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\*SJ> 



INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


at* 


Paris, Saturday-Siwday, February 12-13, 1994 


No. 34,510 


Both Sides 
In Sarajevo 
Surrender 
Some Arms 

UN General Accuses 
Renegades of Trying 
To Sabotage Cease-Fire 


SARAJEVO, Bosma-Heizegovina — ■ The 
United Nations commander in Sarajevo ac- 
cused renegade troops Friday of trying to sabo- 
tage the new cease-fire in the city, but peace- 



keepers were modestly encouraged as waning 
Muslim and Serbian soldiers began turning in 
some of their heavy weapons. 

The commander, Sr Michael Rose, said he 
was “reasonably satisfied” with the truce that 
began Thursday, although he was angered by a. 
burst of shelling and madirn^g m fin over- 
mghL 

Serbian troops and forces of the Muslim-led 
government Named each other for the viola- 
tions, but the United Nations said both sides 
were responsible. 

“A comparatively small number of rounds 
have been tired since the start of the cease-fire 
— as far as I can radge, as many oat of the city 
as into the city,” Lieutenant General R o se said , 

“It seems quite extraordinary that renegade 
military units are attempting to sabotage the 


AgcRce Fmsr PlBse 

Two U.S. fighter-bombers taking off Friday from the Aviano air base in northern Italy. They were on a control mission over Bosnia as NATO moved to reinforce air power in the area. 

NATO Sends Carriers and Jets to Bolster Air Power 


Pteskfeuis C&rton and Yettrin nuke a tfiffkrft 
connection. • Wastagtoo is wiffing to Eft 
sanctions on Seriria, bit by bit Page 2. 

cease-fire and thus prolong the suffering of 
their own people in Sarajevo.'* 

As the cease-fire took bold, French soldiers 
began sweeping for mines in the bombed-out 
Dobrinja bousing project outside Sarajevo. 
Government and Serbian fighters glowered at 
the peacekeepers through blackened window 
frames an either side of the front line. 

In an atmosphere of mutual suspicunLal Tito 
Barracks, in government-held territory, the 
Bosnian Army turned over two 120mm mortars 
and an 82mm mortar. The Serbs surrendered 15 
weapons, including a multibanded rocket 
launcher. 

No one knows tow many-heavy weapons the 
government forces have in Sarajevo, but it is a 
fraction of the Serbs’ firepower in the iaDs 
surrounding the city.' ~ - 

“We hope this is just tbebegnming of a 


transition from war to peace in Sarajevo and 
the rest of Bosnia, "a UN miEt^obserwsaid j 


.as be inspeewd the weapons. 

Serbian troops also began handing , ovor 
heavy weapons to UN centred at a former 
Yugoslav Army barracks in Lnkavka, .a few 
kilometers southwest of the city, UN sources 
said. . J ' 

Seven Serbian guns, including a rocket 
launcher and mortars, were delivered thereon 
Friday, and peacekeepers said they expected 
another seven heavy weapons before the end of 
the day. 

UN forces birih two observation bunkers on 
the Bosnian government 1 side of the Brother- 
hood and Unity Bridge, a flashpoint in the 
fighting that was occupied and swept for mines 
Thursday by French peacekeepers. 
Government soldiers ata nearby abandoned 
school said lordly any bullets had been fired by 
the Sobs all day. ' - ■ 

“We still don't trust them, but at least the 
UN is doing something concrete for the first 
mne in 22 months,” said agovemmeut soldier. 

“I feel secure,” said . Fetid Hodric, 58, a 
civ ilian who lives near the school- “The las; two 
days. I have been fediag like the war is over and 
peace is returning to Sarajevo. 

If die truce holds, and Serbian forces place 
their siege guns around Sarajevo under UN 

See BOSNIA, Page 4 



: ~ V - - ' Fan* Atubl/Agmoe FnM-Pitw 

RadqvflnKaracfcac, the Bosnian Serbs’ representative, waving off reporters Friday in Geneva as he headed for a conference session. 

U.S. Gives New Dynamism to Peace Talks 


By David B. Ottaway 

. Wa s h i ngton Part Service 

GENEVA — Peace talks on Bosnia took a 
new turn here Friday with the start of active 
U.S. participation on the side of the Muslim-led 
Bosnian gove rnment jn the search for a settle- 
ment to the 22- month-old fighting there. 

The American involvement seems certain to 
add a new dynamic to the deadlocked negotiat- 
ing process and may lead .to a new delay as the 
Bosnian government seeks to work out a re- 
vised set of objectives and demands with the 
United States. 

It could lead to substantial revisions of the 
peace plan under discussion since both the 
Bosnian government and the Clinton admini- 
stration have indicated their strong reservations 
about its underlying principles. • 

The new UjS. role in the negotiations was 
signaled here irifh an appearance before the 
media of the . special UJS. envoy to the peace 


talks, Charles Redman, standing beside the 
clearly delighted Bosnian prime minister, Haris 
Siiajdzic. 

Mr. Redman said that the United States 
wanted to “add our weight to the diplomatic 
process and see what we can do.” 

The objective, he said, was to “produce the 
kind of results the Bosnians have been looking 
for.” At another point be described the US. 
aim as “a good negotiated solution and surely 
-one that takes account of the Bosnians." 

“We’re really at the start in a way of a new 
phase, at least as far as the United States is 
concerned," he added. 

The leader of the Bosnian Serbs, Radovan 
Karadzic, sought to play down the new Ameri- 
can involvement, snapping “They have always 
been involved on the Muslim side." 

Mr. Redman said be had already begun ex- 
ploratory talks with the Bosnian delegation 
regarding its negotiating position and described 


the new U.S.-Bosnian relationship as “extreme- 
ly professional.'’ 

“It reflects the central friendship between the 
United Slates and Bosnia." he said. 

For the Bosnians, the active intervention of 
the United States on its side is a dream come 
true, something they hare been working hard to 
achieve since the start of these negotiations 18 
months ago. 

The Bosnians, the main victims of the war, 
have fdt abandoned by the United States and 
Europe in their battle to regain the lands and 
towns that the Bosnian Serbs “ethnically 
cleansed" of their Muslim population. 

In addition, the Bosnians have always re- 
garded the chief international negotiator. Lord 
Owen, as hostile and repeatedly asked for his 
lL 

Owen publicly welcomed the U.S. in- 

See TALKS, Page 4 


By Alan Cowell 

.Yew York Times Service 

ROME — Aircraft carriers from Britain and 
France headed for the Adriatic on Friday and 
the United Slates prepared to reinforce fighter 
planes at bases in Italy as the Western allies 
began the countdown to their deadline for Bos- 
nian Serbs to lift the siege of Sarajevo, accord- 
ing to Western military officials. 

The officials, who spoke in return for ano- 
nymity, said Western military flights over Bos- 
nia — pan of a nine-month operation to stop 
intrusions into Bosnian airspace — had dou- 
bled to 60 or 70 a day since the North Atlantic 
Treaty Organization moved loward threatening 
air strikes if the siege was not lifted by Feb. 21. 

“We have been ready for a long time," an 
official said. “We are going to be boosting the 
force levels a bit more." 

The United States already has an array of air 
power based in Italy, including F-16.'F/A-18 
and A-IO warplanes, EC-130 flyin° command 
centers and powerful AC- 130 gunships. Addi- 
tionally. the aircraft carrier Saratoga is in the 
Adriatic with its complement of warplanes. 

[In addition, the Pentagon is sending eight F- 
I5E strike aircraft to Italy, The Associated 
Press reported from Washington. The F-15Es, 
the strike version of the famed “Eagle" fighter 
jet, are the most sophisticated warplanes in the 
U.S. Air Force, with increased capabilities for 
targeting and longer range for bombing runs. 

[Washington is also sending two additional 
AC-130 gunships to the air base at Brindisi, in 
southern Italy, and two more EC-130 Airborne 
Battlefield Command and Control Center air- 
craft to Aviano, in northern Italy. The deploy- 
ment will bolster the number of NATO aircraft 
in the region to 146 fighters and bombers, from 
120, the official said.] 

Dutch, Turkish. French and British war- 
planes have also been flying over Bosnia as pan 
of Operation Deny Flight, while NATO dec- 
ironic surveillance’ AWACS planes cruise over 
Hungary and the Adriatic around the dock to 
pinpoint military movements. 

But. according to pilots at the Aviano air 
base, a prime concern is not so much their 
ability to knock out Bosnian Serb artillery as to 
protect UN troops on the ground from repri- 
sals. 

Their potential Bosnian Serb adversaries are 
equipped with both ground-launched and 
shoulder-launched, beat-seeking missiles. 
Moreover, they can take advantage of terrain 
that, unlike the desens of Kuwait in the Gulf 
War, permits Bosnian Serbs to hide artillery in 
wooded and hilly country or even among civil- 
ian populations. 

Western officials, however, said U.S. and 
other NATO pilots were “trained to cope with 
the missiles." 

“They know the countermeasures to take. 
That doesn't mean it’s not risky." 

Miliiaiy officials said the British aircraft car- 

See COUNTDOWN, Page A 


Summit Fails 
To Produce 
U.S.- Japan 
Trade Accord 


Clinton Is Considering 
Countermoves After 
Talks With Hosokmca 

Compiled to Our Stuff From Dispatches 

WASHINGTON — President Bill Clinton 
and Prime Minister Morihiro Hosokawa failed 
during a s ummi t meeting Friday to settle their 
countries' deep-seated differences cm trade. 

Saying it was “better to have reached no 
agreement than an empty agreement,” Mr. 
Clinton announced that the two sides had not 
been able to reach an accord in any of four key 
areas targeted last July. 

“Japan's offers made in these negotiations 
simply did not meet the standards agreed to in 
Tokyo.” President Clinton said. 

He was referring to the so-called framework 
deal under which Japan pledged last summer to 
open its market more Fully in four areas. 

Regarding possible U.S. retaliation, Mr. 
Clinton said: “I'm not prepared to say yeL We 
have to think about that." 

Earlier, the U.S. trade representative, Mickey 
Kantor, said “all options" remained open. 

Commerce Secretary Ronald H. Brown had 
said the United States would not rule out using 
the currency market to push the yen higher if 
the trade talks failed. 

Mr. Brown said that the United States was 
studying all options, including action on the 
exchange markets, to “correct this unaccept- 
able trade imbalance between the U.S. and 
Juan.” 

In New York, the dollar finished the day at 
107.18 yen, down from a close of 10825 yen on 
Thursday. (Page 10) 

Mr. Hosokawa confirmed that do accord had 
been reached, but added that the failure should 
not lead to a trade war between the two eco- 
nomic superpowers. 

The prime minister said that although his 
government could not accept numerical targets 
For increasing purchases of American goods, he 
still believed the trade deficit between the two 
countries would come down. 

“We should in no way allow this to under- 
mine the strong and friendly relationship be- 
tween our two countries," Mr. Hosokawa said. 

Mr. Clinton went into the meeting intending 
to pressure Mr. Hosokawa to open Japanese 
markets to American goods. The four major 
sectors under discussion were: government pro- 
curement of medical equipment, telecommuni- 
cations. insurance deregulation, and autos and 
auto pans. 

While Mr. Clinton wanted measurable re- 
sults in cutting the trade gap, Mr. Hosokawa 
said such cuts would be arbitrary and that trade 
was a private-industry activity that his govern- 
ment did not control 

He repeatedly urged that the United States 
and Japan work on improving trade relations, 
rather than setting targets for the trade imbal- 
ance. 

On Thursday, the Commerce Department 
will report the 1993 U.S. trade deficit with 
Japan, which looks certain to set a record. 

During the first 1 1 months of the year, the 
United States had a S54 billion trade deficit 
with Japan. Many analysts expect the gap for 
the full year to reach $60 billion. 

The White House National Economic Coun- 
cil a coordinating body, also met Friday to 
consider how Washington should respond to 
the failure of the trade talks. 

Leading U.S. lawmakers, including the lead- 
er of the majority Democrats in the House, 
Richard A. Gephardt of Missouri; the chair- 
man of the House Ways and Means Committee, 
Dan Rostenkowski of Illinois, and the Senate 

See TRADE, Page 4 


As Hairlines Recede 9 So Do Paychecks 

Incomes of Middle-Aged U.S. Men Are Falling Steeply 


By Louis Uchi telle 

fie* York Tones Sertice 

NEW YORK — For the first time since World War U, cdle^- 
educated men in thm late 40s and euiji 50s — normally to prone 

hit nKBtotto grpcpsofmalc 

riang incomes into iboriiud-50s. Instead, those promotions and rising 
aoria of riddlMgri 


inis was icc • 

Katherine Newman, a socralanL 
who has studied their hves. incy 1 


■jsi at Columbia University, 
f ihfr recommended path, bnt 


their education has failed to insulate them. And they are getting hurt 
just at the age when they had counted on rising incomes to educate their 
children and to save for retirement." 

In the United Slates, this group represents 2 percent of the labor force 
and is composed of 2 million men aged 45 to 54, with four years of 
college but no postgraduate study. The vast majority are white; only 
1 50,00(1 are black or Hispanic. 

From 1986 through "1992, the median income of men then in this age 
group, fefl by 17 percent, after adjusting for inflation, to $41,898, 
according to data collected by the Census Bureau. Most of the decline 
of $8,800 came after 1989. 

The bureau does not tabulate or publish these data. But two econo- 
mists, Frank Levy of the Massachusetts Institute of Technology and 
Richard J. Mnmane of the Harvard Graduate School of Education, saw 
the trend in their own recent tabulations of the data. 

“We arc finding that the standard pattern for educated labor, where 

See OLD, Page 4 



Newsstand Prices. 


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AntHte,.... 71JD FF 

COTrerotmJ^OFA WgjJ ien> .„ 11 .20 FF 
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France 9.00 FF £en«al 960CFA 

Gabon ... ..J. WO CFA Spain —..‘2® PT AS 

Greece....— 300 Dr- Tunisia — IJJOODjO; 

Ivory Coast .1.120 Or A Turkey ..T.l-JWM 


Kiosk 


U.S. Wholesale Inflation Rises 0.2% 


Coming on Monday 


PATRICIA 

WELLS 



In her continuing 
search 1 for the 
world's top restau- 
rants, Pataca Wells 
turns to Belgium, 
Luxembourg and 
The Netherlands. 


Art 

European a rch ite ct u re mid art. in a Paris 
extaTntkxL'' Page 7. 

Book Raiew Page 4. 

Crossword — " Page 4, 


WASHINGTON — The price wholesal- 
ers pay for roods rose 0 2 percent in Janu- 
ary, with a drop in food prices offsetting the 
biggest jump in gasoline prices in more than 
three years, the government said Friday. 

Exdurlrng (he volatile food and energy 
sectors, the Producer Price Index rose 0.4 
percent 

If the January gain were to continue for 
the entire year, it would mean inflation at 
the wholesale level would be 2.9 percent. 

Economists were divided on . whether the 
data offered signs of new inflationary pres- 
sures. Some -sand the decline in food prices 
masked increases in otha- sectors that were 
likely to continue, but others said the PPI 
tends to show greater gains in the early part 
of the year before tapering. (Page 9) 



In Lillehammer, 
The Games Go 
Back to Nature 


Ra»wod Rnumj 1 Ajenec Flux Frac 

The -US. speed skater Dan Jansen, the 500-meter record-holder, practicing Friday in 
Hamar, Norway, on the eve of the Winter Games. Complete Olympic coverage. Page 1 & 


By William Drozdiak 

Washington Post Service 

LILLEHAMMER, Norway — In this land 
of pristine fjords and virgin forests, it was 
perhaps natural that the citizens would try to 
stage the most environment-friendly Olympics 
in history. Bui nobody thought they would go 
this far. 

Plates and eating utensils consist of potato 
and com starch so they can be ground into 
animal fodder. Several hundred tons of garbage 
from the Games will be transformed within 
three weeks into earth. Billboards, signs and 
posters will be recycled into cardboard. 

“Green" has become a new watchword for 
the Olympics, even as the Games scale new 
heights in mass marketing and materialism. The 
International Olympic Committee acknowl- 
edged that Sydney was selected as the site for 
the 2000 Summer Games largely because of its 
ecological emphasis. 

Seeking to deflect growing criticism of the 
Games as a spectacular jamboree for big-busi- 
ness interests, the IOC c hairman, Juan Antonio 
Samaranch, said last year that a responsible 
approach to the environment would become an 
important criterion in the future of the Olym- 
pics. 

In Norway's case, the quest for a happy 
marriage between nature and the Games came 
after it recognized that IiHehammer's success- 
ful bid would pose grave risks as well as great 
opportunities for its 4 milli on citizens. 

Even before Lillehammer was selected in 
1988, Norwegians were becoming alarmed by 
outside forces spoiling their natural paradise. 
Pollution from Russia's Kola Peninsula has 
inflicted serious acid-rain damage on Norway’s 
lakes and trees. The Chernobyl nuclear acci- 
dent deposited so much cesium over Norway 
that the level of radioactivity in reindeer meat. 

See GAMES, Page 4 







Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNDAY, FEBRUARY 12-13 , 1994 


THE BOSNIA THREAT/ 




& r JLi fel 






Clinton and Yeltsin 
Make Phone Contact 
On Bosnia Policy 


Cots* DttkvBaixn 

Alain Juppe, the French foreign minister, right on a one-day visit Friday to Sarajevo, and Henry Jacoiyn, fee French ambassador to 
Bosnia-Herzegorina. They were inspecting the city’s central market where 68 people were idBed last weekend in a mortar attack. 

U.S. Offers Its Carrot, Piece by Piece 


By Elaine Sciolino 

New York Tima Service 

WASHINGTON — In a shift in its policy 
on Bosnia, the United States has indicated a 
willingness to lift sanctions against Serbia on 
a step-by-step baas, according to senior 
American and European officials. 

The sanctions would be eased “in response 
to cooperation at the bargaining table.” a 
senior a dminis tration official said. "That’s 
the carrot if they make peace." 

The United States has also scaled back its 
commitment to help enforce an eventual 
peace settlement in Bosnia and would con- 
tribute only a third of the ground troops 
necessary, instead of half as envisioned m 
current NATO plans. 

Washington reduced its commitment 
largely to placate those on Capitol Hill who 
want fewer U.S. troops on the ground, or 
none at all 

After refusing for a year to take part in 
negotiations on the war in Bosnia-Herzegovi- 
na, the Clinton administration has switched 
signals, telling its European allies that it will 


press the Bosnian government to accept a 
peace plan that partitions the country along 
ethnic lines, the senior American and Euro- 
pean officials said. 

Two weeks ago, France pressed the United 
States to get more heavily involved in the 
diplomacy of the 22-month Bosnian war, but 
the Americans continued to resist, arguing 
that a settlement that imposed a solution on 
the Muslim-dominated government would be 
militarily unenforceable and morally unac- 
ceptable. 

On the other band, the United States has 
consistently found the French to be resistant 
to the idea of air strikes, arguing that their 
peacekeeping troops on the ground in Bosnia 
would be vulnerable to Serbian revenge. 

But in the last few days, whether through 
an explicit deal or something, more subtle, 
each country has accepted the primary goal 
of the other. 

“On crucial issues, the Americans now 
agree with the European position.” a senior 
German official reached by telephone in 


Bonn said. “Our reaction — and that of the 
British and the French — is that the Ameri- 
cans are doing exactly what we asked for 
joining the peace efforts.” 

The American message to Europe is part of 
a new strategy, devised in response to the 
deadly mortar attack on Sarajevo's main 
marketplace Feb. 5 that links the threat of 
NATO air power to the promise of peace 
initiatives. Peter Tamoff, the undersecretary 
of state for political affairs, and Charles E. 
.Redman, the Slate Department’s special en- 
voyon Bosnia, presented the plan in meetings 
in London and Bonn an Wednesday, «nri m 
Paris on Thursday. 

“The United Stales has gone to Europe and 
indicated we are wilting to become directly 
involved in an intensified effort to find a 
settlement a senior State De- 
partment official said. “We are also prepared 
to take the lead in going bilaterally to the 
Bosnian government to talk about wfaai 
makes sense in terms of an ultimate settle- 
ment" 


Compiled bj (hr Staff From Dopoahes 

WASHINGTON — After two 
days of unsuccessful attempts. 
Presidents BQ1 Clinton and Boris 
N. Ydtsin spoke Friday about the 
crisis in Bosnia, and the White 
House said they had agreed to play 
a “significant role" in ending t be 
Woodshed 

Mr. Qinlon’s office said he bad 
boen dying to reach Mr. Ydtsin for 
more than 48 hoars to discuss the 
NATO ul timatum to Bosnian Sabs 
to withdraw big guns from around 
Sarajevo or face air strikes. 

The American president said he 
believed that some of Mr. Yeltsin’s 
concerns about the threatened air 
strikes may have been eased. 

“We agreed we had the same 
long-term objective, which was 
achieving a just peace a gr e emen t, 
and the same sheet-tom objective, 
to relieve the sheHmg of Sarajevo," 
Mr. Clinton said. 

“I drink he fdt better when I 
*tn phaQ7^ri the fact rhat the weap- 
ons left within the 20-kilometer 
area would be undo jurisdiction of 
the UN, not NATO. 

Mr. Yeltsin’s press service, re- 
porting on the 30-minute talk, said 
the Russian had stressed the posi- 
tion that the North Atlantic Treaty 
Organization lacked the authority 
to approve such air strikes. 

“Dedsons on all issues influenc- 
ing the situation in Bosnia and, in 
particular, around Sarajevo, must 
be made only by the UN Security 
Council," Mr. Yeltsin’s press ser- 
vice quoted him as saying. 

As pan of the NATO ultimatum, 
allies warned Bosnian Serbs dial 
heavy weapons would be bombed if 
they were not pulled bade at least 
20 kilometers (12 miles) (nun the 
city by Feb. 21. 

Of the difficulty in reaching Mr. 
Ydtsin, Mr. Clinton said: “No, we 
laughed a lot about the marvds of 
modem technology. Even today it 
was kind of a difficult connection. 

“He said we have to make sure it 
never happens " grin. He said. 


Reluctantly , Canada Gave In to Clinton’s Pressure 


By Charles Trueheart 

Washington Past Service 

TORONTO — Fearing retalia- 
tion against its troops on the 
ground in Bosnia. Canada was a 
reluctant latecomer to the NATO 
consensus on air strikes against 
Serbian positions around Sarajevo. 

It took pressure from Washing- 
ton, including two last-minute tele- 
phone conversations between Pres- 


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idem Bill Clinton and Prime 
Minister Jean Chretien, to bring 
the Canadian government around 
to the French- American ultima- 
tum. 

The sudden pressure for an in- 
tensified allied response to the car- 
nage in Sarajevo's marketplace 
Feb. 5 revealed the Chretien gov- 
ernment’s continuing frustration in 
putting an independent, and even 


politely contrary, stamp on its rela- 
tions with the United States. 

Canada's quandary ova NATO 
air strikes, which it had threatened 
to veto only last month, also coin- 
rides with a formal government re- 
view of the size and scope of its 
military establishment in general 
and its increasingly dangerous role 
protecting humanitarian aid ship- 
ments to Bosnia in particular. 


At a press conference Wednes- 
day, Mr. Clinton acknowledged 
Canadian sensitivities about its ISO 
peacekeepers trapped by Serbian 
forces in Srebrenica, in eastern 
Bosnia. He said Canada and other 
allies with troops in Bosnia had 
ultimately accepted the air strikes 
option because “they began to wor- 
ry that their forces would be pa- 


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CHURCH OF CHRIST THE KING 
(E pta p d fflntAari5>nHolyGonwtirion9& 
1 1 m Sunday Schod and Nmery 1045 am 
Setasttori Hrc SL 22. 60323 Ftariflul Genre- 
ny. U1. Z 3 Mqu*Afce.Td; 4969 55 01 B4. 

GENEVA 

EUMNUEL CHURCH IstM&Stti Sin 10 
am. Eucharist & 2nd & 4th Sun. Morning 
Prayer.3iU0deMor#iom.l2O1GenevaSw*- 
zedand. TeL 4VZ2 732 0078 

MUNICH 

TV€ CHURCH OF TKj ASCENSION. Sin 
11 .45 are. Holy Bjd»rat and Smfey Schod. 
Nursery Cara provided. Seybothsirasse a, 
81545 IAmic*i (HarladwicJ. Germany. Tel ' 
4989648185 

ROME 

ST. PAUL'S WTTWJ-THE-WALL5. Sin 630 
am. Kdy Eucfaral Rfle 1: 1030 am Ctaal 
Eudwisr Rfle It 1930 am Oudi Schod tar 
4 ILrary care arointed: 1 om Spar*- 
Sh Euchansi Va rixr* 58. 001B4 Rome 

TeL 395438 333Scr 336 474 3563. 

WATERLOO 

ALL SAINTS CHURCH 1st Sui 9 4 1VI5 
am Holy Eudharal wflh O*lreno Chapel ar 
11 15 AS ofoer Sundays 11 15 am He#/ Eu- 
charst and Su*fcry Schod. 563 Chaussee de 
Louvan. Ohar. Bdgtin. Tel 32r2 384-3556. 
WIESBADEN 

THE CHURCH OF ST. AUGUSTINE OF CAN- 
TERBURY. S-Ji 10 am randy EucharisL 
Ftarttfuner Strasse 1 Wiesbaden. Germany. 
Td: 4961 13C 66 74. 

EUROPEAN 

BAPTIST CONVENTION 

BARCELONA 

PAJTH FELLOWSHIP irrTERfLATICNAL 
meets al 1500. Bcra ffora Baptal Chun* 
Canw * fe Otlat de Baftguer 40 Paste 
Laree Bader. Ph. 410-1661 . 


INTERNATIONAL BAPTIST CHURCH. 
BEFBJN. Rahenbug Sir. 13. iStecteL Bfcte 
dudy 10.45. iwrsNp a 1200 each Sunday. 
Charles A. Warlord. Pastor TeL 030-774. 
4670 

BONN/KOtN 

THE INTEW JATONAL BAPTIST CHURCH 
OF B0NNH0LN. Rtenau Srasw 9L Wta. 
Worsho tiyj p m. CaNin Hogue, Pester- 

TeL (C2236) 47021. 

BRATISLAVA 

Site Staler r»EngSsh 

Pafoady Baoest Ctarti Zmskeho 2 1630- 
1745. 

BREMEN 

INTERflAriOfiAL BAPTIST CHURCH 
dch language! meet s at Ewr9*fvFreior- 
ttUrti Kreuzgwwmde. Hcfwft+^rasse 
Hcrrranr>Bo , jii?-Slr (artX/d ormer (ram 
the Bafmfolj Sunday worsh p 170 0 Bnea 
D. Waite, paste. Tel 0479M2877. 

BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Strada Pcpa ftBU 22. 330 pm. Cortad BN 
Re#«f*nnTetOHWt-6t 

BUDAPEST 

teamaftond Baptefl FefloedHp- P Bnfoo u 56 
imam erteanoe Tancfcsanyr a 7. rrrvrtz&i 
bdnd k^ry ertrance) lOXBWetStflte 600 
pm. Paste Bob Zbrden. TeL 11561 16 
Reached by bus 11. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 
Softs. Grand rtvtto Sebrm Wor- 
ship 11:00. James DuKe. Pa3tor. 
Td.. 704367 

OUE/HANNOVER 

INTERNATIONAL BAPTIST CHURCH. 
WtvteKien Sm <5 Cele 15C0 Worhfo, 
1400 B«ta Stady. P«w «W Campb* Ph. 
(05141)46416. 


DARMSTADT 

DARMSTAOT/EBBtSTAOT BAPTIST MS- 
SK3H. B tie study & Worship Sinday 1030 
am Stertens si on OeQieratad. Buesdtetstr. 
22. 64*5 study 930. worehfo 10.45. Pastor 
Jrn Wsfotx. TeL 061 550009216 

DU5SELDORF 

NTERNAT10NAL BAPTIST CHURCH Er»- 
SSsh. s«- IOOO. vmrshn II^B. Chadun's 
thutfi and nusoy. Meee a: foe Wonataial 
Schod. Leuchiertiuroer Kb-hiteg 2.tM<ai- 
serswoth. RiendN fetowshtp. AS denemra- 
l«ns welcome. Dr. V/J. Delay. Pastor. 
TeL 0211 WO0 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP EvangefcdvFrefonSiSche Gememde. 
Sodenerstr. U- 1A 638 0 Bad Hcmbo^ uhc- 
ne/Faic 06173-6272B txr-mg the Frartd-jt 
aid Taurus areas. Qamany Sunday n- 
0945. misery ♦ Surday-aSwci 501C 
wnei j bfoie stufies. Hmse^rotcs - Sm- 
day * Wednesday 1930. Pas* M. Levey, 
member Euopsai B^ts Ccrverocn. " ?e- 
dare H« gfcry anonjfl the rvs*3T3 ' 
BETHEL INTERNATIONAL HAP'IST 
CHURCH, An Oachsbe«s 32. Prartdui a-V- 
Smsbywshp tiOJa.'r.and6CCp.-r.Cr. 
Thomas W. HD. paste. TeL 0695435S 

HAMBURG 

INTERNATIONAL BAPTIST CH JPCH 
OF HAMBURG meets at TABEA FEST- 
SAAL. AM ISFELD 19. Hamtui-CSdcd 
SWe Study all 130 & Worshp a 123G wth 
Sundar. TeL 04V820616. 

HOLLAND 

TrWiTTY BAPTIST S3 93C. Wcishc 1050. 
nursery, warm leOowshtp. Meets at 
Btoemcarclaari 54 in v/assenaar. 
TeL 01751-78024. 

MOSCOW 

tNTERNATIWtAL BAPTIST FELLOWSHIP 
Mt i tn q 1100: Nno Center SuUng IS Ore- 
DnahmAiMteya UL 3h Ffoor. Hafl 6. Metro 

SUficn Barrfcadnaya Pcste Brad Stemey PH 

(095)1503293 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
f4UTCCH. Hcbstr. 9 Er^teh Language S»- 
vices. B*ie study 16^0. ’/.crohp oernce 
T7O0. Pastefo phew 630eS34 

PARIS artd SUBURBS 

EMMANUEL BAPTIST CHURCH 56 Pue 
des Bcns-Rasuns. Ruerl-Malmaisc'- An 
Evargefica! thuch for the EngSsh speanrg 
commumly local ed in trie western 
srUuteSS. 945; WcrTwr 1C;45 CWrSens 
Churoh and Itewry Yc»ih mrscies Dr. BO. 
Thomas, pasfor. Call 47.St 29.63 ” 
47.49. 1529 for rformaban. 

JfTERNATKDNAL BAPTIST FELLCWSrSp. 
630 pm. 123 3v. du Mane. Me Gait Near 
(he Tou Mcrtparjsse. The evswg sw^ce 
erf Emmanuel Baplist C haren. Ca» 
47515963 a47<3!5i9. 

PRAGUE 

mwnaacral Bapts Fefcweshp iwws at 9* 
Crech Baptst Churoh VmoftrwfcJia « €8. 
Prague 3. At m«ro stco Jrt> cz Podetrad 
Sunday a m M.OO Paster Bet Fcrf 
BE) 3110693 

WUPPSITAL 

Wunancnal B^SBt Chutn English. Ger- 
man. PersteL Vforshp 1030 am.. SefersS 
21. WUvertEB - Efoerfeitf A3 dmemtxrs 
welcome. Kins -D refer Frairod. r-29*:r 
TeL0332.'4E3B364 

ZURICH 

WTERNATKJNAL BAPTIST CHURCH ;l 
Waderswi {ZDnchl. 5» te ljd FVxertro-;- 
strasse 4 Worohi? Services 5ynda« 
nu i n> 11-00. TeL 1-7002812. 

UNffABAN UNWBSAU 5 I 5 

UNITARIAN Ur.TVERSALrST fofcwShcs & 
ccrtaos n Europe nctad? 

BARCELONA; £3J 3149154 
BRUSSELS; TsL l02j 660C226 


FRANKJ ORVaBBUBI I0612B) 72109. 
OBIEVA/BSN (02 2) 7741596. 
ISDE1BERQ: (06221) 78-2001 Or (0621) 
SB 1716 

LOMMIfe!061) 891-071 9. 

MUMOfe-Tjeei) 47-2466 
fETNBBAfBSb ©7T1 14-OBBa 
NURNBERO/FRAHCONIA: (0911) 

46 7307. 

PARIS: ' 1 ’ 42-77-96-77. 
ZURK MAMNIE RTHOft (062) 2137333. 
■MBWT10N; ^31(521 K5S-1716 

ASSOC OF INTI CHURCHES I 
IN BJROPE&MIDEAST 

BBIUN 

tt« C4.S OLr.CH in BeRUN. eor. of 
Cfey Aiae 5 =ote=cner Str_ SS. 930 am. 
» : ‘ a.-. TeL" 3PBJ32E21. 

BRUSSELS 

T-E :'rS s NA--SNAL PROTESTANT 
CHURO- C= BRUSSELS. Sinday School 
2--- -rvt zttrii 1945 am. Katetern. 
13 .a: the Schoo!). Tel.: 673.0531. 
Bus 95. ~~3T- 3«. 

COPENHAGEN 

l*~E=-iATGr^i CHURCH Of Coperttagen. 
Z 7 -srorpee. Vanow. near Ridftee. Study 
iC:i5 5 .Vanhc 11 JO. TeL 3162*786 

FRANKFURT 

7KV V ‘—TVERAti CHJRCH Mbdbngen 
43ee St .Areas tre EUr^r Hogateft. Sn- 
day Schccf 930. Kdb il air, TeL (069) 
=?9P8. 

GENEVA 

£t. LVD4IRMI CHURCH of Geneva. 20 
.-je Verfane. Sinda/ vwrotep 93a n Ger- 
man 'ixoncn&sn. Tet .022)3105089. 

JERUSALEM 

•JJThSPASi CHURCH i (he Redeemer. Old 
Ca-y. hteste' Ri Enjfih worship Sua 9 
am. A2 an w efcame. TeL -32) 281-00. 

LONDON 

AMERICAN CHURCH r, Landon a 79 Tot- 
tenham Rd. W! W wflte at 9«j. SS at 
K.X are, Stng wosip a 11 are Goodge 
aTJK7etC7'-53C2791. 

MOSCOW 

VCSCT.V PRC"zSTANT CHAPLAWCV. 
UPOK rial UL ‘JWa "Am 6 bfdg. 2. Wor- 
sh^ 9 * 1 1 are. SS TeL 143-3562. 

OSLO 

fimenear. Ls 5 he*an Chath, FrtmersgL 15 
INsrshrc 4 Sunday School 10 a.m. 
T«L i.CT 44 JSS4 

PARIS 

AWE W CHURCH 14 PAMS. Woroh® 
11. DC are EE ">3B tfQrsay. Pais 7. Bte 63 
sw’.temurat.'atsaunMdB 

STOCKHOLM 

IMV4**.=L 0 : J=CH. Wmhfi Chret n 


haps al more risk if nothing was 
done.” 

Sources in Washington and Ot- 
tawa said Mr. Chretien's apparent 
capitulation reflected permanent 
constraints on Canada to act freely 
on the world stage and outside the 
orbit of Washington. 

Sources said the prime minister, 
in office only three months, had 
concerns, shared by Canada’s mili- 
taiy establishment, about the re- 
percussions of air strikes. But, they 
said, be did not want to make Can- 
ada the spoiler in the quest for 
allied solidarity behind NATOs 
potential first combat mission. 

Canada’s official ambivalence 
reflects public opinion. 

“Canadians in the abstract have 
supported this operation and 
peacekeeping in general,'' said Pe-> 
ter Gizewski of the Canadian Cen- 
ter for Global Security, an Ottawa 
research organization. “It’s part of 
the mythology here. But when it 
comes to faring the incredible diffi- 
culties of this situation, most Cana- 
dians say: *Get us out of there. 
Canadian kids are getting killed.”’ 

Ca n a d ia n soldiers in Srebrenica 
are due to be replaced by Dutch 
peacekeepers 10 days alia the 
NATO deadline expires. 


UNIVERSITY DEGREE 

BACHELORS * RASTERS • DOCTDRXTE 

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W (310)471-0306 
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IDS Angsts CA 90049 


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VIENNA 

v'ET.'iA ^v\rjss-y CHURCH SratJay 
•ror^-.-r t n-30 A.U., Sunday 

WOOL Wy ricroaocnaL afi ft nem ra 
trors waar-E 16 , Vara 1 . 

WARSAW 

.VARSA.V -STEPfiATICrNAL CHURCH, 
rrtysatl C ngfcft bnguago w pa He n Suv 
hoc are. 'SepL-Mayi 10am (jure- 
Aug Sundv 955 (Sept-May) UL 

Moteva 21 . TeL 43-25-70. 

ZURICH 

T.TERyiATCrPC. PRCJTBSTANT CHURCH 
SrejtBfi tein ;. wrtotap senca Suday 
Sewol & Lur wry Sundays 11:30 ajn, 
Scrarar^aseZ TeL-rci}2E2SS5 


Natal** 


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I am interested in information about 


^ P Hospital cover oniy nHosrtial and cxfl-paeenf cover 


J 




f-i u 

i 5 > 


l Hi 


•What if wereaHy had to talk about 
an emergency?’ 

The call lasted about 30 ramntry 

Mr. Qinton said he and Mr. 
Ydtsin “agreed that the two of us 
should wok to try to bring an 
agreement about” 

“FB let him characterize his re- 
marks,” he added. “But I was en- 
couraged by them.” 

“We anted th at that would be 
further discretions today ax the 
UN and that we would also keep in 
touch.’’ 

Earlier this week, Mr. Qinton 
had expressed frustration ova his 
inabOfy to reach the Rnssianpresi- 
dent On Thursday, White House 
officials attributed the problem to 

** twlniiwi1 rliffig nltiw " 

Mr. Ydtsin has not been to Ins 
Kr emlin offic e this week and has 
not beat seen in public since Feb. 
4. His press secretary announ ced 
Wednesday that the presidmt, 63, 
had a cold and was waking at bis 
dacha outside Moscow. 

But a spokesman, Anatoli Krasi- 
kov, said the problem was not poor 
health or technical problems. He 
said Mr. Ydtsin had waited for Mr. 
Clinion to caD Wednesday and 
Thursday, but the phone never 
rang. 

“There were no technical prob- 
lems,” Mr. Krasikov said. ^Ihe 
conversation was planned twice-— 
on the 9th and 10th. And on oar 
part everything was ready.” 

Asked what had p re ve nted the 
conversation, he answered, “I can- 
not say any thing more.” 

Earlier, the White House press 
secretary. Dee Dee Myers, dis- 
agreed with Mr. Krasikov’s charac- 
terization of the atoation. 

“That's not our view of how 
things transpired.” she said. "There 
woe technical problems, and there 
were schcdnhng problems. 1 can’t 
speak to motivation on the part of 
the Russians. IH leave that to them 
to explain.” 

in a related development Friday, 
Ukraine joined Russia in opposing 
outside military intervention in 
Bosnia and called for renewed 
peace efforts through the United 
>Iations Security Council. 

The Uk rainian Foreign Ministry 
issued a statement after the two 
countries' foreign ministers sprite 
by telephone, saying their positions 
on the Bosnian conflict coincided. 

The joint statement appeared to 
reflect a delicate bolanaog act by 
Ukraine, which, wants to rapport 
Western initiatives on Bosnia but" 
jot jeopardize recently improved ’ 
relations with Russia. 

On Thursday President Leonid 
M. Kravchuk said bloodshed in 
Bosnia had persuaded him to ac- 
cept strikes if all other options were 
exhausted. fAP, Reuters) 

Security Council 
Yields to Snow 

Reutes 

UNITED NATIONS. New 
York — The UN Security Council 
postponed its scheduled debate on 
the crisis in Bosnia from Friday to 
Monday because of a snowstorm in 
New York, the United Nations an- 
nounced. 

The council had been due to de- 
bate the crisis but without taking 
any action alter a decision by 
NATO to use air power against any 
party, particularly Serbian militia, 
shelling Sarajevo. The debate had 
been called for by Bosnia and Is- 
lamic nations in support of the 
NATO action. Russia, which has 
compained about the use of air 
power, also called for the meeting. 

But Russia does not have enough 
support for a new resolution or 
statement that would dihne the 
NATO derision. Tbe meeting, now 
scheduled for Monday, was de- 
scribed by the Security Council 
president as a “free-for-all” discus- 
son and not a derishn-makmg ses- 
sion. 


WORLD BRIEFS 

Ex-Head of Irish Terror Group Slam . 

\ DUBLIN (AT) —Gunmen shotandkilkd the foniKr bead ^ an IriJ 
Republican Anny splinter group, a man who once canoed he had nllea 
30 peop]& ... 

Police suspected tb** the slaying of Dominic McGlinchcy, 40, the 
former head of the Iridi National liberation Anny, was due to mtental 
fending. No one immediately took responsibility- Mr. McCIidc^ was 
killed late Thursday in Drogheda, as Ireland’s east coast, the ponce said 
Friday. The kfflets escaped. . _ . 

On hk release from prison last year after saving seven years for 
firearms offenses, Mr. McGlindiey said he had mien op activity m Je 
National liberation Anny. HehsddUrimedni an 1383 interview with the 
Sunday Tribune of Dumb that he had killed 30 people in 11 yean of 
bombings, sho otin g s and robbajes m Northern Ireland and on tne 
British mainland . Newspapers had dubbed him “Mad Dog” because of 
the ferocity of his attacks. 

German Court Acquits 2 Skinheads . 

SIEGEN. Germany (Reuters) — A German court cm Friday acquitted 
for lade of evidence two who had been accused of kicking to 

riMth a man in this West German town. _ 

T iiHgn Drrk jPnty <rairi the IriTtirtg of BnmO Kflppi. 55. 10 DWlPte 1992 
could IKK be attributed positively to the two awn- The case againrt them 
rested chi die testimony of witnesses who to have heard them 

admit to the deed. - . . , 

Prosecutors had demanded juvenile-off coder sen t e n ces of mne and 
eight years fartheaccused, ages 21 and 17. Despite their acquittal, the: 
twowmremasi in prison for other offenses. 

Space Shuttle Ends 8-Day Mission 

Yfc*- n-1 « >T a 1 1 1 >11 A V W / A m nnaiin TVmWuOTU . 




“YouVe paved die way fora new era of cooperation in human space 
fligh t.” Mission Control trid Discovery^ five American aeronauts and 

^tem^-WTPL^Grew membos were greeted in brthEng^ am3 
Russian. 

The bosmonant, Sergei Krifcalev, was the first Russian to fly oo a U^. 
dniak. Discovery Masted off on an eight-day science mission on FdL 3. 

5 Somalis Die in New Qan Fighting 

MCXJAD1SHU, Somalia (Reuters) — Heavy dan fighting amrted in 
the southern Somali port of Kismayuon Friday, kilfing five Somalis and 
wounding 15 in wliatis widely seen as aprtibable pretude to reimwed civil 
war. 

A UN military spokesman said gun barites raged for about 90 minutes 
on Friday moming in Ki$mayu betw e en die Ogadem ami rival subdans. 
No UN peaedeeraera were involved. Kismayu a a fiefdmnof General 
Mohammed Said Hera Morgan, who leads fee Somali National Front 
militia »ipri routed rivel pmar Jem and his militiamen in March, 
1992. • ...... _ ■ 

UN ntititenr officas hsvexeparted abu3dcq> of miHtiaforeesitt recent 
months outade Kismayu in an apparent prelude to Crioori Jess's 
lannrinng an offensive ^to recapturems strooghrid. 

Hosokawa Restates Nonnuclear Stand 

WASHINGTON (AFT) — There is no possibility of Japan's deriding* 
to become a niK-twir power, even if North Korea develops a nuclear 
weapon. Prime "Minister Morihiro Hosokawa said hoe Friday. 

*Therc have been reports in tbe lastfetr days that Japan nngfrt ctumgp 
its policy should North Korea armilself with nuclear weapons,” _Mr. 
Host^awa said in a speech p rep are d for ddrvery at Geofgetown Univa’- 
sity. “Let me be very dear cm this painc l see no posstlnHty that Japan 
would deride to become a nuclear power.” 

“1 wish the people who write these reports would came to Japan and 
talk to our people,” he said. “Then they would realize how deeply we fed 
about this issue.” Japan, the only country to have suffered a unclear 
attack, has long been coramitted to a nomnidear policy. - 


12th Bliaxard Flays Northeast U.S. 



.down airports, ran networks and most government offices and. 
businesses^ The stores, the 12th this season, combined with ittxxd- 
ccdd tazqteratores. Thar was seme weathain the Midwest as wefl. 

The federal government feut down all bat essential operations in 
Washington, and most businesses and schools in the capital dosed 
for die day: 

The New York Stock Exchange shut down an hour and a half early 
to allow broken and their aqpfoyees a betta chance to get home. 
The Treasury bond market and some commodities markets also 
dosed eariy. Mayor Rudolph W. Ginfiani had advised New Yorkers 
to stay home from weak. 

As millions of Amoicans: struggled to cope wife the winter, 
forecasters warned of spring fioodsin tbe Mississippi Basin, with 
potentially severe flooding in northon Iowa. 


FortheRecord 

Mfflh»s of fraifeaw poured into Tehran's Azadi Square on Friday 
chanting, “Death to America,” Tehran radio, mtmitored in Nicosia,' 
reported. The rally climaxed 10 days of celebrations marking the 15th . 
anniversary of the Islamic revolution. (AP)- 




in t ernational Health Insurance danmark a/s 

8. PaLftKfldr. Coprohann K Dmnark. 

Tri*-phiior. -tt* K 15 30 W F*k *153332 25 W. 


TRAVEL UPDATE 1 

Lebanese Ramadan Opens in a Boom: 

BEIRUT (Reuters) Artillery fire boomed out over Beirut, Sdon and! l|h> 

Tripdi for the first time ance Lebanon’s civil war ended more than three- ' \ 

yeas ago. But tbe shots woe three blank rounds fired in each city; - i.- 

Thursday to announce the start of .the monthlong Ramadan fast Friday. . tor . 

The fcing revived a traditioo that fell into disuse during the 1975-90 
rivS^ war. Tbe gnnsuaD fire a single round at snnsrt throughout Ramadan.' "i 

to announce the end of the daily fast and the oeremomal fast-b reaking - ; *•- 

meaL A. second round before dawn win azmounce the r es ump tion of' 
fasting. ' ! 

Americau Ahfinesw9 cflaBcmmokfagflightt between New York and Tlj, v ^ IN 

London beaming May 1 inrespewse to customer demands. The anfine’s. ^ *£j. ' fe'y f . 

first evem^ flight from New Yrak and secoad monting fli^it from- ^ > v V'-. .. 1 

London wQTbentmsmQkmK. ( Reuter s)] ’ - ' 

Farrignera attiring ti»e Untod States by land would be charged $1^0 ’ - ■' ' 

uhda a broad immigration plan proposed by Republicans in tbe U.S. ' 

House of R epresent a tives. (AP)- v-«" 


Peres Questions the Need 
To Keep Some Settlements 


JERUSALEM — Foreign Minister Shimon Feres da Friday 
questioned the wisdom of miuatafrmig certain Isradf seffieme&fe in 
the occupied territories as Fakstimim sdf-rok b^ias. 

But load will not be forced into evacuating them, be said. 

Mr. ftres, asked By Isnd Radia if sdfee' totttfcttKnts &ortd be 
abandoned to secure peace tfith the Palestinians, said: uoda 

the pressure of negotiatioos." 

He added: TB teB you tbe truth, feae aft some qneaiQDS that 
have to be asked out loud; - 

“What is the print of mmiuming a jettJcmenf wifli 28 fana Bes 
that n e^tro d a re feat needrananny^^onto 

About 120JJ00 Jn^^ririerafrveaBioqg2ndEon Ptdestmian&in 
about 140 httvfiy-gpandedendaves in theoco^ed lands. Hundreds 
Of^ Thas we employed ssfann kborers BeonsesetOera are itbcira 
■tn ciriq yPdestinaaaafta * rf kfflmg s. 

Under fee Seplenfea accord between raad and thePriesfirie 
liberation Orgamratian, feesetfianenB ait to remain duri^afive- 
yeaPakstinimsdf-^tilepexi^Th^winbesrigecttoae^tfiatkrt 
during final, status talks, winch are to beph two jean after, the start 
tf sdf-nite._ - • . 

