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Political Crisis Threatens 
Italy’s Economic Stability 

Bank Governor President Seeks 
Calls for Sign Reform Before 
Of Deficit Cut New Elections 

By AJ an Friedman 

International Herald Tribune 

ROME — The deeply divisive political 
ctisis that climaxed with the resignation of 
Prime Minister Silvio Berlusconi has al- 
ready floored the Italian lira, sent foreign 
investors running for cover and pushed 
interest rates to artificially high levels. 

Now, the state of confusion and near 
hysteria among many Italian politicians is 


such that unless tough action is taken to 
restore confidence in the management of 
Italy's economy, the country’s recovery — 
and perhaps even its overall economic sta- 
bility — could soon be at risk. 

Antonio Fazio, governor of the Bank of 
Italy, said as much after Mr. Berlusconi 
resigned, when he warned in a speech that 
financial markets were awaiting a signal 
that Rome would take new steps to cut 
Italy's bloated fiscal deficit. “We all must 
hope, believing in the rationality of man. 
that clear and determined signs are riven 
in the next few weeks," Mr. Fazio said. 

The consensus among many economists, 
foreign investors, Italian business leaders 
and international bankers, however, is that 
this may not happen for several weeks, or 
even months, as the political crisis is 
played out. 

The price of political instability has al- 
ready been heavy. Although Italy’s real 
economy has been on a recovery trend, Mr. 
Berlusconi's failure to inspire confidence 
in financial markets can be seen in a few 
simple facts: 

© The lira has fallen by 10 percent since 
May 1 1, when the Berlusconi government 

was sworn in. 

© The Milan bourse, initially bullish 
about Mr. Berlusconi's election, has 
dropped by 25 percent since May. 

© Foreign investors have been pulling 
gxit of Italy in recent months, and Italy has 
suffered a total capital outflow of more 
than 17 trillion lire ($10.4 bflfion) since the 
start of 1994. 

• The gap between Italian and German 
interest rates — a measure of investor 
confidence — has doubled, to around five 
percentage points, since May, adding 

See FUTURE, Page 5 

See SCALFARO, Page 5 

Tainted Mexican Miracle: 

Crash Is Cautionary Tale 

By Tim Golden 

New York Times Service 

MEXICO CITY — In the financial cap- 
itals of the developed world, a favonte 
story of Latin American success in recent 
veaxs was about a closed economy thrown 
open by bold technocrats trained at Ivy 
League universities. It told of investments 

ened economic uncertainty. In New York 
currency markets, the dollar traded at 4.65 
pesos, little changed from Thursday. 
Meanwhile, the Mexican stock market was 
up sharply in early trading as investors 
went bargain-hunting. Page 7] 

The sudden collapse of the peso was in 


fact neither so sudden nor so complete. In 
the lone run, some investors said, the ccon- 

the long run, some investors said, 
omy will have a more solid four 

pouring in, inflation being vanquished, de- 
mocracy taking root , _ . 

This week, however, the tale that mv«- 
lors called “the Mexico story" suddenly 
turned darker. 

After the government announced 
Wednesday rA that wo^abimdon 
its defense of the peso and lei the currency 
rrade freelv against the dollar, Mexicans 
thalmost thought had 
beai consigned to thor difficult economic 
UisTplace of threatening inflation, 
Session and myriad uncertainties. 
"^Standard & Poores Corp. smdFrriayit 

M?ed°<tebt^f SoSS, Meeting hdgbt- 

omy will have a more solid foundation if 
the peso can be wrestled down to a more 
stable, if weaker, level. The government of 
President Ernesto Zedillo Ponce de Le6n, 
in office three weeks, gave just that expla- 
nation for its move. 

Yet by his awkward handling of an ad- 
justment in the currency that both some 
government officials and many of their 
political opponents have long thought nec- 
essary, Mr. Zedillo was seen Thursday as 
having lost control of the economy. 

The peso's fall has impoverished Mexi- 
cans by at least 30 percent in terms of the 
dollar, jeopardizing the new president’s 
already uncertain mandate. Perhaps 

See MEXICO, Page S 


Clinton Extends Sanctions on Libya 

WASHINGTON (AP) — President 
BiU Clinton onTriday renewed for a year 
S? ftmnctal and trade smctiona m- 

SUd on Libya 1®““ •’“”5; 
gStfor that countr/s alleged support 

° f XS££n said 'J^g^ Colon g 

XJ^SShsibte fOT **“ attack on 
|i^HligrK>3 over Scotland on 

Dec. 2], 1988, were brought to justice. 

'The United States believes that stm 
stronger United Nations Security Coun- 
cil sanctions should be enacted if Libya 
continues to defy the international com- 
munity,” a White House statement said. 

Mr. CHnton told congressional leaders 
that he was extending the state of emer- 
gency between the United States and 
Libya because Libya had failed to act 
concretely to end its support of terror- 
ism, as called for by the UN resolutions. 

Paris, Saturdav-Sunday, December 24-25, 1994 

• • •./ 4 S ■ ' V «> 

r • v. 

Compiled by Our Staff From Dispatches 

ROME — President Oscar Luigi Seal- 
faro began the search on Friday for a way 
out of Italy's political morass, 'apparently 
determined to resist pressure from the 
caretaker prime minister, Silvio Berlus- 
coni, for early elections. 

Interior Minister Roberto Maroni said 
Mr. Scalfaro, arbiter in the country's deep- 
est political crisis for nearly two decades, 
wanted a new electoral system in operation 
before Italians voted a gain . 

"The president's thinking is that elec- 
tions should take place only after Parlia- 
ment has written the rules,” Mr. Maroni 

For his pan. Mr. Berlusconi, who re- 
signed Thursday rather than face defeat in 
a no-confidence drive inspired by former 
coalition partners in the Northern League, 
kept up his pressure Tor early elections. 

“'We must return to the people and ask 
them to express their opinion as soon as 
possible," he said at a news conference on 
Friday. He was reported to have suggested 
to Mr. Scalfaro that the elections be held in 
late March or early April. 

Mr. Berlusconi acknowledged that Mr. 
Scalfaro did not share his view, but said he 
hoped to win him over “with a series of 

Mr. Scalfaro must deride whether to 
dissolve Parliament and hold early elec- 
tions or seek a successor to Mr. Berlusconi 
to formulate Italy’s 54th government since 
World War II. 

Mr. Berlusconi, who served as prime 
minister for seven months, insisted that 
only he could lead Italy in this time of 
scandals, political change and reform. But 
he did acknowledge that someone else 
could eventually replace him. 

T don’t believe I'm the only prime min- 
ister possible,” he said when asked if he 
would be willing to let someone else be 
prime minister in order to save his conser- 
vative coalition. 

But he said that he bad “made it clear" 
to Mr. Scalfaro that ‘‘it would be an error 
to change the composition of this govern- 
ment for the brief period that separates us 
from the necessary elections.” 

Mr. Berlusconi also repeated earlier as- 
sertions that plans were under way for him 
to sever ties with Fininvest, his media and 

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A Violent Rooftop Protest in Istanbul 

A policeman running in flames Friday as a second officer tried to help him after he was doused with gasoline and set afire by a man, 
rear, during a protest atop a building. The police were sent to tear down a row of illegal fish restaurants and were opposed by the 
owners. Slate television said one policeman and one of the protesters were hospitalized with bums. At least three people were detained. 

In Bethlehem, Nothing New for Christmas 

Little in Palestinian Hands Despite Move Toimrd Autonomy 

By Joel Greenberg 

New York Times Service 

BETHLEHEM. Israeli-Occupied West 
Bank — It was supposed to be a different 
Christmas season here this year, brimming 
with the spirit of peace and hopes for the 
expansion of Palestinian autonomy to the 
entire West Bank. 

But preparations in this town of 50.000 
seem joyless during this holiday season, 
the first since the start of Palestinian self- 
rule in the Gaza Strip and Jericho. 

Hie Christmas Eve services that attract 
thousands of visitors to Manger Square 
and the Church of the Nativity, venerated 
as the site of Jesus's birth, are likely to 
follow familiar patterns. 

The Israeli Army still controls security 
and access to the square, as it has for 
nearly three decades. Religious ceremonies 
will follow traditional protocol, leaving 
little in Palestinian hands aside from the 

flags added to decorations put up by the 
municipality. The red, green, black and 

municipality. The red, green, black and 
white banners, once outlawed by Israel, 
were hoisted this week above City Hall. 

The festivities here, like life in general in 
the West Bank, seem to run on inertia, as 
Palestinians look for substance beyond the 
symbols of political change they have wit- 
nessed since the accord reached last year 
between Israel and the Palestine libera- 
tion Organization. Their search is often in 

Many say they are worse off economi- 
cally because of restrictions on work in 
Israel They are waiting for tangible im- 
provements in daily life to give them real 
cause for celebration, they say. Difficulties 
in negotiations between Israel and the 
PLO on Palestinian elections and an ac- 
companying Israeli pullout from West 
Bank towns add to the discouragement. 

“People were hoping that this year, 
Christmas celebrations would be under the 
auspices of the Palestinian Authority, but 
the delay in the redeployment of the Israeli 
Army has not made it possible,” said Beth- 
lehem’s deputy mayor, Hanna Nasser. 

Mayor Elias Freij said: “The excitement 
of putting up a Palestinian flag is gone. 
Can you translate that into dollars or jobs? 
People need to feel the spirit of peace, and 
they don’t With an empty stomach and an 
empty pocket, how do people fed?" 

Mansour Sayuri, who has a refreshment 
stand in the marketplace, said there was 
little cheer in the streets. “We hear only 
tulle, but we want something we can 
touch,” he said. “We see flags, but we don't 
see a government" 

His stall is next to the local tourism 
bureau, handed over recently by Israel to 
the Palestinian Authority. It is one of the 
few services under Palestinian responsibil- 

See CHRISTMAS, Page 5 

Hawtik loim/Renm 

An Israeli border poficeman with Iris finger on the trigger Friday fit Bethlehem. 

No. 34,780 

Russians Hit 
Chechens in 
Most Violent 
Raids of Siege 

Dozens Kitted or Hurt; 
Attacks Seem Intended 
To Terrorize Civilians 

By Lee Hocks tader 

Washinptm Post Service 

SLEPTSOVSKAYA, Russia — Russian 
air, artillery and ground forces struck the 
Chechen capital, Grozny, on Friday, leav- 
ing dozens of civilians dead or wounded 
and destroying bouses, apartment blocks 
and public buildings. 

According to refugees. Chechen officials 
contacted by telephone and the handful of 
Western journalists who remained in 
Grozny, the Russian onslaught was indis- 

criminate and appeared intended to pro- 
voke terror in the city, perhaps to induce 
civilians to leave. 

“It's a nightmare," said Sharifa Tu- 
tayeva, 38, who spoke to reporters near 
Chechnya's western border Friday morn- 
ing just hours after she fled the city. “There 
are corpses everywhere. Cars are burning. 
It’s terrible, terrible." 

The attack on central Grozny and sub- 
urbs to the east, west and north of the city 
was the most violent since Russian forces 
moved into Chechnya on Dec. 11 to end 
the breakaway region's three-year drive for 

The lower ht 

The lower house of the Russian Parlia- 
ment called Friday for a cease-fire in 
Chechnya, and the United States, Britain 
and France expressed growing concern 
over the bloodshed. 

But the intensity of the Russian assaults 
on Grozny, which broke off in the morning 
and then resumed in the afternoon, sug- 
gested that after days of indecision, the 
government was determined to seek an 
early military resolution to the Chechen 
crisis, even at the cost of many more civil- 
ian casualties. 

In raids overnight and again Friday 
morning, Russian warplanes dropped 
bomba and fired rockets on residential 
neighborhoods as paratroopers and other 
Russian forces advanced on the city. There 
was a concerted attack by planes, helicop- 
ters and tanks on the town of Argun. 13 
kilometers (8 miles) east of Grozny, where 
fires were reported burning for much of 
the day. 

If Argun falls, it would give the Russians 
control of the eastern access to Grozny, 
leaving only the southern route to the Cau- 
casus Mountains as an escape corridor for 
the Chechens. 

West of Grozny, a convoy of Russian 
mor several kilometers lone was seen 

armor several kilometers long was seen 
moving toward the city. A refugee said he 
had seen the Russian forces fire Grad 

See CHECHNYA, Page 5 

Bosnia Truce 
To Start, Then 
4 Who Knows?’ 

By John Pomfret 

Washington Pool Service 

SARAJEVO, Bosnia-Herzegovina — 
The Bosnian government signed an agree- 
ment with rebel Sobs on Friday to silence 
their guns and begin negotiations on a 
four-month "total cessation of hostilities,” 
with both sides crediting former President 
Jimmy Carter for the pause in the 32- 
month war. 

Under the agreement, brokered by the 
United Nations, the cease-fire is scheduled 
to begin at noon Saturday, one day later 
than Mr. Carter had negotiated eariier this 
week. The reason for the delay involved 
persistent differences between the two fac- 
tions and highlighted the fragile nature of 
the truce and the difficulties that lie ahead. 

Significantly, the five-point agreement 
failed to include two topics that UN offi- 
cials considered key to the resumption of 
successful peace talks in Bosnia — the 
question of exchanging prisoners of war, 
detainees and information on missing per- 
sons and any mention of an international 
peace plan for Bosnia that is supposed to 
be the basis for any further discussions. 

Given these somewhat ominous omis- 
sions, it was unclear whether the agree- 
ment marked a turning point in the war or 
just another in a long fine of flimsy cease- 

See BOSNIA, Page 5 

Stepping Up in Baseball Strike: An Angry Congress 

By Keith Bradsher 

New York Tima Service 

WASHINGTON Angered by 

the decision of baseball club ownersto 
impose a salary cap on players, senior 
members of Congress — Republicans 
and Democrats — said Friday that they 
would try to revoke the industry’s six- 
decade-old exemption from antitrust 

The owners’ executive council de- 
clared an impasse in negotiations in the 
four-month-old dispute with striking 
players and unilaterally pul into effect 
an economic system that places a limit 

on payrolls and eliminates salary arbitra- 

[Negotiations in anotho- major North 
American sport, ice hockey, were con- 
tinuing fitfully as the National Hockey 
League’s lockout.of its players reached 
its 84th day Friday. But there woe hints 
of a settlement in that dispute. Page 17.] 

Senator Darnel Patrick Moynihan, 
Democrat of New York, said he would 

use his seniority to introduce legislation 
on Jan. 4, the first day of Congress next 
year, to repeal the exemption for base- 
ball Senator Onin Hatch, Republican of 
Utah, who will head the Senate Judiciary 

Co mm ittee, said he no longer opposed 
such legislation and would try to push it 
to the Senate floor quickly. 

T am fast becoming convinced that 
the majority of the owners are trying to 
break the players association." Mr. 
Hatch said in a telephone interview. “I 
do not want to become involved in col- 
lective bargaining negotiations, but Tm 
starting to odieve, like many people, that 
these negotiations are not bong done in 
good faith.” 

The antitrust exemption, which no 
other major league sport shares, allows 
baseball owners to impose industry-wide 

salary limits while partly shielded from 
arty lawsuits that the players may file. 
The exemption also allows a majority of 
owners to clock owners who may want to 
move their franchises to new cities. 

The current baseball strike has funda- 
mentally changed the politics of an issue 
that has bedeviled Congress for a quarter 
of a century, said Senator Bob Graham, 
Democrat of Florida. 

While many members of the House 
have long supported the repeal of the 
exemption, winch no other major league 

exemption, which no other major lea; 

See BASEBALL, Page 17 



Hong Kong Dispute 
Reveals Worry Over 
Future of Judiciary 

By Kevin Murphy 

huematioml Herald TYibune 

HONG KONG — A healed 
debate about HongKong’s fu- 
ture judicial system is revealing 
deep concerns here about the 
law's immu nity from political 
meddling under Chinese rule. 

Technically, the controversy 
is about the number of foreign 
jurists who will at on a new 
Final Court of Appeal after 
1997, when the British colony 
returns to Chinese sovereignty. 

But on a deeper level, a 
choice has to be made between 
political pragmatism and con- 
stitutional legal principles. 

As Martin Lee, a local lawyer 
and legislator, said, “The whole 
debate over die court is closely 
tied to the question of whether 
Hong Kong will continue to 
have an independent legal sys- 
tem and the rule of law, or 
whether we will have a com- 
mon-law system with Chinese 

Hong Kong has long been 
dominant as a legal center for 
China-related business, reflect- 
ing concern about the indepen- 
dence of China's judiciary and 
its apparently arbitrary rulings. 

Yet, China has raised doubts 
as to whether judges now sitting 
in Hong Kong courts, predomi- 
nantly expatriates, will auto- 
matically continue in service 
past 1997. 

Governor Chris Patten has 
lobbied legislators to accept a 
Beijing-backed replacement for 
what is now the highest court of 
appeal for Hong Kong, Lon- 
don’s Privy Council 

He and several lawyers and 
business executives contend 
that a less-than-perfect system 
is better than no system at all 
China firmly opposes any dif- 
ferent arrangements than al- 
ready proposed for a new Court 
of Final Appeal. 

At the same time, 600 ordi- 
nances and 1,000 pieces of re- 
lated legislation must be adapt- 
ed to local laws, a complex 
process which Britain and Chi- 
na have yet to agree upon. 

“I’m not sure business is 
watching it closely now,** said 
Nick Moakes, an analyst with 
S. G. Warburg Securities, of the 
unfolding changes. “But it 
probably should be.” 

Strongly backed by Hong 
Kong's banisters and solicitors, 
legislators rejected in Decem- 
ber 1992 a government propos- 
al to create the Final Court of 

Opponents of the plan main- 

tained that a proposal secretly 
hamme red out in 1991 between 
Beijing and London contra- 
vened earlier provisions of the 
1984 Sino-British Joint Decla- 
ration. That is the international 
treaty that scripts Hong Kong's 
return to Chinese rule, and its 
mini constitution, the Basic 

With rime running out to es- 
tablish a new court, the Hong 
Kong Bar Association recently 
repeated its opposition to the 
Court of Final Appeal The Bar 
Association represents the bar- 
risters who appear in local 

But the executive council of 
the Law Society, which repre- 
sents the solicitors who prepare 
cases and act for clients in legal 
matters outside of the courts, 
reversed itself to hold that 
Hong Kong’s overall interests 
were best served by accepting 
the government's stance. 

The influential group’s posi- 
tion will hold sway among legis- 
lators when they vote upon it, 
analysts say. 

“For commercial reasons, 
lawyers don’t want to be seen as 
a thorn in the side of China,*' 
said a lawyer. “But if we are 
willing to accept expedience 
over an interpretation of law 
under a little pressure now, it 
sets a terrible precedent for the 

Britain, convinced it would 
get no better deal from China 
after lengthy negotiations, has 
accepted a structure that will 
allow one foreigner at most to 
sit on the Court of Final Ap- 

“It’s sensible to include 
judges from other common law 
jurisdictions,’’ said Christine 
Loh, a local legislator. “To say 
we can have one foreign judge 
doesn't do that" 

China's willingness to abol- 
ish a court which it has not fully 
endorsed cannot be discounted. 
Beijing intends to dismantle the 
Legislative Council when it re- 
gains control of Hong Kong, 
because it bitterly opposes the 
electoral reforms Mr. Patten in- 
stituted in June this year. 

“The deal is there, and it is 
the British side's responsibility 
to see the deal through," said 
Zhang Junsbeng, deputy direc- 
tor of the New China News 
Agency, Beijing’s de-facto em- 
bassy in Hong Kong, in late 

Britain is clearly taking the 
agreement seriously. 

A Twist at the Top 
In French Scandals 

By Joseph Fitchett 

International Herald Tribune 

PARIS — A whiff of dirty 
tricks spiced French elections 
Friday as political leaders wres- 
tled with an alleged bribery case 
that could be a calculated effort 
to divert attention from bigger 
corruption charges involving 
Gaullist officials dose to Jac- 
ques Chirac, the mayor of Paris 
and a candidate for president. 

President Franqois Mitter- 
rand, who seems to have lost 
none of his zest for tripping up 
Mr. Chirac, invoked a seldom- 
used official power to prevent 
the bribery case from sidelining 
the original inquiries about po- 
litical payoffs. 

That case, which has already 
brought down a cabinet minis- 
ter, seemed to be rinding a trail 
of kickbacks running into the 

K " 'sal and financial strong- 
of the Gaullists — City 
Hall in Paris and the local gov- 
ernment in the surrounding 

Mr. Mitterrand clearly senses 
the possibility of a major scan- 
dal waiting to engulf Mr. 
Chirac and perhaps other lead- 
ing conservatives, evening the 
score for earlier revelations 
about official misdoing that 
helped shatter the Socialists. 

On the surface, the case is 
simple enough: allegations of a 
bribe to the father-in-law of the 
magistrate investigating alleged 
corruption in Mr. Chirac’s of- 

fice. The alleged redpi 
bribe — Dr. Jean-Piei 

fe?*/ - v 

CC. V*vR«BlB* 

PRISON CONVERSIONS — Taiwan prison inmates in traditional Buddhist robes listening to a tf®******®^^ 
became monks in a Taipei ceremony Friday . Among the 12 foreigners in the group were three hijackers from Cfama. 


No Word From North Korea on Pilot 

SEOUL <AP) — There was no word Friday of anyprognss in 
efforts W the idea* of an American pilot hdiby North 
KwS tatU.S. officials still held out hope he would be freed by 

C ^wfS'course, are seeking a meeting at Panmumonvbm the 
North l^^notreaxMided to our reqiresO said Tun Cute, a 
spokesman for theUS. mflitaiy in SouthKorea. - 
PanmuSom, the truce village in tile to^tanzed Zone, was 
♦hr rite for the r epa triation on Thursday of Chief Warrant Officer 
He and Chief Warrant Officer Bobby Hall 
we aboard a U.S. Army helicopter that strayed mto North 
Korea last Saturday and either made as emergency landing or was 
shot down. 

Ulster Protestants Press for Releases 

BELFAST (Reuters) — Northern Ireland's hard-line Protestant 
representatives pressed Britain on Friday to free hundreds Of to 
supporters from jail after Ireland released nine IRA convicts ina 

Opponents Call on Indian Leader to Quit 

Agmee Fnmct-Preste 

NEW DELHI — Opposition 
lawmakers in India, buoyed by 
the removal of three ministars 
accused of corruption, trained 
their guns on Prime Minister 
P. V. Narasmta Rao on Fri- 
day, demanding he also resign 
because of the scandals. 

Opposition lawmakers 
forced the adjournment of both 
houses of Parliament with non- 
stop calls for the resignation of 
Mr. Rao, who reluctantly ob- 
tained the resignations of the 
three ministers Thursday night 
to defuse a political crisis. 

The 73-year-old Mr. Rao, 
who was meeting the Russian 
prime minister, Viktor S. Cher- 
nomyrdin, was not present in 
either bouse of Parliament But 
opposition members of the low- 
er house demanded that he 
come before them and answer 

“This has gone on too long. 
Now you must resign and seek a 
fresh mandate,’’ an opposition 
leader, Lai Krishna Advani, 
told the governing Congress (I) 
Party benches in the lower 

“This is a corrupt govern- 

ment,” said Mr. Advani, who 
heads the main opposition 
Bharatiya Janata Party. “You 
better resign and face elec- 

Two of the three ministers — 
Health Minister B. Shankaran- 
and and the deputy rural devel- 
opment minister, Rameshwar 
Thakur — were linked to a SI. 3 
billion securities fraud. The 
food minister, Kalp Nath Rai, 
was accused of involvement in a 
sugar scam. 

But on Tuesday, Atjun 
Sin gh, a senior minis ter and Mr. 
Rao’s rival in the Congress Par- 

ty, threatened to quit the cabi- 
net if the three ministers did not 



ly2ed Parliament for more than 
a week over the issue and vowed 
Friday to step up its campaign 
against Mr. Rao. 

The opposition argued that 
Mr. Rao, who is also the Con- 
gress Party president, was die 
real source of corruption in the 
government and should quit 
and call fresh elections to Par- 
liament, whose five-year term 
ends in mid- 1996. 

Political parties dose to the provinces Protestant guerrillas 
made their plea in a second round of talks with British officials, 
holding out for a release as a reward for an October cease-jiii 
They said that it was agreed that the two rides would hold a 
third round of talks on Jan. 12. Spokesmen for the guerrillas were 
optimistic that Britain would back down on its refusal to free 
people convicted of security offenses. 

Dutch Test Law on Infant Euthanasia 

THE HAGUE (AP) — In a sign the Dutch are heading for an 
infant eu thanasia policy, the Justice Ministry said Friday that 
ittal was likely in the case of two doctors who face trial for . 
severely deformed newborns. 

c prosecutor’s office expects they will not be found giwty” 
said a Justice Ministry spokeswoman. She said such a verdict was 
expected, because the physicians had followed as closely as possi- 
ble the official guidelines for adult euthanasia. The purpose of the 
prosecution, she added, was to establish legal precedent rather 
than to punish the doctors. 

Tribal Clashes Widen in Burundi 

BUJUMBURA, Burundi (AP) — Fighting between Hutu and 

— J * «JL_ — - -* |T«a iVkAitaT 


had para- Tutsi militias spread to the western part of the Burundian capital 
m Friday, with youths throwing grenades and fixing 

3 More Arrested in New White House Incidents 

Bujumbura, on 
automatic weapons. 

Despite the violence in the' 

reports of shooting in the southern neighborhood of K — — , 
most mhahifemte of the capital resumed normal activities Friday. 
Only a few shops remained dosed, as did the central post office. 

ffl prn last Sunday, dishes in the capital have left at least 30 
dead and set off new fears of civil war. The government imposed a 
dusk-to-dawn curfew on Bujumbura Wednesday after an emer- 
gency cabinet meeting. 

Estimates Jump on Russia Oil Spill 

MOSCOW (Reuters) — Russia’s Ecology Ministry said Friday 
that 90,000 to 120,000 tons of ofl had spilled as a result of recent 
pipeline leaks in the far north Komi republic, wefl above an 
estimate by local officials. 

i / T T ■ ^ _ J TkT-fc!. 

The Associated Press 

men have been arrested in new 
incidents around the White 
House, the U.S. Park Police and 
the Secret Service said. 

One man was arrested after 
claiming falsely that there was a 
bomb in his car. Another was 
charged with carrying an illegal 
firearm. And a man who the 
Secret Service said walked onto 

White House grounds when a 
gate was opened briefly was 
charged with unlawful entry. 

No one was hurt in any of the 
incidents Thursday and Friday. 
Law enforcement officials said 
none of the episodes were 
viewed as a threat to President 
Bill Clinton, who was in the 
White House at the time. 

The man who claimed to 
have a bomb drove a car close 

to the White House fence, 
jumped out and was chased 
down by a park police officer 
and a uniformed officer of the 
Secret Service: The man was 
identified as Joseph Maggio, 36. 

In an earlier incident, a man 
carrying a gun was arrested on 
the Ellipse, the open park be- 
tween the south grounds of the 
White House and the Washing- 
ton Monument grounds. He 

was identified as Franklin Ruff, 
27, no fixed address. 

On Thursday evening, a man 
identified as Richard Green, 44, 
of Washington, wandered into 
the White House grounds when 
the Southwest Gate was briefly 
opened to let a vehicle out. 

On Tuesday, the Park Police 
shot a knife-wielding man on the 
sidewalk outside the White 
House fence. He died a day later. 

lient of the 
terre Mar6- 
chal, a prominent psychiatrist 
— was seized Wednesday when 
French police acted on a tip-off 
and arranged for him to accept 
one nuRion French francs m 
specially numbered bills. Dr. 
Martchal insisted that he was 

The police informant was Di- 
dier Schuller, a political power 
in Gaullist political circles. He 
said publicly that Dr. Mar&chal 
had solicited the bribe. 

In the version given by Mr. 
Schuller, Dr. Martchal prom- 
ised to convince a magistrate. 
Eric Halphen, to bury any dam- 
aging evidence against the 
Gaullisls, apparently for a 
bribe. Mr. Halphen is Dr. Mar- 
echal’s son-in-law. 

Superficially good news for 
the Socialists, this alleged evi- 
dence of an attempt to tamper 
with French justice carried a 
risk: Despite his reputation for 
integrity, Mr. Halphen might be 
taken off the case. 

Since the magistrate is the 
man who must pursue the case, 
changing him would be a classic 
tactic for burying a politically 
embarrassing investigation. 

In an inquiry as complicated 
as this one, a new magistrate 
would need months to catch up, 
and any revelations about cor- 
ruption in Paris would be post- 
poned until after the presiden- 
tial elections scheduled in May. 



For Older Women, Smoking 
Adds 5 Years to a Person’s Age 

Elderly women who smoke are weaker 
and less agile than their nonsmoking 
contemporaries, researchers say. They 
may also feel older. 

“For an older woman, smoking may 
have the same effect as adding five years 
to a person’s age," said Heidi D. Nelson, 
lead author of a study that appears in the 
current Journal of the American Medical 

The study measured how 9,704 white 
women over the age of 65 performed 
such basic physical tasks as gripping an 
object, walking, rising from a chair and 
climbing stairs. 

Smokers performed more poorly thrm 
nonsmokers in 11 of 12 categories tested, 
stud Dr. Nelson, an assistant professor of 
internal medicine at Oregon Health Sci- 

ences University’s School of Medicine. 
She said smoking caused vascular 

f problems that might explain the poorer 

The smokers in the group averaged 16 
cigarettes a day. 

Short Takes 

Hie United States service academies 
report a drop in the number of appli- 
cants. Officials cite two reasons: the mil- 
itary establishment is shrinking, and the 
obligation to serve five years on active 
duty after graduation was increased to 
six years in 1992. Since then, applica- 
tions to the military academy at West 
Point and the air force academy at Colo- 
rado Springs have shrunk 1 ] percentage 
points and at the naval academy at An- 
napolis, 8 percent A service academy 
education costs taxpayers about 

Near Miami, Orlando Pinero, 56, made 
the mistake of trying to break up a fight 
between two of the pigs he raises, each 
weighing from 300 to 400 pounds 
(roughly 150 kilograms). He suffered 
deep cuts, heavy blood loss and tom 

muscles when he was gored in the leg by 
a tusk. 

For the first time since the 1964 ani- 
mated cartoon, “War and Pieces,” Wile 
E Coyote and the Road Runner resume 
the chase in a brand-new Warner Broth- 
ers animated cartoon. "Chariots of Fur.” 
The cartoon was directed by Chuck 
Jones, now 82, who first went to work for 
Warners in 1938. In the new film, the 
coyote resumes his endless effort to catch 
the Road Runner. Among other things 
be loads himself onto a huge metal 
spring, shoots himself from an equally 
huge bow and disguises himself as a 
cactus — and. as usual ail for naught. 

“Sharon MB not sit before a camera 
and wear the same piece of clothing 
(twice). She doesn't want someone to 
tuna on ‘Entertainment Tonight,' then 
turn the channel and see her wearing the 
exact thing on ‘Larry King.' She doesn’t 
want people to tire of her. She cares.” 
Thus spoketo an aide to Sharon Stone, 
explaining to US magazine why Miss 
Slone changes clothes between every one 
of nearly 50 media interviews scheduled 
for a angle day. 

International Herald Tribune. 

at kart *^,000 tons of oB tad spilled from toe pipeline over a 
prolonged period and remained on the ground in eany December. 
This figure was accepted by the Russian Owl Defense Ministry. 

For the Record 

President Ml CBaton named Martin fcodyk, a top adviser on 
Arab-lsraeb affairs, as the new UE. ambassador to Israel on 
Thursday. Mr. Indyk. 43, has been senior director for Middle East 
and South Asian affairs at toe National Security Council and is 
also the senior member of Secretary of State Warren M. Christo- 
pher’s Middle East peace team. His confirmation is subject to 
Senate approval. (AFP)* 


Strike in Athens Disrupts Air Traffic 

ATHENS (AP) — A strike by civil aviation service erapktyces 
delayed dozens of local and international flights on Friday, 
affecting thousands of people hoping to travel for toe Christmas 
weekend. One flight tad to be diverted from Athens to northern 

A two-day strike began at midnight on Thursday. Another was 
to begin next Thursday to protest a government plan to allow 45 
percent of a major new Athens airport to be privately owned. 
Aviation service employees are civil servants. 

Die police arrested a union member on charges of endangering 
toe safety of a flight He was on duty before dawn, when the 
airport’s runway lights were turned Off, forcing an approaching 
charter flight to land instead in Salonika in northern Greece,; 
stranding 230 British tourists. 

Bdpan buck driven Mocked highways on the Luxembourg 
border in southern Belgium on Friday in the second day of 
protests about a new road tax. The truckers did not block main 
roads to France, as threatened, Belgian radio said. (Reuters) 

Strong winds lashed northeastern Italy on Friday, downing trees 
and causing injuries. Harsh weather also disrupted holiday travel 
elsewhere in the nation. (AP) 

Hong Kong residents bring near Rai Tak International Airport 
are up in arms over a government proposal to add 224 early- 
rooming and late-evening flights per week. The one-runway 
airport is sandwiched between densely populated residential areas 
and toe harbor. (AFP) 

In North Dakota Court, Teasing 

The Associated Press 

NORTHWOOD. North Dakota — Asa par- 
ent, Arlo Svedberg said he had no choice. He had 
to take legal action against the teenager who 
called his son “Dumbo." 

“I love this boy, and I’ll do anything to help 
him,” Mr. Svedberg stud Thursday. “There’s 
nothing more important to me. He’s my whole 

The stale Supreme Court this week upheld an 
order prohibiting Anthony Stamness, 17, from 
taunting 14-year-old Chris Svedberg. 

The younger boy had been nicknamed 
“Dumbo” for his oversized ears and humiliated 
by three large-cared snowmen built to mock him, 
his family asserted in court 

Rather than let the teenagers work out their 
differences, the parents got involved. 

Mr. Svedberg. advertising sales manager and 
columnist for The Gleaner, a weekly newspaper, 
complained repeatedly in his column that his son 
was being bullied at school. Before long, Char- 
lene Stamness helped her son build a jug-eared 
snowman on the front lawn. 

Mrs. Stamness would not comment on toe 
court decision Thursday and said her son was out 
of town. The family’s lawyer said that toe case 
raised several First Amendment issues and that 
an appeal was being considered. 

Travis Eager, 14, said it was not fair to single 
out Anthony Stamness. He said Anthony “never 
hurt anyone in his life.” 

Coast Guard Keeps QE2 in Port 

Compiled by Our Staff From Dt^nudta 

NEW YORK -—The U.S. Coast Guard bas 
barred the luxuty liner QE2 from leaving New 
York for a Caribbean cruise after inspectors 
found numerous fire and safely violations 
aboard the ship, a Coast Guard spokesman 
said Friday. 

Coast Guard inspectors demanded repairs- 
to close holes in fire walls, fix inoperable fire 
doors, remove obstructions from passage- 
ways and correct other safety violations, said 
Petty Officer Kevin Miller. 

The liner steamed into New York on 
Thursday amid reports of passengers irate 
over its unfinished $45 million renovation. It 
had been scheduled to sail later in the day on 

a 15-day trip to toe Caribbean. But it was stil 
sitting at toe dock on Friday, its departur 
delayed to make toe repairs ordered by tin 
Coast Guard. 

Friday's repairs, however, were too late ti 
calm passengers on the Atlantic crossing. 

Les Sandcastle spent eight hours wairini 
for his room aboard the QE2. Once inride 
there was no water — except for the stuf 
leaking onto his head as he tried to sleep. 

Christine Hall won a cruise on the QE2 as i 
prize from an opera company. Her toilet du 
not flush for two days. When it did, it als< 
spewed brown water and guck over a dress. 

(Reuters, AP, 

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2t POLITIC 41 


^* ,or ’ Author»^>y the Democrats 

pemJem^r!^5iT^^ _ ' ^cmocrais have demanded an inde- 
rieh iV rL ’P orls that Representative Newt Ging- 
er h-ic •'^Publican about to become House speak- 

con«io mc Ju2 t S 1 a - 54 mi,Iion ^ok contract with the 
the FViv Ifff - 1 ,s Hnpttg-* regulatory battle in behalf of 
R • X network. 

the Dtem^!i^-* Ve i? av '^ ®° n ior of Michigan^ who will be 
Grnerich^SIm Wh , lp ,n thc n - ew Con S«ss, suggested that Mr. 
the SLE S £^ nira « Wus ” a 54 million Christmas gift" from 
inclS* F™ r ° n Mwdoch. Mr. Murdoch's empire 

sUed^r Ging n rich HarperCoUinS ‘ lhe pub,isher lhat has 

as info llV* c 'f‘ u d over his head." Mr. Bonior said. 

ouumMr. Gingnch, "if in fact it can be lifted." 
cnnir-i,* s P° kesr nan. Tony BJanklcv. said the book 

manual* ' t0cd the ine on author s royalties in the ethics 

ine ahnlu ' ’ST t?* ? n k^' 0055 5n Beijing, said he knew noth- 
Th^riil 1 ' ^ Associated Press reported.] 
a\a ™ 1C au “k- which began at the White House, 

«*Hrfim 0 C « charge that the book deal was influence 
KhTntn-f ° r h/?* 1 ?™' ® UI kf f that impression, and its 
J 0 ? lhe man >‘ “tmeks on Democratic ethics 
, j , , l Gingrich mounted in thc 1980s, especially one that 
" , lbc resignation of Jim Wright of Texas, when he was 

speaker. , Michael Wines. N )T) 

Mrs. Ciinton Plays Big Role in Tax Debate 

~ Hillary Rodham Clinton, brushing 
aside objections from top administration economic advisers, 
WaS h „-! s,vc vo ' Ctf ,n giving middle-class tax relief priority 
on the white House aeenda. senior administration sources 

Mrs. Clinton's role in the tax cul debate shows lhat she 
remains deeply involved in substantive policy-making despite 
suggestions that she would keep a lower profile after the 
collapse of the health care plan and the Republican election 
sweep. (L AT) 

national Cancer Institute Chief to Resign 

WASHINGTON — Dr. Samuel Broder, thc head of the 
National Cancer Institute, who was among the first govern- 
ment scientists to work on treating AIDS, said Thursday that 
he would resign in April. 

Dr. Broder led a laboratory team Lhat discovered the 
therapeutic effects of the anti-AIDS drug AZT in 1985. He 
will join the IVAX Corp.. one of the nation's largest generic 
drug producers and a leading manufacturer of intravenous 
drug delivery devices. 

In the last year, the National Cancer Institute has been 
rocked by the discovery lhat researchers submitted fraudu- 
lent data in a large breast cancer trial called the National 
Surgical Adjuvant Breast and Bowel Project. 

The institute later concluded that the falsifications had not 
affected the overall outcome of the study. But Dr. Broder has 
accepted some blame for not acting more quickly. (N)T) 

Christmas Reading at the White House 

WASHINGTON — Santa provided the cheer and Presi- 
dent Bill Clinton contributed the Christmas stories on Thurs- 
day at a White House party for scores of children. 

More than 100 children sat and sprawled on the floor of 
the State Dining Room as the president got comfortable on a 
bench and read aloud from “A Visit From Sl Nicholas or 
The Night Before Christmas.’’ 

Mr. Clinton read the words: “He had a broad face and a 
kittle round belly that shook when he laughed like a bowl full 
of — " 

Then he paused and pointed and the kids shouted the 
missing word: “JELLY.” (AP) 


Tony Blankley, Representative Newt Gingrich's spokes- 
man, replying to a complaint by Representative David Bon- 
ior of Michigan about Mr. Gingrich’s $4 million book con- 
tract: “As Mr. Bonior develops his career as an attack dogTor 
the minority party, he should arm himself with facts rather 
than fluffery. To infer improprieties where there are none is 
scurrilous.” . f NYT ) 

Away From Politics 

• The proportion of American adults who smoke cigarettes 

dropped to 25 percent in 1993, the lowest figure since the 
government began taking regular surveys in 1965, the Health 
and Human Services Department's Office cm Smoking and 
Health said. Seventy percent of adults who smoke said they 
would like to quit. (WP) 

• An allegation that state pofice stop cars on the New Jersey 

Turnpike and search for drugs based on racial profiles has 
been made by the Gloucester County public defender’s office. 
The assertion, denied by the police, is the subject of a hearing 
in the case of 19 men and women, aC black or Hispanic, who 

were stopped and arrested in 1988-91. (NYT) 

9 A Titan 4 rocket Masted off from Cape Canaveral, Florida, 
and orbited a $200 million missile-warning satellite for the 
UJS. Defense Department (Reuters) 

m Five teenagers have been arrested on charges they set fire to 
a San Jose. California, elementary school with a lighter, 

■ - M m: anil innintio torn Pina fionfArc 

i -y.cinp $2 million in damage and injuring two fire fighters. 
The school was dosed for the Christmas holidays when the 

The school was dosed for the Christmas holidays when the 
fire destroyed six classrooms and damaged five others. (AP) 
m A fire that gutted a two-story P faTadHpbi a row boose, killing 
sin childre n ranging in age from 2 to 15, has been described by 
the aut ho rities as suspicious. The mother of four of the 
victims and her ^month-old child escaped the blaze. The 
other two victims lived next door. (AP) 

Police Say Subway Bomb 
Was Part of Extortion Plan 

By John Kifner 

New York Times Service 

NEW YORK — The unem- 
ployed computer expmac- 
Eused of making the firebomb 
that exploded on a subway tram 
Wednesday was plotting to set 
off a series of firebombs m a 
bizarre extortion sp* 1 ®®® 
bold New York Gty’s subways 
and Ibetr riders ransom, police 

°^Thecritically burned suspect, 
Edward J. Leary, 49, was arrest- 
ed in the hospital an hour after 
officers searching his bouse m 
S* pE/W Jersey, 

prv handwritten notes referring 
S the extortion plan. 

