Skip to main content

Full text of "International Herald Tribune , 1994, France, English"

See other formats











• - .suS* . 

_/.> '•.*:£** • 









:--■ -’V* 


- -*ss 




'—• *.'JU 


‘-Pe 4 

- r- - 
... V-,- 

■ : ‘ • sgi* 

' ■ 

• a : -^ 

• r ■ ■ *• -^saslfc 


^Uftf 


*' : '-*355^ 

".I 5 :** 

-fiat 

- ‘ife 




M v n KMTHIUL; 

i « i \^intD 


u :: 



,,s. A 


v 


• " ,' v 


.*■ 


jV 


4 , 
V*"" 


-•'- ■ ’:--r '••ft- 

-- y-y.T^S 

f 

-\*Ja 


Herald 


INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 



5B» : - ~ 



London, Thursday, June 2, 1994 


No. 34.604 







-,/ij t- 

k-» " * 

■* . ♦ f ■ 









• r •’ V . ' 


&- .$*r**- > ■ 

^ ,. . *»#*v 

J*. 


. . _ __ _ _ Ji.ljn Si J*rU The -Weaala! Pro. 

rlNAL Cui A worker at the British cemetery in Bayeox oo Wednesday preparing for D-Day commemorations. Elsewhere in Normandy, crickets are everywhere. Page 3. 


Clinton Enters Fray 
Of Italian Upheaval 


White House 


Hopes to Alter 


Its Image on 
Foreign Policy 


By R. W. Apple Jr. 


A m York. Tima Service 


U.S. Revs Engines to Launch Supersonic Aircraft 


By Ralph Vartabcdian 

Los Ange/es Times Service 

WASHINGTON — Without much fanfare, 
given the stakes, NASA is poised to issue a $1 5 
billion contract to a consortium of every major 
U.S. commercial airplane and jet engine com- 
pany for an ambitious research program lead- 
ing to a supersonic jetliner in regular service by 
2005. 

It is a colossal industrial project that would 
require enormous investments, carry huge tech- 
nical risks and raise potentially serious environ- 
mental concerns. 

But picture the rewards: A sleek, needle^ 
nosed jetliner carrying 300 passengers taxis out 
of Lbs Angles International Airport, roQs to a 
hushed takeoff over the Pacific Ocean, then 
accelerates like no commercial plane in history 


— reaching 2.4 limes the speed of sound nearly 
12 miles ( 19 kilometers) above the Earth. 

The titanium airplane with a cockpit that 
lorries like a video arcade pulls into Tokyo in 
just over four hours, cutting six hours off the 
normal trip. 

Jet-lagged international travelers have been 
anticipating such an airplane for 20 years, since 
Congress halted development of a first-genera- 
tion supersonic jetliner and Europe produced 
the rival Concorde —an economic flop. 

Some experts claim the National Aeronautics 
and Space Administration is too optimistic 
about its ability to solve the environmental 
problems. And the airlines, reding from finan- 
cial losses, have voiced little enthusiasm for 
buying new planes, particularly ones a decade 
away. 


Yet. advances in technology have raised ex- 
pectations in the Clinton administration that 
the long-standing economic and environmental 
problems with supersonic jets can be overcome 
if the government puts in the seed money 
NASA hopes Americans will dominate the 
effort, though it would likely include foreign 
suppliers and investors. 


There is a huge potential payoff if the plane 


fulfills its promise of being Car more 
dent than the Concorde and if it can fly with- 
out fouling the atmosphere. 

NASA touts the program as the most impor- 
tant industrial project in the nation's futureand 
says it is a key to halting the erosion of Ameri- 
can dominance of the world aircraft industry. 

At stake is a potential $200 billion in orders 
for 500 to 1.000 of the supersonic aircraft. 


which would support roughly 140.000 manu- 
facturing jobs, said Wesley Harris. NASA's 
aeronautics chief. 

“We have growing confidence that this plane 
will be built by 2005 by either the U.S. or the 
Europeans." he said. "Who will build it? U.S. 
companies must be in the driver’s seal. 

“I believe it is Lhe most critical manufactur- 
ing decision this country will make in the next 
10 years." 

The strong advocacy reflects 3 changed atti- 
tude 3t NASA, which for years has sponsored 
aircraft research di3t often helped foreign com- 
petitors as much as Americans and often en- 
gaged in academic research with little commer- 
cial value. ’ 

Since the Apollo moon missions. NASA's 
See SST, Page 6 


Kiosk 


U.S. 'Will Not Flinch’ 


In Korea Showdown 


WASHINGTON (Reuters) — Vice 
President A1 Gore said Wednesday that 
the United States “will not flinch" in its 
showdown with North Korea over nuclear 


weapons. 


Related articles. Page 7. 


Book Review 


Page 10. 



The Dollar 

NcwYMK 


Wed doss 


prgvWuactOM 


DM 


1.6464 


1.6458 


Pound 


1.5169 


1.5105 


Yen 


104.50 


104.78 


FF 


5.6265 


5.6265 


Congressman-as-Crook Attitude Prevails 


By Dan Balz and Eric Pianin 

Washington Posi Service 

WASHINGTON — An institution already 
bruised from a succession of scandals has re- 
ceived another blade eye with the indictment of 
Representative Dan Rostenkowski, and Re- 
publicans got a campaign issue feu* this year's 
midterm elections. 


The 17-count indictment against the power- 
ful Chicago Democrat embodies the resent- 
ment many Americans long have harbored 
against Congress, that its members enjoy perks 
and privileges not available to ordinary citizens 
and have used their positions for personal en- 
richment rather than the public good. 

Mr. Rostenkowski prod aimed himself inno- 
cent of taking public mods for private use, and 
vowed to tight the charges, which include mail 
fraud, wire fraud, tampering with a witness, 
concealing a materia! fact, and aiding and abet- 
ting a crime. But many Americans already have 


found the Congress guilty. and the case out- 
lined by U.S. Attorney Eric Holder on Tuesday 
wiD very likely feed public cynicism regardless 
of how the legal bank turns out. 

“People are going to sit hack and watch this 
trial and say, “*[ always thought that politi- 
cians used public office for private gain and 
now l know it’s true,' " said Mark Mel I man. 3 
Democratic pollster. 

“If you multiplied lhe $600,000 allegedly 
embezzled by 435 members of Congress, you 
would gel an idea of how big ihis is in the eyes 
of the taxpayers,” said Representative Emesi J. 
Isiook Jr., an Oklahoma Republican, who won 
his seal two years ago by defeating a scandal- 
ridden Republican in the primary. "Rightly or 
wrongly, it gives fuel to people who believe that 
everybody in Congress is a crook." 

That cynicism has put incumbents on the 
defensive, spawned the term-limits movement 
in America and helped to give rise to Ross Perm 
and his followers. Even before the indictment 


Tuesday, incumbents were nervous about the 
voters' mood this Year. 


The a.ssuiili on Congress's image lias come in 
many farms over the past five years: the scan- 
dals over the House bank and post office: the 
resignation under a cloud by former Speaker 
James C. Wnglu. a Texas Democrat: 3 stream 
of television reports on the junkets and goodies 
enjoyed by those in office. 


Polls continue to show an overwhelmingly 
negative view of Congress as an institution. 
Four in five voters say members of Congress 
quickly lose touch with people back home and 
three in five disapprove of the job Congress 
does. 


The fallout of declining public confidence in 
Congress, and of demands for ever-siricier eth- 
ics Jaws and lighter regulations on public be- 
havior. also have led to a record number of 


See CONGRESS. Page 3 


ROME — Bill Clinton began the second 
major European trip of his presidency on 
Wednesday in much the same way he 
began the first, still struggling to convince 
the principal allies of the United States 
that be is a worthy leader of the world's 
only futi -functioning superpower. 

The centerpiece of the president's eight- 
day journey will be the 50th anniversary of 
the epic amphibious landing in Normandy 
on June 6. 1944. by British, Canadian and 
.American forces, for which commemora- 
tive events worthy of Hollywood have 
been planned. He will also mark the cap- 
ture of Rome by Allied armies two days 
earlier. 

In addition, there will be substantive 
discussions along the way with Italian. 
British and French leaders, as well as with 
Pope John Paul 11. 

And if the official agendas focus on 
such matters of high policy as starvation in 
Rwanda, strife in Bosnia and nuclear 
weapons in North Korea, a more personal 
question will preoccupy many of tne Euro- 
pean participants: 

Will Mr. Clinton, who was elected on a 
promise to pay more attention to domestic 
policy and the economy and less to foreign 
affairs, grasp the baton of international 
leadership like every president since 
Franklin D. Rooseveli. or does be repre- 
sent a reversion to a more inward-looking 
America? 

At home, the president’s advisers be- 
lieve. there will inevitably be comparisons 
to Ronald Reagan, who shone brightly on 
this same stage 10 years ago. 

But in Europe, it is the future that pre- 
occupies the politicians and policy ana- 
lysts. Over the weekend, European news- 
papers made much of Mr. Clinton's 
ctoowledgment of the “relentless criti- 


cism" of his foreign policies, and his 
pledge to begin “changing whatever it is 
that is not inspiring people’s confidence in 
me.” 

What that is from the European per- 
spective is a clear presidential definition of 
the national interests of the United States 
and an equally clear indication of what he 
will do to protect them. 

“When he came to Europe last sum- 
mer.” commented a Continental foreign 
minister this week, “he said all the right 
things. But since then, the sounds coming 
out of Washington have not been reassur- 
ing. 

“Instead of decisive leadership, we have 
seen confusion, contradiction and delay. I 
would lie if I said we weren't worried." 

Few officials believe that much would 
be changed by replacing Secretary of State 
Warren M. Christopher or W. Anthony 
Lake, the national security adviser, al- 
lhough a senior civil servant conceded that 
“there is a considerable nostalgia for the 
good old days of Kissinger, Eagleburgcr. 
Stxwcraft arid Baker" — the mainstays of 
the foreign-affairs teams of recent Repub- 
lican administrations. 

Many recognize that there are no easy 

See CLINTON, Page 5 


Endorsement 


Is Pursued 


By Berlusconi 


By Alan Cowell 

Sen- York Times Senior 

ROME — President Bill Clinton will Ilv 
straight into an unscheduled diplomatic chal- 
lenge when he meets Italy's new leaders Thurs- 
day. under pressure to endorse a government 
condemned elsewhere in Europe as the harbin- 
ger of neo-Fasdst revival. 

Since Prime Minister Silvio Berlusconi took 
office on May 1 1, his administration has invest- 
ed much time and diplomacy in seeking to 
convince its European allies that Italy's' ties 
with the fascist past have been broken.’ 

But the presence within Mr. Berlusconi's 
coalition of the neofascist Italian Social Move- 
ment — founded in 1946 to burnish the memo- 
ry of Mussolini — has left many Europeans 
skeptical about the party’s vaunted transforma- 
tion into a conservative force akin to the French 
Gaullists or the British Conservatives. 

Indeed, politicians of varying seniority in 
France. Germany, Belgium and Denmark have 
voiced misgivings about the Italian Social 
Movement’s dominance of a new right-wing 
grouping called the National Alliance that 
forms part of the coalition. 

Mr. Clinton's visit, thus, has assumed a much 
broader political significance in Italy than had 
been foreseen when the trip was arranged long 
before elections March 27 and 28 brought the 
coalition to power. The U.S. president will be 
the first foreign leader to meet Mr. Berlusconi 
since he took office. 

Mr. Clinton is coming to Rome to mark the 
50th anniversary of the wartime Allied landings 
at Anzio and Neituno south of Rome in June 
1944. that led to the liberation of Italy. Then, he 
; on to Britain and France for (he Norman- 
D-Day commemoration. 

But his meetings here with Mr. Berlusconi 
have already been charged by the debate over 
the democratic credentials of the new coalition, 
made up of the prime minister’s Forza Italia 
party, the National Alliance, headed by the 
neofascist feader, Gianfranco Fini, and the sep- 
aratist-moiled Northern League. 

Itend, Mr. Clinton addressed die 
interview with Italian television, 
i premature” to talk of a swing to 
: right in Italy following the March 


Last 
issue in 
saying it ' 
the ext 
elections. 

“For a number of reasons, some parties that 
lake part in democracies have their roots in ibe 


past. Bui things change,” Mr. Clinton said. 
*Tm thinking tike an Italian citizen and fm 


saying — be was elected. Let’s see if he knows 
how to do his job. Let’s give him a chance and 
support him.” 

The comments were widely interpreted here 
as an endorsement of the Berlusconi adminis- 
tration in the face of European misgivings. 

Mr. Berlusconi offered a response Wednes- 
day in a message printed on the from page of 
Turin’s La Siampa. saying Mr. Clinton had 
expressed “trust" in the new government. Ita- 
ly’s 53d once Worid War IL 

“President Clinton will find on his path an 
Italy that is firm in its oldest democratic and 
republican values and, at the same time, a new 
Italy," Mr. Berlusconi wrote. He described the 
March elections as a “liberal, pro-Western 
choice" that had “confirmed the historic and 
moral bases that unite Western democracies." 

What Italy's rightists will seek from Mr. 
Clinton, said a newspaper commentator. Fe- 
derico Bianchessi. is “an international license 
from the White House to exhibit every lime" 
outriders need convincing of their democratic 
credentials. 

And, said the former Communist opposition 


See ITALY, Page 5 


Prince Rides to Euro Disney’s Rescue 


Compiled by (he Stag From Dispatches 

PARIS —Walt Disney Co. and Euro Disney 
SCA said Wednesday that a Saudi prince had 
agreed to buy as much as a 24 percent stake in 
the struggling Euro Disneyland theme park 
near Paris. 

The entertainment company also said the 
prince, Walid ibn Talal ibn Abdulazxz, an inter- 
national investor who is also the largest share- 
holder in (he New York-based banking, compa- 
ny Citicop, would participate in a 6 billion 
French franc ($1 billion) rights offering and 
would provide s financing commitment for a 
convention center near the park. 

United Saudi Commercial Bank, of which 

Prince Walid is chairman, has agreed to act as a 

backup underwriter for three banks lending to 


the syndicate that will underwrite 51 percent of 
the rights offering. The three banks are Banque 
National e de Paris, Banque lndosuez and 
Caisse des D£p6ts & Consignations. 

Disney said it had agreed to subscribe to the 
remaining 49 percent of the rights offering. 

Under the agreements, Pnnce Walid and 
United Saudi Commercial Bank also accepted 
restrictions on (be resale of their Euro Disney 
stock and a Id-year restriction on increasing 
their stake in the park. 

Terms call for Prince Walid, 37, to buy be- 
tween 13 percent and 24 percent of Euro Dis- 
ney’s shares, depending on demand for the 
rights offering. His investment could reduce 
Walt Disney Co.’s stake in the Disney park 
from 49 percent to as low as 36 percent 


Prince Walid also agreed to a three-ywr 
commitment for as much as J100 million to 
develop a convention center at F-.ro Disnev- 
land as a means of attracting additional visitors 
to the theme park and its hotels. 

The prince and the Saudi bank agreed to 
limit th«r total investment to no more than 2.4 
billion francs. 

Although Euro Disney, which bad an operat- 
ing loss of 1.05 billion francs in the siv month' 
ended March 31, has had serious financial 
problems and disappointing attendance and 
revenue since it was opened in April (9v2. a 
spokesman for Prince Walid was quoted ,i% 
saying: “The long-term prospects for Euro Di.v 


See DISNEY, Page 3 


2 Worlds Collide, Gently, at U.S. School 


By Michael Winerip 

New York Timet Semce 

WINDOW ROCK, Arizona 7- As part of an 

ft chang e program in April, nine senrof 5 
forfmcGwW High School on the Navajo 
reservation journeyed to Connec ticut to snend 
.six weeks at one of the nation’s premier college 
preparatory schools, Choate-Rosemaiy HaJL 
The Navaos were nervous. 

“I was worrying," said Thelma Woodie, who 
will tm m d community college in Scottsdale, 


Newsstand Prices 


Bahrain ...OJWDin 
Cyprus ....X £ 1 .00 
Denmark 14JH D.Kr, 
Finland — 11 fjvl 
G ibraltar... — £ 0.85 
Great Britaia£0-S5 
Egypt — „EIF.5000 

Jordan:. _..liD 

Kenya.... K. SH. 150 
Kuwait... .-.~500 Fite. 


Malta. 


J5C. 


Nigeria -5fL00 Nairn 
Norway — 15 N.Kr. 
Oman —.1,000 Rials 

Qatar-.-. 8.00 Rials 
Rep. Ireland! ft £Loo 
Saudi Arabia 9.00 R 
South Africa -.„R 6 
U.AiE. -—8-50 Dirh 
U.S. Mil. (Eur.)S 1.10 
Zimbabwe. ZhnJZMS 


Arizona. “Huy told ns President Kennedy 
went to Choate. They go to Harvard, Yale, 
W illiams — I’ve heard of those places, but 
we’re not ready for those schools yet" 

The Choate kids were nervous, loo. Their 
teachers explained that the Navajos would be 
quieter — it’s their culture. 

“One of our teachers told us there’s a role in 
(he Navajo culture not to took in people's eyes,” 
said Kristin Mahan, a Choate senior. “I said. 
•O.IC, TD be careful about that.’ We weren’t 
told too much else, so we had, tike, no due.” 

After a few hours of chatting, the students hi l 
it off. Kristin that felt safe to ask Thelma about 
the eye business. 

“Really?” replied the girl from Window 
Rock. “I don’t rbink so. I never heard of il” 

■ Thelma went on to tell the Choate girls about 
her boyfriend. “He’s a deejay," she said. “He 
does dances in Window Rock, Monument Val- 
W Qmle High. Mainly rap, techno, R&B, 
house music.” She said be goes under the name 
Phase II. 

The Navajos had heard, that many Asians 


attended Choate. Thelma wondered if they 
would dress in traditional garb. 

“Then I was looking art the window and l 
see these Korean twins driving around in a 
BMW,” she said. 

In lime, the Navajo and Choate seniors be- 
came friends. It dawned cm them that their 
differences were less about culture and more 
about wealth and social class. 

Andrea Gorman, a Navajo who plans to 
study engineering at Ariaona State University, 
said: “They have computers, laser prin ters. a lot 
of expensive things in their rooms. They get all 
their meals in the dining room and Mill order 
out” 

In their own .vays, each high school serves an 
elite. Choate sends 99 percent of its student* to 
college, with a large number going to lhe fry 
League. For example, more than 30 of the 3ui» 
Choate seniors were accepted at Brown Univer- 
sity. Half of Choate's graduating class took a 
college-level calculus course. 

Window Rock is the seat of government for 

See SCHOOL, Page 5 



France’s Tapie; 
Bad News Is 


All to lhe Good 


By Alan Riding 

New York Times Service 

PARIS — Besieged by judges, creditors, 
tax inspectors and political foes, a French 
industrialisMurned-poIitician seems to be 
living proof that ah publicity is good publici- 
ty. Despite his troubles, Bernard Tapie’s po- 
litical career is flourishing. 

Almost daily. French newspapers have car- 
ried articles about judges demanding that his 
immunity as a member of Parliament be 
lifted, about a major bank threatening to 
seize his property to cover $215 million in 
debts and about accusations of a tax dodge 


involving his yacht, 
foil 


Thonu, Coo/Acokc Fmr-ftw 

Mr. Tapie taking time for thought at a campaign stop in northern France. 


And these followed a headline-grabbing 
ruling by the French soccer federation thai 
Mr. Tapie’s top-ranking soccer team, Olvm- 
pjque Marseille, be relegated to the second 
division as punishment for the apparent in- 
volvement of some of its players and officials 
in a match-rigging scandal 

Yet Mr. Tapie may have good reason to 
appear unruffled. A poll published by the 
newspaper Le Parisien said 44 percent of 
those questioned believed that he was “the 
victim of a plot by certain journalists, politi- 
cians or magistrates,” against 34 percent who 
disagreed. 

Further, 57 percent said he should remain a 
candidate for the June 12 elections for the 
European Parliament, According to other 
polls, his party. Radical Energy, may get 10 
percent of the vote, more than enough for 
him to win election and renew his immunity 
from prosecution. 

Mr. Tapie’s appeal seems to be that after a 
rags-to-riches career in business he elbowed 
himself into a political system that prefers to 
reward those who climb quietly through the 

See TAME, Page 7 


9 

5- 


3 


is 

ie >re 


es tat 
ic 

*r a 
:d .he 
> ■ 

to 
d iev 
> n 'e 

in iss 

jt rs. 


in 

le- 

he 

he 


11 - ay 
a 
r- 

■t He 

ts >Id 
is He 


he 

ell 


$ 


1 I 


Hit 


It 


'as 
ira 

K' 10 

a nd 


it 


or. 


£ nd 
a 


■ry- 


an 

•ay 

op 


5 py 

1 jr- 


s ws 
i uy 
a SI 


r :nt 
s;ty- 
s ./or 
~'dts 
- .ul- 
s fr- 
iar, 

3.CW 

■‘he 

:;ng 

I:- 

i- 


-.nr- 
-* in 
\mt 
•w. 



















Page 2 


ENTER N ATION AL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 


**; 


*ag< 


H 

on 

Pri- 

Sch 

SITE 

( 

Fo 

on< 

na> 

i 

ms 

Uti 

vie 

ra; 

Lb< 

w 

w 

SI 



J- ^ 

SWi 

W--W* 

I'ft 

i:V35k 


■** 






Policemen inspecting a car that exploded Wednesday in Madrid. It may have been used earlier by the assassins of an army general 

Basques Suspected of Slaying Spanish General 


Compiled fry Our Staff Fr.m i 0 apimha 

MADRID — An army general leaving for 
work Wednesday morning »as shot and 
killed by unidentified gunmen believed to be 
Basque separatists, the Defense Ministry 
said. 

Officials speculated that the attack was 
linked to separatist attempts to gain publicity 
before the elections for the European Parlia- 
ment on June 12. 

A car that police suspect was used by the 
assassins in ihei rescape exploded in a nearby 
street shortly after the killing. There were no 
injuries. Madrid police had 'cleared the area 
after an anonymous telephone wanting. 

Brigadier General Juan Jose Hernandez 
Rovira was dead on arrival at the Gregorio 
Maranon Hospital with gunshot wounds to 
the head, neck and chesL 

A private radio quoted a witness who said a 
man and a woman carried out the shooting 
just outside the victim's home. 


Officials said the killing bore the hallmark 
of the Basque separatist group ETA. General 
Hernandez Rovira was the 17ih soldier of 
general officer rank killed by ETA since 
Prime Minister Luis Carrero Blanco, an ad- 
miral. was assassinated by a bomb in Madrid 
in 1973. 

“This makes us fear the worst, that ETA 
has a unit in Madrid." Defense Minister 
Julian Garcia Vargas said as he lef i the hospi- 
tal. 

The group, whose name is a Basque lan- 
guage acronym for Basque Homeland and 
liberty, has killed more than 735 people 
since it took up arms in 1968 to try to win 
independence for the three-province Basque 
region. 

The radical Basque newspaper Egjn car- 
ried an ETA communique Wednesday claim- 
ing responsibility for the killing of a paramili- 
tary Civil Guard in the Basque port of Bilbao 
in April and a car bomb attack that killed an 
army lieutenant in Madrid last week. 


On Sunday, three people were seriously 
wounded by package bombs left on beaches 
near Bilbao. 

The latest killing was ETA's third attack in 
10 days. 

Prime Minister Felipe Gonzalez's Socialist 
Party issued a statement alter the shooting, 
urging Spaniards to unite to fight terrorism. 

“At this time, when all political groups are 
preparing to go freely to the polls, this terror- 
ist action demonstrates clearly the cowardice 
of those who. far from taking part in demo- 
cratic institutions, prefer to use terror and 
blackmail to sustain arguments devoid of 
rationality" the statement said. 

In the campaign for the European Parlia- 
ment. the fallout from a series of corruption 
scandals has given the conservative Popular 
Party a chance of defeating the ruling Social- 
ists in a poll at national level for the first time 
in their history. 

fAP. Reuters ) 



Vatican Asks UN 


For a 'Safe Area 9 
In Rwanda Strife 


By Paul Lewis 

.Yen Yni Times Service 

UNITED NATIONS. New 
York —The Vatican has asked the 
Security Council to declare a safe 
area around a large religious com- 
plex in Rwanda where about 
38,000 mainly Tutsi refugees are in 
danger of being killed. 

The move followed an appeal by 
a group or Rwandan bishops to 
Pope John Paul H asking him to 
obtain the neutrality of the reli- 
gious center at Kabgayi. eight kilo- 
meters (five miles) southeast of Gi- 
larama in southwest Rwanda, to 
prevent what could become one of 
the worst catastrophes of the coun- 
try's tribal war. 

‘“We are writing to the president 
of the Security Council Tuesday 
night to ask him to do what he can 
to save over 30.000 lives in Kabgayi 
by declaring it a safe area which 
armed forces may not enter ” Arch- 
bishop Renata Raffade Martina 
the Vatican’s permanent observer 
at the United Nations, said Tues- 
day. 

The Vatican's proposal would 
transfer to Rwanda a concept the 
Security Council first developed in 
Bosnia- Herzegovina, where it de- 
clared six Muslim zones safe areas, 
persuaded the encircling Serbs to 
stop attacking and sent m UN sol- 
diers to protect refugees and aid 
workers. 

The letter from the bishops was 
transmitted to the Vatican by the 
International Committee of the 
Red Cross, which has a seven- 
member medical team in Kabgayi. 
The team has confirmed the perD of 
the people taking refuge there. 

Over the weekend, the UN 
peacekeeping force in the capital 
Kigali, received reports of a massa- 
cre of about 500 people in the same 
area. It sent four miUtarv observers 


to Kabgayi to investigate. They re- 
ported intimidation but no evi- 
dence of a massacre. 

In their tetter to tbe pontiff,. the 
Rwandan bishops said tbe religious 
center — containing a monastery, 
schools, social centers and a hospi- 
tal — represented a fast refuge for 
the people sheltering there. 

They said the local Hucu-domi- 
naied government army was pro- 
tecting the refugees at the moment. 
Bui the bishops report that the- 
army is becoming overwhelmed, 
and cannot guarantee the refugees 
safety from what they described as 
the savage local Hutu militias if the 
forces of the Rwanda Patriotic 
Front reach Kabgayi and force the 
troops to retreat, 

■ Food Deliveries Resume 

UN workers resumed deliveries 
of food to thousands of stranded 
civilians in Kigali on Wednesday 
despite a mortar duel between the 
government and rebels that 
dropped rounds all over town. The 
Associated Press reported from 
Nairobi. 

Relief operations and the evacu- 
ation of some displaced people 
from Kigali were halted Tuesday 
after a peacekeeper in a UN vehicle 
was killed by mortar fire 

A UN spokesman, Moclar 
Gueye, said scaled-back deliveries 
of food to more than 10,000 people 
living under UN protection, in the 
capital had resumed. 

Rebel and army gunners dueled 
with mortars during the night and 
early Wednesday. 

Tbe Tutsi and the army have 
fought over control of the capital 
for nearly two months. Insurgents 
have captured much of the city, but 
the army continues to put up resis- 
tance from at least three strong- 
holds. 


WORLDBRIEFS 


France Protests Canada Fishing 

PARIS (Rented) - France reopened a long^estenng^-A^^ 
fishing dispute on Wedriesday. protcsting a new Cmadan law m 
authorities to stop and search vessels outside.of a 3 J)-ktior^t j. 

Canada adopted the law last month to help it chase unlicensed 
ships from international . waters off its East coast. nol 

The French foreign minister, Alain JnpP^ said the tow ii-ited 
conform to toteraatioati tow and in- particular -wdaus “j* hle « 
Nations convention on the law of the sea." He iennedu^maccfP. ■ 
adding That France intended “to strongly. denounce iL ^ a ^_ nr>e ^ r] 
bilateral relations with Canada bui also m mobi^zing tbe 
■ Union." He said Paris would ask European.Union firijencs minis 
their next meeting to lodge a protest against tiie law. 

Germany Bars FaivKij^tFrom Vote 

BERLIN (AF) — ^Germany's bi^est far-right party was barred 
Wednesday from partiripating in an £as [ German state election, an 
leading party member defected, accusing his colleagues of condom g 
anti-foreigner violence. : „ .. 

The Republicans were barred from rite June 26 ballot for Saxon. - 
Anhalt slate because they daosccandidates during? secret, ana Uiowore 
undemocratic, convention!. tbe state electoral commission deciaea in 
Magdeburg; ' ; . ' .- ~ 

Udo Boesch, formerly a member erf the Republicans’ national steering 
committee, announced Tuesday night that he was quitting the pariy 
because it had become extremist. He accused former colleagues in tne 
parly’s highest offices of dishonesty in their .condemnation of anu- 
forogner violence. “AH manner oT anti-foreigner and anti-Semitic nate 
propaganda courses through tins party^'Mt. Boesch was. quoted by the 
Cologne Express newspaper as saying. "In bo wav should this party be 
allowed to enter Germany's Parliament”' ‘ " \ • • 

Judge Reinstates Gay U*S. Officer 

SEATTLE (Reuters) — A highly decorated former army nurse who 
was forced out. of the National Guard ■after'hclmbwiedgiBg she was a 
homosexual was ordered reinstated by a. U.S. judge on Wednesday. 

District Judge Thomas 23Iy wrote that the military ban on homosex- 
uals was based on prejudice and-a dear violation of the equal -protection 
clause of the constitution. Lawyers have said the case, will likely be 


il 


UN Gives Ultimata] 


s judge also ordered the military to expunge any record of Colonel 
Margaretbe Cammenneyer’s sexual orientation. She won the Bronze.Star 
for distinguished service in Vietnam and was the highest ranking officer 
to challenge a 1981 ban again# homosexuals, in the mililaiy, which was 
relaxed slightly last year by the Clinton administration. • 

Kravchuk Rejects Force on Crimea 

KIEV (Reuters) *->- President Leonid M. Kravchuk took a soft line on 
Wednesday in tackling separatism in -the Crimean. Peninsula, blit mem- 
bers of Ukraine’s RutiLneni demanded firm action to bring the region to 
bed. ‘ . 

Mr. Kravchuk, addressing Parliament, accused authorities in Crimea 
of plotting to secede from Ukraine; but offered' no tough measures to 
force them to observe the country's Islws. “Deputies are trying to provoke 
me into saying we must use methods involving force,” be said. “I want to 
approach this calmly, using our constitution and laws." 

Parliament wasconsideriiig the next move in a battle with Crimea's 
pro-Russian authorities after the region’s Parliament refused to go back 
on its restoration of a constitution Kiev views as the first step toward 
secession. Crimean authorities ignored an ultimatum to comply with the 
order within 10 days, ending ot> Monday. 


f.-' 




Exiled Saudis Press Fahdfor Orthodoxy 


To Somali Factions UN Calls f or a Cease-Fire in Yemen 


>. . 

i - 




By Caryle Murphy 

H'dsbiffMi F‘<yt Seniix 

CAIRO — Saudi dissidents 
seeking to transform what they call 
a tyrannical Saudi government into 
a “true" Islamic slate have set up 
shop in London, charging they- 
were forced into exile by repression 
at home. 

The Committee for the Defense 
of Legitimate Rights represents tin? 
first time in recent memory that 
dissidents from within Saudi Ara- 
bia’s Sunni Muslim majority have 
started activities ahroad. Although 
there is no evidence they have 
broad support within the kingdom, 
their activities could prove embar- 
rassing to the secretive Saudi mon- 
archy. which tries to keep its rifts 
behind dosed doors and prides it- 
self on religious orthodoxy and its 
role as custodian of Islam's holiest 
shrines, at Mecca and Medina. 


Only six months ago. King Fahd 
reached a deal with exiled leaders 
of the country's 15 percent Shiite 
Muslim minority under which they 
hailed anti-government activities 
from London and Washington in 
exchange for increased civil liber- 
ties at home and promises to ad- 
dress Shiite complaints of discrimi- 
nation. 

Since it opened its London office 
in April, the Sunni dissident group 
has kept up a steady stream of 
faxes to news agencies that have 
accused the government, among 
other things, of following “con- 
fused and irrational" foreign poli- 
cies and of "lavish spending" used 
“in support of oppression and tyr- 
anny." 

“This is a fake Islamic govern- 
ment." said the committee spokes- 
man. Mohammed Masaari. a for- 
mer physics professor. 

The group was banned by Saudi 


authorities shortly after its estab- 
lishment io Riyadh Iasi vear, and 
most observers say its chances of 
attracting wide support at home ore 
blunted by the pervasiveness of the 
Saudi welfare state and a web of 
business partnerships that link the 
royal family to the country's elite. 

“I don't think this group has 
done enough conceptual work to 
offer ideas and make themselves 
acceptable to outsiders" said a 
Saudi analyst. Although they are 
demanding more accountability 
from Saudi rulers, “their ideas oh 
some social issues, such as women, 
are more orthodox than the re- 
gime's." 

But the group appears to have 
several factors that could give it 
weight, including financial backing 
and connections within tire Saudi 
bureaucracy. Most importantly, it 
draws support from disaffected 
Sunni professionals and clergy who 


hare grown outspoken about hu- 
man-rights abuses and corruption 
since the Gulf War. 

The Saudi government dismissed 
the significance of the group's Lon- 
don operations. “This will not 
change the stability of the king- 
dom, and it is nothing which wor- 
ries us," said Deputy Information 
Minister Sbehab Jamjoon. 

Mr. Masaari was dismissed from 
his job ai King Saud University in 
Riyadh and jailed for six months 
after helping set up the dissident 
committee last year, in April, he 
fled Saudi Arabia despite being 
forbidden to travel abroad. 

In an attempt to discover how he 
left the country and pressure him 
and fellow dissidents to discontin- 
ue their activities. Saudi authorities 
arrested Mr. Masaari’s stepson, a 
brother, a cousin and two broihers- 
in-law, he said. 


By Julia Preston 

ffiorii ngftw Post Service 

UNITED NATIONS. New 
York — The Security Council 
demonstrating its growing impa- 
tience with bickering dan leaders 
in Somalia, renewed the UN mis- 
sion there for only four months and 
w arned that it could wind down the 
operation in mid-July if there is no 
progress toward peace. 

The Clinton administration 
brought its cautious new policy ou 
UN peacekeeping, approved in ear- 
ly May, to bear on the UN mission 
in Somalia. U.S. diplomats pressed 
for the mission to be renewed Tor 
only 45 days. In a compromise, 
council members voted Tuesday. 
15 to 0. for the four-month exten- 
sion instead or the previous six- 
month periods and to reassess the 
mission before the end of July. 

“This resolution puts those most 
responsible for obstruction of for- 


HEALTH CARE COSTS. 
LET US PAY FOR IT. 

Tr.<- »*«s: fit tv I, | huiIkiQ' m ran r. sir. 1 1> • ■'.• *nr • •> .my un-ih .And 

l-K ..j.f-rr.-'.-s ft wirfc'fcJil «!.•*?. d’-.vr^ w; sp'K.t.il.'C «u> b-.-u hi-r.y 

l.iirdi.-n • n v.ur Lflh :.<-o.nnL •••.•[;. |:i|.-rr-iti- 'nil H> j'lh In-^rTKn.v 

-h.-.fM h> ;cr» i.j ;.i,wir Til*-. I: .oil hi-'ji j«ii jfl •■"rid. 

v *':r 'o.ti il».-:. -rs. «l*.n:i s - .t>T - And Jr»n .tr»- 

k- • >•; (lurjv. K—sdtii Ir.'-jmrcvcr.".- jvj v-rtra 

ii.r a'id il y-n: is-i-tin'.'. :r, or. -r- ni*t '"^1 1'>- 

tVv'rv hwtv h. Ur’l. >-hi Ji h*»:r- .1 >i,'i 

THE CARD THAT GIVKGEDIT 
70 yOU3 HEALTH 


Army Wounds 17 Palestinian Rioters 


( 5cr^ ‘cs 3 srcciVir* r*o.n I'.ivn Syd 1 HcaT. :ns j -art* 
, Sin.-na:!- .1 3 


I ■•avo^atir^ -'j* ._ _ .. 

. ... 

I ... Ccunvy- 

| T*k . — 

{ ■ C3:C"3 !*• IT terny C n SSC-.-* 

^ 3 rsniriSa 1 co.cr s-Uy C anl c-j-iat cr.er 


International Health insurance danmark a/s 





!:.io : K. [■■•n.n.j'k 


Compiled f > i Our Stuff From DrpJi.'fur 

RAM.ALLAH, Wes; Bank — Is- 
raeli soldiers wounded 17 Palestin- 
ian protesters on Wednesday when 
rioters attacked a police station in 
the West Bank, a day after under- 
cover officers killed two Islamic 
activists. 

The violence was one ot the most 
serious outbreaks since Palestinian 
self-rule started May IS in the 
Gaza Strip and ihe Jericho region 
of the West Bank. 

Israeli sources said rioters at- 
tacked the Israeli police station :r, 
Ramallah, a city of 30 .(XX) people 
north of Jerusalem that is no: in in? 
self-rule zone. Soldiers fired rubber 
bullets and tsar gas. the wares* 
said. 

However, doctors a; die emer- 
gency room in Ramallah Hospital 
said that some of ins 17 Palestin- 
ians admitted for ueatmen: had 
been hit with regular bullets. The;, 
said one was in critical conditic-s 
with head and chest wounds. 

Ramallah is near Al-Ram. where 
security forces shot and killed r*o 
members of Hamas, a Muslim ex- 
tremist group, as they were getting 
off a bus on Tuesday. Hamas «> 
poses the autonomy agreement. 

The rioters on Wednesday were 
from oil political faction*. 

“As long as there i> terror front 
the Israeli Army, the bloodshed 
will nol stop." said Houd al-Gaitiu 


17, whose r.eck was grazed by an 
army bullet. “We have martyrs, ca- 
sualties and no peace.” 

Despite the violence, an Israeli 
official strongly praised the Pales- 
tinian police force, saying guerrilla 
violence had begun to decline in ihe 
self-rule areas that the police took 
over las: month under the Israel- 
PLO peace deal 

Before withdrawing troops from 
Jencho and much of the Gaza Strip 
in May. Israeli officials had ex- 
pressed fears of sudden chaos and 
bloodshed to the self-rule zones. 

“Tee situation in the field is a 
pleasar.: surprise, jsc even local 
or foretzr. obsener ir* Gaza and 
Jericho U amazed by the ser.ous- 
r.ES5 of the Pafestiraan pofice and 
tire ways in wrJch they’ve taken on 
■heir duiie>,“ Enrironmeat Minis- 
:e: Yo»s Soria, speaking Tor the 
Israeii goxeramen:. said in the 
Knsssr. 

Mr. Sar.d. one of the architects 
of the accord on ihe mechanics of 
seif-ruie signed in Cairo a month 
age. said the "graph of terror" in 
Gaza ar.i Jericho was in decline. 
“There is a gradual stabilization io 
the areas handed over to ihe Polev 
ixtar. police. 

Twen:-.-two oaaeemen entered 


this week, had been based in Alge- 
ria. 

Mr. Sarid dismissed as lies 
charges by Israeli hard-liners that 
the Palestinian police had drafted 
guerrillas who had killed Israelis in 
the past 

“As of now the Palestinian police 
ore doing their jobs properly, they 
are worthy of trust and certainly of 
credit" he said. tAP. Reuters l 


ward movement on notice; it is 
time for Somalis simply to gel on 
with the job of moving toward po- 
litical reronriliation, M said Edward 
W. Gnehm Jr, the U.S. deputy per- 
manent representative to the Unit- 
ed Nations. 

Despite U.S. impatience, the 
council decided to give Somalia the 
“last chance" that Secretary-Gen- 
eral Butros Butros Ghali said it 
deserved after tbe United Nations 
spenl S2 billion in a year and a half 
to rescue the country from famine 
and dan warfare. 

Bui Somalia has forced the Unit- 
ed Nations to ponder how long it 
should wait for warring leaders to 
settle their differences before UN 
officials puQ back their support 
and conclude they have done all 
they can. 

In a May 24 report, Mr. Butros 
Ghali told the council that security 
in Somalia was “deteriorating," 
with forces allied with the militia 
leader Mohammed Farrah Aktid 
on the offensive to seize new terri- 
tory in several regions. The 13 ma- 
jor clans have refused to honor 3 
commitment they made March 24 
to disarm voluntarily. 

Because of the infighting and 
rampant banditry, “the emergency 
situation continues and the welfare 
of huge numbers of Somalis re- 
mains at risk,” the secretary-gener- 
al warned. He said any immediate 
reduction of UN forces could 
plunge tire nation back into the 
war-induced starvation that killed 
hundreds of thousands of Somalis 
in 1992. 


UNITED NATIONS, New. York (Reuters) — The Security Council 
called unanimously Wednesday for an immediate pease-fire and negotia- 
tions to end Yemen’s numth-ow civti war. ‘ j_ 

The resolution also urged an immediate halt to the supply of arms that 
might contribute to the conflict and asked Secretary-General Butros 
Butros Ghali to send a fact-finding mission to- the area as; soon as 
practicable to assess prospects for a peace dialogue. ' . - . 

The council acted despite opposition from the San‘a government to 
UN involvement in the crisis. While South Yemen leaders have pinned 
their hopes on UN action to stop the war, in which the more perilous 
North Yemen has held the upper hand, the North’s government stresses 
Yemen's unity and opposes any move implying recognition of the south. 

TRAVEL UPDATE ~~ 

Rome Tightens Security for Clintons 

ROME (AFP) — Thousands of police officers mU be deployed 
throughout Rome for President BiH Chnton’s visii Thursday, and major - 
disruptions are expected. Police officers wfl] be paying, special attention 
to road circuits traveled by the Clinton motorcade. 

The Via Veneto, in the heart of Rome’s historical district; tyill.be under 
ti^tsurvoPMce because the U.S. Embassy, where the (Hintons will stay. 

Private vehicles and tour buses have been banned from parking on city 
streets, and taxis have been ordered to use outlying roads.- . 

Pflob and navigators set a one-day strike against France's domestic- 
airline Air Inter for Thursday, but .company management said in Puis 
(hat the action would not cause flight delays or cancellation^ (Reuters) 
British MkHand Airways has signed a code-sham agreement with 
Austrian Airlines. Under the accord, Austrian Airihies wm offer seats on 
British Midland services to Belfast, Dublin, Glasgow, Edinburgh, Tees- 
side and Leeds Bradford. Travelers on British Midland will be able to 
make twiefr-dafly connections to Vienna. - ; ( Bloomberg/ 

The US. Federal Aviation Administration has decided that, starting 
July 1, a minimum separation of 4 nautical miles win be required for 
planes following 757s, an increase from the ament 3 miles. Turbulent 
winds created by the wake of the 757s have been implicated in several 
incidents. - (a P) 

Vietnam Ajrfines wffl stmt its first flights to Western Europe on July 1, 
flying a route from Hanoi to Ho On Mmh City, Dubai, Berim and Paris, 
airline officials said Wednesday. - (Hauers) 




trip earlier 


U.S. Offers to Help Taiwan on Airliner Safety 


By Don Phillips 

WiSnmj.'iH P:nt Srrmv 

WASHINGTON — The Federal Aviation 
Administration has expressed concern about 
accidents and incidents involving China Air- 
lines, the official airline of Taiwan, and has 
invited the company to discuss how the Unit- 
ed Stales can ndp improve il 

“We expect very shortly that they will be 
able to sit down with us and discuss specific 
assistance we can give them." said .Anthony J. 
Broderick, the agency's associate administra- 
tor for regulation and certification. 

The Federal Aviation Administration ef- 
fectively has put China Airlines on notice 
that it expects the company to take action on 
safely -related issues. 


Tbe airline, stunned by a series of incident 
that appear to be related to poor training or 
unprofessional behavior, has instituted a re- 
training program for all its pi lots.- The Trans- 
port Ministry of Taiwan has also warned the 
airline, which flits international routes and 
owns at least 30 widc-body jets, to enforce 
Taiwanese aviation law. 

Tests show that drinking may have been a 
contributing factor in the latest crash of an 
Airbus A300 on April 26 at 
in Japan, in which 264 people 
The head of the National Public Safety Com- 
mission in Japan reportedly confirmed re- 
ports that both pilots had been drinking. 

A preliminary report on the accident by the 
government of France, where the Airbus is 


. manufactured, said the crew lost control of 
the plane cm the landing approach as the co- 
pilot tried to descend by pushing forward on 
the control yoke, apparently unaware that he 
was fighting the autopDol The plane stalled 
twice and Tefl. 

This was the most serious of a number of 
China Airlines hid dents, including the crash 
landing erf a floerng- 747-400 in Hong Kong 
and an in-flight incident involving the autopi- 
lot on another 747. 

Tbe number of inridenls mots to be high- 
er than expected from an airline that ■ree, Mr 
Broderick said. 

The airline, be said, seemed to be iafrm g 
the problem seriously, but, the agency wants 
to be “bdpfuT- because many Americans fly 
the airline and its jets fly in US. sorspace. 


n 





To call from country to country, or back to the U.S., dial the WorldPhone number of the country you're calling from. 


Ani.zi i*i 

ArpiT.iinj* 

4 k«uu ■ ■ • 
Balumo-- 
Bahrain 
IVI^ium • 
Gcrmukt j-'- 

Bra:*' 

CliudJ 

rjuntJn KUnJ, 

Chile" 

t.t:}innhu" ■ - ■* 
C.rWJ Klia* 


**!-"-** 

C:nf RrpvHiv • 

P.TPrm. an KepcHic 
I'.l: J 

J.j] ■ v I'M 

F'nianJ ' * 


i. 

x-.x-i lv:_ 

it 


C-. nnj-.v • 


K' 

U!AKS- IX'- V 

W-l ‘*t 
*:•[ ■•s.l'a-t: 
j.n i.’-. n-.ijnv 


GtulrrtiLi* 

Haiti' 1 C ■? 

Hondurr.-r- 
Unopirv V • 

IcrUml* 

Itriind'O' • 

IsijlK 
luiK- • 
taraak-a 
Kmva 

i v .( ev' m.i;--! i-.iu- 

lirdiicnMi'in * 

I uxenihuuri; 

Mmnii 
Mtnuco' l - . • 


ISa NeihcrtandvC*'* (W. 1 ’.#!.” 

I * l -S X.'-i 44 ir 1 - NdberLtmU Anrilkv CC + OLH 1022 

NU-atagu'XVi ' 

0 OW-StV-.il -*11 '.Outidc N HLiiugu.i iSuliU hm.; 160 

*.•>.002' Nor»av?CO* ' ; awwu 

;,x,V>.S 3 -l»Vl . Rnuao - 106 ' 

1 7 MV- 2727 f.'iiiion- Bas« . SSIO-W* 

ITI-ti’ij Parapuv+ , 009 -il-StM- 

jiiVJSr’-t.mftf Fmi'.CVnadr Luili. Jtif liisj..- - a'-OT !<*? .. 

PuIumK^Ci. CWjiu>+-«00-222 : 

Partapf 1 ^* iW-iJlT 1234 

pDerto'»ko''70 ' {.nA>.ft8MtW 

Saw MannaiCLi:* •_[ 1721022 

7 iMt Slpwik ErjHiWfc” ' 

IQT-™ W Sow li Africa' ‘-'v'. iWXV.'iq-'X'n 


OSiVIl 

i30-»i222 


SpohrCCt ‘ 

Si Lucta - . 

Swrfcti'CO* - 
SwItsrrbutdtCGw 
TrUUdod 6c Tobago 
ibPcaAL PHONES CWLyr 
Untied Kingdomi^XJ . 

Tc call ihe. U.S. using ITT 

fecaitihe MERCURY 

To uIV -uiywheie oiher than ihe 
Uruguay . 

US. Vhgi n bluidstCv'. > 
VuteiH Otyiccy 
Venraarla-f* ' 


l31-<W7-0i\\i 

020-795-922 

155-0212 


dfl00-tw. ro 
lWuKQO-222 
USOSOti^KKusocit 

rtkVf}? 

l-fl00-Sj«^VXi 

172.1012 

aW-m-M 


*» lie *?w 

AC. a*-« 


I -e •..'nr Vi J La*iL • U-_tI n-V;>itH>nc e art or tall c.'UerV . jl! « the iuni' low ntn. 

•• • • • • '• i. : i .-tjiU’M io.tr. -r, jI miiru an,. 

v ■ ■. i - T\‘ Jii ..»• *s,j,!liA'i»-:I.WW! 

"■■ ■ <■ •• -> • .^1, in Ci. .► •• TtfCtMnr- sirf'.i.tmnii.tiirfifcW.' i.vn,:.. 

* ■■ • i J Hum- Ii^ft ■Wt"' 1 ’ •! f.i. . ». 



From MO 


Let'itTaKe You Around the World. 


Pnr.feJ h, ’.( .i >,*„•! J-JenuiieKa! Rcgaured u< u m .paper at ihe pair affix. 







i-':' 














Ur- 


FS 



theamericas/ 


P*S<- 3 9 


- t J1-.V ;/«— 

ia aid ■ ->-■- - 


^ r - 
K- 

•• 

' - 

■ ■'■*''? ^t?Se 


Frenchman Works the Bugs Out of His D-Day Crickets 






...... 

....... VS!l fejj; 

■ ■■ ;?'V 

" ■■■v^as 


By Dana Thomas 

,„T . , Washing:™ p MI Semcc 

VU.LEDIEU-LES.POELES. France - -Look a, 

“ 3 Xoy cnckcI ’ one of ihosw link 
noaomkcre that everyone's kid brother had when he 

He dicks. 

“Listen to it!" he sniffs. 

Jf? 1 “jwf he says. Way inferior. 
la/ ^ nd al - ft®*” He bends the brass part like 

l *This one apparently is made in Hong Kent 
TUwe s another from Asia — \ don't know where " £ 
scons. 

Mr. Letellier is incensed not because he's a proud 

fePfe bu ‘5f‘“ i * has dedicated himLlf , 0 

rroroducmg a cncket that looks and sounds exactly 
hke the crickets used by the US. 82d and 101st 
Airborne divisions to communicate after they para- 
chmed into the town of Samie-Mbe-Eglise orTihe 
night of June 5, 1944. 

Mr. LeidBer measured the thickness and lengths of 


metal to the millimeter, matched the weight to the 
milligram. He used the same quality brass and steel, 
and the sound-making divots are the same depth and 
contain the same slight curve. 

But more than anything else, Mr. LeteUier’s crickeLs 
click the same dick as the antiques. Same tone. Same 
crispness. Same loudness. 

It’s a noise, he says proudly, "that will crack your 
head." 

He clicks his cricket. 

“You see?" he asks, clicking like a madman, “The 
sound is authentic." 

It ail began Iasi Christmas. Mr. Letellier and mem- 
bers of his family, who come from nearby Saime- 
Mfre-Eglise, were sitting around the table trying to 
figure out a way to participate in the 50th anniversary 
celebrations of the Normandy invasion. 

“I wanted to do something respectful for the people 
who died for us," he said, sitting behind the desk of nis 
small office in the industrial section of this 12th- 
century town. 

Someone suggested the cricket 

Mr. Letellier owns a company that produces brass 


lamps. Because the lamp business slows from May to 
July, the 46-year-old executive figured he could 
change over his machines to produce crickets. 

But first he had to make the prototype. 

His uncle prodded the model: an original that he 
says belonged to a wounded American soldier who 
stayed at the family home to heal. “When he left, he 
gave my uncle his compass and his cricket," Mr. 
Leidlicr. 

For six hours one night, Mr. Leldlier worked on 
crafting an exact reproduction of the antique. “1 
respected the axis, and the form and dimension, the 
distance of the base to the end— everything," hesa>s. 
“One must. Us an obligation." 

The cricket played an in^wnam pan in the inva- 
sion: It was the communications system among Amer- 
ican paratroopers who crept through the village streets 
and behind the hedgerows. 

One click identified you 09 on American. Two clicks 
meant the coast was dear. 

As John Wayne told the crowd of paratroopers in 
the 1962 movie “The Longest Day," “If you don’t get 
that answering click, hit the dirt and open fixe.'* 

Sadly, 50 years ago, the crickets weren't the only 


thing to make that noise. When a German rifle was 
cocked, the sliding of the loading mechanism made a 
double dick similar to that of a cricket. Many GIs 
clicked their one click, beard two clicks, came out from 
hiding and were shot dead. 

Mr. Leteliier's crickets are the only crickets to 
receive the official seal of approval from the Norman- 
dy celebration commit I ee. and each one bears a sticker 
to prove it. There are wo versions: the economy 
package, which is a cricket in a plastic pouch, for 
54.30, or the deluxe, which is a cricket displayed in a 
plastic box, with a mini-banner that reads "U.S. 
Army. 1944-1994,” and a gold star, for S6. 

You can buy them almost anywhere in Normandy 
— newsstands, gas station mini-markets, butcher 
shops — in Canada, England, Switzerland and even 
Germany. Mr. Letellier savs he put them on the 
market in mid-April, and by early May. had sold 
200,000 — a few more than the 82d and 701st original- 
ly required. 

As for plans to put a few into the hands of those who 
were there 50 years ago. Mr. Letellier says. “No. not 
yet. I don’t know them." But he is optimistic. 

“It will happen." be says, with a smile. “I’m sure." 


- - in* 

1 ja - 1 s %* t New Style in Ways and Means 


: \ 

.--- 

• -ilij* 


5'^rceonf 


-runea 

1 ''‘in 

r'^V 

-is? 

I J. 

— I". 

•W 


* in 




• ‘ ~fir 


l l J’DATE 


for Cliult 















Bui Gibbons 9 Long an Understudy, Is No Wheeler-Dealer 

n_ _ Tv . 


By Katharine Q. Seelye 

Sew York Times Semce 

WASHINGTON — After 32 
years in Congress, 13 of them in the 
shadow of the larger-than-life Dan 
Rostenkowski, the relatively ob- 
scure Sam M. Gibbons has become 
acting chairman of the Ways and 
Means Committee, the most pow- 
erful panel in the House of Repre- 
sentatives. 

Mr. Gibbons, who has been on 
the losing side of previous leader- 
ship battles in the House, has long 

aspired to the chairmans hip But in 
the end, the 74-year-old Tampa 
Bay, Florida, Democrat ascended 
on the basis of seniority, a system 
; he once deplored- Once Mr. Ros- 
lenkowski. Democrat of Illinois, 
was indicted, the title of acting 
chai rman went automatically to the 
person next in line. Had there been 
a vote, some said privately, Mr. 
Gibbons would probably not have 
won. 

A courtly and somewhat con- 
trary Floridian, the affable Mr. 
Gibbons lacks die legendary deal- 
making and politicking skills of his 
predecessor. His reputation is that 
ofa loner; he has never been called 
an insider. Not at the center of 
power, he has had little chance to 
r bestow favors on colleagues, and as 
a result, few representatives owe 
turn anything in return, 

. But just because hisstyle differs 
from Mr. Rostenkowski's does not 
mean that Mr. Gibbons cannot 
succeed as chairman. “Tie ques- 
tion." said a top congressional aide, 


“is how wdl can be move and moti- 
vate the committee? Given Rosten- 
kowski's reluctance to share power, 
very Tew members have had a try- 
out, so it’s hard to say.” 

Mr. Gibbons, who heads the 
trade subcommittee, said he was 
ready to take the helm. “I don't see 
how I could be any better prepared, 
frankly," he said in an interview in 
his Capitol Hid office. On his walls 
woe several photographs showing 
the evolution of Lhe Ways and 
Means Committee over the years, 
with a slowly aging Mr. Gibbons 
steadfastly to the right of (he slowly 
aging chai rman. 

“I love the work," he said, “and I 
think I would enjoy the c halleng es 
that it would throw at me." The 
committee writes all tax legislation 
and covers most of the biggest 
spending programs in the budget. 


including ‘welfare. Social Security 
and Medicare. “Other than Rosty," 
he said, “I've been writing tax law 
longer than any other person who's 
ever looked at it." 

Where Mr. Rostenkowski is a 
facilitator, Mr. Gibbons is per- 
ceived as a man of firmly held con- 
victions. He is one of the staun- 
chest defenders of free trade in the 
Congress. He has also long de- 
spaired of the federal income tax 
system as cumbersome, complex 
and unfair and has outspokenly ad- 
vocated its overhaul 

“He tends to try to bring people 
to where he is. rather than finding 
the center," the aide said “He 


openly slates his position and 
hopes that it has logic and merit-” 
On health care, the central legis- 
lation before the committee, ..... 
Gibbons had supported a system in 
which a single payer, (be govern- 
ment, pays virtually all lhe bills. 
But after realizing that such an ap- 
proach had little political support 
— and in his desire to appear more 
accommodating to his colleagues as 
the committee chairmanship 
loomed — Mr. Gibbons came out 
four-square for President Bill Clin- 
ton’s health plan, assuring both the 
president and Hillary Rodham 
Clinton last week that he would 
push the administration proposal 
“Sam will have a disadvantage 
that Danny does not in that he's 
starting from scratch as chairman," 
said James Corman, a former con- 
gressman who sat between the two 
men on the Ways and Means Com- 
mittee. “A chai rman builds loyal- 
ties, and time's no way you can do 
that without bong chair.. It will 
take him a little time to build up 
Lhose chits." 

Another of Mr. Gibbons's strong 
convictions is that be sees no con- 
flict of interest with his son Clif- 
ford S. Gibbons, a Washington lob- 
byist whose coiporate clients are 
keenly interested in Ways and 
Means affairs and who lobbies the 
committee on which his father 
serves. Gifford Gibbons has also 
organized fund-raising events for 
his father's political cam paig ns 
“He doesn't lobby me,” Sam 
Gibbons said flatly. 



Ctuiln ToMBtH-The Auodakd Ptm 

Representative Sam Gibbons: “I don’t see how I could be any 
better prepared” to take over the Ways and Means chairmanship . 


CONGRESS. Rdstenkow^ Indictment Plays to Public Perception of a House of Crooks 


Confirmed from Page 1 
resignations by House incumbents 
•over the last two election cycles. 
Republicans signaled Tuesday .they 
would Uy to make Mr. Rostenkow- 
ski part of their arsenal of attack 
against Democrats this fall. 

“It's more than an indictment of 
a man, it’s an indictment of a sys- 
tem of political boss control of 
Congress lor AOyears," said Repre- 
sentative L Wnfiam Paxon of New 
York, chairman of the' National 
Republican Congressional Com- 
mittee. “Nothing’s going to change 
•in Congress until the public 
changes the party in 000001 “ 

Mr. Paxon said Mr. Rostens- 
kowski “absolutely” will be an is- 
sue in (he fall ca mp aig ns . “It al- 
ready is a key part of the fall 
•message,*’ he said. 

But a freshman representative, 
Peter R. Deutsch, Democrat erf 
Florida and a former state legisla- 
tor, said that voters were not likely 
to hold any one party responsible 
f or political corruption when mem- 
bers from both parties have had 
1 their problems. 

“This fall, I think the attitude 
will be ‘a - plague on both your 
houses,’ " Mr. Deutsch said “This 
indictment is a personal tragedy for 


Rostenkowski and It’s not good for 
Americans to have this kind of cyn- 
icism. But juirt as I think the impact 
of die indictment on health care 
reform wiR be zero, the impact on 
other races around the country wiO 
also be zero." 

But (he indictment put Demo- 
cratic leaders in a particularly diffi- 
cult position because of tbetr con- 
flicting desires to show loyalty to a 
man who is both powerful and 
highly popular on Capitol Hill, and 
to protect the image of the institu- 
tion. 

The House speaker, Thomas S. 
Foley, a Washington. Democrat, 
and the leader of the majority 


Democrats in the House, Richard 
A. Gephardt of Missouri, issued 
cautious statements underscoring 
their respect for the House Ways 
and Means Committee c hair man 
and reminding the public that he is 
innocent until proven guilty. But 
their statements were more telling 
for their brevity, as if the less they 
the less likely the public 
Id lay to connect Mr. Rosten- 
kowski to other Democrats. 

Other Democrats tried to show 
sympathy for Mr. Rostenkowski 
But privately, some were gloomy 
about the fallout and candid about 
the demoralizing effect of the in- 
dictment. “Everyone’s going to run 


away from him like crazy,” a House 
Democrat said. 

Mr. Gephardt tried to draw a 
parallel with the indictment of 
Representative Joseph M. Mc- 
Dade, a Pennsylvania Republican, 
as evidence that the damage from 
Mr. Rostenkowski will be limited. 
“The minority has bad a ranking 
member of ibe Appropriations 
Commit Lee under indictment and it 
hasn't impaired their ability to say 
anything." Mr. Gephardt said. 

But Frank Limtz, who polls for 
Republicans, said the indictment 
itself will “allow Republicans to 
point the finger at another major 
Democrat" and moke it easier for 


Republicans u> make “the case for 
change" this fall. 

With more incumbents running 
for re-election. Democrats may pay 
a higher price for the perceived sins 
of the institution, but even some 
Republicans acknowledged that 
the public may not make much or a 
distinction between the two parties. 

“As a Republican, I don't take 
any joy in this because I think it 
will reflect badly cm the whole in- 
stitution,” said Representative Mi- 
chael N. Castle of Delaware, a first 
term congressman. “My impres- 
sion is that Congress’s image had 
begun to improve in the last year or 
so, and then this happens.” 


Jamaica 

To Aid U.S. 
On Haitian 
Refugees 

By Roberto Suro 

Washington Post Service 

WASHINGTON — The United 
States has reached an agreement 
with Jamaica to set up a station on 
the Caribbean island to process 
Haitian refugees, according to offi- 
cials dose to negotiations that have 
been taking place between the two 
nations. 

This is the first time another gov- 
ernment has offered to help the 
Clinton administration share the 
burden of handling those who flee 
Haiti's military regime by taking to 
the sea, most of whom are seeking 
political asylum in the United 
States. 

Aside from providing a diplo- 
matic boost to the administration's 
efforts. Jamaica has helped resolve 
logistical problems that have be- 
deviled U.S. officials for several 
weeks! 

The United Stales asked Jamaica 
to consider hosting a refugee facili- 
ty last week and since then U.S. 
and Jamaican officials have beat 
engaged in almost continuous dis- 
cussions. 

The likely agreement would al- 
low the United States to anchor or 
dock large ships in a Jamaican port 
or at least dose to shore, the offi- 
cials said. 

The ships would be used to bouse 
Haitians picked up by the U.S. 
Coast Guard and would serve as a 
processing center where applica- 
tions for refugee status would be 
heard and adjudicated. 

U.S. officials could be boused on 
land along with all facilities needed 
to support the ships. 

President BiH Clinton's special 
advisor on Haiti, former Represen- 
tative William H. Gray 3d, was to 
begin meetings with Jamaican offi- 
cials Wednesday. 

Deputy Secretary of State Strobe 
Talbott is to begin a visit to the 
island on Thursday. 

A formal agreement on a pro- 
cessing facility could be announced 
during Lhese meetings, officials 
said, and the first Haitians could be 
brought to Jamaica as early as the 
beginning of next week. 




Nation of Islam 
Shooting Suspect 
Killed Brother 

The Associated Press 

RIVERSIDE, California —The 
man a miwi of sh OO ting Khalld 
Abdul Muha mma d, the former Na- 
tion of-Tslam spokesman, shot his 
own brother to death in 1975 and 
was acquitted by a jury that found 
he acted in self-defense. , 

James Edward Bess, a defrocked 
minister in the Nation of Islam, 
was arraigned Tuesday on one 
count -of attested premeditated 
murder in the attack on Mr. Mu- 
hammad on Sunday. He also was 
arraigned on five counts of assault 
with a -firearm, with infliction of 
great bodily injury. Mr. Bess plead- 
ed not guilty .. ■ 

- Mr. Muhammad, who was shot 
in both legs, underwent two hours 
of surgery on Tuesday to remove 
fragments. Riverside Community 
Hospital said. He is expected to 
remain hospitalized for a few days. 

According lei decadeMWMWS- 
paper articles uncovered Tuesday, 
Mr. Bess has an extensive criminal 
rerard, whichindudes a conviction 
in 1964 far manslaughter.- 
■ In 1975, a jury in Fresno, Cali- 
fornia, acquitted Mr. Bess in the 
fatal shooting of- Ms brother* Hvin 
0- Bess Jr^ the Fresrto'Been^jorled ; 
at the time/ Mr; Bess admitted to 
the shootings but said he acted in. 
self-defense because he believed his 
jrother was abont to shoot him. No . 

gpn was found. . • 


Away From Politics 


• A killer who said be would “do anything" to remain in jail has been 
granted his request to he kept in solitary confinement for the next 25 
years. Terrence Douglas, 48, is to be confined at a prison being built 
in Florence, Colorado, for America’s worst criminals until he is at 
feast 73, under terms of a sentence imposed by a judge in New 
Haven, Connecticut 

• A Kuwaiti convicted of ensfanenent in Massachusetts has been 
sentenced to a year in raison. Prosecutors say Talal Alzanki, 31, a 
Boston University graduate student, threatened to kill his house- 
keeper if she left tits apartment in Quincy and fed her only bread. He 
was also ordered to pay 513,415 in bade wages to the woman, 
VasanthaGedara, 27, a &i Lankan he hired in Kuwait to keep house 
■for him and his wife. 

•Jack Fuller, the Chicago Tribune Co.’s president and chier execu- 
tive officer, was named its publisher Tuesday, replacing John Madi- 
gan, who was named president and chief operating officer of the 
parent Tribune Co. 


or shipped in the United Stales under terms of the 1992 Marine 
Mammal Protection Act, which just took effect. More than 90 
percent of the tuna sold in the United States already meets that 
standard, officials said. 

• Hiradreds of Uos Angeles potioe officers called in sick Tor the third 
day in a row as an aenmonious contract dispute with the city over 
pay continued Hie mayor, Richard Riordan, has urged the officers 
to accept mediation to break the impasse. The Police Protective 
League, the officers’ union, said it did not favor the move. 

• An aufi-aborikMi coalition began a boycott of Hoechsi AG of 
Germany and Roussel Uclaf of France, developers of the so-called 
abortion pill RU-486. The coalition, which includes the National 
Right to Life Gmmntiee and the Southern Baptist Convention, did 
not specify which of (he companies' products y/ould be targeted. 

Reuters, AP 


DISNEY: Prince to the Rescue 

CoB&med from Page 1 


ney are bright. Becoming a partner 
in the Euro Disney project is con- 
sistent with die prince's strategy to 
invest significant amounts erf capi- 
ta) in association with superior 
management teams around the 
workT 

EuTO Disney’s chairman. Phi- 
lippe Bonrguignon, said in a state- 
ment released m New^ York that the 
.transaction “demonstrates confi- 
dence in the long-term success of 
-Euro Disney." 

Michael Eisner,' chairman of 
Wait Disney Co, based in Bur- 
bank, California, said the invest- 
ment by Prince WaJid “means there 
is a strong, sophisticated new part- 


ner who shares our view of Euro 
Disney’s future and whose involve- 
ment, enhances Disney's major con- 
tribution to the Euro Disney finan- 
cial restructuring package. 

A financial restnicturing plan 
worked out in March by Euro Dis- 
ney, Walt Disney and its bankers 
included the 6 hilHon franc capital 
increase, which Euro Disney plans 
to launch in the next few weeks. 

• Under terms announced 
Wednesday, Prince Walid and 
United Sandi Commercial* Bank 
will be able to purchase, al the issue 
price, shares that are still available 
after current shareholders and oth> 
er public investors have exercised 
thar options' under the rights offer- 
ing. (Bloomberg, Reuters, AFX) 


•stpmnm 


THE MOST 
PARISIAN 
DEPARTMENT 


STORE 


The PRINTEMPS 
DEPARTMENT STORE 

rntn mem ora les t) - Day 
anil the courageous men 
and women who marie il 
all possible ! 


WW 1] Veterans : just show ibis ad at the \V« -Ironic- 
Service of any Prinlenips Department Store 
mentioned below to rereive your eoni| dinieii hi n irilt 
anil 10Cr discount rani, 

(*iir xlvn-K in Puri- aiui in Nunn.iii'i} ri-l,-l>rjli]i» flu- ■ \«-m ; 

I’-VRIS UAKSSMkNiN - M.KNOtN -CVKN - |»EM'\ I! l.K 
KVRKUV - I.K Il.tVKK R"UKN \ KltlMi i.\ 


The very best 
in good taste. 



PLUMGAKE 


International 

Classified 

Marketplace 

• Monday 

International Conferences and Seminars 

• Tuesday 
Education Direct ory 

•Wednesday 
Business Message Center 

• Thursday 

International Recruitment 

• Friday 

Real Estate Marketplace, Holidays and Travel 

• Saturday 

Arts and Antiques 

Plus over 300 headings in International Classified 
Monday through Saturday 
For further information, contact Philip Oma in Paris: 
Tel: (33-1) 46 37 94 74 - Fax: (33-1) 46 37 52 12 

HcntlbSSribunc 



Mac Baren 

For pipe smokers in over 
SO countries Mac Baren 
u»baccoS represent, above 
all, the very best in good 
taste. 

Select and smoke a Mac 
Baren tobacco today and 
sec how right rhev are. 


APOLITICAL NOTES A 


Americans Won’t Cast First Stone 

WASHINGTON — More (ban TO percent of Americans say it is 
none of their business whether President Bill Gin ton has been 
unfaithful in his marriage, according to a new poll 

A smaller majority- of those polled, 62 percent, said even if thev 
knew fra- sure that Mr. Clinton hod been unfaithful, it would not 
affect their vote if be ran for re-election. 

Thirty-live percent said they would be less likely to vote for the 
president if they knew he had cheated on Hillary Rodham Clinton. 
The other 3 percent were not sure. 

But predicting how marital infidelity would affect votes in an 
election is tricky-, warned David Krone, vice president of Louis 
Harris and Associates, which conducted the telephone poll. 

“Right now 62 percent say it would make no difference, but if this 
were a major issue in the campaign, I suspect that number would go 
lower," be said. The poll of 1,253 adults, done May 23-26. was not 
limited to likdy voters, (AP) 

Warner Is Moving to Freeze Out Worth 

WASHINGTON — Senator John W. Warner, Republican of 
Viiginia, said be will activdy support an independent Senate bid by 
fellow Republican J. Marshall Coleman if Oliver L. North wins the 
Republican nomination on Saturday, and Mr. Warner may even 
renounce Lhe party by seeking re-election in 1996 as an independent. 

Mr. Warner said he has been encouraging Mr. Coleman, a former 
stale attorney general, to mount an independent campaign. 

The potential for a donnybrook began building four months ago, 
when Mr. Warner became the first senior Republican official to 
publicly criticize Mr. North. On the day Mr. North formally de- 
clared his candidacy, Mr. Warner gave a round of scathing inter- 
views in which be questioned Mr. North’s fitness for the job. 

Several weeks later, when the former president, Ronald Reagan, 
released a letter criticizing Mr. North, Mr. Warner played a key role 
in disseminating iu Finally, Mr. Warner said he could not actively 
support Mr. Nonh under any circumstances. tWP) 

Additional White Howe ‘Training* Flights 

WASHINGTON — White House officials said aides to President 
Bfll Chnion hod used the presidential helicopter for their own 
purposes on a dozen occasions, aO but one of them legitimate. 

The list of 1 1 other flights disclosed by the White House neverthe- 
less raised new questions about the use of helicopters from the 
presidential fleet. 

While most of the missions woe described as training flights by 
White House military aides or officials from the White House 
imHiary office, one was listed as a classified mission in which the 
passengers were Henry G. Cisneros, the secretary of bousing and 
urban development, and Alice M. RMin. ibe deputy director of Lhe 
Office and Management and Budget 

Dee Dee Myers, the White House spokeswoman, said that flight 
on April 14, was “in connection with their official duties." but she 
and other administration officials refused otherwise to describe the 
purpose of Ibe journey or say why the officials would be involved in a 
classified mission. 

In making public the new information, the White House said it 
had adopted new procedures to guard against further incidents of 
misuse like the golf outing last week that led to the forced resignation 
of David Watkins, the White House director of administration. 

Mr. Watkins, who previously balked at reimbursing the govern- 
ment, said Tuesday that be would repay the $13,129.66 bill that the 
Marine Corps said represented the cost of his trip last Tuesday. 

IN YD 

Quote /Unquote 


The House Republican Whip, Newt Gingrich erf Georgia, on the 
corruption indictment of Representative Dan Rostenkowski, Demo- 
crat of Illinois: “Frankly, the Congress. I think, is being battered by 
these kinds erf charges. Hie big winner on this whole thing is the 
term-limits campaign.” (Reuters) 


INSEAD 

MBA Programme 

The INSEAD MBA 

The INSEAD MBA is recognized as providing 
one of the best foundations for a career in 
international management. 

We think you should judge for yourself, so we 
would like to invite vou to an information session 
on our campus at Fontainebleau on one of the 
following dates: 

9 June 1994 30 January 1995 

26 September 1994 10 April 1995 
28 November 1994 12 June 1995 

During these information sessions one of our 
SO permanent faculty will introduce you to a 
typical INSEAD class. Afterwards you will bt- 
able to meet with current MBA participants as 
well as the admissions team who will answer 
detailed questions regaiJing your application. 
You will leave with a full understanding of 
INSEAD 's unique multinational campus. 

If vou would like to know more about the 

j 

INSEAD MBA, please complete the coupon 
below and return it' to; Stephanie Bran, IHT, 
Admissions Office, INSEAD, Boulevard ‘de 
Constance, 77305 Fontainebleau Cedex , France, 
tei (33 1) 60 72 40 05 Fax (33 1 ) 60 72 42 00 

We'd be delighted to hear from you. 

PIcoimc tend tiu: more details ahuul the INSEAD MBA 

Programme. 

Family name: 

.First name: i : * - 

Home oddre.is: (street j 


(town) 


; (postal code & country; 

Nationality: : j' J Female | | Male 

Date of birth: (day)/ ....... (month)/ 19 ; 

( st oil Id like iu aitt-tid an INSLrAD MBA information session 
on (dau-;: (dayi/ ........ t month)/ 1 9 



US 

ue ire 

es -tai 
ic _ 
or 'i a 
id .he 
o- - 

10 

:d iey 
o- ne 
in iss 
er rs. 

-ng 
e- in 
s* le- 
kJ he 
's he 
at 'ay 
- a 
r- 

7 He 
ts >ld 
ts He 

he 
— ell 

10 t I 
^ Hit 

« vas 
im 
P to 
10 #1 
a nd 

* or. 

* nd 
u 

rf 

n an 
v 

s 


■ay 

op 


i. 

5 $j 


py 

jr- 

ws 

ny 


r :nt 

s :»y- 

s-./br 

'’ritt 

5 >r- 
‘.or, 
>-ew 

• j he 
:;ng 

»* 

• !re- 

in 

! W. 






Page 4- 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 


BONN — The government on 
Wednesday approved scaled-down 
plans for its mow to Berlin that 
will use buddings from the cii\\ 
past as an imperial. Nazi and Com- 
munist capital. 

Only the chancellor at the time 
of the move, scheduled for the end 


NATO Plan for Kyrgyzstan 

Rtuicri 

BRUSSELS — The former Sovi- 
et republic of Kyrgyzstan, hoping 
for closer military ties with the 
West, signed the North Atlantic 
Treaty Organization's Partnership 
For race on Wednesday after com- 
pleting a separate trade and aid 
agreement with the European 
Union on Tuesduv. 


of this decade, will get a new build- 
ing when the government leaves 
Bonn for Berlin, which was re- 
named the national capital after 
unification in 1990. 

The chancellor's offices will 
stand near the Reichstag, the 19th- 
ceiuury building that housed Par- 
liament until I9.v and will take up 
that function again when the gov- 
ernment moves? 

The only other new construction 
will be an extension to fit the 
sprawling offices of the Foreign 
Ministry into existing buildings in 
the old heart of prewar Berlin, 

The finance and economics min- 
istries will move into the old head- 
quarters of Hermann Goring, the 
German Air Force commander un- 
der Hitler. 

The former East Germany had 
four ministries in the Nazi-era 


building, which after unification 
became (he headquarters for the 
Treuhand agency privatizing East 
German industry. 

Berlin offices for the defense 
minister, whose staff will remain in 
Bonn, will be in die austere old 
Array High Command, which also 
houses a museum commemorating 
the various unsuccessful resistance 
movements against Hitler. 

Construction Minister lrmgard 
Schwiitzer said the new plan will 
save the government around one 
billion Deutsche marks (5600 mil- 
lion). reducing the total costs to 
around 20 billion marks. 

About 89 percent of the govern- 
ment office space will be in reno- 
vated buildings, one-third more 
than originally planned. The first 
offices are set to begin moving in 
1998, with the move expected to be 
completed by 2000. 


Heard Latest From the EU? 

It Might Be a Eurorunior 

So. Brussels is going to require Europe- 
an growers lo give up the old curved cu- 
cumber in favor of a rectangular version 
that will be easier to Slack and ship? Cam- 
emben cheese is being outlawed? And 
European Union bureaucrats plan to ban 
noisy toilets? 

Where, pray tell, do such wild ideas 
start? 

Ail these stories, it turns out. belong to j 
category .sociologists have dubbed “Euror- 
umors." 

Such reports often reflect profound 
fears of a loss of national identity. >aid 
Monique Pinson-Charlot. a sociologist 


quoted by the weekly Le Point of Paris. 
Two examples: reports that Jacques De- 
lors's face would soon be gracing British 
bank bills or Belgian postage stamps. 

Other rumors represent a twisting or 
deformation of actual developments. The 
story that Camembert would be banned — 
which caused outrage through France — 
was the opposite of w-hai really happened: 
The Council of Ministers in Brussels voted 
to open European borders to cheese? made 
with nonpasteurized milk. 

Some versions are not so far from the 
truth: Loud toilets will not be regulated, 
but lawnmower noise will be; cigarette 
sizes will not be regulated, but the labels 
on jelly jars may be. And no. firemen will 
not be required to wear navy blue trousers. 

Around Europe 

An attempt by Bern to have city employ- 
ees set a good example and leave their cars 
at home has been blocked in court. Bern 
officials had hoped thar the symbolic sac- 
rifice by city workers would 'bolster sup- 


port for public transit and .“jSj^fcSS 

iice of local aoverttment* Bui Ieo ^“ 
, u °d|« ruled iSai city 
\*te lives like everyone dse. 
iStoiain full freedom oT opinion and Lore 
therefore under no obligation w SJFP 0 
official policies on their own time. 

American-style }«**» 
tog iq) in the Netherlands. I® 1 ** *£i P at 
lice and vouth workers have 
Si 15 gangs- the biggest *" <* 
have taken the names of die Cnp> an 
Bloods, two Los Angeles-based gro^P 3 - 

Most gang members simplv slake 
claim to a street corner and don i do much 
else. But police blame a hard wre for 
crimes ranging from scooter theft r 
dealing and robbery. Although the Neth- 
erlands has unusually strong ana-gun 
laws, more and more gang members ar 

carrying sideantis. . 

There has been no major violence. But 
Guus Auerback. police chief inspector in 
The Hague, said the problem is being 
taken “very seriously." He said the new 


^ were more organized and 
jSf the loose-knit units of the pj>!. raae* , 
of them soccer foflowta. • ' 

Unlike iteir Amenwn coume^ans.ihs . 
nnn^ are not based on. race. Whiles.. . .- 
blacks and -Asians are often 10 Ifee &mtt , ; 


Stress is on the r^e in Britofc, ami 

doctors are called on increaaflgly m; 

their patients, according to a new. 
stud v. Four of five gwerafists 
sav the number of panrae WKtng: Wp 
fo'r sirtts-reiated problems had nsea.ag-,. 
nificantlv in the past 15 years . jcepjrrfutt 
to the British Medical A*ocraUW> N«?f 
Review. Fiftv-eighi percent aM* 
tiems were drinking moredbc ffcareto* 
to 70 percent in % ales and I snqnredR 
England) and 60 percent said they, were 
seeuig more patients with drug probiraa 
Unemployment was tire, chief .cmre.ttteL 
for growing 5tte». foaow^d tw . mo- 
tions at work. r 


Brian KnowTton ' 



INTERNATIONAL RECRUITMENT 



H. Neumann International 


Management Consultants 

j Our client now ranks amongsl the largest bottlers of a well-known producer of soft drinks in the world, 
and Is one of the largest franchise operators worldwide, producing, selling and distributing branded 
products. Currently, the enterprise is delivering its products to over 600,000 retail customers and serving 
over 260 million consumers. An immediate requirement has arisen for following position: 


g Director/Euro pe 



based in Austria/Vienna 


Main tasks of the future position holder will be to secure the best possible supply arrangements for the client's 
European operating unils, including price/paymenf terms; volume/supply capacity; delivery terms/logistics; handling a 
budget of presently approx. USD 100m Haler on 300m). Products/articles lor purchase will include 
machinery/equipment. raw materials for beverage industry as well as vehicles (light and heavy; fork lift trucks). Apart 
from the obvious requisite of technical understanding combined with financial and analytical capability. Candida les 
should have a proven record of experience in food manufacturing or related environment and strong negotiation 
experience with suppiers in a "bulk purchasing" environment. Senior management skills, good English language skills 
as well as desirably knowledge of German are essential. Reporting line is to the General Manager based in Vienna. 
Self motivated, creative managers with ability to think in leems of big pictures as well as specific project level between 
35 and 45 write to the address below. The attractive remuneration package includes a highly competitive base salary, 
performance- related bonus and executive car. Please write, enclosing a detailed CV in English, to our Consultant 
Claudia Daeubner, c/o Dr. Helmut Neumann Management-Consultants, Austria, 1090 Vienna. Guenthergasse 3. 


H. Neumann International 

Management Consultants 


Our client now ranks amongst the largest bottlers of a wellknown producer of ^*7^” 

the largest franchise operators worldwide, producing, selling and distributing branded consumers aZ V 

enterprise is delivering its products to over 600,000 retail customers and serving over 260 million consumers. An 

immediate requirement has arisen for two abled and experienced • - c — 


F 


General Manager / Ukraine 


General Manager / Belorus 


based in Kiew and in Minsk resDective'y. to assume overall responsibility for developing the local businesses " ^ftortjngtov. 
the Central East European Headquarters xr. Austria, the General Managers will be tasned with setting up me SQX&fitw-*. 
distribution network of the company respectively. Responsibilities will include controlling production supply via a pg tt upm ure 
partner, communicating and liaising with local authorities, identifying ’wholesale distributors within tne seltvng uo 

further production facilities and managing the growth and development of the local businesses. Ideally ot Beloru^^i or,.; 
Ukrainien origin «anv other Ce r trat & East European background would be a further possibility), the successful canaaates* >. 
should be graduates with consumer products experience, particularly in saies and marketing. Essential attributes tor tfe-... 
outstanding career opportunity are excellent interpersonal skills, commercial flair, resourcefulness and a high degree of seS- 
mofivation. as well as an effective management style. Russian language skills are an absolute necessity, Uftfra.rearrdf 
Belorussian would be an advantage. Tre attractive remuneration packages include highly competitive base s^aries, 
periormance-re'ated bonus. e*ecut ; ve car and local hous’ng. Please wnle. enclosing a detailed CV in English, to our 
Consultant. C-iaudia Daeubne r . c o Dr. Helmut Neumann Management Consultants, Austria, 1090 Vienna, Guenthergasse 3„y •• 
phone: -i^3) 1.-i0140-0. f ax: -(-3; vaOI-aC-T?. quoting reference numbers Ukraine: 23297. Belorus: 23668. 


Arrsierdam ■ Berlin - Bucnar*. si • Budapest • Copenhagen • Dusseldorf • Franldurt - Helsinki ■ Leipzig • LjuWiana 
London • .Madrid • - Mr-nLaal • Moscov/ • Munich • New York - Pans • Prague • Sofia • St Petersburg 

Strasbourg Sydr.e- ■ T allinn • Toronto • Vienna • Warsaw - Zurich 


An- stream • 5e-; ,ri • Bu: , -crsei Bvdecesi - Cocernager. - Dusseldori • Frenkfurt - Helsinki ■ Leipzig LjuWfSna 
Lc r, dc-n • Ma ire *.L=- V;r*jea • Mcsccw • Munich - NewYOrX • Paris - ®T3gue • Sofia • SL Petersburg 
Sr-asCcu-g - S/rrey • llrn • Tarontc • Vterna • Warsaw • Zurich 


H. Neumann International 

Management Consultants 

Our client belongs to the worlds top pharmaceutical groups, is based in France and was founded in 1973. The 
enterprise constitutes a coherent set of activities committed lo serving Ihe cause of life in several business 
segments, the main one being Human Healthcare. As of the present time, all products marketed are sold worldwide 
under one brand name. Ths worldwide turnover of the pharma division amounts lo USD 2.3 billion. 



Sriviritry Manage rs/P h a r m a d ivi s i o n 


based in Poiand/Russia 


Immediate requiremer,: has arisen lor two Country Managers, based in Moscow and Warsaw, respectively. The main tasks 
will be to build up. e/panc and manage the local pharma organization, lo market, promote and sell the whole pharmaceutical 
product line Apse from the oovous requisite extensive managerial experience, the quality most needed in a candidate as 
a national expatriate is knowledge of Ihe language and business mentality oi Ihe country where he is lo serve. In adariion. the 
candidates must understand and accept ihe rules of the local market economy (which require most of all the willingness to 
work both well and much). Candidates should have a rather situative management style in order lo be able to set the 
necessary actions locally. Reporting to the Head of Pharmaceutical Operations for Central & Eastern Europe, candidates 
should be between 35 and 45. hold a university degree combined with pharmaceutical background, be well experienced in 
local business practice and have good Polish/Russian language skills as well as extensive knowledge in English or French. 
Good strategic thinkers with bright, dynamic, ambitious, target oriented and result driven personalilies combined with 
excellent argumentation and communication skills and readiness to travel extensively will receive an attractive remuneration 
package including a highly compelilive base salary, performance-related bonus and executive car. Please write, enclosing a 
detailed CV in English, to our Consultant Claudia Daeubner, Dr. Helmut Neumann Management-Consultants, Austria, 1090 
Vienna, Guenthergasse 3. Tel.: +1/40140-0- Fax; +1/40140-77. Reference numbers; Russia 23.615, Poland 23.616. 