A Kxveriuneat roritesman sad talks on the stallnd Ittaril ttbop 
witMtawrffiointBe Gaza Strip and JerafeawookfresBiiie in Tab* 
Egypt, on Monday. - -• 








Page 3 


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Orwe- Defiant George Wallace Hears Echoes of His Past in Politics of Today 


By Peter Applebome 

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MONTGOMERY, Alabama — His 
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For those iwho inmieiaber him as the defiantSof the' 
segregaiai South m its death throes, there is little that 


race and welfare that still resonate in more polite forms a 
quartCT-centary later. 

“It is difficult to concave of what American politics of 
the 1960s, 70s and ’80s would be like without George 
Wallace," said Dan Carter, a professor of history at 
Emory University who is writing a biography of Mr. 
Wallace. 

“1 don't think . there's a single issue that Nixon and 
Reagan talk of in terms of social issues that he doesn’t get 
to fust,*' Mr. Carter said. 

A^new biography, “George Wallace: American Popu- 
list,” by Stephan Lesber, comes to the same conclusion, 
i fiction 


Nol 


i could surpass the morality play that has been 


- ■ lu 5? “ the whcdchair.who.. the life of Mr, Wallace. Firet was ihc man who hissed into 

spends most of his time with black aides and t«Tte of his a cold January wind, “Segregati 


commitment to racial harmony. 

But just over rwo decades after .a gunman's bullets tore 
it° his spme and ended his nationaipoKtical aspirations, 
ir. Wallace hves on. a oresenceainnrt»«»ii«cti««wia«4i« 


inlohisi 

Mr. Wallace lives on, a presence at once gbostWmd eerily 
up to date, whose pohtical legacy says as much about 
recent political history as it does about him. 

And if his version of his own history is a predictably 
sampzed one, it is hard to dispute that Mr. Wallace's 
presidential campaigns, in a particularly raw form, pre- 
saged much of the politics since.. 

He was the first to mobilize the blue-collar white voters 
who came to be known as Reagan Democrats, the first to 


‘'Segregation now, segregation to- 
morrow, segregation forever." The year was 1963, and Mr. 
Wallace was delivering his first inaugural address as 
governor of Alabama 

Then came the razor-edged, rightist populism or two 
presidential campaigns in 1968 and 1972 when he lam- 
basted “pointy-headed intellectuals." “loose-minded, 
high-fivin liberals” and “briefcase-totin' bureaucrats.” 
five bullets fired by Arthur H. Bremer at a Laurel, 
Maryland, shopping center on May IS, 1972, ended it all, 
beginning a long, pained effort to make amends and find 
peace that continues stilL 

At the age of 74, Mr. Wallace is paralyzed from the 


,. __ . — — . ™ Ply. ui it, im. nuunA la iauiut^eu uuii un. 

topmtp the angry disaffection with Washington that has. waist down, in considerable pain and almost totally deaf. 
come to dominate the nation's politics, and the first He suffers from Parkinson's disease and arthritis, and his 
o^pnal figure to jab a cattle proa into issues like crime, - 


taut features have Jong since given way to a jowly old age. 


He now goes to his office at Troy State University in 
Montgomery two or three times a week and eats lunch 
mast days at Morrison's Cafeteria or Martin's Cafeteria. 

Most weekends he is strapped down in his van and 
driven to his hometown of Clio, 60 miles * 100 kilometers) 
southeast of Montgomery, stopping to eat at Wilson’s 
Barbecue in Troy along the way. 

A few months back, he accepted an invitation to attend 
the National Black Mayors' Conference in Tuskegee. 

But be rarely makes public appearances and communi- 
cates only by responding to written notes. Instead, be 
spends much of his lime at home in an adjustable hospital 
bed, lighting up his cigars with a Wild Turkey' lighter, 
watching CNN, and brooding about his place in history. 

“The New York Times, the Eastern establishment news- 
papers never did understand that segregation wasn't about 
hate,” he said, his eyes watery but clear. "I didn't hate 
anybody. I don’t hate the man who shot me. When I was 
young, j used to swim and play with blacks all the time. 
You find more hate in New York. Chicago, and Washing- 
ton. D.C.. than in all the Southern states put together." 

It is a theme he has voiced for 30 years, and historians 
may forever debate bow much of his defense of segrega- 
tion reflected bigotry, how much was a cynical political 
gambit and bow much reflected the rage that surged 
through the South at the specter of Northerners telling 
them how to run their society. 

Mr. Wallace maintains that he supported segregation 
not because of racism but because be believed — incor- 
rectly, be now says — it was best for whites and blacks. 


But just as it is indisputable lhat he inflamed ugly racial 
issues as few national politicians have, it is also true that 
he has spent the last two decades seeking redemption, 
appearing at black churches, forging political alliances 
with blacks and being elected to his fourth term as 
governor in 1982 largely because of black support. 

On some level he knows, as Mr. Leshers book says, that 
"Like the imagined indelible bloodstain on Lady Mac- 
beth's hands, the stains of racism on Wallace's reputation 
will never be washed away.” 

StilL he argues his case. 

One by one, he calls in his two black attendants. Eddie 
Holcey and Jimmy Dallas, and a black state trooper. 
Benjamin Hamilton, asking them if he hales blacks. 

They roll their eyes, partly at the question, partly at the 
tableau in which ihev are actors, and say no, no. he does 
not. 


and 1972. there is little in those races that is nol strikingly 
contemporary. 

“What are people going to worry about in the ’70s?" he 
said in a 1970 interview with The New York Times in 


which he predicted a conservative backlash against liberal 
>lic: 


"Segregation was wrong." he said, as he has for much of 
his life since the shooting. “But I didn't bring segregation 
about. It was there when I got to the governor's office. It's 
gone, and I'm glad it's gone. It's so much better to see 
people together the way they are now." 

Even before he was shot. Mr. Wallace realized he had 
made a Faustian bargain with race. It added a visceral 
intensity that fueled his national candidacv. but it left him 
too far outside the political mainstream to be elected 
president. 


But aside from his stand on segregation and the air of 
raw menace that pervaded his national campaigns in 1968 


social policies and a national tax revolt. “Why. about the 
things in our program — taxes, law and order, local 
control of government and other institutions." 

Asked in a recent interview what his main issue would 
be today, he returned to a favorite Lheme and said. 
“Changing our asinine tax structure and stop taxing the 
middle class.” 

Asked about political figures, he is generally approving 
of President Bill Clinton, less so of former President 
Ronald Reagan, whose economic policies he savs are 
responsible for the high federal deficit. 

Not long ago. Mr. Wallace made one of his few public 
appearances in recent years, appearing at a local mail with 
Mr. Lesher to autograph copies of the biographer's book. 

He came bearing a prepared statement. On segregation, 
he was con' rite: “I was wrong, and I'm sorry. 1 don’t 
expect people to forget words and deeds that might have 
hurt them, but 1 ask that Lhey try to remember actions 
designed to help Lhem.” 

On race, he sounded like a New Democrat. “I’m frankly 
concerned that much of this country is turning away from 
trying to overcome our differences and is repeating to 
resegregation.” he said. ‘‘If it was wrong when 1 was 
supporting it it’s no less wrong now.*’ 


r&y*/- 



Court Rejects Limits on Congressional Terms 


By Dan Balz 

({ asfungior Pcs 1 Serna? 

WASHINGTON — A federal judge has 
dealt a sharp setback to the movement to limit 
politicians' terms, ruling that the state of Wash- 
ington's law cappng congressional terms is un- 
constitutional. 

The measure, approved as a ballot initiative 
by Washington state voters in 1992. would limit 
House members to three two-year terms over 12 
years and members of the Senate to two six- 
year terms over IS years. 

Known as Initiative 573. the law is similar to 
initiatives approved in 14 other suites since 
1990 as part of a grass-roots rebellion against 
political incumbents. 


The Washington case has been closely 
watched by both sides of the fight as the first 
step in resolving whether the constitution 
would bar the electorate from imposing such 
limits on incumbents. 


Among those who challenged the measure in 
court was the House speaker, Thomas S. Foley. 
Democrat of Washington, who would have to 
retire in 1998 if the law is upheld. 


District Judge William L. Dwyer, in a broad 
ruling, said Thursday the Washington term 
limits initiative was unconstitutional because it 
wrongly tried to add qualifications for congres- 
sional candidates beyond those stipulated in 
the constitution — age. citizenship and residen- 
cy in the state represented. 


“A state may nol diminis h its voters' consti- 
tutional freedom of choice by making would-be 
candidates for Congress ineligible on the basis 
of incumbency or history of congressional ser- 
vice,” Mr. Dwyer wrote. 

The judge also said the measure violated the 
First and I4th Amendments to the constitution, 
describing the term limits initiative as imposing 
“unduly restrictive” ballot access requirements 
on incumbent candidates and inimical to the 
“freedom of association” guaranteed by the 
First Amendment 

He said the term limits initiative “is aimed 
not at achieving order and fairness in the pro- 
cess" of elections “but at preventing a disfa- 
vored group of candidates from being elected at 
all.” 


Moo Nuoek/The Aonoud 1 


CARNIVAL BEGINS — Majw C6sar Maia of Rio de Janeiro giving a key to the city to the pre-Lenten festival's king and queen. 


U.S . f Edits ’ 
Bill on Gays 
To Placate 
2 Senators 


In U.S. Geile lipt, Patent Not Pending 


By Rick Weiss 

Washington Pori Service 
WASHINGTON — After more 
than a year and a half of legal 
man covering and scientific contro- 

S , the National Institutes of 
h has decided to give up its 
effort to obtain patents cm moo- 
sands of pieces of human DNA 
discovered' by federal gene hunters. 

In so doing it effectively surren- 
dered any profits that might have 
accrued from the discoveries. 

“I do not believe that patenting 
at this stage promotes . technology 
development, and it may impede 
important research collaborations 
here and internationally,” said the 
ctor. Hat 


institutes’ 
raus. 


director, Harold Var- 


The decision marks a mining 
point in an acrimonious debate 
over the legal and ethical merits of 
patenting fragments of genetic ma- 
terial. no matter how valuable they 
may prove to be. Patent holders get 
exclusive rights to the use of their 
discovery for 17 years. 

In a few cases so far,, rights to 
newly discovered genes have trans- 
lated into highfy profitable diag- 
nostic tots or medicines, such as 
tite blood-dotting factor for hemo- 
philiacs. 

Patents have been awarded for 
complete h ||tn||w genes — the It 
stretches of DNA that tell 
what to da But the patentability of 
portions of genes has remained un- 
resolved since the institutes first 


pul the question to the patent office 
m 1991. Opponents of such patents 
have argued that biomedical re- 
search would be stymied if sudt 
fundamental pieces of life were 
subject 10 monopoly ownership. 

Despite the institutes’ decision, 
the question of the patentability of 
gene fragments is not about to dis- 
appear. Noting that private and ac- 
ademic research institutes are ac- 


tively pursuing such DNA patents, 
Dr. varmus ca 


called for continued 
public dialogue on the issue. 

He said scientists might be less 
inclined to pursue certain research 
if they were afraid of being locked' 
out of rewards by others who had 
gained patent rights to the strands 
of DNA they were working on. 


Many scientists agreed. “I think 
Dr. Varmus made exactly the right 
decision,” said Eric S. Lander, di- 
rector of the genome center at the 
Whitehead Institute for Biomedical 
Research in Boston. “It's easy to- 
day to find sequences of genes, but 
it's still very hard to find uses for 
these genes. So to gram a monopo- 
ly to a discoverer of a sequence is 
ally. We need to offer incentives to 
inventors who can find uses in hu- 
man he alth " 


Patent proponents, however, 
have argued that patent iaw actual- 
ly enhances the sharing of new in- 
formation, because it requires lhat 
the details of a discovery be made 
public after a patent is granted. 


AMERICAN 


TOPICS 


Speed of Electronic Returns 
Leaves IRS Open to Fast Fraud 

The U.S. Internal Revalue Service’s four- 
year-old system for allowing taxpayers to file 
rhwr returns dectronically has brought with 
it a wave of fraud that cost $24 million last 
year, federal investigators say. Electronic re- 
funds are issued so quickly that the service 
cannot check all of them in time to catch 

thieves. . , 

False Tiling by computer more than dou- 
bled last year, the Los Angdes Turns reports. 
The service “has perfected the art of usmg its 
computers to give our tax refunds qutdfly 
without making a corresponding effort m the 
area of fraud controls," said Rqnesenwtrve 
JJ Pickle, Democrat of Texas and chairm an 
of "the House Ways and Means oversight 

SD TOewiy 1 is relatively easy because the IRS 
often has as little as two days to investigate 


and stem a fraudulent refund after an elec- 
tronic fifing, compared with four to eight 
weeks for the traditional paper return. 

Last year, 12 million of the 115 million 
individual returns were filed dectronically. 


Short Takes 


Should pilots be examined for personality 
defects as well as mental and physical prob- 
lems? On Dec. 1 an Express II commuter 
plane cradled near Hibbmg, Minnesota, kill- 
mg-all 18 people aboard. Speculation about 


the cause mrtiaUy focused on icywearber, but 
colleagues of the pilot, Marvin ralitz, said he 


was. an angry man, deliberately jostling pas- 
sengers to spite his employer and sometimes 
bullying or striking his co-pilots. They said be 
was in an especially foul mood the day of the 
accident because he he had been astigped to 
fly on his day off the following day. 


Colleges and universities are streamlining 
the shmsstofis process in the incrcaangly 
competitive world of college recruitment 
Many schools are giving students a decision 


earlier. Others are accepting applications by 


computer, or giving instant estimates 
n ann ul aid. F illing out the farms is also 

O'. And 


are 


using a common application form produced 
by the National Association of Secondary 
School Principals. 


Actors who lose or gain weight for a role 
obviously have their hearts in their work — so 
much so that they often win awards. The New 
York Times notes. Robert De Niro put on 50 
pounds (about 22 ldlograms) to portray the 
boxer Jake LaMotta in the 1980' film 
Bull" and won an Academy Award. 


Tom Hanks dropped 30 pounds to play an 
*' “Pmladel- 


AIDS sufferer in the new film, 
phia” and quickly won a Golden Globe. 
Ralph Fiennes put on 30 pounds to play the 
sadistic Nazi in “Schindler’s List," has' won 
awards from the National Society of Film 
Critics and the New York Film Critics' Circle 
and is a likely candidate for an Oscar. Liam 
Neeson, who plays Schindler, refused to put 
on weight ana has thus far won nothing. 


Minor-league baseball's Rancho Cuca- 
monga Quakes in California play in a new 
stadium calked the Epicenter. Their mascot is 
named Tremor and their newsletter is called 
The Rumblings. 


Arthur Higbee 


By Ruth Marcus 

il'ashinpon Post Service 

WASHINGTON - The Clinton 
administration has agreed to delete 
language from its regulations on 
homosexuals in the military stating 
that “homosexual orientation" 
alone is not a bar to service. 

But administration officials con- 
tended the difference was an edit- 
ing change that had no ef reel on the 
substance of the regulations. 

The move came in response to 
complaints from Republican sena- 
tors about the new regulations and 
appeared to end the emotional de- 
bate over a subject that has dogged 
the Clinton administration since it 
took office. 

The change Livened dropping 
the phras; “homosexual orienta- 
tion" at three points, 

.As originally drafted by the De- 
fense Department, the regulations 
say “sexual orientation is consid- 
ered a personal and private matter, 
and homosexual orientation is not 
a bar to service . . . unless manifest- 
ed by homosexual conduct." 

Under the change, the words 
“homosexual orientation” are 
dropped, but the phrase about ori- 
entation being a private matter re- 
mains, and the sentence now reads 
lhat “sexual orientation is consid- 
ered a personal and private matter 
and is not a bar to service." The 
regulations continue to ban “ho- 
mosexual conduct-" 

Therefore, officials say, there has 
been no actual change in the con- 
tent of the regulations. 

“We strongly maintain the prin- 
ciple that sexual orientation in the 
absence of conduct cannot be a bar 
to military service,” a senior ad- 
ministration official said 

The regulations were issued in 
draft form and were supposed to go 
into effect earlier this month, but 
were delayed early last week. At 
one pointi Senators Strom Thur- 
mond of South Carolina, and Dan- 
iel R. Coats of Indiana, both Re- 
publicans, threatened to bold up 
confirmation of Defense Secretary 
William J. Perry over the matter. 

A source familiar with the nego- 
tiations said Thursday that Senator 
Sam Nunn. Democrat of Georgia 
and chairman of the Armed Ser- 
vices Committee, had woriced out 
the compromise language, which 
avoided (he prospect of another 
round of contentious hearings. 


POLITICAL NOTES 






White House Spins the Record 


tant lie” with “that is wrong" and other less con- 
troversial language. (APi 


WASHINGTON — The White House concedes 
that it deleted the word “lie" four times in issuing a 
sanitized electronic vereion of a press release at- 
tacking a critic of President Bill Clinton's health 
plan. 

“We reserve the right to edit,” said the White 
House press secretary. Dee Dee Myers, after an- 
other official denied that a change had been made. 

The alteration has angered at least one computer 
buff, a California lawyer, Justin Roberts. He sug- 
gests that the White House isn't being completely 


Republicans Delay Talbott Vote 


WASHINGTON — The nomination of Strobe 
Talbott as deputy secretary of state is on hold for a 
couple of weeks." 

Tlie Senate was set to take a quick vote on the 
nomination Thursday, but Republicans blocked it. 

Lawmakers agreed to vote on the former jour- 
nalist's nomination Feb. 22, the day they return 
from a Presidents' Day recess. 


honest on the subject of lies, 
distort public documents.” he said. 


“Let's not use the 'information superhighway’ to 


The Republican objection was announced by 
the party leader in the Senate. Bob Dole of Kansas. 


Mr. Roberts said he had been surprised when he 


He did not sav which Republican had thwarted the 
vote. (A Pj 


dialed iro White House documents on his comput- 
er and found a watered-down version of a press 


release denouncing a New York scholar. Elizabeth 
McCaughey. for an article she wrote on the health- 
care plan in The New Republic magazine. 

The original 10-page White House press release 
had used the phrases “blatant lie" and “yet anoth- 
er fie” to dismiss her criticism of (fie plan and was 
widely distributed in Washington. 

The version available to subscribers of on-line 
computer services was far milder, replacing “bla- 


Quote / Unquote 


Mr. Dole: “Unfortunately, our image and posi- 
tion abroad is on the same downward spiral as 
during the Carter years, when the United States 
was feared by none. nespecLed by few and ignored 
by many. The bottom line is Lhat America, under 
the Clinton administration, is abdicating Ameri- 
can leadership at the United Nations, at NATO 
and around the globe.” lAP) 


Away From Politics 


• A reporter wbo was jailed for refusing to testify 
before a grand jury, was released Thursday. Lisa 
A. Abraham, a reporter For The Tribune Chroni- 
cle. of Warren, Ohio, served 22 days in jafl, longer 
than any U.S. reporter in a decade. A prosecutor, 
had tried to compel her to testify about an indicted 
court tv official she had interviewed. 


• The state of Florida, arguing that the federal 
government should bear the costs of illegal immi- 
gration, has begun denying foster care to immi- 
grant children who are in the state illegally. 

• Pregnant women who smoke 10 or more ciga- 

rettes daily have children with significantly lower 
intelligenoe than the children of aonsmokera. ac- 
cording to a study by Cornell University and the 
University of Rochester. wp. NYT. AP 


Texas Senator Is Acquitted 

77ie Associated Press 

FORT WORTH. Texas — Sena- 
tor Kay Bailey Hutchison, a Re- 
publican. was acquitted of criminal 
ethics charges Friday because the 
prosecution gave up before trial 
ending months of wrangling over 
her tenure as slate treasurer. Prose- 
cutors decided not to proceed be- 
cause the judge refused to rule on 
whether evidence seized in a raid of 
the state treasury could be used. 


3 



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Page 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 12-13, 1994 


De Klerk 9 s Party Enters Race 


Compiled bv Our Staff From DiSpaidia 

JOHANNESBURG - The 
governing National Party reps* 
tered Friday for South Africa's 
historic election, amid increasing 
concerns that white extremists 
would use violence to disrupt the 
all- race vole. 

President Frederik W. de 
Klerk's party was the fifth to 
register. The African National 
Congress, which is expected to 
sweep the vote April 26 to 28, 
signal up Thursday, which made 
it the first formerly banned 
group to register. 

Smaller parties — including 
the liberal Democratic Party, 
which was the official opposition 
during much of the National 
Party's four decades in power — 
have also officially commuted 
themselves to run in the first na- 
tional election to Include the 
black majority. 

Under South African law. par- 
ties have until Saturday to regis- 
ter. But the government said 
Thursdav that the deadline could 
be pushed back, and efforts were 
redoubled to get conservative 
blacks and whites to participate 
in the vote. 

The rightist Afrikaner Volks- 
front, which seeks an indepen- 
dent white homeland, said 
Thursday that it would boycott 
the vote and work to prevent its 
taking place. The Volksfront co- 
alition says it represents the na- 
tion's 3 milli on Afrikaners, the 
descendants of early Dutch set- 
tlers. 

Ferdi Hartzenberg, whose 
pro-apartheid Conservative Par- 
ty is a member of the Volksfront, 
said whites would rely on peace- 
ful means to resist the vote, but 
added, “A little bit of violence 
might be necessary for defensive 
purposes.” 

Whites opposed to majority 
rule have threatened civil war. 
They are not considered a major 
military force, but they could be 
a serious threat to a fair and 
peaceful vote. 

Meanwhile, the ANC presi- 
dent, Nelson Mandela, made an 
emotional return Friday to the 
Rob ben Island penal colony 
where he had spent almost a 
third of his life for fighting apart- 
heid. 

The visit on the fourth anni- 
versary of his release from 27 
years in prison was a highlight of 
Mr. Mandela's campaign, which 



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Nelson Mandela during a camp 
Island prison, where he spent 19 


Fatrick de No u rnt w Raama 

n visit Friday to Robbed 
Ids 27 years in detention. 


is expected to carry him to the 
presidency. 

Accmnpanied by other former 
political prisoners and a group of 
journalists. Mr. Mandela visited 
the prison, on a tiny island 11 
kilometers off Cape Town, where 
he spent 19 of his 27 years of 
incarceration. 

He seized the opportunity to 


challenge Mr. de Klerk, who is 
claiming credit for having de- 
stroyed apartheid by turning 
around the National Party. 

“Of course, he had the key to 
the prison doors.” Mr. Mandeb 
sahL adding, “That is the only 
extent to which he was responsi- 
ble for brin ging about change." 

(Reuters. APj 


GAMES: Norway’s Environment-Friendly Olympics 


Continued from Page 1 
which is a Norwegian delicacy, will 
remain high for many years. 

The prospect of the 1994 Olym- 
pics coming to Liliefaammer, a 
tranquil lakeside village, filled 
many of the town’s 23,000 inhabit- 
ants with dread, even though they 
realized that it was perhaps their 
only hope for an economic revival. 
The city fathers and the Olympic 
organizing committee reached out 
in a gesture of reconciliation to 
conservation groups that had op- 
posed the bid for seven years. 

“No Olympics can ever be good 
for the environment, because they 
are too big and use too many re- 
sources,” said Kate Olerud of the 
Norwegian Society for the Conser- 
vation of Nature. “But we had to 
face reality. Since we lost the battle 
to stop the Games, we derided to 
cooperate to limit the damage.” 

14 Killed by Cold in Moscow 

jtgence France- Press* 

MOSCOW — At (east 14 people 
died of cold in Moscow in the past 
week, and 1 10 more were treated 
for hypothermia, the city's deputy- 
health chief said Friday/Tempera- 
tureswere around minus 25 degrees 
centigrade (minus 8 Fahrenheit). 


GOODNIGHT, MISTER 
LENTS 

By Tizicmo TerzanL Translated 
from Italian by Joan Krakaver 
Hall 388 pages. £5.99. Paper- 
back. Picador. 

Reviewed by 
Philip Bo wring 

M ANY people are jealous of 
journalists, paid to do what 
others pay for. But this is a book to 
make journalists jealous of each 
other. Ttziano Tenant has had 25 
years of Asia, a quarter century of 
being in the thick of the obvious 
things — the latter days of die 


The activists were promised that 
the environment would carry an 
equal priority with sports and cul- 
ture at the Games. Much to then- 
surprise, they found that their ad- 
vice carried weight. An alliance 
called the Project Tor Environment- 
Friendly Olympics was given a 
powerful voice in keeping building 
standards attuned to nature's 
needs. 

Despite fears of many contrac- 
tors that the alliance's demands 
would be hard to satisfy, the search 
for nature-sensitive construction 
yielded unexpected benefits. 

Contractors, for example, dis- 
covered new routes to build a bob- 
sled and luge track in better harmo- 
ny with the contour of the forest. 

“It’s still a scar in nature but at 
least it’s more discreet,” said Kath- 
rine Kjelland, the liaison between 
the environmentalists and the Nor- 
wegian Olympic Committee. 

Olav MyiholL the project's man- 
ager. said, “Businesses were happi- 
ly surprised to find that stria stan- 
dards to protect the environment 
actually helped them to create new 
products that will be vety profit- 
able exports." 

Among the new designs pioneer- 
ed at the Lillehammer Games are 


ice machines powered by batteries 
instead of propane gas. The new 
method is safer, cheaper and non- 
polluting. Norwegian firms also 
have found more effective ways to 
make paper without the use of toxic 
chlorine bleaches. 

Lyckeby Biopac. which made the 
900,000 plates and 3 milli on knives, 
forks and spoons that can be fed to 
pigs or turned into compost, cow 
expects to find lucrative markets 
abroad for disposable tableware 
because of its edible components. 

“This is a good example of the 
effect we wanted to achieve," said 
Sigmund Haugsja, the Games' en- 
vironmental coordinator. 

The Lillehammer organizers said 
they would produce a guide to help 
future Olympic cities limit damage 
to nature. The environmental mes- 
sage, they said, will be demonstrat- 
ed at the dosing ceremony. 

A six-member dogsled team 
comprising three Norwegians, an 
American, a Japanese aha a Rus- 
sian will depart when the Games 
end Feb. 27 lor a 16,000-kilometer 
(10.000-mile) trek across Siberia to 
Nagano, Japan, the site of the 199 $ 
Olympics. There, they plan to de- 
liver the lesson or the Lillehammer 
Games: that by protecting nature, 
we protect ourselves. 


BOOKS 


Vietnam War, Beijing in the after- 
math of Mao. Tokyo during (he 
boom. Bangkok's transition to traf- 
fic-bound NIC-dom. 

But it takes more than the average 
luck to be off the well- beaten jour- 
nalistic tracks of Asia, poking 
around the backwoods (literally) of 
the Soviet Fir Easr just at the time 
of the failed putsch that signaled the 
end of the Soviet Union, of commu- 
nism and of Russian empire. 

Instead of rushing off to Moscow 
to be in the thick of things, and 
fellow journalists, in Red Square. 
Terzani cukes an uncertain way by 

boat plane and tram through the 
republics of Centra] Asia and the 
Caucasus observing their sudden 
rc-emergcnce as real live places. 
One dav ihcv are disembodied 


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OLD: 

Receding Wages 

1 Continued from Page 1 

wages rise with age, is ool so true 
any more," Mr, Levy said. 

Both the Census Bureau and (he 
Labor Department have confirmed 
the findings. “These are middle 
managers and engineers whose 
wages have apparently grown be- 
yond their contribution to the com- 
pany,” said Thomas Plewes, an as- 
sociate commissioner of the Labor 
Department’s Bureau of Labor Sta- 
tistics. 

By comparison, the million or so 
college-educated women in this age 
group have seen their inflation-ad- 
justed incomes rise slightly since 
198$. But, at 525.818. their median 

is still well below that of their male 

peas — although m many house- 
holds. the women's earnings have 
cushioned the men's losses. 

Mr. Levy was among the first 
economists, a decade ago. to spot 
the downturn in wages that fait 
workers with only a high school 
education. It is now taken for 
granted in America that a high 
school education is not enough to 
command a good wage in today’s 
efficient, technology-oriented 
workplaces. 

But in the early 1980s, many 
economists argued that the prob- 
lem would pass, that it had grown 
out of recession and other tempo- 
rary setbacks and was not a perma- 
nent change. 

Now the downturn in the wages 
of college-educated middle-aged 
workers is beginning to produce 
similar discussion. There is the ar- 
gument. for example, that men 
turning 45 in recent years entered 
middle age already earning less 
than men of the same age a decade 
earlier and that they are the ones 
dragging down the median income. 

Bm Mr. Levy says that most of 
the decline has come in just three 
years, which means that most oT the 
men affected had already entered 
middle age before their incomes 
fefl. 

Many of the middle-aged, col- 
lege-educated w orkers appear con- 
vinced that there has ban a struc- 
tural change, as do the 
management firms and outplace- 
ment clinics that help them. 

They speak of the widespread 
phenomenon of older, college- 
trained men who have been laid off 
from well-paying jobs at targe com- 
panies and. after months of job 
hunting, hare taken work at lower 
pay, often at small companies. Or 
they try to ream their old incomes 
through self-employment. 

Other changes are contributing 
to the hard times for these middle- 
aged workers. Tne oldest “baby 
boomers” are now in their late 40s, 
and their numbers tend to depress 
wages, as they have in the past. 

Ic addition, the flood of new 
technologies enhances the earning 
dowct cf younger college gradu- 
ates, who are not only in closer 
touch whh the latest improvements 
but also willing to accept less pay 
than older workers seek. 

“Perhaps in the past, there was a 
presumption that if you were older, 
you were worth more, you were 
more sawy. more experienced," 
said Susan Rowland, an executive 
at the management firm Towers 
Perrin. “And I think these days the 
presumption is not necessarily 
there.” 


Russia Xudear Fire 
Gits Power in Belarus 

The tsxccred Pnss 

MOSCOW — A fire at a Cher- 
nobyl-type nuclear poweT plant in 
the Russian city of Smolensk brief- 
•y cut s'.eciririty to the neighboring 
country of Belarus, but ncTone was 
injured and nr radiation was re- 
leased effirids said Friday. 

The firs on Thursday night in a 
transformer outside the reactor 
complex did not force the plant to 
ihuz. I: was extin zui shed within 30 
Eunutcs. according to the Ministry. 


Deng’s Weakened State Shocks Chinese 


Agence France- Prase 

BEIJING —Deng Xiaoping, long seen as 
the unchallenged arbiter of political life in 
C hina, is now a symbolic leader, aged and 
weak, diplomats here say. 

The shift in perception of Mr. Deng, hith- 
erto China's unofficial but paramount chief, 
was dramatically triggered by new television 
footage late Wednesday that showed how 89 
yean and a hard life had ravaged him. 

Foreign and Chinese viewers were shocked 
to see Mr. Deng supported at the arms by two 
of his daughters, with a vacant look in his 
eyes, walking with fumbling steps, his mouth 
hanging open. 

He was filmed surrounded by well- wishers 
at a reception in Shanghai to mark the Lunar 
New Year, in an evening news dip that was 
no doubt aimed at conveying a message of 
stability and continuity. 


instead, it left many to ponder on the 
prospect of change, and to speculate on what 
shadowy battle for influence may be unfold- 
ing behind the scores. 

“He looked like he had one foot in the 


grave, completely unaware or wnat was going 
on around bimy’ a diplomat said 
He added, “The man we saw on TV can no 
longer be presented as the supreme leader, 
responsible for top dedsionsr 
Mr. Deng has had no official position in 
Chrnfl since 1990, although he is stiQ prcs- 
dent of the China bridge players’ association. 
Yet, he has always been .seen as remaining at 

the center of power, thanks to his prestige as 
one of China’s original revolutionary leaders^ 
and his years in power after die death erf Mao. 

“This may be the last time we see Deng on 
television," a Chinese journalist said. 

“What strode me most were his eyes,” a 


diplomat said. "They did not turn towards 
theperam speaking to him or who wanted to 
disks his hand, just as if he were blind.” 
By comparison, a contemporary and for- 
mer rival of Mr. Deng’s, the econotmst Chen 
Yta, 88, seemed in much better shape, lie 
was seen talking brightly and atparaidy in 
fiilj possession erf his critical faculties. 


Deng qn trig political questions," the diplo- 
mat said. “He’s obviously unable to make up 
his mind, or continue to play bridge for that 
matter, despite what his relatives and entou- 
rage say. . 

“More fikely, it's the entourage winch de- 
cides t hing*! in his name, like Jiang Qing did 
for Mao Ware he died.” 

Jiang Qing, Mao’s widow, was one of the 
extreme left Gang of Four, which toed its 
leverage over the declining Mao to rdnfqice 
its against counterrevolutionaries. 


imong uk nisi 

wages’ that fait TRADE: Clinton and Hosokawa Fail to Bridge Gap at Summit Meeting 


names on Soviet mops, whose verj 
obscurity had seemed to rarest 
that the heirs of Lenin had solved 
the ‘’nationalities problem" with- 
out compromising the revolt: Hil- 
ary's anti- imperialist rhetoric. Tre 
next they are flesh and blood, 
sometimes bloody, nations, sens 
with histories older than Russid it- 
self . 

Tazani's descriptions of people 
and places are as relevant no* as 
when he mods his journey aimes: 
three years ago. The failure o f the 
Soviet system is perhaps nowhere 
more stark than in the Far East, a 
rich and largely empty temtor- 
long ago colonized by Russians be": 
cow suck in needless squalor crea:- 
ed by socialist-inspired apathy and 
Soviet-inspired fear. 

Bui it is in his accounts cf the 
i central Asian and Caucasian re- 
: publics that he is at his be* - .:. Here 
J we are meeting the likes of Presi- 
dent Zviad K. Gamsaxhutdia cf 
| Georgia or, he makes his er.tr. i-c'.-.? 

| the world stage. Teraarj is nearby 
j for Woody clashes between LYreits 
i and Kyrgyz :n Kyrgyzstan, sees 
i the foli of Lenin's ;utu-* in the 
Tjjik capital Dushanbe, -here he 
| also meets characters ranging from 
unreconstructed Communists, to 
! followers of the la:e Ayatoiiah 
Khomeini to nationalists who have 
| the contempt that Persian -jpeakir.g 
peoples often have Icr -her Tvtrk- 
ish-speak»ng neighbors. 


Indeed. - J:s book is a pruner for 
anyone wanting a basic under- 
standing cf the history, cultures 
one ratmji;’.; issues of the region, 
ins errrlerj. created by Stalin’s 
moss ntigratirns and boundary de- 
dneatiens. and the relative social 
and ecor.cnti: roles of the Russians 
and older peoples. 

TtraarJ cay have been a jour- 
nolii*. or. r_-i firs: visi. But he had 
dcr.s .h-j reading, and he skiUfufiy 
T.enve? hiitnrv. ancient and mod- 
em. :nv hi* traveler’s tales. If that 
vunds ur.exeepccr.aL how manv 


NEW AUTHORS 

PUBLISH YOUR WORK 

I ALL SUBJECTS COWSJDEPED , 
Aur’CT, WerW-wKfe 
Write oi send your manuscry k- > 

MINERVA PRESS 

lcsccn s/r see 1 


Trrzznj zc: cn'.y skcichos. in bjek- 
sr.unl ?c*. -hows healthy a ware - 
nesi c: L-.e exaggeration^ special 
and drrwrjighi Les wilH 
icaraalisti. are daily coc- 
frmted bu: which muse so much 
reporting” rate dishonest 

Texm •::« vo me spectoi piead- 
:n| cf r,:i :--r. Kj» drhacn of 
~zhrr: a rrea cuipa for his 

cwn pa.-: >u> or--.{cmp» for Soviet 
ochre-, erer.v -r .fierce remind one 
c: J2rL.tt.sr vows »untu reocmlyj ra 
tits Lrdie c Si'aK. He aitiicl a tne 
ear.orrJ. :aJcr& of and 

ine ecok-^rca; disasters urraghi bv 
the Sov-. j; v.-j.-n. Ye: he forgets that 
if :! *05 the Sp iels who First wct- 
jhirped me foist god of iscwih. the 
belie-. ^-e r.bw ’die capiloJ- 

3--t these ore modest failings of 
; or. er'ovable and infonnalive btvvk. 
Terzsrj :s an Italian who writes 
marrJy f.-r a German audience and 
envr-o mo.«<y in Engifsh. As 
v-ch he hailxrs some Pac-Europe- 
ar. pr^udice*. but the appeal of this 
*cri i5 glr'rci. 

•V-f- fa. 'tj-J T-,*nr 


CoutimKd from Page 1 

finance trade subcommittee chairman. Max 
Baucus of Montana, have urged tougher trade 
action a gains t Japan. 

Mr. Kantor and Foreign Minister Tsutomn 
Hata met early Friday in a last-minute effort to 
reach a trade deal before the summit meeting. 
That three-hour sesson. ended at about 4 AM. 
with no breakthrough. Mr. Kantor said he was 
“not optimistic'’ of reaching a deal with Japan 
in time for the Ointon-Hosokawa meeting. 

Mr. Hata, in Washington a day early to try 
and spur the talks, added to the gloom, saying it 
was “still uncertain” if the two sides could 


break the long impasse in tite final few hours. 

A US. official said the single biggest obstacle 
was Japan's refusal to agree on mdkators to 
measure progress in opening its markets in 
several areas. 

The leaders of Japan's governing coalition 
say the political situation at home is so fragile 
that they need more time to consider the Can- 
ton administration ’s trade demands. Mr. Ho- 
sokawa recently pulled together last-minute 
agreements with us party on political and tax 
reform after several setbacks. 

He is bring forced to move carefully, analysts 
said, for fear that opening Japanese markets to 
a flood of American goods would spark a furor 


COUNTDOWN: NATO Sends Carriers and Jets 


Contmaed from Page 1 
rier Ark Royal and the French car- 
rier Foch were on their way to the 
Adriatic 

“We are about to go potentially 
into the biggest thing NATO has 
ever been involved in, so you start 
out tag and scale bad when yon 
can," said a NATO offidaL 
One advantage perceived by 
Western military planners is the 
long period of preparation by UR. 
and other Western pilots, who ate 
helped in pinpointing targets by so- 
called forward controllers already 
on the ground in Bosnia. 

“It's really rather unprecedented 
in a combat theater to have this 
dress rehearsal for so long," said a 
Western offidaL 
“We are intimately familiar with 


the terrain and targets," the official 
said. ‘The guys who have bean fly- 
ing in Bosnia know the terrain bet- 
ter than the terrain around their 
hone bases." 

During Operation Deny Flight, 
NATO fliers and intelligence oper- 
atives have gathered what they be- 
lieve to be an accurate picture of 
Bosnian Serb dispositions and, ac- 
cording to {dots speaking to re- 
porters at Aviano base on Friday, 
UR. and other pilots fed they are 
equipped to hh their targets. 

However, a NATO official said, 
“the issue is the concern of every- 
one on the ground and their vulner- 
ability to reprisals of some sort." 

Apart from military reinforce- 
ments, the official said. Admiral 
Jeremy M. Boorda of the US. 
Navy, the commander in chief of 


NATO forces in the region, has 
twice visited UN commanders in 
Zagreb, Croatia, while other senior 
US. officers have visited com- 
manders in Sarajevo “to make sore 
that everybody understands" what 
NATO las decided. - 

Essentially, that was that “we are 
in a position to leraond” to UN 
commanders requesting air strikes, 
a NATO official said, “bat they 
most ask We are not in a postkm 
to do anything unilaterally.” 

The possibility of air strikes from 
air bases in Itafy has raised particu- 
lar alarms in this country because 
of threats by ultranationalist Sofas 
to attack Italy in some way or oth- 
er. But Defense Minister Faldo 
Fabbri has dismissed the warnings 
as “delirious threats.” 


TALKS: 17- S. Envoy Joins Bosnia Meetings in Geneva 


Cwrikmed from Page 1 

tervention. saying that he bad been 
urging both the Americans and 
Russians to become more involved 
“for months and months." 

“So we're totally in favor of it,” 
he said. “We need all the hdp we 
can get from the United States and 
the Russian federation.” 

But it is far from dear that the 
new American “weight” in the ne- 
gotiating process will facilitate the 
kind of settlement Lord Owen and 
Thorvald Stol ten berg, the UN me- 
diator, have been pressing here re- 
cently. It is based on the partition 
of Bosnia into three separate ethni- 
cally based republics that are 
quickly expected to declare their 
independence, with the Croatian 
and Serbian ones joining Croatia 
and Serbia. 

Neither the Clinton administra- 
tion nor the Bosnian government 
has ever shown any enthusiasm for 
tins partition plan, and the Bosni- 
ans may now insist that a proposed 
“union" of the three republics 


aimed at keeping Bosnia a united 
country be given real substance. 

Mr. SHajdzic reported Friday 
night that there had been no pro- 
gress in the talks and thal the Bos- 
nian Scrhs hftd stated they were no 
longer in favor of a union at alL 

Another unknown now & wheth- 
er the Bomian government win stQl 
accept only one-third of Bosnia for 
what was supposed to have been 
the Muslim majority republic. Af- 
ter first accepting the one-third for- 
mula, it had recently been signaling 
its intention to acquire a larger 
share either on the battlefield or at 
the negotiating table. 

One of Mr. Redman's first tasks 
will be to hdp the Bosnian govern- 
ment develop a “bottom line” for 
its territorial demands and to de- 
fine more precisely what lands it 
feds most be included for it to 
establish a “viable stare." 

The Bosnians have listed seven 
districts and towns in eastern and 
northern Bosnia that once had 
Muslim majorities and are now in 
Serbian hands. The return of all 


these areas would give them far 
more than one-third. 

They have also demanded con- 
trol over seven towns in central and 
southwestern Bosnia where Mus- 
lims had no dear ethnic majority 
before bm that they are contesting 
for control'Vith the Bosnian 
Croats. 

ILS. Recognition 
Disturbs Greeks 

Roam 

ATHENS — Prime Minister An- 
dreas Papandrooc said that Greece 
was disturbed about U5. recogni- 
tion of the former YugosJay repub- 
lic of Macedonia on Greece’s 
northern border. 

“We are very, very, disturbed by 
this derision,” Mr.- Papandreou 
told stud after meeting some of his 
chief rainistav 

Washington on Wednesday be- 
came the latest of Greece's allies to 
recognize Macedonia. 


across 

I Dresden's rrerr 
5 Went out with 
[he wares 

10 Corporate 
pnsblcs 

14 Was unyicMing 

18 PanofaneKate 

19 "IFvou could 

— Lno»r 

20 Unacceptable 
for this puzzle’ 

32 Robert of the 
C.SA. 

23 Cardiac fitness 
assessment 

25 Awed, ia a way 

27 Block 
components 

28 Baraaby Jones 
portrayer 

30 Hardiet handle 

31 Enghsh Channel 
feeder 

32 Not aye 

33 Hood pigment 

34 Goaded 

38 Discourage 

40 Crhne 

44 Actor Frobe of 
’Coldfinger'’ 

45 ‘When I Fail in 
Love" singers 

48 TV cartoon pa! 

49 'Mchofas 
Niddeby* Tony 
winner 

50 Signed 
iwtmnwfs 

51 Passbook ares. 


52 Told to go 

53 112*30 

54 Sq uinreO ifce 

iy.3i- iuui |g 

58 Pound parts 

59 Ukesozx Wees 
62 DAR£ target 

group 

S3 Non vine wine 
source 

64 Grace verb 

65 Some battle 
participants 

66 Pintail ducks 
68 Drum or guitar 

70 Coaser cries 
?1 Uniformity 

74 “...called for his 

fiddlers " 

75 83 piaybased 

3TOVM 

77 Asan holiday 

78 Need Ban 

79 Fifth word of 
"America" 

80 Crossword 
worker? 

81 Leather 
attachment 

82 CJP.R. giver, 

perhaps 

83 Longest-tunning 
network TV' 
slww 

87 Ecu of old 
comics 

88 Wayne’s world 
90 Pulitzer 

columnist 

Goodman 


Solution to Puzzle of Feb. 3-6 


□ou ug occoq 

Scno onnrn 


h i I I an 1 1 i f I r i i n 



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38 Sbuduwt .Itow-d.pr: W 

14 Greeks ’ ancestor 39 AddioomUy 58 Hammer's end 

15 Ahbr.oflR 40 Pearaonud 88 Stylishly 

mountain sign Banymare polished 81 

18 Majesty's start 41 Mary Quant was 61 Thai Cosmos 
17 Flemish ™>e B»w ** 


li« WT« 1 17 





among many industries that would face low- 
awt competition from American companies. 

U.S. crffirials said the Japanese had been 
hoping that the $140 bflUan economic stimulus 
program they announced last week — to en- 
courage the Japanese to import more — would 
soften some of the American demands. 

But American officials said that they viewed 
the Japanese stimulus as marffi oect because it 
involved only a one-year tax cut, which is not 
ww flig h to chang e spending patterns. As a re- 
sult, this increased, rather than softened, the 
ni n tnn administration's desire to have con- 
crete, measurable maxket-qpemng agreements. 

f Reuter x, Air. Bloomberg, NYT) 


BOSNIA: 

Cease-Fire Holds 

Cantoned from Page 1 

c on trol as promised, it could avert 
a threat by the North Atlantic 
Treafy Organization to launch air 
att«x*s an the Serbian gun posi- 
tions. The affiance has demanded 
the removal erf the artillery before 
Feb. 21. 

Meanwhile, Radovan Karadzic, 
leader of the Bosnian Serbs, dis- 
avowed the remarks of one his se- 
nior generals who had warned that 
UN aid workers would not be al- 
lowed to leave Bosnia if NATO 
warplanes attacked. 

Mr. Karadzic gave assurances to 
the UN High Commissioner for 
Refugees, Sadako Ogata, whose 
spokesman said in Genera, “Our 
rehef wotkers wffl have fine pas- 
sage in and out of Bosnian Serb 
territory and their safety continues 
to be guaranteed." 

On Wednesday, three UN relief 
workers were slopped at gunpoint 
by Serbs from leaving the northern 
Bosnian town of Banja Luka to gp 
to Croatia. But aid convoys were 
said to be running normally. 

General Milan Gvero, a senior 
Bosnian Serb gcneraL had threat- 
ened Thursday that the Bosnian 
Serbs would prevent aid workers 
from leaving in the event of NATO 
air strikes. 

NATO threatened air strikes 
against Serbs after a mortar killed 
68peopffimaSanqcvomaiketFeb. 
5, although the UN peacekeeping 
command said that it could sot 
determine which tide was responsi- 
ble for the attack. 

The UN aeaetaiygeneral, Bu- 
tros Butros Ghah. said Friday that 
he had delegated authority to bis 
special representative in (he former 
Yugoslavia both to Mtiaie a first 
air strike against gun positions 
around Sarajevo and to onder close 
air support to protect UN troops 
anywhere in Bosnia. 

(Reuters, AP) 




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21 Dmlisb designs 
24 Parakeet treat 
26 Macho ones 
29 Shade of red 

33 Cannabis plants 

34 Snowy 

35 They camera 
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36 SSST . Barry 

Samer'a group 

37 Alf.Morh.etc 

38 Struck oat 

39 AddhranaQy 

40 Pearson and 
Barrymore 

41 Mary Quant was 
one 

42 Accordingly 

43 Log 

45 Spots tor 
chapeaux 

45 OW Tonight ’■ 
Show" starter 

47 Utopias 
52 Moon: Prefix 
55 Charger, tg. 


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B»w 

65 Coating - 

66 Pate of 02a/ aod 
Law 

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88 Sow. maybe 
09 Kind of park 

70 Sarpero 

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73 Keeps 

75 Those times 

78 VWthered 

79 Jrifibds 

81 Manage, witb 
■tow* 

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94 Downing Street 
distance 

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sandwiches 
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98 " The 

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99 Chad support? 
160 Taysidetfos 
191 Vfrgani — 
202 Antique knife . 

103 Early start? ’ 

104 Poerttima 
168 Not focal: Abbr. 
107 Do darts 











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INTERNATIONAL HERALD TRIBUNE, SAXURDAY-SUNDAY, FEBRUARY 12-13. 1994 


tic, Were Thrilled 

i In Lillehammer 
1994 Olympics. 








