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international 


Paris. Sat urday-Sunday, January 8 - 9, 1994 

or Allies to Take 
The Measure of Clinton 

Europeans Search for Fresh Signs 
0! a Commitment to Their Security 

_ .. . -Mar.A of us have come to rcah 

Du William DrozoiaK . . ‘j lane feared 


No. 34.480 



U.S. Proposes 
Poland Host 
Joint NATO 

Maneuvers 


By William Drozdiak 

H'cahingum Pan Service 


-V'-'v of us have come to realize that the 
CTraiezic" decoupling « long feared might hap- 
■ nothing** Past service aen fias, in fact. already taken place; said 

5SiSSfi‘¥SS«S3S£ 

European p£s than perhaps .any other Amen- ^ 10 face the 

STjnSidem since WoridWar n - Other European anigs j«a g£ u _ 

a, a rime when deep recession and the dart. commit American lives to me 


Partnership Is Endorsed 
By Defense Ministers of 
4 East European States 


“aKSSS - *■ <** 

forces of nationalism have plunged ^ 

S of confidence, the alha arc d^m^-> 
searching for signs of renewed commit 
Sx^Lmhed smes wffl remain mnnat^ 
involved in lhe Continents secun^and -0- 
retreat to the safety of its shores *• ; 

™ the last w. Mr. Clintons 
Europe confirmed suspiac^anKKisAn«^ 
Cold war allies that, with the pa»«& jjL}“ 
Soviet threat, the United States had 
looking elsewhere to shore up 
ms, lie adminis tration & emphasis on dome*- 
ml— MfARA IIC flirtation with Asia and its repu- 


~ jh -2 daraa the Cold war. wiu 
E^&iS of studies at the Royal United 

Services Issatute. in London. , 

-Tv* Uni-ed States, however, is fll-equippft. 
. j iL* much more ambiguous chal- 


ed States was pulling back from its donina 2 t 
role in preserving continental 

For the first time since the al lian ce w-s 
foSded, the United States refused to take * e 
tori in mpmg with a threat to European . securt- 
... After prod aiming that Serman agpess^n 
Mtbe 1 tolerated, Mr. Clinton changed 
SrtJrf J^SdSf the Bosnia wur 
strictly a European proWem. 


strictly a European promau. 

Message to the Continent: 
Keep the Common Cause 


i'cac to face the turwueiu* i» ^ Bv David B. Otiaway 

European analvsis see a growng aver- - WahK ^, p a! 5<m* 

„2?L -MrrStAnKrican lives to lire Conti- WARSAW — The United States P ro I***j 
a33 . .j-,. t l ]£T triumph in the Gulf War , wjo and Polish forces eondu-n 

Ifist ass gtj^sggi 

Sfl**. _ . ...„ ™ons F— fOT » “° PCT " 

££*£3g£g 

might react to the posstbfli^ofh^-mB - 
forces conducting military exer^ m a Mgn- 
borine sountrv with troops that f °» • *- 
S i par. of the old Soviei-donanatec % ar 

StelikHh'ili aid he 

n make the same offer to any other Eas* 
European country that signed oa to 

expected Sfbraudl? ratosellB: Pllinmtlip el 
SiS» Brussels on Monday >md 

TU- n^pian offers Ens. European i 1 

cooperative link to N ATO bul nol full member- 


Year of Europe. , .... 

Besices this trip. Mr. Clinton is scheduled to 
more umes mis yeur to 

See CUNTON. Page 4 


By Paul F. Horvitz 

International Herald Tribune 

bSwSe&Sm* at sja 
" jaffiffl siassc 

“comSm tta^” 

W ffiuj *: 

= l isS£ , swJS3 i s J : 

Ss^r- 

tlESSEtgBz 

fe’tflSSffl- 


acd potentially at war with itself again," a 
democrnqf tom. nounshed 

and one that is economically spin. 

Tlis potential, he saiiu“ev^b.i^i^ 

unf r the former ihrcat frontj'g 
Union, and Europcan-Amencan cooperation is 
vital to keep it at bay. . 

He m ade no allusion to Russia as ^security 

fit&WSMSW 

would “remain responsible. 

. ra.lnn aril' 


a dav Of talks here with Polish and 
other East European officials, the Clinton ad- 

riStntxm's two^alravov^^Q^^ 

likashvifi and Maddeme Jw. AibnghL ,mau 
ffe deleaate to the United Nations. «P rcs **J 

r^SFwas* 

/ SbnS"sd<Wtto' il ’”“ n0 

nations would 
suressed 

“S for fun NATO membership. 

T*^Vaft£SSK 

Sfi fc S5s--aa« 


ington S aitiing overall upset that it kb nr - 

nnbtary forces in Europe. » w «ir security guarantees. . r 

defense .spending and i c ^Jf“^ u L n l 0 u.S. Carefully choosing thcm wor^dic 

forces within NATO xhav wfll indude no . ■ ^ ^ tto ihe^J 

“^Lak* said he hoped for quickp^s^ 
the full withdrawal of Russian troops fromtl* 

S3S5SSSS 

See NATO, Page •* 


: pt^tical ffild 

is nonrifidess 



rribledySi 


ojiste’s. sisssS'SiSSSsS^ 

mm* erf vrim* rnade Ce iJ-^^i^^Snded by In ad&tion, *e : ffi5nio« big dries. Rismg 

«SSfesg5gSS SSrfiSSSSTff^ 

.s^ ggggggi 


Confidence 

uSS S^oi^rirdy tappy dial 
they are finally leaving. . - — •. 


smg tncu *01“* 

SSSiasaKS 

SS dSl^ttuse they bud no other choree 
bC Sri| h imend feeling, aoordiiig to theses offi- 

StoX thdI 

wi.hu, become fuD NATC -*»■ 


rf^corftorut iotoh^ te^or^ — aq are MylcuviuS. ,„ v wbid. can't 


he 

^ r S B ^TTSrS able u, project a posnrn 

^saKSSaeswt 



See RERUN, Page 2 


(MnaandlndiaAreTow^Re 

Bv wsdwd-Mdjjj^*? 0 ■ 

- moiSerdd Tritntne - _ 


gi pnal Economies Along 

O ri^mand for soods and services from ot 

_ .rind market valuations arc *anand “K-u rice. 


Kiosk 


ttal after auipg pin jmrftel wduafioua arc 

1S?5Ss£ ifls 






demand for goods and savices from other re- 

%«S!SBttBS*s JBOSSKssSsk 

hdonbled in the Cve^ w Wi, wnen 

^.^^ri^SimWCS in China 
fi«T^ ftom S332 


“readung 
# ioaeasesin 

5 ^ « nriddle-dass 

-aid Mann Bhadtaran, 

^o^Se^of Crosby Secutiuea 

Pte. in Singapore* . . • ««v 

.. OL^aamoinrn 


ognmieresearcnoiicctorot vw — j rose to 52 J ou»™ “ 

BffflasssgsS 8 ■“ S,A •'■ 

j^atfceis and fieong of cuntneres, he said 


/Ilf 101 

See ASIA, P«ge 13 


uS- 


Skater From Olympics 

li — 1 porters she could i«« urrfeiaa^ “5®“ 

‘S K 5 ; Tin uptet and augry 

a.4... " 



F«»r-2JSA- aaftaSwf- 

U5S^"-aodDr- A“nisto>~WraSo! 

*ss ^Ad-.v* ; i*«gi guL- 


said. .* w^Wcftbiealan&wWi©- 

... * ^ter, '-KcCT 



Inkatha to Shun 
All-Race Election 

DURBAN, South Africa 
South Africa’s Zulu-based 1^*®, 
domParty said Friday that «woJn« 

Se pan in the ooimoy's r«rt aB-raa 

dectioto! in ApriL bul l“t die door open 

coil if its demands for 
powers and fiscal autonomy wse rosi by 
^toiih African gpvermnaii^ 15 n 
\-aIs, lhe African Nauonal Congress. 


Up and 
Coming L 

An occasional senes about 

the leaders of tomorrow i__ 

Dominique Vmgtsin. “■»“ 

—rtn'e nanal palace, is at 31 one 01 UK 
hold such a senior post- 


sssasssss 

?sS 5 ss&£r 

See SKATER, 17 


Jon m?rancc’s cultural est ablishm ent- 



M occasional series 

about people for whom 

style is a wav of life 

He designer Jean Muir. 

about her role of btrildmB budges be- 
tween art and industry. 

Book Renew 
Crossword 



right direction, fav ^ l ° w 7brMtoiSs of 

A-S6*WT?i?SSa- 

Sssssa 

See PARTNERS, Page 4 

Viacom to Merge 

mth Ally in Bid 

For Paramount 

Bv Lawrence Malkin 

uSi&tto Urn. pm ^ “ S ^ 
billion merger *? ^juj^naaii Communica- 
enusrumment and most 

nia ofthe 1980s. fmandal muscle in 

*#■“3 Sra-ss 

S^JS^wSSdedthe 

aif Mk V Rod^ev who has said it would take a 
“o.iricjr auack” to prevent him from acquiring 
j^ffthis bide of bigbusm^* 

SJSTow would be able to oHtx «sb tort 

^05 a share for Paramount and stock for the 

the Tme print supWfB his catatoUoMjto 

will be a knockout bid against QVC Neiwora 
Inc., a home-shopping ^ 

scratch within a few yean by Barry Date^Mr- 
Dfller extended Fox Network fw ^ u P ert 

^and used ro t^k for Paran^^ul he 

^ a jgHSSSSSS^^ 


See VIACOM, Page 10 











Page 2 

INTERNATIONAL hkhald IBIBUNB, SATURDAY-SUNDAY, JANUARY 8-9, 1994 



Expulsions 
Of Iranians 
By France 
Anger Swiss 

By Robert L. Kroon 

Iniemmional Herald Tribune 

GENEVA — Swiss officials on 
Friday described as “wholly inade- 
quate” France’s explanation for ils 
decision to expel to Tehran two 
Iranians wanted on murder charges 
in Switzerland. 

In an unusually vehement reac- 
tion, the Swiss justice minister, Ar- 
nold Roller, expressed “anger and 
disappointment^ at France's deci- 
sion to send the suspects, Mobsen 
Sharif Pafahani and Ahmed Ta- 
heri, home "despite a formal prom- 
ise of extradition to Switzerland." 
The two I ranians, arrested at 

Bern's request in Paris in 1992, 
were wanted by Switzerland for the 
1990 murder in Geneva of an Irani- 
an dissident Kazem RajavL Mr. 
Rajavi was the brother of Massoud 
Rajavi, who heads the Iranian op- 
position group Mujahidin Khaiq, 
which is based in Iraq. 

Rejecting French arguments that 
the expulsions were made in its 
“national interest” Mr. Roller told 
the Swiss newspaper Nouveau 
Quotidien that this explanation 
“came as a regrettable surprise, is 
totally inadequate and undermines 
the credibility of the European 
Convention for the repression of 
terrorism.** 

“1 hope that other states will not 
follow the French example,” he 
said. “This case must remain the 
exception, or the fight against ter- 
rorism will be compromised.” 

Mr. Roller noted that Switzer- 
land had acceded to French re- 
quests for the extradition of Irani- 
an nationals respected of killing a 
former Iranian prime minister. 
Sbahpour Bakhtiar, “despite 
threats from Tehran." He hinted 
that in the latest action, the French 
had made the expulsions out of fear 
of Iranian reprisals. 

“Despite certain risks for its offi- 
cials and population," he said, “I 
believe a state of law should con- 
front terrorists and bring than to 
justice. 

“This is a very regrettable matter 
and I was very surprised and angry 
when I was informed of the Freed 
government decision.” 

■ No Pressure, France Says 
Foreign Minister Alain Juppfc of 
France denied that the government 
had given in to pressure when it 
sent home the two Iranian suspects, 
Reuters reported Friday ■ 

But, Hke other members of the 
government, he refused to explain 
tilin' Prime Minister Edouard Bal- 
ladur discounted Switzerland’s ex- 
tradition request and released the 
two from prison. 

In Washington, the State De- 
partment weighed in on the dis- 
pute, saying that the United States 
did not understand Ranee’s deci- 
sion and was seeking an explana- 
tion. 


AMSTERDAM 

CROSSROADS INTERNATIONAL CHUR- 
CH Hordonomlnalianal & Evanaefical Sun- 
day Service 1033 am / KkJs Wefcoma Oe 
CunmnKd 3, S- Amsterdam Into. 02940- 
15316 or 0290341399. 

MADRID 

INTEWAT1QNAL community ch urch, 
Cdegb B Rnerr. BavD Murib 85. 20003 
Madrid. Worship. 1000 bjti, Rev. James 
Thomas- TeL 8585557. 




ALL SANTS CHURCH 
during reSorTCon wfl 
Mans in Vis Chapd of Ira Oraotae 
Holy Communion Sundays at 10 JO and 
Wednesday t* 1930 School. Youh 
Fefcwehip, Creche. CoBee, sftxty groups, and 
communiy activities- AS are watamel Cal 
(QZ) 655225a 

MUNICH 

INTERNATIONAL COMMUNITY CHURCH, 
EvangeScaL Bite Betevm services in 
sft4rf5pjri. Strxfavs at Sihuber Sir. 10 BE 




Thaiesiwatr.) (089) 

MONTE CARLO 

INTL FELLOWSHIP, 9 Rue Loura-Notari. 
Sunday Worship 11:00 & B pjn. 
TeL92.ia56.00. 

PARIS and SUBURBS 

HOPE INTERNATIONAL CHUROi (Even- 
geficeO- Sut 930 am Hotel Orion. Metro 1 : 
Esplanade da La Defame. TeL- 47735354 
or 47.75.1427. 

SAINT JOSEPH'S CHURCH (Roman 
Cathode). Masses Saturday Evening 6:30 
p.m., Sunday, 9:45, 11:00, 12:15 and 
6:30 pjn. 50, avenue Hoche. Paris 8th. 
TeL 42272856. Metro: Charles de Gate - 
Bote- 

STRASBOURG 

ST. ALBAN (Anglican) at fEgfee des ftmiif- 
cans. Eucharist 10:30 am comer BW. deb 
vetoire & rue de nJnrvereM, Strasbourg 
(33) 8835034a 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Wabash, Ste. TeL- 3261- 
3740. Worship Service: 930 am Sindays. 

THE EPISCOPAL CHURCHES 
OF EUROPE (AngBcan) 

PARIS and SUBURBS 

THE AMERICAN CA1HS3RAL OF THE HO- 
LY TRMTY, Sul 9 411 <un 10 am 
day School tor cNdren and Nursery care. 2a 
avenue George V, Paris 75008. T rc: 3311 47 
20 17 99. Metro: George V or Alma Marceeu. 

FLORENCE 

ST. JAMES CHURCH Sua 9 am FBa I & 
11 am. Bin II. Via Bernardo RuceHai 9, 

501 23, Hcnsnoe, Italy. TeL 3955 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(BssoopeWVdfcan) Sen Hate Communal 9 4 
11 am Sunday Stfnd aid Nuwny 1045 am. 
SebWtanRreSl 22 . 60323 FrariduLGein»- 
ny,Ul.2.3MquaMlee.TeL«68550i 84. 

GENEVA 

EMMANUEL CHURCH. 1st, 3rd 8 5Bi Sun 10 
am. Euchanst & 2nd & 4th Sun. Monwg 
Payer. 3iuede Mcrrthoux. 1201 Geneva, SwE 
zedand. TeL*41ffl2 7328078. 

MUNICH 

THE CHURCH OF 1>fi ASCENSION, Sun. 
11:45am SwWs»asse4.8i5a5Mrtch90, 
Germany. TeL 4389611 552a 




It’s AU Uphill 
For German Resort 
After Racist Attack 

By Brandon Mkchener 

laiemaionul Herald Tribune 

OBERHOF, Germany — When athletes from 25 nations converge 
on this quiet East German winter sports capital for a World Cup luge 
competition next week, local officials pray the only excitement will 
be the sledding itself. 

Subjected to intense scrutiny a racially motivated attack on 
members of Lbe U.S. luge team in October, Oberhof has taken pains 
to ensure that such an attack win not be repeated. 

Mayor Hartmut Gfibedsaid town officials “know Oberhof will be 
erased from all the tourist maps" if there is a recurrence of the 
violence. To some extent it is impossible to prevent these incidents, 
but we’re trying to show the world we’re coming to terms with the 
problem,” he said. 

QberhoTs efforts provide a model Tor other towns in Eastern 
Germany, which is increasingly dependent on tourism as its tradi- 
tional TTurmTfn«irrmg industries shrivel, and can ill afford the ad- 
verse publicity of xenophobic gangs. 

Skinheads have been fammat from local night spots and police 
cars, a rare right before, now patrol the town full tape. The police 


WQR^ BglEFh 

Tourist Seeking Aid JsSIain in Texas 

HOU^N-.(Reulas) fe A towna* 

was shot and blw eartv Friday after pmbkk w the pact door 

of a home in a wealth 


a taxi far himsdf and airflow Scot, the po&e stub A 


Ajcacc fan Plua. 

A woman iig^itixig a candle in a Moscow dnaxii Friday to celebrate the Russian Orthodox Christmas. 

Disarray at the Top in Moscow 

Policy Issues in Limbo as Yeltsin Weighs Election Fallout 


By Cdesline Bohlen 

Ftew York Tima Service 

MOSCOW — The Russian Orthodox Christmas 
was on Friday, and with President Bill Clinton's visit 
next week, not to mention the opening of a new and 
volatile Parliament next Tuesday, this hardly seems 
the time to move the government of Russia. 

But in a show of unaccustomed efficiency, moving 
vans this week pulled up at the back of the old Russian 
parliament building — again living up to its White 
House nickname after being blackened by Eire in 
October when it was sbeDed by army tanks —so Prime 
Minister Viktor S. Chernomyrdin and his cabinet 
could set up shop in lime for the new political season. 

The budding, damaged when President Boris N. 
Yeltsin ordered the army to rout defiant hard-liners 
inside, was repaired on a* crash schedule by a crew of 
5,000 workers. 2,000 of them Turks, at a reported cost 
of $60 miUion. Work on the building’s six-story base is 
complete, and the blasted, partly gutted 14-story tow- 
er is scheduled to tie finishol by Feb. 15. 

But even as it occupies its freshly renovated pre- 
mises, the Russian government is showing si gns of 
continued confusion and ambiguity about its policies 
and its top players. 

This week, Mr. Yeltsin sent back for reworking a 
proposed government reorganization plan, and the 
news media is full of rumors and speculation about a 
shuffling of ministerial portfolios. 

In the last few days, supporters of Yegor T. Gaidar, 
a first deputy prime minister, and his dwindling team 
of reform-minded ministers have grown increasingly 
pessimistic as reports of the possible demotion of Mr. 
Gaidar and his colleagues filter through the Moscow 
rumor mill. Particular attention has focused on Fi- 
nance Minister Boris G. Fyodorov, who even more 
than Mr. Gaidar has become the point man for a 


policy of tight money and controlled budget deficits 
designed to cool Russia's inflationary spiral. 

Mr. Chernomyrdin has alternately supported Mir 
Gaidar and blamed him for the country’s econo mi c 
woes, many of which piled up during the year that Mr. 
Gaidar was out of government. On Wednesday, Mr. 
Chernomyrdin declared that the era of “strode re- 
forms” in Russia was over. 

The Moscow daily Izvestia speculated that the 
source of this ambivalence is the government's con- 
tinning uncertainty over how to read the results of the 
Dec. 12 parliamentary elections, in which the ultrana- 
tionalist Vladimir V. Zhirinovsky and the C o mmuni s t - 
Party mounted strong challenges. 

No final decision on the course of policy can be 
decided, the paper concluded, until the government 
figures out whether pro-government parties did pooriy 
because of splits in its ranks, because of a poorly 
organized election campaign, or because of wrong- 
beaded economic policies. 

There are several issues at stake, of which the future 
of economic reform is only one. Another is the rela- 
tionship of the government to the new parliamen t, 
which will indude a sizable anti-Yeltrin faction. 

■ 'Anxiety Crisis' in Moscow, Noam Says 

Senator Sam Nunn, Democrat of Georgia, said after 
a four-day Russia trip that many Russians feared Mr. 
Ydtsin’s economic reforms because their initial expe- 
riences with capitalism had convinced them that it is 
like “the law of the jungle," The Associated Press 
reported. 

Mr. Nunn said that much of Russia was suffering 
from “an anxiety attack crisis.” 

“They believe that market reform has no hum a n 
face,” he said. “They don’t see any kind of safety net 
and the/re very fearful of what they perceive to be the 
law of the jungle." 


to Ursula Gabriel, spokeswoman for the district police command in 
SuhL 

But Obethof wants to avoid an oppressive police presence, which 
attracts rabble-rousers just as ranch as it keeps the peace, according 
to Mb'. GflbeL “We think moral persuasion is more effective than 
uniforms,” he said. 

Oberhof, located about 140 kOometers (85 miles} southwest of 
Leipzig amid the rolling hiltt of Thuringia, is in Eastern Germany’s 
premier winter sports zone and is almost entirely dependent on 
tourism, inducting frequent international competitions. Its 2,400 
residents barely outnumber ils 2^50 guest beds. 

About 120,000 tourists via ted Oberhof last year, which made it 
one erf the most visited areas in Thuringia, where three in four 
workers have lost or changed jobs in the three years erf industrial 
collapse following German reunification. 

Tire October attack outside the Kurparkklause, an Oberhof bar, 
was the fust reported against an American dtizea since the two 
Germanys unified in 1 9%. 

The incident was particularly disturbing to locals because it was 
instigated by 15 rowdy drinheads from Sum, a depressed industrial 
dry 10 kflometers away. The skinheads taunted Robert Pipkins, 20, a 
'black member of the American luge team, and then Jacked and 
punched a white teammate, Duncan Kennedy,' 26, after he com- 
plained and tried to protect Mr. Pipkins. 

Mr. Kennedy, one of the stars of the UJ5. team, and Mr. Pipkins 
are expected to return for the competition, which runs Jan. 13 to 16. 
United S tates Olympic Committee officials said Friday that security 
for the team wouldbe increased. 

Ironically, the bar has become a tourist attraction itself, mostly for 
West Germans passing through town, the mayor noted wryly. 

Nine skinheads involved in the attack will be charged with 


trial for the two leaders of the attack, a 16-year-old and a 21-year- 
old, begins Jan. 17 in SuhL If convicted, the two could face up to five 
years in prison. 

Mr. Gbbel said all of Eastern Germany is showing an ominous 
inclination toward extreme-right ideology, winch regard foreigners 
as competitors for scarce jobs. 

At least five of the youths arrested in the attack come from 
families in which one or both parents have lost their jobs since 
German reunification. 

Hartmut Werner, a local resident who lost Ms job at tbc sports 
complex when its staff was halved and now runs a tourist service, 
described Oberhof — and by association the rest of Easton Gemra- 
ny — as a paradise lost Because of the growing discontent, “Well 
probably never again have the kind of peace we were used to,” he 
said. 

“We had two successive dictatorships in Eastern Germany,” smd 
Mr. Gbbel, referring to Hitler and the postwar Co mmunis t govern- 
ment “People here never lived under freedom. That sticks in the 
psyche, and we’re just now learning how to balance democratic 
righut and re sponsibilities." 


BERLIN: Crumbling Self-Esteem 


RELIGIOUS SERVICES 


ST. PAUL'S WfTHN-THE-WALLS, Sun. 830 
am Holy Eucharist FUe t; 1030 am Choral 
Eucharfel FVe B; 1030 am Chudi Schod lor 
ch**en & Nuaay care prowled: 1 pm Speri- 
sh Eucharist Va Napoli 58, 00184 Roma. 
TeL 396488 3339 or 395 4743569. 

WATERLOO 

ALL SAINTS' CHURCH, 1st Sun . 9 S 11:15 
am Holly Eucharist with CWttrerfs Chapel at 
11:15. Al ofaer Suriavs 11.15 am Holy Eu- 
charist and Swxtav School. 563 ChaLEsee da 
Louvain, Ohain, Belgian. Tel 332 3843558 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE OF CAN- 
TERBURY, Sun. 10 am FemSy Eucharist 
Frankfceler Sirasse 3, Wiesbaden. Germany. 
TeL 4015115086.74 

EUROPEAN 

BAPTIST CONVENTION 

EUROPEAN BAPTIST CONVENTION 
CHURCHES WELCOME YOU. 60 Engsh 
speaking Congregations in 17 European 
Countries. ftter6er Baptist Wbrid Afence and 
European Bap*« Federation For infaimdnn 
contact European Baptist Convention, 
Sonnenbergereir. 60. D-55193 Wiesbaden. 
TeL 061 1 -SZ301 6. 

BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets a) 1600, Bcna Nova Baptist Church 
Carter de la Octal de Balaguer 40 Pastor 
Ltnoa Bonien. Pft 4IO-166T. 

BERLIN 

INTERNATIONAL BAPTIST CHURCH. 
BBUJN. Rctfwtuig Sir. 13. (State). Bite 
study 1045, worehp a t 12.00 each Sunday. 
Charles A. Warlord. Pastor. TeL- C30-774- 
4670 

BONN/KOLN 

THE INTERNATIONAL BAPTIST CHURCH 
OF BOWOTXXri, Rheuiau Sirasse 9. Kflh. 
Worship 1.-00 p.m. Cairo Hogue, Pastor. 
Tel: (02230 47Q21 

BRATISLAVA 
Bite Study nEngfch 

Pafeady Baptrs: Ctuch Znreteho 2 1630- 
1745. 

BREMEN 

INTERNATIONAL BAFTTST CHURCH (En- 
glish language! meets at EvangefctvFreiw- 
chEch Krauzgememde, Hohentohestrassa 
Herm a nrhBosfsSb. (around the comer hem 
the Bahnfbf) Sunday worsho 17. -00 Ernest 
D. Wafer, pastor. T oL 04791-1 2S77. 
BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Sbada Popa ftrsu 22. 300 pm Contact SB 
R i diaidson. TeL OltWl -61. 

BUDAPEST 

IneanalionalBaptisl FeBcwshp. II Bmbo u. 56 
(man ertrance Tapofesaryi u, 7, smmedipte'y 
behrd Irort crtraYX-). 1 030 Bt*: study. 
pm Pastor Bob Zbnfcn. TeL 11561J6. 
Reached by bus u 

BULGARIA 

INTERNATIONAL 3APTIST CHURCH, 
Sofa. Grand Narodno Scbrone Scuare. Wor- 
ship 11:00. James Duke. Pastor. 
TaL 704387. 

CEllE/ HAN MOVER 
INTERNATIONAL BAPTIST CHURCH. 
Wintafen Strasse 45, Ccfe 1300 Wcrahe. 
1400 Bite Study. PaSor \VW Caupbefl, Ph 
(05141)46416. 

DARMSTADT 

DAHMSTADT.'EBERSTADT baptist mis- 
SION. Stole study 6 worshp Sunday 5030 
dun, StadPnBsion Buescf>«r. 

22. Bbfe study 9.30, 10-45. R«W 

JmWobb.TaL061556Q092lG. 


dOsseldorf 

MTERNATIONAL BAPTIST CHURCH En- 
^sh. ss. 10X0, worship 1 1 3 5. Chittren'B 
Church and nursery. Meets at the International 
School Leuchtertourger Kirchweg 2J3-Ka*- 
serowertL Friendy fctowdiip. AJ denomina- 
tions welcome. Dr. W.J. Delay, Pastor. 
TeL 0211 WO0 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP Evange i sch - F fBtfa rchfafe Gemetide, 
Sodeneratr 11-18, 6380 Bad Hamburg, pho- 
ne: 06134-23278 Of 0619&643350 serving 
the Frankfurt and Taunus areas. Germany. 
Sunday iwrshj} 09:45, nursery + Sunday- 
school 1000, women's cade - Friday 093a 
HasegiouDB - Smday *- Wednesday 1930. 
Pastor M. Laray. member Eurcpem Baptist 
Convention. "Debate Ho gtary amongst ihe 
naSons." 

BETHEL INTERNATIONAL BAPTIST 
CHURCH, Am Dadisberg 92. Rarfefuri aM 
Smday vwrshp 11:00 am md 600 pm. Dr. 
Thomas W. Fa, pastor. TeL: 069-549559. 

HAMBURG 

INTERNATIONAL BAPTIST CHURCH 
OF HAMBURG meets at TABEA FEST- 
SAAL, AM ISFELO 19, Hanrturg-OsWort. 
Bite Study Ed 1 1 -30 8 Wonrtp at 1230 each 
Sunday. TeL 040820616.. 

HOLLAND 

TRNITY BAPTIST S£. 930. Wtsshp 1000. 
nursery, warm fellowship. Meets at 
Btoemcamplaan 54 in Wossenaar. 
TeL 01 751 -78024 

MOSCOW 

INTERNATIONAL BAPTIST FELLOWSHIP 
Meeting 1100; Kro Center Bridfag 15 Dnc- 
DnitHrritovdayaULSai Root. Ha> A Metro 
Stafc n Ba ntem aya Pastor Brad Sbmgy PK 
{095)1503293. 

MUNICH 

INTERNATIONAL BAPTIST CHURCH CF 
MUNICH, Hatzsr. 9 Ehgfch Language Ser- 
vices BUe study 16:00. Worenp Serves 
1701 Pastrrt prone- 6908534. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH. 56 Rue 
des Bwre-Raisins. Rueli-Malmaison. An 
Evange*caJ church for the English spedong 
community located in the western 
suburbsSS. 945, Woravp: 10:45. Oddren's 
Chuch and Nuroery vcuhmnstnes Dr. 0.C. 
Thomas, pastor. Can 47.S1.C9 63 or 
47.49 1529 far nfarr rafrj tL 
WTERJiATIONAL BAPTIST FaLCWSHIP. 
630 pm, 123 nv. du Mara. Mo Gafit Near 
the Tour Ltartpamassa The evening service 
O f Emmanuel Baptist Church. CaR 
4751 2953 or 47.49.1529. 

PRAGUE 

toiemaBon ri Ba*st Fetewshp meets at Jw 
Czech Baptist Church '/rionradsha i 68. 
Prague 3. At metro stop Jirihcc Podebrad 
Sunday a.m. 11:00 Pastor: Sob Ford 
(02)311 0693. 

WUPPERTAL 

International Bapfes i Church. Eigfish. Ger- 
irm Persian. Wbrsnp 1030 am, Seterstr. 
21. Vhjppesvi - Eterieid. AS tienamnaors 
welcome. Hans-Dieter Fraund. pastor. 
TeL 0203*638384 

ZURICH 

INTERNATIONAL BAPTIST CHURCH of 
Wadenswfl IZOndi). Switzerland. Roseriberg- 
strasse 4. Worship Services Sunday 
mormgs 1 1«L TeL 1-7002912. 


I UbflTARlAN UNHVERSAIETS 

UNITAHiWJ UNWERSAU5T feUcwships A 
omtacc r: Europe ndude: 

BARCELONA: (03) 31491 54. 

BRUSSELS): TeL (02) 88002% 


ntANKFWraWKSADBfc (061 28) 72109. 
BENEVAflBW: (022) 7741596. Next mee- 
ting: 23 Jan, Bern 9 1 1 . am 
HBDELBBM: (06221) 78-2001 or (0621) 
5B1718 

LOmOK (0B1) 891*071 9 l 
MMO fc (0821) 47-0485 
NETHBILAND& (071) V4-C888. 
NURNBERd/FRANCONIA: (0911) 
46 7307. 

PARS: (1)42-77-95-77. 
ZURKWMINTBnHURS (052) 2137333. 
MF0RUAT10M (49) (621)58-1718 


ASSOC OF INTI CHURCHES 
IN EUROPE & MIDEAST 


Af/ERICAN CHURCH IN BERLW, COT. Of 
Cby Aflee & Pot sdan er Str, SS. 930 am, 
WbrsNp 11 am TeL 0308132021. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSaS, Smday School 
930 am and Chuch 10:45 am Kaombem 
19 [at me int. Schcof). TeL 673.0581. 
Bus 95 Tram 94. 

COPENHAGEN 

KTERNATTCNAL CHURCH of Copenhagfin, 
27 Fesvergade Vartov. near Rddhua Study 
Itt J 5 A Vterstp 1 1 aa TeL 3162478S 

FRANKFURT 

TRINITY UJTHEflAN CHURCH, Nbekrajn 
AOee 54 (U-Batn 5). Sun^y School 930, 
wership 11 am TeL (069)599*78 

GENEVA 

EV. LUTHERAN OftJRCH of Geneva. 20 
rue Vergara Smday- worsNo 930. in Ger- 
nai 1 1 DO in En^sh- “ek (022) 3105089. 

LONDON 

AMERICAN CHURCH ri Lxrxfcn a 70 Tot- 
tenham a fid. WL V/orship a 9X0. SS at 
10.00 am, Smg worshp a 11 am Goodgo 
SL Tube TeL 071-5802791. 

MOSCOW 

MOSCOW PROTESTANT CHAPLAWCY. 
UPOK HA UL UWSa PBina 5. bldg. 8 Wbr- 
5hp9* 11 am SS. TeL 1433568 


Amencsn iiehanr. Church, nfinersgi 15 
Worehrp & Sunday School 10 am. 
TeL: (02) 44353*. 


AMERICAN CHURCH IN PARIS. Wcrchfa 
11 DO am. 65. Qua dUsay. Pars 7. Bub 63 
a door, Metro AknaManeau or InvaSdes. 

STOCKHOLM 

IMMANUEL CHURCH. Worship Chnst fei 
Swedfeh. eng “ush. cr Korean HflOam. 
Sunday. Sircar Jarisg. at Kurtgslensg. 
17, 46/03 / 15 12 25 x 727 lot more 
ntormatxn 


VIENNA OOKMUNTTY CHJRCH. Sunday 
worship t. Er.gitsh 1 1:30 A.M., Sunday 
schocL nusery. rSecr aBKrei . afl denemna- 
Mnswetocme Dacffeergasse 16. Vienne 1. 

WARSAW 

WARSAW INTERNATIONAL CHURCH. 
Prates&rf Ens#Si ezpaih^es. Sun- 

fays iiOO am (Sept May), 10 am (Jme- 
Aug i: Smday Schod ft55 (SepPMay) UL 
Uodowa 21. TeL 4329-70 

ZURICH 

INTSVJATICNAL PROTEST ANT CHJRCH 
EngSsh spa*ng vtotehto service. Smday 
School & Nursery. Sundays 11:30 am, 
SetratOTga s 3B2SL TeL (01)2625535. 


Costioned from Page 1 
Olympic Games in 2000. The bid 
was concaved during the excite- 
ment of reunification but never 
seemed to take flight. Its failure 
was taken as a warning that Berlin 
can no longer prosper simply by 
being Berlin, but must find a new 
identity. 

The nature of that identity 
seemed gloriously dear when par- 
liament m Bonn voted in 1991 to 
move the national capital lade to 
Berlin, its traditional home. But the 
move has been impeded by a band 
ofWestGennanIobbyi5tsandpd- 
iticians, still horrified at the idea of 
moving from their isolated and 
squeaky-clean enclave on the 
Rhine to the urban bustle of Berlin. 
Some Berliners even fear that the 
capital may never be mewed. 

Chancellor Helmut Kohl’s cabi- 
net recently decided, after much 
equivocating, to complete the move 
to Berlin by the end of the century. 
But parliament has not yet voted its 
approval, even of that drawn-out 
timetable, although a vote is ex- 
pected next week. 

“There is a serious lobby in Bonn 


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trying to undercut the move,” said 
Wolfgang Thierse, a legislator from 
Eastern Berlin. 

Most specialists doubt that the 
decision to move the capital to Ber- 
lin will be reversed. Nonetheless, 
the exceedingly slow pace of tire 
move and the evident lack of en- 
thusiasm fdt by many German 
leaders has depressed spirits here. 

Delays in p lanning the move 
have also led a number of foreign 
investors to withdraw or postpone 
their plans for Berlin. Mark Palm- 
er, an American who is helping to 
develop all biDidn business center 
here, complained on a recent visit 
to Bonn that the delays suggest that 
German leadens “have lost control 
erf titis nation's future to the bu- 
reaucrats and special interests.” 

“Berlin is 100 kOometers from 
the Polish border,” Mr. Palmer 
said. “Restoring it as the capital is 
seen by Germans and East fiorope- 
ans as a litmus test of Germany’s 
seriousness about reunification of 
your own nation and the two halves 
of Europe." 

Many Berliners have lost pa- 
tience with the national govern- 
ment One columnist recently sug- 
gested that Berlin adopt as hs new 
slogan, “Everyone for himself and 
all against Bonn." 

There is much to soggiest that 
Berlin’s future is bright 

Nonetheless, the public mood in 
many quarters is somber. 

*The wall is gone and the city is 
united, but other than that, not 

much has changed, and that’s the 

problem,” the newspaper Tages- 
spiegd said in a front-page com- 
mentary recently. 


Dining dAl Out 



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Ti- pQj 555066& al «*r cc we*** 


HAESJEOAES 

WDri^&^ri^C^pen Iran lunch and 

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Doru fata every 5etofayrwj)l 
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Frondi/Wi cam W ifa n J brundi 75F. 
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T7rueduM«*TWw. Td: 42.606036. 


TOT DE PAHS on fa I Oh fcor 
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PadHten 18, o». Suita V: 4273.9200. 


BONN (AFP) ^-The governing coauhon of CSaneeuar ram aooi 

is divided, -analysts said, over wbo to imt forward as candidal* for the 
O nmiii pi egidcnc y y dirnmin g ita prospects at the start of a year of crucial 
regional and national ejections. ' t 

Al a meeting rf Bavaria’s Christian Social Uniat tteMTtY ana and 

finance minister, Theo Waigel, announced Thursday that Mr. Kohl had 

^m dd he their candidate to souxed President Richard von Wcizsfcker. 
Mr. Herzog’s a^ne had been very cantioosfy advanced frrflowing a 
rifbariri over Mr. KdiTs own candidate, Steffen .Hofmann, who was 
forced to withdraw over rightist statements he had m ari e. 

But the same day at a party meeting of their own, the liberal Free 
D emo crats, the minority partno in Mr. Kohrscoahtion, decided to stick 
by its own candidate, HQdegard Harmn-Briicher. 73. 

Kabul Factions Call Qn^D^ Trace 

KABUL (AP) — Warring factions agreed Friday to a t^day 
fm* after six days of fighting in the Afghanistan capital that has left 3,U00 
wounded and hundreds feared dead. ; 

President Borhannddin Rabbanf s goverainait said all the mam Islam- 
ic factions had agreed to the truce, which was to begin at 6 AJL There 
was only sporadic fi ghting Friday, and thousands of residents used dm 
hill to escqre to safer parts of Kabul or flee the city altogether. 

But the truce is expected to be only tanporary; Ii is designed to auow 
the wounded to travd safely to hospitals and permit creOhms ana 
diplomats to move away from the battle zones. . 

Sporadic Clashes Continue in Mexico 

&N CRISTOBAL DE LAS CASAS, Mexico (Reuters) — ^oradic 
fighting continued as peasant guerrillas and army troops jockeyed for 
position Friday in the southeaston jungles. Rebel units were heading 
higher int o the mountains to evade bombang raids and artillery fine. 

More than 100 people have beat Jolted since the Zapatista National 
Liberation Army launched a rebellion ^against the government a week 
ago. Meanwhile, the rebel group damied responsibility for Mowing up 
two 400-kQowatt power ones m the southern states of Puebla and 
Michoac&n and pledged to spread sudi actions to Mexico City. 

Government planes have fired rockets and dropped small bombs for 
three st raigh t days at suspected rebel positions ouiside San Cristobal de 
las Casas, m Chiapas state; farcing hundreds of civilians to flee. 

Warsaw Tightens Copyright Laws 

WARSAW CAP) —A copyright law intended to dimaiate piracy of 
intellectual property was approved by p arliamen t Friday, apparently 
ending an era in witidi Poland has been one of the world's few havens lor 

“^Poland loses moated S2S mSHon a year in nnpai^to^due to 
illegal distribution erf films and recordings, “nic U.S.-based International 
Intcfiectual Property ADiancsestiiiJated Anierican losses due to onaotbo- 

rized aroying and distribution of films and music cassettes in Poland at . 
$140 Tralhnn, vrinle other U^. sources put tiie figure at S190 fnilfitm. 

The new law still must be ^proved by the senate and by President 
Lech Walesa. It replaces the corcright law of 192ft amended in 1952, 
vrinch mainly protected autlmra.^ The new law covers all f oaos of artistic 
and intdlectnal property — inctoding books^tdeviskav video films and 
computer software — at afistagraofcreatiraLfiilro extends tire author’s, 
rights from 25 to 50 years after deatiL • 

TRAVEL UPDATE 

A haarge loaded with lAntiffirw gallons of iSesdofl struck a reef (rff San 
Juan on Friday, spilling fuel an beaches on the Atlantic coast of the 
Puerto Rican capitaL It Uadmned Escambron 3each in Ban Joan’s 
Puerta de Hena section and a beadi of the Caribe Hilton. Currents 
moved the spill, with apoweefid stench,westtowardC8d San Juan, and 
east toward the Condado and ^Ooean Paris tourist sections. (AP) 

France began reopening, betides along the Atbnlic that were dosed 
since last month after thousands of detonatnre washed ashore. Offidalsin 

the closure order that extended to the j^S^^mfcr. More than 5^000 
dangerous detonators were found after a Cypriot -registered ship carrymg 
34,000 lost some at sea. . _ (AP) 

The uoaiber of vfaitora to toe Louvre has virtually doubled since the 
opening of a new wing in November, compared to the same period list 
year, French officials said Friday. They also noted that museum atten- ' 
dance was sharply up generally last year. (AFP) 

Slow restoration and soaring ants have forced one of the biggest 
omsenms in Naples to shut until late next year, dty officials said. The 
Capodimonte Museum, part of a royal estate drat rarbi d es an lSth 
centtnyporoelarafart<Hy,wjflbefOToedtodoreMoii^becanrenneeds 
more repairs and has no more space for its paintings. (Roam) 


West Europe Weather - 
Reaches a New Fury 

Compiled by Our Siaff Fran Dispatcher 

LONDON — Blizzards, high winds and torrential rain lashed 
Western Europe on Friday, disrupting travel and forcing hundreds 
of people to flee their homes. 

In Franoe, a storm that dumped a month's rain in 24 hours 
touched off blackouts and washed away a car with a child trapped 
inside, officials said. T ■ 

Rising rives put many towns on alert Friday in southern France, , 
and officials expected no relief until Saturday at the earfiesL The 
Canrargue region of the Rh&ne River Delta could face the^wesst 
flooding in a century. 

Roads in southeastern France were closed, sad authorities mved 
people to stay at home. K 

The storm that swept in Thursday from the Mediterranean 
dumped as mneb as 200 millimeters (7£ inches) in 24 hours in some 
areajmore than three times the monthly average. Bordeaux had rain 


. , _ . — — —j > ““‘ v uuo-umu w <iwca ate am 

ramfafl has dropped on the city m the Iast month. 


ragmgnverOTried away a car with a 12-year-old boy aboard after 
his mother, who was driving him to school, escaped, officials said. 

Heavy snow can^atransfonner to catch fire, cutting off power 
Friday tnormng to 80,000 people in the Forez area wwt of LyoMfiO 
lalometerasoutheast of Paris. In the sootbon Alpes-Marriinjes 

regiOT, 3,000 people lost power because of an avala^S? 

One m died m London after driving his car into a canal Vlurina 
an overnight snowstorm. , (AP, Roars) 

71te New y°^ Times reported from Bom: 

Two weeks after the worst floods along the Rhine River this 

^ ^ ^ ™ not oqrectcd 

"f 01 i ^ ^ thousands crfpeople 
10 of th«r homes over Chri.ttnk^ 

The nver crested a 54 feet above sea level fan and began 
receding m Bonn on Christmas Day. Bat contuming heavy rains 
tiawnstnarnCTH 1 smee caused it to start rising agsrfnatthe tnm of the 
is now only about three fertbdow where it was al 

_On Friday, the lUnnc promenade and low-lying fields along the 
nwwnks were underwater again, between Bonn and Cologne. 

casualty erf the Christmas floods may tnm out 
to be the 5400 million parliamentary office bmhfirra flat has been 
nnderranstntctK» since 1991. 

The birildm, stm a forest of concrete pillars and construction 
cranes, may have to be tom down, because the floodwatm puriied 
up ils foundations m places by as much as 50 centimeters. 



seen numerous home invasioiis by u unfrials known as tent bur ygp, woo 
beat down.dbori ^intoenriddleof ..the-night, ^ tre.i^- the residents ana. 

assault or rerf) them. _ " , , i 

The - victim’s companion, Sydney Graves, 42, also of Abwwen, umo 
was knocking on a heighbaf s door at the tune, was unhurt Tire two men. 
had been HrmVrng Thursday when they met two Houston regdcnts ai a 
country and western fr*r, then went to the home of one of the rtt idaits. 
Later, as they were bang driven , to a hotel by their new acquaintances, • 
they flesd the vdncic after femisg they might behannedr ... 

Kohl Coalition Split onftesid«My 


imprime par OSprint. 73 me dc I'Evangile. 750 IS Paris. 












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+ POLITICAL \QTES * 


^ rkansas “* Ajomber Fresufcut MB Qinlcn 

_ Wtfr saOTr on tegnmdir^ taMturcs bdow &wana Mr.- 
CBfliani fag stepfather, Richard Xefiey, and UlMtndie^' 'fidur 
-^Dtoa, afl. drwed camal& erne to toe funeral home alone in 
“J*?*®!.® P 0 ™ 0 rictfmgexpccfedto draw thousands. 

' Rogg <3Httoq. 37;^ept« hcleft the fmri tem*. tTwt w^i^,* ■ 
put ms arm artnmd toe younger CEn&n’s shooIfe-Tltt fee then 
cumoeamlo a Imtousine for toe ride b«S to ttwKcfley home.. - - 
_¥m&0. fra*: for Mrk;Katey, *ho-ified »=tar sleep early* 

IJunday after a battle with breast cancer, will tehddte Saturday. 
Mr. Canton does not plan to spe& rt the'funeral, although has 'not 
made a final dedaton. said Jeff Efler, a White Hrm^ ., 

. ^ ClintCB3,-Riiowa8 tote joined by fas wife, HUlaxy, and their 
daughter, 'Chdsea; later Friday, planned to spted most of tbe day 
™ m S" 0ver Tuuetal arrangements and meeting -with friend and 
ibors, Mr.' Hie- said. .■>' ■ '■•*■■• . .' ■•• ’; 

g through old photo albums,’’ Mr. EDer said; adding 
, “He seems to be bearing op pretty, wdL*^ -JAP) ; 


of the i 


WASHINGTON — A. US. appeals court denied the requests of-' 
some Iran-contru fignres Friday that rt WithhcSd 'all car'most'ora 
-utortifeal report on toeacandaL The rqport will be 


.... j Supreme Court, 

t case, the release- would be delayed untfl the ] 


“substantially in its entirety” in 10 days unless those who 
sought toe suppression appealed to the Supreme Court, toe 
pand sakL In ‘ 
court acts. ' . : 

- ' Thcruling did itot say who was ^ . 

from the fecial prosecutor in thecase, Lawrence E. Walsh- ' 
sources said that secret court filings seeking major deletions from die 
report were made by attorneys for former President Ranald Reagan, 
fonrwr Attorney General Edwin .Meese 3d. ancLthe farmer wiite. 
House aide Oliver Lr' North. The fiSngs had been prompted by die 
thre&judge poufs Dec. 3 anhonneement tfaatit would soon release 
the repent .• • ; •- ■ . ;• ; 

' “It is in ttepubfic interest that dm. matter- ol Tuttihnnl 

amtrovCTsy be afforded as full a cancfusM® as possiWe,” Judge 
David Semdle wrote foe the paneL “Therefore, lather than attend 
tteix mtr o y enyoter the supposed, reported 'or sospectcdcontmts trf 
the report, we have detmnmed that thft pfubHcinterest will be saved 
by actual ditetosure.” - (AP) 


Fiscal; Troubles of Cities and StetM Subside 


- W ASHIN GTON-^— City and stale goyemment officials from 
across lhe country have reported that fiscal conditions improved last 
year a$ a result of the gaiend economic recovay.' They said they 
expect the improvement to contmue in 1994. 


m their coiucnuutties as “good” or “very good 
conditions had beoome worse over die past year, 
surveys, about halftbe trials 
; The National Conference of State Lfgidatnna 


repraited 


two previous 
conditions. 

> said nearly all 
a 

Ipwer spending. Most states 
... . - .w - - - ^ tbcconfaence 


Rico rqwrting revenues on target dubugb tte Wty mpnihs'ofjhe 
1994 fiscal year; Which began- in October, while J21 states teid 
revemksJwere sho v e p rqjeehpns. QnJ^ five states ngxaled revenue 
"a^ectteaoi.so.farthisyettbctowpK^^ .. _ ^-(WP) 


Quote /Uociuote 


-FW1 



■** Where Is the deoagp^fhai we cnee 


A Judge Finds He Can’t Shake the Burden of Blackness 


... . By David Maigolick 

New York Tima Service 
NEWARK, New Jersey — Almost a 


month has now pasred since Judge Claude 
Coleman’s fateful visit to the Mali in Short 


Hills, New Jersey, when an innocent 
Christmas shopping trip tuned into a 

nightmare of false accusations, public hu- 
nnmtfiqn *nH eventual vimfieatioQ. 

He « baefcbehind the bench in Newark 
Municipal Court and back, atleast superfi- 
cially, to fas old good-natured self. . 

Bur despite apologies from Blooming- 
dale's and the Mfllbura Pobce Dcpan- 
mbit. Judge Coleman, who saved as direc- 
tor of Newark’s fire and police 



innocence can be: He is also wondering 
■ what, if anything a black man must 
achieve to be beyond suspicion. 

On Dec. 11, the 53-year-old judge en- 
tered B! oomingd ale’s and bought rwo pairs 
of women’s gloves, presents for friends. 

He charged them to his Bloornfagdale's 
credit card, looked at appliances, then left 
lor a leather store a few doors away. 

‘ There, be suddenly found himsdf sur- 
rounded by waOrie-tallrie-ioUng security 
men from Bloomingdale’s. who accused 
him of having used a stolen credit card and 
aid they had the videotape to prove it. 
They made him pot his hands in the air, 
then spread them on the counter, as they 
summoned the MiUbum police. 

When the police arrived. Judge Coleman 
again protested his innocence, asked to see 
fas accusers and showed identification. 


His bauds were nonetheless cuffed — 
lightly and behind his back — and he was 
dragged through crowds of bolidav shop- 
pers to a police car. At the station house, he 
was chained to a wail and prevented from 
calling a lawyer and even from access to a 
toilet. 

