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INTERNATIONAL 



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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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Paris, Saturday-Sundav, June 4-5, 1994 


No. 34,606 


Clinton’s Call: Renewal 
Of 'Freedom’s Promise’ 

In Italy , President Urges His Generation 

To Remember Sacrifice of the WarDead 


By Ann Devroy 

Washington Post Service 

I*ly - With the eravcs of 
.nearly 8,000 Americans arrayed in stark svm- 
metry before hinv President BiU Clinton' on 
Friday honored the World War il eenentinn 
that fought to liberate Italy and summoned his 
own generation, the sons and daughters of the 
wrid they saved,” to remembered honor 
their sacrifice. 

Hundreds of American veterans of the Ital- 
ian campaign listened in silence as their stru"- 
gles on Nettuno Beach and Anzio 50 years aeo 
were remembered. 

John Shirley, a Californian who was part of 
the battle to break out of the beachhead and 
liberate Rome, recounted the siorv of the 

cS£ d lha ' produced nrarl > 

Mr. Clinton followed, in a brief tribute, re- 
calhng not only the dead who are buried here in 
rows of graves marked with simple white cross- 
es or Stars of David, but also the men and 
women- who went home to build up the nation. 

“Fifty years later, we can see the difference 
their generation has made,” he said, “America 
is strong r freedom is on the march.” He added. 
“Our job is not only to praise their deeds but to 
pursue their dreams; not only to recall their 
sacrifice for freedom but to renew freedom's 
promise once again ” 

At the end, American jets, flying in the miss- 
ing-man formation, and Italian jets dropping a 
blanket of green, red and white smoke, the 
colors of the Italian flag, flew over the Ameri- 
can graves in tribute. 

The ceremony, amid the 3] hectares (77 
acres) of graves in the Sidly-Rome American 


Cemetery, is the first of a series of commemora- 
tions the president will lake part in in Italy, 
England and France, culminating on Monday 
at the 50th anniversary observance of the land- 
ings at the Normandy beaches. 

Many of the veterans were thankful that 
“their’' war, the Italian campaign, received its 
moment of acknowledgment in this ceremony 
before the the D-Day observances Lake center 
stage. 

Before his speech, Mr. Clinton walked 
through the rows of gravesiua. At one. the 
grave of an American Red Cross nurse. Ophelia 
Tiley. he was greeted with a salute by June 
Marion Wan drey, dressed in her World War II 
Army Nurse Corps uniform. 

Mrs. Wan drey, 74, spoke about her military 
service — and Mr. Clinton's lack of military 
service. It left an awkwardness for some but 
seemed to have little relevance to many of the 
veterans who lauded the president for coming 
here to recognize them. 

Mrs. Wan drey said that Mr. Clinton's efforts 
to avoid service in Vietnam, a war he opposed, 
did not bother her. “I have to look at it this 
way; He’s my president and 1 respect the of- 
fice." 

Asked if it was time to move on from Mr. 
Clinton's past, she replied, “Well, each to us 
own. You have to look in your own heart and 
see what you can forgive.” 

Murid Flake, a psychologist from Houston 
whose late husband fought m the Italian cam- 
paign, endorsed the president's message of re- 
membrance. 

“He said it is your responsibility to carry on 
and preserve what these men fought for,” she 

See CLINTON, Page 4 


D-Day Plus 50 Years , 
With Cast of Thousands 


By Barry James 

IntemaaonaJ Herald Tribune 

World War II allies gather in England and 
France this weekend to commemorate in a 
mingled mood of solemnity, sadness and joy 
the vast Normandy invasion that led to the 
liberation of Europe and the toppling of 
Adolf Hitler's \ JKH^ycar. Rekfa. ; ; . _ ; ; • 

The 50th anniversary commemoration is 
on a gigantic scale; bringing together states- 
men, dignitaries and D-Day veterans to mark 
one of the turning pcants in the history of the 
20th centmy. ■ 

President Bin Chilian and Queen Eliza- 
beth n are among the heads of state and 
government from 15 countries a tt e n ding the 
events. 

But the mam heroes of the commemora- 
tion w9I be the 30,000 to 40,000 American, 
British and Canadian veterans expected to 
attend some of the 21 ceremonies scheduled 
in Normandy, and thousands more who mil 
attend events in southern England, where the 
invasion force was marshaled. 

In France, more than 13,000 troops, police 
and firefighters fine-toned a security plan to 
protect the heads of state and government 
and assure medical help for the veterans, the 
youngest of whom would be about 68. 

Four Mirage fighter jets and several befi- 
copter guashxps will patrol the area to repel 


any attempt at aerial intrusion. Officials said 
they are more concerned about curious ama- 
teur pilots than terrorists. 

On the ground, private traffic throughout 
mud) of Normandy win be blocked to allow 
the passage of official cam and shuttle buses 
carrying veterans, diplomats and officials to 
the various ceremonies. . 

A US. Embassy spokesman said impor- 
tant advice to anyone traveling to the events, 
even on the official buses, is to “arrive early, 
the earlier the better." 

Everyone was nervously watching the 
weather, which is changeable in Normandy at 
this time of the yeax, as it was on the eve of D- 



The town was the first to be liberated by 
American troops. 

A U.S. Air Force colonel, Robert Atkins, 
said the jump was “really cm the edge" be- 
cause of the changing weather, a test jump by 
master parachutists over Omaha Beach on 
Friday was canceled because of winds of 

between 60 and 70 ldlomeiers an hour (about 

40 miles an hour). 

About 600 current members of the U.S. 
Kid and 101st Airborne Divisions, the same 

See NORMANDY, Page 5 


U.S. Backing 
A Joint Plan 
On Partition 
Of Bosnia 

By Daniel Williams 

Washington Pint Servue 

WASHINGTON — The Clinton administra- 
tion has joined with its European allies and 
Russia for the first time lo forge a detailed, 
bottom-line peace proposal for Bosnia based on 
a near even split of land. 

Washington had misled endorsing specific 
outlines for a territorial Nolmion between a 
Muslim -Croat federation and the Bosnian 
Serbs. )n recent months, however, U.S. officials 
had approved in principle a 51-49 percent divi- 
sion of land, vmh the Muslims and Croats 
receiving the bare majority. 

Now Washington is formally supporting that 
plan, which is scheduled to be presented in 
Geneva when peace talks resume. 

Concern that talks between the Bosnian-led 
Muslim government and the Serbs were going 
nowhere, and that the war would drag on. 
prompted Washington to propose the “de facto 
map" for partition, with details left to the 
warring factions to work out, a State Depart- 
ment official said. 

The plan includes advice on resolving differ- 
ences over disputed territory in several parts of 
Bosnia, including the contested Bihac region 
and isolated Muslim enclaves of east Bosnia. 

“This is do-or-die for the Muslims, Croats 
and Serbs," a State Department official said. 
“We basically offer a solution, but it is up to 
them to decide whether to accept.” 

There is no indication that either the Mus- 
lim-led government or the Serbs will embrace 
tbe proposal. The Muslims say they want more 
than 51 percent, and their military leaders be- 
lieve they can cuke up ground on the battle- 
field. The Serbs have shown no sign of giving up 
any territory. 

Tbe Serbs now hold more than two-thirds of 
tbe country after a two-year war of conquest 
that has included systematic killing and expul- 
sion of civilians from their homes. 

The U.S.-backed proposal is based on a com- 
bination of solutions that were discussed in 
previous talks, a U.S. official said. The U-S. 
envoy, Charles E Redman, and mediators from 
Russia and the European Union hammered out 
(he new proposal. Mr. Redman is in Europe 
meeting with mediators from Russia, Britain, 
France and Germany in advance of a meeting 
Saturday in Geneva. 

The Clinton administration had strongly re- 
sisted endorsing a, dear territorial solution, es- 
pecially one that ratified tm. Serbian gains 
Washington long based its policy in Bosnia on 
opposition to the Serbian conquest of territory. 



Maine! Ccacu, Agcnce Francc-Preur 

BEIJING PATROL — Soldier.-* .nurchiag toward Tiananmen Square on Friday, as 
Quna damped down c® Ihe area for the anniversary of the 1989 uprising. Page 7. 


U.S. Jobs Data Show Moderate Growth 


By Lawrence Malkin 

International Herald Tribune 

NEW YORK — ■ The U.S. government re- 
ported slower growth in employment on Fri- 
day, filling in the constellation of economic 
data that showed the U.S. economy growing at 
a more moderate pace. This seems to have 
satisfied financial markets, which are stiU 
jumpy about inflation. 

But the monthly unemployment rate 
dropped to 6.0 percent from 6.4 percent, and 
President Bill Clinton, who was in Europe, 
called the figures “good news from the home 

front.” 

The plunge in the unemployment rate was 
probably exaggerated by statistical aberrations 


that will be partly reversed later, said Katherine 
Abraham, commissioner of Labor Statistics, 
although it was ‘‘nonetheless clear that unem- 
ployment continues to trend downward." 

At first, bond and money market interest 
rates jumped on ihc unemployment figure be- 
cause Wail Street feared the Federal Reserve 
would have to tighten interest rates again. 

But as Treasury Secretary Lloyd Bcntsen 
expressed skepticism and bond house econo- 
mists said the figures had been skewed by a 
change in survey methods, which failed to ac- 
count fully for (he seasonal influx of students 
onto the job market, traders refocused on the 
usual WaQ Street benchmark, the number of 
new jobs that were actually created. 


The government reported that tbe economy 
created 191,000 jobs in May, down sharply 
from 358,000 in April and 379,000 in March. 

Most of the May increase was In services, 
including transport. Construction, hit by higher 
mongage rates, posted a gain of only 12,000 
jobs, and manufacturing actually lost 2,000 
jobs. 

That dovetailed with this week’s reports of a 
slowdown in the pace of home sales and of 
factory orders, along with no increase in the 
government’s index of leading indicators, 
which forecast slower growth than the average 
of 5 percent for the half year ending in March. 
Further evidence that the boom was cooling 

See JOBS, Page 4 


Tokyo Ready 
To Join in 
Sanctions on 
North Korea 

Japan Could Be a Key 
In Effort to Hall Flow of 
Funds to Communists 

By T. R. Reid 

Washington Past Service 

TOKYO — Japan said Friday that it might 
be willing to impose economic sanctions 
against North Korea even without a formal 
United Nations vote for sanctions. 

Responding to questions in the Parliament, 
Foreign Minister Koji Kakizawa said Japan 
would “do its utmost to cooperate” if the Unit- 
ed States, Japan and South Korea were to agree 
on a set of sanctions to try to put pressure on 
Pyongyang on the nuclear inspection issue. 

Japan could presumably play an important 
role in bringing financial pressure to bear, be- 
cause Japan is tbe largest source of hard curren- 
cy for increasingly impoverished North Korea. 
Every month, a shipload of Korean-Japanese 
tourists leaves Japan for North Korea, and the 
travelers carry large amounts of cash and neces- 
sary commodities with them to the Communist 
state. 

Estimates of how much money flows from 
Japan to North Korea range from about $600 
million annually to a figure nearly twice as 
high. Since North Korea has largely been cut 


off by its traditional sources of aid — Russia 
and China — the money from Japan is crudaL 

Tins cash movement* is legal in Japan now. 
The government has said for months that it 
would move to ban the cash transfers if there 
were a UN resolution calling for sanctions. 

But a UN resolution may be difficult to 
achieve, because China could, and presumably 
would, block it Accordingly, Mr. Kaklzawa's 
statement Friday that Japan might act even 
without a UN resolution would seem to 
strengthen the hand of the United States and 
other governments trying to pressure North 
Korea. 

Similar comments came from Seoul, where 
South Korean officials indicated they, too, were 
ready for sanctions against the North, even 
outside the formal UN framework. Deputy 
Prime Minister Lee Hong Koo said Seoul was 
prepared to weak with the United States and 
Japan on steps needed to solve “this new and 
more serious crisis*’ in the long drama sur- 
rounding North Korea's nudear facilities. 

Japan's statement might reflect new concerns 
here this week after North Korea reportedly 
test-fired two Silkworm missiles in die Japan 
Sea, off the west coast of Japan's main island, 
Honshu. . 

News agencies reported: 

Tbe United Stales will not be intimidated by 
North Korean threats as it moves to seek action 
against Pyongyang in the UN Security Council- 
Assistant Sepetaiy of State Robert L. Gallucri 
said Friday in Washington 

He said the latest North Korean statements 
about the crisis over its nudear ; 

“utterly inappropriate" and 
brine inappropriate, we vrill not be intintic 
by them. We don't expect the international 
community to be intimidated by them." 

North Korea warned earlier Friday that it 
would regard sanctions over its suspected nu- 
clear arms development as a declaration of war 
against it 

“We have already notified tbe parties con- 
cerned that economic sanctions would be re- 

See KOREA, Page 4 



When Instant Harbors Ruled the Waves 


Dmd Mc/4|r« Friax-Prt* 

President Bffl CEntoa p ten"g a flag Friday on one of tbe nearly 8^00 gravestones at the US. mffitary cemetery in Nettuno, Italy. 


By Ken Ringle 

Washington Past Service 

PORTSMOUTH. England — It's the scale of 
it all that is hardest to fathom. 

By the first week of June 1944, there were 3 
million troops in southern England. It look 
24.459 special trains to move them ro the 24 
embarkation points for D-Day. 

On the way, they passed rural Janes flanked 
with shoulder-high stacks of artillery shells, 
mountains of medical supplier, forests filled 
with tanks. There were fields of camouflaged 
artillery and miles of halftracks and jeeps. 

The invasion fleet of 7.000 ships was tile 
largest the world has seen, ft included 1,213 
warships, 4,126 landing ships. 736 support 
ships and 864 merchantmen. 

There was only one problem with all those 
troops and equipment: how to unload them on 
the far shore. 

The troops could go in over the beach, but 
they would need 12,000 tons of supplies and 
2,500 vehicles unloaded every day. Trial, in 
turn, required pons, both to speed the handling 
of cargo with docks and ready ground transpor- 
tation, and, more importantly, to shelter un- 
loading ships from the English Channel’s fickle 
weather. 


Tbe Normandy coast has few ports, and the 
closest major ones, Le Havre and Cherbourg, 
were so heavily fortified that they would have 
to be pounded to pieces before their capture. 
Until they could be seized and repaired, there 
seemed to be only one answer. Said Winston 
Churchill: “We shall build our own ports and 
take them with us." 

Thus was born Operation Mulberry, which 
would absorb the round-the-clock labor of 

In Normandy, as tbe anniversary nears, only 
die dead now speak for Germany. Page 5. 

more than 20,000 men for more than half a year 
and suck up every bit of available steel and 
concrete in a Britain already reding from war- 
time shortages. And it would be brought to 
fruition, despite obvious physical viability, in 
almost total secrecy. 

What it envisioned was no less than the 
instant creation on an exposed coast of two 
separate protected anchorages, each fully two 
square miles in area, or approximately the size 
of Britain's own major channel port at Dover. 
Within these harbors would be dock space 
sufficient for unloading simultaneously six am- 
phibious landing ships, called LSTs, plus moor- 


ings for an additional eight larger cargo ships. 

The largest challenge was a requirement that 
the docks remain ataTevd where vehicles could 
roll right onto them through the bow-opening 
doors of the LSTs. Since tides in Normandy rise 
and fafl 21 feet twice a day, this meant semi- 
floating docks whose height could be a$usted 
somehow cm retractable legs. 

Dover, also artificial, had taken seven years 
to build. Tbe Mulberry* were to be bunt in 
seven months. “Don’t argue the matter," wrote 
Mr. Churchill in a famous memo. “The difficuT 
ties will argue themselves." 

Tbe key ingredient of the harbor was a con- 
crete shell, or caisson, roughly the size of a five- 
story bidding. It would be built in six sizes, (he 
largest 60 feet high and displacing more than 
6,000 tons. 

A total of 212 caissons woe built, using in 
the process 600.000 tons of concrete and more 
than 31 ,000 tons of steeL Each caisson was to be 
towed across the channel and flooded is series 
so as to make two giant breakwaters, one of 
them My 1 14 miles long and 4,000 feet off the 
beach, and the other, a fifth as long, perpendio- 

See HARBOR, Page 5 





Getting to Aden: A Slow Boat, or No Boat 


Newsstand prices. 


Andorra. 

Antilles... 

Cameroon 

BsvpI 

France— 

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JMOCFA Senegal-^ CFA 
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,1.120 CFA Turkey ..T.L3WIO0 

1 JD U -A? E. .....&50 Dirh 

,USS 1-50 U.S.m fEurJ S1.T0 - 


By Chris Hedges 

Hew York Tima Service 

DJIBOUTI — There is a breed of sailors, 
tread 


to take you io places you should cot visit 
. They accept only cash. They scoff at insur- 
ance agents. They are pitiless when in danger. 
Andthey are the only anes lcft willing to travel 
to the besieged port city of Aden. 

■ Theory cf 350,000* the southern stronghold 
; in Yemen's civil war, is surrounded by northern 
troops. Its airport has been bombed and ils 
residential areas have been bombarded with 


Smce (be war began on May 5. commoaal 


were evacuated. And because of the astronomi- 
cal insurance rales and tbe risk, sea and air 
shipments' of goods have ceased. 


The Yemeni government, in the northern 
capital, SanX has declared the coast and air- 
space around Aden and the southern coast a 
military zone and warned ships and planes to 
stayout. 

The breakaway stale In the south has said it 
will attack planes and ships trying u> supply the 
north. “You won’t get any of the cargo or 
fi s hing boats to go io Yemen now." Abdullah 
Farid, a Somali boat captain in Djibouti, pre- 
dicted correctly. “No one wants to get blown 
°P- 

But the 250-kflometer trip from Djibouti to 
Aden, through the heavy swells in the Bab al 
Mandab strait and along tbe jagged Yemeni 
coast, can be made, for several thousand dol- 
lars, in traditional wooden ships known as 
dhows. 

For relief workers, reporters and Yemeni 
officers trying to rejoin units in the south, this 


last great fleet of deep-water saiiing ships has 
become the lifeline to what in the 19th century 
was the third busiest seaport in the world, after 
New York and Liverpool. 

Captain Mohammed Haj Far ah, 34. a Somali 
with sun-baked brown skin and deep blue eyes, 
maneuvered his 14-meter ship. Gut of the Most 
Merciful, away From the quay id Djibouti. 

His vessel held together with cement paste 
and plugged with cotton strips soaked in fish 
oil pulled past crates and sack*: of grain that 
had once been destined for Yemen, the gray 
hulk of Lhe French warship Jules Verne and 
trawlers that rocked lazily in lie *>porific heat. 

“There will be no problems with the crew,” 
he said of his 10 Somali sailors, who had re- 
fused lo make the trip until he handed them 
$100 each. ‘T never take men from the same 

Sec DHOW. Page 4 


Kiosk 


Rwandan Rebels Capture Key Town 


ON THE KANYARU RIVER, Rwanda 
(AP) — Rwandan rebels claimed to have 
captured the key town of Kabgayi and ap- 
peared to be closing in on Giiaiama. the seal 
of the beleaguered interim government, 8 
UN spokesman said Friday. 

Gitarama’s fall would bobble the army’s 
ability to move troops to defend its dwin- 
dling territory. The city straddles the major 
roads beading south toward neighboring 
Burundi and to major Rwandan towns. 

Rwanda’s Hutu -dominated interim gov- 
ernment fled to Gitarama on April 12 ahead 
of the rebel advance into tbe capital, Kigali. 
A UN spokesman said in Kigali that the 
mostly Tutsi rebels appeared to be moving 
from the east and the south on Gitarama. 

Church provided no sanctuary. Page 2. 


Fifty Years After D-Day 







The concluding article in the Internationa] 
Herald Tribune's series about the future of 
the. relationship between Europe and the 
United Stales will appear Monday. In it, 
Francis Fukuyama of the Rand Corp„ the 
author of “The End of History and the Last 
Man,” writes about what remains and what 
can be sustained of the Atlantic community 
that developed after World War D. 


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USTERISATIOiNAL HERALD TRIBUNE, SATURDAY -SUNDAY , JUNE 4-S, 1994 



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San Hinul ThrAuocuinl Pro-. 

Crews of Israeli self-propelled arrillerv awaiting orders at the Lebanese border on Friday, ready to move in case Islamic guerrillas resume their rocket attacks on Israel. 



sacre 


By Donatella Lorch 

iVm. York Times Service 

NYARUBUYE Rwanda — The banner acr-:^< ihe 
entrance lo the red brick church here announces (he 
celebration or a festival. A poster of Pope John Paul 11 is 
tacked on tbe main door and above it is a large white 
statue of Jesus, his arms beckoning. Inside, are the re- 
mains of victims of a mass slaughter carried out by 
government- trained militiamen in mid-April. 

In what they had hoped would be a refuge from ihe 
deadly irrationality of tribal and political violence, more 
than 500 members of the Tutsi tribe found their way to ihe 
church compound only to be shot or hacked to death b\ 
Hutu soldiers in classrooms, bathrooms and counvards. 
and then left to rot. 

It appears that they were methodically hunted down, 
first in the church, then in (he school, and finally in the 
workshops near the soccer Geld. Residents say that proba- 
bly 1,000 more were killed and buried in mass’ graves in the 
town. 

A frenzy of killing was evident at the rear of ihe 
compound. There, eight rooms are filled with hundreds of 
corpses, shoulder to shoulder, and piled onto one another. 
One hundred more were killed in a courtyard, now half 
skeletons, their flesh in shreds. There are so many that i t is 
impossible to walk through without treading on them. 
More corpses are hidden in the tall grass, 

“It took them two days to kill everyone in the church.” 
said Consolata Mukatwagirimana. ’27. a Tutsi, whose 
family was killed at home and who like the rest of the town 
has fled to a camp 80 kilometers (50 milesi awav. She 
accompanied reporters lo the church. 

“People from three communities had taken refuge in 
this place." she said. “Several hundred miliiias came, i 


recognized some from our own town. They were shooting 
and using machetes." 

This village, now under control ol the Rwandan Patriot- 
ic From, the rebel group led by the minority Tutsi iribe. 
appears typical of many devastated by regular army 
troops or miliiiamen of the majority Hutu tribe, in the 
early days of the civii war. The buildings are empty, tbe 
livestock is gone. Only corpses and the sound of the’ wind 
remain. 

When entire towns were erased by such massacres, ihe 
kiilers usually buried their victims. But many of Nyaru- 
buve’s dead remain where they felL probably because the 
miiitia, and later the rebels, lacked the time or manpower 
to dispose of the bodies. 

The massacre here took place on April 16 and 17. And 
while it is one of the largest known so far. it is one of more 
than a dozen uncovered in Rwanda since civil war broke 
out on April 6. 

Since then, tens of thousands have been killed, with 
unverifiable estimates of 200.000 and more. Though Lhe 
fighting is between the army and the rebels, the mass 
killings have mostly been done by Hutu military and the 
extremist militias, youths trained by the military and the 
former ruling party of Rwanda. 

They have tried to mount a campaign to exterminate all 
members of the Tutsi minority tribe and have even hunted 
down moderate Hutu politicians. The massacres have 
been uncovered as the rebels have taken over more than 
half the country and escorted journalists to see them. UN 
officials and relief workers say that more massacres re- 
main to be uncovered and that mass killings continue to 
take place in government-controlled areas. 

.Although the rebels have the upper hand militarily and 
are routing the Rwanda Army in the south, the fighting in 


the capital. Ki gali is heaw. with mortars and machine- 
gun fire at night. The Patriotic Front controls northern 
and eastern Rwanda, but it is mostly a land made empty 
by large-scale death. The rebels took over countryside 
already devastated by the Rwandan .Army. 

The paved road to Kigali is officially in rebel Han ds but 
few venture down it because they say it is unsafe. There 
are frequent rebel road checkpoints made of plastic Coca- 
Cola crates but only occasionally are troops seen driving 
by. Rebels act as guards for farmers in tbe field to protect 
them against marauding militias. 

The area around Nyarubuye fell to the Patriotic Front 
in the first week of May but the town, about 36 kilometers 
east of Rusumu on a* dirt road, is so remote that the 
massacres were only discovered recently. 

Almost all the residents have either taken refuge in 
Rusurao. Tanzania, or have been killed. The town was 
mostly Tutsi. Soon after the massacres began in Kigali on 
April" 6. Tutsis from three communities came to take 
refuge in the church. 

Miss Mukatwagirimana, who was given refuge by a 
Hutu family, said the militias bad been pl annin g the 
attack for a while. ‘They had been thinking about >l 
B efore, they would talk about such things, but we thought 
it was just words. 1 have seen so much this does not shock 
me. I no longer feel and fear." 

A dozen bodies lav sprawled in the church's main 
courtyard, some no more than pieces of flesh and skele- 
tons dressed in clothes. One woman was hacked to death 
as she ran away. She lies face down, one arm outstretched, 
the other clutching her small child, decapitated. The 
classrooms still have the chalked lessons on the black- 
boards. In one. the lesson of the day had been French 
conjugation. More than a dozen boys were killed there. 


The Ass^aieJ Press 
BELFAST — A helicopter crash 
that killed 29 people, including 19 
senior police and array officers 
from Northern Ireland, has dealt 
“a severe blow to our efforts to 
combat terrorism,” a British offi- 
cial said Friday. 

Sabotage was not suspected in 
tbe crash on Thursday night on the 
fogbound western coast of Scot- 
land. The Royal Air Force Chinook 
helicopter was carrying 29 people 
from Northern Ireland to a top 


security army base near Inverness. 
Scotland. For a conference on ter- 
rorism. 

Ten Northern Ireland police of- 
ficers in the ami-lerrorisl Special 
Branch died, including Assistant 
Chief Constable Brian Fitzsimons, 
who oversaw the uoit's secret net- 
work of spies and surveillance. 
Also killed were nine British Army 
officers, six officials of the British 
government’s Northern Ireland Of- 
fice and the aircraft’s crew of four. 

The crash has “been a severe 



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blow to ouj effons to combat ter- 
rorism but the operational effects 
will certainly be overcome." Sir 
Patrick Maybew, the British cabi- 
net member in charge oF Northern 
Ireland, said in Belfast. 

Sir Patrick refused to confirm 
reports that at least some of the six 
government officials who died were 
members of ML5, the domestic se- 
cret service, which runs agents in 
Northern Ireland. He called them 
civilian “security specialists.” 

He said the air force, the Strath- 
clyde police based in Glasgow, and 
the government's Air Accidents In- 
vestigation Brandi would conduct 
separate inquiries. 

Tbe crash victims oversaw Brit- 
ish effons to gather intelligence 
about the Irish Republican Army 
and Protestant extremist groups in 
Northern Ireland, where 32 people 
have died in political sectarian vio- 
lence this year. 

Fear that the IRA might try to 
decapitate the British intelligence 


command by attacking a less secure 
meeting point prompted the trip 
outside Northern Ireland by heli- 
copter. It was bound for the Fort 
George baxracks 13 kilometers (8 
miles} outside Inverness, where the 
offidals were due to meet English 
and Scottish security officials.' 

Chief Constable Leslie Sharp of 
the Strathclyde police said it was 
highly unlikely that LRA sabotage 
played any role in the crash. 

‘There are no reasons whatso- 
ever lo suspect that we are dealing 
with anything other than a terrible, 
tragic accident." he said. 


Letter Bombs Hurt 3 bn U.K. 

Reuters 

LONDON — Three people were 
wounded in a series of letter bomb 
attacks aimed mostly at animal and 
meat processing plants across Brit- 
ain on Friday, the police said. No 
one claimed responsibility. 



JSam^'s k &wi 

Embodied 1911 

Sank Roo Doe Noo. IBF Trap N" 1 
5 Rue Daunou. Fans <2e.) (Optol 

The oldest cocktail bar in Europe, birthplace of the 
Bloody Mary thanks the liberation forces for 
allowing us to return to Sank Roo Doe Noo and 
toasts the freedom which thus survived. 

We dedicate our June, July and August 
celebrations to Arthur Mac Elhone 
who died in combat in 1*15. 

Bring this ad and have a "Liberty'’ cocktail on us. 
Cheers. 

Harry's Bar. Hairy's New York Bar and Die Barii.es 
are reasoned Trademarks of Harry's N.r Bar Pans 



Illegal Aliens Riot 
In German Jail 
Over a Suicide 

The Associated Press 

MAGDEBURG, Germany — A 
Chinese man awaiting expulsion as 
an illegal alien hanged himself in 
jail setting off a riot on Friday, 
slate officials said. 

The 43-year-old man’s body was 
found hanging by knotted-togeiber 
socks in a recreation room of the 
jail Thursday night in Magdeburg, 
in Eastern Germany. Thirty other 
foreigners awaiting deportation 
broke windows in their cells and 
barricaded themselves inside the 
building after the body was found, 
the Justice Minis try in Saxony-An- 
halt state said. 

Germany last year tightened its 
laws to stop an influx of hundreds 
of thousands of refugees. Previous- 
ly. almost anyone could enter Ger- 
many and remain for years while 
his or her political asylum request 
was considered. 

A law that went into effect last 
July turns back most would-be im- 
migrants at the borders and per- 
mits states to expel quickly those 
whose asylum requests are rejected. 


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WORLD BRIEFS 


Tension Up 

As Israelis cmm™ Part*« *£££ 
Post Armor 
At Border 


ROSTT^ Germany 2^ 


By Clyde Haberman 

Sew York Tima Sm« 

METULLA. Israel — Thou- 
sands of residents were reported 
Friday to have fled villages vfl 
southern Lebanon as Israel sent 
iqnirc and artillery to its northern 
bonier, ready to enter Lebanon if 
guerrillas there resumed rocket at- 
tacks against Israeli towns. 

Although tensions ran high on 
both rides of the border, there were 
no signs that a widespread conflict 
was about to erupt as a result of a 
raid by Israeli warplanes on Thurs- 
day that killed numerous young 

guerrillas at a base of the pro-Irani- 
an Hezbollah, or Party of God. 

At a funeral for some of the vic- 
tims in Lebanon, which declared 
Friday a day of mourning, thou- 
sands beat their chests and prom- 
ised to press rite anti-Israel fight. 
“Zionists wait, wait — Hezbollah is 
coming!" they chanted. 

The massin g of Israeli armor at 
border points seemed to have a 
strong element of muscle-flexing, 
underlined by the relatively relaxed 
m ann er of some soldiers as they 
lounged on top of tanks and lis- 
tened to radio music. There were 
no reports of a large-scale move- 
ment of forces in Lebanon. 

In addition, most Israelis in Me- 
tulla and other northern towns 
went about their normal business, 
although many bad spent tbe night 
in shelters after the Islamic guerril- 
las fired dozens of portable Katyu- 
sha rockets at Galilee. No casual- 
ties or serious damage were 
report ed- 

Many Israelis stayed off the 
streets and prepared for a second 
night in their shelters in case rock- 
ets start falling again. It was a fa- 
miliar pattern for residents in 
towns like Kiryat Shemona, eight 
kilometers south of Meiulla. But 
Yossi Suleimani. a grocer there, 
said: “You never get used to iL It's 
scary. You have children, and you 
worry." 

it was still not clear exactly how 
many guerrillas were killed when 
Israeli helicopter gunships and 
fighter planes attacked the Hezbol- 
lah base deep in the Bckaa Valley, 
where Syrian forces are dominant. 

Hezbollah, supported by Iran 
and abetted by Syria, put die toll at 
26 dead and 40 wounded, but some 
reports from Lebanon and from 
Israeli officials said tbat as many as 
50 may have been killed and scores 
of others wounded. 

Most of the victims were said to 
be in their laie teens, young recruits 
who were undergoing training and 
who were sleeping in tents when the 
Israelis struck, as pan of what 
Prime Minister Yitzhak Rabin 
called an "ongoing war." 

In Beirut. Hezbollah said that 
three more or its fighters_ were 
killed by Israeli soidiers Friday 
during an exchange of fire in a strip 
of southern Leban-m that Israel has 
controlled since 1985. 

Aside from the high casualties, 
the latest strike was in many re- 
spects routine, for there have been 
dozens of such Israeli raids against 
guerrilla targets in recent years. 

Often, those strikes were ineffec- 
tual This one had devastating re- 
sults, though, and the army com- 
mand told Israeli reporters dial the 
reasons were good limin g and “new 
intelligence.’' 

His remarks fed speculation that 
important data had been provided 
by Mustafa DirauL a Shiite Muslim 
leader in Lebanon kidnapped by 
Israeli commandos on May 21. 


Kohl’s ChnstiMDfMxn™ Umoo Md liberal social 

Somemarifflsd] Cc5on earlier in the year. 

to Social Demote opponent by 

as many as 14 percentage points. 

EU Front-Runner Just Laughs It OS 

Ddors? “No comment,” & replied Friday after thc weekly cabinet 

ID Asko3 when he would comment, the Belgian prime minister respond-- 
ed: “When I feel like it” Then he burst out in laughter. , 

The two declared candidates are Prime Minister Ruud Lubbers of the 
Netheriand and Sir Leon Brittan, the European Union trade oomgtsaon- 
er Government offidals from both France and Germany saw- ihe i week 
that they preferred Mr. Dehaene, who speaks French fluentlyand who 

distinguished himself when Belgium held tbe EU presidency during the 
closing stages of world trade talks last year. A decision mighftemade it 
the June 24-25 EU meeting on Corfu. . 

A Defiant Major Vows to Fight On ; : 

LONDON (Reuters) — John Major vowed Friday to .fight on as 
Britain’s prime minister even if his Coosetvative Party is uorarcedinncu 
week's European Pariiament elections. 

Trying to lake the sting out of opinion polls showing the Conservatives 
could be humiliated in the vote Thursday, Mr. Major said he was 
determined to serve out his five-year lenn and would lead his party into 
the next general election, which is due by 1997. _ . . . . 

In a BBC phone-in program broadcast on television and radio, .Mr. 
Major fielded angry questions from voters variously disillusioned with 
ihe government for presiding over a decline in British manufacturing, 
growing violence and rising taxes. He acknowledged the decision to. raise 
taxes had been unpopular but said it had been necessary to cut the 
gove rnmen t's budget deficit and so set the stage for economic recovery, 
which was now the strongest in Europe 

U.S. Investigates Jet Engine Safety ? 

CINCINNATI (Reuters} — The U-S. government is looting into 
allegations that 7,000 cmliiaiy and commorial jet aircraft engines — 
including the ones that power President Bill Clinton’s plane — may he 

Department 


defective, but has found nothing so far, the Justice Department said 
Friday. 

The manufacturer. General Electric Co., denied the allegations- that 
arose in a civil lawsuit, saying tbe engines have flown for more than 200 
million hours without an electrical problem such as the one in question. 

The Federal Aviation Administration later issued a statement saying 
that “nothing we have seen thus far has indicated any safety problem” 
with the engines. The investigation was first divulged by a Cleveland 
newspaper, which quoted from the suit filed by a GE employee. 


TRAVEL UPDATE 

U.S. Scraps Airplane Landing System 

WASHINGTON (WP) — Tbe Federal Aviation Administration said it 
was scrapping tbe development of a system to guide airplane landings 
after an investment of 27 years and 5400 million, because the program has 
been overtaken by an alternative technology. 

The move came as tbe agency was preparing major changes in a 
mulubillion-doUar contract to modernize the computers in the country's 
air traffic control system. The agency announced Friday that it would 
scale back efforts to develop new equipment and focus on buying “off- 
ihe-sheif" technology that it hopes will lower costs. 

Both steps reflect major re thinking of how aircraft should be graded 
through the skies in the 21st century. Finding ways to allow more planes 
to fly safely in already crowded airways is a key to the growth of air txaveL 

Archaeologists say a tomb found in the Mayan ruins of Palenque in 
southern Mexico may be that of an ancient Mayan leader. The tomb 
contained the skeleton of a man covered in jade adornments and was 
found in a central building of the nuns at the jungle-shrouded site, said 
Amoldo Gonzalez, who led tbe team that made the discovery. Only one 
other such tomb, that of the Mayan king PacaL has been on earthed at 
Palenque. (Reuters) 

Australia Aria Anfines, a subsidiary of Qantas Airways, said it would 
introduce a new weekly flight from Cairns and Brisbane in Australia to 
Taipei. (AFP) 

Some large hotels in the Miami area have decided to screen out 
newscasts of a local television station because of its zealous coverage of 

mmA nfMI/C ’HiA hntaT nnirt On- aIm. 1 i. ...J 1 f I ■ I 1 



The UAJ Department of Transportation has proposed reducing tbe 
number of H A1 flights between New York and Israel because tbe Israeli 


w — — » uiv AOIUVfli 

government has refused to allow World Airways, an American carrier, to 
fly the same route. But industry experts said the proposed flight reduc- 
tions were more a tactic to persuade Israel to change its mind than a 
restriction that would actually be imposed. (NYT) 


FBI Says Handlers Rifled Luggage 


By Bill Miller 

H ashingion Fust Serna 

WASHINGTON — Eight baggage handlers at 
National Airport here have been arrested after FBI 
surveillance cameras caught them rifling suitcases 
and stealing jewehy. computers and other valu- 
ables, authorities said. 


employe 
j up W' 


'ed by American Air- 


Tbe workers, all 
lines, were rounded up Wednesday night and 
Thursday following a three-month FBI investiga- 
tion. More than two dozen times, the FBI said, 
hidden cameras recorded them searching through 
belongings as unsuspecting passengers waited for 
lugea&e nearby. 


le investigation began early this year after 
American Airlines contacted airport police for 
help in solving a rash of thefts. A spokesman for 
American Airlines said, “We take these issues very 
seriously." 

Tbe arrests were the latest in a series of crack- 
downs by the FBI against thefts and other crimes 
at tbe nation's airports. In recent years, the FBI 
has broken up other rings in New York, Miami. 
Houston. Chicago and Los Angdes. 


"They’d pick a bag, reach in, see if it hadjeweiry 
or cameras, and then pull the items out,” said 
Timothy P. McNally, an FBI supervisor. “We’re 
not talking about complex planning or sophistica- 
tion, but they moved with dispatch. These are not 
well-organized rings — they're just primed for 
profit.” 

The eight could face up to five years in prison. 
The crime is a federal offense because baggage 
transportation is interstate commerce. 

Most of the thefts at National Airport occurred 
in the late evening or early morning. Authorities 
said they had not determined how many bags had 
been pilfered or set a value on the items. None of 
the property has been recovered. 

The baggage handlers “were helping each other 
by acting as lookouts, passing stolen items to each 
other, and arranging for one to unload Ka gyige 
while another stole. "’accor ding to an affidavit filed 
Thursday by the FBI in U.S. District Court. 

to industry estimates, three of every 
100,000 checked bags are stolen or have property 
takoi from them. Each day. more than 2 nmlio" 
bags are checked at airports across the country. 




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■ ; | BSTEKWATIOWAL HERALD TRIBUNE, SATUHDAY-SU Nday, JUNE «, 1994 

TMAMEBfffir/ EVAMGELICA 


p **e3 5 


POLITICS 


Rising Strength of Conservative Christians Is Rattling Republican Politics 


dorsemeat in two weeks for his re-election. 

Instead, the party has rallied behind Allen Quist, a corn 


& By Richard L. Berkc turned on Governor Arne H. Carlson, a Republican who 

ST Pai n »4 New Yerk ^ *"*« favors abortion rights and gay rights, with such force that 

W,. inn i^i«^i? mneso,a — years of quietly build- 1145 hope of winning the Republican en- 

r m TOr^' a ^ nSWVai,ve Christians have burst into view <to**mcnt in two weeks for his re-election. 

can politics. J 0 ^* “ Re P ubI *- Instead, the party has rallied behind Allen Quist, a com 

^ «ga&Ss and .^«^Pfny and soybean f£mra and fonrer state legidairwilh dose 

* TherisTnf r? 2 111 s *** 1 0thcrs ‘ tks to the religious conservatives. He takes a hard line 

It Ah suhMjmriaiiu Christians, whose presence has against abortion and homosexual rights, espouses crca- 

u w •“ jSS ki.^^ rns V 1 F e Pat Robertson ran for president danism and contends that there is a ■‘genetic pitdisposi- 

l^ju slales ^ ^ 033 Jed to bitter intrapany battles in several tion” for men to be heads of households. 

*.°f Ptx^ TvniralTv , Christians who deave to a strict interpretation of the 

«rtw*‘ tii- ifU? 01 ^ suburban moderates denounce Bible have effectively taken over the Republican parties in 

: ,l emS^i;SlL^^ l ^ 0l ^ ai ^ lfear,b * t thdr Stands on Texas. Virginia, Oregon. Iowa, Washington and South 

^ v *tybL SET* asaes ^rttcn win drive people Iran the Carolina and have node significant advances in several 
“ other states, including Florida, New York, California and 

^ttw “expected success of the religious right has Louis ^ na * 

r ■ nmuBirr nT^n^i a state that is generally considered a Unlike many economic-orienied Republicans, those in 

Uja province or liberal Democrats. The evangelicals have the religious right are fervent Christians drawn to candi- 


A big lest of their influence will come ibis weekend in 
Virginia, when the state Republican convention votes on 
whether to nominate Oliver L. North, a favorite of the 
idJgious right, over James Miller 3d for the US. Senate. 

The following weekend in Texas, where evangelicals 
now dominate the stale Republican Party hierarchy and 
effectively faced oat the longtime chairman, Fred Meyer, 
the new delegates are expected to elect a leader who is 
more representative of evangelicals. 

Many Republicans who describe themselves as main- 
stream fear that the internal party upheavals will under- 
mine the national party’s strategy of playing down divi- 
sions and seeking to repair the image of intolerance from 
the national convention in Houston in 1992. 

“This is a complete religious takeover.’* Mr. Carlson 


people that ace v«y fervent in their string voters.” 


S!^ ( l!L^%JP a ^ ,0 ’ Soooa ‘ toKSueis-Katy, But Ralph Reed, executive director of the Christian 
Are you oiusr Coalition, which Mr. Robertson founded after he unsuc- 

Toldof Mr. Carlson’s remarks, Mr. Quist replied: “He’s “ssMy ran for president disputed the notion that the 
crazy. The Carlson people are throwing everything at me.” religious right is made up c£ extremists who arc dividing 

Republicans Strategists fear thai if their party is pushed ^ P* 1 ^- _. _ , 

too far lo the right, it will not only hurt them in this year’s He said, ^he Republican Parly is likdy to be a more 
congressional elections but could also make it fcmi to Sress-roots ™d a more famfly-friendly pany that 
nominate a canxfidate dose enough to the middle of the ^ pay doser attention to the faenhat what ails America 
to present a serious threat to President Pjjg ecoaom y ™*al and sodal 

iibm rtv nanv tv a. ^ ascendancy of the religious conservatives has pul 

^ nal30QaJ party in a quandary; while Republicans do 
bhean dmnmana of national pobucs," not mt w becomemore ftaemeausd, they 

T '£JS^JL 1 $!, UC * at «^ot afford toS *e «S^rt 

i NfflTMdd, Minnesota- . So far, national party leaders have refused w take sides 

gbroaghtinio the pany with a narrow- m any of the inuraparty struggles. 


831 Clinton in 19 96. 

“This dirison within the party could be the roadblock 
to long-term Republican dominance of national poUtics,” 
sad Steven Sdrier, a professor of political science at 
Carieton College in Northfidd, Minnesota. 

“People are being hroaght into the pany with a narrow- 


X UPDATE 

plant 1 Landing 




.v* : '* 

■j y.' s. . . . lt 


political notes* 


Cuomo’s Fourth Race May Be Toughest 

SlZ Y ^ k - Evcn ^fore Governor Mario M. 
V^QQino Of N ew York took the St^gp bgrp to launch his pam pflign /nrff 
fourth term, one of iris top strategists was riving party activists a 
de £°?S°? P roblems ahead for the incumbent. 

| didn.t mow literally one-tenth of what he had done in New 
TOdc, saw David Garth, the veteran consultant hired to do Mr 
Cumno s advertising this year. “Nobody really knows his record. We 
really have to find out how to get the story across.” 

That is a common lament of unpopular incumbents across the 
country and one reason Mr. Cuomo, a Democrat, faces what his 
campaign manager predicted would be “the toughest ca m paign 
weV: ever bad — tougher than ’82,” when Mr. Cuomo narrowly won 
thegovemoislrip for the Erst time. 

Smoe then, Mr. Cuomo has dominated the politics of this state, 
and at tunes his star shone so brightly that he was considered a 
favorite to become his party’s presidential nominee. 

Botin 1994, with incumbency often more a hurrim th^ a benefit, 
he begins his campaign an the defensive, trying to right off charges 
that he has overstayed his welcome and has no streamer rationale for 
am^rerfom^ars than, as he said Thursday, “I’m ready to 

He was defensive and defiant in accepting his party’s nomination 
at its stale convention that concluded Thursday. He he cut 
state income tax rates that had been raised by his Republican 


predecessors, saying, “We’re the tax-cutters, not i 

And he taunted the opposition by claiming he woukffight crime 
and violent criminals with more intensity, despite his long-stated 
opposition to the death penalty. “Republicans talk tough rat miw 
but they cannot put their record where their rhetoric is,** Mr. Cuomo 
said. 

(M) 

to Prtw Ooing Buy on BofnfcowklT 

WASHINGTON — Cynical reporters generally act like bkxxi- 
smffing sharks when a member of Congress is indicted. But much of 
the coverage of Representative Dan Rostenkowski, who has known 
some Washington journalists for 35 years, has been strikingly sym- 
pathetic. 




-■Ns? 

• - -0."" .,'3 

Nm 

•' .V - - r .S? 


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trffledy. 

“Anybody who thinks that what Rostenkowski did deseroes a 
prison sentence, 1 think they’ve got a distortion of reality,*’ the 
columnist Robert Novak said on a CNN political talk-show. 

David Binder^ a columnist for The Washington Post, called the 
charges “a source of genuine sadness,” writing, that “Rosty is a 

-wanmr* aoraeqar-visbo rs wiBing & takeon tough fights.”-- 

The obvkxa aff ection for tim longtime House ways arid Means 

diat smrounded the resignation of the 

Wright of Texas, the sexual harasament aflegatiopa against Senator 
Bob Packwood of On^oc and the recent indictment of Senate 
David 

diarged with 

“gb<»t employees” who mowed his lawn ind picked up Ms laxmdiyi 
the press probably would have piUoried him k a symbol of congres- 
sional corruption. (WP) 

Quoto/Unquoto . 

S enator Dunne Ftiuton, Democrat of California and one of 30 
original Senate sponsors of die president’s health-reform plan, on 
her decision -to withdraw her sponsorship: . “I stand with the presi- 
dent an the need for health-care refoon, but it is now dear hi slriB 
will be mbstantially reworked in both the Senate and the Home:'* 

(A*) 


State Ruling on Rape 
Alarms Victims Groups 

By Dale Russakoff sen«Ml'*« act Jsnpft" said Kafr 

WasHngtcn PwSmta' yn^Ckto htycrs, rookeswranan 

PHILADELPHIA. — A Pam- 

syivarriaSroreme Court rating that Rqpe- ^Thg m e ssay her e is th at 
SnSnotoTsexnala^Snris vroman has to ^/wally resist an 
Student grounds for a woman rak sccourboSiy iqjury to prov 
toprove ahewas raped has alarmed ' 

£SSS 

major setback for nqte victims. “ ypo,!^ feat’s IrariWecongKi 

Thr bl pbf»t i ennrt imam- MOP, Ms. Myers said, 
mousty ruled Mty27 is sriial.is Tltom^psesWenl c 

hen aTfec “No Is Not National CoaJIaM_A uim 
Enough** case feat merely proving Sexnal Assanlt, said: *T^s is on 
a^^an fed zmt consent to asexu- of thewrart sefbKisfOT ttesexw 
al encounter does not constitute Msanttmovemeotmthelastsever 
rape. trader; Pennsylvania lew, alyeara. ■ 
winch req ui r e s proof of “forcible Accenting to the opmkn, th 
ttmttjnlaxnj" or.fec threat of force, jwomaneotered therooniof Robe 
The sevtawnan pand said h had A Berixiwitz, then 20, looking fc 
accepted the. appeal of fee. 19B& his roonanate, who was a friend c 
Conmonwnalth v. Bedcowhx. hers. The roommate was not then 
involving two East Stroudsburg Mr, Bcdmwtafiri beside her, pulto 
Univeraty students udiokaew e«£ op her blouse and bra, fondled h« 
other, to address “the precise de- breuts^ri attempted without sue 

grec-of fiacc” necessary to prove cem to get her to perform oral sexa 
tmrible camulrim, winife the law him, fee opinion says. 
doesnotd^eThecourtt^ribdda He fecniacfced the door.pusho 
lower coon’s dedaioGrevwring ti» ‘ her onto fee bed, parity remove) 
man's i^c convjctiQfl but reiastai- herdofeesandMOTaBypeortrata 
ed his conviction' for indecent as* her, according to fee opmka. Th 
sault, a lesser chaxge. opimoo pointed out feat the doo 

Tim court opinhni states feat fee was locked from the inside, but sh 
victim grid tkj* feron^woL fee didnoltiyto irak)dcit 
encountcr. Addressmg the question - The defendant, Mr. Bedcowitz 
of f<uo£ It said she “agreed feat, told the jury frit he heard th 
appcDee^ hands were cHJt restrafr woman say Tm,” but did not be 
jng her in any manner. during the jjeve that Ae meant it 
actual peaeiratiqB, and .feat fee. 

of fes body; on top of her ' " 

was tla outy force applied” . .. . .. 

Advocates for rape victims 
around the country and local pros- J 

ecutras said the numgnndmscoiw .. 
the problem wife sexual', assa* • \ 
statutes Hke Pennsyivama’s that re- ^ . 

quire proof bfforce or active resfr a 

Since to estah^ Rdoghty , 



half of . fee state; reqoire some 



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pro) 3907449 • Fsx (2TO) 3SD-5334 


Rostenkowski Case 
Raises Murky Issue 

Campaign Fund Use Still III Defined 


By Charles R. Babcock 

Washington Peat Service 

WASHINGTON — The indict- 
ment of Representative Dan Ros- 
tenkowski raise again the murky 
issue of the proper use of campaign 
funds. 

Though it is illegri under federal 
I law and congressional niles to con- 
vert campaign funds to personal 
1 use, enforcement has been so lax 
that seme members of Congress 
have turned fear mmpnign ac- 
counts into personal slush funds. 
They use fee money to pay for 
country dub dues, meals, vacations 
and expensive automobiles, or do- 
nations to their favorite charities. 
More than half the $466 milli on 
feat oandiditftg spent in the 1990 
ejec tio ns was “virtually unrelated 
to contacting voters,” a Los Ange- 
les Times study found. 

Mr. Rostenkowski was sot spe- 
cifically charged with personal use 
of campaign funds. He and other 
membera serving at fee time fee 
ban was enacted in 1979 were ex- 
empt until last year. Instead, in two 
counts of ids indictment prosecu- 
tora charge that fee Illinois Demo- 
crat, longtime chrinmn of the 
House Ways and Means Commit- 
tee, made false statements to the 
Federal Election Commission 
about his use of campaign funds. 

He allegedly disguised fee par- 
tial purchase of f aunty cars wife 
$28^67 in campaign funds as cam- 
paign “car rentals” and a van for 
campaign me. The indictment aiy> 

ullqaai tn»i ha fanwf) )w« r am p ni g n 

fund and person al political action 
oomofHtiee to list as “postage” on 
FECreports $28,000 m checks be 
exchanged for cash at the House 
post office. 

■ Larry Smith, a framer Demo- 
cratic House member from Florida, 
pleaded guSty last year to lying to 


fee Election Commission about 
$10,000 be used to pay off gam- 
bling and other personal debts. The 
commission has been woriring for 
the last year on new regulations to 
define prohibited uses of campaign 
funds. 

It is difficult to track campaign 
spending practices systematically 
because the commission does not 
computerize the information, as it 
does donations. The Los Angeles 
Times study was the first to do so. 

It is even more difficult to deter- 
mine whether expenditures are for 
campaign or personal use or both. 

The Times s study, for example, 
found many iintanri* in which 
members of Congress, mostly en- 
trenched incumbents, leased or 
bought can wife campaign funds. 
In one example, Senator Ted Ste- 


vens, Republican of Alaska, spent 
$72,000 for auto expenses in six 
years, including $23,000 for a van. 
After being re-dectcd, the cam- 
paign bought a $32,000 Lincoln 
Town Car, the study found. A Ste- 
vens ride denied the cars were fra 
the senator’s personal use and add- 
ed that the Lincoln was sold. 

The Federal Election Commis- 
sion first proposed a general rule 
that would hAve banned using cam- 
paign funds for expenses like mort- 
gage payments or vacation trips 
feat a candidate would have even if 
not running for office. 

After a hearing in which all sides 
requested specific guidance, fee 
commission tried but failed to draw 
up a specific list of prohibited ac- 
tivities. 

Trevra Rotter, a Republican who 
is chairman of fee commission, said 
in an interview this wed: that fee 
commissions challeng e is to draw 
“a dear line that is easy to follow 
and minimally intrusive on the 
day-to-day work of campaigning.” 



MANHATTAN REVIEW — SaBors aboard the earner Guadalcanal viewing the Woi 
in revie*. The ceremony was pot of an international armada in New Yolk’s barb 

Away From Politics *»>® i» »J*® !?■? 


Kwy RjQ/Apm Fran- Time 


• Two men arrested lor trying to bqy a Stinger 
mfssOe and other high-tech weaponry were 
members of a splinter exile group planning to 
launch an armed assault on Cuba, Assistant 
US. Attorney Wflfredo Fernandez said in 
Miami. He said Rodolfo Frometa, 49, and 
Fausto Marimon, 43, “were formerly in- 
volved with Alpha 66 military operations and 
they formed tneir own group. 


were an “unavoidable accident,” an advisory 
panel of the National Institutes of Health 
concluded. The new report, which dears fee 
institutes’ scientists of wrongdoing contra- 
dicts fee view of the Food and Drug Admin- 
istration, which said last month that research- 
ers in fee drug trials h«d committed “serious 
violations” of U.S. regulations. 

• Police have arrested a second man in fee 
armed robbery of five Norwegian passengers 


rat a hijacked airport shuttle bus in Miami 
last month. James B. Coleman, 23, was arrest- 


and Mdn« 
Thompson 


g. The police say Cedric 
already confessed. 


•After correctly apeOtag “antetfifarian,” a 
13-year-old from Tennessee was crowned 
champion of the U.S. National Spelling Bee. 
Ned G. Andrews of Knoxville lasted 13 
rounds to win the contest. 

AP, w? 


ADVERTISEMENT 


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Deposed Haiti Leader 
Urges 'Surgical Action 9 


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Rape- “The message here is that a 
woman has to physically resist and 
risk serious bodily iqjury to prove 
shewasnmed. 

“If you're a 107-pound woman 
and a 280-pound guy is on top of 
you,l fetnk feat’s forcible compul- 
ston,” Ms. Myers said. 

Cassandra Thomas, president of 
the National Coalition Against 
Sexual Assault, said: This u one 
of the wont setbacks for the scxnri 
a s Hi qfr movement in the last sever- 
al years.” 

Accenting to the opmkn, the 
j woman eotaed the roan of Robot 
A Berkowitz, then 20, looking for 
his ioonanrie, who was a friend of 
hen. The roommate was not there. 
Mr. Bedawtafiatbeade her, pulled 
up her blouse and hra, fondled her 
breuts-and attempted without suo- 
cem to get her to perform oral sex on 
him, fee cpnkn says. 

■ He feenkicked the door, pushed 

her auto fee bed, parity removed 
bar clothe* and sexually penetrated 
her, according to the opmkm. The 
npinmn panted out feat fee dora 
was locked from the inride, but she 
did not try to ualock it 

The .defendant, Mr. Bedowitz, 
toW the jury feat he heard fee 
woman say “no,” but did not be- 
heve that fee meant it 


By Howard W. French 

New Yerk Times Service 

WASHINGTON — In his stran- 
gest statement yet in favor of mOi- 
nuy intervention, the exiled Hai- 
tian president, fee Reverend Jean- 
Bertrand Aristide, said he doubted 
that economic sanctions could re- 
store him to office and urged “ac- 
tion to get rid of fee thugs” who 
overthrew him. 

In an interview at his Washing- 
ton apart ment. Father Aristide re- 
peated concerns Thursday that 
Haiti’s constitution would not al- 
low him to formally invite foreign 
military intervention. But he srid 
the United States should be “mov- 
ing toward a surgical action” that 
be said would succeed in a few 

boon to remove Hritf S militar y 
leadership. 

Asked if sanctions could /race 
fee military to relinquish power, 
Father Aristide sakhTf we realty 
want to save lives, something else 
should be dram now.” Referring to 
fee U.S. intervention in Panama in 
1989 to remove fee military dicta- 
tor Mannd Antonio Nonega, he 
added: “Haiti is not the first case. 
When tinny were like ihar jn an- 
other country, something was 
donei Why not in Haiti?” 

Father Aristide’s comments 
came as pari of a growing debate in 
the United States over statements 
by Preadeat Bill Clinton that mili- 
tary action should not be ruled out 
in Haiti to force an cad to fee 
country's pohtical crisis. 

Moments before fee Haitian 


leader made his remarks, one dose 
American adviser, Burton Wides, 
suggested that the emphasis con- 
cerning diplomacy around Haiti 
should be to aggressivdy dose 
loopholes in fee international sanc- 
tions before any foreign interven- 
tion is considered. It was not dear 
whether the Haitian leader had cx- 
pressed there views directly to Oin- 
iod administration officials. 

Until now, Father Aristide’s po- 
sition on foreign intervention has 
been widely perceived as ambiva- 
lent, with many in the Clinton ad- 
ministration expressing concern 
feat he would either not fully sup- 
port nrihtaiy intervention before 
the fact, or would quickly condemn 
it once he was returned to office. 

But while he endorsed fee idea erf 
foreign military action, Father 
Aristide, who was overthrown in a 
1991 coup, expressed strong oppo- 
sition to any plan that would in- 
volve long-term foreign occupa- 
tion. The debate over U.S. 
intervention has often centered 
around the question of how long 
the American presence would be 
required. 

The action could be a surgical 
move to remove the thugs within 
hours,” Father Aristide said of the 
kind of intervention he would sup- 
port. “Once we do that, we could 
have fee international community 
in fee country within fee frame- 
work of agreements we have al- 
ready signal Not in the framework 
of a mflttaiy intervention.” 


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On Day of Military Symbolism , President Signaled Ambivalence 

** ** •/ */ O marine. pcHucs-disdaioing wife 

By Maureen Dowd Although commander in chief, said William Clark, 79. of El Paso, an effective commander in chief. Mr. Flynn said: “If only be looked would have to take Mr. rirons H^gain-r Silvio Berluscc 

Nc* York Tma Semce his salute often falters in a military who was an army medic in the first of all _ Iii e Gregory Peck, he‘d be the comment under adyisemem r«ore Ver0 n j ca Laria, and Presidi 

ROME — The salute gaw it setting, as though he fears a silent Anzio campaign. J1 " T - L ■- t ■ - - ” ‘ ^ '’" T,af,r - 


away, or course. Where there reproach about his right to use it in 
should have been snap, there was light of the years he spent and pro- 
only chagrin. testing the Vietnam War. 

In a photo opportunity arranged It was a morning full of uncom- 

by the White House. President Bill ■■ — — 

Clinton was welcomed at the Reporter's Notebook 

American cemetery in Nettuno by _ 

June Marion Wandrey, 74. a for- fortable imagery for Mr. Clinton, 
merU.S.Anny nurse who served in the first president since Fr anklin 
Sicfly, Cassino, Anzio, Naples and D. Roosevelt to be elected without 
Dachau. having served in the military. 

Proud that she could still fit into Even Mrs. Wandrey looked 
her old brown wool uniform, with dawn and paused for a long mo- 
right battle stars bespeaking ber meot when she was asked if it was 
heroism. Mis. Wandrey greeted the time to Jet the president move be- 
president with a saucy smile and yond his problems with the miti - 


fortable imagery for Mr. Clinton, 
the first president since Fr anklin 
D. Roosevelt to be elected without 
having served in the military. 

Even Mrs. Wandrey looked 


the crisp salute of a professional. 

Mr. din too returned the salute 
slowly, tentatively, a self-conscious 
gesture that reflected his ambiva- 
lence about using the greeting of 
the military he once said be 
“loathed.” 


To subscribe m France 


jvni col, toll free, 
05 437437 


taiy. “Well, each to his own," she 
said. “You have to look in your 
own heart and see what you can 
forgive.’* 

Mostly, the mood on Friday was 
soft and forgiving; veterans of the 
Italian campaign, always feeling 
overshadowed by the greater my- 
! thology of Normandy, seemed will- 
ing to give Mr. Clinton the respect 
i of his office, and more, the benefit 
of the doubt. 

“Experiences like this are matur- 
ing him as commander in chief." 


Jeny Halpera, 68. a veteran of 
the 45th Infantry Division from 
Little Rock who said he knew Mr. 
Clinton when rhey both were on the 
staff of the University of Arkansas 
law school, said that the president 
deserved respect. BuL he added, he 
hoped military advisers would 
teach the president “how to sa- 
lute." 

□ 

The White House has been 
dreading the inevitable compari- 
sons to Ronald Reagan's knockout 
speech at La Poinie du Hoc on the 
40th anniversary of D-Day. partic- 
ularly inevitable since Mr. Clinton 
will also give a speech on Monday 
at La Point e du Hoc. 

When he was asked in a Voice of 
America interview, before leaving 
for Europe, how he would answer 
the inevitable criticism on the trip 


“Secondly, I think most Amen- greatest politician in .America." 
cans know that we were united in Christopher, who followed 

what we thought about World War j^r Flynn to the microphone to 
If. And lhai we were divided in introduce ;be first lady io embassy 
what we thought about Vietnam. slaff mcm bers, did not look 
Maybe they'll still be judged in the amused. He murmured that be 
future, but many of my friends in 

the Congress arc Vietnam veterans, 

ultimately came to the same con- /^T TTVT r TV‘Y|\[ # v\ 
elusion I did at an earlier point that VxJ-ilJL 1 J- X • £l( 
our idealism and our desire to up- 
hold OUT end of the Cold War led us Omtimied from Page I 

into z degree of involvement there 

which was an error. saii noting that her children's gen- 

“Thai was ray belief, that has eraiion “doesn't have a sense of 


would have to take Mr. flynns Nosier Silvio Berlusconi, 

comment under advisement More and president 

deciding if it was diplomatic. Q^ Jon * s wife, Hillary Rodham: 

Headlineoftheday-URepu^- 

c£SiTJSsm rSAw 


DHOW: V 3 

Aden’s Lifeline 


CLINTON: President Recalls Sacrifice of War Dead 


which was an error. noting that her children's gen- useof tt 

“That was ray belief, that has eraiion "doesn't have a sense of The 1 

nothing to do with my devotion to w bat these men gave." Mr- dir. .- , - 

what happened to this country in “Many of mv high school and in Washington and a potennaiop- 
Worid War fl and the ideals behind college friends were killed at Nor- ponem for the president^. rocay™ 
it and the institutions and policies ro andy. They were just gone. So a salute from Mr. Clinton as they 
that followed from iL i have no young." shared a platform and ceremony, 

problem with it at all and I can't j 0 h n Bender erf Aberdeen. Mary- He cited Mr. Dole, Senator Ernest 
wait to go." land, said the president's war pro- F. HoQings. Democrat of bourn 

test as a young man “bothers me a Carolina, Senator Darnel K. Inou- 
- >_/. .Tu r - w rVfnnrTnt nf Ha wan. and Scna- 


mony. Mr. Bender, like Mr. Dole, 
was seriously wounded, losing the 
use of his aim, as Mr. Dole did. 

The Republican, at odds with 
Mr. Clinton on virtually everything 


Quote of the day : The unpredict- juiie," but “he grew up. 


about his lack of military service able Ray Flynn, former Boston “Maybe he has changed. He 
and comparisons to Mr. Reagan, he mayor and now ambassador to the should be aware of things. I think 
replied: “President Reagan didn't Vatican, W3S the host at a reception ^e is. since he is here. There's so 
have conventional military service for the presidential party Friday rauc f, a[ stake,” 
in World War II. He did a good job afternoon at the U.S. Embassy. Bender, who said he was a 

and he did a very important thing. Introducing his boss. Secretary Republican, was as pleased to see 
And it didn’t stop him from being of State Warren M. Christopher, Dole, the Senate Republican 


GbErev 

^-JNATIONAL Wmer 


EZtttSZjr ye. Democrat of Hawa ii,aDdSe na- 

“Maybe he has changed. He tor Claiborne Pell. Democrat of 
should be aware of things. 1 think Rhode Island, as ^otmg Ameri- 
he is. since he is here. There's so cans who came. of age here, each an 
much at stake." American patnot who went home 

Mr. Bender, who said he was a to build up our nation. 
Republican, was as pleased to see He added, *^e honor what they 
Rib Dole, the Senate Republican have given to America. 

leader, as he was Mr. Ouhot. Mr. Mr. Clinton, in his eight-minute 
Dole was one of four senators who address, also touched on the neat 
fought in the Italian campaign and for Americans to remember their 
who was invited here for this cere- history. “Too many Americans. 


he said, “do not know what that 
generation did.” 