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© LOOC 1991 



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Today, people from all over the world are gathering together in Lillehammer, Norway for the 
opening of the 1994 Olympic Winter Games. To make this great celebration of the human 
spirif possible, Panasonic is helping to instantly bring the Games to millions 
worldwide. Thanks to Panasonic advanced technology and innovative audio 
and video products, you'll be able to see, hear and feel the excitement of 
this spectacular event as the Olympic athletes compete on a 
global stage. Join us now as the 
world comes together in peace 
and brotherhood at the 1994 
Winter Olympics. _ 


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Page 6 


SATURDAY -SUNDAY, FEBRUARY 12-13, 1994 




OPINION 


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INTERNATIONAL 



tribune 


PUBLISHED WITH THE MEW YORK TIMES AMI THE WASHIMCTUM POST 


Deal Directly With Korea 


The Gin ion administration insists it wjj] 
never subcontract its foreign policy to any 
international institution. Yet it is doing just 
that in its nuclear diplomacy with North Ko- 
rea. It is letting the International Atomic 
Energy Agency decide how to carry out a deal 
Washington reached with Pyongyang. By 
changing the terms of that deal the IAEA 
could embroil the United States in a danger- 
ous confrontation on the Korean Peninsula. 

The IAEA ts supposed to be negotiating 
detailed arrangements for inspections at all 
North Korea's declared nuclear sites. These 
inspections are designed to ensure that nucle- 
ar safeguards are in place. More thorough 
regular inspections, which could impede the 
diversion of nuclear material to bomb- mak- 
ing. would not resume until the United States 
holds a new round of high-level talks with the 
North. Inspections of suspected nuclear waste 
sites to determine whether such diversion has 
already occurred have yet to be negotiated. 

But the IAEA, which does not tike to see 
member states trifle with its procedures, 
is asking for more intrusive access to a reac- 
tor site than the North agreed to with Wash- 
ington, according to Pyongyang 

The United States now needs to try to 
break the deadlock between North Korea 
and the IAEA before the agency refers the 


matter to the United Nations Security Coun- 
cil, which has the power to impose economic 
sanctions on Pyongyang 

The danger is that the drumbeat of war may 
drown out diplomacy. The administration is 
considering the dispatch of Patriot missiles 
and other military forces to shore up the 
South. And members of Congress have, per- 
versely, caOed for polling nuclear arms back 
into South Korea. Ratcheting up the threats 
may appease the hawks at home, but it bol- 
sters hard-liners in North Korea, who could 

use such threats to justify proceeding with the 

development of nuclear weapons. 

Reinforcing the South makes sense if and 
whoi the United States decides to abandon 
diplomacy and press for economic sanctions. 
Such sanctions would likely end all hope of 
inspecting North Korea’s nuclear rites and 
could lead to the resumption of confrontation 
in Korea. Given Pyongyang’s unpredictabili- 
ty, reinforcements would then be prudent. 

But it is premature to be taking such steps 
now. The United States should be doing what 
it can diplomatically to gain unimpeded ac- 
cess to North Korea's nuclear rites, step by 
grudging step. And it should not leave it up to 
the IAEA to overreach and thereby trigger a 
confrontation with North Korea. 

— THE NEW YORK TIMES. 


Patiently Pushing Science 


The American president and vice president 
have made no secret of their enthusiasm for 
science or of the dramatic advances they ex- 
pect from a judiciously applied technological 
breakthrough here and there. That picture 
shows forth clearly in the science budget sent 
up by the administration, although, given the 
tight money situation, its outlines are faint. 
Small increases for the research agencies are 
the rule, with substantial increases for specific 
areas in which the president's interest is well 
known — a breast cancer research fund, a 
women’s health initiative within the National 
Institutes or Health, an Environmental Pro- 
tection Agency boost that goes almost entirely 
to environmental technology initiatives. 

The biggest percentage increase — 70 per- 
cent though not many doDars — goes to a 
tiny and previously invisible branch of the 
Commerce Department called the National 
Institute for Standards and Technology, 
which gives grants to private businesses for 
technology research projects judged to be able 
to benefit the economy as a whole. ( One of its 
previous accomplishments was the improved 
reliability in DNA fingerprinting now used 
in criminal trials.) 

Though basic science does well in a few 
specific areas, mainly research into specific 
diseases, there is grumbling from some that 
the emphasis on new technology programs 
could begin, in the increasingly tight ‘’out- 
years," to squeeze the pure scientists oat. 
Nuclear physicists and NASA appear to have 


taken the worst hits, partly because of their 
proximity to the two giant projects whose 
fortunes have consumed so much of the last 
few years' debate on the nation’s science pri- 
orities — the superconducting supercollider 
and the space station. The former is now 
slated for cancellation, though a House analy- 
sis of the budget request notes that the funds 
proposed even for the closure — SI 80 milli on 

— are well below the estimated $559 milli on 
that pulling out and settling with the stale of 
Texas could actually cost. In NASA, by con- 
trast, the decision to continue funding the 
space station, together with a tight cap bold- 
ing down the overall amount, means the non- 
space-station science inride NASA could face 
a potentially lethal squeeze. 

In a happier fiscal world, a commitment to 
and belief in science would translate into a 
science and technology budget with breath- 
ing space, but that is not the world the 
government now lives in. The faith that 
spending more on technology and its appli- 
cations can ease that pressure down the line 

— that, as the lucky director of the National 
Institute for Standards and Technology said 
last year, “technology changes the rules" — 
is being made, if tacitly, to bear a fair 
amount of baggage. Science, with its longer- 
term economic payoffs, needs the patience of 
its supporters. The administration’s small 
increases at least signal that it thinks that 
patience is worthwhile. 

— THE WASHINGTON POST. 


Green, but Fair as Well 


It should come as no surprise that Washing- 
ton is only now beginning to see that racial 
justice is essential to good environmental poli- 
cy. The environmental movement is run by 
whites preoccupied with conservation rather 
than racial issues. Today’s basic laws on clean 
air and water are only a quarter-century dd. 
And for 12 of those years, when Ronald Rea- 
gan and George Bush occupied the White 
House, neither the environment nor racial jus- 
tice ranked high on the official agenda. 

President Bill Clinton is thus to be com- 
mended Tor offering a measure of atonement 
in the form of an executive order, due soon, 
asking all federal agencies to ensure that their 
programs do not inflict disproportionate envi- 
ronmental harm on the poor or on minorities. 

The order would require these agencies to 
give minorities an equal voice in the planning 
and enforcement of regulations, ranging from 
the licensing of hazardous- waste incinerators 
to cleanups of toxic dumps. It would also 
ensure that minorities share equally in the 
benefits of those programs. 

Mr, Clinton's order owes much to two stud- 
ies. In 1987 a pioneering survey by Benjamin 
Chavis, head of the National Association for 


the Advancement of Colored People, collect- 
ed largely anecdotal evidence showing that 
communities with large minority’ populations, 
even relatively affluent ones, were more likely 
than white communities to have hazardous 
waste facilities and other polluters dropped in 
their midst. Then in 1992. as part of an even 
more extensive survey. The National Law 
Journal, based in New York, demonstrated 
that minorities benefited unequally from fed- 
eral pollution programs. 

Cleanups of toxic waste dumps under the 
Superfund program took longer and were less 
thorough: polluters in minority neighbor- 
hoods paid fewer and smaller fines. 

This study caught the attention of Carol 
Browner, administrator of the Environmental 
Protection Agency, who pressed her case for 
environmental justice with the White House. 

The order gives each agency a year to pub- 
lish its strategy for fair treatment. Executive 
orders sometimes have an evanescent life, 
dissipating with the political winds. With that 
in mind, the While House has an obligation to 
see that today's good intentions become to- 
morrow’s standard practice. 

— THE NEW YORK TIMES 


Other Comment 


The Stakes in an Ultimatum 

Although NATO has put itself in a hair- 
trigger position to start dropping bombs on 
Bosnia, the United States can still avoid mili- 
tary intervention if a dramatic and needed 
switch in administration strategy produces 
results. For the first time since he took office. 
President Bill Gimon has come out strongly 
for partition and has made it clear the United 
States will no longer encourage the Bosnian 
Muslims to keep fighting for more territory. 

It was this change that enabled NATO to 
set a 10-day deadline for the withdrawal of 
heavy Bosnian Serb military equipment from 
the mountains surrounding Sarajevo. Tne 
trade-off involved European support for the 
U.S. threat of aerial strikes in return for an 
American promise to encourage the Muslims 


to accept a UN -sponsored division of Bosnia. 

Mr. Clinton’s main pitch is still on NATO’s 
new-found resolve to resort to force if neces- 
sary to stop the slaughter of civilians in the 
besieged Bosnian capital This, however, is a 
dangerous move. It makes the alliance hostage 
not only to the bloody -mindedness of the 
Bosnian Serbs and Croats but to provocations 
by Muslims willing to take more punishment 
to gain international sympathy. 

U the current crisis somehow can pass with- 
out NATO intervention, the new U.S. readi- 
ness to engage in pressure diplomacy on the 
Muslims nay be one of the very few hopeful 
developments in the Bosnia tragedy. If the war 
now simmers down instead of exploding, ii 
might be just the breakthrough needed to get all 
three sides to accept a peace agreement. 

— The Baltimore Sun 



International Herald Tribune 

ESTABLISHED IKK 7 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 

C n -Chi:nren 

RICHARD McCLEAN. ftrtuJfr a Chief Eire *.+.*■ 

JOHN VINOCUR.ctafiwrfiSs"' <5 '.Veprrzdtt; 

• w ^j,7*3 V.H1S. ‘in' FJit.v • SAMUEL .ABT. KATHERINE kNORR and 
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• ROBERT J- DONAHUE. East* cf the Eiiant P«ijc • JONATHAN CAGE. Burners ml Fiance Edar 
9 RENE BOND Y. Depnr: FvFicne* • JAMES McLEOD. Dwctw 

•JUANITA l CASPAR! tetmastmx Dorcio ' ■ ROBERT FARR?! C radaa r. Orator Europe 

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Think About Where 
The Bombs Will Fall 

By Richard Bart and Richard Perle 

should be taken to support ii? Tire 
starting point must be to recognize 
that while the former Yugoslavia is 
rife with ethnic and religious animos- 
ities, the cause of the war there is 
Serbian and Croatian aggression 
agains t Bosnia — an aggression made 
more poignant and dangerous by its 
attacks on innocent civilians. 

This reality suggests the core of a 
new Western policy: First, end the 
siege of Sarajevo, then shape a bal- 
ance of power in Bosnia more favor- 
able to a fair and lasting settlement. 

We should move immediately to 
revise the UN embargo that has kept 
the Bosnian Muslims outgunned 
and under siege. With Bosnia ex- 
cluded from the embargo, the Unit- 
ed States and others should supply 
essential arms to the Bosnian gov- 
ernment. Then Bosnian troops 
would have a decent chance of 
achieving defensible borders. 

Second, we should plan to use 
NATO air power not only against 
tactical targets in Bosnia, tike the 
artillery positions surrounding Sara- 
jevo. bat also against strategic targets 
in Serbia itself. 

Precise attacks by advanced weap- 
ons could cripple air bases and mili- 
tary logistics centers, or Belgrade's 
power supply, while posing tittle 
threat to civilians. 

Three arguments against this more 
ambitious course stand ouL 
One is that there is no vital U.S. 
interest that would justify the risk of 
intervention. But this view ignores 
the damage that has been done to the 
credibility of the United States and 
the NATO allies after two years of 
indedsioti and idle threats. 

The spectacle of free-world lead- 
ers’ maneuvering to avoid embarrass- 
ment by keepring Bosnia off the agen- 
da of last month's NATO summit 
meeting can only encourage aggres- 
sors in the former Soviet Non If 
NATO proves incapable of acting 
with resolve, it will soon become ir- 
relevant in the pros! -Cold War world. 


W ASHINGTON — The appar- 
ent willingness of the United 
Slates and its closest allies to use air 
strikes in Bosnia is long overdue. 

But the strategic purpose of air 
strikes is at least as important an 
issue as whether they take place at all. 

It will be a travesty if the Western 
allies, having finally taken action in 
Bosnia, end die siege of Sarajevo in 
order to force Bosnian concessions in 
the deadlocked Geneva negotiations. 

Air strikes, especially televised 
ones, would be dramatic. Tbev would 
signal an end to the feckless Western 
policy of standing aside while newly 
Independent Bosnia, a member of the 
United Nations, is dismembered and 
its civilians massacred. 

But while forcing the withdrawal 
of the Serbian guns is a beginning. 
Western intervention must not stop 
there. An end to the siege must not 
form the basis for renewed demands 
from UN negotiators that Bosnia ac- 
cept a humiliating — and unstable — 
political settlemenL 
A plan under which the Muslims, 
who have for centuries lived peace- 
fully in a multiethnic society, are 
herded into "ethnically cleansed" en- 
claves surrounded by die Serbian and 
Croatian armies that drove them 
there is unacceptable. 

Now that the West appears ready 
to act, what is needed — and what 
has been mi«ing all along — is a 
well-defined strategy for achieving a 
stable peace in the Balkans. 

President Bill Clinton, who is loath 
to act without the approval of Secre- 
tary-General Butros Butros Ghaii, 
has said that any use of force would 
be intended to further the UN’s dip- 
lomatic strategy. 

But that strategy, which would re- 
ward aggression by legitimizing the 
conquest of Bosnian territory by Ser- 
bian and Croatian troops, can only 
set the stage for aidless, chronic vio- 
lence in the region. 

So what should U.S. policy be? 
And what military actions can and 



A second argument is that air 
strikes and intensified fi ghting would 
jeopardize the safety of UN peace- 
keeping forces an the ground. 

But u the presence of UN troops 
becomes a reason for allowing the 
slaughter of the Bosnian Muslims to 
continue, it would be better to pull 
than out: Bosnia needs to be able 
to defend itself, not simply be pro- 
vided with food and water while h is 
being destroyed. 

A thir d argument against military 
intervention is that the United States 
will find itself drawn into an unpre- 
dictable adventure leading inevitably 
to American casualties. 

But there is no reason why air 
strikes against precise targets should 
be followed by the introduction of 
American ground forces. 

Ultimately the fate of Bosnia lies in 
the hands of the Bosnians. While we 
.Americans should help them with 
arms and air power, we need not, and 
should not. intervene on the ground. 

The use of military power always 


This Ultimatum Is Modest, More Needs to Be Done 


S AN DIEGO — The NATO ultimatum to Ser- 
bian forces around Sarajevo could be, at long 
last, a first step toward ending the bloodiest 
aggression in Europe in 50 years. Or it could be 
an empty gesture by potiuriaiis trying only to 
escape emhanassmeoL 

On the encouraging side, the allies seem to be 
serious about using air strikes if the Serbian ag- 
gressors resume shelling civilians in Sarajevo or fail 
to move their heavy weapons back 20 kilometers 
112 miles) in the next 10 day*. Previous NATO 
threats have been jokes, and quickly seen as such 
by the Serbs. 

It is a plus also that the Clinton administration 
did not gjve wav to angry Russian protests against 
the plan. With luck, this could mark the end of the 
administration's misbegotten belief that it must 
yield to whatever Boris Yeltsin wants abroad in 
order to support his position at home. 

But the NATO derision, if examined honestly, 
has to be seen as modest, if not indeed feeble. Ji 
lacks both military and political elements neces- 
sary to make it effective. 

1. The demand on the Serbs is limited to Saraje- 
vo. They will be free to press new attacks on the 
Bosnians in other parts of the country, notably 
fiihac in the northwest. 

2. The ultimatum does no; even assure an aid to 
the murder of civilians in Sarajevo. It does not 
purport »o affect light morara machine guns or 
the sniper rifles that nave had such deadly effect. It 
exempts from die exclusion zone the town of Pale. 
16 kilometers from Sarajevo, the Bosnian Serbian 
military headquarters. Ic any event, the Serbs have 


By Anthony Lewis 

artillery with a range of more than 20 ItiJometers. 

3. NATO has not asked for an end to the siege of 
Sarajevo. Going to or from the ary will still require 
passing through Serbian roadblocks. 

4. If the Serbs ignore the ultimatum, NATO 
threatened only to attack their heavy weapons. 
There are much more important targets for any 
meaningful air threat: the bridges connecting Ser- 
bia to Bosnia, petroleum tanks, military headquar- 
ters like that at Pale. 

5. NATO members, in particular the United 
Stales, did not decide to ignore as without legal ha sis 
the UN arms embargo oq Bosnia. That is an issue of 
principle: not to deny a UN member stale the means 
of self-defense when h has been attacked. 

6. By asking that the Bosnians in Sarajevo also 
give up their few heavy weapons, the NATO ulti- 
matum equaled victims and aggressors. It even 
commended the outrageous idea chat Sarajevo be 
put under UN administration. Have the Bosnians 
stood up against genoridal assaults for the last two 
years in order to be ruled by Butros Butros Ghaii 
and his inept bureaucracy? 

Overall, what is lacking in the NATO decision is 
a sense of objectives and strategy. The objectives 
must be limited; but they surely have to include 
identification and punishment of the aggressor, in 
order to deter other demagogic nationalists who 
are waiting to tear Europe apart. 

The Bosnian war is the first test of whether 
peace and security can be maintained in Europe in 


antic alliance has the will to 
ion, and the strategy, we 


'Determined’ NATO May Be Digging Its Own Grave 


B russels — if the Sarajevo 

cease-fire dees r.ot bold arc the 
shelling cf the rity ccr.imues. NA- 
TO’s hind wii: har.e beer called. Air 
strikes wtii undoubtedly follow and 
wal be earned cu: with consummate 
skill Bu: NATO's rniLtir- authori- 
ties ag 2 m pointed Ih’J.’iisy what 
they have been rnakmg clear to tbzir 
political teeners fer rente time: The 
effect of air cn cispersed mi- 
nor target* — tewed field artillery 
pieces, jeep -mounted "rite: launch- 
ers and hear.-, mcruus. and lighter 
hand-held weapons — is necessarily 
United. A desxffsd and reason- 
ably ^killed cbjwb: could escape 
most of titer effects and continue to 
exert his po^er. 


Bv Frederick Bonn art 


NATO will then be presented with 
the choice of abandonment or escala- 
tion. Having intensified air attacks — 
and inevitably caused casualties 
among the civilians i; is trying to 
protect — without convincing results, 
the next step will have to be taken. 

If Western popular feeling remains 
high, allied leaders will have to com- 
mit ground troops. Bui, mice these 
hav e been engaged, the war wiG take 
on its own dynamic. However footed 
the initial conumimem. their num- 
bers wiD inevitably swell and casual- 
ties will mount, producing a very dif- 
ferent test of Western w2L 

As the cost in lives and resources 


makes itself felt in the West, an ini- 
tially ignored question will rise to a 
roar, “whom are we fighting there 
and why T people wifl ask; bitter de- 
nunciations will follow of the leaders 
who made the decision. People wiQ 
realize that a political war aim of 
“peacekeeping’' or “peacemaking” 
leads to a highly confused solitary 
situation, where allied troops are ex- 
posed to the anger of aQ sides, leading 
to casualties, retaliation, chaos. So- 
malia has provided a recent example, 
and there nave been others. 

Tk: NATO allies would then have 
to puD ouL If they do so early, their 
human and material costs may not 


A Darker View of Russia Emerges 


W ASHINGTON — A more 
somber cue is settling upon 
U.S. ’nzx. Russia and the 
res: of the firmer Sorie: Noe. 

It is new widely accepted m the 
Clictcr adtircr-rction* ±a! high 
hopes for reform and democracy 
need to be tttrrcsd by tire posi- 
ContfijuniSt realists. Tempered bat 
not asandened: The official view 
calls for ir.crruen'.a: tuidccurse ad- 
juiirr.cn:? 12 take acseunt of las 
•Jr.e.'.^-reuti prer r.z’jr.z President 
Boris Yeitfins : l:pp 2 ?e and Vladi- 
mir Zhreirr^ity s -urge. 

Another ■riyv zz* heard in 
tire State Dcnur-Trent wzs given 
succ.nct s'-strr.er.’. r. the depart- 
cren'N “Open Fr run:” m Feb. ! by 
the respected nmn; reaim academic 
Charles Cat:. > Huneoriar.-born 
Central Europe -pecai-iL 
Mr. Oati :reu?s tire: unanticipat- 
ed difficulties’:? irarjsii^i — eco- 
nomic ci .-i.-.-ati-n. nostalgia for 
“erdtr." waft ic 

Wev.. etirere — nave en- 

cnarjped r-?:h tire rper. enemies cf 
■iemccrciTv :b sticulatinc ex- 
Corjcur^! sner~.es h:dz% oaboth 
left and rah: 

N’e ion per. Mr. Gati suggests, can 
tiie Lniisc 5 l*:« rscsocaely expect 
to accsmpibh re titndsm its twin 
cer?9scs of spuria? a responsible 
Rur-MAt f ;.*r.gr. pc’.cv and .-raising 


By Stephen S. Roeenfeid 

democracy. Washington must re- 
turn to a view of Russia centering 
on its nuclear and strategic capabil- 
ities and to a focus on influencing 
Russian foreign policy with tradi- 
tional instruments of carrot and 
stick. Without giving tip on democ- 
racy in Russia, the democracies it 
should try hardest to enlarge are 
those in Central Europe, which 
show more real promise. 

The last point has dear reso- 
nance. America ought to be offer- 
ing special privileges — in political 
respect, economic support, military 
security — to countries that truly 
are “emerging democracies.” Eni- 
brace them. Lock them m. Let oth- 
ers observe how America rewards 
democratic achievement. 

The harder part goes to the evi- 
dent frustrations of detnccracv and 
reform elsewhere in the old Soviet 
Woe. In Russia and Li m of the 
darker East European places such as 
Romania and the former Yugosla- 
via. a condition of barren uncertain- 
ty may hold for decades. Tbb condi- 
tion will likely keep us wondering 
whether even the most able demo- 
cratic leadership can manage the 
stresses of an unforgiving cultural 
and political inheritance. 


But that u the point: The evi- 
dence does nor permit, or compel 
a definitive judgment now on bow 
reform is going to fare in Russia. 
Any judgment will hove a large 
arbi trary dementto iL There is no 
pressing need to come down hard 
either way. 

Already Washington has said no 
to Russians asking the United Sams 
to bead the rules of the intonational 
banks. The Clinton administration is 
putting a higher premium on keep- 
ing Russians from throwing their 
weight around in the “near abroad.” 
America is stiffing Mr. Zhirinovsky, 
These are pragmatic responses to 
worrisome conduct 

Wdl-infonned officials feet th» 
Russia is in trouble: even irretrievably 
so. But other wdHnfonned people 
caution against basing keg-term poli- 
cy on short-term poceptions. 

There is a demand cf sense on 
American policy and a demand of 


principle. Sense requires open eyes. 
Principle demands constancy. There 
is a requirement to be faithful to 
danoancy depending on the f 
to which it is treasured at home." 
is the way to be respectful without 
being patronizing, Democracy in 
Russia is not America’s to implant 
or abandon but first of all Russia's 
to make grow. 

The Washington Post. 


have been too high. Bui tire political 
and psydioiDgkaTocets may be irrepa- 
rable. Wbaiever excuses arc made, the 
allies* weakness wiQ be evident to afl. 
The various justifications — the stub- 
bornness of factional leaders in ex- 
pYugodavia, the need to support dem- 
ocratic dements in Russia — win all 
be nails in the coffin. 

But it is not only NATO that wiQ 
be buried in the grave dug by initial 
caDowness. poor judgment, and fafl- 
ore of wflL Witlut wifi go the sense of 
cohesion of the Western world that 
has been the basis for the advance cf 
civilized values since Wodd War IL 

Of course, none of tins may hap- 
pen. The more optimistic believe that 
a peace ag r eement will sow be signed 
and implemented. The West would 
stiQ have to hdp pick up the pieces, 
but the cost, though very high, wodd 
be incomparably less. Let us hope 
they are right. 

The writer is editor of SA 70‘s Six- 
remAotf ong an ind^endenr mhtary 

irib'Mef^^mmenl to the Interna- 
tional Herald Tribune. 


entaile uncertainties. It is idle and 
dangerous to behove that ntiHtary op- 
tions make sense only where thar 
results can be known, and the rides 
eliminated, in advance. 

But Mr. Clinton can count on 
broad support for a decisive, robust 
policy, for despite the risks, left and 
right alike have been urging him to 
take forceful action. 

Treading carefully. Defense Secre- 
tary William Ferry insists that we 
think abbot “Acts II and HT* before 
we embark on “Act L” 

But Acts I and H, mote than two 
years of killing, have already been 
played. And unless we change course 
now. Act U1 will prove the Bosnian 
drama is not history but tragedy. 

Mir. Burt, a partner at Me Kinsey <5 
Co^ was an assistant secrett 
from 1983 to 1985. Mr. 

American Enterprise Institute _ 
war an assistant secretary cf < 
from 1981 to 1987. They . 
this comment to The Hew York Times. 


the new tensions of the posl-Coki War era. It is a 
test of NATO’s relevance to that task. 

The ultimatum to the Serbian forces does at 
least signify that NATO sees the challenge that 
the Bosnian conflict represents. But it is not, at 
least not yet, a serious response to the dangerous 
precedent of successful aggression a gains t a rec- 
ognized state. 

Can we hope for a real commitment by the 
United States and its allies? WiD they act forcefully 
if Serbian leaders resume their aggression? 

It was not long before the briaquiet of Sarajevo 
was shattered again. The night after tte ultimatum 
shells exploded near the parliament building. A 
Serbian oread) in the cease-fire would hardly be 
surprising considering aH,the.pa$l lies and broken 
promises. After all Radovan Karadzic, the Bosni- 
an Serb leader, promised on Oct- 9: “The siege of 
Sarajevo is over.” 

The hope is frail, the reasons for cynicism 
substantial 

In announcing the NATO action. President BQl 
Clinton said the United States “wiD not stand idly 
by in the face of a conflict (bat affects our interests, 
offends our consciences and disrupts the 
But be had stood idly by for a year, and : 

Bush before him, while 200,000 people were kxBai 
and 2 million driven riom their homes. Only public 
revulsion at the killing of 68 people in Sarajevo's 
market last Saturday moved Mr. Omion toacL 

If the North Allan 
resist genoridal , 
have not yet seen' 

The New York Tones. 


DoNotLet 
This War 
Grow Wider 

By A. M. Rosenthal 

N EW YORK — Ute responsibil- 
ity is President Bill Clinton’&lt 
is his job now - to prevent the NATO 
ultimatum to the Serbs from becom- 
ing the etcuse for inflicting more suf- 
fering and spreading die war beyond 
Bosnia. If be does not live up to the 
job. tte combined jpower of ihe West, 
its standards of political and religious 

conduct and all its pronouncements 

about bumamtarianism will have 
up to nothing but a recipe for 
more tragedy. 

How did it come to this pomt, tins 
ugN chapter is wh&l is amusingly 
called Western civilization? 

Two tragedies are taking place: the 
sorrow ofBosnia and the continuing 
failure of the West to examine its own 
role, maybe learn something from iL 
' In 1991, the United States and its 
European «Pics were warned at least 
four that their plans for swift 
recognition of Croatia would blow up 
neighboring Bosnia — both parts of 
the disintegrating Yugoslavia. 

Bosnia’s population was Serbian 
and Croatian, about half Christian, 
half Muslim, convened to Islam cen- 
turies ago. Serbian and Croatian 
Chris tian* did not want to live under 
the other group or the Muslims. 

The Muslims wanted a united state 
in which power was shared. Bm most 
Serbian and Croatian Christians in 
Bosnia feared tire state would be con- 
trolled by Muslims. 

Cyrus Vance of the United States 
gave the wanting; so did Lord Car- 
rington of Britain, and Secretary-Gen- 
eral Javier Pfcrez de Cufflar — and, 
most important. Alga betbegovic, the 
Muslim president of Bosnia. They 
warned mat if Croatia were swiftly 
wtfng p twwJ, Bosnia’s Muslims would 
bolt to independence and Croats and 
Serbs woala fighL Both happened. 

Up 1 to then — just one more Balkan 
mcss, no particular heroes or villains. 
The Serbs — - and the Croats too — 
rhungtvt all that, -by atrocities against 
M ineiTm civilians, frwlnrftng ethnic 
evictions. 

Partition was a way out, but the 
Muslims and their supporters did not 
want iL They felt partition would 
leave the Muslims a ntiru-uatiou hos- 
tage to Serbia and Croatia. 

But even as the war grew more 
hideous and Sarajevo was under siege, 
one decent chance to preserve a uni- 
fied Bosnia was presented. It was 
worked oat by Mr. Vance and Lord 
Owen of Britain: separate Muslim, 
Serbian and Croatian areas in Bosnia, 
brought iirwfar a unifiwf grw. 

emmeoL sort of a Balkan Switzerland. 

They were reviled as appeasers by 
the UjI press. But many Muslims saw 
the plan as the only chance to keep tire 
dream of unified Bosnia. It should 
have been caBcd the Save Bosmaplan, 
but neither Mr. Vance nor Lard Owen 
was mndh good at sound bites. 

The Clinton administration said — 
it said this, it said that, h said them 
both at tire same time. If the Ameri- 
can public ever understood for one 
day what tire dinton position on 
Bosnia was, believe me, it was an 
accident, because the administration 
did not koow itself. 

. Vance-Owen Save Bosnia died, 
hounded into oblivion by the instant 
hands, double-crossed by the Bosni- 
an Serbs, mumbled and gummed to 
death by^ Washington. 

So the West is left only with parti- 
tion, the solution that Muslims never 
wanted and that could have been had 
without as long and nasty a war. - 
What happens now? 

If the Bosnian Serbs are stupid 
enough or desperate enough to resume 
fighun&they will come under NATO 
air attack. They can be pushed to 
desperation if the Bosnian Muslims 
use tire ultimatum as protection for a 
mffitary offensive agamst them. 

Already the laptop bombardiers 
insist the ultimatum must be en- 
forced by bombing deep into Bosnia 
and Serbia itselL But it will be Mr. 
Clinton who will have to take the 
responsibility if bombing Serbia 
drags in Greece, Turkey, Albania. 

And Russian sympathy for Serbia 
goes far beyond the hard nationalists. 
Moscow already has asked for a UN 
meeting, over U.S. objections. Boris 
Yeltsin might have to swallow tire 
u ltim a tum ; bombing of Serbia could 
swallow Mr. Ydtsin. j 

AH that does not have to happen. ‘ 
N&.Q naonwffl have to his creak the 
lifting of tile Serbian siege against the 
Muslims. He can nseit to pressure all 
sides into accepting a c omprom ise 
partition — yes, pressure, not go on 
repeating idiotically that Americans 
have no say in derisions that now 
affect their fives. 

Lifting a murderous siege was al- 
ways a decent goal — but not ex- 
panding the war. 

The New York Tones. 


/T 


a 




I 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1094: Freethinkers Wed 

PARIS — Qvil. marriages, with tire 
accompaniment of music and Row- 
ers, but minus tire prayers and can- 
dles, have been revival The latest 
ceremony of die sort took place in the 
Maine of the Eleventh Ammdssc- 
menL on the place Voltaire. Several 
F rethinking Municipal CouncQIots 
delivered hymneal homilies on the 
occasion. The room wherein the wed- 
ding took place was ornamented with 
flowers, evergreens and orange trees. 
Violins, flutes and pianos were blend- 
ed in harmony, and after appropriate 
music the ceremony was coorioded 
by tire playing of tire “Marseillaise.'" 

1919: Peace Monitors 

PARIS — Members of the Interna- 
tional Suffrage Coafaeqce decided 
yesterday [Fra. II] to send a delega- 
tion consisting of esse bon every 
country represented to each plenipo- 
tentiary at thePeace Conference, ask- 
ing support for tire resolution which 


President Wilson stated, on Frit. 10, 
he would present to tire Conference 
befoie-he returoedto America. Has 
commission provides far a resolution 
to be fan&edto discuss and report on 
the international questions relating 
to woman’s suffrage and to children’s 
problems, the commission to be asso- 
ciated officially with appointed wom- 
en representatives. 

1944: fa the Ukraine 

LONDON -r- [From our New York 
edition:] Soviet forces in the 
Ukraine have captured the rail junc- 
tion and G erman bastion of Sbepe- 
tovka, on lines leading into Ruma- 
nia, Hungary and Old Poland, while 
far to the east other Russian troops 
compressed a besieged Nazi force 
into a sUtten-mile-loog strip of ter- 
ritory roar the middle Doiroer Riv- 
er. Tne capture of Shepetoria, fifty 
miles southeast of Rovno and near 
the pre-war Polish frontier, was an- 
nounced in a special onto of the day 
by Premier Marshal Stalin. 












L>® 


VJ5J> 





ART 

Saturday-Sunday, 
February 12-13, 1994 
Page 7 


World of a Florentine Prince 



International Herald Tnbune 

L ONDON — It is not easy 
to walk down the mocfa- 
trodden path of ; 15th- 
ccntnry Florence and re- 
new the subject with dozens of 
works of art that few, even amono 
dedicated art lovers, wooki remem- 
ber seeing before. 

“Renaissance Florence: The Age 
of Lorenzo de’ Medici 0449- 1482).” 

SOUREN MF.UKI4N . 

at the Accademia Italiana in Lon- 
don until Feb. 27, surprises the via- 
tor from beginning to end. Drawn 
mostly from museums and churches 
that are not often via ted. the manu- 
scripts, the paintings, the bronzes, ; 
the ceramics and other objets (fart 
give brief but dsmi imighK into 
Florence as it appeared to a rich 
prince and his entourage,- ■ • 
It was an extraordinary tiny. The 
Middle Ages bad notyet come to an 
end and Modem Tunes were al- 
ready under way. Christianity pro- 
vided the foundation and Antiquity 
the source of subversion in concepts 
as in art The dash of ideas broke 
out with a. fury thar cnn*» Hop* m 
destroying soriety. A panel painted 
by an unidentified artist of the 15th 
century, borrowed from the Musco 
di San Marco in Florence, shows 
how it ended in 1498. 

In the middle of the Piazza DeOa 
Signoria, with the Palazzo Vecchio 
in the background, gallows rise high- 
Three white-robed figures are dan- 
g ling above the flames of burning 
logs arranged in a circle on a raised 
platform. More white-robed ton- 
sured figures, flanked by black- 
boodod characters, are bang ted to 
ihepl^otmoveraUntgrsmpbxm 
the palazzo. The denundatiop of 
comrptiou in private morals and 
politics, in Florence and in Romcy 
by the Dominican friar Girolamo 
Savonarola would no longer bother 
Lorenzo — who had called in Savo- 
narola in the first place, s um mo nin g 
him from Ferrara. 

In art, on the other hand, the 
medieval heritage and Renaissance 
often managed to blend. A manu- 
script containing, among other 
texts, a “Life of Lorenzo.de’ Medi- 
ci," is open to a page with a deco- 
rated initial. The idea is medieval 
but not the small bold portrait of a-, 
man drawn across the blue bar of 
the letter. Seen three-quarters, it is 
a rare gem of early 16th-century 
draftsmanship. Pressed against the 
left-side bar of tire same initial, the 
man is portrayed a second time, 
sideways, locking at his own like- 
ness in a totally surreal effect 

Elsewhere, the future and the past 
are fflustrated side: by, side .In a 
wonderful manuscript of Petrarch's ' 
“Triumphs and Rhymed from die 
Biblioteca NazkmaJe Cemrale di Fi- 
renze, the epening f oBo is lEramed by 
a border of seething, soeffing de- 
signs, echoing memory of p att e rns 
going back to the Dark Ages. Bat at 
tbe top of the page, “Triumph of 
Love'’ is rendered in a immature 
tableau that could be enlarged to 
monumental proportions in the best 
Quattrocento fashion. With a differ- 
ence: Tbe lightness of touch and 
color that only paper allows gives 


“Adoration” by Pseudo Pier Francesco Fiorentino. 


the work of Giovanni Vamucti a 
kind of poetic alacrity. This is not 
the kind of 15th-century Florentine 
painting one is accustomed to in 
museum displays. 

Thai lightness sometimes sur- 
vived in a few rare works. Not many 
15th-century panels can match tbe 
chdrin of the “Adoration of the In- 
fant Jesos" by an artist dubbed by 
20th-century historians Pseudo Pier 
Francesco Fiorentino. Tbe Hnear 
handling of the folds in the Virgin's 
blue drape is almost Middle East- 
ern. Tbe shading in the face and in 
the hands raised half in prayer, half 
in ecstatic wonder suggest a master 
originally trained as a miniature 
painter. Rose bushes filling the 
oadcKFOund stand out against tbe 
pale Slue surface —the sky, presum- 
ably. Lent by tbe Mnseo Bardini, 
this is one of the lesser-known mas- 
terpieces of Florentine art 

But fee most stunning paintings, 
a pair of elongated vertkal jpasids 
done in 1473 by Jacopo del Seflaio, 
will look even less familiar. The 
standing figures of Gabriel and the 
Virgin seem to be swaying, almost 
floating in the wind that blows 
through their blue and brown 
drapes. They come from the 
Church of Santa Lucia dri Magnob 
in Florence, where the best one can 
hope for is seeing them in uncertain 
lighting from a distance. 

Yet, the feeling of novelty here 
pales into insignificance compared 


with the impact of the objects. It is 
not that there are vast numbers of 
them, quite tbe opposite. They are 
sparsely displayed, so that tbe eye 
takes them all in. 

Tbe exhibition starts in a tiny 
scale with medals. These, as the cat- 
aloguejust published by the London 
dealer Cyril Humphris reminds the 
reader, “virtually’' originated with 
PisaneBo, who cast his first medal in 
1438. The idea of casting medals 
was inspired by the Caesars struck 
on the much admired ancient Ro- 
man coins. Some are masterly por- 
traits in kw relief. Tbe Bargello Mu- 
seum medal with the profile of the 
scholar-poet Angelo Ambrogini, 
called P oKriann, is one cast in 
bronze by Niccok) Fiorentino. 

N EARBY a more modest 
effigy cast in lead 
shows Savonarola. The 
salient cheek bones, tbe 
deep furrow coming down from the 
nose trie those of an ascetic driven 
by fury. The medal says more than 
the more famous portraits. 

A few steps away, an even more 
astonishing likeness is painted cm 
the curving body of an earthenware 
jug executed in 1515. This is of Lor- 
enzo’s son, Giovanni, for whom he 
■wrenched the promise of a cardinal- 
ale from Ripe Innocent Vm in 
1489. Giovanni was only 13, and 
Lorenzo waited four years before 
disclosing the news, presumably 
fearing it might not go down wdL 


Tbe 1515 portrait shows Gio- 
vanni two years after be became 
Pope Leo Xl The lips are open as if 
to throw out an invective, the dou- 
ble chin ripples even though the 
head, seen sideways, is thrown 
back. The arched eyebrows, uncan- 
nily feminine, form a sinister con- 
trast with the brutal beaked nose. 
Seldom was a man of power so 
uncompromisingly portrayed. This 
is surely one of the unsuspected 
wonders in the Mnseo Intemazion- 
ale delle Ceramiche at Faenza. Per- 
versely, it is also the piece that the 
cataloguers chose not to or. more 
likely, were unable to reproduce. 

Most fascinating by far is ihe 
group of objects that Lorenzo com- 
missioned to contemporary artists 
or bought from antique dealers. One 
of the splendors of Renaissance 
bronze-making is “Hercules on 
Horseback," on loan from the Gal- 
leria Estense in Modena. The group 
was cast by Bertoldo di G’ovanm. 
The catalogue says no thing about 
the bronze, except for the artist's 
name, and specifies that it is undat- 
ed. But, a glance at a medal cast by 
Bertoldo with the profile of Lorenzo 
on one side is enough to convince 
one that the bronze group is the 
equestrian portrait of Lorenzo as 
Hercules. It was probably cast at 
about Lhe same lime, around 147S. 

Lorenzo, or whoever advised 
him, must have had a great eye for 
bronzes. Few are quite as admira- 
ble as the monumental bronze head 
of a horse. 67 centimeters (26 inch- 
es) high. The label in the show asks 
“second century B. C.T and firmly 
gives the bronze to andent Rome. 
With its very human expression, 
the horse curiously suggests some 
15tb-century creation in the Ro- 
man taste. Did someone take Lor- 
enzo for a ride? If so, he still got his 
money’s worth. 

In a row of niches, some of the 
precious objects he collected raise, 
further questions. One is a rock- 
crystal vase mounted in Renais- 
sance manner, which comes from 
the treasure of San Lorenzo. It was 
set on an agate spreading foot with 
silver-gilt fittings. An Italian dome- 
shaped cover, apparently cut at a 
different period, was added, as 
well as a silver handle. But the vase, 
possibly dating from the Uth or 
12th century, retains a Middle 
Eastern (Egyptian? Iranian ?) look 
Not even some recutling at the top. 
where the name of Lorenzo was 
incised, can disguise iL 

More enigmatic are two shallow 
diasper bowls from the Museo di 
Mineral ogia. One. rising from a 
low narrow foot, has a circular well 
inside, while the chamfered outride 
walls enclose the rim within a dode- 
cagons! frame. It would take a 
brave man to give it a firm geo- 
graphical provenance. But the 
beauty of the wonderful piece is 
there for everyone to see. 

Add the intelligent catalogue, 
beautifully laid out even if some of 
the photography is out of focus 
(the chamfered diasper bowl), and 
this comes dose to being the per- 
fect show, uncluttered, well- 
spaced, where you can spend long 
moments in blissful tranquillity, 
gazing at some of the art gems of a 
Media prince. 


In Grenoble, a Rich, New Museum 


By Elisabeth Hopkins 
and Barry James 

International Herald Tribune 


G RENOBLE, France — Having 
publidy aired some political differ- 
ences with the local mayor. Culture 
Minister Jacques Toubon diplo- 
matically stayed away from the inaugurations 
the new Grenoble art museum. Toubon accused 
the mayor. Alain Carignon, who is also the 
minis ter of communications, of not acting m a 
collegial fashion in the cabinet. 

So much the worse for Toubon, because this is 
one of France's most interesting regional muse- 
ums, and its rehousing in a starkly nwdem and 
spacious new bmkfing does credit to a rah and 
varied collection. 

Founded in 1796, three years after the Lot- 
i-re Museum, the Grenoble collection started in 
a way with acquisitions from religious 
institutions in this alpine region of eastern 
France. The museum expanded rapidlvin tire 
19th century, and a Napoleon Hl-stytemtildmg 
was inaugurated in .1876 to h o use the works, 
many of which were donated. 


An army general presented four Zurbarans. 
Dr. Albert G Barnes of Philadelphia gave a de 
Chirico portrait of the art collector and dealer 
Paul Guillaume. Monet donated one of his own 
painting s as an incentive to develop a collection 
of contemporary art Tbe art critic Leo Stem, 
brother of Gertrude Stein, gave a still life by 
Matisse with suandeni-loc&mg black eggplants. 

The donations helped pm Grenoble on tire 
modem art map. They also explain why there is 
only one work each by so many artists. This can 
be frustrating for gallery-goers accustomed to 
large retrospectives in major museums, particu- 
larfy those of artists whose work evolved over 
time. Does one portrait, all in shades of blue, 
truly represent Gauguin, for example? 

Nonetheless, tbe museum presents in a rela- 
tively wnaH space a good example of the evolu- 
tion of modern art styles in general. 

The collection is pleasantly adventurous, ex- 
tending to avant-garde works like Tony Gragg’s 
slanting shelves of bottles and Bertrand La- 
vier’s roll of wrapping paper on top of a filing 
cabinet. Some may grumble, but such fun 
works fit in well with an eclectic collection that 
ranges over all ages, starting with the Etruscans 
and andent Greeks and Egyptians. 


Tbe collection indudes a beautiful small 
“Noli Me Tangere” by Veronese, views of Ven- 
ice by Canaletto and Guardi, some excellent 
examples of tire Flemish still-life school, a 
dreamlike view of Tivoli by Claude Lorrain. 
and a fine view of Montmartre by Sisley. 

Reflecting the local landscape, there is also a 
roomful of romantic alpine-scapes, much imi- 
tated by tbe painting-by-numbers school 
The new building, designed by the local ar- 
chitects Antoine and Ohvier Felix-Faure and 
Philippe Macaiy, runs along the quay of the 
Isfcre River. Conceived by Carignon and former 
Culture Minister Jack Lang, the museum has 
been under construction since 1988. 

Outside, the museum looks clean, somewhat 
block-like and forbidding. Inside it is dean, 
airy and spacious. Unlike the old 19th-century 
collections, where the paintings were jumbled 
together on the walls, the works here have 
plenty of room to breathe. 

A discrete purr indicates the opening and 
doting of automatic sunshades. Natural light 
reaches the works indirectly, giving a neutral 
and glare-free illumination. But the sculptures 
are placed in front of large picture windows 
that give panoramic views of the river and the 
mountains. 


Look for our in-depth 
Special Report on 

INTERNRTI0M6L 

Education 

appearing on 

Wednesday, 
February 16 , 1994 

Bcralb^®Abuttc 

•t curve* "*'*■ w^lWD “■*' 


a uc tion sales 


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-Thursday, February 24, 1994- 


Room 9 at 2.15 pm ■ FINE FURNITURE AND OBJETC D’ART. Expats 
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Friday, February 25, 1994- 


Room 1 M 215 pan. - OLD AND PER10l>SIYLR FRAMES. Experts: MM 
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Among ihe urban visions ai the Pompidou center in Paris is this “ Ville Fantastique ” ( 1919-20 ) by Virgilio Marchi. 


Cities: Architecture — and Art 


By Michael Gibson 

International Herald Tnbune 


P ARIS — The tremendous, sprawling 
dties in which most of the population 
of the industrial world now fives are 
something fairly new. They arose with 
the develop mail of the railway (which delivered 
vast quantities of goods and people to the major 
centers) and readied their first peak around 
1880. We know what happened after that — 
continuous, dizzying growth — and so lhe big 
show at the Pompidou center. “La Vflle, Art et 
Architecture en Europe 1870-1993" (to May 9\. 
deals with a subject that concerns us daily. 

it does so well. The subject is an unusually 
complex one. and the show falls into two distinct 

K The first invests a large space, running the 
1 of the building Town planner’s maps, 
designs and sketches, multitudinous as Words- 
worm's daffodils, fid the walls. 

Those taking a technical interest in Lhe subject 
will manage though with some difficulty, to 
figure out what's what The layman is strongly 
encouraged (by this critic, and apparently by the 
designers of the show), to move swiftly to the 
second part. 

This assembles a large body of an works 
reflecting the way artists perceive the megapolis: 
The Dickensian backwaters of London are im- 
mortalized in the prims or Gustave Dorfc. the 
macabre streets of Germany in the '20s in the 
fierce, apoplectic paintings of Georg Grosz. The 
Futurists’ over-sanguine eulogy of a mechanized 
world is enshrined both in the visionary projects 
of Antonio Sam'Elia and the hideous “futuris- 
tic" cities imagined by Virgilio Marchi while the 
elegant, still cheerful boulevards of Paris are 
captured by Impressionists and others. 


Even the usage of the word boulevard is bom 
of changin g times. Coming from the some root as 
the English bulwark, it originally meant a city's 
ring of fortifications. The changes arising at the 
end of the 19th century led 10 the destruction erf 
these old walls, thus opening the city to unlimit- 
ed growth. Meanwhile, the broad avenues that 
replaced the walls appropriated their name — 
associating it with teeming crowds, riots and 
traffic jams. 

The current selection reveals that artists’ per- 
ceptions of their dties over the past hundred and 
some years range from the utopian t illustrated by 
painters like Delaunay and architects like Le 
Corbusier), to the apocalyptic. The latter seems 
to be dominant. 

The megapolis of our century has been the 
center of economic crisis, revolution, social strife 
and two world wars that led to the total destruc- 
tion of many old dties. All of this is recorded in 
paintings, drawings and photographs, stress be- 
ing more often laid on the grim side of things. 

To remind one that violence done to dues is 
not a thing of the pasL (he French painter 
Bernard Randllac. ort the eve of the inaugura- 
tion. inscribed Sarajevo in large red letters on the 
inside end wall of the museum — then signed his 
protest 

Violence, poverty and filth, but also the 
gentler dreams of a’ better life, commanded the 
way artists portrayed their dties in emotional 
Lerms. Unpretentious narrative paintings do this 
very well The bnnalism of industrial architec- 
ture is latent in Christopher Nevinson's “The 
Towpath. Camden Town" 1 19 1 2). in which Arca- 
dian lovers embrace on the edge of a canal 
beneath the looming shadow of the factories. 