They also discovered bomb- 
«»Jdng instructions as wdl .as 
TS farsT nine-volt batteries 
^Tki& toners identical to 
and kJtunen used 

case, spoke only on the condi- 
tion of anonymity. 

Officials believe the bomb 
that exploded on the south- 
bound No. 4 train in Lower 
Manhattan on Wednesday af- 
ternoon, wounding mare than 
40 people, was actually Mr. 
Leary’s second bomb . Less than 
a wed: earlier a similar device 
caused a fire on a subway train 
passing through Harlem. 

Officials say he was appar- 
ently on has way to plant the 
second firebomb when it ignit- 
ed accidentally. 


press -with 
*«ud one official. 
SEffltoibw involvri too* 

M. Emile LAGAS5E, 

M. Maurice LAGASSE, 
and their children, 
regret to announce the accidental 

death of their brother/unde 
on the I3th December 1994. 
The funeral took place 
on the i?ih neccmher 
at Jnua/*-Pnnu-hartrain 
and was auemied by family 
and relations. 

r ' ir.> 

Republicans Plan Repeal of ’73 Limit on War Powers 

By Paul F. Horvitz 

International Herald Tribune 

WASHINGTON — In a move to 
enhance presidential flexibility in for- 
eign affairs, the new Republican ma- 
jority in Congress plans to act quickly 
to repeal the Vietnam-cra War rowers 

The measure, passed by a Demo- 
cratic Congress in 1973 over President 
Richard ML Nixon’s veto, limits the 
president’s power to commit armed 
forces to hostilities abroad without 
congressional approval. 

According to Republican Party and 
congressional sources, repeal would 
help keep Congress from undermining 
a president’s emergency actions, pro- 
vide President BID Clinton with tangi- 
ble Republican support in foreign af- 
fairs and strengthen the hand of the 
next Republican president. 

Discussions are under way in both 
the Senate and the House on repeal 
legislation, according to officials. 

The White House has publicly sup- 
ported amending the War Powers Res- 

olution, but two Senate Republican 
aides indicated in separate interviews 
that the legislation would likely be 
launched by the new Senate majority 
leader. Bob Dole of Kansas. 

“I am confident in predicting,'’ one 
Senate aide said, “that it’s going to be 
introduced on the first day and that 
Senator Dole’s name will be at the 

Although no president has recog- 
nized the measure as constitutionally 
valid, the War Powers Resolution has 
prominently figured in the political 
calculations and debate surrounding 
such ventures as the Gulf War, the 
hpn n»nim rian mission to Somalia, the 
dispatch of Marines to Lebanon and 
the invasion of Grenada. 

More recently, the Clinton White 

House largely ignored demands from 
lawmakers that it seek congressional 

s that it seek congressional 
before sending a force to 

Under the act, a president must re- 
port to Congress within 48 hours of 
sending U5. troops into hostile action. 

in the absence of a declaration of war. 
They must be withdrawn in 60 days 
unless Congress approves an exten- 

The debate over war powers arises 
because the U.S. Constitution names 
the president as commander in chief of 
the armed forces but gives Congress 
the power to declare war. 

Congressional supporters of repeal 
call the resolution a “nuisance" and a 
“relic." They point out that Congress 
wifl retain its power to cut off funds for 
any foreign military involvement. 

“It would say an awful lot to repeal 
War Powers,” one congressional aide 
said. “It would say, ‘We’Ve come out of 
that Vietnam era.’ ” 

William Kristol, a former vice presi- 
dential aide who now heads a Republi- 
can thin if tank, strongly favors repeal. 

“It would be principled and states- 
manlike," he said, “for Republican 
leaders in the Congress to say, ‘Even 
though we now have a Democratic 
president, we’ve always said that the 
War Powers Act was a bad idea.' ” 

In the House, Representative C. 
Christopher Cox of California, who is 
the new chairman of the House Re- 
publicans' policy committee, says he 
came to understand the burden of the 
war powers legislation when he 
worked as a counsel in the White 
House under President Ronald Rea- 

“We now have an opportunity for 
the first time in 20 years to repeal it, 
and that wfll be good for the country," 
Mr. Cox said. “Every time we have 
gotten into a serious military conflict, 
the War Powers Act has gotten in the 

Momentum for chan ging the mea- 
sure has been building for some time, 
but Democratic initiatives languished 
in the last two years. It seems lhat a 
repeal measure would find significant 
Democratic support, even though 
some lawmakers prefer to at least re- 
quire the president to consult with key 
members of Congress before dispatch- 
ing troops. 

The White House clearly wants to 
change the law. Mr. Clinton’s national 
security adviser, W. Anthony Lake, 
called m a speech earlier this year for 
unspecified amendments to it. 

Too often, he said. Congress loudly 
cautions on costs and casualties when 
troops go into action, undermining 
policy at at time when the unflinching 
use of force is called for. 

Senator Jesse Helms of North Caro- 
lina, the next chairman of the Senate 
Foreign Relations Committee, has 
long opposed the resolution and was 
among the few senators to vote against 
it originally. 

Senator Dole voted for the resolu- 
tion in 1973, but he now believes, 
along with some Democrats, that it is 

A spokesman for Representative 
Benjamin A. Gilman of New York, the 
new House Foreign Affairs Committee 
chairman, said that “very pr eliminar y 
chats" on the subject or repeal had 
taken place. 

Roller- Coaster Ride Is Over for a Clinton Symbol of Change 

By Ann Devroy 

Washington Post Service 

she stepped to the White House 
podium two years ago, Dee Dee 
Myers was the visible symbol of 
Bill Clinton's agenda for 
change. Ms. Myers — young, 

hip, female and intensely politi- 
cal — and a band of young 

cal — and a band of young 
outsiders would help run a con- 
tinuous Clinton campaign and 
transform Washington. 

Now Ms. Myers has ended 
what little was left of that 
dream. In an interview before 
her final briefing at the White 

House Thursday, Ms. Myers, 
who was the first woman and 
the youngest White House press 
secretary when she took the job 
at 31, recalled the euphoria of 
winning the White House and 
the struggles once there. 

“There was so much hope 
and so many dreams when we 
came in,” she said, “nothing 
will ever be like that again. You 
get that onoe in your life, to ride 
it from rock bottom to tip-top, a 
lot of people, most people nil] 
never have that ride. 1 am so 
very grateful that 1 did. But the 
cost was high.” 

She lost her job when to be 
“young, hip, shoot from the lip” 
became a Clinton liability, not a 
symbol of change. Ms. Myers 
brushes aside questions about 
her final six months, but others 
in the administration said the 

first lady, Hillary Rodham 
Clinton, and the White House 

Clinton, and the White House 
chief of staff, Leon E. Panetta, 
became convinced months ago 
that the president needed what 
one official called “a more so- 
ber, settled and presidential- 
type spokesman, someone with 
more Washington ex peri ence.” 

Outside the inner circle, 

faced with a dizzying array of 
issues, handed misinformation 
and disinformation by higher- 
ups. she foundered. 

Ms. Myers’ departure and the 
pending departure of a few oth- 
er senior aides will leave in 
place only a handful of the top 
dozen men and women who ar- 
rived with the Clintons. 

Of Ms. Myers’ campaign 
companions, only George Ste- 
phanopoulos and Mark Gearan 
remain in senior posts. Both 
have gone through a year in 
which they were subpoenaed by 
a special counsel, called to tes- 

tily before congressional inves- 
tigators, saw the president’s ap- 

E roval plummet to histone 
>ws, and failed to keep Con- 
gress out of Republican hands. 

■ Successor Named 

The Slate Department 
spokesman, Michael McCuny, 
40, will replace Ms. Myers as 
Mr. Clinton's press secretary, a 
White House official said Fri- 
day, The Associated Press re- 
ported from Washington. 

Mr. McCutry, a Princeton 
University and Georgetown 
University graduate bom in 

Charleston, South Carolina, has 
been State Department spokes- 
man since the beginning erf the 
Clinton a dminis tration. He has 
long been a spokesman in Dem- 
ocratic politics. 

He was a spokesman for Sen- 
ator Daniel Patrick Moynihan 
of New York in the early 1980s, 
and went on to become press 
secretary and adviser in the 
Democratic presidential prima- 

g campaigns of Senator John 
Lenn in 1984, Bruce Babbitt in 

1988 and Senator Bob Kerrey 
in 1991 

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Page 4 




The Danger in Italy 

Another Man government collapsed 
on Thursday. Unless Italy’s politicians 
are careful, public faith in the political 
system could collapse with iL 
The danger is not, as departing Prime 
Minister Silvio Berlusconi would have the 
worfd believe, that a new government may 
be formed without new elections. The daa- 
ger lies, instead, in continuing his efforts to 
impede a judicial investigation into cor- 
rupt ties between politics and business. 
That would only deepen a distrust of poli- 
tics that has already reached disturbing 
levels, even for normally cynical Italia ns . 

The spreading scandal has cast suspi- 
cion on much of the political establish- 

ment that ran the country for 45 years. 
For those oolitidans now to end the in- 

For those politicians now to end the in- 
vestigation would leave the innocent 
tainted along with the guilty. 

In elections in March, voters rejected 
the scan dal- stained Christian Democrats 
and Socialists and turned to Mr. Berlus- 
coni, a billionaire businessman who many 
believed would be too rich to buy. His 
extensive exposure on three television net- 
works controlled by his media conglomer- 
ate, Fininvest, made his rise seem irresist- 
ible. He has since betrayed the voters’ 
trust. A Milan magistrate launched an 
investigation into his earlier role in pay- 
offs by Fininvest. Whatever his misdeeds 
when he was a media magnate; his effort 
to limit the corruption investigation as 
prime minis ter broke faith with Italians 
who wanted corruption cleaned up. 

His coalition partner, the Northern 
League of Umberto Bossi, chose that mo- 
ment to break with him. Rather than face 
a vote of no confidence in Parliament, 
Mr. Berlusconi resigned. It Is up to Presi- 
dent Oscar Luigi Scalfaro to decide 
whom to ask to form a new government, 
or whether to call for new elections. 

By demanding elections now, Mr. Ber- 
lusconi seeks to outmaneuver his rivals. If 
elections are held, he hopes to repeat his 
March triumph — when be captured the 
anti-Commusist vote that traditionally 
went to the Christian Democrats — ana 
again form a government with the neofas- 
cist National Alliance. If Ik fails to get 
elections, he hopes to paint whatever gov- 
ernment takes power as illegitimate. 

In a parliamentary system, however, 
there is nothing undemocratic about form- 
ing a new government without bolding 
elections. That is what Mr. Bossi and his 
allies, the centrist Popular Party and the 
Democratic Party of the Left, reform suc- 
cessor to the Communists, want to do. The 
reform Communists’ potential presence m 

the have lived ^demo- 

cratic principles in the municipalities 
where they held power, although touched 
by scandal, they support political reform. 

The real danger to Italian democracy 
will come if the magistrates are not al- 
lowed to proceed with their inquiry, and 
public disenchantment deepens. 


This Time a Death 

Again gunfire shatters the peace 
around the White House. This time it 
involves a homeless man, shot twice by a 
US. Park Police officer as he wielded a 
laige knife at officers. This latest incident 
was unlike the shooting three days earli- 
er, when 9mm bullets fired in the wee 
hours of the morning by an unknown 

From the videotape, Mr. Comiel ap- 

pears to be standing still before he is shot 
down. He obviously needed to be sub- 

den dal mansion and went through a first- 
floor State Dining Room window. Tues- 
day’s shooting also differs sharply from 
the assault weeks earlier by a Colorado 
man who blasted away at the White 
House with a semiautomatic weapon. 
This time someone died. 

A widely seen videotape of the incident 
shows the victim, Marcenno Comiel, in a 
face-off with four law enforcement offi- 
cers who have their handguns trained on 
him. According to the FBI and other 
witnesses, Mr. Comiel had chased U.S. 
Park Police Officer Stephen J. O'Neill 
from Lafayette Square to the sidewalk in 
front of the White House while brandish- 
ing a large knife. We still don't know why 
Mr. Comiel went after Officer O'Neill. 
Confronted by officers who had respond- 
ed to Officer CTNefiTs need for help, Mr. 
Comiel — again according to the FBI — 
“refused to drop the knife and refused to 
lie on the ground." Apparently for not 
following orders — and with dozens of 
tourists and pedestrians looking on — 
Mancelino Comiel was shot down. Park 
Police officials say it was a tough call to 
make under some pretty awful condi- 
tions. But a man is dead. And now offi- 
cials must defend that decision to fire. 

down. He obviously needed to be sub- 
dued. But, it is being asked, were there 
less violent means available for bring him 
under control, such as the use of stun 
guns, pepper spray or other nonlethai 
devices? At bottom, was deadly force 
justified? Park Police officials say that 
what the videotape fails to capture is the 
officer's fear for his life. Mr. Comiel had 
already demonstrated aggression and ig- 
nored police orders. He was only a few 
feet away. Suppose he had rushed the 
police or slashed innocent bystanders 
with his knife? Fair questions alL The 
metropolitan police d4>artment’s homi- 
cide branch, which has jurisdiction over 
Mr. Conoid's death, is investigating. Al- 
though fellow officers are involved, the 
Metropolitan Police Department and the 
US. attorney who must review the results 
must be objective, fair and honest. 

Judging from Mr. Conoid’s long police 
record in California, the police didn't have 
an angel on their hands. He was a felon 
who committed his brand of violence with 
knives. His body and hands were badly 
disfig ured from bums sustained in a car 
fire, which may have accounted far the 
knife being taped to his hand. He was 
something of a fixture among the homeless 
population in Lafayette Square; His re- 
cord and behavior tell a little something 
about him. But none of that makes his 
death any less a misfortune, or the circum- 
stances any less deserving of a full and 
thorough investigation. 


Gingrich Out of Order 

Representative Newt Gingrich is not 
even speaker yet, and already he is trying 
to cash in on the position. His reported $4 
milli on , two-book deal with a company 

owned by Rupert Murdoch is a serious 
tactical and ethical mistake. It is certain 
to cast doubt on his political indepen- 
dence and his dedication to cleaning up 
congressional reform. It is up to the 73 
Republican freshmen elected under Mr. 
Gingrich’s promise of change to shake 
their leader from his protracted case of 
postelection hubris. Otherwise their cru- 
sade to (md business as usual will — like 
Mr. Gingrich's tenure as speaker — be 
compromised before it starts. 

Mr. Gingrich has a right under House 
ethics rules to write a legitimately fi- 
nanced book and make money from it. 
But be cannot expect to lead a campaign 
based in part on populist outrage at 
Washington sleaze and then take muiti- 
miUion-doQar advances from individuals 
and businesses that have dealings with 
the government Mr. Murdoch's News 
Corp., for example, owns both the Fox 
television network and HarperCollins, 
the speaker-designate's new publisher. 
Millions are ridingon how federal regula- 
tors rule on NBCs challenge of News 
Corp.’s right to own the Fox network. 

Mr. Gingrich is obliged to be sensitive 
to appearances and true to his history as a 
voice for congressional reform. After all, 
he brought down a Democratic speaker, 
Jim Wright by noting that it was unethi- 

to lobbyists and other influence-seekers. 

The Gingrich deal was at least con- 
ducted with a real book-publishing com- 
pany. But its ownership is vitally interest- 

cal to get 35 percent royalties on a pri- 
vately published book peddled in bulk 

has been given an inflated advance de- 
signed to buy his cooperation. 

There is one minimally acceptable way 
for him to write his books and avoid a 
cloud. He can forgo an advance and sim- 
ply wait for the royalties to come in once 
the books are actually on sale. 

There remains, of course, a question of 
propriety. Does he really want to be seen 
as using Ms high position to generate book 
sales? He would be smarter to take the 
path blazed by members of his own party, 
including former Presidents Nixon, Ford, 
Reagan and Bush. They waited until leav- 
ing office to write books for big advances. 

If Mr. Gingrich is determined to write 
while speaker as a means of promoting his 
political ideas, he could follow the exam- 
ple of Barbara Bush, who gave the pro- 
ceeds of a best-seller written during her 
husband’s term to charity. 

While we oppose much of Mr. Ging- 
rich’s program, the New York Tunes edi- 
torial page has supported many of Ms 
plans for congressional reform and sainted 
his ethical pledges. But this deal reeks of 
the old-style Democratic greed. It is 
wrong as political strategy and wrong on 
principle. The Republicans in Congress 
will be foolish to tolerate iL 


International Herald Tribune 




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The West 
Helped Set 
The Fire 

By A. M. Rosenthal 

N EW YORK — By the winter of 
1991-92, after months of intense 

J/N 1991-92, after months of intense 
consultation and negotiation, the com- 
bined diplomatic knowledge, analysis 
and foresight of the West, including a 
half-dozen European nations, the Euro- 
pean Community, NATO and the Unit- 
ed States, brought about several impor- 
tant results in toe Balkans. They added 
up to one giant disaster. 

These results helped create what is 
going on in Bosnia now. They also con- 
vinced the American public that the 
Serbs of Bosnia are foreign invaders, 
with no legal, political or cultural case for 
their own self-determination. The visit by 
Jimmy Carter is a critical time to exam- 
ine four results of Western policy. He will 
certainly have to do that himself. 

1. Civil war became inevitable in Bos- 
nia- Herzegovina, which was never a na- 
tion but rather an adminis trative area in 
Yugoslavia, as it bad been under the 

... and you bloody Americans are just rwt doing your share!’ 

Hapsburgs and Turks. 

The West managed to make the wax 
inevitable by premature recognition, un- 
der German pressure, of Croatia's break- 
away from Yugoslavia, and then by 
pushing for the creation and recognition 
of an independent Bosnian state. 

The West did so knowing that one- 
third of the Bosnian population. South 
Slavs known as Serbs, felt they were 
being denationalized in their own ances- 
tral territory, abducted into a new state 
they did not trust and would fight to the 
death, their own but preferably their 
neighbors’, to prevent it 

2. The West guaranteed that the war- 
ring parties in Bosnia would not be able 
to reach agreement. They did this by 
favoring the Muslims, other South Slavs 
who converted to Islam under Turkish 
rule four centuries ago. The Muslims, 
about 40 percent of Bosnia’s people. 

would be the most important political 
and cultural influence in the new Bosnia. 

The Sbrbs, Orthodox Christians, 
feared that Islam would soon dominate. 
TMs was not a religious war but a civil 
war that grew out of different visions of 
life influenced by religion — something 
like Lebanon or Northern Ireland 
3. The West was willing to create a new 
Bosnia bnt not fight for iL Europeans 
sent some thousands of troops to watch. 
The United States turned white at the 
idea of putting ground troops into that 
mess — the one intelligent reaction in a 
Bush record of passivity and a Clintonian 
record of turnabout, bluff and pretense, 
one of the more embarrassing exhibitions 
of American “diplomacy" in decades. 

Western favoritism toward the Mus- 
lims not only internationalized the war 
but covered up the Bosnian Serbs' his- 
toric case for self-determination. 

If the Muslims had the right to secede 
from Yugoslavia, the Serbs had the right 

to secede from the new Muslim-led tut- 

on endlessly. It is to perpetuate horror. 

The West can reverse the Serbian vic- 
tory — if the United States sends hun- 
dreds of thousands of troops and then 

non they feared. They got military aid 
from Serbia. But since the Serbs of Bos- 
nia and of Serbia saw themselves as part 
of the same nation being tom asunder by 
Musttms. Croats and foreigners, they re- 
fuse to sec it as a crime. 

S oTncfhjng , of course, is missing from 
everything above: atrocity. The United 
Nations has reported horrors by Muslims 
and Croats. But evidence and testimony 
from the United Nations, from Western 
journalists and other witnesses is that 
Serbs have committed the preponder- 
ance of murder, rape, deportation, anni- 
hilation at villages. 

That is why so many prominent Amer- 
icans have made the Muslim cause pas- 
sionately their own. 

Visit Muslim Bosnia and understand. 
But to demand that the United States not 
only aim the Bosnian Muslims but bomb 
bomb bomb the Bosnian Serbs and Serbia 
is to insist that the war widen, that it go 

Serbs down as the Nazis did for four years. 

The question now is how much of the 
territory that Bosnian Serbs control they 
will give up, for how many factories, 
mines, connecting corridors etc. 

Then, after Bosnia, will come the real 
test of war and peace in the Balkans: the 
struggles between the Serbian and Cro- 
atian Slavs, both far more powerful than 
the Muslim Slavs. Anybody for US. 
carpet bombing then? 

The lessons are important For nation- 
alists: Independence goes only to those 
who can persuade minorities to agree, or 
defeat them in batik; For other nations: 
Do not throw the match unless you. are 
willing to smother the flames with the 
bodies of your awn troops. 

The New York Times. 

Christmas Again: It "Whs Unusual, but Some Things Stay the Same 

/CAMBRIDGE, Massachu- 
U setts — The Christmas sea- 
son, that perilous time between 
Thanksgiving indigestion and 
midnight Mass on Christmas Eve, 
is an emotional gauntlet for me. 
It’s a month of almost irresistible 
appeal for “essential" items that I 
can't afford and could easily have 
done without — followed by the 
sticker shock of credit card state- 
ments after New Year’s. 

Besides, 1 find relentless holiday 
cheer inexpressibly depressing. 

It wasn't always so. 

Last year, determined to recap- 
ture the warm glow of childhood 
memories, 1 decided to spend 
Christmas bade home in Pied- 
mont, the West Virginia village in 
the Allegheny Mountains where I 
spent my first 18 Christmases. 

It was a hard sell with my two 
daughters, who are 12 and 14 
years old. No manual for parent- 
ing ever prepares you for the bat- 
tle of wills when you try to per- 
suade adolescents to spend a 
vacation away from their friends. 
Reason soon fa 2s, leaving only 
the recourse of the desperate: 
“Because I say so, that's why.” 

One of the crudest features of 
parenthood is the gradual dis- 
covery that your children have 
lives — their own lives. “Going 
back to Piedmont is like travel- 
ing in a time machine," Liza, the 
younger child, remarked tartly. 
“A time machine to nowhere.” 
The cruelty of youth! 

By Henry Louis Gates Jr. 

Walking with my wife, Sharon 
Adams, and daughters down the 
main drag, Ashfidd Street, which 
resembles those frontier sets you 
see in bad Westerns, I sorted 
through my abundant reserves of 
nostalgia to find my happiest 
Christmas memory. As we passed 
what used to be the five-and-10- 
cent store — it's now a warehouse 
— I remembered Christmas 1956, 
when I was 6 years old. 


That year, my father invited me 
to “ring the bell” for (he Salva- 
tion Army sidewalk appeal, in- 
stalled between the two double 
doors of the five-and-dime. Al- 
though it meant standing in the 
snow, half-frozen, I enjoyed my- 
self — more because my father 
kept me supplied with hot cocoa 
than because shoppers were toss- 
ing money into the red kettle. 

I was gulping my umpteenth 
cup of cocoa when an old black 
man walked by. His name was 
Mr. Smoke OagetL “Evenin’, Mr. 
Smoke,” my father said. “How’s 
it going today?” 

“White man still in the lead." 
Mr. Smoke mumbled as he tossed 
a quarter into the kettle, then 
shuffled off through the snow. 

“What’s that mean. Daddy?" I 
blurted. My father laughed. 

“He always says that," he re- 
plied. ‘Til explain later.” 

I don’t know that be ever did. 

the lap of a black Santa Clans — 
even if that Santa was a red-robed 

watching the re-emergence of 

He must have realized 1 was 
bound to fnpire it oat on my own 
one day. We had other things am 
our mind just then. 

Back home, while I was still 
shivering and about drowned in 
all that hot chocolate, my parents 
consoled me by letting me and my 
older brother open one present 
early. We picked a big box, 
ripped open the wrapping paper 
to find a record player and a 
package of 4 5s that came with iL 
My brother sang “The Great Pre- 
tender” along with the Platters, 
his arms spread wide and his eyes 
dosed. I tried to puzzle out what 
kind of thrill Fats Domino had 
found up on Blueberry HUL 

But the big event of Christmas 
Eve was always the “Amos V 
Andy” Christmas television epi- 
sode, “Andy Hays Santa Claus.” 
We watched it on a 12-inch set, 
which seemed mammoth in those 
days. The episode opens with the 
miserly Kingfish visiting friends’ 
homes, pulling out a Christinas 
card, reading it out loud, then leav- 
ing. “I just bought one," he ex- 
plains, proud of his thrift, “and I 
gcrin’ around reactin' iL" 

even if that Santa was a red-robed 
and white-bearded Andy — that's 
Andrew H. Brown to you. 

Andy had taken the job late on 
Christmas Eve just so he could 
buy a present for Amos's daugh- 
ter, ArbadeHa — an expensive 
talking doQ, which Amos ^just 
couldn’t afford this year.” 

And then 1 saw iL As the cam- 
era panned across an easel and 
paint set — marked $5.95 — and 
a $14.95 perambulator set, there 
in the heart of Santa Claus Land, 
perched high on the display shelf, 
was Arbadetia’s talking dotf. 

She was wearing a starched, 
white fluffy dress, made aD the 
brighter by contrast with the ddl 
baby’s gleaming black skin. A 
blade doB! The first I’d ever seen. 
How fortunate those people in 
Harlem are, 1 thought Not only 
do they have their own depart- 
ment stores. Those department 
stores sell black dolls! My cousins 
had a zillion dolls, but none of 
them black, brown or even yellow. 

You could bet your bottom 
dollar that Piedmont’s five-and- 
ten would stock no such item. 
That ArbadeHa was one lucky lit- 

*Tittle Sloppy” Gates as we as- 
sembled for dinner with so many 

sembled for dinner with so many 
aunts, uncles and cousins that 
our children needed a scorecard 

But what really captivated me 
was that in the all-black world of 
Amos 'n' Andy’s Harlem, there 
was an all-black department 
store, owned and operated by 
black attendants for a black clien- 
tele, whose children could sit on 

tic gut And Andy Brown was not 
as dumb as be looked. 

as dumb as he looked. 


Last Christmas, in Piedmont, I 
found myself struggling against 
the gravitational force of family 
and time, feeling drawn into the 
same old family roles, helplessly 

Of Moral Possibility and Fragile Accomplishments 

our children needed a scorecard 
to tell the players. 

Somehow childhood anxieties 
were easier to tap than childhood 
menimenL “Have you washed 
your hands?” Unde Harry asked 
me as we sat down, as if I were 
still 6. I realized that to him I 
would always be stuck in a time 
zone of ancient Christmases. 0 

Then I remembered our collec- 
tion of “Amos V Andy” video- 
tapes and decided to show it to 
thie girls. While the dishes drip- 
dried In the kitchen, I set up the 
VCR and told them to take off 
their CD headphones and discover 
that marvelous world of warmth 
and solidarity that makes the 
“Amos ’n’ Andy” Christmas show 
such a rare and poignant memory. 

I found myn dfijaa ghing so 
hard at Ktng6sh's^^>ropisms 
and Andy’s gullibility that it took 
me a whole to realize that I was 
laughing alone; TbeyT] get it 
eventually, I thought Just wait 
until they see ArbadeQa’s doll 
and the scene when Amos tucks 
his daughter in bed and teaches 
her the Lord's Prayer while the 
kindhearted Andy sneaks the doll 
under the Christmas tree. 

So how did these two post- 
modernists, reared on “A Very 
Brady Christmas,” Kwaazaa fes- 
tivals , multicultural Barbies and a 
basement full of black dolls with 
names like Kenya and Kianja, 

respond to my desperate effort to 
drag them down my memory 

P ARIS — The millions who 
celebrate Christmas are in 

1 celebrate Christmas are in 
fact, if not consciousness, making 
a radical affirmation about hu- 
manity’s history. They are ac- 
knowledging not only the exis- 
tence of a daty, the creator of the 
universe, but the proposition that 
this deity has directly intervened 
in the course of human events by 
himself becoming a man. 

That, after all, is what it all 
means. If it doesn't mean that, 
Christmas celebrations are paint- 

By William Ptaff 

orag mem down my memory 
lane? “It was garbage,” Liza pro- 

It is useful on certain 
occasions to pose the 
begged questions and 
examine the usually 

of daily life. 

less, other than as some agree- 
able and sentimental occasion 
for pleasing children and ex- 
pressing goodwill toward others. 

The latter is not, of course, to 
be despised. Better good wflj than 
bad. But the question of the deity 
has concerned men from the be- 
ginning, The issue is both existen- 
tial ana moral. Why does the uni- 
verse exist? Is its existence wholly 
accidental random in develop- 
ment, or was it intelligently creat- 
ed. and if so for what purpose, if 
any? Is there a purpose to exis- 
tence, other than the purposes 
men and women have invented 
for themselves? 

I myself find it impossible to 
believe in the random or sponta- 
neous creation or existence of the 
uni verse in all of its small and 
large complexity and harmonies. 

I realize, however, that the no- 
tion of the creating intelligence 

— of God — is nearly as difficult 
to believe, and to believe in a 
deity’s intervention in human af- 
fairs harder yeL However, these 
are propositions with a coherence 
which 1 do not find in the belief in 
an unintelligent and spontaneous 
creation from nothing. 

To say this obviously is to 
touch superficially upon mailers 
of profound preoccupation for 
humans since human conscious- 
ness began. Nonetheless, as we 
take existence for granted for 
most of our lives, it is useful on 
certain occasions to pose the 
begged questions and examine 
the usually unanalyzed assump- 
tions of daily life. 

It is worth doing even though 
these questions are empirically un- 
resol vable. Practical consequences 
follow from the assumptions upon 
which we and our political societ- 
ies act, and the examination of 
those assumptions is an examina- 
tion of where we stand with re- 
spect to political possibility. 

In a book on nationalism, pub- 
lished a year ago. I remarked that 
I believed in the moral constancy 
and continuity of man through 
the millennia, saying that it 
seemed to me presumptuous and 
absurd to think that we, today, 
are the moral superiors of the 
artists who created the Magda! e- 
nian cave drawings of Europe, or 
the hunters and gatherers of pre- 
historic North America, or the 
tragedians of classical Athens or 
architects of Persepolis. 

We obviously five in a much 
more complex and in some re- 
spects more sophisticated society 
than they, with an immensely 
greater knowledge of the physical 
universe and technical command 
over iL But this does not make us 
the moral betters of those people. 

One of the critics of my book. 

Liah Greenfeld of Boston Univer- 
sity, objected to this argument by 
saying it implied that “social and 
political systems must be treated 
as morally equivalent and that we 
have no right to pass judgment on 
systems different from our own." 
If the moral level of mankind is 
constant, “that means that no soci- 
ety can be considered, morally, 
better or worse than another." 

This seems to me a great mis- 
understanding, confusing social 
and institutional progress with 
change in the moral nature of 
man. Of course, some societies 
are superior to others in the way 
they treat individuals, in their sys- 
tems of justice and government 
and in the values they defend. 

But that does not demonstrate 
that the individuals in them are 
belter than the individuals in an- 
other society. It shows merely 
that they have been (provisional- 
ly) more successful in creating 
institutions that reinforce what 
we believe is justice and inhibit 
evil However, history demon- 
strates that these are always 
fragile accomplishments. 

u you believe that no intelli- 
gence is behind existence, and no 
purpose — that the universe is 
absolutely self-sufficient and au- 
tonomous — then it would seem 
that you must believe that moral- 
ity progresses, or you despair. 
Thus modern history has seen the 
repealed formulation of doctrines 
or ideologies of human progress. 
Marxism was one such. In its ter- 
rible way, Nazism was another. 

Nazism aimed, through human 
engineering and eugenics, to pro- 
duce a "super” man, possessing 
unprecedented qualities of au- 
dacity. heroism and w-Jiingness 
for self-sacrifice in the collective 
interest of this superior race. This 
was rubbish, as was Marxism's 

sentimental view of a new Com- 
munist humanity so altruistic and 
spontaneously cooperative that 
the state itself would fade away. 

Both doctrines held that man 
can be turned into something fun- 
damentally different from what 
he has been in the pasL 
The opinion you have of hu- 
man moral possibility is very im- 
portant to now you think about 
political society and action. That 
opinion, in turn, is linked to what 
you think about the nature of cre- 
ation, its intelligibility and the pur- 
pose of existence. With that we 
return to Christmas, which says 
that there is a God and there is a 
purpose to existence I wish my 
readers a very happy Christmas. 

International Herald Tribune. 

® Los Angeles Tunes Syndicate. 

nounced, to my disbelief. 

Maggie volunteered, “Fake, 
pathetic and stupid." 

Liza added: “No 8-yeaj-dd’s 
gonna lay there while their father 
recites them the Lord’s Prayer. 
Yeah, Amos, cut the prayer stuff." 

Then Maggie demanded, “Why 
can’t we watch ‘Ernest Saves 
Christinas'?” — a 6-year-old 
movie for children about a goofy 
white Florida cabdriver who 
helps to find Santa’s successor. 

My father, who had entered the 
room near the end of the pro- 
gram, listened quietly to this af- 
termath. “Looks like the white 
man s still in the lead," he said. 

Henry Louis Cates Jr. Is author, 
mm mugs, of "Colored People. : 
A. memoir. He contributed this 
essay to The New York Times. 




>> • _ - • _ 

L* ■ -■ * 





— i * rv-_*| 




^ - -t* : 

IN OtIK PAGES: 100, 75 AND 50 YEABS AG O~ 
1894: Scandal Epidemic evident itatF&risisthiowmg 

says ban 

editorial:} The epidemic of public 
s c and als that has broken out in 
the two greatest Republics in ex- 
istence — France and the United 
States — suggests the question 
whether tins popular and demo- 
cratic form of self-government is 
not after all a failure; The "scan- 
dales” in Paris have monopolised 

is throwing itself whole-heartedly 
mto wen -earned rejoicings, forget- 
ting — at least for a time — its past 
and present troubles. 

the attention of Europe. In Ameri- 
ca, all eyes are riveted upon a INew 

ca, all eyes are riveted upon a {New 
York] municipal corruption that 
could not have been surpassed. 

1919: Paris Rejoices 

PARIS — Viators will have plen- 
ty to see in Paris to-day fDec. 24L 
the first Christmas Eye to be kept 
with unrestrained gaiety after an 
interval of five years, during 
which period the once “Gay City" 
surprised the whole world by its 
sowar restraint Signs have long 

1944c Christmas Spirit 

Roosevelt in his nationwide 
broadcast on Christmas Eve said 
tot the United States would 
commemorate Christmas Day in 
the traditional American way be- 

^ aus ^<2[ spiritual mean- 

mg. “ The Christmas spirit,” the 
President said, “lives tonight in 
tiie bitter cold of the front lines of 
Europe, m the heat of the jungle* 

Sir fWsofBurmaand® 
Paafic Islands ... We pray that 
wth victory wfli come the new 
aay of peace on earth, in which all 
S ff ?; 0{ earth wfl] join to- 
SjSf rime. That is the 

Bptnt of Christmas.” 

Prf[ r : v : 

V. a- ■••• 

'-i* i 

Utf! U 
^ * 



IvV '".V- 

! r*Si« 


d&jij Ij£p 


Page 5 


r - -■ 

2 Israelis 

Hie in Clash 
In Southern 

f\ f 


Clyde Haberraan 

New York Tima Serwr 

_ JERUSALEM — Israeli 
jwces and guerrillas of the pro- 
*™“ an HezboU ah exchanged 
pulleiy and rocket Ore Friday 
*n some of the heaviest fighting 
in southern Lebanon ihic year 
Two Israeli soldiers and' two 
Lebanese police officers were 
reportedly killed, and seven Is- 
raelis were wound s 

After years of relentless bat- 
tles m southern Lebanon, where 
Israel controls a border strip 
Jat u calls its “security zone, 5 
the Israeli Army and its allied 
Lebanese militia have begun 

casualties. S1 ® n, ^ cantl y higher 

- 1 -Vr-'^ 

In just the last nvo and a half 
weeks, six Israelis and eight mi- 
litiamen were killed, and more 
than two dozen others were 
wounded. Before December, Is- 
rael had averaged one or two 
deaths a month this year in the 
buffer strip, which is designed 
to forestall attacks on Israeli 
towns along the only border 
where Israelis and Arabs still 
have an active battlefront. 

Chechnya Backfire 
Is Squeezing Yeltsin H 
Into a Tight Comer -j 

By Michael Specter 

New York Tuna Sen tee 

MOSCOW — In less than 
two weeks. President Boris N. 

Yeltsin has turned a smoldering 
rebellion in a remote region of 

rebellion in a remote region of 
Russia into a conflagration that 
threatens to rip his weary coun- 
try apart. 

In the process, Russian poli- 
tics has been convulsed more 
violently than at any tune since 
the breakup of the Soviet 
Union. Russian military com- 


Israeli soldiers carrying a wounded comrade to safety Friday after fighting broke out in the southern Lebanon buffer zone. 

Israeli experts say Shiite 
Muslim gunmen from Hezbol- 
lah, or Party of God, are show- 
ing new sophistication and skill 
in their attacks. Also, there are 
more Israeli soldiers patrolling 
the security zone now, making 
more of them front-line targets. 
News reports from Lebanon 
say Israel has had to strengthen 
its force there because of declin- 

ing morale and desertions in the 
militia that it pays and trains, 
the South Lebanon Army. 

“There*s a war of attrition in 
southern Lebanon,” said Envi- 
ronment Minister Yossi Sand, a 
senior Israeli negotiator in 
peace talks with the Palestin- 
ians. He added: “We should 
take the initiative. The initiative 
should not be left in the bands 
of our enemies.'' 

■ Army Joins Peace Talks 

John M. Goshko of The Wash- 
ington Post reported earlier from 

The sporadic Israeli-Syrian 
peace talks here have been ex- 
panded to include military ex- 
perts, partly because the Israeli 
government has concluded that 
invigorated negotiations with 
Damascus might offer the best 
hope for maintaining momen- 

tum in the Middle East peace 
process, according to U.S. offi- 

The sources said that the gov- 
ernment of Prime Minister 
Yitzhak Rabin fears that vio- 
lence in the West Bank and 
Gaza Strip will delay indefinite- 
ly progress toward Palestinian 
self-rule in the occupied territo- 
ries. Therefore, the sources add- 
ed, in order to maintain mo- 
mentum in the peace process. 

the Israelis have decided ro put 
more emphasis on a long-shot 
try at seeking a deal with Syria. 

At Israel’s behest, when Sec- 
retary of State Warren M. 
Christopher visited Damascus 
two weeks ago, he won Presi- 
dent Hafez Assad's agreement 
to add military officials to the 
talks, the sources said. Israeli 
military radio reported that is- 
raeTs chief of staff. General 
Ehud Barak, and Mr. Rabin’s 

adviser. General Danny Yaiom, 
met a Syrian military delegation 
in Washington on Thursday. 

The addition of military offi- 
cials could mean that the two 
sides are preparing to address 
the practical aspects of the cen- 
tral issue in a potential Israeli- 
Syrian peace accord: Israeli 
withdrawal from the Golan 
Heights, which the Jewish state 
captured from Syria in the 1967 
Middle East War. 

\\ ^ FUTURE: Political Crisis Threatens Italy’s Economy 

, umr Continued from Pace 1 Urn cfrmolh/»n>v1 dn/v Mr Rvrliic/vini r^_ 

Continued from Page! 

about S22 billion to the cost of financing a 
national debt of some $1.2 trillion. 

A lack of political leadership and action on the 
economic front could further weaken the lira, 
which would result in higher inflation, not least 
because of Italy’s heavy dependence on imported 
energy priced m dollars. Interest rates might be 
forced higher still, placing a greater burden on 
the cost of financing government debt and inhib- 
iting both company and consumer borrowing. 
Domestic as well as foreign direct investment 
could be slowed, as the political uncertainty 
would erode business confidence. 

Most economists, meanwhile, believe that Mr. 
Berlusconi’s raucous coalition failed to fulfill its 
promises on the economic front, and even dam- 
aged the country's economic standing. 

Despite valiant efforts at fiscal discipline by 
Lamberto Dini, the central banker turned trea- 
sury minister, Mr. Berlusconi is widely seen to 
have botched the handling of urgently needed 
pension and social security reforms. He agreed to 
water down pension cuts after a one-day general 
strike in November. 

lira has strengthened since Mr. Berlusconi re- 
signed od Thursday — from 1.043.5 to one Deut- 
sche mark to 1,039.8. 

Ernesto PaoUilo, president of the Milan for- 
eign exchange market, told Agence France- 
Presse on Friday that the market reaction to Mr. 
Berlusconi's resignation had been positive. He 
added that financial markets did not like the idea 
of Mr. Berlusconi's being asked to form a new 
government “because it would only revive 
tensi on.** 

For his part, a combative Mr. Berlusconi on 
Friday blamed the plunge of the lira and the 
stock exchange during his seven-month adminis- 
tration on “the malevolent media” and on politi- 
cal instability caused by both the opposition and 
by Umberto Bossi, his erstwhile coalition partner 
of the Northern League. 

While Mr. Fazio, the International Monetary 
Fund and the Organization for Economic Coop- 
eration and Development have each called for a 
supplementary budget to tackle the deficit, Mr. 
Berlusconi claimed that his deficit-cutting bud- 
get was one of “absolute rigor.” 

The Depreciation of Silvio Berlusconi Lire per Deutsche mark. 

