500 239 
M 15 II 1W 
_ 23 A1S 
_ 24 573 
.54 3.1 15 1568 

_. B 150 
_ 19 4S6 
... 12 447 

- _ 355 
.. 24 8609 

JOS* A _ 37 

7 507 

- _ 23 

- II 3 

-24 13 18 90 

- 3010805 

.08 3 8 1143 

_ 8 7740 

- 15 233 
_ 2B 577 
-. II 09 

AS IJ 7415304 

732 3 28 1905 

04 J 24 2773 

47 14*9 
_ _. 7440 

- 27 216 

_ 1837493 

30 15 73 361 

-. 22 327 

_ 23 72 

.19 .9 18 293 

1.16 U 1 9 

_ 45 551 

04 3 16 479 

jA4 3.0 19 37a 
.44 12 17 49 

- 10 8658 

- - 2379 

- 30 1706 

, 19 882 

-. _ 18 

Z 10 77 

-. - 7417 
32 2.1 10 1783 

... 79 4146 
- 792 
-. 24 938 

_ _ 7014 

_ 21 1191 

3* .6 28 5349 

- 11 72B 
.. 25 1635 
... 36 1631 

34 26'. BB&T 1.16 

12 7 BE Afro 

23 1 . 16 BISVS 
71 JOftB/rCSn 
TO 1 1 1? BMCW1S 
251.15 BV/IP 40 
27’. BftBOSdOe 
455. llftBcbvSSIr 
22ft 1 5ft Baker J 06 
19’. S’.-Ba/yGm 
23' . 29ft BanPonc 1.00 
4«'s49 ScOre otC3o0 
3° -.19 BncGaliC J2r 
J7ft 18' lEancio: 

21' . 13'iBk jaun .52 
38' : » Ban la S2 
26 ' j 12ftBanvnSy 
19 >7 Boretti ,12 

37 ‘.j 25 > .flavkotlF 40 
AT. 18-eBavNln s 
lift VftBavPidoe 
6S'.AiftBov8r'> 180 
3*’ :22ft BedBail 
2V; 21 30 

V, 16 - .BeliCdbl 
16 7 Bull/Aic 

41ft lS-.Bclliol 
Bft 3 ; . BonlCj 
47 22' ; Berk I 9. .04 

26 iftBortuei 
19’ . 12' . BdiiPwr 
S57<37ftB. w „ 

12ft 9 Bicnet 
7j-i 3 H <<nestjt 
Sft r .-Bc.Tu’j 
is 1 . efte.cKe.5 

35 26 .EuC'Bnc 1.36 

23ft 19 .BoUEvn 39 

31' « 12' . eotjmtwn 
if. e i Swire 

40 V( 25 .76 

24' : 14' ..BoiOlS 

A3 6 1383 
_ 39 433 
_ 24 960 

— 18 2408 
.. 8 688 

23 441 1137 
-. S3 109 
._ - 516 
.4 9 81 

_ ... 227 
3 J 9 40 

6 8 ... 149 

M .. 4813 

14 30! 
31 10 716 
1.7 14 B5 
.. 113 1372 
J9 16 511 

2* 17 16Q 
. 23 8444 

*? s 8 

1 I 16 80S 
. - 1003 

15 40 

•: 15 2$ 

X 1 J? S 

. 11 458 

... .. 86 »» 
. 20 4086 

- - 2822 

- .. 1258 

20 1361 
4.9 9 1569 

M 17 IMS 

- m 

7 ’.. 









17* —ft 

14’ < — ”. 





29 % 





21 ft 22’. — 

21 21 —ft 
li'-y 14ft 
30ft 307. —ft 
19 If. 

12ft 14' J ■ I'-. 
28', 2B 1 1 -ft 
:j-. rs . 
lift 12'. —ft 
57ft a -;■. 

24ft- 74 ft - l j 

22 23ft -ft 
12ft 13'.« —ft 
16 i 16*1 —ft 
7ft 8ft .ft 

33'4 33ft -ft 
12 '. 12 ft - ft 
12* « ' 13ft -ft 
34ft 34 / —ft 
17ft 12’.- 
2 ft >: -ft 
»•« 2 '.e — ft 
!4ft 147*. - ft 
27 27ft . H 
70ft 21 • ft 

12ft IJ'. -*•. 
dBft 8H .. 
27ft 37’ . ... 

14ft ISft -'1 

dm vid pe ioos rtsh u»UM<yw 

1314 I3VS I3V h — If a 
22H 22ft 22V. + ft 
14 13ft 13ft —ft 
16ft 15 Vi 16ft *ft 

7ft 6ft dft— Wu 

37ft 36ft 37ft _ 
42 41 4 ft »ft 

ISft 15ft ISft - 
10ft 9ft 9ft — 
19ft 19 19ft *rft 
29ft 27ft 38ft +ft 
25ft 2*ft 2 ft ♦ ft 
15ft 14ft 15 -V M 
24ft 23* 23ft 
BWi* 7ft BVa *V» 
iru 17ft 17ft —hi 
1SV. 14ft 15ft +V|* 
14ft 15ft 15ft _ 
Bft 7ft Bft _ 
19ft I9'.*i 19ft _ 
» 77ft 29 ♦lft 
22ft 21 ft 22 *ft 
11 10ft lOVs *ft 
35ft 35ft 35ft ._ 
34 37ft 339* * I ft 
37ft 36ft 37 -Vi 
79ft 78ft 29ft -ft 
18ft 17V, !8ft -ft 
Bft Bft Sft —ft 
27ft 261/11 27 -Vj 

25ft 74ft 25 

20 199/ 19ft —V. 

13 12ft I2 Vi» —V, 
27ft 26V, 27ft -ft 
55ft 54ft 55 - 

21 19ft 21 - 1 

21"» 21ft 71ft —ft 
lift lift lift _ 

74 73 23 —>91. 

23% B'A 22ft —ft 
7Yt 7ft 7ft -ft 
30ft 79 ft 39ft —ft 
25Vi 74ft 25 
10ft 10 10 —ft 

39ft 37ft 39ft - '¥i» 
79ft 79 29 —ft 

Z1V. 20V. 21ft -Vi 
43ft 41*ft, 42ft ♦ h 
19ft 19Vj 19V,— »„ 

16 15ft 16 -ft 

IS'. 15 15 —ft 

lift !5ft 16 -ft 
l«ft 13ft 19 - 

70 19ft 70 _ 

27ft 26ft 37ft —ft 

5ft 5ft 5ft —ft 
lift lift 16ft —ft 
6ft d Sft 6ft - ft 
13ft 12ft 13'.. -ft 

17 lift 17 -ft 
17ft lift lift 
16V, 15ft 169* -ft. 
23ft 22ft 23V, -ft 
16ft lift 16ft — 'ft 
19ft 19ft 19V. -ft 
5BW 56ft Sift— lft 

9'* Bft rv„ 

13V, 13ft 13ft —ft 
17 16 17 -I 

48 47 47ft — ft 

16 ISft 16 -ft 
25ft 74ft 25ft -ft 
7ft 9V. 9"/„ - ft 

IJ dl2 13 -ft 
36ft 35ft36> ’u -ft 
13ft 13 13 -ft 

15V. 14V. 14ft —ft 
lift 10ft lift -ft 
23ft 22ft 2314 - ft 
71ft 70'/. 70’/.— 1 
46ft 45ft 46ft -lft 
21 Vj 20Vi 20ft —ft 
20ft 19ft 20H -ft 
14ft 14 ft 14ft 
20ft 19V, 70 
28'4 27?. 2T» - ft 
12V, 12ft 13ft -. 
13ft ll'Vi, lift -ft 
21ft 70*. 21ft -ft 
20ft 19ft 19ft 
8ft a 7ft Bft —ft 
31ft 79ft 30 
Bft Bft Bft -ft 
31ft 30 30 —ft 

26' i 25ft 25ft -ft 
25ft _ 
13ft 12ft 13ft -V* 
29 27’7 70 -ft 

15ft 15ft ISft _ 
34ft 32ft 34 - 1 ft 

26ft 76 26ft —ft 
lift 15ft ISft —ft 
4Vii 4ft 4ft _ 
7V. 6ft 7 
37 36ft 37 -ft 
17ft 17'.. 17ft -ft 
13’. dll’, lift —ft 
41 , 40 40V M — V, 


Wgft Low 3xx* 

IB Vi 7ftBO»>TC 

36ft 15ft BTOdSIS 
36ft 79 BktynBC 
17ft It BrooMn 
2lft HABroGour 
16ft 9ft Br Tom 
10ft iftgnjpbs 

16ft 4V.CAJ Wra 
34ft 12ft awr 5 


\'M &ESSJ™ 

23 Vj 4ftC0lMD 
32ft IBftCdlWc . 
19ft 14 CCBTlbTch 
21 15 Cormwlr 

H 14 SiwHz 
ZTii 12ftCW5«r 

60". 2i cesecom 

14ft 10ft CBS9V8S 
25 B CasA/ns 
36 liftCcsaiaOS 
17ft 4ftCoVitoJ fic 
19 7V.cadleEn 
Wft 7 QythS r 
23ft 6 SWCP 
21 12 Cdodon 

34% 13ftCaIesftd 
36V, !4ftCellPR> 
20ft 9ftCdWor 
55V4 41 ftCdCmA 
48ft 1 7 V. Col I tnfis 
37’/, 19ftCdCmPR 
24 V. ftV.Cdl/Tcs 
74 ft 14 CantCd 
IS 9WCeriini)! 

43 ID Centsrm 
18ft BftCenlacor 

34 V, 25ft CFidBlc 
19ft 7VjCept0n 
49 ft 23 V, Cemer 

F Sft —ft 
JIVil -ft 
17 17ft -ft 
Bft 34ft + lft 
87 S7 

34 17ftChtOneF j6B 3 J 
14V. 2<ViiOied(ers _ 

74ftl3V,cr>escks _ 

31 4'AChesEnfl _ 

17ft SftOilcoss _ 

45 21 ChdCrrlS _ 

CKv YM PE MB* Mgh LawUMitCli'Oe 
_ 39 1937 18 17ft 17ft -ft 

.. 26 1M1 10ft 9ft 10ft *ft, 

_ 34 373 18ft 17ft 18ft -ft 

= r ^ ^ 

_ _ 1307 Sftd28 a —lft 
_ ll 1M 14 12ft ITa —Vi 
_ 18 66 13ft 12ft 12ft —ft 

_ 338 362 10ft 9ft 10ft 6ft 
76 U 17 2133 9ft Sft 9ft -ft 


_ _ 2S3 8ft Bft 8ft 
1J36 36 10 655 38ft 30ft JBft —ft 

^ 47 380 SDft SO Oft -ft 

- - 436 33ft 33ft 33ft —ft 

„ 16 m 10ft 10ft 10ft -. 

1.179 A3 - 1W 27ft 25ft 27ft -ft 

_ 54 1261 ISft 14ft 15 —ft 

„ 1314 7ft 7ft 7ft *y» 
^ 9 2568 6ft Sft Sft —ft 
_ 25 552 71 ft 31 31ft -ft 

^ a 345 17ft 17 17ft -ft 

_ 47 2361 US 33ft 34ft -lft 
319 6 a 33 87 87 87 

M IS 16 1546 20ft 20 20 —ft 

_ 40 284 15ft 14ft ISft -ft 

_ 10 1902 18ft 17ft IB —ft 

_ _ 10V6 5Sft 54ft Sift —ft 

JIB 6 18 664 T3ft 13ft 13ft - 

_ 7 460 Sft 8 Bft— ft, 

_ 17 60 18ft 17% 18 —'A 

_ 12 1740 5Vu 4>Vu 5 —ft, 

- 2 * 81 13S ini 13ft -ft 

_ 10 102 8 7ft S 

.16 Z4 10 4216 6ft 6'A 6ft -ft 

_ 27 140 17Vj 17 17 —ft 

_ 10 2512 15ft 14ft IS —ft 

^ _ 397 20 19 'A -ft 

„ 21 5054 19ft 18ft lift +ft 

_ _ 2953 50% 49ft 50% -ft 

_ _ 15SO 44 42% 43' i * 1 * 

_ _ 1907 34ft 33ft 34ft -ft 

_ 134 332 14ft 14ft 14« -ft 

_ _ 46 16ft 16 16 —ft 

_ 33 674 Pft d 9Vi 0% _ 

_ 114 1057 JO 'A 19ft 20ft -ft 
_ _ 1842 17% liftliOA. —ft 
1.12 A3 9 3292 25ft 25V, 25ft * % 

„ _ 270 8ft aft B% = 

_ 34 117 40 39 40 -ft 

jBm 1 7 29 867 25 24ft 341% — ft 

% .ft its ll?? 


_ 26 190 29% 2S* 29ft -ft 

17ft SftOilcoss _ 8 2419 Sft dW. 5ft —ft 

45 31 Oiioems -43 481 V, ♦JJ 
7% 3ftCnlDsTe _ 35 6607 u 7ft 7% 7’A — ft 

96 SOftoSron I n 3471 76ft 75V. 76ft -ft 

21% aSowrwndS X7r 3J 74 W0 15 14% 14ft -ft 

S!;i s v,gsa„ a a 58 8S ^ 

34'A28V,Gntas .17 S 

44ft 24ft amis _ 

40ft 18* Cisco S 
23ft 15ft OlkSBtr 
28 a%CZn)ccm _ 

41% 12%Cobra s _ 

41ft 24 CoccAWl 1.00 A3 

7t% 4ftCodaEn 
24ft 16 Coflejup Jla 1A 
28 11 Conns* __ - 

22ft 13ft CrtiWor X 1.0 

.17 3 30 926 35ft 35'A 3Sft -% 

_ 12 4836 25ft d 24ft 25 - ft 

« 2521169 33ft 31ft 32ft -ft 
Z - 27 71ft 21ft 21 ft *% 

_ 24 1123 lift 10 10'*— 1. 
_ 33 3645 35 32* 34ft —ft 

00 A3 T1 21 24* 24 24 —ft 

-110 722 6ft 6% 6ft * % 

Jl« 1A _ 10 21ft 21ft 21ft ♦% 

„ W 1532 22ft 22 22 —ft 

a l3 . S4 19ft 19 19ft -ft 

Jie J 37 1080 20ft 20% 20ft _ 

31ft 17 Colevsn ,18e 3 37 1080 20ft 20% 2uft — 

23ft lSWCokScp 40 ll 6 869 18V» 17% 17ft -ft 

33 14 Cumdr 32 1.7 13 1639 19% 18% lift —ft 

TO% Mi*rr0TVT>^ JT9 i 787 1SH lSVe lSMi — . 

MftS3ftc£2|pl ® 5 _ 41 » 15ft 15ft ISft -ft 

29V. I5'/.CommiW/ _ - IS39 2*46 »ft 29 *% 

23ft 14ftCmcfiNJ AS 17 7 75 18 17ft l/% —ft 

33% 27ftCmcSWO A8 23 10 316 29% 28ft 29 _ 

23 l]ftCmceG» JO U - 284 15ft 15 15ft —ft 

27ftl7%CmcFdl - - M3 19ft 19ft 19ft -ft 

26* 20ft CompBnc .12 4.1 9 »4 22 % 22 72Yi 

16% fiftCrnprsL - 719 WS 7ft 7V% TO, —ft, 

12ft yvCotTAnK - - 795 7 6ft 7 -ft 

49ft 24% Compuwr - 2 603 37ft 36ft 27 - V. 

1 Aft a Com«« _ W 573 13ft 12ft 12ft —ft 

1, 1** CncEFSs — 33 337 23% 22*. 23 — 

14ft JftConesIWJ 2£| 10ft 10* 10* —ft 

22% IDftConSGpt’ — — 98 18 17% 17ft — 16 

JJMJ cSSr -72425 2500 24% 24ft 34ft -ft 

2*i5*SS&. ■“ .1 IS ^ i7% Ik d 

\?Z 7. Z 3 ^ if- 

S , ^ag ,F :: 22 ^ ff* sr 

lift ia%CorelQJS _ — 1245 74 13%13'Vi. -Vi, 

26 13ftCorlmoB _ 14 1211 14 dl2ft 13% — ft 

17ft a%CordCp _. 29 2062 13'A 11% 12ft —ft 

Jlft 8 %Cnf>Cp .10 - .. Z725 956 9*6 9%y -V ¥ 

26ft 15ft Cwnirv S _ 20 1271 25’/. 24 34ft —ft 

y/% IT'.lDATBrl 312 .1 19 2852 19% 18*6 19 -ft 

24 9ft CrTctlL s _ 12 1129 12ft 12% 12ft -ft 

78 IlftCredSvS - 22 435 26% 25ft 26% - ft 

39'.i20 CrdACpS — » 155 34ft 33ft 33ft — ft 

32 THCroiCnm _ 325 1178 9% 9ft 9ft -ft 

39 ft 28 % CullnFr 48 24 10 194 31ft 31 31ft 

28 12V.CuaCh _ 21 333 18ft 17ft 18ft -ft 

27 10 CvonsD _ IS 1866 14ft 13ft 14ft -ft 

47% 18% Cm* CD _ 31 6069 39 37% 39 -lft 

44% uv.cvr* _ 11 AS** 37i.. 36 36 

7ft 7%CWOBn _ 594 J% 2ft 3 — % 

32 13% DFS.H _ 16 348 14% 13ft MV, -ft 

33ftl6HDSBnc _ 12 553 25 22% 74% * 1 

35 17" a DSC i - 2511624 30 29 29*. » ft 

29ft 18 DSC Ird _2Se IJ 10 45 21V. 20* 20*—% 

27* 12’ . DSP Gp _ _ 412 22% 21ft 22ft -ft 

31 SftDomcrk _. 21 647 ID* 10% 10ft -ft 

73% 16'VDorAos _ 29 743 197* 19% 19% —ft 

19ft 12 DOSCP 19 582 19 18% 1* - % 

17ft 7'iOafcv*ire _. _ 322 12 lift It* —ft 

27ft22%Dauptm i.00 A3 11 1080 24* 24 24 —ft 

33>1 14%DovdMiA 56 761 32* 32V. 32% ._ 

TJft lO’.DavRun _ 14 1181 16 14% 16 -1% 

33' , 23’ jDeVrv _ 18 1709 20% 28 78 —ft 

Hftll’.-DeckOul _ 13 114 14V. 14 14 —ft 

47ft IfftOellCprr - 1736242 41ft 40 41%-lft 

23* 10% Oe Irina _ — 408 IS 14% 14% _ 

47 WViDentuilr 08e 3 14 741 29ft 28ft 29 -Vt. 

34V; 25%DepGlY 1.12 4J 7 124 26* 26 26* * % 

18 AftDman* _ 26 1212 8U 8 I — «u 

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4* 4ft 4% ly 

11 10% 11 -ft '? 

06* CB6% 86% — I 5 

Pft 9ft 9% 

55%d5S% S5V»— 1% 1 ?, 
8ft 8% 8% -ft li 

13% 13% 13% _ 4i 

12* 12* 12* —ft f, 

»* JWu 1% - 6 

31% 21 PrpdL at 2AO BA 
6 Pr»*RB A0 7 A 
2ft * Preid A 
7% JftPreCom, 

31a lftPrismEnl _ 

13<, B^.PriBCD _ 

6* 5’vPrxCT 26 5.9 
3% TftPrvena .18 69 
20* UftPrvEna US 7.1 
24ft 20ft PbS16 IJO 7J 
17* Us.PbSIT TW 7.0 
lSftir-.PbSr* 1J6 9J 
18*16 PbSllO 140 61 

17V,!5%Pb5*U 1J6 8J 

17ft UftPbStl2 US BJ 
17% 15V. PbSIU 1-36 8A 
l7Vil3%PbSnS 120O74 
15 12*PbSM6 1.08 7.9 

16* 17V.PbStl7 1.16 7.7 

14% 11 PbStlB 1.12 73 

12'/. 9 PbStlf A0a 5.1 

! mo 73 

93a 7 A 
.690 5.9 
JO 7J 
•Wo 7 A 

16 13 12% 13 -ft 

33 15 14* 14* —ft 

3 W* Y u V„ -V|, 
1457 !S% 12 12% - 

1TM J9ft 39% Bft „ 

U 18% 18ft 18% -ft 

36 10 9% 9% —% 

70 'Vu ft - Vu 
110 21%, 2% 2% _ 
17) 41% 40% 41 ft ‘ft 
72 7"h, VI , . 2'V., . Vu 
20 V/» »u 3%, ‘V 4 
13 3A XVj 33ft —ft 
235 a Uft a -ft 
1IJ sn 3* 5% -* 
6a 47 45* 46 —1ft 

90 4%, 4ft 4ft „. 
341 5% Sft Sft —ft 

5 2Yu 2V„ 2V„— Vu 
10 4% 4* 4ft —ft 

1 19% 19% 19% _% 
81 2%, 2 av. . V,. 