The police officer guarding him. Judge 
Coleman said, seemed to dehgbi in bring- 
ing down a judge and was flabbergasted to 
meet a black man who had gone through 
life without ever having been handcuffed. 

“It was dear tome mat they intended to 
embarrass and humiliate me.” he recalled 
in an interview. 


It look lhe MiDbum police three and a 
half hours to book Judge Coleman on 
charges of theft and fraud. It did not take 
Bloomingdale’s much longer to realize it 
had the wrong man: a black true had tried 


trading with a stolen credit card that day, 
but according to the clerks who waited on 
him, his skin lone, facial hair and clothing 
did not match Judge Coleman’s. 

By the time B/ooraingdale’s recognized 
its mistake, however, the case had taken on 
a life of its own. At the request of Judge 
Burrell Ives Humphreys, the assigning 
judge to Essex County, the local prosecu- 
tor's office had launched an investigation, 
and Judge Coleman had been suspended. 

On Dec. 17. the charges against Judge 
Coleman were officially dropped. Four 
days later. B1 oo min° dale's called a press 
conference and apologized. It has since 
dismissed two of ihe security guards in- 
volved in lhe episode and has suspended a 
third. 

The store’s lawyer. Peter Harvey of Mor- 
ristown. who is black, conceded that black 


shoppers sometimes have problems. 
“I’ve b ‘ 


been in stores where people have 
followed me, in places where I’ve been 
disrespected,*’ be said. 

Judge Coleman said that initially, he had 
been inclined to agree. But he said he had 
dunged his mind as the facts came into 
focus and black friends of his had shared 


similar unhappy experiences in the Short 
Hills Bloomingdale's. 


‘This experience.’’ be said, “has brought 
borne to me what Arthur Ashe said shortly 
before he died: that ao matter how many 
achievements you have, you can’t shuck the 
burden of being black in a white society. So 
long as any black person is thought of as a 
nigger, until all persons of color arc looked 
upon with respect, none of us are going to 
be. And it doesn't matter whether you're a 
lawyer or a judge or a prosecutor." 



U.S. Agencies to Scrap, 
Not Sell, Old Firearms 


By B. Drummond Ayres Jr. 

.Veic York Tima Sot ice 

WASHINGTON — The government has ordered all federal law- 
enforcement agencies to destroy their surplus and outmoded firearms 
rather then sell them to gun dealers for resale to lhe public. 

In the last 10 yean, mem than 60.000 semiautomatic pistols, revolvers, 
rifles and shotguns have been sold by federal agencies to dealers for resale 
to the general public, with the proceeds from ihe dealers going to offset 
the operating costs of the agencies. 

But the General Services Administration, the government's business 
manager and landlord, told federal agencies Thursday that in the future 
any firearms they no longer need, as well as any firearms they seize, must 
be made inoperable and then sold as scrap to be melted down. 

The new federal policy is largely symbolic and will not cut very deeply 
into the nation's surging gun market, in which hundreds of thousands of 
guns are sold annually, legally and illegally. 

But the move closely follows an announcement Tuesday that the 
federal government intends to make it more difficult for gun dealers to 
acquire and hold sales licenses and will also try to set up a better s>’stem of 

monitoring and recording gun sales. 

, , _ . ... scMTVy M^A^o^ftm These steps came in response to the growing public concern about gun 

Mayor PUU Johnson of iTwenis With an assstrit rate setzed Dy violence: More >fa»n 200 million guns are now in the hands of U.S. 
police offieexs. He is seeking support lor a policy for dries similar citizens, enough for every teenager and adul t, a ratio that few other 
fn the nnfa- r eqni rin g federal agencies to seny snrpfas weapons, countries can equaL 


Clinton Is Told of Risk in Legal Sidesteps 


Compiled by Our Staff From Dispatches 

WASHINGTON — Advisers to 
President Bill Clin ton have warned 
trim that in using the legal process 
to keep secret some investment re- 
cords from fas years in Arkansas, 
he runs the risk of damaging- his 
credibility in the controversy over 
■' tte Whitewater real estate venture. 

Same advisers concede teat fail- 
ing to disclose the existence of a 
subpoena lor records of the Gin- 
tons’ real estate investment for two 
weeks was a “huge mistake" that 
d» magrd the president politically. 

1 At WhiteHouse request, the JoSr.. 
tice Department issued a subpoena 



" '"l ’L j. ' .’r ~~ r ■ . ?"• f. yf V 1 : 

PackwoodRui 


far the records so that they would 
be under federal protection and out 
of public reach. The handover of 
the papers began on Thursday. 

Further complications for the 
White House arose when it was 
learned that Attorney General Ja- 
net Reno has decided to ask a court 
to appoint an independent prose- 
cutor to investigate Bill and Hillaiy 
Clinton's Arkansas land invest- 
ments as soon as Congress enacts a 
law renewing her ability to do so. 

Under the independent counsel 
law, which exp ire d in December 
1992* tbe- : attorney general could 
ask a threojudge panel to select a 



on 




: . sized canvas tent, a chorus from protesters, 
tffeiaid,^a£k,” entered with bin*, as did a. 






hixft&ss m Oregon, Bob” thepro- 
otds wider - assunted^uamesand sig* tK^Cf rtwt Mr Psdr- 


a sexual advance toward one of his accusers. 
But be hastened toadd that^noihmg had come 
of his suggestions with Ms. Hutton. 


counsel and diart a mission for 
cases involving high-level adminis- 
tration officials. The Senate has 
passed a bfl] remstituring the law; it 
is awaiting a vote by the full House. 

For now, the White House strat- 
egy is to try to mount a vigorous 
public defense while protecting all 
documents from release to congres- 
sional investigators and the media. 

Mrs. Clinton is particularly ada- 
mant about shielding family re- 
cords from disclosure, according to 
knowledgeable sources. She prefers 
to endure the pain of the current 
outcry rather than allow what she 
deems an abhorrent invasion of 
privacy, they said. 

Some top White House aides ar- 
gue that even though the Chn tons 
may be justified on legal grounds in 
withholding the papers, it is politi- 
cally untenable for them. 

Tbe case involves the Clintons’ 
investment in Whitewater Devel- 


■k 




entrances. 

care or timlw,.aiKlrlheu'OQds up taHring about; 
his ■senqtl failures and w^okfased wfami fisst. ' 
For Senator Bob Fackwood, iris first tour of 
Oregon in .more than four months baa found, 
him m the curious role tiTSenatar StmeaL v 
: 'A 
tents 


havmg receat^ sold toe ti^a- dial saved as his 
fhrigCtnirfdress. r ' ' t • 

. ‘Don't I deserve a fair bearing?” Mr. Pack- 
wood relied, -before dndririg ba± out trf the 

.jttri: -.4 ‘ 

- , A iimute later,- under a shower of questions 
storitto partweek^u^thrtm^ v ^^ hoiaera,,tepo«era and spectators, he 
i called yurts wartypcaL A smaH group trf fnmrrf hfra^rff npl^mKgthgt, ; * ’ 


r-Btcm Itel- tear, sb= kB*d iK xml 

nnes.^ttesa rd. “W ehad t warm rdationafaip. I ^Stomsas. The Cfin- 

tons were 50-50 partners with 


records with Congress and the pub- 
lic. 

Another top aide said lhe Clin- 
tons were in a political vise, 
squeezed by demands for their pa- 
pers and a desire to protect their 
privacy as weD as the integrity or 
the ongoing criminal investigation 
of Mr. McDougal, their former 
business partner. 

“You’re trying to balance in aD 
of this the president's and first la- 
dy’s rights.” said the aide. “Even if 
they are the president and the first 
lady, just because someone makes a 
charge, they don't have to turn over 
everything they own. That’s a mat- 
ter of principle. Bui wc recognize 
that from a political point of view, 
we've made it look bigger than it 
is.” 

Other White House advisers in- 
sist that the Gintons have done no 
wrong and that the calls for disclo- 
sure of their private papers are 
nothing more than a Republican- 
driven witch-hunt. (LAT, NYT) 


enjoyed her tremendously 
Ms. Hutton, in a statement issued later, said 


-* s> 


that, yes, he had tried 
to sti** Jtk mngne in the? month of Gena Hut- 







mis conduct and charges that- he zmsusea 0,8 /- tbncrf Ehget^'Or^an, oue of more tbari two 
trffice. T ’ ' “ ■ ?y :_ J " i" ■- ... J dozen 1 women ‘wfid have filed sexual miscon- 

.As he toedTo .thKi away from a tdac ard. • duct cpmplainls against him- with the Senate 
shaped Sker pant pair of ups toat-bore'ihe-' alfics conmuttee- - 

words, “Kiss TtGooo^byc.-Bob,” the five-tem - He agreed that he had tried to proposition 
R ep ub lican .agpatqr. pleaded with fas host to. , M r Hutton more than 10 yotrs ago, wfale be 

show hiin a tent - T : ‘ " was stiD married and she was an Or^oncoordi- 

-Show me a yun, pow/heMid. racing 


she could not recall kissing the senator. 

Mr. Packwood then cut off questions to pose 
for pictures with a 10-year-old girl at the yurt 
plant. 

So it went, back and forth between the pruri- 
ent accusations and the charge that he had tried 
to peisnade a lobbyist to find a job for his 
forma wife. 

His strategy is to hold on. survive the invcsti- 
i by the ethics committee and lhe Justice 


it, and hope that the Republicans 
g»in control of the Senate h 


But when Mr.’ fackwood went into toe orer- : Jtwastheficst innel 


in November by 
i seven seats. If that hapjxais, Mr. 
as rhairman of the Finance Com- 
mittee, would once again be one of the most 
powerful men in Wa 
“It’s a long shot,” 


James B. McDougal owner of the 
failed Madison Guaranty Savings 
& Loan, and his wife, Suren. 

Whitewater and Madison Guar- 
anty are the subject of a Justice 
Department criminal investigation 
that seeks to team whether S&L 
funds were illegally diverted to the 
real estate deal or to Mr. Chmon’s 
Arkansas political campaigns. 

A senior adviser to the president 
has warned that the Clintons will 
“keg? bleeding" through continued 
questions about their financial af- 
fairs until they share their personal 



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INTERNfiTIONfiL TENDER NOTICE 


La R epubUtfue F idtrak islamiqw des Comores a oblcnu un credit de la 
Barque Mmiiak pour financer son Programme de Rejermes 
Econontques. 

Ump partie de ce credit 1880 000 DTSl est utilise pour effectuer tc 
paiemettl (tun certain nombre if importations notammenl 
Fapprovismncment du pays en produhs pt ( lrofiers : 

La Sorirlr* Comorienne des Hydnxarburcs chargee de 
tapprmisionnemenl du pays en produits pebotiers, lance un appel 
(Toffies international, pour la (oumilure des produits p/lrotiers suivants ■ 
MOGAS (93 Ron) 10 000 MT 

GAS-OIL (50/50 ou 45/551 1 3 000 MT 

[Contenu soufre mini < I %| 
JETA1 (ATK1 8 000 MT 

Uvrairen en mate cargo par lots dr 1500 a 2000 MT. 

Prix en dollars US. CIF rendu invariablemenl aux ports de MORONI 
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Odgrarn Price Report en mduunt el en vrnfiTiinl fas aulres frais de 
chargemenL de transport, (inspection. <f assurance et le s marges. 
Premiere livraison : Itr avril 1 094. 

Les autres Hvraisons seront fades suivanl calendrier arrite par la Sodete 
Comorienne des Hydrocarbons au rylhme (tune cargaison tous les 45 
\qi monte cinq) jours. 

Paiemenl en dollars US par kiln de crddil irrevocable d ranprmA’. 


Financement Barque Mondiale 

T out candidal inlfresse par cel appel (toffre pourra, pour avoir les 
informations complemenlaires necessaires, acfielerun jeu compiet du 
Document prfasant toutes les specifkil£s de ce mmhe. moyennanl 
paiemenl (tun montant de 1 00 dollars US non remhoursables. 

Les Documents de FAppel i toffies sort a retirer : 

S oddte Comorienne des Hydmcarbures 
B.P. 28 MORONI-COMORES 
TEL : I2t>0| 73-04-80/73-09-71 - FAX : (269| 73-18-83 
AmBassade des Comores 4 Paris 
20, rue Marbeau, 75016 PARIS 
Trf. : (331 40-67-90-54 - Fax : (33J 40-67-72-00 
Consular Cetera! de la Rdpubllque Federate 1 slamique 
des Comores 

JEDDAH-ARABIE SAOUDITE 
Trf. : (960-2) 693 69 63 - Fax : (966-2) 693 35 42 
Le ddpol des candidatures est Jte au 5 fevrier 1 9^4. 
date limited II H 00 GMT. 

Le depouiBemenl aura Beu au Siege Je la Saciflf 
k 7 ffvrier 1994 d 16 H tfieure beak : +3 GMT) 
cm presence des soumisaonnmres. 


• mm 


The Islamic Federal Republic of Comores has obtained a credit from the 
World Bank to finance its economic reforms program. Part of this credit 
(880 000 DTSl will be used far the payment of certain imports notably 
petroleum products. 

Tlie Swift? Comorienne des Hydmcarbures, in charge of providing the 
country with petroleum products, invites international tenders for the 
supply of the fallowing : 


Magas (93 Ron) 

JetAI (A! h) 

Gas oft (50/50 or 55/45) 


10 000 metric tons 
8 000 metric tons 
13 000 metric tons 
ISulpher content below I %) 


Supply: mix cargo by batch of 1500 to 2000 ml 
\sl delivery: 15m Apr? 1994 

Further deliveries: every 45 days after 1st delivery, according to 
program defined with S oaeU? Comorienne des Hydmcarbures. 

Prices: in US. dollars OF debvered invariably to Moroni or Mutsamudu. 
Based from medium quotation of Plates Oitgmm Price Repeat including 
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Payment: intlS. doUars, by irrevocable and confirmed letter of credlL 
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Any candidate interested in this international lender, can obtain a 
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information against a non reimbursable payment of 100 US$. 

Sealed offers are to be received no bier than February 5th 1 994 at 
I) a.m. GMT by: 

Monsieur k Directeur General 
So ode Comorienne des Hydmcarbures 
P.O. Bor 28 
Moroni 

RjidcsComores 

Tender document can be obtained at 

S oriete Comorienne des Hydmcarbures: Moroni Comores 
Te/.: 73 04 86/73 09 71 - Fax: (269) 73 1883 

Tto 226 Httdnxom Ko 


Embassy ofRfides Comores in France 
20 rue Marbeau 7501b Paris ~ France 
Tel: 40 b7 00 54 - Fat: 40 67 72 96 


General Consulate of Rfi des Cantons in Saudi Arabia 
P.O. Box 10o35 
Jeddah 2 1 443, Arabic SaouJite 
Trf: (966-2) 693 6963 - Fax; (966-2) 693 3542 
Tfc 606786 KomcrSj. 


Offers 1 riff be opened at the company 's headquarters in Moroni 
\Comores\ on February 7th 1994 of I p.m GMT. with the bidders. 


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Page 4 


** 


NATO Chief Renews 
Threat to Serbs 

Worner Sees Summit United 
On Readiness for Bombing 


By Craig R. Whitney 

New York Tima Service 

BONN— The top official of Lbc 
NATO alliance said Friday that be 
expected that President Bill Clin- 
ton and other leaders mee ting in 
Brussels next week would restate 
the alliance's willingness to bomb 
Serbian military targets in Bosnia- 
Herzegovina if they did not stop 
the siege of Sarajevo. 

But jn a telephone interview with 
American correspondents, the 
NATO secretary-general. Manfred 
Warner, said there bad been no 
recent discussions between the 

United Nations and tbe allian ce 

about actually launching air 
strikes, despite reports that France 
would raise the issue at the summit 
meeting. 

The alliance agreed last August 
that it would bomb Serbian and 
other forces surrounding Sarajevo, 
but only if the UN asked it to and 
only after Secretary-General Bu- 
tros Butros Ghali approved the tar- 
gets. 

The UN has never called upon 
the allies to drop a single bomb, 
though tbe siege has continued un- 
interrupted. 

“We are approaching a situation 
where a strong reaction by the 
United Nations would be necessary 
to give a clear signal to the warring 
parties," Mr. Worner said. “We 
agreed in August on the concept of 
air strikes. We are ready to imple- 
ment it. but we have not received 
any request.” 

"I don't think there will be a new 
initiative at the summit,'* he added. 
“I think we will renew our commit- 
ment" 

He rejected the view that the 
alliance had shown by its inaction 
that it had become irrelevant to the 
threat of ethnic and political insta- 
bility in the formerly Communist 
world after the collapse of the Sovi- 
et Union and the end of the Cold 
War. 

■ U.S. Support Sought 

Roger Cohen of The New York 
Times reported from Paris: 

France, seeking to push Bosnia 
toward the top of the agenda erf the 
NATO summit meeting next week, 
has written other alliance members 
requesting that the NATO meeting 
stress the firm U.S. support for the 
latest European peace initiative in 
the Balkans. 

Government officials said Fri- 
day that Foreign Minister Alain 
Juppe also made it clear in the 
ietter, sent Thursday, that France 
wants a renewed U.S. commitment 
to send troops to Bosnia to police 
and support a peace settlement if 
one is reached. 

“It is a little disturbing that the 
United States has not backed the 
European peace plan more explicit- 
ly," said a ministry official who 
insisted on anonymity. “There is a 


l 


strong feeling here that we can only 
bring peace to Bosnia if the allies, 
including the United States, speak 
firmly and with one voice." 

But in Washington, sailor offi- 
cials said there was growing irrita- 
tion at the apparent French efforts 
to turn a s ummi t meeting called to 
review the post-Cold War structure 
of NATO into a potentially conten- 
tious meeting in which Bosnia fig- 
ures prominently. 

They added that Secretary of 
State Warren M. Christopher bad 
spoken to Mr. Jupp£ alxtut these 
U.S. concerns, as friction between 
tbe two governments increased. 

France, however, appeared un- 
ready to yield. "Bosnia is a capital 
luestion for the summit," Mr. 
uppe said in a radio interview . 
The French push appears to re- 
flect growing concern about its 
6,000 soldiers in the former Yugo- 
slavia, the largest single contingent 
in the 30,000-strong UN peace- 
keeping force. 

But the French demands could 
create problems at the meeting. 
The United States has r emain ed 
determinedly neutral on the latest 
European peace efforts, which be- 
gan with a French-German state- 
ment in November and involve a 
pledge to the Serbs that UN sanc- 
tions could be lifted if a peace 
agreement was reached. 

The plan also calls for the estab- 
lishment of largely autonomous, 
largely ethnically uniform Muslim, 
Serbian and Croatian mini-repub- 
lics within Bosnia- Herzegovina, 
with the Muslims occupying about 
one-third of the country, tbe Serbs 
about 50 percent and the Croats 
about 17 percent 
In Wasnington. officials say the 
European plan is widely n^arded 
as a fudge that would reward Serbi- 
an aggression as well as offering the 
Serbs the prospect of an end to 
sanctions. President Bill Clinton 
has therefore been reluctant to en- 
dorse it explicitly. 

In an interview Friday with Le 
Monde that reflected the growing 
impatience of UN military com- 
manders in the former Yugoslavia, 
the French commander of troops 
there. General Jean Cot, said he 
had requested that the power to 
order air strikes be delegated to 
him. But Mr. Butros Ghali had re- 
fused. 

■ Final UN Authority 
The UN reaffirmed Friday that 
Mr. Butros Ghali was authorized 
by the Security Council to make the 
final decision on air strikes in Bos- 
nia and “would not delegate that 
authority," Reuters reported from 
UN headquarters in New York. 

Diplomats and UN officials said 
that General Cot had never formal- 
ly asked Mr. Butros Ghali for 
strikes around Sarajevo or else- 
where 



Jordan Wins Financial Role in West Bank 


A Sarajevo man 


UN Says Bosnian Army 
Set Off Latest Fighting 

New York Tima Service 

SARAJEVO. Bosnia-Herzegovina — United Nations officials 
said Friday that Bosnia's mostly M uslim Army had touched off the 
upsurge in street fighting here this week, which led to huge Serbian 
artillery bombardments of crowded neighborhoods and the loss of 
dozens of lives. 

Bosnian government officials acknowledged Friday night that 
army infantry assaults had kicked off several days of clashes in (he 
hillside Grbavica neighborhood, which culminated Thursday in a 
bitter firefight near the city’s old Jewish Cemetery. 

Tbe Bosnian officials, however, condemned the ret alia toiy Serbi- 
an artillery barrages as oul of proportion to the initial assaults. 

Heavy machine-gun fire and shell explosions echoed a gain on 
Friday from the honeycomb of bombed-out buildings and trenches 
running between basements and across rabble-strewn streets just 
west of the Jewish Cemetery. Tbe Serbian shelling of neighborhoods 
away from the battle line continued throughout the day and into 
Friday evening, though at a lower intensity than earlier in the week. 

“The world has shown us that only raw force matters here” said a 
Bosnian government official, adding he was surprised that the 
United Nations expected the Bosnian government to sit back with 
folded hands while tbe rebel Serbs continued to occupy Bosnian 
territory and force minority-group members from their homes. 

“During the past few days, the Bosnian Army has launched several 
attacks against the BSA positions around Sarajevo," a statement 
issued by the UN Protection Force said. The UN military com- 
mander, it added, protested the attacks of both sides. 


By Youssef M. Ibrahim 

New York Tima Service 

CAIRO — Tbe Palestine libera- 
tion Organization and Jordan said 
Friday that they had reached an 
accord that would open the way for 
Jordanian banks to play a major 
rale in the development of tbe West 
Bank and the Gaza Strip. 

This followed a stiff warning 
from King Hussein earlier this 
week that unless the accord, which 
was negotiated more than two 
months ago, was ratified he would 
adopt unspecified “unilateral mea- 
sures.” 

It occurred as IstadB-HLO talks, 
which appeared stalled for nearly 
two weeks, were scheduled to re- 


sume in the Egyptian Red Sea re- 
sort of Taba on Monday. . 

Under the agreement Jordanian 
banks can reopen their branches^ 
which were active in the West Bank 
before the IstmK occupation. The 
Jordanian -Genual Bank will act as 
a dealing house for financial aid 
expected to make its way to the 
areas during an interim period of 
five year? before the final status of 
the west Bantis decided in negoti- 
ations with Israel ' ~ 

“This is a very good agreement 
and tbe beginning of a new phase 
of pragma tk: cooperation and coor- 
dination," said Jawad Anani, Jor- 
dan's information minister, who 
was appointed by King Hussein to 
negotiate with the PLO. 


If upheld, the agreement would 
present Jordan with a bonanza. 
The kingdom iron trolled the West 
Bank before losing it to Israd-in the 
1967 war. This was a heavy blow as 
the region had been a major trading 
area. 


as 


- The World Bank has 
much as S2 billion in aid to 
tmiant to hrip launch a period of 
self-rule. Jordan hopes that a sub- 
stantial part of this aid- will how 
make its way via Jordanian banks, 
stimulating significant' economic 
activities in Jordan, too. - 

Jordan had argued that having 
paid a heavy price during 45 years 
of conflict with Israel, it was only 
fair that it should benefit from the 


transit of investments into the Pal- 
estinian-controlled areas, 

■ Israel Frees 101 Arabs ^ 

Israel released 101 Palestinian 
prisoners Friday before resuming 
talks with the PLO on a delayed 
troop withdrawal from Gaza and 
Jericho, Reuters reported from Na- 
hai Oz in Israel. 

A Israeli government official 
S{ riri the delay in implementing Pal- 
estinian self-rule was eroding sup- 
port for the accord with tbe Pales- 
tine Liberation Organization. A 
spokesman said Prune Minister 
Yitzhak Rabin had approved a 
campaign to bolster public support 
at home for the deal. 


CLINTON: Greater AUiance Scrutiny Auxiits Him PARTNERS: 


Continued from Page 1 

attend the 50th anniversary of D- 
Day landings in Normandy, a 

bdusuial democracies ^Naples, 
and a gathe ri n g in Budapest of 
leaders from- the 52-nation Confer- 
ence on Security and Cooperation 
in Europe. 

Tbe fate of Mr. Clinton’s new 
European policy may be laxgdy de- 
termined by this week’s 

sidential voyage to Brussels, 
i and Moscow. 

Along the way, he must reassert 
American leadership over the 
North Atlantic Treaty Organiza- 
tion as it gropes for a new sense of 
purpose, soothe anxieties of East 
Europeans who fear they may be- 
come sacrificial pawns to appease 
Russia, and convince President Bo- 


ris N. Yeltsin of Russia to stick to 
the path of democratic reform. 

Mr. Gin tort's task may be eased 
by the fact that virtually all of the 
European allies, inrinding France, 
fear the pendulum is swinging too 
sharply toward isolationist tenden- 
cies in the United States. They 
dearly desire a successful Clinton 
trip in order to keep the United 
States attentive to European securi- 
ty at tins juncture. 

Senior French officials said Pres- 
ident FranqdLs Mitterrand would 
make a personal plea to Mr. Clin- 
ton to extend mote of a helping 
hand in the Bosnia crisis. But the 
officials said Mr. Mittaiand did 
not want to see allied differences 
over the conflict in Yugoslavia oc- 
cupy the limelight aL a meeting that 
is supposed to chart the future 
course of European security. 


' Tbe centopiece of _Mr. Qiiilon’s Joint Maneuvers 

trip will be an American initiative 

to upgrade miliiaiy cooperation 

with NATO’s former enemies. 


Continued from Page 1 


“This plan clearly recognizes 
that NATOhas responsibilities in 
solving security problems in the 
East,” Robert E. Hunter, the U.S. 
delegate to NATO, said in an inter- 
view. 

“Every administration has to 
find ways to reassure the allies that 
Americans are notpufliug out of 
Europe,” he said, “we've been aid- 
ed by the global trade agreement 
because it reduced the stress be- 
tween our shared political interests 
and economic competition. AD of 
this alphabet soup is a way of 
showing Europeans that tbe United 
States is deeply gnpgwt in their 
security for the future!* 


NATO: Message to Europe Is to Keep Common Cause 


Coathaaed from Page 1 
ihose issues are continuing, he said. 
In a briefing for other journalists, 
Secretary of Defense Les Aspin 
said Mr. Clinton’s central message 
in Europe would be that tbe Atlan- 
tic allies mnst “keep NATO at the 
center of European security con- 
cerns and therefore keep America 
at the center of Europe.” 

To that end, an Monday NATO 
will adopt the Partnership for 
Peace proposal, which calls for for- 
mal military cooperation with any 


willing nation in Eastern fcurope or 
the former Soviet republics without 
proffering a firm guarantee of 
membership and tbe promise of 
collective security that membership 
conveys. 

Initial military endeavors by 
Partnership members will be re- 
stricted to peacekeeping and disas- 
ter relief, Mr. Aspin said, and some 
coordinated task forces could be 
operational by the end of 1994. 

Secretary of State Warren M. 
Christopher said that Washington 
would welcome and even “antici- 
pates” that Russia, too, would join 
the Partnership. 

Tbe ambitious itinerary for Pres- 
ident BiE Clinton takes him first to 
Brussels for a meeting of the 16- 
member nations of the North At- 


ity Organic 
talks with European Union offi- 
cials on Monday and Tuesday. 

As a prelude, he will deliver a 
major address Sunday evening in 
Brussels, largely to explain his vi- 
sion of America’s role m Europe. 

Mr. Clinton ventures onto a Eu- 
ropean stage strewn with the bro- 
ken props of the Grid War, and he 
win have to step very carefully. 

By all accounts, he must main- 
tain, if not solidify, the fragile bal- 
ance that exists within NATO, be- 
tween NATO and the former 
Warsaw Pact nations, between 
these fledgling East European de- 
mocracies and Russia, between 
Russia and its nervous Ukrainian 
neighbors, between tbe leadership 
in Moscow and the restive Russian 
populace, between Moscow and 
the Baltic nations, and even be- 
tween Syria and Israel. 

At the awe of each discussion is 
likely to be the question of U.SL 
leadership: What is the United 
States willing to do, or refrain from 
doing, to advance tbe sometimes 
competing causes each of these na- 
tions currently pursues? 

Moreover, according to US. of- 
ficials, Mr. Clinton will raise issues 
of trade, urging Weston Europe to 
open its markets not only to U.S. 


jets but also to products from 
i Europe and Russia. 

Untidy flare-ups in Bosnia will 
also thnut themselves onto the 
NATO agenda. Mr. Christopher 
said Friday that NATO would take 
a “coordinated portion" on tbe 
ethnic strife there. 

At midweek, Mr. Clinton flies to 
Prague for a meeting with the 
Czech president, Vaclav Havel, 
who seeks greater security guaran- 
tees from NATO and the West 

Mr. din ton will meet separately 
and then jointly on Wednesday 
with the leaders of the Czech Re- 
public, Poland. Slov akia and Hun- 
gary before flying that night to 
Moscow for his second summit 
meeting with President Boris N. 
Yeltsin. 

In Moscow on Thursday and 
Friday, the president is Kkriy to 
have opportunities to meet with a 
broad cross-section of Russian 
lenders, address the Russian people 
through televised appearances and 
mak e contact with church leaders. 

Mr. Clinton heads for Geneva on 


membership of NATO.” They also 
asked . that the Atlantic alliance 
ran firm its w illingness 10 eventual- 
ly accept them. 

After attending the NATO sum- 
mit meeting in Brussels, Mr. Clin- 
ton will go to Prague for meetings 
with the leaders of the four East 
European countries. They form 
what is called the Visegrad Group 
and are regarded as the most likely 
first candidates for military coop- 
eration with NATO. 

Mir. Walesa, in a “blunt and 
frank" discussion of the Partner- 
ship proposal with Mrs. Albright 
and General Shalikashvili. prom- 
ised to inform Mr. Clinton of Po- 
land's decision in Prague on 
Wednesday, UJS. officials said 

In his initial public comments 
after meeting with the two U.S. 
envoys, Mr. Walesa left little doubt 
that despite his misgivings, Poland 
would agree to tbe plan and initiate 
military cooperation with NATO. 

Mr. Walesa said it was some- 
times necessary to “crawl" even 
though there was a historic oppor- 
tunity to “leap” forward into a new 
relationship Between Eastern and 
Western Europe. 

Mr. Walesa has taken the lead 
among Eastern European leaders 
in criticizing the U.S. proposal as 
too vague and totally lacking in any 
NATO commitment to tbe security 
of the new democracies emerging 
after 45 years of Soviet domination. 

■ A Call for Joint Security 

Foreign Minister Andrei V. Ko- 
zyrev of Russia proposed Friday 
that NATO and Russia provide 
jointly for the East European 
statesr security, Reuters reported. 

In an article to be published Sat- 
urday in Germany’s Frankfurter 
Rundschau, Mr. Kozyrev said indi- 
vidual NATO members and Russia 
could jointly provide “a system of 
overlapping security guarantees” 
for former Warsaw Pact countries. 


He added that the North Atlan- 
Satuiday evening in preparation tic Cooperation Council a loose % 
for a Sunday summit with Presi- forum for NATO and members of r 

the defunct Warsaw Pact, should 
become the “central organization 
for cooperation on military poli- 
cy” 


dent Hafez Assad of Syria. Two 
days later,' Washington intends to 
hok a meeting of all the top negoti- 
ators in the Mideast peace process. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 8-9, 1994 


Page 5 




China Warns U.S. 
Over Textiles Cuts, 
But Offers Talks 

j Haaen going iis own w3V, this will force 

BEUING - China threatened our tide 10 lake comspondins and 
the United Saws with retaliation — “ 

Friday for having ordered sane- 
lions against textile imports, but 
offered further talks to resolve the 
dispute. 

The Ministry of Foreign Trade 
and Economic Cooperation lodged 
what a -spokesman called a serious 
protest of the U.S. decision. 

The -amount of Chinese textile 
imports in the United Stales are to 
be reduced by 25 to 35 percent, 
effective Jan. 17, but retroactive to 
Jan. 1. 

The United States accused China 
of cheating on $2 billion of textile 
exports a year by sending its goods 
to the United Slates with Labels 
from other countries. 

The U.S. trade representative, 

Mickey Kan tor, said he decided on 
the cut in China’s quota because 
negotiations had ended in an nn- 


“This son of action is very ixre* 
sponsible," the Chinese trade 
spokesman said. 

“This will have a serious impact 
on Chinese-U.S. trade relations," 
he said. “If the U.S. side persists in 


retaliatory measures. 

The statement did not outline 
what China's retaliation might be. 

But it added that China “will 
continue to talk according to the 
original plan and solve problems 
through negotiations ” 

The statement did not say when 
China would negotiate again with 
the United States. 

In Washington, officials said 
Beijing bad not accepted an invita- 
tion to meet this week. 

A Chinese unde official said by 
telephone that China wanted to 
hold talks starting on Jan. 17, the 
day Mr. Kan lor said the quota cuts 
would start. 

Asked if that date were uot too 
late for meaningful talks, now that 
Mr. Kan tor has set the quota cuts 
in motion, (he Chinese official 
said: “We are working very hard to 
resolve this contradiction." 

Previous trade disputes between 
fiiina and the United States, which 
toVi-c a third of Beijing's exports 
each year, have all beat resolved at 
the last minute. 


Gospel's Tough Sell in Tokyo 


By Steven Broil 

Irjenutmnai Herald Tribune 

TOKYO — Preaching the gospel in Japan, the 
saving goe*. is like punching a pillow. There seems 
to be an impression made, but look again and it’s 
gone. 

In a nation of religious relativism, where people 
get married in churches, celebrate New Year's at 
Shinto shrines and have Buddhist funerals, even 
the Reverend Billy Graham, the globe- trotting 
American evangelist, is having a hard lime com- 
municating the exclusivisi concepts of Christian- 
ity. . _ . . 

“People have the wrong concept of Chnsuan- 
ity" Mr. Graham said in an interview Friday. 
“You can’t be a Buddhist and a Christian." 

Mr. Graham, 75 and fighting Parkinson's dis- 
ease. has preached the gospel in person to more 
than 1 10 million people.'Bui he will be lucky to fill 
the Tokyo Dome's 40.000 seats over four nights 
next week- The visit is his third to J apan. 

“I've slowed down some.” be said. “1 don’t use 
as many gestures or talk as loud.” 

The problem is not Mr. Graham, but the status 
of a religion whose beliefs run counter to those 
commonly held here. Although Japanese Chris- 
tians have worshiped unfettered since World War 


11 their religion has failed to penetrate deeply. 
RouehJy I million Japanese, mostly urban prof es- 
sionais, profess to be Christian. That is less than 1 
percent of the population, although the number of 
“latent” believers is probably several times larger. 
Roughly two-thirds of Japanese Christians are 
Protestant. . 

“Japanese are steeped in the relativism of Bud- 
dhism." said Don Hoke, a former Protestant mis- 
sionary in Japan. “They have a hard lime believing 
in absolutes like one God, one way, the truth and 
the right way.” 

Protestant leaders are hoping that Mr. Graham's 
visit will bolster morale by bringing together a 
community that feels excluded from the main- 
stream of’ a society that has little tolerance for 
differences. But there are few expectations that the 
sessions will reverse Protestant denominauons 
growing hardships. 

Besides the religious gulf. Christian churches 
here are also hurting from the recession, which has 
cut into charitable contributions. The number of 
foreign missionaries to Japan has also fallen with 
the surge of the yen against the dollar. Worse, more 
missionaries are skipping Japan altogether to go to 
Russia and Eastern Europe, which have opened up 
in the aftermath of the collapse of communism. 



ongyang 
And Atom 


China Missile Sales 



n 


By nanirf WTIliams and Peter Bebr 

, r • Washington Par? Serrkr 

WASHINGTON — Despite i» sharp tfiffer- 
. enceswifeChmaxm trade, die Qmtopadmnns- 
tratian is making progress in its dispute with 
’ Bering ^ owmissle proliferation, according to 
a senior UJ5. official. 

US. 


that it “will meet, discuss and hopefully re- 
solve** the dispute over sales of its missiles 
abroad. 

Officials are optimistic that China will speD 
out in those talks its precise _ understanding erf a 
previous co mmit ment to abide by international 

* • j.i» ■ ...Jam nMKfiw-iHim VvtAnm 




In a move that a senior official characterized 
as “not unrelated,” the Commerce Department 
was authorized to approve the sale of three U.S. 
satellites for launching on Chinese rockets. The 

* . ~ ■ Awtai Anwn m t n i A-, ttetimt oaiKmiiiia- uiutais ms vwiuiibijv -- -r-- Slate Department had blocked the satellites in 

\ (Vniim/ 1 ' ' tratian is rnakfiip progress in its dispute with out in those talks its precise understanding of a retaliation for the M-l 1 sales. 

r% T ■} - - ^ proliferation, according to previous commitment to abide by international launchim of the satellites wffl bring 

O V . - - iic offidaL • guidelines against nuclear proliferation known ' ht y 5 200 million in revenue to their manu- 

• us offidals had strongly protested China’s as the Missile Technology Control Regime. factmers, Hughes Aircraft and Martin Mariet- 
& Washington has sought new assurances of Cb- ^ ^ Ruction will keep thousands of 

ItbS SiSSSSS^m aa*s commitment to the guidelines workm employed* to fi™ m CjAfomu 

by Our Staff Fwm ««*** technology.. For fflotibt.OAiiJti In return, however, the United Stares has and New Jersey. 

vrcSIai N^tKKnrean offi- «fo«d even to discuss the issue with the US. agreed to open talks with China over U-S. sales 
.VIENNA — Nprta Kqrean cm- - negotiator, 'lyim Daws; undeswbretary for - of F-I6 jets to Taiwan, announced m 1992 by 

oals met tiro y witn rcprramci- | f TnaT { nnai | saqrrity affairs. . the Bush administration. U.S. officials said no 

tives ot the International Atomic . • ^ g^^hMyaiier- veto of the sale of U A weaponry to Taiwan is 

fhai China has Indicated to. (he United States implied. 


«»Ur< on fl»e . inspection of nuclear 
; sites, art agency smeanerit r sud 
* here.. . . ■' J . 

The statement said, a “amtacr 
.had taken place between' North - r . 
Korean tepn^totivtstoibeynft- ; 
ed Nations watchdog agency and. . 
officials from it, but *d not give 
details except to say, ?Ihe contact,, 
is expected to continue next week.” 
In &ouh Sonth Korean officials 

• a .1--. -KT At- 1 CmIIi Yam o 


auu new a nviuu ia. 

told you we are insensitive to the economic 
implications of this," said one senior offidaL 
Sanctions on other high-technology items, 
however, remain in place, a Stale Department 
offirialsaid. 


of Cash Crunch 


•* By 'John Lancaster 
- 7>nrl John Mifltz . 

JYahpigloftJ‘ost Service 


economy. Sandi Arabia has been a 
major buyer .of US. arms since the 
^ of the Cold War. It also has 


Si^&mlhKoremaffidads^ 

said that North. and South Korea... - G S 2- flSLfjbn - ^-nadecoraiercial airimers. 

** expected w — , i- 1— » 

Hre exchange oodd reke plaoe it is for 


aactneeds more time to pay for 


|J- UW¥*. * 

Some analysts have begun to 
.wain of- a potential threat to tire 
nal starafity of Saudi Arabia if 
forced to scrimp on domestic 


pany was represented in Aspen by 
its president and chief executive, 
James R. Meflor. 

Also present were John McDon- 
nell, chairman of McDonnell 
Douglas, which has a S9 billion 
contract with Saudi Arabia for 72 
F-15 fighters, as well as Michael 
Armstrong, chairman of Hughes 


sources insist Saudi Arabia will fol- 
low through with its purchase 
plans, although with some changes. 

Also at stake is the sale of up to 
$6 billion in commercial airliners. 
Last year, after personal appeals 
from President BID Clinton, King 
Fahd of Sandi Arabia decided to 
boy passenger jets from McDon- 
nw and Boeing Co. But no pur- 


“ ' it is forced to scamp on domestic Armstrong mainnan « ^ ^ goong Co. But no pur- 

prt^^ to finance its anns build- Aircraft, wtodi is selhng the Sandis rhaSfl 0 ^ have vet been signed. 
auMBUJiw w™' -’ mj an S800 milHon conto ute bxd air- 

irectm of. the Pentagon’s u 



BWG r* uy 

Bodenverwertungs- und -verwaltungs GmoM 

Tender for the sale of 




Closing date 
February 21. 1994 


Housing Land 

sr-535 n easts'" ae-f'v.any 



fpM-gh) HousiDfl developmen t land "Am Suplipger Bfllfl l 
At Haldensleben near Magdeburg, eastern Germany, site area of about 275,202 irr 
[Bids for plots of at least 6 hectares also accepted). 

p-.o -.;s'.~r:c to-/, n o'- Haldsrs- 
iene'i tnoru-STor o( 22.000 ana 
seat o’ T.€ ’"uTu'e district of 
Eeber->3r'?i is located «ri The 
catcbmerit aiea of the 
'■seen cf Magdeburg with a 
poojiat'o- of 450.000. The state 
development plan ot Sa*ony- 
Anf a 1 : envisages Haiaensieben 
as a -egional centre 

With its sound infrastructure, 
the town of Haidensleben has 
attracted well-known maior 
enterprises such as Otto mail- 
order company (DM 500 million 
investment in the first phase of 
construction) This has boosted 
the local economy and created 
some 2.000 new jobs. The land 
is situated on the western edge 
of town with neighbouring for- 
ests. 


Locational ad/amages 

• Distance to Magdeburg, the state capita! of Saxony-Anhait. 
some 20 l.m. to the motorway Berlin-Hannovet 15 t>m: 

. Commuter rail connection to Magdeburg; 

- Booming business <n the town and surrounding region is 
creating a strong demand for housing: 

• Very good leisure amenities with two large nature reserves 
(e g Colbitz-Letclmger heath) and a variety of local recreational 
facilities. 

The Town of Haider.sleben has decided to prepare a prafret and 

development plan for general housing construction in the (orm ot 

single-storey and two-storey buildings. 


F ull details « av».b& ;tom Cer.,,,1 Tender 0H.ce ,o be con«.ed U nd« lh e lollo«,ng 
The anached terms and conditions apply- 


BWG • Zentrales Ausschreibungsburo 

WallstraBe 9-13 - D-1Q17 9 Berlin 


Tel. +49-30-20351404 
Fax +49-30-20351471 



end of the-Fdteagjr —.j - 

[ Saecrewitly wtire implications 

dtocato disclose 4e^l& \r/ ; P™* Bandafs iniuaiive, Pen- 

United States reopens higjbcr-fcyd •; ™/^S^in»mh«ottheSan- 


milieu yuiu 1 . — 

faljm with Nortii Korea on normal- 


ThesdhcdakiMr. <3tang«a4 » 
cri of a broad agreement reached 
' the United States . and- North 
«jwa jj,. a- kmgst^tfiM ^ 
over the North's iuBaear raato-~. 

TbeifcaLbasically calls for North 
Korea to ppen aS seven of its ^do- 

dared” nudearfadhtks to Uoired 
Nations 'inspectipiiSr.in xxdxmgo 
for improved ties witii the XJmted 
States. v • : 

An important isstre 
sdved was UN access totwp node- 
ar waste sites in Nor* Kbrartiat 
Pyongyang does not “declare", m 
nuclear installations. J 

(AFP^AP,Kaam) 


Press Hdniess 
Dies,PoIk« 


offidak^^ 
jiridnstiy tepresentatives fora sec- 

JS; *£-**'*** ^ ^ 

. mansiattln A^en,-Ccidraa0; uret ui u^ ^ ftoancial require- 

; hiscaunt'-'Ticedcd tor^cbohik it? affecting “the.Tdngdom of gan showing sims 1 

. paynrentabe( 9 nse fmnng Arabia," a Pentagon state- living beyond to 

. hadTorced tiK kingdom trMxit its sa jd j , ^ rein ust adjust ibe for- fell bdund on a $5C 


reve- 


nues. 


defense netwoofk. 
i ji Invited - 'buto -unable to attend 
were representatives of Raythecm 
Corp n which is selling the country 
P&tnot missile systems. 

. Saudi Arabia began baying large 
quantities of U.S. weapons in 1 989 
and stepped up orders following 
Iraq’s invasion of Kuwait in Au- 
gust 1990. The country has ordered 
about $30 biHron worth of U^- 
military equipment since its buying 
spree began. 

Las; fall, however, the Saudis be- 
that they were 

„„ r means; They 

fell behind on a $500 million pay- 
ment to a Pentagon account 
through which the U .S. contractors 
are paid. 

The biggest fear among U.S- de- 


Give the IHT as a 
and give yourself a 



as well! 


“f® 0 **** 0047 °^, a ‘f.fC and intoiy sources de- The biggest Tear among U.S. de- 

pWrt, a^rce dose to llre^BWis ^ meeting at fense contractors is that Saudi Ara- 

•' .. Prince Bandar’s Colorado home as bia wffl be forced to caned or delay 

. Tbi^ Sa^^^^dcs^e- ^ flh i P fiw-hour gatbering. production of major weapons sys- 
to financud impMems as drert seffiDz315 Jons, which could lead to layoffs 



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Page 6 


SAT URDAY-SUWPAY, JANUARY 8-9, 199 4 

OPINION 


licral b 


DVTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Justice Moves Slowly 

. A i!f raey - Jan< * Reno scesa right to insist that she do so. When the Inde- 
holbOTi on sacnflong her reputation to the pendent Counsel Act is revived -as it ought 
White House s effort to contain the 
Whitewater Development flap. Not only has 
she con tinned to refuse, on insultingly spe- 
cious grounds, to appoint an independent 
counsel. It now emerges that by so refusing, 
she has bought time for Justice Department 
and While House lawyers to cook up a deal to 
keep the Whitewater records under wraps. 

Moreover, those records are being handled so 
sloppily that when an independent counsd is 
finally — and inevitably — appointed, that 
official will have to spend vast energy to be 
sure that no evidence has been destroyed. 

Is no one at die White House reading the 
history of recent presidential scandals? These 
clumsy efforts at suppression are feckless and 
self-defeating. This White House's attempts 
to maintain political control of the investiga- 
tion into the Clintons' real estate dealings in 
Arkansas are swiftly draining away public 
trust in their integrity. 

Ms. Reno insists she does not wear the 
White House collar, but her news conference 
Thursday undermined that claim She holds 
out the possibility that she will seek a court- 
appointed independent prosecutor as soon as 
the House passes legislation authorizing such 
positions. But Ms. Reno does not have to 
wait. She already has the authority to appoint 
a special prosecutor from outside her depart- 
ment, and congressional Republicans 


§£ribuUC An Expanded NATO 
— Is Worth Wailing Far 


By A. M. Rosenthal 


are 


to be — then this special prosecutor etui give 
way to a court-appointed prosecutor operat- 
ing with even more independence. 

The Justice Department's own namby- 
pamby inquiry has given the White House 
plenty of time to cover President Clinton's 
tracks. Ms. Reno’s department has called for 
documents including papers that the White 
House counsd, Bernard Nussbaum, removed 
from the office of his deputy, Vincent Foster, 
after Mr. Foster's suicide last summer. 
Around Christmas, the White House said Mr. 
Clinton would turn over the documents vol- 
untarily. But as late as Tuesday the White 
House said they were still being '‘catalogued." 

Now it develops that the first boxes are just 
wending their way to Justice — protected by a 
government subpoena. The subpoena, previ- 
ously undisclosed, serves mainly to maintain 
their secrecy and give Mr. Clinton more than 
three weeks to “catalogue" and deliver the 
papers. Yet Ms. Reno finds nothing amiss. Her 
career bloodhounds are on the case. Yes, sbe 
has the legal power to appoint an outside 
counsel but, she said Thursday, “that does not 
make that person independent. I mean, if I 
appoint somebody. I'm going to get blamed for 
what that person does or doesn't do.” 

How could matters be more mortifying for 
Justice than they are now? 

— THE NEW YORK TIMES. 


A Debt to Those Tested 


Often when the federal government ap- 
points a task force to study some problem, 
delay appears to be the objective. This seems 
not to be the case with the federal task force 
on radiation assembled by the White House 
this week. Spurred by stories — some or them 
around for a long time — of govemment- 
financed radiation-tolerance experiments on 
humans carried out from the ’40s to the '70s, 
(be Clinton administration has taken the 
problem in hand and set a schedule for action. 
The work may take many months or even 
years, but a straight course has been set. 

The task force will be made up of represen- 
tatives from the departments of Energy. 
Health and Human Services. Justice, Defense 
and Veterans Affairs, the National Security 
Council, the Office of Management and Bud- 
get and the National Aeronautics and Space 
Administration. The CIA was not represented 
at the initial meeting on Monday but will be 
included. The panel will be responsible for 
compiling information on all the experiments, 
locating the individuals who were the subjects 
of tests, determining whether the subjects had 
been fully informed of the risks and had given 
informed consent, and assessing what dam- 
ages. if any, they have suffered. 

Policy matters concerning the kind of dam- 
ages that merit compensation and the form the 
compensation might take will also be studied. 


For example; while some scientists say that 
very few actual injuries resulted from the stud- 
ies, should subjects be compensated neverthe- 
less because they were misled? Should even 
those who gave informed consent be paid if 
they suffered physical or emotional damag e? 

It is being said that tests were conducted in 
a different era. without malice, by scientists 
struggling to learn more about radiation and 
its potential harm. But the facts suggest that a 
more rigorous ethical examination of the 
cases is in order. Some terrible things were 
done by people who knew better. The choice 
of subjects among the retarded, prisoners and 
the terminally ill is particularly suspect. The 
history of experiments in Nazi Germany, so 
clearly remembered in the '40s and '50s, 
should have signaled caution. And the spirited 
protests of at least one prominent scientist 
who was an expert in the field is evidence that 
ethical questions were raised at the lime. 

Some of those who participated m the ex- 
periments are long dead. But others are owed 
a debt by their country. Acknowledging that 
debt is the first step. The task force has an 
enormous moral responsibility to sort out 
what happened so that Americans can face 
the truth and learn from it and the govern- 
ment that encouraged and countenanced 
these acts can, where possible, make amends. 

— THE WASHINGTON POST. 


A Politician’s Politician 


Thomas P. O’Neill, the former speaker of 
the U.S. House, who died Wednesday in Bos- 
ton, aged SI. may not be remembered as the 
author of any complex legislation having a 
lasting impact on American society. Not was 
be the kind of congressional specialist who 
knows one subject, See mining regulations or 
securities law, with such depth that be is the 
acknowledged expert among his peers. He 
was, however, one of those politicians who 
become successful leaders because they know 
with precision bow to get things done. It did 
not hurt that, despite policy disagreements, he 
was truly popular on both sides of the aisle. 