Aug. 12 Midsummer lira crisis as 
government feuds with anti-corruption judges 

March 27-28 



May 11 
takes office 

manders publicly ridicule their 
own president and refuse to car- 
ry out orders. Mr. Yeltsin’s 
friends have become his bitter 
enemies, and his nationalistic 
detractors have provided the 
bedrock of his support. 

Shadowy figures like Mr. 
Yeltsin’s security chief. General 
Alexander Korzhakov, seem to 
be running the country, and 
public-opinion polls published 
Friday in the newspaper Izves- 
tia showed little support Tor a 
war that appears to worsen ev- 
ery day. 

Yet none of that seems to 
have shaken Mr. Yeltsin. Until 
two weeks ago, if the Russian 
people were ever united in any- 
thing it was in their antipathy 
toward Chechens. Now they are 
more likely to turn their anger 
on their leaders. On Friday, Ye- 
gor T. Gaidar, Mr. Yeltsin’s 
forma prime minister and per- 
haps Russia's most recogniz- 
able democrat, said the punish- 
ing assault on Grozny was 
transforming the nation into a 
police state. It is an increasingly 
common fear. 

And Mr. Yeltsin — who sent 
40,000 troops into the region 10 
days ago but has never ap- 
peared in public to discuss it — 
has backed hims elf and his 
presidency into a comer from 
which he may never successful- 
ly emerge. If he stops the war 
mid withdraws the troops he 
will have gained neither a reso- 
lution to me simmering crisis in 

Dec. 22 

Berlusconi resigns i 

Chechnya or the support of the 
Russian people. If he continues 

Russian people. If he continues 
the assault, he may soon com- 


lmonaoional 1 

pletely level a Russian city that 
his troqis wfll then have to oc- 
cupy and somehow govern. 

It is dear that Chechen fight- 
ers — however desperate and 
poorly prepared — are willing 
to die for their freedom. Their 
leader, Dzhokar Dudayev, 
seems to delight in calling the 
wrath of the Kremlin upon his 
people: But he is supported in 
Chechnya for one reason: be- 
cause he believes it should be an 
independent state. 

That kind of certainty makes 
it almost impossible for Mr. 
Yeltsin to win, or for Mr. Du- 
dayev to lose. If Russian sol- 
diers storm Grozny they will 
certainly take the dty, but just 
as certainty many of them will 

SCALFARO: He Resists Elections Without Reform 

He also failed to achieve convincing deficit 
reductions, largely because he was a prisoner of 
an electoral promise that there would be no new 
taxes. Another of Mr. Berlusconi’s campaign 
pledges was that he would create a minimi new 
' jobs; on Friday the latest figures from ISTAT, 
the national statistics office, showed that Italy’s 
unemployment rate jumped to 12.1 percent in 
October, compared with 11 percent in July of 
- this year. 

Ironically — given Mr. Berlusconi's self-styled 
approach as an entrepreneur who could offer 
solid management of tne Italian economy — the 
current view in financial markets is that the 
Berlusconi government’s collapse is good news, 
even though the political turmoil is not 

And although admitting that only “a miracle*' 
could enable Italy to meet the criteria needed to 
join a single currency under Europe's Maastricht 
treaty, Mr. Berlusconi argued rather improbably 
on Friday that Italy’s European partners should 
agree that economic convergence is no longer 
necessary for monetary union. 

In fact, the present state of affairs in Rome, 
and the likelihood of continued uncertainty. 

government would collapse this week. And the 

In fact, the present state of affairs in Rome, 
and the likelihood of continued uncertainty, 
places Italy in an increasingly irrelevant position 
inside the European Union, as a politically para- 
lyzed and economically disorganized member 

On Friday, President Oscar Luigi Scalfaro 
began the ritual round of consultations to see if a 
new government could be formed. Although 
elections may eventually be inevitable, Mr. Scal- 
faro and many others say they fed that what is 
most urgently needed is a temporary government 
that can at least offer some economic rigor and 
perhaps even complete the process of electoral 
reform before a poll is held. 

Coothued from Page I 
retail conglomerate. He said 
that “a veiy important compa- 
ny of the group” could be sold 
in coming days. He did not 
name the company, but Stands 
SpA, an Italian retailer con- 
trolled by Fininvest, said Fri- 
day that it would seek a buyer 
for its seven Euromercato hy- 

Mr. Maroni, who met Mr. 
Scalfaro on Thursday night, 
leads a moderate faction in the 
federalist Northern League that 
opposes the decision of the par- 
ty’s leader, Umberto Bossi, to 
break with Mr. Berlusconi, but 
it is also against quick elections. 

Italy’s main political parties 
are now sharply divided on 
whether to hold snap elections 
or seek a new coalition govern- 

Mr. Bossi and most of bis 
Northern League, together with 
the opposition Democratic Par- 
ty of the Left (the former Com- 

munists) and the centrist Popu- 

lar Party, say that before 
Parliament is dissolved, a new 

Parliament is dissolved, a new 
voting system should be estab- 
lished. They also want emergen- 
cy deficit-cutting measures. 

Mr. Berlusconi's Forza Italia 
and the Neo-Fascist National 
Alliance want immediate elec- 

Italians voted last March un- 
der a new first-past-the-post 
system, which left a quarter of 
the 945 scats in the two houses 
of Parliament distributed by 
proportional representation. 

Most political groups agree 
the hybrid system did not pro- 
duce the clear result they hoped 
for and needs refining. 

Mario Segni, a centrist and 
architect of the referendum that 
led to the electoral reform, said 
to vote under the same system 
again ’’would mean four 
months of paralysis and a year 
of chaos.” 

Mr. Scalfaro began formal 

consultations on Friday by 
meeting his two surviving pre- 
decessors as head of state, Gio- 
vanni Leone, 86, and Francesco 
Cossiga, 66. 

Mr. Scalf arc’s soundings will 
resume Tuesday, when he will 
start talks with speakers of both 
houses of Parliament and party 

Most Italians would like a 
new, nonpartisan prime minis- 
ter to head a government that 
would lead the country out of 
crisis and then to elections, ac- 
cording to an opinion poll by 
the Directa research institute 

die. The city will then have to be 
run as a military duchy in Rus- 
sia. That may' be a political 
price that even the increasingly 
authoritarian leadership here 
cannot afford to pay. 

“This country is on the verge 
of dictatorship.” the parliamen- 
tary defense committee chair- 
man, Sergei Yushenkov, told 
the newspaper Uteraturnaya 
Gazeta on Friday. ”1 am afraid 
Yeltsin is not in command now. 
1 am not even sure who is." 

like many other critics of the 
intervention in Chechnya, Mr. 
Yushenkov said Friday that he 
had come to the conclusion that 
the main reason for invading — 
to disarm groups of armed ban- 
dits in the region — was a hoax. 

“There are no armed gangs in 
Chechnya,” he said, although 
even most critics of the war dis- 
agree. “Just people driven to 
take up arms for their freedom. 
What the Russian government 
has done there is a tie.” 

It is not unusual for govern- 
ments to lie in wartime, but 
Russian propaganda has 
reached a level unseen since the 
height of the Cold War. As Rus- 
sian warplanes carried out re- 
lentless bombing raids on civil- 
ian targets in the Chechen 
capital on Friday. Prime Minis- 
ter Viktor S. Chernomyrdin 
said at a press conference in 
New Delhi that only military 
targets had been attacked. 

And despite Moscow's des- 
perate efforts (o jam news sate- 
llite t ransmissi ons from the re- 
gion, the truth — that bombs 
are dropping nearly every 20 
min utes on residents of Grozny 
— has been made clear to the 
Russian public with increasing 
tenacity. The headlines of the 
major newspapers Friday spoke 
of the bombing of innocent ci- 
vilians, and interviews with 
Russian soldiers made it clear 
that this a war that nobody 
seems to love. 

Yet there are bandits in 
Chechnya. And if Mr. Yeltsin 
accedes to the clamor for an 
independence, he will look 
weak, be will have not accom- 
plished his goal of disarming 
thieves who five unhindered by 
the laws of Russia, and he win 
risk having to face similar bat- 
tles in otter regions in the fu- 

There were reports Friday, 
later retracted, that the defense 
minister. General Pavel S. Gra- 
chev, had resigned. But there 
are reports almost every day 
that nation's highest military 
leaders are either in open revolt 
or ready to quit. 

Russia today has become a 
country where a leading mili- 
tary figure — General Alexan- 
der Lebed — could say as he did 
in an interview this week that he 
would be glad to take his troops 
to the front, just as long as they 
included the children of the 
president or the prime minister. 

published on Friday. 

The poll said 72.8 percent of 

CHECHNYA: Grozny Is Pounded 

Continued from Page 1 

Italians who expressed an opin- 
ion in the survey favored a “new 

ion in the survey favored a “new 
government with a new prime 
minister who is above party 
politics and has the support of 
different parties in Parliament 

multiple rocket launchers to- 
ward the dxv. Grads, which are 
not particularly accurate, are 
regarded as a weapon of terror 
in urban warfare. 

to 38, to back a call for a mora- 
torium on military actions and 
to hold peace talks. There were 
three abstentions. The motion 

was nonbinding, and efforts to 
call a no-confidence motion 
against Mr. Yriisin failed. 

A presidential aide, Leonid 
Smiryagin, said that Mr. Yelt- 
sin might address the nation 
Saturday (m a political solution 
to the conflict 

In Washington, the State De- 
partment expressed its growing 
concern for the fate of civilians. 
A department statement in- 
cluded a public reminder that 
Mr. Yeltsin had pledged to 
avoid harming rivflians. 

The French government also 
voiced concern following the 
death of an American photog- 
rapher, Cynthia Elbaum, in 
Grozny on Thursday. 

In London, a Foreign Office 
spokesman said: “We are con- 
cerned and have impressed 
upon them the need far a solu- 
tion to be arranged as soon as 
possible which prevents further 
bloodshed and allows the peo- 
ple of the region the full exer- 
cise Of their h uman righ ts." 

different parties m Parliament 
to carry out a number of re- 
forms and then vote.” 

People leaving the dty said 
at the main central market 

( Reuters, AP, Bloomberg, AFP) 

that the cent 
had been virtually 

MEXICO: Success Story Darkens CHRISTMAS: A .Season of Low Spirits in Bethlehem 

. -f 

Continued from ftge 1 

worse, Mr. Zedillo appears to 
have shattered the investor con- 
fidence that was crucial to the 
country’s economic boom. 

To many, the amended Mexi- 
co story is a cautionary tale. It is 
about what can go wrong when 
hopeful foreigners with money 
join the innovative but un- 
steady managers of what has 
always been a complex, un- 
wieldy developing country first 
and an “emerging market” sec- 
ond. . 

It may also be about former 
president Carlos Salinas de 

v .. aF fv tft n n n. 

Gortari’s strategy of .postpon- 
ing a democratic opening ot tne 
political system until of ten-un- 
popular economic reforms were 

concluded. . „ 

After a year that has seen a 
peasant revolt, two pofocalas- 
sa&dnations and a tumiiltuous 
election campaign, many Mon 
cans say eoonouncsjjbibg 
might have be en be tter pre- 

by more aggressnre dem- 
ocratic change- 


ha i v ^raised the restructur- 

■ have iot tnde m , 

; Should force a peso de- 

tjajan^ - — 

^ course of this 
officials said, some 

government economists argued 
strenuously for a devaluation, 
only to be blocked by more se- 
nior officials. 

Senior officials were said to 
have feared a backlash first 
against the governing party by 
impoverished voters in the pres- 
idential election, followed by a 
stain on the legacy of Mr. Sali- 
nas, a candidate to lead the new 
World Trade Organization. 

The peso had a central place 
in the economic strategy of Pe- 
dro Aspe ArmeSa, Mr. Salinas’s 
finan ce secretary. 

For the six years of the ad- 
ministration that concluded 
Dec. I, a stable currency fixed 
the confidence of foreigners 
who poured tens of billions of 
dollars into Mexico. 

Most of it went into relatively 
liquid assets like stocks and 
bonds. Yet while exports and 
domestic savings could not sus- 
tain the country's growth, for- 
age money financed most of 
the gaping deficit that the gov- 
ernment ran to service its huge 
foreign debt and to supply the 
imports demanded by wealthy 
consumers and expanding in- 

In what became a crusade to 
lower inflation to a level that 
would make Mexico's exports 

competitive with those of its 

a partners, Mr. Aspe 
the budget deficit, un- 
proved tax collection and raised 
interest rates. 

frying off its banks, sugar 
prills and telephone company, 
the government had enough 
money left over to finance a $12 
billion anti-poverty program 
that helped compensate for the 
fact that the rich reaped most of 
Mexico's new wealth. 

Continued from Page 1 
ity, after a transfer of five gov- 
ernment departments by die Is- 
raeli military administration in 
the West Bank. 

Two • Palestinian flags hang 
over the bureau entrance, also 
adorned with a picture of 
Yasser Arafat But the office 
has tittle real control over tour- 
ist traffic to Bethlehem, esti- 
mated by Mr. Freij at more 
than a mulion visitors this year. 

Religious and archaeological 
sites in die West Bank outside 
Jericho are still in the hands of 
the military government. Build- 
ing permits for new holds are 
suu issued by the Israelis, and 
the Palestinians have no au- 

thority over Israeli tour nudes. 
Indeed, Bethlehem at Christ- 

Indced, Bethlehem at Christ- 
mastime is an example of how 
Palestinians across the West 
Bank fed they have little con- 

trol over their lives, even though 
the Palestinian Authority has 
taken over critical tasks such as 
taxation and health services. 

The Israeli Army and police 
forces are reinforced in and 
around the town, part of an 
elaborate security operation 
that Israel says is needed to pre- 
vent attacks by militants. But 
res dents call the measures pro- 
vocative and unnecessary. 

At makeshift stands in the 
marketplace, unemployed men 
sell clothes and other goods to 
make up for salaries lost be- 
cause of Israeli restrictions that 
keep tens of thousands of Pales- 
tinians from reaching menial 
jobs in Israel 

The restrictions on entry 
were imposed during the Gun 
Warm 1991, then tightened af- 
ter a rash of Palestinian attacks 
in Israel in March 1993, then 

made tighter still to prevent vio- 
lent reprisals after a Jewish set- 
tler killed 29 Muslims in He- 
bron last February. 

The result has been growing 
West Bank unemployment, 
which Mr. Freij estimates at 
more than 50 percent in Bethle- 

Sabir T ah ham, a toy vendor, 
said holiday sales were poor be- 
cause people had no money. 
“Taking over health and tour- 
ism hasn’t had an effect on us,” 
he said as men crowded into a 
lottery stand across the street 
“A real change would be open- 
ing the way to Israel, so laborers 
can go to work." 

In Bethlehem, Manger 
Square is still dominated by an 
Israeli police station and its 
high fences. Youths recently 
pelted the building with stones 
and bottles, drawing fire from 

Portuguese Family 
Forgets Something 

PARIS — A Portuguese 
family driving home from 
Switzerland for Christmas 
left their daughter at a 
highway service station in 
southern France, only dis- 

covering she was missing 
about 500 kilometers down 
the road, the police said 

The 1 4-year-old girl 
alerted police officers, who 
stopped her parents' car at 
the Spanish border. 

police officers and sending 
tourists scurrying for cover. 

“When the Israelis leave,” 
said Bethlehem's deputy mayor, 
“there will be a realty festive 

had been virtually empty at 
midday. They said that besides 
armed Chechen fighters, most 
of the people on the streets of 
Grozny appeared to be elderly 
Russian civilians who were too 
poor to leave the city or had no 
relatives nearby with whom 
they could stay. 

Moscow announced that 
Russian forces had finally 
sealed off Grozny. But there 
was no independent confirma- 
tion of this, and hundreds of 
refugees continued to stream 
out of the city to the west. 

The refugees were leaving in 
cars crammed with relatives 
and personal belongings. They 
included Chechens as well as 
ethnic Russians, all of whom 
said Grozny had become a dty 
of horrors. 

“They say they’re only bomb- 
ing military sites, but they’re 
hitting apartment boil dings,'' 
said Zemsira Karakhoyeva, 56. 
‘Teopte are dying.” 

Sultan Rushayev, 41, was 

his 69-year-bld father 
e dty Friday morning 

BOSNIA: Carter-Brokered Truce to Start, a Day Late . Then Who Knows? 

Coctiaoed from Page 1 
fires that have led to more death 
and misery. 

“At the end of the year you 
might think this is a modest gift 
but nevertheless it is something 
for the people who have suf- 
fered for so long," said Yasushi 
Akashi, special representative 
of Secretary-General Butros 
Butros Ghali here. 

“We’l! use this period for 
preparation and they'll do the 
same,” said Ejup Game, vice 

tern lories,” said Ratko Mladic, 
the commander of the Bosnian 
Serb army after he and Rado- 
van Karadzic, his political 
counterpart, signed the cease- 
fire in Pale, their stronghold 16 
kilometers east 

president of the mostly Muslim 
Bosnian government. “Who 

Bosnian government. “Who 
knows if peace will come?” 

Bosnian Serb leaders were 
much more optimistic. 

“1 think tins is the first major 
step toward real peace on these 

“Now we think we are on the 
good road," Mr. Karadzic said. 
“It should take us to a final 
political peace.” 

Although Mr. Akashi had 
tried to inclndc a series of more 
ambitious elements in the 
agreement, the final version 
mirrored the Carter proposal 
except for two points. Both 
sides agreed to the cease-fire, 
tte beginning of negotiations 
Saturday on the cessation of 
hostilities, the ending of Serbi- 

an restrictions on humanitarian 
convoys, the resumption of aid 
flights to Sarajevo airport, the 
protection of human rights and 
the opening of Bosnian Serbian 
territory to UN human rights 

Sections calling for the de- 
militarization of the six UN- 
designated “safe areas" around 
Bosnia — including Sarajevo, 
Bihac, Gorazde. Zepa, Ttizla 
and Srebrenica — foundered on 
Muslim insistence that if Mus- 
lim troops left those areas the 
UN would have to protect 
them. Secondly, the demilitari- 
zation proposal also ran afoul 
of the Serbs, who balked at the 
prospect of their troops with- 
drawing from the parts of Sara- 

jevo that they occupy. If the 

Mr. Akashi said that, unlik e 
Mr. Carter’s document, no 
mention was made of aprisoner 
exchange. The reason, UN offi- 
cials said, is that the Bosnian 
government wants prisoner re- 
leases linked with an exchange 
of information about missing 
persons. But the Serbs want the 
two to be separate. 

out of me dty Friday morning 
along with four of his sisters 
and a 2-year-old nephew. 

“The city is burning, he said. 
“Planes are coming in one after 

In the neighboring region of 
Ingushetia, west of Chechnya, 
local officials were scrambling 
to cope with refugees who have 
poured out of Grozny in the last 
few days. Forty-two women 
and children spent Thursday 
night in akindergarten in Slept- 
sovskaya, about 80 kilometers 
west of Grozny. Local relief of- 
ficials said that 34 refugees were 
living in one bouse in a nearby 

Egyptian Police Kill 
Two Muslim Militants 


ASYUT, Egypt — Police 
killed two Muslim militants at 
dawn Friday near Ai Badari, 
security sources said. 

They said the police, acting 
on a tip, exchanged fire with the 
gunmen at a cemetery outside 
Nowawarah, 330 kilometers 
(205 miles) south of Cairo. 


in Paris 

Trace CaB Widdy Backed 

This is a significant point be- 
cause more than 16,000 Bosni- 
an Muslims are missing in tins 
war and many of them are be- 
lieved to have died in Serb jails 
and concentration camps. 

An appeal to President Boris 
N. Yeltsin fen an end to the 
fighting won broad support Fri- 
day in the lower house of the 
Russian Parliament, Reuters re- 
ported from Moscow. 

The State Duma voted, 228 



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Detail of “ Das Undbild, ” done by Kurt Schwitters in 1919. 

The Master of Collage 

By Michael Gibson 

International Herald Tribune 

P ARIS — More elo- 
quently than the mili- 
tant artists of that age, 
Kurt Schwitters, in His 
life and varied work, illustrates 
both the resources of the human 
spirit and the scope of the his- 
torical and spiritual disasters of 
the first hah of this century. 
The presentation of the big 
Schwitters retrospective at the 
Pompidou Centex (to Feb. 20), 
is rather too neat and sanitized, 
however, to do full justice to 
this large, gentle, messy, mani- 
cally dedicated artist 
Bom in Hanover in 1887, 
Schwitters first pursued stan- 
dard studies in fine arts (pro- 
ducing some rather heavy-set 
oil portraits and landscapes), 
spent three months in the army 
behind a typewriter during 
World War L and surfaced in 
Beilin in 1918 in the wake of 
‘'the glorious revolution*' (the 
quotes are his) to make contact 
with the new-born Dada move- 

But Richard Huelsenbeck, 
the driving force behind Dada 
in Berlin, rejected his candida- 
cy. He was utterly dedicated to 
“the destruction of civilization” 
and Schwitters, he rightly as- 
sumed, was not Schwitters nev- 
er believed politics woe the art- 
ist’s business. Art was. And 
Schwitters may be rightly re- 
garded as a sort of holy man of 
art using whatever was at his 
disposal and even the absurd, to 
a constructive purpose. 

His major find was collage, 
and he spent the greater part of 
his career recycling fragments, 
snippets and debris of daily life. 
His most endearing and persua- 
sive works date from 1918 to 
1923, after which he momen- 
tarily drifted toward Construc- 
tivism under the influence of his 
friend Theo van Doesberg, 

In his Erst collages he used 
tram tickets, cigar rings, bits of 
string, wood or clockwork toys 
as weD as standard artist’s mate- 
rials. The overall effect is warm 
and beautiful, which is precisely 
what Schwitters wanted. 

There was also an ironical 
subtext, apparent, for instance, 
in a collage in which the Ger- 
man word “Und” figures prom- 
inently. Taken as an isolated 
statement, it corresponds 

roughly to the English “Well?” 
— a valid question to ask in a 
country that had just m a nag ed 
to bring the world down about 
its ears. 

But in this period of upheaval 
in Berlin, Schwitters felt ex- 
traordinarily happy and free. 
“All was lost, and it had be- 
come necessary to build some- 
thing new out of debris. ... I 
did not see what could prevent 
one from using all the old bric- 
a-brac of the attics and garbage 
dumps as the raw material for a 
p ainting , as one would colors 
turned out by a factory. It was, 
in a sense, a perception of the 
social situation, from the artis- 
tic point of view, a private de- 
lectation, but it was above all 
the ultimate logical conse- 

Essentially, the very form he 
bad created was metaphor: 
Now that everything lies in ru- 
ins, it implied, we can still 
achieve beauty (the good, 
truth), by using what was de- 
spised and rqected by the for- 
mer age. 

Since the public delighted in 
well-defined art movements 
Schwitters dubbed all his work 
Merz, a randomly chosen sylla- 
ble, snipped out of the word 
Commerzbank and, after his re- 
jection by Dada. he took to pre- 
senting himself as a one-man 
movement. His collages were 
Merzworfcs and he filled much 
of his house in Hanover with 
one gigantic, constantly evolv- 
ing sculpture, the “Merzbau” 
(or “cathedral of erotic mis- 
ery”) — which was ultimately 
destroyed in an Allied raid in 
1944. He wrote poems that used 
the same principle of collage 
and were also referred to as 
Merz. “And indeed,” the artist 
concluded, “I now call ray own 
self Merz.” 







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Herald Tribune 

T HEN there was the 
“Ur-Sonaie,” or pri- 
mal sonata. Schwitters 
had at one time want- 
ed to be a composer, but decid- 
ed his technical mastery was in- 
sufficient. Still, the “Ur- 
Sonate” is a musical structure 
of sorts, composed of meaning- 
less syllables that Schwitters de- 
claimed and sang with immense 
aplomb and a powerful voice — 
on rate occasion before an audi- 
ence of stiff Prussian military 
men and aristocratic ladies. 

Breasting hoots of laughter, 
he reduced them to silence and. 

By Michelangelo? The Jury Is Still Out 

J -rv.cWingoithctmi 


ultimately (according to Hans 
Richter who attended one per- 
formance), to highly emotional 
manifestations of gratitude. 

When the Nazis came to 
power, Schwitters was predict- 
ably denounced as a degenerate 
artist and moved to Norway 
with his wife and son. His wife 
(and childhood sweetheart), re- 
turned to Germany to lode af- 
ter family interests and died 
alone in 1944. 

When the Gestapo came look- 
ing for Schwitters after the inva- 
sion of Norway, he and his son 
escaped to England. The artist 
was at first interned as an enemy 
alien on the Isle of Man. He was 
ultimately granted asylum 
thanks tO such influential art 
world figures as Herbert Read- 

All through this period, 
Schwitters continued to work, 
producing portraits and con- 
ventional landscapes to earn a 
Trying (these works are also on 
view at the Pompidou Centre), 
but also Merz collages which, 
on the whole, no longer have 
the aura of earlier works. 

It is hardly surprising. The 
man was physically powerful, 
but the ordeals of two decades 
had taken their toll and be once 
or twice had epileptic seizures, 
something that had not oc- 
curred since his adolescence. 
His disgust with the turn of 
events in Germany led him to 
renounce the German language 
— a significant sacrifice. 

After the destruction of his 
Merzbau (a reconstruction is on 
view in Paris), and thanks to a 
S 1,000 grant com the New York 
Museum of Modem Art, be un- 
dertook a new version in 1947. 

A friend offered Schwitters 
the use of a bam near Amble- 
ride, England, and the artist be- 
gan working at what he called 
the Menzham. He barely bad 
time to create a striking, col- 
ored plaster and stone wall, be- 
fore he died, early in 1948, at 
die age of 60. 

The transfiguration of junk 
into art, of nonsense into mean- 
ing, of a solitary, powerless artist 
into a significant figure of 20th- 
century art, is also a metaphor of 
the predicament of modem soci- 
ety. That is probably why 
Schwitters attracts one today. 
He reminds us that spiritual atti- 
tudes — signified by aesthetic 
values — live on in works such as 
these and that even the most 
vulnerable sometimes survive 
the powers that had, in the short 
term, overwhelmed them. 

[nimtutimol Herald Tritnme 

L ONDON — Our time is ob- 
sessed with great names and 
authenticity of authorship as 
seldom before. Yet rarely does 
the public get a chance to glance at the 
evidence on which certainty is based in 
art history. 

In a f as riria tre g exhibition on view at 
ibe National Gallery until Jan. IS. the 
case of “The Young Michelan ge lo" and 
two paintings reputedly by him is sub- 
mitted to the tribunal by the art histori- 


an Michael Hirst and the conservator 
JUI Dunkerton. As with so many works 
providing an excuse for the great attri- 
bution game, “The Manchester Madon- 
na,” winch, we are told, was painted by 
Michelangelo in 1497, and “The En- 
tombment,” now supposed to have been 
executed in 1500-1501. both surfaced on 
the art market stripped of their history. 

“The Manchester Madonna” turned 
up at a London auction in 1833. Sold as 
a Michelangelo, it then lost its identity 
to become the work of Domenico Ghir- 
landaio, Michelangelo’s master. Offered 
as such to the National Gallery, it was 
turned down twice, in 1844 and in 1845. 
Twelve years later, the Madonna was 
restored to full Michelangelo- hood by 
the German art historian Gustav Waa- 
gen and displayed as a “discovery” in 
the Manchester Art Treasures show of 
1857. In 1870, it was at last bought for 
the nation. But by the 1960s and 1970s, 
its Michelangelo status had been down- 
graded in hypothesis. 

The story of “The Entombment” reads 
like a murkier version of the previous one. 
The picture was apparently spotted in 
Rome in 1845 or 1846 by a Scottish 
painter and photographer, Robert Mao 
Pherson. He saw it in a job lot at the 
auction of Cardinal Fesch's collection. 
Later, MacPfaerson bought it for a trifling 
sum from the dealer who had acquired ij. 

W HISKED out of Italy in cir- 
cumstances that the exhibi- 
tion catalogue does not dwell 
upon, “The Entombment” 
was sold to the National Gallery in 1868. 
The gallery director, William BoxaU. be- 
lieved in it (naturally). So did Giovanni 
MoreDi, “tire father of modem connois- 
seurship,” in the words of Nicholas Fen- 
ny, currently Core curator of Renais- 
sance painting at the National Gallery. 
But Penny goes on, “The greatest of Brit- 
ish connoisseurs, Sir John Charles Robin- 
son, would not accept it” Nor have some 
other specialists in tins century. So, what 
about the latest pronouncements placing 
"The Entombment,'' like "The Manches- 
ter Madonna,” in the years Michelangelo 
spent in Rome, between 1496 and 1501? 

The problem is that not one painting 
survives from these early years. While 
Michelangelo was admitted to the studio 
of Ghirlandaio in 1488, he gave more 
attention to sculpture. In 1489, he entered 


Entombment” Hie -SfS 

bly and sparsely laid out, with. Only 
seven paintings, a few drawings an&fc 
few sculptures, is as flatting to fflear 

doubtedly is- The. figures are swwu 
standing in improbable postures^twqpf 
them off balance, hardly aplauwbterms- 
take from a sculptor. In paticutot, a 
I onian bending backward display s h" 

corded work. Add the mmang posture 
and soppy lacrymose face of the woman 
to the far right, and the likelihood ofthe 
attribution recedesfurther stilL 
If anything, ‘The Entombnrerf” 
looks a bit closer to the “Vagaf a« 
Child with Saint John” ascribed nnhe 
c atalogue to “an associate of M r ch dari-. 
grfo.” There too, the figures are gjvea 

-r-w.* sc.r . 

'The Manchester Madonna, ” at the National Gallery in London . 


the sculpture school opened by Bertoldo, 
a former assistant to Donatdlo. There 
Michelangelo assimilated the sculptor's 
drills and became acquainted with An- 
cient Roman art. 

Michelangelo’s earliest surviving work 
is a marble rdlief known as the “Madonna 
of the Stairs” carved around 1490. It 
displays total mastery even if the style is 
very much that of the Donatdlo studio. 
His next work of note has a hilarious 
story attached to it “Sleeping Cupid” 
was admired by Lorenzo diPie rf rancesco 
de' Media. So much, indeed, that the 
prince advised, in his kindness, the sculp- 
tor to age the marble and send it off to 
Rome where it would fetch a much bi g g e r 
price as an Ancient Roman piece. A deal- 
er took the marble and sold it toon agent 
of Cardinal Rafael Riario in Rome for 
200 ducats while assuring Michelangelo 
and the ponce that he had received 30 
ducats for the sculpture. 

Italy being Italy, word soon readied 
the cardinal that the “antiquity” was a 

modem Fl or e ntin e work. The churchman 
promptly sent his agent Jacopo Gallo to 
Florence to investigate the matter. Not 
only did GaHo swiftly identify the culprit, 
but, more remarkably, the smooth inter- 
mediary persuaded Michelangelo to ac- 
company him to Rome. Riano retained 
the young artist in bis service. He sent 
hack flic “fake” to the — it would 
be unacceptable for your Renaissance 
churchman-connoisseur to be tricked. 

Michelangelo was launched as a 
sculptor. A standing figure of the drunk- 
en. Bacchus made him famous — die 
larger- than-Iifesize marble is in the Bar- 
geho Museum in Florence. 

No wonder that the earliest folly do- 
cumented picture by Michelangelo, a 
“Virgin and Child” that the artist paint- 
ed for his friend Angelo Doni some time 
between 1504 and 1506, has a strong 
sculptural feel The handling of the 
Doni tondo is one of the arguments, 
probably the most convincing, feu as- 
cribing The Manchester Madonna” to 

beyond doubt, it would reveal an qzxscS- 
peeled flaw in the painter’ s mastery.^ : - 
Here conns the downside of our dar- 
rent obsession with nflnje&WercJl not 

pjctur^^w^^TC^? begrantelthe 
honors of such an exalted cxMlntkxL 
There is so little irony in thc fact that a . 
masterpiece unknown to all but art pro- 
fessionals should be dragged into. -.the 
HmeEght in that same show, as back- 
ground material to the two “Michelange- 
los.” This is Francesco Granacri’s *Rest 
on the Flight into Egypt with fee Izrfanl 
Saint John,” bdievedto have been paint- 
ed about 1494. The composition with the 
Virgin balding sideways as she 1m s 
protective hand an the bade of httie John 
is original Joseph leading a mule in the 
distance is an equally new idea. The Ace 

subtle. Granacd, also a pupal of Ghirian- 
daio’s, developed a dose friendship with - 
the young Michelangelo. Not much is 
made of him, noris, regrettably, the Na- 
tional GaDexy- of Ireland in Dujbfo, 
which owns the printing; a top priority to- 
those who tram in search of art. 

There should be more exhibitions of 
this type: lean, beautifully laid out, craft- 
ed in the finest detail and dealing with 
major issues. Whether the viewer agrees 
or not matters little. The pleasure of gazr 
ing at art in peace; without the hype of. 
mega-shows, and of reading intelligent 
research (they regrettably forgot to in- 
.dude in the book a table of illustrations 
and chronology of Mjti&angrio’s Work, 
proven and tentative, but never mind), is 
a perfect Christmas treat 

In Homage to St. Mark, Patron of Venice 

By Roderick 
Conway Morris 

Intemattona/ HtmU Tribune 


V ENICE — One of the 
strangest buddings on 
earth, St Mark’s Ba- 
silica is a kind of solid- 
state, sumptuously illustrated 
encyclopedia of Venice’s histo- 
ry, government, economy and 
everyday Efe. 

As with all the best reference 
works, some of it was commis- 
sioned, but most of it was ener- 
getically pillaged from impecca- 
ble sources — principally the 
Byzantine east — with numer- 
ous eclectic touches, from the 
Gothic spires to the four bronze 



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horses that though hijacked 
from Constantinople, probably 
began life in Rome. 

A 19th-century English archi- 
tect may have disdained “the 
lumpy form of the cathedral 
which surprises you by the ex- 
treme ugliness of its exterior 
. . . aD m bad taste,” but few 
before or since have remained so 
immune to to the exuberant al- 
most barbaric splendor of its 
domes, arches and pinnacles, 
and the awe-inspiring, glittering 
richness of it marble and gold- 
enemsted interior. The very sur- 
face you tread would be a strong 
candidate for the title of most 
beautiful floor in the world. 

St Mack's was consecrated 
900 years ago and to celebrate 
the anniversary the crypt (now 
below sea lewd) has been sealed 
with resins in a 10-year project 
and rendered improbably dry, 
the restorers 1 scaffolding that 
has shrouded parts of the facade 
for weS over a decade has been 
removed and a revealing “Hom- 
age to Sl Mark” exhibition is 
being staged in the doges’ apart- 
ments of the Palazzo Ducak 
next door (until Feb. 28). 

Venice's original patron saint 
was Theodore of Heraclea, 
whose statue, trampling a croco- 
dOo-hke dragon, stSl stands on 
one of the two massive granite 
columns in Hazzetia San Marco. 
By the ninth century, however, 
when the r^mbiic had already 
established itself as a maritime 
power to be reckoned with, the 
Venetians fdt the need of a pro- 
tector with more prestige. 

In 829, two Venetian mer- 
chants spirited away the remains 
of the Evangelist St Mark from 
his tomb in Alexandria, getting 
them past Egyptian customs of- 
ficers, according to legend, by 
covering them with pickled pork 
(the scene is depicted is a 17th- 
century mosaic in an arch of the 
church’s facade). 

Possession of a top-notch 
apostle not only worked won- 
ders for Venice’s international 
standing but also served to ie- 

S ’ bruize and reinforce the au- 
ority of the doge and of the 
state’s oligarchical republican 
form of government. For the 
relics never fell into the hands 
of die Catholic Church — re- 
maining, as it were, the personal 

property of successive doges, 
housed in what was officially, 
until the end of the republic in 
1797, the doges' private chapel 
Two more modest, earlier 
churches existed on the rite of 
St Mark’s, but in the mid- 1 1th 
century it was decided that 
something altogether more 
spectacular was required to 
honor the saint who had presid- 
ed over Venice's inexorable rise 
to prodigious wealth. 

T HE present basilica 
was built on the model 
of the Holy Apostles 
Church in Constanti- 
nople, and Byzantine artists and 
craftsmen were imported to cre- 
ate the mosaics. In the 13th cen- 
tury — after the fourth crusade’s 
sack of Byzantium — the church 
acquired its present level of al- 
most absurd opulence. Thou- 
sands of columns, panels, reliefs, 
statues, bronzes, icons and other 
embellishments were added to 
the church — and with its trea- 
sury now stuffed with much of 
the contents of the Byzan tine 
emperors’ collection, Venice 
could at last almost dam? to be 
the successor of the New Rome. 

Wisely, _ “Homage to St. 
Made” does not attenmt to com- 
pete with either the baaBca or 
die treasury in sheer magnifi- 
cence — but nonetheless has 
some wonderful sights to offer. 
The central theme is the image 
and symbolism of Sl Mark and 
the diffusion of his gospel. 

ore and kings Bibles were some- 
times transformed into luxurious 
products an which vast amougg 
of money were lavished. Only 
about a dozen of these very eariy 
“Purple Codexes” (their pages 
dyed with the imp erial color 
inscribed in sirvex ink) have 
come down to us, five of winch 
are here. Scarcely less interest- 
ing are a number of andest 
stone and ivory thrones, some 
probably used to display gospels 
rather than churchmen. 

Sl Mark came to play such a 
central role in every aspect of 
Venetian life; that city, state and 1 
saint became synonymous. And, , 
when the republic ooQapsed in 
the face of the French onslaught, 
the despair-laden rallying ay of 
Vance’s ill-prepared defe nders 
was simply “Marco! Marco!” 



A Prehistory of Television 

By Michael Ritchie. 247 pages. 
$23.95. Overlook. 

Reviewed by 
Trey Graham 

I N the spirit of “Quiz Show ” 
here are some quick ques- 
tions: What star had a role in 
the first televised performance 
of Shakespeare, and whose air- 
waves carried the program? 
Which researcher created the 
most gruesome experimental 
camera, and what part of pie 
human anatomy did it contain? 

Anyone who doesn’t haw the 
answers at hand might want to 
pick up a copy of “Please Stand 
By,” an engaging new “prehis- 


Aulhors Worid-wkfe mvflod 
Witte or Send your manuscript to 

tory” of the tube that covers the 
quarter-century between the 
first mechanical telecast and 
the debut of the first real “sea- 
son” on NBC. 

Author Michael Ritchie, in a 
bit of irony that wifi be most 
appreciated by those who read 
the book, is best known as a 
motion picture director, having 
brought us “The Candidate,” 
“The Bad News Bears” and 
other films. But Ritchie clearly 
harbors none of Hollywood's 
legendary disdain for the art of 
tin smaD screen. “Please Stand 
By,” in fact, is like television at 
its very best: lively, informa- 
tive, accessible and marvelously 

Who knew, for instant*^ that 
Marilyn Monroe played her 
first screen role not in the movie 
houses but on Los Angeles' 
fledgling KTLA? As Ritchie 
tells it, the novice actress (still 
known as Norma Jean Baker) 
developed a paralyzing case of 
stage fright during a live broad- 
cast of “Armchair Detective” in 
1947 — years before she came 
to the public’s attention in “The 
Asphalt Jungle.” 

Ritchie follows the develop- 

ment of television technology 
and programming through 
what can only be described as 
two exceedingly experimental 
decades. He ends his chronicle 
on Dec. 27, 1947, when a freak 
snowstorm in New York Gty 
nearly wrecked the first broad- 
cast of an NBC show called 
‘Puppet Playhouse,” starring a 
character named Howdy 
Doody. The course of broad- 
casting history since then has 
bora amply documented; what 
makes “Please Stand By” a 
valuable addition to television 
lore is its account of the years 
before the rise of the networks. 

That’s not to say the book is 
perfect. Rjtchie's stories about 
studio disasters are often de- 
lightfully funny, and his re- 
search seems thorough, but the 
organization of his chapters 
sometimes results in overlap 
that may confuse readers. StilL 
the author's obvious affection 
for his subject is winning, and 
he does demonstrate a certain 
flair for the dryly delivered an- 
ecdote. One such is the tale of 
the first televised utterance of a 
certain four-letter epithet, 
which came during a live chil- 

dren’s show on the now-defunct 
DuMont network after a cam* 
cr aman bunted bis posterior bn 
the red-hot “cherry light” 

Now, the answers to the quiz: 
Walter Matthau, who had . Been 
Iagp in a televised “Oth fi flo’ r in ' 
1948, thought for a long tuna 
that be was part of the fist , 
Shakespeare on TV. ButbyRit- 
cnie s account, that prize goes to 
Laurence Otirier, who apparent- 
ly corrected Matthau ong ni ght . 
al an awards dinner, pom ting 
out that he had been in the very ■ 
first video broadcast of the Bard 
7 - a performance of “As You 
Like It” on the BBC in 1936. 

And the idriest televisics 
camera known to man? Let's , 
just say yon wouldn’t want 
k’p 5 Baird, a Scotsman 
who did early television rC- 
warch m England, to get his 
hmids on your eye-donor card. 
as for the specifics of his most ' 

^ * 

p ra ham, who writes . 
and other me#* 


7; 4;;. 
• " *■«*_ 

**'r . '• >« 

-~C!. • 

" s >. 

