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Paris, Friday, December 9, 1994 

No. 34,767 

For Divided EIJ \ a Grim View of the Summit 

By Tom Buerkle 

International Herald Tribune 

BRUSSELS — With the growing 
splits over the future shape of the Eurcv 
p«n Umon rarely more apparent, senior 
officials have prepared an agenda for the 
groim s semiannual summit meeting that 
avoids the crucial issues of how to pay 
for EU membership for East European 
countries and how to get Europe’s 17 
million unemployed back to work, offi- 
cials and analysts say. 

More broadly, the Union, whose sum- 

m it m eeting will open Friday in Essen. 
Germany, is still reeling from the grow- 
mg rift in the Atlantic alliance over Bos- 

Second of two ar ticles 

ma, and the failure of Western leaders in 
Budapest early this week to make any 
progress to stop the fighting. 

Jacques Delors, the president of the 
EU executive commission, lashed out at 
the United States on Wednesday, saying 
Washington's “hasty” initiative to h«*g »n 

considering North Atlantic Treaty Orga- 
nization membership for Eastern Europe 
was making it more difficult for the West 
to cement a stable relationship with Rus- 

But privately, EU officials said the 
Essen meeting was unlikely to come up 
with anything to ease security concerns 
in the East. One senior diplomat predict- 
ed “short-term, tactical discussions” but 
no grand blueprints. “No one is ready for 
that,” he said. 

Not Helmut Kohl, the host, who was 

re-elected in Parliament as Germany’s 
chancellor last month bv a single vote. 
Not John Major or Silvio Berlusconi, 
whose tenuous grips on power were un- 
derscored by a defeat on a key tax bill in 
Britain on Tuesday and a heated dispute 
over pension reform in Italy. Not Fran- 
cois Mitterrand, whose health problems 
have raised concern. 

“These are very weak leaders, every- 
one of them.” said Jonathan EyaL, direc- 

See SUMMIT, Page 10 

U.S. Offers Troops 
For Bosnia Pullout 

Operation by NATO Could Involve 
Up to 25,000 Americans on Ground 

Will He Run? 
Latest Signal 
About Delors 
Points to No 

By Joseph Fitchett 

Imenatwnal Herald Tribute 

PARIS — Contrary to all expectations, 
Jacques Delors — shown by opinion polls 
to be widening his lead over all other 
candidates — was the subject of serious 
speculation on Thursday that he has decid- 
ed not to run for the French presidency. 

A French official said Thursday that 
Mr. Delors, head of the European Com- 
mission, had disclosed his decision to 
Chancellor Helmut Kohl in an aside, part- 
ly in German, during a gathering of world 
leaders this week in Budapest 

If he does not nm, French conservatives 
can be confident of capturing the presiden- 
cy on top of their current big majority in 

In offering an explanation of his hesita- 
tions, associates said that a Delors candi- 
dacy would aggravate tensions in France 
about closer European unity, already a 
rancorous issue. More than any conserva- 
tive contender, Mr. Delors wants France 
to hand over more national power to the 
.European Union. 

A campaign centered on French atti- 
tudes toward Europe; even if it ended in 
victory for Mr. Delors, might prove so 
divisive that it would set bade the chances 
of closer European integration and dam- 
age relations with neighboring countries, 
especially Germany. 

No comment was available from the 
offices of Mr. Delors or Mr. Kohl about 
their reported conversation. Mr. Delors 
understands German but rarely speaks it 

Pointing to the possibility that the ru- 
mor is only an electoral manuever, Le 
Monde reported in a front-page article 
Thursday that the sudden “doubts” about 
a Delors candidacy had rekindled the in- 
fighting among French conservatives by 
suggesting that they have the field to them- 

Recently, pressure has been mounting 
on the two main contenders Jacques 
Chirac, the perennial conservative stan- 
dard-bearer, and Prime Minister Edouard 
Balladur, who has courted popularity by 

See DELORS, Page 10 


Cuban Refugees 
Biot in Panama 

PANAMA CITY (Reuters) — 
About 1,000 Cubans fled a U.S.-run 
cam p in Panama on Thurs day 
after riots in which 60 soldiers were 
injured, U.S. mffitaiy officials said. 

The Cubans, who attacked UB. sol- 
diers with stones, ran out ofthe camp 
after t earing down a barbed wire 
fence, a U.S. military spokesman, and. 

He said the 60 injured U.S. solcfcas 
were trying to quell the revolt ^nere 
were cuts and bruises but no serious 
injuries,” he said. 

The Cubans, who were transtesiea 
to Panama after they were picked up 

by the U.S. Coast Guard this summer, 

have protested the slow paw of trans- 
fers man the camps to the Umtcd 
States and other countries. Nearly 
9.000 Cuban refugees are at four 
camps near the Panama CanaL 

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By Paul F. Horvitz 

hnermnorud Herald Tribune 

WASHINGTON — The United States 
formally told its NATO allies on Thursday 
that it was willing to supply thousands of 
American ground troops — up to 25,000, 
according to one report — to assist in a 
possible withdrawal of United Nations 
peacekeeping forces from Bosnia. 

A senior Pentagon official said, howev- 
er, that Washington did not favor such a 

The high-ranking U.S. official clearly 
wished to reassure European members of 
NATO that Washington would come to 
their aid if a rescue of UN forces, many of 
whom come from Europe, is required. 

“Thai is what allies are for,” the U.S. 
official said. 

One likely result of the U.S. message is a 
serious foreign-policy fight in Congress 
that could severely test President Bill Clin- 
ton’s attempt to mend fractures in the 
North Atlantic Treaty Organization over 
B alkan policy. Mr. Clinton has long vowed 
to keep U.S. forces out erf Bosnia except to 
enforce a negotiated peace settlement 

There were signs that the White House 
hoped to put further pressure on the Bosni- 
an Serbs to reach a negotiated settlement 
by reinforcing NATO unity, by stating 
that NATO flights were continuing over 
Bosnia and by reminding the Serbs that a 
pullout of UN troops could free NATO to 
pursue vigorous air strikes. 

A senior NATO diplomat said that 
NATO military officials were very likely to 

submit a formal estimate of their require- 
ments by next week on safely withdrawing 
the 23,000 United Nations protective and 
humanitarian forces spread across Bosnia- 
Herzegovina, along with tons of supplies 
and about 8,000 IJN vehicles. 

Though no final decision on a pullout 
has been made by the UN Security Coun- 
cil, it appeared that the momentum for a 
withdrawal was building. 

“Many allies are concerned about the 
deteriorating security situation and have 
become convinced that it is necessary at 
least to do serious military pla nning on 
withdrawal," the Pentagon official said. 

Estimates from other NATO officials 
and from Pentagon sources suggested that 
the total number of troops required could 
run from as few as 20,000 to as many as 
40,000, in addition to substantial amounts 
of armored vehicles, including tanks. 

The Associated Press quoted an uniden- 
tified senior U.S. official as saying that 
Washington was willing to provide as 
many as 25,000 troops. The Pentagon offi- 
cial said that 40 percent to 50 percent of 
the total force would most likely be Ameri- 

“All of this is being done on an urgent 
basis," the NATO diplomat said, should a 
UN withdrawal “happen in a rather more 
hostile than benign environment.” 

Independent analysts have suggested 
that the UN forces, several hundred of 
whom remain virtual hostages of Serbian 
troops, may face very arduous and daneer- 

See BOSNIA, Page 10 

2 Banking Giants Weigh 
A Trans- Atlantic Merger 

JnxhiB Henna nil /Return 

Jacques Delors being applauded Thursday after be addressed a gathering of European Socialists in Essen, Germany. 

London and Dublin Crises Stall Irish Talks 

By John Damton 

New York Times Service 

LONDON — As negotiators for the 
British government and representatives of 
the Irish Republican Army prepare for 
their first meeting on Friday in Belfast, a 
hard truth has become evident: The peace 
process in Northern Ireland has bogged 

The stalling did not h a p p en, as many 
had feared, because trigger-happy gunmen 
broke the cease-fire on either the Roman 
Catholic or Protestant ride. Instead, it 
came about because the two governments 
behind the process, London and Dublin, 
are caught up in simultaneous political 

Talks are still going on in Dublin aimed 

at piecing together a new governing coali- 
tion in Ireland, after a scandal over the 
failure to extradite a pedophile priest 
forced the resignation of Prime Minister 
Albert Reynolds three weeks ago. If they 


do not soon succeed, the country will un- 
dergo a general election that almost no one 

Dick Spring, the Irish Labor Party lead- 
s' and a key figure in aligning internation- 
al support for the peace process, warned 
Tuesday that the weeks required for an 
election would spell a “prolonged period 
of instability” that “would do potential 

damage to the progress toward peace and 
reconciliation in Ireland.” 

In London, the Conservative govern- 
ment of Prime Minister John Major has 
been obsessed with a parliamentary rebel- 
lion among its own backbenchers. On 
Tuesday, the mutinous Tories brought 
about an ignominious defeat for Mr. Ma- 
jor on a tax proposal. The ruckus has 
meant that Whitehall cannot even focus on 
Bosnia, where it is thinking of withdrawing 
its troops, never mind Northern Ireland. 

To complicate matters, Mr. Major pun- 
ished the rebels by temporarily drumming 
them out of the party, thus losing his 
majority in the House of Commons. This 

See PEACE, Page 10 

By Erik Ipsen 

Jniernariotvd Herald Tribute 

LONDON — In -a merger that would 
create one of the world's largest invest- 
ment banks, Morgan Stanley, of the Unit- 
ed States, and S.G. Warburg, of Britain, 
are considering pooling their operations, 
the banks revealed Thursday. 

The move, which would form an invest- 
ment bank with total capital of $6.8 bil- 
lion, would bring together the fourth-laig- 
est U.S. securities firm with Britain’s 
largest investment bank and the leader in 
European mergers and acquisitions. 

It would create a holding company two- 
thirds owned by Morgan Stanley and one- 
third by Warburg, the companies said 

Many analysts in London and New 
York insisted that the deal amounted to a 
takeover of Warburg. 

The merger talks come as both banks 
face increasingly difficult market condi- 
tions. This has been the worst year on Wall 
Street since 1990, as investment banks face 

*or British merchant banks in general, 
the prospect that one of its erstwhile 
brightest stare cannot go it alone in today's 
global financial markets comes as a major 

“It seems that being the biggest in the 
UJK. is just not big enough,” said Johnny 
de la Hey, an analyst at S.G. Strauss Turn- 

MASKED RALLY — Members of the Popular Front for tbe Liberation of of the 
Palestijregaiberixig Thursday in Bethlehem to mark the seventh anniversary Pena, and 

AndAMdrAiOM f wItaM 

Israel’s foreign minister, Shimon 
tasser Arafat of the PLO met at the Gaza bonier. Page 2. 

White House Bomb Ends the Mushroom - Cloud War 

The Asmdeted Press , 

WASHINGTON — The Postal Service 
bowed to White House pressure Thursday 
anti chang ed plans to issue a stamp show- 
ing a mushroom cloud, representing the 
atomic bombing of Japan in 1945. 

Hie stamp, part of a 10-stamp World 
War II commemorative series, mil be re- 
placed by one depicting President Harry S. 
Traman preparing to announce the end of 
the war. 

“We are changing the design of the 
stamp because of the importance of U.S.- 
Japan relations at this critical time is U.S. 

y, and because President Clin- 
1 his views that it was appro- 
priate to do so,” the postmaster general, 
Marvin T. Runyon, said. 

Announcement of the proposed stamp, 
part of a series designed, to recall major 
events of the war, triggered protests in 
Japan and a formal objection from the 
Japanese government But postal officials 
had been reluctant to change, citing the 
feelings of U.S. veterans of the Pacific war. 

The Postal Service board of governors, 
meeting last week, reportedly told Mr. 
Runyon it supported the planned stamp 


and urged him not to change it unless the 
president called for a change. 

The switch came following two calls to 
Mr. Runyon from the White House chief 
of staff, Leon E Panetta. The State De- 
partment had also pressed for the change. 

“We agree that the atomic bomb helped 
speed the end of tbe war. But ?g?»n there 
could be more appropriate ways to depict 
that event,” Dee Dee Myers, the White 
House press secretary, said Wednesday — 
winch happened to be the anniversary of 

Sweeney, the pilot of the plane that 
dropped the bomb on Nagasaki on Ana 9, 
1945, ' three days after the Hiroshima 
bombing, also expressed concern about the 

Japan's 1941 attack on Pearl Harbor. ' 

Major General Charles W. 

ed a stamp depicting 
against a blue sky. 

The stamp, based on a paintmg by Wil- 
liam Bond of Arlington, Vi rginia, showed 
a mushroom-shaped cloud and carried the 
wording: “Atomic bombs hasten war's 
end,_ August 1945.” Japan surrendered 
within a week after the bombings. 

bull in London. “The home turf of Britain 
is just not big enough.” 

Philip Gibbs, an analyst at Barclays de 
Zoete Wedd. listed the benefits of the deal 
for Morgan Stanley as “synergy, cost sav- 
ings, plus a very strong European fran- 

Shares of Warburg soared on the news. 
But analysts emphasized that die rise in 
share price was less a vote of confidence in 
the merger than in the belief that a cash 
bidder might emerge for Warburg. Morgan 
Stanley has proposed a simple exchange of 

In the last month, both J.P. Morgan, the 
American bank, as well as HSBC Hold- 
ings, owners of the Hongkong & Shanghai 
and Midland banks, were rumored to be 
considering a bid for Warburg. Some ana- 
lysts put the potential value of a share of 
Warburg at up to £12 ($18.75). 

On Thursday it closed at 791 pence, up 
119 pence on the day on heavy trading 
volume. The fact that Warburg’s shares 
soared in the hours before tbe announce- 
ment of a possible merger led to wide- 
spread calls in London for an investigation 
of possible insider trading. 

Warburg has been seen as a potential 
candidate for acquisition ever since it 
stunned tbe London market in October 

See MERGER, Page 10 

Links to Russia 
At a Low Point, 
U.S. Aides Say 

By Steven Greenhouse 

New York Tima Service 

WASHINGTON — Stung by Moscow 1 ? 
opposition to their proposal to expand the 
North Atlantic Treaty Alliance, Clinton 
administration officials acknowledge that 
relations with Russia have sunk to their 
lowest level in years. 

Eager to ease the tension, administra- 
tion officials said that high-level contacts 
had opened and that Vice President A1 
Gore would seek to mend fences next week 
in Moscow. 

Several officials said they were surprised 
by the bitterness of the attack against NA- 
TO's expansion that President Boris N. 
Yeltsin made Monday in Budapest, saying 
that he was not merely playing to his 
domestic audience bnt was underlining im- 
portant differences between Moscow and 

“We obviously have some very serious 
problems about how we are going to deal 
with Russia over the next months and 
couple of years about the future of Eu- 
rope,” a senior administration official said. 

The differences were underlined last 
week in Brussels when the Russian foreign 
minister, Andrei V. Kozyrev, angered and 
embarrassed the United Stales and other 
NATO members by refuting to sign docu- 
ments spelling out Moscow's plans to co- 
operate with what NATO cans the Part- 
nership for Peace, a loose association with 
former Soviet-bloc countries. 

Tensions are also running high over Bos- 
nia, with Russia joining France and Brit- 
ain in opposing the administration's calk 
--now renounced— for air strikes aping 
the Serbs. Russia also blocked a Security 

See TIES, Page 10 


Page 2 


Russia Gets 
7 Captives, 
But Delays 


MOSCOW — Moscow 
played a waiting game Thurs- 
day with the rebel republic of 
Chechnya, which is tinged by 
Russian troops and tanks and 
poised for war. 

After two days’ delay, a se- 
nior Russian mili tary officer fi- 
nally reached the Chechen capi- 
tal, Grozny, in the evening and 
collected seven Russian prison- 
ers captured while fighting un- 
dercover with the Moscow- 
backed Chechen opposition last 

The separatist leader of 
Chechnya, Dzhokar Dudayev, 
promised to free all Russian 
captives during tatfcs on Tues- 
day with the Russian defense 
minister, Pavel S. Grachev. 
Fourteen captives had been re- 
turned before Thursday, and 
Mr. Dudayev said that one Rus- 
sian remained in a Grozny hos- 

“I think Dudayev’s move was 
motivated by humane feelings,” 
the Russian officer, Colonel- 
General Ivan Chizh, said in 
Grozny after the handover. 

But General Grachev indefi- 
nitely postponed his return to a 
mountain town near Chechnya, 
where he had been expected 
Thursday for more talks with 
Mr. Dudayev, the Itar-Tass 
press agency said. 

The official Russian agency 
gave no reason for the post- 

Earlier, a Russian govern- 
ment center formed to handle 
the Chechen crisis said that Mr. 
Dudayev had dropped objec- 
tions to holding peace talks 
with local opposition forces. 

It said that representatives 
from Moscow and the two Che- 
chen sides would begin talks in 
the southern Russian town of 
Vladikavkaz on Monday after- 
noon. But Chechnya swiftly de- 
nied the Russian statement 
“The Chechen republic's del- 
egation agrees to meet only the 
Russian Federation’s delega- 
tion, ” a spokesman for Mr. Du- 
dayev told Itar-Tass. 

Mikhail S. Gorbachev, who 
was presiding over the final 
days of the Soviet Union when 
Mr. Dudayev declared his re- 
public’s independence from 
Russia in 1991, offered Thurs- 
day to mediate in the conflict 
Mr. Gorbachev made the offer 
in a telephone conversation 
with Mr. Dudayev. 

Moscow has shown its hand 
in Chechnya more and more 
openly since its soldiers were 
captured last month. 

On Wednesday, Moscow or- 
dered Chechnya to drop its in- 
dependence bid or face a fierce 
dampdown. Mr. Dudayev as- 
serted that the Russian stance 
was forcing Chechnya into war. 

Both houses of the Russian 
Parliament met Thursday on 
the crisis. 

■ jgj' 

Kurdish Lawmakers 
Sentenced by Turkey 

Case Draws Western Charges 
Of Human-Rights Violations 


By Kelly Couturier 

Washington Pott Serrice 

ANKARA — In a trial that 
has raised questions about the 
limits of democracy in Turkey, 
a Turkish court sentenced eight 
Kurdish members of Parlia- 
ment to prison terms ranging 
from 3 to 15 years on Thursday 
for their involvement with a 
Kurdish separatist terrorist 

Hours before the sentences 
were announced, the State Se- 
curity Court dropped treason 
charges — which carried the 
death penalty — against the 
eight Seven of the Kurds were 
members of the pro-Kurdish 
Democracy Party, abolished by 
the government in June. In- 


Chechens near Grozny using a ladder Thursday to cross a bridge damaged in air raids. 

they were charged under 
articles of the Turkish penal 
code that involve aiding and 
abetting outlawed groups. 

Sentenced to IS years were 
Ley la Zana, the only woman in 
the group, as well as Ha tip Di- 
de, Ahmet Turk, Orhan Dogan 
and Selim Sadak for urging sup- 
port for the outlawed Kurdish 
Workers Party, or the PKK, the 
Marxist separatist group that 
has been waging a bloody insur- 
gency in the country’s south- 
eastern provinces for more than 
a decade, and for acting on or- 
ders from the Workers Party 
leader, Abdullah Ocalan. 

Sedat Yurttas was sentenced 
to seven and a half years in 
prison for urging people to sup- 
port the Workers Party and 
praising its cause, and Sixri Sa- 
Irik and Mahmut Aimak were 
each given a three-and-a-half- 
year sentence for spreading sep- 

aratist propaganda; however, 
their release was ordered on the 
grounds that they had already 
spent nine months in jafl. 

Six of the deputies have been 
jailed since March, when their 
parliamentary immunity was 
lifted at the request of the State 
Security Court, which handles 
cases related to terrorism. The 
two others were arrested after 
the Democracy Party was abol- 
ished in June. 

Videotaped speeches and 
taped telephone calls were used 
as evidence in the trial, which 
was widely decried by human- 
rights activists in Turkey and 
the West as a denial of freedom 
of speech and the democratic 

Turkey is to sign a customs 
union agreement with the Euro- 
pean Union this month, but the 
trial has further damaged its 
ties with the West, which has 
been pressuring Turkey to im- 
prove its human-rights record. 
The European Parliament sus- 
pended contacts with Turkish 
counterparts over the trial, and 
international observers said 
they would protest the sentenc- 
ing to international organiza- 

The U.S. State Department 
stated its “deep concern” over 
the trial, while President Fran- 
9 ois Mitterrand of France sent 
a letter to European leaders 
urging support for the Kurdish 

p arliamentarians- Turkey lias 

grown increasingly sensitive to 
outside criticism of its handling 
of the Kurdish conflict, stress- 
ing that there is no “Kurdish 
prbblem” in Turkey, only a ter- 
rorism problem- 

Slasher Attacks Shoppers in En^and 

LONDON (Reuters) — A man aimed with a knife sja^edAe 
throats of 14 people, mostly women, at random ina department 
store in Binmngham on Thursday before bring anesteo. ■ 

The man calmly walked around a R ackh aro s st ore with two 

nerebeated far wounds or shock; 14 were treated for stab or slash 
wounds, fln d 2 were seriously hurt- 

Peres Meets Arafat 
To Reinforce Peace 


EREZ, Gaza Strip — Lead- 
ers of Israel and the PLO, about 
to receive the Nobel Peace 
Prize, announced Thursday 
that they were searching for a 
way to save the accord they 
signed 15 months ago. 

Foreign Minister Shimon 
Peres and Yasser Arafat, chair- 
man of the Palestine liberation 
Organization, put their best 
faces forward alter a one-hour 
meeting, each addressing the 
other’s concerns in the next 
phase of their deal — Palestin- 
ian elections and Israeli securi- 

“Chairman Arafat and my- 
self checked today several op- 
tions and each of us would like 
to contemplate it for some time 
before we shall see what will be 
the best approach to handle the 

ask the butter... 

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differences and the dilemmas 
which are inherent,” Mr. Peres 

He told reporters the two of 
them and Prune Minister Yitz- 
hak Rabin, who will share the 
prize with them in Norway on 
Saturday, would hold talks 
while in Oslo. 

Mr. Peres met Mr. Arafat at 
the Erez crossing between Israel 
and the Palestinian-ruled Gaza 

Mr. Arafat in charge of Gaza 
and Jericho since the Israeli 
handover in May, wants early 
elections there and in the West 
Bank but must first negotiate 
details for redeploying Israeli 
troops away from still-occupied 
West Bank Palestinian towns. 

Several hours after the Peres- 
Arafat meeting, Israel's govern- 
ment, ending throe days of de- 
bate, reaffirmed its support for 
the peace deal. 

■ 9 KiDed in South Lebanon 
In southern Lebanon, nine 
>ro-Israeli militiamen were 
led and 10 others wounded 
Thursday in two separate Hez- 
bollah bomb attacks, Agencc 
France- Presse reported. 





Belgian Chicken Farm 
Is a Borderline Case 

The good intentions were 
there, and the will to work 
together, but then, apparent- 
ly, business got in the way. 

Even in the days before the 
Maastricht treaty, towns 
along a stretch of the French- 
Bclgian frontier had formed 
what they called the Euro- 
zone, to promote cross-bor- 
der cooperation. 

That’s why officials in 
Wattrdos, cm the French side 
of the border, couldn’t under- 
stand how their Belgian coun- 
terparts in nearby Estai m puis 
could have authorized con- 
struction of a huge chicken 
farm — projected population, 
512,000 — without consult- 
ing them. Well, they can 
imagine: The farm would cre- 
ate 30 jobs, no small argu- 
ment in local politics. 

It would also create a nau- 
seating smell, constant noise 
from trucks coming and go- 
ing, and runoff from nitrates 
and ammonia, say its French 
detractors. Ecologists have' 
asked the European Commis- 

sion in Brussels for help, but 
to little avaflL 

This type of intensive 
chicken fanning was banned 
years ago in France and in 
Flemish Belgium, but it re- 
mains legal in French-speak- 
ing Belgium. Officials in 
France are now pushing for 
an EU-wide ban. 

Around Europe 

Since tile death of Franco 
in 1975, the copious calendar 
of religious holidays in Spam 
has dwindled, losing about a 
half-dozen festival days, in- 
cluding Ascension and Cor- 
pus Christi. But frustrated 
businessmen and industrial- 
ists say it hasn't shrunk 
enough- This week, for exam- 
ple; Tuesday was Constitu- 
tion Day in Spain and Thurs- 
day was the Immaculate 
Conception. So by taking 
only two or three work days 
off, Spanish employees could 
manage two four-day holi- 
days or one nine-day vaca- 
tion. Spanish employers say 
this is madness — they expect 
all absenteeism records to be 
broken and production to 
plummet by some 300 billion 
pesetas, reports Le Soir of 
Brussels. The Roman Catho- 
lic Church is willing to admit 
that there are still too many 
holidays in Spain, but says 
it’s time for a nonreligious 

holiday to be dropped, like 
Constitution Day. Leftist 
politicians strenuously dis- 

FIEp Andronik, a 13-year- 
old Sarajevo schoolboy, start- 
ed a rather unusual collection 
in 1992, when war broke out: 
He has kept every empty box, 
tin can, tube or bottle — ev- 
ery bit of packing material — 

in which humanitarian aid 

has come for his family, 
which includes his mother 
and brother. The count to 
date: 51 tin cans and 484 oth- 
er containers. It hasn't been 
easy: Every used Item has to 
be washed, and water is ob- 
tained in Sarajevo at some 

A gang of four or five 
masked men intercepted a 
truck from Hungary as it was 
arriving at Rungis, Paris’s 
wholesale food market, Sun- 
day night. The men locked 
the drivers in a walk-in cod- 
er, then drove off with their 
booty — 13 tons of goose 
liver patfe, worth about 
700,000 francs ($130,000). So 
far there are no suspects. But 
authorities may want to keep 
an eye open for anyone mak- 
ing extraordinarily large pur- 
chases of Sauteroes. 

Brian Knowlton 

Bossa Nova’s Antonio Jobim Is Dead at 67 

Compiled by Our Staff From Dupatcha 

NEW YORK — Antonio 
Carlos Jobim, 67, the Brazilian 
bossa nova composer whose 
song “The Girl Fran Ipanema” 
is a classic of the genre; died of 
heart failure Thursday at a New 
York hospital 

Mr. Jobim, Brazil's most 
prominent songwriter, was 
among the composers who de- 
veloped the bossa nova sound 
in the early 1960s. “The Girl 
From Ipanema," which 

charmed the world with its sen- 
sual rhythm and romantic lyr- 
ics, earned him and the saxo- 
phonist Stan Getz four 
Grammy awards. 

Mr. Jobim also wrote hits 
such as “Desafmado," “One 
Note Samba,” "Waters of 
March,” “Quiet Nights of Quiet 
Stars," and “How Insensitive.” 

He also recorded with such 
stars as Frank Sinatra and the 
British singer Sting. 

In the late 1950s, Mr. Jobim 
helped write the music for the 
French film “Black Orpheus," 
which won an Academy Award 
as best foreign film in 1959. 

Then, Mr. Jobim met JoSo 
Gilbert©, who was in the pro- 
cess of inventing the bossa 
nova, as the mixture of samba 
and jazz came to be called. They 
began to collaborate. 

(Reuters. AP) 

Edward Madigan, 58, Chief 
Of Agriculture Under Bush 

(AP) — Edward Madigan, 58, 
secretary of agriculture in the 
Bush administration and a 10- 
term congressman from central 
Illinois, died Wednesday. 

He was diagnosed with lung 
cancer earlier this year and was 
hospitalized last week. 

Mr. Madigan, a moderate 
Republican from Lincoln, was 
elected to the House in 1972. 
He lost his bid in 1989 for Re- 
publican whip to Newt Ging- 
rich of Georgia, 

Enrique Lister, 87, General 
Of Republican Spain in War 

MADRID (AP) — Enrique 
Lister, 87, one of the most not- 
ed Republican generals of the 
Spanish Civil War and a former 
Communist Party leader, died 

After the Republic’s defeat in 
1939, Mr. Lister left for the for- 
mer Soviet Union, of which he 
became a citizen. There, he con- 
tinued his military career, fight- 
ing in the Soviet, Polish and 
Yugoslav armies during World 
War II. 

Alun Owen, 69, Who Wrote 
Screenplay for Beatles FUm 

LONDON (AP) — Alun 
Owen, 69, Oscar-nominated 
screenwriter for the Beatles* 
film “A Hard Day’s Night,” 
died Tuesday, said his agent, 
Felix De Wolfe. The cause of 
death was not announced. 

Anthony A Beans, 93, a bank- 
er, financial consultant and col- 
lector of fine watches who 
served as a consultant to the 
Metropolitan Museum of Art 
and Rolex Corp., died of heart 
failure on Nov. 28 in New York. 


Mr. Dekroix, whose villa in 
Provence is at the center of 
die tax fraud allegations. 


him grab 

Belgian Defense Q 

BRUSSELS (AP) —Defense 
Ministe r L6o Ddcroix resigned 
Thursday after allegations of 
A m fraud in connect! cm with a 
villa he owns in the south of 
France. He was the fourth high 
government official to be 
Forced out in a year of political 
sc andals. 

Mr. Ddcroix said he stepped 
down to keep the government 
from becoming implicated in 
the affair, and observers said 
that the center-left coalition of 
Prime Minister Jean- Lac De- 
was expected to survive. 

Mr. Ddxaene announced later 
that Karel Pinxten, a member 
of the Flemish wing of the 
Christian Democratic Party, 
would become the new defense 

Mr. Ddcroix had denied ear- 
lier this year he owned a villa in 
Provence, but acknowledged 
otherwise Wednesday. 

Slovak Coalition Exdudes the Center 

BRATISLAVA, Slovakia (Reuters) — Slovakia’s prime minis- 
ter-designate, Vladimir Meciar, will form a coalition government 
with leftist and extreme-rightist parties cm Sunday, raiding a two- 
month political stalemate, according to his party. 

Mr. Medar’s Movement for a Democratic Slovakia, which won 
35 percent of the vote in October on a populist-nationalist 
platform, said Thursday it would sign a pact with the extreme- 
rightist Slovak National Party and the leftist Slovak Workers 
Party. The three parties had already fanned a loose 83-seat voting 
bloc in the 150-member Parliament 

The new cabinet, if accepted by President Michal Kovac and 
approved by Parliament, would be in sharp contrast to the current 
centrist government, installed after Mr. Meciar was toppled in 
March by a parliamentary vote of no confidence. 

Chinese Group Appeals on Dissident 

BEUING (Combined Dispatches) — A group of 22 prominent 
rhjnfly * intellectuals and dissidents appealed to the authorities 
Thursday to halt what they said was police harassment of a former 
student dissident leader, Wang Dan. In an open letter, the group 
deplored the treatment of Mr. Wang and called on the interna- 
tional c ommuni ty to take up his case. 

Mr. Wang, 25, who has bran under 24-hour police surveillance 
since the fifth anniversary on June 4 of the 1989 crackdown on the 
democracy movement, filed a suit against the Beijing Public 
Security Bureau on Monday, claiming violation of his civil rights. 

(AFP, WP ) 

3 Die, 150HiutmBaii^adeshClasl^ 

DHAKA, Bangladesh (Reuters) — Three people were killed 
and nearly ISO wounded Thursday when police tired on strikers 
and their supporters in southern Bangladesh on the second day of 
an opposition-led general strike, activist leaders said. 

They said the police fired on thousands of activists, mostly 
members of the opposition Awami League party, in the town of 
FenL The police said they acted in self-defense after the crowd, 
which they said included people with firearms and bombs, turned 
on them. Officials in Feni confirmed only one death and said there 
were more than 25 policemen among the wounded. * 

The police later raided Feni College, a stronghold of anti- 
government students, arresting 53 activists and seizing weapons 
and explosives. Opposition parties called the strike in an attempt 
to force early elections under a neutral caretaker administration. 

North Korea Cooperating, UN Says 

VIENNA (Reuters) — North Korea is cooperating fully with 
the International Atomic Energy Agency over the freeze of its 
nuclear power industry, Hans Blix, head of the agency, said 

Mr. Blix said that talks between the UN agency and North 
Korean officials in Pyongyang had been constructive and that 
more negotiations were planned for January. North Korea, he 
said, had indicated its willingness to consider additional inspec- 
tors and to facilitate the granting of visas. 


Gales Blow In, Disrupting England ■ 

LONDON (Reuters) — Gales lashed Britain Thursday, dis-j 
rupting shipping, closing bridges and snapping off the lop of the 
giant Christmas tree in Trafalgar Square in London. 

After the mildest November recorded in Britain, winter strati 
with a vengeance. Cross-channel ferries to France were disrupted. 
The Severn Bridge leading into Wales was blocked after three 
tracks were blown over. Drivers were hit hard as storms knocked 
down trees, and torrential rain caused Flooding in many areas. In 
London, the top snapped off the Christinas tree that is given to the 
Bntish capital by the people of Norway each year. 

Big Ben win be fit with energy-saving lamps for New Year’s. Ray 
PowdL chairman of the House of Commons committee in charge 
ra parliamentary buildings, said Thursday the work on the clock 
that towers over Parliament would take about three weeks and 
would save about £1,000 ($1,600) a year. (Reuters) 

Greece banned the use of mobile phones while driving because of 
a dramatic nse m accidents. Starting Monday, "anyone stopped 
torsixmking on a mobile phone while driving will have to pay a 
5,000 drachma fine on the spot,” about $21, a Public Older 
Ministry official said Thursday. (Reuters) 

USAfrica Airways will add two more flights weekly from Johan- 
^burg to Washington, bringing its weekly connections between 
Sou f h A^ca and the United States to six. The airline, the only 
earner to directly link South Africa and the United States, said the 
flights would begin next week, on Tuesdays and Thursdays. (AFP) 

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Page 3 



Republicans Dump Rule Book and Write a New One 


cS^ST*' Sara Heucr ’ s«d that Mr^McDouga) the 
had i hc Whi “ w ? ter real csratevm- 

2-w?- d ■ n i ,£ . ed !hat he was officially a target of Mr 

*“»■“* Such letters an: commonly in bv proscci 
tore prcpanng to seek a grand jury indictment. P 

An indictment of Mr. McDougal would be the ne\L maior 

M? Sta? dS Q ST CrSed “k 3 t ? reful Prosecution strategy as 
Son SHaImaS . ca " thaI has ^ own from an investiea- 
SLJST"? Arkansas savings and loan to an investigation 
r ^T ndUel al high ,eveJ s of government 

with We£Sr h I^H,?l^ a i? nOU . nCed r ^ p,ea agreements, one 
V Hubbe11 ' a close fr| end or the president sand 

anTloaTSI? If l , 0rne> generaK and another with a savings 
rr to a PP rais er. It is unclear how the plea 
afr f^ lhe Cli n , ? ns - So ra r. there is no direct 
evidence of wrongdoing on their part. , \\’P) 

Texas Republican Sets Presidential Bid 

ATLANTA — Senator Phil Gramm said Thursday he 
would open his campaign for president on Feb. 24. ’just 
ofT on a lour of states due lo hold early primary 

p ^hc Texas Republican is the first among about a dozen 
p prospective Republican presidential candidates to announce 
a hrm date for his declaration. ( Reuicrs I 

. Worth Vows to Run Again but Hot Sw 1996 

WASHINGTON — A month after he lost in the Virginia 
Senate race to Charles S. Robb, the Democratic incumbent. 
Oliver L. North said that he did not intend to run for anv 
office in 1996. 

• . “There is a lime and place for everything," he said in an 
interview with CNN. “And the time and place for Oliver 
North to run for office is not 1 996 in Virginia." He added: "1 
do know I'll run again. But I don't know what the office is or 
if it's 1998.’* 

Mr. North said he would turn his energies to raising money 
for his political action committee. V-PAC; campaigning for 
■' Republicans, devoting more time to his family and business 
and serving as host of a daily radio talk show. (NYT) 

PM Gunman Mistake a Tourist for Clinton? 

WASHINGTON — The Colorado man who opened fire 
at the White House on Oct. 29 believed he was shooting at 
President Clinton after having seen a gray-haired man walk- 
ing in the compound, law-enforcement officials said. 

The man, Dennis Basso, 40, of New York, who somewhat 
resembles Mr. Clinton, had just emerged from the White 
House as part of a private tour. He was thrown to the ground 
by Secret Service agents as Francisco M. Duran began firing 
with a semiautomatic assault rifle, said the federal officials, 
who spoke on the condition of anonymity. 

Mr. Duran has been charged with attempting to assassi- 
nate the president. On Thursday, prosecutors filed four 
additional firearms charges against him. He pleaded not 
guilty. (NYT, Reuters) 


Representative Kweisi Mfume, Democrat of Maryland 
and chairman of the Congressional Black Caucus, the day 
afier House R^ublicans voted to cut off funds for his ana 
other caucuses: “We view yesterday's action by the Republi- 
can Conference as ah assault on diversity in the Congress and 
an attempt to disempower communities through congressio- 
nal ethnic and philosophical cleansing." ( Reuters ) 

Leader of Mexican State 
Sworn In Amid Protest 

The Associated Press 

Mexico — Amid threats of re- 
tewed insurrection and charges 
»f vote fraud, the ruling party’s 
andidate was sworn in Thurs- 
lay as governor of Chiapas 
tale in southern Mexico. 

President Ernesto Zedillo 
’once de Le6n and 200 law- 
nakers attended the inaugura- 
iOD of Eduardo Robledo Riu- 
6n at the National Theater. 
Security concerns led officials 
o move the ceremony there, 
everal blocks away from the 
tatehouse, where a crowd of 
nrKan and peasant protesters 
welled to 3,000 Thursday 

Hundreds of riot police, 
landing shoulder to should®; 
unounded the protesters. 

Opponents had vowed to 
dock Mr. Robledo's inaugura- 
ion by force, but there was no 

The inauguration posed the 
first crisis for the week-old gov- 
ernment of Mr. Zedillo, who 
has pledged to reform the polit- 
ical system. Mr. Zedillo’s Insti- 
tutional Revolutionary Party 
has governed Mexico for 65 

Indian rebels and the leftist 
opposition accuse Mr. Robledo 
of winning the Aug. 21 elections 
through fraud and say Amado 
Avendano Figueroa of the 
Democratic Revolutionary Par- 
ty is the legitimate winner. 

Official results gave Mr. 
Robledo 51 percent of the vote 
to 34 percent for Mr. Aven- 

The Zapatista National lib- 
eration Army, one of the groups 
that opposes Mr. Robledo’s in- 
auguration, rebelled Jan. 1 to 
press for better living condi- 
tions for Indian peasants in 
Chiapas, Mexico’s poorest 

Federal Court Overturns 
Arizona Law on English 

l Ua Angeles Tunes Service 

’ -Jf^ranriscTniled that the statute, enacted into law by 

*«We cannot agree, nowevw, w™. ~ 

^ way a fair, effective, or appropriate means of 

SUute Coon cleared the way for private 

Sf £ rulesfor then workers. 

By Michael Wines 

New York Tuna Service 

WASHINGTON — Ripping up the 
rulebook by which Democrats con- 
trolled the House of Representatives 
for 42 years. Republicans have offered 
a radical new one which, they promise, 
will moke the unwieldy chamber small- 
er, more open and far more parsimoni- 

The changes would dismantle three 
House committees and 25 subcommit- 
tees. eliminate 660 committee employ- 
ees, end closed-door hearings ana un- 
recorded committee votes, and require 
any tax increase to be voted by three- 
fifths of lawmakers rather than half. 

The next House speaker, Newt 
Gingrich, said that the individual 
changes were, in a way, outweighed by 

the collective message they send to the 
nation’s angry electorate. 

“Hie biggest thing fell beyond the 
Beltway is that we are doing real 
things,” he said. “For the first tune in 
many, many years, there is a political 
leadership that is doing after the elec- 
tion. exactly what we said we were 
going to do before the election." 

The changes announced on Wednes- 
day still have to be approved by the 
full House, and some are sure to rankle 
those Republicans whose power and 
prestige will ebb as their committees 
shrink. But given Mr. Gingrich's hold 
on the new majority — a grip that 
would be further strengthened by the 
changes proposed — it seemed unlike- 
ly that much of the package would Ise 

The next chairman of the Rules 
Committee, Representative Gerald 
BJi. Solomon of New York, said the 
proposals amounted to the farthest- 
reaching overhaul of House proce- 
dures since Congress passed its own 
reorganization law in 1946. 

“This is what the American people 
have been calling for,” he said. “We 
are going to try to restore this body to 
the once-proud body that it was in the 
eyes of the American people." 

To do that, the Republicans propose 
to do away with a multitude of regula- 
tions and restrictions that have dictat- 
ed, for better or worse, the basic func- 
tions of the lower chamber. 

The most eye-catching of the pro- 
posals, affecting committee sizes and 
staff, were also part of the “Contract 

With America" that was the House 
Republican campaign platform this 

A top aide to the House Democratic 
leadership, who spoke on condition of 
anonymity, said Wednesday that even 
Democrats were likely to vote for 
many of the changes. 

The Republicans plan to abolish 
three panels — the Merchant Marine 
and Fisheries, Post Office and Civil 
Service, and the District of Columbia 
committees — giving their duties to 
existing committees. 

As promised in their contract, they 
also propose to cut the overall staff of 
House committees from about 1,960 
workers to about 1,300 next year. 

They would also require committee 

chair men to eliminate 25 of the 120 or 
so existing subcommittees. But the 
committee changes go beyond simply 
streamlining the House's lawmaking 
authority. The new majority also pro- 
posed on Wednesday to limit the ten- 
ure of committee chairmen to no more 
than three House terms, or six years, 
dealing a serious blow to a seniority 
system that Democrats tried half-hear- 
tedly to dismantle in the late 1970s. 

And the Republicans moved to fur- 
ther limit the power of committee 
chairmen by prohibiting several panels 
from claiming authority over impor- 
tant or politically popular bills. The 
effect would be to avoid logjams like 
the one over health-care legislation, 
when three House panels tried to write 
Lhree separate and contradictory bills. 

CIA Offers $410,000 
In Sexual Bias Suit 

By Waller Pincus 

tYaihimgt m Pan Stmce 

CenLral Intelligence Agency has 
agreed in principle to pay 
$410,000 to settle a sex dis- 
crimination suit brought by a 
senior case officer who alleged 
her career was ruined after she 
reported a male subordinate for 
beating his wife. 

The officer, a 24-year veteran 
who was CIA station chief in 
Jamaica from 1989 to 1991, al- 
leged that the agency falsely ac- 
cused her or bong an alcoholic 
and seductress after she disci- 
plined the wife-beater. 

If the settlement receives fi- 
nal approval. Lhe deal would 
avoid a trial in which the officer 
had planned to allege that alco- 
hol abuse and promiscuity were 
widespread among the agency's 
officers. Her contention was 
that male CIA officers were not 
punished for engaging in such 
behavior, while she was cen- 
sured by agency investigators 
based on false charges that she 
had done the same. 

The lawsuit, along with the 
threat of a class-action disr 
crimination suit by more than 
100 of the agency's female case 

officers, has brought additional 
bad publicity to the service, al- 
ready in disrepute because of 
the spy Aldrich H. Ames. 

The woman has used the 
pseudonym “Jane Doe Thomp- 
son" in the lawsuit, filed in Al- 
exandria. Virginia. In a state- 
ment released Thursday, the 
CIA director, R. James Wool- 
sey Jr., said the settlement 
“does not concede the asser- 
tions of gender discrimination" 
that the woman made in her 

“The goal was to achieve clo- 
sure on Ms. Thompson’s 
claims," the statement said, 
“and put this case behind us." 

Mr. Woolsey said his “one 
overriding reason" for settling 
was his determination to “focus 
on the future, not on litigation 
based cm events of several years 

He used similar language in 
his attempts in September to 
end public focus on the Ames 

Before filing charges against 
her subordinate, the officer had 
an exemplary record and was 
one of die few women in the 
agency to become a chief of 

Simpson Trial Nears 
End of Jury Selection 

Swvc ManbfRniim 

Officials examining a car crushed by a crane that fell from the roof of a casino in I .atighlin, Nevada, kflUng 3 people. 

Away From Polities 

Compiled by Our Staff From Dispatches 

in on the end of a two-month 
process, the judge and lawyers 
in the OJ. Simpson murder tri- 
al have completed their ques- 
tioning of alternative juror can- 
didates and begun weeding out 
the group of panelists who have 
come this far. 

Two prospective alternative 
jurors were allowed to leave. 

“This is for someone who 
doesn’t have a life," a 53-year- 
old telephone company worker 
said after Superior Court Judge 
Lance A. I to dismissed her. “I 
have a life.” 

The woman and another pro- 
spective alternative, who said 
he was unemployed, were dis- 
missed after being questioned 
in Judge Ito’s chambers. That 
left a pool of 40 under consider- 
ation for the 12 alternative posi- 
tions. Attorneys were to start 
reducing that figure Thursday 
by exercising peremptory chal- 

The alternative jurors would 
be called into action if any of 
the paneTs original 12 members 
were excused between now and 
the end of the trial 

There have already been indi- 
cations that this may happen. 
Judge I to has said allegations of 
misconduct might force the re- 
moval of one or more of the 12 
jurors, who were sworn in a 
month ago. Misconduct can in- 
clude anything from improper 
contact with attorneys to inad- 
vertent exposure to publicity 
surrounding the case. 

Three of the 12 members of 
the jury were questioned by the 
judge in private on Wednesday 
and tola to return Thursday, 
when Judge I to “will announce 
the status of the jury,” said the 
main defense attorney, Robert 
L. Shapiro. 

The jury now includes eight 
blacks, two Hispanics, one 
white and one person of mixed- 
race. Eight are women and four 
are men. 

• A federal judge in Engene, Oregon, has 

blocked the cmmtry’s first assisted sui- 
cide law, which allows doctors to pre- 
scribe lethal doses of drugs to terminally 
ill patients. (Reuters) 

Failures of design, construction and in- 
spection caused more damage in the Los 
Angeles earthquake last January than 
building-code deficiencies, in many 
cases, engineers commissioned by the 
state of California have found. (IAT) 

• Dengue fever is sweeping Puerto Rico 
in the worst epidemic of the mosquito- 

borne disease in the U.S. common- 
wealth’s history. (AFP) 

• The American Psychiatric Association 
has issued new guidelines for the best 
treatment of manic depressoo, empha- 
sizing that the illness can be successfully 
treated with the right combination of 
drugs and psychotherapy but that it is 
often misdiagnosed and mistreated. 
Lithium remains the best basic treatment 
for most people, but the drugs valproate 
and carbamazepine are useful for about 
a third of patients. (NYT) 

• Regency Cruses Inc. agreed to pay 
$250,000 in fines after admitting that two 
of its ships damped garbage-filled plastic 
bags in Florida waters last year. 

In addition. Regency agreed to run 
full-page advertisements in newspapers 
announcing its guilt (AP) 

• Two teenagers suspected of killing two 

security guards were captured near Lake 
of the Ozarks, Missouri, when law offi- 
cers traced a phone call they bad made to 
a relative. (AP) 

Back-Fain Sufferers 
Advised to Wait It Oat 

The Associated Press 

people stricken by sudden, 
painful episodes of low back 
pain do not need surgery or 
diagnostic tests or treatments, a 
government-supported panel of 
experts reported Thursday. 

The problem will go away 
spontaneously for 90 percent of 
sufferers within four weeks, the 
experts said. The best advice is 
to spend no more than three 
days in bed, take painkillers 
and start moderate exercise ear- 



Invitation for Expressions of Interest to 
Develop a Hotel at Hong Kong's New Airport 

The Provisional Airport Authority (PAA) is charged with developing Hong Kong’s new airport. The 
PAA has identified a site of approximately 9,000 square metres adjacent to the Passenger 
Terminal Building for the development of the first hotel at one of the world's largest international 
airports. In addition, there may be an opportunity to develop a multi-storey car park on an 
adjoining site. 

This opportunity will enable a developer to provide a hotel that, on airport opening, will serve a 
market estimated at 30 million passengers annually and an airport workforce of more than 30,000 
employees. . 

The PAA is looking for an experienced developer to construct and operate the hotel. Parties 
interested in this opportunity can contact the PAA, in writing, for an Expressions of Interest 
document Responses to the series of questions in this document will be used to draw up a 
short-fist of developers. Responses must be received by 5:00pm on 12 January 1995 (Hong Kong 
time). To receive a copy of the Expressions of Interest document, contact 

Mr. Paul Hart, Commercial Manager- Real Estate 
Provisional Airport Authority 
25th Root Central Plaza, 18 Harbour Road, 

Wan Chai, HONG KONG 

Telephone (852) 8247959 or fax (852) 8242786 


Listings - Daily ★ Money Report - Weekly ★ Fund Performance Focus - Monthly 


Page 4 



Herat b 




Fewer Nuclear Weapons 

With the recent securing of dozens of 
bombs’ worth of uranium from Kazakh- 
stan, Monday’s signing by Ukraine of the 
Nuclear Nonproliferation Treaty and the 
frff fo tw* entry into force of the 1991 Stra- 
tegic Arms Reduction Treaty, President 
M Clinton has recorded three successes 
in stopping the spread of nuclear arms. 
But he will need cooperation from the 
Republican-controlled Congress if he is 
to deal with the dangers that remain: the 
vast nuclear stockpiles in the former So- 
viet Union, and the nuclear ambitions of 
smaller countries around the world. 