Amsterdam ■ Be-tm • Bucharest • Budapest ■ Copenhagen - Dusseldorf • Frankfurt - Helsinki - Leipzig • Ljubljana 

London Madrid • Milan - Montreal - Moscow - Munich - New York - Paris - Prague - Sofia - 5L Petersburg 
Strasbourg • Sydney • Tallinn - Toronto • Vienna • Warsaw • Zurich 


I 

£~<l 



United Nations Children's Fund 

The L*niterf Nation* Children’* Fund, with headquarters in New 
York and offices throushr.uf the world, seeks qualified candidates 
tor ihe following position: 


DIRECTOR - OFFICE OF SOCIAL POLICY 
AND ECONOMIC ANALYSIS (D-1) 

New York, USA 


Tire Direcior has a unique opportunity to lead IJNICEF's work in 
economic and social analvsis of rhe laciors and situations affecting 
the well-being or children onrl women and how their well-being 
can" lie improved and poverty reduced through national and inter- 
national policy. This work covers human concerns in adjustment 
policy, ihe development of social policy in countries in transition, 
and issues of costs and financing of health education and other 
aclivities lor the benefit nt children and women, with a focus on 
improving efficiency and affordability. The Director heads a small 
team oi specialist in economic and Nodal policy analvsis. 

Minimum qualifications.- Advanced universitv degree (Ph D.) in 
economics or relaled social science field. Thirteen years of experi- 
ence in senior professional posts of increasing managerial responsi- 
bility requiring analylical work in organizations concerned with 
international development issues, with n record of relevant profes- 
sional publications. Experience and familiarity with programmes, at 
field as well as headquarters levels, are important assets. Excellent 
writing, public speaking and solid analytical skills are essential for 
the job. Professional publication in this area of work is expected. 

Fluency in English and French. 

UNICEF, as part of the United Nations common system, offers 
competitive international salaries, benefit and allowances. 

Please send detailed resume, in English, quoting reference VN-94- 
0r4 10 ; Recruitment & Placement Section, UNICEF, 3 United 
Nations Plaza, IH-5F), New York, NY 10017, USA. 

Qualified women are encouraged t.- apply. Applications for this posi- 
tion must be received bv iuni: T6, 1994. Acknowledgement will only 
be sem in si mri -listed candidates under serious consideration. 

UNICEF is a smut'o-irr-ij t*nvironineni. 


European 

Development 

Office 

Director 


■Send a resume with sa/arv history. 
no lafer than June IStfi to: 

Mr. James K. Navolio. 
Commissioner 
Department of Job Development 
Kentucky Cabinet for Economic 
Development 
-500 Mero Street 
2300 Capital Plaza Tower 
Frankfort Kentucky 
40601 USA 
Facshnae: 502/564-3256 


A The Commonwealth of Kentucky. 

USA, Cabinet for Economic Develop- 
ment an agency of state government 
is seeking an experienced economic 
development professional to serve as 
director of Kentucky's European Deve- 
lopment and Trade Office located m 
Brussels. Belgium. 

▲ This contractual position requires an 
experienced international manager who 
can assist stale officials in the design 
and execution of a sates/marfceting 
strategy that will generate the iiterest 
of European businesses and industries 
to locate facilities n 
Kentucky and/or establish trade rela- 
tions with Kentucky businesses. This 
includes an active personal cal Eng pro- 
gram on companies targeted lor relo- 
cation. expansion or trade. 

A FamSarity with both Kentucky and 
the European Economic Community is 
a must Proficiency in a foreign 
language^) appfcable to the area is a 
plus. 


ADMINISTRATIVE SECRETARIAL POSITIONS 


OECD 

SECRETARIAL POSTS IN AN 
INTERNATIONAL ORGANISATION 

Tli* Organisation lor Economic Oa^operaiion and Developmenl (OECDi. an 
inicrnai iQPdj organisation based in Paris. Is KeVinf bilingual secrt-iories. Cross 
silar> for fuli-iime work FF 10 WO to n non per momh Hall-time po^iiicns ali.-. 
a.-ailahte English or French morhor tongue, and a knowledge >:•/ the other 
Mneuaqe essential Hiph-speed accurate typing <50 swords per minuic-i and 
e.-perience with woid processing •system? required. 

Applies l ions Irom male and female nationals of OECD member countries 
lAuSlrall? Austria Belgium, Canada Denmark. Finland Fr..no-. German’" 
Greece Iceland. Ireland Italy. Japan. Luxembourg. Mexico. Netherlands. New 
^yaland Norway Portugal. Spam. Sweden. Switzerland. Turkey Unlied 
h'ingijnm. United Sialcsi with curriculum vilae to 

Human Resource 
Management Division, OECD 
2, rue Andr^- Pascal, 75775 PARIS CEDEX 16 

marked 'HT/5EC May 94' 

Only short-listed candidates will receive a response 



COOPERS & LYBRA.VD 
PARIS 


Experienced Financial 
Translator 

English French 



Swiss boarding school 

requires 3-Iistory /German teacher 
for American section students. 
Live in situation with dormitory 
supervision required. 

Must be single male. 

Please contact 

Kevin O'Brien 
at (+41-42) 21.17.22. 


; In Africa for 19 nortfo . . 

: PnJkI t m fci H y . Sto^r 

i itner dacawri s V; 5wra »» 

' tustA tw&r*. ~ 

I Cnmpmnq .- r «ai 
j fcwn pwwnp SJts a .r yt-masSe tf 
ris'b'."':- re^rS* 

' hr f? snfr v fcjw' 

wit, me soa^rr-rd tm*}*.- 
h-dwjgt »Mr.iQ^« : ',dopv 
«ecw wnocV '&» -v • 

T V t • 

?as*«5r. •&•*.*#£ i> M 


lASOKATOCY MAMAea 
w MATBDA1. xsata Cl MCRRS 

KWj r* its*! r 
r 3B9. -K> #Tt- .3 sdr «ns.t' 

. TOOK ai-T* 3KSS1 C3KT- 

Gw i »r^sr sws sa 1 rrxzsf 

-4 «*■: abte* “ vc 

rofi syf r+artf icr* V5W . . 
-KW'ee. vyr-imr '■-S' pj* scdo-i • 
; mu unj ft-TT • 
_:«w cj-.i A 

' jotv, .->•<« ~y~r 

t-v -e-.m* wrw c 
, .‘-v j v. .VJO.C _S <. T-Jt-V b fujf 

; “4 1 £ rvjjt-r 1^' M-.”* Tii'ir 















HEUEBI 

uST 




nl«JDtv.Vtr:-.,l 


SECRETARIAL 
POSmONS AVAILABLE 






COSMOPOUTAN LADY. 

b«bB«B prewrooften «iih high eiAwol 

and sxmI bochffixnd. AMBOCAN 
At® RamofDEGSEES SOlfl) 
EXFBt»KE in nil I RnoncB. corners, 
heitfina ofhhtye 

uda P.A portion far hrt V.IJ. 

fiw n travrt. 

Fa» FfOT» £331 i2 24 M 05 




EXECLTTVE 

. POSmONS AVAILABLE 


SAtS REPiliifcNTATtVE WANIHl 
WemoMnd Trade Group iequm 
some person to represent each country. 
Yloo wnfl be the ow vies rep in you 
couitiy. IcoLng for reps ,n Mata. 
Twtey. Canada inland. Hang Kcng 
and Morocco. torn«g poieMd over 
U5S75.000. FAX mqwnes *> 

Trade Insntuw (At?) W8 -Wi? USA 





3621. I.H.T. ?2f.;i 



"Ji .organization 

10 I» i small Poo. 

Brodwie ^ 

1 S*** 1 ? ’Aded 4so- 

P«y. srrong ugowianwi & ord/ 
J^rief 1 commur»ttj|»n it.h. 

***• »ong hen,* exohJwST 


intl ava aviation orgwa. 

•■on seeta pan tine bdmcid jeaetor 
for rts Pans office. TeMU 46 41 B5T2 


SECRETARIES AVAILABLE 


DOTOU I^ A TOP SECRETARY 7 

Gd j S»lta G* fetaim Pdm -TH:W 


ACCOUNT MANAGER/ SALES fw 
pubfcotan ca Experwee of bekw- 
itatne (MonohoHi and proven had 
record needed Boo*: EZ3XUD GTE 
00.000. Porn bated. Computer 
Fierce/ esserrial CVi plecne fa S 
fewn. Cmdl Agencr. S Passage de 
la ta»rfOr,75ffll PARIS 


EXECUTIVES AVAILABIJ: 


rri",'7'rr i W7:T? , c!lt'tcTf;.'.||y^ 

Sfei 


GENERAL POSITIONS 
WANTED 

YOUNG AMERICAN WOMAN, 
deeply fascinated mrfi wjrtd atairo. 
uMnfi la tBipand her haemns. Back- 
w cetebriN k falert coardnsioii, 
PtWc/m eda retaens, writing Seefa 
new chciilenge as press/ social- 
penond iccrenrv'spalespcrvn fi* 
pcennert iriemobonol busmen eul- 
lurol'dctertahc bader 'cirganzahan. 
&rteprronefly wlewod. rewwcehil, 
InguoS. tier ole. doeplmed Dtarpus 
of ratei/fareian reiocohcn Real., 
B» 53«. IH L 8» Tfad A«. Bth ft. 
NY. NY IC0» USA , 


IW4CH MAN, ?4. fl v^orj e>penen« 

PMImt as neaotaiai. all btbiTji 
? SVI ^ ■Uh'^TE 0 Twramdnwi. ijjd 

rnrre, 

Sic? hwix - R « s «^=* : 

perwnce w German ^ 

ml. new 2S 
meni in Rons or London Tel- Pr-Z 
□3-1! dO 07 13 51 * ?crr 


iNced A ,\ew Challenge? 

^ hen (ioift miss 
fnternational Recmitmenr 
^eveiy Thursday in the! rib. 














** 


Neoiascist 



Gay Italians 

Rouen 

ROME An Italian neofascist 
Who suggested sending homosex- 
uals to concentration camps said 
Wednesday that his comments had 
b«D inopportune but defended his 
view that homosexuality was a vice 
and a misfortune. 

Piero Buscaroli, a candidate for 
the National Alliance movement in 
this month's European Parliament 
elections, made his defense in a 
letter to D Giomale newspaper, 
which is owned by the family of 
Prime Minister Silvio Berlusconi. 

Mr. Buscaroli offered to resign 
from the newspaper, to which he 
contributes, but said be would not 
change his opinion and criticized 
the Italian press and Reuters Tor 
the way his remaiks were reported. 

“I believe that one should bestow 
on this vice, and a vice it remains, 
the tolerance and pity (hat modern 
morality does not deny this misfor- 
tune,” Mr. Buscaroli, 63, wrote. 

He said a resolution passed in 
February by the European Parlia- 
ment that homosexuals should be 
allowed to many and adopt chil- 
dren was “blasphemous and 
shameful.” 

Mr. BuscaroH’s remark about 
concentration camps embarrassed 
Mr. Berlusconi and the National 
Alliance leader, Gianfranco Fmi, 
at a time when the new government 
is eager to allay foreign concern 
about the presence in the cabinet of 
neofasdst ministers. 

“My remark, over-hasty if you 
want, or inopportune, or stupid if 
you prefer, unleashed a (error in 
waiting,” Mr. Buscaroli wrote in 
the letter, winch was published on 
the newspaper's front page. 

"Nobody treated it with & laugh 

the means^to realize 
such a perfidious thought, mine 
was an impossible crime.” he 
wrote. 

He said he coaid not recall 
whether he had said homosexuals 
“lead the life of a concentration 
camp” or that “I’d send them to 
five in concentration camps” for 
treatment hke drug addicts. 



INTERNATIONAL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 


9 

Page 5 — ' 




f\KS new* 

President BlD Qioton and his wife, Hillary, laying flowers at a monument to soldiers of the U.S. 
Army’s First Dhishm in Washington on Wednesday. The couple later left on their European trip. 

ITALY: Roman Challenge Awaits Clinton on Arrival 


The Associated Press 

JIDDA — King Fahd has been 
discharged from the hospital after 
doctors removed a gallstone, the 
royal court announced Wednesday. 


Continued from Page 1 

L* Uni ta, Mr. Berlusconi warns Mr. 
Clinton (o provide “political sup- 
port to reinvigorate the weak inter- 
national image of the Italian gov- 
ernment." 

The encounters with the new 
government are not the only chal- 
lenge. Mr. Clinton is to meet Pope 
John Paul II for an audience ex- 
pected to evoke both the sharp dif- 
ferences on abortion that surfaced 
during the Pope's visit to Denver 
last August and on the controver- 
sial agenda for a United Nations 
population conference set for Sep- 
tember in Cairo. 

The Pope has inveighed against 
proposals in advance conference 
documents for abortion rights and 
global access to contraceptives — 
notions that are anathema to Ro- 
man Catholic doctrine. 

The Vatican, moreover, report- 
cdly holds the United States re- 
iWe for the abortion propos- 
and the Pope personally called 


Mr. Clinton by telephone last April 
to register his opposition. 

After his visit to the Vatican, Mr. 
Clinton, emulating the late John F. 
Kennedy during a 1963 visit here, is 
to address Romans from the steps 
of the 16th century Campidoglio — 
the Capitol modeled by Michelan- 
gelo in die bean of the city. 

Many Italians are hoping he will 
use the occasion to set out his views 
on their country’s standing and 
prospects after more than two 
years of debilitating comiption 
scandal. 

It is one of the odder aspects of 
Mr. Clinton’s European tour that, 
in Rome, he will meet representa- 
tives of the first European govern- 
ment since the World War fl to 
embrace the political descendants 
of (he wartime adversaries whose 
defeat is to be celebrated. 

Not everybody likes the idea. 

“They are coming to celebrate 
the defeat of Italy, not the defeat of 
fascism,” said Teodoro Buon- 
tempo, a hard-line neofasdst mem- 


'Cleansing’ by Serbs Continues, UN Says 


o 

\y 


Reuters 

ZAGREB, Croatia — The United Nations 
on Wednesday accused Bosnian Serbs of con- 
tinuing a campaign of “ethnic cleansing” 
against Muslims and Croats in northern Bosnia 
as about 500 Bosnian refugees arrived in Cro- 
atia. 

“This indicates continued pressure on Mus- 
lims and Croats from the Serbs and a lack of 
any human rights, making the area unlivable 
for Lhose people," said Peter Kessler, a spokes- 
man for the UN High Commissioner for Refu- 
gees. “These people are fleeing for their lives." 

The 500 refugees arrived in Zagreb on Tues- 
day in a convoy of a dozen buses, and most 
were headed to a third country. 

Carrying all their belongings in a few bags, 
the refugees said on Wednesday they had no 
choice but to leave the region of Banja Luka 
and Prijedor in northern Bosnia. 

“No one likes to leave his home, but there is 
no survival for Croats and Muslims there," said 
Fatka Salihbasic, 54, a Muslim from the town 
of Bosanska GradUka. 


Referring to the Serbs, Mr. Salihbasic said, 
“Every night they would blow up a bouse and 
they didn’t care if there were people inside, 
especially if the people were Muslims." 

A woman who came to Croatia with her 
husband and two children said the Serbs were 
introducing all sorts of measures to make life 
more difficult for the Muslims. 

“Everv day they would break into our 
houses, looking lor men to take to tire front, 
and they took away all oar tools," said the 
woman, who would only give her first name. 
Zijada. 

The refugees’ comments fit in with reports 
from UN workers in the Banja Luka region, 
who have confirmed that minorities have been 
the target of a systematic campaign of violence 
to force them out of the area. 

Serbian authorities have required Muslims 
and Croats to perform forced labor and lo turn 
over all their property upon fleeing, according 
to the UN Higher Commissioner for Refugees. 

Thousands of refugees have fled to Croatia to 
escape Serbian “ethnic cleansing" campaigns 
over the past two yeans. 


“Almost every two weeks there is an exodus 
of this size, and this is the third or fourth in the 
last six weeks." Mr. Kessler said. 

Meanwhile, a UN commission on war crimes 
in former Yugoslavia, in a case study of “ethnic 
cleansing” by Bosnian Serbs of the Prijedor 
district, said the actions undoubtedly involved 
crimes against humanity and probably geno- 
cide. 

The study includes details of the alleged 
killing or deportation of more than 50,000 peo- 
ple and the imprisonment of over 6,000 in 
camps, whore ktihogs, torture, rape and other 
atrocities occurred. 

The Prijedor study comprises the most de- 
tailed investigation contained in the commis- 
sion’s lengthy final report before its files and 
data base were transferred to the prosecutors 
office of the UN war crimes tribunal, set up at 
Hie Hague late last year. 

The tribunal, to try persons accused of mur- 
der. torture, rape, “ethnic cleansing" and other 
violations of humanitarian law, may hear its 
first case later this year, but no indictments 
have yet been handed down. 


CLINTON: Seeking a Neu> Image SCHOOL: Navajos Meet Preppies 


Rick warms' Rcu*t» 


ber of the Italian Social Movement, 
which has always coupled a strain 
of anti- Americanism to its avowals 

of democracy. 

The neofasdst newspaper Secolo 
struck a similar note when it de- 
picted the American and allied lib- 
erators of Rome as occupiers. 

“The newcomers did not even 
respect its status as an open city as 
the Germans had done" and in- 
stead, the newspaper said, the Al- 
lies turned Rome into a "theme 
park with drunken, brawling sol- 
diers, shoeshine boys, jolly, easy- 
going bookers and petty dueves.” 


Iran Arrests 2 Iraqis 

Reuters 

NICOSIA — Iran has arrested 
two high-ranking Iraqi intelligence 
officers and said they were sent to 
organize sabotage in the country, 
Tehran Radio reported on 
Wednesday. 


Continued from Page 1 
answers to problems such as Soma- 
lia and Bosnia on either side of the 
Atlantic. But even a generally sym- 
pathetic commentary, such as the 
one Wednesday on the United Na- 
tions in The Independent newspa- 
per in London, spoke of a “befud- 
dled” administration and said that 
“Washington has been its own 
worst enemy" in its dizzying incon- 
sistency on such issues os Haiti. 

■ Public Relations Drive 

Douglas Jehl of The New York 
Times reported from Washington: 

The White House has embarked 
on a major public relations effort to 
reverse perceptions that President 
Clinton has fumbled his handling 
of foreign policy. 

With senior' advisers warning 
him that plunging ratings on for- 
eign policy are undermining his po- 
litical standing in a significant way, 
some outside the White House have 
suggested that he respond by shak- 
ing up his foreign policy team, a 
step he said he has rejected. 

But with most opinion polls 
showing a large drop in approval of 
his foreign policy stewardship, the 
White House is taking other steps 
to reverse the trend. 

In perhaps the dearest indica- 
tion of its concern, the White 
House has quadrupled the size of 
its foreign policy press office, 
transforming what last October 
was a one-man shop into as large 
an operation as any White House 
in modern history. ’ 

But even in advance of his Euro- 
pean trip, Mr. Clinton and his se- 
nior aides have also multiplied 
public appearances devoted to for- 
eign policy, using television inter- 
views, speeches and newspaper ar- 


ticles in an effort to overcome the 
impression that the administration 
has followed a wavering course. 

Those steps reflect what Mr. 
Clinton said over the weekend is 
his belief that he can win back 
public confidence by “doing a bet- 
ter job of communicating our for- 
eign policy." 

Mr. Clinton's trip to Europe may 
bolster his standing in the 


Mr. Clinton is scheduled to re- 
turn to Europe again next month, 
and one of his senior political ad- 
visers, Paul Begala, expressed con- 
fidence that “once we shine a spot- 
light on the president's successes 
this summer, well turn this thing 
around." 

In a television interview this 
weekend. Senator Sam Nunn, 
Democrat of Georgia, scolded Mr. 
Clinton for f ailing to delegate a 
single subordinate ts the adminis- 
tration's top foreign policy spokes- 
man. Another Demooatic senator. 
Bill Bradley of New Jersey, sum- 
marized Mr. Clinton's problems as 
rooted in “communication in a very 
real sense." 

And Mr. Clinton himself, who 
said that he had sought advice from 
perhaps 100 formal and informal 
advisers in recent weeks, told the 
Los Angeles Times in an interview 
that be could understand why some 
of them might have drawn the con- 
clusion that he planned lo make 
changes in his foreign policy team. 

But Mr. Clinton also said in the 
interview that “the last thing I need 
to be doing is considering changing 
my team" at a time when U.S. for- 
eign policy initiatives in the Middle 
East and elsewhere are at delicate 
stages. 


Continued from Page 1 

the Navajo nation, which 
5,000 people. Many children of 
tribal leaders attend Window Rock 
High. About 25 percent of the 146 
seniors enter college, and 10 per- 
cent of those graduate. The farthest 
from the reservation that a Navajo 
senior is going next fall is to a 
Colorado college. 

The Navajos were struck by what 
a safe place Cboale was. It took 
Shelton Laughing awhile to get 
used to leaving his backpack out- 
ride the dining ball before lunch. 

“I carry it everywhere it Win- 
dow Rock or it'd be stolen," he 
said, In the last few years, there 
have been gang problems. 

The exchange program was cre- 
ated by two Choate teachers, John 
Faulkner and John Cobb. Both 
(aught on reservations, respect the 
Navtyo culture and know the deep 
suspicion that Navajos have to- 
ward boarding schools. For a cen- 
tury, boarding schools did their 
best to undermine Navajo culture. 

The Choate teachers were deter- 
mined to create a program that 
would not be chauvinist “The last 
thing we wanted was to create Na- 
vajo preppies,” said Mr. Cobb. As 
put of the exchange, nine Choate 
students attended Window Rock 
High for six weeks. 

After returning to the reserva- 
tion in May, what stuck the Navajo 
students most was the sense that 
despite all the advantages Choate 
students have, they were not be- 
yond reach. 

The Navajo athletes discovered 
it first. Thelma, a guard on Win- 
dow Rock's state championship 
girls’ basketball team, was sur- 
prised to find she was good enough 


■re 

.iat 

‘ a 
.he 

to 

*>' 

ne 

iss 

rs. 

ng 

in 

le- 

be 

he 

ay 

a 

lie 

>ld 

He 

be 

ell 

t I 
ml 

-as 

ira 

to 

*1 

ltd 

or. 

ad 

ry- 


.to shoot around with the boys at 
■the Choate gym. 

LeAndreaTbomas, who 
running at an elevation 
feet, docked her best mDe ever at a 
Choate meeL She will never forget 
her first practice with the Choate 
team, when it dawned on her that 
there was no one faster. 

Eugeoa Anderson was able to 
keep op in Choate's college-level 
English course, and while Shelton 
and Thelma were struck by how 
muds tougher Choate's calculus 
course was, they were not lost. 

Shelton was struck by how much 
he had missed the open spaces and 
the sky. Navajos say life thrives 
where the sky meets the earth, and 
Shelton has grown accustomed to 
always being able to find that spot. 

LeAndrea fdt she had lost her 
sense of direction at Choate. She is 
used to waking up as the sun rises 
through her front door, a tradition- 
al heme alignment in Navajo cul- 
ture. At Choate, trees and hQls 
blocked the early sun. 

But if they could go back to 
ninth grade and were given the op- 
portunity to choose between Win- 
dow Rock and Choate, every one of • 
the nine Navajos said they would ! 
have picked Choate. “The' reasons 
are obvious," said Thelma Woodie. j rp- 
■ in 

■ ne. 

To our reodors In Switzerland * 

It’s never been easier to subscribe ’ j 
and save. • r 

Just call our Zurich office 
toH free: 

155 57 57 ' 

or fax.- (01) m 8 1 88 • 


an 

ay 

op 

py 

1T- 

ws 

ny 

51 

ml 

ly- 

tor 

tits 

ril- 

)r- 

ar. 

5W 

he 

ng 

re- 


Advertisement • 

ERICSSON ^ 


New ATM broadband system presented in USA 


Ericsson chose the Supercomm '94 
exMbltionfbr the US Introduction of its 
new switching system to support 
broadband and multimedia telecom- 
munications services. 

The new system Is based on asynch- 
ronous transfer mode (ATM) technology, 
and can be used for transport, switching 
and management applications hi multi- 
service networks. 


Cutting service ‘time-to-market’ 
Rather than adapt an existing system, 
Ericsson chose to develop a completely 
new switching platform to meet long-term 
broadband service needs. 

A patented ATM Pipe Switch 
architecture allows the system to be 
configured for a variety of different 
applications. 

The emphasis is on rapid deployment 


and customisation of services throughout 
the network, so new and enhanced 
services can be brought to market quickly, 
and easily customised in line with 
changing market needs. 

In Europe, Ericsson has announced 
that the new system is being used in 
ATM field trials with Deutsche Bundespost 
in Germany, SIP in Italy, Telia in Sweden 
and Teietonica in Spain. 


Layer upon layer of radio cells 
for total service flexibility 

Technology briefing: Personal communications services 


Now. that the concept of mobile telephony 
is well established, the next trig challenge 
is how to support subscriber mobility on 
a much wider scale. 

Industry experts talk about 'personal 
telephony* , or ‘personal communications 
services'. What this 

means is a truly mass 
market service in 
which everyone can 
afford a pocket 
phone, to make and 
receive calls at 
home, work, ' or 
anywhere else - 
indoors or outdoors. 

Such services 
will, call for new 
developments in 
technologies-, 
including switching 
intelligence., net- 
work and service 
management, and 
microelectronics. 

However, the 
crucial factor is a 
radio network infra- 
.structure able to 
handle extremely 
large numbers of 
'subscribers, and 
allowing capacity and 
coverage to be tailored flexibly. 

Ericsson believes thatthe solution for 
the next generation' of services (up to 
about the year 200$ lies in a hierarchical 
cell structure, ft is ja development of the 
radio structures used in today's GSM and 
other digital mobile telephone networks. 
“ .The company' foresees a network 


A pteo cell could serve an individual 
corridor in an office building; a micro cell 
a shopping centre. These are essentially 
for users moving slowly. A macro cell 
would serve a rural area, or be used as 
an umbrella cell for an urban area with 



Shrinking the radio base station 

One step towards the new personal 
communication services is the launch of 
new-gene ration compact radio base 
stations from Ericsson. 

The new RBS 2000 concept is 
Ericsson's second generation of radio 
base stations tor GSM 900, DCS 1800 
and DCS 1900 solutions, it is designed 
tor Indoor or outdoor use, and will be ideal 
for the pIco celt sizes to be used in 
personal communication services. The 
new unit is easy to install, and can be 
operational within one hour of delivery. 


ere would bfe ‘pico cells’ of 10-30 
itres, . ‘micro calls' ol $ -couple of 
ndreft metres. and;‘maero cells' of a- 
t kflorriefibs. In addition, there could be 
services.. 


high population density. 

With a combination of the various cell 
types, the network can be tailored 
according to demographic factors and 
traffic needs. 

With new digital radio transmission 
technologies allowing techniques such as 
frequency hopping and adaptive channel 
allocation, this layered cell structure will 
provide the required capacity and 
flexibility for personal telephony. 

The first systems using this cell 
structure are expected to come on stream 
in 1995 in Europe and the USA. 


Rise in order 
bookings for ten 
consecutive 
quarters 

Ericsson’s net sales rose by 24 
percent to SEK 15,983 minion in the 
first quarter of 1994, compared lo the 
corresponding period of last year. 

Pre-fix income nearly doubled to 
SEK Bl3m, and order bookings were 
up by 23 percent to SEK 21.499m. 
This Is mainly attributable to very 
strong expansion in the Radio 
Communications business area. 

Commenting on the first quarter 
results, Ericsson CEO Lars Ramqvist 
said. This is the tenth consecutive 
quarter in which order bookings have 
risen. The year has begun well, and I 
foresee a continued favourable 
development of operations for the 
remainder of 1994.’ 

Europe accounts for half of 
Ericsson’s sales. The largest single 
market is the US (1 2 percent), followed 
by Sweden and Italy. China now ranks 
fourth, accounting tor eight percent of 
sales. 



MINI-UNK Microwave Radios otter fast and 
flexible transmission solutions for cellular 
and other important networks. The latest 
version of the radio, now in operation in 74 
countries worldwide, is MINI-UNK 15C. 
Small and lightweight, it facilitates site- 
selection. installation and commissioning. 

Collaboration 
for multimedia 
business 
connectivity 

In a move to extend the scope of multi- 
media computing in corporate organis- 
ations, Ericsson has formed a strategic 
alliance with National Semiconductor. 

- The companies will work on business 
communications solutions based on 
isoENET™, an emerging networking 
standard tor multimedia applications such 
as PC videoconferencing. 

isoENET™ is an extension of 
Ethernet and uses existing Ethernet 
wiring. Where Ethernet supports data 
communications, isoENET™ additionally 
supports real-time communications, such 
as interactive voice and video over both 
local and wide area networks. 

Ericsson wins 
top BT award 

The Ericsson AXE switching system has 
been chosen by BT as the overall winner 
in its 1993 Network Product Quality 
Awards. 

The judges were impressed by the 
general product quality, by Ericsson's 
manufacturing quality control, and by the 
customer response and delivery record. 
Scores were especially high in field 
evaluation. 

At the end of 1993 there were over 
1300 AXE exchanges in operation in BTs 
UK network, serving some 4.3 million 
customer lines. 


ADVERTISEMENT 

ERICSSON $ 


Radio access 
speeds network 
growth in Hungary 

Ericsson has been awarded a contract to 
supply specialised radio equipment to 
connect subscribers in Budapest lo the 
public telephone network. 

Instead of being linked to the AXE 
exchanges in the city's network by 
conventional copper wires, new 
subscribers will be connected via a radio 
access network, in this 'radio in the local 
loop’ approach, each subscriber will 
receive a small ratio terminal into which 
a standard telephone is plugged. The 
radio access can be used for voice, fax 
and data communications. 

Ericsson is to supply equipment for 
8,500 radio-connected subscribers. 
Hungarian Telecom Company (HTC) 
expects the move will speed up the pace 
of network and traffic growth, and cut 
waiting lists for telephones. 

The equipment to be supplied is 
Ericsson's RAS 1000 system, the latest 
version of the RLL system which has 
been working for two years. 

Large network 
m a n agement order 
in Australia 

Telecom Australia is to base its future net- 
work management on TMOS operation 
support technology and Ericsson Hewlett- 
Packard Telecommunications products. 

TMOS management systems will 
operate from later this year, to eventually 
handle some 8 million digital lines. 

TMOS builds on established open 
computing standards such as UNIX and 
Open View, and is being widely adopted 
by telecom network operators. Nearly 1 00 
TMOS-baseti management systems are 
in operation in 27 countries. 


World round-up 

Netherlands: AXE switching equipment 
and services worth SEK 800 million are to 
be supplied to PTT Telecom Netherlands, 
tor use in the public telecommunications 
network. 

Lebanon; Ericsson is to help rebuild and 
expand telecom services in Lebanon, 
including part of the capital Beirut A turn- 
key contract worth USD 150 million from 
the Lebanese Ministry of Post and 
Telecommunications includes an access 
and transport network, buildings, support 
and training. 

China: Ericsson has won the largest ever 
mobile telephony contract in China. Worth 
USD 200 million, it involves a major 
expansion oi the mobile network in 
Guangdong province- H takes Ericsson's 
total sales of cellular systems in China to 
more than 1 ,300,000 subscribers. 

Ecuador: With 25,000 tines, the new 
Ericsson AXE transit exchange in Quito is 
Ecuador's largest. Installation was 
completed by Ericsson in just 12 weeks 
from receipt of the letter of credit 

Moscow: The Ericsson EDACS bunked 
digital radio system has been selected for 
security communications in the Moscow 
area by the Chief Directorate of the Security 
Guards of the Russian Federation 
(KREMLIN). There are over 200 EDACS 
systems in service with pofioe forces, public 
utilities and government departments in 
North America, Europe and Asia. 

Malaysia: Ericsson transport network 
equipment worth up to SEK 400 million is 
to be deployed in the Malaysian public 
telephone network. The order from Telekom 
Malaysia covers transmission equipment 
and the new generation of Synchronous 
Digital Hierarchy (SDH) transport network 
products. 


Small phones: big news, big award 


The GH 337. Ericsson's new digital 
phone, was unveiled at this year's 
CeBIT fair in Hannover. It is the 
smallest on the market and 
contains a new interface that 
makes it easier to use. 

Designed for use on the GSM 
digital network, it weighs a mere 
193 gm, including a light standard 
battery, yet gives 18 hours stand- 
by time and 100 minutes talk time. 

A new key set makes extensive use 
of arrow keys to guide the user to the 
required function on the display. 

This phone has been fully type 
approved according to the European 
Union Mobile Telephony directive, 
mandatory from January 1995. 



The Ericsson GH 197 
mobile phone has been 
awarded the 1994 CAESAR 
award in the GSM category 
against all other mobile 
phones on the UK market 
The awards are given by 
Ceknet , a UK cellular mobile 
telephone network 
operator. 


Telefonaktiebolaget LM Ericsson, 
S-126 25, Stockholm, Sweden. 

Ericsson’s 70,000 employees are active m 
mom than 100 countries. Their combined 
experience in switching, radio and npfworicrng 

makes Ericsson a world leader in 

tetecommuMcations. 








Page 6 


INTERNATIONAL HERALD TRIBUNE. THURSDAY, JUNE 2, 1994 


Pa, 


Scandinavian Annual Reports 


\l^ ( 

is « 




•h. 55 


rr ?s 


Xll 



'*£» T V 7:' •• *' 
^ '•• . : 

-ir*rvik-v 



Ml 


AlixER GROUP 


AskT Groups sKtialises in international branded consumer gtwds. In I&S3 
approx: matol;* rco nf the Groups net itita of FBI 7.7 billwn denvt’i from 
ir ii'rTuiiB'irj^ I j.ilis. with the largest markets or the l'iuiod Stale-* and Finland 
jj-TicraUn: 45- and S?* ofGmunnei -ale* rcswrtiicfy. The larps* ditmon i; the 
Sportin" fj'ods Division. Wilson Sporting G^-dis Cu is a leading producer of golf. 


rarquei -iwi uam scon equipment 'vorlamde MacGregor Gull O'mporo 
manufaciurcs and morfeels golf equipment and clothing :ii'H(hn<ki '.Xher activities 
ar> luionfjbilo trade. tubjeo.. industry, *ir.d puhlJuni; and ormtin^THe Amur 
-her..- are lined on the Helsinki and L"M"fi Stock Exchange. The Group afeo has 
an ADR facility in the Uninti Suites 










V :•«&» 


EFFJOHN GROUP 


Tv-. E r.J*.:.ri Groupie -re l.u.-i ■«••?• :• p.:;^n;wferr- operation- in the Bailie Sea. 

■ • :r. ••■>i ihn-uim »h.. hr.li*. .. - n,d njhnai.iry Silja Line the lendins Kttvrcer 
•’ ■■j.m. - .* -nip.tr,. mth*. Bilt.c i rn Croup'- other acmiit^ tndurie the * holly 
■■• ■■*: • .h-idi.tr. ?.i!!;. LIT- traffic in the English Ch.ir.ne1 and iJk wholly own,: a 
1 r .in t'ne-i.- Ln.- -cnn -i t.j-rnjti-n- in Miami 

'•'■ ■■.! ;V.i .f c'biui tuenit crui-i and paj-rni’-.-r form.-: — containing more than 
n r 1*5 ,.r,d mrryine appro'tim.ivl;. sever, million pa-veneers annually — 
£"!•*:! i- M.T. '-'‘the wwH? leading pa-.-*n 2 *r nipping group? EfPIohn is lifted 
•■> 'r.t Hvlw.nki.iVKk Eichunpv 

E:f-I**"n haoi-ul nrvtnuex.f KIM -;.7hil1.-i4i m 1993 ofw.htch5iljaLino 
atto’jmc-a for:.;.. third- Thr -.lminj- trvnd «mch was negative ut 1992 re.ertfd 
in K-fl 


f ? *<£.«/• & l.i 

I?. I ft'm > 


h , ??¥}£ ?■ f:’ j, 

P,. I; 

• X l- * I £■ l?8 






, ,> >■ * *5U ' 

: W- € •: * \ M ■ 
. ft ilLl i- 



Mo Dr. is an interrutinnal forest products company whose activities comprise the 
production and sole of the following products: fine paper, wnod-ewitaining printing 
papers, pc i pefboard. pulp, sa wn Limber, packagi ng paper, and pa per and plastic 
racks. 

Th'.- average number of employees in 1993 was 1L414. In 1993, S3 percent of the 
Group's total sales of 17,083 million kronor went to countries outside Sweden. 

The result after net financial items improved by just over one billion kronor to a 
losr of 449 million kronor. 

Given the nirrrnt outkwk. the profit for 1994 is expected to exceed one billion 
kronur. 



SCA 


SCA is a strong, co ns umer-uri en led company in the fields nrhygiene products and 
packaging;, which account for about 2/3 of consolidated sales. High value-added 
printing papers and sawn timber are other sfcnificanl areas. In its production. SCA 
u*< as much recycled fiber as it tkies virgin finer ftnrr the forest. 


SCA employs a work force of approximately 25.000 in some 2(1 countries, half of 
whom are employed within the tC. Markets outside Sweden account for about 85 

S front of sales. Europe is the primary market 
7A in brief: Net sties SEK 33.420 M 132.13ft. Earnings after financial net 5EK 
1510 M 1451 1 . Earnings per sharo SEK 5.S2 1 L99i. Equiteasseia ratio 47^ (41). 
Sharehidders' equity ind minority interest SEK 20,879 Mi 19,091 1 . 



Carl. Kan investment and mdu.-tn.il huldmg ronipum that conducts 
inicriMUunalh firu-ied indu-tnal "pvration? with strong market position.- in the 
ih-ld< of industrial d’-'-re pumps, railway hrake s> .-toms and mediral tvchnnlogy. 
A Line ?ha n- purtfolm enhances the- Group'- linanual Mrortgih 
Turnover hn- climb'd front SEK 1 5 billion to 18 7 billion since ihe first year of 
Operations in I95H 

iw p,.mru of s.ilcs are made nutiidc Swi-den and 01 1 he lK-IUk 1 *. mploy ees. 
r~ percent -.'--rk ahnud. Cardn'i biggest nurkets are the L'SA. France. Germany 
and 5uU T"Oi*U«'r. they arreunt fortvt percent >4 -utlce. 

Cord" hit-' a prtec-no- m 3V reumnL-s >u more than l^u operating conipantvi 


AN'VL'M. FElViRT It- 


EUROC 


The Swc-di-h-iMf.d Eure- Group n».v:-dii.."ur- ■jnnvrtl-hucd t-uiidir: nut 
inddi-'lnbiit'-s omuniciion nua.-nai.- -r .•.-re rai 
E.inuni-' in I9H3 incrv.L-c-d oS p.-rc- -n: ’» SEK J4" nvh-.ir.. dt-m:, .1 fi-TJi- - 
downuirn m Eumc'-i pnncip.il acrki ;.- 

An tmpnn.ini step to Anidure the N>cni . 1 r. -tr:- :•• - m n. n <1.- :n :-..-*r- - 
taken dunnirlote autumn v.hcn Ear - arqu-r* e nv-t «-f ire mmrra!-rc>r: ' 
mau-rad operanun- Itelonging t >• Par t k -.nc M-.: r.i m Finland Eup •: .- re- 
the Baltic fute- were wiguieiivd. Ekimma- 1 ? IM J 4 .ire cvp.-ci.-J , 
high as in 199*. ih-spire :i further d'.cLm*. m the S-'vi'-h and Fmnbh rr.L--:v 
Ciih flow i> - ypccUd tn remain suh-i.uuull;. po-u 1 . t 


NOKIA 



^ : 






NOKIA 


Nokia b a Finland-based international telerammunica Lions and electronics group. 
More than half of its US$4.1 billion operations are in telecnmraunicatMfii 
Nokia, a world leader in mobile telephone delivers mobile phwv> in airaon 
10(1 reuntrw*. It is a pioneer in digital teteijimraunknlions and the world's swcmiJ- 
largest aipplier nf digital GSM mobile phone networks. Nokia it> a major European 
manufacturer of televisions and other consumer electronics as well a-, a producer of 
advanced cable technology. Nokia's operaling profit in 1993 was US$253 million. 


Skanska AB ■ 







5KAW5KA 


SKANSKAAB 14 

Despiti? weak international economic growth and continued difficult market 
conditions in Sweden daring 1993. Stanska reported an improvement in operating 
eammgi Consolidated opemtir^ income rose by 3,701 million Swedish kronor w 
SEK L909 M This included property-related writedowns of SEK 2.004 M but also 
Sains ofSEK l.all M from real estate divestments. StetakaCiWiprevewuet 
totaled SEK 28.92 ! M. a decline of 9 percent from 1992. Intensified efTrirts to 
promote continued internationalization resulted in the opening ofa number of new 
markets in 1993. while operations outside Sweden rose to 23 percent of Group 
revenues. Higher share prices nn the Stockholm Stock Exchange increased the 
value ofSkanska s stock portfolio to nearly SEK 14 billion at the end of 1993 The 
Groups financial position became substantially stronger during the year. 


Please send me the following Annual Reports: 


□ 01 

□ 05 

□ 09 

□ 13 

□ 02 

□ 06 

□ 10 

□ 14 

□ 03 

□ 07 

□ 11 

□ 15 

□ 04 

n 08 

□ 12 

□ 16 


-> ' A-vyVr'Sr*.'^-^"^ 


i-.r • 1 ... ; 

>:•>. 5;/^^ A-L-i 1 




DEN NORSKE BANK 


Den Norsk* Bank AS is Norway'- largest cnnunernaJ bank, with nxits gong back 
w the middle of me pre-.iou? century . In TSEfi. ±e tank had ami assw of arwind 
NGK 151 biilior. ane presented araruna sfc'iwia^ a soiid prone. The bans has a 
broad rar^r *f nnandal prwhtcw and SB-nces. a widespread domesstic distribution 
kumprisiar 162 banking nuiltis and an eiMnsive jnernaiiytiai network 
includtnr four banking enatie- and !2 reprerenative c £as. Combined with Ira 
bunk's rrrori^ Ksicon witiun theN'cTwecaii tssmess ieccr._L r Jj provides a unique 
uppormriity :o scrw the banking needs of foir-.~ as »*li as N'orwegtac mtoests. 


-L-V-V-V 

■ -. J* i 


'rV 

4? 


:.i . -I • J* L. 

f ;{:■ • V^-ta 


■ •* i- -f- 

. rs : 

*, “ -y •• i'^.> -i.- 


j:4r4 : '0' 


- w r r .i . 


HUHTAMAKI 7 

H v_ .- ;• r:r.';r'-rasr: r.-r sorts ’ — - w. ittc-x-m 

.r. 'Leaf:. ■>.: ;ajiv PoLutrap. in: 

:rsn.T-.r5!.Li:> 'Leiras-. ir. .*i: .-4.*? 72i -j: 1 '- wrecr. 

-- " ■— rv . it F-.i-n Tit :r r. — T- 2"- v FIN! 5W siTim. 

v.--- r “e -=nr •' » Zzt~a ar. r.: 

i;T:rr-r. /_= rii'..': T:~ are r-:vc :: v.t Heiinii 


r%-: n> ir.: ■■ ^:r::r. —s^.zx. ir.e 

---.Sir;, -ns ■ : rarer, -'it re. a: '-= ■ t-rnr. -.i’.z 



. i-'-’i-HTEHO i 



NORSK HYDRO 


Norsk Hydro, founded h l^’r. is an ererayniie-: ::.:nsrr. i sr;jp with main 
products mineral ftmlire.re. iccusniii ihemicu. rli and mi. iiiireirdura. 
magnesium and petrochemicals. Wrm. anruai sairs ; f NOK 62 5:<iion ar>c 32.0W 1 
employees worldwide. Hydro is ore of;he Iruir.c Seaadr'jvar nmpanwa. Tne 
difficult market condition; conunued ;r. 19®. be. me -?>rantn insane was 
significantly strengthened to NOK 4 billion, cairjy ice :o red-acec -rosts and 
increased nil production. The company s shares are need cg uk main stock 
exchanges in Europe and New York. 

An extensive Environmental Repon ronnmiies ■J'cs-'-ea' rr. iaierpaud nan fifth* 
Annual Report. 


;C^ $$ 


<>>>ELOvli'IINO Itl} 


STORA 


STORA is Europe's largest forest products company and one of the world's leading 
mamjJadiirers of pulp, printing papers, packaging paper, binrd and fine papers. 
The Group has a total pulp and papw manufarturi ng raparitj of Til milliSiWtrk: 
tons. Sweden and uermamr are the Groups domestic markets and combined 
juminl for slightly m«e than 40 percent or total sales. About 90 percent of 
STORA'a total sales are acmunied for by the European market The Group's raw 
materials derive from Sweden's natural water ana forest resources. Store's 


niuiher of employees in 1993 of 33,629. 


Name 

Job Title . 
Company 
Address . 


Countiy 




I . i i m: " 



1 

DET NORSKE VERITAS 

. . , 18fi4tnaafcHuardlife.pro 


aril-- 


An independent foundation eaabli** m to 

m JSSi*. Del Norsk* Veritas qnahty and ni-aacapsaeat . 

DNT Industry provides safety, quah^ and ' 

SienulamaJ oShore and process industries, with mpjor markets mEnrcp* fce._ . 

DNV is also active in the aerospace wd “*?*** 

enpneering research feolitie, with taboratunis m Norway, the Atfbeauia*, . .- ■ 

Singapore and the UAA. 




■ rii.xfryir 


METSA-SERLA 8 

Meisa-Serla is one of Eonme't leading forest products eanpaims wahfflnwBdrtd 
n*: saks 5 billicm. The coxpany employs iL500pecple at sane-^iiBBsia- - - 


Finland and elsewhere m Europe 
>kv*a-«ri4 C-irpontxm'» r**uh after financial item* nwredwrftnoo profit *FW 
— '.‘-w.* aa the pohtv nf foctisavf on the core harness areascontcaedm 1931 ! 
Thr MkL-.o; f-rv^l WU£ cematferaMv -UYTVgthcncd during the Saancai ytar. Tif 
wiare i-vue and the conversion of warrants intii (hare sgrafeanlly ic ct asri ic -. 
e^wy nca '"l' ' 



•• v,'.; • v. 

; • I 


v i: ’ / 


REPOLA CORPORATION 12 


Repoia Ccrwranon is Finlandi biggest private-sector industrial group with ■ 
waw jiued rw. sales for 1993 over FM 25 bdlion. Repda has 26.000 empkijeei-,’ 
I0.5*W of them outeitfe Finland Repola CorpwaDoo is a ckversiSeA intematioo^ 


nas prodneaem pbnis in 20 countries and sales and marketing mi |i p«ni< f ; 
throughout the world Around 40 percent of net sales is derived from production r 
units outside Finland Repola s shares are quoted on the Helsinki and London stock 
arhanges. 



TELIA Ifi 


USS910 million. 


Mail or fax this coupon to: 
Scandinavian Annual Reports 
International Herald Tribune 

nn ^ V !J lue Charles de Gaulle 
92521 Neuflly Cedex, France 

Fax: (1)46 37 52 12. 






*Qrts 


j| 

Malaysia to Buy 
IS Russian MiGs 

kuala lu ' Tt "’ 4 ' ,, ' w,t J , r " 

Wednesday that M,n ‘ s!cr Na J ih said 

l8Rus«4 m a de M M^!29!«^!rs" n a ^ mCn ' " CX ‘ ^ t0 huV 

training and oiS^ C i!riiK ai hui hC ft CC ’ !,! ° f lhc $ an f‘ P arLv 

could exceed sirs ™ 11 - C5 ‘ j ^emmeni officials have said il 

of fc ~ — - * in 

presence of SJlf SS!!!! 8 *? 1 ■ moR > w ‘ ouW ^ htld Tuesday in the 
Deputy Prime^VliniMP? a C ^ m {? lcr ,9 Ie 6 Soskovets of Russia and 
With £ nlZh L« ?i J V ,War . ,orahim of Malaysia. 

R200T maritime paird adrcrafi!^^ ° f ^ U S - made B * chcrari 

tato^rS^e^ih!^ ** ra,,in S for 'niemationol 

Doudas A-4 iSh vr ™ ,n ? 31 American-made McDonnell 

SSSl wSt ghIer ‘ b0mbCr ‘ decommissioned by the air 

cr£S«£ ihcSIcyha^s in 1980. Since then, nine have 
2«y^ a nA ^ ^^led in Tucson. Arizona. A U.S.- 
owed company had subnutted a proposal to buy the mothballed 

TAPIE: He Thrives in the PoUs 


EHTIAS 4 








. , *r_a: 





Continued from Page 1 

bureaucracy or political parties and 
is disturbed by anyone whose ap- 
peal is based on charisma and pop- 
ularity. 

Characteristically, he plays on 
his role as an outsider and has 
proven to be a skilled television 
performer, even seeming to enjoy 
being attacked by journalists. 

“I have a far lower opinion of 
them than they have of me," he said 
recently. 

Although Mr. Tapie has been 
frequently compared to the Ameri- 
can pohtidfln-businessman Ross 
Perot, the long-haired beftily built 
51-year-okl prefers the analogy 
with SQvio Berlusconi, the rightist 
television magnate and owner of 
the A.C Milan soccer team who 
became Italy’s prime minister. 

Not that he shares Mr. Berlus- 
coni’s political views. Mr. Tapie 
says heplans to revive the fortunes 
of the French left, which was swept 
from power last year by a conserva- 
tive coalition. But he has upset the 
Socialists by running on his own 
ticket, thus drawing away votes. 

One conspiracy theory has Presi- 
dent Francois Mitterrand trying to 
undermine his longtime Socialist 
rival, Mjchd Rocara, by encourag- 
ing Mr. Tapie’s go-it-alone ticket. 
Mr. Mitterrand has denied this, but 
he is known to have a soft spot for 
Mr. Tapie, whom he once named 
urban affairs minister. 

Mr. Tapie’s principal strength, 
though, is that he is a vote-getter.. 
Many working-class French voters 
identify with his anti-establishment 
message, and in Marseille, where 


SST: ILS. Revs Up for Superplane 


Continued from Page 1 
commitment to aeronautics has 
withered. The agency’s director. 
Dan Goldin, now wants to put 
more emphasis on helping the U.S. 
aircraft industry, drawing strong 
support from Congress. Last year, 
lawmakers gave the supersonic pro- 
gram S10 million more than the 
5187 mtOion requested by NASA. 

Under the new supersonic pro- 
gram, known as the High Speed 


Civil Transput. NASA will play a 
central role in organizing ube ef- 
forts of major U.S. aerospace com- 
panies and making the key deci- 
sions in the next four years about 
which technologies win be used. 

For the first time, the archrivals 
of the commercial aircraft industry 
will be partners under NASA’s di- 
rection: Boeing and McDonnell 
Douglas for the jet’s airframe and 
General Electric and Pratt & Whit- 
ney for the engines. 

The program to develop the air- 
craft. including the engineering of 
each of milli ons of parts and the 
building of thousands of produc- 
tion tools, would require a private- 
sector investment of S15 billion. 

more than double the cost of past 
jetliner developments. 

Even if high sales volume de- 
frayed the investment expense, the 
planes would cost SISO million to 
$300 millkKi each. (A Boeing 747 
costs roughly $ 150 million.) 

Proponents argue that the high 
price would be offset by the air- 
craft's ability to make two trips for 


every one that a subsonic plane 
makes. As a result, fares would be 
no more than 20 percent higher 
than current tickets, Boeing and 
McDonnell Douglas engineers say. 

“It would make this an airplane 
for everybody, not just high-paying 
passengers." said Bruce Bunin, Mc- 
Donnell's manager for the program 
in Long Beach, California. 

Keeping costs low will also re- 
quire mat the plane be highly fuel- 
efficient, meaning its structure ] 
must be ray lightweight, engines 
highly economical and aerodynam- 1 
IC drag at a minimum. 

Because LLS. law prohibits com - 1 
merrial planes from creating sonic 
booms over land, the jets would fly 
supersonically only over the ocean. 
A failing of the 1 00- passenger Con- 
corde has been its inefficiency in 
flying subsonically, an area where 
the new plane must excel. After 
Congress forbid supersonic flights 
over land in the 1970s, the market 
for Concordes collapsed; fewer 
than 30 were built 

Unlike the Concorde, the new jet 
would have flaps and slats that 
would change the shape of the wing 

depending on the plane's speed, 
allowing it to fly nearly as efficient- 
ly as today’s jetliners. 

But even if the plane can do all 
this, it is not clear that airlines wifi 
rush to buy it 

Ui airlines have collectively 
lost S12 billion in four years, and 
their enthusiasm for costly new 
planes seems tepid at best 


The Jianguo Hotel Beijing. 
Where business is a pleasure. 


ideally located in the heart of 
■ Beijing, near the diplomatic 
district • 446 supenor rooms. 
. suites and executive rooms 
specially deigned for the 
business traveler ■ 24-hour 
hones; centre, 4 function . 
rooms and a Grand Ballroom 
• Superb Continental and 
Cantonese restaurants. 

coffee shop and bar. 



O 

JIANOJO HOTEL 
K1JWG 


,wN ssr Ei 

M2 M iS? mWmHTL HX. HO W M-rtaln* Iw-jaW: 
|£! 076 3419. wan m.M4 w mtcoww-n* "■-***• «■** -w** 


INTERNATIONAL HERALD TRIBUNE. THURSDAY. JUNE 2, 1994 


n 

Page 


U.S. Maps Plan for UN Sanctions Against North Korea 


support for his soccer team is al- 
most a religion, he is particularly 
popular, with polls showing him 
the front-runner to be elected may- 
or next year. 

A poll published in Paris on Sun- 
day even said that among French 
voters under the age of 30, Mr. 
Tapie was a joint favorite, with 
Prime Minister fcduuard Bahadur, 
to become president next year. 

His trouble are nonetheless 
growing. His main creditor bank. 
Credit Lyonnais, has given him un- 
til Thursday to repay 579 million of 
his debt. Otherwise, the bank said, 
it will require him to sell his valu- 
able art and furniture collection , 
and may also seize his Parisian ' 
town bouse. 

Tuesday. Mr. Tapie brought hjs 
own legal action against the bank, 
asserting that it broke an earlier 
agreement to reschedule his debt. 

Adding to Mr. Tapie’s problems, 
he has been accused of misleading 
investigators looking into the oper- 
ation of his Testut scales- manufac- 
turing company, while a judge has 
charged him with tax evasion for 
registering his luxury private yacht. 
Phocea, as a merchant vessel. Cred- 
it Lyonnais said Wednesday it had 
laid claim to the yacht in the latest 
move in the battle over Tapie's 
debts. 

But to Mr. Tapie, all the investi- 
gations into his affairs are simply a 
plot to prevent him from talking 
about Europe before (be June 12 
elections. “Until then." he said last 
week. “I wifi talk only about Eu- 
rope and 1 wifi answer only ques- 
tions dealing with that" 


By R. Jeffrey Smith 

tVuJuH&ton Post Smi,f 

Washington —S enior u.s. 

officials have begun detailed plan- 
ning io seek punitive economic 
sanctions against North Korea. 

In a telex Tuesday night, (he In- 
ternational Atomic Energy Agency- 
made a last-ditch appeal for the 
North Korea to halt its withdrawal 
of fuel rods from a nuclear reactor, 
or to follow acceptable procedures 
for storing the rods under interna- 
tional supervision. 

But at the agency's headquarter 
in Vienna as well as at the De- 
fense Department, the State De- 
partment and the White House 
here — there was uniform pessi- 
mism that North Korea would ac- 
cept the appeal. 

Thai consensus contrasts with a 
long-standing disagreement among 
U.S. officials over whether North 
Korea has simply been resisting in- 
spection as a negotiating ploy in 
hope of gaining concessions from 
the United States. 

In light of the new agreement 
within the administration, officials 
said, they expected the United 
States would have to submit a pro- 
posal for sanctions to the United 
Nations Security Council. 

Washington has threatened such 
a response if North Korea ruined 
any chance to measure the radioac- 
tive content of the fuel rods, a move 
considered critical to determining 
how much plutonium the country 
may have accumulated for nuclear 
weapons. The Central Intelligence 
Agency has concluded that North 


Korea may have 3 nuclear homo ened tension over the inspection 
now, and suspects il is trying to issue by placing the country's mili- 
devclop more. laiy forces or a higher level of jlerr. 


The U.S. position has hardened 
in response to North Korea’s accel- 
eration in recent days of unsuper- 
vised withdrawal of the nuclear fuel 
rods. 

A group of senior administration 
officials, including Secretary of 
Slate Warren M. Christopher and 
Defense Secretary William J. Ferry . 
met Tuesday io discuss North Ko- 
rea's action and prepare for formal 
diplomatic consultations about 
sanctions, officials said. 


■ Three-Way Talks Set 

South Korea uill send a special 
envoy to New York on Thursday 
for urgent talks with U.S. and Japa- 
nese officials amid reports that the 
three countries are considering 
sanctions against North Korea, of- 
ficials in Seoul said Wednesday, 
according to new s agencies. 

South Korea’s Yonhap news 
agency said the three nations would 


of state, on Friday in New York 
before holding trilateral talks with 
U S. and Japans officials, his of- 
fice said 

Tiie agenda for the consultation? 
in Sew York uill include "future 
measures and action at the UN 
Security Council." according to 
Chang Ko Ho. a Foreign Ministry 
spokesman. 

China offered new indications 
Wednesday that it opposed sanc- 
tions when Tang Jiaxuan. deputy 


Security Council pressure against *ng a visit scheduled for June 14 to ^ 
it, including sanctions. 18. 

If the council threatens sane- An aide said that Mr. Tani would ,re 
lions, lhc North Korean Foreign seek to persuade Mr. Kim and oth- 
Minisuy said. “We cannot but take er North Korean officials to re- ial 
decisive countermeasures.” sume negotiations before the dis- 

The statement, carried by the tn £B‘- re d c * lreme measures 1 a 
Korean Central News Agency, ** sections. he 

said: "We will counter, without the v '•'fl another 'front. President Kim 
slightest compromise, any imen- Young Sam of South Korea amved Kj 
tion to unjustifiably put pressure m Mfficow on Wednesday to sound - e ) 
on us. ignoring our" sovereign tv. if out . RDS ? a v 9 n P 0- *^ sanctions ne 
but a little.” ' a S* unsI ** North. »» 

In thf- r*«. «r .h. w««i. Mr - Kin1 ’ tile first South Korean rs - 

lcadef 10 *!* Moscow, was wd- “8 


as action and prepare tor formal South Korea'* Yonhap ne»> minister of foreign affairs, said on a In the face of the North Korean ne 

plomauc consultations about agenev said the three nations would visit to Japan that the International stand, iwo members of Japan’s Par- SS *. 1 SSSFIl in 

ncuons, officials said. discuss sanctions against Pyong- Atomic Energy Agency should liament said Wednesday they d^^erOteN Wowk le- 

“We re very concerned about the yang outside the UN framework in boid talks with North Korea about would visit Pyongyang this month Xw iriKvsR ^ JLJJS CK * he 

situation.” said the White House the event that China, as manv ex- »» nuclear program and that ail to uy to help end the worsening Dnrine he 

spokeswoman. Dec Dee Myers. pect. used its veto power in the UN * ldcs should act "in a calm and crisis. ivaVSkMn S S av 

Although U.S. officials said they Security Council in favor of North constructive way." China has con- Yoichi Tani. a veteran lawmaker Presirirm Horii N YHrdn a 

did not Se any signs of unusual Korea.' sistemiy opposed the sanctions op- f r Jn Te MrS nZS 

North Korean military activity. The South K ■wean envnv. kim lion. i :k__i - Aodra^V. Kozyrev. De- 


pect. used its veto power in the UN 
Security Council in favor of North 
Korea. 

The South Korean envoy, Kim 


to uy to help end the worsening 
crisis. 


During a four-day visiu Mr. Kim 
was scheduled to nold talks with a y 


Yoichi Tani, a veteran lawmaker President Boris N. Yeltsin, Foreign 
from the conservative opposition Minister Andrei V. Kozyrev. De- 


President Kim Young Sam of Sam Hoon. is to meet with Robert 
South Korea responded to height- Gallucci. j U.S. assistant secretary 


North Korea said Wednesday 
that it was ready to counter anv 


Libera] Democratic 
to meet with Kim J 
the senior leader. Kit 


North Korea Test-Fires Anti- Ship Cruise Missile 


By Michael R. Gordon the open sea with proper warnings. I see a of North Korea’s broad effort to upgrade its 

•Vex York Timn Service clear political motive with these things going conventional forces. 

WASHINGTON — In an effort to on in New York, said Makoio Momoi. North Korea, which has sold weapons to 

strengthen its military capability. North Ko- former head of the Japanese Defense Minis- [j>,e Middle East, could also sell the missile to 

rea on Tuesday tested a new cruise missile try’s Defense Research Institute. Reuters re- 0 ,her Third World countries to raise hard 
designed to sink ships. Pentagon officials ported from Tokyo. currency 


of North Korea’s broad effort to upgrade its chance that this technology will be spread 


conventional forces. 

North Korea, which has sold weapons to 


The test took place in the Sea of Japan and 
against the backdrop of rising tensions, as 
North Korea continued to remove fuel rods 
from its nuclear reactor at Y ongbyon despite 
warnings by the United Nations. 

(“Since the test-firing was conducted in 


Mr. Momoi was referring to deliberations 


currency. 

“What is important about it is that the 


on the Korean nuclear issue by the United North Koreans are known exporters of <rv- 


a bout the world." .as 

Pentagon officials, however, cautioned im 
that the ability of the weapon was limited, to 
Intelligence reports indicated that the cruise n I 
missile missed its target, a barge. Even if the rid 
weapon were perfected, its utility would be or. 
limited unless the North Koreans were able nd 


Nations Security Council.) 

American officials said the cruise missile 


erything they get their hands on." an admin- to develop a means of tracking ships far off 


istration official said. 

"We hate to see the North Koreans be- 


their coast. ry- 

A Pentagon official said Lhe North Kore- 


was designed to hit >|ups at a range of more come better at cruise missile testing and ans are believed to have been working on the 
than 100 miles (160 kilometers) and was part deployment because ihat will increase the weapon for about 18 months. 


- uic loi-in 1115 wuuutnu 1 .. man mai miiestiou wtometersi ana naspart deployment because ihat win increase tin 

NEWS EVENTS WHICH COULD AFFECT 

YOUR LIFE: 








mb 


V V. . . 

MrH 




re. .. 




FOLLOW THE WORLD EVERY DAY IN THE IHT 


Subscribe now /M Out 
and save up to TT • /° 


off the 
cover price 


CALL US TOLL-FREE 

AUSTRIA: 06608155 LUXEAABOURG: 0800 2703 
BELGIUM: 0 800 1 7538 SWITZERLAND: 1 55 57 57 
FRANCE: 05437437 THE NETHERLANDS: 06 022 5158 
GERMANY: 0130 848585 UNITED KINGDOM’ 0800895965 

Or send in the coupon below. 


Subscription Rates & Savings off IHT cover Prices. 




12 months 


. ; 

6 months 

3 months 

CountryfCurrertcy 


+ 2 months | 


: + 1 month 

+ 13 FREE 



FREE 

■ ■ ■— ■ — - I 1 

'Ay. . K 

FREE 

issues 

Austria 

Belgium 

A. Sch. 

B.Fr. 

6,000 

14,000 

Wit 


3.300 

7.700 

1,800 

4.200 

Denmark 

D.Kr. 

3,400 

r^33 .' 

•w < 

?: 

1.900 

1.050 

Finland 

F.M. 

2.400 



1.300 

700 

France 

F.F. 

1,950 


V 

1.070 

590 

Germany* 

D.M. 

700 



385 

210 

Great Britain 

Greece 

E 

Dr. 

210 

75,000 

. Aafcv- 


115 i 

41.000 

65 

22.000 

Ireland 

£IrL 

230 



125 

68 

Italy 

Lire 

500,000 


! v v 

: 

275,000 

150.000 

Luxembourg 

LFr. 

i 14.000 



7.700 

4.200 

Netherlands R, 

770 

420 

230 

Norway 

N.Kr. 

3,500 


T7 

1,900 

1,050 

Portugal 

Esc. 

47,000 



26.000 

14,000 

Spain 

Ptas. 

48,000 



26,500 

14,500 

- hand deliv. Madrid 

Ptas. 

55,000 



27.500 

14,500 

Sweden (airmail) 

S.Kr. 

3,100 


• ; iri 

1,700 

900 

- hand delivery 

S.Kr. 

3,500 


v-A. 

1.900 

1,000 

Switzerland 

S.Fr. 

610 


335 

185 

Rest of Europe ex CE1 

CE1, N. Africa, former 

S 

485 

. .w-r.v- ; 


265 

145 

French African, Middle East 

S 

630 


f .yl 
’*.• V’j 

345 

190 

Gulf States, Asia, Central and 



•\ 




South America 

S 

780 



430 

235 

Rest of Africa 

s 

900 

" V.U.y l 

1 495 

270 


Yes, I wanf to start receiving the IHT. This is the subscription term I prefer 
{check appropriate boxes): 

[ 1 12 months (364 issues in all with 52 bonus issues). £ 

I I 6 months ( 182 issues in all wiih 26 bonus issues). ^ 

I 1 3 months (91 issues in all with 13 bonus issues). 

□ My check is enclosed {payable to the International Herald Tribune). 

LU Please charge my: Q American Express Q Diners Club □ VISA 
□ MasterCard □ Eurocard □ Access 

Credit card charges will be made in French Francs af current exchange rates. 

CARD ACa. NO. 

EXP. DATE SIGNATURE 

FOR BUSINESS ORDERS, PLEASE INDICATE YOUR VAT NUMBER; 

{IHT VAT number FR74732021 1 26) ) 

r J Mr.G Mrs G Miss FAMILY NAME 


FIRST NAME 


PERMANENT ADDRESS: G HOME U BUSINESS. 


For information concerning hand-delivery in major German cities cal) loll free IHT 
Germany at 0130-84 85 85 or fax (069) 175 413. Under German regulations, a 2-w- 
free period is granted for all new orders. 


CITY/CODE. 


COUNTRY, 


licralh 


INTERNATIONAL 



Sri 


Pl'M.LSHRD WITH THE NEW %OKK TIMES AND IIIE WASHIM.roN POM 


Return your completed coupon to: Subscription Manager, ^ 

IHT, 1 81 Avenue Cfiaries-de-Goufle, 92521 NetiiBy Cedexfhxmce. t ty 
Fax: 33.1.46 370651 - Tel: 33.1 M 3/ W61 X 

This offer expires August 31.1 994, and is available to new subscribers only. ^ 


L 




OPINION 


m iterate 


INTERNATIONAL 


I 

of] 

Pri 

Scl 

sm 

i 

Fo 

on- 

□a 

mi 

Uti 

vit 

m,- 

th 

w 

w 

SI 



tribune 


^’BLISMFJJ WITH THF. NKW 10RK T1MFS %Ml) TIIK HAMHNtiTflN PUNT 


Pyongyang Goes Too Far 


Intolerable Defiance 


enough. Nonh Korea has re- 
I to pattern and hopeful U.S. diploma- 

with recalcitrance and provocative nuclear 
n^neuvenng. The recalcitrance was tolerable 
w uen talks were inching toward progress. Bui 
now the North is rushing lo unload spent fuel 
:J°® Jt ? nuclear reactor while delaying talks. 
“ “Wt is a negotiating lactic, it is one that the 
Koreans must abandon immediately as 
deal-breaking brinkmanship. 

The United Slates has been right to hold 
P^ ora negotiated nuclear-free Korean Pen- 
insula. But Nonh Korea seems intent on dem- 
onstrating teat patient diplomacy will elicit 
only duplicity and defiance. It if intends to 
send some other message, ii must do so quick- 
ly or else it may leave the United States no 
recourse but to seek economic sanctions and 
prepare for any military reactions. 

The United Slates, in an effort to woo North 
Korea away from building nuclear bombs, has 
been offering to resume high-level talks 
promptly. But last week the North spurned 
immediate talks and rushed instead to remove 
spenl Tuel rods from its nuclear reactor at 
Yongbyon at a rate far faster than anticipated. 

Thai could very shortly make it impossible 
for inspectors to lake or segregate the 300 
samples they seek from the full complement 
of 8,000 fuel rods. Those samples would allow 
inspectors to determine how much spent fuel 
North Korea has diverted in the past and 
whether that was enough to build two nuclear 
bombs, as some intelligence suggests. Without 
samples to provide a clear accounting of the 
North's nuclear past, diplomacy to assure 
a nuclear-free Korea may Falter and the world 
may turn in frustration to economic sanctions 
that Pyongyang itself warns could lead to war. 

North Korea's rush to remove the spent 
fuel rods from ihe reactor raises two concerns. 
One is that by unloading the fuel rods without 
segregating some for future assay, it could be 
trying to keep inspectors from (earning about 
its nuclear past. That past includes a 100-day 
period in 1989 when the reactor was shut 
down and some spent fuel was diverted — two 
bombs' worth by one worst-case estimate. The 
assays would help the inspectors determine 
how long and at what power the reactor was 
operating and thus how much spent Tud it 

China’s Stand Is Vital 

While the latest international appeal to 
North Korea was simply that — an appeal, 
with no hint of enforcement — it had one 
virtue. It was signed b> China. If North 
Korea succeeds in arming itself with nuclear 
warheads for us missiles, the gravest risks 
will Tall on its immediate neighbors. Yet the 
most powerful of them. Japan and especially 
China, have been reluctant to apply any real 
pressure to Nonh Korea. China is doubly 
important because, as a permanent member 
of the United Nations Security Council, it 
can veto action by the most authoritative of 
the world's peacekeepers. 

American policy toward North Korea is ai 
the moment awkwardly off balance. There has 
been a change of course. Two weeks ago the 
Clinton administration was persuaded that 
the North Koreans were coming around and 
that the offer of high-level talks with the 
United Stales had a real chance of inducing 
them to allow international inspection of the 
spent fuel rods that they are removing from 
their reactor in Yongbyon. During the brief 
phase of optimism, the'administration's reas- 
suring tone seemed to undercut the warnings 
and admonitions from the International 
Atomic Energy Agency. Then North Korea 


should have produced. Hie assays could also 
help determine whether any of the original 
fuel rods were replaced; die pluionium ex- 
tracted from them could end up in bombs. 

A second, even greater, concern is that the 
spent fuel now bring removed will itself be 
diverted to bomb-making, giving Nonh Korea 
enough material from this batch of fuel to moke 
perhaps four or five bombs. At the moment 
inspectors from the International Atomic Ener- 
gy Agency see no sign of lhaL But as long as the 
spent fuel remains at Yongbyon. inspectors will 
need access to assure that no diversion occurs. 
So far the North has permitted that access. 

Nonh Korea has long sought a resumption 
of high-level bilateral talks in an effort lo gain 
diplomatic recognition and increased trade and 
investment. But Washington has set two critical 
conditions for bolding the talks. The North has 
thus far satisfied one condition by allowing 
inspectors and cameras to monitor foe current 
removal of fuel rods lo prevent diversion to 
weapons programs and allowing them to com- 
plete work it interrupted in March — work chat 
would verify that it has not diverted any spent 
fuel or reprocessed plutonium in the past year. 

But North Korea is dangerously close to 
making it impossible to meet the second con- 
dition — that nothing be done to preclude 
analyses that could determine whether fuel 
was diverted earlier, particularly in the sus- 
pect 1989 period. Indeed, when Washington 
tried to schedule the high-level talks for this 
week, the North proposed a later date and 
accelerated removal of the fuel rods without 
setting any aside for later sampling. 

Time is running out for the kind of diplo- 
macy the United States has pursued. If the 
Nonh stays on its present course, by week's 
end the world will race an unpalatable choice: 
Live with the possibility that North Korea 
may have diverted two bombs' worth of pluto- 
nium in the past, or move to sanctions. Pyong- 
yang should recognize that the Clinton ad- 
ministration and its South Korean allies will 
be under enormous pressure to impose sanc- 
tions, even if that leads the North to bar 
inspectors and make more bombs. 

This time, in playing brinkmanship North 
Korea has gone too far. If it wants to avoid 
deepening its isolation, it has a way out: Stop 
removing nuclear fuel and resume talks. 

— THE SEW YORK TIMES. 


stonewalled the IAEA’s renewed efforts at 
inspection, and over the weekend most of the 
inspection team was pulled out of the country. 

Now pessimism has returned, and the Clin- 
ton administration is reported to be preparing 
economic sanctions. But any approach by the 
United States alone will take place under the 
shadow of President Bill Clinton's reversal 
last week of his ihreaL or sanctions against 
China. Mr. Clinton was right to reverse him- 
self there, but the Chinese experience demon- 
strated the futility of a threat of sanctions by 
one country alone — even one as influential as 
the United States. That will be particularly 
true in dealing with North Korea. It has little 
direct contact with the United States. But it is 
highly dependent on the flow of money from 
Japan, in the form of remittances from North 
Koreans working there, and on imports, espe- 
cially oil. from China. 

Nuclear weapons in the hands of the North 
Korean government would constitute a terri- 
ble danger, and the United Slates has an 
urgent obligation to do what it can to avert 
that prospect. But whether the United States 
alone imposes sanctions on North Korea will 
make little difference. The real test of Ameri- 
can policy is whether it can persuade the other 
Pacific powers to join it in taking action. 

— THE WASHtSGTOS POST. 


Faith in Congress at Stake 


Representative Dan Rostenkowski's sup- 
porters stress his remarkable legislative skills 
and his imporuni role in the health care de- 
bate. The 17-count Felony indicimem filed 
Tuesday by U.S. Attorney Eric Holder offers a 
much less (lauering portrait of the Illinois 
congressman, depicting him as an official who 
for more than 20 years abused His office for 
personal gain. The case may not t* resolved for 
years. Mr. Rosier kow ski denies wrongdoing 
and is entitled to the presumption of innocence 
at tnai. “Truth." he insists, "is on my side." 

Mr. Holder presents a broad case that, he 
says, embraces a long-term paitem of public 
corruption. House Republicans who were 
screaming last week about the possibility of 
a bargained plea must now concede that there 
is nothing m the indictment to support fears 
about political interference from the White 
House or undue deference to the president's 
friend and health -care champion. 

The charges move beyond the House Pn**t 
Office scandal that triggered the investigation, 
as well as the widely reported allegation that 
Mr. Rostenkowski pocketed at least $50,000 in 
cash from the Post Office by disguising the 
transactions as stamp purchases. The indict- 
ment also asserts that he padded hisccngrcssii.i- 
nal payroll with employees who performed 
personal services for him and took kickbacks 
from some workers. In all. Mr. Holder asserts. 
Mr. Rostenkowski embezzled more than 
S500.000 from the public treasury. 


In some measure. Congress's ethical climate 
will be on trial. “The cost of such misconduct." 
Mr. Holder asserted, “must also be measured in 
terms of the corrosive effect it has on our 
democratic system of government and on the 
rrust our citizens have in their elected officials.'* 

Mr. Rostenkowski has stepped down as 
chairman under a wL>c rule of the Democrat- 
ic caucus that requires indicted members to 
relinquish their leadership posts. The issue is 
not guilt or innocence, but public faith in the 
integrity of Congress. That purpose will not 
be served, howet er. if he is a I (owed to run the 
committee behind the scenes. There has yet 
been no challenge to Representative Sam 
Gibbons, who inherits the chairmanship, but 
he will need a support system of politically 
shrewd heaiLh-care experts like Richard 
Gephardt, the majority leader. 

Meanwhile. Republicans wins find political 
satisfaction in the breadth of Mr. Holder's 
charges have some business of their owt, to 
attend to. Now that Mr. Rostenkowski has 
stepped aside. Lhe Republican whip. Repre- 
sentative New t Gingrich of Georgia, should 
ask Representative Joseph Me Dade of Penn- 
sylvania to do likewise. Indicted two years ago 
on bribery and racketeering charges, Mr. Me- 
Dade continues to serve as the ranking Re- 
publican on the House Appropriations Com- 
mittee. Thai embarrassment is worthy of Mr. 
Gingrich's ethical fervor. 

— THE \EH YORK TIMES. 



International Herald Tribune 

kSJADIJSHLLi IXC 

KATHARINF. GRAHAM. ARTHUR OCHS SULZBERGF.R 

1',1-ClhliONi'M 

RICHARD W Cl. FAN. A Oiiei turimw 

JOHN VlNtXrUR. Lu.vrin LL-.r S. ti .. ArsJotf 

• WALTER WELLS. •JS.AMLEL A KT. KATHERINE KNORJ? and 

CHAEI FS MJTCHELMORE, A? w ^ • CARL GEW IRT7- A-.v* :<i.v L &. * 

• ROBERT J. DONAHUE. KQtor.jih,- EJin-nJ ftiijr. •JONATHAN GAGE. »«*■.« jnJ Fum. t Edit. < r 

• RENE BONDY. flkywn W<kr • JAMES Mcl JEDD..-LA enabi/t Aw ( w 
•JUANITA L CASPAR/. Iwnu a. « u7 v-i ,-A j jh-ti/ Thn rs * * ROBERT FARRli Omtewfamw Ewj* 

[hn.iimrtlrhPuHk.teim RoUviIH. Ww’i! 

Din m u r AJji/trU J«- In Pi iNn ul\ «■' A , chirm- P. Purrin’. 


On Russia , at Least, Clinton 9 s Grasp Has Been Firm 


W ASHINGTON — There are 
moments when President 
Bill Clinton's much criticized for- 
eign policy reminds you of the old 
joke about Wagner's music not be- 
ing as bad as ii sounds. Such a 
moment came last week when the 
Russian defense minister finally 
said chat Moscow would join the 
NATO Partnership for Peace plan. 

Pavel Grachev's announcement 
in Brussels provided an important 
boost for Mr. Clinton and for PfP. 
as the NATO bureaucracy calls the 
administration's creative 'approach 
to establishing limited military co- 
operation between NATO and the 
former Warsaw Pact nations. 

Russia’s joining PfP does not 
guarantee a rosy future for anyone: 
The Second Russian Revolution wiU 
probably take another decade to 
complete. No reaching out by the 
West to Moscow could .preclude a 
possible return to power of political 
forces that could again threaten East- 
ern Europe and U.S. goals abroad. 

But Russia's moving inside the 
NATO consultative tent gives the 
partnership a chance to live up to 
what Mr. Clinton has said that it 
might do: lessen European security 
problems while helping the chances 
of democracy in Russia. Moscow's 
decision also provides armor for Mr. 
Clinton against what has been an 
unusually sharp Republican attack 
against this presidency's “wishful 
i unking" on Russia. 

Presi3em Boris Yeltsin oT Russia 
was in a sense answering the Repub- 
lican attack by ordering Mr. Grachev 
to ignore his own visible misgivings 
and sign up Russia for PfP. Mr. Yelt- 
sin wanted to show the world that he 
is still very much in charge. 

On Russia, Mr. Clinton has dis- 
played a consistency and a clarity of 
analysis that has not been obvious 
in other pans of his foreign policy. 
His view- that the democrats still call 
the shots in Moscow and want to 
cooperate with the West seems clos- 
er to reality than the pessimistic 
predictions that have been coming 
from Senator Mitch McConnell of 
Kentucky and other Republican 
spokesmen in recent months. 

Russian troop withdrawals from 
Easton Germany have been continu- 
ing precisely on schedule, even dur- 


B j Jim Hoagland 


doubt b tight situations, providing 


ing last October’s rebellion by hard- 
liners against Mr. Yeltsin in Moscow, 
German officials report. Gone bom 
Lithuania and commuted to an Au- 
gust pullout from Latvia, Russian 
troops are also likely to be soon out 
of the third Baltic nation. Estonia, 
where negotiations over Russian ac- 
cess to a long-range radar facility are 
reportedly malting progress. 

The U-S.-underYvrinen accord be- 
tween Russia and Ukraine on nuclear 
weapons is being carried out ahead of 
schedule: At least 180 warheads 
(about 10 percent of the total on 
Ukrainian soil) have been shipped 
from Ukraine to Russia for disman- 
tling. And Moscow will soon ask the 
United Nations to send peacekeepers 
to join what would be a pnxfomi- 


Rnsaan force to bolster a 
s cease-fire in Georgia. 

■ adxoinistianon has some evi- 
dence, apparently contained in Intel-' 
hgence reports, that Mr. Grachev 
and his senior commandos are dead 
set against any R ussian military in- 
tervention in the Balkans. despite the 
pressure of extreme nationalists such ’ 
as Vladimir Zhirinovsky. The mBi- 
taiy command also wants no part of 
a conflict with Ukraine over Crimea 
mid is trying to cod passions on that 
issue, Washington believes. 

These are the fruits to some extent , 
of Mr. Clinton's faith in Mr. Yeltsin 
and Mr. din ton's willingness to 
work with the Ukrainian government 
of Leonid Kravchuk. Mr. Ctotan has 
green both leaders the benefit of the 


/' them with valuable room to maneu- 
ver that they have not abused. 

Why does Mr. Qbaoti act igei 
more credit for the success of his top’ 
foreign policy priority? 

7 Part of the answer is this, prest- 


Hodse staff does not -seest 
. interested in, or attuned to, the yar 
■ nes of cstaMMmig a steady otnfflflS 
.speed ot three or rout major issue* a 
president cto bt expected to com- 
mand pasottelly dunnghis term- 




and the.media.lack a sense teat the tonsiden 


president is intellectually, engaged v^-po e 

with foreign policy; They losesght and a return to. the United Nation* 
of his long-term potides and focus.; 


instead on short-term challenges 
- The administration contributes. to : 
this by lurching from impossibly 
grand designs to impossibly detailed . 
micromanagement of the domestic ’ 
political implications of foreign en- ' 
tanglcmenis (see Bosnia, Haiti, Chi- 
na). This creates a dulter that dfe-Y 
tracts both president and publfc- ~ - 


General Assembly in September give 
; Mf. CliDtoir'a : frcsh-diance to pant 
what he is. doing 'fight on foreign 
piofiejr in bold strokes- ; ' 

; Perhaps there is an dement of 
wishful tinnldag afooCBut cm Riis- 
sia, Mn CGnton is wishing for the 
•' tight things and seems, dose? to g£t* 

: ting th em ihm critics acknowledge. 

• The Washington Post 


Weimar Russia: Resist Its Blackmail-by- Weakness 


M UNICH — Russia is the joker in the Euro- 
pean deck, and wariness- should be the 
watchword. The West ought not to bet on the 
predictability of a player which r epres en ts the 
residua] risk in Europe’s post-Cold War destiny. 

The problem is domestic in part, It is true that 
Russia has forsworn communism, that it is scrap- 
ping nuclear weapons while struggling valiantly 
to try democracy and market economics. But in 
the process, the New Russia has come to resem- 
ble an older model: Weimar Germany. 

Like Germany in the 1920s, Russia seems to be 
fighting a losing battle with the economy. While 
hyperinflation has slowed a bit, the economy as a 
whole is in a free fail. In the first quarter of this 
year, industrial output fell by 25 percent from the 
year-eariier period. As in Weimar Germany, 
democratic forces have been blindsided by at- 
tempted coups. They are being attacked by chau- 
vinists of all stripes who hawk a beady message 
of imperial revival while depicting the mother- 
land as the craven victim of Western humiliation. 

Economic catastrophe and nationalist snake 
oil were precisely the two ingredients that helped 
to poison the Weimar experiment- So don't bet 
on Boris Yeltsin, or on Russia turning into an- 
other Canada: huge, but placid and cuddly. 

The other side of the problem is a Russian 
diplomacy that displays more continuity with the 
old ways than the West should be ready to stom- 
ach. Consider Defense Minister Pavel Grachev, 
who last week presented bis wish list to NATO. 
The list bods down to two key hems that could 


By Josef Joffe 

have been formulated by Messrs. Khrushchev 
and Gromyka. One, states, (in so many wmxls): 
Get rid of NATO v The other, also wrapped in 
circumlocution, de mand s a certified Russian: 
veto power over Western strategy. 

While in Bonn three weeks ago with Boris 
Yeltsin, General Grachev pointedly asked why 
West Europeans kept harping on the need for a 
continued US. military presence. Who needs 
NATO? Far better, General Grachev claimed far 
Brussels, would be a ‘"system of collective securi- 
ty and stability under the aegis of the CSCE,” the 
Conference cm Security and Cooperation in Eu- 
rope. Meanwhile, tire Western alliance should 
prepare for its eventual extinction by. tummg 
into a military handmaiden of the CSCE 

If that mim-United Nations — including Rus- 
sia and cohorts like Belarus and Uzbekistan — 
shotod approve. NATO might do the dirty police 
work in focal wars. In no case, contended Gener- 
al Grachev, should NATO act without binding 
consultation with Moscow. 

One could almost hear the ghosts of Nikita 
Khrushchev and Leonid Brezhnev applauding. . 
Mr. Khrushchev routinely claimed a veto over 
Western defense choices, be it on West Germa- 
ny's rearmament in the 19S0s or on neutron 
bombs and cruise missiles in the 1970s and 
1980s. And he practically wrote the script on a 
collective security system in Europe that would . 


exdude the United States and dissotveN ATO- 
TbeseparaDds ought to concentrate the West- 
ern mind In the past, it . was Soviet strength that 
pressed on Europe;, nowiLis Russian weakness. 
Curiously, the policies are similar. This- goes , to 
show that great powers do nett necessarily change 
their' tune abroad just because .they ate expqi- 
. meeting with a different i^tical system at home. 