'■'A - 

i i'*?iice 


4. ‘ -l' ' 

THE TRIB INDEX: 112.39® 

International Herald thh.™ . . 1 L 

SSoTjten^ona^tnvestel^^ 0 ^ Stock lndex ®* composed of 
byBloomberg “ mP “ M 


World Index 

12/23/94 close: 112.39 
Previous: 1 12,30 

90 * 


N D 

N D 


Appro*, waghting: 20% 
Close: 96.44 Prev.: 96 3B 

Appro*. weighting: 5% 
Close; 110.46 Prev.: 10754 



The rntei tracks US. dollar values of stocks trr Tokyo, Nam York, London, and 
Argentina, Australia. Austria, Betflkan, Brazil, Canada, Chita. Denmark. Finland, 
France, Germany, Hong Kong, Italy, Mexico, Netherlands, New Zealand, Norway, 
Singapore, Spam. Sweden, Switzerland and Venezuela. For Tokyo. Now York and 

London, the index is composed of die 20 top issues in terms of marker capitalization, 
otherwise the Ion top stocks are tracked. 

V loduahrial .Sectors 

I ' : S 



Fn. Frav. % 

dw dm ctmga 








112.43 112.48 -0.04 

CapBal floods 





122.51 122.19 +028 

Haw Materials 





113.76 113.95 -0.17 

Consumer Goods 





111.12 110^1 +0.28 





For mom information about die Index, a booklet Is avadable freed charge. 

Write to Trib Index, iBi Avenue Charles de Gaulle, $2521 NeviOy Cedax. Fiance. 

ExrBanesto Head 
Is Jailed for Role 
In Bank’s Collapse 

By Erik Ipsen 

International Herald Tribune 

The man consistently voted 
by Spaniards as the most ad- 
mired businessman in the land 
was driven in an unmarked po- 
lice car Friday to spend the first 
of what could be several Christ- 
mases behind bars. 

live rival to Felipe Gonzdtez, the 
> Socialis 

long-serving Socialist prime 
minister, and who was noted for 

9 International Hamid Tribune 

his late nights in Madrid's trend- 
jest flamenco bars, the prospect 
of years of existence framed by 
steel bars marks the latest in a 
dizzying series of humiliations. 

Nowhere outside Spain was 
the news more unwelcome than 
at the New York headquarters 
of J. P. Morgan 8c Co. 


German Outlook? Try Again 

By Miriam Widman 

Special to the Herald Tribune 

B ERLIN — As German economists 
peer into their crystal balls for hints 
of wisdom about the economy next 
year, most would rather forget their 
predictions for 1994 — and 1993. 

Many German analysts, both, private and . 
in the government, have been dead wrong two 
years m a row. This year they were too pessi- 
mistic; last year too optimistic. 

Most early forecasts this year called for a 1.0 

tic product The government was even more 
pessimistic, predicting an increase of between 
0.5 percent and 1.0 percent in West German 
GDP \ statistician at the Economics Ministry 
in Bonn who asked not to be identified said the 
emphasis was “on the 1 permit” 

emphasis was “on the 1 permit' 

“We were in good company” admitted 
Thomas KuH an economist with the West- 
deutsche Landes bank Girozaatiale in DOssel- 
dorf. WestLB, like many other German 
banks, predicted at the end of 1993 that this 
year’s rise in West German GDP would 
amount to 1.0 percent 
Now, most said they believed West Ger- 
man GDP growth this year would hit at least 
2.5 percent The government s forecast has 
been revised upward to between 2.0 percent 
and 25 percent with an emphasis on the 25 
percent OffSals see a 3.0 percent .GDP roe 
for aD of Germany, in hue with private ana- 
lysts’ expectations. 

fn 1993 many economists expected flat 
growth. Actual figures showed a 1.7 percent 

What went wrong r 

“The depth of a turnaround is just hard to 
predict,” said Rainer Scbroeder, an econo- 
mist with the Dresdner International Re- 
search Institute. But, be said, analysts gener- 
ally got it right when it came to predicting the 
recession's low point and when the economy 
would turn around. 

Robert Lind, an economist with Hoare Go- 
vett in London, said the problem was the 
nature of forecasting, which he called “a glori- 
fied extrapolative procedure by nature.” The 
trouble is that forecasters take the most recent 
information and try to project it outward. 

The economist from the Economics Minis- 
try attributed the inaccuracy to two surprise 
occurrences: stronger exports because erf fast- 
er growth in Germany’s main trading part- 
ners, and a smaller decline in private con- 

He noted that in the beginning of the year 
higher taxes removed 8.0 trillion Deutsche 
marks f$5 billion) from consumers’ pockets. 
A rise m social security contributions took 
away an extra 20 billion DM. With less mon- 
ey to spend, the ministry and many private 
economists predicted consumption would de- 
cline sharply. But consumers continued to 
spend, taking money from their savings. 

So what’s the likelihood that analysts will 
get it right in 1 995? Perhaps Remhard Kudus, 
an economist with the Federal Association of 

■German Industry, has the right approach. 

a fore 

‘Tm not in favor of taking a forecast out to 
the decimal point,” he said. “Let’s just say 
that we can expect a better result next year 
than this year.” 

Analysts say they are more confident of 
their predictions for 1995. But at least if they 
get it wrong, it won’t be the first time. 

The jailing without ball of 


Less than a year before Ban- 
es tos collapse and subsequent 
rescue by Spain’s central bank, 
Morgan led an international ef- 
fort to raise nearly $700 million 
for the bank through tbe sale of 
new Banesto shares. Morgan’s 
own Corsair Fund of institu- 
tional investors bought $175 
million of the new shares, mak- 

Mario Conde, the former head 
of Spam's fourth-largest bank, 
came five days after he began 
37 hours of intensive question- 
ing by authorities. 

Spanish authorities reported- 
ly have accused Mr. Conde of 
embezzlement and fraud con- 
cerning as much as 7 billion 
pesetas ($52 million) of assets 
of Banco Espaflol de Credito 
SA, or Banesto, although there 
was no announcement Friday. 

A week earlier, Banesto’s for- 
mer deputy chairman, Arturo 
Romani, was jailed after an in- 
dictment on similar charges. 
Nearly a dozen former Banesto 
officials are currently under in- 
vestigation, although no 
charges have yet been brought. 

Mr. Conde’s jailing came five 
days short of the first anniversa- 
ry of the near-collapse of Ban- 
esto, which was then taken over 
by the central bank, tbe Bank of 
Spain. Its authorities later re- 
vealed that Banesto had faced a 
shortfall erf 605 billion pesetas. 

The downfall of Mario Con- 
de, the suave 46-year-old former 
lawyer who numbered King 
Juan Carlos among his friends, 
shocked tbe international bank- 
ing fraternity last year. 

For the man who was once 
regarded as a leading conserva- 

mg it Banesto’s largest share- 

Ider. The move, which came 
after months of careful exami- 
nation of Banesto’s books by 
Morgan, was then hailed as 
proof of Banesto's improving 

On Friday, television news 
broadcasts in Spain were domi- 
nated by reports of what Mr. 
Conde could expect of life this 
holiday season at the AlcalA- 
Meco high-security prison 40 
kilometers (25 miles) east of 
Madrid. If convicted on all 
counts, Mr. Conde faces as 
much as 24 years in prison. 

Both Mr. Conde and Mr. Ro- 
mani stand accused of, among 
other things, selling companies 
from Banesto's vast portfolio to 

other companies that the^ 

themselves owned and then : 
mg them back to tbe bank at 
inflated prices. 

In addition to criminal 
charges, Mr. Conde faces a civil 
suit filed by Banesto holders. 

Four months after the rescue 
of Banesto by the Bank of 
Spain, which quickly ousted 
Mr. Conde and his board of 
directors, Banesto was sold to 
annrtmr large Sp anish institu- 
tion, Banco San under. In 
April, Banco Santander paid 
$2.28 billion for a majority 
stake in Banesto, an acquisition 
that boosted Santander to the 
position of Spain's largest bank. 

Banco Santander announced 
Friday tbatit had sold 1 percent 
of Banesto to J. P. Morgan. 

In doing so, Santander issued 
a statement welcoming J. P. 
Morgan to what it called “part 
of the stable nucleus of Banesto 

EU Offers 

On Tariffs 

International Herald Tribute 

BRUSSELS — The Europe- 
an Union and the United Slates 
appeared to back away from a 
trade dispute Friday as U.S. of- 
ficials expressed optimism over 
an EU offer of tariff conces- 
sions on semiconductors, com- 
puter parts and chemicals. 

The EU offer, made late Fri- 
day after three days of high- 
level telephone and video con- 
ference calls, would effectively 
maintain existing low or zero 
tariffs on chips, computer parts 
and chemicals imported by 
Austria, Finland and Sweden 
after they join the Union on 
Jan. 1, EU sources said. 

U.S. companies like Intel 
Corp. and Motorola Inc. sell 
more than $i billion a year of 
electronic components to those 
countries. They would face in- 
creased duties of more than 
$100 nriUktn if the three coun- 
tries adopt EU tariff levels, the 
United States has estimated. 

But the offer does not include 
agriculture, the sources said. 
The United States is eager to 
maintain its exports of rice, or- 
ange juice end almonds, which 
face few tariff barriers in the 
three countries. But southern 
EU states, which compete in 
those areas, insist that the coun- 
tries adopt EU tariffs. 


Cross Ratos 

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t&n Zurich and How Yortoaenfnaondcka- 

too prices; New Yet * camut IFetnmn U 

Source: Reuter*. 


Mexico’s Bonds Feel the Heat 

End of a Tough Year S&P Drops Credit Rating 

By Kenneth N. Gilpin 

Sew York Tuna Service 

NEW YORK — In large measure. Mexico’s financial 
future rests with American investment companies. But the 
events erf the last two days, the latest in a siring of surprises 
this year, have led some to wonder if Mexico is truly on its 
way to becoming a relatively safe place to invest 
“The assumption was that in 1995 Mexico would become 


investment-grade,” said Joyce Chang, a director of emerging 
markets research at Salomon Broiherc in New York. “In the 

short term, that is not now likely to happen.” 

Mexico's stunning decision to devalue the peso, and then 
allow 115 currency 10 float against the dollar, have shaken but 
not completely shattered Wall Street’s confidence in Mexico's 
continued transition from a debt-ridden Third World nation 
to a prosperous, free- markel-orieo ted economy. 

The damage suffered by Mexico’s credibility can be mea- 
sured in the way financial markets hare treated the country's 

assets: In two days, the value of such peso-denominated 

rl v 30 perc 

assets as stocks and bonds has fallen nearly 30 percent. 

“We feel Mexico will recover,” said Ed Cabrera, manager 
of Latin American strategy for Merrill Lynch & Co. “The 
question is how long that will take.” 

Yet even before the current crisis, money manager s were 
starting to move substantial amounts of money out of Mexi- 
co. After heavy inflows from 1991 to 1993, it was a develop- 
ment that the members of the international financial commu- 
nity had expected. 

“It is important that investors in these markets recognize 
the uncertainties, and it is probably most practical to take a 
medium-term perspective,” said Charles Dafiara, managing 

See INVEST, Page 8 

Compiled bv Oar Staff From Dispatches 

NEW YORK — Standard & Poor's Coip. said Friday that 
it was lowering its rating on Mexico's peso-denominated debt 
and putting tbe country’s long-term debt in foreign currencies 
under review following the fall in the peso's exchange rate. 

The company lowered its rating for the peso-denominated 
debt from AA-minus to A-plus. And it put the long-term 
debt, rated at BB-plus, on its CreditWatcb list with negative 

The moves affect about $30 billion of debt. While the peso- 
denominated debt remains investment-grade, lower credit 
ratings mean Mexico City will have to pay higher interest 
rates to borrow money. 

The CreditWatch placements reflect tbe greater difficulty of 
financing a current accoum deficit with the depreciation of the 
peso and heightened economic policy uncertainties. S&P said. 

The peso has lost about a quarter of its value this week. The 
Mexican government lowered the peso's trading floor Tues- 
day and on Thursday allowed the currency to float freely. The 
peso stabilized Friday, trading late in the day at 4.70 to the 
dollar, compared with 4.80 late Thursday. 

“The markets overreacted yesterday,” Javier Murcia an 
economist for Latin America at Paribas Capital Markets in 
New York, said Friday. “That’s typical for a panic situation.” 

The rating agency said the sharp depreciation had height- 
ened economic policy uncertainties. It said those develop- 
ments could weaken Mexico’s incipient economic recovery, 
compounding the political challenges already confronting the 
country's new government. 

Mexico's heavy dependence on foreign capital inflows 
demands strict adherence to conservative economic policies. 

See DEBT, Page 8 

A Raging Bull Takes a Fall 

The inctex below, tie Financial Timas-Actuanes world index for Mexfco expressed in dollars. 


Weekly doses 

and Thursday's 



December ism Mexico announces the sale of 
Teltfonos de Mexico, its national telephone 
company, to a consortium foat Indudes 
Southwestern BeB. signaling a new wHlingnessto 
open strategic industries to American Interests. 

January 1994 Chiapas Indians 
revolt, kilting more than 145 in 12 
days of fighting. North American 
Free Trade Agreement takes effect I 


February 1990 Mexico agns debt reduction 
agreement, lowering its debt burden by as 
much as 20 percent and guaranteeing that 
remaining bans wifl be repaid. 

ZediJto Ponce 



july 1969 Mexico reaches agree- 
ment to reduce its debt wBh 
Western and Japanese banks. 


Carlos Salinas 
begins term as 

MARCH 1994 

Luis Donalds 

Colosio, a 
candidate tor 
president, is 
at a rally in 

The Mexican 
abandons Hs 
efforts to 
defend the 
peso and 
that it wifi 
allow the 
peso to float 

Source: Datastream; Goldman, Sachs & Company 

The New Yort Tunes 



CH h to da n ofrinaflonel ft Evangeica* Sm- 
day Service KMX) am & 1130 am/Kkfe 
Wefcoma De CUssmbaat 3, S. Amstentam 
Mb. 02940-1 5316 or OE50B41 399. 


BARCELONA: p4-3) 723-01 5& 
BRUSSELS: Tel- (32) 2-260 0226. 
or (32) B-7GB-42B3 meete 3rd 9ua of rnanti. 
fMBBfffc (41) 31-352 3721 V 


BLY (AOG). An En0sMangu»B. tmenfe- 
nonWutional Fetowshlp. Sunday Service 
1Q30 am. Kiev Coni of Trade IWons 
BiAdkia 16 OTresctalk Street Pester EF 
don Brown (7044) 244-3376 or 3502. 


des Bons-Ratelns. Ruea-Maknaison. An 
Bongeicar churon tar Iho Engfch speaking 
community located In mo western 
suburbs^A 9:45; Worship: 10:46. CM- 
dron’s Cfwch end Nursery. Vouti rrinfa ft tes 
Dr. B£. Thomas, pastor. Cafi 475129.63 or 
47 .49. 1529 tor information. 

r (49) 6221-4721 ia 
KAISBSLAIITBVfe (49) B39&85B5 l 
MUMCM (49) 621-47-24 86 cr (49) 8928- 
2326 meets 4ti Smtoy each ma at 2 pm. 
Peace Ghnch, FTauertetetr. 5, Wi*Il 
NUREMBERG: (49) 911-46-7307 or 
(37) 775-7-8343. 

MEIHBBAWSi (31)71-1469 6& 
PAMS; ( 33 ) 1-42 77 9677 . 

UKs (44) 81-8 91-07191 


: (48) 611 71-9461. 
incteMg| 4R DK-2950 Vedbaer. DsnmarV 
(Fax +TeQ (45) 42894184. 


gefcaQL Sul 930 am Hotel Orton. 

: Esplanade de La Ddlense. Tel.: 
47.735354 or 47 J5. 1427. 

OF EUROPE (Angficcm) 

17, iue Bayad. 75008 ftorta. Metro FD Roo- 
sovelL Family service & Sunday School 
at 1030 am every Sunday. Alvwfaomet. 

Ft* WoriTBScn 48 78 47 94. 

Christmas Eve Service 11.15 pm Christ- 
mas Day Savfce 1050 am AA Welcome 

Tat 48.7 

Cafit*). Masses Suiday: 9:45 am, 1150 
am. 12:15 pm, and 630 pm Saturday: 
1130 am and 630 pm Monctoy-Friday: 
830 am 50. avenue Hocha, Paris »\ TeL 
42273B5B. Matox Chsries de GauAe - Bole. 


CH, Evangericai ttfe Belevng, servioes in 
EngEsh 430 pm Sundays at Erihuberstr. 10 
CJ2Thaastansir.) (089) 8508617. 

PEACE CHURCH - English-speaking 
congreg a tion. Warship ano Sunday School 
IlflQi, Rauentotekasse 5, 80337 Munich 
(Sancfflnger Tor station).. Tel. (0) 89 + 
300-6100 (parsonage) or (0) 89 ^ 
23 1 1 588 (offloe). NFORMATION, o*W ct- 
ties. CM (0) 69 423 61 27 or (0) 6192 + 


searched the scriptures daoy Acts 17:11. 
EvangaicalEnfifefrgaretoeat t030am.wi- 
S823l Far Wb cal 43 (0)662 455583. 

CHURCH near OdabasN Sm. TeL: 3261- 
374a Worship Service: 930 am Sundays. 

TOKYO UNON CHURCH near Omctosarv 
do subway eta TeL 34004047, Worship 
services Sunday 830 & 1130 am, SS at 


HOLY TRINITY. Sun. 9 8 11 am, 10:45 
am. Sundm School tor idiidien and Masery 
care. ThktfSiBxtey 5 pm Evensong. 23, 
avenue Georoe V. Paris 75006. TeL 3$1 47 
20 17 92. Metro; George V or Alma 


ST. JAMES 1 CHUFCH. Sua 9 am Rite I & 
1 1 am Rite II. Via Bernardo RucaUai 9, 
50123. Florence; Italy. TeL 3955 29 44 17. 


paPAnglcan) Sun. Holy Communion 9 & 11 
am Sunrfay School a nd Nus eiylOrtS am 
Seteatan Hnz St 22. 60323 Frankfurt, Ger- 
2, 3 MtqueJ-ABee. Tot 49/69 


10am Eucharist & aid 84tfi Sua Morning 
Player. 3 rue de Morthoux, 1201 Geneva 
SHftSdvxi TaL-4XE2 732607a 


11:45 am. Holy Eucharist and Sunday 
School Nursery Care provided Saybotos- 
basso 4, 81545 MunfcftfHBrtachfog), Ger- 
many.’n*: 4983 649185. 


830 am Hdy Eucharist FBa 1 1030 am 
Choral Eucharist FBe It 1030 am Church 


CH OF BONNKOLN, Rhenau Strasse 9. 
K6ln. Worship 1.-00 pm Calvin Hogue, 

TeL (02236)47021. 


(EngPah language, evangeical) Zmskaho 
2,1230 SunCby - Ben Hanna. TeL7T5367. 


glsh language) meets at Evangefeh-Frefltir- 
chfich XrauzgemelndB. Hohentoheslrassa 
HenranrvBaseGtr. (around (he corner Irani 
the Bahrfof) Sunday worship 17.-00 Ernest 
D. WMrer. pesor. TeL 04791-12877. 


Strada Popa Rusu 22. 830 pm Contact 
Pastor Whe Kemper. Tel 312 3B6a 


meets in Matos Zstanand dmnazium. To- 
rokwosz ut 48-54. Sundays. 1030 Coffee 
Fellowship. 1030 Wocsnp. Take Bus 11 
from BaShyarry ter. Otfier meetings, cal P^- 
tor Bob Zbmden, TeL 2S93932. 



MUNICH. H ulffl f. 9 Endsh Language Ser- 
vices. Bbte study 1600. Worship Service 
1730. Pastor's phone: 6908534. 


IrriamaB^ Bapfst Fakrwshto meets at toe 
Czech Baptist Church Vmohredsla 1 68, 
Prague 3. Ai metro step Jrihoz Podabred 
Sunday a.m. 11:00 Pastor Bob Ford 


Waterloo Baptist Fetowsh*) Waste 1400 
at Swedsh Church, Chaussee de Chaterol 
2 aaoss from McDonalds. TeL 065 225076. 


International Baptist Ctwch. Engfch, Ger- 
man, Persian. Waste 1030 am, Seterssr. 
21, MAjppotel - EbetfeH AI danomhations 
welcome. Hans-Dieter Fraund, paster. 
Tal^ 0202/4686384. 


WSderewb (Zurich), Ftosenberostr. 4, 8820 
WadsnsML Waste Savfces Sunday mor- 
nings 1 1 SXL TeL 1 -724 2882. 


Wnrtd Trade Center, 38, Diahan Tzartov 
BM. Worship 1 130. Jones Duke, faster. 
TeL 704367. 


Wfodmuten Strasse 45. Ceie 1300 Worship. 
1400 Bbte Study, Pastor Wert Campbefl. 
Ph. (05141)48416. 


□Bsh. Worship and Ctiitoi's Church Sun- 
days at 1230 pm Meeting temporary at 
the Evangefech - Frekithficha Gemsinife h 
Ratingea Gernwry (Kaisertae^ 11), Friend- 
ly Felowste. AS denominations welcome. 
For hither I nfo rmation cat toe paster. Dr. 
WJ.De Lay, TeL 0211 -400157. 

SUP EvangBfech-Frtl ti cMU w Gomefodo. 
Sodenerstr. 11-18, 6380 Bad Homburg. 


phonWRax: 0617382728 serving toe 
tort and Taunus areas, r 
worship 09:46, nursery 

and Tains areas, Germany. Sunday 
'+ Sunday-school 

ittOft women's Qbtestude& Housegoics 
3b Pasta m! 

Sunday * W ednesday 193a 1 

Levey, member European Baptist Conven- 
■" — ' — '-8s pory emongst the na- 

tiyou would ice a traaMte rar rea b ^ mal. 

contact L"EGUSE de CHFtiST. P.O. 
5ia Staunton. Indtana 47881 USA 


ALL SAWTlSr CHURCH, 1st Sir. 9 & 1 MS 
am Holy Brctarist with CHUrenfe Chapel 
all IMS AlotoerSuvtms llrlSam Holy 
Eucharist end Botoay School 563 Chausr 
sria da Louuafo, Chan, Belgium. TeL 32Q 


CANTERBURY, Sun. 10 am Femtiy Eu- 
cherist. Frankfurter Strasse 3. Wiesbaden, 
Gameny. TeL 4061 1306674. 

tkxu' Dadara Hte 

CHURCH. Am Dachsberg 92. Frankfort 
bM Sundm worship 1130 am. and 630 
Dr. Thomas W. Hi. pastor. TeL 069- 


Languega * TiBKtanantoHlaid, meats at 
Hat^8sse17, iO7OVl0nn0,«tX)pmB»- 
iy Sunday, EVB1YONE B WacOME. Per 
more hfotmetoi cal: 43-1-318-7410 

SION, located at St Aten Church, Mner- 
vastrasse 63. Sttndsy Mass at H30 am 
DsosrrDsr 3A ChrWmaB S« Mass at 7ffl0 
pm; Sunday, December 25, Christmas 
Mass all 130 am T*phore 302-0206. 



meets at 9S0 am. Bona Nova Bapfist 
Church Garercfe is Ctotafdb Bafeguer40 
Paster Lance Baden, Ph- 43980G9 l 


BERUNFto togtu roSto.l3,(StB flR 4-Bfcla 




CHURCH Industrie Sir 11, 6602 Sarxtiau- 

solBUb study 09*5, WOshfo 11 20 Pastor 

PBi Hsndrbc IbL 0622462298 


TRINITY BAPTIST S.S. 930. Worship 
1030. nursery, warm totimste. Meets at 
Bioomcamplaan 54 in Wassenaer. 
TMj 01751-78034. 


11 am 7 pm TeL 407-4347 or 302^017, 

Dmzhtv*w*aya a Hh ftxr. Hot 6, Me- 
tro Station Bsnicadnaya Pastor Bred Sta- 
nley Ph.(095)1503293. 


CSay Atee S Potsdamer Str.. S^. 930 am, 
Woshfo 11 am TeL 0308132021. 


9.30 am. end Church 10:45 am. Katten- 
bag. 19Jat toe Int School). TeL- 673X&61 . 
Bus 95. 1 ram 94. 


gen, 27 Faivergade. Vartov. near Fedhus. 
Study 10:15 8 Worship 11:30. Tel.: 


gen Alee 54 (Across from Burner HoeptaB. 
Sunday School 93a worship 11 am TeL 
(069) 599478 or 512552. 


rus Vbrdafoe. Sunday wotshfo 93a in Ger- 
men 1130 in Encash. Tet 0322)3105059. 


LUTHERAN CHURCH of toe Redeemer, 
Old Cky. Muristan Rl Erufeh worship Sui 
9 am AI are welcome. Ta: (02) 281-049. 


AMERICAN CHURCH In London 79 Tot- 
tenham Ct. Rd. Wt. SS at 10.00 a.m., 
Worship atl 1 jOO am. Goottaa Si toba Tet 


1 130 am 65. Ouai efOrsay, Paria 7. Bus 63 
at door, Metro Alma-Marceeu or tovefidaa 

MMAMJEL CHURCH, Wbrshfo Chris In 
Swedbh, English, or Korean. 1130 am. 
Sunday. Birger Jarlsg. at Kungstansg. 
17. 46/06 / 15 12 25 x 727 for more 


BLY. Interdenominational & EvangeScaL 
Savtoefc SuL 1030 am. 5fl0_p.iru Wed 
50 0 pm Rruga Mystym Shyrl Tel/Fax 355- 
42-42372 or 23262. 


worship In English 11:30 AM.. Sunday 
school, rwraery. international, ai dencrrW- 
ficnsvictom Dorotoee^asse 16. Vton® i. 

CH Ehgfefi sp 



■\ t > 

ftcrtyft O Ci'l 

Page 8 




Va Anoand htu 

Christmas Spirit 
Rallies the Markets 

i Dow Jones Averages 


Law Last On. 


dirt lo* uat strtHs Ortrfl 

u v. . ji - • * ■ • 

Indus 381 B. 43 3844X9 3611.90 383343 +1BJI 
Trans 1409.15 143SJ9 )4p9,l5 143A54 *2449 
Ulfl 161.5? 1B244 1H1.1V 101.19 — 0J9 
comp 1259.16 1271.91 125844 12*6X1 + 9J1 

riM. Pmioa . 

BW Mt W6 Art 

ALUMINUM CHKrti erode) 

Ootfm w imtrfe ton _ 

SM( 191500 191500 1 89330 189LW 

Forward 194330 1WJ» WttR 'Wit 


Dalian wr metric tan 

Spot 2939.00 2P90J0 30WJ# 3M&M 

Fonwni 296930 2970JD0 297LSO 297500 


'Dalton per matrteton 

Spot 63950 640X0 644X0 445X8 

fSvwrt SXO 65830 663X0 *4130 

NEW YORK — The stock 
market sallied into the holiday 
with prices rising in thin trading 
Friday as the bond market 
finned and traders adjourned 
for Christmas. 

The Dow Jones industrial av- 
erage rose 18.51 points, to 
3,833.43. t „ 

“Today is a semi-hobday, 
said Phil Roth, chief technical 

portfolios of particular stocks 
for tax-loss computations. 

U.S. Stock* 

analyst at Dean Witter Reyn- 
olds, referring to the exodus be- 
fore the three-day weekend. 
“There’s better action in the 
blue chips than elsewhere, with 
little volume or volatility." 

Gaining issues led decliners 
by almost a 4-u>3 ratio on the 
New York Slock Exchange. 

Long-term bonds also rose, 
with the benchmark 30-year 
Treasury dosing at % 3/32, up 
9/32 point- That lowered its 
yield to 7.83 percent from 7.85 
percent Thursday. Traders at- 
tributed the rise to year-end 
window dressing, and that 
helped push stocks higher. 

Some analysts also cited bar- 
gain-hunting and the fizzling of 
year-end selling to clean up 

for tax-loss computations. 

Mexican issues led the New 
York rally in a moderate finn- 
ing that ended a week of heavy 
losses from political unrest ana 
the floating of the peso. 

“There’s nothing to keep the 
market down," said Thomas 
Gallagher, head stock trader at 
Oppenbeimer. “Mexico seems a 
little bit better." 

The most actively traded Big 
Board stock, Telefonos de Mex- 
ico, dosed unchanged, at 40%. 
In other Latin American issues, 
Grupo Televisa rose fa to 32ft, 
and Grupo Tribasa rose ft, to 

Standard A Poor 3 * Imfoxo* 

hr* Urn dose 
54946 547X2 547X7 

34933 345.14 MAM 
151X6 1SU6 151X8 - 

41X9 4LB 47X9 
461.32 459X9 499X3 
431X0 426X3 429X3 

!3£ $3 

igfl KS i!3=8f 
II 'If ’SS £5 uS 

. volume: 7465 . OPW Hit 99.U0 

Consumer Outlays Up for 7th Month 

Mi 1597 WfZ IW2 —AW 

JS IS E2? 1521 IHlzSS 

NYSE Indexes 

i’V ; • •»* ..... ■* ; ■■ 

<vj- ■ „ ^ <v/., y /, - v C- • 

Htfh LOW Lent Ow. 






251X1 250X9 250.95 + 0X4 
31563 317.23 317X3 +044 
22142 218.19 221X2 -2.74 
199.78 799X8 199X8 —047 
196X6 19624 19536 +0X4 

Forward Saxo 058X0 663X0 663* 


Oedan per meMc tort . „„„ 

Snt 0488X0 B490X0 M73JW 847400 

PSimM *£So aSw KaMMODM 


5905X0 9915X8 

g® iSw mEoo toioxo 

ZINC {Special Hffl Grddt) 

Forward 113130 1132X0 11*5X0 1146X0 

1W3 15X6 1A96 1S« 

16X4 1599 15X9 15.99 —0X4 

N.T. N.T. N.T. 16X2 —A® 
7470 16X« 16X4 MX4 +Ug 
16*14 16.10 16.14 16.11 -0W 
16.16 16.16 M.M 16.J6 —AW 

SS S3:- Si K g 

h iS Si its & 

.im+the first decline in personal mtuiuc u. .. — — — 


percent in Januaiy. _ ._ u 

Est. volume: 7,717. Open Hit. iStfM 

NASDAQ Indexes 


Hhb Low Claw CbonfO 

Stock Indexes 

Hhrti Low Lott CM. 

CNMW-pnef lotjsci 
MW 9232 

IWZ «4g «g -ow 

92X2 91X9 91.W — «g 

NYSE Most Actives 

EHT Conwostlo 




74112 739X1 74246 +3.12 
7*147 73&71 741 JD +2X9 
<9341 691X8 69341 —04! 
914X1 911.92 91348 —1X9 
855X4 B54X9 —6.20 
647X3 633.08 847X3 + P.70 

9UB 9149 91X0 -0X2 
9122 91.19 91 XD — IM 

PUB 9)J» 91X1 —0X2 

90.94 90.90 90-8? -OM 

KM 9097 , i®39 —0X3 

19%, but earW gains eluded the 
Mexico Fund, which fell ft, to 
23ft, and Erapresas IGA, which 
lost %, to 19%. 

Delta Air Lines led airlines 

VoL Htoh 
TelMex 125581 4PA 

GnMOfr 49285 4ltt 

RJR Net) 42911 6H 

RJfJfttolXC 29595 4W 

Per 27043 3111* 

HUMo-t 22837 274k 

AMEX Stock Index 

mtf) 9097 9®SJ —0X3 

N.T. N.T. 9R90 — BX3 

N.T. N.T. WJ0 -OM 

N.T N.T, 90.91 —0X3 

w» m37 -m 

N.T. 9A88—0X3 

Eat vMunw: 5X17. Open Ini,: 39SJQ1. 

Mob Law UX an 
428.83 42746 428.78 +1X6 


Si nrifflon-MsM Wlpd 
Mar N.T. N.T. «8 6 Untfu 

JM N.T, N.T. 92X9 UndL 

sea N.T. N.T. 91-73 Until. 

Est volume: a Open Hit: 2X75 
DMi million -Pb of WO Pd 
Mar 9448 9444 9447 Uneh. 

Jon M.12 **X7 94.10 1- 0X1 

Sep 9175 9171 93J2 Un«. 

Dec 9137 93X4 9U6 +0X1 

Mar 91M rax* 93X6 +OBI 

Jun 92X2 92X1 92X2 +0X1 

Sop 92 £2 9240 9241 +0X1 

CMC 9247 9246 9245 Uneh. 

Mar N.T. N.T. 9238 Uneh. 

Jon N.T. N.T. 92J0 Uneh. 

Sep N.T. N.T. 9224 UnCft 

Dec N.T. N.T. 9220 Uneh. 


05 Per hnttx paW 

Mar 3120X 3709X 31 OX — 12X 

jS N.T. N.T. 3125X -1M 

Ett. velunw: T^lAOpen lnf~ 5&701 


Mn l?m® 196A50 1W7^ -4X0 

M NT. N.T. 1f77J» — 

m 19WX0 wsjn iwa -4.® 

JM N.T. N.T. 1TO50 —4M 

sSp NT. NT. 1977X0 -4X0 

Est. volume: 14.179. Open hit: R.997. 

Sources: Motif. Associated Press, 
unM Aff Financial Futons Exchange, 
in n Potntiaum Exchange. 

63 percent gam in 

Al Sdition. the University of Michigan's 
index for December rose to 95.1 from 9 1.6 w November, people 
with access to the report said. Th^refimmary Di^ber m ^ 
*6*N two weeks ago, was 97.7. Tie mdex s base of UX^ 

Compaq Set to Be PC Market Leader 

FRAMINGHAM, Massachusetts (Bloomberg) •— Compaq 
rvimrmter Com. is amected to ship the most personal coamuters 

rjuumiiuriAivi, ^ -o, * - 

Computer Corn, is expected to ship the most personal computers 
worldwide in 1994, knocking iMeraaaonal Busm«s Machm« 

n , -I. _ »V- 1 Ja.'u fn, fhd ftrCt flCOflftl 1S3.& tO tflfi 

Pan Am creditors. UAL Corp. 
was up 3 ft, to 89ft, and AMR 
Corp. was up 2, to 53. 

Among the major automak- 
ers, General Motors, following 
a glowing fourth-quarter earn- 
ings estimate, shot up 2ft, to 
41ft, Chrysler rose % to 48%, 
and Ford rose ft, to 26ft. 

(Knight-Ridder, Reuters, AP) 








21279 77% 
71229 4146 
20445 57 
1676a ynk 
14774 49M 
14750 21+A 
14*97 33ft 
14491 46ft 
14143 39ft 

Dour Jon— Bond Avrage* 

20 Bond* 

Jl ix uuim*i 
TO Indiahlab 

close am 

93X5 +6X* 

8923 +B.10 

9«48 -OXT 

NASDAQ Rost Actives NYSE Diary 

BoUNtw a 
0x07 5 





VoL HUi 
46671 39ft 
33003 35ft 
17662 18ft 

16050 l*fa 
15184 58ft 
14919 63ft 
12563 18 
72 775 37Yi 
12561 22ft 
12361 IBM 

Repatriation of Profits 
Helps Dollar Advance 









17911 47ft 
11740 14ft 
(7731 *V U 
11691 17ft 

27ft 28ft 
34ft 35V. 
18 lift 

56 58*1, 

63ft 6 ?»m 
17ft 17V, 
35ft 37ft 
71ft 22ft 
17ft 17ft 
60ft 60ft 

40ft 40V, 
14 14V„ 

Total Issues 
New Lows 

dose Prev. 

1224 1115 

99 1214 

746 634 


09 779 


Compmr Fer a ml Rtc Pxy 


sg’Mr : a iM 

wonowtae m iuiwu»»v-. --- --- - 

Corp. from the No. 1 position for the first tune, according to the 
maraet research firm International Data Corp. . TT c 
Compaq, which overtook IBM as the market leader m the US. 
as writ will ship an estimated 4.83 million units this year, 
capturing 10 percent of the worldwide PC market - 
IBM will capture 8.7 percent of the worldwide market followed 
by Apple Computer Inc, with 8.5 percent 

92X1 91X2 +0X1 

9462 9240 9267 +0X1 

9247 9246 9245 Uneh. 

N.T. NT. 9238 Uneh. 

N.T. N.T. 92J0 Uneh 

N.T. N.T. 92JM Uncft 

NT. NT. 9220 Uneh. 

Eveevrem Fntffn 
HerztcSd CwitoBtes 
LL8.E Rw Tr 
ocBPaama dUL 

65 1-24 VI 
. M 12-23 13-g 
C 33 12-21 1232 
. -2ZJ 12-22 12-29 
. X474 12-31 1-30 

- Xt91 1-13 

E*f. vofoma; 13.773. Opon tat: 668469. 

CVB Flrrt 

.10% IX 1-24 
.10ft 1-5 1-20 

FF5 mRlMa - on QflH PCt 
Mur 9134 9123 

AMEX Diary 

Mur 9134 9123 9130 —006 

Jon 9196 92X8 92.94 — 0X5 

S«P 9179 9269 *2JJ -0X7 

Dec 9254 9248 9254 — 0X1 

Mm- 9239 9230 KL30 —0X6 

Jtra 9226 W.18 9220 —0X7 

SCO 92.1# 92.11 9212 —0.03 

Dec 92.14 92X5 92X5 — 0X4 

Esf.vofuiiM: 20483. Open inf.: 794X33 

Am Sensors 2 tar 1 split 


Orange County to Slash Employment 

SANTA ANA, California (LAT) — Hundreds of Orange Coun- 
ty workers are expected to lose their jobs in early January under a 
p lan passed by the Board of Supervisors, to slash $40 uuHion 
from the county’s budget over the next six months. 

On Dec. 6, Orange County became the first in U.S. history to 
file for bankruptcy. 

Falcon Prod __ 
Fidel FcdSvg(Fl) 
Geo Malon Bcshs 
inti Flavor, 
Prime Bcp 

m M 7-J7 
.15 12^1 1-17 
.12 I2G0 1-9 
XI 12. 28 1-W 
.17 1-2 2-t 

Judge Clears Delta in Pan Am Failure 

NEW YORK (Bloomberg) — Delta Airlines was not responsi- 
ble for the 1991 demise of Fan Am World Airways, sparing the 
airline from a potential $2J bfflion judgment, a federal bankrupt- 

IH 17& 

AMEX Most Actives 

Total Ishms 


299 298 

250 306 

219 311 

768 815 

S 6 

24 25 

Dee 70M3 10M0 702-29 — 043 

Mar 102-15 102-05 102-08 —0X3 

Jan N.T. NT. 70i-fflf — (W3 

Est. volume: 3193 Open tail.: 120X07. 
DM SSUM - MS el 1M PCt 
Mar 89X8 89.78 B9J7B —311 

Joa 89X4 89X4 87.73 —ail 

Est. volume: 6X36. Ctawi taL: 169X61. 

Mar 81 "* " X0 ,W ?nX6 111.14 -022 

Jan 11360 11046 17346 —324 

s*p 109X8 109X8 1W.38 —324 

Dec N.T, NT. N.T. Uneh 

Est. volume: 37,166. Open Int.: 136X84. 

Complied by Our Staff From Dispatches 

NEW YORK — The dollar 
rose against European curren- 
cies Fnday, helped by a round 
of year-end buying by U.S. cor- 
porations in thin trading before 
the Christmas holiday weekend. 

The dollar rose to 13793 
Deutsche marks from 1-5743 
DM on Thursday, to 5.4525 

Foreign Exchango 

French francs from 5.4405 
francs and to 0329 Swiss 
francs from 0315 francs. It 
slipped to 100.12 yen from 
100.25 yen. The pound weak- 
ened to SI 3463 from $1,5468. 

The dollar was underpinned 
by buying from U.S. corpora- 
tions repatriating profits from 
Europe before the new year, 
said Richard Koss, currency 

sales managin' at C anadian Im- 

perial Bank of Commerce in 
New York. 

sw York. 

With trading so thin before 

the holiday, that corporate buy- 
ing was enough to push the dol- 

ing was enough to push the dol- 
lar a bit higher. U.S. and most 
European banks will be closed 

Monday in observance of 

Some nervousness about Lat- 
in American financial markets 
in the wake of the Mexican gov- 
ernment's decision to allow the 
peso to float continued to give 
the dollar a firm tone. 

The peso stabilized Friday, 
but investors were still wary of 
leaving assets in Mexico. 

“A lot of damage has been 
done to the confidence of inves- 
tors in Mexico, and they’re go- 
ing to be looking elsewhere — 
to the U.S.,” said Tom Benfer, 
director of foreign exchange at 
Bank of Montreal 
Traders said the dollar was 
underpinned by durable-goods 
data that indicated the U.S. 
economy was still growing 
That could prompt the cen- 
tral bank to raise rates again at 
the end of January, when its 
policy-making Open Market 
Committee next meets. 

But the dollar slipped against 
the yen amid selling by Japa- 
nese exporters before year-end, 
traders said. (Reuters, 

Knight'Ridder, Bloomberg) 



















11638 26 

21 ’A 


+ 3*s 


”/ u 










+ 7 





4335 -Wto 









New Lows 






1643 1 650 

1452 1684 

2042 1807 

5137 5141 

69 90 

n 131 

Autodesk Inc 

BPI FhU cn 9 

Cammun Swl Fiaj _ .7 


Q X6 1-13 1-77 
9 XI 12-31 1-IS 
. .1725 12-28 1-71 

B9JB —311 

89.73 —ail 

JarUn Flem India 
NIpsco Indus 
Sttm Africa Fd 
i WMttm Bk PR 
I ►corrected pav date. 

d .178 12-30 1-19 

e X 1-31 2-17 

d 1X75 12-30 1-13 

I M 12-31 1-16 

f-rapulor dcctaralloh nol an Initial payment. 