There is a dear link between America's 
interest in curbing nuclear arms and its 
willingness to wind down its own nuclear 
programs. Failure to acknowledge that 
k could jeopardize chances for an un- 

limited extension of the Nonproliferation 
for review in 

Treaty when it comes up 
mjd-Aprfl. Unless the United States and 
other nudear states do more to disarm, 
Mexico and others may withhold support. 
Further disarming would not only satisfy 
the holdouts but also dampen the ambi- 
tions of states that covet nuclear arms. 

Mr. Clinton can provide direction by 
making the case to Congress that the 
fewer die warheads, the safer the United 
States. He should then seek deeper nucle- 
ar cuts with Moscow, a ban on tests and a 
halt in production of all nuclear material 
As to Moscow, Mr. Clinton needs to per- 
suade the Senate to ratify the 1992 Start-2 
accord promptly and to propose new talks 
on further nuclear arms reductions. 

He could also make deeper cuts under 
Start-2, which fibred a ceding on warheads 
of 3,000 to 3,500. Washington has no 

military requirement for the higher num- 
ber. With Senate backing, Mr. Clinton 
could now cut to 3,000 and show the 
world that the United States is ready for 
further disarming. That would also make 
it easier for Russia’s Parliament to ratify 
the accord and speed its s c r appi ng of 
warheads, leaving it with fewer to safe- 
guard and diminishing the risk of diver- 
sion to other countries. 

Second, Mr. Clinton could stimulate 
efforts to negotiate a comprehensive test 
ban forbidding all nuclear blasts. Com- 
pleting a draft text by spring would help 
assure overwhelming support for exten- 
sion of the treaty. A global ban would 
also stigmatize any would-be nuclear 
state that tried to test. 

finally, the administration needs to 
broaden its approach to a worldwide ban 
on the production of plutonium and en- 
riched uranium. Washington now wants to 
prohibit production erf those materials for 
military use. That ignores large n onmili - 
taiy stocks of nuclear material, which axe 
not wdl secured against theft and misuse. 
The ban's reach has to be extended. 

An airtight ban on production should 
not arouse intense Republican opposi- 
tion. The test ban also has had bipartisan 
backing. However, some Republicans op- 
pose ratifying Start-2 and seeking further 

Ukraine Between Russia * 
And Western Comforts 

By Flora Lewis 

K IEV — The atmosphere, if not 
.the living, has eased a bit 
since Leonid Kuchma became 
president of Ukraine last summer. 
There is no longer the taut sense 
that thm gs could erupt any day. 

A Western diplomat taunted me 
for taking a bleak view after my 
visit nearly a year ago- “How do 
you explain that there hasn’t been 
a blowup?” Perhaps it is the sto- 
icism, the patience, the realieoce 
of the people, perhaps it is luck. 
The same question could b e ask ed 
about Russia, where catastrophe 
has been expected at the onset of 
every winter for the last five years. 
It hasn’t happened, although the 
danger hasn't disappeared. 

V/estem strategists see the fu- 
ture of Ukraine as the key test of 
the kind of Russia the world will 

SEESi Dengist China After Deng? Not Certain but Likely 

ignores laree non mil i- C9 «/ *— ' 

cuts in nudear stockpiles — despite the 
l All three 

military’s backing for both, 
steps are needed to build support for an 
unlimi ted extension of the Nonprolifera- 
tion Treaty. Better yet, they will make the 
United States more secure against the 
spread of nudear arms. 


Caving In to Hamas? 

The latest snag in Israeli-Palestinian 
talks is serious — serious enough to derail 
the talks. By the guiding Oslo accords, 
the Israelis were supposed to withdraw 
from “populated arras” in the West Bank 
so that Palestinian elections could pro- 
ceed. But the Palestinian terrorist groups 
have taken a toll at Israeli lives, confi- 
dence and political wiQ, and, to PLO 
chairman Yasser Arafat's dismay, the La- 
bor government is backing away from its 
withdrawal commitment on grounds that 
it would not be able to protect the Jewish 
West Bank settlers. 

The resulting stalemate, of course, 
could have been expected. It is what Ha- 
mas has openly sought, and what Israeli, 
Palestinian and other partisans of peace 
have repeatedly warned against The right 
response would have been for Israelis to 
demand that the PLO tighten up its polic- 
ing of Palestinian killers and for Palestin- 

ians to expect Israel to keep to its promise 

of the West 

to peel back the occupation 
Bank That was the core bargain of Oslo, 
and, difficult as it is to pot into effect, 
there was and is nothing wrong with it 
What is wrong, however, is that the 
Clinton administration seems to have lost 
its nerve about implementing an agree- 

ment of which it is the leading patron and 
a direct signatory. Oslo did not say that if 
one or the other side had trouble making 
good on its commitments, the United 
States would show an understanding of 
the political difficulties and allow deliv- 
ery to lapse. On the contrary, Oslo said 
that everyone had to hold hands and 
make the tough decisions. Incredibly, this 
is the commitment that Warren Christo- 
pher now appears ready to breach. 

Yes, it is painfully hard for Israel to 
keep dealing with one group of Palestin- 
ians while another group is murdering 
its citizens. But the PLO’s own constitu- 
ency — forget its critics for a moment — 
is already inclined to believe that the 
talks have brought only symbolic and 
insubstantial gains. For the Israelis to 
halt withdrawal is to puD the nig out 
from under the whole Arafat strategy of 
abandoning armed struggle and negoti- 
ating a settlement. 

Is it really possible that Bill Clinton is 
going to cave to Hamas? If his adminis- 
tration cannot stay true to its own agree- 
ment, which it signed on the White House 
lawn and hailed as a premier achieve- 
ment, then what can it be relied on to do? 



Gingrich Cleans House 

list be given his 

ate. Newt Ging- 

rich, must be given his due. Much of the 
House crystal that he has broken in his 
bullish passage to the leadership needed 
breaking. His basic reforms make sense. 
He has reduced the number of commit- 
tees. He is on the right track, provided he 

to abolish the Ethics Committee. Similar- 
ly, the plans to limit chairmen to three 
terms and to end joint committee juris- 
diction over important bills make sense. 

These changes must still be approved 
by the full House. The Democrats will be 
smart to vote with him to show that they 
heard the voters’ condemnation of their 
sluggish old leaders. 

Mr. Gingrich's provocative decision to 
lina te financu 

eliminate financing for 28 House caucus- 
es is also winning nods from students of 
congressional influence-peddling. Not- 
withstanding the criticism — no doubt 
partly legitimate — that he is interested 
m weakening potential opposition from 
the black and women’s caucuses, this is a 
r efreshing move. Nothing wQl stop the 
Congressional Black Caucus, the Con- 
gressional Caucus for Women’s Issues or 
any of the other caucuses that will lose 

ability, underwrite wasteful trips and 
reinforce petty divisions. 

There is one problem left behind from 
the removal of caucus funding. Many 
caucuses have dose ties to companion 
nonprofit “foundations” or “institutes" 
that accept unlimited, undisclosed contri- 
butions from special interests and will 
now be even more eager to pass along 
benefits to the caucus members. Mr. Ging- 
rich and his reformers need to tackle the 
admittedly difficult task of regulating this 
sophisticated system of buying influence. 

But he has made a good start and 
deserves his moment of crowing for “do- 
ing after the election exactly what we said 
we were going to do before the election.” 


Other Comment 

Tbe Clinton Roller Coaster 

space and funding from continuing to 
e info 

meet and share information. 

Mr. Gingrich’s decision faces up to a 
reality conveniently ignored by the 
Democrats when they were in power. 
Some of the caucuses, like the ones set 
up by the New York and Pennsylvania 
delegations to push their interests, sim- 
ply have no rationale for existing at 
public expense. The Senate has no com- 
parable organizations, and for good rea- 
son. As critics point out, the groups are 
manipulated by outside lobbyists, use 
public money with little or no account- 

Intemational Herald Tnbune 



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{'"^ENEVA — Amid all the uncertainty 
VJ about Deng Xiaoping's succession, it is 
as well to look at things less speculative. The 
danger is to pay too much attention to signs 
of power struggle in Beijing and ignore some- 
thing larger at work — the ideas that have 
shaped China 's dramatic transformation. 

Deng Xiaoping, the paramount leader, has 
never been known as an intellectual, yet his 
ideas have influenced Chinn in the last 15 
years more than any others. The recent publi- 
cation of his works in China is a new attempt 
by Mr. Deng to influence China’s future. 

Stalinism crumbled after the dictator’s 
death; Maoism did not outlive Mao. Will 
Dengism survive Deng? Let’s simply assume 
that ideas which have t ransf ormed China so 
much in so short a time will have a bearing on 

By Zhang Weiwei 

Pragmatism. For Mr. Deng, answers to 
China's problems cannot be read straight out 
of Marxist writings or Western classics. Re- 
form policies should first allow for trial and 
error on a small scale, before being intro- 
duced on a larger scale. 

Nationalism. More a nationalist than a 
Communist, Mr. Deng sets out long-term 
goals for China to restore past glory, catch 
up with the developed countries, and retain 

become more popular fhari “revolution" and 
“dissidents." Mr. Deng’s popularity in China 
today is surely greater than Bill Clinton’s or 
John Major’s in their respective countries. 

It follows Mr. Deng’s ideas are unlikely to 
be completely swept out with his death. The 
likelihood, whoever succeeds him, is that the 
■main thrust of Dengism will determine the 
broad pattern of political and economic de- 
velopments for many years to come. 

Economic liberalization may still take ; 

arily over democratization. A gradual ?>ut 

its identity as a major power. This identity 
iboth 1 ’ 

After more than a century of 
wars, revolutions and ideological 
frenzy, the country has finally 
become more pragmatic, pro- 
market and pro*graduaIrreform. 

the country’s future. The following are recur- 
ring themes in Mr. Deng’s “socialism with 
Chinese characteristics”: 

Development. Mr. Deng gives priority to 
economic development, reducing the goal of 
“Chinese so cialism" to that of economic 
growth and ultimate “common prosperity." 

Market economy. He regards the mark et 
economy as ideologically neutral, and eco- 
nomic reform as necessarily market-oriented. 
So he promotes the nonstate sector and trade, 
and pursues an open-door policy to attract 
foreign capita] and technology. 

Political rationalisation, not democratiza- 
tion. Mr. Deng urges improving die political 
system’s efficiency without changing its fun- 
damentals. He contends that democracy 
based on adversarial politics would divide the 
Chinese and make the transition to a market 
economy more difficult. 

Authoritarianism. He wants pro-business 
authoritarianism — a hard state and a soft 
economy, with an didst party to enforce 
reforms and resist pressures from specific 
social groups and partisan interests. 

Gradualism. He conceives reform as incre- 
mental but persistent Reforms require strate- 
gies and tactics, and should produce the high- 
est payoffs at the lowest cost 

will differ from both Western capitalism and 
Soviet communism. 

Single-mindedness. He is not interested in 
ideological battle with the West His ap- 
proach is to mind China's own business, let 
economic performance speak and laugh last 

Despite its lack of intellectual structure, 
Mr. Deng’s hybrid doctrine has largely 
shaped the course of China’s successful eco- 
nomic reform. In a matter of 15 years, the 
economy has nearly quadrupled and living 
standards have tripled. 

True, market-oriented development is in 
frequent conflict with professed moral and 
social goals. Gradualism wastes some good 
opportunities for reform. Authoritarianism 
reveals China’s institutional weakness and the 
lack of respect for certain individual rights. 

But Mr. Deng has lived long enough for his 
reform program to give most Chinese tangible 
benefits. And there is still no other credible 
model for a large country tike China to move 
out of Stalinism. Russia’s prolonged turbu- 
lence has rendered Deng-styie gradualism 
more appealing. 

Although Dengism has sharply curtailed 
pro-Western pressures for a multiparty sys- 
tem, it has increased dements of democracy 
and led gradually to informal liberalization of 
many aspects of China's social life, with un- 
precedented autonomy for local govern- 
ments, firms, and rural and urban residents. 

Compared with Maoism, Dengism seems to 
strike more strongly certain chords of common 
sense and Chinese culture. Market-mien ted 
development has unleashed people's energy for 
prosperity. Nationalism has rekindled; the 
dream of the Chinese modernizers for a strong 
and prosperous country. And authoritarian- 
ism, contentious as it is, is perhaps more typical 
than unusual in Chinese political culture. 

China’s social mood today is considerably 
different from 1 989, when most Chinese intel- 
lectuals looked to Mikhail Gorbachev for 
inspiration. “Reform" and “reformers” have 

The writer is a research fellmv of the Mod- 
em Asia Research Center, University of Gene- 
va . He contributed this comment to the Inter- 
national Herald Tribune. 

Anti - Government Libertarianism Spreads in America 

"^yASHINGTON — Tbe role 

[President Bill Clinton's] foreign 
resembles a roller coaster ride,' wit 
breathtaking ups and downs. It is difficult 
even to remember all the osdllations of the 
Clinton pendulum. It went from an initial 
commitment to multilaterism, which 
means more loyal support for the United 
Nations, to the withdrawal of U.S. forces 
after the Somalia fiasco, to stop-and-go 
action in the Cuban and Haiti crises to 
bold mobilization against Iraq. The record 
of Mr. Clinton's pirouettes was demon- 
strated in his approach to Bosnia. Ameri- 
can policy has undergone continuous sud- 
den changes. For two years we have been 
wondering about tbe reasons for this in- 
constancy. Is he simply weak? If so, bow 
could he have become president? 

— II Giomo (Milan). 

. . —the religious right in the 
Republican Party has command- 
ed so much attention that it is 
now obscuring an even more mo- 
mentous development in the par- 
ty: the rise of libertarians as a key 
party constituency, and the cen- 
trality of libertarian ideas to 
many erf the party’s new leaders. 

The new crop of Republicans is 
more opposed to government and 
has more faith in the unregulated 
market than even the most con- 
servative members of the older 
Republican generation. 

If you want to know how much 
the pendulum has swung, consid- 
er this: In the recent contest over 
who would be the Senate Repub- 
lican whip. Senator Alan Simp- 
son of Wyoming, a solid conser- 
vative with no love for liberals, 
was considered the “moderate" 
when compared with the victor. 
Senator Trent Lott of Mississippi 

Libertarianism is a philosophy 
of radically limited government 
While there is a range of opinion 
among those who call themselves 
libertarian, libertarians basically 
believe that the only legitimate 
functions of government are to 
protect citizens from force and 
fraud and to enforce contracts. If 
they had their way, libertarians 
would get the government out of 
everything else, including educa- 
tion, the postal system. Social Se- 
curity, medical care, environmen- 
tal regulation, farming — and 
that’s just for starters. 

In foreign policy, libertarians 

By E. J. Dionne Jr. 

are resolutely nomnterventionisi 
— “isolationist," if you prefer — 

mainstream of the Republican 
Party during the Cold War. Now 
many Republicans are attracted 
to the libertarians' foreign policy 
vision, involving a minimum of 
American activism abroad. 

The basic impulse of the liber- 
tarian was captured by Murray 
Rothbard, an economist and 
longtime libertarian activist. “If 
you wish to know bow libertar- 
ians regard the State and any of 
its acts," he wrote, “simply think 
of the State as a criminal band, 
and all of the libertarian altitudes 
will logically fall into place." 

One leading neo-libertarian 
Republican is Representative 
Dick Armey, elected this week as 
House majority leader. One of his 
intellectual heroes is Ludwig von 
Mises, a libertarian economist 
who believed that “perfect capi- 
talism” is a system that was “nev- 
er and nowhere completely tried 
or achieved" because most capi- 
talist countries accepted a signifi- 
cant role for government 

Governor Bill Weld of Massa- 
chusetts is one of the party’s 
most outspoken defenders of lib- 
ertarianism, while Senator Phil 
Gramm of Texas leans toward 
libertarianism on many issues. 

One measure of libertarian- 
ism’s rise is the growing role of 
the Washington-based Cato In- 
stitute as a generator of ideas that 
find their way into Republican 
legislative proposals and rhetoric. 
Cato, always an interesting place 

1 T> - LT' 

Institute and the Heritage Foun- 
dation — in influence. 

The emergence of the libertar- 
ian Republicans is the story of 
one of those quiet intellectual re- 
volutions that can have enormous 
political impact Libertarianism 
is attractive, especially to intellec- 
tuals, because of its rigor and con- 
sistency. Mr. Armey, for example, 
dislikes almost all government 
programs equally. 

In electoral terms, it is attrac- 
tive to those well-off profession- 
als who have nothing in common 

market does many things well, 
but its workings did not lead 
automatically to a clean environ- 
ment, which is why environmen- 
tal regulations exist; or to full 
employment, which is why un- 
employment compensation ex- 
ists; or to universal education, 
which is why public schools ex- 
ist; or to decent pensions, which 
is why Social Security exists. 

These are the sorts of basic 
arguments that the current anti- 
government mood will call forth 
in the coming months. Tbe liber- 
tarians do everyone a favor by 
forcing this kind of ground zero 

*** wuuuvu iwiuuig urn Amu ui giuimu zero 

with the religious right but would debate and by pushing supporters 

ills! like In hp Irfl ainnp And itc nt amiu. 5.j I 

just like to be left alone. And its 
moral code — (hat everyone 
should be responsible for himself 
or herself and expect no help 
from tbe state, ever — has a cer- 
tain clarity and finality. 

The libertarians have also re- 
placed the Marxists as the world’s 
leading Utopia builders. That is 
because they can claim that their 
version of a world with almost no 
government has never been tried. 
— : — down the state; they in- 

Tearing < 

sist, wm work wonders. 

of active government toward less 
intrusive and less bureaucratic 
uses of stale power. 

But the rest of us will do the 
libertarians a favor by prevent- 
ing them from enacting their 
Utopia. Because if the libertar- 
ians ever get all that they want, 
the results will almost certainly 
discredit their faith that some- 
thing called “perfect capitalism" 
either can or should exist. 

The Washington Post 

have to deal with in craning yean,' 
Can Moscow really adjust to its 
sovereign independence? 

If so, the prospects are fairiy- 
good fra the kind of cooperative; 
international relations that the- 
end of the Cold War appeared to 1 

persistent approach to reform may still pre- 
vafl- The patty's “zone of indifference" may 
further expand, while tolerance for radical 
dissent remains limited. 

China is undergoing tumultuous transfor- 
mation. Continued political shifts and social 
dislocations will be inevitable. Wideroread 
corruption and social malais e are already tor- 
menting the regime. A recent study by Chi- 
na’s prestigious Fudan University has identi- 
fied six possibly major crises: increasing gaps 
between regions, unemployment, high infla- 
tion, corruption, rising crime and internal 
migration. The study advises the government 
to avert the simultaneous eruption of all six. 

But the chance of any U-turn away from 
market-oriented reform is dim, as the reform 
has acquired its own impetus. And something 
larger is definitely at work despite all China’s 
serious problems. After more than a century 
of wars, revolutions and ideological frenzy, 
the country has finally become more prag- 
matic, pro-market and pro-gradual-reform. 
This collective maturity is still fragile, given 

the pace and scale of China's ongoing social 


dislocations. Dengism is apparently unable to 
cope with all the above-mentioned crises. Any 
mismanagement of them could be very costly 
for the dnve toward modernization. 

Drawing strength from economic perfor- 
mance, memories of past political chaos and 
the lessons from Russia, Dengism may con- 
tinue to prevafl. But efforts to interpret and 
transcend Dengism have started in China. As 
the country further develops, new ideas and 
interests emerge, and a political structure to 
accommodate them must be found. 

A more democratic China may well emerge, 
but perhaps more as a result of gradual re- 
form and greater prosperity, which have been 
facilitated by Deng Xiaoping's doctrine, than 
of radical democratization. 

Yeltsin at the Budapest summit, 
this week, will be acute. 

Many people here say that, 
they are surprised by Mr. 
Kuchma, and that the Russian* 
are disappointed. On the basis o£ 
his election campaign, he was 
expected to be ultra-accommo- 
dating, even subservienL Ho- 
hasn't been, although he has 
managed to smooth relations 
with a firm but nonprovocativr 
style that makes the tough, out- 
standing issues a little less dif»? 
ficult to manage. ' 

Before his election he had been 
a prime minister, and before that 
the director of a big missile factory. 
— which, incidentally, is still mak*'- . 
ing mi s ales. He is decisive, a relief J, 
fra people who were craning to- 
yearn for a strong leader in a large, 
extremely varied country of 53 
milli on that seemed to be drifting’ 
precariously toward the rapids. : 

He is trim, redheaded and 1 
straight-spoken, capable of sharp,: 
no-nonsense argument of the kind 
he used to drive a reluctant, divid- 
ed Parliament to overwh elming. 
endorsement erf the nonproHf era- 
toon treaty renouncing nuclear 
arms. It was signed at the Buda- 
pest meeting, with Preadent Bill’ 
Clinton and President Yeltsin. . 

But there is still ambiguity* 
about the security “assurances’" 
(not guarantees) Ire was promised 
in return. That makes expansion 
of NATO a critical question. 

The dominant view here is that 
extending the alliance to Poland,' 
Hungary, the Czech Republic and 
Slovakia, as Washington favors, 
would isolate Ukraine and leave it- 
fra Russia to gobble up again. ■ 
There is a counterargument, how-; 
ever, that having NATO on its 
western borders would bolster it 
and make it more nearly a part of 
the West’s security concerns. 

Barring dramatic changes,- 
there isn't much chance mat 1 
Ukrainians will get their wish to' 
be promised admission to the alli- 
ance even in a decade. Meant 
while, officers are enthusiasuc 
participants in NATO’s Partner-; 
ship for Peace, relishing the con- 1 
tacts and joint exercises it pro- 
vides with Western military men. 

Russia’s unexpected, last-min- 
ute decision not to join tbe Part- 
nership came as a shock. But it 
did show that critics who deride 
this halfway house as a futile, 
meaningless charade are wrong. 
It is producing practical achieve- 
ments and it is taken seriously. 

Mr. Yeltsin’s harsh denuncia- 
tion of any eastward extension of 
NATO and his refusal to allow 
any mention of Bosnia in the Bu- 
dapest communique are signs of 
continuing development of Mos- 
cow’s policy away from coopera- 
tion with the West and toward 

and that pushed them out of the 
pro-military, anti-Conununist 

but once marginal to Republican 

politics, is now approaching the 
older conservative think tanks — 
notably the American Enterprise 

The Environment Needs Government 

T 1 HE huge timber company Georgia Pacific and The Nature Con- 
X servants have joined to protect 21,000 acres (8,500 hectares) of 
— f! 'i forests. The hardwood bottomland areas on the lower 



Roanoke River comprise one of the most valuable ecosystems in tbe 
Southeastern United States. 

One of the good things likely to come of the recent Republican 
takeover of Congress is an end to the crazier kinds of business-busting 
environmentalism. Government involvement in environmental pro- 
tection should be moderated, but this does not mean there is no need 
to protea valuable habitats. Arrangements like this one will become 
even more important in the future. 

— - Tulsa (Oklahoma) World. 

libertarian Republicans may 
thus pose a far greater political 
and intellectual challenge to Dem- 
ocrats than either traditional con- 
servatives or tbe religious right. 
But libertarianism’s seductiveness 
needs to be confronted, because, 
like all Utopians, the libertarians 
ignore some messy realities. 

For example, the libertarian 
notion that all individuals are en- 
tirely responsible for themselves 
is morally appealing as an ethic 
for each adult, but people don’t 
enter the world as adults. They 
arrive as dependent infants, and 
in cases where families (or single 
parents) find themselves without 
resources —whether through their 
own fault or not — the infants 
involved may suffer in ways that 
make it difficult for them ever to 
become responsible adults. 

That is why the initial impulse 
behind the welfare state grew 
from a desire to help orphans, 
poor children and mothers. The 
current welfare stale may be bro 

nationa! seif-assertion. 

That indicates that it was a 
mistake not to make the commit- 
ment for eventual inclusion in the 
alliance to the four East Europe- 
an candidates earlier. It wouldl be 
a bigger mistake to accept Rus- 
sia’s veto on it now. 

If Moscow maintains the Gor- 
bachev “new thinking," which 
accepts that you don’t enhance 
your own security by making 
neighbors insecure, it should ac- 
cept that it is belter for these 
countries to be embraced in a 
defensive alliance than to be left 
in a frightening vacuum. If it 
doesn’t, if it is reverting to its 
military's traditional view that 
you are stronger when neighbors 
are intimidated. Eastern Europe 
has reason to be worried, and 
so does the West. 

It is in this context that 
Ukraine’s relations with Russia 
are so critical. Good economic 
ties are necessary. Bevond that, 
how it deals with Kiev 'is a test of 
Moscow’s intentions and political 
leaning. Ultimately, success or 
fail ure of economic recovery in 
both countries wiD be decisive 
for stability. Meanwhile, security 
remains a concern, and NATO is 

© flora Lewis. 

■ l 

! ?i ilH 

i * 


i\ ilil * , . 

W . i! ■ 

1W OUR PAGES; 100, 75 AM) 50 YEARS AGO 
1894s The Rolling Boat 1919; A 'Wet’ Christina? 

PARIS— -A most interesting and 
valuable invention, which seems 
likely to revolutionise shipbuild- 
ing. has been made by M. Bazin, 
the French engineer. While 
yachtsmen are studying how best 
to cut through water with the least 
possible Friction, M. Bavin says; 
"In order to minimise friction in 
the greatest degree possible we 
must not cut through the water at 
all, we must rofl over it" This is 
M. Bazin's invention — a means 
of realising the theory or rolling 
over water. Besides the extraordi- 

1944: For 60 Million Jobs 

nary speed that he expects it will 
attain, another merit for his “ba- 

ken, but sweeping it away won't 
: problems 

make the problems it’s uying to 
solve disappear. Similarly, the 

teau rouleur” is that it will be 
more economical. If M. Bazin's 
arguments are proved to be 
sound, it win become as cheap to 
go from Europe to America as it is 
now to gp from Paris to London. 
Tbe effects of such an advance in 
civilisation will be enormous. 

NEW YORK — [From our New 
York edition:] Vastly increased 
markets for the industrial pro 
auction of the United States will 
be needed, and must be found 
through foreign investment and 

i Roosevelt’s 

goal of 60.000,000 post-war jobs 
to be realized. Dean Acheson, 
Assistant Secretary of State, told 
tbe National Association of Man- 
ufacturers yesterday [Dec. 8]. 

f o' t 





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i. r - • - 

L.** ‘ 
•r: : 

i >-■- 



-SJZ& 1 '*:C 


N 3 * n. ' -~- 


• 1 s 


-v : 


V-. ■ 



NEW YORK — Distillers and 
brewers are holding large reserve 
stocks of whiskey and beer on 
board railroad cars, hop ing that 
when the United States Supreme 
Court reconvenes, in two weeks, it 
will declare war-time prohibition 
unconstitutional. In this event 
they will do their utmost to give 
the country a “wet" Christmas. 








Page 5 




^With Ross In and Jesse Out, 
Bill Might Stand a Chance 

By William Satire 

~ 71,6 laxest 
n-ii /? Ulup f°V shows President 
Bill Clinton losing in a two-wav 
race; even losing a three-way race 
with Ross Perot taking away Repub- 
bcau votes; and certainly losing a 
four-way race with Jesse Jackson 
•^tting into Democratic support. 

• That linear polling reflects the 
winter of voter discontent. It pre - 

In one ftor-out scenario, 
Qintonians should be 
worrying about DewitL 

supposes the same old lineup repre- 
senting the forces of resentment. 

. But let's blue-sky the options 
opened by Democrats treating their 
president as an albatross, and 
cal j^V b hcaiis hot with ideologi- 

■ First, the easy pan. a month or so 
ago, Newt Gingrich was answering 
questions about running for presi- 
dent with a straightforward “no.” 
{Today he has changed that to “I 
have no plans to run.” 

In political lingo, no plans m^anc 
“my options are open and I can 
make plans in a hurry." If the speak- 
er declares next summer that his 
first contract has been carried out 
and announces for president, he can 
say he was not being disingenuous 
or misleading with his “no plans" 
statement because no plan was actu- 
ally on paper at the time. 

In reality. Newt and Bob Dole 
and Pete Wilson are neck-and-neck 
front-runners coming out of the 
starting gate for 1996, with Phil 
Gramm, Jack Kemp, I-amar Alex- 
ander and Dick Cheney hoping the 
early-footers will run out of steam. 

Democrats afflicted with can’t-win 
blues can expect a primary challenge 
to the president (assuming Mr. Clin- 
ton runs no matter what, which I do). 
The renegade will gamer at least a 
third of the Democratic vote, as Pat- 
rick Buchanan did against President 
George Bush, further weakening the 
party in the general election. 

- Now comes the interesting parL If 
ROSS Pfirot Tims a g ain, and matdres 
his 1992 vote of 19 percent — and if 
Jesse Jackson or whoever carries the 
liberal banner can be persuaded not 
to ran as an independent — then Mr. 
Clinton has a good chance to be re- 
elected, regardless of the latest perils. 
(Ross Perot is central to Mr. CKn- 
ua’s chances; that is wiry Qintonites 
now grump at Al Gore for wimping 
Mr. Perot in debate on the North 

American Free Trade Agreement.) 

But consider this dynamically, 
rather than statically, as budgeted* 
®3{- With a Perot candidacy ad- 
judged as likely to re-elect Mr. Clin- 
ton, and with the mad-as-hells to be 
doomed again to frustration, will Mr. 
Perot and his followers be content to 
circle the political drain again? 

Not necessarily. 

Mr. Perot’s personality is a drag 
on his ticket, and he may be cocky 
but he is not crazy: 19 percent is his 
mgh-water mark, and Ross cannot 
relish being remembered as the next 
Harold Stassen, running with great- 
er futility every time. 

That makes it Warwick tim^ as 
they used to say on the Elizabethan 
stage: Ross Perot as kingmaker, fi- 
nancier of a centrist changemaker, 
with solid anti-government creden- 
tials in government and acceptable 
to the respectable center. 

II Republicans move sharply 
rightward with Mr. Gingrich or Mr. 
Gramm, or if the tug to starboard 
produces a more-right-wing Bob 
Dole or an “Immigration Wilson”; 
and if Mr. Clinton’s call to disaffect- 
ed Democentrists to stay “in the 
arena and not in the peanut gallery” 
keeps them in the liberal party tent; 
then a hole would open for a third- 
party movement to run to daylight. 

But you can’t beat somebody with 
nobody, as Warwick used to say, 
and you sure can’t win with Ross 
Perot out front. Who's around? 

The guy who worries the White 
House most in this far-out scenario 
is the respected anti-partisan David 
Boren, 52. He retired as a popular 
Democratic senator from Oklahoma 
before the recent tsunami, blasting 
the “wishful thinking . . . that the 
current level of popular discontent 
is within normal bounds" and de- 
nouncing Washington po liticians as 
“so partisan and so personal in our 
attacks on each other that we can no 
longer effectively work together in 
the public interest” 

Because Ross Perot first tipped 
the media off that Mr. Boren would 
abandon musdebound Washington 
to head the University of Oklahoma, 

I called Mr. Boren to see if he would 
be running as an independent 

He said “not in 1996,” allowed as 
how he hoped his good friend Ross 
would not head a third-party ticket 
himself, and speculated jovially 
about “somebody like Sam Nunn.” 

Pie in the blue sky? Probably. But 
a hole is opening in the anti-political 
spectrum; the glory of the American 
system is that you never can foretell. 

The New York Times. 

He Lost Nothing in the Original 

B» JAMES TOURBDt «"M» Ufr “d Hard TibcT (Pcnjam Bub) 

N EW YORK — James Thurbcr 
was born 100 years ago Thurs- 
day, and thank God he came our 
way, for without him we would not 
have Mitty, would not have known 
what happened the night the bed 
fell or whether sex was necessary. 
Nor would we have encountered 


the dogs, predatory women and 
cowed men he drew, uninttmidaied 
by the fact that in the land of anat- 
omy he was without a map. 

I personally would have missed 
(a) possibly meeting him and (b) 
actually meeting him. 

Possibly meeting him: 1 was a 
Thurber devotee and brash young 
advertising writer in Buffalo in 
1952 when I conceived a plan to 
engage the Great Man to illustrate 
ads as a way of getting to meet him. 

1 phoned Mr. Thurbcr. who 
agreed to illustrate a General Elec- 
tric light bulb campaign if the cli- 
ent approved his fee. 

Armed with Mr. Thurber’s O.K., 
I implored the General Electric ad- 
vertising manager to ratify the deal, 
which he agreed to do if Mr. Thur- 
ber would lower his price. 

1 called Mr. Thurber and said, 
“General Electric thinks you're a 

By Stuart E. Hample 

little high.” To which Mr. Thurber 
replied, “Tell General Electric I 
think he's a little high.” 

Actually meeting him: Two 
years later. I was promoted to the 
agency's New York headquarters, 
and, a little high myself, I phoned 
one of my few Manhattan ac- 
quaintances, a violinist, in quest of 
companionship. His wife, Vera, 
said he was off concertizing, but 
she was on her way to a birthday 
party and invited me along. 

Just as Vera was introducing me 
to the honored guest, the harmoni- 
ca virtuoso Larry Adler, the hostess 
abruptly swept her and Mr. Adler 
away, leaving me alone among a 
room of my betters, virtually all 
with famous faces. 

I looked about for a haven, saw 
an empty place on a couch and sat 
beside a tall, tweedy man with pep- 
per- and-salt mustache, rowdy 
white hair and thick glasses, who 
was nursing a glass of Scotch. 

In a few moments, 1 realized it 
was James Thurber. I was en- 
thralled but jumpy. If I spoke to 
him, would 1 be struck by a barb 
gone wild? His turning bellicose 
under the influence was document- 

ed. But when would I have this 
chance again? 

I told Mr. Thurber that 1 liked 
his work, and Ik introduced me to 
his wife, Helen, an attractive lan- 
tern-jawed woman, who watched 
over him in a motherly way. Em- 
boldened by this opening, I chatted 
him up. Mr. Thurber looked direct- 
ly at me when he spoke, so despite 
his magnif ying Jenses, I was un- 
aware that he was blind. 

He was unpretentious and anec- 
dotal. My favorite was his tale of an. 
American woman in Paris who told 
him that she had beat reading trans- 
lations of his stories and thought 
they were funnier in French, to 
which he replied, “They tend to lose 
something in the original. ” 

I praised his cartoons, and be 
graciously drew one for me. 

Able to see only light — be lost 
his left eye in a childhood accident, 
the other through progressive deteri- 
oration — Mr. Thurber fingered the 
edges of a small pad his wife provid- 
ed to get a sense of Ms playing Geld, 
and then sketched a dog’s bead. 

Helen Thurber added the eye 
and the nose. 

Eventually, Mr. Adler went to 
the piano and played a respectable 
Bach — a surprise, for I knew of 
him only as a harmonica man. 

Mr. Thurber suddenly stood up, 
“Stop the music!” he cried. 

“Jamie, at down,” his wife whis- 
pered sternly. 

“No,” he replied, somehow find- 
ing his way to the piano, with the 
tumbler of Scotch. “I love music!” 
he shouted. “I always wanted to be 
a musician!” 

Swaying slightly, he raised his 
glass and lamented that he was 
nothing but a humorist. 

Nothing but? To his readers, that 
is more than enough. 

Mr. Hample is a writer and car- 
toonist He contributed this comment 
to The New York Tones. 


Bad and Worse in Bosnia 

George Kenney's piece, “End the 
Carnage in Bosnia, Even on Unfair 
Terms” (Opinion, Dec. 2) could not 
have been a more persuasive argu- 
ment for appeasement. 

Mr. Kenney contends that before 
the Bihac affair, Bosnian Serbs were 
“ready to sign a deal.” one close to 
the plan designed by the five-nation 
contact group. There is absolutely 
no evidence to support this state- 
ment The contact group and its 
members have presented the Bosni- 
an Serbs with one partition plan 
after another but without any basis 
to believe that the latter would abide 
by a permanent cease-fire. 

After the recent events, can Mr. 
Kenney honestly dismiss the con- 
flict as a dvi] wax? 

To label the Bosnian government 
as anti-democratic illustrates a se- 
lective bias. In spile of the war, the 
Bosnian Parliament has continued 
to exercise its rights without undue 
interference: President Alija Izetbe- 
govic has never declared a state of 
martial law. He has never suspended 
Parliament. There is considerable 

diversity of opinion both in Parlia- 
ment and in the press. 

Mr. Kenney’s comment that “good 
is the enemy of the least bad” is a 
poor attempt to co m pro mi se on hu- 
man rights and international law for 
an unjust and uncertain peace. Some 
absolutes of conduct do apply: 
Genocide is among the worst of all 
crimes. It can never be good. 



A Prague Clean-Up 

Regarding the report “ New East 
Europe Wheezes, Its Old Pollution 
Woes Unchecked” (Nov. 4): 

This article states that the Czech 
Republic has allowed the Czech en- 
vironment to decay, when the oppo- 
site is true. Czech government com- 
mitment to cleaning up the 
environment has been substantial 

Following the collapse of commu- 
nism, the Czech government decid- 
ed that a market system based on 
private ownership and on a deregu- 
lated price system was the best eco- 
logical policy. Only private owner- 
ship creates responsibility on the 

part of owners. Only prices, reflect- 
ing real market relations, provide us 
with sufficient fundamental infor- 
mation about scarcity. That has 
meant more than just throwing a lot 
of money at the problem. 

Even so, since 1989 the govern- 
ment’s investment in the environ- 
ment has been increasing. In 1989, 
3 j6 billion koruna (0.69 percent of 
GDP) was invested in the environ- 
ment. By 1993, 19.9 billion koruna 
(2.15 perce n t of GDP) was invested 
— and this at a time when overall 
government spending was reduced 
by about 50 percent m real terms. 

Emission of pollutants has de- 
clined in the Czech Republic since 
the revolution. Of mayor types of 
pollutants, only emissions of carbon 
monoxide rose from 1989 to 1992, 
while others declined. 

Finally, the health of the nation, 
in part as a result of the pollution 
reduction, is improving. Czechs are 
living, on average, a year longer in 
1993 than they did in 1989. 


Adviser to the 
Economy Minister. Prague. 

Of Philosophers and King s ) 

Regarding “ Beware This Resur- 
gence of the Philosopher King ” 
( Opinion, Nov. 30) by Brent Staples: 

Mr. Staples insists that Leo 
Strauss advocated rule try “philoso- 
pher kings,” “himself included.” In 
fact Mr. Strauss never claimed to be 
a philosopher, reserving that term 
for thinker* of the stature of Plato 
and HegcL What is more, he was 
notorious for arguing in his book 
“The City and Man” that Plato had 
not offered the philosopher kings as 
a serious political proposal, philoso- 
phy and rule being activities so dis- 
parate that no philosopher would 
wish to combine the two. 

Mr. Staples claims that Mr. 
Strauss was “unapologetically elitist 

Letters intended for publication 
should be addressed " Letters to the 
Editor ■” and contain the writer's si- 
gnature, name and full address. Let- 
ters should be brief and are subject 
to editing. We cannot be responsible 
for the return of unsolicited ma- 

and anti-democratic.” Mr. Strauss 
was not anti-democratic but a life- 
long unapologetic defender of liber- 
al democracy against the twin perils 
of fascism and communism. He was 
indeed “elitist” in arguing that we 
stood to learn from the thought of 
those greater than ourselves. He did 
not prescribe this education for the 
“golden few” but for all who wished 
to educate themselves. 

Mr. Strauss’s classes were always 
open to whoever wished to attend 
them, regardless of whether they 
could afford to enroll in them. Ac- 
cordingly, be drew a huge crowd of 
the most varied type imaginab le, al- 
though awfully thm on the “conser- 
vative elite” whom Mr. Staples ima- 
gines as his students. 1 am in a 
position to know, because I was one 
of the many auditors who benefited- 

Leo Strauss also wrote, quite 
modestly, that as a teacher, “one 
should always assume that there is 
one silent student in your class 
who is by far superior to you in 
head and heart.” 



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‘t BERNSTEIN: A life 

Reviewed by 
Norman Lebrecht 

T Iffi trouble with writing 
" X5U ^ Leonard Bernstein is 
tfiat most music lovers thinir 
they know him, and many fed 
they own a piece of h*™ Like 
Marilyn Monroe, he is an 
American fantasy figure: When 
he died, men and women wept 
tn the streets; not many musi- 
cians mana g e that. 

Bernstein lived brazenly in 
the public domain, craving 
fame as Goethe sought light 

An exhaustive life, published 
last April by the television pro- 
ducer Humphrey Burton, was 
intended to thwart unautho- 
rized speculations. Archival ac- 
cms was denied to neutrals and 
Meryle Secrest, a distinguished 
biographer of Frank Lloyd 
Wnght and Bernard Bercnson, 
was shut out by the trustees and 
Bernstein’s three children. 

Happily, she gained the con- 
fidence of many other infor- 
mants, including his sister, Shir- 
Icy, wh° had been foully 
slandered by intimations of in- 
cest in Joan Peyser’s 1987 biog- 
raphy. Few sexual taboos were 
left untested by Bernstein, but 
he does seem to have kept most 
of the family out of his bed. 


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• Guy Savoy, the Paris chef 
with two Mich elm stars, is read- 
ing u Les Soupers du Prince” by 
San Antonio. 

"San Antonio is the alter ego 
of Fr&d&ric Dard, a neighbor of 
mine in Bourgom-Jaflieu. The 
book charts the amorous adven- 
tures and comical situations of 
a handsome character, whose 
mother reveals that he is a 

(Margaret Kemp, IHT) 

• 05 . 32.80 

He was the product of ill- 
matched immigrants, a father 
with vague rabbinic yearnings 
and a mother who worked on a 
factory line at age 12 and 
longed for luxuriant gaiety. The 
dichotomy in his music can be 
traced to the very act of concep- 
tion. The symphonies were for 
Sam Bernstein, the musicals for 

Louis, bom in 1918 (he re- 
named himself Leonard), would 
shield Jenny from Sam’s raging 
strictures, while giving his father 
the cerebral satisfaction be could 
not get from his wife. The seeds 
of his sexual ambivalence were 
sown at home in Massachusetts. 

He was sent to Harvard, where 
“music was meant to be seen and 
not beard” and cut classes while 
dying to compose. 

He played Copland on the 
piano before he met him. Se- 
er esi finds thorn in bed togeth- 
er, Burton fudges. The success- 
ful Copland, 18 years senior, 
influenced Bernstein's compo- 
sitional path, along with his 
leftist homoerotic predilections. 

Two further student encoun- 
ters determined his podium fu- 
ture. Serge Koussevitsky, the 
Boston conductor, became a sur- 
rogate father; Dimitri Mitropou- 
los, the imposing Greek maestro, 
seduced him To the end of his 

days, Bernstein wore Dimitri's 
cross and Koussy’s cuff link* for 
luck whenever be went out to 

Secrest believes his sexual 
identity was more complex than 
commonly understood and has 
checked out an early fiancee, 
Kiki Speyer, for corrbboratian. 
Copland called him BH, or bluff 
homosexual; a female friend 
thought he “required men sexu- 
ally and women emotionallv.” 
He arranged for his future wife, 
Felicia, to catch him in flagrante 
with a man before they married. 
The work he wrote mi their hon- 
eymoon was “Trouble in Tahi- 
ti,*' an operatic caricature of 
marital tedium. He had grown 
into manhood with a primal fear 
of the nuclear family. 

He hit from pages in 1943 
when, at age 25, he stepped in 
for Bruno Walter and conduct- 
ed the New York Philharmonic 
in a nationwide broadcast. 
Within months, he composed a 
ballet (“Fancy Free”) for the 
Ballet Theatre, a musical (“On 
the Town”) for Broadway and a 
symphony for Pittsburgh. Yet a 
dozen years elapsed before 
flash celebrity was consolidated 
into real achievement. McCar- 
thy kept him out of work in 

Pag? 7 


America; he became a lion of 
Israel's independence war and 
the first American to conduct at 
La Scala. 

Finally, in 1958, Bernstein 
brought Broadway toa standstill 
with "West Side Story” and dis- 
placed Mitropouios at the New 
York Philharmonic. His cooduc- 
torship was the most magnetic in 
its history; the cost was ms com- 
positional gift, which withered. 
Parting from the orchestra after 
12 hectic seasons, he pursued 
European adoration. His empire 
was second only to Herbert von 
Karajan’s and his luster was un- 
equaled. He left his wife for a 
man, and returned to nurse bar 
during a last illness. His facial 
beauty was raddled by dissipa- 
tion- He wandered the world, a 
modem anti-Job. until his death 
in October 1990. 

Secrest conveys the charisma 
and the corruption, the glory 
and the greed, with a detach- 
ment that is cool but never dis- 
tant. Leonard Bernstein's was a 
helluva life, lived out in the soli- 
tary hell Of limelight. 

Norman Lebrecht, music col- 
umnist for the London Daily 
Telegraph, wrote this for The 
Washington Post. 

By Alan Truscott played 

O N the diagramed deal, one 

would expect North-South P“bap 
to play in three no-trump, mak- “ e J 6 * 
ing 10 or 11 tricks, but Alvin tb® 
Roth and his partner, Bernard ru “- 
Chazen were trying to make up Sout 
lost ground and climbed opti- tried ft 
misiically to six diamonds. Hopinj 
A spade lead would have trumps 
made life easy, but West led the queen, 
club jack and South’s chances standin 
were decidedly poor. He would jack. V» 
have been defeated if East had the kin! 

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North and South were vulnerable. 
The bidding: 

South West North East 

10 2 + 3 N.T. Pass 

4 N.T. Pass 6 0 Pass 

Pass Pass 

West led the club jack. 

played low on the first trick, 
forcing the king, as he should 
perhaps have done. But he took 
the ace and returned the suit in 
the hope that his partner could 

South took the chib king and 
tried for the only real chance. 
Hoping that West held three 
trumps, be cashed the ace and 
queen, leaving one trump out- 
standing, and led the spade 
jack. When this was covered by 
the king, and ace, he cashed the 
spade queen, ruffed a spade and 
led his last tramp to dummy. 
The position was then: 

+ 5 
O 10 

+ 9 

+ 10 9 8 
0 — 


+ — 

O 10953 
O — 



♦ — 

O — 


Now the last trump from 
dummy squeezed East in hearts 
and chibs, and the slam was 



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International Herald Tribune 
Friday, December 9, 1994 

Escape the Guided Tour: How to See China on Your Own 

JL ... .. * A**- ^ in BriiinB and the Garden Hold w i 

By Nicholas D. Kiistof 

New York Tunes Service 

M OUNT Tai is a sacred site in 
Asia, soaring into the clouds 
and teeming with Chinese 
pilgrims and sinewy peasant 
entrepreneurs straining and sweating as 
they haul ice cream up the 6,000 stone 
steps — for sale at prices that climb as 
steadily and as steeply as the hillside. 

Yet, while Chinese regard Mount Tai as 
one of the most famous places in their 
land, redolent with a history that goes 
back to visits by Confucius 2*500 years 
ago, it rarely appears on tourist itineraries. 

It has been about 15 years since China 
opened its doors to Western tourists, yet 
foreigners still crowd into just a few big 
cities, seeing standard sights, without ever 

meeting a peasant, even though three- 
quarters of the nation’s 12 billion people 
live in the countryside. 

The tourism industry, in other words, has 
fostered a cocoon that allows Westerners to 

ping into it arnce returning to me united 
States after five years in Beijing, 1 have 
found that the most common query I get is 
not about Deng Xiaoping’s health bat rath- 
er about how to escape this cocoon. 

What I tell people, to start with, is that 
it has never been easier to visit the “real 
China" beyond the tourist circuit Inde- 
pendent travel can be frustrating, but with 
many hotels offering airport pickup and 
concierges arranging train and air tickets, 
few foreigners get irretrievably lost. 

Certainly it is hard to imagine a safer 
part of the world in which to roam about. 
While it is possible to take a regular tour of 
the main cities in China and then lack on a 
week of individual travel at the end, my 
recommendation is to go without a tour 
group if you are comfortable doing so. 

The place to begin a self-guided two- 
week tour is in a Chinese-style courtyard 
hotel like the Lu Song Yuan or the Hao 
Yuan in Beijing. Both hotels are built in 
the traditional courtyards that were once 
home to the aristocracy, and the 17-room 
Hap Yuan was the residence of the former 
rhaimign , H u a Guofeng, until he was 
ousted by Deng at the end of the 1970$. 

Neither is convenient by Western stan- 
dards. The members of the staff usually do 
not speak English and a request fora buck- 
et of ice may take an hour to convey before 
it is understood and ignored. But the roams 
are comfortable and the courtyards are full 
of the charms of China. On the other hand, 
if you place a premium on comfort and 

convenience, stay at the totally modem 
Palace Hotel, with its pair of gold Rolls- 
Royces to foxy you around the dty. 

Any guidebook win ten you what to see 
in Beijing; my favorites are the Forbidden 
Gty, the Tmetan-style Yong He Gong 
temple and Tiananmen Square (including 
the Mao Zedong mausoleum; despite the 
rumors about wax, it really is Mao's 
corpse on display). You might also notice 
the high red walls of Zhr yngnnnh ai, an old 
imperial compound on toe Avenue of 
Eternal Peace less than a mile west of 
Tiananmen. It is the new Forbidden Gty, 

On the way back from the Great Wall, 
have the taxi driver take a dirt road ran- 
domly off the main route until you rind 
yourself in the middle of a little village. 
You will find the peasants happy to talk to 
you, through the interpreter, and they’ll be 
thrilled if you have brought a Polaroid 
camera and can take their photos. 