Tip O'Neill rose from modest beginnings to 
great power. Born of immigrant Irish parents 
in Cambridge, Massachusetts, he followed a 
path into urban politics. Throughout his long 
career, it was dear that he remembered his 
roots and the people be represented. His ties 
to the neighborhood that became his congres- 
sional district remained strong and personal 
He did not simply attend local functions, he 
made a point of knowing by name most of the 
citizens there. It is said that he could attend a 
communion breakfast and regale the audience 
with stories from childhood about almost ev- 
ery individual in the crowd. His district in- 
cluded Harvard, which gave him an honorary 
degree after be retired. But his focus was 


Other Comment 


NAFTA and Mexico's Poor 

The revolt of oppressed Indians in the Mexi- 
can state of Chiapas as the North American 
Free Trade Agreement took effect has roots Tar 
deeper ,hgn the elimination of tariffs between 
two “distant neighbors." While NAFTA is 
feared among Mexican peasants as still another 
device to rob diem of their land, its impact on 
descendants of the Mayas is remote. 

The rebels have invoked die name of Emi- 
liano Zapata, a hero of the Mexican Revolu- 
tion. “Land and liberty." the Zapata battle cry. 
has long resonated among the rural poor. 

Even before the bloody week aid fighting 
erupted, there had been tension in Chiapas. 
The government of President Carlos Salinas 



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W ASHINGTON — President 
Bill Clinton is making some of 
America's best friends very unhappy 
— Europeans who lived under com- 
munism, fought it, and helped brine 
down the Soviet empire. Next week 
he will make them even unhappier 
when he tells them face to face .tint 
the United States will not agree to 
their becoming members of NATO. 

Face to face, he will have to deal 
with people like the Czech writer Va- 
clav Havel who went from a Com- 
munist jail to the presidency of his 
country, and President Lech Walesa 
of Poland, the electrician who created 
a freedom movement that bound to- 
gether workingman and intellectual 
They will tell him of their still-vivid 
Fears of the Russian imperialism that 
enslaved their countries under czar- 
ism and communism. They will say 
that they hove earned the protection 
of NATO membership. Mr. Clinton 
— he will say many things, but essen- 
tially no, not yeL 

My time as an American corre- 
spondent in Eastern Europe during 
the Communist ice age binds me to 
Eastern and Central European demo- 
crats. In some of their countries, 
“ex"-Communisl politicians are 
strong, and in others fascists use de- 
mocracy to try to destroy iL Those 
dangers give the passions of Mr. Ha- 
vel and Mr. Walesa special meaning. 

So when I sal down at a presidential 
lunch for columnists about NATO I 
was emotionally and politically be- 
hind quick membership for some of 
the former Communist colonies. 

Mr. Clinton did not present star- 
tling new reasons for delaying. But be 


put enough rood existing reasons to- 
gether lucidly enough so that I 
changed my. mind. What? Yes. 

I went away thinking that Ameri- 
can friends of democracy in Eastern 
Europe could give him enough time 
to play it out without getting panicky. 

■ Boris Yeltsin fears that immediate 
NATO membership for countries on 
Russia’s border would help Russian 
nationalists sell their line of Russia 
imperiled. Mr. Clinton said the Rus- 
sian president sends the message (bat 
Russia should not be pushed back, 
treated again as an enemy. 

Is this. appeasement of a foreign 
ruler? It seemed to me, listening to 
that question in my bead, that ap- 
peasement is trying to buy off an 
enemy — not trying to help a friend 
survive a growing threat at home. 

If it takes a couple of years and 

another election to make Russia com- 
fortable with NATO neighbors, it is 
worth (he wah. If not, or if the fascist- 
Communist alliance washes over 
Russia, NATO could attend mem- 
bership protection fast to Eastern 
and Central Europe. 


ral Europe 
Anyway; the west would have to 
meet any Russian military adventure 
against Eastern Europe. Hie key 
point is not how many new members 
NATO brings in but how strong its 
current members slay. 

Mr. Clinton said that the reduction 
of U.S. troops in Europe from 
326,000 to 100,000 was enough; But 
has it been too much, given the rise of 
the Russian ugties? Is Mr. Clinton's 
new secretary of defense going to 
decide for himself and teD us? 

Mr. Clinton did not go into it, but 



For Action 
On Bosnia: 

A Dual Test 

By Anthony Lewis 


B 


there is another good reason for wait- 
ing before expanding NATO. Eastern 
ana Central Europe have not settled 
down politically. Yugoslavia is eating 
itself alive, Czechoslovakia has split in 
two, Poland has elected a government 
of “ex"-Communists, and m Hungary 
and Romania fascists name ptagas af- 
ter thdr heroes in bdL 

The West should have expected 
upheavals, not a a straight, calm line, 
after so many decades of Communist 
and Nazi brutalization. Still, it would 
be an even nastier shock to find a 

national allian ce of blackshirts 9 "d 

Communists sitting at a NATO table. 

Some of my friends say that with- 
out East Europeans in NATO, be- 
tween Germany and Russia, the Ger- 
mans would be very upset. I can live 
with that thought. 


President Clinton kept saying that 
while they were not getting member- 
ship, the former captive nations 
would be brought into closer politi- 
cal, military and economic coopera- 
tion with NATO members. So the 
tests of the Clintonian policy will 
be these: 

Will closer ties, with Eastern Eu- 
rope turn out to be real or m umbo- 
jumbo? Will we put money and some 
military integration on the table or 
play Monopoly? Will “not right now” 
mean exactly that, or “not ever”? 

The president’s policy, as he said, 
is a judgment cafl. That is what he 
gets paid to make. This one seems 
reasonable and carefully thought oul 
1 ate my full portion'but for now fee) 
a little lighter. 

The New York Times. 


always on the working-class people from 
whose ranks be came. 

We did not always agree with the speaker on 
the substance of legislation. He blocked a badly 
needed deficit reduction deal in the Reagan 
administration, for example, because it includ- 
ed changes in Social Security. But he was 
consistent in his support of those social pro- 
grams designed to meet the needs of the poor. 
He believed that politics is an honorable call- 
ing, and he saw elective office as a way to bring 
about improvements in the average citizen's 
life. He was dedicated, but never solemn about 
his responsibnities. known for defusing a tense 
situation with a joke or enlivening a celebratory 
one with a song. Even his political nemesis. 
President Ronald Reagan, responded to his 
personal charm and called him a friend. 

Speaker O'Neill once said that Winston 
Churchill lost his seat in Parliament because 
he forgot the people in his own election dis- 
trict while he was busy fighting World War II. 
Tip O'Neill never forgot. He was, as the Sen- 
ate Republican leader. Bob Dole, said Thurs- 
day, “a congressman's congressman,’’ so ac- 
complished and admired that he was elected 
to the speakership for five terms in a row. He 
served ably in that office and won innumera- 
ble friends while doing so. 

— THE WASHINGTON POST. 


A 'Partnership’ of Anger and Dashed Expectations 


P ARIS — It was a bad mistake to formulate the 
security problem in East-Central Europe in 
terms of NATO membership for countries there; 
Doing so has destabilized an already unstable 
situation. Russia, after the electoral success of 
Vladimir Zhirinovsky, has no need for phantom 
threats from NATO. It also was pointless to talk 
about an expanded NATO. In the short term, 
membership simply is not a practical prospect even 
for Poland, Hungary or the Czech Republic. 
NATO is a military alliance with an integrated 
multinational command and integrated logistics, 
communications and intelligence systems devel- 
oped over more than 40 years. The relevant ques- 
tion is not whether to give it new members. It is 
whether this military instrument can be used to 
stabilize a highly unstable situation. 

This Instability results partly from what is hap- 
pening in Russia. There is anxiety about Russia’s 
future, justified in general terms, though Boris 
Yeltsin poses no threats to his European neigh- 
bors. It is necessary to consider the possible alter- 
natives or successors to President Yeltsin, of whom 
Mr. Zhirinovsky provides an alarming instance^ 
Hie second reason the region is unstable.* is 
because of the unsatisfied ethnic and territorial 
claims of the various peoples there. Except in 
former Yugoslavia, the governments of the area 
mostly continue to conduct themselves with pru- 


By William Pfaff 


dence and good sense. People do otherwise. Rus- 
sia's Mr. Zhirinovsky has made aggressive com- 
ments. Elements of the German far right currently 
claim territory in Poland and property in the Czech 
Republic. The situation of ethnic Hungarians is 
difficult in Romania. Slovakia and Serbia. 

NATO members Greece and Turkey are implicat- 
ed in the Balkan unrest because of Greece’s support 
for Serbia and hostility toward the new Macedonia, 
and because of the Turkish and Muslim minorities 
in the Balkans. Enlarged NATO membership will 
not solve these problems. What is needed is a 
practical guarantee of the integrity of Central and 
East European frontiers. Peaceful and negotiated 
change obviously is acceptable, but military aggres- 
sion is not — and this is something a military 
alliance can deal with. The West failed disastrously 
to block aggression and genocide in Yugoslavia. It 
had better not fail its second chance. 

A guarantee of stable frontiers in the region 
bordpnn&theold Soviet. Uni on would contribute to 
' the stability of Russia rtselC ahd'fo that of Ukraine, 
Belarus, Lithuania and the other Baltic states. To 
ofTer such a guaran tee does not “expand the Woe” in 
a way threatening to Moscow. It offers an assurance 
of regional stability, to which the Russian govern- 


ment can have no legitimate objection. It also avoids 
thejssue of a Russian veto over NATO affaire. 

The American Partnership for Peace plan does 
give Russia that veto in practice, wbik denying it in 
principle. The U-S. national security adviser, Antho- 
ny Lake, said the plan sets in motion “a dynamic 
process that is explicitly opening the door” to 
NATO membership for the East Europeans, a door 
“that we hope they will walk through.” That mak« 
it certain that the Russians will object. 

President Bill Clinton said that it “would be a 
critical mistak e" to offer NATO membership to 
states on the border “of the old Soviet Union," 
because to do so would be perceived as an act 
directed against Russia. That concedes (he veto. 

The Clinton ad minis tration cannot have those 
countries both out of NATO and walking through 
its door. Pretending that it can has earned for Mr. 
Clinton the negative consequences of both courses. 

It would be better for Mr. Clin ton to abandon 
Partnership for Peace and think again. The best 
thing Washington’s NATO allks probably can do is 
to waffle and postpone, so that this idea can fade 
awqyand Washington have the chance to come bade 
' with something more serious. As -the plan standi it 
not only disappoints the Central and East Europe- 
ans, and the Russians, but angers them as wdL 
International Herald Tribune. 

© Los Angeles Times Syndicate. 


OSTON — President Bill Clin- 
_ W n flies to Brussels this week- 
end for a North Atlantic Treaty 
Organization, summit meeting that . 
poses a dual test of credibility: 
NATO's and his. - . 

The issue' is Bosnia. The aggres- 
sion arid slaughter there, growing 
worse at the turn of the year, raised 
dark questions for the hope of peace 
in a Europe facing new strains after 
the Cold War. 

NATO wants to be seen as a credi- 
ble gBarantor of that peace. The 
president wants to project himself as 
a reliable leader of the alliance. But 
who would believe cither’s promises 
for the future when both are default- 

ing right now on their commitments 
to stop rhe killing in Bosnia? 

Last August. NATO committed 
itself to bomb Serbian forces if they 
continued to strangle and shell Sara- 
jevo and block relief convoys else- 
where. On one day this week 1,353 
Serbian shells fell on Sarajevo. Re- 
lief supplies are routinely blocked. 
But NATO does nothing. 

As for Mr. Clinton, be came to 
office calling for stronger measures. 
He made a proposal to lift the arms 
embargo on the Bosnian victims and 
make air strikes on the Serbian ag- 
gressors. But he pushed the idea 
only half-heartedly when European 
leaders objected. 

Clinton emissaries have been do- 
ing their best to keep Bosnia off the 
agenda of the NATO meeting. They 
want nothing to interfere with the 
image of a happily functioning alli- 
ance. But reality cannot be so easily 
dispelled. Bosnia will be the unwel- . 
come specter at the alliance feast, its 
bloody image as hard to ignore as 
Banquo’s ghost. 

A nonpartisan Washington group 
of senior figures from politics ana 
foreign policy, in the Action Council 
for Peace in the Balkans, wrote Pres- 
ident Clinton Thursday on the link 
between Bosnia and NATO's role. 
The letter said: 

“The daily vic timiza tion of Bos- 
nia puts into sharp relief the failure 
of the United States and Europe to 
resist aggressive nationalism — a 
core test in post-Cold War Europe. 
NATO’s continuing! refusal to act 
effectively in Bosnia calls into seri- 
ous question its relevance to the 
challenges of the new Europe and 
the value of your proposal for a new 
‘Partnership for Peace.' " 

The group proposed a new West- 
ern policy for Bosnia. Most striking- 
ly, it called for replacing the present 


listing the pi 
ce, which ha 


^4t the UN, Discontent Is Giving Way to Progress 


N EW YORK — Behind the 
headlines about Somalia and 
Haiti, a larger and ultimately more 
important drama is beginning to un- 
fold at the United Nations. The frail- 
ties of UN peacekeeping are, after 
all but a symptom of the United 
Nations' profound need to "itin- 
venC itself in a new era. Its success 
or failure will do much to determine 
whether gains resulting from the end 
of the Cold War are consolidated or 
whether we fall back into old habits 
of confrontation, but in new and 
unpredictable forms. 

Fortunately, the United Nations’ 
summer of discontent has been suc- 
ceeded by the most encouraging 
Genoa! Assembly session in de- 
cades. The ideological stubbornness 
that historically has split the United 
Nations along East-West, North- 
South lines is dissolving. Efforts to 
endorse UN purposes while pressing 
for UN reforms are beginning to pay 
off. And the United Nations is mov- 
ing in directions that the United 


By Madeleine K. Albright 

The writer is U.S. ambassador to the United Nations. 


States has long wanted it to go: 

• After decades of stalemate, the 
General Assembly agreed to estab- 
lish a UN high commissioner for 
human rights. Since the time of Elea- 
nor Roosevelt, the United States has 
pressed the United Nations to play 
an active and positive role on human 
rights. Its members have finally giv- 
en it a dear mandate to do so. 

• The Israeli-PLO peace agree- 
ment introduced a spirit of relative 
cooperation on the Middle East — 
historically the most divisive subject 
of discussion at the United Nations. 
During the fall session, the General 
Assembly went on record in support 
of the Madrid peace process, dis- 
crimination against Israel was re- 
duced. and there was broad support 
for economic and social projects in 
Gaza and the West Bank. 

• Arms control, long the prov- 


ince of superpowers alone, moved 
to center stage. With strong UK 
backing, resolutions were approved 
in support of a comprehensive nu- 
clear test ban treaty, a ban on. the 
production of fissile material for 
nuclear weapons and a moratorium 
on the export of land mines. 

• At UK urging, the General As- 
sembly approved in principle the 
establishment of a high-level UN 
office with functions similar to 
those or an American inspector gen- 
eral. This is a vital step, for poor 
management is the Achilles’ bed of 
the United Nations. 

• The overall UN budget was 
held to no real growth, weD below 
the level proposed by the UN Secre- 
tariat. within this budget were sig- 
nificant additional funds for human 
rights, humani tarian affair s and 
peacekeeping, all UK priorities. 


•The Security CountiTs determi- 
nation to isolate “rogue" stales paid 
off in derisions to maintain tough 
econ o mic sanctions against Iraq and 
to strengthen those imposed on Lib- 
ya for sheltering the accused sabo- 
teurs of Pan Am Flight 103. 

There has also been progress in 
recent weeks in the area of greatest 
controversy and complexity — UN 
peacekeeping. There is wide recog- 
nition that although the success of 
collective peacekeeping operations 
is important, the United Nations 
has tried to do too much too soon. 
The pace has now slowed. Efforts 
continue to make UN peace opera- 
tions militarily credible through 
better planning, better training, bet- 
ter management, better equipment 
and more adequate resources. 

The United Nations remains far 
short of its potential Much work 
remains to be done. But my feding in 
this new year is that we are beginning 
to move m the right direction. 

The Washington Past 


frustrated in its attempts to keep re- 
lief routes open, with reliance on the 
Bosnian Army lo do that job. NATO 
and the United States would supply 
air cover if Serbian or Croatian forces 
tried to block the routes. 

To give the Bosnians the necessary 
military strength, the letter calls on 
NATO and the United States to end 
the embargo on arms for Bosnia. It 
argnes that the embargo, though vot- 
ed by the UN Security Council in 
fact has no legal basis. 

The legal argument, spelled out by 
Robert Silk of New York, among 
other lawyers, is based on Article 5 1 
of the UN Charter. That says, nothing 
shall “impair the inherent right of 
individual or collective self-defense if 
an armed attack occurs against a 
member of the UN" until the Securi- 
ty Council has taken the measures 
needed for peace and security. 

Bosnia is a UN member. It has 
been attacked, and Security Council 
measures have not protected it. The 
letter urges President Clinton to take 
the position that the United States 
and NATO are therefore not bound 
by the UN embargo resolution. 

The signers of the letter include 
Morton Abramowitz, a former U.S. 
ambassador who now heads the Car- 
negie Endowment for International 
Peace: Max Kampdmoo, another 
former ambassador, Senator Joseph 
Ueberman, Democrat of Connecti- 
cut: and Representative Frank Mo- 
Qoskey, Democrat of Indiana. 

They suggest that UN forces go 
borne as the Bosnians are able to 
protect relief supplies. That would 
of Prime Minister John Ma- 


de Gortari was alarmed enough ro send Mr. 
Salinas's designated successor. Luis Don- 
aldo Colosio. to the region with lavish 
offers of federal aid. 

Bishop Samuel Ruiz of Chiapas has been 
agitating Tor years on behalf of Indians who 
fear their culture and livelihood are being 
destroyed by rapacious ranchers and the land 
reform program of the Salinas government. 

NAFTA "seems to hare been a convenient 
device for rebel leaders with broader griev- 
ances. Free trade and Mexico's eventual break- 
through into the First World economy should 
benefit millions of people who never realized 
the promise of the Zapata revolution. 

— Tht' Baltimore Sun. 


Detroit’s Recovery and the Virtues of Unfree Trade 


Phil'S- .Wafer! i 

c j lia lU p,tal ilt • 1.2*10 W F KCS \mem H r J2t>2l i2t- i Putiiuin A>< til.tr 

IVi.i ksenusir.il HiTiihlTrikin. .VlritfZw, vaiu fiVV' rCto-Vrfl 


T OKYO— The good news is that 

the American onto industry is 
recovering well The bod news is that 
the Uruguay Round of trade talks, 
currently touted as the savior of the 
world economy, would have prevent- 
ed that recovery. 

In the early 1980s, the United 
Stales forced Japanese car makers 
into “voluntary” export restraints, to 
protect a UK' industry battered by 
the overvalued dollar and the under- 
valued yen. At the lime, Japan, 
GATT and others complained bitter- 
ly about this breach erf free trade 
principles. The net result? Close to 
ideal for just about everyone. 

The Japanese reluctantly set up 
car and parts factories in the United 
States, which gave American makers 
a much needed breathing space and 
the chance to learn from Japanese 
techniques. 

Today, with the yen appreciated by 
more than 100 percent against the 
dollar, even the Japanese realize how 
wise they were to set up those fac- 
tories when they did. Not only can 
they now lake advantage of “cheap" 
U.S. labor, by cutting car exports 
they have also managed to ease some 
of the upward pressure on the yen. 

But under the latest GATT formula 
for a better world, “volununy” re- 
straints ore out So the UK auto in- 
dustry should have been forced into 
early bankruptcy. Then, as the Japa- 
nese were forced out of export markets 
by yen appreciation, the South Kore- 
ans and a few’ others would be left free 
to pick over the remains of the once 
prosperous U.S. car industry. 

Can’t someone pul a quick end to 


By Gregory Clark 


this GATT obsession with purist free 
trade theory? Apart from anything 
else, it has yet to come to grips with the 
20rh century reality of economies of 
scale — the idea that the more a firm 
or an economy manufactures, the low- 
er, rather than the higher, its unit costs 
become. It is a formula for enormous 
instability in world trade. 

All this could be forgiven if we 
lived in a world where exchange rates 
moved rapidly to reflect relative pro- 
ductivities — so that if Country A 
exploited economies of scale to domi- 
nate export markets for most manu- 
factured goods, its exchange rate 
would immediately appreciate to a 
level where other countries could 
compete again. 

Unfortunately, currencies do not 
move in this logical manner. There 
are lags. And there are speculators. 

In ibe past month the UK dollar 
has appreciated by 10 percent against 
the yen. Ibis appreciation is due al- 
most entirely to speculators gambling 
on interest rate shifts in the United 
States and Japan. As a result of their 
gambles, every UK import into Japan 
is now hit with a 10 percent inmost 
compared with a month ago, ana ev- 


Correction 

A sentence in the final paragraph of 
a column by Flora Lewis on Friday s 
Opinion Page should have read: "For 
that, the United States has to hove a 
clearer, more concrete postwar plan 
than it has yet devised. 


ery Japanese export to the United 
Suites gains a 10 parent subsidy. 

It is a protectionist shift that evm a 
Third World country would heatate to 
impose. Meanwhile, Tokyo and Wash- 
ington have beat idling us how recent 

closer to^a^Ereetrade watld!^*^ 

For the moment, let us forget the 
speculators; after all, they can only 
push things ont of focus for a' limited 
period. Let's concentrate on the reali- 
ty of Chinese workers in a television 
factory set up with Japanese, Taiwan 
or UK capita] in one of China's free 
economic zones. 

A nonradst view would accept that 
since those Chinese workers are just 
as intelligent and capable as their 
Western equivalents and are supplied 
with much the same tedmofogy as in 
Western factories, there is tittle rea- 
son wiry they cannot compete with 
Western workers. 

Yet current exchange rates say in 
effect that Chinese society is so 
backward, corrupt, inefficient and 
hopeless that wages have to be one- 
LwentieLh those of the West far Chi- 
na to be competitive. 

True, as the Chinese begin io ex- 
port those television sets and other 
mid-tech products, their exchange 
rate will appreciate. But for various 
reasons that appreciation will al- 
ways be delayed. 

We saw this with Japan. For most 
of the past 30 years the yen has beta 
consistently undervalued against 
Western currencies by around 20 to 
30 percent. Every Japanese manufac- 


ture exporting to the West has en- 
joyed a 20 to 30 percent price advan- 
tage. Every Western manufacturer ex- 
porting to Japan has suffered a similar 
. .disadvantage. Little wonder that UK 
and European trade imbalances 
against Japan have ballooned. 

GATT needs a new slogan: “It's 
the exchange rate, stupid.” 

International Herald Tribune 


jors argument that NATO military 
action would expose British detach- 
ments in the United Nations force to 
Serbian reprisals. 

In the end it all depends on Ameri- 
can leadership. The Dutch foreign 
minister. Pieter Kooijmans, said the 
other day that an American role had 
a crucial “symbolic value as a deter- 
rent to aggressors." If President Clin- 
ton has the courage for real leader- 
ship in Brussels, not just a show, he 
must know that action on Bosnia is 
the key to credibility for peace. 

The New York Times. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: An Exposed Heart 

NEW YORK — If there be a person 
in New York, or anywhere else for 
that mailer, who doubts that the 
heart of Edward W. Highbouseis in 
the right place, all he need do to set 
his doubts at rest is to look at the 
heart, covered only by the pericardi- 
um, at its constant work. Mr. High- 
house is at present staying at the 
Putnam House, where I saw him yes- 
terday [Jan. T\. A more rare surgical 
case has perhaps seldoni been known. 

1919: President’s Adieu 

NEW YORK — Without pulpit 
panegyric, without music and with- 
out flowers, in accordance with his 
last wishes, the mortal remains of 
Colonel Theodore Roosevelt, twen- 
ty-sixth President of the United 
States, were laid to rest in the family 
plot in the village cemetery of Oyster 
Bay Cove. Attended only by imme- 
diate relatives, including his son Ar- 
chie, a few close friends and the old 


family servants, the casket was 
borne from the Roosevelt home at 
Sagamore Hill to Christ Episcopal 
Church at Oyster Bay. The entire 
sinmlicity of the obsequies was in 
marked contrast to the nationwide 
expressions of sorrow and the half- 
masted flags fluttering from ten thou- 
sand buildings the country over. 


mi. a 

lying at the 1944: Three-Way Drive 

taw him yes- 


LONDON — [From our New York 
edition:] The Russian 2nd Ukr ainian 
Army captured the railway bastion or 
Kirovograd yesterday [Jan. 8J, endan- 
gering the entire Nazi position in the 
Dnieper bend, while the 1st Army to 
the northwest widened its Spearhead 
in old Poland and reached , eleven 
miles further toward Rumania. Ger- 
man Army units surrendered in mass 

in the battle-loro streets of Kirovo- 
grad after General Ivan S. Konev’s 
troops first surrounded them then 
smas h ed them into submission with a 
mighty three-way drive, said a mid- 
night Moscow communique. 


T ?1 !;-• 


* 







i 5 • - 4 . -• . . . . Uofladr KocBH Sw Hit No Vsrk Tim 

Munich exhibition re-creates 1930s kitchen; in wmdow^ a photo of Nazis marching. 

Munich Confronts Past 

Ambitious Exhibit of Nazi Era Art 


By Stephen Kiriaser • ; • 

•; New Ycrk Tima Senke- 

— — : — : ~ “• 

Tk • . JT UNICH — In the spring of 1913, an 

|%-/l aiming young artist and German na-. 

I,*/ I tionaEst named Adolf Hitler arrived in 
-1-T JL, MiBridLForthenext20years,liexnaric 
the tity his headquarters, th& fertile ground where he 

nurtured N azism • 

Germany in the 1990s is more wiDing.io confront its 
- Nari past than it has been before, and In the latest 
reflection of this attitude, the Stadtnmsenm here has 
presented an ambitiously introspective eghfottinn 
called “Munich: Caphal of tlte Movement-” Thioagh 
art and artifacts, it describes Mmtidi’s contributions , 
to the rise of Nazism. 

Exhibitions that trace a city or town’s history 
through the prewar and war yean have been, hddin 
many parts of Germany. This one is especially impar- 
tant because Munich was at the carter of thANazi 
movement Many people have tried to repress .tins - 
chapter of their local history for two generations. 

Curatois ai the Stadtmuseum assembled about 
2,000 itentt for display, indnding photographs, post- 
ers, documents and other traditional political artfc 
facts, brn at several points the exhibition breaks with 

pie gave the 

Part of titeexhibitian is about Hltiez^s morts to 
crush “degenerate art" and exalt traditional styles he ; 
preferred. Several paintings tluttHijter especially adr 
mired hang on one waHThey include a stent-looking ' 
nude posed against floral wafipaperhy AdolfZiegler, 
whose works are describcdin the ratrioguc as “amcmg 
the favorite and most wdety^rodu^item*af : 

STL ■ : i • L . v “ l - • 

On the waD4ac^4he«yai^iMa 
wofts-^ifioseq ttonbcm 
abhorred. Tfortenjf tiwn ttre‘4b«amkup<^^ 

5 highrsodety dahceralty’lriax^ 

paromtof abudjiilai^byEnMlxid^KM 
a colorful but imprecise harbor viewJjyLovis Corinth. _ 

One hall is devoted to Hitler's ok. through Mtmich 
sodety and indnsfes thegneri book iTa prominent 
local family open to the pagp where Tfiflersigued as a . 
party guest- At another point, visitors can peer into a 
full-scale model of a ldtdien in a nriddl&dassMniiich 
apartment of the' 1930s. The family has jumped up 
from breakfast to watch a Nazi march an theitreet: 
below, visible as a-giant photo through ifaekhchen 
window. " . . ; . :• : . • 

Bavaria hasalways been Granany'snwtf conserva- 
tive region, and-Munidvits coital, was the scale of . 


- ^HS^^^a^borators were from MuJchOT 
V other parts of Bavaria, among them Rudolf Han, 
. Hrimirit - EBimnter and He rmann fifl ring in 1 933, the 
. year be took power. Hitler officially declared Munich 

the capital of German art, and two years latex he went 
a Step Anther and christened it the capital of the 
Movement. . . - 

Fmrfmg artifacts for the exhibition, especially ones 
t that showed the private side of -Munich's support for 
’ the Nazis, was difficult. The nmseum advertised in 
. local newspapers and received a wave of donations, 
many from people who woe evidently relieved to be 
ml <5 a document or other item they had been, hiding 
for years. Some items could not be found. For exam- 
ple, the Nazis sponsored a 100-piece symphony or- 
chestra whose members wore uniforms designed from 
. a sketch by Hitler. Cnratore searched widely for care of 
tbeonif orms, butwithout success. 

: It was certainly no coincidence that Hitler built his 
first concentration camp, Dachau, on the outskirts of 
’■ Munich. The part of the exhibition devoted to the evil 
perpetrated there is perhaps its most powerful. It 
mcrades thousands of death certificates, each carefully 
noting relevant details, inducting cause erf death (“se- 
verechest hemorrhage due to ballet wound"). 

Artifacts from the death camp at Auschwitz are also 
inidiMledtoicroind visitors of the resulis of Nazism. A 
chest of confiscated menorahs and sflvenrare has the 
same purpose: Severri small anti-Nazi groups formed 
in Manx?] in (he 1920s and ’30s and were brutally 
^suppressed. The exhibition also has a place for these 
groups, among them the White Rose, which was 
founded by two students, brother and sister, who were 
.arrestodand executed 

-/ ■ \ HE focus o# the exhibition, however, is the 

r „.; 1..V fMction of ordinary people to the rise c# 
;';; r : ■ ' ^NszishL? r Wetn Germany have given alot of 
, JL. .attention to the perpetrators and the vic- 

ibc csdnhHkm."! wanted to move bejmnd*liaLto 
show haw normal people participated in the system in 
^6 many small ways. It became an accepted part of 
:dailytifc 

. “Another purpose of any exhibition about tbe Third 
Rach at ibis moment in Germany is to open the eyes 
of young people who go around calling themselves 
neo-Nazis. So much is tolerated in modem Germany 
ti)U just about the only way you can still shod: people 
is to useNazi symbeflsor slogans. Most kids do this for 
the shock value, without having any idea of what 
Nazism really was. You hope that exhibitions like this 

- might teach them something.” - 


dbist stupas smashe d in Afghani- 
stan and countless remains from 
other areas have entered private and 
public coDecticms. Tbe lade of docu- 
mented provenance makes it possi- 
ble to pretend that h is all right. 

How different things could be in 
many cases is demonstrated by the 
story of the 13th-ceamiy murals 
from tbe Cypriot chapel at LysL 
Several years ago, a prominent 
London Hw>ler in Byzantine and Is- 
lamic art, Yanm Petsopoulos, was 
contacted from Munich by a Turk- 
ish vendor who wanted to sell some 
Byzantine murals that had crane to 
tight in Turkey. Petsopoulos re- 
ceived mediocre photographs, but 

SSr'fcte 10 ^ OTd a ne Vir * n md orchangels 

He realized that two sections . , 
from a ma jor fresco eyrie hitherto P“ v* 06 - Mooen was rated as the 
unknown to him — one from the votdor. and Cyprus won the return 
inner face of a dome showing Christ of the mosaics. 

Pantoraator, the other from the half ™ P?^ 10 a worltii^- 

drane of an apse A-pi^ttno the Vir- c ^ ass neighborhood. In a studio 
gin standing mprmabeSrem two apartment without electricity, they 
angels — had been broken up into sw fragments of Byzantine paim- 
fragments and would be sold piece- “S mounted on plaster and flat- 
dispersal would effS tened for sale as so many tableaux, 
ly mean the destruction of the two Two candles Threw a dismal light as 
sections. The dealer had to find a “ SOIM Brechtian spoof of an Or- 
buyer with the vision and financial s ^ I ™ e - , . „ . 

resources to enable Mm to pay Manen showed them m all stro- 
S300.000 for the lot wo terrifying documents 

that are reprodnoed by Davczac 

A FTER discussing the On one, the inner face of a dome 
matter with the U. S. yito Christ Pantocrator is divided 
Byzantine scholar Gary into 23 irregular panels by wtote 
Vikan, Petsopoulos dotted lines indicating the saw cuts 
thought of appro achin g Domi- to be made. On the other, tbe apse 
ztiquedeMeniLa French art coBec- moral with the standing Viigm, 16 
tor and patron to whom be had sold panels had been outlined, 
some major icons. These were for Dikmen told them that he was 
tbe museum, now known as the building a hotel near Bin Bir Ki- 
Menfl Collection, run by thefotm- to southem Turkey. A con- 

dation set up by Mrs. de Menil and tractor had uncovered the top of a 
her late husband, John. He rang half-buried church. He produced a 
Houston and then Paris, where drawing of the church, a ground 
Dominique de Menil happened to plan, longitudinal and transverse 
be with Bertrand Davczac, now the sections, even a book by a Turkish 
curator of eariy and medieval art in scholar published in 1971. which, 
the Menil Collection. Davczac flew he assured, backed the story, 
to London to see Petsopoulos, trade “ ®B sounded pathetically un- 
onc look at the photograph and a probable. Dikmen grew increasingly 
day later. Donmuque de Menil, nervous. But it was imperative to 
Petsopoulos, Davezac and the irra- reassure Mm, to spare the murals the 
senmdirector, Walter Hopps, ar- riskof bring spirited out of sight to a 
rived in Munich, . moment of panic, or, worse, de- 

They met the owner of the morals strayed. The Menil Foundation par- 
in a bold. He was called Aydin ty expressed serious interest and the 
Dikmen, as Davczac reveals in the meeting was over. Dominique de 
preface to a bock published with Menil had virtually made up her 
tbe hdp of the Meml Foundation, nrind —she would save the cycle. 
“A Byzantine Masterpiece Recov- The next three months were 
end: The Thirteen tb-Cbntmy Mu- spent ascertaining the provenance 
rak of Lya, Cyprus.” Tbe name may of the m urals. Eventually, after let- 
now ring a bdL It Ml tbe mtcroar ters had been sent by the founda- 
tional "wfa when tbe Republic of tion lawyer to nine countries, the 
Cyprus took to court an Indianapo- Republic or Cyprus proved that the 
lis dealer about some sixtb-oentury murals came from the church at 
mosaics removed from a church at Lysi, in the Turkish-occupied zone. 
Lythrankomi in tbe Turkish occu- The apse had been photographed 


,|1| 




The Virgin and archangels in the restored mural from the apse of the Lysi chapel in Cyprus . 


around 1972, still retaining the ness." He Mt upon the idea of sepa- made of glass pands joined by metal 
monumental inscription that those rating the inner shell — tbe dome. dips. The painted dome seems to 
who cut up the painting destroyed the apse, which, he emphatizes, do rest on a tail milky-glass drum and 
to the process. require a structure to relate to — the apse is likewise ensconced in 

Complex negotiations with the from the outer bcixlike monument of glass. Several yards away, the outer 
Cypriot authorities and the church stark modernity the be conceived, enclosure (concrete walls visible 
followed. From tbe outset, de Studying a book, “Painted Churches from the outside, a liner of plate 
Menil made it dear that she regard- of Cyprus.” be allowed Ms eye to steel on the inside) solves functional 
ed the murals as the property of the wander over the ground plans. In problems. It ensures the required 
Orthodox Church and the founds- several he was struck by the original climactic insulation in this very hot 
tion as their caretaker. The upshot structure looking tike “an interior and humid area. And the dome and 
is that they are to be housed in object” within an enclosed area. In apse bulls are suspended from its 
Houston on a 20-year loan. some, tbe outer rectangular shell roof, avoiding stress. 

was clearly a later encasement. The outride is elegant in its sim- 

A MASTERLY restore- **I was dealing with sacred rel- ptidty. The inside looks postmoder- 
lion was carried out ics ’” he “1 should therefore nist, with an eerily Dadaistic fed to 
with the tightest posri- crealc a reliquary." His second it- The clinical cleanliness of the 
ble touch bythe London conviction was that when creating industrial materials is harsh on tbe 
restorer Laurence Morocco. It was ^e architectural fabric to which subdued hues of the 700-year-old 
the most difficult part of all requir- ** dome and the apse must be murals. The presralahon has yet to 
ing the invention of new techniques anadied, the opacity of walls had be made to the Orthodox amhon- 
tn fmrt .hr ftriomat dunr. *nrt nnv to be avoided. Otherwise it would lies, and then the vast capital re- 


Houston on a 20-year loan. 


A 


MASTERLY rcsiora- 


thc apse, which, he empharizes, do rest on a tall milky-glass drum and 
require a structure to relate to — the apse is likewise ensconced in 


roof, avoiding stress. 

The outride is elegant in its sim- 
plicity. The inside looks postmoder- 
nist, with an eerily Dadaistic feel to 
it. The dinical cleanliness of the 
industrial materials is harsh on the 


to find tbe original shape an 
portion of the architectural 


— “tbe restorer had no access to 
the monument in a military zone.” 


Sells ** back 10 phony reconstruction. 


His scale mock-up conjures up a 
spindly, pan-translucent evocation 


Tbe restoration look more than a tfllnsmuiy chapeL The arches 
year and cost more than SI million, apparently supporting tbe dome are 

An art-historical study was carried 

out by Anne marie Weyl Carr, 
which has likewise been published _ 
in the book. But all this still left 

unsolved tbe ultimate problem — TUE IAfD ATLJ 

how to display tbe murals? 1 1*1 E W IvAVI la 

Dominique de Menil wished and 

the Cyprioi religious hierarchy Civilization and Hie 

afirCCd n ^ to his new book, Wiliian 

consecrated Orthodox church. But «... . . . , r . 

when the first project of a chapel in political oolumnmst tor the 
the style of the small monument analyzes me rise — and me tu 
standing at Lysi was submitted by W _i w . n t L: c 

a British architect, she was unen- 1 . ^ Lippmann or his 

thusiastic. It struck her as an nn- | scintillating account, richly i 
natural invitation underlined by most potent political errv 
the alien American surroundings. I Schles/noer Jr 
“We don't want a fake,” she said. 

In desperation she turned to her "... a fwofoundly thougnrful i 
son Francois de Menil who. after I Russell Mead, The New York 
working as a filmmaker, returned I 

to coDege to graduate in arc hi tec- ... speaks to the central pro 
ture and was licensed in 1992. read anything so deeply upse 

like his mother, Fran** de this stunning tract for our time 
Menil rejects what he calls pboni- ® 


be made to the Orthodox authori- 
ties. and then the vast capital re- 
quired will have to be raised. This 
will be do fake. It win look more tike 
the fuuire elbowing its way back 
into tbe distant past, to wMcb the 
present time has caused such harm. 


France’s Monuments Museum: A History of Change 


By Michael Gibson 

International Herald Tribune 


P ARK— When a German - 
shell Masted tbe exquisite 
sjnfltog a*®* of Rams ca- 
thedral to smithereens 
during Worid ; War l restorers 
turned to tbe Musfe Nationalities 
Monuments Frangaisfor hdp. 

Inaugurated- in 1S82, the mnse-' 
um was the brainchild of the aroin- 
ted Eug&oe VroBet-le-Doc, savior 
and nemesis of much great French . 
medieval architecture, which _ he' 
both preserved and, at ti me s, in* 
proved according to his own-taste. 

Viollei-le-Dnc - was convinced 
ihm the capital, should, set ai the 
di^josal of aqtiring sculptors a 


wades ware "scattered around " the 
country.'. 

As the Reims restorers were 
aware, the smSing angd JukI been 
cejried^ Tor the mnseam. Thanks to 
the cast they had. it carefully xrolt- 
catedbyasculptoraodsetinplk* 
'Mice Hie devastated catbedral had 
heed repaired after d» war. 

’ . Today the museum owns an ex- 
: cqrtional collectkm of 6,000 casts 
olsculptares ofall pepodsindnd- 
ing .Gredc antiquity (portions of 
the Farthehm frirae) and items 
from Gexmatw. Italy and Switzer- 
land — but its strong-suit is .the 


French sculpwrs that they cwdd 
never hope to see .asTchg as 


A TABLE OF GREEN 
HEinS: Ten Stwies 

By Guy Daferpin^ '!& P°S W 

$ 21 . 95 . New Directwni . _ 

Reviewed tty Bruce Bawer 

H ES hard3yab<ms< j»ldnaro e. 

but far a small edmpapy 


esqire and Gothic penods. - 
Anjoi^ tbese are the tympanums 
of the cathohrals of Antun, Vfeze- 
lay,' Bourges, Omqnes, Chartres, 
.Pms anti many otfes — most of 
. winch rmresent the Second Corn- 
ing and the Last Jnt^meat. •' 


- The fax that all these widely 
dispersed monuments can be 
viewed side by side provides a visi- 
tor with an uneqnaled opportunity 
to compare the formal qualities of 
these masterpieces and appreciate 
their irresistible narrative style. 

' Originally installed in a wing of 
the old g m gg bi cad Trocadfero Pal- 
ace, the mnseam remained stolidly 
unmoved when the budding was 
remodeled to the 1930s and turned 
into the neoclassical Palais de 
Pha fli nt 

About 5.000 of the admirably 
executed reproductions are perma- 
nently an view; but until three 
years ago, the museum was some- 
thmg of a Seepiitt Beauty. The 
Trves-of the guards flowed drowsily 
away while. occasionid visitors tip- 
toed, in and looked around. 

In 1991, 1 ^Gny Cogeval an ener- 
getic young curator, was put in 


charge. He obtained a budget of nized a festival of 20 Hollywood tion. Once there, chances are they 
sons for temporary exhibitions and movies devoted to medieval sub- will also take a look at the penna- 
accomptished wonders in matters jeets — an entertaining notion a cm display, 

of economy: One show pot up with . Currently on view is a collection Wirll flip ^ 0/WBrnm „ f 


jssaars 

Unrounded by a team c^doch- They mdude some Due aesthetic ^ ^ Minisuy 0 f Culrnre in 

cated young assistants, he discov- view^ of Graxe and Greek mmqm- j building is going to be 

ered that the museum owned ties taken m the 30s, and some ^ f {L des 

200,000 photographs that had been pewxtul andp^gnam pictuns of FrancJ aSdhSScwer 

coflec^ dust f^nxre than 30 war-d^teted Mur^m 1946. u, the Direction du Patrimoine. 
years. They included a good deal of Another small exhibition is de- 


onty 15,000 francs (about 12^00). ptter Herbert List (1903-19751. 

Surrounded by a t«nn of dedi- They include some fine aesthetic 
fisrirA young assistants, he discov- views of Greece and Greek antiqui- 


coOecting dust for more than 30 war-devastated Munich in 1946. 
years. They included a good deal of Another small exhibition is de- 
junk, but wtwn 1,500 pnnts by Eu- voted to 19th- and 20th-century 


g&ae Atget waxeroolors, a partial mventory of 

Tbe curators set io sorting them, copies of frescoes in French Ro- turned into a center for archives 
making an inventory, restoring manesque churches. ““ possibly a museum of the 

them and storing them in condi- With these and other activities, French national heritage. Atpre- 
Ikms of beat and humidity that attendance rose. In 1991 there sent nothing ^ sure, and tbe mims- 
have become standard practice in a were 40,000 visitors, in 1993, dose ^ er waiting for a study of 

modem museum. to 100,000. As tbe curators real- feasability. 

They also started organizing reg- toed, people wiU be drawn to a The temporary exhibitions are 
ular ftthihiri nns The first was dc- museum by a temporary exhibi- on until Jan. 17. 


voted to 19th- and 20th-century According to a spokesman for 
waxeroolors, a partial inventory of that administration, it will be 


them and storing them in condi- With these and other activities, 
liens of beat and humidity that attendance rose. In 1991 there 
have become standard practice in a were 40,000 visitors, in 1993, dose 
modem museum. to 100,000. As tbe curators real- 

They also started organizing reg- toed, people w3j be drawn to a 
ular aihifriri nns. The first was dc- museum by a temporary exhibi- 


ular ethihiri nns The first was dc- museum 
voted to the art and architecture of 
Marseille. More recently they orga- j 


BOOKS 


ANTIQUES 


but far a small company «•. 

almost a homdiold .gli. 
njnsJatioTB,«s»y» 

WaSSSJgg' 

reflective wnor Um «JJ ^““55 
d Western ^ values wooM consider . 
. an ornament pf dvifizanfla. . 

saasstSS- 

thii MsWy 
took, 

romance bedomst-/lW»^_ 

S perfect^ 


corand who. have ffeitytifthne to 

create art^d&quss'^deas, and make 
love. Yet whatthese storifscdebiate 
fe not primitiyism, as sudi,biittbe 
often ratoBiive^eemng ardor with 

which young people discover 

their tohwk, bodies. -md cnviraar 
mwrt add whteh to the prdude to 
poetically all artistic aniriiitdlcctu- 
al stooMi^ifishineat ; to short, tp 

. dtecreaticnofihc^ 
fity vritfa avtltoatkm.- 1 

- In ^Gmmar arid Nrkritoi.T the 
bright young pawito-'question to 
Nikcato, a t^ modelmg for a 
painting of Ariei "Wlty was Arid 
r «b*rr he asks the mtisL Gtmm. 

an ardent modecnot .and Ezra 
p«md discipfcwi» reveres Errier- 
son md Thoreati, instityis isiig^y 
natural, and only good Mugs . flow 
• from nature: Art emanates .from 


a of underatanefirig it,'and 
: kwtris ris purest expre^KW.: ’/ 

Dcn^kxAhoBfor c«n?m&)nal 
plots arid ctimaxes. Itovenport’s 


are nnpossi 


the ^hort ones essentially- anec - 
dotes. Meaning eaterges’ fergity 
f rom caToilatededtoes and sminto-; 
ingjuid^toations. .y.\ ■ V • 1 ' 


Tbe boc^s tilte is a variation tm a 

Ime - fn® -‘'Henry V” in which a 
. dtaracte^rqwffting Falstaff's death, 
says that he “babbled of green 
fidds.” The Ime has been read as a 
possible mishearing of a reference to 
Ps^ 21 Several tiongs about this 
title -— among them the hteraiy 
tottrcc, the pastoral image, and the 
psalm's affirmation of dtotoe good- 
'ness —- make it appropriate to tbe 
book. Aud its states as a variation 
: on a passfltly garbled sectradhand 
. quotation points to Davenport's to- 
toest in language’s mysteries and 
the. gapL -amtegutoes, and apoey- 


. quotatton points to Davenport’s to- 
toest in language’s mysteries and 
the. gaps, anfegmties, and apooy- 
. ^derante thateDdstin texts both 
-. Bterary and historical ' 

-That -interest manifests itself 
here to a number of ways. Kafka, it 
to sad, ccmscSed a^ri who had lost 
her dofl by sendtog her letters 
, signed with the doll's name; those 
letters neverhxvmg surfaced, Dav- 
. eaport supphes them in “Belinda's 
World Tour.” Another «ory, “The 
Cdiwottl'Smata," juxtaposes vari- 
ous inietpretations of a cryptic 
Thoreau passage. And “Tbe Kitch- 
-en Chair” explicates a sentence 
from Dorothy .Wordsworth's jour- 
nalwhikTanffigmnsthe momenl 
raj; whkA sfie penned it Through- 
oiiBaveDpffll ponders language’s 


abOity to connect past with pre- 
sent, self with other. 

This book does have its prob- 
lems. There's too much onanism 
and underwear; more than its pre- 
decessors, it feels See a grab bag. 
Yet its artistry redeems it Neither 

a fast nor an easy read, it draws one 
in with its austere, beautifully 
formed sentences, its rich patterns 
of nwamng , and its compefimg, id- 
iosyncratic vision. In a literary cul- 
ture insufficiently aware dT its own 
past, saturated with banal and fa- 
miliar notions, and overeogaged 
with Ihesdf and the feebly compre- 
hended. present moment, Daven- 
port's audacious originality, erudi- 
tion, and historical imagination 
continue to impress and inspire. 

. Bruce Saver, tdtese most recent 
book Is U A Place at the Table; The 
Gay Individual in American Society, " 

wrote das fir The Washington Past. 


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gs*? SsiS ^ • 

International Herald Tribune, Saturday-Sunday, January 8-9, 1994 


Bears Paw 


VW Has a Bug for Its Bis 

Carmaker Looks to Roots for Inspiration 


But Analysts See 
Growth to Come 

Gouqtiiedby Ow Sa$ From Dtrptacha' 

HONG KONG — The bear 
market that started in Hong Kong 
and Kuala Lumpur spread throogn 
most of Asia on Friday, but many 
analysts befieve that the great East 
Asian buH nm is not over. 

Charles Clough, investment 
strategist at Menu) Lynch in New 
York, added his voice Friday, to 
-those of other recent skeptics. He 
said investors should seQ Asian 
stocks and buy Latin American 
and European equities. 

In a signal that U.S. investors 
were major players in the fall of 
Asian markets, the Janfine Fleming 
Qbm Region Fund p huiy H $1.75 
to dose at $23.25 on tbeNew York 
Stock Exchange. Taiwan Fund lost 
£L25 to S3430, Thai FundfeD 3 to 
$31,625 and First RuBppine Fund 
was off SL12S at $2035. 

' But many other analysts view the 
rapid dive that started in Hong 
Kong and Kuala Lumpur on 
Thursday, and spread Friday to 
Taipei, Singapore, Bangkok and 
Manila, as a temporary heather as 


See MARKET, Page 13 


By Brandon MItchener 

Inienumoatd Herald Tribune 

FRANKFURT —Looking to 
its past for a solution to its cur- 
rent malaise, Volkswagen AG is 
working on an updated version 
of its Beetle, the small, efficient 
car identified with the company 
sfrp gg its introduction in 1934. 

Unveiled at a motor show in 
Detroit, tire so-called Concept 1 
is officially described as an ex- 
perimental car that VW might 
never build. 

But the car. designed in Cali- 
fornia with an eye to that state’s 
strict environmental legislation 
And jo American taste, is Chair- 
man Ferdinand Pi&ch’s answer 
to the company’s dwindling mar- 
ket share, especially in the Unit- 
ed States, where VW sales have 
Men from a peak of 500,000 in 
the early 1970s to less than 
50,000 in 1993. 

“The Beetle is Volkswagen," 

saidJ.G Mays, head of VW team 
that designed the car. Diecmar 
Fritsche, a spokesman at the 
company's headquarters in 
Wolfsburg, Germany, said VW 
would “seriously consider" 
building the car if the reception 
it receives is positive. 

So far that seems to be the 
case. Germany’s populist daily 
Kid the car huggable in a 
story tilled “Everyone Loves the 





IP 


A model of the updated Beetle. 