Mr. Clinton recounted a story a 
co man told him of his father, Wil- 
liam Blythe, who served in Italy. 
Back home, Mr. Clinton said, a 
niece had heard of Italy's beauty 
and asked Mr. Blythe to scud her a 
single leaf from one of the trees to 
take to school. "My father had only 
sad news." he said “There were no 
leaves. Every one bad been stripped 
by the fury of the battle." 

Mr. Clinton cited a “spirit of 
co mm on cause” that was alive on 
the beaches of Italy during those 
furious battles that “did not ate 
here” and said to the children of 
the World War II generation: 
"Now our moment for common 
cause has come. It is up to us to 
ensure a world of peace and pros- 
perity for yet another generation.” 


s"PARIS 


BASTILLE 

1994-1995 

OPERAS 
SIMON BOCCANEGRA 
MAD AM A BUTTERFLY 
LE NOZZE Dl FIGARO 
LUCtA Dl LAMMERMOOR 
LA DAMNATION DE FAUST 
UN BALLO IN MASCHERA 
DIE ZAUBERFLOTE 
IPHIGENIE EN TAURIDE 
I CAPULETI E I MONTECCHI 

BALLETS 
SPECTACLE D'OUVERTURE 
LE LAC DES CYGNES 
KYUAN/BALANCHINE/GRAHAM 
MAGNIFICAT 
NIJINSKA/NIJINSKI 
GISELLE 

ROMEO ET JULIETTE 
ECOLE DU BALLET DE L'OPERA 

CONCERTS 

INFORMATION 33 1 44 73 13 99 


CARR'S bosh 

RESTAURANT BAR 

Frendi/Vih aadr>- WWsd bmJl ?5F. 
Open 7/7. N PAH5. CARTS BAR C f£VBt FAR. 
IrujiiMortffliabor. W. J3 60 6076. 


AUX LYONNAIS 

TrcdKonci bona coding h ouAenke 1 392 
deco £accll«n> wine* & minernl valors. 
32. Si Mac. Id.- (T 1 42 OS 65 04 


LE MUNI CHE 
The Brasserie of Hie 20’s. 

SpeddiSe* cci’s Swt». ’dojeroute", seafood. 
Open even, day. um Hon’.iw Son* 
Bonn) foona Si. G-jmrin<F»FVci 
W^2AI.IZ70. 

NEW FURSTTNBERG 

American i u l uuiu< of The 30* 

Toco. Guacamfo. TBw. Pibs luncJi menu 
68 FF. 7 day* onJ md him 8 am. to 2 a n. 
Taanq Si OamoindesAcs. 27. me Ouiloume 
Apo8.ocfcc.td. 1>) 418600 W 

YUGARAJ 

HoJed as he bed V'dkn ratavam in France 
by*etaodnag»dej {or c o i j fempd} li.rue 
Cta.4lirfn« T- 412644.91. 


LA PETITE CHAISE 

Delicious cuisine at (he oldesl rafcnrorl in 
Pcra. AAcnu 1 70 Ff daily. 36. rue de GrcnJe 
Td.; (I) AU2 1 3.35. Open in Argus 

THOUMIEUX 

Specialities of ihe Sou'h-Wcit. Confii dc 
canard & auoder au eonft de canard A» 
car debarred Open evtsyday until midnghl, 
7*> rue Sr.Oonim^jc Td.- 11| 47.Q5.49y5. 
Near hmSdc* Temrind 


PAMS 8th 

LA MAI SON DU VALAIS 

A *wte Qsalet In Paris 

In a nraibn otno’jiKtn. Swiss mentfu 
20. nx Ifcyafc. to. id : (I) 4260 7375. 

Le LA ROCHELLE 

lepoomelmMsMimAi 

Dnatonstn rficfi*. Maerre w*rs, bb*r. 
<mWi lirdr. rirm, fc» iu»r 7dcm/mdi. 5. 
ptcbrAhg.il|47a4i'.6l?g.H. 


LE TOfT DE PARIS 

Dome Poram evoy Sounfoy rigVt 

ssasing at S p m. vtfi go Unjiy ric 
mfodfia and live music cl l£ 

TOff D£ PADS on Ifie lOrh door 
fccSunrg a supeA view d he dfy 
and ito 6fid Tower 
Ft 2*75 nd. 4"e and d a ncing. 

Pais Hapn 18. av. 5iAc«. Td.: 427 j.V2.0Q. 


CHEZ FRED 

One c> cW-u kirVo* of Pari* 
FicndrSTjdiSondcoolai'p. 190 bis bd. Wrernt 
Rewnolions. Id 014574.20.48 

LE CLOS SA1NTE-MARIE 

and is Howl d terrace, 

on a pedestrian wait. Calm atmosphere. 
1 txJftond amme, near and (Vrtr MoSar. 
I. place Chain Hon Td.: 4o77.33.37. 


DAMEOPATACCA 

Tnnfcvere ®af (anous for fon food, music 3 
fc*W CO 1 51 P.snw. ftas.93.Tj 5833 1086 


KERVANSARAY 

Turlrish & Inti specialties lobster bar. best 
seafood restaurant. 1st floor. Mahlerslr.9 
TdL: 5128843. Ail conddijnedL 80m. Opera. 
Nre*i 3 j^n & 6 p nvlojiu etep t Sunday. 


KOREA: Tokyo Ready to Join in Sanctions on North 


Continued from Pace 1 
garded a s a declaration erf war 
against us." North Korea's first 
deputy foreign minister. Kang Sok 
Jll was quoted as saying. His state- 
ment was carried by the Pyong- 
yang-based Korean Central News 
Agency and monitored in Tokyo. 

"In this case, not only the parties 
joining in the sanctions against our 
republic but also those backing 
such sanctions will be held respon- 
sible." the statement said 

"This is not what we want” but 
“ibe United States must not take 
our patience for a sign of weak- 
ness.” the statement further 
warned. 

North Korea also called Friday 
for new talks with the United 
States to defuse the long-running 
dispute over U.S. suspicions it has 
diverted nuclear fuel to a secret 


weapons program. If the talks are Officially, though. China contin- 
not held, it added, it could pull out ued to balk at sanctions. China’s 
of the Nuclear Nonproliferation deputy foreign minister. Tang Jiax- 
Trcaty. nan , met Fridav with his South 

But Mr. Gallucci said Pyong- Korean counterpart. Park Kun 
yang had removed the basis for Woo. and stressed the need for di- 
bdding another round of high-level ploraacv to resolve the dispute, said 
talks when it caused the Interna- a South Korean Foreign Ministry 
tional Atomic Energy Agency to spokesman. Chang Ki Ho. 
conclude Thursday that North Ko- in Rome, President Bill Clinton 
rea bad breached international said Friday that it was not yet time 
nculear safeguards. I0 siase a Russian-proposed inter- 

China continued to counsel cau- national conference on denuclear- 
tioo, but a published report hinted irino the Korean peninsula, 
at a shift in hs previous anti- sane- Mr. Clinton essentially rebuffed 

tions stance. for now President Boris N. Ydt- 


at a shift in hs previous anti- sane- Mr. Clinton essentially rebuffed 
tions stance. for President Boris N. Ydt- 

Tbe hint of a possible change in sin’s appeal for such a conference, 
China’s position came in a Beijing- first made earlier this year. Mr. 
supported newspaper published is Yeltsin said on Thursday that Mos- 
Hong Kong. Ta Kung Pao. It said cow could not support sanctions 
in the event of an embargo, Beijing against North Korea before such a 
would halt food and oil supplies to conference 

*5? Korca - “ d CUt 3,1 Mcr ' (Rcuvn, AP. AFP) 


JOBS: U.S. Data for May Show Growth Moderating 


wJ 




FRENCH 


COMP, 


HANDBOOK 


Continued from Page 1 economy- now was somewhere be- 

tween 15 percent and 35 percent 
came from Friday afternoon re- following the drop during the first 
ports of virtually flat auto sales in quarter to 3 percent from 7 percent 
May by Ford and Chrysler and a in the final quarter of 1993. This is 
slowdown in their buoyant sales of much closer to the Fed’s target for 
light trucks. the economy of just below 3 per- 

As this picture was confirmed, cent 
the early morning losses in the gov- ••The Fed has made its quantum 

ernmem bond market were re- move for die year." Mr. Sinai said. 
F**? 1 7l easu D s 30-year “It now j 5 35 puzzled and question- 

bond yielded 7^.7 percent, .easing mg and everyone else; but I don't 
from Thursdays closing yield of ^ them doing much more this 
734 percent. The stock markets year than some fine-tuning with 
also reversed an early drop of 10 ime^ rates if thev feel th£ have 
points m the Dow Jones Industrial l0 - 

Aver^e. and the dollar regained The target now is to keep nifla- 
ccmiidence. moving higher against u 0 n from rekindlins as the more 
both the yen and the Deutsche moderate expansion' stretches out 
DUf j c - and the White House was at pains 

Alan Sinai, chief economist for to stress through Laura D'Andrea 
Lehman Brothers, saw a “signifi- Tyson, head of the Council of Eco- 
cant slowing in the momentum of nomic Advisers, and Robert E Ru- 
the economy itself" and said the bin. a senior economic adviser, that 
more bkely course of growth for ike they expected no more than “an 


uptick’’ in inflation later this year. 

“Now we just have gel the bond 
market to believe it," said Stun Ka- 
han of Fuji Securities. “If it does, 
you’ll see long-term interest rates 
going down again.” 

Bailie UN Force 
Set for Training 

The Associated Press 

STOCKHOLM —The five Nor- 
dic coun tries agreed Friday to help 
the Baltic states build a common 
peacekeeping force for United Na- 
tions missions. 

The agreement was to train up to 
150 troops to speak English and 
perform peacekeeping tasks. Swe- 
den, Norway. Denmark, F inlan d 
and Iceland signed the agreement 
to help Lithuania. Latvia and Esto- 
nia. 


village, so *ey don’t gang «P 
me.” 

The captain- barefoot an? _ wear " 
in® a white turban and sarong 
makes his living trading in the pom 
in Iran, Yemen, Saudi -Arabia, and 
Somalia. V' 

He delivers bags of rice, a*g*r 
and grain to Somalia. antUarots 
out franlrincensft and 
used in incense and pen™**-. Bw 
as chaos has envelojjea Somalia, 
and now Yemen; Mr. Farah said, 
he prefers to keep^oyay- •_ 

“There are to&Q^iypiratcs^ 
the Somali coast,” he said: “Th« 
have small sMiTs and' « b - anned 
with automatic weapons.. Radar 
than let the crew go free oii More, 
they often shoot evwyooe and toss 
the bodies into the sea.” 

Except for the addition of ^ 
ones over die last three: decades, 
both the design Of thfc.tfiicxw, ami ■ 

Mtc )»n> rhttnwf 


UIV — ■ — 

Btilc since the adventures ot Sated 

the Sailor in “The Thousanf and “ 
One Nights.” . ' *S:., 

Mr. Farah navigates by foBoir- 
Log the coast Lifeboats, fife vests' 
and even a ship-io-shore radid are 
luxuries be does without And al- 
though he has been sailing simx 
boyhood, .with . two boais having . 
gone down under him in sfoobkfe 
cannot read a map. •;{ 

“We strap planks io ibcpfegic 
barrds and wait to get picked up S 
we sink.” he said. “It worts fiat” 

It takes 27 hours, ' 

powered by a 165-bottepaw& V 
gine, to chug its way to Aden. .Tbc 
crew spends much of the tiraeicB- 
ing on the bags' of rice duk opver - 
the deck, chewing the narcotid leaf 
khat and brewing tea in the battm 
half of a metal barret .- •• 

The beat and huatitfisy, evenat 
night, are stifling. There is ‘ti* 
drinking water. And the ptivy is a : 
hole in the deck in the biui of^Sc 
vessel. When the shqj passed tht 
Bab al Mandab, the strait dun con- 
nects the Red Sea and the Arabian 
Sea. the boat pitched rideotly^ . 

The crew, abandoohigthdri^h. 
argy, scrambled tokemtheh^srrf 
rice from shifting in the; and 
upsetting the balance oftbe'vessct ' 
The sailors, dressed, jufcsaroa*s 
and beaddreses of cotton dotii, 
appeared indifferent io.timo-'Diir- 
ing the Abdel Sanut^ift, the 

was asked die 
believed it was 

was 4 A>L • 

But it was Aden Wtflt iadadt 
menacing vofcanicdjX6ml raiy 
promontories that pfamgemto the 
sea — ihramosturmervedihecreaF; . 

In the choj^ry water^oulffife die . 
port two vessels of Ae^souibeni 4 
forces — a missile bort apdaScm- > r 
et-buDt corvette, armed, widrmn- 
non and rockety— pafK^edwife- 
out lights in the 
“We don't move in flie dart" 
said Saleh Goulaid, 60, ^ bare- 
chested sailor. The aew meinbeis 
nodded their agreen^nl, and the 
pilot shut off the engjnt The cap- 
tain's pleas to restart the «apae 
were heeded as little as the lapping 
of waves against the woodedbirfL 
“It’s a miracle they code (his 
far,” he said. “I can waitsitughtto 
see Aden. I don't dunk i have a 
choke.” 


Hcralb^^feSribunc. 


S B F - PARIS BOURSE 



Published by the International 
Herald Tribune, in coordination with the 
Paris Stock Exchange, the 1994 edition 
includes detailed profiles of all the 
companies in the new SBF 1 20 Index. 

Launched in December 1993, the 
SBF 1 20 is made up of the CAC 40 plus 80 
other major firms. Its stocks gained 32.8% 
last year, making these the companies to 
watch in the coming years. 

Each profile includes: head office, 
CEO, investor relations manager, 
company background and major activities, 


recent developments, sales breakdown, 
shareholders, subsidiaries and holdings in 
France and internationally. 1989-1993 
financial performance, and recent stock 
trading history. 

French Company Handbook is 
updated annually for financial analysts, 
institutional investors, corporate, 
government and banking executives, 
documentation services - anyone who 
needs to know about the leading 
companies in the world’s fourth largest 
economy. 




AMSTERDAM 

CHOSSTOADS INTERNATIONAL CHUR- 
CH Interdenominational & Evangefcal Su>- 
day Sen/foe tax a.m. £ 1130 asnJ Kids 
Wefcone. Da Cuserefcs* 3. S. Amsterdam 
Wo. 02940-1 531 6 or 02503*1 399. 
ANTWERP 

INTL BAPTIST CHURCH offers English 
services al 10U0 am £ &00 pin. Sunday. 
Rev. 0 J. AberrWhy, Pastor £ maite s meei 
at Finish House Chapel. Italieler 69. 
lr*j: <32) a 44a 20J 7. Belgium. 

MILAN 

ALL SAINTS CHURCH 
cUbg restaajan *wJ met tfViete jfaia 30.' 
Mfcro n Ihe Chapelt* Ihe Orsdtoe hsttute. 
Holy Communion Sundays al 10:30 and 
Wgtwariayj* 1930. Strxfay School Yotih 
l Cmcha. Come, sfody ooubs, 3d 
n m wre ” 5n,al ^ 

MUNICH 

INTEFWATX3NAL CCWM^TTV CHURCH, 
EvarKStet Kie BeteUig. services in Enc*- 
sh4:15pjT».SuTlaysrf&*n*erStr. loSfe 
Tberes e nstr.) ff»9) 934574. 

MONTE CARLO 

INTL FELLOWSHIP. 9 Rue Lours-Nofari. 
Sunday Worship 11:00 £ 6 p.m. 
TeL9Z.1&56iX). w 

PARIS and SUBURBS 
HOPE INTERNATIONAL CHURCH {Even- 
geCcaO- Srn. 930 am Hotel Orion. Metro 1 : 
tsplBiflde da La Defense. TbL 47.73S154 
or 47.75.1 4^7. 

THE SCOTS KIRK fPRESBYTERIAN) 17. 
n» Bayard, 75008 Paris. Metro FD Roose- 
vbL Forty service £ Sunday School el 1030 

am.everySunday.MwdajmaForHornie- 

10048784794. 

SAINT JOSEPH'S CHURCH (Roman 
Cafrxrffc). Masses Saturday Evening 6:30 
p.m.. Sunday. 9:45, 11:00. 12:15 and 
6d0 p.m. 50. avenue Hoche, Parts 8th. 
Tat: SS272BSS. Metro: Oates de GeuHe - 
Qo fe 

STRASBOURG 

ST. AtJ AN (An gfcan) al lEgfae des Oomini- 
cans. EiKhansi 1 030 am comer BNd. da la 
Victoim & me de rumversM, Strasbourg 
(33)8B35ro4a 

TRANE 

INTERNATIONAL PROTESTANT ASSEM- 
BLY, Wederanhrfonal £ Evang B ie a l Ser- 
vioea: Sm. 10-30 am. 550 pm. wfed SUO 
p.m. Rtu gaMy ^ym Shyit Tel/Fax 35S42- 
42372 or 232G2. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Hdabashi Stn. Tel.: 3261- 
3740 Woship Senrbe: ft30 am Suxteys. 
TOKYO UNION CHURCH, near Omatesap- 
do subway sta. Tdt 34000047, WorsM) aw- 

viCK SkTday 830 & II^O am. S3 a 9-45 
am 

VIENNA 

VIEFNA OWSTlAN CENTER, A CHARIS- 
MATIC FELLOWSHIP FOR VIENNA'S IN- 
TERNATIONAL COMMUNITY. ■ English 
Language * Trans-deng nHatori . mem a 
Hatigasw 17. 1070 Vienna. BOO pm Eway 
Sunday. EVERYONE IS WELCOME. For 
more ntafmrion <St 43-1^18-7410. 

THE WSCOPAL CHURCHES I i 
OF EUROPE (AngEcon) 


rLORETVCE 

ST. JAMES' CHURCH. Srn. 9 am We I £ 
1 1 am. Rite II. Va Bernardo Rucetiai 9, 
50123, Florence, ftaly. Tel: 3955 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 

(EpGoopaMngfcaiJSin HtfyCamrrmongfi 
11 am Sxxfay School and Nusery 10^5 am. 
SebasSanHhza2Z60323rtarMi*tGama- 
ny. U1. a 3 Mfouel-Alee. TeL 4959 55 01 84. 

GENEVA 

EMWANUELCMJRCH. 1st 3rd£58iSui 10 
am. Euchanst £ 2nd £ 4th Sun. Morning 
PiByer.3ruedeMorthoux.120lGeneva.Sw8- 
zertend. TeL 4M22 732 80 7a 

MUNICH 

THE CHURCH OF THE ASCENSION. Suft 
1145 am Hcty Eudoist and Sunctay SchcwL 
Nursery Care provided. Seybothstrasse A, 
81545 Mnch (HartacWng). Germany. Tel.- 
49836401 85. 


BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Srada Popa Rusu 22. 3110 pm Cortad Bi 
RWarrison. Trf. 01 0-P 1 -61 . 

BUDAPEST 


WUPPERTAL 

WefTtetfonal Bartisi Churtfi. English. Ge^ 


ST. PAUL’S WTTHN-THE-WALLS. Sin. 830 
am Holy Eudiarist Rte 1 1030 am. Ctwal 
&xh3n a RBeft 1033 am Church School tor 
drAJen 4 Njrsoy erne provided 7 pmSrterv- 
sh EucharfeL Via Napak 58. 001B4 Rome. 
Tei^ 398 488 3339 or 398 474 3569. 

WATERLOO 

ALL SAINTS’ CHURCH 1st Sin. 9 fi 1 1:15 
am. Holy Euchanst w*h ChSterfs Ctam at 
11:15. Al Otier Scrdays: 11:15 am Hct&i- 
Jhansl wkJ Suteay Schod. 563 Chassea de 
Lcuvah. Chan. Beigfom Tet302 3M-35S6. 

WIESBADEN 

TFt CHLWCH OF ST. AUGUSTINE OF CAN- 
TEf»URY. Sun. 10 am FamJy EuchartsL 
Fiaikfumv Sfaasse 3. Wies&aden, Genramr 
Tfli 4981 I30£6 l74, 7 ' 

EUROPEAN 

BAPTIST CONVgfflON 

EUROPEAN BAPTIST CONVENTION 
CHURCHES WELCOME YOU. SO Engfeh 
speaktog Congregations in 17 European 

CayMes-MerrE w ^ 

Euepean Beptot Fbderadon Rxtefermatbn 
Conlacl European Baplisl Convention 
®. M5193 Wfesbaden.' 

BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
marts at >800, Bona Nora Bepftst Ouch 
Carer de b Ciulat de Qriaguer AO Pastor 
Bordea Ph. 4iai6Bi. 

BERLIN 

INTE RNATIONAL BAPTIST CHURCH 
BERUN. Rotiertug Sfr. 13. (SMtz). Bbie 
SMy 10.45. mr&ip at i2W each Sunday. 
Ojarfas A Waford, Pastor. Tel.: 030-774- 
4670. 

BONN/KOLN 

THENTBTWnONAL BAPTIST CHURCH 
OF BONNfliOLN. ftieinaj SItbsso 9, K 6fo 
Calvfi Hogue. Pastor 

TcL(CG23^ 470BI. 

BRATISLAVA 


f behnd few enharse). 1030 B»jia8ft^ao6 

. pm Pastor Bob 2bhdan TeL" 1156116. 

^ Reached by bus 11 . 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH 
j World Trade Center. 36. Drahan Tzankpv 
j Bhjd. Worship 1 1 dOO. James Duka. Pastor. 
Tel: 704367. 

CEUE/HANNOVER 
INTERNATIONAL BAPTIST CHURCH 
WrUnden Stiaaae 45. Gate 1300 vyfartf*,' 

DARMSTADT 

darmstadt/eberstaot baptist ms- 

BWe Study £ Worshfo Sunday 10 JO 
gmaeamisacri Da-EberstadL BueschaBr. 
study 9-J30. wtxshp 10:45. pastor 
, Jm Watb. TeL- QS1 55^300921E 

dusseldorf 

INTERNATIONAL baptist CHURCH. En- 
9te^ S5. iwo. worship 11X15. ChSdren’s 
ouch and misery. Merts at ihe Mamrtkxd 
Wrchweg 2.D-Kal 

asswerth. Frfenfiy leftMshp. Al derxxrina- 

Vrt? (E v S® , ,^ Dr - w J - Dela y’ Pasrtw - 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
S WP E vangefach-FreilciTchhJie Gemertje. 
S 0 *nerar. 1 1-ia 6380 Bad HonixioS^ 

nWF«: 06173-82728 SBvr^ the FwfcS 
and Taunus areas. Germany. Sunday wor- 
s hp ng 45. nurenr/ Smday-Gch<3lOOO 
'winen e hfole rtu rSes. Houseoroups - Sin- 
dey * W rttoBday 19-JO. Pastor M. Levey 
Cor1v »*3ri^: 
oar© Hrs gfery arongsl the naJi^ns.- 

INTERNATIONAL baptist 
O lURCH. Am Dad^torg 92, Frarfcfnt nM 
Sntey worship li.-OO am and 600 nm rv 
Thoma3W.h«.paskx. TeL- 069549®?" ' 

HAMBURG 

INTERNATIONAL BAPTIST CHURCH 
OF HAMBURG meets at TABEA FP^t 
SAAL AM ISP ELD 19. 

Smdqr. Tel.- 040G20616. 

HOLLAND 

TRMrY BAPTIST SS. 9 313 . Wors^j 1030, 
nuraery. warm leilowship. Meals ai 
64 m 

MOSCOW 

JNTOTNATIOWAL BAPTIST FELLOWSHIP 

MUNICH 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH 56 R.n 

ESS^'SSir R !{S?'c fc '™‘ 80n - * 1 

chuch tor ihe Enafch 


Ox«h Zrinstejho 2 1600- 


PARIS and SUBURBS 

THE AMEWCAN CATHEDRAL OF THE HO- 
LY TRWTTY. Sul 9 £ 11 am 10 am Sin- 
day School for children and Nursery care. 
Thnd Srnday 5 pm Evensong 23, avarue 
GeagsV.Parte 75006, TeL 31147 20 17 92. 
Merer GeoipeV or AknaMaroeau 


BREMEN 

INTB^IATIONAL BAPTIST CHURCH (En- 
flWi l aryjay) merts a Erangofod^FcaKr- 
cttech Kre uzgameinde. Hahoriaheslrasse 
HanreanGose-Sto (womd foe comer from 
Ihe Bahntof) Sunday worship 17.00 Emea 
D Wafer, pastor. Tel. 04791-12877. 


cvarwjB«3j church tor ihe Enofeh Tiwiif-r., 
rammunily lowled in iffKSSS 

w PRAGUE 


1 rnan, Perean. Worshp 1030 am, Setoefr 
21. Wr^jpertai - Eberttid. Afl dw a mn U ona 
wetaome. Hans-Dieter FraurxJ, pastor. 
6 TeL 0202*4890384. . ; V - 

ZURICH 

INTERNATIONAL BAPTIST CHWC« at 
Waderwri (Stic hj, StrtzatoxLRoaentag-. 
strasse 4. Worship Services Sunday 
I. *rwrtnga11«LTBLl-700CBl2. ' 
y 

r. ■— 

ASSOC OF INTT. CHUROSS 
IN EUROPE & MPEAST 

' BERLIN 

AMERICAN CHURCH IN BERUN, cor. at 

* P“*»*nter Sir . as. 930 am, 

; WorshpllamTeL030B132021. 

BRUSSELS 

' THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS, Srtday Sdwil 
f-SOamandOxrth 10:45 am K^Krticm. , 
19 (al Ihe Int. School). TeL: 673^&8l. 1 
as 95. Tram 94. 

COPENHAGEN 

^TERNATTCNAL church ofCcvvhGBn. 

Vartoy. near R»wa Study 
1ft15£ Mfotofi 1130. TaL 31BM785. 

FRANKFURT 

UITHSVW CHJRCH NtidMigw 

Afee 54 (Acnae from Buger HospiHB. 5uv 
^ Sdtool 930, worship 11 am TeL^)®) - 
539478 or 51 2S52. 

GENEVA 

EV- LUTHERAN CHURCH of Grtieva. 20 
^Ve^r^sij^ ^hGer- 

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By Rick Atkinson 

Washington Pest Service 
BERLIN — As legions of states- 
men and aging warriors gather 
along Normandy’s beaches this 
weekend to commemorate the 50th 
anniversary of D-Day, their 1944 
enemy — Germany — will be rep- 
resented almost exclusively by its 






Nearly 78,000 German soldiers 
lie in Norman graves, more than 
twice the number of Allied troops 
buried there. 

Otherwise, Germans wQl be con- 
spicuous by their absence. Except 
for a low-key memorial service on 
Saturday at the German war ceme- 
tery in La Cambe, where Bonn's 
ambassador to Fiance will lay a 
wreath, Germany has been point- 
; etfiy exdnded from the festivities. 

Despite this snob by their closest 
postwar friends and allies, Ger- 
mans for the most part have accept- 
ed the exclusion with graceful for- 
bearance. 

The national attitude appears to 
hover somewhere between puzzled 
■ bemusement and mild irritation at 
the American, British and French 
preoccupation with events of a 
hatf-cenimy.. ago, Jang before the 
shared values c# peaceand democ- 
racy bound Western Europe and 
the United States together in an 
. enduring affiance. 


“D-Day is not something that’s 
very much on people's minds in 
Germany," said Christoph Ber- 
tram, diplomatic correspondent for 
DieZdt 

“There will be thoughtful articles 
noting that the invasion was the 
beginning of Hitler’s end and hence 
a contribution to the liberties and 
democracy we enjoy today," be 
said. “Bm it win be more a distant 
spectacle than anything Germans 
fed part of. or even fed that they 
should be involved with." 

Chancellor Helmut Kohl, al- 
though reportedly miffed last win- 
ter when it became dear he would 
not be invited to join other wold 
leaders in Normandy, has recently 
maintained an air of amiabl e un- 
derstanding. 

“Let these people celebrate this 
day. Let the survivors commemo- 
rate it in honor of their fallen com- 
rades. Thai's absolutely right,” Mr. 
Kohl said in a BBC interview last 
week “1 have deep respect for that. 
But on the other hand, this is no 
day for us Germans to join in the 
commemoration.*' 

The event has hardly been ig- 
nored in Germany. Der Spiegel is 
naming a long series on tbe-Affied 
invasion, newspapers baveprovid- 


and the movie “The Longest Day,’ 


which dramatizes the invasion, will 
be shown on German television. 

German commentators have 
noted that the German Army suf- 
fered 200,000 casualties and lost 
200,000 prisoners in the Normandy 

rarnpaign 

“But h has very Utile emotional 
resonance," Mr. Bertram said, 
“and in that sense 1 think we Or- 
mans have become true Europe- 
ans.” 

Noting that the catastrophe of 
the Third Reich has imprinted Ger- 
man society with a deep and endur- 
ing aversion to martial topics, a 
Foreign KCnistiy official added, 
“When h comes to celebrating bat- 
tles, we are itinerant at best." 

StOl, it is not difficult to find 
expressions of hurt feeling at be- 
ing locked out of the party or of 
bewilderment that the commemo- 
ration has focused marc on the mil- 
itary epic thaw on the decades of 
harmony engendered by the inva- 
sion. 

“The war is over, and as a result 
the world has been changed for the 
better,’' HUdegard Frank, presi- 
dent of the Association of German- 
American Clubs in Duisburg, said 
in an interview. “It’s really a shame 
that they won’t make that the focal 
point” 

Added Thomas Kkhnger, editor 


iNORMAJNDYs D-Day Plus 50 Years, Witha Cast of Thousands Gathered 


Continued from Plage 1 

units that were parachuted into the 
Samtc-Mfcre-Eglise area, were 
■scheduled to jump with the veter- 
ans, whose ages ranged np to 83. 
In Portsmouth, England, the 


C4 umw IV VI* WVT»»—» 

sea Common, where the most im- 
portant re m e mbrance ceremony 
was scheduled for Sunday, soldiers 
struggled to make tents and camera 
platforms secure. 

It was from Portsmouth that al- 
lied commanders directed the D- 
Day invasion force erf 7,000 vessels, 


11 300 aircraft and more than 
150,000 troops that opened the 77- 
day battle for Normandy. 

The queen will host a dinner Sat- 
urday night for 500 veterans and 
allied leaders, including Mr. Clin- 
ton, President Erampis Mitterrand 
of France and the Commonwealth 
prim e ministers John Major of 
Britain , Jean Chr&tien of Canada, 
Jim Bolger of New Zealand and 
Paul Ksming of Australia. 

On Sunday, the Aichishop of 

Canterbory will conduct the drum- 
head service on Southsea Common 

for an estimated 12,000 veterans 
and 100,000 members of the public. 


Then an armada led by the royal 
yacht Britannia will head across the 
channel for the main ceremonies in 
N ormandy . 

As the ships cross, a World War 
II Lancaster bomber will release 
two miffion red poppies, one far 
each soldier who took part in the 

wiiriiil tariffing* 

Each nation will mourn its own 
dead in Normandy on Monday — 
the Americans at Utah Beach, the 
British at Bayeux, the Norwegians 
at ViDonsJes-Buissons, the Cana- 
dians at Btey-Reviers, the Poles at 
I jfjjflp- X jn gann e ri c . Hie in- 

ternational event that day wiH be 


the commemoration at Omaha 
Beach in the presence of the heads 
of state and government. 

The sloping beach, fringed with 
cliffs and overlooked by the man 
American cemetery at CoIIevflle- 
sur-Mer, was the most bloody and 
crucial turning point of the battle. 
About 3,000 Americans lost their 
lives taking it 

After (he war the United States 
brought most of its dead borne and 
concentrated the rest at major cem- 
eteries, of which the roe at CoHe- 
vflle-Sur-Mer is the biggest There 
are 9,386 graves under regimented 
rows of pure white crosses. 


HIGHS AND LOWS By Dean Niles 




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ACROSS 

Sopranc 
8 Relieves 
14 Jalopies 

20 Get along 
peacefully 

21 Common 
sweetener 

22 Oust 

23 Trattoria - 
serving 

25 Choice word 

26 Stephen of The 
Crying Game* 

27 Pied-4 

28 Die — — 
(German dice) 

30 BambPsaont 

31 * right 

with the world* 

33 At least R-rated 

35 Inoperative 

36 Kind of joint 

37 Nightdoh.. . 

39 1955 Disney 
dog 

40 Cheviot sounds 

41 "When We 
Were Very 
Young", writer ' ■ 

42 Shaped roughly, 

as stone 
44 Laws-to-be 
44 Prison camps 
47 Out for the 


51 Site of the 
Piltdown man 
hoax 

54 ClicM-in-ihe- 
making ■ 

56 Chinese 
porcelain 

.69 Highlanders 
pattern • • 

60 Word among 
Friends 

61 Waistbands 

63 Buddy 

64 Pan of 
l.LG.W.U- 
Abbr. 

65 Everglade . 

66 Novel 
conclusions 

67 Hustler from 
Minnesota 

68 Dept, of . 

Transportation 


48 Ballet move 

49 the saddle 

(proud) - 


69 Stand lor 

70 Things to pay 

71 Java flavoring 

72 Olympics event 
since 1896. 

74 John Wayne 
productions . 

76 Starter of a son 

77 Brutalize 

79 Onthtqui 

'80 Outfit 

81 Vehicle 

stickers, e.g. • 

gj Tractor name 

85 Certain acid 
.salts 


Solution to Paafe of May 28-29 


3Sss sjd job si 


SHikiLBI 


nnriaa onDDoo nnoo 


89 Widely righted 
figure . . 

W *— — for AJJ 
Seasons" 

91 Sport* org. 

93 Shumagin 

. islander 

94 Pan of 
AJ.L-CJ.Oj 
Abbr. 

95 Sorority letters 

96 Kind of humor 
98 To be, to Babene 

. 99 June bog 
100 Railroad 
mechantsnf 
102 TV workers’ 
union, for short 

104 Step on the gas 

105 Store-fodder 
107 Popular dessert 
110. Help around 

the office 

111 Ogata Korin 
painting 

112 Tutsi or Hum 
national 

113. One who’s . . 
quizzed. ■ 

3J4 Tardyarming 
115 Man-bccomes- 
coba flick, of 
1973 • 

DOWN ’ 

1, Egyptian 

symbols 

2 “Wild Thing” 

... rapper 

3 Royal duds 



O New TorkTunesEiBvd by Will Shorn. 


.4 Jack’s tool 
5 Pinball 


TirJrSnwinaTn.fjnnnn 



abali goof . 

- 6 Residue . 

7 AlUhpok up ■ 

8 Difference 

.. benrew prices 

bid and asked 
9Hkhpoint 
10 60 stripper 
Timothy 

TI Amphora v _ 

12 Summery 

13 Linoral i ' 

14 Someduneto- 
. believe m 

15 Hamesspari 

U Quantity: Abbr. 

17 1955 Audit.' ; . 

. MnipliR flick--'. • ■ 

18 Prime-tune tiinc 

19 Shawb ' r :-. 


24 “ — -—the news 
• today, oh boy" 
(Beaties lyric) 
29 welcome words 
32 Fourth -century 
church father 
34 GcncAusun’s 
five- million- 
seller 

■ 36 Eyelash « 

J8 Fell off 
40' Birth, so to 
speak 

41 Meditates 
43 Superman foe 
Luthor 

45 Three, of a kind 

46 Chorus songs 
48 “Shazam!" 

50 Feels (for) 


51 Neatcn, with 

-up- 

52 Forearm bones 

53 1989 best seller, 
with “The" 

54 “Cornin' 

the Rye” 

55 Full-fledged 

57 One— —other 

58 Have— in 
the matter 

60 Strong flavors 
62 Stans of many 
Qu&ec place 
names 

65 Screen lists 
67 Moving words . 
69 Particular pickles 
71 Source of 
igneous rock 


73 Film maker 
Renf 

75 French 
shooting match 

76 Whisper sweet 
nothings 

78 English king 
called Ironside 

80 Quislings 

81 Least exciting 

82 Los Angeles 
suburb 

84 American rival, 
once 

85 Rocky 
Mountains park 

86 Double duos 

87 Some vacuum 
cleaners 


88 Ginsburg 
colleague 
90 Sports org. 

92 Gliding step 

95 “ breams” 

(1986 pop hit) 

96 1974 pension 
provision; 
Abbr. 

97 Plains people 

100 ——eyed 

101 Infamy 
103 Nabokov 

heroine ct al. 
106 Savings occl 
abbr. 

108 Permit 

109 Brain and spinal 
cord: Abbr. 


50 -Year Memories: Death, Defiance , Dancing 


* .. - . • ^ ^ - m, - ~ - • -,C. 

■ ' ^ : - 

m ^ — fttor 0qa«|/Tkc Awociatnd Pm» 

A soldier deaning grave markers Friday af (be German cemetery in La Cambe, Normandy, in preparation for a memorial service. 

Here, Only the Dead Speak for Germany 


InUmaltonaJ Herald Tribune 

D-Day impressions by some who were 
there: 

“We boarded trucks to take us to the land- 
ing craft in the River Dart. In order to get to 
than, we had to cross the river on a ferry. As 
we boarded the ferry, an Englishman was 
counting us. Always curious, 1 asked bun why 
he was doing this. ‘Because, son, we are going 
to charge a shilling for each of you. against 
your Lend Lease.' Thus having a front row 
seat on the greatest amphibious operation in 
history was not entirely free.” 

John C A inland. U-S. 4th Division 
□ 

“A lot of aircraft came over. My father got 
up and told my brother and me to stay with 
our mother. Ail the time she was praying. 
‘Ave Maria, Mater Dei.' but my brother and I 
woe curious and we went to tie window and 
saw a big aircraft going over. We saw several 
men jumping from the' aircraft and we heard 
machine guns and rifles.' 1 
Henri Renaud, schoolboy in Sairue-Mere-Eubse 
□ 

“Men were falling right, left and center. 
The worst was when the men got hit in the 
stomach and all the intestines came pouring 
out. How they screamed!" 

Gerd Pnddat. German 352d Division 

a 

“Our mission was to take a bridge and hold 


iL It took me nine hours to go three kilome- 
ters rigsaggmg. When 1 got there 1 had the 
shock of my life. You couldn’t walk on or off 
that bridge without stepping on bodies. Mv 
company had 46 percent casualties in two 
days." 

Howard Manoian, U.S. S2d Airborne Division 

□ 

“Suddenly, several civilians, men and 
women, came out of a shelter. ’At last you are 
here. We’ve waited for you for four yearn.* 
They were dancing with enthusiasm, weeping 
for joy. So it was true after aJL We were in 
France." 

Gw Haitu, French commando 

a 

“My feelings were relief. At last it’s come. I 
thought to myself, yes. 1 know it’s historic 
and a big moment rot I must be quite dear. 
The public want to know where it was and 
who was doing it and at what time." 

John Snagge, who announced landings for BBC 
o 

“As we came up at Sword Beach, 1 saw this 
Frenchman wearing a brass fireman’s helmet, 
with a bottle of champagne in one band and a 
glass in the other. There were shells flying all 
around him and he was dancing about, shout- 
ing. ‘Vive la France, vive I'AngJelerre'." 

Us Pan . British infanirnmn 

□ 

“I wanted to knowhow to sav to the British 


to slop shooting. One of my men suggested 
you say, ‘Don’t shiL’ It was late afternoon 
and we were lying flat on the ground, ex- 
hausted and hungry. Suddenly British sol- 
diers appeared and started firing over our 
heads. I screamed off the top of my voice: 
Don’t shit! Don’t shit!'" 

Werner Fiebig, German 552J Division 
□ 

“I ran 200 yards up the beach. There were 
bodies all around us. It was noi what you 
think. No. There was a head here and the feet 
50 yards away. They had forgotten to tell us 
that the German 352d Division bad just ar- 
rived from Leningrad." 

Samuel Fuller, U.S. Isi Infantry Division 

□ 

“It was six o’clock and bombs were falling 
in die pen area. The rue des Chanoines was 
entirely destroyed. In the rue Saint-Pierre, a 
worker was yelling, ‘If this is what they mean 
by liberation, better they go home and leave 
us in peace’." 

Jean-Mans Gi/ault, ma\-or of Caen 

□ 

“A German sniper was interrogmed bv out 
men who asked him why he had not fired on 
the piper at the bead of the column, and he 
replied, “You don’t fire on a madman.’ Per- 
haps that is why I am alive today." 

Bill MiBin, Scottish commando and bagpiper 


HARBOR: The Instant Ports That Helped Supply the Imading Forces 


in chief of the Rhetnischer Merkur 
newspaper: “I understand fully the 
desire to commemorate the sacri- 
fices that were made. But I would 
have wished that those who sacri- 
ficed so much for liberating Europe 
could recognize that they won 
much more than the defeat of the 
Nazis. They reclaimed for Germa- 
ny the rule of law and due process. 
In other words, D-Day was a dou- 
ble victory: the defeat of Hitler and 
the resuscitation of democracy." 

He added that it was “just a pity 
that the politicians who engineered 
these festivities" did not include 
this notion. 

Although a few German veterans 
are likely to make private pilgrim- 
ages to Normandy, others voice re- 
; to slip in through the 
door. “What harm can be 
done by inviting the Germans?" 
asked twald Fddhaus, 74, a for- 
mer paratrooper captured in 1945. 
“It’s sad things haven’t come to 
that yeL It would be a nice gesture, 
and it should come from the vic- 
tors." 

Holger Schwendler, 23, a student 
of history and politics at the Uni- 
versity of Cologne; suggested that 
Germany’s exclusion “is a sign that 
the European countries are still 
afraid of Germany — or afraid 
again.” 


Continued from Page 1 

ular to the beach at the outer breakwater’s 
southern end. 

A third breakwater nearly 2 miles long, at the 
north end of each beach, was to be composed of 
70 old “block ships" (including an ancient Vic- 
torian battleship) steamed across the channel 
and scuttled with explosives. 

Beyond the outer breakwater was to be yet 
another type — a mile- 'crag floating barrier of 
200-foot steel pontoons, or “bombardons." to 
dampen wave action. 

Construction started Oct. 31, 1943. and 
quickly fell behind schedule as the 25 contrac- 
tors involved scrambled for work sites and 
labor. With nearly every man, woman and child 
in Britain already occupied on war-related 
tasks, most of the caisson builders had to be 
imported from neutral Ireland. 

. Most of the workers had no idea what they 
were building. Jerry Jerrard of Southampton, 
then a 20-year-old physicist fresh out of the 
University of London," was part of an “opera- 
tions research group” assigned to Operation 
Mulberry. All be knew was that it was some- 
thing concrete. 

The towing aspect of Operation Mulberry 
was a logistical snake pit Every conceivable 
size and type of towing vessel had been drafted 
for the operation, roe dating back to 1880. 
Each had to be matched with an appropriate 
load — lest a gale-propelled 6. 000- ton caisson 
end up lowing its towing vessel. Then all the 
: and distances had to be coordinated so 
85 tugs would not arrive with their huge 


loads all at once amid the barely controlled 
chaos of tbe 7, 000-ship invasion fleet. 

The towing was not without incident. One 
troubled caisson flooded prematurely and sank 
off Hayling Island near hoe, where it can still 
be seen today. Half the pier sections intended 
for Mulberry B were lost in rough seas on the 
way over. The first units arrived off Omaha 
Beach ro June 7, and three of the block ships 
were sunk in place for the northern breakwater 
that afternoon. 

The following day tbe first caissons arrived. 
The block-ship breakwater was completed June 
10, despite bong targeted sporadically try Ger- 
man artillery me. The first ships docked at 
Mulberry A pier six days later, three days ahead 
of schedule. Mulberry B, in tbe British sector at 
Airomancfaes, was less than half finished. 

The first LST at the Mulberry dock dis- 
charged 78 vehicles —its entire load —in just 
38 minutes. In tbe 1 1 additional hours it would 
have spent on the beach drying out, it could 
now return to England, load up a gain and be 
halfway bade. The cargo capacity of the inva- 
sion baches had suddenly more than doubled. 

By June 18, with its third dock stfll uncom- 
pleted, Omaha Beach had landed 197,444 
troops, 27340 vehicles and 68,799 tons of sup- 
plies. Mulberry A was not roly Irving im to its 
projections, it was now the busiest port m all of 
Europe. 

Then disaster struck. 

On June 19, during an unusually high spring 
tide, the winds stiffened, backing to the north- 
east, and New from tbe roe point ro the com- 
pass that built the waves over 100 miles of open 


water and aimed them into the harbor entrance. 

It was tbe worst summer storm in tbe channel 
in 40 years. It blew for four days. When it was 
over, 21 of 35 caissons in one breakwater had 
capsized or been beaten in and the piers and 
docks were little more than twisted wreckage. 

The British Mulberry, still uncompleted and 
partially protected by the capes north of Le 
Havre, survived with little damage. Appalled by 
the damage at Omaha, Allied planners decided 
to move any salvageable parts of Mulberry A to 
Airomancbes. Tbe discharge of cargo had vir- 
tually stopped during the storm, and shortages 
ashore were becoming critical. 

Fortunately, Cherbourg was captured June 
26, but it was another 20 days before its harbor 
could be cleared of wreckage and booby traps 
and allow tbe first ships to unload. 

Meanwhile, supply logistics were rebuilt 
around the intensified beaching and drying out 
of LSTs at Omaha plus tbe operation of a 
finally finished and greatly storm-reinforced 
Mulberry B at Arxomandies. 

For all tbe immense expense and effort »hm 
went into the Mulbenys, the “British Report to 
tile Chiefs of Staff" on D-Day suggested they 
were a waste of sled and labor and said the 
invasion could probably have succeeded with- 
out them. 

General Dwight D. Eisenhower's chief of 
staff. General Walter Bedell Smith, however, 
strongly disagreed. Though the Mulbenys may 
have only contributed 15 percent to the flow of 
needed materiel to the invasion forces, he said 
after the war, “that 15 percent was crucial." 



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SATURDAY-SUNDAY. JUNE 4-5 ? 1994 


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PL'ALI.SHrn WITH THK NEW YORK TIMES the UiKHIM.VIlN cost 



The collapse of peace talks between the gov- 
ernment of Cambodia and Khmer Rouge guer- 
rillas is bad news for a country that suffered 
Khmer Rouge genocide in the 1970s and a war 
involving Vietnam in the 1980s and was res- 
cued by a United Nations intervention in the 
early 1990s. Toe government of Prince Noro- 
dom Ranariddh refuses to meet Khmer Rouge 
terms for power sharing. Emboldened by its 
prowess in fighting this spring, the Khmer 
Rouge threaten to resume bailie, proclaiming 
the hope of forcing the government's demise. 

Its prospects cannot be casually dismissed. 
Even a practiced and unified government 
might have been intimidated by the tasks of 
rebuilding Cambodia. The current govern- 
ment. an uneasy coalition, was inexperienced 
and weak. The army has f ought, but it has also 
sold ammunition to battle-hardened Khmer 
Rouge forces. The Khmer Rouge boycotted 
last May’s elections but then arrogantly came 
forward to demand an unearned piece of the 
political pie. This is what the prince seems 
now to have rejected in favor of a strategy of 
fighting on. By contrast, his father. King Nor- 
odom Sihanouk, the constitutional monarch, 
is said to lean toward a scheme that would 
empower the legendary king io weave bis 

tvW / M o 


WMe! 


Hungarians turned decisively to former 
Communists, now called Socialists, in the sec- 
ond and final round of parliamentary elec- 
tions. The Socialists have now won an out- 
right parliamentary majority. The 
resurrection of Hungary’s Communists need 
not cause alarm. The Socialists have vowed to 
keep economic and political reforms alive, a 
vow made plausible by their record of bring- 
ing market reforms to Hungary in the 1970s. 

True, the Socialist resurgence creates uncer- 
tainty. The Socialists are riven with factions, 
some wanting to reinstate government control 
and others backing further market reforms. 
Their leader. Gyula Horn, has issued contradic- 
tory promises pledging both to cut government 
spending and increase outlays for housing, pen- 
sions and jobs. .And his own past is riddled with 


personal son of broad Cambodian solution. 

To step up military' action, the prince is 
asking the United States and other? for mili- 
tary 3id. American aid for a less than profes- 
sional army reporting to a fragile Indochin- 
ese government Facing a scrappy Communist 
foe? Alarms are bound to go off in the minds 
of a lot of .Americans at any suggestion that 
the United States is starting again down a 
path that looks like the one Washington took 
into the Vietnam War. Any aid ought to be 
delivered in a context of cooperation with 
other concerned countries. 

The more promising option is to draw other 
governments of the region into firmer perma- 
nent support of a Cambodia that is endangered 
but not on the edge. The former U.S. ambassa- 
dor to Thailand. Morton Abnunowitz. pointed 
out recently that the Association of S;-uth East 
Asian Nations needs to address Thailand's 
crucial and unconscionable support of the 
Khmer Rouge for narrow Thai commercial 
and strategic purposes. It should be regarded 
as unthinkable that the murderous Khmer 
Rouge receives any degree of deference be- 
yond what it earns at the ballot box. which it 
has so far assiduously avoided. 

— THE WASHINGTON POST. 


l&ry? 

O o’ 

contradiction: .As a young military officer he 
helped suppress the 1956 uprising against 
Communist rule: then in 19S9. as foreign min- 
ister. be knocked a gaping bole in the Iron 
Curtain by permitting East German refugees to 
escape to Austria through Hungary. 

But Mr. Horn is shrewd enough to know he 
must convince skeptics he is serious about 
reform. That is why he has reached out to the 
center-left Alliance of Free Democrats to join 
him in a coalition government even though his 
parliamentary majority makes coalition rule 
unnecessary. The Free Democrats say they 
could join only if the reform wing of the 
Socialists wins out. So if the coalition comes 
about, it will signal that Hungary will keep 
moving toward democracy and market*. 

— THE SEW YORK TIMES. 


CWemmeiiit on the Mom 


This is no way to run a government. Indeed, 
to judge from a General Accounting Office 
study released this week, it’s a small miracle 
that the government runs at all. 

The study, conducted at the request of 
Senator John Glenn. Democrat of Ohio, 
found that political appointees stay on the job 
for only 2.1 years. In other words, they usually 
leave about the time they might be expected to 
have figured out what they're doing. 

For some big jobs in troubled agencies, the 
turnover rates are worse. The Federal Aviation 
Administration has had seven appointed and 
four acting administrators in the past 15 years: 
the Federal Housing Administration has had 
13 commissioners within the past 14 years. .And 
to point out just how bad it can get, Mr. Glenn, 
chairman of the Senate governmental affairs 
committee, noted that within an 18-monih pe- 
riod in 1991 and 1992, three people served in 
the Education Department as assistant secre- 
tary for post-secondary education. 

President Bill Clinton has been unusually 
dilatory in filling government jobs, but the 
problem of getting people to stick around is 
not new. (The GAO study covered 10 years 
and three administrations.) And once people 
leave, it takes a long time to get new people 
behind their desks: from six to 20 months 
depending on the agency. This all adds up to a 
big problem, since a president has just four 
years to make a mark on the government. 

As Mr. Glenn said in a letter to Mr. Clinton: 
"The fact remains that when senior positions 
are in a constant stare of flux, it diminishes the 
ability of any president to carry out an agenda. 


to bring needed change in the way government 
works, or to ensure that the long-term interests, 
including the use of hard-earned taxpayer dol- 
lars, are properly managed." 

.Among other things. Senator Glenn urged 
Mr. Clinton to seek long-term commitments 
from his appointees and “fill vacant positions 
expeditiously." This is sound advice, especial- 
ly the part about tbe vacancies. But the study 
ought to force a broader inquiry by the rein- 
venting government crew in Vice President Al 
Gores office. Obviously not all of the jobs in 
question are equally important, nor are the 
turnovers equally damaging. For some ap- 
pointees. 2.1 years in government may turn 
out to be two years too long. And there's 
nothing wrong with a successful deputy assis- 
tant secretary rising to become an assistant 
secretary. But taking hold of the government 
and giving it direction is a difficult task. 

Mr. Glenn’s study suggests that the entire 
appointment and confirmation process could 
use radical streamlining: People will serve in 
their posts longer if they gel there faster. The 
relationship between civil servants and political 
appointees also needs fixing. With this kind of 
turnover, top civQ servants have to spend an 
inordinate amount of time “educating" politi- 
cal appointees about their jobs. Yet the United 
Slates has tended to reject the British model of 
having a shallow layer of political appointees 
on Lop of a Large mandarin class. But if we don’t 
like the British model, how can we make the 
one we have created work belter? Senator 
Glenn deserves some answers. 

— THE WASHINGTON POST 


.Maneuvers in the Forest 


The Clinton administration has asked a fed- 
eral judge in Seattle to lift an injunction of 
three years' standing and let logging resume on 
a limited basis in federal forests in the North- 
west. The environmental groups whose lawsuit 
led to the logging ban in 1991 do not like some 
aspects of the administration’s proposed new 
plan: they want it tightened. Most of them are 
not objecting to the lifting of the injunction, 
though; instead they will uy to tighten the 
timbering plan around the edges later. 

They have adopted this accommodating 
posture partly for political reasons. They fear 
they would lose if they look the harder line, 
that the judge would be unlikely to go along 
wi th them and that if he did and extended the 
injunction. Congress might well step in and 
change the underlying law. The groups are 
taking a certain amount of heat from some of 
their brethren for “selling out" like this. Our 
own. contrary sense is that maybe the envi- 
ronmentalists are finally learning how to win. 

Judge William Dwyer issued the logging 
ban because of what he found to be a “deliber- 
ate" refusal of Ihe executive branch — then 
the Bush administration — “to comply with 

the laws protecting wildlife” in the forests. 


The policy was to lei the industry log. 

The Clinton administration has come up 
with a plan for much less logging. Most of the 
old-growth federal forest would be preserved. 
So would the threatened wildlife within it. 
whose celebrated proxy has beea the reclusive 
northern spotted owl. The administration says 
the plan is scientifically based and well within 
the area of discretion set by Lbe law. 

The critics complain that 20 percent to 30 
percent of the remaining old-growth forest 
would still be open to logging, that the owl and 
other threatened species would remain at risk 
and that the runoff from logging under the plan 
would continue to damage salmon and other 
spawning areas. They warn the judge to order 
the plan made more protective in those re- 
spects. but would let the logging resume. 

That's reasonable. Environmental disputes 
as complex and bitter as this will never be 
settled to tbe total satisfaction of any side. But 
the administration seems to have come up 
with a plan that meets the tests of both preuy 
good policy and the law. Thau too. is what the 
acquiescent position of the environmental 
plaintiffs should be taken to signify. 

— THE WASHINGTON POST 



International Herald Tribune 

ESTABLISHED IftT 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 

O’-Ckaimtcu 

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C AEN. France — "Old men forgeL’’ said 
Shakespeare’s Henry V before Ihe battle 
of Agmcotni. during an invasion of Norman- 
dy. Bin not the old men who as young men 
stormed ihe beaches here naif a century- ago. 

By June 6. 1944 — two days after U.S. 
forces reached Rome, the first .Axis capital to 
fall — uie cream of the Wehrmacht, 2 million 
men. had been killed in Russia. And still the 
Nor man dy invasion was a hard-won success. 
If Hitler had cot been an habitue! late sleeper, 
if that rooming be had unleashed the panzer 
divisions north of Paris, which Rommel might 
have got him to do if Rommel had not been in 
Germany for his wife's birthday, the war 
could have been even longer. Bui even before 
D-Day ihe defeat of Germany was certain. 

.Any war is a braided cord oi' related battles, 
in the autumn of 194(3. in the Battle of Britain, 
the Royal .Air Force ended whatever chance 
Hiller hjd of invading the island. Hence he had 
to guard the Atlantic Wail with forces that 
could have been decisive if moved to the East- 
ern Front. Tbe disastrous raid on Dieppe on 
Aug. 19, 1942. from which only 1500 of the 
6.000 mostly Canadian raiders returned to 
England, lulled Hitler. But by Nov. 3, 1943. in 
Fiihrer Directive 51, he told the Wehrmachi 
that the likelihood of “an AndoSaxon land- 



Grown Old 9 and Those Who Fell 


By George F. Will 

ing" precluded further weakening of German 
defenses in the wesL However, the war was 
won in the east, by Russians. 

Most Americans say the war began Dec. 7, 
1941. Actusllv. that i's the day the war that 
began SepL h 1939, began to end. because of 
two events 7,000 miles apart. 

One was the attack on Pearl Harbor, which 
brought U.S. industry into the war. Churchill, 
whose greatness included a gift for seeing the 
sweep of things, said he slept “the sleep of the 
saved" that night, knowing the war’s out- 
come: “So we had won after all!" 

Also on Dec. 7, a Soviet counterattack 
drove back German forces that had advanced 
to the outskirts of Moscow. That night Hitler 
drafted Directive 39: “The severe winter 
weather which has come surprisingly early in 

the East, and the consequent difficulties in 
bringing up supplies, compel us to abandon 
immediately all major offensive operations 
and to go over to the defensive." The grinding 
down of Germany bad begun. 

Tbe easy drive* to Paris in 1940 convinced 
Hiller that bis offensive revolution in arms — 
tanks, motorized infantry with radio coordi- 


nate dive bombers 



than' those of 15 other nations, ifldute 
Romania- On D-Day that many Alhed sol- 
diers crossed the Channel. In 1939 A™*™? 
manufactured 800 aircraft, avfawand » 
taiy. In 1940 it manufactured 40.000. 

Hitler’s racialist theories told him that 
America, enervated by prosperity and de- 
graded by a polyglot population, could not 
produce worthy warriors. Wrong again. 

Stephen Ambrose. Dwight Eueabowo's 
biographer and president of the D-Day Mu- 
seum being developed tn New Orleans, calls 
D-Day “a love song to democracy.” German 
soldiers were magnificently obedient to or- 
ders, as befitted young men socialized by 11 
years of tOtalitariamsm. But Americans, with 
the talent for spontaneous self-organization 
that De TocqueviBe considered a national 
characteristic, adapted to the chaos of combat 
in a confined coastal strip. 

Bold in conception and heroic in execution, 
the invasion was an astounding exerdse not 
only of logistics but also of secrecy. Germany, 
misled by Allied intelligence services, did not 
know on which part of the coast the blow 


puvm copies were quickly recovered ay 

a rivOian: never identified, rttwned . 
twelfth toa military sentry, ami walked =wg.- 
D-Day came 30 years into the 75 -year crisis 

tot in fSg 

rioowas the to! °f the three mos^conse- 

quential latdes in American.hia^^^ 

1 which saved the 

Where the Confederacy crested, andNonmm- 
dy where the United Slates stepped forward 
as the leader of the West. , 

The invasion hastened the end of uK. war, - 

and hence of the Holocaust Sojrt thereato 
be remembrance at something cfee - that nap- 

POWs, and 260 Jews on a boat, sent it to, sea 
and scuttled it, lulling alL 
Such murderousacss, wnt large */ 

continent, was why they went ashore thatday; 
those young men now grown old and those, 
who did not get to grow old. 

Washington Pan Writers Grm& 


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Crime in Americas Prisons Save Lives 


N 


Bv A. M. Rosenthal 

EW YORK — The police and the bureaucrats tell 
- - the .American public that crime is going down. But 
in every survey the public insists that crime is still tbe 
country’s number one problem, ahead of the economy, 
health care, povertv. everything. 

The American public is a hysterical paranoid dolt, 
that’s one explanation. The other is this: 

Much of the American public looks at the stories about 
tbe decline of crime, and says. “Well, maybe for you. not 
me." “No." tbe public says, “when I think where 1 live 
and walk, where my children go to school, when I look at 
the pushers, or read about kids with guns, my stomach 
says the danger is no Jess.” 

The public stomach is right. The truth remains that the 
basic crime rate — all property and violent crimes per 
100.000 people— was 190 in 1960 and 400 in 1970: in the 
!990s. it has surged to about 600. 

So t aking the softesL most generalized look at crime, 
pretending that blacks are noi far more likely than whites 
to get killed or robbed, what do we get? A country where 
every- person is three times more likely to be murdered, 
robbed or raped than just 30 years ago. This does not 
inspire grateful confidence. 

tbe figures are from an important report just presented 
to a conference at Princeton by Professor John J. Dilulio 
Jr. of Princeton University and the Brookings Institution. 

The public's anxiety is' not simply based on statistics. 
Mr. Dilulio points to other reasons. Blacks, the most 
endangered .Americans, know they cannot get protection 
whites can afford — doormen, gates, security guards. In 
the cities, white Americans who fear crime are running 
out of locks and distance. .And whatever their color. 
Americans know the justice system is not keeping danger- 
ous criminals off the streets.* 

Mr. Dilulio says: “Tbe justice system is a revolving 
door for convicted predatory street criminals, the vast 
majority of whom enter the system by plea-bargaining, 
e.rit it before serving even half of their time in confine- 
ment and make a cruel joke out of the terms of their 


“community-based supervision.’ ” Some of Ms statistics: 

Ninety percent of all criminal cases do no t go tp. trial 
because tbe offender pleads guilty to a lesser charge. 

“Most convicted crimmals rarely see the made- of a 
prison.” In 1989, three-quarters of ah convicted criminals 
were on probation or on paroJc, Dot m ceBs. Within three 
yeans of nearly half of all probationers had to- 

be put behind bars ag ain for a new crime — meaning a 
new victim — or had absconded. 

Nationally, most prisoners are violent or repeat offend- 
ers. or both. Over Su percent of all prisoners are held by 
states. In 1991, 94 percent of there hai been convicted ttf a 
violent crime or had a previous sentence. “In other words, 
only 6 percent of prisoners were nonviolent offender with ■ 
no prior sentence to probation or incarceration." . 

Nearly half were serving time for a violent crime and 
one-third had been convicted in the past of one or more, 
violent crimes. Only 1 percent had been sentenced in the 
past for minor offenses, such as drunkenness, vagrancy, 
disorderly conduct Of the 35,000 people admitted to 
federal prisons in 2991, about 2 parent or 700. were 
convicted of mere drug possession. The same figure for 
state prisons was 15 percent 
How long do violent and repeat crimmals serve? In 1 991, 
34 states released 326,000 prikmos, 90 percent on parole 
Including murderers, they had served 35 percent of their 
sentences. Tbe cost of imprisoning crimmals is as much as 
S25,000 a year. But tbe price to society for every murder is 
estimated al S2.4 million. From 1987 to 1990, the lifetime 
costs for violent crimes alooe are estimated al S178 biOiozL 
Prisons save lives. Tripling prison population from 1975 
to 1989 reduced potential mloit crime in 1989 alone by 
some 400.000 rapes, murdera, robberies and severe assaults. 

Prisons cannot end crime, no number of them. But it is 
intellectually slovenly to believe that they do no good and 
are filled mostly with gentle, first-time pat smokers 
trapped by cruel law. That is as useful as the idea that 
when you now walk the nighttime streets the monthly 
statistics will keep you cozy and safe. 

The New York Times. 


4 Lesson in Throwing Away a Chance 

By Drew Leder 



W ASHINGTON —What if there 
were a rehabilitation method 
that could take violent criminals and 
greatly reduce their likelihood of com- 
1 niiung further crimes? What if this 
program dramatically raised the odds 
that” prisoners would never return to 
prison, would instead become law- 
abiding. tax-paying citizens? The 
crime legislation now being consid- 
ered by the U.S. congress should have 
extra money for this proven crime- 
prevention program. Right? 

Guess again. Congress is eliminat- 
ing all of its funding For this is tbe 
federal Pell Grant program, which for 
two decades has enabled convicts to 
secure a college education whQe in 
prison. The Pell Grant program pro- 
vides federal money to finance higher 
education for lower-income Ameri- 
cans. Since its inception, prisoners, 
whose income is effectively zero, have 
been eligible to apply for these funds. 
This has enabled colleges and univer- 
sities to establish extension programs, 
sending books and professors into tbe 
prisons. More than 35,000 inmates are 
enrolled around the country. 