What to do about ^W ermar Russa**? The 
answer is obvious: Don’t treat it Eke! Weiniar 
Germany. Keep all dopra <^^dca'tkick Russia 
w hi te it is dOwn, te^lp bnng Lenin’s heire into 

home, give him an extra star on Us^ 7sbonlder- 
board; pay homage to his country's bruised ego 
and cooperate with him across the board. •: 

Bat. do not give away the game- by yielding to 
lackma3-by- weakness. Treat Russia as a partner 
where posable, tout as k risk factor vrimn neces- 
sary. Above all, do not recklessly ditch NATO - 
other by aore ptin^R assia as a de fabto member 

■^^t^iliancedideteto^^GE-^p^^Ktive 

^AiS^^^^ab^ this part; of ^S^Wctmar 

ifthe^est had^mainiameda crediWedetcxreiirt - 

' m the !920s and 1930& v . . 


The writer is forerpi editor of ihe Stiddeutsche 
Zeitmg. He contributed this comment to the Inter- 
national Herald Tribune. - ... •' - , 


How the China Battle Was Lost 
And What the Casualties Will Be 


By E. J. Dionne Jr. 

W ASHINGTON — The fight for a tougher 
human rights policy toward China was 
lost long before President Bill Clinton an- 
nounced surrender last week. Mr. Clinton’s 
decision to throw aside his own campaign com- 
mitments on the issue bodes badly for the 
future of human rights as a core concept of 
American foreign policy. From.. now. on*. .it 
seems, U^. human rights policy wifi amount lo 
talk, talk'and more talk. 

The battle to impose trade sanctions on Chi- 
na's dictators was lost, firet, within and by the 
Clinton administration itself. Because of a' lack 
of internal discipline, the administration could 
not even manage a coherent effort to bluff the 
Chinese leadership into making at least some 
serious human rights concessions. A bluff has 
to carry a credible threat of action, and that 
was lacking here. 

Even administration officials concede that 
while some in the State Department were 
trying to tell China's leaders that the United 
States was prepared to be tough, the T reasury. 
Commerce and Agriculture departments of 
the same administration were sending the Chi- 
nese dear signals that said: Never mind. Ig- 
nore the State Department’s claptrap. There Is 
no way we wifi impose serious sanctions. 
Trade is too important to us. 

The Chinese sat light, insulted Secretary of 
State Warren Christopher on his visit to Beijing 
and waited for the inevitable cave-in and the 
renewal of most-favored-r.ation fade Ntatus. 

That cave-in was made ail the more inevita- 
ble by the behavior of the American business 
community. Business leaders are. c-f courve. free 
to lobby for whatever policy they want. la lhe 
United States, you don't face torture or prison 
for opposing government poiicv. 

But if we are counting os .\merican business 
to be the conveyor beit of human rights to 
China, we may have a long wan. Even signal 
the business coranurjty sen: to the Chinese 
government was that money and trade mat- 
tered a lot m.-»re than the rights of pv'iiticai 
dissidents rotting in jail. 

"The business com mu nil-, was shameful in 


the way they conducted themselves," said Rep- 
resentative Nancy Pdosi of California, a lead- 
ing congressional advocate of human rights in 
China. ’They told the Chinese government, 
‘you hang tough, they won't revoke MFN.' 
They associated themselves with the regime, 
and that was shameful.” 

It can be ' 

Bentsen .did,' chat unilaferal ;ir^e‘ fanctitas 
were (he least practical -way to advance the - 
cause of human rights. Unilateral sanctions, he 
said, were more likely to hurt ‘Americans than 
Chinese, since other countries would pick up 
the contracts the United States walked away 
from. But if ever there were a practical time for 
sanctions, it is now, when the U.S.-Chinese 
trade balance is heavily in China's favor. 

Some serious human rights advocates also 
opposed sanctions on the mound that increased 
trade and prosperity woiim inevitably make Chi- 
na a freer society. “Improvement within China 
during the last 10 or 12 years supports this 
judgment." said James Finn of Freedom House, 
writing in Commonweal magazine. “Not only 
does such trade help produce a middle class, with 
increasingly sophisticated political and social 
views, but it introduces new information and 
values into an insular society.” 

Maybe so. but the relationship between mar- 
kets and freedom is far from automatic. China's 
markets, after afi. are not really “free.” given 
the large role played by the political and mili- 
tary leadership in determing who wall get rich. 
.And as George Black of the Lawyers Commit- 
tee For Human Rights argued in the Los Ange- 
les Times, China may be developing a system of 
“market Stalinism." The government wifi let 
markets develop as long as there is no challenge 
to its political authority. 

In any case. Mr. Glnton had a problem in 
renewing MFN that George Bush did not Mr. 
Bush believed sanctions were a mistake. Mr. 
Clinton accused Mr. Bush of haring “coddled 
the regime, pleading for progress but failing to 
impose penalties for intransigence." 

The prople of China. Mr. Clinton said in 1992, 
“are soil denied their basic rights and liberties. 
They are denied the right to choose their own 
leaden: they are still imprisoned for simply 



calling for democracy; they continue to suffer 
torture and cruel, inhuman and degrading treat- 
ment and punishment." And cm and on. - 

All those conditions still apply. Yet Mr. Clin- 
ton, after all the threats and promises, was' 
forced to back down. In doing so, he seata 
message about all future American statements 
and undertakings about human rights: We may 
not really mean them. 

Forced to confront a contradiction between 
his stated commitment to human rights and h« 
promise to put economics at the center of 
American foreign policy, Mr. Clinton chose 
ixonomtes Ii is not an irrational choke. But hs 
implications will not be lost on China’s dicta- 
tors, or on dictators elsewhere. 

What is most troubling is riot' Mr. Clintons 
flip-flop but the fact that it appeared so inevita- 
ble. Human rights served America's interests in 


the Cold War as a rallying ore aga^ : Soviet 
power. But now teal the Cold War is over, a lot 
of policymakers are; starting io ace concerns 
over human rights as a hamer to a rational, 
adf-mterested: American foreign policy. In tee 
case of C3»ina,:afta "aE there "were riot only 
concerns ova trade but also ova cooperation 
against North Korea; "" . 

If human-rigjbts are destined to give way to 
cold-eyed reaJSan wheneva the’ gpinff gets even 
remotely tough, then America shiouM.tfc^ honest 
about it/Lers stqj.rafipnafcing by^ ^ pretending 
that what we really cared about in this MFN 
business was-^qpemiig up” China todenwcracy 
If the UnitedBtates B.unprepared tricorne to the 
defense of the tives and nbertks of others when 
doing so might incorwaiicncr^ Americans' pur- 
suit of happiness, they should admit tt. 

. . The Washington Post. 


Cut This Superhighway Hype and Tend to America’s Streets 



jrtanyimnal Herald Tribune. 1HJ Avcm* Charts -dc-GouUc. ^25J I .Viafl^-Sa'a^ Franc- 
Tel. ■ 1 1 i-IhL'T.'OJWX r-A't : Orc. ■*-'706.51: Adv. 403752 12. lnfcrtx.T IHTViainAtTOitf 

fifiitfftv.-Uw: Muliiut :■ CdiSii^ir. Rd Of/J .T,l -ft fc-c jfc i . 

Hue Z*> -tai P. Aiwut’wM- iirt vrr fcL £«$• 7W tOSl^li+shn: *'■ w-KKB ! 

r ., if,, T Srlcir. huJnnur !5. wt J 2J FnmllimM Ttl ■'«<! .. *< T. \"i f 

Juris -.Mur.' iMinr. t*. 7 tan.' 4.r -V.-.. >,* Si Ift Cl TH. 'lilt &■?»'. Kv j 

CK MrrhM V .. L< fj, i. t*"C- Tr- ' * 1 / s •' -t mJ £ f.» - ' L 

s'4 M "*«*'*■ !.>••**•/■ «■' I' 1 -”-'!* [r.V'.C 

!'f<j •. hi • ' rsaw- V" ' • - - 


A USTIN. T<*_is — me Clinton 
admintstratiiw i> planning to 
spend up to SI billion w heip Ameri- 
can firm> compete wite the Japancs: 
in producing fiat-panel display 
These are thin video screen’s. u.*oJ 
primarily in laptop comruters. that 
may be intccra! m consumer prod- 
ucts that will tap into tee much- 
n>pcd information superhighway. 

The adminiitratior. ha* por. raved 
the plan an economic boost fo: a 

The country needs safer 
neighborko€>ds and better 
schools, roads and parks . 
not more hi-tech pork 
that will create feu: jobs . 

potentially lucrative incu-ir. and 
as an essenuaf tnmaiue for U.S. na- 
tionai sccuntv. In fact, it is c govern- 
ment subsidy for a pcliticaisv wdi- 

connecied iudu»:r- whvss e'-ecutivcs 
have « on ever technology fgj. 
era! officials. 

Yes. the new fJa:-pjcei display > 
will help update vorr.e mtSiiar. hard- 
ware, but ihs xtmc couid 'x said of 
countless other high* and --h 
producb that are not Hema touted 
as “essential" or Mneieti oaf for fed- 
eral subsidies. 

The flat-pane! plan i> itx-k thin 
just another p:rK-hj-el ‘chexe. It 
p* t;n!s j>ui inraer fiaw* in the admin- 
istratiorf' t.'.-hn-'ii'e'. p.,ir,% 


By Gary Chapman 


Bill Clinton's campaign mamra — 
"It’s the economy, stupid!" — was 
transformed after the eteoion into an 
obsession with .American economic 
competitiveness and generating jobs. 

But rather than seriously address- 
ing the issue of developing quality 
jobs at livable wages, the administra- 
tion has turned its economic growth 
agenda over to high-technology exec- 
utives determined to put their indus- 
tries on the federal eravy train. 

The Commerce ttepuruncm has 
been turned into a national Chamber 
of Commerce for high tech. 

Technological development, how- 
ever. continues to displace manufac- 
turing workers. And the high-tech 
industries favored by the administra- 
tion employ far fewer workers. 

Telecommunications companies 
— which are on the administration's 
from burner because of its fascina- 
tion with tee inform alien superhigh- 
way — are laying off workers at re- 
cord rates. Biotechnology, a field 
often held up as tee savior of some 
local economies, generates very few 
jobs. It is capital-intensive and be- 
cause the product. literally grows it- 
self. productivity is tied to how fast 
it reproduces, not to hiring more and 
better workers. 

One Eli Lilly plant ro Kalamazoo. 
Michigan, already produces -ail the 
recombinant human, insulin needed 
for the U.S. market — it will generate 
few new jobs. 

Manufacturing industries, includ- 
ing high lech, account for only lb 


percent of the American woik force: 
down from 20 percent two decades 
ago. Nothing the administration does 
will seriously alter this shifL 

Manufacturing is beaded in the 
same direction os agriculture, which 
was once America's largest employer 
but now feeds the entire country 
and much of the world though u 
employs only 2 percent to 3 percent 
of the work force. 

We Americans are budding an 
economy that has fewer and fewer 
good jobs, even for talented people 
with advanced training. A young 
Ph.D. in physics can expect to com- 
pete with a thousand other applicants 
for an assistant professorship with 
very little job security. 

At tee same time, we encourage 
young people to study science: basal, 
on tee uncritical belief teat the na- 
tion needs more young scientists and 
engineers. It is increasingly and un- 
fortunately clear that the" economy 
will not be able to support them. 

This is not to say teal there is do 
meaningful work left in U.S. society; 
The problem is that few people are. 
willing to pay for what really needs 
doing: * belter educational" system; - 
crime-free neighborhoods: riitealtey 
environmem, and better roads, pub- 
lic bufldings and parks. 

Governments are supposed "lo pro- 
vidc these things: But because the 
Clinton adnamstration is in ; thrall 
to high lech, Americans are .getting' 
flat-pan d displays instead. 

Of course, a robust federal science . 


and technology polkyis needed. Bin 
tee administration should figure out 
what a good science and fedtitology 
policy, one tint is tied to pubSc 
needs, looks like. 

What public need does a $1 l»HkH] 
investment in flat-panel displays ah- - 
swer?WTiai societal problems tiriUthe 
information superhighway solve? '• 

Until the adinimsuatiob thinks 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: Ro^ IVoobles - 

BERLIN — The Empress Frederick 
has in rain sought to bring about a 
reconciliation between the Eimeror 
and his brother-in-law, the Crown 
Prince of Greece. The former cannot 
forget his asters afcg oration of her . 
refigion after her marru^e. He stiil 
regards it as .an unpardonable per- 
sonal affront. The projected "vistt of 
theGredan Royal couple to Potsdam 
wiff tberefwe not take^actTlto Em- 
press Victoria Augusta also does her * 
best lo calm the anger of- her- Royal . 
husband, but tip to tee present with - 
little success* a* William 1L has for- . 
bidden his aster's name to be/raen- ! 
-tionedml^presaKe. -T;- . 

1919: NewRepiblk 

MAYENCE - The Wttndtind Re-’. 
public was ptodaimed torday {June . 
1] in the vttrious Rbenite 'cities. The 

have ai 

favoraWe influenoe on the reiafioos 


i" 

I ■ 




■■fe M 


long and- hard’ about these sorts of 
questions, its prioritiesrare bore like- 
ly -to vwxsen Americans' problems 
than to solve than. ’ 


The writer is coorefowtor of the list 
Camay Project, a pubiic-inierest pro - 
pom on science mdtedmology policy. 
Hi contributed this comment to The 
New York TInies. 


of tee Rhme_piwinces with tee En- 
tente nations and the other parts of 
Germany.-' The : Government, of 
which' Dr. D«den is president, has 
chosen Wiesbaden as its provisional 
capital and- has -transmitted a mes- 
sage to the varions Governments an- 
nouncing its formation. 

1944$ Germans Trapped 

BEHIND GERMAN LINES 
SOLTFH OF ROME — ■ [From- our 
New York ^edition:! A bunch of 

Amatcan fighting men staged one of 

the most spectacular infantry couds 
of the war last night and early th£ 

MlPO’diook- 
-mg YeBda They moved m ghostlike 

stesflthby thehundredsterotS brlsdit 
mooahm md inffltrated^ejX 

these Alban hfi k yd. Vefletri tmS - 
known Btmaberof Gcnnans arecauabt 

• att the way nqteout firing a sboL 0 ” 6 



H;- * i U 

** 


>.. •- 


-X?r- '**; 


*. 

-- _ . "»7. '-’i-cii •.?. * ^ 

; ^ 

_> - **£*42? 

"v*». ^ 


fo- m 


««fol «, 




Vj 

.r.Y-.---: 

;,r-, : :;j-.^!t^ 

• *,-- -, . 1 —y. Uin..* 

: “ ■ •-- -“. it-- s-’ J ^ f» 

: : -- -■ =---2^Jr?s 

‘-’Tv.:.- - * " _y- i >>*■ 

.... ^.* 4 c;:'::' ;i: *ibosi v 

*■ *•’• * - ~ . - . 

^ -.■ _• - .. ■*■- 

> s_ r .*— • - --i'lV 

Vi? 

■ . V- ~t v. 


\t?j 






. ‘*4.-' 
•: lA 
:• *; 
' .-?i 




« Street 




. - 

-.rt^ 

NUi ^ 


: - > v V S* ' V 


-• . > , 'j< s V 

■• •— ..*•' K 9 ■ 

-,-• W 
‘ ' -o ■'"’ .: 


O 9 » J 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 

O P T N 10 M 


Page 9 


Major von Luck’s Longest Day 

TP A IIDIThr* L/ W 


He Had His Medals and a Lot More 


i WAMB^G - The weather 

: ~7_ r rft y ***** fai- 

^7 "S* s “ lIn 8 »" the snug 
-warmth of his Hamburg living 

. room, he would rememberjust how 

■ nasty 11 had been on that Monday 
; night so long ago; high winds and 

' • 5?“? ®2? d a bri °y ^ swcep- 
I mg off ibe Channel. 

' IQ ^ wa5 .^f evening of June 5. 
i 1944 ’ ?? d Major Hans von Luck 
( was a 32-year-old regimenal com- 
. mander m ihc 2lsi Panzer Divi- 
; son. waiting m Normandy for the 

■ Allied invasion he knew could 
' COflW at any moment. Having set 
: U P h“ headquarters about 20 kilo- 
! ®**®*”2 miles) from the coast in 
a farmhouse in Bdlengreville, east 
of Caen, he positioned the 1,400 
men of his I25th Panzer Grenadier 

- Regiment — part of the only tank 
division m the area —across a 6- 
1 kilometer front. The unit formed 
1 part of the strategic reserve of Aim v 
Group B. commanded by field 
Marshal Erwin Rommel. 

His instructions were quite clear: 
Mqor von Luck and his reconnais- 
sance troops were to become inti- 
mately familiar with every road, vil- 
lage and orchard in their sector. 
Although German intelligence be- 
lieved the invasion would more like- 
ly focus farther up the coast in the 

Major von Luck and his 

reconnaissance troops 
ware ordered to become 
intimately familiar with 


By Rick Atkinson 

night maneuvers. “They are drop- 
ping on Troarn!" Brandenburg re- 


noon of June 6. Their mission was to 
reach two key bridges over the Oroe 
River, which had been seized by 
British paratroopers. 

Almost immediately, however, 




Major von Luck knew from hard j$h Spitfires, which crisscrossed the 
expen cnee that the first report in slty nw-hattengnti by the Luftwaffe, 
combat is usually wrong. Further- Between shell busts. Major von 
more, to avoid being lined out of Luck zigzagged ahead, seeking, cover 


position by a feint, the division had 
standing orders not to counterattack 
unless authorized to do so by Su- 


befaind fallen trees or in ragged cra- 
ters. The battalion had stopped 
dead. Everywhere he looked men 


preme Command headquarters in wot scrambling for shelter from the 
Germany. But as additional reports relentless shelling Efforts to raise 



his subordinates on the radio were 

J944 NORMANDY 199* 

Darting forward in a oouen, be 
of enemy paratroopers and gliders found Ins battalion commander, 
filtered in, he decided to disobey. “Break off the attack at once," he 
After putting the entire regiment on ordered, “and take up defensive po- 
alert, he ordered ihc 2d Battalion to sirions on the southern edge of Esco- 




reinforce Lieutenant Brandenburg's 
isolated company. 

As the night wore on. confusion 


viHe." The men were to dig in as 
Quickly as possible. Efforts to reach 
the Orae bridges would be aban- 


and indecision held sway. Addition- doned; now the regiment would 
al reports flooded in of British air- simply try to avoid being annihflat- 


bome forces and. farther west, 
American paratroopers. Were they 
part of a diversion, luring defenders 
away from the main invasion in Pas 


ed while preventing British infantry- 
men from seeing more ground. 

Sprinting back to his command 
post, he radioed 21st Division 
headquarters and reported that his 


away from the main invasion m PAs post, he radioed 21st Division 
de Calais? No one seemed certain, headquarters and reported that his 
Major von Luck's men brought attack had faltered. Part of the divi- 
several captured soldiers, including sion’s armored force, he learned. 


a British doctor, to his farmhouse. It had penetrated dose to the coast | '' 

was learned from them that the 6th between British and Canadian 
Airborne Division had landed along troops before being forced back. In 

tbe Orne River and world be rein- the 12 horns since coming ashore, splintered trees, dead cows, shat- 
forced by an Allied armada crossing the enemy had grown too strong, tered men. Major von Luck had 
the Channel in tbe morning. Dusk soon rolled over the bat- his men dig deep foxholes next to 


r It never gets any earlier . 9 


orchard in their sector. 


Pas de Calais, Normandy was also a 
strong possibility, field Marshal 
Remind bad warned his division 
commanders on May 30, “You 
shouldn’t count on the enemy com- 
ing inline weather and by day." 

Major von Luck had spent June 
S circulating among the officers 
and sergeants of his two battalions. 
Having taken command erf tbe regi- 
ment just a few weeks earlier, he 
was sriH gauging the strengths and 
weaknesses of ms men. AQ in all, he 
thought, they were splendid troops 
— battle-hardened, disciplined, 
ready for a fight to the death. 

But as he surveyed the positions 
of his armored vehicles and lis- 
tened to reports by his subordinate 
commanders, he kept harking back 
to another warning his co mmander 
had issued during a recent visit to 
the reghnenL Tf we can’t throw the 
enemy into the sea within 24 
hours," the Odd marshal had told 
them gravely, “then that win be the 
beginning of the end." 

The end began with die sound of 
airplanes. At zmdnjglu on June 5, 
from the damp shelter oflris farm-. ^ 
foose. Major von Luck heard the 
overhead drone of Affied bombers. 
At fim he assumed Ihe aircraft were 
beaded for yet another, pommeling 
of a German city, but soon the muf- 
fled concussion of detonating 
bombs carried through the night 
from' Caen, not far away, and the 
coastal fortifications of the Atlantic 
Watt. Outside he saw the distant 
glow of parachute Bares sifting to 
earth through the blade rain. 

A few minutes later the Odd tele- 


forced by an Allied armada crossing the enemy had grown too strong, tered men. Major von Luck had 
the Channel in tbe meaning Dusk soon rolled over the bat- his men dig deep foxholes next to 

In the gray dawn, from a hill tlcfield, periodically brightened their vehicles, where they bur- 
above the coast, be saw that the with shell flashes and parachute rowed for the night, 
daim was true. Visibility was poor, flares. Allied ships seemed to be By midnight on June 6, 24 hours 
but he could make out tbe ghostly methodically training their big after tbe first paratrooper land- 
shapes of observation balloons guns across the landscape, grid mgs, 155.000 Allied troops were 
over the water and enough ships to square by grid square. Tne Nor- ashore. Within three days, 20 per- 
suggest a fleet lurking off the coast, man countryside, so bucolic only a cent of Major von Luck's regiment 
He ordered his command post to day before, now was strewn with would be kitted, wounded or cap- 
decamp to a small Chilean doser to 

the coast where he waited for au- mr rt« p wry fa A 

No Signs of Fading Army 

but the armored counterattack that _ 

might have repulsed the Allied land- TJAMBURG — Hans von Luck's war ended on April 27, 1945. 
mg had been delayed h^iiy no 1 1 days before Germany’s surrender. “Forget all about tbe Thou- 
one was willing to awaken Hitler lo sand-Year Reich," he had told his regiment early that year, after being 
secure his pennisson. The FOhrer promoted to cofoneL “Forget att about the Nazis. From now on, all we are 
had retained control of several key fighting for is survival, for our families and our homes." 
armored units in Normandy, induri- Shifted eastward in a hopeless last-ditch effort to keep the Red Army out 

mg tbe powerful 12th SS and Panzer °f Berlin, he was 60 miles (100 kilometers) south of tbe capital out of fuel 
Lehr divisions. When the request to and out of ammunition, when Russian troops look him prisoner. In late 
move them forward arrivedat Hit- October, after an endless journey east in a locked boxcar, he arrived at 
[fir’s Bavarian retreat, his "T inr Camp 518, a prisoner-of-war compound in the Caucasus Mountains of 
commanders considered the matter Georgia. 

too insignificant to disturb his deep. bor nearly five years be would remain incarcerated, working in a coal 

That reluctance, combined with P 1 ^ 00 a road gang, watching as half his fellow prisoners died of 
befuddlemeot at various German typhoid, malnutrition or. he said, bopdessness. “The problem." he would 
headquarters in France and Ger- recaD ’ “was food. Wc were always hungry. For five years: hungry, 
many, immobilized the tanfrg at a hungry, hungry.” 


Battalion’s 5th Company — a 
young lieutenant named Branden- 
burg — was on the line from 
Troarn, about 12 kilometers to the 
north, where he was conducting 


too insignificant to disturb his sleep. 

That reluctance, combined with 
befuddlemeot at various German 
headquarters in France and Ger- 
many, immobilized the tanks at a 
critical moment. For Major von 
Luck, watching British forces move 
to within 6 kilometers of Caen, the 
high command’s reluctance to un- 
leash an armored counterpunch left 
him clenching his fists in angry 
frustration as hours ticked past. 

. . . When the counterattack orders fi- 
nally came at midday on June 6. 
they were muddl ed and much too 
late. For decades Normandy veter- 
ans would debate the consequences 
of the German delay. 

Major von Luck, like many of his 
erstwhile adversaries, nurtures the 
conviction that lad die 21st Panzer 
forcefully counterattacked in the 
predawn hours of June 6 before the 
Allies consolidated their foothold, 
the scattered British forces would 
have been badly mauled and would 
have faced a much-tougher fight in 
dinging to their bridgehead. 

As it was. Major von Luck finally 
was cleared to press forward with 
. his reconnaissance battalion and a 
panzer company late on the after- 


Those who survived worked 10 hours a day hacking al a coal seam with 
picks and shovels. After two years he was allowed to send a postcard to 
.bis mother in Flensbuig — maximum 25 words, including the address — ■ 
Idling her he was alive. 

Mr. yon Luck earned extra money by knitting socks with insulation 
yam salvaged from pilfered electrical cables. Eventually the Russians 
provided musical instruments and let the prisoners form an orchestra; 
with an arranger scratching down the notes on a sheet of paper, Mr. von 
Luck hummed the tune to a song he had heard in Paris in 1940. Glenn 
Miller's “In die Mood," which became the camp theme song. 

Released shortly before Christmas in 1949, the warrior relumed home 
to begin his second life. After a stint as a night receptionist in a Hamburg 
hotel Mr. von Luck was offered a position as a coffee trader for an 
export-import firm. He lived in Africa for nearly four years, first in 
Angola, then in Zaire. He married, fathered two sons, divorced, married 
again and fathered a third son. 

In 1989. at age 78, Mr. von Luck retired. Today, be has the proud 
carriage of an aging bird of prey. Nearing his 83d birthday, be i$ good- 
humored, gracious, mentally acute and slightly deaf. He has had half a 
century to parse the war, to remember what be needed to remember, to 
forget what he needed to forget. 

A raconteur of the first order, be is much in demand by a new 
generation of soldien eager to experience vicariously what he endured. 
He lectures regularly to various military staff colleges and veterans 
groups, the Swedes, the British, the Germans, the Americans. Hans von 
Luck is one old soldier who shows no signs of fading away. 

— By Rick Atkinson. The Washington Post. 


Just Suppose That the landings Had Failed . . . 


W ashington — History, as 
we know, rarely tfisdoses its 
alternatives. But on great occasions 
it can be useful to think about wiav- 
ifs and might-have-beens — for in- 
stance, the alternatives to success in 
“Overlord," the Allied invasion of 
Nazi-occupied Europe 50 years ago. 

My own D-Day thoughts took 
that turn only after an agitated 

friend called to ask if 1 didn't agree 
that the observance is out of band, 

' wildly overdone, distorting Lheius- 
' tray of tbe war. “What must the 
soldiers who liberated Rome be 
thinking ?" he asked. 

Upon reflection, I wish I’d had 
the wh to say that the observance is 
not at all overdone. Here is why: 
Amphibious landings an a bos- 
. tile and heavily defended shore are 
the chandest of military operations 
‘ and rarely succeed at all That is 
why, apart from Ms failure to gain 
air superiority in the Battle of Brit- 
ain, Hitler scrapped “Sea Lion, 
the post-Dunkirk plan to invade 
Britain. li is why the Spanish Ar- 
mada sent ti> d«ose tbe Protestant, 
heretic Queen Elizabeth I failed — 
scattered by what English history 

r books call “the Protestant wind, it 

is why Winston Churchill and oth- 


By Edwin M. Yoder Jr. 


era, with their vivid memories of 
GaDipoli in Wodd War L fretted 
about Overlord right up to D-Day 
— andbeyood. 

Any assessment of the magni- 
tude of tbe events we now com- 
memorate most begin with the au- 
dacity of tbe frontal assault on 
Hitlers Atlantic Wall. That it 
worked at all was & testimony to 
luck, planning, tenacity, valor, 
and. perhaps to tbe favor of heav- 
enly powers. 

The weather, for instanoe. It 
was rough cm June 6, but far less 
so than it was two weeks later — 
tbe next time tbe tides and moon 
would have been right — when tbe 
heaviest winds in 40 years churned 
tbe Channel And if the Germans 
had had their forces concentrated? 
A ruse persuaded them that tbe 
invasion would come across the 
Pas de Calais rather than in Nor- 
mandy. Hus deception pinned 
some of the best German divisions 
north of the Seine. It was lucky, 
too, that the formidable Erwin 
Rommel had been denied the addi- 
tional Panzer divisions he sought, 
and the discretion to position 


them, as be wished, in Normandy. 

And if Overlord had failed? 

Europe would have groaned for a 
time longer under Nazi rale, no one 
can say how long. Tbe forces in 
Germany wbo rose against Hitler a 
month and a half later might have 
overthrown him in time. Or Ger- 
many might have depleted its 
strength in another assault on Rus- 
sia. Or Stalin might have made an- 
other separate peace with Hitler at 
tbe expense of Eastern Europe, as 
in 1938. Many scenarios are imag- 
inable. most of them bleak indeed. 

Alistair Home, die historian of 
the French Army, in Ms engaging 
bode, “Monty," offers this (Mailed 
and certainly bleak speculation; 

“Hitler would have beat devel- 
oping his deadly jet aircraft. . . . 
With certainty, Britain would have 
been hammered mercilessly by Hit- 
lei's V-weapons ... In the U.S. 
... could the restless Americans 
have resisted the pressures of Ad- 
miral King and the ‘Pacific Lobby* 
to transfer their main effort to de- 
feating tbe hated Japanese enemy? 
... Since tbe gbsnost opening of 
tbe Soviet archives in 1990, we are 


now aware ... of at least two [pre- 
viously unknown] overtures for a 
separate peace from Stalin, giant 
with feet of day, to Hitler in the 
terrible autumn of 1941." 

“Al best [defeat in Normandy] 
would have meant another bloody 
year of war, ruinous for Britain, the 
extinction of tbe last surviving rem- 
nants of European Jewry ... cul- 
minating almost certainly with tbe 
employment of the first atomic 
bombs in the summer of 1945 on 
Germany, not Japan. Sweeping 
through a ’nuked* Germany, the vic- 
torious Red Army would have 
stopped nowhere short of the Rhine. 
Lost to communism. Europe, and 
the world, would have been a very 
different place today. This was whai 
was involved on 6 June 1944" 

Who, pondering the alternatives 
that Mr. Home imagines, can 
doubt that the 50th anniversary 
observances of D-Day and Over- 
lord merit all the attention we 
have lavished on them? It was the 
hinge of fate, to use a vivid term 
Winston Churchill applied in an- 
other connection, and Western 
civilization is indebted to those 
whose valor and wit made it work. 

Washington Post Writers Croup. 


LETTERS TO THE EDITOR 


AGwdSlarthsgPoint 

Regarding "When Victims Boast 
of Their Victimhood, the Better to 
Victimize ” (Opinion. May 5) by 
Flora Lewis: 

Ms. Lewis rightly points to the 


Uauiagw UJ iwouwwv^-- — — 

and Jews, which is a serious loss for 
the comity of American society. 

The National Conference of 
Christians and Jews, a constituent of 
the International Counol of which 1 
■have the honor of being diausun. 
recently released the result* of a 
nationwide survey of theaninidesaf 
whites, Afriam-Americaus, Utmas 
and Asian- Americans toward each 
other. In those results, there seems 
U) be a big contradiction. Each 
gram has most altitudes and feel- 
Sgs about cveryOTc do, yet they 
agree that they, wodd hire .» im- 
prove race relations. 


Earlier this year, the National 
Conference of Christians and Jews 
named a black leader, Sanford 
Ootid Jr., as president and chief 
executive officer. He said, “AL 
though the founders of tbe National 
Conference would have been proud 
of today’s organization, they also 
would have been saddened to find a 
society that is still marred by bigotry 
and intergroop hostility. 

“Part of our current mission is 
getting people of all races, creeds, 
and income .levels to understand 
that despising those who are dif- 
ferent is not only wrong; it is a 
waste of energy that could other- 
wise be devoted to solving the 
daunting, common problems that 
afflict our communities." 

His words should be heeded and 
acted upoor , 

- . : SIGMUND STERNBERG. ' 

London. 


In an age where tbe inhumanity after D-Day not only fed a sense of 
of the Bosnas, Rwandas and So- profound gratitude to the Norman- 
mahas dominates tbe daily bead- dy veterans, but also, Fm sure, a 
lines, what ajqy it was to follow the certain frustration in not being able 
recent inauguration of Nelson to pay our respects on-tite. We owe 
Mandela as tbe first blade pres- them our very existence. 

(tent of South Africa. Your newspaper, with its exed- 

I was especially strode by thespir- lent 50th anniveraary articles, may 
it of recoodhation which prevailed already have conveyed the message 
between the two Nobd Peace Prize of the ‘fol towers." If so, 1 apologize 
winners, Mr. Mandda and Frederic for having missed it. If noL for 
de Klerk. May the example .set by those who enabled us to step ashore 
them save as a guiding tgfal of without risk, 1 have tried to capture 
inspiration for those brave souls the essence of our debt; Those who 
who strive for peace and justice in followed also pay tribute to the 
other countries torn apart by ethnic, sacrifices on Normandy beaches 
religious or racial conflicts. — their courage was immeasur- 

DAVID M. LEEGE able; our gratitude everlasting. 

Cotonou, Benin. 

JAMES C. TOTMAN. 

A Debt of Gratitude Gctunx 

The veterans of the European The writer served in the U.S. ti5fh 
Theater of Operations who fought Infantry Division. 


tured; among those to fall would 
be his two battalion commanders 
and the redoubtable Lieutenant 


P ARIS — When the war ended 
in the Pacific, 1 went home 
with what was left of my mortar 
platoon. Possessing few talents, 
except for having risen to the 
lofty rank of second lieutenant at 
19. 1 decided to stay in the army. 

After parachute and glider 
school at Fort Beoning, Georgia, 
I was sent to Germany as an 
instructor in demolition and 
chemical weapons at Wiesbaden. 

The first week I was introduced 
to my single assistant. Technical 
Sergeant John J. Taylor (not his 
real name). John Taylor was tall, 
wdl built and handsome, around 
30. He was always perfectly 
turned out with gleaming shoes 
and wearing a Combat Infantry- 
man’s Badge, Silver Star, Purple 
Heart and lesser decorations. 
John had elected to stay on in 
Germany long after his division 
had gone back Stateside, despite 
the fact that he had fought all the 
way from Normandy ' and had 
more than enough seniority to re- 
turn to his beloved Brooklyn. I 
later found out why. 

John Taylor became a trusted 
friend as wdl as a super assistant. 
He kept me out of trouble on 
many occasions. He and his 
brother had been orphans and 
were raised by the sisters in one 
of the largest orphanages in New 
York City until be went out on his 
own at the age of 14. 

He always seemed to have 
plenty of money, and he went on 
furlough whenever be could. 


By Thomas M. Waitt c 7“ ft" had L n, « t»een there before 

J and 1 knew he meant it. 

“What did you do with all that 
phanage stories, which I knew to money?” I asked, 
be true from his army records, the “Buried it in foot lockers in a 

rich unde didn't jibe, but we were potato field that I now own." he 

so busy trying not to blow up explained. 

ourselves and our students that His problem now was how to 


ourselves and our students that 
1 soon forgot it. 

Until one day, a month later. 


His problem now was how to 
get what was lefi of the money 
home. All this explained the nine 


when my commanding officer Buicks he had bought with Swiss 
called me into his office and told francs and later sold for dollars, 
me that two agents from the Fed- All the dollars in cash he had long 
era! Bureau of Investigation were sent home, mostly wrapped in 
over from the States and wanted German souvenir clothes — le- 
to interview me. It was all very derhosen and anvthing else he 
- could find. By now, he told me. he 

MEANWHILE had managed to squired away 

— ■ — — more than $S million. Quite a 

hush-hush. The subject of the in- sum in 1947. 


terview was my assistant. Ser- 
geant Taylor. 


1 didn't know what to say. He 

had asked my advice and i told 


It appeared that John’s older him the only thing I could. He 
brother in Brooklyn had opened simply must turn himself in. 
accounts at several banks in It was a Friday night when be 
John’s name and all the money told me and 1 knew I had to tell 
had come from Germany. The the agents on Monday. 


Brandenburg. His commander's Denmark was his favorite desti- 
warning. Major von Luck now nation, and during our year to- 
knew, had been prophetic. Nor- ge ther he made several trips 
mandy was the beginning of the there. In those days most of the 


end. 

He first returned to Normandy 
in 1956, al the invitation of British 
officers. A local newspaper, torn- 


new American cars to reach Eu- 
rope were Buicks and they all 
seemed to go to Denmark. John 
Taylor had a brand new Bnjck 
Roadmasier and was always ac- 


officos. A local newspaper, learn- Taylor had a brand new Buick 
ing of Ms visit, printed a headl in e: Roadmasier and was always ac- 
“Nazis With British in Norman- companied by one or more gor- 
dy!” He did not go back again for geo us fraOldns, now that the 
a deca de , but has since returned nonfraternization rule was over, 
several times. One day after demolition class. 

He describes the Normandy he came into the office and in his 
campaign as a “tragedy." not only very pronounced Brooklyn ac- 
bccause of the lives forfeited cent said. “Hey lieutenant,' how’d 
there, but because of the tactical youse like a brand new Buick?” 


blunders made by the German 
high command. Invited to paitici- 


I explained that I couldn’t even 
afford a used Volkswagen on my 


pale in the 40th anniversary fesuv- now first lieutenant’s pay. 


ities in 1984, be declined. 


“Aw hell lieu tenant I meant 


“I t’s your day,” he told a British ffl give youse one!" 
friend, “a day for the Allies. " On, it was tempting. But rea- 
Corae this June 6. however, he will son. and the old officer-noncom 
be there, one last hurrah, a stroll relationship, prevailed and I 
across the killing ground with thanked him and said no. 
friend and foe. He was forever bringing my 

He recollects his combat expen- wife and me gifts and things for 
ences with a certain romantic nos- the baby and I finally had to tell 
lalgia. Like all wars, his was a him that it just didn’t look good 
pageant of cunning and miscalcu- for either of us and it had to stop, 
lation, of terror and exMIaration, From time to time 1 wondered 


pageant of cunning and miscalcu- for other of us and it had to stop, 
lation, of terror and exMIaration, From time m time 1 wonriererf 


lation, of terror and exMIaration, From time to time 1 wondered 
or courage ‘tud regret. In the end, about his riches and even asked 
however, be says. “I think it was him about it one day. He mum- 


usd css, the whole war." 

The Washington Post. 


bled something about a rich uncle 
in Brooklyn. Considering the or- 


agents told me that John Taylor’s 
assets in New York were now well 
over a million and growing. Wbai 
a mess 1 . John was a good friend 
and 1 couldn't say a word to him 
or warn him that he was under 
close scrutiny. 

As it turned out he discovered 
for himsdf that he was being 
watched and asked if he could 
talk to me at my quarters. He 
came over that night and. over a 
beer, told me tbe whole story. 

John bad been in the recon- 
naissance company of an infantry 
division and after Ms platoon 
leader was killed he took over. 
Recon units are always the first 
to contact the enemy in an offen- 
sive action, and as John’s division 
fought its way into Germany he 
found himself point man for the 
entire division driving toward 
Pforzheim, I think it was. 

The city, whatever its name 
was, had been badly chewed up 
by artillery. It was a shambles 
and had been evacuated only 
hours before. John was in a jeep 
with a driver and a soldier man- 
ning a mounted machine gun in 
the rear. He had a map and di- 
rected tbe driver to the biggest 
bank in town. 

In a matter of minutes John 
had blown the bank's main vault 
with two well-aimed bazooka 
rounds and managed to fill three 
large barracks bags with cash 
from three countries. Besides 
U.S. dollars and Swiss and 
French francs he also had enough 
valid German marks lo fill a foot- 
locker. Worth well over Five mil- 
lion in U.S. dollars. 

“What about the driver, and 
the gunner?" I asked. 

“Oh. I pud ’em off.” he said. 
“They know me. They won’t 
talk.” 

And there was something in Ms 


1 agonized over doing wbai 1 
knew I had to do for two days but 
it was ail unnecessary. 

On Monday morning he was 
arrested and before they took him 
away he asked to say goodbye to 
me. We shook hands and I know 1 
must have looked shook-up and 
desolate. As he went oul the door, 
handcuffed, he turned and 
winked. 

“Hell, Lieutenant, stop worry- 
ing. I can afford to wait." 

I never saw him again. 

In 1964 1 was sitting in an 
American Airlines 707 on my way 
to the West Coast to catch a troop 
transport to Vietnam. 

Tbe hostess handed me a copy 
of The New York Times and bur- 
ied in the middle of the local news 
was a short item that caught my 
eye: “Taylor Gives Orphanage SI 
Million.” 

The one paragraph article went 
on to say that “Mr. John J. Tay- 
lor, president and owner of Taybr 
Van Lines and Taylor & Son Fruits 
and Vegetables, has donated a mil- 
lion dollars to the St. XXXX Or- 
phanage in Brooklyn. Mr. Taylor, 
long a suspected 'figure in New 
York’s mafia, was before the 
grand jury on racketeering 
charges last year. The jury re- 
turned a no-action verdict." 

Colonel Wain. U.S. Army ( re- 
tired % is a free-lance writer living in 
Paris. He contributed this comment 
to the International Herald Tribune. 


Letters intended for piidkaHan 
should be odtbessed “ Utters to the 
Editor " and contain the writer's sig- 
nature, name and fuB address. Letters 
should he brief and ore stifea to 
editing We amnot be responstUe for 
the return of unsolicited mmamptS- 


OIL MONEY 

ASIA & THE PACIFIC 


THE SIXTH ANNUAL CONFERENCE CO-SPONSORED 


THE 


OIL DAILY' GROUP AND THE INTERNATIONAL HERALD TRIBUNE 


JUNE 15 

CHAIRMAN S WELCOMING REMARKS 

Ivrvniuit IWunki. imph i \ h«i .« %r i>n n h 


THE POLITICAL. ECONOMIC AND PSYCHOLOGICAL 
REVOLUTION IN EAST ASIA 

LVun' I V. No.trJiK Soputt. i ill'll r.iR ijni* «l Ms kl'tl-i iumihr 

OPEC AND THE WORLD OIL MARKET 

Paul D. Mlotuk. ««««> M-'i_ w.nu.mim ■.tin ' * «. i'. «« *« vote 

LONG-TERM FUTURE FOR ASIAN OIL MARKETS 

pit it ka»<lcr. liBiN'i 1 it «WNiMi.«txv»Nvir»w.siiiu »in-jiiuTioN.u 

It IN.’IJ I’M I 1111 

John A. Kaehind . ni k.m m *na- 1 1- »'sihiasiihui»mwii im-XHOn 


r«ll «■<» n>r*u «'li 


IV XNl IVO 


i«ihn P. I-V truer. H i»*l % r..l* I'Mtl Mm* !•» INm>NlTWNUINI»>» 
u>r« x I xnIn 

PERSPECTIVES FROM THE NATIONAL OIL COMPANIES 
Maltyti* Tin Sri fXimk Asjzjn bin Zjmul Abidin, no MU mi. pi ikomv 

Mill. I I I'WI'UN 

SUifft HA Mulllt'.* Y. IjCoIi. I'PIMl'I.N I Kill, If PlliLIIIINI.KUIlitttt. I'll 

■ »■ M'NM l 

Ttailaad. PjIj SipLuiNi. MIMHir IIWIMn IM ■ ■II HUM" 
pi i j*, >i 1 1 i.m u'lmwii.i'T Tuui-tun turaj,.'*. 

OPF.N DISCUSSION ON THE NATIONAL OIL COMPANIES' 
PERSPECTIVES 

REGISTRATION INFORMATION 

Thr Ire lur ihr tiMifnrncc i> USS^S. ITus include- both lunches, ihc 
cocktail rr.vpiion on thr finJ evening and all conference documentation. 
Iw. arc pat able >n advance ,md will be refunded less j USflUU 
cancdbtHMi charv for any cancellation received in unnng on or hr litre 
Jure I*, alirr which ume we regret rhere can be DO refund. Substitution*, 
however, may l»r m.uir at .my lime. 

CONFERENCE LOCATION 

The Rrgmr Hotel 
1 I 'iwiadcn Road. Singapore 1024 
1 , 4 : ; 65 1 7 .U SH S» Faa: f AS'. 7 .V l >7 47 

OFFICIAL AIRLINE 


SinGAPORE 

AlRLIflES 


— CONFERENCE SPONSORS — 

The Oil Daily Group 

HcralbSte-Sribunc 


JUNE 16 

OIL TRADING FORUM - WHAT'S AHEAD FOR OIL MARKETS 
IN ASIA? 

Peter Bafins. Mwisr.irjijiiivK u* lohv. i«i hust-ji p..% asm pv ii ir pip 
hi* •aM'j.'t'.wr 

Bob Fjjison. M.Ul*OIM>:iHKI|-|i«.,'U IX.ll* IvalklNII.-. MIJt’OlNVI 

PeicrC Fmvo. isn.su NNi.ij.na.il • tiu.i- wwiiitia ivhiii m. mn-- mu u*r 
Takashi Shiga. nipuTimt iw i-mih.i m vision iiochi-i imp. toiAh 
P etri Wildblood, inn r i \i ivm i . ipi. I unihoi 

REFINING & PETROCHEMICALS IN THE ASIA-PACIFIC REGION 
James H. Thomas, i iiMM 'i om cnimp inih'X'. ljj.ui-.pl inmiis; 

DOWtl-ll » MLKVL M UUJ T l .«NSJII I \N 1 I IO» -. 1 OTI 

TOTAL'S JOINT VENTURE STRATEGY IN ASIA 

M. dr Maihanrl. i hili vu-visumuM. ammi m wa roTitPfniiiiii m 

PI I. I FM sIVuMVPL 

H. Jr Mesiirr, ihii.i ■•uni.-d-m «iivi.n>*kthi.o~t *m\ totm. rot 1 ■ ■ 
GLOBAL OUTLOOK FOR FINANCING ENERGY PROJECTS 
WITH A SPECIAL VIEW TO THE ASIA-PACIFIC 
Michael T. Welch. man*>;inui>ii.m top int- iJO».il ir:iN-smii.%iii u>- 

rSUl.V. 1 ITIIUNK U L. »* Vl>Pk 

SOUTH AFRICA'S INTEGRATION IN THE WORLD OIL 

MARKET: CHALLENGES AND PROSPECTS 

Bnan Paxion. -Xu i lnlivti' l ■ ! i in k n in»im . »ni > •« u wmni-n iiw\ 


PERSPECTIVES FROM THE INTERNATIONAL OIL COMPANIES 
H- Kcm Damon, Jr„ i-wi--.iin_r:i on . ■ <m > p t< n ic l ii ■. i u ■■*. *»***.'. 

Marcel P. Kramer. st-Miw vn i pkimiii-*jj **f nil «-.t lmi t?«'\i\%u,i , 4, 

l>llt|i Till. ".I Ill'll IIOII AMJ'LTI. 

KhaJcd Al Haroon. miku.ik i.tii<. viiihu i*.\ 1 ili m.-* wnoNH 

«l l >4 -NTs LOW 111 II I Kola I'M l, ■Ml- UW III 

ASIA-PACIFIC OIL GIANT* OUTLOOK FOR CHINA. INDIA. 
JAPAN AND INDONESIA 

Fcteidun I nJunki. i -ipi ■ hh ppo.-p \m .u pi jii.i.. i isi ui %i ■ 1 ;jh p 
iiiiAim' 

TmJiLiki LlJujimj. i ,i i'i'ii' i ii*\iwk mi i 'frail « >ii iomi-wo ii»u-< 
THE IPE IN THE ASIA-PACIFIC: A LOOK AT ITS ROLE WITH 
THE EMERGING PETROLEUM EXCHANGES IN CHINA 
Lronjnl J, Schuriun, I.M I il-m I mid I row si ikM.iiia. vipiumw « 

IU V 1 LlH'MI ipi Ml w 1 out* 


REGISTRATION FORM j 

Tii irgHtiT l«if ihr ewilrrcwr. cumplic iM* l*mu anJ send if ne i 
RrrthL I tagnn . linmutuval l trraU Tnhwv. ni Lung Aew. 1 

London Wi Jh -*|H Eiiebnl l et , +4 7 1 1 «C* WK Fas. ( 44 71 . S.U* H7l 7 ! 

O End used n a eUci lur LI5S‘M5 O Pleaw niiiH-ri J 

made pnahL in ilir liMrmaiiiinaS Herald EnV-onr 1 


Title, HP UP whs Mx- 
l-'ninh- Name 


Aiidirv. 


. Him Nan*- 


Ttk-pUuir. 







/SCIENCE 




Where Memory Can Be Created and Falsified 


For Nearsighted 


Distortions Are Tied to Brain s Storage System 


Bv Daniel Goleman 


.Yen )\vk T:mc; Sem .\ : 


EW YORK — In u wieniific nod io the 
frailty of memory, neuroloaiiis jnd cogni- 
tive scientists are coming to j consensus on 
the mental mechanisms that can foster false 


memories. 

The leading candidate is “source amnesia." the 
inability to recall the origin of the memory' of a given 
event. Once the source of a memory is forgoilen.l 
scientists say. people can confuse an event that was 
only imagined or suggested with a true one. The result 
is a" memory that though false, carries the feeling of 
authenticity. 

This has been an epic time for false memory. Three 
new books have been published that investigate the 
phenomenon and its mirror opposite, repressed mem- 
ory. In mid-May. a California court awarded 3500.000 
to the father or a woman who had accused him of 
sexual abuse after supposedly recovering memories of 
childhood incidents during therapy. 

The plaintiff, Gary Ramona, bad asked for SR 
million in damages against his daughter's therapists 
and the medicaj comer where they worked. 

Earlier in the month new scientific agreement on the 
most likely neurological and cognitive bases 01 false 
memory emerged during a conference on the issue at 
Harvard Medical School. Pan of the fragility of mem- 
ory is due to the way Lhe mind encode.- a memory, 
distributing aspects of the experience over far-flung 
parts of the brain, researchers said at the meeting. 

The brain stores the memory of each sense in 
different parts of the neocortex — sound in the audi- 
tory cortex, sight in the visual con ex. and so on. 
reports at the meeting pointed out. Another pan of the 
brain, the limbic system, binds these dispersed parts of 
the memory together as a single experience. 

One of the more frail parts of a memory is its source 
— the time, place, or way the memory originated. Based 
on careful observations or neurological patients to see 
which mental operations are harmed bv damage to 
different parts of the brain, the frontal lobes seem to be 
the main site for source memory, according to a report 
at the Harvard meeting hy Dr! Morris Moscoviich. a 
neuropsychologisi at the University of Toronto. 

Patients with damage to specific zones of the frontal 


lobes are pione to confabulate, concocting stones to 
make sense of the shards of memory they retrieve, and 
arc unable to evaluate the reasonableness of their 
fabrications. “The confabulalor picks out a bit or 
piece of an actual memory, but confuses its true 
context, and draws on other bits of experience to 
construct a story that makes sense of it." said Dr. 
Daniel Schacter. a Harvard psychologist. 

Such a plausible scientific explanation has been 
missing until now in the debates about false memory. 
The conclusions of scientists at the meeting call into 
question the methods not only or many therapists who 
specialize in helping patients retrieve memories of 
childhood sexual abuse but also those commonly used 
by officials investigating such charges. 

Scientists say these methods can inadvertently plant 
a faJse memory - , and are based on naive or distorted 
assumptions about how memory works. 

“The lay expectation is lhaL whatever we remember 
should be true, but memory does not work like a video 
camera," said Dr. Marsel Mesulam. head of the neu- 
rology department at Beth Israel Hospital at Harvard 
Medical School. “From the point of view- of neurosci- 
ence. every memory is a fragile reconstruction of what 
the nervous system actually witnessed.'* 

For example, one of Dr. Moseovitch's patients with 
frontal lobe damage said he bad been married for just 
four months, although he had actually beta married 
nearly four decades. 

Source amnesia is common, and usually benign, as 
when one recognizes a fate but has no idea where one 
has seen the person before — the memory for the face 
is retained, but not the memory for the time and place 
the face was first seen. 

This kind of forgetfulness is a natural result of the 
constant reshuffling and gradual decay or memories in 
the brain. The source of 2 memory may fade even as 
the rest of the memory can be retrieved, said Dr. 
Stephen Ceci. a psychologist at Cornell University. 

Another reason for confusion in memory , said Dr. 
Schacter. is that all memories are subject to contami- 
nation by leakage from related bits of information. In 
recalling a memory, for example, people typically 
make inferences about what may have happened to fill 
in gaps, and can then confuse the source*, melding 
what they inferred with lhe actuaj memory.*' 

Pan of the new scientific evidence for the vulnera- 
biliiv of memorv to suggestion comes from studies in 


The brain stores various parts of a memory in different areas; these memory sites are 
approximations based in part on recent animal research. By studying people with brain 
Injuries, researchers have determined that when a memory is retrieved, the frontal lobes 
of the brain are instrumental in 


keeping track of the source of 
rhat memory. Patients with 
damage to the medial ^ 
aspect cf the orbital s? 
irontal cortex often yJTvJ 

I /■" 


.*<- £ 
. f / 


Popular burg 
Carries Risks 


irontal cortex often 
concoct stories 
they confuse with 
actual memories, 
while those with 
damage in other 
areas of the 
frontal lobes 
typically do not. 


ry- T0UC * 1 fNw 

*V'i‘V • ■ ; "v >' ^4= i<- . ■ v* 

v V \ . \. y t . * 


By Jane E. Brody 

,\V»- York Times Ser»ee 


Medial aspect of the 
orbital frontal cortex 


areas or me : *, / ^EV* < > * ■ 

frontal lobes r . V * -iSfe'/ 

typically do not. t r >' / .. 

¥ r*s- f x >’ 

Medial aspect of the •uV 

orbital frontal cortex |\* * C*T 

Anterior * Vv - 

communicating ' — Hypothalamus 

artery Amygdala 

Damage to the frontal lobes and nearby areas frequently results from an 
aneurysm of a major artery of the brain, the anterior communicating artery. 

Sources. - Dr. Morris Mosccvsch: 'Atlas of Human Anatomy. ’ Neser (ClBA-Geigyl: Scientific American 


Anterior - 
communicating 
artery 


Eaen-Tte *!•»* ' 


which false memories are implanted through experi- 
mental manipulations. Many of these studies nave 
involved young children, who are particularly suscep- 
tible to fake memories. At the Harvard meeting. Dr. 
Ceci reported a series of recent experiments showing 
the surprising ease with which children can become 
convinced that something they only imagined or was 
suggested to them really happened. 

In an earlier study involving % preschool children 
reported last year. Dr. Ceci showed that with repeated 
questioning about events that had never occurred, 
many children gradually came to believe that the 
events had happened. The false memories were so 
elaborate and detailed that psychologists who special- 
ize in interviewing children about abuse were unable 
to determine which memories were true, he said. 


While an earlier generation of therapists w as criti- 
cized for minimizing the lasting psychological impact 
of their patients' childhood traumas, a current crop of 
therapists is coming under attack for telling patients 
that their symptoms indicate they must have suffered 
a childhood tra uma, which they have buried. 

If the patient cannot come up with such a memory, 
these therapists help them out with methods that 
include hypnosis, vis ualiza tion and even sodium amy- 
taL the so-called “truth serum." actually a short-acting 
barbiturate that induces an intoxication during which 
people talk with fewer inhibitions. 

While no on can say how common these practices 
are. such methods are “a sure-fire way to implant false 
memories." said Dr. Elizabeth Loftus. an expert on 
memory at the University of Washington. 


Early- Reading Program Quietly Fights Illiteracy 


By Marilyn W. Thompson 


H'aihinshin Ptnl Senm 


BB.E] EW YORK — For Ken- 
Pg i&i ny Vixama’i. first-grade 
E3 y|| teacher, an alarm -ven- 
£§j tSu off when she noticed tha; 
the 6-year-old often invented hi*, 
own text for the simple storybook: 
his class was readme. 

Though a bright child. j> he read 
his ever, did not follow the left- te- 
rrain pattern of a ?ucce-..»f*.il reader. 
He had trouble identify mi specific 
words when asked to find them. 
And he showed confusion with cer- 
tain patterns of letters — a basic 
stumbling block in learning it* read. 

Kenny’s difficulties had landed 
him in the bottom 20 percent in 
reading achievement among the 
first-erade uudents at Pub 1 ic 
School 41 in Greenwich V illage. If 
Kenny's problems went uncerre::- 
ed. he teemed headed down a path 
cf reading failure that has become 
frustrating!;. - hard to addr.-ss f%.r 
teacher: across the United State 

Tha*. wus when j readme -psciai- 
bl Barbara Mandel inter, ered. 
Mandel is a solJier ;n a quiet revo- 
lution that is transforming the 
some elementary ..ciiuoN «2cal .' i!h 
slow riders. The program .-he 
teaches is known as Reading Re- 
covery. and since I '-'SI when it wa» 


introduced in the United States at 
Ohio State University, it has spread 
to 4S state - , and brought thousands 
of first -graders up to average o- 
above reading level*. 

Developed in the by New 
Zealand educator and psychologist 
Marie Cl a;-, and u.-ed extensively in 
that country, the program’s pre- 
mise is tha*. the be.-t way t* -1 avoid 
reading failure is to proven: it in the 
first place. 

The simple theor. has vv -r. a 
cult-tike following among an arm;, 
of U S. teachers who hjie zone 
through ye j> long training to more 
effectively tutor children ir. read- 
ing. 

Ohio State Proles*. r Gay Su 
Ptnndl, who helped establish 'he 

university’s pilot pnermt and 
heads a de facto national orauniza- 
iion :.f Raiding Recovery readier. ■. 
er.inatis that the erd *.f tii-.* 
year. teacher.* wilj nave been 
trained and will have reached 
f'J.000 to 60.0i>3 student:. 

Programs are booming in Oh:*.*. 
California cs.c Tea . and ever, tn 
smail •tiles. !egi future: and local 
:.chc-:*l di'tnci; are appro*, mg spe- 
cial funding for trial program's, she 

: 

Bui Reading Rcco.erx ha: not 
beer* universally endorsed, mainly 
because of its high personnel 


ind selectivity. Though implemen- 
tation costs vary from district to 
district, all have to foot the bill for 
teachers like Mr. Mandel to take J 
year off for rigorous training. Then, 
they mu<t dramatically scale back 
the teacher’s regular dune? toal'ow 
lime to work with a mtuII numb.T 
of children. 

Some principals have complained 
that the program unfairly concen- 
trates limited funds on fL'M-grader.s. 


leaving little for programs geared 
toward vulnerable children in later 


years. In the District of Columbia, 
where about 23 teachers have been 


becomes a problem. Many educa- 
tors see tbs program as a first step 
Li a long struggle to break the fail- 
ure chain that hoa. cluttered junior 
high and high school* across die 
country with non readers. 

Studies of Reading Recover, 
children show that JO percen: •■••ho 
go through die 12-:o-20-wee>: Liter- 
veniion never need further reading 
remediation or special education, 
according to Angela Jaggar. a New 
York University prtf»ior who 
conducting follow -up 5tudie* of 
children who went through the re- 


trained, Deputy Superintendent 
Maurice Svl.e. said, “we’ve had to 


-What the school? have tradi- 
uonalh done is wait until a long 
time has passed in a child’ « life to 
decide they're having difficulty ir. 
reading. . . . Trie longer you wait 
the harder it is.” said Dr. Jasgar 
Ir. Jackson. Missbaipri. SLpenz- 
lencert Ben O. Canada has cec:d- 
rc to shoulder the costs tha: co me 
with aide-scale impiementaJcz 
Reading Recovery.' b 1W!. usuig 
federal Chapter I funds for need; 
•tudents. the Jaclaon district began 
impiementing Reading Recover, 
in eight of ns lowest peri ?rmir.g 
schools. Seventeen’ teacne:.- 


were trained in the technique. 

"Being in this for many years. 
rveseenM many fiy- by -night pro 
grants. face- packaging for things 
that aide': work. This bos caasec a 
revolution here aicosL*’ said Ida J. 
McCaati. Cnapter 1 adntimstraio: 
for the iacksc-a schools. 

Ye: even the program's ?L“cnges; 
advocates concede that Reading 
Recovery is edy a aeginning in ±e 
enormous tight against dliterac,. 

e re optimistic " said Dr. Pin- 
ne!.. "Bat we cicw ;h!? proniera i> 
bigger ±ir. we are." 


N EW YORK — In ktfp* 
of shedding lhe need for 
corrective leases to unve 
a car, navigate a «de- 
wa lk or recognize a Friend from 
across the street, hundreds or thou- 
sands of nearsighted people have 
undergone an increasingly popular 
vet still controversial eye operation 
called radial keratotoniy. 

Those for whom U has meant 
newfound freedom from eycgisscs 
and contact lenses swear by the 
procedure and often urge their my- 
opic friends to follow suit- 
But despite a high rate of satis- 
faction — six years later. 74 percent 
of 32S patients in a study said uunr 
p reopera tri e goals were comple tely 
hjci — manv experts believe there 
is good reason for caution. A pn- 
niarv concern is tbal healthy eyes, 
albeit with poor distance vision, are 
being operated upon, possibly in- 
jured and in a way rendered perma- 

nectiv abnormal. 

Radial keratoiomy. in which 
spoke-like slits are cut into the cor- 
nea to chance the shape of the eye. 
is not always the lasting answer to 
mvopia that some enthusiastic 
practitioners and patients say it is. 

Rather than going into the sur- 
gen with both eyes open. literally 
and figuratively, many patiems are 
so swayed by personal and profes- 
sional testimonials that they ignore 
the very real risks of the procedure, 
inducing the possibility, though 
uncommon, thal their vision could 
set worse instead of better. 

After considering all the facts. 
man y ma v want to wait a fw years 
for the expected approval by lhe 
Food and Drug Administration of a 
computer-directed laser that, when 
compared with a surgeon's scaipeL 
appears to produce more accurate 
refills with fewer side effects and 
(ess risk of permanent visual loss. 


undergo scrutiny and 
onv federal ur ctodicd a otaffiSt . . 
Any debtor qualified to'psSSRft 
suraen*' esut «« ihc teetoaas .— ^ 

Raifeal kcratoiofty can be $&%: 
ia about half & hour us a d fXX&s . 
office wider bed anertflgjL-k;. 
typic all y costs S2.5O0 .v- 53,w5. 

' |qvo1vc« making a «tftttcfiaOL . 
part wav tiirougji ifae tdkl occ-cskf. 
Actions of the wnncK.fte.awA*’ - ; 
sue that covers Ac estcryl pSrt.oC - 
the eve. When the iociacD&hSi'ibE.; 
cornea ends up flatter ihsur befoi;:; 
Incotmns light n ivs att bea^esa ■; 
and. if ah goes well the fbcaSpo&i 
wiE new fall -za the reefia.- ;'- -;. 

But there is necessBiiiy Bcprecs- . 
sun in rahai kcratetetnyvThc^- 
gcon's knife may cm too shaDow^y - 


Despiie a high rdt& 

of satisfaction 
experts say. there is 
reason for caution. ?-;■ 


Maurice Svf.e. xiid. "wevt had u' 
do a lot of convincing" to win over 
principals despite Reading Recov- 
ery’s eari> successes. 


"This ha:, been our flaeship inter- 
vention program.” Mr. Syke: raid. 
“We have h.ird empincal d-ita tisa: 
demonstrates that children vvh./v- 
aone through the pn:*grarr. will do 
better, that it is a long-tenr* invest- 
ment in the child’s luturc. . . . 

But for the principal with X dol- 
lar: lo *pen*i there's a real tendency 
to put the money into pircronis tha: 
ver-e tire m-vst children." 

Reading Recovery assume.; that 
ever, child can learn to read it' 
confusion with the language is de- 
tected. and corrected, as soon a:- it 


An ‘Asthma’ Gene Is Identified 

NEW YORK iAPi — 5ricnti>:< hj-e identified a 
ger.e that may make people juscer::bie :*.* .i-inma ».ic 
bay fever attacks byproduct; ar. allergic o - - e rre.i*.- 
ticn in their immune !-;.stem. 

The a>sc*ciatior. was found ir* c-r.iy a minority 
families studied, and expert: 'iresrec -.hat the gene 
could be only one of nun;* invo.-ed .r. njirjr.u. 

A kev player in d'erg;. ii or. ontibed;. c aired i.rjr.j- 
noglobulin E. or !gE. I; exerts its effecL- r\ binding to 

a protein structure cJled - racepioroR c.*fl- L.i.riZ lh= 
airways of the nose ar.c chest, i r.e .reccp-cr liter, 
triggers a senes of events reading to the wheeztr.z. 
coughina. metzing ar.c rerrv- nose of cherries. The 

: j v"-.:<T.v4 i 7 .... • . . .i* . .a . . • ” i . . 


:i i :eccisc> 


Green Tea May Stave Off Cancer 


WASHINGTON ' AP: — Greer tea. the beverage 
of chcice for mtiliens ;f Arar.i. may he'.p prcisc: 
r era! ar dri.ra.ers again?: cancer the e>ophaga* a 
studv ha- conciuced. 


YOPiA. or nearsight- 
edness. results front a 
geometric abnormality 
of the eye thst causu. 
images of distant objects to focus in 
front of. instead of on. the retina. 
Lhe lizh:-seasnive tissue along the 
back of the eye. When light rays 
strike the eye. they are bent by the 
cornea and the lens and direcred 
toward the retina. 

But ii the cornea or lens t*. too 
rounded or the distance to the reti- 
ca is -loo long, the focal potr.l falls 
before reaching the retiao. Myopic 
people can usualiy read without 
corrective lenses but. dependit^ on 
the degree of myopia, vision is like- 
ly ;o be blurred when they look at 
objects more titan, say * a body 
Sergih away 

Ab.vjt 23 percent of adults in 
Wes ten countries are myopic, and 
more :ban 1! miliior Amen can* 
wi-i mi id moderate myopia — 
from -2 00 io -S.OO diopter? — ore 
eligible for corrective surgery. 

Rad-a' keratotonv. »1- 'devel- 
oped in ! °"4 by a Russian eye 
surgeon and introduced in the 
United Sra'.es four vears later. Be- 


gene identified bv reseorrhers telis the bod*, hew to 


", . . _T T I V UI iuivi. 

disease ar.c ..5:’l r.ralth;- peep!? ir. Sb^zgha: ar.d caiise the surger. is done .re thou; 
ccr.ciuded t; ^erkrd lx a: w^y cr. auntuni. *.oc. special devices, it did not have to 


or too deeply, and pfifenL* sniy - 
snd up wnh coder correctjc® dr 
overeorrection of theie 7 njwpa. 
Even the most skiQed burgeon caa- 
oot assure that eyes wiS^ave «or- . 
mal vision after the cjxratios. { 
Over time, patients' eyes iasF.ic . 
become incxeastngfy far^ghtee. =s- 
cesst taring corrective tenses- far : 
reading and clrwe work. ; * 

To assess both tbe mHT?ediare_ 
and long-term resuju of radio! ket- - 
a totem y. ophthalcvAxgisw at sin; . , 
eye centers around the United 
States have partiripaisd in a cocp- . 
erative study of 435 patients.. 

A 10-ycorfcocw-Qpnrponisdue, ;• 
next tali, hut according totSe fetes 
complete rcpnr. pubUsheil ic 1990, ■ 
at four yean after ssoffn^per- 
cent still bad tn wear glasses of ~ 
oomaci lenses. 

Some developed a more severe 
astigmatism (a vjJoa-diswrtics 
surface irreguiarit v > than ihev hzZ \ 
before: 2S percent remained xyc*- _ 
pic by more than i.OO diopter, and - . 
17 pe rcen t became far» 2 fcicri by 
niCTsthan i.OOditjfflar. ” / 

Those with the least myopia tr- ! 
star: with bod the hkki yjcccafu! 
outcomes, mit they were ahe tit- 
most likely io end up farsigetsed. Ir- • 
those who had the most severe my- ': 
opia. half remained myopic of tor . 

. surgery . f 

A few paries is ceded ur -.virh w \ 
corrected visual acuity that wo- -y 
poorer titan befure silvery Tbc - 
surgery can be redone in poutni? 
who are undcreorrcciwl. b« subse- 
quent prxix'iircs have a lower suc- 
cess rate than ihe 'mwi. operatic x 
The researchers concluded iba: vi- 
sual acuity achieved through radio! 
keratoiomy was uaactpafcly cr.- 

credicuhic. 

The researchers. a!sc predict tiia: . 
when radial ktratormy “works toe* 
wm!" one potreois i-j.u uj. shchilv 
farsighted. ’the> arc iikct;. '.*:• ?.*=: 
reading alissc hy tiif age of ‘K* a 
45. whereas hoc they remitted itac- 
pic most could haw coruriued ;o co 
cik.»se wi..rk without corrective iense-. 


BRIDGE 


THE RESURGENCE OF 


CENTRAL ASLA: Islam or 
Nationalism? 




Bv Ahmed Rashid 278 pa°es. 
525. Zed Books. 


Reviewed by 
Philip Bowriug 

T HERE is so much to write 
about a region so long ignored 
that even a dedicatedlv dull writer 
would have a problem keeping out 
the diversity and color of this, mas- 
sive but sparsely populated chunk 
of Lhe earth, mainspring of so much 
Eurasian history. Ahmed Rashid 
doesn't have quite the flair dis- 
played by Tiziano Terzani's 
"Goodnight, Mister Lenin" in cov- 
ering some of the same geographi- 
cal territory. This is a less personal 
and entertaining work, but at least 
us valuable. 

Ahmed Rashid writes concisely - . 


i © Bruce Oldfield . the fashion 
i designer, is reading "The Ant C<lo- 
i in " by Francis King. 

J "His sense of creating aimosp here 

j and characters tmosi of whom you 
| would not want to meet) if- subtle 
and enjoyable. ‘The Ant Colony.' set 
in Florence after the war. deals with 
the coming? and goings of charac- 
ters who teach in an English school 
and their interaction with the local 
community, from gigolos to gentry.” 

t Burnt J unit's. iHTi 



keeping up a rapid pace starting 
with the historical background of 
the region, looking in turn at its five 
republics — Uzbekistan. Kazakh- 
stan. Turkmenistan. Kyrgyzstan 
and Tajikistan — and "finally at 
their common interests and rival- 
ries. their relations with the big 


IO OUR READERS IN VIENNA AND IN SfltZBUBG 

You can receive the IHT hand delivered 
to your home or office on lhe day of publication. 
Just call toll-free: 0660-8155 
or fax: 06069-1 7541 3 


neighbors — Russia. China, Iran, 
Turkey and Pakistan — and link< 
and conflicts between nationalism 
and Islam. 

_ Apart perhaps from an excess of 
faith in the beneficial impact of 
Sufism on the region and a rather 
too obvious antipathy to the Uzbek 
leader Islam Karimov. Rashid's 
book is eminently dispassionate 
and unideological. It has the added 
merit of being up-to-date < Decem- 
ber 1993) without having the ap- 
pearance of being an instant book. 
Indeed, it is not. Rashid has been a 
frequent visitor to the region from 
his base in Pakistan since the Soviet 


empire began to dissolve. That 
event was. directly connected to the 
failure of its last expansionist move 
in central Asia — the 1979 invasion 
of .Afghanistan and ignominious 
pullout a decade later. 

Rashid is, however, careful not 
to blame ail the ills of the region on 
the Soviets. For instance, he notes 
that the cotton monoculture that 
has so distorted the Uzbekistan 
economy dales from the czarisi 
days and the emigration of Rus- 
sians freed from serfdom. He ac- 
knowledges that many central 
Asians regarded the Russians, czar- 
isi and Soviet, as a modernizing 
and secular force. Die emigration 
of many Russians to .Asia, especial- 
ly after World War II. was a result 
of industrialization as much as de- 
liberate policy. 

But he vividly describes the hor- 
rors wrought, particularly by Sta- 
lin. The collectivization campaign 
killed a third of the Kazakhs and 
forced tens of thousands to flee to 
China. Stalin then used Kazakh- 
stan as a dumping ground for trou- 
blesome minorities in other pans of 
the Soviet Union. 

Many have now gone back to old 
homes but Rashid counted 27 na- 
tionalities at one collective. Ail this 
on top of an already complex ethnic 


mix made the more con; using b;> the 
way Stalin in 1924 divided "Turke- 
stan into today’s five republic?. 

But if they are divided among 
themselves, between tribe and clan, 
between the nomadic and settled 
groups, apart from the Persian- 
speaking Tajiks they share a com- 
mon Turkic identity. This has 
helped them to achieve a degree of 
cooperation in managing tire Soviet 
collapse and preventing dissolution 
into the struggles witnessed in the 
Caucasian republics. They have also 
done their test not to alarm their 
Russian minorities. 

Rashid describes the strands of 
nationalism, Islam, neo-Commu- 
nist bureaucracy and bazaar busi- 
ness that compete for power. Fun- 
damentalism is strong in some 
areas, notably the Fergana Valley, 
where Turkic and Persian worlds 
meet. But he mostly concludes that 
apart from Tajikistan, with its lin- 
guistic as well as religious links to 
Iran, fundamentalism is as much 
an excuse for oppressive rule as it 
is a real threat to secularism. 

In contrast to his jaundiced view 
of Karimov the apparatchik, Rashid 
is full of praise for President Nursul- 
tan Nazarbayev of Kazakhstan and 
his combination of political skill and 
economic reform. But he acutelv 


notes that while Nazarbayev and 
fellow reformer. President Askar 
Akayev* o; Kyrgyzstan, came from 
elite fftCtiiie? with strong cian con- 
nections. Karimov and the Turk- 
menistan leader. Saparmurad Niya- 
zov. were orphans who have had to 
rely od the old state party bureau- 
cratic machinery to stay on top. 

The four Turkic republics have 
achieved a degree of stability. But 
where next? Independence fell into 
their laps. The lines between colo- 
nized and colonizer are often 
blurred, notes Rashid. The repub- 
lics have plentiful mineral re- 
sources and — despite the colonial 
economic structure of the Soviet 
Union — some industry. Bui dis- 
tance is a tyranny and populations 
grow apace, a tribute both to Soviet 
health programs and pre-industrial 
social structures. Despite the size of 
Lhe region, hunger for good land is 
acute. Poised between east and 
west, north and south. Asia and 
Europe, they are also poised be- 
tween developed industrial society 
and tbe tribal chaos that is Afghan- 
istan and the poverty that is "Paki- 
stan. Let us hope that Ahmed Ra- 
shid keeps covering the region, and 
his publishers remain committed to 
keeping the readers up to date. 

International Herald Tribune 


By Alan Truscoii 


C HRIS COMPTON of OkDhi 
ma CitV. Oklahoma. ibun 


ma City. Oklahoma, found 
himself as South in three no- 
trumps and received a club lead. 


NORTH <Di 

♦ K4 
ri A J 5 

Q 9 7 4 3 

* K 4 J 


queen. West rightly refused :o cov- 
er. and South then tried a diamond. 
This broughi the ten. queen and 
king, and East shifted to’ the spade 
ten. South won with dummy's- king, 
led to the club ten. and returned to 
dummy with a heart to the ace. The 
position was now this: 


WEST 
* Q6 
7 KS 42 
C 16 6 
*Q 9 6 5 2 


EAST 

* 10 9 7 5 2 
r 73 

v K J 8 5 

♦ AS 
SOUTH 

♦ A JS3 
v Q 10 9 3 
v A3 

♦ J 10 7 


WEST EAST 

AO *97 

v k ~ — 

o - : J 8 

* to s + — 

SOUTH 
♦ A J 8 
C9 


Neither side was vulnerable. The 
bidding: 

Nonh East South West 

1 v Pass 1 r Pass 

2 7 . Pass 3 N.T. Pass 

Pass Pass 

West led the club five. 


He played low from dummy, and 
East look the ace and returned the 
eight- The jack was covered bv the 
queen and king, and a diamond 
was Jed to the ace. 

Now South took two heart fi- 
nesses. leading the Urn and then the 


South knew that West still held 
two dubs and a heart, which meant 
at most one spade. East had there- 
fore begun with five spades, or con- 
ceivably six. 

On the face of it. the odds ic 


favor of a winning spade finesse 
were substantial, belter than 5 to 2. 


But Compton led to the spade ace. 
dropped the queen and made hi* 
game, and his team won the match 
by the weird margin of 3J imps. 


THE 


Tlir \ 


CM l,IN<; OXF FORLIGN COUNTRY 
T K O M A N O 1 If i : R | S ' N *). 


W tether J»w w trying to reach another oxinin overseas, orofl back to the U.S., Sprint Express* can help. Just dial lhe access code or die couniiy voure iiilolwhlh'Ena&WkaLin.. Xnrim M . - v - . ■ 

Ulster. .All you need is a Li. local calling card or WoridTraveler FUNC.ARDi- If you're calling the Hi., veil can even call collect But next time you call use^ W EuS : V * ** 1 e ‘ rn kaw * l* > SpriaT 

American Samoa MOO I Chile 0040317 lAlWKon, Oil I o Macau M».P. ' I ^ •«■««=«» SublslS^. 





WITH THESE 'SIMPLE ACCESS 


CODES 


American Samoa 633-HKW 

° Antigua aj 

Anjemua IXU-N0G-777-I || I 

Antnfia 008-551-tW 

Xiatnlia tJuM-Wl-Xr: 

+ Austria 032-903-014 

Bahamas im389-2!ll 

ABarindos I-S0(W77^000 

-Berlin inO-lWJOH 

BcEzefHidvI) 5:* 

Belize (KIT io: pwi *4 

✓Brrrmuda Ml0-n21(!K77 

Bulivij IRHI>.\U1 

Brazil flUOSUh 

ABritefaViisuld. I4HIO-977-W0U 

Cmhc&iPfaaPeahlSWI^l 
^ CabotSi itb - mi 22IW 

-Canada I-HOO-877-SIOI} 


Chile 
S + Uuna 

CoJomhia-Enufcb 

Colombb-Sf nnkb 
+G«aRioi . 
1-0 Cyprus 
+ Czech Republic 

+I)etHnai 


0U«03I7 

KJK-L1 

980-13-OOH) 

98043-0110 

IbX 

OKu-wtn-oi 

00424X7487 

8001-0877 


▲Donncan Republic P800-75P877 


Ecuadiir 
+ El Salvador 

f Fintiod 
r France 

+»GennaBj 

+ Greece 

TtjiuicmdJd 

♦Honduras 

lloaq Kane 


171 

Nl 

980040284 

19*0087 

UI304WO 

0084)0141] 

!«• 

iwi-soo-niawu 

800-MT7 


AHaogKong 
+/Hunean 
+ India 
I ndonesia 
4-lidaad 
+ Israel 
+ Italy 

+Japan 
+Jafan 
•/Ken\n 
♦ ♦Korea 
T Korea 
t Korea 
+ Korea 
Kuvrait 

+ LiedikasJein 

/Litbuaflia 

Lnembnuni 


Oil 

00^800-0t877 

000-07 

00- 801-15 

1- 800-55-2001 
r?-B2-2727 
172-1877 
IUW-1JI 

Hthnnss^T 

(WKH2 

009-16 

33KUS 

550-fOiVE 

0039-13 

800-777 

155-9777 

WB7 

08004)1 


o Macau 

4 Malaysia 
MetiLl. 

-r Monaco 
+ NeiheriaBds 


9BIU2I 
806-0016 
9>80i t-87”-.S00D 

19 ♦0087 
06 ♦022-9119 


+ Netherlands Antilles 00l-8f1l-?4>!l!i 
Nets Zealand DOO-W 

Nicaragua 02-Ri] 

O Mcaragaa iManga) Ml 
-Snr*a% 050-12-8 7 ? 

Paiunia 115 

✓Pera ‘ 1% 

PUCppiscs HJ5-0I 

lETPlsaiiomodvl 
/PbSppfaes »24ill 

IfMComl 

PfaitippfaKs i run • HfcvKi 


-Potffld «W)4S0.ini5 

+ Rjrtngri 09DLHC7 

- Pnertn Rico I4WU8774W 10 
+ aRoniama OUtWAWT 
^fiRnssia 64»>.l5>ftD3 

Russia (Moscow) 155-6133 

■*** 235-1*333 

Tinian and Ron H1>0J?3 


+ San Marino 
Saudi Arabia 
+ $in£ipiin* 

S +^ou4 Africa 

Spain 

-^•Sl.Luria 
“Sweden 
+ Switarriand 
0 Taiwan 
^Thailand 


172-877 

IStWI-H 

»8|l-|7".|7? 

0-80f).494HN){ 

87 

020-799-OH 

155-9777 

0080-14-0877 

■x.'l-'W'J-l.l-.v- 


° Inniijjj T.*rxt?. r 
f , ,u , rtE ? ‘ iWa«-I4T7 
T l nhrri Arab Fanrsas NI0-13I 
IjniiedKinijdnni ^ oaW-JW^T 
ciritedKiagdnm.in . 0800-8011.87" 
-bnited Kingdom 05M-8M4M0 
■ h. WW377-8000 

- LA \ iryin LdanA lmSTrjIflflO 
I.pjltj;. iji|i14|7 

* Vatican f in TiUTT 

Vvneaivla-F.nriivh >rt>U ] H> 

V L'flrziir^a-.Sfunid) W« t-i 1 1 ! -j 


^ bp-ih 1 * I hailjnd — 

riESS^ KS£: - M ^ ^ 


ARD Mlmq Cofed O* US (wtmhimi oily - In wmeaiws. ask the toed ow™» k, coduk: yrA u ' n * J dwim 

' »Aw4^tiiW50)itwnmwiBVy 1 1 LfiC3i k«i JisiBKi. dtsvr; HCY <ddi. V>>a tt. thr*-^»ml Oomoi 


" ^ Sprint. 

Be there now. 

WferWoiplBAM 




I 



fe 




a rsj tt 


lar si 


esRi^ L 


— :. . 

? - 

7J ■* *-i -•■ - 


*•* ■> ■ ■ 


»sa , 




■ f- * 

<*V; ... 




■ v , '.v"y^c3 5 ' - 


: --i . l 5a. 


J ' '**.':* a ki 


- ■ " ' - a 

*T '..’Vt*-- - 

'• -iL? Of*l 


iC'tn 





U 9 I 5 




.X/ > . ; 


iv ; . 




. ./ .j< 



r?r 5 • •• : ■ 


'•liSU-iS':'** 


€B€L 




the architects of t 


International Herald Tribune, Thursday, June 2 , 1 994 


Page 11 



THE TRIB INDEX: 1 12.31 H 

Dy Bloomberg Busness News. Jan. 1. 1992 = loo. 

120 — 


Deficit Has Investigators at a Loss 

Inquiry 'Cannot Explain’ Air France’s Accounting 


Growth Signs 
Spark Inflation 




Asta/PActfic 


Eurone 

HI 

A»RDMrtgh(ing;32% 

Ctase J32S3Prev_- 132.16 

0 

mi 

Approx, wetghtng 37% 

C tee: MOfiSPnw. 171.45 




' ‘ ‘ 

■C 

. w 

UU J F M A 

M J 

J F M A 

M J 

1993 

1994 

1993 

1994 

■ North AmftFlcn 


Latin Aroerica 


Approx, wgtitrg: 26 % 

Owe: 9361 Prev: 93.64 
150 


Approx weigtdng: 5% 
Close: 11035 

SH 


By Alan Friedman 
and Jacques Neher 

International Herald Tribune 

PARIS — A substantial part of Ait 
France’s 1993 loss of 8.5 billion francs {$2 
billion) cannot be accounted for, according to 
the author of a harshly critical parliamentary 
report on the management and finances of 
the state airline due to be seal to Prime 
Minister Edouard Ballad ur this month. 

The report being prepared at Mr. Baha- 
dur's request, could prove embarrassing to 
France because it comes as the European 
Commission is beginning to study the gov- 
ernment's plan to pump 20 billion francs into 
the unprofitable state-owned airline. 

“There are pans of the 1993 deficit that 
one cannot explain and which require a fur- 
ther audit," said Alain Grioileray. a conser- 
vative member of the National Assembly 
whom Mr. Ballad ur asked in January to study 
government aid to state companies that are to 
be privatized. “There are methods used in the 
accounts which are opaque and contracts we 
do not understand,” Mr. Griotteray said. 

A copy of the pages of the draft report 
concerning Air France were obtained by the 
International Herald Tribune. 


Francois Mitterrand, and Mr. Grioileray is a 
prominent member of the conservative 
Union for French Democracy, a party in Mr. 
Bahadur's coalition. 

Mr. Griotteray was. however, also critical of 
the new strategy being prepared by Christian 
Blanc, the new Air France president who was 
appointed by Mr. Balladur’s government. 

“1 am not yet convinced by the new man- 


There are methods 
used in the accounts which 
are opaque and 
contracts we do not 
understand.' 

Alain Griotteray, author of the 
report on Air France. 


pons Athens, a French carrier it acquired in 
1990 from Chargcurs SA for 7 billion francs. 

• That the UTA acquisition, which was 
intended to gain control over the domestic 
carrier Air Inter, was poorly conceived and 
that Air France should “emancipate” Air 
Inter through partial or fuD privatization. 

• Thai Mr. Allali had pursued a “disas- 
trous" labor policy that helped make possible 
the violent strike that grounded the airline for 
more than a week in October and blocked 
operations of other airlines at Paris's two 
main airports. 

• That Mr. Aitali's management style was 
seriously flawed bec au se he concentrated 
power in a small circle of associates, making 


Fears in Europe 


J- 


the board effectively powerless. The report 
adds that the lack of dear management orea- 


In an interview, Mr. Griotteray declined to 
quantify the “inexplicable" portion of the defi- 
cit, buL he said estimates obtained by his staf r 
had ranged up to 40 percent of the 1993 loss. 

His coming report on French state industry 
contains a blistering attack on the manage- 
ment of Air France under Bernard Allali, 
who was ousted as chairman in October. 
Politically, this is not surprising, as Mr. Allah 
is close to the Socialist Party of President 


agement that this company will be sufficient- 
ly restructured so it can be privatized," Mr. 
Griotteray said. Under the most optimistic 
scenario, be said, it would be “at least another 
three years" before privatization. 

