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SCARE TALK 



Souma: oatasOBam 


The New Vent Tima 


To Wall Street Veterans, 
It’s the 'Creeping Crash’ 


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By Leslie Eaton 

New York Times Service 

NEW YORK — When investors worry 
abont the stock market, they dread Hie Big 
One, a crash like the 1987 stock-market melt- 
down. But after a three-year rally that carried 
the Dow Jones industrial average up almost 
.70 percent to a record hi gh, (he stock market 
seems to be edging down slowly but inexora- 
bly. And some investment veterans increas- 
ingly fear something worse than the crash. 

Their nightmare is that stocks will suffer 
gradual but persistent declines, the financial 
version of Chinese water torture. Such a 
“creeping crash” would mark the return of 
traditional bear markets, the slow and painful 
sort that prevailed before the 1980s. 

While (manges in investing habits, regula- 
tions and technology can work to prevent a 
quick, sharp drop. Wall Street experts argue, 
no one has repealed the cycles that bring bear 
markets and falling prices. 

For investors, especially the relative neo- 
phytes who have Seen pouting billions of 
dollars a month into equities through mutual 
funds, a cree pin g crash would be even more 
t rauma tic than a plunge. 

A slow-mod on crash would come as a 
surprise. Since 1982, every time investors 
havjs lost money in stocks, the pain has been 
over quickly and the recovery has been swift. 
Indeed, people have profited by “buying the 
dips,” which works only if stocks rebound; in 
a slow-moving decline, thatwould amount to . 
throwing good money after bad. 

Millions of investors have found a com- 


fortable home in the stock market, confident 
that they can ignore the market's day-to-day 
gyrations because in the long run stocks will 
go op. But in a prolonged slide, the long run 
could weD turn out to be five yearn or more. 

Everyone who had to sell their stocks or 
mutual funds in the meantime — to buy a 
house, send a child to college, or for retire- 
malt — could end up with a lot less money 
than they had expected or needed. 

Even if their losses were only on papa, 
people would feel poorer, which would make 
them reluctant to borrow or spend. A long 
and deep decline, some economists say, could 
slash corporate profits and retard economic 
growth. 

But the worst effect of a creeping crash 
would be psychological: It would destroy the 
mnfidnnce and Optimism of milli ons of peo- 
ple who have not lived through a prolonged 
bear market. 

For those who survived the last one, which 
began in 1973, it was an epic event, one they 
recall the way soldiers remember their worst 
campaigns. Hugo Quackenbush, senior vice 
president of Charles Schwab & Co„ summed 
it up in one ward: “Pain.” 

To be sure, the stock market could elimh 
from here. But the gurus on Wall Street 
generally agree that the bear market is com- 
ing dosCT. And when the rally ends, it will not 
go with a bang, but with a long, drawn-out 
whimper. 

“I don’t think it’s true, but it's certainly 
posable thal we’re in a bear market,” said 

See SCARE, Page 4 


Kiosk 


U.S. Presses China 
For Acts, Not Words 

WASHINGTON (Reuters) — For Chi- 
na to meet US. requirements for extend- 
ing favorable trade benefits, it must pro- 
duce specific acts, not just make promises, 
Assistant Secretary of State Winston Lord 
said Thursday. 

“We are looking for actions and not just 
pledges,” Mr. Lord said as be and Secre- 
tary of State Warren M. Christopher pre- 
pared to leave Friday for a trip, with 
arrival in Beijing on March 1L 

Mr. Lord was reacting to a published 
report that the United States had told 
Cainait might be able to show some of the 
human tights progress through pledges 
rather than specific action. 

. But at a news briefing Mr. Lord said: 
“There may be some areas where firm 
intent or fmn commitments are very help- 
ful and important but obviously there are 
going to have to be specific actions.” 

Earlier article. Page 5 


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Election Boycott 
Begins to Crack 
In South Africa 

By Paul Taylor 

Washington Post Service 

DURBAN, South Africa — An alliance of 
white and black conservative parties boycotting 
South Africa's first multiracial election edged 
closer Thursday to participation. 

The Freedom Alliance announced it would 
follow the lead of one erf its members, the Zulu- 
based Inlratha Freedom Party, which is expect- 
ed to place its name on tire ballot before a 
deadline of midnight Friday for parties to regis- 
ter- 

in return, Inkatha and its alliance partners, 
the white separatist Afrikaner VoBcsfront and 
the black homeland government of Bophutha- 
tswana, have won an agreement in principle 
from the African National Congress to place 
before international mediation their differences 
ova federalism and ethnic sdf-determination 
in the new Smith Africa. 

It remains to be negotiated who the media- 
tors will be, what their mission will be, and 
what weight their recommendations will have. 

The boycotting parties have stressed that 
they do not consider registering the same as 
agreeing to run for election; they say they will 
not make that decision until closer to the elec- 
tion, depending on the progress of mediation. 

But Filming they go ahead on Friday and 
allow their names to be placed on the ballot, 
they recognize they would be undercutting the 
effectiveness of any election boycott they might 
try to reinvoke closer to the April 26-28 vote. 

The sudden increase in the likelihood of an 
aH-inchisive election has been greeted with 

See ELECTION, Page 4 


Paris, Friday, March 4, 1994 



No. 34,527 


U.S. Wields Trade Weapon Against Tokyo 

Clinton Revives Mechanism for Imposing Sanctions 


By Peter Behr 

Washington Post Service 

WASHINGTON — Reviving a strong weap- 
on in America’s trade dispute with Japan, Presi- 
dent Bill Clinton activated on Thursday a de- 
funct section of U.S. law (hat was used five 
years ago to extract Japanese concessions. 

The move by Mr. Canton, announced by the 
U.S. trade representative, Mickey Kan tor, was 
intended to force Japan to dose its nearly $60 
billion annual trade surplus with the United 
States. 

Before acting to restore the so-called Super 
301 provirion. Mr. Clinton informed the Japa- 
nese prime minister, Morihiro Hosokawa, by 
telephone. Mr. Chilton described his conversa- 
tion with Mr. Hosokawa as a “friendly, forth- 
right discussion.” 