Teddy-Bug!” and the price of 1 
VW stock rose sharply. s 

Alexander Trotman, chairman c 
of Ford Motor Co., said, “If VW v 
really builds this car, it will be a { 
tremendous success.” 1 

The original Beetle, which is < 
still being produced in Mexico : 
and recently re-entered produc- c 
tioa in Brazil, has sold 21 million t 
cars worldwide since it was i 
dreamed up 60 years ago; Hitler 
envisioned a cheap car that ev- , 
eryone could afford to own. ( 
Volkswagen means people’s car , 
in German. ; 

The VW concept car, which 
could eater production as soon 
as 1998, is rounder than its popu- 


Ajfttx Friocr-Pirac 


lar ancestor, with roof and wind- 
shield forming a continuous 
curve from from to rear axle. Its 
wheels protrude to the side to 
rive the car an old-fashioned 
flair, but other features are mod- 
em: airbags, anti-lock brakes 
and a choice of three fuel-effi- 
cient engines. One major depar- 
ture is the en gine will be 
mounted in the front of the car. 

An electric version would also 
meet tough new emissions stan- 
dards that take effect in Califor- 
nia in 1998 and are expected to 
become a standard worldwide. 

VW needs a winner in Noth 

See VW, Page 10 


A S O N D J 
' im ' 19M 

locks *r Tokyo. Yort; London, end. 

Bmn, Canada, CMto, Dwmart; Hntend, 

- - — . ■_ |L^ »w_ _ Hiwniou 

jwzjonanait rwaw 4 wn o» m *wny J 
VamMk far Tokyo. New Yak and 
top issues in tame of unsfcii f iipWmfa i . I 



ouse Bonds Downgraded to Junk 


Compiled by. Oir Staff Awn Dtspaaba 
NEW YORK — Westinghoose Electric 
Cbrp.’sdebt ratings were cal Friday to nomn- 
vestment-grade status by Moody’s Investors 
Service, which cited the company's weak earn- 
ings. Tire change affects about $4 billion in 


Energy T 1 13.12 lltST +1IB CapMQooA - ifeK > 11.63 +\ffl 

UffltfeB 120J0 +12Z RwIMBMe . 11655 tt&58: 

Finance m.23 173L2S ALB6 Couwafleaih . 10047- 89.13-0.35 

Senfcea 119.11 11851 +851 Ifce - wanm 13854 135.42 -1.17 


For more Information alxudSw Max,abooUBthmamimofcham. . 
Write ID Trtohdex. 181 Arm ua 

- . ... O international HaniM Titw» 




Moody's said the downgrades, which put 
Westingnouse’s senior notes and debentures in 
- lhe“jank" category, were based an its expecta- 
tion that Westingfioose’s efforts to rebuild its 
depleted capital structure will take longer than 
. previously believed. 

. Moody's cited “persistent weakness in oper- 
ating earning s ana operating cash flow'' and 
blamed Westinghouse's problems on “weak 
global demand affecting certain continuing 


. Michael H. Jordan, Westinghouse’s chair- 
njap, saidr !T appreciate Moody’s concern over 


the company’s capital base. However, most of 
Westinghouse’s core businesses hold key strate- 
gic positions in their industries and are expect- 
ed to generate profits and cash flow necessary 
to improve the company’s equity position.” 

The downgrade cut Westingbouse senior 
notes and debentures to Bal from Baa3. The 
new level r epresents securities that are predom- 
inantly speculative investments. Among the 
other Moody’s changes. Westinghoose’s com- 
mercial paper rating was cut to Non-Prime 
from Prime-3. 

In November, Standard and Poofs Corp. 
gave the company an implied senior debt rating 
of BBB, two levels above junk bond status, and 
a commercial paper rating of A-3. 

Moody's said that although Westmghouse 
had made progress in reducing debt associated 
with its money-losing financial services opera- 
tion, economic leverage will remain high. 


Westinghouse has a large unfunded pension 
liability and significant amounts of legal and 
environmental contingencies, Moody’s said. 

When Moody’s placed Westinghouse's debt 
rating under review in late October, it cited 
“increasing concerns” about Westinghouse's 
declining performance. 

Westinghouse's stock fell 125 cents on the 
New York Stock Exchange to close at $13.75 a 
share. 

Westinghquse is coming off a dismal third 
quarter, during which profit from continuing 
operations fell 29 percent because of a down- 
turn in most of its businesses. 

Westinghouse's core businesses, particularly 
its environmental and electronic systems units, 
are performing “below the level we expected,” 
Moody’s said previously- 

( Bloomberg, AFX) 


Say It ^ • 

Over Movies - — the Sequel 

By Peter PassdL: ■ » r " 

• k»* 3>*i Ante. • - .4- . y:-. 

-r EW YORK-*— ^Manied With QnkJren” is coming! To 

pk 1 the bamcadesl ’OT aH the trade Kswalcfthaiig^gm the 

J GATT deal, note aroused more pasaoa than France’s 

JL ^ ^ncicienr»» on cantiiming protection against America's 
entertai nmen t juggenumt - — and -no other excuse for protection 
dkated so ranch symp atby from pcojde otherwoe iradmed toward , 
free and cmea trade. ..... ; - __ . 

Japanese riq^growers and Amencan magnates may be, 

dismissed as sand in the wheels 

of progress, but wants to-, itaa dip. |p ac of' ■ ' ■ 

see the people who A«ra^ht i» . . . . . ; . . : \ • 

Truffaut, Godard and Clabnd die r caItorHi services 
* bnried in an aval a n di e <rf Love •- - \ •- - 

Boats, Inade Edirionsarid Mup- Ofibfllfe. 

pet Babies? ' ' . V ' ~ — 

ThaL lMWVCT. fe nbL the last - . . .• . - . • ^ , 

word on the-subject Before Fiance’s vieuxy beemn es tin : stoff of 
myth, it's worth a closer look at the logic bdiind Che protection of 
“cultural services.” • • _ „ - ‘ . • 

The European Umon requires all TV chftmids , pubhc or private, 

‘ to carry a rmntoum of 50 percent Earop ean-niadfe j Htyammmg. 
France goes further, imposing^ ^atiOjpercentmm™n and enforang 
-the quota separately for pxime-traw.sb^m. Then, 
subridizes local program mingan <t fit ms, often using taxescollectcd 
on movie tickets Md video mitds to coyer the cost: • 

Jacques Touban, France’s minister of odrar^ argnes that , the 
quSaiSd subaifies are needed to deteid agamsttte American 
industry's wish “to impose donrinmioii^by. any means. _ ■ : 

feck Valenti thetead of the Motim Pfcture Assoaatiop Gf 
America, dismteses that argpxnenl: “Tins isafl the about the tiani 
business of ^^monqy,” ^ he concedes. . „ • 

who’s While- America is larger- and dn» a^enun^y 

iSworaic base than Europe, the Amenan market is, in 

Gn a pcr-capita baas, .toaraaaaaaay 

See GULlt^.F^e .1?; 


IMI Holders 
Set Plan for 
Share Sale 

. Cotrpikdbx OvSwffFnm Dbpatrha 

■ ROME — Istituto Mobi- 
Ifare Itahano SpA, oac of the 
largest banking concerns in It- 
aly, said Friday lhat its share- 
holders planned to sell as 
many as 245 millioD common 
shares ihrotwh a series of ini- 
tialpubbcaHerings. 

-- r ThismchMks the equivalent 

of 35 m3Hbu shares to be sold 
m the United States. 

■ Treasury Minister Kero. 
Baxncti. wffl announce details 
Monday, the Treasury said. 
The goffer be wffl be ^russiim 
will nm horn Jan- 31 to Feb. % 
with diares to be priced at be- 
tween 9,800 and 11,000 lire 
(S5.76 and $6.47). 

At least 30 percent of the 
' offering: is to be reserved for 
individual Italian investors. ' - 
The Italian banking con-' 
cfera,^ wKdthas wetsof about 
71.8 trillion lira, is 59.8 per- 
cent-owned by the Treasury 
Mmistry. 

Another 25.4’ percent of its 
shares are held oy 30 Itahan 
banks and. financial insti tu- 
itions that are controlled by 
state and local authorities. 


Metallgesellschaft Stock Plungi 


By Ferdinand Protzman 

New York Times Service 


Germany’s close-knit business 
community, particularly since a 


BONN — The share price of number of the nation's largest 
Metallgesellschaft AG plunged 21 banks have big holdings in the 
percent Friday in trading on the company. Deutsche Bank AG and 
Frankfurt Stock Exchange as pan- Dresdner Bank AG, the two largest 
icky investors abandoned the Ger- German banks, not only bold ma- 
man engineering and metals groop, jar stakes but Deutsche Bank is 
winch has been devastated by huge also one of its largest crediuxs and 
losses from oil futures trading by a both banks have representatives on 
U.S. subsidiary. the company’s supervisory board. 

Trading in Metallgesellschaft [A German financial pubtica- 
shares had been suspended Thurs- tion, Platow Brief, published a list 
day on German stock exchanges of the 10 mam creditor banks on 
after the company presented Friday, according a report from 
Wednesday a proposal tor a rescue Agence France-Presse. 
package to its creditor hanks and [The biggest creditor is Deutsche 

revealed that it faces potential Rantr with 10.65 percent of the eq- 
losses of as much as 33 bifficn nitv and an exDosure o! 540 million 


>93. _ Crfcdit Lyonnais 242 million DM, 

After dosing at 278 DM a share Norddeuische Landesbank 240 
on Wednesday, MetallgeseUs- mfllion DM, Sodfttfe Gtefcrale 235 
diaft’s stock finished at 220 DM a mtnirm DM. Commorbank 202 


** ' 1 - • — Jf UfimUQ L/IVI, » jnnnrrj /Jmhk 

, share on Friday. In the middle of TmTtinn DM, Dresdner BmV 200 
- November, when tumors of finan- m , 71 i nn DM, Barclays 154 million 
' rial problems began circulating, the dm, rh aw 149 mitii nn DM, and 
stock had been trading at 427 DM. Biff-Bank 136 million DM.] 
Metallgesellschaft, based in Just six weeks ago many industry 

Frankfurt, is Germany’s 14th larg- analysts Hsied Metallgeseflschaft as 
est con^iany, with 58,000 enylqy- a faty ncommendaticai be- 

°f heved the diverafication into envi- 
. ronmental technology that Heinz 


ees worldwide and animal 
about 27 million DM. 


about 27 m i llio n DM. ronmental technology that Hemz “We have been interested in Bu- 

Those losses were far beyemd Sdnmmdbusch, the fonrw chair- derus and Dynamit Nobel for three 
what had been predicted by MetaD- man, pushed through over the past years,” said Klaus Germann, a 
grsrils c h a f fs previous ma n a g i n g 5ve years would pay off handsome- spokesman for Rbeinmelall, which 
board, which was forced out in late ly in the future. bid against Metallgesellschaft to 

" ’ ^ take over the two companies in 

1991. 


CURRENCY & INTEREST RATES 


ou u.wuuitwm » r : -. ‘j 

that are controlled by Decanbex through a combination Now it appears that only the 
tnd Jocal authorities. of firings and resignations afier the company’s crae mining, smdting 

^ oil-tnufing losses came to tight. and engineering divisions will re- 

(A**' Bloomberg) Tte sjfidoi frnandfll crisis at mam intact and that many of its 
' “ I Metallgesellschaft has stunned jnyriad subsidiaries will have to be 

sold to part down its debt of more 
1 tkm 8 billion DM. 

IRCf 'D ATES Karl- Josef N enkir c hen , Metall- 

1 **^ > — *^ • _ _ gesdlschaff s new managing board 

eh airman, said after meeting with 


n— Baiaa- ' Jan. 7.. 

cron itawa . ^ ^ Vii a nan 

. ^ ^ S S-mZ ^ 

AJUI0UWI1 • NM ' iM ■ 3JBFI 9 — — WB! 

” .Km. aMo ms-'UB .W* UK IM* 
FnrtWrt «“ -35- w“ la-ite-.W'"* tost. 

^2 SS- <■* M 2 T»»-nwi — 

mtmu yon mm «« w. iw t*js nm 

Hew York w n » +aw.ian-.*«3 W 

iS - ■'us*. wr 11 W 

S2° S--S..S.S Syvrn. m- — ■■ ■■.!»• .«* ■«!*; 
SS S'w;™ : SS;S;'55^ SS- 

menoste ' ' V ; 


MUmnmincy OaposHs 

* ' Swiss • 


French 


Jan. 7 


SHOW 

D-Mark 

Franc 

STwOos 

Franc 

Y«n 

ECU 

1 mortb 

atWM.- 

- -MII 

+-<W 

mt «l 
. TNVfe 

6«r6»- 



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6 Vmf> W 

2Kr2* 


fauns 

nwv, 

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3 imh 

ms*k 

5*rS tfc 

IWt-2 

44 tt 

1N» 

JW14 

SIMtt . 

3TV3W. 

5M¥» 

5 V5%. 

W» 

SkrStW 


tenR «MW* tJorda Bout 

'jWm aaObtefcte Utrtmk deposits ct SI mmn mUntm tor aquMMfX 


Key Money Rates 


Other pflitor Vainf* . . rtrs /■ 

:cmwney Pw* . SS 'Sm' - -M» V «« 

ArbwLBMO B«W -SSJS .OT !LlB*idl UW - i.ior.woa VOM 
AuCnH-i . MS» wrw.fcrw* .7/»» . *m*.* v m .aapiy. 

Asotr.KML B30 ptaLpon - VSS tam* 

.artBScnix. a**s* 2 U 251 pot to d o tir --.msa nato 2 is« 

c potlokbAo arm ■ VMtm um 
cm* kwwo me n*J*. .Me«*onun' 

ooatotw-* ^5 SJ M-rtwa : W vwtto'aM n 

AbPWttt SteS MB ■ 

FWWArd Rates ixamer . SMop; mmmarnr. 

Cmrimer aS - »SS«or vUM' Ut«, 

^MdiMfioo W* 'S ■ ■ 11157 ,nva - nvu 

Sources: QiG* ** at- Tot&o. (TUMj BtoSM of towfc 


- toiled Staler . - ' Oos* 

MkoobIiWo M0 

Mnnh ' . <J» 

■ f edt r aUmto . . • » 

3-awoUiCDt • • M3 

Comm, peveria dan.. 128 

♦warn — * m .. mi 

WworTnamvIM . iSt-, 

■ s y i gia— nr to ^ *os 

i yui T r o anu ra rt o . 5JH 
^gwTRonr note . S.1I 

HWTtMttrrMK SJA 

jb ooui iwniiin aoad - M3 

jWTfltndiMnlkadTHMl 374 


-Brttala 
Book ban rata 
CaBmoaer 


feooll brtubank 
Ifrvearom 


M0 m 
5% 5* 

PA S* 
Sh i«k 
5% 5* 

6.18 IlX 


. 'can aoaev 
' 1 n mlti hrtw l wrtr ■ 
Mnft Mnar 
Mwtt lotertom 

' linear gu i ii a m oo r i 
Hmu i h oT 
Lo m bard rW» •' 
-CUHaoaoy . 

: v nnniHi t ute rba n k 
MsanTb MKtoadi 
OKBoaitil nm bo n fc 
nun a ood ; 


Hderwattoa rtee UO &2fl 

Caamener 6^ 6¥i 

Vawtei tafwbnli Ah At* 

XaomkMtrMM A* 

totn sih 51b 

HHkot Oat SJt 533 

Sources? Reuters. Bloomberg, Merrill 
(.vaett, took at Tokyo. Camatertkank, 
Gnmmi Montagu. Cradtt Lyonnais. 

QoM 

AM. PJ*. CH'V* 
ZBTfdi ■ m« • 3B8J5 +235 

London 3W.7D 39Q50 4-445 

New Yam 392J0 3873* —196 

ILS. d a U anperounOa. London official Re- 
•Inget Zurich and Hew York opening and dos- 
ing prices; Hew York COmes IFobJ 
■ Scurro: Reuters. 


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Page 9 


Unemployment 
In U.S. Sinks to 
A 3-Year Low 

Rate Is 6.4%, While Pace 
Of Job Creation Stays Steady 


By Lawrence Malkin 

Intenunonal Herald Tribune 

NEW YORK —The U.S. unem- 
ployment rate sank to a three-year 
low of 6.4 percent in December, the 
Labor Department reported Fri- 
day, and job creation moved along 
at a steady pace (hat seemed likely 
to persuade the Federal Reserve 
Board that it did not need to raise 
interest rates to ward off inflation. 

The bond market cooperated by 
bringing rates down. 

The report that 183,000 jobs had 
been added to nonfarm payrolls in 
December was in line with other 
si gns of an economy expanding at a 
moderate annual rate of 3 percent 
to 4 percent in the fourth quarter. 
Any figure much above 200,000 
might have bom taken by the Fed 
as a sign of strong growth that 
would risk overheating the econo- 
my. 

instead, two months of growth in 
manufacturing and construction 
leveled off, and most new jobs were 
in services. The workweek was un- 
changed, and wage inflation was ar 
2.5 percent historically low in a 
recovery. 

The December report the gov- 
ernment's first statistical overview 
of last month's economy, support- 
ed economists’ findings that confi- 
dence is growing among business 
and labor and made it likely that 
job-creating investment would con- 
tinue, with low interest rates and a 
rising stock market serving as the 
main attraction. 

“For Clin ton. it's golden.” David 
D. Hale of Kemper Securities in 
Chicago said. 

A day before the report came 
out. Labor Secretary Robert B. 
Reich was asked to forecast the 
job-growth figures and put his foot 
firmly in his mouth by actually do- 
ing so. He said he expected the 
number of jobs io increase by be- 
tween 160.000 and 200.000 — an 
unexceptional guess, because it 


representatives of the concern's 
creditor banks that if the rescue I 
package is not approved by next 
Wednesday, it wdl be forced to 
dedarc insolvency. 

Industry analysis said they be- 
lieve the banks will accept the 
paelray. 

Separately, the Frankfurt State 
Prosecutor's Office announced Fri- 
day that it has launche d a criminal 
investigation directed at Mr. Schim- 
mdbusch and Mdnbard Forster, its 
framer financial chief. Both men 
were fired in late December. 

The investigation was launched 
after one of Metallgcsellschafl's 
stockholders filed a complaint al- 
leging that the two former manag- 
ers had committed breach of trust 
and violations of German stock 
law, said Hildegard Becker-Tous- 
saint, spokeswoman for the prose- 
cu tor’s office. 

■ RhexnxnetaH Seeks Units 

The industrial products maker 
RheuuneutU Berlin AG repeated 
that it was interested in buying Bu- 
derus AG and Dynamit Nobel AG, 
two subsidiaries of MetaOgesdls- 
chaft, according to a report by 
Bloomberg Business News from 
Berlin. 

“We have been interested in Bu- 


To our readers in France 

BUnsverboen easier to subscribe 
end save wtfh our new 
tojjjree service. 

Just caB us today ot 
05437437. 


would be just enough to mop up 
growth in the labor force. 

Wall Street took this educated 
guess as inside information and. 
noticing that the number was lower 
than its own consensus, sent bond 
prices higher Thursday and 
brought down the rate from 6.40 
percent to 634 percent on the 30- 
year Treasury bond. 

When Friday's number proved 
to be right in the middle of the 
labor secretary’s predicted range, 
bond traders bid prices up a g ai n , 
brin g in g the yield down to 633 
percent, and complained of having 
been trapped by Mr. Reich’s leak- 
ing of the figure. 

Some even called for Mr. Reich's 
resignation, but the White House 
rejected the idea. The next time he 
is asked that kind of question, Mr. 
Reich “will just take a pass.” said 
Gene Speriing, a White House eco- 
nomic assistant. 

Markets are nervous because 
they had been waiting for the Fed- 
eral Reserve to pull the trigger and 
raise interest rates. There has been 
a widespread expectation that the 
central bank will raise the federal 
funds rate, which sets the wholesale 
cost of money to commercial 
banks, by one-quarter to one-half a 
point from the current low of 3 
percent, where it has sat for a year. 

David Jones of Aubrey Lanston 
& Co. warned that the Fed could 
not wait too long to act. if it wanted 
to stay ahead of any revival of in- 
flation. and said it would probably 
move in March or April if first- 
quarter data confirm that growth 
did not fall back sharply, as it did 
in the first quarter of last year. 

But in Chicago. Sam Kahan of 
Fuji Securities said he saw signs of 
moderation in the expansion. The 
□umber of industries reporting in- 
creased luring — 60 percent did so 

See JOBS, Page 10 







Page 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 0-9, 1994 




market diary 


Falling Rates Send 
Dow to New Record 


Bloomberg Buttneu News 

NEW YORK — Blue-chip 
stocks rose to another record on 
Friday. The broader market was 
also strong, led by shares or banks, 
brokerages and telephone compa- 
nies, which were bolstered by a fall 
in interest rates. 

The Dow Jones industrial aver- 
age climbed 16.89 points to a re- 

H.Y. Stocks ~~ 

cord 3.820.77, ending the week with 
a 66.68-poim advance. 

Standard A Poor's 500 Index 
climbed 2.78 to 469.90, closing be- 
low its Dec. 28 high of 470.94. The 
Nasdaq Combined Index rose 7S2 
to 782.94, closing at its highest level 
in more than two months but below 
its Ocl 15 high of 787.42. 

Ten common stocks were higher 
for every seven shares that fell on 
the New York Stock Exchange. 
Trading was heavy, with about 
323.4 million shares changing 
hands on the Big Board. 

“The market was buoyed by 
stock groups, like banks and tele- 
phone companies, which do best 
when interest rates fall." said Bill 
Beise, a partner at Wessels Arnold 
& Henderson in Minneapolis. 

The yield on the benchmark 30- 
year Treasury bond fell 11 basis 
points to 6.23 percent. The decline 
Id rates occurred after the Labor 
Department said the economy add- 
ed 183,000 jobs, which suggested 
the economy is growing more slow- 
ly than previously thought. 

The employment report prompt- 
ed some analysts to predict the 
Federal Reserve will take longer 
i ban expected to raise money mar- 
ket rates. 

The SAP Regional Bank Index 
rallied 4.05 to 176.54, as Banc One 
Cons, rose 1 to 38 and Wells Fargo 
& Co. advanced 3ft to 13044. The 


S&P Telephone Index rose 3. IS to 
313.73, led by gains in BellSouth 
Cotp. and Southwestern Bell Corp. 

Among brokerage stocks, Merrill 
Lynch & Co. gained 2 to 42ft; Mor- 
gan Stanley Group Inc. rose 3ft to 
72ft; Salomon Inc. surged 1ft to 
47ft; and Charles Schwab Corp. 
climbed I ft to 32 ft. 

But traders and analysis said ihe 

stock market will have a tough time 
mating further gains. “The think- 
ing is interest rates have bottomed 
and will rise gradual ly over the next 
several months,' 1 said Daniel Mar- 
ciano. senior vice president in equi- 
ty trading at Dillon. Read & Co. As 
rales go 'higher, investors tend to 
switch funds to fixed-income secu- 
rities from the stock market 

Gail Dudack. market strategist 
at S.G. Warburg & Co„ said the 
Dow industrials may rise to 4.000 
in the next month or so and the 
market will then lose about 10 per- 
cent of its value. 

“One of our concerns is that in- 
terest rates are inching up." said 
Ms. Dudack. 

Trading in shares of Paramount 
Communications, Viacom inc.. 
Blockbuster Entertainment and 
QVC Network was halted late Fri- 
day. As the market dosed, Viacom 
announced that it submitted a bid 
to acquire 50.1 percent of Para- 
mount shares for SI 05 a share in 
cash. The offer exceeds QVCs pro- 
posal of S92 a share in cash for 51 
percent of Paramount stock. 

At the same time. Viacom an- 
nounced plans to merge with 
Blockbuster in an S8.4 billion 
transaction. Blockbuster said it will 
pay S55 a share for 23 million of 
Viacom's class B shares. 

Paramount stopped trading on 
the NYSE at 79ft, up ft. Viacom 
Gass B shares dosed 1ft lower at 
41; Blockbuster closed 1ft lower at 
28ft; and QVC ended up I ft at 40ft. 


Vo Auocotnd Fran 


Jn7 


The Dow 


DaSy dosingsoftbe . 

Dow dories industrial average 



3480 


j A S O 'H D ,-<J ' 
199a.. 1994 


Dow Jones Averages 


Open MWi M>" On. 

Indus 3811 20 3KW29 37W.I0 JBOri * 1*3? 
Trans iaoo.14 iaca.00 itwji 179*21 -aofi 
Urfl 221.92 22XM mw 222-** *1.11 
Comp IJ7482 100094 139173 '39031 r*J3 


Standard & Poor’s Indexes 


NYSE Most Actives 


BlockE 

TcUAcx 

OfOv* 

AmExp 

muMrts 

K mart 

Men* 

AMD 

AT&T 

AAerryGo 

PilcAM 

GnMatr 

Disney 

Glaxo 

RJRIW 


VOL 

MUb 

Low 

Lost 

Chg. 


Xb 

269a 

28>A 

—14a 


ASH 

66'5 

66W 

—IV. 

SE 

18 

ISM 

I7U 

-4a 


29W 

28M 

27*fa 

— Va 


24H 

?4 Vk 

8*»fa 



sav B 

IWfa 

20 

-9i 


37>« 

34+6 

37Vfa 

- W 


13H 

16-V. 

iaw 

- Va 


5466 

53% 

544« 

-Tfa 

-•JF 

3Ui 

2H 

3 

—Vi 


18*9 

161a 

1BW 

-1H 

T xK 

SH 

56+9 

S7F. 

+ M 

S'/r 

44«fa 

4S+k 

46V, 

-11a 


20 

1995 

1?Va 

-W 


7 

ft+b 

Ih 

+ Vk 


AMEX Most Actives 



VOL 

Htata 

Low 

LOSt 

Chg. 

Colton n 

12038 

3 V. 

3* 

3V*i 

+ 74. 




r* i 



EchoBov 

nasi 

U'h 

13«h 

13Vfa 


TonSrcn 

9645 

5SS 

5W 

5'4 



7751 47V'u 

sawn 

47V» 



7291 

3 W. 

3V k 

v/» 


RavtSOa 



4H 



Amdnl 




J 


PfmKLxe 

InKnOig 

8S3 

47a 

n 

avu 

4Va 


NVTim 


2n» 

281a 


viacB 


41 

41 


Han wlB 

3430 





OievSns 

33Z3 2?Va 

38* a 

run 

-Ja 


3263 

416 

44a 

4va 

— % 


NYSE Diary 


AdvoncaCl 

1271 

1076 

DecTmod 

460 

1034 

UnctionoetJ 

395 

597 

TUI'S issues 

2724 

2727 

New Hrgfais 

04 

117 

New LOWS 

» 

24 


Amex Diary 


JOBS; Unemployment Rate at 6.4% 


Continued from Page 9 
in November — fell to 56.9 percent 
last month. 

“The farther you get from Wall 
Street, the less need there seems to 
be for the Fed to panic." he said. 

Foreign Exchange 

“They are under political pressure 
not to raise rates, and why should 
they unless they have to? TbeyTl let 
the market go first, and then fol- 
low." 

■ Dollar Gives Up Gains 
The dollar tumbled Friday 
against major currencies as the De- 
cember employment report sug- 
gested the U.S. economy was strug- 
gling to create jobs. Bloomberg 
Business News reported from New 
York. 

The dollar fell to dose at 1.7275 
Deutsche marks, down from 1.7446 
DM on Thursday, and at 11 1.85 
ven. down from 1 12.60 yen. 


The dollar dosed at 1 .4660 Swiss 
francs, off from 1.4820 francs, and i 
at 5.8828 French francs, off from [ 
5.9250 francs. The pound rase to 
SI. 49 30 from SI. 48 13. | 

The dollar fell after the Labor ; 
Department said the US. economy : 
gained fewer jobs than expected in ! 
December but some traders still 
remained optimistic that the dollar 
would keep climbing as more signs 
of recovery appear. 

“The recovery is still in place," 
said Guy Standing, assistant vice 
president at Credit Lyonnais in 
New York. 

The Friday data “diminishes 
pressure on the Fed to raise rates, 
but I think ultimately they wilt" 
said BUI Arnold, chief dealer at 
Chemical Bank. “It just sets the 
timetable back a bit.” 

People still expect the Bundes- 
bank and other European central 
banks to cut interest rates. 


Nol available at pros lime 


High Low date arge 
industrial; 547.4 5*383 S*7JD +225 

TfWWO. 440.10 437-59 437 J? 114 

Ulllinn 148.H 14*51 M8-1S +121 

Finance 44+1 4X52 <4J8 + 0106 

EPSOO 47024 44710 449.90 + 2.78 

SP!« 43X59 4J1J3 43X01 +2-32 


NYSE Indexes 


IMt LOW Last Oe. 

£££& S3 M « Ufl 

TransP. 277.53 276JH «*» —023 

irriMv 274.50 223-22 224UP ■+ 1-20 

fi«£ce fill? 114 25 217.01 -174 


NASDAQ Indexes 


Hiati low Lad aw. 


Composite 7B3JI 

InduilrW* 619-71 

Banks 483.78 

Insurance 900.97 

Finance 870-15 

Trense. 758.92 

manta 183.15 


7703? 

312-34 

485.72 

093.73 
887.33 
75O.40 
101.44 


783-31 -2.90 

019.2) + 135 
609.01 -847 
900.97 —029 
090.11 *7-53 
758.92 *10.41 
181.77 — 187 


AMEX Stock Index 


Hien LOW QOM am 
<79,77 470.10 479X9 + 1149 


Dow Jones Bond Averages 


20 Bonds 
10 Ulllllles 
10 industrials 


Cion CbVe 

105.16 + 034 

103-23 +0.05 

10789 +044 


Market Sales 


NYSE 4 (km. volume 323370800 

NYSE orev. cons, close 442.91 9.296 

Amax « am volume 2146BJ15 

Amex prev. cans. close 29203.500 

NASDAQ 4 am volume 3300583)00 

NASDAQ nrrv. 4 pirn, volume 349J053C4 


.Y.S.E. Odd-Lot Trading 



Buy 

5aln 

Shart- 

Jon. 6 

961J27 

15B2J93 

11*970 

Jon. 5 

94X909 

1594396 

109553 

Jol 4 

B99500 

1544J5B 

26578 

Jan. 3 

839 J33 

153X623 

7X464 

Dec 31 

735J78 

1JBA863 

21595 


•Indudedtn the sates figures. 


S&P 100 Index Options 


Sbftr OlOvinB Pats+M 

Price job ftt Me Ur Ja M Me 

3BJ - - - - Ik — «s 

198 — — — — 19 — Ik 

401 — - — — H. % K 

405 — — — — 1 Tli 


_ 

_ 

_ 


la 

1*. 

171k 

m— 

— 

_ 

<a 

11k 

ITS 

1M 

15V: 

— 

1% 

Ik 

Ufa 

IPk 

rs. 

_ 

It 

n 

4V, 

6% 

Ufa 

m 

2*, 

Pm 

lea 

4 

4Vi 

urn, 

18 

7Vj 

*v 

Ilk 

A, 

9* 

n 

1116 

ia 

»■ 

2 



— 

va 

•a 

la 

® 

Me 

— 

)k 

•a 

Vi 

— 

— 

— 


M 

Sfa 


NASDAQ Mary 


Advanced 
Declined 
Unchanged 
Total Issues 


Close 

1+32 

1364 

1349 

4.745 


1434 

1430 

1405 

4L749 


445 
•St 
*s 

Cant: toM votSLHU; kSol open Im. 444206 
Pets: taW v3l 9UU; tots open ML 41*139 

Dec 94 been DecH Decfs 
J7Hr - — - H — 

I - - - l« M 

42+j R W - Ih 28> 

45 — — — Pi - 

CeUs: Mol wl <CQ); Wo) open fart. 1881 
PsB: total toL t<7); toM aoea fart. 11&937 
Sourer: CBOE. 


VW: The 'People’s Car 9 Revisited 


Continued from Page 9 

America, which has been its night- 
mare for more than a decade. Com- 
plaints about quality and other 
problems forced the company to 
abandon a Pennsylvania factory in 
1988 and rising costs in Germany 
have rendered imports uncompeu- 
tive in America. 

At the company’s annual share- 
holders meeting in Hamburg last 
summer, Mr. PiBch said a new peo- 


ples car should target young, first- 
time car buyers, and cost less than 
15.000 Deutsche marks (S8.600) 
VW*s best-selling Golf starts at 
more than 20,000 DM, though en- 
try-level care from its Czech sub- 
sidiary Skoda self for little more 
than half that price. 


To subscrfiM in Franc® 
fust cad, toll fro®, 
05 437437 


WORLD STOCK MARKETS 


Again France Pimm Jan. 7 
OaMPnrv. 

Amsterdam 

71.70 72.10 
*1 59J0 

K«."0 10860 
49 JO 49 JO 
204.90 36 

04.70 85JD 

175 270 

45.90 4440 

77.10 76.90 

106JO 107 

185 18330 

21.10 71.40 

55 60 56 

230 27150 
21730 71» 

56.10 54.90 
B7 06-50 

4040 *0-10 
05 8690 

90.10 9130 
44/0 43.10 
49 JO 4940 
59.40 tO 

4* 4430 
5190 M-4D 
4120 «3J0 
77 78.90 
125-BO 125-50 
bSJO 64.90 
12120 J2E-50 
99 JO 99.40 
30*70 21DJ0 
4330 mtO 
226.30 22730 
44 4430 
182-20 177 JO 
122 


ftBN Amro Hid 
*CF Holding 
Anon 
Ahold 
Ahro 
AIAEV 
Amsl Ruttber 
Bota-Wessanen 
CSM 
DS» 

E Kevlar 
Fokkor 
Gist-Brocades 
HBG 
Heineken 
Hoogovens 
Hunter Douglas 
1HC Co lend 
inter Mueller 
inti Nederland 
KLM 
KNPflT 
Nedltovd 
Oce Grtmen 
Pakhoed 

PWIID5 

Polygram 
Rnbeco 
Rodcmoo 
RBlInco 
RorentO 
Raval DutCtl 
Stork. 

Unilever 
van Ommtren 
VNU - 

Wolters/Kluwer 122J0 
CBS trend man : «x® 
Pmioas : 433J7 


Brussels 


cec-UM 

G Pin 

rbed 

area 

efcaert 

acker III 

otxmo 

elhalze 

lectrabel 


ivoert 
redletbanfa 
rtrotlna 
iwerfln 
aval Befae 
ie Gan 


2575 2535 
2960 2950 
4240 4100 
2300 2290 
21025 21025 
171 167 

5700 5790 
1470 142* 
6790 4790 
1535 1500 
4190 4190 
9110 raw 
8100 0100 
9930 9880 
3650 3SW 
5840 5650 
: B» MM 

:GenBeiBlaue 2745 2715 

fra 15300 14775 

WOT 14800 14900 

F* 1 S'™ 

x r%ssr ;7UrM 


Frankfurt 

O 1BDJ0179J0 

kuu Hold 

cne 

ko 1070 1075 

JF 301J1J37E80 

ver 157 _BO 3t2 

y. Hypo bank 503.50 510 

v veretnshk 551 557 


P Bank 

m 

nmerztxmk 
itlnental 
imlerBenz 
Bussa 


Ttsctw flank 
ualas 


6SS 438 
507 JO 513 

717 JO 726.50 
382 JO 379 JO 
2618025930 
B49 846 

460 471 

255J0354-M 
843 B5» 

570 547 


saner Bonk 450J0 <53 

fmiMhlc , SS SO 
ruapHMCh 151» , 54J0 
aerwr 3K 

SS 'I 'I 

WWW »§» 

Ian 2<0 241 

E D0JD369JD 

Sab 158 152 

dadl 5tf 569 

ttwl „S» SH 

3 118-50 In 

■ckner WerkHI 7.10 11L50 


maraa 

N 

wesmann 

ailBCMlI 

men Rueck 

iche 

«S9Pt 

A 

rtnmetol) 


I72J017SJ0 
4019040730 
4Z7J0428J0 
218 NA 
3M0 3730 
TK 785 
45144450 
23722030 
50951150 
334 339 JO 
1107 M15 
399 393 
782L80783JO 
Z7SJ0 27860 
312 31* 
5100517.70 


Close Ptov. 
\/FW 37« HS 

Vlog 489 <93 

ESisiiiS? 


Helsinki 


Amer-Yhtvmu 

Enso-GutieJ) 

Hutitamakl 

K.OJ*. 

Kymmene 

Metro 

Nokia 

Pohlala 

Repo la 

Stockmann 


120 115 

3930 39J0 
192 193 

13.70 13-50 
117 110 

2G5 300 
298 298 

91 JO 90 

99 JO 97 

290 284 




Hong Kong 

Bk East Asia 59 5450 

Caihav Pocirc 13.10 14.10 
Cheuna Kana 45J0 45.75 
China Light PWT 50 51 

Dclry Farm Inti 1330 15.10 
Hang Lung Dev 1030 2040 
Hang Seng Bank 71 73J0 
Henderian L and 51 51 

UK Air Ena. «6J0 50 

HK China Gtc. 21. W 33 
HK Elearic 3 2"<0 

MK Land 24J0 9830 

HK Reahv Tnnt 27 _m tbjo 
HSBC Holdings 107 108 

HK Shang Mil* 11 JO 1130 
hk Tetecamm 1420 )5-fio 
HK Ferry 13 1190 

Hutch Whampoa 35JS5 3450 
HyMD Dev 24. 7B 29 JD 

JortHne Math. 69 74 

Jardine Str Hid 32J0 3*25 
Kowloon Molar 2<J0 24 JO 
Mandarin Orlen) 10J0 II 
Miramar Hold 30.30 2040 
New World Dev 34.75 3475 
SHK Prop* 67 68J0 

SleiU* 5.40 V£3 

Swire Pqc A 59 JO 64 
To) Cheung Pros 1440 IS 
TVE 170 345 

Wharf Hold 13.75 34.75 
whwOn mri iiso l4.»o 
wlnsarlnd. 1440 15-50 

Hans Seng Index : 17007.43 
Previous : US74J0 



Close Prev. 

Pnrtentlcrt 

182 

3J3 

Rank Org 

10-38 

10J2 

Recta 11 Cal 

4.95 

7J» 

Redtand 

6,10 

190 

Readliitl 

9J7 

490 

Routers 

1&66 

1*21 

RMC Group 

9J93 

953 

Rolls Savce 

1J0 

1.70 

Rathnin (unltl 

A75 

4.70 

Royal Sail 

453 

451 

RTZ 

054 

*22 

Salnsburv 

452 

*-t>0 

Seal Nemcns 

556 

5J5 

Scot Pawer 

458 

454 

Sears Holds 

126 

1J6 

Severn Trenl 

5.99 

5J4 

Shell 

752 

750 

Sleae 

554 

£40 

imim Nephew 

IJ4 

152 

Smith K line B 

394 

1?S 

Smlta IWH) 

i25 

5.12 

Sun Aiitanco 

*12 

AID 

Tate 4 Lyle 

4JI 

4J9 

Testa 

2J3 

2J1 

Thorn EMI 

MJ0 

1055 

Tomkins 

251 

254 

TSH Group 

2S3 

256 

Unilever 

1Z.T7 

12JJ7 

urn Biscuits 

X87 

173 

Vodafone 

4.13 

4 

War Loan 3Vfa 

5XT9 

5X38 

Wellcome 

*90 

*83 

vyniflbrecd 

NA 

— 

WllllcmsHags 

198 

390 

W1IIH Corroon 

255 

2J8 


P.T. 30 Index :MT740 


London 


Abbev Nan 
AUieO Lvans 
Aria Wiggins 
Argyll Grout) 
Ass Bril Foods 
BAA 
BAr _ 

Sank Scotland 

Barclays 

Bass 

BAT 

BET 

Blue Circle 
BOC Group 
Bools 
Bowater 
BP 

Brit Airways 

SHI Gas 
aril Steel 
Bril Telecom 
BTR 

Cable Wire 
CodDurv Sch 
Coradon 
Coats Vlveiia 
Comm Union 
Con nou ids 
ECC Group , 
EnterprtaeOII 
Euioiunnd 
Flson* 

Forte 

GEC 

Genl Acc 
Glaxo 
Grand Mel 
GRE 
Guinness 
GUS 


Hinsdown 
HSBC Hklys 
ICI 

Inchcaee 
KmgHsher 
LodWake 
Land Sec 
Loaarlt 

LajihO 

Legal Gen Grg 
Lloyds Bank 
Marks Sp 
ME PC 
Nan Power 
NDlWesl 
mniMil Wafer 
Pearson 
P&O 
Plikfngton 
Power Gen 


448 

245 

344 

531 

I0J3 

4J7 

2-22 

6.18 

5.90 

541 
149 
343 
645 
543 

440 
3J3 

441 

157 

1279 

4.75 

US 

SD4 

542 
4J5 
243 
6JS 
5-33 
SJJ7 
447 
640 
147 
245 
J-29 
748 
445 

444 

uo 

iM 

LU 

2.77 

1^7 

9J4 

7.90 

543 
720 
195 
7 .71 
743 
149 

5M 

4J3 

4J1 

5-M 

ABO 

4.13 

545 

4J0 

431 

179 

552 


449 

STD 

2.40 

3 

5.71 
10J8 
429 
2.19 
6.18 

5.72 
552 
139 
341 
449 
543 
4J» 

171 

443 
151 
IJ6 

444 
149 
505 
533 
433 
244 
443 
Ul 

441 
443 
6J3 
145 
243 
119 
741 

442 
477 
136 
404 
47« 
248 
1.77 
J21 
7.74 
5J3 
745 
101 
774 
7J7 
124 

MB 

428 

449 

5-22 

467 

4JS 

5.49 

420 

417 

176 

5J7 


8BV 

3070 

3140 

BcoCenlral Hlic. 

3330 

3205 

Banco Sanlander 
Baneslu 

6330 

NA. 

6450 

NA 

CEPSA 

7530 

2425 

Dr^godPS 

2425 

2395 

Endesa 

6900 

4890 

Ercros 

144 

t» 

Iherdrald 1 

1015 

1025 

Pec sol 

4580 

4445 

Taeaeatera 

<360 

4105 

Telefonica 

1935 

1TT5 


Johannesburg 

17.75 17 JO 
73J0 9X50 
220 230 

5575 £425 
1 125 1225 
NA 54 
1061C7JO 
5* 57 

9.40 940 
113 115 

25JC 25 
N4.. 20 

54 JO 57 
29 29 JO 
« 51 JO 
84 JO 85 
95 94J0 
49 JO 45 
79 1875 
ifJO 57 JD 
206 210 
: S0640S 


AECI 

Aitecn 

Anglo Amer 

Barlows 

Sivvaor 

Butfels 

Oe Beers 

Drieignicm 

Gen cor 

GFSA 

Hor many 

Hiahveia Eieel 

r.ioot 

Nedtwnk Gro 

5>andlcintdn 
F7uui:cl 
5A Brews 
SI Helene 
Sosol 

Wr/fcOT 

Western Deep 

Composite 
Previous : 


Madrid 




Milan 


Banco Cwwn 

me 

»I7 

Sastoal 

ta 

4*25 

Benetne: group 

&2G0 7(650 

CIR 

163? 

1626 

Cred Hal 


2280 

Enlchem 

7174 

7150 

Ferfln 

1431 

1363 

Feffln Rise 

520 

530 

Flat spa 

4196 

4212 

Finmeccanica 

1473 

1485 

Generali 

38200 38725 

IFI 

15S4S 157<0 

Ifntcrm 

10549 loan 

(tatgoi 

4799 

4840 

Itatmatmiore 

35790 35*45 

Mediobanca 

13830 1419$ 

Montedison 

577 

894 

oiivem 

1985 

2000 

Pirelli 

NA. 

— 

RAS 

27000 Z7420 

Rlncscenfe 

9105 

9170 

Strip em 

NA. 

— 

Son Poo la Torino 

10060 10150 

SIP 

3437 

1490 

5ME 

3543 

35*0 

Snla 

)4?I 

UX 

Standa 

29460 29460 

Staf 

4175 

4-50 

Toro A55I Rise 

27475 3811? 

NUB Mexilgr 
PrevMm : 7*0 



Montreal 


Alcan Alum mum 

29 

T9Vb 

Bonk Montreal 

2TJ| 


Bed Canada 

42H 

«'■« 

Sombordler B 

ll'fa 

2B*fa 

Cambkrr 

2IA* 

:ika 

CascEdes _ 

Tfa 

n* 

Dominion Te*t fi 

9'.; 

T a 


Donohue A 
MacMillan Bl 
Natl Bk Canada 
Power Coro. 
Quebec Tei 
QueoecorA 
Guobecor B 
Teleglobe 

Unlwa 

VWeatran 
ladusMal 
Prerfous : 


OoeePrev. 


Claw 

Prev 

23 Vj 

2316 

ProcoroiaAF 

133 

135 

22 Hi 

2116 

Sondvlk B 

127 

124 

ItFk 

UPa 

SCA-A 

151 

10 

2na 

21^6 

S-E Banken 

58 

54 

2116 

21 W 

Shandta F 

179 

174 

14U 

isvfa 

Sfcanska 

200 

104 

lBka 

18V: 

SKF 

137 

135 

20 Yj 

20S* 

Storo 

429 

418 

76a 

7% 

Trelleboro BF 

87-50 83.50 

J4Vfa 

24 

Volvo 

540 

542 


r: 1939J4 


i Paris 



640 

630 

Air Ltaulde 

869 

853 

AlCOtel Alsthom 

876 

860 


IMM 

1600 

Banco Ire (Clel 

596 

*92 

§£. 

1325 

1307 

BMP 

20*10 387911 

Bouvgues 

730 

726 

8SN-GD 

956 

MJ 


4228 

4i7a 

C.C.F. 

29*40 39790 

Cerus 

137 JO 

132 

CTmrpeun 

13*3 

1341 


344 

338 

Club Med 

34*90 

354 

Elf-Ad ultaine 

431 JO 43*50 

EH-5anofl 

1045 

1049 

Euro Disney 

JX4J 

3X50 

Gea Eou* 

2945 

2895 



1 mmol 

620 

614 

Lafarge Caaoee 

47047*40 

Leg rand 

56TO 

5440 

Lycn. Eo\»« 

574 

577 

Droal (L'l 

1327 

1313 

LVM.H. 

3940 

till 

Matro-Hochette 


wicheiin fl 


MCKiiinej 

115 

114, 

Partaos 

507 

500 

Peefiiner inii 

210 20*50 

Pernod- RlcanJ 

434 

426 

Peugeot 

817 

775 




Radiotech ntoue 

449 

439 


147 JO 

146 

RcH. ST. Louis 

1640 

157? 

Redoote (Lai 

1070 

1037 

5a W Goto In 

619 

603 

5.E.B. 

526 

S72 

5ie Generate 

773 

75! 


34X90 349 JO 

Thonraao-CEF 

I92J0 17990 

Tola! 


DAP. 

M2 

6S2 

Valeo 



CAC 40 iaa» : 2307J5 
Prev ton* : 2a75JS 


Sao Paulo 


Barren do Brasil 


5050 

Bancssa 

3400 

3150 

araaesco 


BroMna 


Paranoponemn 

4600 

4450 

Petraoras 

56500 44300 

Tetebnn 

12950 12480 

•/ale R»o Doce 

35600 34300 

Varig 

6)990 

N.Q. 

Bavasoa Index,.' 
Frcviovs : 04417 

47639 


[ Singapore 



7J0 

7 AS 

Cir , De+. 

T.T3 

*45 

DBS 


1X40 

Fraser Neave 

1*60 

17.40 

Gaining 

1900 

20 JO 

GoWen Haaa PI 

X70 

X72 

Haw Par 

i7» 


Hum® Industrt* 

5 20 

5.75 

Inchcone 

6J5 

AM 



ii.ro 

KLKecana 

4-78 

4 TB 

Lwn Orano 

110 

ZJ» 

Malayan Banka 

1*20 

IDS) 

OC BC 

14 70 

IS 

OUB 

*55 

til 

CUE 

05 

*65 



15J0 

Strong rl la 

6BS 

7J0 

Si me Darby 

*22 

460 

SiA 

0 

7.90 

S'sare Lend 

4.90 

6-JV 


1*40 

1530 

Sim SwamsMb 

*10 

*32 

5 core Ttteconun 174 

378 

Straits Trading 

4J8 

*02 

U08 

17£0 

11.70 

t/Oi. 

140 

ZM 

5 P?SJSJ?«g 

l:23M® 



_ 


AHaenvaerUen ; 1 
Previews ; M77J4 


Sydney 


Amcor 

9 JO 

9.90 

ANZ 

*7B 

*83 

BHP 

1BJ6 

18 

Borol 

*78 

*32 

Bougainville 

075 

073 

Coin Myer 

147 

5-54 

Camaksa 

*61 

*46 

CRA 

1*40 

19.10 

CSR 

*96 

5 

□unlao 

546 

5-62 

Fosters Brew 

IJ8 

1-38 

Goodman Fletd 

1.71 

170 

ICI Austral la 

1030 

11150 

Magellan 

X1B 

2.16 

MIM 

ZJS 

2-GO 

Not Aim Bonk 

12J0 

1248 

News Cora 

940 

950 

Nine Network 

5.70 

5J4 

N Broken Hill 

341 

X83 

Pioneer Inn 

7JU 

277 

Nmndv Poseidon 

243 

770 

QCT Rfaourees 

1 JS 

1J9 

Santos 

195 

389 

TNT 

113 

1.97 

Western Mining 

7J7 

7J6 

Westpac Banking 

4J7 

*61 

Waodslde 

*« 

*35 


All ordJmjrlestadex ; 2183 
prevfeus : Jitj 


Tokyo 

Akal Eiectr 435 

Asanl Chemical 642 

AsonlGkrn 1’20 

Bonk ol Tokyo 1520 

Briaowstane 1350 

Canon 15M 

Casio 1C«0 

Dai Ntooan Print I69C 

DatwaHawM 1540 

Dohrv securities 1330 
Fanuc 

Full Bank 
Full Phahi 
Fullfsu 
Hllochl 
Hitachi cable 
Honda 
l to Yokcdo 
Itochu 

Jtnan Airlines 
Kalima 
Konsal Power 
Kamiow Steel 
Kirin Brewery 
Komcfst 
Kubota 
Kyocera 


Close Prev. 


Toronto 


Ablttbi Price l«k 

Agnlco Eagle 11> 

AirCanadc 
Alberta Energy l»*k 

Am Borrtck Res 38A* 

BCE 45!> 

Bk Nova 5«llc 30Jv 

BC Gas Wb 

BC Telecom 2«B> 

bp Realty Mds 

Brcmalna 

Brunswick 
CAB 
Camdev 
CIBC 

Canadian Pacific 


004 

045 

9’!. 

