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INTERNATIONAL 




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PLIBUSHKD WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


U S. Backs Russian Bid 
For North Korea Talks 

Moscow Says It That ‘Cannot Tolerate 
Violation of Nonproliferation Treaty 


Haihjr.grnti Pt.ii .ferine 

ISTANBUL — Seeking to secure Moscow's 
oaoung lor a tough sanctions resolution. the 
L tilled States dropped its earlier opposition 
and endorsed on Friday a Russian proposal for 
an international conference on North Korea's 
quest to become a nuclear power. 

As the crisis deepened over Pvongsang's re- 
rusal to allow 'full inspection of its nuclear 
facilities. iheGimon administration intensified 
ns diplomatic contacts to rally international 
support behind a United Nations resolution 
that would impose economic penalties on 
North Korea tor its flagrant disregard of nucle- 
ar safeguards. 

Secretary of Stale Warren M. Christopher 
said after martins with the Russian foreign 
mm is ler, Andrei V. Kozyrev, here on the fringe 
' ° r l^ A T° conference that the United States 
and Russia were working closely to put toeether 
a resolution “containing both references to 
sanctions as well as to, at some point in the 
process, an international conference." 

Concurring in the objective of sanctions. Mr. 
Kozyrev said at a joint news conference with 
Mr. Christopher, “We cannot tolerate viola- 
tions by North Korea or anyone else." 

Mr. Christopher said he and other senior 
Clinton administration officials would be 
working through the weekend so that the sanc- 
tions resolution could be put to a vote at the 
United Nations sometime next week. 

“We want to make sure it's the strongest 
resolution feasible under the circumstances," 
he said. 

Earlier, Mr. Christopher said he understood 
that, contrary to press reports, the Japanese 
government was prepared to support stiff sanc- 
tions. even though Japan has complained in the 
past that such measures could cause serious 
difficulties at home. One of the few effective 
sanctions against North Korea would be cut- 
ting off remittances from its expatriate workers 
living in Japan. 

In addition, Mr. Christopher said he was now 
confident that China, North Korea's mast im- 
portant ally, would ultimately ArriAr. not to 
exercise its veto over a sanctions resolution 
even though Beijing has been inskiing that it is 
the wrong way to deal with Pyongyang. 

“I think one needs to distinguish between 
their preference for not having sanctions, but 1 
do not equate that to the fact that they will 
necessary veto a sanctions resolution if we work 
with them carefully," Mr. Christopher said af- 
ter meeting with his Turkish -counterpart, Hik- 
mei Cetin. 

Other U.S. officials sirid that even though 


China was fearful at any measure that could 
destabilize the regime of the North Korean 
strongman. Kim II Sung, and cause chaos on its 
doorstep, Beijing has been extremely discreet 
about being isolated in the UN Security Coun- 
cil and has not exercised its veto right in more 
than two decades. 

The American hope that China would ab- 
stain in any sanctions received a boost today 
when the International Atomic Energy Agency 
board voted, 28-to-l, lo condemn North Korea 
for refusing to abide by its safeguards. 

The only vote against die measure was cast 
by Libya. Four of the permanent members of 
the \JN Security Council — the United States. 
Britain. France, and Russia — voted to con- 
demn Pyongyang, while the fifth. China, ab- 
stained along with four other countries. 

North Korea immediately responded by 
threatening to drop all future guarantees of 
nuclear safeguards and to expel two UN inspec- 
tors now in the country. Its envoy, Yun Ho Jin. 
accused the International Atomic Energy 
Agency of bias, and said his country had no 
choice but to retaliate against what it perceived 
as “an unreasonable resolution." 

If the inspectors are expelled the situation 
would reach a critical stage, U.S. officials said. 
The Clinton administration is convinced that 
after removing spent Tuel rods from its 5- mega- 
watt reactor at Yongbyon. North Korea could 
quickly reprocess fuel into four or five nuclear 
weapons. 

In Hying to line up Russia. China and Japan 
behind a tough sanctions resolution, senior 
U.S. officials acknowledged that they were 
working toward two competing objectives 
through punitive measures. 

On the one band, they want to prod North 
Korea into complying with international safe- 
guards and to demonstrate their serious inten- 
tions about curtailing the spread of nuclear 
weapons. But on the other hand, they do not 
want to push North Korea into rash actions 
such as expelling inspectors or triggering war. 

The officials said the Russian idea of an 
international conference — which the U.S. had 
previously denigrated as a wasteful gesture — 
was being adapted as a “carrot" lo hold out lo 
North Korea if it should decide to correct its 
policy and comply with the inspection regime. 

“The bottom line is that we want the inspec- 
tions to go forward." a U.S. official said “Any- 
thing that moves the North Koreans in lhai 
direction is fiqe with us.” • 

The United States oaFriday raised the spec- 

See KOREA, Page 4 


Paris, Sarurd ay-Sun day, June 11-12. 1994 


Bosnia War End in Sight to UN (General 


iW .*>t (tu .Mtt'i Fr-m Pr-jifcAd 

SARAJEVO. Bosnia -Herzegovina — 
United Nations officials predicted here Fri- 
day that 3 temporary cease-fire that took 
effect at noon would marl "the beginning of 
the end” of the war here. 

But the optimism was tempered within 
hours aa Bosnian Serbs and Muslim-led 
forces kept up sporadic shelling along front 
lines. 

Sir Michael Rose, the UN commander in 
Bosnia, said just before the truce come into 
effect: “I think we’re seeing the beginning of 
the end of the war here. The imperatives for 
peace art working on both sides. 1 think there 
is a will for peace among the population.” 

But UN sources said <0 shells fell in the 
Ribnica area, southwest of the northern town 
of Tuzla, and 31 shells landed in the OIovo- 
Vares zone neat a disputed supply route. 

The Bosnian Serbian news agency. SRNA. 
said Bosnian .Army m«ops shelled Serbian 


’ r ’ Y-.-kiLS 


positions on Friday near Modrica. west of 
Brcko, seriously wounding a civilian. Mus- 
lim-controlled Sarajevo radio said Serbs 
■'•helled Muslim positions outside of Brcko. 

Despite the reports of military activity. UN 
peacekeeping sources in Sarajevo insisted it 
was too early to assess the impact of the 
cease-fire, which was agreed on Wednesday 
in Geneva. 

Numerous Bosnia-wide cease-fires in the 
26- month war have failed. But the recent 
reconciliation between Bosnian Muslim and 
Croatian forces has halted fighting in much 
of central and southwestern Bosnia, and a 
local truce has kept besieged Sarajevo mostly 
quiet since mid-February. 

Leaders of the Serbian and Muslim-Cro- 
atian allies were less optimistic than Lieuten- 
ant General Rose that the temporary cease- 
fire would stop the lighting or provide 
momentum for a political settlement. 

The two sides remain deeply divided over 


how to partition the former Yugoslav repub- 
lic. 70 percent of which is under Serbian 
control. 

The Bosnian prime minister, Haris Silajd- 
zie. welcomed a vote by the UJS. House of 
Representatives on Thursday to order Presi- 
dent Bill Clinton to lift the arms embargo on 
fanner Yugoslavia, which has crippled the 
Muslim war effort. 

Mr. Clinton is opposed to unilaterally end- 
ing the embargo, and General Rose said end- 
ing it it could jeopardize humanitarian aid 
operations on which millions of Bosnians rely 
for their survival. 

“I thick it does raise false hopes in people's 
minds," General Rose said. “It takes a lot 
more than just being equipped to win a war." 

The measure requires Mr. Clinton to order 
the U.S. Navy, customs offices. and the post- 
al service, which are now preventing arms 

See BOSNIA, Page 4 




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A worker helping French UN troops in Sarajevo to repair potholes Friday as a road-works pro^am began hi the Bosnian capital 


Moscow Accepts Partnership and ‘Strategic Cooperation’ With NATO 


By William Drozdiak 

Washington Past Service 

ISTANBUL — Dispelling months of doubt about Rus- 
sia's intentions. Foreign Minister Andrei V. Kozyrev said 
Friday that he would soon travel to NATO headquarters in 
Brussels to sign accords on military cooperation and a new 
strategic relationship with the alliance. 

Mr. Kozyrev said that Russia and the 16 Western allies 
bad reached an utxterstandiiig that Moscow's role in the 
Partnership for Peace, NATO’s plan to foster closer mffitary 
links with former adversaries in the East, would be “a 
substantive program dial would involve no mutual vetoes, 
reservations or surprises.” 

His declaration followed a meeting with Secretary of State 
Warren M. Christopher on the fringe of a conference that 


brought together foreign ministers from NATO's 16 mem- 
ber states and their former Communist adversaries. U rein- 
forced a public endorsement by Boris N. Yeltsin on Friday 
of Russian membership in the NATO plan. 

Mr. Kozyrev's words appeared designed to pm to resi any 
fingering questions about Moscow's commitment to the 
Partnership plan. He also stressed Moscow's desire to reach 
a broader accommodation with the Western alliance in 
shaping its future role in the new European security system 
after the Cold War. 

He indicated that Russia was pleased with the scope and 
opportunities in “a framework of strategic cooperation" to 
be developed between Moscow and the NATO alliance that 
would cover issues beyond the purely military dimension of 
the Partnership. 


Even though Mr. Kozyrev disappointed some Western 
allies by not specifying ’a dale for his trip, senior U.S. 
officials said they expected that it would take place before 
the summit meeting of industrialized democracies to be held 
in Naples. Italy, next month. 

Mr. Yeltsin is planning to attend the final day of political 
discussions at the summit meeting. U.S. officials said ii was 
clear from the discussions with Mr. Kozyrev that the Rus- 
sians wanted to have the debate over their future relation- 
ship with NATO resolved by that time. 

Mr. Kozyrev expressed satisfaction with a NATO state- 
ment issued Thursday which he said "talks about both the 
Partnership and an individual progjara." 

“Thai is exactly what Russia intends to carrv out.” he 


said. “1 hope to visit Brussels very soon so that we can 
quickly activate both parts." 

In Moscow, Mr. Yeltsin reaffirmed Russia's willingness to 
sign up for what Mr. Christopher hailed as “the most 
important strategic innovation in Europe since the creation 
of NATO." Mr. Yeltsin said his country was now ready to 
join because NATO had acknowledged Russia's special 
status as Europe's largest nation and premier nuclear power. 

In the five months since leaden from the North Atlantic 
Treaty Organization launched the plan, 20 countries outside 
the alliance have embraced the Partnership for Peace, which 
is seen as a transition stage toward full NATO membership. 
But Russia has remained on the sidelines, insisting on 

See NATO, Page 4 


No. 34,612 

Nuclear Club 
Distressed by 
China’s Test 
Of H-Bomb 

China Races to Update 
Its Nuclear Weaponry 
Before Talks on Ban 

By Patrick E. Tyler 

.Vfk York Tuna Sen ice 

BEIJING — China exploded a hydrogen 
bomb Friday as pan of a series of underground 
tests designed to modernize its nuclear forces 
before test ban negotiations are concluded bv 
1996. 

The lest appeared to Western diplomats to 
hare been delayed so as not to antagonize the 
Clinton administration as it was deciding last 
month to cut the link between China's human 
rights record and trade relations with the Unit- 
ed States. 

In Washington, Dee Dee Myers, the White 
House press secretary, said: "The United States 
deeply regrets this action." 

Administration officials have been anticipat- 
ing the test since preparations were first ob- 
served by reconnaissance satellites in April and 
May. 

China’s last underground blast, on Oct S, 
1993. prompted President Bill Clinton to order 
the Department of Energy to prepare for a 
possible resumption of American underground 
testing. 

Mr. Clinton and other nuclear weapons 
states have been enforcing a self-imposed mor- 
atorium on testing as they prepare for negotia- 
tions on a comprehensive test ban treaty that 
could be concluded in 1995 or 1996. 

Friday’s test was announced in a brief state- 
ment published by the Xinhua press agency. 

"China conducted an underground nuclear 
test earlier today.” a Foreign Ministry spokes- 
man was quoted as saying The test followed a 
similar detonation on Oct 5. two detonations in 
1992 and two in 1990. It was China's 40th test 
since it first exploded a 3.410-pound fission 
bomb OcL 16. 1964. 

In London, a Foreign Office statement ex- 
pressed regret over the test, which came, it said, 
“against a background of restraint on testing by 
the other nuclear powers.” Japan said the test 
was “extremely regrettable.” Russia also ex- 
pressed regret. France was silent. 

The Chinese Foreign Ministry spokesman 
repealed his government's assertion that “Chi- 
na always stands for complete prohibition and 
thorough destruction of nuclear weapons and, 
within this contest, the realization of a compre- 
hensive nuclear test ban." 

Western diplomats said that China’s current 
testing program is designed to verify the reli- 
ability of a new generation of miniaturized 
nuclear warheads in China's arsenal arid to 
improve the “yield" or relative explosive power 
of smaller ana lighter weapons. 

China's modernization program, based cm a 
retaliatory doctrine, would give China's leaders 
the improved capabilities to return nuclear fire 
from Russia, the United States. India or from 
UJS. bases in Japan and the Pacific. The up- 
grading has been called “logical” and “predict- 
able” by Western analysis who say it does not 
pose a significant strategic threat to the United 
States. 

Still, the overall improvement of China's 
strategic weaponry only adds to regional and 
Western concerns about the nature of China’s 
political-military development in the future. 




Kiosk 


Clinton Tightens 
Sanctions on Haiti 

President Bin Clinton tightened sanctions 
against Haiti on Friday, inchtdmg a ban os 


US, officials said they would wait until 
June 25 before halting flights, giving the 
6,000 Americans in Haiti tune to leave. 

The U5. Embassy announced plans to 
withdraw some of its 150 UJS. employees and 
dependents. (Page 3) 

General News . . v 

Time marches on, with the scientists about to 
add the 19th leap second since I972Page 4. 

A German crime b* that would 

meA penalties on Neo-Nazis failed. Page 2. 


Book Review 

Crossword 

Weather 


Page 5. 
Page*. 
Page 24. 


m - 20 - 31 

g| 3,773.45 

The Dollar 

New Vatic. _ 

DM 

Pound 

Yen 

FF~ " 



Fit do— 
1.6664 
1.509 
"103.525 
5l8705 


Mutdng 

1.6672 

1,5085 

103J85 . 

5.676' 


Newsstand p rices 

Andorra.— .9.00 FF La)xemhourg60L.Fr 

Antilles 11-20 FF Mowo cn-— RH 

Cameroon ..1^00 CF a Qatar .....AM Rj^ 
Egypt ...-E.P. 5000 Mlini0lt«.-11 JO FF 

France 9.00 FF Saudi Art 

Gabon— ...M0CFA Senegal M 0 CPA 

Greece. .300 Dr. Spain.— .2J0PTAS 

Holy WTO Line Tunisia 

Ivory Coast .1.120 CFA Turkey JT .L-3&M0 
t in UJV.E. ..... 8.50.Dirh 

lSSSwTuSIJM U.S. Mil.fEur.miO 



Quebec Separatist Passions Flare Anew 

Anger Rises on Both Sides as Election Approaches 




Milf Tin in. Rriki- 

WAYS AND MEANS — Dan Rosteokowski, right, die minors Democrat under 
indi c tment for corruption, greeting the U.S. trade representative, Mickey Kantor. 
before Boose Ways and Means Committee bearings began on the World Trade 
Organization. Mr. Rostenkowskt pleaded not goOty to the charges Friday. Page 4. 


By Charles Trueheart 

HVxiAffgfiVl P«i Sen-ice 

TORONTO — The newly venous possibility 
that Quebec may vote to secede from Canada as 
early as next year has widened the gulf between 
the French- and English-speaking Canadians, 
provoking a level of anger and resentment not 
heard in nearly a generation. 

The most vociferous attacks on Quebec sepa- 
ratists have come from the traditional seat of 
English-speaking hostility, the Canadian WesL 
Provincial leaders there have expressed their 
outrage over recent overseas missions of the 
separatist leader Lucien Bouchard, whose pro- 
independence party, the Bloc Quebccois. is the 
official opposition to the Libera! Party govern- 
ment in the Canadian House of Commons. 

As opposition leader, Mr. Bouchard was re- 
ceived with modest respect on official visits to 
Washington in March and to Paris in May. 
where he sought to explain the separatist agen- 
da. Although Mr. Bouchard, a former ambassa- 
dor to Paris, comported himself discreetly 
there, Canada’s western premiers sputtered- 


with indignation. Alberta’s leader called Mr. 
Bouchard's Paris mission "reprehensible." and 
Saskatchewan's premier described it as "a con 
job." 

Quebec separatists have used some harsh 
language, too. Jacques Parizeau. chief of Lhe 
separatist Parti Quebecois and the likely next 
premier of Quebec, all but called for a boycott 
of the Bank of Montreal last week after its chief 
economist predicted "a great deal of fear" in 
financial markets if the party took power in 
Quebec. 

lust a few days before, a prominent Parti 
Quebecois candidate threatened major Canadi- 
an brokerage houses with reprisals if they con- 
tinued to assen what most analysts believe to 
be true: that the separatism debate weakens the 
Canadian dollar and pushes up interest rates. 

“We could be in power within three months, 
and we're the ones who will be sending out the 
checks," said Daniel Paihe, the candidate, in an 
interview with the Montreal newspaper La 
Presse. 

Provincial elections this fall will pit the sepa- 


ratist Parti Queb&ois'against Quebec's incum- 
bent Liberals, unpopular after bolding power 
for a decade. Polls indicate that the Parti Qu6- 
bteois, with its slate of fresh faces and elaborate 
plans for an independent state; is likely to win 
the elections, perhaps in a romp, and take 
power in Quebec City, the provincial capital. 

A victory would put the issue of separation 
before the Canadian people in earnest. Mr. 
Parizeau has said his government will make a 
“solemn declaration” interpreting the party's 
election as a mandate for a provincial referen- 
dum on sovereignty. The referendum could 
come in 1995, and the battle that precedes it, 
analysts say. could make today's acrimony 
seem tame. 

Prime Minister Jean Chretien has been trying 
to avoid the issue. He has said over and over 
again that he was elected “not to talk about the 
constitution" — Canadian code for the Quebec 
issue. Some of his advisers reportedly want him 
to keep his rhetorical powder dry for the lough- 

See CANADA, Page 4 


As Terror Spreads 9 Yeltsin Declares War on Moscow Gangsters 


By Michael Specter 

. . New York Times Sendee 

MOSCOW — People here take misery in stride; Gang- 
land slayings, daylight robberies, bribery of officials have all 
-become part of life in the new Russia. 

But tins week, for the first' time, one of modern terror’s 
most deadly instruments — the car bomb — has appeared in 
. Moscow, introduced by gangsters who seem to become more 
brazen and willful every day. Bombs have exploded in some 
of the erty^s most crowded pedestrian areas. They have 
maimed bystanders and destroyed food kiosks at rush hour. 
Most important, they have left usually stoic Muscovites 
feeling as if their personal safety is more at risk than it has 
everbeen. 

“I didn't mind wbeo they waited foi each otheT and shot it 
oot^ sakl Vladimir Byzmvsky, a 55-year-old retiree who 
p frits kiosks for extra money. He was working across the 
street from the Pavdetsky railroad station in south-central 
Moscow the other dav when a bomb intended for a leading 


businessman. Boris Berezovsky, decapitated the driver of his 
limousine, destroyed a nearby fruit stand, and blew out all 
the windows in an eight-story building across the street. 

The bomb was planted in a parked car that the police say 
was triggered by a remote control device as Mr. Berezovsky 
drove by. 

"Now the mafia has started killing each other with bombs 
that can also kill everyone else.” Mr, Byznivsky said. “It's 
disgusting." 

Calling Russia a crime “superpower." President Boris N. 
Yeltsin las declared that he will make law and order his lop 
priority. On Thursday. Mr. Yeltsin's cabinet sent to Parlia- 
ment a tough new crime bill that would make it far easier to 
prosecute organized crime leaders. 

But Vladimir V. Zhirinovsky and other hard-line political 
leaders are calling for harsher measures, including the imme- 
diate execution of gang members, and people are starting to 
agree. 

The battle against organized crime will not be easy, in pan 


because the power of die gangsters is far greater than the 
resources committed so far by the government. 

"There are simply very powerful forces in this society 
which seek to hinder the creation of civilized business and 
the revival of the economy." said a statement released by 
Mr. Berezovsky's company on Thursday. “And they will use 
barbarian, criminal methods to get what they want. "it is hard 
to fight." 

Few could argue with that assertion. Estimates vary, but 
most experts here say gangsters control at least half of the 
private cntcTprise in ihc nation. Thousands of gangs operate 
freely, openly demanding payments from the owners of 
small kiosks, the board members of large industrial enter- 
prises. and everyone in between. 

At least a dozen bankers have been felled in the last year 
in the mobsters' intimidation campaign. Bombings of res- 
taurants. banks, and private businesses 1131% become a daily 
affair. 

The attack on Mr. Berezovsky, the head of Logovoz, the 


country’s largest car dealership, came at rush hour on 
Tuesday evening. Somehow, only six pedestrians in the 
heavily congested area were hurt Mr. Berezovsky suffered 
serious bunts and shrapnel wounds, but he is expected to 
recover. 

Earlier on the day of the attack, the directin' of a small 
investment company lost his right leg. blown off by a bomb 
planted in bis car. The previous day, another bomb exploded 
across the street from the busy Tchaikovsky Concert Hall 
The police are not even sure who the intended victims were 
in that attack, although nobody was seriously wounded. 
And last Sunday, in the most outrageous recent death, an 
right-year old boy was killed by a car bomb that the police 
think was intended for a businessman. 

“The situation is very serious," said Alexander Mikhailov 
of the domestic state security service, the lead agency in 
trying to stave off the rising influence of the mob. “They 
attack when they want to. It no longer even matters to them 

See MOSCOW, Page 4. 






Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 11-12, 1994 


German Cause Celebre: The Guaranteed Soft Drink Vote Light 

Bv Crai® R Whiinev .is a 13th month’s salaiy at Christmas, for These include such things* as 90.000 subsi- The German railroad also became a cd- 

.. .« A dvamnlp 9n<-1 n cmil1i*r I i.tn n.iv ktmis rwiial annrimenu in Berlin. Frankfurt, lection of joint stock comuaflies at the begin- J- 


By Craig R. Whitney 

Sew York Tima Service 

BONN — German employment benefits 
have to be cut back to improve the country's 
economic competitiveness. Chancellor Hel- 
mut Kohl's government and its big business 
allies keep saying. 

But determined resistance by labor unions 
this week to plans to slim down postal and 
telecommunications services before privati- 
zation showed, that this is easier said than 
done. 

The government's plans to turn postal 
services, telephone and telecommunications, 
and the postal bank, with their 670.000 em- 
ployees, over to the private sector beginning 
next year were thrown into doubt when ne- 
gotiations with the German Postal Union 
over posl-privatizaiion fringe benefits broke 
down early Thursday. 

On Friday, as millions of letters piled up in 
post offices closed by a wave of stakes coiled 
by the union for the second Lime in two 
weeks, German newspapers began reporting 
what some employees were battling so hard 
to keep after privatization. About 300.0X1 of 
them are civil servants with lifetime job secu- 
rity who are barred by law from striking 

For them and the others, some things 
accepted as normal by all German workers 
and undreamed-of by most workers in other 
countries are not even in dispute now. such 


Tories Lose 
Another 
'Safe Seat’ 


Compiled by Our Stuff From Dirptiiches 

LONDON — Voters have deliv- 
ered another rebuke to Prime Min- 
ister John Major’s government, 
electing an opposition candidate to 
fill a parliamentary seat that Mr. 
Major's party won easily two years 
ago. 

Only one Conservative seal was 
at stake in five by-elections held 
Thursday, as Britons also voted for 
members of the European Parlia- 
ment. The other four seats bad 
been held by the main opposition 
Labor Party, which won all four. 

The results trimmed Conserva- 
tive strength in the House of Com- 
mons to 16 more than the com- 
bined opposition. 

Opposition parlies asserted that 
the results Thursday were a devas- 
tating indictment of the govern- 
ment. in power since 1979. and that 
they increased pressure on Mr. Ma- 
jor to step down or call a general 
election. Ministers conceded that 
the results were disappointing. But 
the party chairman. Sir Norman 
Fowler, said Mr. Major's job was 
safe. 

“He has the mandate for Parlia- 
ment." Mr. Fowler said. “That’s 
the mandate which counts. I do hol 
see the need for any instant policy 
changes." 

Mr. Major's hold on power mav 
hinge on results of elections for 87 
European Parliament seats that 
will be announced Sunday. Projec- 
tions based on pre-election opinion 
polls suggested that the Conserva- 
tives were at risk of losing more 
than half of Lheir 32 seats. 

David Chidgev of the small, cen- 
trist Liberal Democratic Party was 
announced as the winner Friday 
morning in Eastleigh, where he 
won 24,473 voles. 9.239 over the 
second-place Labor candidate. 
Marilyn Birks. 

Stephen Milligan, the Tory 
member of Parliament whose death 
led to the by-election, won the seat 
by 17,702 voles in the general elec- 
tion in 1992. 

Stephen Reid, the Conservative 
candidate to succeed him, ran 
third, polling 13,675 votes. 

(AP, Reuters l 


as a 13th month’s salaiy at Christmas, for 
example, and a smaller vacation pay bonus. 
.After privatization, postal employees would 
have to negotiate for those with their em- 
ployers. but so far the Christmas bonus has 
been sacrosanct even in private industry. 

But over the years, the state has granied 
such fringe benefits as these to its postal 
workers, and it wants to keep private buyers 
from being frightened away by the need to 
guarantee them in the future: 

• A cold soft drink for postal employees in 
hot weather, when ihe outside temperature 
exceeds 80 degrees Fahrenheit <27 centi- 
grade). 

• A warm beverage for employees work- 
ing outside when the weather is colder than 
14 degrees Fahrenheit (-10 centigrade). 

• Funeral-wreath payments for families of 
employees and retirees — S 100 in summer, 
and SI 12 in winter, when flowers are more 
expensive. 

• A uniform allowance, $200 a year, for 
letter carriers, counter employees and others 
in uniform. 

• Interest-free salary advances of up to 
$3000 for newlyweds. 

A spokeswoman for the postal mail service 
said that some additional benefits would be 
continued for existing employees, but lhal 
management was not prepared to guarantee 
them Tor the indefinite future, as the labor 
unions wanted. 


These include such things as 90.000 subsi- The G 
dized rental apartments in Berlin. Frankfurt, lection oi 
Munich and other expensive big cities for ningoftl 
low-paid employees like letter carriers. for track 
Most of them are not even in Eastern avoided I 
German v. where under Communist rule out over 
many state-owned enterprises operated ^ 
housing and vacation resorts for their em- Heidorn, 
ployees. Lion fun 

The German postal authorities also keep mem's pi 
3,200 places in 12 German summer vacation menl j,^ 
resorts for low-income employees, and un- on j une ; 
derwriie 7,000 places in more resorts in A us- The 

tria, Italy. Switzerland. France and the Neth- |- orce 

erlands. welfare** 

“These self-designated employees' repre- ( 
sentatives apparently think cold drinks and a me £ t 
vacation on the Cote d’Azur are more impor- ^ 

tant than future guaranteed jobs." said Hel- . 
tmit Ricke, the chairman of the board of 
Telekom, the German telecommunications * ' 
giant, which is still a monopoly and lags far ** JjjP 
behind American and British communica- ™ ™ 
lions giants in getting ready Tor the electron- v . . . 
ic information highways of the future. ' 

Telekom, the postal service, and the postal 1 °5 11 
h ank were split off as separate entities at the niands, a 
beginning of 1 990 to set the stage for pri vati- a cleai 

zaiion. Next year, all three are to be convert- h * aJUl m 
ed to joint stock companies, and in 1996 takes ove 
Telekom plans to start issuing up to $12 Union: 
billion of new shares to private investors, they were 
The other two are expected to follow later, probably 


The German railroad also became a col- 
lection of joint stock companies at the begin- 
ning of this year, with separate management 
for track, passenger trains, and Freight, but 
avoided the labor conflicts that have broken 
oul over plans for the post office. 

A negotiator for the postal union. Gunter 
Heidorn, said that the employees' organiza- 
tion fundamentally opposed the govern- 
ment's privatization plan, which the govern- 
ment hoped to get approved by Part] ament 
on June 29. 

The government, he said, was trying to 
force “a massive cut in our standards of 
welfare" and reduce the number of seats 
employees have on joint worker-manage- 
ment councils of the private enterprise. 
About 90 percent of postal employees take 
home onlv about S350 a week, the union 


\ynTTf .P B RIEFS 

Northern Tanfe Attoii NearAd«^ 


Chooses a 
Parliament 

Compiled by Our Staff Fnm Dispatches 

BRUSSELS — Low voter turn- 
out was repotted Friday in dec- 
dons for the European Parliament, 
raising concern about prospers for 
voting in other countries Sunday. 

Only about a third of registered 
voters showed up at the polls in the 
Netherlands on Thursday, normal- 
ly one of the most enthusiastic sup- 
porters of the 12-nation bloc. 

The turn ou l in Britain and Ire- 
land also was thin in bajjotmg 
Thursday for the 567-seat Parlia- 
ment. Bin Danes turned out m 



Compiled M Our Star From Dispatches 

BONN — The upper house of 
Germany's legislature killed a 
crime bill Fridav that would have 
stiffened penalties for neo-Nazis 
and made it illegal to deny that the 
Holocaust occurred. 

An attempt to send the bill to 
conference committee also failed. 

The Bundesrai president, Klaus 
Wedemeier. rejected charges from 
Chancellor Helmut Kohl's Chris- 
tian Democratic Union that the op- 
position was carrying out a “de- 
structive blockade” of the 
government 

“The Bundesrat is conducting it- 


II appeared to be counting on support poncra or u* • 

from the opposition Social Democratic Par- jbe turnout in Britain and ire- 
tv. which could block final approval before land also was thin in baJtonng 
the legislature adjourns on July 1. Thursday for the 567-seat Parua- 

Tbe most important of the union de- mem. But Danes turned out m 
mands, a spokesmen said, was the guarantee higher numbers than e *P ecl '‘“- 
of a clear basis for employees' pensions and possibly reflecting a strong anu- 
healih insurance funds after private industry EU sentiment, 
takes over. Prime Minister Jean-Luc De- 

Unions and government negotiators said haene of Belgium, expressed disap- 
tfaey were ready to resume negotiations, but pointmenc at the lack of interest, 
probably not until next Tuesday. “It was a pity that not many people 

' voted in the "Netherlands and in the 

other countries," he said at i Chris- 

T XX X 7~ •11 ban Democratic Party meeting. 

Upper House Kills 

JL JL president of the European Com- 

• T) •11 mission, the Union's executive. 

German Crime Hill 

P— session, one of the Iasi before par- “^S^e^S 


ADEN, Yemen 

on Friday aUon defeat* 

barrageof shellfire from theatv rose ov ersh^ ^ 

The black smoke tna. of Aden; souishrts. 

aarass ^gg- -’—? ^^ 

woe holding to a cease- foe; ^ ddw of wte** 
be called southern violations, som ... ^ „ 

the ceasefire. . 

Hindu 

NEW DELHI buM nuclear weapon, au^te; - 

said Friday that the eou^sta«M nTpressui* and 
accused the govenunent of balding P . . ? 

line against Pakistan. . , * - . th _ nationalist Bharauya^fjs^ 

Lai Krishna Advam, bead ^ a nu cfcar 

and snpespowess fromintod^Bf- 

ns." India to sim Jw NodeW-NaSBi*. • 


session, one of the last before par- 


The United States nas nuclear fedantt^ 

nuclear arms. ’’ ; \ 

Geoi^ ^ts Russian , Eroops^#| 

nuK* ? ”* £i5&£JXSSSlB£.:-- 

would be sent soon. c dmrHrv the' RusaaridtfijiSe- 

the deployment of peacekeeping troops 

Suld bear the burden of maintaining peace m AbVbaaaa, - ; 


■ ■ _ j —Will VUlb sJUUUU *• j. 

^ 6**"? “-JfcK all 12 countries will be announced 
to 23 bills will be hanging m Umbo s - 

until the Christian Democratic important vote Sun- 


umil the Christian Democratic 
Union and the Social Democratic 
Party can begin seeking a compro- 
mise when Parliament resumes in 
September. 

But it appears improbable that 


day, Austrians will be asked to ap- 
prove the country's application to 
join the Union. TTie outcome will 
be an important pointer for similar 
plebiscites in Finland. Sweden and 


— .. -rr -r — - Diebiscites to rmiano. 

the two parties would strike adeal ^ b ^ ^ ^ 

nn Idu lAtntlnhrirt iitcl nrPpl'C hpffYTP _ - 


on key legislation just weeks before 
voters decide whether Mr. Kohl 
will slay in power or be unsealed by 


Campaigns in nearly all the EU 
nations have focused on national, 
rather »han Europe-wide issues. 


his challenger. Rudolf Schaiptng. a ^e^^Tbe rSd as a?: 
S< The ^undes ra t must decide 


whether it wants to protect the in- 
terests of the federal states or be 


. . | .... .«• • ■ IblVOU Ml UIV JMIW Vi vv 

self responsibly. Mr. Wedemeier su {,servient to the interests of the 
said in a speech opening the ses- Party's election 


,W 


5 f in Doiii*.-> ‘ \otk: Fniw.- Pic ■< 

Mr. Chidgey popping Champagne to celebrate his triumph. 


sion. “It is trying to fend off attacks 
against Lhe interests of ihe regional 
states and protect the interests of 
their citizens." 

The Bundesrat has the power to 
block legislation that directly af- 
reets lhe interests of the states, 
around iwo-thirdsof all federal leg- 
islation. The government is formed 
by the party or coalition with a 
majority in the Bundestag 

The Christian Democratic 
Union accused its political oppo- 
nents of holding up passage of the 
bills as part of its campaign straie- 
gy- 


campaign. Mr. Ruttgers said. 

The Social Democratic Party 
said the government had forced the 
showdown with the Bundesrat by 
trying to force legislation through 
Parliament too quickly, even to the 
point of putting off the govern- 
ments of states that are ruled by 
Mr. Kohl’s coalition parties. 

The omnibus bill contained 
stricter penalties for assault, en- 
abled judges to bold suspects Lr. 
prison for 8 days without charge 
and forbade gestures and slogans 
similar to already-banned Nazi ex- 
pressions. (AP. Reuters.' 


emmems rather than as judgment 
of the ELTs directly elected body. 

The Parliament, a largely adviso- 
ry assembly that holds monthly ses- 
aons in Strasbourg. France, has 
been viewed as remote and ineflec- 

K3Ti^ oc London Postpones HydeParkEvenf 

European Union, which took effect LONDON (Reuters) — The govoauneat surm»densdto war vetejtiB 
last year, strengthened the role of on Fridav bv railing off a Family Day in Hyde Park To marie the Whh ' 
the Parliament, giving it power to adversary of D-Day. 

amend legislation affecting mem- j|, e government, which had already toned down the program a'tcr ; 
bers' citizens. It also has control veterans criticized plans for “dazzling family enteriainroeot,’ , : ; sffltf'die .) 
over the EU** S77 billion annual event WOuld ^ ^ place ^ 1995 to coindde with tfae'aimwitoyTif * 
budget. the end of World War IL ' . ’ i, 

Anti-El’ feeling is perhaps high- The national heritage secretary, Peter Brooke; said the recent cont- 

est in Denmark and Britain, the memoration of the D-Day landings in Normandy , had met the govern*^ . 
Maastricht treaty built closer ties mem's objective, which was to raise public awareness of the AiKed effort- 
among member nations, but oppo “We have reviewed our plans in the tight of this,” tie said, “and webdreve -j 
nents fear the effect of the EL r ’s that a fitting tribute has now been paid to the men and women wjo -.c ; 
powerful Brussels bureaucracy. served." ' ~ 

Danish objections to EU plans PDots at 15 smaD domestic arlmes in Sweden started a partial strike 
for far-reaching European integra- Friday, and a pilots union threatened widmedaction unless demands for 
lion may have raised interest in improved work conditions were met Pilots at SAS. and other major 
Thursdays vote. The Gallup poll- companies were not taking part (AP) 


Year in Jail Sought ior miy 

MILAN (Reuters) — Milan's public yro seentor 
former Foreign Minister Gtanni De Michebsto be ja3ed ftH'-ayea^ma ^ 

case involving! illicit party 4 u f iic, 5 1 ? ia ?£^ 

Mr. De Michetis is accused of recQvmg 200 miBton tee (J . 
bribes for his Socialist Party from a Milan-based company. Hehas demed- 

the charge. , , 

Prosecutor Paolo lelo tcW a lvQan court he w^aski^ 
sentence because Mr. De Michefis bad Cooperated with tbe- mqug^tflg : , 
r^rtviction on the charge ccmld result a a sentence otvpAo - 


sentence because Mr. De Michefis bad Cooperated witn tnci a^ugy.roc , 
sources said. Conviction on the charge coiild rsult m a sMca &<£J# to - 
Five years. Mr. De Michelis also faces investigation over allied todaais, 
bv companies to obtain construction contracts m Ac pwtbc m 
region of liahr and in a case related to Italian aid to developing 


TRAVEL UPDATE 


“It is incomprehensible that the 

Sorial Democrats in the Bundesrat n , . n . 

have blocked the most important Germans Hold - larks 
security bill of the year for political A dispute over attacks on T urk- 
reasons.” Interior Minister ish children by German youngsters 


Manfred Kanther said. 


escalated into a melee in which five 


Jurgen Ruttgers. the Christian police officers were injured and a 
Democratic Union parliamentary car was set ablaze. The .Associated 
whip, warned that after Friday's Press reported from Hoechst. 


Germans to Watch Local Votes in East for Signals 


among member nations, but oppo- “We have reviewed our plans in tl 
nents fear the effect of the EL , "s that a fitting tribute has now b 
powerful Brussels bureaucracy. served.” 

Danish objections to EU plans PDots at 15 smaD domestic air 
for far-reaching European integra- Friday, and a pflois union threat* 
tion may have raised interest in improved work conditions wen 
Thursday's vote. The Gallup poll- companies were not taking part 
ias r™ shwed s: perce nt voic r /Url t Kplp0 M lo „ tal «„ 

F™ 1 schedStoMondny, t 

in !9S9. anc au, polls showed Dan- have (0 d ^ from ?aiis ' s chaf 

!sh .'^j? s ^ v ?Pf fresn iu PP° n 10 splitting the service between Orb 
ami-EL candidates. Losses were ^ “ f ^ dtv was 

expo. ted for the governing Social conl Qj Ue lo insist on full servic 
Democrats. 1 Uriiid. ntvnm 


Reuters 

BONN — Voters in seven of 
Germany’s lo federal stales will 
elect local councils and mayors on 
Sunday along with their new depu- 
ties 10 the European Parliament. 

Local polls are a weak barometer 
of national trends because of Ger- 
many’s decentralized system, but 
they are being watched closely this 
year because of the general election 
on Ocu 16. 



International 

Classified 

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© Monday 

International Conferences and Seminars 

• Tuesday 
Education Directory 

• Wednesday 

Business Message Center 

• Thursday 

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• Friday 

Real Estate Marketplace, Holidays and Travel 

• Saturday 

Arts and Antiques 


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


vi 1 1 \a 1 1 j .it -— 


The main signal should come 
from the four eastern stales where 
Chancellor Helmut Kohl's Chris- 
tian Democratic Union won easily 
in May 1990 in the final months of 
East Germany. 

The Christian Democratic 
Union seems assured of victory this 
time only in Saxony. The opposi- 
tion Social Democratic Party’ is 
ahead in Thuringia, Meckienburg- 
Wesiera Pomerania and Saxony- 
AnhalL opinion polls indicate. 

Mr. Kohl's party hopes for a 
clear second place in those three 
states, ahead of the Party of Demo- 
cratic Socialism, the former Com- 
munists, who have strong local sup- 
port. 


The three western suies — Ba- 
den-Wuruemberg. Saarland and 
Rhineland-Palaunate — last voted 
for local councils in I9S9. They 
have strong grass-roots voter initia- 
tives that often skewer overall re- 
sults Tor the national parties. 

Baden-Wilruemberg wifi vote 


level in 1992 because a strong vote 
for the far-right Republicans 
blocked any other alliance. Bonn 
could get a grand coalition in Octo- 
ber if small panics block any gov- 
ernment led by the Christian Dem- 
ocrats and Social Democrats. 

Rhineland- Palatinate is home to 


for the first time since the Christian both national candidates. Mr. Kohl 
Democrats and Social Democrats and the state's premier. Rudolf 
formed a grand coalition at state Scharping, a Social Democrat, and 


In Ireland, where the coalition 
government faced its first electoral 
rest since coming to power IS 
months ago, turnout fell well short 
of the 68 percent recorded in 1989. 

Exit polls in the Netherlands 
showed voter turnout at 32 percent 
down from the 1989 turnout of 47 
percent and the lowest since direct 
elections for the Parliament began 
in 1979. 


Air UK wDI postpone the start of its Paris Oriv-Loodoa Stansted 
initially scheduled for Monday, because two of the six daily flights would 
have to depart from Paris's Charles de GauDe airport The company said 
splitting the service between Orly, south of Paris, and Charles de Gatdte 
north of die dtv. was "commercially unthinkable" and that it womo- 
continue to insist on full service from Orly. France opened the Oriy- 
London route to British operators last month but set a maximum of four 
flights ner dav for the route. • > 


flights per day for the route. .. .; (AFif 

Dock workers at ah but three French ports began a three-day strike oft 
Friday, union officials said. Tbe protest, due lo end Sunday, was called in 
svmDathy with seven former dock workers in Bayonne who began a - 
hunger strike May 25 after two of them were fired. Only the prats of 
Dunkirk, Saini-Nazaire and Rouen were spared, the union said. (Rentes) 
Shanghai’s first sD- night golf and recreation center is under construc- 
tion. the Wen Hui Bao newspaper reported Thursday. (Reuters) . 

Tbe International Airfine Passenger Association is appealing the l/ik; 
government’s refusal to release safety information about airlines fanned 


(AP, Reuters ) from flying to the United Stales. 


Clang! Here Comes the 42d Street Trolley, Maybe 



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MONTREUX 


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FAX 41-21/9635637 


By Jonathan P. Hicks 

New Vent Times Service 

NEW YORK — Reviving images of urban travel from 
another era the City Council has approved a plan to build 
a trolley line along 42d Street from one side of Manhattan 
to the other. 

Officials said the project would cut traffic, poDution 
and noise, encourage development on the West Side of 
Manhattan, and add a spectacular tourist attraction to one 
of New York City’s most congested thoroughfares. 

Officials said that they had selected four consortiums of 
companies to bid on the $135 million project The compa- 
nies would lay the track, provide the rolling stock, and 
operate the system on a franchise basis. 

The cost of the project includes $60 million in street 
refurbishing and the replacement of water and sewer lines, 
which would be paid by the city. The remainder of the cost 
would be borne by the successful bidder, whose expenses 
would be recouped through fares and possibly advertising 
revenues. 

There would be no operating subsidy from the city, 
officials said. They said that if studies validate the cost 
estimates and if the expected bids materialize, the rail 
system would open by the end of 1996. 

Despite the vote Thursday, the project is still far from a 
certainty. Engineering studies could determine that the 


cost estimates are far too conservative and that the project 
would not be economical. 

Prospective bidders might shun the project if they 
concluded that the city’s ridership estimates — 9 million 
passengers a year — were too optimistic. The city has not 
set aside money for Lhe project and will need to revise its 
capital plan to finance the street rehabilitation. 

Officials said that Mayor Rudolph W. Giuliani was 
committed to the project and would seek state and federal 
money to help pay the dry’s share. 

Despite the hurdles, the vote was hailed by proponents 
of the rail system, primarily because it represented the last 
approval needed by a governmental body to get the 
project under way. The vote also authorized spending 
$750,000 Tor the engineering study to verify the dry’s cost 
estimates. 

“It means that the West End of 42d Street will become 
accessible and developable, - said Frederic S. Papert, pres- 
ident of the 42d Street Development Corp, a private 
nonprofit group, who is a leading advocate of the rail 
project. “It means that New York will have the tourism 
attraction that the cable car has in San Francisco. It means 
that there wiQ be cleaner air in mid town Manhattan. It 
means new life for 42d Street." 

Under the plan, which has teen -developed by the city’s 
Transportation Department, a fleet of trains would travel 


between a terminal near the United Nations headquarters * 
on East 42d Sum and First Avenue and end at a pier at ' 
the Hudson River at West 34th Street. •’ 

The route would include four stops along 42d Street —’; 
Grand Central Terminal, the New York Public Library, .- 
Times Square, and the Port Authority bus terminal — and 
one at the Jacob K. Javits Convention Center, at 39tH. 
Street and 12th Avenue. 

Each train would accommodate up to 250 passengers -tV' 
there would be two cars per train during rash hours — — 
compared with the 75-passenger capacity of buses, . .j '- 

Transportation Department offi cials gay that when the 
project is completed, it will take 20 minutes to travel 
across Manhattan, with the trip from Grand Central to the 
Port Authority terminal lasting little more than eight- 
minutes. Some trains would travel only between Grand 
Centra] and the bus terminal, while others would travel 
the full width of Manhattan. 

. Th® Transportation Department sakl th»t the cost. of. 
ndership would not exceed the cost of a bus or subway 
nae, now SI .25, and that passengers could transfer, be- 
tween buses and the rail system for one fare. Tbe expected 
9 million passengers a year would be about a third the. 
ndership of the subway system’s shuttle train linking 
limes Square and Grand Central. 



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theamericas/ 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-Sl M>AY, JUNE 11-12, 1994 


Page 3 


SL: <fi» 




Republicans Get Behind North Clinton 

Iiiipor tance of Senate Seat Is Decisive for Dole All 


ia if ihe part) is to recapture con- unite behind him. Mr. Dole replied 
. or the Senate. Mr. Dole then.' “I think it's enine to take u 


By Donald P. Baker 

H'cuhwgion p mI Sl , 

WASHINGTON 7 ‘‘Z u *. J, u L acna, c- ™ r - u . cle m “ ; ~ l itunt «'s going to take a 

head-shakinBarS ,T,'^ CT 2S? W * ,B JC? ^ much ’ while to son that out." adding. "Ii 

nominaSfrfrv 1 1 r 6 ™ 8 a ‘ ^ c %e necd 51 Rc P ublicans « ^ makes it vay difficult for some in 
J“«f° |lv er LNo I t!i # Senate so Republican cm help set the Republi^n Party - 
So ™P" bh( ? n candidate for the the agenda for America," Mr. Dole also said Sunday that 

The reconciliation between Mr. he planned to meet with 


Air Traffic 
With Haiti 


r;; p T r tor 

^jESSESStjfeE 

S'SSS^v 1 • f *“"■ Jl>l “ 

w. warno- of Virg^ __ IS s(owIv 
lining up behind him. 5 

.Senator Bob Dole of Kansas the 
nunonty leader, who on Sundav 
BM avoided backing Mr. Nortb. 
endorsed his candidacy Thursdav 
and gave him the maximum 55,000 
campaign contribution. 

Paid Laxalt, former senator from 
Nevada, who had persuaded for- 
mer President Ronald Reagan to 
wine a letter in March critidzsie 
Mr. North, said. “Now that Oliver 
North has won the nomination fair 
and square, it's time for Republi- 
cans to support their nominee. 
That’s what I intend to do.” 

Mr. North had predicted that 
party leaders would fall in line be- 
cause they need a victory in Vjrgjn- 


- ne planned to meet with J. Mar- 

Oote and Mr. North was not so shall Coleman to “see what he has 
great, however, rhat Mr. Dole to sav." Mr. Coleman, a former 
would allow the two to be photo- Slate attorney general, is planning 
graphed together. “Jt was a private to run as an independent and is 
meeting, said his press secretary, backed by Senator Warner. 
Clarkson Hinc. By Monday, however. Mr. Dole 

After the one-hour meeting. Mr. was saying that his main priority 
D01C issued a Statement that said, was winning the Virginia Senate 
“I told OlUe that J will do every- scat for the Republicans. After a 
dung possible to assist in his elec- meeting Tuesday with Mr. Cale- 
don io the VS. Senate, including, man, Mr. Dole announced, “Nm- 
oT course, campaigning for him in withstanding our friendship. I 
. could not offer him any cncourage- 

Mr. North said in a statement, “1 "“•** ~ » 

welcome his full support of my 
campaign and look forward to hav- 
ing him join me on the campaig n 
Iran in the near future." 

Mr. Dole’s endorsement was in 
sharp contrast to his comments 
Sunday about Mr. North, when he 
was asked if Republicans should 


mem or support. 

Mr. Warner remains adamant in 
his opposition to Mr. North. 
“What do you think of a man who 
trashes the Congress by day and 
then by night he calls and pleads 
for support?" he said during j 
break from an Armed Series 
Committee meeting Thursday. 


AMERICAN 


TOPICS 


Beach Curfews, Dusk-to-Dawn, 
Coming Into Vogue in California 

More and more California co mmunities are en- 
acting beach curfews: Nobody is allowed on the 
beach between nightfall and dawn, Amanda Co- 
varrubias of The Associated press reports. "This 
means no more midnight strolls. No late-night 
stargazing. No listening to the crashing surf and 
wondering about the meaning of life. But it also 
means no late-night drunks stumbling to cars. No 
midnight rap music. No sleepless rights as neigh- 
bars wonder, is that a wo man being raped or just 
kids shouting in fun?" 

Tom Moran, who lives across the street from the 
Coronado beach, said: “It was a combat zone in 
our front yard. It was out of control ” 

Graffiti appeared on their fence. People too 
drank to walk, much less drive, stumbled to their 
cars, setting off alarms they couldn’t stop. Loud 
pops cracked in the distance — sometimes fire- 
works, sometimes gunshots. 

To get things bade under control, in the summer 
of 1993 the town of Coronado dosed roughly half 
its eight miles (13 kilometers) of coastline each 
Bat critics say the vigil mice verges on over- 


“It’s vay f ri ghte n i ng ," says Tom Gitchoff, a 
criminal justice professor at San Diego State Uni- 
versity. “The American people are demanding 
safety. Thty’ie wflKng to give tip their constitu- 
tional rights to have that safety." 


Short Takes ; 

The UJ5. Posad Service waD sell 150,000 sheets 
of its misprinted “Legends of the West" stamps to 
reduce the value of the 183 sheets sold by error. It 
had planned to destroy aQ 52 million sheets of 20 
stamps with a face value of 29 cents a stamp after it 


was discovered that the wrong person was pictured 
on the stamp honoring an old-time rodeo suit. Bill 
Pickett. Now.it has decided to maintain a policy of 
never deliberately creating a stamp rarity. So an 
additional ISO, 000 of the incorrect sheets will be 
sold. 

Soper- tough glass, while not bulletproof, is “cer- 
tainly golf ball-proof," says William LaCourse, 
professor of glass science at Alfred University in 
Alfred, the “ceramics corridor" town in western 
New York state where the glass was developed. 
“The use that we envisioned when we storied this 
was for windows on condominiums built neat to a 
golf course," he said. Bui other uses might include 
glass bottles almost as light as plastic ones, win- 
dows half as thick and less distorted, virtually 
soundproof cars with windshields three times 
tougher than safety glass or eyeglasses with exira- 
thin — but not extra-expensive — lenses. Howev- 
er, the cost of producing such glass in quantity is 
yet to be determined. 

Washington's Metro, the subway system that 
serves the national capital, is fighting a federal 
order intended to aid bund passengers, contending 
the change would be more dangerous than what it 
would replace. The U.S. Transportation depart- 
ment wants the granite strip along the edge of the 
platform raised slightly so the bund can feel the 
and know they are near the edge- But Metro 
i rials say slightly raised strips could cause oth- 
ers to trip and fall into the path of a train. 

Deriding to resolve a money dispute with 12- 
gauge shotguns at 10 paces, Tristan Rosstun. 18, 
and Jonathan Brown Jr n 19. shot it out on a 
parking kx in Tucson, Arizona, sheriff's deputies 
say. Each loosed several Masts but failed to hit the 
other. They were booked for. aggravated assault 
with a deadly weapon. Detective Warren Hock 
said, because “We don’t have a felony stupid rule 
yet” 

The Reverend Thomas T osnpsor a theologian 
at the University of Dayton in Ohio, says it is easy 
to test the staying power of a new hymn. “Did you 
hum it on the way home from church?" Father 
Thompson said. “That’s the test of a good hymn." 

International Herald Tribune. 


Senate Gives Health Care a Push 


Cumf'UrJ h Pur Shil] Fnm Dupwhn 

WASHINGTON — President 
Bill Clinton announced tighter 
sanctions against Haiti on Fridav. 
including a ban on all commercial 
flights, in an effort to pressure Hai- 
tian military leaders to step down. 

"The message is ample." Mr. 
Clinton said. “Democracy must be 
restored. The coup must not en- 
dure.” 

He said the ban on commercial 
airline traffic and restrictions on 
financial transaction* were needed 
to force out the officers who drove 
Haiti's first democratically elected 
president. Jean- Bertrand Aristide, 
into exile in a coup d'etat in 1991. 

The new measures intensify a 
sweeping international embargo on 
Haiti imposed by the UN Security 
Council last month- 
U.S. officials said they would 
wail until June 25 before shutting 
down flights, giving the 6,000 
Americans in Haiti the chance to 
leave. The U.S. Embassy plans to 
withdraw some of iu 150 American 
employees and dependents. 

In Ottawa, the Canadian govern- 
ment said Friday that it would sus- 
pend all commercial airline flights 
to Haiti on June 25. 

The ban on financial transac- 
tions would halt credit-card pur- 
chases and most wire transfers of 
cash. It targets Haiti’s only remain- 
ing legitimate means of gaming for- 
eign exchange — through the esti- 
mated SI 50 million to S350 million 
in goods and cash sent back each 
year. 

At a news briefing after the an- 
nouncement, the U.S. special en- 
voy on Haiti. William H. Gray 3d. 
said that the ban did not apply to 
“humanitarian activities, " and that 
remittances of up to $50 a month 
for Haitians who depend on such 
funds would be allowed. 

He said the measures would pro- 
hibit commercial air traffic be- 
tween the United States and Haiti 
and would affect private financial 
transactions between the two na- 
tions, including those done Lhrough 
third countries. 

The measures were supported by 
Father Aristide, who has some- 
times been critical of U.S. efforts to 
restore him. and by the Organiza- 
tion of American States. Mr. Gray 
said. 

He said these steps did not elimi- 
nate the possibility of U.S. military 
intervention in Haiti. 

“All options are open." be said 
“We are pursuing a multilateral 
policy with our allies." 

In his statement, Mr. Gin ton 
again urged Haitians “to avoid 
nskmg their lives in perilous boat 
voyages," noting that the United 
States was expanding facilities in 
the Caribbean to process applica- 
tions from Haitians seeking politi- 
cal asylum in the United States. 

(AFP, Reuters, AP) 


By Adam Cfymer 

flew York Timer Service 

WASHINGTON — National 
health insurance took two major 
strides forward in the Se n a t e. 

One committee approved a MB, 
guaranteeing a Senate vote on the 
issue, and another, perhaps more 
crucial, committee shifted from 
general discussion to serious work 
on new legislation. ' 

By a comfortable 11 to 6 margin 
Thursday, Senator Edward M. 
Kennedy’s Labor and Human Re- 
sources Committee adopted the 
Massachusetts Democrat’s more 
generous version of BnaadenX Kit 

Hu ton’s proposal It is the first 



its vote- ensures that the foil Senate 
win c onfr ont the issue this summer. 

At the Finance Committee, 
whose dose partisan and ideologi- 
cal divisions parallel those in the 

full Smaie, Senator Daniel Patrick 


Moynihan, Democrat of New 
York, the chairman, sought sup- 
port for a detailed new proposal be 
showed Ins colleagues for the first 
time Thursday. It is a less generous 
plan than Mr. Gin ton’s. 

Senator Moynihan's 
eliminated several 
to benefits in the Urn ton 
p resc ri ption drugs and long-term 
care for the dderiy ami gove rnment 
insurance for cany retirees. 

Senator M 
to eliminate those 
.year when he is 
made it dear he was seriously push- 
ing for health care legislation and 
not just acting for show. By cutting 
Ac cost erf the biB, Ik is malting it 
easier topass. 

The Gin ton, Kennedy and Moy- 
nihan plans aU rdy on employers to 
buy health insurance for their 
makers and to pay most of the 
premiums. Senator Kennedy's bill 
would exempt employers with 10 or 



fewer workers; Senator 
ban’s would exempt those with 20 
or fewer, but only fw several years. 

Senator Moynihan, who has 
been very skeptical of administra- 
tion fi nanc i ng estimates, proposed 
much higher taxes than the other 
bills did. He would raise the tobac- 
co tax to $2 a pack, from 24 cents, 
and impose s 1 percent payroll tax 
on companies of 500 or more em- 
ployees. Mr. Gin ton proposed a 
tobacco tax of 99 cents, and Sena- 
tor Kennedy suggested a tax of 
$1.74. 

All three measures would seek 
economies by enabling individuals 
to buy health insurance through 
purchasing cooperatives called 
health affiances. Mr. Clinton would 
make participation compulsory for 
almost aU Americans, while the two 
senators would make it voluntary 
and would give the alliances much 
less authority. 


4 Killed ai Lisbon Airport 

Reuters 

LISBON — Four men died when 
the ground collapsed at a Lisbon 
airport building site, officials said 
Friday. Air traffic was unaffected. 


Away From Politics 


• Ivan, die urban eoriBs oo at a „ 

ntafl in Tacoma, Washington, is headed for a new 
home: Zoo Atlanta. The primate, who has spent 

most of his 30 years at the mall, wfll coine face to 
face with the first gorillas he has seen in decades, 

• A wm «f bw*k» people sued Atomic, the 

National Railroad Passenger Crap, aBepg that 
its I * *' 


from Pennsylvania Station in New Yoik. The 13 
plaintiffs seek $35 million in damages. Injuries 
cited in the lawsuit include teeth bang knocked 
out and a head laceration requiring 37 stitches. 
•ABC wffl i nt rod u ce a Family Viewing Logo to 
designate programs “particularly enjoyable For 
family viewing." The television network’s new logo 
will appear in place of the standard one, in the 
lower right-hand corner of the screen, at the begin- 
ning of each ABC show and several seconds after 
each commercial break. wr, ap. Roam, nyt 


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POLITICAL NOTES 



The UN High Commissioner for Refugees, Sadako Ogata, and Justice Harry A. BJadumm of the United StetwSiJrttne Coint 
center, with Mr. Gore during a light moment at the Harvard commencement ceremonies. All three received honorary degrees. 


Gore^s Class S alut e s Vets Tobacco Lobby Loses Fight 


CAMBRIDGE. Massachusetts — Re- 
turning lo Harvard University 25 years after 
his graduation. Vice President Al Gore of- 
fered j salute io the school's World War 11 
veterans and called for an end to the cynicism 
that he saiJ had gripped America when he 
was a student 

Mr. Gore, principal speaker at Harvard's 
343d commencement, was warmly received 
— both when he hailed the class of 1944 as 
libcraiLirs of Europe and again -.vhen he said 
how proud he was of his class, which is 
notorious for having helped shut down 
America's oldest college in protest against 
the war ia Yumum. 

"Without question, because of your ser- 
vice. the world changed in 1944." Mr. Gore 
said. "1 believe the world also changed in 
important and enduring ways because of the 
events of !9o9, a year of contradiction and 
contrasts, of glory and bitterness." 

Mr. Gore's conciliatory speech came at ihe 
end of a week of reunion festivities. 

"Back in 19W our graduating class was in 
no mood to salute or to celebrate your sacri- 
fice and your achievement." Mr. Gore told 
the class of '44. But he drew cheers when he 
added that now. "We salute you." f WP) 


MIAMI — The tobacco industry, employ- 
ing the cream of the slate s lobbying corps, 
has failed to win repeal of a new law that 
allows the state to sue cigarette manufactur- 
ers for the billions Florida spends carine for 
sick smokers. 

The failure in the slate capital, Tallahas- 
see. to roll back the legislation was seen by 
health advocates as a major setback for tbe 
tobacco industry and proof that the powerful 
lobby is on the ropes, not just in Washington, 
but around the country'. 

"Tobacco sent 5fJ lobbyists, paid them 
tremendous amounts of money and gave 
them the sole assignment of repealing the 
cigarette bill." said state Senator W. D. Chil- 
ders, Democrat of Pensacola. "And you 
know what? They were so strong they 
couldn't get a single senator to file a bill lo 
repeal." , WP) 


Dispute on an Investigation 

WASHINGTON - The FBI and the Jus- 
tice Department are at odd* over whether to 
curtail an investigation into allegations that 
Agriculture Secretary Mike Espy accepted 
personal favors from Tyson Foods Inc., the 


poultry 1 processing giant based in President 
Bill Clinton's home state, according to offi- 
cials. 

While the FBI believes it has not yet ex- 
hausted all avenues of inquiry in the investi- 
gation. sources reported, high-level Justice 
Department officials are pressing to close the 
case because they say investigators have 
found insufficient evidence that Mr. Espy's 
actions violated the law. 

The inquiry is potentially embarrassing for 
the president because he has been accused in 
the past of showing favoritism to the head of 
the company. Don Tyson, a longtime friend 
and supporter of Mr. Clinton’s. 

Attorney General Janet Reno acknowl- 
edged at a news conference that the FBI has 
been investigating allegations that Mr. Espy 
violated the 1907 Meat Inspection Act by 
accepting Mr. Tyson's hospitality during a 
visit to the company’s corporaic faeadquar- 
ters in Springdale, Arkansas, and by sitting 
in the company’s "sky box" during a Dallas 
Cowboys football game. (L4T) 


Quote/Unquote 

Governor Mario M . Cuomo of New York: 
“Love immigrants. Legal, illegal — they're 
not to be despised." (NYT) 



i! 

^ifrantl Re voir — a great moment, a great entrance, a great come-tack. 

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MORI- OF YESTERDAY • MORE OF TOMORROW * MORE OF VIENNA. 








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And Now , the Longer Day 

Atomic Clocks to Be Adjusted by a Second on June 30 


ENTERINATIOIV AL HERALD TRIBUNE, SATlltP AY-SUNPAY, JUNE 11-12, 1994^ 

Turks 5 Plan 


By Randolph E. Schmid 

The Associated Press 

WASHINGTON — Time. 
Shakespeare's “common arbi tra- 
tor." Pythagoras's “soul of lhe 
world,” Ovid’s “devourer of 
things." will be slightly longer 
this month. 

Hamlet once lamented that 
the “time is Out of joint." and so 
it seems on occasion, forcing hu- 
mans to put things right. Thus, 
the world's time arbiters have 
decided to extend June by a sec- 
ond. 

This will be the 19th leap sec- 
ond since 1971 That was when 
scientists decided to let atomic 
clocks, as accurate as man can 
devise, run independently of the 
rotation of the Earth and adjust 
them From time to time. The last 


leap second was on June 30 a 
year ago. 

Days were easy, as concepts of 
time go. and eventually they 
were divided into hours, minutes 
and seconds — with clocks regu- 
lated by Lhe cycle of the sun. 

That was fine until human in- 
genuity produced clocks that are 
extremely consistent and precise. 
The problem is that Earth isn't as 
regular as the clocks. It can speed 
up a bit. or slow down, the result 
of friction from the oceans slosh- 
ing around perhaps from the at- 
mosphere and other factors sci- 
entists do not fully understand. 

As the writer Gail Cleere 
points out in Natural History 
magazine, these tiny corrections 
may seem eccentric to people in- 
terested only in three- minute 

eggs- 


But exact lime Is needed for 
modern navigation, with ships 
and aircraft using satellite sig- 
nals and radio waves to deter- 
mine their location. An error of a 
millionth of a second can pro- 
duce a position error of a quar- 
ter-mile (four-tenths of a kilome- 
ter), not good when trying to 
land a jumbo jet on a runway. 

The International Earth Rota- 
tion Service in Paris ruled that a 
leap second was needed this 
raontlL In the United States. lhe 

E rocess is coordinated by the 
*.S. Naval Observatory and the 
National Institute of Standards 
and Technology. 

This year’s leap second wit! 
come on June 30 at 2359:59 
Greenwich Mean Time. That fast 
second before 0000 GMT will 
last for two seconds. 



Pleads 


BOSNIA: Commander Believes the End Is in Sight 


Continued from Page J 

and military supplies from getting 
through to Bosnia, to no longer do 
so. 

At the moment, the navy has two 
ships, a cruiser and a destroyer, in 
the Adriatic Sea dedicated to 
blocking arms and enforcing a no- 
flight zone. A total UN task force 
of 20 ships from 11 countries is 
enforcing the arms embargo in the 
Adriatic. 

The House measure also autho- 
rizes Mr. Clinton, but does not re- 
quire him, to send up to 5200 mil- 
lion in defense materiel and 
services to Bosnia if the govern- 
ment asks for iL 

Although Mr. Clinton in the past 
has called for an end to the embar- 
go, he sent some of his most impor- 
tant officials to Capitol Hill on 


Thursday morning to argue against 
such a move. General John M. Sha- 
likasbvill. chairman of the Joint 
Chiefs of Stafr. Secretary of De- 
fense William J. Perry, and Deputy 
Secretary of Stale Strobe Talbott 
pleaded with House members not 
to vote to lift the embargo. 

In addition. Mr. Clinton said in a 
letter to members that such action 
would wreck the current peace 
talks in Geneva. 

Under the cease-fire accord Fri- 
day. the combatants also pledged 
to release prisoners of war. but a 
planned swap or 15 detainees on 
Fridav was postponed. 

The International Committee of 
the Red Cross said it had invited 
Bosnia's waning Tactions to Saraje- 
vo airport on Saturday to discuss 
the prompt release of all 900 pris- 
oners believed to be held. 


: City’s First Car Bomb 


Continued from Page 1 

how many people are around when 
they do ii." 

Killings have risen by 43 percent 
in the first five months of the year, 
compared with the same period in 
1993, after doubling from 1992. 

Police officials said that at least 
150,000 illegal guns were in the 
hands of criminals, and they 
warned that unless tough new mea- 
sures were enacted, the situation 
would only grow worse. Security 
officials installed metal detectors 
10 days ago in Parliament's new 
office budding. Twenty guns were 
confiscated in the first five days. 


For reasons that were not clear 
at the time. Prince Charles canceled 
plans to visit a British- Russian 
joint venture Iasi month in St. Pe- 
tersburg. This week it was an- 
nounced that explosives were dis- 
covered on the premises only hours 
before his scheduled arrival. 
Whether they were meant for him. 
or some businessmen who was not 
playing ball with the mob. is not 
known. 

The capital is just the most ex- 
treme example of what is happen- 
ing throughout the country. Last 
Friday, in Ekaterinburg, a power- 
ful explosion destroyed the com- 
mercial enterprises of Praktika. 


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UN officials hoped the cease-fire 
would haft fighting oo a 1.200-kfJo- 
roeter ( 750 -mi lei front and provide 
a breathing space for a U.S.- and 
Russian-led •‘contact group" to 
present a peace plan to the combat- 
ants. 

The temporary truce fell far 
short of an original UN proposal, 
which called for a four-month ces- 
sation of hostilities, a separation of 
forces and the interposition of LTV 
peacekeeping troops. 

Bosnian Muslims have opposed 
a longer cease-fire. They fear a rep- 
etition of the situation in Croatia, 
where a UN-supervised cease-fire 
has effectively cemented Serbian 
war gains in place, to the fury of the 
government in Zagreb. 

The UN’s chief envoy to former 
Yugoslavia. Yasushi Akashi. and 
other international mediators have 
proposed that the Serbs retain 49 
percent of territory, with 51 percent 
going to the Muslim-Croatian fed- 
eration. 

Speaking of Serbian willingness 
to make peace along those lines. 
General Rose said. "They are ready 
to give up a considerable sway of 
territory." He said front-line Serbi- 
an soldiers told him there was no 
point in capturing territory they 
know they will have to give up. 

In other diplomatic develop- 
ments Friday. President Boris N. 
Yeltsin of Russia called for perma- 
nent contacts between Moscow 
and Washington on solving the 
conflict. 

“We will meet with President Bill 
CHnion soon to study the question 
again," he said at a press confer- 
ence, adding that the two men had 
discussed Bosnia during “a recent 
telephone conversation." 

He conceded that the United 
Slates and Russia had “a different 
approach on resolving the Bosnian 
problem." Without specifying 
these differences. Mr. Yeltsin 
called for “permanent contacts" 
between the two governments. 

The two men are to lake pan in a 
meeting of the beads of state of the 
G7 industrialized nations in Naples 
from July 8 to 10. 

In Geneva. Tadeusz 
MazowieckL the LTN special Inves- 
tigator into atrocities in the fight- 
ing, said that Bosnian Serbs had 
committed war crimes in Gorazde. 
He issued a report saying nearly 
2,000 people were wounded and 
700 killed in the Serbian assault in 
March and April. 

“It is clear that war crimes have 
been committed in Gorazde.'" he 
said. 

{Reuters, AP. NIT, AFP 1 


Keuiefz 

ISTANBUL — Secretary of 
State Warren M. Christopher said 
Friday that Washington backed 
Turkey's plan to cleanse an Iraqi 
oil export pipeline running across 
its territory, but technical details 
were still being worked out. 

“We have of course agreed in 
principle that the pipeline should 
be flushed"' he said in Istanbul. 

Talks on technical details of the 
operation were proceeding with 
Turkey and at the United Nations. 

“The problem has not been com- 
pletely resolved” Mr. Christopher 
added. 

Turkey wants the UN Security 
Council to approve a technical res- 
olution to lei it empty, flush and 

refill the 985 kilometer 1 610 mile) 
pipeline, disused since Ankara 
closed it in response to Iraq's inva- 
sion of Kuwait in August 1990. 

There are about 12 million bar- 
rels of crude oil in the 
which runs from Iraq's Kirkuk 
fields to a Turkish Mediterranean 
terminal. Of this. Turkey 
owns 3.S million barrels. 

Mr. Christopher said the Turkish 
prime minister. Tansu Ciller, had 
stressed the importance of flushing 
the pipeline when they met on 
Thursday on the sidelines of a 
NATO foreign ministers" meeting. 

.Ankara says us proposals do not 
violate UN trade sanctions against 
Baghdad because oil from the pipe- 
line would be refused and sold in 
Turkey, rather than sold on the 
world market and no money would 
go to Iraq. 

Mosi of the proceeds would go to 
buying humanitarian goods for the 
Iraqi people as approved by the 
United Nations. Some would flow 
to a LTN compensation fund for 
victims of the Gulf War. 

“The proceeds of the flushing 
would be handled in a way consis- 
tent with the LTN resolution.” Mr. 
Christopher said. 




Rebels Threaten 
To Kill Hostages 
In Philippines 

Reuters 

SAMP1N1T. Philippines — 
Muslim extremists who have al- 
ready murdered 15 Christian hos- 


Hw* \ «B1 Krei$' -vote (ranee 

Aa officer at play Fridav at a L’S. base Dear Seoul Id the background are Patriot rassBe launchers. 

KOREA: US. Wins Moscow's Support of Sanctions 


Continued from Page 1 

ter of nuclear attack by North Ko- 
rea in the event of a new Korean 
war. and said that Washington and 
Seoul were looking at “scenarios" 
for any such plans by Pyongyang. 

Reuters reported from ’Washing- 
ton. 

“We are significantly increasing 
our intelligence assets in the region. 

„ ■ . pu;,- c and we are analyzing scenarios that uutreai . ^ Ci 

lages in the southern Pmlippmes give unpcnar.ee to weapons-of- weapons. Mr 
threatened Fridav to kill ihe -1 mass-destruction use” bv North North had bi 
they were still holding unless gov- Korea a ^ble aniied con- 

flicL" said Ashton B. Carter, assis- 
tant secretary of defense for nucle- 
ar security and 

counterproliferation. 

He also said that the United 
States would quickly send more 


The United States has said that 
North Korea, which has refused to 
allow international inspection of its 
nuclear program, is actively in- 
volved in developing atomic weap- 
ons and may already have one or 
two nuclear devices. 


emmeni rescue efforts halted. 

“The moment our troopers will 
close in on them, they will «ian 
executing their hostages one by 
one."' said the chief government ne- 
gotiator. Jerry Salapuddin. 


He spoke after a two-hour initial ships and troops to ihe 

commanders of i, nw n«nincni.i in i- w ifraiM** 


In a speech at a conference spon- 
sored by the .American Bar -Associ- 
ation on international control of 
nuclear, chemical and biological 
. Carter noted that the 
ballistic missiles. “They 
may have other things as well.” he 
added. 

He did not elaborate on whether 
North Korea might seek to drop a 
nuclear bomb or use a terrorist de- 
vice in the heavily populated north- 
ern sector of South Korea. 


meeting with two 
the Abu Sayyaf group holding the 
hostages on Basilan Island. 

Mr. Salapuddin. who is governor 
of Basilan. said the hostages. 16 
women and five men. were un- 
harmed but had been split up to 
thwart any rescue attempt 

He quoted the Abu Sayyaf lead- 
ers as saying they killed the 15 
hostages in reprisal for “summary 
executions” by the military of civil- 
ians in the Muslim-dominated re- 
gion. 

In Manila, President Fid-! V. 
Ramos ruled out paying any ran- 
som to the kidnappers. 


tense peninsula in case of trouble, 
and said that U.S. and South Kore- 
an forces would soundly defeat 
Pyongyang in anv new conflict. 


Bui be stressed that it was impor- 
tant the United Slates and South 
Korea “take steps to enhance our 
preparedness for such use." 


Despite his suggestion tnat 
North Korea might use nuclear 
weapons in desperation, Mr. Carter 
said he did not think there was any 
confusion in Pyongyang about the 
ability of joinl U.S. and Sooth Ko- 
rean military power “decisively to 
defeat the North." 

President Bill Clinton met Fri- 
day with senior defense and foreign 
policy advisers at the White House 
as the United States continued to 
press for approval of UN sanc- 
tions. 

The White House press secre- 
tary. Dee Dee Myers, said that Mr. 
Clinton had spoken Thursday 
night for nearly art hour by tele- 
phone with President Kim Young 
Sam of South Korea. 

"They talked about North Ko- 
rea. about their mutual commit- 
ment to taking additional steps and 
taking it up with the Security 
Council.” she said. 