This is significant because the European 
Commission is trying to determine whether 
the injection of fresh capital into the airline is 
technically a subsidy and whether Mr. 
Blanc's restructuring plan is “sufficient to 
redress the situation of Air France.” 

The section of the report that concerns Air 
France makes these criticisms: 

• That it overpaid for Union des Trans- 


adds that the lack of dear management orga- 
nization is “stiil apparent up to ihis day." 

• That the airline is suffering from poorly 
conceived and poorly timed investments. The 
report cites Mr. Aitali's decision to update its 
fleer of aircraft after cite industry began head- 
ing into a serious slump and his strategy of 
focusing operations on Charles de Gaulle 
Airport, leaving landing slots at Orly. Paris’s 
other airport, that are being claimed by Brit- 
ish Airways and giving competitors a chance 
to capture French domestic traffic. 

When asked to comment on the criticisms 
contained in the report. Air France said. “We 
are not in a position to answer the questions, 
and we don't want to get into an argument 
with Mr. Griotteray until we have read the 
full report." 

Mr. Attali also declined to comment, fn 
response to detailed questions, he sent a copy 
of nis memoirs to the International Herald 
Tribune and said he had nothing to add. 




J F M A M J 
«« 1393 ’894 

*?■£ Worid Index 


Court Keeps Schneider Chairman in Jail 


The moot tracts U.S. dollar values of stocks in: Tokyo, Now Yotfc, London, ana 
AiganUna, Australia, Austria. Belgium, Brazfl, Canada, Chtte, Danmark, Finland; 
Franca, Garmany, Haig Kong, Italy, Maxfco, Netherlands, Naur Zealand, Norway, 
Singapore, Spain, Sweden, Switzerland and Venezuela. Far Tokyo. New Yotk and 
London, the index is confused of die SO top issues in toms of market capitalization, 
amearise toe ten tap stocks mv tracked \ 


Industrial Sectors 


Wed. Pro. * 

dOK dou change 


Wed. to* % 

does doee dang* 


Energy US. 62 109.95 -030 Capital Good* 116.17 116.08 -riMS 

UWtes 118,42 117.21 +1.03 BwHtateriata 126.12 126.75 -O.SO . 

Homes t17.B9 11823 -029 Oowmmr Goods 97,41 97.18 +024 

Sendees 1102 * 1 16.70 -0-39 MKdtanaow 126.73 128.10 -1.07 


126.73 128.10 -1.07 


For mote into/maSon about the Max. a booklet is amiable freeolcharge. 

Write to Trib Index, 1B1 Avenue Claries da GauBe, 92521 Notify Cortex. Fiance. 


OMenWionaf Herald Tribune 




Complied by Our Staff From Dispatches 

BRUSSELS — Didier Pineau- 
ValeociBDue, the chairman of 
Schneider SA. the electrical engi- 
neering company, must remain in 
jail pending further inquiries into 
fraud allegations, a Brussels court 
ruled Wednesday. 

Mr. Pineau-Valendenne was ar- 
rested Friday amid allegations of 
fraud, forgery, embezzlement and 
falsifying company accounts. The 
investigation centers on 
Schneider's purchase of shares it 
did not already own in two Belgian 
subsidiaries. Cofibei and Cofi- 
mines, and subsequent manage- 
ment of the companies.’ 


Valentino Foti, an Italian finan- 
cier suspected of the same offenses, 
must also stay in jail, the court 
ruled. No formal charges have been 
made against either. 

Both executives have 24 hours to 
appeal the extension of their deten- 
tion, and a ruling on the appeals 
must be given within 15 days. How- 
ever. the examining magistrate. 
Jean-Claude Van Espen, has the 
right to release them at any time. 

Hie investigation will look into 
allegations that Schneider manage- 
ment of Cofibei and Cofimines led 
to a 3 billion Belgian franc ($88 


million) decline in the value of their 
assets. The court said there would 


also be an inquiry into alleged un- 
equal treatment of shareholders. 

“h has come to light that several 
offshore companies owned by Co- 
fibei and Cofimines were hidden 
from shareholders and regulatory 
authorities, throwing suspicion on 
the legality of the procedure" of the 
takeover. The takeover started in 
1992 and was completed last year. 

The investigating magistrate is 
trying to find out to what happened 
to dividends of Cofibd-Cofi mines 
offshore companies, which “don't 
seem to have been distributed to all 
company shareholders," the court 
said. The unpaid dividends were 
worth* 1. 8 billion Belgian francs. 


An investigation of the two com- 
panies was launched in October af- 
ter minority shareholders com- 
plained about the price of a 
takeover offer for their shares made 
by Schneider, li was expanded to 
cover the activities of a Belgian 
investment company, Finanriere 
Patience- Beaujonc, in which 
Schneider had a 25 percent share. 


Patience-Beaujonc, an affiliate 
.of Cofibei. has been linked through 
Mr. Foti with an Italian-Swiss 
bank, Fimo SA. which is suspected 
by Italian and U.S. police of laun- 
dering drug money. 

(Bloomberg, AFP, Reuters) 


By Alan Friedman 

Intcmaionul Herald Tnhme 
PARIS — European bond and 
equity prices fell sharply Wednes- 
day amid investor Tears that faster- 
than-expected economic growth 
might rekindle inflation and inhibit 
cuts in German interest rates. 

Although many economists said 
they thought the inflation worries 
were seriously misplaced, signs of 
robust German industrial produc- 
tion and British factory orders 
combined with weak demand for 
bonds to send long-term yields 
soaring on German, French and 
British government securities. 

In late trading in Europe, the 
bearish mood of international 
bond investors was reinforced by a 
larger- than -anticipated jump in the 
price component of the U.S. Na- 
tional Association of Purchasing 
Management's report for May. The 
association's price index increased 
to 71. 5 percent in May from 63 2 
percent in April. 

German and British bond yields 
rose to their highest levds in 17 
months, while the June long gilt 
future on the London International 
Financial Futures Exchange felt I 
2/32 point, to 99 24/3Z crossing 
below par, or 100, for the first time 
since January 1993. 

The yield on the 10-year German 
bund rose to 7.06 percent from 6.95 
percent Tuesday, while the yield on 
the benchmark 15-year British gilt 
rose to 8.85 percent from 8.70 per- 
cent. The yield on the 10-year 
French bond climbed to 7.49 per- 
cent from 7.33 percenL 
Equity prices were dragged down 
by the tumble in bond markets, with 
the French G4C-40 index losing 25 
percent, to 1.979.68. near the level 
seen in July 1993. The Financial 
Tzmes-Stock Exchange 100-share in- 
dex closed 38.6 points lower at 
2,931.9 in London, a decline of I J 
percent on the day. In Frankfurt the 
DAX index fell 24.04 points, to 
2.113.05, in after-hours trading, af- 
ter closing 2 points higher at 2. 1 29.7. 

Slock prices also fell in Austria, 
Belgium. Denmark. Norway and 
Spain. The European component 


of the International Herald Tri - r 
bune World Stock Index fell 0.7 
percenL to 1 10.66. v 

Among economic data causing 

inflation Tears, a British survey 0 s - 

factory orders showed that whole 
sale prices rose in May for the sixtl “ 
consecutive month. e 

In Germany, the government an 
nounced that industrial productioi c 
rose 25 percent in May. mud'- 
more than many analysts had cx e 
peeled- n 

Also contributing to Wednes- 
day's market stump was confusioi- 
about the interest-rate plans of ifr 1 


Volkswagen offered an upbeat-, 
outlook to shareholders. Page 13., 


Bundesbank. Although the Gcf 
man central bank allowed its sect' 
rities repurchase rate to decline 1 - 
5.15 percent from 5.20 percent * 
week ago, members of the policy 
making council appeared to cor 
iradici one another. 

Bloomberg Business News n 
ported that Gun tram Palm warne 
that the surge in the country's mor 
ey supply, a main inflation indict 
tor, was “no routine matter" an 
must be watched for signs of futur 
inflation. This was interpreted as 
sign that the central bank wcui 
not make further rate cuts soon. 

Despite Mr. Palm's hawkish coir 
mem, a fellow Bundesbank counc 
member, Ola/ Sievert, said econo rr 
ic recovery posed no obstade t 
additional rate cuts. “A defimuv 
end to tbe rate-cutting process is b 
no means in view, and certainl 
hasn't been agreed to." he <iaid 

Joachim Fels, an economist wit 
Goldman. Sachs & Co. m Frank 
fun. said the German output state 
tic showed that economic recover 
had gained momentum recently. 

“if people see stronger-ihan-e* 
peeled growth they translate it int 
fears that the Bundesbank migh 
stop cutting rates,” he said. 

Brian Martin, a senior economy 
at Citibank in London, called th 
spread of inflation fears among Eu 


See MARKETS, Page 12 


INTERNATIONAL MANAGER 



The News Game Heats Up in Vietnam 


By Kevin Murphy 

International Herald Tribune 

H ANOI —Tbe Sight Of Hanoi rea- 
der! ts clustered under streetlamps 
reading a newspaper on a cold, 
winter's night was enough to con- 
. vince AhrinJeannet to press ahead with the 
Swiss publishing company Ringier AG's ca- 
tty mw Vfctnam. 

Although its per capita income is stiil quite 
Jaw, (be duldi of foreigners granted access to 
the market agree that -the future is bright 
given Vietnam’s Ugh literacy rates and strong 
appetite for sdl-improvemenL 
However, judging from efforts to increase 
circulation, attempted staff poaching and 
some unprintable commons by rival journal- 
ists, the competition is heating up. 

In less than 18 months, Ringier has snared 
four publications: Vietnam Economic Times, 
an English-language monthly magazine; a 
weekly business newawper; a youtb-onented 
fashion magazine ”1™ Thoi Trang Tie in 
HoQri Mint City; and aweddy internation- 
al news and current affairs journal The last 
three are published in Vietnamese. 

All are produced through the type of coop- 
. erative agreements that characterize Comran- 
' nist Vietnam’s step-by-step approach to for- 
eign involvement. 

Profiishfliing between a local partner who 
: -takes final responaW^y for editorial content 
and a foreign partner that provides technical 
skills is allowed; equity participation is not. 

Foreign staff work to help prodnee tbe publi- 
cations arid train local workers. 

-*‘We*re- useful because this is a country 
going from the command economy to the 
'.market economy and everyone needs a tot of 
information," said Mr. Jeannet, who beads 


Ringicr's Asian business development effort. 

“But I don't flunk the authorities are in a big 
hnny lo let too many foreigners in at once," he 
aakL “They win probably see how we all do for 


a while before opening any further. 

Ringier, while hardly an Asian publishing 
force, has extensive experience in starling 
business publications in forma- Communist 
countries, in chiding 27 titles in the former 
Czechoslovakia and a chain spread through 
Poland, Romania, and Bulgaria. 

Its arrival has stirred some controversy —a 
recent Vietnam Economic Times cover photo 


e I am my own censor. 

It’s a scary responsibility.’ 

Nguyen Khnyen, edrtoivin-cbief 
of Vietnam News. 


of an American businesswoman being ped- 
aled around Hanoi by a cyclo driver in army 
uniform raised eyebrows among the retired 
generals and Communist Party officials who 
supervise the media. 

But the Swiss company's entry also has 
helped stoke the publishing competition in 
Vietnam between locals and foreigners alike 
in an atmosphere where everyone is pushing 
the self-censorship line a little further. 

“I can’t keep track of the number erf 1 new 
Vietnamese publications these days," said 
Nguyen Khuyen, editor-msdsef of Vietnam 
News, a national English-language daily news- 
paper that recently signed a cooperation agree- 
ment with Manager Group of Bangkok, run by 
the Thai press harm Sondhi LimthongkoL 

Backed by Manager Group, which will help 


in production and advertising sales, Vietnam 
News will soon double its size, to eight pages 
daily, and by to widen its circulation of 10,000, 
which is spotty outside Hanoi and Ho Chi 
Minh City, both at home and abroad. 

Increasing competition, particularly Tor af- 
fluent Vietnamese readers in the south, is 
creating strong demand for journalists and 
more daring reporting. 

“The Vietnamese press is quite active 
now,” Mr. Khuyen said of a trend toward 
investigative journalism and indirect criti- 
cism of government policy. “1 am my own 
censor. 1 don’t have anyone lo whom I direct- 
ly report; it’s a scary responsibility." 

The Vietnam News, Ringier and anyone 
else eyeing the market will have to contend 
with Vietnam Investment Review, a small, 
privately bdd Australian publication that has 
been ra league with the powerful State Com- 
mittee for Cooperation and Investment for 
more than two years. 

Its twice -a-momh Yietnamese-language 
business publication is poised to go weekly in 
July, while its English-language publication, 
always weekly, continues' to attract strong 
advertising support 

“We have more competition from the local 
newspapers than from Ringier,” said Alex 
McKinnon, director of Vietnam Investment 
Review. "Depending on what happens with 
Vietnam News, they could pose a challenge, 
but it will take them quite a whue.” 

In the meantime, Vietnam Investment Re- 
view is looking to computerize and expand its 
data base, capitalizing on its strong govern- 
ment links. It also hows to branch into other 
publications, probably magazines, and per- 
haps one or the Vietnamese language newspa- 
pers based in Ho Chi Minh City. 


The key to security: 
a 120-year- old tradition 
in private banking. 



Mortice key, Nuremberg, tale !5th century. The principle on which this key is based 
is so reliable Thai it is still in use today, lor instance in cash registers. 


CURRENCY * INTEREST RATES 


_ _ June* 

.- WW* nW" _ ae mu Via CS Peseta 

— - “iiSo £ - 2 - 

vast; a. s £ i« s sr 3 s' a a 

jjj s “S5* JS SS 

-s®>V::a-jS- 2 s.a =-£ s 

. .. TenmlB . Uto us LVU‘ US* 1»1 

- zartcb— w u»t - litB pan u» bwk 

1 KU . ■ • “I 2 S S SK am 1 JBI *>» 

-Zmi: 

■ 55533 : <*»**.■ - ■«*”"* - 

^ivpaaia; v.; . 

Qttwr PoflW V tah*— amm Peri 

CMTMCy TVS WWW* fteJLfnm U125 5 ,A«rntad 103 

Urnont ptm MW GraeUW*. 2** ilMmS* tMO S.Ker.«e M4.M 

ISir SS 55 w ***** 

Antr.scMt. 1U* 3US PM.*** ISHUm «« 

Bradcm. . tp&oi “JST ziMJOa p aas» JMJW* 

-.--sasa a 

VtMM 1W - SowS ! UW 


Euroourrency Deposits 

Swiss 


French 


June 1 


Dollar 

D-Mark 

Franc 

Sterling 

Franc 

Yen 

ECU 

iiwntb 

4W-4% 

SiVSta 

4Vi-4ta 

5*vt 

5 -- 

2.-2 

6411) 

anMAttK 


SSMi 

4U-C* 

SWWMi 

5V5S 

2 ■ i-2 -► 

5—5 

smomta 

4*W 

4 1ftr5 V* 

4Wr«b 


5%-SMs 

2*-2>, 

5—5 

1 war 

Sources; 

9MVa 54 M 

Reuters LkMtsEkx*. 

4 

S tv4 M. 

SV 1-S>4 

2 -2 

S--S 


Rotes txpHatUa lo Inlertxx* deposits of si mdSoo mmbmm (or eoalvolenil. 


Kay Monay Ratos 


O n r eo cy Peri 
AAtr-nMl 3^0 
S.Kor.«e SUMO 
Swed. kireno 7-Mtl 
TohneiS VUD 

ThalbpW 2SJ0 

TBrttel llJTJ 31211. 
UAEdlrtwn 1 S 3 A 
utnexeeihr. 13M0 


united States Close 

Mttounlrate 3Mt 

prlawmfi 7U 

Fetors) taedt 4* 

3-nwetkCOs 403 

0MMB.pmrtMdays 400 

3-averili Treatorr MU 4.16 

H w TreossrvMl SO) 

3-year TreaMV note 5.W 

5-year Treawry aete 673 

Twv Treasury eete 6J7 

lUrearTreasjryeoh: 7.12 

Jtytar Treasury tart 739 

MeryUI LncMMnr Rewly usset 137 




5>o Sv» 
S 

5 5v 
i v. SK 
5W. P 1 ? 

8.95 177 


At Swiss Bank Corporation, we've been looking after private investors for 120 years. Our long 
experience provides a solid basis of trust for our clients, as does our exclusive, personalized 
service, the linchpin of our long-term customer relations. Whether your investment strategy 
is geared 10 continuous growth or to short-term capital. gains, you'll appreciate our service. 
As a high-net-worth investor operating in a fast-changing financial environment, you'll want 
to protect your assets against erosion without missing any chance for growth. With our 
strong presence on al) five continents and our efficient network of investment advisers in the 
world’s major financial markets, we can help you achieve optimum diversification of your 
investments. Our professional investment advisers will be pleased to give you detailed 
information about private banking with Swiss Bank Corporation. In Basel: 41 61 2SS 6060. 
Frankfurt: 496971401 700, Geneva: 41 22 3766683. Jersey/Channel Islands: 44534506500. 
London: 44717114855, Luxembourg: 352452030222, Monte Carlo: 3393 155815. New York: 
1 2125743374, Zurich: 41 1 237 2777 and in more than 50 other major cities around the world. 


5.40 540 

5s> 5Vs 


C-noocy 'SS Otartteatartr 

Ptart Start** .1*45 rsm ^ iapaaaX rtn 1006 1005 ■" 

Urtadta irtrtt \yyn 

SMnmnc . tsm ^ ( Ban ^ f Brussels); Banco 


DtMmrtrata 
CrtroMKT 
f-muirt Mertwrt 
hAoatttaftrtank 
4-mooBi tatartm* 

Ukytta- Omrermwtnt tart 
Cwnmrtv 


Can maney 5 

I-fflOOfll UrJWwnK 5 *. 5 1 - 

I-awata tatartwi* svy 5*? 

4-fBom intcfimk 5^ 

lO-WrOAT 7.49 7J3 

Sources: Reuters, BloomOero. Merrill 
Lynch. Bonk at Tokyo. Commersoank. 
Gnwtmma Muntaou. Credit Lronnals 


5«! 

7.49 7J3 


O tufitfH ipsrt tJmXi ___ \jff97 


CrtmaMV 
irtwtatafertimk 
j^noatb Mtcreenfe 
Muatalattrtaak 


Gold 

AJW I’M. Ch’se 
Zartrt 3T> JS MWB - 1 *S 

London 38705 3WJ0 + '■« 

MOW Yort J«J0 38530 - 3.70 

U.S Mian per ounce. London official tlx- 
tnea; Zur kh and Ne» vw * ooenmo and cus- 
too or Ices’ new York Comer (Aupvsii 
Source: Reuters. I 



Swiss Bank 

Corporation 


The key Swiss bank 







Pi 


MARKET DIARY 


Treasury Rebound 
Underpins Dollar 


Via fnNigiri Prwi 


L>: 


Compiled ty Ow Stuff From Dispatches 

NEW YORK — The dollar was 
little changed against most major 
currencies Wednesday, with a nse 
on Wall Street helping the U.S. unit 
trim losses incurred in overseas 
trading. 

The dollar closed in New York at 
1.6464 Deutsche marks, up from 
1.6458 Tuesday, and at 104.50 yen. 
down from 104.78. The dollar "was 


Foreign Exchange 


steady against the French franc at 
5.6265. while it slipped to 1.4016 
Swiss francs from 1.4027. The 
pound strengthened to 51.5169 
from S 1.5 105. 


Many traders sold dollars in Eu- 
ropean trading af ter a German cen- 
tral banker suggested the Bundes- 
bank would not support the dollar 
at a particular exchange rate. Olaf 
Si evm. a member of the Bundes- 
bank's policy-making council, said 
the bank was not poised to buy the 
dollar if it slipped to 1.64 DM. a 
level many analysis thought would 
trigger the world’s central banks to 
defend the U.S. currency. 

“The Bundesbank is savin” that 


it won’t buy dollars unless markets 
become disorderly by falling too 
fast," said Amy Smith, currency 
market strategist at IDEA, a con- 
sulting firm. That emboldened 
some traders to try to push the 
dollar lower, she said. 

The dollar has traded in narrow 
ranges against the mark and the 
yen since May 4. when (he Federal 
Reserve Board and 1 8 other central 
banks teamed to buy dollars to 
stem the currency’s three-month 
slide. Traders have been wary of 
the central banks ever since. 

The dollar pared its losses after 
the U.S. Treasury bond market re- 
bounded from an early slump, tak- 
ing the stock market along with iL 

Many traders said they' were hesi- 
tant to" buy or sell dollars before 
Friday, when employment data for 
May are set for release. The report is 
considered a key assessment of the 
economy's strength. 

Robust employment gains could 
induce the Fed to raise interest rates 
to head off the infljiion that often 
accompanies economic expansion. 
High rates usually bolster a coun- 
try's currency by making its short- 
tom investments attractive. 

(Bloomberg. Kiughi-RiJJen 


The Dow 


Dafly ctofitoflS of the .-■ 

Dow Jone&industriaJ average 



■3500 


D J 


F M A M. J 
.1994 


Dow Jones Averages 


Open High Low Lnsi oh. 


Indus 

TroiK 

Uill 

Comp 


37U.I*l J 7 6X53 173122 376023 
107b JO IO30X 1*17.9.' 1437 40 
lUiol 1X4 S3 184.75 IftLTO 
130* oa nil W 1 107-58 1311 £7 


-540 
—0*4 
• 0.1* 
-0 S3 


Standard & Peer’s Indexes 


Mian Low Close Chge 


EUROPEAN FUTURES 


Metals 


Hign Low Lost Serna Cftue 


industrials 

Transo. 

Utilities 

Finance 

5P500 

SP 1W 


SJ1EI 57.08 535.60 f 0.4* 
wr? .1917? iMI-ie +100 


m.n 7ii: 75 *e - ^ 

I M 91 15111 15*24 +073 
4*32 Sis iS- 14 7tLS8 
458.7 *53.99 457.02 - 1.13 
■I24.0J 421 42 425.19 -r U3 


NYSE Indexes 


High Low Last an. 


IKT 


NYSE Most Actives 


HJP MaD 

WatMorl 

US Sum 

Clioorp 

Chase 

PhilMr 

Merer. 

Dmiai 

MaTnrla & 

J wm:< Tc 


MARKETS: Inflation Woes Hit 


Continued from Page II 

ropean investors “wholly 


tni>- 

placed." 

He added that “I think the mar- 
kets are wrong about inflation in 
Europe because unemployment is 
close to record highs, real wage 


U.S. Stocks 


growth is declining, consumer con- 
fidence is weak, and against that 
background it will be very difficult 
for inflation to lake off." 

Mr. Martin, along with other 
economists, said the sentiment 
among bond investors in Europe 
wa> beginning W resemble the jit- 
tery psychology about inflation 
"and interest rates that has charac- 
terized the U.S. Treasury bond 
market in recent months. 


9 U.S. Markets Rebound 

The ability of U.S Trea>ury 
bond price? to climb into higher 
termor, after a rteep Ios? in eariy 
trading helped stock price-. to small 
Jain:-., newv ascncic- reported from 
New York. 

The price or the benchmark 
year Treasur. bond ruse 14 32 
point, to So 15- 32. in late trading, 
rasing the yield down to ~i>f per- 
cent from ".4? percent Tuesday. 

A slump in commodity prices 
and a reluctance to hold short posi- 
tions before Friday, when U.S. em- 
ployment data for May are >et for 


release, helped pull bonds up from 
iarlv 


j full point early loss. 

The turnaround in bonds 
cheered the M««uk market, where 


investors rely on low interest rates 
to fuel business expansion. The 
Dow Jones industrial average 
closed up 2.46 points, at 3.760.83. 
erasing a drop of as much as 2r> 
points. Gaining issue? outpaced 
losers by an 5-10-4 ratio on the New 
York Stock Exchange. 

Among actively traded issues. 
U.S. Surgical jumped 2N to 2 I N on 
speculaiion that the Swiss pharma- 
ceutical company Ciba-Geigy 
could bid for the company. 

Wal-Mart fell N t*' 22'? umid an 
industrywide slowdown in retail 
sales in May because of cooler-than- 
normal weather early in the month. 

Time Warner fell '* to 5SN on 
markel disappointment after Sea- 
gram said at us annual meeting thjt 
it was not interested in making a bid 
for the U.S. company. Seagram rose 
'i to 30 1 j. r diet Ling higher- than - 
eipected first-c)uarier earning?. 

Computer share? fell after Com- 
paq Computer lowered prices on 
several of its moil popular note- 
book. desktop and server pr* ducts 
by as much a? 2<* percent in a mme 
aimed at increasing its mari:ct shore. 
Compaq lost I'- to 116 *. Apple 
Computer fell \'i to and Dell 
dropped 11. 16 to 17 15 - In. 

IDB Communications tumbled ” 
n 16 to 6 13.1* alter the provider 
of satellite communication service- 
--aid its auditors resigned last week 
after a dispute with company e.xecu- 
ti\es over the reporting of fin-quar- 
ter revenue. The disclosure prompt- 
ed several Wall Street analysts to 
pull their rating' of the st*vk. 

1 AF. A ■iic/i /- RUJcri 


AT&T 
TetMe' 
MierTe s 


VoL 

High 

Low 

Lost 

4£)I0 

Sft 

5ft 

5ft 

44UJ 

33ft 

33V. 

73 ’« 

47308 

72* 

19ft 

?lft 

1*663 

JDft 

39ft 

Jfl'-i 

13448 

39ft 

37ft 

39ft 

30041 

49ft 

48'/ 

48'1 

3740* 


30ft 

30ft 

1731* 

2Tft 

?!•« 

11 ft 

2J3IS 

40ft 

•UN 

40ft 

23774 

78 ft 

37’ , 

28ft 

1*616 

I7J, 

1 7 V. 

17ft 

1958J 

79 

28’-i 

ra>i 

1938* 

55ft 

54'V C 

SS-’v 

191*8 

S3 1 1 

61 ft 

* 1 ft 

1*108 

3* 

33ft 

36 


■J 1 * 


Comoasirc 
Indusincus 
Tranw. 
Ulllitv 
FI nonce 


25114 JSI IS 752 35 
110.99 JOS M JlflJl 
250.55 2-4^3 250.40 
207.59 7CS 7* 2fl- 3 j 
218.01 ;>5il 717.9* 


•Oil 

- 0—7 

- 0JE 

-021 

- I 9 J 


NASDAQ Indexes 


High Low Last dig. 


Compaslli. 1 '35.40 Tl Qr 715.48 -0.2 0 

Irtflu'IrcLi .’4c J0 743 04 744J0 -C.14 

Benl.j ’IS.-U pi 9* 71S. W - 7 J3 

Insurance 89o. 54 6«G ttl 89.; O’ - 0 40 

Finance 925.44 910.53 935 J! -0*9 

TrOittB. ’13 92 709.31 710 ?1 -2.5T 


Close 
Did Ask 
ALUMINUM IHIati Groce) 
Dollars Her me trie ton 
tool 1319.00 1120 00 

forworn 134820 134920 

COPPER CATHODES (High 
Dollars oer metric loo 
Soot 221000 221X00 

Forward 222720 222M0 

LEAD 

Dollars Mr metric ton 
Soot 500.00 50I.0C 

Forward S17.C0 51100 

NICKEL 

Dollars per metric son 
Seal *110.30 6120 DO 

forward 6205.00 62 1 0-00 

TIN 

Dot tars per metric ion 
Soot 5505.00 5515.00 

Forward 558500 559000 

ZINC (SoeUBi Hi9ii Grade) 
Dollars per meine ton 
Spot 954X10 9S5.CC 

Forward ®S0J» 981 JO 


Previous 
Bid Aik 


13375C imso 
1347.00 I 248XH 
Grade] 


2254X10 225XM 
2246X0 22*9 XU 


5Q54K) 504X10 
57100 53JJM 


4EQOO 4240JH 

6320XM 633000 


OC 16100 15950 14035 16025 + 2Jg 

Nov 1*325 1*135 16200 i«L2S +100 

Dec 14115 14375 U3JO UUB +200 

Jan 16435 I64J25 16635 16435 +235 

6*1. volume: 32059 . Open InL 917*3 

BRENT CRUDE OIL (IPEJ _ 

UXL dotlvs eer tenrvHoh ofliOM barrota 
Jilt T6l56 1633 W3J 1AJ4 -033 

Aag 1L49 1630 1632 1431 —Oil 

SCP 1*0 1639 1639 1639 —038 

Ocl 1438 1636 1437 1X27 -033 

NOV 1435 1*35 14J0 1*3* —OD1 

Dec 16J2 1A25 1633 1637 Unch. 

Ju 1432 1434 1632 1638 —002 

Feb 1633 1635 1632 1628 -0JJ2 

Mar 1632 1632 1632 1629 —003 

En. volume: 2t.wi . Open kit. U6.126 


552000 552504 
540000 5405X8) 


957 XU 9S8J3C 
983XW «<X)C 


KMb 

[ FTSE 100 CUFPE] 


Stock Indexes 

CtflM Change 


Law 


Financial 


Hips Lew Cine Change 
3-MONTH 5TERLING tLIFFE) 

L5MJW6 - Pti Of 1M PCt 


AMEX Stock Index 



9J.70 

WJB 

9424 

+ 0.31 

Sep 

*43 

94J1 

V452 

-X33 

Dec 

9X5< 

9U8 

93A* 

— CM 

Mar 

93 JU 

92.78 

toWI 

— au 

Jun 

9XJ4 

9X14 

9218 

— 0J1 

Jep 

91.90 

91J9 

*1 A2 

— 124 


*U7 

91.1 4 

91.16 

-His 

Mar 

*1.14 

«0J2 

90S) 

-X2* 

Jun 

*0.92 

*uo 

9tLfi' 

— iZ7 

5ep 

*17? 

7X40 

9X47 

-0J7 

Dec 


«ojo 

90 JO 

— 0JB 



9025 

«0JB 

— 028 

Esi. volume. "UC Ooen 

mi.: 515J«. 


, C2S per Index potat 

I Jn 2974X1 29993 290.3 — SIX) 

Sen 39300 29lflX) 27MJ -533 

Dec N.T. N.T. 2VSJ> —S3 S 

Es>. imtu me: l+.Ht Ooen inL: 60.15T. 
CACW (MATIP3 . . 

1951 X)0 -6U0 

Ju) MJ 19SO00 1W&00 -62-50 

Sob 2028X10 J 972. 00 196600 -61X10 

Dec ILT. 399SXU -603 

Mr NX N.T. 20X200 -OOO 

E5t. volume. 40368. On*n i«L: 773S2. 

Sour cm . Mont- Aswciaretf Pm*. 
Lonean Ir.rt Finondat Futons £> Change. 


Dividends 


High Law Lop C3tg. 

+i0.7J 428 4* 4JJM _5 57 


Dow Jones Bond Averages 


20 Sands 

lOUHIthe; 

I 10 induslriols 


erase Ctrar 

a 7J9 _ D. 19 

94.74 _ 0.14 

100.44 — 0.25 


NASDAQ Most Actives 


NYSE Diary 


3-MONTH EURODOLLARS ILIFFEJ 
*1 million - eU of 100 pci 


Company 


Jon 

N.T. 

N.T. 

*538 

->0.3J 

Sea 

9157 

34.57 

9JJ5 

— OK 

Dec 

*3*7 

9197 

5193 

— 0.05 

Mar 

9X71 

9JJ1 

9Ur 

-CJj 

Jan 

N.T. 

N.T. 

4X4C 

— 524 

Sea 

N T. 

N.T 

9110 

— OJE 

Est. 

volume . 455.: 

: Dacn lnt„ 

; 1041*3 



S-MONTM EUROMARKS tLIFFEl 
DMI million - pts af ISO pci 


Per Ami 
IRREGULAR 

Pilgrim Pride Rt _ XS9 

SprTrCcciMktlnco - 3* 

Zwa.B STGvSecA - J B425 

Zwelo ST Gv5ec B - XB» 

STOCK SPLIT 
inorpna Com 3 tor 2 split. 

REDUCED 


Pay Rec 


6-10 

W 

S-31 

5-71 


6-21 

6-14 

6-8 

M 


IDB Cm s 

MiCSH S 

inl.x s 
PricCil 5 
riwe rj> i 

Apple-; 

MCI i 
Lolus 
Gilead 
j Weufi! s 

] CiKO S 

l Maxell 

| 3Com 
I inUD.- 


VoL Hlgfi 
J370® 7'- 
42918 S3l« 
5U45 45 

3957 1 13'.4 
38179 45'. 
34414 78'* 

?7I5I JJ‘« 
27270 40'-« 

26419 8 

.’5?s; 17 

31404 75 
70833 IP 

19*21 J«i* 
|9 p14 II 1 . 
18209 14*. 


Last 

7* t 
53 

(AT j 


42’ 



Oose 

Prev. 

A'lVttnC">-J 

irs 

97) 

Ovcianud 

to* 

U33 

Ui iCtroms.- i 

m 

bJ2 

Total l.tuc- 

7802 

7U4 

i'kM Highs 

3* 

31 


Jun 
Sep 
Dec 
Mor 
. Jun 
l 6ep 
; Dec 
l Mar 
: Jun 
Sep 
; Dec 
! Mar 


94.»4 
«5XW 
94 9? 
W.7 1 
94.41 
94 17 
93.94 
93.77 
9J.60 
«13e 
JJ.I' 
9313 


94 57 
94.95 
44 JS 
«4X3 


9L£9 


94.1 


90.98 

93.77 

93^2 

9X48 

«3ii 

“XII 

9105 


94.87 
94J7 
94 jn 
91*9 
9177 
9X42 
«X4j 
9X2* 
9117 
91*9 


— 003 

— 0.06 
— 006 
— 0.10 

— 0.13 

— 0.13 

— O.ij 

— 0.12 

— M2 

— 5.12 

— X14 

— C-H 


I Muni Ineo Qec <■ 


INITIAL 


BrvmF nn-ASBn 


Esf. Odiume: 207a80. Open ini.: 1 JWU72. 


75' .- 
74 >* 

1 7*i. 
44- : 


I 


AMEX Diary 


Att.i2nci.-d 

DtiCJinotl 

Uivnomid 
T.jlai i-.-.jts 
> 74.- n Hinn :■ 
flow La 


340 

753 

7iO 


FF 5 million - of 5 of 100 Pd 




*4.46 

94.42 


Unch. 

Seo 

5ft5? 

S4A5 

9451 

— 0J3 


*4 47 

9<Jt- 

94J2 

-CJ7 


*4J7 

*427 

9428 

— O'.O 


73*3 

“ZTt 

9 Z 



*3*7 

9JJ3 


— 213 


*1 J7 

*:jt 

*523 

— c.:c 

Mar 

*3JM 


*3 14 


Esi. volume. 6X1*1 

Gaeri 

n:.. xi 4J0X 


AMEX Most Actives 


VoL High Low Lasl dig. 


NASDAQ Diary 


E-DLA 

75*58 

1- .. 



• 

Close 

Prev 

1 Mufti ISA 



4*. *■ 


• 


5877 

lift 

m’ u 

11 ’n * 4 

, A.+. arCc^: 



:Cho>Sn s 

Uli 

:o 

i* 1 . 

— ft 

C-eamce 

l*:. 

1 

• EMSCO 

37*1 

if* u 

j-. k 

J' 

Ur^incrcu.-d 

y.ei 



3015 

9 1 m 

V 


Taial issi'l'S 

5333 



-945 


1 1 

1 J — • 

rj.ftjv Hiqtl', 




J477 

J' 1. 

3ft 

4 - • 

1 rj*MLpw’ 

100 

"8 

1 TooSrCu 

1 f.nrrman 

J4I5 

5214 

4>i , 

w 


i* ■ — ■ „ 

IB'- -'j 





i Spot Commodities 


Market Sales 


NYSE 

Arr.e* 

Tidjdoa 
In millions 


Tooav 
J p.m. 
280.17 
UJA 
27652 


Pr*v 

cons 


2*2 74 
2 14.43 


Commodify 
. Aluminum. IS 
: Coffer. Braz. ID 
’ Co Dorr electrolytic* ID 
1 lion FOB Ion 
i Lead, lb 
Silver, iro. o: 

• Siee' (scrjci. ton 
i Tin IQ 
I Zinc. ID 


I LONG GILT tLIFFE} 

; €58,000 • pta & 32ndi of ICO pa 
I jun i9M4 9*- r «-:4 

See IOO-TO *M1 9S-2S — :-04 

De-: m t nt 97- 2w — :-V 

1 Esi volume, ns. lei Onen m; :31*S*. 
j GERMAN GOVERNMENT BUND (LIFFE1 
(■ DM 250XXW - pts of TOO PCt 
■ Jun 9118 92.:: *122 — hi 

Sen ‘257 e, ^ . s. -OX'. 

Dec ®:^4 :;.i: ;• :o —OX 

Ei:. h«l-jme: 255.91* Iser. .r-.. f 955. 
ID-YEAR FRENCH GOV. BONDS fMATlF; 

; FFSULOOa - Btsof TDOPC1 
Jun H8.T: ilo54 HcX* —Me 

! See 117X2 ’-.Lie ".Lsi- —Vi 

, Dec m:j 4 :o 'u-? — : 

- Es:. volume 370 : *9 Coe" .n: -.5"-XiX. 


Today 

6J99 

1.19 


Prcv. 


Industrials 


1 .37 


2'XC0 
0J4 
54C 
127X3 
37 Z21 

C 4525 


: O' 
713.00 
034 
r :1 
n’x: 

2 “244 
0 4£2! 


AGE Fund 
Am Capital Bo Fa 
BCE Inc 9 
Boncroli Cv 
BA. NOVO 5cafic a 
Bmclev Wesferr 
Blric 1998 Term 
Birk 1999 Term 
Blr» ASvrvy ^er-r 
3lrk CAIrvOusi 
B> r* F*_iftvOue! wn 
Bir* income Tr 

Birt let* aval 
Blrfc Man Torpe - 
Blr» NJinvOuai 
Blrk N Ylrrvejal 
Blr» NtPiAm Gv 
Blur* Tcrpet Ten- 
BlockOusler trt»r» 
Brawn mg Ferris 
Central .-e'je-’B-- 
ZroftM CA.M4.m1 
Drertus MkO> ires 
3r«.TsNV V4.-I1I Inca 
Drtvs Sire: G err 
FstMuN 5#ss 
Fronxlir CA T*Fr 
Frsnkllr CcroCuc 1 
F.-=mi:r Fe-i *,=' 
P-aii.ii fo 

Frorj n irvSre 
Frorjalin NV 
Frsrjriin Pis to C» 
Frenurns US Gov 
F 'irk ’in jrif 
f-.-Bf. .7*= A»rr>o 
F-»f; |r— Aiv 
*-'57. :r= AS. : ! 

■ r.TtrTsCA'TSV -C3 
l-te'SP -uCA vfiec 
■p-erct. invM’r 
r.:erEs ins'A^-'Te: 


H,gn 

Lew 

Last 

Settle Ch"9« 

liters** i r 3V-3-5*e 

GASOIL (IPEI 




I-'erM ’rtVY-jr -- 

U.S. dollars per metric ton- lets cf 100 lens 

:r:eraa wjc: V.-cc 

Jun '51 Zi 

-i 

in. 

if-:c -x:-: 

rr.-erep ZvC'Y'r.; 

Jul 154^ 

'ills 

■■A1S 

;jjsi 

ir'ercs Guc.VSee 

Aua *5* tc- 

W 7! 

Sf 7£ 


* "■■■»' mcise =-- 

sea ;u>: 



■r ■' - Li: 

• Sm:: *tc 


2475 

6-10 

624 

,14 

6-15 

7-1 

SB2 

5-81 

615 

MS 

6-10 

630 

MS 

7-15 


JQ 

6-13 

627 

7-J 

7-27 


22 

o-l* 

630 

S2S2 

5-IS 

6.W 

asj 

6-15 

630 


6-15 

630 

2656 

6- 12 

630 

2656 

6-15 

6-30 

.0625 

6-15 

630 

0582 

MS 

631) 

0517 

MS 

630 




0*54 

6-15 

630 

2»7S 

*U 

630 

2583 

6-75 

630 

J25 

M7 

7-6 

17 

M7 

7-8 

."•87* 


7-1 

JJ47 

6-14 

678 

.3575 

6-!4 

678 


6-14 


27S 

6-14 

628 

BS 

615 

7-* 

£37 

5-31 

615 

2W 

•rJI 

615 

26* 

5-31 

615 

J1S 

5-37 

6’S 

£21 

5-31 

615 

am 

5-31 

6M 

26 

5-31 

615 

Jm* 

5-31 

61.1 

.131 

S-31 

61' 

55 

6 12 

624 

J£25 

*- in 

634 

26 

MO 

624 

JPZS 

61] 

674 

Or 

610 

674 

3925 

610 

674 

275 

613 

674 

J62S 

610 

624 

on 

M3 

6?4 

■xs 


674 

jj* 

615 

624 


610 

624 

775 

630 

7-20 

J72S 


9-15 


U.S./SHWL 


U.S. IVIanufacturing SectorE^nds^ 

NEW YORK (AF) —The U.S. raanul ^sisssssis^^ 



TkHSa Associabcm of PJfi— mT *** April- 
industries ihai it mouiton tepiun* w ‘^^amsccuuve 
Sd manufacturing empioyrnen^a^ May.^y 

" ,he 

inflation that historically has a«»mpani October *9W. it 

constniction spending rose 0^ percent m. ApnJ. . 
increase after two months of declines. 

Fleming Buys Serivner for $l BiUiou 

. -.T. irmi i \ nMino G evs said Wednesday d 


muma AAiAj o ^ — 

OKLAHOMA CITY (Bloomberg) — Fleming Cos. « 

would buv Serivner Inc. in a 31.09 billion rash 
roake it the largest US, food distributor, with oimual sales of about 5 - 

^^A^the outstanding slock of Serivner will be bought from 
& Ge^apSTteld German company. Fleming smd it 
complete 5ie acqniatioii between mid July and the end of August. 

The acquisau'oa will allow Fleming to displace Supervalu 
prairie. Minnesota, as the largest food distributor. FTeming p«\iaiiM. 
was the second-largest U.S. distribator and Scrt'uer ute third- 

Matra Defense Flans Side of U.S. Unit 

PARIS (Hoo^baa,- M»™ 


deoromessubridiao* of Matra, said Wednesday it planned tosefl Faircbilu 
Space and Defense Coip., its U.S. unit, to Orbital S 


are; ana uetense mrp-, h* vj. uuul, «u uiuimi Sciences Ccrrp- 

Orbital based in Virginja, will pay S105 5 milhon for Fairchld throug^ 
a combination of cash and Orbital common arid preferred slock, accru- 
ing to a memorandum of understanding between the two companies. 

Matra will retain Fairchild’s real estate assets, valued at about 
mfflion. Orbital had 1993 sales of SI 90 jruffiori. 


Havas to Link With New line Cinema 


PARIS (IHT) — Havas SA. the French communication and medti 
companv. and New Line Cinana Corp.. a subsidiary of Turner Broad- 
casting System Inc., said Wednesday they would form joint sentiire to 
develop and produce interactive video game software. 

The joint venture also will distribute and market a variety of multime- 
dia software products in Europe, the United States arid Asia. 

The venture, to be called NHL Partners LP, cwrid Tecdve as mock as 
53G million in investment capital from its French and American parents 
during its nisi year. 


For the Record 

Seagram Co. said its first -quarter profit fell 25 percent, to SI 22 million, 
because of an accounting charge related to employment benefits: Reve- 
nue in the quarter rose to SI 21 billion from 51.17 billion m die- 
comparable year-ago period. < RJ.vur.hcrgi 

TLC Beariice Internatioad Holdings Inc. sold Choky, its pc-wdoed 
drink operation in France, to a French group for an undisclosed price. 
Choky markets various powered drinks to cafes and bars (hroughour 
France. iKmgktJtulte'J 

Air Products & Chemicals Inc. said Wednesday it would take an after- 
tax charge of S14 million against third-quarter earnings for losses in 
derivatives trading* The company already took a 560 million charge 
against second quarter earnings because of derivaTrves. 


EU Rejects New Money for Funding Infrastructure Projects 


By Tom Buerkle 

liin-riiuiinihil lUraU Tnl-wu 


BRUSSELS — The European 
Commission effectively dropped u- 
quest for massive funding for infra- 
structure projects on Wednesday, 
saying Europe could embark on’j 
huge program of r.vids and high- 
speed rail lines with existing finan- 
cial resources. 

The commission stunned several 
European Union governments m 


December when i: called for > bil- 
lion European Currency l nib 
new ni<inc> j year on top or' ]’ 
billion Ecus annually *<f cubing 
finance to build i ran -European 
transportation netuurkx 


Bui Pari 5 and Bonn have east 
their lot with London m recent 
months in objecting to fresh money 
at a lime of steep budget cutback*. 
On Wednesday, the commi. -aon 
announced that bie-.t e-tin'..iie- of 


a pane! of govern ner.: -pecioi:?:? 
showed a t xia 1 *h..*r.fai! •: ■ or!;. -* :e 
5 r«illi.?r. Ecc- i-ve- tne r.e’t ri -e 
ear :• . Ec-'-n- 1 rates Corr.m;- • r.er 
Henning Chratopnersen .xuc". 
of that woaid have ■.-■me iVm 
the private .ujcicr. 

Separately, a companion com- 
mission panel seeking to spur a- 
-.elopment of a Eur -oear, uifonr.j- 
!ion highway urged -Jie EL to rei-. 
on pnvjre ns.tnev xr.a -read;. >rer- 


telecomm jt.; cations 


services. 

-w. have :o deregulate, liber x - 
■j.t. pr. -aure. " -aic Mirtir. Banae- 
mor.r.. 'rie EU industry corarrus- 
ric-ier. who beaded the panel of I? 
CFOs of leclv.oiocy companies. 

EL’ leaders utitiionae-d die Lm'ra- 
stracture and information pro- 
grams in December in a bid to 
stimulate European Cvimpeative- 
r.e-.-s ar.d errp ; ’yxer.t. The cotr.- 


mission hopes the leaden will ap- 
prove the recommendations of the 
two groups at their summit meeting 
in Corfu. Greece, on June 24- If . 


The executives said their report, 
which was circulated to govern- 
ments on Wednesday hut not made 
public, avoided setting new timeu- . 
bles for breaking down Europe's 
telephone monopolies, which could 
unleash a protracted political de- 
bate between member states. Bui 


they said they made an urgent ap- 
peal io break down monopolies be- 
fore the 1998 deadline set by EL 
ministers last year, particularly in 
allowing competing networks of 
d cable lines and switches. 


phone and i 


The report, said Eticise-Davi 
nor Of Soritte Gesfraie de 


le report, si 

Of Soritte 

gique, 1r t eJIi n g i bc beads of sute 
that somedxmg 1ms got to happen. 
That if it doesn't happen, we lose 
our jobs." 


WORLD STOCK MARKETS 


*ge*«c F' 0 ’"!r Anvf Iof*c I 


U.S. FUTURES 


I rn.-i.ir >a--r 


Cw- “ S“ o» I33M >30 11* 


ieesun ieaor. 
LC* 


3fc" H»-. L sue On On Ott.«l 


•'s 


CIom Prtv 


Gam Pni. 


Amsterdam 


ABN a, Tire .4>a 
a.;f nou.m 

i««ia 

a* jo Nobe; 

AWEV 

EclirY/Ksanc/i 
CSM 
&3 M 

Pokier 
&lii-Bro:aOe5 
HBG 
Helneken 
Hoot ovens 
Hunler Douglas 
IHC Calana 
Inter Mueller 
mi l Heaerlqnfl 
kILM 
FNFBT 
Nediloyd 
Oce Grimen 
Pakhoed 
Philips 
Polvoram 
Rooecq 
Raoornco 
Rollnco 
Rorenlo 
Royal Dutch 
Stark 
Unilever 
Uon Gmmeren 
VNU 

WoUarsj'Kiumr 111 
EOE Index : J97J2 
Previous : 4«L77 


45 

9540 
47JHJ 
VU 
7X50 
40 
a5 26 
I3 ZbC 
Iti 
U-UO 
4850 
315 
22J 
67 
49 EO 
37 
79 SA 
2U0 
SUP 
4750 
tJiO 
77 JW 

«7p 

5040 

7730 

IIB50 

59.10 

12150 

90.70 
196 JO 
47.90 

19150 

51.70 
led 


*040 

41.10 

94.30 
4750 

73 
4010 
65 90 
134 
1*7.70 
14A0 

49 30 
315 
225J0 
68 30 
73JO 
37X10 
0150 
75 90 

51.30 
47.90 
4E *0 
79 JO 
49 90 
5136 
7670 

11910 
59 JO 
121 JO 
91 
194J0 

48.10 
1*3 
54 

16950 

11X50 


Brussels 


AG Fin 
Artetl 
Barca 
Bekoert 
Cackerill 
Cobeua 
Delhabe 
Eledratwl 
GIB 
GBL 
Gevaert 
Kreakelbank 
Pelratlna 
Pawerfln 
Royal Seise 
Sac Gen Banaue 
5oc Gen Balukiue 2435 2450 


2605 
4910 4970 
3*00 2440 
25559 25475 
186 189 

5920 5900 
1356 1368 
5730 5000 
1510 15*0 


Senna 
Solvav 
TroctefaM 
UCB 

Union MJnlere 
Current stack httfe* : 7452.46 
Previous : 7477.14 


15200 15775 
15050 15250 
10175 10250 
24300 NA 
2440 2700 


Frankfurt 


705729 JO 
404 403 
820 B20 


AEG 1B7 IB6J0 

Allianz Hokl 2414 2413 

Altana 605 414 

Aska 970 

BASF 31080 312 

Haver 36X803*110 

Bov. HYPO bank 432 433 

Bov Vereinsbk 452 455 

BBC 

BHF Bank 

BMW „w m, 

Commerzbank 33&50 330 

Continental 2AB27Z50 

Daimler Benz 
Deowasa 
Dl B Acock 
Deutsche Bank 
Douylas 
Dresdner Bank 
FeMmuetlle dew mi 

f Kruop ttoasch 714J0712JO 
Hornener 345 344 

Henkel 625 413 

Hochtief 1055 10S5 

Hoechsl 339J033AJ0 

Holrmann 885 ITS 

Horton 235 238 

IWKA 381 379 

Kail Soli 146JD 147 

Kar-.iadl 410J0 404 

Kaufhof 51251 BJO 

KHD 14OJD139J0 

Kkwckfw Werke 152I48J0 
' 900 ““ 


8065080750 
495 502 

247 237 

740 737 

557 571 

37937430 
340 345 


Unde 
Lufthansa 
MAN 

M an nesma n !! 

MetaUamii 

Muenai Rueefc 

Porsche 

Provssao 

PWA 

RWE 

Rhelnmelali 

Sdwrinu 

SEL 

Siemens 

Thyssen 

Vorto 

Voba 

VEW 

Vtao 

veikswooen 

welia 


195 187 

4I3JSD4I5J0 
429 436 

234 279 

2930 2950 
760 7*5 

457 462 

231 224 

452J0452J0 
312 305 

3077 1077 
390.90 385 

*9550 *97 

2765027650 
323 320 
50BJO 50* 
3K388J0 
46446X50 
4340450 
925 923 


fMBo 1 


Helsinki 


AmerVnt.ma 

133 

133 

Enso-GutMil 

K 

39 B 

HuhiarTiat.i 

Zffi 

2-.C 

V O.P 

llto 

s: 

i-IrmmtTie 

1 13 

M4 

Metro 

ira 

17* 

7lD»ia 

405 


Poniala 

S3 

ss 

Peoaia 



5I0C) mcnr. 

375 

Hi 

HEX index : 177IJ5 
Previous : iTUjg 


Hong Kong 



3*75 

36 

Calhay Pocilic 

1132 

n 

Cheung l.orvs 

3*05 

19 

China Light Pwr 

4X52 

43 

Dolrr Farm In?" 

10.70 

11X0 

Hang Lung Dev 

14 

14 

Hang Seng Bank 

54 JO 

St 

Henderson Lane 

40J8 

*12S 




Hr. China Gas 

leJO 

loJO 

Ht. Electric 

3450 

34.30 

HK Lond 

T» ifl 

72*0 

HK Really Trus 

2X40 

2X40 

HSBC Holdings 

B8 

89 

HIC Shono Htls 

1X50 

1X30 

HK Telecomm 

15.40 

15J0 

HK Ferry 

1X70 

1110 

Hutch Wnmm 

33 

3175 

Hyson Dev 

33 

2320 

Jardine Math. 

4Z» 

*3 

Jardfne Sir Hid 

31J5 

JI75 

Kowloon Motor 

15.10 

15 JO 

Mandarin Orlen 

n 

10.90 

Miramar Hotel 

23 

797Q 

New Wond Dev 

34.90 


SHK. Props 

53 

5130 

Sleiux 

3J5 

158 

Swire Poc A 

*1 

5920 

Tat Cheung Pros 

11.70 

12 

TVE 

1* 

3. JO 

Wharf Hold 

33iS 

33 

Wina On Co mil 

11 JO 

11J0 

winsar ind. 

1120 

ilia 


Johannesburg 


2* 


Aiiecft 

120 JO 


Anglo Amer 



Barlows 

37 JO 


Blyvoor 

175 

8.75 

Buffets 

4* 


De Beers 

10075 

IDO 

Drletontein 

57 JO 55.73 1 




GFSA 



Hormanv 

25 

2520 

Hlghvela Sleet 

28J0 28 JO 

Kloof 

48 

4A.50 

Nedbreik Grp 

30 

30 

Rondtonieta 

4X50 4120 

Ruspiot 

85 

B4 

SA Brews 

94 

9* 

SI Helena 

41 


Sasoi 

34.75 34.75 

Western Deep 

1*71*320 

Composite index : 541U3 
Pre*to« : S39B.15 

London 


Abbey Nari 
Allied Lyons 

197 

5J3 

190 

5.79 

Ado Wiggins 
Anvil Group 

2 M 
XJZ 

ire 

13* 

Ass Brit Foods 

SJ4 

5J9 




BAe 

123 

421. 

Bonk Scotland 

1J5 

174 

Barclays 


527 

Bass 

5.18 

5.17 

BAT 

4JB 

409 

BET 


125 

Blue Circle 

224 

797 

BOC Group 


7.11 

Boots 

sji 

5.10 

Bawatsr 



BP 

324 

325 

Brit Airways 

3J2 

179 

Bril Gas 

X40 

X45 

am steel 

1J5 

1J* 

Bril Telecom 

153 

323 

BTR 


173 

Coble wire 

US 

4J4 

Cadbury Sett 

425 

423 

Carodon 

125 

10* 

Coats VtvHIo 




£15 

122 

CourtcuWs 

5.15 

5.18 

ECC Group 

15* 

4.24 

Enterprise Oil 

193 

4 

Eurotunnel 

174 

1*8 

Flsons 

1J9 

ire 

Forte 



GEC 


327 

Genl Acc 

549 

S27 

Gftuo 

5J9 

5J0 

Grand Mel 

L34 

441 

GRE 

127 

12* 

Guinness 

471 

477 

GUS 


5.79 

Hanson 


224 

Hlllsdown 


128 

HSBC Hldos 

7J7 


ICI 


ore 


Lodoroke 
Lana Sec 


U»mo 


Llovds Bank 
/Aorks So 
ME PC 
Hon Power 
NoiWesi 
NthWsi Wafer 
Pearson 
P80 
P liking ion 
PowerGen 
Prudential 
Rank Org 
RecklH Col 
Pedlana 
Reed lnll 
Reuters 
PMC Group 
Polls Ravce 
Roltunn (until 
Rarol Seof 
RTZ 

Salnsburv 
Scot Newcus 
Scot P ow er 
Sears 

Severn Trem 
Shell 

Shrine 

Smlfti Neshew 
SmlthKilne B 
Smith IWH) 
Sun Alliance 
Tate 8. Lyle 
Tesco 
Thom EMI 
Tomkins 
TSB Group 
Unilever 
UN Biscuits 
Vodafone 
War Loan 3Vj 

Wei ico me 
Whitbread 
Williams Kdos 
Willis Camion 


Cose 

1 Pre«. 

l.7t 

4»2 

5J3 

LJJ 

U3 

1*7 

tuJS 

*.45 

7.4* 

7JS 

1.43 

145 

4.13 

412 

5J9 

SJ7 

321 

192 

<49 

420 

4.10 

4JI 

i22 

4J8 


4.95 

& 

A 10 

*24 

4J2 

121 

124 

4.49 

458 

X7J 

176 

3.M 

3J9 

S.9B 

52* 

428 

4.91 

tio 

020 

42* 

457 

8.73 

X92 

1.7* 

121 

iri 

170 

AM 

410 

BJ1 

823 

328 

327 

5.03 

5.13 

138 

320 

1.17 

1.19 

4.9* 

4.9* 

rjxi 

725 

549 

527 

1.48 

1.47 

175 

324 

423 

47* 

X94 

193 

415 

421 

211/ 

112 

10.25 

tore 

Hi 

122 

105 

228 

928 


118 

120 

522 

531 

NA 

4JJ5 

548 

530 

5.19 

5.1* 

153 

155 

120 

127 


Close Prev 




Madrid 


|DV , , JIM 3195 

Bco Central Hhp. 3930 2«a 
Banco Santander 4885 5940 


BOTMMo 

CEPSA 

Drayodos 

Endesa 

Ercms 

Iberdrola 

Reosol 

Tahacaiera 

Telefonica 


5-E- General 
PTCTtollS : 326.55 


1000 1005 
3250 3275 
22*0 22«0 
*400 *550 
217 209 

993 997 

4135 47S0 
4010 4150 
1765 1840 
Index : 32X87 


Milan 


Banco Comm 
□ostoal 

Benetton group 

ago 

CJR 

Cred llol 
Enlcfiem 
Ferfln 
Fertln Rise 
Plot SPA 

Finmeccanica 

Generali 

IFI 

■tolcem 

ilaloas 

Italsnablllare 

Mediobanca 

Moniedison 

Olivetti 

Pirelli 

RAS 

P.lnascenle 
Sal aem 


5145 5115 
ISO 181 
26400 2*850 
1158 11*4 
2595 2608 
2340 2250 
2955 2903 
2010 2005 
1226 1205 

44550 45300 

25650 25800 
16150 14390 

5265 5190 
45400 45300 
15575 15950 
J3SB 1383 

2655 2710 

5300 5225 
2B700 28750 

10810 10700 

3955 3965 


San Paolo Torino 10220 H1100 
4305 4300 

SHia 2400 3400 

37500 37000 
5380 5440 

30400 30450 


Montreal 


Previous 


Is index 
: 1 92851 


31U 32 

2SW 2» 
43*9 «>* 
21 21 
19 1?V« 
BV* B*k 
6"S 4H 
1316 13 

19 in* 
9 9 

71 21 

224* E* 
1844 IB* 
Jflti IWh 
18ft 194 
6*t 6V3 

13ta 1314 
I50SJ3 


Paris 



*85 

*8* 


7*3 

V? 

4-icolel Alslnom 

59> 

*11 

A- a 

1757 

I?»? 

Bonco>re rCiei 

530 

5*1 

BIC 

1 1°5 

1X10 

BNP 

350 

749 

Bou-oues 

*7« 

*51 

BSN-GD 

B13 

847 

Carretour 

1873 

18*7 

CC.F 

718 228.70 

Cerus 

107.70 108.68 

Chargeurs 

1385 

1401 

Omems Franc 

315 

379 

Club Med 

423.90 

419 

Efl-Aau Heine 

*011041X20 

Elt-5arol( 

8*3 

890 

Euro Dlsner 

30.15 

31.10 

Gen. Eau- 

239 * 

2*®9 

Havas 

446 455.10 

Imelal 

551 

5*5 

Lafarge Copuee 

394.90 

411 

Legrand 

<U»0 

*250 

Lyon. Eou* 

555 

571 

Oreai fL‘1 

110* 

1150 


857 

8*7 

Anaira-Hachette 

11140 

11* 

Mlchelln B 

21520 21920 

Moulinex 

14440 14020 

Paribas 

391 JO 

393 

Pechlney lnll 

144 1*4.90 

Pemod-P.lcard 

37420 

37* 

Peugeot 

800 

B09 

Prlniemps (Au) 

N A 

1005 

HoaiolechniquB 

*8U 

485 

Rh-Paulenc A 

I37.*n 14020 

Raft. SI. Louis 

1*21 

1*55 

Redout* (La) 

NA 

922 

Saint Gabain 

*40 

4*0 

S.E.B. 

525 

S34 


*07 

*11 


29*30 30420 

TltsmsornCSF 

1*0 169 JO 

Talal 

305.40 31070 

UAP. 

HIBOISXM 

Valeo 

238 

748 

CAC *8 Index : 197928 
Previous : 703929 


Sao Paulo 


Banco da Brasil 

79 JO 


Banrana 

l*V(i 

1*20 

Erodes co 

22 


Brahma 

441 


Cemlg 

119 

114 

EleTrabra* 

388 


Haubanca 

390 


Light 

48021 


Para napa nemo 



Pelrabrns 

183 


Souza Cruz 

9.750 


Telebres 

7420 


Telesp 

5*00! 

.545 

Usiminas 



Vale Hia Doc* 

190 


Varig 

215 

715 


23Z*4 





1 Singapore 


Ceretoos 



City Dev. 

720 

725 




Fraser Neave 

1820 

18.40 

Gent tog 

18 


Golden Hope Pi 

229 

2J0 

How Par 

142 

320 

Hume industries 



Incncaae 

520 


Keppel 



KL Kepong 

are 


Lum Chang 

121 

122 

Molpyan Bcvticg 
OCBC tarelgn 

X7I 

lire 

ass 

1X49 

OUB 

720 


OOE 






Shangrllo 

uo 

5J8 

Slme Darby 



5IA foreign 

1110 

I3JD 

Spore Land 

7.40 

7J0 

S pore Press 

15.30 

I5J0 

Sins SHamshlp 

428 

417 

sywe Telecomm 

320 


Straits Troclrm 

322 


UOB forrisn 




231 

119 

Straw* times Ind. 
Prwhwi :28U7 

: 224728 

Stockholm 


AGA 

383 


Asea A 

Astro A 

tt? 

612 

Attaa Copco 



Electrolux B 



Ericsson 

393 


Esselte-A 

118 


ttwadetsbonken 

IBS 

105 

investor s 

(SA 


Norsk Hvdro 232J02U5Q 

Procord la AF 



5andvlk B 

115 


SCA-A 

114 


S-E Senken 

4920 5028 

Sfeondla F 

115 

117 

Skanska 

181 

187 

SKF 

134 


Stara 



Tretleborg BF 

111 

111 

l/Olva 

779 

722 

AflneryvaarMen . 
Prevtaas : 11*43* 

117827 



Close Prev 


Sydney 


Amcor 
ANZ 
BMP 
Borol 

Bougainville 
Coles M»er 
Comaico 
CRA 
CSR 

Foslers Brew 
Goodman Field 
ICI Ausiroila 
Magellan 
MIM 

Nai Ausi Bank 
News Corp 
Nine Network 
H Broken Hill 

Poc Dun loo 

Pioneer Inn 

Nmndy Poseidon 2J8 124 
OCT Resources IJ9 ijfl 
Santos 190 183 

TNT 2J4 2J0 

Western Minina 7jo 7.70 
Wesrpoc Banking 44? i*4 
Woodslde 4J8 4J9 


t.M < *: 
4.7' 4 JO 
1852 18.1? 
353 3J3 
OJS 355 
JJ3 4.7» 
£J5 5Ji) 
1SJ6 Hid 
4 94 4^0 

lie 1.1’ 
1J9 1J9 
10 92 10 70 
: : 
117 113 
HU* 1187 
9 JO *04 
4J0 4.75 

3SS 148 
4JB J.*0 
112 105 


All ordinaries index : 2877 jo 
P revious : 2081.89 


Tokyo 


512 515 

7*9 779 

12*0 1230 
1680 167S 
1660 1590 
1780 1749 
1320 1320 


4SsiJ 4530 
2380 2420 
2270 2270 
1130 1100 
>100 1080 
906 070 

1920 1880 
5450 5380 
749 726 

730 744 
957 953 

2700 3450 
42] 424 

12*0 1240 
957 96* 

705 703 

6890 *740 


Altai Elecir 
Asotu Chemical 
Asahl Glass 
Bank □! Tokvo 
Bridgestone 

Conan 

Casio .««» 

Dal Niacan Prim wio ivoa 
Dalwa House 1570 isso 
□alwa Securliles ir«3 IBM 
Fonuc — _ — 

Full Bank 
Fuji Pholo 
Fuillsu 
Hitachi 
Hitachi Cable 
Hondo 
Ito Yokodo 
llochu 

Japan Airlines 

Fallen 
Kansal Power 
Kawasaki Sleel 
Kirin Brewery 
Komatsu 
Kubata 

Kyocera 

Matsu Elec Inds 1870 1830 
Matsu Elec WkS 1180 1760 
Mlhajbtshl Bk 2770 2800 
Mitsubishi Kosci 
Mllsublshl Elec 
Mitsubishi Hev 
Mitsubishi Corp 
Mlisul and Ca 
Mitsukosnl 
Mitsumi 
NEC 

NGk Insulclars iw i m 
Nlkko Securities 1410 1380 
Nippon K oo<rto KKO 109) 
Nippon Oil — 

Nippon Sleel 
Nippon Yu sen 
Nissan 
Nomura Sec 

Otvmpus Optical "ll40 °mo 

RlSh er ^ « 

Sanyo Elec 
Sharp 
Shlmazu 
Shlnetsu Chem 
Sony 

Sumitomo Bk 
Sumitomo Chem 
Sumi Marble 
Sum I tamo Metal 
ToJselCorp 
Talsno Marine 
Taketla Chem 
TDK 
Tallin 

Tokyo Marine 


528 531 

498 688 

767 767 

1220 1240 
835 B2S 
Wt MKS3 
1950 1960 
1220 1190 
1060 10B0 


778 768 

37* 376 

445 444 

900 877 

2450 2420 

89200 0650a 


990 980 

573 557 

ip® igffla 
758 744 

2230 2210 
6340 4220 
2210 2250 
503 SO? 
1010 1000 
304 306 

699 487 

880 875 

1218 1210 
4790 4720 
5*0 543 

1370 1370 

. „ 3330 3330 

Toppan Prtntlno 1440 1420 


Torov Ind. 

Toshiba 

Tavoia 


a:x m 


732 730 

845 845 
7170 2110 
94* 927 


SiSS? 


Toronto 


17 1**8 
16Vt I* 
644 4** 

219* 21W 


48W 48ft 
ta Scalla 26% itvi 

s 15 15 

9COIT1 2Sft 25ft 

llfY HdS N.O. oxn 

lea 029 0X2 

rick 104* I Oft 

7ft 7ft 
V 5U.5U. 

.. — 29ft 30ft 

Canadian Pad He Jlft 2t* 


con Tire c. 

Cantor 

Coro 

CCL ine e 
Clnep'ft- 
Comirco 
Conwesl = 1 cl 
CSA Mai A 
Denison Min E 
Dolores 
Dyle. A 

Echo Bo , Minn 

Enullv Sliver A 

FCA lnll 

Fed Ind A 

Flelcner Chali a 

FPI 

Ger.ira 

Gull Ola Pes 

Hees inir 

HemVa GW Mints 

Holilnger 

Horsham 

Hudson's Bov 

imosco 

Inca 

inierprov oloe 
Jannock 
Laban 
Loblaw Co 
Mackeniie 
Moona mil a 
M anle Leaf 
Marl lime 
Mark Res 
Molson A 
Noma ind a 
N granda Inc 
Noronda Forest 
Moreen Energy 
Nfhn Telecom 
Nava Corp 
Oshawa 
Paourln A 
Placer Dome 
Poco Petroleurn 
PWA Com 
Roy rock 
Renaissance 
Rogers B 
Roihmons 
Royal Bank Can 
Sceptre Res 
Scoffs Ha sp 
Seagram 
Seats Can 
Shell Can 
Sherri It Gordon 
SHL System hse 
5outtKnn 
Spar Aerospace 
S telco A 
Talisman Energ 
Trek B 
Thomson 
Toronto Damn 
Totslar B 
Transalln Uill 
TransCda Pine 
Triton Flni A 
Trlmoc 
Trlzoc A 
Untoorp Enemv 
TSE 308 ... 

Prev toes : 


Close 

Pr»v 

._ 


JC-t 

rc-* 

- S 

4 10 

5* 

i 4 

4",: 

i-4 

w.-« 

2Z 

mm 

A-- 1 ! 

r 1 m 


no. 


’ll- 

• ;a 

I5-* 


■?Ji 

L2* 

iec 

2:0 



lift 

??’■* 

c-- 

yi- 

3.J7 

0.49 

4t0 

4Ai 



17 : 

17- 

15ft 

lift 

1= : 

191. 

Ji !‘ : 

.10 1 

Jift 

It - 



JO 1 « 

30 . 

17 : 

17ft 

2lft 



23ft 

9 1 - 

c - 

6? 1 4 

lift 

ill: 

lift 

lift 



8 ft 

21 

a’s 

Sft 

ift 

25 1 - 

3*4, 

13 

<3 

|4’- 

IO 

43 

41' s 

N.G. 





=■ "rt 


tCSE: 


Grains 


‘j 


7VHEJT 'CBQTi 






‘IS. 

•6K 


"4 

T* 

k: 

■jf: 


UJjJ 

7>jsi 


434 I 54JSO }<IKOr:*f 97*90 9l6» 97937 I3BSP - 

46- : »US WULLcrft »?.94a VJAK 9I.HK r. «T 

" I Eil.SO'ta M Tufi-4»I« JIO 
I Tee 1 open V,| ?*>;,djs yi icjc 

uarnsMPOUNO icmehi 

IJ»4 !4474Jur.M IJii? IJ194 'JIM 1JU* 

IJ20C 1.4140 Seo 94 IjIM >518= UX :J144 

l!«"? 14SXDcc9.- ijl» ISta 'inc -.Jlje 

lJl'C V4*40Vor*6 1 y.l*. 

El- «ws r OCYk TiJC'5. lOM e.x- 

TuC'S Ooen rT! 4L476 a « t38 


AJvJLSTT 


ir . : - • . . =f 

Ei' 

t.< J- : 4: 

WHEAT iKBOTl : 


iX '! 

S v- 

' - -'-.f* ’ 

PRAkGC JCilCE~ fMCTVV 


• Jr 
Kl 

*r. 


•« 
■X t 
ill* 
154 


»■* 




131 


i :Z : :* 
Vs-S* :: . 

j:j i2‘i :t:u. «i 

in 

£5: SfK-S It- 7-„-c;-:rf 

Tjesisen.n’ :: ". 

CORN ICBOT1 

: l: r 1JI Jui -i :.** 

:7?'i lJC':S*ot4 :.;C . 

IT. ;jl 7-J • 

7.79 : IA'iMpIJ . 

1JJ '.1C. *4 
XW JuitS I'l'i 

Lit Sep '5 : tl : 

De-:5: IJ4 : 

Esi.soies OS.US Tuts. sc:* 
Tuesonemni vt 

SOYBEANS (CSOT) » xeo. 


: i- 


1LY. 




IOC 20 

-;js 

> >: 

«: :iu*-i 

•Jiij -44JC 

121*0 

ICJjO 

—i.li 

A J. 

**r . 


:u j; 

i.j.a 

— CL55 

— 1_ 


AZi .Oil! 

IJX 



I- '• 


■ ’x.y 1^7 "l 




- M 

I'.JiV:. =: 

:• . C4-J 

U»r: 



• » ■/. 

MX.. 1: 



v.j-. 


" ' 

' X Ok -S 



,n-- 

-0JS 

=r ;; r: 

<■: i.tissti 




.t 1 At 

-ft 






1J54 

:ji* 

I JU 


a-kW i)-1 '1 Air *4 5 7715 07717 C~-> 

nfjo n.-jMiepM ants 0.-1 s* a-:«* c-i-; 

1T3B06C94 9.-)4j 0.TH n.’lja 07.4* 

O’OMMcrtS 4 ’175 07121 O’lTJ 6 71“ 

Jj9»jJun»5 3.-.JQ £. n.TC = :,WJ 

B.7JB0Sfp9* J Tin 

Est sate NA Tue'i. 5*5 9AI97 
Tue'sopennd 45^127 up 879 
GERMAN MARK [CMERI 


i-’«S 

a.;!= 

;n« 


0 6123 
3JI3I 
OJlM 
OJMJ 


I .«*» • I OC-TU I-XJC*: lr? JB- 


re: 


L' 1 

2 - 


LSe 

XS* 




a 

ITi 


Metals 


M^&AADE COPPER iNCMki - a-1 

15X33 IKS' «.S0 
I32£ 9* 9C 


30ft 70ft 
3 AS 3*0 
31’. 31ft 
10'k 10ft 
0J1 032 
18’T 19ft 
30»s 31 '■< 
19ft 20'- 
7*'r 76ft 
27ft Tf* 
13\. 13ft 
Bft 8ft 
41ft 41ft 
7ft 7ft 
42ft 41ft 
12ft 12ft 
9ft 9ft 
19ft ]9ft 

left 16ft 
8ft 8ft 
2«ft 29ft 
25ft 25ft 
16ft lift 
21ft 21ft 
23ft 23ft 

14ft lift 
It 18 
4ft 4ft 
15ft 15ft 
0J7 027 
1.45 1A5 


’JO 
-JS 
7J8‘. 
7 J7j 

*.97*j 
-K'j 
7.32'. 
7 03 

6»"i 


i9J-;JUI«J i.94 

tjf Auow sh 
s.|7 s*e*j 
£53'-:Nov9J 6'1 
6.13 Jcn95 t 7 !' 
*.IS Mar*J *73 
6X1 Kim 95 6.79 
674 Jul 95 663 
4JI'-Nov9$ t J5 


Tuesopemro 150416 uo 976 
SOYBEAN MEAL tCBOTV :JHm.Wiiiyw 
23a JO iaSJ0Jul94 2B0J6 JOJJO no 2) 737J0 -or 
18X88 Aug 94 201 £0 3DJ0 2QjJ0 201 C3 
l8X10Seo?4 200.00 203JD 199JD 201 J9 

1 80 JM OC1 *4 1*600 TO. 70 19-80 !"*.« 

1 7180 Dec W mxiO JC000 r«*0 l*tU0 
I7aj0jan95 I9fl.Pl 300 00 1*4.70 I98J5 — \ 30 

181 00 Mar Vi 20000 201 JO 1*SJ0 TO JO — OJO 

I B 1 .00 Mov 95 200 HO 20 1 DO 1*9.50 I99J0 — 0J0 

18X00 Jul ’S 1*8.70 

Est. sate 2SJM0 Tue'i vote Mm* 

Tue's open ini 84.7*1 up 3049 
SOYBEAN OIL ICBOT) UPBOliv-oonaspn iWbi 


2 >: 

‘.u : 

LA : - :.y. 



74.KSe= =4 

■aJ3 

— 1 : ’Si 

LM — i; 

‘ — 

« >: 

7f -.'l-ta-J 
‘iK/J-'i 
730u = €C 5* 

ICI 00 

-vn rr 

fW> - 

b~ U.-M 


* J" JU 

“« - .\=r >5 

99 ja 

7 27 

iV7 

7.14 . — C 02 

•7 

■ JJii , ■ ■ 

7ftlf -.fa, 91 

99 J0 

7.34 

» 

ito.-L: 


X-9C 

7:JCJ«'.9* 

«« 


i "■ 

4JI 

- '4£ 


7*3C AuS r: 

'■0143 

*30 

L>2 

4 13 : . 

!c.^ 

to JS 

“7.'0 Sep 95 

9920 

liJ' 

; 

4.76 -Xf 


71ft 

75.72 DC 75 

6E7 

6.?! : 

hSZ 

■ *12 

»XM 

~J5ftTV ft 


4 38 


bc4 


n:; 

SLCOJecto 


*.« 

□ 61 

4J5 1 : -L2C': 

-TH 

9 ZJi 

SSJOJciv* 


6J8 

49. 


ftW'-r— 003’ 

1 3£7 

toJi 

; 1» 

iTJXVjttfc 
45.10 Cor 9* 



95A1' 9»JS 
90.23 
96*0 9690 

1CX40 IJ0J0 
tajo Him 


moo 
:10.0a 
20600 
309 00 
201 JO 
28X50 
301 JX 
19880 


*:■ 
— a.70 
— 4J3 
70 


is <-•; 

5.tT: 

J7J27 


E5- w«s 1EJ50 Tu6v sales 7J45 
1 Ti-escfenim *2J0S ua 832 
j SILVER [NQ4Z1 sak t-o» oi - cots oer n» k. 
• St*: 

, 5ii5 


137 XO 
73-.K 
103.84 
100 J5 
99 95 
9985 
99JS 
99 JS 
*890 
ID0 9Q 
*8J5 
10045 

1 mu* 
W IS 
98J5 
96-25 
99 JO 


—2.95 IJ44 
— i/S 39.921 
-L33 9.751 
-1 M 5.576 
— 1.70 


— U0 
—I JO 
—1 JO 
-ua 

— JJO 
—1 J0 
—170 
-ZOO 
—1.50 
—UO 
-1.50 
— UO 


SOI 

441 


SJNPJUnM 04CT1 0 4093 06063 OAPf 

OJdOaienW 3»0T5 0*0*5 960*“ D6u*« 

OL*OGeC94 0.SJ-* 

QJ9tB Jun 95 3 *Vjj 

0 5a:C7Aar*s C *06: 

Esi. sate NA Tue v wdei 'A-ufi 
Tuevcpenm liOlB ua SOI 

IAPAICSEYEN IQHER) uvirm- ■ ■»«•» mm Kuxoci 
(U»995«lll»871Jun 94 000*5570.00957501095491 00957C - 

H01001tol»694rs«jw XOfWftmawao 059*1 50.00*636 - 

00100700 0O9S7JDCC 94 080973*0.0097060809710.0119759 
Q8I01SID 00991 5Jun *5 CJ09F74 

aj1313S0009S30Mcr9i aiX^S' 

Esi. soles NA Tue v soles 17.951 
Tue'swenint 71.275 up 138? 

SWISS FRANC I GMBH in* fr*ic-iD*(dmo , .>:tu. 
ATI 74 XeStoJimW 0 7124 071*1 07124 anj - 

0-7190 0(400 Sec 9J QJ152 07147 07740 lUlC 

0.71 as 06885 Dec 94 0717? 07TB3 0 71*J D.-r|H 

Jun 95 0.7757 

Esl.sate NA Tue's. sate l*.9tf 
Toe's Ooen Irt 47^05 ua 1516 


« r^tz 

41 

?■*' 

■J 

» 

l* 

i 


36 *r; 

. ' » 



'j:r. 

- 

ft! 

-55 

■IS 

• 


• « ft| 

■ i 


■ J 


- X 

H 

■: 

12 

.. 


4« 

8287 


*7.' 
- 73 
-rc 


£510 570 5300 


-140 


1JO 

254 

14 


3022 

2125 Jut 94 

2X70 

7X83 

2D 10 

2&aS 

■ 029 2722* 1 

3X45 

21 2* Aug 9J 


2X75 

2X15 

7X5fl 

-XM 14. VS I 

30 34 


2825 

2823 

2X05 

2X47 

- X27 ig.393 1 

29 J< 

72. 10 Oct M 

27 25 

27.95 

2720 

ran 

-0 1* 

7.131 

2X87 

2200 Dec to 

22.10 

Z7S5 


27 J7 

-0 IS 19.770 [ 

2X55 

27J5JOn95 

27. M 

27J2 

7720 

Z7JD 

tXIO 

2261 ! 


?470A/tor 9* 

2*90 

27.15 


27 IS 



2805 

24 J& Mnv 95 

2420 

2720 


X 7 00 



2725 

2425 Jul 95 




7*22 

-010 

16’ 


itoJ 

297*. 

564.0 
oMl 
63*J 
613 0 
41 18 
*280 


561= 

5*8.0 


£16.0 

S«.t 


5710 

5773 

5858 


552.0 

56*0 

5468 


S33J 

nm 

537.9 
5397 
£412 

548.9 
5552 

540.6 
S66J 
572J 

581.7 


*188 


S9I.9 


— 19J 

-208 8X37* 
— 208 

— 30J 1X317 

~-nj \iAtn 

-30J 

— 20 .9 £494 
— 21 .) 

— 2IJ 
— JIJ 
—213 
— 713 
— 213 


EsLSOte NA Tue'kuiin 2X543 
Tue’s own ir* 85.106 art 13M 


Livestock 

CATTLE ICMER) MLWIn. - c rmr 


Zurich 


Adla lnll B 
Aluwrisse B new 


BBC Brmt Bov B 1235 


Clba Gelgv B 
CS HoWIngs B 
Eleklrow B 

F He her B 

interoiscount B 
Jelmoll B 
Landis Gvr R 
Moevenuirk b 
N estle R 

Oeiilk. Buehrle R 
Paramo Hla B 
Roche Hdo PC 
Satra Republic 
Sandaz B 
SchlmHer B 
Sufzer PC 
Surveillance B 
Swiss Bnk CarpB 
Swiss Relnsur R 
Swlmalr R 
UBS B 

wmierthur b 

Zurich Ass b 

5BS lmta« : 969.41 

Previous ; 964.1* 


870 

628 

350 

I486 

2390 

869 

885 

430 

1153 

150 

1*80 

6740 

125 

720 

B9nn 

900 

2110 

«8 

»1 

790 

1212 

715 

1340 


770 

*58 

1240 

880 

420 

350 


2240 

B44 

NA. 