All this suggests that we have been taken by 
surprise and have hardly yet mastered the way 
towns are organized and should grow. Town 
planning developed only gradually and is still an 
imperfect science — in which commanding polit- 
ical and finanrial interests are constantly confus- 
ing the issue. One of tbe early theoretirians of 
town planning, the Scotsman Patrick Geddes, 
developed an organic rather than geometric the- 
ory of the city in the early years of the current 
century, the Frenchman Leon Jaussely elaborat- 
ed a scientific approach to the disdpline in 1902 
by ustng statistical studies, and the first world 
congress of town planners was held in 1910. 

Returning, however reluctantly, to the maps 
and aerial views erf future towns and new dis- 
tricts, one is inevitably struck by tbe diversity of 
approaches. From the very' outset, political sys- 
tems appear to be written in stone in these 
nascent dties — rational and utilitarian in H. T. 
Wijdeveld s 1922 proposal for .Amsterdam, ratio- 
nal and authoritarian in Niemeyer s Brasilia (cu- 
riously absent from the shown or organic and 
democratic — in the various garden -citv pro- 
jects, but also in other less spectacular undertak- 
ings that don'i make such a big impression 00 the 
drawing board, like Maurice Culot's low-key 
rehabilitation of popular quarters in Brussels. 

The catalogue contains informative essays and 
the exhibition’s main quality is more meditative 
than didactic — a happy change! 

A program of films about the rity is on view in 
a small cinema on the fifth floor, and a smaller 
show, devoted to Walter Benjamin, the philoso- 
pher of urban life, will be opening on the mezza- 
nine on Feb. 23. with exhibits related to his 
vision of Berlin in childhood, and of Paris in his 
mature years. 


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International Herald Tribune, Saturday-Sunday*, February 12-13, 1994 


Page 9 



niETRIB INDEX: 115.969 

by Btoomborg Business News. Jan. 1, 1992 = 100 
120 



Appro, weighing: 3Z% 
CtoSK ISIWPiwj t3021 


Appro weighting: 37% 
CJnsa H3.42 Pie*: 1 1469 



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SON 


19M 1583 


North America 


Appro weighting: 2B% 
Closa 97^ Pjwj 97.41 


Latin America 


Appro«dglting:5% 
Ctee: 153-21 Pibvj 15X52 



S O 
hkb 

W«M Index 


F SO 
1994 . , 19SS. 


Tho Index bocks US. dottr values of stocks m Tokyo. Now York, London, end 
Argentina, Australia, Austria, Belgium, Brad, Canada, CMa, Dsmmrii; Ftntand, 
Bran c a, Gana a ny , Hoog Kong, My, Mtadco, NadMrtanda, Now Zealand, Norway, 
Singapore, Spain, 8 — ds n. S wttza ris n d and Venaaiala. For Tokyo, New Yak end 
London. die Index Is composed of the ZD top Issues in tama of market cepaeBuBon. 
otherwise the ten up stocks am backed. 


j tnctustnal Sectors 


M. 

Mm 

% 


fit 

Pm 

* 


dew 

am 

deep 


- dm 

dm 

dkeego 

Energy 

11626 

11SS0 

4031 

CapRal Goods 

113.61 

113-69 

-007 

Utfflties 

126-51 

127.45 

-074 

» 

raw mwmm 

. 11963 

12065 

-063 

Hnanca 

120.63 

12063 

Unch. 

Consumer Qoodi 

99.72 

9964 

-0.12 

Services 

125JT7 

12553 

4063 

HhcaMamow 

13522 

13767 

-1/49 


For mom Moimadon about the Index, a booldst is avaBabie free of charge. 

Write to Trto Max, 181 Asenue Cfwfes de GauOe, 92521 Nsuity Cede*, Fiance. 


India Trades Tomorrow for Today 


By Kevin Murphy 

Imemaioeal Herald Tribune 
BOMBAY — More concerned with con- 
sumption than its karma, India's rising mid- 
dle dass is undergoing a consciousness 
change rivaled only by the economic trans- 
formation sweeping the country. 

A new embrace of credit and a strengthen- 
ing demand for quality has forced domestic 
arid international companies alike to reassess 
a market where, by some estimates, the mid- 
dle dass outnumbers the population of the 
United States. 

Foreign investment much of it aimed at 
supplying consumer products to a market long 
dosed off by high tariffs and regulation, bit $2 
billion in 1993, up from $1.3 billion in 1992 
and $200 mtDkai the year before. With dear 
signs that India is serious about continuing 
reforms, 1994’s totals win be higher stiJL 
Heavfly TnAnmcari by international prod- 
ucts and life-shies beamed in by satellite tele- 
vision, many of India's 870 Bullion people, half 
of whom are under 25, now aspire to more 
than thrift and self-reliance; virtues espoused 
by Gandhi, the country’s founding father. 


The change is affecting shoppers — and 
voters. 

“For years, the Indian consumer was told, 
'Save, don’t spend. If you suffer in this life, it 
will be belter in the next,'" said Alyque 
Padamsee, who heads the South Asia opera- 
tions for the Lin las advertising agency. “But 
now people are saying, Tm not handcuffed 
to my karma. I want to enjoy tilings now, not 
in my next Hfe/ " 

Mr. Padamsee added: “People want quali- 
ty and they are ready to pay for iL They are 
d emandin g better standards in everything. It 
affects the entire society. They also know 
they can be the agents Tot change.’' 

With broad economic reforms first intro- 
duced in June 1991 have come a greater 
openness to the rest of the world, and less 
reliance on, and tolerance for, interference 
from the state. 

Lalit Modi, whose large family-held com- 
pany is a partner with Walt Disney Co. in 
India, said: “Satellite television has brought a 
cultural shock to this country. We are going 
through a total revolution." 

He added: “The younger generations have 


become ’me' generations. Around the coun- 
try. people nave become more outspoken 
about what they want." 

Traditionally. Indians have been among 
Asia's staunchest savers. Gold is often their 
investment of choice; an estimated 7,000 
metric tons is in private hands. 

But, in a changing economic climate, Indi- 
ans are favoring more sophisticated invest- 
ments. Over 50 percent of car buyers now 
automatically take out a loan, something that 
would have been unthinkable a few years ago. 
According to Visa International, the consum- 
er finance industry has grown into a SI bil- 
lion a year business from nothing in three 
years. 

Citibank studies have predicted that India 
would become the world's second-largest 
credit card issuer after the United States. A 
few years ago. according to Mr. Modi. “No 
one wanted to borrow or to owe." 

Business executives and government offi- 
cials said that Indians, comparing their lot to 

See INDIA, Page 13 


U.K. Growth Feeds Lloyds Bank Profit 


U.S. Price Data 
Confuse Views 
About Inflation 


Compiled by Our Staff From Dispatches 

WASHINGTON — Wholesale 
prices rose a modest 0.2 percent in 
January as a drop in food costs was 
able to offset the biggest jump in 
gasoline prices in more than three 
years, the government said Friday. 

The Labor Department said the 
rise in its Producer Price Index, 
which measures inflation pressures 
before they reach the consumer. 


the consumer price report for Janu- 
ary, to be released next week. The 
January gain followed two straight 
months of big price declines. 

Overall, energy costs were up 0.8 
percent in January, after declines 
of 2.6 percent in December and 2.2 
percent in November. Those de- 
clines mirrored big drops in world- 
wide crude oD prices. 

Food prices fell 0.3 percent in 


was the biggest gain since a similar January, the biggest drop since 


0.2 percent rise in September. 

Economists were divided over 
whether the January data were a 
sign of new inflationary pressure. 
The Januaiy gain, if it continued 


June. This reflected a 16.5 percent 
decrease in vegetable prices, the 
biggest decline since June 1983. 

Robert Brusca, chief economist 
at Nikko Securities International. 


for an entire year, would produce said that he was troubled by the 
an inflation rate of 19 percent underlying PPI data and concluded 
In another resort the Commerce dial inflation was “not as subdued 
Department said retail sales fell an as some people want to believe." 
unexpectedly sharp 0.5 percent in He added that the decline in 
January. It was the first decline in food prices masked higher in- 
10 months. Analysts attributed the creases in other areas. The rate of 
result to the severe winter weather inflation excluding only food rose 


Compiled by Our Staff From Dispatches 

LONDON — Lloyds Bank PLC 
said Friday its pretax profit 
ettmbed 29 percent last year, as'a 
revival in the British economy re- 
duced its domestic problem loans 
and some developing nations paid 
back debts. 

The commercial b anking compa- 
ny said profit before taxes rose to 
£1.03 button ($1.51 billion) from 
£801 millio n m 1992. The figure was 
about in line with market forecasts. 

“By the end of the year, it was 
dear that the UJL was moving out 
of recession," Lloyds Chairman 


Robin Ibbs said. “For our custom- doubtful debts declined to £503 
ers, economic pressures were be- milli on, or 1.2 percent of lending, 
coming less severe, and there was a from £556 million, or I J percent of 
reduction in the amount we needed lending. Lloyds said provisions for 
to provide for bad and doubtful so-called problem-country debt 
debts in the U.K." were reduced hv £46 million rliirinp 


He said the company expected the year, p rimari ly because of re- 
the improvement to continue this payments by Argen tina 

^ ear ' “These results are in line with 

Lloyds' earnings par share rose expectations, though the dividend 
to 47.4 pence last year from 35 is a bit higher than we'd expected," 
pence in 1 992. The company said it John Tyce, a banking analyst at 
would raise its 1993 net dividend SGST Securities, said, 
by 20 percent, to 22. 1 pence a share Mr. Ibbs said Lloyds would need 
from 18.4 pence. to set aside less money against 


were reduced by £46 million during were £2.93 billion, representing 6.8 
the year, primarily because of re- percent of lending, down from 


New provisions against bad or doubtful loans as long as the econ- 


, . , ... in many parts of the country as well 

omy improved, and he said lhe ^ &Ef 0 mia earthquake, 

company expected demand for F^t.^inp ihe volatile energy 

loans to increase- an( j categories. wholesale 

*gj! V 1 1 prices rose 0.4 percent in January, a 

oi tor 1 futUrC ° an - gain that was in line with expecta- 
weie £193 billion, representing 6.8 

°L from Prices ill this area were driven 

g ; 9 8 bdbm i in mid-1993. higher by a 1 J percent increase in 

£4 .29 billion from £5.08 billion. 

"SL ^ reSUl iff had in^bacco prii 

^K b ^- b LS^ 0Wlhf, r Sebiggcsi since September 
a high b^e in core busmesses. But F or January. the Labor Depart- 

RriraShTri mcnl ^ dial gasoline prices at the 

mgmBnt^h^wonly mod- wholesale levd jumped 6.5 percent. 


£2.98 billion in mid-1993. 

Nonperfonning loans fell to 
£4.29 billion from £5.08 button. 

Mr. Ibbs said the results had 
been boosted by “real growth from 
a high base" in core busmesses. But 
he said the recovery in retail bank- 
ing in Britain had been only “mod- 

See LLOYDS, Page 11 


0.5 percent in January. 

But Robert Deidenck of North- 
ern Trust Co. in Chicago said that 
there was a tendency for the PPI 
core rate to be up in the first few 
months of the year. “I don't view 
this as disturbing," he said. 

Brace Steinberg, an economist at 
Merrill Lynch & Co., agreed, say- 
ing: “The PPI report continues to 
show an absence of inflation at the 
wholesale level The overall infla- 
tion climate is bright" 

Mr. Steinberg noted that energy 
prices, which helped drive up 
wholesale costs in Januarv, had al- 


Risk of Strike Rises in Germany as Metalworkers Talks Stall 


By Ferdinand Protzman which is Germany’s biggest union, demands. Over the past two weeks, 

New York Times Semce with 3.6 taiUion members in the about 2 milli ng workers have part/c- 

BONN — The possibility of a automotive, metalworking and ipaled in such “warning strikes." 
nationwide strike in Germany’s electrical sectors — were still talk- “No progress whatsoever has 
metalworicmg industry appeared to mg Friday evening in Darmstadt been made," Klaus Zwickd, presi- 
increase Friday as contract negoti- with leaders of Gesamtmetall, the den t of 1G Metall said din - mg a 
ations between labor and manage- industry employers’ association. break in the t*iks Hans- Joachim 
menL brought no progress on the While the negotiations were going Gottschol the head of the employ- 
key issues of wages, working hours on, about 133.000 workers staged ers' association, said the talks were 


a gain that is likely to show up in ready registered sharp declines. 

Rosaline Cahn, an economist at 

First Boston Corp„ said that ener- 
gy prices caused most of the in- 
r/i II o II crease in January, but that this 

J. CUrZS OCC Mir should be no surprise. “Energy is 

not going to be the same plus as it 
... , was in 1993." she said. 

1b Dumber, wholesale prices 


and job security. 


work stoppages at companies across stuck but would not say what specif- 

eiw Trt ciivuvirl rtf tha nniAnV in fwtnfr nipn* rtutieinn tfi# mmoceA 


WaS Tf| J yyj 5 UC S 3 1*1 

But the doomsday atmosphere ^ymptoms of a much deeper prob- ^ December, wholesale prices 
surrounding the meeting may have lent the high production costs that r Ku n , tht . 

been primarily a ^gaining tactic, have eroded the competitiveness of g* Itat HSt SS Z 
^ there rras nothmg to prevent Geri^ mdu^ and oused the wholcsalc inflation either declined 
both sides from agreeing to extend loss of hundreds of thousands of __ s h owe d no Pain, 
the negotiations. The leaders of IG jobs over the past three years. wwi* ih«J h^e h*** Knu 

Metal j have threatened to strike by Rovers complain' that pro- deSS 

Feb. Jtfno progress is made in auction costs in Germany, partku- Federal Reserve Board launched a 
^ larly for labor, have risen so high preemptive strike a week ago by 

Wages, hours and job security are that they can no longer compete boosting a key short-term rate. 


c womaBorvri Herald Tribune Negotiators from IG MctaD — Germany m support of the union’s ic points were causing the impasse, the issues oo the table, but they are effectively in the global market. 


sixth time in eight months that 
wholesale inflation either declined 
or showed no gain. 

While there has been little evi- 
dence of inflationary pressures, the 
Federal Reserve Board launched a 
preemptive strike a week ago by 
boosting a key short-term rate. 

(AP. AFX) 


Professor Stiglitz Goes to Washington Quits at Le Monde 


By Sylvia Nasar 

New York Tima Serna „ 

N EW YORK — When Laura 
D’Andrea Tyson, chairwoman of 
the Council of Economic Advis- 
ers, asked Joseph Stiglitz to be- 
come a member, the question to many was 
whether the ivory-tower theorist from Stan- 
ford University could possibly navigate the 
currents of real-wadd poficy-making. 

The ooundTs role, played mostly Wind 
the scenes, is to inject as much economic 
rationality into government proposals as 
politics allow. 

Mr. Stiglitz, 52, has written hundreds of 

papere on the economics of inf onnation, pub- 
lic finance and economic development, won 
the prestigious John Bates Garic medal in 
1979 and is widely expected to collect a 
Nobel prize some day. 

He also is the quintessential absent-mind- 
ed professor, who has dashed into dass and 
lectured on the wrong subject and often 
turned up with his tie or shirt coQar seriously 
askew. 

In fact, Mr. Stiglitz and Washington area 
1993 are made for each other. He has spat 
his professional life focused on tire idea that 
markets are imperfect and need to be re- 
paired. • 

“What ads up in the government s portfo- 
lio are lhe things where the market . is having 
problems," Mr. Stiglitz said. “Government 
can make a major difference for the good if 
you structure policies appropriately. 

That sentiment is in sync with everything 
the apveninreni has done or is thinking 
doing, whether it is overhauling th e U-S . 
bealih-care system, ushering in the dectramc 


information age or reducing the country’s 
emissions of greenhouse gases. 

And while economists — including the 
ones who work for President BQl Clinton — 
rarely have tire last word on policy, many of 
those who haw worked with him say that Mr. 
Stiglitz is having an impact by suggesting 
creative solutions to complicated problems. 
“What he brings to the table is a fountain 

'Government can make 
a major difference for the 
good if yon structure 
policies appropriately.’ 
Joseph Stiglitz, member «f the 
Conned of Economic Advisers. 

of ideas," said Alan Blinder, the third mem- 
ber of the economic council 
Take a recent contribution to the nuts and 
bolts at the Mr. Clin ton's environmental pot- 
ior, the new plan to reform the Superfund. 
Tm government 1 s program to get companies 
to dean up polluted industrial sites has prac- 
tically beaxue synonymous with gcrvernineni 
waste and inefficiency. 

. It was Mr. Stigtirz’s idea to replace part of 
the cunenl system oil liability — which en- 
courages coaly lawsuits more than cleanups 
— with a system of arbitration and a set of 
economic incentives to encourage companies 
to stay out of court. 

Mr. Stiglitz sold his contribution to the 
lawyers on the interagency task force that 
craned the government proposal partly by 
the cogency erf bis arguments and partly by 


his ability to suggest compromises and alter- 
natives when the discussion seemed to be 
heading for a stalemate. 

“He always brings anew idea and perpetu- 
al good humor," said Alia' a MunneH, assis- 
tant treasury secretary for economic policy. 
“He always has another notion of how this 
deal could be worked.” 

Mr. Stiglitz also is helping shape the gov- 
ernment's thinking on ways to help politically 

S rful but economically weak states like 
ornia and New Yak without playing 
havoc with the budget agreement. 

Although Mr. Stiglitz sometimes compares 
himself to the greatest economists of all time, 
from Adam Smith to Paul Samudson, many 
in Washington are disarmed by his tendency 
not to take himself too seriously and his 
ability to listen and his gen tune enthusiasm 
fa other people's ideas. 

"Joe brings a lot of intellectual power to 
problems," Professor Tyson said. “But bow 
you bring it matters as much as what you 
bring, and Joe doesn't bring even the slightest 
trace of arrogance." 

Of course, presidents rarely do what their 
economists leu them. Mi chad Baskin, Presi- 
dent George Bush's chief economist, recalls 
that he had to threaten to quit to get an 
interview with his boss at the height of the 
recession. 

President Ronald Reagan wanted to dis- 
band the Council of Economic Advisers. Mr. 
Clinton uses (he council, among other things, 
to help with his daughter's homework. 

But it is completely characteristic of Mr. 
St^tz, a can-do optimist, col lodwdl on tire 
half -empty cup of his influence. Twinkly 

See WASHINGTON, Page 10 


CURRENCY & INTEREST RATES 


Cross Bat*** 


PraeUut U® *** 


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Port U * 5 CUM 

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I ECU So U23 232U7 US *» 1» WUI USH DUS) 

a; To buy one pound- a. 
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AMtrcLS HSLlortat UB51 iearx.*ram 1505 fawLkma UH2 

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■nan era. EdEwrtwi man «o*wir 22 M Tfcoimt attf. 

CM*** VMH> taJS* J*”* £7139 porLecoato U %M TMUsUHra .ITOB. 

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D-Mork 

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US 1695 
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Sources: AwAn Uoyds Bono. 

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KsyNonsy Kates 


cammcv . pars 

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vnCLboov. WJU 


inutad stotes Close 

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Prime rot* - 630 

Faderatfsatfi 3 h 

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lemdll Tl UDUJ’l mb 3 K 

VyrarTmnvHI 160 

>vwr TTttnurr mte «0 

SerearTreiaaryMta 533 

Tartar Tmnnmtm 547 

W-year Treasurr note . 538 

■3S-TCB' Tremrr hand &41 

MenMldrecfcl04ntie«lytBHt 232 

£255 

DfxooDf rate 

CoUnoanr Oasad 


5W 

Cad now 51* fN 

Vroeeto Irteraoak 5 Mj 5tw 

S^noitb Interbank 5ft 5ft 

HPimtt to t a Do at 5ft Jft 

ID-rear Gin S5* 550 

franca 

lotamBitM rale 

CaU i mat r M0 ™ 

l-mootti hderlMik 6ft 5JJ* 

Amanita Interbank *ft 

AinaM Intwtanfc AM an 

Sources: Rooters, Bleomoere. Morrill 
Lrneh, Bank of Tokyo, commenbimk. 

Ortemrell Montana. Credit Lvonnats. 

Gold 

AM PJA. Orta 
Znricti SSL75 301SS -OM 

London SLID 38135 - M5 

New York 38130 3IU0 -250 

UJL deHart per ounce. London otBcMBf 

btixu ZUrkJitxxt New York euieakw and cias- 

tnpnrlcesi New York Oman (April) 

Source: Reuters. 


3 month Intariwnfc 
6-nwnth tetwtoe t 
u-rearOovsnwmttnwl 


— 1 mpS UK 

<tn»traoc . . ) . i i tur rr 

ourtn. INC MX* Bm* of TotevutTeOvaK Rarer Bank of C oned * 


Lombort rat* 
CBflPo nar . 
i-moBn HMrtKiak 


WreorBmd 


By Alan Riding 

New York Tunes Service 

PARIS — Le Monde, the presti- 
gious French daily, was thrown into 
disarray Friday following the resig- 
nation of its managing director, Jac- 
ques Lesourne, who was just three 
years into a five-year contract 

Mr. Lesourne, the first non- 
journalist to lead the afternoon 
newspaper, said he felt he was ill- 
equipped to cany out an austerity 
program approved earlier this week 
because his authority had been un- 
dermined by “maneuvers" linked 
to his succession. 

Like much of the French press, 
Le Monde has experienced a slump 
in advertising revenue, which now 
provide 23 percent of its budget 
compared with 44 percent in 1991. 

Relations between Mr. Lesourne 
and shareholders deteriorated 
sharply in recat weeks as the man- 
aging director tried to push 
through his austerity budget. The 
budget was approved Thursday by 
Le Monde' s supervisory board,' but 
it had reservations. 

Mr. Lesourne said that, despite 
staff and spading cuts, “draconi- 


an measures" were still needed to 
restore the daily to health. 

His resignation takes effect Feb. 
19. Normally, bis mandate would 
have ended in January 1996. 

. In 1991. the year that Mr. Le- 
sourne look over, Le Monde re- 
corded a S5J million loss. The fol- 
lowing year, it showed a 5250.000 
profit, bnt in 1993 it again wem 
into the red. although the size of the 
deficit has not yet been disclosed. 

The managing director’s depar- 
ture is a particular blow to the daily 
because, under its cooperative 
structure, staff members have the 
last word in picking the chief editor 
and. in the past at least, this proce- 
dure has proved deeply divisive. 

His predecessor, Andrt Fon- 
taine, had to stay on two years after 
his planned retixemat for lack of 
agreement on a successor. 

In a front-page article giving the 
reasons for his resignation, Mr. Le- 
sourae said the battle for his suc- 
cession bad already begun, with 
even his close collaborators under 
pressure to take positions. 

He added that, with its top man- 
agement “at the mercy of alliances 
and ephemeral disagreements." Le 
Maude’s situation could deteriorate. 


Time Considers TV Bid 
With British Companies 


Reuters 

LONDON — The British media 
companies MAI PLC and Pearson 
PLC and the U.S. conglomerate 
Time Warner Inc. said Friday they 
would make a joint bid Tor a fifth 
conventional British television 
channel if such a service were ap- 
proved. 

The Independent Television 
Commission, a commercial televi- 
sion oversight agency, said it was 
evaluating responses to a consul- 
tant’s report on whether there 
should be a fifth channel. 

“It’s the last free, national chan- 
nel in Europe," said Ajay Chowd- 
hury, MATs development director. 
“The others mil all be satellite or 
cable to be paid for by the user." 

Britain has four conventional 
television stations — two run by 
the British Broadcasting Coip. and 
two commercial networks. The idea 
of a fifth channel, paid for by ad- 
vertising, has been floated but 
scrapped before. 

Time Warner, the world's biggest 
media company, was part of the 
only consortium to bid last time 
but the business plan was rejected 
by the television watchdog in De- 
cember 1992. 

Mr. Cbowdhury said many of 
the problems associated with the 
previous bid had been dealt with. 


He said it was bard to put a figure 
on a new bid. but £100 rnmion 
(5146 million) would be a “ball- 
park” estimate. 

Pearson publishes the Financial 
Tunes and other newspapers, has 
shares in commercial television sta- . 
tions and owns Britain's biggest I 
television production company, i 
Thames Television. Thames, which 
Pearson bought last year, led the 

f rcvious Channel Five bid with 
ime Warner. 

MAI has a controlling stake in 
Meridian, an operator in Britain's 
1TV network, and also is taking over 
another operator, Anglia, which has 
three joint-venture deals with Time 
Warner’s Home Box Office. 

■ Belgian Station Wants Oat 

Belgium's cash-strapped French- 
language television station, RTBF. 
said Friday that it wanted to poll 
out of the Franco-German televi- 
sion channel ARTE, Reuters re- 
ported from Brussels. 

RTBFs chief administrator, 
Jean-Louis Stalport, said on Bel- 
gian radio that he wanted to change 
the contract with ARTE that 
obliges his station to produce spe- 
cific programs. "I no longer have 
the means to do it," he said. 

Pulling out of ARTE would save 
RTBF 30 million francs ($501,000). 


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Hcralb^Eribunc 


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at -TV 


/ 






Page 10^ 

MARKET DIARY 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, FEBRUARY 12-13, 1994 


Inflation Data lift g 

Government Bonds ® 

Compiled fo Our Staff From Dispadia Morgan Stanley & Co. He noted $f'§: 
NEW YORK. —Tire stock mar- that General Motors and Ford were 
ket slipped but Treasury bond among stocks that fdD despite re* 
prices firmed after the government porting improved profits this week, 
said wholesale inflation rase a sub- General Motors fell 1 Wat 61 and 
dned 0 2 percent in January. w as the third- most-active stock on 

The benchmark 30-year Treasury the New York Stock Exc han ge. , 
bond rose M/32, to 97 30/32, in late Ford also was active, losing ft to 
t racing with the yield edging down 65ft and Chrysler fell ft to 59»- ■ 

6.41 percent from 6.44 percent Stock exchanges closed 90 nun* ;y : ‘ •; 
Thursday. Investors were betting utes early because of winter storm, 

— — which kept overall trading sub- 


I Via Auedotod Prat* 



Dow Jones Averages 


Indus J8Kf3 3TO&85 3K721 389+70 -OJ4 
: Trans 181845 1BIU1 tmjM0CXU-12ja 

- UM 21527 217.18 21441 Z10.01 rUl 
Sno M07J014MJ3H91.12 MOOTS -1JS 

Standard 4 Poor’* fndnm 


EUROPEAN FUTURES 


hwi lm Prav.Cta* 


JnflusMots 

Transu. 

UWItVn 

Plrtoncf 

in 


HMt Lm CtOM QTb, 
550.11 54107 54&M + M7 
<3729 43115 43431 —US 
145,1V 1433V 145.19 +1J9 
4440 44.17 <43» +6j» 
471.73 44439 470,19 +1JS 
437 JO 43X81 *3748 + U0 


NYSE Indaxas 


N.Y. Stocks 

that the subdued rate of inflation 
would not posb the Federal Reserve 
Board to act quickly in raising short- 
term interest rates again. 


dued. The Dow Jones industrial 
average edged down 0.56 point, to 
3,894.78, while losers paced gainers 
by a 10-to7 ratio on the New York 
Stock Exchange. 

Timberland plunged 9ft to 43ft 


The data spurred seniiment that after the company reported ea rnin gs 
inflation was hkdy to remain in sharply below expectations. Ana- 




NYSE Most Actfwos 


check. Risng inflation weighs on lysis said the stock has been ovcrval- 
bond prices because it erodes the usd recently and poised for a fall 
value of fixed-income securities. Shares climbed from 5 in December 
The stock market failed to trade 1990 to a high of 85ft in November, 
the gain* in bond prices because of Tel&fonos de Mexico's American 


concern about corporate earnings depository receipts continued to 
for cyclical issues. Auto, chemical trade actively, gaining 1 to 74ft. 
and semiconductor companies were The Nasdaq over-the-counter in- 
among the session's biggest losers, dex dropped 2.05 to 781 .37, driven 
“Several important earnings an- by losses in technology stocks such 
nooncements over the past several as Novell, which lost ft to 21ft, 
days have moderately disappointed Oracle Systems, which fell ft to 31ft, 
the most optimistic analysts.” said and Microsoft, which dropped ft to 
Tom McManus, a vice president at 78ft. (Bloomberg, AP) 



VaL 

Ms* 

Lew 

UM 

TaMtax 

42877 

7446 

77V, 

7446 

CalHCA 

41329 

39H 

30% 

3BH 


34812 



61 

WMXTC 


249. 

24% 

24% 


Etni 




PordM 

KPA 

64% 

65% 

Mam 


35H 

34% 

3446 


K - - r 




IBM 

19034 

53+i 

52 

53% 

CRALCa. 

193S7 

20% 

19% 

20% 

KdsAptD 

18020 



1146 

RJRNab 

14725 

7% 


746 

WHW1I 

14492 





14556 

41 Vr 

4046 

4146 

SHorTOi 

14444 

3648 

34 Vi 

354k 


CbrneatiM 2H.8S 259.93 341J1 -037 

tndusfrttt mjA 31fM 321J2 *9.13 

Trnrao, Z77J9 27+77 27534 — UM 

UtHtv 721 JO 219.90 221 JO *139 

Finance 21734 21537 21555 *6317 


NASDAQ lml«x*s 


CompMBO 78X33 77441 78137 — IW 

Ireftotrids B20JS6 81513 B1B47 —33* 

Bonks 694JJ5 fflZJDl 4V2.ro —112 

Inwrano 919.42 91405 917-10 — 4J7 

Fine n» 887.54 88X0 88529 —104 

Tramp. 791*8 791 J* 79148 —174 

ntm 17579 17937 17579 -190 


AMEX Stock Indnc 


cocfli n.cc3 u * 1 

StuUna Mr oMlrlc Wfrlots of 1 * ton MOf 

Mer n m id m n M 

mot to «m m m m to 

M 914 915 924 915 911 912 W 

Sip «M V30 939 V32 927 928 ijL 

Est. volume: no. 

DWnMrmnrlclaiHotserSlan No* 

Mar 13X VU 1310 13» 1401 U» 

May 1300 1312 13U 1365 1313 1314 El 

Jtri 13DD 13U 1309 1300 U» 1308 

Seo 1300 138 1310 13W 1310 1311 K* 

MOV 1300 1300 1300 1300 1310 1312 

Est vohimo: tux 

HW LOW dole arae Mar 
» 

Mar mn 3B7g sum siuo — 240 }» 

Mov 30U8 nta pi 20550 — 090 Ss 

Mm 304LS8 H.T. 394J0 204j00-0.ro CW 
00 DUD N.T. 29150 21150 + 840 **0V 

SBC N.T. N.T. 28949 29140 — U0 . B 8 

Mar N.T. N.T. 29000 29230 Undt 
Ed. vaturna: 1341. Open Hit.: 12311 


Industrials 

HU U> ImTWHa CtH 
ujoiLdro 

UAdeHanw matric too+ot* of MO tan 


HUf 145JD 1025 14400 14435 +130 

AW TUg 14X75 14UDB UU3 +0JB 

May MXB0 1413S M22S 14235 +0JO 

J|M MHO MUD M23S 14235 —US 

Jff 14435 US35 14335 M42S —635 

Ah 14&25 14635 14625 14450 + U0 

SOD NX. N.T. H.T. 14930 — Og 

Oct 15135 15UI 15135. 15L» — 0J0 

Nov 1533$ 15150 153JB -15X75 -035 

OK 15630 U93S 1543D 13630 +025 

Estvofucna: lS.no. OaonW. 1BM99 
HINT CRUM OIL OPE} 

U3. (Milan MT BamHaMer IM0 BaniM 

5SST -SB S3 S3 SStSS 

May UM hm nn un +qjv 

Jao 14.14 144B 14.14 14.11 +B.T2 

M US 1433 M3S WB +0.17 

AH 1443 1443 140 140 +0.14 

Sap MJ0 U40 . 1446 1440 +002 

Od NT. NT, NT. 1470 +011 

NOV T3jOO 14217 1492 143* +OU 


BsLvuimnt: 2041V. Open bit 132351 


HMi Law Loot Om. 
479.14 474.14 47731 —1.90 


NASDAQ Most Acthros 


Yen Rises After Talks 
On Trade Accord Fail 


against the yen throughout the day, 
speculating that US. officials, feel- 
ing frustrated at the bargaining ta- 


Compikd by Our Staff From Dispatches “The administration will want 

NEW YORK. — The dollar the yen 10 remain firm as trade 
slipped against the yen Friday as tendons persist,” Amy Smith, se- 
Presideni Bfl] Clinton announced njor foragn (arehaime Malyst at 
that he and Prime Minister Mori- IDEA, a New York-based oinsult- 
hiro Hosokawa of Japan had failed mg firm, said. She said she expat- 
to reach agreement on ways to in- “ ™ y® 3 *° strengthen funner 
crease American exports to Japan. nca wedc. 

“It looks like the VS and Japan Another analyst said a stronger 
are in a stalemate.” Dennis Pettit, yen “would not be too difficult to 
" . ' achieve,” as the market was already 

Foreign Exchange “leaning in that direction" on fun- 

foreign-exchange manager at damental factors. 

Long-Term Credit Bank of Japan The dollar was slightly stronger 
in brew York, said. against other major currencies, ris- 

Traders had been selling dollars ing to 1 .7540 Deutsche marks from 
against the yen throughout tire day, 1.7534 DM on Thursday, to 1.4800 
speculating that U5. officials, fed- Swiss francs from 1.4793 francs 
ing frustrated at the bargaining ta- and to 5.9585 French francs from 
hie, would resume calls for a strong 5.9515. But the pound edged up to 
yen as a means of reducing Japan's $1.4627 from $1.4625. (Bloomberg, 
exports and its trade surplus. AFX Reuters, Knight-Ridder) 

The dollar tumbled against the 
yen last year after Mr. Cun Ion and ~ 

others said a strong yen would help TE7A CTJTTVf^TV'l 
reduce the trade surplus by making TT/AwXl-t-L 1 xT X 
Japan's exports more expouive. 

The dollar was quoted late Friday Continued from Page 9 

at 107.18 yen, down from 108.25 yen eyed, smiling and comfortably ro- 
ot Thursday’s dose. Traders said the tund, he is simply having too much 
dollar probably would have fallen fun munching his way through “the 
fimhertf asiKiwstorminNew York smorgasbord of interesting prob- 
had not prompted many banks to lems” that wind up on the council's 
halt trading early. agenda. • 

Dealers said a temporary easing “I have the greatest job in Wash- 
of inflation concerns after a lower- ington," be said. The biggest sur- 
tban-opected rise of 02 percent in pnse. he added is the fact that 
U.S. producer prices in January data Washington isn't populated by a 
tended to pull the dollar down as bunch of back-stabbers. 
wed as it seemed to reduce chances "When a decision is informed, 
of the Federal Reserve Board mov- when we’ve had an intelligent dis- 
ing to raise interest rates a gain cussion,” he said “I don't fed bad 
Dealers said weak retail-sales when people don't go along with 
data also hurt the dollar. Bad weath- our recommendations.” 
cr in many parts of the United The work Mr. Stiglitz has done 
Stales helped to push sales down 0.5 in the past gives important clues to 
percent in January, contrary to con- advice he'll give in the future, 
sensus expectations of a gam. Some His analysis of insurance mar- 
economists expressed concern that kets concludes that they frequently 
the drop might be a signal of linger- break down because it is impossible 
ing problems in the U.S. economy, for insurance companies to know 


VW. 

Mon 


Latf 

aw. 



74% 

71 Vi 

744* 

-246 




6246 


-46 

SpocTdi 

r - : < 

jy. 

3*i. 

346 

♦ ¥„ 


11 ft! 





Sefiaesk 2371] 

15% 

12% 

14V, 


Ponffiens 


«Vn 


W M 

— Vd 

viAWAkl 

1 

2V 14 

EK 

2Vd 

-Vu 

mos 

2746 

27 



79 V, 


7846 



3246 

31 

314* 

— W 


^V> 





APwrCvfi 1 


2646 

25% 

2446 

*1 


2646 

26% 

2846 

*146 

PfcTal 1 


16 

14% 

1446 

—2% 

ASK 1 




—V, 


DowJonM Bond ArwragM 


21 Bonds 10*79 

ia utmtm iKLU 

TO Industrials 10643 

MirkitSalw 

NYSE 4 pjn. vcfcime 
NY5E pr*v. OMS. ClOM 
Am«* * pjn. volume 
Amec prav. com. doM 
NASDAQ 4 wn. whimc 
NASDAQ am. * pjm. volume 


Metals 

■s-a* 

ALUMINU M [HWt BTCKW 

7257J00 1»JB0 

^.c*MUWU9B ,CTUD 

g W400 IflSSM 

Forward 1HUXO 1343X0 U79J» M74D0 

dSkit* oar m^rte ton 
S nf 480L00 RUN 4BU0 

49100 49400 4VU» 49VJH 

NICKEL _ 

DoOora par metric (on ___ 

OSLn, SIS —8 Sul 2SS 

TIN ... 


Stock Indexes 

prsEMtiLimn 
■IS par IMMt aaW 
Mar mo XI3U 33713 —363 

Jan 33W0 3MU 33KS —MS 

lap NT. MS mosa —263 

votarn: 30368. Opan mu 7447B. 


Stujraa: ftm/ton. Mat! ft Assocfc 
London Inti rtoUIKJut Futum 
inn PmtnOmm ExcAans*. 


pSUani MO 47LDQ 49»J0 

* an NICSCEL AlumfttUm, 0> 

— 57XUX 57B6JJ0 &2^KSO«c, l b 

OM ^Uart 33100 5840X0 SDOLOO 5M0JH ran FOB. too 
u X1N Lead, lb 

CTO Sx*** 9tr n B30bO°^M3J» 5347JOO 537000 Stool (wra»i™ton 
Uncft. Srword S425L00 .543MQ 541100 542600 mib 

i SS ZINC (5PKhii IHM1 ipTOdal ane.16 


Daflan par mrtrteton ' — 

Soot 95400 95500 95100 V5200 

Forward 97200 97300 MV3D 97600 


Financial 


34HOHTH STERUHO OJFFO NF^FtaS 1 ’ Q ?5 MS 3-iS 

“ DOI OC loN PCI _ ■ 

. . Mer *A7V 9476 *476 — cun INITIAL 

Jon 9491 9404 94.91 — 0O1 CaB uncw P UlCP _ .1175 2-Q 3-1 

H VJt BT A«M_| — 9 TVariliM, □£- mS jjn JljS iSfl Vital MoppOm - A1 M2 M 

N-Y-g-E. Qqq-Lot Tradfrtg gjc S5 wn uSS. irrcoular 

B» Sate. aicrf-S x-^ W? it? 

Fob.10 10*4154 1310005 64413 Doc 9335 *309 9195 —801 cSST 0 n M 

FOb. 9 1057,144 1314232 49J45 Mar 9139 9X73 9X74 —003 R{S”gg£j Wn ; io 5-B H 

Fab. B 10*7 JB3 1J19017 71006 Jn 9163 9X58 9X62 —003 SSS?mlta5ma 5 lOU Ml 54 

Fg. 7 1^9A56 1^396 34001 EsI. WMM: 37431. Open tot: 43&720. Sta?5l»JS2lnd J 2TO M 5U 

^ ^ uyjto J 026J79 1+tOMTH EURODOLLARS llJFFBI MpprannatwADR. 

•metuOKt in tim soles towns. fi mflttoa-pCioMMpti 

— ■ — MM- 9606 9434 MJ6 — OOl RCOUIAR 

SAP 100 Index OfMona *2 SSt SS gg 

■ — DOC *Gr M29 9X32 —X01 

FclkN Mar N.T. N.T. 95.16 —OOl 

SMte QUbbnst NUN J£ N-T. N.T. 94.92 -Ug 

PrteaMl Mar Mr Mm pm Mm Ifen SOP N.T. N.T. 9471 —602 

S» _ Est vahane: 632: Open bit: 1X305. 

3®— — WAONTM EURO MARKS OJFFK3 

- DM! mOHoa - pti of 188 pel 

JH — — — — 18 6 16 - Mar un Mi l Mil + am 

|=r :: Sri £ SS S9 S S® 

»■ SS %% SS i8S 

S fl 9 E Z 9 S ffi, r.. Mar 9503 9498 9501 — 603 


Par Amt Pay Hoc 
INCREASED 

8 JO 3-1 3-15 
.12 348 3-15 


N.Y 4 IJE. Odd-Lot Tradkig 


'rnciuckfftn the safes Hguns. 


NYSE Diary 


Aktwoiced 
Declined 
unenanoed 
Total tsaucs 
New Mata 
Now Lows 


798 011 

1313 1311 

478 <10 

2689 2740 

34 74 

46 52 


AMEX Diary 


Advanced 
Declined 
Uncncoised 
Total Issues 
New hum 
N ow Low. 


REQULAR 

8 29 MB >16 

07 341 +29 
rn q-jbb >14 +5 

Q .19 2-21 >15 
O .053 3-29 +12 
D J3 >7 +1 

’A Q JO >U +1 

x 2-25 +11 

8 JD 244 34 

.10 >1 44 

. 02 2-22 3-1 

§ JM >1 >19 
.72 XU >17 
.1025 2-10 >1 

I Q 09 3-1. >1 

• • Q JS +13- 5-2 

Q 05 M3 >16 

. JD >16 >4 

O J4 34 +0 

Q JO 241 34 

_ .W >10 341 

ROT ADR. 


OO — — — — . 

4T5 — — — - 

420 atk a zm — 

4H121ilSH-- 
438 7ft Wh D* — 

425 4b n V — 


419 In, eh S* Rk » M 1H llh Jan HJI 9447 9iSB —003 

W S 2 Ik 48* — N TTVj 11 — m mkiM- 43J4X Ormn Em - 961 J42. 

430 R Ik N «k m tft » » BP. WWK. on. wijm. 

® k Vi B* — OK W M- 

u k Jl k M 104 , Low aom Cbanaa 

CattK Md nA WUW; tqtol owm W.30UB mSS%V»SSlWpc3 


Rogers Bids $2.3 Biffioa for Madean 

TORONTO (CooiKMdlSyatdBs)^ 

Canada’s largest cable television 

the sale raterates moretbrn 13 bflUon Can adian W t 

RSSSSeedMx 2 tot it mated to mpm M** * 

brnSyed making an actnal offer becanse of 
*ares amtrolled ^ 

has been cotuxroed thatit could not afford. to. *my 

Thursday by the Ontario Securities Commissicm sad Roger* would not 

Stxee and Cuuds end piAGtos 200 oonsitbiet and 

hwfrvKtTfl Vfer^ati^ g jptotHg OMiadian news magazine. [AT, Hewers) 

Paramount Thinks QVC Broke Rules 

. NEW YORK. <ComimKd Dispatcfaes) 

Inc. told QVC Network Inc. on Friday that it had : “wwei , inat 
the h nmfMdiri n pfng nHomMiy may have vuHated the -tad tSng r ules it 
B Tfflp Ded tff tly fivc-month-old take vet fight for Para m ou n t. 

Paramount** statement to QVC came a day after \Tactnn Inc^ a irral 
bidder, comphtined to Paramount that QVC «Med .to he Bmtog ^mat 
-its Wd maybe shored op by possible future purchases _<x QVC stock. H vl. 

its two smbxs to make their best offers byFdxL 
Shaxehflideas have until 1W1 A-M.Tuesday to mficate which offer they 
prefer. Paramount said Friday that if nather bidder gets 50.1 percent of 
its dares by the deadline, the iadding-procednies agreement would 
terminate. (AP, Reute.Tr) 

Amoco to Cut Jobs at Subsidiaxy 

CHICAGO (AP) —Amoco Corp. said Friday that up to 600 jobs wfll 
be cut in a reorganization Of the marketing department of its Amoco Ou 
Casnbsicfiaiy. 

- The department now employs 6,000 people, the conroany said./Ihelay- 
offs, winch wffl affect eoq»oyees in ^ 29 states and. the _IastnCt of Cctom- 
bia, foflow the secood-most-profilahte year in Atnoccf Oil’s history, the 
company sakL . 

Ruhrgas Buys Into Jfenneco Gas Unit 

HOUSTON (AP)— Tenneco Gas said Fridayitsold a 20 percent stake 

of its Temreco Energy Resources Cotp. to Ruhrgas AG, a private natnral 

gas company based m Essen, Gcnnany. ■ 

-Tenneco Gas, a subsidiary of Tenocco lna, said. die two conqjamcs 
aion .<^ gra»ft «n a gmory git to jointiy pursue projects in the European 
energy madceL The deal, terms of which were not announced, was 
expected to be complete within a year. 

Ruhraas is Germany’s biggest natural gas £stributer ana Tenneco 
Encxgy Resources is one of mfive^ largest UJS. marketers. 


1 


~y 

e' U . 




NASDAQ Diary 


Total teuas 
now High. 
Now Law. 


1192 1408 

>405 1U7 

1991 1715 

4785 4790 

54 108 

59 51 


Ctftu MdmLVUHi total ootn M.5tt5S2 
PBtE RM WL U046<J HU OPW Mt «IU» 

Price Dec ft Diets Dact* dkm dkK DkN 

2* = = z T - = 

4»i - - - I % - - 

CTO: total *ot8; UM apet M.2UV 
PBU UM VOL756: toM (801 U.U6K6 
SOmarCBOE 


Mar 11645 114-34 115-31 +647 

Jun 115-11 11+20 T1509 +0-06 

EA. vaturna: ISBJSLOpan hnL: 156319. 
oermam eavaRNMCirr bund ujurre) 

DM 25MN -pt» of 106 PCt 
Mar 99J3 98J6 99J3 +006 

ion 99.14 9040 99.12 +0JM 

Est valaiae: 15X500- Open HL: 02O6J74. 
Mar MPT 102.19 10235 +an 

Est vatuma: LUX Open int^ »,m. 


To Oar Readers 

The New York Stock Exchange, 
die American Stock Exchange and 
j the Nasdaq Stock Market dosed at 
2:30 pJXL EST on Friday. There- 
fore, the stock tables that appear in 
this edition carry dosing paces. 


New YorkTimesRetnrnsto Profit 

NEW YORK (NYJ) — The New York limes Co earned $6.1 minion 
in T993, compar ed with a loss of $44.7 milliah in 1 992* despite a 1993 
fourth-quarter loss Qf $24.I milIjon. . . ■ : - 

The c o m p an y, which owns half of the International Herald Tribune, 
said arednetian in the value of its finest products operations and the 
expected cost of a planned staff reduction at The New York Times 
resulted in the loss /or the quarter, winch compared with a loss of S3.7 
nriffion in the fourth, quarter of 1992, 


Globenewspaper also caS^ to increasedreS^wLd profit 


WASHINGTON: Absent-Minded Professor Adjusts to Life Away From the Ivory Tower 


HUNTINGTON VALLEY, Pennsylvania (Bloomberg) — Shares in 
Toll Brothers Ina, wiridi builds luxury homes; tumbled on concerns that 
bad weattrermtheNortheastemUmtcd States would cutihe number of 


Continued from Page 9 as much as individuals do about 
eyed, smiling and comfortably to- their true health status. Elis sdu- 
nmd, he is simply having too modi tion? Universal coverage, 
fun munching his way through “the His theories about credit mar- 
smorgasbord of interesting prob- kets suggests that high interest 
lems*tbat wind up on the council’s rates may not ease credit crunches 
agenda. - because they attract poor credit 


as much as individuals do about “Markets get the wrong answer. “There will be more stories 
their true health status. Elis soiu- That’s a logical pass that can't be about government failures in the 

tirwi? T Iniwrcol onuwrutn* nut n cntH PnliM T ltftic on V 4 wwwi 4 n k* 


ruled out," said Robert Lucas, an second edition," he said, 
economist at the University of Chi- 
cago. “But he never turned the cor- Perhaps. What’s certa 
ncr into quantitative r ese a rc h . It the sojourn in Washmgt 


team, for example, Leon E. Panet- 
ta, the budget director, who had 
been staring at Mr. Stiglitz, jumped 


In late trading on tire Nor Ytak Stock Exchange,- duties in the 
ccHEDpanyf dl 37 J cents, to $16^25, inJhteavyfettffing. The stock was down 
as much as $3375 earlier in the day. Toll Btotirets executives woe not 
available for comment. 


;eada. - because they attract poor credit doesn’t give you a prescriptive ap- ’ 

“I have the greatest job in Wash- risks. And his analysis of labor pararus either." 