15 ll'/iPbSTX 

IS*/, 10* PumCA J3o7A 
Uft ID* PIGiM A9 o 5.9 

15 9*PIGMD JO 7J 
15 1 /. IDftPutNY .DO 7A 
62% 7 QuolPC s _ 

■ 4«Vu RBwV _ 

11% %RXMdS _ 

34 27 Ragan 

12* 8* RoLFn % 

10* 8% RoucJi J8 .9 

2% TVrtRudtO 
6ft 2%RedEO0l . _ _ 

Xft2IftRedLr 2J0 9.7 
Uft SftRedEmpf 36 - 

lift 5*Rt*oc JOB 6A 

15% 1 1 ft Regal B I J2 13 
5 ft JftRelM Jl e A 

l LowLafegQi'X 

58% 28% — % 
7ft 7% — * 
V« % 

6* 7 -ft 
lft 2%. - Vi, 
9* 9% —ft 
6 6ft -ft 
7% 2ft— v» 

15 15ft -% 
23ft Bft _ 

16 16 - 
lift lift — % 
17ft 17ft — % 
15% 15% —ft 
15* 14 

15* 15% -ft 
16% 16% _ 
13% 13% - 

15 15 - 

14% 14% 
lift lift — % 
13 13 —ft 

12% 12% _ 
11% 11% -ft 

TO* 11 -% 

12ft 12% ♦% 
a% 9% _ 

7* 7* _ 

136 1% - 

32% 32% _ 

9 9 —ft 

Bft 8ft - 
1% lft - 
5% 5% 

22% 22% -ft 

12 Monlh 
High Low Stock 

DM YM PE 100s WBh Low Latest OV 96 

5ft 2*Rellw 
4% 2 RepGfdg 
14 8*Rsrtln 
lft ftRstW 
5N J'-.ResRd 
3’/. 1%R5PT01 
7* 4%RevMn 
6% lftRlchton 
70 U%RloAlg 
9% 6* Riser 
4'Vu7’V, l Roa£kTeJ 



TO* SftSBMInd _ 36 83 

6 4* SC Bcp _ 6 61 

42* 34 SJW XIO CO 10 5 

4%. lftSOllnd Jut IA 15 140 

13* j*5ahGams _ _ 219 

1% VjSanaG Dt .0711441 „ S37 
■Vu VuSdrdwt ._ _. 17 

17% 12 Solems AQ 15 15 18 

53*41 SC4AMGNI8.IB 6J -. 1 

39* ZS* SaiOEC 2J3 7J _ 103 

$6%74*5a>HWT>n 401 4J _ 6 

17* 5%5atHKwl*6 _ _ 14 

96 79ftSc4M5FT 19? 4 J _ 1 

XftMftScdORCL U0 63 .. IB 
«*3l%SatPR(n 307 9A - 3 

a* 15V.5a65NPLn2.12 1X7 _ 11 

IS 11 SDOOPIA 150 is _ 1 

13% 9%SDoopfC JO U - 8 

26* 20* SDoO plH 1J3 8A _ 2 

37% 7%SnFnsn s _ „ • 

,9% SHSmdy. .16 23 B 19 

IO* AftSMonBk . SO 68 

l'Vu ft&candC _ _ 12 

11% 7 Sceptre _ „ 1 

lift lOftSchutt .16 IJ 7 19 

MS 1*0 SbdCP 100 A 9 1 

15* f*5etos O 12 9 1 

6 3 SemPck 44 41 

i* ’VuSemPkwt .. 40 

MulWuSemtch ... 17 M 

ID* SftScrvtCb _ 26 48 

3* Sorwifr 9 2 

.9* 3%5hefidMd _ _ 243 

IWfc •ftSnttCms .04 A 8 141 
Sft SftShwdGp ... 5 77 

4ft 2yfi, Shasco JO 16.7 _ 25 

4ft auSIteo B5 1438 

7 3 SpntTet?! — 5 72 


42 216 

_ 1B3 9 

A4 2J 9 I 

7% 7* 

12% 11* 
2’Vu 2V, 
2* 2* 
* dl 
ft ot u 
4'*. 4'Vu 

’Jfe '» 

ift ,2 H 

7ft 7ft 

4ft 4 
42* 42* 

1%, lVu 
3% d3ft 

7% *% 
lift — % 
Wl. * Vu 
»»- %. 
8% -ft 
■Vu ... 
4Wu -Vu 
1‘Yu— Vp 
4% -to 
2’Vu — Vu 
18ft _ 
7% -ft 
4ft -Vu 
42% -ft 
lVu— Vu 
3ft — Vu 
'Vu— Vu 

7% 3*s.lwF<fe n ._ 1 S3 

25% 4ft5imu1a .. 42 216 

12* 3* SloanSuD _ ISO 9 

W *. 22 % 5mttiAQA A4 7JU 9 I 
40 aftSmMiAO S3 14 9 410 

lift OftSmtBln JOa 6J _ U7 
15* 12V. SmtBmM J5a 6J _ X 
9 5* Sonnet _ _ z 

15%llftSCEdpfB US 15 _ 7 

1 5% 1 1 ft 5CEd PtC IA U - 14 

16 llftSCEdPtD Ifl U . J 
17* [3ftSCEflpfE 1.1? SJ „ 21 

21%15%SCEdpfG 1.45 8,9 — 1 

26, TOftSCEdPfP IA U - 42 

Z3%16ftSoUCDS .fit SJ 40 33 

7% 2*,SwnLUe _ _ 1024 

19% 9*SwnUBPfU5 17.9 _ 698 
4ft 3 VuSpotW, _ 7 120 

7* OV.SpcOim _ _ B 

10* ft5p9CtVJ5 _. _. 3904 

4* VtjSooCTV rl _ _ d» 

5%l’V,Spf5uPwt _ „ 32 

10* 'ASpectV* _. „. 3904 

4* VeSpoOV ri _ _ d» 

5% I’VufPfSup wt _ _ 32 

4Wua"/a^OR Cn 1.118 X6 Z 3085 

10% 6 SforrtH J5 3A 12 5 

aSftHftSfWm JO XB 18 1 

21*14 Staphon . )J ]< 

13* 9%Sta1HRn _ _ 7 

2% 5 5tvGpA _ 47 15 

,«* -330 4.1 11 4 

11% IftStnjther _ ... 909 

’SJ 4 Style VI d _ B 3387 

.?& WuSAcus _ 536 

11% BftSumtTx J4 9 J _ 41 

«a 7* Surety _ V 4 

3ft IkSimr „ _ a 

4% IftSurtNur _ _ 65 

fl'a 4% Sucrmlnd _ | a 

6 Ift&EHKpwt 4M 

3 ft »%TC5 2 

v> stone Z iT 29 

„4'i 4 TSF 9 29 

lf-^ Me U 88 163 

J',j £*TcbPrd Jo 2A 14 12 

_ 47 
330 AI 11 

J2 2A 15 

- I 

)S%IJ Testy 

,fft 2% Team 
I* BV, Tcctin 
b% T«<Kt 
15% ITftTopR 
52* 35*TetD1c 

A 4.3 IS 62 

_ a l 

B' .Tcchnij ji u u M 

Sft TOMSPW -.79 34 

TtoTojnR .10 J 63 41 

S*T«D1n 36 J 54 925 

» r *uisns GU u - - 

l"’u ftTenera _ _ 22 

Wl, lftTekBun 42 

to. ftTexBiwt _ _ 17 

lift 7*TerMer _ _ 205 

12ft ll* 12% — % 
4ft 4ft 4% —ft 

35% 35 Uft —ft 

2 2% 2'Vu 

4 3* 3to _ 

Ju % % — V u 

.6^ 1«S iM 

SIV, 51 Y: 51% _ 

a* 31% 32* -ft 
84% 84 84 — % 

5 d 4* 4* —la 

*2% n% n* ♦ ft 
36V, 35% 35% —ft 

32 % a aw -ft 

IS* 1S% IS* _ 
11% 11% 11% -ft 
10ft 9ft |0ft *% 

ai% a* aft ** 
7 07 7 — % 

6 6 6 
Bft 8 8ft 

lft 1% lft — V„ 
7ft 7ft 7ft _ 
II II 11 -ft 
162 160 160 —2 
?% 9% 9% -ft 

4J| 4* 4ft _ 

J* 1% 1% -ft 
2'Vu Wi, 2*. — Vu 
9% 9ft »ft —ft 
.4% 4ft 4ft —ft 
S'*, 3 Uft 3ft _ 
10% 10* 10* — % 
6% 5ft 6ft -ft 

3 3 3 

3* 3Vu 3* -ft 
3% Wu 3% “ft 

4 3<Vu 4 - '/„ 

22% a* aft - 

5* 5* 5* _ 

21 ftdTl* 21* — * 
Z2*d27* 21% — I 
V% ,9% 7* *% 
13% 13% 13ft — % 
7% 7V« 7% _ 

33 . '* ,J - % 

2* 12ft 12% -% 
lift 11* 11* —ft 
13ft 13* 13* - ft 
14% 16% 16* -V. 
21ft ?lft 31ft * W 
18% 17% 18ft ♦% 
»u Vh» 2% - 

9* 9% 9% - 

5V, 5* 5% -ft 

>* 3ft 2* - 

> *»*•-«• 
i* 2 Vu “j: 

7% 7% 7ft -ft 

31% 31% 31% •% 
14% 14 14% -ft 

9* 9ft 9% —ft 
7 7 7 -to 

5* 5V. S’.. 

t% ^ 

2% 2% 2% -ft, 

9ft 9 9 

5% Sto Sft - ft 
lft lft 1ft — IV 
Wi, 7’A 2% —Yu 
13ft 13* 13* ... 

5% 5% 5% -to 

5% 5* 5% *% 

1»U lVu IK, -Vu 
5% if 5% 5% —ft 
5% 5% Sft -ft 

18% 17ft IB 
Bft 8% Bft -ft 
13% 13 13'A -ft 

2* 2* 2% —ft 

14ft 14% 14% —ft 
Bft d 8ft 8ft _ 
12% 12ft 12% -to 
Sft 41% 47ft -ft 
13ft 13V. 13ft —ft 
to % to _ 
lft Wu IV., _ 
Vu Vi, %, _ 

12% 12* 12% .. 

17%ll*TNennpd - 43 403 13% 12% 13 - ft 

23* 1 SVaThmoCrd _ 265 967 15V.dl5 15* .* 

lift 1 3ft ThmFRl _ 41 44 15% 15 15. —ft 

34to27V»Thr1r»st _ M 209 W* a% »% _ 

9% 7 ThrmPw _ 35 163 9 8% 9 +% 

9* 7*ThrmP - 34 25 7* 7% 7% _ 

16% UftlhermRe .158 U 35 25 15* 15% 15% —to 

10 % 7 Thrvotl - 32 2 7% 7% 7ft _ 

ID* TWThmotsan - - 172 7 ft 7V, 7ft -ft 

16% 12 Thrmotx - a 63 13% 13ft 13ft —ft 

1% VuThrmwd - _ 104 'v„ 'V., —ft, 

50 UftThreeFs ^ 23 234 31 X% 31 

5 2ftTlpp«V - a 372 3 2’Vu 2ft —U u 

1% 'Vi.Totuttl A4 68J 47 10 IV U 'V H 'Vu — Vu 

99 71 TolEplA 8J2 11 J - Bft 72ft 72'A _T 

M 65% TolE pfC 736 11 J 7300 69 67* 69 -1* 

9 3 Top&je 66 1432 6% 6% 6% —ft 

18ftl0ftToMP«t JDe lj 14 449 13V. 13 13% -ft 

3*u %TownQv - - 1731 'Vu to % — Vu 

36 u to Tow 
aft 10*Tmzn 
2D* lOftTmmB 

6% ItoTrt-Uto „ . . .. 

2* toTMUlevyf - _ » % % % - 

4* ft,Tn<£p 

10ft 5 Tritkw _ . . _ . _ 

3Vu 2 Tnnilech _ „ 11$ J% 2ft 2ft ft 

lO'A 9%TrpAG95 A58 4J _ 105 9* 9ft 9ft _ 

10ft 8*TmAG97 JO 5.8 _ 117 Bto 8% 8% _ 

- - 3T1 1V„ IV, lft — 

6* 4ftTubMex „ » 408 5 41. 5 —ft 

27*15 TumBA J7 , J 150 038 IS dldto 15 —ft 

Z7* 15 TumBB J7 J 153 1652 15’/.cn4ft 15% -ft 

9% 7%TumrC 18 7to 7V, 7* _ 

- — '«u n •» — vu 

.18 U 14 1? 17% 17% 17% —to 

J4 XO 13 9 16* 16% 16% *% 

_ 126 2% 21ft, 2ft -to 

- - 50 % % % _ 

- - 41 4ft 3% 3to —ft 

- 12 „S7 5* 5% 5* _ 

. .-= - 3»5 7% 2ft 2Vh— ft 

a 17ftU5FGP 1 .90 o 1 QJ 

_ ... 1097 4% 2'Vu 4V U - Vu 

-13 1 5ft 5ft Sft -ft 

2'Vu T'VuLtndrFn 
6ft 4*UnlMrt 
TVa 4*Untflex s 

- 6 
.11 XI 10 
- 18 

143 17% 17ft 17% -ft 

40 ?% r* 2* _ 

24 5* SM 5V. —ft 

71 6ft 5% 6 -ft 

10 BftOninwr UJelXl _ 116 9ft 9% fft _ 

8ft 4%UniqMbl 
2% 1V„ U Food A 
TVu IWuUFooda 
5* IftUGrdn 
Bft 6>.UM<*>H 
10* SftUSBkod 
9% 4*Unl1etV 
0* 5%UnvPof 
1* %VTX 
19 HftValFrB 

- - 496 

- 40 24 

40 2 

5ft 6 -* 

2 I —ft 

3 . —% 

12 SftVKCtf .720 7 A 

14% 9V.VKMA0Z .83 7.9 _ 

14% fftVKFLO J3a 6 3 _ 
IS* lOftVKMAV JOa 7.4 
15 9%VKNJV .740 6.7 ... 
15% 9 VKSetS 53 BJ) _ 
14% 10 VKOHV ,770 6.8 _. 
6% 5* VREFIt J0e 9.8 18 
4% 2 to Verier _ _ 

SS* 24ft Viacom .. 

49* 21 * Vocfi _ „ 

8 3 Vloon rt _ _ 

2ft 1 VuVioc vrt _ 

3’/u ViVlocvylC „ _ 

5% 7ft Viacwte _ ... 

10* iftVlrco Mb A 8 

l'Vu ftWronic _ 

15 10 VavAZ 56 52 — 

15ft 9* VoyCO .75 7J _ 
14* 9*VovFta 37 73 - 

17 12. VOVMN ,93 a 7jj ._ 

„ - 44 } & 1* 1* 1* _. 

JO U 2 H 7* 7* 7% _. 

Zx75xlla 31* 30* 30* — to 

- 19 51 6ft 5% 6’A -ft 

_ 45 7% 7 7* -ft 

- — 132 ft 7u % + Vu 

30 1.7 I io 17* IT* 17* —to 

-20 5.7 14 7 1 2* 12* 12* —ft 

■2° I ' & “ .!}V •% — % 

S !■? - *5! ,M| ' '0% 10ft -* 

■72a 6J _ 47 10* 10* 10% -* 

J3e 7A _. 47 11 * 11 ft lift 

, 3 s 11 % H% — to 

JO 8J3 _ 1J4 10* 10ft 10* - % 

■S°SI X 5 •»'■* nvi uft -ft 

A0e 9.8 18 s 6ft 6% 6ft _ 

- - ..If T'.dT'Vu 2'*u — Vu 
” - IM! «'■• 39*? 40ft -ft 

- - 46*3 »ft »ft 39 -ft 

- - «f 3% 3ft 3ft. —ft. 

If% 9*VayMN: A3 a 7.5 _ 97 11 

15 8*VoyMN3 32 73 - 36 10 

a* IfftVufcCp JO A? 15 4 II 

- “• IHS ''£■* 1 * 1 * —ft 

- - 1148 2% 2* 2ft - Vu 

Mb A 8 * 10 ^ 

J6 SJ Z S 10% 1D% l’lHu .ft 

^ Z [5 JS: Jm 10* 

-930 7J 11 13* 13'.. 13* 

H - K 11 >°ft ii 

J2 »J _ 36 10 9ft 10 -ft 

A 42 15 4 19* lfft lfft —ft 

31 Vi 1 5* WRIT SI 5.9 
6 * 3%W5hSvD5 JS 11 
2"'u lYuWeidtm 
5ft 2*WelGrd _ 

1 ftWendtBr „ 

14l%17*Wesco 98 J 

92 5.9 19 714 15ft 15ft ISft —ft 

J8 11 7 4 3* 3* 3* —lft 

— ~ ?! I ** 1 )"h. —ft 

— — 17 3 2’Vu 3 — Vu 

— — 18 '/ H d ’ft Vu Vu 

M J 46 U9 " 119 719 1 

'I*’?-, SvlrtSl U2 9J 13 12 12 -% 

ii5i?:5sae z - ^ 

•IS IJ « 1 375 u 12* lift 17* .* 

VXCLL3P S “ "A ™ 26* 26ft Tto 
— UJa ~ - 3I » ,-S Jfu *4 -ft, 

J2o 3J IT ” 16% 16 I6 Vj ^ 

7% ’Vi.WlctlRO 
12 1 /. IVuWiltflTc 
17% IHWlrefSS 
■% 8 WollHB 
32 xvswonhn 
9* 3totXvnan 
19 lSftZwaler 

Sol«s fawres ore onofflciaL Ywrly hktfra and lows reffact ■ 

h^tArotMot^tgjnda are ormuol dWkirsgmem* based an 
a — dividend quo octrois). 

SzsjsnSt^^isssr 1 ^ 

dd— colled, 
d— now yearly low. 

3 @aSE 3 SS« , '«n»- : 

nd— next do y defl vorr. 

P/E— prtoeanungs ratio. 

*t«5 d!^toidr :tam5 w ln F'vcwdtM 12 monft* pft* . 

siT-^ter ,fr ' DMdnw with date of split. ^ 

agSSffiaftBaftw-- : 

v— Iradino ixiind! 

S«Y^SSS. , 2SE!.*ir^l K * ,ws *!S *»*"9 reorgontoed un- . 
with book rwtey Ad. or secuMHes assumed by sudi com- 

wd — when distributed, 
wl — wbenlauM. 
ww — With w om e ns . 

»— ex-a yMendo rex-rtoiita. 

«ss — extJhmUiiHon. 
icw— without warrants. 

V-«y xtoa In ML 
2— win hi ML 

ijrpjlil *X&f> 

CPM ft COMPAQ NIB t COMPAQ N I B CORPORATE 1 hi* dilwnnt'miriH wisdpptovnl for puipnsn of UK Piiuncial Service* Act hy BNP Capital Market* Li mi led. a member of SKA. 

The single currency system is already up 

and running 

Aware of the risks and opportunities associated with the construction of the European economy, MATIF, the Marche 
A Terme International de France, is actively contributing to the development and promotion of the ECU market. From 
1990, a long-term ECU bond futures contract was introduced to hedge ECU interest rate risk. This contract has benefited 
from the spectacular development of the ECU bond market. 

Every year since 1991, MATIF has gathered together the greatest European economic experts to analyse the evolution 
of the economic and monetary construction of Europe. This year, debates were focused around the single currency and the 
1999 deadline. All speakers, including Valery Giscard d’Estaing, former President of the French Republic, and Jean-Claude 
Trichet, Governor of the Banque de France, agreed that the process towards the single currency was irreversible and that all 
component parts were combined to ensure its success. The convergence of monetary policies confirms this. 


PLEASE CALL (33 I) 40 28 81 81 



December 3-4, 1994 
Page lb 

P .E 

i, mm 

:.v v •: 

ms m 



w u 

I . 


SC i;.- 



.i r>! 


Is There A 
Place for 

I F you read an investment tip in the 
press, it must be a good one. Obvious 
nonsense that this saying is, it does 
contain a grain or two of substance. 

But How Speculative an Investment Is It? Risk Analysis Has Answers 

By Martin Baker 

Speculative Investing III 

■ contain a grain or two of substance. 

Indeed, the more credible members of 
the fi nan ci al press do offer their best ef- 
forts to produce honest reporting that is 
also objective. And they genuinely care 
that proper names are spelled correctly. 

So, what is the value of pure investment 

speculation? Speculation is a departure 
from the reporting norm in that it oners us 

not fact, but possibility. The possibility is 
often remote, bat it can result in the trans- 
formation of small investment* into 
worthwhile capital sums. 