Deertwnk carp - .15 W 1-13 

airiinc from a potential $15 billion judgment, a federal bankrupt- 
cy judge ruled Friday. 

Pan Am Corp. and its creditors had accused the Atlanta-based 
carrier of abandoning a joint venture that would have resuscitated 
the failing, venerable airline. The ruling provided a huge lift for 
Delta, the third-largest American airline, , which is struggling to 
reverse losses exceeding $2 billion over the past four years. 

For the Record 

Spot Commodities 



Outak&Reflfv - .15 3-1 63 


BonUntw x -B6S . 

ReoaolSA * 14 

Mwm omowrt par ADR. 


NYSE 19654 

NraSaa S 

tn muttons. 

Commodity Today 

Aluminum, (b 0XS9 

Capper electTttvtk. lb 1X1 

iron FOB, ton 2130} 

Lead, ib W4 

Silver, irov o* 
Steel (scrap), ton 
Tin. lb 
Zinc, lb 

Pf**; Hleh Low Last Settle Cfi'ee 


us. Italian per mbicMiMotoM 180 mm 
3 344 Jan 141X0 140X5 140X8 14025 -0X0 

Feb 14330 74100 743X0 143X0 — 0L» 

inn Mar vteJD 145XQ 1452S 145J5 —0X5 

NJ? AT 1+1X0 I4SJS U5J5 145.73 —050 

o3ct«1 MOV 147X0 147X0 147X0 147X0 — 050 

05674 1 M7-5B M7X0 M7XB 147X0 — 025 

CVB Find Cn 
Decrbonk Carp 
Fsl Oak Brook A 
Gfenwav Fin 

Q .12 12-30 MS 
Q XB 1-9 7-24 
Q .13 14 M3 

Q JO 14 1-28 
a X7S i-iB i -20 
a .17 INI 2-15 
Q JJ23 1*90 M3 

BayBanks Inc. of Boston said Friday that it had agreed to- 
acquire NFS F inancial Corp. in a transaction valued at 886 
milli on in cash and stock. (Reuters) 

Santa Fe Pacific Gup. and Burlington Northern Inc. on Friday 
began a SI .26 billion tender offer for 33 percent of Santa Fe shares 
at 820 each. The offer expires at midnig ht Jan. 30. ( Bloomberg) 

Oftflnnal; a-oayabto In Cana dian taj wto; m- 
nwntMv; a-mnrttrty,* MMtetamaa* 

Cotton prices soared by their twocent limit for the second 
consecutive day on the New York Cotton Exchange, reaching 
88.18 cents a pound, the highest since May 28, 1991. (Bloomberg) 

DEST: Mexican Bonds Under Fire INVEST: 1994 Planted Doubts Among Investors on Mexican Securities 

CoDthmed fratn Page 7 

S&P added. If the government 
implements its announced fis- 
cal and monetary Lightening in 
the next few weeks, it said, in- 
vestor confidence could return 
and thereby stabilize Mexico’s 
credit standing. 

S&P also said it was lowermg 
its rating on the peso debt of 
Mexico’s largest bank. Banco 
National de Mexico SA (Bana- 

mex), as well as some foreign- 
currency debt of Banpais SD. 

The agency is also putting the 
bonds of several major compa- 

several major compa- 
nies on review, including Em- 

presas 1CA Sociedad, National 
rinantiera SNC (Nafio). Banco 

rinantiera SNC (Mafia), Banco 
National de Comertio Exterior 
SNC (Bancomext), MABE Ev. 
port SA, Grupo Tribasa' SA, 
Cemex SA and Tolmex SA. 

(Bloomberg, AFX, 
Knight-Ridder, AFP. Reuters) 

Continued from Page 7 
director of the Institute for In- 
ternational Finance in Wash- 
ington, which represents com- 
mercial banks around the 

Since the start of the year, 
most of the money that has 
flowed out of Mexico has come 
from its bond market, accord- 
ing to statistical estimates from 
the institute. 

From a peak in February to 
Dec. 8, offshore holdings of 

peso-denominated bonds 
shrank by nearly two-thirds, to 
slightly more than S5 bflh'on. 
That number is almost certainly 
smaller now. 

The drop in equity holdings 
has not been nearly as severe. 

At the end Of November, the 
institute estimated, foreign 
holdings on the Mexican stock 
exchange and in Mexican 
stocks that traded in American 
depository receipts in the Unit- 
ed States amounted to slightly 

more than $50 bfflicra, down 
from a peak of more than $60 
billion in January. 

Those changes, along with 
the decision mat many Mexi- 
cans have apparently made re- 
cently to get some of their own 

money out of the country, have 
driven down Mexico's foreign 

driven down Mexico’s foreign 
reserves to an estimated $8. bil- 
lion, from about $30 billion at 
the start of the year. 

“Two weeks ago," Ms. Chang 
of Salomon Brothers said. 



Swam Seaton 
Hfion Law 

Open Hah Low Oo» O V OnJnl 

Season Season 
H«n Law 

Oww Han low Close ctm ou-tm 

Yio Auobowd Pr«* 

Thviopwiinf 7»M3 eh m 

1I.1HMOV96 12-90 12.9(7 ll» 
1170 JUTS 
1 2X0 Oct 96 

Es». sales 7.254 TteTs. attei 12.218 
Tim's OPen iw J 9I.9B 10 333 
COCOA (NCSE) lOrnc+nctant-svarnn 

-OX2 119 


A2rt 127 Mtris 4X1 4X5 4X1 4X4*. *0XJ 45.713 

3,»ft 3.16ft Moy95 3J8Vi 3J0 XTF*. 178ft + 0.02ft 8X28 

Jtlft 177 JW« 346W 347 1441* 345ft -ROOM 15x30 

165 139 Sep *5 U 15! 3,50 350ft +0j»ft 788 

J. 75 34* 0»c*S 360ft laOft 160ft 34»ft-<L0Ift M7 

154ft 125 All 96 145 1*5 145 345 13 

esLvatos rjoa Thu's.sdK 9.<5S 
Tlm'lQPOT W 70.375 an U16 
WHEAT (KBOT1 lmBumMnun-«toiwhi<W 
4.27ft 325 toH 4.03ft 4X6ft 4X1 4Xtft +#X5ft 39X56 

4X3 121ft Way 95 183 185ft 181ft lMft +0X45, 3J37 

144ft 314ft A jI 95 152ft 153 151 Vi 152 +#.01ft L341 

377 139 Sap 95 3X5 155 354ft 154ft . 0X1 ft 158 

149ft 152 Dec 95 342V, *0X1 ft 85 

Esl.setei NA. Thu's. sales 3X97 
Thu’s onai W 3M36 up 109 
CORN ICBOT) UJOOtro nViWTXATv <toaor,cCT txnfto 
7X2ft 2J0ft Mar 95 7 39ft 231ft 129ft JJIft *0X1 ft 11 5487 

285 228 MOV 95 227’.. 2J9ft 137V. 229 +0Xlft «J*3 

185ft 727ft Ji4 95 2.42 244 2-42 143ft ‘(LOlft ft, 70+ 

270ft 228 Sep 95 24» 247'A 244 2*7 *0X1 ft 5,194 

2i3 21S^3DBC95 253 153ft 2S3 7_S3»4 *0X1 5S8 

LSI 1*9 Dec 95 249’A 251 249 2J0ft 31X57 

2 Mi' . UPftAtorft 2L54 227ft 156 227ft ♦ #01 ft 2225 

140ft 260 MO 94 2X1 ft -0.01ft 6 

247 2X5'^Jul76 7.63ft 265 263ft 265 +0.01 ft 1,731 

Esi. sales 26X00 Tim's sdes 27.700 

1077 Mar 95 1317 1331 1317 

107flMav«5 1337 13*8 1337 

1225 Jul» 1310 1371 13*0 

1243 Sep 95 1380 1380 1300 

775® Dec 95 

1350 Mar «6 

7225 Mm> 96 

1410 Jul 96 

7445 Sea 9# 

ESI. sales 2X27 TIWS. sales 7,91 B 

Thu's oaenrif 75X74 up HK2 

JUKE (NCTN) iMPH-nminri 
aVMJann II 5X8 117.00 I753S 
9X00 Mar 95 120.10 121X0 119X5 

77. (W May 95 124.25 12425 I22J5 

129X0 10LWJU195 176X5 127X0 126X0 

132.00 !07J55ep9S 12925 129X5 12925 

129jn 109X0 Now 95 

>29 JO 1 05X0 Jan 96 

13070 12625 Mor 96 

176.00 124X0 May 96 

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Tin/ 5 open W 27X45 ua 289 

_&20 7X00 
—055 12X20 
-050 2X76 
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— OJO 701 




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132.50 9) 10 Aw 95 730X7 

131.50 7<LB5«lav95 128.90 129X0 12850 128.50 

93.180 91X30 Jun % 91X20 91X50 91X10 91X10 -20135X43 

9Z570 91X20 Sep 96 9IJZB 91730 91X60 97X00 —10112,971 

91X30 91X90 Dec 96 91700 91720 91X70 91X60 -00 96X90 

EsLsttes 156X10 Thu’s, sates 374X77 

Thurs op en Int 1X19,191 up 1Z394 

BRrilSH POUND tCMER) s Bar mam- 1 note MuablAlWl 

1X440 1X640MOT95 1X466 1X476 1X06 1X450 +259X51 

1X380 1X3* Junes 1X454 1X464 1X440 1X450 +6 509 

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Tim’S asen W 59X64 UP 9170 


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S-25S^?S 3X386 0X386 0X374 (U377 —7 1428 

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“ 1D1 ® +1 * S 

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7X5 5 47 ■>«(»« 573 Vi 579ft S73ft 5 78ft • 0 04". 42,94 

.’MW 5J6 MOv*5JLJ2 SXTft i.» LB* '0-Wft »J74 

7 06ft SXSftJulfl 5X9 L*?ft L8/W 5.97ft . 0 jn*l 27.746 

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6.16 5X5 Jan 96 604 607ft 604 fcO’V, . 0 OJft 143 

617 6 07 ft War 94 6.74ft ,0.07ft IS 

*J3 LveftJulM 6 1»ft ,0.0tft 74 

407 S.94 Nlte« 4X2 607 4 02 60* »001ft I&5 

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TTu/soaen inf 133X99 o« «» 


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207X0 159 30 Mar 95 16670 16670 1UX0 162.00 —1.70 33A57 

207.00 163X0MOV 95 167.40 16770 I6SX0 165X0 -LOO 144»5 

memo 16640JUI95 mxo man >«xo i«jd — 150 12.922 

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10270 172X0 Sep 95 175.10 17S.I0 172X0 17370 -2« 1.764 

181.60 1765000 95 176X0 176X0 17600 17680 —100 5X05 

16570 176X0 Dec 95 179J0 179J0 177X0 177X0 -2J0 44118 

101X0 ISO-OH Jon 96 179X0 -2X0 10 

Es». soles 17.500 Thu's, sates 20X75 
Thu's open Int »2J7» Oft 3433 


28X5 72 65 Jun *5 27.40 287* 27.90 28X9 -1X0 26X90 

207 22.91 tear 95 26X7 2785 266* 77.85 -J.0035.Mi 

28X5 SL85M09 95 »X7 26X5 25X0 2679 -on 19X05 

27X5 2L7* Jolts 2SA0 2625 2SJ0 2677 *075 10.97* 

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2305 22.75CW 95 3675 BJ0 2670 35.07 ,QJJ 4J12 

2SXU 2U5Dec« 24X0 2300 JJ635 26M _ 6475 

125.10 7600 AA 95 1ZU0 124X0 121X0 133.30 

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11375 aa00Dec95 U180 llleo 113.10 1T2X5 


11230 4U0MWW, I07.1S 

109X0 (07 XU MOV *6 107X5 

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10625 10625 Sco M 104.15 

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SILVER (NCMX) Uwtraviir.-cifesMriwDE. 

—7X0 2X83 
-AA5 2X37 
-080 61* 
— 0J5 29X42 

-0X5 4289 
— QXJ 

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-0X5 3.883 







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55 %W3: 

0613* 0.7M7Mar 91 0.75*5 fl55& anZTftnas 
MJ« jmnJHnW 83685 0360S BJSBO W 
BXI5B 07415 S*P 9$ 07441 

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Thu's omn tor Jtwi eg u 

597 0 

38A0Qac9* 476 A 





S4.9UV95 474J1 


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42A0Jul9i 490X 




4850 Dec *5 SOU 

511 X 





49R0MCT-96 S3 IX 





570.0 M4| 


53+0 Septa 


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—03 10X90 
-03 7X77 
-03 9X95 
-03 15X69 
— OJ 

-03 7X98 
— OJ 

1M-M 2X25 Jen 94 

Est sales 22JW Tift'S. SOW 25304 

Thu's open M 107X60 up 1162 

3625 * 025 03 



705 660 M 95 70X5 70J3 70X0 70.67 

7310 0X7 Apr 95 71.17 71 JO 71.10 71.0 

69 JD 64.00 Jun 95 46X0 402 45.97 6630 

6610 6150 Aua *i 61W 6620 4190 WA7 

67X5 6110 Od 95 6L30 666? 64X0 6*» 

6685 4185 Dec 95 6«5 

Es. sales 3JH Tift's, saw 6.952 
Thu'sopffiW 67 JM) UP 37 
80*5 71.40 Jon *5 7L05 7170 71 OT 

fl(U5 TOlSMorOS 72X5 7X10 72J0 Tip 

7690 69.95 Apr 95 7IJ9J 7105 71X0 77X5 

7630 «*X0Meft9S 70J6 70.95 7075 70X7 

7X85 69JSAW95 70.M 7IJJ7 70.9S 7107 

7050 68750091 »-J| 

cam 69 00 Nov 95 70X5 

77X0 flJI05»96 TOJO 7037 78XS 70J5 

ESI. sates 4*4 Thu's sates 1.140 
TTViopflnlnJ 9,795 oh 177 
HOGS (CMER) AWK.mmtre 
RUO 3402 Feb « 39.18 3937 3370 3&^ 

4LB0 35JJ5AW95 39.15 3915 38X5 30.90 

StS SkJum 9S 4U9 40 AU> 

6588 40X5 AH 9S 44» 44.1$ 035 CJ7 

44X0 40X0 AUa 95 4US 085 OJO 

a w MJoQcteS 41 AS 41.90 <1.45 41X5 

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+ 0.25 23J06 
+023 7.768 
,017 X2D0 
• 0.17 1,764 

-B.I5 UV 
+ U7 axu 
.All 7,289 
*015 993 

,017 277 

+0JH 53 

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43X» 37460 Aft 91 41430 41100 41100 4IJXO 

09.00 WOO Apr 9 5 417.00 41 7 JO 41 ISO 417X0 

439.00 409J0JUI9S 422X9 <22X0 471 Jj 421.10 

441 JO 4UX0 Od 95 42130 

4J9J0 JXtxmjanOt 43100 431X0 <nxi 429X0 

Esi. cam urn Tiiu's. sates un 

T7w's open kit 24,702 off 1092 

GGU7 (NCMX) Wlem-Mnsrima 

J6IX0 381X0 34040 340.40 

382.00 379 JO Jun 93 M0J0 

417.00 J6X50RJ095 38290 28X10 302.10 302JO 

417.M 364J0ADT95 3B7J0 2(7 JO 386 JO 386J0 

438J0 36120 Jun 95 391.9 39170 390 JO 3WJ0 

4 1 150 JWJOAU0 95 39100 

*J92n au.oaaaes 3»9xo 

429.00 399 J0 Dec 95 *04.40 

424-50 «S4X0FtBW 409.10 

43020 419 JO Apr 9* *1X90 

4J1JO 41100 Jim 96 

Aim to 42 XX 

Od« 42X30 

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Hiu 1 *, opal Ini 178.906 up 3491 

-0X0 16X94 
-040 2X46 

— OJO Bjj 

— 060 47 

— B.6Q 

-0X0 1X902 


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-0X0 I04DJ 



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-8.17 8 .794 
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-8.18 1.180 
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-0X11 402 

— 0J* 50 

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CTjMMarQA 4770 

—045 7,131 
-058 1.544 
—6X5 541 

-042 574 

—oxi ao 

—030 71 

-0.40 9 

COFFEE C (MCm »XgiSs-w«J«te 
70.90 Mar 95 177.50 17400 WJO 
« 174X0 I7SOO 173X0 

_ 1U J 175.00 175.J jnJE 

I5IJ0Sea»5 17SJ5 J753J 77J25 
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10 57 MOV 95 (499 7177 

10.57 Jul 95 14JU 1676 1463 

18 57 Od 95 13-tS 112 IJfi 

IBBSMarte 1M7 13X2 13»7 

•076 16262 

• DAB 7,600 

• 0J0 3.175 

— 085 1254 
•OJO 2X37 
+0J1 293 

• 0.25 26 

UST. BILLS (CMER) »l (rJUm-msKiOBoa. 

9610 92.I4DBC9* 92,14 S 

95X5 miMorTS 93X4 93X7 91X3 93X4 -4X1 75JJ3 

9124 92J5JU195 93X8 9270 92X6 9178 -4X1 Mil 

9157 92J5SCP9S 9271 Tjf 

Eg. SOkts 1,189 Ttft's. sates 2X65 
T7ft* sapW tW 19.926 tin *94 

5YR.TRGA5URY (CBOTJ iiocJxwwm- on AEmj, d» lmpcr 
103-09 98-15 MOrnitO^a 70043 99-SB 99-215— 02 166X90 

108-08 99-06 Jlin 95 97-275 99-275 99-21 99-26- 023 » 

W-735 99-07 Sep 95 __ 9M4- 015 

Eg. sates i exon Tiw's.sctet 16626 
Thu's open im 701331 off 1799 

H TO. TREASURY (CBOT) SlMxniim.Mi6aM(i4WMj 

111- 01 9B-1I Mar 9599-30 >00-411 99-JJ W-2S 236X55 

105-23 97-27 JunfJ 99-17 97-17 99-10 99+15 MU 

101-04 97-71 SCP9S 99-06 176 

110-3) 06-30 Dec 95 OWa 25 

9U» 96.26 MV 96 99-02 1 

Est. sates ».<*» Thu's sates S0J77 

Thu'tooenun 771X96 up 5937 

116+20 95-1 J Mar *5 99.17 W.J8 W-l* - 10 348.W 

115-19 94-27 Junes *f+«6 99-18 19-05 99.1S » 10 11.139 

112- 15 91-10 5*0 95 99-53 9447 99-01 JMO +10 B7S 

113- 14 91-17 Dee 95 99-61 * 16 317 

1144)6 93-13 4ACTH «-» - 07 77 

100-28 93-06 Jun96fl.ll 96-19 96+11 96+19 • 09 V 

W+14 «-« Sgp«4 *6-77 > 08 23 

Dec4« 96-63 * 86 1 

Etf.xftK 115,008 Thu's, sales 1WJ31 
Thu's open M 369JHJ all }»6 

MWIOPAL BONDS (CBOT] JI0OI«lnani-+>ftH2rai(* TpOBO 

8M9 79+76 M»95S4-» B5-09 M-26 854)6 + 14 J4X79 
I0-J7 83-75 WH5 84-10 * IS II 

stock indexes 


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F=«v iso*. 1. . J 

JfA 77 SftfK 


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ma mes 2S2X0 * 

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irft-'.aowiin 1 nm on 1597777 

-0X6 92,046 


-ate 7t. m 

•a(» LKY. 

ia«<«OUJJ7j (CMER) ffm«M-pftoni»0a. 

5345 Mar 95 92X30 YtA4# RW 92J96 

«JJ8 79.710 Jun 75 72X70 92X58 91X30 91046 — W3*9. 

SJ 91X70 91X90 91X40 9U» W.6tf 
+IHWOK95 91X60 91X70 91430 «IX« -M2WX67 
*4770 90 750 Marti 91 W) 9IJ70 91J30 71X30 — JOWLUi 

Commodity Indexes - 

Woody's C1«5« 

Reuters Oww 

ri. F S*“ reS 






f 0 S( 


fl'init to R 

^ ihe ' n 


*c* ••-•+:*— 
t:z\y ■ - 

“people didn't think that Mexi- 
co would have lower foredga- 
exchange reserves than Venezu- 

On Monday, the day before 
the devaluation, the value of ■ . 
IP. Morgan’s emerging market w 
bond index, a b^ket of 25 
bonds, dosed at 189J5, The in- 
dex fell sharply Wednesday, 
was down almost' 3 - percent 
Thursday and now; has lost 
nearly 20 percent since its peak 
in early January. 


Page 9 


Credit Lyonnais 

To Sell Off Its 
Brazil Bank Unit 

Bromberg Businas News 

PARIS — - Crfedit Lyonnais 
SA> a troubled, state-owned 
tank, is so desperate for cash 
Jal it u putting a profitable 
nmt up for sale. 

The bank said Friday it was 
seeking a buyer for its Brazilian 
unit. Banco Fran 9 es & Brasi- 

VaJ&rie Sehet, a spokeswom- 

EU Unit to Rule 
On Restructuring 
Plan by Iberia 

CompUed by Our Sutf Fran Dispatches 

BRUSSELS — The Europe- 
an Commission has star t e d ex- 
aratning a proposed SI billion 
restructuring package for Iberia 
Air Lines filed by Spanish au- 
thorities, a commission spokes- 
man said Friday. 

The com m iss i on is looking at 
an appraisal by the Spanish au- 
thorities of an earlier package 
erf measures at Iberia as well as 
additional measures planned by 
man a g ement, including cuts in 
costs, he said. 

The EU transport c ommit , 
sioner, Marcehno Oreja, wants 
the foil commission to take a 
decision on Iberia before the 
pres ent commission’s and his 
own mandate expire, probably 
in January, the spokesman said. 

After a strike by ground per- 
sonnel last month crippled air 
travel in and out of Spain, Ibe- 
ria did secure support from the 
bulk of its workers. 

(AFX, Bloomberg) 

an for Credit Lyonnais, said 
Credit Lyonnais had appointed 
Morgan Stanley to find a buyer 
tor all or part of its 54 percent 
stake in the bank. 

She declined to say how 
much Credit Lyonnais sou gh t 
to raise. French press reports 
valued the bank's stake in 
Banco Frances at about 700 
million French francs ($130 

Stephan Arrouays, an analyst 
at Barclays de Zoete Wedd in 
London, said, “this proves one 
thing — banking assets are no 
longer excluded” from the 
bank’s asset-sale program. 
“There are no taboos any- 
more,” he added. 

When Credit Lyonnais made 
French banking history this 
year by posting a 1993 loss of 
6.9 billion francs, it said it 
would sell assets valued at 20 
billion francs by the end of 1995 
and embark on an ambitious 
program of asset sales but 
would not touch its banking ac- 
tivities. It has predicted that 
this year's loss will be about the 
same as last year’s. 

When the bank posted a first- 
half loss of 4.5 billion francs 
after setting aside 8.9 billion 
francs in reserves against risky 
loans, it said it would speed the 
asset-sale program and that 
some banking assets might be 

Banco Frances earned 142 
million francs last year, up from 
101 million francs in 1992. Dur- 
ing the first half, the Brazilian 
bank earned 1 10 million francs. 
It is Brazil’s second-hugest bank 
and has more than 50 branches 
throughout the country. 

Europe ’s Car Sales: Relief? 

Surge Is Brief Before Japan Enters Market 


PARIS — A recovery under way in Euro- 
pean car sales will bring only brief relief, for 
the industry must sharpen its competitive 
edge before the market in Europe is opimed lo 
the Japanese. 

Europe's car sales, which plunged 15 per- 

Peugeot doubled the share of its sales out- 
side Western Europe from 7 perc en t in 1992 
to 14 percent in 1993 and aims to raise that to 

25 percent by the end of the decade. 

cent last year, are expected to increase by 
1994 and slightly less than 

about 5 percent for 
that next year, analysts said. 

The improvement may offer the best 
chance for European makers to prepare for 
more competition by consolidating, collabo- 
rating in ventures or expanding into faster- 
growing markets, analysts added. 

The industry has defied social and political 
pressures to slash payrolls — analysts esti- 

iault, which is state-run. and Italy’s Hat 
SpA are viewed as more regional and vulnera- 
ble, with Fiat mentioned frequently as a 

merg er candidate 

But the collapse last year of a strategic 
alliance b etween Volvo AB and Renault high- 
lighted the political difficulties involved in 
merging European manufacturers. 

“There’s a lot of nationalist feeding about 
carmakers, who are seen as strategic,’' said 
Keith Ashworth-Lord at the Daiwa 

pressures to slash payrolls — analysts 
mated that the work force would be down 
nearly 20 percent by the end of 1995 from 
19921evds — but it still lags in productivity. 

“There’s a dear productivity gap between 
the Japanese and other regions, and then 
another fairly sizable gap between the United 
States and other regions,” said Jonathan Sto- 
rey, director of European Automotive Re- 
search. “The protectionism in the European 
car market allowed a suboptimal structure to 

“Now they must either consolidate or ex- 
pand their sales outside Europe on the as- 
sumption that it won't be easy to expand in 
Europe with competitors coming in." 

European Union limits on Japanese car im- 
ports are to be lifted in 1999. Japanese compa- 
nies now control about 1 1 percent of the mar- 
ket, and analysts expect their share to^row. 

“The European manufacturers are likely to 
lose market share in coming decades, and not 
just to the Japanese, but also to the Ameri- 
cans, through Chrysler, and to the Koreans,” 
said Keith Hayes, an analyst at Merrill Lynch 
in London. 

The French manufacturers PSA Peugeot 
Citrate SA and Renault are particularly vul- 
nerable to a Japanese surge m southern Eu- 
rope, a market that accounts for a big part of 
their sales and that has been the most protect- 
ed region in Europe. 

Among Europe's six biggest car makers, 
Volkswagen AG has the greatest geographic 
diversity in sales. 

The improvement may 
offer the best chance for 
European makers to 
prepare for more 
competition, analysts said. 

Institute Europe in London. “That limits me- 
ga me rger?! of the Renaull-Volvo type. What 
there’ll be more of is project-based collabora- 

Several projects are under way. Volvo and 
Mitsubishi Motor Corp. are building a car in 
the Netherlands, Fora Europe and Volks- 
wagen AG are building multipurpose vehicles 
in Portugal, and Peugeot and Fiat are build- 
ing multipurpose vehicles in France. 

Although these projects are seen as possible 
precursors to bigger linkups, analysts said the 
upswing in the European market had reduced 
the likelihood of mergers in the near future. 

“Shotgun marriages tend to occur when 
there’s a threat erf imminent bankruptcy” 
said John Lawson, an analyst at DRI/Mc- 

In contrast with previous downturns, Euro- 
pean carmakers emerged from the 1 993 reces- 
sion with relatively low debt, he said. 

Fires Phone 

Bloomberg Business News 

BRUSSELS — The govern- 
ment Friday fixed all the direc- 
tors of Belgacom EPA, the state 
telephone company, as part of a 
reorganization aimed at facili- 
tating the sale of 49 percent of 
the company next year. 

The dismissal Friday of the 

managing director, Bessel Kok, 
and chairman, Benoit Renriche, 
had been widely expected. But 
the government decided to re- 
place the board with 15 other 
directors who it hopes will gain 
investors* confidence. 

“This is a new board of direc- 

tors, made up of strong person- 
alities,” the* 

raaspon Ministry 


The choice of Belgacom direc- 
tors generally has been political, 
with each of the mam parties 
nominating a member. The gov- 
ernment says it wants appoint- 
ments to be purely on merit. 

“The government wants to 
distance the company from the 
world of politics," said Moniek 
Delvou, spokeswoman for Prime 
Minister Jean-Luc Dehaene- 
Mkhel Dusscnne, the head of 
Conf federation Nationale de la 
Construction, the Belgian con- 
struction group, has been ap- 
pointed chairman _ 

■ Turner Appeals TV Ban 
Ted Turner has appealed a 
Belgian court order that 
blacked out his TNT/Cartoon 
Network, Reuters reported, 
quoting an executive of Turner 
Broadcasting Systems Inc. 

A court in November threat- 
ened to fin e the Rrigian compa- 
ny Coditd if it did not stop air- 

Sfri Coditel had broken B elgian 

law by broadcasting the channel 

Investor’s Europe 

FTSE lOBlndax 



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Sources: Reuters, AFP 

Imemattaul Herald Trtbooe 

Very briefly: 

• Spain’s cabinet adopted a law Friday to regulate cable television 
that could pave the way for a wave erf foreign investment. 

• Air France said it was in talks with the AMR Carp, unit American 
Airlines, among other airlines, on a possible allianc e 

• AlcstBSse-Lonza SA said its al uminum division was in coopera- 
tion talks with several al uminum companies. 

• Nokia Corp-’s Nokia Telec ommuni cations and Omnitel Pronto 
Italia have signed a long-term agreement for Nokia to supply 
infrastructure for Italy’s second ceBuar telephone network. 

• West Germany's inflation rate was 3 percent in 1994, its lowest 
level in four years. 

• Italy’s jobless rate rose to 12.1 percent in the fourth quarter, from 
1 1 percent in the third quarter and 11-3 percent a year earlier. 

i of a government ban. 

• Finland’s gross domestic product rose 4.5 percent in inflation- 
adjusted terms in the third quarter from a year earlier. 

• A Deutsche Telekom AG subsidiary won the exclusive right to 
build and run a phone network for travelers flying over Germany. 

Roam, Bloomberg, WP. AFX. AFP 


Friday’s Closing 

Tables include the nationwide prices up to 
the dosing on Wafl Street and do not reflect 
late trades elsewhere. Via The Associated Press 

H»| Low Stock 

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HWi Low Stock 

ay Yld P£ lDQs Him LawUttsfOYae 


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UBS 16 = 



1 M O 

_ xi 

5 US 

.z* .Z» -r! 

ContihBed on Page 10 

Pay-TV Merger to Blanket Europe and Africa 

Coaq^by o* Sufj From Dapauba scriptions arm, MultiChoice, “The new structure will en- Richemont also has a 25 per- 

JOHANNESBURG Two will merge their operations with able the group to compete effeo- cent stake in Tdepfu, with 

South African concents and a Richemont SA to form a global tivdy with increasingly global 600,000 subscribers in Italy. 
Swiss-based holding company network. competitors,” Electronic Medi- The statement said PayCo 

are forming one of the biggest The new company, PayCo, a ’ s chai rm an. Ton Vosloo, said, would hold the three compa- 

pay- television networks outside will have access to 43 countries Richemont and MultiChoice n i es ’ consolidated subscription 
America, they said in a state- in Europe and Africa and a sub- already jointly control pay tele- assets. It would be a wholly 

ment published Friday. scriber base of more than 2 mil- vision interests through Net- awne y subsidiary of Network 

Electronic Media Network lion households. The statement Hold, which has 750,000 sub- Holdings SA, in which Riche- 

LtrL, South Africa’s only pay- said the merger should be final- scribers in various parts of pont would have a 50 percent 
television network, and its sub- by the end of February. Europe. * interest. (Reuters, AFP) 


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11mm modifications are effixtive December 3. 1994. 

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Page II 

Beijing Attacks 
U-S. Negotiator 
For 'Meddling’ 

Compiled bv Our c 


c Z£^ t °"Wrr amDispadiB 

a China launched 

a persona] attack on a US 

“fgotiator Friday, saying 

niprfrtlino” 1 | ^ 

dure ’’ ]he official said. “Thai 
Was a demand far beyond the 
scope of our talks.*' 

.. Washington has given Bti- 
Jing until the end of the month 

meddling” p^ture had }?* Until - *** end of the monij 



An unidentified senior Chi 

i , . wug Hi iniei- 

lectuai-property laws or face 
sanctions to compensate for SI 
billion in annual losses to U.S. 

nese negotiator, quoted bv the “ a ^ Qual . Ioss es to U.S 

official China Daily newspatJ» ^? P ,J mcS from “^"tfments 
said the Lead U.S. negoSSS’ ^ TaJ ^ wc T?_ sus P? nde d Dec 
Lee Sands, was blocking agree- 
ment by making demandsout- 
ode the scope of the talks. 

. , e oven asked China to re- 
vise its judicial and legislative 
Jaws, including the civil proce- 

financial Review 
Delays Results 
For Ailing MKI 

13, with a U.S. official saying 
BeiJ mg still lacked the “political 
to curb copyright viola- 

Song Jian, minister of the 
state commission of science a"** 
technology, was quoted by the 
state press Friday as saying 
China would continue to im- 
pose tough penalties on pirates. 
But he didn’t announce any 
new initiatives to solve the 

The newspaper said Mr. 
Sands had demanded s tandar ds 
of protection that even the 
United States could not meet 
“We are open to future nego 

Bloomberg Business New* 

Corp-. the struggling manufac- 
turer and computer distributor. » V Iti w V]A*U IV IUUUG UCJJLT 

said Friday it may delay releas^ tmUons » but we will not bend 
mg its interim results, original! / undcr "V pressure." the news- 
scheduled for next week paper quoted the negotiator as 

"The directors think it may S'" 8 ' “ & ‘f d \ ins £' d 
not be appropriate to release the Swf* shouId 
interim rrauA to the public.™ "Me the 

particular the shaidfokfere take any " 

which may be mkiraa;-. or n0 J arc chsturbed lo see ne- 

truftandfMr^tkTr™^, eotiattons on important trade 
truemdf^ theco^mysaid. issues personal^ a spokes- 

11 ^ ould delay man from the U.S. Embassy 
board meeting from Wednes- said. 

dayto Jan. 26 because it had He said the United States 
“recently appointed Ernst & wanted to work with China on 
Young to undertake a critical “many underlying issues which 
review to evaluate the financial remain unresolved." 

Wang Yang, the China Daily 

.position Of the company 
MKTs shares have beat sus- 
pended since June, after the 
m anag e ment made several mar- 
ket-moving announcements 
without first clearing them with 
the stock exchange. 

Last week, the Securities and 
Futures Commission applied to 
have MKI liquidated, the first 
time it had taken such action 
against a public com pan y 
The Hong Kong High Court 
will hear the application Jan. 1 1 . 

reporter who interviewed the 
negotiator, said he had sent a 
copy of his story to officials for 
approval and received the go- 

“The Chinese side wanted to 
criticize Lee Sands for his ap- 
proach,” be said. 

Mr. Sands was negotiating 
with Beijing in his capacity as 
assistant trade representative 
for C hina and Mongolia. 

(Bloomberg, AP , AFP) 

Japanese Investors Look Abroad 

Weak Domestic Earnings Prompt a Shift in Strategy 

Bloomberg Business ,V«m 

HONG KONG — Japanese investors, 
faced with slow earnings growth of do- 
mestic companies, are increasingly turn- 
ing to other Asian equity markets, and 
that trend is likely to continue next year. 

“It is relatively easy to promote Asian 
emerging markets to individual Japanese 
investors with the outlook for the domes- 
tic market not so attractive.” said Seiyu 
Nakao, head of global strategy at Nomu- 
ra Securities Co. in Tokyo. “I think Japa- 
nese money will have a very important 
role from now on in Asian markets.” 

A relatively stable dollar/ yen ex- 
change rate and low price/eammgs ra- 
tios in Asian markets after stocks 
slumped this year should encourage in- 
vestment next year, analysts said 

This month, at least 13 Japanese secu- 
rities investment trusts have raised be- 
tween 200 billion yen and 400 billion yen 
($2 billion and $4 billion) to buy stocks 
in Asian markets outside Japan. Mr. Na- 
kao said 

On Thursday, Yamakhi Securities In- 
vestment Trust Management Co. said it 
had begun to invest the 6 1 .7 billion yen it 
had raised from the Japanese public for 
two Asian emerging-market funds. 

“Our analysts are expecting S percent 
annual growth for Asian economies 
through the year 2010,” said Masakazu 

lida, a spokesman for Yamakhi. “This 
type of growth should translate into 
strong stock markets.” 

Some analysts had expected a wave of 
Japanese fluids to flood the Hong Kong 
and Southeast Asian markets this year 
after the establishment of a number of 
funds in late 1993. 

But an unexpected rise in U.S. interest 

'Our analysts are 
expecting 8 percent 
annual growth for Asian 
economies through the 
year 2010 .’ 

A spokesman for Yamaichi 
Securities Investment T rust Co. 

rates beginning in February and the dol- 
lar's slide against the yen all but halted 
Japanese investment in Asia. 

Japanese investors who did venture 
into Hong Kong, C hina and Southeast 
Asia in late 1993 or early 1994 ended up 
with significant losses. 

Hong Kong’s Hang Seng index of top 
shares has lost 303 percent so far this year 
■n Hong Kong dollar terms, and yen- 

based investors have lost 37.7 percent. 

Pauline Gatdy, regional strategist at 
Smith New Court (Far East), said the 
slide in international bond prices this year 
had also forced some Japanese investors 
to pull bade from Asian equity markets. 

“Japanese institutions were badly 
burned in bonds, and the idea then was 
to get their money back home,” she said. 

But the stabilization in many world 
markets recently and the low P/E ratios 
at which many leading stocks in Aria 
now trade are enticing some investors. 

HSBC Holdings PLC, owner of Hong- 
kong & Shanghai Banking Corp„ is now 
at 84.75 Hong Kong dollars ($10.95), or 
7.7 times its projected 1995 earnings per 
share, according to IBES, a brokets* esti- 
matiing service. When the stock was at 
its high of 131 in February, it was at 133 
limes expected 1994 earnings. 

Figures from Japan’s Investment 
Trust Association show that the amount 
of trust fund money m Asia outside Ja- 
pan was 1.07 trillion yen in November, 
up from 5573 trillion yes a year earlier. 

Brokers say that Japanese and other 
investors will chase Asia’s high economic 
and corporate earnings growth. 

“If your own economy has gone fiat, 
you go and buy someone rise's growth,” 
said Nial Gooding, sales director for 
Kleinwort Benson Securities (Aria). 

U.S. Investors See a Buying Opportunity in China 

Bloo m berg Business News 

NEW YORK — Weakness in Chinese 
stock prices this year is being seen as a 
buying opportunity by U.S. investors. 

“Would I begin buying now? Yes,” 
said Michael Holland, a partner at the, 
Blackstone Group and a director of the 
publicly traded China Fund. 

The Crftdit Lyonnais index of Chinese 
stocks traded in Hong Kong fell 15 per- 
cent this year, while the index of ‘B’ 
shares, which are listed in China and can 
be traded by foreigners, has declined 
nearly 38 percent- Prices of Chinese 
stocks traded on the New York Stock 
Exchange also have dropped. 

The fall in Chinese issues reflects in- 
flation. concerns about the future of Chi- 
na after Deng Xiaoping dies and accusa- 
tions that some state companies have not 
honored debts. 

But now that those concerns have been 
priced into the market, Mr. Holland said. 

the profit potential as China’s economy 
grows still made Chinese issues attractive. 

“From an investment opportunity, 
closed-end country funds are trading at a 

5 percent to 15 percent discount to net 
asset value, including China, ” a New 
York-based mutual fund analyst said. 
Last year, most of these funds traded ai a 

Other investors said that while the 
short-term investor may not want to 
tamper with Chinese equities now, long- 
term potential for gain*; exists. 

“In the long run I think they’ll have an 
economic explosion there,’’ said Joe 
Glossbexg, managing director of Gofen 

6 Glossberg, a Chicago-based money 
management firm 

But the Chinese economic expansion 
will not come without growing pains, 
other analysts warned. 

Policymakers in Beijing have yet to 
complete tax reforms and are stru gg lin g 

to keep state-owned enterprises above 
water. About 44 percent of state-run 
companies were running losses in the 
first nine months of tins year. 

“We maintain a relatively limited ex- 
posure to China directly,” said Ralph 
Layman, vice president of Internationa] 
equities at GE Investment. “We typically 
get burin ess exposure through Southeast 
Asian companies. It’s a cheaper way to 
position yourself through companies 
with proven track records and experi- 
enced manage ment,” 

But some analysts said Chinese shares 
were likely to drop even further in com- 
ing weeks, presenting an even greater 

“I promise you the market is going 
down. And when it does, people should 
buy,” said Jim Rogers, an author and 
former hedge-fund manager. “But no 
one should think of investing in it now.” 

Japan’s Electronic Industry Emerges From 3- Year Slump 

By Andrew Pollack 

New York Timer Service 

TOKYO — Japan’s electronics industry, 
creeping back from a long slump, registered an 
increase in production in 1994 for the first time 
in three years. 

The gain was due in part to a slight improve- 
ment in demand for electronics products in Ja- 
pan, but mainly to strong shipments to the Unit- 
ed States and Aria of microprocessors and flat- 
panel displays to be installed in personal 
computers and other products. 

But production of consumer electronics equip- 
ment in Japan fell nearly 9.7 percent in 1994 as 
Japanese companies shifted their manufacturing 

of television sets, videocassette recorders and 
stereo systems to countries with lower wages, in 
part to escape the effects of the strong yen. 

The data were reported Thursday by the Elec- 
tronic Industries Association of Japan. 

In the fiscal year that ended m March, 48 
percent of consumer videocassette recorders and 
72 percent of color television sets made by Japa- 
nese companies were made outride of Japan, the 
trade group said 

The figures, compiled in the association’s an- 
nual production summary and forecast for the 
new year, highlight changes that have been oc- 
curring in Japan’s electronics industry over time. 