435 

1147 

152 

1480 

4695 

123 

720 

8570 

905 

2110 


SU 

790 

1195 

NA 

1350 


75.77 

*2. JO Jun 94 

46.45 

6*J7 

64.77 

*4 77 

—120 10259 

7127 

4107 Aug 94 

45.95 

6*0(1 

6*25 

64_25 

—120 21374 

7410 


ts 49 

*8.97 

67 JO 

6732 

— 1 45 



*7 70 Pec 74 

70 00 

70J0 

*820 

60.»2 

—ire 

9.3*4 


*7.90 Fee 9S 

7X7T 

7X70 

*0JD 

69.45 

— 1 13 


7510 

*9J«A«-9S 

7100 

72.10 

70.65 

7133 

-0*7 

7.830 

7IJJ 


69.00 

*9.00 

68X0 

6X« 

—080 

538 

Esl.sate 2X483 Tue'xute 70,970 





ah 2353 





FEEDER CATTLE (CMERt 




nm 

71. ID Aug <M 

7420 

74JS 

71*5 

72*5 

—1 50 

7.19* 

Bijg 


7610 

7*M 

71« 

7140 

-120 

1090 


7150 00 94 

7X35 

74^0 


71*0 

—1.40 


8X0Q 

72ASNOV94 

7525 

7SJ0 

71*5 

TIM 

—1.00 

1237 

8X95 

72.95 Am 9* 

7140 

7140 

7182 

7182 

-IJ3 

46* 


7225 Mar 94 

74JS 

74J5 


73J0 




7145>V(3-% 

74 10 

74J0 

71 ?n 

7120 

— 0.95 

71 


1S41 





Tub' * ooen ini 13X14 

afl 'JW 





HOOK 

[CMEAl **» 

UK BL 





5x27 



4722 

031 

*7 JO 

-ore 

7.751 


43J0JUI«4 

4725 

47.45 

4&7Q 

44.95 



5X40 

4525 Aug M 

4*J0 

4*35 

*5 JO 

41*2 

— OJ3 

5.271 


422700 9* 

4140 

4X40 

42JLS 

4195 

-022 

2.951 

5X50 

4325 Dec 94 

4190 

44.00 

4152 

4105 

—0 17 

2.911 


GiiOFebo* 

44J5 

44 J5 

4Xto 

*400 

-025 

68a 


40.90 Adt M 

4130 

43 30 

4105 

4105 

— X1S 

377 


4720 Junta 

4X40 

4**0 


*Xto 

—0.10 

1*43 


47 JO Jul 9* 

O 

4XSD 


4XSD 




4.452 





Tue’s open inf 29271 

off 274 





PORK BELLIES IOAER1 






39 JO Jul 94 

4170 

41 JO 

40*0 

4X97 

—023 

4J73 


J0'2fi*ug94 

41.50 

4120 


40 60 

—075 


41.15 

3W0Feb95 

50 00 

5X10 

4920 

4927 

-0.10 

4n 


38. 60 Mar 9 5 

4975 

49.75 

JVDO 

49.00 

-033 

35 


42J8Mnv95 

5175 

51 » 

r.00 

51.13 

-IJ8 

31 


51.00 W 95 


51.00 

5020 

5X3) 

-020 

II 

5025 

44.75 Aua 95 




50.25 


7 


£15JJun94 

37TJJU.94 

Aug 94 
274-SSeoW 
mODect* 

J0IJJOP 95 
4i*jM<r9j n.0 
JIS8Ma»*J 577 j 
<702 Jul 95 5850 

4*1 Q Sep 9 s 

5392 Dec *5 *018 4012 5902 

JOn*4 
5498 Mar 44 

Esl.sate 38JB0 Tueftsote 2X97* 

T'je'sapenint 128.279 up 11*9 
PLATINUM (NMER1 Htiwai- wWarsncy irpypc 
4T2D 35720 Jul 94 40430 40520 398JD 40040 —180 IXAia 

*35. W 3*000 Da W 40t.W) 407 JO -MLS0 40X70 — 3J0 A3B9 

42* JO 374J0JHI95 *07.011 407.00 405.00 40480 —ISO I, OHS 

<28.00 3*020 Apr 95 *08-50 4MJ0 40620 404.90 — UJJ 1873 

ESI. sate NA Tue's. sate 
Tue-J open W 22.157 Oft 147 
GOLD tNCMX) iD0travn..(M»iiMrirDm 
41 7 JO 239.40 Jun 94 307.40 188.10 381 JO 3M 9n —148 6,158 

38480 Jul 94 38*20 18620 38600 36*1 _sui 
MI-«Aub94 390 JO 39120 38X50 386J0 -JJO 77891 

14420 Od 94 39130 39U0 38780 389.40 -170 5.J64 

34310 Dec 94 29690 3*720 M.OO 39170 — X70 24.2B2 

343J0Feta <5 9620 —170 SM 

3** » Apr * 5 40X00 40120 399 20 9980 — 3J0 

3£J0AnW 40X40 -170 6985 

^MAua9S 9D-30 -3JO 1JM 

<10Jtlud 95 41 1 JO —170 

40QJDDeC95 *2039 479 JO 430JQ 4I5J0 —170 

4l2J0FeO*4 41*40 —170 

Apr *4 42X40 —170 

Esi sales SL000 Tuvs. sate 31.19 
Tue-sopenw \«.wj c*t 10*3 


38620 
41500 
417.00 
4S6J0 
41120 
41720 
438 JO 
41X50 
41130 
47*20 
■H *20 


Finano'al 


9543 

9507 

MJ4 

MJO 


-021 13207 
♦ 0.03 1 5.756 
♦027 7204 
♦021 362 


Esi. sales 725* Tue*s. safes 3.1*0 
Tin's open Ini 8.184 up 725 


IHs Mqrlo sahs»Ae 
hi Imeasboueg 
bat coHoH-frfts: 


0 800 3703 


U5T. BHJ-S (CMERJ 11 
*676 95-2* Jun 94 956* 9&J8 9565 

*648 9427 Sep 94 9503 9507 *520 

9610 *4J5Dec94 9427 MJI M*7 

«50S 9198 Mar *5 *425 9420 94J0 

Esi. sales NA Tue'iiate 7205 
Tue-S open ini 27224 art 305 
5 ^TREASURY (CBOT) siOlUinipTV)- nn 6 Ondioi ios bo 
117-65103-075 JutM 104-76 105-005 104-165 I05-00S ♦ 06 116SB6 

110-19SHB-1J 3ep94 103-31 104-04 103-19 104-0351 OSS 79,352 

103-09 101 -7* Dec 94 103-145 053 a 

Esl.sote 9150 Tue*s. soles 77277 
Tue-s aoen ml 1952 4* up^ 7433 

10 YR. TREASURY (CUT) imo*Ptfy.(tii3Mi4iBKi 


Industrials 


LOTION 2 INCTN1 njoaei-aitu* 


MAS 

7HJ5 

76J0 

77JD 

7720 

7115 

74.15 


BUS 

7BJS 

7629 

772S 

77.90 

78J5 

74.45 


sbjojuim mm 
592100 94 78J0 

5* AS Dec 9* 7&J0 
42JBMor95 77 JO 
6420 May 95 77 £5 
7020 Jut 9J 78J5 

Tl.BOOd *5 74 45 

Esi sates 102W Tue-s.sdes 7254 
Wiwenml S4. 170 off 773 

***™° 0 «L ‘UWM.M,* 

4IJBJUIM 4920 49.75 49.15 

«J0*UB94 4925 5615 49.70 

®*Seo« 5075 5120 5165 

5120 5125 5125 

MOONovM 52_50 52.75 sijn 

MAODecM 53JS KLS5 S3.15 
OJ5J«i95 yien uw *3 a; 
47 95 Feb 95 5170 5190 sun 

47 20 Mar 95 5X40 « « 59J0 

S-Kff S1J0 5 '-*5 51 JO 

47.MMav 95 
4725 All 95 
47 20 Aug 95 
48.45 Seo 95 

_ . -- tATSp Tue-s. scies 5X401 

Tuesupenlm 17 ?. TO up moo 
LIGHT SWEET CRUDE INMER) lanbu 

1615 Jul 94 

14J5Aufl 94 
14-50 Sep 94 
1465 Oct 94 
1427 Nov 94 
1493 Dec 94 
1615 Jan 95 
!U8Feb9S 
1142 Mar 95 
1155 Acr *5 


81J0 SI 22 
77M 77.73 

7L9D 7628 
’OSS 76 95 
71-50 7720 

TWO 7823 
7425 74.1 s 


—1 ~ I9JS4 
-3.*! 5.983 
-0* 2I.9C6 
—Oil 2.9,'fl 
-0J5 1.5W 
-0.S J-5 

— U.Ot £1 


5720 
55 JO 
57.17 
57 JO 
58J0 
59.00 
4X75 
58.75 
57.50 
MnO 
51 JO 
5026 
49 JO 
50.30 
Esi.scdes 


49.43 
-■9.92 
5022 
51-72 
5X57 
KL-U 
5322 
53.77 
5223 
5127 
5027 
5022 
51.07 
51. W 


-C 10 32243 
-012 17207 
-0 12 12205 
-4>I 7.J3J 
-213 £ J6I 
—0.17 15.394 
—0 17 7jra 
—812 674J 
-0.12 ;.r» 
-6.1: 

-5.12 1295 
— O.i: I ,*B6 

-a 12 


2878 

20.78 

20.78 

70.71 

KM 

•xian 

1725 

19,411 

2024 

1928 

19.23 

2830 

17.73 

1690 

1*24 

19.17 

1721 

TOM 

1727 

2020 


1X25 

1X34 

1X19 

1729 

17-95 

1722 

17.77 

I7J0 

1727 

1745 

1748 

1725 

1740 

7724 

I7J* 

1727 

1727 

1723 

1724 

1727 

1723 

>721 

1725 

1723 

1726 

1726 

172* 

1720 

1728 

17 58 

17*0 

1720 

1727 

1728 

1722 

I7.5B 

1724 

1724 

>724 

1725 

1728 

1778 

1X20 

1X» 

1X20 


1605 Jul 95 
16 14 Aug 95 
1638 Seo 9£ 
164200 95 
15NOV95 
1650 Dec 95 
17. 15 Mor 9* 
„ - _ I7J2 Junta 


76B46 


1831 

1724 

1728 

17J8 

PJ2 

17J9 

1728 

1727 

1727 
17.47 
17.49 

17 Jr 

1735 

1739 

1724 

1728 
17 J2 
17.78 
1724 
IBM 


-8.10118245 
-4129 64.044 
—029 15.833 
— 809 2X264 
-0.10 15 887 
-0.10 SA' 
-0.10 16134 
- 0.10 

—0.10 11.303 
-0.10 727* 
—0.10 9 1U 
-aiO IB 288 
-Ola 3219 
— 0.10 
_00» 

-029 1275 

-a» 

—0.0* 11254 
—00* 1285 
— 00 * 


10 


15*298 

io* Jn 

1.373 

S5 

3 


115-21 109-18 An *4 105-00 105-11 104-15 105-10 

115-01 101-18 Sep 94 103-28 104-04 110-07 106434 - 

114-31 100-15 Dec *4 102-25 103-06 IIS-12 10X06 ♦ 

111-07 100-OS Mor 95102-10 107-18 [01-34 1IO-1B ♦ 

105-22 99-20 Jun95101-22 101-29 101-22 101-29 * 

Esl.sate 127.127 Tue-s. sales 131.504 
Tuc-sapenim 367.322 off 112 
US TREASURY BONDS ICBOT] iipaTOWHaSPraKrincai 
119-3* *1-0* An M 103-21 104-11 103-22 10*299 ■ 2J 197J04 

118-2* to- 12 5*094 )02-14 103-17 101-23 103-10 ~ ~ 

1 18-00 71-19 DK 94 102-ID 103-21 101-03 102-71 

114-20 99-14 Mta- 95108-24 102-02 100-20 102-01 


204,414 

35,1*8 










IIS-19 

98-15 Jun 95 






Food 





112-15 

99-00 Se«95 


101-01 t 










113-14 

90-77 Dec 95 


100-30 J- 


COFFEE C 1NCSE> 5?2Mfc, 






98-23 Marl* 





64 90 Jur 94 

124.50 

I25J0 

120 60 

I7KW 

—100 71.773 

Es>. ulef 4?5.000 IXM'^sakn 410.208 




6*20 Sea 94 



UB4Q 


- 335 lS^M 





IJ7J5 

77.18BCCW 


17020 

11428 

11X10 

-2.70 11.783 


134.00 

7X90 Mar 95 

11820 

11920 

11550 

115.95 

-4J» 

6243 

104-37 

87-0* Jun 94 91-10 92-64 

90-29 

92-05 * 


133J5 

8220 May 75 TI7JS 

II7J4 

11100 

11175 

— 2-7S 

*8 6 

95-17 

84-13 5ep W 90-15 91-14 

0-01 

•Ml * 


moo 

a5.00Jul»5 

1)725 

1I7J5 

»1S 75 

11SJ4 

-I./S 

91 





12500 

89205ep7J 




IlSfl 

— 120 

37 

Tup's open in! 3X795 ua 228 





lt,975 Tuc 5. 5<*C5 

9211 





EURODOLLARS (CMERI 11 i««a 









MJB'iinN 95.250 9&2to 


95J90 


SUGAR- WORLD 11 INCSEl 

1 LDanjv . or*. b» b 



9S270 

90JUSSP94 9X580 94230 

942V 

94. *20 


1JJ0 

9.15 Jut 94 

1222 

IL20 

11.97 

Iil9 

*0 15 

D.9M 

9S1B0 

90710DecM 93990 94JE0 

93 900 

9X010 


1140 

92200 94 





(XU 5*219 

95280 


91*50 




9.17MB- 9S 

1125 

11.9* 

lire 

11.94 

-023 23.965 

9X730 

9X710 Jun 95 93440 91500 

91380 

91500 


it.w 

1X57 May 9* 

11. » 

11.95 

lire 

11.91 

*021 

3225 

W2M 

91J10Sep95 91220 93JKI 

911*0 

91280 

r 40 184224 


51,5 o» 

<J , J$Sep*4 5X40 ma* sun 

-aiDOdM 5020 50-75 50 JO 

SSJgfw 49 jo 49 jo 49 jo Si? 

aaooecM OJO 5185 S3JD sia 

ffl.71 am 5X7! 5X98 

a* sxaa .5X35 sx* 


4020 
54.00 
5070 
J9J5 
5180 

SJ.10 5050 An 95 

51 JO Fed 95 

Bft SBte 20,0** Tufs sedes 49J9CI 
Tue Sooen int 98JS2 up 4314 


5178 

S 135 

5X38 

5X58 


02* 53071 
0.19 18.011 
‘0 03 10.90* 
~ 1*25 
-ACT 3.790 
•X 3 2J47 
•0 13 *04 

-02) 


Stock Indexes 


sra»sn«» 


£S SIS iS3 -gw 

=**■ 5 Ate NA Tuo S. UJ 1 M UA 31 - 1 JO 7 . 9 B 4 

gL-OW Ito 28JX 1 




mjto Mi»iS»J -IJB 1445 

tMSs *“■* »» *i.w » 


Tue-s moninl 175* oHM 


MoodY^ 

Reuters 
OJ. Fulures 


137.00 

1.774J0 

145.16 

23187 


Previous 

L8S5LIO 
I <7.48 
35.42 



. tie] 


Mi- 

%r.. Knit 













Vi 





i • - > . 


• 

fc 


...\ Str^ 


ea 


„ *r v 

j- V 

- * ’ .-✓'l 



\-stsF® 




• . . v\ -s'- 

V';' 



INTERNATIONAL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 


Page 13 


EUROPE: 


VW Expects 
To Break Even 

Despite SEAT 


>1 5 


h a. swft rnm a ^ 

HAMBURG -Vofcw^c 

evra •*« V®- <£ 

gPg-5, “T. J? 88 ai lls troubled 

STk£h S 81 * SEAT ' FCTd '- 
oand Piteh, the company’s chief 
executive, said Wednesday. 

ja-— -- Lhe rapid and 

SrtS^FT , *u of ■** ^“p" 

Mr. P ifitm told shareholders at the 
company’s annual meeting. “We 
wffl show our foreign and domestic 
rampetitora that VW is not a crusty, 
bureaucratic organization." 

.if*. mV* posted 3 loss of 

JJWbuiion Deutsche marks ($1 bil- 
lion), including a 1.8 billion DM 
loss at Socredad Espahola de Auto- 
movOes de Turismo SA. The loss at 
the Spanish subsidiary was not 
forecast until two months after Mr 
Pi6ch had predicted VW would 
break even in 1993. 

Last month. VW reported a first- 
quarter consolidated loss of 342 
mQlioii DM, down from 1 25 bil- 
lion a year earlier. Mr. Pi&h said 
Wednesday that 1994 sales would 
nse to about 80 billion DM from 
76.6 billion last year. 

Analysts said VWs predictions 
were plausible despite SEAT’S 
troubles, but shareholders ap- 
peared unimpressed, sending 
Volkswagen shares down 130 DM, 
to 483.00. 

‘The improvements in VW’s 
other divisions will make up for 
SEAT,” said Hans Ktioig, an ana- 
lyst ax Berliner Handels-& Frank- 
furter Bank. “We might even see a 
positive surprise." 

Mr. Pificfa and Klaus Liesen, tbe 
supervisory board chairman, reiter- 


ated VW’s support for Jose Ignacio 
Lopez dc Amoriua. the VW pur- 
chasing executive whom General 
Motors Coip. has accused of steal- 
ing documents when he left GM 
fiiteen months ago. 

Mr. Pitch squashed speculation 
that Mr. L6pcz would move to 
SEAT, saying “I need L6pez here." 
Mr. LOpez's cost-cutting measures 
are crucial to Ws return to profit. 

SEAT posted a loss of 350 mil- 
lion DM in the first quarter and is 
expected to post a loss of 1 billion 
DM this year. VW executives said 
Wednesday. The year‘s loss could 
be greater if the Spanish govern- 
ment does not come through with 
about 830 million DM worth of 
aid, they added. 

SEAT received about 400 million 
DM when it sold its Pamplona 
plant to another VW unit in April. 

The Spanish carmaker, hurt by 
production overcapacity and a 23 
percent drop in sales last year, 
needs to cut 4,600 from its*work 
Torce of 14.000 by 1997. VW execu- 
tives said. 

They also said Volkswagen has 
lost an average of 20 million DM a 
year over the past five years 
through Europcar International, 
the French rental-car company it 
partially owns. 

The company's Volkswagen divi- 
sion, meanwhile, which accounts 
for half of all sales, will increase 
last year’s profit of 71 million DM. 
Mr. Pigch said. 

VW’s turnaround this year is be- 
ing aided by a 3 percent upturn in 
car sales in Europe, where the com- 
pany sells two-thirds of its cars, 
and by a 14 percent rise in the U.S. 
market 


Russian Bank 
Trims Rate 

Reuters 

MOSCOW — Russia's cen- 
tral bank said Wednesday it 
would cut its three-month dis- 
count rate to an annual 185 
percent from 200 percent ef- 
fective Thursday. Bankers said 
more reductions were likely. 

Viktor Gerashchenko, the 
bank c hairman, predicted a 
drop io llOto 120 percent by 
the year’s end. 

It was tbe thud cut in the 
rate in just over a month. 


Johnson Toughs It Out in Ukraine 

Company Braves the Perils of an Emerging Market 


By Jane Pcrlez 

fvfk Tima Smite 

KIEV — S.C. Johnson & Son Inc., the S3 
billion family-owned company that make* 
clothes, floor wax, furniture cleaners, bug 
killers and air fresheners, has traditionally 
been challenged by new frontiers. 

When the company opened a plant in Brit- 
ain 80 years ago. it was one of the first 
American corporations to expand abroad. At 
the end of the Cold War, it blazed trails again 
— this time into Ukraine. 

Doing business amid the political and eco- 
nomic turmoil here is not for the faintheart- 
ed. Only Johnson Wax, as the company is 
popularly known, Tambrands Inc., which 
makes Tampax brand tampons, some ciga- 
rette companies and PepsiCo Inc. have ven- 
tured from the West into (his intriguing mar- 
ket of 52 million people. 

Johnson Wax’s experience since late 1990, 
when it started to make and bottle detergents 
and furniture polish m a renovated corner of 
a ramshackle factory on the outskirts of Kiev, 
helps explain the reluctance of other consum- 
er-products companies to jump in. 

A few months after Ukraine joined Russia 
and Belarus in leaving the crumbling Soviet 
Union, it introduced a coupon currency lo 
replace tbe ruble. In relatively short order, 
the coupons became all but worthless. 

By late last year,- inflation had risen to 
about 100 percent a month from almost zero 
two years before. A fierce credit squeeze by 
the government left wholesalers little money 
to buy Johnson’s products. And a govern- 
ment that initially promised to create a 
friendly environment for Western investors 
became encrusted with old-style — many say 
corrupt — former Communists. 

Last year, Johnson Wax’s production was 
half its 1992 level and almost half of the 10 
million bottles that came off the assembly 
line had to be sold in Russia, where the 
economy, however turbulent, is far stronger 
than that of Ukraine. 

But Johnson Wax had beer prepared for the 
long haul said Franck Benhamou, the general 
manager of S.C. Johnson in Kiev. UnlikeTam- 
brands, which had to import machinery, John- 


son had to bring in less and was able to spruce 
up some existing Ukrainian equipment 

So far, the company has invested less than 
SI0 million. The original target remains the 
same: the entire vast market of the former 
Soviet Union. 

“We’re building a brand, we're building a 
work force, and we're building a factory." 
said Mr. Benhamou, showing off a large and 
freshly palmed production area. 

The key to keeping going in Ukraine is to 
stay nimble, he said. Until early 1993, the 
plant could not keep up with demand, espe- 
cially for ils laundry detergent. Hello, its 

f We’re building a 
brand, we're building a 
work force, and we’re 
building a factor}'/ 

Franck Benhamou, manager of 
S.C Johnson's Kiev factory 

liquid starch. Jubilee, and its pre-washing 
product for clothes, BioshouL Ukrainians 
love to starch their clothes, and even their 
sheets. These products sell lor the equivalent 
of SI in a country where industrial wages run 
5150 a month or less. 

“We could sell everything we made and 
more,” Mr. Benhamou said of the 20 million 
bottles of detergent and other products pro- 
duced in 1992. “There was money in the 
country: we barely had a sales department. 
There was no need to sell — people were 
lining up to buy it.” 

One enthusiastic customer. Olga Stepano- 
vich. 22, elaborated. 

“The local washing powders are too rough 
for silks and wools." she said as she searched 
the shelves in a store here for Hello. "We used 
to send our sweaters and blouses to the dry 
cleaners, but dry cleaning has become so 
expensive.” 

Mrs. Stepanovich said she could not easily 
find tbe detergent in the stores anymore.' 
After March 1993. stores found it difficult 


to slock Johnson's products be caus e the gov- 
ernment’s credit squeeze made it almost im- 
possible to secure financing to buy goods. 
Johnson demands payment in advance from 
wholesalers to protect itself from inflation. 

Yet the slide in Ukrainian sales proved less 
of a blow than it might have been. Johnson 
had already started selling in Russia, not so 
much to find new customers but to earn 
rubles it could use to buy raw ingredients 
there. About 80 percent of the ingredients in 
detergent and the plastic used io making the 
bottles comes from Russia. 

“When Ukraine exited the ruble zone, all 
of a sudden we couldn't buy raw material*’ 
Mr. Benhamou said alluding to Ukraine's 
coupon currency. “We had been buying raw 
materials in Russia, but to continue to do so 
we had to quickly generate sales in Russia. 

An overhaul of the poorly maintained 
plant Johnson acquired in 1990 has just be- 
gun. Aluminum window frames are replacing 
rusted metal ones. Smaller, more powerful 
engines to tum the detergent-mining vats are 
bring imported. New floors are replacing 
broken concrete. 

A major attraction for Western manufac- 
turers in Ukraine is low wages. Johnson 
would like to raise the pay of some workers 
above tbe SISG a month that the best get, but 
it has not done so because there is a 92 
percent tax on monthly incomes above 5150. 
Mr. Benhamou said. 

Thefts, endemic at state enterprises where 
workers make up for low salaries by taking 
products, rarely occur at Johnson Wax, Mr. 
Benhamou said. Early instances were dealt 
with by dismissal^ , 

In a few ways, doing business in Ukraine 
has become a tittle easier. Making an overseas 
telephone call which took two days several 
years ago, now- can be done immediately. 

But unpredictability prevails. In the past 
six months, the Ukrainian government has 
raised or lowered the value-added tax rate 
three times. Now there are worries that the 
government might impose an excise tax on 
supplies coming across tbe border from Rus- 
sia. And still another currency is expected, 
prompting further headaches.' 


Investor’s Europe 


Frankfurt 

DAX 

2400 


m 

2200 

2100 

2000 


TTvnnn 

1993 


London 
FTSE 100 index 
3500 
3400 
3300 


aro, j’F'M'A*"lrf J 
. 1993 



t f*m* k vrx. 

1993 


Exchange 

index 

Wednesday Prev. 
Close Close 

%. 

Change 

Amsterdam 

AEX 

397.S2 

400.77' 

-0.B1 

Brussels 

Slock Index 

7,052.46 

7,677.16 

- -0.32 

Frankfurt 

DAX 

2,129.70 

2,127.70 

+0.09 

Frankfurt 

FAZ 

802^5 

783.66 

+0.46 

Helsinki 

HEX 

1,77145 

1,783.80 

-0.70 

London 

Financial Times 30 

2^21.00 

2.354.20 

-1.41 

London 

FTSE 100 

2,931^0 

2.970.50 

-1J30 

Madrid 

General Index 

3218? 

326.55 

-1.13 

Milan 

MIB 

1,2003)0 

1»181J0Q 

+1.61 

Paris 

GAC40 

1,979.68 

2.029.90 

-2.47 

Stockholm 

Affaersvae rtden 

1370^7 

1.864i6 

+0.32 

Vienna 

Stock Index 

443J5 

448.21 

-0.64 

Zurich 

SBS 

969.41 

964.14 

+0.55 ‘ 

Sources: Reuters, AFP 


Inicnutma! IbnlJ Tnhuw 

Very briefly: 





j- 

r- 

's 

’s 

iy 


• Daimler-Benz AG said it would set the price for its upcoming rights 
issue on June 9; it plans to sell almost 4.7 million shares to raise about 3.3 
billion Deutsche marks (S2 billion). In a U.S. filing last month, it 
indicated the price would be $434 (712 DM): in Frannurt on Wednes- 
day, Daimler stock rose 8 DM to 807 JO DM. Deutsche Bank, which owns 
24.4 percent of Daimler, said it would take up its full rights. 

• GEC-Akthom bought control of Lmke-Hofmaim-Busch GmbH from 
Pressaug AG, which will retain 49 percent of the railway-equipment maker. 

• Russia cut duties cm cigarettes produced by joint ventures under Western 
licence to 20 percent from 50 parent, tbe Interfax agency reported. 

• Zurich Insurance Group expects double-digit growth in 1994 net profit 
from the 613.2 million Swiss francs (S438 million) earned in 1993. 



More Transparency on Derivatives Sought by BIS 


uerpnse was waiting 
other bidders emerged; Ibe current offer values Lasmo at about 150 pence 
per share, or £1.45 bfflioo. (S224 millkm) in stock and warrants. 1 
• Granada Croup PLC said its first-half profit rose 51 percenL lo £103 
million, reflecting improvement in, its road- services and rental businesses. 

Bloomberg. Reuters, A FP 


Reuters 

ST. GALL, Switzerland — The Bank for 
International Settlements on Wednesday 
called for greater transparency in the huge 
market for financial derivatives to ensure 
that risks were adequately controlled. 

The bank, the home of international bank- 
ing regulators, also warned that the potential 
influence of derivative instruments on mone- 
tary policy should be investigated. 

“Il is of the utmost importance that the 
industry comes to grips quickly with the need 
for increased transparency and additional 
information disclosure," the bank's general 
manager. Andrew Crockett, said at an ioter- 
narinnal manage ment symposium. 


“At present, the gap between the informa- 
tion that firms’ managements consider nec- 
essary for their internal managment pur- 
poses and the information they are prepared 
to release to the market is unacceptably 
wide.” he added. 

Tie comments were the bank's first offi- 
cial remarks on derivatives' risk since a U.S. 
congressional report last month called for 
lighter regulation of the industry. 

Tbe Basel Committee on Banking Supervi- 
sion, which makes recommendations on cap- 
ital adequacy and banking regulation, is 
based in the BIS. 

Derivatives are complex financial instru- 
ments, such as options and futures, whose 


prices are derived from underlying assets or 
instruments traded in cash markets. 

Price movements in underlying markets 
can trigger volatile reactions in derivatives 
prices. Critics worry that if a major investor 
is caught exposed, this could cause a chain 
reaction threatening to major banks. 

Mr. Crockett said that greater transparen- 
cy would help companies trading derivatives 
to control credit risk. 

A lack of information about players in the 
derivatives’ market make it easy for un- 
founded rumors about a company’s credit 
standing to spread, he said, and could also 
conceal the erosion of a company's solvency. 

Measures to deal with another major 


source of derivatives risk, settlement risk, are 
under development, he said. Netting of obli- 
gations between participants — the cancel- 
ing of offsetting positions — and real-time 
settlement systems could help deal with this 
risk, he said. 

Mr. Crockett said regulators still had little 
information on the potential influence of 
derivatives markets on monetary policy. 

“It is obviously of vital importance to 
know whether and how financial innovation 
is affecting the nature of the monetary trans- 
mission mechanism.” he said. One potential 
danger is that monetary authorities might 
adjust polices to ease pressure on individual 
financial institutions, Mr. Crockett said. 



it's never 
been easier 
to subscribe 
and save. 
Just Gail 
toll-free: 

0 800 1 7538 



?0 
Pacific 
Holdings 

r ^ 


Weekly net asset 
value 

on 23.05-94 
US $ 253.43 

Listed, on the 
Amsterdam 
Stock Exchange 

Information: 

AlecsPienon Capital Management 
Rolan 55. 1012 KK Amsterdam. 
Tel.: * 31-20-521 1410. 


-!-,3 si 





/•Closing 

Tables Include the nattomwide prices up to 
the closing on Wail Street and do not reflect 
late trades elsewhere. Ha The Associated Press 


12 Martin 
HUh law Slot* 


Chi vw pe was Hon Lawiareaorae 



ws? - 4 

4E 

SfiSb. ss 


§<* Rfi iw 

.... HM w* - ■ 

v £ v : £ 

up 

'in* w* wfc 

T •W.t« 
.. 7? 

- -«=| 

i'a-IJ; 

IS 





VUPEKIh Hiah LawLatenCh-Bf 


R]9 
fi-Ts 
SS -s 
32 -« 


liJE 


z s jfi ias *c 


iik i 

““JwiaisFpi u» 



J3 £ 

H g 



= 

MH 

8“ SE -s 
Wt *8 7$ 
& rfS — K 

M : - 

»v> ns -ft 

8U II* 


u Mono 
Man Low Stef 


D«v YKJ P€ 100s HW Lowmaaovae 


lif rffi iT* . St _ 

J M« !J£ 1JH •« 

“ rlj* r«t* “ 



3 1 na Y-TL 

2 *Si“ is Ha is 

” s K 5S b: 

72*. 2TV% 73Vu 

r tfe rr 

MV. 4f 

h* 'a 

JJ5 !U* !!& 




£ t 


€ F4F 

hEh 

_ irfi il w m* 

» a J rn i? 5 K 

» ; ii ss jg i 

■■isiC'rkj 

* I R FR 

2* Vi 

!i» 

fig 

M ah 

g?sg** 

*|4 


— 
— 
— H 



I IW I7*i 

Jttb 34 '4 

& ^ 

Mil 

“A 
11 % 


— V. 

— C 


.3 fl £ >38 * ? a ^ 

U » 14 li? 15* IJVt 

i 2 ,?S if* nw 

r ; I It 3S.1S 


-tv 


13 1* IASI 23'*. 
1a 10 aa 27 
12 1W 2SV4 
■ 4*S lit* 

■ m* 

_ -- ISO 1*. 

B * 1*0 IM* 
IV 2M act* 

24VI 


2*3 

S 'l is gs Sv* 

W * » fife 

1«tk iw. 

£ S5 

_ = ia ss r 

2j H b t ft* 

» j 1 

“ S 

_ _ * sot* 

Si 

8 : 

u - a is 
j . pa 74 
aJ _ s h 

Tiv, ii<j 

an* 


— V» 
—1* 
*t» 


-5. 



Continued on Page 14 


The Most Up-to-Date Reference 
for American Business Terms 



The American Business Terms Dictionary includes 
over 4,000 terms from commerce, banking, investment 
and finance — defined dearly and concisely. This refer- 
ence book is edited especially for people living and 
working in an international environment. 

The dear and logical organization, as well as 
careful attention to parts of speech, grammatical 
number, and idiomatic usage, make this volume 
the ideal choice for business professionals, stu- 
dents or anyone who needs knowledge of the 
basic terminology of business and commerce. 

The Dictionary incorporates many useful 
features: 

Each entry has at least one example or 
explanation in addition to a dear and con- 
cise definition. 

■ Current slang and colloquial words and 
phrases are included, as well as buzz 
words and jargon. 

I Abundant cross-referencing connects 
synonymous terms and concepts. 

■ Numerous abbreviations and acro- 
nyms are defined and explained, 
along with common Latin terms and 
expressions. 

The American Business Terms Dictionaiy is pub- 
lished by National Textbook Company (Chicago) and 
the International Herald Tribune. Hardcover. 330 
pages. Fax or mail the order coupon today. 

I -ilcral b J ^fe .Snbunc- -j 


Retwn your order to: Mematioral Herald Tribute Cites, 
37 Lanibton Road, London SW20 OLW, England. 
FAX ORDER TO: 144-81} 9448243 


2-6-94 


I Please send me copies of AIERKAN BUSINESS TERMS DICTIONARY at | 

UK£24 (USS34 95) each, pits postage per copy: Europe £3.50; U.SXanada £4; rest of 
| world £5.50. | 

I 

I 


I Name 

«a0CX UTTERS) 
Company 


I 


Address 


City/Code/Couitry. 


Payment fe by cretfi card only. Please charge to my ere® card: 

□ Access □ Amex □ Diners □Eurocard □MasterCard □ Visa 

Card N* Exp. Date 


I 

1 InftevjjrvlrtfciHtturiliwttafe} 

1 Company EC VAT ff 


Signatwe. 


ini 11 


- “ ...* , *7 


ui V 

































































- " ft 


v-in 


e «/m 


; r “ •. -j • v aJJ 

. '-.:irv.;>^ 



SM«2 



- • .!_■ - — 


' ; V; -- -.: ^ ^ 

;•.£ ~v.' i.- 

i :!“ ; 


rv: 
>}•: : ■ 


- • •• _r 
•-• li.*- 


■f - 



■"A 


V 



ca ?kU ... 


^.fir 

- m.^-v 

•» i>l* . 

t * ■•■- ,<.■ 

\ tf a J ■ 

. ■-■■ '■ w. 


' S >: l > 

• - - • - . 

• •» f -: '■'->• 

*■' ■„'»"•*.•’ 
.- • : , i, - 

. ; • ^ 1 /“ ^ J?] .£ 

"f:^ ; 

• - . r> \ : l -,-/ 1 

. r v '.-J< ji* 

V ‘ > -.I-' ' 



INTERNATIONAL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 


Plage 15 


ASIA/PACIFIC 


EU Says It Made 
Limited Gains 

In Tokyo Talks 


By Steven BruU 

TnKv^ H ^ Trihuw 

bSStsSS 

IhtaVffwft 

fiSSssasi 

cownncs. said his delegation 
“PMuBiiy satisfied" after two days 
of talks not that sought to ascer- 
tain and comment on the steps that 
TOjy& plans to announce at the 
end or lime. 

"We had a very open discus- 
sum, he said, ^Jtit we weren’t fullv 
mfonned which areas are likely to 
be deregulated at an early stage." 
™ out that Japan had yet 

to take certain decisions on a pack- 
age or pleasures conceived primari- 
ly with the goals of promoting 
growth at home and placating the 
United States. 

In March, Brussels presented 
Tokyo with its priorities For dereg- 
ulation in Japan, a list of 32 items 
that ron the gamut from restric- 
tums in. land use and financial ser- 
vices to standards for residual lev- 
els of pharmaceuticals in animal 
products. 

Like the United States, the Euro- 
pean Union would like to have a 


Jfcnnaneni dialogue with Tokyo cm 
deregulation, a process that will be 
a major theme of Japanese politics 
for the rest of this decade. 

Unlike Washington, which is not 
reluctant to threaten unde sanc- 
tions if results arc not achieved, 
Brussels has stressed that it seeks a 
“cooperative approach" that dis- 
owns retaliation as well as the es- 
tablishment of specific criteria to 
measure market access. 

Prime Minister Tsutomu Haia of 
Japan, who met with the EC presi- 
dent, Jacques Odors, in Brussels 
on May 6, agreed in printipfc to 
engage Europe in the dialogue on 
deregulation. But it appears that 
despite Brussels' softer approach, 
Tokyo has yet to formally to sign 
off on the concept of ongoing talks. 

“We've talked before and will 
again," Mr. Nutall said. “But we 
still have not discussed the best 
modalities to put it on a more per- 
manent basis." 

He said the ElTs goal was not 
"an official and empty forum for 
formal and ritual exchanges of 
views, but flexible procedures for 
frequent and intensive exchanges 
of views at the technical level." 

The only concrete result of this 
week’s talks was an agreement that 
the EC and the Ministry of Interna- 
tional Trade and Industry cooper- 
ate in programs designed to boost 
European trade with Japan. 


Big Time for Small Firms 

Little Companies Lead Japan’s Surge 


Bloomberg Aoineu News 

TOKYO — Japan's big automakers may have 
crashed after the heady growth of the late 1980s, 
but the so-called bubble economy never ended for 
tittle-known Aulobacs Seven. 

Sals and profit at the Osaka-based auto-pans 
retailer grew steadily through Japan’s economic 
downturn. Nowadays, things look even brighter. 
With an economic recovery under way, the compa- 
ny plans to add 30 outlets to die 365 it already 
owns across Japan and prefects that profit will 
grow 16 percent tins year. 

"Our earnings growth hasn't faltered since the 
bubble era,” says Hideyuki Nishimura, a spokes- 
man for the company. “And as the recovery comes 
and the flow of money improves, consumers will 
fed freer to spend." 

In Japan, it appears, the Ulhpuiians are striking 
bade. While its corporate giants struggle to free 
their lumbering bureaucracies from Japan’s worst 
postwar recesaon. armies of little companies like 
Aulobacs are leading the way to recovery. 

Aggregate current profit for Japan’s biggest com- 
panies — those listed on the first section of the 
Tokyo Slock Exchangs— Cell 16 percent in the year 
ended March 31. Companies listed on Japan’s over- 
the-counter market, however, saw current profit, 
essentially pretax earnings, rise nearly 3 percent 

The contrast is even sharper this year; Big com- 
panies are projecting an aggregate 8 percent in- 
crease in profits, while small companies expect a 
37 percent increase. 

In terms of employment as well, small compa- 
nies are recovering more quickly than their big 
brothers bound by lifetime employment co mmi t, 
meats. Companies with more than 1 ,000 employ- 
ees hired 47 percent fewer workers in April than 
they did a year earlier, while companies with fewer 
ihan 30 employees saw only a 5 percent decline. 

Being liny is not a sure ticket to profitability: 98 


in April had capital of less than 50 million 
(5478,000), according to Tokyo Shoko 
private credit-research company. 


But small companies such as Aulobacs do have 
some advantages as the economy turns the comer. 

Some ston From the business cycle. Able to trim 
staff and cut overhead more quickly during a 
downturn, smaller companies often can recover 
faster on the uptick. But this time around, there are 
some structural twists as weft 

‘The exciting thing about these small companies 
is that they also have structural changes in the 
economy to look forward to." says Michael Han- 
nett, an economist with Schroder Securities. 

Most prominent among these trends are the slow 
deregulation or the Japanese economy, the de- 
creasing inflation rate and ihe increasing populari- 
ty of impaled goods from American cars to 
French wines. 

“It's the smaller companies that are going to be 
nimble enough to take advantage of these 
changes," Mr. Hartnett said. 

These arc companies such as Enomoto Co., which 
more than doubled its profit this year by focusing its 
efforts on the booming semiconductor business. 
Nihon Jumbo Co., another example, turned 50 
percent more profit last year by pioneering a cheap 
method of developing photographic film. 

At Aulobacs, the company has turned the strong 
ven to its advantage by importing about 20 percent 
of the pans and accessories it sells. Because those 
parts are cheaper than domestically produced 
units, the company can either trim prices or add to 
its profit, and Aulobacs is not burdened with the 
longstanding business relationships that make it 
difficult for bigger Japanese companies to change 
wholesalers and cm costs. 

In some other cases, small companies ore pros- 
pering because their business is confined to one 
booming market. Enamoto. based in Yamanashi 
prefecture west or Tokyo, gets about 60 percent of 
its revenue selling semiconductors to big compa- 
nies such as Toshiba Corp~ Hitachi Ltd. and 
Motorola Inc. The semiconductor market has been 
expanding so rapidly that the company predicts 
profit will be up a further 21 percent this year. 


Australia’s 
Economy 
Posts Quick 
Expansion 

Compiled by Our Staff From Dispatches 

SYDNEY — Australia’s econo- 
my grew an annualized 5 J) percent 
in the first three months of 1994. 
marking the best performance in 
more than four years, the govern- 
ment said Wednesday. 

Gross domestic product — the 
value of goods and sendees pro- 
duced in the economy — rose a 


Japan Planning Its Own Information Highway 


By Andrew Pollack 

New York Times Service 

TOKYO — The Japanese gov- 
ernment is considering creating a 
mulri-billion-dollar communica- 
tions network to connect every 
home and business in Japan with 
optical fibers by the year 2010. 

The plan, which was recom- 
mended Tuesday by the Telecom- - 
mumcotioos Council, an influential 
government advisory board, is ex- 
pected to be adopted by the Minis- 
try of Posts and Telecommunica- 
tions. 

It would form the core of Japan's 
response to .■amilar plans in the 
United States for a wationftt infor- 
mation infrastructure, sometimes 
called the information superhigh- 
way. As in the United States, most 


of the actual work would be left to 
the private sector. 

Such a network would be costly. 
The council estimated that bring- 
ing fiber optics to 75 milli on sub- 
scribers by 2010 would cost be- 
tween $300 billion and S500 billion, 
depending on the network’s sophis- 
tication. Laying the cables under- 
l^ndwould require an additional 

Nippon Telegraph & Telephone 
Carp., the country’s main tele- 
phone company, is already braid- 
ing a $400 billion nationwide opti- 
cal network, which it intends to 
complete by the year 2015. The 
council's plan would speed that up 
by five years, although it is undear 
how a new timetable could be en- 
forced 


The source of the necessary fi- 
nancing also is not yet dear. But 
industry and government officials 
have grown increasingly worried 
that Japan is lagging the United 
Stales in advanced tdeen mrmmi ca- 
Qons and mnltimMia 

Japanese companies and con- 
sumers have largely stood by while 
the use of computer networks has 
mushroomed in the United States 
and while U.Sl telephone and cable 
companies have begun testing ser- 
vices like video on demand home 
shopping and electronic libraries. 

The lIS. companies are hoping 
to have Eba optics installed in 
most of their networks by early in 
the next decade, years ahead of the 
Japanese target. 

Developing its own information 


infrastructure would help Japan 
spawn new industries and make ex- 
isting industries more efficient as 
the economy shifts from manufac- 
turing to services. 

The council recommended that 
the hoik of the network be built by 
the private sector, mainly tele- 
phone and cable- television compa- 
nies. But the report also suggested 
that the government would help by 
providing tax incentives, low-inter- 
est loans and other inducements. 

The advisory council also recom- 
mended the government lead in de- 
veloping public service uses of the 
network, for health care and educa- 
tion, for example. This would help 
finance the network before coro- 
rocraal applications developed. 

Analysts say that one reason Ja- 


pan has fallen behind is the strict- 
ness of telecommunications regula- 
tions, which have left Japanese cable 
television companies undercapital- 
ized and fragmented. Only about 3 
percent of households here sub- 
scribe to cable services, compared 
with 60 percent in the United Stales. 

Broadcasting and telecommuni- 
cations have been considered sepa- 
rate fiefdoms in Japan, even 
though new technology allows 
them to merge. NTT would like to 
offer video services over its optical- 
fiber network, but there is a con- 
cern that it would be powerful 
enough to wipe out the smaller and 
weaker cable companies. 

The advisory board recommends 
reviewing regulations and possibly 
ending these industry distinctions. 


seasonally adjusted IJ> percent in 
the Gist quarter, for a 5.0 percent 
annual rate. That compared with 
an annualized 4.0 percent in the 
fourth quarter of 1993. 

“It must be 30 years since we've 
seen economic conditions quite as 
good as lids." Prime Minister Paul 
Keating said. 

But the faster-lhan -expected 
turnaround in the economy, which 
three years ago was deep in reces- 
sion. raised fears in financial mar- 
kets of an inflationary backlash 
and sparked speculation of a rise in 
interest rales as early as September. 

“The data were very impressive 
and are bound to stir talk of a 
tightening now coming sooner 
rather than later" said Andrew 
McGill, a foreign exchange dealer 
at Hiaw Manhattan Australia. 

The government and private 
errmnrnists cast doubt on an immi- 
nent increase in rates. “Inflation re- 
mains low, the current account is 
stable and the climate for invest- 
ment continues to remain sable,” 
said Ralph Willis, the treasurer. 

(Reuters, AFP) 

■ Growth in the Philippines 

The Philippine economy, which 
has lagged its booming neighbors 
in Southeast Asia for a decade, 
grew a better-than-expected 4.84 
percent in the first quarter, news 
agencies reported from Manila. 

The increase in inflation-adjust- 
ed gross national product, a mea- 
sure of goods and services pro- 
duced by an economy that includes 
income from abroad, compares 
with growth of 027 percent in the 
first quarter of 1993. 

A resurgence in domestic pro- 
duction resulted in growth of 3.77 
percent in the country’s grass do- 
mestic product in the same period. 
This marks the first time quarterly 
GDP growth exceeded 3.0 percent 
since the fourth quarter of 1990, the 
National Statistical Coordination 
Board said. GDP does not include 
income from abroad. 

(Bloomberg, AFP) 


investor’s Asia 


Bong Kong 
Hang. Seng : 
im 
im 


Singapore 


Tokyo 

Nikkei 226. 



T TfiTO.^TTB 

tW . ; 1894 ■ 

. -. fade* ....... . 


3TB7. 

1994.' „ 

VtodnesdayPrev^' ... 

Ckwe . .009©. v ■Ghangei 


Hong Kor£ 


,*&im " : -4X43 

SUigpqpone - 

.S&afis Times,;- 

22KIM [ SM iJBlV 

Sydney ; • : 

: ABCtaflnartes . .. 

2jmx» +0,74'. • 

Tokyo 

N 8 *aJ 22 S. . ' 

21rfK3.11 28^73,58^^38 

[ Kuato Lumptu- Cdfr^jo^te. 

imw. oaa3S-> • tuo 

Bangkok 

SET 

1^fi8J3S tJSB&87 +0;8S 

Seoul 

^Composite Stock 

S32.77' . .933.48 . ■' -0.72 

Taqxri, ' * ; 

Worried Price 

iflGljW. 5,69156. .+1--19 ; 

fltepHtt 

PSE 

3.11A44 3,030-77 +2.76 

Jakarta s " 

SiocK loctox 

4OTi3 . 501.79 ■ 

New Zealand 

HZSE-40 

2,13630 2,13850 UndL, 

Boii&sy ■ 

hfetionaltndax.- 

1J840JB7 . 1329.16 : +0.63 

Sources: Reuters, AFP 

Iwciwaiireul Herald TriNjne 

limy briefly: 


» Hitachi Ltd. is p lanning a range of cheap and simple home appliances, 
such as microwave ovens and food processors, to meet demand from 
Japan's newly frugal consumers, a company spokeswoman said She said 
the company was still considering whether to use a new brand name. 

• Hong Kong banks' net interest, income rose 16 percent in 1993. slowed 
from 23 percent in 1992, the Hong Kong Monetaiy Authority said; total 
loans also rose 16 percent, and domestic leading increased 18 percent and 
offshore lending was up 14 percent. 

• Malaysia said as much as 4 biffion ringgit ($2 billion) was missing from a 
state-run foundation set up in 1967 in Sabah state to use profit from 
logging projects for social-welfare programs. 

• Toyota Motor Carp, is conducting a feasibility study mi motor-vehicle 
production in Vietnam, a company spokesman said. Separately, two 
small telecommunications companies. Teleway Japan Corp. and Nippon 
Mon Tsmhfat Corp^ each said Toyota was becoming their biggest share- 
holder as a result erf separate financial rescue plans. 

» Japanese sales of new motor vehicles fell 1.7 percent in May from a year 
earlier, to 324,749 units, for a record 14th consecutive month of sales 
declines, an industry association said. 

AFP. Return. Bloomberg, 


Taiwan Airline Names Chiefs 


The Associated Press 
TAIPEI — China Airlines has 
named a chairman and president to 
replace executives who resigned as 
a result of a plane crash in Japan 
that killed 264 people. 

The airline said Chiang Hung-i, 
67, president of the domestic air- 
line Far East Air Transport, was 
appointed chairman, and Fu Ch un- 
fan, 52, head of China Airline’s 
audit and inspection office and an 


employee since 1966, would be- 
come president. 

Mr. Chiang and Mr. Fu wiQ re- 
place Liu Teh -min and Yuan 
H sing-yuan, respectively. Their 
resignations, submitted Saturday, 
were accepted Wednesday. 

Mr. Chiang said his first priori- 
ties would be to improve the air- 
line’s safety record and settle a dis- 
pute over compensation for victims 
of the April 26 crash of an Airbus 
at Nagoya airport. 


INTERNATIONAL CLASSIFIED 


PERSONALS 


WAY TtC SAOB) HEMT at Jwa b> 
odixod, glonfwd, favorf pro«rj»d 
rtnxnhout the mV now and for- 
mc. Sami Haart of Jam wo» far 
in. Sort Jude worfar of niradai pray 
for w. Sdnf Judft help at Ih* Kop&as 
jtgffar m. WffilWC 


announcements 


Attention visitors 
from the U.S. 1 


L 


ssd 


ff you enjoy reading Ihe 1HT 
when you travel, why not 
abo get it at home? 
Some-day tMwwy crralable 
in key US cities. 

Cafl m 800 8ff£2*M 

(kNwi lak cal 213 752 3190} 

Hc ql hd S!! trib une. 

FJULCT4. H» free Anrfo Anwrioan 
ACS aMHfing & ***™p**P*l 
invte spoon, partm w w# 
panom HIV. + to neri friomk « 
FAACT3 Mondor 

Ciiwdrd. 23 Georcje V Pom 8JK 7p«n 


*wqu> am hosts* 

Al goon mUL Tofc (310J 277-4788) 
Fms (3101 277-5528 USA. 


word am hosts +3 

hone for t moertv. 10 ram from 
SSek&w. i preawa fefarfs to each: 1 
trot. 3rd pbca notch I finch. 


CoiFrwk 


3rd gloo 
SweTra 


USX 1413587 32U 


Msapaas w mow &kjm> 

OT 0330, 


HETTY PHOTO MODUS WANTH) 

faf seashore Aote in Mtdferrowan. 


RUNG hwT — - hart* jnHsari 
SOS ffiP crivte n &wfeh 3 pun. 
11 pjaTet Pare HI <7 380 8a 


WOW® am *94 GAMS &/ar Back 

ftxfcages wMt hotel & air. Fax your 

-wedOttUGApOl) 339-6716. 


MOVING 



irnsmmm 
A.GJ- Kttjssas 
A.05.KUMM 

A-GJ-M 

Ia.Gl$.HUGUEJ 
[A.GS WARSA1 


AUTO RENTALS 


RBfl ROM DEKI AUTO 

WfflCENn ff 515_ 

SPECIAL OFF® - 7 DAYS: FF 1000 
PAWS TEL HI *5X7 27 04 


REAL ESTATE 
FOR SALE 


FRENCH JUVDEJU 


fEM NOE I ABPOH Le Vtnfco 
aprrtnent far ide 118 sqiA balcony 
45 Kuo, 3 hedraem. View to Ihe no. 
No obmh Td U5A +1-2P2 363080. 


SWITZERLAND 




UKEGBEYL& 
MOUNnWf RESORTS 


Mr to 


M 75 
ACHAU35 


■fa MON1WUX. VIIAM, 

IBUABUEr&GSrAAA 


far Sir. 201^000 to 3 J| 

SZ I.CH-1211 0— w.21 

T?4I22-7MI5 40l Fbk 734 1220 


REAL ESTATE 
TO RENT/SHARE 


PARIS AREA FUKNBHBP 


PAHS LA DEFENSE 1 
RE583BJCE CARTEL 

Spasms 2 or Jrocra apuhoott 
to rent far 3 dojrs or an. 
fanwSrtB feserwdwm 
tAh - Tel: (33-11 41 25 TA TC 
W Fax (33-1 1 41 29 18 T5 


& 


■••••• TO RENT * * * * 
Hnnd p dad quaBy os ni i —to. c* 
BOM, Axil and uhirtt. CwIALE 
PAKfNBSTefc pj 46 M 82 11. fon 
01 47 72 30 96. 


business message center 


AJTENffQN SXKtniVES 
PuMbb yw bwh « s 

Jmsl faxar fforU M-7- 





ssffy&sgss 


business 

OPPORTUNITIES 


0H3H0RECOMPAMB 

• 7» 8WH MmCgHf 

* BANC NTROWCOQNS 

•' I*#*** ** 

end NO page moor t«xnw 

bCRAMWttRW® 

3402 Bank of Awko Tower 


let +852!. 

Fat +8S2 52I1WO 


■eaagKgg 

* loivfaa resrssss&f^ ; ■ 

• FtB «fa£&tt»on 1*™» 

ASroKC0t9OMrf]Wf*®S > 


OR5H0K COMFNMC5 A BAM0NS 

• FREE Oiochurt A Advice J 

• 5Wf Condone l* S. Wo£«d» 

• NooenEc 4 Office 

• 8a4te A ujj urt u ncr A Tax 

• VATAwnir & tefunfe 

APRETONS 

186 Homman&r Ed London W6 7 DJ 
TU44BT741iai Fm 44 81 748 6558 


OnsHOgRAfK ^OagAfa pw. 
Fufl Midnl or wremeraal ta* 
poMcre. Tas freo ven*- Itoredfito 
b^r. US $2 SJXNl tiwtoii 44 71 
MSlg.Cmxfal60flW2iltf. 


BUSINESS SERVICES 


SAVE ON 
International 
Phone Calls 

NowyaveenoalffiB 
UJL and snw re modi « 


y« con sowg 

Una op» 24 touo. 

4 T 

kallback 

7eL- 1/206-2B45600 
Fox.. 1/206-282-6666. . 

417 Second Avenue Wnt 

sioflkWA 98119 USA . 


HONGKONG 
C0MMNE5 US $350 


bonMM eotore of Abb 
SCMBB6N najHIBNAWNAL 

FAX: + 152 BM $995 


AWamSMG W MKStAH / CB no- 
bond / nciud nannpapoB, Mo saw 
fa 17- 


CAPITAL AVAILABLE 


CONHRMAOE DRAFTS 
BAOQDBYCASH 

* tnred in Yoar hkwe 

* Cdnffwd bf Mats hfl Boris 
to Prove AvaUAy of fcm 

* Boded by Plncie hncdori 

CAPirMSUpponraxp. 

US. (7141 757-1070 Bn 737-1270 


SERVICED OFFICES 


NEW 

YOUR ORKEM PAHS 

SMrtrtotggjje 

ban 9mde car pad Satrefanol 
and penoooSird tofaphone mmcel 

YOU* Amf3$ mor aWAlUfta 
bumn addraa. fa/ phone nuretar. 

u» aim raws lunafiMt 
. 12 BM Moddcine ■ fas 9*™ 

Td 33-14451 8080 Fm 33-1-44 51 B08l 


InCeraatHkBftl 
Herald Tribirae 
Ads work 


TODAYS 

INTERNATIONAL 

RECRUITMENT 

Appears on Page 4 


Embassy Service 

YOUR REAL ESTATE 
AGENT M PAHS 
Tat (!) 47.20.30.05 


AGtNCE CHAMPS ELYSEE5 

speoofaB fa fareahad oportwrti, 
resJenM «*cre> 3 months more. 


Tet 


AM 


25 32 25 

£3 37 09 


AT HOME IN PARS 

PARIS PROMO 

qp ui fteeete to rest fornidhed or not 
Sofa A FVeperty Mmogareem Servicn 
25 Av Hoche 75KB PbreL fa 14561 1OZ0 

Tel: (1)45 63 25 60 


74 CHAMPS UYSSS 

CLABIDGE 

K» 1 ^w m^ oa MORE tohdoa 
Tet (1) 44 13 33 33 


FocfagHotol CONOORDELAMY&TE 
Lunriow 2 room, TY phuw. 

No ageocy fee. KBQQl 
sb 1 north or reote. 
anion Sr. C 
Tet (1)435? 


% BU Goavion Sr. Cyr. Flam 17th. 
" 596581 


mm* 58 M □raid da Go* 
report Segcto tart ei o p nioty host: 
3 receptore with (npoev, 8 bed 
reoms, 5 brtK «Kf#p«d Ufchen.- 
large heed endoiad port. Mo til 
'roore OorqBB. fGOJDd moiliy wto. 
Wtfrf4453562i foe 1-3468 


wm iMb, avt mm math 

lurerioB 1 00 wjh, uraa i otm . 
floor, potono. 


, NEAJl BEAUBOURO, 3 KOMS. 
■Mdnp, sen, 1 w m W) oaL 
Mod »>n. Tet 1-42 7B SJ32. 


is*, awm m mass. 2 rooms 

dl aurfam, ficwTNSO mdui 
iog charges. TeC [1)42 96 a 56. 


PARK, ui, balcony char Oder, 4 
looms. FI 1000 net Awl erten. AHA 
Tel: 140 »OT %. fa 14026 5094. 


LATIN QUMtlH; 2-nai flat in town 
home, entrance, kitchen/ breti wmy. 
view. Wo*»>a Owner Tok 1-4354 65 tb 

MRS BffiNVBW charm, privacy orth 
senna t famnhed inter. 3 njhts la 

2 yen. Tri 1-42124040 fa 1-42T24048 

BASTHIE, near wntport great view, 
bright, dootto tang 2 bnooav. 92 
sam.. balcony. WAS) Tel 1-48MW47 

TBOCADERO; 2 room, terrace. P4.900 
not Pate Butte Chaumort: atirto, 
10400 net Owner Tel 130 76 36 » 

Mfa heart 5»-Gemoin des Pres, diann- 
<ng 60 bub., ivnehed & earned n 
kMury French styte. Tel 147 54 O' 66 

PARK AREA UNFURNISHED 

VBWARIH - Dwfa in famry modem 
house, aurte of town near (ram rto- 
liotL 4 bedroom. Bring rocre, dring 
room, 2 Wtom, «ry farge gtw- 
(kpatan FH500/morth.Tri HI 

39 49 UKNaoopnun fees. 

20 KM V«$T PARIS HOUSE m green 
reudantiii wBoge. 7 im by fart to 
SNCF. 4 becncne, tecep6oi\ rttjm 
terrace, 1 M) sam garden. FZ2£O0. 
Tefc 1-W (653 Mor 147 67 61 B7. 

PARS Mv NEAR UJX£«BBCMM>. 
BeortM oH. double Wing. 3 bed- 
room 145. sqm. FI 8,510 indwfng 
chargee. Visit May from 1pm la 2pnt 

44 MJEDE FLEUSUi 

DOMESTIC 
POSITIONS WANTED 

PORTUGUESE COUPLE. 37, experience, 
rrench/Spatoh some Enctnh a nt- 
□bleimmficl^. fais (!) 4353 45» 

LEGAL SERVICES 

US. OS1CARD LOTTERY 

55,000 OnMnaadi to be fared 
. fa 199V 1995. 

J50l lejfJ lee to aopjy 

Uuna 1-Jure 30. W# 

Kotfifaen Grawye*. AKatney 

17383 SmrtBvd.. Ste. 120 

L* Atwfai, ca mn uiA 
TetfllripSoSs fafllOJOTm 

LOW COST FLIGHTS 

SQBUUD doijr Aghts. In. fausineu. 
«0HMW ot bwot Tores. t*o Drtiy 
■»B0».Td Iff POra 111 4755J3 11 


Jlrralh^^Siribimc 

PLANNING TO RUN 
A CLASSIFIED AD? 

EUROPE 



&GMML 


cattwr. 

BWPfe 

UiDWt 7267- 
fa: 1QM) 7273 Iti 

StMDaUMkFtA., 
Tdcfl2tir»^2i. 
fa; (KI| 728 3091. 

raraoj|^wt^bn. 

fa: P71] 24Q 2254. 


NORTH AMBBCA 

IBM YOMb 

Tel: 1212) 752-3890. 
fallre«JaD 5727212 

Free (21 2] 7554785 

ASIA/PAOBC 

HQNGBOMG; 

UbL (852) 9222- M88. 
fafac 61170 HTHX 
Foe (852] 9222-1 190. 
SHGWORt 
TeL- 223 6478. 
(2241566- 
749. HI®. 


CURRENCY AND CAPITAL MARKET SERVICES 



Currency Management Corporation Plc 

Winchcflcr House, 77 London Wall - London EC2M 5ND 
TeL; 071-382 9745 Fa*s 071-382 9487 


FOREIGN EXCHANGE & GOLD 


24 Hour London Dealing Desk 
Competitive Rates & Daily Fax Sheet 

Call ft tr further information & brochure 



LONDON & GLOBAL 
FOREIGN EXCHANGE PLC 

PREMIER SPECULATION SERVICE 
QUOTE UP TO 100 MILLION USS 
Top floor, Comeo Hows, 1 1 Boor Start, London WC2H 7 AS 
Tut.: {071} B39 6161 hoc (0711 839 24 \ A 


Signal 


O t30+ software applications O 
O RT DATA FROM 510 A DAY O 
O Signal SOFTWARE GUIDE O 
Call London: C 44+ (0) 71 231 3556 
for your guide and Signal price fist 


Fiituresburce The_ reol-time information sy*,lcm 

preferred by Institutions end now 
availcblc to tracers ct home. Unrivcled ecvcrcgc at an unrivaled 
price. Futures • Options • FX * Energy • Commodities • Metals • 
Mews * Full Charting & Technical Analysis from cur VVcridwide 
coverage • available vie Satellite through Europe. 

Call FulureSource Tel.: t 44 71-867 8867 Fax: +4d 71-4SI 3042 


Duff Forecasts and Market Myths for 1994 

The US dollar will soar, defi'al.'on wCI continue, gold 4 meet commodities 
won t rise; Japan's economy A stock market wiJJ be weak. You did 
NOT read that In FullerMoney- the Iconoclastic Investment teller. 

Ca'-t Kyla Ph:!:.p» lor o romp:# issuo (onso c-nV; cl Cr.c.-i Assiysts Cel. 

7 S#o!:5* Strool. lordcn. WtR 7HD. UK Twi London 71 -i’.O 
<07. in J<) o f 7i WU e SiWSfr* Vomr.m 


K K \ I) 


•FOREX 'METALS -BONDS ‘SOFTS 

Objective analysis far professional investors 

( 44 ) 962 879764 

Fiennes House. 32 Southaafe Street. Winchester. 
Hents S023 9EH UK Fax /44) 424 774067 


t 


:: x 



24 hours a day - only $100 a month! 

LIVE FINANCIAL DATA DIRECT TO YOUR PC 

I ! ftlfPCrfrOBS- 

For more information Fax +4S 4587 8773 


A I 


MEMBER SFA 


Margined Foreign 
Exchange Trading 

Fasi, Competitive Quote?! 2 * Hours 
Tel.: + -i-t 71 815 O-tOO 
Fax: + \4 71 329 3919 



PROFIT 

THE DAILY SPECULATOR 
THE COMMODITY TRADER 
THE WEEKLY INVESTOR 


Timely, speette, proven mer- 
ket strategies, cfeft rereddefy, 
b&brB the markets open. 
Please cat for a FREE copy 
at the market letter of your 
choice 



FINANCIAL TRADERkUD. 

280 Oser Avenue 
Hauppauga. IVY 1 1 788. USA 
Tet.: SI 6-435-4800 
Fax: 516-435-4897 


For further details on bow to place your listing contact PATRICK FALCONER in London 
TeL- (44) 7/ 836 48 02 -Fax: (44) 71 2402254 


ESCORTS A GUIDES 


BELGRAVIA 

ORCHIDS 

IQhC O N MRB ESC ORT AGE HCT 
CRBRT CARDS AOStH) 

UK 071 589 5237 


TABfTHA’S 

LONDON - PARK ESCORT SERVICE 

071 266 0586 


ELITE- REGALE 

ESCORTS wOfiUMlDE 
MEN £ LADES SERVICE 
UK 071 586 9298 


FACS UK 

WOR1DWM ESCORT AGENCY 

TEL UK 081 6M JffiO (6 LltJESJ or 
TB: UMJP 56 37 IIS 9 



II INTERNATIONAL CLASSIFIED 1 

BiWOlATiONAl BOOSTS 

MBS GENEVA & PAMS 

Escort Agency 346 00 89 a rtsSt ends 

nMNRFURT KOtN DOSSHOORF 

al areat. Escort Servos. 

m-o&M 

Td 2I24654W6 New Ymk USA 
Motor GfifSi’ Ctmk AtreptoJ 

MORRBON CLUB - V0M4A BOOR 

BtQUEffiBOOms 
SSfVKB- LONDON 07t 935 4532 

0222/56 86 84. 

* VKXH * EmrtSarvice 
ZU0OI * PARIS 

GetS eawboaedtad 
fa Zund* col 077 / 63 83 32 
Other rty. dal NTl +35 ?4? 42 97 

lOMKTN-SARAH 

Escort Service. 

Tut 081 90 9415. 



bndon/Heafrow 

TeMnre 0850 623734 

^^GadaSetyce, Trtfaw No. 
■EB 3351 - 2278 

ROTTERDAM MOTS 

Escort Service 

MOAN -JUM BSCOKT X «** 
SSmff S6S439 OK 0330 234392 

VBMA*nUHS*CANNB*ZURKH 

Emoottod Exort + Trawl-Sareice. 

Coil Vbmo +43-1-310 63 19. 


* ZUB04 * SUSAN • 

Escort 5erv*e 

T*01 73819948 

WenfacBjkW 

BONY ANOBS QF tONOON 

esconssma 


071-2334047 crcdd earth accastod 

ZIWH * BERN * IUZBM 

NATHAUE Euart Servia 

Td: 01 7 461 76 39 

LONDON BRAZI1AN Escort 

'PARIS I LONDON* 
■ELEGANCE* 

Esmrt Service London (711 394 5145 



CHBSEA ESCOn SBtVKE 

51 BeaudhaMyiace,tinfanSWl 

Tel: wl -584 6513 

HUtSnu$5B5 

VF facort Service. 

faff 32 2 2801860 credit conk 

BCORTATRAVaSEMOE 

Tafe 392 41P 78 22 

* LONDON * BCCXT ■ SBMCE* 
•TELy071-499-289»> 

ZUBCH/Raw/BASa 

Escort Santa 

Tat 077/88 06 Ml 077/89 06 70 



PEACHES 

BON ESCORT SERVICE 


LONDON SCOUT! 
071 938 2641 


To subscribe in Switzerland 

just call, toil free, 

155 5757 


FRANK F U R T - TOP TBT 
ESCORT SOVKI 
Ta.o<B-W7<m 


VBMA*nUG*ZUHOf* 

SU>RBME S03Br SBMCE NR 
CJVfanw +43 1 5321132 


AMSTQDAM BUnBUlY bern 
Swwca Tet W2D64rt5ro 
Credtl 


MUNICH *W(ICOME 

BC0CT&GUBE AGENCY. 
PLEASE CALL 089 . 91 23 14. 


ORB4TAL ESCORT 5HWK7 
lOWON 

FlEXSE ttiOht (PI 225 33U 


TROPICAL ESCORT AGENCY 
testa • OeaS Ccreb 
(PI 627 8555 


ZURICH RBfiM 
Escort Serve* 

he* 01 / 38386 Si 


“ 6BCYA MTHMATTONAI *■ 

Enort Sereire 

Tefe 022 / 731 63 52 ■ 077/259980 


’ ZURKH • CUOUNE 

Ea#rtScnia 

ittmrmiyQ 


IBME TIME ESCORT SBVKES 

faManhom 
212-27MS23 USA 


l ** P*BS - RRUXB 1 B 
torfSenjw oJ Bmefa 
32-2-201 - D7 OQ 

*10NKM * CABB8EAN * bST* 
fadon & Herthow faegrt Serein 

1P1 294 9077 Cra* CarA Acc^sd 


UMA-BBUM 
Escort Serena 

_M0172S11495 


*0ENE V A * PARI 5 * 
BETTY WOMAN SCOT SBMCE 
name ml Genera 022 321 99 61 


I 




•ft*- 


iiudl'hc, mtnsii.AX, ju^t iW 


"a nVERTISlNG SECHON* 


ADVERTISING SECTION 


u 


• Can 

. NE 

tittle 

curre 

onW 

[run 

tradir 

Th. 

1.646 

1.645 

down 


stead 

5.626 

Swis; 

poun 

from 

■ Mt 
rope* 
iral t 
bank 

at a i 

Sieve 

bank 

ihe b 

doiJa 

level 

triggi 

defer 

“T 

M 


rope 

plao 

H 

keu 

Eur< 

dose 


grow 
rider 
back 
for i 
M 
econ 
amo 
was 
ier\ 
ind 
teriz 
marl 

3 t 
T? 
bo ru 
;erri 
irad: 
aain 
New 
Ti 
>eur 
poin 
ii»JI 

.■ent 
A 
and 
non 
plo\ 
relei 
a fu 5 
T 
chec 


Aflrm: 


a 6i. 
ACF 
rW. 
A(V5l. 

Uzo 

AVc. 

3olS- 

ZJUt 

ClVA 

5 i*«- 

Fflk* 

r.iii- 

MBG 

Heir 

Hw 

Himi 

IHC 

ln!ef 

Int'l 

r.uu 

KUP 

Nedt 

Oce- 

PaW 

Phlll 

Pol-, 

Rot" 

Rod. 

Rolli 

Ron 

Raw 

5 tori 

Uni I* 

Von 

VNL 

woit 

EOE 

Prei 


AG 

Art) 

Bar 

a«k 

Coe 

Cob 

Del 

Ele 

G 1 E 

GBi 

Ge> 

Kn 

Pel 

Pm 

Ro) 

Soc 

Sot 

Sol 

Sol 

Trt 

UC 

Ur 

Cm 

Pn 


AEl 

All! 

AIK 

Apt 

Ba: 

Oai 

Bo> 

Bov 

BBi 

BH 

BM 

Cor 

Cor 

Do I 

Dei 
Dt 
Dot 
Do, 
Dn 
Pol 
F » 
Ho 
Ho, 
Ho 
Ho 
Ho 
Ho 
IW 
Ko 
Ko 
Ko 
Kh 
Kh 
Ui 

Lu 

M/ 

MC 

M* 

Mi 

Pc 

Pr 

PV 

RV 

RI- 

SC 

SE 

Sk 

Th 

VC 

Vt 

V! 

VI 

Vt 

w. 

Bi 

R 







•v ----- 


ns 


w agenda 


Greek Industry Adapts to a Difficult 




or nearly 30 
vearv between 
1 048 and 1 9/5. 
Greek industry 
lived in a dream world. The 
eoumry's stated policy was 


Biotechnology 
in a Greek laboratory (above) 
points a way forward 
for Greek industry: 


the Athens Stock Exchange 

•••*.* ’j. * .* y / • 


(center) proves the value f $$££1 


of new investment; 
and (bottom) infrastructural 
improvement - in the port ? 
of Rafina. in this case - 



opens new opportunities. Z, 
= r 




to industrialize. main!) 
through import substitution. 
Protective walls were set up. 
Credit was plentv and avail- 
able on easy terms, and sub- 
sidies abounded. As a result. 
Greek industry grew com- 
placent. 

There was, however, some 
improve mem. Value added 
in manufacturing, expressed 
as a percentage of GDP. av- 
eraged 16 percent in the 20- 
year period to 1980. in in- 
dustry. it averaged 26 per- 
cent. Gros* fixed capital for- 
mation grew at an annua! a\- 
erage rate of nearly 6 per- 
cent. The years I960 to 1967 
and IMrtT to 1973 were par- 
ticularly impressive in thi* 
respect: in\ esurient grew b> 
an annual average rate of 8 
percent tn the first period 
and 12.3 percent in the sec- 
ond. 

During the 20 years up to 
1980. the >eGn largest 
OECD countries exhibited 
an average annual rate of 
growth in real value added 
per person employed in in- 
dustry • 3.5 percent, while 

Greece'* cone? ponding rate 
wa> an impressive -1.3 per- 


for tw o months of goods and 
services. 

The entry into the then 
EEC provided the last straw. 
Imports of goods and ser- 
vices as a percentage of 
GDP nearly doubled from 
16 percent in 1960 to 30 per- 
cent by 1983 - a clear indi- 
cation that domestic industry 
w as unable to face foreign 
competition and that the 
policies of protectionism 
and import substitution had 
failed to provide Greece 


ft has dealt successfully with 
competition in Greece s in- 
ternal market and is in the 
process of expanding in the 

Balkans as well as in Eu-. 

rope. - 

The kevs to success for 

these firm's - which proba- 
bly do not exceed 50 in 
number - is simple and well- 
known. Labor costs have 
been tied to productivity 
growth. Investment pro- 
grams have been imple- 
mented with a vengeance. 


'Niche growth ' points hot to success 


: — ; — : : — i 

Thi* :i<Jveni*ing '■d.ii-iis I cf. y -‘, ■ • J ■ 

w > pr*»J:...v«.l in it* : - 1 . ' 

uiciy by if -nprlenv.-m* ‘ * ■ -- 

di 1 . isi"ii > InlvTi'ui* 

in ma 1 Her.i.J Trihun..'- 
.idveiiiMiig depanmenr • 

A ni h« -ny Kelal:i*. J<*iin 
Rigt«' and P.it HamilMi 
arc writer*, billed in 
Greece. • Alan Til Her i* 
a travel writer ha •.«.■«.! u? 

Pari *. 










At a time when there is no room for 
inertia or complacency. -EMnOPIKH- 
- the Commercial Bank of Greece - 
retains its robustness. 

Through its size as the second largest 
commercial banking institution in 
Greece. 

Through its wide network ol 342 
branches all over the country. 

Through its modern technological 
infrastructure. 



Through the dynamism ot its 
management and culture. 

Through the depth of its experience in 
banking, insurance, sen/ices and 
industry in Greece. 

Through ils highly - competitive special 
products and divisions. 

For example. 

The Investment Banking Division 

has become a leader in the Greek 
market for related services such as: 
underwriting ol public issues, 
commercial bonds, advisory services. 
M&As. and a lull range ol custodian 
services 


The Department ot Feasibility Studies 

otters two types of services: 

a. it undertakes feasibility studies tor 
interested investors, and 

b. of utmost importance, il undertakes 
to obtain all the necessary permits and 
licenses (including: documentation, 
provision ol information on legal 
benefits and incentives, legal support) 
so that investors will not have to deal 
with bureaucratic red tape. 

Take advantage of the dynamism and 
robustness of the Commercial Bank of 
Greece. 


iimnopiKH 


COMMERCIAL BANK 

the fine art of Banking 



with a modem, competitive 
indusirial structure. 

Employ ment in industry , 
which had grown from 20 
percent of the civilian labor 
force in : 960 to 29 percent 
in 1980. remained stagnant. 

The policies followed by 
the Socialist government in 
the 1980s pushed Greece 
further aw ay from the Euro- 
pean industrial mainstream. 
Ailing companies were tak- 
en under state protection and 
allowed to operate with no 
attempt at restructuring. .As a 
result, they accumulated 
debts in excess of l trillion 
drachma.** in the <hor\ <pan 
of nine years. Lax income 
policies allowed hourly 
earning* in manufacturing to 
grow by an annual jxerage 
rate ■:i more trur> 20 percvn: 
- the Highest of a!! OECD 
countne* - w hen the OECD 
j% erase wa-* barely 6 per- 
cer.r. 

Price controls, combined 
with *narr rise* in unit iabor 
cost.* and high interest race*, 
icd to c dramatic decline in 
prvrtabiJjsy. A* a result, 
fr. ^ : ’axi't ;,i >*0^ real val- 
ue .'.Jeec ,n industry grew a* 
ar. average annual rate of 
ju*: n 6 percent, while -gross 
fixed capita! formation in 
reJ terms actually declined 
at an average unn’yai rate of 
i pcrcen:."* 

P-ic res'ji; of these mov e- 
ment- ;* ti:ui today Greek m- 
•2e*:r. .* i~ ,. *;aic of 'shock 
j'.c ;• Jee." y ■Ji'-i.lej. One 

:-t : _rgc*i. i* 
r..i r.'.\ cn^oie ;o rr.ee; for- 
eign u. Tires :ti-T :n !t* d.,- 
t^esi,^ - iet ;:!< -nc e\- 

paivu ■he Balkans ,.r ;r. 

her pr. 

A *•;■.. -rd par;. *mall hu: 
Jynair.;.. ■* plum!;, efficient. 


Profits have been plowed 
back into the firm, and capi- 
tal has been raised on the 
stock exchange rather than 
obtained from a bank. 

These firms are concen- 
trated in a few sectors: food, 
beverages, pharmaceuticals, 
cement, shipping, tourism. 

telecommunications, certain 
aspects of banking, software 
and some agricultural prod- 
ucts. In numbers, these firms 
are far too few to provide by 
themselves the impetus to 
growth that the country- 
needs. yet they account for 
more than 50 percent of all 
private investment in the 
country. 

They have made their' 
pre>encc fell in countries 
like Bulgaria. Albania and 
Romania through trade as 
well as through direct in- 
vestment. And they have 
started expanding in the 
larger European market, 
mainly through a process 
they call ‘niche growth.” 

This dv namic and grow- 
ing subsector of Greek in- 
dustry uses modem technol- 
ogy efficiently and w ith re- 
sults. These firms have 
worked hard to identify mar- 
ket niche.* that large multi- 
nationals. which dominate 
the European economic 
space, have left untouched. 

Greek firms have moved 
in with speed and effective- 
ness: Delta Dairy Industries 
with natural fruit juices. 
Lav ipisarin International 
with lran<dermal patches. 
Inlr.ikom S.A. with telecom- 
munications equipment and 
software applications tailor- 
made to customer require- 
ments. Hio* Bank with ag- 
gressive enterprises in the 
Balkans. Aspis Bank with 


innovations in the Greeks 
market for real estate; tbe.3E 
Bottling Co.- with ac eatry 
into Bulgarian and Roman- 
ian markets and interests- 
reaching as far as Irrfaejd. ' 

Companies like these pro- 
vide the spearhead for Greek 
innovation .and/growtlLr 
They offer the majoriry ef 
new jobs in the labor; mar- 
ket- They prevent the CoikK 
try from suffering a brain 
dram. And they do not hesi-: 
late to initiate exjensiye co- 
operation . agree roe nis' with 
European multinationals: . 
Delta with BSN„ Intrakom 
with Ericsson, Lavipfi’ann 
with Rhone^ Poulimc jaroong 
others). .. -. I. - --; 11 ; -‘ 

This policy allows dKm to . 
move with more; confident:" 
and speed in the m^tenica^ ■ 
tation of investment pro- 
grams and in the pene£r^6h 
of new and difficult imrfcets. 
They also serve. as the ^ "for- 
ward elements” in the efforts 
of nuroy Europeaa firms io 
enter the difficult Balkan 
nujkef. ‘ " " 

- The larger port of Greek/, 
industry is in for a further’ 
shocks however. The coun- 
try's critical state of public '■ 
finances - Greece, runs a rd- 
arively large public sector, 
and its borrowing require- 
ments exceed i8 percent of ‘ 
GDP, the highest of all Eir- - 
ropean Union countries - • 
does not allow for state aid 
to ailing firms to continue. 
Firms will either have to. 
close down or engage in se- 
rious efforts at restructuring. 
For some, there is no future. 
For others, if restructuring is . 
carried out quickly and effi- 
ciently. there is hope. Jobs 
will be lost, but imports will 
expand. 

There is a third group, of 
companies in Greek industry 
- those that managed to "sur- 
vive the rurbulenf 1980s but 
arc now bending under the 
onslaught of high interest, 
charges. .... - - 

These are the companies' 
that were not able to enter 
the stock exchange and have 
continued to rely on bank 
credit. The need to finance 
the state’s excessive fi>cal 
deficit has kept interest rates 
high and placed a substantial 
burden on some companies. 
They are now candidates to. 
form a new group of ailing 
firms. Anthony Kefalas 


Industrialist's Reasons for Optimism 


the 


leading Greek in- 
du*iria!is’. *.ee* 
:au*c for 
opiimi*m about 
»iaie o? indu*irv. In 


£■(. . V \ du*iria! 
y'i. ^1 M-nlC Cl 
optimist 


1994. lor the iirst lime in 
.%e\eral year*. Greek mdu*- 
trial production figures 
showed sign* of recovery, 
say* Jason Stratos. president 
of ihe Association of Greek 
Industries. 

"The improvement began 
in the second half of 1993." 
he says. A drop of l per- 
cent iii industrial production 
during the first half of the 
year led to a drop of only 2.9 
percem For the whole year, 
thanks to an improvement in 
the last quarter. 

According to Mr. Stratos. 
the beginnings of Greece's 
industrial decline can be 
placed in the early 1980s 
and was caused by macro- 
economic government poli- 
cies. Problematic enterprises 
- some of which ceased to 
operate - were the visible 
part of the problem, and 
many other industries saw 
their profits drop and had to 
abandon investments in 
modernization. In 1993. in- 
dustrial production was no 
higher than it was in 1980. 

“On the other hand." Mr. 
Siraios .says, "we have in- 
dustrial enterprises that ei- 
ther have overcome the dif- 
ficulties of the I98U.S or 
were established since then, 
and they expanded into new 
activities, were hased on 
new investments and were 
of u developing mid modern- 
izing nature. 

"Data for the first semes- 
ter of 1994 are encourag- 
ing." he says. "For the first 
time, they show an increase 
in output, and provided there 
is no general deterioration in 
the country's economy, this 


i Vi a an * ai iea.*i that we are 
not envisaging further 
*hrinkage.” 

According to figures pro- 
’• ided by the Association of 
Greek Industries, the num- 
ber of profitable industrial 
enterprises has been increas- 
ing since !9SS. The percent- 
age of profitable companies 
rose from 67.3 to 75.3 in 
1992. Profits for these com- 
panies during the same peri- 


are doing well. It is in heavy 
industry ihat we have really 
been hurt - in the steel in- 
dustry and the shipyards, es- 
pecially. In accordance with 
the Maastricht Agreement. 
Greece is allowed for na- 
tional security reasons to 
subsidize one shipyard. Thai 
will survive. The others will 
have to go. 

"In the steel industry, the 
government is negotiating 


Milk products being exported to 
neighboring countries 


od more than doubled. Fur- 
thermore. the retumability of 
capital increased from f 1 .7 
percent in 1991 to 23 per- 
cent in 1992. 

Although some branches 
of Greek industry showed 
more ability to survive than 
others. Mr. Stratos believes 
that survivors can be found 
everywhere. "Take, for in- 
stance. the building indus- 
try." he says. "It is not flour- 
ishing at presen l and yet ce- 
ment producers are doing 
well. Also in textile manu- 
facturing. we have good re- 
sults from the enterprises 
that are export-directed and 
have found their way to for- 
eign markets." 

He adds: "In the food in- 
dustry. and especially in 
milk products, we have very- 
good results. The same ap- 
plies to the beverage indus- 
try. Both wines and fruit 
juices are doing very well. 
These branches of Greek in- 
dustry have penetrated the 
Balkans and Eastern Europe, 
and that penetration has 
helped these countries in 
their own development. 

"Also, in the branches of 
the chemical industry, we 


with the Japanese for the 
restoration of the viability of 
the industry of northern 
Greece." 

Mr. Stratos does not be- 
lieve that government subsi- 
dies will help problematic 
industries. "The government 
has stated that enterprises 
that are not viable will not 
remain alive through gov- 
ernment subsidies. With re- 
gard to those that can be- 
come economically sound 
once they have been restruc- 
tured. the government will 
call on the banks to decide 
whether they find them 
competitive enough to be 
helped financially to contin- 
ue operating under private 
ownership." he says. This 
effort is led by the Greek 
Bank of Industrial Develop- 
ment. v 

- Those thai have no future 
will be dissolved and their 
assets sold u> private in- 
vestors." Mr. Stratos says. 

Mr. Stratos says it is 
wrong to distinguish be- 
tween old and new enterpris- 
es. He cues the beer industry 
as an example. "Mom is P av 
duced by an old Company, 
and it is doing fine. There 


are also old companies that 
have revamped themselves, 
like Della Dairy Industries, 
w hich has been modernized 
and is now expanding. into 
neighboring countries."’ 

High-technology indus- 
tries are showing progress, 
but some traditional indus- 
tries are also doing well. Tbe- 
construction industry is un- 
dergoing a slowdown, but 
some manufacturers, like 
Petzetakis. which produces 
plastic pipes, are thriving, he 
says. 

The aluminum industry is 
still mostly in good condi- 
tion. according to Mr. ' 
Stratos. The bauxite mines 
are working well, but 
Pechiney is operating with • 
losses. 

"We must admit that con- . 
sumer goods are ahead of 
capital goods." says Mr. 
Siraios. "If I had to advise 
someone to make an invest- 
ment in ihe industrial sector, 

I would propose the expan- 
sion of existing old enter- 
prises." 

He also points out that 
fisheries are a new area of 
industrial success. "At the 
Geroulanos-Romanos fish- 
ery in Cephalonia, almost all 
the production is exported. 
They are not only making 
profits, but have also ex- 
panded into research and are 
benefiting the whole fishing 
industry." he savs. 

Mr. Stratos thinks that if 
the national economy can 
stand firm under the pres- 
sure of the huge national and 
foreign debt, the private sec- 
ior will find the way to fi- 
nance its development, and 
Greek industries will return 
to their course of develop- 
ment and make a larger con- 
t0 the country's 
GNP - John Rigos 











I 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 


Page! 


ADVERTISING SECTION 


GREECE 


Casino Increase Aims 
To Attract Big Spenders 


s r ^ e ^ rsi summer tourists 
pour through Athens airport 
and lake terries from Pi 

lanrfc th* r? eU , S to hun J r eds of 

.I m policy cal's for new casinos 
(closely restricted in the past), more 
Ihe Mediterranean yacht 
** better airports and roads, 
some of them paid for by the European 

20 percent more US. 
visitors expected 

Union. The casinos and adjoining con- 
gress centers will be financed by for- 
eign investors, who are increasingly in- 
terested in the Greek market. 

_This is noi the first rime that the 
Greek government has sought rich 
tourists in order to tilt the balance 
somewhat against the backpackers and 
package tours that have been the main- 
stays of Greek tourism in the past. 

• An earlier attempt w as made after the 
Gulf War, which put an 1 8 percent dent 
m Greek tourist figures. At that time, 
the Greek tourist authorities decided to 
improve hotels, clean up the beaches 
and launch a campaign to persuade 
Greek- Americans “to go back to the 
land of the ancestors.” 

The campaign worked to an extent, 
and tourist figures have been climbing 
back toward the 10 million mark. This 
year, the total should exceed 10 mil- 
lion. 

Greece feels it has not been earning 
what it should from the influx of 2 mil- 
lion Britons, the latest group of visi- 
tors, followed by almost 2 million Ger- 
mans. It would like to boost the $4-$5 
billion earned in annual tourist rev- 
enues. a figure that puts it around 13th 
in the world. 

The drachma's weakness this spring 
and the possibility of a devaluation 
should help tourism during the remain- 
der of 1994. So will the multiple prob- 
lems of neighboring countries tradi- 
tionally dependent on tourism. 

Athens, mainland tourist sites and 
the islands are havens of peace. There 
is no terrorist threat to tourists in the 
Greek capital, and both city and islands 


are free from most other forms of crime 
and vandalism. Given these positive el 
ements. the Greek government has 
been targeting foreign investors to back 
major projects such us cusinos-cum- 
congress centers, which are generally 
money-spinners. 

Tourism Minister Dionysjos Li 
vanos. who accompanied Prime Minis 
ter Andreas Papandreou on his recent 
visit to Washington, met leading U.S. 
hoteliers and casino operators. His pro- 
posal: invest in new complexes, often 
with government help, and reap the re- 
wards. 

In the past, the government has al- 
lowed only three casinos for the whole 
of Greece - one near Athens and two 
on the islands. This is going to change, 
and about a dozen casinos will bring li- 
cense fees to the government of close 
to $400 million, plus a 20 percent take 
from earnings and corporate taxes of 
about 35 percent. 

For gambling and congress centers 
alone, the Greek government is expect- 
ing $4 billion in investment from the 
likes of Hyatt, Sheraton, Conrad and 
Hilton. 

Conrad has moved center stage by 
acquiring the management contract for 
the Astir Palace Resort at Vouliagmeni. 
near Athens. This development already 
has three resorts providing holiday and 
business facilities. Hilton is also inter- 
ested: company spokesman David 
Goldfein says: “We are ready to go 
with a complete resort - beach, casino 
and congress center.” 

. The attitude of hoteliers is changing. 
Major hotels, such as the Athens 
Hilton, have spent large sums, on reno- 
vation. Smaller luxury hotels are open- 
ing in the capital. On the islands, stan- 
dards of service are rising in line with 
official directives. 