The stock, warrant and option plays 
addressed in this week's section are specu- 
lative investments. They are not necessar- 
ily good ones. Readers investing in the 
calls made here should only put up money 
that they are prepared to lose because, in 
many cases, it is entirely conceivable that 
they will lose all of it. 

For the novice investor, moreover, it is 
always a good idea to consult a profes- 
sional adviser before signing any checks. 

A further caveat concerns the limited 
nature of the medium of print amid light- 
ning-fast financial markets. To be sure, 
print media are excellent vehicles for the 
dissemination and storage of information, 
even today. Technology, for all its ad- 
vances, has yet to provide anything as use- 
ful (for the price) as these portable informa- 
tion stores that are easily accessible. 

So, provided they are careful about 

their publication and printing processes, 
print media can usefully distribute infor- 

print media can usefully distribute infor- 
mation about supposedly "hot" securities. 
They can send a “buy” signal. 

But amid modem, electronic markets, 
print is too crude an implement through 
which to send the “selT message. Why? 
Because readers may simply get that mes- 
sage too late. 

We shall, of course, report on the pro- 
gress of the investment calls made this 
week, within about six months. 

To repeat, however; caveat emptor. 

S PECULATIVE investment is easy 
enough to define. It is a process 
whereby the investor takes a large 
risk in the hope (rather than the 
expectation) of a high reward. But what is 
investment risk? How does one define 
what lies at the very heart of speculative 
investment? Here we begin to encounter 
considerable difficulty. 

Risk has been described as the invest- 
ment world’s equivalent of death and tax- 
ation: It has always been with us and 
always will be. Yet the assessment of risk 
has only recently come to prominence as 
one of the most important areas of analy- 
sis in today's markets. 

“There’s no doubt that people are much 
more interested in managing risk than 
they ever were," said Ciaran O’ Hagan of 
J.P. Morgan's Paris office. “The response 
to ‘RiskMetrics,’ which tells people how to 
manag e trading risk using volatilities and 
correlations between different markets, 
has been absolutely astounding. We held a 
conference about the system in Paris in 
October, and we had to turn people away, 
there were so many.” 

The J.P. Morgan RiskMetrics method 
attempts to provide a comprehensive pic- 
ture of the riskiness of holding a particular 
mix of assets. If, for example, every time 
Japanese bonds rose French bonds fell, 
the overall risk run by investors holding 
those assets as a matched pair would be 
relatively low — even if both markets were 
very volatile. Many criteria are utilized: 

• Risk assessment criterion number 
one: volatility. 

Financial academics disagree over the 
precise meaning of volatility. But a rea- 
sonable working definition for investment 
purposes is: The fluctuation in price that 
an investment such as a share or a bond 
experiences over time. 

Time is relevant, since a 10 percent gain 
or loss in a stock price would not be 
considered a volatile move if jt occurred 
over the course of a year. If the move were 
to happen in the space of two trading 
days, however, this undoubtedly would be 
considered volatile. So much so that it 
would probably excite the interest of mar- 
ket regulators. 

In short, volatility, being the suscepti- 
bility to sudden swings in price, is one of 
the oldest and crudest measures of the 
riskiness of an investment The error in 
the thinking of the amateur investor who 
thinks that price is all and volatility is 
irrelevant is well illustrated by a practical 

Page 17 

The warrant market 
One persuasive pick 
Damage-causing rumors 
Betting on Lloyd's 

Page 19 

Two Russian stocks 
Time ro ‘put’ up? 

Plenty of global plays 

Readers are advised dial the stock, war- 
rant and option investments featured are 
speculative. There is a high level of risk 
commensurate with the potential rewards. 
Amateur investors should seek profession- 
al advice before committing any money. 

• Criterion two: Volatility as a function 
of performance. 

In plain English, this is the trade-off 
between how much money you make from 
an investment and how much you have to 
worry about it. It is known as risk-adjust- 
ed return, or. in the algebra of the finan- 
cial markets, alpha. 

0 Future world 
invesco industrialist? 

' -- 

& : : 

It’s hard to imagine that tomorrow's world industrial 
and financial powers, wilt be born out of the second and 
third world nations of today. Through inward 
investment, these countries are developing and 
growing, and fast becoming major new world 

opportunities whenever and wherever they may occur. 
Since launch on 2/1/91 the Fund has returned, on an 
offer to offer basis, +80.8% (as at 25th November. 
1994). (Source: Micropaf Limited) 

INVESCO's Premier Select Global Emerging 
Markets Fund aims to achieve above average growth by 
investing in the leading companies in the emerging 
markets of the world, whereverthey may be. Our policy 
is of complete geographic diversification with a larger 
portfolio than would be normal for a blue chip fund, to 
spread the risk. 

Invest at the beginning. Discover 
the potential already being 
realised with the fastest 
growing markets of 
the ever-developing, 
emerging world of 
tomorrow. Pk. 

The Global Emerging Markets Fund has the 
flexibility to capitalise upon a wide range of 

To find out more 
please contact our 
Sales Support Team. 

9 l °bqf 

To: Sales Support 

INVESCO International Limited, INVESCO House, 

Grenville Street, St Helier. Jersey JE4 8TD, Channel 

Please send me full details of the Global Emerging Markets Fund, 
induding a copy of the prospectus. 


INVESCO International Limited 

INVESCO House, Grenville Street, Si. Helier, 
Jersey |E4 8TD, Channel Islands. 
Telephone: 11)534} 73114 Facsimile: 10534) 68106 


T'i ? yiG s or INVESCO Premier Select, a UK Recognised Collective Investment Scnemt based .n Lutemboutg arj quoted on the Luxembourg Stock Exchange The Fund n 
ne'er 'erec - US Qo''an ^ cw rvest m any fiwly oBweoible currency and we will eu: nange e for you fee of ctanje. Ptese noie. however, that movements m currency 
e,c •a**. cs" cause n o* vour ."vesmems w I'ucttate. Investor, should note that me value of shares can tall as well as nse and you may not get bach the amount you 
o- g -a y %■«:&: i: s-o, o aKrcwjKi mat oecause of the volatile nature of the emerging markets, favou'gbte marks conditions of the past may not necessarily occur m the We. 

Pas w:~c":e s "r a c-ce ; .vs 7te Fund is no: regulated under the UK. Financial Services Ac 1986 and investor will nor. be covered by the compensation scheme 
In • •?*> -r* ic This aoveiisement h& teen approved by IWESCQ Asset Management Limned, a member oi IURQ. 

U.S. Equity Mutual Fund Averages 

: Assets. Objective , 


$ Equity-Income 

t Growth and Income 


David Swensen, bead of Yale Universi- 
ty's $33 bQlion endowment fund, looked 
into the long-term performance of various 
classes of assets. He revealed Lbe results of 
that research to International Fund In- 
vestment, the International Herald Tri- 
bune’s quarterly mutual fund magazine. 

Mr. Swensen discovered that every dol- 
lar invested in U.S. Treasury bonds in 
1925 would have been worth around $12 
earlier this year. After discounting infla- 
tion, the investor would be looking at a 
profit of some $3. 

Each dollar invested in the mainstream 
share market, however, would have grown 
to around $900 this year. And most im- 
pressively, a dollar invested in small-com- 
pany stocks since 1925 would have been 
worth around $2,750. 

The figures appear to speak for them- 
selves, until you look at the volatility of 
these investments. Bonds are relatively 
solid main-market shares fluctuate (in- 
vestors would have bad to endure the 1 929 
crash, for example), and small-company 
shares buck and rear like a crazy horse. 

Mr. Swensen discovered that a dollar 
invested in small companies in 1925 
would have been worth just a few dimes in 
1932. “No investor could stand that scale 
of volatility,” he said 

d Spec.-Fmandal 

f. Spec.-Heatth 

Spec. -Natural Rsrcs 

Spec.-Predous Mtte 
tiSp Spec. -Technology 


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: Rabins 1 -'tSsk Ratfog 









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Tracking a Fund . ..£ 

Performance analysis by theJund analysts > 
MicmpaJ of the FramBngton Capital fund. : 
Fund sector U.K. equity growth. . - 

★ 1*1 1 
Performance Votetffity 

+17.9% +4.5- 

f.licropal 6 Month Indicators 

Fund Performance 

*** I K- 

- 6.2% j h; 

Fund Relative to Sector 

■F -1.8% 

Fund Relative to FTSE A All Share 

% return (offer-offer) 

Sector Average - 

Capita) ' 
A , M . J 


a , s f - 

Fund Information 

Launch date: 13 Jan. 1969. Charges: s', 

fnittaf 5.00%. Annual; f .25%. Spread: 6.37%. h 
Price: Inc Units; Offer 321 .OP. Bid 302.0p. f 

Yield: 1.59%. Distribution xd date: MatfSep. 
Payment date: May/Nov. > 

Truatea: Lloyds Bank pic. PEP Available: Yes. 
Mtnbnum tnvestmanb £500. 

Regular Savings: £50 per month. •;! 

Source; Momingstar 

’I ■ 

JmemaiftiflaJ HcmMTribanc 

The U.S. Securities and Exchange Com- 
mission chairman, Arthur Levitt, recently 
called for a risk-measurement tool to let 
small investors know how volatile their 
mutual funds can be. This has sparked off 
considerable criticism. 

The Chicago-based fund-monitoring 
firm Morningstar has produced a “star* 
system of risk-rating funds, and has ar- 
gued that it is unrealistic to have one risk 
measurement standard for all types of 
funds. The firm has its own star rating 
system of risk-adjusted return, and im- 
poses common standards for factors such 
as price-to-eamings ratios, etc. 

• Criterion three: volatility as a func- 
tion of relative performance. 

Chris Poll, chairman of Micropal, the 
London-based concern that maps funds 
globally, insists that risk-adjusted ratings 
are only viable for “like” funds^ 

“Using systems that simply divide per- 
formance by volatility, if the Japanese 
market goes up, all those funds are going 
to look good. We're interested in finding 
which are the best funds of those with a 
similar volatility” 

Mi crop al uses the return of funds over 
three years, divided by the standard devi- 
ation in the fund’s price over that time. It 

examines and rates each fund sector sepa- 

• Criterion four investment objective. 

The ultimate judge of investment risk is 
e investor. If you are determined to 

the investor. If you are determined to 
double or triple your money within a 
month, you might buy an option that 
could expire withm a matter of weeks and 
be worthless. But if doubling capital is thi 
investment objective, such a risk may be 
perfectly reasonable. £! 

• Equally, if an investment is part of a 
larger portfolio, excess ve risk may be per- 


s : 1 •_ 

fectJy acceptable. This is where systems 
like J.P. Morgan’s are especially useful. 

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Rtfi-tm-iirw miIi-ttJbtv imh. (Wrr ulMflimiii^i lnuun ,t|. I'Sf,. 



Page 17 


Warrants: Are the 
fiiaks Worth a Shot 

At a Big Payoff? 

Kleinwort emerging 
markets warrants • 


90 - 4 — 

.80 — --- 

70 — 


By Rq>ert Brace 

T HE KJemwort Emerg- 
es Markets Invest- 
ment Trust, like most 

funds, carries the prospect of 
great rewards at the cost of high 

• The ordinary shares in this 
U-KL-lis ted fund are speculative 
enough for some, but for those 
interested in a bit more excite- 
ment, warrants for the fund are 
also available. 

Warrants are highly-] ever- 
aged securities for which inves- 
tors pay a small price now — 
usually a fraction of a compa- 
ny^ or fund's current share 
price — for the right to buy a 
gpertam number of shares at an 
fl“exerdse price" within a de- 
fined time frame. These are 
known as “call" warrants. 
“Put” warrants, which offer 
sumlariy-arranged rights to sell 
shares, are also sometimes 
available, but companies don't 
issue them on their own stock. 

Investors buy call warrants 
only when they think a compa- 
ny’s or fund's trading price will 
rise to a point higher than the 
sum of the exercise price and 
the cost of the warrant itself. If 
the trading price stays lower 
than the exercise price during 
the life of the warrant, the war- 
rant is said to be “out of the 

In the case of the Kleinwort 
warrants, the exercise price is £! 
(’Si-56). At the Fund's recent 
trading price of 80 pence, the 
warrants were still out of the 
money, but they do not expire 
until 2004. 

During the last 12 months, 
the effect of the Kleinwort war- 
rants’ leveraging has sent them 
shooting up by about 60 per- 
cent, compared with a rise of 
about 20 percent in the fund's 
trading price. But the risks of 
short-term warrant plays are 
i£h.A longer-term investment 

m Ihe warrants of a well-man- 
a §^d, emerging-markets fund, 
while still a gamble, is at least a 
more calculated one, sav ana- 

“Any investment in an 

emerging-markets investment 

trust warrant needs to be 
looked at on a long-term basis, 
and the buyer needs to be aware 
that the value can fluctuate 
quite^ sharply over the short 
tenn.” said Simon White, man- 
aging director of Kleinwort 
Benson Investment Trusts. 

“But if you take a long-term 
view that the emerging markets 
are going to show significantly 
greater growth than developed 
economies, this seems a reason- 
able drawback to accept to get 
the gearing that warrants give 
on that growth.” 

According to the Interna- 
tional Finance Corporation, the 
private-sector division of the 
World Bank, gross output on a 
per-capiia basis will grow at an 
average of 4 percent in emerg- 
ing markets during this decade 
compared with 2.6 percent in 
developed markets. Mr. White 
takes this forecast to imply that 
the economies and stock mar- 
kets of developing countries 
will also grow at faster rates 
than those in mature markets. 

A large family of emerging- 
markets funds has grown up 
during the 1 990s as more inves- 
tors nave become interested in 
global diversification. These 
funds may invest in single coun- 
tries. “regions” such as Latin 
America or Central Europe, or 
developing markets across the 

But emerging-markets funds 
with warrants attached are rela- 
tively rare. Those that do exist 
are often domiciled in offshore 
centers and listed on the Lon- 
don Stock Exchange. 

Andrew McHattie, editor of 
a U-K. newsletter called War- 
rants Alert, recommends a few 
other calculations for judging 


.. Dec. 93 

Source: Bloomberg 

Nov. 9? 


the value of a warrant. The 
“premium," he said, is calculat- 
ed by adding the warrant price 
to the exercise price, subtract- 
ing the share price, then divid- 
ing that total by the share price 
and expressing the result as a 

In the case of the Kleinwort 
fund, the so-called premium, 
which analysts use to assess the 
value of warrants, is 46 percent. 
The higher the premium, Lhe 
more expensive the warrant 

A considerably more compli- 
cated calculation also gives the 
“capital fulcrum point." This is 
the annual percentage growth 
of the equity required for inves- 
tors to do equally well in terms 
of capital appreciation with ei- 
ther the equity or Lhe warrant. 

Mr. McHattie recommends 
the Templeton Emerging Mar- 
kets Investment Trust warrants 
for the combination of their 
long lives (they expire in 2004) 
and the fund's underlying high 
quality. They are expensive, 
with a premium of 57 percent, 
he said, but have a reasonable 
capital f ulcnim point of 7.5 per- 
cent. “The fundamental record 
of that trust is the best in the 
sector," he said. 

Mr. McHattie also likes the 
warrants on the Five Arrows 
Chile Fund, a Guernsey- regis- 
tered vehicle run by Rothschild 
Asset Management The war- 
rants expire in 1999. 

Jon Szymanowski, an invest- 
ment trust analyst and a direc- 
tor at the investment bank SG 
Warburg Securities, recom- 
mends warrants on the the Ed- 
inburgh Inca Fund, a London- 
listed investment trust that 
invests in Latin America. It has 
a premium of 63 percent 

Mr. Szymanowski also likes 
the Edinburgh Dragon Fund 
warrants, which have a 25 per- 
cent premium and expire in 


Best Performers 




WRASSES - 3 » 

3C 0 ..i • ■■ V — • 


A' 1 


< Vdteray&r •* 


. •• : 

•^'SrVffiSSv- ■ 

!-■ ■; : 


The Case for One Company’s Warrants 

By Barbara WaD 

A LL analysts of 
the warrant mar- 
ket have their 
own favorite 
picks. Mike Scott, warrant 
Jrtfolio manager for the 
J.K.- based brokerage 
Hargreaves Lansdown likes 
BTR PLC, the internation- 
al engineering, rubber and 
plastics conglomerate. 

“Brave investors may be 
interested in the 1997 war- 
rants issued by BTR PLC,” 
said Mr. Scott H It’s one of 
the biggest companies list- 
ed in the FT-SE 100 index 
and, although extremely 
volatile, these warrants 
seem poised for a signifi- 
cant recovery.” 

Mr. Scott explained that 
BTR warrants have halved 
in value over the last month 
as its ordinary shares have 
collapsed following' a less- 
th an -encouraging corpo- 
rate statement about future 
prospects. “The statement, 
which followed the release 
of the company's three- 
year results, basically said 
that BTR was struggling to 
maintain marg ins as it was 
unable to pass on commod- 

ity price increases to the 
consumer." said Mr. Scott. 

“As BTR has always 
been perceived as a growth 
company, market analysts 
automatically concluded 
that BTR was no longer a 
worthwhile investment.” be 

Mr. Scott believes the 
market has over-reacted: 
“BTR is basically a sound 
financial concern. Shares 
are currently yielding 5.3 
percent — more than the 
average U.K. building soci- 
ety or bank is paying at the 
moment — and Lhis is likely 
to attract interest from in- 
stitutional investors who 
are looking for income." 

BTR 1997 warrants have 
fallen to an all-time low of 
61 pence (95 cents) from a 
high of 144 pence in June. 
But it is widely held that 
they are unlikely to fall by 
much further. In addition. 
Mr. Scott notes that they 
are currently geared by a 
factor of 4.6. which makes 
them extremely attractive 
considering that the war- 
rant-market average is cur- 
rently a factor of 3. 

The capital fulcrum 
point, which is the annual 
percentage growth of the 

BTR 1997 warrant 








Dec. 33 

Source Bloomberg 

Nov. 34 


equity required for inves- 
tors to do equally well in 
terms of capital apprecia- 
tion with either the equity 
or the warrant, is also fa- 
vorable at 5.42 percent. The 
average CFP is currently 
8.45 percent. 

“Although the underly- 
ing shares have lost about 
one third of their value, 
which is more than the 
market lost in the 1987 
crash, there is clearly a level 
below which the shares will 
not fall,” noted Mr. Scott. 
"Moreover, with three 
years to go before the war- 
rant expiration date. BTR 
shares need only get back 
to a fraction of their origi- 
nal price for lhe 1997 war- 
rants to be profitable." 

Beware of the Rumor Mill’s Grist 

By Michael D. McNkkle 

E xecutives of The 

Widget Corp. (real 
company, fictional 
name) were angry. 
Someone was publishing nasty 
rumors about the firm on a 
widely read electronic bulletin 
board. The f inn's shares Look a 

The accusations were ex- 
traordinary. There were allega- 
tions that could shut the firm's 
doors. The problem: None of it 
was true. 

Lois O. Rosenbaum, an at- 
torney with Steel. Rives, Boley, 
Jones and Grey, an Oregon law 
firm, said that people “can pass 
rumors in the market, not get 
any verification, and they can 
be completely made-up. But be- 
cause rumors spread, they can 
affect the price of a stock very 
quickly. And no one’s there w 
monitor that 

“I think the SEC ought to be 
monitoring this more closely, ” 
she added, referring to the U.S. 
Securities and Exchange Com- 

So. how can the individual 
investor protect himself against 
the effect of unsubstantiated 
rumors? Who starts rumors and 
why? Is there any way to tell a 
true (me from a false one? 

It depends. Even sophisticat- 
ed analysts and market watch- 
ers can get taken in by situa- 
tions beyond their control 
Patrick Fitzgerald, president 
of the Chicago-based Option 
News Exchange, an electronic 
news service, notes that anyone 
can be victimized. 

Mr. Fitzgerald cited an ex- 
ample. He said he owned some 
shares of a large, well-respected 
public company when a colum- 
nist — wham Mr. Fitzgerald 
said was widely regarded as a 
leading source of unconfirmed 
rumors — reported with a sense 
of great urgency that the com- 
pany was under investigation 
by the U.S. Securities and Ex- 
change Commission. 

“The stock started getting 
pummeled,” said Mr. Fitzger- 
ald “It was an SEC investiga- 
tion that had been underway 
for nine months. But this was 
known and had been previously 
been priced in” to the share 

The information the colum- 
nist reported was apparently 
true, but what made the share 
price drop was the appearance 
of conveying a new revelation 
— even though the actual 
“news" was old hat. Like pro- 
paganda, analysts say, many ru- 
mors about financial markets 
rely on a tiny grain of truth. 