While “made in Japan” was once almost syn- 

onymous with audio and video products, such 
products now account for only 13 percent of 
Japan's total electronics production, down from 
nearly 19 percent in 1988. Instead. Japan is 
becoming a maker of industrial equipment and 
of sophisticated components that are assembled 
into final products elsewhere. 

Japan’s overall electronics industry, which 
once seemed unstoppable, has been hurt by the 
three-year slump in Japan’s economy, by the 
rising yea, which makes Japanese exports less 
competitive, and by a lack of new hit products to 
follow the VCR and compact disk. 

In areas such as computers and telecommuni- 
cations, Japan’s international competitiveness is 

impeded by a weakness in software development. 

Total production erf electronic products in 
Japan dropped about 17 percent from its peak in 
1991 to its 1993 level of 20.83 trillion yen ($207 
billion). In 1 994, production is estimated to have 
climbed 2.0 percent, to 2135 trillion yen. 

The association forecast that an improved 
economy in Japan would lead to growth erf 23 
percent in 1995. 

Price cuts and deregulation helped spur de- 
mand for some products. Production of comput- 
ers and related equipment grew for the first time in 
three years, rising 53 percent, to 5.05 trillion yen. 

D eman d for personal computers spurted this 
year because prices were lowered in a price wat 

Investor’s Europe 

^ j as b 
















Stock Index . 




















Finance! Times 30 

2^70J3Q - 









Genera! Index 




















ATX index 









Sources: Reuters. AFP 

Inictnauxul Herjld Tribune 

Very briefly: 

• Taiwan will give a “relatively clear” explanation of its policy on 
foreign investment in its stock market after the Lunar New' Year, 
which begins Jan. 31, nuance Minister Lin Chen-kuo said. 

• A Taiwan high court convicted James Oung, a businessman and 
legislator, in a scandal involving Kuo Hna Life Insurance Co. 

• Time Warner Inc. approached Toshiba Corp. and Itochu Corp. 
for financing to buy an estimated 500 billion yen ($5 billion) of 
U.S. cable-TV companies, the Nihon Krizai Shimbun reported. 

• Taiwan's economy should grow by 6.8 percent in 1995, up from 
this year’s 6.1 percent, because of a rebound in the world econo- 
my, the government said. 

• Vietnamese tractor and engine factories are being threatened by 
a flood of cheap tractors and diesel engines smuggled from China, 
the Saigon Newsreader reported. 

• Agricaftural Bank of Grins plans to issue $150 million of samurai 
bonds in Japan, the Xinhua news agency reported. 

• China's automobile industry grew just 3 percent this year 
because government cutbacks on luxury good purchases caused a 
slump in sales, the official China Daily reported. 

• Cbenucal Col of Malaysia is buying UPHA Pharmaceutical 
Manufacturing Sdn. and controlling stakes in its related compa- 
nies for 58 million ringgit ($26 million). 

Foods Hokfin^ said its net profit rose to 93 3 milli on 
Hong Kong dollars ($12 million) in the six months to Sept. 30 
from 16.6 million dollars a year earlier, helped by a 29 percent 
increase in sales. 

Kong's government proposed legislation that would 
the Monetary Authority’s central bank function by 
requiring all banks in the territory to maintain a clearing account 
With the authority. Bloomberg, AFX. Knight-Ridder. A P. AFP 

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Delrlna ■; jt u « nii n 31% +% 

2084 21% 21 21% +ft 

n 131 20 19% 19% +% 

*■' 15 503 1 7% 16’A 16% +% 
" 43 250 27% 24% 26'/a — 1% 

r ■■■jss?°3Sw i«»*as 

” 14 1276 ^5 1% T™ +% 
J 26 990 30 29% 30 +% 

_ 8 993 14% M'A 14ft +Va 

601 18% 18 18% 

“ ” 101 26% 25% 26% + % 

“ 13 1442 9’1/ii 9'-* 9% ♦ % 

^ ,r °sii5 T aasa^e 

■« w "* iij ik iiv. sa -v. 

16e 13 14 4268 12% 12% 12% + % 

_ 20 sols’*. 13%13'V» +'ft 

E II till sa J% jg-* 

- JJ 9 ^ ”t -a 

“ H s?3 16% 15 15 — 1% 

E n S8 IP -lB'ffli ••' 
: U,4a SS «Bffi j; 
£ * «S BS B-BS'-is 

: 15 2045 13% 1?% ir +)% 

I 1-i “3 ini isv! ®! -% 

36% 10 HIVWdES 

30% 9%HlwdPK 
18% 3%HotoWC 
B% 3 1 Vu MmeThen 
39 MWHomedc 
20% SWHomaTBS 
34 24 Hanlnd 

18% 1 1 % Hombg 
25% 15 HuntJB 

42% 16%Himla> 

22% 16%HimTBn 5 
41 2IViHutcJlT 
7% 2 HvdrTdl 


20% SVilDBOn* 
35% 25% MJexxLc4» 
ru 4%iDMEnv 
21V. 7%lECgC 
33% 22% 1HOPCP 
40'A18 IMPS 
16% 11 tPCLrrfo 
151.6 6 imuLoo 
13% SWimunRsp 
19% mihlmunex 
31 lOV.InFocu 

21 f/ m Inooxn 

20% 13 IndtaoNV 

34 20 V. Inti nBrd 

35% 17%lnfoSoft 
39% 1 1 V. IntoRes 
2*% 14% Informix 
Jjv. lSWlnsoFn 
29 13% IrvaiKD 

38% 24% InsAut 
34% 13'/.lnteDy 
29V. 14%intSllSy 
73% 50% Intel 
19% ljv. Intel wf 
8% 1%lnl1SraL 
28 7%ln?e1E1 

11V. IVilntNtwk 

17 f%inlrtdn 
11V. 7%lrrteph 
28% 20% interim 

8% JWlntrkHJf 

14% 9 IntrCrn 

33% 17%lntCbte 

30% IS Intimog 

18 B%lntentv 
17 5%irrtvo*ce 
73% 37 Inhxi 
33 V. 25% Invcnre 
231V1B1 naYokd 
23W 14 Itron 
20% 10% J8J Sn 

416V 23% JLG 
27V» 22 J5B Fn 

17 10W jaaxCm 
45% 28% JeMrGP 


30% 10% JatmstnA 

18 11 Janet A 
21 16'AjurwU 

11% 3%Rj bilm ^ 
18% 13 Rxdlfood 
11% 7%RiOP« 


- M 4^? Si* 4% SVh *V« 

B aS is v'?z-z 

33 24 NACRe 

21 % 14% NN Ball 
33 25’ANS BCO 
15 9%NACC 
16% 101AP 

I j |f 

— 7'ij 18 17% 17% 

“ ” 2429 0% 8% 8%. +«« 

= * ^ ho. ’ 

"■ "4 188 9* 8% 8% — % 

- iJ’SS i% pwSw+V^ i 6 % 10 <AN^tr 

" 14 fi B0 n% 11% 11* - 52%2BW NmSyOS 

- - JH *412 B% +1% 9 % 4%NTogrn 

- - £3? Li * S% - iffw.n_%Ntwdg 

15% 15% 15% - iu.’iSKSSLl 16 

1 46 fsi ^2^=% sttiTaSss 

- - .1“ S?z Svi T3W — % 24 inhNtwkG 

” « M% 29% +% 13% SSNwfc'JJte 

:lde 15 ~ 8? 1? 

^ 1J in 

18% IB'A — % 

- C 12 10 10% iW4 saw -J% 

* U2 ^ jg i?a i?v. ig 

" « m 5’A 4% 4% — % 


“ _ 823 18'A 17% 1BW, +’*» 
” 14 332 5*Vn 5W 5% — 

" 19 2^ 30 28% W, ♦% 

M 155 33 32% 3W ♦w 

5 g'g 2 ^2% ** 

E »l u l - 

21 % . 

__ .. . 7% +% 

9% 4%Rntralc 
5% 2V.RepaP 

14 fWReuB CP u J, ‘ » 1436 9W 

23V, S RfiSOIXKS - 25 JSS iv, 

n% S%Re«X «, -s w 'yfs 44% 43% 44 — % 

3 1-4 | 16^ 1» ® *« 

” 16 » 12% 1?‘A 12% - 

M’A MWRMOI .16 VJ 10 ^178 M B% 5S % *l” 

74% 46 Rotgy 1^0 2J 45 1W “•n « jiv, - W 

5UIKSSS -loe 3 3 S p 4 % 1|% !£ rS5 

s%«nssft f 2 - 1 r aisia 

18’A 12%RsvtIFn S J4 2J -' ® 2 24% 24% *% 

^ " 'S os E -- 

29 12%RoteC*i 

55% 40%TecumA 


15% 31*Te{rt" 
52%21% T ollf® s 
24% SMiTeWar 
IB V. 10 Tolxon 

47% 11 %Tencor 

T 3%T*SMd 
8 4%TopW 

14% THTvmAvte 


27 i7%TniReCP 
43%33Vi Tmwdl 1-00 

IB SltTraxjrd 

16% b% Trimble 
17% 2%Trlrned 
20 6 Trtem 

11% * TlilS 

is 18WTVSOT 

14% 8%USTCP 


416 — % 

” ” m ' 6 % 6 H . 4 % “ 

- i32 s- r us sa.Ta 

” ; i5 • - »ft - 

5 ii 190 9% 7% 9% -% 

* 1 535 22% 31% M - +% 

: z 4 24% as* MW - 

14 391 6- 5% 5% _ 

: 38 903 16% 16%WVn +;/■ 

Z Z 707 3V. 2% jjS-wS 

Z 1273 7% 7% 7% _ 

•m 33 13 1679 6% 4 . 6%..M 

m A _ 1077 21% 2OTV 21W, -v* 
M ii 165 ID 9% 9% — >A 
" 31 2315 36 34 35K+1V. 

- jl ® 4 .3% 3%— % 

JOb 1J 6 1» 2M6 M% 2S% = 

19 12 DWlnlS _ fi can 22% 22W 22% +% 

2B%22WUJBcOR 1J0 S ^ to% 1B% 10% 

14% aWUSR* 2 M Vn 18 4628 41% 40% 41% — % 

49 fflV.USHffllS M 10 IB ^ -, 2 %:i2% . - 

15% BVSUSLona - H & 34% 37% .2% 

66 M. HI 9JB 3J U J27 62% 62% 62% — W 

" 3 IS S%'S%-Sft'.*a 

« fl *s 

««.. .u-imwSc - " 30% 29% 30%'+% 


- a S 27% 31% I* “% 

^■ i ' r 


■* 25 B&7 27% 25% 27% + 1* 
51 jj _ 63 18% 18% 18% 

20 16% Rouse _ j r3 ” 4fl 
v 47% Rouse Pt U5 ^ « ]S 19 

55V; 1— - 

21% 13 V. RumlMel 
9% SWRvonF 
19'A 6ViS3_lnc 
22% 12%5Q Sys 
2BW 17 S BC yP 
23’A ll^xSPFed 
25% 2W5LM Wl 
59V. «rVj SatPCO 

33% Mv.snvist 

41 M%SUude 

_ TO 135 19% 19% 19% -ft 
12 560 7 69* 6*Vi* **A* 

” 47 ni6 14% 14 1 A 14% + % 

“ 21 355 18% 17ft 17% —ft 

14 0 19 151 17% 17V. 17*6 - % 

'& 2ll _ 21 13% 13 W* - V '* 

1478 3 1 '* 1% 3 ;r 
1 96 18 9 2946 52 51% S +% 

"jl Otmn g* +w 

AO ! J !! a ^ Sa “S 

22% 4 wunvetc 
16% 9 V, VLSI 
20% 2%V(4T%Ch 
15% 3% VtJlVls A 
25^. 13%VotwJ£t. 
29% IBWVgrdO! s 
46 iS%Ver4ritx, 

20 10V>VertxPti 
30% 18 Vicor 

29 22 VictSn 

23 7WVideoL 

30 ll%Wwte 

32% 21 Viking 5 


23% la'/.VmorK 

- 20 4 £isrss=i 

- s % 

2J " 17 2?% 22% ITW -W 

11 1048 91A Bft 89W — 

•” „ 2109 IB 17Wl| : - 

35 ISM 29% 18% 29 + % 

— - 522 m* 11 ' 11* *% 

:j ia 17 16*16 *6 -% 

W-X-Y-Z ' 



48*6 37%WDJi~ 2.« 5J B M 4J% 4BS«*-*. 
32 18 W1_R RJ JR U ]5 3B Sj y, ijxc 4-14 

fvB a 

-25* k iS M «8JB *• 1 8 a fi 1 & e£ 

" 24 414 ll'A 33% 34V. — % 

u 24 85 59% 50*i SVW -ft 

jl 19 2773 44% 44 44 — % 


" 21 ’Its m'' a«i 2iv» ♦* 

- 21 7 S 3% 3H 3% +% 
” ” OT 12% 11* 12* +JJ 
1402 27% 27 27% — % 

“ « 2» 30% 29% 30% -Mr 

” lS 16% »6% 16% —ft 

* iaSHKS-V 1.04 3J 11 306 34% 34% 34*^{- 

S WVSSOBSR z fi m 3* 1% 6 -* 

_ 12 539 16 
_ 2912943 18 
_ 22 5770 «9 

13% SWNwSWWr 
2216 12% NnrtMC 
26% 13% Novell 
56% 25%NOVHI* 

19% iD'ANoven 

, = : llppisl Bhwr - ri * r, 

l» - - 308 

15% 15% 

17% 17% — ‘'a 
46% 48% -2 


965 19% 19 19 —ft 

~ 14 49 15 11% II* — * 
J if 30 ?9 37% 3?_ 

19*610'/. OPT1 

14% lSiOctoBtin 

10% vvocnanwt 

* 33 » §% g 4 fia -ft 

^ « ,s ?s% 


,J iJS £ fitt !S%1 

I “ 489 12% IlMu lift —ft 
67 70 26% 25% 25% — % 

•j 15 1® S% 22% 22% -ft 

15 TO IS 14% 14*6 -% 

:: _ 60 1% d 1% I'*';. *"» 

Z 42 675 21 20% MW I 

12 62 12% 12% JI ft —ft 

ijij§s§; ! a a ■! s r «r= 

12% 4*6onc«n ” Si «S 5% 5% .% 

13% 4'AOmWiaEn -5 if! 23% 24% *% 

35%23%OtteCP 1.12 *6 6 6M 2fl6 n% ^ 


30 ISWOdel 
16% 11% 


23% 7% JsfFeel s -loo »i 11*5 — % 46%26%Oracte 

Ti&i fir - ,4 ” » ^ %s -a*+ T % »%io%o££ 

^23"KShSA -72 U 18 3« 0% ^% 27% +% I 21% lIWOShBA 

- 3710632 44 43% CWr» 

' 1087 19% 19 19% 

” _ 12B1 12% 17% J7% 

j| U _ M 13% 13% 13% 

— v« 


1i%n%«fw5B S JO w 10 408 1 7% J/Vi - ” m 921 10% W4 9% —V. 

sains^ jo us IE EE* a 

50V,33%SdlOtCp ” *2 IS W 13% 13% - 

jo a a k g% m* iv.'S 

52W 25.. . SCimed - - ffg 7 6V. 6V* -% 

- ’I HI ,r bB J 

Sa’is^- .. 

11% 4%SdasNov 
26% 15% Sate* 
19V. 2'AScareBd 
20V. 14% scans 
51W33 SecCOP 

33% 22%S7irM«J 
26% 2%ShawGa 

14V* S% 
36% 14% 

16 V. 6*6 
li’V 4% 

55 V. X 
21 V. «*/. 

25% -- 

J4 2J n*14l*uX% -- 

„ 13 414 5>Wl 4* 

” 28 3736 MW 20 
" 393 11% 11 HYm— W» 

1 Ell if §3 

J6 l.T 15 3019 
oe a 2 

J6 2J 16 

32 3*Wgft=ft 

20% 20% 20% —ft 

IK Stef! \- 

^ fs S%=Ii 

St Stss^ 

IV. 19*6 f 

r ^ 1 % 21 % 21 % — % 

53 9 400 te* » ^ 

21% 9%WarwLat> - «« •* 171*17%—% 

S^IKHlSW J, If T ™ 5SS 79% 79%-“^ 

f fi iff B'Baus 

LM* frfil.lB'Eb3 

25% 17%VW»StFil 
X% 16%Wi®a)H 
30 14*6We8M0t 

33% 71% Werner 


is ^ ^Jifsw g%§5-^£ 

■“ _ 20 349 12 11% 12. T 

24% 6%WeslcoJC ^ " *& il*. 12* — * 

■“ 1J - -00 IS* 9% 10 -% 

_ S3 30% M%3D W -M 

” ,E OT 3 2§X »%-!* 

” 1710204 10*6 d 9% 10% — % 

= a ^iHfe3 

M 5-1 D 645 V •£&»»»:& 

~z r - 

"C •■’ 

3jv, n wnwatr 


11% 7%Wsl»on . 

37*429 WMiteRvt- 
25* io%WboteFd 

30*4 9% WtialHfV 
24*6 lO'A WjCkLU 
35'/«iS%Win5gni . 


**B SSffi 

-s “ K,s ss SaB-.lK 

28% 12*4 Xircom 

_ X 
_ 21 asnr 

- k If > 1 

Z 22 n M6 - 

= SVR 28, 

1JD “ £ Jl K 

=j: -•* - 


, .ctfi** w 

■; «* 

•- c'l,.r+ *«ie 

. ... .... rrstf ^saK 

..- •r.NCu.t'lfcfc. * 


>w» ev4 

- - 1— r 

• '. '• ’• 

■ .vsri *-> 
: .S hip 

^ v- i'T 1? 

'-i..', r i*ir. J 
■■ i32.* I 


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_ • : .~.*n . . 

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: j'jnw* / 

. ■■ 
. ’^.r-4*or 
■ • •HU*. Lit 

. r-" -O 

.. -1^ 

■ -r>. u 


Friday's Closing 

Tables Include the nationwide prices up t° 
the dosing on Wall Streetand do notrenec 
Hate trades eteewhere. W a The Associated Press 

12 Month 
High Low Stock 

p tv vet pe 1005 HHtfi LowumaOOi'Bi. 


16% lOWCtxnbrh 
27% lOWCambr* 
12*610 CMoreo 
25>/.16 CdnOce 
12% 9%CapRI2 
13% 9%CQPW3 
14% 8 Cartnotn 

= E I iSliii* 

? } € E E v£ 

3 M ib ?T T n'* 

% 1.L? ffi J ■« « a 9* :j 

l2S “k S EBB-3 

IP*® *8 5 1 SEE 3 

9% 4%CentTcn 

t6 - 30 8% 8 8% *% 

_ 19 373 29% 29% 29% - 


9 B AIM Sir 


1% HAMInwl 
13% 9%AMC 

■s^sssa. ,35! " a 8 ® C41-? 

” ” 10 3% 3% 3% — Vi| 

,«J«S*§S* »• l « i "$i % I :g 

4% H+AgneU 

1% Action 

4% li/,|Advnn 
2% HAdvMedT 
4% %AdvPnot 
15 S'AAIrWat 
4% 2% AlrCure 
3'v„ 2% Aircoa 
7% SMAiamca 
17V* 9V. AXjaW 
r-» l%AiertCtn 
% WAienCwt 

“1 231 123 14% 13% 13% — % 
4 601 l'Vi, 1% 1% 

“ _ 145 1W. 1* 1ft* * y ’» 

" _ 5% 6% 6 6% — 

1 219 11 P/H TV'. 2Vu - 

_. 19 3 3 3 3 

17 B3 6 5V* i — 

” 11 15 11% 11% 11% ~ 

I „ 12CO 1% 1% 1* ♦ v “ 

iswnwSSSoSi 1A6 9A I 3H u* is% is% -% 

2% itfi.Alfin - ••• 'Vi *H 4 !2 

9% 2’* AlldRah - ~ 1® fft tft _iT 

11% 7 AllouH 
7H 3 Alohaln 
8% 4'vAlpinGr 
ii.,, i/ M AmaxG Wt 
10’* 5’<« Amohl 

BfewteKSPi - s h " “ ^ 

6 4%CFCdaa Jl J 

11 MteCentSe UlelO.1 

12 6%Oyqn 

8*4 5*40iad A 
SVi 2 0®ewB 
40%17%ChpEn i 
10 7%Chma+ln 
2BW19 OHtttod 
17% ^WgTtPwr . 

30% 6 Dfflll 

MV. 19%CJiflntnt IX 9.1 
17% BWgreoTft 
12% 2VuOtedot 
9% 6%atttinc 

r 6^ 

; io 69 7% 7ft Tft -ft 

_ 229 

_ _ 129 

6 % 6 % — % 

4% 5 — % 

Vu Vu 

% u> *'/;» 

29 V “24%MBT»I 5-25 9?i Z ^ M% 24% 24% -W 

iSi?5fH« if B S J sj 1 h fa J 

m fisjceci 

•j 126 Z 22 6W 6% 6% +ft 

s JS K £S tt-ra 

E i ,s ? « $ 

- a g„sa ss +% 

“ 1 162 >Vu Vu 'Vu +% 

” 27 I" 10% 10% 10% +% 

I _ 56 6 % 6 % 6 % *% 

_ 12 3 7*4 7% 7% —ft 

I 10 IX 2% r/i. 2% +V« 
100 8% 8% I* — * 
” X II 2"6i 2 1 Vu 2iVu — Vu 

“ - 115* f* * 

.10 1J * x3 5% 

Z — 33 

_. 8 645 

_ _ 866 
_ 10 573 
_ _ 311 


6*4 4 Col Lb 
10% awcoiuEna 
19% l3%Cpmjnc 
7% SWCmClA^ 

8*4 5%ComoTch 
25Vi 1 1 W Ccmmek 

l’/u v„Cmotre 
10% 7 CwKdF 
14 7%CbntlWl 
8W 4VuCmretE 
10% 9 Coptov 
3V. IW Com NO. _ . 

11% ewccBnati J5_ 2J - 

8% 6*4Covrtld 
17% 12% CranS 
12% JWCrOwIMs 

24% 12*4 Cm^ 

23% ll*4CmCP B 
5% 2%p**-Am 
33% 20%CrvHOH 
23*4 ITHCuOc 
4% 2VuCustmd 
4% WCvcomm 

9% ft* 9W +% 

’ 2% 2V5 — Vu 

79 19% 19% 19’A —ft 
30 4% 4% 4*4 + % 

_ 20 16% 16 16 — 

Z Z 36 7% 7% 7% +% 

in i 17 21 45 7 6*4 7 -ft 

' 1434 4 3% 31%. — «» 

” ” 36 *%. 3% 3>Vu — W. 
- 10 167 31 30% 31 -1 

_ .. 79 Bft 7*. •* 

_ 223 21V4 21 21% _ 

6 12 143 17% 17% 17% — 

_ 14 5531 13% 1W 13% +1 

83 11% H% 11% — ft 
.. „ 211 20% 19% 19% -ft 
21 667 17 16*4 16ft — % 

” V, 364 2% 2% 2*4 -Vu 

” 22 96 8% B% 8% — % 

”ip“1 ^ 7**"-* 

“ 35fe 1^: ?Sfts :: 

5V, 3 RWrtn A4 116 X X12 3% 3% 3%-%, 
4 IMFmKSuO " - 13 2 Wb ». »• - 

Z 26 34 7% 7% 7% - 

5 l*4FmkSup 
&% 2%FreqB 

9 5'4Fre5eOlU5 

4% 3%Friedm 
15% 9%Frlaeh* 

J4B 6.0 Jl 6 4 

74 b 26 IS x36 9% 

4 4 — Vu 

9% 9% _ 


19*6 16*4 LehMUnl JO «J - ’’vJl ’fwj V«S -w. 
3 !V„LeJY95wt ” ” in J>vl 2*u V** — * 

B% 2V„16JY96WT - - lg ,V*J 15% -% 

22% MW UlVern X 1J }1 l» l»+* 

27% 3%LJtfldAd - 17 ^ 2% 2% -% 

M% = fi 3 lift 13 !3ft 

32% 22 LyndhC - 


9% 7%Gdki5CO .04b J 12 xlM 8% f HJ ft 

fe-Biw^siJ ICIe! 

“ 25 62 8*4 B% ■% — % 

“ ” 1774 010% & 

74b 11 13 » 1% 11% H% — * 

72 3J 14 iS 21% g% 21*4 - 

.70 46 S |S U 15% 1^ +% 
L. 104 45 in M% 14ft — % 

M% \5WGargn 

f% 3%GoyjCn 

8% JVuGcylC wt 

15% 9%GeimS» 
lVu 'AGnAuto 
11% IWGnErriP 
206, ViiGenKlnet 
B% VuOenlsras 
12% 9 Genvor 
26% lOWGkmtFd 

20% 12WG»cW0tr 
19% 14%Gt0tffl 
U% 9%G*obsmi 
17% TWGtnbllnfc 
3 lUGoVideo 
v„ VuGoVdwi 

- “ ’g ^ *se ■’fis + 

6% (Sn -10e = = fiats' 

” 60 531 13% 13% 13 . 

994 5% 4Wu Jft *ft 

6 8 % . 1 % 8 W -% 

3 IB 17*» 18 -% 

42 6 5% 5% — % 

20 6% 6% 6ft -■ 

31 17% 16% 17% -% 
75 IVu ' 1 “*6* 

n 744 7% 7% -. 

28 11% 11*4 11% - 

? &h\ 4*6. - ■'• 

1 10% 10% 10% -% 
120 1% 1% !*!£,*. — 1 1,1 
_ “ 10 9% 9% -. 

s B « i*&T i%ih=i 
11 = g sasffisws-; 

: : S 3% jft 3% —% 
..20 2B% 28% 28% -ft 
.53 76 48 X 14 18% 18% — * 

“ li 10S ^ 1% -% 

.94111.1 ID 
J30 9J - 

_ 25 

_ 4 

„ 7 


IX 9.9 _ 

4% 5 + % 

5% 5% - 

7% 7*4 -% 
% W +% 
BW BW _ 


14% 5%AmPoan 
8% 6%AREInv 
11% Sft'55S* rr 
1% phASdE 
3% VuAmajrt 
JV14 T%ATechC 
13% 6%Ampgi 
6% 2%AlWMte 
liv„ W.AnaPor 
■1% JWAnubco 
14% 5% Aproonx 
10 7 ArrcwA 

8% 2 ArnyTh 

9% BV.ASUvn 

4 2 AUitnc 

8% 2% Atari 
7% 5V, Attantb 
3"ru an, Allas wt 
18’» 6V.Aodvox 
iiv,. VuAudre 
9% 4'/.AumrEl 
j% lViAzeon 

4% -% 
SW 5% — % 
Vu % % - 

% wu % - 

7% 6% 7% +% 

mi, % J'. -■ 

ffA 4% 5% +W 
2V* 2Vu 2Vu - Vu 

_ _ 2 'Vu 

.90015-0 _ 827 ?_ 

J8e 57 - 

.73 3.1 13 

- 23 
174e 97 15 

.. . S* i" ~- 

48 13% 13% 13% - 

05 73 77V. 73. — 

7 23'/] »ft 23% + % 

103 3% 3W 3ft -V ? 

69 Sh 5' Si 5W -ft 

S 1? 1W lfflli 

70 10% 9% 10% +% 

8 19% 19W 19% -. 

X 19*4 19% 19% — % 

_ .. 248 '¥■ "£ ”/»-%* 

13 264 2 1% 2 

E n A iS 

40 4,0 11 54 '§% ’3% 3W — Vj 

Z3 1% 1% l%-% 

” “ 200 Wu 2% 2ft — 

4*4 4% BSTen pwi - 2 -jliJ JJ TvJ 

37 ^ W “ 3S ^Vu W % - 

3%_fti?!ni« - 17 !M 24% 33% 23% -ft 

17 67 85 84% BS +% 

'W 2.1 a 29 19% 19 19 - 

._ 21 142 37% 37% 27% - 

J843 lVu ®“ 

” =, I ^ 2% SIS 

s.a ~ r 

.790 7.6 _ 

77 7J — 

1% ViB&HMT 

4% I % as. HO 
17 1 -. 11% BATS 
82% 70W8HC 
28 19 BadtxM 

II 3 ttaKCf 
6% dUiBaklw 
33% 1BW BanFd 
14% 9V*Bansirp 
25%18%BTo»7W t.B 9J - 
25% 10% BT cv7% 1.90 9J — 

■Vi, v« Bartstr 

24*410 garvRGs 

21 HWBavMCO 

5 3'iiOovov 
6% I BSHKwl 
3% ivvuBSJon wt 
4*4 4%BSYenPwt, 

IV, , %D1 Ind 

3*4 2*4 DRCA 
3W 1 DOWJtaM 
9V, 6 DanfHd 

6*4 2%Datamet 

9V. 4WDafaram 
7% 2 Davstr 
4 WDavstwt 
aw 5%Daxor 
12% 7 v. Decorat 
BW 4%DetEte 
»% 17. DevnE 
SA 2 , V„Dioa A 

3W 'Vu Dio icon 
*4 VuDlotaiwt 

8% zwoiancT 

13% 10.. PjMAC n 

19% 9WDbnarit 
10 4 *4 Diodes 

6 s&DhfCom 
10*4 iWDiiaVne 



_ 46 

I 31 26 »ii 3% 2'- . 

_ _ 104 1% t!'u 1+ i -;«• 

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T H E 

Saiurday-Sunday , 

December 24-25 , 1994 
Page 13 


Can Gel It 

Wrong, Too 


By Rupert Brace 


HE FACT that investors from 
Croatia, Jordan, Russia and Sri 

Lanka are calling up Fidelity 
Brokerage Sendees’ London of- 

f • — 4 JF UQ.IUCU mai 

™ “tomedianes are a good thing Tb- 
Proposed deal between the U.S. mvest- 
noent bank Morgan Stanley and its smaller 
U.K. competitor S.G. Warburg failed be- 
cause of the high price the financial world 
now puts on intermediaries, otherwise 
known as people who advise on or manage 
other people s money. 

The proposed merger initially surprised 
the majority of analysis, who looked at the 
two banking operations and saw that the 
bigger partner was just going to gel more 
of the same, but with a mild European 
flavor. Eventually, however, something 
closer to the Lruih emerged. 

What interested Morgan Stanley was 
not so much a high-cost, low- margin 
banking operation, but Warburg’s fund- 
managemem business. Unfortunately for 
Morgan Stanley, the minority sharehold- 
ers in the fund management business held 
out for terms that the U.S. bank found 

But regardless of success or failure in a 
single deal, Morgan Stanley has now 
shown its band: l! clearly wants to be part 
of the culture of OPM' (Other People’s 
Money). For a bank that has made mil- 
lions from betting its own capital in the 
markets, this sudden move to acquire a 

major stake in the relatively risk-free 
OPM business of fund management is not 
without its ironic undertones. 

There are several messages for the small 
investor in all of thk Hie first is that the 
fine minds at the control panels of institu- 
tions like Morgan Stanley dearly expect 
people to continue to entrust the manage- 
ment of their money to other people. An- 
other is that the money managers must be 
able to do their business well, i.eL, beat the 
market. Because if that doesn’t happen, 
asset management businesses can quickly 
lose their profitable luster. 

But there can be do guarantee of suc- 
cess. As the events of this month demon- 
f'strale, even high financiers can get it 
wrong. M.B. 

Brokerage Sendees’ London of- 
fice to deal in international securities 
seems ample proof that the financial 
world is becoming a much smaller place. 

Indeed, the trend toward globalization 
among institutional investors such as pen- 
sion funds has been well documented in 
recent years. But a growing army of indi- 
vidual investors is also looking to join the 
international-market jet set. 

Fidelity Brokerage Services Ltd,, a UJC 
affiliate of Boston-based Fidelity invest- 
ments, is one of two discount brokerages 
hoping to capture this nascent market. 
The other is the British office of Charles 
Schwab Coip.. the San Francisco-based 
concern that has long been known as a 
leading discount broker. 

Discount brokers execute trades but of- 
fer no advice on which equities or other 
types of investments to choose. Their ser- 
vices, which are considerably less costly 
than those of fall-service brokers, are 
highly sought after by investors who pre- 
fer to pick their own stocks, bonds and 
other investments. 

Fidelity appears to have come the far- 
thest in terms of offering accessibility to 
global markets, say analysts. Fidelity now 
offers clients the capability to execute 
trades on 15 stock markets outside the 
United States and Britain. Schwab is less 
far along, with only one office outside the 
United States (in London) that services 
U.S. expatriates and European nationals 
who wish to buy U.S. securities or off- 
shore funds. Schwab says it aspires to 
reach and then to surpass Fidelity’s al- 
ready wide range of services. 

“I think that the service we are thinking 
about would give people the ability to deal 
on any exchange in the world in any 
currency,” said Jack Wood, director of 
European administration at Schwab's 
London office. “If someone wants to deal 
in Singapore but wants to be able to do it 
from a Deutsche mark account, that is the 
flexibility we would aim to provide.” 

Page IS 

The perils of money transfers 
Compensation for bad advice 
No-Load advisers 
Fund selection services 


able to deal in shares, bonds, options and 
otter investments without having to pay 
for expensive advice. Outside the United 
States, discount broking is most common 
in Britain. 

Justin Urqhart Stewart, business devel- 
opment and planning director at Barclays 
Stockbrokers in London, whose “Barclay- 
share" division is one of Britain's largest 

The services oi discount 
brokers, who execute 
trades but offer no 
professional advice on the 
markets, are sought by 
people who prefer to pick 
their own stocks, bonds 
and other investments. 

The discount brokerage concept took 
xjt about 20 years ago, fust in the United 

root about 20 years ago, fust in the United 
States. Charles Schwab was a pioneer who 
burst into investors* consciousness 
through the medium of low-budget, late- 
night television commercials. Since then, 
Schwab’s business has grown along with 
the number of investors who want to be 

discount brokerages, says such services in 
Britain were bom out of the popular state 
privatizations of the 1980s and the "Big 
Bang” stock market revolution that took 
place in or 1986. 

T HE BIG BANG abolished the 
old system of fixed broker com- 
missions, throwing the doors 
open to discount brokerages 
which seL up cheap telephone-dealing 
rooms through which investors could sell 
their privatization shares at low commis- 

The advent of international discount 
brokerages, however, is fairly recent. Fi- 
delity set up its international office just 
south of London in 1987, but it was only 
in 1993 that it followed with the interna- 
tional Investor Service, specifically aimed 
at clients who wanted to invest in global 
securities markets. Fidelity says it serves 
about 2,000 foreign clients ranging from 
businessmen to soldiers to diplomats 
through this office, as well as some 23,000 
British residents. 

Not Everyone Needs a Broker’s Adviee 

By Aline Sullivan 

W HY pay someone to do a job 
that you would enjoy and 
could probably do just as 
well, if not bottei'? 

That’s the thinking behind the decision 
of many private investors to manage their 
own share portfolios. Indeed, to defend 
their independent way of doing things, 
many such market players cite newspaper 
and magazine surveys which show that 
individuals with little or no market experi- 
ence can outperform experienced, profes- 
sional investors. 

“Why pay someone to underperform 
the market,” asked David Jones, chief 
executive of Sharelink. the discount stock 
broker based in Birmingham, England. 
“Investors can save a lot of money and get 
more enjoyment by making their own in- 
vestments: They feel a greater sense of 
achievement and controL” 

That's only if they do well, of course. 
But many brokers agree that some private 
investors are kncwledgable enoughto pick 
their own shares, thanks to the plethora of 
investment information available, buen 
investors arr most likely to run intotrou- 
ble, analysts add, by not following die 

markets closely enough. 

“Investors often do well for a while and 
then go away for a couple of weeks on 
Uiai BW i-*. „ _u ghnnf their lltveS t- 

“It is not a bad thing to have a word 
with a friendly accountant,” said Mr. Old- 
ham. “InvestorsHeed to keep a reasonable 
amount of their money in cash and maybe 
in government bonds. There is also a role 
for the more collective forms of invest- 
ment. Only after they have satisfied their 
other financial commitments should in- 
vestors start picking stocks.” 

Discount brokers such as Sharelink and 
The Share Centre provide execution-only 
services and do not make investment rec- 
ommendations. Their commissions are in- 
variably lower than those of full-service 
brokerage firms that execute trades as well 
as provide investment advice and research 
support on a wide variety of securities on 
both domestic and international markets. 

holiday foStting all aKmt their M 

EH* Sf a ?few York-based broker 
who spoke on the condition ^anon^nitj^ 
“People like that should really not be 

”i=tfSSKKa s -.j 

willing to lose, hrokvn, say^ Gavin Old 

fore embarking on a solojoumey through 
today’s complicated markets . 

Just bow much lower is evidenced by 
the commission charges at Spartan Bro- 
kerage Inc., a discount share-dealing ser- 
vice operated by Boston-based Fidelity 
Investments that specializes in serving 
high-net- worth individuals. Spartan's 
charges are up to 86 percent lower than 
those of Fidelity’s traditional investment 
advisory service. The catch is that the 
discount service is only available to 
wealthy and active investors. 

“Spartan only accepts clients making 
more than 40 trades a year,” said a Fideli- 
ty spokesman. “We suggest that investors 
who are not active traders take advantage 
of our portfolio advisory services.” 

Meet brokerages offering berth full and 
discount services provide a range of litera- 
ture designed to assess an individual's best 
investment strategy. Investors with the 
time and inclination to study these and the 
financial press are likely to make sensible 
investment decisions and enjoy running 

. 1 ■ _ J: j 

ham. “That is what it is ah abouL Every- 
one else is a middle man.” 

Of course, not everyone is so enthusias- 
tic about do-it-yourself investing. Stuart 
Valentine, head of research at Proshare, a 
London-based organization set up to en- 
courage private share ownership, believes 
that investors should seek professional ad- 
vice. “They may not do better with profes- 
sional advice but at least they will avoid 
the most obvious pitfalls.” he said. 

As most investors know, however, pro- 
fessional advice can also mislead, indeed, 
sometimes the worst course a private in- 
vestor can take is to seek professional 
investment advice — the bargain-base- 
ment kind that, more often than not turns 
out to be bad. The Nasdaq exchange in the 
United States, for example, warns of a 
wide range of dubious practices that are 
unlikely to be encountered at the better- 
known land more expensive) stockbro- 
kers. but which plague the bottom end of 
the market. 

T dude guarantees that particular 
investments are foolproof, and 
promises that sales representa- 
tives will share in any losses oo the inves- 
tor's account The rule of thumb is: If it 
sounds to good to be true, it probably is. 

But investors who pick their own stocks 
avoid excessive “churning” by brokers on 
their accounts. Because investment advis- 
ers are usually paid by commissions on 
share transactions, critics say, they may 
urge investors to make portfolio changes 
even when it is really in the investors’ best 
interest to sit tigJiL Why? In order to 
generate commissions for themselves. 

But while many investors are sophisti- 
cated enough to watch out for that sort of 
thing, those that aren’t often learn the 

RAPS identified by Nasdaq in- 
clude guarantees that particular 

their own portfolios, some discount bro- 
kers say. Such investors will also save 
substantially on commissions. 

“The only people that should matter are 
the investors and the mana g e m ent of the 
company they invest in,” said Mr Old- 

ropes the hard way. “There are always 
some misguided people, but they usually 
find that out for themselves,” said Mr. 

Oldham. “People tend to find out through 
experience if they aren't doing it rigbt.r 

aren't doing it rigbt.r 

Discretionary Management Comes at a Premium 

I F direct investment in 
shares sounds complicat- 
ed and loo much hkehard 
work, y°u may 1* ^ 

X ed and loo now w?-” 
work, you may W 
off delegating 

the investment decisions and 

^oSatt ll« deal, on your be- 

But before putting JW? fe f* 
major stock 

est portfolios, the absolute 
minimum is usually pitched at 
around $75,000. 

“Any sum below this limit 
would not make practical 
sense,” says Alan Albert, a se- 
nior manager for Merrill Lynch 
Global Asset Management in 
London. “Dealing costs, 
spreads, and the need for port- 
folio diversification tends to 
work against the smaller inves- 

tors need to be sure that they 
are buying quality manage- 

mon £ busi- 


The cost of a full discrelion- 
ary management service can be 
daunting. Expect to pay an an- 
nual management fee of at least 
I percent to 3 percent oT the 
portfolio's value, as well as a 

percentage of the fnmachon 
value Tor each deal. With an 
execution-only service, you 
would only be paying for the 
account transactions. 

With so much at slake, inves- 

“When pressed to elaborate 
on their performance record, 
many managers skirt the issue 
by saying that past perfor- 
mance is not necessarily a reli- 
able yardstick,” said Robert 
Burdell, a senior Tund manager 
at Berry Asset Management in 
London. “This is a cop-out. In- 
vestors should always insist on 
seeing a sample of ongoing 
portfolios which match their 
own investment objectives.” 

little experience in your target 
investment markets. 

Management selection is nev- 
er easy, yet it is probably the 
most critical decision you will 
make. To alleviate the pressure, 
some brokerages offer portfolio 
manager selection as part of 
their services. At Merrill Lynch, 
Tor example, a consultant will 
help you articulate your invest- 
ment needs and strategy before 

A natural temptation is to 
opt for the cheapest service 
available. But low commission 
charges may mean that the bro- 

ker is less willing lo cany out 
extensive research. In addition. 

extensive research. In addition, 
there isn’t much point in choos- 
ing a relatively low-cost service 
if the broker turns out to have 

The service is aimed at inves- 
tors who have a minimum of 
$100,000 to invest in shares. 

—Barbara Wall 

Trading at a Discount -ExeeuSorvonly share trwfing sendees in tire U.K. 