6»s 

y* 

3TA 

23 


rejt 

14*5 

42 

io4 

& 


3740 

I960 

2590 

87s 

339 

790 

1590 

5220 

561 

41* 

B4A 

2820 

313 

1210 


Matsu Elec inds 1550 


Me Hu Elec Wks 
Mitsubishi Bk 
Mitsubishi Kasai 445 
Mitsubishi Elec 545 
MlrsuMshlHev 
Mitsubishi Cora 
Mitsui and Co 
Mirsuftashi 
Mitsumi 
NEC 

NGK insulators .... 

Nlkko Securities 1120 
Nippon Kogaku 
N4>aana» 

Ntooon Steel 
Nippon 7 user 
Nissan 

Nomura Sec 
NTT 


1010 

2090 


435 

1C5D 

693 

819 

1990 

962 

1040 


442 

315 

567 

76C 

940 

7870a 


Otvmous Optical IC5S 


Stockholm 


AGA 

Asm a 
A slra A 
Altos Copco 
E lectron!* B 
Ericsson 
Essolle-A 
Hangelsbcmken 
investor B 
Norsk Hvdro 


424 414 

410 599 

191 109 

430 420 
300 303 

347 341 

114 110 

1T3 HO 
172 148 

Z33J0331J0 


Pioneer 
Rltth 
Sanya Elec 
5hcro 
Srammu 

Shlnertu Ch®n 
Sorry 

Sum Homo Bk 
Sumitomo Chem 
Sum i Morin* 
Sumitomo Metai 
falscl Cara 
Telsno Mcrtm 
Tokedo Chem 
TDK 
Tallin 

Tokyo Marine 
Tokyo Elec Pw 


2*40 
753 
4*5 
1330 
ere 
17W 
PSC 
1912 
414 
895 
177 
43S 
230 
I ISO 
3730 
419 

irea 

3140 


Topoen Pruning 1250 


Turov l no 
Toshiba 
T grata 
VarmieniSec 
p: r 

lake! MS ; HIM 


610 

ta3 

IJK 

640 


445 
637 
1100 
1531 | 
134C ‘ 
1580 
1100 
1690 
152S 
1300 
3M0 
1950 
2583 , 

era 

822 

70S 

taco 

5323 

545 

614 

240 

Z33C 

Xt 

1175 

TK 

SET 

605C 

1520 

1DCC 

7646 

444 

544 

437 
1D40 
49! 
SIS 
2D2D 
W6 
1329 
iroo 
382 ! 
47S j 
X4 
541 
757 
ia*o 
rTTOe 
ica) i 
1913 
755 ! 
440 1 
5590 
4!C 
1723 I 
5796 
1955 
431 
893 
272 
iSS 
70S 
113 
39TC 

423 
1220 
3133 
1370 

537 
7C1 | 
13=0 1 

424 I 

1 


Can Packers 
Can Tire A 
Corner 
Care 

CCL Ind 3 
Clnepie* 

Comlncg 
Canwesl Exol 
Denlscn M/n B 
Dickenson Min A 4*e 
Dofoscn ZR. 

Dvlex A LJ5 

Echo Bay Mines 185* 
Equity Silver A 1.15 
FCA inti 3Ja 

Fed indA 9 

Fletcher Chcll A 219* 
FPI 4.10 

Gentra 

Goiacora 9V 

Gull Cda Res *45 

I l ees i.ntl 14 Jdi 

Hernia Gld Mines 1<Ph 
Hdlhwer |4 

Horsnem aFh 

Hudson's Bov 40!e 
Imasco 
Ince 

lnterprav pipe 
Jonneck 
Cabot* 

LcbttrwCo 
fAockenzJe 
Magna mil A 
r.-jjrirura 
Mark Res 


®5 

229fc 

6Tu 

24U 


14V. 

18 

5W 

we 

40Vo 

45W 
30 Vi 
16M 
2SU. 
004 
0.46 
9H 
7 
5V. 
3Z% 
2» 

13 
17 

eh* 

5 

IIP* 
*05 
21 V. 

21 Mt 
024 
7 

Z34fe 
1^5 
M'S 
1.11 
3=16 
9‘6 
21 Vl 
T- 
045 
9kk 
*45 
16A 
1519 

14 
20Vn 
4059 
40k. 
36 Vi 
31"9 
I9T9 
SVr 
22 *. 
1189 

64m 
24 Vj 


MaeLcon Hunter 12V; 


Motion A 
NamoindA 
Norgncoinc 
Noranda F e res! 
liar ten Energy 
Nlherr Telecom 
Nova Core 
Cshowa 
Pcgurin A 
Placer Dame 

Poes Petroleum 
pv*a Cora 
Rarrock 
Renaissance 
Ha gers B 
Rothmans 


ZTVj 

24 

121 * 

14> 

43 

hi 

9^J 

1 . 1 ? 

*L 5 


Rdval Ban* Can 23V* 


Sceptre Res 
S cott's Ho sa 

54OTrnri 

Seers Ccn 

Shell Con 

Sherrill Gordon 
SHl Svs*etmhs4i 
Southern 
Scar AeruDCCT 
Sieleo A 
Talisman Energ 
Tec*. B 

Thomson Hews 
Toronto Domn 
Tcrslar B 
Trcnsa-'to Will 
TrunsCdo Pine 
Trhon Fin - A 
Trimac 
Triiee A 
ur.lscrp Energy 

KWSS- 


X 

34%. 

..s 

*» 

IBVi 

9U 

ST 

16^ 

ZTW 

IS»9 

19Vi 

3.«0 

1M« 

1J7 

041 


26 

12*9 

U 

43VJ 

94* 

71 

UO 

35*9 

90. 

123 

16 

30U 

21*9 

99>a 

23=9 

irk 

9*9 

3496 

V9 

37% 

11*4 

9’^ 

rr-9 

up* 
» 
30 ’. 
34% 
1 Mi 
2119 
239. 
IS 1 . 
194. 
145 
1S*9 
1J» 
0.55 


EUROPEAN FUTURES 


den 


High Low Prev.aoK 


Food 

COCOA ILCE1 

Sterling oer metric hm-tati oMI Mas 
M ar 
May 
JM 
Sop 
D ec 
Mar 
May 
J« 

Sop 
D ec 
Est. Sales 4JOJ 
COFFEE tLrt) 

DeOart per metric fon-Ms ot 5 tens 
Jan L178 1,180 1.195 1.177 1,183 UBS 
UN 1,1® UO? 1,184 1,198 1,1® 
1.192 1493 1 JDS 1.185 1,197 1,198 
1.187 1.188 U82 1.181 1,193 1,196 
7.1® 1,184 MW 1,182 U93 7,1* 
1,184 1,189 1.184 1,184 1.193 1.194 
1,184 1.189 N.T. N.T. 1,185 1,188 
Est. Sates 2JB7. 

High Low 


BB7 

388 

894 

S74 

8«6 

894 

90S 

906 

913 

873 

913 

914 

919 

730 

924 

907 

927 

928 

W 

934 

935 

925 

940 

90 

948 

950 

948 

9J7 

NA. 

NA 

962 

964 

743 

951 

— 

- — 

971 

974 

9M 

9 St 


— 

9S® 

982 

978 

978 

mm 

— 

990 

991 

991 

980 

— 

— 

995 

mb 

N.T. 

7LT. 

— 

— 


Mar 

May 

Jvl 

Sep 

HP* 

Jan 


Chae 


cute 


WHITE SUGAR (Matin 

metric ton+ota c 


also torts 

7B2B 28500 2B&4D 2BU8— 1J0 
MOV 288JO WM 28833 — 1 JO 

Aag N.T. N.T. 291 JO 793.00 — 1 J0 

Od 28*00 N.T. 281 JO 2D3JM — 

Me N.T. N.T. 2BCLDS 28100 — 050 

MOT PLT. N.T. 91 JO 28*00 — 0J0 

Est. soles 14W. Prev. 2J22. Open hiL 

1244 9. 


Previous 
Bid Ask 


{mg!734« 


Metals 

Close 

BM ASk 
ALUMINUM (High erode) 

Donors per metric ten 
50 0# IIXLSO VXU0 112SJ0 1 779 JO 

Forward 1149 JO 1I5DJ0 7144.00 7 147 JO 

COPPER CATHODES <KJgh Grade) 

Dollan per metric tea 
Soar T73i jo rmoo 

Forward 1748J0 174&50 

LEAD 

Dollars per me Me top 
Spot 44OJ00 441 JO 

Forward 473J0 47*80 

NICKEL 
Dollars per metric too 
Spot grann njim SZ35J0 5345,00 

FufOTid S2SSM an ao sbsjb boom 

TIN 

Dollars per metric too 
Soot 471060 471AM 4795JQ 4B0SJ0 

Forward 4755J0 4760 JO 4835-00 484000 

zinc (Spectol Hieh Grade) 


17S6J0 


45BJO 459 JO 
477 JO 472J0 


Soar 

Forward 


972J0 973J0 977 JO 978J0 

991 JO 992J0 99*00 V78J0 


Ftoandd 

Htgti low dote Chomra 
3-MONTH STERLING (L1FFE) 

8580000 -Phiot in pet 
Mar 
Jon 
Sep 
Dec 
Mar 
Jan 
See 


Jan 

Est. volume: 7261Z Open hdcren 1 ; 388,9®. 
S*MONTH EURODOLLARS (UFFE) 
si mHfien • Ms ® 108 pa 

+aio 

+0.13 
+ 0.15 
+0.17 
+0.14 
+8.17 

9SJ4 

if. volume: 738: 998 &4M. 

3-MONTH BU ROMANICS (UFFE) 

DM1 milllae - pts el 100 pet 


9*77 

9*71 

9*75 

+ DJD 

9*94 

9458 

9*95 

+ 005 

9S02 

9*96 

9SJ2 

+DJ3 

75J1 

9*95 


+ 051 

9*01 

9*04 

94.90 

+ 0J3 


9*45 

9471 

+ 104 

9*51 

9*44 

9*51 

+ 055 

9*32 

9*26 

9*34 

+ 0JB 

9*18 

9*09 

9*10 

+ 0JS 

9X96 

9X90 

9X90 

+ 0J07 


Mar 

9*52 

9448 9450 

Jun 

9420 

9*16 9620 

Sep 

7SJ6 

95J5 9577 

Dec 

N.T. 

N.T. 9540 

Mar 

N.T. 

N.T. 95w4$ 

Jin 

N.T. 

N.T- 9Si22 


N.T. 

N.T. 7554 


Mar 

9*51 

9*44 

94-50 

+ 652 

Jun 

95.00 

9*92 

9*99 

+ 004 

Sea 

9559 

95J1 

S3 

+004 

Dec 

95JS 

9557 

+ 0J4 

Mar 

9552 

9576 

9SJB2 

+ 005 

Jun 

UB7 

9SJ» 

9557 

+ 007 

Sep 

9579 

9570 

9570 

+ 0J7 

Dec 

9145 

95-55 

95J3 

+ 008 

Mar 

95.50 

95AI 

95JQ 

+ 008 

/an 

«J7 

HU 1 

HJ2 

+ 007 


Est vaiuma: 122J8*Open bitarott: 78SJS8. 
LONG GILT (UFFE) 

OOJBB-Pb«32adsaf 188 pet 
Mar 119-U 118-18 119-24 +0-30 

Jud 119-01 118-31 11902 +0-2B 

Est volume: 71472. Open Interest: 11031*. 


HM 


Law Close CimmH 


GERMAN GOVERNMENT BUND-CUFFS) 
DM 258J88 - pb ef 180 PCf 
Mar 10128 10071 tn.17 +OM 

An W1J0 10073 TOLU +034 

Est. volume: 114,970 OPaninterat: 130911. 


Industrials 

Lew 


Lest sente aim 


Mtati 
GASOIL (IPE) 
uJ.oolkirs per metric tee+otsal hi ten 

M43S 14*50 14*00 146-90 — 038 
U7 J0 14535 14*25 14*25 —LOO 
147 JO 145.50 144J5 147 JO UlKfL 

14450 mm 14*25 H&25 —025 

14*75 144JD 74*50 14*75 —075 
1*7 JO 147 JO 147M 147 JO — 1JD 
N.T. N.T. NX M9J5 -075 

N.T. N.T. N.T. 151 JS —075 

«:T:. 5tT: K* 

l£fi WJO +LM 
Est. Sates 1*474 . Prev. sales 17,1 is . 

Open Interest 11*017 
BRENT CRUDE OIL (IPE) 

US. doEarg per b arr el Mu et 1 400 twwtN 
Feb 1*48 VUD 1*24 1433 —8.13 

MOT 1*41 1*18 1*22 1*22 —089 

APT 1*57 1*34 1448 1*40 — AW 

May 1473 1*54 1*40 1*60 —A18 

A» MAI 1*74 1*84 1*81 — OBI 

Jut 15A2 1*90 1*90 UN — CUB 

Aae 15.16 ISJ7 15J7 1SJ7 — 0JJ7 

Sep 1530 15J0 ISM 1533 — &12 

Oct UUS 1045 15*5 T3J7 —Oil 

Est. Sales 44J32 . Prev. sales 4A232 . 

Open Interest 142J33 


Feb 

Mar 

Apr 

May 

Jn 

Jtrt 

Asa 

% 

Nev 

Dec 


Stock Indexes 

FTSE 188 jump 
OS per Index point 


Jan 

“&L 


3^5 SSS 0 ?^ 

34SZJ 342*5 3477J +42J 

344*8 3468J 349SJ +41J 
volume: 19307. Open interest: 69J24. 
Sduw Reuters. Motif, A o mte to t ed Press, 
London inti Financial Futures Eit Mise 
InH Petroleum Exc h ange. 


Sp 0 tConnnodKf«t 


Commodity 
Ahimtnunvlb 
Cottae, Broi^ ta / 
Copper electrolytic, lb 
Iran FOB, kin 
Load, lb 
Silver, tray m 
steel c scrap), ten 
Tin. to 
Zinc, lb 


Today 

Prev. 

OS14 

0513 

0415 

0415 

0915S 

09155 

Z1X00 

21X00 

032 

0J2 

SOB 

522 

129 JO 

129 JO 

12645 

32645 

04754 

04754 


Dividends 


Company 


Per Amt Fay Roc 
INCREASED 

1st Home Svgs Bk Q .133 2-15 t-00 

REVERSE STOCK SPLIT 
Healttiwahmoc . 7 tons M s 1-72 

STOCK SFLIT 

1U Home Svgs Bk - 4for3 2-15 1-20 

USUAL 

Mutual Risk Mom) Q J7 2-22 2-7 

Omne&RQCfclndUtll Q A3 2-1 V17 

Production Operatr Q M& 2-15 i-M 

United Postal bcp Q .T2W V2S 1-12 

United Water Res Q 33 3-1 2-1S 

a eene al; m-mooitdr; t - tm r m i y ; s-seraF 

Seurae: UPi. 


Ccrtva efreriofs of secertiies. rinancnd 
scnico (x interests in rest cstste rebfisked ta 
Ail e e w nn p er are not Nltfc o rtie d b certain 
jurlidlcriom in «Ucta be ( n t cond e e d Roald 
Tribune is dhtribo»d. bebdinf the Untied 
States of America, end do ux constitute 
oBertngs of seooixbs. ki vices or bteresas b 
these jarbdictHfiu. The bneaBtionil RereM 
Trftonc assumes no rccpomibiBlj nt u aoover 


U.S- /AT THE CLOSE 

Pacific Bell to Cut 10,000 Jobs 


firm WILU UJU. ay.— -J (?VCT 

tuc H 1 U 4 UC is* addidtsi toprcvioosly ^ooot^Nod ems 
of 11,000 by t£e«d of 1954, from a woric force of fil^OOm 1990- 

Microsoft: and Apple Go Compatible 

SAN FRANCISCO (AFX) — Microsoft Corp. and Applesoft Divi- 
aon of Apple Computer Inc. said Friday that they bad a^wd to ensure 
ccmpatimbty of tbe messaging and directory syswns of Aj^jic s Maos' 
tosh and Microsoft’s Windows systems. . - . - 

The r ywyypnniw said they would also, provide custooiers wire tae 
software to share inf orma tion across lire two systems. T^y said the. 
agreement included support of Apple Open Collaboration Environment 
capabilities and for Common Mail Calls on both systems. 

Merck Retracts SdfcuzojArema Drog 

(AFX) — Merck & Co. said 
the UJSl Food and Drug 
tablet, oral concentrate ana 

injection formulations of fowriam. - 
Roxiam, discovered by Aaxa ABofSwcdcn, was being dev dop^ oy 

the United Slates ^^t aoire and chronic scS^tonia- 

Mcrck said it acted in Detxanber after reports of aplastic anemia m 
patients ufivug the (hue in Europe, where it has been introduced in 15 
countries. Astra is in talks with regulators in Europe about the withdraw- 
al of Roxiam for the treatment of sduzophrenia. 



WHITEHOUSE STATION. New 
Friday it had withdrawn from review 
Administration new drug aotrikadoos for 


VIACOM: Blockbuster Merger 


Condoned from Page 1 

al telephone company Bell South 
and a number of media giants, had 
been valued at $92 in cash, or $9.8 
billion, but is probably worth less 
now that the battle has depressed 
QVCs stock. The bid had been on 
the table for. several weeks while 
the Paramount board considered it 
l the bid by. Viacom and its 
which had been valued at 
$9 J billion. 

Tbe deadline for a counterbid by 
acorn had been nndmght Friday. 
Mr. Redstone had to turn to Block- 
buster for more money because 
Nynex, the regional Baby Bell that 
was backing him, came under pres- 
sure by regulators and cansnmcg 
not to devote any more of its cash 
Dow to the deal. 

At 3:20 PM. Friday, just before, 
die dose of the stock market, the 
major Mrfumg fta simultaneously an- 
nounced suspension of trading in 


shares of the four main playiere. 
dcw tender offer was announced at 4 

PM, and with it a merger between 
Viacom and Blockbuster, with Mr. 
Redstone as dtaimum and Wayne 
Hinzeaga, another buccaneering en- 


who buih a firm from 
, as vice cbaiiinan. - 
Blockbuster had already put up 
$600 mSHcai in cash to support 
Viacom's bid and now will join 
forces with it Some Wall Street 
analysts said it would have to do so 
because in tbe long run Blockbust- 
er's video stores were a 
asset against the ■ 
visioned in the new ; 
and Mr. Htuzenga had implicitly 
recognized this by trying to buy 
into a motion picture studio that 
amid churn out what tbe entertain- 
ment business calls “product*’ for 
tbe new channels. 

Paramount’s huge film library 
and its Hoflywoqd sttxBo, the last 
one available now or in tbe foresee- 
able future, made it a likely target 
m the media giants' war of posi- 
tion- Whether a hastily cobbled to- 
gether enterprise of two different 
cultures wQl be able to exploit the 
opportunities remains to be seen. 

Mr. Dflkr was reported consult- 
ing with his badbas about more 
cash but also has questioned 
whether die price has : 
too high. - 


U.S. FUTURES 


Vio Anodotod Fran 


Am. 7 


1 Season Season 





Hkrti 

Law Open 

High 

Low 

aoso Ob 

Op. fad 


Grains 



WHEAT ICBOn 





5JH bu irtniraim- doifcrs oer bushel 


— i . - - 

— 



192 

3J7Vi 

391V, +OJOV. 31720 


3JQ May 94 3AM 

167+4 

143 

167V>+aO» 

84I4S 

149 

296 JUI94 345V. 

147 

34416 

346V, +HB 

12474 

151 

3J2 S*p94 346V. 

1AHY6 

346 

347M+0J1I4 

13B2 

15714 

Ufa Dec 94 154 

X55M 

lav. 

3J5»+OJ01I4 

1780 

X27 

111 JUI95 



X27» +OJOM1 

4 

15500 Dai'S, sales 20,1 H 



Thu's own mt 57J75 UP 2S2 




WHEAT (ICBOn 











390V, 

347V. 




148V, 

345 

146V.-0J0M 

776* 

X49 

277 Jul94 342V, 

344 Hr 

342Vr 

145 +0J0M 
34M-0LmM 

9J38 

149 

UmfaSto>99 344 

147 

344 

1728 

X55 

XlOMiDecM 2J2 

IB 

150 

350 -am 

M2 

3-SJV, 

3-52 Mar 95 



3 SPfi 


EsL sales HA Dw's.solw 

7M5 




Thu'S apsnew 4X416 up 641 




CORN 

[CBOT) 









1094k 

232MMOT9I 107V, 

un. 

10714 

109 +0J0n 146325 

114V: 

X30WAfatv74Xmii 

114 

HIM 

113* +OJOW 8*033 


241 Juf 94 113 

X14 

112 

XI 3W +0J0U 67,932 



291 Vi 

2J0 1 * 

29«m— aoo’+ 1X0*8 

vn. 

23* Vi Dec 94 27CA* 

27iv< 

270% 

X2W6-OJOV, 34590 


2J3V,Afar95 X74V4 

277 

276 

176 -OJ1 

1106 

XH'K 

27*“, Mav 95 UO 

X8U 

2J0 

X80 

1*4 

241 

X7W.JUI9S XB0 

X80 

280 

x 80 -uav, 

336 

5-57V, 

2J7 Dec 95 15BV, 

X5BV, 

xsev. 

unfa *0-001+ 

10 

ExLsaleS SUM) Thu’S.Srtss *4274 



Thu'S open fan 350,194 up 
SOYBEANS (CHOT) 

350 




J 5JMOt3urrikjk7nin}-tkikirzperbushei 






497 

*91 

694<4— 0JO , 4 

*398 


SJnkA*ar«4 7J5Vi 

7J5Vi 

*9914 

7JIM-0J4V, 8X297 


192 Vi Mav 94 7JBV, 

7J9V, 

7JB 

7JM4-0J* 

35428 

7JD 

iWIJuSW 7J9 

7J9Hr 

7JB3Yfa 

7J6 -0JB4V. 30400 


420 AUQ94 7JlVfa 

7J» 

*98 

699V.-0J4V, 

5464 


6.17 Sep 94 676V, 

477V. 

474 

674V, — 0_03 

2473 

7-57V. 

SJ5ViN»/94 6J4V5 

6J5V, 

4S1V, 

4S»-O02Vfa 1IJS6 

tJXfr 

A10HJWI9S 441 

L6I 

*571* 

*5BV,-0J3V, 

775 

*67 

442 Ma 95 



*J»-OJOV. 

227 

664 

442V.JUI9S 



643Vfa-0Ja 

146 

6JOV1 

5JV6NOV9S *28 

679 

427 

*79 — 0J2 

388 

BSLxies 50J00 TTnTS. si*o 4*463 



Thu's upon fan 177J74 Oil 3M 




SOYBEAN MEJU. KSOT) 
100 ions- dDifan per ton 






18440 JBi 74 199 JO 

20070 

199.10 

70000 

*066 


lBMSNkrM 20040 

20130 

1*9 JO 

200.90 —0^)39354 

23X00 

1B5J0MOV94 20U0 

20X30 

201.10 

201.90 -040 14327 


19370449+ 20X70 

20340 

20X10 

20X90 -0J0 12AS 

Tnnn 

193.50 Aua 94 70X30 

20239 

201 JO 

20X00 — (L50 

1752 


19X60 Sea 94 2W DQ 

20IJD 

199 JO 

20070 —050 

2400 


194JOOCJ94 19670 

20000 

196J0 

199 JO — OJO 

1421 

M9J0 

*60 Dec 94 19*09 

199 JO 

19730 

19830 -040 

2414 


19*03 Jan 95 1«U0 

798J0 

IMJ0 

inuo —070 

as 

Ext. sales 1SJ0O Thu's, sales I7JH 



Thu's mn fait 1*411 ctf MOB 




1 SOYBEAN OB. (CBOT) 

! 6OJ60 B»- (Man per 100 fa* 





29 J0 

2090JO194 7932 

2932 

2846 

2LB4 -0J9 

*14) 

2974 

21.13Afar94 2918 

29.10 

2X57 

2877 -0314*749 

2923 

>1 JO Mav 94 2674 

2876 

2830 

20.4* —050 1*137 

28J0 

TIJSJUfH 2671 

2878 

V M 

27.95 —051 12.704 

2U5 

2U5AUP94 2775 

1771 

2735 

2750 —037 

4470 

2740 

224DS4P94 2*95 

2695 

9 * An 

2471 -022 

1743 

2445 

2X1000*4 25.92 

2598 

257 6 

2SJD - Jt ” 

2421 

2JJ0 

a*BOec«l 2547 

2S4S 

2JL20 

2X3* -ftU 

4395 

2545 

2X65 Jar, 95 7370 

2120 

25.10 

2570 

141 

EsL sates 32joa Thu's, ams 1*4JS 



TtaYsopenlnt 99 JUS ett 2*2 





Zurich 

Adis irrtJ B IM TXT 

Allis,!* BAt» 450 4SB 

3HCBTJWIBOVB 1153 1139 

Cidc GctaV B 946 950 

CS Hgldirm B NA — 

cWrimB 4105 4140 

e l50wr B 13M 1225 

IflfmJIsetJW B 2375 220 

JO'.TOi: B 946 972 

Landis Grr B *42 938 

lvj Hid b r«o ;so 

vjrirrwck B *JQ 4*5 

NafKe » 13® 1315 

Ceil Ik. Burtirlc R 1*0 13953 
Pvgna Mia B T5S0 14W 

cserMMdaPC mu <330 

Scfra Rantalic IQ 141 

5cndoz3 4350 43® 

ScM.lCItr B 7553 783 

Svlnr PC 474 EM 

SurvtNKxca B 2113 2150 

S<tlssSnk CoreB 489 483 

3*>B RtSmur H N A — 

SwitSOir R 743 740 

UBS B UW 1383 

Wlntarttw B 844 855 

ZiAlcri Ass3 1579 NA 


Livestock 

CATTLE (Q4ER1 
40J00lM.-oenl5parb. 

74JZ 7U9DFQ94 7X40 7US 714D TITS *059 3U8B 

82-’J 7120 Aar 9* 7*10 7*30 75.90 7*27 +OQ BUD 

7*40 71 2S An 94 74J0 7*85 7445 7420 HU3 1*4)0 

73.60 7023 Aug 94 7310 7187 7147 712! -0.17 IMS 

7154 71 07OU 94 7182 7387 7350 7320 **18 *236 

7*15 72JSDCC96 7*15 74J0 73J1 7*30 *A1J 789 

7145 rajo Fears raw -a.u » 

Est.ssm 14M* Tho^. «o»M 19+94 
TTv’imnln! 84J30 <JB 7 S3 
FCEQBt CATTLE (CMCR) 
guw Bo.- CMI per ta. 

1*90 79.90 Jan «4 BITS 8195 8U5 8X73 3-791 

8535 79 J2 MiK 94 NTS 8157 BUS r 27 .032 5J34 

R5J0 79 JO ACT 54 SOJO 1090 8040 BOAS *0Ji *187 

1*40 79.05 Mav 94 1053 8*75 8050 BOAS -*38 1JDB 

KUO 79J5 Aug 94 4150 1150 8)50 8U0 * 050 1J1B 

BIJO 79 5050)94 BUB IIJ0 II JO 81 JO *DJ6 MS 

B&JO 77 45 New 94 1125 BIJ7 81.75 BUT *037 54 

8*97 79 jo Oct 95 80 AO 11J0 BD40 81 JO *055 ISO 

Ea.sain >553 Thu'vukGS X711 
TDU’IOOOIM 17285 I* M 
HOGS (CMEHJ 
^ ™ ns.- cents DCf fe. 

5125 4*201-80 94 4*75 47J0 4*35 4*70 **01 124115 

49 JS 39 57 Ao- 94 4*40 4*40 4*10 4*47 **17 7J44 

5*00 4S27AM94 5400 5*00 5US 5382 — *15 SJS! 

5X85 4528 All 94 5180 5X90 5XSB S3J57 -023 2.557 

5230 46JSAUS94 52.15 5ZJ0 5187 52.10 -A05 IMS 

4927 4X4000 M 4TJ5 4*40 49.10 49.12 — ©SB 904 

SUE 45J0Deck) saoo SUC 49.75 4925 —020 627 

5045 4*58 Fed 95 5**3 5*50 SU5 5*45 87 

4*70 45. W Air 95 4*45 H 

Est.ioes 6J70 -mu-vseKs oji4 
Tin's oaenud 31J05 up I SB 
PORK BELLIES (CMERI 
4DJOO Bv- CBIIi SO Bk 

41.75 J9.1DM7U mw SIS SSM SLIO —1.77 JJ07 

6090 33. 60 Mat 94 5*47 5845 57J5 5737 —1.18 1JU 

61 JO 4QJ0MOV94 99 JR1 5983 5*50 5*9 —129 1/7)0 

CJO 29JDA494 6*40 4*40 59.15 S7J2 — 1.H 1JW2 

S7JSB *7 00 Aug 94 S7JD 57.95 5443 5+63 -**8 2S 

Est. MBs 7446 Thu'* sales JJ01 
Thiriwmw i*?4i ua 236 


Teoii 1.— . — 
Prrriom : riff 


SBS taaei : 104580 

m*to» : 103142 



Food 





COFFEE C MCSEI 






rjoooB. 

-cents ner D. 






«J5 

6170 After fl 7180 

Tiro 

7X65 

7250 

*00 JM51 

9050 

6X2SMOV94 7165 

7171 

7X40 

7*20 

+X3D HUPS 

17.10 

*4 93 JlAW 7X15 

7185 

7*0(7 

7170 

-WO 

U25 

0X50 

6U0SnM 7655 

77.10 

7550 

7*90 

+085 

2757 

9100 

niODecM tX'5 

Till 

7775 

7X60 

-Mi 

1774 

PJ0 

70.90 Morn 7980 

non 

79 JO 

8X0 

-050 

749 


MOV® 



I1J0 

+ 045 

3 

Esi.solm 

1X37* Thu's-sdn 84*6 





ITw'sdpwmy S *M3 US 587 





SJUMfQnjMl (NOB) 






I12JBB01L- cent) per B 






1184 

850AAO-94 KUO 

1X76 

KLU 

1058 

-370 51.918 

•150 

XJBAftDVM 10.93 

1X99 

1X15 

1007 

—0.16 25,792 


Snmn Season 


Hkft 

Law . 

Open 

Huh 

Low 

Chtse 

OW OpJnt 

1155 

9.11 Jut 94 

1X05 

1X93 

1601 

MUM 

—000 15764 

11J5 

9420094 

IBJft 

1X93 

1084 

1 X02 

—an 147*0 


9. 17 Mar 99 

10 J6 

1X89 

1004 

1077 

-an 

2399 


1057 May 95 1X09 

1X19 

18188 

1X77 

— X 12 

12 

)0JJ 

1057 JUI95 

1X09 

HUM 

1008 

1X77 

-aw 

3 


1057 Oct VS 

W09 

10J9 

1088 

1X77 

-aw 

7 




a 




Thu'sapentnl 1M1J57 

UP 1 







COCOA (NCSE) 
Minetrt c kK B -lperlon 


M9S 

1368 

1315 

1377 

1389 

1381 

7400 

1407 

1350 


13*25 

osjo 

13100 

13*50 

73*00 

132J0 

11925 


1149 1109 
1183 1144 
1218 1174 
1224 xm 
1345 7227 
1250 USD 


HU*** no9 

*78 May 94 II® 

999JUI94 1176 

kboscpw no 

10*1 D*c 94 1327 
1077 Mar 95 1250 
inXWDI'95 
1225JUI9S 
1320 Sop® 

Eftidn I3J47 Uni's. 9QM& 7,141 
Thu’s open kit B9JSD off 1193 
ORANBEJUKE (NCIN) 

1SJ00 B&- cents atrBk 
13320 8X15 Jan 94 11*00 111 JO 109JK 

BUD Mar 94 moa 11325 11050 
8X00 MO)r 94 n*50 H5J5 11160 
10150 JulW 116J0 117J5 11550 
KK50SOIM Ilf JO 11X08 11*00 
MBIBMwM 
10X50 Jon 95 
10*08 Mar 95 
May 95 

Est sales NA Thu'&Hfts 1505 
ThuHooenM 1*486 oH » 


1138 

1180 

1304 

1230 

12SS 

rzra 

1279 

1302 

1313 


10950 

iiua 

T14J5 

114® 

11755 

11750 

12*60 

1RL40 

12*60 


*5 33594 
+ 14 1*488 
+4 T*O0 
+4 6J24 
+6 *791 
+7 *043 
+4 *238 
+4 MSI 
*4 383 


+055 TIM 
+IJ5 1*462 
+-LM 2544 
+U0 1.110 
♦ US 644 
+7J5 

+1J5 419 

+1 JS 
+145 


Metals 

WOBADCCO rmt (NCMTO 
23J008B.-CHi>XParB. 

10440 72J5JmM 79J5 79J5 7820 7*25 —1.15 1J64 

U7J0 7X00 Mat 94 7958 IBJ0 7*50 7*40 -X35AL749 

8920 7U0APT94 7945 71J5 79 JS 7850 —125 

10X28 7160640/ 94 7950 . 8*30 7955 7MB —US *151 

•950 74.10 Jun *4 7920 —123 851 

HRJS 74JDJUI94 8*25 10190 7950 79 JS —125 *111 

10X30 74J054P94 8*70 0125 8*20 79.® — L15 

10L90 7*75 Dec 94 B15D 8X38 8150 BUS —1.15 3269 

4*50 7620 Jan 95 *1.10 -1.10 

99 JO 7ia0Feb9S 79 JO 7852 7*30 7840 — UO 1.286 

BUD 4X70 Mar 95 BX» 8X10 8X10 3150 —150 M> 

BSJ0 7*85 Mav 95 BXB 8X51 1X55 8X10 -*90 

ik <a 78J0JU95 m*n — uo 

8630 TSJSAugfS 8840 8020 8*0 7955 — 120 

B5J0 79.W58I95 8X18 -020 42 

BX10 75200095 8L1S BUS 81.15 B*2S —1.15 

BX30 77.75 Nov 95 8143 81 45 BIAS 8*50 —120 

ER.R0HS 15500 TIM'S. SCWs *492 
Thu's open W M.3A all 172 
SLVBI (HCMX) 


51*0 

5345 

5555 

HAS 

3615 

5/Zj 

54*0 

3710 

38*0 

93J 


34*5 Jan 94 
46UFab94 
36*0 Mar M 5135 
371JMOV94 5175 
37UJUI94 5195 
37*5 5ep 94 3240 
38*0 Dec 94 5305 
4OUJ019S 
4145 Mar 93 33*0 
«UiUMay9S 
43*05495 
49X05*0® 
55L0DCC95 54*0 




499 J 

-11.1 




5BM 

—1X1 


51 iO 

3D6jO 

ms 

— TIJ 15707 

5165 

sou 

SOSJ 

— llj 11835 

BB5 

BU 

SOU 

—11410769 

52*5 

5128 

5138 

-417 

5338 

5318 

51*0 

5173 

-415 

*934 



5110 

—128 


53X0 

53X0 

5325 

—1X1 




52*5 

— ?X3 




5207 

—1X5 





-4X7 


540J 

5328 

5414 

—125 

713 

ts ZL743 




183) 





31750 

38750 

367 JO 

—240 

302 

39450 

38*00 

30980 

—250 1*891 

19450 

39OD0 

39030 

—250 

2402 

3HJ0 

39100 

39140 

—250 

2JS 



39380 

—2-50 

US 


PLATWUM WMER) 


40SJ0 36UBW94 

407 JO 37450 Jan® 

Est. sales NA Thu's. KdM 420 
Thu's opctM 20.140 OH 4 a 
GOLD w ooq 
100 t/w (E> ilA.1 per frw oz. 

39*50 36X50 JO) 94 301 JO 39150 JriJO 3B6A7 

4ISJ0 m*!F«fc»4 3*2.10 393J0 387 JO 38720 

X 28650 Mar 94 39X00 39X00 38950 38*10 

4)050 33520 Aar 94 30*00 39SJ0 38*50 387.18 

41720 TO 4D Jun?* 39650 397J0 391.00 39150 

GUO 341 50 Aug 94 39750 39750 39130 29100 

417JD 14*000094 39950 39950 29950 39110 

42650 34X00 Dec 94 40X30 40X90 397.10 39720 

41 1 JO 36X50 Feb 93 3*950 

417.00 36430 A »r r 95 4H50 

43*50 361205m 95 0420 

4)250 38*50 flag 95 40*70 

411 JO 4X200095 0920 

a 41 100 Dec 95 41X50 41350 41150 411.90 

Esxsdes JUMI Thu's. S4JT1 
Du's seen fan 149.134 all 1229 


—250 9X422 
-2.90 33 

— 308 14542 
— X00 3X744 
—3.10 
-110 
-XW 12.127 
-*10 1560 
— X30 2J61 
—XX *170 
-040 374 

— 150 

-140 2J19 


Financial 

US T. BILLS (CM6SM 

tlrnUon-MsallOOpcl 

9*90 9* 11 Mar M 9*79 9659 9*79 9*88 

9*74 9*15 JU>t 94 9650 *656 9*58 9655 

9*44 96J6S4P94 9428 9650 9628 9*0 

Dec 94 9*06 

EsLsMM 11.542 TIWs.sataS 2203 
Thu's seen fait 35.177 up 2M 
5 TIL TREASURY (CBOT) 

*10*008 arts- on a. Sams at hbmi 
1O4SSU0-1I Mar MW-315 TH-28 110-29 111-27 + 
112-0$ 109-34 Jun 94110455 111-04 110455111-0®, 
eu.Mte 77500 TKU-S.H4B 41519 
Thu'seaenW VftJUD up 14J 
10 YR. TREASURY IC3KTD 

s no joo ere*, bis & jam* or w pu 


114-71 109.29 Dec 94 
109-14 109-09 Morf5 
E*k*h 11*000 Thu's.iota* U&U 
Tlursopmeit 27*315 olf 409 
US TREASURY BOKH tCBOTI 
IB Pd+HRJHJ-ulsi SMscIHBpdt 


111-16 109-00 Sep® 
ni-M 104-25 Dec 95100-W 111-25 III-! 
Etf-HSm 473500 HWL SOleS 374J43 
Ttu'scnnfait 351 JUT 0B 5735 
MUWMMLMMM WOT) 

tiowaiWhK-pti&BiwiefHBpet 
!®-0 99.22 Mar 94103- M 103-22 VO-I 
103-08 10042 Jin 94 10242 107-3 ID1-4 
EU.U6M 74» T7v/j.k4« 3441 
TiurtaoRifaB 2*231 ua w 


+ 0.10 27444 
+*14 4419 
+*I7 1511 
•*17 3 


3 301587 
» 5J98 


ID-26 

*105 

299.999 

113-30 

♦105 

?i8fl 

112*05 

+105 

314 

11M7 

♦10* 

71 

110-21 

+ 10S 


114-03 

♦ MS 

3034SI 

115-00 

+ 117 

14411 

n*4l 

+ 117 

I9J95 

113-23 

+ 117 

U57* 

117-27 

41 IS 

*7 

1134)7 

+ 114 

53 

111-11 

+ 113 

13 

119-27 

♦ in 

4 

10-20 

tin 

2*1® 

IBI-tf 

+ 1H 

59. 


Season Seam 
HOh Law 


open - Hah La* - dan Cho OnJnt 


EURODOLLARS (CMCR) 
flmHan-rtsotiaopeL 
9*42 9B28MarM 9659 

9*75 9040 Jin 94 9*16 

9*34 7*365 0794 9S56 

9641 MUTDoeM 9X45 

9JJ0 5*54Mar#5 .8531. 

*550 ' 'tDTJUlH VSJr 
9543 ' .91 J1 Sep (5 9*87 

9551 9L18DBC95 9*56 

Est.eatas ma, Hw^-smus 359,944 
Thu’sooea fart 2J19J44 up 41291 
BRITISH POUND COMER) 
SPwpoun^lDoMaqualinJOOi ■ 
U284 1 4000 Mar 94 1579 1579 

LStSB lAMOJunM 14770 - 1480 

14930 154605ep94 

14990 1453) Dec 94 

FU urtts HA. Tturs.s0ui 11568 

Thu's open fart 3*557 up UK 


9*60 

9*33 

9*05 

9556 


fl» 

9*78 


9459 

9*14 

MM 

9544 

*530 ^ 

9555- 

9*87 

9654 


15750 

14740 


9*59 - +an4HLMt 
9*32 +0J7337J37 ' 

9*03 +02824*951 " 
9554 +*20 187 JOS 
9U0-. _+mn 19*537... 

«3r-+«2BTOTr“ 

95JD7 + *2011*222 

94J6- +0L20 BJB7 


14874 +122 29579 

L«U - +118 .944 
14744 +114 9 

14734 +IW 5 


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INTERNATIONAL HERALD TRIBUNE, 5ATURD AY-SUN DAY, JANUARY 8-9, 1994 


Page 11 


mm 


WgUjjlJ 




■T 3 a 1 

mTi 


Ctm^i-tled ty (iv Staff from Dispatches 

'MADRID — Depositor have 
pulled about. 3QQ button .pesetas 
($2.06 billion) out ofBanesto stma * 
the Bank of.SpHmtdok. over the 
lending institution on Dec. 28. a 
spokesman said Fnday. 

'The withdrawals, amount to 


deposits al :Btinesio; whose full : 
name. is : Banco EBpaJJol de Crfcdito- 
5A. They add to pressure on the 
Spanish government lo . design a 
rescue foriht troubled hank 

Separately, Mario Oxide; who 
-was ousted as chairman of the 
bant : said. Friday he would chal- 
lenge his dismissal in court. He and 
other former executives who have 
not made, any public statements 
about the affair since they were 
removed, plan to give thrir side of 
itteBanesto story on Tuesday. 

. The cmtral bank took control of 
Banesto after the . government said 
it lacked the resources to cover its 
liabilities. 

The outflow tf deposits has put 
pressure' on the central bant to 
come up with a solution, to the crisis*, 
hugely to ease the effects it is having 
in Sp anish financial markets. Rank 
stocks, in particular, have been bat- 
tered since the takeover. 

“I think you’ll see an axmoonce- 
jneni within a couple of weeks," 
said John Paulsen, vice president in 
charge of fixed-income research at 


Kidder, Peabody & Co; in New 
York. nm is a powerful do- 
mestic incentive for them to dome 
Dp with a pian soon.” 

. .Mr. jPtiuken said that noth more 
.titan 1 trillion pesetas m liquid as- 
sets and a deposit guarantee by the 
Bank of Spam, Banesto was not in 


enmeh. “The thmg to remember is 
that the unlbdrawals. are riot by 
sophisticated customers, but. by 
small retail customers,” be sad. " 

The price of saving Spain’s’ 
fouith-lareest. bank from collapse 
will Gkdy bepsod'by itssharehold- 
ers, who include Mr. • Conde and 
J.P. Morgan & Co. . " 

The Bank of Spain has asked 
other Sp anish banks: to contribute 
. what isbetteved to be 250 billion to 
300 trillion pesetasio cover an esti- 
mated 500 brilSoc peseta gap be- 
tween Banesto’s assets and its li- 
abilities. 

Some anatysts have said they ex- 
pected Banesto’;. curxmt equity to 
be written.off as part of the rescue. 
Bill along with rirantrarwjii afng - the 
major ihareholderv such . a write- 
off would also affect small inves- 
tors among the 240,000 sharehold- 
ers. . 

“If you had a lot of moms and 
dads losiqg their investments,” said 

ask why the Banlr of Spam°^n^t 
act before.” ■ * 


How to Ski Up in a Down Market 


out 


And Sets Stock Issue Terms 

Ctm/nfed fp Our Staff From Dispatches 

- FRANKFURT — Commerz bank. AG said Friday that it would 
increase its dividend by 20 percent and raise 945 mutton Deutsche 
marks ($540 m3Kdn} through a previously announced stock issue.' - 
The bank said it planned to raise its annual payout to 12 DM for 
1993 frixn 10 DM the previous year. ■/ 

Announcing terms of its I-for- 10 rights issue, Co mmereb ank said 
the new shares would be priced at 315 DM. .The bank's stock rose 
150 DM on Friday to.dose at 38150 DM 
Friday’s statement also hinted that "the bank would shortly an- 
nounce new activities in insurance. 

The chief executive,' Martin Koblhaussen. had said in November 
that the bank was cooadering a dividend increase, But Be did not say 
by how much. Be also said there Would be a rights issue. a form of 


by how rmreh. He also sad there'woald be a rights issue, a fonn of 
capital raising under which shareholders are offered new stock at a 
fixed ratio to their existing bolding, arid usually at a tSscoant. 

Michael Wand, an analyst at BHF Bank, saidCommexzbank w^ 
sedring to raise its core capital-asset ratio to morc than 5 jQ percent 


from 4J-4.6 percent now, “idling if into line with the other major 
German banks and to ensure that its capital costs dojjot rise as a 
result of low ratios." 

The rights offer is for a nominal value of 150 miffionDM, 
equivalent to 3 mfflion shares with a par value of 50 DM. Die 
subscription period runs from Jan. 24 to Feb.7. f AFX, Bloomberg) 


Bloomberg Business. firms 

. PARIS Like snow in the Alps, good 
news keeps piling up at Skis RosagnoT SA 
arid Salomon SA. 

The world's top two . makers of skiing 
equipment, back from steep losses only three 
years ago; predict their profits will continue 
to rise and their market Mures will grow more 
commanding, thanks to a string of successful 
new products and management choices that 
have helped withstand Europe’s recessk®. 

‘There’s good snow so far this winter in 
Europe and the United States, and that's 
-more good news for us,” said Jean-Jacques 
Bcmpard, RosagnoTs treasurer, as he lowed 
at the Alps from his office near Grenoble. 

Barren mountains and the U.S. recession 
set back both French companies in 1990 and 
1992. Heavy snow, a US. upturn and cost 
- cuts helped bring them bade. But they owe 
their upward swing more to playing the glob- 
al labor and capital, markets, and to capitaliz- 
ing an brand recognition by diversifying. 

The share price of RossighoL, which makes 
skis and hoots for alpine and cross-country 
skiing, has soared 143 percent, to 2J0I 
French francs ($371), on the Paris stock ex- 
change in the last year. Shares in Salomon, 


which makes ski boots, bindings, and acces- 
sories, have risen 25 percent, to 2202 francs. 

Both companies had record losses in the 
financial year that ended March 31, 1991, 
because of overproduction, a third straight 
year of poor snowfall and losses from curren- 
cy transactions. Since then, the companies 
tuve taken more sophisticated approaches to 
currency movements. 

At Rossignol. for example. 29 percent of 
sales are made In dollars and 23 percent in 
yen, providing a balance that shields the 
company from wide swings in either curren- 
cy. Profit margins are fattening up, since one- 
third of the company’s skis are manufactured 
in Spain and all its boots are made in Italy, 
countries whose currencies have been deval- 
ued by more than 20 percent against the 
French franc In the last 15 months. 

Diversification has also helped the compa- 
nies weather the weather. Rossignol had pro- 
duced only skis. Now. just four years after it 
began making boots under its own name and 
acquired a Swiss- 1 tali an bootmaker, Lange, 
downhill ski boots now account for 22 per- 
cent of sales. Its world market share in ski 
boots now is 16 percent and rising. 

At Salomon, diversification and the cur- 


rency markets have played an even greater 
role. For most of its 45’ years, the Annecy- 
based company was known only for bindings. 
Today, it holds a 44 potent world market 
share for downhill-ski bindings and 60 per- 
cent for cross-country bindings. In the early 
1980s it added cross-country and downhill 
boots, and in 1984 it acquired the U5. golf- 
dub manufacturer Taylor Made. 

Golf equipment now accounts for 23 per- 
cent of Salomon's revenue. Its cross-country 
shoes have a 40 percent world market share, a 
position made all the more profitable by 
assembling the shoes in Morocco. South Ko- 
rea and the Czech Republic. 

Its downhill skis, about twice the price of 
typical downhill skis, also are runaway hits, 
thanks to slick marketing. Salomon in 1990 
launched the so-called monocoque ski. made 
of one main piece rather than layered. 

Rossignol predicts a net profit of at least 90 
million French francs for the financial year 
ending March 31. compared with 36 million 
francs a year earlier. 

Salomon's turnaround from 1991 is even 
more remarkable. After a loss of 257 million 
francs that year, the company bounced back 
to a small profit in financial 1992, and to 95 
million francs last vear. 


I Investor’s Europe 


Frankfurt 

DAX 

2400— — 


London ■ 
FTSE 100 Index 


Paris 

CAC40 

' 2300 



Amsterdam AEX 

Brussels Star 

Frankfurt DAX 

Frankfurt FA2 

Helsinki HEX 


London 

London 

Madrid 

Milan 

Paris 

Stockholm 

Vienna 

Zurich 


Stock index 

DAX " 

FAZ 

• HEX 

Financial Times 30 
FTSE 100 
General Index 
mIb 

CAC 40 

Aftaersvaeriden 
Stock Index 
SBS 


424.02 

7.667.00 
2,211.54 
837.01 
■1,598.28 
2.617.60 
3,4464)0 
32332 

957.00 
2307.55 
1,70638 
489.64 
1,045.80 


;■ Reiners, AFP 


7.639.82 +0.36 

2,220.22 -0.39 

842.64 -0,67 

1,571.31 +1.61. 

2.580.70 +1.43 

3,403.00 +1.26 


SL275.Q6 +1 43 

1,677-24 +1,77 

492.50 -0-S8 

1,038.42 +0.71 

lnlCTnaiuaal Herald Tribune 


Preussag Delhaize Sales Rise, Food lion Hurts Profit very b rietiy: 


To Aid Unit 

LiFrance 

Compiled ty Our Stiff Fnm Dapateha 

HAMBURG — Preussag AG, a 
German steel, nonfemras axial 
and industrial conglomerate, said 
Friday that it would inject as much 
as 150 millian Deutsche marks ($86 
mflBon) into its atting French sub- 
sidiary, Metaleurop SA. 

The news sent Frcu&sag's stock 
skidding on the Frankfurt market, 
where it dosed 15 JO DM lower, at 
451 DM, despite an assurance from 
the company that its annual profit 


Preussag, winch owns a majority 
share in the Paris-based company, 
will bay49percettt of Metaleurop's 
galvanizing and casting plants in 
Germany. These plants are now 
wholly owned by Metaleurop. 

- A Preussag spokesman said the 
company would also make a loan 
to Metaletrrop. The purchase and 
the loan would total between 120 
million DM. and 150 million DM. 

Metaleurop is expected next 
Wednesday to post much larger 
losses fa- the 1992-93 business year, 
which ended Sept. 30, than the pre- 
vious year, both companies said. 