The Associated Press : 

WASHINGTON — 
taiiw Dan Rosterikcwsta plewRd; 
not guilty on Friday at feanaigg-" 1 
ment onl7comrptiofl<^^*g- 
defiantly proclaimed, i-m w; 
vindicated." .. . .. . 
.Indicted last month, me un 
Democrat entered his 
District Court* ft* Wocterffean 
the CapttoL wbs* as chadw^tf. 
lhe House Ways and Means Cbufc.- 
miitee he reigned as roe of tteaj & = 
powerful lawmakers in uxagnss.:';- 
Later, he an* life 
Dan Webb, saM thet© ww»]te:a 
vigorous defense. . .-y.'- - 

“The truth b the congressman. c 
innocent of afl wrongdoiafr" 

Mr. Webb. - - . '• 

Mr. Rostetiujwsld um 
U.S. District Judge' Norm* : 
Holloway Johnson lor the begin- 
ning of what is likely lo be a. p*d“ 
traded legal battle, oyer chaws 
that he converted nearly 
in federal -money to personal 
family' use-Heis also chargtd*ith ; 
obstnictingjustice by trying to. jwgj, 

suade a witness not to giro dam%; 
ing testimony to prosecutors. - . L ; 
The arraignment came af te£ 

Rbstcofcbwski had spumed a vwhfr 
Iy reported plea bargaining agrie- - 
ment with federal prosecutors; sal;, 
parted' company with RobcrtTSL - 
Barnett, (he - Washington Sawyer 
who negotiated it •• * 

“F am not guilty. I will fight these " 
false charges and w01 prevail," ML 
Rcstenkowski said cm the court- 
house steps after entering tespksL .. 

“I will wash away the mod that:;" 
has been splattered on my jtf&tsr/ 
lion.” he smA "Some ask me, Ho* - 
could yva have done dns7 Thean*? 
swer is simple. I didnYdo rt." - 
Mr! Webb, a former Uik atrbr-> 
ney and prosecutor in the. Iraih' 
contra case; suggested that the first 
lineofdd'casewOTldbeaconstiia- . 
tional challenge- . .? 

“This iodietmeni raises some 
grave and serious constitutional 
concerns," he told a crowd of re- 
porters as Mr. Rosieokmtki stood 
by his side. “Who determines what 
are official expenditures? We Wri. 
examine that. 

The charges allege that Mr. R«v : 
tenkowski. hired ^ost_enqrfqyyev 
arranged for kkkhacks. tampaed - 
with a witness and received ulegal- 
r«-d» at the House Post Office:' 


CANADA: 

Rising Anger 


NATO: Russia Accepts Partnership Offer 


Continued from Page 1 

respect for its unique position in 
Europe. 

Two weeks ago, the Russian de- 
fense minister. Pavel S. Grachev, 
declared that his counuy would on- granting legal recognition for R un- 
conditionally join die military' co- sia’s role and rejected any notion 


operation plan but also wanted a 
“full-blooded strategic partner- 
ship" to be enshrined in a formal 
treaty or protocol. 

The NATO allies balked at 


ABOUT MISb DAW Bv Frances Hansen 


ACROSS 
1 Harass 
7 A knight to 
remember 
14 Celebrated 
IV Beethoven's 
Third 

20 Scrutinize 

21 Give up 
occupancy 

22 Start of a verse 

25 Certain playing 
marbles 

26 Tenor Peerce 

27 Apollo's rwin 

28 HallofFamer 
Mel 

29 Wear »ith an air 
31 Hoop group, 

foT snort 
52 Coziiywarm 

36 Thackeray's 

“ Lyndon" 

37 “To a Skylark." 
e -& 

38 Sacred bull of 
Egypt 

42 Rios 

(Jamaican 

resort) 

43 Swiss river 

44 Privy to 

45 Chianti, e.g. 

46 More of verse 

52 Comparative 
suffix 

53 Sgts. and cpls. 

54 With full force 

55 Seafood serving 


5b Judas 

58 “Canterbury 
Tales” inn 

60 Kvetehed 

61 “ the 

Brave" (1965 
Sinatra film! 

63 LUher's 
concern 

65 Quakers 

68 Stationary 

70 Assailed 

74 Language from 
which “kiwi" 
comes 

75 — — de Guerre 
(French award} 

76 Test giver's call 

77 Paydirt 

7S More of verse 

83 The “limp 
watch" painter 

84 Minus 

85 Busy os 

86 Sister of 
john-Boy 
Wolion 

87 Old Greek 
theaters 

88 Table scrap 

89 Trick 

91 Admiral 
nicknamed 
“Bull" 

93 Eastern title 

94 Wherewithal 

95 Tufted bird 


Solution to Puzzle of June 4-5 


on 

nmn 

an a 

anna 

□ HD 

n 

□ 

onl 


coo 

LIU I J 

Pkjuu 

a no 

LI 

M 

n 

n 

nnnanunma 

□nnn 

□ 

ana 

n 

u 

□ 

□an n 


3 

nnn 

ran ra 

if 

D 

anno 

nnnnnn 

n 

min 

0 HU 

ii 

n 

nnnnn 

itunn 

nnn 

nnn 

□ 

ra 


nootina an 

u 

uu 

Ut!l 

IIM 

lull 

MJ Li iq mi 

□nan 

*ilJ 

Ena 

LtfcuiQ nnnnn 

n anunn 


17303 TKO 

ran ra 

oo 

rara raranra 

nan naan 

□ra a 

rara 

q orarann 

m nnnnn 

anna 

no 

rannnop 

nnanara 
nraraann o 

□nn 

rannn 

a 

o 

nnHnuuH 

gaiana an 

ran n 

an 


nn ran one] 

ra ran 

□a 

n^nnraon- 

aeaonnn 

□ran 

rara 

□an aram 

angntlra a 
nnrannn n 

rannn 

nnrara 


rannonrara 

cinnaann 

araamira nanno 

LL«3iS191S15i5i5. 


96 Cousins of the 
guinea pig 

100 Seine sighi 

101 Football 
formation 

106 End of verse 

110 Decorative 
band 

111 Quiet, now 

TT2 Belgian 

113 Entreat 

114 Breviary 
contents 

115 Gets smart with 


DOWN 

1 Haws' partner 

2 Pan of Q-E-T'. 

3 Part of the 
Earth 

4 Buster Brown's 
dog 

5 Leopardlike cat 

b Hen's tooth. 

e.g. 

7 They have their 
settings 

8 Bad , Mich. 

9 Opposite of 
long. 

10 Key of 
Beethoven’s 
Seventh 

1 1 Saint of 

Poitiers 

(French 

bishop) 

12 Concerning 

13 RRsta. 

14 Statements in a 
legal case 

15 Yearn 

16 "Yes, 

17 Needle case 

18 Trophy rooms 

21 Fragrant garden 

plant 

23 So soon 

24 Stopped 
ticking, as a 
clock 

29 Robe 

30 C.E.O. 

32 Specif icai I v 

33 Paint pigment 

34 Now. in the 
barrio 

35 1975 Abba hit 

36 “A Christmas 
Carol" cries 

37 New York 
Indian 


i 

2 

3 

4 

5 

6 


7 

8 

9 

IQ 

11 

12 

13 


■ 

,4 

15 

18 


IB 

T9 






1 

20 








71 






22 






23 








24 







25 









28 



■ 

17 











■ 

29 

30 




1 

31 




37 

33 

34 

35 



■ 

39 





■ 

37 



■ 

38 

39 

40 

fl 

ri 





43 





44 





45 




sr 1 




47 

»8 





49 

so 





51 





52 



■ 

Im - 




■ 

■ 






■ 

S3 





»”1 



57 




II 

59 

59 

n 




■ 

60 







11 




BZ 



■ 

S3 



64 





05 

SB 

97 




■ 

59 






1 

70 




71 

72 

73 

74 





■ 

75 






79 




■ 

77 



79 





79 





: 

90 

91 





92 




S3 




■ 

84 





5^ 





I*” 




87 





98 



a 

1 

90 




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98 1 97 1 98 


101 


IBS \ W |10S 


G New York Times Edited by Will Shorn. 


38 Garden-variety 

39 Galileo, e.g. 

40 Worshipful (of) 

41 Audio 

43 "O come, let us 

Him" 

(carol lyric) 

44 Turkish hospice 

47 Merchant of 
Venice 

48 Emblems 

49 Apprehend 

50 Pile up 

51 Freeloads 

57 Sluggishness 

58 Coaches 

59 Hotel lobbies, 
often 

60 Orange Bowl 
locale 


62 Smallest in 
amount 

64 3 7-Down, «n 
masse 

65 Brazilian 
novelist Jorge 

6b Word with oil 
or plate 

t>? Dr. Jekvll's 

servant" 

69 Not a local: 

Abbr. 

71 199] Va! Kilmer 
film, with 'The' 1 

72 Palmer, to his 
“army" 

73 Wee 

75 Clint* fondly to 

76 I.R.S. agents 


79 One who makes 
arrangements 

80 Loll about 

81 Observe 

82 Become set 

84 Pina (rum 

drink) 

90 Not round 

91 Shows 
disapproval 

*2 Odysseus's 
adviser 

93 Silver, for one 

b4 Silas Mamer. 
c-g- 

95 "Turandot” 
slave girl 


96 “Rush!" 

97 Miss 

98 “Thisones 

99 Pac 10 team 

201 Bankrolls 

102 Hospital 
capacity 

103 Medicalsuffix 

104 Where the 
congregation 
congregates 

105 Farm mothers 

107 Gellcr’s forte, 
for short 

108 Summer in 
Savoie 

109 Sun. talk 


that Moscow could exercise veto 
powers over NATO’s decision- 
making process. That stand was 
taken largely to reassure anxious 
East European states that the West 
would not permit Russia to dictate 
its will over their security interests 
in the post Cold War wo'rld. 

“European stability depends on 
all countries respecting the sover- 
eignty, independence and territori- 
al integrity of all the stales that 
emerged from the Soviet empire," 
Mr. Christopher told ministers 
from the 16 countries that belong 
to NATO, and their new Eastern 
partners. 

“No country should assert a role 
(hat is inconsistent with interna- 
tional norms." he said. “In a demo- 
cratic, undivided Europe, there 
should be no more lines of division, 
and no more spheres of influence.” 

Mr. Christopher and other West- 
ern ministers have tried to assure 
their counterparts in Eastern Eu- 
rope that NATO's future relation- 
ship with Russia wfl] be conducted 
in a transparent manner and that 
there would be no hidden deals — 
similar to the Yalta plan which di- 
vided Europe into rival camps — 
that would affect their security. 

But Poland's foreign minister, 
Andrzej Olechowski, voi cing con- 
cerns of several Eastern stales still 
fearful about being overwhelmed 
by their large Russian neighbor, 
warned NATO against cultivating 
a dialogue with Moscow that would 
ultimately lead to “the marginaliza- 
tion of smaller states in the region." 

He insisted that Russia must en- 
ter the military Partnership pro- 
gram on the same basis as any other 
Eastern slate and not be accorded 
special treatment. 

While the United States believes' 
that Russia must not be granted 
any special concessions to sign up 
for the Partnership program, the 
Clinton administration has been 
trying to alleviate Moscow's com- 
plaints that the West is not paying 
enough attention to its views. 

In appearing before reporters in 
Istanbul with Mr. Kozyrev by his 
side. Mr. Christopher acknowl- 
edged differences on a range of 
issues hit said the United States 
had decided to back Russia’s pro- 
posal Tor an international confer- 
ence on the crisis over North Ko- 
rea’s nuclear capability. 

Previously, the United States 
had expressed negative opinions 
about the worth of such a confer- 
ence. 


er battles ahead. But some political 
pundits, and many pro-maty mili- 
tants, are telling Mr. Chretien that 
the time has come to confront the 
separatist scourge squardy. Peter 
C. Newman, a historian andcotuiD- 
nisL said recently that the time for 
Canadian “ruce-neUyisra” is over. 

“To bell with common sense, 
one-sided decency and congjro- . 
mise," he wrote in Macleans maga- 
zine. “You don't win a country that 
way. and you shouldn’t lose one 
either." 

Parti Quebecois leaders may 
leave no doubt elsewhere in Cana- 
da about their separatist in tendon* 
but poQs indicate that Quebeckers 
themselves remain confused about 
the meaning of "sovereignty" and 
the consequences of independence. 
Lampooning their indecision, the 
Montreal comedian Yvoa . Dcs- 
champs quipped that what Que- 
beckers really wanted was “an- in- . 
dependent Quebec. — within -a : . ; 
strong Canada." 

The last time they were asked to 
endorse a form of sovereignty, in a 
1980 referendum, Quebeckers vot- 
ed “no" by 60 to 40 percent. Am*; 
lyses in and outside the province 
say Quebeckers today would fhy : 
from endorsing outright separation 
by nearly the same margin. 

But Parti QufeWcois partisans 
and some comment a Lora say 199S-* 
could be different From 1980. The 
presence of Mr. Bouchard’s Bloc - 
Qufcbecois, allies of the Parti Qajufr- 
bteois, in the federal Parliament . 
has gi ven separatism a new respiefc 
ability and political fift. If the Parti 
Qu6b6cois is victorious tins year. - 
separatists would dominate the 
power structure throughout Que- 
bec — they did not in 1980 —and, - 
the theory goes, could rally troops 
to vote for separation. 


Polish Sejm Votes: 
To Ease Abortion 

77k Associated Press 
WARSAW — The leftist-domi- 
nated Parliament on Friday re- 
laxed Poland’s strict anti-abortion 
law to allow women to ternuniate 
pregnancies when they are in a dif- 
ficult personal situation. 

However, the law may not lake 
rfTect because President Lech Wa- 
lesa, a devout Roman Catholic, has 
pledged not to sign it It r emains 
unccrt am that pro-choice deputies 
can put together a two-thirds ma- 
jority needed to override a veto. 

In a 241 to 107 vote with .32 
abstentions, the Sqm, the" lower 
diamber, amended a 14-moolh-old 
law that allowed abortions, only 
when the pregnancy endangered 
the mother s health, if it resulted 
from rape or incest, or when the 
fetus was irreparably damaged. 


in Switewfand 

just cofl, toll fro* 

155 57 57 









CJ 

Rhine Ans< 





Burundians Watch in Horror 

Memories of a Previous Tribal War Ling 


By Keith B. Richbura 

WasHingUm Prm $ C n hl - w 

BUJUMBURA, Burundi — The 
convulsion of violence in Rwanda 
appears to have had a calming ef- 
fect on Burundi, which has the 
same eUuuc mix and turbulent his- 
tory of tribal massacres as its 
neighbor but has managed to es- 
cape the slaughter that descended 
on Rwanda when a plane crash 
toUfifl the presidents c.f both coun- 
tries. 

Watching the massacres in 
Rwanda “scares the hell out of 
them,*’ a diplomat said, referring to 
Burundi’s 85 percent Hutu major- 
ity and 15 percent Tutsi minority 
that mirror Rwanda's ethnic com- 
position. 

Diplomats, aid workers and UN 
officials here in the capital also 
suggest that the memorv of Burun- 
di’s most recent experience in eth- 
nic bloodletting is fresh enough to 
stay any impulse to commit tribal 
slaughter there again. 

Burundi's first democratically 
dotted Hutu president. Melchior 
Ndadaye, was assassinated in an 
October coup attempt bv Tutsi 
army officers. 

Hutus went on a four-week ram- 
page against Tutsis. killing an esti- 
mated 100,000 people before the 
army put down the uprising. The 
trauma of that violent spasm still 
lingers in Burundians, according to 
foreign observers here. 

“People say this place might be 
next, but that’s erroneous because 
they’ve already had theirs.” a se- 
nior Western diplomat here said. 
“This country already had its own 
trauma.” 

After the April 6 plane crash in 
Kigali, Rwanda’s capital killed its 
two presidential passengers, Cy- 
priot Ntaryamira of Burundi and 
Major General Juvenal Habyari- 
maaa of Rwanda, the parliamenta- 
ry leader of Burundi Sylvester Nd- 
bantunganya, took over as interim 
president and immediately named 
a crisis committee that included 
politicians and officials of the 
Tutsi-dominated military — “a 
cross section of the Hutu-Tutsi 
spectrum.’' the diplomat said. 

These officials, as wdl as church 
leaders, traversed Burundi appeal- 
ing for calm mainly by reassuring 
villagers that the Burundian plea- 
dent's death was an accident and 
that the real target of the alleged 
attack on the plane was Rwanda's 
president. 

The cause of the crash has not 
bom determined, but witnesses 
said (he plane appeared to have 
been hit by a rocket, while landing. 

One effect on Burundi of Rwan- 
da’s slaughter — estimated (o be 
between 200,000 and 500,000 peo- 
ple — may have been to reinforce 


those moderate politicians and mil- 
itary leaders un hoth sides who are 
grappling to find an acceptable 
power-sharing arrangement that 
can prevent another bloody confla- 
gration here. 

Hutu and Tutsi leaders have 
been meeting constantly, but infor- 
mally. with the interim president, 
Mr. Ntibanlunganya, trying to 
come up with an acceptable choice 
for a new president. They also are 
trying to devise a formula that will 
guarantee the rights of the Hutu 
majority, while providing safe- 
guards for the Tutsi minority. 

According to one source dose to 
the talks, the Tutsis are demanding 
the complete disarmament of civil- 
ians. particularly armed Hutus in 
villages where massacres of Tutsis 
took place last fall. 

The Tutsis also are demanding 
that all Hutu public officials ac- 
cused of participating in those mas- 
sacres be dismissed. Some Hutu 
politicians have been accused of 
arming Hutu civilians. 

The Hutus, for their pan, want 
to see an end to Tutsi domination 
of the armed forces and are asking 
for at least 50 percent of the mili- 
tary to become Hutu through re- 
cruiunem. The Hutus are also seek- 
ing the arrest and prosecution of 
military officers involved in the 
killing of Mr. Ndadaye. 

The talks so far have been char- 
acterized mainly by mutual suspi- 
cion, and no small measure of fear, 
between two long-warring tribe 
that are more accustomed to killing 
each other than talking face-to- 
face. And both rides are finding 
that after years of ethnic violence, 
compromise around a negotiating 
table can be almost as difficult as 
outright warfare. 

“A lot of checks and balances 
have to be implemented, if we don't 
want to see in a few yean a massa- 
cre of a minority,” said a UN offi- 
cial who is helping to bring the two 
sides together. 

He said the talks were particular- 
ly difficult for the Tutsis. who are 
used to dealing with the Hutu pop- 
ulation from a position of military 


er 


What almost everyone here 
agrees on is that Burundi’s fragile 
political future is hostage to events 
beyond its borders. Rwanda's civil 
war and tribal killings, and the pos- 
sibility of a viclory by Tutsi renels 
of the Rwandan Patriotic Front, 
add explosive dements to the mix 
hoc that could do more than (he 
power-sharing talks to determint 
whether Burundi remains calm or 
falls into a cycle of violence. 

Relief workers and diplomats 
here say military gains by the Tutsi 
rebels in Rwanda have emboldened 
Tuts extremists in this country, t 
making them less flexible in negoti- 1 
aliens with Burundi's long-sup- V 
pressed Hutus. 

And for some of (he extremists in 
the Tutsi military, a UN diplomat 
said, the publicizing of more and 
more Hutu massacres in Rwanda, 
coupled with rebel military gains, 
“has given them (he deep convic- 
tion that they should never have 
Hutu domination here.” 

“They’ve always had the idea 
that Hums want to exterminate 
them,” he said. 

The other impact of a rebel vic- 
tory in Rwanda might be a huge 
refugee exodus of Rwandan Hutus 
into Burundi — many of them the 
militiamen responsible for carrying 
out the mass slaughter of Tutsis. 



UN Sees No End 
To Rwandan War 


By Keiih B. Richburg 

H lafcwgKui Pcol Smi.r 

NAIROBI— The commander of 
the small United Nations troop de- 
tachment in Rwanda said Friday 
that his efforts to broker a cease- 
fire in the civil war had shown no 
signs of success, and he predicted 
more fighting and more massacres. 

“The honor show continues.” 
Major General Romeo Dallaire 
said in the Kenyan capital. **1 
would love to see a mice, but I 


Force plane was nearly bit by mor- 
tar fire at the airport. 

Those flights, bringing in mostly 
high-protein biscuits, had been the 
lifeline for thousands of Rwandans 
sheltering in squalid conditions in 
makeshift refugee comps. 

Aid groups repon they have 
large food stockpiles in at least six 
warehouses around Kigali, but they 
have been unable to get to the food 
and distribute it because of heavy 
fighting along the major highways. 


T hrAwcutcd Pirw 


Major Jean-Guy Plante, left, examining shrapoel from a grenade that struck the UN ate in Kigali 


think itn is sull some fitting <„ °!” ra) . Dailain ; “f 1 . *“ 

u. started seeing people with bloated 

be done, said General Dallaire. bellies aroui^ the capital the fiisl 

sign of malnutrition and starva- 
tion. 

The United Nations in recent 
weeks had made some progress in 
evacuating more than 2.000 dis- 
placed people from Kigali in con- 
voys. but those evacuations also 
have been suspended because of 
the fighting and a lack of fuel for 
UN vehicles. 

Only about 50.000 civilians are 
thousht to be in Kigali, and virtual- 
ly all of them are in need of food, 
according to aid officials. 

On Wednesday, the UN Security 
Council gave final approval to a 
plan to send 5.500 peacekeepers to 
Rwanda to protect humanitarian 
supplies and assist the displaced. 


offering a bleak assessment for 
Rwanda more than two months af- 
ter the country was convulsed by a 
systematic campaign of genocide 
and a civil war that has claimed as 
many as 500,000 lives and lefL 
millions displaced. 

“Both sides still have resources 
and a capability to fight on,” Gen- 
eral Dallaire said. The general's 
prognosis matched that of other 
UN diplomats and aid officials, 
who now fear that the fighting will 
lead to widespread hunger and 
starvation for more than 2 million 
refugees. 

The daily aid flight to Rwanda's 
capital Kigali, has been suspended 
all this week after the Canadian Air 


Slain Catholic Bishops 
Had Urged Peace Effort 


BOOKS 


By Alan Cowell 

New York Tuttes Service 

ROME — Two months before 
they died, the throe Roman Catho- 
lic bishops killed in Rwanda this 
week had joined in an impassioned 
plea for peace negotiations be- 
tween government forces and the 
rebels who were reported to have 
committed the killing , 

"The Catholic bishops of Rwan- 
da urge the government and the 

Roranrin PsIrMfii* Pmni ia 


rebels at Kabgayi. south of the cap- 
ital Kigali. The Vatican this month 
asked the United Nations Security 
Council to declare a safe area at 
Kabgayi to protect 38,000 mainly 
Tutsi refugees, but since then, Kab- 
gayi has fallen to rebel forces. 

Archbishop Nsengiyumva. a 
Hutu, was the leading Catholic 
prelate in Rwanda. He was bom in 
the Ruhengeri region in 1936 and 
ordained a priest in 1966. He had 


JUST DO IT: 

The Nike Spirit in the Cor- 
porate World 

By Donald Katz. 336 pages. 523. 
Random House. 

Reviewed By John Burgess 

I S Michael Jordan real? On the 
last page of this very readable 
book, we leant how the author's 4- 
year-old son posed this question at 
bedtime one night. Yes. indeed, 
thought Dad, I'm tackling an im- 

■v\rt«knV nilsio^t V «9 fk j ilto 


Carnivore. They became the basis 
of a multibiOioa-dollar global trade 
and of a new kind of fashion one- 
upmanship. Some became so costly 
and desirable that in inner-city 
neighborhoods gunfigbts erupted 
over them. 

More than any other company, it 
was Nike that placed the sports 
shoe alongside the VCR and im- 
ported car as the new icons of 
American consumer culture. By 
1993 Nike was a S4 biDion-a-year 
operation employing 10,000 peo- 
ple. About 77 percent of American 


right on going. One of the world’s 
most dynamic entrepreneurs was 
starting' to make his mark. 

Nike’s rise was found-td in large 
part on taking athletic endorse- 
ments to a new plane. An ad in 
Sports Illustrated cost tens of thou- 
sands of dollars, but Nike athletes 
in Nike shoes were pictured free on 
page after page. Nike paid big; it 
liked attitude in its clients. If they 
thumbed their noses at the “sports 
bureaucrats," it was a match made 
in heaven. Such was Nike’s tie-in 
with John McEnroe, whose tennis- 



complex,” be said. “They fed the 
Hums are not capable of govern- 


icre’s a delicate balance here 
they’re trying to strike," a Western 
diplomat said. “If the military 
picked up all the putschists from 
October, there might be an overre- 
action from the Tutsi community. 
And if they go around arresting the 
people involved in the killings of 
October and November, there 
might be an overreaction from the 
Hutu community. This is the di- 
lemma for this countiy — or one of 
than.” •- - — * - - 


peal in April after die eruption of it to Rwanda iu September *1990. leies into mythical superheroes 
the latest round of ethnic killing whose existence apart from the im- 

“May they do everything possible _ uur country is small, with ages and sounds emitted by a tde- 
to stop the bloody troubles in some ? any problems and disadvantaged vuSoo set was in doubt. Millions of 


parts of the countiy so that they do 
not consume the rest of the coun- 
try.” 

The pastoral letter was signed by 
Thaddee Nsengiyumva, the presi- 
dent of the bishops’ conference, 
who was reported slain along with 
Vincent Nsengiyumva, the arch- 
bishop of Kigali and Joseph Ru- 
zindana. bishop of Byumba. 

They were said by the rebel radio 
tp. have .been slapr.by four Tutsi 


from many points of view.” the 
archbishop said at the lime, “but 
we are happy and proud to live 
here.” 

Archbishop Nsengiyumva last 
paid an official visit to Rome with 
other Rwandan clerics in May 
1992. During a synod of African 
bishops here in April he refused to 
leave his country to attend because 
be wished to slay with his congre- 
gants. - 


adults around the world feel that 
way, too. They worship Jordan. 
Ami not coincidentally, the shoes 
on his feet. 

It's hard to believe it now. but a 
sneaker was once just a sneaker, 
humblest, plainest member of the 
footwear family. Then came the 
1980s and sports shoes in a thou- 
sand designs, hues and prices. They 
acquired high-tech, bubble-irqect- 
ed soles and names such as Air 


generation. 


The tale begins in 1963, when a 
young accountant and early con- 
vert to fitness and running named 
Philip Knight presented himself at 
a shoe company in Kobe, Japan. 
Cheap athletic footwear was one of 
Japan’s early exports, and this 
company had a now-forgotten 
brand called Tiger. Knight and a 
partner bought 1,000 pairs for 
SI.000. Over the following year, he 
bung out at high-school track meets 
in his spare time and sold shoes out 
of the bade of his car. Things kept 


manly behavior. (There 
ing at headquarters in Beaverton. 
Oregon, named after him.) 

Many oT these “Nike guys” de- 
veloped unshakeable loyalty to the 
company, as the world saw at the 
Barcelona Olympics with basket- 
ball’s Dream Team. Members 
touched off an international inci- 
dent by covering up die Reebok 
logos on awards jackets they were 
required to wear on the medal 
stand. “All of us on this team are 
hired guns,” Katz quotes Jordan as 
saying. “So let’s not pretend we’re 
anything else." 


From the outside, Nike was of- 
ten seen as the single most culpable 
corrupter of sports. For the pros, 
no sum was too high — tennis star 
Jim Courier signed a six-year. S26 
million deal Nike, its critics said, 
assured that athletes would view 
endorsements as (be real purpose 
of physical excellence. The compa- 
ny took beat as an exporter of jobs 
to low-wage factories in Asia. 

Sports junkies will find nuggets 
on many of this book’s pages. Katz 
reconstructs negotiations that Sha- 
qiriDe O’Neal conducted with Nike 
over a possible endorsement con- 
tract (be wore a Reebok jacket onto 
Nike’s Beaverton “campus”; the 
deal didn’t happen). AH ui all this 
is a good read for fans and for 
students of business and marketing 
alike. 


John Burgas is on the staff of the 
Washington Post 


NEW AUTHORS 

PUBLISH YOUR WORK 

ALL SUBJECTS CONSIDERED 
Authors Worid-wide invited 
Write or send your manuserpt to 
MINERVA PRESS 

20LDBR0MPT0N FUX LONDON SW73DO, 



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INTERNATIONAL HERALD TRIBUNE. SATURDAV-SUNDAY, JUNE 11- 12, 1994 

$ 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL CHUR- 
CH kfsderamnafana) a EvanqeScal Sup 
day Service 10:30 am. & 11:30 am/ Kids 
Wtefcome. De Cuserelraai 3, 5. Amsterdam 
Info. 02940-15316 or 0250341399. 

MILAN 

ALL SAINTS CHURCH (AnrtcarVEpscciptf}. 
dura resfoisbon wd me af Vote Mapo, 39. 
Miano n tie Qypet of foe Oraoine insane. 
Communion Sundays at 10:30 end 
... .i at 1330. Sunday School, Youth 

Hp. Creche, Coffee, sudygtou*, and 

community acttvfles. All are wefeomef Cal 
(03 G65225B. 

MUNICH 

NTERNATK3NAL COMMUNnY CHURCH. 
Evangefcat Btote Beiewng, services in Endl- 
sti 4:15 pm Sirdaysal EnhubexStr. 10(02 
Theresierslr.) (089)934574. 

MONTE CARLO 

INTI, FELLOWSHIP, 9 Rue Louis-N0(an, 
Sunday Worship 1 Tt 00 & 6 p.m. 
TbL:92.165&00. 

PARIS and SUBURBS 
HOPE INTERNATIONAL CHURCH (Evsn- 
I). Sm. 9-JO am. Hold Onoa Mena 1 : 
i de La Defense. ToL 47.73S3.54 
or47.75.1427. 

THE SCOTS KIRK (PRESBYTERIAN) 17, 
rue Bayard, 75008 Paris Metre FD Fkxse- 
vel. FamJy service 8 Sunday School al 1030 
amewrySmdty.AlMsIcorne-ForlnlDrtna- 
&n 48 78 47 94. 

SAINT JOSEPH'S CHURCH (Roman 
Catholic). Masses Saturday Evening 6:30 
p.m.. Sunday, 9:45, 11:00. 12:15 and 
6:30 p.m. 50, avenue Hoehe. Parts 8th. 
TeL 42272156. Metro: Chafes de GauBe - 
Boh 

The G*s of foe Pour fo foe Thhd WorkT: Ur»- 
tsian Urwereafel Worehip Service wffl Ffev. 
Ait Lester, Jme 12. at 12 noon. Foyer de 
TAme. 7 bis, rue du Pasteur Wagner, Paris 
lie. M“ Bestfle. Alternate service wBi Rev. 
Trevor Jones June 26 al memb er ' s home. Re- 
S^ous education tor teens and chidren. Chid 
care. Medtefon and sprtuei <yowfo gnxps. 
Social activities. For information call: 
43.79.ggj7 or 4Z.7736.77 

STRASBOURG 

ST. ALBAN (Angfcai) al C^se das Dorrmi- 
cans. Eucharisl 1030 am. comer BW. da la 
Vrctoire A me de TUniversite. Strasbourg 
(33) 68 35 03 4a 

TIRANE 

INTERNATIONAL PROTESTANT ASSEM- 
BLY, Irferdenonwiaocnal & EvangefcaL Ser- 
vees: Sm. iojo am. 5-00 pm. Wed. 5OT 
pm. Rruga Mystym Shyri Tei/Fax 355-42- 
42372 or 2326E. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near lidabashi Stn. TeL: 3261- 
374a worship Servos: 933 am Sundays. 
TOKYO UNION CHURCH, rear Omoiesan- 
do subway sta TeL 34C00047. Warship ser- 
vices Sunday 830 & 11 DO am, SS at 945 
am 

VIENNA 

VIENNA CHRISTIAN CENTER, A CHARIS- 
MA 77C FELLOWSHIP FOR VIENNA'S N- 
TERNATVONAL COMMUNITY. * English 
Language * TraTSrdencmm a to na l. meets at 
Hdbqasse 17, 1070 Vienna 600 pm Every 
SurKfeyTEVERYONE IS WELCOME. For 
mere x du i ma dcn cat 43-T-318-74ia 

THE BHSCOPAL CHURCHES 
OF EUROPE (AngEcon) 


FLORENCE 

ST. JAMES CHURCH Sul 9 are Rte l & 
11 a.m. Rile If. Via Bernardo Ruceilai 9, 
50123. Florence. Italy. Tel.: 3365 29 44 1 7. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(S pjson alWnJcaigSm. Hdy0aimion9& 
1 1 am. Smday School landNusety 10-45 am. 
Sobastan FBe SL 22. 60323 FrarWut, Genna- 
ny.UI.2. 3 Mquef-Alee. TeL 49695601 84. 
GENEVA 

EMMANUEL CHURCH 1st, 3d & 5Hh Sun 10 
a.m Euchartsl A 2nd & 4tn Sun Morning 
PTM.3iuedeMtjyhcur, 1201 GetevaSv* 
zatond. TeL 41(2273280 78. 

MUNICH 

Tl€ CHURCH OF T>€ ASCENSION, Sim. 
11:45 am Hdy Eudtirist and Smday Stfocri. 
Nursery Care provided. Seybolhstrawe 4, 
81545 Munich (Hariachfon), Germany Tel.: 
49*064013$. 

ROME 

ST. PAUL'S WfTHN-THE-WALLS. Sun. 8 JO 
am Hate Eucharist Rbe I; 1030 am Choral 
Eutarisl Rls Rc 1030 am Chudi Sdnd tar 
cH4wSNutoOTcafflpw*fe<t 1 pmSpari- 
sh Eucharist Va NapoS 58. 00184 Rome. 
TeL 39B48B 3339 or 396 474 3569. 

WATERLOO 

ALL SANTS' CHURCH. 1st Sun. 9 & I1 15 
am Holy Eucharist wrth Children's Chapel a 

11:15. M afoer Smdays: 1 1:15 am. Hofe Bu- 
ttons and Smday School 563 Classes de 
Lou/sn, Chain. Balgium. Tel. 32/2 384-3S36. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTVC OF CAN- 
TERBURY. Sun. 10 am. Family Eucharist 
Frankfurter Slrasse 3. Wiesbaden, Germany 
TeL 4961 1 3066.74 . 

EUROPEAN 

BAPTIST CONVENTION 


BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Srada Popd Husu ZL 3£0 pm Ccrtatf B4 
RKhanteon. Tel 01051-61 

BUDAPEST 

fntorna&ral Baptist FeDmushp. II Brrfoo u 56 


PARIS and SUBURBS 

THE AMEFRCAN CATHB3RAL OF THE HO- 
LY TRNTTY. Sun. 9 & 11 am 10 am. Sin- 
day School lor children and Nursery care. 
Hard Smday 5 pm Evensong. 23, aicnue 
George V, Pora 75008. TeL 33n 4720 1792. 
Metro: George V or Akna Marceeu 


ANTWERP 

INTL BAPTIST CHURCH olfers English 
services al ICfcOQ am & 600 pm Sunday 
Ffev. DJ. Abernathy, Pastor S members meet 
al Finish House Chapel. Italieler 69. 
Info: (32) 3 448. 201 7. Belgium. 

BARCELONA 

FArTH FELLOWSHIP INTERNATIONAL 
meets al 1600, Bona Nova Beptest Church 
Carter de la Cfetdt de Betofluer 40 Pastor 
Lance Borden, Ph. 410-1661 . 

BERUN 

INTERNATIONAL BAPTIST CHURCH. 
BERUN. Rofoenoug Str. 13. (StegtaL Bfcte 
study 1045, worshfo at 1200 each Sunday. 
Charles A. Warlord. Pastor. TeL: 030-774- 
4670 

BONN/KQLN 

THE INTERNATIONAL BAPTIST CHURCH 
OF BONNIKOLN, Ffoenau Slrasse 9. KMn. 
Worsh p triJO pjn . Calvin Hogue. Pastor. 

TeL (02236)47071. 

BRATISLAVA 

Bble Study hEngfeh 

Pateady Beptel Church Zrineteho 2 16:30- 
1745. 

BREMEN 

INTERNATIONAL BAPTIST CHURCH (En- 
gSsh language) meets at EvangeisfvFteidr- 
chSch Kreuzgemsnde, Hoherkhestrasse 
Hermann-Bose-Str. (arouxl foe ccmer from 
the Bahrfcf) suiday worship 17^0 Ernest 
D. Walter, pastor. TeL 04791 -12B77. 


pm. 

Reached by bus 1 1. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
World Trade Cemer. 36. Orohan Tzankov 
BW. Worehp II 330. Janes Duke, Pastor. 
TeL 704367. 

CEUE/HANNOVER 

INTERNATIONAL BAPTIST CHURCH. 
Wnkrefen Slrasse 45. Cefe 1300 Woishfo. 
1400 Btte Sludy. Pastor Wen Camffoel. Ph. 
(05T41)4641E 

DARMSTADT 

DARMST ADT/cBERSTADT BAPTIST MIS- 
SION Bfota study 8 Worship Sufoav UWO 
am Sa Jnfcb dn Da-£beretadl. Buesrhefefr. 
22. Bfofe study 9:30. wxshp 10:45. Pasior 
Jim Wabbi Tel: Q61S&6tDSBi& 

dusseldorf 

NTERMA710NAL BAPTIST CHURCH. B> 
ss 10130. worship 1 1U5. CHdren's 
i aid misery. Metes a foe rtematend 
School Leucrtenburger Kinhweg 2.D-Kai- 
setswenh. Friently felow^p. All denonwia- 
I«ns welcome. Dr WJ. Delay. Pasior. 
TeL: 0211 WOO 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SffP Evangefech-FreLrchkhe Gemeffvle. 
Soderwsh. 11-10 6360 Bad Honturg. pho- 
ne/Fax: 06173-62728 serving the Frankfort 
aid Taros areas, Germaiy. Sunday «vor- 
^iip 09:45. nursery + Sunday-school iOOO. 
wonen's bfcfe stuies. HousegwfoS - Stfo- 
day + Wednesday 1950. Pastor M. Levey, 
member Eivnpean Bapbst Ccnverton. "De- 
dbje Ho ^bry amongsl Ihe nations." 

BETHEL INTERNATIONAL BAPTIST 
CHURCH. Am DatfosMtg 92. FrarMwi iM. 
Sunday worsts 1 1 1X3 am and 600 pm Dr. 
TlrynasW. Hi. pastor. Tel: 0^-543559. 

HAMBURG 

INTERNATIONAL BAPTIST CHURCH 
OF HAMBURG meers al TABEA FEST- 
SAAL AM ISFELD 19. Hamburg-Ostdod. 
Bbte Stody aiiiao S Wcrshpjo i£30 each 
Sunday. TeL 040020616. 

HOLLAND 

TRINITY BAPTIST SS. 933. Worshp 1 033. 
nursery, warm fellowship- Meals al 
Bloemcamplaan 54 m Wassenaar. 
T«4.: 01751 -78024. 

MOSCOW 

INTERNATIONAL BAPTIST FELLOWSHIP 
Meeting 1100: Ksno Certer B(Airxj 15 Druz- 
DmzhroitovsMya UL 5tn Floor. HaB 6. Metro 
StztLn Barr*achaya Pastor Brad Stamev Ph. 
(095) 150 3233 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MUNICH. Hotstr 9 Encrish Language Ser- 
vices. Bbte study 16:00. Worship Service 
17.130. Pastor's tfoone: 6908534 

PARIS and SUBURBS 
EMMANUEL BAPTIST CHURCH, 56 Rue 
des Bons-Raisins. Rueil-Malmarson. An 
Evangefical church lor the Enqfeh speaLjng 
community located in the western 
suburbs^ & 9:45: Worehfo: 10:45 CMUrens 
Chudi and Nusery. Youth mwstries Dr. B.C. 
Thomas, pastor. Call 47.51.29.63 or 
47.43. 75.29 brrihm K w 

PRAGUE 

Memalnnd B^xst Feflowshap meets a foe 
Czech Baptist Church Vnohradska * 68. 
Prague 3. Al metro slop Jrtvjz Podebred 
Sunday a.m. 11:00 Pasior: Bob Ford 
(02)311 0693. 


WUPPERTAL 

International Bapnsl Churoh Englsh. Ger- 
man. Persian Worship 1Cr30 am. Seferar. 
21. v/uppedal - Efoerfed. AH denonwialons 
welcome Hans Dieier Fraund, pastor. 
Tel -0202.11696394 

ZURICH 

INTEPNATIOTJAL BAPTIST CHURCH ol 
Wafeswi (ZEnch). Swtzertand. Rosenberg - 
slrasse 4. Worship Services Sunday 
mornngs 11XX). Tel, 1 -7002612 


ASSOC. OF INTI CHURCHES 
IN EUROPE & MIDEAST 

BERUN 

AMERICAN CHURCH IN BERLIN, cor. of 
day Altee & Prtsdamer Sir. S.S. 930 am, 
Worshp 1 1 am TeL 0XHJ132021 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS. Sunday School 
9OT am and Chucn 10.45 am Kanenbetg, 
19 (al I he Int. School). Tel: 673 05.81. 
Bus 95. Tram 94. 

COPENHAGEN 

INTERNATIONAL CHURCH of Ccperhagea 
27 Faiveigade. Vanov, nea R&fius. Stody 
10:155 V/orehp 11:30 Tel, 31624785 

FRANKFURT 

TRMTY LLfTVERAN CHURCH. Nbekroen 
Alee 54 (Across Irom Burger Hosptel), Sun- 
day School 9-JO. vrorship 11 am Tel: fXS) 
599478 or 51 2552 

GENEVA 

EV LUTHERAN CHURCH ol Geneva, 20 
rue Verdame. Sunday worship 930. in Ger- 
rnai HOTnEngSsh Tet (023)31 0OT89. 

JERUSALEM 

LUTHERAN CHURCH of foe Redeemer, Old 
City. Murfclan fld. English worshp Sun. 9 
am. Al are welcome. TeL (02) 291 -W9 

LONDON 

AMERICAN CHURCH « London a 79 Trt- 
lerfoam Ct Rd. Wi Worehp at 900. SS a 
1000am. Sing worshp a It am Goodge 
Si Tub* TeL 071 -580 2791. 

OSLO 

American Lutheran Church. Fritznersgi. 15 
Worship & Sunday School 10 a.m. 
TeL i02) 443584. 

PARIS 

AMERICAN CHURCH IN PARIS Worshp 
1 1.-03 am. 65. Qua cfCYsay, Pare 7. Bus 63 
al door. Metre Ama-Marceai or Invsides. 

STOCKHOLM 

IMMANUEL CHURCH. Worshp Chnst to 
Swedish. English, or Korean. 11OT am. 
Sunday. Birger Jarlsg. al Kungslensg. 
17. 46700/ 15 12 25 * 727 lor more 
rJormatcn. 

VIENNA 

VIENNA COMMUNITY CHURCH. Sunday 
worship in English n 30 A.M., Sunday 
school, nursery, rdemabonal, ad denomina- 
tpcnsweferme. Dorefoeergasse 16. Vienna 1. 

WARSAW 

WARSAW INTERNATIONAL CHURCH, 
Prctesiar* Engfeh language SKOtnatos. Sun- 
days 11OT am (Sepl-Mayl. io am (Jine- 
Aug.); Sundav School 955 (Sept-fAayj UL 
Mmtowa 21 . TeL-»29-70 
ZURICH 

INTERNATIONAL PROTESTANT CHURCH 
Engfeh speakng. worvshp service, Sunday 
School 5 Nursery, Sundays 1 1 :30 a.m . 
Schanzengasse 25 Tel: lOl ) 2625525. 








• i.' J. 5 . -M..5 j Kt-. 


•»**1 


tirK- 


TrmiVfc 


Emperor 


Akflrito aiHl Empress MkMko ol Japan sfaving to fee arond Friday W<« d*y oa a 17^ «it to the 

in's Emperor Begins Miss 


By David E. Sanger 

Sr*. York Times Senior 

TOKYO — There is nothing simple about 
sending ihe emperor of Japan on a iwo-week 
tour, especially when ibe destination is the 
United Stales. 

So much can go wrong —just ask the bureau- 
crats who thought it would be a nice touch to 
send the royal couple to Pearl Harbor, until 
someone thought better of it — and there are so 
many uncomfortable issues to be neatly side- 
stepped. like a 560 billion trade surplus. 

So. it is no wonder that after five decades of 
intensive training and five years on the job as 
symbol of the state. Emperor Akihito. 60. is the 
master of innocuous conversation. But that 
makes it all the more remarkable that the mid- 
dle-aged couple who arrived in the United 
Stain on Fridav have managed to breathe a bit 
of new life into a 1 .600-year-old monarchy that 
as Emperor Hirohito might have put it. was not 
necessarily developing to Japan's advaniage. 

Japan’s leaders have never failed to mold the 
emperor to fit the current needs of the state — 
Hirohito was transformed from a uniformed 
military leader on a white horse to a quiet 
biologist — and the 1 1-city tour gives .Akihito a 
chance to do it anew. 

And while the government protests that ev- 
erything the emperor does is apolitical, no one 
denies that the mission to America is part of a 
grander plan to portray Japan as something 


more than a source of^ WaDcmaas and economic 
heartache. „ . 

It does not hurt that this is the first royal 
couple in two millennia who might actually 
eojov a tour of Monticello. a weekend in the 
Rody Moon tains, or a few i nni ngs at the 
Cardnsals-Kratts game in Sl Louis. AH three 
are on the wfaiitwind schedule. 

The image-makers have been so busy that, 
su ddenl y, imperial candor and a public sharing 
of p ain, within carefully defined limits, of 
course, are permissible. To the astonishment of 
tbc Japanese press. Empress Michiko, who is 
59. did the un thinkab le last week: She talked 
about the mysterious illness, presumed to be 
some trinri of nervous breakdown, that left her 
unable to speak last fall. 

But new and youthful as the imagery may be, 
Akihito is still dogged by the war that was 
lautu-hprf in his father’s name. He has spent 

much of the last five years on an “apolpgy tour” 

of the region, including the first visit of a 
Japanese monarch to China. He has also swung 
down through Southeast Asia. 

“These were training missions," a Japanese 
diplomat joked the other day. “.America’s the 
big leagues.” Since nothing is done lightly in the 
palace, the emperor has spent weeks boning up 
on contemporary America. 

A grnflfl group of American reporters was 
even invited for a no-quotauons-please audi- 
ence over coffee al winch the emperor and 
empress chatted about their lives and inquired 
about the United States while legions of ner- 
vous aides circled. 


1115-wit 

say that the i — r — _ _ 

ing that two countries as big as America and 
Japan will go through-* lot of upa«a(i dov^ 
he is looking forward to seeing 2 squkrefcrsffi 
populate the parks of WaslHi^a. and.h*'^ 
anazed, during a ; trir *' — ,fci 1 
Mountains years ago, U 
for boras wit L " 
of people, Tfjr U«i ill 
Anything beyond such ch it c ha t, fthoogh^ is 
left to the hands of the piofessiaaafeirf &b. 
Foreign Ministry, wha script ©nay 
cafitorate every otpresskmctf regrtt- 
They were the ones, rimmed out, who created* 1 
mini ature crisis here before the eoipenir.TO^ 
even packed. 

It arose when someone decided to sendihex 
emperor to Honohdu to meet^ hputeAnmjy.i 
rsms How could he go to Hdoohdu whfoot . 
off at the mcmonaT over thc sunk^si < 


There was anguish and 

consultations and finally .ideoaori dot life;., 
visit would sm^jly iaise anew all the old quests 
dons about war responsibility. .. i 

the emperor himsdf has droughts rat tha^ 
be is, as always," keqmig his own counscL “In 
World War n, man y fives were lost, many 
people were wounded, and many people sdr^ 
fered,” be wrote recently, neatly ducking . a } 
written question about wiether Japan shendtf 
keep apologizing far events that happened bait - 
a century ago. “My heart grieves deeply be- -! 
cause of this.” • - ' ■- 


INTERNATIONAL CLASSIFIED 


GOING ONCE, 
TWICE. SOLD!!! 

INTERNATIONAL 

ART 

EXHIBITIONS 
AUCTION SALES’ 
COLLECTOR’S 
GUIDES 

IN SATURDAY'S 

INTERNATIONAL 
HERALD TRIBUNE 
TODAY 
PAGES 10 & T1 


PERSONALS 


WfflEH, pievionty of Bankers 
Trust NY and Amencijn Express, 
rel h Khcnno on + 32 3 


announcements 


“SUMMER 
IN FRANCE’* 

Spedd Heading hr 

UrJLis-. n-_ JfLr 

n&xxjy Kffwats 
uffj w s on 

Friday, June 17* 

For more irfonnalion end to place your 
advertbefnert. pknse axtecl 

I.H.T. in Paris 
left (1) 4637 93 85 or 
Fax: (33-1) 46 37 93 70 


Attention visitors 
from ttie U.S. ! 



If you enjoy' leading the IHT 
when you travel, why not 
also gel it at home ? 
Someday delivery available 
in key U£. cities. 


[in 


Cafl (IJ^BOO M2 2884 


1 212 752 3890) 


2icralfec«Bb> Sribunc. 


WOULD CUP TKXEI5* 

Al gm MUk T«fc plO| 277-4788; 
Fro piQ) 277-B28 U5A 


BBONL Hm fiMrt Knkndc ««. 
^lerJion in SwOerland a 
WBhBSG 1h« leading men', store. 

BtMntlr. 13. Zunch 01 211 29 SL 


ALCOHOUCS ANONYMOUS Endfah 

ddKr. T«h PAHS 
ROME 678 0320 
a. 

MIITY PHOTO M00BS WANTS) 

far semhore she* in Mt J to mj nqn. 


WOWD CUP RNAL5, Smus. 

, 'T?*. 4 xsn a game. 10 row* 

tram Wd, 15 mater* from cantor, fa* 
be*i offere USA 1619) 929-010*. 


10 WOOD CUP TKXE15 FOR SAIL 

Spain n M™ June 27, 1994. in 
Owwa to offer. QJ (7W| 6<7. 
8545/™* (70B| 647-8039 USA 


NANNIES & DOMESTICS 


/MonroeN 

Nannies 

International 

1?ii pnmr Srfefi dJt 

‘ NURSBIY NURSE5 
•GOVEWtSSES 
Arf or long term contacts. 
firUifaifecfmsreaMlnaJ 
MS.ANGBAGSSC , 

. Tri. CTl 4W4B67- F«: IFNaWIAS. 

S. / 


POSITIONS AVAILABLE 


newt AU MR waited kmtoety 

far American fcn^r f3 young cMUe ii j 
in Hong Kong. AVnJ speok tome 
Enafah. be a axnpieie nan-smoker 
na w*ng n son o tmo-rnr cor*- 
li act Sarny FF6jDOO/ month + room 
and board Mm here prewous cMd- 
nn am ewena aid amHanr refar- 
aneeiL CoM Jenifer bw far ffS3 
BIO 1375 a lime (83) B22 l«J 
fine i Kfc renoe of in hours). 


positions wanted 


DYNAMIC and MATUS 
SWISS GBfil£MAN 
wifi blown aflriMw 

- Tianed by W Spencer Buffer 
School m London. 

- tones Aries m Swfoarland. 
fadepfo knowfedg e ol *heswdi 

- Boriground « wme rng tog e m aa t 

- Fluent tobh, Frendl German, 
some Hrfai & Sporcn 

- Gan cook, underdonds hedlhy cujme 
. Safe ifouw Ralbtoz. efc. 

h ore ime to nl pcMhona 

BUT1ER / MAJOR D0MU5 
PSSONAi ASSISTANT 

Prewouiiy with faring nt enxTOri 
hgwns m al (speds of penand 
otsrime 

WHma fa reboBie Shdlbeo 
Sw i tt e rland m morth of My 1994 
Reese «fl AuUraSa (611 +2+9383268 
or a* Svnfterfend f*if +1 + 2668425 
Or write Hubert Bnrtngger da Modyia 
“ ' 1301. 


NANNIES WC01POBA7ZD 

'Nmnfes laavpanted tus buA a 
Rpoaioaon prof css lonafisra'. 
NuBeryWorid 19*10. 

Ve prorefc tofaiusa. RGN nines, 
mamreei, qinracd (Banks S anhas' 
faips. All arettable lor rntemarKmal 
pbamcTU. Uceucd Nwij Agcnq. 
nkloofetTI m I2M • Fan 71 221 MO. 
Offka - Urndot -Parts -frwxdks. 


IXTOK - MTBNATICINAL CUBVC 

Used to wri oAh dd om ali c nwm 
seria posl ya th Fn+na i el or royal Foro- 
ma. Accepts cortrad in Europe or Ajs- 
«refafe 351.1 J954486 Mb Kokl 




BRITISH NANNY - BABY NUBSE 
gnnSfiad MB RSH. rery wpenenced, 
sect senoui (Uy postal fas rimng 
Septen fc ai or eerier Ruen French. 
TeL (1)45 53 74 30 


OCCASIONAL AMI PBNIANBIT 

NANST AGENCY has eaenetKad 

Britth toiMl and Baby hr 

Rfereationd jot& 2 G o nwtf Place, 

London. 5W7 2IE. let UK 71-225-1555 

Fa» UK 71-589-4966. lc UK 56BBI0. 



BUTIB5. Chefs 

& e xp erienc e d, 
reriad. Huichreon's 
U.SE22700) 
5301 fin 71 235 6001 


HtOrmONAL BURS 5SVKE5 

Experienced in prc wdn g sennees » 
inrernari mri ckeroele. Please hfe- 


SB LANKAN seeks pb a chauffeur, 
expa faxed, working papers. French/ 
En^sh Id Fare (1)321551 99 


YOUNG RBKH GtH, 16, SB(S od 
par |0b at USA or £ngfari (An 
Rons. Td- Nonce (33) 61 «9 69 31 


FSUNG low? — baring preNems? 

SOS HOP aoa-tne >n &w5l 3 pro. 
11 pro. TeL Paris (i| 47 ^80 m 


WOOD CUP USA. 5 first doss triers 
for ihe gwms of Orlando. Fax Pans: 

EG)) 39 89 85 28 


ALL TICKETS AV, 
Wbrid 
Td 44 


CKET5 AVAHAE1E, 
Cup. Wnriedond 
^«8P 4183 Fax 71 21 


Mtsaed 
Theatre. 
223 3703 


WOOD CUP TICKETS! lsi wd/o. 2nd 
round in Orlando, Florida Cdl Sieve 
305-576-4649 USA 


WORLD CUP TICKETS Buy/ Sell 
Al ganes. Al dies. Tefc 310-20?-7U70 
Fax: 310826600? USA 


MOVING 


^ interdean 

FOB A RH ESTIMATE CAil 



BBG8AKI 

BUCHARBT 

HOTAPEST 

MOSCOW 

PRAGUE 

WARSAW 


ONF NAMC. ONE COMPANY 



R4TL 

MOVING 

A.GlS. PARIS J3 1) 40 80 2D 40 
A. aS. LONDON (4+61) 961 7595 
A.G S. BBSSHS (32-2)524 25 08 
AGi BBaWMMQIjb 2B 65 
A.G5. MAPRBj (34-a9) 26497) 
A.GS BU0APBTJ36-1) 163 60 SO 
A.G^. PRAGUE (^5 685 7216 
A.GJS WARSAW (46-22) 562 555 


m sbivke - Mn moves 

25 run of expenenoe, speddot m 
USA & CANADA/GOOb RATB Tri 
Pons PI 48 35 47 00 Fax 48 35 47 01 


HORBHP. Ml A Rwefcm moves, 

baggoga. cm worldwide. CaB Oxxt« 

P^nl42 61 18 81 Inetr OperoL 

IMPORT/EXPORT 


US) i IEW JEANS Aduh orfy OHM 
pa*. Zmper & 501'v. SUJO per 
Sd in 1.000 pound b&s. 
„ each mori 

516-2267607 Fm.- 516-226-7610 


BUSINESS 

OPPORTUNITIES 


2ND CfnZ&iSHIP 

^ 4RBHJBHCY 

Wtxid yac fte a second atizerafcm or 
afenaive residency, iegdiy, qwcuyv 

fa travel lax, pdrncd or any other 
reaesi we have fegdunde and .Inftifa 
irogrpm wpbbfe from S 25X00 ro 
$165,000 taking 4 to 8 wwta. 
Poyiae rt m eeoow onfe refcoad agmret 
occe 0 cnc® of ckjcumenti. 

TOE MTaKj Fa* salsa 

+ 41 22 340 0544 


TBtTHE MAORNERt 

Tampan Pi odudian Modinery 
Ccten S*m^ fameg Machine 
Catfan Pod Madve 
K. FaHbariLudvng & Co. AG 
CK8646 Wager b Jana 


Tat (55) 2B31 41 Tl* 875349 FALU CH 
Tefefn. 55 28 42 60 


OFFSHORE BANK with Chsi A leence. 
■ Fdi merdxw ar commerad faaik 
powm. Tax free renue. Inx mriui e 
hander. US $25,000. Lwdon 44 71 
394 5157 Canada (6Q4) 942 al69. 


2nd TRAVH. DOCUMG4T5. Driv.^1 
ana 1 CM. ? P t rH tovSw Voutaarfen 
Alfa* 16671. Greece fa 6962iH 


ONSHORE COMPANIES fa free 
brochure or admee Teb London 
44 81 741 1224 fa: 44 81 748 65S8 


TELECOM. 


Up to 75% Discount on 

Irrtl Bum*, Penond, 
IMaMecdhl 


STAR ‘ TELECOM 


We owned for lea. so "twpay more* 
24-HOUR SHWCE 
Lowest rales to and from Ihe USA: 
Audrdfo $0340 rmgepere: S0.499 
Ftok* $04Q7SwlWmri $045* 
Genoany: $0,463 Span. S0J73 
Luxembourg: S0LT8 UK: SOJW 

Conroe rrur nearMl lepnaennarve 
TODAY for Free odivahon I Td7finr.- 

fas. France (33-11 392B 0019/3965 6556 
Moe. France (33J 937T 3863/9371 4465 
Germany [49 )622 1 393184/6221 32234 
Luxembourg (352) 4J4 980 
Sngapcxe M_2U 512B/2226937 
Span 0+29 276420/ 220628 
S-*erfond|4)) 22 7841378/ 22 7B43B37 
UK (0800 89 50 76 
USA (I-3ffi) 386 5343/386 63S2 


BUSINESS SERVICES 


RELOCATION AM) BUSNESS Service 
in Frantfixt area/ Germany. Cal ICA 
Kdd + Foe* Tel +49-611-372266 or 
Fax + 49-611 ai 103)1 


BUSINESS TRAVEL 


Is1/8ininea> Ocae Frequent Travelers 
to Oner4/Aistraia/Afr>ca/Ho. & Sa 
Amenta Save up to 50%. No eou- 
Impend Cnroda 


pons, no iBridm. In 
let 514-341-7727 fa I 


REAL ESTATE 
FOR SALE 


PARIS ft SUBURBS 


NEU1LY - SAINT-JAMB. Tap Door, 
wry ctort. surrounded with Iren, TOP 

Quali ty 250 sq.m. apartmb*t. 

Maries + 200 sqm. tenoce wkfr 
360 MEW. 3 bedr o oms. 2 barirooms, 
2 prim. ? cefcxs. Urijue desrit 
Tetfl) 4637 28 27 o. Ill 46 24 61 & 


IM. SPLENDID ‘ARTIST ATEUSr 
fegh cer & y. quiet, surety, aa coxfr- 
honng. To Kj.ra Metzam. Derfea 
condition, cellar. FFZiM. Phone 
fll 46 33 14 33 


TROCADOO ti^i doss 34 taro, srutfro 
+ bateony. blchen, balK FTJ0O.OOO 
- - -469*139 " 


TeL 1-46936139 office. 47275W7 home 


SWITZERLAND 


LET U5 WP TOU1 Med a Urely 
■putumit fax Geneva Soufhem 
area and mo u nl um . Price* from SFR 
145,000. Complete canfidonca. Sami 
Tat 41-21-329 00 49. 
to 41-21-329 00 52. 


EMPLO^IVIENT 


AUTOMOBILES 


EXECUTIVES AV.4JLABLE 


KHAZAKKSTANL Amencon, 35. roll 
open and c&ec o repinertcharri 
areoe m ICc ad Ja wn for t^ode m m- 
dvfltnd product or serves*. I heve 10 
vecri expenere e in Amo bated wrxr- 
faCurrog raraerwn office man- 
agement and iw#ty ortreL McA. 
to 39-55 


! PORSCHE 911 fLHDI TAXGA Gfa 
) IfaclTc- o rsni oc r T9as (leather fa- 
ne he.ro). SIM c«3- 1 TO KW 1231 
PKD1N7 KM reccing I53y000m. 
■ Cacpfete m on a ma reaste- la 
I ned C5 06"19aS. fa iraonnaiqo 
Td: -22-3465 11 35 


CHAUFFEUR SERVICES 


OCEANWIDE MOTORS 

Snoe 1972 brofars for Merce c ta , BMW. 
Porrche. GM & Ford. Worldwide 
deSveg^^o^ton^rt pmete 

Ta ula e u o et r 8. 0-40474 DuesseUarf 
Trt PT211 - 434616. to 4542120 


general rosmoNs 

AVAILABLE 


REAL ESTATE 
TO RENT/SHARE 


PARIS AREA FURNISHED 


74 CHAMPS B.YSB5 

CLAB1DGE 

FOR 1 Wfflt OR MORE h^h dass 
3room anretete n p . RJU.Y 
EQL»VB). IWAHXATE RE5RVATIONS 
Td: (1) 44 13 33 33 


CLASSIRE) ADVSTISiNG 
THFMARKETING 

The I m e ni ’ . ii c rcl He-'afe! Tnfrj-ie s 
j fooirog for q rremg tma eniriaiene 
telertorketer to *>n iis Ctooes 
Adrernsng retemmlce^rig rear ir. fzm. 

Tou should have a proven trod record j 
in tefemarkexng end be abfe to mrcte | 
new busnes os wed as add k me i 
exaong cfau base. 

Ertg&h mother tongue and flwenr French j 
required Wodang papers essentia!. j 

Send fJ defat to. 

Oma 


GUIDE AW CHAUBBJR Germa*) 
o*r~ cj, w-S travel Ifene 
jr Fr-ncaca Sr hour daw." 
fa Tei $10 5»*?68 USA 


EURO + UiA. SPEdHCATKWS 

• • • • TAX RK CARS 

EAC 
2586 

31703539245 


AUTO SHIPPING 


WAIT OF ST. GOMAN DB PRES 

nicely furrefoed studio. 36 sqro, 2nd 
now, very quart, American kitchen, 
large botfroom (corner nfc A 2 iriai 
fleam. Free Juty 1st. Tel 1-4581 4421 
or 1-4221 4060. fa 1-4221 3234. 


fa, ST DOMMQUE 35 sqro shrio, 
as new, RgH, My equipfed, hri betfh, 
wrafa-dnier. Mod semce urodabte. 
F&500- Td fll <5 48 19 54. 


PAMS BUNVENUE charm, privacy with 
service & farished renfet. 3 nghn 10 
_2j^qsJriM21j4040 fa 1-42124048 

USA 


K W YO RK CITY, BENT/ EXCHANGE 

spectoafa 1 bedroom epartmere wrth 
9*" Ceyd Park w, from 24fo 
now at Maocor Ave co-oa Auausr 
Td 2 12-8763000. to 2W63l^' 


SAVE ON CAS SHIPPING. AMESCO, 

•-iCar 2. BeJ^uro. Tc-frcro 

l J5. if-ca RccAf b o*o ininc. Free 
faeL T 32. 2 3’-*23« h 272-C53 


AUTOS TAX FREE 


„ ddrSUa, 

181 avorero Onriei da Onufa 

92521 Neofly Codas farce 

Hcralb^S^eribunc. 


SALS RHRESBfTATTVB - Mqw 

int'l fine orl/attiqoe expaohon firm 
seeks remand safes reps in Eurtme & 
Asa. Art/ Antique indiriy knowledge 
6 topenenceiequired. Career pon- 
hoa Fax complete resume for imrae- 
drie rmrview to 407-220-3180 USA 


ABOMATHBUKT/RBlBKXOGtST/ 

Spans Ther cpisl /Stress Management, 
seeks opportixxty la coahne work 
rolh navel Bnlrfi fade 31 years. 
RMA.NM. Exadert referenoes^fa 
+ 44 )0)803 846 091 


GENERAL POSITIONS 
WANTED 


HOTEL/ RESTAURANT JOB Mcfe 18, 
good French, ffeert German, EngfaF,, 
5ret Aug 1 to 71637S23W UA 


TRANSCO BEGIUM 

The frrgec cr exp on company 
m fattoe for the pas 20 years. 
AD rories era modefr. 
i safes 1 e^st. uhcvL 
— r laurance 

1 8 UJ. specs. 

TrcrtSCO. 51 Vcse-sdijndr.. 
2030 Antwerp, Beriixn. 

Teb 03/5426140, fcx ®5415a.97, 
telex 35317 Tram B. 


near TAX-fRS in ed 

AU. LEADING MAKS 
Some day fawfa paaftfe 
renewabl e up to 5 ytrei 
We aka regrster cars with 
(expired] foreign (tax-free) plates 

ICZKOViTS 

AHred Esther Shed 10. O«027 Zeridi 
Tek 01 '202 76 10. Telex: 8IS91S 
to 01 '202 76 n 


ATX WORLDWIDE TAX RS CARS. 

Export + Ihippng + regatrdfon of 
new & used axi. ATK NV, Temindfei 
40. 7730 femxcfrart. " ‘ ‘ " 


ffl 6455002: fax: 31 
6457109. ATK, ■ 


1959. 


to (3) 


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Yeltsin Advises Military to Tighten Belts 


reporters and answering every 
question with assurance. 

He seemed eaaer. above aii, to 


By Fred Hiatt 

HiuAwgAan Service 

MOSCOW — President Boris N. . 

Yeltsin, appearing relaxed and a picture of a nation that 

confident in an independence da> hj “ ium:u-n:cd its worst crises 
news conference, on Friday firmly r r -d enteral a pen*! cf troubled 


rejected military lobbying for more 
funds, saying the army instead 
should get on with the business of 
retrenchment, 

Russia's generals have been furi- 
ously campaigning for more mon- 
ey, warning of insurrections from 


bm relatively norma! politics. 

“I don't think it is an exaggera- 
tion to say that a new political 
reality has been formed in the 
country," Mr. Yeltsin said, "We 
now have an opportunity to focus 
our efforts on creative activities, on 


soldiers and strikes in arms plants Elevating economic and everyday 
feet is not in- prone*, ol average people." 


_ , AtU'Aisn FfiiM-hw, — - 

Kayeh Uoen, a Palestinian prisoner, hugging his mother in Jericho Friday after he was provisionally P e f“ n . 1 of 
released by Israel, which freed 287 Palestinians but has confined them to the Gaza and Jericho areas. 

Palestinians Get Financial Help 

International Donors Come to the Rescue With Pledges 


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if the military budget 
creased. Many observers predicted 
that Mr. Yeltsin, rescued by the 
army during an uprising against 
him last fall would take the gener- 
als' side. 

But when a correspondent of the 
official Krasnaya Zvczda newspa- 
per asked Mr. Yeltsin on Friday 
what he would do to help the 75 
" officers' families now 
poverty, the president of- 


sympathv. 
ay should b 
the number of service- 


By Alan Riding 

AVu 1 York Timn Smicr 
PARIS — Facing a severe cash- 
flow problem just as they begin 
administering Gaza and Jericho. 
Palestinian authorities on Friday 
obtained some relief from the inter- 
national community as donors 
pledged an additional $42 million 
worth of aid to cover start-up costs. 

Nabil Shaath, who headed the 
Palestinian delegation to a two-day 
meeting with donors here, said the 
outcome was “much better than 
expected” and would help set up a 
Palestinian national authority 
"that can survive on its own." 

Mr. Shaath said he was hopeful 
that a further $35 milli on worth of 
emergency aid would bepledged at 
another donors* meeting scheduled 
to be held here July 10 and 11. "1 
think they understand the tuning of 
the aid is as important as the 
amount,” he added. 

This week's meeting was chaired 
by Jan Egdand, Norway's deputy 
foreign minister, whose govern- 
ment helped broker the peace ac- 
cord between Israel and Lhe Pales- 
tine Liberation Organization. 
Israel also sent Uri Savir, a senior 
Foreign Ministry official, to sup- 
port the Palestinian case, 

“We believe the Palestinian side 
has created the necessary condi- 
tions for progress,” Mr. Savir said 
at a news conference. "We need the 
economic ingredient to -make the 
Palestinian authority a success. 
This is a boost for the Palestinian 
economy and for continuing the 
peace process." 

In October, donors led by the 
European Union, the United 
States, Japan, Norway and Saudi 
Arabia pledged S2.4 bflKon in aid 
over a five-year period, with some 
5700 miffioo due to be disbursed in 
1994 to set in motion programs to 


Dropping Rock on Car 
Gets 10 Years in France 


Rearers 

LILLE, Fiance — A French 
court has mprisooed a man for 10 
years forkSnng a woman by drop- 
ping a rode on a passing car from a 
highway bridge, justice sources said 
Fnday. 

The court, in the northern town 
of Douai, convicted Yves Debue, 
27. Three other men convicted in 
the same incident were sentenced 
to five years in prison, with some of 
the years suspmried. 


improve hospitals, schools and lo- 
cal infrastructure. 

Bui two problems have arisen; 
The PLO was slow in establishing 
mechanisms that reassured donors 
of "transparency and accountabil- 
ity" in the use of their funds; and 
the donors themselves minimized 
the short-term costs involved in set- 
ting up the new governing author- 
ity in Gaza and Jericho. 

"In hindsight, we might have 
been better at seeing the need for 
recurrent costs," Mr. Egeland said. 
"We went in with long-term pro- 

{ ccis. Few donors nwk allocations 
or the Palestinian police. Maybe 
we should have done so, but we did 
not So we’re hating to shift some 
long-term aid towards start-up ex- 
penses.” 

The Norwegian official said that 
donors had been asked to assign 25 
percent of their 2994 pledges to 
cover these immediate needs. *We 
hope not to have to convert devel- 
opment resources into current ex- 
penditure in the years ahead,” he 
noted. 

Mr. Rhrarh, die chief negotiator 
of the Palestinian self-rule agree- 
ment with Israel last month, said 
the Palestinian police, now num- 
bering dose to 7,000. had received 
their salaries for April and May. 
After the $42 million is disbursed, 
he added, the police budget should 
be covered through the rad of Au- 
gust. 

“We're not interested in recur- 
rent expenses that need recurrent 
aid,” the Palestinian delegate went 
on. “But it was this critical gap that 
scared us. We were going into a 
venture for which we lacked the 

start-up money.” - --v 

A detaDed breakdown of the new 
aid was not made available, but 
Mr. Shaath said the United States. 
Norway, Saudi Arabia, Canada 
and Japan had all contributed ad- 
ditional resources. He added that 
the 12-nation European Union, 
which has already pledged $600 
million through 1999, was still the 
largest donor. 

Caio Koch-Weser, a World Bank 
representative, said he was confi- 
dent the arsis had passed. - 
‘This is a pa r tnership between 


School Bombed in Angola 


Return 

LUANDA, Angola— An Ango- 
lan government warp Jane killed 89 
childre n when it bombed a school 
by mistake, the government ac- 
knowledged Friday. 


a>A£Y 

HORSE 


.parts 47 S3 521 


the Palestinian authority and the 
donors that now works," be told 
reporters, adding that the Palestin- 
ians’ budget for 1994 is fully fund- 
ed and the new Palestinian Eco- 
nomic Council for Development 
and Reconstruction is "up and run- 
ning.” 


“The army should be more active 
in cutting 
men," Mr. Yeltsin said. “I cannot 
understand their hesitation." He 
added. "Second, it is necessary to 
cut orders for mill tajy equipment." 

Mr. Yeltsin met with the press to 
mark the fourth anniversary of 
Russia’s June 12 declaration of sov- 
ereignty. an event that took place 
while the republic was still pan of 
the Soviet Union. Despite various 
reports that he was in poor health 
or losing interest in public affairs, 
he appeared welt-prepared and 
even jaunty on Friday, joking with 


Reassert mg hi-, role in economic 
policv-isakiRa. he announced a se- 
nes of decree;; intended to speed 
reform. They included measures to 
introduce boas mortgages to Rus- 
sia and to regulate the securities 
market. Mr. Velum said he also 
was preparing to aliow foreign 
banks to assume a more active role 
in Russia. 

Mr. Yeltsin intervened in a feud 
between two of his supporters: his 
privatization chief, -Anatoli Chu- 
bais, and the mayor of Moscow, 
Yuri Luzhkov, who uants to write 
bis own rules for privatizing the 
capital’s housing and industry. 
While rejecting criticism of Mr. 
Chubais as unfair. Mr. Yeltsin 
came down solidly on Mr. Luzh- 
kov s side, saying that Mr. Chubais 
should not interfere in Moscow. 

He also promised new measures 
to combat crime, which he said 
"has become the scourge of Rus- 
sia.” 

Russia is making progress incor- 
porating itself into the West. Mr. 


Dining ^iklu^r Out j| 


.. PARIS 8th ■ 11 



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Yeltsin asserted. He said he expect- 
ed to travel to Greece on June 23 to 
sign an economic agreement with 
die European Luca. At the next 
meeting of leading western indus- 
trialized nations. Mr. Yeltsin said, 
he expects to be a full partner in the 
political discussions, though not 
the economic ones. 

Mr. Yeltsin also reiterated that 
Russia eventually would sign the 
Partnership for Peace protocol with 
the North Adamic Treaty Organi- 
zation, although he suggested that 
further negotiations on conditions 
might be needed. 

The army's lobbying for more 
funds comes amid a widespread 
industrial slump that has begun to 
cause unemployment wh3e dra- 
matically reducing the govern- 
ment’s tax revenues. At the same 
time, at the urging of Western fi- 
nancial institutions, Russia ha< 
been seeking to narrow its budget 
deficit in order to tame inflation. 

Marshal Yevegeni Shaposhni- 
kov, the last Soviet defense minis- 
ter and a former national security 
adviser to Mr. Yeltsin, recently 
warned of impending disaster 
caused by regional leaders’ jockey - 
ing for iinlitajystxpport. by a loss of 
ideological underpinnings and by 
"die absence of financing.” 

These three factors, he said, "will 
result in an explosion which can 
make the army unmanageab le. " 

The military has been seeking an 
increase in its 1994 budget from 37 
trillion rubles (S19 billion) to 55 
trillion rubles. The lower house of 
Parliament tins week voted to in- 


crease its budget, but only to about 
40 trillion rubles. 

Mr. Yeltsin said Friday that he 
would support an extra 1 trillion 
rubbles for the army in "off-bud- 
get" funds. But he rejected a whole- 
sale increase. 

“We cannot, society cannot, to- 
day maintain a 3-xnillion-slrong 
army.” he said. "The whole of the 
Soviet Union had 3 million, and 
Russia has 3 million servicemen. 
Therefore, cuts in the armed forces 
is one of the major problems which 
the army itsdf should resolve.” 


Mandela Trims 

Prison Terms 


The Associated Press 

JOHANNESBURG — Presi- 
dent Nelson Mandela’s govern- 
ment cur sax months off almost all 

prism sentences Friday to halt ri- 
oting in several prisons that has 
caused two deaths and scores of 
injuries. Unrest by inmates in at 
least six prisons throughout the 
country appeared to have ended as 
night fell 

Correctional Services Minister 
Sipho Mzimeia announced the 
"across the board" sentence reduc- 
tion for most prisoners, except 
state debtors and the mentaDv ill 


France Honors 
642 Massacred 
BySSinl944 


ORADOUR-SUR- 
GLANE, France (Ratios) — 
President Francois Mitterrand 
led a solemn c om me moration. 
Friday of 642 villagers massa- 
cred by German SS troops 
four days after the D-Day Al- 
lied landings in Normandy. 