Rumors regarding possible 
takeovers, .experts note, can 
move stock prices of individual 
equities up and down for years. 
One way to avoid such prob- 
lems, many add, is to buy shares 

based on fundamentals, hold 
them, and ignore rumors all to- 

Another approach, observes 
Don Fishback, of Ohio-based 
Fishback Management and Re- 
search, an option consulting 
concern, is to watch die option 
volume and option volatility of 
companies involved in takeover 

In a takeover, Mr. Fishback 
said, major investors will often 
markedly increase their options 
positions to hedge or profit 
from price moves. 

Similarly, Larry McMillan, 
publisher of The Options Strat- 
egist newsletter, based in Mor- 
ristown, NJ., keeps a careful 
eye on option volume and re- 
ports activity in a daily fax. 

“These things that I look for 
are more than rumor," he said 
“Because someone’s actually 
buying the options. . . actually 
putting their money into it. One 
of the assumptions that we 
make is that [it's] a little bit 
more than a rumor.” 

Many rumors, analysts say, 
are started by professional in- 
vestors hoping to create volatili- 
ty that produces trades for trad- 
ers and commissions for 

Shannon Terry, an analyst 
with SGA Goldstar Research, a 
Nashville investment advisory 
whose products include a daily 
fax of stock Tumors, said that 
while there isn't any one source 
of rumors, a good deal of them 
come from traders, brokers and 
some financial public-relations 
firms trying to create a buzz 
about a client’s shares. 

Stephen G. Macklem, a gen- 
eral partner of Arauca Trading, 
a Chicago risk-arbitrage firm, 
adds arbitragers to the list of 
rumor-starting culprits. He 
notes that an arbitrager work- 
ing on a merger might spread 
the word that the deal was go- 
ing to fall through, hoping to 
push down the share price of 
the target company. 

Another analyst said that the 
key to understanding market 
rumors was to look at the short 
sellers, who have an interest in 
seeing stock prices dive. A short 
seller sells shares that he does 
noL own, based on a bet that the 
stock price will drop. 

Sometimes the “shorts,” as 
they’re known, can’t wait for 
the stock price to drop on its 
own, so they conjure up rumors 
designed to bring the price 

Rumors travel by word of 
mouth, rendering the discovery 
of the person who actually be- 
gan the story virtually impossi- 

French academic Jean-NoeJ 
Kapferer in Ms book “Rumeurs 
- Le plus vieux mddia du monde ” 
(Rumor — the world’s oldest 
information medium) argues 
that rumor is never attributable, 
that it is by definition, an alter- 

native to official or accountable 
stories. Mr. Kapferer sees ru- 
mor as an alternative system of 
diss eminating information — 
some of which is true, and some 

According to Mr. Kapferer, 
the informal, unaccountable 
nature of rumor meant that it 
was instrumental in the specu- 
lative frenzy surrounding sugar 
in the 1970s. Between 1968 and 
1974, the price of sugar multi- 
pied by a factor of more than 
forty. Rumors abounded that 
the Philippines were suspend- 
ing exports and that American 
investors were in the market, 
buying massively and hoarding 
for profit. The sugar price ulti- 
mately peaked in 1974 when the 
Polish government embargoed 
the export of 120,000 tons of 

Yet a cursory glance at the 
fundamentals of supply and de- 
mand would have revealed that 
there was little sense in the con- 
tinued rise in the commodity's 
price. Mr. Kapferer attributes 
the surge to speculative greed 
fueled by rumor “Rationality 
gave way to scrupulously nur- 
tured dreams and imagination,’' 
he writes. Ultimately the sugar 

K rioe subsided almost as quick- 
er as it had risen. 

So the moral for speculators 
is clear: He who lives by rumor, 
dies by rumor too. 

“Rumeurs — Le plus vieux 
media du monde ” is available ( in 
French) from Editions Seuil. 

No. 1 


Pwk&ael Naranop. FiM Aavjtfnj am 
Mmsnafa i Seracae avafafe al 
raasonafcfe cost AI tees $jr«d «ti clems 
wUi no hidden extra*. 

• U.K. LTD 

• UK. PLC 


• B.V.I. 








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Ouvons Cannon; Hfigs&akxiAfprbUd. 
Companies Houi, Bmw fcJe d Ibn 
T*0K!4B155W (Minas) Fat MM 0i5«a 
72 New Bend StreM. London. W1Y SCO 
T*D713KHB6 Fjl 07) «S 3017 
M Rafts Pfeea. 3W* Wort Cade 
535XS2 Fxc 5353991 

Caml Hong Kong 

TflL (062)5220172 ’x (®2) &I1S0 
KEVM HHECKl ftnoney a) La* 

3501 Jadwwfloail 5ms 2100. 
fanod Beadi GA82G60. USA 
fet(TMJfiK3S« Farfn-ffeWGCT 
At Cndk CM* accepted 

UK 0 S 00 2 G 9900 
USA 1 800 2834444 
1 300 882398 S 

LIMIT share price 
120 pence 

Htecftx soect Shaw prico 

:12D pence 


100 - 

SO 1; 


Dec. 93 

Source Bloomberg 

110-7 — 




Nov. 94 . Dec. 93 

*m Source: Bloomberg 

NOV. 94 


Trusts Aim to Profit 
From Lloyd’s Market 

L LOYD’S of London, 
the venerable insur- 
ance concern, has suf- 
fered through turbu- 
lent limes over the past few 

Many of Lloyd's “names,” 
the private individuals who un- 
derwrite insurance risks from 
their homes in the British shires, 
have been financially wiped 
out. At times, challenges nave 
been made to the market's very 
existence. But out of the choppy 
waters has emerged a new 
course of investment: Some 13 
Lloyd's investment trusls that 
underwrite insurance risks have 
been launched. 

Lloyd's investment trusts ba- 
sically operate on a margin 
principal. They underwrite 
risks with Lloyd's syndicates 
and then pul their capital into 
government bonds or low-risk 
equities. Then, they wait for the 
results of die insurance busi- 
ness. If it goes well, they receive 
checks. If it goes badly, they sell 
some investments and write 

Jim Mellon, chairman of the 
Hong Kong-based fund man- 
agement firm Regent Pacific, 
says the trusts are profoundly 
misunderstood by the London 
stock market and surprisingly 
cheap to boot. 

“Their prices only take into 
account their investments in 
shares and gills," he said. “They 
do not take into account that 
they have been underwriting for 
several months of 1994. They 
also do not take into account 
that Lhey may pay out in 1996. 

“And they do not consider 
that 1 994 is likely to have been a 
very good year — the yields on 
the risks underwritten could be 
as high as 20 percent. 1995 is 
also likely to be a very good 

Mr. Mellon's favored Lloyd's 
investment trusts are LIMIT, or 
the London Insurance Market 
Investment Trust, and the His- 
cox Select Insurance Fund. 
Both are traded on the London 
Stock Exchange. 

— Rupert Bruce 


pa gross 

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£50,000 -£250,000 





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Interest rates are guaranteed not to change during the 
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K-pwrird Office- irentard Hws;. > Pnnri^. »jy. RctIKJI. Si-nvy 11H I INP. InpUmJ 

a RVUncii f\il iv.v ufi 

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S W I T Z E R L A N D 


Page 19 

: SU. 


I Russia , a Tempting Telecom . . . AnEnd-of-Year 'Put* Up 

T HAT Russian equities 

speculative is obvi- 
ous from most inves- 

. - *** P°«n of view. In- 

d»d, even the most optimistic 
salesmen of Russian stocks 
w»ld admit that the inherent 
nohucal and financial risks are 
daunting. But some market fol- 
loros Believe that^S™ 
still cheap and could rise a lone 
way from current levels. 

An Mellon, chairman Q f ^ 
Hong Kong-based fund man- 
agement firm Regent Pacific, 
says that AO Rostelecom, the 

Russian long-distance tele- 
phone company, has great long* 
tenn potential to {grow. But he's 
also expecting a big share-price 
nse in the short term. 

“If you buy it now you will 
beat many emerging-market 
funds that will only be able to 
buy into the market when the 
central depositary system is in 
place nett year, ” he said. “The 
stock could go up live to 10 

AO Rostelecom was recently 
trading on over-the-counter 

markets at around $4.50 a 
share. This pot it at a price- 
ramingg multiple of about 11 
times estimated 1994 earnings, 
as calculated by the investment 
bank CS First Boston. 

Analysts say this is cheaper 
Aan multiples for comparable- 
telecom companies in other 
emerging markets. But many 
wonder if the value is worth the 

Rostelecom has a market 
capitalization of around $1 bil- 
lion and was privatized in April. 

T HE Russian oil and 
gas company LUKoil 
is being cited by many 
analysts as a specula- 
- live play worth investigating. 
• LUKoil is the largest “verticalW 
» integrated” oil concern in Rus- 
? sia, meaning that it is active in 
; exploration and production as 
• well as in refining. 

? “The best method of pricing 
these companies is by barrels of 
- proven reserves,” said an ana- 
; lyst of Russian equities who in- 
I sis ted on anonymity. “This 


• At Banque Indosuez, 

: A ‘Euro-Small 1 Fund 

Banque Indosuez is launch- 
; mg a new mutual fund that will 
' invest in European small com- 
- panics. The vehicle will be man- 
aged by Indosuez’s asset-man- 
• agement arm, which has $143 
' billion under wianflgftmffn L and 
. will be denominated in Deut- 
; sche marks. 

The investment brief of the 
• Indosuez European Small 
; Companies Fund is to identify 
1 under-researched investment 
- opportunities, and to “stock 
; pick” from “zones” identified. 

■ by three major markets: 
France, Germany and Britain. 
The French zone includes Italy, 
Spain, Portugal and Greece; the 
! German zone includes Switzer- 
land, the Netherlands, Austria 
and Eastern Europe; the UJC. 
yzone includes Ireland, Sweden, 
‘^Norway, Finland and Den- 
mark. ‘ - 

The initial plan is to place 30 
percent of assets in ead qf the 
three zones, with the remainder 
invested in cash instruments. 
“We’re looking for the more 
! sophisticated investcis who can 
accept the sort of risks associat- 
ed with small companies,” said 
■ Christopher Kwiednski, dircc- 
■ tor of investments at Indosuerfs 
private banking arm in Paris. 
“This fund is designed for in- 
■ vestments made over the long 
term, and represents an ideal 
medium to take advantage of 
the typically stronger perfor- 
mance demonstrated by snail 

And a Promising Oil Company 

makes LUKoil appear very 
cheap by comparison with its 
Western counterparts, and that 
is based only on existing re- 
sources. Obviously, there is 
massive potential because 
Western exploration technol- 
ogy has not yet been applied in 

The investment bank CS 
First Boston estimates that at 
the company's current shar e 
price of around $36, its proven 
resources are priced at 64 cents 
a barrel. But the bank warns 

companies in a period of recov- 

The fund carries an initial fee 
qf 5 3 percent, discounted for 
inv es tm ents substantially above 
the mitmmim of 10,000 DM 
($6,410). Annual fees run at 
135 percent. The fond is domi- 
ciled in Luxembourg. 

For more information, write 
Indosuez Asset Management, 
46 Rue de CourceBes, 75008, 
Paris; or call Paris (33.1) 
443038 81. 

MFS Wins Top Honor 
In Broker Survey 

MFS Service Center Imx, the 
transfer agent for mutual fund 
company Massachusetts Finan- 
dal Services, has won lop hon- 
ors for service among 39 U.S. 
mutual fund companies, ac- 
cording to a recent survey of 
brokers and dealers. 

To rate the fund companies, 
research company DALBAR 
asked 100 brokerage represen- 
tatives across the United States 
to judge services such as the 
accuracy of transaction re- 
quests, toe efficiency of confir- 
mations statements and how 
quickly phone calls were an- 

thai this figure is based on con- 
sensus estimates of resources, 
since precise figures are not dis- 
closed by the company. Com- 
parable energy companies in 
the West are currently priced at 
around $530 to $630 per barrel 
of proven reserves. 

The fact that there are so few 
reliable financ ial figures for 
many Russian equities illus- 
trates the degree of risk. Indeed, 
as yet, LUKoil publishes no an- 
nual profit and loss figures. 

— Rupert Bruce 

H ERB is a pure, 
speculative play. 
You could dou- 
ble your money 
in a matter of weeks — or 
you could lose it alL You 
nave been warned. 

The idea is a simple one. 
The investor bets on the 
possible fall of an index by 
buying a “put” option. A 
put option confers the 
right, but not the obligation 
to sell the index at a certain 
price over a certain period 
of time. If the index falls, 
the option becomes valu- 
able — very valuable if the 
index moves down appre- 
ciably. If the index doesn’t 
fall during the life span of 
the option, the investor 
loses all his money. 

The index in question is 
the Amex Computer Tech- 
nology Index, identifiable 
by the ticker XCL It is trad- 
ed on the American Stock 
Exchange in New York. 

The arguments for buy- 
ing puts — for betting that 
the index will fail — center 
on a number of points. The 
most compelling are “tech- 
nical ,” in that they pay 
more attention to the li- 

mutual fund industry. Growth 
funds were the most popular 
category, with sales of $53 bil- 

Assets held in U.S mutual 
funds now total $2,199 trillion. 

Lots of Buyers for 
U.S. Mutual Fluids 

Sales of U.S. stock, braid and 
income funds totaled $323 bil- 
lion in October, according to 
figures pubEsbed by the Wash- 
ington, D.G- based Investment 
Company Institute, the repre- 
sentative association of the U.S 

Cater AHen Offers 
Now Offshore Funds 

The Cater Allen Group, 
which claims responsibility for 
assets of more than $15 billion, 
is launching two new offshore 
funds with conservative invest- 
ment strategies which the com- 
pany says are designed “to be 
suitable far first-time inves- 

The Cater Allen Foundation 
(CAF) Balanced Income and 
Growth Fund and the CAF 
High Income Bond Fund have a 
minimum initial investment 
level of £5.000 ($7,800) and an- 
nual charges of 1 percent The 
income v ehicl e has an expected 
yield of 8 percent while the 
growth fund’s expected yield is 
4 percent 

“Our equity strategy mirrors 
that of our private portfolio ser- 
vice,” said Jeremy Norfolk, 
managing director of Cater Al- 
len Jersey, in the Channel Is- 
lands. “We look for fundamen- 
tal value, accompanied by 
balance sheet growth and a re- 
cord of consistent and above- 
average earnings and dividend 
growth. This approach tends to 
exclude the currently most fash- 
ionable, often low-yielding, 
stocks and markets." 

The bond fond will invest 

Update on May 21 Picks: Won Some, Lost Some 

By Martin Baker 

O UR last section focus- 
ing on speculative in- 
vestments, in the 

Money Report of 
May 21, produced both saints 
and sinners. Let’s start with the 
bad news, and finish with the 

Leading the parade of the 
fallen is the warrant market. 
The market in warrants on 
funds has fallen in volu me and 
prices have generally slipped 
over the past six mo nths . The 
two warrant plays on winch we 
reported proved no exapti 0 ^ 
Warrants on the BaiBie Ginoro 
Japan Trust looked especially 
interesting at the time because 
of an apparent pricing anoma- 
ly. At 214 pence ($333), the 
warrants had been dipping orf 
in value even while the equity 
had been appreciating. 

However, it seems the success 
of the BG Japan warrant was 
largely dependent on the mar- 
ket doing wdL When the mar- 
ket failed to move, the poor 

performance of the warrant was 
exaggerated because of its high 
leverage. Underlying shares m 
the BG Japan warrant are cur- 
rently trading at around 641 



0 _l_A WVERS 



/ . 'ri' - «■' .—A 


scorpio HO' j'i.i 

i; ;.:-n 

. rr i:-;i S7.J Ol’.-i 

pence and the warrant itself has 
more than halved in value, with 
the price hovering around the 
88 pence mark. 

Martin Currie European 
Trust warrants were featured in 
our May 21 edition because of 
what appeared to be a readily 
identifiable price discrepancy 
between the fund and the war- 
rant. The warrant has not per- 
formed to plan (which is to say 
it has done poorly), but it has 
not done any worse than most 
other UJC investment trust 

This will be scant consola- 
tion, erf course, to investors who 
committed money to a security 
whose price has supped from 40 
pence in April to around 36 
pence this week. Meanwhile, 
the share price of the trust has 
dropped slightly from 125 
pence to around 130 peace over 
the same time span. 

Andrew McHattie, editor of 
U.XL-based Warrants Alert, a 
monthly newsletter for private 
investors, advises holders of 
Martin Currie European war- 
rants to sit tight on their invest- 
ment for the time bong. 

He also suggests that holders 
of BG Japan warrants exercise 
extreme caution. “These war- 
rants have become very risky 




bnttM taq*Hng 




SowrtjiHoasB.a Johns-Wd Sr && 


faK ^ffigam aH Q _ 

ova- the last few months,” he 
said. “As the share price has 
steadily fallen away from the 
ex erase price, many investors 
will be tempted to hold on to 
the warrants, particularly if 
they feel bullish on Japan.* 

So here we have the classic 
peculator’s dilemma. Do you 
accept a loss, or do you reason 
that if these warrants were a 
reasonable play in May, now 
they are sensational value, and 
should be bought? The answer 
for those who bought in May 
should be simple enough: Look 
back at your original plan far 
drawing a “stop-loss" limit on 
speculative investments. If 
you’ve already lost what you 
were prepared to lose, invest no 

The good news has come 
from the penny shares featured 
in May’s Money Report. These 
securities have been very much 
on the ride of the angels: The 
worst-performing security high- 
lighted was Rodime PLC, 
which makes computer disk 
drives. Its share price was un- 
changed this week at 12 pence. 
Rodime has been one of the 
London market’s most volatile 

SEE THE 1996 

:!s f: your 
• J r.i jfiu o Kd Opera! o r t o 
sejuf y on a fret' u 'for 
broth are!' 

fluidity in the market and 
the number of buyers and 
sellers, as opposed to “fun- 
damental” issues, such as 
the long-term viability of 
technology stocks. 

Technical argument 
number one is that U.S. 
mutual funds, until recent- 
ly awash with cash, are fac- 
ing redemptions. Mutual 
funds have been big buyers 
of technology shares, and 
the index has spiked up 
sharply in recent weeks. 
Now, redemptions are up. 
Investors want their money 
back, so managers must seu 
to honor the redemption 

Secondly, some analysts 
fed that that the traditional 
year-end rise in these stocks 
has come early. There is no 
more money to support 
these stocks, goes the argu- 
ment, and they should fall 
sharply in the short term. 

January puts, offering 
the right to sell the XCI at 
145, are currently priced at 
$1. This week, toe index 
was at about 160. 

Good luck. 

— Martin Baker 

No Lack of Speculative Plays 
In Global Investment Markets 

“primarily in high-quality Eu- 
robonds and government debt,” 
says the company. 

Regular savings may be put 
into the funds, starting at £100 
per month. Dividends benefit 
from Jersey’s liberal tax laws 
and are paid in gross. 

For more information, call 
Cater Allen in Jersey on 
(44334) 68898. 

Two Korean ADRs 
Come to the NYSE 

The Bank of New York has 
announced the launch of “the 
first two publicly traded ADR 
(American Depositary Re- 
ceipt), programs for - Korean 
companies. The Korea Electric 
Power Corporation and the Po- 
hang Iron and Steel Co. both 
now have ADRs deposited with 
the Bank of New York. The 
securities are traded on the New 
York Stock Exchange. 

A Rebound for U.K. 
Property Market? 

Whatever the fashionable in- 
vestment gurus may ihink of it, 
the UJC commercial property 
market has had a strong year. 
The 1994 report and accounts 
of the Schroder Exempt Proper- 
ty Unit Trust, a ILK. fund, 
show a 97 percent increase in 
capital and a 76 percent in- 
crease in the value of its units. 
Both figures are denominated 

“The amount of new money 
in the market for investment , 
property has been consider- 

able," said W ilKam Hill, the 
fund’s manager. 

Mr. Hill added that a further 
significant boost for property 
funds was expected from pen- 
sion funds, some of which have 
been selling “small direct port- 
folios in favor of investing in 
property unit trusts.” 

A Big Birthday for 
Little Investments 

Foreign & Colonial, the U.K. 
fund management group, is cel- 
ebrating tire tenth anniversary 
of its regular savings plan for 
small investors. A monthly in- 
vestment of £25 in the Foreign 
& Colonial Investment Trust 
begun 10 years ago would now 
be worth more than £7,000, says 
the group. 

In next week’s Money Report: 
The world's airlines and related 

The Money Report is edited 
by Martin Baker 

By Ainte Snffivan 

market investors have 
rarely enjoyed so much 
choice. The collapse of 
Pnmmimiiaii pnH the nS6 Of 
emerging-market economies 
have combined to offer a daz- 
zling array of high-risk, high- 
reward possibilities. 