Mttaksircp’s 1991-92 loss was 
167 ntiffion francs ($28 mflKon). 

. (Kiughr-Ridder •, AFX, Reuters) 


Compiled bv Our Staff From Dispatches 

BRUSSELS — Delhaize Frires 
& Co. said Friday that its 1993 
sales rose 12 percent to 366 billion 
Belgian francs (S10.13 bQtton), but 
it said profit would be down signifi- 
cantly. partly because of a S170 
million charge for closing dozens of 
its supermarkets in the United 
States. 

The Belgian concern does busi- 
ness in the Uniied Stales as Food 
Lion. In Salisbury, North Carolina, 
Food Lion Inc. said it would close 
88 stores in 1994, affecting about 
3500 employees. It died poor fi- 
nancial performance at individual 
stores. 

Food Lion’s president and chief 


Irish Group in Talks 
On The Independent 

Agpnce Frmce-Presu 

LONDON — Newspaper Pub- 
lishing PLC, majority owner of The 
Independent, is dtengang setting 35 
percent of its capital to the Irish 
company Independent Newspapers 
PLC, haded by the m.tg nan» Antho- 
ny OReffly, fa £20 tmffian ($29.7 
raiDioa). it was reported Friday. 

The Independent, established in 
1986, has won praise for its quality 
Imu has seen its circulation slip to 
340,000 from 400,000 during Brit- 
ain's recession. 


executive. Tom Smith, said most of 
the workers would be offered jobs 
elsewhere in the company. Employ- 
ees who do not receive other jobs 
with the company will receive sev- 
erance payments, he said. 

Food Lion, which operates more 
than 1,000 grocery stores in 14 
slates, said it had a net increase of 
84 stores in 1993 and planned to 
open 40 to 50 more in 1994. 

Food Lion said its same-store 
sales rose 2.9 percent from a year 
earlier in the fourth quarter of 
1993. For ibe year, however, same- 
store sales fell 2.6 percent. 

At another American unit of 
Delhaize. Super Discount Markets 


Inc.. 1993 sales rose to S26G million 
from S248.4 million in 1992. 

Sales at its 16-store Greek unit, 
Alfa-Beta Vassilopoulos, rose 31 
percent to 53.6 billion drachmas 
($214.2 million), Delhaize said. 
One outlet was opened at the end 
of November, and further expan- 
sion is under study. 

At the Czech unit. Dei vita, sales 
more than tripled to 769 milli on 
koruny (S26.I mini mi from 239 
milli on koruny the previous year. 

Delhaize said sales in Belgium 
were up 25 percent in 1993, to 935 
billion Belgian francs. 

Delhaize expects to pay an un- 
changed dividend fa 1993 of 20 
francs a share. (A FX A P) 


• Akzo NV predicted that profit fa the fourth quarter of 1993 would be 
higher than a year earlier, though figures are not yet available: the 
Chemical company said results in the Uniied States were higher while 
those in most European operations had lagged. 

• Ahold NV said 1993 group sales rose about 25 percent lo 27.1 billion 
guilders (S13.93 billion), largely due to the consolidation of Scfiutema 
NV. a Dutch wholesale food concern. 

• Shot Brothers PLC, an aerospace company and the largest employer in 
Northern Ireland, said it would cut 429 jobs from its payroll or 10.129. 

• Russia's government said that wages had more than doubled in dollar 
terms in the last year and that the average monthly wage was worth about 
$104 in December. 

• Portugal’s cabinet decided to increase the maximum stake that foreign 
companies can acquire in privatized Portuguese companies to 25 percent: 
the limit has been gradually raised from 20 percent. 

• Kvaerner A/S said its German shipbuilding unit, based in Wame- 
mQnde, had won orders to build five container ships worth more than 1 
billion Norwegian kroner t$148 million). Reuter. Bloomberg. AFP. AFV 


France Is No Longer in Recession, BaUadur Asserts 


Compiled by Our Staff From Dispatches 

PARIS — The French economy emerged 
from recession a few weeks ago, Prime Minis- 
ter Edouard Ballad ur said Friday. 

In a New Years message to journalists, he 
said, “As of a few weeks ago, the economy of 
our country is no longer in recession." He did 
not elaborate. 

Mr. BaUadur said the government aimed to 
prevent the country’s unemployment rate, 
already at 12 percent, from rising further this 
year but did not believe there would be a 
rapid end to the problem. 

Also on Friday, at a ceremony inaugurat- 


ing the Bank of France's monetary policy 
council, Mr. BaUadur said the new indepen- 
dence of the Bank of France should strength- 
en the “international credibility" of the franc. 

He pledged to “scrupulously monitor" the 
Bank of France's freedom from political in- 
fluence and told members of the council — 
which was established to define and imple- 
ment monetary policy independently — they 
should never seek or accept instructions from 
ihe government. 

In economic news, the Paris Bourse dosed 
a record-setting week with another high of 
2,30755 points on the CAC-40 index, up 1.4 


percent on the day. and the government an- 
nounced a seasonally adjusted trade surplus 
for October of 8.70 billion francs (51.47 bil- 
lion). 

The October surplus compared with a re- 
vised surplus of 9.91 billion francs in Septem- 
ber. The government had originally reported 
a surplus in September of 9.57 billion francs. 

The figures showed a faU in imports in 
October to 87.89 billion francs from 91.77 
billion in September. Exports fell to 96.58 
button francs from 101.68 billion. 

(AFP, IHT. Reuters I 


. Friday’s PiIcm 

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Page 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY , JANUARY 8-9,J994 







is 





CULTURE: Compromise Over Trade in Movies Left Much Unresolved 


Continued from Page 9 

films made in America as in Eu- 
rope. 


well —whether because it is cheap- 
er or because if is better —Is hardly 


_ ~ 7 an argument lor ptoiecuon, ne s 

Dpc ‘ gpsts, any more loan the superiority 

That^d.ftisstmmieiliatHolr ^ Freadl champagne «w‘C 
lywood blows away ite European fomia bubblT^SST excuse 
competition. Isn’t that reason American qu6ta on the fonner. 
enough for the Europeans to nur- 
ture the business? On the othef hand, be says, i 


it is cheap- bilitics in ways that are - not cap- 
— ishaidly t^red Ut sucb. -ss.-pnoes off 
ion, he sug- tickets, video rentals and teievision 
superiority advertising. 

Thecatch, saysQi Noam 4i/ec- 
excuse an tor of -the Institute Tot Tele- Inf or- 
former. mation at Columbia Business 


lure the business? On the other in 

Harold Fruchtgptt-Roth, an eeo- possible to defenc 
nomic consultant in Washington, for the home p 
puts the cultural arguments in an ground of “ester 
economic context. The fact that Europeans,' as. a i 
American entertainment sells so from exposure to 


On the other hand, he says, it is Scboot in New Yoric. is that preset- 
possible to defend 1 a helping band vanon of culture has become an all- 


for the home product on the purpose excuse. It's one thing, he 
ground of “externalities*' — — that says, to sweeten the pot for the best 


Europeans,' as a COTninuhity, gain of the domestic product; virtually 
from exposure to European sens- every government subsidizes high 



culture. It is quite another to pul & 
quota on American cop shows so 
that French studios can crank out 
their own. 

If there is a bright side from 
Hollywood's perspective. Mr. Va- 
lenti says, it is the fact that Europe 
failed to get a formal exemption for 
cultural services from the talks un- 
der the General Agreement on Tar- 
iffs and Trade. That, he says, 
means American producers are free 
to take the Europeans to court over 
alleged discrimination. 


ON YKJ PE lOte rtnh law UdeH Oi'ac 



ABC INVESTMENT ft SERVICES CO (E.C.) 
Manamo- Bahrain. PO 28087=* 533062 Tl 537735 

m ABC Futures Fund Ltd 5 IJ50I 

mABC Islamic Fund I E.C.1—S 12X61 

in ABC Global Recovery Fd s 1(00(1 

ABN AMRO BANK. P.O. Box XX, A naMm 
Hr CohjraWa Securities— —_F I 14172 

iv Trans Europe Fund FI FI 9860 

iv Trans Europe Fund S 1 504 a 

wAirenta FI 37 MO 

AJC FUND MANAGEMENT Ltd 

d AIG Amor. Ed. Trust s 

w AiG Balanced world Fd s 

WAJG Eurecu Fund pic Ecu 

wAIG Euro Small Co Fd Pic J 

w AIG Euruae Fd Pic I 

w AIG Jmxxi Fund J 

• AIG Latin America Fd PlcJt 155.1713 

iv AIGMIltamrencv BdFdPIcJ iSCtoM 

to AIG South East Asia Fd A 1905317 

d High LHe Fund Ecu 

d UBZ Eurc-Ooumlrcr Fund .Ecu 

d UBZ IK* KlltV FwdS S 

d UBZ LiaukJ/tv Fund DM DM 

d UBZ Liquidity Fund Ecu Ecu 1214548 

d UBZ UauKtllv Fund SF -SF 

ALFRED BERG 

a Allred Bor, Nordm S 17A32 

Alfred Bero Stare 

d Far East S ISAM 

d Germany DM 24333 

d Global S 165.91 

d Jaaan Y 10H7JH 

d NoinnTanas Fi 2625H 

d North America 4 117.71 

d Switzerland. SF 2DI45 

d U X I 8030 

ALPHA FUND MANAGEMENT, LTD 
48 Par-Lo-Vllle Rd Hamilton, HMII Bermuda 
iv Aloha Aita Hedge (Dec 291.5 180.16 

/n Aloha Europe Fd I Nov JOi^Ecu 23684 
in Alpha Futures Ffl iNcv 30) J 211 71 

m Aloha Global Fund (Nov 301* 939.43 

m Alpha Hedie Fund (Nov 3B)S 4I038 

m Alpha Japan Snec (Nov 301 4 78834 

mAlafio LannAmer (Nov 30)5 25634 

mAiatia Poohc Fd (Nov 30) _S 4KA0 

in Alpha SAM- -■ - -4 1ISJ9 

m Alpha Short Fixid (Nov 30) J 6637 

m Alena Shi-T Fu inc ino« mis 107J77 

m Aloha TlUdaic Fd (Dec 3113 16473 


m Aloha Worthington (Nov 38)5 
mBuch- Alena EurHdo Nov 30 Ei 
mCurr-aiPha Hilh Cr Dec 31 _S 


mGiumiivc-J Value (Dec W_s 

a Heisel Jaoan Fund — Y 

m Hemisphere Neutral Nav MS 
m NtchAepl Aurelia i Nov 3D) J 
rrPcdl PiMOeoBvi Jan3_S 
m Rmeoen nri Fund i Dec 31)5 

m Sane Inn Fa IDec 311 S 

m Solus Inti Fd (Nav jai 4 

ARRAL ASSOCIATES LTD 
■v Arral American Oaanf Fd_3 

iv Arral Asian Fund S 

■v Arral Mil Hedge Fund S 

BAIL 13 Place Vendome. 7XM1 Parts 

mlnkjrmarki-l Fund 5 

/ Inlerptll Convert Bos FF 

I inlerptll mil BcB- s 

r inter mu Obli Convert Ibto^J 
Inlermartel Mullicurrettc* Fund 

m Class A FF 


m Class B™. 
m Class C 

BANK BRUSS 


FF 2369.16 

t SOM 

V 4156300 

LS LAMBERT (33-21 447 SB7 


. Inver l America 5 

. invest Belgium BF 

. Invest Fur East Y 

. invest Asia * 

. invesl Latin Amor S 

. invest High Yield BF 


a Kairnruviiai i_r- 

tf Renta Cash VMedlum BEF BF 
d Renta Cash 5- Medium demdm 
d Renta Cash 5 -Medium USD S 


r Eurooean S, Atlanti c- s 

I Pcdtlc S 

I Emerging Markets S 

CAISSE CENT RALE DES BA NO II 

d Fracil ux - ObL Fses A FF 

d Fructi u* - OM. turn B Ecu 

nrFrud ux- Ad Ions Fses C_FF 
d Fructi ux - Actions E ura D .Ecu 
a Fructi hre - court Terme E-FF 

d FrucfUux-D Marti F DM 

CALLANDER 

i* Callander Emer. Growth S 

w Callander F -Asset s 

w Callander F -Austrian AS 

n> CaUanoer F-Sainlth- Pin 


1441 
1128 
1X95 
2X55 
ES POP. 
8646.95 


w CaUanoer F-Sponlsh Pin 958200 

»CoHanderF-USHoaHli Core* 8238 

w Callander Swiss Growth SF 14971 

CANADIAN INTERNATIONAL GROUP 


d Cl Canadian Grawlh Fd a 

d Cl North American Fd CS 

d Cl Poctflc Fund a 

d Cl G la Dal Fund CS 

d Cl Emer? Motets Fd CS 

d Cl Eurapemi Fund CS 

d Canada Guar. MorlmneFdCS 
CAPITAL INTERNATIONAL 
w Capitol inn Furvl_____S 

w Capital Italia SA. s 

C DC INTERNATIONAL 

vr CEP Court Terme FF 

wGFl Loro Twm, . . P C 

CIC GROUP 


Cl N DAM BRAZIL FUND 

d Cbidani Equity Fund S 

d Ondam BahxKEd Fund S 

CITIBANK (LUXEMBOURG) SvA. 
POB 1 373 Luxembourg T(i. 477 95 71 

d otlnvest Ghioal Bond s 

d CJtlnvesl FGP USD S 

d otlnvest FGP ECU Ecu 

d Otlnvest Selector S 

d at (currencies usd s 

d afteurmdes dem^ dm 

d ClllcurTwicles GBP- .E 

d Oilairretides Yen _,Y 

d Clfloort (tA. Esmtv s 

d Clttporl Coni. Euro Equity -Ecu 

d Oftparl UK Equity—, I 

d Citlport French Eauliv FF 

d citlport German Eautty DM 

d Citlport Japan Faulty v 

d CH toorl LA PEC 5 

d Of Carl Eanwc S 

d citlport NA S Bond S 

d Clttporl Euro Band-. Ecu 

d Managed Currency Fund_S 
d CJtlmarteis Global Equity _s 

d utlmanceh Globa! Band S 

d Oihnariiets Euro Faulty _ S 
■vCttlmkts Glob Ernerg MktsA 
CITIBANK (PARIS) SJL 
H>ar<96Ca>Gtd s 

anTRUST 

iv US S Equities 5 

w US S Money Marker 
urUSS Bands. % 


» Com invest Futures I Fd 3 

w Caminvesi Dhrersttiod Fd— S 
w Com Invest Dollar P hw s 
rr Caminvesi S Allocation PlusS 

*v Caminvesi Forex Phis s 

wC A P Global Actions S 

wC A P Global OtHteafloru S 


rC A P Global DtUlgatlors 
ONCEPT FUND 
i WAM Global Hedge Fd- 
i wam mu Bd Hedge Fa- 


in Inti Bd Hedge Fa S 

N ASSET MANAGEMENT 
Enterprise Fund N.V. 


w Class AShs 

CREDrr 0 / AGRICOLE 
INDEXIS 


w Inn Bond Fund (5laivl — S 
w Dollar Zone Bd Fd iSIcav) J4 
w Sterling Fault, Fd I SI covl -t 

w Sterling Bd Fd I5>cnv) 1 

w Asm Pod Ik Peglon Fd S 

BANOUE INDOSUEZ 
w The Dragon Fund Sicav- — 4 
m Jaoan Gld Fd A (3l/17rt3)-S 
m Jooan Old Fa B I3I.'1ZY3)-S 
mDual Futures Fd Cl A Units S 
171 Dual Fuiures Fd Cl C UnllsS 
mMqilma Ful. Fd See. 1 Cl. AS 
mMa-ima FuL Fd Ser ICI.BS 
mwarnno Fur. Fd Srr. 2 Cl. C S 
mManma Fut FdSer. 2 Cl. OS 


WIPNA-3 S 435(0 

d ISA Askm Gnnvlti Fund S VZV7 

d ISA Jtnan Reg Gninth Fd.Y 79200 

d ISA Pacific Gold Fund S 2a« 

d I5A Aslan Income Fund S 1X77 

d inaowei t-grecFund S H3S 

w Snangnai Fund 3 15.11 

u Hlmaiavon Fima S 17.12 

n Manila Fund S 3272 

w ffa KicaJ Fund S 2471 

kvSlam Fund S 7889 

d indesuer Hong Kong Fund -5 6X3eO 

d Oriental J online Tru, I I 74335 

d North AmnlronTrusi S 38.794 

d Singna £ Malay Trusl- 4 411S0 

C Pncllic Trust HKS 40325 

a Tasmce Fima * »305 

dJirwnFurd — 4 14885 

w Mancgrfl Trull 3 40075 

d Jsoan Worrani Fund 5 037 

a Aoridniae Growth Fund — 5 i« 

w Inda-M: Hign vid Bd Fa 3 104 79 

p Ma„ France FF 5308.77 

i, M0,iFr:nce95 FF 551X44 

BANOUE 5CANDIHAVE A, LUXEMBOURG 
BSS UNIVERSAL FUND (SICAV) 

d Eutavec ECL 1 A tDivl Ecu I55-T2B 

d Eurmc: ECU B (Cool ^Ecu 15S713 

C irrclscc US3 A iDivi — * 214249 

a ime-jtc ‘jsd B iCbi' ; 

d Intei&ctta USD A IDivi S 1 ■ 3671 

a irieiscm: USD 9 iCant- — S _7B7226 

a Flnnwc GKihcl FM a tDivl FM 74X7944 
d FintKM <V00al F M B ICaojFM 2 U. 7964 

5 inleinord = FF 6 (Div FF I26W77 

0 IHelTonC =PF B I Coo I FF 156.4040 

d For Ea-JUSDAIDlvl S 299116 

C Far EoM USD B l Cap I % ?J4tf 

d Jcsun JP ' A 'DiVl— Y 10604915 

if Jopanjpy BtCaui v lft-J) *915 

a Par w; FRF 3 I Caul FF I77DW 

d Lalm America USD A iDwiS 2JJ7I5 

d LO I in America USD B ICcrer is 21 7185 

a Norm AmeriCT USD A iDivlI IL6IR) 

d North Ai-er USD 9 (Cffll— 5 1 03190 

BANOUE SCANDINAVE EH SUISSE-SENEVA 

u In’riDond Cr.t SF 88.15 

iv InlelMK Ch< SF ZSUU 

w SwiiilvM CH - r IM34 

BANOUE SC5 ALLIANCE-CREDIT BANK- 
(41731 346-131. Genera .. 

iv pieiode North Air Engines 4 I0L15 

• PlenaleEiTDCeEautneL—Eai 133JJ 

■v Pieiadr Asm PacilK Ea — 4 10737 

w Pleicde environment Ea — i nra.«s 

w Pie lade Denar Bonds S 10149 

wPiewde ecu Bowa ecu mw 

w plerode =F 3D1=S FF 11000 

w Pie-a* Eu.-aCmv Benas_5F t0X2i ! 

w Ple-aer Dni'sr Reserve S 10039 

iv Pieia*- ECU Reserve Ecu I0l«) 

w PKnodP SF Scwr.c SF 1B27 1 

wPIrtcdr FF Reserve — -FF 10877 

BARCLAYS INTL FUND MANAGERS 
Nona COR. Tel 13521 ESJW 

a emne iprci s i23W 

d Mono ■.ettg S £1-360 

if Indonesia 1 17J29 

a jooar 951 

0 Karoo — — S 1X313 

d VztarsO — — - — t J4?*6 . 

J PSiLdplTK — — 4 J4J9I 1 

a si-fsirare 1 20JJ2S 

a Thalicm! 5 erne 

a Sau't- EasiAs-a 4 46333 

BDD GROUP OF FUNDS 

wDDD USSCfUi Fund -5 523662 

w BDD Ecu Cosn Fund Ecu 4005.19 

w BDO mi Hens B unJ-JSS — S 57B3J3 

>v BDD ;«nv. t-tw. Cain 3F 

IV BDP M" Bind Fu n 0-Ecu — .Ecu 
iv BDC h Anierico" Eou-tv Fds 

ivllDXCL-jprcr. tuvitr FuniEcu 

nBDD A'-ign Eau.ty Fund 4 

m 9D3 US Sir n-i Can Fura 1 

w EL-ronmnx.-re Fiied at: FF I1407JI 

■v Eural-r 4A-,|(,-ta* 9d Ffl— — FF 
BEL INVEST M5MT IGSYI LTD __ „ 

»B*nr!--«!-Bta:ii 4 ID3JI7 

wBclin.ff'jiAii 4 1060.73 

ivBea-vcs'-ivmi 4 108J3J 

A BellnvC-.f-V'-HiWK 5 1055A4 

* aeiinve-.l-ViX’ricr 1 101735 

BNP LUXEMBOURG 

INTER CA5n 

t F rente r.taneiflire FF 1451401 

f France Secutite FF 1777738 

1 inter Cam DM DM 270260 

t inter Cam Ec.- Ecu 188122 

I mrer CW GBP ( 146827 

r inter Covn USD 5 i tbli i 

t mirr Casn Yen Y 164970 

INTER OPTi.-JLM 

h miiftcW mSD ! _ 145042 

ivBEF-LUF — BF I0I564J)0 

w.MutiiO*v'9e-i DM OM 3090.1* 

5 FRF FF HUttt 

wECU EtW 177186 

INTER SfPATEOIE 

„ ijjtronr 5 13184 

a France FF 1.64101 

e Cunwt Fu J-ard — i IJM« 

ie E urope B-j Centre — . — — DM 29 32.74 

W tU’DAT f <1 Slid Ecu 91701 

„ JC3C.T — .r IIWW 

iv AiMnuue du fiord 4 1MSJ1 

a Std-Es* Ayctwur — — — --J 199X52 

BUCHANAN FUND LIMITED 

e«* nan* at Bermuda Ltd - IBM 295-6000 

| QiDtol Hedae jiO. . S 1270 


d Indents France/CAC 60 FF 

d indexIsCT FF 

MONAXIS 

d Court Terme USD 1 

gaST!r r SSj D P^=9 w 

d Court Terme GBP i 

d Court Terme FRF FF 

d Court Terme ESP Pto 

d Court Terme ECU . . Ecu 

MOSAIS 

d Actions InTI Dlversl flees— FF 
d Actions Nord-Amerlcalnea J 

d Adlans Jononahes Y 

d Adlans Angtalses 1 

d Adlans Allemandes DM 

d Actions Francoises FF 

d Adlans E» & Pod Pto 

d Adtets llallennes — LH 

d Ad Ions BaSShi Pactflque — S 

d Obi la mil oivereinees FF 

a Ob no Norn- Amur leal nes — S 

d OUlg Japonaises — Y 

d OMIg AnaHMes i 

d OMIg Ailcmanaes DM 

d OMIg Francoises. — FF 

d OMIg Esp. & Port Pto 

d Obits Convert Intern. FF 

d Court Terms Ecu Ecu 

d Court Terme USD — s 

a Court Terme FRF FF 


d 5am Ad leash USD B 5 

CREDIT 5U1S5E 
d CSF Bands—— SF 

d Band Valor Swl SF 

d Bona Valor US - Dollar S 

d Band valor n ■ Mark dm 

a Band Vawr Yen — . — Y 


ADVERTISEMENT 

INTERNATIONAL FUNDS 


Jan. 7, 1883 


Quotations aiwHod by hmdi Irstod. Not aesot nine qaotadkxm m stqipBed by the Fnls Bated with flm axcopUm of Mm ipiotM bawd on Issue prioee. 

I symlxls imScata trcqoericy at qnolatiaBS nqipOed: (d) - dafly; (x») - woeUn (b) - M-maalhly; (f) lortnigbtty (every two w e efcxfc (ij ■ wgo*»Hyi W * twfce weeMfT W - ma nl W y- 


0 Actions Sulsses . 
d Eiirepa valor — 
d Enerair- vator. 


d C5 Tiger Fund 1 

d C3 Ecu Band A Ecu 

d CS ECU Band B ECU 

d CS Gulden Bond A FI 

a cs Gulden Bond B FI 

d CS Hispano merta Fa a pw 


.1 CS Prime Bona B DM 

•1 LS Euraua Bond a. DM 

•J CS Eurow Bond B. OM 

3 CS Fl«ec I 5F 7> 1/96 5F 

1 CS Fliers i DM8s I'M dm 

d C5F lied I Ecu 8J/«i lWS^cu 
J CS S*tss Franc Bond A— SF 

a CS Sunil Franc Bond 8 SF 

d CS German, Fund A .-—DM 

d CS Germany Fund 13 DM 

dCSEuroBluc Chars A - DM 

a CS Euro Blue Chbu B DM 

d CS srort-T. Bondi A s 

a CS Short T Bond s 6 5 

d CS Short- 7. Band DM A DM 

a CS Slwrt-T. Bond OM B DM 

d CS Money Muriel Fd 5_ s 

d CS Manev Martn Fd DM OM 

a CS Money Markei Fo t c 

d CS m«» Market Fd Yen_v 

a CS Money Market Fd ci CS 

d CS Money Market Pd Ecu_Eco 

d CS Money Martel Fa SF SF 

d CS Money Martel Fd HF1— FI 

d cs Money .Market FoLil Lit 

d CS Money Market Fa FF— FF 
d CS Money Martel Fd Pto— PM 
d CS Manev Market Fd BEF.BF 
a CS Oeko-Prowc A dm 

C CS Orka-FTCtec B DM 


a CS France Fund A . CP 

d CS France Fund B FF 

d CS Euroreat DM 

a CS itaty Fund a ut 

d CS Nefllerlan* Fd B FL 

a C5 FF Bang A— FF 

a C5 FF Bond B— FF 

a CS CatUMI SFR 2000— SF 

d CS Capital DM fflM DM 

g OCDPllDl DM l«7 DM 

d CSCcDilal Feu MM— —Ecu 

0 CS Capital FF »00 FF 

a cl Japan Megatrend SFR_SF 
a CS Janan Megatrend Yeti— v 

0 C5Portf Ine SFR A/B SF 

tf CS Pa rtf Bal SFR 5F 


a CS Parti GrawriiSFR sf 

a ci Parti ine dm A/ft _ hui 

0 CS Port! Bal DM DM 

if CS Parti Growth DM —DM 

0 CS Pom IK US4 A/B 5 

a CS Parti Bgi US4— — ,,J 

d CSPerttGrawln u ss , s 
DARIER HENI3CH GROUP 
Tei 41-72 mu tt 

c DH Molar MarletsFund—SF 1070001 

e HwrfvJi Treasury Fd SF 112(00) 

a Samurai Pofttrtio 5F 79X28 

DISCOUNT BANK GROUP 

tvMulttcun-. Bona — .sf 166X76 

w Do hot Bend — J 133333 

•rEuraval Eaujly _ __ __£cu 13593T 

■e N America Equily I I4QJ4 

m Pacific Eairiry 5 1SQ2J 

DIT INVESTMENT FFM 

d Concemr a + DM 5631 

d inn Renlftifond + — jjm 7695 

b Htanbrittae Casual Care 5 I161A69 

m Overlook Performance Fd_5 JTR44 

m Pncjnc RIM On Fd .4 IIA28 

EBCRJND MANAGERS fjeriey) LTD 
1-3 secie si. 51 Heller .■ usj4-3*ni 


EBC TRADED CURRENCY FUND LTD 
0 Capital 5 23394 

-j | ii i min t li OU 

INTERNATIONAL INCOME FUND 

0 Lana Term 5 30068 • 

d LongTerm - DMT. -DM 1108Z7B 

ECU TERMINVEST PLC (44 77 MS 1018) 

S EcuFTSE 100 Opt tore. C 7780 

Ecu 5 Currency Opt ora 4 0480 

EOUIFLEX LIMITED _ 

wOauC / North Amertco— .FI W34 

ERMtTAGE LUX [IQ-W] W 

nr Ermltage Selz Fund 4 7221 

w Ermltage aWjh Hedge Fd_s UJi 

yr Ermitage Euro Hedge Fd -DM 1472 
v ErmBaoeCnBtw Asia Fd— 4 2337 

nr ErmlUge AmerHdg Fd 8 1076 

EUROPA FUNDS LIMITED 
d American EouUv Fund —5 26X96 

0 American action Fund S 771 -Oft 

w Aston EaiHty Fd S 13X49 

w European Faulty Fd 5. TZL51 

EVEREST CAPITAL [8t») 293 7200 
nt Everest ChjjHoI Inll Ltd — S 13233 

FIDELITY INTL INV. SERVICES (LuD_ 

d Dlscpyrry Fund 5 2046 

d For East Funa — 1 «2a 

d Fid. Amer.Assoh s 19751 

0 FkL Amer. Values IV 4 11927680 

d Frontier Fund 1 3834 

d Global 1 1 id Fund % 2U6 

d Global Selectiw Fund 3 2X09 

d internal tonal Fund 1 1*83 

rf mw» Furimr Fund . j 1X24 

d Orlenl Fund 5 116.11 

3»&tfii 5t=J WA 

d World Fund— 5 118-7 0 

FINMANAGEMENT SA-Uttano(4l2V2mi» 

w Della Premium Cara S 1 M&00 

FOKUS BANK A3. 172428 555 
w SamtaKti Inll Growth FdJ 189 

FUND MARKETING BROUP [BID) 

PJD. Bat 2001, Hamlltan, Bermuda 

m FMG GtoHI ISO Nov) —S 143) 

mFMG N. Amet. 130 Nav) 5 1181 

m FMG Europe (3fl Novi S 1038 

ntFMG EMG MKT IXNovl-S 11-78 

m FMG O [39 Nov) 1 4.92 

GAJA CURRENCY FUNDS 

w Gala Hedge 1 1 5 16106 

wGala Hedge III S I/J6 

wGala Swiss Franc Fd SF 5335 


iv GAIA Fv 
mGata Gua 


Gala Guaranteed Cl. I 5 88. 

GataGuaranleedCI.il S 88. 

LRTMORE INDOSUEZ FUNDS 86701/M 
I) 7 1 35K 66 54 Ii 


: 130146 54 241 
:: 1352) 44 54 23 
«D PORT FOLK 


a in— jjm 

SOMkNBond^I5ta232ZlJ 232 

d European Bd— J3K 134 Ecu 134 

a French Froncu_Dlsia.72__FF 1X76 

W W”H J 

0 Asia Pocllic _ S 538 

0 Caillnentai Europe—— —Ecu 132 

d Developing Martels 5 584 

a France^ FF 1233 

0 Germany. — dm 5,92 

d InliTvmltanal . % 246 

d Jaoan. Y 24209 

d North America— — —5 238 

d Swifter land 3F 610 

RESERVE FInSdS * “J 

d DEM _Do5;« DM 6.149 

d Dollar- .DIj 287 1 2.141 

0 French Franc FF 1248 

G E^TlW^hjNDS V 

London : 071 -4W4 171 Geneva : 41-223555M 
— 1 

iviA) Genesee Eagle 5 12173 

w IB) Genesee Shari 5 6SJ2 

w jci Genesee OwartvnltV — J JS6 . II 

wJF) Genesee Non- Eaultv S 14087 

GEO LOGOS 

iv H SirnMH Band B— Ecu 1W674 

iv 1 1 Pacmc Band B SF 108533 

GLOBAL ASSET MANAGEMENT 
OFFSHORE FUNDS 
IlAlnol 5LOODIHIEJ of Man 44-4243I6BI7 
w GAMerlflL - 4 «7Z2 

wGAMArbltTDBe 5 38136 

wGAM ASEAN 5 510JH 

nr GAM Austrdla— — 5 28771 

iv GAM Boston. 5 36139 

ffiGAMGaralll Minnetonka _S M631 

w GAM Quitted— DM 13690 

w GAM CressMarket S HWJ4 

m GAM European 1 9072 

w GAM France FF 211534 

w GAM Franc-yal SF 25(74 

■vGAMGAMCO 1 71698 

w GAM High Yield S 5779 

W GAM East ASM Inc S 809.58 

w GAM Inrun,- - — 3 4438 

w GAM Money Mk IS USX— S 0087- 

0 Do SJenino i OO.iJ ■ 

d Da Swiss Franc SF 00.10 ■ 

d Da Deutschenua-k DM » IS ■ 

d Do Yen y imam ■ 

w GAM Allocated Ml n-Fd 3 7735 

■v GAM Deterred MIH-Fd— 3 

WGA74 Ernerg Mis Min- FdJ 6*35 

w GAM Mltt-Europe USX S 1383B 

iv GAM MIIFEurape DM DM 13835 

IV GAM MJM-GloCGI U51 S 19180 

■v GAM Martel Neutral * 11735 

i* GAM Trading DM DM 13887 

nr GAM Trading US4 1 17*22 

n. GAM Overwas S 18B.WI 

■vGAMPaOhC 5 861.78 

m GAM Select Ian S 74234 

w GAM arrnapore, Malaysia -8 722JH 

w Gam SF Spectat Band SF i7XB2 

wGAMTvcne S 16058 

■vGAMU-S. S 212.91 

■vGAMul Investments— —4 888.99 

nr GAM Value 4 13721 

nr GAM Whitethorn 4 1*131 

iv GAM Warldvridr 4 625*3 

w GAM Eland uss ora i 

w GAM Band U55 Special S 20430 

i* GAM Band SF _3F 105^4 

w GAM Band Yen — Y 1436600 

w GAM Bond DM .DM 13638 

w GAM Band t t 17DJH 

■v GAM [Special Bona 1 15X92 

i» GAM Uni versiii USS S M684 


MuMebachSIrasse 17XCH B036Zurlch . 

a gam [CMi America SF lea 

d GAM (CH) Europe SF 18 

a GAM ICH) Mondial SF I'M 

d GAM (CHI PacIHc. — SF 297 

KSSWWSBiiiMi 

w GAM Europe .... -5 I 

nr gam Global 5 17 

IV GAM intera qi lenql S 23 

m GAM North Amertco 4 t 

vr GAM Podfle Basin 1 11 

IRISH REGISTERED UC1TS 
EarWorl TerrwaLOubHn 1 3S3-L476D630 . 


nt GAM Ortent ACC— DM 15852 

w GAM Tokyo ACC DM 14931 

iv gam Total Bond dm Acc_dm H621 
m GAM Untvmal DM Acc_—DM 20884 
GLOBAL CAPITAL MANAGEMENT LTD 

Mmr; 

w (FI G7 Currency J 8939 

re (HI Yen Financial — J 144.98 

m (J) DIveraHlea Rs> Adi 5 11787 

w &i irniturrenev * Bond_j msa 

aUiMs*^ 

w GS Adi Roto Mori. Fd 1 1 S 1100 

mGS GUM Currency 1 I263K 

wGS Global Equity I 1110 

■VG5 World Bind Fund 5 IDJ» 

5 WWW i ricome F und s 1034 

GOTTEX FUND MANAGEMENT 


wG. Swap Funa E< 

GT ASSET MANAGEMENT [IR 
TM : 1441 T1-TW4S07 
d GT Axon F<|A Shores— J 

a GT Aseon Fa B Shores I 

d GT Asls Fund A Shares i 

0 GT Alio Fund b Shores— _5 


S GT Asian Small tamp A ShA 
gt asImi Small Camp B »i 
a GT Australia Fd a snares— s 
0 GT Australia Fd B Shoras-S 
a gt Austr. small Co a 5h — s 

d GT Austr. Small Ca B Mi l 

d GT Bnmr Jcxjoti Fd A Sh — 4 
d GT Barry Japan Fd B 5h— 5 

9SfBaafi3ss=d 


s GT BWTY Japan Fd B 5h— 5 

gg?KSStlffi3=id 

0 GT Dollar Fund a Sn I 

d GT Dollar Fyrtd B 5h— » 

d GT EnurahioMktiASn S 

d OT Emerglirj MMs 0 — 3 
d GT Em MM Small Co A ShJ 
d GY Em JMt Smell Co 0 5h J 
nr GT Euro Small Co Fd ft sn J 
w GT Eure Small La Fd BSD J 

S GT Hone Kona Fd A snams 
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W GT JOP OTC 5l0Ck3 Fd A Slrt 
N GT JOP PTC SMrtl Fd B 
nr GT Job imolftt Fd A Sh_3 
w GTJop Small Co Fd B Sh_J 
w G.T. Latin America Fd t 


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d G.T. Bkjtech/Heallti FutM- 
d G.T. DsufscMand Fund. — 

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0 GT. Investment Fund 

w GT. Korea Fund ■ 
nr GT. NRwty Ind CooSrrd- 


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t Asian Selection Fd N.V FI 

t DP AMt, Growth Fd N.V. -5 


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m Hermes Aston Fund - .1 
m Hermes Emero Mkls FundJS 
m Hermes Stroteptos Fund — 5 
m Hermes Neutral Fund— S 
m Hermes Gtohal Fund 1 


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m Hermes Sterling Fd 

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i Maximum Income Fund— ( 

1 SterUqg MngdPtH , . 

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d North American Warrant S 

d Greertar CMna Oops-— — -5 
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11 

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w Class D (Ecu Band) ecu 

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d JF ASEAN Trust, S 


d JF For East WmtTr S 6034 

d JF Glaiial cam. Tr s 17.it 

d JF HOng Kano Trust S 27-91 

d JF Japan Sov Co Tr Y M3O80 

d JF Japan Trust Y 11^80 

d JF Malaysia Trust, * 3535 

0 JF Ppctftc Inc Tr } U.1I 

d JFThollond Trust — S 4X49 

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w Govetl Mmx Futures 1 MiS 

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tfzs r — s m 

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d Europe Bond Fund Ecu 16170 

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D llr Fund Lid S IMAM 

O irm Guaranteed Fund S T277.36 

0 Bw Sm Ltd . 4 _ 158X07 

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Tel : London 871 628 1236 

d Argerxinlan IimnI Co SicavS 27X2 

d Brazilian Invest Co Slcav_S 28A3 

w Colombian invest Co Stoav -A 1245 

w Latin Amor Extra YlenFdl 11J7M' 

d Latin America income Ca-A HUB 

d Latin American inreM Co_5 1214 

d Mwlcon Invest Co SCav _S 
wParuviiM invest GoSlcav_s 1X50 

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d Aslan Dragon Port NV A S 11.13 

d Allan Droaoi Port NV B — S li p 

d GMicai Advisofs Pon nv aj ]2W 

d Gtabal Advbars Part NV B J iwa 

d Lehman Car Adv. A7B X VJH 

tf Premier Futures AdvA/fl J WS 

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w Java Fund— I it 33 

iv Aseon Fixed Inc Fd .J) 10.12 


nr Indonesian Grewtti Fd. 
w Asian Growth Fund — 
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LLOYD GEORGE MNGMT [813 

w Antvtma Fund .8 

iv LG Aslan Smaller Cos Fd_S 


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tr COS Fd— S 21.1871 


nr LG India Find LM » 1241 

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d Dollar Medhvn Term S * 

a Dollar Ura Term— - ■ 3 

a Japanese Yen V m 

d Pound Storting c > 

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m Momentum RxR FLU— ——5 Mi7 

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w when. Reser. Multi. Ov Bd-* 3 

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to Putnam En\ Into. Sc TraMS 379< 

d Putnam Gton. Hlah GriNrthi 1613 

d Putnam HUi IrtoGHMA Rtt ** 

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nr Quantum Realty Trust — s U1J0 

■vQuoiinim UK RnttvPmO 11253 

W Quoiw Inn Fund N.V S 22256 

d Hmliyi LW5/B5 l S^ 

S ReaenroM R e k uur os* s 

d Regent $Sh Jap Grth Fd 5 

d Regeal gSi Pad! Basin S 

d Regent GIW Reserve S 21 

d Resent rabl Tiger—. S MS71 

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0 Regent 5rl LmkaPd % 

m Regent Pacific Hdg Fd s 

POBT^SoaZ RatterdanMIl) 422(1234 

d RG America Fund FI • 14BJB 

d rg Europe Fund Ft U540 

d RG Money Plus F DM OM lips 

d RG Money Plus F SF SF 10533 

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w Eiprtt Eur Partn inv Tst Ecu 764831 

w gjjjjj^3jj rart« £ b|dm 

w Permrt drakXmGrowth NV* 300241 

t Selectkxl Harban FF 0M3L32 

b VMalraArlon e * 510759 

ROTHSCHILD ASSET MGMT (Ci) LTD 
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d Tokyo Pocitlc Hkte(Seo)-J 1429 

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w Republic Gnsev Dal ine — s 
w Repubflc Grant Eur Inc— —D 
w ReoubBc Lot Am Aitoc-Z-S 
nr RbpuWc Ldf Am ArpenXIj 
w Rapumic Laf Am Bnnfl— S 
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w Repubflc Lot Am Venn. — I 


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w RepubHc GAM Grwth CHRJF 

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IV Republic GAM A ma^ p^ r 

IV Republic SAM Eurooe U» 3 
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nr Rep GAM Em Mkts Lot Am* 
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m Commander Fund * 

m Explorer Fixxl , . 

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0 Equity Inn Inc 1 

d Equttv Gtabal J 

0 Eautty Not Resources 3 

d Equily Japan - . ■ Y 

d Equity Nanffc S 

0 Equity UX, , , ( 


d Equity ConllnenM Eurt»ie-5 

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nr SFEO.K North America — % 

w Sf Eq. L W.Europe Ecu 

nr SF Ea M Pacific Basin Y 

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d SBC GApVfl USD Yld B— f 121631 

d SBC GtoLPltt Si= Inc A- SF 1ZU7 

a SBC Gfbl-pffl SF Inc B_ SF 1KLJJ 

d.SBC OttK-PpI Ecu me A Ecu 17637 

d SBCGIM-PtflEculncB ECU 1WJ9 

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d UBZ O -Fund- — — DM 

d UBZ Swfcn Eoutty Rmd _sf 

0 UBZ American Eq Fund 1 

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iv UBAM Erncrotog Growth _S 1065.12 

nr UBAM FRF Bond FF 564257 

w UBAM Germany DM 123691 

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to UBAM Japan— — — — _Y 8301JD 

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d Enhanced Traas. Returns _s 1.12508 


Other Funds 



m Fctum Fund 

m Firebird Overseas LM 
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in First Frontier 

m First inM investment Ltd— 5 

to Ft TnS sSmieriond—^F 

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TO OUR 

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eaSuM 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 8-9, 1994 


Page 13 



ASiA/PACIFIC 


minium 

or 




it before peo- 
ety standards and 


RnTiTXTf- ■ • — nsmg prK»mapCTOdofe£xaoai- cusedof 

' ~ annonnced -ic growth,” the offidal said. M*; pte^.f; 

rnoay a imumnim-wagescak that .lion in mhan tp*a$ fo nirmwig m 

Z" 5 If ?. 1 !? m nrban err more/thanc 20 "percent a year, ao- . ‘ But a'Labor Mimsfey official 
SS ^W: 1 ® W atleast > cording to recent Chinese govern? quoted by the China Daily. SuHai- 

y Z4 tPQBt h— equ al to 10 cents an mentdata. • »••--. nan, pointed oat that similar prob- 

noor mSbanzhAiandS32toS38. Forrisn conmanies and investors leans existed in some state-nm en- 

taprises that bad been contracted 
but to individual managers. 

. . Carina also announced Friday 
what it called experimental mea- 
sures fawned at granting more au- 
tonomy u> state-run companies in 
tting salary levels. 

A senior 3 

said Bajing would test the salary 
system at 100 stale enterprises, 
granting them full dedskm-malring 


a mo n t h fat the southern boom have been targets of increasing oiti- 

toyns of Sfe ririicn arid 23iriM. ' cam in *eZ 

^^Steadrf a fixed na tional mint . - . 

tnum, Begmg deckied to innxxe a n •••■ X' 

! scale based ralobtf wages. MqiMlailtMHIS ; 

ITHIrluV. O** 


Itjt^uuts provinces and mnmw . 
P—ri* 5 to guarantee every worker 
at least half the average wage in Me- 

W5BW. . ‘ .. 

The wage order laDows nosier-.' 
ods caBs by worker groups and oth- 
ers for- a: measure of protection 
against h riftt i o n, job losas and ex- " 
plCHtanve employers. 

- Whh lRyoffs zncreaiing at ' state- 
nm companies. and a surplus rural 
labor force of 100 million ready to 
pour into the cities, China is ray 
muchabuyer’smaxtetlorlabor. 

“The miniiimm wage wiD guar- 
antiee a reasonable standard ofKv- ■ 
ing f or employees^! a. time when, 
the gap is widening for different 
groups,” a Labor Mndatry offidal 
said; according .to the Qriiia Daily. 

. .“A. .critical -target js low-wage 
earners who have been affeoed by 


On Social Unrest -£-3“ 

Compiled by Oor Staff Fnm Dtyotdm . 

HONG KON G — Signs of Chi- 
na’s concern that' economic; re- 
fanns may trigger unrest surfeced powers in setting and raising wages 
m.a^n^nmnewqp^per Friday, — as’ * 5 J 

quoting ah unnamed .leader' as 
wanting that money simply ! mtd 
public warkswere hcadearorun-. 
sustainable levels this year. . V' 

- The h^qt Thursday m Wen Wd 
Fo fallowed one Thursday in the 
independent Jvfiiig Pm drify, saying 

thalBapng tMH ranitit ^ B^l^fatnfF j- 

dds to beware of potential unrest. 

China’s state-run papers raidy 
report strikes, but reports erf work- 
er unrest have risen since the gov- 
ernment phased out the system of 
fixed wages andlifetnne job tenure. 

- . . . .... (Af, Bloomberg) 


C*IK4COCy. 

igeocy, a^^Sted that Japan to Seek End of Securities Tax 

npames chosen for the ex- J. 


exceed “a rate representing eco- 
nomic efficiency.' 

The offidal, quoted by Xinhua 
news agency,- also indicated that 
the companies chosen for the ex- 
periment would be allowed to fire 
workers ff necessary in tbe name of 
efficiency. 

The lOO comcames were chosen 
at the end of 1993 to be experimen- 
tal .participants in a “modem enter- 
prise system,” in line with derisions 
made at a party plenum in Novem- 
ber on. reforming the debt-ridden 
state sector. (UPI, AFP) 


Guangzhou Traders Raided 


Bhxmberg Bub>kss He*? 

HONG KONG — Chinese authorities raided 
six futures trading companies is the southern dry 
of Guangzhou on Thursday night, a Bering- 
backed newspaper said Friday. 

The Hong Kong-based Wot Wd Po said some 
of the companies were operating without permis- 
sion and some were badly managed and hurting 
their customers’ interests. It did not specify what 
action was taken against them. 

The raids arc the latest sign that China is seeking 
to crack down on some of the excesses that have 
arisen in its nascent futures industry. 

Late last year, allegations of fraud by investors 
whose money had disappeared led to a shutdown 
in trading at a joint venture futures broker in 
Chongqing, an industrial city in Sichuan province. 
That broker involved Hong Kong investors and 
traded in Philippine commodity futures. 

The raids in Guangzhou, the capital of Guang- 


dong province, were (he first after (he publication 
of new rules for futures companies in December 
that require them to re-register with the provincial 
authorities. Wen Wei Po said. Some of the firms 
were involved in foreign-exchange futures trade, 
the paper said. 

The sale of futures contracts to greenhorn inves- 
tors in China is a vivid illustration of the problems 
China's regulators face in trying to keep pace with 
the free-wheeling capitalism that has sprung up in 
the country in the list two years. 

In November, the state-run China Daily news-- 
paper said the authorities would close 61 'futures 
brokerages that are partly or wholly foreign-owned 
and start registration of all futures exchanges. 

In recent months, the press has been packed with 
accounts of huge losses by speculators tracking 
imemational currency markets and of Hong Kong- 
funded brokerages cheating naive Chinese investors. 


TOKYO — The sewn parties in 
the governing coalition agreed that 
the tax cm securities trading should 
be abolished and set a figure erf 
more than 7 trillion yen ($61.84 
billion) for Japan's next fiscal stim- 
ulus package, the Nihon Keizaj 
Sbimbon reported Friday. 


The report said the proposal 10 
abolish tne tax would be among the 


ft 


• Quna and Jn dia Are Towing Other Regional Economies Along 


. ■ Condoned from Rage 1 

Singapore and Thailand that are 
faan^ ria ng labor costa can “xuaan- 

fay relocating lowcF^^^ac* 
taring activities to Chma to take 
advantage of the rmurft lower wage 
levels {here/* said Friedrich Wo, 
head of economic research^! DBS 
Bank in Singapore! ■ • - ” 

Analysts expect a eintilaf expan- 
sion of economic imks to occur 
with India, where reforms launched 
mmid-199fhflveopenedxbeooun- 

totkmM^roicBand^oaie^Se 

rupee. 


the Smgapore office of Merrill 
Lynch & Co. said (bat he eamected 
India’s gross domestic product to 
grow by up to 6 percent after ad- 
justment Jar inflation in the fisca] 
beginning April 1. The econo- 
my is cra target for 4.8 percent 
growth this year. , 

■ Indian analysts said that, when 
Mmimnliiw .Cmpii fh^finafihanim - 

istec, presents 
next month; beis Kkdy io cur cor- 
porate' taxes, dcregistoe interest 
rates, reduce -subsidies, and tariff^ 
expand canvertabiKty of the rupee 
aim pursue privatization. 

• Robert Broadfoot.JnanflgmR <fi- 
rectOT 


able to -q«tahi their momoitum 
without faffing victim to major 

sodopoi^^ttum^^^q^wuld 
attract an inaearing proportion of 
i^onal and global trade and in- 
vestment 

“Other Asian econoaxties that can 
effectively promote integration 


. Saqjoy CJjowdhuiy, ehirf econio-! .-Consultancy Ltd- Xh. Hong Kcaig, 
mist for the Asui-Pacific n^on in said that if Quxui and. India, were 


But those Asian countries that “fail 
to ride on China or India’s coattails 
wiD have to develop much more 
creative formulas for growth or risk 
being relegated to the periphery of 
where the real action is in Asia,” he 
warned. 

Concerned that foreign invest- 


measures in the stimulus 
Ending the tax would 
nese brokerages save 10 billion yen 
a year in taxes, Mark Faulkner, a 
securities analyst at S.G. Warburg 
& Co., said. Given their low profits 
recently, that will make a differ- 
ence on their earnings, he said. 

Stocks erf Japanese brokerage 
houses, and Lhe Tokyo market as a 
whole, surged on the news. Yantai - 
chi Securities Co. advanced 36 yen 
to 660 on the Tokyo Stock ex- 
change, and Nomura Securities Co. 
gained SO to 1,940. The 225-issue 
Nikkei Stock Average rose 24102 
points, or 135 percent, to dose at 
1S.124.0I. 