Mr. Mitterrand visited the 
ruins of the village that was the 
scene of die worn Nazi atroc- 
ity in France. 

In methodical slaughter, 
soldiers of the SS regiment 
Der FQhrer and the tank divi- 
sion Das Rdch entered lhe 
Quiet village in rolling hills 
near Limoges on June 10, 
1944, rounded up all the male 
villagers in six barns, machine- 
gunned them, covered their 
bodies with hay and set fire to 
them. 

The women and children, 
the youngest 8 months old. 
were locked in the village 
church and blown to pieces or 
asphyxiated by the detonation 
of an ftnununirinn box placed 
behind the altar. Only five 
men and a woman survived. 


The leader of die South African 
Prisoners Organization for Human 
Rights then called off the mass pro- 
tests he advocated earlier this week. 


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Page 8 



INTERNATIONAL 




tHHU'illKU Him tiff \F.W Vl IKK nuks \M> Tin- UAMIlM.ll Ji\ |*l.sT 


rea Crisis 


To pressure North Korea into compliance 
with the Nuclear Nonproliferation Treaty, the 
Clinton administration U trying to mount a 
credible threat of United Nations sanctions. 
Bui some recent signs of diplomatic gridlock 
have only provided new arguments for reck- 
less Washington hawks who already clamor 
impatiently for a more belligerent unilateral 
U.S. stand. Fortunately, however. North Ko- 
rea, along with its daily array of fiery threats 
against Japan and South Korea, has provid- 
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crisis back to a negotiating track. 

At midweek. North Korea’s foreign minis- 
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deal. Pyongyang now offers to guarantee “in- 
spection” of nuclear fuel at Us facilities, pro- 
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dialogue it broke off when North Korea re- 
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tional Atomic Energy Agency inspectors 
warned to anaiyze during the unloading of its 
reactor last month. Given ihe North's history 
of wriggling through verbal loopholes, the 
Stale Department understandably character- 
ized the offer as insufficient. By failing to set 
aside the fuel rods the atomic energy agency- 
wanted to analyze. North Korea immensely 
complicated the inspection issue. That 


Straightforward method of establishing how 
much plutonium Pyongyang may have re- 
moved in the past is no longer available. 

There may be alternative, albeit less satisfy- 
ing ways to reconstruct at least some of this 
history. But the North needs to agree unam- 
biguously to these procedures before talks 
with the United Slate can resume. 

While the effort to clarify pasL plutonium 
management continues, the North also needs io 
demonstrate good faith in safeguarding the 
larger quantities of plutonium it has just un- 
loaded. Thai means letting the aLomic energy 
agency' verify that the unloaded fuel is not 
removed for reprocessing, potentially into nu- 
clear bomb material. It means not abandoning 
the framework of the Nuclear Nonproliferation 
Treaty. These are points former President Jim- 
mv Carter could reinforce when he goes to 
Pyongyang on a private visit next week. 

’ What the United Suites needs io do now is 
spell out though not necessarily in public, its 
own conditions for resuming Laiks. North Ko- 
rean bad faith has increased the temperature 
of the crisis and narrowed the scope for a 
negotiated solution. Yet even as Washington 
seeks to build a consensus on sanctions, con- 
tinued diplomacy is in everybody's interest. 

- THE SEW YORK TIMES 


A slew of primaries around the United 
States this past week brought generally good 
news to incumbents, in the sense that most of 
them survived. But beneath the surface of 
their victories lurked a sourness on the part of 
the electorate that points to hard races for 
many officeholders this fall. 

In the biggest race of ail. Governor Pete 
Wilson of California won the Republican 
nomination for re-election. But a previously 
little-known businessman named Ron Utz 
amassed 34 percent of Lhe vote against him. Mr. 
Utz, who spent 52 million on his campaign, 
galvanized conservative voters, who have never 
much liked Mr. Wilson and especially disliked 
tax increases during his tenure. Only half of 
Mr. Utz's Republican voters told the Los Ange- 
les Times prill that they would back Mr. Wilson 
this fall. That number will probably go up. but 
it is an indicator of genuine discon [em- 
it should be recalled that running against 
former president George Bush, conservative 
commentator Pal Buchanan won a comparable 
vote in the primaries be contested hard. The 
Buchanan vote turned out to be a good indica- 
tor of lhe degree of discomfort with Mr. Bush. 

The one piece or good news for Mr. Wilson 
is that a fair number or Democrats seem less 
than thrilled with Stale Treasurer Kathleen 
Brown, who won the Democratic nomination 
comfortably. A plurality of the Democratic 
primary voters who backed her main oppo- 
nent, Insurance Commissioner John Gara- 
mendi, said they preferred the Republican 
incumbent to Ms. Brown. All these numbers 
suggest that both Mr. Wilson and Ms. Brown 


discontent that was so palpable two years ago. 
PanJv. this is a sign that manv voters either 


Partly, this is a sign that many voters either 
haven't been reached by or don't believe in the 
recovery. But it also suggests that economics 
alone do not explain the country's political 
distemper. For incumbents of both parties, 
that is truly bad news. 


— THE WASH I V»7 TON TOST. 


Pathogens and Vigilance 


It sounds like a science-fiction horror. A 
germ that is virtually everywhere, causing sore 
throats in millions of people, develops a rare 
but highly virulent form that can kill or maim 
in a matter of days or possibly even hours. 
Tenified victims can actually see their flesh or 
muscle deteriorating as they anxiously watch 
the progress of this rampaging pathogen that 
some have erroneously dubbed a “flesh-eating" 
bacterium. Suddenly we all feel vulnerable, 
forced to confront the knowledge that the war 
between humans and germs is never settled. 

Whether the highly virulent form of strep- 
tococcal infections that has dominated head- 
lines in recent weeks signifies anything very 
new or important is not clear. Public health 
authorities have issued soothing statements 
that it is essentially an old and relatively rare 
disease given new life through sensational 
media reports. But there is some evidence 
that the frequency of severe strep infections, 
known as invasive Group A streptococcus, 
has risen since the mid-1980s. 

The broad group of bacteria known as 
Group A streptococci causes an enormous 
number of infections throughout the world, 
ranging from the common and mild conditions 
such as strep throat and impetigo to the more 
severe scarlet and rheumatic fevers, io a highly 
virulent invasive form thaL strikes perhaps 


10.000 to American* each year, causing 
1000 to 3.1X0 deuths. This invasive strep can 
cause fatal drop. : n pressure, to-uc shock 
and multiple failure. It c.*.a also cause a 
rapid destruction :>? flesh or muscle. 

Public health aeencio-? gain comfort from the 
fact that there appear, to be no cluster of cases 
suggesting a cone-.-ntm-ed cause or transmis- 
sion. no epidemic increase in infections, no 
indrcmii'.-ri that the .errr ha- developed resis- 
tance to antibiotics, no hint thai it is rampaging 
out of control. There is no routine survetilance 
of strep A infections and no required reporting 
of cases, even the most revere kind. Nor is there 
yet much appetite for new surveillance. For 
now, health authorities are simpl) wary and 
watching. That leaves the burden on individ- 
uals and their doctors to iake prompt action at 
the first sign of danger. 

The devastating appearance of AIDS as a 
worldwide epidemic put this generation on 
notice that it could face new or rapidly emerg- 
ing threats from infectious diseases. The resur- 
gence of tuberculosis has reminded us that 
diseases once \ur.quished can return with a 
vengeance. Now strep A. a lesser, more treat- 
able hazard than those others, has spread its 
own graphic and horrible reminder Lhat the 
fight against pathogens is never over. 

— THE NEW YORK TIMES. 


Other Comment 


Wilson, Clinton and the Balkans 


When President Clinton spoke before the 
French National Assembly, the Balkans were 
on his agenda, as they were when Woodrow 
Wilson was accorded the same honor on Feb. 3, 
1919. At that time. U.S. Allies in World War I 
were carving up the map of Europe, a process 
that included the formation of Yugoslavia. Mr. 
Clinton, 75 years later, was back in the same 
place Taring new territorial claims in the Bal- 
kans. He no longer pushed for lifting a UN 
arms embargo; instead, be adopted the EU call 
for a partition of Bosnian territory. 

What seemed to becanying the day was not 
only the French threat to withdraw their 


forces if U.S. policy puls them in danger, but 
Mr. Clinton’s own refusal to send U.S. troops 
to Bosnia until there is a set dement . He 
sought to reassure his audience that Ameri- 
cans would no; abdicate w-orld leadership or 
abandon Europe, as they did after Mr. Wil- 
son's grand creams fell to tatters. But he also 
had no remedy, other than a bland call for 
allied unity. If Mr. Clinton could draw com- 
fort from historic comparisons, he would note 
that, even as Mr. Wilson was speaking in 
Paris. Kiev was falling to the Bolsheviks. 
France was avenging itself against the Ger- 
mans and the Balkans were going through 
another scrambling of borders. 

— The Baltimore Sun. 



International Herald Tribune 

ESTABLISHED ISS7 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 
CU'Chainntn 

RICHARD McCLEAN. Publisher »S Chtej Einiiftiv 
JOHN VINQCUR. Executive Edit r A \\v President 
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n Iw4. haenmnd HendJTrime. All nidus nsenai ISSN. W2WJH5Z 


SATlUDAY-SirNDAV, JUNE 11 - 12 , 1994 


% r 


ION 




. •• ..*• v •• ' i 


e Pries 


of Appeasement Is Still Too High 



B OSTON — The moving ceremonies to com- 
memorate D-Day should do more than cele- 
brate the courage and sacrifice of 50 years ago. 
They should remind us of what made th a; sacrifice 
necessity: the earlier failure to stand up w evil. 

Hitler made no secret of his haired, his violent 
nationalism or his megalomania. But European 
leaders did not act to confront ihc menace when 
it appeared. They treated Hitler as a joke, then 
believed his promises and swallowed his aggres- 
sion — until their own counm es were threatened. 

The mistake for which so many paid .-o dearly 
in Normandy carried an unmistakable lesson: 
Demagogic preachers cf nationalist hate must be 
taken seriously, and stopped before their words 
turn to blood. But in the first test of that princi- 
ple after the Cold War. the West failed again. 

“Militant nationalism is on the rise." President 
Bill Clinton told the French National Assembly 
this past week, “transforming the healthy pride 
of nations, tribes, religious ana ethnic groups 
into cancerous prejudice, eating away at states 
and leaving their people addicted to the painkill- 
ers of violence and demagoguery." 

Exactly. And as the West knows how weakness 
in Lhe 1930s lei the Nazi menace grow, so it 
knows how and when weakness opened the way 
for the new militant nationalism. 

The vear was 19^1. Serbia’s Communist lead- 
er. Slobodan Milosevic, turned from communism 
to extreme nationalism as a device to hold on to 
power. He used the Yugoslav national army to 
attack first the northernmost Yugoslav republic. 


By Anthony Lewis 


Slovenia. When that attack failed, the Sots 
turned their guns on Croatia. Serbian forces 
shelled the medieval port of Dubrovnik and 
leveled the city of Vukovar. 

That was the moment when strong leaders oy 
resisting the evil of a tinpot tyrant, could nave 
stopped the new menace of violent nanonausm. 
But the West had weaklings: George Bush, John 
Major. Instead of resisting, they began a course 
of diplomacy and “peacekeeping that continues 

its svrations to this day. , 

three years later. Serbs occupy 72 percent ot 
Bosnia and a big slice of Croatia. More titan 
•’00000 Bosnians are dead and 2 million are 
refugees, victims of the Serbian genocide euphe- 
mistically called ethnic cleansing. 

Diplomats and United Nations peacekeepers 

■ ‘ ■ r ..inlnii Anri rimlomacv 


did nothing for those victims. .And diplomacy 
has no effective leverage now tomake the herbs 


nas no cnauvt. -- — — - , 

disgorge their conquests. Indeed, the United 
States is reportedly ready to join others in press- 
ins Bosnians to accept a settlement that gives 
half their country *o die Serbian aggressors. 

The lesson is obvious again. The way to deal 
with demagogic nationalists is by str eng t h : force 
and the threat of force. The misuse of peacekeep- 
ing when there was no peace to keep has omy 
riven peacekeeping a bad name. "Weakness in the 
face of evil Serbian leaders has encouraged na- 
tionalist demagoguery elsewhere. 


published in London Artide ig tbelnrera 

tional Center Against Censc^hip, 

ina study of the manipulation of the media in 

the former Yugoslavia during 

shows how bom the Serbian and tire Croatian 
governments used the press tostir HP f 

Thus the Serbian press andu^OT ^okeof 
Bosnian Muslims as U mgahu&h” and satdttey 
were committing “spiritual genoade of Serbs. 
They charged that the Bosnian government had 
staged massacres of Bosnians. And so on. '■ 

Gunmen tators and diplomats are divided, 
about whauhe West should do m Boom- But, 
surely no reasonable person can doubt that rt 
should have stopped Serbian aggression aj. the 
iv yinning- before the Bosnian tragedy. As Mar- 
aaSThScher urged, the West should haw told 
the Serbs: Stop shelling Dubrovnik or we will 
bomb your mihiary installations. 

Bui Lawrence wgleburger. then deputy sec- 
reiarv of state and a former ambassador to 
Yugoslavia, said the West should not take Mr. 
Milosevic too seriously. Jim Baker, then secre- 
tary of state, went to Belgrade at the crucial 
moment in 1991 and spoke soothing words lo 
Mr. Milosevic. And President Bush averted tits 
gaze. .As in 1944, many will pay dearly for the 
failure to draw a line against evil. 

The Here York Times. 


By A.1 ML Rosenpriitt . 

N EW YORK 

States makes a-sperific nab-' 

l VvmifiHf in u M 'ttft.. 


SUUEgrc Ol.mc awwwMt - 

' and^aths. A yearateril'g Pf? Wp. ; 
operation, the anangentent i 

: l«tai dispute" between 

eovenuneHt fewyefS. SotheWnimd- * 

States breaks' ihevc omirntpie ^;.-. 

: ll. i1ia< -iMlTiniilCii]Ltu(iniibn'‘- 



advance the countries 
had talked into the deal^T^ey hj^- 
pea" to think it was 'working - 
-. The comnatroen t was to prom5^ 
Cokanbia and Peru with mfomatitsi' 

r tre Muirut taAst and : 


iniefiigeoce planes to traekf^g 


plancs as they, flew. to. 
those conctTies. The- State 


ment said the was legaL ' 

from Defense and' some other - 
aes thought the Unried Spates • 
he sued by the families of theizaffit$- . 
e*s if the 


■s aHiT 

'O jr f . 


die Future: A Dark Vision of Progress 3 


have an interest in running harshly negative 
campaign.' against each other — which will 
not do muen to improve the voters’ rmxxi. 

Other incumbents facing restive electorates 
included the Republican governor of Iowa. 
Terry Brans tad. *ho won nmomination with 
just 52 percent against Representative Fred 
Grandy. Gcremor Bruce King of New Mexico 
survived a Democratic primary, but with only 
39 percent in a three-way race. In South Dako- 
ta. Governor Walter Dale Miller lost a Repub- 
lican primary to former Governor Bill Janklow. 

What may be most significant about these 
primary challenges is that they happened at all: 
Incumbent governors usually do not face seri- 
ous contests for rvnomination. Primary voters 
are usually more loyal than anyone to their 
party’s officeholders, so the large votes against 
ail these incumbents suggest more than amass- 
ing problem. Also striking in many places was 
the poor voter turnout, particularly in Califor- 
nia, where panieipuuon hit a record low. 

None of this means incumbents will be 
routed this falL That prediction has often 
been made in recent years, and has almost as 
often been disproved! Still, it is notable that a 
rather steady economic recovery has so far 
done little ;o dispel the mood of political 


P ARIS — A proper Ca^and^ 
probably should not be quite a> 
comfortably situated as Sir* Jane- 
Goldsmith is here in his house that 
once was home to a king’s brother 
and later, and more irnpressi-ely. to 
Cole Porter. But Sir James, td. can't 
help being a billionaire ar.J wen't 
mute his political lament^livn. 
which is nothing if not comprehen- 
sive. He has drawn an indictment 
against most of modernity. 

Shortly before the 19S7 stock mar- 
ket collapse. Sir James get out of >h-.- 
market, went to earth— opulently, in 
several homes around the world — 
and thought. Now his sabbatical is 
over. Pausing here recently between 
campaign stops in his Gutfstrcam je: 
during nis quest for a seat in the 
European Parliament, he pcurec 
forth his worry that unless tr.j nc-. 
GATT free trade pact i> ocuttlsd. i: 
will produce social division.: "deeper 
than anything Marx anticipated. " 

Sir James is a capitalist wcrrica 

that the equilibrium achieved be- 
tween capital and labor during the 
last century is about to be tilted radi- 
cally in capital's favor. 1 he great fact 
of our age is. he says, the sudden — 
because of political and technological 
changes — entry of 4 billion people 
into the international labor market, 
people from such low-wage areas as 


By George F. Will 


China. India. Bangladesh, the former 
Soviet Union and Latin America. In 
a world of instantaneous internation- 
al communication and movements of 
capital, almost anything can be made 
> I most anywhere. The result under 
global free trade will be. Sir James 
warns, she "proletarianization’' of the 
iaber forces ol advanced nations. 

Marc falseiy prophesied that a “re- 
serve army of the unemployed" 
would produce the iramiserizauon of 
■he masses and a revolutionary crisis 
of cjpiiahsin. Vy'iih similar certitude 
Sir James asserts that global free 
trade will produce chaos for the many 
but financial bliss for a few. 

The world GATT *ill produce 
v.i!: r-c. he rays, “economic paradise 
f ;t at, cii'.e" — for those with capital 
L-: irr-est where low iabor costs max- 
imize :ts return. This world also will 
he a politician's dream, makin g pos- 
sible h\ monetary policy with mini- 
raoJ infiationartr effects because of 
downward pressure on wages from 
whit Sir James calls "the reservoir 
of the underemployed." 

Insisting that he is not a protec- 
tionist but a regi"nahsL Sir" James 
favors free trade among comparable 
economies. To those who say the rap- 
id ascents of South Korea.* Taiwan. 


Hong Kong and Singapore prove that 
trade between dissimilar economies 
can produce “leveling up." he rejoins 
that those successes were produced 
by the Cold War and involve trivial 
numbers of peopie: 70 million. But he 
seems to postulate an improbable 
permanence: two hermetically sealed 
blocs of nations, one of high wages, 
the other low, forever. 

Still, he has an attention-arresting 
vision, particularly of the possible 
consequences — reverse Malthusian- 
ism. a crisis of agricultural abun- 
dance — of intensive, high-technol- 
ogy agriculture. Sir James will not call 
such agriculture “efficient," because of 

the social and economic costs he sees 
coming from iL Those costs include 
the d Graduation of populations and 
the destabilization of cities. 

Currently 3.1 billion people live on 
the land. Free trade in the foods and 
fibers that could be produced world- 
wide by agriculture as efficient as. say, 
American agriculture could. Sir James 
says, drive billion of those people 
into cities, with staggering infrastruc- 
ture. welfare and police costs. Imag- 
ine. say. Sao Paulo with a population 
of 45 million. He envisions rural com- 
munities "washed away as if by a 
flood" in “the greatest migration ever" 


that would “make Stalin's coUectivizar 
tion look like child’s play." 

Sir James’s prophecy may seem 
Hke “Marxism of the right," but it . 
rejects the sovereignty of economic 
forces and the primacy of merely eco- 
nomic values. We have beard such 
refrains before, even in cheerful capi- 
talist America where “change" is &m- 
sidered a synonym for “progress." 
And ever since the industrial revolu- 
tion. some European conservatives 
have blanched at capitalism’s revolu- 
tionary power to dissolve traditional 
social arrangements. 

Sir James, a child of an Anglo- 
French marriage, is allied politically 
with some representatives of old 
Catholic France. Some will say he is 
a political aesthete, recoiling from 
the ugliness of an urbanized world. 
But if so. so what? 

Asked whether, by standing athwart 
history crying “Halt," he is rejecting 
most of ihe West’s experience and 
values since the Renaissance made 
man the measure of all things and 
made science his servant. Sir James 
answers, “More or less." He is mistak- 
en abenit both possibilities and inevha- 
bih'ties, but by darkly sketching a 
world in which all values are sacrificed 


SWA UU«U un.it yt . I 

CdombiaBS and Peruvians &f . | 
they have been betrayed, and a $a* ) 

Department official has ji&fltaal ■_ { 
down to s<» them. Thc Scrtitii Aini^K r “ 
cans say. the. radar mfonnatk» vnts - 

cssential nat for &bdotixtg^<town- 
planes but far more- for <Sscovereis; - 
traffickers’ rSstetarioni^iofcnfis^acKL - 
tracking guerrilla bands sroridng as 
gunsfingbrs'for narcotics gjai^& : An<L 


Ei* 

pieal 

BvT 


F** h .V 


fro* 1 ’*' 


they say that since the 
folded the radar sen 


folded the radar sawar thC drag 
flights haw inu eased.- "' t-z- ~ 

Bow could life happeir wptipa y 

^Kntou's advis^"." 
Wanting. Mum away from 
breach of wcod?- . ' . 

" One reason is that the partnerawere^ 
just South American. Americans gjcT- 
mtezested m Latin America whautit ■ 
name is Castro or when 4he \hraed- 


Bilk* 5 

p-lL' 


SfH ^ 
b, CM* 

Bio 


to a ^ecious “efficiency," he leavens 
the conversation of nations. 


Washington Post Writers Group. 


1} V 

j 


Ukraine Can’t Make the Transition Alone 


South Aincriczn presidents. Tw. ^ 
Second, the struggle 'mvoNed iras ; 
the dn^ wtu", wtedi does riot 
. government and journalistic trend-sei- 
tersfikeilusedto.ltgr^sthepob-ltjt- 
affright, tmdo-ilieJuatfiflgof doa&>-: 

Bui Washington doesn't £eem fixed: 
up. Maybe because the preskkst 
doesut Mr. Clinton has approytd h 
decent budget and does from time to 
time qreak of nareotxs. • • ' - 

Bui in the whole govei um e t fl. dtaL 
ing a year of poking arotmil Hxk riot 
nm into as much know-how and dm 
about drags as in one meeting whit 
three narcotics fighters from a thesst- 
py-and-job program far. rdeased {Kfer 
oners. (Buaness people who realize 
bow essential both are in the dr^whr 
should write to Father Beter Young, 1 ■ 
Altamont Program, 134 FrankimSL, 
A&any.NewYork 12202; 

J Sor^-^tiieQintonadnagmratidn 
does not want it called the drug W2r 
anymore. That news comes from Lrie" 

' n -f L 1 ' ■ j* - ' »i_- 


is**' 




gfi --1 AX'S- 

m sa it > - 


Ojr.*-' 

waj ■'* 


i est m 

5f v:** 


S TOCKHOLM - I'L-aina. once Rd;f;a':. 
brezid bosket, has become an -eonor.ic b.:f- 


tJ breiid bosket, has become an eeonor.:e bas- 
ket case. Hyperinfldiion ha.- raged since the end 
of 1991 Last year, the inflation rate wa: 
percenL Further desrapiiizaiion may a 
tljeat to European security, i: ;i’.e counir col- 
lapses. Russia cannot stand b;- viinou: inter, en- 
ing, regardless of who holds power in Mac aw. 

To prevent an economic ana political cri.-i ihe 
West should come forward with a program of 
economic libera] iza-jon. stabilization ar.i crivj-.i- 
zation of the kind typically recommended by in-.* 
International Monetary Fund and World Liar!*:. 
This should be possible now that Ukrainian ntiv 
siles. once a source cf con ten lion, are being .rans- 
ferred to Russia under a deal President 3iil :.1in- 
ton brokered with President Leordd Kravchuk. 

The time is ripe for a Western proposal. A 
presidential election is scheduled i'c-r Jure 26, 
and the establishment was badly set back in 
parliamentary elections in March. Voters turned 
against Mr. Kravchuk’s corrupt supporters and 
elected liberals ar.d old-line Communist, who 
oppose him. Voters’ anger is understandable, fr. 
addition to runaway inflation, gross domestic 
product fell by almost 50 percent from 1990 to 
J993 — if official data can be trusted. The budget 
deficit hovers around 30 percent cf gross domes- 
tic product Shortages of such staples as bread 
and meat abound, as do queue* for them. 

The cause of ihis plight? Since Ukraine wanted 
to differ from its rival Russia, it declined to 
adopt Moscow's path of economic shock thera- 
py, seeking instead to prove its superior modera- 
tion through gradual change. It has only partly 


Bv Anders Aslund 


deregulated production, prices and trade. Hardly 
-T- thins has been privatized. 


.-Jter the 19?i election, the old elite adopted a 
nationalist course to preserve its power. Preoccu- 
pied with the s> mbols of a new independent state 
— the flag, military uniforms — the Ukrainians 
neglected to create democratic institutions and 
introduce a free market economy. In short, much 
oi the Soviet system remains, but not intact. 

Mr. Kravchuk, an opportunistic old-line Com- 
munist ideologue who changed his stripes, has 
refused serious economic reform. His sympathy 
for the nomenklatura has shown by his ousters of 
officials who favor reform. Enterprising mem- 
ber; of the former elite have been given excellent 
opportunities to enrich themselves. Outside the 
big cities, there is a construction boom in luxuri- 
ous villas; ordinary people build little but 
churches. People with good contacts and export 
licenses can buy oil and metals cheaply from 
Russia and sell them abroad at huge profits. 
Ukraine’s fundamental political problems are a 
lack of both national cohesion — the eastern 
region is Russified and the western part is West- 
ern-oriented — and of a sense of national securi- 
ty. The country is stuck with Mr. Kravchuk 


a democracy, but it cannot be both." He added 
“Without Ukraine. Russia ceases to be an empire, 
but with Ukraine suborned and then subordinat- 
ed, Russia automatically becomes an empire." 

In 1992 and 1993. as Russia raised its prices 
for oil and natural gas. Ukraine's trade unbal- 
ance grew because of its huge quantity of energy 
imports. When, in early 1992. Moscow did not 
deliver as many ruble bank notes as Kiev wanted 
Ukraine replaced the rubles with a coupon cur- 
rency of its own. printing far too many coupons, 
thereby adding to inflation. Ukraine doubled its 
money supply that June by issuing boundless 
credits to Ukrainian enterprises. 

The cost of transition to a market economy 
will be very high because of Ukraine's obsolete 
economic structure and limited exports. 

To make a successful transition possible; the 
Group of Seven should pledge substantial credits 


Brown, drag policy' director. He was 
supposed to be top pneral in the 
straggle. But through no fault cft& 
thenewCSntonadTOJB St ratkmck^- 
graded the job before he was, evai 
appointed, to abtiu! captain. 

So, no more war, you hear? Re- 
minds me of the time the Rockrfdki 
government in New York state decii 
ed to grapple with the Mafia by haff- 
ning the word in all .statements: Tanf- 
ic idea: The Mafia loved ii so 
that they blocked the truck bayerdf 
The New York Tunes when the deft £ 
papa- refused to go along. ' r ; 

The former general was out of Kgj} 
and the people on his tiny siaff woufi 
not say what he thought about An?». 
ca breaking commitments to Us bit-: 
mer partners in the former war.- --T^-. 

So let me tdUhera: He wifl support . 
it He has echoed the Clinton adnBB&-: 
nations deriaon to cut back oooneqf 
three baric strategies in the foit&fer 
war: enforcement, therapy, in batik-, 
tion. The administration dbes ’it# 
think interdiction is asimportantas$T 
South Americans who live with && 
flying over their heads - - -r r i 

South Americans had already^ 
ken of their fears about the cutback - 
in interception. Still, the Colombians 
and the Peruvians were startied that 
the radar tracking program wasehte* - 
mated, snap, because some lawyea". 
found it dicey, HabOity-wise -ri-star- - 
tied, bitter, furious. • - ^ »- 

Maybe, on a trip to StanhAmdEa 
some day, Mr. Clinton will explain 
why he permitted his a dmrnighati fot 
to behave so to countries America Sad 
were its partners. For a presided! wiki 


— but only if Ukraine agrees to cany out full-scale 
reform. The IMF and World Rank can possibly 


because (he voters, wanting a strongman who 
could stand up to the feared Russians, gave him 
62 percent of the vote in December 1991. 

Why does Russia upset Ukraine? Zbigniew 
Braezihski defined the problem in a recent Foreign 
Affairs article: “Russia can be either an empire or 


put up 52 billion, which is far from enough. At 
least 55 billion is needed. The European Union 
should provide most of the financing, because 
Europe will suffer most if Ukraine implodes. 

A new opportunity to end the disastrous Krav- 
chuk era and move toward a market economy 
began with the parliamentary elections: 74 percent 
of the electorate voted, mostly for politicians per- 
ceived as honesL This opportunity will acquire 
momentum if the voters now oust Mr. Kravchuk. 


The writer is director of the Stockholm Institute 
of East European Economics. He contributed this 
comment to The New York Times. 


Asia; The Economic Stakes for America Are Soaring 


T OKYO — "The apparent moder- 
ation of American demands for 


By Kenneth S. Courtis 


measuring access to the Japane.v 
market, the decision to restart trade 
talks with Tokyo, and the lightly con- 
ditioned renewal of China s rr.ost- 
favored-nation trading status suggest 
lhat the Clinton administration has 
finally begun to weigh the broader 
implications of what is at slake for 
America in Aria. 

Close cooperation with Japan and 
China is clearly vital if ihe crisis ova 
North Korea’s nuclear program is to 
be defused. JBkxt Mr. Clinton*?, new- 
found flexibility and pragmatism in 
dealing with Tokyo and Beijing also 
recognizes the wider dimensions of 
Aria’s growing economic weight. To 
sustain its own economic recovav 
and its role as a military superpower, 
the United States must be an accept- 
able partner in this dynamic region. 

The rapid economic growth or Chi- 
na since its opening to the outside 
world in the late 1970s, and its huge 
potential as a market for goods and 
services are important elements of 
the Asian equation for the United 
States. Even more important, howev- 
er, is Japan's increasing tilt to Asia. 

In 1985, Japan exported a third 
more to the United States than it did 
to Asia. It now exports a third more 
to Asia than lo America. The shift is 
even more marked in relation to Eu- 
rope. Today. Japan trades two and 
half times more with Asia than it does 
with the European Union. In the pe- 
riod since 1985. Japan's total exports 
have more than doubled. 

This deepening Japanese economic 


penetration of Aria is driven by the 
higher profits that the region's hot- 
house growth generates, compared 
with the razor-thin mar gins in Europe 
and the United Slates. For Japanese 
traders, the increasingly open econom- 
ic environment of Asia and its 
strengthening consumer and industrial 
markets stand in welcome contrast to 
intensifying pressure for protection- 
ism in much of Europe and America. 

Japan is also channeling more of 
its direct foreign investment in manu- 
facturing and other sectors to Aria. 
In 19S5. about one-tenth of Japanese 
investment went to Aria. Today, the 
proportion has risen to one-fiflh, and 
still more is on the way, 

in the decade to I9W, Japan regis- 
tered an accumulated current ac- 
count surplus of some 5415 billion, of 
which about half was reinvested 
abroad in the form of direct invest- 
ment. Hie remainder went into the 
world bond and equity markets, and 
to other portfolio investments. 

Already in the first four years of 
the 1990s, Japan has piled up a sur- 
plus of some $360 billion — that is 
more than twice the annual GNP of 
India. The surplus is not about to 
sh rink sharply any time soon. Indeed, 
with current energy prices and ex- 
change rates. Japan is set to see im- 
ports fall by some $36 billion over the 
next 12 months. At this rate, the 
country's surplus this decade is likely 
to exceed S I trillion, ir about half this 
money is plowed back into the world 
economy in the form of direct invest- 


ment, as happened in 1980s, corpo- 
rate Japan's investment in new pro- 
ductive capacity and distribution 
abroad this decade will be more than 
twice its total accumulated foreign 
direct investment to date. 

Japan may be setting the pace, but 
other Asian economies are following. 
While a third of foreign direct invest- 
ment in the countries of the Associa- 
tion of South East Asian Nations 
came from Japan over the last 10 
years, a quarter came from South 
Korea, Taiwan, Hong Kong and Sin- 
gapore. China, India and outer South 
Asian states will be drawn into this 
pan -Asian investment network. 

Asian economic integration 
would not be of much international 
significance if the region only ac- 
counted for 4 percent of world gross 
national product, as it did in 1950. 
But in representing a fifth of the 
world economy today, and on 
course to accounting for a quarter 
within a decade, Asia is becoming a 
major economic force. The global 
balance of industrial and financial 
power is shifting toward the region. 

As the focus of foreign policy al- 
most everywhere increasingly rotates 
around economics, and growth in 
Asian markets continues to outstrip 
that of North America and Europe, 
the stakes for the United States in 
Asia can only increase. To position 
itself in the most favorable way. the 
United Stales must set In place a 
comprehensive policy for Asia that 
links the entire range of issues, in- 


cluding capital flows, trade, the rule 
of law and security. 


trv.** : r ■■ 
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The writer, strategist and senior 
economist for the Deutsche Bank 
Group in Asia, lectures at Keio and 
Tokyo Universities. He contributed 
this comment to the International 
Herald Tribune. 


ise-keqxng business, it js a woaad 
mflicted by himself, or the pemfc Sup; 
posed to guard his word mi&hbasxj .', ■ 
Meantime, juat thin it of how-much 
money America would have saved,!/ 
only General Dwight Efeeiibo«f 
had lawyers to warn him of ItBsij 
liability soils from German faznIOes. 

The New York Times. 


IN OUR PAGES: 100, 75 AND 50 YEARS A Gff 


1894: Death of a Sultan 


TANGIER — Early this morning 
[June 1 1] a rumor circulated through 
the city that the Sultan of Morocco 
was dead. News has since been re- 
ceived which confirms the report 
The Herald comments: “The ques- 
tion of the succession to the throne of 
Muley Hassan will, in all probability 
give nse to fresh disputes between 
Morocco and Spain. Moreover, there 
are so many Powers interested ’in the 
country that no one of diem could 
alone intervene to maintain order. 
History has shown that the interven- 
tion of several European Powers In 
alliance nearly always ends in dis- 
putes among themselves.’’ 


which, with all the troops m ramp 
hoe, wifl return to New York during 
the present month. The 7th DrvKKHi 
troops have begun to embark. Tb& 
officers were received tins after- 
noon at the Hotel Continental by 
Admiral Salami, who read a faiwra 
letter from M. Ctemeoceau. ■ . • j.". ■ 


■ - «t' •• i|. ■ • i pj'ii n j 

1944; Revolts in France 

MCTV vr«>ir rr~ «T ■ . LL?*}) 


1919: Homeward Round 


BREST ■— Amen can troops are re- 
turning home TasL The troopship 
io? en ^L.kft ®!’ csl this evening [June 
dou Sfabays 

homeward bound. There are now a 
dozen cruisers and troopships here. 


NEW YORK — [From oor 'New 
York edition:] A major uprising by. 
French patriots, extending from 
Mete to Avignon and including ^ 
“major coup* a t BeDegarde, in fib 
Am Department near the Swiss bo£* 
oer, was described in Swiss 'arid 
Swedish newspaper accounts repeal- 
ed yesterday [June 1 1J to the Office*! 
War Information. At BeDegarde; *- 
cording to the Swiss newspaper “Tri- 
bune de Geneve" and the Swedish 
paper ‘^tockholms-'ndniiigien," TOD 
French patriots seized the 
station, site of a German headquar- 
ters, and “proceeded swtdnaticaSy 
to sabotage all the installations.'' 




r- ‘“‘ert A 

Pe?f.r ' u :- 


v. ‘ lLn 


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the teitber 


INTERNATIONAL HERALD TRIBUNE, SATtHP AV-Sl^'DAY, JUNE 11-12, 1994 

NEW^YORK 


Page 9 


T«d»»: lUin 


h * W5 cool and fmli JET* 

•—*** *ta,.V H „ m 

***** *T-r mm P. n U. 

Vql. CTV No. 35.637 


By 


x-z^X* 

N S 

.* ' * 3ft 


f 


Mcralb 




^Tribune L EwnoN Y 


CwriiW. I m. 


SUNDAY. JUNE ll. 1M4 


Section One 


W C.i h la Maw Y-A ca» —4 ! ■>■!»» 
If CM Thru fl~Trrn 


‘i- r va- r :J^"fc' 


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"«SW 


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r - . • 

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American Troops 1 5 Miles From Cherbourg, 
Smashing a Third of Way A cross Peninsula; 
6,000 Planes Hit Foe; French Fields in Use 


■^^5. 

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Eisenhower 4rmy Parade Up 5th Av. Today Allied Flyers 
PleaResented To ®P en Bond-Drive War Show Jjj CqjjJpqI jjg 

Rv Up PanILi ® en t0 ^ arc * 1 to Central Park for Start of n. , 

J UdUUC 12-Day Arms Exhibit; ‘Battle’ Every Half Hour; skies Lie ST 

City’s Fifth War Loan Coal *4,167,028,000 

Trench Leader Asserts _ _ r D . . 

. f A . ■ i in, r _ By Robert S. Bird converted into e one-acre comer German Reinforcements 

oy Allies Lon Id I A ertcle infftntiy battalion of of a ■'rea!'* battlefield. featuring and Guns Delaying TJ S 
Provoke ‘Incidents’ 1-200 ““ witb b * nd * and bugle smashed howitzers, a crashed Claying U.O. 

- - I corps, all from Fort Bragg. N. C.. Pl»»e. & ripped railroad track and Infantry Are Pounded 

g II . _ _ . will parade up Fifth Avenue at bomb craters, and every half hour 

Balked at Mflking midday today to signalize the during the period of the exhihl- pi » * », 

n n D j “ opening in Central Park this after- Won combat units will stage, with * JaDeS Are Landing 
JLWJay Broadcast DOQn - *®r twelve days, of the sound effects, a mock battle of A 9 n 

Z, largest and an then tic out- such realistic proportions that, Uu O r rCDCD D38C8 


CnnL. A»L a tl . door exhibit of the Army's fighting during the rehearsal, three men 
spoKc umy Alter threat equipment yet seen in New York, ended up in a hospital. 

by Q»Hr chi|| to Send Twelve «=« of the park an the The exhibit and parade, called 
n . site of the former reservoir mm a “Salute to the Infantry,’’ are 

. aim Back CO Algiers the Eighty-sixth Street transverse being presented to the people of 

' . have been transformed into a New York by the Army and the 

By Geoffrey Parson* Jr wIlk ® scene containing Ameri- Treasury Department to drama- 
Fram is* gcraM Trotanc Burtaa c * a »“«* captared enemy equip- tire the Fifth War Loan campaign, 
copmcia. IN*. I*™ ¥».* Tritau ibc. menl * fro™ a new-type which begins tomorrow with a 

LONDON. June 10— Oeneral troop timln “** Klut Arid runs *4.167.028.000 quota set for New 
diaries de Gaulle declared here d ° wn to aenMO ***** traps and York City. 


Airmen Range 75 Miles 
Behind Lines, Luftwaffe 
Hangs Back; Berlin Hit 

By Jack Tait 

From th* Herald rrftoar Surra, 
Copyright, 1*44. New Yor« Tubus* Ino. 

LONDON. June 10.— Nearly 6.000 


' today “the proclamation addressed Jll0 * ne * e ration*. I The parade will start at For- including the first All led | 

to the French omni* m j™. « One end of the area has been I (Continued on vavt 29. column 2 « •&r*tt to operale from French 
and theme published today [both JZ 8011 slnce 1840 »ma*hed German 

.Eisenhower. *Hi«wi am ^m^co m- Patriots RinglNazis Stiffen) toward the Norman bedhead 

: Grenoble, City In Italy After 

^^...^ ^^ InStateof Siege 40-Mile Flight Throughout the day the pi«n-x | 

. ytaoriy not acceptable to us, and . ° kept up an incessant bombard- 

111 toel “ Between Nuu send Foe Attempt# a Stand Near 

' ■; be avoided.- * eem * u ** French at Maeon,Bonrg, Viterbo ; All* e«H ad Called hundreds of other targets, without 

’ 10 re ^ to we*tnw* *t an in- Other Points Reported the Rout a ‘Catastrophe’ SS^^twaffc 111 " - realaUace 

- _ ------ Asrac^Omex^de ftench patriot formations, com- *» ranmua ,r *** M TacH * 

OeullI who is tumaot thejSncb mmndert by Chaaseun Aiplna offl- ALLIED HEADQUARTERS IN e SJ^'52*f al f ol, ? d the b««chea 
Committee oT National cert, have surrounded the city of ITALY. June 10.— Nazi forces In for ^ ^* nd °“ * hastily 

at Al qjM, said, ajao: -At the urea- Or * J10ble . which is now “in a state Italy, fleeing northward In a rout conttnjeted landing strip when 
----- W time, there Is unfbrhmatdy no 01 ***■*.’* Swiss newspaper “U th * t toe command declared loW - refueled 

'ap^Hit be^nthn^S^"^*«terdwtamiMt^^ become a -catartrophe.” 

- ::-:dT IO v«niment [meaning the Ubera- «P«ted to the Office of War In- turned to make a stand of not beW JJ 1 the fighting zone. 

■ ’ - ^ lice COmmiUttiiS the Allied formation. The article said that foUy-disdoeed proportions late Three Landing Strips 

' 7 si governments concerning the co- ‘'dashes” had occurred around around a village a few miles Three landing strips have now 

operation of Flench admlllls tra- ^ afternoon. northeast ot Viterbo, which is forty been conslnicted in Normandy by 

•. ss?t -TsaiTs - 


?■* 


(Continued on pope 29. column 2 < 


aircraft to operale from French 
soil since 1D40. smashed German 


^ Grenoble, City In Italy After SrtS^SLrTSit 
Z In State of Siege 40-Mile Flight Throughout the day the pi*n^« 

________ " ™ kept up an Incessant bombard-i 


- -_r cr-o: 




n*nia Trtbane— Aca* UI*pb*to IrauBnul Carps ndtophnu Iln _- ■ 
Canadian aoMicri Oudy a mid-box layout of ihm unautxeaafml Carman drfrnte* found in a Nazi head- ' 

quarters m/ier the capture ot an important beachhead In tka Normandy rector „ 

The Price: Death on a Norman Beach Us 


crated French home territory." 
CriUdtM Cwtokt lama 


By John O’Reilly 

B* Triryoan* Co IM nnx Trill... 

Coprrtfiu, 1*44, New YarTTfibnoe Ine 

WITH AMERICAN FORCES 
IN FRANCE. June 7 i Wednes- 
day ». — The American sector or 
the Allied beachhead in Nor- 
mandy presents a panorama 
that is grim and laniasuc. The 


rlfic struggle which took place Ac low tide there are also the 
ell day yesterday as the assault hulks of various types of land- 
waves of troops fought the log boats. Many or the latter 
battle that enabled the thou- brought In troops, ammuni tion 
saods upon thousand or soldiers i and equipment and were left 
now coming in to move up to | high and dry when the tide 






sssi sr. «« •» »• 


"The luue in France of a so-called 
French currency without any 
agreement and without any guar- 
anty from the Ranch authority can 
pnly lead to serious com p li ca tions. 
At a moment when battle la being 
joined on the soil of Ranee the 


'“'take the retreating Germans Britain. One of the wounded was “"^7''^“ *“ r 1 !J w 

OlOBitCrS reported. _| n __ _ .« __.__m.a_ ■ 1___ _ n a Tinanftii ifiMlar In a rv ll€VCr Mf n .VM OH Ally DCACfl - 

Both omwhte. to ~ton.Sri S 2 Ta 25 Si^Z^Slto.l»^! I" ' , i a “ r N “rii> "I» or 

-«>. to IMT., ^ ^ nMr u,. >u . Mon , u, M ioo Wkn of UK s,' xrqr; 


are leading centers of resistance 


and anti-tank guns near the vil- More than BOO fighters of the 
lage. The Allies brought up tanks. 8th Air Force attacked and bombed 


the Mediterranean theaters. 
This mass of battle wreckage 
gives stark testimony to the ter- 


Vheir battle positions. At iow 
tide there is a wide expanse of 
sand studded with rows of en- 
emy obstacles. A* the Ude ebbs 
and flows the bodies of soldiers 
who died la the assault roll back 
and forth with the waves. In 
this stretch also the Ude dis- 
closes sunken jeeps and a thou- 
sand other Hems of equipment. 


Allied Forces 
Are Merged, 
Strike Inland 

Battle Rages at Carentan 
After Trevieres Falls; 
Port of Isigny Is Taken 

NaziTanks Held Off 
In Straggle at Caen 

United Armies Stretched 
Along 50-Mile Front, 
Take 5,000 Prisoners 

a* The Auocicim pthi 
SUP REME HEADQUARTERS. 
Allied Expeditionary Forces. June 
11 (Sunday). — American troops 
smashed to a third of the way 
across the Cotentln peninsula yes- 
terday in a drive to seal off the 
port o! Cherbourg and captured 
two towns and a handful of vil- 
lages under cover of Allied fighter* 
striking from newly seized airfields 
In Fkance. 

A German broadcast placed the 
Americans near Mantebourg. only 
fifteen miles southeast of Cher- 
bourg. after the Germans had 

withdrawn to “shortened defense 

Ulvpbato from Arn&l Carp. rsdtaphnU Unes " 

i ^T" ■- ~ JW *•“*■ Allied hatowmer. anw. 

— — . . .. 1 1 1 1 No. 10. issued Just before miHntyht 

said. "Allied progress continues 

rnuin Beach Et-SdSL SJ&S: 

lean, British and Canadian troop* 
Ac low tide there are also the now were attacking heavily along 
hulks of various types of land- a fifty-mile stretch between Cam 
log boats. Many or the latter in the east and Montebourg in the 
brought in troops, ammunition northwest, 
and equipment and were left Six wrn — In pint fami. 

high and dry when the tide a dispatch from the front die- 

receded. Here they were at the TT 

mercy of enemy artillery fire. thBt 1116 

Just below high-water mark is srU]Iery ««PPOrt. begun strik- 

a weird Jumble oj trnL “Sfekl ?« W “ d ^ ^ using the 

and boats. Many of these burned ^ 

after being hit by enemy shells. “*5^*“* !?* hl “ h c ? il “ t 

Here also the bodies of more of * ll f! ** ^Ush-Canadlan forces 
the assault troops are being 1,1 the Biyeux wctor - e “ l ot “»• 


■“ ^ «! 5, 






Ata moment When battle is being ^ PhWofc groopa in Rasoe. Gantry and artillery, and thr “ ^ dertructlon through *v- ^«jtark_test.mony u> the ter- sand other Hems of equipment, i (Continued on page 2. column?, 

joined on the soil of Ranee the *** ^ !! n ^ fighting "quickly assumed the German positions, penetrating.-. T __ mT _ _ __ _ 

French g overnm ent is eager, in the **« mqxnaea yesteniay a north- chxraeter of a sizable acUon,” seventy-five miles behind the Vlfh v nPTUirK (XflTJ* F f AAfffiff f flfirnnilFfl 1 A vn/i 
Doomxm interest, to end such con- ^»aoemd placed under con- Tucker said. enemy lines. Some resistance in * llCpUllS I v ILZiLS 1 lUUllctl LflBrUOUig ATBU 

fusion and infringement. ot ,,fl0W Indications were that the 5th the air was encountered and ten 'T' Cl__ll_ J f\£. nn A 

■’ "France wages war like her co mm a nd i nt a, the German -con- Army, which has advanced at a German planes were shot down. X OHlOM IjllCllCO l/i ItWOSlOTt f POTtt jfCTOTB MJ M^OL\ 

affim and with her allies. She foiled P arts radio said in a speed 0 t about fifteen miles a day Seven of our fighters are missing. ^ A ll* i ai • ^ | 

brings into the great battle lor " OEdc * rt reputed by since the fall of Rome last Bun- Marauders and Havocs of the Kv A I llFfl NnlTIS caa AAA a v j - j ■ a , « 

‘liberation of the world a contxfba- UnlU5tl government moni- ^y. had succeeded in its effort to 9lh made two assaults against the J ^ r 5U0,0U0 Acres Inundated m Americans Sector; 


picked up and taken away for lf pa ^ ded thirty - five -miie- wide 


American front. The Americans 
gained six miles in their first 
smash inland from the sea, with 


Vichy Reports Nazis Flooded Cherbourg Areal veteran^ toopps spearheading the 


.Una of all the Internal and ex-l*®”; 


leroai forces at her disposal and 
1 aht aa dnr es a great deal of Buffer- 
ing for the take of the c ommon 
cause. Tomorrow she will contrib- 
ute to the settl em ent of the con- 
flict; baft it Is obviously in full 
sovereignty that she intends to 
-wage war today and tomonrow to 
.feaake th * peace. - * 

General de Gaulle said he 
.''‘would be very honored to go to 
■ Uta United States and visit Pxeal- 1 
:dent Roosevelt " It appears that 
.■criticism of President Roosevelt 
for apparently letting Gmeral 
.de Gaulle lake the initiative in 
'"arranging a visit by the French 


overtake and engage some impor- enemy today without encoimter- 


The broadcast added that afijlant units of Colonel General von ing any German planes. Among But Germans Tell Only of 
fContfnvedonvaoeZ.cohamtit 1 (Continued on page s. column 2/ I (Continued an page 2. column 7) I EuroiinlcrBetwceilSmall 

J ^ ^ ~ ]|| Warcrafl Off Naval Base 

Summary of Today’s News on Inside Pages 


Waters Depth Ranges Up to 7 Feet; Allies 
Gradually Are Gaining Control of Sluiced 

By Ned Russell 


Improving weather, which found 
Allied fighters now hitting from 
France for the first ti me in four 
years, sided the Allied forward 
movement. Heavy bomber* at- 
tacked German airfields hr Nor- 
mandy and Brittany, b ehind the 
battle line, and fighters strafed 
the enemy's armored and trans- 
port movement*. 

The Americans, under Lieu- 


Sactiom I General News 
INVASION 

Liberated Ranch look upon De 
Qsune as ude leader. Fwc z 
Nazis' Weatwall was no match 
for soldiers - valor. Face * 

German troops are forced to use 
guerrilla tactics. Page 5 

WAR 


to the United States is nn- Navy rushing work on two bat- 
'' justified. -The Times - * today said Ue a h i p a for Fleet Pay^ Page 4 
’« had been known hereto several 11 ?^“ 

•days that Mr. RooeeveiL was the 

;-flr*t to suggest that the general teraTSfamSo *T l^gsT? 

'visit Washington. _ Nazis and Runs say 

This was corroborated by Gen- attack near Leningrad. Page 9 


- ;Ljj’ 

-‘:4, 


i- 

■ i 

-i&x. 

;>-S 


■V 


eral de Oanfieb statement today Italy-based fighters bomb Ploe- 
Mwhen be said: "On May 31 the « tthlast big refinery. Fags X* 
’ Tnddent was *tx>d enough to ask State Department calls Finnish 


..General Penned, who was going to “ 

'lAlgkn on a rerrteo trip, to toll *"£**!%£* 

.-me that ha would be Pleased to see __fnB«xi wdthoot a stage. Faga U 

l bnmedia t ri y answered that Z Warcmnnmniques. Fagazs 
j fCaatbreedonpage*. eohmrelf MMtaKtkn. race U 


PLEASURE WITHOUT 
PLEASURE DRIVING 

Tbif SaMr. vaewtan dririsg h s«L 

Mw* - f the ream tar f** to rpetd 
' y**r recefias is • Smmsst MS ot 
1 cstNa*. H— dmda ml JbdrsMs **■*- 
' erfis* .airs Grid is Salta HI **- 
, duf — bn nth* autoxtHl 
cm* Cm mm amtunei *m* < m is. 
Wm Uk. tt-4 MM. |M» ‘ —M* 
iOrmt a K T-SMM aM. *MM 
Uk, V*— IMS. *. J.— ) E— MIMbMtR 

mm NU. h-ssm MUM. *—» ... 
M Oman*. OK . MM M«*. SMB 


War co mmo niqoes. Fag* 26 

Wounded in action. rag* 4* 

OR AND WCDfmr 
tf. Adpooont lam pretram 

reported helping Bresfi Fsg* 2S 
Antoneili is coovtcted with three 
othezs in war fraud. Pag* Z» 
Noted tapestry was soft in Bay- 
amt what the town ft&Iaca n 
City realty tax vahmttaa drops to 
near SUJMOJMOJIM. Pagan 
Boys visit to scene trapped him 
In slaying of chL rag* *e 
Tribune Pkesh Air Fund. Page IS 


r* The Bridge Deck. FagaTT 

CLASCTTED ADYESTTSEMENTS Society news. fSpaN-U 

9m btar, Sec. DL Pag* » OMtnaiy artfete. Pa*v 44 


NATIONAL 

Compromise is reached on the 
"O. L bill of rights." Page 16 
House accepts five changes In 
the price-control bill. Page 23 
O. P. A. puts price controls on 
1837 to 1842 used cars. Page 27 
Roosevelt signs bill reducing 
night-club tax to 20%. Page 2» 
Price insists upon secrecy for 
Keliems mall inquiry. Page 33 

POLITICS 

Gov. Broughton predicts South 
will bade Roosevelt, page it 
Victory for Dewey on the first 
ballot is held doubtful, rage 20 
Brisker to take nomination fight 
to floor of convention. Page SI 
N. Y. State Communists bow out. 

too. as political party. Page 22 
Section n— Editorial*. Financial, 
Badness. Schools Science, 
▼omen's Activities, Stamps 
Pteotta termers dread ~lfs n In 
Vkriey*« pocriNe action. Page l 
Paftaru set: Allies ready to crush I 
Nazi* man three sides. Page 1 
The infantry at last is getting Us 
fair share of glamour. Page I 
Propaganda Front, by William 
L Shirer. Pare 1 

Major EUoft. Page | 

Mark Sullivan. Page 2 

History to the Making Page 3 
Women's AeUriUes. Page 4 
School news. Page 4 

Stamp and coin news. Pag* s 
Editorials. rag, « 

Letter* to the Editor. rage 7 
FtasaetaJ news. Pages 2-11 
State of Butlnem, Pant 


Section III — Sports, Marine, 
Real Estate, Classified 


By The Auor.atn run ay TMrdkmac la fht HamM T rtbawa. Coawrtakl. /M4. Mem Turk TrOuar Inc. The Americans, under Lieu- 

LONDON, June ll. « Sunday)— SUPREME HEADQUARTERS. Allied Expeditionary Force. June tenant General Omar N. Bradley. 
The Vichy radio reported last night J 0 —^ ™ of th * stored the small but valuable 

that Allied warships had attacked Cherboiirg peninsula, has been flooded by the Germans to the port of i^. thirty-two mfie* 


Toulon, great French naval base &"*?*** 
on the Mediterranean. The broad- 11 ,n 018 fr«>«>-Pni*slan War of! 


Bossuet. Walt a Bit. Brownie run east claimed German coastal bat-, 


trlole dead heal in Carter. 


lerles had sunk one "gunboat." No 


Hulse takes mile and 880 in Met. landlnga were reported. 


southeast of Cherbourg; took TTc- 
vteres, eight miles east of Isigny: 


tonal Information Bureau. de.tc: ib- 


.. area westward to wltrun two or n j 

ia ‘ three miles of the western shore of DV I -.Ol TlTTian flOS 
. g the peninsula, and it includes some ■* 


or the beaches where the Allied 


track aft Randall - * Island. lZ m ‘ t-,.™., f nim the Carentan and Isigny 

Byrd boosts lead in war bond JS^JSSSSeSS^SSi w « twd 10 
8 off to 7 strokes with 202. , , , h™»rirs*t th*t lhree mlles of the western shore of 

N. Y women beat Boston. 7—2. ln * the acl ° n *»tor. broadcast that lh# „ ntasu5a> ^ 

Uke Sears Cup third year. "early on the morning of June 9 Beaches where the Allied 

Columbia beau Cornell twice, a German patrol vessel had a short ^ ”’ e 6e ‘|“] e3 npre ““ AJlled 

gains lead In Ivy baseball league contact with British speedboats , “ ded ' . .. . 

Lees and Dr. Wlbeli win first- which were accompan.ed by a gun- V* * al K er vaflM 10 ^ 

round match in Hempstead goif off Toulon taspite of enemy • Iew Ulchea *° " vpn ffet - The 
Cardinals run wUd over Reds. ^ r ri r ^ j hl u ™ Ormans flooded the area many 

gaining lg-to-0 victory. 2S?Wui.1SSL mteks Mort ** Evasion, but 

V Lane ° 8pQrL- ^ ^ gunboat, starting a ^ BpariUoM were watched] 

Nrw tiua. « now ro.d, ,or *> -» 


IB70. it was disclosed tonighu 111 VaSIOll BcBCh Jn'ftomiwthridea on Ca- 

Tne flooded vrea covers a huge « -w-i v 1 rentan. six miles west 01 Isigny. 

” SM ■SS 0ften Explored TSCTJETi 

By Commandos c _ 

_ , . Z ~T~~ _ „ , Fighting raged at Carentan. tha 

Geologist Read Old Books late Allied bulletin said. The Oer- 

About Normandy's Soil, T *»* flooded the terrain in 
D .j j — that sector, causing daneultles. a 

Raider* Verified Them spokesman said. 

Frm O,. daraUTrOun. Bureau fighting With BtXOOK 

cswrtsbt. m*. Mmt Vsrz ttuxtob aimored unlU aim flared 

LONDON. June 10^-The ex- thfourh U* 6 flfth day In the Caen 


Cardinals run wild over Reds. ^noH.V ^rra hiLs were 0erm4n3 Dooaed »»V ___I spokesman said. 

gaining 18-to-O Victory. "JunuJ? wteks Mon *** Evasion, but 3 « vero fighting with strong 

Views Of Sport, by Al on the gunboat, starting a BparlUoill wcre walched Unwiae. «««W armored unita also flared 

Inner. - reoorLc «sr* heard tmm anv 1111(1 * tudled *«* secret raids were LONDON. June 10.— The ex- tivou?h U“ flfth day la the Caen 

New products are now ready for No ** “ * ere heard from any mftde by ^ genend auS etrm ukea ^ sue. area of the Brltlsh-Canadlan sec- 

SSH ,or zssnsxs; s^rMrsr 

Marin* n«w> «. • T* 1 * Afl«GC6ii Army vis as- by a British geologist at an inter- aons 111 a stniorle for a ridge com- 

r~T_ °* W5 ’ Paxc * Berlin. London Radios Silent signed to this difficult part of the view given to the press. The “anding CBen. and that engineers 

Mwric, An, cohimhig Broadcasting noted front. It was felt advisable to give beaches of the Normandy coast k*d partly successful to the 

■Mto, settoy, Gardens, Bcsens ^jy today that the British Home the Americans this sector of the thongh appearing to be sandy, a©- totting of a tank trap again s t 
ntHlZnf* B * rn f* Service Radio, to it* "first news for front, and leave the eastern battle S«hUy amstat oC sand over clay reinforced Nazi panzer units there. 
E *,w^. U r °y ni ff r Jf- Sunday. June lith.” did not men- zone, around Caen, to the British, “** Pe^. a very soft soil highly "In the Cherbourg peninsula 
ilSc bvvt*! i •nSSS-T^ Umi the Vichy report about Allied who could employ their long ex- *“*«”*“ h> «»e heavy vehicles of our advance patrols are west of 
Art, by Carlyle Burrows. warships shelling Toulon. Coltun- perience in violent slugging duds war - ““h* ™fl"ay to several 

' bia added that the Berlin radio, with the Germans over Uw rough- 8tud y * 200-year-old French Places, the Allied co mm u nig Uft 

™°" It*?*? <D Its total news program, said er. hilly terrain there. hook * renaled the danger, and a said. 

min vi— Book. "good night to North Amencan The Americans, by capturing 5w1C5 ot mtotootored Commando The apparent immediate abjee- 

Uttort Home." edited by Mtoa listener*' ‘ at j;ia m . Sunday isigny, have gamed control of the r » w * T* 9 ** the old volumes to be live of the American troops stnk- 
Jri ?*' -w without mentioning anything about *Julca in that area and are grad- to™™ 1 *- in* in the Montebourg area, a 

weDreS? rZ~- Y “• Allied shelling of u.Ity reducing the extent of the ^ «<«ths to advance Com- Vtehy beawfcwtt said, was Va- 

we Draper, review Toulon. nood* there The sluices Just to m * nd “ **** eauttously up to logna. the communications key to 

Wrrk Goman* r«Sd i n „^ n the north of carentan are the bncim “ d cr » w|e0 « Cherb0Ur? - Valognes is only ten 

IGd* in Congress. - an article by . ***** Invasion stomachs, someumes for miles, to miles southeast of the big port 

WsUlnstnn Dm«I, LONDON. J Un , II ..StmHs.l 'COBflWIieg Oft PO0T 2. COhltflll St , , ,, — r-,. r, j . . 


Stage Ayldes, by Lucius B eebe. 
Music, by Virgil Thomson. 

Art, by Carlyle Burrows. 

Seedon V— Comire 

s«ctk» Vf— Book. 


fta> 44 > SctaBcenem. 


Page 12 


Curtiss: reviewed. 

"The Six Weeks - War.” by Theo- 
«w Draper: review' 

Sert Ian VII— This Vtrk 
"Kids iq Congress. - " an article by 
Wellington Brink. 

“Cm. Democracy Be Saved to 
Mawpe? - * by Fritz Sternberg- 


German* Feared Invasion 
LONDON. j une 11 cSundsyl 
t UP >. -Before the Vichy report of 
< Continued on pope 2. column ii 


wo«— r,#fc. um. at m rum. 

dn*rr Hr»r bmir-UIUu "hW* 
DniMBsad . "5 . tor Jft — WOW^-aSVL 



..V 


V;T4 


To purchase a set of full-size 
reproductions of these seven W 
front pages {June 5 - June 11, B 


IN TfiE NEW YORK HE3RALD TRIBUNE . _ „ 

Follow the news of the D-Day landings in 1944) printed on glossy 
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front page reprints from the archives will posters, please use the 

'appear every day from June 5 through June 11. attached coupon. 





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get samples of Lbe soil. They aicoj General Sir Bernard L. Mont- 
brought back reports of the vsri-jgomery. commander of the Amer- 
(Con.tkaMed.om papa 2. column li Mean. British and Canadian ground 

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Page 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -S LHYD AY , JUNE 11-12* 1994 




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The International 

Architecture That Found a Home in Tel Atrir 


By Michael Lawton 


B ONN — It was a “Jew- 
ish" architecture, mocked 
its fascist critics in tbe 
70s — and they were 
proved right. The so-called Inter- 
national Style found its most wel- 
coming home in Tel Aviv, where, 
between 1930 and 1939, architects 
(mostly European-trained) defined 
the style of the city with buddings 
that were indebted to the great ar- 
chitects of the Modem movement 
Unfortunately. Tel Aviv has not 
remained faithful to its once grand 


ously neglected, others have been 
dressed in new clothes that do not 
suit them. 


The traveling exhibition, which 
aves the ifa-Galerie in Bonn on 


Detail of Margaret Bourke-White's picture of an air ran/ on Moscow — in an exhibition on li oriel If ar II in If asking ton. 


By Vicki Goldberg 

New York Tima Service 


W ASHINGTON — Ai fir>t 
glance. “Reporting the War: 
The Journalistic Co\ erase of 
World War II” ai the National 
Portrait Gallery in Washington looks like the 
kind of show that only a World War II buff 
could love. 


Lots for them to love here: documents, 
reading matter, fine photographs like W. 
Eugene Smith's from Saipan — though most 
of the photographs are not shown to great 
advantage. A few, like Margaret Bourke- 
White’s spectacular view of an air raid on 
Moscow, are impressively enlarged, then 
cropped to fit into archways. 


What “Reporting the War" (on view 
through SepL 5) lacks in visual scintillation it 
more than makes up for in information, not 
so much about the war as about what the title 
promises. 


How World War 11 was presented to civil- 
ians, bow it could be presented, marked a 
departure from previous wars and signaled 
shifts in communications that have affected 
the world ever since. The catalogue even 
suggests that the news media, which made 
Americans far more aware of the course and 
costs of war than ever before, played a pow- 
erful role in maintaining the sense of nation- 
al purpose and minimizing civilian com- 
plaints in the face of rationing and shortages. 


raphy in the 19th century, when the truss 
audience was also effectively invented. 

Accounts arid images of the Crimean War 
and the U. S. Civil War in the IftfOs and '60s 
reached a large public within months or weeks 
or sometimes even within days of battle. 

World War It broke out just as technical 
changes made fuller and more nearly imme- 
diate accounts possible and cultural "changes 
made people expect them. Limited camera 
capabilities had slowed images of World 
War I to ihe approximate pace of a pageant, 
but the 35-mm camera proved fast enough to 
catch some of the destructive frenzy of the 
Spanish Civil War. By the mid-' 30s] photo- 
graphs could zip across continents and 
oceans by wire or radio, arriving simulta- 
neously with ihe news. 

The news was everywhere, in word 3 nd 
image and sound. Copiously illustrated tab- 
loids were increasingly successful. Improved 
presses and inks brought on the picture mag- 
azines: Life began in 1936. Look in ’37. 
(Before Life began, one of Henry Luce’s 
advisers told him that "a war. any sort of 
war. is going to be a natural promotion for a 
picture magazine." 1 

Newsreels played in every movie theater: a 
few theaters played nothing else. (“Rcpon- 
ing the War" does not cover newsreels or 
feature films, both of which helped shape the 
public image of war.) 


may not have access to good newspapers yet 
are* up to date on the headlines. 

in 1938. Edward R. Murrow's and Wil- 
liam L. Shi refs on-the-spot broadcasts from 
Europe within two days of Hiller's march 
into Austria gave a new sense of immediacy 
and proximity to events overseas — as radio 
continued to do throughout the war. 

The catalogue zives'eredit to the medium 
for moderating the United States's prewar 
isolationism. Unfortunately, let; and photo- 
graphs do little justice to radio in the muse- 
um: ii shows up best here on the medium 
that succeeded and in some cases over- 
whelmed it. television, in the form of video- 
taped interviews with broadcasters. 

Communications dearly had reached a 
stage of development virtually guaranteeing 
that World War 11 would be more thorough- 
ly. more avidly reported than any previous 
war. And the coverage, with its rapid trans- 
mission in a variety of media, set standard? 
that people instantly became accustomed to. 

The most surprising war reportage on view 
is ;he paintings and drawings by prof Lionel 

... ... .L*. f-.-. C- - j L. 1 Zl \. . 1 L. 


time the hand of the artist was routinely 
called on to inform a mass audience on this 
subject. Photography's precision, intensity 
and inslantaneity simply took over. 

The question is whether the news media 
have changed responses to war. World War 
II established expectations of extensive and 
rapid coverage: technology and the internal 
policies of communications empires contin- 
ued to expand along that path — at least 
until the military clamped down after Viet- 
nam. 

George Will wrote in Newsweek in 1933: 
“If there had been television cameras at 
Gettysburg, ihere would be two countries: 
ihe carnage would have caused the North to 
let the South so." 


painters at the front. From the 1 850s through 
World War i. Ensjish and American periodi- 


World War i. English and American periodi- 
cals had primed eyewitness illustration? by 
artists like Winslow Homer, but it was clear 
early in World War I! tilt.! the great visual 


For most of ihe world's history, war re- 
porting had followed Thucydides's method, 
detailing events long after ihe dust had set- 
tled. Narrating history under pressure did 
not really replace recollecting it in tranquilli- 
ty until the invention of the telegraph, the 
railroad, the steam-driven press and photog- 


R ADIO news grew like Topsy 
throughout the r 30s. The catalogue 
for “Reporting ihe War.” written 
by the curator. Frederick S. Voss, a 
historian at the Portrait Gallery', reports that 
in I93S a majority of Americans regarded 
newspapers as their main source or news, hut 
by 1941 the balance had shifted to radio. 

The medium may have created then what 
television apparently has now: a class of 
people who do not read very much caiiv and 


early in World war I* that the great visual 
reporting would be made by the camera. 
Life's picture editor late: said that “World 
War II was a photograph er’> v ar. ' 


War II was a photographer's war.” 

This exhibition will not change that esti- 
mate. despite the talent of some of the artists. 
Yet ihe 3 rt has an important place in the 
history of wartime communication:, it was 
in color, first of all. unlike uimosi ail pub- 
lished photographs' of World War Ii. h cov- 
ered some events no pnoioziapher ever saw. 
presented a highly personal response to the 
war and was seer, by million?. 

Painters still respond to war? today, rut 
World War I! appears to have Ven ihe last 


P ERHAPS. The United States gov- 
ernment forbade publication of pic- 
tures of dead Americans during 
World War II Tor Tear they would 
harm morale on the home front. But when 
civilians grumbled about tbeir difficult lives. 
President Roosevelt decided it might help if 
they understood where the real sacrifices 
were being made. 

In 1943 the first images of .American dead 
appeared. .After that they did not stop 
( though the more gruesome were censored), 
yet Americans continued to believe they 
were Fighting a “good war." 

■■Reporting the War” makes clear that 
coverage of World War 11 was the mulume- 
dia operation of its day. and that the new, 
media'? power was widely respected. 

W hat it also makes dear is that the clrr.p- 
cown on the press in Grenada. Panama arid 
the Persian Gull signaled not simp!;- a reac- 
tion to the openness in Vietnam but a kind of 
return «o the Limited reporting that prevailed 
before technology and a news-hungry public 
produced the first widespread and tine:;, 
cov erase of a war in historv. 


leaves the ifa-Galerie in Bonn on 
Saturday, was also shown in Tel 
Aviv. It will be at the Ludwig Fo- 
rum fQr Internationale Konst in 

Aachen from June 23 to Aug. 8, 
then will go to Vienna, Rotterdam. 
Brno, Moscow and MontreaL 

ft was anti-Semitic persecution 
in Europe that brought the archi- 
tects to what was then Palestine. A 
few had come earlier as convinced 
Zionists, but most arrived in the 
'30$ as National Socialism began to 
take hold in Germany, where the 
1 arses t number were studying. 
Modem architecture was well- re- 
ceived by the British mandate gov- 
ernment] and the young architects 
were able to apply w'hat they had 
learned. 

Td Aviv was a new town that 
had pretensions — Patrick Geddes, 
the citv planner in the *2 0s. wanted 
it to be “a transition place and a 
link between the overcrowded cit- 
ies of Europe and the renewal or 
agricultural Palestine." 

The Garden City was his ideaL 
as it was that of his predecessors. 
As a result, the city has few ter- 
races. Buildings were individually 
designed, each on its own plot of 
land. but. in a concession to the 
increased immigration of the '30s. 
the original idea of angle-family 
houses was abandoned in favor ctf 
three-story blocks of several apart- 
ments. 

Tbe German architectural pho- 
tographer Innel Korop- Bandau 
discovered Tel Aviv in 1987. She 
was amazed to find a whole city, it 
seemed, built in the International 
Style — the largest ensemble of 
buildings in that style in the world 
Over the next five y ears, she found 
S50 buildings by 202 architects, 
winch she carefully documented 
and 650 of which she photo- 
graphed. A selection of these pho- 
tographs makes up this exhibition. 




ISHii! 


Kamp-Bandau photograph of a TelAvrv Mldptg 


a man tricky style would have 
done. 

Natives of Tel Aviv present at , 
the exhibition were puzzling over 
the way that, even without drama- 
tizing the buildings, Kamp-Bandau 
has made them see them as if for 
the first time. One visitor said that 
they looked as she remembered 
them from her youth. Perhaps that 
is because the pictures allow one to 
concentrate on the architectural 
form in a way that is scarcely possi- 
ble in the real life of today’s Td 
Aviv. 

The absence from the scene of 
people and passing vehicles, the 
choice of black-and-white photog- 


not tmly thxmxnent the btSe^^ 


raphy. which removes die garish 
colors of parked cars or of advertis- 
ing bill boards, the framing of the 
pictures to avoid neighboring dis- 
tractions — all allow total concen- 
tration on a building’s essentia] 
form. 

As one would expect from archi- 
tects trained at tbe Baahans, at the 
Technische Hochschule in Berlin or 
in the studios of Le Corbusier, then- 
buildings are a reaction to the 
eclecticism that had ruled in Pales- 
tine before. Gone are the sloping 
roofs, the rustic stonework, the ori- 
entalism of the various previous 
styles. 

Instead, a dear formal concept 
was earned out in materials that 
were to hand: conaete or local sili- 
ca brick, faced with a smooth sand- 
colored plaster. As in Europe, the 
play of contrasting cubes is the 
main formal element, often tight- 
ened and dramatized with sweep- 
ing curves, and unified with hori- 
zontal features such as windows or 
balconies. Stairwells often provide 
the vertical energy. 


H 


ER black-and-white 


pictures try to present 
as objective a view as 
possible of the buxld- 


dehcare sandy reritienng muter 
of the buBdrags is.'cre nrf rfiBg; :but: - 
even where the fabric has .bear . 
maintaine d, balconies hare ben 
filled in with windows andshubers, 
extra stories have-been added, the; 
smooth sandy finish has beta : W 
placed with a rough-cast pburifij, 
ami plate-glass . storef ronts Ikre 
taken over the street level. ' . 

Seme of tire photographs have . 
historic value, as neglected but no- ' 
spoiled faftting s hare since/.been 
inappropriately renovated. '/Ota:, 
building new features fqarm£& 
hi gh advertising billboards jSabfea. 
and yeHow stretched along the met 
bn both sides faring the street'; 1 /;. 


U NTIL now,. thie aty asK. 
theories have preferied. 
to place a few. promt- .-] 
itfnl hm ldings n otte r 
protection and leave the otbere to 
their fate. .Things migbtehanger A - 
conference was held last monthst . 
Tel Aviv under the auspices of the 
UN Educational Scientific anti 
Cultural Organization lo draw at- 
tention to the desolate conditioned 
the city’s arcbiterturtd heriwgK 7 
Kamp-Bandau' s pictures have 
helped in the process of bringing 
that heritage to tire attention ofthe 
workL .'7 


In Europe, tbe International 
Style is known mainly from indi- 
vidual buildings or from housing' 
estates an the edge of cities. -As a- 
result. the prejudice that it was es- 
sentially monotonous could scarce- 


ly be repudiated, especially when 
the style was used as actieapway of 


-m- Jk possible of the buxki- 
mzs. There is rarely an attempt at 
the drama of the selected feature, 
the sinking shadow or the unex- 
pecred mwpoint. Most of the pic- 
tures are taken from one corner, so 
thai two sides can be seen, and 
from ground level. But the simplic- 
ity of her photographs reveals the 
essence of each building better than 


But the European predilection 
for wide expanses of glass was 
clearly inappropriate; instead of 
the horizontal band of glass that 
was a feature of many modem 
buildings, in Tel Aviv, tbe main 
feature was a band of shadow 
formed by a concrete balcony fea- 
turing a low-hanging parapet to in- 
crease the shade. 

Kamp-Bandau's photographs 


the ayle was.usett as a cheap way of 
dealing with tbe -bousir^ shortage, 
after the war. Not every bmhhngm 
tins exhibition is a masterpiece, 
bat, taken as a whole, Td Aviv 
shows that, given the freedom, the 
architects of the International Style 
were able to. prodose the variety 
thru makes a city livable, withm tic 
unity of style that gives 7 rich ^ a city 
its character. 