One example is the Hotel Paros 
Philoxenia on Paros island, a $2-miI- 
lion-dollar development run by a new- 
.style hotelier named Lila Papaniko- 
laou. She has brought windsurfing’s 
world championship to her hotel and 
attracted guests from Norway to Aus- 
tralia with a new emphasis on round- 
tfie-clock service. 

Norway is a small market for Greece, 
but 70.000 Australians are expected 
this summer. Some 350,000 Ameri- 
cans. a jump of 20 percent, are also ex- 
pected. AlanTHtier 



Yachts line up in the VouHagmetii marina: A major conference centerfcasino complex will soon add to attractions. 

Salonika: Industrial Center of the Balkans 


i alonika, capital of the Greek 
region of Macedonia and by 
extension all of northern 
Greece, is moving to the 
center of the European stage. 

The city has long played second fid- 
dle to Athens, where a third of the 
country's 10 million Greeks live and 
60 percent of its industry is located. 
But with government incentives to en- 
courage investment in the north, Euro- 
pean Union funding and recent devel- 
opments in the nearby Balkan coun- 
tries, Salonika is beginning to attract 
both domestic and international atten- 
tion. 

Geographically and historical ly at a 
crossroads between Europe. Asia and 
the Balkans. Salonika was the commer- 
cial center of ancient Greece. Its main 
road. Via Egnatia. was built by the Ro- 
mans to connect Rome with Constan- 
tinople. and Salonika became (he sec- 
ond most important city of the Byzan- 
tine Empire. 

The most populated city in northern 
Greece. Salonika has 1 million inhabi- 
tants. Population figures for the whole 
of central Macedonia in recent years 
indicate that the region is retaining its 
population more effectively than other 
regions and has a more balanced popu- 
lation distribution than the country as a 
whole. 

About 15 years ago, a big push be- 
gan. initiated in part by President Con- 
stantine Karamanlis, who was bom in 
Macedonia and produced a regional 


development plan to increase popula- 
tion and employment in northern 
Greece. 

According to Tinos Stavropoulos of 
the Hellenic Industrial Development 
Bank, which is responsible for financ- 
ing 75 percent of investment in north- 
ern Greece, there has been a “revolu- 
tionary increase” in industry and tourist 
development in the north. 

The development of central Macedo- 
nia is based primarily on processing 
food and textiles. Characteristic of the 
dynamism in this sector is the increase 
in employment figures in recent years. 
Between 1978 and 1988, the number of 
people employed in processing rose by 
24 percent, while the increase in em- 
ployment for ihe country as a whole 
was just 2 percent. 

A well-established and permanent 
infrastructure for the processing sector 
is being created in the region, centered 
in Salonika, and the Hellenic Industrial 
Development Bank has financed the 
building of industrial estates, providing 
complete road, water supply and 
sewage networks, as well as lighting 
and telecommunications, in the four 
major areas of the region. 

Today, the port of Salonika is 
Greece's biggest exporting port (there 
are 1.000 export companies in Salonika 
alone and another 2.000 in other parts 
of Macedonia), and it is fast becoming 
an epicenter for the movement of 
goods in Central and Eastern Europe as 
new Balkan markets open up. EU- 


funded infrasirucrure projects are im- 
proving highways, rail lines and air- 
ports. making Salonika one of Eu- 
rope's most important areas for com- 
bined means of transport. 

Last year’s Salonika International 
Trade Fair. Greece's largest annual 
unde fair and a regular event in the city 
since 1926, had over 3.300 exhibitors 
representing 46 countries. 1,600 of 



The waterfront at Salonika, Greece’s 
biggest exporting port 

them Greek. One noteworthy differ- 
ence in the 1993 fair, according to 
HELEXPO. the official organizers, 
was the increased presence of the new- 
ly established East European countries 
“during their first steps in the free-mar- 
kel field.” 

There are five leading industries in 
central Macedonia: food, beverages, 
textiles, chemicals and nonmetallic 


minerals, with the first three making up 
50 percent of manufacturing activity. 
Because the local agricultural output is 
considerable - half the country's ap- 
ples and cherries. 94 percent of its 
peaches, 90 percent of its rice - a large 
number of food manufacturers operate 
in the region. About 60 percent of the 
canned peaches imported by the Euro- 
pean Union each year come from this 
area. 

The region also boasts two of the 
largest Greek wine manufacturers, 
Boutari and Tsandali. whose wine 
bears an appellation d'origine. 

Macedonia produces one-third of 
Greece’s cotton, and both textile pro- 
duction and the clothing industry in 
Macedonia are showing dynamic 
growth. About 50 percent of textile 
production is exported, and the manu- 
facture of products on behalf of third 
parties from West European countries 
is particularly widespread. The indigo 
denim used to make jeans is produced 
in Macedonia. 

The state-owned EKO chemical, 
petrochemical and oil refinery complex 
dominates the chemicals sector. U had 
a turnover of $80 million last year. 
There are also companies producing in- 
dustrial gases, manganese dioxide, 
acids and fertilizer. The country's only 
producer of electrolytic manganese 
dioxide, the raw material for batteries, 
is also located in Salonika and has an 
impressive export performance. 

Pat Hamilton 


nt- 


I 

. . IONIAN BANK, 

established in 1 839 in Corfu, 

"V • 1 is the oldest bank in Greece. 

financial . 


< 

m 

Serv 

iGr 

, QQay 

• ' IONIAN BANK, 

F| PO Q with a widely spread network of 

AVA/ O *182 branches throughout Greece, 

offers effective, high quality services 
in retail, commercial, investment 
t' 1 WWW • banking and treasury products. 


I 


JIAN BANK 



IONIAN ft POPULAR BANK OF GREECE SA 

45. Panepislimiou Street. GR-102 43 Athens 

SEStoDB - Fax: (01) 323.1422 

STUm! SSP fflUHSb- Fax: 322.3814 _ . 

F&hriftmtor IPBA -D, Reuter DeaJinglPBG 


LONDON BRANCH 

Windsor House, 39 King Street, London EC2V 200 
Tel.: 0?1-736 3451. Fax 071-606.1881 

SOFIA REPRESENTATIVE OFFICE - 
5, Kniaz Dondukov Street, 1000 Sofia, Bulgaria 
TeL 02-878218. Fax: 02-878218 


COMPANY SJL - IONIAN IWHCE SA -TOWUN HOTEL QfTERPfUSB&A. - I0NMN LEASING &A. 
- K1NU* EDUCATION SA - tOtSAN ASSURANCE BROKERS ■ 












art 






BNSKr- 


You don't have to search the far 
comers of the earth. 

In Greece, everything is clear. 

As the Europeans tell us, we have the cleanest beaches in the Mediterranean, 
where Ore water is so pure it’s (ike crystal. But that's not the only thing that's clear. 
The colours of our country are so sharp. The whites of the houses in the morning 
sun, all the reds of a sunset, the different hues of the flowers, they are all so 
vibrant. And most importantly, the friendliness in peoples' eyes. 

Because in Greece, the difference is clear. 

ASX HHM TRAVEL AGENT. 





SISlGl/ 


w 


Makes your heart beat! 


GREEK NATIONAL TOURIST ORGANIZATION. 

NEWTORK. OLYMPIC TOWER 845. FIFTH AVENUE. NEW YORK. NY 10022. TEL.' (0012121 <2157/7 
LONDON- « CONDUIT SHEET. LONDON WlR OOJ. TEL: 1004471) 7345®? 

PARIS 3 AVENUE DE L OPERA, PARIS 75001. TEL: (00331) 42606575 




















Page 18 


INTER NATION VL HERALD TRIBl.NE. THIRSDAY. JIHNE 2, 1994 



ASDAQ 


Wednesday’s 4 p.m. 

This list compiled by Ihe AP. consists o; tne 1 .000 
most traded securities in terms of dollar value, it >s 
updated twice a year. 


it •■/•own 

H!«m i-™ swtf' 


Div no PE 1005 Hlan LOW LOIOW Ol*5M 


[?■ .. 4 

29*. 12 fiBCPlul 
a IS ADT&CI 
24" 4 IJtoACCQ: .13a 
M 5 ACSEns 

4« , .SJ' , :AO Tc 
4 m iftln/Kfi 
17 *. 11", AEiOin 

i-’.l6 aESCps .681 
7S 10' , Ah' SlOOl 
H* IS 1 i APS Hid 
15'. iftASK 

13 13'UASr 
27' : PftABZfcVH 
ii ', ijoAdouni 

7" ' 'I AcmoWe! 

;0' . 9’.-«a«H 
IS' . .”i«AaocLb « 
>?••• iftAdawc s 
Aodphh 

j- ; w j .Aa«r>v ,»6 
V litoAd«K55 .30 
IT'. J-’iAanPra 
liv, 5 AdvTIss 

J* J, i iS"> AOvoriia S JO 
S3' -ii AdvantBs .24 
li TftAijncvR 
16 v, ’’ * A'jniccsi .'“T 
Ii * r>,Anaum 
[4*« lft Air/Aclt: 

6l v iM' ; AttO IA«.? 
IP® 1? AlanlcC 
saftli'nAlDank .40 
l«> i »to AlOllO s 
24' : '3 1 Aldus 
?E .-73 AlerBIO M 

■9", o'-:Aliasft 
2". *.*. -AiiAS*yn 

If .-'MAIionPH 

14 TftAJnSem: 

J4'1 1 1 - '.4 AllaO 

2S >- . 7I*t tllWjp 5 40 

52'- } 14 AHdHldn 
24*.. p. Alpha i 
35' 1 1 AJftloSIn 
yt' r lo' .Ancro 
24'; «' lAlmjnj 
■ft 27' : *m*i-On .Old 
30 s I .’Tto*^rU<r XI 
22'* l3ftACTasVav .14 

E It'rAColDias 1- 

2I S „15' .AmFralS 
3J',;r< '•O'tel s .40 
W* iftAHIIhaiS 
ID'.i 14ft AW.S 
17’, 4',6.V.caE 
72 M**, AmAAbSat 

30 T 14' :AP\®rCwS 
73 s * is 1 , AmHeua 
39' 1 27'.* AmSu or 
77 17V, AmTefc 

14'. 7 1 * -.Travel 
16 s : 7 AnierCns 
16*. 14ft Amlcd JOb 
53 31 A4W 

15 S Amman s 
m, 14'., AmlcCns M 
IV i ll'-iAiWiB® 

17'. 10 '--I AncrGm 

39'.: It Andrews 

1 1 ' . 1 3 Andros 
30‘, IB's Arro: 

58'. 77 Adp'CC Jfl 
27'. lift AolSous .03 
25' . 10ft AMCDCOA .04 
75 IJtoAPdOoU 
3? B'lAooinovs 
5? 74to Apld.Vlls 
II': IS' .-ArtjorCirg 14 
75 IJViArWTHI 
l® 10' i Arc'll m 
IS .-14'.. ArqoGa 1.14 . 

34 1 A ruos, 

ljv» 8‘»Ar*aest .04 
2 1'. It Armor .6J 
23 S, I V ' Arnold s .40 : 

24'i 5»,Ansf! 

I? - . Ayi«rin 
li 20V,A*ClTI 
SJ'jTa Ai/JCmA 
33' . .7v. iaCnB 
.*■£'* II Asrocs 
j2--.77‘.Asl<3rtaF 
2? I4';Ali5c4u- J7 
?7 lOftAlmei s 
75' ; IV . AuBon 
« . 4ft AltoS. 

14'# A'-AiKD.;, 

sir. 3 7 Aylodl 45 
24' .13’ . Ayoind 

74. , Ij-M s 

2® , lo •• siOiTJT- 


17 44 14'. 14". 14'. • . 

. . iro is', iavj m* — v® 

. 15 1B4 22% 32", 77' '• —ft 

l 10 311 17 16'. 17 

. „. 407 K'l 14 14-J * % 

34 475 3» 3T ' 38 •; - I'-* 
. 37 2492 Jlft 391® 41 '■ - 

. . 82 \3*M U" I?!' —*• 

I 17 1270 18 IT".- >rv. - ■» 

. 440 73*. »' : 70 —V; 
. IS 154 TO-» TO'-i 3D'» 

. _ 2810 1 3 •» 12 135H - .; 

tvr i?'-s i 6 ' . i*%— "•» 

. I? 571 19' • I8 j j I» — 

2H 5507 I8*> l*' - ; ,8 ^ ” 

13 435 24 ' t 22*. 23'. — v, 

. 29 774 9'-i 9 8 — '■ 

l 7 413 8'=.. 8»n BV» — »• 

. 14 48/fi IB'" 'S'-.. - 

. .. 114 1IV ? II 1 1 ■- 

I 21 1201 M : » 34'- i 34‘i — 

■ 2713123 30 28 1 -. 30 -I'j 

. _ 4» 5'.« 4 s ., 5 

. . &40 S'» 5's 5'i 

i 18 2339 33'i 36»-, 38Vo —** 

’ IB 1294 Is 1 '. 34' . 3S^» - >- 

. 18 1074 13'*. IJ'i 13 

I . 1051 II'-. 1 1 W ll'-t — 

. _ 381 135, il'., 1215—1 

. ... 1539 3 2W 3 - 

i .. to ssv, :5'..- sr, — ■<: 

Mi 14«i 121: 13'.: -W 

I 12 333 23»-: 22 "j 22'r - 

. 34 Id! lS’i 17A, 18 — 

35 835 28V. I7H 28'.. -*» 

I 1 7 797 25'.. 24 A. _ 

. J4 04 13V. 131 i 13V. 

. 14 489 2V, 2(o IV, »l ,. 

. .. 419 II 101'; II 

. IS 429 11V. 10’.. II * V, 

. 23 253 23 22W22 

! 7 477 25V; 24», 21', - 

9 1798 17'. 14 14'.',— I’.'J 

_ 425 JW !"i 2?i —W 

. _ 490 13'm I2H 13 1 ', 'D 

. 28 4184 34A. 17' :34"- % - !•*„ 
. 13 170 1SW UV. mm — V, 

. 1 19 3074 73' 1 4B 1 . 25' > • 2VS 

I 8 130 22 V. 22'a 22W - 

1 43 6 14 ISW 15V» 'V, 

I 20 121H IS'.-J 13'.: 15 ■‘IV. 

. 31 182 19 J . 19 1® — 

I 18 5371 79 W 2BW 1|> * 

II 34S r, /V. 7^ _i , 

. 21 BQSuaaW 22V. 23V. -'A 

. 15 303 10'S »*. ®Vm —V, 

. _ 954 IS’.OU'i 1415 — H 

. 3* 44M J1 '■» 20' - . 31 »» »"'!. 

9 3307 14'? 17V , IBVa . v« 
. _ 344 31 29 29V, —V, 

. ... 6S 19', 19"v 19": -•« 

. 10 783 13'', 13'® '3 ® "If 

_ 1501 10’ 9'? 10". -W 

) 19 731 71 TO", 21 

. 1710240 46V. 45W 44M — 

19 46J B", 7V. n, — 

i JO 1550 17 14 1*^ .... 

3 1B97 13V. 13'..I3'„ -V.i 

. . 105 15 14": lJVt ... 

. 27 915 34 34V? 35Hj —'A 

S 711 14 15'.. 1S'„ —V. 

. . 2243 "41; 34 24 _ 

' ...34034 7BVs 27". 28'-, — 1 

-n) B8« 3'. 70 s . 21 't — ", 

l II 1 99S IS'., 14' . IS “ V, 

. _ 9 20’ « 1®".- 20'-. - 

44 179 25"? 24 25 - 

2517111 47't 4?' ; 44", ' 3'A 
i 13 140 15', 16 14V: 

. 24 38? ilV. 20‘V 20' ? — V, 

. _. 731 mm 141, tjv, — i-h 

I 8 47 37>-« T.7'-. 77'. —A. 

4B 1348 15V. IV. 15": 

I 10 17 10'» 10", IOi« 

19 4996 70V. 30 TOM - ' >. 

U 150 TO 19 19 _!»„ 

23 3874 li'-i 154- 165? _ 

23 1206 10 9*. ?'.• — 

20 868 25V. 25 2S — >4 

1150 C ZJ’i 23 II, — 

lj 714 I4 'm 15*. 15'"— 1 ~i 

. 1838 u 33' ■ 32'. 33'. ■ I 
IB 587 27*, ?«.»! 27 — 1» 

3IIJI93u2fl'i TS'a 17 , - I s , 
32 841 20 !»' ? 20 - ' ; 

_. 7170 0 : a 8 

14 1MB 5‘; S S' , • ' • 

70 411 s: si*, sr. — ’ , 

13 43®j :a», 75'. 15 s . — J , 

J7 149J IE 17' ; It - 1 , 

it 71 70 ??', 27' # JS' • - 


.3BAT I .OB 
35’.;: .BM-IFn-a .08 
:: ;16 aiT'i 

‘I 41 Br/.C 

31‘: ,'.&VCV/H 
:: .15 3aip 40 

if .Slit "Hi 

75 ' '5‘ • 1/ 0& 

.1- .5c .T-m 
.?/• BnnF ^- I 00 
57 • . A-ivn? r‘C 3 si 
:f -7 • eno^-rliC iJ' 

er-vw. 

:i 1- .o'5r,.#n 4! 

:: ;vs ej>'; ?: 

3t : .3 jar. i.\. 

u ■; 

: • .20-'iF ; 

- •■-|o:7.:-7n 

.t-'oEim 

• ; • < .v-.V'C 

:■ t-C/r 

J 5..n: .O 

;• i i’ 

15 E.-..IF.-.- 

• I ; r ■£.-!? . .16 

.: Stw 

■ e.c7. : .r. 

j M'.&l-rer. ; ,74 
ifXiS.n >■ 

Vi 1. 

l: - 'I J':ri;.n 
7^ ; .PC" i*1 


er-2oa7-: 

;•< ;Br-,2S' 

;c. r - .6 r 
. IV.PrTc'i 
I! . ‘ -.5 n-r.s 
. r &.*•• ■ 
.i'. 


16 10 43, 24- 
.6 10 B13 IS 

.. mi :i-i: 19 

_ 75 1071 51' 

70 4?4 3,' 

22 105 333 IB 
. 71 1258 17' 
.3 Id L: 16 14' 

i.; 1 1 ) in r.' 

5.' . 1 'I 67- 

4 131: 3'> 

. 15 l*. a 

13 i; 5’s 19 
1 * »6 r* si 

■ S 1140 rs* 
I J4 36s 54 

. r. :n 14 
. . »'i : : 

2 : it »i? 

. 45 7635 ;•» 

If fl' 

’1 •>, !’• 
75 149’ 7 i 
. . 1 34*33 " 

17 14 I! 3i' 

'3 <30 - 

14 IS JM '.I 

43 IMS 14 
l- 7062 « 

.. .. 1433 

jf 11 7>?i 73 ■ 
!7 >9 IM0 Ji 
33 130 73 

37 330 I" 
13 31 W 1 3 
1*4 1873 71 
3: )C- :o 
..161 .6.' to- 
.. 37fl :• 
IWJ 1 : • 
. )•> i&-,: 45- 
544 15’ 
3’S ft® IS 
U 14 357 '' 

56 1441 14, 


H 1 ; :9’. - . 

16' 1 15- 4 * ' 
54- . 4J1— v 
75 . 76*. 

17" ; 1". - - 
IV, 11', 

17-. 18 —I 

13 . U'r - 
#5 37 - 

tl‘. ol : • " 
3>’. J»'. — 1 

5? ^ If, — ' 

32‘ . 57=. 

'.£ I: . — • 
7? . 33'. . 

I; ; IS*. 

y : S’ • 

4: fcS'r •' 

?■>. :e'. • 

SI . JP . . 

: 1. 1 ij , 

:• n 


if, • , 

iv- 11 - . 

y. : S4 - 
4. ■ r. 

ii . rj . 

:o s iv. - 

2? n 

if. 

a.; V. — . 
or, jii), . 1 .. 

0 l 

U’. I- - — 

IS , I5-. — • 
13 . 4S- I f. 
TP, .P. — : 
.4 . 15 • . 


Ifbtnin 

H.jn La: ;i«* On 

Tt .iO’.CAi we 
ja-sl’WCTEC 

4 & ACI - , M 

33Vj2S'.,CO<IOVS 1 .Me 

Il'.« SV; Caere 
I7W 10 Cnlienc 

23 I 3 , Coir AD 

31'-. 16': CalAliC 
35 17'vCWinuA 
83 , -<S®'..Car?cj«’l -S®* 

00 14 CarCTJVtr 

5dV, Z5'.■:C^3 rJ ^ l, 13 

31 iV'#CcrtcrM: 

14'. 8' .Caroline 
IB'., IflJiCursPir 
13’.. B'.jCmov.i OS 

24 10 V. CxArn s_ 

.V, 9 CsainoDS 

27 m. 7' lCavVAns 

is T'.jCosnes 
I9v, 9 Cainsir 
74V* 7V:Ccl0O»S .16 
19 I? Celadon 
34'., 75 Celoslral 
3*'-, l7'.,CellPro 
70V, I'.CdWbr 
4B 1 " JiViCiUCmA 
74'., 16 OHOnPR 
iJ’u 3'iCfitlrTcs 
24'., iJV.CeniCel 
ip, 4"jCwin''n 
43 P'sCcrNirm 
IS 3 , AVtOfiloCor 
34 ?5V: CFiflBK 1.17 

191.- 4 Coanln 
49'; 18'..- Comer 
34' , 17Ai Cervecw .*3e 
18' , B’',airm£.n .09 
?S 1? OilOnF t to 

ISW J'Bdicr*r55 
21'* 13'VCheGdks 
19 8 OliCOS 5 

40' ,34 ■ idirpmm 
7"s jv*CliibsTc 
90 53’ 'Oiiror 

JIV: 4 iChrnmd 5 
77". 15 Cdcn 
il!-i51 GnnFln 1.28 
J4'rj Mv,Orlas 17 
15'.. IP i Cr don 
1 pa Cirrus 
80 ViM’6 Ciscos 
3B BWainion s 
31 'A 13 CJubCar 
42 21 CslHIlh 

34 25 Ccbra 

41W21'A&3a)Bn 1.00 

23V. is Code, in 
78 II Cognex s 
U'm i'-.Cooraua 
14'All ■lonemt 
3U, T?',.Colooen 
25V, I5 *bCoIBcps MO 
34V? 17 Comoir J4 
58 V. 14 Cornell s 09 
14 ll’-.Cmc so 5 419 

IP, Il'^Cammncl 
33 77 CmBMO: .68 

28’; P'SCmcFfll 

76 12',CamHIS* _ 
74 s : 20V4CompBnc .92 
iftv® 9V>OnprsL 

J'l 3":Cmolr* 

7'. }'.„Cmpcm 

74 ?v, CmpDt s 10 
12 3 ® S'.CpTNwtr 

48', II CornDuwr 
IB'm 8 Comvers 
9^ 3VsCcdCam 
33V, 17 s mCohcEFS 
15V? 9V*ConcMltJ 
58'-, M'-iConFcp 1.28 

77 13 ConUCl 

72V® 14 Coors B JO 
S3V, 31 VjCcuMev s 
TOV. 8V«C0PVMI 
18 9'„CorTher 
20' ? 13' ,Ci4VSabF 

54',? 24 V, Cordis 
74W IWCorelCpS 
it 12 V. Corlm on 
li’, 4'ACorcrCD 
37V. ist.ConCos JM 
S3'- 2J*«Covnlrv 

33 21 '.Crhrfiri .02 
J9'. , 17V:CrTdiL1 

2B 10 CretJSvs 

24 UWCroAOoS 

34 B' :CnosCom 

J9'.< 30‘ jCulinFr .4Se 
5V'. 29":CumbFd JH 
58 17 C1ISICI1 

75 10 CvgrfD 
17’. 5'",C?anus 
■*|V, ISV.-CsruCD 

35'. 10 CyrB 
6", 4-. l( CvlRx 


I PE li»a Hfcl*i LAwLol'?>ia’ , 'ic 

.. 1493 II aio I0», —"7 

.. 11 2SW 25V* ?S'-r 

IB 401 9’, «*a ®5, 

1122 « 38 57V, 58 — 

_ 392 7,. ? 7Vi • Vi 

, .- 580® 14 s ® 13’, 13*, — '« 
38 1494 JP, »?<■ SO 1 *— PA 
IB 2J9 70's Id 50V? 

15 69 2J 72 ‘I 22V, — 

46 I94UBSW 84V, 0S>® - I -■ 
IS 3 16V. I«® li J * -W 

40 498 48 '.H 47’, 48'-7- 'V'l. 

164 19'^ 19 l®V*. _ 

.. 20 IOV*J 10 10' « — 

_ 130*1; 19 lfl's 10' i 

IS 1121 10*5 10"> 10 s , 

15 1428 19'., 10'.: 18 s , — A. 

5® 1401 25 73'*.‘ 74I-, • I 

8 792 ?’* 7'iMi.— V*. 

2 12 12‘,-f ll } „ I7".* 

IJ 77J 10 9'*. 10 

IS IS» 12 "7 IP', 12'*,—', 

78 14 13 14 — 

a 254 58 26 s *, 26V, _*. 

405 51'.: 20 V’? TO 1 * 

IS 1415 I2'*i T2‘-i4 I2'.« — 

_ 64 46 45 s *. 46 ' v„ 

. 1076 JSW 23'- ? ISVi 

. 561 IP, II 11*. 

I® 1 • 

.. 107 10'Vi, 10V«l0 ,l u — v '. 

20 1799 av, 22V, a’.*, -'i 
_106fl* IJ 1 ® I I'm 17 — >« 


17 1155 IPi 
.. T S3 U', 
29 081 29'. i 
74 963 24': 
1411092 9V? 


a', 33’, • 
11*6 12', ' Vi 
J7'*, 59', ' 1 1* 
73'* 24 — 

9': 9V* 


39V.*2P,Pa-.i"nai 
J2'«i:‘,FKWPJ' 
S5 45 FilinY 
18'*, ''•FinyieA 

59'-, 11 RteNrl 
12 s * 6'-,FTlBsm: 
54’ , 47 Pirstvr 
25’*. 17'*jFsiAJcn 
34'-,2:V.Fl ATn 

26 l5',FCGlSn 

3» J ,55' ’FComC s 

27 I,* ViFIF.V.i s 
1® l l lS' .ElFnCn 
I®'*; 3 ' 1 FIHOW 
21'? 6>,F*PcM's 
IB*. 13V, FsrP.Um 
30": a'.F£i>7C0 
4?' .* IVcF'.tTVrm 
23 s , l’>,Filo?-. 

73 17 Flair 

20", 1 J‘ *, FoarY®>. 

TV; S’.iFdL'OO 

T 1 ® 3>-,F.1LAA 

JS'.SD'-jForAm 
A a'-rOfMlC* 
ii'u 19 s 1 Forme 
24'., 9 s .,Fosj,l 
2S J'-j 40 3011 
13"; S' iFraivTc 
33 1., |®>,FrsnC»c 
32V:Z5',Fr.s 
45' 4 11 '-J Fu'JHS 
20'.. 9'.,FunaJ 
IS": S", Ft'iurm s 


ilg PE I il»- H.y 

.1 *.; :il4 21 
.. . ir39u::*, 

5.0 145 54". 

7344 in’, 

.. ral -'*a 7' 

.. 199 5 s . 

13 1; r? -I'.. 
. nr 54*, 

£ 3I1* 34 

73 Jl 396 74'. 

3.4 3 3458 30 

2.4 _ 4371 57'. 

56 4 l®o 16 

4 JS ll 131 70 
.. . T sl 
- _ 3TV IV. 

j s 1: 

4 0 IU 4"l j;*', 
24 46® 2d' ■ 
4 70 594 111' 1 
. Id 13' ■ 
I.S29I 740 i’.i 
I 6 7-'S 7V8T 5'. 
3 5 17 68 1 JP: 
- lit 3', 
9 _ 430 54 


58 li IJ 41 15 
.. 103 IQT9 IV: 
31 300 II': 


i> 9 844 »a, 27'.* 25V, _v« 

. 31 90S iV„ 5*« 5=. ._ 

. r 13’6 17'<s I6A1 l.’», • ** 

_ 19 71* 12 11'.* IS ‘til 

32 888 40 38' } 3® —I 

... 97? 4®« 4 V; 4*., — 

_ 107 ilff 45' , 63', 651’. -P, 

... 72 1437 13'm 12“.* I?'" — « 

_ ... 278 19 IB": 1® 

PJ IS 417 5?' s 51 Jar 51 

^ 2H «0 31'i 2946 M'.-n-V. 

.. 14 16® 10", 10 10 —'* 

.. 21 5«A2 35 1 ': 33 W 3S’., i JVb 

2321634 2S 2i*B 24W 

_ 33 50 lS’-'j 14 Mi IS*.* -W 

r " 70 13V, 13’., 13'- 

_ 34 3218 35’, 44'* »V. —V® 

„ 25 ID72 31V: 3 (Pi 3], 

IJ 19 3*0 J6W ?6 t 26V* 

_ _. 791 21V* as JT - V® 

.. 2*4914 I®': ISA 17 V®— IV, 

„ .. 78 ll** 11 11 

._ 2S 250 13W 13 13 —*'7 

„ S3 253 a 51 JP* - 

L7 8 I7S9 22*1 21!*# 22J® ‘ 

1.3 14 B0i 1® 18 "7 18 s * ... 

S - S603 18 17'S 17V* 

_j *4*3 17'“ 17 |7>Vm »"•* 

_ ... 277 1 7>® 17 I7’.: -.!• 

1.2 11 160 a 31'* Jl»u— > 

. 9 1420 a’® J4V* 25 ?V*u 

_ 19 M 24 23W 24 :V|, 

I.S 11 2S3 26‘/» 35 W 26' ■: 

... £3 360 IJ'* 12 II, 

M. ... 157 4’„ 4 4'® +'.*i. 

14 a* 4'4 4V* 41* * V, 

7 11 1*0 14'* 13V, 13V, — • ? 

_ _. 2813 7’5 7V. 7 s ® — S® 

... » 1357 43 s * 42 4j'. ■ 

._ M 443 9W 8 A B'A — 

._ 14 58 4'. 3?a 3V» —‘.1 

24 100 251r? S2'-* 25V? *'** 
_ 14 1 11 11 11 — Vi 

IJ M 5W 40 49 39V, - V,. 

... _ Ml 16'* ISV* Ib'A _ 

L6 -. 693 19 V* 19'® 19'* — '*: 

_ » ISO? 7®’* 28'. 2® -2 

_ 483 10 s ® 10V® 10*® — ® 

_ . 358 9V. 9'.'* 7*1 r V* 

_. 14 1700u50V> »'•* 20'.® —V* 
_ 22 1228 51 49'* SI +11* 

„ _ 30MU24*® 71<. 23'-. — *® 
_ 2J 1075 l? 16", 17 — '.*, 

_ 42 311 16'. 15'® 15"? — »m 

_ SI 7767 JOVi 19V. . 

28 857 47'; 44'. 46 V. •'* 

.1 2? 3527 24V, 24 24 — '•* 

_ 14 5847 31* * ?»** 31 '•! 

„ 54 728 19 18' * la’T — *2 

._ 36 146 51'* 3'.*: a’ 1 . — '* 

_ W 4702 I0»* 10’-: 10®u - 

J 10 208 07 36' > 36'.: ‘ J® 

a 14 97 u 55 1 *? 55 5S’® * *M 

.33 70 25 24" * 25 ‘ 5 - 

20 42 19 18 18’. - V* 

_ ... 247 H ?'* 7 V® — V. 

_ 30 3632 29 26 s ’* 28 ,*1'* 

_ 17 133 25"? 25 55 — 

_ _. 364 £*. 5*V 5*. - ' * 


JI 15 C.FE.R 
7'-« J'.D'JAPJ 
34'-® 21' -DSC 1 
78 13'?DSCInl 
I9 S *12'*D3P CP 
31 I'lDcmnrk 
46': 73 Conka 

17 12 Daisa> 

77 IT'.’Daupnn 

7’ I S DtT.rd'rfvA 

7b'. 8 ’.Do-Run 
J3':23'?DeVrv 
:j>-. i3 s, .in>c>ou! 

18 P-'iD-TflcSna 

36 II'-.Dkl&Gn 
30*, IJ'.DcnCo'r 
75-, I5':Delrina 
4: 21 1 : Di.-msoi / 

2S* . 17' ,C>es4ors3 
77': lO’.DaiPae 
!?•« n'.Dibreii 
74', IT Ciqiln-I 
71 15' .-CgnLr’ 

?3 a DitV.iI 
J«*;30 DiWVi 

34 , 13* . DisdZn.? > 
77’. IT'.DI-Gni s 

2 f : 1 1 1 ; CsjnKcn . 
.’5', I4',c*7«airn 
if.' : 1V',C"-i.-.3 
Jl'irP.C/evc-y 
45’. 14 ; Duro-T+T 
"0 USOunrsiS 
43'. iS > -D.i-:*>C 
?:•; 14 s 1ECI 71 s 
34 , 9 .EMPIS 
34*. IP.E.JiMra 
4? . .’6 .Eoin.on 

49 1 , J’.ecjJir 
■•1 t'-.-Enjuvci 
P o'nE.rSl. 

Ji siy.EjeirolS 

70 . iJ'-Ifi 

16 ill E*r irr.i-.Ba 

:l*.j.' .Encc2 

17 ; « E-'3lwm 
70 * . 0',Er?..rot<: 
23 It* lEnvOvCi 
.’V.. 1 S', Ea-j'-J-ir 
14': I? .EcT/lnl 
M' . 

:r ;j *e.-?5j' 
7'.E.-bb.»6 
i:':5l'.E,a- 
l»* . 17'jE-oins 
6* , 7a" , E rpSCPI 
,2*. 10 lEZCOrp 
15 le*.FM° 

Is’. FT® ill 
34 . F-mMm s 
» .Fo.tC-n 


38 174 24", 

_ _ 704 4'« 

„ :SI082fl 22 v . 
.. 14 301 25 
_ .. 14 13': 

. 73 512 14' ? 
.S 34 430 4?v, 
_ 15 307 16'* 

3.5 15 426 26-i 
44 >s l:' * 

I 14 126 I6»* 

_ I® 100 27 
_ r 893 IS': 
... U 79 12'? 

54 88 10 33'; 

. . 14312 J8-* 
. _. 755 P'* 
._ 2® 417 37 s , 

.. JS 410 14*, 
T14 13' 

S.'i S *102 15'*: 
. 13 US.’ 13- : 

. 45 14 s * 

. . S59 1?'.: 

. IS 3 32*. 
_ V s 1 ?B IS 
.4 Ji 3®Ml .’6'. 
. IS TOP JS* .. 
. 473 ?]'* 

.. 1? 2te4 n , 

1.0 71 I0«s -’3*. 

.. 34 1745 45 ? 

5.5 14 :-'4i I! 

. 174 Ti'. 

. 73 10417 1*'. 

. 11 ®» 13*.- 

: : r r< u;.: 

.. 49 1714 |-> ! 

4; 444 i 

.. 1C 897 i:=, 
. 14 30: 34' . 
. ?i (636 IP, 
IS 164’ I.": 
.. . 110 ll 

17 34m- ®‘, 

i.t i 410 10 s ' 

, 5.9 ICJ If .- 
£1 1143 35 - -. 
.. ' SI 4 17 ■ . 

,S 1087 13’* 
1.7 45 99£7 SOP 

70 7»l6 16"- 
II V. ?} 

4 19 23 13 

.. 43 it S9i. 

. 7T tasi 13' , 
14 l®55 7.* 

. JT II M 19 
® Ji 516 "35 
. . BJ'S ' •■ 


24- ? 74'., — •? 
31. J'-i, —V,. 
22 22'... - s „ 
75'., J4>® . !'. 

1 J‘ ; 13 ", — 

14 14'.; ' '., 

42 47‘ « — l- 

16 14' : — ’1, 

25'*? 76 - •. 

18*. IB". 

161* 14'. — V" 
26', 16', — 
14 s 4 14'v „ — •*.. 
IP, IP, — 

35': 33’. I 
27 s «?7'. 

16'* 17 

3J 37’ 

14 14', 

37', 33'« — 

15 IS", -'* 

13 13', 

IJ', |4',— I'; 

13'. I:"? 

32 s , 32’, - ! m 
14'; IJ',. ' - 

74' ? 74', — I*; 

74 ; . m*_. ( . 

ill’,’ ip'i. — * 
2”, 23* 1 • ' 

43 43*— P- 
14 s . IS 

17' : i?': — 
17', IB • 
17’. 12-. — ' ■ 

17 : 13 

2- 5' . — 

If, IP? • 7'- 

tc! ii>! 

35 !•: * . 

20'- 51' , • • ■ . 

14', P 

12' 1 13 

8 1. 8’.. — 

IQT, 10'. ' . 

I® I®'? • 
?l ! ,37' *l- - r 
1,i, 14' , — 
13'*. I.?', _ 

? «• . . 
:*• , iv - . — ' : 
U<« It.’-. • 1 ■>. 
J4 74', 

I7-, 1?'. 

S’*. S®': 

17 13’. •*, 

71' : IT. ■ I 
IP. I®'. — ", 
33>. J4"n 
d 6* ■ S’, “I 


30'., 9’*,GA1I5 

22' , IT'.jOPFftd JO.? 

JI'. 7'iGTI 

22 0'-,G3B7V 
421i?d”,0<ilner 
14 'u 13 C-asonicr. 

23 12%GaieFA 
54 s --. 12 ’• GaloTQDO 
13", S'-GdvryFn 
36 V, 30 GrvIrHIl 
32'-: IS GnNulr s 
77 0V,G«jneT>ir 
4® > *,30 s JGcneiinsi 
31 A, lOV'iCens.a 
35' , i9Va&eme< s 

5V, lT.Gerus 
39"? 24 Gefcvm 
17V® SuuGcoTk 
S®'-, 27 OrmS; .40 

73V® I7V,GSK(lC- M 

28'® It'VMLtw .15 

19 7 Gilead 

55 v® 17*®GI«navT 1 
12'® 7 GlbVilcg 
MV, 9 GoodCv 
21 11 GUvFam 

7fcVi, 19ViGauklP .80 
1JV, 6V«Cro«Pov 
26', 15'®'3ime<; .70 

17 S 6 13V; GnFncJ 
14V, 7V,GlU.eAJ 
22'-, l5 a *Gnenfid .08 

4V, 2v,GiVSRin 
IS 1 -'. llV.Gn pnon 
19'® 7>* GiieSlS 
7BV® I® 1 jGullSau 
3 IV, 12 GUIKB 
57'® 34'.®Gymor'» 

JO'® IP.HBO& 

29 18 HSR4C 

40'® IS'rHCJUOOT .70 
35 1 '* 13'®HamimBc 
[S', 12V*HarpGP JO 
57’-«22V,Har.*l at 
77 14 Hi: MS vs 

25 s ', 12* iHliCmo 

25V. 14 Heorrrc 
36V, 27 s »HmraE 
16'® Bv.HcrtoA .is 
TO 1 1 12'®HiHenTr 
31 ll**HertlifD .72 

12 7',Hoaan .1*0 

12' i ®'»Holinger 40 

32V, 7",HivwdCo 
33', 3 HoUvwdE 
35 lS"'.,Hlv?aPF S 
18 s ® 9'jHomcrM 
39 71’ , Homedc 

M>®12 HomeTBs 
34 24‘?Hon!na 44 

261® lIWHiTmtil* 
r5‘ .- 10" ,HLige:Er 
27 Vi 14 HumGen 
75V, 13' iHurlJB 70 

47'® la Hunlto 'JB 

27'® TO'.HunTBn ,4us 

41 19 HylcrtT 


1 9 S',I-STA7 

30' ?:i*viDBCnis 
3S'.- I0V;ICP'L3 J 
21 1 , 10 s ® IEC Ei; 

12** , '•.IDEM 
33 s , 51 IHOPCp 
34 a-" r. IIS 

?0';la IMPS 

15'. a . imvLc*: 

58': 9' jlrri'jnPsD 
34' , 17' iimune- 
52'-, 10* : IrrTCI'-® 

40', 74 Indent 1.1* 
35-.. ;«• ■ InlnP-* C 

2S’« IT* .inloSei- 
44 s , 17* .Ir.loFl-S 
’*•> , IJ* ,l.*>l #rn\. ■ 

7” 1 r'.-inei..; *- 
It' 10 ! : inii'T : 

JJ' .* 73'. inviul 
7-d', s’.IrtaaCi-C 
i? s * J*.lr.:nD. 

7? , i®..in:S,'S, 

“4' , 49* , ln:-?l V .74 

?0 'm 1 1 , , hi- 1 .v .. 

58 17' , iniclEI If 

IS' . 5 . lv‘;:..v 
I* >*,irir':'® 74 

12‘. s* : ii*i:®r-- 

: Is'; I'ito*-: 

79' . 77 in-M*f"V. 

’■ . 

18', ?••!>*/•:— 

V. ’-.lr'Ce'i. 

35', ll-.!r:7=.: 

;n* . 1 1 ii.i**r-.c 

20 5 ,r l w ;*-2 

if : 4 ,in:.**.:. 


. 21 US 1 1 
7 - 3317 22' , 

.. 0 240 10" ? 

.. 15 SI 13", 
_ il i 40 
_ .. 53 1,”: 

_ r 365 2(1 
_ 10 2903 14’; 
_ 1C 662 13': 
.25 7 34 

_ 29 391 1C: 
... . 1059 9*, 

_ .. 1191 4S‘. 
_ _ 601 IJ'? 

38 655 ?7 

_ . 640 V • 

_ 11 2438 29 , 
_ _ 37aS 9’, 
1.0 12 756u£®': 
5 2 106 716 19'., 
J 19 I8SI 32 -I 
_ _ 7661® 6 

_ 76 63’ 43'., 

.. 72 93 i 

... 13 asa is 1 , 

„ 21 3* 18'-- 

3.6 18 2*« JI', 
_ 7t3 358 5 

10 44 13* 71 

.. .. 878 I”® 
_ . 17 3', 

4 IS 108 IS 
... _ 3.’T 3'; 

™ 23 451 li'i 
... _. 86 25": 

„. 35 8OT 1S S * 
_. 37 T34 46'. 

... JI 1966 27-: 

_ 27 14a 71' ; 

,8 11 1 13J :»>• 

. _ 2396 25' . 
1.3 17 7i IS 

20 57"*" 

_ 75 450 56': 

_. 19 1745 »■:- 

... 17*3 8*7 l' J , 
_. 40 313 JP. 

1.0 25 7455 la : 

. 14 Z>7 14*. 

2 9 16 4709 IJ*? 
1.8 74 *>« ® s , 

“ 30 154 ”, 

„ *1 1272 78'. 

SS 2+1 I* 

.. J8 T37 IS*. 
. IT 710 35 : 
_ 41 me la 

1.1 71 42 78 : , 

.. IB 359 la , 

. 9J9 17’ , 

®j 19 s .. 

1.1 13 1301 1® 

J 7J *70 I''; 
30 11 Tl43 7“ 

. ?0 li 7? s , 


.. 54 S 14 ’3 

. 195m 3 7 09 c f 

46 sc® ;;*. 3T‘ 

s 4a^ u’. :: 

. .. 13* '• . d 

_ ?' 1a' ro 7’ 

iu tt*4 ' - 5 a 

7S 1 "i la .* If 

. loC' ' - : 

vis n . 

73.1 14 

10 Ta i: . 1: 

.*> 57 l’.,L*4i ; :?* 
. 51 ir*4 .'4 , 

a :s : ;:* 
.. p 5::' T: '4 

IV 78Sa 1* ; '£ 

IS ’:-a 77* ' 

>1 4:e 14 


10' : 11 
II ■? 72 
1 f-1 1C? 
IS'. IE': 
»9', 40 
12 12 
1 ? * h :o 

14 14 -a 

13', 13 s * 
33' 1 34 
50 M 
S J # J*i 
JJ 45 
13', 12' 1. ■ 
Ji’ * ,T 
3 ! • 3‘- ^ 
23': 59'. 

9 9'. 

59 59'. 

is ie 

77 II' t 

?~. 

41': 43'. 

0 

IP: II 
18 18* . 
21': 22 
6 : « I 1 ! 
Id' , 51 
IV. 1?', 
7-‘, 8'- 
18'; 19 
3'. 3'. 

14 14 

16 '.o' : 

74- , IS' . 
I4». IS 
4S',4j*-.. 

if' : 

76 74', 

33': 35' 

T4=, 14 - , 

Is' : 26' : 
I®': 25 
ia>. 17-, 
Jl'» 31'. 

15 IS', - 

y ; « ■ 


14V. IJ*,- 

34'. 3jv. 
IS IS - 
?E’.> 78': ■ 
l? : , lo*. 


IP 114 12 

I5l4il4 .IP 


•1 . . 

si -V , 
* i >: 


;n..lO -J52Sr. 

-?:£■=.- 

1- *: j s 

-f - ’ , I* ■ , J .*■*• :*r 

30' . ’t Jcn-;-v4 

71 .5 , .I'.T r.- 

la . i?‘. j. :'F “ 7 
75' . IP; J-j.I.* 

45 IV.H.A 

2- .P .’-.r 3;n 

79 f .■► .(.I'll 

3T?7I V.-.-r :t-, 

■ ,.r. ■ -;n 
35 .2'*,r'.* ft 
l.'. - m: 

S .?.- .17. 
I! - ; 13 il* :~y. 
•P. V'.MjI4»v' 


' S I: TU 
. 3*: 

11 1 ’ ‘.T. 


3C ; H • 1 

v ; . : 

■ • fp : ‘ 

. :)-• . *: . :. 

• : . ' .* t 


£ : 14 ■ 4 I' 

:;4 . . 

.5 '1 -C7 1: . ,5 . i 

1 » i: £4£ ‘ :: - 

. . . ?■:: ' _ 

it; ' ■; "[ " 


1 *. 7 Pi '-i' li 'i ! 


Il'-Wnlh 
Hlcft !,-)* St-wr. 

J*' .-72'-*Lcr**.R5i 
49’ , 33 Lorvcoi'r 
23'. 

3£'.. I ’A-Lar.A75en 
j?**? 13 l_=ndr,s 
77 s *, l3.',Lond9W 
ie», 3 s «L7S.®T-.Tc 
2t s , 15' ,Lorri4(> 5 
2l ; ,T0 ;1_w*.rT!!l 

75 s ', !4‘ .LeddrFfi 

70 s , 14 LrmiCu 
lt> , 9 LvCn’Oro 
37 IP.-L'TOCn: 

75' . la' . Lu.ci'n 5 
37 PWLiDAledA 

7S* , a? L.a.vjsa w < 

VC B’.LK'USA 
2T 13 s , Lillv Inos 
121 4,96 LinSra 

75'; 1 5 LinCpres 
20' 1 13 UrsTI U 
2t ! , LirwarT c 

3T. A’lUSCiSm 
IP® 41 ;LoJa3> 
K'JIO LbJsEnT 
77 s m I' 1 ; Lee won g 
3U". iT s il_nr53lL 
2: 1 *. a'.LnoSb*^ 

25 r'?LcnprrE 
3V-? M'.LOliK 
51 J , Il'jMB^orr 
29l,2P«MCI5 
S7 J , JS 1 *, 7.1FS Cm 
S'.? J\ ,MHMOVO» 
8< , 4 s ® f/.v Gold 
M'.ir.l.SSCorr 
13*-, I * , ViTC El 
ji io'.t V-swwnri 
156? a f.icuoe 

'8' , aTuV-agPW 
40' :59 s -, .Vicam? 

50' ; io .•.UoGf 
if ll',.*.'Oir::CE 

27'*? lT s -,.'.SOP:rrto 
24>*, : Morcarr. 

10 3 , „MarCirl 
27' ■ 1 1 AAarinorH 

3P,73‘-;A‘AT'A*ns 

25'.*? 8 Mcrsarn 
2a la’-.A/uarshls 
23»i 15 s , .viasrcnd 
13 av.v.cTrvSy 

15'? T'i.'.lCS+lll 
SS?,28 6U, irn 
BW JV,,V.O>M* 
i7". 40* 1 A.'^T-O'* 

26", 50 McCor 
38 '. p A'AConn 
16 s * 5 n lewr 
46'® 2',M«f>'sn 

18 s * t>',.V4dCir0 

24i, 1®' , MedSn 

13 aV,Mftfci.'S 

30' : 1P,;.V7SS!(|1 
19V, S' ..'.lecianrla 
72' .■ id' ..vir-ccev 
34 Ji lit. .'Ajn'.Vr s 
17V, 1C ,7/.enrar 
17’* 8 s ®r.'enTGc 
Jl* , 1” ,f/.rc£Ka 
74'# ela.'.'-ercei* 
r.'?25' P/^jrcGn 

23 l£i';r.*lercln! 

34 s «2tT..V.r*dnBc 
22'.*: 10'-i.V.er'»S' 
33'- 18 MOrilCS 

24 lC’..T-Vf5CA' 

12 s ® f i.V.tTr.cnv. 

1T:.lc';Me'rU— 

34 6 1 1 Veiror. 

7<',12 7A4TCCOH 

4a'-r 2S 1 1 iViTBSir _ 
~p . j? ?.*.icnT:i 
:b ic viicv/ars 
E’B.v-crAas 
31’: 6' : Micrcia s 
7?, 1 ?v.iere 
1;:, 4',.V.icrsi* 
e s * 4'iVi'Crcs 
29* ; S ?• ;.*.Si4TXi 
S5- s ' M Jf.7.‘..Csni 
12 : , 4' ; r.-.icnes: 
34*. 75 .-.-.lacsn 
5S-®lJ , *v. ! cAi:v 
’S' ,18‘®MiClFn 
31 ' , 17'.; •■■rfllCa 

25 5J«,.V,.i:r“" 

iv ? :s : *.v.'i7^"n 

IS ll' , V«« Sr 
39 IS',-'.’*™ 

II* , 19' :I.*?S'H 
3'.' : 1£ *.Vc nev.* i 
3a*:’C 

Ja',26-».M:'ie'A 
31 i;*®:.vj:itr..y 

If: iC.MSnOrJ S 

p . z:#:.-.:n:Pss 

T 2 . 5 .V^i47 r T 

is'. T ; -.r. 'rfi>e 


Sa 

ild RE I0?v Higfi 

_ _ as. 2 1 ** 

.. 53 *418 30', 

1 a 19 326 47'® 

SJ 19 182 18': 
,_64C P1I 33' 1 
„ _ £37 52‘. 
_ 19 757 77 

_ 11 6JJ 9 s ® 
_ 16 3603 'BV. 

1.0 5 49® 15 

_ _ 587u2T> 

_ 31 163* IF®, 
.. I s 336 I2S 
_ 26 5S48 32 

^ 44 566 Ifl*** 

„ _ W 7C l , 

r fs sos «;? 

1.9 20 738 2!'., 
_. _ 511 IIS’, 
_ ’1 5®i7 23 

it 16 l» T4'-i 
J a: 4448 47': 
_. _ 11® 6‘t 

.. 7BB 1447 E 

_ _. 2 10>j 

. 31 3410 23»® 
- 38 3386 3C": 
.. la 70 m* 
_ 43 488 12V* 
.. 43:72^ 60'. 1 
_ 27 772411 Z2 1 7 
A 2027351 M'« 
_ 22.-8 33 

■ Ji 17 fc9l 5. 

_ Ml S'? 
_. 10 te rc 
„ .. alfl r?, 
_ 33 363 15', 
. . _. 16a® 11". 
.. _ 7304 4 

... t; s«s 3: 

i2 12 538 IP* 

1 * . .E9 14". 

_ 3® 23'-* 

. ?S 543 10V® 
_. 14 S3 V, 
_ 41 1341 XT. ! 
32 13 126 30;*J 

.. 49 126 10 
18 12 2006 21»® 

■ A 14 1 

21 5344 7>. 

_ _ JIB T7»j 
._ 39 2lal 53 "1 
.. _ 1=53 S’® 

... _5177 52 v* 
7 J 17 3853 21‘. ? 

35 N19 D0», 
_. 26 237 1 31® 
„ 3 2B72 4 s ® 

31 CT 14", 

2.1 IS 200 a*i 

_ 29 40 IT*® 

_. 3fl 8? lS'i 
1 ll 4189 6* * 

.. la lSH ia*-? 
.. 35 4C 27'** 
„ 13 *i 13'® 
_. . 3933 H>»® 

U ll BP 70 s * 
... * ®73 ®'l 

14 9 208 30 

_ 48 6tl 12 ® 

4J 12 221: 33 * 

_ 16 2205 IT - . 
.4 15 93S 2 TL ® 
50 1838 15 s ® 
_ 79 *12*59 SI-, 
.1 J9 73 I S'*: 

343 19 , 

: : i! u*. 
-. 26 1717 81 '9 

2 7 13 1T78 75»* 
„ 34 5=9 7r* 
... P 19H it 
._ 34 JJPL-jy : 

"1 7. 134E T 
„ ... 2i:6 S'* 

.. 7a 7. ; 


L06UetfP~-'89 

IT 

58": K'* -If® 

it'* Ta — •'! 

32 37 -I’-* 

am 72'. - 

26 2T - W 

j:® 5 '. -a® 

17V, 183® -■» 
IP® 17T« 

2 S'® 25T4 -f® 

15 15*® ?* s ® 

32 12(® -*® 

»'*, 3Pi •? 1 
17V. |8!- _ 

20 20'*, — 

68 

9Vb ®v, — 

yi’s K'4— 1 
iia'-it-'T’-, - s • 
2 T's 22V, — V* 

16 :«Va -JS 
41'i 47*.® -?•• 

5 s , 5*4— i 1 
7%® 7’ *, - ", 
10 s ® lOii — *1 
223, 2f+ -‘h 

I®’.** M'j-l 
IT.. IT.i — '® 
12 12-* • *■* 
SAW AO _ 
19',. 22'.. - 7 8 
Z3'.i 23i* — * 
31"* 32 J 1 -l i 
4 s , 4Vi - 

r. n 

|9'*, 19'® 

4*, , i», _ 

11 11 — ''* 
lOW IP-* 
d 3V. 3', 

?n* a 33* , —'® 
18’., 13' 1 —'.a 
lav® 14 s *, . 

Z7»j 22", - 

10 10"® - *, 
6»® 4’, 

22W 27 s ® — f® 
29*® 2?** -'* 
10 10 s ® 

21 21 ", - 
lilt I."® - 

AW 7 — W 

IJW IP* - , 
5iv+ 53.*® -1, 
5 s ® S'® 

SV® ST® 

20V» 21-* * . ■ 
29 20'.-: * 

i = *l 13". -"t 
4 4-* 

16>, 1JV, - 
22'.* 22 W — ■ 

17 17'. - • 

144* 1* _ 

81.5 9 - 

17V. 16' , -f® 

24'? 27*. ?> 
13* * 1 jV" — * 
IO'm -5» u — *, 
19 s * 20 
®7 9*, — ■ 

79'*: 29’® 

11'® 11 1 — 
31' *. 32 -W 
16’. IT'® - 

liw ir. -• = 

ljv*. ir-, 

n ?sw — > 

2—'® IS 1 ■ 

a 27 — !: 

2CW 32 s * -I?* 
S'. —. • 

IW 6 » - 1 

_tfi — * 

n*. ?7 - ® 

:»'.:r* 

44=. 4« -®® 

1, . IS - 1 . 

30= * 31 

24 s ® 54" . - , 
73 ' , IV * - ? 
'o' : •: * — 


:oe .: 'I t’®- J' * »;* J;. 

It 1199 — I 24V, 24- 

- '.619 Pi 2 73. ■ r~. 

-• ?f ! 'i s j 1 ” 7 y~ 

: i 'i 1 1 m s; I 

s .it - 1 :? ,v 

; .74 j * l'jl *> .V 

... 18 *4 U ; , ; 4;t _4 


■ . !v 


ll.vior* 
nan lpw sradt 
66’® 28’»Cxffl£8r J 
&■» 18"? PJfRE CP 
61 -V7 1 .® ?oot 

58 J| , 28 PodfCS 

34 v? i9V«pea*nos 

TF’l ffUPtUTTBl 

ns® 17 PucaJOW 

26 6* ,ParaIltal 

44 V, 23 V* PnrmT cn 
wv® iSWP^Sjce 
7T-. 18 'tKrtHM 
3 *im Jfl PcIOW! 

SW25V®PCYCT 5 

41". JC*! 

FStwSSg: 

isu 

41*1 26 FTOBSjt 
32', 16*tPer®rtv 
34l,12’.i PerittOS 
li’:!!'— PetcnAn 
196, 9 ''PMQWS 
w 2iv?PeT*A)iorr 

3CS* if’-i gr jy ^ s 

Z-W s 

43W »B*SRonj3pS 

3’ . if-, PionSia 
4PS14 P>**ncr 

39 s ; 3>.® Ricans 
ir* P.*Pia}Te 
j9=, i4(®P7ayers 
49 ■ ; ^ PwTSOlt 

34 16'jPr+EnfT 

3*, 7>rPr«Rvs 
£ *-i7 s ®PresK* 

jTWlJ'iPrcCsf* 

35 79 PrcREI 3 

3S',21 :PrcTR» 

34 19 Primocn 

£'? 33 t 
29'.* pTiPrciCC 
BW 3(*PrOl9«l 
?+ l'®Prcrty 

7TJ, i4'.,PrvBJ-jJi 

M *_ 6 Plrt.c 

24 7 Pvreooc 

2J?. 14VaPvrr.tB**i 
3 *.4'iPuroPa 
23’* £'‘-?7 n r" r 
TaT, IT 1 ,Pvxb 5 
ra je.cvc^ 

-i TVrOuodSv 
43W14'.&A:l=p* 
34U *,9':&Ftw: 

sis^Ssas 

s-^asss 

la": lO'+GuiOrtT 
S'® 3 Qua *( 
14'-: 9*®GuIlt3Jv 
16V- 7 s ,Ouv*:SVB 
72 ’'WOiriyle 


18 s .10 .RFSHfl 
i,Hia'.R °M. 
IJ5® r»Baco®« 

U'?::'.®scosv5 

) , z .Radius 

31'® :**,Rone» 
i~ 13 acinTc 
is 1 , f*. Rowys 
2P.1S SeUfs 

!{' . flV®ReodRt 
32V. lIWRecom 1 
=4'.® IS ReC mc r 
='.': f iReserm 
34 ®29"iReorFn 
:# :3'.Re*TCern 
l=v. :: Rencrm 
j RencA,r 
Jt. 7* . R-rocr* 
’6'* e'.,fieo0C3 
75 a-sRescune 

!' *. 4" a Rc - , 

48 s ® 26?, Ra.-Hdi 

21 T'-RttSl^lS 

’•*? riRSiim 

1*^ ■:'‘S i ,R'CTtt» 
j>. £*.s-9tv 

*;• , irHRiH.n 

r: ; u^o .vc* 

7:' , r : • R&tXlS- 

42 ® 21 R=P“.r 
'.S'.® lT'iRoenCS 
7 t - 12 : R yy~t~- 
3'. > • 21 iRsoCcr-li 
•7* , ‘lUiRs.^n s 
3= 77 Rc=er s 

'B®, '2* , RcvsSir 

•j'-- lARntS 


« 1 
17 s ® 

, *® KHiSCSvs 


SJv YU pe IMS I** LQ"<-a > 9^ Q ''” 


■ ,* '■zv 
. l.c'srT 
, '.L-n-3-nc 
: ceimng ; 
■ 'ff*. -3 
-‘-a-’*; 


<■? 

. V' £7£ 

■ / >9 *' 


.. j: 4;- 


:I3K aa«s-=S 

- 33 at as -JJ 

= pi 

' TJi 

— : 9 s’^ fs CUiS 

niVif-rM-; 

4 *® w 25 "■ 34f* WA-,— 1 '-:; 

41. 5 fj 354 13’® 13!** 1?*‘ — .V* 

2A S^ AV, Tr. — b 

z " jias » s m -* 

- " HU 13'- 3W -W 

- i® ^ lO'A 9 V. W? — JJ 

I 29 5315 28*. « J(® 

- }l **S S-.1 Ik 3* ^ 

:ilw ®£ I)S 

: sis aa -SgS 5 

= u ?v~ ; 

“ 15 4393 9 s * S'*, 9J(i, — •* 

Ules? r g h 

* ,J 18 & Sw MW -1? 

“ ” S9 11M 11»« 116 

-a 0 lays ibw -* 

- f? ®«tT IJ'Ti d=TA 35V.— I W 

I 1. tmJ Sj. m ite ;S 

- j, *1 iw S ivk# 

72 3 M W4 lS*A 19 s ® 28 — W. 

i A " „s % ,7 ri 'ft tU 

- 47 is 3;^; 19 30 -V* 

" “ 33'? 3iv® 33 s ® -1V9 

“ 8 545 11V® JJ!; 10W — i* 

351110 lA.iflU't If .7 

X ~9 1 7 232 73 21 s ® 21V® — *® 

X _27718OT 16*® '4> -V® 

2S 5«4l 33®, 31’® 

- 25 Z 1DE 41 Vj 40*4 41 1 A - 

- ij m i='A 116® 12V. - 

12 ® 11V. -?> 

\ijt 3 : .® 3 3M» — 

- ii -’cfl ij 12®® 13 - V* 

Me A *94 18'® IT*® - 

^ ’1 fl 318 an®, w*® a — ■*. 

R-5 1 

,- V*. 11 S3 IS 17W —p 

-s e 3*3 je 214 10 •* ITT 1 , IT’® — > 

■“ 1 ?« rw tw t"® -v, 

10 5 51 23 IS I7W 1P« — 

645 Hi SV® SJ® — ® 

' 34 2? 2S 33 s ® 73 s ® —Vi 

14 115 14V, 14 U* — V: 

= ,-6 "il ifi 

- 10 30 u't 19'® 19V® *v» 

" -j Mti/S'T 32 33V* *V 

“ S3 176 17 16'r? Mj® — 7 ® 

536 a’, SH 6V® -V® 

7 JO 3J I! 839 34 "> 34’® 34"® -!® 

■* IS®? 25 24 .® 24W — ’£ 

■■ 26 9 X- X’.* 10’. —Vi 

- _:n 5r. 4 1 ', IV - W 

_ 390 »■* 3‘® 3’-i —V® 

jj lit 7 79S I**® 5**® 12’® —J® 

- « in r k ^ =5 

,13i “ f ^ MW ^ -W 

1 . 4H 8". r-» B — ‘® 

■j i IS P 5AV* 16'* 14 s ** -v® 

_ 692 S'® «w # l '« -V® 

_ 23 668 !■» ■? 13', If. '1 - 
08 e .4 >4 S=5 TO * 20'* M*» - ® 

Ifi U 24 1317 7T ? 71 >1 — '•« 

_ S3 5V?a 2S 74”* 3*rs — »•*. 
_ _ *4J9 14'® 16V® IU® -'a* 

Me 3 - 97 14' 1 ? 1S»*. 16 — V: 

- _ 415 2S4® 2S 2S — »® 

44 2^ 9 3627 u 18 17 IT’i •'! 

’2 j IS 14 7 O'* 22'* 22 ■ — *® 

05* 4 ij 14JS 13"® 13 ® 13*® - '® 

_ _ SC C? < SU 1 -’•* 

r 5 3! KA rc .TH —v® 

*i 3i _ 54*9 19'® 19 :»'® —V® 

_ IS 3557 ", 7*1 71® -W 

_ T Ear 9'» 9*1 ?:-> —'8 

_ 7s JIJI 1ST* IS'v 'S’.* _ 

12 7 51 X 10 IT': 17W - 

JS -4 157 Sil 23'*® 20 20 s ® _ 

36 494 IT, 10 s * ll.* -’i 

!.9a 3J 7 9TB St I U*® Si', -®i 
_ 14 1S4 MS, IS 757? — W 

r 929 IS , I4+® IS -1* 


I?s paIS^‘ 

36*. fJJgSvl* 

X* 

M*. utosidjwc 


20V. 19 SSSS** 

frZ io 1 * o* 

<34i19ViSI<bI6W ■* 

IJV.SIOtnQH 

lk»egTc» * « 

J4 

§wioo®5tewen j JM 


voi' PF IBW - HWI U®eU6WlOP» 

■ — ■ IS so* 23 Vi 23W 73'M "W 

“ I 2113 4 Jfb* 

JO « i !i2 14 !*g_ * J* 

— a I ,T1 iSS 30 4D*fc-t-1^® 

- 4<*i ak* 
: re 3u ' i n, » ” .fe* r’ig 

*8 is 14 as>2 91 y? 21 . fi w 


Tm. 

= ff 

j. 

- a?s S8 *3 

-» 12 SSI ift8*- v 

.08 sSB.3P.tf a*:!: 


& ?V,5unTVv -M 

S8§.,^ 

iiU y/ijSufiw* 1 

29V* lSWSwWT? 
is>,® 8VA 5yQsJTc 

55V, 25V. Sybase * 

19 lov.SyTvnLrn 
JOW lDWSvmnte 

am i7"^yrO«* 

34V® 10 Syn oor 
IS'a BWSvneren 

moBEr " 


M 3 $ iS 2DW 

- SSB JM-K- 

w u - - - in S»-fa •£ 

T 3 IS To , 

I ._ 102 EO 31 y? .T ' 

_ 25 47 19 »'•* ?■?* • ii 

17 ®-3j ntt 11 Hte • *fc .. 

-. sb mS aS-siwfsw®nj“ 

. 792 IS U’A DMi— tV» 

” -• 3 vs 14V® 13V. 

~ wj Su 30*V W*®-TOT6— ’ 

“ 65 2B4S 10V? tf9V? 9V. — yi 

: DM «5 

■« 3 » 1051 ^ 

I A OT9 ■ W . «Vft t? -•% 


T7V: HJ'iTBC 


74 37 TaKOCr 

221*l5l®TW^?s 

Il 12V,T*OWUW 

§ V®35 TecwB* 

V. 31 ® ToCuA 9 

33Vi iKtSSia 

B&iRRBSi 

37’ ® llVkTanoba® 
34V* HWiTefutor 
18 V, 7 V® Tel van 

IN 9 Tencar 
MVs 20'i2Teini 
63 V, 19V* 3Com 
«■#. 1 3DOCO, 
19'* 8W Today *A 

11V, M®Topot 

lS'i. 21 TrocSUP 
16V® 4V®Tmn?eds 
37 i7’'*TmRaCp 
47V6 33V«TnyCk 
1I'4 10 TrtPacf 
30 9 W Tricon! 

17*® S 7 ® Turned 
18 OVjTnqmrt 
20 12'iTrtWI? 
16 s ® av.Tx4na 
25 UVTnon 
law 13 W US Con 
22'A 9 s ® US Long 
10V, 7 USA MW 
,4V® 7 s ® LIST Cn 
30>« IJ'sUflroSteo 


" t? « jJ >2%12V? — V. 

« 1I2 sw KJ* av; njj i-ij. 

- s 3“!^ Hi-ISX 

” 22 837 »3 71 Re 33 +2M. 

_ 36 US 2*<A 2* 24 - * 

_ 191O0M »V® m Ht»:+5 
Z 19 *49 14 m 138* —V® 

_80o _ .. ■ * SB’S . — 

So W 11 771 e ■ WA 47 - 

_ „ 482 14T* 14V® 14V® — Vk 

i3«7.7> an«rvu- j .s 

M. - SCO 3M* ft jvw - ?* 

_ 14 7B I3Vfc 131® ov3 - - 

_ 45 »rt 36V6 34V® 361*. + V4 . . 

_ „ 42Z fi 72®. 13 _ - 

JD1 .1 .. 1322 II 1 '® -Ml* 171* - 

-A 1123 M'S MVk.IM -‘W . 
J3E 1.0 22 7084. 23V® Z2V» 23W *V® 

_ -19671 49V® «16* 489® -»H. 

_. - -70S- t>V, m,.23V® +®a 
_ 19 777 MW WiTOIS - . 

* " " 3S ^ ^a r*i 

- M 288 mi iov® - . 

- .. sal SB* 22VA ZI -33 i 

U» 24 13 m 41J* . 


47*4 JJ74 I nWDJ !-•« *■ Ji ZJaT. a*!# 7*|7 . 

17W10 TrtPacf - If , p* ‘‘ft - c- 

30 9VtTrtainJ — M UB| 13* 12 13A 

17*® <r®Tnmed - iT* ,f 

18 8VjTo£HJirrt - « JJJ ” * > 

90 i TrMm _ Sol 15 Ufl. Wn — « 

?k iviTiSSS M 7S U m 7% 

« lauTnoi .08 4 17 719 718® 21+k SlV® — 

law nwusccm _ i» bts law i7v®.»®, -y 

Saw BMUSUong _ £ 33S3 IW. MM10M— > 

10 s *. 7 USAMCH - - 569 SM ft -W> — p 

lav® ?*®U5TCo — — 52 13ft IjVi rp* — V® 

SOW IJWUBraSWt: ~ ^ -1 

7T® 49.UIVIOD - 70 21® 5Vfc SV® » 

22WT44itUnSwicn - 36 74 18^«* 17^ UJI — W 

<B 8 , .*SSmP» 40 1^3 13 955 39V® M MM — J* 

19\®1DWU«WW» - - 37 li 13 W 14 +.W. 


12 7 2» r J0 !»’: '7VJ - 

JB * / 1ST til 2SW 20 20 s ® - 

36 VH IT, 10 s * ■! .* -*i 
,6a JJ 7 9TB St I U'<® il", -v-i 
- JJ 1S4 M'.* IS JS®? — W 

r 929 IS* # U+» is -v® 
M ’■£ 12 I**! IT'; 16 s . 77 -’•* 

X t 4 10 468 :!W 20 : , 71'* — s, 

_ 13 B2J :»*» IB' * 19'*. -8. 

_ 153 ’48 S 4W JS. _ 

_ - A 10-? 10 r? 13'.*» _ 

_ _ S3T 2i J,'.® 34W — W 

106 j . M 11 18'? 18V? — '.? 

_ la JI6 ia 35"? 36 - •*» 

_ 14 Ss’ IJ 2"* 22 


- 5 : -i _ 




. . lc l : M. 

. •• jir- 

I I-:*i!- . ~ ■ 'ip 

i-.VtV: './a ; J I ’75f 


: v- ' 

‘i\ ”T... 


P*. I*r=;^ •. 


ti 7*6 :Sci--CO 
:■ .'fi jo'e? 
*>•« ~ iC-ned, 

■ L-- f?t 

7i s . .i'.Secscre 
S', i :S.-=-Ca= 
r> ? 3-‘ s*^. 

7 . -P.ieo 
2Zi " ,Sec_ 

> : 

i---? _ 7-.F-C 

--sirr-Ats 

St ; U-.incGo 

a 5 ,'.v*= 
z-jtttc 
iftlr 
’ 5 sr'-fT? 

:w S', Zi?<cr. 

1- 

*7 ? £ irwse 


_ - -i’i 7 

- : = jr- s 

*: >1 :: t^.- it 

- i ISP £ 


Id II 18’? 18V? — ■? 

116 2a 35'? 36 . 

S’ u :■•* 22 - w 

r 25 : IS 75 _ 

- 7 — 

21 22-. 33 - s *. 

•i- K K‘* 79 s ® — •*. 

3; i*. 'J®: -S 1 * j^-'. 

1; -T--; IT '7* -w 

ry. IV 71'. 23*. - V® 


10'5»3'. IV 71' *23* • • v® 

, »: ;■•? is>. io»® — >? 

.. _ 141S-J4S®. 39’. AP, -r. 
. . *97 S', S', A’® -w 

. . son ;i 14 iv., 

.. 7 66 4t„ V 41 . 

_ - 5C5 'f l * 17W 18'-- - 

SJ 2’ IS -ax 13 =3*, 72'. — *■ 

. aSV It"; 15* . IS*.* — ** 

. , 4' 111 17 16 -a IT - *i 

_ 16 7“ il !0't tcv. -w 

.140 4 - e'e a-? 22 s . a'* * s ® 

.. . '743 2’? n 

. . 3B r, ft S' * - 

ij . i ■< -9£V 47V* 43'-? 4m*?—. 


U .ui A : 

?i :57* h : 
:■ -in •: 

i£-: is ; 


X- ? V. -w 


I K 2748 IV, 10 s * IP* -8, 
Jf J 71 Ov« 33 31'. 3P. - l ? 

3 iu r i: pi . -v, 
so ir iv. a'? i4 

_ 42 5£7m 77 74’: 25 - *.. 

- =i :!l* i- u 

: ?! ';; 3 t*:: 

- i ,it? ??. f * -h 

. Ie W JP? 2T. 21". ... 

_ 35 53S 10 9 9V, —«: 

s/, :i is taw ie jo 

ITS V* _ 36 47'.* 47 4? — '* 

tj 22 r jTs: :i * si 2 '-* .. 

- CE 9 " ’ISa ? iu , U*® 


28 s ® 71 USBcOR 
sr„ 2«*®usHmi5 

46 jo 1 ** us robi 

SSVi 49®®US TlW 
19*i 10WUIOIVCM 
46*® 38 V? Uni Inn 

30 4V®Un®ElC 

31 Vi M'.PrtjnCvif 

111, 7 *k VLSI. 
Z3W ewvaiTecfi 
1S%® 4 VaSVMA 
35 M'/.Voroa 
1?*® 7',VenoaW 
46 iswvermfl® 
TFm IS’aVariMW 
M 8"? UertxPn 
30V. 13 vicar 
76S. IV. V^asrp . 
73 9 VideoL 

30 TAIlViawta 
S3 31 VAino 
38*® 9"?V1SX 

6', 3 VUrce 
23i,i mvmcffi 
101 ■ LM’+Votvo 


32‘t 1A'.®WLR Fd 
Ml. S3V> WOlbro 
13®. SWWalkKU 
40 17"-.WoBDarci 
219, lOHWtnflLad 
2S>.--?0'^WF5P 
28 V, !S'jW<M59 s 
38**: I2*,WafsriPf? 
79 MT-aWmstaS 
25 a l ;WausP® 
I?’** iv.'? vweoeowd 

30 ll*,WeGMol 

O', iflwwcarcs 
33*®20V,Wemcr 
2S' « 13'iWUMar 
74V, 9 WNeWtn 
33 Tvr.w^rone 5 
26*5 10*.VV5TCOt5 
Id"* :3’.iVVea£crted 
20’* 1 1 WsinPti 
30’. U wstwotr 
19’.? II'mWIISA 
1CW JWWsJwOn 
25 29 vWrteRvr 

JSV.lJ’-.WMFdS 

3 ffW S .VrUHTYS 
7J-*® l? l »WK*LU 
S9V, 35V,waianil 
39', 10 wmSans 

31 23*®uyumTr 
74' # ja'wWiicCT 

39', H '.Vondwre 
II v® 16’.* Vuortbg s 
S9 S ? 3«»ixiwa 
33' , !2 Xlrcnm 

18 s *. is Xcetfle 

a iI’.,.4rlOBic 
33 l3**Xvme* 
35”. IMi YeBowCo 

Ifci 

60*4 2JV® Habra 

is*, MMZenLcos 
40 V* 22 Zatsa 
45'® 36 ZwnBcn 
43'. 15 loiiMed 


- 37 11 13'*. JU +V®. 

JB 3.1 18 £2S7 28V® TAiJWw - -® 

MB 1.7 2012746 3»v, 40*4 -ft 

— IB 3971 S’® 30’.i 31ft -ft 

"00 19 12 VB 53 SOt® STVt —‘A 

Z 17 3S3 18 17*.* 17ft -'■> 

l^D U 26 46 41ft 40V® «v® —V® 

. _ 13 399 7Tfi , 7 ft 75® » >1 
_ _ 3 M®» *23*4 74ft “ 

_ 32 Joes U»* 14 IM, *1® 

_ _ JD5 B 7 7Va —ft 

_ _ 4468 Aft 4 —ft 

_ _ SOM 32*» 32 32- —ft 

_ _ 525 ?’Va n 7ft -> 

_ 478 34ft 34 24 —Vs 

_ 19 Bit 17V® 1? 13 —'ft 

_ 63 1389 IJ 13 13 4 

_ 34 41T » Jift 25ft v 

_ HJ 58 li '4ft 14 *® —ft 

_ 14 2® 13'.® 13'® ITS - 

_ 31 4M 3W Jll* »ft 

_ M 1109 51 4»Vi 50ft -“’f. 

_ 14S 374 17V® 16ft Ifft ft 

_ _ 650 5ft- 5 5ft —ft 

.aw if®. ;»*-, i»’*. -■/? 
.99e 1.1 - 114 93 »*® n*s —1* 


J2 1.1 111 77 23 ft 

.40 16 51 S5V> 

„ 19 283 7’.® 

_ 45 1749 37 w? 

_ _ 1075 13> 

B8b W 1 OT SP® 

48 3-2 B 1BO 71 

_ 71 693 IS 

22 .9 IB 7B0 34 

JJ 9 18 H9 26V? 

_. 22 15ft 

_ 39 383 W ft 
_ 1325252 27 
.10 A 23 978 2B'4> 

- 34 S »ft 

40 IJ 21 SA 24ft 

.72 U 12 21T4U33V® 

_ 74 1151 14ft 

-OSe A „ 179 14ft 

_ - 356 12 

..1072 411 77 
_ _ 1593 IS*® 

. . jss n, 

. _ 39 MW 

_ 7S 178 1SW 

„ 71 7B3 U 

_ 13 2064 IS 

96 ZJ 21 30S4 45 

43 606 33ft 

« 3i S? io 

jo ii a m ik 
.. 7716651 46ft 
_ 21 51 IT 16 s * 
_ VO E83 ir., 
19 1162 ‘.aft 

--JiAK 

176 9V„ 
_ M 827 31 
_ S 2T80 17ft 

- 22 1577 34 Si 

1.17 J.7 10 77 41ft 

_ 23 411 1BV? 


271 * aa 
is as vi 

7ft TV. 
34 xr.m 
lift TT-» 
22ft 22ft 
2 IH* 3 C 09 ® 
17 ft ir*.® 
23 *® 23 ft 
28 38 - 

15ft 55ft • 
20ft 7&*» 
25ft 34ft 
27ft S3*® 
?Ift 20ft 
74 24 

31ft 31*® 
18 14ft 
:r.® i 3 ft- 
iiw ir.». 
71 71 "m- 
14ft Wft 
.'ft 7ft 
33 33 

li lift 
>2‘i 12ft 
54 ft 14 ' * ■ 
QVt 43 s . - 
33 35 ft 
- 25 V: ST* - 
a ay*® 
n . law 
19ft wm. ■ 
47V? 46M ? 
1« 16ft 
14ft I7tb 
17ft ll*. 

IS lf^ 

rus 
8". 8’,* * 
29ft 3 - 

1’ 17* i 

Jtft W - 
4Cft 4: 
17ft in- 




X 


Wednesday’s Closing : 

Tables include ihe naiionwiae onces ud to , 

;ne erasing or- Wall Siree; anti do net reflect 
feie trades elsewhere. Via The Associated Press ! 


;; u's.nr-. 

Hi®r. Lf?. f.:cr» 


3,.* rid PE 13C; H.y» LawL<3tfS!Cn-SC 


. 8 A IV. Sir .42 5.2 
It'.aLC 
0>* AM miln 
•® :;.nnw: 
f A.V.C 

2G' , A/AC at 1 .75 tv 
1' - ARC 
I’nARIHItl 

22 ARWFOI2J6 9.9 
li-',, asp 73eltJ 

tl’.ATTFe 171 e v t 
SftAciCom 
TiAcm+U 
V AdmRjc 
IWAff^in 
9WAd',Mao 
ftAOvMedT 
IftAduPhol 
2'*Aeroson 
7'. Air Wat _ 

Sft Aiamco 

SftAbaW 

5 AJenO n _ 

Vk AienC w! 

16 Anaaonn 1.44 7.7 

i'«i.AIRn _ 

4'aAlldRdl 
B'.-AllouH 

J Alptialn 

vWAlrtnGr _ 

4 s ? AmcOil _ 

V® AmMtti _ 

11 AFSIP2 liS 13.9 

17 AFsTRT I. SO 3J 

lBWABliCT 1.33 6.1 

T«AH'W 

3ft AIM 84 1A4O40.4 

13ft AIM 35 1.44 9.8 

1 1 aim Ban Me 4.8 
1 1 ft AIM 08 r? J5* 2.9 

3P*Alar06l t.OSc 2.4 
m.AmLisI i HOb AS 
IJSAAtoiA J4 3.2 

14ft AMzvB JA 32 

TftAmPagn _ 
6V?AREInun JO lt.9 
® ARfrsIr 1-50 15.7 

3’* ASriE 

;* w Amsnrd _ 

2'„ATectiC 
; Am pal 
".14 Amnal Wl 
91® Andrea 

ftAnaPor 14J0c _ 

3’® Anutrco 

S'.ftoqnn 

]*.*,. AnzLd .25e 5 = 

: ArkRs; 

,' : Amvin 

Jft Ail role 
l’.'vAlari 

4’?Aiianlb .05c A 

'.AiloCM _ 

lO'.Auduot 
vv.Audrc 

6 AurarEJ _ 

I*n A?.m n — 


* 7*.B4HO 
, 12'i.aAT® .46c 

TOftBHC 

l*'.BNFBc M 
6'*Bal cr 

JftBaKftk 

l'v’.BanFd 1.91 c 

1 0 B*,n-.lT 9 

v.BkSFran 
’’.EFSlha ,?0b 

IlftBT cy/'inl B8 
3 1 ft BT i=,7ft n 1 .90 
VcBuniHI 
I'-i.Bnnv?l5n 
I4*,&3IT1_D 
’yBarijir 
7 EtanRC- 
ld'.Eta.Me.? 10 

2',.. Sava u 
3 s ' ..esHF. awr 
2'. ; .&5 ;apk n 2.01 

I Eyimac 
IS 6i.-ndbE 
^ViBvnC.c 
K'lSsrjCa 7.00..- 
a' ; BelaV.l 5 
■-MB-ttlCp 

IT.BmK.VU J3r 
1C B.OR ■» 

1 Sueftn 
I'.smpo 

11 BI?BICPn IM 

tt'.BCAIO ,79a 
1 1", BN- IO 79 

36* : ElajrCa 2 die 

HI ® ai-,,iPo .’0 

17 ?3i0uniA 60 

13': Bocae 1.74 

19 Bowl A 73 

I'lEavmr 
■C'SOurt, JO 

: iChooPE av 

■'.B-oian JI 

*• Sraidv* 
8®.Braffn ® 1.04 

• : Dra-> CP 
’-..SuBldll 
7 ’ , Bu'Jl ; 06 


■'-Cl-' -BVclOJ - 
J’-.cr.:iCp . p 

I'.CSTEnl „ .. 

IO*,CrfBFn 37b 2. S 10 
1 J ’*v-'DFf>n ... 
34S.Caniyin ... _ 

IS’iCaateA® .20 .8 7 

‘hCcIptop _ 

l--®Cciier. ... _ 


73 e"* 3 U 

1607 32 '., 31 ’: 

V 8ft 8ft 

19 lift lift 
7H IV 23 s , 
276 2'. 3 

24 4ft 4 

11 74 23 s : 

50 3 1"-:. 

61 66ft 66ft 

25 6ft 6ft 

5+ 3ft J». 

5 Sft 5*1 

65 3ft 3 

6 13', 12 

145 V... I’., 

14 3ft 3 
36 2 s ® 2>* 


I lift lift 
76 5 s * S'* 

36 l ? '® 
366 18 s , IB'? 

10 !•'/.. 1ft 
15 S': 53® 

37 ®W 9'.« 

215 4ft V’» 
M 7 Sft 4ft 
933 6», 6ft 

80 'V. 'V® 

IJ lift 11 
18 18' » 18 
I 21V* 71 s ® 
305 IV,. I ft 
S3 3ft 3 V? 

17 14ft 14ft 
9 lift u®® 

226 I7'*dllft 

1 431? 43', 
28 u 17ft I 7 '.® 

168 20ft 20'® 
10 20ft 19% 
73 B’*» Sft 

18 6% 6V, 

36 ID 9ft 

28 4 3ft 

10 ft V, 
30 3% 31, 

98 8 7V, 

20 ft ft 

149 19ft IB?. 
113 1ft l*u 
72 6 s ? 6 ft 

1D+ 10ft IO',, 

2 J*. 4ft 

15 7®, ,’W 

5 Sft 5ft 

175 3ft 7*i 
747 4"-*i4 4 «.'u 

45 5ft 5ft 
IS8 Vh '* 
281 I2ft 12'® 
1711 I'.’u 1, 

429 7' * 7ft 

203 2ft 7*:. 


24 

2 

64V? -ft 
6ft — 


lift -ft 
£", — ’® 
'*.- —ft 
18ft -ft 
P' u ' '.'ii 

9ft ... 
4ft „ 
4*. — \* 
6V» — *0 
All —ft 
Mft _ 
18 —ft 
21V, 

1 ft — *'h 
3"'h _ 

Mft — ft 
17ft _ 
12ft • ft 
43"? —ft 
17ft rft 
20' *, -ft 
20ft ->*. 
8T* — ", 
6 s ® _ 
9ft —ft 
39. _ 

>* ' ft 
3ft —'■*,. 
TV, —ft 

ft 

|«V. —ft 
1"? ‘ft 
6ft - 
10 V, —ft 
41, - 

7ft — '• 
Sft _ 
2ft 

—Yu 
Sft -ft 
Vi, H.’u 
12V: — ft 


7"/i. — l'r, 
lift _>.•* 

75ft 

28!, —ft 
7ft ■ *.* 
S'® —ft 
lift —V* 
13ft * *® 
iVu — V*u 
9'., _. 

23ft - 
22ft —ft 

.'in 


4ft 4ft 4ft _ 

32ft 32ft 32ft . 