. Several news reports said the co- 
After a 66 percent faD in foreign afition had decided to unveil its 
investment in Malaysia in 1993, long-awaited fiscal stimulus 
Rafidah Aziz, Malaysia’s rnfni« <T around Jan. 20 but to delay until 
of inte rnational t rade fnrtnff-fy February announcing the size of 


meat is being diverted to China and 
India, Indonesia and the FhfHp- 
pmes recently announced measures 
to further liberalize their econo- 
mies. 


said Thursday that the government 
would introduce ref orms to in- 
crease the domestic content of pri- 
vate investment. 

Mr. Bhaskaran said that liberal- 
ization and reform in Chma and 
India “fay virtue of their size will 
force a faster pace of deregulation 
and reform in the rest erf the re- 
gion." 


: MARKET: Bears Paw Asum Stocks but Analysts StM Expea Growth 


h-: 


investors take profits and reassess, 
their portfolios. . j ; • 

They say tbelatest portfolio ad- 
justment by Nomura Secnrities . 
Gv which has adviserf.c&epjs.io- 
rednee thrir weighting in' Hpng. 
Kong Stocks,' reffl Malaysiad end’ 
Bfeffippine shares -;aad,. jwy -more; 
Japanese 'equities,does'jior rtpre-, 
sent a npgor. exit of lan d sl i u m the 

Miron Mu^Aat^dnef economist, 
on Asia fcrr Ldnnan Brpthers, snd 
. Asian markets; miriii pause allow- 
er Jcvdsjar awmle-as mvraton 
came to turn with steep muhsin 
tiie past year. But they wfl> Ekriy 


rise aganr in the mednmrexm on 
solid re^ o^ growth. 

"endfonn, but it is not the.endpf the 
.fcatil run,” Mr.Mosbkat sfrid 
Ebtcy An-Yonna director of le- 
seardh .ax DBS Secnrities 1 How 
J^iWft,amd: ^T tlunk tbere is stiu 
jnvestcff. intercst in this region aod 
cawdaHy<m Ffong*&Mig' forattse 
pr the.Chma Oj^pwtomties." 

: : ^ In Arimr . -mariowa- on" Friday, 
Hoag Kcng’j 'Hai^ Smgrindex 
ended down 3.28 percent, Bangkok 
stocks fdl 5.55 percent,- Taipri 
doted dawn-337 pcrcent, Knala 
Jarngnu- dropped 4.64 pereort, Ma- 
nila shares sued 4A percent and 
Sappoie eased 0L92 peroent 


But prices on the Tokyo Stock 
Rrehgny, which has been largely 
bypassed in the bull run, surged 
Friday. The 225-issne NDdcd Stock 
Average rose 242.02 pants, or 135 
patent, to 18,124.01. 

- Tradera said prices boomed in 
lale trading on rtpMisin the bfihan 
Kdzai new^jqrerthat Prime Min- 
1 isttr JvforihHt) Houokawa’s seven- 
partycoaHtibn wasccmadering an 
d ftiinii a ti aaoflhesecurito 
action tax as pari of an expected 
economic stimulm package. 

Buying by fareama investors also 
pushed up the Nikkei, raid To- 
moateu TamanHiro, a trader with 
Yamakki Securities Co. 

Nomura recommended that cli- 


ents reduce their weighting of 
Hong Kong stocks to 7 percent 
from 8 percent erf a global portfolio 
and liquidate their holdings entire- 
ly in Malaysia and the Philippines. 
Nomura had previously recom- 
mended 2 percent holdings in cad 
of these markets. 

In Hang Kong, a well-known 
market contrarian, Marc Faber, 
was hesitant to say the buD run was 
over. 

But when the downturn becomes 
entrenched, losses will be savage, 
Mr. Faber said. “The Hang Seng 
will dedme by at least 50 percent,” 
be said. 

(Reuter, AP f AFP, Blown berg) 


the proposed income-tax cuts and 
how it would finance them. 

The chief cabinet secretary, Ma- 
sayoshi Takemura, has said the 
government would compile a third 
supplementary budget for the cur- 
rent fiscal year and the general 


budget for the new year, which be- 
gins April I. after the parliament 
approved political reform legisla- 
tion. The current legislative session 
is to end Jan. 29. 

Meanwhile, Japanese bond 
prices surged as institutional inves- 
tors encouraged by a succesrful 
auction on Thursday resumed ac- 
tive bidding, traders’ said. 

Ten-year government bonds for 
March delivery, the most active fu- 
tures contract, dosed at 11830, up 
0.62 on the day. 

"March futures will definitely 
bead toward 119-120 yen next 
week," Satoru lgarashi, a trader at 
Nissan Fire & Marine Insurance 
Co . said, surpassing 11839 yen, 
the record high price for Japanese 
band futures contracts, which was 
reached in June 1987. 

The yield on the benchmark 10- 
year issue fell to 2.975 percent from 
3.005 percent Thursday. 

The bond market has been 
helped by delays in the govern- 
ment’s stimulus plan, which some 
traders and analysts had been ex- 
pecting Prime Minist er Morihiro 
Hosokawa to announce several 
weeks ago. (AFX, AFP, Bloomberg) 


Investor’s Asia 


Hong Kong 

Hang Seng 

12000 
1«XH 


Singapore 
Straits Times 


Tokyo . 

Nikkei 225 



'a' s' On O’J 

1990 1894 


'A' S ON D J 
1993 1994 


A' S ON D J 
1883 1984 


Exchange 

index 

Friday 
Close . 

Prsv. 

Close 

% 

Change 

Hong Kong- ■ 

■ Hang Seng .. . 

1 1,001-40 

11^374^6 

-aas 

.Singapore 

Strata Times 

2^66.40 

2.388.26 

v0.92 

Sydney 

Afl Ordinaries 

2,1 83^0 

3,193.00 

*0.46 

Tokyo ... . 

NftkBl285. 

18.124.00, 

17,881.99 

+1.35 

| Kuala Lumpur Compose 

1^190.73 

1JM669 

*4.64 

Bangkok 

SET • 

1^75.43 

i,667Jrf 

'-5.55 

Seoul 

Composite Stock 

8S5i5 

883.17 

+0^3 

Teijpet 

Weighted Price 

8^00^9 

G.418B4 

-3.37 

Sfenfla 

Composite 

3.159.56 

3Z93.3S 

-4.06 

Jakarta 

Stock Index 

607 JB9 

€12.89 ' 

-0^5 

New Zeeland 

NZSE-40 

2^24.16 

2,198.82 ' 

+1.15 

Bombay 

National Index 

1.75&5B 

1,696.31 

+3.20 

Sources: Reuters, AFP 


ImcTOUtmaJ Herald Tribune 

Very briefly: 


• Volkswagen Audi Nippon KK, the Japanese unit of Volkswagen AG. 
predicted it would sell 39,600 Volkswagen and Audi cars in Japan this 
year, compared with 24.873 in 1993 and 42,083 in 1992. 

• A«a hi Breweries Ltd. said it would acquire the 50 percent of Hokkaido 
Asahi Breweries it did not already own. 

• NEC Coqx, which controls more than half of Japan's personal- 
computer market, said it was considering supplying its popular PC-98 
series to Dell Computer Corp- of the United Stales. 

» Shanghai stock mar ket volume in 1993 jumped 660 percent from 1992. 
to 500 Billion yuan (557.61 billion), the weekly newspaper The Shanghai 
Star said, and market capitalization rose 440 percent to 20.7 billion yuan. 

• Fram&tome SA. Westingbouse Electric Corp. and Combustion Engineer- 
ing Systems Inc. have bid to supply reactors for Taiwan's fourth nuclear 
power plant, Taiwan Power Co. officials said. 

• Asia-Pacific Economic Cooperation forum's 17 member nations are 
likely to bold their first finance ministers' meeting in March, possibly in 
Hawaii Japanese officials said. 

• Accor Asia-Pacific said the Australian hotel operator’s shareholders had 
approved an issue of 70 million common snares to raise 61 million 
Australian dollars ($47.9 ntiUion) to finance expansion in China. 

Reuters, AFX. AFP. Bloomberg, AP 


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* 7 * 4 k INTERNATIONAL f«* H 

iterala tribune 


-.V : v . >-. • - 




Saturday-Sunday, 
January 8-9, 1994 
Page 14 




f irst column \ Fearless Gaze Into the Future 


Accept No 
Substitutes 


Our Experts, Mainly, Expect a Robust Boom in 1994 






By Martin Baker 


EMHMBER the death of indexa- 
tion? It seems that the reports 
were a little premature, if the earfy 
rumblings from the mutual fund 
statisticians looking at the results of 1993 axe 
to be believed 

The business of compiling and collating 
dollar performances from all internationally 
available mutual funds is lengthy and com- 
plex (which is why readers will have to wait 
until next week for the definitive interna- 
tional survey), but already one conclusion 
can clearly be drawn: Last year may have 
been great for the markets, but it wasn’t 
quite so good for the managers who pick the 
stocks in the markets. In other words, the 
world's fund managers, who are paid to 
know better than the next person and pick 
better stocks, are still failing to beat the 
indexes. 

Which is why talk of the death of indexa- 
tion is premature, ft doesn't require a doc- 
torate in the school of superficial cynicism to 
argue this thesis: The real genesis of indexa- 
tion and the perfect-market theory that goes 
with it stemmed from a general lack of com- 
petence among fund managers. 

Faced with results consistently worse than 
the returns of the market average; many 
managers round it extremely convenient to 
discover that the market they were dying to 
beat was in fact a perfect mechanism. 
Thanks to advances in computer technology, 
improved research, eta, it was supposedly 
impossible to better the market's valuation 
of a security. 

ThaL ar gum ent provided some healthy ; 
self-justification for the ever-expanding uni- 
verse of fund managers for a while. The logic 
of it led many to buy computer systems and 
avail themselves of inexpensive index-track- 
ing techniques, sit back and wait for the 
money to roll in. 

Then the tables turned. Many managers 
began to beat the indexes. Maybe they were 
due to do so according to some obscure 
cyclical law. Maybe they just got lucky. 

' The result was that with more than the 
usual quarter managing to beat the index, 
some managers got bold and said that they 
really should be beating the indexes after alL 
So if it is correct that the indexes are back on 
top again wait for another glut of index 
funds and further defenses of the indef ena- 
ble perfect-market theory. M.B. 


F INANCIAL analysts and corn- 
men ia tors are paid to have a view. 
And the more elegant the view, the 
more handsome the remuneration. 
The opinions offered to readers at the begin- 
ning of last year by our selected analysts 
were models of cogent reasoning and well- 
structured financial analysis. Unfortunately, 
they were, in the main, wrong. 

The most common error was excessive 
caution. This lime round, critical opinion is 
much more b ullis h. Readers must draw their 
own conclusions. Here are wo possibilities: 
Either the well-paid financial community is 
finally getting it right, and is about to let its 
clients accumulate some wealth of their own, 
or its optimism is a negative indicator — and 
a good sell signal. 

We offer their opinions, some embellished, 
by price information, without further com- 
ment 






Nikkei-225 index, weekly doses 


Source: Bloomberg 


• Chrissy Keen, director, investor com- 
munications, Fidelity Investments: 

“The Japanese market has seen a volatile 
period recently. Investor sentiment is decid- 
edly negative and many international inves- 
tors are very underweight in Japanese equi- 
ties. Concern surrounds the political, 
economic and corporate naming s environ- 
ment and it would appear that there is little 
to be positive about. However, the next few 
months could see a number of developments. 

“On the political front, the government 
has appeared shaky at times, but should be 
able to achieve its goal of political reform 
and this will be perceived positively for long- 
er-term developments. As far as the econo- 
my is concerned, another stimulatory pack- 
age is expected and this could include a 
further interest-rate cut, and rates could fall 
to as low as ! percent. Income tax cuts are 
also expected in order to help stimulate con- 
sumer activity. 

“Japan's economic problems have been 
exacerbated by the strength of the yen, but 
lower interest rates, together with a different 
UJS. attitude to the yen is likely to lead to 
some further weakening of the Japanese cur- 
rency, and this could be a key factor in 
changing sentiment. With some of the ex- 
porting companies bring among the first to 
have rationalized their businesses, a weaker 


corporate earnings and we believe the upside 
potential is being underestimated. 

“The timing of a change in sentiment is 
always difficult to predict, but over the com- 
ing months we could see a big swing in favor 
of Japan, particularly as the realization 
g row s that the earnings outlook is better 
than currently estimated.*’ 

□ 

• Amab Banepi, chief investment officer. 
Foreign & Colonial Emerging Markets Ltd.: 

“Colombia stands out as having one of the 
strongest economies in Latin America. With 
abundant natural resources, an e xtrem ely 
hardworking and en trepren eurial work force 
and a thriving private sector, the country 
managed to register a growth rate of 3.5 
percent a year right through the 1980s; a 
decade of travail for the rest of the continent. 
Unlike many of its neighbors, during this 


Boisa index, weekly closes 


yen, combined with stronger U.S. growth, is 
tikely to boost exports. Not only could this 


likely to boost exports. Not only could this “ — 

help to s timula te the economy but it should 
also lead to good corporate earnings growth 
in same areas of the market At present, 
there is little optimism on the outlook for Source: Bloomberg 


ThelS 


e 


has landed 


Launched in October 1990, Barclays Asian Selection Funds, have made the region their 
undisputed domain. 

For example, rhe Barclays Sourh East Asia Fund is up 332.77 percent over the past 36 months 
according to the latest figures from Micropal. 

And take a look at the impressive performances of the four individual country funds listed below! This 
world-beating Asian expertise has been achieved by understanding, monitoring and anticipating the fast- 
paced political and economic developments affecting the region's markers by investment managers, Barclays 
de Zoete Wedd Investment Management I Hong Kong) Ltd. 

To rake advantage of this proven Asian know-how, contact your investment adviser, call or fax Roger 
Pvrke or Sarah Downing in Hong Kong on Tel: (852) 826 1900 or Fax: (852) 523 5128. Alternatively, call 
Richard Roberts or David Johnson in Jersey on Tel: (534 ) 67888, Fax: (534) 21882. 

^ Barclays Hong Kong Fund Up 377.13%*' Barclays Thailand Fund Up 282.56%* 

£ Barclays Malaysia Fund Up 240.72%* Barclays Philippines Fund Up 195.69%* 

It must be remembered that the value of shares and the income from them 
can decrease as well as increase and that the past performance 
«■«■- 77. figures shown are not indicative of future performance. BAnemrs fund managers limits? 


BARCLAYS 


•s. *".t Mimipjl Ulim III 2W/2/V » 


L«=.*i :6. Two Pacific Place. 60 Oueensna# Hcnq Ken? Toteph&no (3521 326-1900 Facsimile ffl52' 523-3:23 
p"o" =irj* 152 Rue dcs Miri'es. Si HeUer. *.*y JEc 3RA Telephone 053J 67883 Facsimi'e 0534 2:ae2 


The Year Ahead 


Page 15 


Earnings Forecasts - Top 
predictions for European 
and Asian companies 
with large capitalizations. 


* 




. 2 *“'‘ . 


The pessimists call: 
Investing to beat inflation. 


The January effect 








r/: 


■ Sis- 
i3 ’I . ■" - 




A*'*" 


cc^'- 


period Colombia continued timely servicing 
of its foreign obligations — without resort- 
ing to debt restructuring — resulting in a 
credit rating for government debt that is 
matched only by Chile. However, compared 
to many other markets in the region, Colom- 
bia has now underperformed. This is now set 
to change. 

“Alongside Mexico, Argentina and Chile, 
Colombia has embarked on a radical pro- 
gram of economic reform that series to en- 
hance the role of the private sector and open 
up the economy to the world market. The 
‘Aperture* program or President C£sar Gar 
vina Trujillo has resulted in the abolition of 
many nontariff barriers and the lowering of 
import tariffs Iran an average of 44 percent 
to 12 percent now. Just as importantly, from 
the market's point of view, foreign invest- 
ment rules have been liberalized, exchange 
controls eased, the tax system rationalized 
and a privatization program embarked 




I. 






i 








f ■- 

: 

j 3*'--' , 


i 





! 13 


K Our view is that the economy is capa- 
sustainisK a growth rate is excess of 4 


bfe of sustaining a growth rate in excess of 4 
percent a year for the rest of the decade. 

“like other countries that have undertak- 
en market-friendly reforms, there is increas-. 
ing attention bring paid to the local bourse. 
Falling infla tion and interest rates combined 
with strong earnings momentum are now 
drawing both domestic and foreign investors 
into the equity market. Experience elsewhere 
in the emerging markets suggests that the 
relatively small size of the bourse in relation 
to the absolute size at the potential demand 
could result in a very large price surge. By 
way of example, similar policies resulted in 
the Venezuelan equity market soaring (in 
dollar terms) by 551 percent in 1990 and 
Argentina’s by 397 percent the following 
year. However, being the conservative peo- 
ple we are, we’ll stick with our forecast of a 
35 percent return in 1994!” 

□ 

• Paul Murray-John, GT Management:. 

“1993 has been a bonanza year for both 
established and emerging bond markets. 
Against a background of falling short-term 
interest rates, falling inflation and meager 
deposit rates, investors have frit confident . 
enough to reach for yield by extending dura- 
tion and exploring emerging bond markets. 

“As fixed income investors look forward 
into 1994 the prevailing mood is one of 
cautious optimism. Economic activity will 
remain out of step around the world and 
inflationary pressures will remain subdued. 


exs. By 1995, Japan starts to look like the 
United States did in.1985 and 1986. If you’ve, 
been to Japan lately, this scenario is not that 
far-fetched. Prices in Tokyo are about twice 
as high as they are in Paris, and Paris isn’t 
exactly Dcs Moines.” 

□ . 


extent, . India, to continued investment in 
HorigKopg where a serious ebrreefionis doe 
that will have negative impact on other high- 
priced. markets m Malaysia, Thailand and.'. 




• Wiffiam H. Overholt, managing direc- 

tor, Bankas Trust Co^ Hong Kong; author 
of “China: The Next Economic Superpow- 
er”: - 1 ■ 

“1994 could see a tremendous further col- 
lapse in the Japanese property market, which 
could take the Japanese stock market and 
banking industry inio an even further down- 
ward spiral” 

□ 

• Laurence Freeman, joint managing di- 
rector, EquitiUnk Group. (Australia's larg- 
est independent fund management group]: 

“There are steady increases in physical 
demand for gold and growing concerns 


“Hocg Kong is wity overvalued and Ma- 
laysia, Thailand wtyi Smgap org. have reached • - 
.where they should beat the end of 1994,” t 

. : o. . 

• William Arab, Marathon Asset v 
Management, London: 

“Wearevtxy positive about tie long teem 1 
implications of economic ' growth m ■ die 
emerging world but many 1 of the related - 
equity markets have dearly rim - ahead df ' 

. themselves. We can besttap into these nest.- 

tWiumd cfcnfers fTiron gh mnlfmatMTnnU fhnt - 

are increasing them exposure 'to these mar- .' 
kets. A good example would be Yamaha. ” 
Motor [6f Japan], wMdr has become the ‘ 
largest motorcycle oompany m Ghma” _ _ . 

• . : :;r •. .. 

• Andrew ..Gregory, investment director, 
Klrinwart BensOn Private Bank, London: 


aiWK - - • 

ml mor ■ ■ 

Hi) c 'Jx V— - 
Saa-tir- • 
prtfl— I t : • • 

tr 

Heps-- -- - 

fca fe* a 
F«|iwrJ li. - - ‘ 
bDjBBjni;.":. - 
hgtn&itf - 
Wjntii&i. - 




r . .*■* 


This suggests that there remain good oppor- 
tunities for healthy positive returns from 


amities for healthy positive returns from 
many fixed income markets. The best re- 
turns though, are likely to be found within 
the universe of emerging bond markets. 

“The fact that the past year has been so 
rewarding in these markets should not deter 
investors, although it does argue for a more 
selective approach and a careful analysis of 
relative value. Many of these countries will 
continue to undergo a credit rerating as they 
integrate more fully with the international 
trading community following the conclusion 
of the latest GAIT round, and thus attract 
new investors. In this environment the at- 
traction of higher yields and the benefits of 
diversification will prove irresistible to fixed 
income money managers. 






“Those countries with Brady deals [inter- 
national bond guarantees] in place will pro- 


about inflation. But political events in Rus- 
sia and South Africa especially will push 
gold to higher prices this year. 

“What’s happening now in South -Africa 
now is the worst possible outcome. We’re 
now seeing black and white groups vereus 
other blade and white groups,” a reference to 
the recently struck alliance between conser- 
vative Zulus and militant far-right Afrika- 
ners. 


1994. WMlmit fjtat / 

way to' go, arid ' we expect interest rider to t 
ease. — particularly in. Europe.-. 

Specifically, we see- two good, calls ia 
sm^ey companies, which have not benefited 
from the meteoric riseiri stockmarketsin the - 
. way that their larger brethren have, .and 
privatizations. Europe has a mayor round of . 
privatizations to come, and thc^ pportuinr - 
ties are immense.” 

“Ourpther major area of interest is Japan. 
We expect interest rates to:faH.That win i 
boost sharesin itseK, and will also contribute 
to a progressive weakening of the yen tint - 
wfll enhance corporate c omp e titiv eness in- ; 
temationafly. Despile multiplcs looking ex- 
tended, we expect that afterwritc-offs Japa- . 

“cSr^fmS thought is that at some stage- 
ion 1994 tiiercwinbea a3irectidnm eqaity ' 
prices as investors take profits. HistaaicaSy,- 
cash is a very attractive investment whcn_jt- 
looks to proride an imappcaHng' retbm 
against^ other investment media— asks flic 
case now.” . . . v'.r- 


;Perfon*r* 


Sew Steel: Is a* 


— asisthe 


| fimergihg Market fiwid«j 

| : I«v * | -| 

k . 1 Brady Bond index, /\\ 

; total rate of return* 1 - 


“Any effort by any group to stop gold 
production at a single mine, a very likely 


scenerio in the next six to 12 months, could 
create the impression that production could 
come to a haft That would send gold prices 
rocketing. 

“Even if gold only goes to $480 there are 
still plenty of bargains oat there.” 


• Bany Woolf, chief in vestment bffioec; 
Mercury Fund Managers, London.' 

“We believe that for the fourth year in n 
row there will be modest overall woddeco- 


• Richard Mostly, director, Jardine Ftem- 


Tncbjd&s data aocunBeo 
tram A.'gamina. Brad, ~ 
Moidca. Venezuela. 


power in China has not been a smooth pro- 
cess.” 


! • « 

Source. Salomon Brothers 


• Serge Ledcrmann, European market an- 
alyst, Lombard, Odier & Compagnic, Gene- 


vkte the most appropriate instruments for 


new investors to gain exposure to emerging 
debt markets and it is hoe. and particularly 
in Latin America, that one is likely to see the 
best returns in 1994. Mexico is likely to 
achieve an investment grade credit rating in 
1994, partly as a result of the successful 
conclusion of NAFTA. However, Argentin- 
ian fixed rate bonds are likely to provide the 
best returns in the region. 

“The impressive econom i c achievements 
of recent years in Argentina have been 
forged through a commitment to defending 
the pcso-dollar peg with a tight monetary 
policy. This economic policy now looks to be 
secure over the longer term following the 
recent constitutional agreement allowing 
President Carlos Saul Menem to run for 
another term. Next year attention is likdy to 
focus on the possibilities of a credit Derating 


“European stock markets, many of which 
climbed between 30 percent and 50 percent 
in 1993, will not fau off to more ‘normal* 
rates of return in 1994 as most people expect. 
Instead, they will perform equally as wdl as 
they did in 1993. Also, the Swiss football 
team will win the World Cup.” - 

, □ 





• Gordon Muir-Carby, Central European 
specialist. Smith New Court Securities, Lon- 
don: 


to investment grade, which will encourage 
fixed income investors.” 


'The new Turkish government, following 
the general shift toward peace-seeking that 
we’ve seen on the West Bank and in North- 
ern Ireland, could succeed in bringing the 
Kurdish separatists to the negotiating table. 
Were that to happen, the positive effect on 
the Turkish market, which grew 181 percent 
in 1993 in dollar terms, would be substan^ 
rial” 


nonricm'QWlh. We expect Tnflarifw* ^r iariMB 
low. and believe there b farther 
falb in. interest rates. We enpec ‘ 
progress in both equity and band maritete. - 
Nevertheless, there wifi be periocBc WDnft^ ' 

. . . volatile stock markets are Hkdy. „ 

“We would recommend' an Wfw i g iit. 
ing in the United States where tte maifft: 
will no longer be assisted by igterest rato 
falls. *■ 

“There remains further upadeiri tbetEK; '■ - 
stodc market In the context -oif sustained 
oconomic growth and low ' 
ket is atttictivdy valoed relative ' 

nental Europe, where markets shouM b<»efit ‘c 


• Michael Coulson, gold analyst, Crtdit 
Lyonnais Laing. London: 

“The price of gold will rise spectacularly, 
not just through S400 an ounce, but through 
$500 an ounce. Fac tors will be more demand 
than supply, continuing currencv turmoil. 

and nmhlrrm with na'innol H^finK w 


• Peter Everington. Regent Fund Man- 
agement, Hong Kong: 

“Just about anywhere but Hong Kong 
equities is the place to be in 1994. 

“We see Hong Kong’s Hang Sou. Index 
rise of 1 15.6 percent, and more of toe same 
since the New Year, as bring too much too 
fasL We have recently .sola everything in 
HongKong. 

. "A combination of e conom i c overheating 
m China and balance of payments -crisis; 
steep inflation in Hong Kong and a top for 
high real estate prices makes HongKong too 
risky a place to hang around.” . - 

“We are now favoring Taiwan and Korea, 
and Sri Lanka, Pakistan and, to a . lesser 


from further mlerest rate decimea. 'f > 
“In Jnmm it it ■ 


and problems with national dcficus.” 

□ 

* Dr. Robert J. Barbera, economist, Leh- 
man Bros, New York: 

“There will be a shocking jump in Japa- 
nese consumer spending in the second half, 
as import prices collapse and Japanese re- 
tailers break ties with their domestic suppli- 


u In Japan it improbable that .coMiftj 
profits wffl show tittle recovery in ISwevca' 
before maior cormrsif 


.. “Oufstan&ig growth prospecte -asSised 
overthe medium tern by the recent 6ttT 
agrtemem wffl contimie to justify inv^t- 
mentmthe Pacific Basmandemg^ggte^ 


“Evidence suggests that investo^^ 
want to increase their exoosnre. W .fhem. 


providing further support. 


ImerwwscvnditcUdl 
ip Cra&ford, -Alme. Sttft 
and Martin. Baker. 











y 








L>® 




internatiowal herald tribune, satorpay-su^ 


Page 15 


the money report 



>:i 

«£•& t&.iy.: ■ ■ ' V- C -ii'. : > : =' ' ••• ■-.,•■ • ’ • i 

V " v.; (local . ■. 

Jii" S 

s ^ v . "C ■ >■■'"• • C '•" c\ ■ • ’ ‘ "- = 

Britain 1367 ' 0.10 10.75 13.40 tpeSO.O^ .^./To 

^^^MR4EMUb.-. - •A.-jaiftRi: -5 . V.V.-... |7SBj^5fe Jj V.72-2& ‘i 


2 Cheers for Inflation-Protected Bonds 

■ j- -a.._«. ... i i- »h,. “Three oercem doesn't se 


By Baie Netzer 


- &»«— . 

' France 1.956 38.51 

" 11.07 


52.10 


495.00 

56.55 


1031.9% 

370-6% 


21.30 


mw 

Hy^ 9 Standard Chartd 

+'?. ' Vjt-C'. '■ cihhX .efAHaSXA :•/. ! „S. 


Britain " ‘ 

r . ... .XL" ■>■«?; .jw “a, ms? 

p£l t,^E rtgsgt LM v 

hft.lV NatWest ' .' Britain 

1:,^ 

i. h <c or»iv cs.~.j__ 


IS. 6% 

6.5% 

339.5% 12.7% 

236.4%. 31.4% 

S.OU 190-6%.. 55.4% 


18J90. 


mm 

4j30 .w-~ . 

4,094 ' 29.00 “ 

9.088 3^6 9.30 14.45 


n4>>» 


33.25 55.55 

UK&gWiK:! 

4.90 7.30 

ra**q&*s 




222.00 
.: 237^0. 

910.00 
'."&0P ' 

796.00 

moo 

249.50' 
,173?M» 
"1153.00 
'." 337:00 

338.00 
■■534.00 

596.00 
■■■' 404.00 ■ 

129.00 


" 1620 
'55fr£0 
22.75 

8.85. 


Wi 


' i7Z7% 26.7% 

85.9% 215%.. 

81.6% 20.0% . 
:■$&&/. ■'■ <^r:.'-.-7S2#> 
72.0% 8.7% .29.10 

54.3% 86%.. .. 7:99 


730 46.3% 21-7% . 


Source: iBES fnc. ■■■.■■..■ 

Cashing In the Market’s Year-End Bonus 

^ ■ • _ _ T_ ... Krvnoht A better method, one that pro 


185.00 :i 

;.sa» j 

2.69 40.6% 15.9% . 33.75 4 

IWSlV ■' ■ , ] 

0.66 38.1%. 13.8% ...... 9-20 ■ ( 

ImmuDonaJ Herald Tnbonr 


HEN equities boom 
most other invest- 
ment media pale in 
T , comparison. Never- 
. ihdess, last year was an excellent 
j vear few bond investors, with dou- 

1 ble-digit yields common. And this. 

; don’t forget, from securities that 
i aye relatively safe and stable 
] qualities that inspire some cora- 
\ mentators to call for bonds as their 
j preferred investment medium for 

I the new year. , . 

| “Investors look at "the sunple 
* nominal return on an index-linked 
; bond and sav that's not high 
1 enough." said' lan Shepherdson. 
U.K. economist for Midland Glob- 
al Markets in London. “But they re 
suffering from a money illusion. 
They don't realize that this is the 
best possible product to protect 
thems elves again st hazards such as 
inflation.” 

While conventional bonds cam 
the risk that rising inflation will eat 
away at the value of investors' pay- 
ments, index-linked beads raise in- 
terest payments and often capital 
value in 'line with increases in a 
countrv's retail or consumer price 
index. But because foe bonds guar- 
antee an inflation-adjusted return, 
the simple yield they ofTer was re- 
cently only 3 to 4 percent. 

An additional problem is that 


ihe four major issuers of index- 
linked bones. — Britain. Canada, 
Australia and Denmark — don’t 
spark the kind of inflation fears 
among investors that names like 
Brazil and Russia ignite. 

That is until crisis erupts. When 
Britain dropped out of the Europe- 
an exchange rate mechanism, or 
ERM. in September I9®2. the re- 
sulting uncertainty led an enor- 
mous ralK in index-linked bonds, 
according to ifty Islam. Fixed in- 
come strategist for Merrill Lynch 
in London. 

Since then, however, fears of in- 
flation have eased as the underly- 
ing inflation rate in Britain 1 which 
excludes mortgage interest pay* 
men is> has dropDed below 3 per- 
cent to a 2f-\ear low - according to 
Mr. Islam. Investors who previous- 
ly went wild for index-iinked bonds 
now find the 3 percent yields some- 
what stingy. Many have relumed to 
conventional bonds. 

But for individual* heavily in- 
vested m ar.y of the four main issu- 
ers' currencies, experts say these 
securities are still among the smart- 
est wavs of hedging against the risk 
of inflation. At Kemper Securities 
in Chicago. Charles Otis, a foreign 
and fllobal trader, notes that buy- 
ing such traditional inflation- 
hedges as gold can be expensive 
and'curr.bersome for individuals. 

Index-linked bonds, on the other 
hand, are generally convenient for 


individuals 10 buy . In Britain, the 
Bank or England has already issued 
more than £20 billion ($30 billion) 
in face value of the bonds. They arc 
sold in denominations as low as 
£1.000 and investors can buy them 
through the Post Office free of 
commission. Banks and brokerages 
will also buy them for customers 
fOT a charge. 

Experts sav the bonds are also 

well suited to conservative inves- 
tors because principle is guaran- 
teed, unlike sucb other innation- 
hedging investments as gold. The 
issuer of the bonds in each country 

is usually the federal reserve bank 
and thus the bonds cany the same 
guarantees as conventional Trea- 
sury bonds. 

Retail buyers of index-linked 
bonds have tended to purchase 
shorter maturities, according to 
Mr. Shepherdson. Thai’s mainly 
because the longer-term 20- or 30- 
vear bonds don't seem to offer in- 
vestors the higher yields they nor- 
mally require to take on Lhe risk of 
buying a longer maturity. 

For instance, an index-linked 30- 
vear British bond recently yielded 
3.1 percent compared to 2.9 per- 
cent on a similar 10-year bond. 
That small difference of 20 basis 
points (there are 100 basis points in 
one percentage point) compares to 
a spread of 35 basis points between 
10- and 30-year conventional gov- 
ernment bonds. 


‘Three percent doesn't seem like 
much but people don't realize they 
are looking at a guaranteed real 
vield.” said Mr. Shepherdson. 
“And because of that guarantee, 
the yield is going to be less than 
whai you'd see on a conventional 
bond with no inflation protection.*' 

However attractive the index- 
iinked bonds are for local investors, 
experts say it doesn't make sense 
for international investors to try to 
purchase index-linked bonds un- 
less they are heavily weighted in the 
currencies in which the bonds are 
issued. 

"There isn't really much demand 
for them right now from foreign 
eureenev buyers.” said Kemper’s 
Mr. Ovis. “In general, foreign cur- 
rencies buyers are looking for larg- 
er returns and shorter-term rallies 
than these type of rnild-inflaiion 
hedges can provide." 

And for conservative investors 
who just can’t bring themselves to 
accept a stodgy 3 percent yield, 
experts say they may do just as well 
sticking to conventional bonds in 
the near term. Mr. Islam of Merrill 
Lynch says he is counting on infla- 
tion in Britain to remain low over 
the next 12 months. 

“As a result. 1 think conventional 
U.K. bonds will outperform the in- 
dex-linked bonds over the near 
term." he said. 


By Conrad de .AenDe 


NE of the few seasonal 
I stock mariret' jAemome- 
' na that seem to hold op 
’ to ■ analytical scrutiny F™4 ,a - r “ u > w 

and.bettet yet* can actually be tak- am pick foe wrong stocks. 


berL editor of foe Hhlbert Finan- 
cial Digest* is to use individual 
stocks. Commissions, and foe 
spread in. the. buying and selling 
pikes of smaller, more thinly trad- 
ed shares can erode and even elimi- 
nate profits. And, of course, you 


ana* ocue* y«* kau B u w g iij uv 

en advantage of by real people with 
real money is foe January effect 
This' is the tendency, in the United 
States — take a look at foe current 
market— for share prices Of small- 
er companies to. outperform those 
of biggn ones during , foe last few 
trading days trf Decratber awtfoe 
first few of January, 

Exploiting . foe effect in volves 

buying HnaSconmaaies and ssHing 
bigoxiesriroriMthesairKtirtw-'nM: 

way not to do it, says Mark Htd- 


Thc bid-asked spread can be a 
real killer. A stock that trades at S5 
a share might really be offered for 
sale by market makers far $5,125. 
while the price at which they will 
buy the shares might be $4,875, a 
difference of about 5 percent 
One way around these .diffiaiH 
ties ..is to use funds. Transaction 
costs me cheaper, funds are diverri- 
fied, of course, and their net asset 

values are osculated tiring dosing 

-prices. So even if .foe. stock in the 


example above can only be bought 
for $5,125, it is valued at $5 in a 
fund that boMs it. 

A strategy Mr. Hulbert men- 
tioned in a recent issue involves 
buying an index fund of small-cap- 
itauzarion stocks and shorting a 
new invention known as Spiders, or 
Standard & Poor’s 500 depositary 
receipts, which are essentially 
shares of an index fund traded on 
foe American Stock Exchange. 

. Mr. Hulbert calculates that do- 
ing this on foe first trading day 
after Dec. 19 and dosing out the 
positions on the last trading day 
before Jan. 10 would have been 
profitable over foe last five years. 
That's true even after figuring m 

commissioos, but most of foe gam 
would then have disappeared. 



A better method, one that pro- 
duced a gain in each of the last II 
years, is to buy a futures contract 
on foe broad-based Value Line in- 
dex and sell one on foe S&P 500, 
twitting foe positions for the same 
three weeks. The profits ranged 
from 3.25 percent in 1985-86 to a 
whopping 67 J percent a year ago. 
That assumes an initial margin — 
the equity needed to hold foe 
spread position — of $10,000. 
Transaction costs are not added in, 
but these would total no more than 
S60 to $70 using a discount futures 
brokerage. 

“Despite tbe increasing attention 
to foe January effect over the years, 
there appears to be no nolkeable 
diminution in foe profitability of 
this particular strategy,” Mr. Hul- 
bert writes. 

But, he adds, in a warning for 
anyone contemplating such specu- 
lation. “this futures contract strate- 
gy wiD be too risky for some. Con- 
sider, for example, the strategy^ 

. potential profits and losses as a 
percentage of foe $10,000 initial 
marg in you would need to set it up. 
If it moves unfavorably this year to 
foe same extent it moved favorably 
last year (winch is entirely possible, 
after all), then you will lose some 
67 j percent of foe amount invest- 
ed." 


Socfeta Generate Expands 
French Equity Index Bond 

Due to investor demand. Sorifcte Generale 
Equities and Derivatives, or SGED, has ex- 
panded foe capacity of its French equity 
index bond 10 500 million French francs 
($83 million). The fund trades the SBFI20 
index, runs for four years and offers income 
of 5.4 percent. 

“The yield of the bond could be compared 
with the OAT [French government bond] 
which was offering a yield of 5.23 percent in 
mid-December ” said Jean-Pierre Mustier, 
managing director of SGED. ___ 

Minimum individual investment is 10,000 
francs (51.6701. ,_„»_• . 

For more information, call SGED m Pans 
(33 1) 42 13 65 63. 

E.D. ft F. Man Starting Fund 
For ‘Medium-Term’ Profits 

International derivatives fund manager 
FTT & F. Man is launching a new Bermuda- 
registered fund in conjunction with trading 
adviser Adam, Harding & LuecL AHL 
Guaranteed Capital Markets Ltd. will [trade 

- j: :c_.i i-»f ol.iKal PflUItV Uldex- 

futures 


with the aim of realizing “substantial medi- 
um-term capital appreciation." 

Minimum investment is $30,000. anu 
charges are performance -related. In other 
words. 100 percent of investors’ money is 
invested, and the managers take a share of 
profit above a certain level. 

For more information, call John Town- 
send, E.D. & F. Man International in Lon- 
don at (44 71) 285 3200. 

A Chance to Participate 
In European Privatizations 

Private and institutional investors looking 
10 participate in foe forthcoming glut of 
European privatizations can do so through 
foe medium of a new collectiuve investment 
vehicle launched by London-based fund 
manager. Kleinwort Benson Investment 
Trusts. .. . 

The fund begins takmg contributions on 
Jan. 1 1, and investors must initially commit 
a minimum of £1,000 ($1,500 in dollar terms 


ruaramccu V. aj-'lLOJ mai»u — — 
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Page 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 8-9, 1994 


SPORTS 


Lions’ Key vs. Packers: Sanders 



New Port Times Service 

PACKERS (9-7) at LIONS (10-6): KEY 
ST AT: Packers' Sterling Sharpe has NFL 
record 1 1 2 catches and team made 36 sacks in 
last 10 games; Lions have won 9 of past 14 at 
home vs. Green Bay and team had NFC best 
14 player* with at least one sack. 

COMMENT: The Packers and Lions have 
mei 127 limes in the regular season — includ- 
ing Detroit's 30-20 victory last Sunday — but 
never in the playoffs. Both teams pressure the 

NFL MATCHUPS 

quarterback effectively and the Lions were 
better in the last meeting; they forced four 
Brett Favre interceptions. The Packets must 
realize lhai less from Favre means more. 

Expect Coach Mike Holmgren to make sev- 
eral changes in the Packers’ game plan, espe- 
cially wring to establish the running game 
more with Edgar Bennett, whose nine rushing 
touchdowns lied Emmitt Smith for second 
best in the NFC. But expect Lions' quarter- 
back Erik Kramer to outplay Favre and for 
Barry Sanders’s likely return to spark Detroit. 
Odd.s makers favor the L ions by 1 point, 

S FEELERS (9-7) at CHIEFS (11-5): KEY 
STAT: Steelers' Neil O’Donnell has 14 TD 
passes, seven interceptions and Steelers' over- 
all defense fust in AFC: Chiefs are 7-0 at 
home this season and $-0 in all games where 
they rushed 29 limes or more. 

COMMENT: Pittsburgh makes its second 
straight trip to the playoffs in two seasons 
under coach Bill Cowher. while the Griefs 


Court Level, 
Trail Blazers 
Stop Hornets 

The Associated Press 
The Portland T rail Blazers came 
to town with their backcoun tan- 
dem of Oyde Drexler and Terry 
Porter out with sprained ankles. 

But the playing field — or the 
court in this case — was leveled by 
the absence of the Charlotte Hor- 
nets’ stars Larry Johnson, out with 
a sore back, and Alonzo Mourning, 
oul with a sprained ankle. 

In a matchup of the remaining 
healthy players, Portland came 


NBA HIGHLIGHTS 


back from a 21-point deficit to beat 
Charlotte. 1 16- 1 10. on Thursday. 

Down by 20 at the half. Port- 
land's coach. Rick Adelman, 
screamed at his team. 

Portland forward Cliff Robinson 
got the message. He scored 21 of 
his 29 points in the second half. 

The Hornets made a final 7-1 run 
after the Blazers look a 15-point 
lead oo a jumper by Jareo Jackson 
with 2:48 left. Charlotte closed to 
114-110 on Hersey Hawkins’ 3- 
poinier with 32 seconds to play. 

Knkks 92, Bucks 86: In Milwau- 
kee. the Knicks seemed to stop 
playing with 54- minutes left, and 
the Bucks, who once trailed by 21, 
went on a 17-2 run to gel within 85- 
80. but John Starks made five 
straight free throws for New York. 

Warriors 102, Spurs 98: In Oak- 
land. California, the Spurs had 71 
rebounds — the most in the NBA 
this season — and the Warriors 
missed 22 of 43 free throws, but San 
Antonio had 26 turnovers to Golden 
Slate’s eight and the Warriors sur- 
vived despite nearly blowing a 15- 
poini lead with 2:58 to play. 


Coslett Firedby Jets 

The Associated Press 

HEMPSTEAD. New York — Bruce Cos- 
lett, who never had a winning season in four 
years with the New York Jets, was fired 
Friday as bead coach and replaced by defen- 
sive coordinator Pete CarrolL 

The Jets' general manager, Dick Steinberg, 
cited a disagreement in coaching philosophy 
about the way the offense would be handled. 

Coslet. 47, is the third NFL head coach 
fired since the season ended Sunday. The 
Redskins fired Richie Petit bon and the Fal- 
cons dismissed Jerry GbnvQje. 


under coach Marty Schoitenh earner make 
their fourth straight trip. 

Last season, the Chiefs were ripped by San 
Diego, 17-0, in first-round playoff action; it 
was that game that forced Kansas Gt/s brass 
to realize that its defense was one of the 
league's best but that its one-dimensional run 
offense would get the team nowhere in the 
postseason. Enter Joe Montana. This is why 
Montana was acquired, to help take the Chiefs 
to the next level in the playoffs. Chiefs by 8. 

YTHNGS (9-7) al GIANTS (11-5): KEY 
STAT: Vikings are 1 1-5 in road games under 
coach Denny Green, 10-4 in such games out- 
doors. and the offensive line has not allowed a 
sack in dub-record 14 straight quarters; Gi- 


ants arc 6-1 in Iasi seven playoff games, and 
Phil Simms in eight postseason games has 10 
touchdown passes and fair interceptions. 

COMMENT; The Viking have the physical 
stature on defense to stay with the Giants and 
the offensive continuity under Jim McMahon 
to mount consistent drives. The Gian is al- 
lowed the fewest points (205) in the NFL this 
season, compared with Minnesota's 290. 

How Minnesota handles Giants' rushing 
attack is the key factor. If the Giants run 
handily, they win. if the Vikings can handle 
the ran, they are in the game until the final 
gun. Kick returner Dave Meggett and punter 
Mike Horan should be the factors that push 
Giants into the second round. Giants bv 6VL 

BRONCOS (9-7) at RAIDERS (10-6): 
KEY STAT: Broncos' John El way led AFC 
in passing for first time in 1 1 -y ear career, 
including career-low 10 interceptions, and 
tight end Shannon Sharpe made 81 catches; 
Raiders' Jeff Hostetler is team's first quarter- 
back to pass for more than 3.000 yards since 
Ken Stabler in 1979, and he is 25-15 as a 
starter, 3-0 in the playoffs. 

COMMENT: “I know we can beat this 
team,” said Broncos' coach Wade Phillips after 
Denver lost, 33-30, in OT at the Las Angeles 
Coliseum last Sunday. Denver lost twice to the 
Raiders this season and has dropped six 
straight at the Raiders. The Raiders’ speed and 
elusiveness at receiver gave the Broncos fits 
last Sunday. Raiders by 24. 

These matchups were prepared by Thomas 
George oj The New York Times. Odds were 
provided by Harrah's. 





CMa Rea AriMgHi/Tbc Modud Pnav 

During praetke for Sraxlay*s playoff gmne,Coadi Dan Reeves diaSei^^ New YoaKGiaiits EndnckerL^me&ceT^'Ior to hit fte 

dome ceding of their indoor training site in Piscatsway, New Jersey, with a roll of taqpe. Taylor succeeded; Reeves, however, f sued. 


W. Virginia Snubs Temple’s House Rules 


The Associated Press 

It doesn’t happen very often — 
12 times in 1 1 -plus seasons to be 
precise: Temple last a home game. 

The seventh-ranked Owls were 
beaten by West Virginia, 4947, 
Thursday oo a rebound basket by 
Pennies Greene with two seconds 

COLLEGE BASKETBALL 

to play. Since John Chaney took 
over as coach at Temple for the 
1982-83 season, the Owls have a 
record of 96-12 at McGonigle Hall. 

“We’D take it very gladly, no 
matter how it looked,” said West 
Virginia's coach. Gale Catlett. 

The pressure showed in the 
shooting. The Mountaineers (8-1, 
2-0 Atlantic 10) were the better 
team at 37.7 percent. Temple (6-2, 
1-1) was at 28.8. They also com- 
bined for 32 turnovers. 

“There’s going to be more like 
that,*’ Chaney said. “I’ve been say- 
ing this. I’ve said all along that we 


have problems with players in- 
side." The victory was the Moun- 
taineers’ eighth straight since a sea- 
son-opening loss to Virginia Tech. 

Ricky Brunson, who finished 
with 14 points, tied the score 4747 
with a 3-pointer with IS seconds 
left. West Virginia's Ricky Robin- 
son rebounded an airbafl 3-point 
attempt, but was too strong with 
the follow. Greene, who scored 13 
points, then put in the game-win- 
ning basket. 

4 Kentucky 84, Notre Dame 
59: The Wildcats (11-1) won their 
ninth straight game, and tied a 
school mark with their 30th consec- 
utive victory at Rapp Arena. Ken- 
tucky, led by Tony Ddk’s 16 
points, forced a season-high 34 
turnovers and led by 25 points five 
minutes into the second half. The 
Irish (4-6) were led by Monty Wil- 
liams with 19 paints. 

No. 6 UCLA 89, Oregon 73: Ed 
OTtannon and Tyus Edney had 15 
points each as the Brums (8-0, 1-0 


Fao-10) won their eighth straight 
over the Docks and 26th in 29 
meetings at Pauley Pavilion. Ore- 
gon (4-6, 0-1} scored the first two 
paints of the second half to get 
within eight points, but w ere never 
closer. Fres hman guard Kenya 
Wilkins led Oregon with 17 pants. 

No. 11 LoosriBe 88, Sooth Flori- 
da 56: The Cardinals (10-1 1-OMet- 
ro) won their 10th straight behind a 
balanced attack led by Greg Minors 
19 paints. Louisville’s Clifford Ro- 
zicr, who seated 14 points and had 
nine rebounds, left the game with 
4:42 left with a right thigh braise. 
Jesse Salters led the visiting Bulls (7- 
4,0-1) with 11 points. 

No. 15 Wisconsin 71, Pttm St 
56: The Badgers (10-0, 1-0 Big Ten) 
are off to their best start since 19! 1- 
12, when they won 15 in a row. 
Michael Finley had 23 points and 
visiting Wisconsin polled away 
throughout the second half, leading 
by as much as 20. Mkhad Jennings 
led the Nittany Hans. (7-3, 0-1) with 


15 points and leading scorer Johor 
Amaochi was held to four points. / 

No. 23 George Washington 89, •* 
Rutgers 69: Yinka Dare had 20- 
points and 13 rebounds as the Co- 
lonials (7-3, 1-1 Atlantic 10V- 
cruised at home to break a twp- 
game losing streak. George Wash- 
ington led by at least 1 7 po -ts over- 
thermal 15 nmrates. Waliyy Dixon- 
paced the Scariet Knights (3-6, 0-2) 
with 14 points. . \ . 

No. 24 Cafiforaa 70, Washing^ 
ton St 54s Lamond Murray bad & 
career-high 36 points, the most for, 
a. Cal player since Mark McNa-' 1 
mai n had tha t many against 4JCLA-' 
in 1982 Murray was 10-fot-12 
from the field, including 4-for-4 on 
3-pointers. Jason Kidd added 13 
points, eight assists and five steals- 
for the Golden Bears (8-21-4 Pao- 
10), who won their sixth straight 
The visiting Cougars (10-3, 0-1 V* 
led by Tony Harris* 14 points, were 
■hdd to a. season-low in scoring. ----- 


Baseball Remnme-Sharing Deal Eludes Oumei 


Charlotte's Mugsj Bogues got past Cliff Robinson, left and Rod Strickland, but Portland triumphed. 


Compiled by Our Staff From Dispatches 

ROSEMONT, Illinois — Neither snow nor 
fog nor cold kept major-league baseball dab 
owners from their appointed rounds. 

They made it to their first revenue-sharing 
meeting in nearly five months, despite bad 
weather. But after going round and round in 
various sessions, on Thursday they fell one vote 
short of adopting a plan that would bring peace 
among the owners and the start of labor negoti- 
ations with the players. 

The owners, who several times during the day 
divided into three separate caucuses, took votes 
on four plans that would increase the amount of 
local revenue the chibs would share. 

A plan proposed by the teams considered to 
be in the hign- revenue bloc received only 1 1 
votes, but an amended form of a plan put forth 


by Richard Ravitch, the owners’ chief labor 
executive, received 20 votes. 