Michael Lawton_ w a free-lance 
writer based m Germany. 





ftlfilflS 


nni 


_iL JLi'-o 


ntellectual Road of Pritzker Winner 



Bv Michael Gibson 


liucmor.niji! HttsJ Trcwic 






P ARIS — Next Tuesday in 
Columbus. Indiana, the 
French architect Christian 
de Ponzamparc will re- 
ceive the SI 00.000 gram and bronze 
medal of the Pritzker Prize reward- 
ing the bod; of his work. He is the 
16th recipient of ihe prize, created in 
1979 and awarded over the vears to 


such raaj*?r architects as Philip John- 
son. L M. Pei and Oscar Niemeyer. 
and now routinely described as "the 
Nobel Prize for architecture." 

Portzampare. the xoungest recip- 
ieat of the prize ai 50. comes across 
as a tightly knit blend of introver- 
sion and intense determination. He 
talks swiftly, in softly modulated 
French, occasionally flushing when 
the subject stirs his interest, his 
attention riveted on an inner land- 
scape of ideas. 




auction sales 


'mm 


FRANCE 


The son of a French Army officer, 
he was bom in Morocco but never 
lived there since the family immedi- 
ately returned to France. As a youth 
he was not sure whether he wanted 
to be an artist or an architect and, 
being 24 when the European cultur- 
al kaleidoscope was given a vigorous 
shake by the events of 1968. his 
intellectual development was deeply 
marked by the ferment of the day. 

Portzampare first attracted atten- 
tion with a relatively modest project, 
a water tower cm a traffic arde in 
the new town of Mame-la-Vallee 
outside Paris. Enclosed in a tower- 
ing trellis cage on which creeping 
plants were destined to grow, it was 
soon recognized as a lan dmar k. Un- 





mmM 


fortunately, three years after it was 
completed in 1974, municipal au- 
thorities failed to flush the automat- 
ic watering system in winter, the 
pipes burst, the plants died and the 
trellis no longer serves its purpose. 

The following year. Portzampare 
won a competition to build a public 
housing project of 210 apartments 
in Pans called Hau fear Formes, sets 
of buildings of varying height and 
shapes around a central street and 
square in a manner that contrasts 
with the rectilinear arrangement fa- 
vored by administrations and Ua» 
imaginative architects. 

But the Lwo projects that have 
won him the widest attention are 
the 1986 Cafe Beaubourg across 
from the Pompidou Center — a 
chic, airy space whose most striking 
feature is a bridge giving access to 
the balcony girdling the whole 



DROUOT RICHELIEU 

9. Rue DrouoL 75009 Paris -TeL: (1) 48 00 20 20. 


msst 


Monday, June 20, 1994 


Emil Nolde (1867-1956). ‘ Sonnenblumenbild / oil on panel. Sold for £661.500. 
May 1993. The most expensive German Expressionist painting sold at auction in 1993. 


In 1993, Christies established many 
record prices for German and 
Austrian art in a highly successful 
sale in London: 


The closing date for consignments 
fells at the end of July. 


Roimjj 1-t .n 2 1^ r.m. - XNitENT ,\Nf* M'WRN HOOKS • MAM 'STRUTS - 
KirCWW'S F jvn M O ■ur.^'v-ia On \rc»- ji ihe F.\poi tv 'ipfMninwii t’nni 
June l» hi kw !'. M 'll }> |8 =d ADEB TAJAiV 12. nit- Tjv.irt 
P.XiUx Td * I ' i2 '■! !>' ii" - Fax- V» ■iT. In NFW Y'jKK pAtisc L-muri 

Kmv Mj» -nr. >, . Im..U> F-isi n^rti SuveL fifth iWir. NV l««Cl. PI nine: 

'-I- 1 « 1 -J- .Wit. F.»x. tZI2 1 rtil ,Vj. 


-Wednesday, June 22, 1994 ■ 


Caspar David Friedrich, 
‘Spaziergang in der 
Abenddammerung', oil on canvas. 
£2,311,500. 


If you would like to receive our 
brochure regarding this sale or fur- 
ther information, please contact 
Mayella Figgis in London on (447!) 
389 255 ! or Birgid Seynsche-Vautz 
in Dusseidorf on (4921 1 ) 498 2986. 


Rnotn 15 .<1 -.1- j.rr, • I Sill A «:«ll. fl •hNITl'RF. ANP >>1«|FTS IVAKT 
[.xpvil- 5;iitu-llnv ADER TAJ.VI, 12. rue F.P.irt. PARI?. Td. 
iii u 'ii n- . Kiv < ! i -i’ '"I .Vi ST In NFW X'OKK rft'nst i_i<nl.ncl Kt-nv 
■'•t.ii'jinnurc'- ij> ir» !«> Fjsi (>5tli Suvci. fifth (li.»ir. N.Y. KX*2i. Phi *i>- <2121 
« T ” W !* - Fji. 1 212* Wil M 3-1. 

Hnom to .11 I .*! pm - ?IT OF T OBIFJ.T.M HfuS. UID1.XR - OHOI.M - IsPAUVK - 
‘■AIK - TAHKI7 MUJOV-ROBEKT, l f i. ntv la Granp. 1 Iljti-lii-a-. 7S"«i‘4R!S 
Td i|i ,, . fi1 , ( j, rtoniKVj 


Christian de Portzampare. 


Wednesday, June 22, Thursday, June 23, Friday, June 24,1994 


Ernst Ludwig Kirchner, ‘Kokotten’, 
pastel. £309,500. 


Room 4 ji : |5 pm . jF.YNNF & RuItFKT-IRAN CHARLES COLLF.f TION. 
.IFJVNNE CH.-\IiLP.s F.TATF. ARMS .WH HLSP.WICAL SOU\TNIKS F.xjxjJ: M 
Pu'i»iii'«i. ADER T.VJAN, 12. me Favait, 7*1)2 TARLS. Td.: 1 1 • 12 Ol «J "7 -F.in. 
1 1 1 ll! In NPCC YORK pltsiv; o*ntact Kefiy MjLm mpiutK & Cn. ft*. |ii 
F.vi Hro.l. li'fli n—r. N V. IIH 2 I i*h..me- < 2 l 2 > " 3 ? « «n -r 15 . ]: ilX; 
• 2I2»N'I It > 1 . 



Willi Baumeister, ‘Monturi’, oil on 
canvas. £485,500. 






We are now accepting entries for 
our next sale of German and 
Austrian Art, to be held in London 
in October 1 994. 


K Kin;; Street. St. J.muVs Liindno SW1Y t»QT 
Tel; (4471) S.V» "im.u Fjx: 14471 > H.TJ U.H 


Wednesday, June 29, 1994 

Rooms 5 & b .it i pm. ,inj K.Jrt p m - ABSTRAtTT I’.tlffilNOS - 
C«:wrEMlH'jRAkV ART - SCI.'UTUKES. APAMJ, APPEL ARMAN. BLAIS. 1IRWN. 
('HFMIAKiNF. CULT. CAKDFNAs, CFSAR CHU TEH-CHUN. FONTANA 
IURTI.W. ! IKUON. HMNI 'F.RTWAXSRR KACERF. Kl'PER LAM, MA.WJN. 
UXflA MPllM.iX. I’ALU i|NO. I'ENAUtA, P*?LL\KOFF. RAWAIJO. Rh?l'HLlR. 
SAN 'ili. SZ,\PK a \rv TIW'iPFLY. llkAIH VAN \TiDF. \WHT. WI7LS. 7AO WOH 
LI. '7n vji.v. ;ii || K .iiKL.rn.vrs oflkv Sniuidiv June IS, M arm pm. fowl 
Mi m»l« J i :■ i Frkby June Jt. 1» a.nt.-J pm - 2 pjn.4 pm. Saiunliy .June 25, 1 1 
.i.m.-Ti pm., .ii ihf- iWd Hnwii. Tnevtiy June 2R. II a.m.-(i pm. WoJnmJay 
June It o.m.-2 p.m. CiliiliKMe m n.-quesl ai the aucwxieert' effiw FF ]»m. 
runijv FF 13V uher Liiururj FF Mu. 1XXJDMER. 7. roe Rmvnl TWA PAULS. 
Id- 1 1 1 •! I sn «*i . pji. ■ I J -hi 7> SO 51. 


We Buy and Mil JapWmo Andquos of 
the Edo and IMP Periods 
Rne Sflteuma. Imort. JapeneM dotaomo. 
biwues. Samira* Bwonfe i n*rtg 3 and armor. 

(t4th cantuiy tfxouoh tahoenlwy.l 
FLYHH3 CRANES ANTIQUES, LTD. 
1050 Second Avenue. Gafery #55 
New Vorit. N.Y. 10022 
Tet (2132234600 ■ Fax (212)22X4601 


room — and above all the as yet 
u nfin is h ed Gty of Music, which 
stands in the Rare de la VUletie in 
the northeastern section of Paris. 

Tire latter b actually two large 
dusters of buildings, set on either 
side of the entrance to the park. Tbe 
one to the left has a sweeping, pala- 
tial front that might be overpow e r- 
ing if it woe not somehow balanced 
by the variety and fantasy apparent 
in tbe side view of the buil ding The 

conservatory is an assemblage of 
varied forms, including a section of 
a cone, a roller-coaster roof r unning 
the length of several buildings that k 
somehow takes under its wing, a 
sunken garden and other orthogonal 
structures. 

In a sense the music complex 
embodies the architect’s concep- 
tion of the way harmony ma y be 
achieved in cities of the current age. 
Buildings should not be homoge- 
neous,” he said, “but stand side by 
objects assembled in a 
still -tile pai n ti ng in which a pear is 
set beside a knife, a glass, an 
ewer . . 


which society could dispense. Pec* 
pie should merely be given : -ihe 
means to build their own homes: . . . 

Barthes, an allusive, senstiw 
speaker, nonetheless sought ihefeey 
to everything in semiotics. He fett- 
iba t all architecture could be ex- 
plained in terms of a laoguage.of 
forms — forgetting that a Doddiog 
is not only a statement but the, 
medium of an experience. • ;/ - 

The psychoanalyst' -LSblfl 
helped him break om of soch sy* 
terns and prejudices by making ban 
aware of tire vast field of experi- 
ence that lies beyond conscsoos- 
ness. 

He realized that a buBdisgise^ _ 
itably touches the user from both a 
utilitarian and an emotional poinr 
of view. Also, as he pants, out, :' 
after having been subjected to Nazi 
and Stalinist styles, to “the pomp: 
ous use of architecture in ways 
which allowed great institutions to . 
display tbeir power and intimidafe 

I ha m.UK/. « ti- \ i . . 


the public.” postwar architects tad 
tended to favor a Durdv functional 


Vi never bean easter 
lo subscrie and sew*. 
Just call toll-free: 

080017538 


L '^ s 1 a ^ young man. Portzampare 
abrorbed the dominant ideas and 
pohbcal views of his generation. He 
iras a Maoist for a while, attended 
the classes of Roland Barthes and 
Jacques Lacan, read the works of 
Marxist maim a penser Louis Alth- 
usser and wrestled with some of the 
oveny simple ideas to which the 
deductions of these brilliant minds 
appeared to lead. 

■AO'Orfhng to the Marxist argu- 
ment, architecture might be no 
more than the expression of an ide- 
ology — of a class interest with 


tended to favor a purely functional ' 
simplicity. 

The major difference between 
jnS'Work and that of his “modern- 
ist'' predecessors resides in the fact . 
that a Le Corbusier, for instatae] 
whose ideas he admired in youth, 
made buildings that could be 
plunked down anywhere, “like, i 
suitcase.” People were expected.to 
adapt to tbe buildings rather than . 
vice versa. Portzampare, by con- 
trast, favors integrating a building 
into its context, and taking into 
account tire way its fonns affect 
people, not only in practical - but 
also in emotional terms. 

P ORTZAMPARC spent 
several years in the. .’60s 
working with a multidisci- 
plinary group (sociolo- 
gists, psychologists, even philoso- 
phers), looking into the way people 
percdved their lives in the' new, 
bousing complexes that had been * 
haiU in the ’50s. “On the whole, 
they expressed frustration and suf- 
fering,' he said. “The interview 
were long complaints. I was.hn- . 
pressed by that I discovered -that 
the uses of space touch people in 
the most personaL intimate areas of 
their emotional lives.” - - 
He does not favor a return to 
Jro-caatiiiy solutions, for which 
rnnee Charles has been something 
™ a spokesman, but areueff that 
new solutions must be found that 
take these needs into account 


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international herald tribune 


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Saiurday-Simday. 
June 1 1 -12. 1994 
Page 11 



Paris Auctions, Anything but Borins 

Intcmaimuil HfruU Tribune ** _ V-X ^ 


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CfoKW Fu ^----^'»odel fur Duomo and Toner uiiZvia’a, ,he Vemee shon. 

Renaissance Monuments 
And Models of Precision 


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By Roderick 
Conway Morris 

International Herald Tribune 

V ENICE — The colossal 
new basilica of S«. P<^ 
tor’s in Rome, initiated 
by Pope Julius II in 1506, 
50 lon 8 to build that the list of 
architects summoned successively 

Bramante, Raphael Peruzzi, San- 
galio the Younger, Giulio Romano. 
Mjcbdangdo — many of whom to 
a grea ter or lesser extent redesigned 
the church, often virtually tearing 
up, even as construction advanced, 
his predecessor's plans. 

. Petcr ' s wouJ d have 

tooked like had the 72-year-old Mi- 
chelangelo not been called in to 
plan his indelible stamp upon it. 
can be seen in the form of Antonio 
da Sangallo the Younger's spectac- 
ular six-ton wooden architectural 
P 0 ** 111 Renaissance from 
“uneDeschi to Michdangelo: The 
Reputation of Architecture." at 
the Palazzo Grassi on the Grand 
‘ ~ ana i' Tl,e model, measuring more 
J “fas by 6 meters (23 feet 
by l9o feet) and more than 4J 
meters, tafl, dominates the capa- 
cioas atrium of the palazzo. 

Saugallo’s mother of architectur- 
al models is one of 30 Renaissance 
ongmals (almost the sum total of 
what has come down to us, eath- 
ered together for the first tune), 
which are shown along with dozens 

rtf rrlwimt ■ I • J f 




• \Sinu er 


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S. 

■’.or 

If 


m anuscripts, medals, sculptures 
and more t han 100 drawings by 
MKhetangdo, Bramante, Raphael 
and others. Architectural exhibi- 
• tions are notoriously difficult to 
bring off, but the juxtaposition of 
tbe models, fascinating and mas- 
terfully crafted objects, and other 
relevant artworks (displayed with 
exceptional adroitness and unob- 
trusive ingenuity by the architect 
Mario Beflmi and his ream), creates 
an illuminating, multifaceted pic- 
ture of the aims and working meth- 
ods of Renaissance architects. 

The exhibition reminds us of the 
inseparable relationship that then 
existed between architecture and 
the arts and crafts; indeed, archi- 
tecture as a separate profession 
scarcely existed — the builders of 
genius of that age behu, like Giot- 
to, Francesco di Giorgio, Braman- 
te, Raphael and Michelangelo. 


painters and sculptors in origin; or 
cr £ ls men. like Brunelleschi (a 
goldsmith) and Palladio (a stone- 
mason). Increasing skills in draw- 
ls and perspective led to more 
“nn& suggestive and accurate 
plans for buildings, the ideal city- 
scapes of the artists' fantasy in turn 
becoming ever more attainable in 
the reality of wood, brick, stone 
and stucco 

Whether scale models existed In 
the ancient world is a matter for 
debate, said Henry Mfllon of the 
National Gallery or Art in Wash- 
ington, one or the exhibition’s 
pnme movers, and the co-editor, 
with Vittorio Magnago Lnmpug- 
aani, of the show's outstanding and 
beautifully illustrated catalogue 
since surviving examples and rep re-’ 
sen cations of them might well be 
rotary or funerary offerings rather 
than prototypes. Architectural 
models were certainly berna em- 
ployed by tbe Middle Ages - 
though it was with the Renaissance 

that they came fully into their own. 

S OME models were used to 
develop the design in the 
studio, others to present 
the project to patrons or to 
be entered into competitions for 
co mmi s s ions, and others still like 
. the Sangallo colossus (which, has a . 
wealm of structural and decorative 
detail), as an on-site guide to the 
masons, builders and craftsmen. By 

the tune Leone Battista Alberti was 
wnung his epoch-making architec- 
tural treatise and handbook “De re 
aedificatoria*’ in the mid- 15th cen- 
tury. the use of models was playing 
a key role in the new architecture, 
as the modern architect moved 
from initial concept through 
sketches and drawings to scale 
model _ as a means of eliminating 
errors in design and proportions as 
they became apparent. Tins mode 
of thinking was, Mfllon said, mir- 
rored by the poets and writers of 
the penod, who also believed "that 
the only way an idea becomes real- 
ized was in the string of it, that the 

idea, as long as it remained in the 
mmd, was still not fully formed." 

Models also enabled patrons to 
take a more influential and active 
pmt in the proceedings. “When 
Brandlesdu presented ms mode] of 
Palazzo Medici to Lorenzo, for ex- 
ample, after studying it, Lorenzo 
Reeled it." Miflon said. “And 
when Bramante showed his model 
of SL Peter’s to the Pope, Julius too 
wanted something better. In this 


way models fired patrons' imagina- 
tions, making them push ihe archi- 
tect to be even more ambitious. - ' 

Sangallo's model of St. Peter’s, 
the most elaborate and detailed 
ever undertaken, took seven years 
to build, costing as much, as was 
noted at the time, as an actual 
church, and becoming almost on 
end in itself. The architect, howev- 
er, died shortly after its comple- 
tion, and any hopes he might have 
had or assuring that his wishes 
would be realized by leaving be- 
hind such a dear indication of 
them, were dashed when Michelan- 
gelo look over. 


ARJS — With all the talk about 
international an markets becoming 
one. regional differences remain as 
deep as ever. To collector!, and 
dealers accustomed to the Sotheby's- Chns- 
ties i machinery, hypcr-effidcni and highly 
predictable with its regularly scheduled siri- 
gte-focus sales (“Impressionist and Modem 
Masters. “Old Master Drawings." “Impor- 
tarn French Furniture’’), attending Drouot 

M a v ,ke ,lvin 8 in M eafU<r Ume - 

At the Session conducted Wednesday bv 
Fkaiuou dc Ricqles, with a bit of everything 
in it from Old Master drawings to a couple of 

SOUREN MEUKIAN 

nigs, some marveled at the endurance of this 
system in an age of commercial rational iza- 
n°n. Others .simply enjoyed the tremendous 
appeal it retains by contrast to the monoionv 

SLW 0 ,? New York ' Pa™ auctions 
can be full of surprises. 

As is usual with him, ihe vast majority of 
ihe lots dispersed by de RicqJes came from 
private owners. Not only bad roost been out 
P* the market for a couple of decades or 
iongerbut quite a few fdl outside the beaten 
path. The substantial section of Old Master 
drawings, for example, included an extraor- 
dinaiy study in pen and ink bv Gaspar Van- 
wielli. The Venetian landscape painter is 
oettcr known as one of the founding fathers 
of the an of the Vedutisti. 

Bruno de Bayser. the renowned Paris ex- 
pert, candidly says that, had he not been 
awire of the context in which the drawing 
surfaced, he would not have surmised its 
authorahjp. The drawing was once part of a 
sketchbook by the artist, the scattered leaves 
of which were sold in Geneva around 1961. 
ihe vigorous, nervous style is so unexpected 
that no one in the room moved to bid. The 

iwmF*' d ^, tree fcmain «l unsold at 
5,300 francs ($935). 


Michelangelo dismissed the 
model on stylistic and religious 
grounds, making fun of its many 
intricate nooks and crannies, its 
“dark hiding places above and be- 
low .. . perfect lairs for delin- 
quency, for forging money, raping 

nuns and other such roguery" 

and maintaining that at least 25 
men would be needed to search the 
building to ferret out lingering mis- 
creants before it was closed every 
night. J 

The model was duly consigned to 
various Vatican lumber rooms, 
where it gradually fell into decay, 
until after 450 years it was near 
total collapse. Its rescue and reno- 
vation for the current show took 
three years — the saving of this 
evocative and thought-provoking 
construction being not the least of 
this remarkable exhibition’s 
achievements. 

The' show runs until Nov. 6. but 
will be dosed July 18 to Aug 18, 
while alternative drawings will be 
substituted for conservation rea- 
sons. 


P ERHAPS it was just a question of a 
warm-up. The next lot. equally un- 
usual. consisted of two sheets of 
_ - r . s,udl *s* e of ^dropeds, the oth- 
er or fishes and other water creatures There 
““ ™“Wf rouch of snarling humor 
about the sketches that brings them as close 
to Mickey Mouse cartoons as late Renais- 
^ ( “ WOrk ,° f ,he «*ly 1600s ever gets. The 
***** "faogot them will have good fun at 
a highly affordable 1 1.497 francs^ 

Then, there was an exceedingly rare tinv 
of a . 1 ™ 1 Louis XV period cos- 
tuma done chiefly as an excuse for a highly 
elaborate sketch of a rococo giltwood frame 
in the Northern Italian taste. This is a docu- 
mentary gem in the study of 18th-century 
decorative art. Probably intended as a model 
for an engraving, the sketch may eventually 
be traowl to its author. At 7,664 francs, it was 
a splendid buy. 

*S aW, "S. Wcrc . ' tg V" a y “tonishing 
wiboui bang riddles, thanks to a signature 
One rarely sees drawings by the Geneva- 
oora bronze-maker James Pradier. Those fa- 
raibar with his neatly modeled ladies in the 
nude or his small animal figures might not 
readily recognize his hand in a first thought 
for Perseus flying off into the air on his 
wnged horse, jotted down in briskly drawn 
strokes. Luckily, the Pradier stamp was add- 
ed at the time of the studio sale. H removes 
any doubt as to who did this. Pauice Dubois, 
an expert who collects sculptors’ drawings, 
got the Pradier one for 5.474 francs. 

Not quite as rare, but highly desirable, was 

C non rail rtf a man L.. n l n • • 



German bronze putto, from the 
first half of the 1 7th century 
(above); view of the Place de 
r Hotel de Ville in Paris in July 
1830, by Moira (right, top), arid 
James Pradier's sketch of Perseus 
on his winged horse. 


■ - ■ . cr~~j »» , i»»viv, "rata 

■ 3 ,n “ done b y Pa ul Flandrin 

in 1833. 7> — - 


The precision of ihe light pencil 


strokes combined with the expressive face 
are typical of that early phase of the French 
Realist school out of which Edgar Degas 
grew a little later, before turning to Impres- 
— ‘o a relatively steep 

The most curious perhaps were a few 
drawings in crayon by Michel Dumas, who 
worked in the studio of Ingres. He was highly 
regarded by the master, and bv Flandrin. A 
large study of a woman, probably dating 
from the 1850s or tile 1860s, stands haifwav 
between Ingres and tbe Pre-Raphaelites, ft 
made a modest 4,380 francs. Dumas draw- 
mgs are so rare that de Bayser. despite 30 
“penence as a dealer and an expert, 
had never seen any on the market, and exces- 
srve rarity is not an asset when it does not go 
hand in hand with celebrity. 

Add two or three ravishing drawings, and 
the sale was an impecunious colireior’s 
meam. One of the most poetic watercolors of 
Romui ruins by Hubert Robert sold for 
31.753 francs to a U. S. collector bidding 
through an agent. A group or four watercol- 
ors on vellum, each of a different flower, bv 
tne Viennese artist Johann Albrecht 
Uieizsch became the bargain of the dav as it 
went for 65,697 francs. 

Inevitably, oil paintings were less exciting. 
Competition to get the goods is more intense 
Even so, there were two pictures deserving 
close alien non. A still life with ducks was the 
work of the rare Niccolo Cassana, a Venetian 


painter who went to London, where he died 
m 1715. A stone vase filled with flowers is 
brightly lighted, leaving another urn half 
m darkness in the background, io 
tite ngbt. while a duck tills its head on the 
iciL A commission left by an unidentified 
buyer pushed it up to 66,791 francs. 



T HE other painting of interest was 
by an artist so obscure that his 
name is not found in the encyclo- 
pedic E. Bentet biographical dic- 
tionary. Moira, as he signs himself, painted a 
nSZ °f dtobnrciaides erected on the Place de 
mate! de Vtile m Paris in July 1 830 when a 
utrewlay revolution toppled King Charles 
X. in so doing, the artist gave a precise 
rendition of the 16th-ceattuy Hdtd de Vflle. 
The Renaissance monument was destroyed 
foe m 1871 during tbe Commune and 
replaced by the current lumpy pastiche. 
Moira s work is a major document for archi- 
tectural historians. It sold for 15,876 francs, 
a Ioi if judged on artistic merit, not much if 
seen as a pictorial record of a lost monument. 

The objects that followed varied in price. 
A silver -gill tankard from 17lb-ceniury Dan- 
zig fetched 131.394 francs. 

But the star of the day was, perhaps, noi as 
dearly paid as it seems. This is a standing 
figure of a bronze putto, labeled in the cata- 
logue as “Gennany, first half of the I7rh 
century. Iu size alone — it is 71 centimeters 


(28 inches) high — would make it important. 
Achira Neuse. or Bremen, one of Europe’s 
leading dealers in Renaissance and Baroque 
art, looked ecstatic as be got it for 656 970 
francs. 

Neuse suspects the piece might be by Car- 
lo di Cesari, who worked with Giambologna. 
He sees a close connection with a funerary 
monument of the late 16tb century at Frei- 
berg in Saxony. However, Neuse' told me. 
the research work begins now" — next 
week, Neuse will be in Freiberg to examine 
these possible connections. One reason the 
bronrc did not go for more in Paris, Neuse 
says, is that this is very much a German-taste 
piece. The heavy, stodey figure is not “pret- 
ty" enough for France or Italy. International 
as the market may have become, tastes deep 
down are still rooted in the culture of each 
nation. 

National leanings are swept aside only 
when rarity gives rise to the “last chance” 
syndiOTw. The rule worked on May 6, when 
Marc rem sold one of the few pieces remain - 
ing outside museums of the Mue-and-whiie 
porcelain produced in Florence for the Me- 
did m the late 16th century. The dkh in 
superb condition, is one of the largest. It 
appeared out of the blue, no pun intended, 
and was a sensation — so was the world 
record it set for European ceramics as it was 
knodicd down at 880,000 francs. There is no 
doubt about it. Drouot never ceases to sur- 
prise us. 


Archaic Chinese Bronzes, 
Jades and Works of Art 

E>:hibmon ana Sale June ! - 25 / Catalogue available 


ART EXHIBITIONS 


LONDON 


A F ighter for Better TV : 
Dennis Potter’s Legacy 


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By John O’Connor 

New York Times Semee 


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EW YORK — Dennis 
Potter died this week. 
And so did a powerful 
voice cantankerously 
insisting that television, which he 
always praised as the most demo- 
cratic medium, could be far more 
than a tireless purveyor 

diversions. 

Potts', who was 59. wrote novels, 
plays and screenplays, but his tal- 

ents flourished most splendidly, 
and often cont ro versially, in televi- 

sion drama. IT the medium can lay 
claim to masterpieces, two would 

' have to be the Potto’ mmiseries 
“Pennies From Heaven” and "The 
■ Singing Detective." 

Probin g thane s of reali ty and illu- 
sion, sex and death, public and per- 
sonal betrayal Potter had boundless 
contempt fat timid industry accotm- 
' wnts or fed-good critics who re- 
' fused to acknowledge that television 
could be as serious and significant as 
f literature or films at their best. 

His credo: "A confidence in 
, common culture; an assumption 
that people are very much brighter 
than the market men say they are, 


s hip .wit h Potter as “stormy," em- 
phasizing that this was hardly out of 
tore with a person embodying 
scathing irreverence, wit ami a 
highly charged virion of the world." 

At a 1992 lunch arranged by the 
Museum of Television and Radio in 

New York Qty to open an extensive 
retrospective cm “The Television of 
Dennis Potter," the bristling writer 

' d-^L. -ml ! J J ■ 




1 •' '■:>7Vt? - 27C\! H.C.j 


J. J. Lally & Co. 

ORIENTAL ART 

4 l Eas: 57 Street New York, NY 10022 
Te! {2 1 2) 37 1 -3380 Fax (2 1 2} 593-4699 



w s gleefully 
diabolical eyes on a tdevison critic 
with an Irish surname, spoke of 
setting “the smefl of the bog." 

Potter's own roots were in En- 
gland’s Forest of Dean, dose to the 

border of Wales. There is in mudh 
erf his work the unmistakable touch 
of the outsider, once removed from 
the mainstream fay either gcogra- 
phyor.as so graphically portrayed 
jd The Singing Detective," some i 
drodfuj physical aflmenL 
Past and present, fact and fic- 
tion, love and fame can mdt into 
each other effortlessly, part Freud, 
pm Proust -In “Made on ihe 
Feather," produced for the BBC in 
*5 e «fly 1980s, Potter pondered 
the phenomenon of treason among 
Eng l and 's privileged clauses and 

had a character conclude: “The up- 

. that something in ihOTls^capabte 

FnaTarwl *♦ 


PAgas 


L"N3 FR THT PaTROWCT. OF HFJi MAJtvn' OtTKN' F LtfAr.DH 1! ra QITFN Moran 

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anymore." 
religion, he could be scem- 


of responding to things that are 
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> Suffering since his mxF20s from 

1 psoriatic arthropathy, a severely as "a code word for all kinds of 
panf ul and frequently dcbiB taring humtaig and hypocrisy and tnq ini- 
r combinatiem of psoriasis and arthri- ti Dualized pep." Yet he told one 
tis, Potter was hardly the most ^ interviewer that as far as he and the 
, mai of men. An executive at die Almighty were ooncemed, “There's 

> BBC, whae the writer did the bulk a rdatwaslnp." -Pater’s cnly ques- 
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The Big Board Meets the WildEast 





Asia /Pacific 


Appn». wagWmg' 32% 
Oosa 131.64 PtBv: 132.B8 


Appro*. weJWnj 37% I 
Oosb 1T2l2Piw.:1t1i9 E 


By Lawrence Malkin 

/MOTUftoflu/ Herald Tribune 

NEW YORK — Readers of Friday morn- 
ing's edition of the Shanghai Securities News, 
the city’s authoritative financial newspaper, 
were treated to yet another talc of China’s 
rising stature in international finance: Five 
important Chinese companies, the story as- 
serted. had been accepted Tor listing on the 
New York Slock Exchange. 

But wait a minute. 

Remember that this is the Wild East, where 
a handful of financial newspapers have just 
been shut down by the authorities for spread- 
ing false information. 

Asked about the story, a spokesman for the 
New York Stock Exchange said none of the 
five Chinese companies had an application 
pending to list its stocks for trading. In fact. 
Big Board officials had not even heard of 
them. In Washington, none of the five had 
even filed the essential registration state- 
ments with the Securities and Exchange 
Commission. 

The Shanghai newspaper said Hua Neng 


International Power Development would 
start trading in New York on June 73 in the 
form of American depository receipts, which 
is the way most foreign stocks trade here to 
simplify tax and foreign exchange barriers for 
American investors. The other four prospec- 
tive stocks were reported to be China Eastern 
Airlines, China Southern Airlines. Shandong 
Huaneng Group, and Tianjin Sled Tube. 

The newspaper said that the SEC had 
mode special exceptions for the companies' 
accounts. To qualify for listing as an ADR, a 
company must have present at least two pre- 
vious years of its accounts and often longer. 
Few Chinese companies have acceptable re- 
cords going bock that far. 

The Shanghai Securities News story was 
picked up and given wide play in Asia and 
Europe by Reuters, which embellished it with 
a comment from John Cross man, general 
manager of Jardine Fleming Shanghai, that 
"all the five should do well" in the market 
because U.& investors are hungry for Chi- 
nese stocks but warn more information about 
the companies they invest in. 


Reuters also quoted an official of China 
Eastern Airlines os saying the company 
hoped to market its shares in New York in 
October, although many details remained to 
be worked out with the company's New- York 
in vestment bankers. Morgan Stanley. 

The news service also identified Goldman 
Sachs as China Southern’s bankers, Lehman 
Brothers as Hua Neng International Power's, 
and Credit Suisse First Boston as Shandong 
Huaneng’s. 

In New York, the bankers ran for cover 
and refused any comment at all although 
SEC officials pointed out that in order to 
avoid even the suspicion of touting stock 
before it has been officially registered, stock 
underwriters traditionally” reply to ah such 
company inquiries with no comment. 

The story never moved on Reuters' wires 
in the United States because of the New 
York Stock Exchange denials, but because 
or the time difference with China it was also 
too late to check back on the details with 

See CHINA, Page 14 


Balsam Declares 
Bankruptcy as 
Scandal Widens 


90 ■ . ■ • 

F M A « J JFMAMJ 


North America 


Appro* wdghfing: 26% 

Oosa 93-62 Prev.i 93.98 


19W 1993 


Latin America 


Appro* meriting: 5% 
Cfese: Prev.: 117.09 


U.S. Data Ziff Seen Selling Publishing Empire 

ff IfYlFl Geraldine Fabrikant es of Ziff, K-llI's president, newspaper publishing company 

wv M/ M-7 M Afar Tuna Service Charles McCurdy, told Reuters in has arranged to sell its cable idevi 

_ __ -*■ NEW YORK — The imenseK New York. “We've been actively sion holdings for SI 3 billion and u 

PL/rt/| 0 private Ziff family is putting iu looking at and acquiring business- seeking acquisitions, analysts said.] 

Xf $/ X f ILCaI publishing empire up for sale, ac- es. and this is the type of business , . „ r . . 


110 

J F 
1893 

M WarfdhKte 


, % •t' m ■ ? ' 'V - v- 


'.W *■'? --..Y.v-?y*£ .1 


J F 
1983 


US dokar whnm at stocks Hr Tokyo, Now York, London, and 
ArgonM no. Atnara fa. Austria, Belgium, Brazil, Canada, Chile, Danmark, Finland, 
^^ Ko n - g -. talV - 1 M y dc °. Nathartanda, Now Zealand Norway, 
Sfcwom, Sprtn, Swadan. Switzerland and Venezuela. For Tokyo. Nwe York and 
Londory the tndac a composed of the 20 top taoues to tomes at market captaRzailon. 
ottennsa tho ten top stocks are tracked. uvaarunmn. 


Industrial Sectors 


AA 5"* % Fit Pit*. % 

da* deee dang* dwa do- di 

Energy HL23 1 09.82 *1,19 CapBalGoo* 115.03 115A6 -0.37 

UtiRfes 119-60 11830 +1.10 RwHrtarto 12fi.t5 12137 -tQ.62 

Kwra 117.70 118^0 -0.68 Consumer Goodi 97,25 9758 -0.34 

SgriOM 117J6 H&39 -036 M scg lbn eouB 12&JBZ 123jB8 -hV 

For more infonnaSon about the Index, a bookkdbavadabte free of charge. 

Write to Trib Index, 181 Amhib Charles da Gaulle. 92521 NeufBy Codex. France. 

O International Herald Trtoune 


The Associated Press 

WASHINGTON — Wholesale 
prices were down a surprising 0.1 
percent in May, iheir second 
straight monthly decline, the U.S. 
government said Friday. 

The decrease in the Labor De- 
partment's Producer Price Index, 
which measures inflation pressures 
before they reach the consumer, 
matched the 0.1 percent drop in 
April and was led by declining food 
and energy costs. 

It marked the first time since the 
middle of 1991 that the index had 
declined for two consecutive 
months. 

But despite the apparent good 
news, the bond market fell after the 
report was released because, ana- 
lysts said, the underlying inflation 
rate excluding food and energy 
prices rose more than was generally 
expected. 

The so-called core rate was up 

See PRICES, Page 14 


By Geraldine Fabrikant 

New York Tunes Service 

NEW YORK — The intensely 
private Ziff family is putting iti 
publishing empire up for sale, ac- 
cording to several publishing-in- 
dustry executives. 

The executives estimated lhai 
Ziff Communications Co. could 
fetch $1.5 billion to $Z5 billion in 
an auction, based on its sales of 
about $1 billion last year and cash 
flow of roughly $150 million. 

Family members and company 
executives declined to comment on 
the possible sale. 

The most visible holdings of Ziff 
Communications include eight per- 
sonal computer magazines, the 
largest of which is PC Magazine, 
which has more than a million sub- 
scribers. The company's other lead- 
ing publications include PC Week, 
a trade weekly, and Computer 
Shopper, a monthly catalogue mag- 
azine for home shoppers. 

Besides magazines, Ziff Commu- 
nications also owns Information 
Access Co„ an electronic informa- 
tion business, and Interchange 
Networks Co., an on-line business. 

[K-II1 Communications Corp is 
interested in buying some business- - 


es of Ziff, K-HI's president, 
Charles McCurdy, told Reuters in 
New York. “We've been actively 
looking at and acquiring business- 
es. and this is the type of business 
we would look at* closely," Mr. 
McCurdy said. 

(Asked whether K-III were spe- 
cifically interested in purchasing 
Ziff's computer magazines. Mr. 
McCurdy said, “We would be in- 
terested in them, yes." He declined 
to say whether K-III has bom in 
negotiations with Ziff officials. 

[Officials of K-III, which owns 
about 50 consumer and trade mag- 
azines. said they believe the com- 
puter magazines would be a good 
fit for the company.] 

[Among other contenders to buy 
Ziff. Bloomberg Business News 
quoted analysis as saying Friday, 
are Reed Elsevier PLC, Thomson 
Corp. and Times Mirror Corp. 

(Reed Elsevier is a venture of 
Reed International and Elsevier 
NV that produces a range of busi- 
ness and scientific publications and 
offers computer software. Thom- 
son owns specialty publications, 
dec ironic information services and 
newspapers in the United States 
and Canada. Times Mirror, the 


newspaper publishing company, 
has arranged to sell iu cable televi- 
sion holdings for $13 billion and is 
seeking acquisitions, analysts said.] 

Lazard Freres & Co., the invest- 
ment bankers said to be handling 
the sale, declined to comment. 

It was undear why the Ziff fam- 
ily might wish to sell the company. 
The publishing executives said the 
decision bad been made by W illiam 
Ziff Jr., the son of the company's 
founder, W illiam Ziff, and his three 
sons, and they emphasized that 
there was no sign of family friction. 
Ziff Communications is now 
owned by Mr. Ziffs sons, Dirk, 
Robert and DanieL 

People close to the family said its 
younger members were interested 
in other investments. Several peo- 
ple noted that Dirk Ziff preferred 
investing and ran the investments 
for the Ziff brothers. 

The Ziff publishing operations 
were started by WOliam Ziff in 
1927. Nearly 30 years later, Mr. 
Ziffs son bought oat his father's 
partner. Bernard Davis, and began 
expanding the business dramatical- 
ly. He added television stations. 
See ZIFF, Page 14 


By Ferdinand Protzman 

New York Tima Serna: 

BONN — The third major finan- 
cial scandal to hit Germany in six 
months escalated Friday as Rnicam 
AG. an international sports floor- 
ing company that is the focus of a 
massive fraud investigation, filed 
for bankruptcy in the West Ger- 
man city of Bielefeld. 

An official at the Bielefeld civil 
court said the company had filed 
for bankruptcy and that a local 
attorney bad been appointed to su- 
pervise the bankruptcy proceed- 
ings. No other details were re- 
leased. 

Balsam is one of the world’s larg- 
est manufacturers of artificial sur- 
faces for t ennis courts, running 
tracks and playing fields. The com- 
pany, based in Sirinhagfen near 
Bielefeld, has annual sales of about 
5275 million and employs 1,500 
people worldwide. 

Balsam’s four-man management 
board was arrested Tuesday on sus- 
picion of fraud, tax evasion and 
forgery by using falsified data to 
obtain loans from an export financ- 
ing company and then using the 
funds to speculate in foreign cur- 
rency options. Friedel Balsam, the 
chief executive and single biggest 
shareholder in the company was 
among those arrested. 

Balsam is the third major finan- 
cial scandal in Germany over the 
past six months. In April Jflrgen 
Schneider AG, Germany’s largest 
real estate development group, col- 
lapsed after its owner, Jurgen 
Schneider, absconded with millions 
of dollars. 

Metallgesellschaft AG, the met- 
als and engineering conglomerate, 
narrowly avoided bankruptcy in 
January, after its oil-trading opera- 
tions posted losses of $133 bfflkm. 

[Problems surrounding Balsam 
migjit be worse than those left by 
the collapse of the Schneider prop- 
erty empire, the former president of 
the Bundesbank, Karl Otto POM, 
said Friday, Agpnoe France- Presse 
reported from Frankfurt 

[Mr. Pflhl said the extent of the 
financial problems at Balsam could 


not .vet be calculated. “Regarding 
the criminal energy which has been 

S I into the Balsam affair, it was 
' worse than the bankruptcy of 
Schneider." he said.] 

Jost Schmiedeskamp. chief pros- 
ecutor in Bielefeld, said the arrests 
were made and Balsam's headquar- 
ters was searched on the basis of a 
statement made to investigators by 
the company’s chief financial offi- 
cer, Klaus- Dei] ev Sehlienkamp. 

Mr. S ehlienk amp admitted that 
the company had used falsified 
data about its foreign orders to 
obtain massive credits. Those cred- 
its were then used to speculate in 
Financial markets and the proceeds 
were used to cover up operating 
losses at Balsam. The company has 
been running losses since the early 
1980s and has been under investi- 
gation since 1992, Mr. Schmiedes- 
kamp said. 

Mr. Sehlienkamp was dismissed 
Wednesday. The other board mem- 
bers — Mr. Balsam, Dietmar Ort- 
lieb and Horst-Bert Schultes — 
deny any wrongdoing, prosecutors 
said. 

Prosecutors estimate Balsam 
owes 50 Ge rman and foreign banks 
about S90Q million. 

The allegations surrounding Bal- 
sam are another blow to the image 
of Deutsche Bant AG, Germany's 
largest commercial bank, which 
figured prominently in the 
Schneider and Metallgesellschaft 
affairs and holds a 15 percent stake 
in Balsam 

Employees at Balsam’s Bielefeld 
operations were stunned by the 
bankruptcy filing “The decision 
was a complete surprise," Marianne 
Grabolle, the chairwoman of the 
workers’ council there told Germa- 
ny’s DPA news agency. “We didn't 
think it would go so fast We all 
hope the new regime wffl continue 
with business as soon as possible.” 

“Everyone in the banking com- 
munity is terribly upset by this,” 
said a senior executive at a large 
German bank in Frankfurt, wbo 
requested anonymity. 


ADVERTISEMENT 


ADVERTISEMENT 


Why Such a Rush to the Pacific Rim? 


By Thomas L. Friedman 

New York Tima Service 

W ASHINGTON — Since Presi- 
dent BiD Clinton took office, 
bis administration’s message to 
American business has been un- 
ambiguous; “Follow the sun.” At every op- 
portunity Mr. Obion's team has described 
tlx Asia-Pacific region as the nation's most 
lucrative economic frontier. 

But a new study now challenges that thesis, 
amassmg trade data that suggest that Europe 
remains America’s most important economic 
partner and will be for years to come. 

The Economic Strategy Institute, a private 
research group financedby American corpo- 
rations, compared Asia and Western Europe 
in categories such as trade, direct investment 
m the United States, U.S. direct investment 
abroad and technology transfers — and it 
concluded that Hnlcs between die United 
States and Europe benefited the American 


economy far more than those between the 
United Stales and Asia. 

The study contends America has a much 
more balanced and mutually beneficial trade 
relationship with Europe because the two 
follow basically similar models of capitalism, 
whereas even Japan and other capitalist 
Asian nations have systems that differ greatly 
from the American one, in terms of corporate 
structure, antitrust rules and gpvemmem- 
bosiness relations. This disparity produces 
“hig hly skewed flows of goods, capital and 
technology,” the study said. 

Such conclusions will fuel an already heat- 
ed debate in America between traditional 
economists and revisionists, wbo argue that 
Asians countries practice a distinct brand oil 
r^piiaTism that makes their markets more 
difficult to penetrate. 

The conventional wisdom among econo- 
mists is that “capitalism is capitalism is capi- 
talism," thus discrepancies in trade and in- 


vestment flows between regions have more to 
do with basic economics — such as relative 
saving and investment rates — titan with 
culturally based variations in market systems. 

The punts of view historically shared by 
America and Europe may have been ob- 
scured by recent negotiations over global 
trading rales under the General Agreement 
on Tariffs and Trade, which were marked by 
disputes ova- agriculture subsidies, airplane 
subsidies and movies. 

“Critics might say, ‘WelL even if Europe 
has bees important to us in the past, it won't 
be in the future, given the dynamism in 
Asia,’ " said Clyde Presiowitz Jr„ the insti- 
tute’s' president and co-author of the study 
who has been a prominent advocate of tough- 
ness with Japan on trade matters. 

“To winch 1 would say two things: One, 
that may be true, but the future isn't here yei 

See TRADE, Page 17 


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International Herald Tribune 

LONDON —Four months after U.S. au- 
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ca is feeling the pinch but not yet the pain. 

In Mexico and Argentina, short-term mon- 
ey market interest rates lave more than dou- 
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Mirny economists, in fact, as well as some 
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See LATIN, Page 17 


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CURRENCY & INTEREST RATES 


June 10 

Cross Rat»s ** Y „ Cl FtoMfl 

* ■ ^ KS* — sld* UP vn- un ««: 

AitfHrto* y> w ’2 *S S- W6 — 

Lndea (o> 13M ■ — Tuj* n*l 3SH «* IMS' . — ■ 

Morbid . T*s» S 5S — MMO was «« 1W» 1U* 

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Tatn~ WU5 lSW ** 1HU . vtfl' tms 13S»* — “ U* B 

mm 1JW SSS SS EE* .«»* — uss * ,a3 j 

1460 un VIS t» JU» UH m ww 

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.« TO bar ******* n,6 * y 
owflabte 

Q UIT PO M ST VadW Currency Nrl Currency Per* 

e » Ti y f GrrekdrocL KZ erdanttx MMT S-Kcr-wen snuo 

IStT" 52a ISSZf wS mrte.mrn WB swrt.™ ims 

HOW .ttetet ra«» pMtpese a*J4 TafwtmS » M 

aoSi ****"!£ ooaanotr YOU TbolbaM *25 

r" **,.«*• mm Tandcitre rsm 

RMS-mMe WSM0 UACeneoe. uns 

EE 55 SEE rr - — “ 

He. markka SSH 

Forward Rat** _ q^wt SHUT SMOV *Moy 

cmreecy ^25 Conddkmdenor 1J752 JJ77B 1OT 

1 -®2 rSE jammeseyen MJO IOMO WUi 


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D-Mark 

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1 month 4VWft 

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Kay Money Rates 




1 2 3 4 5 6 7 8 9 

to 11 12 13 14 15 16 17 IB 

W 30 21 22 23 24 25 tt 27 

282B303lKM34«3fi 

37383940 4i 4 ? 43 44 45 


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1 2 3 4 5 6 7 0 9 

10 11 13 13 ]4 15 16 17 16 

19 » 21 32 23 24 S 36 27 

282930 3l3?333t£36 
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t 2 3 4 5 6 7 B 9 

10 17 13 13 M 15 16 17 IB 

19 20 21 22 23 24 25 26 27 

28 29 X 31 32 33 34 35 36 

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MW. veto 
HLZeatendl 
Her* knee 
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Pofl*sUotr 

Port secede 
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5. Mr. rani UlU 
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SwerLhnan 7J285 
Taiwan S 27JM 

TbolbaM SS35 
TarMUiUra 32m 
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Gold 

AJVL P M. Ch-w 
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London 3B3J0 38U» + 055 

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Page 14 

MARKET DIARY 


Oils and Computers 
Boost Blue Chips 


Bloomberg Businas Sens 

NEW YORK — U S. sucks 
capped a bearish week with a mild 
rally Friday that was boosted by 
rises in oil and semiconductor 
shares. 

The Dow Jones industrial aver- 
age was 20.31 points higher, at 
3,773.45. according to a late tally, 

U.S- Stocks ~ 

although at one point in the session 
it had risen as much as 24.31 
points. 

Blue-chip stalwarts that are sen- 
sitive to economic cycles posted 
some of the strongest gains, includ- 
ing Caterpillar. Bethlehem Steel 
and Alcoa. 

The Nasdaq Combined Compos- 
ite Index also regained some 
ground lost during a bearish week, 
rising 5.44 points to 734.3 1. It was 
driven by rallies in Intel, Microsoft 
and Oracle, shares that had been 
under pressure aO week. 

Only 222.6 milli on shares traded 
on Friday, the lowest total since 
May 31, the Tuesday following Me- 
morial Day weekend. About 11 


stocks rose for every eight that fell 
on the Big Board. 

American depositary receipts in 
Hanson PLC accounted for about a 
tenth of the trading volume, more 
than 10 times the daily average of 
1.95 million shares in the stock dur- 
ing the past three months. 

Dealers said that institutional in- 
vestors swapped mu llimil lion- 
share blocks of the British con- 
glomerate’s American depositary 
receipts back and forth. The prear- 
ranged trades allowed institutions 
to own the stock for long enough to 
receive Hanson’s next dividend, 
and to obtain British withholding 
tax credits that would otherwise go 
to tax-exempt investors, such as 
pension funds. 

Chip makers' shares rose after a 
better- lhan-expccicd report issued 
late Thursday on semiconductor 
orders in May. 

Shares of Motorola rose !'* to 
46\ Texas Instruments rose 2-W to 
77W, and Applied Materials 

climbed IW to 40. 

Oil stocks rallied amid gains in , 
crude oil prices, up more than SI a I 
barrel since Tuesday. 


PRICES: Wholesale Index Drops 


Continued from Page 13 
0.4 percent, twice what many ana- 
lysts had anticipated. 

“It was a very poor number." 
said Elliott Plait, an economist 
with Donaldson, Lufkin & Jen retie 
Securities Corp. “The core rate was 
double what was expected. It seems 
to be concentrated in apparel. 

Foreign Exchange 

automobiles and tobacco prices. 
It’s certainly a short-run negative 
for the bond market.” 

Most analysis predicted overall 
wholesale prices would rise slightly 
in May. Despile the initial bond 
market reaction, the overall drop in 
wholesale prices seemed to 
strengthen projections that infla- 
tion would remain subdued this 
year as the economy grew at a mod- 
erate pace. 

Wholesale prices, which rose 0.2 
percent in March, have fallen 0.4 
percent in the past 12 months. 
Wholesale inflation was only 1.*) 
percent at an .mnnal rate for the 
first five months of the year. 

Hie Labor Department is sched- 
uled to announce consumer prices 
for May next week. 

The Federal Reserve has boosted 
short-term interest rates four times 
this year, reversing five years of 
lower rates, in a drive to prevent 
inflation and slow economic ex- 
pansion. Analysts are not expect- 
ing any further rate increases for at 
least a couple of months. 

The decline in wholesale prices 
in May was helped by food prices. 


which dropped 0.9 percent after 
declining 0.5 percent in April. 

Inflation has been mild for more 
than three years, the best stretch in 
three decades The cost of living 
was up 2.7 percent last year, follow- 
ing a 2.9 percent rise in 1992. 

B Data Weaken Dollar 

The dollar weakened against the 
Deutsche mark and the yen as trad- 
ers sold U.S. bonds on fresh con- 
cern about accelerating inflation in 
view of the pick-up in the core 
inflation rate. Bloomberg Business 
News reported from London. 

“The message from the rise in the 
core rate is that it’s not all quiet on 
the inflation from.” said Brian Hil- 
liard. economist at Societe Gener- 
ate Strauss Turnbull. 

The dollar slipped to 1.6664 
Deutsche marks, from 1.6672 DM 
on Thursday, and to 103.525 yen 
from 103.985 yen. It fell to 5.6705 
French francs, from 5.6760. and to 
1.4057 Swiss francs from 1.4097. 
The pound was little changed, cas- 
ing at SI. 5090 from 1.5095. 

“The market viewed the inflation 
report as fairly ambiguous, and 
that prevented any strong bets be- 
ing taken today." said Avinash Per- 
saud of J. P. Morgan Europe. “I 
think the report highlights the fur- 
ther risks to inflation, however, and 
by keeping a risk over the bond it 
will risk dragging the dollar down." 

Dealers said the dollar had been 
further weakened against the yen 
due to wariness about a possible 
toughening by Washington in the 
trade negotiations with Japan. 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNPAY, JUNE 1 1-12. 1994 


V«o Aikkv<c 4 prww 


The Do wlP 


Daily dosings of the 

Dow Jones industrial average 

4000 . 


3700 ' ■ 


3600 . 



Dow Jones Averages 

Open Hfsft Low Lost Omu 

Irvin' 375« 9* 17.’9.«0 3751.91 377} 45 - 20 Jf 
VTSr. I .-04 n 1*10.91 1MW3 O-W 

Mill 185*1 I0+.T* IBM 186.13 -OX? 
romn 1KC46 131001 1301 77 13QB0J -JL15 


Standard & Poor’s Indexes 

High Low Clmc Chfe 


I EUROPEAN FUTURES 


inouslrlals 
Tramp, 
illumes 
F (nonce 
SP 500 
SP100 


530.83 531.90 + 0X0 
38635 3S9J9-OM 
146.7* 158JJS +1.JS 
46JI 4665 +0.11 
457 J* 85807 + 001 
■CJ-33 A4-05 —070 


NYSE Indexes 


Composite 

Indvsrriali 

Transn 

UlilitY 

Finance 


High Law 

23385 757.89 
311.10 309.63 
24* 6a 745.30 
210.8' 309 33 
-19.61 711.90 


253 J9 -B-50 
310,84 -0X1 
34X43 -0.15 
210J9 -1.03 
219.0 -006 


Metals 

Clow 

BM Ash 
ALUMINUM (Hlefc Grade) 

Dorters per metric ton 

Soot 138Q50 1381 SI 

Forward 1406J0_J< Bfc» 
COPPER CATHODES IHiOH 
Dot Ian Per 

Soot 2371 DO 737100 

Forward 238100 238W» 

LEAD „ _ 

Dalian per eetricfpn 
Soot SHOO 52400 

Forward 540.00 5«J0 

NICKEL : 

Dalian per metne"" 

Spat *42X00 M350O 

Forward *51000 652000 

TIN 

Dalian per metric toa 

Si M 567000 

Forward 568 5 0 Q 569000 

ZINC (Special HJee [Grade) 
Dalian pot melrtclpu 
Sim 96800 WJX 

Forward VMM WZ00 


Prtviow 
BM Ask 


125060 1351X0 
1379.00 138000 
Crade) 

21800 227100 
237500 237800 


51600 51500 
53100 53200 


63S0.0C 63M0D j 
647X00 648000 


560500 560*00 
5*3000 589000 


95700 95000! 
98200 98JOO; 


Last sem* ewe 

j CTBTI 15^00 +D2 
1S5JS 155X5 — 
157J5 152^5 — JOB 

isus isv-2 -25 

$3 $3 

iss=a 

Slt: liwi-un 

Oaen W. UP* 


BRENT CRUDE OIL (IRS) 

UA. dalian pgr oarTPt-Mi of UN tameic 


Jai 

1657 

1622 

1*00 

Aug 

1607 

1*77 

1628 

Sep 

1638 

1609 

1614 

Od 

1627 

1601 

1601 

NO* 

1628 

UJtS 

1624 


162* 

1604 

1605 


1620 

1605 

1605 

FW 

1637 

T61S 

M.15 

Mar 

1627 

16.15 

1615 

Est. vOume: 48771 . 

Open 


Hfoh 

Uwr 

1 ira* 


^djfmamj 

1993 1994 


NYSE Most Actives 


Han inn 

PtatfC 
EMC i 
S 

Comp on s 

wierry 

a.:insn 

WOlMart 

0>VK 

GflMorr 

Toiol 

Mglorfa« 

Glicore 

TtHMet 

GenEls 


VdL 

High 

Law 

Last 

70761* 

19 

18*i 

19 

8+U7 

31’. 

lift 

If. 

33013 

14 to 

13% 

IJ'i 

B85T 

IJ>. 

U*. 

18 

75 535 

35’ : 

Mto. 

15’ 1 

7J217 

31% 

31 

31 to 

70960 

21 to 

M’r 

71 to 

20800 7S% 

74’ ■ 

?J>. 

300*9 

16 

19 

15+n 

n+ea 

54’. 

50’. 

s: *- 

10643 

;r v. 

3J 1 , 

38'- 

ld,'68 

8*t+ 

45 ■] 

86to 

185*2 

81ft 

JO+4 

41 

17475 

611. 

60’, 

60 . 

17464 

48'-. 

■Tto 

47'l 


NASDAQ Indexes 


High Low Last dig. 

CunP’Kte ?34 12 TOM 733 08 -4J6 

industrial* ’45 31 742 06 744.50 - 3.96 

SnyS. 757 It 787.00 75211 -403 

tosyrano.' 91503 91120 915.83 - 6 75 

pJSnce =-50 00 948.03 950.00 -1.40 

Tramp. 70*53 *98 44 70X83 - 9-27 


AMEX Stock Index 

High Law lost Cha. 
it 1.94 410.97 44I.il -0.66 


Dow Jones Send Averages 


Financial 

HM low a os* Change 
MONTH STERLING (LIFFE) 
isoaon - pis of in pet 

Jlffl 9481 94.79 9481 +OB2 


Stock Indexes 


940T 

94.79 

9801 

9403 

94J9 

9401 

9302 

9175 

9179 

9115 

9X09 

9114 

92J4 

9251 

92X6 

9206 

9201 

7206 

«ixa 

9161 

9108 

91J7 

*IJ1 

910* 

91.18 

91.12 

91.17 

KLM 

50.91 

90.9* 

M0.75 

9070 

9a 75 

fta 

9053 

9053 



High 

Lew 

FT5E MB fLfFFE) 
SSMrfadBxpBfltf 


Job 

•wifi 

30260 

5«p 

TUH 

30325 

Dec 

iKSn 

1SWB 


+ 032 iSep 304X0 3032X XB8J + ZL5 

+ SJ1 (Dec 3QS0 3BSU 30*70 +.ZJD 

+ ft J! ( £sf. volume: !&£& Opm fafj *1302. 


I CACAO (MATIF) 


T’lLUB 4 1ad 

+ QU6 
+ 808 2* 
+ 004 «9 


F3B0 per Index point 

m 2(0600 200308 201300 + 208 

6 202100 200150 200900 +200 

n N.T. N.T. 201900 +200 

V 203800 202500 202700 +200 

K 2G41XB 2041JO 205X50 +1.50 

or 209200 20000 208150 +L50 

EB. volume: 25089. Open )nU 80051. 


94.01 Unch. : 
9X74 — QOl i 

9150 -Ml 


NASDAQ Most Actives 


3) Bonds 
10 Ulllilie* 

10 lndirttrlols 


KYSE Diary 



V<H. 

High 

Law 

Last 

IDB Cm s 

44111 

8ft 

ri i 

4’ .. 

cenlocor 

4388 1 ’ U"' u 

12' : 

il’» 

eicArt 

3VT47 

IBto 

l6to 

17 

CrTchLs 

34548 18"- 

IT’ . 

16* * 

Mta.tr s 

33954 

53 

51 ft 

jy ., 

MFSOn 

J0O44 

79" * 

1 1 1 . 

24ft 

Adams s 

38344 

I7to 

I5to 

15ft 

in lei 

76*95 

60' 1 

51 


OracJos 

74M8 

17 

We 

J6+. 

Novell 

27876 

17>. 

1 6* ■ 

17'. 

Svaoses 

72323 

S3 

50' j 

53 

DSC S 

319*3 

77 "'u 

71’ 0 

21ft 

ICom 

31799 


43V, 

44ft 

Ovf - 

30771 

23% 

73' ■ 

23ft 

NwttNh s 

20105 

40ft 

JO ft 

38ft 


AMEX Most Actives 


ChevSH s 

EU4_“ 

Viocmn 

imekm 

ViocB w* 

VkJCB 

ftirwot 
US Ale 
Alldftsn 
VrOCWP: 


VoL Hiflh 
T20»7 IS 
1099* l 1 . 
0731 o’, 
4+7 15’w 
4*39 y>'-i 
5351 

4323 9', 
5I« S’l b 
4BK S' i 
4787 IV, . 


Ovg., iOyaiK.td 
i. D'-iJimd 

. , ' Uncr-onoed 

, , _| Toro issues 


-H AMEX Diary 


iovonceo 

DcCMH-0 

Tolal issues 
Mess Hians 
Now LOWS 


NASDAQ Diary 


Advanced 
Dccnned 
Unchopge,3 
Total issues 
Now Hions 
New lows 


Spot Commodities 


a use ch’oe 

9857 — DJM 

9X89 +806 

ID 1.45 —0.15 


1186 988 

U? 1081 
760 743 

2S2B 2813 
39 IS 


Dividends 


i£ir 90S 90X3 9053 +EL06 omum mldu t u» 

Eif. volume: 40.247. Open InL: SJiMf. wrtwne: 25A49. Opm MU 80Q5L 

3-MONTH EURODOLLARS (LIFFE) S ource s: Motif. AJM fldW Press. 

H rnlinan - po oflW Pd Lan tfgn le t 7 RgoncW Futuna Exchange. 

Jon 9146 9542 9543 + 0JH Ion Petroleum Examge. 

Sep 9447 9447 9448 Unch. ‘ 

Dec 9419 9419 9422 —001 ! 

Mar 9402 9401 94.01 Unch. • 

Jon NT. N.T. 9X74 —0011 

5ea H.T. N.T. 9350 -Ml ntsAeUsn** 

Esf. volume: 41B Open Pit.: U2B1 WYlOengS 

J-MOMTH EUROMARKS (LIFFE) ■ ’ 

DM1 milliefl-ptsef lMptf , company Par And Par Ree 

Jim 9494 9492 9494 +002 1 

SOP 9507 94.99 9506 +009; IRREGULAR 

ss? ^ ȣ as aenssase & 

iss ^ t«.aaiaa3wr« 

Dec 9305 9170 9304 - X14 ! STOCK SPLIT 

Mot 9164 9150 9164 +0.13 • , . . „ . 

OS ££ ^ 

Dec 9X06 71W 7113 -4-o.il I nomer approval. 

Mar NT. NT. 92.95 +0.11 ’ INITIAL 

E*1. volume : 112.911 Open uit.:97802X . 

SMONTHPIBOBIMATIF1 I 2 +2 £3 


Par And Par ue 
IRREGULAR 


Benetton Graus 


T k f I CRE LtauwJUiiW - 
l ; S4SPRSI amount per AOR. 


x 4697 6-16 7-8 

. J& *-20 6-30 


9X85 9170 9184 - OI4 J STOCK SPLIT 

9147 9135 9146 +Ol^i Alleptance Bone 6 lor S Spilt. 

9314 92.20 9129 +OT2 tor 1 501 Iubtea *° J 

9106 9X04 7112 +xil I noMer approval. 


3-MONTH PI BOR (MAT IF) 
FF5 million - ms el too pci 


London Over Freiant 





9808 

9805 

9407 

+ 0X3 



Sep 

9460 

94X3 

98X7 

+ 007 



Dec 

9443 

98X4 

9807 

-‘■009 



Mar 

98 1* 

°8.12 

08.17 

+ 007 



Jun 

*1*0 

9101 

9308 

+ 009 



Sep 

9162 

91X1 

9162 

+ 0.12 



Dec 

93 J7 

*12* 

9157 

+ ais 



Mar 

93X1 

93.11 

9121 

+ an 

300 

7*5 

Est. volume: 58X41. open tot : 218016 



i LONG GILT (LIFFE) 




J4 +22 6-30 


BakerJ 
CCP msur 
CIGNA Hi incoShn 
OiuW) Cot 


CUM - pto & 32nds of 100 pet Oiutaj COT 

Jim 103-aa 102-18 102-^ ComrndBnceOB 

Sep 102-07 1D1-07 101-19 -rCM» 

Dec N.T. ILT. i(B-:9 + 0-C8 ; Ccnsecs Inc 

Esf. volume: 72A64. Open Irtt.: 129.164. 1 CriimlMce 


oral - JE 638 MS 

PA _ M 6-7 641 

REGULAR 

O J) IS 3-19 7-29 
Q SB 6-20 M 
jira w .075 6-23 7-8 

Q A6 *-24 7-12 
R G 5756-33- 


itBarhet Sales 


NYSE 
Ajrtex 
Nasdaq 
in millions. 


Commodity 

Today 

Prev. 


0627 

0617 

Cal'ee. Braz. ID 

1.19 

1.1B 





21100 

213X0 

Lead, lb 

03* 

056 

Sliver, irav or 

5.365 

539 

Steel iscropi. ion 

13753 

13753 

T,n. lb 

n.a. 

3.7816 

Zinc, la 

00579 

00543 


Open Irtt.: 129.164. ' CrulM Mae a 

l£^^Voo M 4r BUND<u,^ ' :e, . I 

Dec 9273 92^ +0^ iowHvS!!!?* M 

EM. volume: 126J8*. Open inL:B13CJ»X ‘jijtowc Cot O 

10-YEAR FRENCH GOV. BONOS (MATIF) ' NAC Re Core O 

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Jim 11X48 117.90 11X16 +C54 ' Petrie Sirs Q 

Sea 11752 11X96 117.16 +XSI PetraitteCOT a 

Dec 11452 11X03 Ui2t J C5C Ptedmom NatBrtGas O 

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stria Is a 

V Lost Settle Cti'pe . |^S; 5 ^L ? 

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Q J9 6-20 4-30 

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O 58 7-1 7-15 

O J19 6-20 6-28 

M 3254 6-14 6-28 

M 841 6-14 623 

Q 50 Ml 6-1 

Q 314 6-22 7-6 

Q 3K25 7-11 7-25 


industrials 


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GASOIL IIPE) 

U5. dollars per metric Ion-Ion of 100 tom 
Jan 147 J5 14*3)0 14S2S (U — 

Jol 149.75 14X50 147.2J 149J0 Unch. 

Aoo 151JS 15X25 151.00 151.00 ->.C2S 


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o-aamjal; B-parohle In Canadkm hinds; m- 
moatUT; o- aucr tertir; s-sem+amwal 


ZIFF; Selling Publishing Empire? SHANGHAI: Meet the Wild East 


Continued from Page 13 

trade publications and consumer 
publications like Car and Driver. 

In the early 1980s. Bill Ziff was 
stricken with cancer. Concerned 
about his Tuture. he began selling 
large pieces of his company and 
retu-ed. Among the operations he 
sold were the television ?u lions, 
which were acquired by a leveraged 
buyout group. Mr. Ziff also sold 
the consumer publications to CBS 
Inc. for $300 million. The irade 


publications were sold io News 
Corp. for 5350 million. 

But at the lime, the personal 
computer magazines were not prof- 
itable and Mr. Ziff decided not to 
try to sell them. 

By the late 1980s. he had re- 
turned to his business, although he 
retired and became chairman emer- 
itus Iasi November. 

PC Magazine was started in 1 98 1 
and acquired by Ziff Communica- 
tions after two’ issues for several 
million dollars. 


Continued from Page 13 

Shanghai. Because Reuters in Lon- 
don said it was unable to tap into 
its Asian stock quotes when asked 
to do so by the international Her- 
ald Tribune, it was not known 
whether there had been any unusu- 
al activity in local shares of the five 
companies oh the day the story 
appeared, which could indicate the 
story- was a deliberate plant to 
make a profit on a quick movement 
in the market. 

The alternative explanation is 


more innocent but less likely — 
that a local reporter did not under- 
stand the huge gap between the 
intent of listing a stock and its 
actual approval for trading. 

Several other Chinese firms such 
as Shanghai Petrochemical and 
Shanghai” Tyre & Rubber are al- 
ready traded in New York, and 
China has made great fanfare in 
world financial markets by listing 
Brilliance Auto and selling SI bil- 
lion worth of dollar-denominated 
Chinese bonds through Merrill 
Lvnch. 






Raytheon Sets New Roundi^Wg 

LEXINGTON, 

Friday that it wo nM Ig oP»‘,S£ by militay 

*The spotsman ^jid tj« 

nounced in March m io 

defense |£. the 

commercial businesses, in u a$i62 fflSfioa • 

1994 first quarter io cower tae ewi .. . v 

Microsoft Is Told to Recall 

TjOS ANGELES iBlomnbgg) 

aSSSesasstcio^ sW^ j 

lasts aasg^Ste. t 
jsssrJSSt ss-saMnmiSi.. i 


£0 

m 


.ssta a-- -aigiSBai- 1 

worldwide. In addition. MtQdSCat j-. . 

StaMHd Original ***** 

S 

Air Canada to Lease 25 AiAus|^|^: ' \ 

MONTREAL (Bloofflbag) — Air | 

a+ned an agreement with the consortium Aatmiodas^pmab ^.,^ , j. 
A319 aircraft, with an ophoo on 10 m 9f e - / .;■ - >■ I* 

Fmandng of the acquisilion if btng agmg^ir ; | 

wnpmft maker CFM International , , ; 

French govCTnment-owned engne manrfaqme^ ; 

Co. Terms were not disclosed. The fist plane 7 ./; 

in Daembcr 1996. j'/: -V • < 

The A319. whidi seats 1 12 passengers, is.a y»a %yecao ap|ffi^%:v ? . ;. j 
Air Canada earlier said theptena 

odstmg fleet of McDonnefl Douglas C^DW*«M!fcrg^gg^ , 

U.S. Tightens TobaccoC«ft^ffi||| 

WASHINGTON (AP) — Ggaretus made m! J 

friw «f <<-aKf I ?ru>rr*rii r ~^f; itot - 


Manufacturers using higher quantittes oCiotags tobaoco cotS^ fc, 
fined and forced to buy tobacco from domstic loanstotis uader^af T: .. 
roles issued by the Agricutenre Departmesfi ihsindL' : •; 

According to the Agncul true St^ilizatkm -aiKf Cbnse^ -- 

the ruling means that over the next six .years. 8 t fflKf ffflhi5 that ^ 
otherwise have gone out of business wftlf stay in operation. Howreii. !• 

decision also may cause domestic conyarnes to me ^’<5>oa«j^ <iimseSt :V ' ‘ i; 
to avoid compliance with the new regulationsv patauiaBy awh^IOJCO" ! 
manufacturing jobs, the analysis said. y : :' is. ,! 

Merck Picks Outsider for Top Pbst;;C. j 

NEW YORK (NYT) — In a aarprise endng to m I^nxm^ : r . 

Merck & Co. said that it had chosen Raymond V: Gilmartm. ^ optade - - 
executive with no pharmaceutical experience; to succeed P. Roy Vagrfas, j. 
who has beaded the workf? laigot drug makepr rincB jl9S5. _■ • 

Mr. Gilmartin, 53, an elcctzical engineer, has headedBectoiz^ Dickm- ■'}. 
son & Company, a medium- size hospital supply company, since l9S9. - -_ 

Mr. Gilmartin takes over the company ai a time w&n a rmjy^mcni to - 
lower the cost of health care is reshaping the industry, and fojiatig it. to , 

find ways to sell it products more cheaply. I..-..'/. 

Mr. Vagdos, when asked why a Mack executive was not diosaL Saaf - ' “- 
that Mr. G ilmart in was the best person for the job. IlG^'tal snppiias - 
were “hit by cost emtamment much earlier than the pharmaceutical 
industry.” Mr. V^dos said, “so he leanied_the lesson of staying f&ead ; . 

technologically, offering advantages to his customer andalsc^waK^Bi^; : 
his own costs way carefully.” . 


i Phiiif 
A 

1 (reiiii 


For the Record 


.- . . . - . .. ' L-c” • >• l-.- VJUj ». 1 


NTN Comnanacations, a Carisbad, CaKfoemia, deveteperof interactive 
programming, said Friday it will develop prijgrajns for hand-hefti person- 
al communicators made by Sony Software Carp, and Motorola uc. 

. (Reuters) 


WORLD STOCK MARKETS 


U.S. FUTURES 


Season Secs on 


Aqanefi Fnmc* Pres* June IO 




Amsterdam 

ABN Amra HU 6140 61^0 

ACF Howmo 6450 4X70 

Aeoon 99 9X70 

Ahold 47JB0 67.10 

Akzo Nobel 209.10 20X10 

AMEV 7450 7750 

Bob-Wnssncn 3950 39J0 

CSM 6480 6C60 

DSM 13X70 13X50 

Elsevier 16633 16X40 

Fokker 
GIxt-BrocDdos 
HflG 

Helneicen 22350 22S 


Soflna 

Solvay 

Tradebel 

UCB 

Union Mlnlere 


15350 15300 
15025 15100 
9930 99SD 
24300 24475 
2*90 267D 


Frankfurt 


AEG 17950 178 

Allianz Hold 2474 2438 

Altana 64550 641 

Aska 1058 1038 

SA5F 31531550 

Barer 3*57036750 

Bay. Hypo bank 430 426 

Bav Verelnsbk 45950 454 

BBC 700 707 

BHF Bank 397 397 

BMW BIB 809 

Eommen b an k 331 3S 

Cant Inental 252 258 

Daimler Benz 77578250 
Deoussa 5093X50 

Dl Babcock 24450245J0 
Oeutache Bank 74474X70 
Dowlas 574 S65 

Dmdner Bank 3825037950 
FeMmueMe 349 347 

F Krupo Haesdi 21X20 217 

Harpencr 332 332 

Henkel 417*0950 

HOCMtot 100* 1007 

Hoecfist 34X2034130 

Hatzmann 903 B97 

Harlan 230 230 

IWKA 38150 383 

Kali Sab 144 145 

Karatodf 621 62* 

Kauftuf 52450 51950 

KHD 1312013X20 

Ktoeekner Werfte ISO 14950 
Linde 917 923 

Lufthansa 19319250 

MAN 41150 410 

Manne sm tra 4 46 4 45JO 

MetallMell 222 228 

MuenchRveck 2850 2870 

Parsdie 770 7*5 

PrevSSOfl 44X30 44150 

PWA 22* 220 

RWE 44250 441 

Rturtnmetall 335 320 

Scherinp 1077 1070 

SEL 379 389 

siemens un m 

Tlivssen 2757027380 

Varto 3143)750 

Veba 514J05M50 

VEW 383382J0 

Vtao 47550 477 

VeDwraacn 4455047X50 
Wella 97450 9*8 

SSirS?# 


Helsinki 


13X70 13X50 
16650 16X40 
1X10 1X10 
4X20 47 JO 
323 32S- 

22350 225 

7250 7250 
75 74 

3750 37 JD 
8050 8050 
80l» BO 
5050 5050 
4750 
HJ0 *750 
75.40 7650 
49 4950 
5XJ0 5X10 
7750 78 

12X30 12050 
5X80 57.40 
122X0 122J0 
09 AO 89 

m.10 19X90 
47 JO 4750 
192 19250 


Amer-Yhtyma 

Lmo-GirtrHI 

Hubfamakl 

K.O.P. 