Communist leaders. Visitors are not al- 
lowed beyond the soldiers at the gate. 

Several Beijing holds and shops rent 
bicydes for a dollar or so a day; they are 
one-speed contraptions but are usually 
functional. In any case, it is far safer to 
bike in Beijing than it would be in Western 
dries. Instead of sticking to the main 
streets, meander through the hutong, or 
bade alleys, where residents live in one- 
story bousing and share toilets with their 

Almost everybody makes a side trip 
from Beijing to the Great Wall, but in- 

stead of going by bus, take a taxi and an 
interpreter. Your hotel can arrange an 

interpreter. Your hotel can arrange an 
interpreter for $230 an hour or so. 

A FTER a few days in Beijing, 
take the night sleeper train seven 
hours west to the much-over- 
looked dty of Datong in Shanxi 
Province. Fifteen hundred years ago, Da- 
tong was the capital of the Northern Wei 
Dynasty, whose legacy is a spectacular 
cliff of carved Buddhas 16 kilometers (10 
miles) outside the city. 

The Yungang Grottoes include 53 caves 
decorated with 51.000 statues and carved 
reliefs, yet what is most awe-inspiring is 
the scale of the sculpture: stone Buddhas 
that soar up to 17 meters (55 feet) high. 

While Datong is a rather grim coal- 
mining metropolis — offering a much 
more realistic slice of urban Chinese Hfe 

than either Beijing or Shanghai —it is also 

less than an hour’s drive from the Great 
Wall. Unlike the reconstructed parts of 
the wall near Beijing, the wall near Datong 
is the original, a crumbling, worn mound 
of rocks overgrown with shrubbery. 

After five or six days in Beijing and 
Datong, bead south to Taian in Shandong 
Province, wam by train, the means of 
locomotion for most Chinese traveling be- 
tween dries. Taian is at the base of Mount 
Tai, or Taishan, as the holy mountain is 
called in Chinese. It is possible to check 
your luggage by the train station and take 
a «™»n bag or backpack for the overnight 
trip up the mountain- 

Stone steps have been carved up the 
hillside, so it is not so much mountain 
dhribingas stair climbing- Most people.can 
monay the trek, with plenty of rime for 

breaks, in five or six hours. A hotel cm the 

summit, Shenqi Guest House, has private 
rooms with bath and a decent restaurant 

Confucius cHimbed Mount Tai and 
renwt from a nearby town, Qufo, that is 
still dominated by the Kong family. (Con- 
fucius is a European rendering; Confucius 
himself went by the name of Kong). Qufu 
is a typical country town, sleepy and grit? 
ty, yet it is full of temples and histories! tes 
sirnh as the family cemetery of 78 genera- 

the Garden Hotel in the old French Con- 
cession of Shanghai. For the adventurous, 
the Chinese-run Red Flag Guest Home, 
w hich used to accommodate only, top par- 
ty officials, now opens its.bungalows.ta 

j\fter a couple of days in Sh anghai take 
the two-hour, a)-mmute flight to Guffin, a 
southern dty in Guangxi Provmte that is 

the jumping-off point for daytong boat 
trips on the beautiful U River. Three^f 

■ ■ , r J AM th*. YlKDt7f> 11 Suw 

ty, yet it is foil of temples and histories! tes 
siuin as the family cemetery of 78 genera- 
tions of Confucius's descendants. The 
town is an easy side trip from Mount Tai, 
or you can get back on the train for the 
daylong journey to S h anghai . 

After several days of roughing it you 
may enjoy the plush luxury of a place like 

is more scenic and eats up much' less Of a 
two- week vacation. 

FTOm G uilin, take a 60-minute flight to 
Guangzhou, the bustling southern - me- 
tropolis formerly known as Canton. The 
free markets of Guangzhou are among the 
most vibrant in the nation, and the Can- 
tonese have a national, reputation as so- 
phisticates and gourmets. 

For those on a two-week itinerary, it is 
time to move on toward Hong Kong far 
the fli gh t back. If you do not have too 
much luggage, take abas or taxi fora few 
hours to Shenzhen, the boom town next to 
Hong Kong. From Shenzhen it is easy to 
walk across the bonier into Hong Kong, 
with only brief formalities with Chinese 
and Hong Kong immigration officials.- £ 

/// M 9 VIE satis 

A Little Advice for Expat Santas 

By Barbara Rosen 

T IRED of hunting for 
tea tins in the shape of 
double-decker buses? 
Or finding that ba- 
guette-shaped fridge magnet is 
really made in Taiwan? Sick of 
searching high and low from 
September on for dirndls, ki- 
monos, tuhp bulbs — anything 
they can’t get back home (not 
to mention for less money) or 
of waving a sad goodbye as 
your parcel heads off with no 
guarantee of safe or timely ar- 

Well if you’re singing the ex- 
pat gift-giving blues, take heart 
— you’re far from alone. Here 
are some expats whose solu- 
tions might work for you, too — 
or, at least, whose predicaments 
may make you feel a bit better 
about your own. 

An American in Paris or a 
Londoner in Los Angeles can 
usually rest assured that a pre- 
sent sent home via regular mail 
will get there in a reasonable 
time, without costing a right 
arm. But it’s not so simple 
from Rome, says Mirella Gia- 
calone, protocol assistant at 
the U. S. Embassy to the Vati- 

Giacalone and her husband 
send gifts to his family in Bos- 
ton and to their son in Wash- 
ington, and count themselves 
among the oh-so-lucky few 
with access to those three mag- 
ic letters, the APO — or Army 
Post Office. A package that 
costs $4 to $7 via APO would 
probably cost at least four 
times that much if it went by 
Italian mail Giacalone says. 

Captain Jean-Luc Picard ( Patrick Stewart ), left, has taken command of the Enterprise. 

Star Trek Generations 

Directed by David Carson. 


How much interest does this 
latest installment in the Star 
Trek phenomenon hold for 
general audiences, for 
“Trek* 1 -resistant moviegoers 
who turn elsewhere for their 
religious experiences and 
wouldn't know a main de- 
flector dish from a satellite 
dish or even a dinner plate? 
Answer: just enough. “Gen- 
erations” is predictably flab- 
by and impenetrable in 
places, but it has enough 
pomp, spectacle and high- 
tech small talk to keep the 
franchise afloat In “Gener- 
ations, 11 the phenomenon 
causing trouble is on inter- 
galactic ribbon, a celestial 
band that shoots off bolts of 
electricity and supposedly 
threatens peace in the uni- 
verse, even though the worst 
it suggests is a defective 

toaster cofl. This menace is 
ultimately important 
enough to require the joint 
services of Captain James T. 
Kirk (William Shatner, re- 
vered stalwart of the TV se- 
ries) and Captain Jean-Luc 
Picard (Patrick Stewart, his 
debonair successor). This 
movie speaks most dearly to 
the converted but still seems 
reasonably diverting to the 

(Janet Maslin, NYT) 

The Santa Clause 

Directed by John Pasquin. 

Tun Allen takes his tools to 
a new workshop with sur- 
prising success in this corny 

Calvin to the North Pole's 
most beloved resident Allen 
plays a nonbeliever who in- 
herits the annual cookies- 
and-milk run when the cur- 
rent Santa fails from Scott's 
roof and vanishes, leaving 
suit sleigh and a sackful of 
loot behind. Aimed at kids, 
but written with parents in 
mind, “The Santa Clause” 
balances sugar and spice, 
which Allen sprinkles on 
just righL The ending is 
stickier than a toddler with 
an ice cream cone, but that's 
the price of kids and Christ- 
mas - (Rita Kempley, WP) 

thanks to a machin e that 
does a body-soul switch. The 
doctor finds himself cata- 
pulted out of his everyday 
skin and cosy Maison et Jar- 
din home in the western sub- 
urbs, a psychopath on the 
ran. This sci-fi horror was 
adapted from a novel by 
Rent BeUetto, giving Depar- 
dieu a chance to take on 

three parts — by the time his 
troubles have ended, he also 

family comedy that prom- 
ises to be another Disney pe- 

iscs to be another Disney pe- 
rennial Brimming with (he 
sentiments of the season, (he 
tale concerns Allen’s transi- 
tion one Christmas Eve from 
toy company executive Scott 

La Machine 

Directed by Franqois Du- 
peyron. France. 

A madly inventive but per- 
fectly bourgeois psychiatrist 
(Gferard Depardieu) trades 
places with a truly mad seri- 
al killer (Didier Bourdon), 

troubles have ended, he also 
trades places with his own 
child. The actor has played 
scientists before, always 
with discomfort: his chest 
expands, the buttons pop off 
his shirt; be is simply too full 
of raw energy, the Mr. Hyde 
in him is raring to go. And 
Dupeyron, who made the in- 
triguing “Drdle d’Endroit 
pour une rencontre,” (with 
Depardieu and Catherine 
Deneuve), abandoned the 
controls on this one — the 
camera careers and lurches, 
the music by Michel Portal 
is in overdrive. Nathalie 
Baye, as the wife, tries to 
hold up the home from with 
sobriety only to be splashed 
in gene; so much for family 

(Joan Dupont, IHT) 

“We’re hoping to get stuff to 
Australia, but it's a pretty vain 
hope,” says Michael Brisscn- 
den, Moscow correspondent for 
the Australian Broadcasting 

The preferred route is by cou- 
rier to ABCs London office, 
and then via regular mail to the 
family in Canberr a and Sydney. 
But the Russian authorities 
tend to open all parcels, regard- 
less of how they’re sent, Bris- 
senden says: “Who knows what 
state theyTI be in by the time 
they get to London ... or 

Between the risk of theft and 
the strict rules against exports 
deemed to be of cultural impor- 
tance, “you really can’t send 
anything of any value at all” 
Brissenden says. “We’ve settled 
on sending sort of joke presents 
really, funny T-shirts.” 

On a brighter note, a Belgian 
in Brazil found the ideal couri- 
er; her mother, who has trav- 
eled from Brussels to Sao Paolo 
for each of the last five Christ- 
mases. “She brings little pre- 
sents from Europe, and she re- 
turns with little mementos of 
Brazil” says the expat, who 
asked to re main unnam ed. 

Her mother arrives with 
much-missed Belgian choco- 
lates, and carries back to the 
family locally made gifts in 
wood, stone — even lace. 

“We try to introduce them to 
Brazilian crafts,” the expat 

ways pasting back and forth, 
ready to take on a pared. Alter- 
natively, American and Euro- 
pean retailers have local agen- 
cies that can take catalogue 

In fact, catalogue and tele- 
phone ordering have become 
the gift solutions of choice, 
with many expats calling the 
clothing merchant Lands’ End. 

clothing merchant Lands’ End. 
Suzanne Simpson, a New Zea- 
lander who lives in Hamburg, 
orders Christmas cakes made 
in Texas for delivery back 
home and to the United King- 

Her compatriot Ruth Diver, 
also in Hamburg, turns to The 
Good Book Guide, a subscrip- 
tion-only, U. K.-based review 
through which you can order 
English-Language books, as well 
as other gifts at Christmas. . 

B UT the global shop- 
ping village really hits 
home if you're on-Hne. 
Ron Bevacqua. an 
American economist with Mer- 
rill Lynch in Tokyo, plans to 
telnet a bookstore in Berkeley, 
California, to send gifts to fam- 
ily and friends in the United 
States and elsewhere — for the 
cost of a local phone calL 

“Prices for English-language 
bodes are really expensive here, 
so you can just dreumvent the 
whole thing,” he says. 

If you’re a member of Com- 
puServe or have full access to 
the Internet, you can even 
“malT-shop for anything from 
Brooks Brothers shuts to Cali- 
fornia wines to Russian fine art 
— though you’ll have to dou- 
ble-check which merchants ship 

‘It’s very costly,” she says of 
the regular mail and “ some- 
times you don’t know whether 
or not packages get to their 

But even private posting al- 
ternatives don’t always work. 

J IM RIDDLE, a Briton 
who has lived in Saudi 
Arabia for six years, also 
finds it relatively easy to 
get gifts to the family back 
home. “We’ve cither used a 
friend to take them bade or or- 
dered them over the phone,” he 

Riddle's employer is large 
enough that colleagues are a!- 



Dond Stner/IHr 

But back to those offline and 
far, far away . . . When Ka- 
ren Day Hogan moved to Ho 
Chi Minh City in July, she left 
her Christmas presents 

wrapped and ready in Philadel- 
phia. “They’re all waiting in my 
closet for my family,” she said 
“If not I would be in serious 
trouble, because I would have a 
bard time mailing anything 
from here.” 

Barbara Rosen is a free-lance 
journalist living in Brussels. 


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International Herald Tribune 
Friday , December 9 , 1994 
Page 9 

Kj22?!!»!twus. tel: (1) 52177-404 
Sr < £ C ° ntiriUin9/To Jan. 29: 

aSSSSJ^Tw^P 100 und <*as 

ffgg™- Documents the influence 
°n 18th- and 19th- 

century European an and design 



Scottish National Portrait Gaiierv 
« (31) 332- S 66 l ^S' ! Si; le 7. 
FeD. 26 . Sir James Gunn." Features 

as sHetc nes of beach scenes and 
extemporary Me by the Glaswegian 
an^psmted from the 1930s to the 


British Museum, tel: (71 ) 323-8525 

open daily. To Feb. 26: 'tSmiS: 
^ne: An^TtBgypt and Contempo- 

Egyptian art Inspires artists In a conti- 
, ^ eas and expressions, 
“jjwgh specially created works of 
ed by 1 2 contemporary artists 

Sg*5S 11 Na Sp n ®» Opera, tel: (71) 
«o-3161 'Le Nozze cS Figaro," 
£° nduc Jfd by Derick Inouye, with 

DS.“^M,7 06e ™ n,JOShUa 



Wallenstein Riding School, tel: (2) 
53-68-14, closed Mondays. To 
March 1995: "Antonin Chitussi." 
Features the works of the 19th-centu- 
ry Czech landscapist. Chitussi started 
as a historical and genre painter and 
turned to landscape write In Pans. 

High-Tech Help for the Consumer 

Galleria Comunale d'Arte Mo- 
derna. tel: (51) 50-28-59, dosed 
Mondays. To Jan. 15: "Gianfranco 
Ferrara: Antoiogica." From abstrac- 
tion to figuration, from "reatem of 
social commitment” to a "new figura- 
tion," ioo paintings and graphic 
works covering 50 years of creation 
by the Italian artist. 


Teatro alia Seal a, tel: (2) 80-91-80. 
"Die Watkore," directed by Andre 
Engel, conducted by nccardo Mu- 
tl/NIksa Bareza. with Raodo Domin- 
go, and Waltraud Meier . Dec. 10, 13, 
16,18, 20. 23. 28 and 30. 

By Roger Collis 

International Herald Tribune 

T HE lowest air fare isn't always 
the best fare when you take into 
account the travel policy of the 
corporation, deals with certain 
airlines, ana the needs of the traveler. 
“Our system really flips the whole travel 
purchasing process upside down. The only 
yield management systems that exist to- 
day are owned by the airlines; they're 
designed to maximize the profit per seat. 
What we have is a yield management sys- 
tem for our clients.”' 

meant they would not have met their vol- 
ume hurdles for another carrier, and would 
have given up a $500,000 check.” 

But the harder an agency works at get- 
ting you the best deal, the less commission 
he earns. And how do you know how 
much money he's saving you anyway? 
“We've already benchmarked what they’re 
paying through their travel patients, and 
we also pick up what is the lowest air fare 
and Dacoda uses lhai plus all the negotiat- 
ed fares; then we split the incremental 
savings,” Rosenbluth says. “If a corpora- 

Tit Frtfint Trtrtler 


This is how Hal Rosenbluth, president 
and chief executive of Rosenbluth Intona- 

tion spends $10 million a year in travel we 

Kasama, Ibarakf Prefecture 
Kasama Nichkto Museum of Art, 
lei: (296 ) 72-21 60, closed Mondays. 
To Dec. 25: "Raoul Duty.” 120 works 
by trie French artist. 

tional in Philadelphia, describes Dacoda, 
ivel mai 



Nationalmuseum, tel: (8) 666-42- 
5. To Jan. 8: 

50. closed Mondays. 

"Goya." Focusing around the allego- 
ry "Spain. 

Time and History," toe 
exhibition features 52 paintings, 
mainly portraits, and 100 prims by 

trie 19th-century Spanish master. 

1926 photograph by Shinzo Fukuhara, shown in Paris. 






■ Museum of Foreign Art, tel: (0) 17- 
• 33-61 , dosed Tuesdays. To Jan. 8: 
f "The Beer King of Helsinki, The Cza- 
, rina’s Personal Physician and Dutch 
. Old Masters." Dutch and Flemish 
« paintings from the col lections of tv- 
i coon Paul Snebrycftoff and physi- 
cian Cart von Haartman. Includes 
wwte by Abraham teWtes and Cor- 
ners de Vos, among others. 


Centre Georges Pompidou, lei: (1 ) 
44-78-40-86, closed Tuesdays. 
Continuing/To Feb. 20: "Kurt 
Schwitters." 300 paintings, collages, 
sculptures, typographical works and 

Fondation Cartier pour I'Art Con- 
temporain, tel: (1) 42-18-56-50, 
dosed Mondays. To Jan. 1 5: "Shinzo 
et Rose Fukuhara: Photographies." 

60 photographs by the Fukuhara 
hers between IS 



On Dec. 11: "A Bitter Truth: Avant- 
Garde Art and The Great War." Bar- 
bican Art Gallery, London. 

On Dec. 14: "The Glory of Venice: Art 
in the 18th Century." Royal Acade- 
my of Arts, London. 

On Dec. 11: "Les Anglais a Paris au 
XIXe Slecte." Muste Camavatet, 

On Dec. 12: “Fernand Lflger Photo- 
graph 1 6." Muste National Fernand 
Lteer, Biot, France. 

On Dec. 12: "Max Jacob et Picasso." 
^Muste Picasso, Paris. 

Dec. 11: “Impressionisrno & 
Dome e Pae- 

brothers between 1913 and 1941. 
Their art bears witness to a country 
opening to Western modernity. 
Centre National de la Photogra- 
ph le. tel: (1) 53-76-12-31. dosed 
Tuesdays. To Feb. 27: "Bill Brandt: 
50 Arts de Photograph ie." A retro- 
spective of the works of the British 
photographer. Indudes photographs 
of London during World War ll, por- 
traits and nudes as well as Surrealist 
collages before he died rn 1983. 
Grand Palais, tel: (1) 44-13-17-17, 
dosed Tuesdays. Continuing/To 
Jan. 9: "Gustave Caillebotte, 1848- 
1894." Also, to Jan. 2: "Nicolas 

Muste d'Art Modeme, tel: (1 ) 47- 
23-61-27, dosed Mondays. Conti ri- 
lling /To March 19: "Andre Derain. 
1880-1954: Le Petotre du Trouble 
Modeme." A retrospective of the 
works of the Fauve pointer 

Muste Dapper, tel: (1 ) 46-00-01- 

saggi dal Petit Palais cfi Giheyra." 
Musao Conor, Venice. 

50, open dally. Continuing/To 
March 13: "Dogon." 90 works repre- 
senting the diversity of Dogon art 
from toe Dogon ethnic group in Mali. 


Museum Ludwig, lei: (221) 221- 
2623, closed Mondays. To Jan. 8: 
“Yves Klein: Der Sprung ins Leere." 
Pan I of the retrospective focuses on 
toe emergence and development of 
the French artist's creative activities 
which lasted only eight years (1954- 
1962). Part II is In DusseWori. 

Kunstmuseum DGssekiorf im Bv 
renhof, tel: (21 1 ) 89-9-2460, dosed 
Mondays. To March 1 9: "Die Samm- 
lung Kahn welter: Von Gris, Braque, 
Leger und Klee bis Picasso." Works 
by 100 masters from the collection of 
Parisian art-dealer Daniel-Henry 
Kahnweiler, best known lor his dose 
association with Picasso, Braque and 
Derain, among others. 


Hamburger Kunsthalle, tel: (40) 
24-B6-26-12, dosed Mondays. To 
Feb. 12: "Munch und Deutschland." 
From 1 892 to 1 908. the Norwegian 
artist lived mainly In Germany where 
he found his first patrons and collec- 
tors. in Berlin, he created large por- 
tions of the Frieze of Life. Also shown 
with the 170 works by Munch, a se- 
lection of German paintings of the 
late 19th century. 


Bayertechee National Museum, tel; 
(89) 21124-1, closed Mondays. To 
Jan. 15: "Zierde Fur Ewige Zett: Das 
Perikopenbuch Heinrichs II." The 
prayerbook that belonged to King 
Heinrich II Is an example of 11th- 
century illuminations. 


Muste d'Art et d’Htstoire. tel: (22) 
31 1-43-40, closed Mondays. To May 
7: “leones: Donation Mavrorrac ha- 
lls." Icons from Crete, the Ionian Is- 
lands and Venice, dating from the 
16th to the 19th centuries. 


Kunsthaus, tel: (1) 251-6765. 
dosed Mondays. To March 5: “De- 
gas: Portraitisie." Portraits by the 
French painter and sculptor. 


New York 

The Jewish Museum, tel: (212) 
423-3200, dosed Fridays and Satur- 
days. To March 5: "Jewish Life in 
Tsarist Russia: A World Rediscov- 
ered. 1 1 Remains of the Jewish folk life 
and material culture collected in the 
early 1910s Between the Black Sea 
and Vilnius and from Minsk to War- 
saw. Indudes cosuxnes. household 
Items, prints, as well as musical In- 
struments and games. 

Metropolitan Museum of Art, tel: 
(212) 570-3951, dosed Mondays. 
Continuing /To Jan. 8: "Willem de 
Kooning: Paintings." More than 70 
paintings created between 1938 and 
1986, starting with de Kooning's first 
series of paintings of men and wom- 
en, black-and-white abstractions, ex- 
pressionists women and abstract ur- 
ban and highway landscapes. 

The Washington Opera, tel: (202) 
416-7800. Smetana's 'The Bartered 
Bride," conducted by Heinz Fricke 
with Ann Pangulias, Mark Thomsen 
and Peter Blanchet. Dec. 31. Jan. 2, 
8. 15. 19 and 21- 

las flagship travel management program 
which be claims enables corporations to 
“model” factors such as travel patterns, 
policies, and priorities (how important are 
convenience and comfort?), meet negotiat- 
ed targets for rebates with various airlines 
and come up with the optimum deal. 

This is an example of how high tech is 
helping business travel agencies to stream- 
line their service and save their customers 
money. “Travel agents as order takers will 
very quickly find themselves out of busi- 
ness. A really fine travel agency is one that 
uses technology and blends that with com- 
petent people,” Rosenbluth says. “Ques- 
tions may come in which lead to a simple 
answer. But more important is to provide 
options to the traveler that he would not 
have known about” 

The Rosenbluth firm, third largest trav- 
el agency in the United States, introduced 
Dacoda (Discount Analysis Containing 
Optimal Decision Algorithms) earlier this 
year to help companies figure the real cost 
of airline deals by sorting through airlines* 
elaborate pricing and discounting, thus 
enabling travel managers to assess the 
“true value” of each travel option. This 
may not always be the lowest rare. 

typically take our 9 percent commission — 
S900,0(X “ ~ - ----- 

Companies typically do route (or net- 
/itb several airlines whei 

work) deals with several airlines whereby 
they get a cash rebate of anything up to 40 
percent if they hit a target — measured in 
“seat/miles” or by shifting market share 
by so many points. Such deals may in- 
clude perks such as upgrades or the use of 
amenities. What Dacoda does is monitor 
the daily changes in the market (such as 
fares, capacity and frequency) and select 
the best option for each journey. This may 

,000. Since Dacoda most likely will be 
saving 20 percent, that spending by the 
corporation is now only S8 million. We take 
the 52 milli on that is saved and split it, so 
we end up having a greater return for 
saving them money. And it gets rid of that 
conflict of interests that’s at the back of 
everybody’s minds.” 

Once Dacoda has selected a flight, the 
booking is taken over by Trip Monitor — 
a “robotics” program which searches for 
the lowest available fare right up to the 
day before departure. 

Airlines use variable pricing to fill their 
planes at the maximum revenue or “yield” 
— offering low fares if you book some time 
in advance, becoming more expensive at 
the peak booking period, and cheaper again 
near the time of the flight. Trip Monitor 
keeps going into the airline reservation sys- 
tems, checking the fares and automatically 
canceling and rebooking at a lower fare. 

“Most of the major travel agencies have 
similar systems,” says Richard Lovell, 
manag in g director of Carlson- Wagonlit in 
London/“We are working in the U. K. on 
some very sophisticated systems devel- 
oped by Carlson in the U. S. A. But we're 
not yet at the stage here where the total 
data base is good enough to be dealt with 
mechanically. You still need a human in- 
terface with the customer. 

“When you talk to Hal Rosenbluth, or 
anyone from the States, and this includes 
Carlson, they have not got their minds 
round the fact that Europe is different: the 
U. Sl travel market is very simple — over 
80 percent is domestic, compared with 
most countries in Europe, with a few well- 

known airlines, the same language and 
laws, and a single currency. And things 
like time-based yield management is only 
just beginning to come in over here.” 

“These high-tech tools work well in the 
States Where trip patterns are fairly consis- 
tent; but normally what happens is that 
when the robot reading the computer finds 
the travel request has international jour- 
neys it will refer it to a human agent,” says 
Malcolm Grubb, of Carison- W agonb L 
“Computers can’t cope with international 
complexities such as “What about the 4 
P.M. flight via Vienna? Great if you're 
gong London-Paris-London, but looking 
for alternative routings to save some money 
is beyond the power of a roboL You can l 
program a aunputer to know all the dodges 
of creative fare construction. You don't 
have the same flexibility you can with an 
expert human. 

“We have similar systems to Dacoda — 
which really only works if you’re the sole 
agency, which is not always the case — 
and Trip Monitor and E-Res. We call our 
low fare search program FRED in the 
States. The system checks for wait-list 
clearance and special seat requirements. 
Normally, before booking the chap will 
have been offered all the alternatives in 
terms of fares and routing: FRED comes 
in and works on the booting. What busi- 
ness travelers are starting to do now is 
booting themselves on Internet, which is 
connected to the airline CRSs. But they 
still need a ticket — although ticketless 
travel is already happening in the States. 
And will they do as good ajob as the travel 

be to fly with one airline today, but switch 

to another tomorrow. 

“We’re talking about incremental sav- 
ings of 10 to 19 percent over and above the 
40 to SO percent discounts we've already 
negotiated fa- you up front,” Rosenbluth 
says. “We saw one instance where we could 
have saved a company 55,000 in a three- 
week period by selling them 569 seats with 
one carrier which had just opened up be- 
tween two city pairs. But that would have 

■ Die Royal Opera in London 
has started giving out oougb drops to 
keep spectators from disrupting 
performances, Reuters tells us. Next: 
sleeping pills for hecklers; 
tranquilizers fa weepers; hemlock 
perhaps for people who yell 
“Bravo!” repeatedly. 

O NE way to become your own 
travel agent is to subscribe to an 
electronic edition of an ABC or 
OAG guide — owned by the 
Reed Travel Group — accessed through 
your PC. OAG Travel Service, an on-line 
version, lists more than 2 milli on flights 
and 1 million fares from 700 airlines. 
Fares are updated daily and schedules 
weekly. You can check availability of air- 
line seats or hotel rooms and in North 
America you can make reservations. 

The system is fairly user-friendly. You 
can either target a specific flight, or a series 
of connections, that view the fare alterna- 
tives (with conditions), or target a specific 
fare, a range of fares, and view the flights 
that offer these. You can then move back 
and forth between fares and schedules. 
When you get the hang of it you can use 
quick codes to save time and money. 

OAG FhghtDisk and OAG Travel Disc 
(on CD-RM) come as monthly updates and 
do not require you to be on-line. Neither 
shows fares. But you can customize your 
screen schedules and print out your itiner- 

You're now ready to play yield manage- 
ment games with yourself. 

s»y--U t'; M£ . 


in** ■ .... 

p Krj!?” ■ Wh ?»*''.**'**’ nuts in** *M* n»r «Mfw»,t»v r,„, 

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more out 


L'iVoB tell u&yott spend anenjoyable 30 minutes engrossed in your paper.! 

: you also tell us ; feat on average, you have an annual household income of 

igus$ : ii7 ‘ 

It seems then, that our pages are.the perfect place for you to decide where to 
I^Start spewiing of it (6ur regular Leisure secdon, perhaps?) 

* And the perfect place for Dur advertisers to get more out of the International 

are taken, please call, 

Pin Europe. <3S-I) 4<S37 93 81; hi Asia, Andrew ahomas on 

:•? j 223 Americas, Richard Lynch on (2 1 2) 752 3890. J 



Join the experts as they debate the trends 


Following the considerable success of their First two events, 
International Fund Investment and the International Herald Tribune 
are convening their third major global fund management 
conference in^ Singapore on March 6-7, 1995. As before, the con- 
ference will offer a platform for debate between a large number 
of the world’s leading asset managers and economists. 


Global Fixed Income 
& Equity Markets 


Asia-Pacific Equity 
&* Fixed Income Markets 

IWimbd mm m ttrw m nn Mini tfimn nnr 


International Fund Investment 

Brenda Krdmanu. Iiiutiiai inuni Herald Trihtuu*. 63 l^»ng Aciv, I jnidon Wi:2E*||ll 
Ti'IrplKuir: (44 7 11 836 41108 Facsimile; (44 71 J K30U7I7 





■ Page 10 


To Succeed 
Rose for UN 
hi Bosnia 

By Roger Cohen 

New York Tima Serrice 

ZAGREB, Croatia — Mqor 
General Rupert Smith, a British 
general who formed dose tics 
with U.S. armed forces during 
the Gulf War, wffl rtwlace Lieu- 
tenant General Michael Rose 
next month as the commander 
of United Nations forces in 
Bosnia, U.S. and UN officials 
said Thursday. 

“We have been told that 
General Smith's appointment is 
now definite,” a senior Ameri- 
can official said ‘You need a 
steady guy who is a military 
diplomat in that job, and he 
seems to fit the bill-" 

A British Defense Ministry 
spokesman said he could not 
confirm or deny the appoint- 
ment. The one-year term of 
General Rose, also of Britain, 
ends on Jan. 24. It began with 
great momentum, when the Ser- 
bian artillery that had ringed 
Sarajevo for almost two years 
was pushed by a NATO ultima- 
tum, but has since subsided into 
the bog of strife that defeated 
his predecessors. 

Presented with the dile mma 
of protecting 23,000 UN peace- 
keepers while using the threat 
of fence to advance the cause of 
peace, General Rose finally ad- 
mitted defeat over the north- 
western Muslim enclave of Bi- 
ha^ where a Serbian encroach- 
ment into a UN-protected area 
has met no response. 

The general's biggest 
achievements have been the 
successful promotion of peace 
between Mus lims and Croats in 
central Bosnia, a limi ted impor- 
veroeat in living conditions for 
the inhabitants of in Sarajevo 
and the protection of people 
against starvation. 

General Smith, 51, was com- 
mander of the British 1st Ar- 
mored Division in the Gulf 


U.S. Troop Offer 

Confined boa Page 1 
ous military conditions as they 
seek to withdraw from bivouacs 
across Bosnia. 

A potential exists for attacks 
on UN troops by Serbian 
forces, by Bosnian Muslim 
forces ana even by civilians 
fearful of a cutoff of humanitar- 
ian aid, these analysts say. 

The potential for a substan- 
tial American ground force en- 

East Asia Looks 
Toward Europe 

By Michael Richardson 

iMenutional Herald Tribune 

SINGAPORE — As ties between Europe and the United 
States Cray over Bosnia, and Washington forges closer links 
with Asia and countries in its own hemisphere, Asian nations 
are seeking new ways to bring the European Union and East 
Asia doser. 

The movement, which is likely to lead to the first meeting 
next year of EU and Asian heads of government, is intended 
to improve ties between the two regions, promote economic 
growth and create a better balance in international relations. 

Prime Minister Goh Chok Tong of Singapore first ad- 
vanced the idea for a summit meeting on a visit to France in 
October, saying it was timely for Europe and East Asia to 
open a dialogue at the highest leveL 

A spokesman for Mr. Goh said Thursday that the general 
reaction to the proposal in Asia and Europe had been posi- 

“It is acknowledged that this is a timely idea,” said Chan 
Heng Wing, the prime minister's press secretary. “There is 
great potential for long-term synergy between Europe and 
East Asia.” 

The summit meeting idea is expected to be considered when 
EU leaders meet in Essen. Germany, on Friday and Saturday. 

Mr. Qian said that one possibility was to hold the first 
informal meeting of European and East Asian heads of 
government after the ASEAN s ummi t meeting scheduled for 
Thailand in December 1995. 

ASEAN, the Association of South East Asian Nations, 
groups Indonesia. Malaysia, the Philippines, Singapore, Thai- 
land and Brunei. 

Western diplomats said that Germany, the current EU 
chairman, and France, which will take over the revolving 

the plan to 


They see it as an important channel for opening East Asia 
more widely to European trade and investment 

Although EU exports to the booming East Asian econo- 
mies are increasing rapidly, the Union had a trade deficit with 
the region of about $52 billion in 1993. EU investment in East 
Asia, a key generator of trade, lags behind that of Japan and 
the United States. 

The EU leaders meeting in Essen are expected to endorse a 
new strategy for dealing with Asia based on a program drawn 
up earlier this year by the European Commission, diplomats 

The c ommissio n warned that Europe was lagging behind its 
competitors in exploiting Asia's economic potential. 

Analysts said East Asian countries hoped that high-level 
dialogue with the Union on a continuing basis would help to 
keep Europe’s market open and provide a counterweight to 
the powerful presence in the region of the United States, 
Japan and, eventually, C hina. 

Supporters of the plan for holding informal EU-East Asian 
summit meetings, possibly on an annual basis, see three mam 
centers of economic power in the next century: North Ameri- 
ca, Europe and East Asia. 

North America is linked to Europe through the North 
Atlantic Treaty Organization and Group of Seven leading 
industrial nations. More recently. North America and East 
Asia have been linked through the Asia- Pacific Economic 
Cooperation forum. 

the world trade agreement. 

With Republicans and Dem- 
ocrats 1 oolong cm, Mr. Qmton 
signed the bill at the headquar- 
ters of the Organization of 
American States. He applauded 
the bipartisan effort that led to 
the passage by Congress last 
week of the accord, known as 
the Uruguay Round of the Gen- 
eral Agreement on Tariffs and 

In Tokyo on Thursday, the 
upper house of P arliamen t vot- 
ed overwhelmingly to approve 
the GATT accord. The vote 
completed Japan's ratification 
process after the lower house 
approved the trade treaty last 

The actions in Washington 
and Tokyo mean that almost 40 
countries have approved the 
' agreement and another 40 are 

DELORS: Rumor Is He Won’t Run o?thSy^. The accord setsup 

a new, more powerful World 



In Japan 


Washington Tad Sender' 

TOKYO — MembeK^TJaK 
pan’s rdfoEitt-iiiinfl * 
tion on Thursday 
shift .Kafr, a fia 
minis ter, as the first cnagman 
of their new cx>afition party v tbe 
New Frontier Party. i ; - ' 
The New FrontwrPhsfenot: 
Shmskinlo in J a pan fi s ^ ^iffl be 
inaugurated fcxinaBy Saturday’ 
a collective endeavor formed % 
members of several : fiffetCEl 
groups. With about 
bears of the lowcr -hoa^ 

1 Kamentj it will be 0(1: 

Mike Tbdkrf Rctncn 

Attending the GATT signing on Thursday: Mickey Kantor, left, the U.S. trade representative; Trea^y S^reto-y 
Lloyd Bentsen; Commerce Secretary Ronald H, Brown, and the incoming Senate majority leader, Boh uoie ^ansa*. 

Clinton Signs World Trade Agreement 

Compiled by Ow Stiff From DapaUhea “Jt will be a Smooth 

WASHINGTON — Saying tion on Jan. 1,” said Peter ! 

“we must never run away from eriand, the GATT director-gen- 
the world,” President BOl Gin- eraL GATT will be phased out 
ton signed a bill Thursday ap- as the WTO is started up, and 
proving U.S. participation m the two organizations will coex- 

ist for at least a year. 

Mr. Sutherland urged China 
and major Western powers to 
seek a compromise over Beij- 
ing’s bid to be a founding mem- 
ber of the new organization. 
Beijing pulled out of GATT af- 
ter the Communist takeover in 

194 9, but applied to rejoin in 
1986. To become a founding 
member of the WTO, it has first 
to be admitted to GATT. 

But Mr. Sutherland told a 
news conference he would not 
favor Chinese admission to 

rams all relevant trading areas, 
he said. 

“But I can’t say this should 
be at any price. It obviously has. 
to be on the basis of a reason- 
able agreement. There has to be 

a balance between the derirahil- 

GATT “at any price” before the ity of China entering and the 

WTO is launched. 

“In principle; it is obviously 
desirable that China should be 
at an early date in the WTO, 
which by its name indicates a 
world organization which con- 

acceptability of the trams nego- 

A U.S. official in Geneva 
said Thursday that Beijing had 
shown little flexibility in negoti- 
ations. (Reuters, AP) 

SUMMIT: A Divided Union Sidesteps Major Issues 

Continued from Page 1 
tor of the Royal United Services 
Institute in London. 

The Union’s divisions are 
most obvious in policy toward 
Eastern Europe, the centerpiece 
of the s ummi t meeting. 

The leaders are scheduled to 
endorse a strategy for the even- 
tual EU membership of Poland, 
Hungary, the Czech Republic, 
Slovakia, Romania and Bulgar- 
ia. It includes increased regular 
minis terial meetings and a dc- 

jle territory sets the stage 
for a major foreign policy de- 
bate in Congress. Already some 
key members are deeply wor- 
ried about casualties, even as 
others press for a swift UN 

Representative Benjamin A. 
Gilman, a New York Republi- 
can in line to become chairman 
of the House Foreign Relations 
Committee in January, said 
Thursday that possible tinrita- 
tians on fee use of U.S. troops 
and the expenses incurred for a 
mission in Bosnia must be ex- 

Published reports last week 
made it dear that Mr. Clinton 
had dedded in principle to 
commit U.S. forces to a possi- 
ble pullout mission. They said 
Pentagon planners bad been at 
work for some time on contin- 
gency plans, including scenari- 
os for a withdrawal that would 
take “months.” 

On Thursday a senior politi- 
cal committee in Brussels heard 
the United States formally de- 
dare its intention to supply 
troops “in principle,” a NATO 
official said. The next step is for 
the NATO ambassadors to di- 
rect the alliance’s military com- 
mand to draw up a formal plan. 

■ Missile Attack on Bihac 

A missile believed launched 
by Bosnian Serbs crashed into 
the besieged Muslim enclave of 
Bihac on Thursday night, Reu- 
ters reported from Zagreb. Paul 
Risley of the UN Protection 
Force said the missile, designed 
to explode in midair and spray 
lethal shrapnel onto populated 
areas, had sailed at low altitude 
over a UN base in the enclave 
and landed not far away. 

“We are alarmed Ity the use 
of the SA-2 missiles as it is a 
very dangerous and imprecise 
weapon of mass destruction,” 
he said. 

Continued from Page 1 

edging toward the center — to 
dose ranks before their rivalry 
handed the election to Mr. De- 

With the latest opinion sur- 
veys showing Mr. Delors six 
points ahead of Mr. BaSadnr 
and even further in front of Mr. 
Chirac, the conservatives, de- 
spite their big edge over 
France’s discredited Socialists, 
seemed in danger of splitting 
their own voters badly, a pat- 
tern that helped Francois Mit- 
terrand beat nis conservative ri- 
vals for the presidency in 1981 
and again in 1988. 

For Chirac supporters — 
whose ranks include some 
French officials who attended 
the Budapest meeting — the ru- 
mor of Mr. Delors’s noncandi- 
dacy has provided fodder for 
their argument that their man 
can continue to try beating Mr. 
Bahadur without endangering a 
conservative victory. 

Strong anti-Socialist senti- 
ment among voters would be a 
handicap even for Mr. Delors. 
At 69, he has expressed doubts 
about his readiness to fight an 
arduous campaign and has 
therefore taken his time about 
deciding whether to run. 

To win, he would need help 
from small center-right parties 
that share his strong commit- 
ment to European unity but not 
necessarily his main economic 
views. But crossing party lines 
would be a perilous career move 
for politicians elected as part of 
a conservative political alliance. 

Mr. Delors, who has given 
himself until Christmas to make 
public his intentions, said this 
week that his decision had been 
made — without saying which 
way. This week he apparently 
confided that decision to the 
French Socialist leadership so 
that it can prepare for the cam- 

Despite the rumors in Paris, 
however, Mr. Delors left a 
group of European Socialist 
leaders with the impression that 
be did intend to run for office, 
delivering a fiery, campaign- 

style speech on Thursday ii 
sen, Germany. The Sock 

r in Es- 
sen, Germany. The Socialists 
were holding talks there ahead 
of a European Union summit 

Praising the European left for 
resisting a grand, rightist “of- 
fensive” led by former Preri- 
dent Ronald Reagan of the 
United States and former Prime 
Minister Margaret Thatcher of 
Britain, Mr. Delors called on 
his listeners to continue fighting 
ideologies that want society to 
be ruled entirely by the laws of 
the marketplace. 

... tailed work program to rewrite 

Trade Organization to police East European laws to conform 
trade disputes. It is scheduled to the Union’s angle market. 

to go into effect on Jan. 1. 

The treaty slashes tariffs 
worldwide by more than a third 
and liberalizes markets for 
goods, services, farm produce 
and textiles. 

Eventually, around 145 coun- 
tries are expected to be linked 
by the pact 

In Geneva on Thursday, se- 
nior officials of major trading 
nations formally approved the 
launching of the World Trade 


Sir Leon Britten, the com- 
missioner who helped draft the 
strategy, said the Essen meeting 
would “create irreversible mo- 
mentum” toward membership. 

But die strategy has two gap- 
ing holes. It does not commit 
the Union to overhauling its ex- 
pensive agricultural subsidies, 
which the bloc cannot afford to 
extend to the East's huge farm 
sector. It also leaves unresolved 
the amount of funds the Union 
wfl] provide to prepare the East 

for membership, which Spain 
and France blocked in order to 
win more aid for the Mediterra- 
nean region. 

A Spanish diplomat predict- 
ed that the meeting would pro- 

*Big words and 
lots of music, but no 
more than that 9 
for the East 

duce “big words and lots of 
music, but no more than that” 
for the East 

B ehin d the details of policy 
toward the East lies the even- 
tougher question of reform of 
EU institutions to make the 
group governable as it grows to 
more than 20 members. Such 
reform is “the precondition for 
everything,” one commission 
official said. 

Germany’s proposal for a 
deeply integrated, federal Eu- 
rope has spawned a backlash in 
France, with Prime Minister 

Edouard Bahadur calling for 
the kind of ad-hoc cooperation 
among EU nations long-fa- 
vored by Britain. 

“There are acute conflicts be- 
tween France and Germany on 
this point,” said Axd Sander of 
the German Society for Foreign 
Affairs in Bonn. In addition, he 
said, Mr. Kohl and Mr. Mitter- 
rand were Ekdy to give way to 
successors “less attached emo- 
tionally” to the Paris-Bonn axis 
and “more keen mi stressing 
national interests.” 

As for jobs, the leaders are 
expected to reiterate calls to re- 
duce payroll taxes, reduce labor 
market regulation and improve 

But a paper expected to be 
approved by the leadens states 
that efforts made over the past 
year “fall a long way short of 
what is necessary” to bring 
down the 10.7 percent unem- 
ployment rate; while economic 
recovery is making it easier for 
governments to put off hard de- 
cisions on pension and labor 

Mr. Kaifu's chief jobwffl be 
to take his near party-anfo a 
general election and try to oust 
the current governincnt, a coafri 
tion f coined five mnntha ago 
and headed by TbmnchLMnr- 
ayama, .leader o# the Social 
Democratic Party: But.Mr. 
Kaifu could hot- sayThortday 
when an election might be hdd. 

The New Frontier*s:daef ar^ 
chitect and ' strategist, - Icfaiio 
Ozawa, was elected as the par- 
ty’s secretary-general. 

. The bag new op p o si tionpany 
is -second m size only to the 
Liberal Democratic Party, the 
most conservative of Japan's 
major parties 

Many New Frontier mem- 
bers are fanner liberal Demo- 
cratic politicians. Mr. Kaifir 
was president of the liberal 
Democrats and prime Hamster 
from 1989 to 1991. He is dosdy 
associated in the public mind 
.with the figjht against political 
corruption. He was cashiered 
by leaders of the Liberal Demo- 
cratic Party because they feared 
he was pushing too hard 
an anti-corruption bflL 
The most interes ting thing 
about die New Frontier Party’s 

election for party chairman is 
that an election was held at all 
Normally, a new party here 
would be expected to choose a 
leader through consensus build- 
ing, with a long series of closed- 
door meetings at which every- 
one would informally agree. 

That there was a three-way 
vote for party chairman — Mr. 
Kaifu ran a gainst another far- 
mer prime minister, Tsutoma. 
Hate, and die Democratic S iff 
daBst Party Takashi 

Yonezawa — is subject to dif- 
ferent interpretations. 

One view is that the newly- 
formed opposition group is al- 
ready split among various fac- 
tions. Tne opposing view is that 
the New Frontier Party is actu- 
ally fairly unified, and the 
three-way vote was held to 
demonstrate to the public that 
the new party is more open and 
mare democratic than other po- 
litical parties here. 

MERGER: Deal Would Form One of WorltFs Largest Investment Banks PEACE: Irish Talks Bogged Dawn 

Coatimied from Page 1 

with warnings of a huge drop in earnings in 
(he first half of the year. 

Investment banks around the world 
have been hit hard this year by everything 
from steep declines in underwriting fees to 
volatile bond, stock and derivatives mar- 

Last month, Warburg unveiled a 58 per- 
cent drop in pretax profits for the first six 
months of the year, with the vast bulk of 
those earnings coming from its stake in 
Britain’s largest fund manager, Mercury 
Asset Management, with $100 billion in 

Warburg said that its investment bank- 
ing division had barely broken even, post- 

ing profits of only £5.5 m£Qi(xi compared 
with £98.4 million in the same period in 
1993, a spectacularly good year for most 
investment banks the world over. 

Morgan Stanley, though its earnings 
held up far better, was far from immune 
from the market’s ravages. In November, it 
posted a 35 percent drop in third quarter 
earnings, reporting $1 18 million compared 
with $180 million in the third quarter of 

Analysts attributed the scope of the set- 
back at Warburg in part to the size of its 

The British house has arguably been the 
most ambitious of Britain's merchant 
banks, aping its larger American cousins in 

trying to become a one-stop corporate fi- 
nancial supermarket that offers a full 
range of financial products and services 
around the globe. Its expansion to Tokyo 
and New York has beat a huge drain on its 
resources in recent years. 

“Warburg's investment bank is produc- 
ing absolutely appalling returns,” said Mr. 
de la Hey erf S.G. Strauss TumbuIL “It win 
need a major change.” 

Warburg’s shares have fared poorly this 
year in the market, shedding 28 percent of 
their value before the announcement 

Analysts say that one likely result of a 
merger between Morgan Stanley and War- 
burg would be significant staff reductions 
at both institutions. 

jor told Parliament on Thurs- 
day, by talks between the 
British and the so-called loyal- 
ist paramilitaries, fee Protes- 
tant gunmen. That is part of the 
balancing act. 

From its side, Shin Fein's 
goal is to be treated as a full 

Gannmed from Page 1 

means that if he is to pass a 
difficult hill, he must rely upon 
10 legislators from Northern 
Ireland. They belong to the 
Unionist tradition, which wants 
continued union with Britain, 
and so they are wary of rapid 
progress at the negotiating table paitnw at the negotiating table, 
that could weaken ties with government's is to try to 
London and lead to absorption sett ^ e so™® important issues, 
by the Irish Republic, such as decommissi oning fee 

The danger is that the Union- IRA’s stockpile of weapons, in 
is is will have too much power. oc ^ ia to turn Sinn Fcm into ft 
A spokesman for the prime recognized “constitutional” 
minister acknowledged this 
Wednesday, saying: “We’d be 

TEES: Relations With Russia Lowest in a Long Time, U.S. Officials Agree 

Continued Irma Page 1 
Council resolution last Friday 
that would have tightened the 
embargo against the Serbs. 

Experts see other reasons, in- 
cluding Russian fears that 
Washington is bullying Mos- 
cow and that the Republican 
victory last month will mean 
more hostility. 

“I would say we’re seeing the 
worst relations since 1984,” 
said Dimitri Simes, a Russia ex- 
pert who is president of the 
Nixon Center on Peace and 
Freedom in Washington. 
“We're seeing a fundamental 
worsening of the relations, 
which reflects not domestic 
Russian not the 

Republican congressional vic- 
tory, not Bosnia, but trends in 
Russia that once again make it a 
serious power wife nationalist 
interests and an increasingly as- 
sertive maimer." 