Now. however, both the House and 



mpiigi Jettisoning Adam Smith 


H ong kong — This i S sup- 
posed to be Adam Smith s 
kind of town, the incarnation of 
free market concepts where the "in- 
visible hand" is at work creating 
wealth and promoting the common 
good. So it is appropriate :o opplv 
one or Smith’s Foremost tenets to the 
conduct of public affairs as Hon* 
Kong approaches the 1997 change of 

sovereignty: the tendency of busi- 
nessmen to conspire with each other 
against the public interesL 
For Smith the public interest in- 
cluded access to information. A 
major objective of government i* 
the prevention of cartels that im- 
poverish the many for the benefit of 
the few. But Hong Kong's open 
society and market economv are 
increasingly under threat 'from 
business groups whose goal is either 
short-term profit or ingratiation 
with mainland government offi- 
cials. The Hong Kong government 
is increasingly unable to perform 
the modest role set out for govern- 
ments in Smith's scheme of "thin ns. 

Hong Kong has a television 
broadcasting duopoly. This past 
week, key news staff at one of the 
two companies. Asia Television, re- 
signed following a management de- 
cision to ban a foreign-made docu- 
mentary commemorating the fifth 
anniversary of the Junc~4 Tianan- 
men crackdown, a TV will now 
show the film but the news staff will 
not return to a company whose 
management they believe is more 
interested in kowtowing to Beijing 
than in providing accurate news. 

ATV is controlled by P. Y. Lam 
and his family company. Lai Sun 
Garments, a group with "textile and 
property interests in China as well 


By Philip BowrMg 

as Hong Kong. The second-largest 
shareholder in ATV is New World 
Development, one of Hong Kong’s 
biggest property groups. 

A TV’s craven attitude is hardly 
unique. Its larger rival TVB, has 
been refusing to show a BBC docu- 
mentary on Mao Zedong to which it 
already owns the rights. Beijing has 
attacked the film and even (unsuc- 
cessfully) demanded that the Hong 
Kong's foreign correspondents club 

cancel a private showing of it. 

The ATV and TVB episodes are 
only the most obvious examples of 
what Hong Kong journalists regard 
as growing self-censorship by a me- 
dia increasingly owned by business- 
men with little interest in a free 
press and lots of interests in China. 

TVB’s major shareholders in- 
clude Robert Kuok. a Malaysian 
tycoon who is one of Beijing's fa- 
vorite “patriotic Chinese" business- 
men. Mr. Kuok. who has always 
shunned the media bur has excel- 
lent relations with Southeast Asian 
governments, recently acquired 
control of ihe South China Morn- 
ing Post, Hong Kong's leading Eng- 
lish-language newspaper. 

This past week also saw the death 
of what was until quite recently one 
cf Hong Kong’s most respected 
periodicals on China and Hong 
Kong affairs. Pai Siting. Two years 
ago Pai Siting, long owned by its 
founder and editor Hu Chu-jcn, 
was bought by T. T. Tsui, a busi- 
nessman whose main claim to Hong 
Kong fame is his relationship with 
the People's liberation Army, which 
would ool want to be reminded of 


June 4, or to have the business deals 
of its leadership subject to journalis- 
tic enquiry. Under Mr. Tsui's owner- 
ship, Pai Shing became so anodyne 
and unread that it has now been put 
to sleep with little fuss. 

But it is not just politics that 
threatens a free society and open 
economy. The same day late last 
month that Forbes magazine pub- 
lished a list of Asia's 10 richest Chi- 
nese. no less than four of the 10 were 
to be found engaged in a cartel to 
control the price of a piece of land 
being auctioned by the Hong Kong 
government. Twelve of Hong 
Kong's biggest developers, including 
Mr. Kook's Keny group and New 
World, very publicly got together at 
the auction to keep the price low. 
Their object was to threaten the gov- 
ernment not to do anything (as it 
promises) that might drive down 
Hong Kong's sky-high land prices. 

Hong Kong’s developers seem to 
believe themselves not only very 
clover but to have a right to continu- 
ation of tbe high-inflation and 
cheap-moncy regime that has en- 
riched than but impoverished Hong 

Kong savers and home buyers. And 
it is doubtful that the Hong Kong 
government will look after the public 
interest by saying “boo" to this 
clique of the megarich any more 
than they wSl allow the media they 
own to say “boo” lo Beijing. 

So what of Adam Smith, who be- 
lieved people were motivated by eth- 
ics and self-esteem as weD as by 
money? He would be a dangerous 
radical- in today's Hong Kong. No 
place here for the scribbler of im- 
practical theorems about honesty, 
open markets and freedom. 

International Herald Tribune. 


Senate versions of tbe crime bill for- 
bid the use of Pell Grant funds by 
prisoners. In most states, which have 
no network of stale funding, this 
would effectively mean the end of 
higher education in prison. 

As a volunteer professor at the 
Maryland state penitentiary. I have 
seen the difference a college educa- 
tion can make. For the past two 
years. I have been meeting weekly 
with prisoners to study philosophy. 
We have ranged from Homer to Gan- 
dhi Socrates to Sartre. Tbe men I 
teach have serious criminal histories. 
Many arc murderers, coming from a 
background of rage, ignorance and 
despair. But the chance at education 
has given them a new purpose, and 
made them fed they can turn their 
fives around — that when they get out 
(and most of them wiO), theyTJ have 
marketable drills and credentials. 

Recently I was at a prison function 
for inmates who were al umni of (he 
Coppin State college program — 
speeches, banners on the wall honor- 
ary awards, standard stuff. But most 
striking was the sense of hope and 
pride in the room — anything but 
common in a maximum security pen- 
itentiary. The keynote address was 
given by Stanley Covington. Re- 
leased from the penitentiary five 
years ago with a college degree, he is 
now project director at the Center on 
Juvenile and Criminal Justice, where 
be heads a program in Washington to 
help youths in trouble. 

Another student from this prison is 
Charles Dutton, producer and star of 
the "Roc” show. Then there is H. B. 
Johnson Jr., a student I met through 
my prison class. This year he won (for 
the second time) tbe Baltimore 
WMAR-TV contest for best play by a 
black dramatist He came into prison 
with an eighth grade education. Sen- 


tence commuted, he left prison last 
December a college man — and a 
playwright novelist, newspaper col 
umhist and public roeaker devoted to 
freeing the streets of drugs and crime. 

If Congress follows its plan there 
will be precious few H. B.S. The peo- 
ple who come in criminals will go out 
the same, only a little tougher and 
meaner. Their only teachers will be 
fellow inmates with tips on criminal 
techniques. We’ll have cleared out lbe 
college professors who would have 
brought a different message. When 
these inmates are released and corn- 
nut more crimes, well shout, “Three 
strikes, you’re out" But did we give 
them a fair shot to get a hit — that is, 
to make it in the legit world? 

Statistics show that the uneducated 
prisoner has a far greater chanc e 
upon release of repeating crim in a l 
activities and returning to prison. 
The price the country pays for edu- 
cating them is small; less than I per- 
cent of Pell Grant funds go to in- 
mates. But what of the price of not 
educating them? Consider the cost in 
blood and tears when they hit the 
streets, then the $30,000 per year for 
jailing repeat offenders. 

Happily, nothing is yet written in 
stone. Senate and House conferees 
can reconsider specifics of this PeD 
Grant elimination, or al least extend 
grants through a phase-down peri- > 
od. Funding for prison education 1 
could also be provided through a 
supplemental grant or other means. 

ironically, as it stands, part of the 
new crime bill will serve only to 
increase violence and c riminali ty. 
You don't need a college degree to 
figure (hat one oul 



the Maryland state penitentiary. ~He 
contributed this comment to The 
Washington Post. 


IN OUR PAGES; 100 , 75 AND 50 YEARS AGO 


1894s Beware the Poetry 

LONDON — The authorities of 
Cambridge University are very likely 
to have a difficult question on their 
hands, inasmuch as they may find it 
necessary to issue an order suppress- 
ing hypnotism. This practice has so 
spread among the undergraduates 
that many of them devote all ihdr 
spare moments to it. There is, it is 
said, a distinct falling off in the mem- 
bership of the cricket clubs, the 
youths preferring to sit around in 
lhar diggings” in a trance to run- 
ning around on the athletic grounds, 
rne effect of hypnosis is physical 
exhaustion. Those who practiced get 
into an unhealthy, morbid frame of 
mind, become maudlin and even eo 
so far as to write poetry. 

1919: A Yugo-Slav TV 

Yug0 ' S!av5 hav efinai- 
y rqected the compromise submitted 
to them through the American Dele- 
gation at the Peace Conference. A 


number of counter-proposal 
made by them, but little is ex 
lo come therefrom, for the c 
sions made by Italy, which ai 
ed to an unofficial approval 
compromise, were the very la 
ns to which the Italian del 
could go after the Cabinet C 
neld at Oulx. a fortnight ag< 
understood that the Italians, ! 

01 the position taken now I 

^ 8 £ Sa '?v havededdedtos 

ihe Pact of London. 

1944: Embassy Shell 

J5h; DR iS — l F rom our New 
edjbon: j Reports from Vichy si 

2 ^3] that Chief of G 

££L fte 7 e t eval 1135 ordered 1 

cauon of the American En 
Paris to provide i 
fwbombed^uiFrendtfainflie 

strikingly beautiful American 

H5vi , ? t 5 d in ^ w™* * 

£“* Concorde was bud 
cost of 5137,000. It occupies! 
tbe most famous sites inParis. 









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On Anniversary, 
Security Is Tight in 
Tiananmen Square 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JIHVE 4-5, 1994 


Page 7 


wav a 


Chant 


Compiled by Our SM from Defoeha 

BEIJING — The Chinese gov* 
emmcDL aided by a stale visit by 
Sihanouk of Cambodia, put a 

S?VSl on ^ Jin8 00 Frid av for 

ine futh omuversarv of the I 9 S 9 
crackdown on the democracv 
movement. 

^P'^* 5 campus district, 
birthplace of the 1989 movcmem 
Uiai sent millions, into the streets of 
Betjmg and other cities, was the 
scene of a major security presence 
io prevent renewed protest*. 

During the day, honor guard 
guns boomed over Tiananmen 
Square, the vast concrete expanse 
m Beijing that was the focus of the 
protests, as King Sihanouk laid a 
wreath at a government monument 
unrelated to the 1989 events. 

The square remained opened af- 
ter nightfall, but crouds were thin 
and there was no sign of unusual 
activity. 

■ Security always tightens drama i- 
really in Beijing during the run-up 
f anniversaries of the 1989 crack- 
down in which hundreds if not 
Jiwusands of people died at the 
hands of the army. 

international hotels were or- 
dered to pull the plug on satellite 
reception of the U.S. television net- 
wwk CNN to prevent file pictures 
of the bloodshed being beamed to 
Chinese television sets' 

The police detained three jour- 
nalists from the U.S. television net- 
work CBS near Tiananmen Square 
on Friday and held them for two 
hours, one of the journalists said. 

The journalists and their Chinese 
driver were taken to a police station 
for an identity check. 

“How long will people go on 
bringing this op?’ a Foreign Minis- 
try official saul in reaction to the 
barrage of news stories on the pro- 
test movement featured in the for- 
eign media every year. “Can’t peo- 
ple see China has moved on?” 

The effort to keep the capital 
quiet reflected a deep unease 
among Communist leaders that the 
crackdown, and the democracy 
outburst that prompted it, still re- 
mained fresh m people's minds. 

It also reflected their uncertainty 
both about their international im- 
age and their support among the 
people who are now grumbling i 
over rampant official corruption 
and double-digit inflation, causes 
of the 1989 protests. 

China’s leaders restate almost 
daily their determination to fight 
inflation and other problems mat 
have accompanied fast-paced eco- 
nomic growth. 

To make doubly sure there was 
no trouble, security agents and po- 
lice in Beijing canceled parties and 


cultural activities and discouraged 
contact with foreigners. 

Many Chinese who were in- 
volved in the 1989 events left Beij- 
ing to avoid police harassment dur- 
ing the anniversary. 

Although there were no serious 
expectations of public protests or 
commemorations, the police took 
pre-emptive measures. 

They have barred virtually all 
group activities for more than a 
week, including art exhibits, expa- 
triate softball games and parties. 
They have also ordered workplaces 

to tell their employees to stay away 

from the square and gp borne early 
at night 

On Tiananmen Square, hun- 
dreds of plainclothes police— easi- 
ly recognizable by their dark glass- 
es and two-way radios wrapped in 
copies of the People’s Daily — 
shadowed all f ora goers and quick- 
ly broke up any gathering of more 
than five people. 

(Reuters, AP, AFP > 



A student placing flowers at a police barricade in Hong Ko 
Embassy, to commemorate the fifth annirersan of the cn 


Throjb Cbenfc'Agracr Fooct-feflr 

| a protest Friday at the Xinhua news agency, die de facto Chinese 
on the democracy movement in Beijing and other Chinese cities. 


Five Years Later , Little Support From Hong Kong 


HONG KONG — Five years 
ago, a million Hong Kong people 
stood up to be counted in support 
of those killed in China for de- 
manding freedom and democracy. 

But now few in the British colo- 
ny will stand up and be counted 
even for their own freedoms as 
Hong Kong heads for reunion with 
China in 1997, democracy cam- 
paigners say. 

“I sense a kind of lethargy aris- 
ing from a feeling of inadequacy,” 
said Jimmy McGregor, a legislator. 

“Many, many in Hong Kong are 
now gping over athusuisticallir to 
cooperating with China, he said. 


“Anybody who says differently 
gets clobbered or is out.” 

In 1989, the student protesters in 
Beijing aroused strong support in 
Hoag Kong. When the Chinese 
Army crushed tbe protests and 
killed many on June 4, the colony 
went into deep shock. 

A milli on people marched on 
China’s de facto embassy in the 
colony and attitudes on both sides 
changed forever. 

Beijing, which a decade ago 
promised Hong Kong a high degree 
of autonomy in 1997, began to 
regard it as a hotbed of subversion. 

Hong Kong people, on the other 
band, began to lose faith in the 


“one country, two systems” formu- 
la enshrined in the' 1984 Chinese- 
British Joint Declaration. Those 
who could got a foreign passport, 
and candidates demanding demo- 
cratic reform swept elections to the 
colonial legislature in 1991. 

Five years after the events 
around Tiananmen Square, the 
pro-democracy camp in Hong 
Kong refuses to give up. Protesters 
regularly march to the local head-* 
quarters of the official Xinhua 
news agency, which serves as Chi- 
na’s consulate. 

This week, six television journal- 
ists resigned to protest alleged self- 
censorship of a documentary on 


the Beijing killings. The gesture, 
which likely means their careers are 
over, worked. The ATV station said 
the program would be broadcast 

But the effort to promote democ- 
racy is no longer a mass movemen t. 
Marches on Xinhua draw small 
crowds and a rally to commemo- 
rate tbe dead of 1 989 is expected to 
attract at most 30.000 on Saturday, 
not a million. Only 12,000 came 
last year. 

Pro-democracy legislators are 
vocal but remain a minority be- 
cause of Hong Kong's system of 
limited democracy, which favors 
pro-business conservatives op- 
posed to confronting Beijing. 


In a blow to Hong Kong morale, 
China has made it clear that it will 
overturn Governor Chris Patten’s 
reforms, aimed at makin g the legis- 
lature more accountable. 

Rising living standards due to a 
boom in China have soothed wor- 
ries for a while at least 

Tsang Yok-sing, who leads the 
pro-Beijing Democratic Alliance 
party, admits he wept after the 
1989 killings. 

But he says what has happened 
since in China — an economic 
boom —is preferable to the fate he 
sees in the Soviet Union, political 
liberalization, economic collapse 
and disintegration of the state. 


China Appears to Seal Off Parents of Slain Tiananmen Rebel 


Washnipon Pan Service 

BEUING — The Chinese authorities 
have apparently cut off outside contact 
with two Beijing professors whose son was 
slain by troops in the crashing of the 1989 
Tiananmen Square democracy movement. 

The couple bad said they would fast on 
Friday and Saturday to protest harass- 
ment over the mother's challeng e to offi- 
cial accounts of the army assault. 

The fast by Ding Zflia. 57, tbe boy's 
mother, and her husband, Jiang Peikun, 


was the only publicly declared protest ac- 
tion in Beijing for the anniversary, as po- 
lice maintained a pervasive security pres- 
ence. 

”1 don’t want to be confrontational.” 
she said, before contact was cut. “but I 
want an immediate slop” to surveillance 
and harassment of visitors. 

Mrs. Ding has for years contacted fam- 
ilies of tboae who were killed and wounded 
in the attack. Her research on the attack 
has been the subject of Western press 
reports in advance of the fifth anniversary 


Friday of tbe massacre, in which troops 
killed hundreds of Chinese calling for de- 
mocracy. 

The government says il was “counter- 
revolutionary rebels” or “thugs” who at- 
tacked soldiers in Tiananmen Square, and 
has tightened security to prevent any com- 
memoration of the anniversary. 

Mrs. Ding said by telephone Thursday 
that the police had prevented the couple 
from receiving visitors for the last few days 
and had reinforced a 24-hour police pres- 
ence outside their apartment on tbe cam- 


pus of People's University. She told re- 
porters that she and her husband would 
stay at home, and asked them to call her 
back Thursday evening. But about II 
AM., calls to her home began rin ging 
unanswered. 

It was unclear whether the couple’s line 
had been cut off, or whether they might 
have been detained. Tbe university switch- 
board that routes calls to their home said 
simply that there was no problem with 
their line. 

—LENA H. SUN 


Tidal Waves 
Hit Coast of 
East Java, 


Reuters 

JAKARTA — Indonesian 
search teams recovered the bodies 
of more than ISO people on East 
Java killed in tidal waves after an 
earthquake shook the region on 
Friday. The police said the final 
toll could be much higher. 

The tidal waves struck a scenical- 
ly beautiful corner of Java, separat- 
ed by a strait from the resort island 
of BaH, about an hour after mid- 
night, when most people were 
asleep. 

The waves were set off by an 
earthquake measuring 5.9 on the 
Richter scale, destroying buddings 
and fishing boats. 

“I counted 12 waves,” Haji 
Cong, a fisherman, said by tele- 
phone. “People were shocked and 
ran into mosques and away from 
the coast. Now everyone fears more 
waves.” 

A police officer in Banyuwangi 

said that at least ISO bodies had 
been found and that the death toll 
was likely to rise. “Most of the dead 
are from fishing families living near 
the shores of Grajagan Bay,” he 
said. 

Another officer said: “They had 
no chance to protect themselves as 
they were slewing at the time.” 

The police said military, police 
and civilian teams, numbering 
about 500 people, were searching 
wide areas of the sparsely inhabited 
corner of Java, which is noted lor 
its forest and wildlife reserves and 
surfing beaches. 

It was not immediately dear 
whether the waves also fait the west 
coast of Bah. Most of the tourist 
resorts are in tbe smith and north of 
that island. 

Officials in Kuta, southern Bali, 
said by telephone that the island. 
65 kilometers east of tbe inundated 
area, did not appear to have been . 
affected. 

But villages along the Java coast 
as far as 90 kilometers west of the 
worst-hit area were also swamped, 
officials said. The area is remote 
and inhospitable, hampering res- 
cue efforts. 

Meteorologists said the earth- 
quake that set off tbe waves was 
centered in the In dian Ocean 225 
kilometers south of Malang, East 
Java. 

The sprawling Indonesian archi- 
pelago is on a major earthquake 
belt known as the “Pacific Rim of 
Fire.” 

Earth q uakes and tidal waves 
(tilled more than 2,000 people on 
the island of Flores, east of Bah, in 
late 1992, 


Emperor 
Stops Short 
Of Apology 
For Raid 


TOKYO — Emperor Aki- 
hito said Friday that World 
War II would be heavy on Ins 
heart when he toured Hawaii 
at the end or his state visit to 
the United States, which be- 
gins next week. 

But Alrihiio, speaking at a 
rare news conference before 
the June 10-26 trip, stopped 
short of an apology for the 
Japanese attack on Peart Har- 
bor. saying he was not in a 
position to comment on 
whether the raid could be jus- 
tified. 

Initial plans called for Alti- 
hito to become the first Japa- 
nese emperor to pay a visit to 
Pearl Harbor. Last month, To- 
kyo changed the venue to the 
National Pacific War Ceme- 
tery near the US. naval base 
after coming under fierce 
rightist criticism that a visit to 
Pori Harbor could be con- 
strued as an apology for Ja- 
pan’s attack, which brought 
the United States into tbe war. 

“It is very important to un- 
derstand historical truths cor- 
rectly, but because of my posi- 
tion, I must refrain from 
touching on this kind of sub- 
ject,” Akihito said. 

Japanese historians and 
lawmakers say that Japan was 
forced to make the attack be- 
cause of a US. oil embargo 
and a virtual ul tima tum. 

Akihito said his heart ached 
at the thought of war vic tims. 

“It is 50 years since the war 
next year and a very long time 
has passed,” be said. “But in 
February, I went to I wo Jlma 
where 1 ‘paid homage to a war 
memorial, thinking of the 
more than 27.000 victims from 
both Japan and the United 
States. 1 did not fed tbe lapse 
of such a long time.” 

Akihito and Empress Mi- 
chiko’s 16-day tour will take 
them to Atlanta; Charleston, 
South Carolina; Washington; 
Charlottesville, Virginia; New 
York; St. Louis, Missouri; 
Denver; Los Angeles; San 
Francisco, and Honolulu. 

It is the couple's third visit 
to the United States but their 
first trip as emperor and em- 
press. 


To subwriha In France 

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IN SATURDAY’S 

|- INTERNATIONAL 
HERALD TRIBUNE 
TODAY 
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Pag Page 8 

E-. ART 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, JUNE 4-3, 1994 


American Center 


Past and Present in Modern Frescoes 


In Paris: Gehry’s 


Bv Ruth Ellen Gruber 



Take on Tradition 


gj . rp 


C OLLELUNGO. Italy — The colors 
of Umbria, the hilly, landlocked re- 
gion of central Italy north of Rome, 
are those of the earth. They are 
greens, russets, ocher, muled stone, and dark, 
earthy umber itself, highlighted by the brilliant 
yellows of rape fields and sunflowers. For artist 
Nino Cordio, who lives in a restored stone 
Farmhouse outside the hilltop Umbrian village 
of CoLlelungo the earth and earthiness form the 
very substance of Iris work, as well as of Iris 
palette. 

For the past decade. Cordio has worked 
primarily in fresco, adapting the anciem tech- 
nique of wall-painting (o a contemporary inter- 
pretation of Umbria's rural landscape and us- 
ing the traditional elements employed in the 
fresco method — demen is he finds satisfying in 
themselves as well as as tools of art. 

“I rind it very pleasurable to handle various 
materials: slaked lime, sand, earths of various 
colors, rabbit glue. rag. jute, casein, ammonia, 
drippings, retouching paint, et cetera." Cordio 
said in 1 986. not long after he began working in 
fresco. “Maybe Freud comes into this.” 

Umbria is rich in masterpieces of historic 
fresco art — the Giotto fresco cycle in the 
Basilica of San Francesco in Assisi, and Signor- 
elli's Last Judgment in the Cathedral of Orvieto 
to name but two of the most famous. The 57- 
year-old Cordio, originally a sculptor and 
printmaker. and for years an art teacher in 
Rome, said he was influenced to some extent by 
these works, but took his greatest inspiration 
from ancient Roman frescoes. He decided he 
wanted to to work in fresco after taking a group 
of students in the early 1980s to visit the House 
or Augustus, the private residence of the an- 
cient Emperor on the Palatine Hill in Rome, 
which has vivid wall paintings. These frescoes 
were being restored at the lime, and Cordio said 
he was struck by the immediacy of the paint- 
ings. which are nearly 2.000 years old. 


By Herbert Muschamp 

fVew York Tima Seme 


— I T1 

-} r 


P ARIS — Frank Gehry’s 
new building Tor the 
American Center in Paris 
is a love poem on the rela- 
tionship between freedom and tra- 
dition. And what could be more apL 
for an institution whose purpose is 
to strengthen the cultural bonds 
between France and the United 
States? 

Gehry’s design is at once a warm 
tribute to their common heritage 
and a confident demonstration of 
the creativity required to sustain it. 

Americans embarrassed by the 
desperate martial mirth of Euro 
Disney can take pride in this build- 
ing. Witty, urbane, os affable as 
Gene Keliy, it shows that American 
architects can do more than exploit 
the Old World. They can enrich it. 

Established in 1931 and formerly 
allied with the American Cathedral 
in Paris, the center initially provid- 
ed a high-minded fand alcohol- 
free) social hub for virtuous expats. 

In recent decades a more Diony- 
sian spirit has prevailed — the Liv- 
ing Theater hung out here in the 
1 960s — and the center has become 
a lively showcase for contemporary 
American art, with (he accenL oh 
music and dance. 

Formerly located in Montpar- 
nasse (on the rite where Jean Nou- 
vel’s new building for Cartier 
opened last month), the center has 
moved (o the neighborhood of 
Berry as pan of an ambitious plan 
to stretch the fabric of Paris be- 
yond the historic center. 


B ERCY was once a center 
for the wine trade. In the 
past few years, however, 
the old warehouses and 
cobbles toned alleys have given way 
to modem apartment houses and a 
brace of public buildings, including 
the new Ministry of Finance, a 
sports complex, and a trade center 
for food and wine. 

While the new Bercy does not 
shriek with the Miami modernism 
of La Defense, neither does it radi- 
ate with Left Bank charm. To hu- 
manize it, city planners have carved 


out an immense new park, parallel 
to the Seine. The American Center, 
which opens to the public on 
Wednesday, is expected to provide 
a cultural magnet. 

Though scarcely conventional in 
appearance, the American Center 
is not a Hollywood Apache. It is. 
rather, an American's souvenir of 
the historic city, transfigured by his 
understanding of the pressures of 
urban growth. And it should help 
people recognize that Gehry's work 
has long been rooted in a grasp of 
the complexities of urban context. 

What strikes you first is the 

stone: a mellow, vellum-colored 
limestone that wrapped around the 
building immediately establishes it 
as an anchor of solidity in j sea of 
glass, concrete, stucco and steel. 

This is (he stone that steeps his- 
toric Paris in the glow of golden 
ages past, the material from which 
such ancient landmarks as the Pan- 
theon were fashioned. 

As you approach this new land- 
mark from the Bercy Metro stop, 
the glow is all you take in. for the 
form of die building initially looks 
unexceptional, a stolid right-story 
block with square windows. 

Then, as you come nearer, the 
building gradually breaks out of 
the box: the lower floors jui for- 
ward in a two- tier limestone 
flounce that gives Lhe comer a jag- 
ged edge. The projection serves the 
functional aim of providing a cano- 
py from the weather. 

But ir is also a typical example of 
Gehry's play with" urban forms, for 
the jutting profile recalls a mansard 
roof. Instead of lodging it on its 
customary place on the boulevard 
skyline, however, Gehry puis his 
mansard at the building's base, as if 
to proclaim that the whole place 
arises from an artist’s garret. 

On the park side, the building 
erupts into a more characteristical- 
ly fragmented Gehry collage, but 
one that is clearly" indebted to 
French style. A wide apron of zinc 
curves around the building’s south- 
west corner: above it, a crystallized 
Parisian cityscape takes shape. 

In its fractured composition of 
angles and curves one can discern 
(he dissected facades of Hauss- 





F.n.:i K.Ain*. 


Detail oj American Ce filer's facade: Urbane and winy. 


mann boulevards, the zinc of work- 
ingmen's bars, the glass canopies of 
Belie Epoque hotels, the colliding 
perspectives of intersecting streets. 

This is a frankly Cubist composi- 
tion. a California cousin of the 
French Manager’s costume Picasso 
designed in 1917 for the Diaghilev 
ballet “Parade." Or, rather. 
Gehry's design reveals the extent to 
which the city itself is a Cuhisi 
project, a succession of visual slices 
that add up to a whole. 


I NSIDE. Gehry reworks one 
of the glories of Parisian ur- 
banism: the courtyards that 
turn the passage between 
public and private realms into a 
spatial surprise. Gehry's version, a 
three-story balconied space en- 
closed by skylights, is a lobby that 
also serves as the building's social 
center. 

A corridor leads ofT the lobby 
toward a cafe and a corner block 
containing 26 apartments, de- 
signed for visiting artists. A stair- 
way ascends to a sculplured. free- 
form balcony that will be used for 
receptions. 

From there, visitors proceed to 
theaters and galleries, including a 
cinema, two experimental “black 
box” spaces and a jewel box of a 


theater that scats 400 in sumptuous 
orange and blue >urroundings. 

Signs throughout the building 
are executed in the stencil letters 
that were a trademark of Le Corbu- 
sier. and these graphics do more 
than identify the rooms. They also 
help clarify Gehry's place in the 
lineage of 20th-century urbanism. 

For Le Corbusier, the modem 
industrial city and the historical 
city were antipathetic. In his utopi- 
an" vision of Paris, the former has 
largely replaced the latter. For 
Gehry. machine-age modernity has 
joined classical Paris among the 
city's historical strata. 

the American Center is his con- 
tribution to the city’s quest for an 
identity in the post-industrial Age. 
Gehry's city remains a center of pro- 
duction. 

in a building full of implicit sym- 
bols. one stands out vividly: a verti- 
cal row of cantilevered glass panels, 
clipped to the park side of the 
building, that gradually change in 
angle as they mount in height? 

The effeci is of a window thrown 
open to let in fresh air. an image 
that evokes thoughts of California 
geniality. Actually, the symbolism 
is neither .American nor European. 
The window looks toward a global 
culture based on the open mind. 



Nino Cordio in his studio in the hilltop village of Collelungo. 


T HEY scarcely looked dry. he said. “I 
felt that the painters, the plasterers, 
the master mason, the decorators, had 
just gone off to lunch and would soon 
walk back in the door.” he said. “1 decided I 
wanted to try il but I had to learn the technique, 
and there aren't that man y people around any 
more who know how ro work in fresco.” 

Technical difficulties abounded, he added. 
These ranged from finding materials — he 
enlisted his wife and children to help search out 
abandoned Umbrian kilns to find slaked lime 
— to the painting technique itself. “It's a tech- 
nique that requires great rapidity.” he said 
during an interview in his studio. “It doesn't 
allow you too many second thoughts, and there 
are a lot of unforeseen elements: colors that dry 
into different colors, for example. The pigments 
must be vegetal, mineral, diluted with water.” 

Not only thaL there is the problem of where 
to paint. Cordio has pain Led richly textured 
frescoes depicting his family, pets, home and 
surrounding landscape on some of the walls 


and other surfaces of his house, “but you can t 
transport a wall,” he said. 

He now makes mini ature walls — piaster 
forms up to one meter square on w'hich to do his 


forms up to one meter square on wrnen to ao tus 
wort He also sometimes employs a technique 
by which be transfers frescoes to canvas. “I 
paint on a wail or form. Then, after six months, 
I apply a double canvas with animal glue, made 
from bones. When this is dry. it pulls off the 
first layer of intonaca, which adheres to the 
canvas. I glue the canvas to a wooden support 
with casein , and then use hot water to soften the 
anim al glue so that it can be pulled away. This 
transfer and restoring phase takes linger than 
painting the picture itself." This creates a re- 
verse image of the subject as originally pain ted. 

Cordio was born m Sicily. He bought his 
Umbrian farmhouse in 1971, first for use as a 
weekend and summer house when be taught in 
Rome, and since the early 1980s as his perma- 
nent residence. 

Most of Cordio's frescoes are landscapes or 
still lifes drawn from local fruits, vegetables, 
basketwork and other products and the views of 
the hills out the large, arched windows of the 
studio he built behind his house. 


“Every day there are new coiorvnewigjhi^ 
he said. “Every day is new: each tree around 
here is like a person. I've painiedthem in many 
guises.” Often, be combines a still Izfetntbe 
foreground with a landscape stretching intotfce 
distance. 

“1 always carry with me memories of ray . 
childhood,” he said, “nostalgia for a lost work! 

— a sort of melancholy joy. Tm like an emk 

granl; 1 carry with me m em o ries of colors* of 
smells. There’s the fear that you can lose these 
things, so I want to affirm them, to portray the. 
man y parts tha t mak e op a life.” - 

He described one of his landscapes — a scene 
of the winding road and autumn hiOs looking 
east out the studio window. The colors-are 
autumn browns and golds, with one exception 

— the clear, bright blue of the lunchtime coun- 
try bus from TodL “When, the bus passes, that 
one spot of intense blue changes everything in 
one moment," he said. “It’s fleering, but ifs a 
message: it changes everything.” 


Ruth Ellen Gruber's new book, “Uj 
Doorposts of Thy House,’’ will be putm 
September by John Wiley & Sons. 


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by Bernard BUFFET 

from 1 947 through 7 95 1 (from the previous Collection of Andre Fried. 
These works will be featured in a separate catalogue 


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Monday, June 73, 1994 — 

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pie, leads into a passionate account 
of his own experience as Arthur Ru- 
binstdn’s physician. VTP patient 
care is often bad patient care, 0oc- 
zeDer asserts. Doctors try too hard, 
ordering tests they would never do 
on ordinary patients; medical care 
suffers. And then, with bemuse- 
men t, he is suddenly Idling the stay 
of Rubinstein — the great musi- 
cian's personal m agnetism and his 
own enthusiastic embrace of all 
those VIP practices, as he mends 
extra time with this remarkable pa- 
tient and hovers compulsively over 
every detail of his cancer surgery. • 
He tells many more stories of 
doctor and patient: the close' 
friend's father who died while lit 1 
Berezdler'scare; the“BigChierof 
the obstetrics department who 
made sexual advances to Berc- 
zeller’s wife when she consulted - 
him during her pregnancy; the re- 
action of the woman who lost three ! 
children in Auschwitz to the news ■ 
that her son has GuiUain-BaiTe ‘ 
syndrome, a progressive paralysis; > 
the patient with canceropbobia — ; 
a morbid and disproportionate fear , 

of cancer-— who has to be told that • 
she does, in fact, have a malignan- J 
cy. The book is most successful • 
when it is in this anecdotal mode. 1 
In certain ways, BerczeUer’s expo- ! 
rience is dearly that of a passing era - 
(the doctor is a generic male in this ’ 
book; one of the few female physi- 1 
dans to make an appearance is 1 
found undressed in a patient's | 
room), and his evident nostalgia for • 
a lime of higher prestige and greater' 
autonomy for physicians may read I i 
like a lament for lost worlds. But he ■ 
takes on many of the hottest topes ; 
of medical discourse, from physi- 
cian-assisted suicide to the emotion- ■ 
al implications of paying, and being ! 
paid, for medical care. His opinions < 
3re delivered with a fluency in- 1 
formed by his love for medidneasd 
by the powerful and often unexpect- ■ 
ed feeling evoked by his patients. 

When Berczeller finds the lump i 
in Ids patient’s breast, he continues 1 
the exam without drawing it to her 
attention. After the examination is - 
over, he sits down and faces his ’ 


patient: “! took one last, farewell [ 
look 31 bfr old wlf ihp mov ami/ pH . 


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look at her old self, the easy way in ■ 
which she sat there, the trusting, 1 
untroubled set of her face." And . 
then he tells her about the lump. ' 

Doctors and Patients" is an ek>-^ 
quern statement of the poteocy of < 
the doctor-patient reJaticmship. 


Impressionist and Modern 
Paintings and Watercolours 


Petri Kloss. a pediatrician in Bus- > 
ion whose most recent bod: is “Baby ’ 
Doctor: A Pediatrician's Training,^ 
wrote dus for The New York Tunes. • 


Auction: London, 27 June 1 m*J 4 

Viewing: 22-24 and 2fijunc 

Enquiries: London. James Roundel! on {4471 } 3X9 243 1 
nrjiissi IVIEkancn on (4471 J 389 2452 or 
Guy Jennings on (331) 41) 7i\ «5 
Catalosucv London. 14471) 389 282<J (sjlcsj 


Viewing: 

Enquiries: 


NEW AUTHORS 

PUBLISH YOUR WORK 
all SUBJECTS considered 
W orld-wide invited 
Wriie or send your manuscript to 

_ MINERVA PRESS 
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S King Street. Sc. J.iiiil“,’s, London SW1 Y 6QT 
Tel: (4471) 839 9thiU Fax: (4471) K3y JL326 


O 800 1 7538 













Saturday-Sundaw 
June 4-5, 1994 
Page 9 


'i"i: -i . -I 


^ I* 




"''■irijjii. 


. C; 


A Bruges Master 
Rediscovered 

Met Scores an Artistic Coup 

N /iuenwiway/fe^/ 7 ^^ one of |J»c great mastapaxs of 

EW YORK — His rec- Western ait. 
o^zed oeuvre mim- The intensity of the eyes, irregu- 
Dera only 24 pictures larly set, is lightly veiled by aloof- 

3na milrl) of It hnr n.f n*rr TV- ir — -i.n 


International Herald Tribune 

N EW YORK — His rec- 
ognized oeuvre num- 
bers only 24 pictures 
and much of h has suf- 
fered from restoration and over- 
PjPqgpS- ■ Even so. the rediscovery 
™ Petrus Christus, Re naissa n ce 
Master of Bruges." whose pain lines 
are on view at the Metropolitan Mu- 
seum of An until July 31. will stand 
out as one of the art-historical coups 
m the last decade of this centurv. 

Admirably hung, as only the 
Metropolitan Museum designers 
know how, when at their best, the 
show includes 18 of ihe 24 acctpicd 
oQ paintings and reveals an artist 
who, at times, could be a genius. 
Rigm at the beginning, the most 

SOUREN MEUKIAIN 

blase visitor gets a shock of sur- 
prise. The portrait of a Carthusian 
lay brother in the Metropolitan 
Museum collection, signed and 
dated 1446, leaps off the wall now 
that a recent cleaning has removed 
a halo added in the 1 6th century. 
Tiny as it is (a mere 292 by 203 
centimeters, or 1 1^ by 8 inches), it 
has a commanding, almost oppres- 
sive presence. 

A man with closely cropped hair 
and foppish beard, in the white 
hooded robe of the order, is seen 
three-quarters, almost bursting out 
of a tnompcToeQ frame. The merest 
suggestion of cool irony can be 
read in the steady appraising stare 
leveled at the viewer. The exagger- 
ated care that has been brought to 
detail, from the shadow of the 
throbbing veins on the temple, to 
the strands of the beard, gives the 
simple composition an emfy surre- 
al touch. Tnis-is emphasized by a 
fly poised on the lower bevel of the 
trompe I’oeQ frame, executed with 
relentless predsioa down to the 
two rrrinuscak mandibles. 

Add the glow to the left of the 
head and the crisp light an the face 
projected by a source outside the 
picture, and the portrait radiates an 
intensity out of aU proportion toils 
aze. That alone would place Chris- 
ms in the top league of Western 
painting. Yet it is surpassed by Us 


one of (he great masterpieces of 
Western an. 

The intensity of the eyes, irregu- 
larly set, is UgbUy vdled by aloof- 
ness. The expression is impenetra- 
ble. Extraordinary care has been 
brought to detail, which is sparse. 

The lighting retains a surreal quali- 
ty, slightly toned down, like the 
stare. The atmosphere is ambigu- 
ous, almost threatening, in its icy 
formality. It is an early anticipation 
of Leonardo's "Mona Lisa” with a 
touch of Vermeer. 

Citing parallels to the costume, 
Ainsworth dates it in the early 
1470s, 25 years or bo alter the Car- 
thusian lay friar. How did Petrus 
Christus get there? We may never 
know the answer. Even his birth- 
place is uncertain — h may have 
been near Ghent or ibe Brabant. 
The early part of his life remains a 
blank. By the tune he was in Bruges 
on July 6, 1444, paying the equiva- 
lent of a master craftsman’s earn- 
ing to become a citizen and thus be 

allowed to join the painters guild, 
he was obviously a man of sub- 
stance and one who had fully mas- 
tered the art. The portrait of the 
Carthusian lay brother shows that 
anyway. Later documents indicate 
his position in society was solidly 
established. In 1454, a nobleman 
Mlrftd him to execute three cones 
of a painting in Cuhbrai, which 
have not survived. 

An important wmimssiftn in 
February 1463 to do city decora- 
tions implies that he also worked in 
large formats. From 1467 until his 
death, some time in 1475-1476 as 
the exhaustive archival investiga- 
tion conducted by Maximilian 
Martens of Groningen has shown, 
he often represented the image 
makers* guild. 

Fame had readied him. This 
makes the disappearance of most 
of his painted oeuvre all the more 
enigmatic. Scholars have con vine- : 
ingty established that one minia- 
ture in an otherwise very different 
Book of Hours is from the hand of 
Petrus Christus. An early training 
and perhaps career in miniature 
painting would account for his pre- 
ferred tiny formats on panel, the 
only ones in which he excels. That 
only one miniature should have 


Portrait of a Lady," as Maryan- been identified so far is surprising 


Ainsworth, senior research fellow 
at the Met who wrote the remark- 
able catalogue, rerfers to the work in 
amiably -Horny Jamesian wording. 

Its Idnshro with the Carthusian 
brother is obvious. The signature 
once appeared on a frame, now 
lost, apparently also in capitals 

i rimiriflHn g Ro mm imrnp t«wre m- 

graved on stone. The equally tiny 
size, the posture of the oust filling 
most of the space, the immature- 
like predsioa emphasize the simi- 
larity. Bui here the uniquely intro- 
spective quality makes this portrait 


enough. Even more curious is its 
monumental composition. 

Obviously' there must, have been 
another significant factor in bis- 
makeup. AB the indications are 
that he was a practicing jeweler and 
goldsmith, well versed in metal 
casting, an aspect that has hitherto 
escaped attention. 

A striking picture in the Metro- 
politan Museum ooOection signed 
and dated 1449 provides one of the 
keys to that effect It has long been 
called “Saint EHgjns," largely be- 
cause a halo was added around the 



‘Virgin and Child” by Petrus Christus, from the Prado Museum in Madrid 


central character’s head in the 16th 
century. Recently removed, it no 
longer conceals the true nature of 
the scene as I understand it — a 
goldsmith seated at his workbench 
m his own booth selling his mer- 
chandise. 

There is nothing remotely saintly 
abouL the goldsmith. He is weigh- 
ing a ring with a mounted ruby, nis 
face a model of the experienced 
craftsman’s glaring mask of tight- 
lipped contempt at (he inept re- 
mam of his rich ignorant clients. A 
young couple stands behind him 
oozing wealth. On die shelves, the 
implements and wares of the work- 
ing goldsmith are depicted as no- 
where else in medieval painting. 

There are cut stones, unmount- 
ed, ready for use; bars oi rock crys- 
tal and porphyry; beads of various 
sizes hung on strings; rings with 
precious stones displayed accord- 
ing to finger aze oo three stone 
cylinders laid out in an open box. 
The understanding of medium and 


technique is remarkable. The irreg- 
ular natural flaw in the rock crystal 
reliquary with a lid shaped as a 
silver gill, cusped dome is depicted. 
So are not just the twisted fluting of 
the dome, but even the beaded 
strings separating the ribs, and the 
astonishing finiaL Only a practitio- 
ner could have seen all this. 

As one starts looking for inde- 
pendent clues in the other pictures, 
they leap to the eye. The rock crys- 
tal world globe, cross-banded in 
silver gill, which recurs in four pic- 
tures — including the tiny “Virgin 
and Child with Saint Barbara" 
from Berlin — and the long rock- 
crystal pole, in three joined sec- 
tions, of the admirable procession- 
al cross in Frankfurt “Virgin 
Enthroned with Saint Jerome and 
Saint Francis’’ were painted by a 
man who knew how to work rock 
crystal and bow to mount it in 
metaL 

Petrus Christus must have loved 
to hammer and cut out silver gilt 


letter shapes. Hence, probably, the 
original idea of the ravishing “Ma- 
donna of the Dry Tree” with 15 “a' 1 
letters in Gothic minuscules dan- 
gling from the dark twigs around 
the standing Virgin and Child. 
Hence, too, the chain of S-shaped 
links that Edward Grymeston. the 
British envoy to Bruges, fingers ab- 
scotmindedly. His portrait is dated 
1446. Was Petrus Christus using his 
newly-found sitters to seO off his 
wares crafted in an earlier incarna- 
tion? Grymeston looks curiously 
wary and rueful. 

One generation later, Albrecht 
Dtirer, the son of a goldsmith, 
would undoubtedly display the 
same twin interests. The difference 
is that, while many of his master- 
pieces survive, we only have the 
debris of what may have been the 
prodigious oeuvre of Petrus Chris- 
tus. What the Mel’s exemplary 
show reveals is, at the very least, an 
artist who had some stunning 
flashes of inspiration. 


Where Was "Scream’? 


By Richard W. Stevenson 

Sew Yort Timet Service 


L ONDON — It didn't take sophisticated 
gadgetry to beat the security system at 
Norway’s National Gallery in Oslo. Two 
men pined up outside in a van just before 
6:30 on the morning of Feb. 12, propped a ladder 
against a wall, smashed a window, climbed in and 
emerged 50 seconds later with the nation's best- 
known painting, “The Scream,” by Edvard Munch. 

Done in 1893, Munch's image of an almost fetus- 
like figure, its head clasped m its hands and its 
mouth open in a cry of horror, has become familiar 
in popular culture around the world, a symbol of the 
overwhelming pressures of modem life. 

The case of “The Scream" alternately enraged 
and captivated Norway for three months, until the 
painting was finally recovered on May 7. Only 
since then have details about the elaborate sting 
operation mounted by police begun to dribble oul 
Yet even with the painting back in the National 
Gallery — undamaged except for a pin-size bole 
and under considerably tighter security — the 
thriller still hasn't reached its conclusion. 

Two men who had tried to solicit a $414,000 
ransom were arrested in a hotel room in Aasgaard- 
sirand. the seaside town 50 miles south of Oslo 
where Munch spent his summers. But the suspects. 
Bjorn Giypdal, 27, and Jan Olsen, 47, were charged 
only with handling stolen goods, not with theft. 

Although both have criminal records, it is not 
yet known whether they are also die men who stole 
“The Scream.” said Leif Lier, the assistant police 
chief in Oslo. 

At the time of the theft, the painting was hanging 
on the ground floor as part of an exhibition of 
Norwegian art mounted for the Olympics. When the 
thieves climbed in through the window, they needed 
only a pair of wire cutters to pop it off the wall 
Police started with only a few leads, and the case 
became more muddled a few days later when abor- 
tion protesters got into the act 
Bone Knudsen, a former Lutheran minister who 
is a leader of the Norwegian anti-abortion move- 
ment, had been seeking publicity for his views by 
organizing protests during the Olympics. 


The day before the painting was stolen. 12 
abortion protesters from the United Slates who 
had been invited to Norway by Knudsen were 
denied entry to the country on the grounds that 
they might commit criminal acts. 

In a radio interview cm Feb. 17, Knudsen suggest- 
ed a trade-off. "If Tlx Stent Scream’ is aired by the 
national television company," he promised, "the 
painting will reappear." The police said they had 
tittle reason to take Knudsen's statement seriously, 
and the film — the title refers to the “silent scream" 
of the fetus —was never shown. Similarly, in eariy 
March, police showed little public imercst when a 
lawyer working for the anti-abortion movement said 
he had a client who could arrange the painting’s 
return in exchange for 51 million. 

Needing assistance in his investigation. Lier 
called Scotland Yard, which has a squad specializing 
in the theft of an and antiques. According to news 
reports, the two police forces, working with officials 
from the National Gallery, mounted an operation to 
trap at least two men wbo were seeking the ransom. 

The National Gallery’s chairman. Jens Kristian 
Thune, said at a news conference that be had been 
involved in the recovery effort, in pan by enlisting 
the help of Einar Tore living, a well-known an 
dealer. He used Ulving as a go-between to those 
seeking the ransom, he said. In late April and early 
May, Norwegian police found pieces of the paint- 
ing’s frame at a bus stop and various other places 
in Nittedal, a suburb of Oslo, but the police say 
that no link has been established between the 
pieces of frame and the men arrested. 

Meanwhile, according to repons in the Norwe- 
gian press, two British police officers, poring as 
officials from the Getty Museum in California, put 
out the word that they were willing to pay to have 
“The Scream” returned to the National Gallery. 

On Saturday, May 7, they were able to view the 
painting in Room 525 of the Hotel Aasjgaardstrand 
and agreed to pay a ransom. They were then 
directed to the Grand Hotel in Oslo, where the 
money was to be paid. It was there that the two 
suspects were arrested. Ulving, the unwitting go- 
between, was also briefly arrested in what police 
later said was a mix-up. 


A Banner Year 
For Broadway 


Sew York Times Service 


N EW YORK — A total 
of 8.1 million people 
saw performances in 
Broadway's 35 theaters 
during the 1 993-94 season, up from 
7,9 million ayear ago — the highest 
level in six years. 

Broadway’s gross receipts were 
S356 million, while a total of 33 
road companies, including eight 
new productions, brought in $688 
million, according to statistics re- 
leased this week by the League of 
American Theaters and Producers. 

The total audience was the Iaigest 
since 1987-88, when about 30,000 
more people attended shows. In ad- 
dition, the league said, the total 
gross receipts for Broadway shows 
and touring shows this season ex- 
ceeded $1 billion for the first time. 

The number of new productions, 
37. was up from 33 in the 1992-93 
season. So was the number of total 
weeks that shows ran in theaters: 
1,061 this season; 1.018 lasL 


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poreetatn 


The Thnje Friends of Winter’, 
detail from an eariy Ming 
dish in the exhibition. 


ANTIQUES 


Ffcw Sasuma. 

Fl-vmo WAKES Mljm 
lOSOSeeonfl Awnue, flaw 

*«*■ l ^ 1 J£So»4e0l 


YOU SAVTHISAD. 

So did nearfytaH 


a aS^>Mwide. 
StouMatwutoo 
advertise to 

INTERNA^ONAL 

UKRALP TRIBUNE. 


LUCERNE, Switzerland 

1),*^ 


Museum 
' . Rosengart Donation 

A collection of important 
late work ana exhibition 
• Picasso photographed by 
David Douglas Duncan” 


SANTA I* 

r M& GEW- DEW EY* 
SANTA FE 

- Old 

mwjQSMEncaHTprmig 
505-898-5058 
, ESL1975 J 


Archaic Chinese Bronzes, 
Jades and Works of Art 

Olid ixiic? ;'J.UC : - 2z- GVXTiiClOtA . 



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ORIENTAL A R T 

h I East 57 Street New York. NY ! 0022 
To) 12 i 2': 37 1 -3380 Fax (2 1 2) 593-4699 


THE 

| GROSVENOR 

|. HOUSE 

H ART 5c 

P ANTIBES 

tes; ■ STAND N0 1 


ulso 

Exhibition of 
FAR 

EASTERN 

ART 

AT SPINK 
1st -17th June 


VERDURA 

JEWELLERY 

LONDON SUMMER EXHIBITION 
June 6th - 14th 1994 


4 RYDER STREET 
ST. JAMES’S 
LONDON SW1 

11:00 A.M. - 6:30 P.M. 
(Closed on Saturday & Sunday) 

Telephone: +4471-925-2759 

Verdura Inc.. 746 Fifth Avenue. 
New York, N.Y. 10151 
Tel.: 212-758-3388 






i# & f 

spink 


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TEL: U7I-V3Q 7KK8. FAX: Q71-K3V 4fi$i TEI J.X; V |h7 1 1. 


Wf air pL'asrd in aiinotincr 
the opening <•{ 
new preniivr* in IjiihImii 
with ihr i.'x.Viihuion 

Be craving the Muse 

De Chirico and the *njrr«uli»i» 

8 June - 8 July 

MuiuLn - Fridai Id • . r >.;R'i>ni 
FiilK illuMraW istiKyu. 


FIN ARTE SLA. 

7-K Mason s Yard • tliike Slufi 
SiJanuV* • I .mu Ion • 5\\"l YfifiL 
Tel: «7 l-iMi Tl.VS tav JT4H I**” 



C DrUunc- 

IrP’^irttta rjarnwn.*', I’K*’ 
LXI tni r-jnv.li: IMt * I S5nn 


i i’.Miiov-,!,! i'o mi sp. nvn.N n.]/ nun,'! n\':nr: 

The 

Grosvenor House 



9 th- 18th June 

Grosvenor House • Park Lane • London 


OVER 90 EXHIBITORS OFFERING FOR SALE 
AN OUTSTANDING RANGE OF ANTIQUES .AND 
WORKS OF ART OF AJ.L PERIODS 

♦ 

ROY. VI. CHARITY GALA PREVIEW 
In i lie presence of HRII The Princess Royal 
Sponsored bvi -Soka GakLii International 
8th June, 6.30pm - 9.30pm. Tickets £100 

♦ 

OPENING TIMES 
I lam - Spm (6pm weekends) 

♦ 

ADMISSION 

With one I Iandbook: Single £12. Double £20 
FINAL HOUR EACH DAY: £7 excluding Handbook 
Children under 12 free. No pushchairs 
Concessionary rate for students 


Tel; 071-499 6363 Fay*. 071-495 874 ‘ 


Summer 1994 : 

DREAM OF THE ABSOLUTE 

Malevich, Mondrian, van Doesburg, Kandinsky, Klee, 
Arp, Brancusi, Matisse, Giacometti, Albers, Bill, Lohse, 
Glaraer, Rothko, Newman, Stella, Kelly, Lichtenstein, 
Marden, Ryman, Johns and others 

ART, Basel, June 15-20: 

20th CENTURY CLASSICS 

GALERDE BEYELER 

Baumleingasse 9 - Basel/Switzerland 
Tel. + 4161 272 54 12 - Fax : + 4161 271 96 91 









Each Nation to Get Oil J |J„„« ij*. ' 
I. Needs From Closest! 111 KUSSm, HltS 


U. S. Planes Hit Tiaran,! 
Genoa,OlherRai3Hubs;{ M 


Source at Lowest Rates At Reds in U. S. Ludwigshafen Bombed 


n„ n f L I , . I By Ttc 4 iiDCic.‘f£ Frrjj 

By Don Cook Speaks ‘With Frankness ’ LONDON. June 5 (Monday*.— 

WASHINGTON. June L-Forth- « s ■ Upward of 1.20D American heavy 

roming talks between the United ?• ^Ommumsls btmbm 5truck Bum >gEln ves _ 

States and Great Britain, it was Are Wasting Their Time’ terday— some 500 pounding Ger- 

learaed today, will center around man strongholds along the lnva- 

an American plan for creation of th< umu< p rttt slon c^t whUe u, elr comrades 

a world oil commission, with a MOSCOW. June 4. — With from the Mediterranean mads a 
membership open to all oil-pro- straight-from-lhc-shoulder frank- strong attempt to sever two main I 
during nations, to recommend al- ness. Eric Johnston, president of rail lines between France and 
location of the world's pc ltd I cum Uic Chamber of Commerce of the Italy. 

among countries on a basis of need United States, told 100 Russian Swarms of medium bombers and 
and an economy of plenty. trade leaders here yesterday that fighter-bombers from Greet 3rit- 

Initial 1 dlsenssians of the propos- a gulf separated the economies of a * a kept the thunderous assaults 
el have been completed on a tech- Lhe United States and the Soviet 

. Bntlslj **“ Union, but that bridges of pxactl- Spitfire bombers and fighters; 

ported la be in general accord on cal co-operation could be thrown hammered enemy radio Jnstalla- 
a set of principles advanced by across j L Hons along the northern coast of 

American experts to govern the Mr. Johnston advocated ex ten- | Prance last evening and the British 


Nazis Loot as They Flee, 
Columns Block. Roads 
40 Miles to Northwest 


. c , ...... Herald Tribune— Acme trlrptraio from 3ltasl Carm rtdlopttM 

A . her man lunk InnJril tat i: inlilierM, /ollnurd by m jerp noli other equipment on Ron It 6, in the onttkirtt «/ Rom* 


3,000 Ilaliansltalian Kisses and Nazi Bulhts HitlerProposed 
“ Alr Oambsr From Greet Troops Entering Rome An Open City at 

It was because of the progress of lts own economic expert- forces announced early today that HT 1! TT¥ ! — ^ _ 2 «’ 


Bt The 4XOCUM rrrti 

ROME. June 4.— Rome. Uw 
Eternal City, was liberated tonight 
by and infantry troops of 

the Allied SLh Army which battled 
German tear guards to the edge 
of the ancient Forum. 

A forcr from the old -Ando 
bear hi lead completed the mop-tip 
of Nazi forces al 9: IS p. m(J:35 
ix m., Eastern war ume< by 
knocking out an enemy scout car 
in front of the Bank of Italy, al- 
most within the shadow of the 
column erected to E mpemi Tra- ' 
Jan. who ruled the n^rmanc from 
A. D. 98 to 117.. 

The 5th Army fori* fought Its 
way into the heart of the city 
after a four-hour battle against 
German armor In the suburbs of 
the ancient capital. 

Flnt Axis Capital to F*H 


It was because of the progress of 115 own unlque economic expert- forces announced early Loday tha J rr- ^ l — w 2 - _ . The Cilv of Smm hui« ,h. 

these talks toward an agreement ®® lt unUn *™*«l by the other." four heavy bombers and three ^ H333n€i ilOmCS R niM - M(e TV/ T . D T. O G f M 1 H II t te^teAtteM 

that President Roosevelt remarked He told the Russians that Amer- fighters were missing after three (..fleering KniliaiiS WJlcll Tank Battle; Girls Give ^ ® L 1*1 1 11 U 1C JV. Jjjj* j* 


on Friday that the proposed con- lcaas were ' raost pnvate-mlnded yesterday against Nazi trans- 7 WoA av. 

structlon of an American pipe line aQd most individual-minded and. P° rt Maw and airdromes m oc- 1 LitcO l-l Mun. linns 
in Arabia is now In the “iffy” make 00 mistake, we are deter- cupied France. Or.e German No rage Places Beneath; 

stage. The pipe line had been pro- mined 10 remain so and even plane was reported shot down. To^n as War Passed Bv | 

posed as a means of assuring the become more so." The Pans radio reported las- ” 

United Stales a full share of Mid- Mr. Johnston, who arrived In *fi Allied air attack on the n d ..... 

die Eastern oil, where concessions Rur,sla last week, was a luncheon eastern Md southeastern suburbs “V “ usa cll Hill 

axe hrid by both the British and RUest of Anas Iasi I. Mikoyan. So- of paTa and said il was opposed ^ ie.»,ir.- /ms- nr., T - .*. w 

Americans, but drvelopcd prmci- wet Foreign Trade Commissar, at Tu,iously " by anti-aircraft fire. v-,k 1 r,h,, " r "' e - 

pally by the former. Spiridonovka House. Al the table Bctwccn 500 ®« d 750 15Ui Air COLLE FERRO. Italy. June 2 

Senate Inquiry Suspended * crc R »®*n trade experts, mem- f° r “ h f avy bombers swept up Jl ® l, an town 


Flowers in U. S. Palm Is, Trying to Seoul Foe; 
Power and Water Plants Reported Wrecked 


By Russell Hill 

3# If.rrlf fn Ihr Hon'd Txii.i, 
r«i|iri 1544. Urm yoi k I r.hunr li 


By Daniel De Luce 

ROME. June 4 0T\- Amin kisses and tears from hysterical Romans 
5lli Army tanks and infant rv fnucht a four-hour baUle this mnm- 


ixoops who ware pursuing the 

Berlin V«ti Mn if.* G*™*™ ot Rome with Ihe 

u- Jv J 1 Vatican Has , w of &wna ot p^, 

fiiH Oner; Says Fight in battering at Nazi transport 

Italy Will Be Continued &*unu*. 

Soon after 3:30 p. m. the Ger- 
Bt Thr Astrjciatrn pmm mans began some demolitions in- 

LONDON, June 4. -Adolf Hitler Jxirte Rome. Hurt rlouda of smoke 


^ I 4 


■ •Kin. ism. rw von. ir.hi.np i ne. I nk Gn man armor the miles from ihr heart of the ntjr. aniiminred ton is lit in two spcrlaJ plmneif nhore the rltr. One report 

-LE FERRO Ilalv June '•L 1 " P ' 1 ,!j4sh j rommnniqties Uroadcmt after Al- was that llie rilys water, eiectrto 

red'.— When ,ui iuiir,n l.mni P ' n ?T r h !,?: 'ii" 1 '!'*" " U,rs d “ la,i i!lS" 1 k ‘ , ! f - lli r h ™ l,,y n,lnrd air_ llrd lT 9?**' *«■<* liberated Home - and gas wnrka had been blown up. 


» deflniuve stage, the Senate uin.^l hiiT l“ nc^noila- sSe "andclnT And ‘ /1 **? n * sl,owwl soldicrs sa,d 11 plan bad been mfrmfto for Us railway mi^iahw yuS. 

iroJeum InvcsUgating Committee miiit^ln^^^ One force hit the Twin yards dayv Vet w P fmiim th.s nLtn.r.iivr d E h“ J™” 1 i i! r * nd ^ plainrd U,r 'Hereby Home would battered incessantly and accurate- 

haa suspended temporarily Its . T the double-track Moun. mo.leni town. w,tli * normal pnpii- C 1 ‘ ^1* s,,b, ‘ ,bl| n lorrr Uiili I he Germans had beaten be regarded as an "opni rlly- ly by Allied aerial bombing, la aL 

Ptens lor open hearings. n ",^. to * ] Rl “ l lBna : “Weared railroad leading wes^from Srin lal,on ° r 300on - vlrlunlly ,„iLl r-"”' ry ™ n ' ,rMd " '\ r "'Alkedmln ihr .suburb. In Uie (I.M word Iron. Der nnwl 95 per rent intact, nniadto- 

Those lannhar with Lhe lech- b] _ 1 Johnston's to ^ the Gad bridae When wc enlcred * today. °oJ nU> * ° c ™ an roadbI “ :k - '“ k,nK Ior for ^ I,v « ctu1 ’ Fuehrer's lieadquarlers in several Patch added that ■ few fires had 

rural talks concluded recently in Cl , l SfiEEZ 0n most maps CoUc ^ks *"* Z h days ' jt waa ““^ d ihe fight in been wtl burning by the retr^- 

Washlngton said that the Amer- JJL" "™ tunnel through the Ain iS ,ikc a 5103,1 cluster of buildings. 1 f ddlm B rll,,drpn t wcre , The blew up Rome's Italy would continue and that mg Germans. I 


bers of the 


it, American Ambas- “ sere *V cn 85 Turln and . * ama..nco eight armored rare and ISO Unit rd w»ne flagon, showed soldier* s» id * ni an i.,4 . ... — 


city, except 


has suspended temporarily 
Plans lor open hearings. 