Mr. Kan tor said, “Our goal is to eliminate 
the major trade barriers around the world 
which block market access for our products and 
services.” 

“No one should doubt our commitment to 


keep moving forward, opening markets and 
expanding trade, as we have done since Presi- 
dent Clinton lock, office,” he said. 

In a separate statement, Mr. Clinton stressed 
one of the domestic political aspects of his 
decision. 

“This action will help us reach our objective: 
open markets that will create better jobs and 
increase wages at home and abroad." he said. 

The president’s executive order creates a 
timetable for naming countries whose trade 
barriers present the greatest problems to the 
United States. Once the United States publish- 
es its annual review of foreign trade barriers on 
March 31, the Clinton administration would 
have np to six months to decide whether Japan 
or other countries pose the greatest problems. 

Three weeks after naming such priority coun- 
tries, the United States could begin an investi- 
gation or immediately impose sanctions, in- 
cluding substantially higher tariffs targeted to 
offending countries. 

Mr. Kant or said the Super 301 provision 
would have a two-year life span. 


“The executive order signed today is a flexi- 
ble instrument,” be said. 

He added that it would be used in conjunc- 
tion with other attempts by Washington to 
remove trade barriers around the world, not 
only in Japan. 

Still, while Mr. Kantor and other senior U.S. 
officials tried to convey the idea that the action 
was not aimed specifically at Japan, the trade 
representative acknowledged that no other 
world leader had been caned by Mr. Clinton 
before the announcement 

Mr. Kantor termed Japanese markets 
“unique” and said that given die intense U.S.- 
Japanese trade talks of recent weeks, the tele- 
phone call to Mr. Hosokawa was “warranted.” 

The trade representative said, however, that 
it was not the U.S. government's intent to begin 
anything 3pproachmg a trade war. 

A senior administration official said that the 
Super 301 procedure had succeeded in resolv- 
ing past conflicts and that he hoped it would do 
so in the case of the U.S.- Japan dispute. 


Tokyo is negotiating to resolve a dispute ova 
sales of U.S. cellular phones in Japan. The 
problem confronting Mr. Clinton is whether 
Super 301 would bring the United States closer 
to the settlement it seeks with Japan or further 
from it. 

Winston Lord, the assistant secretary of state 
for Asian affairs, said that Secretary of State 
Warren M. Christopher would personally con- 
vey the Clinton administration’s new trade po- 
sition to Japanese officials during a visit to 
Tokyo next week. 

Mr. Kantor said it was now up to Japan to 
“take the next step" toward an accord on open- 
ing its markets. 

The threat of Super 30 1 in 1989 proved 
powerful enough to extract promises from Ja- 
pan to buy more U.S. supercomputers and 
satellites. Sanctions were not imposed, but To- 
kyo has strancly opposed any rrimposition of 
Super 301, calling it a bullying tactic. 

There was no immediate reaction from To- 

See 301, Page 4 



MOURNING IN LEBANON —Shops were shattered in Beirut on Thursday as 
Lebanon marked the massacre of Palestinians in tbe We st Bank last week. Ig-aeFs 
prime minister, meanwfaOe, moved to draw far-rigjtfists into has coalition. Page 2. 


An Aging Corporate Japan 
Is Overtaken by Disarray 

Executives ' Defeated and Confused’ 


By Steven Brull 

International Herald Tribune 

TOKYO — Yoshihiro Wada, the president 
of Mazda Motor Corp ? is strangely nonchalant 
His company is bleeding nearly a million dol- 
lars a day and, by his own admission, efforts 
taken so far to reduce costs are inadequate. Yet 
he sees no need for radical corporate restructur- 
ing of the sort that rejuvenated American in- 
dustry, nor even any merit in foreign manageri- 
al ideas. 

*T can’t imagine introducing any managerial 
concepts from outride,” Mr. Wada said. “Each 
company will have to continue restructuring in 
its own way.” 

Despite the tenacious recession and a harsh 
new environment for Japanese exporters, Mr. 
Wada’s comments are typical of a surprisingly 
passive response by the leaders erf Japanese 
industry. Fujitsu, Toyota and other blue chip 
companies have refrained from making large- 
scale layoffs or withdrawing from major busi- 
ness lines to focus resources in more pr omising 
areas. 

In part, the lack of decisiveness reflects con- 
fusion and shock among managers who just a 
few years ago enjoyed reputations as supermen, 
but who now must face Japan's longest postwar 
recession. 

“Japanese managers were so confident, but 
now they fed totally defeated and confused," 
said Seiichiro Yonekura, an associate professor 
at Hitotsubashi University’s Institute of Busi- 
ness Research. 

Analysts say the absence of bold leadership 
also highlights a relatively weak set of manage- 
rial skills among top Japanese executives, com- 
pared with their predecessors a generation or 
two ago. 

“The executives who really led Japan — both 
during the high growth period after the war and 
in the stable but turbulent period from the oD 
crisis until the 1 980s — were much more experi- 
enced than the current generation,” said Hir- 
oyuki Iiami, a professor of management at 
Hitotsubashi University in Tokyo. 

The new executives face profound difficulties 
in going beyond mere tinkering with the hall- 
marks of the Japanese corporate system, like 


Broken Glass Broke N. Y. Shooting Case 


By Clifford Krauss 

New York Times Service 

NEW YORK — It was a ample shattered car 
window that helped lead the police to arrest a 
Lebanese man in the drive-by shooting of four 
Jewish students on the Brooklyn Bridge, ac- 
cording to a senior New York City police offi- 
cial. 

Rashad Baz, 28, a livery-cab driver who ar- 
rived in the United States in 1984, was ordered 
held without bail Thursday cm charges of at- 
tempted murder, assault and illegal possession 
of weapons. The case now goes to a grand jury. 

The police said Mr. Baz, who lives in Brook- 
lyn, fired at least nine bullets from two 9mm 
semiautomatic pistols Tuesday at a van carry- 
ing 15 students, members of a Hasidic sect One 


of the victims has been declared brain dead and 
another is in critical condition. 