Washington and Moscow 
win not be able to patch up 
relations until they reach agree- 
ment over President Bill Clin- 
ton's proposal to enlarge 
NATO, administration officials 
say. The plan, endorsed by 
NATO, is to spell out for East 
European nations next year fee 

saying “Why are you sowing 
fee seeds of mistrust?” 

According to administration 
officials, their strategy will be to 
explain that widening NATO 
will advance Russia's goal of 
stability in Central Europe. 

But some officials acknowl- 
edge that such an explanation 
might not placate the Yeltsin 
government, which is worried 
that it is bring left out of the 
new security structure that 
NATO is developing. 

Secretary of State Warren M. 

European nations next year fee Secretary or State Warren M. 
conditions for joining NATO as Christopher spoke with Mr. 
part of a gradual expansion. Kozyrev this week to reassure 
Viewing expansion as an him. Mr. Gore is to meet wife 
anti-Russian move, Mr. Yeltsin Mr. Yeltsin and Prime Minister 
reacted bitterly in Budapest, Viktor S. Chernomyrdin 

week as part of semiannual 
talks on economic, environ- 
mental and other issues. 

_ But Mr. Gore will no doubt 
discuss NATO, administration 
officials say, as will Defense 
Secretary William J. Perry, due 
in Moscow next Thursday. 

While seeking to narrow dif- 
ferences, these officials also in- 
tend to make clear that Wash- 
ington 'is firmly committed to 
expanding NATO, a senior ad- 
ministration official said. 

But the substantive tallqf on 
the future of the province, in- 
volving all the interested parties 
that care to join in, are to come 
later. To prepare for them, Lon-, 
don ana D ublin have been 
working behind the scenes fear 
weeks to come up with & 
“framework” document to lay 
out**- - - 


To subscribe ki Germany 
fust call, toll fhw, 
013084 85 85 

loath to see feat, because of fee 
parliamentary arithmetic here, 
the Protestant co mmuni ty has 
an unreasonable advantage. At 
the end of the day. fee process 
won’t work if we alienate either 
ride, the Unionists or the na- 

For all of these reasons, mo- i - , 0 

men turn in fee peace Drocess 21 Prof 5083 ! 5 backed by the two 
has been derwed. The 

engine of the whole affair in A ine document is long over- 
which Dublin pressed for more J 116 and the negotiations to pro- 
concessions to the IRA while ° u ceith avc a snag. The two 
London held back to «*tm fe e governments cannot agree on 
fears of the Unionists, has bro- ® vcrare ™ Q g constitutional 
ken down. questions for Ulster — how to 

The talks on Friday are pre- 

lmrinaiy sessions involving only , how 10 

two parties to the 25-year-long Jf® wB of fee ma- 

conflict: Sinn Fein, speaking on 'E? ? North ^ ** deter "' 
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Getting There - and Getting Around 

It’s easy to get to the Ruhr district, and even easier 
getting around it. Downtown Essen is only 23 kilometers 
(14 miles) by express rail or highway from Dusseldorf 
airport, Germany’s second-largest and an integral part 
of the international air grid. 

In addition to a tightly woven network of autobahns 
(superhighways), the Ruhr is also crisscrossed by the 
Rhine-Ruhr S-Bahn (mass-transit railway), the largest 
transit authority in Europe; by the country’s express ICE 
and 1C rail services; and by a network of rivers and 
canals, used by an ever-growing flotilla of ferries, river 
cruisers and yachts. 

* --nwn 


\Jgr\ \\ 

Heme u_5 \ Dortmundl 

Essen and the Ruhr District 


Essen: 201 .3 square kilometers 
Ruhr District: 4.434 square kilometers 
Essen: 627.000 
Ruhr District 5.4 million 

Emblem of Europe’s Transformation 

Vast new public-works projects in Essen symbolize the turnaround of the region as a whole. 

In projects comparable in ‘The residents are pretty in- wrenching change. They've ties, roads, rail links 
size to the one currently be- ured to excitement," he also seen a new. vastly dif- ness parks and housi 
ing undertaken on Berlin's adds, “after a very tumul- ferent business sector arise has been a stiuggle ft 
Potsdamer Platz, 155,000 tuous 30 years." in its place.” new investment, eac 

square meters of the area This redirection of activity job.” says Ralf Nie 

around Essen's main train Cleaner and greener has had positive side effects, deputy managing dire 

station will be revitalized. Says Hans Singer, president “Of all the changes that have Essen's Chamber of 

The so-called Pfissarea pro- of the city's Chamber of taken place in the Ruhr.” merce. 

ject includes a 127-meter says Walter Deuss, chair- It was a struggle 1 

(420-foot) high-rise, the ciiRnpA IN rqem man of the board of Karstadt won in the mid-198 
tallest in the Ruhr district; tUnUrA IK tootN — 

10 other skyscrapers; exten- 
sive shopping arcades; two 
hotels; two conference cen- 
ters; and other facilities. 

For such a huge project. 

local reaction is low-key: “I once so polluted.” 

think people see the project Commerce: “Long-time res- Up until 30 years ago, ba- True urban renewal 
as a heartening 'sign of in- idents of the Ruhr district sic change was the last thing Essen in 1994 has a m 
vestor confidence in Essen have witnessed and been on the Ruhr's collective even glamorous bui 
and in the Ruhr,” says An- party to some of the most mind. In the early 1960s. toe sector. Name an ex 
nette Jaeger, mayor of the dramatic change expert- Ruhr was exactly what it had new field - private- 
city of Essen, which is sup- enced outside of Central and been a hundred years before: telecommunications, 
porting the project along Eastern Europe. They've Germany’s manufacturing structure operations, 
with developers RWE AG, seen a business community, center, with toe highest lev- ronmental technology 
construction giant Hochtief once the most productive els of affluence and employ- vanced methods of 
AG and Deutsche Bahn AG and prosperous in the world, ment in toe country. While supply - and chanc 
(the nation’s rail authority), falter, setting off a period of the region had gradually di- good it is based or we 



Commerce: “Long-time res- 
idents of the Ruhr district 
have witnessed and been 
party to some of toe most 
dramatic change experi- 
enced outside of Central and 
Eastern Europe. They've 
seen a business community, 
once the most productive 
and prosperous in the world, 
falter, setting off a period of 

wrenching change. They've 
also seen a new. vastly dif- 
ferent business sector arise 
in its place.” 

This redirection of activity 
has had positive side effects. 
“Of all the changes that have 
taken place in the Ruhr.” 
says Walter Deuss. chair- 
man of toe board of Karstadt 
AG. “the one most remark- 
able to toe average resident 
has been toe major improve- 
ment in the quality of the air 
and water, in toe very look 
of the cities and rhe land, 
once so polluted” 

Up until 30 years ago, ba- 
sic change was toe last thing 
on the Ruhr’s collective 
mind. In toe early 1960s. toe 
Ruhr was exactly what it had 
been a hundred years before: 
Germany’s manufacturing 
center, with toe highest lev- 
els of affluence and employ- 
ment in the country. While 
the region had gradually di- 
versified its activities, steel 
and coal were still toe re- 
gion's economic pillars, and 
production of both was at an 
all-time high. 

Then, in scenes common to 
toe entire Western industrial 
world, the coal mines, un- 
able to compete with foreign 
mines and other kinds of en- 
ergy, began to shut down, 
one after the other. At the 
same tone, there was a glut 
on toe steel market. 

These crises were only 
symptoms of a deeper 
malaise. “The Ruhr has 
missed toe economic boat,” 
ran the conventional wisdom 
of the time. Southern and 
central Germany were on toe 
rise, powered by such new 
businesses as microelectron- 
ics and technical and finan- 
cial services. Talk of “the 
sick man of Germany" and 
“the deindustrialization of 
the Ruhr" began to gain cur- 

There was nothing acci- 
dental or easy about the 
turnaround when it came. 
The state government of 
North Rhine-Westphalia 
joined local governments 
and businesses in planning 
and building new universi- 

ties. roads, rail links, busi- 
ness parks and housing. “It 
has been a stiuggle for each 
new investment, each new 
job.” says Ralf Nienaber. 
deputy managing director of 
Essen's Chamber of Com- 

It was a struggle largely 
won in the mid-1980s, al- 
though aftershocks and un- 
resolved issues persist to this 
day. One symptom is the re- 
gion's ongoing series of 
steel-mill closings and the 
ensuing labor strife. 

True urban renewal 
Essen in 1994 has a modem, 
even glamorous business 
sector. Name an exciting 
new field - private-sector 
telecommunications, infra- 
structure operations, envi- 
ronmental technologies, ad- 
vanced merhods of power 
supply - and chances are 
good it is based or well-rep- 
resented in Essen. Two- 
thirds of toe city's working 
population is now gainfully 
employed in services, with a 
high percentage of them in 
such high-end jobs as indus- 
trial engineering, printing or 
international trading. 

Thanks to these factors, 
the greater Essen business 
district (which also includes 
Miilheim and Oberhausen) 
alone is responsible for more 
than one-eigbto of toe total 
economic output of North 
Rhine-Westphalia, itself ac- 
counting for one-quarter of 
Germany’s total gross do- 
mestic product, with an 
economy only slightly 
smaller than that of toe Peo- 
ples' Republic of China. 

The Ruhr district’s perfor- 
mance has matched that of 
its largest city. The Ruhr’s 
200 billion Deutsche mark 
($133 billion) economy fea- 
tures such advanced sectors 
as automotive and industrial 
engineering, chemicals and 
semiconductor design. Its 
rates of long-term growth 
are squarely in toe middle of 
Germany’s spread. Below- 
average per capita incomes 
are more than compensated 
for by rock-bottom (for 
Western Germany) living 
and operating costs. 

The Re-engineering of a Vital Region 

The best from the renatur- 
izers is now coming on- 
stream in precisely toe area 
once referred to as “the 
worst of toe Ruhr district.” 

Reclaiming the Emscher 
The Emscher river runs 
westward for 70 kilometers 
through the Ruhr district's 
center. The Emscher district, 
with a population of 2 mil- 
lion living in 17 cities occu- 
pying 800 square kilome- 
ters. was never a tourist at- 
traction. During toe course 
of toe industrial revolution, 
the Emscher had been 

Growth, greenery and garden shows have now become typical features of the Ruhr area. 

T' he contest between the ment saw to it that a goodly The best from the renatur- cei 
Ruhr district’s industrial^- portion of these expanses izers is now coming on- coi 
ers and renaturizers has been were renatured - with im- stream in precisely toe area ofl 
going on for 1 30 years. Over pressive results. once referred to as “the iro 

toe Iasi 30 years, toe renatur- Today, forests and parks worst of toe Ruhr district.” 
izers have gained the upper ’ account for nearly 3,000 of 

hand. Now they are finally hectares of the city's area. Reclaiming the Emscher ha- 
and conclusively deciding more than two and a half The Emscher river runs of 
the contest in their favor. times as much as 50 years westward for 70 kilometers set 

“The Ruhr district is ago. Some 3,038 hectares of through the Ruhr district's im 
green.” A generation ago, that have been incorporated center. The Emscher district, trii 
that statement would have into Germany's system of with a population of 2 mil- bui 
been a laughable untruth - nature preserves. lion living in 17 cities occu- pat 

although, even in those dark As a result of its greening, pyine 800 square kilome- mil 
days, toe Ruhr was already a some 63 percent of the Ruhr tens, was never a tourist at- grc 
lot greener than it had been, district is now comprised of traction. During toe course 3(X 
By a decade ago, it had be- parks, gardens, waterways of the industrial revolution, as 
come a motto of regional and farms. The region's the Emscher had been am 
pride, trotted out on every 
occasion to dispel stereo- 
types to the contrary. Today, 
toe statement is a national 

Cultivating green areas 
Like most stories in Essen 
and in the Ruhr as a whole, 
this one starts with toe semi- 
nal figure of Alfred Krupp, 
singlehandedly responsible 
for industrializing much of 
the districL Setting a pattern 
for the next hundred years. 

Krupp was also a great 
benefactor to the environ- 
ment Around his seat the 
Villa Htigel, he landscaped, 
at vast expense, a park of 
some 75 hectares (185 
acres), today's HUgelpark. 

The next steps were taken 
by toe city itself, which in 
1 929 turned a 70-hectare in- pride and joy is the Ruhr riv- turned into an open concrete P 
dustrial sire into Gruga Park, er itself. Once “toe district's drainage ditch; its land had MA 
one of Germany's largest gutter,” it has been a favorite become a jumble of industri- AG 
municipal parks. Each move swimming hole, source of al refuse, bedraggled com- rppi 
by toe city’s business com- potable water and site for a munities and abandoned ties 
munity away from steel day of sailing since the early production facilities. Otx 

milling and coal mining to- 1930s, when five stretches Today, many sections of ism 
ward high-tech production of it were turned into reser- the Emscher river and its al n 
and services returned further voirs and an extensive tributaries have the look, agai 
industrial sites to “civilian” sewage treatment system taste and smell of toe prein- V 
use. Essen's city govern- was installed. dustrial era. Some 350 kilo- tior 

centers, kindergartens and 
concert halls, museums and 
office complexes, shopping 
malls and “climbing parks.” 

The size and scale of some 
of the individual projects 
have attracted the attention 
of the world’s leading con- 
servationists. architects and 
impresarios. Once an indus- 
trial wasteland, north Duis- 
burg’s 200-hectare Volks- 
park is centered on a decom- 
missioned steel mill, whose 
grounds are now home to 
300 different kinds of plants 
as well as rare reptiles and 

pride and joy is the Ruhr riv- 
er itself. Once “toe district's 
gutter,” it has been a favorite 
swimming hole, source of 
potable water and site for a 
day of sailing since toe early 
1930s, when five stretches 
of it were turned into reser- 
voirs and an extensive 
sewage treatment system 
was installed. 

Following in the Footsteps of the Rolling Stones 

77 ^ for the EV summit is a versatile site known for its wide range cf trade fairs and other events - including rock concerts. 

S ft moon of Dec. 8 , Essen's trade-fair working relationship with Diisseldorf s trade-fair authority, mands instant recognition, a legacy of the 17 “Rockpalasts” 
tarting on the aitern gcreens< particularly its in which toe two cities are to exchange equity and coordinate broadcast from the Grugahalle in the late 1970s and early 

grounds will fill j n w hich the summit itself their calendars and capital expansion plans. ’80s. “Actually, while I’m always glad to spend an evening 

*South House” (Messena Rowing two days. For many What is surprising is that Messe Essen is also the only au- taking in one of the Grugahalle' s events.” says Gerd Lu- 
will be taking place over ^ 2,000 members of the of- thority in Europe to be known in many of the Continent's bericns, chairman of Messe Essen’s managing board, “my 
viewers, and for qu *® ~ 500 i 0 umalists attending, toe living rooms and rock clubs. own tastes run to classical music, not rock.” 

ficial delegations an< v*| ’ 0 f j t _ may be familiar. The trade-fair grounds feature 1 8 halls covering 90.000 

fairgrounds - or at least on pw knQWS Messe Essen, the square meters. The Grugahalle is one of the authority’s six Global trade events 
Tte worid ' 5 busing we ll. It is among the world’s congress facilities, in which some 895 events are held every Mr. Luberichs's days are spent helping manage a very busy 
city’s trade-fair authority, ' mber , 0 f visitors (where it also year, 1 17 of them in the Grugahalle. While many of these calendar - busy because Messe Essen has two constituen- 
top 20 in terms of timwvp*. eX j^y lors> events focus on such worthy subjects as ongoing develop- cies. It provides a full range of events for the region - with 

jSJks fa Germany's top tnreej ments in medical technology and methods of selling con- 15 million people within a 90 minute drive, the largest in Eu- 

sumer goods, the Grugahalle tends to feature Broadway rope. At the same time, the authority has established a num- 

innovative events Messe Essen is known shows, sporting events and rock concerts. ber of events attracting trade exhibitors and visitors from 

Within the .German i traae-ia^ j cnac ] c for developing For two generations of young Germans, the Grugahalle around the world. They include IKK, focusing on “cold” and 
as an innovator. It has snowu ^ Munich’s has been one of the country’s premier venues for rock con- air-conditioning systems, OFTECH (surface treatment tech- 

attractive new events. The law* j n surplus mer- certs. Everyone from the Rolling Slones to Elvis Costello nologies) and Che mS pec Europe, concentrating on chemical 

Sfiddeutsche Zeitung, are r - ^ ^ industry, has had Goman debuts or showcase performances in the specialties. All told, Messe Essen's 1995 calendar features 

chandise, wedding “ re a {^eSjy entered into an innovative Grugahalle. For young Europeans, the name “Gruga" com- 25 major events. 

Messe Esse n has also ■ 

turned into an open concrete 
drainage ditch; its land had 
become a jumble of industri- 
al refuse, bedraggled com- 
munities and abandoned 
production facilities. 

Today, many sections of 
the Emscher river and its 
tributaries have the look, 
taste and smell of toe prein- 
dustrial era. Some 350 kilo- 
meters of waterways are 
now being renatured, and 
320 square kilometers of 
land have been reclaimed 
and are currently being 
turned into parks and gar- 
dens, all linked by hiking 
and bicycle paths. 

taking in one of the Grugahalle's events.” says Gerd Lu- 
bericns, chairman of Messe Essen’s managing board, “my 
own tastes run to classical music, not rock.” 

Global trade events 

Mr. Luberichs’s days are spent helping manage a very busy 
calendar - busy because Messe Essen has two constituen- 

the region's industrial facili- 
ties themselves, now given 
new lives as technology 
transfer and multicultural 

Previously owned by 
MAN Gutehoffhungshiitte 
AG and formerly one of Eu- 
rope's largest storage facili- 
ties for industrial gases, 
Obeibausen’s “Gasometer" 
is now the site of an industri- 
al museum as well as extrav- 
aganzas of ah kinds. 

Working this transforma- 
tion has been the Interna- 
tionale Bauaustellung Em- 
scher Park (IB A - Interna- 
tional Building Exhibition), 
created in 1989 by the re- 
gion's local governments 
and the state of North Rhine- 

To date, reports Gerd 
Seltmann, toe EBA's deputy 
director, some 800 million 
Deutsche marks ($533 mil- 
lion) in private investment 
has been secured by the pro- 
gram, some one-third of its 
total allocations. 

“Essen and toe Ruhr Area” 

h as produced in iu entirely by the Advertising Department qf the 
International Herald Tribune. It hwj sponsored by the City of Essen, 
Hypothekenbank in Essen AG. Ferrostaal AG. Th. Goldschmidt AG. the 
Essen Chamber of Commence. ETEC GmbH. Messe Essen GmbH. 
Karstadt AG. Rtthrgas AG and the display advertisers. 
Writer: Terry Swaricberg is a business writer based in Munich. 
Program director: Bill Mahder. 

Page 12 



S PO NS ORE [> SEC * D >N 

Manufacturers Evolve Toward Service 

The region's corporate community combines long-term continuity with ongoing change. 


_ 'ne of the common fal- 
lacies in current business 
thinking is that only new 
companies can have viable 
new products and promising 
new business areas. Accord- 
ing to this thinking, the older 
the company, the older its 
products. The corollary: the 
more established the compa- 
ny, the less adventurous its 
business strategy. 

The recent crack records of 
the Ruhr district’s major 
companies suffice to dispel 
these myths. RWE, Ruhrgas 
and Karstadt are the largest 
in their particular sectors in 
Germany, and have been for 
the entire postwar period. 
These very same companies 
have boldly entered promis- 
ing new business areas and 
launched new products. 

New sectors to conquer 
Long Germany’s largest 
electricity supplier, RWE 
also bids fair to become one 
of the country’s major 
telecommunications compa- 
nies, thanks to its entry into 
the corporate communica- 
tions and data transmission 
sectors, both as a consortium 
member and on its own. 
RWE is now one of Ger- 
many's leading suppliers of 
environmental services 
through its RWE Entsor- 
gung subsidiary, which in- 
cludes 200 individual com- 
panies and activities. Its 
Hochtief construction sub- 
sidiary is currently making a 
determined move toward the 
□umber-one slot in its indus- 
try. Its Lahmeyer project en- 
gineering and energy facili- 
ties arm (as well as its vari- 
ous associates and sub- 
sidiaries) is one of the 
world’s major players on the 
infrastructure scene. 

Ruhrgas has not so much 
diversified into new busi- 
nesses as it has opened up 
new geographic arid techno- 
logical areas. Either on its 
own or as a consortium 
member, the natural gas sup- 
pi ier, one of Europe’s 
largest, has steadily built and 

extended modem pipelines 
throughout the Continent. 
By developing combustion 
technologies and equipment, 
the group has also helped 
expand the range of natural 
gas uses. One consequence 
has been the rapid prolifera- 
tion of ultra-efficient, ultra- 
low-poliuting cogeneration- 
based power plants around 
the world. 

One of Karstadt AG’s recent 
moves made headlines in the 
financial pages. To maintain 
its primacy in Germany's re- 
tail sector, Karstadt acquired 
Hertie GmbH, the country's 
third -largest retailer, making 
the Karstadt department 
store group the largest in Eu- 
rope. Karstadt' s other under- 
takings, while not quite as 
spectacular, have been 
equally gratifying to the 
company’s shareholders. 
Today, Karstadt is one of 
Germany's top-three mail- 

The newest face in the 
Ruhr's metropolitan area: 
the DLZ, or Dienstlei - 
stungszentrum Stem, which 
will house offices of RWE 

order suppliers and tour and 
travel operators. 

The Ruhr’s manufacturers 
have also expanded into new 
markets, diversified their 
range of products and re- 
structured their operations. 
Although nominally doing 
the same kind of business as 
they were 40 or even 140 
years ago, these manufactur- 
ers have completely rede- 
fined their way of operating. 

In transftroo 

'Tor all interns and purpos- 
es, we’ve become, predomi- 
nantly, a very high-end tech- 
nical services company with 
built-in, still sizable produc- 
tion facilities," says Klaus 
Bruckner, president of Duis- 
burg’s Marines mann Demag 
Huttentechnik, which builds 
and equips billion-mark 
steel mills and other indus- 
trial facilities around the 
world. “Forty years ago, we 
manufactured nearly every- 
thing ourselves. The service 
element was relatively 
unimportant. Today, we 
have one-tenth the manufac- 
turing staff we had previous- 
ly and nine times as many 
design, production and pro- 
ject engineers.” 

Says Hans-Joachim Koll- 
meier, chairman of the board 
of Th. Goldschmidt AG: 
“The high-performance 
chemicals and other special- 
ties we market are very con- 
crete products, but in fact we 
are now selling and living 
off our know-how. specifi- 
cally our know-how in the 
field of surface chemistry.” 

Surfaces are everywhere - 
between materials, sub- 
stances and mixtures. Their 
joinings are governed by 
complex properties and phe- 
nomena. To influence or im- 
prove these. Goldschmidt 
has developed a wide range 
of additives. Examples of 
these are stabilizers for 
polyurethane foams, de- 
foamers for mineral oils, lac- 
quers and other materials, 
and additives for lacquers 
and paints. Many of 

schmidt’s products are en- 
countered in daily life, in 
personal-care items and cos- 
metics, on the surfaces per- 
mitting stick-on labels to be 
separated from paper and in 
products used in treating 
metal and glass. 

In specializing in know- 
how and processes, Gold- 
schmidt is continuing a near- 
ly century-and-a-half-old 
tradition. In 1847, Theodor 
Goldschmidt founded a 
company in Berlin to pro- 
duce tin-based auxiliaries, 
items used to treat and dye 
textiles. In 1889, the Gold- 
schmidt company moved to 
Essen in order to be closer to 
its main source of raw mate- 
rials and its largest cus- 
tomers at that time. 

Impetus for change 
After World War I, as the re- 
gion’s steel and machine 
manufacturers moved first 
into automobiles and com- 
plex machines and then into 
electrical and industrial en- 
gineering. Goldschmidt be- 
came a producer of surfac- 
tants and other high-end 

“Compared to the quantity 
of products they are added 
to, and to the characteristics 
or changes they induce in 
these products, our surfac- 
tants and other performance 
additives are relatively small 
in mass," says Mr. KoII- 
meier. ‘The desired proper- 
ties or characteristics they 
impart are large in effecL To 
achieve these effects, we 
spend 10 percent of our 
turnover - a very high figure 
- on research and develop- 
ment, on farther developing 
our know-how." 

Instead of a few best-sell- 
ing products for a few 
broad-use markets. Gold- 
schmidt now has a variety of 
“stem" products for a corre- 
sponding number of market 

Throw in an ever-Iarger 
number of competitors and 
Germany’s relatively high 
operating costs, and this 

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complexity might seem a 
recipe for corporate disaster. 
But Goldschmidt's story is 
typical of the region's entire 
sector, points out Hans 
Singer, president of Essen's 
Chamber of Commerce and 
Industry. ‘The Ruhr dis- 
trict’s manufacturers have 
undergone a very hard 
shakedown process and are 
confronted with high levels 
of competition every day," 
he says. “Only those compa- 
nies with a tremendous flex- 
ibility, an ability and will- 
ingness to learn and plain in- 
dustriousness have sur- 

Actually, Goldschmidt, 
like many of the region's 
other corporate mainstays, 
has been doing much more 
than just surviving. In 1993. 
the group registered solid in- 
creases in turnover, which 
rose close to an all-time 
high, and in profitability. 

Flexibility in action 
“In today’s industry, the 
trick is to know where and 
how to locate the margin,” 
says Mr. Kollmeier. “For 
Goldschmidt, it's sometimes 
in conducting, developing 
and marketing work on a 
proprietary or a third-party 
basis, sometimes in imple- 
menting joint development 
and marketing agreements. 
It's even very often in nor- 
mal manufacturing and mar- 
keting. This diversified 
repertoire of roles has stood 
us in good stead in our open- 
ing up of such new markets 
as America and Asia." 

It took Goldschmidt sev- 
eral years and all of its flexi- 
bility to become a major 

Klaus Liesen, Ruhrgas chairman: “Ruhrgas's cultural and sodai activities ham furthered our Ante to 
and longtemi business relationships with natural gas producers in Denmark, the Netherlands, Norway 
and Russia. These activities have also further developed the ties between Ruhrgas and Ihe community 
of which it fonns a part Essen and the Ruhr district" 

supplier of specialty chemi- 
cals in the United States. 

“We played all the cards 
in our hand in opening up 
the American market.” says 
Mr. Kollmeier. “First we 
had to go through a bit of 
show-and-tell - and of 
course a lot of learning. We 
set up a small manufacturing 
facility and used its products 
to show American cus- 
tomers what our surfactants, 
stabilizers and conditioners 
could do. At the same time, 
we started a dialogue with 
the Americans to let them 
tell us exactly what they re- 
quired. After being accepted 
by the Americans, we were 
in a position to offer both 
our complete range of prod- 
ucts and. equally interesting 

for us, our product develop- 
ment and adapting services." 

After a number of pio- 
neering steps in the Asian 
market, Goldschmidt is 
making a major move, hav- 
ing recently founded subr 
sidiaries in Taiwan, Singa- 
pore and South Korea, and 
sales offices and trade labo- 
ratories in two major cities 
in China. The company has 
also initiated a manufactur- 
ing agreement in Indonesia. 

The value added: service 
The international success 
enjoyed by Goldschmidt. 
Mannesmann Demag Hut- 
tentechnik, Deutsche Bab- 
cock and the region's other 
industrial chameleons has 
pleased both corporate 

shareholders and regional 
business development au- 
thorities. The end products 
of these companies are still 
chemicals, industrial facili- 
ties and power plants, 
among other things, mean- 
ing that they are still catego- 
rized as manufacturers. The. 
value added by these com-" 
ponies stems from such in- 
tangibles as knowledge of 
customers, markets and 

‘It may be time to finally 
do away with such previous- 
ly existing dichotomies as 
local and international mar- 
kets or manufacturing and 
service sectors," observes 
Mr. Kollmeier, “especially 
when these items so obvi- 
ously form single entities.” 

The Ruhr’s Retailing Revolution 

A by-product of the Industrial Revolution was the still-ongoing Commercial Revolution. 


veryone knows ihe story 
of how ihe Industrial Revo- 
lution unfolded in various 
countries in Europe: a gener- 
ation of intrepid, often self- 
taught inventors and me- 
chanics set up their primitive 
steel foundries and machine 
shops in hitherto rural areas. 
In Germany's case, the area 
was the Ruhr district, and 
the time was the beginning 
of the 19th century. 

Then came the metamor- 
phosis of the foundries and 
shops into industrial behe- 
moths: steelworks, chemical 
factories and locomotive 
factories, all powered by 
King Coal, all turning their 
humble founders into the un- 
crowned kings of 19th-cen- 
tury Europe. 

Sharing the wealth 
Hot on the heels of the in- 
dustrial barons building and 
operating their factories and 
coal mines were traders, out 

to sop up the wealth created 
by this revolution. TTie in- 
dustries grew bigger and 
bigger, as did the cities 
around them. Essen's output 
rose 40-fold and its popula- 
tion 13-fold between 1870 
and 1939. 

The traders outdid even 
this breakneck pace, accu- 
mulating wealth and trading 
outlets in a veritable rush. 
The Ruhr is still home to 
Germany's three richest 
families, all of whom earned 
their money primarily 
through trading, retailing 
and associated transport-re- 
lated services. 

With headquarters in the 
region are tneir retailing 
groups, bearing such famil- 

Today, Karstadt has 168 main outlets throughout Europe. 

iar names as Kaiser's. Ten- 
gelmann and Aldi in the su- 
permarket sector. Raab 
Karcher in the industrial and 
building goods area, and 
Karstadt in department store 

The pre-World War I era 
is often labeled the Age of 
Steel or Rail or Coal or 
Colonialism. An unusual but 
fitting variant might be the 
Age of Department Stores, 
pinpointing where the riches 
were spent. Clustered in 
such business and industrial 
metropolises as London. 
Paris. Berlin and Essen, 
these stores were, as Walter 
Deuss, chairman of the 
board of Karstadt AG, 
points out. “where our mod- 
em. consumer-oriented soci- 
ety took form, where the 
idea of the service sector 
was first developed," 

Today. Karstadt is one of 
the household names of Eu- 
rope's business world, as be- 

fits the Continent's largest 
department store operator, 
with 1 68 main outlets and a 
total group turnover of 28 
billion Deutsche marks f$I8 

The birth of emporiums 
One hundred and thirteen 
years ago, Karstadt referred 
only to Rudolph Karstadt, an 
aspiring store owner with a 
single textiles store in Wis- 
mar. Mecklenburg. Four 
years after Karstadt'. s move, 
Theodor Althoff also opened 
up a textiles store, this one in 
Dulmen, Westphalia. Bv 
founding department stores, 
both merchants profited 
from and participated in the 
great retailing boom of the 
pre-Wnrid War 1 era. with 
Ait hoi 1 gravitating toward 

the hean of it -the Ruhr. 

In 1894. he opened his 
Itrsi >turc m Essen. In 1912. 
he huili ihe ''monument to 
and the citadel of Essen's 

rise to the top - the 
Kaufhaus Althoff," as Es- 
sen's Westdeutsche Allge- 
meine Zeitung recently 
termed it. Like its counter- 
parts, Berlin's KaDeWe and 
Paris's Galeries Lafayette, 
the Kaufhaus Althoff com- 
bined a strikingly modem 
exterior with an unabashedly 
sumptuous interior. 

International service 
Modernized and expanded, 
the renowned Kaufhaus am 
Limbeckerplatz still holds 
pride of place on Essen’s re- 
tailing scene. Everything 
else has changed. In 1920, 
Karstadt and Althoff 
merged, setting up today’s 
company, which has had its 
headquarters in Essen since 
1950. Karstadt, explains Mr. 
Deuss, has long since shed 
its regional roots. 

“My own personal ties to 
the Ruhr district are strong ” 
he says. “I’ve worked and 
lived in the region for over 
30 years and witnessed its 
amazing transformation. 
Like many of Karstadt’s em- 
ployees, I take great pride in 
me region's many recent 
achievements.” A personal 
attachment to the region and 
a professional “multilocal” 
outlook by no means pre- 
clude each other, especially 
not in this very infemational- 
„ l ? in ? cd re S‘ on ' he adds. ■ 
"In fact, for Karstadt, a 
multi local approach is a pre- 
requisite for business opera- 
Deuss pointsouL 
Multilocal simply means 

nVS ) l H* J plh knowledge of 
^00 IccaJ markets, and the 

them “ y t0 aCt * n Cach of 

6* !&o 


tion would suggest 

Essen does have its share 
of power plants, ft also has a 
large international commu- 
nity and clusters of modem 
skyscrapers. They house 
RWE AG, which generates 
25 percent of Germany’s to- 
tal electricity and provides a 
good portion of its gas 
(through its DEA gToup), 
heating oil and other forms 
of energy; Ruhrkohle AG, 
Germany's largest coal 
provider, STEAG, a major 
operator of district heating 
^ schemes; Ruhrgas AG, one 
of Europe’s leading suppli- 
ers of natural gas; and DEM- 
INHX, the country’s leading 
developer of petroleum 

They also house the 
world’s largest traders in 
capital goods, companies 
whose high-profile transac- 
tions are denominated in bil- 
lions of marks. 

Corporate nerve center 
For Klaus von Menges, 
chairman of the executive 
board at Ferrostaal AG, a 
simple fact accounts for the 
discrepancy between the 
city’s livelihoods and its 
look. “International trading 
companies generally have a 
very high portion of their 
operative staff out in the 
field,” he points out. “An- 
other factor is that commu- 
nication links are increasing- 
ly obviating the need for fly- 
ing trips to corporate head- 
quarters. It’s the same situa- 
tion in the energy sector. To- 
day. it takes a relatively 
small number of centrally 
based people and facilities to 
'^configure and operate Eu- 
rope-wide networks.” 

Seven decades ago, the 
situation was completely 
different Activities and staff 
were locally based, and to- 
day’s big ticket operations 
were simply interesting side- 

In 1 926, the Ruhr dis- 
trict’s coal cartel had an in- 
teresting problem: it had a 
commercially promising by- 
product - coke oven gas - 
and even prospective cus- 
tomers for it Missing was a 
way of conveying the gas to 
the customers and a compa- 




^ S S E N 

Once and Future 
Business Sectors 

A look ai two of Essen ’s main livelihoods 


cen^Sf 1 ^^^ "V ^manage it. The solu- 

d£scnp - 5 s™*" “ 

Essen dneoSS ! ls< r overcd . ln Geraiany, and 



Ruhrgas began its great 
switchover to this source of 
energy. Today, Ruhrgas 
maintains a pipeline network 
9,300 kilometers (5,760 
miles) long, supplying more 
than 560 billion kilowatt- 
hours of natural gas a year. 

International industries 
In the post-Worid War I era, 
the Ruhr's industrial giants 
set up what were in effect 
offshore trading outlets. One 
of them was Ferrostaal, 
founded in Den Haag in 
1921 by Oberhausen's Gute- 
hoffhungshutte Aktienverein 
(GHH), one of the two fore- 
runners of today’s MAN 
group. FerTostaal’s initial 
purpose was to distribute the 
steel and other items pro- 
duced by GHH and its part- 
ners. In 1930, Ferrostaal was 
moved to Essen. 

There are hundreds of in- 
ternational industrial compa- 
nies in the world. All have 
subsidiaries trading in pro- 
prietary products through 
proprietaty channels and on 
proprietary markets. Ten 
“true” international trading 
houses, about half of them in 
Japan, have emerged out of 
this mass of trading sub- 

These world traders pro- 
vide a broad range of indus- 
trial systems and facilities to 
a broad range of markets in 
many different ways. One of 
them is Ferrostaal, generally 
regarded as Germany’s 
“truest” trading house. As 
Mr. von Menges explains, 
the road from trading sub- 
sidiary to trading house was 
long and evolutionary. 

“Throughout the ’30s, in- 
ternational contacts were 
built up with such fledgling 
customers as the Middle 
East’s petroleum processing 
industry,” he says. “These 
contacts were reforged in the 
’50s and upgraded and ex- 
tended, particularly in such 
areas as South America. But 
it was in the ’70s that Fer- 
rostaal finally and conclu- 
sively crossed the great di- 
vide and became a full- 
fledged trading bouse. The 
key move was our acquisi- 
tion of a structure-building 

Klaus von Menges, cha ir m an of Ferrostaai’s executive board. 

arm and erection facilities.” producers have sprunj 
Ferrostaal’ s move was 

well-timed, as it was fol- Aft-encompassing ser 
lowed by the industrial take- “The old days of nati 
off of first Southeast Asia near-monopolies is 
and parts of Latin America, past,” says Mr. von Me 
then China. South Asia and “A host of relatively 
the Caribbean. These quick- sharply calculating, ej 
ly growing regions have had sion-minded companies 
a voracious need for turnkey taken their place. Th 
industrial plants. good for international 

High risks, high stakes 
It would seem to be a need 
most industrial companies 
would be eager to meet. In 
fact, a number of factors 
forestall most of them from 
entering the field, explains 
Mr. von Menges. “It’s a 
high-risk, high-stakes busi- 
ness,” he says. “Customers 
expect Ferrostaal and other 
trading companies to be able 
to deliver plants at fixed 
schedules and costs - al- 
though local operating con- 
ditions are often difficult and 
such projects are highly sus- 
ceptible to shifts in currency 
values, in product prices and 
availability and in transport 
conditions. Then there is the 
sheer magnitude and time- 
frame of such projects. How 
many companies have either 
the breadth of expertise or 
the persistence and depth of 
focus to take on a multi mil- 
lion-mark methanol plant in 
Trinidad or a tire-producing 
factory in Indonesia, each 
involving the assembly of 
thousands of individual, in- 
termeshing parts?” 

There is an increasing 
need for industrial plants 
and related equipment and a 
growing number of cus- 
tomers. Not only are many 
developing countries’ 
economies expanding quick- 
ly, they are also going pri- 
vate. Over the last decades, 
hundreds of state-owned 
steel, automobile and chemi- 
cal manufacturers, oil refin- 
ers and energy suppliers 
have been privatized m these 
countries. New, competing 

An Attractive Financial Community 

Nol only local banks, but also those from other regions are active in this lucrative marker. 

producers have sprung up. 

Aft-encompassing services 
“The old days of national 
near-monopolies is long 
past,” says Mr. von Menges. 
“A host of relatively lean, 
sharply calculating, expan- 
sion-minded companies has 
taken their place. This is 
good for international trad- 
ing houses, which now have 
a much wider base of cus- 
tomers. It also, however, 
places new demands on die 
houses. These new compa- 
nies often require an all-en- 
compassing range of ser- 
vices, including everything 
from arranging project fi- 
nance to commissioning the 
production facilities.” 

In such work, Ferrostaal 
has two main assets: the cap- 
ital and technological back- 
ing of MAN, one of the 
world’s largest producers of 
capita] goods, and its own 
human resources. 

“Although it’s one of the 
fastest-changing businesses 
in the world, it’s not one you 
can learn overnight, or even 
in a single generation,” says 
Mr. von Menges. “Our only 
capita] -aside from the great 
operational and financial re- 
sources of MAN - is the 
knowledge and contacts our 
experts and executives have, 
be they located in our head- 
quarters in Essen or out in 
the field in Brazil or Thai- 
land or Korea. Another im- 
portant asset is a well-inured 
set of nerves, as far as it is 
possible to achieve some- 
thing like that in today's 
constantly changing world.” 

He continues; “Although 
I’ve been in this business for 
more than 30 years, every 
time there’s an earthquake 
or a coup or some other act 
of God or man somewhere 
in the world, my first invol- 
untary reaction is to wonder 
Who do we have there and 
are they and everybody else 
all right?" 

T he 82 universal and sav- 
ings banks, insurance com- 
panies and finance houses in 
Essen would seem to oper- 
ate under a serious disadvan- 
tage - their home market is 
very attractive to interlopers. 

The latest forecasts arc for 
the Ruhr district to achieve a 
gross domestic product of 
200 billion Deutsche marks 
(SI 33 billion) in 1994, with 
28 billion DM of that from 
Essen alone. The market is 
also lucrative, as it involves 
a catchment area of over 
240,000 companies and 5.5 
million consumers. 

These companies and con- 
sumers feature levels of 
profitability and purchasing 
power weft above state aver- 
ages. All these factors have 

says: “Our financial busi- 
ness doesn't necessarily go 
to Frankfurt or Diisseldorf. 
Rather, Frankfurt and Diis- 
seldorf often come to Es- 
sen." The relatively large 
size of the region's financial 
community is attributable lo 
migrants from these cities. 

A complex market 
Why do they come? “This 
is," says Mr. Schulte-Kem- 
per, “a market that can’t be 
adequately covered from a 
distance, especially not its 
institutional segment. It's 
too complex for that.” 

Seventeen highly distinc- 
tive communities make up 
the Ruhr district. Each has 
its own set of financing 
needs, revenue and asset 

petite for capital and finan- 
cial services is a wide range 
of banks, including such 
public-sector heavyweights 
as Westdeutsche Landes- 
bank Girozentrale. Provid- 
ing these banks with refi- 
nancing is a range of spe- 
cialists with proprietary ex- 
pertise in carefully evaluat- 
ing municipal balance 
sheets, compiling cash flow 
analyses and determining 
project prospects. 

Start-up capital: goodwill 
One of these specialists is 
Hypothekenbank in Essen 
AG. This ‘‘mortgage -issuing 

bank” is one of the newesl 
and most solvent members 
of Essen's financial commu- 
nity, having been founded in 

Frankfurt or Diisseldorf. the 
question arises: Why Essen? 

"Essen had - and has - ex- 
cellent infrastructure," says 
Mr. Schulte- Kemper. “It is 
an attractive place in which 
to live and in which to re- 
cruit financial personnel. 
Most importantly, the Ruhr 
district forms a huge financ- 
ing market, one that has to 
be covered on the spot. The 
capital of mongage banks is 
their in-depth knowledge of 
the local property and public 
sector markets. Local assets 
form our collateral." 

He goes on to cite another 
reason, one shared by all the 
bank's founders: “We saw a 
region in the midst of 
change, striving to transform 
everything from its business 

been enough to attract the 
interest of the banking com- 
munities in nearby Dtissel- 
dorf and Frankfurt. As Hu- 
bert Schulte-Kemper. chair- 
man of the board of the Hy- 
pothekenbank in Essen AG, 

bases and budget problems. 
Joined by state-level bodies, 
each has spawned an assort- 
ment of housing and project 
development authorities. 

Satisfying this enormous 
individual and collective ap- 

1987 by private investors. 
Because this type of bank is 
not founded very often - the 
last was created a quarter of 
a century ago - and because 
most new financial opera- 
tions tend to set up shop in 

base to its environment. We 
took it upon ourselves to 
support this process. The 

g oodwill arising from our 
ecision to come to Essen 
turned out to be a bit of wel- 
come start-up capital.” 

Home to New Technology Centers 

German institutes are at the forefront of developing technologies for the future. 

One of Germany’s very 
first technology centers was 
birilt in Dor tmun d in 1984. 
A year later, EXEC (Essener 
Technologic- uttd Entwtck- 
lunes-Centrum) opened its 
doors. ETEC’s 22,200 
square meters of space and 
100 high-tech tenants make 
it one of Germany’s three 
largest “business nurseries,” 
with a spectrum of innova- 
tive products to match. Ac- 
cording to newspaper re- 
ports, ETEC is the most 
cost-efficient center of its 
kind in Germany, even man- 
aging to record a profit on 
ongoing operations. 

Cost-efficiency and inno- 
vation are also the leitmotifs 
of the city governments of 
Duisburg and Oberhausen, 

which three years ago be- 
came the first cities in Ger- 
many to rigorously institute 
private-sector business prac- 
tices and cost-accountability 
in their municipal adminis- 
trations. They have pared 
costs by between 15 percent 
and 21 percent, depending 
on the department 
Today, the number of 
technology centers in Ger- 
many has passed the 400 
mark. Following the Ruhr’s 
lead, nearly every city gov- 
ernment is outsourcing ser- 
vices and putting its opera- 
tions on a businesslike basis. 

Germany’s seismograph 
“The Ruhr has long served 
as an tarty-warning seismo- 
graph for the rest of Ger- 

ma ny," says Herbert TrOsch- 
er, ETEC’s managing direc- 
tor. “We experienced such 
problems as the need to revi- 
talize a business base and to 
trim public-sector costs ear- 
lier than the rest of Ger- 
many, and therefore we also 
came up with the answers 
earlier than other places.” 

There is, of course, noth- 
ing static about this process. 
“Each year brings with it 
new problems and new an- 
swers at ETEC,” Mr. 
Tr6scher points out. “Our 
initial challenge was simply 
that of financial survival, 
and that has involved mak- 
ing sure that our companies 
would survive.” 

To that end, ETEC has 
provided its companies with 

■- . - j - v ■’« . : ■ • i 


ili i« 


every conceivable kind of 
business development ser- 
vice and assistance, includ- 
ing helping them procure ad- 
ditional funds, set up and run 
their daily operations and 
purchase or sell licenses and 
patents - even hiring a 
“management coach” to in- 
culcate executive skills. 

To acquaint these compa- 
nies (and the entire region) 
with the lat est ad vances in 
their fields, ETEC has also 
founded centers of energy, 
environmental and building 
technologies under its roof. 
In doing so, it has worked 
with leading American insti- 
tutes and universities. 

Model for the East 
Now operating at a near-full 
occupancy rate and with a 
solid lineup of solvent ten- 
ants, ETEC has mastered 
those challenges. Others 
have come from external 
sources. Following German 
unification, many communi- 
ties in Eastern Germany 
sought to transplant what is 
now called the “Ess en rol e 
model” to their areas. ETEC 
has responded, providing fi- 
nancial and technical sup- 
port as well as a new facility 
in Cottbus, Brandenburg. 
COTEC (Cottbus Technolo- 
gy- und Entwicklungs-Cen- 
trum) is “a very viable 
proposition and a role model 

for its region,” reports one 
local newspaper. 

ETEC has ranged even 
further eastward, holding 
seminars and workshops 
aimed at promoting the de- 
velopment of business in 
and with the CIS countries. 
“It’s in those regions that the 
need for innovation and 
cost-efficiency are especial- 
ly high," says Mr. TrBscher. 

Welcome to 

the summit of 



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6,000 CUBIS personnel in more than 
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Grouping together 
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Page 14 




A N 




E A 

Public and Private 
Art Patronage 

Must money be the enemy of art? Not necessarily. 

A he creative process has a 
tenacious ability, willy-nilly, 
to flourish in money’s rela- 
tive absence. The only pre- 
conditions for its nourish- 
ment are cheap, easily avail- 
able studios and an 'artistic 
tradition. The Ruhr district 
has both in abundance. “Its 
plenitude of loft and gallery 
space, a legacy of its indus- 
trial and mining past, has 
proven a veritable seedbed 
for new artists and new art 
movements,” reports Harold 
Polenz, cultural journalist 
and expert on the local arts 
scene. The region’s tradition 
of plainspoken. effective 
modem art started with the 
sculptor Wilhelm Lehm- 
bruck and the painters Otto 
Pankok and Werner Gtlles. 

Recent cultural history is 
replete with overfunded ex- 
travaganzas of little artistic 
merit. The key link between 
quality and quantity in art 
must always be discern- 

Record exhibitions 
On Nov. I. 1993, Essen's 
Folkwang Museum closed 
its doors on “Morosow and 
Schtschukin - the Russian 
Collectors.” The exhibition 
was a portrayal of the con- 
summate sense of discern- 
ment evinced by these two 
Moscow-based merchants. 
On display were 120 of the 
French Impressionists and 
early-20th -century “Classic 
Modernists" they collected 
between 1866 and 1914. 
Many of these masterpieces 
had never been shown be- 
fore in the West 
The exhibition was 
viewed by 572,000 people, a 
new all-time record for the 
German ait scene, plus near- 
ly half a million more at its 
two other venues, Moscow 

and St. Petersburg. It was 
sponsored by Ruhrgas AG, 
Germany's leading supplier 
of natural gas. This record- 
setting was also a repeat per- 
formance. The country’s 
previous all-time “most-vis- 
ited" exhibition had been 
“Van Gogh and the Mod- 
ems,” held at the same mu- 
seum three years earlier, 
with the same sponsor. 

The Ruhr's exhibitions of 
visual an are not confined to 
one-shot affairs at its mar- 
quee venue. The district has 
Germany’s broadest base of 
an on permanent exhibition. 
Its 135 collections include 
the ludaica collection in Es- 
sen's Old Synagogue and 
Mulheim’s Stadtisches Mu- 
seum. The Design Zentrum 
Nordrhein-Westfalen, locat- 
ed in Essen, is one of Eu- 
rope's main centers for pre- 
sentations and retrospectives 
of contemporary design in 
all its forms. 

Private-sector patrons 
Funding for all these muse- 
ums comes from philan- 
thropic firms, private citi- 
zens and benevolent associa- 
tions, with a strong contribu- 
tion - to the extent their bud- 
gets allow - from local and 
regional governments. 

“On the German art scene, 
it’s long been viewed as an 
incongruity that a region 
with such straitened public- 
sector finances should have 
such an unparalleled art 
scene.’’ says Klaus Liesen. 
chairman of the executive 
board of Ruhrgas AG. “In 
Germany, artistic activity is 
often mistakenly viewed as 
deriving from public-sector 
support In the Ruhr district 
we've followed the example 
of the Americans and the 
British and relied heavily on 

Picasso’s “ Absinthe Drinker,” shown at the Folkwang Museum. 

the private sector as a source 
of sustenance. That suste- 
nance has been forthcoming 
in gratifying amounts.” 