, . . . ... *nnr«y unmr wouiG uai wro«i inrrssani ly and accurate- 

jslird beyond Mih.iibnn T.irrr L ‘iflL Ihr Germans had beaten be rrgardnl as an "onni rlly- ly by Allied aerial bombing is al* 
wr. ala b«-f..r.- lliry nm lieml- »»r walked min ihr suburb. In Uie fiiM word Inuu Der nuwl 95 per rrnt mtarL Tile ebs- 

ng mio a German roadblock. looking for milk for his live chil- Fuehrer's lieadquariers in several patch added that a few fires bad 
Old men and young girls and ^en. daySi it WJU! asserted lhe fight, in been k-fl burning by the retreat- 

adl mg rluldrcn were waring Lhe The enemy blew up Rome's Italy would continue and that mg Germ an s I 


. u,c AmpriftiT. ft-™.™- . ' . tunnel through the AIds »nd ™ e a 510311 cluster of buildings. . , . ulvw U P womes rununuc ana that mg uermans. I 

lean oil plan had as its first prin- Communists and Marx- u-a^ near mche i^ a ^ W c had expected Lo find Lhe usual ^J"" 1 ““JL on " hPn * hft J ire of ***. er * aTld eJ«teic works yes- measures were bring taken “to Amnirans and other armored 

apIe M “economy of pleniy" w ... French side. ’ demolished village. Instead. »c G crman 88 - mm - knocked out terday. he said. "There is noth- fwce Anal victory for Germany | troops flowed through the bean 


— * — •'•*-*'** — . . French side. 

govern petroleum supplies after •*- other bombers si 


“““ImijBtimi fnrvmtr h^iLi' V H' I dombers singled out the l0Lind a Wwn w,tb broad streets. w,lk and sn| f* ra l °® at - For four months there and her allies.” i«i nome, governmental district, 

ST «». bomSI Ziucl new administrative building. r ^ hl p ” u ™ «« no «d for t,a of Lh- Inr^lon- out llK 0 ToS 


[of Rome', governmental district, 


(Continued i 


Josophy of an "economy of scar- n hosp,tai,le southwest of Cannesind the Vo r a m 1031110 05 raol ory. workers' r r om . h,d ' ouLv "J fcl :o a wh,tc mon ^ * smgle egg. There Is communique said, -will bring Ger- man resistance almost four yean 

city deliberately imposed to In- ^ ^f WkJn f 10 ,ou troxD Wver bridge, southwest of Nine homes " nd a ' 000 of iLr - mhabilanLs church wli mat bells were nn S ing Kn?at roufusion. All Lhe big Fas- many's enemies an annihilating after Benito MiuwoUni plunged bn 

sure high prices. To this basic ® ° f my heart - “"-PO- whUe other fonnaticSs hit tS wai ^C the Lowu to be occupied for A ™, y f™*- cuds are fleeing." defeat at the mast derisive mo- com.lrymcn m«o w iS 

tenet, the following principles were fContiriu ^ on -page 5. column 5t I (Continued on page S column 4 1 by lhc Attlcr '- An Italian Part nan. who said The histone Via Casiiina proh- mem." Franer on the side of fWm.nv 

fj — Wc corrcspondenLs caine lo U,c pKa ^ ,,a ‘ l 1,1,1 0,11 hLs lpfl ^ly never has witnessed a more T*w order lo rvaeunlr German The Allies entered Rome slowly 

An agreement between the two _ _ =51 Colic Ferro because we had heard cye tr,rLur,,, » ; b in». *»«*d me Uiundering mtliuiv spectacle Iroow from lhe city, it %- m said, for the (iermam. had 

nations embodying . fair share of U /V^-^ K >«, thuL Uir Amer lean, nu.l Ciu.admu:;. on , tl,p r ' tcrk an ‘ l volunteriTd the than Uiat or the lari twenty-four was mlrnilnl -|o prevent lhe de- prrlrnM* uxni u 

reiiun, on nil for iiriNlui-lng rnun- Q iflCM/8 tUrii, M MlSlUC R €&Q(&§ || ninvuip. rir.l fmm ArLi-nu. uu«| Llit- ,,, f ,,,,,,,,t 1,1,1 ri 1 "!- I,r «:is Inn line. Imiir, In wlm-li I lie nnnnhtiiR Al • rimetlnn nf Itnuir “ i ily “ ° P * n 

Uif*. with a guaranty LliiiL only 
rxi-eu prudw-tlun would br shipped 
out ol Uiuse cuunines. The would 
be aimed at improvinc the lot of 


on Inside Pages 


FALL OF ROME 

Virion.’ tread is familiar sound 
in sLreets of Rome. Page 3 


Ft me It. ei nn : i ik umuiul tin- uLher 1,11 1,l,,,,r "f * iviliani imrk «r« hrukr llinHiali Uie (imiinn| ' ,1m- Gruinui imUii Km.i.i Self iirmullr.l „ . u j 

diln of .1... . . mill III line l«, kill lirmuil'. " Hues HI li.e Hliwn 1/all^u U.rU..I SI. " “ l’ r,, i M lIr «» g«ini. laflks OOd 


CTTY AND VICINITY 


Shir of till- muiiiiuuiu. lip Ihr luui m, ° k,| l ttemianr.." line, in ihr Sacco Valley and iulu Marshal AIIn-il Kt^srli ina iuui ■ miiim-iv 

Imm . . ... ... Kmllmu.hriiU'll-.-vntl Ihr i-rmn r c.hn..ll n .l ....... .... * ""l. U impnletl 


from Carpinctn. had met Jiere. Wr Kinlll »K. hn.wn-.yeil girls brought lhe green rauipagnla Janng Mibmillml loilie Vuliran prupoHaK I h^Allu.Vi" i J’ rBB,riB i : •* 

slaved to acL (hr aimu-.uic buiinurh. of rifiarrs l.i (liiM-.-ovrrrd Rome's seven hills. to make liunir ^ as pushed 


■och oil- nr h smaller nalions as Germans say they reLrcated in 
Iran and Irak. order to spare Rome. Page 3 

Would Andy Sanctions I C ‘! y ?* ppy Roine lrUl clarity re- 


Georgc Edwards, economist, is stayed to get (he amav.uiK story of boiinurL-. «.f ri.iwers lo .hiM-roveml Rome's srvrn hills. to make Hume m, open rilr wlth inCy * manea 

hTbom i^f 0 Pace 9 3i00 ° IteliaiLS living hi tunnels a:, riflemrn nlm wrrr i rawlmg up a Tanks lrd by Lieutenant Colonel » requrri that they be ranveyrd (o renter nf !h suburbs u * K ■ r * , U* 


.. .... jojcc damage was small Paces 

Next, a light bilateral agreement Allied heavy guns fire at Nazis 


speech lar aj ninety fceL below the ground slopl,,c ,,f wild barltyr and Bogardus Cairns, or DeeaLur. Ga.. U»e Allies, but Uiat ".-m f nr no re |ca.sUina! 

Fa*c 9 while Lhe war passed by over their P*U'Ptes Ln srniil German posilmn.*u iCnntiuunloitpaarZ coInmuSi P'y has been rrr rived t™«, .hi I .. 
Tombs An.lo-Ampr„-a„ l„„ ro^Li,-' 


for imposition of sam-lions on an over Rome ciLy luie. Page 3 
aggressor nation, should one arise WAR 

again. Here the planners have a American flyers at shuttle base 
hutonc example of how Uie sane- fi®d Russians genial. Page 5 
lion policy could have worked but Reds f** 01 *®U of 1.100 Nazis In 
was not imposed in the ease of T^ ay I fi , 1 ° Khtln * at lasi - 5 

Mussolini's conquest of Ethiopia. lorc?3 press forward 

A guaranty of equal access to oil rha««i?i 1 » ylna V rKLm P ** E * 
for nan-producing countries. Under 1 m n » ■n^i, J * PailKe ^? a i 


Rc '';. P^“ neU . Iea ^ Pope's speech lar as ninety fceL below 

Dr JohnCritfhan^ 15 ” C 3 *® 9 wlulc l!lc * ar Passed b: 

Dr :r ob | 1 Callahan. former Tombs heads. 

chaplain, dies aL 78. Pax e 12 ~T 

Marines hold memorial serva-es 7,10 sLni- y 'wains u.iih u,«. rnir.v _ mmmmw 

at St. Patnck V Page 12 nf an Amr,I ‘'au general «iu| in:. *** V H*T (ILV/L1 WilT JLXH1D1UOL1S b'™ "d»'anr«l H l it |». m .Saiur -nl trfwral Mark W. Clark, com- 
Qu .^ i ? urrDBau?, -' ; C-ourL KPL-I ‘ jno Ps inlu cpllr Ferro tins ikk.h. . ■ n . - _ d *^- T1,al *«* In» Uin n (anUy- "“ n, ‘ rr °f the 4Wi. arrived In the 

^ l l ° f a fosidcnL. Page 14 The town was uiilfhinked i» y the ll| LCIlirHl I^arK TOr BlOllfl V IriVA four ,,n,,rs br,wr ,iM nc changed ” Rh,,,, R Bullets whizzed over 
M ^°:^ VU J«! 5 plac I° r _ Bronx Tall or Vulmontonc and u,r Ger- B rtl 1UI UUI1U MjriW hands. ,anKPd hw head. Military pollcTwcM^ 

BrouJS'f S < S^f t (;r m oJ ,i ? e ls m «o.s rrlned norlhwarrt m.U ten.- 1 G^Palches from Rome rrunr I- 03 >>y ‘ n4C lll,n flrrd <« thz snipers. 

gored lo death by bull piee*!? porar,,y 100,1 up l K »d'o«>> »I«jiik By RoHert A. Rrdoln hLs eonferences had been with ”* Allied ironiw met neree rrs»t- . Annans were apparently 
LaGuardia warns vacationists Lo G rit:,L ot Ulc placr wlicre A vast Army show, staged in Arm - V "fOcera and Treasury repre- * nrf: fr,,, ri «*ernuin armor and h * m or lnJ, ‘ rtin K xs many eas- 

remain near home. Pa- e is ^ A ^ ,1CS had cnl ,L ponjunclinn with Uir Fifth War sepLalJvfs . snipers ui Mieei-to-street lighting UaJlirs aild *««« aa much dam* 

190th Columbia commenremcnl Lieutenant Hcui-y j. smith, or j Loan drive and including exhibi- "* A great Army show Is going to brr ° rr nnal Nazi opposition was a * e 83 I* 0lissj bte. but the 5th Army 
n e3 S[5 ises starl ~ Page 26 Maplctt'ood. N. J.. iniij Imw r fc» | iiorv: and sluim battles demon- op ** n In Central Park on June ]2 1 crurixed. l poured heavy reinforcements Into 

Dr. Soriunan urges post-war of- bourn later me French began lo'sLraling bolli Amrriran and enemy Md W,H nm tor twelve days." the Conrrmins Rome iLseir the Ger lhn KhOT '*»*'n fight. The day wag 

nee to publicize peace. Page 26 | arrive in the town led by u certain equipment, will be held next week Mm y° r raW - "“o ra «ho an id: bot and dusty. 

Meri.i r RATIONAL Colonel Bon jour. nn Uir greaL lawn in Central Park Latcr an official or lhe war loan “I 1 * 6 German hirh command TlMf American armored 

ww °L.r_ 0 n0r *5 ** * ,ven 10 Sliorily after, the Germans be- behind ihr Metropolitan Museum dr,rc vlnbornted on the Mayor's annomwed tlie supreme rnmn^nj land fan try columns which had 

Red CroiVl^H^a^llSv Pa * e 7 Bal1 hl,el,,nR u,p u>wp - Knmr shell:; p f Ar|. Filth Avniur and Eighty. ) hp ' 1,p ' ,airt ,hat ,wo Army rolo- er of German Irm.K. m luiv w-w SW ' Pl up rho v *« f*«in~ 

296-i in a l0 '^T !i u 5 lanp ed on a ridge close Lo a house "croud Slreet. It was revealed yes- nrL ! i vcrv already "living w a tent ‘Continued poor 2. rniumn Si ll ^ ,d up ,or hours bv nnrM, n# 

L L. G. W. U report nines'll* m wh,ch thc Amcncarl general terday. The drive will open on anda lflf,jllon '" m the P»rk di- f““ fiercely resisting Germans as ther 

at $16,183,692. Sell having an early sup per. Seven June 12. rerUng preparaU™ of lhe site. RoOWetl Will Settle approach «i the suburbs of 

nnriDr.. .• Frenchmen were killed. Tin* rm.l Tin* plans were rerrai*a w.. “*e si low. which will irnm. II m . . J "" K I cilv. 


Champs Ely^ees. 


lojrenter nf the city along the Via 
e- Ca-siima. 

^*i General (lark I nder Tire 


A p|)iv IflPllt 4 , L Tl1 '* pro T*nsaIs were said lo hair 1,1 l, w afternoon Lieut en- 4 

Ulrdiun W 3 F JLXlllDltlOnS ««fvanrr.l al it |,. ni. Saiur- ant trfwr al Mark W. Clark, com- 


In Central Park for Bond Drive 


A guaranty of equal access to oil! rs«n«i?i 1 » ylna V rKLm P ** E * 
for nan-producing countries. Under' m new afu^c. aapajaesc ^*'**^ 
such a jmncipte. the ’'economy of. American troops "resume advance 

Plraty formula would be applied- on Biak Island. Pace 6 


pinny formula would be applied- on Biak Island. Pace 6 

to assure ail nations a share of; British press bids Britain speak 


Brothers, dairy termers, fuund 
gored Lo death by bull. Fagr 15 
LaGuardia warns vacationists Lo 
remain near home. Paxe 15 
J90ih Columbia commenremcnl 
exercises start. Pare 26 


F«e 15 mans retired northward and tem- 


porarily took up iKjMlions along 
Highway B rasL of Uic placr wlicre 
the Allies had cm il 


petroleum commensurate with 
their need. 

Another principle would guar- 


up to U. S. cm France. Page 7 
War cotnmuniqtles. Page 4 
POLITICS 


an tee Lhe validity of present coo- Norman Thomas heads Socialist 


cessions and contracts, so that 
Present oil agree m ents as to pro- 


Uekel for flfUi time. Page IS 
SPORTS 


L L. G. W. uf report alaref'.re m Wh,Ch tl “ Amcncan Bencral terday. Thc drive will open 

during areas would not be unset Pirates rout Gtants - 9 ^. H as “«ets at $16,183 692 Fa« is was hav,ng 471 w,y Seven Monday. June 12. preparmUm of the site. I Roosevelt Will || approa 

Fmally. as a matter of policy homers are hit. Pag* ir EDITORIALS AND Frrnchmcn wrre killed. The grn- Tlie plans were rrvralrd by J?£L slwv ‘ whteh Wl11 occupy I U , „ . C,|T - 

.ConfreurdOB pane 6 column 7/ bp “ l . Iad,wr « *»> Hth. pggp. CTLL J^[ ml got off With a cut on Llw bark Mayor F. If. LaGuardia. speaking ™°° tm of park behind I 1 ®"V" f ""WfWIff’j faff I Nrlf- 

_ . • lose. 4-3. ran la Editorials . lalrn^iiin*. 7. ° r hlii hrad fmm a pircc nf flviac at a ••en-moii.v cumnirmiiraLmc t»i«* l lf wusnun. will be prrreded an I If •••r m>| 


Thor's AkHoik 1 yLT.fZ. —SJ5 !?C“' if £-■. 


rmor im |ln S»fiort. IS Rorirlv 

DiMlgrrs hnw la Cute. 6 -S. ihrn jRiillmit . . is Amirn 


mtc liunilrnlth anniversary of ihr| ,l: ' ‘Awning day by a parade “af 
Young Mens Christian As-sorialion i apout forty -fire minutes' duration'* 


■ ic » . - t . : 
■r nfria- ■— 
v>-« »po:-- 


r« I.:s— ||„ t.j.cj 

ntB*i nj ■i.pn.u 


tH - 111 10 inning:.. 8-8. Page 19 (hu n y 
Piiins and Ire win Montelair Bridge 
Gull flub final. Page 19 Webster 
Qurrns County Handicap liegds "Mr and i 


■* Sorirty 17 I By tins limr brurrn three and * oun 8 Mens Christian Axsnrmiionl * DO,J, ' ,,,rl J'- n '' e minutes duration"; 

15 AmiLtent’ls IQ. 11 four himiln-d Crrtimn pii.-^uier:. :|L ,,ir f’tmnml Baptist Clinr*-h.J ,n ,, birh all .smters will be rep-i 


For further mfoRMltiM see page 25 1 


Arens county mmnirap l*egd. "Mr and Mrs. '24 Real t. 
Aqueduct opener. Pa« 1 9 Na LureS Lory 12 ^ 


Another Viewpoint, by Verna Puzzle 
Reamer. Fag e 19 I Books . 


age " ™ BOS on WIUI a cut on Uir bark **™- v vr r. u. uiuuardia. sprakuiR im oi pant behind ■»"’ J rOif •'*' 11 -propelled runs ronrmierf b. 

18 Fashions || or b “ 1,rad fl,,m H p,,,cc ,,f flying « a.ei . -moiiy cummrnuirauiu: Uirl ,,ur rau -’ [ru,n - will be prrreded on (ffte suburban areas ndii Trl t t~ 

15 Food . i”! II «!»“'■ "W Itunilrrilih nmuvenairy of lhrj ,tr ' , « K,n, n« day by a parade "of WASMINfiTt >N. June 4 !*»,._ lutthway kept u^ToadunJr 

. IS Roririy 17 By l Ins lime beiaern three and Voun * Men's Clinslon As.wrmiionl ab0,J, ’ ,ll,rl!, ‘ nve m,nu tes' duration" Frr-idrni Knusevrli tomorrow ‘"f^nuitieiil bhril fire h°li 

IS Amutem’ls iq-li : four hmuiu-d Gpruinn pi Miner:. s,t U,p r ‘ ,| ’ r, ’“ l BapiL-.i Chiireh.!'" " ,Hrh al1 ■ sm «« will be rep- w, l | U!k In lhe people of Pnnwd down American t 

1,r * AI * ih* 1 b '- ,,, ‘ UP Murry At emirs, U,c 1 ,,,,Pd S,il| es nn flu. f*|| Umr plarrs. t«»lH 

s wSS*^- ' M nta, ‘ «ar. ttlmli |,nd ilriv- H, ‘" ,kIVM I ll,r r " ,,l,,nir,lL wxhibued will; nl K'noc. thr Whirr Hoiiv an- Tfir (Inmans n,i„i . . 

IZ Radio' U 22 j Mu M.r said I hill lie had been Wink-' b >' ‘ l ”* Armv '«•*»>" will* lhe ex- T***" f,,,m,n, ‘»''“e bmarteast by small 

25 Obituaries 12 *■« da™ l#1 , mg al C.ty Hall and Hat on e of|^ , “«' »[ «luipment.of the A .r| ,, ^ r f«ur ™|». Three of u,«L w^Tb^ 


Br'IdJi' J hail lat'ii hhukIiiI 

Hndge 13 Knliunt . 14 


up mid ••in- < in - 


! ru nm in 


'rnniinl. 

! Thr mmnmeiiL exhiliiled will' 


troops in 


Krill eiilate 22 1 

12 Radio 22 | 

25 Obituaries . 12 

13 Fmaarifti 20-22 


SOT-T.B M.i 

fit* h’i'l' iif. 


r Uu a i||i|* y f | 

r m 

I WOK -• A.I.. 


I — ■ - Ml. • mr II finjr * nree • i. . 

■» ««»■" *nd Japanese ^4^1 H AmrrSn™^2l 

B, " A - " -- “• /Continued on page v. eofauiir 3/ I " nf ‘ 8 p ' ta - I harks duruur th^re^!!-^ 



IN THE NEW YORK HERALD TRIBUNE^^ 
Follow thc news ot' the D-Day landings in Normandy 


. Because the Paris-based European Edition 
ol the newspaper did not publish 
during the war, these pages dre taken toKa a 
rrom thc archives of its parent 
newspaper published in New York !§§» * 


»cks during the momma. . - 

to the early afternoon a new 


r.PS&A 


exactly as it appeared on the from pages in June 1944. These 
commemorarive riont page reprints from the archives will 


commemorative rront page reprints from the archives will 
appear every day from june 5th through June 11 th. 

. "This way, our readers will be able to follow their 


excitement, succcsses and setbacks as the troops established 
beachheads across a 75-milc stretch of the Normandy coast. 


To purchase a set of full-size 
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International Herald Tribune , Saiurda} -Sunday, June 4-5, 1994 


Page 11 


THE TRIB INDEX 1 1 1 85^1 

sm Mex ©, composed of 



130 




110 ;«wy* 


90 


, . ... • 

J F M A M 

1968 


North America 


Approx, wejghfiig; 26% 
0088:94.11 Prm.-. 83A8 




. . V . ' ' 

J 

J F M A 

M J 

1994 

1993 

1994 

Latin America 

ESI 

Hogj 

Approc weighting: 5% 
Ctoss 12U23jiB»; 11435 

n 



77h tracks U.S. dollar vubss of stocte kc Tokyo, NH York, London, and 
ArgaMim, AustmDs, AuMria, Belgium, Braztt, Camnta, CNte, Denmark, FMamL 
F«m», Germany, Hong Kong, Ha*. Mexico, Hetheriande, New Zaatetd, Norway. 
Singapore, Spain, Smdw, Switzerland and Venezuela. For Tokyo. Now York and 
London, the Mbx Is compos# of m 20 top issues in terns of madnt capllBllxaiton. 
otherwise too ten top slocks am tracked. 


| ftittustriaf Sectors j 


Fit Piw. » 

doat eta* dunga 


Rt 

dm 

Pro* 

dOM 

% 

ctonga 

Energy 

110.04 HOIS -0.04 

Capitol Goods 

11534 

11148 

+1.64 

Uffitfaa 

11826 118-36 -0.00 

Rev Merisis 

125.42 

12580 

-0.14 

finance 

116-30 117.20 -0.77 

Consumer Goode 

8730 

9787 

-087 

Services 

117.04 115.82 +0.87 

HBsceftmeotn 

12580 

125.50 

+032 

For mom kdormation about the index, a booklet h avaBabh free at charge. 

Write to Trib Index, 1B1 Avenue ChaiiBS da Qadte. 92521 NeuBy Cedex, Fiance. 


Staid OECD Stumbles Toward Redefining Itself 


By Alan Friedman 

International HrraJJ Tribune 

PARIS — Boring. Irrelevant. A 
ta l king shop. Bureaucracy-on- ihc- 
Sdnc 

These are some of the kinder 
things that critics say about the 
Organization for Economic Coop- 
eration and Development, the Par- 
is-based policy forum that will hold 
its annual ministerial meeting here 
next week. 

To the uninitiated, the 25-nation 
OECD, with its staff of 1,907 and 
an annual budget of I J billion 
francs ($230 million), does indeed 
sound like an arcane, even wasteful 
institution. Some call it “a rich 
man’s club.” 

But the staid organization is try- 
ing to redefine its mission, and next 
week Secretary of State Warren M. 
Christopher of the United States 
will be seeking to wake it up when 
he addresses finance and foreign 
ministers from its other member 
states. 


Crisis to Keep Japan Ministers at Home 


Inicmnnonal Herald Tribune 

TOKYO — For the fust time to 27 years. Japan will 
send no cabinet minister to a ministerial meeting of 
the OECD, when dial opens next week, a sign of how 
Japan’s fragile minority government is handicapping 
its diplomacy. 

Japan normally dispatches three ministers to the 
annual meetings, but the government of Pnme Minis- 
ter Tsui ora u Hata worried that their absence could 
jeopardize efforts next week to pass the national 
budget for the fiscal year that began April 1 in the 
Diet, or Pariiament. the cabinet’s chief spokesman 
said Friday. 

Instead, it will send a former ambassador to the 
United States, Nobuo Maisunaga. 


“The budget is at a decisive moment and the gov- 
ernment is pulling priority on internal bargaining.” 
one government official said. “It certainly won’t have 
3 positive impact on Japan’s diplomacy, but the coali- 
tion is in a very fragile state.” 

The decision means that Foreign Minister Koji 
Kakizawa will be unable to bold planned talks with 
Mickey Kumar, the li.S trade representative, and 
Warren M. Christopher, the secretary of state. The 
visit would have been well timed: the two countries 
resumed their framework talks this week and Tokyo is 
racing to compile 3 package of dcregulatory steps 
designed to promote growth at borne and placate 
Washington before the meeting in eariy July of the 
Croup of Seven industrialized nations in Naples. 


Mr. Christopher is not known 
for his energetic rhetoric, but what 
he says will count, and not merely 
because the United Stales supplies 
25 percent of the OECD budget 


O httomettotMl Hemkf Trauw 


ECONOMIC SCENE 


U.S. Labor Is in Flux, but What to Do? 


By Catherine S. Manegoid 

New York Tima Serrice 

W ASHINGTON — Opening a 
wide door for changes in labor 
law, but then hesitating to walk 
through it, the U.S. government 
has issued a report detailing shifts in the 
American workplace, but delaying any rec- 
ommendations to deal with them The repent 
details the development of an underclass of 
low-paid and unskilled workers unable to 
compete in a complex marketplace. The 
chang e* come against the backdrop of an 
increasingly adversarial climate between 
managem ent and labor while America is slip- 
ping behind other industrialized nations in 
wages and benefits, Labor Secretary Robert 
B. Reich said Thursday. 

The repeal, by a commission headed by 
Professor John T. Dunlop of Harvard Univer- 
sity, is the first important salvo in President 
BiD Ginton’s battle to change and update 
labor laws. It off as the closest scrutiny of 
American labor practices since Worid War IL 
But, after a year of study, the report’s 
authors stopped short of proposing a pian for 
change. One person dose to the committee 
said rite members had had a senes of dis- 
agreements over how new laws would affect 

wninnw, businesses and leading industnes. 

Mr. Reich spoke of the polarization of the 
American workplace and the need to find 
rotations that suit workers and thecr manag- 
er. He pain ted a bleak picture of an ec^c^y 

destined to spiral downward unless imbal- 
ances between those sectors are corrected. 


“A society divided between the haves and 
the have-nots or the well-educated and the 
poorly educated can not be a stable society 
over time," he said. He said sharp inequalities 
between the well-educated, well-paid workers 
and those at the bottom “spdls a breakdown 
somewhere down the line.” 

Those remarks and the report’s conclusion 
that “a healthy society cannot long continue 
along the path the UJS. is moving,” seemed to 
signal a move to increase federal involvement 


The gap between well- 
paid workers and those at 
the bottom is growing, a 
U.S. report says. 


in worker-management relations. Without a 
blueprint for that involvement, all sides are 
taking a cautious public stance. 

Responses to the findings were measured. 
Jerry Jaanowski, the president of the Nation- 
al Association for Manufacturers, praised the 
focus on excessive litigation and global com- 
petitive pressures. But he cautioned that in 
places, the report tended to generalize and 
imply “a more negative labor relations envi- 
ronment than is justified.” 

; The Women’s Legal Defense Fond said the 
report underscored the need to dose the gaps 
“that leave so many working women in due 
economic straits.” In fact, the report found a 
deefeung gap in the earnings of men and 


women. The more troubling statistics, it said, 
pertain to a “stagnation in the gap between 
white and non while workers.” 

An unrelated study released on Thursday 
by the Center for National Policy, a research 
group, came to the same conclusion. It 
showed that the median pay for women in- 
creased 92 percent over the last decade while 
many of the relatively well-paid jobs tradi- 
tionally held by men bad disappeared, to be 
replaced by low-paying jobs. As a result, pay 
for men overall declined by about 5 percent. 

The scope of possible recommendations 
could not be broader. Mr. Dunlop, said no 
existing law was “sacred.” Instead, the next 
six months promise a broad, though to some 
extent hidden debate. Mr. Dunlop has a repu- 
tation as a tough-minded, behind-closed- 
doors deal maker who has little patience with 
public dialogue. 

These were among the other problems the 
commission found: 

• Falling real earnings for poorly educated 
and low-skilled workers. 

• Stagnant growth of earnings Tor skilled 
employees. 

• High levels of occupational injuries. 

• Lack of health insurance and other fringe 
benefits for many workers. 

• An increased proportion of young male 
workers in prison. 

• High rates of joblessness for the un- 
skilled 

Most c h i llin g of all, however, was a brief 
notation at the end of the second chapter 
which wanted of “a large, growing popula- 
tion for whom illegal activity is more attrac- 
tive than legitimate work.” 


00 


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His remarks wilt also reflect a 
change in thinkiag in Washington. 

U.S. official*, soirching for a way 
to better manage the rapid pace of 
change in the world economy, and 


aware that meetings of Group of 
Seven industrial nations do not pro- 
vide a broad enough forum for de- 
tailed policy talks, have derided that 
the OECD can and must become a 


mote dynamic resource for policy- 
makers. They want to use its wealth 
of talent to get ahead erf the curve on 
economic issues that range from 
world trade in the 1990s to expand- 
ing ties with Russia and China. 

A prime illustration of the way 
tile United States and other mem- 
bers have already begun making 
better use of the OECD is the 
planned release nexi week of a 
long-awaited set of nine policy rec- 
ommendations on bow to tackle 
the global employment crisis. 

Jean-CIaude Paye. the OECD 
secretary-genera] who will present 
the report, has been criticized by 
some diplomats for not being 
enough of a political heavyweight 
to shake up the organization. 

What is needed at the OECD, it 
is argued, is the brand of political 
leadership provided by Peter Suth- 
erland, toe outgoing chief or the 
General Agreement, on Tariffs and 
Trade. 


But Mr. Faye’s unemployment 
report will provide concrete, and 
controversial, proposals lor ways to 
stimulate job creation, including 
the need for some OECD members 
to dilute minimum-wage and work- 
er-benefit protection. 

The agenda of issues to be dis- 
cussed by ministers on June 7 and 
8, and likely to be included in the 
final communique, shows that, as 
one diplomat put it, “for the first 
time we will have an OECD meet- 
ing with some realtv big items on 
toe table." 

Among next week's expected de- 
velopments: 

• The jobs study will be en- 
dorsed by the 25 member govern- 
ments, and it will form the basis for 
further talks at toe G-7 annual eco- 
nomic summit meeting to Naples 
next month. In addition, the 
OECD secretarial witi probably be 
given a mandate to tailor its pro- 

See OECD, Page 13 


Schneider Denies 
Hiding Funds in 
Foreign Companies 

Compiled by Our Staff From Dispatches 

BRUSSELS ~ Schneider SA, toe French electrical company, denied 
on Friday a Swiss newspaper report that a web of offshore companies it 
controlled had handled large amounts of secret funds. 

“There are neither diversions, nor secret funds,” Schneider's director of 
communications, Charles Nogues, told a Belgian radio station. 

The chairman of Schneider, Didier Pineau-Valenrienne remained in 
jail here Friday and Brussels’ public prosecutor’s office said he would 
remained detained over the weekend. 

He was arrested last week on charges of forgery, fraud, embezzlement 
and falsifying accounts in connection with Schneider's purchases of 
Cofibel and Cofimines, two Belgian subsidiaries. An Italian banker. 
Valentino Foti, has been detained with Mr. Pineau-Valencienne on the 
same charges. 

Swiss newspapers rroorted Friday that Schneider had used a web of 
“from” companies to hide funds during the acquisition of Cofibel and 
Confimines, two Belgian finance companies to which minority sharehold- 
ers contested the buyout prices. 

“The funds which came from these companies were used perfectly 
normally to pay dividends to Belgium to Cofibel and Cofimines but also 
to cover the ride of these offshore companies,” Mr. Perroud said. 

S ch n e ide r slock fell to a six-month low this wed: and remained near 
that level Friday, closing at 3702 French francs (S66J. up 1 JO from 
Thursday. 

Although Mr. Pineau-Valencienne has not been formally charged, 
under B e lgi a n law he can be bdd lor 30 days while enquiries continue. 

(Reuters, Bloomberg. AFX) 


Cox to Buy Times Mirror Cable 


fl fcw H fc iy Bust rtfa* XfuS 

ATLANTA — Cox Enterprises Inc. has 
agreed lo pay S2.3 billion for Times Minor 
Corp.’s cable idevision operations in a trans- 
action that would create toe third-biggest 
American cable company. 

If completed, the combination would re- 
verse a recent trend of cable industry accords 
(hat have come unglued to the wake of stiff 
rate caps on cable services. It also would 
represent a shift by cable companies to forge 
alliances among themselves rather than align 
with deep-pocketed regional telephone com- 
panies. 

“It appears the cable industry is going to 
build the interactive TV systems of toe future 
without the help of the phone companies.” 
said Phelps Hoyt, a Duff & Phelps analyst. 

Times Mirror said Cox will give it S2.3 
billion and “other significant terms." Both 
companies refused to reveal further details of 
their agreemenL 

Al the proposed price. Cox will pay $1 .879 
per subscriber for limes Mirror’s cable sys- 
tems. That represents as much as a 15 percent 
decline from the $2,250 cable systems were 
fetching last year before the federal govern- 
ment mandated two cable-rate rollbacks to- 
taling 17 percent. 

The acquisition would swell Cox's custom- 
er base to the company’s goal of 3 million, 
ranking it behind Tele-Communications Inc„ 
toe largest cable company, with 10215 million 


customers, and Time Warner Inc., with 7J 
minion. 

The move would enable Tunes Mirror to 
better realize the value of its cable operations, 
which have been overlooked by the compa- 
ny’s slower-growing print-media businesses, 
analysts said. 

“The worst is over for the cable TV indus- 
try,” Chuck Dolan, chairman of Cableviaon 
Systems Corp„ said last week. “The regula- 
tions put up a roadblock on tile information 
superhighway, but there are many deals to the 
works and the roadblock is being torn down.” 

Times Minor slock rose 53.750. or 1 1 per- 
cent, to S35.750 in late trading. Cable stocks, 
which had dropped in the wake of the Federal 
Communications Commission rate cuts, rose 
sharply Friday. 

The collapse last year of Bell Atlantic 
Corp.’s 520-biHion-plus merger with TCI and 
Cox’s aborted $5 billion venture with South- 
western Bell Coip. had knocked down cable 
stocks and raised questions about fast-track 
expectations for the electronic superhighway. 

Cox is one of the largest private U.S. busi- 
nesses, with more than $3 billion in annual 
revenue and holdings that include 17 newspa- 
pers and seven television stations. 

Times Mirror owns newspapers, including 
the Los Angeles Times, Baltimore Sim and 
Newsday. and magazines, such as Held & 
Stream, Skiing, Outdoor Life and The Sport- 


ing News. Times Minor also owns legal and 
professional publishing concerns. 

Cox’s acquisition of Times Minor Cable 
would enable it to speed up its contribution 
to construction of toe much-vaunted infor- 
mation superhighway that phone and huge 
cable companies are trying to build, analysts 
said. 

“It’s pretty obvious that to be on toe super- 
highway the small-to-medium-sized compa- 
nies are going to have to join with the bigger 
guys,” said Edward Atorino, media analyst 
with Dillon Read. 

The merged operations would be able to 
slash expenses while creating a vehicle to 
raise cash to build the interactive systems that 
are expected to pipe into American homes an 
array of services, including home shopping, 
video rentals and video games. 

“Cox would have strong market power and 
a way to leverage its holdings to construct 
more advanced two-way systems,' said Mr. 
Hoyt, toe Duff & Phelps analyst 

Cox has 1.76 million cable subscribers, 
making it the sixth-largest cable concern. Its 
biggest systems are located to San Diego, 
New Orleans and Virginia. 

limes Minor has 1.22 million subscribers, 
ranking it llh. Its biggest systems are in 
Phoenix, Orange County, California, and 
suburban San Diego. 


Can Russia Vouch for Its Honesty? 


By Craig Mellow 

Special to the Herald Tribune 

MOSCOW — One commodity 
in inflation-ravaged Russia is much 
cheaper in dollar terms than it was 
18 months ago. Bm President Boris 
N. Yeltsin’s government is not 
bragging about it. The marked- 
down item is ihe Privatization 
Check, known as toe voucher. 

Russian reformers and their 
Western allies are working hard to 
paint voucher privatization as a 
success. “What we have done is 
unique to human history," said 
Maxim Boiko, a lop adviser to 
State Property Committee Chair- 
man Anatoly Chubais. He claims 
that by the July 1 deadline for toe 
population to invest its vouchers. 
70 percent of Russia's industrial 
wonters will be laboring in toe pri- 
vate sector. The Group of Seven 
industrial countries. World Bank 
and otoer aid organizations have 
promised up to S3 billion in credits 
to help capitalize toe new corpora- 
tions. 

Investors who spend their own 
money are more skeptical howev- 
er. When vouchers were distributed 
in October 1992. Mt. Chubais 
promised their real value was many 
times the nominal 10.000 rubles, at 
toe time about S2Q. Today a vouch- 
er fetches around $14 and is falling 
in value. 

Mon privatized plants in Russia 
have simply been handed over to 


their employees, who own on aver- 
age 60 percent of toe stock. Practi- 
cal control usually remains with the 
old managers, who have the run of 
the enterprise's assets without hav- 
ing to wony about going broke. So 
far. toe state has permitted no 
bankruptcies. 

The result is theft on an enor- 
mous scale. “Things will continue 
to gel worse to Russia," a driver for 
a St. Petersburg joint venture said. 
“Because as soon as somebody gets 
to be a boss, that’s if. dacha, for- 
eign car, foreign bank accounts.” 


The voucher was crippled by 
compromises the market- mind ed 
Mr. Chubais was forced to make 
with more conservative dements. 
Voucher investment funds were at 
fust limited to a 10 percent holding 
to any one enterprise, a figure Mr. 
Chubais later pushed up to 25 per- 
cent This limitation, among other 
factors, discouraged toe partner- 
ships between leading domestic 
and foreign banks, which were be- 
hind most of the Czech Republic 
leading voucher funds. 

The field in Russia was left lo 


Satellite Development Links 
Lockheed and Russian Firms 

/tgencr Fronce-PresM 

MOSCOW — Lockheed Corp., a leading U.S. aerospace contractor, is 
to develop a project for toe laundi of commercial satellites with toe two 
main Russian aerospace companies, Kninichev and Energia, toe compa- 
nies said here Friday. 

The European Aiianespace consortium holds 65 percent of toe market 
for the launch of commercial satellites, and the three companies hoped to 
gain a share of that market, said Anatoly Kiselev, the president of the 
space center operated by Krunichcv. 

Because of the shortage of money from the state, “Russian factories 
and space centers must now earn their living from profits from commer- 
cial launches.” be said. 

A joint company created by Lockheed Missiles & Space Co, Kruni- 
cbev and Energia, would use toe Russian Proton rocket to launch toe 
satellites. The U.S. company would be responsible for finding diems and 
for preparing toe satellites. 


organizations that sprung out of 
thin air and seem likely to vanish 
back into it. Tagged with such 
names as First Investment Corp. 
and Moscow Real Estate, these 
funds have shown great skill to ad- 
vertising fantastic dividends an 
television. But their investment ac- 
tivity has been less noticeable. 

The first major voucher- related 
scandal broke to March, when the 
president of the grandly titled Oil- 
Diamond- Invest was arrested, and 
a search began for toe 570,000 
vouchers toe fund had under man- 
agement Moscow financial circles 
expect many similar cases soon. 
“The absolute majority of funds 
are near bankruptcy,” said Mikhail 
Harshan, president of First Invest- 
ment Voucher Fund, which with 
more than 4 million checks is the 
country's largest 

Even a perfectly designed priva- 
tization program would nave to ad- 
mit that most of Russia's economy 
is probably not worth buying. A 
few funds such as Mr. Harshan’s 
are aggressively combining vouch- 
ers with stock bought from workers 
to take control of enterprises. Bm 
they concentrate on food process- 
ing and other sectors dose to toe 
consumer, largely steering clear of 
the country's heavy industrial guts. 
“The primitive sectors are the prof- 
itable ones.” Mr. Harshan said. 


FCC Questions Murdoch’s Fox Deal 


By Edmund L. Andrews 

Ye* - York Times Service 

WASHINGTON —Just when it seemed that 
Rupert Murdoch was 3 bom to reach the major 
leagues of U.S. broadcast television, he has 
landed to trouble with federal regulators, who 
suspect that he intentionally misled them nine 
yean ago concerning toe extent of foreign own- 
ership of Fox Television Stations Inc. 

The questions are serious, because U.S. law 
prohibits a foreign company from owning more 
than 25 percent of an American radio or televi- 
sion station. Violation of toe law. especially if the 
facts were misrepresented to toe Federal Com- 
munications Commission, could mean that Mr. 
Murdoch would have lo sell his stations. 

The issue could also greatly complicate Fox’s 
recent deal to acquire a 20 percent stake in New 
World Communications Group Inc., which 
owns or is buying 1 2 stations that would change 
their network affiliations to Fox. 

At issue is whether News Corp.. based to 
Australia and controlled by Mr. Murdoch, ef- 
fectively owns toe stations. Lawyers for Fox say 
they did not violate toe law and fully disclosed 
the ownership structure in 1985. 

In reviewing that ownership, toe FCC faces 
difficult choices. If it concludes ii was misled 
and takes toe harshest possible action, it would 
jeopardize the Fox Television Network, which 
has created substantial new competition for the 
big three commercial television networks. ABC 
CBS and NBC. 

The FCC has long sought to encourage new 
television networks. To encourage Fox’s growth 


over the years, toe FCC has carefully exempted it 
from a number of regulations that apply to toe 
other networks. 

The law allows the commission to waive the 
question of “alien ownership” if it deems that 
doing so is in the public interest. The regulatory 
definitions of ownership are complicated and 
are based on more than simply the source of 

Most industry analysts 
doubt that the commission 
would -vote to strip the 
company ol all its stations. 

financing for a company. For years, toe FCC 
has permitted companies to borrow all toe 
money they need to buy a property and still 
qualify as owners. 

Many industry observers, including some ad- 
versaries of Mr. Murdoch, said they doubled 
toe commissiofl would vote to strip the compa- 
ny of all its stations. 

Nevertheless, toe facts disclosed by Fox in 
response to recent questions by the FCC suggest 
toecoaroany was less than candid in 1985, when 
most FCC officials did not have the impression 
dial Mr. Murdoch was paying <ady a no minal 
amount fra - majority control of the stations. The 
company acknowledged late last mouth that the 
News Corp. bod supplied virtually all of the cash 
needed to boy six big television stations from 
Metromedia Inc. fra - SI-6 biifa'on. 


Despite torn. News Corp. received only 24 
percent of the stock in toe holding company 
that acquired the stations, while Mr. Murdoch 
ultimately received 76 percent. During the pro- 
cess of buying the Metromedia stations, Mr. 
Murdoch became a naturalized American citi- 
zen and created a new bolding company called 
Twentieth Holdings Inc. that would actually 
own toe properties. 

The new information about toe initial invest- 
ments came to light in the wake of a complaint 
brought earlier this year by New York branches 
of the National Association for the Advance' 
meat of Colored People, which had been trying 
to block Fox from buying a television station in 
Philadelphia. Fox abandoned that effort volun- 
tarily, but asked the commission to resolve the 
issue that the NAACP had raised of “alien 
ownership” 

The NAACP has argued that minority 
groups wiQ have an even more difficult time 
buying broadcast stations if foreign corpora- 
tions are allowed to bid up their prices. 

Fox acknowledged in its recent letter to the 
commission that subsidiaries of the News Corp. 
supplied 99 percent of the money to complete 
the purchases, roughly $600 milli on, and re- 
ceived 24 percent of the stock. Mr. Murdoch 
invested $510,000 and received 51 percent of 
the stock. Barry Oilier, who helped start toe 
Fox television network, invested $250,000 and 
received preferred stock equal to 25 percent of 
the shares. Mr. Murdoch later paid Mr. Dfller 
$250,000 for his slake, bringing Mr. Murdoch’s 
total to 76 percent. 


/ 




Page 12 



BNTERNATIONAL HERALD TRIBUNE. SATURDAY -SUNDAY . JUNE 4-5, 1994 



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Compiled frr Our Staff From Dispatcher 

NEW YORK — U.S. stocks 
gained and interest rates fell Friday 
after government officials said a 
drop in unemployment last month 
may have been overstated 


yield down to 121 percent from 
7.34 percent Thursday. 

“The bottom line was the in- 
crease was way under expectations 
and that snows the economy is 
slowing down." Patrick Reizer. 


Stocks and Treasury bond prices manager of the Milwaukee-based 
slid early after the Labor Depart- Heartland U.S. Government Secu- 

rilies Fund, said of the increase in 

U.S. stocks nonfarm payrolls. 

Among individual issues. Bausch 
ment said unemployment fell to 6.0 & Lomb plunged Sli to 4Hi after 
percent in May from 6.4 percent in the maker of eye care products said 
April. The data rekindled concern that 1994 revenues could be cut bv 
that rapid economic growth would $75 million because of a company 
be accompanied by rising inflation program to slow shipments to dis- 
and an increase in interest ratej bv tributors. 


Via Allocated IVui 


Jim 3 


the Federal Reserve Board. 

But a Labor Department spokes- 
woman subsequently defused the 
data, saying that while the unem- 
ployment figure has continued to 
trend downward, it may have been 
overstated because of a change in 
(he way the figure was calculated. 

The government also said 
191.000 nonfarm payroll jobs were 
created in May, below analysts' ex- 
pectations for about 230.000. 

The Dow Jones industrial average 
closed up 13.23 points, at 3.772J12. 
while gaining issues outnumbered 
losing ones by u 12 - to- 7 ratio on the 
New York Slock Exchange. 

The price of the benchmark 30- 
year Treasury bond rose 25/32 
point, to 87 23/32. sending the 


Genera] Motors fell 1% to 52k* 
after the automaker said it planned 
to issue 17.7 million shares as part 
of a plan to convert ah of its series 
A preference equity redemption cu- 
mulative stock. 

Kmart was the most actively 
traded U.S. stock, rising *-1 Id 16 
after the discount retailer said vot- 
ing was running 2 -to-l in favor of a 
company proposal to issue four 
new series of common slock linked 
tc> separate specialty retail busi- 
nesses. Later, however. new> re- 
ports said the plan was defeated. 

Another discount retailer. Wal- 
Mart. rose l l t> to 23fy. The compa- 
ny said it planned to expand in 
Argentina and Brazil. 


Daily closings of- the . 

Dow Jones industrial average 



m 


.0 J F M A M J 
1S9S ■ • 1994 



CivnpileJ hr Our Stuff From Dnpurrha 

NEW YORK — The dollar 
surged against other major curren- 
cies Friday as Treasury bonds 
staged a convincing rally on a U.S. 

Foreign Exchange 

May employment report that 
showed a healthy economy free of 
major inflationary pressures. 

The currency also was aided by 
an apparent shift in sentiment that 
has brought global investors back 
to U.S. capital markets in recent 
weeks. 

The dollar cli>sed in New York at 
1.6703 Deutsche marks, up from 
1.6532 Thursday, and at 105.39 
yen. up from 104.80. The U.S. cur- 
rency rose to 5.7020 French francs 
from 5.6450 and to 1.4205 Swiss 
francs from 1.4032. The pound 
weakened to $ 1 .5055 from S 1 .5 105. 

“Clearly, the dollar has found a 
bottom to its recent slide." said 
Marc Cohen, managing director at 
C-Wave Capi'tl Managcmer-. ? 
currency trading firm in Fort Lee. 
New Jersey. “People who had writ- 
ten off the dollar are reconsidering." 

The jobs data showed fewer jobs 
created than many analyst* had ex- 
pected. but a lower overall jobless 
rale. The report was interpreted as 


showing steady and sustainable 
U.S. economic growth without the 
threat of inflation. 

The rally in Treasury bonds and 
concern about a widening rift be- 
tween the United States and North 
Korea over the latter's suspected 
nuclear weapons development pro- 
gram helped push the dollar to a 
two-month high against the yen. 

“The Korea news has been in the 
background for a while." said Chris 
Turner, currency analyst at Bar- 
clays de Zoete Wedd in London. 
“.An aggravation of the situation 
there may well prove a positive fac- 
tor for the dollar." 

Concern about international 
Siriie often helps the dollar gain as 
investors seek a haven. Japan is 
considered most vulnerable should 
North Korea lash oul against 
America and its allies. 

Falling European bond prices 
also sent investors to the dollar, 
analysts said. 

Ir. Europe, especially Germany, 
this last bloodbath in fixed-income 
markets has really caused some dis- 
taste for European assets." said 
Sandy Batten, an economist at Citi- 
bank. f Bloom- 

berg. Reuters. Knight- Ridderi 


HIT 

NYSE Most Actives 


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Como IM46J IJIJ.S3 1303W (311 SB -327 


Standard & Poor’s Indexes 


HHih Low Close Ch’ge 
Industrials 536X4 531.78 535.73 -<-245 

Tronso. 794.57 HljT 30218 - 0.50 

utilities iss.r isiw 155.48 + urr 

Finance wi* 46JJ7 4*42 + 0,21 

5P 500 4oOX4 451X27 400.13 + 228 

5P 100 42721 422.18 424J8 t \te 


NYSE indexes 


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Cemposrle 754 a I IS7XI 254-35 *1.27 

Ineusriati 312.71 310.DI 31 jj? -jji 

Tronsn. ?40.i7 247.99 —ojy 

Utiluv 209 13 208 80 708.84 .1.17 

Finance 71955 217.7a 1 1 9. JO -0.VJ 


NASDAQ indexes 


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Composite 743.40 733.27 W2.50 -2.70 

InlLisirlci 1 - *VJ3 744 63 752.7D -2.74 

Banks ’42jl !40J> 7«IX* • 0.17 

insuronec- 0M.13 8*7 45 9Q4.IB *173 

Finance 0J3 1| 939.55 .>43.71 *3.22 

Trarsp. '10 0* TJ4 73 70*25 —1.70 


AMEX Stock Index 


High Law lost eng. 
441.3* 439 44104 • 111 


NASDAQ Most Actives 



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10 Utilities 
10 industrials 


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NewHigns 
ffcv* Lows 


164a 

1443 

1®4I 

5030 

95 

S3 


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1350 

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5037 

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Spot Commodities 



Today 

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NYSE 

27109 

328.786 

A me. 

18X8 

18X75 

Nasdaq 

251.01 

297X17 


la millions. 


Commodity 
Aluminum, lb 
Coffee, Bra*. R> 
Corwer electrolytic. lb 
iron FOB, ron 
Lead, lb 
Silver, iroy or 
Steel (scrap), ton 
Tin. lb 
Zinc, lb 


Today 
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21100 

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512 

13713 

J23®4 

Q.4S3 


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ALUMINUM tHIflh Grade) 

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F^Lord 1254.50 1355.00 U40XO 1350X0 

COPPER CATHODES iHIgh Grade) 

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Forworn Z2J100 2244.00 2231.00 733HM 

LEAD 

Mtanwrn.^c.en M „ 

FSmrord STUB S22X0 51*00 S2OX0 

NICKEL 

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FSrlwjrt 56ILO0 542000 550010 560010 

ZINC (Special High Grade) 

Dollars per metric too 

Sm| 955.00 95610 «S4J0 

”rwra WJJO WT.D0 779 JM 98000 


Rnancfal 

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(SOUK 
Jue 
Sep 
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Mar 
Jun 
Sep 
Dec 
Mar 
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Sep 
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Esl. volume* Trt^lS. Qpm tut.: S3M2I. 

34MONTH EURODOLLARS (LIFFE) 

SI million - pts of 10# pet 

+ 0JK 

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93X4 

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+ AJ5 

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volume : 108J>wm ini.- 

10+97. 

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DM1 

million - pfs of 100 pet 




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»*61 

+ tXB 


9*25 

9*13 

«42S 



93.98 

03X4 

0105 

+ 0X6 


03.75 

93*4 

0324 

+ 0X6 





+ 0X8 



9327 

03X2 

+ 007 


9322 

"3.14 

9328 

+ 0.11 


9105 

02.99 

9111 

+ 0.10 

Mar 

02.91 

92X4 

92.91 

+ 0X7 


Dec 

Job 

FH 

Mar 

X 


15410 -JM 
15775 -2J5 
15910 - j™ 
16175 —ISO 
16175 — 2.M 
15975 

15810 -U* 
15710 

ixjo —tun 


15SJ0 15475 
158.75 157-25 ig^ 

IS $! 

’K “i? 

BJ: K:f: g: 

eSt.VtfWT»i , *8“- OoentnL 9L453 

8SSa£RSW^»*- 
a isa is 

£ itf* m 

NOV 16.14 W6 

Dec I6JJ7 15.95 

1617 15-94 

S JMS J5» 

Mar 155*? 1599 

E#t. votume: 32511 . Open Int. 1«J*W4 


16.12 

1611 

1605 

1&05 

15J7 

15.95 

1197 


1677 —MS 
1671 —M0 

16.12 — aw 
nun — 2 -il 

16.14 —0J8 
16.12 -0J7 

14.11 -OJ7 

,6 ‘” “23? 

16.11 — M7 


Stock Indexes 

High low aose Chonse 

FTSE TOO (LIFFE) 

05 per Index pom . 

6 ^ ^ ^ i 

CA<T<0<MAT IF! 

VBOM +=» 

£ M W ss iSS 

tSS Tfrttrvj yo n* ~nB 203&50 + WflO 

IK SSS +33X0 

S:!: n.t. 2093x0 +33x0 

ESI. volume: H341. Open int.; 79X07. 
Sources: Motif. Associated Pross, 
London Inti Financial Futures ExcMwe. 
mil Petroleum Esc bans*. 


Dividends 


Company 


Esr. volume: 147X67. Ooen bn.: 1X21X87. 






-ntsof lea nd 




94X3 

94X0 

0*42 

+003 


®*46 

94X1 

9*44 

+ 0X5 


9*28 

44.10 

0424 

+ 0JI7 


94 Q5 

9195 

9*01 

+ 008 


9175 

9158 

93 JO 

+ OI1 


0145 

9130 

93X0 

+ 0X8 


9127 

93.12 

n?( 

+ 0.11 

Mar 

03.11 



+ 0JK 


Esl. volume: 62.150. Open InL: 2T3XI4. 
LONG GILT (LIFFE) 

UMK» - ptl A 32ndS 0f ISO PCf 
Jun 103-14 101-08 103-00 +1-12 

Sep 102-0B 99-26 102 -P0 +1-12 

Dec 09-2D 99-20 101-00 + 1-12 

Esl. volume: 137,475. Open Ini.: 13&429. 
GERMAN GOVERNMENT BUND (LIFFE] 
DM 250X08 - PTS Of 180 pel 
Jun 9350 9271 93X9 + IX? 

Sep 92.90 91.46 9289 + 1.25 

D« 91 J5 91J5 9249 +173 

Est. volume: 2NW12 Openint.: 170795. 
10-YEAR FRENCH GOV. BONDS (MATIF) 
FFSOOXOO - Pis of 100 PCI 
Jun 11720 115X8 117 JO +143 

Sep 116J4 T 14.94 I16J4 +1^2 

Dec 114X2 174-58 I1J44 + \M 

Est. volume: 360 J7J. Ooen mi.: IS2J85. 


Industrials 

High Low Lest settle Ch-gc 
GA50IL (1PE1 

US. dollars per metric ton-iots ef IN tons 
Jun 151.75 150X0 150X0 150X0 — 150 

Jul 75175 151X0 15175 15175-275 

Aug 154.00 15250 15250 1S250 —205 


Per Ami Pay Roc 
IRREGULAR 

Carlton Common ® -*7* 7-22 *-13 

v-anortvi omowit per ADR. 

INCREASED 

TrINet Cora Rltv Q -59 +30 7-15 

DEFERRED 

Conversion ind , « +P.K, 

» -previous fv omwunced «Pi»»ct*of l*hr a 
Jose oh Land for every 5 Conversion shf s be- 
loved. 

INITIAL 

MKRall 
Rouge 5teel 

REDUCED 

Sonia Anita RJtv O 

SPECIAL 

Frontier Adjusters 

REGULAR 

aim srretgc men M 

Cdn imperial p -W 

COn Tiro o J® 

Comstock Bonk Q 

Enseinard Cora O 

Herlt»e USGv Inca m 

NY Tx Exempt into M 

Nuveen AZ Pretn M 

Hm CA InvQual M 

Nuv CA Mun Inca M 

Putnm AdiuSGv A M 

Pvtnm UtHGrw A O 

QuesJFrVolue Dual M 

Stage 11 AppotbI O 

T2 Medical Q 

Vovageur AZ M 

c-atmuol; a-payoMe In Catwdlan funds; m- 
monthJy; imoarterlr; s-semHnuiMl 


£4 

6-14 

7-14 

.02 

7-15 

7-29 

20 

7-12 

7-22 

XI 

6-15 

+24 

X35 

4-13 

+23 

4- 28 

7-2B 


7-31 



X65 

+15 

7-15 

•IT 

+14 

+30 

X97 

+10 

+14 

.053 

+15 

7-1 

X65 

+15 

7-1 

XU 

+15 

7-) 

-064 

+15 

7-1 

JO 

+15 

+27 

.115 

+20 

+JK . 

.10 

+1S 

+30 

jn 

+20 

+29 

X25 

+15 

+30 

M4 

+14 

+17 


Ccrtiia offerings cf lecorilies. nnucial 
services cr pitcnsti in ml csucc fwHisbcd in 
ihif ncx^psper ire dim unhcrUed in ceniin 
jarisdktiotM in nhicll (he bnemaioful Henld 
Trihqac it disiribaled. iocludinp (be Uniird 
Sum ef Americi. end do not coiulilale 
effcrinp of 'earilia. services or interevu ic 
(brsr jcrl'dicirons. The Inieniiionat Herald 
Tnbune mmei no rc'-pmeibilny »bnsoever 
for iay pheraio u enw far efferiop of xi) bad. 


Currency Dealers Oppose Derivatives Controls 


Reuim 

LONDON — Top figures in foreign ex- 
change on Friday dismissed calls for tight con- 
trols on volatile trading products known as 
derivatives, saying the phenomenon posed little 
risk of a worldwide banking crash. 

Leaders of the international umbrella organi- 
zation for money dealers urged central bankers 
to resist pressure to regulate these rapidly ex- 
panding markets. 

-We are concerned that one day we will be 
overregulated’’ Rolf Willi, secretary general of 
the Association Cambistc Internationale, said 
at the group's annual meeting here. 


He said the danger of derivatives destabiliz- 
ing world financial markets had been greatly 
exaggerated, a view echoed by David Clark* the 
organization's president. 

The ami-regulation lobby won powerful 
backing from the head of one of the top U.S. 
banks. Dennis Weatherstone. chairman or J. P. 
Morgan & Co., said regulators should not 
choke orf the market. 

The Association Cambistc Internationale, a 
group of 51 national foreign-exchange dubs, is 
the main forum for currency traders who han- 
dle trillions of dollars per year through ever 


more inventive, and often risky, financial in- 
struments. 

Their annual discussion of foreign exchan|e 
trends is being overshadowed by turbulence in 
bond and equity markets earlier this year, trig- 
gered by the rise in U.S. interest rate’s. 

Much of the blame for the unforeseen trouble 
has fallen on the explosive growth of deriva- 
tives. such as swaps and options, which are 
widely used by traders and fund managers to 
offset potenu'al risk- But they have also become 
a tool for highly lucrative speculation. 


Bausch & Lomb Shares Fail Sharply 

- i 1 kT*W. Vorli fcft 

l994revOTiK bvS73rnmoo. iS*****. caroled with Higher 

and $25 million « ’ ^peered, could keep 1994 net income 

EE1-H££J "-&jj « had 

been esrimating per-share eanungs of S.^Sa c. . .. . 

U.S. Investigates GE Jet Engines 

riNCTNNATl (Reuters) — The U.S. government is investigating 
dS2*S2r* 7,000 General Electric Co. jet engine '^g**** 
wmmCTdal aircraft inefuding the p/esid«U s Air Force One. may. be 

Cl^d^De^. 
report oKeSvenunent was inv^tigating charges comao»d m M 

StHedto a wtistlcblowing General Hecrnc CTiptoywwtosaidihc 

SSm filed to adequately test whether the engines were susceptible to 
eSomagnetic interference from sources such asrmcrowaves.andBght- 

m <jE denied the allegations, saying the engines in question have flown 
for more than 200 mflfion hours without an electrical problem ifljdi u the 
one in question. Tliesuit, which the govenunent entered was filed by fan 
Johnson, a British citizen and former Rolls-Royce PLC employee, wfco- 
worked as an electrical engineer at a GE engine plant m Oho. • '• * 
According to the Plain Dealer, the suit charged^ that the engines 
“unnecessarily endanger the health and well being of pilots. Minienance 
service personnel ana passengers, including the very real fiebliood of 
loss of life.” 

Wal-Mart Sets South American Units 

BENTONVILLE, Arkansas (Bloomberg) —Wal-Mart Stwesjnc. said 
Friday it would expand into Argentina and Brazil, with the first stores 

expected to open there in 1 995. . , 

Wal-Mart said it would own and operate ns stores m .Argenti na , with 
the fust Wal-Mart supercenter and Sam's Club planned for the Buenos 

Aires metropolitan area. i. - - 

Brazilian stores will be a joint venture with a leading Brazilian retailer. . 
Lqjas American as SA. which has 89 department stores.. Wal-Mart will 
hold a 60 percent interest and Lojas will hold the resL - - - - 

Digital Equipment Freezes Salaries: l 

MAW ARD. Massachusetts (Bloomberg) — Digital EquipmcntCotp. 
said Friday it has frozen all wages. 

The troubled computer company, which has said that it would take a 
lanre restructuring charge and cut 20,000 jobs, announced plans Ter the 
wage freeze in memos to managers and employees Thursday, a spokes- 
man said Friday. 

Digital Equipment, the No. 3 American computer maker, bad 853)00 
employees as of the end of March. The wage freeze “is part of our 
previously announced plans to cut oosis ana return the company 1 , to 
profitability." the spokesman said. 

P&G Sues Two Former Executives 

CINCINNATI (Bloomberg) — Procter & Gamble Co. said Friday it 
has sued two executives who left to work for rival Johnson & Johnson of 
breaking their employment contracts with P&G. v. ' __ ■ . 

Johnson & Johnson is also named in the complaint. J&J. based in New 
Brunswick. New Jersey, refused to comment. The strit* filed May :27 in 
federal court in Cincinnati charges that the executives had access to vital 
trade secrets from P&G's skin-care division. 

The executives. J. Neal Malbeson. former P&G director of product 
development for its skin care and personal cleansing businesses, and 
Steven Shava. former associate director of the company's skin care 
program, left in April and May, respectively. .. 

IDB Says It Is Subject of SEC Inquiry 

CULVER CITY. California (Bloomberg) — ZDB Communications 
Group Inc. said Friday that it was the subject of an informal Securities 
and Exchange Commission inquiry over its dispute with auditors, which 
two days ago sparked a 5 1 percent plunge in its stock price. 

Separately, the satellite communications company said it had been 
named in several shareholder lawsuits over the matter. IDB shares closed 
Wednesday at $7,125. plunging from S 14.50 a share. They gained sligh tiy 
on Thursday and again Friday, to $8.0625 in over-the-c&iriter trading.’ 

In a news release Friday. IDB restated its belief that the resignation of 
its auditors. Deloitte & Touche, would dot affect its first-ouarter results. 
The company also said the accounting firm had not called into question 
the audited financial reports from the previous two years. 



Aoencr Fnrro P-cmt June 3 
ClouPrw, 


Amsterdam 

*EH Amro Hid (,2.4a ML 90 
ACF Holding 45 «S.l0 

a coon 05 .eo *5 

. 48 47 M 

ft" Not* 1 706.30 703.90 
AMEV 7o.«fl 7470 

BolvWessunen j®jo 40 
CSM 6430 64J30 

OSM 135JS) 734.40 

ElMTvler 16430 165 

*°''** c _ 1A50 18^0 

Ghl-Brocodes J&40 48J0 
HBG 31* 31* 

Helnoken ZST0 724X0 
Hoooowns 70.10 6770 
Hunter Douglas t®jS0 tOM 
1HC Cakmd 3850 37 

Inter Mueller 


79.50 


W 


•ni l Nederland 71 ja 74.10 


KLM 
KNP BT 
Neddaya 
OceGrlnten 

PoVfioed 

Ptilllps 

PolYDrain 

Rooeca 

Roaomco 

Reduce 

Rorento 
Rovot Dutch 
Shirk 
Unilever 
Van Ommeren 
vmu 

»Votter».'Kiuwer 
EOE Index 
Prevtous : 3997® 


50 51.40 
4870 47.00 

65.90 6450 

7570 7630 
47X0 40 

5230 51 SO 

79.10 79.10 
11970 1I«J0 

59 5970 
niTC 12140 

90.10 90 
1 9730 197.40 

48.90 48J0 
19130 10170 

5? SI-40 
16730 
111 1 15.°0 


Brussels 


AG Fin Zfn) 

Art**) JIM J9M 

Bar co 

§•►■■79.. ■ a9 ’ J ° 

CwAeritl 186 1?: 

Coewao 6000 M 

gj!5W» , 1358 !3oG 

Eleclratwl 5400 57 W 

CJB 1553 iflo 

GBL 4410 4485 

Gevgert 9150 9100 

Kredlelbcnk 6*» kjc 

Pelrotlna 10750 IOP25 

Power I in 3050 3-10 

Rovol Betas 45 jq 5100 

Sac Gen Banwe 8240 Bl/o 
Sac Gen Befgiaue 2370 2415 
SOflna 15025 15200 

Sal wav 14850 15300 

Trnctebei 9900 iojoa 

JJCB 24550 2-IOOO 

Union MJnlere 2a35 2660 

Orrreni Stock index : 7UB37 
p reviews : 7*221: 


Claw Prev. 


Helsinki 


Amer-V htvma 

133 

1J3 

Ensa-Gufcelr 

38X0 

38J0 

Hulrlamakl 

20® 

212 

K.O.P. 