‘ on JSyjQO - 


on $ 10,000 

of operation UJC 


Barclay's Ov erse as 

$150 • ' 

SAM. to 5 P.M. UK 


£25 UJC Trades 
$29.50 + 1.7% tUS. Trades 
£ 1 00 OtterWL Trades . 

$50 UK. bates 660 UK trades 

S8&50 U.S. trades $109.50 U.S. trades 
£125 ML Trades - $13*90 Ttedes 

8 A M. to 6 P.M. 17 


Charles Schwab 


$89 as. trades S11QU-S. trades' 8:30 AM. to 6 P.M. US. 

Share centre 

$52$ UK. trades - ‘ v$85$0U.K,lad96 

8 AM. to 7 P.M. UJC . 


$89 UK trades ' $lJ0tJLK. tr&cfes 8 AM. to 8:30 P.M. ■ US. 

Mansion House 
; (Hong Kong 

0 25 % oomrmsrioo on Hoag Kong trades: 
4 % on r®n-Hong Kong tracts.-.' 

8:30AM. Hong Kong 
to 4:30 AM. 

;y s. UK Austria. Baiowm; oanmatk, FWand, France. Germany. Hoaand; Italy, Norway, Spain. Sweden. &wo»rtaina. Austrafia. Kong Kong, South Africa. 

Source: Company reports 

fnmiunonaJ Hcmld Tribune 

Schwab opened its British office in Feb- 
ruary 1993. ft declined to reveal the size of 
its client base, but said it expects to add a 
discount service in British shares to its 
existing business in 199S and to progress 
globally from there. 

“I would think that pan-European 
would follow and then worldwide,” said 
Mr. Wood. “Certainly, 1 know Mr Schwab 
is thinking of that.” 

One innovation to be introduced early 
next year, Mr. Wood said, is the “Street 
Smart” electronic dealing system which 
will allow investors in Britain, Fiance, 
Switzerland, and Germany to deal 
through their IBM- or Apple Mao-com- 
patible personal computers at a 10 percent 
discount to normal charges. 

Meanwhile, other British discount bro- 
kerages have been making modest en- 
trances into the world of international 
securities broking. In September, Barclays 
Stockbrokers introduced a service to allow 
investors from outside Britain to buy UJC. 
shares with a minimmn of administrative 
costs, and Sharelink launched its “Liber- 
ty” service for overseas investors wishing 

to trade in shares of Uik-based compa- 
nies in March 1993. 

But the vision of international discount 
broking is less compelling to Britons than 
to Americans, say some observers. Mr. 
Urqhart Stewart, for example, noted that 
discount brokerages make a profit be- 
cause they have high volumes erf business 
passing through item. As yet, however, he 
is not convinced that the potential client 
base is large enough to warrant the 
launching by Barclays of a pan-European 
or international business. 

He added that international investors 
wishing to trade in French stocks, for 
example, should never do so is denomina- 
tions of less than £5,000 ($7,750) because 
they would have to pay for foreign-ex- 
change and custodian costs as well as 
brokers’ commissions. Mr. Urqhart Stew- 
art also thinks that the dearth of infonna- 

grams at 


tion oar many global markets renders them 
a formidable challenge even for highly 

has an investment portfolio of aL least 
$200,000. says the company, and is a US 
or UJC. expatriate. Barclays’ typical client 
is an investor who learned about shares 
during the British state privatization pro- 
grams and who owns merely a handful. 

F EW analysts dispute that the day 
is craning when discount broking 
will be more international than it 
is now. But Mr. Urqhart Stewart 
said he is awaiting a time when it is easier 
and cheaper to offer an international ser- 
vice before launching one. His British ri- 
vals at Sharelink are now negotiating alli- 
ances with overseas brokers to allow them 
to expand their services into various inter- 
national markets. 

Mr. Urqhart said he thinks a sort of 
supra-national market that trades above 
and alongside the existing exchanges may 
be created in Europe in the not-too-dis- 
tant future. 

a formidable challenge even for highly 
sophisticated investors who are accus- 
tomed to adopting an international per- 

Fidelity’s typical international client 

The Money Report is edited by 
Marlin Baker 

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6 acr du* 

1 ranliHEE 

Graft Brtoin 

choosing a portfolio manager 
from a pre-selected roster. The 
service, called “Consults,” also 
includes quarterly performance 
evaluation, safekeeping of secu- 
rities and an automatic sweep 
at uninvested funds into a mon- 
ey market account. 

- frond 

Gjrjdjnd^ rOn America 

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Page 15 


Money Transfers Are Quick but Costly 


j*y Barbara W aii 

International Money Transfers 


Provider AvattofeStty Agwria tfatey w*h 



Cost (4) 


mav still £ Ik™ c 1 cus ‘omers 
they tap into the ini^ hanged uhen 
transfer network. mernat, onaI money- 

"bT n ihe 0n E a i r o° n " 

Commission renonwt “^European 




70 countries 

Anwt - 

'-wmmission reported that »«,„ r F “ n 
were excessive The ^nsrer costs 
critical of “douS cfcamSa^* es P ecia,, y 
the practice waY “S32!? 8, np,in 8 that 

could easily pay more ikaTin' consumers 
the trancfe; Li™: C l . han . 10 Percent of 

Barclays Bank 
F/C draft tt) 

worldwide most banks -.7 days 

S300-S500=S40 ■ 




the transfer £nnum in k' l IU per “ n . 1 <* 
and charo^ rvv..uil- L ^ ai ?^ commissions 

andcharaes Do.,huI commission?, 


r ranee would cost around $44 Barela v« 

Lyonnais said that it would 

Si;1??k 88 French francs <516.23) for han- 
dhng the transaction at the other end 

J ”2 wver - 00518 v ary widely depending 
?hewKi*ftf n According to the survey, 
gf®* 1 ° r sending urgent transfers of 100 
European Currency Units ($121) ranged 
from an average of 16 Ecus in Luxem- 
bourg to 33 Ecus in France. 

tn K^r" m ji°!! V - ?' banJts - which claim 
to be far ahead of their European counter- 
parts in money transfer technology, can be 
costly when small international cash 
transfers are involved. Citibank in New 
JSj ** for example, quotes a flat rate of 
$27.50 regardless of the sum being trans- 
ferred. This looks competitive if one is 
transferring Tairty large amounts, but once 
the cash transfer drops below $500. the 
cost starts to look hefty. 

Citibank customers can, however, make 
the request for a transfer over the tele- 
phone, which speeds up the process. Most 
European banks ask customers to request 
a money transfer in writing, whicb can be 
a nuisance if the cash is needed urgently. 

Robert DeRosa, president of Citibank’s 
overseas personal banking division, says 
that the cheapest and most efficient way 
to access funds abroad is through the 
ATM network. Citibank does not charge a 
fee for its ATM service provided the client 
maintains a balance of $6,000 in the ac- 
count and the ATM is affiliated with Citi- 
bank. Other banks charge either a per- 
centage of the transfer amount, typically 2 
percenu or a flat fee. 

If the bank has a fairly strong interna- 
tional presence, the ATM network can be 
efficient and relatively cheap. But it is not 
always practicable. If your cards arc sto- 
len. or you need to send money out of the 
country, some other cash transfer method 
will be needed. 



Up# Net (WO 










TTWSt 48 

■ ' , banka ' •' hre. 

■ CCP8 3 days 
• .CPfCP ■■ : 5 days 
4 tfafi. banks ..7 days 
BFSMSFV 8 days 
..■ CCJ * 7 days 
- STONY-. . , 7 days 
most banks . ' varies 

£5 ($7.50) 


Relay (UK) 

Royal Bank 

Western 90 cot 

Footnotes: (11 Exctatefc 
bank: average is t.s% {: 
• escutes (4) Separated) 
Afite&afcoc Auaw AU 
Ceritrate deBaflQt® Pot 

Source: Company reports 

U.S., Can. 

Spam. Den. 
Port, Ire. 







90 countries 

Commefebaric 6 days 
Cmcfto'tteBana- ■ 

£2-3 ($4) (2) 
£9 ($14) 


■ .cw?;; . • 

Banco S&fliawter 

act' ■■■■ 

Krediet Bank ■ 


Perpetual Is Launching a 
Latin American Equity Fund 

It has been a less- than- vintage year for 
many emerging markets, but the mutual 
fund opportunities to invest in them keep 

One of the latest comes from U JL mu- 
tual fund manager. Perpetual, which is 
launching an offshore vehicle investing in 
Latin American markets. The fund is 
seeking capital growth through the larger 
stock exchanges of Argentina, Brazil, 
Mexico and Chile, and wul also commit 
money to Colombia and Peru. The manag- 
ers “‘will also look at opportunities in 
Uruguay and the Caribbean." 

Despite the difficulties experienced in 
1994, Perpetual argues for the investment 
merits of the region. It cites “an encourag- 
ing background of reducing inflation, in- 
creasing growth and the introduction of 
more free market policies.” The managers 
also believe that a new era of political 
stability has begun in the region. 

“The fund is targeted at experienced 
investors,” says PerpetuaL “It will appeal 
to anybody who acknowledges the intrin- 
sic risks in any emerging market, but is 
aware of the potential for excellent re- 

The minimum investment is $2,000. and 
the fund, which is domiciled in the Chan- 
nel Island of Jersey, begins trading on 
January 3 1, 1995. Investors who apply for 
shares between January 16 and January 31 
will receive a bonus of 2 percent. Charges 

run at 5.25 percent initially, with a manag- 
er’s fee of 1.5 percent annually. 

For more information, call Perpetual in 
Jersey on (44) 534.6844$; fax (44) 534 
38918. Or write Perpetual Unit Trust 
Management (Jersey) Limited, P.O. Box 
459, tTHauteville Chambers, Seale Street, 
Sl Helier, Jersey JE4 SWS, Channel Is- 

GT Management Is Bullish 
On Investments In India 

If Latin America is not your preferred 

option, GT Management is offering an- 
other exotic possibility for emerging mar- 
ket enthusiasts.' Indian email companies 
A newly launched open-ended vehicle 
quoted on the Dublin stock exchange is 
investing in “small, high-growth, niche- 
product Indian companies.” The sectors 
the fund will concentrate on include high- 
tech companies, manufacturers and retail- 
ers of consumer products, and manufac- 
turers of components used in the 
automobile, telecommunications and 
power generation industries. 

“We believe that India will continue to 
provide a tremendous investment oppor- 
tunity for investors," said Sir Marc Coch- 
rane, director of European marketing at 

investing "gf 1 '* 1 in India. Small companies 
are under-researched, undervalued and 
under-owned, yet have the ability to ex- 
hibit rapid growth rates,” he added. 

The fund will invest through a wholly- 
owned Mauritian subsidiary company to 
minimise Indian tax liability OD QOn-do- 

mestic investment Minimum investment 
varies according to the class of share 

For more information, call GT Man- 
agement in London on (44.71) 710.4567, 
or call Ludgate Communications on 
(44.71) 253.2252. 

‘Deregulation, which is still ongoing, 
has freed up the economy; industrial pro- 
duction and export growth have both in- 
creased dramatically; domestic consump- 
tion is up and foreign businesses are 

Ex pa Care Offers New Plan 
For Expatriate Health Care 

dintftasurance Brokers, has^bunched a 
new health care product “available to all 
expatriates of all nationalities in all coun- 
tries of the world." 

The plan offers two levels of care. The 
lower level provides “essential basic cov- 
er," the higher “virtually every conceiv- 
able medical expense.” 

The plan can cover separate geographi- 
cal areas: Europe only, worldwide, or 
worldwide excluding the United States, 
Canada and the Caribbean. 

For more information, write ExpaCare 
Insurance Services, Dukes Court, Duke 
Street, Woking, Surrey GU21 5XB, Eng- 
land. Or call (44) 1483.740090. 

Next Week in the Money Report: A year- 
end review of global bond markets. 

-am Banco 

fMfeojite'dft'CrtcSlPiotewHuSa. - CCP& Cetese 
wfere a Uflano. - 8PV; Banco Popotorediytowtia. 

Is There Redress for Bad Market Advice? 

Imcnuiianal Herald Tribune 

$450, which generates about $38 in 

Another cash- transfer service is the 
American Express “Money gram." The 
service is available at more than 12,000 
locations in 70 countries, with transfer 
fees ranging from $35 to $150. American 
Express has recently extended its service 
to South America. 

Perhaps the most innovative transfer 
system currently available in Europe is the 
Inter-Bank On-Line Service (IBOS). an 
electronic banking network that can zap 
funds between banks around the globe in 
seconds. The service is a joint venture 

% Western Union, which has branches in 
1 over 80 countries, offers a same-day mon- 
ey transfer service for emergencies. “If a 
client needs money urgently, a relative can 
pay the amount- into their nearest Western 
Union agent and this can be collected 
from a recipient agent within 10 minutes." 
said Jackie Kearney, general manager for 
Western Union in Britain. “As the agency 
network includes grocer shops, travel bu- 
reaus, pharmacies and even bars, our cli- 
ents can access their funds late at night 
and on weekends." 

The service offered by Western Union 
is not cheap, however, with costs ranging 
rrom $18 to $155 depending on the trans- 
fer amount According to Miss Kearney, 
the average transfer amount is around 

A recent survey on 
international money 
transfers sponsored by 
the European Commission 
reported that transfer 
costs were excessive. Once 
all costs are tallied, 
consumers can pay more 
than 10 percent of the 
transfer amount in bank 
commissions and 

Several new banks have recently been 
added to the network, including First Fi- 
delity in the United States and Krediet- 
bank NV in Belgium. 

A spokesman for IBOS said: “IBOS 
aims to be a full cash-management service. 
The idea is that both corporate and retail 
customers can operate two or three sepa- 
rate accounts under the IBOS umbrella. 
As well as same-day money transfers, cli- 
ents can access money electronically on 
balances in their accounts, order pay- 
ments and account transfers, and place 
standing orders to transfer funds between 

There is a wider choice of services avail- 
able if you are prepared to wait a few days 
for delivery of the funds. National West- 
minster Bank in Britain offers a fixed- 
price. fixed-delivery service to account 
holders. The service, called NatWest Re- 
lay, is aimed at customers who need to 
make regular payments abroad. 

NatWest Relay clients can send up to 
the equivalent of $3,500 in local currency 
directly to a recipient's bank account in 
any participating country for a flat fee of 
£9. The bank guarantees payment within 

C OMING to terms with foreign 
business customs and overcom- 
ing language barriers are jusi 
two of the many problems facing 
expatriate investors. 

Not surprisingly, getting over these hur- 
dles often leads investors to use local in- 
termediaries to manage money on their 

But what if the intermediary you choose 
only saves you from making a shambles of 
your investment by making a shambles of 
it for you? Will someone be there to help 
pick up the tab or will your money simply 
disappear without a trace? 

The amount of compensation paid to 
investors who lose money because of poor 
advice, outright rraud or the collapse of an 
intermediary's business varies widely be- 
tween countries. Finding out where inves- 
tors are best-protected can therefore be a 
difficult task. 

David Smith, a director at the fund 
concern Flemings (Jersey) Ltd., said that, 
as a general rule, the older, better-estab- 
lished finance centers tend to be the most 

“The newer offshore locations should 
be treated warily," he said. “Investors 
need to be assured that appropriate de- 
grees of legislation exist and that the peo- 

By Digby Larner 

six days, although a company spokesman 
said that most payments within Europe 

between Spain’s Banco de Santander SA, 
the Royal Bank of Scotland PLC, the 
brokerage Goldman Sachs & Co. and 
U-S.-basod Electronic Data Systems. 

IBOS. which is available to customers 
of the Royal Bank and its affiliates in 
France. Spain and Portugal, costs $10 to 
$27 depending on the transfer amount. 

said that most payments within Europe 
arrive within four days. 

The Tipa Net service, offered by pa ri- 
mer banks of the U.K.-based Co-Opera- 
tive Bank PLC, is available both to ac- 
count holders and to the general public. A 
flat Tee of £5 is charged for all cash trans- 
fers, and the transfer time varies between 
three days and eight days depending on 
the country. 

“Tipa Net is not really suitable for large 
international cash transfers, as the money 
could be sitting in limbo for up to a week 
when it should be earning interest,” said 
Francis Walker of Cooperative Bank in 

Luxembourg and the Isle of Man would 
qualify as safe offshore centers around 
Europe, experts say. 

But some of the more heavily regulated 
ureas tend to concentrate on prevention 
rather than cure and have little back-up 
should a rogue intermediary slip through 

the net, say some analysts. Jersey prides 
itself on keeping out the likes of the failed 

itself on keeping out the likes of the failed 
bank, BCCI, for example, but it has no 
investor compensation scheme. 

Hong Kong, whose investment industry 
is kept tightly in check by the Hong Kong 
Securities and Futures Commission, is 
vague on the subject of compensation. 
The SFCs spokesman. Cathy Ho, said 
Hong Kong's stock and futures exchanges 
both have compensation funds but she 
declined to say how much they would pay 
out and under what circumstances. 

In the European Union, the level of 
investor protection is uneven, said Bill De 
Lucy, a sales director with the fund man- 
ager Guinness Flight in London. “In Ger- 
many, regulation is poor but improving, 
while in Italy, it is almost non-existent," 
he said. 

Many observers say that by the end of 
1995. ail 15 EU states should have laws in 
place to guarantee a minimum of 20.000 
European Currency Units ($24,200) com- 
pensation for investors who lose money 
because of the collapse or illegal activity 
of an intermediary. Individual EU coun- 
tries will be free to have farther-reaching 
taws if they wish, add some. 

The United Kingdom currently has one 
of the most comprehensive plans. Its In- 
vestors Compensation Scheme was set up 
in 1988 and covers private investors Tor up 
to £48.000 ($74,880) or the first £50.000 
they invest. 

For foreign investors, the U.K. plan has 
some clear advantages Over the minimum 
standards proposed in the EU. One is that 
it applies to anyone with U.K.-based and 
U.K.-authorized investments, regardless 
of their nationality or countiy of resi- 
dence. The EU plans only to protect EU 
residents, said David Cresswell, the Inves- 
tors Compensation Scheme spokesman in 

"The European Union is only really 
concerned with matters effecting its citi- 
zens." he said. “Whether or not individual 
countries’ schemes will indude foreigners 
is up to them." 

The U.K. scheme is also unusual in that 

it covers investors against bad advice. Un- 
der most existing plans and the European 
Union’s proposed arrangement, investors 
only receive compensation if an interme- 
diary defrauds them or if the company 
whose shares were bought collapses. 

Indeed, a high number of U.K. inves- 
tors are currently seeking compensation 
for allegedly being wrongly advised by 
intermediaries to buy private pension 
plans instead of joining or remaining in 
their employers' pension plans. 

According to figures from the UJK_ 
consulting actuary Bacon & Woodrow, 
450,000 people have so far opted out of 
U.K. corporate pension plans while up to 
1 milli on have taken out personal pension 
plans instead of joining a corporate 
scheme in the first place. 

Martin Mires, a consultant with Bacon 
& Woodrow in London, said that a high 
proportion of these people may have been 
wrongly advised; “There are very few cir- 
cumstances where a private scheme offers 
more benefits than a good company 
scheme," he said. 

If any of these claims is upheld and the 
advisers involved are unable to pay back 
all the money their clients are considered 
to have lost, the Investors Compensation 
Scheme will step in. Some estimates pul 
the eventual cost of a potential claim at £2 

From 1996 on, intermediaries in EU 
countries will be free to operate in fellow 
member states. This, says Mr. CVesswell. 
will make it harder to decide which com- 
pensation plan should pay out if some- 
thing goes wrong: 

“You could have a Greek intermediary 
in France selling a Portugese investment 
to a Dane." he said. “Under those circum- 
stances, it could be very difficult to work 
out under which country's jurisdiction a 
claim would come.” 

Fund Selectors Help You Choose 

C ONFUSED by Brent Perry, manager of try is much more develo 
the bewildering portfolio management ser- than its European coun 
choice of funds vices at the private banking pan. “Most American fi 
on the market to- concern Morgan Grenfell selectors provide regi 

No-Load Advisers, the New Breed of Financial Intermediaries 

By Judith Rehak 

the bewildering 
choice of funds 
on the market to- 
day, many investors are 
turning to fund-selection 
services or unit-trust port- 
folio management services 
for practical help. 

The underlying assump- 
tion of a fund-selection ser- 
vice is that professionals 
are better able than most 
investors to monitor Lhe 
markets and to mak e in- 
formed fund choices. But 
does that assumption al- 
ways hold true? And if it 
does, is it worth the ex- 
pense? These are still open 
questions, analysts say- 
Duncan Hickman,, man- 
ager of portfolio services at 
ytfSlZ Grindlays bank in 
Jersey, contends that a pro- 
fessional is often better 
able than an amateur to 
spot important develop- 
ments in the marke*s that 
might influence the advis- 
ability (or otherwise) of 
buying into a fund. 

“A management change- 
over, for example, can have 
a disastrous impact on a 
fund’s performance, he 

said. “As we keep close tabs 
on the markets, we can usu- 

allyreac thickly to the lat- 
est news. The average w- 

V-; J- 
• •« ■ 

T ' .-■*** 

est news, me “ 

vestor is unlikely to hear 
about an important .tun* of 
events within the fujjd j 
management team until it is 

loo late.” 

Geoffrey BaiHey. 

tor of investments at 

Ltoyds Bank m W says 
that a professional may 
also be able to negotiate 
discounts on fl "!^ 

chases. “Astbeadiscoun^ 

are often rebated back to 
the client, the clien ^ 
end up getting ^ wna 
selection sctvk* 
less free of ctaigft 
“Few private 

able to negotiate dtscoun 

unless they are buying in 

Brent Perry, manager of 
portfolio management ser- 
vices at the private banking 
concern Morgan Grenfell 
in London, warns investors 
to read a fund's marketing 
brochures carefully. 

“Investors in unit trusts 
can expect to pay an annual 
fund management fee and 
an initial charge, which is 
the difference between the 
bid and offer spread, to the 
fund management group,” 
he said. “The latter charge 
works out at about 6.5 per- 
cent of the investment 

“In addition, a 1 percent 
fee will typically be levied 
by the fund-selection ser- 
vice minus any commission 
rebates on unit mist pur- 

Mr. Perry warned that 
investors should beware of 
services that quote a 4 per- 
cent initial charge on the 
understanding that the ser- 
vice will deal “net” in the 

“Clients automatically 
assume that they will not be 
liable to any unit trust 
charges because the service 
is doling net.” ’be said. In 
reality, the fund selector re- 
bates about 3 percent of the 

spread and leaves the client 
to pay the remaining 3-5 
Mrrent. so the client is still 
paring about 7.5 percent m 

charges- The * nves * < £ ** 
really gaining anything on 

the deal.” 

Mr Bailley said that a 
fund selecuon service j* 
really only worth it u u 
adds value to a client s 
±folio. “If *• *-? 

|S*i" W P"? 

‘r* hecome irrele- 

ihenihe fees become irreic- 
" he said. “The prob- 
im* is identifying the *?" 
^ which Offer qulrty 

and value for rno^cy. 


fund-se'ection indus- 

try is much more developed 
than its European counter- 
part. “Most American fund 
selectors provide regular 
lip sheets with ‘buy* and 
‘sell’ recommendations as 
weB as performance de- 
tails,” he said. 

“In Europe, the selec- 
tor's job is considered fin- 
ished when a ‘buy 1 recom- 
mendation has been made. 
Gients of European fund- 
selectors are rarely in- 
formed when to sell an in- 
vestment, and this is where 
fund-selection services fall 
down and ongoing discre- 
tionary management comes 
into its own.” 

It is also important to 
ask about the criteria that 
selectors use when choos- 
ing a fund, note analysts. 
Mr. Burden says that a 
good selection service will 
look at the whole picture 
and avoid picking funds on 
the strength of one year's 
outstanding performance. 

“A fund may have shown 
excellent results because 
the manager happened to 
have hit on one good stock, 
but in other years the 
fund’s performance may 
have been lackluster,” he 

Investors should also 
note that not all fund selec- 
tion services are indepen- 
dent. Some groups, includ- 
ing Kleinwort Benson, 
Fidelity Investments and 
Hill Samuel, offer their 
own managed funds. 

Mr. Bailley said that no 
matter how good a fond 
management group was, 
the likelihood of all of its 
funds being top performers 
was still law. 

T HE NO-LOAD mutu- 
al fund is a uniquely 
American success sto- 
ry. Sold directly to in- 
vestors without a commission 
paid to a broker, no-loads now 
number about 2,000 out of the 
5.000-plus funds in the United 
States, accounting for a hefty 31 
parent chunk of the $12 tril- 
lion in industp' assets. 

The downside to no-loads is 
that investors must do their 
own homework when selecting 
a fund, since advice-giving bro- 
kers typically don’t deal u the 
no-load realm. Moreover, 
choosing a fund in the rapidly 
expanding and increasingly di- 
verse no-load universe is be- 
coming more complicated every 

Enter a new breed of inter- 
mediary to bridge the informa- 
tion gap: the independent, no- 
load fund adviser. 

Such individuals range from 
money managers to “fee-only” 
financial planners (who work 
directly with investors for a fee 
based on a percentage of assets) 
to newsletters that offer infor- 
mation and advice on when to 
buy and selL 

“We narrow the universe 
down to about 20 funds, then 
look at their portfolios and talk 
with the managers about how 
they make ‘buy’ decisions, and 
then we’ll test-drive the fund 
for awhile,” says Steve Jana- 
chowski of Brouwer and Jana- 
chowski, a San Francisco in- 
vestment adviser. Once a fund 
is chosen, “we watch it like a 
hawk.” he continued, noting 
that his conservative clientele 
favors “middle of the road” 

“They don’t want to swing 
for the fences.” he said. “They 
just want solid returns." 

Strategies among no-load ad- 
visers can differ widely. Robert 

and D nicker Inc., a Bethesda, The No-Load Fund Investor 

Maryland financial planning newsletter, for example, sug- 
group, uses a no-load fund gests three “lifestyle" portfolios 
portfolio as part of an overall of nine funds each, targeted at 

pomoiio as pan oi an overall of nine funds each, targeted at 
financial strategy. Her prefer- building net worth, pre-retire- 

cnce is to allocate her clients’ 
cash among 10 to 1 5 funds, with 
a core holding in a solid, low- 
cost index fund such as the 

ages. Under this concept, funds 
from an array of families, both 
no-loads and some which nor- 
mally cany a commission, are 
sold without a fee. 

meat income and post-retire- “We think that no-transac- 

ment income respectively. For a lion funds are a revolution in 
subscription price of $119 a the mutual fund business, with 

Vanguard S&P 500, which buys - T 

and holds big-name companies. ^ 

Miss Malgoire places a aU^ their c^h among funds 

strong emphasis on asset ail oca- when to buy and sell. 

year, its editor, Sheldon Jacobs, the caveat that it's making the 
helps his readers decide how to number of choices overwhelm- 

ing.” said Eric Kobren, editor 
of FundsNet InsighL “Inves- 

tion. “You can say, ‘Gee, our By contrast, No-Load Fund lor ^ hea asare spinning, so 1 act 
international fund went up 35 X. a Son Francisco newsletter, “ llie strain ®r- 

percent,* but if you only had 5 classifies funds into four cate- 
percent of your cash there you 8?ries by risk, from “most spec- 

percent or your cash there you 
won’t get the rale of return you 
hoped for," she points out. 

But a minimum account for 

classifies funds into four cate- Mr. Kobren launched the 
gories by risk, from “most spec- newsletter after market re- 
ulative” to a conservative “total snatch revealed that 70 percent 

return.” It then uses a quantita- 
tive system to target top per- 

Bonners in each group. It sug- 

Markman. a Minneapolis roon- $200,000 to $500,000, with an- aests 
e y.J[? an ®6 er who oversees $300 nU al fees that typically start at 
million in no-load funds for his about 1.5 percent of assets an- i/vu-rc 
clients, says he tries to create a nually. kr 

hybrid portfolio that blends For investors who don't hap- 
three approaches: a “buy and pen to have such sums to plunk ? 

M^rco reveaieu inai / u percent 
of the subscribers to Hdelity 
insight, his newsletter devoted 
exclusively to Fidelity funds. 

ey manager who oversees $300 
million in no-load funds for his 
clients, says he tries to create a 
hybrid portfolio that blends 
three approaches: a “buy and 
hold” portion that includes ve- 
hicles such as The Yachtman 
Fund, which owns huge U.S. 
companies; a segment that tar- 
gets sub-markets (currently real 
estate); and a small portion in 
cash devoted to market timing, 
where he can quickly seize op- 

Mary Malgoire of Malgoire 

investors ™ned funds froir i other .fam- 

cominuously upgrade bys^Illng “ 

losers and buying winners. The runasiN « costs 6177. 

publication, which also costs 
$119 a year, also comments on 
individual funds and answers 


questions from readers. 

no-load newsletter. A recent arrival on the news- 

Roughly half of the 160 invest- letter scene is FundsNet la- 
ment letters followed by the sight, a Wellesley, Massachu- 

Hulbert Financial Digest, a VIr- setts publication that offers 
ginia-based publication that advice and model portfolios 

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era*CT O ci'tE 

Page 16 



A Newly Drawn 'Steel Curtain’ 

By Leonard Shapiro 

PITTSBURGH — Not long after Neil 
CDooneU had finished a postgame inter- 
view in Three Rivers Stadium, the quarter- 
back rounded a comer and bumped into 
Ron Erhardt, the team’s offensive coordi- 
nator. Both men were s miling , and their 
warm hug spoke volumes about the affec- 
tion and respect they have for each other. 

But in this tough town, where the Pitts- 
burgh Steelers’ every accomplishment in 
the 1990s is measured against the legend- 
ary four-time Super Bowl champion teams 
of the 1970s, the populace was still not 
quite ready to embrace O’Donnell How- 
ever, after an almosi-flawless, no-intercep- 
tion performance in the emotional 17-7 
victory last Sunday over the Cleveland 
Browns, which won the AFC Central title 
and the home-field throughout the play- 
offs, that could change. 

“I don't know if the pressure will ever be 
t a Iren off me here, 1 ' said O’Donnell, a five- 
year veteran, “it’s been an up-and-down 
year for me personally. My father passing 
away fin June) and now us winning the 
division- But the coaches stayed with me, 
and I tip my hat to them.” 

And now, all of Pittsburgh is doing the 
same to the Steelers, 12-3 with seven 
straight victories going into the game Sat- 
urday at San Diego and clearly the favorite 
to represent the American Football Con- 
ference in the Super Bowl Only one team, 
the 13-2 San Francisco 49ers, has a better 

record this season, and despite all the talk 
about the dominance of the 49exs and 12-3 
Dallas Cowboys, to a man the Steelers 
believe they belong in that company. 

“It really doesn’t make any difference 
what you do right now,” said Bill Cowher, 
the 36-year-old local boy now made very 
good as the team’s fiery head coach. “The 
bottom line is who wins that last game in 
late January. That's die measuring stick 
you should go by.” 

Still L this team has taken great strides, 
particularly its defense, now ranked No. 1 
in total ano pass defense in the NFL It has 
set a club record with 55 satis, also best in 
the league, and linebacker Kevin Greene’s 
]4 gprfre a lso sets die standard for every 
other pass rusher this year. 

But unlike the Mean Joe Greene, “Steel 
Curtain” Steelers of the 1970s, this modem 
verson has been holding teams down with 
blitzes from all parts of the Geld and occa- 
sionally emp loying six defensive backs. 

Linebacker Greg Lloyd can rush from the 
outside, or drop bade into pass coverage; 
ooraerback Rod Woodson or safety Car- 
nell Lake can come crashing toward the 

The bottom line is that teams have had a 
difficult time figuring out just when and 
where the Steelers are coming from in 
defensive coordinator Dom Capers’ 
scheme. While there has been some talk 
around the league that the Steelers are 
relying on gimmickry to get it done; no one 

questions the results. < 
year’s hot young assistant, is also 
talked about as a possible candidate for 
the head-coaching job of the expansion 
Carolina Panthers next year. 

There are critics who say “that we do it 
all with minors,” said Kevin Greene, a 
Hulk Hogan iookalifce with flowing blond 
hair and a style of play that is way beyond 
reckless abandon. “It just motivates us to 
get in their face.” 

Greg Lloyd, his bookend, plays the 
game m full rage as well. Against the 
Browns, Lloyd had to be helped off the 
field three times with various injuries. And 
three times, he returned to the field. 

“You throw your body around out there, 
and you pay a price for it,” he said after- 
ward, not long after someone asked him, 
“Where doesn’t it hurt?” 

“All I know is this defense has done the 
job all year,” said cornerback Tim 
McKyer, who started in Super Bowl XXUl 
for the 49ers at Joe Robbie Stadium in 
Miami — where Super Bowl XXIX will be 
played next month. “Hey, that’s right, deja 
vzl for me going back to Joe Robbie and 
maybe playing against them, too. That 
would be luce; 

“HI take my chances on this team being 
there. This defense is as good or better 
than any defease I’ve ever been part of. It's 
a calculating defense, the guys are tough 
and hard-nosed. Every time we need a 
play, someone comes up and makes it." 

Looking for Christmas Playoff Goodies 

New York Tima Service 

Kansas City (8-7) at Los An- 
geles Raiders (9-6): The winner 
of this game, one of 1 1 on Sat- 
urday, goes to playoffs. Chiefs 
have dominated series recently, 
winning 9 of last 10, but Raid- 
ers have won five of their last 
six games and have found a way 
to effectively utilize running 
back Harvey Williams. Joe 
Montana returned to action for 
Chiefs last week after missing 
two games with foot injury, and 
he put an offensive spark back 
in team Chiefs’ plus-12 turn- 
ova ratio is second in AFC 
Raiders’ defense has given up 
20 or more points just once in 
last nine games. Odds makers 
favor the Raiders by 3\ 6. 

N.Y. Giants (8-7) at Dallas 
(12-3): In last six games. Gi- 
ants* defense has allowed an av- 
erage of 142 points a game as 
they re-entered playoff race. 
Cowboys have scored 404 
points, second in NFL to 49eis’ 
491. Emnritt Smith is probably 
out with an injured hamstring, 
but Dallas still has many weap- 
ons. Rodney Hampton needs 
just 16 yards to become first 
running back for Giants to rush 
for 1,000 yards in four consecu- 
tive seasons. Cowboys by 3. 

Arizona (8-7) at Atlanta (6-9): 
Cardinals have turned their sea- 
son around, and have an oppor- 
tunity to make the playoffs. 
Their offense “exploded” for 
350 yards last week; running 
back Garrison Heaist, who has 
emerged from Buddy Ryan's 
doghouse, rushed for a touch- 
down and threw a touchdown 
pass against Cincinnati last 
week. Falcons’ Jeff George has 
broken finger (not his passing 
hand), and it may limit his of- 
fensive production. Terance 

Mathis, with 108 catches, could 
become second receiver this 
year to break NFL single sea- 
son record for receptions (1 12). 
Cardinals’ Aeneas Williams 
leads NFL in interceptions, 
with nine. Cardinals by 3. 

Buffalo (7-8) at tofianapoBs 
(7-8): For first time in six years, 
Bills won’t be going to playoffs, 
and for ninth time in last 10 


years, neither will the Colts. 
Bills have scored just 17 points 
in each of last two games. Mar- 
shall Faulk's 1,702 yards from 
scrimmage is second in the 
AFC ana his 12 touchdowns for 
Colts leads AFC Colts by 2fc. 

Green Bay (8-7) at Tampa 
Bay (6-9): Packers have playoff 
spot and possibly a division ti- 
tle on the line. Off ease has been 
hot, with Brett Farve needing 
25 completions to become 
team’s all-time leader in one 
season. Bugs' resurgence has 
been tied to rookie running 
back Exrict Rhett, who has av- 
eraged 108.S yards rushing last 
six games and has one rushing 
touchdown in last four. Bucs 
have allowed one sack in last 
five games; NFL average over 
that span is 10.1. Packers by 5%. 

New England (96) at Chicago 
(9-6): Patriots, winners of six 
straight, are second hottest 
team in AFC behind Pitts- 
burgh. A victory here puts them 
in playoffs, although Bears have 
their own playoff aspirations. 
New England has better of- 
fense, with Drew Bledsoe, who 
has thrown 653 passes, needing 
three to set NFL record for 
most in one season. He leads 
league in completions (377) and 
yards passing (4,278). Bears 

have the No. 3 pass defense in 
the NFC Game rated even. 

FhDaddptu (7-8) at Gndn- 
nati (2-13): Both teams out of 
playoffs. Eagles have scored 
just 69 points during six-game 
losing streak and running back 
Charlie Gamer went out last 
week with major knee injury. 
Bengals are now more explosive 
on offense, but Eagles’ defense 
has 41 sacks, thud most in 
NFC Eagles by 1. 

Seattle (6-9) at Oerdand 
(10-5): Browns are already in, 
Seahawks out. Dan McGwire, 
fining in for Rick Mirer (broken 
thumb), was sacked five times 
by Raiders last week. Browns' 
have rare of league’s most mi- 
serly defenses, especially at 
home, allowing just four touch- 
downs in last six games there. 
Browns by 10. 

New Orleans (6-9) at Denver 
(7-8): No playoff aspirations 
for either team, and it is ques- 
tionable whether John Eiway 
(knee) will be healthy enough to 
start for Broncos. Saints’ Jim 
Everett can throw deep to 
speedy Michael Haynes, who 
needs 36 yards to reach 1,000 in 
receiving for season. Broncos 
by 5. 

P i ttsburgh (12-3) at San Die- 
go (10-5): Steelers won AFC 
title last week by beating Cleve- 
land and getting home field ad- 
vantage for playoffs. Chargers 
have made playoffs but would 
like to get first-round bye and 
home game. Chargers are No. 1 
in AFC against running, giving 
up 84.5 yards a game. Steelers 
have given up just 16 touch- 
downs in last IS games, fewest 
in NFL Chargers by 3. 
Washington (2-13) at Los An- 
Rams (4-11): Both have 
last six games. Rains’ Je- 

rome Bettis needs 23 yards to 
gai™ 1,000 this season; he need- 
ed 30 last week and was held to 
7 by Chicago. Redskins have 
lost last four by total of 12 
points. Rams by 4. 

N.Y. Jets (6-9) at Houston (1- 
14): Another meaningless 
game. Jets have scored one 
touchdown in 13 quarters. Oil- 
ers have scored just 55 points in 
last five games. Jets by lVi. 

Detroit (9-6) at Miami (9-6): 
Lions want a victory in only 
Christinas Day game, so they 

can make playoffs and possibly 
win NFC Central division. Bar- 
ry Sanders wants to gain 169 
yards so he can become third 
player in NFL history to rush 
fen* 2,000 yards in a season. Dol- 
phins have already made play- 
offs, but a victory will give them 
AFC East division tide. Lions 
are 0-3 on natural grass this 
season; Dolphins are 7-2. Dol- 
phins by 3V4. 

San Francisco (13-2) at Min- 
nesota (9-6): Depending on ear- 
lier games, Vflrin^s may need to 
win Monday night to make 
playoffs, but couldn't have 
harder task Warren Moon has 
sprained ligaments in his knee 
and might not be able to play. 
During 49ers' 10-game winning 
streak, Steve Young has thrown 
25 touchdowns and just three 
interceptions. No line on game. 

To subscribe ~«n Germany 

just caB. toll free, 

0130 84 as as 

Bbkc Sdl/ Roues 

Chris Webber slammed home two points before separating his shoulder. 

Out for Weeks 

the Associated Pnar 

OAKLAND, California — Chris Web- 
ber did not expect his first game against 
the he starred for last season to go 
smoothly. But he did not expect a tob e so 
painful, other. . 

Webber, traded to the Washington Bui- 

in a 107-87 toss to the Goto State war- 
nors on Thursday night v:. . 

Lastseason’s rookie of the yea r in t fe 
National Basketball Association is.expect- 
ed to miss six to eight weeks. 

“! was dflfinifcfy.scared, but Tin Messed., 
and Tm young and (here’s no reason for 
me to get down,” Webber said. 

He had 14 points and 7 rebounds before 
he was injured with 9:25 left m the thud 
quarter and Washington trailing by : 56-54. 

While chasing a loosfr ball, "WdAec 
seemed to take an awkward step and 
crashed to the floor. As he lay in pain, 
some fans jeered him. 

“They were just getting their feelings 
out” Webber said. "But some son; is 
wa tching his father cheer someone getting 
hurt What kind of a role model is thatfr 

Webber, who feuded with Golden 
State’s coach, Don Nelson, was sent, to 
Washing ton for TomGugliotta and three, 
first-round draft picks. . 

Gugliotta had 18 points and 13 re- 
bounds as the Warriors snapped a 10-game 
iruerng streak and handed the Bullets their 
eighth consecutive loss. * ; ' .• 

“1 think any player who gets traded 
away wants to play well against the team 
they get traded from,” Gugtiotta said. 

Webber had to be helped off the floor 
and into the locker room for treatment, but 
rearmed to die Washington bench in street 
clothes to watch the last few minutes of the 

“I did it to show the team Fm with 
them,” Webber said. “If things were going 
to be said, I wanted to be right there m the 
fire.” ’ 

Nelson, recovering from , viral pneumo- 
nia, wasn’t at the game. His son, Donnie, 
an assistant, is coaching the team in his 

No. 6 Arizona Meets Match and More in Syracuse 

The Associated Press 

The game was No. 6 Arizona 
at No. 14 Syracuse- The game 
wi thin the game was defensive 
stopper Reggie Geary against 
offensive star Lawrence Moten. 