By now. the private sec- 
tor’s interest in and support 
of the arts is a tradition that 
is over a century old. 

“The Essen region’s as- 
semblage of visual art arose 
as a ‘spillover effect' from 
the accumulating of our 
great family fortunes and 
from the forming of the re- 
gion’s far-flung business re- 
lationships,” says Klaus von 
Menges, chairman of the ex- 
ecutive board at Essen's Fer- 
rostaal AG. “In their own 
ways, the late- 1 9th-century 
industrial barons - the 
Krupps. Haniels. Thyssens - 
were Renaissance men. 
There was literally nothing 
that escaped their interest. 
Art and architecture occu- 
pied a prominent place.” 

Industrialists' legacies 
One expression of this uni- 
versal interest is the Villa 
Hugel, designed by Alfred 
Krupp and completed in 
1873. The Villa Huge! fea- 
tures his resplendent collec- 
tion of folios, furniture and 
tapestries. Today, this 175- 
room mansion is a venue for 
blockbuster exhibitions. 

Another is the Folkwang* s 
permanent collection of Im- 
pressionists, Expressionists, 
Fauves and Surrealists, 
which originated in the dis- 
cernment of Karl Ernst Ost- 
haus. the archetype of the 
late- 19th-century industrial- 

While the industrialists 
were laying the groundwork 
for their vast collections, 
their companies were build- 
ing up a network of business 
relationships around the 
world. A company like 
Krupp maintained business 
relationships with such far- 
away countries as China. 
Argentina and Russia as ear- 
ly as 1870. Over the 
decades, these relations first 
yielded flows of sales and 
supplies, and later works of 

“Long-term business rela- 
tionships - and we at 
Ruhrgas have worked close- 
ly with our gas suppliers for 
decades - yield a deep un- 
derstanding of and interest 
in the partner's country and 
culture, plus the trust facili- 

Essen's Old Synagogue is also a museum of Judaica. 

taring an exchanging of 
works of art,” Mr. Liesen 
points out. The Ruhr’s com- 
mercial emissaries have dis- 
played an undeniable 
propensity for collecting 
works of art. 

Bringing it back home 

“I believe a form of prese- 
lection explains that charac- 
teristic." says Mr. von 
Menges. “Any person will- 
ing to leave home and con- 
duct business abroad is 
bound to have an innate cu- 
riosity and an interest in oth- 
er cultures. International 
business networks are gener- 
ally staffed by such ‘world 
discoverers.’ who often have 
an understandable drive to 
collect the visual fruits of 
their discoveries." 

This drive is quite appar- 
ent to visitors to local com- 
panies’ headquarters. Virtu- 
ally all of them have in- 
house exhibition spaces, in- 
cluding Ferrostaal’s Small 

Gallery, which displays 
works by non-European 
artists practically unknown 
in Germany. Nor is this pa- 
tronage confined to the visu- 
al arts. “Many of our major 
international festivals and 
cultural events, such as the 
Ruhr's Klavier Festival and 
the Ruhrfestspiele Reckling- 
hausen, wouldn’t even be 
conceivable without private 
sector patronage.” says Mr. 

Musical haven 
The partnership between the 
public and private sectors in 
fostering the arts has taken 
some unusual forms. 

Everything about the Phil- 
harmonics Hungarica - 
“PH” for short - is unique to 
the German cultural scene. It 
was founded in 1956 by 
many of Hungary's best mu- 
sicians. who had been forced 
to flee the country following 
its failed rebellion against 
Soviet rule. The PH soon 

found a new home in Mari, a 
town in the Ruhr district's 
northern stretches. It also se- 
cured support from a new 
partnership of patrons, in- 
cluding the German federal 
government and a variety of 
private-sector sponsors, sev- 
eral of them based in the 
PH’s new home region. 

“In addition to its undeni- 
able excellence and its mov- 
ing story, there is another 
reason to supporr rhe orches- 
tra,” says Hubert Schulte- 
Kemper, chairman of the 
Hypothekenbank in Essen 
AG. a main sponsor. ‘The 
Ruhr has thrived on being an 
agglomeration of diverse in- 
dividual communities and 
diverse individual cultural 
bodies funded in a wide di- 
versity of ways. You can 
find world-class culture vir- 
tually anywhere in the 
world, but not this concen- 
trated diversity. And this di- 
versity requires constant cul- 
tivation and upkeep.” 

Perennial Attractions: 
Essen’s Gultural Bastions 

The city offers music, theater, dance - and some very distinctive architecture . 

• A rather unusual dis- 
tinction . was conferred 
upon the Aalto Theater. It 
was already being hailed 
as one of Germany's great 
architectural masterpieces 
even before it w3s built It 
took three decades for the 
design by Finland’s Alvar 
Aalto, one of the world's 

Essen Philharmonic’s two 
homes, the other being die 
.Saalbau, also a major 
venue for congresses and 

• The. GriUo Theater’s 
■ exterior gives a good mdi- 
--catkm of what to expect in- 
side. The theater’s front is 

ensemble: die Folkwang 
Kantmerorcbester's con- 
certs are held in the Villa 
Htigel’5 palatial, glass- 
domed "festive hall.” 

• Even in a city of highly 
distinctive neighborhoods, 
Worden stands out Locat- 
ed in Essen’s southern 
green belt, Worden fea- 

resolntely modem, • its 
leading architects, to be back, Georgian. Corre-. . toes a very individualistic 
rendered m glass and white spondingly, die Grille of- mix of intense cultural a c- 
stone. Launched in 1988. fere a mix of modem dra- . 
the Aalto theater is one of ma and welMoved works 
Germany’s leading venues from the standard cannon. 
for music and dance. It is • It is a fitting setting for 
one of the well-regarded . a famous chamber music 

tivities and idiosyncratic 
lifestyles. WenfefTs “B0r- 
germeisterfiaus” is the 
venue for a foil program of 
recitals and concerts. 

Congenial Habhat- 

For ‘Green' 

The area is a showcase for environmental technology. 

A region confronted with industrial pdUiriooIpwrfU 
almost anywhere else in the world has transformed a cemugr 

of often bitter experience into a Jp 1 of 
As of April 1995, Germany will have 40,000 tons less 
mixed plastic packaging and 32,000 tons more of high-quaE 
ity synthetic ou - die result of the first year of operanonfrof 
the country’s first polymeric hydrogenation plant locjjedin 
Bottrop and operated by Essen’s Ruhxkohle Umwelt GmbH 
and Gelsenkirchen's VebaOel AG. ■ ■ 

The plant is highly efficient Only 10 percent of its energy 
is lost in foe hydrogenating process. Its products are still rel- 
atively expensive, costing more than conventional crude oil, 
but with charges levied on the disposal of plastic wastes 
s teadil y increasing, foe facility would seem to have a viable 
commercial future. 

Next shortage: waste plastic 

The Bottrop plant is expected to quadruple its consumption 
of waste plastic by 1996, at which time similar plaritsare 
scheduled to come on-stream. This may set foe stage for a 
highly welcome situation: a shortage of waste plastic in Ger- 
many, similar to the current one in waste paper. 

Natural gas is foe cleanest and most efficient of all fossil 
fuels, especially when it releases its energy without being 
combusted. That is precisely what Tbyssengas’s fuel cell 
does: it uses acid-based electrochemical reactions to cogeo- 
crate beat and electricity. Its rate of energy efficiency is 88 
percent, a world record. Associated pollution is virtually niL 
The fuel cell is to be used in decentralized, locally based 
power stations. The largest such power station, located in 
Bochum, is currently being put through its paces. 

Coal’s Legacy 

Former mine buildings ore now leisure-time venues. 


.alf a generation of 
would-be poets, late-night 
rockers, day-care children 
and visitors on the Grand 
Architectural tour have been 
to the Zeche Carl’s 3,500 
square meters of halls and 
rooms and have admired Us 
Art Nouveau flourishes and 
massive beams while enjoy- 
ing foe cultural events held 
in them. 

Many have not quite real- 
ized the mine buildings' true 
vocation: serving as a sym- 
bol for a city and its accom- 
plishment of conscious 

For 1 14 years. Zeche CarT 
was anything but a symbol. 
It was one of 26 mines in the 

Essen business, district The 
work was dirty and often 
dangerous, and up to 20 mil- 
lion tons of coal a year was 
extracted from the mines, 
enough to fuel much of the 
Ruhr district and Germany's 
industrial revolution. 

In 1970, Zeche Carl was 
shut down. In 1986, foe last 
mine in Essen, Zollverein, 
followed suit. Since then, 
one after another, the mine 
buildings have been re- 
stored. . 

Today, they are the venues 
for some of Europe’s liveli- 
est and loudest nightlife. 
Zeche Carl is the scene of 
some 400 cultural events a 
year. 1 

A Guide to Essen 
And the Ruhr 

The region offers a range of sights and attractions. 

• The Ruhr district is green 
- too green in the opinion of 
those who. on a nearly regu- 
lar basis, manage to get tem- 
porarily lost in the Hohe 
Mark's 1,000 square kilo- 
meters of greenery. For hun- 
dreds of thousands of local 
residents, however, the 
Hohe Mark is a problem- 
free venue for an afternoon 
hike, bicycle tour or picnic. 
For regional planners, the 
nature preserve, the largest 
and oldest in a metropolitan 
area, is a symbol of the suc- 
cessful coexistence between 
ecology and economy. 

• The “Margarefoe” of the 
Margaretbenbobe was 
Margarefoe Krupp. It was 
her donation of land and 
money in 1906 that led to 
the building of what has 
been called “Europe's most 
gracious, extensive garden 
city.” originally exclusively 
for the use of Knipp’s work 
force. Today open to the 
general public, this human- 
scale assemblage of 1,000 
homes, several market 
squares and parks has served 
as foe prototype for integrat- 
ed developments located 
everywhere from New York 
to New Delhi. The first 
work-force residential quar- 
ter in Germany was Ober- 
hausen's Eisenheim, whose 
cozy comfort puts an unex- 
pectedly human face on the 
early industrial revolution. It 
was built in 1844. 

• The Rhine meets the 
Ruhr in Duisburg. The junc- 
tion forms the world's 
largest inland harbor, with 
50 million tons of through- 
put a year. The harbor itself 
is a collection of 19th-centu- 

ry brick warehouses, indus- 
trial monuments and low- 
profile taverns. Two-hour 
boat tours are available. 

• The Ruhr is a collection 
of marvelous, playfully re- 
stored industrial structures. 
The most playful of all is 
Hamm’s Glass Elephant, 
once the coal-conveying 
tower of the Maximilian 
mine, today - refurbished 
and clad with glass - the 
world’s most unusual green- 
house. Other industrial 
structures worth a special 
trip include foe region’s var- 
ious Malakoff towers, 
named after foe battle in the 
Crimean War. 

• A short boat trip to foe 
Roman Empire, a short train 
trip to foe Stone Age: river- 
boats link the heart of the 
Ruhr district with Xanten, 
35 kilometers down the 
Rhine toward the Nether- 
lands. Dating back to 15 
B.C., Xanten was the first 
Roman settlement in north- 
western Germany. It takes 
about 40 minutes to get from 
downtown Essen to the Ne- 
anderthal valley and Age. 
Today, the valley is a fa- 
vorite site for outings, while 
the Age and its Man are best 
appreciated in the nearby Pa- 
leontological Museum. 

• The preindustrial Ruhr 
was thickly clustered with 
venerable abbeys, castles 
and Baroque palaces - all 
to be seen in today's postin- 
dustrial Ruhr. Notable 
among them are Essen’s 
bchloss Hugenpoet, whose 
moats now protect tourists 
and visiting business execu- 
tives. The castle is a five-star 


The City of Essen 
45121 Essen 
Tel.: (49 201 1 88 30 13 
Fax: i4« 201 1 SS 5 1 29 

Hypothekenbank in Essen AC 
Gi ItJehtil'ilfiisM,* I 

45 1 27 Essen 

Tel .i49 2111 JXI3 54 95 

Th. Goldschmidt AG 
CoJdschmklL'arajise 100 
45127 Essen 
Tel.: 149 201) 17326% 
Fax: (49 201) 173 18 38 

Chamber of Commerce and Industry 

Essen. MUlheim an der Ruhr and Ohcrhausen 

Am Waklthauscnparfc 2 

45 1 27 Essen 

Tel.: (49 20l» 18 920 

Fax: (49 201)3)78 66 

Ruhrgas AG 
HunrapsnaM 60 
45138 Essen 
Td.: t4920h 184 00 
Fax: (49 201 ) 1S4 37 66 

Messe Essen GmbH 
i rate fair authority l 
Mcsschaus Ost 
45001 Essen 
Td.: <49 2UH724 4(J 
Fax: 149-311)724 4248 

Kantadt AG 

TTKodor-AlibLi/T-^irasse 2 

45133 Essen 

Td.: 149 201 1 727 15 38 

Fax: (49-201) 727 47 91 


Evxcner Technologic- und Entwicklungs Cen- 
trum 82-100 
45145 Essen 
Td.: <49 201) 812 71 16 
Fav 149 201) 812 71 88. 


Ini em.n i cm jIc Bjj.jli tteUuijg 
Emselier Park 
Leitcslrassc 35 
458X6 Gelsenkirchen 
Td.:«4U2l»i 170 30 
Fax: 1 49 2(M, 170 32 VX 

Kmppsir.issc ? 


Tel. (4‘i 2i»! i ins sj 20 
Fax: » 4*» 20 1 1 |«s S2 52 

Ferrastaal AG 
Hohcnzolfcmstrasse 24 
45128 Essen 

TeL: (49201)8182525 
Fax: (49 201)8182822 

Sieubenstraxse 53 
45138 Essen 

Td.: 149 201)825 22 38 
Fax: <492011 825 22 44 

4. C £ u l! 



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THS TRiB INDEX- 1 1 1 0781 

s , is 0 H ^ n s e w i s “ :k it* *“■ 

ft SffiH&SSM C S mnK - “ r " ( * d 

International Herald Tribune, Friday ; December 9, 1994 

Americas 9 Free-Trade Goal: 2005 

Summit to Plan Hemispheric Pad Rising m Tandem 

(f.S. trade vttt lotto Amatk& 

Page 15 

S ^FrlY . - 


Apprat lwighdng; 32 % 
□ose; 122.89 Prev.: 124 07 

v -\j * .'■ J , •' 

A pprux. waghfing-. 37^ 
Chase H2 53Prev 1U25 



1 North America 

Latin America 

«pprot woghong- 26 % 
CJose 93.10 Prwj 9399 

Approx. Nngrmng: 5% 
Cta»;13L23Pfflv.: 130.09 



By David E. Sanger 

JVrtr Vert; Times Service 

WASHINGTON — The United 
Slates and 34 countries in Latin America 
will announce at a summit meeting in 
Miami this weekend plans to expand the 
North American Free Trade Agreement 

to include virtually aU countries in the 
hemisphere in the next decade, officials 
from several countries have said. 

The agreement, reached after long ne- 
gotiations over the last several days, calls 
for the creation of a “Free Trade Area of 
the Americas" by 2003. 

Separately, the United States, Mexico 
and Canada are expected to announce 
that Chile will be included in the North 
American Free Trade Agreement in the 
next several years. 

Initially Washington was reluctant to 
set a target date for the expansion of the 
trade agreement, which passed in Con- 
gress only after a long battle. But at a 
meeting at the Slate Department last 
week, many of the countries that will be 
represented at the Miami meeting sur- 
prised the U.S. government by insisting 
on a specific date for a trade accord that 
would give them the same benefits now 
held by Mexico. 

“Until then, we didn't understand how 
strong the momentum was,” a U.S. offi- 
cial involved in the talks said Thursday. 

Getting these countries up to the stan- 
dards required under the terms of the 
free trade agreement in the next 10 years 
will not be easy. Mexico is dominated by 
a single party, a pliant Parliament and a 

powerful economic elite that had a huge 
stake in free trade with the United States 
and the power to order the economic 
changes that the trade accord requires. 

But other countries in the hemisphere 
may find it politically difficult to accept 
tbc economic requirements of a free* 

trade accord, particularly the provisions 
guaranteeing basic worker rights — from 
minimum wages to working conditions 
— and protection of the environment. 

Such protections, long an issue with 
the AFL-CIO and other labor groups 
that contend that American workers are 
being undercut by imports from coun- 
tries that exploit workers and resources, 
are referred to only in the vaguest terms 
in the draft communique that the 34 
nations plan to issue aL the conclusion of 
the conference on Sunday. 

In the draft, the countries agree to 
“strive to make our trade liberalization 
and environmental policies mutually 
supportive,” and to “secure the obser- 
vance and promotion of worker rights, as 
defined by appropriate international 

The White House contends that such 
wording was a major victory, because 
Brazil and other countries wanted no 
reference to worker rigb is or the environ- 
ment in the communique. 

“We pushed very, very hard,” one offi- 
cial involved in the talks said. “They 
agreed only because everyone wants a 
successful summit-” 

But in a letter to President BflJ Clinton 
on Wednesday, the Democratic leader in 

Jl&xpaits Qlmports 

Orange County 
Sours Markets 
And Civic Mood 

60 — S — . 

I *89 ao w *B2 - •B3 -W- -j 
i ... TtiR^inoftiha ■ 

1 Same: OSes of (he ILS. Trade j 


the House of Representatives, Richard 
A- Gephardt of Missouri, said that last 
month’s U.S. elections — in winch the 
Democrats suffered heavy losses — had 
been a warning that the emphasis in all 
trade agreements must be on ’‘improving 
the economic lives of working people” in 
the United States. 

That means, he said, that the Clinton 
administration must not “have another 
NAFTA-Hke debate that divides the 
Democratic Party.” 

In Lhe debate over the free trade agree- 
ment and the arguments surrounding the 
passage last week of the General Agree- 
ment on Tariff s and Trade, the adminis- 
tration has argued that free trade ulti- 
mately benefits American workers by 
See AMERICAS, Page 19 

Prices Push China to Hand Out Coupons 

71 m index tracks U.S. ckrihr rates ot stocks In- Tokyo, New York. London, and 
ArBMAw. AueHake, Austria, Belgium, Brad, Canada, Chile, Denmark, Finland, 
Fhmc* Qemany, Hong Kong. Italy. Mexico, Netherfamda. Now Zealand, Norway, 
StngapoiiR, Spain, Sweeten, Switzerland and Venezuela. For Tokyo. Now York and 
London tho index k composed ot the 20 top issues in terms of market capiadution. 
cxherwfse Bw tan top stocks ore tracked. 

Industrial Sectors 

Hat Pnra. % 

eWaaeio** dngi 

Enag y 111.41 111,57 -0-14 

WBm 124.99 12S24 -020 

Rnrnca 111.95 113.02 -0-95 

Sendees 111J53 111.35 -059 

Capital Goods 
Raw Materials 
Consumer floods 

1 12-52 112-90 -0-34 
12756 128-58 -056 
101.79 10253 -0.82 
113.00 11554 -1-06 

For mom triotmation about toe Index, a booklet Is available free of charge. 

^Writer to Tito Index, 181 Avenue Charles de Gauge, 92521 ftm&y Cedes. France. 

C International Herald Trfcune 


Conqnkd by Our Staff From Dupcudta 

BEIJING — China has reintroduced 
grain coupons for workers employed in 
ailing state industries in big cities to ensure 
sufficient food supplies and stave off social 
unrest amid the highest inflation in 45 
years, officials said Thursday. 

And a vice president of the central bank 
has called for improved controls on the 
money supply to curb inflation. 

“The main aim of issuing grain coupons 
is to stabilize prices and to maintain social 
stability,” an official of the Grain Bureau 
in Chongquing, the sprawling industrial 
capital of central Sichuan Province, said. 

Underlining government anxieties 
about supply, Ceroils, which manages the 

grain trade, said this week that China had 
temporarily suspended exports of rice and 
com due to insufficient stocks. 

Beijing issued an urgent appeal Thurs- 
day for investment in agriculture, warning 

FaEng stock markets make new Chinese 
issues <fiffiarit to seH. Page 20. 

that farmers were spending bank loans on 
extra children and lavish weddings. 

“Grain output is stagnant, fanners' in- 
comes are rising more slowly, the agricul- 
tural base is weak, development is lagging, 
and this has become an outstanding prob- 
lem in national economic development,’* 

an editorial in the People’s Daily said. 
The government began issuing the cou- 

Qmrpded by Our Staff From Dispatches 

NEW YORK — Ripples 
from affluent Orange County’s 
bankruptcy spread further 
Thursday, unnerving more in- 
vestors on Wall Street, affecting 
some Southern California ser- 
vices and prompting a warning 
from the Securities and Ex- 
change Commission, the top 
UJL market regulator. 

Stocks and bonds weakened 
as worries about the conse- 
quences of the Orange County 
situation caused some selling in 
the municipal bond market, 
which spilled over into other 
bonds and stocks. 

“There’s just a general malaise 
in the market,” said Hfldegard 
ZagOTSki, an analyst at Pruden- 
tial Securities in New York. 

Despite assurances by offi- 
cials in Orange County that the 
crisis would be resolved and 
that government services would 
be maintained, there were signs 
that the bankruptcy filing Tues- 
day was beginning to be felt by 

The city of Anaheim froze all 
hiring and halted capital im- 
provement projects. Orange 
County Water District officials 
said they might not be able to 
meet their payroll in two weeks 
without financial help. La Ha- 
bra City School District offi- 
cials said they probably would 
delay a $1.5 million elementary 
school expansion. 

Orange County also threat- 

po^o^k^^SSSiobi to sue brokerage firms fm 

and November as foS^te S 

with China’s highest inflation rate placed SrSin 

severe hunW portfoho. saying the assets had 

severe burdens on empl 
mg state industries, the 

in loss-mak- 
gquing grain 

frozen as part of its bank- 

uiuuauiw. l uv vuuuxMUUir ill am cri- 

official said. Similar couponsW been ^ 

In New York, speaking 

introduced in Zhejiang Province and sev- 
eral other districts, he said. 

“The use of coopons is not because there 
is a shortage of grain but to help people 
with lower incomes,” be explained. “Some 
enterprises provide lower income, and so 
this measure Is to support these units.” 

China phased out coupons in the late 

Bonuses Start to Look Thin Again 

By Kenneth N. Gilpin 

New York Times Sendee 

revenues of $143 billion, according to 
the Securities Industry Association. 

From 1991 to 1993, when earnings and 
revenues set new records every year, 
compensation at those firms rose more 
than 50 percent. 

Mr. Goldstein and others said they 

Wall Street 

compensation plans now 
to tie individual rewards 
mack more closely than 
before to a firm's 
overall performance, 
which means that in a 

N ™, vruJB - TXT an W cornu 

EW YORK — Wall Street is revenues set new records ever 
preparaMfOT its firrtjw cut compensation at those finns ro*i 
smee 1990. Salanes, mdudmg jJJJ 50percenL 
bonuses, could plunge as Mr. Goldstein and others sai 
much as 40 percent, after three record _ 
years of profits and revenues. . ■ 

The sharp reduction reflects a stark ir A n 
bottom-line reality: This year, profits are o cc ‘ 

expected to drop 80 percent, to $1.8 compensation plans IIOI 
hiTKon, from tho record $8.6 billion . r , ,, ,, , . 

MifMid in 1993, according 10 the Securi- tO tie lHuTVlGlial rewafu 

ties Industry Association. much more dosely than 

Most investment firms are still assess- •> 

ing the damage, bat Goldman, Sachs & before to a firm S 

overall performance, 

discretionary bemuses to its top people which means that in a 
by as much as 75 percent- „ , , # .■ — 

It is too soon to say whether the smaller bad year ior tile tum, 

compensation declines. 

irmp ti ng offers to be accepted- But they 
wwk that switching jobs on Wall Street is 
not as easy as it used to be, because of 

changes made during the last five years m expwtcd bonuses this year to ^be 
thewsnr the too earners are paid. as ^»<T as they were m 1990, 

huge fall^ finest year,” said Gary banking films paid aboirt $4 b2 
Goldstein, president of the Whitney total compensation. If that for* 
Gramma' Wiri! Street executive search borne out, U would present a 1 
couromxv “but that is primarily because total campcasation of more than 
off a peak year in 1993, cent from last year’s levels. 

But at the same time it could rej 


1 ^l£^n pi ^ Such** cut would him, in rela 

expected bemuses this year to be almost 
as “bad” as they were in 1990. 

That year, the 10 biggest investment 
banking firms paid about $4 billion in 
total compensation. If that forecast is 
borne out, it would represent a drop in 
total compensation of more than 40 per- 
cent from last year’s levels. 

But at the same time it could represent 
a higher percentage of the firms* earn- 
ings, because those have fallen sharply 
tins year. 

Such a cut would hurt, in relation to 

the Wall Street scale of things. Midlevel 
senior associates and vice presidents of- 
ten receive base pay erf less than $100,000 
bat in good years get bonuses that bring 
total compensation to as much as 

Many managing directors do not get 
much more in straight salary, but when 
business is booming, they can make 
many times more in bonuses. 

But taking another job — or getting 
another offer — may not be as easy as 
they think. 

That is because since the late 1980s, 
Wall Street's Iasi bad stretch, most pub- 
licly owned firms have moved away from 
the all-cash bonus and are paying bigger 
portions in stock, doled out in ways that 
prohibit employees from cashing it in for 
as long as five years after they receive it. 

And that can make taking a new job 
costly for both the hunted and the hunter. 

At some firms, including Merrill 
Lynch & Co., stock owed but not yet 
owned can be forfeited if an employee 
chooses to leave. 

In addition, compensation plans have 
been retailored to tie individual perfor- 
mance and rewards much more closely to 
a firm’s overall performance, which 
means that in a bad year for the firm 
compensation will decline, even if a par- 
ticular department performs well. 

“These deferred-stock programs make 
it tougher to move around,” said William 
Hartman, a securities industry analyst at 
J.P. Morgan & Co. “The handcuffs are 
getting golden.” 

Shanghai’s Bund Buddings , 
Worn but Grand, Hit Market 

SHANGHAI — What could be the property sale of the century, 
at least for some — the return of Shanghai's waterfront Bund 
buildings to their original foreign owners — is officially under 
way, newspapers reported Thursday. 

Basque Indosuez, formerly Bank of Indochina, has signed a 
letter of intent with the city government to buy back its old 
property, which now houses the headquarters of the traffic police. 

Hong Kong's Wah Kwong Shipping Agency and Thailand’s 
Bangkok Bank initialed similar agreements Wednesday. 

Two Chinese concerns — Bank of China and Changjiang 

them built in the 1920s and 1930s when Shanghai was the 
financial hnb of Asia, are up for grabs. 

Many are neoclassical masterpieces that have been in mothballs 
since the 1949 Communist revolution. All are dilapidated and 
house the clutter erf a government bureaucracy that seized the area 
after Shanghai fell to the Communist forces. 

meeting of the Public Securities 
Association, a trade group of 
bond dealers, the SEC chair- 
man, Arthur Levitt, said the 
bankruptcy could make it 
tougher for other municipalities 
to sell bonds. 

“Whenever a market event 
occurs, it creates problems for 
issuers, and I would expect that 
would be lhe case here as wefl," 
Mr. Levitt said. “Clearly, it’s 
not a friendly environment out 
therefor issuers.” 

He also said the Orange 
County situation bad aggravat- 
ed weakness in the bond mar- 
ket, which has been declaring 
for much of the year. 

This week. Change County 
disclosed that its investment 
fund had fallen $1.5 billion in 
value because of rising interest 
rates after major investment 
banks refused to renew the 
county's short-term loans. 

The fund invested heavily in- 
derivative securities, which are 
complicated and sometimes 
volatile investments linked to 
such underlying assets as 
groups of stocks or commod- 
ities. The investment strategy 
was in effect a risky bet that 
interest rates would fall 

Now It’s Out: 
Raise Risks 

By Carl Gewirtz 

Jmezmmanal Hertdd Tribune 

PARIS — It has been the talk 
of financial markets for years, 
and now it's official: Central 
bankers confirmed Thursday 
that their decades-long drive to 
deregulate and liberalize mar- 
kets has reduced their room to 
make mistakes. 

In a report on the policy is- 
sues raised by the growth of 
derivatives markets, officials 
from the central banks of the 
leading industrialized countries 
concluded that they “need to 
take greater care to ensure that 
their policies do not contribute 
to uncertainty, but rather facili- 
tate the formation of stable 
nomnflatioiiaiy expectations.” 

The report is described as a 
first assessment m an ongoing 
examination of the implications 
of derivatives markets for poli- 
cymakers and the functioning 
of markets. 

The term derivatives coven a 
range of complex financial ar- 
rangements used to defray the 
risk of changes in interest rates, 
stock prices, foreign-exchange 
rates or commodities prices. 
Derivatives are a bet on the di- 
rection and amount of change 
in these instruments, rather 
than underlying instruments 

The market for these finan- 
cial products has expanded at a 
phenomenal rate since the mid- 
1980s. Regulators have long 
worried about the size at the 

See REPORT, Page 16 ' 

Mr. Levitt said “events might 
suggest” that Orange County 
officials should have disclosed 
the fund's problems sooner 
than they did. 

Responding to questions 
about whether the SEC should 
have acted sooner to intervene 
in Orange County’s handling of 
its investments, Mr. Levitt said, 
“The SEC has taken the appro- 
priate action.” 

He said the commission was 
also looking at the investments 
of other municipalities. 

But Moody’s Investor Service 
Inc. said Thursday that a pre- 
liminary review of the financial 
health of rated municipality in- 
vestment funds shewed that 
most did not appear as lever- 
aged as Change County’s fund. 

Dan Hdmowitz, director of 
public finance at Moody’s, said 

See STOCKS, Page 16 


. . DJ*- TJF. u™ oj * 

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TN 30 55 0*5 UM‘ Ufli 

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Dec. 8 

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auss uzs a* Mi* 1 

uta m uw i-s* 77 ” '■ w uw 

sun ua uwM not aua 

as uw ass uni u 
IKS TUB 7i3i 

MB- uw urn- — u** 

7m. UW- um UW 

Eurocurrency Deposits 



Dec. 8 












6 Sv6ft 



M Ve 

3 mantis 



4 V«4 A. 



4 «v4Mi 

4 (uokRb 






lyear 7ft-7ft 5ft-5ft 

Sources: Reuters, UoydsBa*. 


4 Hr4 h 


Raess oPPMeoMrlB Marion* deposits el SI mflBao /ntatown tor Murmtantt. 

S5. SSSSi- 

lSDt m raw !!^Yor* ood ZutHA nxinos mother centers; Toronto 

Ckshm to Amsterdam. Lands* njl- noi 

mmtd 3dm. ^ ^ ___ ***,. •: units of Mi *«• Qua * d ’ A ? A * 

0 - To Owen* pound; b: TP txnrone atmor. 

Key Homy Rate* 

Other Do*"- Value* ^ 

Citron* P*r» 342.9S 

*«■**» SSmSS* 7JM 

*“* 1*2 E2.Sridt 11‘Jl 

Mtr.nML 1US **?*'- i7r 3T-03S 
MWietf MS 217943 

C MiH B W asm 6A5Z7 

Cm* tan** aau 3JB* 

firs as 

eon moor 
/MX- peso 
tLteokmdt lMU 
Monr-MW UW 

PaMPden 2071 
part-no** WM* 

CurrMicr ttr 1 asass 
S. Kor.wwi WJB 
5wrtLkrMW 7J012 
TWwoaJ JWi 

TMtal 25.W 

TnrKB&nro 365 Nl 
uMLOunan 3472 
VCMZ.MW. ld»J7 


o-wT" -a *2 S « ■as 

F ta H iS M— S lst» joernmesun 

P*!*g *** k SS i^ 77 }:a * 

je-dav BMW 
ijsio iMB 

100XB WXI W41 

UH«WlStB» CIOM Prev. 

mawat rale 4U 

Prtneralv 8ft Bft 

Mm lawk 5ft &M 

UBeathCm SM 540 

Cfimn-POMTlMdcrrs 441 MS 

MnWkTraanivWI US S43 

VfMr-nrwnryHU 4J9 S5D 

HMrTnwnTHM 740 743 

VnarTnanrvnli 7.74 7.70 

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30-narTraonrrbMd 7J4 7JI 

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COB nonn 
Vmaalti tMerlMM 

Mtenlk Marknk 
1 we nm BrtarMK 
it-yaor Govcmnatf boni 
g awH M* 

Lombard rote 



ManMi fciUrt ai* 


ta-ycor Band 


Bortc boa rate 6¥t 

CoBwoonr 5ft 5ft 

Vaiionn iotertHWk 6* sw 

j^tealb letertnk 4ft 4X 

Mart* I n tei te wfc 7 JO 4 % 

W-veorGIU OSS 8JI 

f roaca 

Uitetw Hoa rate SLOO 5J0 

coil money 5 n. 5 h 

Vmantti tntanxiNk 5M 5ft 

l^nantli tetertNMk 5ft 5ft 

(aiwikbiteftMtt 5ft 

H-reor OAT 755 7 42 

Soanes: Reuters, Bloomberg. Merrill 
Lrnets Bank of TotvaCommentank, Credit 

w Zurfca 37150 37105 — 0. 

Lflaom SMS sun — 0 

u® Hew York 37MB 379 JB +0 

UJ. dodars per ounce. London official t 
UK mas; Zurich and New York opentra and ck 
148 hvprtcea Mnr York Contex (FebruerrJ 
7J4 Source: Reuters. 

i Economy 

s In Germany 

■ Speeds Up 

r Compiled ty Our Sttfff From Dispatcher 

£ FRANKFURT —The West 

m German economy showed un- 

r _ es^Tectedly strong growth in the 

third quanta-, according to offi- 
cial figures released Thursday, 
ce with domestic demand support- 

m ing exports as the motor of re- 

at covery. 

re Unemployment also fell 

again in East and West Genna- 
ny, and economists said the re- 
covery was gaining momentum. 

The Fedoal Statistics Office 
said gross domestic product 
grew IS percent from the sec- 
ond quarter and was up 2.4 per- 
tec- 8 cent from a year earlier, its best 

performance in more two 

“The recovery that was ini- 
Hi, tidily supported by exports is 

w increarinpy moving over into 

domestic demand,” Economics 
Minister Gain ter Rexrodt said. 

Mr. Rexrodt said ri s in g in- 
vestment by Goman compa- 
nies was the baas for securing 
existing jobs and creating new 
s * ones as well as increasing the 
*£ country's competitiveness. 
mi “Private consumption is also 

proving more robust than gen- 
s* erally expected,” he said, add- 
5ft ing that Germans were demon- 
yj| strafing confidence by saving 
m 2 loss and spending more. 

Mr. Rexrodt said the Ger- 
man economy was heading for 
growth of 3.0 percent this year. 

The robust growth also shift- 
“J" ed speculation about when the 
_ d£) Bundesbank would start raising 
+9jfi rates. But at its nueting Thurs- 

Blanc pain 

mlmi P^ J - 

US dollars per ounce. London official Rt- day die G erman central bank 
tms; Zurich and New York opening and day- 

Since 1735 there has 


And there never will be. 


.15. boulcvanf dci ZSfflU Part, TiHLili 4ZAU&74 
XLIartndti&l-KnWH. , 50»Part.vTrt,|H-l934|l|» 

Hud taji I4l<ni DaWrtfle. Trf. l!4l .1 1 MUXM 

See GERMANY, Page 19 


Page 16 


Hopes for Rate Rise 
Give Dollar Help 

NEW YORK — The dollar 
rose Thursday amid persistent 
speculation that U.S. short- 
term interest rates would soon 
rise and as concern in the for - 
eign-exchange market about the 
fin an rial crisis in Orange Coun- 
ty, California, faded- 
“People are dollar-bullish be- 
cause of where they think U.S. 

Foreign Exchange 

interest rates are beaded,” said. 
Marc Chandler, an analyst at 
Ezra Zask and Associates. 

Orange County's bankruptcy 
filing, which followed losses in 
trading in derivatives, hurt the 
dollar Wednesday, blunting the 
effect of comments by Alan 
Greenspan, Federal Reserve 
Board chairman, that led trad- 
ers and analysts to conclude 
that the central bank plans an- 
other interest rate increase. 

Mr. Greenspan told members 
of Congress mat the economy 
was still growing rapidly, even 
though the Fed had raised rates 
six times since February. 

"Greenspan opened the door 
for another rate increase, and 
that's helping the dollar," said 
Jerry d irect or of foreign 
exchange at MTB Bank- 

STOCKS: Wall Street Crumbles 

Continued from Page 15 

in a television interview that it 
“does not appear that the mag- 
nitude of the leverage in Orange. 
County is mirrored anywhere 

else * (AP, Knight-Ridder) 

y Nervousness Hits Stocks 
Stocks fell as Orange Coun- 
ty’s problems and concern 

UA Stock* 

about other municipalities left 
investors skittish about UJ5. as- 
sets, news agencies reported. 

Stocks were also pressured by 
a dump in airline issues, which 
offset a rally in AT&T, and by 
fears of higher interest rates. 

“People are generally suspi- 
cious of and nervous about die 
Orange County situation," said 
Jack Baker, manag in g director 
of trading at Furman Selz Inc. 

Shares of major securities 
firms fell on the Orange County 
news, with Merrill Lynch dos- 
ing down lft, at 33%, Dean 
Witter Discover down ft, at 
32ft, and Salomon Brothers 
down 1ft, at 35ft. 

The Dow Jones Industrial 
Average closed 49.79 points 
lower, at 3,685.73. 

Declining issues led advanc- 
ers on the New York Stock Ex- 
change by a nearly 10-to-3 ra- 
tio, with volume at 366 million 

A broad slump in high-tech- 
nology stocks, particularly 
semiconductor manufacturers, 
also undermined market senti- 
ment. Analysts expect another 
slump in the Semiconductor In- 
dustry Association’s monthly 
book-to-biU ratio from Novem- 
ber data. 

The benchmark 30-year 
Treasury bond rose 10/32, to 95 
27/32, to yield 7.86 percent, 
down from 7.89 percent. 

AT&T rose 1ft, to 48ft, amid 
optimism about die company’s 
earnings prospects and a new 
alliance expected with Uni- 
source to provide telephone and 
data services throughout Eu- 

Airline stocks did on bearish 
earnings prospects as growing 
competition in the industry Ira 
companies to reduce fares to 
attract customers. 

Health-maintenance organi- 
zation issues declined to the 
second consecutive session af- 
ter a trade group said premiums 
would fall in 1995. 

( Bloomberg. Knighl-Ridder) 


Via AuuJuta d Pm 

The Fed bolds its next meet- 
ing on monetary policy Dec. 20, 
with another slated for Jan. 31- 
“The question now is whether 
the Fed raises rates before the 
end of the year," said Gary Sa- 
kamoto, vice president at Na- , 
tional Westminster Bank. 

Id late trading, the dollar rose 
to 1 .5770 Deutsche marks from 
1 .5676 DM and to 100.55 yen 
from 99.95 yen. 

Against other currencies, the , 
dollar rose to 1.3368 Swiss 
francs from 13255, and to 
5.4140 French francs from 
5.3840. The pound fell to 
SI-5636 from $1.5660. 

The Fed last raised rates on 
Nov. 15, by 0.75 percentage 
point. Its discount rate on di- 
rect loans to banks, which sets 
the floor for other rates, is 4.75 
percent. In Germany, the com- 
parable rate is 430 percent 
while in Japan, it is 1.75 per- 
cent The difference means that 
traders stye up interest pay- 
ments when they sell dollars for 

marks and y en. 

Higher commodity prices, in- 
cluding a sharp increase in cop- 
per futures, lifted the Austra- 
lian dollar as hi gh as 77.40 U.S. 
cents, a three-year high against 
the currency. (Bloomberg, 


Dow Jones Averages 

Open Kg* L «w Los) Che. 

Indus 3730,48 3742.93 34774* 3685X3 —49X9 
Trura 140902 1 <515.9 1 1 31445 1377.25— 3842 
Ufil 179X7 10046 17495 17741 -045 
, Comp 1341.36 1245.98 122145 122411 -3037 


Standard ft Poor’s ! 


High Low 

Industrials 53680 52700 

Trensp. 1*507 33LM 

Utilities 15001 14977 

Ftoance 41XS 4034 

SP5M 45204 44659 

SP 100 43104 414X7 

aoH Chtat 

52805 —7X7 
336.90 -7JS 
15022 +0.1? 
4005 —078 
415.16 —5X7 

NYSE Indexes 

ifigh Low 1 

Composite 3*7.16 24303 

industritas 31107 30601 

Tramp. 220X3 21685 

UIWV 19903 19800 

Finance 19*43 19DJ2 

Last Chg. 

243X0 — 3X5 
30704 -4.08 
215X7 —6X8 
199.12 — 0J4 
191X6 -an 

NASDAQ Indexes 



aid Ask 
ALUMINUM fMlflll I Grade) 
Dtafcrs per MMctoB .. 
Spat 187000 W1X0 

S^rcrt W96JC I9575O 

OoHa n perauMcttm 

Spot 2775-00 297240 

M«Vd 2713X0 271400 

« c>n 

pill-,. -- |dUk 

Donors per nernenm 

Spot <31X0 632X0 

FSHMrt 647X0 648X0 


DeAen p*T FMtrie Mb 

SPOl 86TU0 662100 

ForwonJ 875000 8760X0 
TIN . . . 

Spot 5775X0 SIBSXO 

Foreword 6070X0 6000X0 


Forward 1152X0 11S3X0 

NYSE Most Actives 








R JR Nab 













30 Vk 

















22 U. 





* 14k 




— ta 




— Vk 










— IVk 










— % 




— Vk 




— 14k 





ComgMlte 73542 719X7 71*09—14.98 

JnAKtrkds 737X7 751.15 751.15—1111 

B(rtu 6041? 678X7 67137 -742 

katruna mj9 873X3 87<LS7— mi 

5»» 6*4.62 83129 635X9 — 1 0.91 

Tramp. 636. BO 62340 62348—16X8 

AMEX Stock Index 

Wati Law Lost On. 
42940 422X1 42241 —6X8 

Dow Jones Bond A 

20 Band, 

10 Unities 
10 Industrials 

NASDAQ Most Actives NY SE Piary _ 
















VOL High 
64307 41 <4 
58318 65'* 
15007 32Vk 
3541 7 19tVu 
31781 44V. 
29909 26V« 
27386 23 
26244 7% 
25866 6356 
22313 9 l * 
21841 1416 
21714 189t 
71017 18% 
17*83 39*6 
18176 lilt 

Total Issues 
New Mots 
New Lows 

535 691 

1817 1568 

591 691 

2943 2930 

5 8 

245 163 

AMEX Diary 

AMEX Most Actives 

VoL Mgh 




LTS Bfcnd 

9650 74k 



— % 

Vtac vrt 

8830 Ilk 





8377 39V4 





7936 21 W 





587B 13 



— Vk 


5867 11% 





5191 29% 

3t M 



NY Tim 

4869 23V. 



— % 


4699 %* 





4345 10% 



— Vk 




Total Issues 

New Highs 

New Laws 

Horn Prev. 

144 200 

431 350 

239 236 

814 786 

7 4 

55 40 




In millions. 

362X0 365X8 

1946 20X7 

303X2 27225 

Total issues 
New Highs 
New Laws 

Spat Commodities 

ContmodBy Today 

Aluminum. B> 0449 

Copper electroJvrtc. lb 148 
Iron FOB. ion 20X0 

Lead.® a 44 

Silver, troy ax 4635 

SW (scrap), tan 127X0 

Tfcbto 4X141 

zmclb 0561 

UK* Law Lost SaHH OV I 

P l w rt B U S 
DM Aik 

1837X0 1838X0 
186&XO 1866X8 

2895X0 2876X0 
2856X0 2859X0 I 

61&X0 619X0 
633X0 636X0 

8615X0 862100 
875000 8760X0 

5750X0 5760X0 
6040X0 6050X0 

1108X0 1107X0 
1137X0 1136X0 

r 14725 146X0 

9 13025 14625 


k|fy M.T. N.T. 

m iaxp iaxp 

S N.T. N.T. 

N.T. N.T. 
He N.T. N.T. 

Eat. volume; 24X02 . 

147J5 149X5 +2» 
15625 150X5 + i» 
151X0 15125 +3X0 
N.T. 1S32S +J»l 
151X0 IS. 00 +275 i 

'nx 1»» +3S 
N.T. TSW# + **£ 
N.T. 161X0 +450 
CM InL 105X84 

US, dollars per barraHati ol 

1437 16X9 U29 16X9 +023 

1426 14X5 14.19 14.18 +0.15 

1416 UX9 16. W 16.10 +014 

16.14 15.96 16X8 16X7 +0.10 

16.14 15X8 M.W 16X7 +0-J3 


Htak Low Ct*M (Saw 

■388X00 -ptsal 108 Pd 

DK 9348 9343 7347 + 0X1 

Mar 7243 7241 9247 +11X3 

JM 92X3 91X7 71X0 +0X3 

s£ 71 J8 91 jO 71.53 + 0X3 

D«c 71 J0 71.18 7129 +0X6 

Sr &£ as +8S 

~ ss ss xn 

sS 90X8 9632 90X3 + 0.10 

Est. Whtate: 74X15. upon fat; 507,165. 


Me N.T. N.T. «41 — OJj2 

Utsr H. T. NX 92X5 —OX3 

j5l ILT. N.T. 92.16 — OXt 

sS N.T. N.T. *1X8 -0X4 

EsL volume: a Open IntJ *653. 


DM1 aklM - pt» if NO PCI 

DK 9663 9658 7660 — 0X4 

er m ^ =H 

ss ss ® B =8 

Mar 93. M 93M 9111 —8X9 

Jan 92.91 9241 TIM —0X7 

Sw 9248 9248 9265 —0X5 

Dec 9246 9241 9245 —0X6 

Mcr 92J3 92J3 92J7 —0X3 

jS 9224 9224 9226 -0X3 

Sep 9220 9220 9223 —0X1 

Est. volume: 111475. Open M.: 751.183. 

□K 9626 9621 9622 —0X5 

Mar P7HT 9328 73jn — 0X7 

j£ 9345 93J8 93.43 — 0X3 1 

SK M.14 ra.ll 9115 -0X4 

Dee 9248 7242 9245 — 0XS 

Mol- ,242 9245 7247 —0X5 

j!? O 9232 92JB - 6XB 

> sep 9219 9214 9219 —0X2 

Est. volume: 86619. Open lot.: 195X08. 


. DUN-MOMlMlNid 
DK 102-T7 182-02 182-16 +IKH 

101-27 T07-OT m.2» +M« 

Jaa N.T. N.T. 100-26 +6X4 

Est. vcJunte: 34536 Open bit.: 136486 
DM 254810- PH 0M88 PC! 

Mar 9632 89X4 9629 +0X8 

See §41 8941 8947 +0X8 

Est volume : 92576 Open In) j 176336 
FF90BX06- Phot 198 ped 
DK 11294 11258 112X2 —616 

HSr 112.14 11140 112X4 —0.14 

111.14 111.12 11130 — 0.12 
Sep 11044 11632 11644 —614 

EsLvehHne: 171X36 Open Ini.: 156446 


HMi low Lost Sente ctrge 

UAdJora per metrK tew lets ol198 tone 
DK M32S 137X0 14225 U275 +325 

JOB 14635 14250 M6X0 146X0 +15) 

Feb 14650 14535 14600 148X0 +125 

Atar 150X0 14725 15600 150X0 + 275 

Jon 14.12 16X0 1610 16.10 +611 

Jlr 16)4 1600 16» 16M +0.W 

AM ItT. N.T. N.T. 1612 +0.18 

Ses 1611 1611 1611 1616 +618 

OCt NT. NT. N.T 1620 ffrlS 

MOV 162D 1630 1620 1624 + 618 

Dec 1621 1627 1628 1430 Uncft. 

ESL volume: 76547. Op« Ui». 183LW8 

Stock Indexes 

Htak Low Ctosm Omane 


OS per Index pekd 

DK 30S2X 279SA 30160 +16X 

30T2X 30315 +13X 

tm TrrWfl 30465 +|X 

J *EsL volwrw^L0B6 Open Int.: 47X45. 

1962X0 -1600 

S I91YJC 177650 7W6OT -li» 

M H.T. N.T. 1977X0 ■ 15X0 

nS- 2097X0 1989X0 198650 -MOD 

JW N.T. N-T. 1770X0 -U5D 

sS 2012X0 200200 199150 -1UQ 

EsL volume: 15X27. Opownt: 46986 

Sources: Main. A%sodattd_ Press, 

London Inn Flnaneiat Futures Bxchme, 

Inff Petroleum Exchange. 