11X0 

11.00 

Kymmeoe 

112 

115 

Metro 

176 

177 

Nokia 

426 

420 

Pohlola 

85 

as 

Renola 

®0 JO 

0050 

Stockmann 

210 

210 

HEX index : 1777.44 
Prrvteus : 1770X0 



Hong Kong 

Bk E 05 1 Alta 3675 36 

Cothav PocHiC 10.70 11.10 
pNKimi Kona 37 jm 38 
China Light Pwr 4750 41.75 
Do try Form inn 1270 KLaO 
Hang Luns Dev 1330 1350 
Hang Seng Ban) 54 5250 
Henderson Land 40 J?35 
HK Air Eng. 4230 43 

HK China Gen 15. wo 16 
HK Electric 74.10 2430 
Hr: Land 22 23JO 

Htc Realty Trail ZU0 21X0 
HSBC Holdings 8530 8650 
HkShongHtlS I23C 113} 
HK Telecomm 13 14X0 
HtC Fenrw I2.V0 1230 

Mulch Whampoa 1250 3250 


Hyson Dev 
JardJne Moth. 
Jardlne Str Hid 
Kowloon Motor 
Mondorln Cwieol 
Miramar Hotel 
New World Dev 
SHK Frcos 
sielux 

Swire Pac A 


2220 r 

5950 59 

3075 3050 
15 1480 
II 10.00 
2230 2140 
:*» 21.70 
51 SO 
3.48 350 
5850 5950 


Claw Prgv. 


CtawPrgv. 


" - - - 

TCI Cheung Prr»s 11X0 11.10 


Tk’E 

whorl Hold 
wing <3n Co mil 
Winsor ind. 


14J 143 
305(i 3ii5t 
11.40 11 JO 
1130 II JO 


inchasoe 

Kingfisher 

Lodoroke 

Lend Sec 

Lonorte 

Lasmo 

Legal Gen Gn> 
Lloyds Bonk 
Marks Sp 
MEPC 
Ncfi Power 
NalWest 
HlhWsl Waier 
Pearson 
PAD 
Plikinoton 
Power Gen 
Prudential 
Rank Org 
Reck IM Cot 
Redlond 
Reed Inti 
Reuters 
RMC Grouo 
Rolls Ravce 
Pothmn (unlit 
Royal Seal 
RTZ 

5almbury 
Scot New cos 
Scot Power 
Seors 

5evern Trent 

Shell 

Stetoe 

Smith Nephew 
Smith Kline B 
Smlih (WH1 
Sun Alliance 
Tate * Lyle 
Tesco 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
Uid Biscuits 
Vodafone 
War Loan 3W 
Wellcome 
Whilbreod 
williams Hags 
Willis Cgrroon 


4X2 

5.14 

156 

658 

753 

M3 

432 

5.60 

3.97 

455 
476 

456 
SJQ6 
6.13 
6A5 
1X0 
456 
2X8 
3J7 


4X8 

517 

1.65 

6.42 
750 
US 
430 
547 

a*? 

453 

470 

4.43 
20 B 
6.12 
637 
1X2 
452 
2X6 

xn 


Paris 


Arar 682 6*3 

■ Air Llqukte 794 790 

Alcatel Alsthom 631 607 


5-98 NJL 
4.02 4.99 


7.95 

4X6 

0 .BS 

1X1 

3X2 


aw 

4X2 

8X3 

1 J« 

3.75 


Aad 
B anco I re tcie) 
BIC 
BNP 

Bouygues 

B5NOD 

Corretaur 

iC.C-F. 

Cerus 
Charaeurs 
Gmenls Franc 
Club Med 
EII-AqullQlrrr 
Eli-Sanafl 
Eure Disney 
Gen. E»J4 
Hovos 
Imetal 

Lalarae Coaaee 


1336 1278 
546 528 

1250 1225 
25330 250X0 
647 649 

833 824 

19)7 1852 
23) 226.00 
10770 107 

1394 1361 
317 JIB 
4)950 424 

486X0 407.10 
877 864 

3A50 32 

2410 2339 
44750 4S) 

552 543 

407 402.90 


4.05 4.05 

8.15 876 

187 177 

5.77 5J» 

U 8 3X6 

118 171 

4.90 3112 

7X6 7.10 

5X3 550 

153 151 

JX® 3X5 
4.72 4X4 

X10 3X8 

4.13 4.18 

7.10 ill 
10 62 10.40 

277 124 

i03 Z08 

10 10.DI 

377 373 

516 573 

4175 NJk. 


Legr and 6290 6260 

Lyon. Eoujr 557 556 

Oreal (L’l 1141 1124 

L-VJVLH. 888 875 

Malro+loeTietle 11050 iff.' 
MlChelln B 226.40 22330 
Moulinex 145.80 143 

Paribas 417 38550 

Pechlnev inti 163 164 

Pernod- Rtcard 3S9 37* 
Peugeot 820 817 

Pr intern ps fAul NA — 
Rodlolechnkwe 471 460.90 
Rh-Paulenc A 13750 137,40 


5l4S 

5.45 

351 

156 


553 

5X4 

357 

159 


Raff. SI. Louis 
Redoule [La) 
Saint Gooain 
S.E.B. 

Ste Generate 
Sues; 

Thomson-CSF 

Total 

UJLP. 

Valeo 


CAC 48 Index : 2O0U4 
Previous : 3D07J8 


16*0 1677 

N-4. — 

647 650 

535 525 

417 614 

30960 302 

170 767 

3T2JO 314 
152.40 147.90 
25250 240 


Johannesburg 

AECI 
Adedi 


26 24 

12050 Nj». 
526 220 

39 387S 
STS 850 


Frankfurt 

AEG 138 187 

Alllora Hold 7452 2414 
Altana 630 60S 

Asko 930 970 

BASF 113.08310X0 

Boyer 36? 50 363X0 

3ov. Hyno Doha 43a 432 

Boy verenuOK 458 452 

BBC HD 70S 

BMP Bone 400 «Dd 

BMW B23 820 

Commerxbanfc 33750 33850 
Continental 26550 768 
Daimler Benz 80S 50 80450 
Deoussa 503 *01 

Dt Babeocfc 251 247 
Deutsche Bank 743X0 740 

Douglas 56250 557 

Dresdnrr Ban* 38150 370 
Feldmgehle 345 360 

F Itnjpo Hoesch 22021650 
Haraener 


Henrat 
Hochtiel 
Hoechst 
Hcizmann 
Horton 
IWKA 
Kail Sab 
Karuadi 
KauftMl 
►.HD 


338 345 
630 o25 

JOSS 10S5 
343330X0 
882 B8S 
234 235 

387 3B1 

14714650 
619 61020 
514 512 
142501403 


Anglo Amec 
Barlows 
Blyvoor 
Bulleis 
De Beers 
Orlefoaleln 
Gencor 
GFSA 
Harmony 
Hignvrid Steel 
Kloal 

Neahan*. Gra 
P.mwJlanleln 
Rusotat 
5A Qrews 
51 Helena 
Sawl 

Western Deep 
Composite Inflea : 507251 
Previous : 5463X2 


II050I06JO 
57X5 55 

1050 10X5 
HO 104 
25 S3 
IS 3 
48 47 

30 70.75 
4150 42 

0050 87 

08 98 

44 43J0 
24.7S 34J5 
169 !M 


F.T. 30 Index : 237930 

SscwgezM 

Previous ■- 2TWLSB 


Madrid 

3180 jigs 

eco Central Him 2940 
Banco Santander 4770 4730 


London 


Banesta 

CEPSA 

Dnjgaooi 

Endesa 

Ercros 

Iberdrola 

Prraoi 

Tatncolera 

Tele Ion Ico 


1070 1080 
3315 3360 
2335 2325 
MSI 6430 
222 a* 
1010 1000 
4320 4295 
4070 4100 
IB85 1835 


Sao Paulo 

Boren do Brasil 3250 2950 
Bcnesaa 1750 14. 70 

Brodosco 23 a 

urnhmo 470 440 

119 117 

Eletrobrpa 440.09 388 

'SIS 0000 390 

LWIt MO 480X1 

Poronoponema J8 3550 
Petrafcras IBS 183 

Souza Crui 10X50 9750 


Teiebras 
Teiesu 
Usiminas 
Vole Rki Dace 
Varlg 


5.E General Index : 32SL84 
Previous : 320X4 


Bovespa index : 26X59 
Prev toas ; 25JM 


7110 7450 
601560X1 
1)5 1.97 
Ml 100 
215 21J 


Close Prev. 


Sydney 

9-37 958 
4.17 4.00 
18X6 1X44 
152 353 
0X0 0X5 
4X2 4X0 
5.43 5X0 
1044 MJ 0 
4.00 4.04 
1.14 1.14 
1J7 IX® 
10X0 10X0 
2 2 
116 114 
I1XB 11X4 

®.oi a®o 


Amcor 
ANZ 
BHP 
Coral 

Bougainville 
Coles Myer 
Comolco 

Sf 

Fosters Brew 
Goodman Field 
ICI Australia 
Magellan 
MIM 

Nat Ausl BanH 
News Corn 
Nine Network 
N Broken Hill 
Poc Dunlop 

Pioneer mt'l «... 

Nmndv Poseidon 2X5 2J6 
OCT Resources 1.41 1x9 

Santos — ■ 

TNT 

Western Mining .... 

west hoc Banking 454 455 

Woodstde 415 4JD 

SS.w^norjwi'taek : 267858 
Previous : 2077X6 


4JS5 4J0 
3.73 3JW 
446 448 
102 112 


3X5 188 
136 215 
75J 7.7? 


Close Prev. 


a ntor 
ro 

CCL Ind 0 
Clneole. 
Comtnco 
Conwesi Enpl 
CSA Mgl A 
Denison Min B 
Dciasco 
Dvtex A 

Echo aar Mines 
Eaulty Skiver A 
FCA Inti 
Fta Ind A 
Fletcher Oral 1 a 
FPI 
Gentro 
Gull Cflo Res 
Hues Inll 


20 

*5 

22 ^ 

N. O. 

0x5 

14 U 

O. 80 
3X0 
6^1 

18^j 
6!3 
0.47 
4+0 
14' t 


Hnmlo Gtd Mines 13 


Tokyo 

Akal Elecir 505 S)l 

Asohi Chemical 773 780 

£«£ l .S lov ’ 1270 1280 

o» ToKeo 1640 16*0 
Bridgestone i*aj 1550 
Cairo, 1780 1760 

S”*® _ , )310 1310 

Da Nlpoon Prlnl 1880 1970 
Do wn House 15 bo 1580 
Dalwa Securities 1780 1800 
ronuc 


Milan 

Banco Comm 5200 5155 

Bostogi 

Benetton grouo 
Claa 
CIR 


Ktoecfcnerwerke 15350 1S2 


Unde 
Lufthansa 
MAN 

Manrtesmann 

Metallgesed 

Muench Pueck 

Porsche 

Preussoo 

PWA 

RWE 

Rhelnmetall 

Scherlna 

SEL 

Siemens 

Thvsaen 

Varla 

Ve(» 

VEW 

view 

Volkswagen 

WeUa 

DAX Index. 
Prevtaiis : 8a? j* 


925 900 

iwxo m 

<5)5041350 

43850 42® 

235 234 

=000 2030 
775 760 

453X0 457 
niifl Z31 
45545130 
31850 31 ! 

1070 1077 
389390.00 
. 70069550 
177 ,HJ 27550 

«550AM 
MS 38® 
471 AM 
48® 483 

n* 925 


Ahbev Nan 
Allied Lyons 
Arfo Wlagins 
Aravll Group 
ASS Brtt Foots 
Baa 
BA* 

Bank Sconana 

Barclays 

Boss 

BAT 

BET 

Blue Circle 
BOC Group 
Boots 
■Bawcner 
BP 

Brit Alrwors 
Brit Gas 
Brit Sieel 
3rif Telecom 
BTP. 

Cable Wire 
Cadburv Sen 
Caro don 
Coos, l/irelkt 
Comm Union 
.CaurinjlSs 
ECC Group 
Enterar Isc Oil 
Eurofunnel 
Flsans 
Forte 
GEC 
Getri acc 
G laye 
Grand Mel 
GRE 
Guinness 
GUS 
Hanson 
Httisaawn 
HSBC Hiaas 
Cr 


4.15 
5X7 

2.72 
2J1 
S3 

?40 
443 
1X3 
5JS 
SJ 0 
4 25 
124 
2X3 
7.1? 
5X3 
450 
3X4 
3X0 
2*0 
1.41 
16« 
yn 

4J4 

457 

121 

2J1 

SJ 0 

5.15 
161 
JXJ 
3.60 
158 
215 
197 
5X4 
5-45 
4J7 

1.73 
4-T) 
5X6 
15° 
1X7 
?J4 
8.14 


4.10 

5XJ 

2.72 

2X1 

527 

954 
4X7 
1X0 
5 to 
5X1 
4X0 
13 
2J0 
7.17 
5J1S 
4X5 
3X4 
JJ 8 
2X3 
UH 
3X4 
312 
4J9 
4X7 
3J23 
121 
537 
5.15 
1A5 
191 
3X5 
!.-« 
23# 
2.92 

5X0 

542 

432 

134 

4X8 

S3® 

153 

1x3 

7JL? 

8.19 


Cred ttal 
Emcftem 
Fertln 
Ferftn Rlsa 
Flol SPA 
Finmeccanica 
Generali 
1FI 

llalcam 

■taigas 

ttalmotHIlore 

Mediobanca 

Montedison 

Olivetti 

Pirelli 

RA5 

Rlnaseflflle 

Salpem 


1TO 177 
26200 263M 
1139 1158 
»f0 2540 

SE 5 O 6 S 
SW 3070 
3B58 1095 
1275 1220 
6770 ten 

7000 2010 
MSW 44800 
25600 25150 
15950 14200 
5250 576S 
45500 45050 
15700 15430 
1«9 1307 
2540 2600 
5220 531$ 
28SB0 28250 
10750 10050 
4020 3095 


Singapore 

Ccretns 
Cl tv Dev. 

DBS 

Fraser Necrve 
Gentlng 
Golden Hooe PI 
Mow Par ^ ^ 

Munrw 1 nduSIries. 5 JO 5.40 

irMtawe 5X5 5X0 

111*0 1 0X0 

KL Kepony My, 3 

Lvrn Chang 1^4 

JSJoyOT Hunky sjd A 50 

OCBC foreign 13.10 liM 



San Poolo Torino 9005 10040 

f'P 4270 4250 

SME 3855 3780 

SnlC 7380 73U 

Stantfa 36900 370«J 

5' 51 . 5355 5320 

Toro As=l RliD J0200 30400 

mid inoe* : nn 
Prev lavs : fur 


4J0 7X5 

8X0 8X0 
NA. — 
521 i25 
3X2 3.73 
12X0 13 

7.40 T A0 
I5J0 1 5X0 
Art 4.13 


Montreal 

Aleon Aluminum 32ia Jn 
B ank Manlreol 25 244* 
Bell Canada *2v 
BomoardierB 21^8 

Combior 19 19'-. 

Cascades 8 1 '* g'-. 

Dominion Tent A i»e 69a 
Donohue A I3W I7H 

MacMillan HI )•» lev. 

Nall Bk Canada B<* 9 

Power Coro. 21 21(4 

QuotecTel 22 » 22 it 
Quctoecor A 18‘« IBW 
Ouebecar B 1BH 18 
Teleotabe 19 19 

Unlva 6'ii 6V, 

VldMtron ljv* 13‘ri 

Industrials Index ; 190779 
Previous ; 1903X3 


GUB 

OUE 

5*moaw3fig 
Shangrlio 
Sime Darti- 
5IA foreign 
SPore Land 
S'bwj Pros 

Sing Steamship ,. u 

5 nor* Telecomm 146 348 
?.«»■* trwina im 34 ; 
GOB foreran mo nxo 
UOL 1S3 u: 

„ Stockholm 

AGA 
ASM A 
Astro A 
Allas Copco 


M5 380 
604 to 
16 B 167 

£75 473 
387 387 

*04 397 

JS 1!0 

106 104 

184 lo 
233 237 
J22 124 

1)6 1)5 

IK- 113 
49X0 4850 
117 116 

53 w 

143 138 

4)0 407 

Ml Ml 


E)enroiu> B 
Ericsson 
essetie-A 
Hond elibcnxen 
investor b 
N orsk Hvdi-a 
fVocproic AF 
SandvtkQ 
SCA-A 
S-E Bgnken 
Skandto F 
SkDnkka 
5KF 
5 torn 
TreiktraroBF 


Full Bank 
Fuji Photo 
Fuliisu 
Hitachi 
Hitachi Cable 
Hondo 
Ho Yokodo 
Itochu 

JCDon Airlines 
kali mo 
Kansai Power 
Kawasaki steel 
K'rln Brewery 
Komatsu 

Kubota 
KV DC era 
Matsu Elec inds 
Mat-Ji Elec Wks 
WJ^Wshi Bk 
M subbhl Kasei 
Mitsubishi Elec 
Mitsubishi Hev 
Mllsublsnl carp 
Mitsui and Co 
MflMikostll 
Mitsumi 
NEC 

NGjC insulators 
N kko Securities 
Nippon KdqdKu 
N loaon Oil 
Nlnnan steel 
Nippon Yusen 
Nissan 
Nomura Sec 

Olympus Optical °Mffl 

P'Oneer 2900 jsno 

Ricoh CT 

S«m> Elec in 5 S9 

Shpra mo tasffl 

Sn mnzu 749 752 

Shlnetsu Chem 7100 2230 

Sony 6270 6290 

Sumitomo Bk IS®) K®8 
Sumitomo Chem 493 409 

Suml Marine 901 1030 

Sum Homo Metal 197 304 
TaUei Cara 60$ 7QI 

Talsho Marine 855 S&3 

Takedo Chem 1220 iSW 
TDK 4820 4830 

Tellln 550 560 

Tolrvo Marine 1330 1340 
Tokyo Elec Pw 3260 3320 
Tap pan Priming 14o0 1490 
Torav ind. 73a 732 

Toshiba 834 B37 

Toyota 2130 7150 

YcmalcM Sec 940 053 

a: * m 

Nikkei 22s : 20054 

Prentoas : 1490 


4540 *540 
2330 ZIS-B 
2210 2250 
1110 113) 
1000 10 B 0 
004 000 

1000 1950 
53J0 OW 

724 731 

725 733 

961 956 

2770 
408 419 

1240 1260 
060 «68 
60S 706 

4800 4850 
1040 lSoO 
1160 116'. 
2690 2730 
518 524 

684 600 

766 772 

■250 1230 
877 830 

100 O 1010 
1080 1990 
1310 1310 
1070 1060 
1370 1300 
1050 1050 
76® 776 

364 360 

636 630 

880 897 

3450 7470 
B860a 8830a 


Toronto 


AWII&I Price 17% 17Vs 

A gn Ico Eagle 157* 16W 

Air Canada flUi 7®* 

Alberto Energy 21W ?U* 

Am Barr Idi Res 32W 33ks 

BCE ten. 4&H 

Bk Nova Scotia 26W 76V; 

|CC4iS IS (5 

BC Telecom 2 SVj IW 

BF Realty Has N.O. — 

Bramolec 0J8 OJ0 

Brunswick IIP, iosy 

CAE 61* 7 

CoiTHJev Sifc SVc 

SlflC.. 796k 29W 

Canadian Paemc 21 W 3i»* 

Con Tire A Ijs* ||j» 


Hgillnwer 
H«shom 
Hudson's Bay 
Imovra 
Incg 

Interprav pipe 
jonnoc> 

LObalt 
Loblow Co 
Mack.enrle 
AAflSffW Inll A 
iwapie Leal 
Maritime 
Mark Pes 
Motsan a 
N oma (nd A 
Naronda Inc 
Noranda Farnl 
Nor ten Energy 
Nftin Telecom 
Nova Cora 
Oshawa 
Paaurln A 
Piercer Dome 
Paco Petroleum 
PWA Cora 
Rav rock 
Renaissance 
Rogers B 
Rothmans 


15*k 

1EV1 

?9A. 

35 , -» 

IT, 

N.O. 

lT'-x 

22V; 
9'A 
611; 
12 V. 
75^ 

BVj 

32S« 

5V> 

251k 

my 

UVr 
47S* 
N.O. 
20Vs 
3.MJ 
3IPk 
1 C 
0X1 
18 
30A, 
30 V, 
77 


Roral Bank Can 371 m 


Sceotre R._ 

Scott's Host) 

Seagram 
Sears Can 
Shell Can 
SnerrlM Gordon 
5HL Svsiemhse 
Saulham 
Saar Aerospac e 
Steico A 
Talisman Enera 
Took B 
Thomson 
Toronto Damn 
Torslor B 
Tronsalta UMt 
TronsCda Pipe 
TrlhinFInlA 
Trlmoc 
Trlrec a 
llnloorp Energy 
TSE 308 Index : 4374 ji 
P revious ; <388X0 


131k 

8 »k 

436k 

7k. 

43‘- 

I3R. 

9'6 

19V, 

166 * 

BV, 

79 

24*. 

16V; 

2 Hk 

23W 

lAVi 

18 

4V: 

15W 

0.7i 

N.O. 


10 --B 

*70 

0', 

4.70 

r’j 

37 

11 '- 

NO. 

21 ". 

0X7 

l$lk 

an 
3X0 
r+i 
Iflw 
6'-1 
0.47 
448 
14 
12 * s 
15V> 

10-M 

30'-, 

3S>.k 

34»k 

77V: 

2 > v * 

37V, 

i2A, 

12W 

2SW 

84, 

2741 

5V» 

75V» 

1J 

14W 

474, 

30 
155 
3 I'm 
10V? 
057 

ia 

MW 
TO 
761; 
77kk 
13W 
8 H 
43®k 
7V; 
423k 
I 2 is 
04k 
104k 
I64k 
0 'k 
7B<0 
254k 
10*. 
21 Vi 
23V 
14V 
IB* 
4.45 
15’m 
027 
1X5 


a- 

V5c Anodowd Frm 


Secsji Secscr 
H.S1 U»« 


Cwn High Low Clow Chg Op.tnl 


Xr* 3 i ‘J 


S4050T. Season 

rtgh Us* 


Oatn High Lw, ao*x Chg Cc'*r 


:ix: 10 tt.\«r f6 

est.so+s 11241 Thu's, sates 15X43 
Tnu 1 cc-ci ir.i 1 29,714 alt 757 
COCOA (NCSE1 iVtwcw, immv 


Grains 

WHEAT fCBOT) S OoctrjrrwrrnMm- ixiacrsMr a^rei 


110 

1®6 

Jul 04 

12^ 4 : 

131>« UP, 

1304,— 0 DO 1 


XT'., 

102 

S«>®J 

?T5 

137®. 3 X 


?^9I ! 

3X5 

3X0 

Dec 04 

345 

3 JO 

1X3 

3X9' . -0.C1 

1:X6 | 

157 

127 

Mar«S JJ0V 

157', ITr- 



ISO' 7 

J.I4" 

> Mcv 95 145 

144 

142'. 



J.42>* 

3D 

Jul+S 

124 

1» 

322 

324 -a.01 

1 


Esl. sates 14X00 Thu-vsdes 10.970 
Thus open im 41,045 up Sol 
WHEAT (KBOT) iOMb,nMTun.A)hnDrbuflyr 
155 2.97 Jul *4 334 3J4', 130*, 133^-0011. i-jcO 

155V 107V Seo 9* 1J7V 3J7V 133V 3J»l,-a02 4X38 

160 IrtV Dec 54 144 146 3X1 3X5 -081 4X30 

153', 325 Mar 05 3.44V 3X5 V 143 3*5 -0.02V 770 

124 371VMa/05 140 -OJC'm J7 

133 J72VJUI95 3JA' v -(UB4u S 

Esi. sales na. Thu'ksdes 4X04 
Thu'S wen int 22.71* up 309 
CORN ICSOT) UOObumlnimim- Mars per UusIM 
XW-t T.41 Jul 04 170 170 m J-Tl'.i— 087 V, IV A5S 

7.07'k 2XO\i5eP04 173», 2J4 7 XT 3 * 2X0'., -8 87'. 35.4<W 

2J341 2J6VC«e®4 147 2x7V lol 162 -XUMS, 94JK1 

179V 2X64, Mar ®S 272 723 167V 1*6 — (UB'm 1 QJzl 

2X2 153 MOY0S2J7IL 2J7’ , 2/2 272 — 0A6V 1X06 

2J3'«, 2J54 Jul 05 2.77 277V 172V 27TV-«O0 7X07 

267 254 S4P95 2*3 1X3 241 —OX* 11 

2X0 3-43 Dec»5 257 257 153V 253*. -0X3 V 2,743 

Ex. s«*B «X0P Thu's, sales 53X63 
Thu's open ini 258.533 up 1®M 
SOYBEANS (CSOrl i.Whinnmuvi-dAniiniMM 

~ ' 6X5 -0 MV 54.037 

AX4N— 0.154, 16.946 
6X9V.-0.1B>-, 0JC 
4J0V.-O.I7V 56.J99 
6.64V— g.l9 3 6 4.990 
6X8 —A 19 V 2.134 
648 —0.1* 1X70 

6J0 —0.15V IJ94 

... L2IV— (.Wt 1.783 

EH. sates 55X00 Thu's, sofas 40.104 
Thu’s open M 150X56 up 632 
SOYBEAN MEAL ICBOTJ 1 40 tem -<Uai wte 
230X0 165. TO Jut 04 200X0 700X0 106X8 10840 —290 29X54 

721® 185 00 Aug 94 190.50 190.50 196X8 198X0 —2*0 16,534 

21000 10.10SeP»4 109 00 I90JW 104X0 (07.60 — 2W 10.4(1 

706X0 1*0.0000 94 107X0 l»7X0 19A7D 196X0 -2JD 5.764 

700.00 178X0 Dec 04 19*50 I06JO 103JO 195X0 -200 l»XOT 

70150 1 76X0 Jon 05 195.50 10*50 104X0 10520 —150 1.771 

70350 161.00 Mar 95 10850 10850 105X0 107.10 — X70 1X3* 

TOJ.Ofl 181.00 Mav 95 10800 10800 l»’X0 19750 —220 31* 

10850 I BUB Jul 95 19(150 19B50 10600 194J0 —200 2 » 

ESI. sales 10X00 Thu's, sales 14X53 
Thi/s open ml 63X07 up 1002 
SOYBEAN (ML (CBOT) 40X00 Wv OQUarscer MBBm. 


90® Jul W 13*1 (376 1348 t362 

1(BOS*0®4 1390 1402 1377 1390 

10-1 Dec 94 1416 1431 1410 1427 

l<F7Mw®5 1450 1450 1440 1456 

1078 MOV 95 1480 1480 1467 1475 

125 Jul 05 1497 

!3SSSep05 151’ 

1750 Dec ®5 I5<7 

1350 Mar 96 1578 

Exi. sales 7,74! Thu's sales 11X35 
Thu's ooen in: 00.740 ah 248 
ORANGE JUICE (WCTNJ 1 3X00 In. - amnn-o. 
135X0 0255 Jul 94 99 JO 100X0 99 JO 99.40 

95 00 Sec 94 10200 10280 101X0 101X5 

«825Nov«4 103.00 103X0 10250 183X0 

07.70 Jon 95 104X5 10SX0 104X5 104X0 

99.75/Mar 95 105.90 106X5 105.90 106JS 

nXUOMay 95 106X5 

I0SJB Jul 95 409XS 

111 JD Sea 55 1II9J4 

Nov 95 100X5 

Ed. sales 2X00 Thu's, sates 2X23 
Thu s open int 22,968 up 400 


14*6 
• 1435 
1507 
I 15*1 
r iru 

12 *C 

1570 

I4C8 


134X0 
134X8 
13200 
124X5 
714X5 
1 11X0 
II1-S0 


—10 32x53 

—10 20.747 

-0 9X18 

— 4 878J 
—10 1942 
— ID 2306 
-ID 1,168 
—10 1625 
-10 3 


—0X5 11,928 
-055 5X84 
—0X0 1X96 
-050 2906 
—055 1,124 
— 0X5 

— 055 3 

— 055 

-as 


Season season 
High Law 


Own High Low Oase <Jjs OpJnr 


Metals 



5.94 V Jul 04 

4.9 1 

*77 

*79'-k 





*96 




see 94 

tiC 

*82 Yi 



5JSVNOVM 

*72 

*72 

*55 

4.®7».i 

6 13 

Jan 05 


*75 


7X2’* 

*18 

Mar 95 4X0V, 

6X0V 

6XJV 



Mav 95 671 

6.78’- » 



624 

All 95 

6X0 


*66 


LSI' 

■:Npi55 

*30 

*11 

621 


30X7 

3065 

MJ4 

70X4 

71X7 

78X5 

2830 

2805 

J7J5 


21X5 Jul 04 28X0 

21X5 Aug 04 78 45 
22.40 Sea 94 2830 

■22101X5 04 27 65 

22 00 Dec 04 27JS 
22*5 Jan 95 27 1 5 
747DMar9S 36.90 
74XJ (Mdv 05 2815 
74*5 Jul 05 2* JO 


2110 7 

2847 

7830 

71.85 

27J8 

27.15 


27.75 
77 JO 
27*5 
77.15 
2640 
2640 


HI ORAOe COPPER (NCMX) 2MO0 nv-ami aw *. 
107 JO 7410 Jun 04 10210 1Q3.10 10110 10210 

74X0 Jul 04 10215 103X0 101X5 >03.10 

74*0 Sea 94 101X0 1IB.90 101 J5 10290 

75.75 Dec 94 101X0 1D1XS 101X0 101X0 

7690 Jan 95 101.75 

7100 Feb 05 10140 

73X0 Mar 05 101X0 701X0 101.00 taixo 
7665 MOV 05 100.90 

7800 Jul 95 100X5 100X5 100X5 100.4S 

7S30Aug45 10200 

TV. 1 a s« 95 100X0 

7SJDOd95 1IEL5D 

77.75NOW9S 10238 

88X0 Dec 95 99.10 99.10 99.10 *9x0 

889 Jen 96 09X0 

*2JO«iw9* 00X0 00X0 099 00 *0 

91. 10 Apr M 101.15 

ES. sates 6000 77*1*660185 7X42 
Ttk/senwi kit 57,080 aH 2187 
SLVER (NCMX) IBBOmry at- aMsBerlrwai 


ID7 7S 

105X0 

1029 

95X0 

99X0 

107X0 

lffl.10 

1 OO 0 O 

10SJM 

09-S5 

9230 

9200 

00.90 

9285 

02X5 

04X0 


-1X5 UH 
+ 1X0 36013 
+ 1 J 0 10.121 

♦ 1X5 5,583 

♦ 1X5 169 

*1X5 71 

+ 1X5 2X39 

1J» 78* 


568.0 
S86X 

590J 

S97X 

5640 

*040 

6065 

610.0 
61 U 
628.0 


2610 76 Jj 

26X0 2615 

3*J5 2*X0 

Esl. sates 72.QQQ mi's, sales. 12773 

Thu's Ouen W S4J3U on 377 


27X8 

77X7 

ITJI 

■3X5 

a.75 

16*0 

2645 

2633 

7623 


-0L79 25J53 

—0.60 IJJ69 

—070 hull 7 
— 0J3 7AU 
-UJ2 J0J63 
-075 2663 
— 0X6 1.771 
-0X7 176 

-0.55 175 


Zurich 

Afflo Inll B 258 340 

Alvivsse B new 601 650 

BBCBrwnBovB 1327 1215 

Cttta Gelay B — 

C5 Holdings B 
Elektrow B 
Fischer B 
irrlerdtocaum B 
jetmotiB 
Landis Gvr R 
MaevenpjQi B 
N«sll« R 

Otrllk- Buehrle R 
Porgeso Hid B 
Roche Hdg PC 
Sutra Republic 
SondBZ B 
Schindler B 
Sulw PC 
Surveillance B 
Swiss Bnk CoraB 
Swiss Reinsur R 
Swtasdlr r 
UBS B 
wmiennur a 
Zurich Ah a 
SgS Imtei : 145x2 
Prevkws : P$5X1 


870 865 

635 626 

351 3» 

i5i2 US 

2300 2J0O 
885 8*0 

885 885 

.431 430 

1M7 1166 
1*6 147 

1675 1670 
6710 6760 
rtO 130 
.712 710 

7600 7500 
898 885 
2100 2080 
*07 m 
£ 0 } saa 
.778 7B2 

1715 12)0 
TO 715 
1385 1375 


»*s easy to subscribe 
in Laxembaoig 

0 800 2703 


Livestock 

CATTLE (CMBRI «M> 

75 77 
73X7 
74 10 
T4JD 
74X5 
.’5.I0 
71 JO 

Ed soles 71.042 mi's, sates 15X13 
Tlw supeninl 73X83 011 561 
FEEDER CATTLE 1CMER) rf.u l» - trm: teD 


1 CMBRI «M6.. 

■enwp- 

r ■> 




415X0 

62X0 Juil 04 

6*55 

64X5 

6135 

63X2 

—1X6 95,135 

417X0 

6107 Aug 04 

6*10 

6*12 

61 IW 

63.05 

— 1.10 25X76 

42630 

tIJOOa 94 

67 40 

4fX0 

6*45 

06 47 

—0X1 11649 

411X0 

4720 Dec 94 

6a 75 

66X0 

66X5 

08.10 

-0X7 

0X4] 

417.00 

67.00 Fri>®5 

40.75 

60.75 

69.15 

*0.17 

— XX5 

+095 

42830 

60.40 Apr 95 

7095 

71.04 

70.00 

h)X7 

— ojo 

2X11 

4123 a 

6*90 Jun 05 

0830 

60 JO 

68.15 

08.15 

—0X5 

574 

4I3JO 


BJ 00 
81.70 
81X5 
33 to 
00.05 
60.25 
'tM 


71 IDAug 94 7295 
71 JO 3m 94 72*0 
71 XOOcl*4 7L» 
72.65 Ncv 04 7415 
72.95 Jan 06 73 jg 
72X5 Mar 96 714) 
7245 Aor 96 7X*0 


5627 45X7 Jun 94 i*.(J 

S5J7 « 30 Jul 71 4670 

53 40 44 07 Aug 94 4SJ0 

4971 47J70a 94 47X5 

S0J0 4105 Dec ®4 41*5 

».W 43.10 Fee 95 4L77 

4480 40.90** W <3.10 

S1J0 47X0 Jun 95 48J0 

48 95 47X0 Jul 05 48 50 

Em. sales BX78 tiu s sates 

Thu'S open ini WK -m wj 
PORK BELLIES ICMEft) JO Mo in - scon otf B. 


71X5 

'720 

72X2 

—023 

7.360 


72X0 

77M 

—022 

2.117 

7100 

7110 

72X5 


1,986 

7*15 

73X5 




T4U0 

run 

73 62 



TIM 

7170 

7170 

—iso 

44 

73X0 

2X45 

7170 

72.70 

—050 

37 







46.05 

46.15 

—0X5 

1410 


4100 

4105 

-0X0 10.019 

45X7 


MM 

—4123 

A. STB 


42XS 

42.70 

— 127 

1539 

4370 

43M 

43X5 

-0X0 

7,065 

43.77 


CLAS 

-025 


hi: 

45.00 

43X0 

—407 

409 

48x : 

4852 

4S80 

-402 

172 

48X0 

48J0 

48 30 

-020 

13 


*2X0 
50-50 
fil.lS 
*0.90 
*:.W 
52 00 
sa 25 
Esl sales 


3® JO Jill 0* 41X0 
39X0aua«4 41X0 
39 ID Feb *5 50 15 
38X0 Mur 95 47X0 
47 40 May ®I 
50X0 Jul 95 
49.75 AM « 

1X17 Thu's. sat« 


<217 

4lJ7 

50.17 

47X0 


41.15 
•US 
47.95 
47 1J 


41X2 

40X0 

48JB 

47.12 

5145 

»J 0 

56X5 


-485 684? 
—1.07 3.309 
—1.13 393 

-1.7# 33 

31 
17 
2 


Thu's mien ml 8.5K us 1 15 


Food 

COFFEEC INCSE) J7xantn-as4swii 
145 S 6690 M «4 Hi Iff 126X0 12190 12655 —1X0 30415 

wua eexuseoM moo izjjo 121 x 0 122 x 0 

I37.a 77.IBDi)c®4 970.40 121X0 11915 119X5 

136X0 76«M»0S 1 18 00 116.2s II4J6 lleJu 

IXU5 EJO/Acrv 95 117X5 117X0 11*50 11675 

IJOQO 15 DO Jui 95 1I6J0 

175X0 87.00 its 05 HUM 117 00 117 00 1I5« 


ESI MteS 7.468 Thu's, sales 10.949 


-1-15 16.440 
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Thu's open W 46742 off 310 

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Thi/sopgrnnt 48,791 UP 1128 


industrials 

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8*05 

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595100 94 

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4077 

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—0.40 1X0T 
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96.7* 95/6 Jun 94 95 75 95J* 9170 

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Thu's open int 270,1® UP 4152 

IK JtB SSIK S3 ss ill ; i 

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^ sales 6X08 Thu's, sofas 6X11 
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3-328 

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LKHTSW^rCRODE (W**GR) Iaei44-ijt*nter«l. 

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20.7a 

2078 

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2060 

7080 

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19X0 

20*6 

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1®X3 

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17X3 

18.00 

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19.37 

U.77 

2030 

17.67 

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14X0 Sep 04 
14X5 Dd 04 
14X2 Nov 04 
14.03 Dec *4 

15.1 5 Jan 05 
15X8 Fed 95 
15X2 Mar 95 

1 5X5 Apr 9S 

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1727 
17 J6 
17X5 
172* 


17X4 


17.71 
17X3 
17X2 
17 J* 
17X3 
17X2 
17X1 
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17X0 
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17X7 
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17X9 
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-an 3.100 

—a 10 73.936 
-aid 15X90 
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-a 10 16.131 
-OI8 9X3* 

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— 000 8,510 
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-008 10X08 
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-0XB JX28 
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'40334X28 

’'»»S.538 

* 110403X78 

- 120764X04 

' HU30SX53 

- IIDIBLW 

•110 IIUM 

• U0 122,141 


Stock Indexes 

SS.PCOMP. INDEX (CMER) son, Me. 

**7-98 461X5 455X0 660,18 

e». Sates NA. Thu s, setes 60401 
Thu'sapei int 23*X82 uu 4774 

ss ,a 5i 'gst sy««r»w 

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Peuiers 
Dj. Fulgres 
Com. Research 


Commodity Indexes 

Close 


1J78.W 

>.WM0 

1415* 

23109 


Previous 
U7X90 
1,967 JO 
1*6-3* 
236X6 







iF 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 4-5, 1994 


Page 13 


1% 



n 

?&■ n 







The Scramble 
For Scrabble 


1DNDON — A boardroom bai- 
Ue for a board game erupted Fri- 
day. with two of the largest U S 
tpymatos bidding for the tiny 
BntlSu company best known for its 
Scrabble word game. 

Mattel Inc. made the latest stove 
bidding S78i million for J.w. Spear 
4 Softs PIC. That topped a six-day- 
old S70.4 million offer from Hasbro 
Inc, which already owns 26.7 per- 
cent of Spear stock. 

, "Wtf re really considering our po- 
StHM, said Nigel Hutton, Hasbro’s 
lep representative in Britain. “Why 
Matxd has suddenly shown an inter- 
est, don’t know. We don't really 
anticipate anyone else will.’* 

The board of the family-con- 
trolled Spear said it thought “that 
the Mattel offer represents a better 
prospect for the future develop- 
ment of the business." 

The latest offer "would signifi- 


cantly enhance Matters presence in 
the games category in international 
markets," Spear's board said. 

Hasbro’s unsolicited offer led to 
differences of opinion on the Spear 
hoard, "Hie chairman, Francis A. 
Spear, is the grandson of the 
founder, and his family owns near- 
Iv 20 percent of the company's 
shares. 

The board said Mr. Spear had 
not been available to consider the 
Mattel offer when it was submitted, 
but “now joins with the other mem- 
bers of the board in welcoming the 
Mattel offer." 

It said Mr, Spear had not 
up his mind whether to accept the 
offer, which was heartily endorsed 
by other Spear board members. 

Hasbro and Mattel are leading 
U.5. lawmakers. Hasbro’s line in- 
cludes Kenner and Hasbro toys, 
along with Milton Bradley and 
Parker Brothers games. 

(Bloomberg, Reuters) 


Motorola Expands in Ireland 

jigenee France- Prase 

- ”* ^^ ola JP c -’ a worid leader in cellular communications, 

c i nv ^ l0 . mifll o o puut (S160 million) to expand its plant at 

avw in,bBu * D ™ , ° p - 

The Irish agency said the investment would enable Motorola to meet 
growing European demand for portable telephones and cordless electron- 
ic equqnnenL 

The American company already employs 800 people at Swords, which 
is near Dublin. 

■ abo said Japanese elec ironies giant NEC Corp. would 

invest 50 million punt to enlarge its Ballivor unit, with the creation of 1 10 
jobs over lour years. 


Icelandair Carves a Niche 

Hub-and-Spoke System Adds to Flexibility 


By Peter Passel] 

New rorit Tuna Service 

The planes were always jammed, the flights were 
usually late and prudent travelers brought along 
their own sandwiches. Bui long before Freddie 
Laker or People Express, Icdandair (then called 
Icelandic) was breaking all the economic rales of 
airlines, making money by opening Europe to the 
backpack set — among them a graduate student. 
Bill Clialfla, ou his way to Oxford. 

Now, three decades later, the little airline that 
could is at it again, repositioning itself as the 
international carrier whose flights all stop in a 
country that is hardly anyone's final destination. 
Improbable as it may seem, tiny, unsubsidiaed 
Icdandair may once again have found a formula 
for success in an industry where mere survival is 
considered a triumph. 

Icdandair began domestic service in the laic 
1930s as the lifeline for an island with long, dark 
winters and few paved roads. But the airline that 
evokes nostalgia among the baby boomers really 
dates from 1955, when it began to exploit a loop- 
hole in tight regulations that restricted capacity 
and kept fares high on trans-Atlantic routes. 

Amenities were not a priority an the Icelandair 
flights from New York to Luxembourg, with a stop 
in Iceland. Since most passengers were headed for 
Paris or Brussels or Amsterdam, the long uncom- 
fortable flight was usually followed by a long un- 
comfortable bus ride. But the sum in the middle did 
give thousands of young people me optical of linger- 
ing to ogle Iceland’s bizarre volcanic scenery. Be- 
sides, the crowd was sociable and the price was right. 

Since Icdandair was cot a member of the Interna- 
tional Air Transport Association, it was able to 
undercut other carriers' fares, sometimes by as much 
as a third. Because the tiny airline "simply was not a 
threat,” noted Darnel Kasper, a consultant at Har- 
bridge House in Massachusetts, major airlines were 
not inclined to swat it out of existence. 

By the late 1970s, however, Icelandair's formula 
was undone by changing technology and deregula- 
tion. Direct competition came with the rise of 


discount carriers and the effective collapse of car- 
tel pricing over the Atlantic. Also, the costs of 
operating the airline’s DC-8 jets were far higher 
than that of the i umbos used bv the other airlines. 

Icd andair survived the early 1980s by laying off 
roughly one-tiurd of its 1,500 employees and leas- 
ing under-used aircraft to carry Muslim pilgrims to 
Mecca. But the airline remained a marginal opera- 
tion and its managers were determined to recap- 
ture the initiative. 

So Icdandair created a hub-and-spokc route 
system, with every plane from North America 
(three a day during the summer, typically two in 
the winter) stopping in the rooming at the nrint- 
f resh Ldfur Eriksson air terminal to transfer pas- 
sengers to European flights. 

This minuet is reversed in the late afternoon, 
with daily westbound planes from Luxembourg 
and Copenhagen and toss-frequent service from a 
dozen other European cities connecting with 
planes bound for the East Coast of the United 
States. Last year, three-quarters of a million pas- 
sengers went through the terminal — three tunes 
the population of Iceland. 

“Icdandair is a classic niche player," Mr. 
Kasper said, an airline with the potential to feed on 
traffic that is beyond (he notice of global carriers. 

What is more, pointed out Einar Sigurdsson, the 
director of marketing for Icelandair. his airline 
does have some inherent strengths offsetting its 
inherent weaknesses. 

For one thing, Icelandair shares runways and an 
air-traffic control system with the Keflarik air base 
of the North Atlantic Treaty Organization, a base 
built to posh aircraft in and out in all weather 
conditions. That means delays are rare. 

Equally important, in the late 1980s the carrier’s 
utterly obsolete aircraft and the sense of urgency frit 
by both stockholders and employees gave Icdan- 
dair’s manag ers the freedom to plan from scratch. 
“We just didn’t have much choice,” recalls Sigurdur 
Hdgason, Icelandair's chief executive: 


Nestle 
Expands 
In East 

Btoonlxrg Business Sen 

ZURICH — Nestlfc SA said Fri- 
day it bought a 70 percent stake in 
a newly privatized Bulgarian choc- 
olate and candy maker. 

Fraagds-Xovier Perroud. a Nes- 
tl£ spokesman, said the Swiss com- 
pany signed the deal Thursday to 
buy Shokoladoviy Zahanti Izddia, 
a chocolate and sugar-products 
company based in Sofia. 

The deal must be approved by 

the Bulgarian company's supervi- 
sory board, he said. Sbokoladoviy 
Zahanti ha«? a nnual sales of 25 mil- 
lion Swiss francs (518 miUioa), Mr. 
Perroud said. He would not dis- 
close the purchase price. 

Nestle recently stepped up its 
presence in Eastern Europe with 
purchases of Polish and Czech 
chocolate makers. 

"This is in Use with everything 
Nestlfc has said it would do," said 
James Amoroso, as analyst with 
Credit Suisse in Zurich. 

The Eastern European market for 
candy is dominated by local players, 
he said. Major Western European 
food companies have only a 10 per- 
cent to 15 percent share. Nesttt 
leads that group, bedding about 8 
percent of the overall market, while 
Philip Morris Co/s Jacobs Sochard 
unit is second 

Bulgarian per capita chocolate 
consumption is among the lowest 
in the region, said Wilhelm 
Blaeuer, also with Cridit Suisse. 

In February, Jacobs Suchard 
paid $4.4 million for an 82 percent 
of the largest Bulgarian chocolate 
maker. Republika. 


Frankfurt 

DAX 

m — — 


London 
FTSE 100 Index 


Paris 

CAC4Q 



®®'4 ’F r M’ A M j' ' 
Exchange index 




Amsterdam 
Brussels 
Frankfurt 
Frankfurt 
ttebrfnfci 
London / 
London 
Madrid 
• Milan 
Paris 

Stockholm 
Vienna ••• 
.Zurich 
Sources: Reuters, 


AEX 

Stock Index 

DAX 

FA2 

HEX ■ _ _ 

Financial Times 30 
FTSE1QP 
General Index 

M1B 

CAC40 

Affee/svaatlden 
Stock Index 
SBS 
AFP 


Friday 

Cfoso ” ■ 

40&Q8 

7,60*37 

2,148.39 

808.75 

1,777,4* 

2,379.80 

VBffTJBB 

325.84 

1,18940 

2,041.74 

1.884.14 

440.14 
965.42 


im 

■ Prev. ■ % 

Close Change 

399.74 +0.84 

7323.12 -0.19- 

2,129.70 +0.88 
802.36 +0.80 

t, 779.60 -0.12 

2,364.30 +Q.GQ 
2.980.80 +0.57 

320.74 +1.59 

1 ,187.00 +0.17 

2,007.38 +1.71 

1,869-12 +0.80 

. 443.35 -0.72 

366.01 +0.04 

Intemjoocal IfcralJ Tribune 


OECD: In Changing (or Not) Its Top Executive, Bureaucraey-on-the- Seine Stumbles Toward Redefining Itself. 


Continued bom Page H 
posals to tire needs of each country. 

• On Wednesday, Andrei V. Ko- 
zyrev, Russia’s foreign minister, 
will be in Paris to sign a coopera- 
tion agreement with the OECD 
that Is described by diplomats as an 
important part of the West’s over- 
all strategy for establishing a series 
of arm’s-length economic relation- 
ships with Moscow. 

• OECD member governments 
will approve the start of formal 
membership talks for South Korea, 
Poland, Hungary, and the Czech 
and Slovak republics. 

• The meeting will discuss ways 
to develop further relations with 
China, a nonmember. The Japa- 
nese government, in particular, is 


keen to see relations with Beijing 
strengthened. 

• Efforts will be marie to expand 
relations with such emerging econ- 
omies as Taiwan, Thailand, Singa- 
pore. Malaysia, Hong Kang, Ar- 
gentina, Gnk and Brazil. 

• Delegates wil] lay the ground- 
work for efforts to create universal 
rules on foreign investment. 

• Member gov ernments will ap- 
prove an accord aimed at curbing 
such corrupt practices as bribery. 

• Ministers from Mexico, which 
has just become the 25th member, - 
wfl] be welcomed to the organiza- 
tion. 

Finally, trade ministers from 
OECD member states will meet to 
discuss the need for more study of 
issues emerging following the re- 


cent Uruguay Round world trade 
accord. These include links be- 
tween trade and the environment, 
competition policy and workers' 
rights. 

Although not formally on the 
agenda, there is one more issue of 
signal import the search for a 
successor to Mr. Paye. Defenders 
of the OECD chief, who is being 
backed by France for a third term, 
note that it was undo 1 his tenure in 
1987 that work was done showing 
the distorting impact of farm subsi- 
dies, and tins in turn helped trade 


subsidies out during the Uruguay 
Round talks last year. They also 
cate pioneering work an the eco- 
nomics of envi ronmen tal manage- 
ment and Mr. Faye’s drive since 


1991 to hdp Eastern European 
countries in their transition to mar- 
ket economies. 

But U.S. and Japanese officials 
are agreed it is time for a change, 
and they appear to have persuaded 
Australia, New Zealand, Mexico. 
Turkey, Iceland and Norway to 
back Canada's candidate to be the 
new OECD chief — Donald John- 
ston, a Canadian politician. Ger- 
many’s candidate — Lorenz Scho- 
merns, a Finance Ministry official 
— is said to have almost no chance. 
Thus the only serious opponent to 
Mr. Johnston is Lend Lawson, the 
former British chancellor of the Ex- 
chequer, who is thought by many to 
be too abrasive for the job. 

U-S. officials are irritated that a 
successor cannot be chosen next 


week because members of the Eu- 
ropean Union have asked for a de- 
lay. The Europeans see the OECD 
job as a bargaining chip in their 
struggle to resolve their own deri- 
sion on a successor to Jacques De- 
fers, the European Commission 
president. 

As for Mr. Paye. be seemed to 
indicate in an interview that he 
understood that next week’s minis- 
terial meeting would probably be 
his last He said that if he is re- 
placed be would "leave with regret 
and with no grudge." 

Mr. Paye did offer one thought 
for the future, which is shared by 
Washington and most other mem- 
bers of the organization. The 
OECD, be caoceded, is dearly at a 
turning point, and if it is to remain 


relevant "it has to be not the club of 
the rich, but the organization of 
countries that count in the worid 
economy and set the pace.” 

That, said U.S. officials, is why 
the second-most-important item 
next week, following the unem- 
ployment study, will be building a 
rapport with potential fut u r e mem- 
bers ranging from Brazil to China 
There are two basic criteria for 
membership in the OECD — hav- 
ing a democratic form of govern- 
ment and haring a market econo- 
my that promotes free trade. 

Apart from all the policy analy- 
sis, the OECD’s future would seem 
to lie in its ability to spre ad the 
gospel of Western-style capitalist 
democracy. "It has plenty of prob- 
lems," said one Western diplomat. 


Very briefly: 

• Volvo AB plans to invest 390 million kronor (S3 million) to upgrade its 
tnickmaking production in order to raise production to 50,000 units 
annually, up from the current 43,000. 

» Apple Computer Inc. plans to invest an initial 530,000 to train computer 
programmers in Ukraine and market the software they produce. 

• Saga Petroleum A/S said itsTordis oil Add in the North Sea, in which it 
has invested 3.7 billion kroner ($5 18 miUion) has started producing ofl and 
should reach 75,000 barrels a day as more wells are brought on stream. 

• Greece plans to privatize up to 25 percent of Ebo Oil and Hellenic 
Refineries, two subsidiaries of Public CHI Corp, this year, raising about SO 
billion drachmas ($203 million). 

•Tddf6mcadeEspa&aSA expects profit to rise 40 percent annually at its 
Peruvian operations, CPT-Peru and Entd Peru, in the years from 1994 to 
1998 in stop with an increase in sales. 

• France is inviting domestic and foreign banks to bid for the job of 
finding potential partners for Groupe BoD, the unprofitable computer 
maker due to be privatized before the end of the year. 

• Greece’s central bank has ruled out devaluing the drachma, saying 

interest rates, not capital restrictions, were the key to defending the 
country’s sagging currency. Bloomberg, Reuters. AFX 


Fiat Gets Financing in Poland 

The Associated Press 

WARSAW — Flat SpA’s subsidiary in Poland signed Friday a $175 
million agreement with domestic and other European banks to partially 
finance factory modernization and production of a new car. 

The European Bank for Reconstruction and Development, the Polish 
Development Bank and the Italian SIMEST public merchant bank bead 
a syndicate and a consortium cif nine Polish and Western banks in the 
largest private-sector investment in Poland so far. 

The EBRD alone will invest $40 million directly into the subsidiary's*- 
qtrities, giving it 13 percent of shares in Fiat Auto Poland, and SfMJEST 
will invest $10 million, obtaining 3 percent of the shares. 




NYSE 

* F rh li y’i 

Tables include the nationwide prices up to 
the dosing on WflH Street and do not reflect 
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Page 14 


INTERNATIONAL HERALD TRIBUNE, S ATUR D AY-S UNDAY, JUNE 4-5, 1994 _ 


NYSE 

Friday’s Closing 

Tables include the nationwide pnees up to 
me closing on wall Street and do not reflect 
late trades elsewhere- Via The Associated Press 



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Trade Surplus 
In Japan Soars 
Above Estimates 


Bloomberg Busina, An* 

TOKYO — Japan's currem-ac- 

whii balance, the broadest mca . 

sure of a nation s trade, surged to a 
stilus of 5U.98 billion iSApril. 

Mvusvy reported, die 
ihird-mghest monthly lD ul ever 
The result was higher than many 
ecoaomisw had expected. EconcC 
predicted the surplus 
would be about $123 billion. 

April’s surplus shot up 22.6 per- 
cent from a year earlier after coa- 
trac tmg 16.1 percent in March 
commvdng its volatile zig-zag rat- 
tan begun last fall. ^ v 
Economists say this pattern 
stows the surplus is in transition 
between its previous steady expan- 
sion and a coming consistent de- 
cline. Thanks to the yen's apprecia- 


HongKong , 
China Draw 
Japan’s Funds 

Compiled ty Our Staff From Dtspatdm 

TOKYO — China and Hoag 
Kang pushed Britain aside as 
the No. 2 destination for Japa- 
nese direct investment abroad, 
after the United States, the Fi- 
nance Ministry said Friday. 

Foreign investment applica- 
tions grew to $36.0 When in 
the year to March, compared 
with $34.1 billion a year ago 
and reversing a three-year slide. 

Direct investment m Europe 
totaled $73 billion in the year 
to March, up from $7.1 billion 
the year before, accounting for 
220 percent of the total. The 
Netherlands, Ireland and 
Switzerland saw most of the 
gains. Britain's share of Japa- 
nese direct investmmt fell to 
7.0 percent from 8.6 percent 

Direct investment in Asia 
was 33 patent higher, at $6.6 
bflficn. China received $1.7 bil- 
lion of Japanese investment, up 
38 percent from a year ago. 
Japanese investment in Hong 
Kong jumped to $12 WHoa. 

The United States remained 
the most popular investment 
destination for Japan, ac- 
counting for more than 40 per- 
cent in both the latest year and 
the previous year. (AFP, AFX) 


tion since last spring, most 
economists say the surplus win 
steadily decline tins summer or fall. 

“The future course of the surplus 
depends on currency rates," said 
Hiroshi Uchimura. a Finance Min- 
istry official, 

A strong yen makes Japanese 
goods more expensive abroad, 
while making imports cheaper. 

The cuneni account measures 
the balance of tangible trade and 
such so-called in viable balances as 
services and interest payments that 
pass between countries. 

The trade portion of the current 
account, which makes up the bulk 
of the figure, rose 12 percent from a 
year earlier, to SI 325 billion, the 
ministry said. Imports rose 33 per- 
cent, while exports climbed 6.9 per- 
cent. 

The trade figures, however, con- 
tained few surprises because the 
figures on April’s merchandise 
trade balance was released by the 
Finance Ministry on May 20. 

Exports of ships singed 62.6 per- 
cent from a year eanier, Agence 
France- Presse reported, while ex- 
pons of computer chips rose by 312 
percent and exports of automotive 
parts increased 213 percent. Car 
imports slumped 13.1 percent. 

Imports were led by aircraft, sea- 
food, clothing and computer chips. 
Weak oil prices held down the val- 
ue of imports. 

Economists paid more attention 
to April’s services portion of the 
current account, which showed a 
surplus of $1.07 billion, according 
to the ministry. Services include 
investment income, travel expenses 
and freight and insurance charges 
on trade. Normally, Japan runs a 
deficit on its services account be- 
cause it imports more services »h»n 
it exports. 

April continues a trend from 
March, which also recorded a hefty 
services account surplus. Mr. Uchi- 
mura said this was because many 
Japanese companies brought home 
money invested overseas to bed up 
corporate accounts before the close 
of the fiscal year in March. 

Japan’s investment income in 
April, which included income from 
interest payments, dividends and 
foreign direct investment, recorded 
a surplus of $3.63 bfflion. 

The third and smallest portion of 
the current account, (he transfer of 
payments, recorded a deficit of 
$343 million, the ministry said. 


China Will Keep Prices Shackled 


Compiled hr Our Staff From Dispatches 

BEIJING — Deputy Prime 
Minister Zou Jiahua warned Chi- 
nese shopkeepers and factory 
managers that they were noi free 
to raise prices of any goods at 
will, official newspapers reported 
Friday. 

Mr. Jiahua, addressing the 
closing session of a national 
meeting on price monitoring, also 
said inspectors would be sent out 
in mid-June to prevent unautho- 
rized price rises. 

“Some people think govern- 
ment will let producers and retail- 
ers set prices freely after price 
reforms are in place." the official 
China Daily Quoted Mr. Zou as 
saying. "Tins is a total misunder- 
standing of price reform." 

In a previous inspection drive, 
in March, six teams fined thou- 
sands of retailers across the coun- 
try for exceeding price caps set by 
the government this year on 20 
common foods and services. 

This lime, inspectors will be en- 
forcing recently imposed price 
controls on steel, petroleum prod- 
ucts, fertilizer and rural power, the 
Economic Daily reported from the 
meeting on Wednesday. 

“The state will still undertake 
many different forms of manage- 
ment over the prices of products 
and services related to public wel- 
fare and will not allow them to 


Shanghai Avid for Bonds 

■dgi’ncr France- Press e 

SHANGHAI — Local investors in Shanghai snapped up about 18 
percent of China's crucial 1994 issue of two-year Treasury bonds, 
but the notation's success could play havoc with the local stock 
market, analysts said Friday. 

The Shanghai Finance Bureau said the city bought 4.8 billion yuan 
($56 million) of the 27 billion-yuan two-year issue, more than any 
other city or region in (he country. 

This yon's 87 bflhan yuan state bond offer, including 60 billion 
yuan of three-year bonds, is vita] because the Treasury will for the first 
time be unable to offset its budget deficit — forecast to double that of 
1993, to 66.9 billion yuan — by borrowing from the central bank. 

The two-year bonds carry a 13 percent interest rate, which is 13 
percentage points higher than local bank deposits. The issue sold out 
May 23, while 67 percent of the three-year bonds, carrying a rale of 
13.96 percent, have been sold so far. 

Some Chinese brokers said the success of the bond issue bodes 01 for 
the local stock market, which has lost more than 65 percent of its value 
since opening in 1990. wiping out the savings of many small investors. 

Although the China Securities Regulatory Commission has brought 
to a halt the listing of new companies in the hope of bolstering 
confidence, the market for A- shares, which are restricted to Chinese 
investors, has continued to fa D, shedding 5 percent last week. 

The bonds were successful precisely because the interest rates are 
so attractive" and the stock market “is far too risky," said a local 
analyst with the Bank of Communications. 


float,” the official People’s Daily 
quoted Mr. Zou as saying. 

The price-control poficy has 
succeeded in slowing inflation in 
large cities from an annual rate of 


24.3 percent in March to 233 
percent in April. 

That is the worst inflation since 
disgruntled workers swelled the 
ranks of Tiananmen Square stu- 


dent democracy protests, sup- 
pressed five years ago Saturday. 

The Tiananmen protests. 

which started as a student-led 
movement, gained broad popular 
support during the spring of 1 989 
because of mass anger at corrup- 
tion and run -away inflation. 

Both problems have reared their 
heads again. There are many peo- 
ple frustrated at life, at thor job 
state; at disparities in income, at 
the prices of food.” said a Western 
diplomat. The tensions are there, 
the frustrations are there, but at 
the moment it hasn’t readied the 
levd where it will burst. 

Some entrepreneurs have re- 
acted angrily to government offi- 
cials’ sudden meddling in their 
business. The state press has re- 
ported three incidents in which 
price inspectors were hospitalized 
after being beaten by market 
stall-holders. 

f Reuters. Bloomberg} 

■ Shanghai Food Worries 

Shanghai, concerned at high 
inflation and the loss of arable 
land, on Friday announced a 
three-year program to improve its 
food supply, Reuters reported 
from the dry. 

The dty will take steps to pro- 
tect area set aside for vegetable 
production and set targets for 
other agricultural goods. 



Hong Kong 
Hang Seng 

Singapore 

Straps Times 

Tokyo 
Nikkei 225 


iwnut — 

Wffll — 1 — 


Z1UHP- 

X 





brr 

(mm ! \ 

■ipm 1 \ _ 


M 

TtiXOf 




■ 

91 00 

r-— 2100- 1 

f — r. 



j F MAMJ ^TFMAMT 
1994 • 1994. : ■ ■ 

Exchange index Friday 

Close 

Hong Kong Hang Seng .. : 9.234.27 

ira TFM r 

1994 

Prev. 
Close 
. 9.222.34 

AMT. 

% 

Change 

40.13 

. Singapore 

Straits Times 

2£6&70 

' 2,252.38. 

.+0,72 

Sydney 

ABOnsir«tie& .... 

2^7160 

2,077.00 

+6.08 

Tokyo 

Nikkei 225 

20£54£O 21.009.00 

-0.26 

| Kuala Lumpur Composite 

965.49 

955.44 

♦1.05 

Bangkok 

SET 

1,358-00 

■ 1.358.92 

-0.07 

Seoul 

Composite Stock 

94243 

837.43 

+6.53 

Taipei 

Weighted Price 

643S.70 

5,956.62 

+1.33 

Manifer 

PSE 

34160.19 

3.079.64 

-0.63 

Jakarta 

Stock Index 

486.73 

■ 487.40 

-6.14 

New Zealand 

NZSE-4Q 

2,13941 

2,147.76 

-0.41 

Bombay 

National Index 

1,931.16 

1,86239 

+3.69 


Sources: Reuters, AFP 


Iwcnnoooal HcnUTnbimc 


Very briefly: 


Bankers Laud Indonesia’s New Rules 


Reuters 

JAKARTA — Loosened regulations on for- 
eign investment in Indonesia are a step in the 
right direction, but they may not be sufficient 
to meet stiff competition for funds from C hina 
and Vietnam, foreign bankers and business 
owners said Friday. 

On Thursday, Indonesia overhauled what 
bankers had called a draconian system, signifi- 
cantly easing foreign-in vestment curbs and 
ending compulsory equity divestment for joint 
ventures. 

“If I had basically decided two weeks ago to 
go into China instead of Indonesia, I don’t 
think Thursday would have made me change 
my mind,” a foreign banker said. “But it will 
certainly make people look at Indonesia again.” 

The rdaxed roles allow foreign investment in 
the transportation, telecommunication, energy 
and mass media sectors. Business leaders called 
for similar moves to allow investment in most 
of the lucrative trading and distribution sectors. 

They have gone a long way, but it is unfor- 
tunate it has taken so long.” the banker said. 
“Whether it is too little too late, 1 don't know 
yet-" 

Under the new rules, foreign investors can 
operate in Indonesia for 30 years after a com- 
mercial project begins, and that period can be 
extended by another 30 years. 

Foreign concerns can sell stakes to local 


investors after 15 years, subject to negotiation 
and without limits on mini m um local stakes. 
Previously, investors had to divest 3 1 percent to 
local operators after 20 years. 

The new rules also reduce the minimum equi- 
ty holding in a joint venture to 5 percent from 
20 percent for the Indonesian partner. 

“The previous ruling was a major bone of 
contention. Until now. you ultimately had to 
concede that you were going to give up control, 
making the choice of partners very critical." 
another foreign banker said. 