Syracuse and Moten pre- 
vailed Thursday night when the 
Orangemen heal the Wildcats 
94-84 as the senior guard had a 
season-high 25 points. 

“It's an indication of how we 
can play when Lawrence is fir- 
ing on all cylinders and moving 
the way be is capable,” Syra- 
cuse coach Jim Boeheim said. “I 
don’t care who guards him. If 
he is moving the way he’s capa- 
ble of moving, he is going to 
score points. We did a good job 
of looking for him early. He got 
us off to a good start.” 

Geary, a junior, knew that all 
too well. 

“He got his confidence going 
in his first couple shots and then 
they were looking for him the 
rest of the night,” Gerry said. “1 
don’t think we anticipated how 
intense they were going to be.” 

The victory was the seventh 
in a row for Syracuse after a 
season-opening loss to George 

Washington. Arizona (7-2) lost 
for the first time since dropping 
a 72-70 decision to Minnesota 
to open the season. 

“Syracuse showed how good 
a team it can be if it plays hard 
and together.” Arizona coach 


Lute Olson said. “They are the 
best team we've played this 
year” ...... 

It wasn’t all Moten for Syra- 
cuse. John Wallace finished 
with 19 points and 12 rebounds, 
Lucious Jackson scored 18 
points and Michael Lloyd 15 
for the Orangemen. 

If Syracuse could beat a team 
like Arizona, Lloyd said, “We 
are going to be around at the 

Moten agreed. 

“This was a great win for us. 
It puts us back on the map.” he 
said. “A lot of people had ques- 
tions about u&. Tonight we 
showed everybody what Syra- 
cuse is about.” 

Damon Stoudamire led Ari- 
zona with 22 points and Geary 
had 19. 

No. I North Caroftna 88, Ha- 
wan 76: Jerry Stackhouse had 
21 points and 13 rebounds as 
the visiting Tar Heels (7-0) had 
trouble with the Rainbows (4- 
1), who trailed just 71-67 with 
6:30 to play. Stackhouse scored 
seven of North Carolina’s next 
nine points. Tes Whitlock led 
the Rainbows with 20 points. 

No. 2 UCLA 137, George 
Mason 100: Tyus Edncy had a 
career-high 28 points, a Pa©-10 
record 11 steals and 9 assists as 
the Bruins (5-0) spoiled the 
West Coast return of former 
Lakers coach Paul Westhead. 
UCLA led by 20 in the first half 
and broke the 100-point mark 
with 10:35 to play. The Patriots 
(4-2). who came in averaging 
i 17.4 points, were led by G. C 
Marcaccini’s 19 points. 

No. 7 Kansas 71, Rice 57: The 
Jayhawks (7-1) wore down the 
Owls (3-3), pulling away in the 
final 10 minutes. Freshman 
Raef LaFrentz had 18 points 
and 9 rebounds for Kansas, 
which wasn’t sharp, committing 
15 turnovers and shooting 3- 
for-20 from 3-point range. 

Nol 15 Arizona State 72, 
Oklahoma State 69: Mario Bear 
nett of die Son Devils (7-2) bad.! 
22 points aod 14 rebounds as the 
mufrfwip - of centers out 
about even. Bryant Reeves had 24 
points and 13 rebounds as visiting • 
Oklahoma Stale (8-3) had a sev- 
en-game winning streak ended. 

Stanford 64, No. 22 Vbpnia * 
GO: Brevin Knight returned from 
being hit in the face to score 8 of 
his 20 pomtsin tbe final 3:42 as 
the Parrimal (7-0) remaine d un- 
beaten. Knight left the game 
with 7:42 to gp after taking Cray 
Alexander’s elbow to the chin. 
His 3-paoter with 3:42 remain- 
ing put the viators ahead for 
54-52, and he kept the ' 

tv&liers (6-3) at bay in the final 
44 seconds. Harold Deane led 
Virginia with 15 points. 

Missouri 76, No. 23 Illinois 
58: Before 21,714 at Kiel center 
in St. Louis, the largest crowd 
ever to watch a basketball game 
in Missouri, Paul O'Liney 
scored 19 points and Derek 
Grimm was 4-for-4 from 3- 
point range and bad 18 points 
as the Tigere (7-1) beat Illinois 
for die fourth straight time. 




Education Directory 

Every Tuesday 

Contad Kimberly Guenund-Befrancourt 
Td.: (33 1)463794 76 
Fax: (33 1) 46 37 93 70 
or your nearest IHT office 
or representative 



Page 17 


* i 

' ■■ L> 

■M D. 

iL1 ^adi 

•■ i.- . 

v- i rail:. 

BASEBALL: jv» B Qflfc 

^“tiniied from Page I 

SSTbST? K the . has 

tiSte. basi,OD of resis- 

h JJ^®^ I1 8 the resistance have 
been senators from states like 

wS y i? IU K- and Was hington, 
wfiere franchises like the Pint 

hujBh Pirates and the Seattle 
Manners mjghi someday move 

citi^fr tK° r more Prosperous 
ownCTS 000,11 n <>t 
SI op them from doing so. 

But this year’s bitter labor 
tuspute has shifted the focus of 
the antitrust debate from the 
franchise issue to an organized 
labor issue. 5*«uzea 

Mr. Graham said Mr. Movni- 
han s involvement was panicu- 
laily significant because he had 
no tprmnousiy m inlcresl 

n the issue. Mr. Mcvnihan has 
3 baCker of labor 

*h^r’ ^ lc *? he thouaht 
the legislation had a good 
chance to pass the House and 
tne benate, possibly with sup- 
port from Representative Newt 
Gingnch, the Georgia Republi- 
can who will become the speak- 
er next year. “I believe Gingrich 
is starting to wake up to this 
issue and a number of other 
Republican leaders over there 
— it’s not right" what the own- 
ers are doing, Mr. Hatch said. 

■ Next, to the Courts 

Major league baseball's next 
pilches win be made in the 
courts, beginning what most 
likely will be long and possibly 
historic litigation, it was report- 
ed earlier. 

It is less likely that any pitch- 
es will be made on Lhe playing 
fields next spring, when,* the 
owners insist, what the United 
Slates regards as its “national 
pastime" will begin its 1995 sea- 

In addition to possible con- 
gressional action to lift base- 
ball’s antitrust exemption, the 
owners’ decision early Friday 
morning to impose a salary cap 
sets the stage for a bitter legal 
battle. It also jeopardized the 
coming season, when the own- 
ers will try to use replacement 
players and the players will 
continue a strike that began 
Aug. 12. 

Officials of the baseball play- 
ers' union said they would file 
an unfair labor practice charge 
with the National Labor Rela- 
tions Board. 

The union will accuse man- 
agement of failing lo bargain in 
good faith and of declaring an 

impasse when none existed. 
. The National Labor Rela- 
Ugqs Board has already accused 
the owners of having failed to 
bargain in good faith for with- 
holding a $7.8 million pension 
payment to the players in Au- 
gust. If the board decides to 
1! ®ue a complaint, it will go to 
U.S. District Court in New 
r ork to seek a preliminary in- 
junction against the system the 
owners have put into effect. A 
decision could expected in late 
January or February. 

The complaints before the 
board would be tried before an 
administrative law judge, with a 
ruling there unlikely until late 
1995 or early 1996. The side 
that loses before the National 
Labor Relations Board would 
go to a Circuit Court of Ap- 
peals. The Supreme Court 
could make the ultimate deci- 
sion. but that would not happen 
until 1997 or 1998. 

“The owners will come to re- 
gret this — sooner than they 
realize," said the union leader, 
Donald Fehr. 

Adding to the acrimony, the 
union representing major- 
league umpires also filed an un- 
fair labor practices charge 
against the American and Na- 
tional Leagues on Thursday. 

It asserts that league officials 
have conducted sham negotia- 
tions and intend to lock out the 
umpires on New Year’s Day, 
after a collective bargaining 
agreement expires on Dec. 31. 
The allegations were rebutted 
by the league presidents, who 
are charged with negotiating 
with the umpires. 

The collapse of negotiations 
in the 133-day-long players’ 
strike came hours after the 
players, for the first time, made 
a two-tiered, escalating tax pro- 
posal designed, they contended, 
to apply the drag on salaries 
and the overall cost control the 
owners had been seeking 
through the cap or their own 
high rate tax proposals. 

The owners' negotiating 
committee studied the proposal 
for six hours before rejecting it, 
describing it in a statement as 
an “empty bag." 

William J. Usery, the special 
mediator brought in by the 
White House, said it was dear 
“that there was no use going 
any further for the time bang. 

Aside from those high-profile 
provisions of the owners' new 
system, there are many other 
turn-back-the-clock items. 
These were among them: 

Hope Still Exists in NHL 
Despite Sporadic Talks 

Compiled br Our Staff From Dispatches 

NEW YORK —Hie Nation- 
al Hockey League lockout stag- 
gered into its 84th day Friday, 
with only brief contact by tele- 
phone between the parties in 
the previous 24 hours. 

“1 doubt if there would be 
any meetings this weekend," 
said Arthur Pincus, an NHL 
spokesman. But he added: “I 
wouldn't rule it out completely." 

Formal talks between the full 
bargaining committees were 
broken off Dec. 6 in Chicago. 
Several subcommittee discus- 
sions were held last week in an 
attempt to resolve the dispute 
that threatens a season already 
reduced by 24 games to a 60- 
game schedule. 

Still, there were suggestions 
from sources on both sides that 
an agreement is still possible by 
Jan. 5 for a season opener on 
Jan. 15, although the schedule 
would be shorter than 50 games. 

The league's Board of Gover- 
nors gave NHL Commissioner 
Gary Bellman permission last 
week to shut down the league 
down if it became impossible to 

fairly close to agreement on is- 
sues of a rookie salary cap and 
changes in the free agency sys- 
tem, they re main apart on limi- 
tations regarding salary arbitra- 
tion, as well as on a demand by 
owners for a payroll tax to hold 
down the escalation of wages. 

ty erf greater free agency oppor- 
tunities after the age of 30. 

“We still have Christmas," 
said Eric Lindros of the Phila- 
delphia Flyers. ■‘Hopefully, we 

don’t have to give that up. too.* 
of Toron- 

After a meeting Wednesday in 
Toronto, players suggested they 
might compromise further on ar- 
bitration, but reaffirmed that 
they would accept no tax. which 
they say acts as a salary cap. 

Many players said they have 
made toe 

Ken Baumgartner 
to, a vice-president of the 
NHLPA, Association, said the 
union expects “attacks will be 
made on salary arbitration" 
during the next found of talks. 

“That's something we’re go- 
ing to have to stand firm upon." 
Baumgartner said. “Many of 

already made too many conces- 
sions in exchange for few gains, 
the largest of them the possibili- 

the players expressed the sen li- 
nt that 

mem that what we have on the 
table is a fair deal." 

(SYT, LAT, Reuters! 

play a 50-game season and a 

four-round slate of play- 
offs by July 1. 

W J- 

iir| . . ^ J». 

.j* : 

- <;/>• 

Brax 1 nonf* Rnitrr. 

Outfielder Kenny Lofton of the Cleveland Indians checking out of his Washington hotel 

• Elimination of the maxi- 
mum 20 percent pay cut, mean- 
ing salaries in noa guaranteed 
con tracts can be reduced by any 
amount from year to year. 

• Players called up in Sep- 
tember, when rosters are ex- 
panded, will not be credited 
with service time accruing to 
eligibility for, among other 

things, free agency and pen- 

sions, and players on 
lists will be credited with only 
50 percent service time. 

• Cubs can terminate and 
release a player at any time, 
Mr. Usery, the mediator, said 
he would report to Secretary of 
Labor Robert B. Reich on Fri- 
day. and subsequently to Presi- 
dent Bill Clinton. He said be 
was not withdrawing from the 
dispute but would re-evaluate 
his position. He said he was 
prepared to continue but add- 
ed, “That may change after I 
report to the secretary of la- 

Earlier, former President 
Jimmy Carter issued a state- 
ment through the Career Center 
in Atlanta saying that he would 
be willing to mediate the base- 
ball dispute if there was no set- 
tlement before the deadline. 

There was no official re- 
sponse from the players or own- 
ers, but Mr. Usery said, “The 
one thing I didn’t think we 
needed at the moment was an- 
other mediator.” 


That would seem to indicate 
the necessity of starting the sea- 
son by Jan. 15, which would 
probably mean gening a deal 
next week, if the owners stick to 
their timetable and if they allow 
tWO weeks for training. 

But two league sources said 
that as long as talks continue, 
even sporadically, Betlman will 
not exercise his power to cancel 
the season. However, if there’s 
no resolution by Jan. 11, the 
schedule will be cut to 44 or 40 
games because of arena sched- 
uling conflicts. 

George Gund iU. who owns 
the San Jose Sharks as well as 
the Cleveland Cavaliers, told 
his National Basketball Associ- 
ation team's players Thursday 
night that hockey negotiators 
“are very, very close to a deal.” 

During a visit to his team's 
dressing room after its 93-90 
victory over the New York 
Knicks, Gund said. “I expect 
they will be on the ice in about 
three weeks.” 

Although the two sides are 

BOC Sailor Van den Heede 
Falls Asleep, Runs Aground 

The Associated Press 

SYDN EY — The French sailor Jean Luc Van den Heede 
ran aground Friday just 50 nautical miles from the finish of 
the second leg of the ROC 'Round the World Challenge race. 

Van den Heede, who was lying second behind compatriot 
Christophe Auguin. could be forced out of the race after 
suffering extensive damage to a mast and the keel of his 60- 
foot boat. Vendee Entreprises, while two sails were badly 
ripped, organizers said. 

Van den Heede, 49. a veteran of three previous around the 
world races, ran aground on a sand bar at Port Kembla near 
Wollongong, south of Sydney. 

“1 fell asleep early in the afternoon and when I awoke an 
hour or so later the boat was in the sand," he said. “It was my 
faulL I was very tired. I didn't sleep at all through the Bass 
Strait and we had to be very close to shore to avoid the 

Men’s Ski Race in France Called Off 

MILAN (AP) — Despite scattered snowfalls in the Alps, the 
men's World Cup skiing program has been again disrupted by a 
lack of snow that has forced French organizers to cancel a giant 
slalom race scheduled for Meribel next Thursday. 

A spokeswoman for the Swiss-based International Ski Federa- 
tion said Friday that the race had not been immediately resched- 
uled, but that die women's slalom will be raced as scheduled in 
Meribel on Friday. 

For the Record 

University of Colorado regents, under tremendous pressure, 
voted by 6-3 to reject an offer to bolt the budding Big 12 
Conference and join the Pacific-1 0. (AP) 

JOY TO THE WORLD By Randolph Ross 


I Her Majesty 

5 Funpides 

10 Southwestern 

15 Wharton deg 

18 Feet 

lit Anemic in the 

Z0 Double duty"* 

21 Auction 

22 Season's 
greetings from 

25 Jet affliction 

26 Oklahoma 

07 bodkins 

28 Paisley and 

29 Subscribe to 

31 Season's 

|reetings from 

M Controversial 
coar material 

35 -Sreppenwoir 

36 Came show 

37 Mideast carrier 

38 Wear well 

39 Store money 
-11 Co out with a 


42 Actor Mineo 

43 Unde of note 

46 Oklahoma city 

47 Providewith 

50 MoiberofHorus 
52 Denton of “Our 
Mira Brooks" 

54 Season's 
greetings from 

57 Stan for plop or 

59 Somesieak 

60 Rock 

icunsi site) 

61 Major- league 
63 Nagy of 

S4 Season's 
greetings from 


I » W — ^-.niatinns: 

For reservations: 
Fax International 
31-20 606^122. 

68 “Lucky Jim* 

69 Kind of tax 

71 Desk-box words 

72 Orange 

73 Jerk 

74 Season’s 
greetings from 

78 Overcharged 

79 H 3 lf a train toot 

81 Rules 

82 Friday 

83 Simile center 

84 Hwys. 

85 Gerard and 

86 Lunchrimes 

88 Fort , 


90 Diving position 

9! "Inside the Third 
Reich" wnier 

94 First of a Roman 

98 The other 

100 Season's 
greetings from 

102 Marble 

103 Babysitter's 

104 duDiable 

105 Sixth -century 

106 Street of film 

107 Season's 
greetings from 

112 J.F.K. info 

113 Travel book? 

214 Come to rhe fore 

115 homo 


117 City on the Aire 

118 Lee and 

119 Unwelcome 

V;\ ■V.r.-s" 

NBA Standings 

Alknttc DMston 

W L 




19 5 



New York 

)2 n 



New Jersey 

12 15 




)0 14 




S M 




7 15 




6 14 

Central Dtvistoa 




15 7 




14 8 




14 10 




11 12 




9 13 




W 15 




7 14 



MMwest Division 

W L 




IB 8 




14 B 




12 9 



San Antonio 

12 9 


3 to 


12 10 




5 19 

Podflc Dfvtston 




18 6 




16 7 



LA. Lakers 

U 8 



ITr.r ■ neiitn 


13 10 





11 10 



Gakten State 

9 15 



LA ChPPers 

3 21 



(Lone 91. Assists— Utah 77 (Stockton 171, At- 
lanta 23 IBIavtock 121. 

Phoenix If M 22 31— IM 

Houston HUB 32—114 

P : Malerte 7-140-0 18. Moaning 10-17 04 23; 
H: Otoluwon io-M +4 24. Smim 9-15 34 ts. 
Rebounds— Ptwenlx 58 (Barkley 14). Houston 
5V (Ota! uwon Y51. Assists — Ptioonlx 28 (Perry. 
Manning 4). Houston 31 (Maxwell. Smith 71. 
Danas 22 27 34 W — 101 

Seattle 31 22 31 19—183 

O; Mashlxim 10-23 3-3 M. Jackson 4-157-021; 
S: Schratnef 0-12 8-10 24, Payton 12-19 3-3 20. 
Rebounds— Dallas 51 (Torptey 9). Seattle 41 
(Kerne TO). AeU tf o Dalles 25 (KkMW.Seal- 
»■ 21 (Payton 8). 

Woitltemton 24 If 24 M— 87 

Gofcta Hate 30 21 21 20—107 

W: Cheaney 02004 1L Stales 5-U 1-1 if; G: 
GugOotta 8-12 1-2 1& Sprewell 10-17 6-9 2h' Re- 
bounds— Washington SA (Tucker 9). Golden 

State 57 (Gugitotta 13). Asslsts~wasMngton23 
(Skltas 7). Golden Stole 34 (Hardaway 14). 

15 24 23 20— If 
25 32 27 25— Ilf 
M: RWer 7-lf 10-14 27. Loettner 3-79-12 15; S: 
Patvnlce 7-11 3-3 17. WUHants 7-12 2-2 17. Re- 
newals— Minnesota « ( Faster 8), Sacramen- 
to 54 (Cornwell 9). Assists— Minnesota 14 
(Rider, csmfflv EMcy 3), Sac r amento 28 
( Hurley 7). 

Top 25 College Results 

Hew ttn too 25 teams In TO* Associated 
Press* wests college Ixukelbull pod Cared 

S Sew York Times/Edited by Will Shorts. 


1 “Mayor' author 

2 Havenoiasicfor 

3 Nome's domes 

4 Eva's half sister 0 

5 Kangaroo 

6 Biblical judge 

7 Create 

8 What's left 

9 without a key 

10 "No " (menu 


11 Sorbonne 

22 Ray 

13 Treat, as glass 

'14 Have car trouble 

15 Season's 
greetings from 

16 MTV bad boy 

17 Silver 

19 Third degrees 

23 Red-and-whiie . 

24 Adm.'s outfit 
30 The Galdpagos. 


32 C.I. A 

33 Tot's timeout 

34 Point of view 
37 “Tales From 



40 Cereal box abbr. 

41 E.M.K. is one 

42 Teutonic 

43 Lines 

44 Biblical 

45 Season's 
greetings from 

47 Signaled 

48 Folk history 

49 Ready a rifle 

51 Descendants of 

53 * was the 

sky so deep a 
hue": Warner 

54 Tournament 

55 Touch upon 

56 Diamond girl 

58 Grayish green 

SO Comrade 

62 O'Hara’s home 

64 Day 

65 Aware of 

66 Accepts an 

67 Summer mo. 

70 Spanish eyes 

72 Acted craftily 

75 Nobelist poet 

76 River to the 

77 Greek 

78 Tome 

SO “Golden Boy” 


82 Eariy times 

85 1B41 ballet 

86 Plnce 

87 Lab work; Abbr. 

88 Hosts 

89 Bridge over the 
Grand Canal 

90 Mescal 

91 Suit materials 

92 Ambulance 

93 Choice word 

95 Cite, as reasons 

96 Spitefulness 

97 With revisions _ 
99 Kidney -re la ted 

100 60’s-70's crime 
drama, with 

101 Wings 

108 Sonny 

109 Undignified 

110 “ 


111 Chop 


12 28 22 SI— 93 
Ittw York 25 25 II 23 — J* 

c: pains 614 74 2L Price 7-12 60 19; N: 
Oakley 7-W 54 If, Storks M0 44 17. Re- 
bowds— Cl e vela n d 43 (J.Wlffianu 13), New 
York 3? (Ooklev 13). Awtate-Chwetand 28 
(Price 71. New York 24 (Harper 4). 
PklladeiflMa 25 U is 3»— 91 

Chartatte 29 26 23 25— 183 

P : Wtarihcrapoon 614 69 25, Malone 612 60 
12; C: Mourning 7-W 161624, Hawkins 9-14 4-4 
21 Rebo un ds PtiU a deir Wa 43 (Weattwr- 

1. Korin GoroHna 17-0) beat Hawaii 88-74. 
Next: at CHd Dominion, Thursday, Dec 29; 2, 
UCLA (5-0) beat George Massa 137-100. Next: 
v». Norm Carolina Stole. Wednesday; fc Art- 
wan (7-2) lost to Nol 14 $vnxw» 9444. Next: 
vs. RtonmaM. weanesetov; t. Kama (7-11 
beat Rice 71-57. Next: vs. Fort Hays State, 
Saturday, Doc 31; HSrracaie (7-1) OeatNoA 
Arizona 94-84, Next; vs. LaMovne. Thursday. 
Doc 29. 

15, Arizona stale (7-2) beat OktoMma Stale 
72-69. Next: vs. Podflc W edne sd ay; 22, Vir- 
ginia (4-31 tart to Stanford 4440. Next: at 
Florida State. Wednesday. Jan. 4; XL lUntfs 
(621 lost to Missouri 7458. Next: vs. No. 10 
Connecticut at Hartford. Tuesday; 25, loan 
Stele (61) teat Norm Ftoridall440i Next: vs. 
Chicago state, Tuesday. 

Holy Crass 84. Siena 79 
Lehigh 04. Muhlenberg 81 
Loyola. Met 81, AmorlOTi U. 60 
Manha tt an f I. Wrfgttf St. 46 
Monmouth. N J. 77, Detowore 71 
Penn SI. ML Akron 45 
Setan Hall 73. Davidson 65 
St. Fronds. NY 7B. MA-E. Shore 74 
SL John'S 78. Fordhom 65 
VI! Ionova 101, Richmond 79 

Baylor 73, 3W Louisiana 65 

Colt of Charleston 75, Coastal Carolina 73 

Coopin SL 69, LSU 66 

DePoul ML Stetson 69 

Florida 51. l«L SE Missouri 73 

Kansas SL 87. Marshall 81 

Louisville 89. UNLV 72 

Murray SL 105. PlkeviUe 63 

N. Carolina SL 77, N.C.- Asheville 57 

Purdue 94, Ta-Cbothmooga 77 

SE Louisiana 87. Grambling St. 82 

5W Missouri SL 66, N.C-WHmlnOton 56 

South Carolina 69. S. Carolina SI. <2 

Southern Miss. 76. MhsIsSM 69 

Tutane 72. Alabama 68 


Ball 51. B& Indiana SL 80 
Bawling Green 59, Ohio SI. 60 
Com. Mtcntoan H, Cardinal Shireh 56 
Cleveland 51. 84. Kent 70 
III^CMcago 89, Georgia Southern 73 
Michigan 87. Jackson Sf. 81 
Nebraska VS. N. Iowa 88, OT 
Notre Dame 57. St. Banavwilure 54 
& IQ1 rob kb, Ma Southern 47 
Toledo 65, ImflanapoUs 67 
W. Michigan 79, Detroit 77 
W)s.-Green Bov 73. Mfca. Valley SL 53 

Cotorodo SL M. Arkansas SI. 64 
Southern MettL 81. North Texas 74 

Gamma 66 E. Washington SB 
Montana SI. 74. Cotorodo 73 
Pacific 64. Seal Diego 55 
San Diego 5L 41. Pepoerdlne SB 
Santa Clara ML IIHnots SL 43 
UC Soma Barbara 83. CM fwv-sco SO 
Washington 71, DM Domtokm 41 

— . * L r » .- - . .ill. • x 

American Leagee 

BALTIMORE— Named Claude Osleen 
Pltdiina coach tor Rochester, (|_ 

CHICAGO— Signed Scott Rodins*/, pitch- 
er, and Croto Grebeck, In Beider, to l-year 

MINNESOTA— signed Derek Park* aot- 
cher-Sioned Kevin Mom. first baseman, too 
minor league contract. 

T EXAS— Designated Doug Strange, Inftartd- 
er, tor assignment 

NottOMl League 

CHICAGO— Agreed la terms with Bryan 
Hlckerson, pitcher, on l-year contract 

CINCINNATI— Signed Jack Morris. Pitch- 
er, to l-year contract. Designated Tim For- 
tuono. pither. lor assignment. 

NEW YORK— Signed Jbn Undeman, out- 
fleMer-flrgl beneman, M Billy Solera, ln- 
ftefcJer, to one-vear contracts. Sent Fernando 
Vina, Infielder, to Milwaukee id complete an 
earHer trade tor Doug Henry. Pitcher, 

SAN FRA NCI SCO-Signed Kiri Monwor- 
Ina. cat ch er, to 2-year coni rod. Traded John 
Burkett, Pitcher, to Texas tor Rich Aurllta. 
Inflektor. and Desl WU eon. oulfle Her. and as- 
signed mem to Phoenix. PCL. 


N u lltiw ol Football League 

NFL— Fined John Randle, Minnesota de- 
fensive tackle, SUOD for bumping on official 
during the Vikings' lass to Detroit on Satur- 

BUFFALO — Placed Corbin Lodno. guard, 
and Steve Tasker, wide receiver, an Inlured 
reserve. Signed FUmel Johnson, defensive 
back, and Greg Evans, safety. Re-«hmed Kent 
HulL center, to 4-year contract. 


waalrldge, coordinator of football ottid at tag, 
to a mulltveor contract. 

BUCKN ELL— Named Tam Gadd football 

l sr> . . , _ . r ^T.r.'ZK-.-iT^P» 

spoon 13), Charlotte S2 (Hankins 11). As- 
stots— Philadelphia If (Tyler 7), Charlotte 28 
(Bogun 12). 

Utah 34 » 25 18-181 

Altaata 22 24 24 22— 94 

U: Malone MB 1-2 26 Homacek 7-12 7-7 24; 
Normat 616 44 22. Smith 7-12 62 17. Hr 
-Utah 43 ( Sp enc e r U), Atlanta 49 

Other Major College Scores 


Boston College 81 Hartford 78, OT 
Boston U. 71, Harvard 63 
Buffo lo 91 Niagara 72 
Duauesne 87, Robert Morris 58 

VaHodaUd a Real Madrid S 
Steurttogs ; Real Madrid 23 potato. Real Za- 
ragata 23, Denorttvo Coruna 21, Barcelona 20, 
Athletic Bilbao 16 Real Bells 17. Sevilla 17, 

Esnanai 16, Cetta u, Tenerife H. vahmeta 16 
Compostela K Real Soctodad 13. Real Oviedo 
U. Attain* Madrid 12. Sport ina Glkm 12. Rac- 
Ino Santander 1 l.AJboceta 1 1. Real VaHadoUd 
ML Logronss & 

Dlla athtatfc director. 

VIRGINIA TECII Nomad Rickey Bustle 
offensive coordinator. 

WASHINGTON— Announced that Jbn Lonv 
britxit. toatoaU coach, received a two-year con- 
tract extension through lhe 1998 season. 

WEST VIRGINIA— Named Greg Van Zari 
baseball coach. 

WISCONSIN— Named Jay Haws ibwbock- 
ors and sgedai teams coach. Suspended 
Danny Brody, defensive back, and svlas 
Pratt Unehacker, tar the Hall of Fame Bawl 
lor their tavotvemenMn a shoplifting Incident. 

WOOSTER— Fired Bob Tucker, football 

Sahuioii to Puzzle of Dee. 17-18 


nan dogged oddd uebdeeu 


Qnron uheq cddd eqdoe 

nnnronD ceded edbgfi 
□deed nEDnnno DDrnnnnE.ri 
GDBnnnon non hegg edge 
enn nnn nGcrEr. 
nnn nnnn egg GDonrEGE 
□nnnnEG onnn nnnEGo dog 
egofioe nonn nnBnnn ore 

Real Estate Marketplace 

Every Friday. Contact Fred Ronan 
Tel.: (33 1 ) 46 37 93 91 fax: (33 1 ) 46 37 93 70 
or your nearest IHT office or representative 





(Continued From Page 11) 


Heed office in New Vorit 
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Page 19 


Two Cases of Hare-Line Justice 

. k. rAi&«f>ri to income-u 

Trafika, Prague’s (Solvent) Literary Magaan. 

■ayTlAMI — Like most P®f}p!5wEJJ 
M probably often 

exactly, are my legal rights if I am wearing 
3 Tbeansw«!you will be relieved to learn. 


conridff a j d e D av id G. 

October by U- S Dismct 
Larimer and sent to me py New 

James G. Vazzanao judge Larimer's 
York, Here, airing u I 

John Payment wwe traveung j 


SSSS .-£W= 

"■^STdlldSd il would be a treat for 
the eW if one of them went to the van, put 
5, JS ‘Easter Bunny' mask and walked to 
“c^nS of tbe restaurao. to surpnse 

the girl.” 

It seems that Wagner and Payment were 
iraveUnswith (Wb y not?) a large papier- 
machfe bunny head. Each time they entered 
a new county, one of them would put on 
the bunny head and pose for a photograph 
next to the county sign on the roadside. 
(Judge Larimer notes that ‘ They also had 
a seven-fool stuffed dog m the van which 
apparently also posed for some of these 

roadside pictures.” ) , , . , 

So Payment got the bunny head out of 
the van, put it on and waved into the 
restaurant window until the little girl saw 
him. Then he put the bunny hold away and 
went back to rmish his breakfast. 


In some towns, Wagner and Payment 
might have gotten away with this- But 
Randolph is not “some towns. Several 
alert citizens observed the Easter Bunny; 
they thought that it might have been look- 
ing- into the windows of local banks. So a 

to umw» kv — alph to investigate. 

By then Wagner and Payment had left 
town, but one of the officers. Lieutenant 
Ernie Travis, was able to trace Wagner’s 
van from its license plate; he learned that 
Wagner had a criminal conviction (which 

turned out to be related to income-uu- 

"tSSPfi* according » adeposi- 
non he gave later, as summarized by -Judge 
Larimer, concluded that “ite 
^nkrobbers.” So he issued anAj 
Bulletin to apprehend the suspects, who 
S&c*3« “armed and dangerous- 
Wagner and Payment were arreted at 
gunpoint by state poUw handcuffed and 
returned to Cattaraugus County. These the 
bank-robbery case against jbej ‘T'Sj* 
up to that point probably looked ,^ & ?! 

J. began to fall apart. For one thing, as 
judge Larimer noted in his decision, no 
bS had been robbed. Also, Payment and 
Wagner did not flee, nor were they armed 
(unless you count the stuffed dog). Also, as 
the judge pointed out, robbers casing a 
bank probably would not wear a two-foot- 
high bunny head featuring enormous 

Dink ears.” . ... 

So after a couple of hours in custody 

Wagner and Payment were released, and 
everybody had a good laugh, and ten 
Wagner and Payment sued for $-.1 mil- 
lionTjudge Larimer ruled that Lieutenant 
Travis acted improperly, and a jury will 
determine what the damages are. 


This case reaffirms our fundamental right 
— not specifically mentioned in the Consti- 
tution, but clearly on the minds < > .the 
Founding Fathers — to look into bank 
windows while wearing bunny outfits. But 
that does not mean that we haw carte 
blanche (literally, “bors doeuwaT) to do 
whatever we wish. 1 have here a Nov. 31^ 
Angeles Tunes story sent m by alert reader 
Cathy Perimutter, concerning a 35-year-old, 
225 -pound man who dressed as a ‘Samurai 
Bunny” for Halloween, meaning that he 
carried a wooden sword and had (Tam still 
not making any of this up) “a stuffed bunny 
on his head." This man was arrested on 
suspicion of assault after he allegedly al- 
most whacked off another man semvnlh 

his sword when the man asked if he wasn t 

too old to be trick-or-treatmg. 

So we see from these two cases tnat there 
is a “One line” between legal and illegal 
bunny-outfit conduct In this or any other 
legal matter, I strongly recommend mat 
before you do anything, you pay a qualified 
attorney to give you advice that Mtheryou 
nor he really understands. And make 
darned sure you register your stuffed dog. 

Knighi-Rutder Newspapers 

InKMUUOMl Herald Tribute 

S TARTING up a literary magazine 
can be an act of folly, faith or ram- 
pant hubris. But sometimes u works. 
Trafika, an English-language quarterly 
in Prague, is just celebrating its first year 
of publication and solvency (solvency, m 
lit mag terms, means that it pays its 
printer but not its writers or staff). 

Its first issues have featured some 
heavy hitlers — Don DeLilio, Joyce Car- 


ol Oates, Czeslaw Milosz, Yves Simon, 
John Barth — but the magazine s young 
American editors, all in their -Os, are 
more committed to publishing what they 
call emerging writers, many of them 
translated into English for the first time. 
The fourth issue, .which came out last 
week, presents 15 fiction and poetry 
writers from 13 countries, including An- 
gola, Hungary, Sweden and China. 
According to Scott 

one's managing editor and director of the 
Globe bookshop in ] Prague. Trafika (toe 
V being silent, tt rhymes with Kafka) is 
the local word for kiosk, “a place where 
t hing s and information are exchangea. 
Speaking by telephone fromPragueJttig- 
Ssaid tbe title expresses the ma^mne s 
aim, cultural exchange through literature 
using English as a lingua franra, 

Trafika has a print run of 4,000, more 
than half of which is shipped to the 
United States. It is largely funded by 
gifts (it enjoys tax-deductible status m 
the state of New York) and by *e occa- 
sional small grant. Beautifully printed, u 
looks more prosperous than it is. 
“There’s never enough money, Rogers 
said. “Some days we can’t afford to send 

the mail out” , 

The mail goes far afield. Since the^ mag- 
azine aims to get writers a wider audience 
by »cin S English as a common language, 
the quality of translation is of top impor- 
tance and the magazine’s translators also 
act as literary scouts and advisers. 

One feature of the magazine is dia- 
logues or conversations between writers. 
Trafika 3, for example, included a liter- 
ary dialogue among the Chinese poets 
Yan Li, Yang Linn and Zhang Er about 
exile and its influence on language. Tra- 
f iVfl 4 has a discussion on the postcolo- 
nial experience by Mia Couto of Mozam- 
bique and Jos6 Eduardo Agualusa of 

Angola, as well as a talk with Paul 
Bowles on the North African oral tradi- 
tion and its relation to written literature. 

With its large foreign population, oi 
which YAPs (Young Amen^ns m 
Prague) are a well-publicized subcuiuu^ 
Prague might seem the logical center for 
yet another literary magazine. It nas 
always been a place where there u a 
blend of cultures,” Rogers says. Poetry 
editor Jeffrey Young, on the other juu jk 
feels strongly that the magazine should 
not have an American or East European 

bl “In our first issue there were maybe 
ioo many Czech writers. Trafika isan 
international literary magazine so There s 
no reason to focus on Czech writers any 
more than we would focus on Angolan 

With the communications revolution, 

a Lj_ ■ Vnt n„,r nnolf* Cl tV Will 

me m -ii 

Young doubts that any single aty wm 
a g»n be a great literaiycenter tike, say. 

in the ’20s. Still Prague offers low 
prices, making a hand-to-mouth exis- 
ten? more congenial toaijjj 
places, and an international atiiKSpMTe 
that is less easy to come by m the United 

St “The drive of the magazine is very 
current internationalized writing, but 
not in any marginalized sense, said 
Young, who worked on The Nauonmag- 
aoboein Washington and New Yort 
“We don’t deal in issues, we don trepre- 
sent literature as coming from ® certain 
comer of the world. We believe literature 
has a presence beyond MWmal h° rd ^ 
and we try to let it breathe freely. We 
also believe that that’s how waters view 

^ 'Issue number 5 won’t be out until 
May, Young says. “We’re takmg a bitof 
a breather just to catch up with cur- 
selves. Since we began the magazine has 
been sort of galloping ahead of us, we 
really want to harness that momentum 
and not be dragged along by it. 

The magazine’s emphasis on using 
English as a lingua franca is just that and 
notan attempt to impose the English 
wuage. For a Ukranian to be read m 
English by a Taiwanese is a lot more 
stimulating than just drculatwg at home. 
The variety also gives readers a lift. 

‘Trafika is a magazine of internation- 
al writers and we hope it is also a maga- 
zine of international readers. Young 

Cover design for an issue of Trafika 

guidon S 









Coma Dd Soi 







Uas Pamas 




































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North America 

Dairoll and Chicago will 
remain much milder lhan 
normal Sunday ihiough 
Tuesday, and no major 
storms are expected A 
storm that mil be lashing ma 
northeastern coast ot the 

U.S. today win start to mow 
away Sunday. Nte* Yoik City 
will have ounshrw Monday 


After recent loggy days. Lon- 
don win ha i/e some cteaiwg 
Sunday or Monday, and it 
will be milder as a result 
Parts and Brussels will have 
soma sunshine SundBy, then 
possibly a shower Monday. 
A storm will bring rams to 
'ynaxt weak, and 
i move mo lotan- 

Aihens oarty next weak, and 
the rams w«i 



Bains are poasible m 
Shnaghai Sinday. and rare 
could move into Tokyo and 
Osaka early next week. Sea- 
sonable weather Is expeaed 
Sunday through Tuesday m 
both Seoul and Ba/jatg. Sln- 

ffl re will have some sun- 
j each ol those days, 
but also the chance lor a 

Bi underdraw. 

<u«MS n/55 9/48 e 13/56 12/SJ *" 

Casablanca 17.62 *08 > Ug! "2 * 

& uswsss^ 1 . 

North America 

Middle East 

Latin America 


23/73 14/57 pc 0/73 18*1 PC 
27 SO 20*88 pc 27/80 20*8 » 

High Low 
Beam 19.58 12*3 

C«-u 23/73 10*0 

PMVUCUB 16*1 5/41 

jonjujlom 1B/S1 8/46 

2,0, 31*8 8/43 

myUI 23-73 10'SO 

Lsgond: 9-sunny. pc-pomy 
sr-Snow. mCO. W-Wo«lh«n 

Todanr Tonnorow 

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la.e* 11/52 a 
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24/ 75 11:52 

HE Duchess of York won’t be graog 

i homdess in the n<w year after alL She 

and her daughters, 6-year-old Princess Be- 
atrice and 4-year-old Princess Eugeme, 
have found an eight-bedroom mansion m 
Surrey, according to the Press Association. 
The duchess must vacate the house she 
now rents by the end of January. The rent 
on the Surrey mansion is reported to be 
£1,500 (52,300) per month, and the agency 
said the duchess, who is separated from 
Prince Andrew, will still be looking for a 
place to buy. She recently said m Washmg- 
ton that she could not afford to buy a 

suitable home. 


S1VFA- • V 


model Christie Brinkley and Ricky 
Taubman, a real estate developer, 
were afl smiles at their wedding atop 
Telluride Mountain in Colorado. 

Robert Zemedds’s “Forrest Gump got 

seven nominations and Quentin Taran- 
tino’s “Pulp Fiction” took six as nominees 
for the Golden Globe awards were an- 
nounced. The films were both nominated 
for best dramatic movie, along with Leg- 
rads of the Fall,” * 4 NeT and “Quiz Show. 


n to be an honorary commander of the 
Most Excellent Order of the BnnshE^ira 
He received the honor for his efforts to 

strengthen Anglo-American relations m the 
Edds of science and technology. 


Anne Rice has taken out advertising in 
Hollywood’s leading trade paper to critique 
the movie version of her popular novels 
“Interview With The Vampire’ and taker 
aim at its detractor. Rice was an wily, entic 
erf the decision to cast Tom Cruise in the 
lead role of Lestat, but once she saw the 
finished version, she gracefully backed 
down by way of an ad in Dafly Variety, im 
no good at modesty,” she wrote. “I like to 
believe Tom’s Lestat will be remembered 
the way Ofiviert Hamlet is remembered. 
Others may play the role some day birtno 
one will ever forget Tom’s version of it 


A New York court granted the artist 
jeff Roods a divorce from Dona 5 taller, 
the Italian member of Parliament and porn 
star known as La Cicciolina, and gave him 
custody of the couple’s 2-year-old son, 
Ludwig MaxinnUan. Staller was not at the 
trial She left New York for Italy with her 
son in June. 

nitinas ^ 

~ Haunt# 


AUSTRALIA 1800-881-011 





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