Kvmmene 

Metro 

Nokia 

Poll lota 


no 130 130 
If Jt30 3X10 

174 173 

11 JO 11.40 

m no 

168 170 

409 alS 
73 79 

8750 8X90 
21* 225 

: 171259 


itooaovens 
Hunter Douolar. 

IHC Caland 
idler Mueller 
Inn Nedertmd ROJO 
KLM 
KNPBT 
NadUavd 
Oce Grlnten 
Pnkhaed 

Philips 5X70 5X10 

Potyaram 
Robeeo 12X30 120.5D 

Rodamco 
Rallnco T23L30 122J0 

RarenlB 
Royal Dwlcn 199.10 19X90 
Stork 

Unilever ... 

VenOmnerm 52.70 5X90 
VNU 175JO 175 

WOtters/Kluwer 11150 111 JO 

gOE.tnde kLWJI 
Prevttws : 485JU 


Brussels 

AG Fin 2735 2745 

Arbed 4700 4880 

Barca 2300 zwo 

BtkperT 2S375 2SJ50 

Cock Mill 187 187 

CaMM 591 D 5990 

Delhatee 1350 1350 

Electrabel 5790 5780 

GIB 1560 1570 

GBL 4420 4460 

Gevaert 9200 9200 

Kredtettxink 6690 *700 

Petrofflna 10500 10575 

P owe rtln 3200 3125 

Royal Beige 5300 5150 

Soc Gen Banaue 8270 8290 

Sac Gen Bela mue 2320 7295 




Hong Kong 

Bk East Asia 
Cathay Podflc 
Cheung Kona 
Qilna Ughi Pwr 41 
Dairy Farm I nil 1X30 
Htng Lung Dev 13.10 
Hang Sena Bank Si 50 
Henderson Land 4X25 
HK Air Ena. 

HK China Gas 
HK Electric 
HK Land 
HK Realty Trust 22.10 
HSBC Holdings 8450 
hk ShanaHtts 
HK Telecomm 
HK Ferry I4J0 

Hutch Whampoa 31 JO 
Hyson Dev 2X80 

Jordlne Math. 

J arcane Sir Hid 29 JO 
Kowloon Mglor 14.80 
Mondorln Orient 11 JO 
Miramar Hotel 21 JO 
New World Dev 7420 
SHK Prana 
Stdvx 

Swire Poe A 

Tol Cheung Pros 11J0 
TVE ■»“ 

Whorl Ho kl 
Wing On Co Inti 11J0 
Wlnsor Ind. 11 JO 




35J5 3X50 
1X90 1X90 
37.25 37 J5 
41 41 J5 
1X30 1X50 
13.10 1X40 
51J0 53 

4035 «X25 
43 4235 
1500 15*0 
24 24*0 
2X70 2X90 
2110 2140 
*450 0* 

1110 1110 
15 1X10 
I4JC 1450 
31 JO 3125 
2X80 21 JO 
56.50 SB 
29X0 3X50 
14X0 1510 
non mo 
21 J0 2110 
2420 24.10 
49.75 5030 
3J0 1A5 
5X50 59 

11 JO HJO 
330 X45 
2930 3X25 
1130 1160 
1130 1)30 

: 9111.1* 


Johannesburg 

AECI 25 25 

Aitech 120 120 

Anglo Amer 234^ 231 

Barlows SC, 384. 

Blvvoor 9 BIS 

Buffels 48 48 

DeBoers 11416 11JV, 

Drletanleln 60 W.. 

Gen cor 11.40 HJO 

GFSA 114 114 

Harmony 2 SVj 741^ 

Hlghveid Steel 2HV? 28 

Klool 52 50Vi 

fJwJbor*. Grp X 30 

Randtanteln 404, 41 

Rusoiat 94 cs 94 

5A Brews 93CS 94 

SI Helena 43 43 

Sasol 2485 2485 

Western Deep 168 166 


Cenipoifte 
I Previous : 


inOex : 5*2X64 


London 

Abbev NaH 4J0 

Allied Lvan 5*8 

Arlo Wiggins 2J5 

Argyll Group 248 

Ass Brit Food* 529 

BAA 948 

BAe 465 

Bank Scotland 138 

Barckrrt 543 

Bass 513 

BAT 4J3 

BET 132 

Blue Circle 292 

BOC Group 7J2 

BOOTS 560 

Bowafer 439 

BP 290 

Brit Airways 4 

Blit Gas 293 

Brit Steel 1 J* 
Brit Telecom 182 

BTR 3J5 

Cable Wire 447 

Cadbury Sch 453 

Caradon 125 

Coots Vhrtllp 230 

Comm Union 530 

Courtoukh SJ2 

ECC Group 157 

EnterprlMOil 4.11 

Euraiumel 345 

FlSOns 147 

Fone 135 

GEC 109 

Gen'l ACC SSI 

Glaxo 5A1 

Grand Met 426 

GRE 1.79 

Gulmess 477 

GUS 5.<5 

| Hanson 251 

I Hllbdown >49 

HSBC Hldgs 7 3b 

ICI XI2 



Close Prev. 

mcncape 

4/6 

8X8 

Kingfisher 

5X8 

578 

Lcdbroke 

ixa 

1X9 


657 

655 

LoparTe 

7X2 

7X2 


102 

IJV 

Legal Gen Grp 

859 

85/ 

Lloyds Bank 

5X3 

S6i 

AtarksSp 

8.11 

407 

MEPC 

450 

850 

Nell Power 

453 

454 

NatWest 

4X7 

463 

Nttiwsi woler 

4X9 

407 

Pearson 

6X9 

6X8 

P&O 

6X3 

660 

Pllklnstan 

1X9 

1X7 


409 

4.78 


302 

2.99 

Rank Org 

3X4 

1*2 

Red land 

5.10 

550 

Reed Inti 

8X2 

8.17 

Reuters 

401 

4JI9 

RMC Group 

8X0 

806 

Rolls Royce 

1.92 

1.90 

Rolhmn ( unll) 

3.97 

IV* 

Royal Seal 

4.12 

4.16 

RTZ 

8 M 

8X3 

Sotosbury 

1*4 

3.92 

Scot Newcas 

5X8 

5X7 

Scot Power 

3X9 

304 

Sears 

1X4 

1X2 

Severn Trent 

5X1 

5.10 

Shell 

7.10 

6.97 

Stabe 

5X9 

5X4 

Smith Nephew 

1X1 

1X0 

SmlttiKllne B 

8 

196 

Smith (WH| 

8.96 


Sun Alliance 

XIB 

3.13 

Tate & Lyle 

457 

4.13 

Tesco 

227 

111 

Thom EMI 

11.05 

10.93 

Tomkins 

2X0 

2X2 

TSB Group 

2X5 

7X3 

Unilever 

1002 

10 

Uid Biscuits 

3X0 

3X0 

Vodafone 

5.12 

S14 

war Loan 3Vi 

81.97 

42 

Wellcome 

5.97 

5X2 

Whitbread 

558 

551 

WllltarroHdgs 

3X2 

301 

Willis Corraon 

1XB 

1X9 

F.T. 30 ladw: 2414X0 

Prevto»r]fil<40 

F.TX£ Irio toder : 305X0 
Previous : 3038X9 


Madrid 

BBV 3180 3145 

Bca Central Htsp. 2895 2B8S 
Banco Santander 5D20 4910 
BwePo 1055 loss 


3360 3320 
2270 22*0 
4300 4290 
228 219 

1030 1025 
4255 4230 
<60 4095 
1*45 1850 
Index : 31490 



CEPSA 

Dragados 

Endesa 

Ercras 

Iberdrola 

BbosoI 

Tabocotero 

Telefonica 


Banco Coaim 
Bastogl 

Benetton group 

ago 

CIR 

Cred Ital 
Enlchem 
Ferfln 
Fortin Rtsp 
FM SPA 
Finmeccanica 
Ganergn 
IFI 

llalcem 
■ taigas 
itaimablltor'e 
MedtobaiKO 
Monied boa 
Olivetti 
Pirelli 
RAS 

Rlnascente 

Saipem 

San Paaia Torino 

SME 
5a la 

Stgnda 

Stet 

Toro Asst Rise 


Montreal 

Alcan Aluntmum 321b 31% 
Bank Mamreal 24 to 24% 
Bell Canada 47% 47% 
Bombardier B 2iy« 21M 
Camblor 18M lB»b 

Cascades 8 BW 

Dominion Tut A *3* Mb 
Donahue A liw 1114 

MacMillan Bl lmt iffto 
Nall Bk Canada BW 8S* 
Power Com 20"% 21 



Accor 
AlrLlquldc 
Alcatel Alslham 
Axa 

Boncfilre (Cle) 

3IC 

9NP 

Bouyoues 

BSN-GD 

Correlour 

CCF. 

Cenis 
Choigeure 
aments Franc 
OubMed 

EK-Aauttatne 

EH-sanotl 
Euro Dbnev 
Gen. Eaux 
Havas 
I metal 

Lafarge Cappee 
Logrond 
Lyon. Eaux 
Oreal (L'l 
LVAH. 
Matro-Ha chert e 
MIChellnB 
Moulinex 
Paribas 
Pechlney Inti 
PenxxS-Rlcard 
Peugeol 
Plnawtl Print 
RadkrtectwUaue 
Rh-Poulenc A 
Raff. St. Louts 
Satnt Gahatn 
SJLB. 

St* Generate 
Suez 

Thoinson-CSF 

Total 

UJLP. 

Valeo 


Sao Paulo 

Banco da Brasil 41 JO 40 


Sydney 


Amcur 9 jo 9J5 

AN2 408 411 

BHP 18J4 1BJ8 

Bora I ISO 150 

Bougainville 0J7 OX* 

Coles Myer 4J6 4Z7 

Comal co 5J8 545 

CRA 1X94 19X4 

CSR 488 490 

Fosters Brew 1.14 1.13 

Goodman Field 1J7 1J7 

ICI Australia 11.08 11i» 

Mogellon 2 2 

MIM 115 122 

Nat Ausl Bank 11.12 11.1* 

News corp 9JJ4 9J4 

Nine Network 472 4 JS 

N Broken Hill 149 172 

Poc Dunlap AH 439 

Pioneer Inti 3D1 3£5 

Nrmdv Poseidon Z2S 125 

OCT Resources 1-44 143 

Santos 3J5 191 

TNT 240 2J9 

western Mining X14 8.12 

westpac Banking 441 451 

Woadslde 440 441 


185 3.91 
240 2J9 


Banespa 

Brodescp 

Brahma 

Cemtg 

Elelrobros 

Itouboncd 

Li ght 

Paranaoajiem 

PefroOcas 

Sauza Cruz 

Telebras 

TeiesP 

Usiminas 

Vale Rio Doce 

Varta 


1750 17 

1330 1190 
5*5 550 

154 150 

4U0 415 

410 494 

518 480 
39 39 

,232 228 
000011.799 
86J0 8440 
710 675 

2JS 2J2 
232 220 

225 220 


Singapore 


Cerebos 
dry Dev. 

DBS 

Fraser Neove 
Genring 
Golden Hope PI 
Haw par 

Hu rrw industries 
Inctioape 
Kennel 
KL KCPong 
Lum Chang 
Matayan Banka 
OCBC foreign 
OUB 
OUE 

Sambawana 
Shongrlla 
31 me Darby 
SIA foreign 
SYjct* Land 
Stwre Press 
Sing Sleamshlo 
S'paTe Telecomm 
straits Tradlne 
UOB foreign 
UOL 

tsmsfats 


X20 845 
7.90 7.90 
11 JO 1IJ0 
iajo 1840 
1840 1X10 
2J8 247 
148 348 
SJ5 IB 
5B 5 JO 
11 JO 11.10 
132 104 
1.47 144 
875 X40 
1120 13.10 

*J5 fcJO 
X55 XS5 
NA — 
5J0 5J0 
196 3J* 
1130 1170 
7 JO 7 AS 
1X20 15J0 
XI J 414 
SM 346 
3J4 3J6 
11.90 11 JO 
2JS 2J5 
: 226413 


Quebec Tel 
Quebecer A 
Ouobecnr B 
T el e glo be 
Untva 
vwe a tran 
NM rlGlsI 
PmHMS: 1i 


20 to 20% 
17% 18 

IS 1756 
IBto 18*k 
646 6% 

13 13 

: 186X44 


Stockholm 

AGA 393 393 

AseoA 594 595 

Astra A 167 169 

Allas COPCD 96 9330 

Electrolux 8 374 372 

Ericsson 381 385 

Esselle-A 118 122 

Handfflsbanfcen 100 103 

Investor B 180 178 

Norsk Hydra 22S 225 

Procardia AF IS IS 

Sandvlk B 115 113 

SCA-A 113 113 

S-E Bonken 4930 50 

Skondla F 114 114 

S kanaka 174 178 

SKF 138 138 

Store 407 410 

TraUeberg 8F 108 107 

Volvo 742 736 


Tokyo 

Altai Electr 
Asatii Chemical 
Asahl Glass 
Bank oi Tokyo 
Bridgestone 
Canon 
Casio 

Dal Nippon Prim 
Dotwa House 
Dai wo Securities 
Fanuc 
Full Bank 
Full Phalo 
Fulllsu 

Hrtachl 

Hitachi Cable 
Honda 
Ho Yokado 
Itochu 

Jcexm Airlines 
Kallma 
Kansal Power 

Kawasaki Slrtri 

Kirin Brewery 
Komatsu 
Kubota 
Kyocera 
Matsu Elec Inds 
Matsu ElecWks 
Mitsubishi Bk 
Mitsubishi Kasel 
Mitsubishi Elec 
Mitsubishi Hev 
Mitsubishi Cora 
Mitsui and Ca 
Mltsukoshl 
Mitsumi 
NEC 

NGK insulators 
Nlkko Securities 
Nippon Kogaku 
Nlpnan Oil 
Nippon steel 
Nippon Yusen 
Nissan 
Nomura Sec 
NTT 

Olympus Optical 
Pioneer 

Ricoh 

Sanyo Elec 
Sharp 
Shlmazu 
Shlnetsu Chem 
Sony 

Sumitomo Bk 
Sumitomo Chem 
Suml Marine 
Sumitomo Metal 
TolseiCorp 
Talsha Marine 
Tokeda Chem 
TDK 
Tallin 

Tokra Marine 
Tokyo Elec Pw 
Taman Printing 

Torcy Ind. 

Toshiba 
Toyota 
YamaKfil Sec 

o: x 100 . 


Nfldnl 225 : 21395 
nc«Mu;li«) 
Tpptx bdex : 1391 


Toronto 


Abram Price 1*% 17 

Agntat Eagle 16 16to 
Air Canada *% 6% 

AlbertaEnergy 3M ZM 
Am Barrtck Ro 31% 32 

gCE 47% 47% 

Bk Nova Scot la 2SU 25to 


AftaMveeriden : 184X11 ICIBC 29Y> 7?y- 

I Previous : IMiJl ) Canadian Pacific 20^ 2fto 


BC Gas 

BC Telecom 

Bramalea 

Brunswick 

CAE 

Cam dev 

CIBC 


144b 149b 
U* 24to 
X2B P 7 B 
10 % 10 % 
Mb «9b 
5 5 

29W 29ft 


Can Tire A 11»* 

Cantor 18’v 

, Cara J.U5 

CCL Ind B 8% 

Cineuiex -A 0 

Com Inca 22% 

Conwest ExpI 23 

CSAMgtA 11% 

Dofasco 20'b 

Dvle* A 0 JD 

Echo Bay Mines 14** 

Eaultv Silver A XW 

FCA Inll X8Q 

Fed Ind A 6% 

Fletcher Chat I A 18 

FPI 
Gcnlra 
Gulf Cda Res 445 

Hees Inti I3»b 

Hernia Gld Mines 111 
Hoi ling er 15% 

Horsham 

Hudson's Bay 28to 

Imasco 35ft 

Inca 36^4 

Jamxtck 15ft 

Lobatl 71% 

LobtawCo 22% 

Mackenzie 
MoenoinilA S*to 

Maple Leaf 
Maritime 254b 

Mart Res 
Molsoo A 22ft 

Noma ind A 5ft 

Noranda Inc 25% 

Ho rondo Forest 12ft 

Norcen Energy 14ft 

Nttm Telecom 42% 

Nova Corp N.a 

Oshawa 20 U 

Paourtn A 

Plocer Dome 29ft 

Poco Petroleum 10% 

pwa Cora o jo 

Rayrock 17ft 

Renaissance 29% 

Rogers B 19ft 

Roth mans 73 

Royal Bank Con 28 

Sceptra Res 13ft 

ScnrrsHosp Bft 

Seagram 43ft 

Sears Con 7ft 

Shell Can 42 

Sherrttl Gordon 11% 

SHL Systemhse 10 

Southern IBft 

Soar Aerospace it 

S lei co A 7ft 

Talisman Energ 27ft 

Trek B 24ft 

Thomson 15% 

Toronto Domn 21ft 

Torstar B 23ft 

Transalta Util 14ft 

TransCda Pipe 17ft 

Trllun Flnl A 445 

Trhnoc I5vy 

Trtzec A X26 

Unicorn Energy 145 

Sitf 1 - 


Zurlch 

ArSalnti B 
Atusulsse B new I 


235 245 
669 667 


BBC Brum Bav B 1217 122D 


Cfta Gelgy B 840 853 

CS Holdings H 593 <02 

ElektrowB 373 372 

Fischer B 13*0 1370 

IntenUscounl B 2375 7428 

JelmoJI B 870 875 

Landis Gvr R B60 870 

Moevenolcfc B 455 4SD 

Nestle R 1182 1196 

Oerllt Buehrle R 144 145 

Porgesa Hid 8 1M0 1640 

RocneMdg PC *770 *805 

Safro Republic 126 126 

Smrdaz B 751 745 

Schindler B 7990 79QC 

Sulzer PC 934 940 

Surveillance B 2150 2130 

5wtssB4ikCaraB 414 420 

Swiss Retnsur R 600 *04 

Swteolr R 790 794 

UBS B 1227 1W2 

Wbiterlluir 8 745 745 

Zurich Ass B 1395 1195 

SBS Index :9i3J9 
Preview ; $7741 


8*0 >70 
4S 450 
1182 1194 


*770 <805 
126 124 

751 745 

7998 7980 
934 940 
2130 2130 


(t*$easyto 


j»s» cod, tefl tree: 

05 437 437 


v * Asjceiafed Pie 


jeason Season 
High Lew 


Cs+n h gr. lc* r :« Chg Cs im 


Grains 

WHEAT ICBOT1 S MT tx, r'-'.'wjn-.. O.&I’Z *■ 
35* 1.96 JUI94 3J*Vr 3.41 JJ6 T 

3J7'i 3JC Sea w 1 C*t 147 Sj 2 ; 

1*5 105 Sec74 35* 35B‘: U4' : 

lal 127 Mar 95 J.S7 iML': 2S7 

150' I 116V; May 95 
3.42ft 111 MU JJ» JJ2’-. 1> 

Dee 93 

Est safes 15 000 Thus sal« r.097 
Thu's Open inr S7.7E C* 1135 
WHEAT IKBOT) scddebj w»,trun.dwfc-i or 
155 197 ix: 148 L42 ] 4 

1 3J5V> 382* 1 >p 74 3.J4'.. li»». ju\. 

160 3.1 2’. 1 Dec 94 2J3 X5S : . 351'* 

055’h 325 Mor9i 353 X5* 3-53’. 

145 OJItoMaylS 146to 3J*’ : 3J6 

133ft 127'- Jol H 

Est. sties NA. Hw s. sales 
Thu's flpmril 

CORN (CBOT) jJHbuimnvn-Mmnviiui 
II6V1 241 Jul94 2J3 2JS 172 : 1 

2.92ft 2A0toS*p94 X66ft zn 2A+ft 5 

2J7ft 2J4toC*c94 2J»>* l*3'.i 2JS% 2 

2-79 V, 068ft Mar 95 2J»ft IMVr 1 

182 2J3 Mav9S 2.71*1 2.73 2JI'a 2 

Zfl3'-< 2J4 Jul 95 2.74 274 272 3 

1S7 255 Sep95 26V: 2*11; 261 "j ] 

259 243 Dec 9 5 2J3 2J5 1 .. 253 3 

Est. ides 47JI00 Thu's, sales 39JD9 
Thu'S open irt Ml. 757 ofl 542 
SOYBEANS l CBOT] uoaDunvwum- Wnc 
7 JO 594V, Jul 94 6J7 6J2'y 4.75 

7JS <J8 Aug«4 6J4 4.91S 6J< 

7.08ft 6.17 5«P 74 L59 4ASV; 6J5 

7J7ft SJSVtNdvM 6.4* S *J4ft M*S 

4.97% 6.13 Jon 95 652ft 6J9 6J2ft 

7.02% 6.18 Mar 95 6J8 6.W *JB 

7JHS 4J1 MOV15 * 62 4.64'; 6eBS 

7JJ3 6J4 Jul IS 4 63% U8S 6i3ft 

4J0S LBISNnvW 6JD 4-B el7 

ESI. sales *5.000 Thu's. vPes 30.5*4 
Trt/S open Inf I47A« Ofl 884 
SOYBEAN MEAL (CBOT) 100 WI- OMm per • 
23X00 I85J0JUI94 19X50 19750 1 95 JO 1 

22100 18500 Aug 94 HSJ0 197 JO I9SJ0 l 

21X00 IKLIOSeP 94 19C50 19640 194J0 I 

MeXQ laaoootjw I92J0 i»4jo i92ja 1 

209-00 1 7X80 DOC 94 19100 193 JO 19100 I 

301 JO 17X80 Jm 95 19200 19250 192.00 1 

M30C 1 0100 Mar 9S 19250 19SJ0 192J0 I 

70100 18100 May 95 T9150 194.50 19100 1 

19X50 18200 Jul 95 194J0 195.00 19400 I 

Est. ides 18000 Thu's, sdes 10043 
Thu's open kit 11,977 ofl 1 m 
SOYBEAN Ofl. (CBOT) umet dMngnie 
3002 J I -55 JUI 94 27 J? 4705 2747 5 

3005 2105 AU0 94 77.75 2703 7707 J 

30J4 ZJ. « SCP 94 Z702 27 JD 27 J5 3 

79J4 221000 94 27.15 2705 2695 I 

2807 2200 Dec 94 2645 2670 JxSO 3 

2X5 220SJOn95 2650 7655 2640 3 

205 74.70 Mar 95 2630 2638 2625 3 

2B05 2407 May 95 2625 2630 2615 3 

2705 74 65 Jul 95 2605 2620 H05 3 

3500 2680 Aug *5 3 

Est. sofas 18000 Thu's, sales 10J87 
Thu's open W 86521 ofl 41 


Livestock 


CATTLE (CMStl 4600# t»i. aern owfe 
7527 6ZjOJun94 44J0 6X75 64.40 *652 

7107 4ZISAUO 94 6130 44.97 4120 64 77 

7610 65-70 Od 94 «TJ5 4615 *7.10 6707 

7630 67 JO [X< 94 *800 WJO 6X45 4X97 

7633 57.90 Fab 95 *9-50 7X10 6725 69.95 

7X10 000 Apr 95 7X03 71.15 7002 71.15 

71J 6490 Jun 95 6700 6X10 <7.73 6X05 

Ed-sakn 12-547 TtoYksdes 31299 
Thu's open Id 7*045 ofl 755 



71. 10 Aug 94 

72X7 

74U 

72.40 






72.10 



71X00094 

7250 

7127 

7205 


8800 

7265 Nov 94 

7365 

74.50 

73 25 


H.95 

72.95 Jon 95 

a*o 

7100 

7170 

78,01 

80X5 

72X5 Mar 96 

7300 

7180 

7345 


7605 





7100 


Ed. ides 1W7 Till 6 sales JJ25 
Thu’japenW 16567 UP 388 
HOGS (CMERI 4gjB0B*.<w*5iirr a, 

5607 4500 JiZI 94 46.10 87JS 4610 4702 

5507 4500 04 94 4670 47.45 46*5 4707 

SJ0O 4400 AUB 94 4407 4725 4407 4702 

47.75 «WSW« 4305 44.10 43J5 4600 

BJB 005 DeC 94 4630 4807 4800 46*3 

5000 B.lOFgC 95 6615 4400 44.15 4800 

4X8b «.NAcr95 8300 <1*3 4305 4X40 

57 JB 4200 Jun 95 a 90 48.AI 4X90 4X90 

4U0 4720 Jul *5 49X0 49X0 49X0 47X0 

Est. sdes 6244 Thu'S, sdes 6,133 
TWiPPenint 29J81 id 71 
PORK HELUE5 (CMERJ 40XOOtr-ermtBw »■ 
CO O 3900 Jut 98 8X92 4200 4005 47 76 

59 JD 3X75 Aug W 80X0 8I0S 4X00 41.12 

*1.15 ]9.l0F«b9S 4700 4600 4700 48 20 

8X90 3X40Mor*S 4700 

*100 42*0 MOV 95 4905 «*.95 C0S 49.95 

5100 813001195 50.70 

ml* 49J5Au09S 5000 

Est 5t*as 2-282 Thu's, sales 1090 
Thu’s open W 0088 up 200 


-Cj= 0UO8 
- 3 —ft 11,762 

-2C'« ’.X964 
• 1.993 

-0.3 el 
-X15 « 


■003-. 17.033 
-XM 40X5 
6.72- 

ioj'. i.ta 

-a J?: 33 
■003>v 33 


-002 97.694 
-003'. 76.238 
.0X4 8SJ46 

-O03i 1X401 
-X08 1054 

-X03ft 2.836 
-003 14 

-001 X851 


-X09‘. 47056 
- 0.10'- 17.730 
-0.10 9035 

-XIOft 4007? 
-0.11 5080 

-XlQft 2033 
-009’. 1030 
-008’ . 1.575 
-000% 1069 


►X10 250»« 
-300 17.719 
-110 10.747 
- 160 5015 
>160 17014 
*3JD 1,720 
-620 1.B18 
-650 359 

>400 7X3 


22,536 
15. >37 
-001 11056 
•009 8068 
-0.10 21085 
-DJI 2098 
-023 2.149 
-000 1 051 
-tuo 2J3 
*007 2 


- 1.20 8025 
•497 30076 
-X72 15.112 
-0J7 11.218 
•055 7056 
*078 3017 
*005 601 


• X*S 70M 

—003 707* 
*003 2.288 
*005 1,731 
♦0.10 573 

*0 43 52 

* 025 84 


*)0S 2088 
< 0 77 9.744 
*0X7 8.563 
>003 8045 
• 003 3.122 
-000 778 

•0 15 436 

•003 ?10 

-0.10 35 


• 1.93 80W 

* 105 1691 
-OK 845 

-X45 77 

•X75 J7 
-0.70 12 
■105 2 


LUFF EEC (NCSE) 

18500 *690 JI8 98 IZL50 177.00 127 JD 

16100 68J0SepM tttJO 12X75 12108 

137JS 77. la Dec M 1 1900 173X0 1 1805 

11800 7X90 Mar 95 117.00 17X50 11700 

i n 75 82-50 Mcrv 95 11475 HX2S 11475 

13000 HDD Jul 9S 

12X00 njnswfs 

Esf. Ides II07D Thu’S, ides 13.988 
I Thu's C**wiW XX. 793 dl 587 

SUGAR-WORLD II (NCSE) ItpXBkn.- nnhi 
I 12X0 9.150898 1X46 1X57 1132 

I 12X0 9.42 Od 94 120* 1209 1200 

1X10 9.I7MR9S 1199 1 203 1188 


12X20 • 035 !6J0« 

• 0AS 1X872 
I225D *1X5 1X195 

11905 *1.00 7,351 

11X15 -1.15 1.001 

H9.I5 *1.15 in 
11X15 115 Jl 


1208 -002 37.973 

13 82 -X02 M.9JJ 

ll.9» - XD7 26.732 


High 

Low 

Own 

Hfe* 

Law 

■.ic: 

1CX7M3V95 

P 95 

11.96 

11.90 


lCX7Ju:7S 

11.90 

11.90 

1105 

•■•S3 

I3JTCW95 

1180 

HJO 

1100 

11 JO 

laOMcr** 




Es: saw 

i 18,731 Thu's-sdes 24,790 

Thu'S osert inr 137 902 

ua 4878 


COCOA 

(NCSE) lOnwricmm-ucrw 

I486 

999 Jd 91 

130* 

1326 

1293 

14Z5 

1020 Sec 91 

1335 

OS3 

1316 

155* 

1311 DSC 94 

1373 

1390 

1340 


1077 Mar 95 

7395 

1808 

1398 

1170 

1072 May 95 

1434 

1835 

1434 

lf93 

1225 Jd 95 




1350 

12*5 Sec 95 




1570 

1290 Dec*: 




14C8 

1150 Mar 96 




Esl Sdes 9030 Thu s, sates 

13.521 


TTxx sapcn mf 72^345 

ofl 2052 


ORANGE JUKE (NCTN) i560ORn.-ce^iPCT 

13i» 

92X5 Jd 98 

95.® 

95.90 

9415 

1)4X0 

9100 Sep 98 

98.00 

98.10 

9*X5 

134 00 

96X5 Nov 98 

9900 

99X0 

98X8 

13200 

97.70 Jan 9S 

100X5 

10100 

10000 

12425 

99X5 Md 95 110X5 

103X5 

10200 

11425 

700-50 May 95 10400 

10500 

10400 

119.00 

10500 Jul 95 





Season Season 
Hah Law 


Open High Law. 


11IJD 111 JO Sep 95 

Nov 95 

Esl. soles 2000 Hu's, sdes 2 062 
Thu's open wit 22088 off 1*3 

Metals 

HI GRADE COPPER (NCMX) tUOOft-aM 
10900 7610 Jun 98 1D20O 10900 108*0 

11X30 7400 Jut 98 109 JO 10900 10X30 

11020 7690 Sep M 10900 109 JO 10800 

108X0 7505 Dec *5 107 JO 10700 10X60 

10200 7690 Jon 95 

10200 7100 Feb « 

107 JD 7100 Mrv »S 10SJ5 I05J5 10X55 

1Q20D 768SMoy 95 10420 10630 10420 

10400 7800 Jul 95 103.40 10300 I0X« 

11000 7X30ADB95 

10300 79.10Sep95 

9X20 7 520 Od 95 

9200 77J5NDV9S 

102X0 aa.cn Dec 95 lOUO 101 JO 101 JO 

92X5 88 JD Jan 96 

99 JD 4220 MarH 

9400 91. 10 Apr 9* 

Est.sdes 8000 Thu' s. sales I2ji* 

Thu's open kit *2040 up 1049 

SILVER (NCMTO unwva-emprlnivn 

5880 51 5J Jun 98 

SB6J 3710X898 536J 5390 5330 

Auq w 

S90J 37X5 Sep 94 S810 5880 S37J 

597.0 3900 Dec 94 5500 551.0 5460 

5*40 401.0 Jan 95 

*040 41X5 Mar 95 5S7J 5580 557.5 

606J 41 80 May 75 

*100 4200 Jd 95 

81X0 4910S.B9S 

428.0 5390 Dec 95 5810 5810 58X0 

57X0 57X0 Jan 98 

*180 5800 MA 96 

Est. solos 20000 Thu's, sdes 27048 
TtbrtWdl felt 12X377 up 1B14 
PL8TWW (NMER) 96ws.-88nmne 
43700 15700 Jut 94 401X0 40400 400*0 

43500 36800 Od 98 40800 Jftnn me 

429JD J76B0 Jan 75 40800 40800 80800 

42800 39000 Apr 95 41X00 41000 41000 

Est. sales X706 T7»rs. sdes 2J99 
Thu's ooen kw 22047 ofl 8 
SSy *^SSP, l®heyot-a(8wsoerlruria. 

SSiTJ “420 38200 

41X00 341 JO Aug 94 38X40 38X30 394X0 

4I7JB 34600 Od 94 38X50 38X0 Mnn 
C6J0 36100 Dec 94 391XO TOJO 27100 
41100 36XJDFeb95 39650 3963 3MJD 
41700 3*650 An* 95 

47SJ0 3*100 Jun 95 

412J0 38CL50 Aug 95 

8U30 eiojooa *s 

87700 «LMDec9S 
<24JQ 41230 Feb 96 

Apr 96 

EB- SOtel. 17.000 Tfti-S. sales 20 J34 
Thusopenm 136X49 up am 


*002 6003 
* 002 1X»7 
*008 726 

*00* 49 


*38 IBJ3P 
*22 25359 
*23 1030* 

♦ 23 7JM 
tZ3 2,980 

♦ 23 2345 

♦ 23 1,170 

♦ 23 3,1*7 

*23 3 


-U» L*W 
-100 7,922 
—035 1050 
-05S 2,977 
—055 
*075 

*a/s 

+ 025 
*135 


+005 *18 

— 0.15 33,911 
-8105 149*0 
X2Q7 
♦O10 249 

*0.15 

*020 2.Z32 
+030 781 

+ 040 738 

-010 577 

+ 040 5*4 

—005 

+099 747 

*050 
+ OJO 

*020 54 


—08 2 
—OB 77X40 
-08 

—OB 11X87 
—03 17.177 
-OB 

-08 5,739 
-OB 
—OB 
— 08 

— 08 2077 
—08 


+ 1X012X92 
+ 1J0 7X87 
+ 1-50 1J13 
+ 190 1.155 


♦ OSD 989 

♦ OJO 

♦ 050 70X09 
+ 0X0 5.178 
+0X0 28.139 
*0J0 

*0X0 6194 
+050 7,589 
+ 050 1.133 

+ DJ0 

♦ OJO 6459 

♦ OSD 
4050 


*6520 9I310Scp«5 93JT0 9153# 93.00 9X848 -J9W.W 

*6280 91, 180 Dec 95 93280 9X310 93.180 93JOO — BOQOU 

96220 10750 Mar W 91238 922S0 9X180 9X150 -80122X27 

ESL sales NA. Thu'S, sdes 308099 
Thu's open int 2XAX554 ofl 13888 . 

BRITISH POUND (CMBU ivemmieMMIUBB.-. 
1.H2* 1X874 Juri 94 1J000 1J096 1X060 1J090 -W 71X77 

1X200 l.44«)SepM 1X0M 1X07* 1X038 1X0*8 . .—8 21,992 

1X170 1X500 Dec 98 1XDI0 1X088- IJDU L5BS2 —8 157 

1X170 1X680 MarM 1J030 1J030 1X030 1X838 -8 _W 

Est. sates NA. Tho's-'U^s 17jm — 

Thu's open bit 43038 oft 690 

CANADIAN DOLLAR (CMER) SPCrdr-1 nWMHblURT . 


07805 0710 Jun 94 07778 07790 07272 07274 +1 17084 

07780 07068 Sep 98 07250 OT2S2 07382 07248 - el 22092 

07*70 6-7038 Dec 94 07230 07230 07712- 07214 '1 .I0M-. 

07*05 OJIQOMirfS 07190 07190 07190 07189 +1 SS7 

07X23 0X990 Jun 9S 0710 071*2 OJMH OJM4 . +1 133, 

071*0 07BMSep95 07140 OTIC 07141 07141. ♦!. 14 : 

Ed. sales NA. TTWvsoto* 9099 . 

Thu- s open kit <3061 alt 1074 

GERMAN MARK (CMER) spermoh-I poHraettnUOn 

0X133 0X607 Jan 98 0X99* 0*010 0X991 00001 -.+*89X51 

OAT01 05600 Sep 94 0X987 0XDQ3 0X980 0X993 **4L2S8 

00105 0X590 Doc 98 05990 00000 0X085 05995 *7 177 

000* 0J960Jun?5 . .0*011 - *7 

00070 QJB10Mar96 4*003 +7 453 

Est sales NA Thu's, sates 49019 

Thu's open W 138,907 ofl 4418 

JAPANESE YEN (CMER) ipvym- 1 peUmuassOOHOn. . ‘ . 

000 9950 008871 Aw 98 QB0967« JB9i*SB .009*0«Ua9»88 *27' 30251 
O0WOT7OJI8896?Sm 98 O0C9601OOOV732O0O9A63Q0D9712 +18151093 
OJnoa7nLDW5SSOec M D0CF747TlJD97VOa0O974ft0O9781 *29 J07D 

(Un015018l7777*Jun»5 . 0009938 7 *3J‘.'T ‘47 

aoi012aU»96IQMar96 0009054 +39 3K 

Est. sales NA Thu’s, sales 35033 '• - 

Thu’s open int 86199 Ip <28 . - ... - 

SWISS FRANC K3KRI * Mr franc- IcoM wmiinuxni - -l 
07178 00090 Jun 94 07096 07129 07087 07119 *2772009 

07190 0X600 Sep 94 07095 07133 07092 07121 +322XW8 

07185 0X885 Dec 94 07110 07140 07105 07137 . . 434 ' 44* 

Jun9S 07199 . . ♦38 - '3 

MarM 07139 +38'...- 1. 

at.soies NA Tim's. sales 18,911 
Thu's open fed 49038 up 898 


+35 ‘5 SI 
+32 316 


+3272096 
+32 2X188 
+38 - 411. 
♦38- '3 
+3 1. 


Industrials 


Financial 


JJST.flflXX ; (CMS.) s.wm«*.p„ - ,0BD a . 

22 nM 9191 WJ* 9500 —am 9093 

SIS %% 

96S 9650 16S) -4JB 1X83 

Thu's open In! 35045 off 23? 

IKRS &«««•«■«■ § M 

«580 Thu's. sales 4Usi * 

»i«xeopn»- Miaua up pa 

ts ZM n 1SS JUz {“ JSffi 
SSBS l£S Sz ^ 

105-22 69-20 Jun95 Hi J , 

&..soles 115000 Thu's, sales tojsi * 

ThitmnW 766746 up 2524 

(CBOT) dpd-sWM M uu 638ms or Mo pen 
119-29 91-0* Jun 94 105-22 106-03 I05-0Z 105-08— IS 7 jlSa 
118-26 90-17 Sep«8 104-25 l&® teJn IM-1B-* & 2K^7 
1 MB 91-19 D8C 94 104-04 1M-1* ©08 BH2- * 

tS ,|BH ® ,0 - n 'O-’S- I* MK 

JIJ*IS 99-00 Sep 95 lei —Vi I* ,-j 

3-18 98-77 Dec 95 lS^IS — 1* H 

114-06 98-23 Marie « _o_ }t 2 

Ed.saln *2500 Thu's. ictes 710J44 ® 

Thu s open inf 414059 ofl 834 

MUIWOPAEBOT605 (CBOT) SHU* wdr-^hAlMitf 190x1 

1 04-57 87-0* jun 94 93-19 93-23 93-08 93-10 10 lira 

K-17 86-13 Sm*4W-23 97-27 97*0 - i £9 

Est sdes ISO Thu's, soles 10152 ,4k9 ° 

Thu's open kit 79.958 all 644 

EURODOLLARS (CMER) SI nWton-aner I0D M 

750ft 90 ®0 Jun 94 93681 ILW 0L41D 9S.43B 

955» 90060 Sep 94 96S» 96900 +6A4D 96MB -20An^c 

11180 90710 Dec 98 96230 M7« 76 1H uSn JnK 

95X00 90740 Mar +5 94020 94050 41.950 9X770 M317W 

94730 KL710 Jun 95 93.780 9175D hIt 6 nxra 


COTTON! (NCIH) SLaep-EcirtPtfO . 
8665 58X0X094 79.90 8025 79X0 

7800 59X10094 77X0 77X5 7770 

7675 »0SDec98 7*00 77J» 7625 

205 *2J0Mar95 7775 7700 7722 

7800 *600AAoy9S 77 JO 7870 7705 

7825 7tU0 JlH 95 77X0 7BJD .77.W- 

7*05 71 -80 Oct 9S 7428 7650 7425 

&.iate 12X00 Thu's- sales 10,928 
TT»/sopenlnt 51277 eff 1413 
FCATWIGM. CNMBU 42dB ad- amts peg 
aa> 4775 44-ss 

4705 8825 4700 

g.J7 4180 Sep 94 4800 49.15 4035 

gJO 4490 Od 94 4905 50-00 49JD 

HLft 46UNOVM 50X0 50.95 50-50 

5900 4630 Dec 94 S10O 5200 51 XD 

4325 Jan 95 52.15 52-40 52-00 

»J5 47.95 Fab 95 5225 52X0 52.15 

® 00 Mar 95 51J5 51X5 51X5 

5500 4305 Apr 95 50X5 SBXS SBXS 

SJJ0 470OMay9S 4900 4900 49X0 

Est.soles 70080 Thu's. sales 30223 • 
Thu's ope n in+ 123,981 up 3889 
hW«T««^ratt»l! (NMER) iMd-d 
20.78 1615 Jul 94 1870 1889 180* 

70ra 14X5 Aug 94 1815 1826 1707 

2078 1631 Sep 98 1705 17X2 17X5 

2073 14X50094 17J8 17J5 17J8 

2049 UB2Ngv« 17X5 1705 17X3 

7080 1693 Dec M 1700 1700 17 JO 

]705 15.15 Jan 95 17X0 17 j0 17A8 

1*00 1628 Feb 95 17X2 1700 1LS2 

2046 1502 Mar 95 17X0 1700 1700 

)J0J 15-55 Apr 95 17J4 17X8 17X8 

17-2 15X9 May 95 17X8 17X* -17X8 

15J3JUR95 1708 1708. 1700 
17.73 1605 Jd *5 

18ft 1616 Aug 95 

1908 1628 Sep 95 

W.I7 1642 Oct 95 

1727 17.I5NOV9S 

1650 Dec 95 1702 .1702 1702 

17« 17.15Mcr96 

2000 1702 Jun 9* 

^ -soles 121009 TVs sales 151,119 
Thu's even bit 8270*1 up 23*6 
UNLEADED OUOUNE (NMER} dxaam., 
4U0 M.10 Jul 98 51X0 52X3 51-?i 

4000 43,90 AuB 94 5170 5205 5U8 

MOO Mft3ep98 5100 5705 SI. IS 

SIM MIOOdM 4900 5080 49.90 

£75 4275 Nov M 49.10 49X0 4900 

5400 HUB Dec *4 sm- SOS 8200 

5-10 50X0 Jm 95 5205 S45 5200 

2-75 51. 10 Feb 95 5700 5200 52X0 

Ejsl.igfcs 2L742 Thu'8 serin 40X35 
Thu's open bit 0*031 oil 173* 


7900 -CU0T2XM 
770* — 021*083 
7*08 -OM 26033 
77X1 —008 .3088 
77X7 .+DJ1- 1050 
7825 — 8XO .539 

74 JS *805- . ft 


-814 SLOT 
— 8W18JOO 
—828 TZ8S3 
-809 8030 
—00* 70V 
—009 16+53 
—614 9X89 
+071 6723 
>007 3093 ■ 
+034 \m ' 
+0X6 2025 


-aimw 

—0X4 80.1*5 
-<m*84J2 . 
-827 27.145 
—828 W094 

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Enterprise May Lift 
Its Bid for Lasmo 


Page 15 

EUROPE 


CfWbtOurZatJFMDwte 

LONDON — An independent 
valuation of Usmo PLC wShlrob* 
ably prompt Enterprise Oil PLC to 
improve HsM for the oil and gas 
cxpioraiKHi and production awi- 
pany. analysts said Friday. 

After the release Friday of the 
valuation, which put Lasmo's net 
aseis at 180 pence to 211 pence 
{52.71 to S3. 18) a share. Enterprise 
said it would not offer a cash alter- 
native to its all-paper offer for 
lasmo t launched on April 27, un- 
less a rival bidder appeared. But it 
did not rule out a higher offer in 
securities or in a mix of cash and 
securities. 

One senior analyst said the lack 
of a full cash alternative made it 
even less likely that Enterprise's 
offer, which is scheduled to close 
Friday, would be accepted bv 
Lasmo shareholders. 

. Under current terms. Enterprise 
is offering 27 new Enterprise A 
shares and 12 Enterprise warrants 
for every 80 Lasmo shares held. At 
the close of business on April 27, 
the Enterprise bid valued each 
Lasmo share at 150 pence, with the 
whole company valued at about 
£1.4 billion. 

In its document to shareholders. 
Lasmo said the valuation, conduct- 
ed by the company DeCkrfver & 


Philips Gets 
A $2.5 Billion 
Credit line 

Bloomberg Business .Vm 

AMSTERDAM — Philips 
Electronics NV said it received 
a $2 j 5 billion revolving stand- 
by facility, the largest ever for 
a Dutch borrower. “With this, 
we are buying some security 
and flerituhy in financing,*’ 
said a Philips spokesman. 

He said the facility is not 
intended as a means to finance 
an acquisition. When it pre- 
sented first-quarter earnings 
last month. Philips said it was 
cm the lookout for a large ac- 
quisition in the media. 

By the end of the month. 
Philips will pay out of its cash 

3 lus the r emaining $800 
on of the 52 biQioo loan it 
took oat in 1990. 

The company said the facili- 
ty has a maturity of five years 
and allows for multicnrrency 
drawings. 


MacNaughtoo. es timated the hay ? 
case valuation at ISO to 21! pence a 
Share, or at 2X6 io 252 pence if 
average oil prices rise by $2 a barrel 
A Hoare Go veil oil analyst, Nick 
AntiU, »id that at the current En- 
terprise share price of around 410 
pence, the Enterprise bid values 
each Lasmo share 3t only around 
136 pence. Lasmo dosed at 142 
pence Friday in London trading, 
up 3. 

Mr. Anifll said Lasmo's net asset 
valuation, although higher than 
many market estimates, was “not 
surprising" given that it included a 
valuation of aO Lasmo’s assets, in- 
cluding exploration acreage that is 
noi currently under development 
and commercial, technical and ex- 
ploration potential. 

In estimates of Lasmo’s valua- 
tion made in U.K, financial circles, 
which range from around 1)0 
pence to 120 pence a share, there is 
“nothing for this theoretical valua- 
tion erf assets," he said. 

He said Enterprise "will have to 
improve the terms of its bid" for 
Lasmo. with either a partial cash 
alternative or an increased all-pa- 
per offer. 

But, even with a partial cash al- 
ternative, Enterprise is unlikely to 
be successful, he added. 

Mr. AntiU said he expected the 
Enterprise bid for Lasmo to lapse, 
with no other bidder likely to come 
forward with a cash offer. 

Societe Generate Strauss Turn- 
bull’s oil team said Enterprise was 
“obviously going to have to re- 
spond" to die Lasmo valuation. 

H Our view is that Enterprise is 
probably going to have to make a 
higher bid," although anything that 
valued Lasmo’s shares at more than 
1 50 pence a share may look a “tittle 
overdone." a report from the team 
said. (AFX, Bloomberg) 


British Insurer Expands 

Commercial Union to Buy French Unit 


Compiled bi Our Stall Frvtu Pup&tha 

LONDON — Commercial Union PLC. Brit- 
ain's largest multiline insurer, said Friday that it 
would buy most of the French insurance unit of 
Compagnic de Suez SA for £1.44 billion (S2 bil- 
lion) in an aggressive expansion into the Continen- 
tal market. 

Comracrria] Union said it would finance the 
acquisition of Compagnie Finandere du Group 
Victoire with a eombmation of debt and equity. 
Victoirc is France's seven Ih-largcst insurer, ana- 
lysts said. 

"We believe that the French insurance market 
offers good growth opportunities, especially in life 
and pension products." said John Carter, Com- 
mercial Union’s duel executive. 

The price — equal to 12.5 billion French francs, 
substantially less than the 18 billion francs at 
which Compagnie de Suez valued Victoire — 
means that Commercial Union is expanding into 
the Continent on the cheap, analysts said. 

“Commcraa] Union needs another beachhead 
to become a big player in Europe," said Charles 
Lands, an insurance industry analyst at SGST 
Securities. “This is potentially a very good deal." 

Commercial Union, which* transacts all classes 
of insurance and life assurance except industrial 
life, currently writes less than 1 percent of its 
premiums in France. Last year, the insurer nar- 
rowed its underwriting loss in France by 25 per- 
cent, to £24 million. 

With the acquisition. Commercial Union will 
get two of Victoire's three French insurance units: 
Abdlle Assurances, a nonlife insurer, and AbeQle 
Vie, a life insurer. Vktoirc also owns AbdQe Re, a 
reinsurer. 

Suez, whose other businesses include banking 
and specialized financial services, will retain vari- 
ous Victoire assets, including the reinsurance busi- 
ness and f-*n«K»n operations. 

Suez’s chairman, Gerard Worms, said the com- 
pany expected to make a gain of about 10 billion 
francs on the sale as a result of Victoire dividends 
and the sale proceeds minus the cost of buying 
shares in Commercia] Union. 

Commercial Union said that Suez was buying 
600 miflkyn francs worth of shares. 

Suez, which acquired Victoire four years ago 
after a lengthy takeover battle with Union des 


Assurances d< Paris, had been expected to seQ 
Victoire for months. 

Mr. Worms said m April that Suez had been 
approached by several companies seeking alliances 
or partnerships with Victoire or an outright acqui- 
sition. 

Italy's Assicurazionj Generali SpA on Thursday 
acknowledged it had bid for Victoire but said it 
had withdrawn the offer. A Generali spokesman 
said Suez failed to respond rapidly enough to the 
conditions set down in Generali’s offer. 

Suez's 1 989 bid for Victoire eventually proved so 
costly it had to sell off parts of the group to finance 
Victoire’s operations. Suez sold 34 percent of Vic- 
toire’s international operations to Union de& As- 
surances. 5 percent to Baluca .AS of Denmark and 
a further 5 percent to the Japanese insurer Dai- 
Icfai. 

Suez then grappled with UAP for two years over 
whether (JAPs stake in Victoire entitled it to opera- 
tional control. In October. Suez gave up the fight 
and sold Victoire’s foreign operations, including 
Colosia Konzem AG of Germany, to UAP. 

■ French Steelmaker Increases Offer 
The French steelmaker Usinor-Sacilor has in- 
creased its offer for the I talian specialty steelmaker 
Acdai Spedali Term after being informed that the 
Italian government preferred a rival bid led by 
JGrupp Hoesch AG of Germany and Falck of Italy, 
Bloomberg Business News reported from Milan, 
quoting Usinor officials. 

U sin or also decided to bid for the Italian com- 
pany, known as AST. on its own, rather than with a 
group of Italian companies as in its original offer, 
said Francois Labadens. a company spokesman. 

He declined to say what price Usinor was offer- 
ing but said, “I'm sure it's better »h.m the other 
offers." 

Besides Falck and Rnipp, the other group bid- 
ding includes the private Italian steel company 
Rrva and the private sled distribution company 
Tadfin. 

AST was separated from Italy's unprofitable 
state steel group Ova and is being sold. Another 
spinoff from Uva. the plaiemaker Tlva Laminati 
Haiti, is also being sold. Other former units of Uva 
are being closed as the Italian government leaves 
the steel industry after almost 50 years. 


Ford Plans 
A'GtyCar’ 
For 1996 


Bloomberg Bonnets Sews 

LONDON — Ford Motor Co. 
said Friday it would build a dty car 
for the European. Asian and Latin 
American markets for sale as early 
as 1996, joining a growing number 
of automakers rolling out the small 
ears. 

Ford declined to say whether the 
car would be produced as a joint 
vesture with Mazda Motor Coip. 
The U.S. carmaker has a 25 percent 
suke in Mazda and has said it 
would develop a global car with its 
Japanese partner. 

The city-car project would be 
overseen by Ford executives in 
Britain, who under the company’s 
new structure are in charge of de- 
velopment of all the company's 
small cars. 

Ford unveQed a city-car project 
model, the Ra, is January at a 
Geneva car show to sec whether it 
attracted enough interest to war- 
rant a production tun. 

“We had very strong positive re- 
sponse to the Ka, and it was dear 
there was a market there," said a 
Ford spokeswoman. Kay Francis. 

Ford C hairman Alex Trotman, 

in confirming the decision, told 
Automotive News that Ford “will 
be quite aggressive" in the segment, 
which currently has only throe out- 
right competitors in Europe. 

By 1997, however. Ford would 
find the existing Rover Mini, Re- 
nault Twingo and Hat Cmqueceo- 
to city cars joined by rivals from 
General Motors CoJAdam Opel 
AG, from Peugeot SA and Citroen 
of France and from Mercedes- 
Benz. Volkswagen AG and Honda 
Motor Co. 


Il Investor’s Europe 1 

Frankfurt 


London 


Paris 


DAX 


FTSE 100 Index 

CAC40 









2300 

JA 

3300— V 




2200^7“^ 

nr. 

3200 — — 


2100 -jjf 

2 L 

2100-fiW- 

3 fiX) * 



V 




~T~ 




AMJ 

SHI-j P M 

A id J 

! ® 7 r F M 

A Wf ? 

1993 


1993 


1993 


Exchange 

index 


Friday 

Prev. 





Close 

Close 

Change 

Amsterdam 

AEX 


408.71 

405.36 

+0.36 

Brussels 

Stock Index 

7,625.72 

7,631.79 

-0.08 

Frankfurt 

DAX 


2,13348 

2,129.32 

+0.1 B 

Frankfurt 

FAZ 


810.73 

811.29 

-0.07 

Helsinki 

HEX 


1.71Z39 

1.734.30 

-lie 

London 

Financial Times 30 

2414.90 

2.401.60 

+6.55 

London 

FTSE1GO 

3.055.90 

3.0Z&90 

+0.89 

Madrid 

General Index 

324.90 

323.77 

+0.35 

MBan 

Mia 


1,21 5J0 

1,221.00 

-0.49 

Paris 

CAC40 

2420.72 

2.02&39 

-0.38 

Stockholm 

Affaersvaeriden 

1,840.11 

1.841.21 

-0.06 

Vienna 

Slock Index 

459.16 

454.01 

+0-93 

Zurich 

SSS 


97339 

977.81 

-0.43 

Sources: Reuters. AFP 



ImrrnaMml IteroU Infos* 

Very briefly 






• Royal Nedfioyd NV said talks on its cooperation plan with shipping 
companies MUsd GSK Lines Ltd. of Japan, Orient Overseas Container 
Line of Hong Kong and American President Lines could lead to agree- 
ments on land transport or a possible merger, and said it w ouid raise rates 
on container routes from Europe to Asia by 8 percent to 9 percent July I. 

• Bayer AG said it planned to set up a solar energy unit with an initial 
investment of 50 million Deutsche marks (S30 million) by taking over the 
solar-energy activities of Wacker-Cbentitromc Gesdlsch&ft fur Bek- 
trooio-Gntndstoffe GmbH and Freiberger Hektromkwerkstoffe GmbH. 

• Kraoes AG, a German machinery manufacturer, plans to raise 190 
nriBkai Deutsche marks from the sale of new preferred shares to existing 
investors and said it plans to split its stock 2 for 1 . 

• Britan’s deficit in visible trade widened to £1.18 billion pounds ($2 
billion) in March from a revised £874 million in February; market 
expectations were for a March deficit of about £800 million. 

AFX. AFP. KrughJ-Ridder 


French Water Companies Strike Back as Allegations Pummel Stocks 


Conpdtdby Our Staff From DUpatdta 

PARIS — Two French water distribu- 
tion companies at the center of corruption 
allegations in the French press hit back 
Friday as their already-battered slock 
prices slid further. 

Compageme Genirale des Earn SA said 
it had hared a lawyer, Jean-Denis Bredin, to 
defend itself against the ongoing allega- 
tions of political corruption. 

Separately, Jerome Monod. chairman of 
its main rival, Lyonnaise des Eanx-Dumcz 
SA, went on radio to defend his company’s 
reputation. Mr. Monod has described (he 
allegations in ihe book as irresponsible and 


pernicious and said press coverage could be 
“extremely damaging" to the company. 

Gfa&rale des £aux shares fell 39 francs 
(SI), or 1.8 percent, to 2^25 francs, on the 
Bourse on Friday. Lyonnaise shares fell 3 
francs to 529. Lyonnaise shares had al- 
ready fallen 5.75 percent over the past two 
days, while G&drale des Eaux shares had 
declined 6.6 percent since Monday. 

Meanwhile, the securities oversight agen- 
cy. known by its French acronym COB, said 
it was reviewing movements in the stock 
price of Gfa&ale des Eaux. The company 
said it bad requested an investigation. 

This week’s drop in the slocks followed 
the distribution of a political pamphlet. 


“The Mack Book of Corruption," an ex- 
pose by a French judge. Thierry Jean- 
Pi erre, who is currently campaigning for 
election to the European Parliament The 
magistrate had previously investigated pol- 
iticians on charges of illegal financing. 

While his pamphlet does not name spe- 
cific companies, it does refer to two large 
public-service companies, which he says 
have been responsible for 80 percent of 
political corruption in France. 

On Thursday, the weekly magazine L'E- 
venement du Jeudi, citing the pamphlet, 
pu b lis hed a 1 0-page feature on Gtntrale des 
Eaux. Headlined. “Enquiry Into the Laby- 


rinthine Empire of Generate des Eaux." the 
story also referred io Lyonnaise des Eaux. 

Ibe article summarized the companies' 
complex relationships with local govern- 
ment officials across France. Some exam- 
ples of wrongdoing cited by the article in- 
cluded accusations that executives of the 
water companies allegedly prowled gifts 
and free travel to officials and their families. 

ft also dted instances erf company execu- 
tives cultivating contacts with local govern- 
ment officials over long periods in their 
efforts to win prized contracts. 

One former local government official 
died in the report, Andre Fougerousse, con- 
firmed that he and his wife bad accepted 


nips offered by a subsidiary of G£n£rale des 
Eaux. He said he traveled to the Indian 
Ocean islands of Mauritius and La Reunion 
and to the Caribbean. Visits to water-treat- 
ment plants in those areas were inierspersod 
with leisure time, and that other French 
officials also were on the trips, be said 

Mr. Fougerousse said that a judicial in- 
vestigation into the trips he accepted had 
been under way since January 1993. and 
that be had resigned as mayor of Ostwald, 
near Strasbourg, in June, 1991, as a result 
of criticism over his acceptance of the trips. 

Genirale des Eaux said it had no imme- 
diate comment on Mr. Fougerousse's com- 
ments. (Bloomberg Reuters, AFP) 


NYSE 

Friday’s Closing 

Tables (nctuds the nationwide prices up to 
the dosing on Wail Street and do not reflect 
fate trades elsewhere. Vfe 7he Associated Press 


1 ttMenm - 
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Kldckner&Coo 
Buys Control of 
Computer Firm 

Bloomberg Business Fetus 

MUNICH — Klockner & 
Cb„ the German non, steel 
and chemicals company, 
bought at least 50 percent of 
Computer 2000, the computer 
company said Friday. 

“We expect that this coop- 
eration with Klockner. which 
is represented in over 30 coun- 
tries throughout the world, to 
be very fruitful" Walter von 
Sczcytnicki, a member of 


,sai(L 

He repealed an earlier fore- 
cast that this year's sales were 
likely to increase as much as 3 
billion DM. “We believe this 
will help us to reach our goal 
of 10 buhon Deutsche marks 
by the year 2000” he said, 
referring to sales. 

In the year ended on SepL 
30. 1993. Computer 2000 re- 
ported a 54 percent jump in 
sales, to 179 billion DM ($1.7 
billion), while net profit 
soared 79 percent, to 413 md- 
lion DM. 

The companies will hold a 

joint press conference in early 
July to reveal further details of 
the acquisition. Computer 
2000 said. Klockner is owned 
by VIAG AG. The Computer 
2000 acquisition is subject to 
approval by Germany's anti- 
trust authorities. 


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ASDAQ 


rrlday’S 4 p.m. 

■This list compiled oy me AP, consists of the 1.000 
most traded securities m terms ol dollar value, it is 
, updated twice a year. 



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.. - 5170 Bi.. 

.. 15 464 S% 

48 1 0 TO 1444 si 

... 70 755 27% 
_ 93 5846 18% 
70 584 6 30' 1 


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25% 25% 
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30' .- 9 BMCWtS 

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78 S7%3cOnewC3» 
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54 'J ilirluci 
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17 ; t 75 
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3.7 10 84 

5.3 - 525 

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35% D% 
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17Monltl 

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I 33’’i 17"iCTEC 
1 10% 4 CAO _ 
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111* £%Ca«rc 
17-~10 Cniaene 
23': 9«QJMD 

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51%2S%Crdnh«l 

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55 lO%CasAms 
36 9 CasinoDS 

77% /’wCosMofl 5 
25 7V.C0SME5 
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19 12 Crtwbi 

34% 23 Cdvsllol 
36% l7'.cailPro 
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761. 74 CelCmPR 
24 3%CeiirTcs 
74% l3'*CeniCM 
11' A 4% CenlxD 
43 175. Cm hum 

15% WCmnwr 
34 25'.CF«IBK 
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28 9%Cllnk7ii6 
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28 11 Coone.. s 
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16'iH CoHOTT 
31% ir' .Cotoom 
76% ]6%CMBC0 6 
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28!. 14 Comesis 

26 IS'-Crrn: \iO s 
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26% TOJ.ComQBnc 
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54 7%CmoDl s 

15% 5'*Cpin*i. 
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52 13 Ccnria 

25% 14'. Coots B 
53% 21 % GoelovPh 
50'* S'sCopyic-* 

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20% 13A*CerGobF 
54% 54'* Cordis 

55 7- : CnrelCo s 
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35". 10 C»t» 

B’ « 4’ i.CvIR! 


Dw TM PE IBB High LnwLolwlO»'9C 

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34 2.0 16 S60 177’, 17'/i 177. - % 

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_. 9 8952 12 dIO 11% •!* 

.. 28 I0Z3 24!) 73 73 V) 

8 743 7% 7V, 7% - % 

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_ 13 637 ID!* 9’.4 I0V B "V„ 

.1* 1.4 15 IJ7 11% 11 11% *% 

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51 273 24 23'-» 74 - "i 

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16 33S3 13'. 12% 12V* • % 

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_ -64 20!) 20 20 — "1 

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_ 19 609 Z3 H 75 - 

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1.12 3A 12 2-0 33‘‘ » J3% -J' 

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_ ^ 1 10 30"; 29% 59‘S 

,43c 1.8 23 651 23% 23.^ 23% * % 

.09 9 15 187V IQ’.* 9% 10% 

.60 2 6 9 5W 2^9 22% 22% ... 

31 1208 5% 5% 51* 

1 34 159 18V* 17% 18% -% 

~ 1? 2658 12V* 13 12!: -. 

a 1632 36% 35 35% — % 

_ u83 4J« 4% 4% — % 

~ 106 6663 66'/. *4% 64 V, — '.'* 
_ 78 1032 13% 12% 13 - % 

_ . 1543 16% 16 16'/* - 

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.17 J 30 1174 32 % 31 32 * - ’ * 

14 Mi 10W 9% 9'.* _. 

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. 33 318 16 1SV* 15% — % 

57 14% 14 141* - 

35 576 35% D 35!* -I'* 

_ 25 567 31 V. 31 31V. — % 

1.00 3.6 20 222 » »% ” 

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53 740 14 15% 15V. ... 

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24 149 13% 12% 12V* — V* 
S3 793 21'* 21 '« 71 %—' 'In 

60 16 8 S*2 23 % 33'* I3"i - 

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15 59 4"* JV. 4'.* »!» 

25 142 24 23". 23'. — % 

IJ 6 ID 1 * 10!. 10' »■-. 

1.58 jj IS 100 J9% J8% 38% 

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50 5 5 - 515 191* 16". 19% *’■, 

31 251 31 30 30 — % 

453 10': 9V. lO'u -% 

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_ ?1 3764 J?'"a 48 JV% — 1 * 


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D*w ru PE 107s hh*i LnwLoiesiai've | Miori um sioch 


C*w YH 5^ 1005. HUH tawLaHrUCn'i*" 




III* 

23’. 

72- 

MW 

50 

79 

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15 

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a 

147 

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19' . 

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la'ii. 

57 

817 

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-ft". 



24"* 

73'- 

73". 

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17” 

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30 

950 

25 W 

24’ 

a 

17 

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10 

9' 

9". 


■ «C IJ 11 124 J9'* 

.08 ].* M 7 5S l » 

_ 26 156 23’i 

_. 25 1947 23 

... - 739 BH 


36!. 3B% 
S5' . Si' ■ 
22 ') 22 % 
19 H"'. ■ 

81* 8’-* 


32 IS CF4R 

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36% 19 DSC 5. 

78 13' : DS-3 Ini 

19% 12''.DSPGp 
31 8 DomorV 

66' ?D Dank a 
17 12 Daisa? 

27": 22l:Ctn>pnri 
27 |5 Do-tTsnA 

20". 8% Dcr.RiTi 
33' ; D"i DoVrv 
’j’. 1*% Deck Out 

13 Il'aDefltShd 
J6 22":CklDGn 
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J7 JI". Denfspl* 
25' *15'* Des-ons s 
77"; 10". DiO)Pi>? 

12% 13' I D Swell 
2J% 17 Digimn 
50 ll"; OallLnl' 

30 B DigMiC 
39': D Dione? 
34!. 13 DiseZne s 
77% |7(*,C9rGnls 
25!:ll , :Oons«ir 
32' '. M'.Downlm 
IS'i 10’iDresB 
3l'r2r*DreverC 
45': 14'iDurocm 
TO l4v>Duriroos 
31% lSi.DvtcnC 
7B 1 .- l4%ECIDs 
34% T'-EMPIS 
34% ll’.EglHrd 
41' 1 26' : Ecnn von 

43% “•iEdcAli 

1 1 6% Egghead 

17 9' (.ElcSd 

34. 11% Eldrgls 

47 I” . EltArl 
201) 13' .EFI 
16': II Emmisfld 
MH-C'/BErrcod 
17'-; 91 .ErTBlHm 

28'-: S' .ErnnroisJ 
23 I2':Envo»CB 
34!. IS*. EomCrai 
14!) 12" .Eatvlnn 
60‘ .JS-.ErlcTel 
18% 12%E*n5al 
27': 7'sE.anrtc 
34")21!)E.-or 
19'. i2%E.-*Hns 
66'.26 !.E*pS.»i 
22'* 10' . Ejcotp 
30 18.PHP 
31'* 16'* FTP SO 
36 17 FrmMm s 

18' 1 4".* FuslOn 


D-E-F 

... 39 U>7 
.. .. 386 

.. 2521993 
J5e .9 16 349 

_ . 97B 

. IB SBS 

22 c A 37 326 

... IS 485 

.97 !J I! 362 

- M 116 

17 |9 

_ 18 93 

... 15 464 

. 14 62 

.80 26 80 2 

15646 

... _ 6«3 

— 30 MS 

_ 41 3309 

_ . 1244 

.90 4.6 6 338 

... 15 1110 

II 

_. _ 363 

, 16 291 

_ 90 1370 

.16 6 76 510 

_ is 1951 

79 

. 12 4(0 

J4 1.0 21 850 

.. 34 840 

*17 IS IB 3056 

_ ... 296 
. 74 7328 
_ 17 388 
_. 24 1334 
AO 2.1 9 206 

. 35 1354 
_. S32 

_. 9 £J3 

... 14 834 
... 1939747 
. If 334 

... _. 125 
... 12 85 

.16 16 8 10 

„ 60 225 

_ 48 371 
_ 7 2S6 

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6Qe U 63 2597 
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. M 2418 
-. 12 517 
.10 J 21 47 

_ 46 4 

:■ n ,795 

j2 3 3f*a 


25!) 24% 7S't 
4!. 4 4% 

27". u 21' *21’.? 
27!.- 57 27'., 

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13'* IJ 1J% 

43% 43'* 43% 
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16". I&V. 16'? 

16% 16 16‘V 

56 25 "1 25'V 

15 (J 13!') 13’.- 

12% 12 I2 5 ’* 

30% 30' . 30'. 

28 26% 27'* - 

13% 13% 13": 
39'* 37% J8% 
13"i 15»« 13V: 
31% 30% 31"? 
17", 16!: 17!* 
15% 15!. 15": 
13% 13% 13% 
12"* 11% 12% 
34 33% 34 

13", 13 13'* 

25 74% 74!. 

54% 24 24 

74 D"; 23% 

10% I0"l IPS. 
24!. 23'5 n'.'j ■ 
43% 42 43% - 

17 16": 16% 

70": 19% >9!, 

18': 17% IBV* 
II!* 11% 11% ■ 
13 12'* 12!* ■ 

59". 28 29V* 

13 11". 12!. 

7% 7!* 7% 

10% V. 10'.. 
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I8'*dl6 , i 17 - 
16% 16% 16% 
14!* 13% 14% 
9'A. 8% 85. ■ 

10% 9% 10V* 

19% 19% 19% 

21 "» 7) 21 

17 1 '. 16% 17"* 
13% 13*. 13'* 
48"* 47% 48% 
15% 14% IS": 

16 ISV*IS'V„ 

27' : 25% 26% ■ 
19V. 18V; 18’* ■ 
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13'c 12". 12% - 
24V. 74V) 54% 
17!)<HS"i 16 - 
35% 34% 35 ■ 

6% 6 6". 


22 1947 22 19 21"'* '1% 

. 739 BH 8% 8% — W 
59 2047 28". 26' i27i'.'„ - 1»<„ 

18 K’6 57' : 26 54': — % 

„ 545 5». 5% S’* — % 







*1 r-M 


_ IB 
40 U 17 

M U 


41 S tfH 

4A 


MW.MJJ4 

30% 17^1 







Ml 


Friday's Closing 

Tetri 25 tncluds Ihe naiionwide prices up to 
the closing on Wall Sireet arid do not refleci 
laie trades elsewhere. Via The Associated Press 


17 Momn 

Huh LJ". SIQCk 


Pry fto PE 100s HUn LOWUWJQI-Q*. 


74' * IB%Cflmt>r» .20 .9 14 II B 

12% Id Worco J9 - .., 3 12 


15 Manin 
rtJhLoo 7ur> 


'C P6 I00-. Hr* LowLai«slOi'g* 


>») B AIM Sir .45 57 

37 k%ALC 
11 S'.AMImln 
1». : AM In M 

14% J'. ; AMC 

24' : 20* . AMC Pi 1 • S 7 J 
5 I'-i.ARC 
4'; 1 '.k Apl Hid 
2c . 25 AP.V.FdI 7J3 9 7 

JA.. 1V.,6SR JJelTJ 

75V? 4 r.ATTFd J71e 
8% S’-iAct-C-wn 
5 ?% 4(61(0 

(•!« 5A»A<j.Fin 
IS'* 9'. Ad .'.'.Vn _ 

S% ' : Act. r.-*>JT 
S% 2** AdvPtwl 
3% 2%Aercsor 
16!* 7* .Airwor 
77 1 5% Aignico 
12' • 8! r AIOUW 
5!'? 5 AienCm 
18’* 16 AHoognn I.aj 7.7 
7% . l. AJfin 

17% 4'?AIU]Rsh 
1 1 *V 8' : AllcuM 
6>? 3 Alchdln 
12'-» JVxAipinGr 
l'* 1 . Ama-G -vl 

7"k 4%Anvtil 
l'-ii % Amnim 
16 IO ] '*AFslP7 IJJ 14 3 
2 M * 17 AF>IPT IJO 0.4 
IB>- ABkCT u: 6.1 

54' iJs’.ArriBill JO 6 

1”., l%AE.pl 
14'. ]%AIM82 1.441-41.9 

16'B 1 3% AIM 85 IA4 9.9 

14% 1 1 '..AIM 86 n 600 4 8 
15 II** Al?.\ 88 n JSc 59 
4' 31%Alsr<wH 1058 5 5 
18% 1 1 ‘ ? ArriLis' s M0 4 A 
21 •* 14’? A.IW’.jB .64 3.1 

%’« 7-, AniPm n _ 

9" * f'APEImn 60 15.1 
15 9 AResIr I 50 15 J 

8% r.ASoE 
5 2 .. ITiId*. _ 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY. JUNE 11-12, 1994 


Page 17 


Japanese Survey 
Finds a Surge in 
Business Sentiment 


ASIA/PACIFIC 


Our Suff From ****** 

vniiJrT? ~~ Ja P™** corporate 
semimea t improved sharply in 
May. ihc Bank of Japan said Fn- 
day, in another sign that the econo 
my is emerging from its ihrec-ycar 
recession. 

The centra] bank said in its quar- 
to-Iy tanka* report that * kev gauge 

or business expectations hid risen 
}° a or minus 50 in Mav 

f ro raihe gloomy minus 56 posted 
in February when the previous sur- 
vey was conducted. 

The improvement was the first in 
five years, and the reading was bet- 
ter than most private economists 
had predicted. 

An official said the report sup- 
ported the centra] bank's view that 
the chances of a long-awaited eco- 
nomic recovery were growing. He 
added, however, that the pace of 
recovery would be moderate and 
the path bumpy. 

The optimism reflected in the 
survey was due to higher exports, 
strong housing investment and 3 
rebound in consumer spending, 
centra] bank officials said. 

In the three months ended in 
May, all of the 22 sectors covered 
by the survey except utilities said 
that their business environment 
had either improved or slopped 
worsening. 

The report said capita] spending 
by big Japanese companies was 
likely to decline by only 3.7 percent 
in the year that began April 1. It 
had fallen 1 1 J percent in the previ- 
ous year. 

Economists said the easing of the 
corporate doom was yet another 
sign that the economy was finally 
on trade for a recovery. 


"The Dei ter- than -expected im- 
provement of the diffusion index 
vccm.% 10 be the result of a sharp 
upward revision cf corporate earn- 
ings and the underlying strength of 
final demand." said" Nobuyuki Saji, 
a senior economist at Nikko Re- 
search Center. 

"Reading the May lankan. there 
is nothing that forces a change in 
our macro view.** said Jcspcr Roll, 
senior economist at S. G. Warburg. 
"Japan is starting to pull out of 
recession.” 

Although the survey found that 
companies planned to cut capital 
spending for the third consecutive 
year. Mr. Saji said the fail might be 
offset by growth in consumer 
spending. 

Such spending normally ac- 
counts for more than 60 percent of 
Japan's real gross domestic prod- 
uct, while capital spending ac- 
counts for about 18 percent. 

“We can now say (hat the econo- 
my has bottomed" out and that it 
will enter a gradual growth phase," 
Mr. Saji said 

Some economists were more hes- 
itant about the significance of the 
survey. 

Hiroyuki Hiraoka. an economist 
at NL1 Research Institute, said he 
wax "not confident in dedaring the 
bottoming out of the economy, as 
there are doubts over the sustaina- 
bility of consumer spending and 
industrial production.” 

"Economic conditions have im- 
proved recently thank* to narrower 
yen gains against the dollar, slight 
falls in inventory levels and higher 
corporate earnings forecasts," said 
Mr. Hiraoka. 

(Reuters, AFX Knigfu-Ridderl 


Honda ’s Go-It-Alone Plan 

U.K. Expansion Targets European Market 


By Steven Brul! 

huemativml ftrruU Tnhmr 

TOKYO — Nobuhiko Kawa- 
moto, the soft-spoken president 
of Honda Motor Co., never came 
out and said it. but the message 
he delivered Friday to dotenv of 
automotive writers flown from 
Europe at the company’s ex- 
pense was clear; Honda mat 
have been ditched in January by 
Raver Group PLC, its partner in 
Europe for more than 10 years, 
but it has now figured out u way 

of aggressively expanding on its 
own. 