The shooting had generated fears of Mideast 
terrorism in New York. Although the van was 
not marked, the students, with black hats and 
si decurls, were readily identifiable as Hasidic 
Jews. 

[A police officer said Thursday that Mr. Baz 
told investigators he did not plan the attack, 
but “was provoked by an incident between the 
two vehicles,” The Associated Press reported. 

[“He’s trying to say he got really mad at 
them, and we’re saying it was a white van filled 
with Haridim and be was driving around with 
an arsenal,” the officer said.] 

[Mayor Rudolph Giuliani said that thepoGce 
“lave not ruled out or ruled in a conspiracy."] 
Cases like this are typically solved when the 


police capitalize on the mistakes of their sus- 
pects. and this case appears to illustrate the 
rule. For all the helicopters and patrol cars 
deployed to seek the suspect, and for all the 
assistance of the FBI, it was tips from witnesses 
who saw ihe car in the area of a Brooklyn 
automobile repair shop that helped break the 
case. 

Mr. Baz headed to the shop, which was 
owned by an acquaintance, because he had shot 
through the front passenger-side window of his 
car. the police official said. 

Realizing that the shattered window would 
make his 1978 Chevrolet JrapaJa immediately 
recognizable, the official said, Mr. Baz inter- 
rupted his getaway by stopping off at the shop 

See SUSPECT, Page 2 


lifetime employment, lest the entire structure 
implode. But malting major changes may be the 
only way to restore the focused energy that 
made many Japanese companies world leaden. 

Paradoxically, Japan has America to thank 
for helping to create the earlier, more dynamic 
generation of corporate leaders. 

During the Allied occupation of Japan after 
World War H General Douglas A. MacArthur 
purged thousands to executives from major 
companies for anti-democratic activities. Thai 
opened the door to a generation of young, 
talented executives who came of age in a turbu- 
lent period marked by labor unrest and heavy- 
handed government intervention. 

In effect, the purge set up a fast trade for 
talented executives, who became board mem- 
bers at a young age and stayed there for years 
before becoming presidents. Before the 1 973 oil 
crisis, the average president served on a board 
far 10 years before becoming president, com- 
pared with six years now, Mr. Iiami said. 

Among them were strategic leaders like Koji 
Kobayashi, who joined the board of NEC 
Coip. in 1951 at age 44 before becoming presi- 

See MANAGERS, Page 4 


U.S. Strategists 
Shatter Mold on 
Security Policy 

By John Lancaster 
and Barton Gellman 

Washington Post Service 

WASHINGTON — The White House has 
received the final draft of a proposed national 
security strategy that places new emphasis on 
such a on traditional foreign policy concerns as 
economic prosperity, population growth, mass 
migration of nrfugees, global climate change 
and the spread of AIDS. 

For several months, the strategy document 
has been the focus of intense debate between 
the State Department and the Pentagon. Senior 
military officers argued for a more muscular 
approach emphasizing the role of military pow- 
er as guardian of U.S. interests abroad. 

Pentagon officials, mainly senior officers but 
also some civilians, said they bad struggled 
against the State Department's greater empha- 
.sis on the “soft power” of diplomacy and eco- 
nomic and cultural relationships, a concept 
they attributed to the deputy secretary erf slate. 
Strobe Talbott. 

“We don’t like that term," said a high-rank- 
ing officer who has closely foDowed the internal 
debate. He called the soft-power approach 
“sophomoric and naive.” 

The strategy document, an annual report to 
Congress that normally gets scant public atten- 
tion, has assumed new importance because it 
marks the Clinton administration's first at- 
tempt to describe its foreign policy strategy in a 
comprehensive way and because its carries im- 

See STRATEGY, Page 2 


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Farrakhan and Nation of Islam: Studies in Contrasts 






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By Don Terry 

flew York Times Service 

Chicago The ornate mansion wnere 

.ton of Islam is in an integrated 


sorrow. Today, liquor stores thrive, and the 
corners are crowded with men with no place to 
go to earn a legal living. 

like his neighborhood, Mr. Farrakhan and 
his Nation are roll of contrasts. His bodyguards 



first of a series. 


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tftelwart <jf black Chicago but now a street o 


iject an air of nriKlancy, but his dark suits 
_ bow tie are straight out of a Chamber of 
Commerce meeting. 

He advocates self-suffiaency but seeks out 


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a minister of love but ays there is no 
shame in hatred. 

The basic tenets of the Nation have changed 
tjule in seven decades, but Mr. Faxrakhan's 
campaign Iasi year w reach out to other black 
groups and a November rocech by his spokes- 
jUnn Kfaallid Abdul Muhammad, castigating 
whites, Jews, the Pope and h omose xuals, have 
brought new attention to the group. 

Recent efforts by companies affiliated with 
,br Nation to win mnltinallion-doDar security 
^tracts to* puWic-houring agpnaes have 
new fuel to the running debate ova 


religion, racism and what the Nation repre- 
sents. 

Although Mr. Farrakhan has attracted atten- 
tion for his verba) broadsides against whites 
and Jews, much erf his rhetoric and writings 
about everything from homosexuals to abortion 
to bootstrap capitalism could come from the 
Republican Party platform. 

Mr. farr akhan was recruited into the Nation 
almost 40 years ago by Malcolm X. He has 
called Malcolm X the adored father he n ever 
had, but in 1964, when Malcolm X left the 
Nation for mamtineam Mam and its creed of 
umveraal brotherhood, Mr. Farrakhan was 
among his harshest critics. 

In private, Mr. Farrakhan is a cordial 60- 
year-old grandfather who loves to play the 
violin in the eariy-monring hours. Bui once he 
steps before the thousands who come to hear 
him speak in New York eg Chicago or Atlanta, 
where he once outdrew a World Series game a 
few blocks away, he breathes fire. 