I'* I ft IV U — ,*. 
74 24 24 ‘ft 

” : 7ft 7>, — ft 
8®ft 88ft 88V, 

TV® 7ft 7ft —ft 
v* ft v* .. 

31', 21ft 31ft — ft 

17V, 17ft 17ft —ft 
IV*. 12,, I®,, .ft 
2'® 2'* 2'® —ft 

11 V lift 11V. -ft 
J 1 'I 11'® lift 
13 ' j 12'* I!'* ■ '* 
40'? 40ft 40' : 

2,.': 36*. 36'? 'ft 
37'.’ 36-? 36'® —ft 
13’® 13ft 13* j — '- 
19% 10% 10ft — '., 
3'.„ J'**u i'-Tl. — V» 
21*0 21 21% 


36'® — "‘ft 
13* , — 
10ft — 1 ft 
i'J., — 
21 % 

®' , — >? 
left 
3% 

137, 

2'*-i- — '*, 

I ft - 

37 — '•* 


52 »ft T 2V» 

111 I*; l—i, I’.. 

5 12'? 13ft 13ft 
eS 1 ift iti 

297 41 436® 14 

3 34ft 74ft 74ft 

4 IVu '*u , V U - 

67 1'Vu iv,, I ft. 


i; vjrrt 
H cr LCA 'n:‘ 

:*J', li *Co.'n s r. 

If * 17'. CanC-ld 

13 . 10 . CapR!.: 

17 ? «’ .CacRlIn 
IS 11 CooP 1 2 r. 

14 , S'. Carmel 
!4ft ■>'*.. Car, rnjtn 

: * : • COSPOil 

;c»*i: Casi!*~ 

?i 22’ ; CasFd 
13’- t'.CaiaiL: 

I" 6*‘,Cc.OlHi 
5 : » 4’*ConlTcn 
i * •*..C+ni,cwt 
IP* lI'iCri-PTfi 
6 4'*a=C3C9 

IT': 14-*C«1ICC 
4£ aS'.CrvSorG 
13% 6*,ClyCm 
5': Jv-CbDeuA 
S’? 1 OiOwB 
34'. 13 QidEh 
26 15 Cbrt.V«d 

IJ 1 ? 4>*CMPv.T 

30®. ltftCMevSns 
34 s * 35’ ?CbiR. 
3l‘:13l.C?liOl 
32 1 , 25 s ,Oitln: ot 
7ft 3ft Chiles 
15'* r?OrcaPn 
30 ft r.Cliaaci 
9 e'.CtiFsi 
Bft 6ftC11iZlrtc 
40ft 20' ,Ch?arC s 
5 s * ' rClmlCD 
B’, 3ftCwniirn 
10V, 9 ConenStr 
23 s * lM*Cohu 
24’ * 1£'. jCOIAQ efA 
?4V* 9V*CollAHDf 
7ft ’V Co I Do In 
*:* 3’LOJLb 
10', 7V.OJIREI 
10ft 7’*CdlLEng 
17 10ft Canine 
7ft iftCm-yAstn 
rr , IlftComplel: 
I'A 'iCmoirc 
left 13 oisTom 
33'* 5 Convrsn 
9 7 CmstE 

lift 9 Coplev 
3V* 1 V'.CorNG n 
IS'r, 6 CCBcsnn 
9 6ftCourld 
17 s * 1 JftCross 
131. JV.Crowi VI s 
74' * MVu CrrrCP 
73'* 12’,CmCP0 
21ft 13 OwnCr 
£'* 3ftCruisAm 
231, 18ft Cubic 
16V* 12 CurfCB 
3ft, IftOistmd 
4 s *, v.Cveom n 


T; 'VuDflnd 
5ft I’.DPCA 
3‘ . lftCiokofon 

3 ViDakoi wt 
8’,. b DadHd 
4‘® lvuDwamr 

loin 4ft Dalarant 
7ft 4 Davylr 
S'?® 5' jDoxor 
12ft 7’.wDecaral 
8*. S'-.DclEV: 
SS'iri'iDciLcib 
5ft 2'Vi.Dlanlm 
27ft )7%DovnE 
5' *7>VuKoO A 
S'® 3ftDidQ B 
3ft IftDIaiCon 
9'., 3'Vi.DtailCT 
195. iftDimarfc s 
10 I -D-xttr. 
Sft IWDIvCan 
9 JftOieTlTiC 
146. !2V?DrPcOp1 
316, Mikbandly 
10ft 7ftDrvCal 
lift a' .CrrvIMu 
lift 9ftDntNV 
5ft 2ft Ducam 
lift 9 Duple® 

4 WECI IN 
21ft MftEogiFn 
17% 1 1 1® EstnCa 
48ft 32ft EenBF pi 
15ft 8?® Echo Bay 

5 l".’.EdUO>M 
13ft 7v,Edi«a 

Bft 7 Edlok 
JT>*. 37ft Elan 
32ft M'. jEUnwt 
36ft 20ft Elan i»n 
9ft AftEldorad 

Sft 2**Elslrw 
9ft aftElawttt 
61. tVEmoCor 

TV„EHSCO 
31 ',14 ENSCN 
31ft 7'.*Emo8i 
34', 13'uEcHQPe 
16"% 13ftE<lGftll 
12' , lOftEaGlnl 
l!«',10‘ie<iGltU 
18'.* 9 Equ trail 
01. 3Vi,Esca*»n 
15". IJV-Esocy 
S3>,3SV»Ev»Pa 
3 '*,E54*Fn 

13‘* i E12L/A 
16ft ’ EULav 
31 15 V, El cel 

lift, ^lE'OLA 
a4n»’iF«ln« 
7i*i, iViRunir 
is 7*?FalcCb> 
391? 10 Rjito 
76V.I Mft Knp 
14V. 9 Fltijjl 
lift TftFAuiPr 
7", vv.FtCdlrl 
JCi> I I:'.-, FCtlSsn 
155 IJJ'jFIEmo 
IS". 13 FfPAIa 
10% t'uFIlbor 
JJ’S 7%(=lsrtiP 
iiv. I’.i, Fianiqn 
23 16*7. FlnPU' 
M'. i 34 ft RdR,:H 
»ft»",Fli*.e 
lift 12 F.x<Jrrr, 
32ftFarsIC A 
52’ •? *8 '•« ForsJLB 


.68 7.0 

J4 IJ 
2J0 10 4 
3.721 113 


C °E 'Ctrl H-qfi LCwLO’cSIQl a-.* 


10ft 19', 19’. 
ll ; II*. II' . 
lift lift lift 
12’. II 12 


20’ .* 20 » 
22'* 23', 
10' . 10 ft 

T' j.: 

II ft 21* * 
S’„ Sft 
17 17'* 

47 47 - 

7ft TV? 
3' u J'-,, 
3%. 3ft, . 
31% 33 
24ft 14'. 
13’? 13 s ® 
l*'„ 19*i 

28': :r>? 

17'. 17V, 
36', 76ft 
4'*‘u 5 
9 s * 9'n 

4ft 6ft 
8ft 0 s * 
8’ : B"i 
37 37 s , I 

0 v„ . 'e 
3 3>.® 

96® 9»* 
16V* If; 
23’., 24 
24 24ft 
4ft 4ft . 
46* 4ft 
10 10 
9ft 96, 
16 s ® 14% 
6ft 7 
14'. 14V. 


12 22 7 

7 17 10'.® 

18 27 TV, 

12 24 31 ' ■ 

10 80 4Vi 

23 33 71ft 

15 20 4ft 

16 6 46u 

- I 83 IV® 

26 803 4V* 
38 100 18 

1® 47 8*. 

17 94 1ft 

36 IS 9 

39 146® 

19 Be uv. 


96. 9,0 
361 2ft 
9 V 
7ft 8 
16ft 16' ? 
8V. Bft 
18ft IB", 
I7ft 17ft 
20' . 20'.* 
3 s ® 3ft 
18ft ISft 
Mft Mft 
2ft * s ? 
IV? 1V„ 


3ft iW 
2 V « 2W 
iv, ij. 
Mi (rft 
3"i. 3"* 
4ft 4ft 
■P'l. 

6 » i 
10 10 
7ft 7ft 
X s ® 31 ft 

4ft J'-j 

lift 21ft 
4ft 4ft 
4ft 4ft 
Hu l'ft 

,v* j:*u . 
17ft 18 

86® 8*o 

lft 11, /u 
B>4 8®. 

M 14 
14 s ® 146® 


3 30 4J 
16L‘ I J 
,99 9.4 
.10 1*4 

-53 0 2.9 
1.00 U 
.73 4A 


5 1"’„ 
10 5 206® 

13 6 15% 

i;. 94 Mft 

73 3945 lift 
. . 147 3ft 

44 81 8 

131 7®,» 

?*? B44 35V., 

77 20V, 
3 77ft 
31 71 85, 

45 3ft 
.. 68 8V* 

4 20 r. 

75 3291 ,'•„ 

_ 74 2®', 

.. 868 1 1 

-. 1356 1 7ft 
SI 53 IS'.* 

7 IDV* 
77 ilV, 

.. 2t 13' u 
... 113 2ft 
16 7 13 s *, 

30 3u54’-> 

13 I'. 

10 2 7 

1 1 30 8", 

13 124 16ft 
...25658 l",„ 
13 11 M'y 

10 34 aft 

31 8' * 

ID 43 79' : 
S 7J"i 
i'j 10ft 
- 1004 1U : "„ 
a a 7 

3 ?0'« 
10 D 149!: 
9 35 i« - , 

.. 124 3 

_ 43 23ft 

5 7 Si- 

ll 13 17% 
JO 1 24 "b 
M 139u39'-'p 

8 Mft 

147 2 36% 

25 1318 44-® 


20 ft 20*. 
15ft 15% 
36 36 

1 ", 
7ft 7ft 
2„. 2'**? 
Uft 35 
20'® 20'® 
77' : 37*, 
Bft 8’n 
3**'j 3',. 
B"> S'?, 
S'* 5V, 

3'-ii 

79 79>., 

10 '® 11 
1*% 17 ft 
Mft 146, 
10 V. 10 s ® 
10”, 11 
13?., 13ft 
2ft 2 .„ . 
13ft 13*® 
54 SI 
I',, lft 
7 7 

?’• 8 
16 s , I4 J , 
l* i, I *'»:• 
34 

S' g 5 .,. 
B'? i' . 
79'.. 

74': 74': 
10": 10 'i 

1D--w 10’ » 

4* - T 
70' n 
MT'.klJ?'} 
IS-. IS-® 
T*, S 
23', 23 s * 
S'* 5'* 
17ft 17ft 
74" a 34ft 
29ft 291. 
Mft Ml, 
36‘® 3C’S 

4? 141* 


Misnl.i. :•..*• 7- 

i; =*£ 

r A • - r- 

— ■■ ■■ 

6 - :: c.- r; =.. 

3 . 1 F'*r t f“S 


: 

• ; 


i: 0 



* s ? -•■;Fr'.PE n S' 

M0 -1 

:■ ? 

‘ — 

s*, 3 in 

5‘.: F-'Iurr 
i ; J ■ -r,d=:" 

- - 1? 



s *» y ,F.-:-:?i.us 


- > 1 . 


lT'.i; ,Fr :i* 

1 .' :i 


- • 

3', : . Fr;-iii3, ,;0 

J'J 14 


— 




7; | 17 .'.1cr”i 

== 'X*. rs* LTAiLrcsfOoe i wicn lc„ Sijev 


Io i jGci-CSI 
■' i .’ft 'orr-tE 
34ft. ’4 1 Gercn 

6 4 l'*,. VrOytCl 

5 s , I *® CM® 1C *r. 
IHft 9ft.>j;mSc; 
I'ft. .C.n=u-a 
4". lftC-nErr.o 
- ' jijin^ci 

13'. 8 s ?GonuDr 
27 s -., 20 GiaolFd 
9 £' jC-iDinCR 

196 u 15' ..C-icrtl: 

4’,, GlblCcn 
|T 1 1 ' n’JttJirni n 
14' t 5 s .GlOOlinl, 
3ft I ' ,GoVrfcO 
6 s * 5',GolO,»An 
17', 3ftGldSI=rn 
i ■•,,'jKIFla 
15 6 s :GldSam 5 
10' :25',GorRupD 
14". ie - Gmn am 

3 s . iftC-onco 
7", j'.Grcnin 

7 4,.,GmTcln 
32'.- BWGrevLne 
J3ftl3'«GrSrrW’: 

5ft " i .GronB 
4ft 2ftii«Cdes 
3ft 2ftC-ilCda pr 
5% 3 'i.GutiLD 
12' • 5-*Gundle 
I 'li.HMGwIA 
9'* £ s jHalEP 
3ft lftHoHRrv 
7’.i.:".uHal4ev 
76j S s ?Harripll 
14% IjftHmpUI 

T”® 4 Harwir 
7~ « J*'., Han Dir 
"m "=Hon vvlB 
T*u •'•g.Hort'Cn 
5 in*,, Harlvn 

12', SWHaold 
21'*? I’.? Harvard 

l’-,. VuHarvev 
40V? 33 ft Hasbro 
Sft 3l*?Hasb m 
41® 3 Himch 
13 V? ’..HllhPro 
3", l'V, t HlltiAm 
Mft S’.Heioa 

8 JftHeinWr 
9ft iftHerjlC 

7 V, 1 ftHelianet 
12ft 8 Fk-mloo 
32 ft lOV.Hrto/vld 
Sft 3’.HISn?Tc n 
IS* * IJ'.Highlnc n 
i)6, 3Sft HolIvCp 
1 7S ® UftHmcOil 
IP® 5ft Honda 
147. 9 HoopHl 
18*-. "ftHounEn 
10 SftHowiei. 


Jj 1.5 24 lv®> 
eZa 3.: J 1£ 


215 5ft 5 • 
426 4 * * . 

12 »' * f : 

:s 


uo 1 3 ri ms i;=? 1; , *.; 

rj 3.: 14 irs :i 1 : 

.16 2.3 14 4’ - {.'. • 

70 4.4 31 IU 16 ,f - 1: 

•US*? 1.6 _ 12'.? ? 


70 4' , 

TOT 8' . 
36 25’. 
330 1" ■ 
1552 2* ,, 

503 3’*,. 
IS 5 


.04113.7 ... 
JO e 18.4 _. 


JO 3.5 23 
_. 12 


1£ S' - , 

10 14': 

TO 4ft 

1637 5 s . 

1460 '-*- 

89 Ti, 
55 4'* 

33u 12’* 
35 I",. 
47 u 
2127 JJ'« 
4-4 3' ; 


394 18'. 
45 «... 

>57 15 
29 U 30ft 
7 13'® 
225 10*. 
34 12 
397 10'. 
33 ?•» 


" 4V-i.tCH _ 

ilSWICHpf 1.75 104 
» 7% IC-I 

. 1 Ylldafll!' _ 

* flftimpHfy .48 5.8 

. 29V,lmpOII o ISO _ 
, 2 l *incsiar _ 

* ev.lncvle n 

> PVrlncIWWI .oia .1 
« ''hiniDn 

« 9ftinih*on .llQ ij 

* tft imetcm _ 

IS’jinFinSv JO 4.4 

3ftimerDlo _ 

* 7 I nti irrjn Jll 1.7 

? 2'.*i,InFn? wl _ 

■ 7' * intLolrv — 

. Vi.miMovie 

, 3*jlninAur _ 

: l'.intPwr 

. 3V®iP.iS _ 

, 4 iniTKrqh 

> JV.-inrslGC .050 7 

, itPiiniPlyg .I7e - 

> 1%. In vlns 

* Ittft IvrrrCO 06 3 

* os * Jadvn JO J.l 

« e. 1 ** Joule n 

» 46i janBcIl 
9'*JorBlnl .40 4 2 

, 1'* Joulr? 

* 78 Juotuai 

, tv.k\ PhBn 
, TftKvPtiAn _ 

* 3%K«nrtHW ,18b 16 

* l 7 '*Ki..rTnc 1 

■ T'.Kwfhtv ,X 2,0 

< AftKclvOG M 100 

, 5'*Kcn*im 

, o'lF.elema 
, 16‘jKirb'. 

* a ’ * K inrEq 

, T'-jLjE ind .04 J 

4VnLXP0tc, n 
» ft LaBaro 
, 9'VLancur 

■ IJ'iLandaur ,B8 6.1 

- 3'«>LndiPc 

■ 5* : Lar,x= 

* S' . Lv* 

s i’.iLsrTecii 
' -LvTcaI 

- -fttauren 

■ 4 ‘ , LealhF n 
: l'„L«Phl 

? j'.LB Eu: wl 
39 LcHAAAGN T:*! ij 
1 24 ft LonC’T cl n 

* 78ftLcW5PCLr*.3l £.9 

4',Le4iienwi _ 

: £'4LenJi*wl 

* ftLfOimPfl 
tliftUVem JO 11 
? 3’ '■ Lilthd s 


M. - 4M 
.75 104 - IS 
... 44 91 

_ _ 3472 
.48 5.8 31 

80 _ ... S37 

_ S3 116 
- ... 28 
.01 n .1 -. ’4 


U4V„ J’j 4 
8' 7 d i", Y'.J 
10>< »'* 10ft 
2"*:» 2*-*c lft- 
10 s * 10', ICft 
10 ■>•* 10 

io'! io 1 ' 1 ; ioft" 
IS*. IS'i 15 s ® 
15% IS'-, 15'* 
4ft J'|, 4" 1, 
19 17 s * IBft 


5 5 5 - 

2': 2': 2'? -' 

4W -ll? 4V; 

4 5*. f* — • 

ii : : it* ? — •' 


4'V.j 4’.JI. b 

376® J* !?•. 

10% 10'.., IQ* ft 
3 ’ ? 


9'* 9 9', 

8V.. a--* b* ; 

i'-.i r.. 4" , 

1 V> T ? ; 

31', 31ft ?!'. 

M": 14'. IJ': 

3'.? 3' . 3'; 

6 5ft 5’. 

6‘„ S”. j'- 


:: . ;£ n • • 

Ifft'f' "•.•=!.*•-= r. sir; 

*: ._? Ys.-jB! 

” .V'=ie- .3: l.i 

!:' • 

j;*! : i- . viii- jj" " ! 

10 ? I * '.*•: 4.Ci_ 

' • :-.’.%-SRA 

" 2 - , vS:,c " :i- 2"; 

I'. 2ft/.'.*VHIr 
--.M’ -.'rri'-P c S 

?ft? . ei;*- 

7 s ? r . .Va-Rm 
1 : ft. 

4ft : • '.'srP-.~- 
- : 3 .*.H-“o‘ 

• . v.orPr.rt 

5,7': ■.W’R* 64' _ 

s’. 2 rr.1LDV.OwT 
12 s * *ftr/«rrjc «3 4 7 
left 12ft /.Wirecs 44 5 7 

'4 . ?'*j.',VelrOf. 60 l.S 
4'*.MeiRn .53 e 10.3 

1 4" *.v„ CIA r.: _ 

7C'«1S i7*lidABc AGO U 
ie i 2',,‘AMaire 

11 .1' ?.V., dRr> n 47e n 
J ft I s * A’ndlby 

4T'.:M' j .‘AidInd 1.6 

’’ » 6 ’AtwLdn 

15 s : lift, AinnMu n .S3 vl 
11 s , **' ,/.SinnTr2 Ml 5.9 
9ft sftf.lcoaA _ 

13 Tftr.ioooH 
15ft 

j 1 ‘ jAAotoiF 

B-i 3ft IAS Hr - M196 _ 

3ft 3 MSJYow; 

4 s ? SftMSJ9twT _ 

3', 1%/ACveStr 
lift 9 s * Won. In ,5*a 5.S 
lift- 06* MunvsT .08 a T. 1 
ir.ll' ,Mun*:n 05a 4.9 
15 12 MunACIn J17 6.9 

25* , lift -Vlverlnd .10 .4 

II": 4'ftrmiCom 
lift 6ftNVR 
11 6'sNoDQrs 
9% IftNonK* 

18ft 13 NtGsO Jib 2.2 
=0" * liftNHITC .80 3.0 

5 s * IftNIPami 
13ft 4‘ iNalAlt 
=31* 14% NY Bos .B0b 3.6 
12V, 9';MYTEI 64 6 6 

29't 22ft H f Tim J<. 12 
SV* V iNichtsA 
7ft 3-j.NicmsC 
6ft 3ftNoiseCm .20 3.8 

4 6 1 ?® NAAdv n 

►ft lftNARocv 
IS'*? 5 '.® MA Vacc 
7'.® S' , rjumoe 
IS", lOVr NCAPI n ,78a £.4 
IS 1 ® 1 7ft NC- API 74 50 

15V? 11 tJMDPlIn 68 S.4 

16'® H s ifJyMIP2 74 5.9 

1 Sft IP® NMOPI 70 5.7 

13'.* 1 06. NW: Ml .76 6.5 
1S'.10ftMH**PI n .74 63 
lS’VUVfcMvOHPI 78 SJ 


14», T'-OOKiet? _ 

4* <4, ‘.uOBrlen _ 

II Bft OSulivruZ .28 3 8 

34’® 27 Olsten 3* J 
i’ft i4‘.*OncLbpt \ja 9J 
3ft ’i.On^teGn 
14 s , SWOrangn 
30’* l? 1 * Orients 30a .9 
12V® TftCiridHA M 8 0 
lift 7*?«Or1alHB JO 9 3 
7ft 3>»:, PLC Svs 
3’? 7 PLM 

16'* 13 s ® PMC .90 a 6.1 
!*'■ 141-PSBP 160 10J 
64% 5T'®PcEnpfA 4J6 7.9 

l07%8S'.lPcEnp£E 7A4 8J 
2J'» 18% P*SEplA 1.50 7.9 

19 s ? 14% PC-EpfD 1 25 7.7 

19' ; U' * POEptG 1 20 8.0 

l’*-* M'.P&EnH UJ9 '.7 
28' - 21 V* PGEnfWl 1.96 ’.8 

28 '. : 24', • POEpfO 3.00 7.9 

28 s ® 74 PG EtJlP 2 05 7.8 

24 s , 72% PC-Ep«j 1 .86 8 0 

26ft 21*?PGEptU I ti 0.0 
tiftilV-i PGEafX 
4 TftPooiale _ 

IR’*? UftPacGHn .T8e 1.1 
oft JSPwAm 
II s , 2 PWHKwl 
f * I- . PWHK pwl 
5’* J",. PWHK JOwl 
r- 1*?®PV7HK 30pw1 
Hi 1 ® a-.Pvv&PMH 
3ft 2". , PWU3J *t 
Sft 3 P’.VU^Dwl 
IS-uIl'.-PWPm ?! 5.9 

.13 WiParkMl 1.80 7 5 

M’L 1 1 % Port'd .940 :.8 

is HftPorW i.Ma 7.8 

3' , P. Pa, Fori 
,M "*PocrTU 

78'* l5ftP?x«j«l .We A 
45 s *34 PctinTr 
I6 : ■ 77 PWlPE 1.88 7.£ 

13' «*.„Beg*ini7 


:« 1:2 if > :4ft :r i 

: ■:* 3* . r- . 7 - , 


I? 18'? 15ft 
£*j15»*j 10'. 
5 9* ; 9 : 

4 3ft 2ft 


34 4 Sft 3ft 3 * * . 

sa 4 lift ii**. i=ft — * 

11 68 12’. IJ’ * 12 I —ft 

- 30 2-. , 

_ 180 41*. 4', 4V, „ 

. 1 10 2ft 2 ’j 2’: _. 

_ 1634 u6ft 4' * V-t 

9 lft lft lft--'. 

_ 9; Oft 9> J 9ft _ 

_ f~5 91® F> 9% - ft 

£6 M’« Mft 1S». —ft 

25 Mft Mft 13 s , _ 

15 34 20% 2D'. 30ft 

_ ID£4 5 s ® 5% 5 s ® -ft 

748 7 d 6ft 4 s , , 

14 92t 6% 6 s , 6' , —ft 

., 69 6ft 6"? 4'} 

TO 5 lift 16'., ii', -ft 

15 4 26V® 34 s ® 36 s ® -ft 

37 IV® 3ft.. 3* ■, - - 

36 66 10'? IO’® 10'* — V* 

11 66 23ft 22 22 

Si 9 V* 9% 9ft _ 

6? 1206 2&i 25*1 25': _ 

_ 6803 u II’* 4'-u llft-7'.',, 

_ 4877 ul2>* 11"» lift -I s * 

IS 65 5ft S-* 5V* — ft 

_ as 6', dtft t'* — v, 

46 4S 3'-, 3’i 3‘* _ 


_. ... 177 

■78 a £.6 ~ 1® 

91, 

6’® 

11*, 

9ft 

£"■ 

9ft 

4’ii —Vi 

74 

SS .. 25 

1?». 

17% 

i2>« -'* 


S.4 _ 85 

IS'® 

12% 

12 V® — '•« 

JJ 

5.9 3 

12' , 

12ft 

12': — '* 


5.7 21 

Mft 

I?"® 

12% -ft 


6.5 _ 1* 

IIV, 


lift -"j 



lift 


lift ? V® 







S.« .. 43 

IP® 

Mft 

11% - *■* 






.63 

57 7 




.16 

62 .. 8 





2W 

SO 

Ji 


J3e 

. itn 

J 72 

38 

33 

S7 

75'* 

33'.: 

Sft 

ti 3S", - »*® l%Ptia«LOS 

37ft ft 813 2ftPti**Met 

S S ft Sf'-IIftPhnySs 

.OSi: 

J "a 

MO 


6% f : 5ft tftPilVWa 

.56 

7.5 u 

JJ 

hi 

v- ft .. 36’ ?24'*?PitOsm 



14 

10ft 

18"® 16 s • —ft 29'*, 24 Piirwav 

.40 

IJ» 14 

350 

4% 

4V... 4", _ 38ft Jl’iiPillw, A 




10 10 
32V, 32ft 
16V® 16V® , 
3 s ® 2% 
11% 11V? 
22V* 22’®- 
0?% 71? 
d?V? Jft- 
4'V„ 41* . 
3 V* 3 s ® 
Mft 14ft 
15ft 15ft 
5P-I 55 * 
93 93 

18ft 18 7 * 
16% 16'* 
15 15 

14". 14". 
74ft 25 s . 

M% 251* 
26 26'.® 
2J'.** 23% 
121 z »e 
21 V: lift 
3ft. 3V i. 


4 s ? 4®u JV„ 

? s - 2% 2 s . 
*7W 9'.* 9% 

3 7ft 2ft u 
3ft 3vi. 2% 

17% Mft 12'. 
?l'i 71 71 

17% 17 12V. 

Mft lift 12?, 
3ft 7ft ;% 

lb-% 14'i 16% 
35 V* 36% if, 1 .; 
24 m 74ft 74% 
17 11% 11% 

33% 23'. 73% 

4 3'v 4 

7T. 71 ’l'i 

P? a 1% l"*„ 

3 3 3 

26*® 257 * 36 
7"? 7V? 7'*? 

29 29 39 

39% 39 39 ■ 

37% 37 s ® 3,’Vi 


! : = S4 . !i2 

:r." = -3*-r " : 24 1 " 

= *. 4 *— — s £ 

= -F.= _ s 

I: :.sr -.2 'i -.4? 

•: ai j": \i fi 

' : '-'*«?? el Ck M 1 

7- . :P-I1S i . 'SJ 

*^ i:Sf~ ■ J ;? 

- r j* *~.Z.C~ 2? 4.T > 221 

:* .'4 s ./»-.=-ig 13 s 14 ^ 140 

74 *--.=L-'i -,X, 7i 17 3 

;t'-' 4 ,=3;-r i tic .'.I »i * 

II-i *I" = lS': *,JsC £4 ;i 1 

* Ti a ci' 1 li6 i? 1C 20 

;?>. ? ==3:i; '.4i :i ic 

T.'J -■St’V m Zi f 4 II 31 

•? . 4 -’-ft B.i t: i 

5% M -=I5'14 :ja =A 17 5 

'£ : ’’ iPI?;li '.OS 7.0 12 6 

6 s . :%pis:s 4 ioe E.i t: : 

'1 '*. ,=!:S:!r 1.04 '.4 ’8 3 

£•*■•■ -i PSSHI ICO 1.6 19 73 

•; . ;’,PsS::« .44 4-4; % 

■®»‘5WPt«nCA .930 6.5 ... 53' 

£ »M p:Jiv. s»o SJ - r.j 

f i;-®Pt*A\T3r. fo t; .. s: 

:: :'2 PfW v ,»3a te .. ia 

4 5*.*st?d .354 l.t 36 342 

*.s' t ti'.*.*3ue&7sr JO — _ I 

I ? 5 RBV.' - 85 115 1 

1 RXMCi _ .. 527 

32 M : ?R=g=n _ 15 3 

■'% ”.Ssjci* SO .9 11 M 

r , ‘ ..RediCr _. _ 200 

S' * 2 -.RedEcgt _ 20 57 

r= X RKLn LIE 9.1 29 11 

5'. :'*®«8ov, .- . s 109 

14ft SftPecEnw .140 l.t 8 5: 

K't il6®RedEmpl .TB 42 .. 7 

IP® SWFetK JOe 7J 9 16 

IBW19 Reoaiai 40 U P 6 

4ft 7 s ,Re*,y - ti 27 

1‘, JftRffoGIa a ._ _ 69 

14 ID'aRsrtIn 151 I2J 9 140 

3". I Rsfinr _ _ I06i 

3 , IftRscTch _. 37 

7- 1, lftRicnRtn ... _ 23 

SW I'sRrMMS ... — 26 

ia s -i2 Riaen . _ 79 

10'. 13 HioAlo A0 _ 5 

»% 6ftRuwar _ 38 99 

S'. S'.Poaamsf _ 15 153? 

33% 16 s ® Robert _. u 47 

T ftRour-Jc _ _. 60 

6'j 34®R3vafOe _ _ 2189 

i: .. >.»PoyPlm _ « I 

2% ftflymac .We 3J _ ll 


: £*.£-■-• 

iz , ! 9 --, :o'*. - 

* , *», Tft . 


3 s * — , 
2 s * .. 
9* ; — -1 
6 -ft 
16'. _ 
22' » .. 
15ft -. 
19'. _% 
10% _ 
17% - *■; 
16% 

ir. ... 

15V. _ 

1 S': 

13 s ® _ 

Mft .. 
15ft - 
Oft -v, 
U% —ft 
17ft -% 
12 - 
13ft *% 
4% ... 

13’® _. 

5ft— IV; 
l'„ -V. 
TO _ 

8 % — '• 

jvl - % 
34 s ® -% 
Jft ._ 
121>« _ 
12ft —V* 
7Vi —ft 
27% 

3 - 

3'.',, — % 
12 

I -■ , .® 
rv„ — vu 
I'V'I —*1% 
1*’» — j® 

IJ —V* 
17% —ft 
T% _ 
D'Vi, — % 
31ft -ft 
‘Vi, — V'u 
4V. — 

ft _ 
lft ♦ ft 


5’> 3 SBMInd _ 43 33 

7% 9’ : SC BCD _ _ JS 

8’® SftSFNl _ 9 13 

JS’ :35!:SJW 2 TO 18 ID M 

J'-.. AsSOIlnd _. 29 145 

19% 11 SPIPr. 26b IJ 14 229 
21% 11 SooaCom £3 3 

18ft 7ii5anOoms _. ._ 17 

l'V WSahaGat Jbt 6.7 _. 113 

16% 9’* Salem i .40 2.7 15 M 

50%41 SaiArAGH 18.I8 6A .. 1 

K>%23ftSalDECn 2J3 9.9 „ 20 

&Sft 75ft SolHWPn 4.01 11 ._ 2 

17ft 6'®5olHK wl96 _ _ 35 

BS 74%SaWlSf=Tn3.99 J.6 _ 1 

34’.2B%&alORCLnl30 6.9 _ 65 

49ft 35- , SalPRI n J.07 7*4 _ 16 

29% 24 SafSMPL n2.13 0.2 .. 24 

J'-i, JWSalPlnb .. ,. 158 

13ft SftSarroan l.OOallA 7 47 

10 s * SDao rfC ^8 7.9 _ 2 


9*4® Jft Sandy .12 2.1 

10V. eftSMonSk 

1 46 X Sbarro .96 2A 

12% TftSceBlTe 
7'*? 3' ,Scnea 5 _ 

17’ollftScHoll .16 IJ 

15% 9%5elax jo 1.7 

4% JftSamPcF. 

• 3ft l’/uSemlch 
8% 5'.*Serennl n _ 

/"» 3V®Serv*n _ 

5 S > 3%Servoir 
9% 2ftShefld.WJ _ 

8% 3 s .5hwdGo _ 

41* I'lSftOKO JO I4J 
13'® J% Simula _ 

13V, 3 s ', StoanSup .79 132 
40 13'®5m<ins S3 1.9 

lift OftSrnIBIn AOa 5.9 

I P j I3ft SmlBmV. J5o 5.9 

7‘% I'.Sotlnel 
16% IPWSCEdptB 1.02 8J 
18 MftSCEdpIC IJM 7.9 
1J5-.1 3ft SCEd PfD I.Q8 8.1 
19ft 14 SCEdtfE 1.19 8.1 
74 V j 17 5CEd MG 1 45 T.4 

104 3 ®93 SCEdMVf 7.58 8J 
27 EV,saEap®p i. w 8J2 
74%llftSaU03 5 
r® 2%suancn _ 

' "1 SftSocCnm _ 

T5ft 3ftSpedVK 
5*. : 7 1 ** Snt&ub wf 
5ft j SrotJe .12 2.7 

JBV.4S'' rSPDP 1.19c A4 
10' , SftSlomH 
3'% 25'??lcoan 80 3 9 

31 % Sicanan 

15 s - 5%SterlEl 

S1WTHII n 
Pv 5 5n.GcA 
5% i'':5terf>r 1.00 21.4 

I 'll’ 1 SJrunw 
• •ft TV’Sn-icvIfl 
lift 7".*.: SulCUS _ 

•*!« 9%5um:T> 94 e.l 

4% :-*.SunCtv 
5': l%3unHur 
• s'® IftSundwr. 

11% 2%vi5onJr _ 

• 8%l2ftji*?r5ffl jj 3.4 




M 

4% 

4% 

4% 

1 J 

ID 

60 

13% 

13% 

■ 34® t 

1.7 

15 

5 

11% 

11% 

11% 

... 

21 

16 

3% 

3 to 

3": — 

■■■ 

131 

34 

2% 

2% 

2% + 


«■ 

14 

5% 

5Kto 

5*%,— 1 


18 

50 

7ft 

7% 

7% — 

wm. 

10 

2 

S’A 

SV, 

Sft — 




151 

4% 

4'., 

4 to — 



fc 

IS 

7 

6V> 

^ 

14-0 


13 

3% 

3to 

3% - 


31 

154 

IP® 

10% 

IP.® 

13J 


33 

5% 

5% 

5ft 

I. 1 * 

13 

157 

18 

27". 

2a 


-ftguorSrq j? U u M 

SftSMPrmirtd 1.001 s 1 

JLSEHK DM qc 

2 ’'™* is 31 

i I 5 E- _ 3 36 


£’.* 4 T5F 
•Sft 3% TS3f Cp 
lift 7'.«TqtPrd 
*S tIOftTosiy 
.5% J'vTeom 
16 5"?T«OOS 


85 I Oft 10% 10% — ft 

10 14% 14% 14V? -ft 
44 7 % 7% 7% —'A 
12 13ft 12'-* Mft 

3 131? 13% 13% *v, 

J 13% 13ft ISft _% 

7 14% Mft Mft —ft 

2 18 V, 18% —V* 

3 91 *92 92 _i 

OO 22% 22»® 22% —ft 

• M% 18'? 18% -% 

104 4%„ 4ft 4 s ® — % 
64 Sft 3ft 3ft — >.. 

401 3 3>. Jft 

\ ll?. 

** 4 1 -? Jk% U; 

“J *9,'^ 4S’ t .J6;.„ ’i„ 

11 IT'.*? 37' i 27% Tft 

, ’ 15% IS 15 

»:* 125. li 

mi 13% n>.® I3 i.„ 

I” i 5% t .ft 

4J 4ft J.. ; j?.„ _j," 

231 4.*. 4.“ *’ 

141 13'** I2’*g 13% 

B71 5 4% 4»® r 

35 10 s ® 10 s ® jaw . r. 
9 4% JU, il-. 

06 2% ? sv, _|* 

i 7 ? it 

s ! ^ 

Tf 4% 4% 4ft “ 

31 9*1 8 S — '5 

3* i 5 S + ft 

1 30 U 16V® ISft 15% , xt 
10 9ft 9',? *% _,a 

S '£T- 1-» , I 147, *1^ 

52 * .ftiK^s 


35%2i' jTecwrl 
'2-® .’ : TeiasPw 
17% M'.bTcnR 
S’ 3 4 TdCIO 

18 MV.TemoGU 
? . I -’'enera 

7 > . , C • B, _*n 

■3 * 7%T»'Mer 

19 9% TntJma 9 
23% 9% ThrnCrd s 
16% 9 % TnrrFib 
34% 75% Tnrinst & 
,1% 7 Tnnr.Pw, 
iD% I'.PiimP 
■.5" * II'.. TherHcn 
11 ■ 4'>Tnrvoii 
16% 9%Tnrrrvri t 
30'- 4 TnrecF s 

t% 2 % iipoery 
IT® v-.Tofuni 
io* rai.TiiE MA 1 


uP? 5 1 '* 5% ♦ ft 

4*® Jft 4ft _ 

Bft 8% 8% _ 

36% 35% 36 *'.j 

3 2!® 2ft— Vu 

16% 16ft 16ft +% 
13% 13% 12% —V® 
*rv, 7ft 7ft _ 


24 14% 14% 14% — % 

1 47 47 47 _ 

20 to 25% 25% — 1 

2 7 8 78 78 — % 

35 81® 8% 8% —ft 

I 07% B7Vj 87% — % 
65 33V* 33 33ft »"* 
16 41 41 41 

.24 36’® 25V. 25% _. 

158 4ft, 4 Jl'u ? Vu 

47 8% 8% 8ft —ft 

3 IP® IP.® 11% —ft 

28 5 s ', 5ft 5ft _ 

IS 9V. 9% 9% —ft 

224 36% 36ft 36% _ 

?8 9% 9% 9% —ft 


103 rai.TslEDtA 8-32 10J 
136 94 TolEMO 10D0 10A 
9 l’.TcoSrcc 
19% 7' *TollPei .lie l.tt 
T iftTcumCry 
6’r ]®TWAvq 
5 l-'.„TWApf 
10' a 7 TrrnL? .14 U 

?ft 3 Tri-Lrten 
I s * ftTrrLilewl 
11*. f'-.-Tridcr 
10 s ® 9WTrpAG95n .46 e 4.9 
U>% 81®TrDAG97n .ten ’.0 
2% l***,, Triton 
6 s 4 4 TuOAlC-u _ 

29ft 17'.,TumB A .07 .4 1 

29 s ® 17 TumB B J27 4 1 

13 6 s -, 7 urrirC 


« 1% US Ale 
1BV.USFW IJOo 9J 
i I UndrFn 
; 3" ® UniTArl .10 IJ 
8V, Unimer i.71el28J 
a S' : UrtnMbl 
7 :%UnCao 

• I UFcndA 

k 1 s ®UFooda : 

• jftUGrdn _ 

• 5%USffl05Ci 

• 241® US Cell 

b swuniwiv _ 

h 171® UNIT1L 1J4 0.S 
? 5%UnvPai 
,11'lValyRt .70 40 

® 10/®VK54l5n S3 7J 

10 VKCal -72 a 6.7 

• IP , \7KAAAcOn S3 7.0 

1 1 % VKFLO n J9a 6_5 

k IZY.VKMAVn .830 6 4 

11%VKNJVn J8a 6J 
,11 VKOHVn ,77a 6J 

■ r®VREFll .60el(L0 
6%VREFI 1.69e24.6 

• WVIRsti 

k 2v M «*enor 

? 34 V? Viacom 

• 21’*Vlac8 

» 7 virateh .491 5J 
, % '71 ironic 

• MHVovAZ .830 6.1 

• IJftVovCOn .79 5.8 

■ lift VovFla Ji 6.5 

MlWOvMN ,93a 6.7 

1 12 ®yovMN? JUa 5.9 

• IPjVovMMlri .75 4J 
:19 s *Vuk:Cp JO 19 


73ft 17ft WRIT ,9J 4.T =3 

J'iWShSlNS JJ8 1.7 7 

J7 Il’iWalKA Jt 1,6 12 

left Mft watw B J6 1.6 12 

13ft 8 wmird _ 25 

Jv.u 1*'i.Wekjfrn 

5ft 2%WeK?rd " 

1% ftWcndlBr ~ 

Wesc a .98 £ 139 

15>®12V,WIRET 1.13 8* 15 

2 ■* >'uWlcl>RO 46 

IJJ-iSOftWorlnn £0 IJ 14 

Uft _7*',i a vtran 

•9 16',* Ziegler J2o 3.1 10 


r-'V Yippeiow rug! Iriu-cftg’gt'sr 

1.12 3 1 IS X) 36% 34 34 —ft 

.. 33 7 10% «J‘» 13‘» - 

.10 6« 5 13% M ® 13% . 

Jt 9 SB 432 41 "e <0% 41% ‘ *, 

60a 40 _ 2» 15V. ’5‘® 15S. _ 

^ .. 93 i’. I 1% -*® 

' 1377 17% 13>i lift — % 

. 67 It? IS Ml. 15 -% 

...e*2 2M 20ft 20 > 7EA. -I® 

_ 49 229 14% 14% 14V® — % 

. 26 1 75 32ft 2Ti 2Jft -ft 

.So Mr. r® ."® _ 

.. 40 13 8Xi 4% 8ft —I®. 

7 5e 1 3 - 64 14'. Mft 14*. —ft 

..57 9 8% Bft 8% -ft 

- SOS 283 1S% 14% 15% -ft 

. a 53 i:-. 21 ’.I IT.-1 X 

.. 26 59 2% Vi 2% -ft 

.. 23 200 i:, -i* — v, 

8 32 10J .. 79% 79% 79% -ft 

I0J» IDA _ £130 96V, Wl 96% 

_. .. 2415 4‘ . 4% 4% — « 

•lSe 1.0 13 446 15 14 s ® 15 -ft 

_. 34 185 Hi.. ?ft rv® — % 

_. ._ 205 3ft 3% 3H— lft 

_. .. 280 IT® Uj lft- - 

.14 U 13 5 9% 9% 9ft —ft 

.. .- 1B° 3% 3% 3% -’*4 


314 2 1 • 

16 19ft 
57 2% 

20 5% 

262 9". 

107 6% 


542 7ft 
>135 28% 

n 4% 

6 19% 


10 ft 
40 3>l/ u 
314 Ml, 
1588 28% 
66 87® 

£0 ft 
27 13% 
MS 14V® 
2 12% 
T9 15 
55 14'® 
3 12% 
2 20ft 


6% 6ft 
9ft 9ft • 
9% 9U • 
1% lft 
S'® S'. 
IE 1 * TBft 
IB’-- 19% 

S 8 1 


;% 2ft ■ ft 
19ft 19% •_ 
I**® JVll— 1*8 
5% 5% - 

9 9% — % 

6 6ft —ft 
9’. 9% _ 

2‘w 2ft - 
2ft 2ft— VV 
6% 4% _ 

7% 7% _ 

27 V? 279. -ft 
6% 6% -to 
19V® 19% — tt 

r ® 6 — ‘® 

n% ir% —ft 
lift rift *ft 
1 0ft id% -% 
lift n% -ft 
lift 17% ?■% 

13 13 —ft 

17% 12% —ft 
12% lift —ft 
4 4 —to 

S’® 6ft —to 

to to —ft 
31® 3 ",h — V j 
29% 29 T® —n 
ffl’-l 78% —ft 
8% 6?® -to 

r;„ ii/„ — J a 

13% 13% - 

13V® 13% — % 
12% 12V? —ft 
15 15 

14 14'® -to 

12% 17'® —to 
TOY. 20V* -ft 


180 19% 
24 4V® 

£1 16'* 
6 16 
1468 IP.® 
2 Wu 
M 3% 
8 % 
2 118 
47 43% 
102 1 % 
55 27 ft 
IIS Jft 
10 l&V® 


19% 19% 
J/ft 4% 
15% 16'*. 
16 16 
10% 11% 
l'f’u lift ■ 
.3% 3% 
% % 
1171® 1 18 ■ 

Mft Mto 
l*u lft 
26ft 27’.* 
3 7 ® Ait 
16% 16% 


3 34 

- 120 u 

41 IQ 


Trg.t moHtcKH. Ycorlv highs and lows r el led 
i s Pi us f ne current week, but ngi rt>e krtesr 

nffccnl orTno^!?,°r MJI - 1 dtv >dend amounting lo 7S 

dlvlfcr«forTi?S^? 't? v f ar ' i high-low range nnd 
mi«nKSSiSI.rifJ? ew Sock on%. Unless otherwise 
»SJ wSSd^toH aS anftual d,sbwr *"'enft bused on 
a— dividend also entroisi. 

cZfiSSlKM"' 1 *•«*► “-Mend. 

eld — called, 
d — new yearly tow. 

e —dividend declared or paid in preceding MmonllH. 

Iqa D <fcf M ,n Ctoiodtan funds. Subject to 15% non-residence 

I — dividend declared after solinjo orsloO d.inHortL 

deferred, or no action 

,ms vwr - on 

nJ — ne»; day delivery. 

r e *,T ?: ,ce .-* ct nl ws roho. 

i-W dlte ^ 1 ’ 11 or ,n 12 months. 

*IS — 1 ' sffto j" 111 ' Dt “ l,!wa owns, with dole ot split. 

j* .*&*■« nrPCCQIng 1? nwnthj. esHmaled 
hff ^ e«H5lnDu»«n dole. 

9 — trading hohed. 

dorihe SSSSS? 0 i , « ecrtv,rsh . lp£,r being reoroanlied un* 

ow me Baniruoicy Act. or icojrli:,?, 3*31 com- 

'rd — when distributed 
wi — when Issued, 
ww — with warronis, 

■* — ex-dividend or es-rlohts. 

•d^ — »K-dtstrlbuiion 
**7"^^™’ warrants. 

W 1‘vfeld ond ** ful1 - 

1 — sates In tun. 


I Cy 


ADVERTISEMENT 

INTERNATIONAL FUNDS 


June 1. 19S4 



Oaola floM by torata Batwd, Hot fmwmt ntum quo lU e m w rg q < » J by tka Fuadx BkUfl win. th. ..up+pHnw nf * j vm— n. pn-*-, 

TH. mrmMa i-acxl. (requoocy of quotmlom rcpgitad: [dj . 0x071 (*] ■ ■»•«* (b| - b^ooniWy; |f) tortni^f, (my two Maks* (r) - Mptefe (t) - twk» mhlr, M - m ocMM* 














iB 




MS 


to tti«p^rj 













mas 








w Ermine* inter Dole sirat jm ijoj 

Hr ErmHoiK Mr Fund I AMI 

IV Ermltog* Avon Hedge Fdj io.jb 

w Ermftapo Euro Hedge Fd._DM 1 J46 
w £ rmllMc Crosby Alta F-d_.s UN 

iv ErmlMwe Amer Hda Fd 1 &£} 

» ErraftOBcEmerMlihFfl_i i*C4 

EUROPA FUNDS LIMITED 
a American EqtHly Fund - — » 2601 

a AraericonCMIan Fund s mjM 

e> As)on Equity Fd S 10.16 

w European Equity FO___j ISJO 

EVEREST CAPITAL (BOTJ nSK 
"Emwl Casual IMI Lid..-, * 13946 

FIDELITY im I MV. SERVICES [Lux) 

0 Obamrv Fund V MS 

0 For East Fund - t 8182 

0 EM A nun Hum v MOJI 

0 Fla Amor. Vfltuos IV S H1S73J0 

rf Frontfef Fund _l 3*J2 

d Global Ind Fund ir 23 
a Oioiioi Meaxm F« m_ . * 22U 

d New Europe Fund _S 1138 

0 Ortom Fund i 1S23J 

d Special Growth Fund j ejja 

0 World Fund S llLTl 

FINMANAGEMENT SA-UNM«Ul/tt911U 
W Del Fa Pram Hun rwm . < I2MJ» 

FOKUS SANK 4LS. 473 438 Ul 
■vSeonfond* Inrt Growth Fa-s 140 

FOREIGN & COLONIAL EMERG MKTS LTD 
Tel: London Dll an 1 234 
d Aroentttdan ImnnS Co Stem* HU 

0 BrrclMm Invest CO 5IC0V_S 77J3 

d Colombian invosr Co Sl«v J 1053 

d Inalon Invest Co Slew _S 11JT7 

0 Latin Amor Extra Yield Fd S HL3SH 
d Lana America Income Co— 1 9.9* 

d unu> Amenam invroi Co_s WJ8 

0 Mexican Invest Co Scdu__S 42J5 

0 Peruvian invest Co 5icav_i I5J4 

FUND MARKETING GROUP (BID) 

P-0- Bon Ml. Hamilton. Bermuda 

mFMG Global IS Apr) s 1302 

mFMGN.Amer. 130 Apr) S MU2 

m FMG Europe (30 Anri S 1AM 

m FMG EMG MX T 130 Anr)_S IUI 

nt FMG O '30 Aar) S 9.11 

FX CONCEPTS (BERMUDA) LTD 

w Concents Forex Fund S 1U4 

GAIA CURRENCY FUND5 

nr Goto Hedge II I i»j* 

wGnlo Hedge III . - * 11.13 

w Gala Swiss Franc Fd 5F 4889 

w GAIA Fx * 10659 

niGata Guaranteed CL l__— s 84J» 

iwGoU Gu ara n t eed Cl. tl 1 tU3 

GARTMORE INDOSUEZ FUNDS 31/35/94 
TBl: UU) 41 54 24 420 
Pox i (3521 46 5421 
BOND PORTFOLIOS 

d DEM Band DHMd DM *43 

0 Diverbond DC 27* SK 109 

d Dollar Bond— DhUt. 1 243 

0 European Bd — DIs 1.T1 Ecu 189 

0 Global Band — DIsllA % 244 

d tench Franc — DIs 1UA FF 13.15 

EQUITY PORTFOLIOS 

0 ASEAN. S BAA 

0 Ash) Paclllc I AM 

a Continental Eurooe Ecu 149 

d DevetalnoMarkois— J 4.13 

d France FF 1134 

, d Germany Cim 5SS 

I 0 Inleroallonol S 243 

0 Japan Y m. m 

d North Amerlrn . . x JJB 

0 Switzerland — IF 313 

0 United rtnufam r 1 49 

RESERVE FUNDS 

0 OEM— Db S4T4 DM A36S 

0 Datlor DU UP ... .1 Mai 

0 French Franc FF 12.75 

0 Yen Reserve—— Y 2874 

GEFINOR FUNDS 

LorxJon ;71 4M 71 Geneva :41-22 736 H 38 

w Scottish World Fund. S 45LMQ5 

w 5 rate SL America) S 3M.97 

GENESEE FUND LJd • 

w (A) Genesee Eagle S 11741 , 

w(B) Genesee Short— __S A95B 

w 1C) Genesee Opportunity _3 15227 

•r IF) Genesee Non-Equity S 144-32 

GEO LOGOS 

w II Stratant Bonds Ecu IBA1J0 

w II PocMlC Bond B 5F 143948 

GLOBAL ASSET MANAGEMENT 
OFFSHORE FUNDS 
II AlhM StDmnk&l of Man 441M42H07 
■vFaixxrtwi « 44555 

w GAM Arbitrage j 39745 

w GAM ASEAN S 433.13 

w GAM Australia — — S 234.H 

tv GAM Boston S 337J9 

m GAMCaral II Minnetonka —& 102S4 

w GAM Combined DM U1JS9 

w GAM Cross-Market S 108J9 

ir GAM European— _j 9348 

w GAM France FF 1B9M* 

WGAM Fnonc-voL- SF 2M51 

W GAM GAMCO_ S 210.40 

wGAMHHm Yield- S ISA 47 

w GAM East Asia Inc t 70945 

H> GAM Japan S 17471 

w GAM Money MMs US* 3 10UH 

0 Da Sterling — — L_ t 10147 

0 Do Swiss Franc— —SF 10149 

0 Do Deatscbetnark — DM *102.15 

0 Do Yon — Y 1002940 

■vGAM AlbCntedMIH-Fd i 1ASAI 

iv GAM E men) Mkts Miff- FdJI 16347 

ir GAM Mttt-Euraoe US) % 13481 

W GAM M Iti- Europe DM DM 13S3I 

W GAM MIILGtobcrt USS 5 177J4 

WGAM Trading DM DM 129.19 

wGAMTradbiaUSS S 16B49 

w GAM Overseas— J mm 

IV GAM Pod He 1 9H73 

w GAM Refaffw Value — S 111.10 

tvGAM SeMrtton - . S 63245 

w GAM Shwapare/Mal arsh>~5 71156 

w GAM SFSoodnl Bond — SF 132.11 

tvGAMTvche ...» 34X34 

wGAMUS. S 3D144 

wGAMut investments S 85441 


■vGAM value, — * 

nr GAM WMtrlhoril — X 

» GAM Worldwide : 5 

wGAM Band USS ora- _S 

tv GAM Bond USSSpecM S 

P GAM Bond SF — -ST 


nr GAM Bond Ybn Y 1460940 

wGAM Bong DM DM 11943 

wGAM Bond I [ X5U4 

wGAM CSPocHH Bnnd„ 1 13946 

wGAM Universal US1 I 150.12 

wGSAM Composite S _ 13844 

SWI55 REGISTERED FUND54VM22 2624 
Muhirtochsfrasae 173XH flOXLZurlcn 

0 GAM (CM) Europe SF 9741 

0 GAM (CHI Mondial SF 16446 

0 GAM I CH) Poetffc — 5F 29849 

SEC REGISTERED FUNDS 

133 East 57rd StreeLNY 1002232-888-4200 

wGAM Europe S 88.76 

wGAMGMalj- S 14545 

wGAM llllwndtloum . ... S 192.90 

w GAM North AmcHco % 07.16 

w GAM Padflc Basin S 19573 

IRISH REGISTERED UCITS 
EqrMort TorraaDuMln 1 3XH-47MW30 

wGAM Americana Act DM 8879 

wGAMEurapaAcc DM 1344a 

wGAM Orient Aa DM 14043 

wGAM Tokyo ACC — DM 17625 

wGAM Total Band DM Acc—DM 18778 
w GAM Utdverent DM Acc — DM 17449 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda: 1109) 2tS4000 Fax: 18091 29S-41B0 
JWH GLOBAL STRATEGI ES LTD 

w ICI Fbumchll A Metals 1 15048 

w (D) Global Diversified 3 18841 

w (Fl G7 Currency S 8430 

w (HI Yn Flnnidal S >6472 

wfJiDhnndledRskAdl. — S 11750 

w(K) Inti Currency B Band -S 12244 

W JWH WORLDWIDE FND _S 1848 

GLOBAL FUTURES & OPTIONS 5ICAV 
mFFMlnlBdPTDor-CHF Q-SF 9448 

GOLDMAN SACHS 

w GS Ad| Rale Mort Fd II — I 953 

mGSGWiol Currency 8 124241 

wGS world Band Fund S 1649 

w GS wand income Fund X 948 

GS EQUITY FUNDS SlCAV 

w GSEuro Small Q» Fort I 

w 03 Gtabal Eauttr 8 1241 

wGS US Cop Grawfft Port 1 

w GS US Small Coo Part 8 

GOTTEX FUND MANAGEMENT 

w& Swop Fund — Ecu 115843' 

GRANITE CAPITAL INTL GROUP 

w Grontte Capital Eoultv 1 6.9907 

woranlle Capital MktMeuirals 05503 

w GconHe Coptfoi M or tgage -3 07478 

GT ASSET MANAGEMENT [IRELAND) LTD 
TH 1(44)71 -710 45 87 

d GT Aston Fd A Shares S 7H3J 

d GTAsoanFdB Shares s 7i»i 

0 GT Asia Fund A Shares t 2484 

0 GT Asia Fund B Siarei s 25LD2 

d GT Aston Small Coma A Nia 19.13 

dGT Aden SmaH Camp BSfLS 1949 

0 GT Australia Fd A Sharod_S 3347 

0 GT Australia Fd B Shore*—* 3343 

d GT Austr.SmallCo ASh — s am 7 

d GT Austr. Small Ca B Sh — I 2849 


' DoHar Fund A Sh 8 


3 B Sh S 

CoASn-s 

nisi 

FdflShJ 


wGTJtai Small Co FdBSh— I 

w G.T. Latin America Fd S 

0 GT Strategic Bd Fd A5h— 5 

d GT Slralegk Bd RJESh 5 

- GT Telecomm. Fd A Slums 


GT Strategic BdFdfiSh—D 
■ GT Tetacomm, Fd a Slums 
GT TtMcomm. F0 0 Shores* 
GT TechneUcV Fund A Sti-i 

wssssaan 


(4471 711 45 tf) 


G.T, Europe Fund s 5W» 

~,T. GIOBol SmcU CO Fd 5 »Jj 

,T. Inv eN ii i e ii l Fund * 2544 

.. _T. Korea Fund S LU 

w G.T. Nowtv indCewitr Fd-S 6Z91 

w G.T. US SmaH Companies— S 704 

CAPITAL MANAGEMENT LTD 

rtSei.Ea. _J 107.18 

. _ PLIGHT FO MN6R5 (finer) LW 

GUINNESS FUGHT GLBL STRATEGY FD 


0 Manaaed Currency 

a Global a«m 44.1/ 

0 Global Hian income Band— J 2242 

d Gin 8 ( Band 

a Euro High Inc. Bond 

0 Global E Butty 

0 American Blue Chiu 

d Japan and Pacific- 5 lWt 

0 UK E 2S4J 

d Euraaewv— * „ ”546 

GUINNE55 FLIGHT INT'L ACCUM FD 

d DwtiaieinarK Money— DM 19707 

d US Denar Money — 8 384*8 

a US Datlor Mlrfi Ta Bona s I4J6 

d Inn Batonred Grin S JAW 

HASENBICHLER ASSET MAHOTGtSJnML 

w HasenMcnier Com AG i eSOfUB 

w Hdsenblchter Com Inc 1 11643 

w HawiMCNcr Dfv. S 12641 

wAFFT 8 179105 

HOF FIM*HCE.Tel(Xl-ne074445LFWI 68766455 

w MODWivest Europe- FF 133847 

wMoncanvesf cretuance FF 1451.91 

w Mondtavesl Opp inlhra F F 1321.97 

tvMondfnvtti Emerg Growth. FF i3il42 

w Mondlnvea Futures FF 1 31 146 

HEPTAGON FUR NV (5W415S551 _ 

1 HeataOCXlOLB Fund i 

m Heptagon om(>Fhu—.S IR46 

HERMES ASSET MANAGEMENT LTD 

Bormria: (6091295 4000. Lmr:[3BMM64«l 
Final Prtm 

RtHenuMEuraeemiFuM Ecu 3SB48 

m Hermes North American RB 39044 

mHornm Aslan Fund S 38009 

m Hermes Emerg Mkts Fund-S 12111 

at Hermes strateoies Funa__l *8641 

mHrrmn Neutral Fima s 11344 

m Hermes GWxO Fund s hits 

m Hermes Bond Fund Ecu M7SJ8 

m Hermes Sierllna Fd -r 10746 

m Hermes GoM Pont S 40949 

INCOME PARTNERS (ASIA) LIMITED 

w Asian Fixed income Fa I 1U39 

IHTER1HVEST (BERMUDA) LTD 
CTo Bank of Bermuda Tel : 809 J9S 4000 
mHedoe Moo & Conserve Ffl.-S 9M 

INTERNATIONAL ASSETS FUND 
2. Bd RoyaL L-2«49 LuxetniiourB 

w Europe Sod E Ecu 9113 

INTERNATIONAL MGMT INCOME FUND 

0 AmeHaue du Nerd l iOC4? 

d Europe Camlnantaio DM 101.16 

0 Extreme OrMnlAngkKaxanAS 10079 

a cnw. — - CC 50244 

0 Halle- Lll 10171540 

d Zone Astalhnie v raosjft 

IHVESCO INTL LTD. POB 271 Jersey 
Tel: 44534 73IU 

0 Maximum Income Fund f 0.9300 

.0 Sterlhto Mood Ptll i 11508* 

d Pioneer Merkel* -— 8 6340) 

•0 Okasan Global Siralmv S 174600 

0 Alia Super Grown ) 247H0 

d Nippon War rani Fund™* 16*M 

0 Asia Tiger Warrant * 44700 

d European Warrant Fund * 3J900 

0 GW N.W. 1964 * 94500 

PREMIER SELECT FUNDS 
d American Growth — J 60100 

0 American EmerarMe * 97400 

0 Asia Tloer Growth 5 mono 

0 Donor Reserve—— J 50800 

0 European Grawffi t 50800 I 

0 European Enterprise—* 64200 

0 GCofiffll Emerging Morhets_S 9.1700 

0 Global Growm 1 5.7400 

d Nippon Enterprise.-. J 80700 

d Nippon Growth— S SJ300 

0 Ur. Growth { SHOO 

0 Slerlliu Reserve- C 

0 North American warrant— 0 4JM0 

0 Greater Cntna Opps J 70200 

ITALF0R7VNE INTL. FUNDS 
w Class A lAear.Growrh itaLlS 8420640 

w Class B IGtabol EauHvl S niB 

WCIQI5 C (Global 0ondl * 114)4 

w Class D I Ecu Bend) Ecu 1142 

JAR DIME FLEMING , 090 In 11648 Ho Kg 

0 JF ASEAN Trust- * 55-18 

d JF Fur East wml Tr * 25.90 

d JF Gtebbl Conv.Tr 5 14jl 

0 JF Hong Kono Trasf. s 18.99 

0 JF Japan Sm. Co Tr—Y 5255540 

0 JF Jexun Trust— Y 13J4IL®) 

0 JFMOtarshlTnsI— * 7444 

0 JF PdcHic Inc Tr 4 1241 

d JFTTmlland Trust * 3641 

JOHN GOVETT MANT (IjOlMJ LTD 
TM: 46824 - 638420 

w GovoH Man. Fuhim t 1110 

wGovetf Man. FwL USS S 946 

w Gavott 8 Gear. Curr S U7Q 

wGovetltGtbtBaLHdoe s 10.9892 

JULIUS BAER GROUP 

0 Baertond SF 

rf Contmr - XF 

0 Equlboer America— * 

0 Eautaaw *c 

0 SFR - BAER SF 

d Stocttor SF 

d Swts^nr 5F 

d Lkxribaer, s 

d Europe Band Fund - F ai 

d Dollar Bond Fund * 

d Austro Bond Fund AS 

d Swiss Bond Fund SF 

0 DM Bond Fund DM 

0 Convert Bond Fund— SF 

0 Global Bond FuU— DM 

0 Euro Stuck Fund— EOJ 

S US Stock Fund S 

Pactfk: Stock Fund — — s 

0 Swiss Stock Fund. SF 

0 Special Swiss Stock SF 

0 Japan Stock Fund y 1013840 I 

0 Gorman Slack Fund DM 

0 Korean Slock Fund. 5 

0 Swiss Franc Cash SF 

0 DM Cash Fund DM 

0 ECU cash Fund Ecu 

d Sterling Cash Fund— c 

0 DoHar Cash Fund 1 

0 Frenrti Franc Cosh FF 

KEY ASSET MANAGEMENT INC J 

m Key GieooJ Hedge- * 25900 


Ki^rXfctF^^5SET MANAGEMENT IHC^ 

mICl Asia Pacific Fd Ltd. * 1141 

KIDDER. PEABODY 

b Otw apoo k e Fund Ltd * 282.19 

Bill Fund LM 113740 

B Inn Guaranteed Fund * 1J23.12 

b SMmetunoeUd S 167949 

LEH66AN BROTHERS 
d Aslan Drawn Port NV A — * 9.92 

a Asks) Dragon Port NV B * 9.91 

0 Global Advisors II NVA — * I0LII 

d Global Advisors II NVB S 10.11 

d Global AdvtSor* Port NV A^S 1045 

d Global Advbore Port NVB A 10J9 

d Letiman Cw Adv. A/B * 743 

0 Premier Futures Adv A/B-S 900 

LIPPO INVESTMENTS 
24/F LlPPO Tower Centra 89 QueenswuyJlK 
Tel (853)867 6088 Fax (852) 591 IM 

w Java FUnd — S 945 

wAsean Fixed Inc Fd 1 970 

w IDR Motley Market Fd-: — t 1201 

wUSD Money MorkeiFd s 1059 

w Indonesian Growth Fd 4 2041 

w Asian Growth Fund 1 10.97 

w Aslan warraM Fund * 740 

LLOYD GEORGE MNGMT (852) *45 4483 

w Antenna Ftxid S 1748 

m LG Aston Smaller Cos Fd — 5 184542 

w LG India Fund Ud * 1471 

LLOYDS BANK INTL (BAHAMAS) Ud 
Lloyds Americas Portfolio 1809) 3224711 
.0 Balanced Moderate Risk Faj 904 

LOMBARD. ODI£R 8. CIE- GROUP 
OBLIFLEX LTD (a) 

d Multlourrenci „ 3284 

0 Dollar Medium Term 5 747] 

0 Dollar Lang Term— S ,ai7 

d Japanese Yen y . 504040 

0 Pound Sterlhw— r 2675 

d Deutsche Marx dm 1772 

0 Dutch Florin _JI I8 jO 

0 HY Eure Currencies .Ecu 1477 

0 Swiss Franc. — 0F 13J3 

0 US Dollar Short Term S 1744 

0 HY Eure Carr DMd Poy—Ecu 1 101 

0 Swiss Mulffairrencv 5F 1644 

dEnreoeon Currency —Ecu 2275 

0 BHofan Franc- — BF 13676 

d Convertible * 1498 

0 French Franc FF 1 »7i 

0 Swiss Multt-Diviaend SF 1043 

0 Swiss Franc Short-Term — SF 10645 

0 Conodtan Donor CS 13451 

0 Dutch Florin Multi FI 15.17 

0 Swtu Franc Dlvid Par . SF 1040 

0 CAD MuMICur. DA. CS 12.15 

0 ModHemmeoo Curr SF 1049 

0 Convertibles SF 9.* 

MALABAR CAP MGMT IBermudO) LTD 

inMoMnr Infl Fund * l«49 

MAN INTERNATIONAL FUTURES 

m Mint Limited- orainory J 44ji 

m MM umfted- Income s 13.1* 

mMiid Gtd Ltd -Soec issue _s t/ak 

mMlldGMUd- Nov 2002 S 2277 

ffiMhd Gld Ltd- DM 1994 S 1870 

mMInt Old LM ■ Aug 1995 S 1573 

raMHit Gld Currencies S 70S 

mMInt Gld Currencies 2001—J 7.90 

mMlni So Res Ltd (BNPi— 5 I02J7 

ffl Athena Gfd Futures s 12J* 

ntAttwna Gtd Currencies S *44 

mAlbeno Gtd FlaandoM mc_S 1051 

m Athena Gtd Fbianctats Cop 4 117* 

rn AHL Capital MkbFd S 13.12 

FlAHL Commodttv Fund s 942 

m AHL Currency Fund * 9.18 

mAHL Real Time Trad Fd * 1002 

ffl AHL GM Real Time Trd * 10.15 

mAHL GU Cap Mark Ud s 9.9s 

ffl Map Guaranteed 1996 Lid S 841 

mMap Leveraged Ream. Ltd4 1140 

IRMAP GuonmtMd 2ND * 9.77 

Id MM G GL Fh 2003 * 713 

MARITIME MANAGEMENT LTD 
73 From si Hamilton Bermuda 1809)292 9189 
W Marttlme Mil-Sector I LM J 101503 : 

trMariHnwGRilBetoSortesJ* snji I 

w Martttnw GW Delhi Series 4 811.18 

w fjwfflme GIN Tou Sert e s-5 81071 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 

01 Class A — S 11776 

b CtesB - — S 11771 

0 Podflc Convert. Strot S 9745 

MAVERICK (CATMAN) (189) 949-IW2 

m Maverick Fd - * U7J867 

MCKINLEY CAPITAL PARTNERS, LTD 

m The Corsair Fund Lid S 112.17 

NKESPIERSON 

Rokln 55. lOlTkk. AmMentam 120-52111181 
wAsta Ppc.GrawthFd N-V.-5 4006 

w Aslan Qmftat HaMfnas s 6U0 

wAMm SetcsTton Fd N.V— Fl ira.47 

" &?.?!??■ Fd H.V.-S 3S01 

w EMS Onshore Fd N.V.. FI 10543 

wfurape Growth Fund N.V. -FI *4.94 

w Jogan-OlvenHM Fund * *3.95 

wLmraoedCapHMd I 6047 


w Tdtyo POL HOB. N.V. „ 
MERRILL LYNCH 
0 Dollar Asseti Portfolio. 


0 Prime Rale FfirrtoUa 5 10M 

MRRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

a Class A— i in 

■0 CHUB sis 

MERRILL LYNCH 

GLOBAL CURRENCY BOND SERIES 

AUSTRALIAN OOLLAR PORTFOLIO 

AS IUS 

0 CQleaarv B X I \U1 

CANADIAN DOLLAR PORTFOLIO 
0 Cmenarv A_. rt Ui» 

0 Category B Cl 13.7a 

CORPORATE HIGH INCOME PTFL 

O Clan A- 1 * 977 

0 0036 M S 941 

0 CIOVl B-l. S 9J7 

fl Class B-2 S ?•? 

Deutsche mark portfolio 

tf Catenary A DM 1149 

0 Category fl Dm 1377 

EUROPEAN BOND PORTFOLIO (DM) 

0 Class A-l. * 1404 

0 Claw A-S * ]JJ2 

0 GassB-l « 1454 

0 Clou B-2 * 1549 

EUROPEAN BOND PORTFOLIO tUSM 

0 Class A-l DM 948 

0CKB3A-2 DM 1047 

0CHUB-I. * «48 

0 CIOU B-2 * 10X0 

POUND STERLING PORTFOLIO 

0 Cawgaty A . \ 15*1 

0 Category 8 — [ 1579 

US DOLLAR PORTFOLIO "" 

0 Category A j 1349 

0 Category 8- 1 7114 

YEN PORTFOLIO 

d CONWY A ; t 1314 

0 Category 0 V 1293 

MULTI CURRENCY BOND PTFL 

0 Class A S 22.13 

0 Class b I 2140 

US FEDERAL SECURITIES PTFL 

0 Clou A * 906 

0 Class B . . 3 9J3 

MERRILL LYNCH 

EQUITY / CONVERTIBLE SERIES 

BASIC VALUE PORTFOLIO 

0 Ckm A S 1478 

0 Class B I HIS 

CONVERTIBLE SECURITIES PTFL 

o Class A 3 14.15 

0 Class B S 1175 

GLOBAL ALLOCATION PTFL (USD 

0 Class A — S 1052 

0 Chns B * 1046 

GLOBAL EQUITY PORTFOLIO 

d Class A * ion 

0 Class B 5 945 

EURO EQUITY PORTFOLIO 

0 Class A 5 I4.tr 

0 Clou B 1 H63 

LATIN AMERICA PORTFOLIO 

O C toss A J 1543 

0 CkBS B - t 1532 

WORLD NATURAL RESOURCES PTFL 
0 Class A _ _ s 1(07 1 

d Clnss B _ . _ s I1J8 . 

DRAGON PORTFOLIO 

0 C(«3 A 1 1 671 

0 Class B * 1MJ7 

MERRILL LYNCH INC S PORTFOLIO 

0 Class A 9 875 

0 Class B * 8.95 

0 Class C — S 495 

MERRILL LYNCH MEXICAN INC PORT 

0 Mexican imiPtfi Cl a * 97t 

d Mexican Inc 3 Pttl Q B * 9.76 

0 Mariam Inc Peso Pttl cl A 5 B.99 

0 (Mexican Inc Pno Pttl Cl B 7 8.99 

MOMENTUM ASSET MANAGEMENT 
w Momentum Navelllcr Peru 9452 

mMomenlum Rainbow Fd * 1 1545 

m Momentum RxR bii * S7J9 

m Memeraum Slock master 3 15171 

MORVAL VONWILLER A5SET MGT Co 

w Wider Telecom S *71 

wWIUorfuncts-Wllleroand Cans 1540 

wWlltertunds-WlllerbondEiirEcu 1243 

wWniBrtwuts-Wllereo Eur— Ecu 1175 

w Wlltertwb-Wllicreq »a1>-Llt 1378)40 

wWIHertunds-WMlcTHNA— S 11.17 

MULTI MANAGER N.V. 


IV Cash Enhoncmnenl 

w Emerolng Markets Fd_ S 2147 

■>EuraaeanGrawin Fd— Ecu 15.14 

iv Hedge Fund S 1291 

w Japanese Fund Y 869 

w Market Neuiral 5 10.16 

w World Bond Fund —Ecu 1275 

NICHOLAS-APPLEGATE CAPITAL MGT 

« NA Flexible Grawtti Fd S («0 K 

W NA Hedge Fund 5 13295 

NOMURA INTL. (HONG KONG) LTD 
0 Nomura Jakarta Fund— S 195 

NORIT CURRENCY FUND 

mNCF USD S 83095 

ntNCFDEM— — DM 89509 

inNCFCHF SF 92479 

/DNCF FRF— FF 446088 

fflNCF JPV V B2a»10a 

mNCFBEF BF 2703380 

OBEY ASSET MANAGEMENT LTD 
21 Grasvenor siXdn WIX 9FE46-T1-499 2990 

0 Oder European. DM 151 JO 

n Oder European * 15380 

wOdev Euran Growth (nc DM l«674 

wOdev EurooGrowtn Acc DM U678 

w Oder Euro Grid Star Inc I 5892 

w Odev Euro GrthSler Acc — t 59.13 

OLYMPIA CAPITAL INTL- 1 NC 
Williams House. Hamilton HM11. Bermuda 
TM: 609297-1013 Fox: 809 795-2305 

IV Finsbury GrouD S 220.49 

«r Olvmola Seourtle SF SF 169.52 

w Olympia Star* Emerg Mkts 5 90253 

w winch. Eastern Draoan__S 17,16 

w Which. Frnnltar — Jt 28149 

ir Winch. Fut. Olympia Star— 5 15269 

» Which. Gi Sec Inc PI (Al — S 980 

w wVndLGISccincPl <0—5 924 

w Winch. HKfg i nrr Montana -Ecu i«u» 

IV Which. HMg Inn Ser D — -.Ecu 1747.16 

m Winch. Hldo mnserF Era 173148 

IV Which. HldoOhr Star Hedge* 109781 i 

tvMflndvReser.MullLGvBd-S 1885 

w Wnchestar TnOllond -* 318* 

OPTIMA FUND MANAGEMENT 

73 Front SI. HomlllsnJBermuda B09 2953*58 I 

wOotlma Emerald Fd Ud 5 9.9* 

w Optima Fund 5 1772 


vOprtmo Future* Fund 5 7759 

urOrtima Global Fund s 13J6 

w Optima Perl cute Fd Ud S *88 

w Optima Short Fund S 7 JO 

ORBIT EX GROUP OF FUNDS 

0 OrMtax Asia POC Fd * 5-79*5 

0 OrtHtex Growth Fd * 7.1036 

0 Orbllex Health 8 Envlr Fd-5 5JMU 

0 OrtJltaxJaoon Small Cop FtfS «.*Z20 

0 Orbltax Natural Re* Fd CS I53SB6 

FACTUAL 

0 Eternity Fund I7d i 246531 1 

0 Infinity Fund Lb) J OTA5M 

0 Star High YMdFdLM S 127.1118 

PARI GAS-GROUP 

w Luxor — S 347 

0 Porvesl USA a -i 2346 

0 Parvest jopon B t 602180 

0 Purvext Asia PacH B S 7272 

rf Porvesl Europe B Ecu 2L&5 

d Porvesl Holland B Fl 1367(1 

0 Porvesl Francr B — FF 1247.9? 

0 Porvesl Germany B DM 611.17 

0 Panrest OftH-DaUur 3 s 1740.16 

0 Porvesl Qbh-DM B DM 1M7J5 

0 Porvesl Obli- Yeti B r 16507740 

0 Porvesl Oblt-Guklen B Fl lodl J6 

0 Porvesl Obil-Fronc B. ,FF 20I7J7 

0 Porvni Obi I- Star B l 15642 

0 Porvesl Oblf-Ecu B Ecu 13246 

d Porvesl OMl-Sehu B LF 1714683 

0 Ponresl S-T DMIor 0 Ji 158189 

d Porvesl S-T Europe B Ecu 13156 

0 POrvod S-T DEM B„ DM 54743 

tf Porvesl S-T FRF B FF 1824J5 

0 Porvesl S-T Bef Plus B BF 10528110 

d Porvesl Global R LF 7TBA0 

0 Poive*i list Band B S 21 J4 

0 Porvesl OttlHJra B Lll 54231180 

d Porvesl ini Eoulues B — A 10*41 

0 Porvesl UK B c 87.43 

0 Porvesl usd Pius 3 win 

0 Porvesl S-T CHF B SF 25244 

0 Porvesl DtriKaimaa B- „cs i*7Ji 

0 Porvest OblFDKK B DKK *4187 

PERMAL GROUP 

1 Drakkar Growth N.V 5 267777 

f Emeroino Mkts Hlim— _* 87120 

t EuroMIr tEcu) Ud Ecu lb»5S 

t FX Flnandais & Futures _* 9S1SB 

I Inverimem Hiag* N V » 12827* 

I Media & Communications _s 107915 

/ NasoalUd S I ST 486 

PICTET &CJG- GROUP 

ur P.C.F UK Vol IUIO 1 M82 

w P^.F Germovnl (Lux) DM «JJ3 

w P.CF Noramval (Linrl I 28J5 

tv P.CF Vol ftw (LU* I P las 9901 80 

w P.CF Valltalla (Lux I iJI I23&02M 

WP.C.F VaHrance lLu»l _FF 125115 

w P.U.P VaBxuW SFR ILuk) _SF 2B9 S3 
wP.U.F. Vattxmd USD lLu-1 _S 22787 

wP.U.F. VafDona Era ILu»l_£cu 18217 

w P.U.F. Valbond FRF (Luyl.FF 9SJ43 

w P.U.F. votaand GBP [Luvl.c 91 79 

w P.U.F. VoIOand DEM (Linl DM 29)87 
WP.U.F. USSBd Pttl ILu* l_S W2U0U 

wP.U.F. ModetFd Ecu 1228* 

iv P.U.F. PldHe SF 491*4 

0 P.U.T. Emerg Mkl* (Lu*)_S 16275 

■v P.U.T. Eur. Opporl [Lu*l _Era 14988 

0 P.U.T. G local Value (Lu* i -Era 15282 

■v P.U.T. Eurovce ILu*) Ecu 231 J2 

0 Pictet vaisuHse (Chi sf 67310 

mlnll small Dm (IOM) * 480 6* 

PREMIER INVESTMENT FUNDS LTD 
era P.0 Bax line. Grand Cayman 
Fax: 1109) 949-0973 

m Premier US Equity Fund— J 1 1 74.99 

m Premier Inti Eq Fund * 13*LS7 

m Premier Soverdon Bd Fd_S 61145 

m Premier Global Bd Fd s 1472J8 

ffl Premier TOW Rrhirn Pel. .5 94190 

PUTNAM 

0 Emerging Hlth Sc Tnnl s * 37JI 

wPulnam Em. Infa Sc Trusts ^.92 
0 Pulnam Giob.Higfi Growth 5 17.0* 

0 PuinamHWi Inc GNMA Fd* 825 

0 Puhmm Infl Fund s 15J3 

OUANTUM GROUP OF FUNDS 

w Aslan Deve l opment * 10171 

w Emanilng Growth F0 N.V. J 184.71 

w Quanunn Fund N.V * 1*241.77 

wQuanlufn Inaustrtfll S 103/7 

w Quantum Retdrv Trust S 13480 

• Quantum UK Realty Funa,c 102*0 

w Ooasor Inri Fund N.V 5 147.79 

w Quota Fund N.V. 5 16206 

QUARRY MANAGEMENT LTD 
Teleohone : 8W.94WM50 
Facsimile :BM-9«FWa 

d Alios Arbitrage Fd Ltd S 9129 

0 Heuwrb Fund LM S laud 

0 Meridian Hedge Fd Lid V* J 101.59 

o Zwuih Fund Lta s/i i MaT 

REGENT FUND MANAGEMENT LTD 

w New Korea Growm Fd s iw 

w Nova Lot Pacific inv Co s 4 tj? 


i w Pacific Aitxtraae Ca s 94) 

m RJ_ Counlrv Vind Fo _j 299*4 

0 ReoeniGlN AmGrtBFd-,* 68100 

0 Regent GN Euro GritiFdj 48016 

tf Regent Gltd l nHGrtfthL_J 23898 

0 Regent GW Job am Fd_s 29539 

0 Ragani GW PccH Btsm * 46423 

0 fiegani GlM Reserve * 2.1735 

0 Roaont Gibi bmmtw. « U2<7 

0 Hwm GIW Ttef * 24354 

0 Regent OKU UK Grth Fa * ijnM 

w Regent Moonui Fd l» s 982 

m Regent Pacific Hog F3 S 114.1127 

0 Rooem Srt Lenu Fd * 97* 

w Undefuctued Assets Ser i_s 1|JB 

ROBECG GROUP 

POB 9723000 AZ RaHe«tom.(31ltt224t2Se 

0 RG Adler ito Fund -Fl Mitt 

0 RG Eur one Fu nd Ft lasja 

0 RG pacific Funa Fl 15320 

0 RG Dhrtrrore FurxJ F) 5173 

0 RG Money Plus ffl Fl lu.1* 

0 RG Money Pius F 5 * 1BL9S 

tf RG MOREY P0U FOM_^J3M HUI 

0 RG Money Plus F SF SF M7JB 

More Robeco see Amsteroom Stacks 
ROTHSCHILD (GROUP EOMOHO BE) 
IN-HOUSE FUNDS 

w Asian Ganffoi Halding* Fd_s *180 

* Dciwa LCF RonartiiMi Ba j* 1019J2 

wDaheaLCF Rotraen Ea * 101575 

wr Force Cash Tradition CHF-SF 1D369A5 

■■ Lrifam x 251363 

o Leireroued Coo HaWlng* s 6C.47 

wOon-VOIor SF 97954 

w Prl Challenge Setea Fd SF 113*32 

b Prleou/rv Fa-Enrooe Ecu imtsb 

0 Pr Irailtv Fo-Heivrtia sf t mtiw 

b PriaoulTr Fd-UBln Am 3 131777 

B Pribond Fund Ecu. . Ecu 121 457 

b Pribond Fund USD * IOB840 

B PrJBorsf Fd HY Enter MkK5 1145*3 

w Selective lnve*i SA S 325.971 

B 5*«-rr. g 18.14430 

iv U5 Bond Wus * 9S233J 

w VorlaiMul Ecu 1100*4 

ROTHSCHILD (GROUP EDMOND DE> 
OTHER FUNDS 

0 AUa/jaoan Emerg. Growm* 1741730 

i* Esortl Ear Partn inv Tst E gi 1382J5 

w Euroo Sirateo Inreslm «_Eai 105831 

B Integral Futures S 97211 

B Out Joes! Global Fd General Dm 109461 

B OnHuest Global Ft* income DM 16779 

0 Pacific NIC* Fund S 878 

nr PxrmoJ Drakkar Grin NV_S 277*87 

7 SetaOInn H0HlUI> CC 813*387 

ft Vlrtntag Anone i 5Ota50 

ROTHSCHILD ASSET MGMT (Cl) LTD 

ffl Nemrod Leveraged HI0 s 33181 

SAFDIE GROUPrKEY ADVISOR* LTD 
ffl Key DhtarrlHefl UK F0 Uts 1184039 
SAFRA REPUBLIC HOLDING 
w Peouuic Ga m * uij) 

wr RepuDilc GAM Am#f1co__5 111*7 

w Reg GAM Era Mkts Global A 13750 

iv Rea GAM Em Mfcft Lot AmS 11173 

w ReoubUc gam Eureoe SF _SF 172W 

» RegubllC GAM Europe USS8 187.15 

w ReauMIC GAM Grwth CHF.SF 10456 

w Republic Gam Growth c 100JS 

w Republic GAM Growth USS S 15189 

w Republic GAM OpporrunirvS 11279 

0 ReauWlc GAM Pacific s 14746 

w Republic Gnsev Doi Inc S 10J5 

w Renubllc Gnsev Eur Inc DM 1079 

Hr Renubllc Lai Am Alloc X 9943 

iv Republic Lot Am Argont. —& 9389 

nr Republic Lot Am Xmll . t 10473 

w ftepuwic Lot Am Mexico 5 HOiA 

w Republic Lai Am Vcnez. 3 ' 9177 

iv Rea Satomon Strcd FdLMJi 3989 

5ANTAMDER NEW WORLD INV. 

mCommonder Fund * 100,113 

nt Explorer Fund ______* 102533 

SKANDINAVISKA ENSKILDA BAH KEN 
S-E-BANKEN FUND 

0 Europa me S 087 

0 Flarran Ostern Inc 5 181 

0 Global Inc — - * 182 

0 Lokamedrl Inc * 0.9J 

0 VarkJen lnc _ 5 18a 

0 Japan inc— v imm 

0 Aliilo Inc . — - — S 6.98 

0 Sverige me Sek 1IU0 

0 Nordamertka Inc s 297 

0 Twramraul ne.- . . S Ijn 

0 Sverige Rantetond me Sefc 1051 

SKANDIFONDS 

0 EarjSty Infl Acc 1 1770 

0 EquHv Inti Inc « 1379 

0 Equity Gtaoal 5 156 

0 Equity NHL Resource* S 17B 

0 Equity Jopcn Y 11210 

0 Equity Nora ic * 144 

0 Equity IIK-- r 181 

0 Equity Cant hemal Europe J 153 

4 Equity Mediterranean— S le* 

d Equity Hufiti America- s 201 

0 Eauilv Far East S 491 

0 Infl Emeramg Market* * 140 

0 Bonn im-IArr — s . 1140 

0 Band inn inc s 7ja 

0 Bona Eurooe Acc_— * 153 

d Bond Eurooe Inc 5 D5B 

0 Bona Sweden Acc Sek 16.93 

0 Bond Sweden Inc Sek 1085 

0 Bond DEM Acc. DM 127 

d Band DEM Inc DM 074 

d Bond Dollar U5 Acc S 129 

0 Bond Dollar US Inc 5 185 

0 Curr. US Dollar I 1 j* 

d .Cure. Swedish Kronor. — -Sek 12*2 

SOCIETE GENE RALE GROUP 
SOGELUX FUND ISF) 

w SF Ogn*. A US A S ILU 

iv SF Bands B Germany —DM 3146 

WSF Bonds C France FF 127.13 

wSF Bands EGJI 1 (LW 

l» SF Bondr, F Japan— ,Y 2436 

IV SF Ban* G Europe Ecu 1777 

wSFBawisHWaridWWe — % i486 

wSF Band* j Belgium BF 81480 

w SF Eq,K North America — S 1777 

wSF E«. L W.Europe— Ecu 16JB 

w SF Ea. M Paclllc Basin. Y 1595 

iv JF Eq. P Growth Counfr»e*4 1751 

wSF EO.OGOW Mines 5 337* 

nr Sf Ea R Wand wide 5 ISM 

wSF Short Terms Franca — FF 1718835 

w SF Short Term T Eur._ _ECU 1643 

SODfTlC ASSET MANAGEMENT INC. 

w SAM Brazil S 16148 

» SAM Diversified — 8 13250 

iv SAM/lWcGarr Hedge i 10744 

w SAM Opportunity S 12B.93 

r» 5 AM Ornrta - * 

»SAM sirateav * 11574 

rn Alpha SAM S 12141 

wGSAM Compaslle— S 33434 

SR GLOBAL FUND LTD 

fflSR Europron _ — 5 1D643 

mSR Asian * 70445 

m SR (nmruatronal S 10635 

SVENSKA HANDELS BARKEN SJL 
146 Bd de la petrusse, L-2P0 Luxembourg 

b SHB Bond Fund S 5681 

nr Svensha Set. Fd Amer Sh — S 1SJ1 

wSvanskaSeL Ffl Germany—* 1187 

Hr Svenska SeL Fd Inn Bd Sh J 1255 

wSvensiflSei. FdlnHSh * S956 

n 5ven*fca SeL Fd Japan Y <05 

wSvenskaSeL FdMitf-Mhl — Sek 1I5J15 

wSvonskoSeLFflPqcHSn — S 781 

w Sverako Sef. Fd Swea Bd*_ Sek 141983 
wSvEftskn Sel. Fd5vlvtaSii— Ecu 11675 

SWISS BANK CORP. 