By pumping au additional 
£330 million ($500 milliun) into 
its European operations, bused 
in Swindon, England, Mr. Kawa- 
moto said, Honda will build a 
new stamping plant, expand pro- 
duction capacity and augment its 
lineup with a new model tailored 
to European tastes. Output 
would rise 50 percent to 150.000 
cars by the end of the decade. 
With another 150,000 coming 
from plants in Japan and the 
United States, Honda’s Europe- 
an market share would rise from 
1.4 percent to 2.0 percent. 

“Our major goal is to become 
self-sufficient by the year 2000. 
and we don’t sec any great need 
for major collaboration until 
then," be said. 

Honda’s announcement 
marked the beginning of a new 
phase in Europe for the smallest 
of Japan’s three major automak- 
ers. which built its first car in 
Europe in 1992 and had long- 
term plans to develop its rela- 
tionship with Rover. 

“When they lost Rover, 
Honda had no contingency plans 
and lost face," said Peter Board- 


man. senior analyst at U BS Secu- 
rities. "But now they seemed to 
have repined it with a viable 
and aggressive plan.” 

Analysts praised Honda for 
devising the new European strat- 
egy jusi four months after ihc 
German carmaker Bayerische 
Motorcn Werkc AG announced 
it was buying the SO percent of 
Rover that wj s owned by British 
Aerospace PLC. Honda had 
owned 20 percent of Rover, and 
Rover held 20 percent of the 
Honda U.K. operation. 

Under a deal reached Iasi 
month, Honda arid Rover, which 
had also developed cars together 
and .swapped pans, agreed to un- 
wind the cross- shareholdings, al- 
though Honda will continue to 
License Row.*r lo produce two 
models also sold by Honda. 

“Wc fed that everything has 
returned to its original status." 
Mr. Kjwamoto said. "We don't 
think these changes have been ad- 
vantageous or disadvantageous." 

It is clear that the partnership 
worked well for both companies. 
Rover served as a stepping stone 
into Europe for Honda in the 
mid-1980s, when the Japanese 
company was devoting most of 
its resources to expanding in the 
United States, still its biggest 
mark cl The company's identity 
in Europe also benefited from 
being seen as the technological 
mentor of Rover, "If we hadn't 
had Rover, we couldn't have es- 
tablished the foundation we 
did." one executive said. 

Rover also might not have 
made it without having learned 
some of Honda's production 
techniques. But ironically. 
Rover, the last British-owned car 


maker, became attractive enough 
to be taken over by BMW. 

Honda's fresh investment will 
include £30 million to establish 
its own stamping plant that will 
replace supplies of hoods, fend- 
ers and other ports from Rover. 
A further £60 million will be 
used to enlarge capacity at the 
existing assembly plant." 

[he biggest chunk. £240 mil- 
lion, will be spent to develop a 
model to be produced locally for 

the European market — 2 mini- 
van or recreational vehicle, ac- 
cording to some reports. 

The work force in Swindon 
will rise from 1,400 to 2,000 this 
year and eventually is expected 
to reach 2,500. The British oper- 
ations will become the base for 
eventual exports to the Middle 
East and Africa, regions now 
supplied by plants in Japan and 
the United Suites. 

The additional investment will 
bring Honda a step doser to Nis- 
san Motor Co. and Toyota Mo- 
tor Corp.. which pioneered Ja- 
pan’s advance into Europe. But 
it is not dear that the new strate- 
gy will help Hond3 to compete in 
the European market or improve 
its bottom line. 

Honda, for example, is likdy 
to earn more in licensing fees 
from Rover under the aew ar- 
rangement. but it will also spend 
millions on its aew stamping 
plant to make parts that might 
have been cheaper to obtain ex- 
ternally. This will work against 
achieving economies of scale, an 
essential ingredient in a car mar- 
ket growing crowded with Euro- 
pean rivals that are increasingly 
competitive. 


Surge in Exports Erodes China’s Deficit 


Bloomberg Business New 

BEUING — A suige in exports 
reduced China's trade deficit in the 
first five months of the year to 
31.79 billion from $3.07 billion a 
year earlier, major newspapers re- 
ported Friday. 

Exports soared 24 percent, to 
537.49 billion, while imports - 
climbed 18.1 percent, to $39.28 bil- 
lion, the official China Daily said, 
dting a report issued by the Cus- 
toms Administration. 

The Chinese government wants 
to bring inflation down to single 
digits, from around 20 percent at 
present, and achieve a rough bal- 
ance between imports and exports ~ 
this year. 

list year, China had a $1118 
bUHon trade deficit, rts first in four 
years, as the booming economy 


swallowed up imports and provid- 
ed an attractive domestic market 
for companies that fonneiiy would 
have exported their goods. Imports 
shot up 29 percent, while exports 
rose 8 percent. 

Beijing denies that major 
changes in hs trade practices made 
this year had blocked imports. Liu 
Xiangdong. vice minister of foreign 
trade, told a symposium Thursday 
that exports and imports would 
both grow rapidly under the new 
system, the China Daily reported. 

“China is keen to increase its 
export earnings in order to import 
more advanced technology,” the 
paper quoted Mr.' Liu & saying: 

He said the de facto devaluation 
of the yuan on Jan. 1 had not hurt 
rts; because the government 
subsidized the minority of 


companies that had used (he yuan’s 
artificially strong official rate, the 
paper said. 

Despite (his, China imported 
rally 8.2 million tons of steel in the 
year to May, with a total value of 
2.9 percent less than in the compa- 
rable period a year earlier. The 
country also imported 76,000 auto- 
mobiles, down 19 percent, and 34 
aircraft, down 29 percent, the offi- 
cial newspaper International Busi- 
ness reprated. 

Meanwhile, foreign-in vested en- 
terprises, many of than start-up 
opera lions, imported SI7.7 billion 
of machines and materials, a 44 
percent increase, the report said. 
Exports by those companies 
dimbed 42 percent to $103 billion, 
it said. 


Manufactured goods fed the ex- 
port recovery, accounting for 83 
percent of exports in the year to 
May. Garment exports rose 32 per- 
cent, lo $7.76 billion, and machin- 
ery and electronics exports rose 30 
percent to $927 billion, the news- 
paper said. 

Traditional resource exports 
such as crude oil and oi] products 
continued to slump, according to 
the newspaper. 

China’s leading trading partners 
were Japan, with two-way trade up 
30 percent, io $15.4 billion; Hong 
Kong, up 8 percent, to $13.1 bil- 
lion; the United States, up 27 per- 
cent, to $1 1.3 billion; the European 
Union, up 34 percent, to $1 1 bil- 
lion, and Taiwan, up 20 percent, to 
$5.4 billion, the paper said. 


TRADE: Rush to Asia Challenged LATIN: Rate Rises Shrugged Off 

Contained from Page 13 


Two, in order to best take advan- 
tage of the oppommiticsin Asia we 
should be cooperating with the Eu- 
ropeans instead of fighting with 
them.” 

Numbers cited by the study seem 
to justify that conclusion; 

• Although the United States ex- 
nts more to Asia than to Europe, 
- — nts more from Asia, even 
the dollar since 1985 has 

j fallen in value against the 

ajor Asian currencies. As a result, 
oa accounts for neatly 75 percent 
America's $1.25 triUtoa incuxnu- 
ive trade deficits since 1980. 
rer this period, U-S.-Earopean 
ide has been roughly in balance 
d highly sensitive to exchange- 
te fluctuations. In many of these 
ars the United States has ran a 
rpluswiih Europe. 

a In terms of quality of made, 
ce the mid-1980s the United 
ues has maintained a modest 
de surplus with the European 
lion in the area of manufactured 
ads but has consistently run a 
ge deficit in the trade of marra- 

aured goods with Asia. There is a 
Rwunced tendency for Amenta 
export raw materials to Asa and 
port manufactured products 
mil. 

tin 1990, the latest year for 
tich comp arative statistic s are 
iflable, European-owned cran- 
nies employed 23 nriBirat w™t' 

i in theUmted States — 62 per- 


ESCORTS & GUIDES 

BSGRAY 1 A 

ORCHIDS 

UK 071 589 5237 


cent of the total fra all foresgn- 
. owned companies in America, 
white U.S. employees of Asian- 
owned companies r^jresen ted only 
about 20 percent of this total. Hw 
report sad monthly wages fra 
American workers at European- 
owned companies were 18-8 per- 
cent above the national average, 
largely became 70 percent of Euro- 
pean direct investment in the Unit- 
ed States is in manufacturing. 

• ]n 1991, European-owned 
companies spent $7.7 btlEon on re- 
search and development in their 
U5. operations — 65 percent of all 
research and development spend- 
ing by foreign-owned companies in 
the United States. Asian-owned 
companies spent $13 bflfion. 

win 1990, European companies 
accounted fra $7 billion in U.S. 

income taxes, compared 
$100 miHion from Asian oom- 
U.S. corporate affiliates in 
! also generated more than 
$32 billion in U.k exports, while 
U.S. companies operating in Asia 

generated trade deficits of $7.5 bil- 
lion by producing goods in Asia 
and e xp orting them to the United 
'States. • ■ ■ * 

Mr. Prestowrtz said the conclu- 
sion he hoped would be drawn 
from these dam was not that the 
United States should forget about 
Aria, but that it should cooperate 
more with Europe, its natural part- 
ner, lo hdp break down barriers to 

trade in Asia. 


Continued from Page 13 
foreign capital, have threatened to 
price some exports out of overseas 
markets. 

But, although Latin America 
needs all tbc export earnings it can 
get, in the longer term it also needs 
big inflows of foreign capital. Thus, 
white a brief slowdown m that flow 
might be welcome, a longer one 
coukl prove painful. 

Taman Hobday, a strategist for 
Latin America at Baring Securities 
in New York, predicts that Mexi- 
co's current-account deficit will 
reach $22 baUkna this year, or 5.9 
percent of its GDP. Argentina, she 


predicts will have a deficit of $11 
raflkm, or 3.9 percent of GDP. 

at Latin America, such 


deficits loom as the legacy of the 
need to service the immense debts 
that were run up more than a de- 
cade agio, as well as of exports de- 
pressed by weak commodity prices. 

Although the region's recent re- 
turn to econo mi c health has given 

many countries enough fordgn- 
currency reserves to see them 
through a year ra so of slow capital 
inflows, none of them would be 
eager to see the present downturn 
in those flows continue. 

“Those deficits have to he fi- 
nanced somehow," a New York- 
based economist said. 

With signs that interest rates in 
the United. Stales may have 
stopped rising for now, some strat- 
egists detect signs that money may 
be flowing back into Latin Ameri- 
ca: 


Meanwhile, with its the debt cri- 
sis behind it, market-based eco- 
nomic philosophies firmly en- 
trenched and $52 billion of foreign 
capital having flowed in from 1990 
to 1993, Latin America is at last 
growing again. 

Speaking at a conference in Lon- 
doo co-sponsored by the Interna- 
tional Herald Tribune and the In- 
ter-American Development Bank 
on Thursday, the bank's president, 
Enrique Iglesias. said Latin Ameri- 
ca now was “almost unrecogniz- 
able” as the same region it was at 
the start of the 1980s. 

Among those agreeing with Mr. 
Iglesias was Mr. Aninat of Chile. 
He spoke of a broad consensus that 
now backed his country's decade 
love affair with free markets 
free trade. He said that in spite 
of the recession gripping much of 
the world, Chile's ecoaoray had 
grown an average of 6.3 pinrant a 
^eax in 1990-93 and in the process 


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INTERNATIONAL CLASSIFIED 


(Continued From Page 6) 


seen unemployment decline to 
6 percent 
Meanwhile, after more than a 
decade of being told that their gov- 
ernments could not afford to spend 
more on social programs. Latin 
Americans see their economies 
growing again and want their share 
of the benefits. 

Mr. Aninat conceded that a de- 
cade of dealing with the debt crisis 
and structural economic reforms 
had led lo the neglect of many 
social problems in the region. "We 
were engaged simply in a survival 
game," be said. 


105 ANOBB - GABBY MTI 
Escort & Gwde 5em». Wi HI* 
Till QIQt ai 0225 USA. 


MM to Use 
Sale Proceeds 
In Expansion 

Compiled by Ow Staff From Dispatches 

BRISBANE Australia — MiM 
Holdings Ltd. said Friday that it 
raised about 4 17 million Australian 
dollars ($306 million; from a stock 
sale and would use the funds to 
expand its copper business. 

The base-metal mining company 
sold 142J million new shares Fri- 
day, representing 9.99 pereem of its 
issued capital, to institutions at 
2.925 dollars a share. 

Norm FusselL Ml M's managing 
director and chief executive officer, 
said the funds would be used to 
expand MIM's copper business 
and for general corporate purposes. 

Phil Hutchings, a mining analyst 
Tor the brokerage concern Wilson 
HTM in Brisbane, called the share 
placement “a great move," saying 
the company “had a window of 
opportunity and used it wdJ.” 

After the sale. Standard & Poor’s 
Corp. said u had placed the BBB 
rating of MIM's senior domestic 
debt and ihe A-3 rating on its com- 
mercial paper rating on its Credit- 
Watch with positive implications. 

The improving world economy 
has focused investors’ interest on 
base metals such as copper, lead 
and zinc — the raw materials of 
many industries — and on the com- 
panies that produce them. 

MIM produces about 195.000 
metric tons of copper a year from 
its mine at Mount Isa in the Aus- 
tralian state of Queensland. Mr. 
Hutchings estimates that iu, copper 
output wnll rise about 70 percent, to 

325.000 metric tons, by 1997. 

MIM paid about 100 million dol- 
lars last year to buy a 51 percent 
stake in "the Ernest Henry copper 
and gold deposit and surrounding 
leases near Mount Isa. The new 
mine is expected to produce about 

80.000 metric tons of copper and 

1 20.000 ounces of gold a year when 
it comes into production in 1997. 

In addition, the company this 
year bought a 50 percent interest in 
the Ahimbrera copper and gold de- 
posit in Argentina for 130 million 
dollars. 

(Bloomberg. Reiners) 


Hanoi Acts 
On Markets 
For Capital 

Bl ootnbeig Business Vmj 

HANOI — Vietnam will move 
swiftly to create capital markets lo 
attract desperately needed domes- 
tic and foreign investment fra eco- 
nomic development, a senior gov- 
ernment official said Friday. 

"Vietnam cannot wait fra direct 
foreign investment funds alone." 
Vietnam's slate monetary and fi- 
nancial council minister. Phan Van 
Tien, told delegates at a financial 
conference in Hanoi. 

in a related development, the 
government said it wanted the na- 
tional currency, the dong, to be the 
sole means of payment in the coun- 

«*y. 

The dong currently is not con- 
vertible on international ex- 
changes, and the US. dollar is rap- 
idly becoming an accepted means 
of payment for goods and services 
in Vietnam, as well as the only way 
foreign investors can take profits 

OUL 

At the conference, Mr. Tiem 
said, "There is a need for the devel- 
opment of capital markets, shares 
and bonds to mobilize untapped 
domestic savings." 

Much of Vietnam’s domestic in- 
dustry is controlled by the state, but 
the government is considering plans 
to sd) off state industries to private 
investors. Mr. Tiem said 10 state 
enterprises had applied to privatize. 

Vietnam Airlines, fra example, 
wants to sell a 30 percent equity 
stake to a foreign partner to raise 
funds for expansion and is awaiting 
government approvaL 

Other enterprises such as Hanoi 
Tourism and Saigon Tourism, which 
own most of the holds in Vietnam, 
and the state-owned oil company 
PetroVietnam are considered by ana- 
lysts as prime candidates for listing 
on a stock exchange. 


Investor’s Asia 


Hong Kong 
Hang Seng 

!3j& 

12000 
use 
m 


index 

Hong Kong Hang Seng 


Singapore 

StraUs Times 


Tokyo 
Nikkei 225 



r mnnn 

19 M 

Pnday 
Close 
9,111.16 


Frev. ■ % 
Close Change 

9,190.64 -046 


Singapore 

Straits Tunes 

2,284.13 

2.282.34 

+0.08 

Sydney 

Ail Ordinaries 

ZJB69A0 

2,076.70 

-0.35 

Tokyo 

Nikkei 225 

21|395£0 

21.402.60 

-ad4 

j Kuada Lumpur Composite 

1,01636 

981.72 

+aso 

Bangkok 

SET 

1,38341 

1,387.40 

-0.29 

Seoul 

Composite Stock 

92036 

935.79 

-0.73 

Taipei 

Weighted Price 

5394.66 

5£42£8 

+0.88 

Manila 

PSE 

2388.1ft 

JL990-85 

-0.09 

Jakarta 

■Stock Index 

433348 

484.60 

•038 

New Zealand 

NZSE-40 

2,12430 

2,125*7 

-0.09 

Bombay 

National Index 

1,988.32 

1.963,06 

+1.18 

Sources: Reuters. AFP 


iKraaanl Herald Tribune 

Very briefly: 


• Toyota Motor Corp. said it expected production in June to rise 3 percent 
from a year earlier, after 12 consecutive months of declines, largely due to 
strong sales of a new recreational vehicle in Japan. 

• Nippon Sted Corp. said it lost 36.7 bzZlioa yen ($352 million} in the year 
ended March 31, after profit of 29.0 billion yen in the previous year, and 
attributed the loss to the worsening economy and the High yen. 

• Broken HH Proprietary Co, the Australian industrial conglomerate, 
has a siable outlook forits credit rating, Moody's Investor Services said in 
announcing that the company's debt financing arm, BHP Finance (USA) 
Ltd, would keep its A-2 rating. 

• Mitsubishi Heavy Inustries Lad. wfl] join with the Sikorsky Aircraft 
division of United Technologies Corp. in a project to develop and 
produce helicopters fra civilian use, with production to begin in two or 
three years, Jijt Press reported. 

■ Chin a Sted Craps,' Taiwan’s staie-nm steelmaker, will issue as much as 5 
bilhan Taiwan dollars (US$185 million) of five-year domestic corporate 
bonds to finance a project to increase production capacity. 

Reuters. Bloomber g, KMght-RuUer. AFX 


J 



REPUBLIC OF GREECE 

MINISTRY OF TOURISM 

INVITATION TO PARTIES INTERESTED 
in the 

DEVELOPMENT OF CASINO ENTERPRISES IN GREECE 

(LAW 2206/94 GOV. GAZ. 62/20.4.94) 

Ail interested parties are invited to obtain information regarding the imminent 
invitation to tender for the grant of ten (10) casino licenses. The casinos are to be 
in accordance with international specifications and will be accompanied by 
investments in the field of tourism which will extend to the entire country. 

The locations of the casino enterprises to be established are the following: 

1. The County of Attika, at the Mont Pames location on Pamitha 

2. The County of Attika, outside the boundary limits of the municipality of Athens 

3. The County of Salonika, within a fifteen kilometre perimeter of Aristotelous Square, 
Salonika 

4. The island of Crete 

5. The island of Rhodes af the Hotel of the Roses 

6. The island of Corfu 

7. The Porto Canas hotel complex in the County of Halkldiki 

8. The boundary limits of the Municipality of Loutraki-Perahora 

9. The County of Achaia 
10. The island of Syros 

The objective of the invitation to tender is to establish casinos of high standard and 
to realize substantial investments that will benefit tourism in Greece and the national 
economy. The investments proposed by the candidates will be evaluated based on 
their contribution to the development of tourism in the country, as well as the 
upgrading ol tourism in the areas where the casino enterprises will operate. 

The establishment of facilities and special projects involving the tourist infrastructure, 
which will attract high class tourism to Greece such as Convention Tourism, Winter 
Tourism and Maritime Tourism (Yachting), will be especially evaluated. 

Investors who wish to participate in the invitation to tender may obtain information 
at the address below; 

MINISTRY OF TOURISM 

COMMITTEE FOR THE INTERNATIONAL INVITATION TO TENDER 
FOR THE GRANT OF CASINO LICENSES 
2 AMERIKIS ST. 

5th FLOOR - OFFICES 517-518 
105 64 • ATHENS - GREECE 
TEL. 3221239 
FAX. 3232605 


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Saturdax -Sunday, June 11-12, 1994 
Page 18 


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“ j Newsletters: Choose With Care 


FIRST COLUMN" 

So Many 
Scandals, So 
Little Time 

W E'RE ALL used to financial scai 
da]. There’s usually a seamy cat 
of it somewhere in the world : 
any given time. This year, how 


; Newsletter Performance Ratings 






Newsletters ranked on both a total-return and risk-adjusted basis' tnrough Dec. j 
31. 1993. A newsletter’s ranking is based on an average of its several portfolios | 
in the event it recommends more than one. The risk-adjusted numbers reflect i 
average monthly performance per unit of risk. Numbers in parentheses show 
performance on a compound-annual basis. ( 


h ^ ?er Tten Wears 




itlCT- . rjlJl- -iife” *3®’ . 
CT§£^*-, - -V-' - f #■***-■ 


W E'RE ALL used to Financial scan- 
dal. There’s usually a seamy case 
of it somewhere in the world at 
any given time. This year, howev- 
er, has witnessed a parade of pecuniaiy follies, 
notable for their large numbers and interna- 
tional scope. 

In Germany, the arrest this week of four lop 
executives of flooring manufacturer Balsam 
AG on charges of fraud, tax evasion and forg- 
er/ — expected lo cost creditor banks and 
insurance companies about 52 billion — was a 
grim Follow-up to properly tycoon Jflrgen 
Schneider’s flight to fugitiveness in April, leav- 
ing S3 billion m bank debt behind. 

In France. Didier Pineau-Valencienne. chair- 
man of the unrelated industrial machines giant 
Schneider SA. bas been jailed, accused of fraud 
and embezzling, while Pierre Berge. president 
or couturier Yves Saint Laurent, has been 
charged with insider trading. 

One or Wall Street’s most prestigious firms. 
Kidder Peabody & Co., recently recognized 
losses of $350 million which it alleges were due 
to the fraudulent trading practices of Joseph 
JetL former chief of its government bond desk. 
Kidder vehemently denies allegations that it 
tacitly condoned Mr. Jett's strategies. 

Meanwhile. Morihiro Hosokawa resigned a> 
Japan's prime minister in April surrounded by 
allegations that he had not paid back a 
S970.000 loan from a trucking company and 
had also lied about a sweet stock deal involving 
his father-in-law. 

In Spain, the former governor of the coun- 
try’s central bank. Mariano Rubio, and the 
former chairman of the Madrid bourse, Manuel 
de la Concha, have both been arrested amid 
charges of tax fraud, running secret trading 
accounts and falsification of public documents. 

And let’s not foigel Italy, where scandal and 
corruption in political and financial circles has 
seemed more the norm than the exception in 
recent years. In late April. Sergio Cusani. a key | 
figure in the collapse of Italy's Ferruzzi indus- 
trial group, was sentenced to 3 years in prison 
after a captivating 6-month trial that seemed lo 
symbolize Italy’s travails. 

In many of these cases, of course, the key 
word is “accused.” not “convicted.” But such 
charges are not brought without evidence. 
Thus, a question looms: Is there suddenly more 
comiplion, or better policing? It’s worth con- 
templating P.C. 


Total return 

1. BI Research 

2. The Chartist 

3. Zw&Q Forecast 

4. Zwetg Performance Rating Report 

5. Systems & Forecasts 

S. WHshlre 5000 Total Return 
7. T-S^l Portfolio 


Risk-adjusted 

+585-1 % (2 1 .2%) 1 . Systems S Forecasts +0.25% 

+037.4% (17.2%) 2. Zweig Forecast +022% 

+341.7% (16.0%) 3. Zweig Performance Ratings Report ^0.21% 
+310.0% (15.2%) 4. The Charter +0.17% 

+283.9% (14.4%) 5. Peter Dag investment Letter +0.1 6% 

+277.3% (142%) a B! Research +0.15% 

+ 85.3% i 6.4%) 7. Wilshire 5000 Toial Return +0.16% 


Total return 

1. MPT Review 

2. Cation ia Technology Stock Letter 

3. Value Line Convertibles 

4. Bl Research 

5. The Chattel 

6. Wilshire 5000 Total Return 

7. T-Bill Portfolio 


+617.3% (27.9%) 

t281.1%(18.2%» 

+265.3% 117.6%) 
+261.4% (17.4%) 
+234.1% (16.3%) 
+1762% (13.5%) 
+ 57.3% ( 5.8%) 


Risk-adjusted 

1. InvesTech Mutual Fund Advisor +0.31% i 

2. MPT Review +0.23% [ 

3. Zweig Performance Ratings Report +0.23% ! 

4. Value Line Convertibles +0.22% t 

5. Zweig Forecast +021% j 

6. Systems. S Forecasts +0.21% | 

7. Wilshire 5000 Total Return + 0 . 15% .' 




mm 


Total return 


Risk-adjusted 

1 . OTC insfght +432.1% (39.7%) 1. Fidelity insight 

2. The Cberweis Report ^326 . 1 % (32.1%) 2. Fidelity Monitor 

3. Medical Technology Stock Letter +31 6.8% (33.0%) 3. InvesTech Mutual Fund Advisor 

4. MPT Review * +223.3% (26.5%) 4. No-Load Fund Investor 

5. Bl Research +206.5% 125 1 %) 5. OTC Insight 

6. Wilshire 5000 Total Return + 97.2% (14 6%) 6. The Ob&v/eis Report 

7. T-Bill Portfolio + 31 .1% ( 5.6%' 7. WRsh «re 5000 Total Return 


7. Wfetvre 5000 Total Return 


+3.37% 

t0.3o% 

+0.31% 

■*■0.30% 

■r0.3G% 

+0.30% 

■*0.20% 






Total return 

1. The Turnaround Letter +290.8% (57.5%i 

2. OTC Insight +223. O’ o (47.5%) 

3. Individual Investor Sped Sifns Rprf+220.7% (47.5%) 

4. Prudent Speculator +217.1% [46.?%? 

5. The Oberweis Report +172.6% (39.7%; 

6. Wilshire 5000 Total Return + 62.7% (17.5%) 

7. T-Bill Portfolio + 12.6% ( 4.0%) 


Risk-adjusted 

1. Fidelity Insight 


1 . Fidelity insight +0.70* c 

2. Value Line Convertibles +3.67% 

3. No-load Fund Investor +0.58% 

4. Richera 3ar,d's Profitable InvestingrO 53% 

5. No-Load Fund Analyst *0.52% 

6. Fidelity Monitor +0.50% 

7. Wilshire 5000 Total Return tO.35% 


'Cvtact ffw halbert Financial Digest tor nskeakviatm Whcti 


Source The Hubert Financial Digest 


INVESCO Fund 


INVESCO 


EUROPEAN WARRANT FUND* 

[From 1 si June. 1 9°3 10 30ih May. 1 9**4J 


ASIA TIGER WARRANT FUND* 

iFrom 1st June. f gc 3 to 30th May. 1994.1 



ioor 


50 * 1 1 ■ 1 * 1 1 ■ 1 1 1 1 -50 « 

Jur. Ju> tug Sap e'er No. Or-: 94 F*b fAar Apr May Jur> “ 



lMKr - 


^oc- 



p 

150 



ti 

100 

T 

50 

E 


r 

0 

H 

A 


N 

-50 

<3 


INVESCO European Warrant Fund (U.S.S) + 100.57% 
■MSCl Europe (U.S.S) + 14.59% 

So - jrc* Micrr-p.,1 oHtr.tg-oh*r. no me yr-.e PJ J.Sl 


■ INVESCO As.a Tiger Warrant (U.S.S) - 94.47% 

• MSCl Pacific ex Japan (U.S.S) + 30.36% 

Scurc+. M>:rocal. an^r-ixtiur no ir.-o^r- (U S Si 


FUND OBJECTIVE 

To provide shareholders with capital growth from a highly geared 
investment m the European equity market through equity warrants. 


FUND OBJECTIVE 

To provide shareholders with capital growth from a highly geared 
investment in the Japanese equity market by means ot a portfolio 
of Japanese equity v.arranis. 


PREMIER SELECT 

GLOBAL EMERGING MARKETS FUND 

[From 1 st June. 1 9 C 3 to 30th May. 1 994) 


EUROPEAN ENTERPISE FUND 

(From 1st Jure. 1993 to 30th May, 1904) 



50 1 ,1 * -*■ 1 * ‘ -50 

Jtpv Ju! Sup OlI PJo* C«.-c Wjr May Am 


n 

I , , , , , , 1 , , , , , 10 G 

Jun .‘V iurj s-'p Cv rt3vCoc°4 Mr.- Jui. - 


■ INVESCO PS Glob. Emerg. Mk ts (U.S.S) + 31 .78% 

■ MSCl World Inder (U.S.S) + 7.79% 

Source Micropal. on‘ci-to-oHer. no income (U.S.Si 


■ INVESCO PS Euro. Enterprise 
MSCl Europe 


(U.S.S) t 24.57% 
(U.S.S) + 14.59%. 


5oc«ce: Micutvil. oAo*-U>-oltc*, n? iniOTic i». ^ SI 


FUND OBJECTIVE 

To achieve long-term capital growth from a highly geared portfolio 
of \5ian equity warrants. 


FUND OBJECTIVE 

Tc achieve long-term caotal growth rom investments >n the- smaller 
companies and special situations of any European Siocl- Market 


* Investors should note that equity wanrants are a highly geared 
form of investment and therefore are categorised as high risk. 
Typically they should form no more than 1-2% of an overall 
balanced portfolio. 


* seStin 90 >to n , OIIO « 


INVESCO International Limited 
INVESCO House, Grenville Street, St. Helier, 
Jersey IE4 8 TD, Channel Islands. 
Telephone; (0534) 73114 Facsimile: (0534) 68106 


To: Sales Support. 

INVESCO Internationa] Limited. iNVESCO House. 

Grenville Street. Sr. He/ier. Jersey JE4 8TD. Channel Is/ands. 


Please rend me full details of the • 

1 1 European Warrant Fund Q Asia Tiger Warrant Fund * 

I I PS Global Emerging Mkts Fund d European Enterprise Fund * 


POSTCODE 


HT1J0694J 


By Judith Rebak 


Investment Newsletters 


S UPPOSE ihe investment adnee dis- 
pensed by vour broker hasn’t yielded 
the promised profits, and ihe hoi nps 
vou overheard at she office have 
turned out io be duds as wdL \ ou might be 
thinking vou could do better 02 your owtl 
but you don't have the time to follow the 
markets conscientiously or do muen re- 
search. 

Enter ihe investment newsletter, 
in ihe United States, these publications 
have been steadily gaining in popajamy am- 
bsve tripled in number to some f ?0 over the 
past 15 vears. 

What' they offer is advice for everyone 

from conservative income-oriented investors 

to growth-stock fans. There is also an array 
of niche publications specializing in sectors 
like gold equities, biotechnology stocks, and 
even companies emerging from bankruptcy. 
But to make the right choice in a newsletter, 
a bit of homework is still required. 

The first question to ask oneself, say pro- 
fessional market observers, is what one real- 
lv wants out of an investment newsletter.To 
a large extent, that is usually dictated by 
one's degree of risk tolerance. 

“It's all the usual things a financial adviser 
would ask. like your age. how much money 
vou have to invest, ihe lime frame of your 
investment horizon, whether it’s savings for 
the kid’s education or a down payment on a 
house.” said Mark Hulbert. editor of the 
Hulbert Financial Digest, which tracks the 
performance of 160 newsletters, monitoring 
how investors who followed their advice 
would have fared in the mar ket. 

For example, an individual who is nearing 
retirement is likely to have a low tolerance 
for risk, while a younger person may have no 
problem with taking a flier on a more profit- 
able. but volatile investment, like options or 
equities in emerging markets. 

There’s also the question of the vehicle: 
Do you prefer individual equities or bonds, 
or do you feel more comfortable w-iih mutual 
funds — or a little of everything? 

Once you’ve picked your spot on the risk 
curve and identified the vehicles, there are 
several ways of checking out which newslet- 
ters would be the best fit. 

U.S. personal Finance magazines and daily 
newspapers frequently write about, and in- 
terview. newsletter editors on 'heir investing 
styles and recommendations. Investors often 
find someone with an approach they like 
through these channels. Mr. Hu: ben's publi- 
cation. which is based ir. Arlington. Virginia, 
is also looked 10 frequently for guidance on 
performance. 


Page 19 

Market gurus 

The question of regulation 


Page 21 

Growth and new trends 
High-priced advice 


While the editors of some financial news- 
letters have decried Mr. Hulberfs findings, 
saying his complex formula for evaluating 
performance does not yield true results, oth- 
ers find his methods good and accurate. 

As with a mutual fund, the most reliable 
picture of a newsletter’s performance will 
come from looking back three to five years. 
A one-year performance analysts warn, is 
not adequate to make a judgment. 

Any crack record should also be compared 
with a stock market index like the Wilshire 
5000. which combines big and small stocks, 
or the S tandar d & Poor’s 500. If a newslet- 
ter’s advice is producing a 7 perccnl return 
when the overall market is up 1 1 percent, 
perhaps it's time to find another newsletter. 

Most financial newsletters are willing to 
send a potential subscriber a copy or two at 
□o char ge. Some even indude a sample in 
their direct-mall solicitations, which is how 
most new subscriptions are sold. 

As for subscription rales, most range from 
as little as S19 ayear to as much as S995. with 
most hovering around the 5250 mark. Sub- 
scribers should not assume that if they pay 
more, they 71 do better. 

“There’s no relationship between price 
and value,” said Mr. Hulbert. 

Another advantage of a sample copy, or a 
brief trial subscription, is that it offers an 
opportunity to see if one truly feels comfort- 
able with the strategy. Many letters set up 
model portfolios with varjring degrees of 
risk, going from a conservative, income and 
preservation-type of portfolio to an aggressi- 
ve/speculative portfolio. The adviser selects 
the appropriate investments for each ap- 
proach. 

A second type of newsletter, generally 
speaking, makes recommendations on buy- 
ing and selling shares and asset allocation, 
but does not use a model portfolio. A third 
type of publication simply lists the names of 
recommended securities. 

Eric Kobren, editor of Fidelity Insight, a 
newsletter which follows only Fidelity funds. 
thinks that subscribers deserve explanations. 

“Watch out for the ones that show Jots of 
charts and graphs but don’t explain the rea- 


son for choosing stocks, bonds or a fantL?*^: . - - 

SESSiSit 

instant information. This ^ 

Sar after the market gggfo'; : 

forth* most part, is now’ viewed asasectm^.- 
blanket for nervous investors.. . 

-It's for when the maricetsare ffltwg, . 
said Mr. Kobren, who ^bmates v 

10 percent of fads subscribers - 

to time. - .. ’..2' . 

Sometimes, however, korUnes are p«T^... 
an investment strategy. “There arc aewsefc. , .. 
tea which require you 10 • 

every day.” observed Mr. Htdbett. Tifte ; 
don’t want that unless you re wiinng to wont ; . 
on your investing constantly." _ w^v /; v . 

Mr. Hulbert also questioned the real yame _ •: . 

of the hot-line approach. “W» dtm't find any ^ 

correlation between hot lines and . 

mance,” be said. ' . . . : ’■ 

Lastly, say analysts, investors sn ooic : re- ^ 
member that the investment newsletter - . ■, 
dustry in the United States is. unregi4a«a^- r , r 
While the maj only of advisers want ■. . 

well for their readeii, -there are alsb 
ber of things to watch c«t for. . :?■; ■? 

“Beware of outrageous dairns.” wiarnt ^\-; 
Donna Westemeyer of the HiiIberlp^ 6 caV>; “ 
tion. Miss Westemeyer recalled a 
flyer that advertised a 5390,000, 900 percent; • 
profit in 12 veais. and another . : 
claimed: “Of all tbe investment udv-ESers-i^:.:, 
America, l have the best reputation T 
sistendy outperfonxmig the ntarkef*" 

Miss Westemeyer smtf the performaneeiife^ 
the adviser who put out that .letter was».'CwtBi.^. v 
annualized basis over a seven- 5 «ar 
minus 0.3 percent. _ ^ vT-v c." 

The Hulbert puWication says bte'mftpj;'-. 
tangled with at least two mrw^ttcrs tfiat^- - | 
misused its performance ratings in adyems-^.^ ! 
ing. Even so, said Mr. -Hufcert - 

generally not a greater degree of false 
tising in the mvestxBeni'totoJntfust^ffiw-.’ 

in any other. 

“What 1 find interestmg is that 
instincts serve them weD d they'rc buyinga^,.. .. 
used car, and someone says, *My grandmoth^ ^ 
er only drove is to dmrrfi on Sunday’ " said . 
Mr. Hulbert. .. 'ri&f-y- 

“But if someone says, ‘Here’s a strategy v- 
which has made me a mifiion.Vlhe reaction 'T-] 
is, ‘Where do I sign apt That^s why We say- .-'" 
don’t trust anyone who says you’ll make ■ 
huge profits.” ' 


9 '■ 

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2—.' : * J ’ 


IX?*' 


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fc-i ’ " 




The Money Report is edited by V 
Martin Baker : \ 


5. • 

r=: 4 - : s 


In Britain , the Focus Is on Smaller Firm# 

b? Rupert Bruce British Share Ownership . 






T HE market for financial tip sheets 
in Britain, analysts say. is firmly 
tied to the investing public’s appe- 
tite for small -compan> stc-cks. In 
the run-up tc the stock market crash in 1957. 
when small companies enjoyed a wild up- 
ward rideTinancial newsletters were selling 
well and were influential, fn the dull ;.ears 
that Followed, however, their marketing ef- 
fort dwindled and the;.- had a hard time 

surviving. 

More recently, as interest rates have fallen 
and small stock prices risen, so newsletters 
have become more popular. 

“The demand for newsletters ebbs and 
flows with bull and bear markets.” said Dave 
Gibson, marketing manager of Fleet Street 
Publications Lid., one of Britain’s largest 
newsletter publishers. 

“But I would also say that peoples’ need 
and desire for the information is becoming a 
lot greater because more and more people 
are learning that the bank and building soci- 
ety are not the best place for your money. 
Through privatizations they have had a biie 
of the cherry, and also our aging population 
is getting wealthier as it gets older." 

Whether this means that the British pub- 
lic’s attitude towards saving and the stock 
market is becoming more sophisticated, as 
seems to be the case in the United States, is 
questionable. If it were, the market for news- 
letters should grow from today’s level, in 
which only 12 companies are authorized to 
publish tip sheets that give advice on specific 
investments. 

There are no reliable figures, but anecdot- 
al evidence suggests that the number of fi- 
nancial newsletters bas dwindled since its 
peak of about 15 in 1987. Jeremy Utton, 
managing director of Analyst, a newsletter 
publisher, said that many tip sheets found it 
tough during the recession and the Gulf 
War. and that his company was the only one 
promoting its titles. 

According to Stuart Valentine, director of 
research at ProShare. an organization 
formed to promote wider share ownership, 
private investors were at their most active 
prior to the 1987 stock market crash. 

“Thereafter, if people were asked. ‘Would 
you get involved in the stock market?.* ” Mr. 
Valentine said. *“1987* still came trotting 
out as the answer for not getting involved. I 
do not think investors began to come back 
until die middle of last year when interest 
rates on savings accounts became so low that 
they were tempted back." 

ProShare's research shows that about 20 
percent of both Britons and Americans own 
shares. But many of ihe British shareholders 
have just bought an odd handful in a govern- 
ment privatization share issue. When these 
people are excluded, Mr. Valentine esti- 
mates, only about 10 percent of the popula- 
tion owns stocks. He calculates that about 2 1 
million Americans own shares, while only 10 
million Britons do. with some 6.5 million of 
those only owning privatization stocks. 

While the popularity of newsletters natu- 
rally ebbs and flows with ihe market, the 
fortunes of small- and medium-sized compa- 
nies in particular appear to affect the Setters, 
which concentrate their coverage on this 
area of the markeL 

Mr. Utton said that newsletters tended to 
concentrate on small and medium compa- 
nies partly because they are not covered lhai 
well by stockbrokers, but also because there 
is a greater chance of making substantial 


British Share Ownership . 

?c of adults owning shares Number of share owners (mi&tonsf .j 

9 % 22 % 12 1 ~ ■ " 


* r- 

iS-*:' 
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1979 1994 

FT-SE 100 share index, quarterly 




L-. - . 


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■ 2000 


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^WTi-cv- 

: 


■ 1500 L 




: 1000 




! '84 US '86 

Sources . ProShare. Bloomberg 


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wt 


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returns in small, nimble companies than in 
the larger, lumbering ones. 

Pretty much all of the British newsletters 
cover this part of the market Most well- 
known, perhaps, is The Penny Share Guide, 
published by Fleet Street Publications. In its 
heyday in the 1980s its recommendations on 
shares teat were, as its title suggests, priced 
in pennies, would regularly move prices. 

Perhaps the most high-end of the newslet- 
ters for private investors. Analyst, published 
by Analyst PLC, hardly ventures outside the 
smaller to medium company range. Its latest 
issue covers three companies: Filofax 


As interest rates have 
fallen and small stock 
prices risen, so 
newsletters have become 
more popular. 


Group, a brand retailer of personal organiz- 
er diaries; Devro International, a maker of 
specialist food products; and Dorling Kin- 
dersley, a publsher. 

Generally speaking. British newsletters 
are typically written by former financial 
journalists and stock analysts. It is difficult 
tojudge tee quality of the publications, how- 
ever. because unlike the United States, nn 
organization keeps track of tee performance 
of stocks they recommend. 

But financial regulators do keep an eye on 
them. If a newsletter gives specific financial 
advice, rather than generic financial advice, 
it must be a member of one of Britain’s so- 
called self-regulatory organizations, or 
SROs. This means that if newsletters recom- 
mend a particular stock, mutual fund, or 
other financial product they must belong, 
but if they just advise, sav, investments in the 
Japanese stock market, they need not. 

In practice, this means that newsletters are 
regulated by the Financial Intermediaries. 


Managers, and Brokers Regulatory Assoctar; ■ 
tion, known as F3MBRA, the SRO which 
normally looks after small independent ‘fi- 
nancial advisers. 

Mr. Gibson of Fleet Street Publications .. 
said that F1MBRA kept a very close eye on 
his firm’s activites, particularly because 
Rost Street has recently formed a joint mar- ; 
keting arrangement with Agora Inc., an 
American newsletter publisher based in Bal- 
timore, that was in talks to buy Heel Street 
from International Business COmmunica- ' 
tions Holdings PLC. 

FTMBRA was particularly concerned, he . 
said, to make sure that Reel Street did not 
lust highlight its stock tips that have gone 
wefl, but also mentioned those that have 
been disappointin g 

One institutional investment manage r, 
who insisted in anonymity, said his com- 
plaint about newsletters was that often they ; 
tipped such small companies teat it was 
difficult to buy or sell even relatively small 
quantities of the shares. He also grumbled 
that one newsletter publisher, tipped war- 
rants and moved the price of them, but also 
traded in warrants for his own account. 

Peter Rigby, chief executive of Interna- 
tional Business Communications, said be ted 
not t h ink tee British newsletter market 
would come to resemble the more-developed • 
market in tee United States. But he did think 
there was a market for financial newsletters • 
that gave advice ranging beyond the tradi- 
tional area of suggesting which stocks to ! 
buy. 

Mr. Utton is skeptical about future pros- : 
pects. “Slock market newsletters are rtnaled 
to interest rates and money supply,” he said- 

When interest rates are f alling , ynn have ’ 
much more incentive for people to look at 
starting newsletters, ” he said. ‘‘‘During the 
recession and tee Gulf War, we were about , 
the only people marketing. 

“Once sterling came out of tec European 
exchange-rate mechanism, however, people ■ 
started rnarkeu ng again," Mr. Utton contiij- 
. ■ . But “ “iteresi rates are now going to , 
rise, if we take / in erica’s lead, that puts a ■ 
oahng on the number of people in the mar- 

K.CL 










INTERNATIONAL HERALD TRIBUNE, SATURDAY-SLNDAY, JUNE 11-12, 1994 


Page 19 




After Initial Splash, Newsletter Gurus Don’t Seem to Last Long 


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By Iain Jenkios 

A LITTLE more than a 
d® 6 ®** 6 ago. aewsleuer 
publishers were on the 
from page of newspa- 
pers. They held Wall Street in the 
psims of thdr bands. All it took 
was a negative forecast and the 
market would move. 

One such pundit, Joseph Gran- 
v ® e » *di«* of the Granville Mar- 
ket Letter, once momentarily av 
Kwishcd an investment conference 
audience at a Phoenix, Arizona, ho- 
tel by walking across the surface of 
the hotel’s swimming pooL Despite 
the fact that Mr. Granville had set 
up the illusion by having the hotel 
staff rig a plank just under the 
surface, the effect worked for an 
instant'. He was a sage who reallv 
could walk on water. 

Today, the gurus scan less visi- 
ble. While investment newsletters, 
some of which are published by 
weB-known market wizards, are 
immensely popular, the strong per- 


spm once identified with the pub- 
lications seem to have disappeared 
into the obscurity of their comput- 
er-driven investing models. 

After the heady days of the early 
and mid-’80s. some observers say. 
those who rise to the stature of 
market guru today are just as apt to 
he ridiculed as worshipped. Some 
analysts even treat their predictions 
as court t enodica tors. 

Take the case of the Ionian 
Brothers analyst Elaine Garzarelli, 
who was exalted after predicting 
the stock market crash of 1987. In 
late January of this year, in the 
midst of bud ran on Wall Street, 
Miss GarzarelU declared that “the 
stock market party could go on 
forever.** About a week bier, the 
air was let out of the balloon and 
slocks headed south. 

Then in late March, when Miss 
Garzarelli said the market was in a 
10 to IS percent downward correc- 
tion phase, stocks suddenly began 
to move higher. 

The problem with listening to 
gums, say some observers, is that 


while they have achieved their rep- 
utation by being right a lot at some 
point in their careers, they are usu- 
ally wrong about as much os any- 
one dse in their business. 

Some newsletter publishing gu- 
rus even lake the view that most 
similar publications are usually 
wrong. Michael Burke, the editor of 
New Rochelle, New York-based 
Investor Intelligence, runs a senti- 
ment index taken from 130 other 
newsletters which be treats as a 
counterindicator. 

“Newsletters lend to get too ex- 
cited when a market reaches its 
high and too negative when ii 
falls,” he said. 

Mr. Burke added that, today. 52 
percent of newsletters are bearish, 
which he interprets to mean that 
the market is going to rally. 

But this type of jousting is a far 
cry from the way Mr. Granville 
once mesmerized newspaper re- 
porters, brokets and investors with 
his forecasts. His flamboyance 
added to the mythology. He made 
his appearances at conferences 


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Over one month to June 1 , 1994 



from coffins; he recorded a record 
on investing; he even correctly 
forecast an earthquake in Califor- 
nia. 

In January 1981, a “sell” mes- 
sage sent by Mr. Granville to his 
clients on the evening of the day 
when the Dow Jones industrial av- 
erage had hit its highest level in 
four years sent the marker tum- 
bling and set a new record for trad- 
ing volume on the New York Stock 
Exchange. The day after the spill, 
Mr. Granville's photo made the 
from page of The New York Tunes. 

But he had a bad year in 19S2, 
however, and fell from grace. 

Mt. Granville's mantle was tak- 
en by Robert Prechter. The new 
guru was less of a showman and 
more of a technician who believed 
in a wave pattern of market move- 
ments. He caught the media eye 
when he, too. foresaw the 1987 
crash. Ji was soon his turn to tum- 
ble when be missed the subsequent 
rally. 

“I wouldn’t wish bring a guru on 
anyone," said Mr. Prechter. who 
runs the Elliot Wave Theorist 
newsletter and who, today, is bear- 
ish on U.S. stocks. "Then when you 
get it wrong, you're a fooL” 

Mr. Prechter doesn’t see another 
newsletter guru bursting onto the 
scene again: “The investment uni- 
verse is much larger and less so- 
phisticated than it was 10 years 
ago. In this huge universe, the opin- 
ions of newsletters often look irrel- 
evant" 

Since Mr. Prechter’s downfall as 
a guru, a new breed of media- 
friendly experts has stepped into 
the vacuum. They are often TV 
commentators like Dan Dorfman, 
who appears on a financial news 
cable channel. Mr. Dorfman’s 
stock "pick of the day," broadcast 
at 12:35 P.M., often has dealers in a 
frenzy minutes after it has been 
telecast and investors rush to buy 
iL 


Mark Hulbert. editor of the Hui- 
ben Financial Digest, which ranks 
the performance of newsletters, 
says that the media will not be able 
to anoint the next guru until there 
is a strong consensus on future di- 
rection of the markets, which he 
says does not exist now-. 

"Periods when there is a strong 
market consensus tend to produce 
gurus." he said. “When someone 
goes against the consensus and gets 
it right they will become the next 
guru. Today there are too many 
diverse opinions for anyone to 
stand out from the crowd." 

Another theory about the disap- 
pearance of the guru is that they 
tend to thrive on bearish forecasts. 
In the early ’80s, Howard Ruff, 
editor of the Utah-based Ruff 
Tunes, gained a huge following by 
his negative forecasts and sugges- 
tions that people should store 
canned food. 

Louis Navdlier. who edits the 
MPT Review newsletter from Ne- 
vada, said: "Newsletters feed on 
greed and fear. But it is better to 
talk about the end of the world. 
People like bring scared. You get 
more subscriptions and more of a 
following that way.” 

Although the high-profile guru 
has vanished, the picture for finan- 
cial newsletters is far from gloomy. 
Sales are booming, particularly for 
mutual fund newsletters. Some 
publications boast a circulation or 
more than 20,000. 

And in a modest way. say ana- 
lysts, a new breed of newsletter star 
is being bom. Martin Zweig. for 
example, who edits Lhe well-known 
Zwrig Forecast, has becoming a 
low-key media star, often appear- 
ing on the panels of television fi- 
nancial talk shows. He is known for 
having a rather scholarly focus on 
an array of market indicator. 

Mr. Zweig also has an excellent 
investment record. According to 


the Hulbert Fmanria! Digest, any- 
one who has followed the invest- 
ment advice of the Zwrig Forecast 
would hate earned an annual re- 
turn of 16 percent over the past 10 
years. 

Others such as Mr. Navdlier. 
have somewhat of a cult following. 
Mr. Navdlier. however, doesn’t be- 
lieve in anting market moves — 
he's something of an old-fashioned 
slock picker. Instead of the models, 
theories and sweeping predictions 
that made the names of Mr. Gran- 
ville and Mr. Prechter. be prefers 
fundamental analysis. 

Some analysts also believe that 
the quality of newsletter research 
has unproved to the point where 
such publications offer better ad- 
vice than large brokerage houses. 
"Brokers have got something to 
sell," said Mr. Prechter. "They have 
to be bullish. Newsletters are just 
giving an opinion." 

Meanwhile, the silent boom in 
newsletter publishing has attracted 
the attention of Mr. Granville. In 
bis doomsday style, he is forecast- 
ing a market “meltdown." He even 
cites the growth of the newsletter 
industry as one of his indicators ol 
doom. ’ 

“We have seen a proliferation in 
the number of newsletters, which 
coincides with the rise in stock 
prices," said Mr. Granville. “ This 
proliferation means that the mar- 
ket has reached its peak and that it 
is the stan of a bear market. 

"Over half of the newsletters will 
be out of business within five 
years," he added. "And the market 
— well, it's a parabolic curve. 
When it goes up vertically, the ter- 
minal decline is not far away. We 
are close to another bonfire.” 

Said Mr. Burke: "Granville ei- 
ther hits a home run or strikes ouu 
By following him. investors will ei- 
ther make a fortune or lose every- 
thing." 



Nioabc Axm'IHT 


Do Subscribers Need Protection From Themselves? 


By Iain Jenkins 


F you thought it was impos- 


sible to get rich quickly, 
tiers will 


I think again. Newsletters ' 
tefl you bow. One offers 
"risk free, big profits fast." Anoth- 
er, says that it turned SI0.000 into 
$45.2 million’ in just over a decade. 
Not bad! If you believe the adver- 
tising, that is. 

All of the claims that are pushed 
under American doors into mail 
slots use authentic looking statis- 
tics. Some run computer models 
backwards to give returns they 
“would" have achieved “if” they 
had been using the model over re- 
cent years. Others, say critics, use 
figures to lie. 

Exaggerated claims are not the 
exclusive preserve of newsletters, 
warn some analysis. Mutual fund 
managers have also been accused 
erf massaging statistics to show 
themselves in the best light 
But funds are prevented from 
running too far afield by regulatory 
agencies, which censor misleading 
advertising. There is no one to warn 
investors away from the “gci- rich- 
quick" schemes touted by newslet- 
ters. 

“How many times have you been 
tempted to go to a movie by the 
advertising,” said Paul Menruman, 
who runs the Fond Exchange news- 
letter in Seattle. "When you get 
there you are disappointed. Well, 
the same thing is happening with 
newsletters. Some newsletters have 
forgotten that they should be help- 
ing people manage their money.” 

Marie Hulbert, editor of the Hul- 
bert Financial Digest, which moni- 
tors the per f ormance of financial 
newsletters, said: “There have al- 
ways been lots erf newsletter claims 
(hat have strained credulity. But 
there should be not regulation. It is 
a question of freedom of the press.” 


The Securities and Exchange 
Commission, the chief U.S. regula- 
tory agency for the securities indus- 
try, tried to regulate the newsletter 
industry in the early 1980s. But 
publishers argued that if they were 
subject to regulation, then the same 
should go for The Wall Street Jour- 
nal and Forbes magazine. In 1985. 
the battle went to the Supreme 
Court, and the newsletters won. 

It was a battle wonh fighting say 
U.S. newsletter publishers, who 
have watched their counterparts in 
Britain labor under the same tight 
regulation faring fund managers 
and brokers. A number of British 
newsletters have been fined for 
their advertising. 

In one extraordinary case in Brit- 
ain, a publication called Penny 
Share Focus had to pay the equiva- 
lent of S8.00Q to compensate the 
investment losses of a reader. “We 
made a genuine priming error,'* 
said the newsletter's editor. Jon Le- 
vinson. "Three words were missed 
out of a sentence. We found our- 
selves in arbitration and couldn't 
believe it when we lost." 

In the United States. Mr. Hul- 
bert has become the unofficial reg- 
ulator erf the industry. His perfor- 
mance chans are anxiously awaited 
by newsletter publishers. He even 
uses his position as a Forbes maga- 
zine columnist to bring to the at- 
tention of a wideT public the ex- 
cesses of newsletter advertising. 

But although he is respected in 
the industry, some people criticize 
the way he calculates performance. 
Others, like the Options Advisor 
newsletter, which has been targeted 
by Mr. Hulbert Tor exaggerated ad- 
vertising claims, say that Mr. Hul- 
bert has a conflict of interest in his 
role as unofficial watchdog. 

“We disagree with his figures but 
it didn't stop him doing us material 
damag e ." said Price Headley, di- 
rector of research at the Options 


Advisor. “It is a bit ironic because 
he is in the business of selling news- 
letters like us. A regulator should 
be someone outside the industry ” 

The question of regulation of the 
newsletter industry has become all 
the more pressing with the advent 
erf cheap computers. Anyone with a 
personal computer and a reason- 
able model can become a newslet- 
ter publisher overnight 

But the industry is adamant that 
it doesn't need regulation. “We are 
already highly regulated — by the 
consumer," said William Don- 
oghue, who runs the Donoghue 
Money let ter in Seattle and helped 
bankroll the case against the SEC 
in 198S. 

“Newsletters make money on re- 
newals of subscriptions." he said. 
"If we don’t do a good job people 
cancel the subscription.” 

But how much money might a 
subscriber have lost by following 
the advice of the newsletter before 
they cancel their subscription? 
Some newsletter models lose 85 
percent of the hypothetical capital 
invested in a year, say critics. Is the 
sanction of stopping the Sl30-a- 
year subscription enough? 

Patty Wysocki, acting bead of 
the industry trade organization. 
The Newsletter Association, thinks 
it is. 

“The consumer and the investing 
public are more sophisticated than 
people give them credit for." she 
said. “Do you think they believe 
every piece of junk mail that they 
get? Of course they don’t. Ifl say I 
am selling the Brooklyn Bridge for 
525.000 would you believe it?" 

But not all the regulatory au- 
thorities are prepared to count on 
the common sense of the investor. 
Some analysis say regulators are 
gathering their forces Tor another 
attempt to control the fiercely inde- 
pendent newsletter industry. The 
Commodity Futures Trading Com- 


mission, observers add, is in the 
front tine of the move. 

“A year ago they decided that 
the Supreme Court ruling against 
the SEC did not apply to them," 
said Michael Shoeman, an attorney 
at Shoeman Marsh Updike, a New 
York law firm (hat represented the 
newsletter industry in the 1985 Su- 
preme Court case. 

Mr. Shoeman added that the 
SEC is also having another look at 
newsletter publishers. “They are 
exploring whether people are abus- 
ing their position by using their 
publication to promote some regu- 
lated activity — such as managing 
money,” he said 


Any attempt by the SEC to gain 
some regulatory control over news- 
letters might have something to do 
with the recent explosion in the 
number of newsletter editors who 
also nm mutual funds. Critics say 
that a number of editors have 
blurred the performance of their 
newsletter model portfolios with 
the performance of thdr own mu- 
tual funds. 

But Mr. Levinson, at Penny 
Share Focus in Britain, cautions 
against regulation: “While you 
want to keep unscmpulous people 
out of the industry, it is difficult to 
get the balance right. We may have 
gone too far here." 


fjje ZBpmeitp jfunb 

A diversified, global open-end fund using flexible 
Investment techniques to achieve substantial 

capital appreciation 

RANKED # l PERFORMER GLOBALLY 
inception to date * 
by Lipper Analytical 

RANKED # 1 PERFORMER I ST QTR 1 994 
by Micropal 

■■--r5-_-.fr--- At- 

WINDSOR GROUP, LTD. 

IS/F Lippo Centre, Peregrine Tower. Hong Kong 
For more information and a pro pectus: 

Please Call (852) 848-9148 or Fax (852) 845-2585 

Minimum investment SI0O.OOO. Offshore Status. 

•May S1.19W. 


S'* 


<• 

• /»!. 


. ' , r ,«,■ 


The Special Theory of Relativity 
holds there is no one correct 
universal time but that time is 
always relative. Similarly, portfolio 
volatility is relative to expectations 
and liabilities. 

Credit Lyonnais Rouse Limited 
recognize that investor appetite for 
risk varies arid have designed their 

i. 

products accordingly. For example, 
CLR Select; the first derivatives 


umbrella fund to be launched in 
Luxembourg, offers investors a wide 
range of sophisticated investment 
strategies emphasizing risk adjusted 
performance. 

This year, we are expanding our 
range to include investment 
products designed to benefit 
investors during periods of market 
turmoil and uncertainty. This begins 
with the forthcoming launch of The 



CREDIT LYONNAIS ROUSE LIMITED . 

Funds Division . 

Broadwalk House, 5 Appold Street, London EC2A 2DA. Tel: 44 71 374 6100 

r^n iwnnnastouxlMtedisa member.otthe Securities & Futures Authority, 

Thru 


Select Equity Derivatives Fund, an 
innovative investment product, 
designed to curb volatility and 
enhance the returns of traditional 
global equity portfolios. 

Credit Lyonnais Rouse will launch 
The Select Equity Derivatives Fund 
in July. 

For more information please contact : 

Credit Lyonnais Rouse Limited, 

Funds Division, London. 

Tel: 44 71 214 6614 
Fax: 44 71 638 0373 
















Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURBAY-SUNDAY, JUNE 11-12, 1994 




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ABC inVESTMENT & SERVICES CO IE.CI 
Monoma-BohralnJ’O 2B0B.F/. SHOU Tl S3223S 

mfiBC Futures Funa liu s nv.n 

in ABC Islamic Funa (E.C.1 i 12547 

IHABC Glottal RMOVfry RJ_S IQS 77 

ABM AMRO BANK, p.O. Bax 2KL Amsterdam 


w Columbia Securliles F i M9JI 

» Tran Europe Fund Fi FI 9130 

w Tran* Europe Fund i 5 49.99 

a AtrWllO. .. ■ - FI WO 

AIC FUND MANAGEMENT Ltd 

d AlG Amer. En. T/„jt. J V>XW 

w AIG Balanced World Fa 8 I05.MS 

a Alu Emers Mhh Ba Fa 1 WU6S4 

IVAIG Eureau Fund PIC Ecu 134.4786 

iv RIG Euro Small Co Fd Pie J fSLMOl 

reAlG Europe Fit Pic 5 1218528 

n AIG Japan Fund s 1I6J4M 

d aig Jamm Small c« fo s iojjb 

w AIG Lol in Amer ico Fd Pic _J 13»WU 

aAlGMlTiairrenor Sd FdPIcS 101.9362 

iv AlG Sw'h Eos! A*o Rj^S 244 NSi 

d High Life Fund Ecu UMO 

a UBZ Euro-Oollmljw Fund. Ecu I2J3 

d UBZ LlaulditY Funds S 1117m 

d UBZ LiauMIN Fund DM DM )&»» 

d UBZ LiqWdllV Fund ECU Ecu 135. TOM 

d UBZ Llqukflt r Fund 5F SF 177 7730 

ALFRED BERG 

d Alfred Berg Norden s 1874B 

Alfred Berg Siam 

d For EM 3 757.43 

a Gcrmont DM 2J7JK 

d Gntbal s no ji 

a Janan Y 1748500 

d Nefnerionds FI 734.05 

JHnHhtmwIm 0 11535 

d Switzerland SF I92JB 

tf U.K. 74.95 

ALPHA FUND MAHAGEMBNT, LTD 
4 Por-LQ-Vllle Rd. Hamilton. HMll Bermuda 


w Alpha AAlo Hedge I Jane D.S 1J7JH 

mAipfia Eurooe Fd (Aar 301 -Ecu 20*7 

m Alpha Futures Fd (Apt 30) J 365JM 

m Alpha Glbl Pro Trod Mav 3 IS 714* 

m Alone Global Fd lAw »>_5 9j?.90 

mAlptw HW9C FO [ Apr jOl _1 42*3)0 

m Alpha Japan Spec lAprXIJf 2S6JI1 

m Alpha Latin Amer | Apr Mi l Z7500 

mAtnha Padllc Fd (Apr 31)_S 4002* 

m Alpha SAM S 12141 

m Alpha Short Fd (Aar 301 S &>2i 

m Alpha Shf-T Fix Inc/ Mav Jli 11047 

m Alpha T llldale Fa [MOV3D.S 172.45 

m Aloha Wad n in gi On (Mot 31 IS 100.16 

m Bach-Aloha EurHds Apt M.ECu 152.71 

m Globa ivesli/alue iMpvtIIJ 12QJ0 

» Hebei Japan Fund V 17462 

m Hemisphere Neulral Apr 30 5 1034? 

meal Invest value (Mav 31 1 5 19.70 

m tikhAml Aurelia (Mar 31 1 S 178.99 

m Foci I PIM (tan BVI Juft 06 _3 107.551 

m Rlnpoen Inll Fund/Mav 31.8 77.55 

m Saw inn Fd i mov 31 1 s mj7 

m Solus InlT Fd 'Mat 31 1 5 107.12 

ARRAL ASSOCIATES LTD 

iv Altai American Ouonl Fd_S 11*7 

iv Arrai Asian Fund 3 371120 

wArroi Inn Hedge Fund 1 211J0 

BAIL 12 Place Vendamc. 75001 Paris 

m Inlermarvel Fund S 571 52 

f fnrenrtfi Convert Bds FF 777W 

f imerpHi mu Bds s soisb 

r Interetll Obtl Convertlbles-S *5053 

Inlermortel Mulllcurrencv Fund 

m Clou A FF 7335X10 

m Class B I 225.75 

mCtowC V 51 107 J® 

BANK BRUSSELS LAMBERT (JMI 5472*37 


tf BBL I nvesl America S 41 

tf BBL Invest Belgium BF 13S1 

a BBL Invest Far East -> 39K 

tf BBL Invest Asia _S *1 

d BBL invest Latin Amer S 5! 

a BBL in-rest lit" _i :: 

d BBL Renta Fd Iqfl -LF J}‘ 

d Patrimonial LF 'IOC 

tf Renta Cush 5-Meaium BE FBF IJOS 
tf Renta Cash s-McdJum DEMOM 301 
d Penla Cash S-Medhim USD S 51' 

a BBL IL1 Inv GoWrolnes S II 

d BBL (Ll Invest Eunice LF M14 

d BBL ILI Inv Eisro- (mma LF 10*1 

d BBL ILJ Invest World LF 37! 

BANQUE BELGE ASSET MGMT FUND 
Share Distributor Guernsey 041 72*6 M 


» inl'l Eauiry Fund (Slcavl — S 1274 

iv Inn Bond Fund (Slcov) 1 155? 

vr Dollar Zone Bn Fd iSIcavl -5 11 a0 

iv Asia Pacific Region Fd S >>J3 

u India Fund S 9.04 

iv Sterling Earn tv Fd (SJcavJJ IJ04 

iv Sterling Bd Fd ISleovl 1.433 

BANQUE INDOSUEZ 

w The Dragon Fund Slcuv S TOXk. 

m Japan Gld Fd A |jinB/=4ij 13084 

m Japan Gld Fd B UldK/WU 1IQ01 

m Dual Futures Fd CIA Units S 130JM 

mDual Futures FdCJCUnilsJ 117J* 

DiMa< ima FuL Fd Ser. 1 Ci. A S 137.099 

mMa-lmc Fut. Fd Ser. 1 Cl. BS 117553 

mWn'Imo Fill. Fd Ser. 3 CI.CS 107 DBS 

mMajIma Fut. Fd srr. ? CL D1 104^17 

07 Indnucr Curr. Ci a Units 5 102*03 

mlndosuer Qur. Cl B Uni Is 5 TIBJ135 

wlPNA-3 i 43500 

tf ISA Aston Growth Fund S 75*5 

d ISA Japan Pea. Growth Fd.Y 999 JB 

tf ISA Pacific Gold Fund 5 ISA* 

d ISA Asian income Fund S 1L37 

tf Indasue: Karra Fund S >1.79 

w Shanghai Fund S 11.22 

w Himalayan Fund S 1929 

w Manila Fund — 5 3*.15 

w Malacca Fund 5 10A* 

a Siam Fund 5 57.13 

tf IndosuezHong KangFuna_5 WXSO 

d Oriental Venture Trust S *4655 

tf Nairn American Trust 5 36*70 

e SKigooS Molar Trust. _s 37iW 

tf Pacific Trust HKS 3SJJ0 

d Tasman Fund— S &A05 

d Jaean Fund 5 19J7TO 

» Managed Trust S 35*25 

d Gartmore Japan Warrant _S 0J» 

a Indosuei High Yld Bd Fa A j 94.90 

a Indosuez High Yid Bd Fd BS *675 1 

o Mini espana — Plus 1001*2J» 

b Maul Fronce — FF 5110.40 

a Maxi France 95 FF 505057 

tf Indasue; Lalln America — S 9Jb 

BANQUE SCAND1NAVE EN 5UISSE-GENEVA 

a Intelbond Cht SF T7JD 

a inlelsec CM . — — SF 220.00 

vr Swiss! und CM SF 17277 

BANQUE SCS ALU ANCE-CR EDIT BANK- 
141221 3JA- 12*1. Geneva 
w Pie lade North Am EaulliesJ 10282 

a Pfetade Eurooe Eaullles — Ecu 131.23 

a Pinnate Asia Poatic En — s 94.1* 

a Pielode Environment Eo— S 7550 

a Pielode Dollar Bonds S 9ES5 

a Pielode ECU Bonds Ecu 105.45 

w Pielode FF sonas FF lojjn 

w Pleiads Eura Cenv Barm —SF 93J0 

a Pielode Donor Reserve S 10068 

a Pieiooe ECU Reserve Ecu 10.73 

a Pielode 5F Reserve SF 10231 

a Pielode FF Reserve FF 11027 

BARCLAYS INTL FUND MANAGERS 
Hcng Kang. Tri : 1852) 83*1900 

d Ollrta IPRCl } IL589 

tf Hang Kong — 5 33.73) 

tf Indonesia i 122*9 

tf Jamn s 10J17 

tfKcnre J '2843 

tf Malaysia s 23600 

tf Philippines S 77.283 

d singaoore S 18*01 

tf Thailand S 365to 

d South East Asia S 34.179 

BARING INTL FD MANGRS (IRELAND) LTD 
(513 RECOGNIZED) 

IFSC HSEXIuslom Hse DodiLDub. 447162B40H 

iy High Yield Band i 9js 

a World Bend FF R FF 57.17 

BARING INTL FD MNGR5 (IRELAND) LTD 
(NON SIB RECOGNIZED) 

a Australia S 77J5 

w Japan Technology .. .. 7)Jto 

a Japan Fund S 2fc20 

w Japan New General Inn S 2400 

a Malaysia & Singapore S 112J7 

a North America s 2681 

a Octopus Fund S 3969 

a Pacific Fund S 109.71 

w interncUonol Bona s 1774 ' 

a EuroPQ Fund— s 1689 

w Hong Kong S 10681 

a Trlstor Warrant S 3600 

w Global Emerging Mills 5 147D 

a Lalln America S ISA* 

w Currency Fun d r _ , . s 1642 

a Cwreney Fund Managed _S 5032 

a Koreo Fund — 1 9A3 

a Baring Emerg World Fd S MO? 

BDD GROUP OF FUNDS 

a BDD USS Cash Fund S 535174 

w BDD Ecu Cosh Fund Ecu 6136JD7 

A EDO Swiss Franc Cash SF 5058.78 

a BDD Int. Bond Fund-USS S S2B7J1 

a BDD Ini. Bond Funo- Ecu —Ecu *74477 
a BDD N American Equity Fd5 4*7425 
a BDD Eurooeon Equity Fund Ecu aOlftM 

m BDD Aslan Ealfity Fund S T446B1 

m BDD US Small Can Fund— S 1Q3M7 

w Euruflnanctcre Fhed inc FF 10*7767 

a Eurotm Mulll<y Bd Fd FF 931343 

BEUNVE5TMGMT IGSY) LTD 

a Bflllnvesl-Braai S 114158 

a Bellnvesl -Global J ?«145 

a Bel Invest- Israel S 656.97 

w Belinvesl-Multlband I 907.73 

a Bel Invest -Superior S 908J1 


BNP LUXEMBOURG 
INTER CASH 

I Franco Manetqlre FF 

t France Secunte ff 

I Inter Cash DM DM 

r Inier Cash Ecu Ear 

; Inter Cash GBP c 

7 inter Cash USD 5 

I inter Cosh Yen Y 

INTEP MULTI INVESTMENT 

a Privatisations Inti Invest S 

a Telecom Invest S 

fNTER OPTIMUM 

a inlerband U5D S 

a BEF.’LUF BF 

a MultWevIses DM DM 

a USD S 

a FRF FF 

a ECU —Ecu 

INTER STPATEGIE 

a AuUralle — — S 

w France f f 

a Europe ou Non! c 

a Eurooe du Centre JJM 

a Europe du Suet Ecu 

a Japan Y 

a Amerloue du Nurd 5 

aSuO-Esl Asioikme — S 

a Global a 

BSS UNIVERSAL FUND SICAV 

tf Eurosec ECU A (Dlv) Ecu 

tf Eurosec ECU B I Can i Ecu 

tf Intrlsec USD A (Divi — _l 
d intelsec USD B (Co» s 

tf inlelbantf USD A iDIv) S 

tf iflieteond USD B l C op) S 

tf Finn sec Global FM a iDtvl FM 
d Finnsec Ghtbai FM B (Cos) FM 
a Intel bona FRF A iDlvt — .FF 

d Inlelbond FRF B (Coal FF 

tf For Easl USD a jdIvi S 

tf Far East USD B ICan) S 

tf Japan JPY A IDIvl Y 

d japan JPY B (Cop) T 

d Parsec FRF B (Coo) FF 


; \ ’o.toS ^ indicate trequoncy at uoirlaUona two 


a Latm America USD A (Dull 3 1W4 
d Latin America USD BiCooiS 33.1 084 

d Norm America USD A i divis i6-«i 

tf North Artier USD B (Canl-S l*4S8l 

tf Asia USD A IDIVl 3 lOOOC 

a Asia USD B iCaoi * 10.0045 

tf World USD A l Dal .. 5 1.977) 

a wora usd B icon) s «.9»« 

BUCHANAN FUND LIMITED 

cK> talk of Bermuda LIJ; iHFl 2*5-4000 

I Global Hedge USD i W.I6 

l Global Hedoe GBP .l UJB? 

I European & Allantic— 3 U79 

I PocHic I IIM 

I Emerging Marurb 5 I3 bJ 

CAlSSE CENTRA L£ DES BANQUES POP- 

tf Frudiluy ■ Obi Fses A FF 8481^3 

d FruetJlux - Obi. Euro B Ecu 1571*f 

a FructllUK - Actions Fs« C _FF 9)29.47 
a FrucilliM - Actions Euro D JEeu Ittijo 
d Frucllluv - Court Terme E_FF 85*4** 

d Fruclllu* - D Mar* F DM 10KIT 

CALUNDER 

a Callander Enter. Growth _S 17767 

w Callmier F- Assel S »3J>9 

a Callander F- Austrian AS I2BZI* 

a Callander F- Spanish ____P'a 9IS7JM 

w Cglionder F-US Health Cores 4(105 

a Cai Wider Swiss Growl n — SF 1SS.79 

CAMPBELL (BERMUDA) LTD 
a Gib) Institutional (3 Junei J 853 -a 


ADVERTISEMENT' 


June 10, 1994 


BHTERNATSONAL FUNDS 


Quoutiara tuppfied by fund* Wed. Hdl asset valua quotationa ant euppUed by Gw Fund* fated atth Gw ..^*)*to n (ml ■ monthty. 

. . ■ r i m .i.iiin n«i rt.i u ■ ■•■ . . iiit ir m t r vfnl n hth r IvvTr 1"^*" **^vg*n m'.-mJauiiu 


CANADIAN INTERNATIONAL GROUP 


d Cl Canadian GratrttiFd Cl 4-36 

d Cl North American Fd— CS ?.<5 

d Cl Public Fund CS 1 k4S 

d Cl Global Fund CJ 

a Cl Emerg Marvels Fd CS 8.77 

0 Cl European Fund C? 5JD 

d Canoua Goar. Mortgage Fd CS '&4> 

CAPITAL INTERNATIONAL 

w Capital inn Fund * U*I0 

wCaollal Holla SA S «v4 

CDC INTERNATIONAL 

w CEP Court Terme ff K 4*7« 3< 

wOFI Long Terirtf — FF 151734*0 

CHEMICAL IRELAND FUND ADMINISTRA- 
TORS LTD 
353-1 M 13 C3 

w Korea 7151 Century tnvl — S 9Z> 

h The Yellow Sea Invt Co S I0AJ 

CINDAM BRAZIL FUND „ 

0 Ondarr Eajltf Fund -5 J2S$2 

tf Citidam Balanced Fund — I IOT..17* 

CITIBANK (LUXEMBOURG) SA. 