He has spent most of his adult Hfc fighting 
bigotry with bigotry, lute with hate, justifying 
his fury and his hope with the Koran in (me 
hand, the Bible in the other. 


When he suspended Mr. Muhammad for the 
way he delivered a speech filled with anti- 
Semitic remarks and rims against Roman Cath- 
olics, homosexuals and blacks. Mr. Farrakhan. 
$aid he still agreed with the “truths” Mr. Mu- 
hammad had spoken. 

Mr. Muhammad sat in the front row at the 
Nation's annual convention on Sunday after- 
noon in Chicago. Mr. Farrakhan acknowledged 
him several times, and after spending nearly 
two hours talking about hew win tes were creat- 
ed 6.000 years ago by a troubled black scientist 
np™**! Yakub, Mr. Farrakhan told the 12,000 
people jammed into the $10, $20 or $50 seals 
that Mr. Muhammad needed to be more diplo- 
matic but that he was “a warrior, a fight er for 
his people.” 

Mr. Farrakhan said he and his Nation were 
under attack for simply idling the truth. 

Tm on the cross!” he told the crowd as it 
jumped to its feet and roared its support. ‘Tm 
being crucified! But I’m bring crucified to raise 
your consciousness.” 

Echoes of his speedies ripple around the 

See FARRAKHAN, Page 4 



Viuh Anaod/Ajoicr Fiaact- Fituc 

RUSSIAN ROLE —Hie Bosnian Seri) leader, Radovan Karadzic, at the end of a 
Moscow visit He said be had faith in Russia’s “objectivity” as a mediator. Page 4. 





Page 2 


INTERNATIOIVAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 


Israeli Clampdown Sends West Bank Into Bitter Hiding world briefs 


By Youssef M. Ibrahim 

New York Tunes Seme e 


HALHOUL, Isradi-Occupied West 
Bank — Yasser Abdallah Tars has not 
been able to go home for nearly a week. 
Israeli soldiers manning'' the .roadblocks" 
outside Hebron will not let him through 
because lie city has been under a 24-bour 
curfew. 

Other Israeli Anny soldiers manning the 
roadblocks around Jerusalem, where he 
works, will not let him so there either 
because many West Bank inhabitants Eke 
him are banned from traveling to the city. 

“I have been sleeping at the homes of 
kind people who take me in," the 24-year- 
old said as Israeli soldiers moved down the 
nvoin street of this tows a few kilometers 
from Hebron, ordering shops to close as 


rad, even though a successful conclusion of 
the talks could help the Palestinians. 

More than anything, it seems to many 
Palestinians that the army's behavior 
stands at opposite poles from the send* 
meats expressed by Israeli politicians, in- 
chiding Prime Minister Yitzhak Rabin and 
Foreign Minister Shimon Peres. 

“After the massacre, all Israeli politi- 
cians said they were sorry and deplorai the 
killing," said Younis Alwohoush, owner ol 
a pharmacy here. “But who created the 
climate for those killings? It is the same 



they put a curfew into effect. “I am tired. 

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Now I’ve got to And a place to hide." 

Since the massacre of Palestinians in a 
mosque in Hebron by an Israeli settler, 
living conditions for Palestinians in the 
territories have become even harsher. 

The army’s stern measures have laid the 
groundwork for increased opposition to 
continuing the negotiations between the 
Palestine Liberation Organization and Is- 


gave them the right 
Who protects them? It is the army and the 
same government expressing sorrow." 

He added: “What is the point of allow- 
ing me to open the pharmacy during the 
curfew when the sick cannot get to It? II 
people left their home during these curfews 
to get medicine, they risk being shot or, at 
least, fined or arrested. 1 have a permit to 
sell drugs, but my patients have no permit 
to get ark." 

Earlier this week, Mr. Ahvoboush’s wife, 
nine months' pregnant, went into labor at 
11 AJrf., but under curfew rules he cmild 
not use his car to drive her to the hospital. 


“I begged and pleaded,” he said. “In the 
end 1 called the police chief who agreed to 
allow an ambulance to come at 4:30 P.M. 
to pick her up.” 

As he spoke to a visiting reporter, a 
woman rushed into the phannacy asking 
for a tetanus shot 

“My sister has been wounded by a 
smoke bomb,” the woman said. As he 
handed her Lbe tetanus injection, the phar- 
macist waved ai his empty shelf showing it 
was the last of its kind in the pharmacy. 

“When the massacre took place the hos- 
pital was low on antibiotics, syringes, cot- 
ton, sterile gauzes,” he said. “They took all 
the stock the pharmacies around here had. 
Since then, 1 haven’t been able to resupply 
from my Ramallah suppliers because they 
can’t send their trucks out during curfews. 
People could be dying, but there is nothing 
I can do.” 

As he spoke, a group of soldiers walked 
down the street announcing the curfew 
over loudspeakers. One Aral a tear-gas 
canister, presumably at a youth throwing 
stones. Eventually they ordered a reporter 
at the scene to leave. 

The effect of the Israeli crackdown has 
also reached Jerusalem. 

Dr. Rustom Nammari, bead of the or- 


thopedic department of die Makassed Is- 
lamic Charitable Hospital, says ono- third 
of Iris nursing and medical staff of 200 has 
been unable to get to work in the last five 
days because of Israeli Anny roadblocks 
and curfews. 

“I have a bunch of patients doe for 
operations who cannot get to the hospital," 
Dr. Nam ma ri said as he made the rounds 
among his patients, many of whom woe 
wounded in the Hebron attack. “God 
knows how they are doing." 

After the massacre, the army imposed a 
curfew on Hebron and cut off decmcity to 
the city from 7:30 AJ& to 2:30 PAL to 
prevent loudspeakers in mosques from an- 
nouncing the news. As a result, doctors in 
Hebron said, it took hours to evacuate the 
wounded. 

Three Pales tinian chefs at the American 
Colony Hotel in Jerusalem have not re- 
ported for work since the massacre because 
they were classified as “undesirable" by the 
Israeli Army, a security category that the 
army can apply to any Pales tinian without 
explanation. 