Perhaps. What’s certain is that 
tire sojourn in Washington is not 
likely to tarnish his reputation as 
an absent-minded professor. 


oeensranngai.inr.Duguu,juiuiKu _ rra ■ tV -a 

tq>, exclaimed, “I can’t stand it any Cor The ReCOrd 
more, ” and walked behind tire , 

ecoqOT^ ti) straighten^ 


ingtoo," he Hud. The bingt sm- markets suffiests that discrimma- others worry that Stigtitt is too Twenty minutes into a recent 
nnse. he added, is the fact that turn can be self-remforcme. not nw4« .. 


raise, he added, is the fact that tion can be seif-rrinf caring, not 
Washington isn't populated by a sdf-conecting as conventional eco- 


bunch of back-stabbers. normc models imply. as intended. ~ ' 

“When a derision is informed, “What I’ve tried to do for first . . _ . . . , t . 

when we’ve had an intelligent dis- time is to shift the paradigm," Mr. „ v™ la y~ r ’ a Enend at Stanford 
cussion," he said, “I don’t fed bad Stiglitz said. “The key to economics a _ in “ ,b ®. °L ^ 

when people don’t go along with is problems of information — who under Mr. Bush, added that 

our recommendations." knows what — and these problems . ^ e ’, ^ ras cooBo™ 1 

The work Mr. Stiglitz has done of informatirm are core to our un- s * >cU ™^ a ~ m ^ lon wouJd remedy 


nomic models imply. 

“What I’ve tried to do for first 


ready to believe that government meeting of Mr. Clinton's economic 
intervention wul wont as benignly 


Minnmifl to stnpghtm his 

Mr, SrigHtr — and not, his odr tire petition indndes its two U3L (Bloomberg) 

leones say, for the first time — had Boatmen's Tftnst Cil, a unit of Boatmen’s Baucriiares Incw, ageed to 

tied the tie on U^) of his collar buy Ea^e Management & Trust Co. from Gumness Peat^ Group PLC for 
instead of beneath it an undisdased sum. (. Bloomberg) 


f 


U.S. FUTURES 


Nan. 5*oaoo 

Man low 


ona hwi ura ckna aw anu. 


Own. HWi Loot CtaK Chs.OnU 


BE 

- *.1 

:V- •• ■ +■ 


Via AwodaNd Plan 


Soason 5«aHn 
Han Low 


Oran HWi Low ana aw OpJnt 


in the past gives important clues to 
advice he'll give in the future. 


of all our institutions." 
er economists question 


His analysis of insurance mar- whether market breakdowns in tfae- 


any such naivete. 

Mr. Stiglitz’s recently published 
introductory economics text con- 


1TJ7 9.17 Mer 95 11.15 11.16 1L14 IU7 +6JB +213 
njo «L17Mav95 I US *BB 4J7 

11 JO MU7JrffS . IMS +4UO -an 

TUI laBODOS 11.15 n.15 TL1S n.is +A02 215 

EUROs W»9 Tjy+*to» UU71 
ThuTg opon W 12MN w M _ 

COCOA mNnwm.inai - 
























EUROPE 


EU Cancels 
Import Offer 
For Bananas 


mifflELS - The European 
«nnmsoon said Friday that ithad 
JJtMmwn an offer madam Deceah 
^omcr^'bananaingxHts&txn 

cxporang comnnes in Latin Attu»tL 

S’r+S'S P 0 5 ^ a pparently was 
® arbitration paneL 
Tbe EU offer cf improved market 
access was ccswfitional on the five- 
L^nAmcrican nations dropping a 
co*Mamt to the Genera] Agr». 

mmt ot Tarife and Trade dial EU ' 

Kmana-iuroort nijes iwrodaced m 
were ffiscadimnatory. 

screes said a report 
by a G ATT arbitration pand cco- 
o anrnng the EU import rules was 

submitted on Friday to aH membe rs 

of the GATT Council, who ana 
nnananously approve it to ft 
rffectne; But because the EU is on 
the councfl, it unSkdy to accept the 
finding s, which were subm itt ed to 
the countries involved in January. 

The Commission offered in De- 
cember to increase a 2 milforn tan- 
a-year banana import tariff quota 
to 2.1 mflHon tons in 1994 and to 
22 milHon tons in 1995. 

Tbe Latin American countries are 
Colombia, Costa Rica, Guatemala, 
Nicaragua and Venezuela. Guate- 
mala and Costa Rica rqected the 
offer, a commission nffeferi g ^ yj . 

The EU earikr rejected a propos- 
al by Guatemala to increase the EU 
banana import quota by 500,000 
tons, to 25 rralKon tons and to re- 
duce tariffs. 


Deepening Crisis at Ascom 

Finance Chief Quits in Dispute With Board 


Raters 

■ — The abrupt departure of Ascom 

Holding’s finance director has pushed the Swiss 
company deep into crisis, waving the speedy sale 
cf its unprofitable units imperative, industry ana- 
lysts said Friday. 

“The company needs visible results, and they 
must come from closure or .sale of activities,” said 
Roland Ixnteocgger, a stock analyst with Bank 
Julius Bar. 

Ascom announced late Thursday that its finanw 
chief, Klaus RflfscM, had resigned because of dis- 
agreements with the board over financial ma 
meni and information policy. The position 
nance director, remains vacant. 

News of his departure helped drive Ascom’s 
aare p rice lower in Zurich trade on Friday. In late 
trading, the shares were quoted at L230 francs 
(5830), down 50 franca. 

Mr. Rfltscbi is run. the first senior executive to 
leave the company at short notice. A forma 1 chief 
executive, LeonardoVanotti, resigned at the end of 
last year. 

Ak»m said earlier this mnm h *lu»t it was rx pfrt - 
mgto report a group loss of 150 million to 350 
mflHon Swiss francs (S100 million to S235 mffliem) 
far 2993, but adde d it hoped to break even in 1994 
and at least avoid a loss from operations this year. 
In the first half of last year Ascom reported a loss 
of 79 milli on francs. 

H crunch Steuunann, a board member, s a i d 

up its cable acthdt^s^h AmericmTS^hOTe^ 
Telegraph Co. Ascom also said in December that it 
would form.a joint venture with the German elec- 
tronics concern Robot Bosch GmbH to produce 
private mobile radios. 

The plans would give Bosch a majority interest in 

a joint venture incorporating Ascom’s u - 

Akjom Rariiooom AG, which mainly ] 


b3e radios for such public authorities as police 
forces and railroads, and for transport companies. 
Ascom was formed from a merger among three 

traditionalsuppliers to the Swiss national post and 

telecommunications service, which had previously 
thrived in the protective haven of the Swiss domes- 
tic market. 

But recession, liberalization of the telecommuni- 
cations market and reduced public purchasing 

'Ascom is certainly in 
crisis. Any company that is 
losing an annual 300 
million francs is in crisis. 9 

Roland Lentenegger, stock analyst. 

Bank Julius Bar. 

have forced Ascom into deficit, obliging it to 
attempt to restructure. 

Analysts say the company must now sell units to 
halt losses. “Ascom is certainly in crisis, Mr. Leu- 
tenegger said. “Any company that is losing an 
annual 300 millio n francs IS in Crisis.” 

The company m»H» one big mi claim in the 
past,” he added, “and that was to concentrate on 
arqnisirirwc and mrtwnal growth, rather than on 

integrating existing activities.” 

Viktor Denman of Bank Von tobel also said that 
sales of units were needed. But Mr. Damman said 
Ascom stfll had some cards to play. 

Mr. Damman, who estimated the 1993 loss at 
about 280 million francs, noted that in soma areas, 
such as transmission, cordless phones and ticket- 
vending Tnanhinft^ the company could boast state- 
of-the-art technology. 


Cap Gemini Pins 
Loss on Economy 
And Restructuring 


Compiled by Our Staff From Dispatches 

PARJS — Cap Gemini Sogeti 
SA said Friday its loss widened last 
year to 434 million francs ($73 mil- 
lion) in 1993 from the 80 million 
francs it reported a year earlier, and' 
the software and computer-services 
concern said it would seek 1.5 bil- 
lion francs erf new capital. 

Cap G emini which is linked to 
Daimler-Benz AG through its hold- 
ing company, also revealed that tbe 
80 million franc profit reported a 
year ago included a significant capi- 
tal gain from the sale of its former 
headquarters. Without tbe addition- 
al income, il said, its loss would have 
been 333 nrilbon francs. 

Pierre Hessler, the deputy man- 
aging director, said tbe company 
saw mm for optimism thi* year. 
He said a difficult economic cli- 
mate Hnri the company’s restructur- 
ing program wore the roots of the 
losses in the last two years. Mr. 
Hessler refused, however, to pro- 
vide a 1994 profit forecast 

Mr. Hessler said an improving 
economy and reduced financing 
charges would help the company 
this year. He said Cap G emini ex- 
pected financing costs to fall after 
the capital increase, details of 
which were vague. The company 
said earlier in the day that Sogeti 
SA, its largest shareholder, would 
subscribe to 61.5 percent of the 


increase D aimler has a substantial 
minority shareholding in Sogeti. 

On the Bourse on Friday, Cap 
Gemini’s shares fell 10.80 francs, to 
218.20. 

Vincent Grimond, the vice chair- 
man of the c omp any, said Cap 
Gemini would raise additional 
funds by accelerating its program 
of selling nonstraiegic assets. He 
did not provide details, but he said 
the company’s asset disposals last 
year totaled 200 mfllion francs. 

The company did say that it had 
recently sold its stakes in Jacobson 
& Widmark AB of Sweden, Carel- 
comp Oy of Finland and Copemi- 
que of France. 

Another asset shift involves the 


of winch Cap Gemini owns 
49 percent, with debis Systemhaus 
GmbH, which owns the rest. Cap 
Gemini said the move would rein- 
force its lmk with Daimler-Benz 
Interservices AG, known as Debis, 
the financial services unit of Daim- 
ler-Benz. 

In its earnings statement, which 
was provisional Cap Gemini said 
its sales fell 7 percent, to 1 1 billion 
francs, although without exchange- 
rale fluctuations the decline would 
have been 4 percent. This revenue 
figure did not indude Sogeti Con- 
sulting's sales, which $516 milli on. 

(Reuters, AFX, Bloomberg} 


Tony O’Reilly Strikes Again 


Conthmed from Page 9 
est,” with a “substantial” further 
recovery to come. 

Lloyds’. British retail-banking 
operations reported a 1993 pretax 
profit of £74 million, r ev e rsin g a 
pretax loss of £32 mflfioa the previ- 
ous year. 

Retail operations, Mr. Ibbs said, 
were still affected by wok loan 
demand from small businesses, al- 
though there had been some upturn 
in loan demand m 1993. 

Tbe chief executive of Lloyds 
Bank, Brian Pitman, sad there had 
been a “substantial increased in de- 
mand for personal loam, largdy 
consumer loans and mortgages, 
and a “slight turnaround” m the 
commercial sector. 

BUt he said demand for loans to 
small businesses continued to- be 
subdued and loan from 

large corporation was actually de- 
clining, with manybig businesses 
looking to rights issues and bonds 
as sources of new finds instead. 


The combination of weak loan 
demand and- increasing competi- 
tion in the financial sector was 
causing a “contiiuiing squeeze on 
margins,” Mr. Pitman sard. 

. Mr. Pitman said he expected 
margins lo continue at 

Lloyds and elsewhere in the finan- 
cial-services sector, as competition 
was con tintring to intensify. 

Mr. Ibbs added he saw “some 
degree of consolidation and re- 
structuring" in finandal services in 
Britain necessary and ‘inevitable.” 

He said the restructuring would 
mean further job losses, although 
he said there would be do “violent 
or sudden" job cuts at Lloyds. 

488®.^ sail US,"— - 


Carpikd by Our Staff From Dispatches 

LONDON — Independent 
Newspapers PLC, the Irish publish- 
er coatrafled by Tony OTteflly, said 
Friday it was taking a majority 
in a London press concern, only 
days after Mr. O’Reilly bought ma- 
jor holdings in newspaper compa- 
nies in South Africa mid Britain. 

Independent Newspapers, Ire- 
land’s biggest media company, said 
h was was buying nearly 67 percent 
of Capita] Newspapers PLC from 
the British publisher EMAP PLC 
and Stanto nmfll Ltd. for £4.8 mil- 
lion ($7.02 million ) 

The agreement is subject to the 


form the London Stock Bghmy 
in 1993, were nncfaang ed at 615 
pence Friday. The shares rose 16 
percentin 1993, while (be Financial 
Thnes-Sdck Exchange 100-share 
inder was gaming 25 percent 
. . (Bloomberg AFX, Reuters) 


Trade and Industry. 

Capita] has nine paid-circulation 
newspapers and five free newspa- 
pers. Independent said it would 
consolidate them with the Greater 
London & Essex Newspapers con- 
cern it already owns. The latter has 
two paid and six free papers. 


Ray Tindle, through Tindle 
Newspapers Ltd, is to retain a 33 
percent' stake in Capital Newspa- 
pers. Independent Newspapers 
said Mr. Tindle has granted it an 
option to buy this holding. 

If the option is exercised at the 
end of a five-year option period, 
the maximum consideration pay- 
able would be £3 3 million, it said. 

Industry analysts say Mr. OTtcD- 
ly, who is also chief executive of 
H. J. Heinz Co„ is intent on turning 
Independent Newspapers into a ma- 
jor international media concern. It is 
fighting a consortium led by Mirror 
Group Newspapers PLC far control 
of Newspaper Publishing PLC of 
Britain, owner of the ailing Indepen- 
dent and Independent on Sunday, 
newspapers not related to Mr. 
O’Reillys company. 

Mr. O’Rally spent £18.4 million 
on a 24.99 percent stake in News- 
paper Publishing last week 


Five days later, on Wednesday of 
this week, his Dublin-based com- 
pany took a 31 percent stake in 
Aigns Newspapers of South Africa, 
for 20 million punts ($28 million). 

The acquisition gives him a lead- 
ing role in the new South Africa 
that will take shape after the first 
multiracial elections there in April 
Independent Newspapers had 
debt of about 10 milli on punts at 
the end of 1993. The company 
mined in first-half pretax profit 
last year of 14.57 milli on punts. 

( Rotters , AFXy 


ConalPhisAide 
Quits Hctvaslbst 

Bloomberg Business News 

PARIS — Andrfc Rousselet, 
chairman of tbe French pay tele- 
vision chann el Canal Plus SA. 
has reamed from the bond of 
Havas SA. tbe station's control- 
ling shareholder, to protest a re- 
shuffling of Havas share capital. 
Canal Bus said. 

It was reported Friday that 
Havas put its 235 percent stake 
in Canal Plus into ajointly held 
company with Compagnie 
Generate des Eaux SA. 


COMPANY RESULTS 






NYSE 

Friday 9 ! fioalnn ~ ■ - 

Tables include the nationwide prices up to 
the closing on WaB Street and do not refl ect 
ides euawhere. 


late trsdesi 


VlaThoA s toc ia tma Press 


(Continued) 


12 Month 
HWrUrwBorts 


ra* ywpe wn« nai usrtjfatoreg 



HV. W»tl 
irn n*J 



» MW 

• 4 TO"W* 



Revenue and pro fi t s or 
losses, in millions, are in 
local currencies unless 
otherwise fndteated. 

AusftraHa 

Pacific Dunlop 
WHaK ■ 199J T992 

Revenue 3JKJ. X21Q. 

Profit 15050 119.94 

0.14* an* 


1992 

ua 

79J00 

aw 


Canada 

Moron da 

▼•or 1993 

ttwm* US 

Profit InlSTJ) 

PorShor* — — 

a; Las s. 

United States 


Fleming Companies 
•motor. 1993 1992 

Rrnnw M47. 3.105. 

Ow Net 1C90 30.90 

Oper Share— 0*0 OB3 
Ynt 1993 1992 

Revenue — 1M*2. izbw. 

Oner Net 99 JO na90 

Oner Shore— 2.7B 321 

1993 Quarter net exetudes 
owwr of Slow million and 
loss of SZJ million. 

General Motors 
*tXQuor. 1993 1992 

Revenue 3130. 35552. 

Ne* Inc. 1,176. la)65M 

Per Share L2B — 

Year 1993 19B 

Revenue 130220. 132J42. 

Net Inc. &«Oa)23^98 

Per Shore 2.13 — 

o: Less. 1993 nets Include torn 
of fteej mutton tn Quarter 
and rti aro ts of SOU million 
mfuflyeor. 

Goodrich (B.F.) 

•Hr Qaar. 1993 1992 

Revenue <E8JC 4B1 ad 

Net lnc. fi|50(a)2Ua 


Year 1993 1*92 

Revenue U18. 1*0 

Net lnc. 12630(0)295.9 

Per Share — 4*8 — 

a: Inn 1999 results restated. 


Goodyea r Tire A Rub. 
en Osar. 1993 1992 

Revenue 2516. 2,926 

Net lnc nx20 8750 

Per Shore — 07* 0*1 

1993 1992 

114*3. 11785. 

,... 36750(0)6516 

Per Share— 2** — 

a: loss. 


Revenue . 
net lnc. . 


Grace (WJU & Co. 
(Hi Quar. 1993 1992 

Revenue 1.192. 1721. 

□per Net BSL20 74.10 

Oper Shore— tun 062 
Veer 1993 1992 

Revenue— *eoa. 4337. 

Oner Met 234^*0 202JB 

Oper Shore— 256 276 

Nets exclude goto of S2B0 mil- 
lion v± Income of SI JS mil Hon 
In Quarters, losses at SHH4 
mutton vs. SM22 million and 
ctetrurs of HOD million vs. 
sue million tn full rears 


Hasbro 

*th Qear. 1993 

Rrvenue *3220 

Net Inc. 7073 

Per Share — 078 

Year 1993 

Revenue — 27*7. 

Net lnc. 2QQJX) 

Per Share — . 222 


1992 

B31J4 

ISM 

073 

1992 

2541. 

179.16 

201 


1993 nets Includes choree of 
SlSSmttOon. 


Hercules 
i dear. _I993 


Revenue 

Net Inc 

Per Share 

Year 


Net Inc _ 
Per Share. 


71471 

5471 

130 

T993 

2771 

(0)3338 


1992 
4*4*3 
4134 
09S 
1992 
2345. 
167.90 
3 a 


Illinois Tool Works 
4» soar. 1993 1992 

Revenue— 80OJ1 7M.45 

Net Inc. 5830 5155 

Per Shore — 052 046 

Year 1993 1992 

Revenue — ns*. 2312 
Net lnc _ 20*57 1*208 

Per Share — 132 1.12 

Pur snare results restated far 
2Aor-l soul 

Kroger 

4th Quar. 1993 1992 

Revenue SJOi- 

Net lnc B2.7B 53.15 

Per Share — 076 OS7 

Year 1993 1992 

Revenue 22384 22ltt 

Net Lass 1222 S-W 

1 993 Quarter net Includes 
than es at minion. 

Melville 

4th Qaar. 1993 1992 

Revenue 3510. 1488- 

Net Inc 237-45 3734 

Per Shore— 222 032 

Year 1993 1992 

Revenue 10435. 10433. 

Net Inc 331.7* 13X43 

Per Share 100 1.13 

1993 nets Include ch o n es a! 
ShUA million. 

Owens- Illinois 
4th Qev. 1993 7992 

Revenue — 873J0 80.10 

Net lnc (0)3173 2.*o 

Per Share. — — OB2 

Year 1993 1992 

Revenue 3535. 3J?3. 

Met lnc 490(0)1342 

Per Shore — 003 — 

a: Loss. 1993 nets include 
choreas of S355 million end 
OOtn of SSZA million tn qur- 
ler and oohotsnr minion m 
lull year. 

Ryder System 
•th Qaar. 1993 1992 

Revenue 1394 1329. 

Oner Net 3054 2370 

OnerShare- 03* 028 

Year 1993 1992 

Revenue 4217. 4020. 

Oner Net 11472 9835 

133 1.17 


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Sources: Reuters. AFP 


liuanaaoaa) Hcrvld Trihinc 


Very briefly; 


• British Aerospace PLC said its chairman, John Cahill, will resign at the 
next annual meeting. He is to be succeeded by Bob Bauman, who is to 
retire as chief executive of SnuthKBne Beecham PLC at the end of April. 

• Istfinto per la Rtcostrnzioiie Industriale, the Italian state holding 
company blown as 1RL said the sale of its 54 percent interest in Banca 
Commerriak ltafiana SpA will start Feb. 28. Tbe price will be set Feb. 26. 

• West Gentian retail sales fell an inflation-adjusted 6 percent in Decem- 
ber from a year earlier, to 68 billion Deulscne marks ($39 billion.), the 
Federal Statistics Office said. 

• Siemens AG and Motorola lnc. said they would build a mobile phone 
network in Kuwait Siemens valued the contract at 50 million DM. 

• Pentos PLC the British retailing company, said it is seDing a 53-store 
computer chain called Hyman Computer Stores to Cefluhr Communica- 
tion Gup. for £100.000 ($146,000). Pentos said it would take an excep- 
tional charge of £3.9 million against 1993 results. 

• Burford HoUmj^ PLC a British real estate company, said it will buy 15 
properties from Ladbroke PLC for about £100 million. Burford said the 
acquisition would be financed by the sale of three new shares at 92 pence 
each to holders of five existing common shares. 

• Royal KNPBTNV, the Dutch paper and office products company, said 
it expected a loss before extraordinary items of 23 milli on guilders ($11.7 
million) for 1993. It reported profit of 175 minimi guilders a year earlier. 

• KLM Royal Dutch Antilles plans to streamline iis corporate structure 
and reduce the number of its divisions to two from three. The Dutch 
carrier will merge its freight division with its passenger transport division. 
The structure of its operations division will also be revised. 

• The French economics minister Edmond Aiphandery said he foresaw 
only limited possibilities for lowering French interest rates independently 
of trends in other European countries. Bloomberg, AFX, Reuters, AFP 



IPREFEITURA MUNICIPAL 

LAURO DE FREITAS 

CALL FOR TENDERS 

ANNOUNCEMENT OF INTERNATIONAL COMPETITION NO. 001/94 - PMLF 

FEDERAL REPUBLIC OF BRAZIL 
SOCIAL WELFARE MINISTRY 
SANITATION DEPARTMENT 

SOCIAL ACTON FOR SANITATION PROGRAM - PROSEGE 
BAHIA STATE GOVERNMENT 
MUNICIPALITY OF LAURO 06 FREITAS 
SPONSOR - CTTY OF LAURO DE FREITAS 

The CSy al Laura be Freitas (Etooroor) hereby announces the) as 10 am on 31 Ktoch 
1994, at Rua Alfredo Toma Sheet s/n. the awttanun of lha Crt/s Mjnicval Educabcn 
Department, the Chairmen o I the Bkking Committee wil be a ccepting documermy 
proof o( quaHcatan and tBrdere tor Ihs construction al a sewage Systran. The project 
Includes the nstalailan o! a 25.000-m PVC coflecton Systran, 2.280 household 


connections and 08 treatment units i 
desoibed hi the lender documerts. F 
torekai coneanies horn World Bank 
the Social WMbre 


I ol anaerobic and alternative pools, as 
Idpante in this comp e tition mat be Brazflan or 
rrtoer countries. TWs project wR be funded by 
u*h partis Knandng provided !hn&0i loan 
Government by the Worn Bank, os we» as funds 


BR. wanted » toe 

Federal Budget. These amounts be mattied by the City of Laura de 


82»OC-BR | 

Fratas, n accor da nce w«h Budget Law 797/93 o 1 23 December 1993 Complete under 
documents may be summed and purchased lor me sum erf CRJi 00,00030 (one 
hundred thousand cruzeiros rears), at the centra) office oi the Mrrsdpal Adrrenistratton 
Department (Sacretana de AdmHstrepao), as al die first day Das annouwemenl is 
ptoasted- Doamente w* be available dmng office hows and no later man 10 (ten) 
days before tie date when Idantlficaiton and lenders are to be sahmitted. 


Vote Tavares da Stlva 
Chatman erf the BKkSng Committee 
Sponsor 




For further details 
oh bow to place your listing contact 
PATRICK FALCONER in London 
Tel: (44) 71 836 48 02. 

Fax (44) 71 2402254 

Kcralbd^teSnbimc. 


ESCORTS & GUIDES 


BELGRAVIA 

ORCHIDS 

lO HDONH UttSBca n-Aea cr 
CXH8T CAJB35 ACCEPTS 

UK 071 589 5237 


FERRARI 

LONDON ESCORT AGBCY 
MAJOR CRBDfT CARDS ACQPIBI 

071 823 4456 


s; S 


MBNA7KNAL ESCORTS 

5eni» Aveiabla Wertoude 
Tot lWiSSS96 Now Ymt, USA 
HqvCn&QxA&OadaJuxqmd 


INTERNATIONAL CLASSIFIED 


(Continued From Page 13) 


ULTIMATE ’Iff 

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NASDAQ 







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Friday’s Closing 

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Murdoch 
Gets Wary 
Welcome 

India Says Media 
Buaed Against It 


N™ rapi’ - He govern- 
meat ottered a cautious wefcome 
Fnday to plans by the media maa- 
nale Rupeit Murdoch to set up^ 
television company in the ootmav 
bot complained that foreign media 

often distorted reports about India. 

Officials present at a meeting be- 
tween Prime Minister P. V.Nara- 
amha Rao and the Austr aHan- bom 
tycoon said Mr. Murdoch had ex- 
pressed a desire to invest in Inrfy 
The prime minister welcomed Mr. 
Murdoch's plansto set up studios in 
die country but told him that New 
Delhi’s image was often tanrirt^ 
by bias in the foreign media,” an 
aide to Mr. Rao awrf 

This amounted to a cautious wel- 
come in a country wbere then: is 
deep mistrust of 4he West and 
where many express fears of a cul- 
tural invasion. 

Mr. Murdoch was quoted by the 
Economic Times newspaper Friday 
as saying he planned to set up a 
television company for India with 
its own studios in the country. 

Owner of the Hong Kong-based 
STAR TV broadcaster; -Mr. Mur- 
' dock told the newspaper he would 
set op an India-based company once 
be codd beam programs ootcfln- 
dia by sateffite. Such upttnfc farfl jtfcg 
are now a government monopoly. 

The televison company for local 
viewers wiD be caBea STAR India, 
will broadcast programs focusing on 
Indian culture and be owned by Mr. 
Murdoch's News Corp; “It win be 
quite different from my operations 
elsewhere,'’ Mr. Murdoch said. Tt 
wlQ be something for just ImSans.” 

Mr. Rao advised Mr. Murdoch 
to “understand India** so that the 
proposed television programs pro- . 
jected the country truthfully, offi- 
cials said. Mr. Murdoch said he was 
mating his current viat to India to 
acquire snch undCTStandmg. 

The media baron donated 
$10,000 to the Pome Minister’s Re- 
lief Fund, which finances emogen- 
cy assistance in times of calamity. 

In addition, Mr. Murdoch has 
met with Indian pti&tiaans, pub- 
lishers and cable-television opera- 
tors during his trip. 

Separately, Mr. Murdoch said be. 
had no plans to move STAR TV, 
which broadcasts six Channels to 3S 7 
Asian countries, 
when the British colony is 
to China in 1997. 

“I thinlr we have to mate oar 
peacew»tlhtteChiBWg8w&aQ^- 
and the Chinese people,” he said, 

■ referring to efforts By Beijing to 
limit STAR TV’s impact 

(Baum, AFP) 




L >» 


Y>$A> 


Page 13 

ASIA/PACIFIC 


Malaysia Throws Japan a Hardball 

Pay More for Natural Gas or Shop Elsewhere, It Says 


Mwwfcoy Butinas News 
KUALA LUMPUR ——In the first hand of 
a high-stakes poker game, Malaysia is telling 
us best customers, toe Japanese, to pay more 
for liquefied natural gas or start lotting dse- 
where for new supplies. 

Malaysia, one of the world’s largest pro- 
ducers of liquefied natural gas, is flush with 
. new natmal gas for export. At the same time, 
it Is trying to decide whether to commit 
hundreds of millions, of dollars to build the 
noevphase of its LNG processing complex on 
the island of Bomea 
The country's problem, and the one facing 
LNG producers worldwide, is that liquefied 
: natural gas prices, dosefy Imkrd to crude ofl, 
are too low to warrant the huge cost of 
increasing production capacity. 

“Our customers must realize that they will 
not have new supplies unless then are pre- 
pared to pay more,” said Datuk Tan Sri 
■ Aa zan Zamul Abidin, president of PetrdHam 
. National Bhd. t Malaysia’s natio na l ofl com- 
pany. 

If Malaysia’s relatively modest expansion 
cannot get off the ground, the outlook is 
bleak, for the construction of the large new 
-plants needed to meet rising demand in Ja- 
pan, Taiwan and South Korea, analysts said. 

While no one is talking about boosting the 
price of Ijqnefied natural gas sold under exist- 
ing contracts, Tan Sri Azizan of Petronas said 
something must be done now to spark con- 
struction of new capacity. 

Part of the problem, he said, was that no 
one in the LNG business really knows how a 
new pricing system would work. Under the 
current system, the price of LNG delivered to 
Japan is pegged to the average price of a 
selection of grades of ciude caL 
In Japan, LNG use has grown dramatically 
to account for about 11 percent of total 
energy demand since the country began im- 


porting the fuel from Alaska in the late 1960s. 

Japanese imports of more than 48 million 
metric tons a year account for about two- 
thirds of world consumption. According to 
industry estimates, Japanese LNG demand 
could rise to 88 milli on tons by 2010. 

Spokesmen for Japanese gas industry asso- 
ciations declined to comment on Malaysia’s 
effort to play hardball on capacity expansion. 
But Satoru Aonuma, a spokesman for Tokyo 
Gas Co., suggested that “decoupling” LNG 
prices from oil would be difficult. 

“Since LNG and crude ofl are competing 

Malaysia’s problem is 
that LNG prices are loo 
low to warrant the huge 
cost of increasing 
production capacity. 

fuels, it is inconceivable that the prices of the 
two products would be different," said Mr. 
Aonuma. “Tt is just a matter of supply and 
demand. We bum LNG and oil for the same 
purpose." 

A medium-size exporter, Malaysia sells 
about 8 million metric Urns of LNG a year to 
consumers in East Asia. The country is anx- 
ious to develop hs plentiful reserves of gas to 
meet what many have predicted would be a 
virtual explosion in LNG demand during the 
next 20 years. 

Petronas is not alone. Far years, sellers of 
LNG in the Far East— Australia, inrtnni»«aH l 
Brunei and the United Slates — have made 
the same argument about prices. The current 
price of about 53.50 per milli on British ther- 
mal units is too low, they have said. 


The low-price outlook partly explains a 
rush by LNG producers to expand existing 
capacity. Producers have the raw gas to sell 
and it is cheaper to expand a plant alreadv in 
place than to build a new one. 

With the exception of a proposed LNG 
plant in Qatar, no new plants are expected to 
get off the ground in the Asia-Pacific region 
before the end of the decade. 

The primary reason the Qatar project will 
proceed is because its 519 billion price lag 
has been underwritten by “Japan Inc.," said 
James Ball, an executive at London-based 
Gas Matters, a gas industry newsletter. Japa- 
nese companies have provided favorable fi- 
nancing for the project, be added. 

Indonesia's N arena gas development is 
perhaps the biggest project stalled by low 
prices and high costs. In Indonesian waters in 
the South China Sea. the field contains an 
estimated 210 trillion cubic feet of gas (6.3 
bflEcm cubic metos). 

But the $30 billion price of developing 
Natuna has pushed the estimated price of its 
gas above S5 per milli on British thermal 
units. Much of the cost of development is 
linked to the stripping of carbon dioxide 
from gas and disposing of it under the seabed 

Malaysia's push to win higher prices fa- its 

X sfied natural gas is the opening gambit in 
t will likely be protracted negotiations 
with Japanese buyers. 

Meantime, Petronas executives are busy 
developing new LNG markets in Asia. The 
rationale is that if Japan is unwilling to pay, 
then perhaps China, Thailan d or India will. 

Tan Sri Azizan said the most likely new 
buyer of LNG in Asia was China. Already, 
Royal Dutch/ Shell Group, in partner ship 
with PowerGen PLC, is studying the feasibil- 
ity of an LNG receiving te rminal and power 
station. 


Profit Rises 
At Pacific 
Dunlop 

Compiled hr Our Staff From Dispatches 

MELBOURNE — Pacific Dun- 
lop Ltd said Friday its profit rose 
26 percent in the six months ended 
Dec. 31, to 150.5 million Australian 
dollars (5108 million), and it fore- 
cast further growth. 

Sales rase 9 percent, to 3.51 bil- 
lion dollars. Pacific Dunlop de- 
clared an interim dividend of 11 
cents a share, compared with 10 j 
cents a year earlier. 

The manufacturing company 
said strong performances by its 
batteries division in North America 
and strength in most of its Austra- 
lian operations were the main rea- 
sons fa the improved profit. The 
result, however, was at the lower 
end of analysts' expectations. 

Pacific Dun] op's operations in- 
clude industrial, automotive, food 
and medical products, as well as 
clothing and rootware. 

Ch airman John Gough said he 
was confident the company's 
“growth momentum” would con- 
tinue, with consumer confidence 
climbing in North America, Aus- 
tralia and New Zealand. 

Profit in the food groupwas flat 
despite the acquisition of PI morose 
foods in July. But Philip Brass, 
managing director, said food re- 
sults were usually stronger in the 
second half of the finanaal year. 

The company’s 50 percent stake 
in South Pacific Tires, a partner- 
ship with Goodyear Tire & Rubber 
Co., contributed 15 5 mini on dol- 
lars to pretax profit, up from 12.1 
milli on dollars a year earlier. 

(Reuters, AFP) 


Investor’s Asia 


Hong Kong: 
HangSeng 


Singapore 
.Straits Times.; 


Tokyo 



Slnsapof« . . 

Slrai&Timas . •• 

aGMd:-. - 

Sydney: 

i^Ordinailes-; 


Tokyo . • 

NSd03f225: 

•• : Ctoaed , 4am,70.:; = 


, v. 

Bangkok .- 

SET . s 

■ .1^6341 :^1.41D£S ,-,^t . 

-Seoul 

. CSani|306ite Stpdc, * Closed ■■ ; v, « ! 


Weighted Price..; 

Closed ■; o • • V--0 : 

.Harflia • ■: 

. Cwiwgjte /v.\ 


Merit*. \ ■_ 

Stock Index. *. 


NeurZftdfind 

.Nairt.-;. 

■***■■■ 

Bombay -; 

iS^tipn£rt,fndtox ; :. 


Sources: Haulers. AFP 

lnuotooial Kenld Tribune 

Very briefly! 


INDIA: (hnsumerism on the Rise Japan Hopeful on Bond Sales 


CoatinM from Page 9 

those of their neighbos and trad- 
ing partners,, were pushing fa 
ch ang es. 

“We have total public support 
fa reforms in the banking system 
now" said Ravi Vira Gupta, a ca- 
reer dvil servant dying to make 
India’s stale-owned bankmg sector 
more profitable and customer 
friendly. “The public is fed up with 
substandard service. Jt wants to see 

firing s change quickly.” . 

' Poverty and a lack of the most 
basic gove rnm ent services charac- 
terize the lives of rinflions of Indi- 
ans. But with, increasing prosperity 
in the upper and middle classes, in 
which at least 40 nuffion people 
earn more than $40,000 a year mid 
60 nrifliou speak flnent FngHsh, In- 
dia promises to became an impor- 
tant consumer market for interna- 


Advertising agnates; manjrnow- 

expanding foreign brands in India, 
have enjoyed 100 percent growth 
over the past three years. 

Such targeting worries domestic 


manufacturers and merchants 
emerging from decades under a 
system where government planners 
. often dictated which products com- 
panies could make, where (hey 
could sell them and at what price. 

“The Indian consumer now 
wants the best of both wolds,” said 
Krahnan K. Modi, Laht Modfs 
father and head of tobacco, tea and 
ch emical operations in the family 
group. “He wants higher quality 
and will pay fa iL“ 

■ A FnHy Digital Network 
A government official said Fri- 
day that . India's telecommunica- 
tion system would become fully 
digital by 1996, when it plans to 
launch the multmurpose Integrated 
Services Digital Network, Reuters 
reported from New DdhL 
The network is a high-speed 
communications system in which 
voice, data, image and video com- 
WDnirations arif integrated. The of- 
ficial said India would be among 
“the few developing nations to 
have this advanced communica- 
tions system.” 


AFP- End News 

TOKYO — Japan's program of bond issues in the 
year that begins April 1 is expected to be well-received 
by investors despite a scheduled sharp rise in the 
amount of securities sold, analysts said Friday. 

The country’spropxKed budget for the coming fiscal 
year, released this week, the Finance Ministry forecast 
that government bond issues would total 36.5 trillion 
yen ($337 billion). 

That compared with an initial estimate of 29.9 
trillion yen fa the current year, although analysts said 
the total fa this year would probably reach at least 32 
trillion yen because of ihe three supplementary bud- 
gets the government has brought out to try to stimu- 
late the economy. 

“The funding should not be a problem, given the 
state of the economy, with banks and insurers faced 
with low demand for funds,” Neil Rogers, an analyst 
at UBS Securities, said. 

Finance Ministry officials said the program fa the 
new year would indude an estimated 12 tnlb’on yen of 
10-year bonds in monthly auctions of 1 trillion yen 
each, 1 trflEon yen of 20-year bonds, 12 trillion yen of 
two-year issues, 2.5 trflUon yen of four-year, 200 
billion yda of five-yeafand 900 million yen of six-year 
issues, as well as an increase in Treasury bill issues to 
1 1 triHian yen from 10 trillion yen in the current year. 

“We are to see six-year bond issues for the fim 
time,” Marshal] Gittler, a bond analyst with Merrill 


Lynch Securities, said, also noting that the planned 23 
billion yen of four-year paper was up from 2 trillion 
yen in the current year. 

But although analysts welcomed the spread over 
different maturities, Mr. Rogers said the issuance 
program was “lumpy,” with much of the supply set to 
come out near the end of the fiscal year, possibly 
leading to “periods of indigestion.” Success of the 
plan, therefore, would require “a steep yield curve to 
ensure that demand is strong.” The yield curve depicts 
the difference between short-term bond yields and, 
usually higher, long-term yields. 

Analysis also said demand problems may emerge if 
the government finds it necessary to issue even more 
bonds during the year because their economic assump- 
tions fail to work out. 

“In the budget for the year to March 1995, the 
government is forecasting quite large tax-receipt 
growth, which did not occur in the current year,” Mr. 
Rogers said. 

Analysts said private-investor purchases of govern- 
ment bonds are expected to rise to 28.8 trillion yen in 
the coming year from an estimated 20 trillion yen this 
fiscal year, with purchases by the Finance Ministry's 
trust fund bureau and the post office savings program 
likely to decline. 

Public-sector purchases are expected to decline to 
7.8 trillion yen in the new year from 10.9 trillion this 
year, they said. 


■ Vietnam expects to increase its crude oil output to 7.1 million metric 
tons this year from the 63 milli on produced in 1993, with output 
increased by two newly tapped fields. 

■ The Asian Development Bank said loans and investments in 1993 rose 
3 2 percent from the previous year, to a record $53 billion, with loans to 
the private sector without government backing jumping 79 percent. 

• BTR PLCs Nyfex Ltd. unit is investing 90 million Australian dollars 
($65 mi lb on) in its glass factory in Adelaide, Australia, so it can produce 
160 million additional wine bottles a year starting in 1995. 

• Compagnie des Stgnaux & fFEqtnpements Bectromques won a contract 
worth 150 million francs ($25 million) to provide a speed-control system 
to the Chinese railway authorities. 

• Nintendo Go. will base its next generation of video games on solid-state 
computer cartridges instead of the compact-disk system upon which its 
competitors are basing their next systems. 

• Portland Smelter Services Ply. plans to reduce aluminium production, 

by 26,000 metric tons a year at the direction of its owners; the company 
produces 320.000 metric tons annually. Portland is 45 percent owned by 
Alcoa of Australia LfaL, 25 percent by the Victoria stale holding company 
Aluvic, and the remaing 30 percent is equally held by China International 
Trust Investment Corp., First National Resource Trust and Mandieni 
Alumini um Australia Ltd. AFP. AFX. NYT, Reuters 


Air New Zealand Profit Gains 


Reuters 

WELLINGTON — Air New 
Zealand Ltd. announced Friday 
that profit in the first half rose 46 
percent, helped by strong growth in 
tourist traffic in the region. 

The carrier said net profit in the 
six months that ended Dec. 31 
climbed to 88.1 million dollars ($5 1 
million), from 60.2 million dollars 
in the like period a year ago. 

Passenger revenue in Lhe half- 
yea was higher. For the Asia re- 
gion alone, it rose 18 percent. The 
sales they were 15 percent higher in 
North America, and 9 percent 
higher fa Europe. 


While Air New Zealand said 
gains in Lhe second half likely 
would not exceed those of the first 
six months, it predicted that full- 
year earnings would “comfortably 
exceed" 1992/93 profit of 1393 
rnilli nn dollars. 

The growth in earnings in the 
first half was driven by almost en- 
tirely by growth in passenger num- 
ber and the resulting higher load 
factors rather than by yield im- 
provements, the carrier said. 

Air New Zealand said it would 
need to keep tight controls at costs 
if it was to benefit from the growth 
in tourism in the South Pacific 


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February 12-11 , J« 
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FIRST COLUMN = 

Modest Tip 
To Readers: 
Sell Pounds 

E VER mindful that those who claim 
to know what will happen in to- 
morrow’s markets are either Fools 
or charlatans, here is an investment 
recommend a lion for dollar investors with 
U.K. assets: Sell the British pound. 

There are a number of good reasons to do 
so. First of all, it has not been a good week 
for the U.K. government — a sorry and 
confused a d minis tration whose “back to ba- 
sics” policy seems to be a euphemism for 
“back to my place." And a perception of 
further weakness in the U.K. administration 
has harmed the pound. 

More importantly, the economic news is 
not good for sterling, especially when viewed 
from a dollar-oriented investor’s perspec- 
tive. The best guess at the future direction of 
both U.K. and U.S. interest rates is that they 
are headed north. U.S. rates, after reaching 
their lowest point for almost three decades 
have almost nowhere else to go, and the tiny 
cut in U.K. rates signals the bottom of the 
downward cycle. 

And then there is inflation to consider. 
The most optimistic scenario economists 
were offering was two years or relative stabil- 
ity predicated on the assumption that British 
consumers are still battered by debt and 
poor enough to force retailers to slash mar- 
gins and cut prices. Hardly a confidence- 
inspiring analysis, and a long way from the 
glad, sunny morning of exchange rate mech- 
anism membership. That was an era when 
some Whitehall mandarin produced the no- 
tion that sterling would become the main- 
stay of the ERM as inflation was eradicated 
from the U.K. economy. The markets treat- 
ed that little daydream with the mfld con- 
tempt it deserved. 

And then there is cyclicality, a concept 
used by economists and analysts when they 
really mean they have a hunch that some- 
thing's bound to move back in the direction 
from whence it came. This column's view is 
that after a long period of being oversold the 
greenback will now be overbought for some 
time. That view applies to its value a ga in st 
every major currency, notably the yen and 
the Deutsche mark. But if you want to make 
a bit of quick money trade; bet on the less- 
important dollar- sterling rate and go short 
on the pound. M.B. 


Cheap Stocks: In General, You Get What You Pay For 


By Conrad de AenDe 


C HANCES are owners of battered 
stocks were spared much further in- 
sult when the American market took 
a sharp dip last week, after mone- 
tary officials said they were inclined to nudge 
interest rales up. The bottom-dwellers usually 
follow their own path, untouched by the mean- 
derings of the market at large. The trouble is 
tha t the path generally is downward, and the 
pre vailing wisdom is that such wretched shares 
are best avoided. 

The Value Line Investment Survey, which 
has been ranked the best newsletter for more 
t han a decade by independent raters, attained 
such success by doing just that. Its analysts 
follow a momentum system that ranks stocks 
by their growth in earnings and price and bets 
on those near the top in both. 

Nothing kills momentum like a frightening 
cascade, such as the one a week ago Friday, 
when the Dow Jones industrial average lost 96 
points, or more than 2 percent. Steve Sanborn, 
Value Line's research director, concedes that 
the fall probably brought his high fliers closer 
to Earth. 

“Stocks selling at high price-earnings ratios 
are the ones we lend to like, and they are often 
volatile. You can have a good deal of move- 
ment in them,*' he said. “They probably got hit 
hard Friday, but they’re probably coming back 
pretty well today.” (The Dow recouped about a 
third of its loss the following Monday.) Low- 
priced stocks, be said, “probably weren’t hit as 
hard Friday, but they’re still not good invest- 
ments.” 

The reason they are so hopeless, according 
to him, is that figuring out when these invest- 
ments are finally going to have a worthwhile 
rally is pretty difficult. 

“When yon're investing in companies that 
have earnings that are growing rapidly, you 
can buy at the wrong time,” he said, “but 
eventually those earnings will bail yon out. The 
market will recognize those earnings. On the 
other side, you have to pick the turns."’ 

He noted that auto stocks were supposed to 
come back to life three years ago, but they only 
did so two years after that When stocks in 
those cyclic industries do bounce bade, usually 
when the economy picks up from a protracted 
downturn, it can happen with tremendous 
force. 

“When you're coming out of recession, 
that’s the time when depressed cyclical stocks 
have a big shot of earnings,” Mr. Sanborn said. 
“At some time the market does recognize this, 
often all at once. The market all of a sudden 



Page 15 

The Chapter 11 bargain basement 
Battered British stocks 


Page 17 

Worst U.S., emerging market, U.K. funds 
Performance data over four years 
Sh orting losers to win 

says, "We like auto stocks or airline stocks,' or 
whatever, and they move very quickly. . . . Our 
system doesn't always pick them up." 

Some advice from Lance Stonecypher, re- 
search director at Ned Davis Research: Don't 
even bother trying. He believes that calli ng the 
turns is a thankless and unprofitable undertak- 
ing. 

“Our philosophy around here is to take a 
trend-sensitive approach," he explained. 
“Well wait for the trend to turn up before 
recommending a buy. We believe it's much 
safer to go in the direction of the trend.” 

What about when the overall trend is lower? 
Are depressed stocks so low that they are 
immune from further loss in a declining mar- 
ket? 

“Low-priced stocks do go down more in a 
bear market" than the average stock. Mr. Ston- 
ecypher said. “That's common sense and that's 
what we’ve found.” 

Actually, the time to bottom- fish may be 
during periods of market strength. Standard & 
Poor’s compiles an index of low-priced stocks 
and one of high-grade companies. During ris- 
ing markets the low-price index tends to pull 
away from the high-grade and come back 
down in a slum p in g market. 

The two indexes were last equal in 1974, 
during the last major bear market bottom. 
Since then the low-price index has risen at a 
much steeper curve and now stands well over 
three times the level of its higher-quality coun- 
terpart One reason for this could be the selec- 
tion criteria. If a low-priced, stock docs well its 
price isn’t low anymore and it is replaced by a 
cheaper issue. Another possibility is that low- 
priced companies may not be down-on- their- 
luck behemoths but just smaller, younger com- 
panies, which tend to outperform bigger ones. 

Stephen Leeb, editor of the value-oriented 
newsletter Personal Finance, has a more be- 
nevolent but still lukewarm, attitiide toward 
depressed issues: "Our general view is come 
what may in the stock market, barring a real 
calamity, there are always cheap stocks to lode 
at” 

In a major earthquake no one does wed. he 



■9 

: , . B 

‘Soioce: Ned Davis Research 




said, but httle tremors may uncover opportuni- 
ties worth pursuing. 

To evaluate the market’s genuine stinkers in 
the hope of ferreting one out that’s primed for 
resurrection requires case-by-case study, he 
said. “The current market is not a factor. Those 
stocks are going to follow the fundamentals of 
the company; they’re not market dependent.” 

The problem is most of the time, the funda- 
mentals are lousy. That’s why they’re so cheap, 
and it's why Mr. Leeb believes “it’s best to stay 
with big-cap stocks, not the ones that are 
totally out of favor." 

He looks for companies that have fallen 
upon hard times bnt still are basically sound. It 
is this variety, he said, that can better weather a 
strong decline in the averages. 

“We could be looking at a correction of 10, 
1 5. 20 percent," he said, “but some stocks have 
already bad their correction. I wouldn't be 
buying aggressively, but there are same stocks 
worth a look.” 

Among these are NationsBank, Bancorp 
Hawaii, Bristol-Myers Squibb and Philip Mor- 
ris. 