Per And 

Drevts BosMnBdPrt 
Drevfs ma TxExBd 
Gem CA MunBdFd 
Genl NY MunBdFd 
GtotXTt GvPlusRl 

NAB Asset 
Noltans Bal Target 

PramS IMA&B ■ 
United Ktrwtord 
c-cop sot ns dtat. ■ 

12+ 127 
12-6 12-7 
12-6 117 
12-6 117 
12-30 1-13 
12-16 12-28 
12-16 12-29 
12-19 12-27 
124 12-7 
12-6 12-7 
126 127 
1216 1221 
1230 M3 

Alien Grp 
Fit Citizens BneSlk 
Premier industi 
State Batts 
TrINat Corp 






X5 12t9 17 

.12 1215 1230 
.11 1223 1-10 

.125 1-20 2-20 
XI 13-30 M3 

Hercules Inc n 

Ant Cap Income Tr 
FttCittz Bne Stfc 
Mngd HI loco Port 
Olpoer Fund 
Itaiv Fund 


Tr - JXJ73 1214 1230 

_ .15 12-15 1230 

rt . X373 12-22 12-30 

_ 329 1220 1-3 

- .1724 12-22 1230 

Italy Fund - -173* «-» 1230 


Home Financial Q X7S 17 M3 


Berkshire Gas 
Bowl Am erf co A 
Cohen B Steer 
Coetev Properties 
Global Total Ret 
Infnt Bakeries 
JP Redly 

Mutt Fed Svp Miami 
Peoples Energy 
Portland Gen 
Shored Medical 

Storage USA 
University Bk&Tr 

215 1231 1-15 
.18 1-18 215 
.17 12-30 1-13 
25 12-17 12-28 
.125 12-19 12-30 
.IS 1-16 21 

.405 1215 12-28 
31 12T9 1-16 
.15 12-15 1230 
.45 1217 1-13 
JO 12-28 1-15 

31 1231 1-13 
.17 1219 1-5 

M 1219 12-30 
35 1219 17 

a-temaal; ^parable Hi ConadHm toads; tn- 
raoctbty; q-aoarterty; Mmiemod 

REPORT: Central Bankers Say Derivatives Reduce Room for Error 

Continued from Page 15 

derivatives market, the com- 
plexity of its financial arrange- 
ments and the fact that corpo- 
rate reports reveal little about 
companies’ exposure to risk 
from derivatives. 

This week’s bankruptcy filing 
by Orange County in California 
is but the latest example of how 
exposure to derivatives can 
cause huge financial losses. 

The report by central bankers 

from the United States, Japan, 
Germany, France, Britain. Can- 
ada, Switzerland, Sweden and 
the Benelux countries empha- 
sized that ‘‘there is fa'ttle evi- 
dence to suggest that trading of 
derivatives per se causes market 
turbulence.” But, during peri- 
ods of stress “they may exacer- 
bate short-run price volatility," 
the report said. 

Written under the aegis of the 
Bank to International Settle- 
ments, the report is the first 

from that body to address the 
subject of leverage. — a major 
characteristic of derivatives. 

Leverage is the ability to take 
a position without having to 
buy or exchange the bonds or 
currencies or commodities un- 
derlying the trade. 

“Given their leverage and 
low transaction costs, deriva- 
tives facilitate the talcing of 
speculative positions," the re- 
port states. 

But it concludes that “there is 

O.S./AT THi, Cl^gE _— j 

Judge dears Maey-Federated Merger Jf 

NEW VORKJBIoom^g^^^c^X' Gnal sSo . 

Inc. and R-H. Ma 5h* n X' whena federal bankruptcy judge • 

ASBaJgS&SssaSi' t 

^SSSSStsssstWt. ft 



y ’ : • • 

The merger and reorganization pian *** “4~* 

by year-end. . . . ft-;'. 

IBM Laws Off 1,150 Employees ft 

ARMONK, New York (Bloombc 
Machines Corp. said Thursday that it had iaidoff 1,150 <an^_ 
ees, mostly from its chip business, to reduce 
The layoffs include a previously announced cut of 600 Job in 

division, ^50 job® 

frame imlL^O in networidng, 40 positions 
. j Co „ n jr«hna iiihc a comDanv SDOkesmsii 

little evidence" that this “would 
necessarily result in an over- 
shooting of prices. Indeed, by 
helping to transmit price 
changes to a wider variety of 
markets, derivatives might even 
help to avoid such an outcome." 

For iwvasfmefit » ufu » i» of i op 

every Saturday in the IHT 

slashed Big Blue’s costs by S5.6 bilhon smee the aid of CBM. 

BtoTo cot a total of 10,000 to 12,000 jobs in the fourth quarter 
Eut still will fall 1,000 jobs short of the 35,000 positions it had 
hoped to shed by & end of the year. 

Mortgage Firm and Norwest to Merge 

CHICAGO (Knight-Ridder) — Norwest Corp. and Krcctare - 
Mortgage Loan Corp. said Thursday that they had signed a 
definitive agreement to merge, but they did not announce the 
terms of the agreement. 

The merger is expected to dose early next year. 

“This combination will significantly expand our servicing port- 
folio, our distribution network — especially in the West and 
further strengthen our relationships with homebuilders, said . : 
Mart: Oman, president of Norwest Mortgage, a subsuEary of f 
Norwest Corp. . , 

Directors Mortgage is the country’s largest privately held, full- 
service mortgage banking company. 

Norwest Mortgage is the largest retail mortgage company in the 
United Stales, with 720 stores in all 50 states. 

AT&T Prepares forBT to Sell Stake 

. LONDON (AFX) — AT&T Corp. said Thursday that it had 
filed a registration statement with the Securities and Exchange 
Commissi on that will allow British Telecommunications PLC to 
dispose of its 35.9 million AT&T shares. 

AT&T said that at the dose of business Wednesday, BTs 
holding was worth about $1.7 billion. 

BTs stake in AT&T was acquired in exchange for shares oT 
McCaw Cellular Communications Inc. which BT bought in 1989. 
The AT&T shares were acquired by BT USA Holdings Inc. in 
September when a subsidiary of AT&T took over McCaw. 

Jobless Haims Rise 6,000 in Week 

WASHINGTON (AFX) — Initial jobless claims for regular 
state unemployment benefits rose 6,000 last week to a seasonally 
adjusted 322,000, the Labor Department reported Thursday. 

Jobless claims for the previous week, originally reported as 
317,000, were revikd to 316,000. 

Meanwhile, the four-week moving average for daims. a less- 
volatile gauge of employment conditions, fell 2,750, to 323,000 — 
the lowest number since mid-October. 

United Predicts 4th-Quarter Profit 

ZURICH (Reuters) — United Airlines expects to report a 
profit in the fourth quarter. President John Edwardson told a 
Swiss- American Chamber of Commerce meeting Thursday. 

“The fourth quarter will be profitable," he declared, adding it 
would be the first time in many years that United earned a pro® 
in the last quarter. 

He said ne was very happy with 1994 and expected a healthy 
increase in operating income compared with 1993. 


National Semiconductor Coip. said earnings for its fiscal second 
quarter rose 10 percent on strong sales of analog and mixed-signal 
chips. (Bloomberg) 



Season Season 

Season Season 

Apanee France Finn Dec. 8 


ABN Amro KM 41.10 41 JD 
ACFNoMMB 3530 3270 
Aegon 189.40 109.40 

Ahold 3120 5130 

Ate) Nobel 194JD 19130 
AMEV 7130 7520 

Bots-WOssanmi 35.10 35.10 
CSM 65-20 aSM 

DSM 129 JO 129 JO 

Ebovter 1740 1740 

Faftkar 14J0 too 

Gist -Brocades 45JO 4630 
HBG 272J0 274 l5D 

HMlNfcan 254 257 

l lo ogme na 74X0 7540 
Hunter Douste 7540 75J0 

I HC Coland 

Inter Mueller 
Inn Nader krai 

rr»l Jl ITlel.tarf 

Rorol Dutch 




Bakom rt 
Cocked! I 
Farm AO 

Gavaart . 


I m model 


Pawed In 


I ZB5535S. 

Sol YOY 
UCB . . 

Union Mlniefe 

vsisem, 7 *** 






Bar. Hyso bonk 


BHF Bonk 

Conti nentd 
Daimler Bob 
D i Babcock 

Deutsche Bar* 
Dresdner Bank 

F KruttHoncTl 








Kali Soft 




KJoKkner Wcrke 









SctWlng 99150 775 

Stamm 60150 an 

ThVSUn 2755027420 

Vtffla 30550 30B 

VWw 5335053SX0 

VEW 380 384 

Vk* 466440JO 

Volks wooen 42143450 

wefla 980 987 


Amer-YMvma 75.10 7*jo 

EMO-Gutzett 3650 3630 

HuWomon 151 143 

KjO+>. 553 4X5 

Kymmene 125 120 

Metro l« 140 

Nokia 400 696 

Pohloto 65 6520 

Repaid 70 8850 

Stockmann 340 290 

HEX Geaeral Indra : 106744 

Hong Kong 

BkBast Asta 2020 
Cattiay Pacific 1025 
Owing Kong J020 
OilnaUgtrtPwr 3250 
Dairy Farm Inn 665 
Nana Lung Dev 11X5 
Hang Sene Bank 5450 
Henaerson Land 3650 
HK Air Ena. 3140 

HK CMna Gas 1145 

HK Electric 1920 

HK Land 1353 

HK I RMirvTnnt 13x0 

HSBC Hold bios 8625 
HK Stoma Htts 630 

HK Telecomm 1440 

HK Ferry 745 

Hutch wnampoa Ttso 

Hyson Dev 1450 

Jardlne Math. 5725 
Jerome Str Hid 2350 
fWMtaan Motor uxo 
MMarlnOrtEnt 640 
Miramar Hatak 1745 
New WWW Dev 1745 
SHK Proas 47.90 
SMUK 250 

Swire PocA 4740 
To) awjns PrtM A4J 

Whorl Hold 3445 
WjtaetockCQ 1246 
WlnsOnColntt 6SD 
Wlnjor 1 no. 945 

Gem Acc 


Grand Mot 











Land Sec 



Legal Gen Grp 
UovdS Bank 
Marks So 
Nan Power 
NthWst Water 
Pearso n 
Rank Ora 
Red land 
Reed inti 
RASC Grow 
Rolls Ravce 
RottwiM luntt) 

Scot Newctn 
Scot Power 

Severn Trent 



Smith Nep he w 
SmlthKlbw B 
Smith (WH) 
Sun Alliance 
Tale & Lyle 
Thorn EMI 
TSB Group 
Utd Biscuits 
War Loan 3M 
Williams Hdos 
Willis Corroan 



Anglo Amer 



Do Beers, 

Htahvew Start 
Kloof _ 

SA Brows 

Western Deep 


AMey Natl 611 4.12 

Allied Lvoni 345 550 

Arto Wtastns 243 260 

Arovll Group 1M 247 

ASS Brit Foods 558 558 

BAA 4.78 4X0 

BAe 426 4J4 

Batk Scotland 207 200 

Barclays , 6 i70 

Ban 5.17 SL17 

BAT 638 422 

BET 101 102 

Blue ardo 204 204 

BOC Group 721 723 

Boats 4J0 402 

Bowater 440 428 

BP 406 4X8 

Brti Airways 340 162 

Brit Gas 109 304 

Brit Steel T56 158 

Brit Telecom 17? 326 

BTR 2X5 207 

Cable Wire 347 371 

Cadbury Sen 4.17 418 

Ca radon 2 02 ZS 

COOW VI y*l la 202 204 

Comm Union 5 504 

Courfoutcta 423 402 

ECC Group 13* 305 

Enterprise 011 174 373 

Eurotunnel 250 250 

Ftsons 1.13 1.13 

Market Qoeed 
The Madrid and 
Milan stock markets 
were closed Thurs- 
day for a holiday. 


AttiO Ltd I 14Kt I8V1 

Bonk Montreal 25Vb 25ta 
QCE Mobile Com OH <P* 
CdnTIreA 11* llta 




been ecser 
and save. 
Just col 

in Athens. 

23W 739k 
7Vk 71k 
T7W 10 
IZta OW 

21 nu 

121k 12M 
34 24 

3BM 381k 
C 15W 1 SV, 
191k 199k 
211k 22 

in 189b 
9H 99k 
17Vk 171k 
40% 4014 
18 18V. 
27W 271k 
MW 1M 
181* IS 
2BVk 2Mk 
C 71k m 
42V. <2V* 
15Vk 1FK. 

» ss 


Accor 590 590 

Alruoukte 728 723 

Atartei Atathom 45720 _ 457 
A xa 26090 26520 

tomcalre (del 563 sm 
BIC 685 M3 

BNP 36420 319 

Bouysuei 571 575 

Damn* 769 772 

Corretour 22* 2269 

CC F. 230 23* 

Cerue 77X0 98X0 

awroevrs TZ18 T244 

Omenta Firm: 237XD 245 

Club Med 441 JO 444 

EH-Aaultalne 384X0 384X0 
Euro Dtsner 9 9.«j 

Gen. Ecu* 529 327 

Havas 435 439 

L afaroe CcPteo 3»5o37zS 
Leorond 6600 <670 

Lvtm. Baux 472X0 493X0 
Orem IL-) 1143 1159 

LV3IDL _ 066. 889 

Matro+tadwrte 123 13190 
MtaMki B 194X0 197X0 
Mouli nex 105X0106X0 

Portoas 385X0 391X0 

PecMrwylntl 157 1*040 
Pernod-Rleard 317.10318X0 
Peugeot 774 777 

Phtoutt Print 945 946 

Rodlatechnlaue 510 510 

Renault 18L90 182X0 

Rlv-PautencA 127 131 

Raft SL Loots 1424 mb 

Stowfl 2J4.10 257X0 

SrtntGotetn g 6 04 
MLB. 533 330 

Sta Generate 607 eao 
Suez 268X0 271 

^T nCSF SS8&3 

UJLP. 146X0 147X0 

Valeo 232 235X0 

13X0 13X0 
670 690 
640 640 
2X1 2X5 

26J0 26.70 
2X4 2X0 
2X7 2X4 
4X0 4X4 
3X3 3X8 
4X6 432 

1x0 1x0 

14X0 1490 
2X1 2X4 


69X0 60X0 
534 532 

93X0 93X0 
374X0 374 

403X0 401X0' 
96 94X0 
F 97 96X0 
186X0 186 

125 12S 

4410 44 

132X0 134 

167 167 

451 453 

UO U0 

85355?^ ,BW1 




Sumitomo Bk 
Sumitomo Oiem 
toml Marine 
Sumitomo Metad 
Takeda Own 

Tokyo Marine 
Tokyo Elec Pw 
Toppan Printing 

a: x 10 a 

684 687 
1950 1930 
5280 5330 
1830 1820 
573 573 

320 323 

594 600 

1240 1220 
4710 4770 
328 518 

1180 1190 
2780 2790 
1430 1430 
708 711 

713 726 
2090 2100 
725 748 






Cotas Mirer 

ia Austral lo 



698 60S 
1902 1806 
141 638 
075 080 
4T7 413 
480 497 
17X6 17X4 
434 442 
109 109 
LU 1.15 
11 11.10 
100 100 
2X3 2X2 

Nat Aust Bank 1070 10X4 

News Corp 
N Broken HM 


Banco do Brail 1M 17.10 

Banespa 1205 T1X0 


Etatrotjras 312 301 

Itoitoonco 230 245 

LlOM 35733401 

Poronop on em o UJO 15 

Prtroftras mXDIMXO 

Souza Cm 7J2 7X0 

^ £ 

Usiminas 1X7 1X9 

Vale Rto Doce 157X0 15« 

Varta 3 3 

?SS85 , !wi OT " 


Asia Poc 15X9 15X0 

Cerates 7X5 7X5 

atv D ee etoonwt 7X5 7X0 
Crd* 6 Carriage 12X0 two 
DBS 10X0 10X0 

DBS Land 422 4X0 

FE Lcvtngoten 430 6X5, 
Fraser SNeave 15X0 15X0 
Gt EasJn Life 3690 27 JO 
Hang Lxong Fin 4 410 
iiKheane 484 45 

Jurong SWuyonJ 1090 UJO 
KayHtaiJCtert 1X8 172 
Kwwet 1100 1U0 

NOKtcal 24? 296 

Neotune Ortatd 1JD 1J0 
OCBC foreton I4J0 1420 
oieas Union Bk 655 6J0 
Otess Untan Ent 70S 705, 
Sttn ft owong . » lara 
SI me Singapore 102 101 ' 

statawn 226 2X0 

P ione e r inn 117 110 
Nmndy Poseidon 1 JO 100 
PiXtitahg BnJCsto 3X0 li» 
OCTRwnorrza L32 133 
Santos 3X5 3X4 

TNT 2X8 2XS 

Western Mining 7x1 7X5 
westnac Banking 430 429 
WoodsUe 4X4 468 

^SS^&S a:im 


Afeal Etactr 

Asanl Chemical 


Bonk of Tama 




Dal Nippon Print 
Dotna Houm 
D aiwa Securities 
Fuji Bank 
Httaew crane 



Jam Airlines 
Konsal Power 
Kawasaki Steel 
K irin Br ewery 
K rococo 
Matsu Etactndt 
Matsu Etaewks 
MnsuMShl Elec 
MltsuOttM Hev 
Mitsubishi Corp 
Mitsui ond Co 
Mitsui Marine 

" ec _ 

NUdra Securtttes 
Ntnccn Koeaku 
Nippon OH 
Nippon steel 
Nomura Sec 

Olympus Oottcoi 
Sonya Elec 


506 492 
634 617 
301 3X1 
617 118 

AMfibf Price 
Air Cancxso 
Alberta Energy 
Mean Aluminum 
Amer Bontak 

Bk Novo Scotia 

BC Telecomm 


Cdn Natural Res 
Cdn Ocdd Pet 
Cdn Pacific 
Cascades Paper 
Consumers Gos 

1 Daman Ind B 
Du Punt CTO A 

Echo Bay Mines 
Empire Co. A 

Fletcher Choi I A 
Franca Nevada 
Guardian Cro A 
I Hernia Gold 



I PL, Energy 
Loldtaw a 
L a to law B 
Laewen Groan 
London insur Gp 
M acmin Btoedel 
Magna I nil A 
Maple Leal Fds 

NewhrMae Nelw 
Norando Inc 
Noranda Fores! 


O nes 

Petra Canada 
Placer Dame 
Potash Corp Sask 

pvva ' 00 

Quefe ecor P rint 
Renaissance Eny 
Rio Atoom 
Seagram Ca 
Stone ConsoM 16 

TallsmonEnv 24Sg 

TeWfttate WVk 

reius i5ta 

Thomson 16 

TorOgmBonk 2 tn 

Trtmsnlta m. 

TransCdaPloe I7W 

Utd Dominion 25% 

Uta Westaume II 


Weston 39 Vj 

Xerox Canada B «3'k 

TSE 300 Isdes : 4044X8 
Prevtoas: 487700 


Via Associated Fran 

Season Season 
Hah Low 

Open HWI Low Oos* Chg On Int 

1S4I0DOC94 165-50 157X0 155X0 157.70 
1SSX0 Jan95 164.90 159X0 154X0 1W.10 
159X0 Mar 95 16080 16120 16000 162. W 

2X0 5X11 

I 207 JO 159X0 MOT 95 160 JO 163X0 16000 1*2.00 *:X0 

207.00 1615077ov 95 14480 147 00 1A4B0 14490 * 2.50 1X451 

20600 l4fl.40Jui7S 1*9.70 171X0 169X0 171J0 *1.90 12X53 

1J2X0 171160 kug *5 172.00 1.120 171.90 ItaXO - 1 00 3.0M 

18270 1726000595 17400 17SJ0 173 90 17520 ■ 1 JO I.5W 

161 JO 174500095 17400 177 00 11560 17700 -1.90 5. *3 

1B5X0 17*J0D0C9S 179.00 179 JO 176 JO 179 JO -1.10 3.M7 

Jon 96 18020 « 1X0 I 

Es> safes NA WnT-.uIn 11.1*4 
Wetricwetiint iu.560 on 20s 
SOYBEAN OtL (CBOT) *0000 W». down t«r mm 
29J5 nOODcc»4 2BJ2 2BM 78.15 28J4 —072 1I.M9 

28J5 22 65 Jon 9S 7764 2766 2700 77X2 -QXi JS.510 

28X0 72.91 Mar95 J*M 2473 2410 2*39 -031 taX74 

23 AS Jon 9S 7764 2768 2700 77X2 

Adlolntia 271 224 

AknutsscBnew 640 ua 

BBC Brora Sev 8 1130 1120 

Cite GetoV B 772 7«9 

CS Hold logs B S2B 5M 

EfetorowB 340 sa 

f hdy B 1515 1520 

I ntard (vaunt B 1500 1640 

Jelmoll B 735 740 

Ltedls Gvr R 730 735 

Moeveswtck B 455 44s 

Nestle R 1252 1245 

Oorllk. Buehrta R 124 1-4x0 
Poroesa Hid B 1440 mss 

R rone H qo pc 5250 sgro 

Sofni Rewbdc NA ill 

MndUB 70S 705 

sailndter B 7400 75m 

Suaer PC 874 872 

Survetaoncc B 1875 I860 

Swiss Boi Carp B 361 3*2 

Swiss Re Insur R 790 734 

SMssaIr R 786 795 

UBS B 1117 1122 

Winterthur B 680 680 

Zurich AS B N A 1270 

SBC IMW: 915X7 
■ P rev i ew : 91412 

2SX0 71.91 Mar 9S 26*6 7673 2410 2639 —031 78X74 

2605 27J5WOV9J 2573 UK 25JO 2SJ9 -0 IB 18613 

7765 277* Ju 1 95 25 05 25.IB 2464 2503 -804 11,470 

27X0 77 73 Aug 95 74. 80 7460 2465 74.70 7.303 

74.75 2L755CP9S 245D 7450 74X5 24X5 > 005 7,1*7 

3460 22.7500 95 24 55 2465 74X5 24X5 ‘005 4,37* 

M65 7260 Dec 95 34.15 24X5 3405 34.15 - 90S 5.673 

24X5 ZL35Jai96 M.70 84 

EU.50K5 NA. Wctrs.MScs 23X04 
dtafsatowte M9094 off 783 


CATTLE ICMER) fugom-ismiyfe 

74J0 66 75 Dec 04 6860 09.50 i860 69X5 * 108 10645 

74X5 61X7FCOK *6X0 *9.59 ttZl *9X0 • I.U 29,1*3 

75.10 *7X7 Apr 95 *945 7007 *9X5 *905 -0X0 19,11* 

*9X0 4400 Jun 95 64J0 6487 *4J0 *477 -0.37 6.576 

6810 *3-50 Aug 95 4i90 6110 62J0 A9L92 'D70 2,6H 

67X5 63-1000 95 4172 4182 *JJ0 *365 «*« IJM 

*855 6345 Dec 95 64X0 64X0 6815 6410 <018 183 

EU.SOKTS 27 XH WM-S. soles 961! 

WM^eommi *9679 off *7* 

FEEDER CATTLE (CMERI aomto.- craipve 
80.95 7160 Jbi95 7300 7840 7300 7117 'OJP 4,130 

B0JS 70,15Mar9S 71XS 3X7 129 7167 -855 2.4*7 

7890 *9.95 Apr 95 7000 71X0 7QJ0 7067 *1® 1.057 

76X0 *9X0 May 95 69.00 7TJ.17 6900 ta45 *»23 714 

7306 6* 65 Aug 95 UJO 7065 7050 7065 -0.50 2M 

*9 73 M750CT4S *9.90 -0JI M 

7LG 8900 SfP 9* w.97 -03 45 

£j». tales 1X5* wed-» sales *78 
Wrtrsrocnlitf 0095 up 152 
HOGS ICMER} *a»in.iM.P-k 

5150 .31 -C Dec W J1.I0 3155 21.10 3145 «0<fl 3.3B2 

50 JD 340} Feb 95 35 .00 3i4j 3180 15X0 ■DX0 15.3M 

48*0 ILOSAKVi 2*00 1447 3400 36.17 * 0. 7 7X15 

4760 40J5JUn95 4145 41X0 4140 416} -0.17 4.1J0 

4500 ®6SJul9S 41.40 4IJS 41.« 4160 B37 

4360 4060 Aus 95 41X5 41.75 41X2 41 JO -0 20 1.119 

«J0 3830 Oct 9J 39.75 2905 3968 39 JD ‘0'S 9« 

4165 39.MCW9S 41.15 4155 41X5 4165 > 000 73} 

4115 41.00 F<* 94 47 95 41J0 ®7i 4205 ' 005 41 

Efl.MlM » 2W Wtd’v. W»e» 5076 

Wolf* OOBi im 3100 oH *9 


*805 35.15 Feb 95 36.M h.79 25,90 3607 7.9T 

*020 25607JW95 3* 50 17X0 3*X5 26X7 <007 1605 

41.11 3*90Mart5 28X5 H.H 37.71 V>i -O-IJ 571 

5400 37 00 Jl* 95 T9 30 3965 38X5 B65 -012 an 

44 00 A70AUO95 2* 50 38X0 3767 «*} -0-35 W 

47.05 39BFeo9* 4797 • 

59.90 J9 0OA+F9* ^-97 I 

E-J. MU 1*17 W.14W 7.931 

wed's oprr ini 10.513 














Chg opxn 









91.180 tec 95 










11.70 Jul 94 











—70 119.11* 

17X000 « 






Est. sates 512052.. wed’s. stats.. 97ZM5 


WHEAT IC8071 luxaouminxrmjrr*. «n»r»aw 

4.18% 309 Dec 94 3X5 X8I 1X5 3X9 •003'., 1.733 

4X6% 3X7 Marts 1909- 19*% 190<4 194% *0.03% 41.9*7 

198W 114WMOY9S 3X3% 179 17}% 177% *004, *X2* 

3635k 111 Jul95 263 368 163W 147% -004% 13.770 

365 139 Sep 95 3J0 152^. 3X0 3X2 Vj *004 *9* 

175 169 Dec 95 1*2% 264 142% 14Jki *003% 23* 

U4%k 2X5 JUN US 139 3X5 129 * 0.01 11 

EsL sales NA wed’s, sales 14X14 

Wed's open lr( 65,141 up 1139 

WHEAT (KBOT1 UOIunMiun-aiiimooni**' 

4X3 V* lITVg D*C 94 401 4.05% 401 404% *803% 2031 

4X7’/» 3X5 Marts 19 1 404% 191 195 *033 2269? 

403 12l%MayfS 3X4 181 175W 3X9% -0.03 7022 

1*8% 116WJUI95 150 154% ISO 1S3H*O03Vj 4,557 

177 3X7 Sep 95 157 157% 3X6% 2X7% *00315 101 

\mVi 1X2 Dec 95 161 264% 363% 1*3% -003% 17 

EsL sales NA. vWufs. sales 4X47 
Wad's o pen kit 22X77 oft IS 
CORN (CBOT1 UPB&U Wiiwnuer*. I *ra« i mer tt vjn* 

2.77 X10%Dec94 IIS’A 11 V/t 215% 117 *0.01 *.317 

ZJ2W 2X0% Mar 9S 2X7% 229% 1J7% 2X9% -O01WII1I67 

265 120 May 95 2X5% 2X7% 235% 7J7% *001 42084 

2*5% 2X7%Jul95 361 242% 240'. 262*<. *0.00% 48,301 

170% 2X* 5eo9S 265% 264% 144% 264 '00*% 4.941 

263 135% D«C 95 249 169% 140% 249% 2S615 

260% 2*»%Mar9* 1X5 15* 2X4% »J* 1631 

267 2X5% JulV6 26FA 1*3 1*2 263 1041 

Es/.saus NA wed’s, sales 77031 
Warfi open inr 2436H3 UP 5*30 

SOTBEANS (CBOT) VOOBDumlnmnon- MarsBe'OumH 
704 SJ7»»jro95 5X9 56?% S.57% 562 ’003 44.9*4 

7.05 567%yvvy95 S6« 572% 1*7% 571'. -003' . 31153 

705% SJ* May 95 575% 179% 175 57|%*0tn I4.9B1 

704% 563% Jut 95 5M 564V, 5.90 5 84% *004 756*2 

11} 564 7i Aug 95 184% 16* 183 18* -003”. 7.131 

6.15 5X1 5(P 95 1M 487% 505V, 5J* 1 . -001 1X11 

19% 178 % Nov 95 199- ■ 19* 191% 1*5% -0.W 17030 

4.16 195 Jonf* *01 *03 Vj *01 607% -aw IDS 

4.17 402% Mar 9* *07 609 % 407 409% - 004 23, 

6X8 199% JM 9* 612 613 612 611 -U0<m 40 , 

607 194 Nov 9* 600 107 600 602 -001 124 

Est. sates NA Wed-* soles 79.440 1 

WtxTs ooenew 136547 off 56 

Ed. sales 18048 We<rtsM«s 17.737 
Wed's open int 192771 off 389 
COCOA INCSEJ lo»»«rlc«ra-spe*Hn 

1580 1041 Dec W IW 1248 1257 1X70 *3 349 

1405 1 077 Ma- 95 125* 12*8 1252 18*1 —3 0604 

1413 107BMOV 95 1270 I7W1 17*4 1270 -* 11029 

loOO 1725 Jul *5 128* 1790 1283 1204 -4 6299 

15*0 1295 Sep 95 1300 1315 1302 1308 -3 1.785 

1*33 1790 Dec 95 1330 1339 1330 1335 -3 4005 

1*7* >350 MW ** 1365 -3 7004 

S6C 1725MOV9* 13»1 -3 3044 

1505 1410 64 96 1410 -3 2016 

1531 IS20 5ep9* 1432 -3 70 

Ed. soles 5030 Wed-6 sates 110*1 
Weds C0«1 Ini 77605 oft 111 
ORANGE MKE INCTU} I uxntn.. crawk 
13200 89.00 Jon 95 H0J5 11200 10650 111X0 *2.18 11,145 

12625 93 00 Mar *5 11175 115J0 112X0 115.15 ‘LOO 7088 

17445 97 00May*5 11700 IIB0O 11615 11600 -105 1650 

177X0 I00XDJul95 11915 IlfXS 11865 12100 *2X5 1058 

1XX5 ld'XSS«>9S 17200 12200 12200 124.00 -US 

129.00 109.00 Now *5 J34.00 *2X5 

129.00 105X0 Jan 9* 12400 -2J.5 

13000 12625 Mer 9* 17500 *2X5 

MOV 94 12600 ♦ 1X5 

Est. soles Na wo<rs. soles 1021 

wed's own int 75.990 oti 823 


HI GHA DC COPPER (NCMX) iMOgb-.-ompub 
139.40 75.75 Doc 94 13650 13*00 134 XO 134.55 -US 6573 

U4« 74.90 JOT *5 11650 13*00 13650 13SJ0 -14* 10*7 

11500 73 00 Fed 95 13680 *155 *07 

1M60 73 00 Mar 95 130.40 I3IX0 13040 13360 -365 27071 

131.00 91. ID Apr 95 179.90 129.90 1 29.70 131.15 -160 

12800 7*85 May 95 13X80 171.1$ 115X0 <2860 -11$ 3407 

174.00 10610 jut 95 17*20 -70S 

12170 7800 Jul 95 171X0 '21X0 I21J8 123.4) -2X5 31607 

120.00 11160 Aug 95 171X5 -2.00 

17100 79.1flfeD9S 116.43 ■ 165 1654 

11550 IllOOOrt *5 114X5 -1X0 

115.75 68. 00 Dec *5 11700 11240 112.00 11145 -US 2021 

111.70 88.50 Jart 94 111.4) -O.»0 

1 1 7-30 *2.70 Mar 9* 10680 -0.90 563 

7 09 50 107 00 MOV 96 107 JO -0.90 

10645 -0.90 

107.00 -100 

7 09 50 10700 May 96 107 JO -0.90 

107X0 10150 J14 96 10*65 -0.90 

10125 10125 5s> 9* 107.00 -200 

M19S. 11 3.95 NOV 9* 114JS -'J5 

Eli soles 17.000 Wed’s sola >0.144 
Wed - ■, open M 5 007? o*f 1427 
5ILVEH (NCMX) Unoeyra-ce4)yr.ltiiv6L 
5970 3800 Doc 94 459J 4*40 459.0 4*60 -46 352 

57 LS *1 (1 Jan 95 4*ZX 44 2X 4*2X 4*69 -61 

475 0 47I0FO095 4*9.7 -6) I 

4060 JlLXMcr 75 4*70 C60 4*5X 472J -61 *0X90 

6M.X 41 60 May 95 4740 680 0 477 X 478.5 -63 615* 

*10 0 4700 0495 4790 4810 477 x 486* -47 7J11 

«rax 6TTXtSeoV5 *70 6H.0 4870 670.9 .62 9JB3 

67*0 -SlODeC 91 4940 5020 49X0 5000 *63 16J44 

*12.0 5140 Jan 9* 5063 -63 

6720 ^60Mor9* 50*0 S0*X 506X SI IX -43 7691 

5990 49V0MO9M 5105 517J 5705 5I8X <64 

400 0 570 0 Jul 94 S7SX -46 

Sep 96 532 J - 64 

Est. sales 1*000 wars, sales 20011 

Wed's men on 136X43 

PLATINUM (NMERJ 54 trow am . wWer, do- oov or. 

635X0 37400 Jan 95 4S3X0 404X0 407 00 403.10 -0A 14X65 
63900 29000 Aw 95 408.(0 408.50 406X0 407.40 —0X0 10X90 
619 00 4m JS Jul 95 413.00 41X00 41300 411.70 — 0X0 1 9*6 

NIJ0 41300 Ort 95 4)6-20 —0X0 

420.00 Jan?* 41?J0 -QJO 

Eu. sales 2.154 Wed's sales 2X4* 

W (d’sapmwr 2*.2 S3 up 2J9 

COLD I NCMX) na KWU.4H«lDfr)nnaj 

S££ 2teBDec94 175X0 37670 37400 37*60 -0X0 1,770 

mm 379.50JOO95 377.80 * 0X0 

«wn m3mf« 95 mao m.oo 177.90 379.70 ‘ow 94,7*3 

417^ %+«ADr95 3S760 303J0 3*200 383 70 - 0 50 1618* 

S5-S 2£i-J0.tanW 1*6*0 1*7.90 38**0 18800 -DM 70882 

J7240 -07012.122 

419X0 40! 000095 397.10 -0X0 

677 00 399 JO Dec 95 400X0 «1X0 «0X0 60100 -0JQ 90*1 

42450 404 60 Fed 96 «640 ■ 0« 

JSiS 4M 10 -0.90 17*1 

4JIX0 41300 Jun 9* 41590 .flta 560? 

&l»9« 42070 -0.90 

Ort 96 47560 -0.90 

Ed win 71000 wed’s, soles 71 BK 
Wed’s open ku 183J74 UP ^55 


UST.BILL5 (CMERI iiiwim-m^raRi 

»W>5 9J ij Mart) 9J.47 93.45 *137 9139 -005 iijct 

*624 92.75 JuntS 9208 *288 9277 9280 -41.10 SSh 

?3.57 97JD3CP 7S 97X7 7253 72.44 77J0 a 1 1 m 

Ea. soies 3 h!S 8 wetfvsous ioao 
W ed's aeen In) 25.173 no 199 
5 TR. TREASURY fCSOT) Uff.tanii-dn*snniiiUiBa 
104-2D nu-n DK 94100-7* 100-79 100-12 100-226- 045 4972* 

103-09 99-15 MartSIOO-IO 100-11 99-30 100-04- 045 1*1 m 

100- 08 FMK Jun»5 99-23 99-25 99-235 JlT-. 04 S 

79-07 97-07 'jtOK 99-1* - 04 J 

ES».’.0fcS NA. Wrfi stars 75,66’ 

wntsopwiim 211X1* uo 4*28 

V,tn- 100-11 100-70— 07 58,765 

111-0. Tn-ll Mir9SMD-ni I00-W W-21 99-30 — 0! 212637 

SfVX n’t; i“ n 2? W U ?, li w-W *9-15 — 03 076 

101- US 97-11 ^pp9S 99-03 — 04 im 

110-11 7+30 Prato 75- W 98-JO 98-74 91-76 — 05 II 

Esi. staes N.A. Wi-tfs. stai-s irxnsn 

Wj d-rg prnun 72730s mi 391* 

tCBOTl '"urr sitJO/KlO-ue: S OnU-.X noall 

llff-05 ’111 D»9I*)-,M «-,4 w-o* y».,s 

■■ws’k-ll 19 04 9J.I? 99-ai 

7 'v-- «. i- •>* ;i w-71 

7MXJ 15675 IUX5 1*100 

744 00 7* 90 Mar 45 ItlU 1*5 BD 16310 

74640 82.MMa»7i l*4M W-® 

74110 85 00 Jul 95 l«-»S »•« *»■« 

738 00 1*3X0 Sep 95 l£l?X0 17100 1 49 A 

74200 41 BODet 45 17000 77000 l«BI 

703X0 165X0WWP** 

May 94 17100 77D0Q 170.00 
Ett.&ff 1J79 Wesrs start 765* 

Btaffs Open tail 30.217 up. _ 

15JS 10X6 Mar 95 146* |6« M64 

111* I0j7 May 95 14i4 14*1 14X0 

■ i in i (i 
— 0 45 1’J7a 
- 1*45 a -n 
-OXS 7. 71 
—om i I'd 
— i xa i.r»i 
-I 55 74= 

—I ss 

— 0.15 90.0*1 
—0 15 38 411 

,: 5 ’9 7! ;* i v i ,i, | . ^ , 

74-O0 98-12 

■•i-s;’*- 5 * 

91.K V IJ 77.14 77-24 

ran* -0ft <17-19 ^.--19 

rsi -jy.- . ru -V d-. vis-, og.yn 

Si-iy’ 1 ,ri1 ,ri '• 1,11 7 j *9 

06 99041 

06 314 19s 

0» 12.6110 

C6 40* 

« 743 

05 48 

03 27 

U 9 

BRITISH POUND (CMER) Uwnanl-1 ounlmaliMJOOl 
1043* 1.4500 Dec 94 1X674 1X684 1X610 1X628 —24 43X73 

10440 10640 MOT 95 1X640 1X440 1X606 1X626 -36 31,193 

1.43BO 1X348 Jun 95 1X62S 1X650 1J«10 1X822 -22 1S2 

EsL sales 90*9 Wed’s. 50*0^ 2X030 
wed's aoen ini 76723 up 2018 

CANADtAN DOLLAR tCMBM Snardk- 1 raw rauna SO JOBi 
0-7*70 0703* Dec M 0J239 0.7242 17227 07239 *3 41625 

07605 07020 Mir 95 07233 07242 0.7223 07237 -1 21 796 

07523 05990 Jun 95 07226 07234 0J2IS 07231 -1 1J72 

07438 089*5 Sep 95 07225 07225 07215 07Z2 -3 974 

07400 07040 Dec 95 07210 07215 07205 07210 -5 253 

07335 07220 Mar 9* 87215 0.7215 07195 07199 —4 If 

EsLSCMS *613 Wed's, pries 27090 

Wed’s Open fry 65042 UP 10499 i 

GERMAN MARK (CMERI l—rflpfc- 1 wnT M uenaapi 
00731 0X5WDCCW 00375 OS390 00332 O03J7^_a» 75.913 
0*745 DXBIOMgrtS 00315 00402 00345 a *nsn — 40 26.977 

1143,0 IUJ » 0074 00380 U? 1065 1 

0*740 04367 Sup 95 00410 —41 119 

Est. sate* 39X11 Wed's, sales 530M 1 

Wed’s acm Irri 114076 up 125 

JAPANLiL YEN (CMER) Sservun- ipoMteauaHVLtBoan 
OmO49(X10O9525Duc»4O01|)O24IJ)lOO7«LOOW43OOO»954 —09 *1 J33 

aj|Q5*0000«i80Mro 95081010004)10111001 00370.010047 3t^J 
oo'i'iiaLOKnfHamniaxiD^* ijn 
0 JJI 07750.0 1020QSap 95 OJ10304 —m 545 

OJnO76OJX1042BDee*5 ODIbS Zip ft* 

am»» 0W540Mro9*0O10S3604n0S«O0l05S4O0 ES IS 31 
Eg yUQS 36455 Wad’s, sales R74I 31 

Wed's open mi lai^is elf 292 
5WBSFRANC (CMER) s per rant- 1 bom hum SU001 

S»85S^S«Hdf iSftfS 

ass was WSB "» gg 3 ^ 

& staes 2X314 v/oa's «Mes 2taP 6 

Wed's opwimf 6)057 on 1699 


*40, -04,8 32X74 

gg S8SS5W8SS &SS SS H 

7^ SgSVs KS %% ttto ££ Ig“ WJ} 

^ ^ ^ jH -g “S 

MShVJsrrw 1 * 

H^T^tCWL INMER) <2000 BO. 

II psu ^ ss ss SS :!^gsg- 

S£iT£2S SS SS S'l 4” ^ • 

H SIS' 11 1:1 ^ 

IS SSbn 83 SS ^Sfss; 

«.noS?5 SITS SU5 U3S ■ 

51 00 Dec 95 5200 S3M ii+5 *5-!? \JD. 

300 _ 51 00 Dec 95 5200 S20O SXM 

Esrstae* 49.654 svod’s. so6*TSi9»5 
Wrc -. ooeolar 155,110 up 3ao 

«»tw- Ooct*-, ear ata 

iI5JOT« 16.95 1UI "m? 

174)7 17X2 1*09 it!* 

S42MOT95 17415 17^ 1*95 7» 

15X5 Apr 95 17.12 17X3 |$ Tl ilS 

1569 May 95 17.15 17J7 75 

1 573 Jun 95 1712 170* 1-53 

J66* Jul 91 17X7 !>.S Wa 

1*.*Aug95 1700 17X5 \7% 

17. 14 to. *5 1719 17 X 7 {;« J-S 

16*0095 17 X 3 170 J n 

I 7 . 15 NOV 95 1707 17 m if; JJ-® 

' 650 Dec 95 17 X 0 7 ." Jij 

" ,7J0 « 

1701 Apr 96 


17X2 Jun 96 

> 7 .MSeoW 

nvsnLx* *8.25 

‘704 1770 

1782 1774 

♦0X5 81008 * 
*0X5 77033 r 
•0X4 4*452 . 
♦0X3 180)0 
*M2 M07S« 
♦0X1 29J25 . 
-030 73049 
•019 9045 ’ 
•OIO 13013 » 
*0.18 7.944 .. 
•OTB 6,182 . 
•OI8 18X86 ' 
*■0.17 90)45 ‘ 
-0.17 2034 - 
‘017 4X70 . 
-016 ' 
+ 0.1* 9 

*OM 14077 . 
•015 1 

*014 15022 * 

lUA *OT4 15022 

2-isf« , 95 sitS §5 nio Sm -l-isans' 

*.«Mar«S S2J0 DX5 Sfi *058 17.192 • 

W.TOApr 95 5570 MX? S4J *OM 1127 e 

» SSK&S SBS *SS^: 

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Page 18 



Thursday's 4 p-ra. 

This Rat compiled by the AP, consists of the 1,000 
most traded securities in terms of dollar value. It « 
updated twice a year. 

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18 HJftSyjSriw 




- 25* ^5 5ft -2^ 

S 510 18% ISft 189* -i. 
IS 59T w 15 a 
_ 1213 31% 30 ■ 31 

141T2SM VS% 3J%31ft-=ia 

9 329 9 ■ W B\k mft, 

17 1646 39% Mft 
32 4673 22ft 21' Zlft ix 
_ 76 20* 2ri4^* 

K 218 18ft 18* 18ft cji 
§ 434 15M .1S* 15H^ 
iff 10505 <? 41* A**-Z 

B3 72 20% 20 - 20 6* 

51 215? is & 

a 639 40* 40 i. «=E 

$2Vn 15% IS ^ ^ 

n 413 1« 

aj ij 



J3H, fl>T^C 


11 4 TPI En 

22ft 14 TOrOat* 
62ft 40ft TecumB 
IB* 7*TMC0 
31 WtoT«cmA. 
15* 3ftT4ftbit 
51*X Tel labs 
24% 6ftTetufar 
18* lOtoTaxon 
47ft II Trocar 


S 3toTCYoosMd 


27 17*TmReO» 
30to 21 to T nPoMo 


17% 79. T rimed 

20 12*YYism 

13% 6ft Tseng 


6% 4*Unflab 
48 29%UtdCOSF 

19 13 Urdtnts 

28% 22* US BcOR 
14% StoUSFdd 
49i M to US Hlttl S 
18 8% US Lano 
46 24 USRabf 

66 49WUSTrtf 
2314 imUMVIdto 

16ft 9ft VLSI 
20% 2%VafTectl 
15ft 3toV«Vi,A 
2S* 13ftVc6uJet 
29ft 1BW Vernas 
46 IJftVentrHx 

20 lowvertxPh 
X*18 Vksr 

_ »i 225 

AB Z1 25 327 
22 IA 18 796 
37 . 14 If 1749 

"*■?!] S£ 
z ”i 1 K 

- 16 W 
_ 21 SZ3 

1A0Q 2A 8 155 
lAOa ZA 8 306 
- — . 34 240 

. -306 824 

- 3312539 


15ft 14*, 

23% 22 : 

iK *12% 12% 

i m 

'st a. jpjS 


— JM 

.1 56 258 

- 32 Z2D8 
J6e 1.1 19 1603 

_ —71870 
. ■ _ 2453 

- 21 504 

- - 1198 
28 « 12 1153 

- _ 268 

JM A .19 835 

A2 23 

32 to 21 VBcine 

28ft 1 

23* 12* Vmorte 

13 241 

- 311 

13 1B24 

32 321 
_ 310 
_ 263 
.14 1195 

- 2919 

33 874 
29 776 

34 628 
9 634 

- 394 

16 7X 


26 2532 

17 }129 

14 830 
23 4*9 

18 565 

3D oat 

- 1611 
_ 594 
14 4913 
— 151B 

_ 702 

- 675 
40 2723 

19 17B6 
— MS 
25 617 
16 1075 
_ 264 
10 458 
_ 2552 
33 19M 

— 420 
28 473 

43* 42% 42ft Jk 
12 JfM.WV, 

33 21*^1% -ft 

J* 4ft Aft-— S 
«% 4i «to— 3ft 
8* 7W A ‘ ' +% 

11* 10ft n* - 

43ft 40ft 41% — J 
M% mv 22ft —ft 
43ft 40* 40ft— 2% 
11% 10* 10ft — % 
12ft 12 12ft 4-% 
6ft 6% 6ft —ft 


9* 8% 8% —ft 

19% 19% 19V5 —ft 
3«r 34% 36ft _ 
25% 24ft 24ft — S 
6 5% 5ft - 

14* 13ft- 13ft —to 

4 3ft Sft —ft 
13* 12% 13* *ft 

6ft 6% 6ft — ft 
22ft 22ft 22ft —to 
9ft 9* 9* —ft 
38% 33% 33ft— 4ft 
4ft 0 4* 4ft— ft 
32ft 32 32ft ♦ ft 
15ft 15% 15% . _ 
23M 22ft 27% — ft 
10% 9ft 10* ♦% 
41% 387*1 39*— IVi 
11* 10% 11 - —to 
36 ' 34ft 35 -ft 
63ft 62* 63ft —ft 
79% I7M 17% — 7ft 
21% 20'A 21>ft— 1* 
42* 42* 42* —to 

5 d 4* Aft —ft 
30* 29V, 29ft ■_ 
11% TIM lift— ft 

23% 22%»^-iYu 

25 34* 

26ft 26 24ft _ 
20ft TOM 20*'— ft 
13 11 lift— Tft 

24% 22* 23 — 1* 
17 16% 17 —ft 

23 da aft —Yu 
8% 8* 856, -ft, 

MW 19* 19%--^, 
28 27 27ft 

11% 10ft ID* —ft 
15% 14ft 15 —ft 



21% • to Wren VJ 
41 12%SkyWes> 
14ft 5 scvtxu 
31 ft iswsmrtiF 
31 10 Sodak 

21ft 9*SofTMv 
II 6toSamcHen 
26% 16*Scx*cCp 
17* 6V,SonicSol 
25ft 19* SonocuP 


56%46teSonocPpf 225 

l& .... 

- - 762 12ft 12* 12* —ft 
9J - 1126 18ftdl7ft 17* —ft 

_ - 4611 30* 79 to 29 ft— 1* 

- - 911 14 13ft 13* +* 

- - ,7X 6% 6% 6* —ft 

l.l 15 1271 33 »* 33 _ 

- 22 2504 2DW 78ft 7S%— 1ft 
A80 A 8 5773 15ft 14ft 14* —ft, 

_ 3 337 lift Jlto 1IW —to 

_ 17 3094 X 29ft 29ft —to 
817 54* |4ft 14* —% 
261 21%. IB* 18ft— 3* 
_ _ -036 21 W 20* MW —ft 

- - 490 7* 6* 6* —* 

_ 21 271 21* 20W 20% —ft 
_ 36 629 IS* 13 13*— 1ft 

ZA 15 6M 20% X 20 —H 
4A _ 454 47 46* 46* - 

_ 17 


48% 37* WD 40 2A0 
32W17WWLRRJ 32 
31*16MWcribra A0 
60 29toVVaBDdto 


25 ISHWAAAutI 26 
116*79 WMutPlDUn 
28* 12*WatsnPh 
29 IBtoWaffsmt J2 
35 ZlftWausPt 24 
25% 17* WbslFn A2 
aw uwweBjut 

X MftWeBMst 
24* 6*MfeSfa3fC 
14% llftWesJertad 22 
20% 9ft WstnPb 
32% 17 WsTWatr 
19% 12ft WstptStv 
lift TWWstwOn 
37ft 79 WWeRvr 
25* 13* WhotoFd 
30ft 9Vi WhOiHly 
24* tlWWIckU, 
S9%39ft,WlTtaml M 
35* 15ft WmSon S 
28WH WNmTr 1.06 
9ft TiVuWlnshr 
48V6 26toWtscCTs 

31% 13 Wondwre 

23% 17% Worttistn A0 
40*21 X Rite .16 
17% 6*XceiNet 
67 29 Xfflnx 

28* 12* Xircom 
22*12 Xpert to 
Z2to 6%Xrlook;s 
X* 16ft YeeowCp . M. 
23ft 12*Younker 
14 I ZdeCp . 
58W23W Zebra 
26* 13 Zier4jQbS 

^Mw^&cp 1J0 
38% 6%Zo0Med 


X* 25 134 
14 15 307 
24 11 741 

- V 483 

44 46 J 1631 

fi - 7 ^ 

_ 27 763 
U 13 382 
IA 15-737 
6 237 
18 2367- 
26 300 
17 9(5 
3A 9 1457 

- M 1736 
l3 - 179 

- _ 370 
— SI 36 

z z S 

Z % 493 

- 46 50 

- _ 73 

13 72 2136 

- 42 5647 
4.9 10 692 

- - 5X77 

- 17 1918 

- 49 1708 

XI 20 1631 
A 33 1107 
_ _ 153 

- 29 5142 

- 20 3435 

- 26 584 

- 39 1816 
44 _ 4579 

_ 6 1335 

- 18 600 
_ 21 411 
_ 37 390 
_ 16 794 

36 8 169 
- 21 1285 

41* ^40W 

26* 25W „ 

17% 16% 17* - 

35ft 34% 34ft — to 

10 d9ft 9ft- 
17* 16ft 17 —to 
17 >6toJ6**u — IS. 