Finance Minister Mar’ie Muhammad has 
said Indonesia needs investments totaling 
about $330 bQHon over the next five years, with 
75 p er cen t from the private sector, if the econo- 
my is to grow at the 63 percent annual rate 
projected. 

Indonesia, the world's fourth-most-populous 
country, suffered a 22 percent drop in foreign 
investment approvals in 1993. That added to 
economic woes that include a foreign debt of 
about $90 billion and falling oil prices. 


India stall not request emergency assistance at the annual Paris Qub 
meeting of its aid donors, officials raid in New Delhi. They said that 
India’s foreign -exchange reserves of $15 billion were adequate. 

• Hitachi Ltd, the Japanese dec ironies company, said it would hire 800 
new university graduates next spring, down 20 percent from the 1,000 
hired this year. 

percem stakPteftfle’part of Felixstow^BriUiaJ from the Hong Kong 
Shipping company Orient Overseas (International) Ltd. for 585.4 million 
Hong Kong dollars ($75.7 million). 

• Jinhaa Holdings Co* which is listed in Hong Kong, said that it would 
Offer about 49 million shares on the Norwegian market next week to raise 
$90 million to expand shipping operations. The company, which mainly 
operates to and from China, is incorporated in Bermuda. 

• Vietnam and China had trade of $3.45 billion last year, accounting for 

more than half of Vietnam's foreign commerce, the weekly Thoi Bao 
Kinh Te reported. AFP. Reuters. Bloomberg. AFX 


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Mazda Sees Improvement 

Corroded by Our Staff From Dispatches 

TOKYO — Mazda Motor Corp. on Friday posted a net loss of 
48.99 billion yen ($469 million) in the financial year to March 3 1, but 
it said it expected the loss to narrow this year because of cost cutting 
and an uptick in rales. 

The loss compares with net income of 1.28 billion yen in the 1992 
financial year. On a current basis, which includes operating profit 
and gain* and loss on investment, the company posted a loss of 48.10 
biQioa yen, against a profit of 10.77 billion yen in 1992. 

Last week, Mazda said it posted a parent-company loss of 44.1 
billion yen in the 1993 financial year. 

The las was partially the result of the strong yea which made 
Japanese cars more expensive for overseas customers. A general slump 
in auto demand contributed to the weak results, the company said. 

But Mazda said improved sales and intensified cost-cutting mea- 
sures this year should help it narrow its cuneni loss to about 34 
billion yen this year. {AFX, Reuters, Bloomberg) 


Japan Stocks Poised to Test 2- Year High 


By Andrew Pollack 

New York Tima Service 

TOKYO — Japan’s stock market is poised to 
break out of its long slump and surge to its 
highest level in more than two years, according 
to a growing number of analysts and investors. 

The Nikkei index of 225 issues has risen 20.6 
percent this year. The index, dosed Thursday at 
20,954.19, down 54.81 points, after four days of 

gains. 

Twice last year, in the spring and in Sqjtem- 
ber, the Nikkei index moved close to the 21,500 
mark it approached in March 1992. Butin both 
cases, the market fell back as glimmers of an 
economic recovery proved to be a mere mirage. 

But now there is an evolving consensus that 
the recovery is for real this time and (bat 
Japan’s long, bleak recession is finally coming 
to an end. That view was buttressed this week 
by the release of several economic indicators 
that panted, at least tepidly, in a positive 
direction. 

“Fears of d#a vu are misplaced," said Kathy 
Matsui, dud strategist in Japan for Goldman, 
Sachs & Co., who predicted the Nikkei average 
would gradually climb as high as 24,000. 
‘'You’ve got a very different economy now." 

Even n the market undergoes a short-term 
correction now, analysts contend it will eventu- 
ally rise as high as 25,000, signaling an end to 


the bear market that has persisted since prices 
started falling in 1990. But while that would be 
a jump of 433 percent fa the year, the market 
would still be far below the Nikkei’s high of 
38,915.87 at the end of 1989. 

Last year, any hope of economic recovery 
was dashed by the sharp rise of the yen. which 
severely hurt Japan’s expat-oriented automo- 
bile and electronics companies. 

But now the United States, which let the yen 
strengthen against the dollar to put pressure on 
Japan in trade talks, is worried about the im- 
pact of a weakening dollar on American finan- 
cial markets. That makes it unHkdy that the yen. 
win rise as sharply this year as it did last year, if 
it rises at alL 

The strengthening U.S. economy also is help- 
ing Japan, pulling in Japanese goods despite the 
fact that the strong yen has made Japanese 
products less competitive. 

To be sure, nobody expects a robust recovery 
in Japan. Most predictions are that economic 
growth this year will be below 1 percent. Some 
of the economic indicators that have buoyed 
the market this wceklook positive only because 
they arc less negative than what has come 
before. 

Corporate profits for the fiscal year that 
ended in March, fa example, were down about 
18 percent, but that was less of a drop than 


expected, said Jeff Bahrenburg, Japanese equi- 
ty strategist for Merrill Lynch & Ca in Tokyo. 

Companies and economic research institutes 
are forecasting that profits will rise this year 
after four consecutive years of decline — noi 
because sales will increase bur only because 
corporate cost-cutting and restructuring will 
begin to take effect 

Housing starts were strong in April and the 
unemployment rate fell to 2.8 percent from 2.9 
percent m March. There arc some signs that 
consumer spending is picking, up and an in- 
come-tax cut this year could help encourage 
more spending. 

Weak as these portents might be. stock mar- 
kets tend to move in advance of economic 
recovery. Momentum can build as investors 
fear missing out on a rally. 

“little hints are enough to bring all the cash 
that’s bottled up on the sidelines into the mar- 
ket," Mr. Bahrenburg said. 

The key to sustaining the rally will be wheth- 
er Japanese investors truly jump into the mar- 
ket So far, the market has been driven up by 
foreign investors amid sentiment that bargains 
can still be found in Japan. 

But Japanese institutional investors, wary of 
being boned again by a false recovery. Have 
been more cautious. 


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REPUBLIC OF GUINEA 

ENELGUI 

Invitation for Prequalfficcition 

Garafiri hydro-electric Project 

Lot No. 3 - Gvil Works 

1. The Government of the Republic of Guinea has applied for a 
craft from the International Devetopmem Association (IDA), the 
African Development Bank (ADB), the Islamic Development 
Bank (laDB), the Arab Bank for Economic Development in 
Africa (A8EDA), the Kuwait Fund, the Saudi Fund, etc., in 
various currencies to cover the cost of the Garaliri Hydro- 
electric Project and intends to apply a portion of the proceeds of 
Bite craft to efigiMe payments wider the contract tor which this 
Invitation for Prequafifteatfon is issued. 

2. ENELGUI intends to prequalify contractors for the execution of 
toe fdtowng woiks, namely. 

- general instaflatfons, 

-dam (75 m high, 570,000 m* of excavation, 4.90OJXX} m* of 611). 

- 2 tunnels (5. 8 m in tfsmeter, 010 m long, aid E6 m In rfameter, 680 m 

- ungated spflhray (250,000 m 3 of excavafan. 40,000 m 5 of concrete), 
-water Intake works, 

. - headrace to toe povwhouae and surge tank (180,000 m* of excavation, 
f 9,000 m 4 of concnrie), 

-cMlworiotw fa powerhouse (300, TO 
concrete). 

3. It is expected that invitations to Bid will be made in September 
1 994. 

4. The prequalification documents are available for a non 
refundable tee of 200 French Francs or its equivalent in any 
other freely convertfote currency and may be obtained from the 
Consultant by calling, writing, faxing, or telexing: 

Coyne et BeMer/Eloctricite de France 
9, affbe des Barbamiers 
92632 - GoonevHiiers Cedex - France 

Tel.: (33.1)41.85.03.69 
Fax: (33.1) 41.85.03.74 
Telex: COYBE 616 615F 

5. Submissions of Applications for Prequaiification must be received 
not later than July 18, 1994, at 5 p.m. 


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1.000 


S.Fr 

510 

msx 6 

335 

185 


5 

485 

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265 

145 


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630 

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345 

190 


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780 

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430 

235 

ftessoi Africa 

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300 

m .. . .. 

495 

270 


Germany Jt: 0130-64 B5 85 o» IOS9I 
free peflpfl te granted Fix all nem orders 


Vfes, I worv te start receiving the IHT. This is the subscription term I prefer 
(cbedc expropriate boxes): 44.94 

O 12 months (364 issues in ad with 52 bonus issues). 

□ 6 months (182 issues in all with 26 bonus issues). 

□ 3 months (91 issues in afl with 13 bonus issues). 

□ ^ check is enclosed (payable to fa I nterred!^ 

O Please charge my: □ American Express □ DinereOub □ VISA 
□ MasterCard □ Eunxnrd □ Access 

Owfe owd dwrges wi| be made in French fiena al turrenJ exchange rtfes. 


CARDACCT.NO. 


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fOR BUGM5S ORDER5. REASE YOUR Ufil NUMBER: 

(HT VAT norretr FR 7473202 H 261 ) 

□ Mr O Mr, QM* FAMILY NAME. 


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QTY/COEC. 

GQUNTRYL- 


TH_ 


_FAX_ 


Umlb ^Sribunc 

PlILMIEI) WITH TN» «n tun. TINEt 4KB t»l POST 


w ‘ 181 te^l3feo6sft±Sljl^ra^ Fl “ 

Jhh<&T expire* August 31. 1994, and* <r«AUo b new mixerien only. 


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Page 16 


INTERNATIONAL HERALD TRIBUNE. 5ATURDAY-SUNDAY, JUNE 4-5, 1994 



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5'— IS BW1P 40 2.2 106 IE4 IS 171: IS * — 

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25* • 15+h Baker J X6 J II 2523 18ft IB'; 18ft - 

34 IPftaalvGm 


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S ft II — BUoulb 44 IJ 12 309 14 10ft Ifil. — 

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33' :i3ftDeVrv 19 71 27 26ft 26ft • V. 

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36 TTftDkibGn XO It SO 7b 32 3Cft Mft— 2 

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19 E'-I-STAT 

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- 462 14 li"i 13*. _ 

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30 9— TrtaSS _ IS B25 131) IZV) 13 

17ft 57. t!™ A 1735 B« * 

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25 IBftTVSOT XB A It- 12» 21ft 21ft 71ft * ft 

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z Z 171 13ft -im nv; -ft 
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48 8— UnCasFS M 1.1 13 194 38— 38 38 —ft 

19'.) IDftLttcflntS _ — 46 15 - raft' W- , ■_ 

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66 20 V. US Row _ n 1276 31ft 30ft 30ft —ft 


A* 20 V. US ROW 


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,t 19ft 1 met utdWste 


>7 >2 17 , T» I? — 1. 


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_ _ 679 64a 61. t'm —"a 

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.. .. 1704 9* a 9 9'. 

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_. 149 13 lift lift —'.4 

_ -. 113 3'; 3ft 3'. -ft 

_ _ 3S39 20 , 19ft 20 % - *% 

... 24 73 19 18"; 18ft _ 

. 304 238 ?'» 9 9ft —ft 

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IC 1 k 16 41 13ft lift 17ft —ft 

„ 16 1 *05 10' 1 13'% 10'% —ft 


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28ft laftNculica) 

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_ 27 66 2044 20 20 Vi -ft 

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_ 14 934 7S» 7ft 7W _ 

_ n 1965 10 Oft Wk _ 

_ 2b 2032 16 ISft 16 -ft 

.12 J 22 926 18V; 176) IBV* -'A 

£& U I AO 314 204) 20'., 204k _ 

_ 37 1089 11V, 104* lift -ft 

1.96 33 9 913 56'-. 55ft 54'.'. - ft 

_ 33 IS 25Va 25 25 —ft 

_ 32 365 15ft 144. 15ft - 

AC 1.4 13 64375 29'A 27'k 29'A r IW 


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_ 13 382 rv* TA 
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™ 27 2380 21ft 19 19ft— IV) 

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„ 333 179 17V6. 16ft 18ft — 

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_ 48 745 19 18 Va 18ft 

59e 1.1 _ 104 92ft 91ft 91ft —ft 


l>*12';S!PculB» 30 1.4 1> 960 21ft 20 ft 2146 -ft 


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40 f T? Ti i * : &*.ISS3 

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. 691 E*. 74. (ft . J2kkt: SkFnOu 

.. . in 1S1> :5ft—’. I 2S"»i7 :ShrMec 


;* 70’ 271, I’ 17', -ft , 3V-: ! 3* ; Sanmfto _ 13 684 20". 19 19 —IV) 

.16 J 14 72 {1 20*. fsft— 1 13 >.* 3' ■ Sapiens _ 167 184 5 Aft 5 

_. T9 It 6 10'. 9". 1C. -'. . 3 '.Oftscvov -. - ISO 11 101, 10ft .. 

_ J7 343 17 16ft -,6ft —ft 1 25*. 12 ScnaBoc _ _ 1151 IS 344% 25 —ft 

_ a 2477 IB", 171, ]£ .. 33' a IT’.iSCnitir .10e J _ «51 19 JIV, 19 _ 

.. 305 r. r , 6ft - • Sd'a33*a&mo.C0 _ 16 155 36ft 35ft 36ft —ft 

... 22'' 456 6ft 6ft 6ft —ft X'.; 18' .Schuler _ M 1661 23*6 21ft 33 -1ft 

J' 1J K 586 !C: 19ft 2Cft -ft ■ 29 ft II Scnimn i JO IJ 22 2902 2446 23*6 24ft -ft 

BO 4.1 JO 177 19' : 79 a 19 - I 77V. tftSoOone _ _ 901 7Vk 8ft 6ft —Ah 

20 1373 lift I’ftSl-.', , ! 38*. Ib' aScaGme _ Jl <60 33'-a 32 'A 33ft _ 

. J7 14735 4Xi 39*i 4I'% - ft ; 68 24ft Sdmea _ 40 547 29ft 20ft 29V) — ft 

“Ik _ ; 39* . 75** Sclav £3 11 10 UB 16ft lSftl6>V'„ - 1'4, 

37ft -'a 1C*. M'.SCvBdS _ 7 8097 7ft d 546 7 -ft 

?'% _ . 307. If .fattv _ 16 2428 IBM. 18 18ft -"/» 

36'.—'. ; 13*1 14*. Secede _ 912049 23ft 23 23 —ft 

45 . —■ 1 15ft SftSrenCnp 263 lift 10") 1046 —ft 


. 37 1473 J 4X. 39**41'% -ft ; 48 24ftScimefl 

_ 41 '6* 26 IS’) ft _ , 39'. TJ'jSCUo* 

- - 5515 r;* 37 37ft -'a j l«f; ^.S«gdl 


32 ) 16V)WLR Fd S 1.1 ID 303 28 

334) 73')Wotoro AO IX 17 485 254a 

13ft SVjWoOum _ >9 .201 7ft 

60 17V, WofiDciIo . 8 .W 40 

71 ft 10ft WonoLat* _ „ 1542 12ft 

25W-20ftWFSL .88b AO 9 1M9 23ft 

2Bft lflftWMSB s M 3-2 B 8470 21 "i 

38ft 1 2ft WdlsnPn _ 23 1502 »',) 

29 14ftwarr»lns 32 .9 1* 491 25'.) 

35 J3ftw5irtPa -24 3 17 193 76ft 

17V. 14ft Wabcolnd Ml 14 

M llftWMUMel „ 29 673 21 

43ft 19ft WWHHs _ 3126480 2544 

33ft 204) Werner .10 3 Zl 953 30ft 

22ft 1 3ft WHMor _ 33 34 2M) 


17ft 14ftWabcolnd 
30 IDWeUAV 


30 IlftWMUMut 
43ft 19ft WMHItS 
33ft Wft wemer 
22ft 1 3ft WstMar 


27ft 28 
25ft 25*4 *■') 
7 TfliAi 
38ft 3W6 A.ft 
17ft 12ft •* ft 
22ft 22*% -Aft 

7146 71 V) —ft 
18 19ft Aft 
74 2Sft *■"% 
28 26ft -ft 
15V6 16 tft 
20V) 20'k —ft 
24' a 25ft • _ 


_ .. 7030421) 41 ft 42 v, *4k 

_ _ 323 6ft Sft Aft _ 
_ _ 4445 ISft 14 14ft -V u 


24*6 9 WNewtn AO U 


74 24 —ftj 

3)16 31ft -Vi. 


- - 4445 ISft 14 )4ft -V U 
4 2S3 4ft 4 4 — 

_ - 206 ISft 18ft lift fft 
36 17 2145 23'/. 22ft 23'A -4. 
.. _ 115 16ft ISft lfA— 1 


37ft 27ft WnOnos J2 2J 12 777 311% 
24ft 104k Wstcot 1 „ _ 28 6863 is*. 


T4V. 12'AWesterfed 1 Me A _ 206 13ft 
20ft 11 WsTnPb „ _ 1050 lift 



20ft 11 WMnPb .. _ 1050 lift 

30ft 14 WsJWotr _ 48 48 214) 

19ft lift WsiSrs _ _ 105 15ft 

10ft ZftWstwOn „ _ 1328 Sft 

35 29 WMMZvr _ _ 37 34ft 

Z5ftl4ftWt«=dS _ 27 1554 17 - 

30ft 5 VVhiHly S _ B5 3230 16 

24*. 12ftW£30Al — 13 128 IS 

59") 35V) WdSrnr 36 11 23 3908 46ft 

39ft 10 WmSons _ 42 w 33ft 

31 23ftWBmTr 1X8 41 12 539 36ft 

76ft 38ft WlscCT _ 34 1448 70 


14ft 1566 -ft 
13*6 13ft —ft 
lift lift —ft 
21 'A 21 ft .. 
14ft 15 —ft 
a g —■* 
32ft 34ft -1ft 


ISft lift -ft 
13ft ISft -1ft 
14ft li 


H-fK'tt 

Sft 28ft -ft 

69 69ft -ft 


—ft 29ft 13 Wondwre 


_ 24 144B 70 
- 34 1048 14 


71ft 18ft WontB S JI £l 23 » 19>A 


39ft 29V; XUIrn 
28ft 12 Xircom 
18ft 11 XwKSm 
23 IJftXytoofc 


- 26 5845 44ft 


30 )3ftX*p*x 
30ft 16") YeiiowCp 
32 ft 13 Younhar 
lift 8 ZotaCp 
60ftSftZobra 
28ftUftZMjoba 
40ft 22 Z3oa 
45’^, 36 ZlonBcp 


43*4 15 ZcBUMed 


- 3* 373 17V. 
.. 19 «n io ft 
... 11 71 15ft 

.94 5.0 a 1B71 lBft 

_ s 181 14ft 
... _ 44 8ft 

rSSS ft* 

117 U I Cd> ^ 


49 , 69ft -ft 
13ft ISft —ft 
18ft 19 -ft 
44 41*.— 1ft 

17 m> -ft 

16V. 16ft —ft 

18 l«ft „ 

14ft 15 

18ft 18ft - ft 
14 14ft -14 
8ft Bft —ft 
3iy>aWu-3ft, 
16ft 17 ' -ft 


_ 71 151 17ft 


»ft 34ft —ft 

4Pft 40ft -ft 

i/ft m« —ft 


mmm 


1J Manx 

Hrjh Law SirncK 


Dw MO re loot Hior f-rnkLoMicnfoc 


II '.lend 

HW,ur« :i»J 


St ' 12 (Will 

P« :)d PE IPO) Dial' LatyLCKiO.'iW rtyi Law Stag' 


to : :j f«rci 

Civ Ve PE iKi n-ac LCtLdieS'yw . -Ijn |_J- 5IPC 


Pi" YW PE 100* Won Low Latest Ovi 


» MorOti 
HlobUw Stock 


Dtv Yld PE 100* -Bon Low Lotas; C 


Friday’s Closing 

T3Dles include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


IZftlO. CMortB -24 ... - 

?5 J li LaS ro 72 

14ft 5* a Carmel _ ... 5 


- log 1261 17ft 


Mft SV. Carmel 
789.63 CaraPpl 
14*% 9ftCarinutn 


’1 ,i 


17ft 12 
9’.) 9ft 


51. .frVJucr. 

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IB 22ft CmFd 


171* 6ftCoTt4U 


J8 2J if 
tJOa 33 .. 


54 9", »ft 

20a V,, ft 

32 Sft 3}) 

6 20ft 20V, 

22’k d 22'* 


17 «antr. 

Hry. Law :iod( 


5ft 4ftCenlTcn 
l ft iCentTcwt 
21 ft 17ftCntrPr n 

49V, W'.iSnMp? 

l7ftMftCmlSe 


Ply Yld PE 100) H'Qlt Low Lntcsl Ot'ot 


9>a 3 AIM Sir .47 5.J 

1; 16ft ALC 
II Oft AM lull n 

I ’l. .i AM in w! _ 

141* a 4MC _ 

TJ'A M' .A/AC pi 1.75 7.3 
5 Ift.APC 

76' *22 ARMRpfZJB 9.9 

7"'. U" A5R 23*11.5 

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16'; t''aA>rWat 
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7»- •".» AJIir, 

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i'ft ftA/wPar 14.50c _ 
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k'a 4'% Atlantis XSe .6 

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1l - 6 AurorEI _ 

?' 1 a : cu n 


104 8'k 8ft 

10.'? 31 »'■■ 

7133 «ft 9 
74 IV* I 
89 I? lift 
106 24 23V, 

155 3*h 3'% 

I 74ft Mft 
431 2'% VVi. 

46 67*4 67 
70 4ft oft 
'30 3ft Ift 
150 7ft 2 V* 

9 SMi Sft 
SO 3ft 2ft 
41 IT 11). 
11 IV IV,. 

10 Bft 8*% 


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51* 3 CbDevB 
34ft 13 ChoEn 
28 15 Ctinlftd 
14ft 6ft OtlPwr 


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71"' 13ft OlS 
32 ft 25ft Chtl nt pf 


.11 .8 11 
... 31 
1-200 42 11 


1 «>^ihOrcnrff 


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9 6"aOzF3 
Bft 6ftCIUInC 
40ft 30ft OeorCs 


1x1 6. 9 _ 

1-50 6.7 _ 

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til S’) 8ft 
154 Ibft IB", 
28 I’k I". I. 

T1 5ft 5") 
49 9ft "ft 
263 <’■; 4' : 

159 5 44. 

48600 60' > 40". 


10<% 9 Conen 
22V. lift Cotiu 


74ft 16'.k Col Aq pf A 
24?., 9ftCollAHpf 
7V« ftCofCata 
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1499 6!; A' i 
I ’5 I ’-,1 

9 11 mo*. 


17 lOftCominC 
7ft 6"*CmciAstn 
25V; UftCampTHk 
II) "Cmolrc 


M AM 7 
.941 9.9 10 


63 lift 13ft 
84 S') 3 

43 'V, t «Vj. 
67 21V. 21 
191 5ft Sft 
*30 39ft 39ft 
46 17ft 16ft 
4W Sft 7ft 
457 3V|, 3Vi, 

.11 31* 3*14 

215 32 31ft 
918 24ft 34ft 
3 13ft 13ft 
8754 18ft 17ft 
3 28ft 28ft 
310 17ft 17": 
179 76ft 26ft 
1175 Sft S'% 
25 23ft 23ft 
223 10 9ft 
630 Jft Bft 
1379 9 Bft 

31 8ft S') 
95 38'% 37ft 
S33 V ? ** 
S 8’S B 
*9 3 2ft 

128 9*6 9ft 

23 16V. lAft 

27 34ft 76ft 

344 74ft 24ft 
814 5ft 4 V., 
2674 Aft 4ft 

24 10 ID 

1 9ft 9') 

19 16ft lAft 


< z 

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3ft —ft 
20ft — V. 
27' •• — ft 
10ft —ft 
13ft 


9‘ . a'-Frosen^u! Z 37 52*5 5*ft a S'.. Sl'i — ft 

4ft 2 ft Fried rn ,16b 3X 17 11 41.. 4ft 

I7'.a IS'oPrbclK .MU 1.6 20 39 14*k 14ft 14ft 

3*% ?' .Front Adj .10 3.3 15 9 3'ft 3 




Ia'« ♦ _ume» 
IJ') SftLuria 
26". 21 LynotC 


_ 6 370 eft A'. 4ft -i, 

Z I? Ill 'S*. ?ft* " 1 

- 7 5 25ft TS*. 25*. ... 


>U H » Vk 
21ft 

SH ._ 
39ft -U 
17 ... 

Sft ,h 
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31ft — 'A 
74ft - ft 
13ft -ft 
17ft -ft 
2Sft -. 
1746 -V, 
26ft -ft 
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22ft -V. 
9ft ... 
7ft -ft 
8ft -'% 
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38 ft ♦’••* 
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5'S" "i.OnAutD 
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27ft ». GtantFd 


SO ft ft ft .„ 

.... 6 ft ft ft -ft 

34b 1.8 15 SS 13ft 13ft 13". _ 

.7? JJ 14 270 TIP. 2Dft 701. -ft 


4ft JftMCSnp 

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sc .64 e? 

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1.W 7X 


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,«*. orann-d .'* 1; tm aji, J-1-1 ztj! 

,9 AftGibsnCR .16 ?.3 14 TO 7 kl) 7 


17ft lOVidcWatr 
lift 15ft dam, 

4ft 2')GlblOCn 
17ft llV.G®Sml n 
141% 5ftGtablink 
3ft IV. Go Video 
lft '*GoVdm 
Bft SftGoldccAi 
17V. »' .Gklfw n 

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15 MaGIdSamc 
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149* IDftGroriam 
3Va 1^ Grange 
7ft AftGrenm 
7 iftGmTein 


‘ _ 71 12 lb ISft 16 -'A 

JO 4 A 31 111 16ft 16 1« -ft 


•Oil 1.7 -. 18 3"„ 2'V„ 3 

_ 43 12ft 12ft 12V. ;ft 

_ IZ$ 637 13 lift 12ft —ft 
-. _ 41B 2*i. lft lft— V. 


9ft —ft 

l«V. _ 

74ft _ 


— 37V. 13'yGrSirnec 


Sft 'Vi.GTBna 
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3ft IftGifCoaar 
Si* 37i. GullLb 
12’, JlaGondle 
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24ft -l c 
5ft -1? 


lift* 'J 

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z B t" Z* > z 

TC 13’. 13 13*% —V. 

_ 135 ft ' ft *"'* 

12 24 Bft Bft 8H — *% 

15 * 25'** d 25 25 —V) 

17 a 12ft lift 13ft —ft 

- 156 2ft 2 3V„— J/ a 

45 93 6"< 61% 6Va _ 

_ 32 4ft 4". 4"'a _ 

_. 788 8ft 8 Sft -ft 

- ITT 24ft 74") Mft _ 

- 267 lft 1ft, 1ft _ 


1 6ft TftMedcR A 

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8 8 2b4 2i*« Zb A 

5 M7 8'. 6 : ) Sft 

56 52 I ' t 1 la 

23 S 'ft '£ 

i 1 K 

27 1% JR 

4 86 3 2 2'Vi, ■ 


K 3^., I". 3ft. 

66 ift 4Va 4*. 


40 16ft lav. 16ft 

45 5ft Sft S'. 


137 3-.'i t 3ft T i, -i-i, 

1 7ft 21) 2'i ... 

.58 4ft 4ft Aft —ft 


_ 13 134 6") 6". 6ft _ 
- - l 6"* B> 6V, -V. 


9'a BWH.alEP «. 

Jft I ftHallRrv _ 

r'.T",Ho:«, _ ... 

7Vt Sft Hemp 1 1 841 13.4 _ 

l6ftl3ftHmptn irCeia; 

71. 4 HorgOr _ _ 

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J 18 in,, 

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15 3ft 3ft 
JTJ I",. Ha 
31* 3ft 3' , 
164 IS 141* 

11 » IT-; IT’, 


10ft IftConcdF 
lift 13, CtiTam 
It 7ftContMti 
33'/. 5 Convrsn 
lift 9 Coplev 
3", IftCorNGn 
Ji". 6 CCScinn 
17ft 17ft Ooss 
N'.MHCrnd 
71ft UftCntS* B 
219.13 CvmCr 
781,30’.CrvstOII 
ay. lEftCutkC 
16". 1? curtce 

3"., ?' .Cusrnid 
4ft ftCycamn 


3A IB 17V. 

173 » 19V, 

T 20'% TO'. 

41k 8ft Bft 
78 bft 6ft 
II 1.} ■>'. 


_ 7 
JOe zi 41 

2J0I Z 13 
•88 8.9 988 


Jli U .. 
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_ 1* 

. _ 18 
.17 X 20 


66 'V* ft 

24 7ft 7ft 
2 14 14 

5 IO", 10’.) 
973 59* Sft 

4 9ft 9ft 
IS 2ft IV. 


ft - 
7ft -". 
14 —ft 
101) ._ 
si* —ft 


JOoliY 3? 77 6ft Bit! 6ft lt% 

--43 33 


3ft 4 * ft 

6 "4 kl. - ft 


J3 2X 82 
•64 4J _ 
_ 14 


90 16'*. 16 
57 19ft 19') 
IB 18V. lift 
87 71 '/a XJft 
5 31 21 

13 18ft 18") 
423 15'. Mft 
,1 3ft 2ft 

o74 I!* I 


2ft — '• 

9 

16 — 
19* a -ft 

18V. 

21ft -»* 
21 -ft 
18ft —ft 
ISft -ft 
3'. - 

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S T J >§ Hortyn 
131) SftHorola 
21!.- IftHtrvord 
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38 lAftHtr.'rno 
4ft 3 HltrOl 


Lrceia; 5 14", 14". Mft -ft 

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-. 32 6*88 6ft bft 6 -ft 

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11 121 3 1 id! 


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Ill 19ft 18". 
1B0 1",„ 1"-., 
X trft 6' 
IS 1C «’• 


Sft ZftDRCA 
3ft IftDtAxton 
2 ftD^otwt 
S’* 4 DonlKc 
4ft I '".Dot am: 
10;; Aftoataram 
• ft 4 Dae^ir 
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J": I'Fi.HIfttArri 
14ft 10 Hoartlnd 
141* I'.Hoco 
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ii** ®.. ”e m JOf -TOO Z Z 540 * 8ft lft _■/. 


2?: ■ loft HrTO-Wl 
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_. 175 507 


736 IB". 18*. IBV. -ft 
■ 88 3'Vi,d3*'% ( 3ft —ft 


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56S Aft 4> ., 
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10 ft ft 
1185 lift daft 
431 

IS! ’■% 

332 T*'„ 2‘ , 


lift 7') Decor at 
Bft SV.DoiElc 
33". 25 ft Del Lab 
,5V 7 V, Dsgntrn 


- _ 9 |.i.„ 

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■20 2.1 7 32 7ft 

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J4 1.1 12 1 Ml. 


7 I'! 

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10 S*vMa-«tr* 


AO 1 J S IS 31ft jlft 3ift + lb 

- - S3 IW. 13ft 13ft - ft 

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1.00 3J 13 , IS ft 28". 28". _ 

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211% 21' a 
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lft lft 


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104 BT' :&>r»:.'T 
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lift I’.Brsr.an 
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2-kv. 2'ift 
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76 J . 7? 

7* T9' a 

2' ft 21’: 

7>.a 7ft 
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21ft 21", 
13"; 13ft 
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8ft 8'g 

22ft Hft 

:?ft zft 


19 » I*’, 
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3’. 4 
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S3’.; is 
7ft 7ft 

21ft drift 

17'. Ik". 


1", 

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lift Mft 


Tift 35 

13ft 13ft 


lift lift 
19', 19ft 


•ft 91; 

16 14 

3' k I". 


1 1.V.CFX CP 
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1 7ft CIM 
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tlft SvhOvtMu 
lift 9'%DrvtNT 
I lift 9 Oumev 
I 4 *%EO Ini 

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36", 70ft Ebnun 
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17 9ft EN5CQ ml 
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249; 7ftF«nP 
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6ft IftFortPot 6 
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T H E 


31 . E P o R T 


Saiurday-Siutday, 
June 4-5, 1994 
Page 17 


D-Day: It’s 

Truly A Tale 

Of Money 

A S POLITICAL chiefs and old sol- 
^ d &f lheT weekend in Sor- 
322 to commemorate the 50th an- 

ipit? 

sailles specified that Gennany fad ten Z 

^°:? P? SO , rand ™ finlTci* 

^KmabJefor the havoc wrought. Billioras of 

W 13110 ™ were demanded which, if 
Gennany had any hopes of surviving the uost- 

W R,K e m^rl^ Uld 001 afford to 

ran^d^T 7 Whcn ^ rcal 

ran ouu the mint just pnnted some more. The 

mflauonaiy cyclone began to whiri. In 1922, 

the mark fell from 162 to the U S. rinfinr to 

IwOOO aS vj^ change rate reached 

odc dollar. Barter replaced worSScurrencv 
mGemmy and food riots werecom^^ 
By the late 1920s. foreign loans hSTbrought 
some stabUfty. even a modicum of prosperity 
*»* but the credit sianed to dry 

up in 1929. The U.S. stock market crash in 
November sent Germany into an economic 
tmlspm worse than that of virtually any other 
nation. The political consequences were imme- 

fnAtP 9nn ATtrvmwn -a* l j «■ 


But When Will Th< 


By Rupert Bruce 


I -vujmjuhivg, YKCre IfflUK 

dme, and extremist parties which defiantly 
preached a path to a new sense of national self- 
respect began to find listeners on streeicorners. 

Thus, the rise of National Socialism and its 
leader, a failed artist, Adolf Hitler. 

Germans never forgot the economic humilia- 
tion of Versailles, and Hitlers relentless, wide- 
eyed oratory cm the subject never let them, 
then, the Depression strengthened his hand. 
Desperate people follow strong leaders who 
appear to show a way out of the darkness. 

But put a man like Hitler into a different 
eoonomic setting, where people have enough to 
eat and at least a partial sense of being able to 
wtenmne their own lives, and maybe he is 
dismissed as a fanatic. Such is the role of 
money, or its lade, on the stage of history. 

Of course, had Hitler gained admission loan 
school m Vienna — be was rejected twice, as a 
young man — perhaps there would he nothing 
to commemorate on June 6. But that, as they 
say, is another stoiy. PC 


E MERGING markets were among 
ine greatest beneficiaries of the li- 
quidity bubble blown by the kw 
U.S. interest rates that prevailed 
unui carter this year. When the bubble 
must, however, emerging markets fell just 
^botit everywhere. Latin America was par- 
ticularly hard hit. 

. Since the Federal Reserve Board starting 
tightening its monetary policy in February 
emerging bond markets, including those in 
Latin America, have sunk like stones. The 
Salomon Brothers Brady Bond Index, which 
pleasures the capita] value of emerging mar- 
kets government bonds, fell nearly 20 per- 
cent over Fcbruaiy and March. 

Barton Biggs, director of worldwide equi- 
ty research, strategy, and economics at Mor- 
gan Stanley, has blamed leveraged investors 
for the phenomenon. 

‘TTie correction was entirely technical, 
and I think it came about because the indi- 
Bcsupn in other markets and die losses that 
the hedge funds and other players took 
forced them to cut back in these markets,” he 
said at the bond crash’s nadir. 

John P uroefl . managing director and head 
of the emerging markets research group at 
Salomon Brothers Inc., later added that 
some of the domestic Latin American invest- 
ment companies were leveraged and were 
forced sellers. 

But there is some encouraging news, say 
analysts. To start, the Brady Bond Index 
found its bearings in May, rising 5 percent. 
So me o f the skittishness over how far U.S. 
interest rates will rise appears to have eased. 
And some observers say that political ten- 
sions in Latin America are, overall, calming 
down. 


Emerging Again? 

j-^^ngwutual funds investing In Latin America. 


Performance over 1 year ■ Performance over 3 years 1 Trib Index Latin America 



■ To May 2, 193^. 


Fund Return 

j Umbrella Fd Brazilian Eq fc) no.7 

' teato _°Ppa Brazilian Equities..... 95.00 

Eternity.... — — 94131 

Colombian Investment Co 74,25 

&Mty Fund at Brad. ..... 7209 

Brad Investment Fund Inc. 7035 

lato American Emerging Mkts , 70.1a 

tSenesfa Chfle Unrfiuted .... ee.re 

WWy Ud... 66.64 

G.T.CWb Growth. _ 55^3 

Source: Mtcrvpal. Sdiornob'Brom&s. B<bvm)erg 

*? “Plain why emerging markets live to U.S. Treasury bonds because ,nv«- 
aremore volatile than developed ones. tors assume iheyare more riskv and then*. 

Of course, that volatility can work in one’s fore should be cheaper For Sreason. rw 

v°r, os with bull run in emendne-markei tend 10 h.™* hioh^L^r .... 


Fw * d • Return 

Bartng Pistol 2 Sa43 

Sctaoder Latin Amenca..,.-... .... 223 08 
L^in America Emerging Was... 21733 

Eqidy Fund ol Brazil 206.79 

Genesis CfcSe UntShded 174.01 
l^WowinvestiraaFuid... 152,97 
Latin America investment Fund. 741.42 

Chte Fund 139.82 

G. 1 . Chfle Growth 138.05 

OeBee Latin American.., 737.57 



Brady Bond index 




Pet. 19a a too 


— 

f\ 


A . 

s ■/.... 

;y- 

S ■ ' 

i. . 


j..' *■'. ■ « 


Jri'L 






7 MUJ TtUlh III LIIJC * 

ravor, as wiih bull run in emerging-market 

“ ca; " nest 31 die be ginnin g 

According to Marc Wenhammar, head of 
fixed-income securities at Foreign & Colo- 
nial Emerging Markets Lid„ that rally oc- 
curred because Latin American bond mar- 
kets tend to follow U.S. bond markets — 
which they are valued against — and because 
some of the excess U.S. liquidity found its 
way to Latin America. It was a classic rever- 
sal: While Latin American flight capital had 
often prodded U.S. markets, this time it was 
the other way around 
Emerging-market bonds are priced rela- 


rvr mat reason, tfiev 

tend to have higher yields. But as the risk is 
perceived to decline, the spread between 
their yields and those of U.S. Treasuries 
narrows. 

In 1993. the Salomon Brady Bond Index 
climbed more than 40 percent, and man y 
mvMimem funds prospered with iL Foreign 
“ Colonial s Latin American Extra Yield 
Fund, which is listed on the London Stock 
Exchange, rose almost 35 percent, while its 
more conservative Latin American Income 
Co., a Luxembourg SICAV, rose more than 
H percent. This year, the extra yield fund is 
down 10 percent, and Latin American In- 
come Co. is flat. 


TJuis the byword on Latin American gov- 
ernment and corporate issues seems to be: 
There are some attractive and secure yields 
to be found, but proceed with caution. 

Leveraged investors have received more 
tram their share of criticism recently, chiefly 
because they make markets more volatile If 
a player invests $1 million and borrows an- 
other $4 minion, for example, the investment 
only has to fall 20 percent for the initial 
capital to be wiped out. In practice, lever- 
aged investors are often asked to put up 
more capital — known as a “margin calF — 
as their investments fall, and this often 
to selling dsewhere in order to raise the cash. 
In this way, declines can become self-feed- 
ing. 

In many emerging markets it is quite com- 
mon for local investors to buy securities on 
margin for short-term speculation. This is 


«S 3 _ __«*■ j 

[nt£TUh>Bj| HmUTnlw 

leveraged U.S. investors made a tidv turn 
b y bor rowing dollars at a rate of about 4 
percent, and then investing the proceeds in 
bonds which had yields at least 2 percentage 
prams higher. Any capital game were a bo- 
nus. 

For those investors who were not lever- 
aged, the standard investment theme was: 
Latin American borrowers were becoming 
more creditworthy following the dark days 
of the 1980s, when many governments de- 
faulted on their debt repayments. Therefore, 
the relatively high-income yields on the 
bonds looked secure. Now, things are start- 
ing to stabilize and this story can be beard 
once more. 

With the Salomon Brady Bond Index ris- 
mg 5 percent in May, Mr. We nhammar $ai <j 


An Explosion in New Latin American Funds 


By Judith Rehak 

T HE realization that Latin America 
is no longer an economic disaster, 
but a place where big profits can be 
made, is fueling an explosion in 
Latin American funds. 

According to Lipper Analytical Services, 
which tracks funds, there were only 13 Un- 
registered funds dedicated to Latin America 
at the end of 1991 Curremlv. there are 24. 
both dosed- and open-ended. Assets in 
dosed-end funds alone stood at S3 J billion 

199? CDd MaiCil ’ ^ frora S1 - 9 biUipD in 

The charge into Latin America has not 


gone unnoticed by fund managers elsewhere. 
At the end of April MicropaL the British 
fund data group, was tracking 60 Latin 
Amenca 1 equity funds registered outside the 
L in led States, double the number of a vear 
earlier. 

In the United States, the latest wrinkle is 
the open-ended Latin America fund, some of 
ihem from no-load money managers like 
Scudder Stevens & Clark and T. Rowe Price. 
As Latin America's markets took off last 
year, some of these funds turned in spectacu- 
lar performances: Scudderis Latin America 
f imd was the top performer in its category in 
1993. returning a 74 J percent, while the 
worst performer was up almost 41 percent, 
according to Lipper. 


Latecomers who jumped on board have 
been disappointed. Since Jan. 1, open-end 
Latin America funds have fallen 7.22 percent 
as a group. Nevertheless, the Latin America 
story remains compelling, analysts insist. 

“Economic reforms are really taking hold, 
whether its Argentina, Chile or Pern,” said 
Michael Porter, Smith Barney Inc.’s country 
fund analyst. “These countries have very 
youthful populations, they are rich in natural 
resources, and there’s the prospect of a hemi- 
sphere free trade zone. You really have a very 
bullish long-term stoiy. 

. “ In *e past, you were considered a fool to 
invest in Latin America. Now, you’d be crazy 
not 10 invest there.” 


people have become active in the markets 
once more: “The dedicated players, some of 
the local investors, leveraged or not, and 
even some of ihe non dedicated pi avers like 
hedge funds, are back," he said. 

Mr. Wenhammar has recently managed to 
raise S79 million for the new Latin American 
Corporate Bond Fund, so things ‘must be 
better than they were in February and 
March. 

Paul Ghaffari, the principle portfolio 
mairager for emerging markets debt at Mor- 
gan Stanley Asset Management, said that the 
short-term players have stopped selling, and 
that some of the uncertainty over how far 
U.S. interest rates would rise has evaporated. 
He also beheves that investors have realized 
the markets’ fundamental value, which, he 

“We are calling for a 15- to 20-percent rise 
from the trough in April on a 12-month time 
horizon,” he said. 

Another stabilizing factor is said to be the 
improving political situation. Mr. Biggs said 
he beheves that the worst of Latin America's 
current political squalls are in the past 

Mr. Purcell of Salomon Brothers predicts 
that in a year’s time the United Mexican 
States 6% percent bond maturing cm Dec. 31, 
2019 — the benchmark Latin American 
bond — will have risen in value by 10 per- 
cent When that is added to the income yield, 

it could give a total return of as much as 20 
percent 

Mr. We nh a mm ar added a few words of 
caution: “We were saying last month that if 
you just stepped in and bought you would 
look back at then end of the year and say it 
was a good move: Now you should be a bit 
more selective.” 


The Money Report is edited by 
Martin Baker 




OR a textbook example of how polit- 
ical tides affect investing in emerging 
markets, one need look no further 
— than Mexico during the past year. 
Amid the euphoria surrounding the approval of 
the North American Free Trade Agreement in 
November, foreign investors piled into Mexi- 
can stocks, -driving the Bolsa index to a high of 
2,881 in February, despite the January uprising 
by Indian rebels in the southern state of Chia- 
pas. - 

But the March assassination of the presiden- 
tial csmMAatet Luis Donaldo CoJosio Murrieta, 
a leader of Mexico’s long-dommani Institution- 
al Revolutionary Party, proved too unnerving . 
for many. Lots of investors ran for the exits, 
and the stock market tumbled until it bottomed 
at just below 2,000 in April Investors were also 
(fisheartened by the news that economic, growth 
in Mexico bad slowed to 0.4 percent m. 1993. 

Hit by the bad political news and by interest- 
rate increases in the United States, Mexico s 
short-term rates spiked up to nearly IS percent 
in April and there were fears that die peso 
would be devalued. 

The situation has calmed in recent weei&bui 
many investors are remaining on the sidelines 

1 before 


that short-tom rates have dropped back to 
around 16.5 percent and predicted that rates 
could go as low as 11 percent hv the end of this 
year. 

Mr. Fritsch acknowledged, however, that 
economic growth would probably be only 2 
percent in 1994. “Investors would prefer 4 to 5 


Analysts say the 
fundamentals are good, but 
investors had better have 
the stomach for volatility. 


mini me presinmnai acuiuu w • ~ 

deciding whether to get back into the game. If 
the dection proceeds in an orderly fashion and 
if the Institutional Revolutionary Party retains 
its power, many analysts say, the markets 
should receive a boost 
Some Latin America watchers, however, con- 
tend that Mexico represents a buying opportu- 
nity right now. The uncertain economy and 
pofittaaT problems, they say ? are a shrai-remi 
cost of tbe country’s transition ^ 
tarian one-party system to an open democracy. 

"The fundamentals of theanmtry voy 
strong, and we continue to be pos 
Carlos Fritsch, Mexico strategist for tne bro- 
kerage S.G. Warburg. ' 

Mr. Fritsch noted 

7 percent annually, and that Mexico can boas a 

balanced nathymi budget He also poin 


percent, but that’s not going to happen right 
now " he said. “I'm predicting 33 perc en t 
growth for 1995 and a 5 percent average annual 
growth for the rest of die decade.” 

On the political front, sentiment is growing 
that the Institutional Revolutionary Party . win 
indeed win the August elections and wm con- 
tinue its programs for economic and political 
reform. Among the believers is Barton Biggs, 
Morgan Stanley’s director of worldwide equity 
research, who last week- named Mexico as one 
rtf the best emerging market investments today. 
Mr. Biffis said there could be a mffior bull move 
in the Bolsa in the second half of this year. 

For investors who like Mexico — and who 
have a stomach for volatility — funds that 
represent pure- plays, indude the U.S.-based 
Mexico Fund, Emerging Mexico Fond and 

dosed-ea^and traded on the New York" Stock 
Exchange. Closed-end funds have a fixed num- 
ber of shares. With the market's slide between 
February and April, the prices of these three 
funds hive slumped substantially and their fat 
premiums of last year have disappeared. 

Michael Portor, Smith Barney lnc/s counuy 
fund analyst, recommends the Mexico Fund, 
which traded at around J31 a share this week, at 
a 6-2 percent discount to the value of its assets. 

For the more adventuresome, Mexico is one 
of the few aziezging markets dial makes it easy 


10 invest in an array of individual companies 
via American depositary receipts, dollar-de- 
nominated shares that trade on U.S. exchanges. 
A number of Mexican ADRs trade on SEAQ 
International the London-based quotation sys- 
tem. 

Mr. Biggs likes Teltfonos de Mexico SA. or 
Telmex, the country's phone company and bell- 
wether stock, which is selling at just under ID 
Unas earnings. He favors banks Tor the same 
reason, among them Bancomer SA, Mexico's 
second-largest financial institution, al only 
eight times earnings. 

At Dean Witter Reynolds, Alex Pidhoro- 
deckyi, bead of Global Equity Marketing, is 
touung Grupo Tribasa SA. Mexico's second- 
largest construction company, whose operating 
profits rose nearly 12 percent last year, despite 
the economic slowdown. He also likes Grupo 
Televisa SA, the largest media company in the 
Spanish-speaking world, which is expanding 
into the United States and Peru. Now selling al 
around $55 a share, Dean Wilier estimates the 
stock s price to reach $80 within 18 months. 

Mr. Fritsch predicts that construction com- 
panies will be the most dynamic stocks, among 
tom Empresas ICA SA, which builds housing, 
bridge,, ttmnds and loll roads, and Cemex SA 
and Apasco SA, cement makers. 

Mexico wants to build its infrastructure so 
lufri “ to Wg leagues and compete with 
me U5. and Canada, now that it’s in NAFTA." 
Mr. Fntsch said. “Secondly, there is a lack or 
houso| m Mexico, and both the government 
ana private entrepreneurs are going to build 


have to sacrifice PERFORMANCE 
for SECURITY 


Investors who W am to hedge their Mexico 
bos can chose a Latin America regional equity 
fund that spreads risk among countries like 
enue, Argentina, and Brazil as well as Mexico. 
In tile Untied States, the G.T. Latin America 
rand has a 30 percent stale in Mcrico. Two 
newer amvais from Fidelity and no-load man- 
^ roughly half their 
assets mere. Choices open to European inves- 

^“xanbourg-regisiered Latin 

Amenca funds from the Flemings' and Fidelii v 
groups. Umon Bank of Switzerland's America 


The Arun class lifeboat Ls special 
lXsituicd to saw lives in treacherous 
conditions, it combines a high level 
of stability- ‘.nth exceptional 
performance. It can trawl at 25 knots 
and yet withsrand the cruellest seas. 

Such a blend of performance and 
security is etjujlly rare in the world 
«■»! savings and investment where 
security so often means low returns 
and high performance usually 
involves risk. 


Stock Market Growth . . . 

The Midland Oflshore 
Guaranteed Capiral Investment 
Bond offers you growth linked 
directly co the stock market but with 
a foil money-back guarantee. So you 
can share in die growth potential of 
srock market investment, without 
the risks which are usually involved 
benefirting from security' and 


■ ■ .In Sterling or VS Dollars 
The Bond is now available in 
sterling and US dollars with returns 
linked to the UK and the US stock 
market respectively. The sterling 
option gives you up to 120 u o of the 
growth in the FT-SE 100 Index 
whilst the US dollar version gives 
you up to 1 20% of the growth in the 
S&P 50U Index*. You .can also 
choose between a three or a five 
year fixed term. 


performance at the same rime. 

LIMITED OFFER - The Gujranrecd Capital Im-camcm Bond is only as-ailable fon, 31 May to 15 My 1994 
To nve.s e mil deta.k telephone +44 5.34 «»V3UI. lie +44 534 tt*43» or return the eoupon today. 


Ts, MiJIjnJ n.,,1 I .s.,0 M...USSV. United. TO tec -V.Wml’Li^sTHrtsT. WlT Ctend teTds" 

1lJ?l »tnd me details on the CiUKiniiwd Capital fmrcmmc Bond. 


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Page 18 


INTERNATIOMAL HERALD TRIBUNE, SATllUMY -SUN DAY, JUNE 4-5, 1994 


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CALLANDER 


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POB 1373 Luremoourj Tel. J?7 X H 

a CHImes! Gk^cI Bona s 

d Ciilnvesi FGP USD. 


Utun* 
109 7177 


d Cliinveil FC-F ECU. 

d Cilnvesr Selector. 


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d BBL Invesl Far Eost. 
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d BBL Invest Latin Amer . 
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d BBL Renin Fd iniL. 
d Pctfflngniol. 


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a Senlo Cash S- Medium BEF 3F 
d Re.vto Cash 5-Medium DEMDM 
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d BBL I LI Invest Europe LF 

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d Clllpsri Freret'. Eaulit — 
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tf Cillpsn HAS Bond, 
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wCili ’I'jjoCU S 

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ADVERTISEMENT' 


June 3. 19^4 


Th# mars'-nal symbols 


INTERNATIONAL FUNDS 

Quctatinmi M^olktd by Ws tided. Tjcl oaXOl VllUO quotation! tf BUtqfigd by tf Fwid« wllh ttw PigwpUon of mntlB baud on tana ^ 

rtnbols huScalo hoquencT oi quolalions supplied: WJ ■ ^aUjU JwJ • woaktji; (hi - M-mentMyj (fl fortnightly («4Mfy h» wMfeB); (9) • r»gUtartlf| ft) - tW** ***"*** I™ 1 


INTERNATIONAL INC07.1E FUND 

d Lona Term — 5 

6 U»0 Term . QMK DM 


ERMITAGE LUX 1353-07330) 
n Ermlrcge inier Rah? Strut.. DM 
' Ermllaoe Sell Fund. 


3IAS37 

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w Ermifoue Aslan Hedoe fo J 
nr Ermliage Euro Hedoe Ffl — ’M 
w Ermlioge Crosor Asia Fd— S 

u ermlioge Amer Hds Fd S 

w Ermlioge Emer Mkis FC - 

EUROPA FUNDS LIMITED 

tf American Equity Fund S 

d Amertcnn Option Fund S 

mi Aslan Faulty Fd. 


ID0J 
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1191 
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EVEREST CAPITAL (307) 3?? 399 
n E'rwesf CapHol m;i Ltd. 


3613? 

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118.16 

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FIDELITY HTTL 1HV. SERVICES {LoaJ, 


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FOKUS BANK AJ. 473 429 5S5 
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d Arvenitnlan Invert Go SkovS 
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w Intelbond Cht_ IF 77x1 

if imelssc Chf 5F 219X0 

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■"SUB SCS ALLIANCE-CREDIT BANK- 
Kffll 546-131. Geneva 
w Pletade North Am Equities A 

v Pto/ade ciircae Eauliies Ecu 

if Pielade Asia Poctflc Eq_ — 5 

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w Pwlcde Dollar Ban* 5 

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w Pirloae FF Bonds _ff 


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» Plelade Dollar Reserve _S 

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>» Pieiooe FF Reserve --. _ ff 


. 2 ARC LAYS INTL FUND MANAGERS 
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INTER MULTI INVESTMENT 

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CONCEPT FUND 
6 VMM GI3MI Hewe Ftf_ 
D WAM Inti 3d Hedne Fa. 
CONCERTO LIMITED 
«r NAV 15 Audi I"7J. 


1^4 30 
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IObJ.®# 

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COVVEN ASSET MANAGEMENT 
Cd~ffn Entcroriie Fund N. J. 

if Class a sns 2 

CiauBSu. 


CRHDIT AGSIC0LE 
INDEX IS 

tf Irwe. K USA. S&P 500. 
j incerts Jaoan/Nifiei.. 
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ImAC 
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a Indens F'aucc/CAC 40. 

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rf Court Terme USD. 


rf Court Term? DEM . 
d Court Terme jPt _ 
rf Cowl Terme C0P - 
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a Court Terme ECU _ 
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rf Actions inti DIvenlliMs FF 

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rf Actions AHemondcs DM 

d Actions Franchises FF 

rf Actions Esa. a Port. pro 

a Adlons lioliennes— LH 


d Actions Grain Poofique. 

d Obug lull Dlversifiees 

a CClig Nard-Ameriaines^ 

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0 OCIIg Angtatses. 


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rf Obih> AHemanoes 
tf Obug Francoises 
tf Obitg E». 81 Port. 


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a Court Terme USD 
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CREDIT COMMERCIAL DE FRANCE 


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1*4X64 
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85X0 

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tf Eurapa Valor SF 

rf Energie - Valor SF 


rf Pcdllc - Valor. 


rf CS Gold Valor. 


_SF 


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a CS Ecu Bond A. 
tf CS Ecu Band B. 


-Ecu 

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rf CS Gulden Bond A— _FI 

tf C3 Gulden Band B —FI 

a CS Hisaano Iberia Fd A Pm 

rf CS HJswno ISeric Fd B PM 

a CS Prime Bwid A— — —DM 
a CS Print Bond 0 — DM 


d CS Europe Band A. 


tf CS EuroM Band E. 


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ft CS Fixed I SF 7% 1/9 

a CSFi-M I DM89. l.-«6_ 


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tf C5 Fired ]_Ecu8.3'<S l /9»_E cu 


d CS Swiss Frgnc Bond A 

a CS Swiss Fronc Bond B SF 

d CS Bond Fa Ure A/B ,UI 

tf CS Bond Fd Pesetas A/B—Ptos 
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a CS Euro Blue Chips B DM 

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tf CS Short-T. Bond DM 6 DM 

tf CS Money Market Fd S S 

tf CS Monev Martel Fd DM DM 

d CS Money Market Fd C l 

d CS Money Market Fd Yen— Y 

tf CS Money Martel Fd CS CS 

tf CS Moray Murk el Fa Ecu— Ecu 

d CS Money Martel Fd 5F SF 

it C5 Monev Market Fd HFI—Fl 

tf CS Money Martel Fd LH Lit 

tf CS Monev Martel Fd FF FF 

tf CS Monev Market Fd Ptn_ptas 
rf CS Money Morkei Fd BEF JF 

tf CSOeto-ProiecA DM 

d C5 Ceko-Proiec B DM 


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tf CS Norm- Amer tam B. 

d CS UK Funa A. 

tf CS UK. Fund B. 


tf CS France Fund A. 
tf CS France Fund 6- 
d CS Euroreal. 


rf CX Holy Fund A. 
rf CS llal> Fund B. 


tf CS Nettie rlonds Fd A_ 
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rf CS FF Bond B. 


rf CS Caollel 5FRJOOO. 
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d CS jooon Megatrend Yen _Y 

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ff CS Port? Bal SFR SF 


rf CS Port* Growth SFR 
rf >15 Porrt Inc DM A. E 
tf CS Pan; Bg! DM 


rf CSPirtf Growth DM. 


d CSPorll IneUSSA'E. 
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rf Curilix Ea-.i Asian Ea % 

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rf DH r^clor Marl t is Fund 5F 

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a DEM Banc DIs SjJ DM 

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v 16) Genesee Exj'e— 
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w cC; Genesee Opoortunltr S 

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w GAM High ■ i«ld. 


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w GAM Overseas. 


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w GAM Relative Value, 
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w GAM SF SOTdal Bond 5F 

w GAM Tret*. JS 


» GAM UX.. 


» GAMul investment) . 

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10422.00 

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d Cctircntra + . 

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5173 

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Hl^ujr.tfgc Caoiigi Carp 5 1 7042J0 

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w GAM Worldwlde. 


w GAM Bond USSOrd 

w GAM Bond USSSoecial. 
w GAM Bond SF. 


w GAM Bona Yen. 
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w GAM Bond c . 


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w GAM Universal US3_ 
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113.78 

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rf GAM ICH) Europe SF 97JR 

tf GAM ICHI Mondial— ,SF 163X7 

tf GAM (CHI PocIHc. 5F 30010 


SEC REGISTERED FUNDS 
135 East 57rd SlreeLNY 100253I2 38MJDO 

w GAM Eunme S 8127 

w GAM Global S 144 J7 

w GAM International 5 19133 

w GAM North America S 07.77 

IT GAM Pacific Basin S 19(.76 


IRISH REGISTERED UCITS 
Ear is tort Terracejauniln ^ 153-1X7 40-&30 


» GAM Amertama Acc. 
w GAM Europa Acc_ 
w GAM Orient Acc- 


-DM 


tv GAM Tokyo Acc. 


-DM 


.DM 


tv GAM Toim Bond DM ACC— .DM 

* GAM Univerool DM Acc DM 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda:! 807 j 795-4000 For :<809l 7956 180 
JWH GLOBAL STRATEGIES LTD 

w IAi Original In vest men I s 

w IC) Financial & Metals S 

tf ID) G total Diversified 5 

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179X9 

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mFFM Int 30 Prosr-C HP O JF 
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w GS Adi Rote Mart. Fd 1 1 — s 

m GS G10001 Currency 

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164.72 

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GS EQUITY FUNDS SICAV 
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9.93 

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w GS US Cop Grcwm Port s 

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GOTTEX FUND MANAGEMENT 
w G. S wop Pune. f^. 


1158X3 


0.9807 

0.9503 

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GMN1TE CAPITAL INTL GROUP 
t» Granlle Capital Equity— _S 
w Granite Cooitol Mjrt Neulrais 

w Granite Caoiiai Martoora— s 

GT ASSET MANAGEMENT I IRELAND) LTD 
Tel : 1*41 71 -710 4567 

tf GT Ascan Fd a Snares i 

e GT cscoi Fd g Shares S 

a GT Asic Fund a Shares— S 

rf GT Asia Fune 6 Shares J 

rf GT Alisa Small Cams A 3n.S 
d GT Asian Smell Cento B ShX 
rf GT Australia Fd A Shares— S 

rf GT AuiiralU Fd B 5harec S 

rf GT Auslr SmaH C 0 a Sn v 

rf GT Aujtr. Small Co 3 Sn 1 

rf GT Berry Jcscn Fd A Sh S 

d GT Berry Janon Fa 5 Sh S 

rf GT Bo/.rf Ftf A Shires 
d GT Banc Fd 3 Share; 


d G • Bio L 60 Sciences a Snj 

rf GT Bid & A3 Sciences B ShJ 

rf GT Defer Fane 6 sn s 

rf GT Dollar Fund 3 Sh 


rf GT E merging Mkts a Sn S 

rf GT Emerging Mkis 3 Sh S 

d GT Em ,v»i Small Co a Sn j 
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w GT Eure 'mail Co Fd a Sn J 
» G7 Euro Small Co Fo B Sh J 
rf GT Hjng Fang Ffl 6 Snores J 

C SI .^*”7 T'OHB Fo B Shares 5 
a GT Honvui =clhr.nder a Sns 


EBC FUND MAKAG&RS (Jersey) LTD 
W Seale Si. Si Heiier ; 0534-36131 
EBC TRADED CURRENCY FUND LTD 
Caclial J Tl MC 

income — s is.171 


W GT j» Smell Co Fa 3 5n_S 

w G T. Latin ArteriSc fo S 

rf GT sirctegrt sa Ffl a Sh — i 
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rf GT Telecomm. Fa a Shares S 
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r GT Technology Fund 3 Sh J 
SX. MfiNACEMENT PLC (44 71 710 45 (7) 
rf G T. Sirrecn'Meallh Fund— S KWi 

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tf G.>. Europe Fund I sail 

w G.T. Giaoai Small Co Ffl S J9 j} 

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*G.T. US Small Companies_S 2429 

GUERNSEY CAPITAL MANAGEMENT LTD 
GCMCJOBd Sol. EO. — — - 5 107.18 


GUINN SS5 FLIGHT FD MNGR5 (OOtey) LM 
GUINNESS FLIGHT GLBL STRATEGY FD 


d Mowed Cuirenry 
rf GloMi Sand 


rf Global High Income Bond— J 
d GIW ft i SoBd_— — i 


rf Euro High Inc Bcnc. 
rf Global EaultY . 


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3*X3 

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HA5ENSI CHL6R ASSET MANGT GesjnhH. 

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tv HasentOcnier Com Inc S 122.12 

w Pascirblchier Piv S 1 3521 

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HERMES ASSET MANAGEMENT LTD 
Bemudc ; 1809)295 4000, Lu« : 1352 mm 54 41 
Final Prices 

n Hermes European Fund Eci 


9131 

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w Jcogn Diversified Fund * 

w Leveraged Can Hold.. . ■■ — 1 

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MERRILL LYNCH 

tf Dollar Assets Portfolio 5 

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MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

d Ooas A J 

d Class B. — * 


53.95 

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AUSTRALIAN DOU-AR PORTFOLIO 
tf Category A. M 


tf Category B- 


CANADIAN DOLLAR PORTFOLIO 

tf Category A. CS 

tf Coievory B. -C* 


18.19 

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tf CICSJA-1 

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1394 

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DEUTSCHE MARA PORTFOLIO 
d Category 


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13JO 

12.71 


EUROPEAN BOND PORTFOLIO (USSI 


/rHermes Norm American Ffll 
m Hermes Aslan B und J 


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m Hermes Srroieaies Fund — 5 

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INCOME PARTNERS (ASIA) LIMITED 

w Aslan Fuetf Income Fd S 10.139 

INTERINVEfT (BERMUDA! LTD 
Cto Sank t>1 Bermuda. Tel . M9 295 «D0 
m Hedge Has ft Conserve Fa_$ 7^8 

INTERNATIONAL ASSETS FUND 
Z Bd Ra/al. L-7449 Lunomboura 

w Europe SuaE Ecu *113 


INTERNATIONAL MGMT INCOME FUND 


rf Amer kale 0U Nord. 


rf eurese umSinentoto. 


-DM 


rf E rtreme Orient A.iqlosa*ijnAS 

rf rranw. FF 

rf Itotto Ur 


c Zcne Asioi lave. 


iNVrSCO INTL LTD. POB VI. Jersey 
Tel: 4J 534 73114 
rf Mu • (mum income Fund 

rf Sterling Mngd Ptfl 

d Pioneer Marie's 


10062 

101.17 

100J0 

50141 

101705330 

1002600 


rf L'Caian Global Siraieg . 

d Asic Sucer Growth 

1 Nippon Warron! Furw. 
rf Asia Tiger Warrant. 


rf European Warranl Fund, 
rf Old N.W. 1*94. 