The hazards can take many 
forms. Indeed, the ebb and flow 
of political tides in areas where 
free-market economies are still 
in infant stages can destabilize 
those markets in fairly short or- 
der. But the chance to tap into 
huge potential at bargain-base- 
ment prices is proring irresist- 
ible to many investors. 

South African gold shares af- 
ford some excellent speculative 
investment opportunities, ac- 
cording to Jonathan Neill, a 
fund manager at tire London 
arm of Pictet & Co, the Swiss 
private bank. “The sector has 
underperformed the IFC 
em ergin g-market index by 90 
percent since the late 1980s,” he 
said. “But the political worries 
are almost behind us now and 
shares should start to pick up .” 

Mr. NriD is advising clients 
to buy shares in a host of South 
African gold-mining compa- 
nies, including Driefonlein 
Consolidated Ltd., Kloof Gold 
Mining Qx. and Vaal Reefs Ex- 
ploration and Mining Co. 

Stocks in high-technology 
companies are also widely per- 
ceived as speculative tty the an- 
alyst community. While sham 
in high-tech concerns can leap 
in value if the market likes their 
products, nwtirining that mo- 
mentum is a trick that few man- 
age for long periods of time, 
Peter Sullivan, a European 
equity analyst at Merrill Lynch 
in London, is advising his cli- 
ents to buy shares in tire Finn- 
ish cellular-telephone cancan 
Nokia AB. He said that Nokia 
should be considered a specula- 
tive buy because the shares have 
more than doubled in each of 
the past two years. 

“Nolria’s valuations are still 
attractive,” he said. “I expect 
the stock to appreciate at least 
another 20 percent next year. 
But the cellular business can 
change very quickly and inves- 
tors should be ready to bail out 
if a trig new competitor comes 

into the market or there is an 
adverse change in the value of 
the markka.” 

Nokia shares are trading at 
about 15 times the company’s 
estimated 1995 earnings, com- 
pared with a PE ratio of around 
55 last year, Mr. Sullivan add- 

Some companies are able to 
evolve in line with changes in 
the marketplace. Stares in Ay- 
din Corp., a defense, electronics 
and communications group 
based in Horsham, Pennsylva- 
nia, plunged to about $1 1 pa 
share from around $28 in the 
early 1990s due to the downturn 
in the U3. defense industry. 

But David Katz, chief invest- 
ment officer at Matrix Asset 
Advisors in New York, rates the 
company a good speculative 
buy oecause it is using its de- 
fense technology to transform 
itself into a wireless communi- 
cations manufacturer. 

Mr. Katz said that Aydin 
shares should rebound to 520 
ova the next 18 months and 
then climb subs tantiall y higher. 
“Wireless communications will 
grow by leaps and bounds,” he 
said. “We fed that Aydin will 
become weD known in tins in- 

Another speculative strategy 
is to buy shoes in companies 
that have been sold off by large 
corporations. The risk in this 
approach was well illustrated 
by the case erf O’Sullivan Indus- 
tries Holdings Inc., a manufac- 
turer of rcady-to- assemble 
home and office furniture that 
was fomrerty a division of con- 
sumer electronics concern 
Tandy Corp. 

O’Sullivan, based in Lamar, 
Missouri, has suffered from 
sales shortfalls and distribution 
problems since bong offered to 
the public by Tandy earlier this 
year, resulting in a huge drop in 
its share price. But, according 
to Mr. Katz, these teething 
problems are now almost ova. 
Shares should rebound ova the 
18 months, he said. 

Both Aydin Corp. and O’Sul- 
livan Industries, add other ana- 
lysts, are examples of “turn- 
around” situations where 
investors have the opportunity 
to buy shares ahead of a revival 
in fortunes. 

Paul W illiams, an equity ana- 
lyst at NatWest Markets in 
London, said he liked four Brit- 

ish companies as speculative 
plays; Aran Energy PLC media 
services concern Aegis Group 
PLC, chemical company MTM 
PLC, and BM Group, a con- 
struction equipment manufac- 

The turnaround scenario and 
toe risk that fortunes won’t ac- 
tually improve is by no means 
confined to srnaU or medium- 
sized companies, stress ana- 
lysts. A number of corporate 
giants currently offer similar 
opportunities. Mr. Neill at Pic- 
tet & Co. said that Japanese 
b ank s constituted “a very 
bombed-out sector in a very 
bombed-out market” that many 
investors fear will not pick up. 

But shares in the some of the 
banks could stin be attractive. 
Mr. Neill noted that Kita-Nrp- 
pon Bank’s market capitaliza- 
tion represents only 3 percent 
of its total deposits, compared 
with a high of 103 percon in 
1990. Tomato Bank’s market 
cap is about S3 percent of de- 
posits, compared with 1 1.4 per- 
cent in 1990. Mr. Neill added 
that U.S. banks have an average 
market cap of around 30 per- 
cent of deposits. 

Several European banks and 
insurance companies have also 
underperformed their relative 
sectors in recent years and 
could be ripe for a rebound. 
Francois Langlade, an analyst 
at CS First Boston in London, 
is advising clients to buy shares 
in Assurances G6n£rales de 
France, Banco Popular Espanol 
SA in Spain and Svenska Han- 
delsbanken in Sweden. 

gpwraiiamig is also rife in 
Russia, where companies such 
as oil concern LUKoil and tele- 
com company AO Rostelecom 
are piquemg the interest of in- 
ternational investors. But the 
market is currently so volatile 
that Richard Greer, head of eq- 
uity research at Baring Securi- 
ties in London, refers to it as a 
study in “jungle capitalism." 

Mr. Greer adds, however, 
that the myriad opportunities in 
Russia, combined with an un- 
derdeveloped regulatory cli- 
mate, have already resulted in 
the amassing of considerable 
personal weahh for investors 
who haven’t shied away from 
the risks. He said that values in 
some Russian companies could 
triple over the next nine 




securities this year, having trad- 
ed at between 10 pence and 51 
pence. But whatever the volatil- 
ity, the price is unchanged to- 
day from six months ago. 

The other penny shares we 
highlighted have pofonned in a 
manna to set the speculative 
wolves drooling. 

Rentech Inc. is a U3. corpo- 
ration that tr ansf orms low- val- 
ue carbon solids into valuable 
liquid hydrocarbons. When we 
reported on the company, it was 
coming out of a difficult period, 
and had just won a contract in 
China. It was trading on the 
Nasdaq at $1.50, and has since 
risen 20 percent to about the 
$1.80 level 

The best performer has been 
Diversifax mix, another U.S. 
corporation that runs a coin- 
operated copy machine busi- 
ness. In May, the company’s 
shares woe trading at around 
the 52 JeveL Now they have ris- 
en almost 75 percent to around 
the $3.60 mark. 

That sounds wonderful. But 
remember, for some investors, 
it wiD just be compensation for 
losses they took in the warrant 

Transworld Sports, Inc. * 
’SEEST (615) 954-2255 u.s.A. J 

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markets. Expertise thar helps us assess the future demand for natural resources and 
access the companies that provide rhem at a local as well as international level. 

Ask your Financial Adviser about the Baring Global Resources Fund, or 
telephone Customer Services on 071-214 1999. 


o MltohfcR OE I MB**' 

I SS Rishups^irc, London EC3M 1XY 

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The City Is Awash 
With Liquidity’ 

Abu Dhabi is the UAE's most prosperous sheikdom. 


w r bile much of the rest of the world may be passing 
through economic doldrums, Abu Dhabi connn “J s / 52l‘ 
pand - upward, as far as construction is concerned yti tne 
comiche. die 150-meter (495-foot) Baynun^ Tower. K now 
nearing completion at a cost of more than 555 nniuon. One 
of die tallest buildings in the Gulf, it can be seen as a symbol 
of the "bigger and better” achievements that characterize 
Abu Dhabi. The emirate is by far the most prosperous df use 
seven sheikhdoms that make up. the United Arab Emirates. 
Per-capita income last year was more than $32,000. 

Abu Dhabi, which can now pump more than 2.6 million 
barrels of oil a day, is the second-largest Arab oil producer 
after Saudi Arabia. Its reserves represent 10 percent of 
proven global supplies - more than 100 billion barrels. It 
also has one of the largest gas reserves; estimated at 314,000 
billion cubic feet. Annual oil revenues are around $20 bil- 
lion, to which should be added income from global invest- 
ments of about $ 1 20 billion. Local business sources, say the 
federal government has been pumping $17 billion into the 
public sector to maintain economic momentum; much has 
gone to Abu Dhabi, where the city center is being rebuilt 

“The city is awash with liquidity.** says Mohammed A : A1 
Fahfny a leading businessman, “but tne f Abu Dhabi] gov- 
ernment has monopolized all the big projects.” He also says 
that there is a land shortage on Abu Dbjabi island itself JHe 
wants to build a trendy shopping mall \ similar to those in 
neighboring Dubai but cannot find sufficient land. 

Federal Government Launches Major Offset Program 

With contractors required to reinvest 60 percent of the contract value back into UAE projects ; offset funds are expected to pump about $6 billion into the economy. 


ne of the biggest re- 
gional defense budgets over 
Die next five years is the $20 
billion slated by the United 
Arab Emirates federal gov- 
ernment for the 61,500- 
strong Union Defense Force. 
Almost all of this is going to 
Abu Dhabi, which maintains 
a degree of independence 
from the Dubai Defense 
Force, according to the Lon- 
don-based Institute for 
Strategic Studies. The total 
is almost the same as the 
amount spent by Kuwait fol- 
lowing the Iraqi invasion. 

One of the biggest single 
defense orders, placed last 
June for delivery next year. 

is for 436 French-built 
Leclerc tanks. Abu Dhabi al- 
ready has 125 main battle 
tanks. Because of the size of 
defense expenditures, the 
federal government has de- 
veloped a complex and hy- 
brid offset program, whose 
guidelines were drawn up by 
Amin Badr-EI-Din, chair- 
man of the Offset Group, 
Basically, contractors have 
to reinvest 60 percent of all 
orders over $10 million back 
into projects in the UAE 
during a seven-year period, 
thus benefiting the local 
economy. This is mandatory 
for defense sales and civil 

The offset component, ac- 
cording to Mr. Badr-EI-Din, 
can be made up in many dif- 
ferent ways; these range 
from selling products manu- 
factured in tne UAE over- 
seas to transfer of technolo- 
gy, manpower training and 
research and development 
costs. It is also suggested in 
some quarters that offset 
projects might include a 
joint venture between the 
foreign contractor and a lo- 
cal partner from the UAE in 
a third country, so long as 
the venture benefits the 
UAE economy. 

A few projects have been 
agreed upon so far. One of 

the first was between Martin 
Marietta and Ibn-Khaldun 
Establishment for an ad- 
vanced medical diagnostic 
center, the first of its kind in 
the Gulf. A second project 
was agreed by a subsidiary 
of Litton Industries, which is 
to install integrated security 
systems at various sites. This 
project is said to be worth 
about $100 million in offset 
credits, which will be set 
against any future defense 
sales by Litton Industries. A 
local company, AJ Bawaidi, 
is understood to be examin- 

ing over 100 offset projects. 
The most 

’he most innovative 
scheme so far has been de- 

veloped by Chase Manhat- 
tan Bank NA and the Offset 
Group. Elie Wakim, Chase's 
area director for the Middle 
East, explains that Chase 
will manage a special invest- 
ment fund held by the Unit- 
ed Arab Emirates Special In- 
vestments Ltd. It is hoped 
that the fund will have a cap- 
ital of $1 billion. This will 
be raised from offset obliga- 
tions created by defense and 
other sales to the UAE and 
will count toward the 60 per- 
cent component of any con- 
tract. Other capital will be 
raised by local shareholders. 

About 20 percent of the 
fund will be invested in the 

UAE and the rest globally in 
various financial instru- 
ments and securities. “The 
financial investments will be 
so structured as to guarantee 
a minimum return after 10 
years at 25 percent per an- 
num, which wiQ be equiva- 
lent to 25 percent overall," 
says Mr. Wakim. “Our aim 
is to substantially improve 
upon those figures.” Chase 
is in the process of setting up 
a team to examine several 
projects, which it is hoped 
will meet the Offset Group's 
criteria. “So far. we have 
had a very positive reaction 
to our proposals,” says Mr. 

I nf rastructure improvements key to growth 
This year, apart from residential and commercial develop- 
ments, Abu Dhabi spent 1.9 billion dirhams ($527 millibn) 
on road works and 695 million dirhams on sewerage 
schemes; h plans to spend another 800 million dirhams on 
roads next year. One of the biggest single items is the $1.4 
billion Taweelah B 750-megawatt power station. A new 
250-megawatt station is being built at Al-Mirfa, and the 
power station at A1 Ain, where a new international airport 
has just opened, is being expanded from 250 megawatts to 
600 megawatts. Total funds being released for major civil 
works throughout the UAE are estimated at $8 billion 
through the end of 1996; most is targeted for Abu Dhabi.. 

Currently, die hugest capital-expenditure program is a $5 
billion upgrade and development of Abu Dhabi’s oil and gas 
infrastructure, now nearing completion. Oil-industry sources 
say that the pressure is on to develop the major Upper Za~ 

kum offshore oil field quickly so as to start recouping costs. 

otal 6H reserves.. 

This field may Contain half the emirate’s total 
In 1993. a consortium consisting of Bechtel, France's 
Technip and CCC of Lebanon was awarded a $13 billion 
contract to manage and develop onshore gas resources. It 
hopes to sell most of the gas to Japan. i 

$20 billion for defense by end of decade 
Defense spending, expected to reach a massive $20 billion 
by the end of the decade, will make Abu Dhabi one of the 
best-equipped emirates in the Gulf. The UAE government 
has embarked on a sophisticated offset program. 

The government hopes that this will spun a new range of 
joint ventures, introduce some high-tech industries and bring 
in new management skills. Economic divers i fication is pay- 
ing off. Non-oil exports rose by 15 percent in 1993. 

With die prospect of up to $6 billion in offset funds com- 
ing into the economy. Abu Dhabi and the UAE are faced 
with the embarrassing problem of deciding what is die best 
thing to do with the money. ! 







Make the right connections, 

When you're travelling m the Gulf on business fly 
through Abu Dhabi. 

We’ve the most convenient, most frequent 
connections to all the other major Gun cities. 

34- flights a week to Bahrain, 35 to Doha. 27 ;o 
Muscat. 1 3 to Saudi Arabia and so or. 

So make all your connections through Abu Dear 
and oet down to business. 

== Abu Dhabi 
= International Airport 

The way the world’s going 

ADNOC Group of Companies 

tilg — Isa! 


The More We Take From Nature, The More 
Measures We Adopt To Safeguard 
Our Environment 

For nearly a quarter of the 
century, we have supplied the 
world with crude oil, refined 
products and natural gas. While 
we're ranked today among the 
top 10 oil producers in the 
world, we're constantly seeking 
new ways and means to protect 
our environment. 

It is a growing commitment that 
is not only reflected in the nat- 
ural beauty of our country, and 
its increasing birdlife, but also in 
the well being of our people. 

Abu Dhabi National Oil Company ■ 

P .O.Box 898, Abu Dhabi, United Arab Emirates - Tel. 9712-6020000 
Fax. 9712-6023389 Telx. EM 22215 Cable ADNOC 

La til _ i«C/* 




New Vision for Duty-Free Shopping 


The Abu Dhabi and Al Ain 


liutJfcL”*? ne * !ook to 


at. Abu Dhabi International 
£>rpprt where a major 
facelift has just been com- 
pleted. This year has also 
seen the launching of duty- 
free shops Qt the newly 
.opened Al Ain International 
Auport, making Abu Dhabi 
the only emirate in the Unit- 
ed Arab Emirates to have 
qyo airport duty-free-shop- 
ping operations. 

: What makes Abu Dhabi 
an attractive place to shop is 
its spaciousness and the spe- 
cial displays of top brand- 
name items - watches, jew- 
elry., electronics and' per- 
fumes. It is very easy for 
shoppers to find the particu- 
lar item they are looking for 
— an important advantage for 
transit passengers or late ar- 
rivals who do not have much 
time to pick and choose. 

Sales turnover at the main 
international airport is ex- 
pected to reach 220 million 
dirhams (about $60 million! 
this year, compared with 
191 million dirhams in 
1 993. In 1 985, when the pre- 
sent duty-free operation be- 
gan, sales in the First year 
were only 20 million 


international airports offer high-quality duty-free shopping. 

Mohamed Mounib, gener- 
al manager of Abu Dhabi 
duty free, is also responsible 
for Al Ain. He says that 
since Al Ain opened earlier 
this year, sales there have 
been doing well. The Al Ain 
shops have a total area of 

Sales at main 
airport could 
reach $60 million 
this year. 

450 square meters (4,800 
square feet), about the size 
of the departure lounge at 
Abu Dhabi. Both duty-free 
outlets are managed by the 
same team from Abu Dhabi, 
which has computer links to 
Al Ain for stock control. 

Color-coded shopping 
Different color schemes 
have been used at Al Ain to 
identify the eight categories 
of shops. These are divided 
into watches, gold jewelry, 
electronics and cameras, 
fashion and leather, food, 
books and toys, beverages 
and tobacco, and perfumes 
and cosmetics. Only lop 

ADNOC Supports 
The Environment 

A survey of the oil company's environmental measures. 

-Auitipollution measures and protection of the environment 
in downstream operations have become key issues for the 
Abu Dhabi National Oil Company (ADNOC), which pro- 
duces more than 2 million barrels a day of crude oil. AD- 
NOC is also trying to improve the overall quality of its oil by 
reducing the sulfur content, and the company will eventually 
be able to produce unleaded gasoline. 

Commenting in the latest annual report, Sohail Fans Al 
Mazrui, the former secretary general of the Supreme Petrole- 
um Council and general manager of ADNOC, says that no 
new projects will be approved until environmental impact 
studies are completed. “We continue to take a lead in safe- 
guarding Abu Dhabi's natural heritage and environmental 
quality,” says Mr. Al Mazrui, who has been replaced by 
Yousef bin Omeir bin Yousef, the framer petroleum minis- 

Tighter controls on dumping wastes, including toxic and 
corrosive materials al the Ruwais refineiy, have been intro- 
duced. Ruwais and the other major refinery at Umm Al Nar 
produced 215.000 barrels a day of refined products in 1993. 

A state-of-the-art computerized control system has been 
installed at JJmm Al Nar. “An important environmental - 
spin-off from this development is virtual elimination of air 
pollution from flares at the refinery " says Mr. Al Mazrui. 

ADNOC now has a special environmental protection and 
occupational health department, which makes regular in- 
spection checks on both installations and storage depots as 
well as on personnel. 

With a major expansion of onshore and offshore gas re- 
serves, which will treble production next year, ADNOC and 
its affiliate companies are trying to make sure that rapid 
progress in exploitation of hydrocarbon reserves will not be- 
come an environmental hazard. 

Business Opportunities 

The International Herald Tribune and the Abu 
Dhabi-based The National Investor are organizing a 
conference on “Business Opportunities in the UAE” 
at the Inter-Continental Hotel, Abu Dhabi on Dec. 5- 
6. The conference will examine offsets, privatization 
and capital markets. 

•'Abu Dhabi” 

was produced in Us entirety by the Advertising Department 
of ike International Herald Tribune. 

Writer: Michael Frenchman, based in London, 
writes often about Middle East issues. 

Program director: Bill Mahder. " 

M've been doing a since 1B65. 

For almost 30 years now. ffln 
Hamoodah haw acted “ 

rapresertaliwa In fte United Ar^ 

Emirates (UAE.) tar dozens 
international principals operation 
in various fields. ~ 

Commute serving tire needsof g 

our growing nation andean^ 
al it * same flma, to the wriest 

business pre^stanafi^i 

our qroup of compares Has 

business houses in tie country- 
Contact us today and let us w«k 

bilaterally, on how we can 

g sssssS 

♦V _ 

brand-name items will be 
stocked at Al Ain. 

Passenger traffic through 
Abu Dhabi airport increased 
by more than 27 percent, to 
1.87 million, during the first 
semester of this year. During 
the same period in 1993, the 
total was 1.47 million. Sales 
during the first six month 
were more than $28 million, 
an increase of 20 percent 
over the same period in 

According to Mr. Mounib, 
average spending per pas- 
senger has risen by more 
than one dollar, to $26.50. 
At the arrivals shop, average 
spending was $2 a head. 

More than 27 percent of 
all sales were gold jewelry. 
This was followed by bever- 
ages (13.1 percent), elec- 
tronics and household appli- 
ances ( 11 .8 percent) and per- 
fumes (11.6 percent). Abu 
Dhabi was one of the first 
Gulf shops to sell diamonds, 
which account for 2.1 per- 
cent of sales. 