“These are stocks that never ready partici- 


pated in the bud market but have good funda- 
mentals," Mr. Leeb said, including high divi- 
dend yields and strong sales growth- ' 

Bernadette Murphy, a analyst at 

M. Kimmdman & Co., agrees with the trend 
followers and encourages sticking with wbat 
has beea doing besLTbe only depressed issues 
die will consider are members of the best, 
industry groups after their prices have correct- 
ed. 

■ “if you’re bottom-fishing in the leadership 
that’s in the stock market, I think you’re okay, 
buying the best group when- it’s low in price,” 
said. An example she gave is- alumiiinnr • 
mmptmiex. Shares in the leading manufactur- 
ers fdi 2 to 4 percent during the market break 
last week, but by late this week they had 
recouped their losses and then sotne. 

“I ready think that you want to stay with the 
true leadership of the market because that* s 
where die **wpiumk is, there’s usually good 
reason for that leadership,” Mrs. Murphy adr 
vised. “The leadership is dearly defined and I 
think it will persist- If s better to buy that than . 
bottom-fishing the leadership of the 1980s.” - 
During that decade, the market was led 


iMetnakvul Herald Tribune 


higher by consumer businesses, such as foods, 
drugs and tobaccos* ad of which have been in a 
funk. 

W Turt altn has rJumgarl ' from the l98QS-isthe 

agp and strength of the bull market When.it 
was in its prime; a good strategy whs to pick-lhe 
worst of w WgM lymg group and wait for h to 
catchup. 

“Thai type of approach worked in the ’80s, 
but in the *50s ifs more sloth selection,” Mrs. 
Murphy said. If a group was strong, you could 
.buy any of the stocks. That doesn’t. Apply 
today.”" f . , - y • 

Bui she said it mi ght apply after stocks have 
had a’severe decline and amew boll is ta kin g 
off, something sot in. prospect for the time 
being: “Iwwdd ttedc that at tius jimctii^ 
"with .a sefloff taking place, -it’s it bny-tbe-dip 


the place lobe, out of favor is not the place to 
bt At9omeppHrtit vnflbe;buln^npw" • 


the Money -Report is edited by 
Martin Baker 



TSB’s Managed Portfolios 
continue to perform 


TSB s three Managed Portfolios have shown excellent 
consisrenr growth over the last three sears and are a 
very simple way for you to take advantage of this 
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00© 


needs and will then monitor your and 

switch ir between share classes seeking as rrrjch profit 
as possible for you. 

Remember, past performance is no: necessarily a 
guide to die future and the valuer of shares and the 
income from them can go down as weil as -p and 
cannot be guaranteed. Consequently, on selling, 
investors may receive more or less than tney invested. 

You only need £10,000 to invest in a tor 

performing T5B Manatee ?ort:o!x>. 
For further details please complete 
and return the c oarer, rdovv. 


* Source TSB «nc« launcr 1 s: May 1990 — 
5th January V**i - offer :i> hid. Gross 
income reinvested. 


FUND MANAGERS 


r 


To. Liz Vt'iscijmhe. TSB Fund Manage CL. Limited, P.O. Box 53MS »•*»«■ *■ "*«• ^ Td: 534 ^ 334 6FWt I 

Please send me a copy of >«ir p wpeous dwmbuig TSB Oflshwt Imesnrenr Fund Lcn«d. j 

_ Address: l 

Name: I 


FVwccudc- 


! " ... , . . 1 jnEnloihiTOlbt Trurf Mins** 'Ouiari Linen) JnJ N TSI l^vrw^eri Vnvn. Unurd. 


SHT12 02 J 


THEC 



INVESTMENT 



I.F.I. is the one and only publication devoted 
to providing unbiased coverage 
of this f^t developing sector of die 
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Reactions to LEI. have been 
highly enthusiastic, demonstrating 
that tne magazine is badly needed 
by the asset management industry. 


Tobies include: 


Fund analysis and performance. - 

Opportunities and pitfalls in the markets. 
Developments in investment . 
management 

Custody and administrative issues. 
Regulation and technology.. 

Personality profiles. 


HcralbS^ributtf 



181 Avenue ChartefrdeOaute, 


□ please send me the next 4 quarterly issues of I.F1 for 
US$120 (FF.700J 

Name ■ — ■ — - — r- 

Company — -r — 

Address — 

City/Code 


463721 33) ’- : > l2,2 “ W 

j— lR* business oKtevuteaw - J' - 

LJwSciteyowVATnfflber.^ ■ . " 

BHT VAT number. FK74?32B21 12Q; 

Payment 'rsby<$^ 

Ptease c harge by cretfocard- Q Amex El yfea-Q Acxes. 

Number I I It 1 I I I I I I I I I I I 1 

E*P riW Signature - . . - ■ ' ' 


PLEASE TICK ONE BOX WHICH UWATES YOLftPRa-VW RffCTIQN: 


f—l irsKuarai n rtemwfiary/ fl ^ mafUgemem . □ £”5*”* CTS£g pha ” ‘ 

I— I investor *— * Gnw . •• . - ... ' > — ■ ■ ■ ■* ■■ ■ 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY. FEBRUARY 12-13. 1994 


Page 15 




THE MONEY REPORT 


By Judith UAA 





£ T* 




- jpr - 


w-f ; *vd»- 






*C * 



N recent weeks, the American 


■ tatfeofaCTtaalfand iriimiiyiYi-^nCTTn. 

Mpartintot store empire. The ptibBdy heM 
Eadixy Cental £ Income fundhdds a $140 
n^liai stake rn the bank deto of Maw's, and 
ottier Fiddity foods hold smaller amounts. 
That makes the giant money manager one of 
Macy*s biggest creditors, and most likely gives- 
it a say in who will acquire the company, awt 
for how much. . . . . , -r ' 

The Macy’s affair has thrownthe gpodight 
on the amcept of investing in “distressed," ra 
bankn^t, companies. This rislcy arena is also' 
attracting att ention because of its low correla- : 
tion with the bread stock and bead markets. 

Many investors are feefine jittery about both, 
right now. - - 

On e way to play' ^ the distressed-investing 
game is to buy shares in' companies that are 
undiscovered because they liave recently ■ 
qnenscdJrom Chapter 1 1 of the IT s Rmkm p*.: 
<7 Code. (Under Chapter II, a company stays 
m business, but can legally hold off its creditors 
while it is wariring to regain solvency.) . 

“When. a company Has recently emerged, - 
vexy few analysts follow it, so it doesn't trade at 
fair value. Its equity base isn’t bigenoagh to be 
on die radaijcreens of thebagfunda," said Jack . 
Hersdvhead of research at MJ. Whitman IP, 
a New York firm that 
securities. He cited U 
that started trading m the 
cameout of bankruptcy last 

canghtcri that it wu repaired? 

beneficiary of economic up turn. h triple to tbi* 
low 30s." 

. Mr. Hersch is currently r tywmrn^awtmg two 
other companies that were in Chapter U, but 
are, in his view, on the comdwdc trail Hffl* 
Department Stores, a retailer, is selling at $21 a 
share, and he bdSeves .it could gp as high as $30 
in the next year. He also likrs Envirodyoe, a 
company that mates carings far sausages and 

plas tic fiirtfrty. 

“Remember these are businesses that have 
always done wed,” he emphasizes. “Their prob- 
lem was that their capital structures were poor, 
meaning they had too mneh debt. Now they’ve 


■restructured, exmyerting debt into equity, giv- 
ing their companies a much healthier struc- 
ture." " - 

To besurs^ plenty can ep wrong with recover- 
ing c omp anies- Even after reorganizing they 
ive too much debt oh their balance 


may 


sheets, leaving Stile room for error. One short- 
lived rewval was Memorex-TeLex, a computer 
companywhich emerged from bankruptcy in 
_ 1992, only to fag back into financial dif&ml- 
tics. Its stock plummeted to 3 cents a share 
from 7Scenta^ imdjtt is heading into bankruptcy 
for a second time. 

warns Pa^b^Hscm, director of researchist 
DhlmCT/Resnkk, a Beverly Hi Ik, California, 
firm that deals in equity and debt of over- 



i 

Sj/; : . <8®; V:K - V !• " • 'i 'W 1 . 


Buy Cheap and Sell High: 
Cool Investors 9 Options 


m&G Recovery Fund 


By Rupert Bruce 


“You have to be sure the operations are 
working that produce earnings,” he said. “Or 
team that led it into 


EfBcolly is still running the new company.” 
He noted some skepticism in thefihandal 
orammuuty about one of Ins favorites, Mesa 


Boone Pickens. The controversial executive 
overloaded the pal and gas exploration group 
with debt during , an acquisitions binge m the 
mid-ISOs, and he is still very modi in charge. 

- Aiioi^prtfaflismjgndgmg whoracompa- 


in distressed 
. a company 
teens when h- 
Asi 




ny will emerge from bankruptcy and pay off its 
' cr edito rs. 

“We’ll buy bonds of a distressed company 
that are high in the pecking order for repay- 
ment, but the real tmestian is not if theyTl pay, 
but how long the bankruptcy will take," said 
Charles Carlson, portfolio manager for 
Greenspring Fund. He cited Columbia Gas 
Systems, a natural-gas distributor that filed for 
bankruptcy in 1991.. 

\"th e consensus was that it would be out by 
now," be said ^bm it’s taking much longer than 
anticipated.” As a result, Mr. Carlson reckons 
investors “who counted on a 20 percent return 
an the bonds will have to settle for an annua- 
lized return of about 10 to 11 percent. 

' David Dremah, who runs the Dreman ifigh- 
Retnm Fund, Hked the project s for Columbia 
Gas so.mucb that he loaded up on 2 mill ion 
shares, about 5 percent of those outstanding in 
1991. . 

. /T .think there is only a 50-50 chance that It 
mil emagefrom bankruptcy in 1994," be said. 
The stock, which he bought at an average price 


of $17, has recovered to around $25. “It should 
trade in the mid-30s in two years.” he said. 

Some companies manage to work out their 
financial difficulties without filing under Chap- 
ter M. One such grxmp is Bally Manufacturing, 

which owns casinos and health dubs. 

“A smart manager came in and cleaned 
house,” said Mr. Mifliscn. “They’ve gone 
through several years of tough times, but then- 
debt rating has just been raised by Standard & 
Poor’s.” Trading at about 59 a share currently, 
he has targeted a price of SI7 this year. 

The BajJy story, he said, underscores another 
aspect of distressed-company investing: “It 
doesn’t happen overnight- We’ve been looking 
at it for three years.” 

For some of the professionals, the next great 
frontier is Europe, even though its market for 
investing in distressed companies is still in its 
infancy. For one thing , there are fewer public 
companies in trouble in Europe. But mare im- 
portant, said Mr. Herech, “people in Europe are 
still uncomfortable with the taint of insolvency, 
let alone bankruptcy. He pointed to the near- 
collapse in December of MetallgesdlschafL, the 
German metals and industrial conglomerate. 

“In the UA,” he said, “that would have been 
a bankruptcy. Instead, they’re adding more 
capital." 

The melodrama of Euro Disney, the finan- 
cially bdeagirred theme park, has also attracted 
global attention. One of the company’s credi- 
tors, Midland Bank, has unloaded 522 million 
of its Euro Disney debt for 60 percent of its 
o riginal value: Some other deals have reported- 
ly been made, and American investors are 
clamoring for more. 

But those investors are big institutional play- 
ers. Hie common stock of Euro Disney is 
deemed wrathless by American observers, who 
warn it will be some time before the story plays 
out. So for now, individual investors who want 
to dabble in this arcane and risky marketplace 
win have to turn to the United Stales. 

“There's always a company falling out of 
bed,” Mr. Milligan said confidently. 


T HE theory of “recovery investing" 
has been well tried and tested ic the 
British stock market. Whether it 
holds good or not is open to argu- 
ment, but many investors follow it So what is 
it? 

In short, the theory of recovery investing 
says that many investors lose their objectivity 
when a company gets into trouble and just sell 
almost without regard to what the investment 
is wrath. This means there is of ten value for the 
cod-headed and discerning. 

Sbandwick PLC, a British-based interna- 
tional public relations group, has recently un- 
derlined this point. Its fortunes sank fast dur- 
ing the recession in Britain and the United 
States as its clients decided to cut back on 
public relations. Last September its shares lan- 
guished at 3 pence (about 5 cents) apiece. 

By the beginning of this year they were up to 
22 pence and this week they were trading in the 


ShancJwick 




i-V.narifc.7rf 


mid- 50s. Results for the year ended Ocl 31, 
released Jan. 25, showed operating income, 
mainly from public relations fees, up £8 mil- 
lion to £101.2 milli on. Just as important, the 
group disclosed that it had newly extended 
three-year banking facilities, showing that its 
banks had confidence. 

Suddenly investors realized that Shandwick 
— which has a negative net worth — had “high 
operational gearing” (financial jargon that 
means that most of the money the company 
takes in ends up as profit) and might be able to 
avoid a much-feared rights issue, if it so 
wished. After a week of frenetic buying, the 
shares were up in the tnid-50s and Julian 
Treger and Biyan Myerson’s U.K. Active Val- 
ue Fund, a well-known recovery investor, was 
revealed as having acquired a 3 percent stake. 

A case of longer-term success for recovery 
investing in Britain is provided by the M&G 
Group, a British investment manager. It 
founded the £13 billion M&G Recovery Fund, 
a UJC open-ended mutual fund, in 1969. It has 
been spectacularly successful and handsomely 


outperformed the FT All-Share Index, the 
yardstick for the British stock market. 

The M&G Recovery Fund is up 5.840 per- 
cent since its inception (7,452 percent when 
measured in dollars), while the FT All-Share 
Index is only up 1.059 percent 1 .544 percent in 
dollars). 

Richard Hughes, the fund's manager, said, 
“Companies will from time to time, for general 
economic reasons or more specific company 
reasons, get into trouble where the numbers or 
the outlook does not look great and many 
shareholders become sellers of the stock.” 

“Our view of these problems,” he said, “is 
that some of them can be solved either by 
change of management or an injection of capi- 
tal or sometimes both, and if you are willing to 
take a long-term view when they emerge on the 
other side the people who were unwilling to 
bold them when there were problems become 
buyers of the stock and they become miracle 
stocks and they suddenly zoom up.” 

Mr. Hughes was at his busiest in the darkest 
days of Britain’s recession. But since the pound 
left the European exchange-rate mechanism in 
September 1992. be has not been buying so 
many troubled companies. Instead be has 
been watching those he bought recover. 

The fund always tends to perform spectacu- 
larly well when the British economy is leaving 
recession, as its holdings recover, but badly 
just before and during recession. During the 
last recession, the fund fell 18.1 percent (36 
percent in dollars) between January 1989 and 
August 1991 Since then, however, it has risen 
more than 80 percent, (although only about 40 
percent in dollars because the pound has de- 
predated against the dollar). 

Among its biggest successes is Granada. Mr. 
Hughes bought the shares in May 1991 at 145 
pence; last week they were about 570 pence. 
When Mr. Hughes bought his shares in a 
rescue rights issue, things did not look good. 
The leisure group had just sold its bingo busi- 
ness to Bass, and Roger Lewis, the chief execu- 
tive, had just lefL The merit of taking a portfo- 
lio approach to recovery investing — and 
spreading the risk — is shown by M&G's 
failures. 



It invested in Lowndes Queensway, the car- 
pel company, and Davies & Newman, the 
owner of Dan Air. Both turned out to be 
victims of the recession. Even though the reces- 
sion is over, however, there arc still some 
recovery stocks. 

Michael Beggs, manager of the Guinness 
Flight Recovery Trust, believes there is still 
recovery potential in some of the building 
stocks even though many have already per- 
formed exceptionally well since their low point 
in the summer of 1992 when some of them 
seemed bound to go under. Banner Homes, for 
example, is already up about 10 times from its 
lowest point but could do the same again, he 
says. 


Guinness Right Recovery 





Granada 



fleb.9, 

■93 


in addition to the British recovery funds, a 
breed of hedge fund is looking at what it dubbs 
“distressed” securities in Europe. This breed 
invests in any class of security in a troubled 
company —often one involved in a restructur- 
ing. It may buy bank debt, bonds, or shares, 
according to its view of where there is value to 
be found. 

Perhaps the best-known of these — thanks 
to its central role in restructuring Greycoat, the 
British property company, is U.K. Active Val- 
ue Fund, litis, however, is closed to new mon- 
ey. An example of a group that runs funds 
using distressed securities strategies alongside 
special situations strategies like arbitrage and 
speculating on the outcome of takeovers is 
London and Bermuda-based Everest Capital. 

Alternatively, offshore investors can access 
recovery-type management through the Dub- 
lin-based Scottish Value Portfolio, run by Col- 
in McLean's Scottish Value Management- It 
incorporates recovery investing in its value- 
based stvie. The minim um investment for the 
fund is £10,000. 




INVESCO 


Accelerated 
growth 

+ 188 %* 



You can shift your client's European investments 
into top gear, by investing in the INVESCO 
European Warrant Fund. Managed by INVESCO 
International, a member of tine INVESCO Group of 
companies, the Fund invests in the highly geared 
European Equity Warrant markets. 


INVESCO are responsible for the management of 
investments totalling over US$65 billion worldwide 
and, with offices throughout Europe, are able to 
offer investors the specialist expertise which is so 
important with this form of investment 


Over the twelve month period from 1 February 
1993 to 28 January 1 994, the European Warrant 
Fund returned, on an offer to offer basis, 
+188.15%*. Look how this compares to the MSCI 
Europe Index. 

1 Year Performance Comparison 
European Warrant Fund +188.15%* 

MSCI European Index +27.14%* 

•Source Micropai (offer to offer performance 1/2/93-28/1/94) 

To find out more, please contact our 
Sales Support Team. 




INVESCO INTERNATIONAL LIMITED 

INVESCO House, Grenville Street, St Helier, 
Jersey JE4 STD, Channel Islands. 
Telephone: (0534) 73114 Facsimile: (0534) 68106 


To: Safes Support 

INVESCO International Limited, Invesco House , Grenville Street, 

St Helier, Jersey JE4 8TD, Channel Islands. 

Please send me full details of the European Warrant Fund, inducting a copy 
of the prospectus. 


NAME 


ADDRESS 


POSTCODE 


HT120294 



Invasion should ruxe that tho valua of shares canMlBaweilasrisoandynj mvy not get bach the amount you onginelly imeeted- 
PxK performance is not rwowwrily a gufchi to «ha hnuro and in particular, a warrant often rnvohres a high degree of gearing. This mem* that a relatively smaH movement in the 
pnta of the security to wfrcfi dye warrant rrietea. may ntftA lit a ■Jgpmportwn a reh' large itrwment, mtfevtx/abto e* wet ac frwjurable, in rfw prop of tho warrytL 


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Page 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNPAY t FEBRUARY 12-13, 1994 



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m ABC Futures Fund Lid S 1344) 

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wTrnm Europe Fund Fl- 
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d BBL invest Betalum. 


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d B9L Invest Asla- 


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a BBL Invest Latin Amer. 
d BBL Invest UK. 


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BANOUE BELGC ASSET MGMT FUND 
Share Distributor Guernsey 0*11 724*14 


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BSS UNIVERSAL FUND (SICAV) 

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d Ftnnsec Global FM A (Dlvl FM 
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d inleltonaFRF A (Dhr) FF 

d imettwna FP.F B (Caoi FF 

d Far Eos! USD A (Dlvl 1 

d Far East USD B (Cool S 

d Jason JPT A (DNI Y 

d Jason JP Y B (Cool Y 

d Parsec FRF B (Cop)- FF 


d min America USD A IDtvlJ 
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d North Amer USD B (Cool— J 
BANQUE 5CANDINAVE EN SUI5SH-GEHEVA 
w mreibonq cm ■ — 5F 89.11 

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wSwiMturdChl . .JF 187.17 


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7444135 

1272*51 

150570 

288*13 

285253 

11005721 

11405721 

1293449 

2827*5 

282995 

149041 

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(4122) 944-1231, Geneva 
w Piefcse North Am EaultiesJ 
m Pielace Euraaa Eaultles— .Ecu 
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w phi ode Dollar Bonds - .3 

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m Pleiad* F c nrrxts ...FF 


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w Palace ECU Reserve— Ecu 

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BARCLAYS 1NTL FUND MANAGERS 


10488 

14112 

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1(063 

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71071 

10914 

10115 

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108*5 

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w CaltandOf Emer. Growth — 5 

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149.71 

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d Cl North American Fd CS 

d Cl Pad lie Fund O 

d Ci Global Fund CS 


a Cl Enwra Marieh Fa 
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CAPITAL INTERNATIONAL 
w Capital Inn Funa J 


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w CanIKU UaHo SA. 

CDC INTER NATIONAL 

iv CEP Court Term 

m GPI Lang Terme 

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137 A* 
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I7157D45 

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F*h. 11,1984 


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m Everest Cognal Inti Ltd— 1 1S2JJ 

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d Dfsogvcry Fund 1 2127 

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A Fid. Amer. Assert 1 20S57 

d Fid. Amer. Vbhia IV -1 11787980 


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d Gioual IndFund. 


d Global Solocnoti Fund — — * 

d International Fund S 

0 Hew Europe Fund J 

d Orient Fund * 

a Rootle Funa 5 


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0 World Fund 


40.12 

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335 

204* 

1324 

120A4 

407.44 

40J9 

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FI NMAHAGE ME NT 5A-LugOOO(41 Jl /2373T2 


0 Obtklc Court Terme FF 

0 ObUdc Manetalre FF 

CINDAM BRAZIL FUND 

0 Clndam Equity Fund 3 

0 Clndam Bafcmcad Fund — S 
CITIBANK (LUXEMBOURG) 5A 

POB 1373 Luzembourg TeL 477 99 71 

d aiinvtni Global Bond * 

d Ottnvasl FGP USD. 


1745151 

1475882 


MBA540 

104.7259 


d Ohnvesi FGP ECU. 
0 CHInv«t Selector. 


.Era 


d Citlcurrenctm U5D 9 

0 Otlcurrenda DEM —DM 

0 atteurrendn GBP [ 

0 atlcurrendes Yen Y 

0 Otlpcrt NJL Equity S 

0 Cttloari Cant. Euro Equity JEcu 

d ClttPOrl UK Equity 1 

0 Cltlport French Eauitv FF 

d ClHoort German Eauitv DM 

0 CHioort japan Eauitv v 

d attaort IAPEC S 

d Ciuoart Eamec. 


d Q llport HA. 9 Bond 9 

d Cntuart Euro Band.. Era 

d Managed Currency Fund — 1 

d attmcrtcati Gtabal EoulIv J 
d Cltlmarkets Global Band — J 
d CUImarkets Euro Eauitv — 9 
wailmkts Glob Enwra Mkls A 
CITIBANK (PARIS) SJL 

w 011*4 Cap Gtd * 

CJTITHUST 

iv US IE audio. 


104 JB 

129547 

134*85 

174582 

141424 

14020 

160.47 

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24424 

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15127 

159781 

9458 

487480 

24184 

1*743 

14428 

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14X14 

12843 

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16928 


10112837 


w US 9 Money Market . 

w US S Bands— 

wUlllDM. 


motlpor fcr monce Pttl SA— 1 

w The Good Eartn Fund 9 

CQMGEST (13-1 1 44 70 75 H 
w Cam gev Aeta- 


27787*44 

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15694*2 

1361*82 

RESERVE FUNDS 
0 Dollar SFiZSU — 

DM 


ta Comgest Europc. 
COHCEPT FUND 


142425 

124981 


o WAM Global Hedge Fd s 

b WAM Inti Bd Hedoe Fd S 

COWEH ASSET MANAGEMENT 
Cowen Enterprise Fund N.V. 

wCtassAShs— S 

w Class B! 


113985 

102074 


141X54 

1755A8 


CREDIT AGRICOLE 
INDEX IS 

d Index Is USA/ SAP 500 % 

d Jndexls Japon/HIMieJ Y 

d IndexIsG Brel/FTSE 1 

d Indents France/CAC 40 F F 

v IndexIsCT FF 

MON AXIS 


1*82 

180*85 


14(30 

11424 


d Court Terme USD. 


d Court Terme DEM . 
0 Court Terme JPY_ 
d Court Terme GBP _ 


-DM 


0 Court Terme FRF. 
d Court Terme ESP. 


0 Court Terme ECU . 
MOSAIS 


1438 

38.43 

2269X7 

1122 

13530 

2924.17 

1U5 


0 Actkxu inn Dtversl flees ~FF 
0 Action Nont-AmorlcDlneS J 

0 xvMImm Ifinni Hww ■ Y 


0 Actions Anglaises. 


0 Actions AIMmondas DM 

0 Action* Francoises FF 

d Actions Esp. 8, Port Fla 

d Adlans llaliiimi Lit 


d Adlans Bassin Padflque — S 

d Oblho inn DlversHlees FF 

0 OUId Nord-Americolnos — s 
0 QUIo Japanatses Y 


0 OWlu Anglaises. 


0 DbIFg Ailemandes DM 

d Obi la Francoises ..FF 


d Oblia Eso. & Port.. 


d Oblia Convert. Intern., 
d Court Terme Era. 


.Pta 

_FF 


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4007 

15402 

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38.44 

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237540 

14.12 

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159.94 

2124 

1724 

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CREDIT COMMERCIAL DE FRANCE 
d Elvsens Monelotre — FF 0BSSX54 


d Sam Adktoh USD B. 
CREDIT SUISSE 
0 CSF Banos. 


109(34 


d Band Valor Swi. 


d Bout valor US - Donor- - l 

0 Band valor D- Mark DA 

0 Band valor Yen Y 


d Bond Valor t Staling, 
d Convert Valor Swf. 


JF 


d Cenwrr Valor US -Dollar _4 

d CSF * p 

d Actions Sutsses SF 

d Euraaa Valor SF 


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209.91 

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d Podflc-Vala 


JF 


d CS Gold Valor. 


JF 


0 CS Tiaor Fund. 


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0 CS Ecu Bond 8. 


J 

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0 CS Gulden Bonds. 

dCSHIsoono Iberia Fd A Pta 

0 CSHbnano iborlaFdB — Pin 

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15523 

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d C5 Europe Bond B DM 


3421250 

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w Delta Premban L. . 

FOKUS BANK AJ. 472 421 SB 

w Scantondsinfl Growth FdJ 
FUND MARKETING OROUP (BID) 
PXL Box 2001. Hamilton, Bermuda 

mFMG Global (31 Dec) S 

mFMGH.Amer.131 DeO — S 

m FMG Europe 131 Dec) 9 

m FMG EMG MKT (31 Dec)— 9 
mFMG Q(]l Dec). 


114580 


1589 

1251 

1176 

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w Gala Hedge u. 


w Gam Hedge III. 


w Gaia Swiss Franc Fd. 
w GAIA F*. 


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BOND PORTFOLIOS 


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5538 

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d Dlsrer&ond Dls X»9 SF 

0 Dollar Bona DK2J2 8 

d European Bd Db 124 Ecu 

d French Franc Dls 1(64 — FF 

d Global Bond Dls 22D S 

EQUITY PORTFOLIOS 
d ASEAN. 


640 

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252 

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1X64 

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d Asia PocJnc. 


0 Continental Europe— 
ti D ewtop mg Markets, 
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9JH 

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511 

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277 

24880 

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4.181 

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London : 071 *99*171, Geneva : 41-22155530 


w Eo* Investment Fu 
w Scottish Wo> id Fund, 
w Stow St. Am 


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wit Straight Bond B Ecu 

wil Racine Band B -SF 


134X4 

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GLOBAL A55ET MANAGEMENT 
OFFSHORE FUNDS 
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109599 

143956 


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w GAM Boston. 


mGAfULCnrglli Mlnrwtonka. 
iv GAM Combined, 
w GAM CrassMarket. 

w GAM European 

IT GAM Franc*. 


w GAM FrgnC'VOl. 


w GAM GAMCO- 
w GAM High Yield. 


wGam East Asia me. 
wGAM Japan. 


w GAM Money MktiUSS s 

0 Do Steriaig- 


d Do Swiss Franc- 


d Do Deutsdiemark- 
d Do Yen_ 


J3M 


m GAM Allocated Mm-Fd 5 

wGAM Emerg Mkts MltFFd J* 

w GAM Mill- Europe USS -5 

w GAM Mill- Europe DM -DM 

wGAMMIILGiobdUSS S 

w GAM Market Neutral 9 

w GAM TrarPng DM DM 

wGAM Trading USS 9 

tv GAM Ov 


wGAM Pacific. 

» GAM Selection. 


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w GAM SF Special Band SF 

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w GAMul Inveshnems. 
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■v gam Worldwide. 


w GAM Bond USIOrd S 

w GAM Band USS Saedal _S 
w GAM Band SF . 


» GAM Band Yen. 
w GAM Bond I 
iv GAM Bond (. 


w GAM CSpadal Bond. 
wGAM uiriverooi US*_ 
wGSAMComoaslle- 


3*124 

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38075 

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74(09 

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0 CS Fixed I SF 7% 1/W SF 

0 CS Fixed I DM 6% 1/96 DM 

0 CS Fixed I Ecu 8 3/4% l/9&_Eaj 

0 CS Swiss Franc Bond A SF 

0 CS Swiss Franc Band B SF 

d CS Germany Fund A DM 

0 CS Germany Firnd B DM 

0 CS Euro Blue CHIPS A DM 

d CS Euro Blue OiIps B DM 

d CS Shert-T. Band 9 A 9 

0 CS Shcrt-T. Bond S B * 

0 CS Short-T. Band DM A DM 

0 CS Short-T. Band DM B DM 

d CS Money Momtt FdS s 

d CS Money Market FODM—DM 
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d CS Money Market Fd Yen— Y 
d CS Monev Market Fd <3— CS 
d CS Morw Market Fd Ecu— Ecu 

0 CS Money Merkel Fd SF SF 

d CS MerwvMorkw FdHFI— FI 
d CS Money Market Fd Lit — Lit 

d CS Monev Market Fd FF FF 

d CS Monev Mrekaf Fd Pta— Pta 
d CS Monev Market Fd BEF JF 

d CS OekAProtec A DM 

d CS Oefca-Profec B DA 


d CS North- American A. 
0 CS North- American B. 

0 CS UK Fund A 

d CS UK Fund 0. 


d CS France Fund A. 
d CS Franco Fund B_ 
d CS Eurarecl- 


e CS Italy F-jnd a. 
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.FF 

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0 CS Peril iik DM A'B DM 

0 CS Pent Sal DV. — -DM 


d CS Psrii Grrnth DM. 


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0 CS Ea Fd Smcii C=> USA— 9 
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1062 

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SWISS REGISTERED FUN OS 41-1-410 2426 
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0 GAM (CH) Europe SF 1051* 

0 GAM ICH) MaraflaL SF IW46* 

d GAM (CH) Pacific— SF 306771 


SEC REGISTERED FUNDS 
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w GAM Amertcrew Acc DM 9(27 

wGAM Europg Arr DM 13981 

WGAM Orient Aec DM 

w GAM Tokyo Acc . .DM 17138 

WGAM Total Bond DM Acc— DM 11215 

w Gam Universal DM acc — DM 19970 


GLOBAL CAPITAL MANAGEMENT LTD 
Barmuda: 18(91 295-TOO0 Fax: (809) 29561 80 
JWH GLOBAL STRATEGIES LTD 

w (C) Financial & Metab 1 

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w GS Global Eauitv . .. .. . 1 


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w a Swop Fund Ecu 


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14S7J6 

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DUB IN A SW1 ECA ASSET MANAGEMENT 
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m Podllc RIM Co Fd S 116.U 


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EBC TRADED CUPRENC r F'.'NS LTD 


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1 wCtassC/ North America — fi 
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w Erm tege 2i»scv A5« Fd -5 
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w Ermihrac Emer '8kH Fd — 8 
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1 tf American Eomtv Fund — S 

d American Canon “Hits 1 

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GUERNSEY CAPITAL MANAGEMENT LTD 

I GCM GtobW 3eL Ea. S till* 

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HEPTAGON FUND NV U9IM155H) 

t Heptagon QLB Fund S lte30 

mtieotaoon CMO Fund — —6 WAS 

HERMES ASSET MANAGEMENT LTD 
Bermuda: 1909)2*9 4900. Lux: 1352)404 84 61 
Estimated Prices / Bond - Final 
m Hermes European Fund — Ec 
m Hermes North Amor Icon FdS 
m Mermes Aston Fund— S 


m Hermes Emero Mkts FunBJ 
m Hermes Strategm Fund — 5 
m Hermes Neutral Fund .6 
mHermes Global Fund .. . . S 
m Hermes Bond Fund Era 


m Hermes Sterling Pd. 


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INCOME PARTNERS (ASIA) LIMITED _ 

w Aston Fixed income Fd S 1®2tE 

INTERNATIONAL ASSETS FUND 
XBd Royd. L-2U9 Luxembourg 
n Europe Sud E Feu 10537 


INTERNATIONAL MGMT INCOME FUND 
w Treasury Compartment Fd.lTL 10119S 
INVE5CO INTI LTD, POB an, Jersey 
T0i:44 534 73T14 
d Moxlnwm income Fund — I 

d Starting Mngd Pffl., ( 

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d Okasan Gtabal Strategy. 
0 Asia Super GrgwRi. 


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d Ajio Tiger Warrant. 


d European warrant Fund, 
d Gtd NJN. 19*4 . 


PREMIER SELECT FUNDS 
d Amerlcao Growth S 


1.1000 
23650 
7.1571 
178600' 
267900 
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42900 
3J90D 
9-5900 


0 American Entgrarkse. 

d Alia Tiger Growth 

d Dollar Reserve. 


0 European Growth S 

d European Enterprise... — J 
d Global Emerging Markets _4 
d Gtabal Growth » 

d Nippon Enterprise ■ 8 

d Nippon Growth S 

d UK Growth. 


4.1*00 

10J1SDO 

fxmoo 

52500 

53100 

54700 

106Z0U 

56000 

74400 


56300 


d Star lino Reserve C 

d North American worronl— 5 

d Greater CMna Oops— 1 

1TALFORTUNE INTL. FUNDS 
w Class A (Aggr. Growth itaUS 
w Clan B (Global Eauitv) — 1 

w Clone (Gtabal Band) 6 

* Cion D (Ecu Bond) Ecu 


11.77 

HUS 

1125 


JARDINE FLEMING, OPO Boor 1 1441 Ha Kg 

d JF ASEAN Trust * 6X60 

0 JF Far East wmt Tr S 4181 

d JF Gtabal Caw. Tr— % 1480 

d JF Hang Kang Trust 9 3542 

d JF jopanSnuCoTr — 1 Y 4893200 

0 JF japan Trull Y 1Z749JK) 

0 JF Malaysia Trust S 2(1* 

d JF Pacific inc. Tr. 5 1420 

d JF That laid Trust, S 39.19 


JOHN GOVFTT MANY (liLMJ LTD 
Tel: 44624 -62 *4 a 

wGovrfiMon. Futures — £ 

w GovettMcuL Fill. USS S 

w Govetl S Geer. Curr 1 

wOovelt Atan-SwUcher Fd — S 
JUUUS BAER GROUP 
tf Bgernond — SF 


134* 

970 

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106240 


0 Conbor- 


0 EcBjtaoer America 



d Eautaoer Euraoe. 
0 SFR -BAER, 
tf Stackbar. 


d Europe Band Fund, 
d Dollar Bond Fund — 
d AustraBondFand- 
0 Swln Band Fuad — 


d DM Bond Fund- 


d Convert Bond Fund. 


d Gtabal Bond Fond DM 

0 Euro Stock Fund Era 

0 US Stock Fond. 


d Pacific Slack Fu 
0 Swiss Stock Fund- 


0 Special Swiss Slock - 
d Japan Stack Fund- 


0 German Stadi Fund— —DM 
d Korean Stack Fwid . 

0 Swiss Franc Cosh. 

0 DM Cash Fund. 

0 ECU Cash Fund. 

0 Starting Ccsh Fuk! ( 


d Dollar Cash Fund, 
d French r 


w Mulltadvtaar Forex Fd 

KEY ASSET MANAGEMENT INC 
mKev Gtabal Hedge 9 


10I200 
212681 
248*80 
101980 
114180 
265*00 
331X80 
224980 
14140 
ttUO 
128980 
12538 
12X80 
109 JO 
10550 
14470 
13X60 
19440 
10280 
14760 
1004001 
10X40 
*410 
11*180 
11*180 
125780 
10*500 
103780 
109(00 
10105*00 


m Kev Hedge Fund I nc- 


m Key Hedge investments I 

KIDDER. PEABODY 

b Chesapeeke Fund Ltd S 

b ill Fuad Lid — * 


27762 

14767 

14591 


283673 

100080 

127786 

150X07 


K72 

1168 

1X54 

128133 

1085 

1273 

5(11 

1477 


b Inti Guaranteed Fund -3 
b Stonehenge LM * 

LATIN AMERICAN SECURITIES 
Tel: London 0714281234 
d Argentinian Inval Ca SleavS 
0 Brad lien Invest CoSicav—S 
w Colombian Invest Ca Stcnv J 
w Latin Amer Extra Yield FdS 
0 Latin America income Co— 5 
0 Latin American Invest C0—S 
d Mexican Invest Co Sicov — S 
w Peruvian invest Ca Stacv— S 
LEHMAN BROTHERS 
o Aslan Dragon Port nva_j 
d Asian Dragon PortNVB — S 
d Gtabal Advisors Part NV *J 
O Gtabal Advisory Port NV BJ 
d LelunanCur Adv.A/B— _ 6 
d Premier FiHivesAdvA/B-l 
UPPO INVESTMENTS 
74/F Uppo Tower Centre, 0* Queensway JiK 
Tel 1152) 0676880 Fax (852) 996 0318 

*v Java Fund — S 

wAsecn Fixed IncFd S 1U0 

w IDH Money MorteiFd S 1239 

w USD Money Market Fd % 1(84 


1(23 

1(23 

1X09 

1284 

(65 

9J0 


w Indonesian Growth 
w Aslan Growth Fend, 
w Aslan worronl 


LLOYD GEORGE MNGMT (890 Ml 403 


1480 

*74 


w Antenna Fund- 


w LG Aston 5rac Her Cos Fd- 
w LG ineia Fund Ltd. 


LOMBARD, ODIER 4C1E- GROUP 
OBUFLEX LTD (Cl) 
d Multicurrency I 


1985 

206950 

1587 


0 Dollar Medhmi Term, 
d Dollar Lena Terra— 
d Jcscoese Yen. 


d Pound Starting. 
i Beuisehe Msr* . 
d Outer Plcrti. 


d HY Euro Currencies, 
d Swm Frans. 


-Era 

-SF 


d JSDtUUr ShartTerm- 
d HY Ejt: Curr Divio Pav — Ecu 
d Swiss Maittaurrenc* — 5F 


GRANITE CAPITAL INTL GROUP 
w Granite Capital Equity — s 
» Sranlre Ccoltal Mkt Neufrtdl 
w Granite Capita! Mortcsoe— S 
GT ASSET MANAGEMENT (IRELAND) LTD 
T#l : (441 7t ■ 710 4! 67 
d GT Asecn Fd a Shares, 
a GTAaren FOB Snores. 

0 GT Asia FW0 • I 

1 GT Ada Fund B Sherri— -1 
ti GT Asian Small comp a SH6 
ti GT Aslan Smell Como 9 Shi 
d GT Amman Fd a Shores— I 
0 GT Australia Fd B Shores— * 

0 GT Austr Small Ca A J 

d GT Ausfr. Smell Ca B Sh J 

d GT Berry Jason Fd A Sh — 1 
d GT Berry JaacnFd B »— 6 

0 GT Bend F0 A Shores * 

d GT Herd FOB Shares— — S 
d GT Denar Fund A Sh S 

1 GT Dollar Fund B Sh 1 

d ST Emerging MktaASh t 

tf GT Emerging MWiBSh _3 
d GT Em Mkt 3nuT Ca A Sh Jl 
d GT Em Mri Small CaBSHJ 
w GT Euro Small Co Fd A Sh J 
w GT Euro Small Ca Fd B Sh J 
d ST Hang Kcng Fd a sncresl 
d GT Hang Kang =d a Shansi 
tf GT Hcnsru FamfiwSer a sns 
d GT Honshu Path^nder 3 Shi 
w GT Jao GTC Stacks Fd a sns 
w GT Joo OTC Stacks Fd B Shi 
wGTJcb SmaUCeFOA sn — S 
m GT Jao Smai; Ca Fd B SB — S 

w g.t Larin America Fd S 

0 5T Stratagic Bd Fd A Sh — S 
d GT stroresic Bd Fd a Sh — s 
S 3T TeJKsrom. =d a ShcresS 
d GT Telecomm Fd 3 SnemS 
r GT Ttcnotah F’jnS A sn _S 
r GT T cgr g ls gv c irr: 3 sh_i 
GT MANAGEMENT PLC (4471 7W 49 87| 
DOT 9iCtaCJi/M«IBi =ura_s 247" 

d G T. DeutsctScrd =und 9 : =82 

ti G.T Ejrcoe FimS S E75 

n G t Gtabal Sme.I C: =d — J 2(73 

if G.T invKlmem e und— 1 2T'1 

"C Korea F'jrtp 1 4“ 

w GT. New. , i m Ccur.rr Fd — S 7 £aS 

w 5.T >JS jn-Cl Car octi« _5 JXT 


tf Euroeecr Currency. 
d Beiatoa Franc — 
d Canveri S'e- 


e Frgre-Frar! 


d Swtas !fcuri-D*vaena — JF 
d Swiss Franc Short-Term — SF 
d CangCciDaflar.. - ■ -CS 


tf Dl- 31 Ftcrir Maul 

d Swiss Franc Dnrrt For. 

d CAD Mu It err. Dlv, 

6 Mwstar-anean Curr — 
d Ccnver 


3*55 

2481 

2281 

504080 

2982 

1(32 

1965 

1761 

1X30 

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1X45 

1774 

2366 

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156S 

18(94 

nue 

10577 

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1(46 

11.11 

1175 

1168 

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MALABAR CAP MGMT (Bermuda) LTD 

is M a tter mn Funa— i 2117 


.■472 

2534 

967 

967 

151* 


MAH INTERNATIONAL FUTURES 

mNLrrt L-m—rd - Ordinary _S 

fri.V.rt L-mitad- Ins an e S 

nVr Gta LX ■ Soec Issue— S 

mVi-ri 5*d L*d- Nov 29C2 S 

m vri are l hf-ToR m* * 

rr v.- GtaLTO-Des ‘>9*4 * 

mMia* Gta Lta ■ Aua 1995 — 1 

I- v;-rt Gta —taenewa * 

m v.T Gtd Cjrrenetas 230—1 

rr V L- 5a Res Ltd -BNP) S 

mAmene 3-e Fuhiree 1 

mAneric B*s CL-rendes s 

mAtwna 5 ta F'ncnetal* lnc_S 
mAtvrto Gta s-nsnsbis C3P6 

nAr>_ caa’tsi Mere Fd 5 

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ir aw_ Sid T -re Trad fo_S 
f a* 1 - Gta! Real Tme Trd— 6 
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783 

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MATTHEWS INTERNATIONAL M6T 
EMERG'NG ASIAN STRATEGIES FUND 

raCon a . - J 11**5 

d C»=*a 9 S 1226! 


5A.T 

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MCKINLEY CAPITAL PARTNERS, LTD 

m - *» Xa-so.- F.-a Lta 8 12(60 

MCGSFIERSON 

R:* r. SJ.’r>k. Amstarecm (22-EHMOl 


wA«a Pad. StwhAIKV.J 

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w Ai.ar s etec-aa f; n v FI 

.*=F«-rer flrwrii Fd N.V. _1 

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w E _-aa* =■>" Fjnd NV. _F| 

w .'S? Z «-*.*■« Fund S 

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MORRILL LYNCH 

e Gc'er A«erj Ptrnmio i 

0 pr me Fata Pa-H~n a % 

MERR.i SiOPT-TERM 


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rf GiT&iasrtf. 


0 E'/rJ High .Tl Bend, 
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i UK- 



«n 

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d =j»a 


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9582 

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M. - 4 

s Csrejcr, * 

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DEUTSCHE MARK PORTFOLIO 
0 CMegory A DM 


nm 

106* 


0 CatcgaryB- 


J3M 


U62 

Q8t 


EUROPEAN BOND PORTFOLIO (DM) 

0 Qess A-I 1 1(08 

0 Oass A-2 3 17.15 

darn B-l * i486 

0 Class B-2_— — 6 1783 


EUROPEAN BOND PORTFOLIO I USS) 


d Class A-l. 
0 Class A-2. 


0 Class B-l. 
0 ObssB-2. 


_DM 


POUND STERLING PORTFOLIO 
0 CSKParv A- 


1(27 

1(88 

1087 

1082 


a Category B. 


US DOLLAR PORTFOLIO 
0 Category A. 


1784 

1871 


0 Category B- 


YEN PORTFOLIO 
0 Category A. 


141* 

1X85 


d Category B- 


MULTI CURRENCY BOND PTFL 

0 ChSS A 1 

dCkasB S 


1332 

1305 


U5 FEDERAL SECURITIES PTFL 

0 Class A S 

0 Class B S 


2X21 

2170 


MERRILL LYNCH 
EQUITY / CONVERTIBLE SERIES 
BASIC VALUE PORTFOLIO 

d (pass a 3 

d Class B. 


M2 

1064 


CONVERTIBLE SECURITIES PTFL 

d Ores a I 

0 Class B . 


I5JJ4 

1463 


GLOBAL ALLOCATION PTFL (USD 

0 Class A S 

0 Class B S 


1482 

1425 


GLOBAL EQUITY PORTFOLIO 
0 Class A. 

0 OassB. 


1(45 

1(80 


EURO EQUITY PORTFOLIO 

0 Class A S 

0 Ctosz B * 


1088 

965 


LATIN AMERICA PORTFOLIO 

d Class A 8 

0 Class B . 


14.18 

1X74 


1(54 

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WORLD NATURAL RESOURCES PTFL 

0 Class A S (289 

0 CUBS B 3 117! 


DRAGON PORTFOLIO 

0 Doha. 

0 Class B. 


176* 

1782 


MERRILL LYNCH MEXICAN INC PORT 

0 Mexican Inc * PHI □ A 1 1(17 

0 Mexican Inc 3 Ptfl Cl fi —3 XI 7 

a Mexican Inc Peso PHI O A6 KM 

0 Mexican Inc Peso PHI Cl B 6 KM 

MOMENTUM ASSET MANAGEMENT 
w Momentum NavelHsr Perus 10176 

mMui nan n x n Rainbow Fd— 6 I37J9 

m Momentum RxR R.U l 951* 

MORVAL VONWILLER ASSET MST CS 


w WUtertunds-Wlirerband Cops 

w Wttlertunas-wiiiertxind Eur Ecu 
w WUMrfurxb-WlHerea Ear— Era 
w wtaertundswineraq Italy -Ut 
ir WllterfuffitoJivtl km na — 5 


MULTIMAHAOERKV. 
w Cash Enhancsment 
» Emerging Markets 
w Eanmean Growth Fd 
w Hedge Fund 


FuncU 



w Market Neutral. 

w world Band 

NICHOLAS-APPLEGATE CAPITAL MST 

wNA FtexftHe Growth Fd S 14788 

wNA Hedge Fund— S 14175 

NOMURA INTL. (HONG KONG) LTD 
d Nomura Jakarta Fund— S 878 

NOR IT CURRENCY FUND 
mNCFUSD S 81X15 


mNCF DEM. 


mNCF CHF. 
mNCF FRF. 
mNCF JPY- 
mNCF BEF. 


JSF 


91764 

441282 

82*9500 

2574380 


ODEY ASSET MANAGEMENT LTD 
21 Greavenor SLLdn WIX*FE64-7M99 2*9» 


d Oder EuraaeaB- 
wOdw European. 