81 80 80% —to 

36* _ V ' 

19% 18% 18. 

24* 23* 36 
39 18* 18* — *4 

27* 27 27Yu— Vu 

23* 22W 22% —to 
24 23% 24 tft 

25W 24ft 25 — * 

17* Tift lift —ft 

12 drift 11ft - 
10% 10* 10* - 

29ft 29 39 

14 13% 13ft —ft 

8%, lft Bft - 
31 29ft 31 - 

13*dl3 13ft— ft 
13* 12 12 

llftdll* lift — * 
45* 44* 44* - 

29V, 28* 28* —ft 
22% 22 MW —to 

8%, Tab 7*Yu — £ 

36 37 

a* 26 26 

19ft IMh 191% 

39* 35 35 —4* 
15% 14 14 —ft 

55ft 55ft— 3* 
19 19 —ft 

15* 15ft— 1 
17* IB —1 
19ft 19ft —ft 
16* 16% — ft 
«... lift lift —ft 
36* 34% 35%— 1% 
24 23% 23% — 

27* 26% 26% —ft 
3<ft 33% 33ft— lft 
12ft 11* 12 —ft 






17 . 

12 % 


Thursday's Closing 

Tables Include the nationwide prices up to 
the closing on Walt Street and do not reflec 
date trades etaewhere. Via The Associated Press 

12 Montti 
HW Low Stock 


Dh, YU PE 100s 

High LowLaedOfw 


8 AIM Sir 


, . a AM Ml n 

i Bj&a&sr 


“ 1-9 

z a fi 

,JS “ -7 341 

26to 20 .0 - 3 fi 

3 V'wASR .10 b 4A — 178 

70ft 61 ft ATTFd X73e 4A - 54 

8ft SftAckCom -fix 

4* 2*AoneU _ _ 2B 

3%, 1* Action _ - - 6 

10* 4ftAdrnR5c A3e J 15 55 

1 7& ^ 

... . - 4 497 

4ft IftAdvPnor — — 38 

3ft 2 Aemsan — 5 164 

15% SViMWd _ _ 157 

S, 2%AVCure ..Ifi JJ 

3*Yu 2% Apxoa — 19 202 

12% 9%Mbaw _ II 20 

Sft 1'VuAiertCt n _ _ 349 

% ftAleriCwl _ _ 30 

18ft 14toAHoaan n IA4 10J - 183 

2% n/uAHIn _ _ 106 

38 s .. 

9ft 9ft 

* ft % + to 
10ft 10ft 10ft _ 

& %3fcrSi 

2^^ -ft 


3A 6fft 

'ass 1 

,wl 1* 1% — Vu 

’3S if li? -.* 
W* I: 


TYi tS 1 ^^ 

to 2V. 2% —ft 

.3 2>Vu 3 ♦ ft 

30% ia% low —* 

l'Vu 1% lft— v u 


10 1M 

— — 490 

- _ 546 
7 A _. ziog 

11% . 

7ft 3 AtofKdn 
.6* 4ft MpjnGr 

l«to |ftAF?^2 IAS 13J Z 23 ll 
lYftlS AFstHT 1J0 »J _ 23 

23%2D%ASkCT IJ2 63 8 3 

X. 21 WAmBiltS JO A 9 12 

6ft ltoaAmEcas _ _ 5 

I4W 3Vi, AIM 84 !A3e4lJ 8 S 
16ft ]3% AIM 85 1A4 10A 10 124 

14ft lift AIM 86 n IA^ I2A 10 47 

15 II AlMBSn 1 J»a 1X7 10 31 

52 r ■ 



Bft - 



-a = 

5% — C5 

6 5ft 

4$S 49ft 49ft ♦* 


lift 11% 11% +ft 

24ft 24% 24V, —ft 
2% 2% 2% ~Vu 

3ft d 3^ 3% — W 

3ft 3*. 3Vu — V H 

4"u S’ft ATectf 
13ft 6 V: Am pal 
2ft _%Ampalwt 
27ft VftAncfrea 
6 JftAngMIa 

1% StiSSSL 

14% Sto Apragnx 

4% 4 ArfaLd 

lft, 'Vi.Amdm 
10 7 AlTOWA 

flto JWArhvm 
9% 9 AflUvn 
4 2 Astmtc 

1 VuAUrtwt 
B% 71, Atari . 
7% 5ft Atlantis 
to % AttsCM 

. _ 11% 11% ♦* 
n% n% lift — w 

40 V, 40 V, 40 V, *ft 

17ft 17 17 —to 

34 23W 24 *ft 

24% 23ft 24* * to 
6% 6ft 6ft —ft 
7* 7ft 7ft —ft 
6% 6ft 6ft * W 

S 5% 5ft— * 
to to — Vu 
j» 3% 3W Z 
6ft 6to 6 % _ 

xrH 2ift2iitf—i - 
5% Sto Sft -ft 
%h W 

10ft 10ft 10ft —ft 
7% 6to 7 — * 

4% 4V H 4Vi* —Yu 
7% 7* 7ft —to 

to * to * Vu 

6% Audvox 

2'^ VuAucire_ 

. _ 4HAinrEI 
2 Vi ItoAzeon 

Tft 7ft 7% - 

3Vu 2ft 3% —'A 

3* 2% 2% 

Vu Vu Yu _ 
4% Tft 4 -ffu 
5* 5% 5* _ 

% % % _ 
I 1 1 + Vu 

6% 6H 6% — * 

% l*M **U _ 

4% 4to 4% *%, 
l'Vu 1* IWu 

4W lftB&HO 
17 V, lift BAT s 
29 19 BodprM 
II 3ft Bdrer 

6% 4'4Baktw 
23'A IBtoBanPd 
14ft 9ftBoistr 8 
Sto 7ft BkStna 
25ft 19ft BT CV7% V 
2Sftl9WBTcv7ft 1.' 

to VpBonyHl 
Jte IftBanynSh 
21ft lOftBamurt 
26% 14% BarrLb 

21 u BayMea 
5 3*Boiw ^ 

7ft JftBSMcpwt 
3ft 2 BSJpnwl 
3% IftBS Jpnowt 
36ft 294HBSMRK ft 2.D1 
2ft i'v.,BeardCB 
28 2|ftBene*E 
iv„ _ftBethCp 
23% lOftBinkMI 
Wft 10 BioR A 
?"•„ YuBioonm 
lO'-i 4ft&ovoil 

3*'/i» tftBiseAM 
13% StoBIhBKff 

13* Oft Scab 

14ft fftBFL ~ 

14* 9 ft BN J 
13% fftBNYTL 
15ft UViBockflc 

J'» 2*uflo*4Tnr 
2B9, lSftBowne 
19% 11'% Bran cto 
Sto IteBrendyw 
4* 3v.,BrodcCP 
3v„ lft Bo Won 

■78e 5.8 

Mi 2*_Yu rvjj _ 

J3 33 

.740 9J 

13* 13% Mr. 
TlWd/l 71% —ft 
22* 22* 22* * ft 
4 3ft 3ft _ 
5% 4ft 4ft — % 
19 18% ISft —to 

9ft d 9ft 9% —ft 
7% 7* 7% —ft 

19*d19 19* —ft 

19*d1Bft 19 

JO 1.7 

"to Vu "/ B - 

.!« IWu — Vu 

.90 6J 


.... in* n 
19 10 t* _ 

35% 25ft 25ft — * 
. % ft -ft 
lift 10ft n —ft 
14* 14% 14% - 

3% 3ft 3ft - 
S Wh 5 ->Vu 
2"u 7 2 —Yu 

2% 2ft 2ft _ 
36% 36 36 -ft 

1% 1* 1* -v u 

% Vu Vi. — V| 

12 Manttl 
Wqti LOW Stock 

Div YU PE 10Q» tWi LowLotodOitee 

- 5 

JO 3 

”f & 


9to 4*1 

3 Vu' 

JL 5b ~ 

9% 3 

j||jj ia*j|jjT|™ 

1^ IftCdpRO l! 

14* 8 Caringm . _ 

16*10 CasHeAS 36 U II 
27 BWCasFd lAOa 6J _ 

’It Z 1 

2u 8 It5egjmf t ljo 8 a _ 

it t&sM 5 J.irf z 

^ t VSSm A0t X7 27 
5% 1 WuOtDevA _ _ 

40ft 17ft Sip^n® 

10. 9*Q»mpHr 

39 7% 

96 5% 

197 f»u 


z 1 

I'M —ft 

sft —% 

77 2 Vi 2ft 2ft 1 

515 **, % * -to 

734 48ft 45ft 46*— 2 
18* 7 6te 6* —ft 

53 37% 36% 36ft — te 

437 * d to ft —V. 

74 ID* 10% 10% —ft 

9 24% 3aft 34ft — % 

44 9W 9W 9ft —ft 
125 Jte 9ft 9to —ft 
86 9* 9% 9* «* 

128 Bft B* Bft _ 
169 12* 12* 12* — ‘A 
2} 24 H* 24, -ft 
182 7 6% 6% _ 

235 U 9% 9ft 9% -ft 
389 U 2ft 2Vu 2*Vu -Vu 
30B 17ft 17* 17% —ft 

IS • p,/ * 4?* r- 

_Z7 16 15% 15% — JS 

6% 6% 

|SS 3^ ^ *vS 


7 12 



2M7 s 


lJOd 4A V 

22ft d 30ft Xft— 2* 
16* 16ft 16* 

J3.. «to 13% 

is u Z 

A8 BA 

.40 » 7J Z 213 

5*A l*C0grttm 
10% 7%cbhen5tr 

'I* 4 , *C^5 ,a 

10ft BftCUuEna .94t I0J 10 
19ft 13ft Corninc 

^ " 

''** “ 24 

10* 9 1JM 10J 

3* lto 

lift Bto 

17ft 12ftCrass 
12% .4WCPOW1MS 
74 ft 13V.OnCP 
23V, lltoCrnCPB 
31ft 14ft CwnO 
5ft ZftCrutSAm 


19 27 to 36ft 27ft —to 
435 lOftdiO 10% —ft 
69 21V,d21W 21% —ft 
1234 lift 15% 15% — % 

~ 2% 2to - 

B ft -J/s 
7 ft 7% - 



.12 3 13 



4ft 2ftOjstmd 
4* WCvcomm 

33 119 
- 10 

lVu 1% „ 

8ft 8 B —to 

lift 9* 71 -I. 

4ft 4V„ 4ft, —V, 

Bft (to B* —to 

72 11% IBto 18ft —ft 

213 5% d 5% 5% —ft 

59 15 14ft IS -lto 

51 IV. IVu lto -Vu 
6 8V« 8*2 Sft - 

4 12 12 12 —to 

70 11% 11% 11% _ 

18 5 5 5 - 

28 9% 9ft 9ft —ft 

43 lft lto ito —ft 

I 9* 9* 9ft 

71 15 14* 14ft —ft 

4 5 5 5 —ft 

49 13% d lift 13ft —ft 

14 12ft 12 V, 12ft 

14 15* IS 15'A -to 

07 3% 3 3ft -to 

16 2Bft 28ft 2B'i —ft 
* 18 17to 17% —ft 

10 2ft 7ft Sft _. 

65 1-Vu IVu IVu - ”u 


AO 2 1 

ft •ft ■*■» —ft 

S ft 25ft 25to —to 
83% 83ft — W 
ft ft * _ 

19%dl9 19 —to 

27ft 26% 26%— lft 
* 'Vu 'Vu— to. 
7ft V* 7ft _ 
3Vu 1V>, V*. _ 



i 0 to 10 * 10 % •% 

' I0to — % 

llto 10% 1D,_ .. 

10% 10% 10% —to 
10to I0to 10% —to 
10% 10% 10% —to 
41% 41 41 to * to 

43% 4J% 42% —* 
13* 13% 13% —to 
to } 3 —% 

17ft 17ft 17% — % 
16 17% 17% —ft 

3* 3* 3* —ft 

14% 14% 14% —% 
31V,, 3% 3*Vu ■ 'ft 

tv, IVu IVu .. 

20ft Cp 
7* 4*aiFm 

92b 5.3 14 
- 5 

9ft 6 

6% ZftDofamet 
7ft 2 Oavstr 
4 ft Dover Wt 

12% TWOecorar 
8VJ 4ft DuiEJC 
26ft 17 rVvnl 

5% 2 ft Dion b 

9* 2to.5EitCT 
13% 10 DfMAC 
19% 9WDtmark 

'U 4 ?S^n 

is a ksssp 

10% 7toDrytMu 

lift BftDfYtNY 
5% 2ftDucom 
lift BADvHor. 

6 2*Pvcomn 
2ft to,ECI Int 
34% 9V.EXX An 


48ft 30ftEch8F pt 
15% 9ftE0WBOV 
IS* OUEcolEn 
4 VuEOala wl 
M* 5%Ec8s20 
5ft IteEdRok 
47ft X* Eton 
32ft lSWEMiwt 
36ft 23'*, Eton on 
12W 6ftEldorod 
6% lftEb-W 
9% 7ftElswtt1 
6% SHEmCar 
19* lOft&OCO* 

J4 XO - 

S' 74 !? 

_ 18 



6to 2*1 

19% /toEnuBi 
22W 13* Eunooo 
16% I2ftEgCmi 
12*A 7*Eadt0 
12to 7%EqCm3 
18* lffbEfUAHlI 
5ft ltoEscoon 

11% SViEtzLvA 
15ft BftEtzLav 

1% to Ever Jen 

6% 3ft FFP 
3V,, 1 * FPA 
14% BHFgleCN 
79* 64 Rno 
14% lft Ft# 

11 s r 

7* 5ft f 

21 16*1 

12*10 FstClfY 

- - 51 "fi, ur., Wr, _ 

_ 34 45 2% 2ft 2ft —to 

- j* 37 lft lto lto— V., 

- 29 3 6to 6to 6* —to 

-.575 254 5% 5% 5% -. 

_ — too «to f% A —to 

- - 886 7ft 2*'u 2V„ — «u 

_ _ 374 ft d to to — */• 

13 213 Sft PY Sto -to 

237 Bto 7* Sto -* 

- .. 32 5*„ 5* 5ft 

.» 20 734 1 7to 1/to 17% — V. 

10 13 TVu TV,, 3>V U — Vu 

- _ 281 lft. I* lft, — C'„ 

- 59 Vu Vu *'u — V.. 

17 TVu 2% 7% —V«, 
66 13V, 12% 12% —% 
49 14% 14* 14% +* 
15 5% 6% 5% _ 

94 lft, 1 IVu 

23 9W 9ft 9* —V, 

279 7to 7% 7to - 

.. _ 310 8% 8* 8ft -* 

60 64 _ S3 8% 8% 8% *te 

_ 9 M 4to 4Vu 4 to ->'u 

», „ 39 Bft Bto Bto —to 

- _ 125 2% 2* 2% -. 

^ - 2058 1 *V„ 1 -to 

- _ BIB 24to 22to 77 to— 2ft 
.. 342 24* 22V, HV.- Zft 

AA 3A 12 3 13* 13 Vi 13 V. — to 

25 5A -. 320 32* 32to X* _ 

27 J 73 4345 10ft 10* 10* —V« 

JOb 13 8 66 9* 09 9 — * 

_ 77 1* lft, lto —ft 

~ 9 371 <S% 6* 6% —to 

^ - 190 4ft, yv H 3»„ -7'u 

~ 27 1863 34* 33W 33W —to 

^ _ 63 19 If* IBto —to 

33 25to J5V, 25% — 1 to 
,16e 1.6 18 11 Mi 9* W4 -. 

- _ 581 2 1% 2 * to 

J4e 9A 95 8 7* 7% _ 

- 77 3 6% 6* 6to -. 

- 16 1770 11* 10% II* -* 

- - II 7 6% 6% —to 

- _ II W. 3b 3ft. _ 

* 44 780 11* 11 lT -to 

416 21% 20* 2DW — % 
31 13* 13 13ft * to 
41 8 7% 7% »* 

31 b* 8 a — * 

15 13% 13* 13% -to 
71 lft, 1% lVi - 

3 13* 12% 12% - 

1 IV, lto 1% - 

2 6% 6to 6* -. 

7% 7* 7% _ 

. % * to -«u 

M 24 10 182 14* 14ft 14% _ 

J7e 66 10 56 5* 5* 5% -to 

5 1% 1% 1% - 

30 31 X* 30* -% 
134 AW d 6 6 to —to 

55 26V, 26* 36% - * 
20 66 66 66 — «ft 

735 9to 8* 9 

2J0 17A 120 
160 206 _ 
160 M.0 _ 
JSe 16 _ 

60 46 » 

J8C (J B 
.18 e X7 9 

L7 9 IJ 

64 XI 12 

4.00 6.7 70 
Jie 34 

165 135 FlEmP 
7 Riber 

17* 17* 17% -* . 
5* 5* 5to —ft I 


4* 2toFfc_..^. 
30% IBftFloPCl 
32 MftFhike 
43* 28toForstC A 
46* 30% Far4CB 
52M40 FdrslLJj 
l'Vu YuFerlPtwt 
3* IHForfPet 

2*Vu ItoRjrumR 

6% 7ftFgunPws 

A0 10J _ 2813 
.12 16 7 

48a 2J 


8Yu 8V. 89* —to 
23 6ft Aft 6ft - 

10 30ft 20% 20ft -■ 

14 10* 10% 10% — * 

125 145 183*144* — 1 

101 7ft 7% 7* - 

146 2% 3% ?% 

13 16% 16ft 16% • to 

30 27 26* 26 ft —ft 

60 29ft 29 29*.i —> 

3 28*028% 28* — to 

14 XV, 079% 29* — % 

- 47 46* 46* -to 

to to _ * — /* 

_ 179 

- - 2 

17 2Y„ 7V.4 7V* 

2* PJu - 
5* S'/. ... 

12 . 

Ugh Law Stock 

□IV YU PE 1 OK HcYi LawLiPesrOfOO 

J& StK^n" | « fl 

44 I1J 39 

5% 3. Fr 

5 i*r 

6% 2tol _ „ 

9 S’AFnuertue. _ 26 

4% SWPrieckn J4b X8 II 

15* 9WFrtSCns J4b 2J 15 

3% 2W Front Adi .11 3A13 


5 4% 4Uft -^U 

ft SfcSfez Jf; 

4U 4 to d* —to 
7* 7W 7W —* 
4% 4 4* ♦* 

10* 10W 10* — * 
2Wu ZUft 2**. — Vu^ 

9% 7toGaMscq 

'ft » 

Xto lSWGcrcn 
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British Sky Stock Offering 
Proves a Hit, With 5% Gain 

r . LONDON — Shares in British Sky Broadcast- broadcaster at £4.4 billion, and the offering was 
ing Group PLC were a hit with investors Thurs- to raise £824 million for the original 

day, trading 5 percent higher than the offering S*jS2 lders: News International PLC, Pearson 
pnce of 256 pence ($4.00) a share and closine a*? P VZ' Cbar S eUT ? and Granada Group PLC. Mosl 
268.5. & of that money is to go lo News International 

The 343 million shares, representing 20 per- Arthur Campbell, fund manager at Scottish 
cent of the company, opened at 263 and were i' 55 ** Managers, which bought shares in the 
among the five most actively traded stocks with 2t rcnn 8* tempered his enthusiasm for the stock. 
19 million shares changing in the first 90 ,n die short term, it’s a good buy," he said. “The 
minutes. company has rising earnings and improving cash 

Volume was 2.4 million shares in the first few n ° w ’ bul ^ ‘mccrtainties in the long term.'' 
min ut e s of trading, and the price hit 2695 in the Investors’ concerns center on competition for 
first hour. programming from cable-television outfits and 

The underwriter, Goldman Sachs & Co can 011 P oss *bility that the company will need to 
trade in the stock at below or above offer prices ^ derrtake a «wly upgrade from analog to digi- 
through Jan. 6 to try to stabilize the new shares’ ^ ^“otogy. 

P™*- British Sky Broadcasting reported a jump in 

The firm’s American depositary shares, each operating profit for its latest year to £170.1 
of which represent six common shares, opened at million from £6 1 5 milli on the previous year. The 
$25 and later edged up to $25.25 in New York ^mpany said growth had come from a 44 per- 
trading. Based on the 256 pence offering price cenl Increase in subscriptions to its service, to 
and the dollar-pound exchange rate early Thins- 3,45 million. 

Ib^company valued the depository shares at It said Thursday’s offer had been oversub- 
$24.05 before trading started. scribed but would not say by how much. 

The offer price valued the British satellite ( Bloomberg, Reuters) 

Lufthansa Shows Optimism 

Campikdty Our staff From Dispauho The supervisory board also an emergency plan that would 

FRANKFURT — Luft- approved major expansion of lay ofr more than 5,200 workers 
lansa AG said Thursday it ex- the airline’s cargo base at and split up the company by 
pected to report a profit for the Frankfurt airport. selling assets, 

fourth quarter, an improvement ^ The expansion will increase Unions have said they would 

not tolerate such drastic mea- 

Virgin Buys Stake 
In New Ad Firm 
And Fires Old One 

from its previous break-even 

“The signs are that Luft- 
hansa will produce positive re- 
sults again in the fourth quar- 
ter,” the company said in a 
statement released after a su- 
pervisory board meeting, 

; Lufthansa posted a profit of 
325 million Deutsche marks 
($207 million) for its first nine 

i. The company said its restruc- 
turing program had been re- 
sponsible for its “continued 
success” the past 10 months. 

the airline’s cargo-handling 

■ - — v uvt V*Vll UluoUG uibOr 

SWIPES* 1 sures. but after talks with man- 
at a cost of 125 million DM. agement they agreed lo hold off 
(Reuters. AFX) immediate action. 

■ Sheris Strikes Delayed Under Sp anish law, the two 

Iberia’s unions agreed to de- parties have 30 days to negoti- 
lay threatened strikes for 30 ate terms of job cuts and a pos- 
days during talks with manage- able 15-day extension before 
ment over job cuts aimed at workers actually lose their jobs, 
preventing the airline from go- “We are open to dialogue to 
mg bankrupt, Reuters reported renegotiate the viability plan 
from Madrid. that we would like to see 

The company's chairman, Ja- through, but in the meantime 
vier Salas, said he would listen we have no choice but to file 
to any alternatives suggested by papers for the emergency job 
unions to avoid implementing cuts,” Mr. Salas said. 

By Stuart Elliott 

New York Times Service 

NEW YORK — Add ad- 
vertising to Richard Bran- 
son’s empire. 

The brash chairman of 
Virgin Group and Virgin At- 
lantic Airways is borrowing 
a page from the playbook of 
Victor Kiam of Remington 
shaver fame: Mr. Branson 
likes his new agency so much 
he’s buying part of it. 

The agency in which be is 
taking a minority stoke is 
CMG Communications, a 
New York shop that three 
longtime advertising, mar- 
keting and media executives 
founded in July with billings 
estimated at $15 milli on. 

The terms of the agree- 
ment are not being dis- 
closed, but Virgin is acquir- 
ing what is expected to be a 
15 percent stake in the agen- 
cy, which for four months 
has handled the direct-re- 
sponse and design portions 
of Virgin Atlantic’s LLS. ac- 
count, with billings estimat- 
ed at $2 million. 

Now, Virgin Atlantic is 
assigning CMG the rest of 
its account in this country, 
including the advertising du- 
ties, with billings estimated 
at $8 milli on. Korey. Kay & 
Partners had bandied those 
duties since 1984, when Vir- 
gin Atlantic started. 

A primary reason CMG 
landed Virgin Atlantic’s en- 
tire account is the “G" in the 
agency’s name. It stands for 
Michael Glavin, a managing 
director who until July was 
senior vice president and 
group account director on 

the Virgin Atlantic account 
at Korey Kay. 

“It has been 10 really 
great years with Korey 
Kay," said Taylor Ingra- 
ham, marketing director for 
North America with Virgin 
Atlantic. “We grew up to- 

“But Mr. Glavin has been 
working on our account 
since our relationship began 
with Korey Kay." she add- 
ed. “He knows the Virgin 
culture very well.” 

This is the second time in 
a month that a big-name 
consumer account has fol- 
lowed an executive to a 
smaller agency. In Novem- 
ber, Patricia Stewart left 
Campbell Mitfaun Esty for 
MacNamara Cilo. Simulta- 
neously, the Travelers Insur- 
ance account that she had 
supervised — with billings 
estimated at $15 million to 
$20 million — left Campbell 
Milium and joined her aL 
MacNamara Cilo. 

So it seems a client can 
express loyalty by leaving an 

“This kind of business is 
based on relationships.” Ms. 
Ingraham said, adding that 
Virgin’s stake in CMG 
“gives us the flexibility to 
build the Virgin team at 
CMG lo fit our needs per- 

“One of the thing s we 
found attractive about 
CMG’s approach to busi- 
ness is that its culture does 
not focus solely on the ad- 
vertising discipline.” said 
David Tait, executive vice 
president at Virgin Atlantic. 

AMERICAS! Free-Trade Target GERMANY! Economy Displays Robust Expansi 

Continued fron Page 15 those who use thedr public posi- 

tion to benefit private inter- 
openutg vast new export mar- ^ ^6 to freeze funds in- 
kets, especially m Asia and in volved in money laundering 

La S n . / ST ca ' and drug trafficking. 

But that argument presup- The accord also calls for 
poses a growing middle class countries to strengthen extra*- 
Jgrosperous enough to buy tion treaties to fight terrorism. 
.American goods m each of At thc white House oa 

-those countries Wednesday, TYeaairy Secretary. 

That has already happened in U oy d Bentsen said that a bemi- 
mmy parts of Asia and mmach spheric trade accord was vital 
. of latm Amen^ But somepf-. because, if the United States 
fioals m the Chnton admirus- ^ not the lead on trade, 
tration say they fear that unless going to find that the 

Latm American writers are Japanese and the Europeans are 
guaranteedabigger share of the ^ to work to beSdrpart- 

Coutinoed from Page 15 from the Federal Labor Office. 
. , . . , , which said Germany’s unem- 

leftus official rates unchanged, payment lines shrank in No- 
“It looks like the whole situa- ^ber as the economic recov- 
tion in Germany is changing, ^ provided new jobs, 
the economy is picking up, and w 

I don't see Ly Reason for lower 
interest rates any more,” said P 10 ^ 1 ralc - 
Hans Nordstrom, a broker at {!Jf^ f ° t r 4?^£f? Cl0rS ' hdd 
Barclays de Zoete Wedd at 7.9peircnt 

Deutschland GmbH. But about 1 1,000 West Ger- 

. mans came off the jobless rolls 

Exports remained strong m jn November, when adjusted 
the third quarter, but econo- for normal seasonal variations, 
mists said the biggest surprise That was the third consecutive 
in the third-quarter report was monthly decline, 
the role domestic consumers 

■w region s Sroy 1 ?* 0°^ ellles ners, and they win be the ones f h _ ir proved in Eastern Germany, 

end^> benefiting. that will be creating jobs back SITrm bv riJmTtenl wbere «»a»P lo y meD l fell to 

“Of course, there is a human- home, instead of this country ” 13.0 percent in November from 

rights issue here for worirera," Initially, the White House and 13 J percent in October, 

one member of Mr. Clinton's planned the Miami meeting Private consumption rose 15 “Toe economic recovery is 
cabinet said. But there is also a largely as a political event, cele- percent from the previous quar- helping the labor market far 
commercial issue for the United brating the spread of democra- ter and 0.6 percent from a year and wide,” Bernhard Jagoda, 
States. Without a rapidly ex- « in the region. earlier. Capital investment rose president of the labor office. 

nanrlrn® mi/jfljp tlim* is »’»■ " ‘ « - i n-.rta. “I <V 

T SrL „ AST. The labor market also im- 
played m pulhng the economy ^ - m Bas{em GenDan y t 

along, even as their spending uncmploymenl fell ^ 

13 0 percent in Nwember from 
and high unemployment. 13Jpercent in October. 

Private consumption rose 1.5 “The economic recovery is 

Page 19 


To Build 
U.K. Trains 

Comp Unity Our Staff From Dapauhe? 

LONDON — GEC Alsthom 
won a contract to build 100 
trains and modernize part of 
the Loudon Underground, 
Transport Secretary Brian Ma- 
w hinn ey said Thursday. 

The company said the con- 
tract was worth between £400 
million and £1 billion (5625 
millio n to Sl-5 billion). 

A spokesman said the value 
was difficult to calculate because 
it was a 20-year contract with 
options for as long as 36 years. 

The company, a joint venture 
between Alcatel Alsthom SA of 
France and General Electric Co. 
of Britain, will modernize the 
Northern line of the Under- 
ground, which riders have taken 
to calling the “misery line.” 

Mr. M a whinney said: “Un- 
der today’s deal, GEC Alsthom 
will finance the entire cost of 
ihe trains and their mainte- 
nance and take a substantial 
share of the risks in the project. 
In return, the company will be 
paid according to the perfor- 
mance of the new trains." 

He said the project was an 
example of how the govern- 
ment’s “deal-driven Private Fi- 


DAX • 

23D0— — ^ 

•tondw* -•••; 4 arte"' 

. FTSE 100 index :..:.GAC 40 . 

Exchange tad 

Amsterdam ' AE> 
Brussels-- • '.Stoc 
Fjrankfurt , - DA> 
Frankfurt . FA Z 
Helsinki . H£> 
London ' Bna 
Lowkm • FT5 
Madrid -■ Gw 
IMteri - . MIB 
Paris CAC 

Stockholm- Alfa 
Vfecna • Stoc 
Zurich . SB5 

Sources; Reuters. AFP 

1694 ■ • ' ■1994 s .' ■ 


Ctosa ■■ Ctosa : - 

AFX 409 JS \ ' Atfti3e ^v-. A riX20. 

. Stock Index . - ■ 7,276.62 T^H.43 -rO^ 

OAX . 2,042JH ■; 2,055^0:.-: jO .65 

FAZ 767 772.06 -0 

HEX • . - ' f 367-66 • 1,87646 

Financial T«mfiS 30 ■ 2^23^0 . 2.3J9S0 

FT5E100 3,013.40 -3,01^30 ^ 

General index Closed 304.44 ■; / 

MIBTEL • Closed . 9^07.00 r - 

CAC 40 1,954.09 1^69^4 ■ -0 

Affaersvaerlden fyS56'72 f,a50.59 '+0 

7721D6 -0.65 


2.3 J 9.90 ^0.75 . 

■3,012.50 +0.03 
304.44 v.V.-. 
9^07.00 ' ' . 

1 , 050.59 40.33 

Stock index 

■ 91557 

914.13 .; 

Imenmitwal Herald Trifro>c 

Very briefly: 

• The European Uniou cleared a 910 million Deutsche mark ($580 
million) aid package to help privatize EKO Stahl AG, an East 
German steel producer, German diplomats said. 

mem’s “deal-driven Private Fi- • Britain’s visible trade deficit with European Union and non-EU 
nance Initiative” could deliver countries narrowed to £500 million in September from a revised 
“more and better quality invest- £329 million in August, (he Central Statistical Office said. 

ment in essential projects.” The 
secretary added, “Private fi- 

■ France created about 140,000 nonfarm jobs in the year to 

wrrtaru arMeri “Private fi- auuui i-w,vw uuiu«uiu U1 U1C year 

s-S thVSare- Oclober » according to two statistical agencies. Separately, the 
ment o?the SnftraS.” INSEE said nonfann employment rose 04 percent 

Yr, TTf in the third quarter from the previous quarter. Nonfarm jobs 

*5 L totaled 14^9 million at the end of September. J 

GEC Alsthom beat out a bid 

at the end of September. 

Private consumption rose 1.5 “The economic recovery is 
percent from the previous quar- helping the labor market far 

paneling middle class, there is 
no market fra us." 

The communique also calls 
for governments to give “seri- 
ous consideration” to joining 
human rights protocols that 
they have not yet signed, to pro- 
mote “equal legal rights” fra 
women, to battle corruption 
with a series of specific steps, 
* “including stiff penalties for 

Red Estate 

All 34 countries attending the 
summit meeting have demo- 
cratically elected governments. 
Cuba is the only country in the 
region that will not attend. 

3 percent on the quarter and “Unemployment is developing 
increased an annnal 1.3 per- relatively favorably." 

cent, the first such increase 
since the end of 1991. 

Another sign of growth came ployed, 17,000 fewer than in 

Every Friday 
Fred Ronan 
Tel: (331) 
46 37 93 91 
Fax; (33 1 J 
46 37 93 70 
or your nearest 
1HT office 
or representative 

Credis = Money Market Funds 
Distribution as of 1 st December 1994 

Distribution Coupon no. l, security identification number Z78 843 
Credis Money Market Fund 5FR 
(Confederation Treasury Services [UK] Ltd.) 

initial payment of Sfr. 1445 per unit {partial payment by debtor). 

Payment will be made free of charge on presentation of the coupon at 
any bench of Credit Suisse or Swiss Volksbank in Switzerland, and also 
at Credit Suisse (Luxembourg) S A in Luxembourg. 

Credis = Funds at work. By Credit Suisse. 

October, the Federal Labor Of- 
fice said. Unemployment in 
Germany peaked at 4.1 million 
in Febniaxy. 

Economists said growth, 
combined with wage restraint 
on the part of labor unions last 
year, had allowed companies to 
hire more people at a relatively 
low cost (Reuters, 

Bloomberg, AFX, AFP) 

from ABB Asea Brown Boven • Mercedes-Benz AG said it had set up a distribution company in 
Ltd., a Swiss- Swedish conglom- Russia and would start assembling buses and trucks in Egypt, 
erate. ABB has warned it would „ ^ . 

lay off workers at its factory in -Seastmally adjusted unemployment m the European Union fej 
Derby, England, if it did not get 17 J or l 0 - 7 m October from a revised 10.8 

the fob Unions said they ex- percent m September and 10.8 percent a year earlier, the Eurostat 
pected ABB to cut 600 jobs. statistical service said. 

{AFP, AFX, AP . Reuters) • Bayerucbe Hypotbekeo- & Wecbsei-Bank AG said it expected its 

■ FIT Denies Alcatel Report 1994 divMend 10 *** steady “ l4 - 50 DM a share - 
ITT Coip. denied a report in • Dresdner Bank AG said it was planning to expand its investment 
the French press indicating that banking activities in London but had no plans to reduce those 
its ehairman, Rand Araskog, a activities in Frankfurt. 

board member of Alcatel . Grand Metropolitan PLC said a restructuring of its Green Giant 
Alsth^onildiHishfratheres- canned vegetables operations would lead to a charge of £42 
tgnation of Alcatel s chairman, million on its accounts for the vear to September 1995. 

board member of Alcatel 
Alsthom, could push for the res- 
ignation of Alcatel’s chairman, 

Pierre Suaid, Bloomberg Busi- 
ness News reported from Paris . ■ SGS-Thomson Microelectronics BV said it had priced its initial 
Le Monde quoted an uniden- public offering of 21 million common shares at S22JL5 a share, 
tified member of the Alcatel valuing tbe company at $2.9 billion. 

• Hf Aqtdtaine said it expected to earn as much as 4 billion French 
wants to ask for Suarffs head, ($705 million) from sales of shareholdings in other compa- 

we will find it difficult to op- ^es in 1994. ^ 

pose it” 

ITT holds about 6.5 percent • Scottish Hydro Electric PLC said first-half pretax profit fell 23 
of Alcatel’s 148 motion shares percent, to £34.9 million ($54 million), decreased by the compa- 
outs tan ding. nys repurchase of debt from the government Bloomberg, Reiam. a FX 

Overall, 3.43 million Ger- 
mans were listed as unem- 


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T his yacht, the "White Gull" went around the 
world departing from Cannes in 1986, across the 
Atlantic to the Caribbean, through the Panama 
Canal, across the Pacific and Indian Oceans and up 
through the Suez Canal back to Cannes. 

During the four years voyage, the owner had the life 
time experience of calling at exotic and beautiful 
places, such as tire West indies, Galapagos, Tahiti, 
numerous pacific atols. New Zealand, Australia 
(the Great Barrier Reef), Bali, Java, Sumatra, 

Sri Lanka, Seychelles, Madagaskar, Comor islands 
and Kenya. 

All this in the luxury of "White Gulls" accommoda- 
tions. And, most important he was aboard a sailing 
ship which was truiy built for such a voyage, never- 
theless maintaining the amenities of a large power 
yacht cruising four years across all these waters 
without a problem. 

Who has got the money and dreams of such 
a global exploration on the world's best most 
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All water sports equipment are carried aboard; 
complete diving facilities, a sailing dinghy and 
a catamaran, three tenders and sophisticated big 
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LOA : 49 metres Surveyor's appraisal (1993) US$ 12.500.000,- 

Beam: 9 metres Asking price USS 10.000.000,- 

Draft : 4 metres financing possibilities are available on request 

If you are interested, please contact Captain Larry Gprich on board: 
Tel + 3332.987196 or Fax + 32.89.721913 


Page 20 


Mitsubishi Seeks 
To Force Down 
Japan Steel Prices 

“ ' Cracks Seen 

China Stocks Hit Trouble in Strike in 

New Issuers Find Interest Is Drying Up South Korea 


TOKYO — Mitsubishi Mo- 
tors Corp., in an apparent effort 
to pressure Japanese steel- 
makers to cut prices, signed a 
contract Thursday to buy steel 
from tbe steelmakers' biggest 
South Korean rival. 

Mitsubishi agreed to buy 
cold-rolled steel sheet on a con- 
tract basis from Pohang Iron & 
Steel Co. A spokesman for Mit- 
subishi refused to discuss the 
terms of the contract. 

Nissan Motor Co. and 
Honda Motor Co„ meanwhile, 
are importing POSCO's steel on 
a test basis before deciding 
whether to buy in volume. 

Mitsubishi and Nissan said 
this would mark the first time 
they had imported steel for 
their Japanese factories. 

A Nissan spokesman said the 
use of South Korean steel on a 
trial basis “will not lead to long- 
term purchases quickly, be- 
cause several things should be 
cleared up, such as supply ca- 
pacity and other conditions." 

The three automakers said 
they were turning to the Korean 
company because its prices 
were lower than those of Japa- 
nese producers. POSCO is tbe 
second-largest steelmaker in the 
world, after Nippon Steel Corp. 
of Japan. 

“Even a small consumption 
of foreign steel will result in 
reduction of prices. Japanese 
steelmakers charge the auto- 
makers," said Basil Masters, an 
analyst at Klein wort Benson In- 
ternational Inc. 

POSCO can provide Japa- 
nese companies with cold- 
rolled steel, used mainly for 
structural parts of vehicles, for 
6 percent to 7 percent less than 
Japanese steel companies, a 
spokesman for the South Kore- 
an company said. 

Mr. Masters said Japan's 
large steelmakers faced pres- 
sure to cut prices from other 
major clients — shipbuilders 
and electric-appliance makers 
— which are increasing imports 
of steel. 

In a bid to prevent overseas 
manufacturers from grabbing 
more business, Nippon Steel 
will cut its price for cold-rolled 
sheet by 10 percent for auto- 
makers that agree to take on 
long-term contracts, tbe Nihon 
Keizai newspaper reported. 

Nippon Steel denied the re- 
port, but a spokesman conced- 
ed that domestic clients had 
been pressing for lower prices 
in recent months. 

f Bloomberg, Reuters) 

Bloomberg /taxmen News 

HONG KONG — A sudden wave of new 
Chinese stock issues has sent share prices 
tumbling and is jeopardizing future equity 

The Hang Seng China Enterprise Index, 
which trades 13 Chinese state companies that 
trade shares in Hong Kong, has fallen 21 
percent in the past three weeks. 

While Beijing is tightening credit to fight 
inflation, Chinese companies hungry for cash 
are trying to raise more equity financing. 

And with reams of Chinese paper on tbe 
way, fund managers say deep discounts on 
prices will not guarantee a welcome reception. 

The reality is that there isn't that much 
money available,” said Douglas Eu. who 
manages Asian funds for Jardine Fleming 
Investment Management Ltd. 

“One of the reasons that the markets have 
crashed is the flood of new issues," added 
Tim Greaton, who manages the China 
Growth Fund for Credit Lyonnais Interna- 
tional Asset Management. 

The primary market, in which investment 
bankers sell newly issued shares to investors, 
is already feeling the heat. Shares in the state- 
owned ofl refinery Zhenhai Refining & 
Chemical Co. fell 13 percent from their issue 
price of 2J8 Hong Kong dollars (31 U.S. 
cents) when they started trading Friday. 

The stock closed Thursday at 1.97. down 17 
percent from the issue price. 

Two months ago. new Chinese equities 
were being priced at a huge discount to the 
secondary market, where already-issued 
shares are traded, to attract interest 

Now, these new offerings look, pricey. That 
is because price/earnings ratios for the over- 
all markets in Hong Kong and New York 
have fallen on fears of higher interest rates. 

Two companies are to start trading shares 

next week, Chengdu Telecommunications 
Cable Co n a copper and optical-fiber cable 
producer, and Harbin Power Equipment Co„ 
a power-equipment manufacturer. 

Chengdu Cable shares start trading Tues- 
day, and they were offered at 2.80 dollars. 
Fund man agers say that although China's 
telecommunications sector is an attractive in- 
vestment option, the price is stretching that 
optimism to the limit. 

Investors have also balked at the 2.58- 
dollar asking price for Harbin Power shares, 
which start trading next Friday, arguing that 
current market conditions do not warrant a 
1995 P/E ratio of 12.15 when the market 
average is 10. 

The haggling over price leaves Chinese com- 
panies who want to sell stock to foreign inves- 
tors in a difficult position. Sixteen have already 
received tbe green light from China's securities 
authorities to list shares in Hong Kong or New 
York, and seven more are set to follow. 

Chinese companies will have to adjust their 
offering prices to reflect changing market 

■ Hong Kong Stocks Drop (mi Rate Fears 

Hong Kong stocks sank to their lowest 
point this year after Alan Greenspan, chair- 
man of the U.S. Federal Reserve Board, sig- 
naled Wednesday that American interest 
rates were likely to head higher. 

The Hang Seng index dropped 200.19 
points, to 8,068.31. In an indication that fur- 
ther fans are likely, the Hang Seng index 
December futures contract fell 285 points to 
finish at 7,980. 

Major markets all over Asia fell, except for 
Tokyo, where stocks were mixed. The Nikkei 
Stock Average edged up, but Tokyo's Topix 
Index slipped. 


OECD Issues Trade-Pact Warning 



Now offers Direct Dial to anywhere 
in the world at Call Back Prices. 

Fax & Data can also be used with ITC's Direct Dialer. 

international Telephone Company 
290 Pratt Sheet, Meriden, CT 06450-2118 
1800-638-5558 ext 111/ 203-238-9794 

Compiled by Ow Staff From Dispatcher 

PARIS — The Organization 
for Economic Cooperation and 
Development warned Thursday 
that so-called managed trade 
agreements between the United 
Stales and Japan could barm 
the efficiency of their econo- 
mies and be detrimental to con- 

The OECD’s report on Japan 
said such effects would be even 
more likely if Washington and 
Tokyo were to set numerical 
targets in their trade talks for 
measuring access to each oth- 
er's markets. 

The report also said a healthy 
expansion of private consump- 
tion should reinforce Japan’s 

budding economic recovery 
and push annual growth to well 
over 2 percent in 1995. 

It noted, though, that the 
yen's strength was the main 
threat to the pace of recovery. 

The OECD said monetary 
policy should still play a key 
role in sustaining noninflation- 
ary recovery but that strength- 
ening growth had made further 
easing of credit less necessary. 

The report said that Tokyo 
had reduced obstacles to im- 
ports and direct foreign invest- 
ment in Japan but that the level 
of such investment remained 
low compared with that of oth- 
er OECD nations. 

(AFX, Reuters) 

■ Profits to Rise in Japan 

Two investment companies 
predicted rising profits for Jap- 
anese companies, AFP-Extel 
reported Thursday from Tokyo. 

Nikko Securities Co.'s Nikko 
Research Center, said parent- 
level pretax profits of listed 
companies should rise 25.5 per- 
cent in the year that ends in 
March 1996, compared with the 
10.3 percent rise it has forecast 
for the year ending next March. 

Daiwa Research Institute, a 
unit of Daiwa Securities Co., 
said those profits would rise 
only 18.5 percent in the year to 
March 1996. It has forecast a 
20.6 percent increase for the 
year ending March. 

Complied by Our Staff From Dispatches 

SEOUL — Workers at Kia 
Motors Co., Daewoo Motor 
Co. and Asia Motors Co. began 
a strike Thursday to protest the 
government’s decision to allow 
a Samsung Co. unit to make 
automobiles, bat workers at the 
country’s biggest automaker 
decided not to strike. 

Union officials said employ- 
ees of the three automakers had 
reported for the morning shift 
but had not started work. 

“We wflj strike until the gov- 
ernment withdraws its deci- 
sion,*’ a Kia union official said. 

An Asia Motor .spokesman 
said its employees were on 
strike, but omcials at Kia and 
Daewoo disputed the union re- 
ports about their factories. 

Workers at Hyundai Motor 
Co., South Korea’s largest auto- 
maker, reversed their decision 
to join the strike. 

"The government's firm 
stance cannot be reversed by a 
strike or any other form of resis- 
tance," a Hyundai union leader 
said. Ssangyong Motors Co. 
workers also suspended partici- 
pation in the stnke. 

Seoul gave Samsung Heavy 
Industries Co. permission 
Wednesday to produce passen- 
ger cars starting in 1998 with 
technical support from Nissan 
Motor Co. of Japan. 

The decision infuriated man- 
agement as well as unions at 
South Korea's existing auto- 
makers. The companies and 
unions say adding another 
automaker to the industry 
would depress profits and 
threaten jobs, though the gov- 
ernment and some outside ana- 
lysts disagree. 

(Reuters, AFX, AFP. Bloomberg) 

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Imenaliotal Herald Tribune , 

Very briefly: 

: ' “ ~ u 

• Malaysia has identified 77 projects for privatization next year, | 

including the National Savings Bank, the national film company.! 
the Housing Loan Division ofthe Finance Ministry and two .ports* 
in eastern Pahang state, officials said. ] - 

o Microsoft Corp. signed an agreement with China's electronics 1 
ministry to develop and produce a Chinese- language version of its! 
new Windows 95 computer program. 

■ Purnendu Cbatterjee, representing Soros Fund Management, 
signed an agreement to lake a stake of 2J25 billion rupees ($72* 
million) in companies of the UB Group of India. 

• India's Telecom Commission will not require private telephone! 

companies to provide service to less profitable rural areas in- 
exchange for being allowed to serve more profitable urban neigh-! 
borhoods, according to the Economic Times. • 

• Honda Motor Co. plans to build a motorcycle plant in Vietnam! 
next year, company executives said. The plant is expected to' 
produce more than 100,000 units a year. 

• Reliance Industries Ltd., India's biggest private company, said! 
shareholders approved the merger of Reliance Polypropylene Ltd., 
and Reliance Polyethylene Ltd. into the parent company. 

Bloomberg, AFP. AFX, 

Seoul to Let Executives Travel to North 

AFP-Extel Ne*i 

SEOUL — The government is likely to lift a 
ban next week on corporate executives making 
business trips to North Korea, a senior govern- 
ment official said Thursday, according to the 
Yonbap News Agency. 

Hyundai Corp-. Samsung Co. and Daewoo 
Corp. are expected to be included on the approv- 
al Hst, government officials said. 

The companies refused to comment on any 
plans after the announcement 

Lucky Goldstar International Corp- said it 

would soon send 10 of its top executives. The, 
executives will study investment opportunities, ■ 
according to a company spokesman. ! 