A dozen other Palestinian staff workers 
have been sleeping at the hotel in Jerusa- 
lem, as do hundreds of Palestinian workers 
elsewhere in the city, for fear of being 


prevented from returning to their jobs by 
the curfews. 

Palestinians say the derisions on who 
win or will not be allowed to proceed to 
ihwr places of work or residence are arbi- 
trary and depend on the the derision of the 
soldier on the spot 

Arab drivers and most Arab-looking 
travelers are routinely pulled aside by Is- 
raeli soldiers, asked for identity papers and 
sometimes turned back without explana- 
tion. For the most part, the behavior of 
soldiers ranges from arrogant to menacing. 

This week, a group of Iaarii soldiers 
pulled up outride the Nativity Bakery in 
Bethlehem and told Iyad EfcheweQti, 18, 
and his two brothers that they would have 
to shut down the ovens in their family's 
bakery and go home. 


Ignore Britain’s Tactics, Deng Says 


HONG KONG (Combined Dispatches) — China's senior leader, 
Deng Xiaoping, has told government officials to sidestep their dispute 
with Britain over political reforms in Hong Kang, according to a 
published report here Thursday. 

Mr. Deng, 89, was quoted by the Mirror, a pro-China monthly, as 1 
saying that China should ‘Ignore the small-time tactics” employed by the 
Hong Kong governor, Chris Patten, in preparation for the colony’s 
reversion to Chinese rale in 1997. 

The report coincided with renewed talks between China and Britain £. 
over disputed financing plans for Hoag Kong’s new airport, the first; 
meeting of its kind in seven months. Experts on the Smo-British Airport 
Committee said the two rides had agreed to meet again soon. “The 
Chinese ride brought up a few questions on thefourth financing proposal, 
and began discussions with the British,” said Wu Houchen, the Chinese 
team leader. (AFP, Reuters) 



“We have a 24-hoar work and curfew 
permit, which I showed to the soldiers,” the 
young man said. “One of them took it and 
threw h to the floor saying this is all 
changed now, which is not true. Pharma- 
cies and bakeries are allowed to wok 24 
boms. When I explained that, which he 
knew very well, he threw me in the jeep and 
took me to the mili tary jail They locked 
the bakery and took the keys with them.” 


2 Accused of Killing French Deputy 


TOULON, France (Reuters) — A prosecutor accused two mm linked 
to a murdered Riviera underworld bob on Thursday of killing a member 



Rabin Welcon aes 
A Far-Right Party 

Talks Endangered, PI X) Says 


The prosecutor, Andris Ride, said he had asked an examining magis-. 
trate to place Epifanio Pericoto, 28, and Denis Labadie, 27, imdtf- 
investigation for murder and attempted murder in connection with the 
killing of the deputy, Yarm Fiat. The opening an investigation can lead 

to charges. Both men said they were innocent 
Mrs. Piat a center-right politician who had crusaded against corrup- 
tion, racketeering and drag trafficking in southern France; was shot and 
killed an Feb. 25. Mr. Pencolo and Mr. Labadie were alleged to be loyal 
to Jean- Louis Fargette, the alleged godfather of the Toulon underworld 
who was killed in March 1993 in San Remo, Italy. He had blamed Mrs. 
Piat for his exOe in Italy. 


and chOdren in Bethlehem writing to welcome home newly freed Palestinians. Some 400 Arabs were released Thursday. 


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Yeltsin Warns Enemies 
He’ll Jail Them Again 


Reuters 

MOSCOW — President Boris N. 
Yeltsin appointed a new counteres- 
pionage chief Thursday and 
warned enemies released from jail 
last week that he would move 
against them again at the first sign 
of trouble. 


“If the people who were amnes- 
tied by the State Duma even begin 
any sort of activity that threatens 
the security of the Russian Federa- 
tion, they will be rearrested.” Mr. 
Yeltsin said at a meeting of Rus- 
sia's Security CounriL 


On Monday, the president dis- 
missed the head of counterespio- 
nage, Nikolai M. Golushko. On 
Thursday, his press service an- 
nounced that Mr. Golushko’s first 
dqputy, Sergei Stepashin, 42, a 
Yeltsin supporter, would take over. 

None of the men who left Mos- 
cow’s Lefortovo jail, ran by the 
counterespionage service, showed 

tolLr that left at lea people 
dead. 


The conservative-dominated 
Duma voted last week for the re- 
lease of the ringleados of an Octo- 
ber uprising against Mr. Yeltsin. 


Interfax news agency said Mr. 
Yeltsin attacked the “inefficiency 
and poor preparation of the forces 
of law and order and the judiciary” 
at die Security Council meeting on 
stopping Russia’s crime wave. 


The leader of the former parlia- 
ment, Ruslan L Khasbulatov, said 
in a front-page article in Thurs- 
day’s Pravda that his removal from 
power by Mr. Yeltsin was “a 
crime” and indicated his derision 
to drop politics was only tempo- 
rary. 


“A civil war is taking place in our 
country, albeit subdued, and it win 
continue as long as Yeltsin stays in 
power,” he said in an interview. 


By Alan Cowell 

New York Tima Soria 

HEBRON, Israeli-Occupied 
West Bank — Israel released hun- 
dreds more Palestinian prisoners 
Thursday, but the gesture did little 
to defuse Arab rage and bitterness 
on the eve of the first week’s com- 
memoration of the Hebron mosque 
slaughter. 

Prime Minister Yitzhak Rabin, 
moreover, pursued political mar 
neuvers that could complicate ef- 
forts to ease tensions and restart 
the Middle East peace talks by 
dr aw i n g far-ri ght politicians op- 
posed to a settlement into his mi- 
nority coalition government. 

Hie leader of the small, right- 
wingTsomet party, Rafael Etan, a 
former army general who once 
forecast that Jewish settlement of 
the occupied territories would leave 
Palestinians scurrying like 
“dragged cockroaches m a bottle,” 
said that the suspension of the 
peace negotiations following the 

mosque massacre had created “a 
basis for talks” on joining Mr. Ra- 
bin's administration. 