POB 1373 Luvembauro Tel. 4*7 *5 71 

d CII Invest GkJDai Bond J , '^1- 

d cirtnvesl FGP U5D_ * 

tf Cltmvesi FGP ECU Ecu 281 J7 

tf CitiftvesiSeleoor. S "fg 

d atlairrencies USD S 

d CIliQirrenclesDEM DM J42J0 

d CIHcurrenaesGBP J WjjJ 

tf ClUcurrencles Yen J 

tf ClllPOrt NA. Equliv. S 23164 

d Cltlpon ConL Euro Eauil>-,6cu 

d Clllport UK Enuilv ! 

tf Cltlaart French Equity FF 14t.JS 

d Clllport German Faulty DM 17 

ti Citiporl Japm Eauirr 1 50^.m 

d Clllport IAPEC. & 

a Clllport Eamec * ‘jT-Is 

tf Clf inert N A. 5 Bond S Ji*-70 

tf Cltleort Euro Bond Ecu 

d Managed Currencv Fund —1 >**6l 

CITIBANK (PARIS) 5A. .. , . 

aCMIWCopGtd S 972601 

CITITRUST 

wUSSEaulMK 5 2S7JS442 

w US S Money Market i '» 0*571 

a US S Bonds S 17034*9 

wCIHIond S 144IJT4 | 

rnClllPeriormonce Ptil 5A S IL’Oll* 

a The Grad Forth Fund 5 1169321 

COMGE5T (33-11 *4 70 75 10 

a Comcett Asio S 1J7J 60 

w Comgest Europe 3 F 1239.. l 

CONCEPT FUND 

B WAM Global HMw Fd 1 Itov.TO 

b WAM inll Bd Hedge Fa S 98*71 

CONCERTO LIMITED 

a NAV 31 Mev 1994 1 9363 

COWEN AS5ET MANAGEMENT 
Cowen Enterprise Fund UV. 

wCJtxuAShs S 'C° , 0.94 

a Class B Shs S 1*77 .’j 

CHEDrT AGRICOLE 
INDEXIS 

tf lndextsUSA'S&P50D S 186? 

d Indeils JananiNIkkrl > 191882 

a lixMJij G Brrl.'FTSE c 12*2 

d InderUFraiceiCACW FF U9.1S 

tf IndedSCT FF 11*57 

MON AXIS 

tf Court Terme USD s 1*87 

d Court Terme DEM DM 388* 

d Court Terme JPY, — i 327082 

tf Courl Tfrme GBP — — C I3L2T 

d Court Terme FPF FF 13784 

tf Court Terme E5P Pla 29*658 

tf Court Terme ECU Ecu I9."0 

MOSAIS 

d Actions Inn Diver si liras FF I2«93 

tf Actions Nortt-Ameri eo Incs A —90 

d Actions Japonalies — -Y )9*1*J 

d Actions Ang lobes 1 1145 

d Actions A iternandes Dm 40.M 

d Actions Froncnbes FF 144.97 

d Adkins Eso.4 Port Pla 37*5.10 

tf Adlans itaiiermes Lit 379*8.** 

d Actions Bassln Pocifiaue S 364° 

d Obi ig Inl l OtversiRras FF 121J2 

tf OMIg NorO-Amerl calnes S 1869 

d Obtlg Jopanaises Y 2331.92 

tf Obllg Angiaises -I 13J2 

a Obllg AHemandes —DM 39.11 

tf Obtlg Francoises FF I48«l 

tf Obllg ESP. & Port Pta 2*7*.73 

a Obtlg Convert. Intern FF 149. i* 

a Court Terme Eai— — Ecu 21.93 

tf Court Terme USD S I7J* 

d Court Temve FRF .FF 1411* 

CREDIT COMMERCIAL DE FRANCE 

d ElyseesMonetatre FF 90081.99 

d Som Acticash USD B s 1 1 05.78 

CREDIT SUISSE 

d CSF Bonds SF 8SJ5 

d Bond Valor Sat SF 11265 

tf Bond valor US - Dollar s 122.1* 

d Bona Valor D-Mark dm m.t4 

a Bond Valor Yen Y 10880JW 

d Bond Valor CSIertlrn £ 10168 

tf Cwivert voter Swf SF 1*9J»5 

0 Convert Voter US - Dollar _S 1*863 


d Convert Vutor [Sterling. 

d CSF International — SF 

tf Acthxw Sulsaes SF 

tf CredlsSmlt+MMCao SaltztSF 

tf Eurooa Voter SF 

tf Eneroie - valor SF 

tf Padllc - valor SF 

tf CS Gold valor— S 

tf CS Tiger Fund 1 

tf CS Ecu Band A Ecu 

tf CS Ecu Bond fl Ecu 

tf CS Gulden Bond * FI 

d CS Gulden aond B Fi 

d CS Hisnono Iberia Fd A Pla 

d CS Hisaano Iberia Fd B — Pio 

d C5 Prime Bond A Dm 

d CS Prime Bond B DM 

Cl CS Europe Bona A DM 

d CS Europe Bond B DM 

d CS FlUS I SF 7% 1/9* SF 

d CS Fined I DM 89* 1 '9* J3M 

tf CS Fired I Ecu 83/4*1) l/**-Ecu 

tf CS Swiss Franc Band A SF 

d CS Swiss Franc Bona B— SF 

d CS Bond Fd Lire A'B. LI! 

rf CS Bona Fd Peseiat A'B pros 

d CS Germany Fund A DM 

d CS Germany Fund B DM 

tf CS Euro Blue Chips A DM 

d CS Euro Blue Chips B DM 

| d CS Shoti-T. Band I A S 

tf CS Short -T. Bond IB S 

tf C5 Short-T. Bona DM A DM 

tf CS Short-T, Bond DM B DM 

a CS Money Market Fd S S 

tf CS Money Market Fd DM — DM 

d CS Money Morkel Fd [ „t 

tf CS Money Market Fd Yen_Y 
rf CS Money Morkel Fd a — a 
a CS Money Martel Fd Ecu -Ecu 
tf CS Money Market Fd 5F — SF 
tf CS Money Market Fd HFI _Fi 


tf CS Money Market Fd Ut Lit 122911180 


rf CS Money Martel Fd FF— FF *19109 
d CS Money (Vtarket Fd P1u_Ptas 1 25531 J» 
d CS Money Market FdBEFJF 5778880 

, dCSOeko-ProlecA DM 23*69 

tf C5 OetCo-ProtBC B DM 2*023 

. tf CS North-Amerlcon A — _J 23*.9» 

d CS Norm-Amerlcan B 1 249.99 

tf CS UK Fund A c 109.90 

tf CS UK Fund 8 ( 11555 

d CS France Fund A ff 982.90 

, tf CS France Fund B FF 105881 

tf CS Eurorool Dm I WOO 

tf CS Italy Fund A LH 28133480 

tf CS Italy Fund B Lil 28818480 

tf CS Netherlands Fd A fl 41176 

d CS Netherlands Fd B FL 42IJ7 

tf CS FF Bond A FF T 04184 

tf CS FF Bond B FF 1117.11 

tf CS Capital SFR 2000 SF 151*34 

tf CS CaMtal DM 2000 DM 143060 

0 CS Capital DM 1997, DM 173847 

0 CS Cadlal Ecu 2000 Ecu 137160 

0 CS CaMtal FF 2000 FF 1373.48 

tf CS Japan Megatrend SFR_SF 26*54 
0 CS Japan Megatrend yen_Y 265S5JW 

tf CS ParH Inc SFR A/B SF 977J* 

tf CS Parti Bai SFR SF 1027JB 

tf C5 Pori I Growth SFR SF 103UC 

tf CSPortf incDMA/B DM 101841 

d CS ParH Bol DM DM 1073JO 

rf CSPortf Growth DM DM 106*37 

0 CSPortf I ik US1 A/B S '>40.00 

tf CS Pom Sal US* $ 100610 

rf CS Pom Growth USS S 102U2 

d CS ParH Inc (Lire) A/B Lit 97227100 

d CS Portt Bol lure) A/B Lll **552880 

tf CS Port! Gro (Lire! A/B Lit 9528*800 

d CS Eo Fd EnwnMkh— S 115*35 

tf CS Eh Fd Smat! Cap USA * 9MJ9 

tf CS Ea Fd Small Eur DM 94SA0 

tf C5 E4 Fd Lol America S *8133 


INTERNATIONAL INCOME FUND 

d Lang Term— * 

S Long Term • OMk — DM 

ERMITAGE LUX (3SW07D30) 
n L nn l i 07- Idler Rale Strot_DM 

r- E imilagc Sul: Fund 1 

w Ermilcge Ailon Hedge Fd-5 
it Ermllose Euro Hedge ^d-pM 
n ErmHage Crmbv FC— * 

a ErmHooe Amer hdg Fd — S 
a Er milage EmarMkls Fd— S 
EUR0PAFUND5 LIMITED 

a American Eeuii* Fund S 

rf o/nericon Option Fund — A 

w Aston Eauiry Fd * 

a European Eauiry FC 5 

EVEREST CAPITAL IBW) 292BM 
m Everes! Caollal Inll Lid— J 


FIDELITY INT’L INV. 5ERV1CES fLUk) 


d D iscoverr Fwia s 

d Far Easi Fund J 

d FI(L Amer Asmk * ...’’J’J 

e Fid. imer. vciues iv ! lUjyfLOO 

d Fronher Funo J 

i i Global Ind Fund J If J® 

d Global Selection Fund j *-.*7 

d New Eurooe Funo S ll*i 

d Orienl Fund — > *W67 

a Special Growth Fwia s 42 m 

d V/grid Fund S 115 23 

FINMANAuEMSNT SA-Luqami1*IJ1/2M13) 

w Delta Premium Cora S 1 20500 

F0KUS BANK Ai 472 OS 535 
w Saw tanas Inl'l Grunin Fd _S 100 

FOREIGN a COLONIAL EMERG MKT5 LTD 

Tel London 071 *3 1234 
0 ArgenUnion Invest Cu Skm v* 2M8 

tf Bra: man invest Cc Sicav—J 29.1: 

d Colombian invest Ca Slcov.* 1645 

e indlisi Invesl C* S'cav 1 11.71 

d Latin Amer E nra Yield Fd 5 10.27** 

d Latin America income Cn _3 9*a 

d Lmin American Invest Co— J 1182 

tf Me neon Inyrsl Ca Slcov j J 0.« 

d Peruvian lnv«t Ca Slcav— 1 1527 

FUND MARKETING GROUP (BID) 

P.O Bo * 20C I. Hamilton. Bermuda 

mFMG Global (30 Wi S 1363 

m FMG N. Amer. (30 Aar 1 — 5 1IU2 

mFMG Europe 1 30 Apr J 8 11*8 

mFAIG EMGMKTI30 ACfl-5 1201 

m FMG '5 (JO Aar) —5 MS 

FR CONCEPTS (BERMUDA) LTD 

a Concern* Fare? Fund S 9 *o 

GAIA CURRENCY FUNDS 

» Gala Hedge 1 1 1 122.15 

» Gala Hedge HI i 1251 

n Gala Swiss Franc Fd SF 4767 

a GAIA F I S 10659 

m Gain Guaranteed Cl 1 5 8-U* 

m Gote Guaranteed Cl. 1 1 S 3327 

GARTMORE .NDOSUEZ FUNDS Bf'0*/M 
T« : (1521 4*54 24 470 
Fro : 135?) 4*5423 
BOND POPTrOLIOS 

d DEM Bond Dll 2l5* C'M (.JO 

rf Dlverband SF 3JH 

d Dal lor Bond Dii?3 5 2*5 

d E-jrc4tecn 5d Cl* MB Ecu 12* 

d Frracn Frcnc — Dl* 1023 — FF 1110 

tf Gtooal 3 rad D13 215 1 ?42 

EQUITY PORTFOLIOS 

tf ASEAN S 9.40 

tf Asia Pooile S 4 jo 

tf Ccnibtenlal Europe Ecu 1 4S 

rf Developing Martels 5 420 

rf France— — FF HJ0 

tf Germany . — DM 5*2 

tf imerriallonal ' 76* 

tf Japan 1 2*3410 

tf North America .. — - ..J U» 

tf Switzerland SF 3.T® 

a UnllBd t.inooom — 1 143 

PE SERVE FUNDS 

tf OEM. Dr. 5J ) 9 DM 629 1 

d Dollar DI9 2J09I. 5 21*4 

tf French Franc FF 1177 

tf Yen Pewrve 1 2F? 9 

GEFINOR FUNDS 

LanCon:71-499 4l 7l,Geneva:4!-Z7 735 55 3D 


a Scottlm World Funo -I 459 

a 3 loie St. Amencon i J 

GENESEE FUND Ltd 
a (*) Genesee Eagle 3 1 

a ib) Genesee Short 3 

a ICi Genesee Cmoartunltv _S t 

iv (Fi Genesee NorvEouil t i < 

GEO LOGOS 

a 11 Straight Bond 3 Ecu 10 

a 11 Pacni.: Bond B 5F >4 

GLOBAL AS5ET MANAGEMENT 

OFFSHORE FUNDS 

11 Alnol SiCteugldLi ol Man M-tCi-tdt/U' 


w GAMarlio 5 

a gam Arbitrage 1 

a GAM ASEAN — j 

a GAM Australia S 

a GAM Bosion S 

m GAM- Cargill NUnnelonka—S 

a GAM Combined DM 

» GAM Cross- Mart cl 5 

a GAM Eurooeon S 

a GAM France FF 

a GAM Fronc-vol SF 

a GAM GAMCO ' 

a GAM High Yield 1 

u GAM East Asia Inc 5 

a GAM Japan S 

» GAM Money Mils USS S 

tf Do Sterling 1 

rf Do Swiss FrtxK SF 

tf Do Deuisehemart Dv 

tf Do Yen > 

w GAM Allocated Mlli-Fd * 

a GAM Emerg Mr is MliFFd .8 

a GAMMIIFEurope L'SS S 

a GAM Mltt-Eurooe DM DM 

a GAM Mill-Global USS— 3 

» GAM Trotflng DM DM 

a GAM Trading UM i 

w GAM Oversees S 

w GAM Pacific S 

w GAM Relative Value S 

a GAM Select Ion s 

a GAM Singapore 'Malaysia -J 

w GAM 5F Special Band SF 

a GAM Tyche 5 

a GAM US. s 

a gamui investments s 

a GAM value S 

a GAM Whitethorn 5 

a GAM Wortoalde Jl 

a Gam Bond USS Drd 1 

a GAM Bond USTSoeooi — s 

a GAM Bond SF SF 

a GAM Sard :en v 

iv GA/4 Bard OH DM 

a GAM Bond ' 1 

a GAM t Special Band : 


a GAM Universal USS 

a GSAM Composite 1 33680 

SWISS REGISTERED FUND5 41-1-1= 2*2* 
Muniebachstrossr 173.CH BOKZuricn 

d GAM (CH) Eurooe SF *?J3 

tf GAM (CHI Mandlol__„5F I«jo 

a GAM ICHt Pa-SIlc SF 3042* 

SEC REGISTERED FUNDS 

135 Em! 57rdStreel.N lO022:i:-883-42aa 

a GAM Europe — S B3 p2 

a GAM Global — S 1424® 

a GAM IniemaiiDitel i 1B*2T 

a GAM North America S 87 Jo 

w DAM Padflc Basin S 198* 

IRISH REGISTERED UCITS 

Earl start TerraceJJubl in Z 353-1 -*7*G*30 


a GAM Americana ACC DM 87. 

a GAM Furor® Ace DM 131. 

a GAM Or lea I Acc DM lea. 

a GAM Tokyo ACC DM 183. 

a GAM Total Bond DM Acc_DM 1 06 

a GAM Universal DM Acc — DM 174. 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermu<Ia:lB09) 2956000 Fa*:tffl9l 295*180 
JWH GLOBAL STRATEGIES LTD 


a (Ai Original inveslmeni S 

a 1C) Financial & Metals 8 

a CD) Global Dlveroined S 

a IF) G7 Currency S 

a (H) Yen Financial 1 

a (Ji Diversified Psk Adi S 

a IK) Inti Currency & Bond—S 

a (Li Global Financial S 

a JWH WORLDWIDE FND S 


GLOBAL FUTURES & OPTIONS SICAV 


CUR5ITQR FUND 

tf Curator East Asian Eq—i ihlob 
tf tlunltor G1W Gwth Sub-Fd Ji I0OJ0 

DARIER HENTSCH GROUP 
Tel 41-23 TUB 68 37 

tf DH Malar Markets Fund — SF 'Q5B74B 

tf DH Mandarin Parttolio SF ID01600 

0 Hentsch TrecEUT* Fd SF 9799.00 

tf Samurai Portfolio —SF XUJ0 

DISCOUNT BANK GROUP 

w MufllQirr. Bond SF 13*127 

w Dotval Band 1 1151^7 

a Eurovol Equity Ecu 12*840 

a N. AmwlcQ Equity S 143964 

a Pod He Equity S 124264 

DIT INVESTMENT FFM 

tf Concentre + DM 51M 

tf Infl Rental tond + DM 716* 

DRESDNER INTL MGMT SERVICES 
La Touche House ■ IFSC - Dublin 1 
□SB Thorn ten Lol Am Sel Fd 

tf Conquistador Fund S *21 

DUBIN K SWIECA ASSET MANAGEMENT 
Tel : fata) 945 1400 Fax : (809) 945 1488 
fi High bridge Capital Carp — i 1 19965* 

m Overtook PerfonwuM Fd _5 2048.1* 

m Poctfk RIM On Fd J 107 J5 E 

EBC FUND MANAGERS I Jersey) LTD 
1-3 5eolc Si. St Heller ; BSM-StUl 
EBC TRADED CURRENCY FUND LTD 

tf Cnlhg s 33*3 

tf income a 15.110 


GUERN5LT CAPITAL MANAGEMENT LTD 

1 GCM Global Set. ca. S IG7A* 

GUINNESS FLIGHT FDMNGRS (Gituyf Ltd 
GUINNESS FLIGHT C-LBL STRATEGY FD 

d Manaaw Currency — S 39.4a 

tf Global Bond S 3SJi 

tf Global Htgn income Bond_l 32.17 

tf Gill 4 'Bond 10.75 

tf Euro High Inc. Band c HJte 

a Global Equity 1 ojjf 

a American bum Chip s 2769 

rf Japan and Pacific —5 132.77 

d Ur l 25 83 

d European — 3_ llllO 

GUINNESS FLIGHT INT L ACCUM FD 

tf Deutsche mart Money DM 8*314 

d US Dal ter Monrv -5 a «? 

tf US Dollar High rd Banc 5 70/ 

a inn Balanced Grin S 34.12 

HASENBlCHLER ASSET MANGT GeunbH. 

a Hasenblchler Cam AG S *28500 

a Hasenbichler Com me J 11LJ3 

a Hascnbichler D»— 5 13067 

wAFFT J 119*00 

HDF FINANCE.TfUD-D'W 64454. Fox 40744955 


nrMondinynl Europe — FT 131021 

a Mood invest Croissonee — FF 1445.47 

a Mondinvesl One inim ff 132IM 

aMondinvegi Emerg Groam.FF 1351* 

a Mono invest Fuhmes —FF 13072S 

HEPTAGON FUND NV (5999*15555) 

( Heplooon QLB Fund S 89*4 

m Hrplogon CMO Fund 1 NA 7060 

HERMES ASSET MANAGEMENT LTD 
Bermuda: (809)295 JOdO. Lux:(352)40j*4*t 
Flnol Prices 

m H er meg Eurcoecn Fund Ecu 35060 

m Hermes North American FdS 3*0 iJ 

mHermes Asian Fund 5 380.09 

m Hermes E mere Mils Puna H 122.11 

mHermts Strategies Fund — 3 48461 

m Hermes Neutral Fund -S 113 Ot 

mHerme; Global Fund 5 443.73 

<n Hermes Bond Fund Ecu 137560 

m Hermrrs Sterling Fd 1 1076* 

m Hermes Gold Fund — £ 40* 19 

INCOME PARTNERS (ASIA! LIMITED 

w Asian R rod Income Fd S KU°4 

INTERINVEST [BERMUDA) LTD 
rj a Bart ot Bermuda. TeJ : 80* 3*54000 
m Hedge Hag £ Conserve Fd-J *68 

INTERNATIONAL ASSETS FUND 
L Bd Rpyal. L-3449 Luxembourg 

a Europe Surf E Ecu 9141 

INTERNATIONAL MGMT INCOME FUND 

0 Amerlque du Non: 1 10069 

tf Europe Continenroie DM 10127 

tf £ > Irem* Orient AnglasoxonAS 10069 

rf France — FF 50150 

tf iiolie Lit I0I884JB 

d Zone Asictiaue Y 1002600 

INVESCO INTL LTD< POB 271, Jersey 
Tel: 44 53J 731 U 

tf Mojlmum Income Fund t 0.9500 ■ 

rf Sieriina Mngc Fin_ i 11710- 

rf Pioneer Marvels C tJDTO 

tf Olccan Global 5lraiegr 5 1766® 

c Asia Suuer Growth 5 243U0 

tf Nissan Wo.-ronl Fund 1 26M0 

d Asia Tiger War ram S J67O0 

d Eurooeon Worranr Fund — S US00 

dGWN.W. 1*94 5 965W 

PREMIER SELECT FUNDS 
0 Amer I ccs Growth S «5MG 

C American Enterprise S 9.3*00 

e Asia Tiger Growth S 110200 

tf Dollar Reserve 5 62600 

tf European Growl n S 62700 

tf European Enierurise 5 63JOO 

tf Global Emerging Marketers 9.1100 

tf Global Growth S 5. 7700 

r Mtoaon Enierwise 5 £2900 

d Nipoon Growth S 5.4300 

tf UK Growth : 5J400 

O Sterling Peser/e C 

tf Norm American v/arranl — 5 JJ560 

tf Greater China Cpps J 7.4100 

1TALFORTUNE INTL FUNDS 
w Class A ( Aggr. Growth lIQl.iS 6C42XQ 

a Class 3 (Global Eoultvl 3 1169 

W Class C I Global Bond) A 11.00 

a Class D I Ecu Bondi Ecu I0.°> 


JAR DINE FLEMING. GPO Box 11448 H« Kg 


tf JF ASEAN Truss 5 

tf jr Per East win: Tr 8 

rf JF Global Cany. Tr 5 

tf JF Hong Kang Trust S 

tf JF Japan Sm. Co Tr Y 

rf JF Jaoan Trust 1 

tf jF Molcraa Trail. -3 

a JF Pacific me. Tr J 

rf JF Thailand Trail -5 

JOHN GOVETT MANT (I.0J6J LTD 
Tel: J4624-42 *4 a 

a Gov Bit Mon. c utu'es i 

tr Govett Mon. Fut. USS -S 

a Govetl S C-tar Curr 5 

aGovenSGIbl Bol Hdge S 

JULIUS BAER GROUP 
d Saerbona SF 

tf Con bar SF 

tf EcuiOaer America 5 

rf Eautbocr Eurooe SF 

rf SFR ■ BASF SF 

rf SicObar SF 

tf Swissbar SF 

tf Liaulbaer i 

d Eurooe Band Fund Ecu 

tf Dollar Bona Fund S 

tf Ausiro Bone Funs *S 


tf Swiss Band Fund SF 

tf Dim Brad Fund DM 

rf Convert Bona Fund SF 

d Global Bond Fund DM 

d Euro 5ioO Fund Ecu 

d US Slock Fund -J 

d Pacific SioO Fund S 

d Swiss Slodt Fund — SF 

a Saeciai Swiss Stock SF 

rf jnoan Sloch Fund ' 

tf German Sloe* Fu nd — PM 

tf Korean Stock Fund S 

d Swiss Franc Cosh — SF 

d DM Cash Fund DM 

rf ECU Cash Fund Ecu 

tf Sterling Cash Fund S 


d Sterling Cash Fund : 

tf Dollar Cosh Fund S 

d Frencn Frcnc Losh FF 

KEY ASSET MANAGEMENT INC 

m r.ey Global Hedge — .S 

mFey Hedge Fund me 5 


m fe y Hedge Fund me S MS 

Kl PACIFIC ASSET MANAGEMENT INC 


m r.l Asia Padllc Fd Ltd S 1 1 21 

KIDDER, PEABODY 

2 cnesouecke Func ua s 2M' in 

out Fund Lid S UJ7J» 

C> Inn Guaranteed Fvnd 5 UTJ.IS 

O Stonehenge Lid — -5 1e£16l 

LEHMAN BROTHERS 
tf Aslan Dragon Port N V * — S *65 

d Aslan Dragon Port MV B — S ?ja 

tf Global Advisors H NV A — S 1B2* 

tf Global Advisors 11 n. B — S 1C2* 

tf Global Advisors Port NV A J 10 j* 

tf Global Aavlsors Pori NV B H 10 j2 

rf LehmanCur Ad/.A. = S ;ju 

d Premier Futures AdvA.'B_S 9Ji 

LIPPO INVESTMENTS 
I4.'F Llcoa Tower Centre. 5® Oueenswa t Jtk. 
Tel 18521 BAT ADDS Fat 1853) 59* 0388 

w Java Fund s *25 

a Aston Plied Inc Fd S *.10 

a 1DR Money Marker Fd S 1255 

a USD Wane, Market Fd 5 10J8 

w Indonesian Growth Fa I 2029 

wAsi on Growth Fund S 10JT 

>r Asian Warrant Fund S e£i 

LLOYD GEORGE MNGMT (853) MS 4C3 

a Antenna Fund S t7.ll 

a LG Aslan Smaller Cos Fd_S 1U571 

a LG India Fund Lid S 15181 

a LG Janan Fd- S HUE 

LLOYDS BANK INTL (BAHAMAS) Ltd 
Lloyds Americas Portfolio 1809] 323-8711 


m FFM Int Bd Pxogr-CHF CI.SF *468 

GOLDMAN SACHS 

w GS Adi Role Mori. Fd 11 — J 9.7? 

m GS Gtotwl Currency S 1238 ji 

a G5 World Bond Fund J 1Q.17 

a GS World Income Fund s 9.53 

GS EQUITY FUNDS SICAV 

a GS Euro Small Cop Port 1 

W GS Gtobol Equity . ,.S 1 1.78 

a GS US Cop Growth Port t 

a G5 US Small Cop Port S 

GO IT EX FUND MANAGEMENT 

a G. 5wap Fund Ecu 1149A3 ’ 

GRANITE CAPITAL INTL GROUP 

a Granite Capitol Eaultv S D.9S80 

w Granite Capital Mk l Neutrals D.94 15 

a GnriltE Cotflhil Mortgage— S 0J4SS 

GT ASSET MANAGEMENT (IRELAND) LTD 
Tel : 144) 71 - 710 45 67 

tf GT Asean Fd A Shares 5 7567 

tf GT Aston Fd B Shares S 7647 

tf GT Asia Fund A Shares S 34.6* 

tf GT Asia Fund B Snares 5 3ui 

tf GT Asian 5malJ Comp A SfiA tv.i j 

tf GT Aslan Small Comp B Sh S 19J1 

d GT AuSlral'O Fd » Shares — S 33JJ 

d GT Auslrolia Fd B Shares_s 33jo 

d GT Auslr. Small Co A Sh„S js.fl- 

d GT AuSr. Small Ca B 5h S 3827 

d GT Berry Jonor Fd A Sh S 21*3 

d GT Berry Japan Fd B Sh S 24JM 

tf GT Bond Fd A Shares S 1893 

tf GT Bond Fd B Shares S 1900 

tf GT Bib 1 Ap Sciences A Sh-S 18.46 

tf GT Bio 8 Ae Sciences BShJ 1848 

d GT Dollar Fund a Sh S 3824 

d GT Dollar Fund B Sh S 34 47 

tf GT Emerging Ml Is A Sh S I* JO 

tf GT Emerging Mkls B Sh — S 1965 

tf GT Em Mkf Small Co A Sh J ?JM 

tf GT Em MU Small CaB Sh-S 9 0s 

a GT Euro Small Co Fd A Sh-S 41 j? 

w GT Eure Small Co Fd BShjS 41.78 

tf GT Hong Kong Fd A Shores S 72.70 

d GT Hong Kong Fd B Shares* 7127 

d GT Honshu Paltifinder A Shi 1367 

d GT Honshu Pathfinder B ShS 13.78 

wGT JapDTC Stocks Fd A Shl 13 J5 

wGTJCPOTC Stocks Fd B ShS 11*4 

a GT jop Small Ca Fd a 5h_S 1895 

a GT Joo Smell Ca Fd B Sh_J I4JH 

w G.T. Latin America Fd s 212* 

e GT strategic BrfFd A Sh_JS 155 

tf GT strategic Bd Fd B Sh S BJi 

tf GT Telecomm Fd A Shares! Ujl 

tf GT Telecomm. Fd B Shares* 14J4 

r GT Technology Fund A Sh— S S«50 

r GT Tectmclogv Fund B Sh J 5*65 

GT MANAGEMENT PLC (447171845 47) 
tf G.T Biol ech. 1 Health Fund— S 20.14 

tf G.T. Deuhailand Fund S 12.7* 

d G.T Eurooe Fund i SW7 

a G.T. Global Small Co Fd S »*? 

tf G.T. InvesliYient Rmd 5 25,47 

»fl llbieo =und_ 5 565 

a G.T. Newly Ind Counlr Fd S j26l 

a G.T. US Small Companies _S 24.19 


a Balanced Moderate Pnh FdS 9J* 

LOMBARD, ODIER & C1E - GROUP 
OBLIFLEX LTD (Cl) 

d Multicurrency S 3252 

tf Dollar Medium Term— — 5 24.97 

rf Dollar Long Term S 20.42 

rf Japanese Yen Y W O0 

tf Pound Sterling c 2628 

tf Deutsche Mart DM l ’61 

tf Dutch Florin Fl 1842 

d HY Euro Currencies Ecu i«n 

tf Swiss Franc SF till 

rf US Dollar Short Term s 1255 

rfHY Euro Curr Dfv id Pav Ecu 11.38 

d SwtssiWulllcurrency SF lo.TO 

rf European Currency Ecu 22.19 

a Belgian Franc BF 135JB 

tf Convertible S U5fl 

rf French Franc— . . „FF 157.99 

tf Swiss Multi • Dividend 5F 9.95 

rf Swiss Franc Short-Term SF I06J3 

d Canadian Dollar CS 1343 

rf Dutch Florin Multi Fl 1817 

d Swiss Franc Divid Pav 5F 7&*B 

tf CADMultleur. Dlv CS 1161 

rf Mediterranean Curr SF 1DJ& 

d Convertibles SF 4.94 

MALABAR CAP MGMT (BCrtlWdal LTD 

m Malabar inll Fund S 18.95 

MAN INTERNATIONAL FUTURES 


AS - Australian Dofai* AS- Aust^ ScWl^BF^BefM 
LR - Italian Uro; LF.- Luxembourg F rancs: J>j) Wiff; PBfcTgj 
Not Oamnumjcated; 0^ ■ New; S-agxNjgpaSS-Sttdta 
e - misquoted eartier. i-no( regtsterec with rogutetory autno 


a EMS Dftsnore Fd N.v._ — fl 
» Europe Growth Fund w V _Fi m j* 

a Japan Divers.lietf Fund — i »■« 

a Leveraged Cob Hold- -} 

a TO* to Pot HdUL N.V 1 »4J* 

MERRILL LYNCH 

tf Dollar Assets Prttaiio. — s 

tf Prime Rate Porttet'O. j 10 M 

ME R R I LL L Y NC H 5HOPT-T 6 RM 

WORLD INCOME PORTFOLIO 

a Class a • — -J 

d Cass B — s “ 

MERRILL LYNCH 

GLOBAL CURRENCY BOND SERIE5 
AUSTRALIAN DOLLAR POPTFOLlO 

d Category A M "J 

rf Category B ____AS 18J» 

CANADIAN DOLLAR PORTFOLIO 

rf Caiegarr A CS U.10 

d Category B_. CS ’*77 

CORPORATE HIGH INCOME PTFL 

rf Class A- 1 J !•£ 

rf Ckss A-7— J 

rf CIMS B-l \ *■£ 

rf Class B-7 - — 1 

DEUTSCHE MAPK PORTFOLIO 

i Category a dm ^ 

d Coleoor* B — DM 12JJ 

EUROPEAN BONO PORTFOLIO (DMj 

(CUBA-' . 5 1*« 

rf Class a-i j £49 

rf cuss B-i J 'Jf® 

rf Class B-2 * ,sj6 

EUROPEAN BOND PORTFOLIO (USSI 

rf Class A-l DM W9 

rf Class A-2 DM '£2 

tf Oass B- 1 ^ MJ 

d Class B-2 i 

POUND STERLING PORTFOLIO 

rf Category A i ]S67 

d Calegorr 3 1 ISA> 

US DOLLAR PORTFOLIO 

tf cotegpry A — J 

e Category B S >1-4 

YEN PORTFOLIO 

rf Catefl art * y 3M 

tf Category B . Y 1™ 

MULTI CURRENCY BOND PTFL 

rf CiaSS A * ££ 

rf Class 3 S 21-50 

US FEDERAL SECURITIES PTFL 

gas - ; — 1 

EQUITY / CONVERTIBLE SERIES 


m fLL. Country Wmt Fd -S 

a Oweni G*w Am GrthFg— -J 
a Rwent GW Euro Orth PU-* 
a Resent BlW Irtl Grth « — J 
tf Regent GW JOB Grth Fd — J 
tf Regent Gia Pwff Bosm— * 

rf Resent GIW Rfserw -J 

rf Regent Gib* Resources » 


a RegeniGWTIsw;-^ . 

rf Resent G'bl U k Grth M — > 

a Resent Mognul Fd Lid J ’ 

m Regent Pocttlc Hog Fd f 

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rf RG Americo Fund — F[ '5 

rf RG Eipgpe Fund g Ji 

d RG Pacific fund- -g '5 

d pg Dhrlrmft Fimd g 

d RG Money Plus f fl -f 1 IT 

d rg Manev Pha F S * fr! 

rf RG Money Phis F DM DM 

rf RG Money Plus F5F-—IP w 

More RoOeco see Airatertam 5»«s 
ROTHSCHILD (GROUP EDMOND DE) 
IN-HOUSE FUNDS . 

aAStanCtaWHpMtrwjMJ 
a Daiwn LCF Rathsditld Bd_J ® 

a Dot wo LCF RWhsch EO I— » _ 
m Force Cosh Tradition CMF JF 1037! 

a Lrieotn_ J „ 

w Leveraged Can Holdings — * * 

a ObtFtfafa 

a Pri ctwiterew Swiss Fd — JF {J* 

0 Prleouitv Fd-Eurw 

b Prl equity Ftf-Heteeho 5F 

a Pri equity Fd-LOtn Am 5 148 

b Pribonrf Fund Ecu- LOi 117 

b Praeno Fund USO — -——*5 !« 

D Pritond Fd HY Emer M*tsJ >« 

1 lfij* 

b 5ource — — 9 „ 

a US Bond Plus. * TS 

a vorfcmh rt n 


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OTHER FUNt» . ... 

rf Asht/joOT Emerg. Growth* 
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a Euro* jtroteg invevrri fo—Eoi 


BASIC VALUE PORTFOLIO , _ 

a enss * » tS 

rf Class B 1 

COfJvERTIBLE SECURITIES PTFL . 

tf Class A J >4.18 

rf Class B - S IJ-77 

GLOBAL ALLOCATION PTFL IUSSI 

rf Claw A S 

tf Class S 'L49 

GLOBAL EOUITV PORTFOLIO 

rf Class a * 

tf Class 3 5 ’-TB 

EURO EOUITY PORTFOLIO 

rf Class A J 

rf Class B S 13-5* 

LATIN AMERICA PORTFOLIO , 

rf Goss * * |A5 

d Class B — 15J3 

WORU? NATURAL RESOURCES PTFL 

rf Class A J }'■*! 

tf Class E » ,I — 

DRAGON PORTFOLIO 

ff Ckrss A S 

tf riusy B 9 >3#u 

MERRILL LYNCH INC 1 PORTFOLIO 

tf Class a — — s 5.TO 

rfCtass B- — S j-** 

MERR1 LL LYNCH MEXICAN INC PORT' ' 

O Mexican incS Ptfl Cl S •*; 

tf Me ■ I car incs PHI CI fl S 

rf Meiican inc Peso Ptit ci A 6 J-J5 

d Me 1 1 can lac Peso Prft □ 9 J __ 3-»5 

MOMENTUM ASSET MANAGEMENT 

a Momentum Nevellier Pert-S 91-*- 

mMomeTUum Pclnbew Fd — 8 11*45 

m Momentum RjcR R.U 8 

m Momentum Stock mailer — 8 15*-“ 

MORVALVONWILLER ASSET MGT Co 

w Wilier Teieam -J 

aWIHertunds Wllterbona cods 15 Jj 

a Wrllerlimtfs-wiiterDcmc Eur Ecu *-32 

m wiliertunds-Wlitereq Ear — Ecu >**' 

w Wiiiertunds-Wiliereo Hal* _L>' ijniro 

a wmerhmes-WIIlerae NA — S •!— > 

MULTIMANAGER N.V. 

a Cosh Enhcnceir.en! 5 ’ « 

a Emerging Markets Fd s -lAt 

a Eurooeon Grewlh Fd -Ecu ;5.l* 

aHedgerund 5 

a Japanese Fvna — v (* g 

a Merkel Neutrcl 5 ly.te 

a World Bond Fund ■ - EC. l— * 


NICHOLAS-APPLEGATE CAPITAL MGT 


a NA Flejibte Growth Fa -5 >a:>- 

aNA Hedge Fund 5 132. 

NOMURA INTI- 1 HONG KONGI LTD 

rf Nomura Jckortc Fund S I 

NORIT CURRENCY FUND 

mNCF USD S 829. 

mNCF DEM DM f«5. 

mNCFCHF. SF 't*. 

mNCF FRF FF ***0. 

mNCFjPv y 3^=5. 

mNCF 3EF - - — BF 27(33 

ODEY ASSET MANAGEMENT LTD 
21 Grosvenor St.Ltfn Mr 9F= il-n-<»9 29CS 


‘ S MSSai GtebSf Fd GenernTlJM J«.te* 

c Opttgesl GlotaJ Fw I name DM I6WM 

i Selection Hprrai_ FF 

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wRtoGAMEm/ywrsGteWIJ J3;.« 

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, - 78 a ReoubJic GAM E urw* USS J W>^ 

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1151 aReguhiteGAMGrowtn USM J49J6 

aR*ouWteGAMOawrtunrIy S 1WA3 

a RtaubliC GAM Pacific * 14MJ 

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a Republic Greev Eur Inc — D m >03* 

! -y a Republic Lot Am Altac_— 1 

a Republic Ltft Am Argent — S JftJS 

,, 0 . a Pesueac Ldt Am Brerii — S IK.U 

.i--f a Republic Ltft Am f/lexiCC — I 101.W 

,s - ,u a Peouthc Lol Am Venet — 8 «J9 

. „ a Rep Salomon Sirol Fd Ltd-* 89J9 

,-S SANTANDER NEW WORLD INV. 

j-Jf j nCerimnndtr Fund JS 1W |13 

I m Ejioterer Fund - 133*3 

T ot . ] SKANDtKAVISKA ENSKILOA BAMKEM 

I 5-E-SANKEN fund 

5-^ i r c - '" r J 0-77 

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p ; ’SSH ‘ 

^ d Sek >U4 

tf Ncroamerika me * 0-95 

3 Tennaiog* me 3 

tf Sverige Rcntetond inc 5ek KL51 

SKANDIFONDS 

1 3 Equity ‘nn Acc 1 1T-T2 

7H? tf Ecultr Inn Ire 8 1173 

• I a Equity Gtecql ——5 1-S6 

, r . ! d Eot'ltv Nat. Resources 3 

’ “ • tf Eauitv Jaacn Y 111J3 

tj ,1 • rf Equity Nordic 3 1-58 

:5if l rf Equity U.IC. —C 1J2 

•XU I tf Eauity Connnenrol Eufap«-S >67 

tf Eauitv Mediterranean I 1-C3 

}V-S i tf Eauity worri Americo s 2Jt 

■ a Eauitr Far East <63 

!L • a tm i EN'terging Markets S 1-38 


C Goer Eurooeon — DM 132 

a Oder European 8 13* 

w Ode, Eutoc Growth Inc DM 143 

a Odev Euroo Growth »cc DM 1A: 

aOdev Euro Grth Sler Inc : S* 

a Otfev Euro Grth Sler *cc _E 5« 

OLYMPIA CAPITAL INTL INC 
Williams House. Hamilton MM ll. Bermudc 
Tel: 80* 292-11116 Fa- : 839 295-2305 

a Finsbury Group S 223 

n Olympic SecurlleSF. Sr ItT 

a 01 «mpio Stars Emerg MkMS *07 

h Winch. Eastern Orman S 17 

w Which. Frontier — * 77» 

a WHteft. Fut. Olvmoia Smr. — S IS2 

a Winch. Gi Sec inc PI (Ai S 9 

- Winch. GI Sec Inc PI 1C) — S 9 

a Winch. Hldg Inti Modison-JEcu 1485 

a Winch. HKI9 InTI Ser D Ecu 1749 

a Winch. Hide inrl Ser F £» IT! 

a Winch. Mica Ol v 5tor Hedge* >» 

a Winch Reset. Mulil.GvBcJt >8 

a Winchester Thollana S It 

OPTIMA FUND MANAGEMENT 
73 Front SI. Hanulibn.Bermuda 309 yS4dB 


: e Bond inn Acc * 

| rf Bend Inn inc S 

: rf Bend Europe Acc S 

I rf Bond Europe Inc 3 

I c Bone Sweden *<x 5et 

I rf Send Sweden ne Set 

tf Bone CEM Acc DN 

i tf Bond DEM Inc DN 

, rf Bend Dot I or ys Acc 5 

'• C Bend Dehor US Inc 3 

: ff Cure US Dollar S 

; rf Cure. Swetfisn •cranor Sel 

I SOCIETE GENERALE GROUP 


345? 1 SOGELUX FJND (SFi 
ISXi I teSFEondsAU.Su* 

'4J-S4 . .ICC a r-™™. 


' w SF Banes B Germcnv DM 

/ tf SF Banes : France FF 

; *59 Banas E G-B C 

I aSF Bonds F Joecn Y 

1 a SF Bend* G Europe Ecu 

; aSFBonasH wote WMe 8 

! h SF Banes J Betgmrn BF 

* a £F Ec. K Norm Americo I 

W SF Ee. L W.Suroee — - — Ecu 

aS= 5c. M °»(i: Basin Y 

« SF Ea P G'owtti CountrlesA 

a 5F Es. O Dole MJnes 8 

a Sr Ec. R World WWe 8 

a SF Short Term S France — FF 
a SF Snort Term T Eur. Ecu 


rSS ! USK 


SODITIO ASSET MANAGEMENT INC 


"j I a SAM Diversified * 

• * SAM-’McGarr Hrdae S 

1 H 5AM Cuoartunirv S 

-> J* l .. c . n—i. « 


mMlnl Limited - OrdJnarv * 4368 

mMlnl Limited - income 5 1109 

mMlnl Gtd Lid ■ Soec issue — * 2730 

mMfnt Gtd Ltd ■ Nbv 2IMI $ 23JU 

mMlnl Gld Lid - Dec 1994 S 18.10 

m Mbit Gld Ltd - Aua 1995 S 15.15 

mMlnl Gta Currencies ...J 7Jt5 

mMlnl Gld Currencies 2001 760 

mMlnl Sp Rm Lie IBNP) 5 101.77 

mAmerra Gtd Futures * 1X34 

m « thena Gtd Currencies S 8.95 

mAitieraiGid Financial* lnc_* 1069 

m Athena Gld Financials Cop 6 1 1.97 

mAHL Capital Mkls Fd * 1178 

mAHL Commodlrv Fund 5 10.45 

m AHL Currency Fund 5 9,1 2 

mAHL Real Time Trod Fd 5 i n 77 

mAHL Gtd Real Time Trd-_5 10J8 

mAHL Gld Can Mark Ltd 1 10J6 

mMaD Guaranteed 199A Ltd * 860 

m Map Leveraged Recta. Liu A 1167 

mMAP Guorontefrf 2000 5 HUD 

mMlnl G GL Fin 1003 S 663 

mMlnl Pluj Gtd IHBJ3 S 1063 

MARITIME MANAGEMENT LTD 
73 Front SI Hamilton Bermuda 1009)292 9789 
a Mori lime Mil Sedor I Lid _S lOOtUi 
a Maritime Glbi Beta Sertes-S 82467 

a MCTI Itnie DIM Delta Series 3 7B968 

a Marlllme C-lbl Tou Series— J 7*2.77 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 

m Class A 5 1176* 

tf Class B S 117.45 

PACIFIC CDNV STRATEGIES FD LTD 

m Class A S 97 J3 

d ClouB 5 9749 

MAVERICK ICAYMAN) {SOT] *494942 

m Mover 1C* Fd 5 1 51.1763 

MCKINLEY CAPITAL PARTNERS, LTD 

mThe Corsair Fund Lid 5 1T2.17 

MEESPlERSON 

Po»ln55. 1012V*. Amsierdcnn (20-5211188! 

W Asia Pot Growth Fd N.V. J 413S 

a Asian CMtoi Nwoinas I 4162 

» Asian Seteofan Fd N.V Fl 101.79 

w DP Amer. Growth Fd N.V. -5 3X50 


W Caflmrf Emerald Fc Ue 5 ®. J 4 

w Oullmc Fund— S 1 12' 

a Ootima Futures Fund 5 >7jt3 

a Do lime Global Fund S 11E7 

a Cotima Pfricula Ftf L:a S » j! 

a Oahma Ehsrl Fund — s ~ 1L 

ORBITEX GROUP OF FUND5 

rf Orhilt, AsiaF'acFrf 5 J."7»: 

rf DrMtej, Growth FC S 

a Orhitw Health & Envir Fd J, I.JTj 

C Oraiier Jaaor Small CcoFdl 5J>” 

d OrtUie» Nchiral Pm Fa CS 15. IT?* 

FACTUAL 

d Elemlry Fjna LI3 S ?5 l'<TC4 

C Inlmitv Fund LIE 1 421*r3« 

d Slur High Yield Fd Ltd 5 127.9175 

PARIBAS-GROUP 

w Lu*or — 8 [ 

rf Pcrvest U5A B _5 D: 7 I 

rf Farvest Japan B r strew t 

rf Porvest Ask: Pccil B 5 7545 

rf Porvesl Europe B Ecu 2J.91 

rf Parvest Holland 9 fi lira 

rf Parvest Frcnce B— FF >23154 

d Parvesl Germany a — DM sl468 

rf Parvesl OhiFDoliar B 8 ITJ1J2 

rf Parvest ODII-DM B_ DM 1B73 77 

rf Parvest Dwi-Yen B v 1*12*600 

a Parvesl Obit-Gulden B Fl I5**J7 

a Parvesl Obti-Pranc b . ff i*905* 

rf Parvesl Obte3ter B C 155 99 

rf Parvesl Obll-Ecu B — ,...Ecu 13068 

rf Parvesl Obit- Bel us B LF 17025JB 

rf Parvesl S-T Dollar B 5 1 2069 

d Parvest S-T Eurooe B Ecu 131.71 

d Parvest S-T DEM B dm 548JXJ 

rf harvest S-T FRF B_ FF 182L2 

d Parvest S-T Bet Plus B BF 10541 00 

rf Parvesl Global B LF 777960 

rf Parvesl >m Bond 0 5 2M0 

rf Parvest ObU-Lira B Lll 5351 0700 

rf Parvesl Int Equities B s te»65 

rf Parvest UK B i 89.2* 

rf Parvest USD Plus B * vfl.45 

rf Parvest 5-T CHF B SF 2S267 

rf Parvest ObIKonoda B CJ 15*67 

d Parvest Obn-DKK B DKK 93171 

PERMAL GROUP 

/ Drokkor Growth N.V 8 277964 

I Emerging Mkls Hkfgs___s 88166 

t EuroMIr (Ecu) LM Ecu 16J7JJ9 

f FX. Financials 8 Futures _J 94691 

I Inveslmeni Hidgs N.V 5 129664 

/ Media & CorrmnunlcajkHrs.-S 101132 

/ Noscal Lid J 1 83862 

PICTET & CIE -GROUP 

a P.CF UK Vol (Lire) £ *050 

aPjC-F Germoval (Lux)— _ DM *669 

w P.CF Noratnval (Lux) s 28.44 

aP.CF Valtear (Lux). Pins *75005 

a P.C.F Valhalla (Lira I Lit I27344J* 

a PX.F Valtronce (Lua) FF 12474)9 

a P.U.F. VBlbond SFR ILux! JF 287 67 

aP.U.F. Valbond USD (Lux)-S 228.96 

a P.U.F. Valbond Ecu ( Lin ) -Ecu 181.21 
a P.U.F. Valbond FRF (Luel.FF 95060 

te P.U.F. Valbond GBP (Lux)^ *373 

a P.U.F. Valbond DEM ( Lux 1 DM 290.4* 

wP.U.F. USS Bd Ptfl ILuir) S 100547.00 

w P.U.F. Model Fd Ecu 12364 

w P.U JF. PlcUte SF 4914* 

w P.U.T. Emerg Mkls I Lux) —3 181.24 

w P.U.T. Eur. OaiKrt (Lux) _Ecu 1472* 

B P.U.T. Global Value (Lux) -Ecu 152.82 

w P.U.T. Eurovol (Lux 1 Ecu 22265 

rf Pictet vatsuisse ICH) S F watfO 

m Inti Small Can IIOM1 S *50 a4 

PREMIER INVESTMENT FUNDS LTD 
tfo P-Otaj llttGranrf Cayman 
Fae: 18091 9494993 

m Premier US Equity Fund j H9X72 

m Premier Inll En Fuvi . * 330765 

m Premier Sovereign Bd Fd_l *9744 

m Premier Global Bd Fa % U5S75 

m Premier Total Ralurn Fa S 101965 

PUTNAM 

rf Emerging Him Sc. Trim s 3LTO 

w Putnam Em. InfoL Sc. Trinl J 35^7 

tf Putnam Glob. Hlrfi Growth 6 1694 

rf Putnam High Inc. GNMA FdS BJ3 

rf Putnam Inn Fund s 15JB 

QUANTUM GROUP OF FUNDS 

a Asian Devrioonwit S 99J1 

w Emerging Growth Fd N.V.-! 1B2.1S 

m Quantum Fund N.V. % 1*59*41 

a Quantum Industrial^ I lar.ll 

a Qupilum Realty Trust— jl 13X84 

w Quantum UK Redly Fumt-t 10x94 

a Quasar Inn Fund N.V t 151*3 

a Quota Fund N.V._ s 16945 

REGENT FUND MANAGEMENT LTD 

a Hew Karra Growth Fa 1 itjt 

w Novo Lot Pocinc Inv Co 5 4.911 

w PocHic Artttroge Co 5 tjg 


,7^ 1 » 5AM CDoartumrv 

36 1 » SAM Oracle 

5, , a SAM Strategy 

«j, . mi lane 5A.M. 

l»v , a GSAM Ccmoosi'e 

SR GLOBAL FUND LTD 
1 mSR Eurooeon 


.ttSRAsicn. S 10- 

n5F irterar.craf 8 HE 

5VENSKA NANOELSBANKEN SJL 
>46 Btf de fc “etrusse, L-2330 Luremocurg 


S SHB sons Fund J 

• a 5yenskc5e! FSAmerSh 1 

»Jyens»o Sel. FdOeTtionv-J 
x S.ens‘0 Set. Fa loft Ba Sh J 

a S/erskcSei. Fd mfisn S 

a j ,ens>c Sel. Fc Jaoan Y 

a S«erskc Sel. Fa Mlh-Mkt _Sc* 

aSvensksSel. Fd Nordic 5EK 

- Sveosks Sel =d Padf Sh 5 

a5vera*a5el Fg S«ed Bas— 5e9 
» Syensk= 3eL Fs Sylvia Eh —Ecu 
SWISS BANK CORF. 

rf SBC IX Incex Find SF 

rf SBC Equity Pril-Australia-JVI 

a SBC Eaultv Pri l- Canada CS 

tf SBC Equity PriL Eurooe Ear 

c SBC Ea Ptfi -Netherlands Fl 

rf SBC Gcreni Bd A/B 8 8 

tf SBC Eona PHf-Ausir 8 A AS 

tf SBC Bona Pttl-Awstr 5 B AS 

a SBC Bona Pi fl -Cans A CS 

tf SBC Bcntf Plfi-CanJ B CS 

C SBC Bona Prfl-OM A- -DM 

tf SBC Bond Ptfl-DM B DM 

rf SBC Band Ptfl-Outch G. A_FI 
rf SBC Bond PttKXitCh G. B_F1 

rf SBC Bond Pm-Ecu A Ecu 

ff SBC Band Pffl-Ecu B Ecu 

rf SBC Bond PtH-FF A FF 

tf SBC Bond Ptll-FF B FF 

tf SBC Bond PttLPlas A/B_Pfa5 

rf SBC Bond PrfhSlerilng A t 

rf SBC Bond Ptfl-Steriing B C 

rf SBC Bora Parttolte-SF A — SF 
rf 5BC Band Pgrttollo-SF B — SF 

a SBC Band PtfWJSSA s 

rf SBC Bond PMH7S5 B J 

rf SBC Band Ptfl- Yen A Y 

rf SBC Bond Ptff-Yen B Y 

rf SBC MMF ■ AS AS 

rf SBC MMF ■ BFR BF 

rf SBC MMF ■ COLS CS 

rf SBC DM Short-Term A DM 

d SBC DM Short-Term B DM 

d SBl MMF ■ Dutch G Fl 

d 5BC MMF - Ecu Ecu 


tf SBC MMF ■ Esc ESC 

rf SBC MMF - FF FF 

tf SBC MMF .Lll — 1 It 

rf SBC MMF ■ Ptas Pla 

d SBC MMF • Schilling— .—AS 

rf SBC MMF - sterling t 

rf SBC MMF . SF . _ S F 

rf SBC MMF - us ■ Dollar S 

tf SBC MMF -U5S/IJ S 

rf SBC MMF - Yen Y 

rf SBC GW-Ptfl SF Grth . .SF 
d SBC GftL Ptfl Ecu Grth. — Ecu 

rf SBC GIM-Ptfl USD Grth 5 

tf SBC GJbl-PIfl SF Yld A SF 

tf SBC GTOI-Ptfl SF YW B SF 

0 SBC Glbi- Ptfl Ecu Yld A Ecu 

rf SBC GW-PlH Ecu YW B— Ecu 

rf SBC GIM-PttJ USD Yld A 8 

rf SBC Glbl-PtR USD Yld B I 

d 5BC Glbi- Ptfl SF Inc A SF 

^ SBC Gtel-PtflS Fine B SF 

d SBC GIM-Ptfl Ecu inc A Ecu 

d SBC Gtbl-PHl Ecu Inc B Ecu 

rf SBC Uiw-Plfl USD Inc A S 

rf SBC Glbi- Ptfl USD Inc B S 

rfSBCGltX Pm-OM Growth —DM 
rf SBC Glbi Ptfl-DM Yld B ru n 

rf SBC Glbi PIH-OM Inc B DM 

rf SBC Emerging Martels— 3 
rf SBC Small A Mkf Caps 5w_SF 

O Amer lea Valor S 

rf Anglavqiar r 

d AsW Portfolio S 

rf Convert Bond Selection SF 

d D-Mark Bond Selection DM 

rf Dollar Bono Selection 8 

d Ecu Bond Select on Ecu 


d Florin Bona Selection Fl 

rf FronceVater_ FF 

rf Germanlovaior row 

rf GoUtPorflMlB I 

rf Iberkrt/olor p)g 

rf llalValor— Lll 

rf J open Pori lolto Y 

rf Sterling Band Sefeclhm— j 
2 Band Select ten6F 

rf Swiss Valor SF 

d iMvenal Bond Sefedkin 5F 

0 Universal Fund- SF 

rf 'icn Bond Soiedion v 


TEMPLETON GLOBAL STRATEGY SICJ^ 

a Gtotxji Growfh-— — IL23 

O DM GteOOf <*2211 ? 1295 

rf Smaller Comoantei — | 17.15 


rf 08 Araemma 


d American— — -| F H29 

O European " * I Ate 

tf Far Easf — . IL21 

a Emerging Marteu- — 1 iaffl 

d Giabaf Bafoncerf —a 'tl65 

rf GteSd Income- nw 39 jW 

q DMGRaoi.BM^ y» 100017 

a TwoiiMi.gwi - :jj. ~i 12J4 

rf EmersRwMkts Rkl« —J oj>3 

d uSGovemmert — io.«3 

TEM^LE ! roNSI«VWr" ENT5 

GROWTH PORTFOLIO ,aJ3 

rf ClOU A-l — ■ T 17.1 1 

d Ckna tr* — • 1 ■ — T 1X03 

rf dCSSA-3 • 7 I2J0 

rf ClreB-1 - - - t lAfiO 

INCOME PORTFOLIO 9jn 

rfCtoJ — j 934 

THPRNTDH MANACCMENT LTD ^ 


a Roctf invf Fd 5 A l_- 

a Pocrt invt Fd SA DM— — OM 
rf Eastern Crawter Fund——* 
rf Thar. (JHMW M •;» J 
rf Thamron Ortenr inc « Ltd | 

rf Thornton Tiger Fd Ltd s 

rf MQnogerfSelecfwi * 


FF 2533747 
Lit 5419274JM 
Pin 3M2J7JJB 
3215547 
284X28 
S9K.73 
724X69 


NEWTIGER SEL FUND ^ 

2 9 192 

ti Jopo J llm 

rf pniUpptn iw - » 5r5 

rf Tnofland » . SS 

0 Malaysia . 

<f Indonesia— — * .Sg 

rf USS LhaASlY. — * 

gs S ss r — 5 & 

UTORINTON TAIWAN FUND 

tf Equity income. * Jfi 

rf LtaJkBtY — * m 

^^EBANK Zurich 

d rt - Fund — — — S 

rf UBZ Eure-lncnnw Fund— |F JJ! 

rf UBZ world Income Fund— Ecu 

a UBZ Gold Fund-— \ .I?K 

rf UBZ Nippon Convert _—-5P '£>- 

rf A*ta Growth Convert SFR -5F iotj 

rf Asia Growth Cowert U»-S „ ' fcr 

rf UBZ DM ■ Band Fund D« “K 

rfUBZD-Fimd 

if UBZ Swiss Equity Fund — SF m 

d liBZ American Eo Fund — * 

rf USZS- Bond Fund — ; S »■; 

rf UBZ Southeast Aw M— J "<■ 

UNION BAHCAIRE ASSET M6T BJMMj 
INTERNATIONAL NASSAU 

w ArdeHnvest » 

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wBacaffn ■» JSl 

aBeckimmt —J Jf2-. 

aBradnvesf -J 

w Cresctovrot 5 

w Dhtutures 3 

te Dlnvesl Asia s — * 

w Dmvesi Gold & Metnte S 

a DlmnMt Infl Ft* incStrot— 5 JE. 

teJogl nvest— * 

w Loromnvtat . ■ .fj?; 

teMnnalnvesI — — * 

a Mori Invest —3 ™ 

a MOurlrtvest. — — 5 

wMowinvMtCombiBled 8 

a MQur Invest Ecu Ecu 1«7J 

w Pulsar 8 WJ 

a Pntsor Overtv .3 IMA 

a Quant in west- * 

teOuontfnvesI 93 ■» ' *3r 

a Si ein Invesl. — * 

aTufltnveSf —3 >>JJ 

in IftnfflvCT*. — ^ 

UNION BAHCAIRE ASSET MBT IUBAMJ 
INTERNATIONAL. LUXEMBOURG 


a UBAM S Bond 

w UBAM DEM Bond DM 

te UBAM Emerging Growth —5 

a UBAM FRF Bond FF 

a UBAM Germany DM 

a u&AM Global Band Ecu 

te UBAM Jason Y 


aUBAMStertil 

teUEAM SlhPncIt A Asm S IWJj* 

a ubam us Eoutites J fan, 

UNION BANK OF SVMTZERLAHD/1HTRA9 


rf Amca SF 

rf Band-invesl — SF 

rf Brit-lMn— l 

a r— — - - - IF 

tf Convert- 1 rtvesl SF 

tf Oriltart-lnvesf — DM 

tf OoOor-invesl.— ■ J 

rf Enerote-invesf 5F 

rf Esooc 3F 

tf Eirrlt SF 

rf F"*te" SF 

rf Francit SF 

C SF 

tf Gtottnvwt SF 

rf ILtM-liMtl . _SP 

a CuMen-invwl. Fi 

rf Hehwfinvcsi SF 

rf Hoiiand-lnvest. .. SF 

rf Hoc SF 

rf JoamUnvesl.. . . SF 

rf PocMIc-invgst —SF 

rf Soft! SF 

rf SkandinavlefHnvast SF 

rf Sterllng-lrrvest — £ 

rf Swiss Franc- invest ——SF 

rf Sima SF 

rf Swtssreal— — — -SF 

rf UBS America Lafina SF 

tf UBS America Latino -J 

rf UBS Asia Ne> Hertean SF 

d UBS Asia New Horizon S 

rf UBS Small C. Europe SF 

rf UBS Small C Europe DM 

a UBS Part inv SFR Inc. SF 

rf UBS Port Imr SFR Cop G_SF 

rf UBS Port lire Ecu Inc SF 

d UBS Port fnv Ecu Inc Ecu 

rf UBS Port inv Ecu Cap G — SF 
0 UBS Part Inv Ecu Coo G— Ecu 

rf UBS Part inv USS Inc S 

rf UBS Pari Inv USS Inc SF 

0 UBS Part lire USS Cap G—SF 
0 UBS Part InvUSSCaaG— 8 

rf UBS Port inv DM inc SF 

0 USS Port lire DM inc DM 

0 UBS Port Inv DM Can G — SF 
rf UBS Part lire DM COP G — DM 

rf Yen-)me3l~ Y 

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rf UBS MM inveit-c St t 

rf UB5MM Invest-Ecv- Ecu 

tf uas MM invest- Yen— Y 
rf UBSMMfnvesH.ll— — _Ut 


a UBS MM Invest-SFR A. 

rf UBS MM Invest-SFR T SF 

rf UBS MM Irtvesl-FF FF 

d UBS MM Invest-HFL Fl 

rf UBS MM Invest-Cofl 5 CS 

rf UBS MM Invesl -BFR SF 

J UBS Short Term Inv -DM — DM 

rf UBS Bona Irtv-Ecu A Ecu 

rf UBS Band Inv-Ecu T Ecu 

ff UBS Bond Inv -SFR SF 

rf UBS Band Inv -DM DM 

rf UBS Bona InvUSS S 

rf UBS Bond Inv-FF FF 

rf UBS Bond inv-CanS — ..--Cl 

rf US5 Bond inv-Ul.. Lit 

d UB5 B.I-USS Ertro Yield, — 8 
rf UBS Fl* Term lnv-USS94_S 
rf UBS Fix Term inv-cSf?4 — C 
rf UBS Fix Term Inv-SFR 96_SF 
a UBS Fir Term lnv-DM96_DM 
rf UBS Fix Term (nv-Ecu 96_Ecu 
d UB5 FL Term Inv-FF 9«_FF 

rf UBS Ea Inv-Eurooe a dm 

rf UBS Eq inv- Europe T DM 

rf UBS Eo inv-5 Can USA 5 

rf UBS Port I Flu Inc (SFRJ—SF 
rf UBS Port I Fix Inc (DM) —DM 
rf UBS Port I Fix Inc (Ecu)— Ecu 
rf UBS Port i Fix Inc (USSI— 8 

rf UBS Can lnv-W/10SFR SF 

rf UBS Cap Inv -90/10 USS S 

rf UBS Can inv-90/10 Germ — DM 
WORLD FOLK) MUTUAL FUNDS 

rf 8 Dally income 3 

rf DM Dally Income DM 

rf 8 Band income —3 

rf Nan -8 Bonds S 

d Global Bands 8 

tf Global Bakvrcvd J 

rf Global Equities 8 

rf US Conservattve EcnilfleJ _S 

rf JJS Agresslve Equities S 

rf European Equities — 8 

rf Pacific Equities S 

rf Natural Resources — — — S 


Other Funds 

a Adlcra&scmca Slcov FF 

w Acflflnance Stare- 5 

w Adi futures LW S 

teActtgesflen Stare FF 

teActfvest Inn Stare S 

te Adelaide FF 

m Advanced Latin Fd Ltd J 

m Advanced Pacific Start 5 

iv Arfvtmced Strategies LW 8 

w AIG Tahmxi Fund S 

w Alexandra Glbi Invest Fd 14 
m Anna tnwilnwii « 

te Aqutto Internatlonaf Fund_S 

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*v Argus Fund Balanced _3F 

w Argus Fund Bond SF 

rf Ada Oceania Fund s 

m Associated Investors inc. — S 

wAlhena Fund Ltd 5 

" a TO Nikkei Fund % 

w Banzai Hedged Growth Fd J 

te Beckman Inl Cap Acc S 

te BEM International Lid S 

tf Bikuban-Morval EEF Ecu 

tf Blecmar GW Fd I Cayman Js 
tf Blecmar Global (Bahamas) S 
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rf C.C.1.1 

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mChlfton Inn (BVIJ Ltd 8 

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rf CM USA S 

a CM I Investment Fund_ 5 

m Columbus Holdings s 

m Concorde Inv Fund * 

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te Conlivest Orel Behn CT BF 

w Contlvesi Obn world __dm 

w Convert. Fd InTI A Certs— S 

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mCrescnl Asian Hedge May 3TIS 

mCRM Futures Fund Ltd s 

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rf gamier wiewidi t vtTxiji 


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The conference, 


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OIL & MONEY 

Asia & the Pacific 


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Hcralb^feleribunc The Oil Daily Group 


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International Herald Tribune 
63 Long Acre, London WC2E 9JH, England 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, JUNE 11-12, 1994 

- THI MONEY REPORT 


Page 21 


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Gold-Plated Letters Claim to Move Markets, but Can They? 


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maiionlK^ S STS" ■"“* fof iSw ' 

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t^SKST 030 U P ml0 different levds of service. 

JXS. a p > n ^ 1 Wore mfonnatiozi is 
f bscnbcrs Md frequent comma- 
boic with the authors. More common is a daily fax 

Md w Sl? 0no 5j c Md P° bUcaI desdopiaus 

Msstssaesai ,hc **■“ 

fimd manager at the investment adviser Strategic 
Ass« Management. based in Bermuda. “If vou are 
rased at home you need one piece a dav to tell vou 
what is going on. Some of the services are excellent." 
. iSrr^l “V 01 350 sure - Wtoam Arab, a partner with 
the London fund manager Marathon Asset Manage- 
ment, said many such newsletters are written by peo 


May Market Scoreboard 


Best Performers 


pie who have left big investment houses but tend to 
think in the same way as they did when they woe 
employed. Investors might be better off reading the 
research reports they receive at no extra charge from 
their brokers. 

“I don't need to spend money to know what some- 
one who left Warburgs thinks.*' said Mr. Arab, refer- 
ring to the well-known British securities house. “The 
only value these people can provide is through their 
contacts. Bui they aren't likely to put their best infor- 
mation in newsletters." 

David Roach is trying to buck this perception. He 
left his job last month as co-hcad of research at 
Morgan Stanley in London to setup & company called 
Independent Strategy. Hie new concern wtO produce 
publications and daily faxes focusing on new political 
and economic developments, rather than monitoring 
markets. The five or so clients with the closest relation- 
ships wifi spend upwards of $1 million a year to 
discuss their trading positions. 

Apart from Independent Strategy and a handful of 
similar companies, most of these information services 
are based in the United States. And some investors 
complain that the information, although global in 
scope, is limned by an American perspective. 

One criticism of financial newsletters — that they 
exaggerate events and inflate investor expectations — 


Worst Performer* 


can add to their value, observers say. Some investors 
fed that they need to know what the pundits are 
saying simply because those opinions will in them- 
selves affect the markets. 

The doyen of high-price purveyors of market-mov- 
ing information, according to some analysts, is John- 
son Smick International. Based in Washington and 
written by a former nwnber of the Federal Reserve 
Board, Johnson Smick does not publish weekly or 
even monthly. It simply publishes when its authors 
feel they have something important to communicate to 
their four dozes or so clients. The company does not 
disclose information regarding its fees. 

Professional investors can cite many occasions 
when Johnson Smick recommendations have caused 
shifts in equity indexes or currency -exchange rates. 
The authors have exccDent contacts and are particu- 
larly good at predicting changes in U.S. and Japanese 
economic policy. But some investors caution against 
relying exclusively on this type erf information. 

*The Johnson Smick view can be quite arrogpnt and 
isn’t always that helpful.’' said one fund manager. 
“There is a lot more to trading than just selecting an 
idea," 

He added that it is “important" to know what the 
authors axe saying because “they do move the 
markets." 


“We don't find that part useful," sajd Mr. Davisson. 
“But it is very good for understanding foreign curren- 
cy movements,” 

Mr. Davisson recommended the Ganman Letter, a 
Virginia- based daily newsletter that summarizes polit- 
ical and economic developments and is thought to be 
particularly informed on emerging markers. the Gan- 
man Letter also suggests trading positions. 

Other suggestions from fund managers and brokers 
include the IDEA service in New York whose publica- 
tions indude Financial Markets Today, Emerging 
Markets Today and Currency Derivatives Today. The 
daily faxes are published in three editions and go out 
to subscribers starting at 7 A.M. New York time. 

Each of these publications costs about S 10.000 a 
year and, for several thousand dollars more, diems 
can receive continuously updated information via 
their Reuters screens. But such services are primarily 
aimed at institutional, rather than private, diems. 

WhOe many investors have found it worthwhile to 


tha t may be moving markets, others, to the bceror of 
these publishers, ray on a son of information black 
market: Their brokers fax them copies of these news- 
letters in exchange for their business. 


Investment Letters: On a Roll 


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By Juffith Rehak 


T HE invest meoi newslet- 
ter industry in the United 
States has always been 
volatile, and for the mo- 
ment, it’s on a roD. Total circula- 
tion is around 2 million, with sales 
of about 5500 million, according to 
current estimates. Much of the in- 
dustry’s dynamism over the post 
five years, say analysts, is attribut- 
able to the boom in mutual fund 
investment. 

“In 1980, when I started, there 
were only one or two newsletters 
devoted to mutual funds," said 
Mark Hulben, editor of the Hul- 
bert Financial Digest, which moni- 
tors the performance of investment 
advisory letters. Now, be said, 
more than half the 160 letters he 
follows deal with mutual funds. 

The majority of these letters of- 
fer investing advice on no-load or 
low-load funds — which means 
that sales charges are oil or very 
low — - a category ignored by bro- 
kers since they pay no commis- 
sions. Bui no-loads account for at 
least a third of all fund sales in the 
United States, and newsletter ad- 
visers have found an enthusiastic 
audience of subscribers who want 
an independent source of informa- 
tion. 

There is even a small subset of 
letters that focus exclusively on a 
single family of funds. Eric Ko- 
bren, who once worked at Fidelity 
Investments, launched the first 
such publication. Fidelity Insight, 
in 1985 when Fidelity only bad 
about 40 funds. It currently has 
more than 160. 

A similar newsletter follows the 
no-load funds of the Vanguard 
Group. Mr. Kobren is readying a 
new newsletter for publication in 
the fall which wifi be devoted to 
discount broker Charles Schwab's 
One-Source fund group and Fideli- 
ty’s competing group of its own 
and other funds, all sold on a no- 
load basis. 


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Another trend in newsletters is 
being fueled by .Americans’ discov- 
ery of international investing. The 
allure of European securities, and 
even investments offered in such 
exotic places as Chile and Thai- 
land, has spawned a host of invest- 
ment letters covering everything 
from closed-end single-country 
funds to American Depositary Re- 
ceipts, winch are dollar-denomi- 
nated shares of foreign companies 
that trade in the United States. 

“Global investing used to be 
scary, but now more and more peo- 


Another trend in 
newsletters is being 
fueled by 
Americans’ 
discovery of 
international 
investing. 

pie want to know about it," said 
Marjorie Ross of Phillips Publish- 
ing in Maryland, which publishes 
five financial newsletters, including 
Investors' 'World, which targets 
Americans interested in investing 
abroad. 

Roger Conrad, an associate edi- 
tor at KC3 Communications Inc, a 
publisher of nine investment publi- 
cations, notes that letters covering 
specific sectors of stocks are gain- 
ing in popularity. Recently. KCI 


launched a letter focusing exclu- 
sively on utility company shares. 
Another, Wall Street Bar gain* 
deals with small com panies “We 
have brokers who subscribe to get 
ideas.” noted Mr. Conrad. 

Another niche is letters which 
cover biotechnology and high-tech- 
nology stocks — high-risk sectors 
that are difficult to understand, but 
where high returns can be reaped 

And who are the major subscrib- 
ers to investment advisory letters? . 
“Our typical reader is mme. 50 to 
65 years old, and a successful pro- 
fessional," said Miss Ross of Phil- . 
lips Publishing. 

The story is much the same else- 
where. “Our primary market is old- 
er people who have money and 
want ad vioe, but we also think baby 
boomers are moving into a savings 
phase,” observed Mr. Conrad. 

The editors and publishers rtf 
these letters attribute their popu- 
larity both to a spirit of mdq>en- 
dence and, just as often, a suspicion 
of the motives of brokers. 

“Americans are independent and 
self -directed, and they want objec- 
tive advice," said Miss Ross. 

With such a large amfience in the 
United States, there has been little 
effort on the part of newsletter 
publishers to promote their wares 
abroad, where most subscribers are 
American expatriates. 

“Newsletters just aren't as popu- 
lar in other parts of the world." stud 
Mr. Halbert. “In England, for ex- 
ample, there's a sense that you just 
hand ycur money over io an expert 
Here, people want to go to the 
library and do their own research 
and manage their own portfolio." 




Salts of Unit Trusts 
Surged During April 

The growth of the U.S. mutual 
fund industry may have received a 
lot of attention lately, but British 
investors arc not ignoring fund in- 
vestment other , despite a sliding 
stock market According to the 
London-based Association of Unit 
Trusts and Investment Funds, net 
Sales of unit trusts readied £976 
million (51.4 trillion) in April, up 1 
percent from April 1993 sales, and 
the highest April figure on record. 

The value of funds under man- 
agement in unit trusts rose to £97 
bflKon during the month, up from 
£95.5 billion in March. About 73 
percent of net sales were to private 
investors. 

The association said that the 
British equity-income sector and 
international growth sector attract- 
ed the most attention from private 
investors, while the institutional 
market favored British growth 
funds. 

Emerging Markets 
Buck May’s Trend 

While stock markets in many de- 
veloped countries had a fairly dis- 
mal month in May, many emerg- 
ing-market bourses showed strong 
growth. Some analysts said the 
shoutings of the Third World mar- 
kets lent credence to the view — 
aired vocally in recent weeks by 
believers in emerging markets — 
that poor performances earlier this 
year did not not spell doomsday for 
investors who had a long-term ap- 
proach. 