0 SBC too index Fund SF 

0 SBC Eaully PHi-AusIrolhi — AS 21200 | 

0 SBC Equity Ptfl-Ganoda — CS 21 

0 SBC Equity Ptft-Eiirupe—Ecu 
0 SBC Eq PttMietherkmdS— Fl 

0 SBC Gown BOAT BS S 

0 SBC Band PHf-Austr S A AS 

0 SBC Bond PIH-Ausir S B — A* 

0 SBC Band PlfFCanJ A CS 

0 SBC Bend PHFCaiLS 8_ — CS 

tf SBC Band Ptfl-OM A DM 

0 SBC Bond PlIFDM fl ™ 

0 SBC Bond PHFDuItJi G. A—R 
0 SBC Bond PIH-DulCh G. 8— Fl 
0 SBC Bond PtfVECu A _ — Ecu 

0 SBC Band PHFEcu B Ecu 

d SBC Baad PHFFF A FF 

tf SBC Band Ftll-FF B FF 

0 SBC Band PlIFPhn A/B— JHa* 

0 SBC Bom Ptf FStarltno A I 

0 SBC Bond PHI-Sterling B — 1 

0 SBC Band PonfoHo-SF A SF 

0 SBC Band Pn.-Htfto-SF B SF 

d S&C Bond Plfl-USA A S 

0 SBC Band Ptfl-USS B * 

0 SBC Band Pill-Yen A Y 

d SBC Bona Ptfl-Yen B — Y 

0 SBC 6AMF - AS —AS 

0 SBCMMF-BFR BF 

0 SBC MMF ■ COhS CS 

d SBC DM Shari-Term A— DM 

0 SBC DM Shari-Term B DM 

0 SBC MMF ■ Dutch G R 

0 SBC MMF -Ecu Ecu 

0 SBC MMF -ESC Esc 46001600 | 

0 SBC MMF ■ FF — -FF 

0 SBC MMF -Lll Lit 54072B480 I 

0 SBC MMF ■ Plos Pfo 36566380 

0 SBC MMF ■ Schilling A X 

0 SBC MMF - Sterling „J 

0 SBC MMF -SF SF 

d SBC MMF -US -Dollar __S 

0 SBCAXMF -USS/H — * 

0 SBC MMF ■ Yen _Y 

0 SBC GUU-PHi SF Grth SF 

J SBC GBP-Ptll Era Grin Era 

0 SBC GlbF-Pin USD Grth— S 

0 SBC Gib) -PHI SF Yld A SF 

0 SBC Gfbl-Prfl 5F YkJ B -5F 

0 SBC GUX-PtH Ecu VIC A Ecu 

0 SBC Glbt-Ptff Ecu Vid B— Era 

0 SBC GlbFPHl USD ild A S 

0 SBC GlbFRltl U5D Yld B__5 

0 SBC GM-PIR SF inc A SF 

0 SBC Glbi-PHI SF Inc & 5F 

d SBC Gltd-PHI Ecu Inc A Ecu 

0 SBC Gfbl-PHI Era inc B -Ecu 

0 SBC Gax-Ff » USD Inc A S 

0 SBC Gib!- Pill USD Inc B __£ 

0 SBC Glbi Plir-DM Growth— DM 
a SBC GlM PtH- DM YM A/B -DM 
0 SBC (Hu Ptn-OM Inc A/B -DM 
0 SBC Emergliig Morkels—S 
t SBC Small & Mid Cops Sw-SF 

d AmericoVotor _& 

d AraHovahv t 

d AslaPortlolto „s 

0 Convert Bend Selection _SF 

0 D-Mark Band Selection .DM 

d Dollar Band Selection s 

a Ecu Bond SeitCflni Ecu 

0 Florin Bond Setacllon ,FI 

d Franc* Valor FF 

0 German I qV<j lor DM 

d GaldPortfalla 5 

a iberinvatar ,Pio 

0 HnlVoior Lif 

0 Japan Portfolio. .Y 

0 Sterling Band Select ion —I 
0 Sw. Foret git Band Selection 5F 

0 Svrt» ’aior SF 

0 unlvw. 9 Band Selection _5F 
a Untversa "und— 5F 


5448 
5076 
113380 
133757 
104.11 
109JI 
1)1*8980 
11709786 
432780 
11271780 

mxa 

103024 
133275 
PI 738238 
Ecu 377547 
Esc 46001680 
FF 2SS2742 
Lll S4072B480 
PtO 36566380 
AS 3212446 
282944 
5*19.77 
733610 
2096/6 
59091480 
11*«J4 







M bid and offered prias. & 





For investment 
information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


* r r+?SrR 

ElilB 


- Duteti Rorhir 


For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 


For expert advice on personal investing. 

Every Saturday, the International Herald Tribune publishes The Money Report, a weekly section that provides 
a penetrating analysis of financial products and services available to today's high-net-worth investor. 

For timely investment information, read The Money Report. 




Hihuuhmi wmi tip «» mm iimi* «w n» nvoirw.iir. hw 





























Page 20 


INTERNATIONAL HERALD TRIBUNE. THURSDAY. JUTfE 2. 1994 







intemu, W Jicrajj Tnhuiw was incumbent on a player 10 let the iin agnation flow 

L ON DON — Open letter to Ruud Gullit who quit with it. You described the game as the child inside Ute 
the Dutch World Cup camp on Monday. man; I. and anyone lucky enough to spend lime in 


jLj ihe Dutch World Lup campon Monday. 

Dear Ruud. 

How could you? Your country needed you. trusted 
you. gave you chance after chance to 'fulfill what 
millions achieve ^ ^ ^ 
onlv in our — . -a. 


dreams. 5° b ._ ^ » 

In fitness and in Hughes I 

health, you walk 

away. You leave the Dutch camp in disarray three 
weeks before the start of a World Cup in the USA. 
And you say the reason MAY be spelt out after the 
event. 

Sorry pal. you owe more than that. Your ability, 
your pull on the emotions of motions of fans — not all 
of them Dutch — guarantee global curiosity about 
this defection. 


your company, believed it implicitly. 

What will you tell the children — your own daugh- 
ters and your new son — when in the future they ask: 
Daddy, were you one of footballs greats? 

Ruud, you know to your bitter embarrassment how 
the Dutch Tailed their talents in 1990. how selfishness, 
bickering, mistrust of the trainer Leo Beenhakker 
splintered the group and wrecked the dream. 

Your heart must tell you that them is no such thing 
as a great player who did not prove his worth on a 
World Cup platform. But. having captained the Neth- 
erlands to win the 1988 European Championships, 
you have rejected the opportunity to go all the way. 

One week ago. you rejoined the Dutch training 
determined to go for gold, determined to let bygones 
be bygones between you and the present coach, Dick 


My personal admiration for you. as a player and as Advocaat. The argument between you was twofold: 


a man. makes this a hard letter to write. Down the 
years i have met few sportsmen of such deep and 
committed social and political conscience, and few 
people in any walk of life who could so genuinely 
throw off the false cloak of fame and express sensitive 
concerns for our planeL The rain forests, the ozone 
layer, the deprived in africa, the fight against political 


that vou hoped Johann Cruyff would return as men- 
tor. and that you felt limited by the tactical role 
Advocaat handed vou. 


G REAT players have overcome this before. Con- 
sider Franz Beckenbauer — Kaiser Franz — 


u sider Franz Beckenbauer — Kaiser Franz — 
who against his will, his desire, his judgment obeyed 


repression. All were — are — active concerns to which orders to man-mark Bobby Charlton throughout the 


you lend your time and some of your fortune. 


1966 World Cup final. Beckenbauer later enjoyed a 


Rare, losay the least. In addition, you have given an cooperative reign under the same coach. Helmut 
exceptional decade as a performer who could" exhibit Schoen. and captained Germany to win the 1974 


joy. even liberation, on Lhe Held. 

I doubt that anyone had such gliding, almost ballet- 


World Cup. 

Though you are currently saying less than a Trap- 


ic control of a 6-fool-4 physique as you. During the pist monk. I suspect fear of failure has gripped you 
past nine months for Samp dona, and apparently in more than anticipation of success. 


training last week with the Dutch at Noordwtjk. that 
grace and enerev was bordering on lhe prime of Ruud 
Gullit. 

Somehow, you found reserves with which to recap- 
ture the gome that came more easily before you had to 
struggle 30 months with knee injury that would have 
finished a man of lesser will. 

You always said that soccer was a gift and that it 


League Bars Marseille 
From Signing New Players 


MARSEILLE (AFPi — The French soccer league 
has barred Olympique Marseille from signing any new 
players — other than on free transfers. 

“This kills the rescue deal we had negotiated with a 
Canadian firm." the soccer club's vice president. Jean- 
Limis Levnuiu. said Wednesday. 

He said the investors had been ready to put up 100 
million francs 1517.8 million) immediately, on the 
condition (hat the club could sign new players to win 
promotion back to the first division and do well in the 
UEFA Cup. Marseille’s financial director. Alain Lar- 
oche. said the Winnipeg-based Platinor-Ma presol 
wouid be the main shareholder along with an un- 
named British holding company and about 30 south- 
ern French firms. 


Your silence, apart from personal outpouring to a 
trusted friend, may misguidedly be to spare your 
teammates criticism. Yet think of Advocaat. He is an 
honest if an obdurate man. and he pleads with you to 
speak your mind rather than let rumor fester. 

Ron Koeman. the Netherlands' team captain and 
one of only three players at your wedding last month, 
has had to lake sides. “Ruud could not have chosen a 
worse moment. “ he said. “It's a slap in the face for us 
players. Now we will have lo do something completely 
differenL" 

Indeed the tinting stinks. You refused lo play for lhe 
Netherlands all last year, you relumed to some exLem 
on your own icrms. and you pulled out without con- 
sulting friends in the squad. 

Either way, you lose, the country loses, lhe World 
Cup loses. The event is already short of star appeal, 
and will be more so if Romero of Brazil and Maradona 
of Argentina cany out threats to withdraw. 

Because soccer is a learn game, because each World 
Cup is a coronation for new talents, the wind will 
change without you. But for a man whose principled 
stance on behalf of the then imprisoned Nelson Man- 
dela placed the principle of respect for fellow men so 
highly, you have stumbled clumsily into a trap. 



Rockets in Finals, 
But Jazz Provided 
No Free Launch 




By William 0. Rhoden 

JVew Turk Times Service 

HOUSTON — What started out 
as a romp to the National Basket- 
ball Association Finals wound up 
as a thankful escape for Houston 
after the Rockets nearly blew a 24- 
point lead but hung on to defeat 
Utah, 94-83. and win their fust 
Western Conference championship 
since 1986. Houston look the senes 
by 4 games to 1. 

Houston led. 77-53, with 1:17 
remaining in the third period. 

But Utah wasn’t finished. The 
Jazz, capitalizing on poor shots and 


seems to be the pattern. On W; 
day, we had a must- win atuation 
but they were the aggressors defend 


sively They Were cdnringiip wath 
all the loose bails, making % 
plays, the big stops and w 

^ Buoyed by victory od Sunday; : 
Houston shot out of the . blocks 
Tuesday night, in fact, the Rockets 
enjoyed a sensational first quarter. . 
and an even better second doe. /_ 

Houston’s season - as been char- 
acterized by Olajuwon ’s< night-in, 
night-out heroics pnaetnated b}Ka 
mystery-guest contribution from 
one or more teammates. .On Tues- 
day, Horry and 'Maxwell stepped 
forward immediately.- > 

Hony bad 13 first-quarter points 
—4 on spectacular dirnks. Maxwell 
had 12 points m 4-for-5 shooting 
from 3-point range. The - Rockets' 
barometer is the play of their 
pnarris. and in the first half they 
were a high-pressure system. 

Houston led by 16-lQ after a 3- 
■pointer by Maxwell that forced a 
Jazz timeout. The Rockets led by 
21-12 after a breathtaking fast 
break that ended with allying base- 
line dunk by Horry. 

On the next series. Maxwell 


NBA PLAYOFFS 


turnovers, outscored Houston by 
22-4 and cut the lead to 85-77 with 
2:40 left in the game. Robert 
Horry's overhead dunk and four 
straight foul shots by Kenny Smith 
put the game away for Houston. 

Continuing its ferocious defen- 
sive play from Game 4 in Salt Lake 


City. Houston had the game firmly 
in hand from the start The Rockets 
effectively put the game away with 
a third-quarter Witz when they hdd 
Utah to 32 percent shooting and 
built a 79-55 lead after three quar- 
ters. 

Hakeem Olajuwon scored 22 
points, Horry also had 22 and Ver- 
non Maxwell added 19 for Hous- 
ton. Karl Malone had 31 for Utah. 

Before Tuesday night's game. 
Mark Eaton, Utah’s veteran center 
who has been reduced to spectator 
by a back injury, predicted that 
Game 5 would go to whichever 
team started out fastest. 

“The team that's been the most 
aggressive on defense has usually 
come out Lhe victor," he said. “Thai 


^ R.\f i'.'-’ni' T T>. 

Utah’s center Felton Spencer going up for the shoot over Robert Horn of Houston. 



.! SIS&S 


stripped John Stockton of the ball 
and Horry took a ave-and-ROMss . 


73 /T& -L 


Y OUR refusal to play ball shows scam respect for 
teammates, for the Dutch cause, for the world 


k§ Come Back Twice, Ice Rangers 


Russian Soccer Drops 4 


MOSCOW (API — PaveJ Sadyrin. Russia's >oa.t:r 
coach, has left four star players orf whaL he says is his 
team's final World Cup roster. 

The players dropped are winger Andrei Kanchelskis 
of Manchester United in England, forward Sergei 
Kiryakov of KarLsruhe in Germany, forward Igor 
kolyvunov of Foggia in Italy and forward IgorShali- 
itiuv of Internationale of Milan in Italy. The four are 
the last holdouts from a mutiny launched by many of 
the team's veteran players in December. They de- 
manded that Sadyrin be fired. 


A! Arbour, who guided the New York Inlanders to 


four straight Stanley Cups a decade ago. retired from 
coaching Wednesday after 14 years with the dub. tA Pi 


coaching Wednesday after 19 years with the dub. (AP) 
Jan Svorada of Slovakia won the 165-kilometer 1 1 th 
stage or the Tour of Italy bicycle race from Marosiica 
to Bibione, Italy, on Wednesday. (AF) 

The African Athletics Championships, originally 
scheduled for August in Casablanca. Morocco, have 
been postponed and moved to Cairo the following 
month. i Reuters i 


X teammates, for the Dutch cause, for the world 
game. Maybe you fear ihe Dmch camp is lacking in 

real ambition?'Then say it. Ruud. It is too late for a 
comeback, your fickleness will not be trusted again by 
Advocaat. but you will find no peace until you speak 
openly. 

There are many who will suspect that you, in com- 
mon with prima donnas, have such riches" and such an 
ego you will turn on the style only when the whim suits 
you. That is not the Gullit 1 know. 

Rather l fed you have allowed the child to rule the 
man. emotion to govern your hand. In doing so. you 
forfeit the ultimate challenge in football, and you 
underestimate how quickly the sport passes its play- 
ers by. 

A couple of days ago. while you agonized on your 
decision. Agosuoi Di Bartolomei shot and killed 
himself in his villa in southern Italy. 

Di Bartolomei was 39. married with two children. 
His days as the big, strong, darkly handsome captain 
who led Roma to its last Italian championship in 1^83 
were over. 

He had money worries, but they were not his killer. 
Rgeetion was. Rejection by the game he served for a 
dozen years in Rome, rejection by every Serie A and 
Serie B club he wrote to, seeking work as a coach. 

“I'm shocked." said Nils Liedholm, Di Bartolomei’s 
mentor at Roma. “He was such a great leader.” A 
leader in the field unable to adapt, or to cope once the 
adulation and the sporting regimen ended 

Beware, Ruud, the policy of opting out while you 
have something to give. It passes with terrifying 
finality. 

Ret- Hifha u l*i tire stuff cl The Timor. 


By Joe Lapointe 

•Vo, Y-'rk Tif.-VJ Sen;, c 

NEW YORK — If the New York R.mg C r : 
win the Stanley Cup for the fir 1 ?! time in 5- 
years, the Vancouver Canuck.-- wiii force inem 
to earn it. They showed :hui v.ith empharis ii 
Madison Square Garden when they came from 
behind twice and beat New York. 3-2. in over- 
time in the opener of the final. 

The winning goal wy> scored by Greg Adams 
at 19 minutes. 26 seconds nf ihe first overtime 
on a one-time slap shot :rom the slot, follo wing 
a two-on-one break. 

Moments before, the Rangers came dose to 
winning it Tuesday, but Brian Lectch's shot hit 
the crossbar behind Vancouver goalie Kirk 
McLean, the star of the game with 52 sa.e-. 

The Rangers were going to try to ever, the 
series Thursday night at the Garden. After that, 
the next two games are in Vancouver. 

The Canucks hud tied the game. 2-2. v. iih one 
minute left in regulation. Martin GeJirtos. 
standing in front o? the Ranger net. deflected 
Cliff Ronnina's shot pas: Richter. The puck 
trickled over the tine. 

-Alexei Kovalev had put the Rangers ahead at 
8:29 of the third period after a multiplayer 
display of skill that began at one end of the "ice 
and ended at the other. It started when Sergei 
Zubov, in his own zone, passed the puck from 
right to left, barely out of the reach of Vancou- 
ver players patrolling the middle. 

The puck bounced a bit. but Leeich took 


con:ro!. raced up the left boards, crossed the 
V ancouver blue line and drifted to the right, 
drawing the defenders toward him. Setting up 
at the top of ihe right circle, he faked a "slap 
shot, forcing the defen.v;men to commit 3nd 
turning McLean, in hir. direction. 

Leeich then sent a pas-, across the grain, to 
the edae of the crease, where Kovalev met it on 


Dave Babycb. the defenseman, to commit him- 
self. It is one of his pel moves. 

McLean made the initial save on Kovalev, 
but Lanner scooted in for the rebound. He 
bounced it off the goal post, but it came back 
and hit the goalie in the leg and caromed over 
the red line. 


There were several hard body checks, the 
hardest of them penalized when Jeff Beuke- 


and Hony took a give-and-gopass . 
from Olajuwon and dunked down 
the middle to give Houston a 23-12 
lead. Oq and on it went. 

Utah would nibble, but Houston 
would roar back and take onother- 
hage bite out of Utah's heart The 
Rockets led by 53-35 at the half.' - 
Houston snot 66.7 in the first 
quarter and 58 percent for the half 
and held Utah to 37 percenL 
On Sunday, Olajuwon struggled 
through his worst offensive game of 
the playoffs, scoring 16 points on 6- 
of-18 shooting. On Tuesday, 
Olajuwon —working at a moder- 
ate pace and letting MaxwelL 
Hony and Kenny Smith cany the 
load — had 10 points at the half on 
5-of-9 shooting, 

“The biggest key in stopping Ha- 
keem is getting him out of his posi- 
tion." said Eaton, who had eight 
years of experience with Olajuwon. 

“It's meeting him at the free- 
throw line and bumping him all the 
way down to the low post and get- 
ting him two or three feet farther 
out on the court from where his 
comfort zone is. 


i r* '* ** 

IJ- '** 


STANLEY Cl? 


boom of the Rangers slammed Sergio Moraesso 
into the boards. Joe Kocur of the Rangers went 
off midway through ihe period with what ap- 
peared lo be a leg injury after he was flipped 
into the goal post after getting tangled with 
Brian Glynn. 

The second period was scoreless, so the third 
session began the way Game 7 did in the 


the fly and pul it into the net before McLean 
could get back to cover that side. 

The Canucks had tied me eameat 1-1 at 5:45 


of the third period on a goal by Bret Hediean. 
who scored from the Jot after" Richter, under 


who scored from the dot after Richter, under 
pressure, tried to clear the puck from his crease 
area with a delayed penalty about io be cjlled 
against the Rangers. 

The Rangers dominated the first period, with 
a shots-on-goal advantage of If- 10. but they 
held only a 1-0 lead at intermission. 

i: o-.ii!d have been worre for Vancouver. 

Afler Sieve Larmer scored during a four-on- 
four situation. he also hit a crossbar on a power 
play. The Rangers played at a frisky pace. They 
were skating "through open ice and creating 
exciting chances, particularly Kovalev, who set 
up Larraer's goal at 3:32. 

Kovalev Fed the puck to Lestch. who went 
deep and passed back to Kovalev. Instead of 
shooting right aw ay. KovaJev faked and forced 


“Nine or 10 years ago you could 
:t to Hakeem's psvehe. You could 


previous round against the Devils: with the 
Rangers leading. 1-0. 


Rangers leading. 1-0. 

Vancouver, a large team, continued to take 
the body, sometimes illegally. Mcrmesso went 
off for interf erence after knocking over Richter. 
Although the Rangers weren't shadowing Bure 
in the classic sense, they paid close attention to 
him with either Graves or Esa Tikkanen often 
drawing the assignment In the first two peri- 
ods. Bure bad one shot on goal. Late in the 
second, while forechecking. Bure lined up Beu- 
keboom in the corner and thumped him into the 
boards with a hard, legal c-hedL 
The big defenseman responded by hitting the 
smaller forward over Ihe back with his stick and 
was penalized for it. 


get to Hakeem’s psyche. You could 
mess with him a little bit and get 
him angry and frustrated and" he’d 
probably throw a punch at you by 
the end of the game. 

“For a few years. he was really 
into trying to power it up at low 
post Once he developed that turn- 
around fade away — the famous 
15-footer — he’s been real tough to 
deal with.” 

Olajuwon hung back on offense 
in the first half, but on defense he 
was a terror. He had 4 of Houston's 
6 blocked shots. 

One of the Rockets' key moves 
defensively in Game 4 was putting 
Olajuwon on Malone, who was in- 
effective wbeo_ he had to comend 
with a quick /-footer in his face. 
Olajuwon had five blocked shots, 
and Malone scored only 4 of his 25 
field-goal points while guarded by 
Olajuwon. 


































SPORTS 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 


Page 21 












V.5«^ 


* • 1 -v 








j,pj)| ty t-3 









■\'A L : M 






&$s*v v -v 

**Jb : i* v V* .* 



■’• V‘> Viicar- 




4,-i 



L • .■ 


l . 





* f ‘ \ ‘ • 

j 7 

? 



,*r>- » ■■ 


Roberto Kell) of the Braves sliding into home plate past the Giants* catcher, Kirt Manuring, to score the ron in^FnSLt^ 

Padres’ 13-Run Inning Sinks Pirates 


The Associated Press 

The San Diego Padres seal 17 
batters to the plate in the second 
i nning , scoring 13 times on nine 
hits, three walks and two errors. By 
the game’s end, the Padres had de- 
feated the Pittsburgh Pirates, 15-5. 
in San Diego. 

Steve Cooke and reliever John 
Hope were both victimized in the 
i n ni ng . Cooke faced the first eight 
batters of the inning, allowing eight 

NL ROUNDUP 

runs — seven earned — on five hits 
with three walks. Hope surren- 
dered five runs — three earned — 
an four hits to nine baiters. 

“I didn’t get the job done," 
Cooke understated. “It's embar- 
rassing for myself. Bat this is a 
team sport and 1 lei the team down 
with a very poor pitching perfor- 
mance.” 

Almost lost in the barrage of 
runs was an encouraging outing for' 
Andy Bates. After getting hit hard 
in recent outings, Benes carried a 
shutout into the seven thinning. It 
ended in the eighth with a booming 
■lead-off homer by Pittsburgh's Bri- 
an Hunter. Two outs later, Benes 
loaded the bases on a doable to 
Kevin Young and walks to Gary 
Varsho and Tray Womack. 

Benes was lifted in favor of re- 
liever AJ. Sager, who promptly 
served up a grand-slam to short- 
stop Jay Bell, his fifth homer of the 
season and second career grand 

slam. 

All of San Diego’s regulars col- 
lected hits, led by Planner’s three 
hits and three RBls. 

Giants <* Braves 3: At San Fran- 
cisco, Javier Lopez broke a mnth- 

3 tie in San Francisco with a 
homer, his 10th, off Dave 
Burba. Matt Williams homered in 
the first inning, tying the NL re- 
cord for homers in the first two 
months of the season at 19 set in 
1987 by Eric Davis of GndnnaiL 


Roberto Kelly bit a two-run 
home, his first since Atlanta ac- 
quired him from Cincinnati on 
Sunday for Deion Sanders. 

Rockies 3, Mets h In New York, 
Greg Harris allowed five hits in 
eight innings to lead Colorado. 
Walt Weiss went 3-for-4 and drove 
in a run, and former Met Howard 
Johnson went 2-for-4 with an RBI. 

Hams struck out three and al- 
lowed one walk before giving way to 
Bruce Ruffin, who got his fifth save: 

Astros 5* Marlins 3: Andujar Ce- 
deno bit a two- run single to break 
an eighth-inning tie for the Astros, 
playing at home. 

In the eighth, Luis Gonzalez and 
Chris Donnds hit two-out singles. 


and pinch-hitter Kevin Bass 
walked. Cedeoo followed with a 
single to left off Richie Lewis. 

PMBes 8, Gibs 7: Jim Eisenrdcfa 
hit a two-out RBI single in the 
eighth as Philadelphia snapped 
Chicago’s seven-game winning 
streak at Wrigley Field. 

Trailing 7-5 in the eighth, the 
Phillies rallied for three runs 
against Jose Bautista and Randy 
Myers. Mariano Duncan hit a two- 
run double to tie it 7-7 before Ei- 
senreich singled to left. 

Reds 5, Expos 4: Reggie Sanders 
led off the bottom of the 13 th in- 
ning with his second homer to end 
a 4-hour, 29-minute game in Cin- 
cinnati. Sanders hit a belt-high 


fastball from Jeff Shaw over the 
wall in center for his ninth homer. 

Pete Sdiourek pitched out of a 
scoring threat in the 12th and re- 
tired the side in order in the 13th. 

Cardinals 6, Dodgerc ft: In Los 
Angeles, Rick Sutcliffe pitched a 
solid TVs innings and Tom Pagnozzi 
and Bernard Gilkey hit two-run 
.doubles for the Cardinals. Sutcliffe 
gave up seven hits, walked four and 
didn’t record a strikeout in his fifth 
start with the Cardinals. 

The Cardinals used a walk, a 
single by Mark Whiten, a throwing 
error by third baseman Tim WaJ- 
lacfa and an RBI groundoul by Sut- 
cliffe to score twice in the second 
off Tom Candiotti. 


Boggs Powers Yankee Victory 


The Associated Pros 

Wade Boggs showed more of his 
surpriring power, hcmering and 
driving in two runs as the New 
York Yankees beat The 'Chicago 
White Sox, 1<K 

Boggs, kndwh for putting the 
ball in play, suddenly has popped a 
bunch of balls out of the park. He 
has six home runs this season — aO 
of them since May 15 — and is 
batting 342. 

**I don’t care if it's juiced, you 
sdll have to hit it,” Boggs said, 
trying to dispel the lively "ball de- 
bate. “Just because it’s juiced 
doesn't mean I can pop up to sec- 
ond base and have it go out of the 
ballpark." 

Boggs hit only two borne runs 
last season, his first year with the 
Yankees. He has 93 homers in a 
career that started with Boston in 
1982. Only once has Boggs reached 
double figures in home runs — he 
hit 24 in 1987, the last time there 
was so much speculation about 
lively balls. 

Boggs hit a solo home run in the 


first inning off Alex Fernandez, 
and the host Yankees went on to 
end a two-game losing streak. New 
York, which has the best record in 
baseball, has not lost three in a row 
since the second week of the sea- 
son. 

Royals 9, Red Sox 7: Mike Mac- 
fariane hit a grand slam and Brian 

AL ROUNDUP 

McRae went 5-for-5 as Kansas 
City won in Boston. Macfarlane, 
who made a throwing error and 
was thrown out at the plate earlier, 
hit his third career slam in the 
fourth Inning for a 5-2 lead. 

Greg Gagne hit a two-run homer 
for the Royals off Joe Hesketh and 
McRae added an RBI double. 

Tigers 7, Orioles fk Cedi Fielder, 
Kick Gibson and Junior Felix each 
homered during a five-run fifth in- 
ning in Baltimore. Leo Gomez, 
Harold Baines and Mark McLe- 
more homered for Baltimore, 
which has lost four of five. 


Detroit's Mike Moore got his 
ISOlfa career victory. Fielder ho- 
mered for the first time in 15 
games, hitting a two-run shot with 
two outs for a 4-2 lead 

Athletics 7, Bine Jays 2: In To- 
ronto, Rickey Henderson and Troy 
Ned each homered and drove in 
three ru n s. Ron Darling gave up 
two hits in TVs innings and struck 
out eight. Dennis Eekersley got his 
fifth save as the A’s beat the host 
Blue Jays for the fourth straight 
time. 

Rangers 7, Brewers 4: Oddi be 
McDowell bit a two-tun single in 
the first inning and a sacrifice fly in 
die third, in Milwaukee. Roger 
Pavlik won for the first time in four 
starts since coming off the disabled 
list 

Twins & Mariners 2: Scott Erick- ' 
son, activated from the disabled list 
before the game, pitched six strong 
tnninfp in Minneapolis. Erickson, 
who Bad been out because of 
strained muscles in his side, gave 
up four hits and struck out seven. 


A Spanish Foursome in the Semis 


By Ian Thomsen 

International Herat! Tribune 

PARIS — Much more than a year separated 
(he 20-year-old Spaniard from the 19-year-old 
German. The German had six match paints in 
the third set Wednesday before evaporating 
without trace from the dry reddened day of 
Roland Garros. As for Alberto Berasategui — 
he is your typical Spanish tennis player. Which 
is to say, he is in a French Opes se mifinal . 

Of the right semifinalifls. four are Spaniards. 

The last two scmifinaHsts were created 
Wednesday from the bottom half of the men's 
draw. Neither is seeded, and neither has ever 
advanced so far in a Grand Slam event. 

On Friday they will meet — No. 20 Berasate- 
gui against No. 46 Magnus Larsson of Sweden, 
who benefited from German inefficiency to sting 
the aforementioned Hendrik Drcekmann. 3-6. 6- 
7 (1-7). 7-6 (7-3). 64). 6-1. (To see why Dreek- 
mann may never recover, look at the score 
again.) The other semifinal will be a recreation 
of last year’s final, with the defending champion 
and No. 6 seed Sergi Bruguera of Spain — be 
hasn't lost a set in five matches — opposing the 
two-time champion and No. 7 seed, Jim Courier 
of the United States. 

The other Spanish se mifinal fc ts are No. 2 . 
Arantxa Sanchez Vtcario and No. 3 Conchila 
Martinez, who will meet in one semifinal Thurs- 
day; the other concludes 10 days of growing 
anticipation by matching No. 1 Steffi Graf 
against No. 12 Mary Pierce, the hottest player in 
the tournament and a naturalized French citizen 
as welL At this stage the women appear suddenly 
more enterprising than the men, which is a much 
bigger upset than everything Courier did to Pete 
Sampras, the world No. 1. on Tuesday. 

Of all the underdogs, Berasategui is the one 
to come the farthest and arrive with the best 
chance. At 5 feet, 8 inches (1.73 meters), with 
two career titles and no Grand Slam experience 
past the second round, he might have been 
overwhelmed by the taller and fifth-seeded 
Goran Ivanisevic of Croatia, a 1992 Wimble- 
don finalisL Instead, it was a bit like the lion vs. 
the giraffe. Ivanisevic went down by 6-4. 6-3. 6- 
3, aced mercifully on the first match point. 

“I like to finish with an ace,” said Berasate- 
gui, who served only two of them. “When I was 
young, I aw big players like Boris Becker 
finishing matches with an ace.” 

Ivanisevic was typically self -destructive. “I 
couldn’t pul one, two balls on the court," he 
said. ‘‘He didn't have to do anything, nothing. I 
mean, be just hit one, two forehands and that is 
iL I gave him a nice presen L I say, ‘Here, you 
are a nice guy, go to the semifinals.' ” 

The audience at Criiler Court reacted to Bera- 
sategui’s scurrying and yet direct style of play. 
His forehand, remarkably, proved a greater 
threat than the 1 1 aces conjured by Ivanisevic. 

The other quarterfinal was not so kind to 
Drcekmann. Having upset No. IS Carlos Costa 
in the second round, and freed from having to 
contest his fellow German, No. 2 Michael Sikh, . 
Drcekmann was moving without delay toward 
the final four. “He was playing really wefl," said 
Larsson, a tall Swede dressed in white. “I didn't 
have a chance. He was taking the ball oo the rise 
all the tune. I frit very uncomfortable out there, 
but at 5-4, 15-40 — If you save your serve dial 
time, you are still in the match.” 




tSL^r* rsVteJi*' ** “ .! 






k-' ' . sre 


• "ftlj ;«■* ■ r.v 


*■. 4 ® 


(*<•” ■* . , 




mm 








■ •> i * ••! 


Paine* Kmani- exx trtfvf Prav 

Alberto Bensategii Hasted his way past Goran Ivanisevic in straight sets. 


At that stage in the third set, Larsson saved 
the first two match points; two games later be 
was back in the same predicament. Match point 
□umber three was staved off with an ace — 
Larsson had 19 of them — while the fourth 
turned out to be Dreekmann’s best chance. 
Coming in against the Swede’s second serve, he 
was beaten by a running Larsson forehand 
down the line; had Larsson been a split- mo- 
ment late; Dree kmann could have trampled 
over him like a fast train. 

“He was serving unbelievable," said Dreek- 
mann, playing in his second Grand Slam tour- 
nament. “I didn’t have any chance to make the 
point. I couldn’t do anything.” 

He kept earning opportunities nonetheless. 
Match point No. 5 was rescued by Larsson’s 
forehand, sending them baric to deuce in that 
12th game. Whereupon Larsson double-faulted 
off of the net tape. Another lrmtrh point — the 
sixth — ■ and be was turning away, chuckling in 
Swedish understatement. ”1 was thinking that I'd . 
sent my laundry out and it won't be back until 
tomorrow, so I'd better stay around,” he said. 1 

He saved No. 6 with a big serve; another ace 
finally sent them toward the tiebreaker. By 


then, all Larsson needed was to take one point 
from Dreekmann's serve — pull one brick out 
of the foundation — and the whole thing came 
down. The erratic Larsson amply kept the ball 
in play and the last two sets went by in 43 
minutes. He woo 14 of the last 15 games. 

”1 didn’t know what do after that third set." 
Drcekmann said. “I was only thinking of the six 
match prints I had, and then die fourth set was 
gone." 

Quarterfinal Results 

MEN'S SINGLES 

Mag m* Larsson, Sweden, def. Hendrik Drcekmann. Germa- 
ny. H 6-7 11-71, 7-6 17-9), 64. 6-). 

Alberto BerosatesuL Spain, dal. Goran Ivanisevic (Si. Cro- 
atia, 9-4, *9, M, 

WOMEN'S DOUBLES 

JvNe Hoted and NoltiaOe Touztat (IS). France, del Natalia 
Modvaicva Ukraine, end Larbsa NeBmt (101. Latvia 42.4*6-4. 
Lindsay Davenport. UA. and Urn Raymond (11). u5, dot. 
Nicole Provb. Australia and Elna Reinocti S. Africa, e-1. 64. 
Gtol Fift-nanom, ui, and Natalia Zvereva 11 >. Belarus, del. 
Silvia Farina Italy, and Glnaer Ho l—soa U.S- A-X 6-Z 
Amanda Cottar, South Africa and Ines Gorrochategul (9). 
Argentina del. Eugenia Mantokova Russia and Leila 
MesktlL Georgia 7-5. 6-1 

MEN'S DOUBLES 

David Adam i, Australia and Andrei ORwvskiy (6). Russia 
def-Jacco Bltlnghand Paul Hoahuls <3>.Nelheria nos. 64.6-4 


HE 


IHT World C 


up 





SCOREBOARD 




IN. 




M 






Major League Standings 


New York 

Boston 

Baltimore 

Toronto 

Detroit 

Chicago 
aevekM 
Kansas atv 
Minnesota 
Milwaukee 

Texas 
Cal Hernia 
Seattle 
Oafdand 


AMERICAN LEAGUE 
East Division 

W L PCf. GB 

33 15 AM — 

30 1* 412 Th 

, H 71 -5*3 6 

2d 26 .<80 » 

23 25 *09 19 

central Divtsiwi 

79 i? eat — 

26 21 553 Th 

tV 2 » HI 

I 25 M JIB * V* 

t 20 30 -400 10 

West Division 

aa 26 aw — 

33 n ML vri 

21 29 .Vi 

15 3 » * 

NATIONAL LEAGUE 



EatiDtvtalMt 



W L 

Pet. 

Atlanta 

. 31 U 

433 

Montreal 

28 22 

560 

New York ‘ 

23 25 

-SM 

Florida 

24 27 

An 

PMlatMahla 

24 27 

Aft 


Central DMsfoa 


Clndnnatr 

2V 22 

jm 

Houston 

29 22 

su 

St. LWlfc 

26 23 

531 

Chtaooo 

22 27 

Am 

PHtaburgh 

21 20 

J» 


West DMsIon 


Los Angeles 

a M 

5» 

SonFronctoco 

25 27 

481 

Colorado 

23 27 

460 

San Diego 

18 34 

Mi 


Tuesday’s Une Scores 

AMERICAN LEAGUE 
fflHnO* M M isa- 1 7 * 

AFWdB. Cook MUMeN WiMWJ- 
moewr (M ana Korfcovloe; KomlenJeeMr 
Hitchcock (8) and Layrttz..W-ACanknkeiA 
44 l— AF erwovtoLW. HRs-CWceaa Kop 
kovice (4). N.Y- ©.Williams (21, Boom (61. 
Kanos Cttr 61* *2 101-* 1* 1 

E-ST 82* 111 !■*-» n l 

Gon<m Bre w er , Meadi w n(WondMocft*~ 
mm; HMkrtft. FrahHMi (A),Ho*on» (*» and 

Berrvhllt W— Gordon, M L— Hateth. M- 

Sv— Meaefwrt (1). HRs— (C.G, Modariane 
(71, GOV* (3). Boston, MUAnWei 03). 
Seattle 

Mm- wen see sm »t-4 r 9 

Pienyna. Rfcley (61. Nettan (71 and wnson; 
Erlttaon, Willis U1 and WatoecfcW-Erlck- 
sen, 3-L L— Flemlnw W. Su— wails CM. 
< vi > I m i1 IB B0 138—7 . 8 1 

Toronto M0 OB * * 

Dorlina Rows (81. Tcytor (81, Ecfcerslev 

«) and Stotobnehtttonigen, william* fnxa- 

Ant (7t. S»- ciotre (9) and Know. Delgacto 
(8). W— DarUna . L— iJen'OS'V £*■ 

3v>. Gcfcerafev (5). HR*— ptdilanA Neel (8k 

Ritondonon (2). • ^ . 

Detroit •» 1“ 8B-* w. »: 

miB Pe • 109 IB Tto 6 1J . 0 
Moore, WtavU «). Groom OT-KwWiBl; 
Beaver (SI. Hwewn n »» a id TeftWon. 


OautsL EKhhorn 15) and Holies, Tackett (71. 
W M o or t,3dLL— Otodrt.vl. g y> llenne mtw 
(7). H R* — D etroit FleWer IB). Gtosan (10), 
Felht (4>. Bal ti more. Gamez (5), Baines (6), 
Mcumore (2). 

Two* <02 no see— 7 13 1 

Milwaukee 200 see on— 4 » • 

Pavlik. Oliver (81, WhltesKK (7), J.Hmvell 
(9) and Ortiz; Navmm M erce d es (4), scon- 
kjrt (7) and NItenn. Surtwtt (5). W— PavHk, V 
Z 1_— Navarra. 2-5. Sv— J.HaweU (21. 

NATIONAL LEAGUE 
AftaOto 000 MS 219-6 11 • 

Sag Francisco m ON 109-3 7 ■ 

Avery. Bedrodor (7). Stanton (7), Wehiero 
(71. McMIchoet {91 and Lnaeu Van Larv 
dlnsf»m.lHenendK (71. Frev (8), Burba (7). 
Gomez (71 andManwartnp.W-Wottlprs.4di 
L— BWBa»<5y- MeMICtiaef (10). HR»— At- 
lanta. Kelly (4).McGrm (14), Lopez (10). SOX 
Frandsca Wintams (If). 

Cdorado 001 020 000-9 9 0 

New York 910 011 009-8 S * 

Karris, Ruffin 19) andOrardl; Linton, Ma- 
son (6). J Manzanillo (9) and KundleV. 
w— Harris, X L— Umoa*Z Sv— Roffta (51. 
Florida boo on ttd-a » 1 

Healton 300 HO «*-5 7 0 

Gardner, Lewis (71, YJ*erez (8) and Santia- 
go; Swtodalk Vans (8). Hudek (9) and Euea- 
bfaw servarie |9). W— J Veres. 2-Z L— Lewis. I-X 
Sv— Hudek it). HRB-FlortdB. Mormon (11. 
Houston. BaeweN (IS). 

PbRadetoMa «# 636 «-• M 8 

CMcaga Ml eeo *os— 7 11 o 

m» wnitoms. Carter (», Andersen (6). 
Stocumb (8), Jane* (9) and Dautton; Tradt- 
seLPUsac (6k BmitWo (7), Myen UkCrtm 
(9) and WUKIns. W — Andersen, 1-1, L — Myers 
0-2. 5w— Janes 111). HRs-PtotodeMifa, Jar* 
dan (4), Dguilon (13). CMoaga, Soso 7 03), 
Butchsle (7). 

Meetmd W W W W M )1 6 

dactanatl m W IB M M U 0 
H3 faniags) 

Henry, Heredia (6), Scon (41, Wetietand (9), 

Shaw (12) and Wecctor, Saenr »); Roner. 
Ruffin («, Fortugno (7), BranHty (»,McEi- 
ray (10), Schourek(T2) and Darted. Ta^cn* 
see (B). W-Sdiaurok. Ml U-Show, M. 
HR a Montreal. Amo (5). Grissom (3). Cln- 
ctmalL asamtort 2 m, IWfcMH (15). 
Pfttifaon* 8 00 ON 500- 5 8 8 

5cm Dtoaa. MUM 080 W^-15 16 0 
Cooke, HOP* («, White (6), Drwey (81 and 
StouBMi Benes. Saoer (7) and Awsmus. 
W — Berms. W. L-Cooto, 1-5. HRo-PItto- 
bureti. Hunter (5), Ball (5). San Dlega. Rob- 
erts (l). Sitotor Cl. 

8t Loots 022 M0 859-6 10 0 

lk Angete* on an No-t 7 s 

SuWWfc Andia.n) and PaomBl; Can- 
cftjffl. Wayne (Bk McDowell (9) and PIszzfL 
W— Sutcliffe. J-L Lr- Candtortk *3. 

The Michael Jordan Watch 

TUESDAY'S GAME: Jordon wenl l-for-4 

wtthasfnBto to tod to Oiton tonkW m o 

tA (ass todw Memphis Chlcfcs. Ha olio struck 
out twfco tmd grounded out anc& Detonslvtty, 

Jordan fiDugM a pop dr to ngfd ta end die f Hfli 

tontoa: . ... „ 

SEASON TO DATE: Jordon b batltaa 203 

<364oe-17nwttlj 28 stogto**nd se«n doitolm. 
He hgsdrtoan In ?1 rw» stolon is basrt inn 

nltemp f s and struck out 5* times- Ho ha* 
miked U times and scored rt rum. 





w 

L 

T 

Pel. 

GB 

Yorolurl 

27 

16 

0 

JOB 

— 

ChurdeM 

22 

20 

0 

534 

4to 

Yofeutr 

22 

22 

0 

-5D0 

SYS 

Yokohama 

21 

21 

0 

500 

5Vj 

Hanshln 

20 

23 

0 

465 

7 

Hlrasblma 

15 

25 

0 

575 

101* 


Vamtorl la ChurdcM 3 
Hansnln a Hiroshi mo 6 
yokuit a Yeksboma i 
Pacific U 



w 

L 

Dalai 

29 

16 

Sotau 

27 

16 

Orix 

21 

21 

Lotte 

19 

24 

Kbitatsu 

17 

24 

Nippon Ham 

17 

28 


wsiiuentoyt Results 
Kintetsu 6. Seflju 5 
DaW & latte 1 
On* 6. Ntnoan Ham l 


Turoday’s NBA Result 

WESTERN CONFERENCE FINAL 

Utah 2* 15 29 29-93 

HeastoP 33 20 as is — m 

HMNtoo «ta senes 4-1 
into: BeioitHMkMeicwHi 13-1531, 
8aancerl-434S,Hontgcek9-173-42L3tock- 
ton6-T9MiaHwiwtirto30-20-0aCort)kn-72- 
2 4, Chanters 93 04 & Russell 2-62-27. Crafty 
UMt Totals 2M* 23-29 BX 
Houston: Horry 8-139-3 2, Thame 4-6 3-311, 
Wotovwn W9« 22, Maxwell 7-1790 19,5mmi 
2496a CuralanMM A Cassell 143-45, Elie 
V3 1-2 BTatais 34-72 19-23 M. 

VPotot goats— Utah 4-u (Hamacek 2-3. 
Russttl MStodden 1-AMatane0-1,Cgrbln0- 
2), Houston 8-21 {MraweflS-tt Harry 35, ea- 
sel) 0-L Elto M, SmKti 921. Rebounds Won 
55 (Spencer 15}. Houston 50 (Thcroe 14). As- 
tons— Utah 21 (Stockton 91, Houston a iCos- 
soH7).Talaltoal*— Uttoi 20. Houston laTecb- 
alc n ls 1 teuto n Wlofla) defense 1 Otahiwan. 


hockey; 


Stanley Cup Finals 

(BMt4f-7) 

u o a e ouMSi leads series 1-9 
VdCfMfr 19 2 1—3 

N.Y. Bo n ne rs 10 19-3 

Flrtt period— ^ Lllowr' YMbUrmer 6 (Korn, 
lev, Leatch), 3J2. Fenamcs-Wefls. NY 
(mawMCfclnak 1:47; Undea Van (trip- 
ping). 2:26: McIntyre, Van (rougMns), 0:05; 
Lowe, NY (reugfilng), SHIS; Crovon, Van 
(Stolfilng), 10:25; BeuMteom, NY (Interfer- 
ence), 153A 

Becoad P orted N on e. Pro oltle* M essier. 
NY ( hooking). -J9; LJdaier, NY (tripping), 
8:49: CourtnoN, Van Unur tow n c ek 13:18; 
Momessa, Vcn (goalie intorferaml. 16:15; 
Beukeboom. NY (niatottlcUnaj, 19J< 
Third pertod-2. Vancouver, Kcdh»il (Ad- 
ams, Lwmn), A Ho> Ybrk, Kmatav t 


(Lae tch,Ziibov),B:29. 4. Vancouver, Gellms5 
(Rarmfn0.Mamessol, 19:00. PenoK lev— None. 

Overtime— 5, Vancouver, Adams 6 I Bure. 
Ranting), 19:28. Penalties— Momessa Van 
(rouoiitoa).9;3i; Gilbert. NY irouphlna). 9:31. 

Shots aa goal— ' Vancouver 195-7-9— 31. New 
York 159-13-17—54; power-ptar opportwd- 
ne»— Vancouver D at 5; New Yort 0 of s; 
gonhei Vancouver, McLean, 13-S IM shoiv 
52 saves). New York. Rlehler. 17-5 131-2*1. 


Tour of Italy 


•total* from wettoMdoy'i eleventh ttom. 
MS kfiemeterinou miles) from Morosaico to 
BBKom: 1, Jon Svaroda. Slovakia. Lampre 
Panaria 4 hours. 8 minutes, 5 seconds ; i D 10- 
moldlne AMoulaparov, Uzboklstan, Team 
PolH, same time; X Uw Raab, German,. 
Tetokom. SJ 4. Maximilian sckmdri. iialv. 
MG Magilflclo Technpgym, S.L; 5. Alesslo Di 
Basca Ittfv, Amore e Vita Galatran. s.l.i l 
G tovrom) Fktaaa, Italy, 7eom Po»l. sJ.; 7. 
Fobtano Fantanelll, italv.ZGMoblii Sell® 11a- 
ita, n.; a Adrtone Boffl, Italy, Atorcaloro Ufw 

MadeahlnL sJ„- *, Roberto Pen team, iioiv. 
Bresctatat Refin Ceramic. IL 10- Mlenele 
Bartalt Unto, Marc auw e Uno Medeghml. s.1. 

Overall SSaedtogs: 1, Eugeni Berzin. Rus- 
sta, Gewtos Bolton, 41 hours, 38 minutes. 36 
seconds; z Among De Las Cuevas. France, 
Castonnna2:16tafHnd: 3. Gianni Bus to. (la- 
ly>TeamPonL2)32: 4, MVguel lnduroln. Spain, 
Bcnasfa 3:39; S. Marco Glovonem, italv. Mo- 
tel Clos. 4:58; A Francesco Casaeronde, Ita- 
ly, Marcatone Uno Medeohlnl, 5:D2: 7,wiadl- 
mlr Belli I (tty, Lampre Pangrlg, 5:24; 1 
PovetTankav. Russia, Lampre Panoria. 6 : 09; 

9. Massimo Podenzana Hair, Navinare Blue 
Storm, 4;2S; ID, Moreno Argenila itoiv. ’ 
Gewlss Ballon, 6:42. I 




BASEBALL 
Am e t taai League 

BOSTON— Traded Foul Ouanimi. Pi later, 
and Bitty Hatcher, outfielder, to Philadelphia 
tar Wes Chamberlain, outfielder, and Mite 
Sullivan, p»fcher. Assigned Sullivan to New 
Britain, EU Recalled tony Fassas, pitcher, 
tram Puwhxkei, il. 

MattoaaJ League 

CHICAGO— Put Jose Guzman. Mtctwr. on 
ISdoy disabled I Hi. 

HOUSTON - W btved Milch Wimwns.piiSk- 
er. to give him uncondlikmoJ release. 

PITTSBURGH— Pul Tom Foley, InHeloer, 
an 15-day disabled Itu. Recalled Tony Wo- 
mack. Inflelder. from Buttola. aa. 

FOOTBALL 

Monacal Foot Ball League 
DALLAS— Stoned Alvin Harper. *m re- 
ceiver, to l-vear contract. 

MIAMI— Stoned Aaron Crow, runnlno | 
tee*; Mark Dennis, offensive tackle, Scoll 
Miller, adds receiver: and Bert Weldner. 
aura la Wear awitroas and Darrell mo- 
tane, cornortnck, la a 2-vecr contract. 

NEWORLEANS— SlgtedDoug Nussmeler. 

auona r bart. to a 3-yeor controci Aareeaio 

tonus with From-. Warren, delen^-e on o 

3-year contract 


1 est your knowledge 
of Worid Cup football 
and win an exciting range 
of valuable prizes. 

Starts June 4th. 


^ * yy. -ui,*. 


miss 


■ .. . ■'$? 
<.*1 Smt 


leral 





ributte 


PUBLISHED WITH THE NEW YOKE TIMES AND THE WASHINGTON POST 


n ta-J- r SLY 14 Zaf 




1*1 bK VVI K>:\AL HERALD TRIBUNE, THURSDAY, JUNE 2, 1994 


£ 


iiule V 
curre m 
onW Hj; 
trim £' 

tradii 

' ™ % 
1.646 fi, 
1.645 
dowr to; 

'mb 77' 
34' 

3t' 

siead JT 
5.62( ?! 
Swisr it 
pour if 
from a 

19 

• M: £ 

rope » 

P ® 1 It 

bank « 

*! a 3 

SlCW 35 

bank » 
ihefc » 
.doUa u 


ART BUCHWALD 

*4 D-Day Dilemma 


W ASHINGTON — When w 
wise Allied leaders decided ic 
celebrate the 50th anniversary of 
the D-Day landings the question 
immediately arose. “Should the 
Germans be invited?" It was a 
sticky one and it’s still being debat- 
ed by those who served in World 
War 11. 

The anti-German argument is 
that Hitler's troops should not be 
invited to the 
commemoration 
of an event at 
which they 
killed so many 
of our guys in 
the name of 
Aryan superior- 
ity. 

The pro-Ger- jga 
man planners 
insist that ihev D , , 

should be invii- BuchwaW 

ed because if it hadn't been for the 
Germans there would nor have 
been a D-Dav in the first place. The 
Deutschland uber A Ues chaps in- 
sist that the Germans fought with 
valor and held the high ground in 
Normandy long enough to turn it 
into a really bloody battle. 

Finally, everyone knows that 
when the fighting is over you have 
to let bygones be bygones. Other- 
wise no one gets io buy a Mercedes- 
Benz after the shooting stops. 

Gunther Gunther, who devel- 
oped strong muscles firing mortars 
on Omaha Beach, .said that all he 
had been doing was following or- 
ders. Hitler told his outfit that the 
Allied forces should not be permit- 
icd to land. In those days the Ger- 
mans believed that Hitler knew 
what he was talking about. “You 
can't have a war celebration and 
not ask us to witness the fireworks. 


If you don’t invite German veter- 
ans they will refuse to invite you to 
their Oktoberfesi in Munich." 

Gunther Gunther continued: “I 
received a medal for shooting down 
a B- 25. Don't you think that 1 
should get io shake hands with Bill 
and Hillary for that?" 

Sir David DePresl insisted there 
was no way that Normandy could 
accommodate German veter ans . 
“Had their chaps done their job 
properly, they would have had the 
party and I'll wager that we would 
not nave been invited The trouble 


— \ Paris Run for U.S. Ballet 

i Tne tswciJIcd Press 

back \ PARIS — The San Francisco 
f or j ; Ballet makes iu French debut ai 
^ i ihe Paris Opera next month with an 
ecor ‘ eclectic program designed to show 
ajT]0 uf f t he versatility of A menca 's olJ- 

was cst dance company, founded in 

terv « 1942. The pefonmances, July 2-lU, 

and i are the last before the Palais Gar- 

teriz n ier L ' Ipscs foT renova lions. The 64- 
mart member company along with sever- 

al soloists will give eight 
■ l performances accompanied b\ the 

Tl Orchestre .Symphcnique J’Europe. 


not have been invited The trouble 
with the Germans is that they were 
stiff during the war and they're stiff 
now. You canT walk into a French 
cafe with any of them and sing a 
good World War II song. The only 
one they know is *Lili Marlene.' " 

Barry Shanoff. an American 
said: “The reason I don't want the 
Germans to come is that they 
would interfere with our D-Day 
battle stories. We have invented so 
many good ones over the years and 
they will only start picking boles in 
Lhem. I have told people 1 knocked 
out 20 tanks with my hand gre- 
nades. If the Germans show up. 
they'll say that I was lying and I'll 
look like an idiot in front of my 
family." 

□ 

Jean Valjean of the Free French 
is fearful that if the Germans come 
back they will move into all the best 
houses again and steal all the Cal- 
vados from the applqack stills. 
“They took everything 50 years 
ago. What makes you think that 
they've changed?" 

“They're honorable citizens now 
and they are admired all over the 
world for their beer." Bill Topercer 
said 

It was agreed by one and all that 
this is a big dilemma. The Germans 
may remember this snub more than 
they remember being Nazis. This : 
has Belgium worried because they 
are afraid that the German tourists 
might try to get into Normandy by 
overrunning Belgium as they did 
during two previous wars. 

In 1944 some people foresaw the 
danger of beating the Germans 
during the war and then not invit- 
ing them to the celebration party. 
Topercer warned General Eisen- 
hower. “Some day we're going to 
celebrate this D-Day and if we 
don't invite the Germans to come 
they're going to say to us, ’No more 
Mr. Nice Guy.* " ’ 


Echoes From Book on 1943 Rattle Germany 


By Stephen Kinzer 

.Yew York Times Service 

B ERLIN —Inside the ghostly hall of a 
church that was heavily damaged in 
an .Allied air raid in 1945 and has not been 
rebuilt a semicircle of German actors 
gathered over the weekend to read from an 
extraordinary historical work that has be- 
come a publishing sensation here. 

The book, called “Echolol: A Collective 
Diary." is a 2.400-page mosaic document- 
ing just two months in German history. 
January and February 1943. 

This’ was when Nazi" troops lost the epic 
battle For Stalingrad and when many Ger- 
mans began to fear that they might not win 
the war after alL It was also a period of 
intense repression in Germany and daily 
mass murder in death camps throughout 
the Reich. 

Waiter Kempowski. who assembled ihe 
book from documentary sources and from 
thousands of texts he received of ter appeal- 
ing for them in newspaper advertisements, 
is a well-known German novelist. He was 
born in the eastern port of Restock and 
moved to Hamburg as a young man. but 
later made the mistake of returning to visit 
his family in what had become EastGerma- 
ny. There be was arrested with his mother 
and brother. All three were convicted of 
spying, and Kempowski spent eight tears in 
prison before bring allowed to return to ihe 

West 

Most of Kempowski's novels deal with 

the impact of great events on normal fam- 
ilies. including his own. Several have been 
made into films. But nothing be ha* writ- 
ten can be compared to “Echolol." (In 
German, Echolot is the word for the depth- 
finder used by submarines.) 

The public reading in the Parochial- 
kirche in Berlin lasted 20 hours, only long 
enough to present a small sample of the 
work. The mood was solemn, and many --if 
the thousands of people who attended 
appeared deeply moved. 

Passages from “Echolot" for the first 
days of January are typical of the whole 
work. 

“Dear parents, all I ask is that you doi 
cry too much when you learn I am no 
more." a German soldier wrote home from 
Russia after explaining that the arrro's 
position was hopeless. 

On the same day. a mother wane to her 
son. also serving in Russia, that she was 
furious to learn that the Christmas cake 
she sent him had nor arrived. She added. 
“Be sure to keep your feel dry." 

On Jan. 5. the Nazi propaganda minister. 
Joseph Goebbels fdi uneasy. “The situation 
in Stalingrad is really becoming serious." be 
wrote in his journal. “The whole East has 
once again become a major problem." 

A Polish Jew named Leon Well* 




Emwm 


,S*t . v „ -• 


;y..v. * = r 

f ♦ - V > i 


SSL? s£r*£*C‘V« . 












i • «-i~“ rj 






mm 


.. v - 

Agcup hrm-Press? 


Walter Kempowski: “Who lost the war? Not just Germany, that's for sure. 


emerged that da\ from two days of hiding 
in a cramped, dark cellar with 13 other 
terrified refugees after a Nazi “action” in 
Lemberg. “It was an awful sight." he 
wrote. "Bodies were everywhere." 

Also on Jan. 5. the German press office 
issued a one-sentence directive forbidding 
newspapers to mention the harshness of ihe 
climate in the reg3<m around Stalingrad. 
Heinrich Himmler ordered the construction 
or bordellos for German troops in occupied 
France "which assure good medical con- 
trols io prevent venereal disease." 

And Hans Scholl, a 25-vear-oId medical 
student who was executed su. weeks later 
for distributing anti-war leaflet*. wrote to 
a girifriend that commitment to freedom 
“has always been m> guiding principle.” 

Kvmpo»»Li spent six years collecting 
and cataloguing the contents, though he 
wrote none of it himself. The publishers, 
imagining that public interest would be 
limited, printed 6.000 four-solume sets 
priced at .5200. They were sold in less than 
a week, and in the six months since then, 
more than 20.000 additional sets have 
been printed and sold. 

Each day's >1013. is told b> a new >ei of 
observers, victims, -amivors and murder- 


ers. but some entries form patterns that 
resound throughout the book. 

Tbe first entry for e 3 ch day. for example, 
is from Dr. Theodor MonriL Hi tier’s per- 
sonal physician, noting w-hich drugs he gave 
his patient that day. Most days include 
notations from the "register of Lhe Jewish 
cemetery in Berlin, almost all of them re- 
cording suicides. .And each day ends with 
notes from the death camp at Auschwitz. 

“Two thousand men, women and chil- 
dren arrived in a transport from the Bialy- 
stok ghetto.” Dauma Czech, an Auschwitz 
clerk, wrote on Feb. 8 . “.After selection. 
1.830 of the deportees were killed in gas 
chambers.” 

The book, however, is much more than 
just a catalogue of evil, (t is a rich chroni- 
cle of daily life, told by hundreds of ordi- 
nary people as well as historical figures 
ranging from RcosevelL Churchill and 
Pope Pius XII to Raymond Chandler. Carl 
Gustav Jung and AnaJs Nin. 

A critic in tbe Berliner Zoning wrote: 
“ ‘Echolot’ makes us think — about hu- 
man relations and about Germany, about 
narrow-minded and stupid people, about 
cowardly obedience but also about moral 
courage and honor. Kempowski has given 


u WO months ol am ItoT ' BVUo3 

us to take responsibflityfor^ 

Most other critics have been equally 
albn££ooe called the book “a grand 

lode in which we discover lhe mnernaiure 
of human lives at a deasivc 

But because Kempowsta merely assem- 
bled “Echolot," rather than wnWJ , 
some critics have quested its vahJ* 
They complain that it is too long , and 
rcretttiveaad that it does not lead the 
tSder toward a dear conduaoa . 

“It is a chaotic mess, asserted Marcel 
Reich-Ranicki, host of Germany’s most 
popular hierary television program. « 
has nothing whatever in common witfi 

Even many admirers of the book do not 
recommend that it be read from start to 
finish. It is. however, a fascinating work to 
open at random. Reading just one day s 
entries is enough to make one 
why it has stirred such interest in Germany. 
Kempowski briefly took part in the mara- 
thon reading in Berlin, and in an interview 
afterward he called the work “a collection 
of subjective reactions which together pro- 
duce something very objective. 

“My idea," he continued, “is to present 
a c ollag e , to give life to dead people rang- 
ing from top Nazis to resistance f ighwrs to 
Thomas Mann in his California exile, it is 
a mirror full of images which, in the cod, 
are reduced to a single point. 

“I cannot name this point. To look for a 
message in ‘Echolot* is like looking for a 
in the Bible. The work itself, tak- 
en as a whole, is the message." 

Evidently weakened by a recent stroke, 
Kempowski sipped coffee and quietly sug- 
gested dun World War II changed the 
world irrevocably and that humanity ap- 
peared not to have learned from its horrors. 

"Who lost the war?" he asked. “It's a 
hard question to answer. Not just Germa- 
ny. that’s for sure. The British Empire 
never surfaced a g ain, and France lost a 
great deal of its identity. The whole world 
was set on a course of destruction.” 

Speaking of the trouble in Bosnia-Her- 
zegovina. he said, “The destruction of the 
old bridge in Mostar can be seen as just 
another delayed consequence of World 
War 1L because it reflects ihe desire to 
destroy history and 10 wipe away the idea 
that people can live together." 

At his country home near Bremen, 
Kempowski is building another archive 
with three assistants. He wants 10 produce 
a second “Echolot” covering the last year 
of World War II. 

“In 1999 1 will be 70 years old, and the 
century and the mill ennium wfll both be 
ending.” be said. “Thai would be a fine time 
to publish ‘Echolot II.’ wouldn't you sav?" 


A Smoking €omd»ack 

ForatLeastOne^i 

Washing!®® 3 ® 5 **" 


most pohucaBy luranwtiaay" m 
town. Tie party honors Ckfete. 
Bmtiey and his new aovd. 


and Marin niz water, 


Jjftcdiy has promised -Jo he 
broker for tig “■ 


tot both smokers —taviiafgaesfr 
“to the ultimate smoke-filled 
room” at tbe Ritt-Cijltai<»iu&. 

9 . : : r.:.rnm r 

Well as Ronald Reran might 


jfe, the rebdliousy _4l-yea$Iij 
daughter Of ti» fanner 
and Nancy Reagar — " 

the July issue of 

said, that she was promp 
it all after reading referenda & 
herself as nriddle-agetU'.Shefsay's 
she hasn’t told her parents about 
the layout. “Why stir up some- 
thing?’ she asked. “I mean..lhey’re 
not going to like *L" -- />•••- ; 

□ : ;v- jnS 

Howard Stern is takhwksmfctti 
ing radio show to cahte TVs H^ 
Entertainment Televisiod/Thc 
half-hour television show ^ gifl* 
interviews and comedy dfriafia^ 
from his syndicated radiqj»i^raai 

The origmal disco qtKenuiired 
of tlw crown. Donna Sterner in^ 
asts there’s another side to her cm. 
sic. “I don’t mind tbe disco je^s,^ 
she told The Tennessean in : 
ville. “But I love all kuNUof'auisi^: 
I don't want to fed myJifefctxghb, 
niag and erufing with disco. ’ r 

For the first time, theTJ.S. Aff; 
Force Academy has'niiagd^fof. J 
dgn-born cadet as its.icpj'g^ 
Jackkrit Tbaiaiiraviehai^-.23^i 
Thailand, was honored as the aia& ' 
emy*s top 1994 graduate. ?Frog 
age 6. it was my dream to eoajr 
here, to become a pitoL” stgd 
Thammavich&i, who left Thaibbd 
when he was 18. • “ 


INTERIVATIOJVAt 

CLASSIFIED^ 

Appear* on Pages 4 & 1 5 - • 


CROSSWORD 


WEATHER 


ACROSS 

1 Espresso 
7 PocheEboali 
material, maybe 

14 Opens 
16 Make too many 
eggs? 

*7 More than dull 
in Juicy morsels 
19 Cabbies 
ao Valuable 
deposits 


22 Gymnast's 
need 

23 Ticks off 
w Tea type 

2 SDeft 

26 Zip 

27 Point couni 
bidding pioneer 

28 Amaze 
» Flips out 
si Undiluted 


Solution in Puzzle of June 1 


UHnam.-.ianiaB 

■BmnQHBo □□□□ 
QasHca^HHHaaiiiatga 
nnrgn^HHnHaiasnan 
v«5roif3aaa v aanaa ■ 
□□QBaa^anatna ■ 
QQD0B»ian0ia^annis 
□naarQQaananL&aaa 

□QDUKEiaHa f □!□□□□ 

snaaso::. □!!□□□ 
□HdssnBataa saao 
□□aQHtaacia dauma 
BQBCi&omiiEi ; ; amiiam 
BaaB^aaum,, aagam 


33 Cycle starter 

34 Crowd noise 

35 Squirrels' 
sustenance 

38 Game fad of the 
50 s 

42 Shade of while 

43 Pull strings 
45 Preschooler 
45 Standard 
47 Religious 

devotion 
-45 "Star Trek" 
Klingon 

49 Sphere opening 

50 "Hans Bnnker" 
author 

51 "Madonna With 
Saints” anist 

52 Comic Dick 
54 Parasite 

56 Activist actor 

57 Clothing, 
informally 

56 Lineups 
59 Idi Amin, e.g. 


1 Boston cardinal 
Richard 

2 Least great 
Great Lake 


3 Spot lor Howdy 
Doody 

4 Vs 

5 Cnmson rivals 

6 Expansion wing 
T They te up lor 

discussion 
a Just like ewe? 

• Bolsheviks 

10 Ball 

11 Invitation to ride 

12 Piece ol junk 
mail 

13 Kind of bai- 
ls Stem 

21 out (just 

managej 

24 Visit 
unexpectedly 

25 Islands 
welcome 

27 Game-3how 
host Moore 

28 Blunt 

so Gale of 'Oh' 
Susanna" 

32 Cartoon 
crime- fighter 

35 It surrounds a 
pit 

36 Popular cigars 

37 Eight-footers 
3a Most adorable 

38 Makeshift 


40 One cursed by « Logrolter. m a 53 Clock -resetting 

Farragui way abbr 

41 initially 45 Cellar conienis 

«-Well. 1 " so unilol force 55 Degree of 

44 Stocking stutter 5i Wives' tales distinction 



Jhur-f 

Ans«ram 

Ankju 

•flwnl 

B.ira'kmn 

P-rkjrvV 

Bflrtn 

etussrti 

B'jd'prl 

OWWM 

OiXJin 

Hw-rvi? 

<**«<!■.» 

tiu PrikTi*! 
Lriwn 

M*cm 

fJiv. 

U 'MS 
Mim.cn 
*K* 

'-.i: 

? ^->1 
r-ar, 

FVj.jijo 

Rim" 

?l 

5wc*/ «. *n 

Slr.W-ii JO 

Tallinn 

run 


Today 

Higft Lon W 
C.7 Of 

r> r> >4 s- t 

1J5Z- t 
Cl TO 4 39 » 
Z9 94 ry 1 
Z>«4 1 ? >56 DC 
13 B9 1S T? » 
ZB-BZ IX.ei » 
Zt.70 11 5Z 
X-39 1844 1 
22 Ti 13156 oh 
17 .WJ h » 
ISW 5.48 * 
14.T? l.).-50 ih 
32/59 l- L- 3 
M P4 ■'.<£ t 

22 7t I39S » 
ie. si iit -2 ■* 

56 79 13 » t 
24 -m; 19 v « 

71.73 US 1 
r 62 ?.-46 : 
CT-U- 1; X? s 
a> i»*i pc 
l»w ijfi *--i 
82 :?•!« 1 
io<J 

1«1-, sf, 

>*»i>l 21 TO V 
22 n 12-iJ •*. 
15 s? 1 

D c£ ( 4J ih 

*•■*> -.0 r4 4 

19 « s rt 

I-.6J 1132 
.-r 90 14 1 : 1 

i'-V il.SC sn 

Tl/M 70** pt 
lo 61 pc 
29-82 IS it pc 
28 K? 1 4.-57 t 


Tcmoi-ow 
Migti Ln* W 
OF OF 

25 73 re-M t 
17-62 ? « v. 

23.73 -1*2 

29 -?4 19 -« i 
r -60 18^4 
32 89 It '• r 
21.70 “.MS pc 
1B.F4 :UJ DC 

1188 ic*1 1 

18.-6* B 46 C 
Z7VO 21,70 » 
14457 3 3* 3h 

13.56 6 4J Vi 

I&J91 • 

21 TO 11.52 c 

11 52 * 

17 0C 1050 I 

i?« s 

24 —5 '0-^ i 

2*7C -7 /3 . 
15 55 < 43 i.i 

» 7> !4 5 - 5 
2J?4 le 't ! 

22 T* ”. 5 £S Si 

24.7J 10 60 s 

» :o 16 61 » 

I?" 0 « V> 

-9 441 5 

18 SC 4 U 

:3.T3 :t t: s-: 

1 1 !? 7.44 ; 

:?34 :7 6 1 ;; 

21 7 ; a v! ve 

15-54 !1> Ji 

34 “5 5 43 1 

1 7 63 11 52 I 
2S-82 I I 
25.“ 13.55 pc 

25 77 10 tC- : 
25-7 11-62 c 


PuzzM by Karayy EAi 


Oceania 


Forecast for Friday through Sunday, as provided by Accu-Weather. 



i jnmacmittr 
Com 


Unscosoracy 

i*a 


North America 

T-«e -. 0 '■if 5 a 5 : 91-1 un-ied 
Siaies "on- Was-rngion. 

D C. Ecs:?r m'i - 151 ? 
£ 4 .' v, cwrt v.ra-n«r Fnsav 
T-:? „a 6 - 4-0 .% 11 30 jry yJi 
*8—5' C-a 18 S rrro.-^l 

P7r.i- ., Will :<—• r u a hai,c 

i '.:c-:r w>-#« 

-^2/-. V7J ;C-|l>3u4 

T-.-c- - jc-. - Ce-.’rs! Ame»- 
-J& 1-3 xcr-i.rg eno. 


Europe 

Nortnwesi-?rn Europe will 
nav^ coo* unsenleo «e*hor 
FnCa> into the .xxnirvj week- 
end Ram n Lkely from Lon- 
Ci-n io Pans Fraav Nonhem 
a^d \ve5ieTi Sc»p*T3yla -.«*n 
i-oe'er it-, jp usual 
ho: «Miher wnil las into ih» 
coning -A-eekehri souin- 
9m I13IV Id G-eece north- 
wsm trough Romania 


Bering 10 Shanghai wiB be 
dry and hoi Friday nuo the 
weekend Tokyo will be 
warm with a pas&ng shower 
or two. Seoul imU be season- 
able with a lew showers this 
weekend Hong Kong will 
have scattered, heavy down- 
pours Manila through 
SengtrQh .yiil nave a stray 
afternoon 'hundeistorm 


Middle East 


Latin America 


.<i New York Times Edited b\ Will Shortz. 


ti.T.' 9.-JB pt 14.67 8.46 pc 

W« '2-^3 pc 2048 12.33 PC 


7mav Tononwi Today Tomonon 

H 15 I 1 Low W High Loo W High Low W High Low W 

CF OF CF GIF OF OF OF OF 

2*rs 2:77 :* rfi n ;e<79 19«e 3 SuctidsAvcs 17.B2 B--43 pc 17452 9.-45 c 

^Ji-5 V S6 1?*I s 72 89 17162 I Cjraos JI/88 20« pc 31/B8 2IT70 pc 

O-vw.-ui 2i73 IJI.1 ! 24 75 11/52 r Lorn I9/8C I ’*2 5 19*6 16*1 pc 

J~»>m.°»ti I IS-6T 1 Ji tS 1 4 '57 » Mroco Cav 27/80 1467 pc 26.71 !JS 5 I 

L ,r ''» y* 77 1S.ES > J7.-W 18 01 » RndnJanrw:. 25.77 1IW n 26 77 18/84 pc 

a.. ii6 4J . 1 1 1 79 a: 43 rjg 24 75 » Sanng>i 15/59 439 > 1B«-4 1 o.74j pc 

Legend: H4tf( re-mih douh. c-flc«Jy. sh-snowos. 1-tnunflersTorma, i-raln. sf-snow Sunfes. 
sn-snow. kj. V. V/eairer All maps, forecasts and data provided by Accu-Weather, Inc. C' 1994 


High Lew W High Law W 

OF OF OF OF 

2:77 TOM , ,44% s 

V *6 t? *i s 22*9 17/62 i 
2i7» |J*J s 24 7* 11/52 r 

“I 16-6: » 24- 7S I4'S7 s 

Xr 15.59 > 27.38 18 61 » 

*J- 'll i» 79 X 4J 1-19 24 75 % 


Bantfa* 

B^ng 

HvgKpng 
Mania 
New MX 

Saw) 

•aWynp 

SMgapow 

■ 

Tc*yo 


Capo Town 


Today 

Wgh Low W 
OF OF 
3301 74/75 ah 
24/93 1IW«4 a 
2847 J8/T9 I 
3341 24475 I 
43/109 25AM ■ 

77 mo 1 2«2 t 

79/84 18*4 ■ 
31.88 23/73 po 
29184 21/70 * 
23/73 14*7 pc 


HWk low W 
of fiat” - .. 

33181 -krif 8 p 
3008 18*4. pc 
29*4 SUJB pt 
33/91. $98 45-. 

424IC72W « 
79/84 tttt» 
JWW 

37 WB ZWJ DC : 

315 

24 V5 T MK- pe 

■ "o rtii -y 


21/70 pc 78/® 
11/52 « 

15*1 6 24/75 
9U0 pc 2475 
24,75 * 30/88' 
10*0 pc 22/71 
10*4 S 33*1 


North America 


Adana 

Boston 

Chicago 

Denver 

Deiroa 

HctWUu 

Houskn 

Los Angelo* 

Wan 

Mmrapcfa 

MvWoX 

Nassau 

Ne-fcrt 

Wkwib 

San Fr»n 

Seam* 

T«unk> 

inf.. 1^ . , , 

wavwigion 


•0*1 6/43 

31.88 2a« 
23/73 11/SZ 

20 €8 Bite 

24/75 12 W 
21 78 8/46 

23*4 22 m 
31/88 20*8 
27.-80 18*4 
33/91 28.70 
20*8 10.50 
18*1 P<48 

31.88 23.73 

22/71 12.53 
43/100 26/79 
20H8 11/52 
22/7t 1102 
17*2 8/46 

26/79 13*5 


pc 14/57 7M4 pp 

PC 27*8 18*4 * 
a 23.73 1203 pc' 
pc 2303 f?*3 ». 

1 29/84 1203 pe 

• 22»7r rt*3 s 

PC 29/U ZJ77>> 

! . 3**8 21170 pc 
pc 28*2 , 18*1 pc 
1 32*9 I* ’ 
pc S.77 llffii.; 
■b 19*8 6148 pc 
■ 31*8’ 23C3 pr 

• 22/71 11/82.8 

» 42(1872809 8 . 
» 21/70 «A3 * , 
pc 20*8 11/52 e 
pc 21/70- 9/48 

• 24/75- 12S»9’ 


Travel in a world without borders, time zones 

or language barriers. 


. . • — v/////f7£&L y^ur voice at a more polite hour. All ihis is now possible with A KT i 

To use these services, dial the ART Access Number of die countrv- vv.u’tv in and you'll get all the 
hd P > ' ,u need XViEh these Access Numbers and your AIKT Calling Card, imemational calling has new Iven easier. 

l\ You don't have an (ATST Calling Gird or you'd like more information on .mar global services. juM call us using the 
convenient Access Numbers on your right 


AT&T 


I” 11 i Vl.vT 


AKT Acccs« Numbers. 

How loculi around Die world 

(. i.'in.y ilic v.h.ni !x-l- •« . fin J ihe 1 1 iumr\ \i-iu jrc culling fr* ini. 

- C»i jl the •. i.Tfc-.poi iJinx \EcJ mo?* .Vnrnher. 

^ ,Wf l'i w ayMw444:fcrW*|4m*nunilarwiwhhiftcalOfctiiiieciyouiDa 

TorecchvjwurfrecM^lIrtcird of .\BEn.Vxw Numbers jusldnJliieaTOSBniinifacr of 

incuoumo’ W u re in and ask JLirOKtomerService 


C OLrNTRY A CCESS NLiMB ER 

ASIA 

Australia 1-800-881-011 

China. PRC*^ 1081? 

Gua m 7 018-872 

H ong Kong ROO-llll 

India# ' ooO-lT” 

Ind onesian *001 -801-10 

I.|||ji i" nu.^-TTi 

Kl,p&> 009-7? 

Korcu* lj- 


OOLfNTR^' 

Italy* 

Liechtenste in’ 

Lithuania* 

Luxcinhi-iuri: 


I..,,, I Armenia** 

can^c** j Imagine a world where you can call country to country as easily as y. m can from home. And ! auw5^ 


Mafaj-sia* 

80fMWI I 

.-r-.-.il j uJ 


Satftan* 

235-2WT2 

hiny.i|.ire 

7*»Ml| 1 1-1 1 1 

Sri l.ink.i 

1 3* 1—4 Vi 

Taiwan* 

0080-1028K-0 

lli.iiljml* 

l«l|<i.»i|.|||| 


EUROPE 

Armenia— 

8*1-1111 

Austria 

022-403411 1 

Belgium" 

0800-100-10 

itoihtin.1 

IPk|.SIkMt|]li 

Cmatia"* 

99-38-0011 

Czech Rep 

00-t20-00101 

Denmark* 

Finland* 

France 

8001-0010 

9WM iHb i u 

Wa-OQU 

Germany 

01, 30-00 10 

Greece* 

00-800- 1311 

1111015117* 

00 •- 80(1-0 1 1 1 1 

L t-Limi'a 


Ireland 

1 800-550-000 


Ma ccttonla, F. Y.rTo? ”91 
M.ilu* ri*/ 

Monaco* 

IVetheTlands* ~ ~oj 
Norway j 

Polan d* * — ~ QaOH 
Portugal* yi 

Romania 01 

Russia — (TVfoscow) 

Slovakia jjgl 

s l'>.un» 

Sweden’ ^ 

Sw ii/crlan J 

*: LK - 050 

Ukrai ne* ~ 

MIDDLE EAST 

toll m in 
1 > pm -* 

Israel ~ ^ 

Kuw-jit 

Lebanon (Beiruti 


A CCESS NUMBER 

172-1011 

155-00-11 

8aI96 

ll-jKfel-f 'll ] J 


9 9-800-1288 
rmmvy -xi-l |n 
19*-0011 
06-022-9111 
800-190-11 
OwOlO-riHHllli 
05017-1-288 

01-»00-t288 
155-5042 
00 - 120-00101 
■jrtt-S Fi-m >. j j 

~ O 20 - 795 - 6 TI 
155-00-11 
0500-89 -0011 
8 * 100-11 


COUNTRY ACC 

Brtttil ~ “ 

Chile 
CohimK fa 
C4.rq;i Rjca*n 

Ecuador 
f.i yvjjora 

Owfenufa * 

Guyana®** ~ 

H^nd ura/rpi ' 

Mexico*** t) 

N ican^m?Managnaj 
PaiUfTLI W 
Peru* 

Surinam e 

( Tugujy 

Venezuela - * — ’ 


ACCESS NUMBER 
OOOjOIO 

00* -0312 

980-11-0010 

J14 

no 

190 

190 

165 

123 

9>8(XMtiZ-t2-tO 

a gBn) 174 ‘ 

109 

191 

156 

iJQ-0410 

80011-120 


_____ CARIBBEAN 

8aban *as 1-800-872-2881 


tjLiLir 

■1-tU'Jl .\r .ll~4.l 

Turk ey- 


HQIM IUI 

<W 0 -*>pqy 

-100-27 27 

•*28-801 


Ai>s.rniiM* 

IV/li/e* 

li.lllVi.l* 


■ «f!.T 1 Jilm,- I.njnnj j.-jjLI II, Jl . . W |.J> »li I Wurid Kinmn - s._ , 
- 



■Il .f [iSADInvr ■. , ji.nlJ-J. ii- ill il.-. ■•min.- i j, , 

Vif fji*ii 4 wl»i.- - v.rT..^. 4 fc.T ,«. 1 ... 

e- KV-. 1 “ - ul 

l"' 1 * jrM v.h.ifc,, 

-M.U, 


iMIMlIl- — 

l -WAjfj 

w> -8CKM227t 

8 ui'H 2 l 

AMERICAS 

[fq-Mpi.jrjrt.iin 

^55 

— I >-HI . ^ 1 j 1.! 


Rcrmud a* 
Bririnh V.l, 
Gyfflan Isla nds 
Grenada* 

Haiti* 

.lamaiar* 
Nah-An a 
St. Kin*, Ne\'t 


__-«^1227- ^ypFfC^r ^ 

M==== S======^ 

—JUS SSET — 

__ Som hAfrica 0-800-9 9-012 

^ "• "• “■ «* «■ — — 

^^^KiSr , =SiSas - *““ 


lOOOTOjggl 

]-«»872-a»l 

Is 1-800-872-2881 

~ 1-800-872-2881 

~ 001 8/30-9^2-2883 

OQiX)-872-2881 
001-800872-2881 
1-800-872-2881 

Africa 

9~ 5100200 

OOa-OQI 

00111 

081:0-10 

7 97-797 

WOM Mia 


N. f-r* - 


^4." ■' • > J 

s. 't. - 1 _ 

X* ■ ■ - "■ “ » 


1 c» »iSn