PREMIER SELECT FUNDS 
rf American Growth. 


0.9300- 
2.1510 - 
6.1950 
17 4900 
7631 00 
2X400 
*.7600 
13000 
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rf American Enlersnse. 

rf Asia Tiger Growth 

rf Dollar Reserve 


rf European 'jrrfwin. 


rf EurabeaP Enter nnse S 

rf Global Emerging Markels_S 
rf Global crowin. 


a .Nippon Enter arise. 

rf Nlpeon G-towm 

rf Ut Growth.. 


rf Stirling Rner.e. 


61700 

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ITALFOHTUNE !NTI_ FUNDS 
t» CldsA i£«r. Growth Uci.tS 

» Class 3 r Global Fault. P S 

iv Clasi C (Global Bondi 1 

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4-5BOO 

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tf Caieoar. B. 


YEN PORTFOLIO 
rf Category A. 


tf Cotoor/B. 


MULTI CURRENCY BOND PTFL 
a Oass a. 
d GossB. 


US FEDERAL SECURITIES PTFL 
rf O0»A. 
a Class B . 


MERRILL LYNCH 

EQUITY / CONVERTIBLE SERIES 

BA5IC VALUE POPTFOLIO 

tf Class A — J 

rf Class B . 


CONVEPTIBLE SECURITIES PTFL 
rf OcssA. 
rf Class B . 


14*1 

14.18 


GLOBAL ALLOCATION PTFL (USS) 
tf Class A . 
tf Oass B. 


UJ5 

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GLOBAL EQUITY PORTFOLIO 
rf OOSSA. 

tf Class B. 


1050 

1043 


EURO EQUITY PORTFOLIO 
tf Claes A. 
rf Class B. 


T0J2T 

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LATIN AMERICA PORTFOLIO 

rf Class A i 

a Class B S 


1191 

13*2 


WOPLD NATURAL RESOURCES PTFL 

rf Class £ i 11X5 

d Oass B _S HJ6 


DRAGON POPTFOLIO 
d Class A . 
rf Class B . 


MERRILL LYNCH INC! PORTFOLIO 

rf Gass A S 

tf Class B 5 

tf Class C. 


1S.*1 

1SX7 


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10.97 

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MERRILL LYNCH MEXICAN INC PORT 

tf MWlJWt Inc 5 PH) Cl A I 7J7 

tf Mexican Inc 5 PHI Cl B _. 5 7.77 

rf Mexican lnc Peso PHI Cl A S 9JH 

rf Mexican Inc ?«o PHI Cl 0 5 9X4 

MOMENTUM ASSET MANAGEMENT 
w Momentum NoveWer Pert_5 9103 

m Momentum Rotobow Fd t 116X5 

m Momentum PxR R.U S 67 J9 

m Momentum Stbctt master _S 151.71 


MORVAL VONWILLER ASSET MOT Co 


JARDI HE FLEMING . GPO Bee 11441 H9 Kg 


w Wilier Telecom. 


rf JF ASEAN Trusi. 


rf JF Fcr =031 '.Vrn: Tr„ 
rf Jr C-lotgl Ccnv. Tf. 


C JF Hong Kong Trusi. 
rf JF j.;run Sm. Co Tr.. 
rf JF je nan Trusi. 


rf JF Malaysia Trust, 
rf JFPodliC Ire. Tr._ 
tf Jr Tttollafld Trust. 


51X4 

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w Willerhinds-Wiilerbond CaoS 
w Willertunds-Willerbond EurEcu 

w Wlllerlunas-Wllieroq Eur Ecu 

w Wlilertunds-WiHeraa 1 falv-Ui 

w Wlllertunes-willerea NA $ 

MULTIMANAGER N.V. 

■v Cadi Enhoncemeni. 


9.71 
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JOHN 50VE7T MANT II.OAL] LTD 
Tel: 44XJ4 ■ 42 74 » 

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t» Gcveli Man. Fut. USS. i 

w Goveti 5 Gear. Curr S 


34.77 


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w European Growth Fd _ 
r Hedge Fund. 


t» Japanese Funa. 


w Goveti S EDM Bal. Hdge. 
JULIUS BAER GROUP 

rf Bnerband— - 

rf Con bar. 


iioe 

•05 

1120 

10.9872 


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1 World Bond Fund. 


.Ecu 


N1CHOLAS-APPLEGATE CAPITAL MGT 

w NA FiexiMr Growth Fd S 140X2 

w NA Hedge Fund i 132.95 


rf coulacer Amerlcn. 


-5F 

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tf Equlboer Europe, 
rf jFF-BAEP. 
fl Stoci.Mr. 
tf SwiSBOor . 


a Llculbaer. 


tf Europe Bend Fund. 
d Dollar Bond Fund— 
d A ujtro Sand Fund _ 
tf Swiss Bond Fund— . 
rf DM Band Fund. 


rf Convert Bond Fund. 


tf Global Bond Fund. 


-SF 

-DM 

JF 


rf Euro Stock Fund, 
rf US Stock Fund. 


ff Pocinc Stock Fund, 
tf Swiss Slock Fund. 


tf Special Swiss Slack . 
rf Japan stock Fund. 


0 Germcn Slack Pond. 


d Korean Slock Fund . 
d Swiss Franc Cash . 
tf DM Cash Fund. 


tf ECU Cosh Funa. 


tf sterling Cash Fund. 


.Ecu 


tf Dollar Cash Func. 


0 French Frcptc Cash. 


KEY ASSET MANAGEMENT INC 
n Global Hesge. _3 


»2L73 

1875X1 

2451x2 

1(1726 

1I05JX 

2482J7 

305D34 

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127.70 
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10160.00 

101.70 
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1203JJ0 

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104100 

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NOMURA INTI- (HONG KONG) LTD 

tf Nomura Jaicorto Fund S 

NORIT CURRENCY FUND 
mNCF USD S 


8.95 


mNCF DEM. 
mNCF CHF. 
mNCF FRF. 
mNCF JPY. 
mNCF BEF. 


-DM 


630.95 

87567 

91*29 


82675X0 

27333X0 


ODE Y ASSET MANAGEMENT LTD 
21 Grasvenor Slidn WIX ’FEX4-71-499 jgoj 


It Oder European. 
wDdev European. 


-DM 


tf Oder Europ Growth lnc DM 

w Oder Europ Growth Acc DM 

w Oder Euro Grm Sfer me l 

wOdev Euro Grift Sler Acc— C 
OLYMPIA CAPITAL INTL INC 
Williams Hawse. Hamilton HM1 1. Bermuda 
Tel: 009 272-1010 Far: 809 275-2385 
w FWsburv Gran S 


151 JO 
153X0 
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w Oivmpto Slurs Emero Mkls 5 

if WinctL Eastern Dragon. I 

t* winch, rramler * 


mKev Hedge Fund In 

Kl PACIFIC ASSET MANAGEMENT INC 


259X0 

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m Ki Asia FaeHlc Fc LW 1 

KIDDER, PEABODY 
J Chesapeake Fund Ltd. 

0 III Fund Lte. 


:ui 


: Mil Guaranteed Fund. 
t> Stonehenge Lid. 


3855.17 
1 IJ7.00 
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1(79.49 


» Winch. Ful Olympia Slar_S 

W Winch. Gl Sec lnc PI IAi 5 

■r Winch. Gl Sec lnc PI ICI S 

w Wine n. HHg infl Moaison— Ecu 

w winch. Hidg (nr 1 Ser D —Ecu 

tr Winch. Hktg Mi l Ser F Ecu 

w Winch. Hide Oly Star Hedges 
w Winch. Reser. Multi. G* BcLS 

w WMchesler Tholland S 

OPTIMA FUND MANAGEMENT 
n Front S', Wcmlllcn, Bermuda B39 295X658 


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w Optima Fima — -• 


LEHMAN BROTHERS 
C Aston Dragor- Part MV A . — S 

ff Aston Dragon Port NV B s 

rf GIdcoI Advisors II nv A, S 

tf GloCQl Advisers 1 1 NV B_5 
O Giobol A dvl sc rj Port nv A J 
rf Giobol Advisors Port NV B-S 

rf Lehman Cuf Adv. A/B S 

rf Premier Futures Arfy A/B-S 
LIPPO INVESTMENTS 
24/F Llpoo Tawer_Cenlre, B* Queenwav.HK 


9.T2 

7.71 

10.18 

10.18 

1051 

10X5 

7«3 

7.(1 


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w Optima G label Funa -J 

w Optimo Pericufc Fd LW s 

v. OcHmo Shon Fund 5 


ORBITEX GROUP OF FUNDS 
rf OrOite* Aslo Pae Fd. 
rf OrtJllr- Growth Fd 5 


Tel 18521 8(7 (888 Fa. 1852) 59* 0383 
tv Java Fund. 


0 OrtHter Health ft Envir Fd J 
0 OrDllej Jauan Small Cap FdJ 

rf Orxkle* Natural Res Fd a 

PACTUAL 

d Elernlhr Fund LW I 

0 Infinity Fund Lid S 


5-7750 

7.19*0 

5073* 

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tv Asean Fired Inc Fa — ._^S 

tv IDR Money Martel Fd S 

w USD Money Market Fd S 

tf Indonesian Growth Fo 5 

w Aslan Growth Fimri s 


d Star High Yield Fd Ltd. 
PARIBAS-OROUP 
wLu»or. 


219X582 

*08.1072 

127X145 


a Parvesl USA B. 


0 Parvesl Japan B. 


w Asian Warrant Fund. 


LLOYD GEORGE MN GMT (152) 84] 4423 

fMImraFino S 17X2 

w LG AS tan Smaller Cm Fd S l"^£3e 

w LG India Fund Ltd.. -3 1*71 


rf Parvesi Asia Prof 3. 

rf Poorest Europe B 

0 Parvest Holland 0 — 
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tf Parvesl Germcnr B- 


LLOYDS BANK INTL (BAHAMAS) LM 
Lloyds Americas Portfolio (BIN) 3228711 
w b Qian ced Modern to Rhk FdS 
LOMBARD, ODIER ft CIE - GROUP 
OBUFLEX LTD (Cl) 
d Multicurrency — * 


a Parvesl ObU-Oauar B. 
0 PorvestCibiFDM B. 


7Ji 


rf Pnrvesl OOl F Yen 9 

rf Porvesl OWI -Gulden B_ 
rf Parvest OtHFFrortc B — 

a Parvesl Oblt-Ster B 

d Parvesl Otui-Ecu B. 


a Dollar Medium Term. 
0 Dollar Lana Term—., 
rf Japanese Yen. 


rf Pound Sterihtg. 


rf Deutsche Mork. 
d Dutch Florin . 


o Parvesl Obll-ftetu* B _ 
tf Parvest S-T Dollar B._ 
tf Parvest S-T Europe B. 

tf Parvesl S-T DEM B 

tf Parvest S-T FRF B. 


-DM 


d WY Euro Currencles- 
0 Swiss Franc- 


.Ecu 


0 Porvesl 5-T Bel Plus B_ 
tf Parvesl Global B. 


SF 


d Porvesl Ini Bond 0. 


tf US Dollar Short Term. 

tf hy Euro Curr DlvW Pay Ecu 

tf Swiss Mulllcurrency SF 

tf European Currwicr „Ecu 

tf Belgian Frrvtc _ B e 

tf Convertible s 


d Parvest OOI FUraB. 


tf Parvest im Eamries B_ 
d Parvest UKB. 


tf Porvesl USD Plus B. 
tf Parvest S-T CHF B. 


-SF 


d French Franc. 


tf Swiss MutlFDlvioend sf 

d Swiss Franc Short-Term _XF 

tf Omooian Dallar cs 

d Dutch Florin Multi Fl 

tf Swiss Franc Dry id Pay SF 

tf CAD Multtaur. Dlv CS 

tf Mediterranean Curr 5F 

d Convertibles.: SF 


d Porvesl Otrit-Canado B Cs 

d PurvestObii-OiCK B DKK 

PE RJWAL GROUP 

/ Drokk or Growth N.V S 

/ Emerging Mkfy HKta. 5 

f EuroMir (Ecu) Lid. Ecu 

/ FX, Flnonclois ft Futures —S 

t Investment HMn N.V S 

f Medio ft CommunicolleiB_S 
I NOSCOILW 5 


350 

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MALABAR CAP MGMT (Bermoda) LTD 


mMoiabor inn Fund 


MAN I9ITERNATIONAL FUTURES 

m/iUnt Llmllw • Ordinary S 

m Mini Umltoa • Income S 

nt Mini Gtdua-S&eeiisuc—A 

m Mini Gtd Ltd • Nov 2002 S 

mMinlGid Ltd -Dec 19(4 1 

mMbll Gtd Lid • Aug 1(9} s 

m Mint GW Currencies. 


PICTET ft CIE -GROUP 
wF-CFUKVol ILu») — 
w P.CF Germaval ILUkl. 
w P.CF Noramval (Lux), 
w P.CF Vallber (Lutl. 


2777X1 

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129*54 

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113*52 


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mMhh Gto Currencies 2WI 1 

mMJnr Sp Res Lto (BNP) i 

ffi A 1 hena GW Futures s 

m Athena Gfo Currencies s 

ffl Athena Gtd Flnoncicls ircJ 
m APtena GW Fincnctols Cod £ 

nt AH L Caoitol Mkto Fd S 

mAHL Comroaattv Fur* 5 

fft AH L Currency Fun d < 

m AML Real Time True Fd 5 

mAHL Gld Real Time Trc J 

fliftHL GW Coa Mart LW $ 

m Mop Guaranteed l""4 LW— J 
07 M«> Leveraged Recov. LldX 

mMAP Cvaranwed s 

mMInt G GL Fin 3CJ j 


» PjC-F Volttalta (Lo»l Lll 

w PX.F Vo (trance I Urol FF 

»P.U.F. Volbond 5FR (Lu<) JF 
w P.U.F. Votoond USD ILiul S 
w P.U.F. Volbond Ecu (LusI.Ecu 
w P.U.F. Vnlbonfl FRF (Luil.FF 
w P.UJ -VttllxmS GBP UjuxU 
r P.U.F. Vdlbond DEM I Lux I DM 
w P.U.F. USS BdPtll (Uirl_S 

w P.U.F. Model Fd Ecu 

w P.U.F. Ptcute SF 


MARITIME MANAGEMENT LTD 
73 .. r. , , s ’ Hamilton Bermuda I809|2"2 978» 
m Manllme Mlt-Seaor 1 ud S iQOiSO 

w Marl II me Gtel Bela Series^! 33711 

w Maritime Glbl Delta Series X 81118 

w Maritime GIW Tau Series s SU'tI 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 
yfJS? i 1 1 17.2( 

a cuss b — . | 117J? 

rf MAC Convert. SI ro I Us 77S 


w P.U.T. Emero Mkts (Luxl — S 
if P.U.T. EOT. Ooeart (Lint) —Ecu 
b P.U.T. Global Value ILont-Ecu 

if P.U.T. Eurovol (lux) Ecu 

d Pictet Votsuhoe (CH) SF 

m Inn Small Coo (IOM) s 

PREMIER INVESTMENT FUNDS LTD 
c/a P.O. Bax 1100, Grand Carman 
Fax: 1889) 949-0993 
m Pretntor US Equity Fund — s 

m Premier inti Eq Funa s 

/»» Premier Sovereign Bd Fd_S 

m Premier Giobol Bd Fd. s 

ffi Premier Total Return Fd_S 
PUTNAM 

d Emerging Him Sc Trust — S 
w Putnam Em. into. Sc Trust X 
d Putnam Gtab. Htofi Growth J 
0 Putnam High Inc GNMA Fas 
0 Putnom inn Funa. 1 


(0.02 
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w Aslan Devetopmen! S 


1*26 


MCKINLEY CAPITAL PARTNER* LTD 

m The Conoir Func LltJ ) 1,717 

MEE5PIEHSOK UV1 

w A jIo Pqc G rowth Fa H v r jam 

w Aslcn Cacolal HotJIngs 1 rTj5 

w Asian Selection Fd tlv — Fl iclo 

w DP Amer. Grawin Fd N.v.^s lfct 

w EMS Of*Wiore Ffl N.V Fl 

» Earoce Ortwin Fund N.v. _fi 


n EmertffS Grawfn Fd N.V. J! 
w Quantum Fund N.V.. 
wQuanhim Industrial — .. 8 


w Quantum Realty Trust. 

w Quantum UK Realty Fund-C 

w Quasar Inti Fund N.V s 

w Quota Fund N.V s 



QUARRY MANAGEMENT LTD 
Telephone : 809 - 6*9-0050 
Focshnlw; 809 - 94*8043 

rf Altos ArWIrooe Fd LW S 

tf Hraerb Fund Lid— — S 


10U1 

15*71 

16341.77 

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14759 

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9859 

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d Zenith Fund LMW^-— , TD 
REGENT FUND MAJ^GEMENT LTD 

w New Karoo Gra»m Fa J 

w Neva Let Poctflc Inv Co — » 

w PocIHc ArtHtrageO? ‘ 

m RJ_ Country Wrrt Ffl—. — -* 

tf ffeseni OR* Am OfthFOj-J 

tf Regent G«»l Egrt GrthFd S 
tf Regent Glbl inti Grm »-—S 

tf Rgoent GW JaBGrthFd—S 
if Regent GW PacHBasm_J 

tf Regent GW Reserve J 

d Reaent Glbl Itosourees S 

a Regent GW Tiger. — s 
ct Regent Gw UK Grm Ffl — J 

w RMMtt Moghut Ffl LW J 

m Regent PoOflcHdgFd 3 

w Reseat Sri LankoF d. — 0 
ip uodervaiued Assets 5er I— J 

POB »Smo AZ RstterddmJSinB 2«in » 

tf RG Americo FmtiJ g 

tf RG Euroe* Fund g 


EUROPE AN BOND PORTFOLIO (DM) 

rf Class A- 1 3 MJO 

rf Class a.? S 1«6 

rf Qass B-l S 1*30 

rf Oass 5-7 S IMS 


d RG Podflc Fund 
rf RG Dlvlrentf Frnm 


tf RG Mangy Phis FFL. 
tf RG Monev Phn r S. 


ffl? 


rf RG Money PtuaFDM n W 
tf RG Money Plus F SF. . » F 
More Rabeca see Amsteraam moot 
ROTHSCHILD (GROUP EDMOND DE) 
IN-HOUSE FUNDS . M . 

w ASM capital HoWhg 

w OaWm LCF RathschlW Bd S 
w Dolwo LCF RBltacfl Eg_S 
w Farce Cosh Tradlftan CHF -SF 
w Let cam 


w Leveraged C» Holdings 
wObD-Valar. 


w Prl Challenge Swiss Fd. 

0 Prtentfitv Ffl-Europe- 


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1312 

131 


b Prtiquitv MrftefveMo. SF 

b Prtooui ty Fd-Lott" Am 1 

b Prttond FunO Ecu. Eaj 


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b Prtbond Fd HY Enter Mkt*S 
■m Seteotve invest S& 5 

b Source. 


er US Bend Pius. 
lyVorWpftB- 


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ROTHSCHILD (GROUP EDMOND OEJ 
OTHER FUNDS „ 
rf AsJa'Jmian Emerfl. Growths 
ir EsarH Eur Perth Itw T9t__6tu 
w Earao stretog immstm td_£ai 
b Integral Fuluros 


b omigesl Global FJ General DM 
b Opttgest Global Fl* Income DM 
tf Pacific Ntes Fund— — — * 
iv Permol Drakkar Grtti NV— S 
I Selection Horton. FF 


17X2220 

1365X4 

105X20 

980X9 

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RCTtScH ILDASKT MGMT ICJ) LTD 


mKev Diversified lee Fd UflX 
SAFRA REPUBLIC HOLDING 
wP.es«bUcGAM 


11X4839 


w RecubHc GAM America — S 
w Rea GAM Em Mkts Giobol J 
w Rep GAM Em Mkts Let AraS 
w Republic GAM Europe SF _5F 
w Reouollc GAM Europe UMX 
w Republic GAM Grwtn OtF_5F 
w Republic G*M Growth C——L 
w ReptWtc GAM Grawtn USSX 
w RepuWC GAM Opportumtv S 

w Republic GAM Port He 5 

w RtPuMto Grtsey Did Inc — S 
w Repuwic G riser Eur lnc. — DM 

w Republic Lot Am Alloc S 

w Republic Lat Am Argent — S 

w Republic Lot Am Bra2ll 5 

w Republic Lai Am Mexico — S 
w Republic Lot Am Venez. — I 
w Rep Solomon Strel FdUd-X 
SANTANDER NEW WORLD INV. 
m Commander Fund. 


141X1 

113X7 

117X7 

11373 

12138 

1CSX6 

106X8 

K£UE 

151X8 

11X7? 

147X7 

1635 

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99X3 

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10SJ9 

10670 

91.96 

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m Explorer Fund. 


100.111 

102X83 


SKANDINAV1SKA ENSK1LDA BANKEN 
S-E-BANKEN FUND 
rf Eutdpo Inc S 


rf Flarron Qstern mc- 
tf Global me. 


rf Lakamedel Inc. 

tf Vcriden Inc 

rf Japan Inc 

tf Miifo Inc. 


0 Sverige lnc. 


tf Noraomeritaj Inc. 
a Tekwnogi me. 


-Sek 


rf Sverige Rantefona Ir 
SKANDIFONDS 
tf Eouitv inn Acs 


tf EcLrftv Inn lnc. 


0 Eaulrv Global. 


rf Eaulrv Nat. Resources. 

tf Equity J aaan 

d Eautty l 
tf E(WttYU.IC. 


0 Equity Cam mental Europe J 

tf Equity MoSierronean 5 

rf Eouitv North America — S 

e Eaulrv 1 


rf Inti Emerging Merkels, 
tf Bend lWl Acs 


rf Bond inn lnc. 


ff Bona Europe Acc. 


0 Bend Suraselnc. 


rf Sonrf Sweden Ace. 


a Bene Sweden 1 
I DEM Acc. 


0 Bono I 
d Bona DEM lnc. 


0 Bone Dollar US Acc. 


rf Banc DaltorUSInc. 
ff Curr. US Dollar. 


0 Curr. Swedish Kronor Set, 

SOCIETE GENERA L£ GROUP 
SOGELUX fund (sfi 

w SF BcflOS A UXA S 

w SF Bonds B Germany DM 


w SF Bonds C France. 


wSF BomhEG.a. 


* SF Bones F Jcoon. 


»S- Bonds G Europe — 
wSF Bands H World Wifle. 

w SF Bonds j Belgium — 

■f Sp e*k North America -j 

W SF Ea. L W^uraae Ei 

5F Ea. M Pacific Basin Y 


BF 


F Eq. P Growth Countries X 

wSF Eq. Q GOU Mines X 

wSF Ea-RWartaVAoe — _X 

w SF Short Term S France FF 

w SF Snon Term T Eur Ecu 

SODITIC ASSET MANAGEMENT INC 


14.12 
31X4 
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2436 
17.77 
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17 J7 
1630 
1995 
17X1 
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171X835 
14X1 


w SAM Brazil. 


» Sam Diversified. 


w SAM/McGerr Hedge - 

w SAM Gpecnunhv 

w SAM Oracle. 


161X8 

132X1 

189X9 

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w SAM Sirateg-r. 
mAtoho S»M_ 


i» G5A.V. ComDcstfe. 


SR GLOBAL FUND LTD 

mSR European 

mSR Asian. 


11578 

12161 

338X4 


mSR international. 


SVENSKA HANDELS BANKEN SJL 
146 Bd de >o Pefrusse. L-2330 Luxembourg 


18337 

10*21 

105.72 


b SHB Bond Fund. 


w Sveraka Sei. Fa Amer Sn s 

w Svemka SeL Ffl Germany _S 
w Svensko SW. Fd Infl Bd Sh J 

w Srensko SeL Fd Inn sn j 

wSvenskoSeLFd Japan Y 

» Sverako Sel. Fa MlfMttr _Sek 

wSvonsko Sel. Fd Noanc SEK 

w Svensko SeL Ftf Pool Sh S 

w Svonsko Sel Fd Swoo Bfli— Sek 
w Svmka Sel. Fd Sylvia Sh -Ecu 
SWISS BANK CORP. 

0 SBC 100 index Fund- SF 

tf SBC Equity Pltl-Austrollu— AS 

tf SBC Eortfv PffLConedo a 

tf SBC Eoulhr Ptl 1- Europe Ecu 

rf SBC Eo PHUWherlanfls — FI 

d SBC Govern Bd A/B S S 

rf SBC Bond Ptfi-AustrSA AS 

tf SBC BcndPffLAustrSB — AS 

0 SBC Bond PMVConX A a 

tf SBC Bond PffrCOTLS B CS 

tf SBC Bond Ptfl-DM A_ DM 

rf SBC Bond Ptfl-DM B DM 

d SBC Bend PtfWTufch G. A — Fl 
rf SBC Bond Ptft-Outch G. 8— Fl 

tf SBC Bond Ptfl-Ecu A Ecu 

tf SBC Bond Ptfl-Ecu B Ecu 

rf SBC Bond Ptfl-FF A FF 

tf SBC Bond Ptfl-FF B FF 

rf SBC Bond mi- Phn A/B Pin* 

0 5BC Bond PTfl- Sterling A _i 
0 SBC Bond Ptfl-StorllngB—I 

tf SBC Bond Portfollo-5F A SF 

a SBC Bond PorltoUa-SF B — SF 

tf SBC Bond PtfMJSSA S 

tf SBC BorXWIWJSSB S 

rf SBC Bond Ptft-YenA Y 

rf SBC Bond PW- Yen B Y 

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7X1 

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tf SBC DM Short- Term A DM 

tf SBC DM Short-Term B DM 

0 SBC MMF - Dutch G. Fl 

tf SBC MMF - Ecu Ecu 


tf 5BC MMF - Esc. 


tf SBC MMF- FF. 
rf SBC MMF -LR. 


.Ex 


tf SBC MMF -P las. 


tf SBC MMF-ScMIllng- 
rf SBC MMF - StofUno— 
tf SBC MMF - SF. 


tf SBC MMF- US -Donor. 

tf SBCMMF-U5S/II 

a SBC MMF -Yen. 


JF 


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d SBC Gibl-PHl Ecu Grth Ea 

tf SBC GlW-Ptfl USD Grth. — 1 

0 SBC GlW-Ptf! SF YW A SF 

tf SBC GW-PH1 5F YW 0 SF 

0 SBC GlbFPffl Ea Yld A, Ea 

d SBC GtW-Ptfl Ea YW B Ea 

tf SBC GtbLPHI USD Yld A J 

d SBCGBX-muSDYWB — * 

rf 5BC Gtbi-Ptfl SF lnc A SF 

d SBC GW-Ptll SF Inc B - - E F 

tf SBC Gtw-FTti Ea lnc A Ea 

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tf SBC CW-PHI USD lnc A-S 

d SBC GUtf-PfiJ USD IncB S 

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d SBC CM PI ft- DM Inc B— DM 

tf SBC Emerging Markets s 

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‘-no? 


To xufasgy&c m Svritxorksnd 


jvstenli, toll free, 

155 5757 


For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 


33 . 


one of Asia’s leading energ}' forums. 


will be addressed bv oil industry 


experts from the world over. 




OIL & MONEY 

Asia & the Pacific 


Singapore • June 15 & 16 


Bcndils^^SribuitC The Oil Daily Group 


Forfurther 
information on the conference: 

Brenda Hager ty ' 
international Herald Tribune 
63 Long Acre, London WC 2 E 9JH, England 
Tel: (44 71) 836 4802 
Fax: (44 71) 836 0717 










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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 4-5, 1994 


Page 19 i 



Brazil Stocks: 
Rough Ride 
Is Foreseen 

45% a Month Inflation 
And Political Doubts 
Cool Investor Ardor 


Brazilian Stocks 

Kxjvespa index. 


25.000 s 


20.000 £■ 


15,000 r* 


10.000 


By Digby Lamer 




V IEWED by many ancrgwg-raarkcts 
8Mlysls as a wild card bet, as likely 
to soar as to plummet during any 
given month, Brazil has been mine 
aiuity investors a good run for their money 
laidy. The country's main stock index, the 
loovespa, has been moving higher all year 
Brt the market’s volatility is such that it 
could easily drag investors in the opposite di- 
rection. 

Strong-stomached investors who stay in Bra- 
zil despite the market’s ups and downs usually 
pant out that holding tight is all part of the 
anagmg-markets game. But even some of the 
diehards are predicting a rough ride for the 
country in the short term. 

The two principal reasons for the cautious 
outlook are inflation, currently running at 
around 45 percent a month, and the uncertainty 
surrounding Brazil’s presidential and legislative 
elections coming up in October. 

In the meantime, analysts hold a wide range 
of views on investing in Brazil Some fed the 
upward potential of the market is impossible to 
resist, while others advise staying far away. The 
only consensus is: Caveat emptor, or let the 
investor beware. 

On the plus side, the battle against inflation 
may. have already begun. BranTs government, 
under President Itamar franco, has launched a 
long-term plan to promote economic stability 
whose key dement is the introduction of a new 
currency. The new monetary unit, the real will 
' partially be backed by Brazes more than $33 
billion m foreign reserves and is scheduled to be 
put into circulation July 1. 

The value of the real has yet to be deter- 
mined, but parity with the US. dollar is said to 
be tikdy. Those redding Brazil’s current mone- 
tary unit, the cruzado, will initially be able to 
buy the real based on the cruzado’s value 
against the dollar, analysts say. 

While the new currency is essentially a short- 
term measure aimed at buying the adtninistrar 
tion enough time to brin g in mnn* fandampn b»1 

reforms, some analysts say it will immediately 
bring inflation down to around zero. But its 
success, many add, depends heavily on the 
outcome of the October elections. 

Angda MeDo, a senior vice president at Leh- 
man Brothers in New York, mid that the eleo- 
tion of left-wing candidate Lrislnfrao da Silva, 
often referred to as “Lula,” who is currently 
. ahead in the polls, could spefl trouble for the 
economic iduin program. 

“If Lola wins, there will be a trig question 
.mart over financial reform,” she said. ‘fee was ^ 

regarding matters like foreign ddst^i the 
other hand, if s too early to say for sure that he’s 
going to wn." 

In April Brazfl completed an agreement with 
its creditor banks that reduced its nearly $50 
bflHon in foreign debt through lower interest 
rates and new, longer-tean loans. 

Miss MeBo said she is confident that Brazifs 
former finance minister, Fernando Enrique 
Cardoso, whoinastffmiwkdtte 
plan and who is now a presidential ca nd i d a t e 
backed by Mr. Franco, will surpass Mr. daSQva 
in the polls wben the real is launched. 

“Cardoso has hardy started Iris own cam- 
paign," she said. “People are gong to find a 
tremendous improvement in their purchasing 


5,000 



aaHiife 


-5.000 


J J 


ASONO J P M A M 
1993 1994 


Source: Bloomberg 


Beware the Venezuelan Siren Song 


By Iain Jenkins 


V: 


un- 


power with inflation close to zero, and they’ll 
see Cardoso as responsible.” 

Eduardo De Faria, director of Latin Ameri- 
can equities with Foreign & Colonial Manage- 
ment Ltd, a London financial advisory firm, 
said a victory by leftists in Brazil would, at 
worst, slowdown the pace of economic reform. 

“Lula advocates strong government,” be 
said. “Even if be is elected he may eventually 
realize; as the rest of the world has, that strong 
government is not the same as efficient govern- 
ment. He will probably spend money for a 
while and that wul fuel inflation. But in time he 
too will see he has to toe tire line.” 

For his part, Mr. da Siva has said he has no 
plans to scrap Brazil's privatization program, 
which has proved a useful revenue source, net- 
ting around $7 billion for the government- Oth- 
er marketable state-owned assets are valued at 
an estimated $40 bfliion. 

But just the threat to the proposed economic 
plan, which includes a reduction in government 
spending and less discrimination against For- 
eign companies, is enough to send die market 
down. When Mr. da Sflvas standing in the polls 
improved further last week, the Ibovespa index 
dipped slightly. Then, due to growing optimism 
that Brazil’s congress would vote for the contin- 
uation of the new economic program into next 
year, the index rallied by 16 percent 
Daring the last five years Brazil has seen a 
steady increase in the level of foreign invest- 
ment Since 1992 the number of overseas inves- 
tors playing the Brazilian stock market more 
than doubled. 

Some analysts, moreover, say there are std 
bargains to be had among Brazilian stocks. 
Many are considered undervalued. Unfortu- 
nately, the continuing high level of inflation can 
make assessing the value of individual compa- 
nies a tricky business. For that reason, few 
analysts rapognmeaifafirect involvement in the 
BrariEan stock exchange by individual inves- 
tors. 

Mr. De Faria said that even sophisticated 
investors noil have trouble gaining a dear pic- 
ture of what is happening in Brazil leading up 
to the dectiou. 

“Private investors will only be able to pick up 
sparse information,” he said. “The best way 
into Brazil is still through mutual funds. You 
can get exposure either in a specialist Brazilian 
fund or spread the ride a bit more by opting for 
a regional Latin American food that indndes a 
weighting in Brazil" 

Among the top Brazfl-focuscd funds, which 
are few in number, are Banco PactnaTs Eternity 
and Infinity funds, according to the fund-track- 
erMkropaL 


ENEZUELA is not the obvious in- 
vestor choice. The currency is in free 
fall Violence erupts every time the 
government tries to increase the price 
of gasoline. Inflation is soaring. A respected 
governor of the Central Bank has resigned. And 
stocks and bonds have crashed. 

Furthermore, Venezuelans have clearly lost 
confidence is their own economy. Some ana- 
lysts joke that the only booming business in 
Caracas since the start of the year has been 
Swiss banking — a reference to the estimated 
$3 billion that has been funnekd out of the 
country since the beginning of the year. 

Foreign investors ami funds have followed 
suit Most mutual funds focused on Latin 
American currently have little or no exposure 
to Venezuela. Ana many of those which have 
retained a nominal position were simply left 
holding stocks that were too illiquid to seD 
during the stampede to get out. 

Yet, some people think that now is the time 
to invest The argument is that all the uncer- 
tainty has created a unique buying opportunity 
at bargain-basement prices in a country that is 
essentially rich. Thanks to oil Ven ezuela still 
has the highest per-capita income in Latin 
America. 

“There are potentially more upsets ahead but 
there is a good chance that things will start to 
stabilize,” said Richard Wait, who beads up the 
emerging markets team at Garun ore fund man- 
agers in London. “ The assets are cheap. It has 
always been right to buy in moments of crisis in 
Venezuela because the markets are so illiquid.” 

Caroline Lane, a director at John Go vet t 
fond managers in London, agreed. “It is incred- 
ibly uncertain.” Mrs. Lane said. “Things could 
get worse. But we have 2 percent of our Latin 
American fund in Venezeula. We are talking a 
bet (hat the economy is flat on its back and wifl 
probably improve from here on.” 


She added a word of caution: “You wouldn’t 
want to put your grandmother’s savings into 
Venezuela. But on the other hand, if you like a 
risk, it could just double. It is another Brazil or 
Turkey. It has high inflation but it is still 
possible to make money.'’ 

Such is a minority view, however. Most Latin 
American experts still believe that the crisis — 
which started last year with the impeachment of 
the president Carlos Andres Perez, due to cor- 
ruption charges — is going to get worse before 
it gets better. 

With the country’s currency, the bolivar, in 
free fafl, and inflation forecast at 55 percent for 
the year, the signs are ominous. Furthermore, 
the new government of President Rafad Calde- 
ra Rodriguez, who took office in February, has 
made ibe situation worse by quarreling with the 
respected governor of Venezuela’s central bank, 
Ruth de Krivqy 

In an effort to kick-start the stalled economy 
earlier this spring, Mr. Caldera tried to force 
the independent central bank to cut interest 
rates. Mrs. Krivoy refused to sanction the poli- 
cy and resigned as governor in late ApriL which 
further fueled the collapse of the currency and 
the markets. 

To add to the government’s woes, Banco 
Latino, the country’s second-largest bank, col- 
lapsed in February. The event was followed by 
a run on eight of the country’s banks, forcing 
the government to spend 56J billion to prop up 
the banking sector, a sum representing 1 1 per- 
cent or Venezuela’s GDP and 70 percent of last 
year’s tax revenue. 

Alfredo Viegas, Latin American market 
strategist at Salomon Brothers in New York, 
said: “The equity market will remain depressed 
until confidence is restored. Ova- the past few 
months confidence has taken a battering.” 

At the heart of the problem is ofl. The coun- 
try has become overly reliant on its oil wealth, 
which has been used to support an artificially^ 
high exchange rate. This has helped finance 
cheap shopping trips to Miami but has done 


country’s infrastructure 
or to diversify the economic base. 

However, there are a number of positive 
si gns. Recently, the oil price has been edging 
upwards, which analysts say wifl help the trade 
balance and government revenue. And for the 
first time in memory, the two mam political 
parties are calling for action. There is even an 
outside chance that the International Monetary' 
Fund wifi be called in to help. 

Frederic© Laffan. investment manager ax 
Foreign A Colonial Management Ltd. in Lon- 
don, which runs II Latin American funds, 
agrees that there are some positive sig n s . He 
said that stocks are cheap and that recent 
moves to auction dollars to get rid of the 
unofficial dollar market may hdp confidence. 

“However, I don't fed optimistic,” Mr. Laf- 
fan said. “Venezuela has a cultural problem, 
le are used to being wealthy and can’t 
' why they aren’t anymore There are 
other places to put your money. Stocks may not 
be as cheap, but the risk-reward ratio is better 
in other Latin American markets.” 

Janet KrcngeL Latin American economist at 
Klein wort Boson Securities in London, said: 
“If they are serious about an austerity program 
and if Caldera has to eat his populist pre- 
election words, then Venezuela could have bot- 
tomed out If not, there is a lot more downside 
to came. Venezuela could become a basket 
case.” 

For any investor prepared to bet that Vene- 
zuela has indeed hit bottom, there area limited 
number of ways of putting your money there 
Dollar-denominated Brady bonds, which plum- 
meted this winter but have since shown signs of 
resurgence, are one option. Scudder, Stevens & 
Clark, the U.S. fund management group, runs 
The Venezuela High Income Fund, a bond fund 
mentioned favorably by analysts. 

However. Jonathan Kelly, who runs Fideli- 
ty’s Global Bond Fund in Boston, said: “Vene- 
zuelan bonds are certainly cheap. For the so- 
phisticated investor who understands the 


I Venezuelan Stocks 

| General stock market index. - 

} 30,090 


26WSf:J 



22^500 


■ r"- ivj 

18,000 to ’iattir. 

./J J A S' ON i>4 F M A'fid 


1993 


1994 


Source: BtoombeiB dtt 

market, they could be attractive on a specula- 
tive basis, hut I would stay away until there is 
some positive transformation in the economic 
fundamentals.” 

For equity investors, direct investment in 
Caracas is virtually impossible due to its archa- 
ic settlement system. As there are do Venezue- 
lan open- or dosed-end country funds, the only 
options are to find Larin American regional 
funds that have high exposure to Venezuela or 
to invest in the eight Venezuelan ADRs listed in 
the United States. 

Gartmore is one of the few fund groups that 
has significant exposure to Venezuela. Since the 
market setback earlier this year, $47 million, or 
8.6 percent of its four emerging-market hinds 
has been invested into the country. Its recently- 
launched lndosuez Latin American Fond, a 
Luxembourg-quoted SICAV, plans to invest up 
to 10 percent of its capital in Venezuela. 

For those who prefer a more direct and vola- 
tile investment in Venezuela the best route is 
ADRs. These tend to trade on a premium to the 
underlying stock in Caracas and the spreads are 
often wide. Many analysts say that the best bets 
are Siderumca Venczcuana Sivensa, a steel com- 
pany, and Mavesa SA, a food producer. 


In Peru, A Maturing Market Moves Up 


By Rupert Bruce 


W! 


HEN international investment 
banks first discovered Peru and 
started to promote it as an emerg- 
ing market a couple of years ago, 
the joke was that the country fit in better with 
the Wild West than with Wall Street. 

Indeed, in the late 1980s and early 1990$. the 
country seemed to be falling apart. The Maoist 
Shining Path guerilla movement dominated 
much of the countryside, hyperinflation ruled, 
and the national economy was shrinking at an 
alarming rale. 

Despite President Alberto Fqjimori’s suspen- 
sion of the country’s constitution and dissolu- 
tion of its congress in April 1992. however, 
analysts say that Mr. Fujimori has nonetheless 
opened up Peru’s economy, especially since the 
capture of Shining Path leader Abimael Guz- 
man later that year. In 1993. the country’s 
economy grew by 6 percent, while inflation 
ended the year at a relatively modest 39 percent 
— down from a staggering 7.650 percent in 
1990, 150 percent in 1991 and 70 percent in 
1992. 

This year, the brokerage James Capd & Co. 
is forecasting economic growth of 5 percent in 
Pern, and a slide in inflation to 33 percent. 
Peru’s prime minister, Efrain Golden berg 
Schrieber, has said the official target is 20 
percent. 

Peru's stockmarkei has reflected the positive 
signs for political and economic stability in the 
country by becoming the best-performing equi- 
ty market in Latin America over the past three 
years. Peru's General Stock Index rose by more 
than 100 percent in dollar terras during both 
1991 and 1992, before returning 89 percent last 
year. The index was initially driven by gains in 
the larger shares, while last year the smaller, 
second-line stocks caught up. 


Frederico Laffan, investment manag er at 
Foreign & Colonial Management Ltd. in Lon- 
don, which runs numerous Latin American 
funds, said the stellar performance was justified 
by revaluation from the market’s low point. 

“Peru’s development has obviously hap- 
pened later than it did in other Latin American 
markets like Chile and Mexico.” be said. “The 
revaluation phase for those markets was in the 
early- to mid- 1980s. 

In addition to the capture of Mr. Guzman, 
the guerilla leader, the demise of vestiges of 
previous left-wing governments have pleased 
international investors and helped the market 
rise, say analysts. Among these are the elimina- 
tion of a 37 percent capital-gains tax in Novem- 
ber 1992, the adoption of a privatization pro- 
gram, and the establishment of a private 
pension system. 

The rise m the General Stock Index has 
continued tins year, to the tune of a 20 percent 
increase. But now, with a market price-earnings 


ratio of I7J, the market is thought by many 
analysts to be fully valued. 

“We believe this is going to be an eamings- 
driven market,” said Mr. Laffan. “We are look- 
ing at an incxcase of about 35 to 40 percent this 
year in the index, with earnings growth of 40- to 
45 percent.” 

Nigel Rendefl, emerging markets strategist at 
James Capd, said that Peru is no longer looking 
particularly cheap. He pointed out that there 
are cheaper Latin American markets, like Mex- 
ico. Nonetheless, he added, Peru is viable. 

Investors interested in Peru can make plays 
through country funds such as Foreign & Colo- 
nial’s Peruvian Investment Company, or 
through regional Latin American funds. 

There are, of course, still many doubts about 
Peru, say analysts. According to Mr. Reudrii 
some investors still avoid it because they find 
the political risk unacceptable 

“In our opinion, politics does seem to be the 
biggest risk in Pan," said Mr. Laffan. “The 
coup has enabled the Fujimori government to 





Source: Bloomberg utr 

push through economic reforms and other mea- 
sures, but you have a very weak legislature, civil 
service, and judicial system.” 

Mr. Rendefl is still reasonably optimistic, 
however: “Some people still stay dear of Peru 
because they think the terrorists may come in 
and take over. I think that is a very small 
possibility." 


BRIEFCASE 






: - 


-'-TV*' ,* 




sess compatible terminals Cards 
that use magnetic strips to store 
information and provide security 
barriers remain the norm through- 
out most of the world. 

Bank card fraud in Britain 
reached £165 nriHion ($247 million) 
in 1992, and is estimated at $1 
billion annually in the United 
States. 

New Guide Ratos 
British Unit Trusts 

Newsletters offering advice to 
investors have developed into a 
small industry, and professional in- 
vestors say the quality of such pub- 
lications varies widely. A new Brit- 
ish publication that says H seeks to 
investors in making their own 

— rather than 

them what to do — is getting] 

reviews, however. ... 

The UTA Guide, introduced last 

week by Unit Trust Analysis Lui, 
ides investors with detailed in- 


Bank-Card Fraud 
FeU In Franca In ’93 

France, looked to by many re- 
taflos and paymeni-systans ana- 
lysts as the world's pacesetter in 
bank-card technology, appears to 
be continuing its highly successful 
battle against fraud. 

According to statistics recently 
a deased by fatjupenwitdes Cartes 
Bancaires “CB,” an umbrella trade 
ization that includes the 
j held Carte Bleue, bank-card 
in France fell to 207 rmtorai 
francs ($36.8 aMon) ^ 1993. 
down 45 percent fro m 19 92. 1 ne 
group said the improvement was 
es pecially significant considering 
that the volume of payments made 

with CB bank cards — wWAt^ty 

either the Visa or MastcrCartnogo 
—rose by 7.6 percent to 511 btuwn 
francs in France ewer the same pe- 
riod. 

Analysts attribute the results to -,^^65 investors with detailed m- 
the fact that, since January formation on more than 350 aotho- 

afl'CB cards have been made with a ^ unit trusts selected 

microchip, which, when pro- fjonthosewitiitheinostcoiiiiristenl waxbw gsdcoston to pursue the 
grammed with a pereonal ldmtiii- w^jngnee records over the past Austrian market, said company 
cation number, makes fratw?K» l ^s. The monthly gtnde. damnan Andrew Dalton, was par- 
use. of the card more diffieuli- 
Abont three-fourths of 
ceptihg merchants in France pos- 


wtriefa costs £14930 a year, is divid- 
ed into sx stock market sections: 
UJL equity income, high income, 
international equities, UJC. equity 
growth. Far East, and Europe and 
North America. 

The publishers say the guide is 
primarily intended for investors 
without a regular adviser or broker. 
Far farther information, contact 
Unit Trust Analysis Ltd. in Lon- 
don at (44-71) 600-7777. 

Warburg Unit to Sen 
A SICAV in Austria 

Warburg Asset Management has 
announced that its $775 million 
Mercury Selected Trust, a Luxem- 
bourg-based SICAV, will now be 
marketed to investors in Austria. 
The trust, an umbrella fund with 30 
subfunds ranging from global bond 
and equity funds to regional and 
single-country funds, has already 
beat authorized for distribatiati in 
Britain, the Channel Islands, Ja- 
Laxaabourg. Germany and 


dally due to the country’s high per- 
sonal savings ratio of 13 percsnL 
Tbc fund allows six switches be- 
tween subfunds per year at no 
chatge, and dealing is available on 
adauy basis. 

For further information, call 
(352)42121200. 




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INVESCO Fund 
Performance Comparisons 


INVESCO 


EUROPEAN WARRANT FUND* 

(From 1st June, 1993 to 30th May, 1 994) 


ASIA TIGER WARRANT FUND* 

(From 1st June, 1993 to 30th May, 1994) 



Jun Jul Awf Sep N* [>.< 94 Feb Ma» Apt Ua> J,n 

■ INVESCO European Warrant Fund (U S.S) + 100.57% 
•MSCI Europe (U.S.S) + 14.59% 

Source Mnropjl oiler lo offer, no income (U.S.S) 


FUND OBJECTIVE 

To provide shareholders with capital growih from a highly geared 
investment in the European equity market through equity warrants. 


PREMIER SELECT 

GLOBAL EMERGING MARKETS FUND 

(From 1st June, 1993 to 30th May, 19941 



Jun Jul Aug Sop Oa He. Doc 94 Fob Mar Apr May Ain 


■INVESCO Asia Tiger Warrant {U.S.S) + 94.47% 

■ MSCI Pacific ex Japan (U.S.S) + 30.36% 

Source: MKropal, offer-to-offor, no iiKomo (U-S.S) 


FUND OBJECTIVE 

To achieve long-term capital growth from a highly geared portfolio 
of Asian equity warrants. 


EUROPEAN ENTERPRISE FUND 

(From 1st June. 1993 to 30th May, 1994) 


200 


ISO 


100 


50 


100 


so 


-50 


150 


M 
D 
E 
X 
E 
O 

P 
E 
R 
F 
O 
R 
M 
A 
N 

S 90 


135 


120 


105 


"1 50 


35 



X 


20 


-10 


Jun A4 Aup On Ne.- 94 Feb Mai Apr May Ain 

INVESCO PS Gtab. Emeus. Mfcts (U.S.SJ + 31 .78% 

MSCI World Inde* (U.S.S) + 774% 

Source: Mtocpal. orre- ; >oH-?r no income |U 5 Si 

FUND OBJECTIVE 

To achieve capital growth Worn investment in leading companies 
based in the emerging marl eis of the world. 

• Investors should note that equity warrants are a highly geared 
form of investment and therefore are categorised as high risk. 
Typically they should form no more than 1-2% of en overall 
balanced portfolio. 

INVESCO International Limited 

INVESCO House, Grenville Slreei, Si. Helier. 
Jersey IE-4 ATP. Channel Islands. 
Telephone: (0534) 73114 Facsimile: t0534) 68106 


Jun Jut Aug Sep OcJ Ne* Dee 94 Fab Mar Ap. May Jun 


INVESCO PS Euro. Enterprise (U.S.S) + 24.57% 

MSCI Europe (U.S.S) + 14.59% 

Source: Micropal, offer -to-oifer. no income (U.S-S) 

FUND OBJECTIVE 

To achieve long-term capital growth from investments in the smaller 
companies and special situations of any European Stock Market 

i r To: Sales Support 

INVESCO International Limited, INVESCO House, 

Grenville Street St Helier, Jersey JE4 STD, Channel Islands. 

Please send me full details of die 
n European Warrant Fund 
I"! PS Global Emerging MktS Rind 

NAME 


□ Asia tiger Warrant Fund 
f~~l European Enterprise Fund 


ADDRESS 


POSTCODE 


HTD4Q694 


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Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY , JUNE 4-5,1994 


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AC Milan Forces 
Van Basten Out 
01 World Cup Play 


Reuters 

MILAN — Marco van Basten 
ruled himself out of the Dutch na- 
tional soccer team for the World 
Cup on Friday after his Italian club 
AC Milan made it clear they were 
adamantly opposed to the injured 
striker’s selection. 

“ Milan made this decision and I 
had to respect it,” van Basten said 
after a training session at the club's 
MilaneDo headquarters. "My heart 
told me to go but the head won out. 
Milan made their position very 
dear and I have no choice but to 
accept ihaL" 

The three-lime European soccer 
player of the year, who has not 
played since May last year because 
Of a serious ankle injury that has 
required two operations. Was invit- 
ed to become the 22 d and final 
player in the Dutch squad after 
Ruud Gullit withdrew- on Monday 
without offering an explanation. 

The invitation was initially ac- 
cepted by van Basten who told 
Coach Dick Advocaat on Thursday 
that he was ready to replace Gullit. 
But he reversed his derision after 
Milan said legal action could fol- 
low should be jeopardize his career 
by playing before he was fully fit. 

Adriano GalUani, Milan’s depu- 
ty chairman, said, “Not only are we 
absolutely opposed to the idea of 


him going to America but we be- 
lieve that, in that case, there would 
inevitably be legal problems. 

“Van Basten is in no condition to 
take part in the World Cup. If he 
goes as the 23d man. no problem. 
But if he goes as the 22d, however 
sony I am to say it, that would be 
the end of a dream for us.” 

Van Basten said he was surprised 
by the club’s hard line. 

“I didn't expect such a strong 
reaction,” be said, “I intended to go 
over there to train. I only intended 
to play if I fell fit enough. 

“I’m very sorry for the fans, the 
other players and for Advocaat, 
who has been very kind to me." 

Advocaat calling in the Ander- 
ledit striker John Bos man, a surpris- 
ing omission from the 1990 Dutch 
World Cup squad, to fill the spot. 

“I’m sorry about the Gullit case 
and T m sorry that this has happened 
now.” van Basten said. “If it had 
been kept private then Milan. Advo- 
caat and myself could have come to 
a decision without any fuss.” 

Van Basten. will have a further 
medical check on June 21. 

“Of course, if I fed One in three 
weeks it will be hard to sit and 
watch the World Cup on televi- 
sion," he said. “I hope I’ve made 
the right decision." 




Rookie Wakes 



A W-. 





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The Associated Press 

BALTIMORE — Scott Klingen- 
hec k , called up to fill Ben McDon- 
ald’s spot in the starling rotation, 
did a d retry fair imitation of Balti- 
more's pitching ace. 

In his fust major league start, 
Xlingenbeck gave up six hits and 
four nuts, three earned, in seven 
innings, st riking out five 30 d Walk- 
ing four as Baltimore beat Detroit, 
11-5, the only American League 
gamr on Thursday. The Orioles 
snapped a three-game losing streak 
and Detroit’s four-game winning 
streak. 

“You only get one first start, and 
you only get one chance to win it," 
Klin geo beck said. “But we stopped 
the losing streak. I guess 1 can say 
we; I’m still part of the team.” 

For at least the time being. Ori- 
oles m aT ? a S gr Johnny Oates said 
McDonald's status was unsure, al- 
though he threw without pain from 
a strained groin muscle before 
Thursday’s game. 

If McDonald, who had a smug 
of 80 straight starts broken, can't 
go, Oates can always call on Klin- 
genbeck- 

Never mind that Oates had never 
seen Klingenbeck before be 
Camden Yards 


that you’d like experienced veter- 
ans to do. He inrew some 
change-ups, 3-2 sliders. Sometimes 


1 

Kfiogenbeck was the bew^a- 

ry of an cffesiye'TesuiS?asM)y 

his dew teammates,- ww 4 Hd 


that’s tough not only to teach, but 


to teach them to have confidence m 

doing it He did himself proud.” 

“He wasn’t afraid to throw the 
ball over the plate,” said the Tigers 
Lon Whitaker, who responded to 
one of the challenges with a two- 
run homer in the third inning. Tie 
goes after hitters, mixes pilches up 
and throws strikes. He was just an 


his arrival Cal -Ripken ' ^ 

way, driving hj. fear ruus^rith 
three hits,/ ■ — • ■ 




After .breaking a 4“4: tiMr Tte; 
third mmrig with an RJM'Sni^e, 
Ripken Jhilhis > 

the season, m the. .&&$! 3Mpfeea 
made Tigers reliever. Rust Kiat&rn - 

S y for mtentiaptpy^aai^^ 

d Palmeiro logct to Star £ w- 




4 







Phils 



The Associated Press 

CHICAGO— A day after Fhfla- 


the ninth and earned ffibfflijufe. 
He was m save oppt«tWJi- 




showed up at ™ agoTNow Tm back to where I was 

Tharedavnwnmig from s the Bowie ^ 7^5 what I wanted to do." 
Bavsox of the Eastern League. Or m « 

that Oates mistook two members of What happjmed m C^cago. 
the laundry crew for his emergency Jadcscn was >14 m 1991 and^ 99^ 


delphia starter Shawn Boskie shut ties m May. Anthpa^Yqang'S>d« 
down his former team, the C h ic a g o the loss, gmng npax 


Oibs, Danny Jackson did it again 
Thursday, pitching four-hit ball 
over eight mnmg s in a 4-2 victory. 

“I haven’t really worried about 
what happened here in Chicago," 
Jackson said. “That was three years 


. T (fidnYled wX-dp zn$$ftf ” 

Youngsaitl T sxarKd^WBlkmg.thc 
bottom of l3»Trattmg~CBrder aid 1 
can’t afford .to do afc*V l*-.-;! ;■ ' 
Consecutive doubter by Pete ln- 
cavigBa and Jim Esamadi in the 
second gare 1-0 lead. 

Dunstoa tied it with use out in the 
fourth^ hitting the fin* pitch for his 
fourth homer. 


uk lauuui » view xui uubui-ibwvj .. _ — 7 - - __ - ■ - ThePhiffies went ahead 2-1 m 

slarurr when he arrived a, ^sud,- to Djte doa- 


$urpr 


nm 


Tie Mubiklhr Aiwcoird Pro. 

Scott Klingenbeck, called up from the minors to fill Ben McDonald’s spot, won it for the Orioles. 


K ling en beck made a favorable 
first impression. 

“He Slowed a lot of composure,” 
Oates stud. “He did some things 


Yamaha Wins Whitbread 
In a Sprint to the Finish 

Reuters 

SOUTHAMPTON. England — Yamaha and New Zealand En- 
deavour finished the Whitbread round-the-world race in victorious 
style on Friday, storming home with spinnakers flying in 40 knots of 
breeze and at a record-breaking pace. 

Ross Field, the skipper of Yamaha, was the first of the two to 
finish as he romped home to be the third yacht across the line at 
Southampton Water, claiming overall victoiy in the Whitbread 60 
class with a combined time of 120 days and 14 hours. 

in the dosing stages of the race. Field was forced to concede line 
honors when he broke a main halyard, blew out a spinnaker and 
slowed down to protect his overall 'lead. 

“The closing stages of the leg were the most stressful to date," 
Field said. “But my crew did a great job of handling the boat.” 

Field punched (he air in delight that overall victory was finally his 
after 32,000 miles (51,500 kilometers) of ocean racing 

An hour later it was fellow New Zealander Grant Dalton’s turn to 
realize the dream he has been chasing since 1989. 

New Zealand Endeavour sailed into Southampton as overall 
winner of the Maxi class, smashing Stdnlager’s course record of 1 28 
days, nine hours by eight days, four hours. 

It was sweet reward for Dalton who spent the entire 1989-90 
Whitbread chasing Strinlager’s coat tails. 

A spectacular Whitbread race was highlighted by a fitting finale 
on the sixth leg from Fort Lauderdale. Florida. The top three boats 
raced the final miles within sight of one another and all broke the 
previous leg-six record. 

Whitbread 60 Tokio deserved the accolade of line honors — small 
compensation for a boat that looked set for overall victory before 
dropping its mast in the water during leg five. 

The New Zealand boat skippered by Chris Dickson, sped across 
the finish line in Southampton at 11:51 GMT to claim its third 
trophy as leg winner and smash the leg-six record of 17 days, 28 
minutes set by Steinlager in 1990 by more than four days. 

“It’s very good to finish on a good note,” said Dickson. "This is 
some of the greatest racing I've ever done.” 

European entry Intrum Justida was due on Friday night with the 
rest of the boats completing their arduous jouruev over the next three 
days. 



Canucks to Tie Series 


By Joe Lapointe 

New York Tima Semcc 

NEW YORK — The wide range between 
pessimism and optimism among New York 
hockey fans could be heard throughout Madi- 
son Square Garden before (he Rangers and the 
Vancouver Canucks completed Game 2 of the 
Stanley Cup finals. 

Before the game, a group of workers on the 
employee elevator speculated that this could be 
their last night of work in the Garden until next 
autumn. They agreed that neither the Rangers 
nor the Knicks, in the NBA. would win another 
playoff game and that both would be eliminat- 
ed on the road. 

Behind the television microphones. Mayor 
Rudolph W. Giuliani was voicing optimism 
bordering on hubris. When asked whether City 
Hall was planning a civic celebration for Man- 
hattan’s first cup championship since 1940. 
Giuliani replied: “Dam right. A big one. We’ve 
been waiting a long rime.” 

It's the stuff of jinxes. 

Although there are no guarantees of a pa- 
rade, there will be, for sure, another game at the 
Garden. That will be Game 5. next Thursday. 

The Rangers ensured this by beating the 
Canucks. 3-1, with the tiebreaking goal scored 
by Glenn Anderson, and orchestrated by Mark 
Messier, while the Rangers were short-handed. 

“People keep asking me why I keep putting 
him back in the lineup,” the Rangers coach. 
Mike Keenan, said of Anderson. "He's a fierce 
competitor. He and Mari have been a great 
combination for years." 

Unlike their previous two games, the first of 
this series and the last of the previous round, 
the Rangers did not squander a one-goal lead in 
the final minute of regulation time. 

The Canucks pulled their goalie, Kirk 
McLean, for an extra attacker and threatened, 
but the Ranger goalie Mike Richter stopped 
Martin Gdinas from close in with about 10 
seconds left. 

Brian Leetch then flipped the puck down the 


ice for the final goal, into the empty net, with 5 
seconds remaining. Doug Lidstef scored the 
other Ranger goal and Sergio Momesso scored 
for Vancouver, both in tne first period. The 
four-of-seven-game series, lied at one victory 
each, resumes Saturday in Vancouver. 

“1 believe it’s going to be a good series.” said 
:hc Vancouver coach, Pat Quinn. “We were 
underestimated by a lot of people. That’s O.K_ 
We’re not going to make it easy. It’s awfully 
exciting. I catch myself watching the play and 
not thinking too much, unfortunately. 

In the battle of two superb goal tenders, Rich- 
ter finished with 28 saves in Thursday night's 


No guarantees of a 
parade, but there will 
be another game at 


the Garden. 


of the Eastern Conference finals, against the 
Devils. 

The Canucks got (he goal back at 14:04 on a 
shot by Momesso. who came around from be- 
hind the net, pushed past Lidster and knocked a 
free puck over the goal line. 

The scoring sequence, which ended mstaingd 
pressure, included two unsuccessful Ranger 
clearing passes that were knocked down at the 
New* York blue line. 

The scoring chances were harder to come by 
is the second period, and the Rangers got the 
only goal of the session, scoring while short- 
handed. 

Getting credit for u was Anderson, only his 
second goal of the playoffs. But the man who 
did most of the work was Messier, the captain, 
who intercepted a Trevor Linden pass and 
raced up the middle of the ice, a play that is 
characteristic of the Messier style. 

McLean went out :o meet him in the slot and 
poke-checked the puck. But Messier recovered 
it and flipped it back into the slot from the side. 


for Cincinnati i 

year for the PhOfts. It’s too eady to 
write the book on Boskie, but his 2-2 
record this year is a marked im- 
provement over a 19-29 perfor- 
mance in fow seasons with Cmcago. . 

All Jackson needed, he said, was 
to get healthy and make some ad- 
justments in his delivery with help 
from the pi idling coach, Johnny 
Podres. 

Jackson gave up two singles to 
Mark Parent and a home run and a 
double to Shawon Dunstoo. 

“Jackson was in command of his 
stuff all night,” said his manager, 
Jim Fregosi “1 can’t say enough 
about how he’s done this year." 

Doug Jones gave up one hit in 


bled, advanced on Mariano Dun- 
can's single and scored when John 
Kruk hit mtoa double play.’-j 
' Wrth nnmera at fust and second 
and two’ out m the ajah, Jackson 
angled to make it 3-1 and stoat 
Young. Dunston made an-efror at 
short on Dykstra’s grounder, al- 
lowing anotherrun tosooreTw*4- 
1 lead :• -V 

Parent singled- to IcatT off - the 
sixth and reached third on Dun- 
ston’s doable two outs iiter. He 
scored when Krok booted Ryne 
Sandberg’s grounder. - • -■* • 

Steve Buechele was qecwd by 
first base ommre Joe West for f 
mg after sinking out to end 
Cubs* fifth. 




SIDELINES 


More Safety Rules for Formula One 

GENEVA (AFP) — The International Automobile Federation an- 
nounced Friday that it will be introducing new measures designed to 
make Formula One racing safer. 

The federation endorsed a series of safety measures already planned, 
concerning the exit and entry to pits and the can. But it also also backed 
supplementary measures to increase protection inside the car for a 
driver's head and neck, and for greater lateral protection of the chassis. 


i • 

i . .. 


victory. McLean. Vancouver's hero in Game I. 
stopped 37 shots. 

The first period was much like al! of Game !. 
with the Rangers holding a large edge in play 
and getting more shots. But the score was 1-1 at 
intermission. 

Lidster. the former Canucks' defenseman, 
scored the first goal of the game, unassisted. 6 
minutes 22 seconds into Lhe game. After com- 
ing up with & turnover in the neutral zone, he 
wheeled around and skated in along the left 
boards, then cut in on defenseman Gerald Di- 
duck. As Diduck pushed Lidster into McLean, 
the puck found its way over the line. 

Lidster, who joined the Rangers last June in a 
trade for goal tender John Vanbiesbrouck, did 
not play in the post-season until the sixth game 


Lumme. the trailing defenseman 
came at i ! :42. 


Jyriri 
Tne score 


The_ Rangers' power play, without a goal 
:e4of thef" ' 


since Game 4 of the previous series, contmued 
to sputter, although there were many chances 
late in the period. The Rangers appeared to be 
attacking McLean physically. Esa Tikkanen 
was penalized for interference after both he and 
Anderson raised their slicks near the intersec- 
tion of a loose puck and McLean's mask. 