-DM 


w Oder Eurap Growth Inc ■ DM 
w Obey Europ Growth acc — DM 

wOdev Euro Grth Star Inc * 

w Odgy Euro Grtti Sier Acc — £ 

OLYMPIA CAPITAL INTL UK 
winiams House. Hanlltan HiMi. fiarmwto 
Tel: 809292-1011 Fax: 8092M-2HS 
w Finsbury Group ■ ■» 


1W.D 

18979 


4566 


w Olvmpfa Serartte SF. 
w Olympia Stan Emerg MktiS 
w wnaetk Eastern Dragon — 3 
w Winch. Frontier —8 


w Winch. Fut. OlyraalQ . . 
ir Winch. Gl Sec Inc PI (A) — 3 
■rWhicft.GI5<clncPI(CI — S 
w wtnctLHWe mn Madhnn-Era 

w Winch. Hide inn Ser D Era 

w Winch. Hide Inn Ser F ^cu 

w Wlnctt Hide Oly Star Hedges 
ir Winch. Rescr. MuUL Gv B«LS 

w WtachHkr Thanond -3 

OPTIMA FUND MANAGEMENT 

73 Front SLHamlUoikBefTraido 809 295-8658 
•rOrthna Emerald FdLM— s 1UD 

m Optima Fund » JJ8S 

w OPthna Futures Fund — —3 

w Optima Global Fund S TiM 

w optima PerlaitoFd Lid — 3 IIS 

wOPUma Short Find S (31 


22437 

17429 

1*1*79 

1B73 

31*73 

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171434 

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P ACTUAL 
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d Star HtoftYhM FdLM. 
PARIfiAS-GROUF 
'Luxor. 


3*2889* 

53*3563 

12185*3 


0 ParvestUSAB. 
d Pmvest Japan B. 


0 FarvestAstaPacHB. 
d Parvest Europe li- 


ft Parent Holland B_ 

d ParveSI France B. 


_* 

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0 Parvesi GwmcnvB dm 

d Parveit OblHDaltar B 1 

d Parvesi omi-omb DM 


d Parvesi OBB-Yen B Y 

d PorvestOWFGuiden B FI 

d Parvesi OW I- Franc B FF 

0 Parveit ObO-St*r B C 

d Pervert OMi-Era B. Era 


0 Pgrvert QbU-B«ux B_ 
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.LF 


(40 

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d Parent Int Band B- 
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PE RMAL GROUP 
f Cammadliles L»3- 


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wP.CJ= UK Val I Lux) ( 


108432 
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1 03*48 
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wVotbond SFR (Lax). 


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wVolband EratLtwJ- 


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w Volcano GBP (Lmri- 
w Ualbend DEM (Luxl . 
wUSSBd PHI ILuxl- 


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wEw.OgMfTILVxi. 


a Gteoi value ‘Lux*. 
■* Euroval (uni. 


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0 Pkret VotMlSM (CHI 
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PRRMIER INVESTMENT FUNDS LTD 
oa PD. Box list Grand Car men 
Fax- 1809194*0993 
m Premier US EaaJrv Fj«_J 
m Premier Ea RlJi Mrt Fd— S 

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m Premier Sovererjn ed Fd— J 

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d Emerg in g Him 5c Trvrt— 6 
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w Quantum Ream Trust 1 

w Q-jarfjtn UK Riatty FureJ_t 
wOuasar In FI Field N.V— J 
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117.14 

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REGENT FUND MANAGEME NT LTD 

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d Reomt GW Euro Grrh fd J 

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tf RG Moiey Plus F FL H 11223 

a rg Money pub fs 6 iou7 

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t Pri ChnDeiigeSwtei Fd SF 

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5AFDIE GROUP/KEY ADVtSOftS LTD 


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w Republic GAM S 


1168440 


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i ■ astetf * • Cfter Frees- HA. ■ Net Araabrt: N.C. ■ 

HacSiaiedZciTiitDricraau&igaanicbKiBncE. 


For information on how to list your fund, fax. Simon OSBORN at (33-1 ) 46 37 21 . 33- 




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•V* 


Page 17 


✓ 



The Worst Funds: 
Some 



Can’t Stay Away 


By Mhdmd D. McNkkle 

D O thing! really get bet- 
ter because they can’t 
get any worse? The an- 
swer is a. resounding; 
maybe. For verification, ask inves- 
tors in the worst-perforating funds 
over (he past HwaA» many of 
whom have seen very bad tarn to 
worse, and then tarn to even worse. 

Take, for instance, the Steadman 
American Industry fund, based in 
Washington. “Arguably the worst 
fund covered by Mondngstar” an 
analyst wrote last year, referring to 
the Monringsiar mutual-fund rat-' 
mg service. 

A Monringsiar raring sheet for 
the year ended Deo. 31 ranked four ' 
Steadman funds among the lOlow- 
est-perfonmng funds of the last de- 
cade, with the worst, Steadman 
Oceanographic Technology & 
Growth, during winch' the value of 
the fund shrank an average 934 
annually during the 10 year. 
(Oceanographic has changed its 
■name to Steadman Technology & 
Growth fund). 

Two of the funds also made the 
five-year lowest-perfonnance rat- 
ing, with second {dace boasting a 
toss of 639 percent and sixth place 
a 3.99 percent loss. - 
AH of this might lead one to ask 
why the fund is still around. Pub- 
lished reports curie that the U.S. 
Securities and Exchange Commis- 
sion at one tunc even barred one of 
the funds from accepting new mon- 
ey. The funds also ganuvi the atten- 
■tioo of state securities authorities 
winch resulted m cease-and-desist 
orders proscribing the sale of the 
fund in a number of slates. 

A decision last year by the U.S. 
appellate court in Washington, 
overturned the SEC action dealing 
the way for the fund to accept new 
money. And Charles Steadman, the 
chairman and president, noted that 
.the funds have made some major 
changes. He said thm the Steadman 
; Associated fund, for ocampto, was 
up 35 percent far the fiscal year. . 
: ended Sept. 30 and is “now moving 
in a respectable pattern.” More- 
over, Mr. Steadman said, the firm 
.had implemented chflftg g* in the 
way it selected and retained shares. 

' He notes that the funds now have a 
“more evenly weighted" portfolio 
for the most part, vriteras there 
: wear heavier positions taken, in past 
years, “so we've changed that, and 
therenrit5havebeguQ toimprove.” 
Mr. Steadman also said that in 
. addition to inproving their “selec- 
tion process” the firm wfll drop an 
investment “more qmcidy” than in 
years past if appr o pria te. Tread 
carefully. In rece&t years the fund’s 
expenses have been nearly 7 per- 
cent, according to published re- 
ports. And . wfrifc the S t e a d m a n 
foods cut a high-profile figure in 
the eyes <rf fund watchers, alas tiiey 
woe not alone. 

So the bulk of the evidence sug- 
gests that poor performers often 


stay that way: But that is not at 
ways the case. Investment returns 
lo the end of last year provide a 
good example. Nearty a third of the 
worst performers ova 1 10 yean, 
and at least 40 percent of the worst 
funds over five years, lost money. 
The funds were mostly invested in 


Since then, these sectors have 
picked up.spcctaculariy. . 

Lexington Strategic Investors of 
New Jersey was ranked third 
among: the 10-year losers with a 


A leading mutual 
fond rating service 
indentified 
Steadman American 
Industry fund as 
'arguably the worst 
fond covered by 
Morningstar.’ 


shrinkage of 738 percent, but over 
the year ended Dec. 31 reported the 
highest return .with as .astounding 
26454 percent A half dozen funds 
invested in precious tnrtnk moved 
off of the lowest-performing five- 
and IQ-year rankings betwem the 
end of the third quarter and the end 
of the fourth. - / 

Michael J. Corbett, senior ana- 
lyst with the Mutual Fund Letter in 
Chicago, notes that these funds 
may be poised for a run. ^Gold in 
general,” he said, “has been in 
about a 13 year bear market and so 
all the goldrdated funds have done 
poorly — terribly in the last three-, 
five-, lO-j^pexipd. But what you 
have to look at is what they-re do- 
ing now" 

Meanwhile, funds wearied in 
other segments may carry poor 
long-tom Tarings as a result of 
managers who are long gone, 
American Heritage, ranked seventh 
.on Monringstar’s 10-year ■ lowest 
performes, has been doing re- 
markably wdl under Heiko Ttaemc 
who took over a few years ago. 
American Heritage took second 
place in the highest. perfonnezs in 
the three-year ratings, with an.aver- 
age total xaum of 4854 a year. 

! ' So how do you avoid the less 

promising foods? 

Mr. Corbett says that investors 
should resist the temptation to pick 
a fond based solcty an total return. 
“We’re a big proponent of looking 
at sectors of t he mari te Las opposed 
to toafcmg at one particular fund.” 
He suggests people will find mare 
meaningful ratings by checking the 
performance of a segment, and 
then comparing the fund’s perfor- 
mance against its peers. 

The big mystery is why investors 
continually buy into some of the 
worst funds. 

Mr. Corbett has an answer; 
"Hey just don't check.” 


Going Bottom Up? 

Worst performing mutual funds and their subsequent performance. Value of $100, income reinvested, excluding charges. 


Worst Performers in 1990 To Dec. 31. '93 To Dec. 31, -92 To Dec. 31, "91 To Dec, 31 . '90 


Formosa Fund 71.90 

Sanyo: Sector Index: Heal Estate 49.28 

Lexington Strategic inv 67.85 

Shin-wako: Index Open: PubServce 57.10 

Daiwa: Target Index: SteVSiripog 41 .74 

Daiwa: Target Index: UtilfTranap 57.78 

Pacific Nies Fund 98.45 

Nikko: Sector: Real Estateffiail 58.66 

Technology & Growth 62.78 

IFDC Japan 41.38 

. Daiwa: Target Index: Real Estate 51 .36 

Taipei Fund Nav 73.92 


80.11 

69.30 

39.29 
73.35 
81.41 
73.76 

90.30 
74.14 
94.72 
76.85 
73.49 

91.30 


104.39 

108.01 

81.07 

108.42 

96.51 

108.09 

103.57 

114.07 

127.93 

91.84 

108.22 

116.70 


Worst Performers in 1991 To Dec! 31, '93 To Dec. 31, '92 To Dec. 31, '91 


Callander Fd (Aust): (Ats) (m) 78.04 

Actigestfon 48.44 

Fidelity Select-Energy Ser 95.73 

JF Indonesia 181.54 

Ward ley European Warrant 196.22 

MGM Special Situations Growth 82.99 

Dao Heng Asia 168.97 

Lloyds IP Warrant 79.58 

Danubtehlnvest 97.53 

Invesco European Warrant 150.00 

Sirius 6 56.84 

Gala. Currency Hedge III 20.32 


Worst Performers in 1992 To Dec. 31, '93 


CMI Insur Italian Equity 90.85 

Lloyds Ip Warrant 113.69 

CM! Gnf Irish Equity 76.09 

CIBC-CEF Spanish 63.41 

GT Berry Japan B 84.24 

GT Berry Japan A 83.88 

SHK Asian Warrant 209.17 

MMWI-Oswa-Fonds 79.27 

K-fW Unh/ersal-Fonds Os 59.68 

JF Japan Warrants 75.10 

Safit 112.63 

United Serv Gold Shares 1 10.10 


Worst Performers in 1993 


Penn Cap Asset Allocation 
Enigma Currency 
Ecu Terminvest Currency 
: Kestrel Limited Dllr Shs 
Biotechnology Venture Fund 
Kestrel Limited Stlg Shs 
PDgrim Corp Utilities 
CIBC-CEF French 
Govett Dllr Geared Currency 
Beckman Options & Warrants 
C&C Multi Invest IV 
A1B Prooerty 

SotmxMoopal 1 


75.55 

96.73 

103.43 

110.20 

117.44 
87.35 

103.17 

60.91 

80.24 

83.04 

77.61 

75.81 


To Dec. 31, 92 


58.15 

57.62 

57.61 

56.95 

56.84 

56.76 

56.35 

56.28 

56.20 

54.32 

53.13 

51.26 

*» I 


76.74 

( < 


76.65 

V (x 

A 

76.52 

A ’ 

r] f 

75.38 

73.88 

''r " 

/ c ^ 

72.79 

\ ; i 


72.41 

v' ^ 

/ 

70.00 



68.71 

• - 

68 AO 


67.36 


c 

65.98 

N ? /v 



61.24 

60.91 

60.75 

59.76 
59.23 
59.22 
58.72 
57.44 
55.68 
52.70 
50.06 
49.17 


O t 






BRIEFCASE 


Retirement Saving; 
Best of Intentions 

A survey done for the mammoth 
fund company Fidelity Invest- 


U.K. Market to List 
A New Stock Index 

The London International Fi- 
nancial Futures and Options Ex- 


meats reveals one interesting as- change said it will begin listing As- 
pect of the way Americans save for tures contracts on the Financial 
retirement: They don't do what Times-Stock Exchange 250, an in- 


Niculae AtduIWT 


they say they’re going to. 

A year ago, poll participants 
were asked whether they planned 
to cut their outlays during 1993 in 
each of six categories of discretion- 
ary spending: ^faring out, leisure 
activities, clothing, gift-giving, en- 
ergy consumption and holidays. 
Each category drew a “yes” from 
more than half of the respondents, 
with a range of 53 percent to 72 
percent When poll takers followed 
up, they found the percentage that 
actually cut back ranged from 19 to 
33 percent. 

The latest sample taken in the 
poll shows perhaps a touch more 
introspection among respondents. 
They plan to cot their discretionary 
spending this year by 52,985 on 
average, down from the $4,158 that 
last year’s better-in ten boned but 
less self-aware participants said 
they could do without Last year 74 
percent said they were willing to 
make some spending cuts; tins year 
il is 54 percent. 

Nearly two- thirds of respon- 
dents said they contributed the 
same or less to retirement last year 
than the year before, no matter 
where the money came from. One 
reason people may not be as wining 
to tighten their behs is that they 
feel fatter. Stocks and bonds had a 
good year, and so their savings 
probably went up enough all by 
themselves, withont having to add 
more. Stfll, the survey showed that 
more than half had accumulated 
less than 530,000 toward retire- 
ment. 

Fidelity, of course, would be 
more than happy to show anyone 
who walks through the door how to 
increase that figure. But the public 
may not oblige- Eighty percent of 
respondents said they planned to 
meet some of then needs in retire- 
ment the old-fashioned way — by 
continuing to work. 


dex of the 250 largest publicly trad- 
ed British companies after those in 
the FT-JOO. Trading is due to begin 
Feb. 25. 

The listing is an attempt to take 
advantage of the strong and persis- 
tent demand for British stocks. The 
FT- 250 has risen dose to 50 per- 
cent since the start of 1993, just 
about twice the fynn of the bench- 
mark FT- 100. Trading volume in 
FT- 100 futures was up 19 p ercent 
last year over 1992, a LIFFE state- 
ment noted. 

The ex change, which said it had 
spent more than a year researching 
the viability of such a derivative, is 
fo flowing the lead of the Chicago 
Mercantile Exchange, which lists 
futures on the Standard St Poor's 
Midcap index, a rough American 
equivalent of the FT-250. 

Companies in the FT-250 have 
an average market capitalization of 
£600 million ($900 million). Those 
in the FT- 100 have an average mar- 
ket capitalization of £5 billion. 

The new contract will trade on 
the March, June, September, De- 
cember cycle. Its value will be £10 
for every index point, with a mini- 
mum price movement of half a 
point Trading hours will be 8:35 
AM. until 4:10 P.M. London time. 


Mortgage Securities 
Are StHI Appealing 

The rise in U.S. interest rates has 
seen mortgage securities gain on 
U.S. Treasurys since the start of the 
week The timing may no longer be 
perfect, but buying eady into a 
mortgage securities fund could still 
be profitable, argues the U.S. fund 
manager Scudder, which points out 
that it in fact was calling an end to 
the bull run in refinancings, con- 
trary to our report of last week. 


Among Mutual Funds on the Bottom, Treasures and Rejects 


By Aline SuDtvftn 


F 


1SHERMEN have long 
been aware that many of 
the fish most prized by 
restaurants, including 
Dover sole and turbot, Lurk on the 
sea-bed. Much more recently fond 
managers have began to wake up to 
the wealth that can be trawled from 
“bottom-fishing.” 

The principle of bottom-fishing 
in the finanoal markets is simple. 
Unlike fish, stocks that have sunk 
to the bottom of the market have 
an inbuilt tendency to rise again, 
either because they arc caught up in 
the upswing of a business cycle or 
because investors have recognized 
that they are undervalued. Inves- 
tors can capitalize on this tendency 
by putting money into the year’s 
worst-performing funds. 

Adrian Tupper, a senior execu- 


tive at fund managers James Capd 
in Edinburgh, said investors are 
forking at bottom-fishing as part of 
a genera] trend away from active 
fond management. The rationale is 
that the cheapest funds are the 
most attractive:. If Jhe price of 
those funds rises above a certain 
point, the investor will sell auto- 
matically and invest instead in un- 
formers. 

fc are setting up indexes for 
individual funds to track and ones 
that we can use for a number of 
funds.” said Mr. Tupper. “These 
mean that clients are trading less 
and paying smaller commission 
charges. The constituents of these- 
indexes may change only once a 
quarter. A lot of fond managers 
would change positions much more 
frequently with no better perfor- 
mance.” 

Bottom-fishing has been particu- 
larly popular with investors in 


emerging markets. “There is statis- 
tical evidence that if an emerging 
market goes up one year, it will go 
down the next,” said Murray Da- 
vey. head of European equities at 
Kleinwort Benson Investment 
Management in London. “That is 
because people gel carried awav 
with emerging markets, too enthu- 
siastic about the upsides and too 
depressed about the downsides. 
The fundamentals get exaggerat- 
ed.” 

Mr. Davey has devised a bench- 
mark index that he claims is 
unique. The index weights the 20 
emerging stock markets targeted by 
the Kleuxwort Benson Emerging 
Market Fund so that no market 
accounts for more than 10 percent 
of the whole. Each year, the index is 
reweighted so that the exposure re- 
mains equally divided. The wide 
spread allows a much greater de- 
gree of diversification than with 


Short-Sellers’ Puzzle: Not Whether, but Which? 


O NE thing that may be 
more difficult than fig- 
. ruing ont when _ and 
wbai to buy is deriding 
when and wbai to sriL Worse stiH 
may be selling short, the practice of 
borrowing shares, sriling them and 
■ then hoping their price wfll fan be- 
fore they must be bought back in 
the open market and returned to 
their owner. 

As the American -stock -masa 
lingers at valuation levels judged to 
be excessive if not psych otic, ever 
more investment newsletters are 
advocating selling short- In on e as - 
pect, this is refreshing. Stockbro- 
kers, the source of much , if not 
■most, advice fra 1 retail inv estors, 
almost never recommend shari ng 
a stock; they sddam encourage 
anything but buying. 

As wdl intenboned as newsletter 
writers may be, however, they do 
not do an especially good job in 
their short sale saffiCrtksis,_A 
Study by the Halbert Fmannal Di- 
gest, a newsletter that follows the 
progress of other tOTslettius. 
found that subscribers wcasa have 

done slightly belter making taar 
dom short sales than foHowmg the 
letters* short sale picks. _ , 
The digest editor, Mark Hum- 
bert, examined short sale 
roendauons made 
five years through 1993 by 


newsletters that regularly issue 
them. He efimmated stocks selling 
for less than S5, as brokers often 
don’t allow chests to diart them. 
That left a database of 1,126 rec- 
ommendations that he assumed 
were hricFfra Ihb full calendar year 
in which they appeared. 

The average short sale candidate 
outperformed the broad-based 
Wilshire 5,000 index ty 03 percent 
— or underperformed by that 
much from asnort seller’s perspec- 
tive. That could add up to. quite a 
absolute loss, "because the 
; was up in every one of the 
five years but one. • 

Although the group’s perfor- 
mance was mediocre, Mr. Hulbert 
notes there were standouts, good 
and bad “This overall 
masks a wide variation in i 
ual newsktier performances. Five 
of the right in onr subset (fid better 
with their shorts than they would 
have by dwnmg thie market itsdt" 
As good as any investment advis- 
er is, ifs tough to forecast losers 
when there are sonupy mare win- 
ners out there to be phked, which 
has been the case for most of the 

last 20 years. 

“Until you have the bear maul 
going with yon, it’s difficult to 
. short suceessfoDy," advised Berna- 
dette Murphy, a technical analyst 
at hi Kfoundman & Co. “Short 
sellers in most cases are eventually 
correct, bat it can be a very ex- 
hausting experience, especially 


when fighting a major bull trend 
when investor confidence is high." 

Exhausting and risky. One rea- 
son that James Stark, editor of In- 
vesTech Market Analyst, has not 
recommended short sales is that his 
subscribers, who average 54 years 
of age. are a risk-averse lot. 

“It’s not that there aren't profits 
to be made seflmg short, but they’re 
investing their retirement money” 
he said “Emotionafly h can be 
much more demanding than own- 
ing stocks era. the long ride far sev- 
eral reasons: You are taking what 
Wall Street commonly views as a 
negative outlook. The other factor 
is that in short seffiug yon can lose 
all of your money and more, d- 
' . in reality short sriling can 
be done m a relatively prudent 
manner.” 

What makes short sriling espe- 
aafly risky now, aside from the 
market going the wrong way, is the 
fitto-tnmngaf the manenver known 
as short squeezing, which turns on 
the fact that shares most be bor- 
rowed tosefl short. 

“Short sdlera have become a tar- 
get far some traders,” Miss Mur- 
phy observed. “It started a few 
yews agaPeople started tr acking 
what Mocks people were shorting, 
how big the positions were, how 
many days it took to cover." 

- when those numbers are high/h 
means there will be considerable 
upward presrorc on the price when 
the shares are bought back. To tiy 


to force the issue, groups with lots 
of money to spend will buy up 
shares, pushing the price higher. In 
thinly traded issues, the shorts may 
find that there are not enough 
rimes around to borrow and so 
will have to dose out their posi- 
tions. 

“You can’t short a stock unless 
yon can borrow it,” Mrs. Murphy 
said. “If a slock is locked up by 
institutions, it's harder and harder 
to borrow. When the squeeze 
comes on, it's harder and harder to 


sriling a 
technical 


the fundamental ride, 
stock that has shown 
weakness. Newsletter writers are 
looking for overvalued stocks, the 
ones that have gpod momentum. It 
fakes a long time to turn momen- 
tum around.” 

Mr. whose strength is 

market riming ,, conceded that he is 
not the greatest at selecting individ- 
ual stocks, either to buy or sell, and 
generally confines Ins picks to mu- 
tual funds. 

Timing is the essential dement in 
short selling, Mr. Stack believes, 


more traditional emerging market 
funds and ensures less volatility. 

“By rebalancing the index each 
year we are forced to sril markets 
that have gone up and pat money 
in those tbit have gone down,”said 
Mr. Davey. The index provides rel- 
atively little exposure in larger mar- 
kets like Mexico and Malaysia, and 
more in such small markets as In- 
dia and Turkey. 

Followers of this index wfll miss 
out on some of the booms in the big 
markets, said Mr. Davey, but gen- 
erally experience better returns 
that investors following more tradi- 
tional methods. 

Bottom-fishing can also be effec- 
tive in developed markets where 
past success can sometimes presage 
future failure. Peter Warrington of 
WM Co M an Edinburgh-basal fund 
monitoring film, said that in a re- 
cent study by his firm of 299 British 
funds fewer than 40 percent re- 
mained in the bottom quartiJe over 
a two-year period, 9 percent over 
three years and 4 percent over four 
years. 

The same trend operates in re- 
verse. “If a fond has been set a top 


quartfle ranking as its target there 
is only around a 40 percent chance 
of achieving il in two consecutive 
years,” said Mr. Warrington. For 
three or more consecutive years the 
probabilities of an individual fund 
maintaining top quartfle status de- 
cline rapidly” 

Not everyone is enthusiastic 
about bottom-fishing in the fund 
markets. “It is very tempting to buy 
funds that have performed badly 
and take profits in those that are 
doing well,” said Keith Falconer, 
senior investment manager at Mar- 
tin Currie in Edinburgh. “Bui in- 
vestors have to make sure that the 
funds haven’t gone down for good 
reasons. Bottom-fishing should be 


only part of the decision-making 
process." 

Mr. Tupper of Janus Capri 
agreed that investors must lode at a 
lot of other factors, not just the 
most recent performance. “The 
whole theory is a bit presump- 
tuoos,”he said. 


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get out.” Because of large institu- 
tional holdings, she said, “ganging ^ it ^ wbere most investment 
up on short sellers ismuch easier. 3liv i xrs go astray. “It’s not that 
As a resell, the performance of they're bad pickers as short sellers, 
short senesm 1993 was imt good. .j t » s most newsletters are wrong 

She added that the quality of the at critical mming points,” he said, 
compamebeingshor^— andqf “They don’t recommend short sales 
the people doing the shorting — is ^ stoats have already locked 
almost beside the point in a short onto a downtrend.” He sees such a 
squeeze. “Short sellers are usually downtrend looming and, despite 
very good analysts. It’s not that having avoided short selling so far, 
they are wrong, it’s that other peo- may soon deddc to lake the plunge 
pie have targeted them.” before the market does the same. 

Many short sellers may be good “We have looked at it probably 
fundamental analysts, tart their more inieusriy than we have in the 
prow ess as market technicians is past, especially in the last few 
en epprt Peter EBades, editor erf the months, he said- “It’s probably 


StockMarket Cycles newsletter, re- 
marked. Trying to explain the poor 
performance of his colleagues, he 
said: “It’s probably because people 
have a tendency to tiy to sril stocks 
that have been doing very wdl, and 
that’s usually the wrong kind of 
stock to sdL In reality they should 
be sriling on the technical versus 


premature to say we will not rec- 
ommend them. The reason we have 
not in the past is we have not 
dropped into what I would call a 
major bear market We did not 
have the ingredients for a bear mar- 
ket that will lake the averages down 
40 percent. Today I think we have a 
very different situation.” 


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SPORTS : 

Knocking on Nonvay’s Door: Olympic Hosts Invite theStrangers In 


By Ian Thomsen 

IiUenuUonal Herald Tribune 

LILLEHAMMER, Norway - Tufts 
of bis brown hair were rising up in the 
bask and the rest was flattened to his 
skoIL This, to the hundreds of people in 
the audience and the millions who would 
bear or read of this meeting, made Ve- 
gard Lflvang seem immediately sincere. 
He greeted the world like someone an- 
swering a doorbell. 

Come in, have a seal, we will have a 
conversation. 

He hunched forward in his chair, as 
hosts do when giving full attention to 
their guests. The spotlight on his smooth, 
red face identified him as the most popu- 
lar representative of Norway, a cross- 
country skier with a fighter’s chance of 
adding to the three gold medals he won 
in Albertville in 1992. At the same time. 


his charisma showed that he is more than 
an actor for their cameras, an object for 
applause. He would respect the tradi- 
tions of his visitors for the next 16 days, 
be made clear, but they should respect 
his opinions as wclL 

The viators are the 17th Winter Olym- 
pic Games, beginning Saturday. He — 
Norway — had in vital them in without 
thinking to brush his hair. 

The International Olympic Commit- 
tee realized its hosts were a typically in- 
dependent when a national peril recently 

suggested that only 6 percent of Norwe- 
gians like the I OCp resident, Juan Anto- 
nio Samaranch. They perceive the IOC 
as self-appointed royalty, a greedy 
anachronism. 

Their view was articulated by Ulvang 
on television earlier this week. He called 
the IOC undemocratic and said it was 


“bad and perhap not worthy of sport” 
that it be ruled by Samaranch, a former 
official in the fascist Spanish govern- 
ment of General Francisco Franco. 

He said it as if talking about boose 
gtfests. the kind who refuse to do their 
share of the dishes. 

There have since been reports that 
some IOC members wished to punish 
Ulvang by preventing him takhg the 
Olympic oath at the opening ceremony 
on behalf of the 2,000 athletes. In fact. 
Samaranch has been trying to trim the 
IOC of some of its extravagances, but 
has been blocked by the membership. If 
this continues the'lOC will become as 
popular as the UJS. Congress. It is not 
something for them to strive for. 

Samara nch and Ulvang met Thurs- 
day. and in a written statement the skier, 
30, expressed regret if his statements 


see me d like a personal attack. “In the 
hiefyiew* the statement said, “I em- 
phasized that Mr. Samaranch must pri- 
marily be regarded for his achievements 
today." 

Ulvang also called for a more demo- 
cratic election system in the IOC ex-' 
pressed concern about the gap between 
IOC members and the athletes responsi- 
ble for the members' high life, and invit- 
ed Samaranch and his associates to meet 
the athletes for a meal in their village to 
discuss the Olympic movement. 

“In Norway, we are used to top lead- 
ers of spent laving a meeting with ath- 
letes," Ulvang said Friday at a press 
conference. 

Did Samaranch accent the invitation? 

“Accept? I thmk, I think," Ulvang 
said, nodding. 

Even before these Winter Games had 


begun, itseemed as if they would intro- 
duce a new attitude to “The Movanenl" 
By awarding the Games to their most 
northern ate ever — a snail town where 
the people shop on sleds— the IOC was 
hoping to renew its innocence in some 
tangible way. Instead, it has come 
knocking on the door of a country that is 

um used to visitors. 

The Norwegians are as gracious as 
anyone in the world, but it is then: self- 
reliance that allows them to survive the 
cold winters of total darkness. They win 

trefpn to Samaranch, they will hear him 

out But haying had- his say, be should 
listen to them, as well, because — invita- 
tion or not — he is the one who came 
knocking and this is their borne. . 

“It was a very, very friendly meeting 
with him," ulvang said, and he 
shrugged. “I don’t see any. reason to 


emphasire any more about it." The rest 
rtf ms comments were devoted to skiing . 
It is the. sport fiuougb.yriikbj Norway- 
w&'mtxoSicc .itsdTtOQa vroriiThe 
faoEties are fresh and beautiful, whether 
they >aye been crafted frqm wood to 
resemble an Trvtrtutned^ Viking ship or 
carved from t& nuzdcrif a mountain, - 
but they are is vriien 

flacioss-coui^rk»begffifikttirisbf 
thousands of Norwegians wffi-oome out 
of the forests and the entire country’ wifl 
seem to dance in tbe saow. - 
A writer from Ba&more asked Ul- 

/vang, cautiously, “Has the. loss ot.ypor 
brother affected yowtramin& and is it 
true that after the Olympics yon will go . 
backtolookfarlrimT’’ • 

- The skier grew quick. In his broken. 
Eng lish he sard. fT 6bnX hope it affects 
my tr aining/ ’*: 


Oeariy, he had not anticipated this 

question- - 

brother was.shalrin& 

“And we wffl miss him a lot” He was 
sobbing. “And it is tine, besmd,hidin& 
toface/T will returnifl the^Jnflgran^ 

as soon as the snow is gone, to try to find 

him." ■ .. 

’ Tire new conferee 

a: hoard of Norwegian reporters con- 

vensed upon tire Amencan who had 
mueti^Tiao ay. -Why. had he asked 
that question? Had he been tiying.to 


UIU% vtruu^> 

These are tire risks, though, when yon 
Open your home to strangers. 



Weary USOC Calls Harding Case a ‘Distraction’ 


Complied by Oar Staff From D^axdia 

PORTLAND, Oregon — On the 
eve of the 1994 Winter Games, U.S. 
Olympic Commiaee officials said 
Friday that the Tonya Harding 
mgn bad become an unwelcome 
burden, distracting attention from 
the competition and becoming a 
source of irritation for athletes. 

“This whole matter has becomes 
tragic aberration,” said Paul 
George, bead of the U.S. delegation 
in Hamar. Norway. 

Some senior U.S. Olympic offi- 
cials even said that it mi gh t be less 
damaging to the Olympics to allow 
Harding to skate rather than to 
continue deli berating her status as 
a member of the U.S. team. 

Thai attitude tw»c gained signifi- 
cant momentum this week as a re- 
sult of a reouest by the Olympic 
committee mat she appear at a 
hearing Tuesday in Orio to answer 
questions about her conduct sur- 
rounding tire assault of Nancy Ker- 
rigan last month. 

Handing has denied any involve- 
ment in the ptol to harm her rival 


on Jan. 6 but has admitted she 
delayed in idling authorities after 
she learned who was involved. 

On Thursday, USOC lawyers 
asked an Oregon ocm to dismiss a 
$25 million lawsuit Harding filed 
Wednesday against the committee. 
In her suit, the skater is seeking $20 
million in punitive damages and a 
temporary restraining order to 
bloat the USOCs Games Admin- 
istrative Board from bolding the 
bearing in Oslo next wed: on her 
Olympic eligibility. In addition to 
the $20 millio n, the suit seeks un- 
specified compensatory damages 
that it says will be in excess of $5 


the $20 mO 
specified c 
that it says 

millio n 

An Oreg< 
to hear Hi 


judge was scheduled 
ling’s request for a 


court order later Friday. 

In Norway, UJS. Olympic offi- 
cials complained thm events sur- 
rounding Harding were do minat - 
ing public attention, almost to the 
exclusion of other athletes and oth- 
er Olympic developments. 

Harvey Schiller, the Olympic 
committee executive director, stud 


the legal issues were “beginnmg to 
r-airap! a distraction.”. Ann members 
of Ins public relations staff Said 
many American athletes in Norway, 
mrin dinc medal contendas^arc be- 
ing virtually ignored by xeportexs. 

“Yes. it has become a distrac- 
tion,” Schiller said. “ This is not 
where the focus should be. The fo- 
cus should be cm our 100-phis ath- 
letes, who are here to be the best 
they can be. That’s why they are 
here. That’s why we are here” . .• 

It is that land of sentiment timt is 
apparently fueling a growing cerise 
among sane senior officials dot the 
commrUee should discontinue tfab 

challenge to Harding's eligibility. 

“It’s an_ escalating distraction,” 
said one Olympic co mmi tt e e law- 
yer involved in the case, who asked 
not to be identified. “I think it’s a 

racy rtf f he tail heg irmfng m wag the 

dog — . the dog is the Olympic 
Games in IiQenammer — mid to 
have this sideshow getting center 
Stage, I the answer may fol- 
low from that It’s gating late. A 
decision has to be made." 


But as the USOC plotted strate- 
gies -far Friday’s appearance in 
court and for a response to whatev- 
er thejudgederides, the committee - 
lawyer sari he **»d his colleagues, 
bad not necessarily concluded thhi 
opposing Harding’s participation 
served the best interest of the U.ft 
Olympic efforts. 

“Even if are tfisafree with the 
judge’s decision on Friday, how 
long can we cany this on?” be said. 
“It has to stop someplace:" . - . 

If the committee chooses to re- 
spond, it would probably Tile an 
appeal tothe granting of a restrain-' 
ing order. But Sdiakr.saidlswyBre 
were still reviewing other options, 
including the- possibility -they- 
would respond to the requestor 
the restraining order ]ty attempting 
to move the case to a federal cerat. 

Tbe cool in which the reqnesL 
far a restraining order was filed lies, 
in the comity, where Harding and 
hundreds of bee fans bye;, the neatr 
est federal court wifajumfictkaij® 
in nearby Pttttland. . 

Buttheun ix a laiul yh cc xprc s gc d 


Enc Gritaab Xcwn 


Luc Alphand of France taking to t&e air en rwtie to tbe fastest men's downMH practice time Friday. 


Oslo Deports Abortion Protesters 

The Assoomed Press 

OSLO — Storms over Iceland delayed deportation Friday of 12 
American anti-abortion activists who had allegedly planned to stage 
demonstrations during the Winter Olympics. 

The police detained die activists Thursday when they arrived, 
confiscated items from their luggage and ordered them out on the 
□ext available flight to the United States. Thai flight was delayed. 

The 12 said earlier that they other supported or were members of 
various anti-abortion groups, inducting Operation Rescue, which 
have said they would stage demo nstrations during tbe Olympics. 


Olympic Event and TV Schedules 


Saturday’s Evsnts 

Opening Camonln - 1SOO. 
toHodaar - Finland vs. Czech Re- 
public. 1100; Russia vs. Norway, 
1730; Austria vs. Germany, 2000. 

Saturday’s TV 

EUROPE 

All times are local 

Austria - ORF: 1545-1845, 2000- 
2006.2055-2330. 

Britain - BBC: 1215-1715; B8C2: 
1500-1700, 2340-0025. . 

Bulgaria - BNT/Channal 1: 1700- 


Croatta - HRT/HTV2: 1045-1240. Britain - B8G2: 1415-1550: 2000- 
1455-1800, 2300-2330. 00300300 2100; 2316-2355. 

Cyprus - CYBG: 1715-1745, 2230- Bulgaria - BNT/Channal 1: 1200- 
2300. -T,v«--, 1400,1700-1740, 191 5-1 04# Channel 

Cxach RapoMe - CTV; -0915-1230, 2; 20552330 003941100. . . . • 

1455-1730, 1045-201 5^31 0-2400T * ’*• Crorita - HHT/HTV2r 1450-1718, 
Danaarit — DFfc 0950-1230. 1455- 2230-0030 


1900: Channel 2: 20302130. 0030- 1840.2GT522«.- 


1730,2145223a-. 

Estonia - ETYt -1065-1400. >555, 
1800, 1915r-t945. 2145233a 
Finland - TY1: 1045-1410; 7V2; 
1550-1 83a 

Franca - FR2: 1820-1925; FR3: 
1045-1200,19552230.,.. . - ... 

Gsnnany - ARD: 0945-1300, 1445- 


Cyprus - CYBC: 1715-1745. 2230- 
2300..-.. ’ 

Czech Rspiiflc - CTV/ChanneM^- 
6915-1300, 19452015, 2300-0005; 
Channel 2: 17152000 20002230 
Danmark' — OR: 1020-143% 1460- . 


1730,2130-2215. 

Btio& - £TV:'"11®-1346, i^O- 
•.- T600t. 1915-1 945, 21452330. ’ ~ 

Finland - TVI: 11051805. 2055- - 
. 233ft TV2; 1900-1930 
Franca - FR2: 0955-1 02a 1025- 
105a 1060-1200, 1206-1260! FR3: 
1430-1465, 1500-1 740, 2005-2030 
Granny - ZDF: 0950-1750, 2100- 
2145..- , — • ' - 

- 9ms - ETt: 06300900, 1700- , 
168ft ET2: 1916-1945. ; 

Hungary - UTV/Charmal 1: 1515- 
IflDO; Channel 2: 190520S9, 2205- ■ 
: .223i_ 

Iceland - RUV: 0930-1130. 1255- 
1400 1825-1665, 23152345- . . 

Italy - RAH: 0956-1300: «AC£ 2415- 
0100: CA13: 1730-1800. : 

Latvia - LT: 1055-1330. 1915-1946, 
0030-0100.- 

LMaanta - LHX: 1125-14001 2130-.' 

2isa 

l inm i Hhn ia g - CLT: HlghUghts on 
waning news, 19002000 
Macedonia — MKRTV/Channel 1:' 
0855-1 iaa 1255-1420; ■ Channel 2: 
0925-1200, 13K-1630. 7715-1745, 
1755-1830. 1865-2130, 2230-2300; 
Channel 3: 0930-1150, 1625-1900. ' 
Menace . - TMC/IT: 1000-1300; 
1315-1^00; 1600-1925; 01000300. 
Nethe ri a mls - NOS: 0930-2315. 
Ncnsgr - NWt. 0000-1750,. 2000- , 
2400; TV2r 1^45-1 9b0. 

Poland - TVP/PB1: 0960-1100, 
1830-1856, 2200-2300; PR2: 1105- 
1300, 1306-1725. 19052000, 0005- 
0106. 

Portugal - TVfc 23002320; RTP1:’ 
11QO-112a 

Romaota - RTVR/Channet 1: 1200- 
1330. 1430-1600. 1915-1946,. 0030- 
OlOOl.Channal 2:20552330. 

Huaala - RTO. -12254600, 1880- ! 
1915. 21554)030; FtTO 1250-1400, 
158S-TTO0, 17054715, 21352206. 
MovaUa - STV/SK: 0600-0830, 
1025-1066, 1155-1300, 1815-1845. 
ttevcaln T HTVSLO : 1005-1405; 
1700-1845; 1K6-271 5^2(^-2245. . 
apm - RTVte 10002400: tve 2:' 
1445-lfiOa . 

swaiten - SVT/TV2: 1015-1300, 
1365-1520, 20002145; Channel 1; 
2145230a 

"witwri ei wi -.TSarrsi^RSLioso- 
1300, 1400-1530; Si- : 2000-2230. 
Turing - TRT: 18002015, 21 OCF 
233a ‘ - 

Ukraine - omu/tm: i4K^ieoa 
00350100; UT2: 1200-1340, 1915- 
194&. u 

iORnpmt - 0650-2230, 2400-con- - 
coverage. 

ASU/PACffK 
AB times are local . . .. 

Anrirala - Channel 9: 2030010a 
Hear Zeatand - TVI: 07000800, 
2130-2400. - 

Japan f*QC 2200-2400 (gan«d): 

1^-1500. .18000630. (satsmte);. 
1306-1500, 19002200 (W-Vtstan). 
tapmltar GS l W - Hi TV; 2000- • 
2300. “ 

ChB»e CCTVi 1800-2100, 2300- 
2400 .- 


oioa 

Croatia - HRT/TV2: 1500-1925, 
2330-2400. 

Cyprus - CYBC: 1700-1900. 0030- 
0100. 


Srsece. - ET2: 13O0-T3SO, l»T5- 

1945; ET1: 2400-0100. 

Hungary - MTV/ Channel 1: 1100- 
1130, 1450-1730 22552355. 

Iceland - RUV: 0856-1046, 0950- 


Czecti ReputiSc - CIV: 1145-1800. 1130. 13S5-1745. 1715-1746, 1826- Gtamarry 


Tlie easy way to 
call home and 
update them on 
tne gold market 


2330-2400. 

Denmark - DR: 1545-1800. 
Estonia - ETV: 1650-1900. 


1 655. 22302300 33359030 
Italy - RAI2: 2415-0130; RAM: 0055- 
1230.- 


Finland - TVI: 1245-1330. 2050- LaMa - LT: 1065-1330, .1915-19«5, 
2115; TV2; 1645-1900. 003047100. 

France - FR3: 0930-1000. 2345- Utwanla - LRTV: 1100-1230, 2130- 
0145; TF1: 1550-1805. 2145. 

Germany - ARD: 1145-1430, 1545- Luxandrourg - CLT: MighBghta on 


1815. 2058-2330, 23102400. 

Greece - ET2: 1700-1900; BTl: 
0030-0100. 


waning news, 1900200a . 
Ma ci sd nnl s - UKRTV/Oumal 1: 
0855-1130, 0950-1215, 1355-1630. 


Hungary - MTV/CbwmN 1: 2005- 1775-1745. 1755-1830. 22302308; 


2020; Channel 2r. 1 550-1 OXX 


Channel 2: 06K-1030. 1355-1720. 


Iceland - RUV: 1700-1845. 2315- 18552130. 18652136; Channel 3: 
2345. 1625-1900 

Italy - RAH: 1600-1800; RAI3: 1730- Monaco - TMC/IT: 1000-1200, 
1800. 1730-1940. 23000100 ■ 

Latvia - LT: 1655-1900, 2330-2400. Nctbt rtanda - NO& 09302350 . 
Lithuania - LRT: 1700-1900. Honav - NRK: 0000-1800 2000- 


LuBanbowg - CLT: Highlights on 2300, 2300234ft TV2: 1845-1900 


evening news, 19002000 


Poland - TVP/PR2: 0950-1100, 


Macedonia - MKRTV/Channai 15 1900-2000 005-105; PR* 1100-1230; 
1500-1700; 1725-2000; 2230-2300; 1605-173022002300 
Channel 2: 1055-1330; 19552230. : Portugal - TV2t 23002320; RTPI: 
Monaco - TMC/IT: 1200-143ft 1100-1120, 


1430-1600; 1600-1800; 0050-0245. 
Hathartand a - NOS: 0930-2335. 
Norway - NRK: 1130-2300 


Romans - RTVR: 1150-1230. 1915- 
1945, 00300100- : . _ 

Russia - RTtt 1600-1645. 2200- 


P stand - TVP/PR1: 1555-1800. 2300. 0030223ft RTR: H50-1400, 


22052306; PR2: 0005-0135. 


22102240. 2330-0040 


Portugal - TV2 23002320; RTPl: Movalda - STV/SK: 0B0M2S0. 


1100-1120 


1465-1845. 



Romania - RTVR: 1700-1900,0030- Stemda -■ RTVSLCt 0935-1750, 
0100; Channel 2: 20302200 1956-2320 . . 

Russia - RTO: 1355-1630. 1765- Sprin - TVE2: Starting at 1200; 


2000; RTR: 2025-2255. HTTVEloa 

Stowrida - STV/SK: 1555-1800 Swadan - 

Skwanla - RTVSLO: 1530-1855. Ommat 1 

Spain - 7VE2: 1600-1800; RTVE 2000-2100 

12002400. Saftuataw 


RTVE: 10002400 ' 

Swadan - 8VT/TV2:. 0945-1146; 
Channel 1: 1145-1230: 1445-1730; 


- TSi/TSR/DRS: 1000- 


Sweden - SVT/Channal 1: 1530- 1330; 1440-1615. . 

1800. 19302100; TV2 1825-1930 Turtcey - T RT; 21 300020 
Swftzartand - TSR/TS/DRS: 1600- Ukrabre - OTHU/tfTIr 1100-1245, 
1800. 1815-1900. 0030-0100; UTfc 1915- 

Turicsy - TRT: 1700-1900. 0025- 1946; 22002400. 




0200. Bun 

UkrabM - DTRU/UT1: 1700-1900 ago. 
0030-0100. . - 

Euroeport - 1200-1430, 1600-con- 
ttnuous cov er a g e. Aust 

ASIA /PACIFIC MW 

AB times an local M n 

Japan - CB-BC* 2200-0600. (g» 

China - CCTV: 23000100 . (sat 


Euroeport: OGOO-conUreious oover- 


South Korea - KBS: 2350-0210; (HWftskjn). 


ASW/MCIFIC 
AX tiroea are local 
Austarita - Chanrwl 9: 20300100 
Not Zealand - TVI: 21302400 
Japan - NWL 2200240024000200 
(general); 1230-1500 18004)630 
(sateStte); 1300-1500. 19002200 


mm 



MS C: 2400-0130. 

Star TV - 2300-0100. 

NORTH AMERICA 
AH times an EST 
Canada - CTV: 0900-1800 
United States - CBS: 0600-1100, 
2335-0035. . . 


Papua New Gubae* - EMTViifl®- 
2200 . - ^ 
Hoag Kong - TVS: 2400-01 00. . 
Berth Kate* - KBS: 1240-1350 
MBC: 24002130 
Mriayato - TV3: 2315-0015. 

Sngwrom - SBC/Cbannri 12:2400- 


Rtaodco - TOTvisa: 1100-1400,2200- 01 


Sunday’s Evwits 

AB times an GW 


Alpine Shftig - men's Dowr^ffl, 

1000. imu: 


Star TV - sttadngati80a . . 
NORTH A^BBCA ' 

.- Mttimea an EST J - 
Canada - CTV: 0900-1700 2100 

United States - CBS: 0900-1200 


f h 


seated to mirr or the fact that not 
aQmcmbosnf the legal team have 
agreed on what to do ncxL 

^Anything is pOSSfale,'’ SdriUCT 
said- *1 wouldn’t tide can anything.” 

Ultimately, the dedskm. of bow 
or whether to jmxwd Would be^ 
-made by the officers of the Olym- 
pic committee, some ofwhom have, 
mteatiooalfy or otherwise, become 
invoivpl in the Harding story at 
other junctures. 

•• The officers arealso membersof . 
tire Games adminisirativc board, 
winch is scheduled to hear the 
rhwg et ag jamsl Harrfing next week. 

If the panel were to proceed as . 
planned, Schiller said the burden of > 
proof would be the Qiyngtic com- 
xmttee’s, not Harding’s, as the pan- 
d-iffld=inkiflUy oontended-Hesrid 
a letter darifjang the post was sent. 
to Hardmg’s lawyers Wednesday; ■■ 

SdflJo- also said the committee 
wonld not call Harding’s former 
husband, JdCf Oillob)y, to appear to ‘ 
testify agamsT&fcr. 

... (NTT, AP, Batters, WP) ’ 


t; 


$r. % 


: ; • 


- ' - . ^ 100:1800, 20002300, 2335-00^. HMffltoig - TVRZ«»maO. 

- SS“ - -***> - kbs: mm-itso. 

““ ; -■ ■» ^2500. WtHn-0-. UBC: 1000- 


Figure SJtadng - P alm tec hn ic a l pro- 
gram, TWO. 

Ice Hocfesy - Sweden vs. Slovakia. 
1400; Italy vs. Canada. 163ft Ranca 
vs. United States. 1900. 