According to Morgan Stanley 


Capital International's group of 
emogmg-maritet indexes, as mea- 
sured in U.S. dollar terms, Thai- 
land's stock market rose 9 percent 
in May, the Philippines' gamed 10 
paean, and the Indonesian mar- 
ket rose 123 percent. In Latin 
America, Argentina gained 10.3 
percent, Chile rose 9.6 percent and 
Mexico was up 7.4 percent. 

By contrast, Morgan Stanley's 
indexes showed the British market 
to be down 53 percent in May. 
with Germany falling 5.9 percent 
and France dipping 43 percent. 
Italy’s market sod 7.8 percent in 
the month, and Denmark’s fell 7.7 
percent. Europe's biggest laser, ac- 
cording to the Morgan Stanley 
data, was Greece, whose bourse 
dropped 1 \2 percent 

Netherlands Clears 
Seudder Funds Sales 

Scndder, Stevens & Clark's 
Global Opportunities fund family, 
currently sold in a variety of Euro- 
pean, Latin American and Asian 
countries, has been approved by 
the Dutch central bank for distri- 
bution in the Netherlands. 
Launched by tlx U3.-based fund 
company in April 1993 and with 
headquarters in Luxembourg, the 
funds are a group of eight fixed- 
income and equity vehicles aimed 
at retail as wefl as institutional in- 
vestors. 

Seudder, which in the early 
1 950s launched one of the first U3. 
mutual funds with international ex- 
posure, has about $90 billion under 
management globally. For further 
information, call London at (44-71) 
265-0077. 


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Call for rates and see how you can 
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Lines open 24 hours 


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Guinness Flight's Japan Smaller 
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GUINNESS FLIGHT 


JAPAN SMALLER 
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Morgan Grenfell Japan Bullet Fund has produced 
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These results have been achieved at a time when 
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A PKOVEN INVESTMENT APPROACH 

Our Fund Managers, based in Tokyo, make over 
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Full Name — 

Addrw> ... — _ . — — 



IHT M/6/94 


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MO RGAN, 
C RE S f El Cl 

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'Saurca: NAV to NAV. grass incocn* rainwiad tinea kamdi 17-2-92J to 1.4.94 
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hsuod by Morgan (knU b m iatB l Fink lid. 20 Hnsbuty Gian. London 6C2M U/T. Member of IMRO. 


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Page 22 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY , JUNE 11-12, 1994 







Mangers’ Garden Party 


"ij" "V. 




Compiled try Our Staff From DupaUha 

NEW YORK — The Stanley 
Cup was in the building, the cham- 
pagne was on ice, extra police lined 
the streets. 

This was supposed to be the 
night delirium reigned at Madison 
Square Garden, the night the New 
York Rangers ended a 54-year 
curse. 

Then the Vancouver Canucks 
won. 

“The party is delayed” Murray 
Craven said after hts team's 6-3 
victory Thursday night cut the 
Rangers' lead to 3-2 in the best-of-7 
series. Delayed at least until Tues- 
day night, when the series is to 
come back to the Garden if Game 7 
is necessary. Game 6 will be played 
Saturday in Vancouver. 

For a few wild minutes, it looked 
like there would be a Garden party 
after ah: The Rangers fell behind. 
3-0, but scored three times in the 
third period, with Mark Messier's 
goal at 9:02 pulling the Rangers 
even, and 18,200 fans went wild, 
chanting, “We want the Cup! We 
want the Cup!” 

“Wild is certainly a good de- 
scription," said Vancouver's coach. 
Pat Quinn. “The fans were wired. 
They smelled it." 

Then Dave Babych. Geoff 
CourtnalJ and Pavel Bure scored in 
a span of 3 minutes, 33 seconds. 

“It was anxiety, excitement and 


anticipation,'' said the Rangers’ 
coach. Mike Keenan. “It was a 
matter of being ovnzea] ous and 
going for the knockout punch and 
somebody TKO’d us in the mean- 
time." 

Babych got his first goal of the 
finals only 29 seconds af ter Messier 
had tied the score. Court nail and 


STANLEY CUP FINAL 


Bure followed with their second 
is of trie game to guarantee that 
le series would go back to Pacific 
Coliseum. 

Kirk McLean, the hero of Van- 
couver's overtime victory in Game 
I. made 35 saves but was shaken by 
the Rangers' third-period come- 
back. 

Doug Lidster scored at 3:27, put- 
ting New York on the board, and 
Steve Larmer followed with a goal 
at S:20. Messier’s wrist shot from 
the right circle skimmed the top of 
Babych's skate and beat McLean to 
bring the crowd to almost a frenzy. 

But Bure gained control of the 
puck deep in Vancouver ice. skated 
through center ice and across the 
Rangers' blue line, then slipped a 
pass to Babych, whose wrist ct beat 
goalie Mike Richter low to the stick 
side. 

At 12:20. Courtnall. who hadn't 
scored in Vancouver's previous 13 


games, was in the right place to net 
a rebound after Richter had 
stopped Nathan Lafavette, making 
it 5-3. 

The Canucks completed their 
barrage at 13:04 when Bure scored 
on a rebound. Bure, who led the 
NHL with 60 goals during the regu- 
lar season, also leads all playoff 
scorers with 16. 

The teams' eight goals in the fi- 
nal period was one shy of the sin- 
gle-period playoff record set by the 
Rangers and Philadelphia in 1979 
and tied bv Los Angeles and Calga- 
ry in 1990. 

The only goal in the first two 
periods had been scored by Van- 
couver’s Jeff Brown. Courtnall and 
Bure scored in the first 2:48 of the 
third to give the Canucks their 
three-goal lead. 

The Rangers thought they scored 
10:06 into the game, but linesman 
Randy Milton ruled lhai Siephane 
Matieau went offside before Esa 
Tikkanen’s goal. Replays showed 
otherwise. 

A scuffle followed the play and 
the referee, Andy vanHellemond. 
ejected JefT Beukeboom. so the 
Rangers bad to play with only five 
defensemen the rest of the way. 

“Obviously, it wasn't the right 
thing," Beukeboom said quietly. "1 
got kicked out of the game. I wasn't 
around to help the team win." 

(AP. SYTI 



Jays Clout Yank©e| 





* 

k 


Ttc AlTOJId IW 


Brian Leeicfa and Dave Babych. who got the de-breaking goal had a meeting in front of Mike Richter. 


Tke Associated Pros 

As far as the Toronto Blue Jays 
are concerned, it’s never too early 
to start a pennant race. 

“Wc realize it's still Jane.” Paul 
Molitor said after getting three tits 
and scoring twice during a 7-5 vic- 
tory over the New York Yankees 
on 'Thursday night. “But we 
realize we have a .chance to ait 
some games off their lead.” . 

The Blue Jays buflt a 6-0 lead 
against Terry Mulholland on Joe 
Carter’s nm-scoring double m the 
first inning , Molitor’s RBI single m 
the second, Ed Sprague's two-nm 
doable in the fourth and Carter's 

I5th home run of the season, a two- 

run shot to left in the fifth. 

Then Randy Knorr chased Mui- 
hoiand with his first home run of 
the season, making it 7-0 in the 
sixth. 

The Yankees, who, despite hav- 
ing lost 9 ofll games stilllead the 

AL East by 2 games over Boston, 3 
over Baltimore. 5£ over Detroit 
and 6te over Toronto, were search- 
ing for some good signs. 

“At least we battled back and I 
have to look at that as a positive.” 
said outfielder Paul O’Neill, who 
went 2-for-4 and is hitting .430. 

Then he added: “We can’t go on 
too long like this or we’re going to 
let all the other teams back in the 
race.” 

Rangers 7, Royals 4; Juan Gon- 
zalez broke a 26-game homerless 


streak as Teas beat' Kan- 
sas Gty fcr.its.nmth wctfflty ia7il 


Gonzalez, the ■ defending rrajor 
league home nm charnpMjn, &5t ss 
seventh of the season to start the 


AlBOlMPlg 


scoring in the seco nd inni ngs that - 
added an RBI sngk'm afcHir-^m : 
third. GonzafezYfirti fcomeraace s 
May 4 ended a drought of. 99 *k 
bats without <wa' Ete Sniffled £ 
for-4. ■ ••••• - 

Twin s 8, Wtite Sox .4: /Xjbdy 
Puckett hit two hornets, doubled., 
and gotfour RBIs, and Scott Leins 
also homered foe host Minnesota in . 
a game that bad tight runs, litis 
and three lead changes in the first 
two innings. r -- V • - 

Brewers A Imfians 3: JoseYakD- 
tin’s bases-toaded angte c apped 
ninth-inning rally" in. Mflwa&feee 
that dented Ctevdarirfs JacfcA&r- 
ris his 250th major Ica^victtjiy. 

Tl«ers7, Angeb 4: Joan Sanffid . 
drove in the tying and go^heaji 
runs with aaevenib'UBinw.tijSit^ ~ 
and Junior Felix homered asStaoi. 
two other hits as. Detroit fcanoctL 
host Calif oraia its mnlhTc^ti^i 
games.. . 

Chuck Finley was hurt hgr fnr.. 
straight one-out -hits ondua^afci; 
pitch in the seventh. 


! v - 


SCOREBOARD 


Major League Standings 


the 


W L 

Pet. 

GB 

New York 

34 22 

jot 

— 

MB 

Boston 

J2 24 

sn 



Bolllinare 

31 25 

J54 

3 



Dr trail 

29 n 

509 


the 

Toronto 

28 29 

Central Division 

.491 

6V: 

to 

Chicago 

33 22 

500 

— 

of 

Cleveland 

31 24 

s « 

2 

Minnesota 

30 27 

524 

4 

po 

Kansas Cl tv 

29 28 

509 

5 

do 

U. 

Milwaukee 

24 32 
West Division 

.448 

B 1 ': 

Texas 

29 28 

509 

— 

< 

Seattle 

24 33 

.421 

S 

inn 

California 

25 W 

A17 

5V: 

Oakland 

17 41 

293 

12V*: 

da 1 

ret 

NATIONAL LEAGUE 

Easf Division 



W L 

PCI. 

GB 

tig 

Atlanta 

37 1» 

541 

— 

Ba 

Montreal 

35 23 

503 

3 

Florida 

3D 29 

500 

BV: 

1 

Philadelphia 

30 30 

500 

? 

the 

for 

New York 

27 31 

Central Of vision 

.444 

11 

Cincinnati 

33 25 

549 

— 

rof 

Houston 

33 25 

549 

— 

tin 

SL Louis 

29 27 

51B 

1 

Pittsburgh 

25 32 

539 

7V: 

cal 

Ni 

Chicago 

22 35 
west Division 

584 

10V: 

Los Angeles 

30 29 

506 

— 


San Francisco 

28 31 

575 

2 

nza 

Colorado 

27 31 

#444 

7-1 


San Diego 

20 39 

J39 

10 


ana Walbeck. W~Mahome-^ 6-2. I — Sander- 
son. 4-1. Sv — Guthrie nr. HRs— Minnesota. 
Puckett 7 19). Lrti* W. 
k onset citt onm m-4 u i 

Texas 814 101 99*— 7 II 0 

GuDLcza. Plena rao 14) and Moctarlan#: 
Rogers. Whiteside C»t and Rodrfa/ez. 
W— Rows, 0-3. L — GuCHcsn. 4-5. MRs— Kan- 
sas Clrv, Gagne (S). Te»as, Gonzalez 17). 
Detroit 100 010 311—7 10 0 

California DU 001 000-4 < 0 

Gahr. Soever U). SJJavIs 17). Groom IB). 
Henneman 191 and Flohertv, Kraular 17) i 
Finley. Oopson 19) and Fabregas. W— Soever, 
4-0. L — Flnlev, 4-5. Sv— Henneman <0). 
HRs— Detroit, Fryman IS), Fell* (4). 

NATIONAL LEAGUE 
Florida 000 DM )00—) 9 1 

Pittsburgh 002 MM 01s— 3 4 1 

Hough. Dratiman (7), Perez (7) and Ting- 
lev: Smith. Mleeti 17). Pena (91 ond Parrish. 
W— Smith 4-5L L — Hougtl 4-4. Sv— Pena II). 
Colorado 000 lit 800—1 4 1 

Cincinnati 420 Nl Nx— 7 12 0 

Rltz. Baiter He Id 13). Marker 141. Blair (B) 
and Girard!.- Rllo. McElrov (0) and Dorse ft. 
W— Rllo. 5-1 L— Hit*. 1-2, 

SLLOOls 200 000 000-3 4 0 

Philadelphia 510 000 0ftx~4 II I 

Palacios. UrOan) <11. Eversgent (a). Mur- 
phv (8) and Pagnazzl; Munoz. Quantrlll (7) 
and Daullon. w— Munaz. 1-2- L— Palacios. 1-3. 
Sv— Ouanlrtl) ID. HRs-PWloaeiotfin, R-ior- 
dan 14). Etsenreicti ID. 

Montreal 101 130 300-9 10 0 

New Vortl m DM 000-0 3 0 

Martinez and Fletcher.- Gooden. Mason IS). 
Maddu< (4). Manzanillo (9) and Hundley, 
Stinnett (O).w— Martinez. 5-XL— Gaaden.2-2. 
HR— Montreal. aiou 2 i»). Fletcher (5). 


Hiroshima 


20 24 0 A 

Friday's Results 

Yomlvrl 4, Chuntau 1 ID innings 
Yakut! 4. Hiroshima 3 

Pacific League 



w 

L 

T 

PCL 

GB 

Setau 

32 

!B 

0 

M 0 

— 

Da let 

31 

19 

0 

531 

1 

Orix 

24 

25 

0 

#W0 

TV: 

Lotte 

24 

25 

0 

.490 

TVj 

Kintetsu 

18 

30 

T 

J. T S 

13 

Nippon Ham 

20 

32 

1 

285 

13 


Friday-* Results 
Selbu a. Dale! 6 
Lotte 10, Orix 4 
Nippon Ham B. Kintetsu 1 


NHL Stanley Cup Finals 


The Michael Jordan Watch 


Thursday's Line Scores 


AMERICAN LEAGUE 
New York NO DM 140—5 7 I 

Toronto 101 231 00»-7 10 0 

MuRtollond. Poll (6). Wlckmon |B) win 
Starter; Guzman, w.WUUtimi l2>. Castilla 
(71# Timlin 18). Brow (B> and Knorr. 
W— W.WIHHims, 1-1. L— Mullwlland, 5-4. 
Sv — Brow (2). HRs— Now York, Stanley 17). 
Toronto, Carter 115), Knorr (it. 

Ctevotana oio 03* doo— a n a 

Milwaukee 001 IN 003—4 I a 

Morris. Mho (8), Shuey IB), Ulllquist (4) 
and Pena; Wewnan, iBnastak (Bland Harper. 
W— lnnaslok.Z-1. L— 5ftuev.0-l.HR— Milwau- 
kee. Mfeske (4). 

ODcapa 130 ON 900—4 7 1 

MhnwsaTa 230 012 ItX-B 14 0 

Sanderson. Johnson (at. Cook 17). Hcmcn- 
dez (B) and Karknvlce; Mahomes,Guitir)e 16) 


THURSDAY'S GAME: JafOOft was tt-tar-2 
in a 6-1 victory over Chattanooga, in the sec- 
ond Inning, Jordon readied an a fielder's 
choice and scored □ run. He walked In the third 
and was caught stealing. Jordan walked again 
in me slrth and struck out In the seventh. He 
made three cutouts cloving right field. 

SEASON TO DATE: Jordan is batting .199 
|44-tor-201 ) w im 32 singles, a doubles. 16 runs, 
21 RBIs, 15 stolen bases In 34 attempts. 18 
walksand 5B strikeouts. Defensively, he has Bd 
miauls, one assist and o errors In right field. 


Japanese Leagues 


THURSDAY'S RESULT 
Vancouver 0 1 5—4 

K.V. Hungers a 0 3-3 

M.T. Rangers lead series J-2 

First perio d — Non a Penallles — Hunter, 
Von (el bowing). ;49; Momesso. Van, minor- 
malar (slashing, lighting), 10:06: Running. 
Van (roughing). 10:04; Beukeboom, NY. m>- 
nor-«na|or-aatne misconduct (instigator, 
fight ina), 10:04; Wells. NY Ihlgh-sllcklng), 
10:04: Matieou, NY (rougMmrl,io:06; Hunt- 
er. Van (roughtno), 13:02; Wells, NV (rough- 
ing). 13:02; Running. Van (holding), 17:20; 
L armor, NY ( hokSbiB K 17:30; Nemctilnev, N T 
(elbowing)# 19:42. 

Second period— I, Vancouver. Brown 4 
(Raining. An task 11. 0:10. Penalties— Court- 
nail. Van, malar (elbowing), 10:13; Messier 
NY (hooking), 10:19. 

Third period— 2. Vancouver. Courtnall 6 
(Lafavette. Hedlcon). :24. J, Vancouver, Bure 
15 (Craven). 2:40.4 New York, Lktsler 2 ( Ko- 
volev ) , 3 :27. 5. New YoHi, Larmer g (Mott eau, 
Netnchlnov), 4:20. 6, New York. Messier 11 
(Anderson, Graves)# 9,02. 7, Vancouver, Bo- 
hvcti 3 1 Bure), 9:31.8, Vancouver. Courtnall 7 
(Lafayetto. Lumme), 12:20. 9. Vancouver. 
Bure 14 (Ronnlng. Hedlcon), 13:04. Penal ty- 
— Kocur, NY (slashing). 10:41. 

Shots eo goal V ancouver 12-4-17—37. New 
York 10-13-15— 30; power- pi er opportunities- 
— Vancouver 0 Ot4; New York Dot 2; ggalles- 
— Vancouver, McLean 14-8 130 shois-15 
saves). New York, Richter 15-4 (37-31). 


men; Sean Hugo, t.edricfc Porter, Rolando 
Avila and Thomas D'Aauila. ourfielaers. Ml- 
chnel Noaeou and Crclg Dcedelow. snort- 
shuts; and Chris Souriim, In fielder. 

CalifqRN i a— Put Phil Leilwlcn. Pitcher, 
on 154iay dlscbled list, retroactive June 7. 
Recoiled Russ Springer, pitcher. Iron) Van- 
couver. PCL. 

CHICAGO white so* — Reassigned *u«r 
Hammoker. pitcher. from Blrtnlnghan SLto 
Nashville. AA; cnc Oa.iS nesting. j ( :awr 
from Btrmlngnom to Prince ‘Allliom, CL 
Signed JeHre. Aabort. Chemor A.bert.Dovid 
Cancel. Brian Deni and Michael TlCIlck, out- 
fielders; Shane But cour. Cartes Ccstirlo. Car- 
los Chartres. Dennis Crlne. Russell Heroert 
and Thom os McCasvev. oirchers: and Sear. 
Bagiev one Themes Koenck, cotcners. 

DETROIT— Pu: Dcnnr Bculisto. ovttleld- 
er.on IS-oor also Bled fist. Recalled John =:o- 
nerty. catcher, I ram Taledo. il 
OAKLAND— P ut Scnit BrostuS, 3o t-ese- 
man. on IS-eav disabled list Recalled Croi? 
Paquette. 3d Dasemon. Ircm Taccmc. PCL 
TDRONTCi — Signed Joseph Dasenoert. 
Wiifiam Httbara Eric Hsnei. Dcl - 13 Mendo- 
za, Christopher Pestiet, Mason Smiih. Pars, 
Srnllh, Mlchcct Hatoenn 3nd Lester Hender- 
son. Pitchers, and Jcek Holier. 3C basemon. 


Central League 



W 

L 

T 

Pet. 

GB 

Yomlgrl 

32 

17 

0 

553 

— 

Cliunlcfil 

24 

24 

0 

SOB 

7YS 

Yakull 

24 

24 

0 

#480 

iVa 

Yokohama 

23 

2S 

0 

#479 

8V9 

Hanshln 

22 

27 

0 

549 

10 


BASEBALL 
American League 

BALTIMORE— Signed Brandon Huntsman 
and Brad Crlllt, pitchers: Noel Ramos, Mi- 
chael wolH and Ryan Hendrkxs. 1st base- 


Nationol Leogue 

NL— Named Kotv =eenev senior .ice presi- 
dent and secretary. 

CHICAGO CUBS— Signed Sean Bcg-e Bar- 
rv Fennell. Jcson Rvan. jhewn Bov Jostn 
Stevenson. Roorke Birsnc-. jeltrer Haver.s. 
Cortez Wj-ott, Xelt.hPeto.TwsU. A-lcnoel Hor- 
ning. John Renton-. Ale* Sar.iak anc R.cn- 
ard Barker, pitchers: Michael McGenca- An- 
drew Hotln and Michael Mlcucci. cotcnors. 
Saul Bustos, MJhael Oi.nae end Pvan Goer- 
kipwlcz. inllolders: and Voriv Gc:ore). l '.e- 
vln Coe. Richard Fr ecman. Chris Jacks cn or.d 
David Blevins, outfielders. 

FLORIDA— Pul Mark Gcr-ner. oltcner. on 
15-dav crboctcd list. Peed led Kurt Mill#-, aicr- 
er. (ram Edmomon. PCL Signed h 3 , -wore 
Cook- outfielder, ona Jon Former, alisier. 

HOUSTON— Signed Derek Dcce. Mucriael 
Gunderson, jotvt Hciama. Blllv Hall. James 
Lynch. Anlhanv Mjunce. Pcul OMaller. 
Mark Sochorka and Anthony 5. ‘raver, plfch- 
•rs: Shane Barksdale. So. Marsh and wies 
Prutl, outfielders: Anthony aich. Oscar ?d- 
bies, Donald Scoloro and John Smilh. Infield- 
ers; and Victor Sanchez, caterer. 

N.Y. METS— 5!gned Jose on Lists, pitcher. 

PITTSBURGH — Actl /elec JeK King. 3d 
baseman, from 15-aav disabled list. Qpttoned 
Tony Womack, inllelder, to 3uMols.AA Sent 
Jose Delgado, shortstop, to Attonla as ihe 
player to be named later In Ihe Brian Hunter 
trade. Signed Plena rd Blackwell, Aaron 
France. Jett Kellv. Joe Aftasklvlsh, Matthew 
Spade, pitchers: Matt Ammon. Brent Soring- 
K led, outfielders: Eddie Brooks. Richard Ve- 


nezia. shortstop .'Sreven Thebe, 1 st baseman: 
and Paul McSoaraln. catcher. 

San 0 1 EGO— Reassigned Adrien hpi- 
llnger. Pilcher, from Rancho Cucamgngc. CL 
10 Wichita, TL end Rran Whihnan. Ditcher, 
from 'Mich I la to Roncna Cucomcngc. 

SAN FRANCISCO— Signed Trov Srcncwn. 
pitcher, on] assigned nlm to San jese. CL 
Signed Michael Brchown. Scott Cook. Chad 
Dlficn. Keith Foulke. Dennys Gomez. CnaC 
Hartvlsvm. Kevin Lake. John Lirtem 7 scr 
Moms. Cnrls Proier end Mi cruel Scnirtei- 
Beln. Pitchers: James AbiarHo. Greg r.iefer, 
Eric Martin and Kevin Wgtson. curfiekSers: 
Brian Shepertt. Dcsfiel Scnnetder ana Mtchoei 
Vlllono, catchers; end Toca Wilson, infieider. 

SAN DIEGO— Signed Joshua Devb. Ccmm 
Grass and Jon Morris, catchers: Jormcn 
Leach. David Ulicn. Mark Barreh, Jane Rem- 
ington. Scad Scnroeder. eng Luis Torres, pitch- 
ers; Greg Lorocco one Dwein KoscteliMck. in- 
l.eioers: Jason T-rus. Jett Cenwav. Goracr 
Amrrson. end Roener Lmesev. ottfieweis. 

BASKETBALL 

National Basketball Aisodotion 
DENVER— Will not e*ercl3* option on con. 
•red of Kevin Brooks. lorworS 
LA. LAKER5— Bill Bcrws. Larry C-ew 
erw Micnoei Coooer, ossistcnr coaches. w..t 
return ned secscn. 

SAilLATOCN— Wcyed Dar.-en Vcn-rg- 
star, center. 

FOOTBALL 

National Football League 
ARIZONA— Signed Chuck Cec : csrreraoci. 
EUFrALO— Signed Srlc.n Cels, ccrre-- 
bacK and Scan jn* non imeoener. 

Cl NC I HNA 7 1— Signed Ssvid Brg tier, ■ ir«- 
backer. Terminated es/iirac* et Ate* Garacn. 
linebacker. 


Alou Leads 
Expos Past 
Mets, 9-0 


The Associated Press 
Moises Alou did u again, only 
better. 


Only three nights after a m-o- 
home run, five-RBI game against 
Houston, the Montreal Expos' left 
fielder drove in five runs, hit two 


NL ROUNDUP 


homers and added a pair of singles 
Thursday nidit in a 9-0 rout of the 
New York Mels. 


Tourof Jta/y 


Results Frtoay from the 20 th stoe«,2M kilo- 
meters {172 miles) from cimeo, Italy to Let 
Dcux-Aips, France: *. Vicoimir Poui-.ikc#. 
Uirome. Carre-c, 4 hours 28 minutes SO sec- 
onds; 1 Nelson Rodriguez, Colombia. ZG Mo- 
bil). seme lime: 3. Poberto Conti, ifalv. 
Lomprs.U seconds oefilna; AMassImoPaaen- 
zonc. Italy. Ncvigcre. 31; 4. Georg Totschr.ig. 
Austria Pol II. 33. 6. Herman BuenhoraColcm- 
bta.Kclnve. 1:51; 7. Marco Pantani.itoW Ccr- 
-Trra. 1 .55; L Ml Sue! I ncuraln. Sod In. Borestg, 
s.L; 9- E.-genr Berzin, Russia Geniss Bciten. 
s.t.: 1C, Pavel Tankov. Russia. Lampre. 2-.0B. 

Overall standings: 1. Berzin, noun 11 
minutes 14 seconds. 2. Pontani. 2 ; n : 1 indur- 
aln, 3:23; 4, Tonkgv, 11:14; 5, Claudio Chlcp- 
pucta, Italy. Corrcra 12:07; 4. RodrtgwR, 
11:23: 7, Padenzcma. 14:35; S, Armgntf tie las 
Cuevas. France. Cosloremg. 14:4B: 9, Glonnl 
Buwno, Italy. Poltl. 15 :2l:ia Andy Hamnsten. 
Ui Motorola, lb:34. 


“Moises is developing into a real 
lough customer.” said Felipe Alou. 
•he Expos' manager, and the out- 
fielder's father. 

The Mets’ Dwight Gooden, mak- 
ing his first sun since April 21. 
when he was sidelined with liga- 
ment damage m his right big toe. 
gave up six runs on six hits in five 
innings. 

But Pedro Martinez threw- a 
three-hitter for the Expos, pitching 
his team's besi game of the season 
and his first complete game in the 
majors. 


Expansion to Mexico Eyed^ 
Owners 'Ready’ for Strike 




Alou’s 4-for-5 performance lift- 
ed his batting average to J57. sec- 
ond only lo Ton; Gwynn of San 
Diego's .376 mart in the National 
League. He has also hit nine 
homers and driven in 34 runs. 


By Richard Justice 

Washington Pm Serrice " ", ' 

CINCINNATI — The owners of major league baseball’s teams: 
pushed ahead ozz expansion, perhaps into Mexico, as i&cy wrapped; 
up their quarterly meetings against the backdrop of aoodief ohor' 
confrontation (hat likely will lead the players ip strike in Au^bL 

Although John Harrmgton, owner of the Boston Red Sox and; 
chairman of the expansion committee, said that “we're snnphr 
exploring die possibilities,” the owners moved m that dabetion 4am 
Thursday’s asnouncemcnt that cities interested in a team ^nouM' 
contact the expansion comnritiee by Jane 24. Questionnaires win bd 
sent to those cities and a round of mfbnnal interviews w2Lbe 
conducted by the committee in August ... , . . 

Harrington emphasized that cities "all mex North. America’’ 

Mexico City, Monieney^ ^udalqm^S^aral . ti^s^ieve' 
Mexico, where baseball has become ever more popoiar. shauld be" 
cansukredl 

Harrington said there would be “no recommendation until ibc 
conclusion of the coUective-baigamiag process.” : 

It’s that process that wfll dominate the sport far the next few 
weeks. Richard Ravitch, chief negotiator for ihe owners, will present 
a radical new prqjosal to the ptiyezs next Tuesday in New York. It 
indudes revenue sharing for the clubs and a. satary Cap_ foe the 
players. The players are expected toquiddy rgect it and set a strike 
date, probably for early August. - -. . .. . 

"I hope they don’t strike” Ravitch said. “We don't want them to j 
doiL But we're very, very ready for it if the) 1 do. If they think thefirre : 
going to scare the owners into giving up the necessity of changing the 
economic system of baseball, they're going to find ihemsefwaveiyy 
wrong. I hope fans don't pay for their mufudgment I’ve said beforel 
strikes only occur when one side underestimates the leverage the • 
other side has." >.v 



Ptiffies 6, Canfinals 2: Ricky Jor- 
dan and Jim Eisenreich hit two-run 


homers against visiting Sl Louis in 
ihe first innin g, and Phil 


reached iOO for the first time since 
April 21. 

Reds 7, Rockies 1; Cincinnati 
capitalized on an error to score four 
times in the first inning, keeping 
Colorado winless in eight games at 
Riverfront Stadium, and Jose Rrjo 
adelphia won his third straight start 


He scattered four hits oversevtiu 
innings and striatic out tight, . Hai 
Morris was 3-for-3 with three RBIs.: 

Pirates 3, Marfins 1: Oriamto 
Merced's twcHim double ut ^tiie 
third ended 2us Z-for-2?.dttop and : 
helped Pittsburgh beat visiting 
Florida. 



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SPORTS 

Mansell Said to Be 

Rejoining Williams 

MONTREAI V Kruccn 
with the WiffiarnTteS? “ nrtuniij1 c to Formula One raring 
VjJfcneuve where iteOaSSflS ,hc C ' ra,il ® 

Tbcamiounccmeni win be ^L? r ^ ,d 5"* ** * ** run Sundav. 
England trfterrariSi in ikff ?^ y, . whMVMft ' i,l ’l | ci« 

Sunday, *xonlii^5™J5f. ££J? r ?«* in Detroit on 


JNTEBNAnONAL HERALD TRIBUNE, SATURDAY-S^DaY. JUNE 11-12, 1994 


Page 23 


Switzerland Could Be Tournament’s Bis Surprise 

cxentdng three or four basic attack plavs. «i d IiaILv. ® -* 


^ Ken Shuirnan executing three or four basic attack plavs 

ROMF ' r,W1 * rnur ■ With iu incessant, wdi-timed pnssint 

r7, r 7 Rwing one s eyes, it would die team lends to dominate at midfield 
notbc difficul.t to mistake the Swiss na- while its defenders rely on size 

n>0m for 3 Uni,cd f ! neI y ,lun <d offside maneuver to frustrate 
nations committee meeting. rival attackers. 

With a gentleman English coach, play- . ^ top finisher in a Worid Cup qualifv- 
ers tromuil four of Switzerland’s linguistic in * S rou P that included Italy. Portugal arid 
ffOUK (German. Fnenrh Iv.ilinn •m.l Da 


• i in*. 

: 






Sunday, according numerous bu.„«ilr H ,n De,roit « "“***) as wdl as from Turkey. Spain and 

I would Uketo be abfc?i rcpom at lhc ciw “»*- Aj ®” Una * ,he P«emial conunumraiions 

ranno« give you any commenTaf «^ aboul ^ hul 1 probl ^ ms ^ casMy derail the Swiss 

the tram with which MansdJ won “L the hcyd rf lcam ,n, ° a t* 1 ** 5 * unintelligible Babel. 

•rsasitr' 

te WoridCup 

A spokesman for Renault um'.i,-. •. . . 1991 - when Roy Hodg- I IQ AQ/T 

pressure on Mansell to re-joi ^vwn;-,mc i f eincd lhe F sorae 5011 look “the UoASW 

supplies engines. But tlw snot^m™ £ *° wlueh Renault coach from Germany's 

Mansell would be able -^u 1 n 35 i"*!** 1 * lh ?» UIi Stielicke after Sent- # % , — _ 

at Silverstone. one of his favorite ml”** 11 * ^ BnUsh Grand Prix “rhuid’s failure to qual- dm2 

Gerhard Beraer the a,.« J l dy for lhc 1 992 Europe !*a2 

Mansell return to Fcm,£S dnVer * UJd ^ ** «P«t«d to see “> Championships, the 

-jli.jima<iuestionof 

always brings somMhino^^fh he do« come back loo because he athleUasm and skill and coordination, 
happttung around him." 8 1 hlin ' There ,s ulways something “1 don’t want players who follow my 

tody car learn. P^cd profroiOTally’"^ Md 

5S^V3v^»A«* ; 

10 Grand ^ raci^S| P S«'tS['K^£[“‘ l ^ Concealnning on building a coherent ! 
^onnula One races thal do not conilicl nilh his Indy car cornmiN !.“225iS , . , S S? ! 


said Italian forward Giuseppe Sigr.ori. 
who scored a disputed first-half aoai. 
“They really put the pressure on," 

“They arc in excellent shape," said Ital- 
ian goal tender Gianluca Pagliuca. whose 
sharp reflexes kept Switzerland off the 
board three times in the second half. 

“And they have a lot of excellent pla\- 


created a uuonal Itcam that plavs more 
Hke a club team. His polyglot 22 players 


trouble for its Group A opponents: the 
United States, Colombia and Romania. 


Pele Rates Colombia the Best, the Irish Tough 

NEW YORK -Colombia has the best team going imo lhc J£S£ j^d as “tough’; and said that while Nigeria 
World Cup, according to Brazilian soccer great Ptle but that f ? . ^"5°“ ** B sboK should the team ad- 

doesn’t mean it will win the tide. \ance past the first round. 

■ Asprilla. Colombia has a ver\ orgj- die> win the first game, no doubt thev will on m 

rnzed team." Pdc said Thursday. “Win? ! don’t know. But £ «wnd round." be said. uwy whj go to the 

will be one of the four finalists. ” .... , , 

JHSiSS£SfSS“ 01 *' Br “ liM squad - bul «^S5'£Sa?fc! , ia“S ; fc«*i® 


Wtumwunie in french — a language that ^ 

the Enghshman learned on his arrival — Replayed in the widely used 44-2 for- 
but the on field, the lingua franca is team- H °dgson's team' uses right back 

W0 St to move lhc ball up the 

n Y ™" is Pressing, positing and W w,n §- w *i |e midfielder Alain Sutter is 

noubuity. he said after the Italy match. “* key player on the left side. 

Against Italy, the 26-year-old Sutter was 

» Dartimbrlv 


UU5 U \X\ 

well-balanced blend of 

athleticism and skill and coordination. 

“1 don’t want players who follow my 
ontes hkc robots." said Hodgson, who 
pwyed professionally in England and 
South Af rica. “I want players wno arc able 
to think on the field." 


■ . . - — Huvmaui u ic orunuin solo □. nui 

was cauuous about its chances. ^ 

1105 VCT l 504x1 P ,3VCTS - -wd the best of 

m EmopeiRomano. Bebeto. Mauro Silva. Jordnho." 
hesmd. All are good as players, but as a team thev are not so 
n«Ksanly compact, hke Germany. Germanv doesn’t have so 
many big names, but they work well together." 


i_i ■ -• uuyM. 1 1 or /Araenuna, reie said. 

d * u Se ested IlaJ >' s R«**rto Bagjo. Romano and 
Aspnlla as the players who could make the biggest difference. 

“I think no doubt this will be the best Worid Cup," he said 
“The way the organizers have put this together . . . it’s famas- 
i^idethefie^ 1 smporUn! “ 10 haw a good World Cup 


TV Watchers 

ut °)kxicofy i ShoiMD *et 

ImivforU ForaStmter 

‘ J UI(X • By Stuart Douohrv 


Concentrating on building a coherent, 
flexible unit around a strong central axis, 
Hodgson has forged an exciting and inci- 
sive team. Although not overly imagina- 
tive on offense, Switzerland is very able at 


— — w 

ForaStarter 


tmk 


WM. 




-jpic^.obctoebig^^e 

§iisp 

3 5nOU O navc played lhcm - group of players for the past 2Vi years, has 


V y : By Stuart Doughty 

— ’ ~ Reuters 

- : ; _ Dallas — On June I7. world 

tampion Germany kicks off a 
- : month-long binge for soccer’s ann- 

. • . ! “air viewers in the opening game j 

... : 1 ' " j ’“7-* • a 52-match sdiedole crammed 

,. ■ ■ “to just 23 days of action. 

. ' , For the television addict who 

• .'PS “> w® 11 * l h«n all. that is i 

- 1- .. "Z" - nnnutes of mouth- watering I 

■ world-dass soccer. Or, put another l 
' 'L* - "' — 3 V ’ way, more than three days of cease- S 

. ‘ . ’ ; less staring at the small screen. J 

i-.„ . ‘ m The danger to avmd. somewhat 1 

! Jikc that of a Chinese wedding | 
' '-‘iZ."ZT“ ' ‘“^“Borgingontheless-^jpetiz- I 
_'T '. " .“.V., .1. *r. S ' “8 «*rfy courses to satisfy the im- I 

v-~— . mediate hunger pangs, only to find ■ 

“0 desire waning when the more || 

" palatable dishes are served up later. I 

:• ^ In the 1990 tournament in Italy. H 

- - • : i-" 13 of the 36 first-round group jB 

: ; matches produced tbe misedy of- M 

■ . - j ■ feting of one or no goals. There m 

. -j-." -- ; were eight tame draws, none of S 

. ...'re . . them with sooring higher than i_t, M 

In 1990, the goal-scoring average Wl 
■ _ -w ;w* 221 per game. In 1954, it was || 

■ rtZ. ' ®ut this year, the television view- H 

. zzi '-'- . er will see a plethora of goals — if ffg 

... - ^ • FIFA has anything to do with Hi || 
. -j£ iS Hie game’s rufin^ body has tin- ■ 
k oned w ith the rules in a deliberate 1§ 
attempt to increase scoring ££5 

— — It is copying the English league |§| 

system of awarding ream? three m 
. . points instead of two for win ning a r? 

.'-■c-a-rS first-round match, which, FIFA 
, J ~X ! r. ':-'. ^ a l* 05 * °f playexs and coaches ^ 

’ ijflia W “y. will encourage attacking play. 

■ ci- 1 • Referees have been given dear *** 

- instniclions that should give a Cpj. 

' - r f & L greater edge to attacking players. 

Tackling from behind has been ^e® 
banned anti referees told that cul- 
prits should be sent off. # 

That edict alone should make the hop 
early matches more fascinating as and 



Ie 1 “ happy with the wav we played. 

pen though we lost. Right now. the most 
n important thing is that 1 saw a solid team 
>' out there, and that we are really coming 
n together.” 6 

L Although its game is based on the con- 
e cept of an II -man collective, Switzerland 
s “S several elements that could creale 

Strunz for Ci 


y v' — vniuuuu nr«id 

particularly effective, creating openings 
for the Swiss forwards with his accelera- 
tion and frequently cutting in off the wing 
10 drive through the struggling I talian de- 
fense and towards the net. 

On offense. Switzerland has two thor- 
oughbred attackers. 

Stephane Chapuisat. a 24- year-old for- 
ward who plays for Borussia Dortmund, is 
a complete attacker dangerous both in and 
out of the penalty area. 

An instinctive player known both for his 
passing and dribbling ability. Chapuisat 
led the Swiss league in scoring for three 
consecuuve seasons before leaving for 
Germany in 1991. 

. T Hc does evaything right." said Borus- 
sia s coach, Fnedd Rausch. “.And he docs 
jtantomatkalJy. as if he’s been doing it all 

Adrian Knup, the other half of the Swiss 
offensive tandem, is best known for his 
heavy, nglii-footed shot. Knup. who plavs 
for Stuttgart, is the national team's scoring 
waden with 21 goals in just 31 matches. 
K«ied against Italy because of a muscle 
pull, the 26-year-old forward will be ready 
for the World Cup. y 








Compiled by (hr Staff From Dispatcher 

Thomas Strunz. a starting defend- 
er for Germany, will miss next Fri- 
day’s World Clip opener against Bo- 
livia because of a hamstring injury. 

Strunz, 26, was hurt in Wednes- 
day’s 2-0 victory over Canada. Ger- 
many^ last warmup match before 
it begins defending its utle. 

“There are always miracles, but I 
can’t imagine I’ll be able to play," 
Strunz said at training camp m Al- 
liston, Ontario. “You really pre- 
pare for the opening game, you 


his recovery continues to be so sue- “Y« »>v» . 

!»*■»» pJPSSSFSi*!!* 

Sal SSvSs 

though it’s not a real tear, but he (inn ii^cm *_S ,p “ mpelJ ‘ 
needs a week of rest." 


tion, USA 94, in America." 

The program continued with a 


Thon- luc program continued with a 

ThmSL warmup games man identified as the Football As- 

, y ' sodation’ chief executive, Graham 

• In Lagos, the U.S. embassy KeD y. announcing to a “stunned 
said a Nigeria Airways flight for Press conference": 
the N 1 gen an team had been ap- “It has been announced that an 
proved by Washington. additional group. Group G, shall 

There had been confusion over ** l ? lhc six groups, A to F, 
how Nigeria would get its taam to «>™peiing in the World Cup finals. 


— — ip . iui 

the Nigenan team had been ap- 
proved by Washington. 

There had been confusion over 


continued be criticized at home de- 
spite its 8-2 rout of Honduras in a 
nmeup match, with the daily Jomal 
do Brasil reporting. “We have seri- 
ous probl em*; " 

"Rai hasn’t woken up." O Globo 
said. “He tried to run but his legs 
didn’t obey. He missed simple 
passes, was afraid to create plays, 
was not daring." 

• But in San Diego. Sweden’s 
team said it had found tranquility. 

Hiere were no autograph seekers 
awaiting the team after its 15-hour 


unfortunately something like this ww Nigeria would get its team to ““petog in the Worid Cup finals. ^ aSS “I5J H ^ -1 

happens." ' S the United States foCowing con- Group G shall comprise those four JJJSJ Y?™ A“ d f< T P“ d 

Mario Easier an offend nictin 8 re P or!s on whether Wash- “toonal sides adjudged by FIFA to i n SSSJ wZhf ph3 Sf* ‘i bcckcd 

flelde^rarried offth^fleS ia&Km wouId 11(1 a ban 111051 narrowf y “issed qualifi- bot d - 

cauot to the finals. The four sides almost like Sweden. lt* 5 

a serious knee in jury, should be 


<680 




mm 


7X : " '■ ' 


° n =■ 5 ^ carion tothefinak S *5 

a serious kn « injuiv^&d £ * En B | “ d bas made the World £ U J ed prance, Australia, Eng- S^SdfidtKn^^^" 

able to resume full trainingwitl^n . Cu P ^ aD - at least according a wondcrful tordfidder Jonm Tten said, 

three days. S to the British Broadcasting CorrT ^ for football." (AP, Reuters) 

To ease the n»in r»f hMna loft — The Station llu>n nnint a Ro f - " - 


three days. 10 *be British Broadcasting Corp. lor ^ 

“It looked wrv hxA tttA ; Cax J ^ pain of lefl out . ‘ n * ? tJUio1 ? **>« ranied a fic- 

viw'vSSSI-rfT- 1 ^ihe world s biggest soccer patty, haui interview with England’s 

^veiypaatfuL said the team s BBC Radio 5 Live is nmSng manager, Terry " ’ ’ 

Jfrj u B “‘- 11 tongue-in-cbcek rraorts that Eo£ “I’“ quite 1 
uirned out to be onJy ba d bnusmg land has qualified for a newly cnT balance wc have in 
axrd a strain of tmenor ligaments. If a led “Group G." -R 

v • Brazil, one ol 


1 0 ease the pain of being left out . Tne station then carried a fic- 
“toe world’s biggest soccer party, fi® 11 ® 1 interview with England's 
BBC Radio 5 Live is running manager, Terry Venables, who 
tongue-in-cbcek reports that Eng- sa “’ “I’m quite lumpy with the 


nee wc nave m that group.” 
Brazil, one of the favorites. 


Vo nAKiiL« hi lYuine 

[us» call, toll free, 
05437437 






1 Mm 


The IHT World Cup Competition 

tt r r 1 1 ■ I I 

wA/IT^ Trimil/Mto I. .A. 1 .m 1 ■' j . ■ ■■■ .. , 




F ^ nfe y.^, (rf&i^and amd te friari S hams e ddini Nebco of the U^StateCboA 4 
years old, had no trouble catching Worid Cup fever on a street in Santa Monica, (Somia. 






im., iuuuouii^ ao am an aounoance ot goals 1 
players, trying to adjust to the de- weather in the United Stales. 

mands of World Cim soomt siniP- tv.ii.. ni •.=_ 


But the one drawback to the mid, and hardly conducive to the 
pcs wraotmg, attacking play fast-paced soccer FIFA hopes will 
ia an abundance of goals is the win over the American public to its 


mauds of World Cup soccer, strug- 
gle to come to terms with what is 
virtually an alien rule. 


I '. I I . l =H 


and an abimdance <rf goals is the win over the American pubUcio its 
weather in the United Stales. sport. 

Orlando, Dallas, Washington, That in rang carefully selecting 
New York and probably Pontiac's which first-round games to watch, 
indoor stadium will be hot and hu- and which to avoid, at a pace that 


| Davis Ups Lead to 4 in Honda Open TnAMvLi 

HAMBURG (Reuters) — Rodger Davis of Australia continued Friday ^ ■filM JMHMOnt 

-to set a hot pace in the Honda Open golf tournament, shooting 4- under- T A rWL,, I 7> - 
1 par 68 for a total of 134 and a four-shot lead over Cohn Montgomerie, UHTuy r ICtOTy 
Andrew Col tart and Paul Broadhmst, all of Britain. CemnHaiim a- w/ jt 


par 68 for a total of 134 and a four-shot lead over Cohn Montgomerie, 
Andrew Col tart and Paul Broadhmst, all of Britain. 

Ian Woosnam birdied three of the last six boles for a 71-144 and, “As 
for the U.S. Open it’s still not 100 percenL 1 might not make a deci si on 
until Wednesday but I’m still hoping to fly out on Sunday." 

• Mike Reid eagled his last bole for a 6-tmder-par 65 that put him a 


Wayne Levi after the first round of the Buck Cl^sic in Harrison, New 
York. (AP) 


mid, and hardly conducive to the avoids burnout over the first fon- 
Ettt-paced I soccer FIFA hopes will night before the serious play and 
win over the American public to its drama begins. v ' 

That means carefully selecting locx'^- 

^ii t ' r0Und ? aiDCS 10 ‘afiorni along the 'lines of the shock 

and which to avoid, at a pace that Cameroon served up fouryearsa^o 
— bi beating then-world champion 

Aiwsitina. 

y, r , However eager the neutrals are 

GO TOT IxHl to ^ [ bc giants humbled. Bolivia 

* j ust do es not register on the scale of | 

To Add HfJmssnf Germany’s feared opponents in I 

-m. U /1UU UVlinom thar encounter in Chicago next 

n l.. t/l* . ^y- 


Complied by Omr Staff From Dispatches 

ELMONT, New York — Ken- 
tucky Derby winner Go for Gin has 
been made the early favorite at 9- 
to-5 for Saturda--’- ' mi£ - u 


. the Germans an rid pate begin- 
nmg their defense with a rout, then 
Spam would expect to follow suit a 
tew hours later in the opening day’s 
other match, against underdoe 
South Korea. 




? «aics ana nas arawn the first post 

j Podnikov Wins Tour of Italy Stage 

; LES DEUX ALPES, France (AP) — Vladimir Foolmkov cfUkraine finished sreond 



• r : •- V ;; ; LES DEUX ALPES, France (AP) — Vladimir Pbalnikov of Ukraine 
■' edged Nelson Rodriguez of Colombia in the final sprint Friday to win lhc 
20th stage of the Tour of Italy. 

Eugeni Berzin of Russia retained the leader’s pink jersey in the cycling 
race mat ends Sunday in Milan. 

Kokoc Bid Is Said to Be $8 Million 

ATHENS (AP) — The Greek team Panathinaikos has reportedly 
offsed Toni Knkoc a two-year, multimfllion ddlar contract to leave the 
Chicago Bulls of the NBA 
• i. - Newaxqwrs here rqwrted on Friday that Panath ma& os had offered 

Kokoc SStnDKon, of whkhS2L8 million would go to the Bulls. 

V Ndthor Kukoc’s went, Luciano Cappiciom, or the president of the 
■7' W.\ Greek dub, Pavkx YannakiyouJos, would comment, although Cappi- 

f'r-' i cioni said" by tdepbooe that "our olycedves are first Chicago, then the 


longest race in the Triple Crown 
senes, and has drawn the first post 
position in the seven-horse fidd. 

_ Slrodes Creek, the late-closing 
California col t who finished second 
in Kentucky, was put at 5-2 Tor the 
l»-mfifi test of 3-year-olds. He 

drew post position six. 

Tabasco Cat, who three weeks 
ago won the Preakness after finish- 

ino ciTih m *L. n — i j .■ 


bly on the second day with two 
attractive and potentially fiery 
matches featuring Colombia 
against Romania and then two 
teams with huge support among 

u *“- ethnic communities: Italv 
against Ireland in New York. 

All of Italy's matches, which are 
h“»y to generate the best atmo- 
w - a coun,r y w bcre the 

world Cup is more a curiosity than 

a IIUIAr nniw.!_ . i.Y..: * 


ins <nxih .u, rwL7 j — T . “ ™ne a cunositv man 

?! a «“)<* once-m-a-lifetime 'evmu 
area must. As will be Brazil’s. 


3-1, along with Brocco, who will 
start from the seventh gate. 


Much is expected of the South 
American aristocrats as they bid 


Bmcavfirt . ^ncan aristocrats as they bid 

sum. did not ran L the iS S “PP 0 : 


- — — -y ■* wvioywu 

Wss' »t5fs at 

HSHSr -JsiAisias 

sassassi 

sSri 

5t smee the Petm- PanStakes, and emulate Cameroon in 1 99D 


™ l»»v VTbVAO m 

V dU -Oatu^^A waancethePete Pan Stakes, and emulate CWSTta 

For the Kecord * ■ » last that day. Three weeks This Worid^^i/S ck any 

John Lucas was, ai his request, released from his contract as coach of Derby Heams fa^but ^ someone w ' l! 

the San Antonio Spore. Houston idewsion stanon KPRC-TV reported nm Sst verv far ^ ° 1 “ docsn 1 undou bledly emerge on American 

that he wfll becoibe coach of the Philadelphia 76e& *(AP) and rt« r-« “Sl 

Usb (Left Eye) Lopes, tbemgpr with the hip-hopmusic group TLC, hirohadte weeks to ‘SrSS ^ wa - tch 001 for “dude 

surrendered to pdice ui Alpharetla, Gosgia, toiace charges that she seta since mrina thefr monorahl?25 sdimtnuuvegoalsconng ma- 
fire that desuxwd the 5800,000 home of her btwfMid,.AilaQta Fakxms d SSf!, the abundandy 


V- ^ ^ ' 


fire that destrt 

receiver Andre 


cein Alpharetta, Georgia, 
the $800,000 home of her 
n_ Police Said she also finas 


A waging Uitar mcmoraDie OUCt 

homestretch in the Preak. 
«*ich Tabasco Cat won by 


t-J \ 


rcoaverAnareiuson.roflK3^^ai^aiuoauoua«iaM«cs-ijenzs«ian, nras. which Tabasco Cat Colombian Faustino As- 

a Mercedes-Benz roadster and a Toyota 4- Runner after a quanel (AP) it^Lmanas ^ E2? a ’' D ltal3 ' s mjdfieki maestro Ro- 

Ricbanf Dent, the four-time Pro Bowl defensive end for the Chicago JMtoflhSre said tlere was no B ^ o: Af . rican ^ooIba,, ■ 
Bears, agreSto a two-year. S3 million couim-with the San Franck m^^SStAtSS £ "S* , 

srSrJ-alS 

ho- and husband Andy Mill (Reuters) «S,it ^gL rZT »%• r S “paWe of changmg the course of 


— — Ulb IIQU 

(Reuters) small. (Reuters, NYT, AP) 


capable of changmg i 
game. 


Win fabulous prizes. 

Winners will be chosen from an official drawing. 
The first 1 6 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 York 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 Worid 
Cup. the IHT will publish a question in which the 
response predicts various outcomes of facets of 
the Worid Cup. There are 12 questions in all. 

After answering the question each day in the 
coupon provided below, hold your responses and 
«nd 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 dippings from the newspaper will be 
accepted. Photocopies and faxes do not qualify. 


RULES AND CONDITIONS 


1 . Individual coupons will not be accepted. 

Minimum of 6 coupons to qualify. 

2 . Cut-off date is postmarks of the first day of the World 

Cup — June 17, 1994. 

3. Valid only where legal. 

4 - EntewiH not be accepted from staff and families of 
me IHT newspaper, its agents and subsidiaries. 

5. Only original coupons will be considered valid 
Photocopies and faxes are not acceptable. 

6. No correspondence will be entered into. Proof of 
postage will not be accepted as proof of receipt 

7. No cash alternative to prizes. 

8. In some countries, the law forbids participation in this 
competition for prize awards. However, in these 
countries, you can still play for fun. The competition is 
void where illegal. 

9. 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 
aisquairfy any enriy, competitor or nominee, or to waive 
any rules m 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 
ax or more coupons picked at random from all entries? 


, ..••• ’ -•=' .. n 1 "j,\\ ... ■■ ■ a . ■ v i 

; fey * 

■ ip'; ;,<!■■; 

' : ,s * ■ v. y:y.^v u ^;=-yvvy : =\>;V^y'r v- "■% 


Group A 

USA 

SWITZERLAND 

COLOMBIA 

ROMANIA 

Group R 
BRAZIL 
RUSSIA 
CAMEROON 
SWEDEN 

Group C 

GERMANY 

BOLIVIA 

SPAIN 

KOREA REHJBUC 

Group D 

ARGENTINA 

GREECE 

NIGERIA 

BULGARIA 

Group E 
ITALY 

IRELAND REPUBLIC 
NORWAY 
MEXICO 
Group F 
BELGIUM 
MOROCCO 
NETHERLANDS 
SAUDI ARABIA 


TODAY’S QUESTION 


Name one of the teams that will make the final. 


Your response:. 


Job Title; 

Company: 

Address: .— 

Postal Code: City: 

Country: 

Telephone: 7Jn 

to: IHT World Cup Competition. International Herald 
Tribune, 181 Avenue Charles-de-GaulIe. 9252 1 Neuilly Cedex, France. 



.* 


c ^ Page 24 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUKDAY , JUNE 11-12, 1994 


*. beH 
3,75 
s . lhai 


, Pra 
; ir 
E exp 
i sign 


DAVE BARRY 


Health-Care Update 


M JAMJ — Today I want lo 
bring you up to date on na- 
tional health care. I happen to 
know quite a bit about this because 
I bad lunch recently with Hillary 
Rodham Clinton, although she was 
probably unaware of this fact, be- 
cause the room also contained sev- 
eral thousand newspaper execu- 
tives belonging to the Newspaper 
Association of America i motto: 
"Keeping You Accurately Iafor- 
mebkJjsdfxc"). It was one of those 
mass banquet luncheons where 
squadrons of waiters come swoop 
ing out of the kitchen carrying trays 
stacked high with plates protected 
by steel covers, which they whisk 
off at your table to reveal, to your 
astonishment and dcligbt: chicken. 

The reason you always gel chick- 
en at these affairs is the Federal 
Interstate Chicken Transport Sys- 
tem (F/CTSj. which was built dur- 
ing the Eisenhower administration 
to ensure that the nation would still 
be able to hold banquet luncheons 
after a nuclear war. AD major hotels 
are connected via a vast under- 
ground network of pneumatic tubes 
to huge chicken factories in Dela- 
ware and Arkansas, where thou- 
sands of chicken pans per second 
(epps) are fed into the tubes under 
extremely high pressure. These pans 
sometimes travel thousands of miles 
before blasting out into hotel kitch- 
ens all over the nation, where work- 
ers frantically convert them into 
banquet meals to make room for 
new incoming chicken. Each year 
hundreds of laichen workers are in- 
jured by chicken breasts traveling at 
upwards of 400 rapb. 

□ 

So 1 was eager to hear Mrs. Clin- 
ton's speech. It was great. She kept 
the crowd in stitches with a series 
of hilarious health-care jokes, such 
as the one about the guy who goes 
to see the doctor because he keeps 
finding turtles in his undershorts. 

No. I am kidding. Mrs. Clinton 
did not tell jokes. I have heard 
funeral speeches with a higher hu- 
mor content. Mrs. Clinton is 
VERY serious about health care. 
She knows TONS of facts about iL 
So f tried to pay dose attention 
as she discussed the administra- 
tion's health-care plan. I would say 
she’s in favor of iL 
"PAY ATTENTION!" I'd tell 
my brain. ‘The first lady is explain- 
ing health care!" But my brain 


would drift off. pursuing its own 
interests, trying to remember the 
words to the Beach Boys’ 1 963 song 
“Our Car Club." which never gets 
played on the radio, and For good 
reason. Mrs. Clinton would be talk- 
ing about the administrative ex- 
penses of Medicare, and my brain 
would be singing: 

"We’ll have Lhe roughest and the 
toughest initiation we can 
find . . ." 

□ 

It’s a good thing I'm noL in 
charge of national health care. I 
can’t understand my own medical 
bills. Last spring my son suffered 
some injuries requiring medical 
treatment, and ever since I’ve been 
receiving incomprehensible bills. 
I’m pretty sure that I’m now paying 
for medical care given to people 
injured in the Hindenburg disaster. 
There’s no way to tdl. because the 
bills all look like this: 

“With reference to the above ref- 
erenced account, your 73 percent 
deductible differentia] bas not been 
satisfied with respect to your accru- 
al parameter, and therefore you are 

obligated to remit $357. 16 rib make 
that 5521.67 here are some more 
random amounts $756.12, $726.56 
and S3.928.958. 12 bear in mind 
that we would enjoy nothing more 
than seeing your pale skinny body 
in prison." 

This is a true story: A while back, 
out of Lhe blue. 1 started receiving 
threatening letters from a collec- 
tion agency representing a hospital, 
demanding $101.76. So I sent the 
agency a check. Last week, on the 
SAME DAY. I received (a) a letter 
from the collection agency return- 
ing my check, with a note stating 
that J did not owe the money: and 
fbj a NEW threatening letter from 
the same agency, demanding 
$101.76. I’m thinking that the only- 
way out of this might be the Feder- 
al Witness Protection Program. 

Of course I’m sure medical care 
will become much simpler and 
more efficient once it's being han- 
dled by the federal government 
(motto: “We Are Not Authorized 
to Tell You Our Motto"). I’m hop- 
ing thai Mrs. Clinton and the Con- 
gress work out some kind of plan 
soon, and I'm hoping that it covers 
routine doctor visits. Because 1 
need to see somebody about these 
turtles. 

Knight-Ridder Newspapers 


Many Who Were Forgotten 

W ..... oknnl 1 


IxertUHIi-ra! .'urjlu i»' 

P ARIS — The line between com- 
memoration and celebration and 
Opportunism i< easily blurred, a" the 
June 6 anniversary showed {even lhe 
French tobacco lobby stepped in with an ad 
equating the Normandy landings with the 
freedom to smoke). Bui this is just a begin- 
ning: The coming summer * festivities around 




tv*'?*.?. 


x* /p 

/ a 

if V 


the 50th anniversary of the liberation^ Paris 

read the small memorial notices to resistant^ 
recent months in Le Monde. 

typical noie, in memory or" iheir parents, was 

peared, longer than usual: It was a compU- ’ % IP 

cated story told in'th chilling brevity of (he *vaf ^ 

the Warsaw ghetto, dll of them holding pa- A r ^ 

pers which should have guaranteed their ^ . . k bv the Germans, of the camp at Dnmcv. 

freedom nad only international cnanties * * * 

and foreign governments acted in time. They . B 

were shipped from Vittel to Drancv. outside Paris, from face life in England, higo-raiuins peep.e - o-_ - - 

which all but 17 of lhe 70 irair.' lhai carried Jew? to ineir Tutus, retired nannies, wives of jockey i. :Ot* Oi cancers, 

death departed. prostitutes who had worked in broineis m t-uaa ano 

In the current officializaticn of memory, the death of 41 Boulogne. There was even an old procure.** 

Jewish children who sought safely in a hostel in Izieu has the young peopie to join her ana Sleep «tLr tne jsmtn 
been declared by Pros ideal Francois Mitterrand a symbol troops." 

of ali the Jews exterminated under Lhe Vichy regime. But i iff a[ jjj e star, was peaceful though »u\mse to young 
there were many other now-forgotten children. In Vittel. Madeleine because the British women wanted her TO ; 0 iT. 

46 were deponed, the oldest 1 4 years, the youngest a bare ^ games and sit on committees. Her dcstrt friend btcame 

six months. Sofka Skipworth. the White Russian wsdc** of an cag.:sr. 

The memorial notice in Lc Monde * as pul there by two officer, 
former internees in the Vkiel camp. Sofka Skipworth. Soon thev were Coined bv American internees. 2 nd then 
who died before it was printed, and Madeleine White, now ^ , 943 DCOp [ e ^ved with more :r ie«i official 

the wife of an Auschwitz survivor, the French asironomer paper< . or sometimes just bearing letter* from consul* 

Jean-Louis Steinberg, .... saving that relations abroad would auara-V.ee to support 

Madeleine Stein oerg. l.\ i> small arc vigorous, passion- 
ately precise and perhiios unaware that sometimes as she . ' ... j j a. 

speis her eves Tdl with tears. Her notice ^ rut in Le ‘ ^ been rouadea up :u« betas.* 

Monde, like so manv others, to remember the unconsid- s£etto was destroy -d ta-au* *■ \ ,.! ■ 

ered dead, but this does not make remembering anv easier. »*o had Amencan or Sca.n 

It took her husband 25 vears. she says. to be able to talk to pape« should come out and they would be sen to camps 

her about Auschwitz ’ ’ m plhcr of Eur °P e - wlierc *“> -AC - ,U bi iV 

The main tntemmem camp for British women was in changed. Very few of Lhem were capable c: rest: ting tne 

eastern France. The - oung Madeleine White and her temptauon. 

mother were sent there :n May 1941. Although both “The first thing we thought we could do w as teach then: 
women considered themsd-.es French, they held British English to hdp them when they went abroad. Only the 

passports because of Mrs. White’s romantic and unsuc- men came lo class. It was difficult to get thr.r attention 
cessful marriage to a World War i veteran. and some times they would enter the ciass through the 

“At the beginning in Vine! there were only English window instead of the door or leave before it was oyer, 

people, but all sons." Mrs. Steinberg said. “Women like You had the impression that they lived ir. fear, they 

my mother who had married British soldiers and couldn't couldn't sit still." 


face life in England, high-ranking pecple with British 
firms, retired nannies, wives of jockeys, lots of cancers, 
prostitutes who had worked ie broiheis in Calais and 
Boulogne. There was ever, an old procure*? who war. tee- 
the young peopie to join her ana' ?;eep »xth the Omsii 
troops." 

Ufe at the star, was peaceful though su-ange to young 
Madeleine because the British women wanted her :o join 
in games and sit on committees. Her desert fnenc oe^ame 
Sofka Skipworth. the White Russian wide-* oi an cng.:?r. 
officer. 

Soon they were joined by American internees, and then 
in 1943 strange oeople arrived with more :r tess ofttcial 
papers or sometimes just bearing letter* from consul* 
saving that relations abroad would guarantee to support 
them. 

“They had been rouaded up just before 'die W arsaw 
ghetto was destroyed because the German? announced 
that all those who had .American or South .American 
papers should come out and they would be sen: to camps 
in other pans of Europe, where they would be ex- 
changed. Very few of Lhem were capable of residing the 
temptation. 

“The first thing we thought we could do w a> teach them 
English to help them when they went abroad. Only the 
men came lo class. It was difficult to get their attention 
and sometimes they would enter the class through ±e 
window instead of the door or leave before it »js over. 
You had the impression that they lived ir. fear, they 
couldn't sit still." 


If Uk adults were silent about «*M ^ 

-ssjsg 

how we realized what they had been through 
because they would endlessly draw lhe sane 
piSires of Nazis shooting kids, throwing 
people out of the windows.” 

ST 1 Gradually there was Scant muting with the 
111 ad alts, and Skipworth and White realized 
diere were two ways to help: to mfoim tor- 
won governments and intgnationfll organiza- 
m SSns of these people’s plight and to lemem- 

P — ber them if all efforts faded. As it luntedraiL 
they could only do the latter: 

IB ^ ■ Skipworth, intrepid and wdl-coaaected. 

smuggled out lists of the Jews and tbe coun- 
™es for which they had papers and wrote to 
**®*®^^*j friends and officials. 

* ® * Thelettcrs were not e\acUy ignored. "They 

' . . all tried very hard but it was just at the wrong 
mrtfr, moment because therewas D-Day and tinngs 
w&e moving. All energies were focused -on 
these things, the leaders all said theory thing 
we can do for these Jews is win the war. They 
/ didn't r ealize that when the war bad been won . 

\ r : :L /. there would be pracricafly nobody lefL** - 
A few official replies offering guarantees 

came on July 15. 1944. but the Jews had been 

deponed to Auschwitz via Drancy m wo 
convoys. leaving Viltd on April IS and May 
p - v-aa 16. A few escaped and were hidden by Skip- 
vconh. White and their friends, a few attempt- 
ed suicide. Skipworth was ordered to sit with 
the failed suicides in the camp hospital, 
-what do you say to people half dead whose families had 
been taker, away?" 

There were no illusions about whai deportation rneanL 
One man on the first convoy threw a note from the train 
addressed to a Paris friend and it was miraculously deliv- 
ered. “ATTENTION!*' it said. “We have been betrayed 
and lied to. We are in the train for Auschwitz. Our end is. 
near. Write to Vittel and sav that in a few days we will be 
dead." 

Sofka Skipworth and Madeleine White were repatriated 
to England and, after White returned to France and 
married, remained in constant touch untO Skipworth died 
in February. Sternberg lives in Paris and gives free En g l is h . 
lessons to immigrants. She bas been asked for photo- 
graphs of the Vittel children for a memorial to child 
osponees. “But there are no photographs, of course." she 
said. •- — 

There are some poems by Itzhak Katzenelson. a Viltd 
internee who died in Auschwitz and whose 1 1-year-old 
daughter had previously been murdered in Treblinka. 
They are laments almost unbearable to read: 

They an no more 

Do' not ask anything, anywhere the world over. 

AU is empty 

They are no more. 

There is a plaque in Vitid to the deportees bnt it does, 
not give their names. As for (he camp itself, it is now part, 
o? the Club Meditenance. 


WEATHER 


POSTCARD 


people 

Quime$s and Tan Rice 

Receive Queen’s Honors 


I oe atun 

foriner sorof 

were among JJ5Q0 -Britons Jwfltorea 
by Qaeen Skated* Q. C&jrflqa, 

& &ri3a‘TiBi *** *3?»; 

ductor Simon Rat jk.v&taghek 

Gnnafcss, already a taught* : ; aal 
Lo 


were, made Companions oTHenw, 
Us actress Dkoa Bfe was made a. 
Dame CoaBHandwTOrda- ^ Ahe 
British Empire. ■ - -V • 

■■■■■ " "'-Or. 

Simon Le B«, tee xad 
Duran Duran, : ha^. remvra 
damages from two BririsS wpspt:; 
pers for W hesteesj - 

on his wife. : 


in LoodflD te te;Bon 

the modd Yasmm, and the Wttaa 


damans was not dWwci^i/". 

^ In a memoir of 

■ law, to be mibfebed in HedbOdt ' 
magazine; dwtre. 

compares iheir rdatroa^opL fe 
“Star Tret” “Lite $e 
in *Star Trek,' Vkg^r&feyisrii 
seemed to be from different $£&•■ 
ets.** CSntioh wrote. ^Aao atieast 
for a , while; Virginia ipter^etf use . 
because she assmded wwmnT be . 
in the picture very kug^'Kdky 
died in January at ajprTK-C ' ' 

An unidentified . bidder paid 
£10.000 (S15JOOO) for a guided tour , 
of the House of -Lords te. fenaer 
Prime Mbnstff MargamThateher, 
Christie’s aaezion boose said. 
tie’s said it raised £87000 ^ 
auction for the Samaritans charity.' ■ 

• O' 

The rapper Lisa (Left ISyet tapes' 
faces arson charges is a fircrthat 
anted the hwse in Afa & fBfe . • 
Georgia, of her boyfriend,’ Andre 
Risen of the Atiania Fah»m._Be 
pofice said Lopes, wto sirqjs wte 
the group TLC, phoned ao'Taa.. 
bersdf in. She is accused of settag 
fire to cardboard in a whiripooi jn 
the Rison’s mansion, and' tbm 
swMjdnngr up two Mercedes and’ a 
Toyota paited ontade. ' - ’ 

• - •• '.' i.'-V-.-.ly i.- 

CLASSIHEIIg 

Appmn on- Daep t>- * 


Europe 


Today 


Tomorrow 



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High 

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Forecast lor Sunday through Tuesday, as provided by Accu-Weather. 




■ >. 7 > . 

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A New Beginning for the American Academy in Rome 


Jasmin 


{UnsrasonMAr 

Cow 


Uroeexnettf 

Hd 


North America 

Hot weatner will extend 
westward trom Houston to 
Los Ange l« Sunday into 
early next west' while hot 
weather surges northward 
through Denver. Ra>n over 
New England Sunday writ 
give way to dry. warm 
weather Monday. Pittsburgh 
id Chicago wifi he warm «n>h 
scattered rains. 

Middle East 


Europe 

Warmer weather aro sun- 
shine will sproad Irgm 
Madrid and Marseille on 
northward through Pans and 
London early next week. 
Damp, cool weather will 
Unger trom southern Italy 
through Bulgaria Sunday mo 
Monday. Tuesday wt* be dry 
and more seasonal. 


qHM*» |c*k?! hc.t.% 

gRam Snr-.. 

Asia 

Ram and cejl n - - r 

Snaoohai Surcav »m give 
way ;o s-r-r; . warmer 
wea:hci b> T.resday Show- 
ers and lhuncorciarm; Mil 
spread no.ihearvrard Irjm 
Nagasaki S---"dai anr ;r aC h 
iho Tc«.-ws arr a o. 7 lost a v 
Beijing will have sunny, 
warn weather Sunday «vo 
Tuesoav 


Latin America 






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42/101 

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Legend; s-sunny, tK-parfyOOiKSy. c cloudy, sn-showere. r-tfiundefstomts. r o/n. at-sne w ffluirtcs. 
on-snow. Mce. W-Weather. All maps. I we co o te and data provided by Aecu-Weather. Inc. 'i- 1 994 


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15 69 

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01. 88 

24 75 

pc 32/89 

24/75 PC 

New Vor* 

2373 

16*1 

pc 

23/73 

17 62 sh 


43-IC9IB83 


4iJ/ 104 2679 

9 

San Fran 

36 79 

13-55 

a 

21.70 

14*7 

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2271 

12*3 

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10/64 

12/53 

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7aron/i> 

21/70 

11-53 

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11-52 pc 

W.vhcigtan 

2475 

18*4 

sh 28-79 

19*6 

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By Jean Nathan 

Sc--. > <r». T—J- 

R OME — Or.ce the cc:>.t. if j':' rttiir.s 
came off the necrc^>ica or. :he 

Janicuium Hill high abo-e the :u>. tour-bus 
drivers began hitting the brake? -v'r.er.e.er the;, 
passed b>. Here is ihe present ;p:end :-r :na: is 
the American AcademC. die R.; man sarciua.-. 
for .American artisL* ar ; d schviar* since before 
the lum of the center.. 

What about this building rr.akrs i: worth 
even 3 drive-b;. in j place like Rome, where, a? 
Edith Wharton, wrote, "rite ver- a:r i? fuii of 
architecture" and where :he ’"ne.-ph;- te . . . 
coming from the American «ddernejt studv 
the fine arts” tin the words oi Van Vvyck 
Brooks, a fellow at the academv ^ ihe mid- 
1950s) has long found a haven? 

Since 1*414. Joseph Brodsky. Aaron Copland. 
Nadine Gordimer. Man McCarthy. Philip Cus- 
tom Frank Stella, "tkliliarn 5:>ron. Michael 
Graves, Robert Penn Warren. Oscar Hijuelos 
and Elizabeth Murray, among others, have come 
to this palazzo for inspiration. And this is where 
the trajectory of the lives of creative .American 
men and women have been changed forever. 
The American Academv. an overseas center 


for independent study, celebrated its 100th an- 
niversary Friday: it did so with a new look and 
dnerminauon. Whea the 53-2 minion nenora- 
ii. *n was unveiled this wedt, the l3o-room irav> 
ertine-colored palazzo with trompe-foeil terra- 
cotta insets could have impressed even a Medici 
— who. of course, would not have understood 
about ail the new electrical wiring, central heal- 
ing and electronically controlled shades over 
•he skylights. 

Tne .Amen can Academy had its beginning in 
IS94 when four young architects arrived in 
Rome to study at Charles Folien Me Kim's new 
American School of Architecture. In 1913, he 
merged it with the American School of Gassi- 
cal Studies, and the .American Academy in 
Rome was bora. 

In 1909, a wealthy widow. Clara Jessup Hey- 
lamL gave Lhe architecture school the Villa 
Aurelia, a 17th-century summer palazzo on the 
Janicuium ridge. Lhe highest hill in Rome, west 
of the Tiber, ft was J. P. Morgan who bought 
and donated surrounding land and paid for the 
construction of the building, finished in 1914. 
that is the center of the Academy today. 

Over the past century, more than 1 J00 fellow- 
ships have been awarded to scholars or artists in 


18 disciplines, from art history to mnsk:conq»ry 
stion, from urban planning to set design. Feh. ( 
lows are recipfems of tbe Rcsne ftaKgotweacff 
year to up to 29 of more than IJKKJ applicants. In 
addition to the feBows, sbe to eight artists and 
scbotaisarcalsoin residence. -/-.[■ V;~:. 

Tbe prize indudes about a year at the ac3de> 
my; a stipend of $5,800 to SfXSOQ; travel 
expenses, and work and living space in ether 
tbe main budding or in one of the smeller bms 
on the campus. 

In addition, fellows have at their disposal da 
academy's bilingual staff to hdp with then 
professional or personal needs. "We unlock 
Rome for them.*' said Adete Chatfidri-Tayfe. 
a former design-arts fellow at the academy- who 
has been its president since 1988. ' ’ . ” ^ 

Gregory Bucher of San Diego, 30, a asieffl 
fellow in classical studies aad a graduate saulftB 
at Brown Univeraty, had never been to EarCpc 
“There's no comparison between reading 'abest 
this stuff in a book and seeing it' fust Hmd^Jse 
said, laldng a break from reading an andeai. 
Greek text on a Macintoda PorcrboolC^ft^ 
been extraordinary to see the material remains, 
to breathe tbe same air and fed the grit becrerii 
your teeth that the ancient Romans 




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