After a whistle ended another thrust to the 
net, Adam Gra ves landed on the goalie, without 
penalty. The Rangers seemed frustrated by 
Vancouver's defensive tactics and tried to initi- 
ate collisions to break the spell. Joe Kocur tried 
to goad Shawn Antoski into throwing punches. 
Graves was sent off for tripping after whipping 
out the legs of Dave Babych. 


ii UIU mpywj u U1W me MUl 11UU1 IDC MUC, T| . 1« rnm/1 % Fwm p T , > n n 

where Anderson arrived to find a great deal of iXirtOll W lflS I Q 11 T Of Italy I fttn S tag p. 

exposed net and little resistance from Jyriri * rcxir v ax- lj t»— » j 

LIENZ, Austria (Reuters) • — Michele Bartoli produced a solo nm from 

the top of an Austrian mountain Friday to win Uie 13th stage of the Tour 
of Italy bicycle race. 

He finished two minutes and 3 1 seconds clear of Fabiano Fomanelli at 
the end of the 234 kilometers (145 miles) from Kxanj, Slovenia. Ftavio 
VanzeBa was third, two minutes 59 seconds behind (be winne r -Yevgeni 
Berzin of Russia retained the overall lead. . . 



FortheRecord 

The Natkmd Football League, concerned about where the Los Angeles 
Raiders will play tins fall has asked the city of Pasadena, California, to 
consider making the Rose Bowl available for the team’s home p-itnes if 
the earthquake-damaged Coliseum is not ready. (LAT) 

Tfce Otvinpic track champion Carl Lewis lashed out at U.S. universities 
fer scholarships and fine 




who offer scho l a rsh i p s and financial aid to foreign athlen**; 
are ba nkrol li n g the world Olympic movement when we should J 
our Olympic movement.” 


We 



To our readers in Belgium 

It's never been easier 
to subscribe and save. 

Just call toll-free 
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Bruguera and Berasategui to Meet in Final 


*<r 


1- r . . « . _ _ Ijiad CimMaa/llK AuoOMed fteu 

Jim Loaner waving his farewells to Roland Garros for the year after his loss in the semifinal . 


By Ian Thomsen 

trucrmUwnal Herald Tribune 

PARIS — It is difficult to ex- 
plain how Jim Courier could grow 
old in the course of me blustery 
afternoon. He has always played a 
firm, conservative game, the effort 
gathering; prematurely in bunches 
around his shoulders and thicken- 
ing neck, like an rider top-heavy 
with experience. He was overtaken 
Friday, 6-3, 5-7, 6-3, 6-3. in a 
French Open semifinal by his 
Spanish nemesis, Sergi Bruguera, 
who appears much the younger. la 
fact they were both 23. 

The final will match (he defend- 
ing champion Bruguera against his 
fnend rim fellow Barcelonan, 20- 
year-old Alberto Be rasategui, who 
on Sunday can become the fourth 
roan to win the French Open with- 
out losing a set (the last bang Bjorn 
Boig in 1978 and 1980), as wdl as 
its second unseeded champion 
(joining Mats Wilandcr in 1982). 
Berasategui needed just 72 minut es 
to beat No. 46 Magnus Larsson of 
Spain, 6-3, 6-4, 6-1. 

u f like Berasategui a lot,” said 
Courier, who could win only six 
games against him in a day final at 
Nice this spring. “I think he’s got 


enough game to beat anybody on 
this surface. In Nice he played a 
game that I wasn’t really f amiliar 
with, to quote Bobby Jones. I'd like 
to see that final myself." 

It will be the first Grand Slam 
final ever decided by two Spanish 
men, with little appeal internation- 
ally. Just a few days ago it bad the 
potential of bringing a “consecu- 
tive Grand Slam” to world No. 1 
Pete Sampras, before he was wres- 
tled down by No. 7 Courier in their 
quarterfinal; now the final will suf- 
fer without Courier's newfound 
charisma, which has been won at 
the expense of his skill. This semifi- 
nal was nothing like his four sets 
with Sampras, as aesthetic as four 
rounds of arm wrestling. It bad 
little in common with Courier’s ti- 
tle runs here in 1991 and 1992, 
when be was rising and then alone 
at the top; and it didn’t even resem- 
ble his five-sei defeat in last year’s 
French Open final, when Bruguera 
kicked past him ai the end. 

This time everyone. Courier in- 
cluded, understood that he was not 
the master he used to be. The swirl- 
ing winds added to the confusion of 
a champion struggling to re-create 
something that had come naturally 


V33SS 

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J a*r 


Surprising Pacers Surprise Even Themselves 


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By Thomas George 

New York Tunes Serv.-rr 

INDIANAPOLIS -—At this time or year, 
the Indiana Pacers are usually well into 
their vacations. At this time of year, the 
Pacers are usually watching other team* 
march toward the league finals. 

One day soon, building block by block, 
the Pacers hoped they could reach that 
exhilarating stage. And to nearly everyone’s 
surprise — including their own — that day 
has arrived. 

On Friday night at Market Square Arena. 

■ the Pacers faced the Knicks in the sixth 
game of the Eastern Conference finals, 
leading the best-of-seven series by three 
games to two. One more victory puts them 
in the finals against the Houston Rockets. 

At practice here Thursday, the Pacers 
were pinching themselves and nibbing their 
eyes. 

Yes, this is really happening 

No, this is not a cruel hoax. 

“The fans are stunned in New York, they 
are stunned here, the Knicks are probably 
stunned and I know we are,” forward Anto- 
nio Davis said as the Pacers relished their 
93-86 victory over the Knicks on Wednes- 
day night at Madison Square Garden. 

“I hate to say that we have to win this 
game,” said Lany Brown, the Pacers coach. 

“We have to win one of the next two 
games. But, no question, this is our best 


chance, to win it right here. I told the mam 
that knowing the Knicks and their pride 
and knowing what kind of coach Pat Riley 
is, that this is f * - * * - 


we ve ever 

Are the Pacers ready? 

“We have no time to think about whether 
we’re ready or not," Davis said. “Lei's just 
play and find out," 

That is a formula that is working for the 
Pacers — toss it up and answer all questions 
on the court. 

So far, we know this: 

• The Pacers had lost 1 1 straight at the 
Garden before w inning Wednesday. 

• They were 2-29 in their most recent 
stretch in the Garden. 

• The Knicks had been 8-0 at home dur- 
ing these playoffs. 

• The Knicks had kept Reggie Miller 
under control until his 39-poim bonanza in 
Game 5 that included five 3-pointers and 25 
points in the fourth quarter. 

After the Pacers dropped the first two 
games at the Garden the turning point for 
the club was Game 3. 

Demons were exorcised. They not only 
beat the Knicks for the first time this season 
but also whipped the Knicks, winning by 20 

K s and umitmg New York to a record 
or the playoffs of 68 points. 

Miller kept idling his teammates during 
this series to simply keep the game close 


until the fourth q uaner. They were not sure 
what he meant before Game 5. They dearly 
understand now. 

“Early in the game you have to knock us 
out because if you let us linger, well come 
back, 1 ’ Miller said. 

“The longer it goes, the longer we go. The 
stronger we gel. I still don’t think the bur- 
den falls all on my shoulders. But, by scor- 
ing more. I’m creating more offense for 
everyone. Guys are feeding off that.” 

The Knicks know the stoiy. 

What Miller was able to do. Patrick Ew- 
ing has been unable to accomplish. He has 
yet to match Miller in such point produc- 
tion, and the Pacers believe that as long as 
Ewing is contained, so are the Knicks. 

Indiana began the series by letting Ewing 
catch the entry pass in the paint and then 
clamping down on him. Then they let him 
catch it and tried to double and triple him 
in the post 

Now, for the last three games, they are 
using two, three and sometimes four players 
to deny him post position and, more impor- 
tantly, to deny him the entry pass. 

They arc daring the rest of the Knicks to 
beat them and refusing to lei Ewing do so. 

They are dung it with numbers. Ewing 
will look up and at any point in the game 
might see Antonio Davis. Or Dale Davis. 
Or Rik Shuts. Or Derrick McKey. Or, off 
the bench, Ken Williams or Sam Mitchell or 


LaSalle Thompson. Or any combination of 
those Pacers or even more. 

“Evert with Reggie's great performance," 
said Brown, “we don’t win that game if 
LaSalle and Ken and the other guys don’t 
give us great defensive minutes off the 
bench. With 56 seconds to go in Game 5. 
the Knicks were one of nine for the quarter. 
They made nine turnovers in the fourth 
quarter. 

“That's the ball game. That and our de- 
fensive pressure on the perimeter, rebound- 
ing, getting loose balls and making the hus- 
tle plays." 

Thus, the bruising Knicks have tossed 
strong blows but have been stung by an 
upstart team that is tossing more hefty 
blows right back in their faces. Indiana on 
Friday will be playing in June for only the 
second time ever. 

It is a time of year they are quickly 
growing to love. 

“I understand wh3t Patrick Ewing must 
be going through because there is so much 
pressure on him," Antonio Davis said. "His 
team expects so much from him. So do the 
fans. He does from himself. And this is 
supposed to be his year to win it all. 

“That is a lot of pressure. But we want to 
keep taking the ball and the game out of his 
hands and we believe we can do that. We 
smell blood” 


the first time. The flags atop the 
grandstand roof woe stretched in 
co&uaiy directions all at once. 
Huge clouds marched double- time 
across the crisp bine ceiling. Every 
few minutes the seasons changed, 
from spring to summer to fall; 
while on the day floor of Center 
Court, the wind coughed np red 
dust like puffs of breath in winter. 

Against this backdrop Courier 
struggled and flailed. When he con- 
nected, it was just like 1992, or the 
opening sets of the final last year. 
Tins was his first rematch against 
Bruguera. It might have helped if 

Courier had been able to play him 
at a smaller venue in between. As it 
was, the surroundings reinforced 
the discoveries made by Bruguera 
last year. Now he knew how lo land 

his punches; be could not be bul- 
lied. It became a prize fight inflict- 
ed on the baft. 

“1 was feeling that 1 have more 
power than him, that I can move 
him around and he cannot attack 
as well as last year,” said Brugera, 
the No. 6 seed. “I think maybe Jim 
played the same, but maybe with- 
out the confidence that he bad in 
the years before.” In those days, 
Bruguera said. “He was, like, blind 
— he was hitting everything with a 
feeling that it is going to go in. And 
then, maybe, when he lost against 
me, be lost a little bit of that confi- 
dence. And also it is not possible to 
play with that confidence every 
year for three years in a row, four 
years in a row.” 

Bruguera had won the first set 
easily, and with a break in hand be 
was going to serve out the second 
when Courier found the kind of 
strength that means more, some- 
how, than all of the titles he won 
invincibly three and two years ago. 
He had won just five points against 
Bruguera's serve when suddenly he 
charged — digging a deep forehand 
from out of the comer that sent 
Bruguera retreating. He had taken 
enough Up and wasn't going to take 
anymore. Bruguera was broken at 
love. 

But there is little subtlety to Cou- 
rier's game, and the secret to beating 
him is as simple as refusing to back 
down. He woo an exchange at the 
net, then Courier missed with a wild 
forehand; the momentum appeared 
to be dragging the American away 
as he was called for a double-fault, 
giving Bruguera three break points. 
But then the umpire came down his 
ladder to check the bah mark, and 
Bruguera couldn’t argue — Courier 
hadn’t double-faulted after alL He 
was awarded two new serves. Re- 
charged, he won four points in a 
row, he won five games m a row. In 
one extended instant Bruguera bad 



y.~: 

\ : ‘i/' 

, B Pnnc* Xovani/A*ox* Fram-Presc 

sergi Bruguera jubilating after his victory over Jim Courier. 


lost his first set of the tournament, 
and they were even. 

“1 just changed the game up a 
tittle bit,” Courier said. “1 started 
mixing it up a tittle bit more, going 
more to his forehands than before. 


srve, wbich is wfaai I needed to do 
the whole match. U is wfaai I didn’t 
do at the times when even 1 wasn't 
aggressive enough. I only seemed to 
find my aggression when I was be- 
hind. Thai is what 1 lacked a little 
bit at (he defining moments of the 
match.” 

The beauty of this sport, com- 
pared to the sport it brought to 
mind, is that on this surface the two 
fighters were able to fight unceas- 
ingly for almost three horns as they 
did Friday, and only damaging the 
other’s pnde. The wind should not 
have bothered Courier because he 
plays Eke a crouching boxer, com- 
pact in his Strokes; but while Bru- 
guera seemed ignorant of it. the dust 
of Courier's favored day was swept 
into his eyes, and at times he almost 
was trying to duck the ted tornadoes 
as he chased down each ball 

He fought all the way in, but 
never on Ins terms. Revenge was his 


greatest motivation. He was always 
trying to catch up, then truth over- 
took him like the first wrinkle. He is 
not finished, not at 23, but it's going 
to be much more complicated than 
it was. As be walked out, tbe ap- 
plause swelled aver and he looked 
ready to cry. Everyone is supposed 
to love a winner, but that isn’t true 
— they love a fallen winner more. 

Results 

ME ITS SI HOLES 
Sem Htoafc 

Sara) Bruguera (61, Spain, m. Jim Qwrier m. 
U JL 64 57 6-3 4-3; Alberto Bflrasatesul. Snaky 
deL Moms Lmaoa Sweden M *4 6-L 
MEM'S DOUBLES 
Semifinal 

Jan Apell and Janas Btorkman (121, Sweden, 
del Grant Conrieu Canada, atf Potrldc Gat- 
bratth (]). ujl 6-7 (4-7] M 7-5. 

WOMEN'S DOUBLES 
Semtftnat* 

Ltncsov Dauenpon (11 » and Lisa Raymond, 
U-5~ del Amanda Goetzer (7J. Saudi Africa 
ortalimGorradtategulArvenilMi,7-4(7-2>4- 
7 (M) 6-4; GW Fernandez (1).U-8~ and Nata- 
lia Zvereva Betann, def. Jull* noted 051 
and Nettmiie TauziaL Franca 44 M M. 

MIXED DOUBLES 
Semifinals 

Kristie Baogertand MemoOotalng. Nether- 
hmdatki. Meredith McGrath, US* and Seolt 
MetvtUerMl.UA.IM.6-Z.S-3; Larisa NeHand, 
Latvia, <xri Anm OIMvsfcly m, Russia. deL 
Helena Sokova Cxeeh Republic, and Todd 
WaodbrtdOe (3). Australia. 7-4 (7-5), 6-2. 


■ . 

- c 


SCOREBOARD 

jmms. 


Major League Standing* 


AMERICAN LEAGUE 








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24 27 

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26 24 

529 

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Kansas a tv 

25 25 

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21 30 

412 

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Texas 

23 27 

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caitforola 

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VA 

- Seattle 

21 30 

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• Oakland 

16 36 

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NATIONAL LEAGUE 



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32 11 

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27 22 

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25 26 

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25 27 

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Cincinnati 

27 23 

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Houston 

27 33 

558 

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5L Louis 

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25 20 

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24 77 

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Son Dfego 

17 34 

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w 


2*9; Udstar.NY Untartarenee>.7:44; Hunter. 
Von (rwaMnol.lfeai; Hunter. Von. mtsam- 
duct, 15:26: Andersen, NY (Interference). 
16:55. 

Second Period— 3, New York. Anderson 2 
(Meslan.lV^2Uti).PMMttM»-oromvVaii 
(hooking M ^7; Matleau, NY ( hook lng),6:T2; 
Graves. NY (trtotaneh HhSS: AntoekL Von 
(rauonina), U:fl; TUckanen. NY (ooalie In- 
terference), 17:80. 

Tttrt Ported— 4, Mow York, Loelch 7, 19:56 
(«). P eo n We s — l.ld sler . NY ( I nt erference). 
1:41; Dtduck, Van (MgfvsHcWnat. 4:32; Ko- 
valev, NY (hlBMIlcfcJnal. 4rfBs Broom, van 
(rmmMns). 15:27; Gilbert, ny (rauaMne), 
1192 

not* an a nm Van co u v er 164-T3— ». New 
York 14-1MS-40; PowsrMer omrtanMes- 
— Vancouver Dof ts New York 0 of 4; vealies- 
— Vancouver, McLean. 134 (37 dtes-37 
saves). New York. RXMor. 1M BMW. 


lit bowman, from Phoenix of me PCL. Sant 
Erfk Johnson. htfMder. to Phoenix. 

BASKETBALL 

NatieMl Basket P od Association 

CHICAGO— Will not pick op art ion year on 
contract of John Both, aasiekmt coach. 

LA. CUPPERS— Will take Atlanta's I7M 
flreEreuiKidran tfti d c olocBnmtetettieDonih 
ntaue WMkins trade. 

MIAMI— Aaraed lo terms wHh Kevin Louah- 
erv. coach an moHtvear contract exten s ion. 

ORLANDO— will not exercise option an 
Larry Krrftkawiak, forward. 

PHOENIX— Extended contract of Kevin 
Johnson, want) vear mrocndi 107677 season. 

SACRAMENTO— Hamea Graft Petrie vice 
pre si de nt ai basketball operations. 

SAN ANTONIO— Named Grew Popovich 


H.Y. ISLANDERS— AI Arbour. cooOx. retired 
to become vtcxi presktent al hodkev operations. 

PITTSBURGH— Signed Philippe DvRou- 
vlltoi aoattemtor. 

TAMPA BA^ Y— Sought Jeff Tams, toM ering, 
tram New jersey tor 179*3draund draft pick. 
Stoned Alton C petond. center. 

WASH I NGTON— Offered i-yoor termination 
contracts to Don Baaupra aooitondsr; Kevin 
Kamknkl, center,- ml Chris Longa, rm wing. 

COLLEGE 

ALABAMA— John Krett. men's tends coach 
retired la toke IT* same position at Termessee. 

ALBANY. N.Y.— Named Kristen Y Qwnons 
women's soccer coach. 

BOSTON COLLEGE— Mika Mltbury. ice 
hockey coach, resigned. 

CAL STATE NORTH RIDGE -Cheryl Kwv 


vice president of baskettxifl operations and nedy, women's basketball coochi resigned to 
Jack Odkr prssktonL Named Sam Scftutor beeaww wometrt basketball ranch oi wisanv 


CYCLING 


Tour of Italy 


director o» player personnel. 

SASKATOON -R el eased Michael 
guard, 


stn-LaCrasse. 

Sims CALIFORNIA— Will add women's Volf as 

dob program in 1774-75 and aslntercoll«Btato 


WASHINGTON— Named Bob Start ante- prog ram In tall ot 1775. 

CAMPB ELL— Named Jewel Lehman woirt- 


FOOTBALL 
National Football League 


Mi's volleyball raerti 
CITADEL— Named Eric Swallow soccer 


Thursday’s Line Scores 







AMERICAN LEAGUE 
Detroit 013 »ce MV- 1 1« l 

Mffotare Ofl 3M «t*-n » 1 

r Krueger,&DcnHs(3),Knudsen(A,BeoverlS) • 
aid Krauter; KJhtombKk.MHIs (8) «md Mottos. 
W— KJJrwentock.'l-a L— Kraeger.M. HR— Oe- 
, trait, Whitaker (71. Battkaore. Rlrten (4L 
NATIONAL LEAGUE 

.PbUMMMIIa Dtt IM 0M-* * 1 

■Chicago SM W 800—7 5 1 

• DnJodum, DJcraa IT) and Dautton; 
■A. Young. Otto (t).Ptosac (7), Bautista (7) end 
■Parent w— OnJacfcson. 7-1. L— A.Yeuna.3-4. 
•Sv^-OJones (U). HR— Chlcdoa. Ounslon (4). 

. The Michael Jordan Walch 

* THURSDAYS GAME: Jordan ww* Vtar*4 
.as the Carolina Mudcsts defeated Die BJr- 
mtnanam Barons 4-1. Jordan hod an kvflcld 
.sbwtd and 5Coiw>qnni.H»dWBrawided out 
.struck oaf «id reoaied on a ftoktort eftota. 
.He hed one putaat in rWd ftefcL 

SEASON TO DATE: Jordan to BOtttns J00 
I3M0T-W5) * stagtesewtsi dtaihlts, 11 

rura.21 RBL M stolen basee tall attamptfcM 
.walks and ft strikeouts. 


Results from FrfdayY mtisatae.»«Mto- 
metare tie rants) Iran KmL Stovtnln, te 
Ltom, Austria: l.Mkdwte BanMLIMhr.Mep 
cotone Una Medegtifal. flue houn>54 minutes. 
47 seconds; % Fabiano Pantamrill, Italy. ZG 
MabHI Setto I Mia. 2-JI rnbedes Oahlad; X 
FtavtoVcnzBHa. Italy, mG MagllftoioTeama- 
pymklCWbsMndl 4, Laureal Modouai, France, 
CastoromasL; A, Thomas Davy, Francs, Cas- 
torama 3UU behind,- &. Mario Chtosa. Italy. 
Carrera Jeon* TnsjorH. 3.-4V behtod; 7. Alberto 
VotoL Italy. Gowns Dawn. 3:51 benind: A 
paoto PomociarL Italy, Me m done Una Me- 
dertinLA^S behind; 7, NestorMdi«,CMHnbl» 
KekneAvtancasL; ift Rlccordo Fansnt, Ita- 
ly. Anwra e VHa Gatatran. 8:» behind. 

Overall atun Ota ss: L EugeM Bento. Rus- 
sia. Gawfss BaBan, 52 hours. 34 mlmdes, 1 
second; Z Armand Do Los Cuevas. Pranap 
Castanana,2:U behind; XGtann) Bugna Ita- 
ly, Team Pont 232 behind; 4. MtouM indur- 
ata. Sport, Bmtsto. 3-J7 behind; 5, Marco 
Glouanettt Italy, MppoI Ckn.4^1 behind; L 
PranegsoDCasagrande, Italy. MrrcntoneU no 
MedeghlnL 5:02 beMnd; 7, WMdhnlr Bem. 
Italy. Lnmpra Penarla. 5d< behind; A Pavel 
Tankov, Russia. Lamure Panarfa, 6:09 be- 
hind; 9, Massimo Pattonem Italy, Novtam 
Blue Starm, &2S bkMnd: IB Marco Pmtanl, 
Italy, Carrera Jeans TassanL ia beMnd: 


ARIZONA— Stoned Aeneas WtUtams, am- csadL 
nerback.tD2yearcontracL Waived John Boo- COLGATE— Named RonoWRohn women's 

fy end Chuck Cecil, de ta nslvc backs. Signed assistant basketball coach. 


Jim McMahon, quarterback, and Lorenso 
Lynch, cornerbadL 

ATLANT A Agreed to terms wttti Irv Eat- 
mon, offensive tackle, on 2-vecr caWra cf. 
CINCINNATI— OM not tender contract o»- 


DELAWARC -Numed DavM Cohen bbIi- 
tanf football coach. 

DILLARD Na med Jerry Loyd men's bay 
kettoH coach. 

FLORIDA— Joe Amatol baseball coach, re- 


The IHT World Cup Competition 

Win fabulous prizes. 


tar to Daniel SMRa.dBtanslvallnemon.mak- ehmed. 

hw Mm unrestricted tree agent FLORIDA ST.— Suspended seott Benitov. 

CLEVELAND— Stoned Cart Banks, line- Ptacefclcfcer. and Kntnarl Charlton, tight end. 
backer; Stephen Baker, wkto receiver; Floyd Indiflnltety. 

Fields, safety; and Dwayne Chandler, tlshi end. GREENSBORO COLLEGE— Named Rob- 

DALLAS— SlgnM Alvin Harper, wide re- «f1 Unvllte goH coach, 
cefrar.to 1-year contract. Made a auMItving MOF5TRA— Seth Meyers, basfcetboii 


offer to Mark stapnosu. center. 

KANSAS CITY— Stoned Chris Pena wide 
receiver, to JYeor co n trocL signed Byron 
Bonds, detersive lock!* ond Elvln ColdwetL 


guard. Claimed Lee Hant&wkto receiver, off motion director. 


Mdrd, to transferrlne from UNLV. 

HOUSTON— Named Raynor Noble base- 
ball CDO0L 

IDAHO H o m ed Seen Johnson M»orts Inter- 


waivers from Ctndnnatl Bonppts. 


LA. RAIDERS— Sieve Wright, offensive mento tennis coach. 


ILLINOIS STATE— Named Barry Ninon 


tackle, retired. 


INDIANA ST— Larry Russell, assistant 


CRICKET 


LA- RAMS— Re-Stoned Cleveland Gorv baseball cooch, retired. Homed Dorsey Tier- 
ond DavldLfang.rwinin8 bock; Jackie Slater, ney women’s assistant swVn couch, 
offensive tackle; and Jeff Esters, defensive I ON A — Lou Go Bo. mens soccer coach, re- 

tackle. waived Kelly Blackwell tight end; tired. Promoted Bob Herades. men's asvWani 
WDlle Farmer and Ernie Joneh wide racefv- soccer coach, to menfe soccer coach. Nemea 
on; Kevin Rabbins, offensive tackle; and Mine Jacobs men's assistant soccer cooch- 
Lson WWhh nnebarter. -Named Robert Scipp women's soccer coach. 

MIAMI— signed Tim Bowens, defensive KEAN— Named Mike leal fulHlme defen- 

sive coordinator. 

KEENE STATE- A nnie Baur-aue. field 
hockey coach, retired. 

KENT— Named Latng E. Kennedy athletic 


MINNESOTA R ele a sed Cart Left comer- 
beck, 

NEWeNGLAND— 5toned Max Lane, offen- 


' Eve tackle; Jew walker, Quarterback; and director, effective am. I. 


FIRST TEST 

EBBkMf VI. New Zrttaat First Dor 
Friday, ta Treat Brtdee- E e rtwwt 
New Zeafcmd 1S> mninse: 23M (M even) 

EMtand W kabws: Tf7-i 


Morty Moor*, nnebarter. Stoned Kevin Lea, 
wide raetlver. .Released BU Leeds, center. 

NEW ORLEANS— Terminated contract of 
Mike Burt, quarterback. A greed to terms 


LIMESTONE— Craig Dretmon. men's bas- 
Mtnu coach, resigned. 

LOYOLA MARYMOUNT— Named Robert 
Barka fuil-flme basketball assistant coach; 


wM Frank Warren, rfefemiVB and. and Craig Daren Kottsh restricted comings coach ana 


.Novttiky, offensive lineman, on 3-year con- 
tracts aid Joe Johnson, defensive end, on 4- 


oms walker futHIme aasistom coach, 
MIAMI, OHIO-ffaiMd Darrell Hedrlc In- 



year centraa. tartm athieHc taractar. 


N.Y. GIANTS— Merited Christine Praam MlLLERSVILLg Named Trevor Her- 

RULES AND CONDITIONS | 


mtaardeoatraHer and Monel cotenaastav tawr women's necer coach. 

tont trainer, MISSOURI— Named MkJwte Ranter osste. 


.Japanese Leagues 


Central looou* 


SB 


W L 

T 

PCL 

-Yomturi 

' S0 W. 

0 

536 

— 

-ChunUrt 

29 -A 

O 

515 

4V: 

-YokaMem . 

22 XL 

0 

500 

6 

•Yokult 

22 23- 

0 

4W 

SVt 

■Hantaibi 

20 25 

0 

444 

BVt 

■Hiroshima 

. W 25 

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590 

W) 


FrtdBvte Resattt 



■Yomluri i YOtatwtia 3 
■ChunteM L HanMn-0 

.. 




POCSMC L0MNN 



. 

W U 

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SB 

■Statu 

2* 16 

0 

544 

— 

Oafel 

20 17 

0 

422 

1 

'Ortx 

22 22 

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500 

67* 

-Klntatsv 

20 M 
» 25 

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455 

419 

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Nippon Ham 

17 30. 

T 

562 

a 

FevtaTY Restate 




- Anfrian Leayse 

BALTIMORE— RecaBed Scott Kflngen- 
DeCk. pRclier, from Bowie of the EL Sent 
MarkSainvoaffHMer,tD Rochester of ttielL 
CLEVELAND— Optioned Julian Tavaraz. 
ptictosofoOtorlotfeof tnelL Bought co ntr act 
ef Jason Grfmstey, Pitcher, tram Chartette of 
the iLDesaBnatet Kevin l2wsAM,pMwii,lor 


back, stand Dan Samtidf, center. Waived 


Ross Hates. ftoht end. Mode oauanfyfatD offer krttaaU coach. 


kid voltevbMI rooch. 

NAVY— Named Joe Sanchez womens Oav 


to Marti Gunn, defensive Hneman. 


NEWBERRY— Named Carole Obermever. 


TEXAS— Ad (voted Dan Smith, pitcher. 
Iran 15-day dbabfed Ksf and eoflened htoh ta 
Oklahoma City of Hw AA. 


Sclbu 9. Orta 4 
-KMtets/ St 0«M a 
Lotfe K NtaPrt Hem 1 


Stentgy Cup Finals 

lrimmvvrr 1. ® 

VMCWWT | } j 3 

;• K.Y. Rcewers • - * '* " 

lerle* »efl M. - 

c^Peitad— L New York. Ltotre rt.^ai Z. 

VancMtwsr, Metne tak » 

/ 14:04. Pcna U fee- Craveti. 0"FFi«0), 

J 


CJNCiNNATj-Sem nm Puab, Pitcher, to 
Indianapolis ef the A^Adtvuted Hector Car- 
- rata, pUcIvt, firom'Uday dtsoblecl BsL 

COLORADO— Stoned Doup Minns pHchsr. 

FLORIDA— Put JerertV Hernandez; pitch- 
er.onNMay etneraeiMYdtiabfedllsL Bound 
contract of WllHe Fraser, pitcher, from Ed* 
nsentan of the PCL. Oresfei DesfradB let 
Msemon, has refused assignment and has 
ttearne o free aoenL 

MONTREAL— opnenetf Kbit Ruder, 
pttdwr. to Ottawa at the IL Ota ted up Heotti 
Haynes, nbcher, Mem Ottawa. 

M-Y. MET5— Stoned vonce Wtteon catch- 
tr; Sonttage SancbeosfiotTstap; and Barrett 
Short, pffeher. 

.Philadelphia— R eaifled John Knifc 

tind baseman, and Kevin Stacker, shortstop, 
(rcmarefartl molten esAgnmemwRn Scran- 
ten WHtceHta(n«ffhe.(L:0pHmdTatty Bor- 
land, pHchar. Ota Tam Martas ouffiefder,to 
S c ni B l B fWlIkrt fl Boik^T ra n e fE t rad Tommy 
Greene, rttchcr. tranvlS-ki iOaay disabted HsJ. 
Acitvafed Ahmcrakand Kevtn StocWr, (n- 

ttataers. tram l&ttay tAaabtod ttta. 

SAn FRAJfCISCO— Recafted JJt PftiUlM, 


SAN DIEGO— OM not tender contract ef- tace pratadcrtoftaudcnldewetoom e d.niMoi- 1 
tea to GW Byrd, coraertack: John KM4. to director. 

eunter; JerroJWIWanw and Sieve Hencktck- NEW JERSEY TECH— J. Maknlm Simon. 

mn. H nebD rter s; and som Antes center, mafc- oiWetlc (flrector, retired 
tow them unrestricted fne agents. NEW ORLEANS— Named Tommy Joe 6o- 

SAN FRANCISCO— Stoned Dedrlck Dodee. bte ntente bnkeftun coach, 
safety, Ahtonto Goes, itaeborter, MutVn Hot- NORTH CAROL1NAWILM1NGTON 
rtaan, defensive etta, and Derek LovlNc run- -Named Jaeteen Bleber womenl assblani 
nfasbadLApraed to terms edkAntftenyBeH. baeturttiatl coach. 

Unebodcer/Tonv Horpaln, w«te reaHver, An- OLD DOMINION— Fal McMohon. baseball 
thonv Thomraon, roonkw bock. Rhett Hon, awch. resigned to become assoefafe baseball 
defensive tackle, coach at Mtabugpi st 

TAMPA BAY— Stoned Mike McGreder, OREGON STATE— jock Rjlev, baximll 


coraertoort. Named Oi)p Nantae tfirtetar of 
public r et o Ho ns. 

WASHINGTON— Apreed to terms wtthSrt- 
an MJtenea. ruwrto bock. 

HOCKEY 

Ng Hni tef Hockey League 
NHL— Suspended Jeff Berteboonv H.Y. 


COartc retired. Named tuiev asebtant athtetic 
ert u nt ta ra tor . 

PENN STATE-BEH REND— Named Kart 
Jeftneli mentf tatastam bortetbati coach ond 
Owrles Keenan menu and women's tennis 
roach. 

PRESBYTERIAN— Named Allen Ansfey 


RangmdetBiHwnreL tor Game Sat Eastern women's veUrrtmli court. 
ConterenceftnafeWrWtflhgSlephonc Richer. ST. FRANCIS, PAr-Nomed Kevin Luene- 
New Jersey rtattfwfciB, from beMnd ki Games mono ostastent totfaall coach, 
and knocklno him imca rari e u i. ST. LOUIS— Greg Lackey, men's assistant 

BOSTON— 5toncd AlikU> Makefa, toft wing, tataketWH coach, rashmed la take similar 
drt BtalneLocher.BoaltendBr.Oitered term!- POtatton at San Dfego Si 
nation coniracn to Jon Corny, John Btue, ST. LAWRENCE— Named David Pauhea 


Mlkn Bates and Scott Betwy 


Amtarana, Denis Cherwokor and Darren 
Stalk, defentemms. Oerd Retaons, defense- 
MMV wfH not be offend a om fra i t . 

HARTFORD— Fired PIcttb McGt4re,cooch. 
: MONTREAL— Offered terminal ton can- 
trarti to Gary Lramon ona Ron wifeotw tor- 
words. and Andre Rodent and Lte Kuntar, 
oaaltendare. 


niBW mens MskewoH coach. 


CUP WARM UP MATCH 

i, Ukraine l 


Winners will be chosen from an official drawing. 
The first 16 entries drawn, with at least 6 correct 
responses, will win one of the prizes listed below, 
determined from the order in which they are 
drawn. 

Grand Prize: Two United Airlines business class 
round-trip Europe/New \brk tickets plus five 
nights accommodation at the Stanhope Hotel in 
New York. 

Five second prizes: Sprint Collectors frame pre- 
paid phone cards in celebration of the World Cup. 
Five third prizes: AT Cross. 22k gold, diamond 
cut. Roller ball pens, from the Signature 
Collection. 

Five fourth prizes: Gold Pfeil men's wallets. 


HERE’S HOW TO ENTER 


For each of the 12 days leading up to the World 
Cup, the IHT will publish a question in which the 
response predicts various outcomes of facets of 
the World Cup. There are 12 questions in all. 
After answering the question each day in the 
coupon provided below, hold your responses and 
send them all at once to the IHT. A minimum of 6 
responses must be postmarked on or before June 
17, 1994 — the World Cup kickoff day. 

Only clippings from the newspaper will be 
accepted. Photocopies and faxes do not qualify. 


r*> 





Group A 




USA 

SWITZERLAND 

COLOMBIA 

ROMANIA 

Group B 


BRAZIL 

RUSSIA 

CAMEROON 

SWEDEN 

Group C 


GERMANY 

BOLIVIA 

SPAIN 

KOREA REPUBLIC 

Group D 

ARGENTINA 

GREECE 

NIGERIA 

BULGARIA 

Group E 
ITALY 

IRELAND REPUBLIC 
NORWAY 
MEXICO 

Group F 
BELGIUM 
MOROCCO 
NETHERLANDS 
SAUDI ARABIA 


1. 


individual coupons will not be accepted. 

Minimum of 6 coupons to qualify. 

Cut-off date is postmarks of the first day of the World 
Cup — June 17. 1994. 

Valid only where legal. 

Entries will not be accepted from staff and families of 
the IHT newspaper, its agents and subsidiaries. 

Only original coupons will be considered valid. 
Photocopies and faxes are not acceptable. 

No correspondence will be entered into. Proof of 
postage will not be accepted as proof of receipt 
No cash alternative to prizes. 

In some countries, the law forbids participation in this 
competition for prize awards. However, in these 
countries, you can still play tor fun. The competition is 
void where illegal. 

Winners will be drawn on day after the end of the World 
Cup and published in the IHT on Thursday 21 July. 

10. On all matters, the editor's decision is final. 

11 . The Editor reserves the right in his absolute discretion to 
disqualify any entry, competitor or nominee, or to waive 
any rules in the event of circumstances outside our 
control arising which, in his opinion, makes it desirable 
to cancel the competition at any stage. 

12. The winners will be the first correct answers containing 
six or more coupons pricked at random from all entries. 


9. 


TODAY’S QUESTION 


At the end of the preliminary league matches, 
which team will have secured the most points? 
(In the event of a tie , the team scoring the most 
goals Mins). 

A. GERMANY C ARGENTINA 

R. BRAZIL D. NETHERLANDS 


Your response:. 
Name; 


Job Tide - _ 


Company:. 

Address;— 


Postal Coder. 


-City;. 


1J4 


Country: 

Telephone: 

Send responses lo: IHT World Cup Competition. International Herald 
Tribune, 181 Avenue Charievde-Gaulle. 92521 Neuilly Cedex, France. 

INTKRNAT1UNA1, | 


15 


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Page 22 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -S UNDAY, JUNE 4-5, 1994 


sLeac a 
S.62( ; 
Swis i 


pour t 
from • 


DAVE BARRY 


Science Disadvantaged 


The Candidate: Mr. Goldsmith Goes to 


iHKmatrflnal Herald Tribune 


M IAMI — What is your “Sci- 
ence IQ"? To find out. lake 


iVJL ence IQ"? To find out, lake 
this quiz: 

1. Tides are caused by: 

a. Gravity leaking out of the 
moon, 

b. Gams burping in unison, 

c. Senator Howell Heflin. 

1 What is magnetism? 

a. Invisible rays that shoot out of 
a compass. 

b. The force that causes dogs to 
bark when vou ring the door- 
bell. 

c. The molecular attraction that 
forms between refrigerators 
and little ceramic vegetables. 

3. The Earth rotates: 

a. Around the cosine. 

b. At night. 

c. In a direction away from 

Cleveland. 

ANSWERS: The correct scien- 
tific answer to all three questions 
is: “d. No Opinion." 

If you did poorly on this quiz, do 
□OL feel bad: When it comes to 
scientific knowledge, a great many 
Americans are every bit as stupid 
as you are. This was the conclusion 
of a recent nationwide survey re- 
ported in The New York Times, 
which showed that Americans bad 
the same basic level of scientific 
literacy as road salt. 

□ 

This does not surprise me. I con- 
stantly see evidence that Americans 
do not understand basic scientific 
principles. For example, the great 
math emati cian and dead person Sir 
Isaac Newton (who also invented 
gravity) proved in 1583 that, no mat- 
ter how hard you push, you cannot 
fit an object into an airplane over- 
head storage compartment if the ob- 
ject is way bigger than the compart- 
ment. I am writing these words on a 
Right to San Francisco, a flight that 


1 frankly thought was never going to 
leave the gate because the aisle 
seemed to be permanently blocked 
by a man and a woman who — after 
taking approximately 15 minutes to 
figure out Lhat Row 19 was the one 
between Row 18 and Row 20 — 
attempted to stow a wicker basket 
that to judge from its size and 
weight, contained an elk. At one 
point in their struggle the couple 
(this is true) dropped the basket on 
my bead, after which they glared at 
me. 

These Americans would definite- 
ly benefit from better science train- 


ing, similar to what 1 received in 
Mrs. West's eighth-grade science 
class at Harold C. Crittenden Ju- 
nior High School in Armonk, New 
York. I vividly remember Mrs. 
West standing at the blackboard, 
drawing a diagram to illustrate the 
electron, which is a tiny particle of 
electricity found in extension 
cords, while the entire class stared 
with rapt attention at Tom Parker, 
who was listening to a concealed 
earphone attached to a transistor 
radio tuned to a critical World Se- 
ries game between the Yankees and 
the Pirates. Mrs. West, diagraming 
away, would tell us an important 
fact about electrons, such as that 
they male for life, and Tom would 
signal that. say. Bobby Richardson 
had singled, and die classroom 
would erupt with muffled cheers, 
and Mrs. West would turn around, 
startled, thinking, whoa, these 
young people are INTO electricity. 

□ 

According to the Times story, 
one of the questions that most peo- 
ple answered incorrectly was: 

“Which of these is the nearest 
living relative of the dinosaur. Ty- 
rannosaurus rex? (a) a chicken: (b) 
a crocodile; (c) a lizard: fd) an 
elephant." 

The correct answer, of course, is: 
Senator Howell Heflin. 

No. seriously, the correct answer, 
according to the Tunes, is: a chick- 
en. I’m serious. Your immediate re- 
action to this is: “Wait a minute. 
The giant fearsome creature that ate 
a car AND a lawyer in ‘Jurassic 
Park* is related to a CHICKEN?" 

Yes. By studying the bones of 
dinosaurs that, fortunately, died in a 
s tanding position at the American 
Museum of Natural History, sden- . 
lists have been able to determine 
lhat Tyrannosaurus rex used to 
stride through the prehistoric jungle, 1 
its massive weight causing the earth 
to tremble with each step, until it 
located its prey; and then, with a 
horrifying roar audible for miles 
("COtK-A-DOODLE-DOOOCn, 
it would lunge downward and ad- 
minister the awesome Peck of Death 
to a kernel of prehistoric com 
weighing upwards of 3.000 pounds. 

I want to stress that my mental 
faculties were in no way affected by 
Lhe elk-basket blow to my bead bead 
head head head hey look there are 
BIG spiders on the airplane wing. 
Knighi-Ridder Newspapers 


P ARIS — Leading lhe way cut of hi> fine house 
in the Faubourg Saint-Germain, part of which 


.L in the Faubourg Saint-Germain, part of which 
had housed the horses of the brother of Louis XIV 
and Cole Porter, Sir James Goldsmith said he was 
suiprised by how tiring a political campaign can be 
and by how ruthless politicians are. He had been 
ruthless in his life, he added, but still he was 
surprised. 

Goldsmith is running for the European Parlia- 
ment on the ticket of Philippe de Villiers. a rene- 
gade French deputy from the pariiameman ma- 
jority who has founded a party devoted to a 
Europe unhampered by Maastricht, GATT and 
the Schengen agreement which opens borders to 


MARYBLUME 


foreign labor: I'Autre Europe, or The Other Eu- 
rope, it is called. It is one of nearly 20 parties 
hauling for seats in the June 12 election: (hey 
range from Corsican separatists to the jobless, who 
had to disband when they couldn’t raise the depos- 
it fee. Candidates include a pop singer and. on the 

slate with Goldsmith, the lackluster Charles de 
Gaulle, who has inherited from his grandfather 
only his name and his uose. 

That day's polls suggested that I’Autre Europe 
might win up to 9 percent of the vote, enough to 
send several deputies to Strasbourg. Goldsmith 
says he doesn’t believe much in polls. "I think 
they’re a poor guide. I’m not knocking, the figure. 1 
am happy with the figure. 1 just don't think we 
should rely on it." 

Having’described himself in England as a frus- 
trated politician. Goldsmith says he is now an 
aspiring one. but not in a career sense. *T have no 
interest in becoming minister of transport or any 
such thing." 

Described as the most successful entrepreneur 
of his generation. Goldsmith. 61. has been credited 
with inventing the hostile takeover and thrived in 
Britain, France and the United States before retir- 
ing from active business in 1990 to devote himself 
to the environment, settling on a vast property in 
Mexico adjoining 18,000 acres 17.285 hectares) of 
dry tropical Forest, which he has saved, and with 
1,000 acres of beachfront on which he has built a 
state-of-the-art billionaire’s retreat. 

Known in Britain as Sir James and m France as 
Jimmy. Goldsmith was bom in France of a French 
mother and an English father and is said to have 
made his first coup at age 6 when a woman on a 
losing streak at the slot machines gave him her Iasi 
franc and he hit the jackpot. Although he is prou- 
dest of his managerial skills in building up failing 
companies, in business he has been seen as a 
cunning freebooter. He agrees that he is a gambler, 
not in the common sense of sweeping up winning 
chips although he has done a lot of that. too. 

“I gave that up years ago. it doesn't give me any 
thrill. If by gambling you mean taking risks, of 
course. I mean, whai is this political thing? What 
have I got to win? What have I got to lose? 

“1 am out of business so 1 have no gains to gel 
whatsoever. It’s by no means certain that someone 
as exotic as I am" in France would get elected. It 



. -I am massividy • bwabxe ; 

Europe you have to be ann4toincbl oecm? 
Maastridit would unleash, centfffiigal fora* ; 

destroy the European 
Ybu cannot destroy the ^erpgnty_of 
transform the power to TJQQ tmelected bun&tt- . 
0^5 __ jt is tbemost’ ^yssem you 

argues, 33? not only.raise 
mStwith cheaper goods produced by 
labor but would destroy 


wouio, WIUI mww - ***"-—- — ;:ty . ■ rir *> 3* 

reduced to 2 billion- “A* a result 
percent of the world's population wnBjd be.rdo-, 
cees to already overcrowded tities. in «nef _ wras- 



oxs to already overcrowded ernes, m : 

forme of almost incxedibte ptWJbrttoKjpra 


a enme ot almost uiwmw- - - 

reward, according to GaTT and.thoDK^.^av . 
theoretical— and l slress thwretKal—grp^of ; 

0.7 percent in 10 years' time.” • v * 
Goldsmith's arguments touch on ro ; unra wB C» ; . ^ 
felt in many sophisticated circles and aiso. go.; a 1 rjr. . 
public mistrust of sausage- measurnig r 

and a fear of unruly immigrants msnipgng the •. 
labor market . The poputist touch is time - 
people arc ready to be convinced. Gojosinqh' ; _ : 
thinks, although his experience with the Fieuefl.. 
press in his- toug-standing- campaign , 

France’s heavy use of nuclear energy ; ■ 

vinced him that tie media, here are contrc^fw,'. -. 
the state. - • 7 ■ ^7 i 


Hcii'k 

Pa' 1* 


The retired entrepreneur: “What have I got to win? What have I got to lose?” 


Jen 6er . OfyKpe 


no public discussion. Thai'S why it's been stewed; 
in America and in every country where thenris.-/ 


was a calculated risk, whether it was rightly calcu- 
lated or not I don’t know." What he loses is his 
anonymity in France where he has until now- never 
permitted a televised interview: what he gains is a 
chance to stale his views. "Is it a gamble? I would 
have thought it was a gamble. 

"Take my life three months ago. It was almost 
perfect, I mean I had total freedom. If you like. I 
have gambled that almost -perfection on this de- 
bate." 

Goldsmith has long been for European free 
trade and against world free trade. A couple of 
newspaper articles he wrote on Europe's future led 
to a book, a series or questions and answers with a 
tractable journalist, called "Le Piece” (The Snare), 
which sold well in France but w fuch he does not 
intend to publish in Britain, a country he consider; 
incapable of serious debate and obsessed by the 
gossip columns in which he so prominently figured 
for many years. 

.An ardent Thatcherite in the past. Goldsmith is 
not the stuff of British political candidates, knock- 
ing on doors and obeying parr* orders. In his years 
in Britain, he was much quoted (most famously on 
the occasion of his third marriage when be remarked 
that marrying one's mistress creates an immediate 
job vacancy), and deeply criticized. If in England his 
reputation can be considered sub'urous. in France be 
is a fresh new flavor, it must be like regaining one's 
virginity. In his book. Goldsmith despairsol’ Britain. 


Germany and the United States but declares his 
faith in the French people and France. 

Away from what he calls the paranoia of the 
British press ( they have accused him of .the same 
failing), Goldsmith is affable and charming. "Life 
here is so much more relaxed.” he says. His associa- 
tion with de VDIiers is in some ways odd, de Villiere 
being a Catholic traditionalist whose main political 
stance has been to condemn the French Revolution. 

“Obviously there are great areas in which we 
disagree.” Goldsmith saw. “I think in American 
terms he would be pro-life and I would be pro- 
choice. but this isn’t an issue in this election.” 

It took de Villiers three months to persuade him 
to run for the European Parliament. Goldsmith 
says, and he finally agreed because the issues be 
cares so much about are not, as some think, dosed. 
“Maastricht has to be renegotiated in 1996. GATT 
isn’t over because it has to be submitted to the 
American Congress, it hasn't been submitted to 
the Japanese Diet or to the European Parliament." 
On April 22, a group of like-minded candidates 
from a wide range of European political parties 
met in Paris and vowed, if elected, to continue the 
debate in Strasbourg. 

The major parties, Goldsmith argues, have the 
same policy: “Pro-Maastricht, pro-federalism, a 
one state Europe, subjugation of the nations." But, 
he claims, recent polls show that 60 to 70 percent 
of voters are anti-Maastricht and anti-GATT. 


sufficient freedom of speech, frr France Tve-bcea -7 
fightingil for 20 years without any ffeaLfopdhia^,: 
ty, butTm still alive; wladh. is 
Thft rhange from swashbuddingcornpanyraiaer'; v 
to passionate ecologist may sound like , a sort ed - < 
Pauline conversion, bat Goldsmith bos rot traded ~ 
his handmade shoes for Birkenstocks. Hebasbeeti j / 


an environmentalist for more than 20 years, creat^ 
ins the Goldsmith Foundation for that pappose 


ing the Goldsmith Foundation for that parpqse -- 
and attributing the knighthood Hamid Wteni7 : 
curiously bestowed cm him in 1976 10 his services , '7 
to the e n vi ro n m ent 

Environmental concerns have not becn a high- . . 
profile side of his career. Goldsmith says, because , , 
people have been more interested in his buaae& 7 
deals, but there are no cmtradictiorisinius life. “T v 
am in favor of takeovers and things like - that .1 
because it’s the only way to make a raarket eflV 7 
dent. There is nothing I (Ed in my businesslirethat ■ 7 
conflicts with anything I am saying. - r.' 

“I'm used to losing and I’m ured to winning. t*ve_7 r 
done both. Yew have to take either. I am entirety 
psychologically adapted to losing this election asi ; ‘ 
am entirely psychologically adapted to winning n. ■ 
Neither is going to distress me or make me go ova 
the top." .7 "7' 

He has considered it alL even .the dreary pros-^jj 
pect of winter in Strasbourg when he could be In V- 
his Mexican paradise. “I have thought of that." 
Goldsmith said, laughing. “But the fariiameav - 
only sits five days a month.” 


WEATHER 


PEOPLE 


Europe 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. 


Mgynw 

Amaieniiiii 

Album 

Alhwts 

Barrotau 


Bmputa 

Budapest 

CopTPhaqw i 

Coala D« Sol 

Dublin 

EdHjurgh 


FtanMui 

Ganna 

Hofcrta 

IMM 

Las Palmas 

Lntan 

London 

Madid 

Man 

Moscow 

Muicti 

Nc* 

(Mo 

Pafcm 

Pans 

Prague 


Roraa 

Si Pettwburg 
Stodihokn 

Sbadnurg 

Tallinn 


Today 
High Lo- 
ot cif 
36/7? 17/63 
17/62 1 1152 
sms 12/51 
33/91 19/66 
36/79 17/62 
MIBB 13/55 
16/61 a/*> 
13/55 946 

CTW 15-59 
16/61 P-46 

29/64 21-70 
12/53 4/39 

11/52 7/44 

26/62 13.-55 
10/64 9/48 

21/70 11/52 
17-52 13/53 
31/66 19/66 
24.75 19-66 
24.75 17-62 
14-57 a/46 

29*64 13-55 
26/79 15.59 
22/71 14/57 

19/66 10*0 
24/75 15/59 
17/62 9/48 

25/77 19/68 
16/61 9/48 

19/84 9-48 

10*0 704 

29/84 14 *7 
18/64 12/53 
14.-57 0/46 
17/62 11/52 
18/81 12*3 
26/79 17*2 
22/71 13-65 
22/71 8-46 

19-66 11/62 


Tomorrow 

W High Low W 
OF OF 
1 26/82 20458 % 

sh 15*9 9/48 sh 

s 30/tt 14*7 a 
a 32 *9 21-70 I 

* 24.75 18.84 s 

9 2679 10*0 I 

*1 1**1 5 41 r 

r M/57 S/40 c 

pe 2373 12*3 sh 
sh 16*1 */43 r 

S 00-86 2271 5 
•* 16.61 1 1*2 pc 
■h 13*6 10.50 sh 
s 22.71 1152 pc 
sh le nt 7/44 * 
pc IB-64 9/48 Sh 

sh 18.84 10*0 sh 
S 31*8 16*4 1 

9 26.79 20*8 s 
s 26/79 19.66 s 
1 16/61 10*0 c 

* 29.-W 17*2 , 

pc 2271 12*3 pc 
pc 24 75 13*5 1 
C 18-61 4/39 pc 

i 21.70 15*9 s 

Sh 18*4 8/4« sh 

I 23.73 20*8 s 
r lOW 9/48 sh 
sh 17*2 8/43 sh 

sh 13-65 6/43 c 
a 25.77 14-57 a 
Sh 237? 9-46 sh 

Sh 13 55 7/4d 1 

sh 17/62 6/*L3 pc 

sh 1B*4 11*2 9ti 
s 23/73 14*7 pc 
pc 19/M 9/48 9h 

1 18-66 7*44 I 

sh 17-62 6-4J pc 



"7 — ttt: 


Today 


Tomorrow 



High 

Low 

W 

High 

Low 

W 



OF 

C-F 


C/F 

OF 



Bangkok 

32-09 

.75.77 

sh 

33-91 

26 79 

DC 


BeiRog 

79-64 

16 51 

» 

29.64 

:7.02 

PC 



79.64 

.•*.79 

sn 

30.06 

2679 


w- 

Mania 

33-91 

2ST7 

r 

3J.93 

24 '75 



N«wl>ii» 

4?/ia:s9-B4 

9 

42.-1OT3P06 



Seotil 

26-63 

14 57 


27/60 

10 01 

zr 


Sluinon* 

23-04 

I9.i» 

9 

Ji’M 

2271 




K »i 

2=7 1 


32 03 

23 -1 


T*oh 

30-63 

2J.7I 

ft 

30-S6 

23.73 


Trityo 

»-79 

1661 

5 

2ST7 

12 67 

PC 


Jetdranm 


! Unseasonably 
Odd 


Unaaaaaiabiy 

Hoi 


/j Sum, 


North America 

The northeastern United 
Stales will be sunny and 
warm Sunday into Monday. 
A lew thunderstorms are 
oossfcte I /cm Boston 10 Now 
Yort/Cny by Tuesday. Heavy 
rains will soak the central 
Gulf Coast from Florida to 
eastern Louisiana oarty next 
week. Heat whi continue In 
lhe High Plains 


Europe 

Dry, milder weather will 
move into northwestern 
Europe by next week Lon- 
don 10 Pans will have sun 
Silne and temperatures near 
to a lew degrees above nor- 
mal Hot vmalher will pereba 
over Madrid into early next 
week. Southeastern Europe 
wW have scattered rains and 
be low-normal temperatures. 


Asia 

Berjing lo the Yangtze River 
Valley will have dry. hoi 
weather Sunday mtc early 
next week Thunderstorms 
will occur along tho comdor 
from northern Mvanmor 
through soulh-central China. 
Tokyo will be warm early 
next week with a few s/iow- 
era Skely Monday. Manila will 
be partly sunny and warm 


/Ug*n 
O^M> Tojrn 
CarabtancB 

rtmjie 

logo* 

lamp. 


26 -K 20.66 p< 27-BO 2-3179 1 
12*3 7.44 *n 15 59 6-43 pc 

2S.77 17-52 pr 27 VC 19 95 pc 
22/71 2/49 K 24-74 tl 32 pc 

2964 J4-75 pc 309C. 14-70 (C 
24 75 1050 pc 24.7S 12*3 pc 
33*1 19.86 PC 31*86 I8-C-4 i 


North America 


Middle East 


Latin America 


Today Tomorrow Today Tomorrow 

High Low W High Low W Mgh Low W High Low W 

C/FCffCffOF OP C/F Cf C/F 

B*«1J 27.-00 I9«8 1 29/84 31/70 • Bumofl4hw 14/57 5/41 pc 17132 9 >48 c 

Caao 32/63 14*7 g 34/03 20*6 i Corneas 32/89 20 /SB s 31/BB 20*66 s 

Dsmsran 27/BO I8«i s 28/62 15/56 s Lima 19/66 17/62 pc 19/06 16-81 pc 

Jerusalem 2475 14/57 s 27/90 17/62 * Mmicotty 24/75 13/56 pc 25/77 13*5 pc 

Uoor 33*1 14/57 s 38/100 18/64 ■ RtadsJawIro 26/79 16 *4 pc 24/75 18*4 pc 

Riyadh 42*107 2271 » 42/10723/73 8 Sartwgo 18/04 7/44 ps 17*2 7/44 e 

•W K-pamy Cloudy, ockwdy. alvwwwere. l-mundanawms. El-rmow tumea. 
sn-snow. wc*. W-WeaUwr. AH map*, torccaata and data provided by Aecu-Waather. he. « 1994 


27.-00 I9«8 1 29/84 21/70 • 
32/69 14*7 i 34*3 20*8 s 


Oceania 

Auddkmd 14.-57 B «6 pc 15*9 9 -48 pe 
Sydney 18-64 10*0 ah i«*6i 9/46 pc 


27/00 I8«l s 28/02 15/59 t 
24 75 14/57 s 27/00 17*2 » 


33*1 14/57 8 38/100 18/64 s 
42*107 22/71 b 42/10723/73 I 


Cwacom 

Lima 

MswcoCry 


Anchoragn 

Aflanffl 

Boston 

■Thn^oi 

Den, 

Dotted 
Honolulu 
Hoiwon 
Los Angelas 
Miami 

MmoapoCs 

Montroal 


San Fran 
Sulk 

Termed 

WoWwigton 


17*2 8-46 

30/06 19*6 
3371 1)55 
27 00 14*7 
31 «3 14*7 
27/60 14*7 

78, -a: 227i 

31/80 21/70 
27/80 18*4 
32*9 23/73 

26 62 tTflO 

21/79 10.50 
31-86 23.73 
27/00 17/52 
42/107 25/77 
I9B8 11*2 
19*5 IP-50 
24-75 11-52 
27.00 17*62 


pe 16, *1 7/44 pc 

PC x ee 20-60 pc 
s 21-70 13.65 pc 
g 20-62 16-81 pc 
t 33*1 i'-59 ? 

■ 20(62 15* J pc 

pc 30.05 23-73 pc 
I 33*1 73.-71 « 


p; ju.wj .j • o p: 

I 33*1 22.71 pc 
pc 27(00 17*2 PC 


PC 27/80 17 *2 PC 
1 32-69 25.7/ pc 

pc 29.-64 18*4 pc 
pc 23-73 10-50 pc 
pc J1-B0 24/75 pc 
B 2577 16-81 pc 
3 41-106 24/75 3 
9 20 68 12.-53 pe 
* 1B.«e n/52 ah 
r«- 36-79 12/53 pc 
B 28.T9 18/64 pc 


Barbra Streisand has returned to the stage 
after a bout with laryngitis. She gave her first 
West Coast concert ’in 25 years "in Anaheim. 
California, offering a mock Top 10 list of reasons 
she canceled four earlier shows. Examples: “It 
took me three days to read Dan Quayle’s autobi- 
ography and four days to correct the spelling." 
and “Every time I drove down here. I went "to 
Disneyland instead." 

□ 

Prince Charles arrived Friday in Prague fora 
three-day jamboree designed to raise money tc 
restore Prague's architectural gems. The prlr.ee 
is planning to attend a benefit concert Saturday 
for the Prague Heritage Fund, winch he jointly 
founded last June with Vaclav HaveL president 
of the Czech Republic. About 409 guests who 
have contributed money to the fund will fly tc 
Prague for Lhe concert," to be conducted by' Sir 
Georg Solti. 

□ 

Some New York Knicks fans say there’s a 
reason the team blew Game 5 of the NBA 
pjayoffs against the Indiana Pacers: Spike Lee’s 
big mouth. Fans calling all-sports radio station 
WFAN said the Pacers' Reggie Miller got fired 
up and went on a 25-point, fourth -quarter scor- 


ing tear after the film director baited him with 
"trash talk" from his coartade seat. Tbe Knicks 
were ahead when Miller came alive; they ended 
up losing 93-86. Miller followed most of his 
baskets by screaming and gesturing at Lee. a 
Knicks fan. Lee said he did nothing to set off the 
scoring spree. 


There's a new chapter to tbe Tom and Ro- 
seanne Arnold saga: Tom Arnold was seen at a 
Beverly Hills restaurant with an obviously 
pregnant Kim Silva, the couple's former assis- 
tant. Roseanne had earlier accused the two of 
having an affair. Arnold domes everything. 
Roseanne has been in Europe on vacation and 


Vreco South, a member of the Shelby County. 
Commission, said the primary purpose of the • 
review is to examine the practices of Ihe.dtjTf • 
medical examiner, Jerry Francisco. If mismfor- V 
matioa was knowingly included -on .Presley's - : 
death certificate, other decisions by Francisco * 
could be reviewed. Smith said. Presley (tied in 
1977 at Gtacdand, his Memphis home. 

□ " ’ • - r ’• 


was likely unaware of the reports, her spokes- 
man said. 


The slate of Tennessee has ordered a review 
of E2vfe Presky's medical records that could 
finally establish officially whether drugs played 
a role in his death. Presley’s death certificate 
lists the cause of death as heart disease, but 
there has long been speculation that abuse of 
prescription drugs hastened his death at age 42. 


The director of a Chicago museum was fired 
after cohosting a party for the author of a bode . 
on Pamela Hnrimaa Robert Donnelley told the 
Chicago Tribune that he was ousted from the ; 
Terra Museum of American Art by Daniel J. . 
Terra when he went ahead With a bock-signing 
for Christopher Odgen, author of “Life of -the - 
Party: The Biography of Pamela Dig by Chur- 
chill Hayward Haniman." Terra’s letter to Don- • 
ndley raid his decision to sponsor the party t 
“demonstrated disrespect" for Haniman, the 
U. S. ambassador to France. 


IIVTERIVAnOIVAL 

CLASSIFIED 

Appears on Page 7 


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Aust ralia 

China, PRC»«* 

Guam 

Hong Kong 

India* 

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Korea 

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Malaysia* 

New Zealand 
Philippines* 

Saipan" 

Singapore 

Srtlanta 

Taiwan* 

Thailand* 


jgr 172-1011 b«b5 

1-800-881-011 Uechtenstgin* 155 - 00-1 1 rhifa 

10 ^ 1 Uthmmia * 8al9 6 fn lnrohh 

^^2 Luxembourg 0-80tH)lll Costa RJca-« 

8W1U1 Macedonia, F.YJL of 9»80 »4J88 Ecuador 

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000-117 Main* 

001 - 8 01-10 Monaco* 
0039-111 Netherlands* 


00 9-11 Norway 

11* Poland>- 

800-0011 Portugal' 


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0/w toiagine a world where you can call country to country as easily as you can from home. And 

-'.=^§1111 reach ±e US - directly fram over 12 5 countries. Converse with someone who doesn’t speak vour 

bnSUage - ^ it S Danslated instand >- ™ your clients at 3 a.m. knowing they’ll get the message in 
yourvoice at a more polite hour. All this is now possible with AfiSEJ 

. * Touse lhese semces ’ ^ the AI5a ’ Access Number of the country \-ou're in and you’ll get all the 

help you need. With these Access Numbers and your ADff Calling Card, international calling has never been easier. 

If you don't have an ART Calling Card or you’d like more information on AIST global semces, just call us using the 
convenient Access Numbers on your right. 


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Armenia— 

Austria*" ’ 

Belgtom* 

Bulgaria 

Croatia'* 

Czech Bep 

Denmark* 

Finland* ~ 

France 

Germany 

G r eece* 

Hungary* 

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Ireland 


000-911 Romania. 

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235-267 £ Slfw akta 

800-011 1-111 Spain* 

•130-430 Sweden* 

0080-10288-0 Switzerland* 

0019-991-1311 UJK. 

EUROPE irkratri*-* 

mu i MIDDU 

022-903 -oh Bahrain " 

0800-100-10 Cyprus* 

001800 -0010 Israel ' — 

9038-001 1 Kuwait 

00^2000101 Lebmon (RdnttT 

8001-0010 Qatar 

9800-100-1 0 Saudi Arabia 

19A-QQ11 Turkey* 

01300010 L T AR* 


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980-11-0010 

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800190-11 Honduras** 

~ 08m048001U MedcoAAA 95^XM 62-4240 

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L 01-800-4288 Panama* Trio 

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