Tsomet is a vitriolic opponent of 
the plan for Palestinian autonomy 
in Gaza and the West Bank town of 
Jericho that is proposed in the ac- 
cord signed last year between Israel 
and the Palestine Liberation Orga- 
nization. 

The party favors expanding Jew- 
ish settlements in the occupied ter- 
ritories. The PLO, by contrast, is 
seeking the disarming of afl settlers 
and other curbs as part of its price 
for returning to the peace talks. 

Ahmed Tibi, a representative in 
Jerusalem of Yasser Arafat, the 
PLO chairman, said the inclusion 
of Tsomet in the government 
“could hurt the peace process,” 
particularly since Israeli newspa- 
pers have reported that Mr. Etan 
will become police minister as bis 
price for joining the coalition. 

“This would send the signal to 
the Palestinians that the govern- 
ment plans to get tough with 
them” Mr. Tibi said. 

Mr. Rabin, however, maintains 
that he wants what be called a 
“strong base” for his coalition. 

Foreign Minister Shimon Feres 
said, “We are talking about Tsomet 
joining, in effect without diangpig 


the government’s guidelines, and 
will definite! 


Panel Faults Cancer Pain Treatment 

WASHINGTON (WP) — New federal guidelines just issued urge 
physicians to be more aggressive in treating the pain of cancer, even if 
that means using larger doses of drags than now arc common. 

Too many Americans now suffer needlessly, a government-sponsored 


we 


definitely regard Ibis as an 
and welcome addition.” 
ix days after Dr. Baruch Gold- 
stem, a Jewish settler from New 
York, marched into the mosque 
near the Tomb of the Patriarchs 
and gunned down dozens of Pales- 


tinians at morning prayers, only 
me of quiet f 

settled on tins city Thursday after 


the frailest membrane < 


: had 


misconceptions about pain and the risk of addiction to modicatkm an the 
part of health-care providers and patients. 

In issuing its “Guideline on Management of Cancer Pain,” the Agency 
for Healthcare Policy and Research urged clmkaaas and patients to treat 
pain as a major public-health problem, and to approach it as aggressively 
as is needed to achieve pain control The panel recommended starting 
with nondrug therapies and use of sudi analgesics as aspirin, and 
proceeding as aggressively as passible through mild equates and more- 
powerful drugs until relief is achieved. 


clashes the day before in 
Palestinian youth died. 

Barricades still burned on the 
rock-tittered streets in the shut- 
tered heart of the city and Israeli 
troops enforced a curfew to keep 
people indoors. 

Several residents said that they 
feared passions could bod over Fri- 
day when Palestinian worshipers in 
this increasingly fundamentalist 
city deckle whether to ignore the 
curfew so that they can attend the 
most important prayers of the 
week. 

When Israel eased its curfew in 
the West Bank on Wednesday, riots 
broke out almost immediately and 
two Palestinians were killed, bring- 
ing the total number of Arab 
deaths since the massacre of last 
Friday to 22. 

It is in an attempt to soften such 
rage that the authorities hve been 
releasing Palestinian prisoners tins 
week — more than 500 Tuesday 
ago and about 400 more Thursday. 

But the move has been generally 
dismissed by Palestinian leaders. 

“Tins is a cosmetic measure by 
the Israeli authorities,” said Ghas- 
san Khatib, a leading Palestinian 
spokesman. “It brings no signifi- 
cant change for the Palestinian 
public, especially since 500 or 600 
new prisoners have been arrested 
since the massacre.” 

Neither do other government 
moves seem likely to elicit Palestin- 
ian enthusiasm. 

Among these steps are a prom- 
ised to disarm and place other ad- 
ministrative restrictions on what it 
calls “less than 100” extremist set- 
tlers from the Kach movement. Dr. 
Goldstein, who was beaten to death 
following the massacre, was a Kach 
follower. 

The police have issued arrest 
warrants for five Jewish extremist 
leaders. 


$1 Million Demanded for ’Scream’ 


OSLO (AP) — The government has received a demand for a million 
dollars for the return oPTbe Scream,” Edvard Munch’s famonspamting, 
which was stolen on Feb. 12, a lawyer said on national radio Tnnrsday. 

“The man who contacted me is not the thief, but someone who has the 
possibility toproduce the painting,” said Tor Erting Staff, who faxed the 
demand on Wednesday to Culture Monster Ase luevdand. Mr. Staff is 
the second person linked to Norway’s anti-abortion movement to make 
statements about recovery of the painting. The police have expressed 
little interest in the announcements. 

*T have reason to believe my cheat's claim and that he can locate the 
painting,” said Mr. Staff, adding that his client had no part in the theft 
from the National Museum of Art “I am aware that my role can be 
perceived as bordering on the fringe of proper lawyer’s conduct, and it is 
a tricky matter. But I felt it was important to pass an the demand so that 
the authorities can make their own assessment” 


TRAVEL UPDATE 


Anti-EU Group Blocks Austria Road 


VIENNA (Reuters) — Demonstrators angered by heavy trades thun- 
dering through the Alps blocked a superhighway Thursday in the first 
public protest against Austria’s European Union me m ber shi p deal 
About 100 members erf the Austrian environmental group Global 2000 
sat on a highway near the German border outride Salzburg, preventing 
tracks from entering Austria. The police were called in to remove them 
after a few hours. 