Mr. Mounib says there 
has been a slight change in 
the kind of passenger traffic. 
“There has been a trend to- 
ward destinations, rather 
than transit traffic,” he says. 
“We realized this in 1992 

and decided we needed a 
different style of shop lay- 
out. Last year, we completed 
the first phase, and the sec- 
ond phase was finished in 
March this year." 

Easier to window shop 
The main idea has been to 
provide easier access for 
customers to look at the 

There is now an open-plan 
shop for ready-to-wear fash- 
ion. There is a totally new 
decor in the perfume shop, 
where six selected compa- 
nies now have their own 
brand displays. Three new 
“island” shops - selling 
crystal and china, small 
leather items, and gold jew- 
elry and diamonds - are a 
prominent feature. 

Plans for next year, now 
awaiting the go-ahead, in- 
clude six individual brand- 
name shops. 

Mr. Mounib is optimistic 
about the prospects for Abu 
Dhabi's duty-free opera- 
tions. *‘We want to put a 
complete new ‘vision' into 
the duty-free business here,” 
he says, “and I think that if 
we do this, we could proba- 
bly increase our sales up to 
300,000 dirhams a year.” 

Banking Report 

The Union Bank will probably produce an annual 
report next March, the fust since the BCCI debacle, 
when BCC (Emirates) was restructured and renamed 
Union Bank. 

“On the whole we have had a good year, ” says 
General Manager Anwer Qayum Sher,” although in 
the first six months, letters of credit were a little low 
because of the 4 percent customs duty that was being 
imposed. There was a drop in car imports, but the 
trend began to be reversed in September, and there 
has been a steep rise in LCs since, which indicates 
that there is much more trade going on.” 

Emirates Industrial Bank has also had a good year 
in terms of financing projects, according to its deputy 
general manager, Muzafar Aihaj. “I think we will be 
in a better position by the end of the current year, 
compared with 1993.” he says. EJQB's main role is to 
finance industrial projects throughout the UAE. In 
1993, it approved 1 8 loans worth a total of 145 mil- 
lion dirhams ($45 million). Loans for manufacturing 
industries increased by 35 percent 


Brings our worlds together 




With 64 years of growth, we are 
among the largest international 
financial institutions in the world . 
With branches and affiliated offices 
all over the world ,we have created 
a complete range of services . 

Our presence spans five continents. 
A look at our figures showsl073 
million U S. dollars in Equity,over 
13.2 billion U.S. dollars in 
Deposits* 14.7 billion U.S. dollars in 
Assets and over 19 billion U.S. 
dollars for theTotal Balance Sheet. 


Call us at any. of our following ms^jor 
centres : 

Amman ( 6 ) 638161 , Bahrain ( 973 ) 212 255, 
Frankfurt (69)242 590, London (171) 315 8500, 
NewYork (212)715 9700,Paris (1) 45 61 60 00, 
Singapore (65)533 0055 Sydney (2)232 4133, 
Vienna (1) 5134240, Zurich (1) 265 71 1 1, 

77» extensive choice of top-quaBty brand Rems and the spacious stropping ana make Abu Dhabi an attractive place to shop 

Introducing a Tale of Twin Airports 

During the past 25 years, Abu Dhabi has become one of the main aviation gateways to the Middle East. 

ith the opening of a the size of the Abu Dhabi loading and unloading pas- Seen by Mr. Harm 
new international airport at aiiport to enable it to handle sengers. One of the most re- complementary air 
Al Ain, Abu Dhabi is the 6 million passengers annual - cent innovations was the Abu Dhabi, Al Ain $ 
only emirate in the United ly by the year 2000. opening of the new Airport wider catchment area 

Arab Emirates to have two “Everything today is Motel at Abu Dhabi Interna- The airport is abo 

airports. “We are now mar- changing very fast in the tional Airport: the hotel of- kilometers from Abu 

keting the twin-airport con- aviation world, faster than fers five-star luxury and In addition to being i 

cept for Abu Dhabi,” says the airplanes themselves,” business services. versity city for the U 

Sheik Harndan bin Mubarak „ Ain is also the focus 

al Nahyan, chairman of the I. •. r 

Department of Civil Avia- OhAilr Ifanufan be easil y reachec 

tion. outlining some of his K nanKian. Dubai, which is abt 

plans for the future develop- W ; 1 ^ hour’s drive to the 

ment of aviation facilities. Up - .1 are HOW wesL 

The present international . . . Talking about som 

airport at Abu Dhabi handles ft manceting advantages of Al A 

just over 3.1 million passen- ®jj; ■ = : ' “■ . Ham dan says that i 

gers a year. A quarter of a . v! tWIlKctilpOrt offer airlines more f 

century ago, there was just a a ' because it was less to 

desert landing strip on Abu ‘ \ concept addition, the landii 

Dhabi island. The present ... and other charges are 

airport is about 45 minutes A ^ fof Abu Dhabi. er,” he says. “We re 

by car from the city; the dri- • “*■?■ Al Ain as an exten 

ve takes travelers along a L - - - — : Abu Dhabi. Both i 

unique 35-kilometer (22- share the same m 

mile) tree-and shrub-lined says Mr. Harndan, adding Ground-handling facilities ment.” 
expressway through the that it was necessary to bring are carried out by Abu Servicing and repa 

desert. in many innovations to keep Dhabi Airport Services, ties for airlines a: 

Mr. Harndan, who was abreast of developments. ADAS handles about 35,000 available at the Gulf 
previously undersecretary “We are planning a second aircraft a year, 75,000 tons Maintenance Co 

J"” I * ; ■ ■ 

loading and unloading pas- 
sengers. One of the most re- 
cent innovations was the 
opening of the new Airport 
Hotel at Abu Dhabi Interna- 
tional Airport; the hotel of- 
fers five-star luxury and 
business services. 

Sheik Harndan: 
We are now 
the twin-anport 
for Abu Dhabi/ 

for civil aviation, graduated 
from Al Ain University with 
a degree in business studies 
and marketing. He is now 
examining plans to double 

says Mr. Harndan, adding 
that it was necessary to bring 
in many innovations to keep 
abreast of developments. 
“We are planning a second 
satellite terminal and a sec- 
ond runway,” he says. There 
will also be more parking 
space for passenger jets as 
well as additional stands for 

Ground-handling facilities 
are carried out by Abu 
Dhabi Airport Services. 
ADAS handles about 35,000 
aircraft a year, 75,000 tons 
of passenger baggage, 
12,(H)0 tons of mail and 
50,000 tons of cargo. It can 
deal with up to 22 aircraft si- 

Seen by Mr. Harndan as a 
complementary airport to 
Abu Dhabi, Al Ain serves a 
wider catchment area inland. 
The airport is about 145 
kilometers from Abu Dhabi. 
In addition to being the uni- 
versity city for the UAE, Al 
Ain is also the focus of agri- 
cultural development. It can 
be easily reached from 
Dubai, which is about one 
hour’s drive to the north- 

Talking about some of the 
advantages of Al Ain, Mr. 
Harndan says that it could 
offer airlines more facilities 
because it was less busy. “In 
addition, the landing fees 
and other charges are cheap- 
er,” he says. “We really see 
Al Ain as an extension of 
Abu Dhabi. Both airports 
share the same manage- 

Servicing and repair facili- 
ties for airlines are also 
available at the Gulf Aircraft 
Maintenance Company 
(GAMCO), which is likely 
to be extended next year. 
“We shall probably build a 
second hangar,” says Mr. 

, r. v z* .1 v < \ m -. • < , 


the .earth lost a axtg^ spec^ eVe^ footisap$y^K 
every angle day. At this alarming rale, ■ ■ i ? •: 
y^tlWyeif 2000, one out of everyfive species existing now ' 

' will have disappeared from the face of the earth.* 

. One of the species very likely to disappear during our 

generation is the friendly hump-backed dolphin found in Gulf waters. 

A reason for their dwindling numbers is the litter some of 
us throw away carelessly. 

For instance; many dolphfos have choked to' death 
on foe blue polythene shopping bag which resembles their 
. fayourife land of jellyfish. 

The destruction of each species brings us closer to foe extinction of our own. 
Help prevent this tragedy. 

Keep The Environment Clean - For Us And Oar Fellow Creatures. 

Message issued in the public interest by 


Head Office : P.O. Box 3865, Abu Dhabi - UAE. 

•Source : National Geographic 

Page 20 




Yikes, on 65 -Yard Pass, 

Stun Bears in Overtime 

By Thomas George 

New York Tuna Service 

Chicago Bears were for real, if 

the/ bad any true designs on 
winning the National Confer- 

w innin g the National Confer- 
ence Central division, then they 
had to find a way to topple the 
Minnesota Vikings. They had 
dropped five straight to Minne- 
sota. They had lost the last one, 

sota. They had lost the last one, 
in Week 3, by 42-14. In Chica- 

So, the Bean hit the road on 
Thursday night and worked 
overtime to prove tbeir point. 
And the point proved was this: 
The Vikings still have their 
number, and now the lead in the 

In overtime, after the Bears’ 
Kevin Butler had missed a 41- 
yard field goal wide left, War- 
ren Moon connected, on a pass 
down the right sideline that Cris 
Carter turned into a dramatic 
65-yard touchdown with 9 min- 
utes, 14 seconds to play in over- 

time. Minnesota 33, Chicago 

“We discussed that play on 
the sideline during the last part 
of regulation, but we just 
couldn’t get to it,” said Moon. 
“Cris was going to the fiat, and 
he felt that he could turn it 
upfield and he’d be all alone.” 

Minnesota and Chicago are 
both 8-5. Minnesota, however, 
is in first place with three games 
to go because it has beaten the 
Bears twice. 

The fourth quarter was 
packed with enough action to 
fill an entire game. It began 
with Chicago ahead by 24-16 
and ended in a 27-27 tie. 

Faud Reveiz began it with a 
38-yard field goal only two min- 
utes into the quarter to bring 
the Vikings to within 24-19. 
With 6: 18 to play, the Bears had 
a chance to run out the clock, 
but instead they fumbled. Line- 
backer Jack Del Rio made a 
vicious hit on back Lewis Till- 
man, Tillman fumbled and Del 

Rio recovered at the Chicago 

Moon followed with what 
was first ruled a 2-yard touch- 
down pass to Carter. But then 
the officials ruled chat Carter 
juggled the ball in the end zone, 
was tackled at the I and there 
had possession. Fourth and 1. 
Carter ran in motion left to 
light and caught the touchdown 
pass — clearly in the end zone 
this time. Moon to tight end 
Andrew Jordan for the 2-point 
conversion made it Minnesota 
27, Chicago 24. 

The best way the Bears could 
climb back in now, with 4:12 
left, was with strong field posi- 
tion. They got it. Nate Lewis 
raced 55 yards oq the kickoff to 
the Vikings 36. Kevin Butler 
made good on it, kicking a 33- 
yard field goal with 1:55 left to 
tied the score at 27-27. Each 
team bad a possession in the 
final seconds of regulation but 
could not make it count. 

NHL Talks 
Progress, but 

Hit Bump 

„ * * ' * 4 *+ 1 

Jack Dd Rio, aided here by Dewayne Washington, forced a fumble by Louis Tinman that set up one Viking touchdown. 

It’s Come to Nitty- Gritty Time in Races for NFL Playoff' Spots 

New York Times Service 

New York Jets (6-6) at New 
England (6-6): Patriots now 
have a shot at playoffs, and de- 
fense's 17 interceptions ties Mi- 
ami for most in AFC. Jets have 
plus-15 turnover ratio in the 
last 7 games, but are coming off 
devastating fourth quarter loss 
to Dolphins. Oddsmakers favor 
the Patriots by 2 Vi points. 

Buffalo (6-6) at Miami (8-4): 
A Dolphin victory severely 
damages Bills' playoff chances 
after their loss in Detroit. Dol- 
phins were manhandled for 
three quarters by the Jets before 
Dan Marino struck for 4 second 
half touchdowns. Kenneth Da- 
vis has 5 touchdowns in last 2 
games at Joe Robbie Stadium. 
Dolphins by 3)4. 

Dallas (10-2) at Philadelphia 
(7-5): Cowboys have allowed 
just 179 points, fewest in the 
NFC. but are vulnerable be- 
cause of their many injuries. 
Randall Cunningham has not 
gotten a touchdown in last 136 
passes — worst streak of bis 
career — while Eagles, with 
three-game skid, have fallen 
back in division race. Cowboys 
by 4. 

Green Bay (6-6) at Detroit (6- 
6): The winner enhances its 
wildcard position. Packers' 
Brett Farve has thrown 12 
touchdowns and just 2 intercep- 
tions in the last four games; 
Lions' Dave Krieg has thrown 8 
touchdowns and no intercep- 
tions in 3 games. Packers' de- 
fense can wreak havoc, but will 
have to contend with Barry 
Sanders and noisy Sflverdome 
crowd. Lions by 2VL 

Pittsburgh (9-3) at Cin cin n ati 
(2-10): Steelers have have NFL 
low 15 giveaways, crushing de- 

hasn’t practiced this week and 
is doubtful. Bengals' Jeff Blake 
is highest rated quarterback in 
AFC (90.7 rating) and averages 
7.83 yards per pass play. Steel- 
ers by 6. 

Washington (2-10) at Tampa 
Bay (3-9): Two teams going no- 
where. Bucs, for third game this 


season, didn’t allow a sack last 
week in upsetting Vikings; Red- 
skins’ linebacker Ken Harvey, 
who has 105 sacks, is having 
Pro Bowl caliber season. Bucs 
by 2V5u 

New York Giants (5-7) at 
Cleveland (9-3): Rodney 

Hampton has gone over 1 00- 
yard rushing in back-to-back 
games, and Giants have wou 
both, but Browns have allowed 
148 points this season, fewest in 
NFL. And, they have given up 
just 6 touchdowns at home this 
year. Browns by 8. 

Arizona (5-7) at Houston (1- 
11): Buddy Ryan faces his pro- 
tege. Jeff Fisher, who hasn’t 
won since replacing Jack Par- 
dee two weeks ago. Both Ryan 
and Fisher concentrate on de- 
fense, both offenses are operat- 
ing with ineffective passers. Jay 
Schroeder has thrown just I 
touchdown and 6 interceptions 
this season. Houston’s quarter- 
backs have not thrown an inter- 

ception in 22 quarters (177 
passes). Cardinals by 3. 

Atlanta (6-6) at San Francis- 
co (10-2): Falcons’ 20 intercep- 
tions leads NFL, but Steve 
Young has been hot and 49ers 
have scored 361 points, most in 
league. 49ers by 13. 

Denver (6-6) at Kansas City 
(7-5): Chiefs have held last 
three opponents to under 100- 
yards rushing, but face John EI- 
way and much improved of- 
fense. Broncos are 5-2 in last six 
games, with defense allowing 
107 points. And, Joe Montana 
has sprained left foot, while sev- 
eral teammates are injured, too. 
Cheifs by 4. 

Irafianapofis (5-7) at Seattle 
(5-7): Seahawks will be in disar- 
ray because of auto accident 
late Thursday night: star run- 
ning back Chris Warren, arrest- 
ed after car be was driving 
crashed into a utility pole, suf- 
fered two cracked ribs; recently 
acquired defensive tackle Mi- 
chael Frier received severe neck 
injury and was listed in critical 
condition; rookie running back 
f-amar Smi th had chip fractures 
in his spine and ankle. No point 
spread on game. 

New Orleans (4-8) at LA. 
Rams (4-8): Rams’ defense has 

defense. Saints capable of big 
plays on offense, defease and 

special teams, but can’t put it 
all together. Rams by 2 V4. 

LA, Raiders (6-6) at San Die- 
i (9-3): Chargers seemed to 

allowed just S rushing touch- 
downs, fewest in NFC, while 
Jerome Bettis can wear down a 

lems of last couple of weeks and 
gotten Natrone Means un- 
tracked. Raiders have shaky 
quarterback in Jeff Hostetler, 
who received a concussion in 
last week's game and returned 
to practice Thursday. Stan 
Humphries is in much better 
shape for Monday night’s 
game. Chargers by 4. 

These matchups were com- 
piled by Timothy W. Smith 

The Assodaied Press 

HOUSTON —Warren Sapp, 
a junior defensive end at the 
University of Miami, has be- 
come the first player for the 
Hurricanes to win the Lom- 
bardi Award as the top U.S. 
college lineman. 

He beat out Arizona defen- 
sive end Tedy Bruschi, Nebras- 
ka offensive tackle Zach Wie- 
gert and Florida State 
linebacker Derrick Brooks. 

For the season, Sapp has 84 
tackles. 10.5 sacks for 62 yards 
in losses, four forced fumbles 
and three fumble recoveries. 
Miami (10-1) will play No. 1 
Nebraska (12-0) in the Orange 
Bowl on Jan. 1. 


NBA Standings 

Atomtlc Dhrb&m 

feme and league’s top rushing 
attack, averaging 134 yards a 
game. But Bury Foster, both- 
ered by bruised lower back, 

W L 




10 2 



New York 

7 4 




7 6 



Now Jersey 

6 9 




4 7 




4 8 




3 9 

Central Divtskm 




9 5 




8 5 



Oio» tone 

7 6 




7 6 




7 6 




5 8 




4 9 



Midwest Division 


11 3 




9 A 




7 5 




7 6 



San Anton to 

6 7 




2 13 

Pacific Division 




10 4 




9 S 



Golden State 

8 < 



LA. Lakers 

8 « 




6 8 



4 6 



LA Cf loners 

0 14 





21 24 28 



81 24 M 


C: Mills 1-3 15. price MS 04 17. M; 
Robinson B-34 S-fl 21, Day W4 12-13 34. tte- 
batintH— Cleveland a (Mill 1 11, Milwaukee^ 
l Baker 121. AHI9*— Cleveland 22 (Bnmdon 
61. Milwaukee 13 (Baker. RoMnsun. May- 
berry. Murdock 31. 

Denver M 20 15 22-89 

Dallas 17 14 S 22—00 

□: B. Williams Ml -2 IS, Rosers 7-14 3-4 20. 
D: Jackson 10-25 4-0 26. Tarpicv 5- M t~ * 12. 
Rebounds — Denver 41 (Mutamba 141. Dallas 
45 (Janes 32). Assists— Denver 30 (Pack 7). 
Dallas 17 (Kidd 5). 

Minnesota 20 22 37 13-94 

UtaO 21 20 34 W-9* 

M: west 7-M 4-> 10. Rider 0-15 M 17. U: 

Benoit 7-12 14 15. Malone 10-14 4-4 24L Re- 
booed*— Ml nneso»a 25 (Rooks 7), Ulah 20! Bo- 
ned. Spencer 7). Assists Mi n nesota 23 (Gar- 
land 7), Utah 23 ( Stockton 131. 

Indiana 24 25 II 24-33 

■ a r fTngT.u i 2b 1# si so -n 

l: D. Davls7-ll M 16. SmlH 7-12 Mlfc MlUer 
7-125-524. LA.: Vaught 4-1040 14. RWwrtsan 
4-13 4-i 17, Dehcre 2-W 12-14 W. Rebounds— 
Indiana 02 (D. Davis 14), Los Angeles 45 
(Vouartl 9). AssJx/i — Indiana 74 (Jackson JO?. 
Los Angeles 10 (Richardson 4). 

Houston 34 34 M 2V — 113 

Golden Slate 33 30 31 32— 189 

H: Horry 6-3 1-2 16. Otatuwon 13-19 11-14 37. 
G: tereweK 72-702-2 30, Haroawav 1 1-30 3-327. 
Rcbaands— Houston 40 ( OkMuwan 1 3). Golden 
Stale 52 (Gog I lotto 13). Assist*— Hoodon 31 
(Otaluwon 121, Golden State 19 l Hardaway. 
Jennings 6). 

Top 25 College Results 

no 74-50. Next: a! Mew Mexico, Saturday; IS. 
Minnesota (5-0) beat Central Connecticut 
State 92-56. Next: vs. Rhode Island. Sunday. 
Dec. 11. 

30. Georgia Tree (MU beat Western Caroli- 
na 83-41 Ned : vs East Carol too. Saturday ; 25. 
New Mexico State (5-1) Heal Texas-El Paso 
UNO. Next; at Texas-El Pna Tuesday. 