The survey team is expected to negotiate with < 
North Korea the takeover of an auto factory and ; 
a steel mill and discuss issues including the. 
expansion of bilateral trade, the spokesman, said. ; 

Tbe local press has published detailed plans^ 
for Samsung, Hyundai and Daewoo, quotir^’ 
company executives. Their spokesmen con-! 
finned the companies bad ‘‘plans" to do business * 
in North Korea but declined to disclose details. ' 

Can you discuss 


Thursday's Closing 

Tables include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades eteswhere. Via The Associated Press 


Htah Law Srocfc 

DM Vid PE IPOS High Lorn Latest Qr'fl 

rtflh Low Stock 


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What will Berlusconi’s 
'The Knight of Italy’ 
next move be? 

Is Moscow a city 
without any hope for 

Has Boutros-Ghali’s 
UN planetary’ order 
lost direction? 

■V I'ClAl. Ill' TOUT 

f Knnvoiiinsj 


Is the European Union 
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and commerce? 

Should the European 
Community expand to 
include Eastern Europe? 

Are you in favour 
of the European 
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Page 22 



A First for the Clippers: 

LOS ANGELES — Staring immortality 
in the face, the Los Angeles Clippers 

blinked and did the improbable. 

They won. But the hard way. 

In overtime Wednesday night, they de- 
feated the Milwaukee Bucks, 96-94, on 
Pooh Richardson’s 18-foot shot at the 
buzzer, improving their record to 1-16. 

“It was the sweetest shot I ever saw," 
forward Loy Vaught said. “It’s a vary good 
fading. That futility record we almost set is 
something we didn't want to have our 
names attached to.” 

With “I Love LA." playing over the 

want to be the first to be beaten by the 
nip pers, hnt we can’t think about that. We 
need a win desperately." 

So Wednesday was desperate for both 

fwimB , ' 

The Clippers led by I3midway through 
the third quarter. Then Bucks went on a 
10-0 run at the end of the quarter. The 
Clippers opened it up to 81-72 midway 
through the fourth quarter. 

The Bucks dosed to 88r8S in. the dosing 
seconds, then tied the score when Glenn 


court and mobbed Richardson, who had 
nine points and 13 assists. 

Before the game, the Clippers’ coach, 
Bill Fitch, said: “1 told ’can, ‘Bring your 
cameras. When you get it done, when you 
get that monkey off your back, it’ll be the 
ugliest and the biggest and there won’t be 
e noug h bananas to feed it, so get out of its 

If Fitch’s players forgot their cameras, it 
doesn’t matter. Everyone else brought 
theirs. As Clipper players mobbed Rich- 
ardson, and the crowd of about 4,500, 
pumped up to 6,439 for the official an- 
nouncement, screamed like 45,000, five 
mininam crews danced around the fringes. 

The Erst four weeks of the season werea 
nightmare for the Clippers coaches and 
players. The team was just one loss away 
tying Miami’s league record in 1988 for 
most defeats to start a season. 

Let's just say the dippers needed this 
victory badly. 

So did the Bucks, losers of eight in a row. 
One could say the Clippers beat a road- 
weary team, tottering into its fourth game 
in five nights, but the Bucks are also one of 
the NBA’s promising young franchises. 
“Anybody coining in hoe is going to think 
the same thing," said Bucks’ Coach Mike 
Dunleavy before the game. “You don’t 


As the truth sank in — the Los Angeles Clippers had beaten Milwaukee, 96-94, in overtime — Lomond Murray, canter , 
f d f lffatfii whil<» teammates, clockwise. Matt Fish, Randy Woods, Pooh Richardson and Bob Martin, seemed donbtfuL 

More Fun in NFL With New Rules 

By Timothy W. Smith 

New York Times Service 

NEW YORK — Joe Marciano’s heart leaps to his throat 

every time he sees a team line up for a kickoff or punt return. 

The fear in Marciano, the New Orleans Saints' special- 
teams coach, is created by the new rules that have injected 
more offense and scoring mio the National Football League. 

“Special-teams coaches are going nuts every time we line up 

for kickoffs,’ ’Marciano said. . 

“It’s definitely adding to my v an faae jJJfe? 

excitement The fans are get- D ® 

ting what they wanted. If 

this is what the NFL 

had in mind, if s definitely working." 

After years of bem£ derisively identified as the “No Fun 
League" for outlawing end-zone celebrations following 
touchdowns and seeing low-scoring games often decided by 
field goals and teams' inability to score inside the Red Zone, 
inside the 20-yard line, the NFL has seen its new rules 
changes unleash a wave of offense. 

Individual offensive players' numbers tell the tale. 

Tyrone Hughes, the Saints' thrilling return specialist, has 
established the tingle-season record (1.389 yards) on kickoff 
returns and also set a record for combined return yards on 
punts and kickoffs in a single game (347) against the Rams. 
During that game, Hughes tied an NFL record with a pair of 
returns for touchdowns. 

The Patriots’ quarterback Drew Bledsoe set a record for 
number of passes (70) and completions (45) against the 
Vikings on Nov. 13, rallying New England from a 2CM) deficit. 

Minnesota receiver Gris Carter, who has 102 receptions, 
and Terence Mathis of the Falcons, with 97, could become the 
first pair of receivers to break the single-season made for 
receptions (112) set by Green Bay’s Sterling Sharpe last 

Troubled by an increased number of field goals, touch- 
backs on kickoffs and low-scoring games last year, the NFL 
competition committee approved a series of changes for this 

They lowered the kickoff tee to one inch, moved the kickoff 
spot bade 5 yards to the 30-yard line, gave the receiving team 
the ball at their 40 if a kickoff went out of bounds and gave 
the offense the ball at the spot of a field-goal attempt on 

On offense, linemen were allowed to line up wider and a 

step behind the tine of sc rimmag e to better protect the 
quarterback, and defensive backs woe prohibited from push- 
ing receivers once they had gone 5 yards past the line of 

The increased numbers in both kickoff returns and offen- 
sive production over last season indicate that the rules have 
had an impact. Through 14 weeks this season there have been 
126 touchbacks, compared with 449 through a similar period 
last year. Over all in 1993, there were 536 touchbacks. 

“The day of the louchback is over." Marciano said. “The 
days of sideline kicking on kickoffs is over, because every- 
body fears the ball going out of bounds. If you take all the 
rules on kickoffs and combine them, they’ve had a big 

Teams also are unwilling to attempt routine 50-yard field 
goals, Marciano added, because if they miss the kick, the 
opposing team will get the ball at about the 43-yard line. 

“You’d rather just go for it on fourth down if it’s fourth- 
and-1 or fourth-and-2, or just pooch-kick it and pin the other 
team back,” he said. 

Tony Dungy, the Vikings' defensive coordinator who 
watched Bledsoe set his records against his unit, isn't sure the 
rules changes are the sole reason for the increased production. 

“It’s given people the mentality that it's easier to throw the 

Robinson rebounded his own missed 10- 
footer, took the boll out to the three-point 
line and canned one from there. 

The Clippers led, 94-92, in (he last 30 
seconds of overtime. The Bucks called time 
oat to set up a play, but Clipper reserve 
forward Charles Outlaw blocked a layup 
by Robinson with 26 seconds remaining. 

After another timeout, Robinson faked a 
shot and lost the ball Canton came up with 
it and made a layup with 225 seconds left to 
tie it at 94-94. Ccmlan, who was fouled by 
Lamond Murray, missed the free throw. 

The Clippers called a timeout to set up a 
play. Richardson passed it to Eric Piat- 
kowski, who was stripped of the ball by 
Eric Murdock. However, Murray, the 
rookie forward who had 19 points in his 
first NBA start, came up with the ball in a 

Some w here in here, the gods must have 
decided they were tired of torturing the 
Clippers. Richardson tamed a busted play 
at me Clipper rwui into the dramatic game- 
winner. (LA T) 

Magic 90, Grrafiezs 75: In Odando, 
Florida, the Magic beat Cleveland for the 
second time in as many nig hts, bat pro- 
duced a lot less offense doing it 
ShaquOle O’Neal's 33 points and 10 re- 
bounds led the Magic, who scared 1 14 

gainst the Cavaliers the previous night in. 

Cleveland. . ... ■ i. ■ 

The Cavaliers stayed dose for three 
quarters, but the Magic brafe the game 
open with a 10-0 run that gave them an ftp 
gjjead midway through the fourth quar- . 
ter. Anfemce Hardaway, who .had 14 * 
points, made a 3-pomter during the surge. 
Chris Mills led Gevdand -with , 14 : 

points. Jdm WBliams and Tony Carapb^l, 

f^rh had 12, while Mark Price wasTudd to 
six aT| d committed six turnovers. . ! 

7 6era 111, Heat 102: By beating fcfiani 
visiting Philadelphia became tire third 
NBA team to wrn 2,000 games. 

The 76crs joined the Boston Critics and 
the Los Angelas Lakos as the only thtee 
NBA to reach that plateau. Since. 
tfr«r inception in 1949 as the Syracuse 
Nationals, the 76ers’ record stands at 
2,000-1,564. • - 

Jeff Malone scored 13 oftas seasdn-fc$h 
34 points in the key third period. Dana 
Banos and former Miami player W3He 
Barton each scored 19 for thc76ers, while 
Gkn Rice led Miami with 25. 

Barros and Clarence Weatherspoon 
ea fh scored 10 timing the third quarter,, 
which saw the visiting 76ers extend a, 6-. 

point halftime lead to 22. 

Celtics 93, Hawks 80: Boston overcame 
a 10 -pomt halftime deficit and the loss of 
Dino Radja to beat Atlanta. 

Rad] a, Boston’s leading scorer and 're- 
bounder, broke bis right hand Tuesday 
night against the Knicks in New York. 
Rookie center Eric Montross took up the 
slack with 16 points and a season-high 16. 

The visiting Hawks were held to 28 
points in the second half and were but- 
scored 23-11 in the fourth quarter.. 

Dee Brown scored 24 points and Xavier 
McDaniel 23 for the Celtics, who snapped 
a three-game losing streak. 

Mooloe Blaylock led the Hawks with 26 
points. Stacey Augmon scored 16. (AP) 


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^ Cup VachJ f- I 

Another Top 10 Team Falls to Kansas 

The Associated Pros 

The adage gpes that victories 
early in the season aren't re- 
membered all that much when 
basketball season is over. Don’t 
bet on that for Kansas. 

The fourth-ranked Jayhawks 
(4-0) beat Nos. 1 and 6 in a five- 


ball than it was before," Dungy said. “We've played teams 
that run the ball a few times and then abandon it. We’Ve been 

that run the ball a few times and then abandon it. we’ve been 
in situations where have gone to a hurry-up offense in 
the second quarter. 

“You see so many teams throwing the ball more this year 
and giving up on the run that I think you'll see more 1,000- 
yard receivers in the league this year than ever before" 

The numbers support Dungy’s observation. In 1993, after 
14 weeks of the season, there were 30 games with 300 or more 
pasting yards. This year there have been 55 games. Also, more 
receivers this season are having more spectacular games. 

Carl Pickens of the Bengals had his fourth consecutive J 00- 
yard game last week. The last player to do that was Andre 
Risonin 1990. 

Gary Stevens, the Dolphins’ offensive coordinator said the 
no chucking downfieki rule has helped, too. “Your receivers 
can run thar routes without worrying about some big line- 
backer knocking them on their butts when they go across the 

“If s made it tougher on defenses,” he said. “ They’re going 
to have to change the way they coach the defensive backs 

day span and have established 
themselves as one of the better 
teams in the country. 

“This is cool," the 7-foot-2 
center Greg Ostertag said 
Wednesday night after tying a 
school record with eight 
blocked shots in a 69-63 victory 
over No. 6 Florida. 

“It shows wc are a good team 
and we’re going to be a team to 
reckon with come tournament 
time in March," Ostertag said. 

Last Saturday, Kansas 
knocked off then-No. 1 Massa- 
chusetts, 81-75, in the Wooden 
Classic. The Jayhawks are liv- 
ing op to their selection as the 
preseason choice as the favorite 
in the Big Eight. 

“Kansas did a great job play- 
ing all 40 minutes and they did 
a great job with their tize,” 
Florida’s Coach Lon Kruger 
said. “It was a good experience 
for us to play this type of team. 
We’ll leaxn from it" 

Kansas led 29-25 at halftime 
and started the second half with 

a 13-0 run, and the Gators (3-1) 
were never closer than five the 
rest of the way. 

Jerod Haase led Kansas with 
23 points, while Jacqne Vaughn 
had 1 1 points and seven astists. 

As solid as Ostertag was de- 
fensively, he struggled on the 
other end, finishing with two 
paints on l-for-7 shooting. 

The Jayhawks' Dan Crass 
had all but four of his 25 points 
in the second half, while An? 

No. 5 Massachusetts 85, 
Ptttsto h 57: The Mmutemen 
rebounded from the loss to 
Kansas with a convincing home 
victory. Lou Roe and Mike Wil- 
liams had 13 points each for 
Massachusetts, which led 42-17 
athalftime.Oiad Vfligahad2Q 
points for the Panthers, who 
committed 28 turnovers and got 
no closer than 25 points in the 
second half. 

drew DeClercq had 20 points 
and 14 rebounds. 

‘Early in the game, they dic- 
ed what we did," Cross said. 

tated what we did," Cross said. 
“They played really good de- 
fense. At the last part. It was 
sort of a rush- type game:" 

No. 7 Kentucky 73, Twftna 
70: In Louisville, Kentucky, the 
Wildcats took advantage of a 
delay-of-game technical foul 
against Indiana, which is off to 
its worst start since 1965-66. 
The Hootiers’ Neil Reed made 
a layup for a 64-62 lead, but was 

New Proposal for Baseball 

New York Tima Service 

ATLANTA — The baseball players’ executive board has 
approved the outline of a counterproposal to be presented to 
the owners at their meeting in Rye Brook, New York, this 
weekend in an effort to end the nearly four-month old strike: 

Donald Fehr, the union leader, said staff members had to 
fill in the outline with specific details in the next two days: He 
declined to discuss any aspect of the proposal, but it is 
believed to indude a variation of the revenue-sharing plan the 
owners adopted last January, with revenue generated in a 
different way from the owners’ plan, and elements of a tax on 
dub payrolls. What the proposal will not include, Fehr said, 
is “a salary cap of any kind." 

iis«»«anri a technical *bfth 
play when he swatted the ball 
out of a Kentucky player’s 
hands when he was still oat of 
bounds. Kentucky scored the 
next four points and Indiana 
was able to tic it just once more. 
Walter McCarty nailed a hfg 3- ' 
pointer for tire Wildcats for a 
73-69 lead with 1:37 left Indi- 
ana missed three chances to tie 
in the final. 30 seconds. 
McCarty led Kentucky with 16 
points, while Evans mid Reed 
each had 16 for Indiana. 

Nol 18 Georgetown 76, Provi- 
dence 74: Fr eshman guard Al- 
len Iverson scored 30 paints to 
lead the Hoyas, who didn't 
wrap up the home victory until 
Jerome Williams followed Iver- 
son’s miss with 41 seconds left 
for their first lead of the night. 
Georgetown has won three 
straight, while Providence lost 
for the first time this season. 
Eric Williams had 27 paints to 
lead the Friars. 

No. 21 Ohio 87, OUo Domin- 
ican 57: In Athens, Ohio, The 
Bobcats played without starters 
Gary Trent and Geno Ford, 
both out with hip muscle 
strains, and stQl cruised over 
their NAIA Division n oppo- 
nent. Ed Sears had 22 points to 
lead Ohio, which scored the 
game’s first 22 points. Jerry La- 
nier had 17 points to lead Do- 

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IOC Chief Wins Libel Judgment 

rT T r° i°“roalisls were convicted 

5S“ s . *?“ A ? toruo Samaranch, president of the 
C?®®** 56 - and were given a Gve-dav jail 
V yv Siinson and Andrew Jennings, who did 
not attend ^ proceedings, was suspended for three years! 

Snuon and Jennings wrote the “Lords of the Rings.” a book 
kr ??^ Samaranch and his leadership of the IOC. The book, 
published m Britain in 1992 and since translated and distributed 
m other countries, alleges that the Olympic ideals have been 
F tH T up ^° commercialization and greed under Samaranch’s 
leadership. It alleges that Samaran ch bad been an active supporter 
~ “ e lale Spanish dictator Franco, and that he runs the IOC in a 
si m i lar automatic fashion. 

Samaranch and IOC director general Francois Carrard testified 
Wednesday that the authors had attacked them out of a desire to 
destroy the structure of the IOC and to make money. 

Canadiens’ Star Tremblay Dies at 55 

MONTREAL (AP) — Jean-Claude Tremblay, a star defense" 
man who played on five Stanley Cup championship teams for the 
Montreal Canadiens from 1960-71, has died after a long battle 
with kidney cancer. He was 55. 

Tremblay, one of the best defensemen of his era, had 57 goals 
and 306 assists in 794 games for the Canadiens between 1959 and 
1972. He was named to the NHL’s first All-Star team in 1970-7! 
and played in seven All-Star gam** 

America’s Cup Yacht Is Damaged 

SAN DIEGO, California (Reuters) — One of the two French 
yachts entered in next year's America’s Cup challenger trials fell 
from a crane cm Wednesday, driving the keel through the deck and 
causing other damage that will take at least a week to repair. 

The new 75-foot (22.8 meters), 52,000-pound (23,587 kilogram) 
Internationa] America's Cup Class yacht fell 20 feet as it was 
being launched from the team's compound on Mission Bay. 
Syndicate officials of the French boat from the Yacht Qub de Sete 

drop on its keeL The boat's desig^^iillippe Briand. uTon his 
way from France to inspect the Ha mage 




Frank AogMmi’TV A-secuKd Prtu 

Goran Ivanisevic required only 58 minutes to defeat Boris Becker in a quarterfinal of the Grand Shun Cup in Munich- 

Chinese Suspend 7 Swimmers in Drug Scandal 

The Associated Pros 

BEIJING (AP) — China’s swimming 
federation has imposed a two-year suspen- 
sion on seven swimmers who recently test- 
ed positive for drug use, one day after the 
international swimming federation, FINA, 
announced the suspension of Lu Bin. 

Lu collected three gold medals at the 
World Championships and four golds and 
a world record at die Asian Games. 

Yang Aihua, the world 400-meter free- 
style champion, was also among the sus- 

pended swimmers. Yang’s suspension by 
FINA was announced previously. 

A Chinese federation spokesman. Ren 
Jiawei. said Thursday the suspension ap- 
plied to both domestic and international 
competitions. It will keep the two swim- 
mers out of the 1996 Olympics in Atlanta. 

They wen among 11 Chinese athletes, 
seven of them swimmers, who tested posi- 
tive for performance-enhancing drugs at 
the Asian Games in Hiroshima, Japan, in 

FINA said it was asking the Chinese 
swimming federation to investigate how 
Lu obtained the illegal substances and 
whether any coach, trainer or doctor was 

Apart from Lu and Yang, the others 
have been identified as Zhou Guanbin, 
Xiong Guanbin, Hu Bin, Zhang Bin and 
Fuy Yong. All tested positive for dehydro- 
testosterone, or DHT, which acts as a 

Ivanisevic Blazes 
In Grand Slam Cup 

The Associated Press 

MUNICH — Goran Ivanise- 
vic served his way past Boris 
Becker into the semifinals of the 
Grand Slam Cup on Thursday, 
showing some good tennis and 
more bad behavior. 

Top-ranked Pete Sampras 
beat Michael Chang. 6-4, 6-3, 
and will face Ivanisevic In the 

Ivanisevic’s 6-4, 6-1 victory 
took only 58 minutes. 

In the two remaining quarter- 
final matches. Magnus Larsson, 
who upset Stefan Edberg, will 
face Andre Agassi, who defeat- 
ed Thomas Muster, and Todd 
Martin, who beat Karel Nova- 
cek. will play Sergj Bniguera. 
the victor over Andrei Medve- 

Ivanisevic is serving a two- 
month suspension from the 
ATP Toor for accumulating too 
many fines for code of conduct 
violations. He became the first 
player to be banned after an 
outburst at last month's ATP 
Tour World World Champion- 
ship in Frankfurt. 

He was allowed to play at the 
Grand Slam Cup because the 
ATP considers the event an exhi- 
bition. The 56 million tourna- 
ment is the most lucrative in the 
world and Ivanisevic earned 
5425,000 for reaching the last 

The event invites players with 
best records at the four Grand 
Slam tournaments — the Aus- 
tralian, French and U.S. Opens 
and Wimbledon. 

Ivanisevic lost his temper 
quickly Thursday and was giv- 
en a warnin g by umpire Bruno 
Rebeuh in the fourth game. 

Ivanisevic smashed his racket 
to the ground and raced toward 
die umpire swearing, after a 
linesman failed to call a shot by 
Becker that seemed dearly out. 

Ivanisevic still managed to save 
three break points in that game. 

The Croat served 15 aces in 
demolishing third-ranked 
Becker, who lives ic Munich 
and who was the favorite of the 
11,000 fans in the Olympic 

“Everything I hit basically 
went in. That may have been 
one of Lhe best tennis matches 1 
played this year,” said the fifth- 
ranked Ivanisevic. 

Ivanisevic ended the second 
game of the second set with three 
aces, and served three more in 
his next service game to go 40-0. 
thus serving six aces in a row. 

The Croat lost to Becker 
twice in a row, at the Stockholm 
final and in Frankfurt. But 
Becker never managed to tame 
Ivanisevic’s serve Thursday. 

“He was simply tremendous. 
He came in and he passed from 
the baseline, he broke me at the 
start of both sets and nev er gave 
me a chance to gel back into the 
match,” Becker said. 

Sampras also displayed an im- 
pressive array of shots, heating 
Chang in every aspect of the 
game. He served well, hitting 13 
aces, came in for brilliant drop 
volleys and matched Chang's 
ground strokes from the base- 

The first break ended the first 
set, when Sampras held three 
set points on Chang’s serve, and 
convened the first with a sort 

The two Americans traded 
breaks early in Lhe second set, 
and Sampras gained the edge 
when he broke again for a 4-2 

Holding three match points, 
Sampras allowed Chang to 
deuce. But an ace set up the 
fourth match point and Sam- 
pras ended the contest with a 
backhand volley. 

. \ ' IV* 

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10 6 




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N If R 


A: Amman 6-154-7 BtaytocKW-li«»; 
B: Brown KhlB 3-4 24 McStnM 11-16 1-3 33. 
Rcborodi Atlanta 46 (Lana t0), Boston 55 
(Montrnss 14). * UllB Atla n ta W (Blaylock 
7). Boston as f Brown 18). 

CM and 14 B 11 lS-» 

Orlando 1* 21 21 28— » 

C: Mills Ml 2-214, will lam* 5-14 2-6 12; O: 
O'Neal 12-21 9-1533. Aitdsrsoa 7-18 M 17. Re- 
b oooca oevetond 48 (Wlfflom* 5). Orlando 
52 I O’Neal W). Atttsfo— Cleveland 14 (Price 
n. Orlando 22 (Show Tt. 

PMMMokia as n 38 28— in 

Miami 17 22 B 3*— IB 

P : Barra* M3 44 If, Malom tJ-17 7-8 34; M: 
PMtaMoiM 43 (WTHtamo 9), Miami 45 (Wll- 

Hs, Owens 8). Aartst*— PNladeMiko 28 (Bar- 
rao 7}. Miami 21 (Reeves 71. 

M B wo n tec 27 B M 25 4-M 

LA. CWers M 31 14 22 *-M 

M: RoMmmM9«-622,Bofc«-B-T7 1-2 17; LAS 
Murray Ml M i», voubM u*i M 3a Re- 
booed*— Milwaukee 58 (Pinckney 13). LasAn- 
Bda 44 (Vaught M). A j i iW* Milwaukee 23 
(Mordodc W, Los Arnreteo 30 (Richardson 13). 

Top 25 College Results 

Hew tta top 25 tew* In The Associated 
from? ml* coBeoc bax to rtba fl nod toed 

4. Kama* (Ml boat Ha. 4 Florida 4843. 
Naxt: at Worth Carolina. Sotodav; &Mmo- 
c lwa att * (2-11 beat Pittsburgh BSS7. Next: v*. 
Ha n Mayrtond at BaJtftnoee, Saturday; 6, 
Mortal 0-1) tad to No. 4 Kansas 48-43. Meet; 
va Ttan. sotodav. 

7. Kentucky (3-11 beat Indiana 73-70. Next: 
vs. Boston University, Saturday; IB Gen m - 
town (J-t) boat Pravtdonce 74-74. Naxt: v*. 
Metro*** at Toronto Saturday; ZL onto Unt- 
vanity (42) beat Ohio Dominican S767. Next: 
w*. Wright Slate, Tuesday. 

Other Major Coitege Scores 


Dataware SL 78, Wagner 6? 

Dnm <4. MiLBaitkmoro Countv 48 
Doqoatte B1, SL Fronds, Pa 71 
FaKfloM 57, Hartford BB 
O wHdiwi 76, Providence 74 
LdlMi a. H ofel i u «4 
Manhattan 70. Marta 32 
M08 8O Ctt tn eH» ft Pittsburgh 57 
Northeastern M. Siena 44 
Rbode aland 80. Iona to 
51. Bonaventure 107, Elmira 71 
Tonson SL ft Loyola Md. 44 
YOte 82, LafOvetto 48 


Alabama 77, Fla. International 54 
Charleston Southern 7a s. Carolina SL 44 
Kentucky 73, Indiana 70 
MeaxDbis 124. Coorgia SL 52 
NjC-A*twvH(e 72. Man Hid 47 
HOGraemboro 77, Acoalocftion St. 71 
Stetson 7b, Furman 44 
Tennessee ft Monhtad St. a 
Totals 80. Texas-ArUngton 70 
Virginia Tedi MO, vmi 75 

Bowtino Green 7). Detrutt 53 
Iowa 80, H. kw 4K 
Kama* 4V, Florida 43 
Kama* SL ft Howard U. 41 
N. Illinois 75. Kent 54 

Nebraska K Crdehlon 57 
Ohio U. 87, Ohio Dominican 57 
SL Louis VS. Moj-Konsas aty 68 
w. INfnaJg 89, Wb.-Mllwwkm 74 
Baylor 94, Prairie View 71 
Oklahoma St. ft Tulsa 88 
Texas 105. Sw Texts St. 68 
Texas Christian ft Louisiana Tech 82 
Texas Tech 186. E. Tennessee 51. 68 
Boise SL 69, Nevada 51 
Idaho St. m W. Montano 73 
bovota Mamnoant 75. Sot Diego SL 47 
Mesa. Cola S3 Air Force 54 
Pacific Vfc Fresno ST. ft OT 
Portland 71, Puget Sound 57 
Washington SI. 1ft Alabama SI. 44 

Manchester utd 2 2 2 II II 4 

Gakitasaray 14 13 9 3 

Oraop B 

W L T OF GA Pts 
x-Porle-Si. Gram 6 0 0 12 3 12 


0 D 12 3 12 

Champion's League 


Manchester yo fl e d c OoibIbbmv 0 
Scorers: Simon Davies (3rd). DavM Bedc- 
ham (38th). Roy Keane (49th), Karkmaz Bu- 
lent tmt awn gaol). 

Borerfona k IFK Gothcaborg l 
Scorers: Barcelona — Jose Bakero (Wet); 
Gothenburg — S total Rehn noth). 


Purls- 5L Gernwin % Snorts* Moscow I 
Scorers: Ports— George weah <2Blti,52ml), 
David Gtnola (42nd). Rad (5fth|; Spartak — 
Sergei Rodionov (67Th). 

Dynamo Kiev L Bayern Munich 4 
Scorers: Dynamo — Andrei Shevchenko 
(38fll); Bayern— Chrtsttoi Nerilnaer (43th), 
Jean-Pi erre Paptn (Mttu EHh), Mehmet 
SchoU (87th). 


KaMok Split 1, Sterna Bocharest 4 
Scorers: Haktu* — Sffpe Andrilasevic 
(48lh) ; Stoaua— Adrtan IHe (Uftaand), Mav 
us Locafus (25Jht. QmstonHn GHeo IMthJ. 
AndorictM L Beaflca 1 
Scorers: Anderteehl — Graeme Ruffes 
i49Vn); Benflca — Siva EdUnan (IQrd). 

Aiax Amttodom Z AEK Alton* 8 
Scorer: Tor Ik Oullda (7th. 78th) 

COrieo Sabborg A AC Mftae l 
Scorer: Dan We Massoro (29HD 

QMan A 

W L T GF GA Pts 
x-lFK Gatebarn 4 1 1 10 7 9 

x- Barcelona 2 2 2 18 7 4 

X-BOVem Munich 2 2 2 8 7 4 

Spartak (Moscow I 3 2 8 12 4 

Dynamo Kiev 1 5 8 S II 2 

Group C 

W L T OF GA Pts 
2-Benflca 3 0 3 * S * 

k-HOMuk Split 2 2 2 5 7 6 

stwua Bucharest 1 2 3 7 4 S 

Anderiecht 0 2 4 4 7 4 

Grow D 

W L T BF GA Pts 
x -A tax Amsterdam 4 8 2 9 2 W 

xv-AC Milan 3 2 1 4 5 5 

Casino Salzburg 1 2 3 4 6 3 

AEK Athens 0 4 2 3 9 2 

x-gvalliled tar auorte m nots 
y-penollzed two points tor tot behovlar 
First Lea 

Wte d eesdor, Atocb l 
Bayern Munich at IFK Gatabora 
FC Barcelona at Parls-SG 
AC MUandl Benhco 
Hadluk Split at Alas Aowtordom 
Second Leg 
Wednesday, mordi IS 
IFK GoMxirg a) Bayern Munich 
Parts-SG at FC Barcelona 
Benflca at AC sum 
Aiax Amsterdam at Hadluk Spill 

AastraBa vs. ambato e 
Thursday, to Hobart, Australia 
Australia Imlm: 254-3 (38 oven) 
Zimbabwe innings: 17M (50 avers) 

Rasul*: Australia wan by 84 run* 
Sri Lanka vs. New Zealand 
Tbarnftnr, In Blosntfootefcv Seatb Africa 
Sri Lanka Inrtnws: 2SB-4 (SB avers) 

FLORIDA — Traded Brel Sarberie, second 
basenmvtoBalHmaratorJav Powefl, pitcher. 

HOUSTON— Aanri rad Todd Bechaman. 
Pttcfter.tram the Met&ntheflrSI Blaver M the 
trade for Pete Horn tech, pitcher. 

MEW YOR K— Stated Jarvis Brawn and 
Chris Joms outdeklers. 



1 Dwellers on the 
upper Oder 
to Coasts 
15 Attaching 

is The Forsyte 

Saga* novel 

it ft's been said 
is bug in 

one's ear (gives 




ib Praise 
20 Perrautfs “La 



22 Popular toy 

2a Pompous leitow 
24 Boston literary 
as Denials 
27 Fido's offering 
28 1 st* month 
2* Sklppy rival 
30 Pentidousness 
32 Mora than 
33 'Double 
Fantasy' singer 
34 Quincy 
37 John Scopes. 

(or one 

40 Ertwreathe 

42 Eschews robots 

44 Adresa Swenson 
48 Oomph 

4« Musical notes 

47 Not completely 

4 s New Deal grp. 

52 Cultural matters. 


54 Many a Lett 
bs Hard up 
se Second- 
sa Northern 
BO "Murphy" 
si Dial number 
•2 ft's cunenHy 

aa 1983 Jackson- 
McCartney hit 

1 Five-time Super 
Bowl coach 

2 Nitpicking 

s Kind ot position 
4 Squeezed (out) 
a Gawain'B title 
4 One way to tie a 

t Only Veep from 

■ Word with 
tamSy or winter 

■ Make 

10 Gas station 


11 Galoot 

12 Singer whose 
middle name is 

13 City op the 

14 Remains to see 
21 Remain tree 

aa Like the streets 

2 S Uke an angry 

27 Ex-con. maybe 
» Language of H 
31 Certifies 

34 Swift runner of 

35 U-boat gear 
se "A nickel ain't 

worth a dime 
3B Salary kmtt 
4f Hypothetical 


48 Some hotels 

4* Flavorful 

Panto by IftteiGitoey 

49 Brewer Adotph 

so Met soprano 

si Perot (heme 

S3 Pit 

SS Weaker ones 

57 Displeasure 

se "Now I gel it!" 

GNeto York Times/ Edited by Witt. Shorts, 

Solution to Pusle ol Dee. 8 

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ca 148)2 622 m 35 

Page 24 


Nerd World Shopping 

By Russell Baker 

N EW YORK — Up-to-date 
is what 1 long to be, and 
what is more up-to-date than 
CD-ROM? So it was off to 
Nerd World, all 5,000 acres of 
it. Under one roof crouched, 
hummed, beeped, clicked, 
flashed and chattered the entire 

electronic mirade. 

It swarmed with men. (Ner- 
desses are extremely rare in 
Nerd World.) The men wore 
earnest shirts and honest hair- 
cuts which made them look just 
the way Tdiry to look if I were 
a spy for an enemypower trying 
to sneak into the CIA- 
With a funny shirt (blue 
stripes on white) and word 
hairdo (hair growing out of the 
ears), I stuck outiikea man who 
couldn't tell a spreadsheet from 
cheese spread. 

It was no use trying to speak 
to the salespeople. Nerd 
World’s idea of a comprehensi- 
ble question is: “Do you have a 
Niantic Interface Equalizer 
modified with Psilocybemos- 
dcs MCX-3P for a suppressed 
diatonic analyzer in a solid state 
of despondency?" 

The trick is to nip swiftly into 
Nerd World as though you 
know what you’re doing and 
find a sign — “CD-ROM” in 
the present case — indicating 
you're on the right track, grab 
something off the shelf before 
anybody can offer to be helpful, 
pay the cashier and get out fast 

Everything about the elec- 
tronics business is amazin g, but 
especially the retail sales end of 
it At the start of my electronic 
career I went to a famous-com- 
puter- name store. It took less 
than five minutes to realize the 
salesman was as dumb as I was 
about computers. 

Not wishing to embarrass 
him, I bought the very machine 
on which this is being written, 
paying S3, 000 after asking if he 
would discount it for cash and 
being told that $3,000 was, in 
fact, the discounted price. 

This left all computer-wise 
humanity gasping with laugh- 
ter, since not only was the same 
machine available at Nerd 
World for $39.95, but it came 
with the manual of DOS oper- 
ating instructions as well as the 
battery that was designed to go 
with it, 


[he proc 

lies at the other end of the scan- 
ner. If you don’t have a recent 
engin eering degree in the elec- 
tronic miracle you can’t make 
yourself understood to the sales- 
men. And yet, you want to be — 
have to be — up-to-date, which 
means, “Grab a CD-ROM, pay, 
and get out of there fast." 

I’m home now, and if I had 
any tears left to shed, shed 
those tears would be. If ! read 
this CD-ROM literature cor- 
rectly, a whole new electronic 
start in life wlD be necessary. 
For instance, something called 
“386DX/33Mhz" is required in 
the computer. We also need 
“4Mb of RAM” and an “MPC- 
compatible CD-ROM drive,” a 
sound card, a mouse, loud- 
speakers and “SVGA 256-color 

I can guess what a CD-ROM 
drive is, and HI bet it will cost a 
pretty penny, as will loudspeak- 
ers, sound card and mouse. 

As for “SVGA 256-color dis- 
play,” I foresee trouble. This 
machine’s screen has produced 
only one color over the years — 
a rusty orange, which no longer 
looks as alarming to me as it did 
when first we met and I 
screamed, “My mother didn'j 
raise me to write orange prose!" 

What it all means, I suspect, 
is that getting up-to-date with 
CD-ROM could cost another 
thousand, or two, or three. By 
the time that’s paid off, there 
will be a new electronic miracle 
to enchant us up-to-date guys. 

Hey, let’s pass up the present 
miracle and catch the next one. 

New York Times Service 

Brain vs. Computer: Penrose Strikes Again 

By John Schwartz 

Washington Past Service 

W ASHINGTON — Roger Penrose is one of 
science’s most prominent and persistent risk- 
takers. In his new book, “Shadows of the Mind: A 
Search for the Missing Science of Consciousness,” 
Penrose, 62, risks meaning the wrath of the scientif- 
ic world. Again. 

He asks whether science is on the threshold of 
making nrariimes that think better than we do. His 
answer is ultimately no, but he goes on to make the 
case that computer power is growing while the 
capabilities of the brain remain constant Transis- 
tors operate more quickly than neurons, and the 
chip manufacturers are cramming more transistors 
onto silic on wafers all the lime. “An impressive- 
looking case can indeed be made that on any issue of 
merely computing power, if computers do not have 
the advantage over brains already, they will certain- 
ly' have it before too long," Penrose says.* 

Penrose writes that computers could, in the 
op timi stic view, solve humanity’s troubling prob- 
lems, “but there appears to be another logical conse- 
quence of these potential developments that may 
well strike us as genuinely alarming. Would not 
these computers eventually make human beings 
themselves superfluous? If the computer-guided ro- 
bots turn out to be our superiors in every respect, 
then will they not find that they can run the world 
better without the need of us at all? Humanity itself 
will then have become obsolete.” 

Penrose has angered other scientists not by raiding 
the alarm over the specter of thinking machines, but 
by belittling them. “Might we . . .be doing some- 
thing with our brains that cannot be described in 
computational terms at all? How do our feelings of 
conscious awareness — ■ of happiness, pain, love, 
aesthetic sensibility, will, understanding, etc. — fit 
into such a computational picture?” He is not saying 
that the workings of the mind are beyond the ken of 
science — simply that we don’t yet have the tools to 
understand item. 

Penrose builds on 50 years’ worth of theories that 
tell us computers can do only so much — that the 
machines cannot duplicate the processes of the 
mind; they can’t simulate human intelligence. He 
builds on a theorem by the mathematician Kurt 
Gddel, who explained there are true axioms of 
arithmetic that simply can’t be proved mathemati- 
cally. The mathematician Alan Turing showed that 
Godel’s theorem applied to computer programs, 
setting practical limits on the universe of things 
computers could be expected to prove. 

Penrose, mathematician, physicist and author, the 
Rouse Ball professor of mathematics at Oxford and 
visiting professor at Penn State, has worked with 
Stephen Hawking to describe black holes, and more 
recently has proposed controversial theories about 

Tom Anm.Thr Wsddnglon PM 

Roger Penrose: Computers have a lot to learn. 

the workings of the brain in his 1989 book ■‘The 
Emperor's New Mind.” The book, a technical but 
engaging tour of modem science with a focus on 
human consciousness, was a surprising best-seller, 
but Penrose earned the enmity of much of the 
science community. 

“The people who are going to tike the book best will 
probably be those who don’t understand it,” wrote the 
biologist John Maynard Smith of “The Emperor’s 
New Mind.” “Most people do not want to see them- 
selves as lumbering robots programmed to ensure the 
survival of their genes. ... To be told by someone 
with impeccable scientific credentials that they are 
nothing of the kind can only be pleasing.” 

Daniel _ Dennett, a professor of philosophy at 
Tufts University, has devoted a chapter of a forth- 
coming book on evolution to criticizing Penrose, 
accusing him of being a romantic looking for “dra- 
matic proof of the specialness of the human min d " 
By obsessively searching for thing s computers can- 
not do, Dennett says, Penrose ignores the many 
important thing s that they can. 

Oliver S trim pel, head of the Computer Museum 
in Boston, naturally takes the side of machines. But 
as an old chum of Penrose's from their Oxford days, 

he claims that much of the anti-Penrose criticism is 
too harsh. “I do happen to disagree with ms book, 
but I do think he’s an incredibly thoughtful and wise 
person.” Strimpd <*"Tks up some of the animosity 
to professional jealousy: “He's managed to sell a lot 
of books — which may be galling to those who feel 
that they have truer theories, but don’t sell as many 

Marvin Minsky, one of the deans of artificial 
intelligence, said in a recent interview that he still 
isn’t convinced that thought entails such mystical 
processes as Penrose describes, or that the musings 
and insights of a mathematician are what Penrose 
says they are. “What he calls intuition," Minsky 
says. “I call guessing." 

The new book, “Shadows of the Mind," is an 
attempt to tell his detractors that they missed the 
point Penrose says that his intention all along has 
been to use consciousness as a springboard far a 
broader discussion of big ideas. “I wanted to describe 
science just in a general way and my excitement about 
science. Ibis gave ihe things an overall focus.” 

Criticized tty specialists in the field he intruded 
on, he find* h iWsdf the unlikely hero erf new-agers 
anil crackpots, who as Smith predicted are drawn to 
what they merrily misinterpret as a mystical thread 
in his work — a “mentafist” idea that the brain 
cannot be plumbed by mere science. 

Penrose, however, still stands firmly on the side of 
scientific discovery, and denies that he is some kind 
of mystic. He expends a great number of pages 
insisting that the mentalist idea — that science can’t 
explain awareness at all — is not his own. Instead, he 
sets out a middle-of-the-road idea: that some physi- 
cal action of the brain evokes awareness, but drat 
that process cannot be duplicated in a box tilled with 
chips and wires that plugs into the wall. We won’t 
get the whole picture, Penrose predicts, until we 
develop a new branch of physics that will explain the 
phenomena he describes. “Fm trying to say that in 
consciousness we are actually using some physics 
that physicists don't know yet,” he says. 

Computers show competence in areas that require 
rales, but have yet to show a glimmering of what 
Penrose would call intelligence. Penrose's early im- 
mersion in chess helped him to understand the 
prowess and Him taboos of computers in playing 
some games. He says that games soch as chess, for all 
their complexity, do come down to rules that can be 
understood and expressed by programmers. In the 
Asian game go, however, computers have made few 
inroads. Penrose says the problem comes from the 
sheer number of moves possible at any one time — 
as man y as 200. That swamps a computer. A human, 
on the other hand, judges the most productive ave- 
nues and winnows down the choices — and, possi- 
bly, rolls the many alternatives around in his brain 
simultaneously, waiting for answers to emerge. 


Yasser Arafat's Wife 
Expecting Baby injufy r 

Yasser Arafat, 65, xs.going to 
be a father. The PLO chair- 
man's wife, Suha, 31, is expect- 
ing her first child in July. 


Bryn Terfel, 29, the ac- 
claimed Welsh bass-baritone 
who has been a drawing card 
for New York's Metropolitan 
Opera this season, has canceled 
his remaining performances in 
“Don Giovanni,” on Dec. 16, 

20 and 24. Terfel, who was to 
sii>g Leporello in the Mozart 
opera, is recovering from sur- 
gery on a herniated (tide. 


Kenzaburo Oe, the Japanese 
writer who is in Sweden to col- 
lect the Nobd Prize for litera- 
ture, says he plans to move to 
the United States to lecture at 
an unidentified university. He 
says he plans to remain m the 
United States for at least ayear. 


Jacqueline Kennedy Onas- 
sis’s New York apartment is for 
sale for $9 million, the New 
York Post reported. -The 15- 
room apartment on Fifth Ave- 
nue was put on the market by 
Maurice Tempeteman, Onas- ^. 
sis's companion and executor. ' ] 
Tempelsman apparently had’" 
the real estate agents sign a se- 
crecy clause, which prospective 
buyers also roust sign. One 
source said: “They don't want 
anyone bragging at some cock- 
tail party that they've just in- 
spected Jackie O’s place.” 


A jury has awarded more 
than $2 million to the heirs of 
two of the Three Stooges who 
claim ed that the heirs of a third 
Stooge denied them a fair share 
of the profits from the movie 
comics’ work. The widow of 
Curly Joe DeRita is to get S1.6 
million and descendants of 
Larry Fine were awarded 
$500,000 from Jeffrey Scott, 
the grandson of the Stooges’ 
founder, Moe Howard, and 
Moe’s daughter, Joan Maurer. 









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Forecast for Saturday through Monday, as provided by Accu -Weather. 

North America Europe Asia 

New York and Washington. London will be rather windy Japan wiK have dry weather 
D.C.. will have some rain over the weekend with a Saturday, then some rain 
early Saturday, then cold shower or two. More nuroer- Sunday. The rain will profca- 
and dry weather Sunday and ous showers are Ikely Mon- bly move away Monday. 
Monday. Toronto and Chea- day. Pans will be dry and Showers will hequent South- 
go wll be quite cold through mild until Monday, when east Asia, especially tram 
the period with a chance ot some showers move in. South Vietnam southward 
snow flumes. Los Angeles Areas irom Spain through Most ot Uw showeis wil be 
win be ary and mild through Italy will have dry weather south ol Hong Kong. There 
the weekend Saturday through Monday. wil he some showers m S*v- 


Middle East 

High Low 


High Lot 
















































Latin America . 

Today Tomorrow 

High Law W High Urn W 

Buanot Aoya 38/100 23/73 i 34/93 2373 I 
Caracas 23 *4 20»» DC 28/83 I1TO Mi 

Una 23.73 19*4 s 23 73 18/04 pc 

MoucoCitV 24.75 9:40 pc 1405 9-48 pc 

RwdeJarwTj 27 HO 20*8 pc 27W 2271 pc 

sausage 31rt0 H 053 5 23*4 I2*a pc 

Legend: s-eumv. pc-portfy cloudy. c-tioudy. a/i-ahotwra r-fluoideiv&rms. r-rraa s f-aw thanes. 
Hvancm Me. W-Weathw All mam, forecasts end data provided by Aeou-Weether, Inc. : 19M 





New Duty 



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31*8 23.73 DC 31/80 *3/73 r 
0/46 -3/27 « 7/44 -4/25 C 

22/71 18*6 C 23/73 I9« c 
29*4 23/73 pc 30*6 24/75 DC 
27*0 0/46 J re/79 7/44 s 

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JO *6 24,75 c 30*6 24/76 t 
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Capo Town 18*4 9/40 pc 23/73 16*1 s 

CaMttanca 22 71 8/46 s 23/73 12*3 > 

Marara 18*4 awe pc 21.70 7/44 pc 

Lton 31 *8 2373 » 3T*B 24.75 s 

MW 19*6 11*2 I 21 '70 12*3 I 

Turo* 17/62 9 48 pc 17/82 9/46 

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French Dubbers Strike Leaves Foreign Shows Voiceless 

By Dana Thomas 

Washington Post Service 

P ARIS — In France, no one knows what 
happened to Scarlett, Or the latest 
twists and romances on “Guiding Light” 
or “Loving.” The French are clueless 
about “Quiz Show.” 

Since Oct. 18 the country’s 600 dubbers 
have been on strike, and translation of 
foreign productions is dragging. Only one 
part of toe four-part mini series “Scarlett” 
is complete. Several American soap op- 
eras have been halted. “Quiz Show,” 
which was scheduled for a Feb. 1 5 release, 
is only partially recorded. Woody Allen’s 
“Bullets Over Broadway," scheduled to 
open in mid-January, exists only in Eng- 

The problem is money. In 1985, a law 
was passed that gave artistes interpretes, or 
principal actors, a percentage of toe earn- 
ings each time their work is shown on 
television, or released on video or in the 
theater. A second class of performers, 
called artistes de compliment — extras and 
bit players — do not get these royalties. 

Since then, dubbers have been considered 

Ridiculous, says Jimmy Shaman, a dub- 
ber and spokesman for toe French Syndi- 
cate of Performing Artists, toe strikers’ 
union. “Extras do not talk. As soon as you 
talk, you're an actor. Dubbers do nothing 
but talk. How can you have a dubber who's 
an extra?" 

And so the French voices behind the 
American movie stars have been picketing 
toe 60 to 70 dubbing studios in Paris. The 
actor Yves-Marie Maurin went on a hun- 
ger strike for 10 days in front of the TF1 
television studios. On Sunday, 500 dub- 
bers marched from the grand old Rex 
movie theater to toe Opira Gamier, hand- 
ing out leaflets and chanting 

The American studios have been hit toe 
hardest — they make most of toe films and 
television shows imported from beyond 
Europe. Warner Bros, just barely got its 
big holiday picture, “Interview With toe 
Vampire,” through the dubbing process 
toe day before toe strike began. As for its 
next movie, “Disclosure,” technical man- 

ager Lori Rault says: “We're managin g 
That’s all I can say." 

Theatrical studios and television st^, 
tions have been desperately trying to figure 
out bow to work around toe strike. 

One gambit is to import dubbers from 
such French-speaking countries as Bel- 
gium, Switzerland and Canada. A law 
states that all foreign films made in coun- 
tries outside toe European Union must be 
dubbed in France — but it doesn’t say the 
dabbing must be done with French actors. 
“So far there have been very very few 
scabs,” says Shuman. “There have been a 
couple of Belgians and that's it." 

Another move might be to work around 
the import law — but toe dubbers and the 
French government are fighting. Last 
month, a French independent film distrib- 
utor tried to show toe French Canadian 
version of Roger Spoitiswood’s film “And 
the Band Played On,” but the French gov- 
ernment would not grant toe French-lan- 
guage version of the movie an entrance 

AT&T VSADirect and World Connect* 
Service lets you quickly place calls 
on your own. 

Calling the States or one of over 100 other countries? 
There's no easier, more reliable way than AT&T 
USADirecl and World Connect Service. Especially if 
you take this shortcut. After dialing the AT&T Access 
Number for the country you're in. instead of wait- 
ing for the English-speaking operator, follow the 
voice prompts. Your call will get through faster and 
can be charged to your AT&T Calling Card Suffice it 
to say, for experienced business travelers, the choice 
isn'i which international long distance company to ( 
use. Its which AT&T speed to use: Fast. Or faster. 

asm /pacific 








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