Adoption of a plan requires 21 votes. No one. 
would disclose the identity of the eight dubs that 
voted against the Ravitch plan, but the Mgfr- 
revenue caucus Thursday conqmsed eight dribs: 
both New York teams. Los Angdes, Toronto, 
Boston, Baltimore, Colorado and St Louis. 

The debate wfll continue when owners recon- 
vene in Fort Lauderdale, Florida, Jan. 17-19. 

*Td be a liar if I said I hadn’t hoped we’d 
come to a conclusion today,” Ravitch said. 
“We’ve been at it a long tune and it would be 
nice if we got on to the main event of negotiat- 
ing with the union." 

Even if a plan is passed, it won’t be imple- 
mented unless the Major League Baseball Flay- 
ers Association agrees to a salary cap. That is 
unlikely without a work stoppage. 


"There will not be rcveaue sharing without a 
salary cap,” said the Milwaukee BrCwers* presi- 
dent, Bud SeOg, chairman of the ruling execo- - 

tive council “we ah understand this is the first-' 
part of the equation, and the. second will be a 
mare difficult one.” 

Whitoteamsdivided into two sides in August, • 
they split into three this time. In addition to the 
tdffbavwue bloc, Oacmnati, Milwaukee, Min- 
nesota, Montreal, Pittsburgh, San Diego and. 
Seattle farmed the small-revenue caucus. The 
other 13 dobs were in the middk. 

When the owners meet in Fort Lauderdale,' 
they also intend tervote for a new commission- 
er. Harvey Schiller, the U.S. .Olympic Commit- 
tee executive director, and Arnold Weber, pres-" 
idest of Northwestern University', are. 
considered the front-runners. (NYT, APJ- 


DENNIS THE MENACE 


PEANUTS 

‘‘ ONCE A LUEEK,THEY PUT 
MY CASE OUTSIDE IN THE 
SUN. .SOONER OR LATER 
TUEYftE GOING TO LEAVE 
THAT UTTlE DOOR. OPEN.." 


'AWWAYTHI5 
IS A STUPID 
LIPS SITTING 
HERE ALONE 
U'A/TiNS FOR 
THAT TO. " 


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Page 17 











VjSJ> 


. *T4 ••* 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 8-9 , 1994 


" i-Mole iweon Athletes: 

I Time for SfunisWo^ ■ 
| To Redoubhthe Guard 

\ f • , • •.•■."• By GeoigeVecsey . 

4 f . ;■'••' "• New TorttTImo Service - -..'V.- ^ ' 

! t . “ Robct i Ato®** caught it perfectly ju ft* di magic . 

, £* l^jscoMtfhismastapieceffliiL^^ 

1 t . charactersoonverge cm * coneert^ and the most mo nj a rim s, the 1 least 

| [- intotsting character. sqd&nly yaroticato 

; p rompcDrog star. ~ : ^ - 'T™ -...--■■.WTrs r 


r. iTn. 1 * i\* . ' '■ 

Lite nSfr who"' 

n-x -»*y;js£-z’! lV- 


kdy a female star, but ihe peopie too run. ^p^ts ha ^p^p slow to , 
wmp re hc nd the fiero^pa»cm flat gnpslK 

, As erf .this ^writing we -do not . know.' axtytluDg.^^K^the nSj^yfao' 
whacked NancyKerngait inftteieg ~ ' '" 

Thursday, thrtawnfflg' her tadfor-a- ' ' 

and a Pbilt ^ 

Games. Ttetaanwas able to bofe r*- . - 

right up.to her- and hit her with something haw, enengh to send off 
tamKHfig to tte ted carpet, scrraroWas she want &»n. j - : 

How could a sttsoger get this dose jost^4»enJK«ngaii had nmsned^n 
“open" practice? • - - -. : V •** 


No Comeback 
For Seles at 
Australia Open 

• > NwYoNt t^&wwx ■;- 

Monica Seles, who has not 
played a match since she was 
stabbed in the hack .to April 
,3Q while competingm Ham- 
burg, announced tha t she 
; would not-play in the Aostt** 
tum fWn later this moafe. 
■•'Sae^Nalat the fiane that 
-she was stabbcd.by a fanatical . 
supporter of Steffi Graf, 

womd have becn att e mp ting to 
.win ter. fourth _conseartivc 
' Australian Open, the Grand 
Sam event inwhkh she holds 
an mrtrfemiriped record, of 21- 

• 0. Sdes has not set a timetable 
for ter retain bat in the past 
frad nyWramri that if she were 
forced to miss the Australian, 
ste would net hnny tack. 

The player, 20, had recently 
.accelerated her practice ana 




r . 


Czechs Topple 
Germans to Win 
Hopman Cup 




■ ■ ■-! UMUUO ||i. |IIV ~~ ~ - ----- J— — ~~ - VIM — . w- 

wedqut wandermto forbidden zonca^ soit makes \ 
fry much somebodyrogt tetpg^to ^^Qp^s t 


I^mdda; 
chertottee^edf : 

r &-.• ■■■-- -■ Slv:*- 


L^tApnl, a loner named Gflnter Paid 
rf a toHus toamanmat m Hamborg and 
bad^ThcTmif e penetrated ontymindior 


Monica Sdes in the 


enough-to teep-bra^Ktt ot teams ew apOL- . . 

. Tte man with the lcmfc Graf fimwtejust wanted to m ate 

stoic his favoritti player advanced in the ra n k in g s . He got a su^endea-. 
senltece, wln^ cmy toldme that German judges can -he as myops as 

. : 
■’ talkof the x^SS^flte hard-breaflring «Jh^^5woKph^^the 
letters, the staffiers wteappear from nowfiexe, p6ychctowal flasp era- 
This wam't erac^y a saipri^m fignre-dgatnig, ~ 

irrtitw d«ats, > bat _ Amman with tte bta^instronTOrTOS'a'real 

m3K>te'6f te jnaite'farathm 

^ocral imp^Snlhat Bia««ow or Bartea Strouaad^ Madonna is 
dtiwrw directly to von or meL- > ■■ -1.^ 

Otolt gating out of hand in' sp«e? And are you; andTjaapEcatei?^ - 

whi-n shewas ht^^^^rou^ te r Jeai&.^ ; v/ cr'^^y fo ^ - 

taming Graf into to‘«arile?_ ^ . 

•*_ ^ u. . Mi t njT jK b -uornig waman wfioB 


^ HHHiig wwumm ui on 

to be ready for the Austrafian, 
winch starts Jan. 17- Biit Sdes, 
now Tanked - eighth, said 
Umisday that she thought she 
owed ii to haself and her fans 
not to retomraitil die canjday 
at the levd that has come to be 

expected of her. 

: Her representatives, Inter- 

. n^rin nal Management Group, 
said there was no connection 




The Associated Press 

PERTH. Australia — Petr 
Korda swept aside the challenge of 
Bcrnd Karhacher in just 67 minutes 
on Friday to lift the top-seeded 
r-Tfrti Republic to victory over 

Germany in the final of the Hop- 
man Cup t««m tennis ebampion- 

sk^orda trounced Karhacher, 6-3, 
6-4, to give the Czechs a winning 2- 
0 lead after Jana Novotna defeated 
Ante Huber, 1-6. 6-4. 6-3. in the 
opening women's angles. 

Korda celebrated the victory by 
ordering champagne to be served 
courtside during the mixed dou- 
bles, which the German pair won &- 
3 in a pro set. 


t ■' U = :4a 




%'oad'Ascvr Fraaa-JVcw 


Emuci. Korda was far more 
ruthless. 

He wrai seven straight games 
from 3-3 in the first set, raking a 
stran gleho ld on the men’s singles. 

Karhacher, ranked 54th in the 
warid, tried to slug it out with left- 
hander Korda, but could not match 
the Czech’s power or accuracy. 

Korda, who wot the Grand Slam 

Cup in Munich in his final match or 
1993. teg »n the new year by adding 


- luiuwiiw , ^ r •' Gttg *ooc.’A8wa rtraa-no* ui(l 111 * 

Jana Noftn* s&etdiiigfor iretnmiB her nctoiyo»erAidi£ Huber in the Hopman Cqi find FAtay. 

the attack on. Nancy Kerrigan. • 

SKATER: Kerrigan, Injured by Attacker, Forced to Withdraw From U.S. Championships 

: ‘ CondnedfranPage 1 « Thur^.ate a pmflk* s«- ^d Kmten “voy d«^ wa, “sw^dns a lot, : « h= jto 


month. that 

— But Ac U^. Figure Skating As- rest 
sodation preadmt, Claire Fegn- 
■ Mil hnnmmtiffll’s HUCT- 1 


Tin, rat w a ft«- » nractice ses- said Kerrigan was “very deter- was “sweating a lot," but he also 
r^w in a ^dS^^aSSS SSer^mtteOly^ geared to be weanng a credm- 

..An. mnd dwm- doctored itere «snoteMt On Friday. 0* police icviaed 

Bradley raid Kemga nw^ cxam- ^ program their description erf the assent, 

ed on Thursday evenmg and --.S™ the eve of an impor- saying two witnesses believed he 
mn Friday. Based on those ex- “ the eve or an xsyui&^ light-complexion black 

Stations, doctors determined ^ stopped man." Tte deputy polks chief, 

at it would be better for ter to j-joncr. A stranger Benny Napoleon, said the police 

*■ _ . amMoached and in a flash, these- were pursuing several leads. _ 

OT^d rffigorc Skating ^was The police pngmaHy Mid they 


Sbtem^ouswSridcham- doctor said ttere was no frar^ 

month. that it would be tetter for ter to . renorter. A stranger 


Tte.assS 5 ® 


soaapaa preadeol, Claire Fran- “She was not able to bend the ^ skating was IOC pUULC UllgUMUi; — J 

soiLS*ifLihc araMatiotfs DtfCT- folly, ** Bradley sakL He added Kcmom crumpled 10 had been searching for a wMteman 

rrntvwral cwmmttee could pbme t b«t die would undergo a magnetic t u_ pronnd screanring, “God, why wearing a black leather jacket. 
athlete* onthe Olympic team. The ^onanoe imaging scan eariy jiot wme?" “How do you gel out there after 

top two finish ers at tte national to determine the extent of me KemEan’s father, Danid. picked someone's done mat to you. won- 
chaimionship qualify for the jhnnagp, but that she could hral m vJ^TS ramed her off . dered another skating coach, Frank 

Games. timo to conqiete in flie Olympics. the assailant escaped by using Carroll, who bad unknowingly 

“Certainly there i s-a trie that ft w ^ second attack on a the instrument to smash a Pkadglas identified Kerngjm to die assent 
would aBow for the committee to athlete in less than a year. In door, which was chained shut, and minutes before the attack. How 

pjekttemembmfMtteOiympje ADr n Monica Sdes was stabbed disappeared into a crowd do you concentrate on 

team? Fognson sad drana a tennis match in Germany Kathy Smart, a dealing coach, lutz-double toe loop wnen you 

Kerrig a n , 24, offered a bnng cannot compete. said she saw the man videotaping dcmT know what kind of madman 

Kerrism’s cow*. Eyy SootvoW, to pmto= Mi«. She sto h. outriv^r 


cnampionamp qwujr .»» damage. Dm umu sue b«- m and earned her on. aereaani«uca 

. Games. . . time to compete in the Olympics. the assailant escaped by using Carroll, who bad unknowingly 

“Certainly there i s a nde that Jt ^ ^ second attack on a the instrument to smash a Pkadglas identified IKemgsm toiheasagmt 
would aBow for the committee to athlete in less than a year. In door, which was chained shut, and minutes before the attack, how 

pick ttemembmfM tteCHyjnpjc ADr n Monjca Sdes was stabbed disappeared into a crowd do you concentrate on the triple 

during a teruns match m Gwmrny Mhy Srn^ a bating cwtu L^^SnS 


grang to be 4 ifitrie nuke t o tenu i t i ? >. 


V. ,* ■' 


womu nuuw it® ™ — r.~. major aunete m less uvm & jw. door, wmen was cumneu miuu, «« mmuiu _ --~~r r.-. 

pick ttemembessfOT tte CHympje Am ji Monica Sdes was stabbed disappeared into a crowd do you concentrate on the triple 

tram,” F«guson smd drains a tennis match in Germany Kathy Smart, a dealing coach, lutz-double toe lpq» whmyOT 

Kerrigan, 24, offered « brai« cannot compete. said she saw the man videotaping don't know what kind of madman 

g£3$St&r£qti Km^’-cortEwScotold. toprtoto^Sta^b. totort!” 


Two otter fanale skaters have 
bm i targets of threatening behav- 
ior. 

In November. Tonya Harding 
had to forgo competing in an ewnt 
in her hometown of Portland Ore- 
gon, after a death threat was 
phoned to the rink. 

And tte German skater Katar- 
ina Witt was harassed by a man 
TOo sent her obscene and threaten- 
ing mad He was convicted in 1992 
and was sentenced to 37 months in 
a psychiatric facility and ordered 
not to contact Witt. 

Witnesses to the attack cm Kerri* 
pan said there was little security at 
the arena. Joan Ryan, a reporter for 
the San Francisco Examiner, said 
reporters were able to enter the 
area without bang checked 

(AF. Reuters) 


another title to his rapidly growing 
collection. . 

He hit his groundstrokes with 
tremendous venom and was devas- 
tating when be advanced to the net. 

Korda, who is ranted 12th in the 
world, was unbeaten in singles 

throughout the week and under- 
lined his supremacy over Kar- 
bacher by winning 12 of tte last 15 
points in the first set- 
“It is a great start to the year for 
me," Korda said Tm healthy and 
I’m enjoying my ten nis ." 

The German appeared ham- 
pered by ahamstring injury during 
tte second set. He rallied briefly, 
saving a match point and breaking 
back after Kona led 5-2. 

Karbacter got back to 4-5, but 
a track-minded Korda (hoi held 
save to 30 for the victory after 
squandering a further two match 
points. 

“I tried everything, especially at 
the end but I felt like a spectator 
on court," said Karbacter. “If hes 
playing this well there isn’t much 
you can do. He’s playing some of 
the best tennis you can imagine, so 
there is no shame in losing to him. 

Novotna, in contrast, took al- 
most two hours to grind her way to 

victory over Huber in the women's 
singles. 

The 19-year-old German blasted 
ter way through the first set in just 
33 minutes, but Novotna then 
clawed her way bade with some 
accurate serve- volley tennis that in- 
cluded seven aces. 

“I just hung in there and tried to 
i be more aggressive and that paid 
off in the end," Novotna said 

Huber tried to vary ter game and 

i hit some rffective backhand wm- 
- ners but the powerful Novotna 
l made fewer errors in tte decisive 

i set. winning the last four games. 

1 Huber had ter chances, but con- 
verted only one of her five break 

[. points in the final seL 
it "Ante played some short balls 
rr and used the angles well, so it was 
d very tiring," Novotna said 
ie The loss was Huber's first in four 

Hopman Cup singles, while No- 
tj votna improved to 2-1 this week 


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NHL Standings 


EASTERN CONFERENCE 
Attontlc DMUM 

w L T Pie OF OA 
NY Ronoen 27 10 3 B io W 

New Jersey 23 12 4 50 141 109 

Phttad-PMC 30 It 3 «1«1« 

WMMnatan 17 18 A » 1» TO 

FtarWo 16 M 6 38 108 189 


TIE- ininwh 

19 12 8 46 14* M8 

H U 7 45 13* TO 

M IS 7 43 127 113 

18 17 4 40 130 W 

17 W 5 3* M2 146 

16 22 3 33 123 137 


40 131 131 
46 171 131 
44 122 100 


6 « 199 137 

0 40 133 128 
3 35 M9 155 
a 34 111 126 
9 31 105 137 

1 28 123 M7 


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/. myth 
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47 .Ballot ibbr. 
49Souai,&«. 
52 “This must 


AT T. fiBOWN-UP By Met Rosen 

• 1 

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•- 9 Dig* imo . 

J* Paxtiamentar- 
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dme '-- - . 

W Joiede.gwee’J 

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.21 Legimd* . 
23 Heavy-dtuy . 
fann machine - 

26 - — : mater 

27 WhcnDST.;- 

- -ends - .'-••••-•-• ’ 

28- Hilo memcnW* 
29 Honors with 
style-.'. 

M 'RinaJdo* and : 

others 

.32 Vacate® ; . • 
M Call by . . . . / 

• interconr 

15 Shmify " 7 .V. 

36 rV7aDS*«e< ' 

chte- 

37 Phrying the 

toady - 

42 Fkoonaidog- ; 

43 Bsirowlerfr . • 
45 .Orahgjsh.fbod 

. 46Jienlof kateto 

apparel - f -- 


"53 Sails close to 

. ltewmd" 
Sfr-fHEja.- . 

59 •ADissmanon 

.-oaSnsistPig. 

: writer 

63SemngtSah 

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r damw ;'. 

. 69 Cenamdq^OTB;. 


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73 Slim of a .. : . 
Hnpa-.Uetnle- 

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95 MaBdL 
97 B4>d^aSfen 
tbCt* l -*X'%SC-jr-< 
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Hasute^-. 

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,lJ2.Le®cJsK-a 

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114 rUnto 

■115 Fklds-West 

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121 btec 

xnCxHPtJX-^ 

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125 Fimi 
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potties 
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dyard); (iwl.P-l^dyo nt5(ttar^ Oi w^ 
nail); D-Gcemar14 (Courtrxnl.TTnoraii.snc- 
ood Ported: D-N. Broten 11 IHaWw. 
Courtnatt); WVtcPhee 10 (Cowlnall, N- Bra- 
ten). Third Period: D-CavallM 5 (P. B roten); 
D4». Brnten 6 ( Evaeon. CavatOnl); DDahlen 
11 (Ledvard, Ttnordt). (pp). »n»* «* •0" , -. p 

ion Wokalwk) M-10-H-3S.D (on Rowset So- 
derstrom) 11-A4-23. 

(*♦"»« 3 4 3-W 

Set Jon 6 9 *“ * 

First Ported: D-Fedorav 30 (Clccnretll); D- 
Coffey 7 [Lktetrom. Kozlov); 4D4»ic wad 21 
(jahnsarv Coffey). Secwid Peri od: P-K rgov) A 
(Moray. Oeanlll); (pp). DHKazloy 17 (F*- 
d«w, Lktetrom); OAopoWel (Uitetram); D- 
Sbecpard 22 (Konstorttnov, Yzormai). ThW 
Perted: D-Sheonard 21 (Prtmewdi aJr-M" 

loonl2(OzoHnstvWltllnoy);lt>A6eCBr1y5|Ltd- 

stranv Coffey): UMtadovlB (CkasraUtaites. 
no): (ppLMOrOzoilnmWCEnfcGaudroou); 
lSJ--WhJtnrv 4 (Ozallmh. FrdloonJ. Shots oe 
aoal: d (on Irtse, Watto) n-19-15— 45. SJ. Ion 
QMvddoe) AM-21. 


BASKETBALL 

Naffonal BaRtiMI naao M ton 
CHARLOTTE— Widved Lorenzo Wlinamo, 

^DALLAS— Activated Terry Pav tfcto rword, 

hwn inlured «sL Traded P«y H™- 
guard, to N.Y. for Tony ComobNL toeword, 

and a nrat-raond plcfc h» 199 7 ctra f t. 

DETROIT— Waived Tod MurMiv. forward. 
Activated Dan OBulHwon. center, from in- 
lured IbL , 

LA. LAKERS— Put SmBoWm. 

In hi red UsL Stoned K urt 
N.Y^-Sto«ed Gerald p1ooe0 

Hubert Davts. ouard. on Inluroa list. 
FOOTBALL 

National Football Loaeot 
ATLANTA— Fired Jerry Gtonvllte. hood 
rnach. 

HOCKEY 

Hoitentd Hockey Lecwt e 
HARTFORD — 5enl Frank PWroniiwo, 
u aal tender, to SortnofleW AHL. 

N.Y ISLANDERS— Assigned Tom Draper. 

onaBender.to So» utlw City I HLf w condition . 

mo. Recalled Jomte McLmw*. 

„«« Sou Ldko Oty. Sta*dJM«n BrnM 
eM, and recotled Wm from Sail LdteCtty: 
RKatM Dan Pkstte, rWrt^ wtn»and Zlwnund 

PMlto, Hdt wmo, frtm Sati Loke^ ^ 

OTTAWA— 5enl Robert B walwW wa 
Pavol Pemltra, forwards, m Princ e Edwara 
Mont AHL Traded Bab KudetskL rtoW wkm, 
to Florida for Scott 

Davydov, left wloa; end fourth- mid stab- 
; round Picks te 199* draft. 


SOCQER 


SPANISH CUP 
Sixth Round, First Leo 
Bodaloz L Pool 2a«ami 0 
Betts Strvnia X Merida 1 


SIDELINES 

Orioles Give Anderson 3-Year Deal 

BALTIMORE (AF) —Outfielder Brady Anderson and the Baltimore 
Orioles aerced to a $1025 million, three-year contract. «... 

“We are happy to have Brady in the fold for the long term, theOnoles 

rS hSU Mid Thursday. “W, become . «=ry 
^ducdS^layer and is a key part in our effort to bnng a pamant to 

Ba JSd^n hit 263 with 13 homers and 142 ^ 

kadoffSttos last season in extra base hits TOh 56 ^ Mb w^». 
Anderson, who was eligible for artnttation, made 
He gets a $250,000 rigmngbonus, 53: nnDwn m 1994, 53-^ ^ “ 
1995 and S3J5 miffionm 1996. The Orioles have a $4 wSBsoa option for 

' ,9 £ 1- Americro Uagoc to hi. 20 

homers, steal 50 bases and drive in 75 nms m one season. 

Golfers Name Price as Year’s Best 

CARLSBAD. (^onria(AFp-N^Pricc<rfM^^nB^ 

] 993 player of the ear by his fdlow gotf playersOT 
kSSS already won^ hoOh awards from ^UAroAi^itheG^ 
Writers AssodatiOT. Price, 36, won four tournaments m 1993 tte 

PUyere’ Oiampion^, OTd tte Hartford^ratera imd^JWeevm 

vS ^ rootoe of the year. <****™^ 

AustodteSe reigmng British Op® ^ ^ NdS °” 

> Award for low sconng average with a 68.9 average. 

1 Burglar Shoots NBA Player Stewart 

► ing. His assailant escaped, tte team-said. 

I For the Record 

^ The senior golfer Dave Stockton shot a 67 to rake a two-shot bdow 

3 bo^snfnd regular MlS? 

» Tournament of Champions m Caristeri, CahfOTna. nrJiamv’i 

*7 go,,,* anno fans turned out to watch Franz Beckenbauer, Germanys 

fomaTMtetaal soccer team coach, take dungB i of his 

SC MSo a L StoZZ RwbSp^uinsj « 

p mipniiw said then he rushed his return from offseason bade smgpry 
needed more rest and rehabilitation. 




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j , • ■ s : v A ‘lo "4 1 ' 

;43 Walked 4 

... piirposcfiffly 


^ - _ _• 
V. or* 

, Contact s^ner 

“fe-^7h«&'paas' ; 
a «i^Wp*lF. 

- 1 * Sips' • 

. 

24 Pre^or 
;■ '25'C©^»oe*-<>f • ■*’ 

~y - y'iwHmg lV 

j8t : E63teaedi« ' 
34 catch? 

;• t: ^Sbtrimds - 
39 Robin’s - . 

barigwo? - 

- 40-Orw^P ' - 


41 Hollywood 
crasser . 

44 Greprmus. 

48 AncteniRed 
'..-'Sealungmw 1 
50 Send 
.51 Bedog 

52 bi — t- (batring 
•.,p<?orf)r) 

-54 Ribbed silk 

ftbrie~' 

55 Parade . 

54 Praised, in a . 

. • • !'®ay -; 

. 57 .FOmteid's Joe 
..ites&cr.e^- 
58 Pat Morin film 

. ' 41 Rocky debris . 


42 Bit of ammo 
48 Petrol amounts 

'70 Strip^yellow , 

balls, in pool 

71 Retreats 

72 Fido and Fluffy 
75 Madrid 

landmark ' 

79 Rock'sMly 

80 Vordfroma 
. . P“ 

81 Shdklbthnian 

n air . .. • 

84 Dead 

47 W nr ra m inS fitp 
Hammer' • 

' 9Q. Catalyst 
9t Eggicsicr 
93 Was appealing? 


94 Defer 

95 Attorney 

96 Luther’s 
postings 

98 "F* Man* and 
•Little Boy" of 
1945 

99 More in order 

100 Marvel 

M2 Arab*, pa*aps 
104 Puts >n order 

107 Ballad ending 

108 Knob 

110 Sing: 

111 SoDsweeusncr 

112 Footnote note 
114 Voice vote 

117 Bird in a herd. 

118 G-TVsorg. 


ESCORTS & GUIDES 


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INTERNATIONAL 


TRIBUNE, SATURDAY-SUNDAY, JANUARY 8-9, 1994 


DAVE BARRY 


At the Couples Resort 


M IAMI — Recently my wife 
and I decided 10 put some 
“zing” bade into our marriage by 
going to a “couples only” resort. 
This is a popular new type of resort 
that does not allow you to bring 
your chfldren, the theory being that 
it is difficult for you and your spou- 
sal unit to get into a romantic mood 
if one of you has to pause every 45 
seconds to sbout, “JASON! I 
TOLD YOU NOT TO SQUIRT 
SUN BLOCK INTO ASHLEY’S 
EAR!" 

The resort we went to is in Sl 
Lucia, a small and lovely island 
nation way out in the Caribbean, 


island that Ronald Reagan rescued 
from the Communist Menace. I am 
frankly mihmH that the Commu- 
nist Menace was a problem in that 
area, because to get there you have 
to spend all day scrunched up in 
various airplanes. I would have 
thought that by the time the Com- 
munist Menace finally arrived and 
located its luggage, all it would 
have wanted to do was lie down 
and enjoy a refreshing popular lo- 
cal beverage consisting of rum 
mixed with rum. 

That's certainly what we wanted 
to do when we got to St. Lucia, but 
we had to spend the first hour and 
a half riding in a small, couple- 
filled van from one end of the 
island to the other on the main 
road, which apparently also dou- 
bles as a strip mine. Technically, 
you're supposed to drive on the 
left-hand side in SL Lucia, but the 
drivers swerve all over the place to 
avoid the holes. 

Q 

At one point — I am not making 
this up — our van was driving 
down the middle of the road, and 
oncoming traffic was passing us 
ON BOTH SIDES. This occurred 
when we were making our way 
through a traffic jam caused by the 
largest banana spill I have ever 
seen. (Bananas are the No. I indus- 
try in Sl Lucia, followed by tour- 
ism and goats.) This was on a steep 
hill, where a massive load of ba- 
nanas had slid off a truck, thus 
fo rming a tremendous natural de- 
fense in case the Co mmunis t Men- 
ace ever comes bade to the area 
with tanks. (“Drive down that hill, 
comrade!" “O.K.! Here we 
gooOOONOOOOO . . 

Eventually we got to our resort 


It is what the travel industry calls 
an “all-inclusive" resort, which 
means that you pay a flat amount 
of money per day, and the resort 
sets out faige mounds of food, and 
you try to indude it ah in your 
body. “Hey, I PAID for this food," 
is what you are constantly idling 
yourself, to justify the fact that you 
are already mounding your plate 
with lunch even though you have 
not, technically, finished chewing 
your breakfast. 

The food was served on a veran- 
da next to a lovely palm-fringed 
beach, so at every meal we enjoyed 
a breathtaking view of various 


[ , li\tf liijT'irV|i|}>il AliVi J -i • , l , «l 


be a “No Armpits" section. 

□ 

But getting back to our all-inclu- 
sive resort: For those brief inter- 
ludes when we were not eating, we 
were encouraged to engage in a 
constant barrage of organized fun 
activities such as volleyball, water 
polo, sailing, hiking, sightseeing, 
windsurfing, snorkding, scuba-div- 
ing, ball-hitting and bun-flexing. 
At night there were talent shows, 
newlywed games, group singing, 
movie-showing, limbo-dancing and 
of course more food-eating This 
level of fun lakes a physical toll. If 
you are a middle-aged person such 
as myself, by the end of just one 
day, your marriage has about as 
much zing as a severely over- 
steamed carrot, if you get my drift. 

To avoid total exhaustion, we left 
the compound, renting a car with 
25,000 Sl Lurian miles on it (equiv- 
alent to 43 million Earth miles). We 
drove to a village called Canaries, 
where we derided to stop, primarily 
because our route was blocked by a 
construction crew, probably con- 
structing new holes in the road. We 
got out, went into a local establish- 
ment and purchased some beers 
from a bartender who was maybe 10 
years old Nearby, three elderly peo- 
ple, two men and a woman, were 
sitting by the ride of the road, pass- 
ing a bottle around The woman 
laughed, leaned back, and opened 
her mouth wide. “LUUUUVET she 
sang, “is a MANY SPLENDORED 
thing . . 

The people in Canaries seemed 
very relaxed, despite the fact that 
they were not, technically, on vaca- 
tion. I'm not sure what their secret 
is. Maybe it’s an all-inclusive village. 

Knighl-Ridder Newspapers 


The Eloquent Emptiness of Eugene Atget 


International Hemld Tribune 

P ARIS — More than GO years after his 
death, Eugene Atget's photographs 
are honored, constantly rediscovered and 
always inviolate. The impression is of ob- 
durate rectitude, both truthful and myste- 
rious. The real thing, whatever the real 

MARY BMJME ~ 

thing is. John Szarkowski, former director 
of photography at New York's Museum of 
Modem Art. has said that no other mod- 
em artist has so successfully withheld his 
life and intentions. 

None of bis letters survive, no pictures 
of Valentine Campagnon, with whom he 
lived for many years, no images of his 
home except for those he described in a 
series on interiors, as the rooms of an 
artiste dramatique (he had in fact been an 
actor). Atget scholars have been forced for 
the most part to infer rather than to state. 

Atget might have been only a minor 
footnote in photography had Ins work not 
appealed to the Surrealists (he lived down 
the street in Montparnasse From Man 
Ray). Upon Atget’s death at the age of 70 
in 1927, the American photographer Bere- 
nice Abbott, who had met him the year 
before, bought the remaining contents of 
his studio and for the next 40 years made 
his work known through shows and publi- 
cations beginning with a 1930 monograph 
in which Pierre MacOrian described Atget 
as the photographer of the elite populaire 
and added “This old man of the theater 
was impenetrable. In the first place be- 
cause no one sought to understand either 
him or the profound value of his work.” 
In 1926, the Surrealists bought an Atget 
photograph of Parisians looking up at the 
1912 eclipse and put it on the cover of La 
Revolution Surr&aliste with a new title, 
“les Demi&res Conversions" (The Latest 
Conversions). Atget pocketed his fee but 
refused credit for his tarted-up work. 
“These are simply documents I make," he 
told Man Ray. 

The word document is a loaded one 
today but Atget was probably making the 
familiar distinction between an and pho- 
tography, made also by Matisse. "The 
photographer should register and give us 
documents." the painter said 
That is precisely what Atget did- His 
city semes and landscapes are so eerily 
empty because be sold them to painters 
and set designers to serve as background; 
decorators such as Jansen bought his 
doorways, panels and shopfronts: the 
locksmith Bricard his door knockers. His 
interiors were bought by cartoonists, his 
views of old Paris by museums, libraries 
and such organizations as the Commission 
Muniripale du Vieux Paris, which had 




• , *7m«6ajU5 . .acx: . 


m 




ati 


wing and pacifist sympathies. Bu t he w as 
HOI a man and UHdCTCQt Ooulpfitl - 
ion by selling his prims at hatf tiwr pace. 
For mostoflns life he was officially hsted 
as an artiste dramatique, then as an edtt& 
or publisher. His reason for not listing 
hims elf as a photographer, Neste snows, 
was because he would then have had to 
pay an occupational tax of 40 francs a year 
while acton and publishers, as mteUecm- 
als, paid nothing. 

Atget's attempts to publish his own 
bookteL'Art dans Je vieux Paris,” came to 
nothing because, Nesbit reasonably sug- 
gests, his captions were too inaccurate for 


*Au Tambour,” a 1908 photograph by Eug&ne Atget (reflected in die door). 


been founded on the eve of excavations for 
the city’s first subway. 

The making, and in so far as it is posa- 
ble the meaning, of these documents is 
studied in “Atget's Seven Albums" (Yale 
University Press), an examination by Mol- 
ly Nesbit centered on seven albums pro- 
duced between 1909 and 1913. It is a 
careful and intelligent study lumbered by 
the vocabulary of modem criticism — sig- 
nifiers, reification and the Other, carried 
to extreme lengths in a description of mar- 
ket stalls (“The Other manifested itself in 
arrays of mangetouts and limp Osh”). 


Nesbit has meticulously studied Atget's 
repertoire or address book, 480 names of 
clients and subjects with careful cross- 
references, aO in a little blade book that 
was among the effects Abbott bought in 
1927. From this a solid picture emerges of 
the photographer’s activities and clients: 
He sold at least 16,748 pictures to state 
institutions. 

Maria Morris Hambourg, a leading At- 
get authority, has already shown that he 
frequently ux lured on French classical 
theater in the University Populaircs. Nes- 
bit’s investigations indicate strong left- 


Zl3i 


was a document, a record. 

What he was documenting was a dying 
wodd: Already u ^ 1 900 World's Fair the 
Vieux Paris commissioa found it necessary 
to erect a fake Vieux Paris. He was captur- 
ing buildings and architectural d e t ails 
threatened by destruction in a rapidly grow- 
ing Paris, small crafts that would soon dis- 
appear, such as the ragpickers whose curi- 
ously hierarchic trade attracted the 
attention of social scientists in (he 1 ate 19th 
century and whose existence was threat- 
ened by the adoption of die public garbage 
nan invented by the prefect F ou bcDc. 

Atget's series on vehicles did not indude 
motorcars — after all, they were aB around 
to he seen — but concentrated on cracks, 
carriqges^paddy wagons, all theunconsid- 

photograph modem monuinotts such as 
the Eiffel Tower or Gander's Op&ra, nor 
did he take the middle classes, deigy, police 
or other symbols of undying authority- Part 
of the ghostliness of Ins work may come 
from his own awareness that he was fixing 
the fugitive in Ms prints. 

In old age, he was a fansHar Montpar- 
nasse figure, knocking at artists’ doors to 
sdl them prints. Brassal, who met Atget in 
1926, says he sold prints to Picasso and 
Braque and Utrillo, but they do not figure 
in his address book. When be finished a set 
of prints, Brassal said. “Atget packed op the 
briefcase stuffed with albums and went off 
on his rounds.” 

Nesbit writes that as documents Atget’s 
pictures were “willfully incomplete ccanpo- 
sitions that wanted fiffing: a starting paint, 
a decor.” The photographs, Walter Beaja- 
min wrote of the 1930 monograph, “are not 
lonely but voiceless." 

Acco rding to Ms concierge and Ms friend 
and executor, Andrft Calmettes, Atget was 
tenacious, intransigent and even violent in 
expressing Ms views. The pictures are per- 
haps too calm. The best description of then- 
effect is Walter Benjamin’s: 

“Not for nothing,” he wrote, “were pic- 
tures of Atget compare with those of die 
scene of a crime." 


PEOPLE 


Uhrds Shirt Ymi Too: 


Mickey Route is a boxer as wifi, 
as an actor, but fee man aged tog a 
hiirwrif meflcd withotn throwing a 
Apple punch. He was arrested ootr' 
side Ms dub, Mickey's (slogan; 
-babes, bikes and torn babe#), in 
the trendy South Beach area of Mi- 
ami Beach and cbaigpd wfth resist- 
ing as officer without 
mjsdaaeaiKff. The Miami Beach po 
lice department says Ronrke 
screamed obscenities and epithets 
Hminp a brawl involving about 75 







Jackfe Cbffios, BettelVBder, Maria 
Shiver, Walter Matthau, Jack 
Lemmon and Don Rickies. 

The actress Catherine Deneuve 
won 1 00,000 francs (about £17,000) 
in damages, plus interest, from the 
French show-biz gossip magwrxne 


photos of her without her consent 
The magazine will also have to run 
an apology on its front page, ac- 
cording to Deneuve's lawyer. ; 
□ 

BBC radio listeners have 
launched a campaign against the ar- 
rest of a character in “The Archers,” 
the wold’s kmgcs-iunmng wap op- 
era, and petitioned the home sea* 




i, am mi fir r t»: \i it f.-i. *+.Hi T * fill 

tJ 



WEATHER 


WEEKEND SKI REPORT 


Europe 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. 


Mgam 

ArnsJantm 

Mm 

Aitma 


Copcmugw 
Cola CM Sol 
Dubfcn 
BMugti 


St Atantau 

StoeMiofcn 

Skesboug 


Oceania 


Today 

HVl Lw W 
CCF OF 
M/57 11/53 e 
«OB -1/31 A 
12/53 -2/29 ■ 
16/BI 9/46 DC 

12/53 6/43 S 

10/50 2/35 Hi 

3/37 -3/57 

3/37 -3/77 pc 

VMS 2/36 r 
3/37 -2/29 pc 
13/56 11/52 pc 
9/46 4/39 #1 

8/43 3/37 PC 
11/13 7MJ i 
7/44 -1/31 PC 
SMI 0/32 PC 
1/34 -4/25 Hi 
1407 6/4 3 ■ 

23/73 14/57 » 
13/55 1050 e 
7M4 2/36 pc 

7/44 4/39 Ah 

6/43 2/36 

002 -2/29 pC 
3/37 -1/31 eh 
13/55 8/«3 pc 

-1/31 - 6/10 st 
11/62 7M4 ■ 

5/41 -1131 pc 
2/35 -5/59 Oil 
104 -lOI M 

13/55 8/43 , 

-3C7 .7/20 m 
205 -3/77 el 
4/39 -2/29 pc 
002 -4/2S so 
a/48 6/43 ah 

8/46 2/36 r 

7/44 -1/31 r 
3/37 0/32 C 



I lM im i t ondMy 
Cold 


i UnamondUy 
Hoi 


North America 

Windswept snow Is likely 
over New England and The 
Canadian Mo mimes Sunday 
Into Monday, m die woke rf 
this swim, bitterly cold air 
wiir plunge southward 
through the Great Lakes and 
Southeastern stales Mon- 
day. Rain w# move Into the 
Pacific Northwest later Mon- 
day. 


Europe 

Heavy rains will soak the 
British Isles Sunday and 
Monday. London w« be very 
windy and wet Into eaity ne*j 
week. Paris will be milder 
with a lew passing showere. 
Heavy rain w# soak northern 
Spain and southern France 
later Sunday into Monday. 
Berlin through Warsaw will 
be dry and ch By. 


Asia 

Colder weather will move 
Mo Be^ng Sunday, perhaps 
accompanied by tone light 
snow. Rain wiB soak south- 
eastern China trom Hong 
Kang to Shanghai Sunday. 
This rain will move Into 
Nagasaki and Osaka Mon- 
day. Tokyo wiB have a cold 
ram or perhaps some wet 
snow by Tuesday 


Middle East 


Mgh Low W Mpk Low W 

CIF OF C/F OF. 

20*8 12/53 a 21/70 14/57 ■ 

24/75 IT/52 s 28/79 1305 pc 

18/81 6/43 i IB/54 B/46 ■ 

MIST 0/46 * 18*4 11152 * 

31/08 8/40 S 32/89 11/52 1 

20*6 0/46 ■ 21/70 84*8 ■ 


Latin America 

Today Tomorrow 

High low W High Low W 
C/F Of OF OF 

9wm/im 32>B3 17 « pc SUES 21/70 * 

Camera 29/B4 23/73 pc 28/04 24,75 pc 

Una 24/75 19*6 pc 25/77 20/68 pc 

MwBcoCSy 16A! 206 pc 1801 6/4] pc 

RndoJuako 20/82 24/75 sh 29/04 23m pc 

SafWogo 29/64 13 /M 1 30/06 13/S pc 


Asia 




Tornonw 


High 



ragu 

Urn W 


OF 

C/F 


OF 

OF 

Bwaglok 

&IW 

22/71 


33/91 

22/71 pc 


S«I 

-3C?7 


4/39 

-8.1B pc 

HonaKoig 

18164 

leti 

Bh 

19166 

15/59 C 

Munb 

3kff> 

22 m 


32/89 

22/71 pc 

Mc»Db« 

27/00 

M/52 

9 

2750 

0/48 ■) 

Semi 

5/41 

-4/25 


B/46 

4KH s 

Sangkal 

11 ■M 

2/35 


11/52 

3/37 pc 

Srcnw™ 

20'TH 

24/75 


29.54 

24/75 Ctl 

Tapo* 

n/70 

16/61 

sh 21/70 

15,59 I 

Tokyo 

7/44 

235 

1* 

11*55 

2/35 pc 

Africa 


li-sa 

a/48 

E 

16*51 

1253 pc 

Cap?Tcwi 

21/70 

14.57 

c 

22/71 

1355 t 

CoeOfenca 

15159 

0-46 


10/04 

9.4B pe 

Hamm 

21/70 

9/48 

pc 24/75 

0:40 pc 

Ligw 

31.58 

24.75 


32 /B9 

24/75 pe 

NwcW 

24.TO 

10-50 

8 

26/79 

12/53 9 

Tun» 

t?/M 

7/44 

3*1 

14/57 

7/44 pc 

North America 


26rn 17*K 4 ZWT7 17/02 pc 
20 779 17*2 a 77/00 19*6 pc 


legend: frwnny, pc-wwy cloudy. shehqwgs. W w W ratanra . i-ata. st-snew ft/nws. 

sn-snow, Hee. W-Wealter. Al maps, toecaats and dale p rovi d e d by AKu-Wcrtw, lac. 2 1964 


Anchorage 

Maw 

BMW 

Chca^i 

DWW 

Dm rat 

HonoUhi 

Houacr 

LcaArigriaa 

Man* 

Wnwjpob 

MoBiM 

Nassau 

Maw Vo* 

Rwcrei 

Sarrmu 

ScaM* 

Tomas 

VYatfsnGtsn 


I -20.--3 pc 
I -2/29 a 
1 -10115 a 

> -9MB pc 
s - 0/10 pc 
: - 9/16 pc 

I 16/54 pc 

► 4.09 c 

• 9/48 pc 
«SJ pc 
I -12/11 ri 
I -17/2 *1 
I 19/06 pc 
- 6/18 pc 

1 5-4 1 V 

1 5/43 pc 

l 3/37 *1 
I -13.9 d 
-8MB * 


Resort L U Piston 

Andorra 

Pas de la Casa 70 120 Good 

Sokfeu BO 105 Good 

Austria 

Igis 10 30 Fair 

Kitztk/hel 30 110 Good 

Saalbach 70 1 10 Goad 

Schladming 50 140 Good 

SLAnton 50220 Good 

fr an ca 

Alps d'Huez 140 220 Good 

Les Arcs 120 370 Good 

Avoriaz 155 195 Good 

Cauterets 130 ISO Good 

Chamonix 100 425 Good 

Courchevel 145 235 Good 

Les Deux Alpes 70 250 Good 

Flame 105 300 Good 

Isola to 120 Good 

Men bet ao 225 Good 

La Plagne 165 320 Good 

Sene Chevaf/er 90220 Good 
Tignes 155 335 Good 

Val d'tsftre 125 320 Good 

Val Thorens 150 350 Good 

Germany 

Gamusch 5165 Good 

Obersdorl 5 160 Good 


Min. Res. Snow 


Good Open Pwdr 
Good Open Pwdr 

Fair Cfcd Vo- 
Good Fair Pckd 
Good Open Pckd 
Good Wom Vat 
Good Fa/r Var 

Good Open Var 
Good Ooen Var 
Good Open Pwdr 
Good Opsn Pwdr 
Good Open Var 
Good Open var 
Good Open Pwdr 
Good Open crusty 
Good Open Pvwh 
Good Open Pwdr 
Good Open Var 
Good Open Pwdr 
Good Open Var 
Good Open Var 
Good Open Var 


Seme Var 
Same Var 


7/1 Fleet) enour. gram slang 
7/1 Heavy snawiaOs. goal enom 

4/1 Patc^sklbig except ifiporslopee 
5/1 Oaodabom 1200m. 95% nttsopn 
4/1 AS tuts open, strong winds 
4/1 Good slang upper stapes 
4/1 Fatm *inds causing probtena 

7/1 Ugh Hinds end snoutats 
7/ 1 Vrydoopsnoncavor, 70% Wsqpn 
5/t Graar pas skiing. ts% Ms apn 
7/1 Fresh mow and good sMng 
6/1 Excellent piste slang, high winds 
5/1 Pistes Si exceten conation 
7/1 Fresh anew good skiing 
6/1 Low»y stung on bH open pistes 
7.1 Good skin;/ on fresh snow, wtady 
4/1 Show taiecBSL windy 
6 'i Exctt. peso skkng. 70% Ms opn 
7/1 AOunttanoe ot mow on aR pales 
5/1 Strong winds, snow forecast 
6/1 Deep powder statng sv aft*Wo 
Bn ExrxBgm despite poor vts&Oy 

4/1 Good slang above 1500m 
1/1 Good sMng on t&per slopes 


Cortina 

Courmeyour 

Selva 

Seatrtfere 

Monwoy 

Trysfl 

Spain 

La Molina 


Depth Um. nee. Snow Last 

L UPMmPMh SMl Baow ' •. CuauBSWM . 

50 100 Good Open Pwdr 4/1- Braaihnt skOng an bnsh mow 

30200 Good 'CM ver 4/1- Goad iktng an upper stapes. 

60 100 Good Open pwdr 4/1 Ova f pfcti s**# off Ms open ' 

40 90 Good Open PcM 8/1 ftaaft snow Improving condUan s 

90130 Good Open Pwcfc 7/1 ExceflenfsfcgngkiftAyopBnresoit 

40100 Good Open' Pwdr 7/1 Fresh snow and wcceOent sktng 


Arena 70 80 Good Open pwdr 6/1 

Crana Montana 100 100 Good Open Var 5/1 


Davos 

Grindefwaid 

Grtmiri 

SLMorKz 

Wengen 

Zermatt 

IU. 

Aspen 

Jackson Hde 

KHUngton 

Mammoth 

Snowbird 

Talluride 

Vail 

Winter Park 


55 140 Good Open Var 4/1 

15 40 F8lr Soma Ver 3/1 

35 90 Feb Open Var 4/1 

40140 Goad Open Var 4/1 

15 30 Fair Open Hvy 2/1 

40193 Good Open Vhr 7/1 


Barmin 

Corvima 


20 120 Good Some PcM 4/1 Ms) and upper paass SkHng weS 
100 400 Good Open Pwdr 6'1 Superb sking throughout resort 


Aspen 95 100 Good Open pwdr 7/1 

Jacfcson Hde 80 135 Good Open Pwtfr 7/1 - 

KHUngton 60140 Good Open Pwdr 7/1 

Mammoth 25 90 Fat Open PcM 5/1 

Snowbird 190 265 Good. Open Pwdr 7/1. 

TflllurWe 80100 Goxl Open Pwdr 7/1 

Vail 90 120 Good Open Pvwfr 7/1 ; 

Winter Park 140160 Good Open Pwdr 7/1 

Kay UJ Depth In cm on lower and upper stapes. Mn. 
Ptatestfura tearing to resort vDage, ArtArtWal mow. 

Reports supplied > 


Good snow but wind problomatb . 
Very good ptste skkng avatabie , ' 
Htgfi winds timting Ming 
Fahn wind, snow Axocest thouQt) • 
Beat conations above 13S0m tl: 
OoodpisfBSkSnoonmaj. of stapes. 
Upper slopes stiti reasonable -t. 
Good sMng de^We poor »M5Mly 

Good skBng in My open neon. 
Lovely siding on tmah coveting - 
Excabnt sating, at Shs-open . 
Reasonable sitting on mat. of runs. 
tSOcm of fresh mow, uresr pwdr - 
Goad sttng. resort My apart . 
Lorefy pistes resort My opn. 
Goon skting in My open resort . 
PWss^toursalnafcle pMe* Hsa.\ 

by the ad CM of Greet Britain 1 


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ABET Access Numbers 
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COUNTRY ACCESS NUMBER COUNTRY ACCESS NUMBER COUNTRY Arrwc vitmhto 


ASIA/PACIFIC 

Australia 001J 

ChinaJPROw* 

Guam 
Hong Kong 

India* 

Indon es ia* C 

Jjpm" 

Korea 

Kotcbaa 

Malaysia* I 

New Zealand 


FIC Hungary* 

0014-881 -OH Iceland*^ ~ 

10811 Ireland 
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800-1111 Uecfatenstein* 
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172-1011 j &nyftfw* ~ 

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0039-111 Malta* 
009-11 Monaco* 


Russia— (Moscow) 

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Singapon; 

Sri Lanka 
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Thailand* 


11^ Pfctherfaodw* 

WO-OOU Norway* 

000-911 'Ftotend**** 

1 OS-11 Portngar 

155-5042 Romania 
255*2872 Slovaida 

«0CM)m-m Spain 

4.VM3Q Sweden* 
0080-10288-0 S *fr »'l—l * 
0019-99MUI UJL 


'Nfcarogna (Managua) 

iPanamaa ' 

I Peru* 


Venewdar 


EUROTE 


Armenia** 

Austria**- 

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Bulgaria 

Croatia** 

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Czech Rep 

Denmark* 

Finland* 

France 

Germany 

Greece* 


8*14111 Bahrain 800^X1 1 

022-903-011 Egypt* (Cairo) 51041200 

07S-U-0CHQ Israel 177-100-2727 

OQ-iSW-OCilO Kuwait ~ BOC^^ 

99*380011 Lebanon (Befent) 42fraoi 

080-900 IQ Saudt Arabia 1-80Q-1QQ 

00-420-00101 Turkey* OQ-80p.Ti»T7 

8001-0010 ' AMW»r/ijl 

9800-100-10 Argentina* 001-600-200-1111 

19**0011 Belize* — ^ 

0130-0010 Bolivia* Mpplin i 

00^00-1311 Brazil ttMMMre 


- 

. SS — 

0600 ^°-“ a ii toncWa 

BtekmaA — 

^ 

= 

“ ^ 

: mi*** — 

01*800-4288 — 

. 0042000101 SS&H — 

9009900-11 ; 

020793411 . | B * h * nM> * 

ad* 155O0-U ' Bffrm uda* 

050089-0011 la *fabYJ- 
rmr^EEAST iCaymanManHf 

800-001 - 'Gatonthr 

riro) 5100200 |Hm* 

177-1002727 'Jacnkg** 

800-288 ! WefltaAnRl 

grim) 420801- ;St Ktea/Negfa 

3-800-100 * A 

0080012277 GscbooT . 


004-0312 . 

, 98011-0010 

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