Gaocfca Classic First Round 
Delaware 82. Weber si. 70 
UC Santa Barbara 77, Wagner 74. OT 

Other Major College Scores 

NFL Standings 

How Me too 23 teams in The Associated 
Press' metrt n a tl eg e basketball pad fared 

11 Artanaa State (44) beat Northern Artzo- 


Lehigh 85. Columbia 75 
Loyola Md. 82. Monmouth. NJ. 74 
North Texas 74. AVL-Bammora County 72 
Providence 68. Brawn 61 
Rider 75. Montclair st. 5B 

Arkansas St. 7fc T cm. -Mori In 45 
Austin Petty 87, Somtard 74, OT 
Campbell 76, Methodist 48 
Charleston southern 81, Furman 72 
Cob- ot Charleston 72. Coker 44 
E. Tennessee 5t 92, Lees-McRae 44 
Florida A&M 77. Ptrfm Beach Atlantic 75 
Mississippi 3IL Morgan SI. 48 
N.C- Charlotte 101. Cento! Carolina 72 
N-OGreensbore 84. William A Mary 71 
Navy 42. Md^E, share 51 
SE Louisiana 115, Baptist Christian 93 
Southern U. 124, LouMsna Christian 5V 

Butler B2. Valparaiso 80 
Indiana SL VM, Echerd 79 
N. Illinois W, Chicago St. 44 
St. Louis 9G Sacramento St. 49 
Rice 64. Sam Houston St. 50 
Air Force 79, Regis W 
Ganxaoa 90. Nevada 75 
San Diego 5t. 8a Cal Poty-Pomona 71 
Utah St. 83. Brigham Young 59 


Green Bay 6 6 0 £00 

Detroit 6 6 0 -SB 

Tomoa Bay 3 9 0 350 


K-San Francisco 10 2 0 JJJ 

Atlanta 4 6 0 300 

LA Rams 4 8 0 333 

New Orleans 4 8 0 .333 

x-d Inched division 

Minnow to 3a Chicago 27. OT 

:-==.■ e^x^*Tr-^^au-r^|i»w«epp*Li|| 






N.Y. Jets 






New England 







W L 

9 3 










San Diego 1 


9 3 

Kansas City 






LA Raiders 






Pt» PF PA 
MB 280 227 
£00 228 233 
£00 255 253 
£00 245 2S4 
.417 243 238 

j ;' '2?M£S 

The Michael Jordan Watch 

Pts PF PA 
730 213 172 
-790 246 148 
.167 201 283 
-083 167 245 

Michael Jordan's season wtth the Scottsdale 
Scorpions of the Arizona Fall League: 

Jordan finished batting .256 (31-fbr- 121) wMft 
23 ranafaur doubles, one triple, no home runs, 
etaht RBis. 14 walk* 32 strikeouts and five 
stolen bases In nine attempts. He had 44 pot- 
auts. one assist and two error* in the outfield. 

750 291 204 
£83 224 215 
£00 267 284 
300 m tu 
Ml 227 224 

vs t 







Pts PF. PA 

Da (las 




sa 33S in 





£03 243 214 

N.Y. Giants 




^17 205 249 





.417 154 223 


2 ID 


.187 244 331 









£15 29S 242 





£15 238 Ml 

Sri Lanka vs. Pakistan 
Friday, In Durban, Snath Africa 
Sri Lanka Innings: 238-5 (50 avers) 

India w West Indies, Second Day 
Friday, la Nagpur, India 
India 1st Innings: 54 W dee. 

West Indies 1st bmlngs: 15-1 
Australia vs. ZUnlxdJwe 
Friday, In Perth, Australia 
ann shw Innings: 166-9 (38 overs) 
Australia bmlngs; 147-8 (4?j avers) 
Australia wan by two wkMs 

National League 

CINCINNATI— Agreed to terms wtth Xavier 
Hernandez and Pele (there, on wear 
contracts. Put Thrry Brass, pitcher, and Kevin 
Maas, 1st basamaa on waivers tor purpose of 
afvlna them Mr uncandHfanat rNmn. 

SAN DIEGO— Agreed to term* with Ar-cfti 
C ta nlio c eo,2d baseman; Reuben SmlicVioul- 
HeMer; and Demy Harrtoer. mi- 
nor -league contracts. 


NaitQMri Basketball Association . 
NBA— Jack Madden and B1H Saar, officials, 

GOLDEN STATE— Pot Monute Bo I, center, 
aa (Olured list Activated Dwayne Morion, 
guard, tram Injured IbL 
H0U5TQN— Waived Chris Jent, forward. 

Notional FtootbaH League 
LA. RAMS— ReieasedT-f. Rubfoy.auarter- 
boefc. and Brad Flchhri, guard 
MIAMI— Sfgnod JIB. BRnm.corTwr«och. to 
3-year contract exten si on. 

MINNESOTA— Signed Steve Jordan, tight 
end. to co n tr a c t far remainder ol season. 

fonsly* tackle, to practice squad 
WASHINGTON— dinned Erick Anderson, 

The Associated Prm 

CHICAGO — Negotiations 
to end the National Hockey 
League lockout were broken off 
abruptly Friday when neither 
side showed any wfflmgnes® to. 

b “\^e didn't have anytiung 
more to provide to each other, 
said Bob Goodenow, the 
union’s executive director. 
“They presented their positions 
and stated them to as today 
and, likewise, we stated oarpo- 
sitions on various issues; One 
could say we agreed to disagree 
on the issues as they were, give 
it more thought and more work, 
and see if some ideas could de- 
velop before we met again." 

There had been hope that an 
8- hour meeting -Thursday 
would pave the way for the end 
of the 63-day labor dispute. But 
after meeting for only about an 
hour Friday, collective bargain- 
ing talks were tabled untiL Mon- 

Among the issues discussed 
Thursday were a rookie salary 
cap, salary arbitration and free 
agency. But the major obstacle, 
the luxury tax, remained in tbe 
background. . 

The Canadian Press reported 
that the union had dropped its 
desired salary ceding for first- 
round draft picks to $125 mil- 
lion from $1.5 million for. first- 
round players, while the NHL 
remained at $700,000. 

The league also proposed 
that only two players per team 
per year be eligible for salary 
arbitration. The NHL PA wants 
arbitration to be binding. - 

The two sides agreed that, in 
an arbitration case, an unre- 
stricted free agent's contract 
can not be used to provide com- ' 
parisons and arrive at a deci- 
sion, a source told CP. 

On free agency, both sides 
agreed that players shall be- 
come unrestricted free agents 
upon r eachin g age 28. The 
union agreed that each team 
would be allowed to designate 
one player as a franchise player, 
who could be kmt three years 
beyemd his 28th mithdayw 

• As major league basebafftf 
owners intensify talk about uv 
mg replacement players next 
yps on , die union has taken a 
pre-emptive move Jo cut off 
what it anticipates will .be a po- 
tential source of those players. 

Gene Orza, the. union’s asso- 
ciate general counsel, con- 
firmed that the Players Associ* 
tion had asked the Department 
of Labor to certify tbe strike — 
a step that would prompt the 
Immigration and Naturaliza- 
tion Service, under federal regu- 
lation, to deny visas to foreign 
players seeking to play baseball 
in the United States. 

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tions officers with INS in 
Washington. “We couldn’t ap- 
prove petitions for players logo 
to New York and play at Yan- 
kee Stadium.” (N.YT) 

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Page 21 

Greg LeMond 
Ending Career 

By Samuel Abi 

_ f'Uemarional Herald Tribune 

^ LeMond has to say goodbye. 

Prilr??nd 3 th?li5r ee ' t i? ,e wiimer of the Tour de 
fttmee and the gratest bicycle road racer ever pro- 

(fr* 06 * m , Ul “tcd States has decided that he is no 

10 00IDpcte m ^ sport He will make a 
formal announcement on Saturday in Beverlv Hills. 


a fund niiscr for the U.S. Cvdme Pm^n-otinn 

U5. Cyding Federation. 

LeMond will be one of 14 male and female racers 
*““215,“ dinner afterward. Their records and 

m “te .record book: victories in the 1 986, *89 

v ? cu> "« m the 1983 and *89 profession- 
si wand cbdinpionship road races. 

That li^mght have been longer but for the nearly 
fatal shootog m 1987 that lost him 2 of the 14 seasons 

he has been a professional. The glory years are lone 
VtJSEJP* 6“ not finished first in a race since 
the lS^2To«r DuPont He has not even ridden in one 
smeehe dropped out of last July’s Tour de France. 

Irs probably been expected” he said of his retire- 
ment He has often reported — and displayed 

weakness and exhaustion, especially in the mountains, 
< but has been unable to specify the naysc. Now he 
thinks be can. 

“IPs time for me to get out because of physical 
problems, he explained this week on the phone' from 
Ins home in Minnesota. “It’s not just age that's been 
responsible for my performances these last few years. 
It’s not that I wasn’t motivated or just did it for the 

“I have a very big physical disability that does not 
allow me to compete at the world-class level. I have a 
physical condition that is not allowing me to race at 
the level I should” 

The condition, he continued is called mitochondrial 
myopathy. “I can’t spell it,” he said with a laugh, “but 
I can say ifs basically dysfunctional mitochondria, 
which won’t help me produce energy. My energy- 
delivery system has been off whack. It’s a mild state 
that affects my performance at a high level bat not my 
day-to-day living.” 

Parts of each cell, mitochondria produce energy 
through respiration. When they are impaired muscles 
are inquired “I hate to say it,” he continued “but it 
would mimic some sort of musc ular disease.” 

According to the Merck Manual, a standard medi- 
cal reference bode, mitochondrial myopathies are 
among a group of progressive muscle disorders of 
unknown cause that are inherited through the mother. 
LeMond said he and his doctor believe, however, that 
the condition is caused by the 40 lead shotgun pellets 
left in him when he was accidentally shot while hunt- 
ing in California on April 20, 1987. Three of the pellets 
rest in his heart lining ^ 

“Ifs very possible it could be the lead,” he said 
“We’re hoping to tie it to the lead because it would at 
least give me a clear answer for the future” 

But Dr. Michelle Taube of the Minneap olis Sports 
^edieme Center, “who has worked the last three 
months researching me,” is still not certain of the 
cause, LeMond said “Thai’s only the most Kkdy 

“It seems to be caused by something when Fm 
racing really hard We think ifs an environmental 
problem, which means most likely I mobilize lead, 
which causes damage The more 1 exercise, the more 1 
mobilize it and the more damage the lead does, spe- 
cially in multiday races. 

“And thafs why for the last three years, after four or 
five stages of a race Fm at a point where I need to quit 
racing. It’s been that way for three years now." 

The major effect of his ailment, he said, has been on 
his ability to use oxygen during a race to restore his 

Dis cus sin g the amount of oxygen he could use with 
each breath, he said, “I went from 6.2 liters of oxygen 
in February to 42 titers of oxygen during the Tour, 
even three weeks after the Tour. 

Larsson Beats Kafelnikov 
To Give Sweden 2-0 Lead 

Sa{fi Kjma/Thc Auocuicd hat 

Stefan Edberg faced match point in the last set but beat Alexander Volkov, 6-4, 6-2, 6-7 (2-7). 0-6, 8-6. 

“It makes sense now. When I was in the Tour, I kept 
saying T can’t take oxygen in.* That’s exactly what was 
going on. When everybody else was riding along pretty 
slowly and easily for them, I was riding at my max." 

LeMond is not through with medical tests, which he 
has been having mainl y in Minneapolis, near his home 
in Medina. 

“I want to get to the bottom. I want more finalized 
answers," he said. “This year has been the low point of 
my career. I have tried my hardest, mentally poshed 
myself beyond what I should, mentally and physically. 

Muscular disorder, possibly linked to 
an accidental 1987 shooting, forces 
American 3-time Tour de France 
winner out of road racing. 

I went through two very bad years, ’92 and *93. and I 
was all motivated to make a charge through what 
wotdd have been the last three years of my career. 

“But all of a sudden the realization came to me in 
the Tour de France last summer that there must be 
something wrong — this can’t be right — and that I 
had torevahiate whether I could continue in this sport. 
If I could take away the problem, I thought I could still 

Can he? “No,” he replied, a flat and forlorn “no." 
“We know it’s repealed itself for the last three years. 
I’ve got a medical condition. The doctor said, ‘Greg, 
yon can feel good and you might think you’ve recov- 
ered, but you won’t have.’ No, there won’t be any 
comeback next spring. I wouldn’t be myself, the Greg 
LeMond of *85 or *86. where I just always felt great. 

“I struggled to come back after my hunting acci- 
dent. I did win the Tour in ’89, miraculously l think 

“In the last seven years I’ve had four months that 1 

felt good and in those four months 1 won two Tours de 
France and the world championship. But in the rest of 
those years rve been just stra gg ling. 

“I couldn't figure it out Every year I had different 
reasoning s: allergies, overtraining, quarrels with my 
dad, this and that. There’s nothing more frustrating for 
an athlete than to be talented and then suddenly to 
have that talent taken away from you. 

“I never needed to race and be the last guy, getting 
pushed up hills. And that’s who 1 was this year. This 
was a do-or-die season this year for me. I did every- 
thing I possibly could, prepared myself. Ei ther I had to 
have a great season or I had to call it quits. Stop. 

“The Iasi thing I want to be considered is a rider 
who stayed on too long. Now Fm retired. I’ll try to 
have fun.” 

His ways of having fun are many and varied, includ- 
ing spending more lime with his wife and three chil- 
dren, fly fishing, downhill skiing, tennis and golf, 
mountain-bike racing and searching for antiques. 

“Thafs what I’ve done this fall.” he said. “I've been 
going to dealers for antiques, American antiques, 18th 
century, early 19th century. Federal period. Queen 
Anne period. I’ve been wanting to do that for years, 
and Tve never had the time.” 

Through his bicycle sales company he will retain 
connections with the sport. He also talked about his 
passion for mountain-bike racing, saying be might 
organize a team and might even compete in a few 
races. Although he may also fulfill his great dream of 
making it to the 1996 Olympic Games in Atlanta, 
LeMond knows now that it will have to be as a 
television commentator, not as a racer in the time trial. 

As of Saturday formally, but really as of July 8, 
when he got off his bicycle in the middle of a Tom- 
stage, LeMond has not been a racer. 

“1 want to be somewhat involved in the sport, in 
certain capacities but I don’t know what,” he said. “I’ll 
probably make it to the Tour next year, maybe as a 
television commentator, maybe as a guest. Otherwise 
TO be fishing in Montana.” 

The Associated Press 

MOSCOW — Stefan Edberg 
had to rally from match point in 
the final set and Magnus Lars- 
son likewise prevailed in five 
sets Friday, giving Sweden a 
sweep of opening singles and a 
2-0 lead over Russia m the Da- 
vis Cup final. 

Edbexg faced match point 
trailing by 5-4 in the fifth set, 
but rallied to beat Alexander 
Volkov, 6-4, 6-2, 6-7 (2-7). 0-6, 
8-6. Larsson, ranked 19th by 
the ATP Tom, followed by 
overcoming a w histling , foot- 
stomping home crowd of 
12,000, to beat No. II -ranked 
Yevgeni Kafelnikov, 6-0, 6-2, 3- 
6, 2-6, 6-3 victory. 

The opening-day setbacks se- 
verely hurt Russia’s chances of 
becoming the first unseeded 
team to win the Davis Cup. 

On Saturday, Kafelnikov and 
Andrei Olhovskiy must upset 
the top-ranked doubles team of 
Jonas Bjorkman and Jan A pell 
to keep their hopes alive and 
send the best-of-five match to 
Sunday’s reverse singles. 

Friday loss was Kafelnikov’s 
first in eight Davis Cap match- 
es. His only other loss was in his 
debut, to Germany’s Michael 
Stich in March 1993. 

Kafelnikov said he felt “men- 
tal and psychological pressure” 
after Volkov’s dramatic defeat, 
and said he said he had injured 
his left wrist in the second game 
of the crucial last seL He had 
strained muscles in that wrist 
last week. 

“It didn't really hurt but 1 felt 
very insecure. I couldn’t hit 
slices,” he said. 

Volkov bdd match point on 
his serve when Edberg drove a 
backhand down the line to send 
it to deuce. He went cm to break 
Volkov and then earned the 
critical break in the final game. 

“Maybe he played it a little 
safe.” Edberg said about facing 
match point. “I took charge of 
the match in that game. I took a 
few chances and it paid off ” 

After winning the first two 
sets, the seventh-ranked Edberg 
appeared enroute to an easy 
victory. But buoyed by the flag- 
waving, cheering crowd, Volkov 
battled back in the third set, 
then served a crowd-pleasing 
ace to take the tiebreaker. 

The 27-year-old Volkov then 
dominated Edberg in the fourth 
set with devastating passing 
shots and seemed set to take the 
match, serving for the victory in 
the final set 

“I needed to kick myself, es- 
pecially in the fifth set,” Edberg 
said. “I was a little bit de- 
1 had the match in my 
and became defensive . . . 
I felt I was getting closer and 
closer in every game in the fifth 

Having broken Volkov to tie 

FULL MARKS by Robert H. Wolfe 


1 Supreme 
5 Ohio political 

10 Tots’ pops 

25 Thus: Lbl 

18 Historic Island 

20 Neighbor of 

21 Sorbomte, par 

22 Thoughtful 

23 Baseball's Little 

24 Kind of bar 

25 Narrow furrow 

26 W.W.norg. 

27 * that this 

too too solid 
flesh would 

36 Paul Scott 

novels The 


31 Staffs anew 

32 Met tenor, 

33 Allied victory 
site, 7/18/44 

34 Dotted, as a coat 
of arms 

37 Fool 

38 Consternations 

39 tone 

41 Player for the 

43 Three-time 
League M.V.P. 

44 Old college, e.g. 

45 Syrian chief and 

46 favor 

47 Sixth-centuiy 

50 ‘Fantasia’ 

53 Sleep: Prefix 

54 Had not been 

58 Food whose 

name means 

60 Cabinet dept 

61 Cries of surprise 

62 Inventory abbr. 



Ma&re Artisans dHortogerie 

In Paris, 

I. rue de La Paix 

63 Playwright 

64 Column ending 

65 Overseas denial 

66 Pan of overalls 

67 Some clinic 
workers: Abbr. 

68 Skater BaMonia 

68 Half of sechs 

70 It's often cast 

71 Comeback 

73 ‘Repeat the 

name, please" 

77 "That’s 


80 Make sense 

81 O’Hara's* 



82 Some cards, for 

S3 Shrink 

84 West or 

85 Breaks. inaway 

88 Induce 

88 Noted 

82 Michenerbest 

93 “You know what 

94 Space prefix 

95 Ethel, to John Jr. 

96 Render 

98 Old-time actress 

100 Lanka 

101 1968 Woodward 

106 "Mazel !" 

107 Hoopater 

108 Burst 

109 Rodeo rope 

110 Before 

til Implied 

112 Discombobu- 

f 13 Tiny tantrums 

114 Women’s org. 

115 — Ababa 

116 Clientele 

117 Near-rapture 


j Much-admired 

2 Riverboal 
Robert — 

3 Michael in 

-Family Ties” 

4 Bankbook 

5 Part of a 
fore -and -after 

6 Parliament 

© /if ex York Tones Edited by IRfl Shorts 

7 Formal orders 

8 Singer Basil 

9 Spy 

10 Outlaw 

11 Hunt and Peck 

12 Alternative to 

13 Puis straight 

14 Hassock 

15 Like some 

16 Stick 

17 Key of 
Symphony No. 7 

19 Bosox pitcher 

28 Rollup 

29 About 

33 Collectible 

34 Former 

35 Good-tempered 

36 Wyler film of 

38 1976 Abba hit 

40 Greece's Mount 

42 Poster subject 

43 Jackson and 

46 In sections 

48 Lines from 
Willard Scott 

49 Postulate of 

51 Strokes 

52 Financial page 

54 Most sapient 

55 1 949 Doris Day 

56 Incubatorbabies 

57 Knocks over 
59 U follows a 


63 Saudi long 

67 Mortgage 
holder’s action 

68 United rival 

69 Flimflammed 
72 African board 


74 Oil can, maybe - 

75 Fascinations 

76 Spots 

78 Soviet scientist 

79 Gambling haven 
83 Actor Jon 

86 Skating pioneer 


87 Creator of the 
character Bfo 

88 Tropical trees 
used in golf ball 

89 Helped brown 
the turkey 

90 Light show 

91 Gaped 

92 Sesame seed 

S3 Smirk 

97 Outward. loan 

98 Divert 

99 Upw one's — 

101 Hindu epic hero 

102 The makings of 
a stew 

103 Rain hard? 

104 Wagon add-on 

105 Emit coherent 

Solution to Puzzle of Nov. 26-27 



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Contradiction, Thy Game Is Golf 

MELBOURNE (AP) — Greg Norman said Friday that he still 
believed the World Golf Tour can reach an amicable agreement 
with the U.S. PGA Tour, and that he planned to meet next week 
with PGA Commissioner Tim Finchem. 

The World Golf Tour also issued a statement, saying that it was 
“continuing to move ahead as planned” on staging six to eight 
tournaments in 1995, some of which would conflict with PGA 
Tour events, and that Norman's commitment to the new tour “is 
as firm as ever.” 

This all came a day after Finchem released a statement in which 
he said Norman had told him that he had had a “re-evaluation of 
this situation” and “would not support any venture that would 
damage the PGA Tour.” 