In +Norwav, Dial 800 - 19 - 877 . SSSs—SS 


AB times areGMT 
Mag - Manta combinod 


-Merita 30^ 


Spe ed akafcig - Moo’s 5.000 meters. WomOTrftbOT^oeoa 


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Suwhy’tTY 

EUROPE 
An times an local 


Ice Hockey - Gafroany vs. Norway, 
140ft Czech RepuMc vs. Auskta. 


' -'TV8T231 5-2415. ' ' 

Snaapontf- tBC/Oiannell2:2400- 
oioo- » • • 

rl 8M«gaUJ300, starting m 


NORTH AMBUCA 
Mtiamanest 


TS3ft Ruaaia y*. FWand, 1900 C«ade - cnc 063tw»nn i-wn. 
Luge - Marita aktgtes. 133 °- 

fourth nmo 0900. .• . ~ J - Iktad'klOT -■> r oc. mnruwn 


An times ere local fourth runs. 0900 .• lij-, ^ tMtatfiatai -cast ronr i«m 

Austria - ORF: 08000900, 09S0- Bp aa &UMaq - MentaSW OOST-mW T 
130ft 1300-1000, 1948-2010, 2245- 130 °- . - . . » .. . • ,;,t8«k A , ’ . 

5sr-i.s? 0,,p - ,w ,fno - ■ 


2345. W. 

Brita&i - B8C2: 0910-1130, 1810- ' - 

1900, 21402236, 

Btdaaria - BNT/Channal 1:1100-. V ,- . AS 
1345, 1915-1945. 22302365; Channel Aurirta — 


2: 1700-1830, 2*30-01 00, 


196ft 201t 




V - 

l^r- 

V .. 


it*. '* 


fit” - 


•is- ".. . 

& r -. \ : . 

... 

s &r' : - T . . 

: " 

j fcr:- 1 

jtc::-- *• - 

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c'. 






Close Call 
For No. 1 
TarHeels 

The Associated Prea 

What a night for Dean Smith. 

' His top-ranted North CamKim 
HedsKt the 20-victory mark for 
the 24th consecstive season. They 
tied No. 2 Duke for first phase in 

■ the Atlantic Coast Conference. The ‘ 
team's leading .scorer, Donald Wfl- 

COLLEGE BASKETBAIJ 

, Hams, returned from a six-game ab- 
. scnce because of a sbonlder izgmy ■ 
and scored 11 pants. And the game 
with Maryland was dose. 

That last bet made die Tar 
Heels’ coach happy. Honest 

“We needed one like this,” Smith 
said of Thursday night’s 95-39 vic- 
tory in Chapel Hill, North Caroli- 
na. “I told the players that during 
one of the timeouts. . We haven’t 
had a lot of dose games and it was 
good for us." 

The Tar Heds (20-3, 8-2) were 
. able to have the chance to become 
. the first team in over a month to 
hold the Na i spotfor more than a 
week because point guard Derrick 
. Phelps had another marvelous all- 
arotmd game. 

The senior had 21 points, eight 
assists, seven steals and five re- 

■ bounds and nine of his points came 
- in the final 2:12 as North Carolina 

held off a furious rally by the Ter- 
rapins (12-7, 5-5). 

No. 7 LoutsrBle 65, Sooth Flori- 
da 50s Clifford Razier had 25 
points as the Cardinals (19-2, 8-1 
Great Midwest) won their ninth 



EtfcOQ/lhitaadndncs 

Sandwiched between fl>e Delias defenders Tony Campbell, left, and Dong Smith, Mitchell Butler of the IMletepufled down a rebound. 


straight Rosier was 11 -for- 17 from 
the field and had eight rebounds 
and six blocks. Jerome Robinson 
had 14 paints to lead the BoDs (9- 
11,2-5), who had a 10-game home 


No. 8 Temple 51, Dumesne 49: 
The Chris (17-3, 10-2 Atlantic 10) 
didn’t bounce bade impre ssi vely 
from their loss to West Virginia. 
Eddie Jones had 24 points to lead 
Temple, bat the warning points 
came an a bank shot by Jason Ivey 


with six seconds left. Derrick Al- 
ston had 20 points for the visiting 
Dukes (11-8, 5-5). 

No. 9 UCLA 79, Washington 76: 
T^ns Edney made six free throws in 
the Tact three mrautn* as the Brains 
(16-2, 9-1 Fao-10) squeaked past the 
visiting Huskies (3-16, 1-9). 

No. 13 Massadmsetts 70, Rhode 
fatand64:'IheMmatemeii(18-4,9- 
0) remained u nbea ten in the Atlan- 
tic 10 as Mike Williams retamed to 
score nine points in 2] wwimies 


Visiting Massachusetts was never 
challenged by the Rams (8-12, 4-7) 
in the second half. 

Na 16 Arizona 77, Stanford 60: 
Khalid Reeves hit six 3-pointers 
and scored 33 points as the visiting 
Wildcats (18-4, 7-3 Pao-10) beat 
Stanford (13-6, 6-4) for the 13th 
straight time. 

Na 18 Cafifonria 95, Arizona St 
7& The Golden Bears (16-4, 8-2 
Pac-10) trailed by 20 midway 
throogh the first half, dosed within 


p ■ r-j ^ 


Defying Judge, Tapie Refuses to Quit 

PARIS (Routers) — Bernard Tmie said Friday that he would ignore a 
judge's order to quo aspreskfcnt of his (RynqnqucMaxseilk: soccer team, 


BASKETBALL 


NBA Standings 




the European and French dttnmian, by April 20 after he was placed 
under judkaal investigation in a briber scandal 

*1 will only quit if one of two dungs happens,” said Tapie, who has 
accused the radge af trying-to destroy the dub. “Firstly, if I can get the 
teamlhave been trying to pot together for over a year— this would allow 
the fans who love the dim to continue their a dv e nture for five, six or 
seven years. Tim second thing is if I was sentenced at some paint, even 
lightly. In no other case shall I leave this dub." 

Judge Bemmd Beffy, investigating an alleged attempt by Marseille to . 
bribe opponents to lose a key league match, on Thursday placed Tapie 
under investigation ! or bribery and interfering with witnesses and or- 
dered him m quit. Tara was released cm baB oTC50,000 francs (S42.000). 
His lawyers have challenged the order to place him under judicial control 
as contrary to his status as a member ofmeNatianal Assembly. 

Brewers’ Ex-ALMVP Yount Retires 

NEW YORK (AJ) — Robin Yount, 38, a two-time American League 
MVP, announced bis retiremeat Friday after 20 seasons witiuthe Mflwau- 
k»Brewets.Hehas«285caieeravecagA251hdaKrsandl,406RBI&:- 

He chose to retire rather than beaxeseryeml994, tnmiiigdownaS3.2 
milli on deal The three-time All-Star suffered through one of the worst 
seasons in Iris career last year, hitting just .258 with eigjbt home runs and 
51 RBIs following knee smgay on ApriL27. 

Jack Morris, meanwhile, agreed Thursday to a $350,000, one-year 
contract with tire Cleveland Indians. Morris, a five-time All-Star, was 7- 
12 with a 6.19 ERA last season for Toronto and missed the AL playoffs 
and World Series. Amongplayers in arbitration, outfiddex David Justice 
mid Atlanta agreed to a $27.5 nrilBon, fivoyear deaL 

Rising Spanish Cycling Star Killed 

MADRID (Rooters) — Antonio Martin, 23, a rising star of Spanish 
cyriing, was killed in an accident Friday white training Mar bis home at 
Torrdaguna, near Madrid, dm poKa said. Martm, Trim tte season signed 
for theBanSto team led by Miguel Indnrain, was in a colliacm with a car. 

He kkc to prcamnence last year in h» first appearance in the Tcmr de 
France, finishing 12th, and was considered one of Spain’s best iKip« to 
succeed Indundn, the three-time Toot winner, the anmteY*Jc®"^ n ® er - 


THE MENACE 


EASTERN CONFERENCE 



ABontic Dtvbtou 



W L 

Pet 

OB 

NewYark 

34 14 

jm 

— 

Orlando 

27 28 

-574 

6Vx 

Mkml 

23 34 

Mt 

TOW 

New Jersey 

22 M 

AX 

11 

Boston 

20 27 

AX 

\m 

PbUodeJotno 

2D 27 

AX 

13W 

WtaWngton 

15 32 

31? 

TOW 


Centred Dtvitaea 



Atlanta 

34 13 

723 

— 

Chicago 

34 13 

723 

— 

Cleveland 

21 23 

Jll 

18 

Indiana 

23 23 

J80 

TOW 

Charlotte 

22 25 

AU 

12 

MBwutitaB 

14 34 

an 

2 m 

Dotrah 

T1 37 

SB 

23W 

WESTERN CONFERENCE 



MMewstOMsteo 




W L 

Pet 

OB 

Houston 

34 12 

737 

— 

5m Antonio 

35 14 

714 


Utah 

31 18 

JOB 

4 Vi 

Denver 

22 25 

A 68 

12ft 

Minnesota 

M 32 

JU 

20 

Dating* 

6 42 

.125.' 

29 


PacHlc Division 



Seattle 

35 TO 

778 

— 

Phoenix 

31 15 

-674 

4ft 

Pari land 

27 28 

J74 

7 

Golden State 

27 28 

-574 

9 

LA Lakers 

18 27 

-383 

18 

LA dippers 

16 29 

754 

19 

Sacramento 

15 32 

71? 

21 

THURSDAY'S RESULTS 



GoMan State » » M M— TU 

Haw York M IS n 25-MS 

G: Sonwwll M-2T 10-1241. MuHIn 7-1? SO 21. 
N.Y.: Ewing Hf 10-1034, Shrts 7-22 5-4 22. 
Rohounds G otaan State 51 CWobtar 7). taw 
Yrt5*(OafcterWLA«sfoto--Ga(tten5tatoZ7 
(Wobbor 8). New York 72 f Anthony II. 
MM 21 a H 2V- n 

Altaatn BUM 27— 1M 

M: nice TO-17 2-2 22. Sdkatir 9-15 3-220. A; 
wnktra 1*34 44 33. WRUs 9-19 69 34, Auomon 
69S-W2C.itetaundi Miami 42 (SoHdoyW). 
Atlanta 52 (WllHa 221. A wH te Miami 24 
(Shaw. Smith »). Atlanta » (Btaytock 11}. 
Homan M S K K-M4 

Dntroll 28 14 23 14-11 

H: Ota Euwon 12-21 4-S 21, Bracks 6-73-3 15. D: 
Houston MV 2-2 1*. Thomas S22NIS.lt*- 
hoands— Houston 58 (Otaluwan 28). Detroit 52 


(Wood 10). AmMs-Houston 32 [Maxwell 6), 
Detroit 21 (Thomas 7). 

Chicago 27 » » 8~*7 

Milwaukee 2S II 22 as— M 

C: Plopen 10-11 2-2 25 Kerr 7-11 04) lSL M: 
BtlckowsM MO 34 17. Day 1V19 3-4 2&.RC- 
bowMte—CMaioo 47 (Grant 15). Milwaukee 42 
(BrldmiMkl 10). As*«*— Chkzjoo 31 (Grant 
10), Milwaukee 22 [Murdock V). 

WctfhlMtM 15 20 U 34-77 

Dates 20 20 21 19—17 

W: GuoDolta 6V454 U. C3wanev 620 3315 D: 
Matfihurn 74 V3 16. SnWIti 7-13 M H Lnstar 611 
32 14. Babaumls Waifitagton 53 (Gttf tofla 
131. Doilasa {Jodoonn. AssWs-WaMngton 
10 (Adam 4), Dotes 16 (Jnkson 5). 

Denver 17 » 17 20-07 

Son Antonio 21 22 » 23-M 

D: l_ Ellis TO® W 21 Mutambo 6-1066 10. S: 
D. Robtason 7-1? 1 1-13 29. Del Neon 611 66 M. 
Rebounds— Denver 57 [B WIIIIoms 13). San 1 
Antaato SO (tedman 20). Anlsle— Denver 16 
(Pack 5), San Antonio 21 (Anderson 71). 
Sacramento 20 21 20 24-M3 

LAUdnrs 22 21 22 17— 04 

S: Simmons 13-22 6422. Richmond 7-1754 
T9. LA. LAKERS: Campbell MS M 15 Van 
Bad Wt 36 17. Ite bou n d i O i a i uii ie nlu 60 
(Causwell il), Los Angeles 47 (Lynch 16>. 
Assist*— Sac ram ento 34 I Richmond 0). Los 
Anades 20 (VW> Exel 5). 


Major College Scores — " 

EAST 

Buffalo 64, Youngstown St 40 
Cantatas 75, FairfleM 43 
Fairletgti Dickinson 83. Lone Island U- 77 
Iona 74. Niagara 63 
Maine 87. Nort tao kte rn 73 
Marts! 97, St Francis, NY 07 
Moexadsneits 7B. Rhode (stand M 
New Harous Mre 64, Boston U. 56 
Rider 92. Monmouth. TLX 71 
St Bonavenfwe 01, SL Joseph’s 70. 2DT 
Temple 51. Duauesne 47 
Wowser 82, Mount 51. Marv% Md. 07 
SOUTH 

Alabama 51 83. TUAegeo 77 
Betttme-Caokman 45 Howard U. 60 
Carapben 06. C Ui rlaston Southern 73 
Cent Florida 85 Mercer 79 
Colt of Charleston 51. Citadel 47 
E. Te nn essee St 02. Furman 79 
Florida a&m 77. Moram ST. 52 
Georgia SL 95 SE Louisiana 00 
Jacfteomdlle 07, Lamar 70 
Liberty 54. NLLrAshevlUe 51 
Loutswllle 4& South Florida 50 
McNeeee St 17. NW Loutatana 50 
N.C Charlotte 75 Southern Mis*. 73 


three points at halftime and then 
pulled away from the visiting Sun 
Devils (1WS, 6-4) behind the 25 
pdnts of Monty Buddey. 

No. 22 Manquetie 61, Onriimali 
60: Em McDvame had 18 points, 
11 rdxxmds and drill Mocked 
shots for the visiting Warriors (16- 
5, 7-1 Great Midwest). The Bear- 
cats (15-7, 3-4) missed two dose 
shots in the final seconds as their 
five-game winning streak over 
Marquette was snepped. 


NE Louisiana 106. NIctiolls St. 103. OT 
Now Ortoou 49. Arkansas ST. 46 
North Carolina 95. Maryland 07 
SW LouWom 05 South Alabama 77 
Samtard 75 Centenary 70 
Station 41, Fta. international SB 
Vo. CommanweaUn Bl, Virginia Tech 75 
W. Kentucky 71, Louisiana Total 49 
Woke Forest 77. Florida SL » 

MIDWEST 

E. Illinois 75 Austin Feay 41 
La Salle 65 EvansvUle 63 
Loyoto. iil 74, n. mmols a 
Marquette 61. CtncJruutl 40 
SOUTHWEST 

Arfc.-Utfte Rock >5. Tcxm-Pon American 66 
Sam Houston SI. 77, Texas-San Antonio 00 
Stephen F Austin 6X SW Texas SL 61 
Texas- El Paso 01, Colorado SL 70 
FAR WEST 
Arizona 77. Slaifard 60 
Brigham Yowna 101, San Dtooo SL 87 
CS Nurttwktae 17, NE llUnals 04 
Callfortita 95 Arizona SL 70 
Cal SL-Fullerton 97. Nevada 72 
Ganmga 65 PcitaenMne 56 
Idaho SL 75 N. Arizona 73 
Long Boadi SL 88, Pactflc 75 
Loyola Monmiount 05 Portland 79 
New Mexico TX Wyoming 64 
San Dieoa 79, St. Mary's, Cal 72 
San Jose -SL -62, UC-Scmta-Baraara 53 - 
Sonia Oara 05 San Fnmdsco 77 
Southern CM 75 Wa shtn gtan St. 64 
UCLA 79, WMtilngton 76 
Utah 01. Hawaii 74, OT 
Utah SL 79. UC irvtne 77 
Weber SL 79. Bolic SL 40 


HOCKEY 


NBiLStancBngs 

■ASTERN CONFERENCE 
Atlantic MvUoa 



w 

L 

T PIS OP GA 

NY Rtagsrg 

34 

IS 

4 

72 

193 148 

New Jersey 

30 

17 

6 

46 

176 148 

Washington 

24 

25 

4 

56 

177 170 

Florida 

23 

20 

TO 

56 

153 144 

PHkutotohla 

25 

24 

4 

54 

194 204 

NY Islanders 

21 

24 

6 

48 

181 183 

Tampa Bov 

71 

2B 

4 

48 

145 164 

Northeast 

Division 



Montreal 

27 

1? 

■ 

66 

185 157 

Boston 

27 

18 

TO 

64 

177 156 

Pittsburgh 

24 

17 

11 

63 

175 171 

ButtoSo 

24 

33 

6 

58 

U1 MB 

Quebec 

21 

28 

5 

47 

175 171 


CALVIN 


Wilkins and Hawks 
Make Some History 


The Associated Pros 

Dominique Wilkins was happy 
about becoming; the 10th-leading 
scorer in NBA history, but not as 
happy as be is about how the Atlan- 
ta Hawks are playing heading into 
the All-Star break. 

The 34-year-old Wilkins sur- 
passed Elgin Baylor on the all-time 
list by scoring 33 points in a 114-98 

NBA HIGHLIGHTS 

victory over the Miami Heat on 
Thursday night. 

Wilkins, in his 12th NBA season, 
has 23,150 points. Baylor, a former 
star of the Los Angdes Lakers, had 
23,149 points in his career. 

“Moving, into the 10th spot ranks 
pretty high.” Wilkins said. “It’s 
really special. 1 never saw Elgin 
play, but I know I’m in good com- 
pany. He’s on most of the all-time 
all-star teams." 

More importantly, the Hawks 
finish the fust half of the season 
tied with Chicago atop the Eastern 
Conference standings (34-13). The 
34 victories are the most ever for 
the Hawks before an All-Star 
break. Their previous best was 32 
in 1980. 

Wilkins scored 16 of his points in 
the opening quarter and was 13-of- 
24 from the field overall- He con- 
nected on his first four shots and 6- 
of-7, including a pair of 3-poiniers. 

den Rice led the Heat with 22 
points. Rony Sdkaly added 20 
points and 10 rebounds. 

Warriors 113, Knkfcs 105: All- 
Star Latrell SpreweD scored a ca- 


Hartford 

IV 

30 

< 

44 

158 

188 

Ottawa 

9 

41 

B 

26 

146 264 

WESTERN CONFERENCE 




Central Division 





W 

L 

T PtS GF GA 

Tomato 

28 

16 

11 

57 

185 

IS 

Detroit 

30 

IB 

5 

65 

234 

185 

Dallas 

2V 

20 

7 

65 

176 

181 

51. LOUIS 

28 

20 

8 

64 

1B1 

IS 

Chicago 

25 

23 

6 

56 

161 

IB 

Winnipeg 

17 

33 

7 

41 

168 

238 


Pnciflc Division 




Calgary 

28 

1? 

7 

65 

207 

174 

Vancouver 

27 

26 

2 

56 

IBS 

IBS 

San Jose 

1? 

24 

11 

4V 

19 

172 

AncBieim 

21 

31 

4 

46 

154 

172 

Los Angeles 

20 

27 

6 

46 

179 

207 

Edmonton 

15 

34 

8 

a 

174 

200 


THUR5DAYTS RESULTS 
Buffalo 1 2 0 0-3 

Baste* 2 0 10-3 

First Period: B-Hawortawik 24 (Daw*); B- 
Smodnskl 18 (Junaau. Wesley) i B-Oenala 17 
I Dotes. Juneau). Second Period: B-Prastov 
15WOB-Wood U (Pkmto. Sutton). TMtta Pd- 
riod: B-MuttovO I Junaati. Bourque LSbataoa 
goal: Buffalo (on Rfendeau)6-XM6— 22. Ba6 
ton (an Fuhr) 1614-16- 1— <7, 

Now Yorti 0 4 1—3 

P U un ci v il 1 2 0—1 

.Hnl Period: P-PaHenmn3 (Brown* Pack). 
Second Period: N. Y^Thoraas 77 [Hague, Mo- 
ley); N.Y.-Kurwere5 (Matey, Thomas); P-Ste 
yen* 29 (Staetatm Murnftv); (bp). K-Y-Mcliy 
nls 16 (Datoamo, Mataktav); N.Y.-Klno 22 
(Motoktav.Fkittoyl; P- Jaw 20 (Strata, a Sa 
muetassn). Ttdrd Period: N.Y^ Flatter 11 (Mo- 
kdetew. King). Stale an goal: N.Y. (on Bcr- 
rasso) 3-19-13-35 P (on Hextldtl I1-11-10-32 
Tampa Bov 1 3 2—6 

Ottawa 2 0 0-3 

FJrsl Period: T-KJImozl [Cote.Hamrtlk); 
(PPl. O-YaiMn 25 (McLIwotol ; O-Maltatto i 
Second Period: T-Gratton 6 (Kibna. Chom- 
tara); T-Cale 14 IGrattoa, UPuma): T-An- 
dertson ll.(ehj. Third Period: T-Gratton 7 
IKUmo); T -Bradley 17 (Gallon!). Stats an 
goal: T [an BIlBnoton) W-UHh-36. 0 (on Jab- 
lonskl) 65-0-11 

Vancouver 0 1 3—1 

New Jersey i 3 3-7 

Fire* Period: NJ^Corpentor 6 (Stevens. 
Chorske);NJ.-ZetoPukin2i (MocLnaa ARw- 
Dn). (pp). Second Period : NJ.-Guerin 12 (Sis 
mak.Zeiepukln): N-l.-Lemteux 14 (awrske, 
NltaiolU): NJ.-Wcher 21 (Driver) ; V-Gellnas 
12 (Canon. Courinall). Third Period: V-Bure 
31 (Lunune); V-Bure 32 (COurtnalL Pan- 
ning); (pp). NJ.-Guetln 13 (Semak. Zetew 
kbit; IN-L-NkJiolU 7 (Carpenter). Stab an 


reer-best 41 points, the most by a 
Klnicks (Wponcnt this season, and 

visiting Golden State held New 
York to five points in the first seven 
minutes erf the fourth quarter. 

Sp rewe]Fs previous career-high 
was 36 points in an overtime game 
last year against the Lakers. 

Rockets 104, Pistons 81: Ha- 
keem Qlajirwon scored 28 points 
and grabbed a season-high 20 re- 
bounds as Houston defeated Detroit 
for the Rockets' first victory ai The 
Palace at Auburn Hills, Michigan. 

The Rockets (34-12), who 
snapped a five-game road losing 
streak and have won six of their last 
nine games, enter the All-Star 
break atop the Midwest Division. 

Spurs 94, Nuggets 87: David 
Robinson scored 29 points as San 
Antonio extended us NBA-besi 
w innin g streak to nine ga ffiey. 

Vmny Del Negro bad 16 points 
as the Spars won their I Ith straight 
at the Alamodome. Terry Cum- 
mings scored 12 points and Willie 
Anderson added II and a game- 
high 11 assists. 

Mavericks 87, BuBets 77: Jamal 
Mashbum scored 16 points and 
Fat Lever set a franchise record 
with nine steals as visting Dallas 
beat Washington. 

With Lever leading the way, Dal- 
las forced 26 turnovers and estab- 
lished a season-low for points by an 
opponent. Lever broke the team 
record of eight steals held by Jim 
Spanarkel and Derek Harper. The 
Mavericks woo consecutive games 
for the first time this season and 
also set a chib record with 1 9 steals. 


goal: V (on Bradeur) 6-7-11—24. N_j. (an Whit- 
more) 12-13-9—34 

Florida #12 6-1 

PMtadtapWa iiii—4 

First period: P-Undros n (Ratang, GaF 
lev). (PP). Second Period: FSnrirti 1 (Skrud- 
tand. Hough). P-Tlpoett 4^ siiLTMrd Period: 
P-ReceW 29 [Undna, WHUe); (ppl. FKu- 
dotskl 31 (Lowry, .Nlcdermayer); (pp). 
F Bernes 12. Ove r time: P-Undrot28 (ReczM. 
LlnttMTO). Shots on goal: F (on Roussel) 69- 
7-6-22. P (an Fitzpatrick) 9-21-6-3-35 
WflstnngtoB 113-4 

SL Loots 0 0 3-3 

First period: w-iafrate 6 Seooad Period: 
w-Bondra 21 (Pteonka, Berube). Third Peri- 
od: SL-Felsner 1 (Shanahan. Duchesne): SL- 
Buzon 8 (Montgomery. Brawn); w-Cote 7 
( Hunter ) : W-lafrato 7 ( Hunter) ; SL-Shanttoan 
33 (Hull. Jtoiney). Stats aa goal: w (on Hrtv- 
nak) 7-14-7-35 5J_ (on Ttaaractal 169-14-35 


BASKETBALL 

NaftoMl Basketbatl AsMtaatan 
NB A Fined Phoenix guard Kevin Johnson 
S7JUL tor flagrant foul against Steve Kerr ot 
Chkago In ooim on Feft. 5 Named Seattle 
guard Gary Payton to Western Conference 
AILS tor team replacing Phoenix forward 
Chartas Boridev- who is IntarML 
INDIANA — Activated Dole Davis, tor word, 
tram tolured list. Placed LaSalle Thompson, 
forw ar d , on kilured list. 

FOOTBALL 

Natan* Faottxdl League 
CLEVELAND— Named Rick venturi de- 
fensive hockftekl coach. 

HOUSTON Homed Jett Fisher defensive 
coordinator. 

INDIANAPOLIS— Named Jimmy Robin- 
son receivers couch and Tom Batta special 
teams coach. 

LA. RAIDERS — Homed John Fox assistant 
coach and defensive coordinator. 

LA RAMS— Prom o te d Cleveland "Chic*" 
Horns, from naming bocks coach, to offen- 
stve coordina tor . 


FIRST TEST 

New Zealand vs. Pakistan, Second oar 
Friday, la Edea Pork, Haw zmdand 
Pakistan. 1st bmhws: 215 all out (57.4 avers) 
New Zealand. 2d Inntnos: 110 all out 132.1 
oven) 

Pakistan. 2d innings: 36 11 over) 


NBA All-Stars on TV 

Tha National BaskatbaH Associa- 
tion’s Art-Star Saturday and tha Alb 
Star Game, starting at 2330 GMT Sun- 
day. can be seen on tha following 
tetovtston stations, according to the 
league. Ptiasa check local listings tor 
broadcast times 

EUROPE 

Armenia - Russian TV: Austria - 
SAT 1/DSF; Aze rbaijan - Russian 
TV; Azores - AFRTS; Belgium - 
Canal + /Fiimnet Belarus - Rus- 
sian TV; Britain - BSkyB, ITV; Buh 
garia - BTV; Crete - AFRTS; Cro- 
atia - Tv Hrvatska; Cyprus - 
Lu mie re TV; Czech Republic - 
Czech TV; Denmark - Denrad; Esto- 
nia - Russian TV; France - Canal 
+ ; Germany - DSF. SAT1 ; Greece 

- Megachannel; Greenland - 
AFRTS; Hungary - MTV Hung arian ; 
Iceland - Channel 2; Ireland - RTE; 
Israel - ICP; Italy - Tetamontecarfo; 
Kazakhstan - Russian TV; Kyrgyz- 
stan - Russian TV; Latvia - Latvian 
TV; Lithuania - Baltic TV; Moldova 

- Russian TV; Monaco - Tetemon- 
tecarlo; Netherlands - Fllmnet; Nor- 
way - TV Norge: Poland - Channel 
2; Portugal - RTP; Romania - RT1; 
Russia - Russian TV; Slovakia - 
Slovak TV; Slovenia - TV Siovanija; 
Spain - TVE 2; Switzerland - DSF. 
SAT1; Tadzhikistan - Russian TV; 
Turkmenistan - Russian TV; Ukraine 

- ICTV; Uzbekistan - Russian TV. 

MIDDLE EAST 

Abu Dhabi - Star TV, Abu Dhabi TV; 
Bahrain - Bahrain TV; Dubai - Star 
TV; Egypt - Star TV; Iran - Star TV; 
Iraq - Star TV; Jordan - Jordan TV; 
Kuwait - Kuwait TV; Lebanon - 
Middle East TV. MTV; Morocco - 
2M; Oman - Oman TV. Star TV; Qa- 
tar - Qatar TV; Saudi Arabia - 
Aramco Saudi TV; Tuni sia - Canal 
Horizon; Turkey - TRT; United Arab 
Emirates - UAE TV. 

ASIA-PACIFIC 

Afghanistan - Star TV; Australia - 
Ten Network; Bangladesh - Star TV; 
Bhutan - Star TV; Brunei - Star TV; 
Burma - Star TV; Cambodia - Star 
TV; China - CCTV; Guam - ESPN 
International; Hong Kong - ATV, 
ESPN International; India - Star TV; 
Indonesia - SCTV, ESPN Interna- 
tional; Japan - NHK-DBS. JSC; Laos 

- Star TV; Malaysia - TV3, Star TV; 
Mongolia - Star TV; Nepal - Star 
TV; New Zealand - TVS. Sky Net- 
work, ESPN; North Korea - Star TV; 
Palau - ESPN International; Papua 
New Guinea - ESPN International; 
Pakistan - Star TV; Philippines - 
Republic Bdcst TV; Singapore - Sin- 
gapore Bdcst Corp.; South Korea - 
AFRTS, SBS, ESPN; Sri Lanka - Star 
TV; Taiwan - Taiwan TV; Thailand 

- 1BG. ESPN international. 

NORTH, SOUTH AMERICA 
Argentina - Channel 11 /ESPN Inter- 
national; Aruba - Tele-Aruba; Baha- 
mas - ZNS-13: Barbados - ESPN 
International; Bermuda - ESPN In- 
ternational; Bolivia - ESPN Interna- 
tional; Brazil - Bande) rentes / ESPN; 
Canada - tsn/RDS: Chile - Chan- 
nel 1 1 /ESPN international; Colombia 

- TV Ingenlos/ESPN; Costs Rica — 
Channel 2, Channel 29/ ESPN; Cuba 

- AFRTS/ESPN; Curacao - ESPN 
international; Dominica — ESPN in- 
ternational; Dominican Rep. - 
RTVD. ESPN International; Ecuador 

- Channel 11. ESPN International; E! 
Salvador - Canal 4; French Guyana 

- ESPN International; Guadeloupe 

- Canal + ; Guatemala - ESPN In- 
ternational; Honduras - Canal 5, 
ESPN International; Jamaica - CVM; 
Martinique - ATV, Canal -f; Mexico 

- Channel 13. ESPN International; 
Nicaragua - Channel 12. ESPN In- 
ternational; Panama - Channel 2. 
Canal go, ESPN; Paraguay - ESPN 
International; Peru - Canal 7, ESPN 
International; Puerto Rico - WUI, 
TNT; St Kitts - ESPN International; 
SL Lucia - HTS, ESPN International; 
St. Maartens - ESPN International; 
Trinidad - T&T TV; Uruguay - Ca- 
nal 4; Venezuela - ESPN Interna- 
tional, Venevision. Teteven. 

AFRICA 

Bophuthatswana - Bop-TV; Burkina 
Faso - TVB; Cape Verde - OVB; 
Gabon - Canal Horizon guinea Bis- 
sau - GBB; Ivory Coast - Canal 
Horizon; Madagascar - Star TV; 
Mauritius - Star TV; Nigeria - NTV; 
Reunion - Canal + ; Sao Tome - 
STB; Senegal - Canal Horizon; 
South Africa - SABC. TSS. 

























Page 20 


UVTERIVATIOJVAL HERALD TRIBU2VE, SATURDAY-SUIVDAY, FEBRUARY 12-13,1994 


DAVE BARRY 




Leave It to Beavers 


For the ‘SuperYoung,’ Aging Can Be Fnn 


PEOPLE 

■jiu^Oaa^TreaXed 


M IAMI — Today’s topic — 
and we wish to stress that 
this has nothing whatsoever to do 
with the Clinton administration — 
is “Beavers in the News." 

Here at the Center for Bang 
Alarmed, we have been monitoring 
the beaver situation for more than 
two years now, and we fed that the 
rime has come to alert you, the 
public, to what is going on, so that 
you can take appropriate action in 
the form of whimpering in terror. 

Let’s review the sequence of 
events, bearing in mind that we are 
not making ANY of these events 
up; they all were reported in actual 
newspaper items sent in by many 
alert readers. 

We will start with 1992, when 
wildlife authorities in Chelmsford, 
Massachusetts, in an effort to con- 
trol the burgeoning local beaver 
population, derided to have a team 
of veterinarians give them (the bea- 
vers) vasectomies. The New Haven 
Register staled: “The beavers will 
be enticed with tasty bark to swim 
into traps. . . . Female beavers 
will be released, but males wfll be 
held and vasectonrized." 

While authorities in Chelmsford 
were vaseclomizmg male beavers, 
authorities in Colorado were at- 
tempting to implant Norplant con- 
traceptive devices in female bea- 
vers. The highlight of this effort 
occurred when midlife authorities 
invited the press to a Denver veteri- 
nary hospital to witness the fust 
beaver implant, which was to be 
performed by Dr. David Robinson. 
Everything was ready: The cameras 
were rolling, and the sedated bea- 
ver was on the operating table, 
breathing anesthetic gas through a 
little cone over its snouL Robinson 
made one final examination, then 
announced: “It's a male.” 

□ 

Now we move to 1993, during 
which the following news items 
were published (we are sriD not 
malring any of this up): 

The Spokane (Washington) 
Spokesman- Review reported that a 
beaver chewed through a 100-foot 
tree, which fell on a “passing wood- 
chip truck,” causing about $2,000 
damage. The paper reported that 
“the driver and police were laugh- 
ing over the incident, with jokes 
dying about the beaver amb ushing 
the truck in order to get at the 
tnntfllmng wood drips.” 


The Associated Press reported 
on a lawsuit in Chippewa Falls, 
Wisconsin, resulting from an inci- 
dent wherein “a beaver chewed 
thro ugh a tree, reusing it to fall on 
a fence, allowing Hofaein heifers 
to escape from a pasture and wan- 
der onto some railroad tracks.*’ 
Eight heifers were killed by a train. 

The Winnipeg Free Press report- 
ed that a 71-year-old outdoorsman 
was sitting on the tailgate of his 
pickup truck when he felt a sharp 
pain. “He looked down," reported 
the Free Press, “and realized a large 
beaver had sunk its teeth into his 
left leg." Fortunately — and let this 
be a lesson to those who would 
limit the right to keep and bear 
hockey sticks — the man had a 
hockey stick. “He beaned the bea- 
ver several rimes until it damped 
onto his hockey stick with its 
teeth,” stated the Free Press. 


So the pattern is clean The bea- 
vers are striking back. Perhaps you 
are not concerned about this. Per- 
haps you live in an urban area, and 
think you’re safe from attack. Per- 
haps you are a fool. Consider the 
following item from the Dec. 15, 
1990, installment of the syndicated 
feature “Ripley’s Believe It or 
Not": 

“In the 1950s, beavers WERE 
DROPPED BY PARACHUTE IN 
CALIFORNIA to build dams in 
areas threatened by erosion!” 

That’s right: Beavers can be 
dropped from airplanes. They 
could land ANYWHERE And 
please do not be so naive as to try 
to tell us that the government 
would not do such a thing. The 
government is perfectly capable of 
suddenly deriding to drop mass 
quantities of beavers on urban ar- 
eas, especially if an economist sug- 
gests that this might create jobs. 

So that is the situation. Nobody 
is safe. What can you do? You can 
be on constant alert. You can re- 
fuse to sleep and constantly dart 
your eyes around in a nervous man- 
ner. You can cany a hockey stick at 
all times, even to work. Perhaps 
your co-workers will laugh. Per- 
haps your boss will want to have a 
word with you. 

Perhaps he will beg like a yellow 
dog for your help when he feels the 
Chomp of Doom on his ankle. 

Knight-Ridder Newspapers 


International Herald Tribune 

P ARIS — It is a fact, unscientific but no less tree, that 
everyone feels older in the Weak winter months. 
Everyone except Dr. David J. Weeks, a New Jersey-born 
c linical psychologist at Royal Edinburgh Hospital who, 
over the telephone at least, sounds distinctly chirpy and a 
lot younger than his 46 years. 

The reason. Weeks says, is his Super Young Project m 
which he investigated tray certain people fed and look 
younger than their chronological age. “If you talk to many 
researchers in the bn man sciences, if they're being honest 

MARY BLUME 

there are sometimes selfish reasons.” Weeks said. “If I 
were bring honest I would say that when 1 started this 
Study in 1989 1 wanted to follow in the footsteps of these 
people if possible and learn from them.” 

His previous big study, on British eccentrics, made him 
sufficiently eccentric to try an alternative career as a 
stand-up comic. “I was quite staid before dial," he said. 
“Quite reserved." The Soper Young have taught him to 
keep his curiosity, as well as his gonads, alive. 

The project began with a letter to the New Scientist 
mgs7ine in November 1989, in which Weeks asked to 
hear from those who looked or felt conaderably younger 
than their years. “The nrrin aims of this research arc to try 
to discover how this happens, what factors are involved 
and if there are any cognitive/ intellectaal/attitudmal vari- 
ables which contribute to these large differences." 

That letter netted 350 replies, and subsequent media 
coverage brought die total to 3,500. The youngest was 25, 
the oldest 101. Men and women replied in equal numbers. 

A seven-page questionnaire followed in which respon- 
dents commented on physical exercise, sex life, mental 
attitude, diet and were asked how long they wished to live 
(to infini ty, replied a 62-year-old American who says be 
looks 10 years younger). 

Subjects were also asked to send in photographs (the 
well-preserved 62-year-rid sent one in a bikini, stomach 
held m). To make the study as objective as possible. Weeks 
gave the pictures to blind raters, and mixed them with 
photos of non participants. “The blind raters actually 
rated the people in the study at an average 12 yean 
younger than their age,” Weeks said. 

What, then, is the secret? No surprises, really: outside 
interests and an active sex life, preferably with a younger 
partner. 

There is a small consolation for those over 55 who. 
unlike Warren Beatty and Elizabeth Taylor, do not have 
an Annette Betting or a Larry Fortensky waiting in the 
boudoir: Weeks says there is no need to compensate with 
violent physical exercise. “People who feel they are doing 
enough exercise are often actually overstimulating. Three 
20-minute brisk walks a week is more than sufficient.” 
For 14 years. Weeks has been working with elderly 
patients in Royal Edinburgh hospital, many of them 
suffering from depression, especially the poor. “Living in 
rundown neighborhoods, especially if you are rid. makes 
you almost legitimately fed paranoid, and that kind of 
suspicion breeds loneliness and isolation.” 

Weeks says there are psychological roots in such age- 
related iltwNww as Alzhomer’s disease: “I would mount 
tbe theory that laHr of stimulation and poverty and 
sensory deprivation can lead to some sort of deteriora- 
tion.” He also thinks there may be connections with laie- 



: Jacaudme Kennedy Qmssis has 

non-Hodgkin’s lymphoma, a form 
of cancer ofthe lymphatic system: 
She has' been undergoing chemo- 
therapy for about a month without 
interrupting her routine or duties 
as aborir editor at Dotibleday, ac- 
cording to a, family spokeswoman. 
Nancy. Tmiennafl said that Qnafc 
as, 64, was found to have die 
lymphoma, after going to a doctor 
with fln-Kkesymptoms and that the 
. disease was apparently in an early 
stage. -. 

' .0 ; ; , ‘ . 

T A black-and-white picture of 
Gaza &rm children hbtamg pistols, 
by the Canadian photoaaph^ 
laray TowdL was tamed Friday the 

World Press Photo of the Year for 
' 1993, lie spot-news photo winner, 
takes by SSrapem Parridi of India, 
.show* grieving women in. the after- 
math erf an earthquake. M3te Grid- 
water of Britain won in the general 
jnewscateguiy- 
. • \ . 
^oon^byliidanoPswiottim 
" Manila is srid. oat despite protests 


over .prices. The concert scheduled 
far Mart* 18 spariad a controversy 
after u g aob ns srid tickets would 
go for- as much as 25,000 pesos 


Onld Metros' 


onset diabetes and heart disease, as weD as benign senes- 
cent forgetfulness. 

“Forgetfulness affects people from 40 onwards. It’s 
interesting to see when I give lectures how many people 
say they have a word or somebody’s name on the tip of 
their tongue. Some people cope with that very well, others 
are catastrophized. As they get older; it’s one of the factors 
that makes their social Hfe contract because they become 
socially anxious and socially phobic. 

“In the over-55s it’s a neglected area because it’s one of 
the stereotypes of rider people that they retract from 
society ana it is seen as all right. But I think it’s not, it's a 
very unhealthy tiring for most people.” 

Some of the participants m the survey show a numbing 
self-absorption which Weeks prefers to see as self-esteem. 
“I think bang seif-centered is a good thing because 
problems come from people who have diminished self- 
esteem, which leads to feelings of guilt and shame and 
social embarrassment and suicide and depression-” 

Plastic surgery may help, Weeks says, but he is less 
positive about cosmetics and costly creams as a way of 
staying young. “They did nymfity i moisturizing the *km 
and a couple of them used olive oil which I found a bit 
strong. I tried it." 


Europe 


WEATHER 

Forecast for Sunday through Tuesday, as provided by AcoyWealher. 


UHUUi iHdlCd. X U&vt 1WUU OWU* '•v pwvwu 

them in fjKTnrala The real nuprise was Mmiteapotiy SL 

PsuL Pfer capita, they have more eccentrics than anywhere 
else;” 

Arnsrican- eccentrics, he found, are more soc^tie than 
British more of then* —— 50 percent — are f emal e . 
Among those he found are a professor of frog psychology 
and a phyadanm Virginia wiw went to down sdiori and 
treats his patients free of rhnr gr, •‘He’s tbe nearest tiring to 
what I would call a saintly person, a very old-fashioned' 
word but a very good person." 

The connection between eccentrics and foe Saper- 
Young, Weeks says, is that each has a reripefor happiness. 
Both g roup s have a high degree of curiosity leadin g, for 
< *wnt rir«g to obsessiveness and both enjoy good health, 
with British eccentrics writing their dooms o nly on ce 
every eight years, or anorixteentb of the national average. ■ 
'White eccentrics are by Arfinirimi out of the center of. 
ordinary concerns, the SaperYomig can havc-family prob- 
lems. There is definitely a downside for oldies who have 
found bliss with much younger partner?. : 

“Both partners were extremely happy” Weeks said. . 
“But the in-laws weren't at afl. It drove them wild;’’ 


POSTCARD 


after it was explained that the- high- 
priced tidretswoukl.be sold to cor- 
porate sponsors and most seats 
would cost about -2JXX) pesos. - 

■ : V ■ ; ' • . 

The British publishing iuhistiy 
named “Wild Swans” by Jung 
ftmg, winch Charts three genera- 
tians of Chinese women, as Book of 
the Year. Tbe Dublin writer Roddy 
Dowfe was named Author of the 
Year fa- “Paddy Clarke Ha Ha Ha," 
tdach won the 1993 Booker Prize. 

□ - - 

Ptmoe Andrew and the mine 
hunter be commands have joined * 
search far tbe wrede pf a ferry that 
wait down in 1633 loaded with 
treatire belongi ng to IB ag Q n riea 

Forth kt^Dthnd for the remains 


SWMHOim 

^CtASSmER 

Appears on Pages 7 &.13 


Today 

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The Bird 'Hospital’ and the Hit-Run Victim — an Owl 


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Colder weather end snow 
flurries w* occur from Chica- 
go lo Detail! Sunday. Tem- 
peratures wa Bhflly bounce 
back toward normal earfy 
nert week. A W ol snow and 
Ice kn die Northeast Sunday 
wiH break for dry and cold 
weather Monday. The Pacific 
Northwest will be unsettled 
aUi rain and snow. 


Europe 

Bitter cold will persist In 
Scandnawfa and rmitfi of the 

former USSR Sunday Into 
ea/fy next week. Very cokf 
weather also will spread 
westward through Rotter- 
dam. Frankfurt and Bertln. 
Colder air atrMng In eastern 
Greet Britain Monday will 
generate a few snow Diaries 
from London lo near Pads. 


Asia 

Windy, cold weather will 
affect Tokyo Sunday and 
Monday. Heavy snow over 
northern Japan Sunday Into 
Monday will be |olned by 
high winds. Beijing wiU be 
dry and seasonable early 
nest week. A Storm over 
southern China wifi bnng 
several days of rain from 
Hong Kong to Taipei. 


Africa 

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By Eve Nagler 

jVrw York Tina Serrice ' 

C ANAAN, Connecticut — To an owl, a 
roadway is a clearing in the field. That 
explains why a little screed owl was on Salis- 
bury Road in Canaan in nrid-Dooembcr, an. 
environmental intern at the Sharon Audubon 
Center, Jim Nolan, said. 

The owl was probably bunting for a rodent or 
a snake when it was hit by a car. Someone saw 
the gray speckled owl lying on the road and 
brought it to tbe Sharon Center; where it was 
treated for an injured left eye. a concussion and 
severe shock. Nolan, a student at Southern 
Connecticut State University, force-fed the owl 
a liquid high-calorie nutrient, using a syringe; 
After two weeks, tbe owl started to eat on its 
own. feasting on dead mice donated by tbe 
psychology department of the University of 
Connecticut at Stores. 

Nolan said he was careful not to touch the 
owl except to feed it and treat its eye, in the 
hope that the bird would recover enough to be 
released back into the wild. 

“It’s an old-wives' tale that if you touch a 
bird — especially a baby bird — the mother 
won’t come back," the manager of the Sharon 


Center, Scott Heth, said. “Birds don’t have a 
sense of smdL But we avoid touching some 
birds to prevent them from getting too used to 
people;” ....... 

By mktJanuary, the screech owl, not mnch 
bigger than the mice it eats, was healthy enough 
to be released, although it had lost the 
its injured eye. “That won’t matter much,” 
Nolan said. “Owls are noctmnal hunters who 
hunt by sound rather than right" 

The owl, which Nolan said was pfobabty a* 
female, sat calmly in his hands, poring for 
pictures. “Screech owls are tame puffballs of 
feathers,” Nolan said. “They are easily ap- 
proachable, even in the wild.” 

Several staff memberc at the center stood 
bundled in the snow to watch rite oM go. As 
Nolan crouched down, tbe bird seemed to know 
it was time to mke off. It began to fluita- its 

hands, and tbe bird flew o£^Thorc^we^6&4 • 
acres (about 275 hectares) of property owned 
and protected by tbe National Audubon Soci- 
ety m front of it. Bui the owl stopped and. 
perched in a tree not 100 feet (30 melees) from 
its human benefactors. 

“She’s getting her bearings,” Nolan -srid. 


“She’ll move: cm. in a Ettfc while." After 20 
minutes, he went to check on tbe owl ready to 
pfaesa dead, mouse under the tree But by then,’ 
tin turd had flown off. „ . 

' Thcfalecf theowi — Eke the app rox im ately 
50birds the Sharon Andnbon Center treats and 
releases every year^—wifl never be known. “We 
don’t baud l»nis,” Hedi sad. “We prefer co 
leavethfim aatmalstaie.” 

Most, of the injured birds brought to die 
Shariat Center are too severely wounded to be , 
saved, Efcib said. Those buds are euthemzed. 
Other birds with treatable but crippling 
wounds are kepi attire center. 

On tire day the owl was set fiee, a red-tailed 
hawk was rec 


in tire center from a 


He was in one oflQ cages along two walls in the 
center’s lard infirmary, a converted kitchen. He 
was the only patient that day: - 
“The damage is too great for this hawk ever 
to be released,**; Ndan -srid. “Once feathers 
-grow over thrwo^ndrweft move trim outside 
to our larger ayjary. /^nd that after some 
training, when fie lparns to get used to people, 
hen bccome part of over educational pro- 
gram.”-:. 











ADST Access Numbers. 

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Someone back home would also love to 
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Dial direct from Norway with AT&T. Just dial 800-190-1 1 . 

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Of course, with AT&T you also know you'll get clear. -■ ■ — ygy 


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RuflristCiloettnv) 


155-5042 Romania 


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sxHmi-m 





0042080101' 


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020-795-611 


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Belgium* 


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France 


PX 


8*14111 


022805811 Bahrain 


078-21-0020 


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0500898011 . 


00-42080101 Saudi Arabia* 



00800-12277 Gabon!" 


9800-100-10 


19*8011 


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<i|« 


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