The protesters, holding banners reading “No Transit Hdl in Austria,” 
attacked the terms reached between Vienna and Brussels on the transit of 
goods on Austrian roads. This had been the mam obstacle to the 
membership deal readied this week. EU negotiators agreed that Austria 
could keep restrictions on road freight for op to nine years, but opponents 
argued dial these safeguards would be weakened long before that 


The opera star Luciano Pavarotti gave Ms name Thursday to Lbe first of 
38 Channel tunnel engines that will take trains between Folkestone, 
England, and Calais, France. The tumid will be inaugurated on May 6. 
The 38 engines will all be named after operas or opera singers. (Reuters) 

The airplane maker Saab-Scarria has developed a new throttle system 
on the Saab 340 aircraft designed to prevent the pilot from accidentally 
reversing the propellers. The US. National Transportation Safety Board 
had asked for changes in the throttles after investigating a Feb. 1 incident 
in which a Saab 340 lost power in both engines and was forced to land. 
The board found that tire throttle had been moved past (he idle position, 
possibly causing the propellers lo reverse, and the engines to faoL (AP) 


SUSPECT: Simple Clue Told Tale STR iCIEGY: U.S. Planners Shatter Mold on Scope of Security Issues 


Continued from Page 1 
— either hoping for a quick repair 
or at least to get his car off the 
street 

Several witnesses alerted the po- 
lice that they had seen a car that 
roughly matched descriptions that 
were coming over tdeviaon and 
radio stations. In an important 
break, an anonymous caller tele- 
phoned after watching the 11 PAL 
television news Tuesday and said 
he had seen the car, giving the po- 
lice the license plate number. Scone 
witnesses said they saw Mr. Baz 
remove weapons from his car. 

The police then traced the vefai- 


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Just tell the taxi driver, 
"Sank roo doe two'® 

5, rue Dauxvou Paris (Opera! 
TeL Cl) 42.61.71.14 , 


cle to a livery-car service located 
near the repair shop, and toBassam 
Reyati, a 27-year-old Jordanian 
who owns the livery-car sendee. He 
is also under arrest, charged with 
hindering prosecution. 

Along with Mr. Reyati, (he po- 
lice arrested Hlai Mohammad, a 
32-year-old Jordanian living in 
Brooklyn, in whose home the police 
said the guns were found. 

The police then found the car 
parked on the street. A stun gun 
was found inside, the police said. 

There was speculation that the 
attack was linked to the massacre 
last Friday of dozens of Muslims 
by a Jewish settler in the Israeli- 
occupied West Bank. 

Die police said they received nu- 
merous helpful tips, including 
some from members of Arab neigh- 
borhoods. The tips included a wit- 
ness on the bridge who called a 
police emergency number from his 
car telephone and described the at- 
tack while it was occurring, includ- 
ing the fact that the gunman shot 
out bis window. 


Continued from Page 1 

plications for military budgets and 
foreign aid. 

Senior White House officials 
said the document had been modi- 
fied to incorporate Pentagon con- 
cerns about its tone and that the 
State and Defense departments 
were now in general agreement on 
its knguage. A military official fa- 
miliar with the in ternal debate said 
strategists on the Joint Chiefs of 
Staff were satisfied that “they’re 
getting support” from President 
BOI Oin ton’s National Security 
CounriL 

“This issue was never hard ver- 
sus soft, military versus diploma- 
cy,” a senior administration official 
said. “It was a question of bow you 
describe and order your national 
security interests: along traditional 
security lines that a typical military 
planner would want, or a version 
that would include that, but add 
economic security, global and envi- 
ronmental issues and other impera- 
tives." 


Senior White House officials 
feared the strategy debate could 
pose a political problem for Mr. 
Clinton, who has been accused of 
weakness toward Russia and North 
Korea and is seen by many officers 
as insufficiently sensitive to mili- 
tary concerns. 

To some extent, the strategy doc- 
ument is a repackaging of previous 
Clinton policy initiatives, in partic- 
ular its emphasis on economic 
strength as a bulwark of national 
security. 

“Die United States has no higher 
priority than revitalizing its econo- 
my and laying the basis for signifi- 
cantly increased competitiveness in 
global markets in the next centu- 
ry,” said an earlier. 60 -page draft 
stamped “February” obtained by 
The Washington Post “A central 
premise of our national security 
strategy is that to be strong ana 
self-confident in world affairs, we 
most first be strong and self-confi- 
dent at home.” 

Similarly, the strategy reiterates 
the administration’s commitment 


to “enlargement” of the democratic 
community of nations through dip- 
lomatic means, economic incen- 
tives and pursuit of contacts with 
“nongovernmental groups” such as 
labor unions, human rights groups 
and women’s organizations. It also 
restates the a dminis tration’ s com- 
mitment to preserving enough mili- 
tary power to fight two regional 
wars nearly simnlianeously. 

But senior military planners 
were surprised by the earlier draffs 
expansive nature, in particular its 
emphasis on “transnational 
threats” such as climate change, 
drug smuggling, AIDS ami the de- 
cline in biological diversity. 

“American citizens and interests 
are increasingly at risk from com- 
plex transnational developments 
that threaten our security, quality 
of life and hopes for the future,” 
the February draft said. 

In that respect, the strategy is a 
sharp departure from that of the 
Bush a dmin istration, which in Jan- 
uary 1 993 produced a much shorter 


document, 21 pages, with a narrow- 
er, mere conventional national se- 
curity focus. 

“Obviously, at the core of oar 
strategy, security comes first and 
nrilitaiy capability is critical,” said 
an administration official familiar , 
with the drafting of the State De- 
partment version. “But the defense 
of our security in a post-Cold War 
era has to be broadened to include 
things like economic security.” 

The differences between the 
State and Defense departments 
take the outward form or academic 
disagreement over the nature of na- 
tional power in a post-Cold War 
world. But participants in ihe inter- 
nal struggle said the argument had 
practicaTmipiicatious for the feder- 
al budget and the manner in which 
the armed services were employed. 

Pentagon officials contend that 
the instruments of national 
strength have not changed funda- 
mentally with the disappearance of 
the Soviet Union as a global adver- 
sary. 


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INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 



Page 3 



THE AMERICAS/ A 


OF OOUFIDEUCE 


cwr P 


¥ tfae -Ma-ryr , 

fettm ^ 







By Dan Balz 

Washington Post Service 

WASHINGTON — On the eve of tSe 


and Democrats Are Riding High. 