For the Record 

NomeddSne Morcefi, the Algerian distance, runner, and U.S. 
heptathlete Jackie Joyner-Rersee were named athletes of the year 
by the International Athletic Foundation in Monte Carlo. (AP) 
Joe Montana, the Kansas City quarterback, called “ridiculous” 
a report that he wiH retire at the end of the NFL season and said 
that he is not yet finished with football. (AP) 

Nick Faldo, with eight birdies for a record-tying 64, held a 
seven-stroke lead over Nick Price and Bernhard Longer after two 
rounds of tire Milli on Dollar Challenge golf tournament in South 
Africa. (AP) 

Taffard, Brazil’s World Cup winning goalkeeper, said he will 
play for the Japanese dub Cereso Osaka next season. (AFP) 

the set, Edberg had the added 
distraction of Russian Presi- 
dent Boris Yeltsin entering 
Olympic Stadium just as the 
Swede was preparing to start 
the next game. 

Edbog, who had been whis- 
tled at in derision by the crowd, 
paced along the baseline as 
Yeltsin and his entourage took 
their seats. 

“I saw a lot of people coming 
in, but I didn’t know it was 
Yeltsin.” Edberg said. “I just 
put it aside. I felt so happy 
being bade in the match.” 

Considering the outcome, 
“maybe I should thank Boris 
for coming in,” he added. 

Volkov did not blame Yel tsin 
for his loss. 

“I couldn't have failed to no-, 
tice when the president ar- 
rived,” he said. “I can say it 
interfered with my game as 
much as rain outside would 
have, because I had lost my 
serve by then.” 

The left-handed Volkov was 
repeatedly rattled in the first 
two sets, twice hurling his rack- 
et to the ground after failing to 
reach Edberg returns at the 
baseline. Edberg was troubled 
by inconsistent serves. 

“I've been in the same situa- 
tion. He’s probably feeling 
quite depressed tonight,” Ed- 
berg said about Volkov. “On 
the other hand, he was out of 
the match and came back.” 

Autissier’ s Yacht Hit 
By Gale and Demasted 


CAPETOWN — The French sailor Isabelle Aulissier, who 
established a record six-day lead in the first leg of the BOC 
single-handed ’round-the-world race, lost her mast in a roar- 
ing gale on Friday. 

Autissief’s 60-foot (18-meter) yacht, the Ecureuil Poitou- 
Charentes 2, was demasied about 1.200 miles from Cape 
Town, race officials said. She was in fourth place seven days 
into the second leg of the race, from Cape Town to Sydney. 

Autissier told the BOC headquarters m Charleston, South 
Carolina, where the race began in mid-September, that she 
was in no immediate danger. But race officials said the coast 
guard in South Africa had been notified and an aircraft 
placed on alert. 

Autissier, the only woman in the world's toughest yacht 
race, said in a later message to France: “Thirty knots of wind, 
sea dark, sky crying. Fm working to clear off the deck and see 
what I can do. 

“There is almost nothing left on deck, nothing left of my 
dream. But I won’t think about that now. I am safe.” 

Race officials said Ecureuil was the southernmost boat in 
the fleet and that Autissier was averaging more than 13 knots 
before her boat was demasted. 

Autissier, who is competing in her second BOC challenge, 
had her boat demasted on the second leg of the 1990 race, but 
successfully fashioned a jury rig at sea and finished seventh. 

U.S. Skier Lrndh 

Wins Cup Downhill 

The Associated Press 

VAIL. Colorado — Hilary 
Lrndh of the United States got 
her second World Cup victory 
on Friday by winning this sea- 
son first women's downhill 

Lindh, 25, prevailed by 29- 
hundredtbs of a second over 
Isolde Kostner of Italy. 

The defending World Cup 
downhill champion. Katja Sei- 
zinger of Germany, finis hed 
third. Austria's Stefanie Schus- 
ter overcame a late starting 
number to finish a career-best 
fourth, with Switzerland’s Hei- 
di Zurbriggen coming in fifth 
and Sweden’s Pemilla Wibeig 
taking sixth. 

Lindh, winning on a course 
that she admitted didn’t fit her 
style because of the tight turns 
at the bottom, was timed in 1 
minute, 45.00 seconds. Her best 
previous finish on this course 
was a sixth place two years ago. 

Kostner, the last of the top- 
seeded skiers to complete the 
run, couldn’t overtake Lindh, 

crossing the line in 1:45229. Sed- 
zinger was timed in 1 :45.44. 

Three other favorites — Anja 
Haas of Austria. Melanie Su- 
chet of France and Picabo 
Street of the United States — 
fell and did not finish. Street 
made a minor mistake early in 
her run and, in an effort to 
make up time, got out of control 
near the finish, did the splits 
and crashed. Haas had the fast- 
est intermediate time one-third 
of the way down the course 
when she feJJL 

Lindh, the 1992 Olympic 
downhill silver medalist, posted 
her first victory on the World 
Cup circuit last February in Si- 
erra Nevada, Spain. 

For the first time, d own- 
hill ers in the top seeding of 15 
were allowed to select starting 
numbers from I through 30, 
and most of the favorites chose 
numbers in the 20s. The course 
appeared to speed up slightly 
during the race as a bright sun 
glazed the snow, making it 


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Page 22 



Go, Raiders! Go! 

M IAMI — It’s late fall and 
Fm watching my son play 
football Well* O.IC, he’s not 
technically PLAYING. He’s on 
the sidelines. No. 85, standing 
near the coach, looking alert, 
hoping the coach will notice 
him and send him in. I’m not so 
sure this is a good idea, because 
the other team’s players are ex- 
tremely large. They’re supposed 
to be junior high students, but if 
they are, they apparently start- 
ed junior hig h later in life, after 
having played a number of 
years for the Chicago Bears. 

remain undaunted. They have a 
cheer for just this situation. It 
goes (l am not making this 
cheer up): 

‘They made a touchdown! 

“But it’s all right!” 

Of course they have good rea- 
son to be cheerful. They’re in no 

danger of being converted into 
gridiron roadknl by the Chica- 
go Bears. My son, on the other 
hand, is ... . 


The coach is telling him 
something: l hope it’s good ad- 

■ # t tcrr* ' _ " _ _ ... —I. 

r- .7.” *r 

In stark contrast, my son's 
tpfl m, the Raiders, consists of 
normal-sized seventh- and 
eighth-grade boys. From a dis- 
tance, with their helmets and 
shoulder pads on, the Raiders 
look big enough, but this illu- 
sion is shattered when you see 
them up dose, or when one of 
their moms walks past, tower- 
ing over them. 

For some reason the Raiders' 
opponents are always larger. 
Also they seem more aggressive. 
They punch each other a lot and 
spit and sneer and probably eat 
nve chickens on the team bus. 


This is the Raiders’ sixth 
game. So far they've won one; 
that victory was sealed when 
the opposing team, in what has 
proved to Ire the Raiders’ sea- 
son highlight so far, failed to 
show up. The Raiders lost all 
the other games, in large part 
because — at least this is how I 
analyze the situation, from a 
strictly technical standpoint — 
they have not scored any points. 

On the sidelines, we grown- 
ups yell helpful advice. 

“Tackle him ?'* shouts a Raid- 
er coach. “Somebody tackle 
him! Please?" 

“Bite h is ankles!" shouts a 

Inevitably the Chicago Bears 
score a touchdown, causing us 
Raider parents to groan. The 
Raider cheerleaders, however. 

safer sport"). And now No. 85 
is trotting onto the field; and 
now he’s taking his position on 
the Raider defensive line; and 
now both teams are lined up; 
and now my son is crouching 
down in his stance, ready to 
spring forward, and . . . 

TO BE . . . 

Offsides. Whoops. 

' O. K_, so he was a little over- 
eager. But be did fine after that, 
as far as I could tell lunging 
around out there just like every- 
body else and managing to go 
four full plays without once los- 
ing an important limb or organ. 

Meanwhile, the Chicago 
Bears, feeling smug, were 
punching each other and emit- 
ting fierce victory grunts. “I 

lory grunts. 
HIGHER,” I wanted to yelL 

Finally the game ended, and 
even though the Raiders again 
failed to score any points, we 
parents were tremendously 
proud of their efforts. We 
clapped and cheered with pride 
as they trotted off the field. 

They think we’re crazy. 

Knight-Ridder Newspapers 

Breaking Point: Free-Form 

International Herald Tribune 

P ARIS — Had she not been told she was too 
tall Toots Zynsky might have been a danc- 
er; had she spent more of her childhood sailing 
in Marblehead Harbor in Massachusetts she 
might have gone to sea. Medicine and architec- 
ture also beckoned. It all came together at the 
end of her fr eshman year at the Rhode Island 


School of Design when, having decided to quit, 
she made a tour of all the school’s departments 
and happened on the glass studio where, that 
day, the students were dressed in wild costumes 
for an experimental film. 

“1 saw them and all this hot glass swirling 
through the air. It was nuts.” She signed up and 
today her glass is in museums from Norway to 
Australia* including the Arts Decoratifs in Par- 
is, the Stedelijk in Amsterdam and, most re- 
cently, the Metropolitan in New York- 
Last year she was invited to the White House 
where one of her extraordinary colored vessels 
is in the collection. It was Christmas lime and a 
decorator had filled it with silver tinsel greatly 
mitigating the pleasure of the visit. This is work 
that is meant to be gazed at, preferably from 
below, so the play of opaque and transparent 
and the intricacy of her colors can be caught. 
At an average of $7,000 per piece, these are not 
bowls for tinsel or fruit. 

Toots Zynsky (her real name is Mary but she 
has been Toots since she was a baby) is, at 43, a 
leading studio glass artist, a field that is seeking 
legitimacy as an ail, not a craft. The distinction 
does not worry her. “No, 1 am only bored by 
it,” she says. Her work is shown in galleries, not 
shops, and next week she has a show at the 
Inart gallery in Amsterdam, followed by exhi- 
bitions in Zurich, Bergamo, Philadelphia, Chi- 
cago and Seattle. 

She works in a studio in the Bastille area of 
Paris, where her husband is a graphic designer, 
and in a former diamond-cutting house with an 
intoxicating water view in Amsterdam. For all 
the technical dewands of her work, she is very 
much a child of the 1970s, eager to be mobile. 

Sometimes she goes back to blown glass 
because it requires constant movement and she 
has built herself a collapsible oven that can. 
and does, travel everywhere. “All I need is an 
electric plug," she says. Technique does not 
hold her down. “If you eat you have to do the 
dishes and the shopping. I take it like that." 

In recent years she has perfected an original 
method of building her free-form vessels from 
layers of colored glass threads. Fine threads 
have been applied decoratively to glass for 
centuries and Zynsky herself' wound them 

Woolcr Thorn-Lawn 

Glass maker Toots Zynsky builds her vessels from layers of colored glass threads. 

around blown glass in a 1979 series appealingly 
called Dust Collectors (her reply to someone 
who asked what they were for). In 1982 she 
began using clipped green glass threads for 
what she called The Barefoot Bowl (now in the 
Coming Glass Museum) because it reminded 
her of walking barefoot in the grass. 

These days she orders colored glass rods, 10 
to 14 millim eters thick, from Murano, off Ven- 
ice, and after heating them polls them into hair- 
tike threads which are laid flat, one color or die 
other, heated up to 640 degrees centigrade, then 
manipulated with pizza spatulas and put in a 
stainless steel restaurant bowl to be cooked 
again, then adjusted into a fused form. The 
result is about a quarter of an inch thick, with 
both the rough edge and the textured surface 
suggesting the original threads. 

“It’s really like painting, it’s an identical 
thought process — the way you build up a 
painting or a drawing and then the other layers 
go on really to hold that together so if s actually 
about 30 layers of thread. They are vary solid, 
they look more fragile than they are." 

Cara McCarty, of the Museum of Modem 
Art in New York, bought two early glass thread 
pieces, although the museum’s collection em- 
phasizes factory-produced rather than studio 
glass, on the grounds that Zynsky* s technique 
not only has an ancient history but resembles 
high-tech optical fibers. 

At the time McCarty called* Zynsky' was just 
back from a long stay in Ghana with musician 
friends. “I came to Europe because I wanted 
something different from the U. S. and it is 
different, bm only a notch. I wanted a really 

strong confrontation. Ghana was fake standing - 
Snm h«d all the time, really umang. So 
amazing that she had abandonoh glass fot, 
dra^tn! The MOMA call, which she at Em 
thought was from an imposter or a joker, sent 
her back to glass. ' 

After Rhode Island, Zynskywenj to Seattle 
where the glass mast* Dale WvtjiiW; 
the Pilchuck Glass School in 1971 Today,.. 
Seattle and Murano are the two wwMoattS : 
for art glass, according to Francesca HfHyer, 
whose grandfather founded Murano s fused 
Venini glassworks and who is comp ding 
Zynsky’s catalogue. Two of Murmos finest 
glassblowers. Lino Tagliapietra and Kao Sfe- 
moretto, leach at Pflchuck in the summer. 

Zynsky taught at Pilchuck and at the New VJ 
York Experimental Glass Workshop until She. 
was liberated by her first grant from the Na- 
tional Endowment for the Arts in 1982. What 
fascinates her in glass is its limitless possibili- 

“It’s really amazing, you can do everything 
with it. You can pour it and cast it -Eke metal 
You can stretch it, carve it, saw it, you can stick it 
together. It’s the only material that you can melt 
and blow. It’s such a strange and plastic thing,! 
Thfnir that’s what keeps drawing me back to il" 

Early on, she fell confined by glass Wowing 
and worked on large “slumped glass” piecw, 
fascinated by the play between a piece and its 
reflection and by the challenge of naiKngapece 
of glass to a wall. Then she did video works. with 
Buster Simpson about shattering glass. . - 

“People said you’re doing process art but it 
had nothing to do with thaL I did it because! 
wanted to know why sometimes glassbreaks 
and sometimes it doesn't because it isn’t really 
logical We attached contact microphones to 
glass and learned it can break without your 
even seeing a crack, you just hear iL Also, I am 
fascinated by the sound of glass because I love 
sound and music.” 

In addition to music (Jessye Norman is a 
collector and the best friend of Zynsky’s 4- 
y ear-old daughter) Zynsky is fascinated by ar-. 
chi lecture, in part because both her parents 
taught architectural drawing, in part because 
she says most people who work in glass are 
interested in architecture. “It's not necessarily 
because of the use of plate glass in structure but 
there is a very strong connection.” 

In general she says that glass is not her 
favorite thing to look at, preferring binds and 
the sea. “A lot of people who work in glass want 
to turn everything into glass. I'm not that way,"- 
sbe says. 

“I don't even like glass tables. They make me 
nervous, they fed very insecure.” 





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Forecast for Sunday through Tuesday, as provided by Accu- Weather. 


\ # 


Hong Kong 
Mew Orta 





High Low 
29*4 22-71 
317 -4/2S 
23-73 19/66 
31*8 21/70 
28*2 1355 
<03 -710 
9<48 *139 

31 SB 23/73 
21.70 17*2 
19 .Cl 8/46 

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W kflgtt Low W 
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VC 3C-B6 23-71 Ml 
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* 29.1* 24 75 / 
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p= H 52 307 C 

} LTOsedscruc/y 

| Cod 

| Unseasonably 

North America 

The loading edge of colder 
a/r will bnng some rain to 
Chicago Sunday and to Ne-.v 
York and Washington Mon- 
day This should be Wowed 
by chilly, dry weatner. Toron- 
to can also have some rain 
Sunday into Monday. Ram e 
expected in Los Angelos 
Sunday with dry weather 


Windy and wot weather vmfl 
spread from En^and to the 
Baltic Sea areas by early 
next week A few showers 
will probably cros6 France 
and Germany as weO. Far- 
ther south, dry and mild 
weather wil likely continue 
horn Spain eastward Brough 
Italy. The cold in western 
Russia wid moderate. 


An area of rain will grow 
from Vietnam toward 
extreme southeastern Chna 
earty next week. Kong Kong 
may experience some of Bus 
ran. Tokyo may see show- 
ers by Tuesday, but dry 
weather Is expected prtor to 
then. Intermittent thunder- 
showers will drench Singa- 

Algers 17/52 

Ci*>e Town 2609 

Casablanca 18*4 

Harare 17*2 

Urgce, 31/88 

NavDtx 22/71 

Turn 16*1 

11/52 a 16.61 12 S3 s/l 

13C6 s 25/77 14/57 5 

10/50 VC 19*6 11*2 S 

11/52 1 2170 9*48 t 

2*/75 pc 3G«b 24/75 O' 

11/52 PC 22/71 12/S3 I 

7/44 c 18*1 8/46 i 

Middle East 

Latin America 

Today Tomorr o w Tottey Tomorrow 

Wgh Low W High Lew W Wgh Low W Mph Lew W 


Buns 14/57 10/50 PC 15*3 11/52 ah Buenos Atas 28/82 12/53 S 26/79 15/59 pc 

Cairo 12/53 6/43 c 11/52 7/** r Caracas 28*2 21/83 pc 23/84 20*8 ah 

tkurascu. 6/43 0.32 c 8/46 0/32 sir Urns 23/73 18/64 pc 23/73 18*4 pc 

jMU»Mm 9/48 6/43 c 10/50 6**3 ah Mexico dry 8170 7/44 pc 22/71 a <48 pc 

Luxor 14/57 377 pc 10/50 -1/31 ah AodaJanehn 83/91 22/71 pc 33/91 22/71 pc 

Rlyawi 22 '71 12*3 pc 20*8 6«3 s Samoa 22/71 7/4* s 25/77 9MB a 

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sn-snow, MCB. W-Wanher. AD maps, feaecaeta and (Me provided by Accu-Weether, Inc. e ISM 

North America 

Anchorage -€«2 4 

Aharrta 19*6 li 

Boston 16*1 l 

Chicago 13*6 ! 

Denver 17*2 • 

Dslrao 14*7 1 

HonaUu 27/BO T 

Houston 2*/75 r 

Los Angstes 20*8 i; 

MlafTk 28/82 Z, 

Mnnespohs 7M4 -: 

Mo/treaf 4/39 i 

Naasau 27*0 Z 

New York 18*4 it 

Tune ID 

-2ti-5 PC 
3*7 pc 
2/35 C 
-7/20 pc 
2/35 C 
21/70 pc 
14/57 c 
8/48 m 
22/71 pc 
■7/20 c 
0/32 c 
22/71 pc 
6/46 pc 
11/52 pc 
4/39 ah 
■3/27 pc 
1/34 c 
8/48 c 

A FTER three years of marriage. Richard 
/A. Gere and Cmdy Cranford are separat- 
ing, but say they have no immediate plans to 
divorce. Their statement ended months of 
speculation that the marriage was in trou- 
ble. Both hare been seen with other people 
recently while Gere was filming in London. 
“This personal and painful decision was 
made between us in July." two months after 
they took out an ad b the Times of London 
proc laiming that reports of impending di- 
vorce were “totally false." “Since that time 
we have been trying to work things out." 
they said, “but due to the recent conjecture 
in the press, we have derided to make a 
statement at this lime." . . . Meanwhile, 
lisa Marie Presley says her marriage to 
Michael Jackson is still going strong. “Once 
again, the media is being very irresponsible 
and spreading false rumors," Presley said in 
a statement “Michael and I are very happi- 
ly married, and very much in love.” The 
separation speculation, coming just after 
the couple's six-month anniversary, started 
with reports in New York and London that 
the marriage was sinking 

Roseanne and Tom Arnold's floating 
love nest is on sale now that their divorce is 

Gere and Crawford are separating. 

final They ordered the 37-foot yacht. My 
Rosey, in 1993 and paid $190,000. “They 
wanted something to escape and get away 
from the crowds," said Joe Wakeeo, who 

sold the boat to them and is selling it now 
for them. They didn't do much escaping 
Hie boat has logged only 46 hours. 

□. ‘ , •• - 

The Duchess of York said on a vial 
F rankf urt that she wanted to set up a chair? 
ty for German children and promised to 
learn German so she could keep an eye on 
iL The charity. Children in Need, already 
exists in Britain and the United States and 
helps children with serious illnesses. 

As a child, Natafie Cole grew up with the 
sounds of Nancy Wilson, Tony Bennett, 
Johnny Mathis and other pop and jazz 
greats. But when the Beaties hit it big she 
begged her father for their records. And 
what was Nat King Cole’s reaction? 
“Ehhhhhhh.” she said in a recent inter- 
view. “He was a typical dad in that sense. 
He just wanted to make sure that I was 
grounded in some other stuff." 


Tommy Time on stage in a role played Oh 
screen by Charles Laughton? This intrigu- 
ing role wiD bring the dancer and choreog- 
rapher back to Broadway next fall in “Busk- 
er Alley,” a musical based on the 1938 
British movie “SL Martin's Lane.”