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. Jave more confidence in Democrats than 
Republicans to handle the country’s big- 
gest problems, including crime and the 
deficit, where the Republicans have cus- 
tomarily held an advantage, according to a 
ucw~ Washington Post-ABC News PdL 

The poll also found that President Bill 
Clinton continues to enjoy among the high- 
est approval ratings of ms presidency and 
that a plurality of those surveyed say (be 
eoonoiny is getting better. 

' .Taken together, the finding provided 
gloomy news for Republicans and suggest- 
ed that if trends hold, the Democrats could 
aydd the kind of losses normally suffered 
in. midterm elections by the party that 
holds 'rhe White House. 

' What the poD did not try to answer 
directly was whether overall frustration 
with. Washington and politicians would 


tra uslate into ami-incumbent voting pat- 
terns this falL ^ v 

The Post-ABC findings appeared tocon- 
tradet last year's elections, in which Re- 
publicans won victories in major contests. 
But many Republican leaders have been 
cautious about predicting sizable victories 
this par, particularly because of the econ- 
omy’s robust growth and Mr. din ton’s 
unproved standing with the public. 

The public tends to view Democrats 
more positively than it does Republicans. 
Asked which party is better able to handle 
the mam problems facing the country over 
the next few years, the public said the 
Democrats, by 46 percent to 32 percent. 

On specific issues. Democrats held a 47- 
to-36-percem advantage on dealing with 
the economy, a 44-to-28-percent advan tage 
on reducing the federal deficit and a 39-to- 
32^erceDt edge on dealing with crime. 

The Democrats held a whopping 58- to- 
22-percem advantage as the party Ixst able 
to provide affordable health care. They 
also had the upper hand, by 47 to 34 


percent, as the party helping the middle 
class. 


On all of these issues, a plurality of white 
higher tl 


voters rated Democrats higher than Re- 
publicans (on crime, whites are evenly 
sphtX an indication that Mr. Clinton's 
“hew Democrat” politics is paying off. 

The Republicans held the advantage as 
the party best able to reduce taxes, by 41 to 
35 percent. Ihe public continues to have 
more confidence in Republicans to handle 
defense, 62 to 24 percent, and foreign poli- 
ty, 48 to 35 percent. 

The bad news for Republicans is tha t 
these issues barely make it onto the voters' 
radar screens. 

By a huge margin, crime remains the 
biggest issue of concern to the public, with 
31 percent saying it is the most serious 
problem facing the country. The next most 
important issues, at 9 percent each, are 


health care and drugs. Unemployment is 
mt of those surveyed, the 


□ted by 5 percent . 
deficit by 4 percent. 

Over all, two-thirds of those surveyed 


said social issues were the most important 
problem facing the country, compared 
with just 18 percent who said economic 
problems and 4 percent who cited foreign 
affairs. A year ago. 57 percent cited the 
economy and 31 percent said social issues, 
with foreign affairs at 1 percent. 

Mr. Clinton's rating remained high In 
the newpoR 58 percent said they approved 
of how he was handling his job, compared 
with 38 percent who disapproved. In Post- 
ABC polls, his approval rating has re- 
mained steady since December. 

A plurality of 43 percent said the econo- 
my was getting better, compared with 35 
parent who said it was getting worse and 
19 percent who thought it was not chang- 
ing. A bare 51 percent approved of Mr. 
Gmtoo's handling of the economy. 

Despite the emphasis Mr. Clinton has 
given to crime, those surveyed showed 
some dissatisfaction with his handling of 
the issue, with 45 percent approving and 48 
percent disapproving. A majority of blacks 
rated him positively. 


Only 30 percent cf those surveyed be- 
lieved the country was making progress in 
combating crime, and 90 percent agreed 
with the statement that criminals today 
were more violent than five years ago. 

A huge 86 percent said they favored 
"three strikes and you’re out” laws; 73 
percent said the country should build more 
prisons, and among these people 85 per- 
cent said they would pay higher taxes to 
build them. 

The poll asked two ballot questions. One 
dealt with the midterm elections this fall 
and asked whether people were leaning 
now toward Democrat or Republican. By 
49 to 39 percept, they said Democrat. 

The other pitted Mr. Clinton against an 
unidentified 1996 Republican, presidential 
nominee. Mr. Clinton emerged the victor, 
45 to 36 percenL 

The results woe from a Post-ABC News 
telephone poll of 1,531 adults conducted 
Feb. 24 to 27. The margin of sampling 
error was plus or minus 3 percentage 
points. 


Minorities Take 
A Negative View 
Of One Another 


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APOLITICAL NOTES A 


The While House Regrets S&L Briefings 

WASHINGTON — Treasury Department officials twice in- 
. framed the White House last fall of the status of a federal investiga- 
tion into an Arkansas savings and loan with ties to President Bill 
- pinion and his wife, Hillary Rodham Clinton, according to admm- 
: 'istration offi cials 

. Speaking with rmorters rai Thursday, the White House communi- 
cations director, Mark Gearan, said, “With the benefit of hindsight, 
we wish it hadn't happened.” 

. . The discussions occurred just after the Resolution Trust Crap, had 
; asked {he Justice Department to investigate possible c riminal activi- 
\-fy in connection with the thrift, Madison Guaranty Savings & Loan. 
* The description of that activity by Resolution Trust included refer- 
ences to the Clintons as potential beneficiaries of illegal actions by 
Madison, but tod not accuse them of engaging in anything illegal. 

Officials of Resolution Trust said “criminal referrals" were confi- 
dential legal documents that woe virtually never discussed with 
those named. in them. (WP) 




3*. T -*r.,. 

<‘-V. »■ 

* 


Welfare Drafters Back Strict Work Rule 


■ WASHINGTON — The task force drafting President Qin ton’s 
welfare planls urging him to abandon traditional work programs for 
‘ ’ a-more stringent approach that denies any cash to welfare recipients 
1 who fail to work, officials said. 

To teep families from coming onto welfare the task force wants to 
spend an extra $2 billion a year on child care for low-income 
workers. And to reduce the number of jobs needed, the task force 
.-'wants to phase in the program over 10 years or longer. The work 

. *'- - _1_. 1-- .1. , . m.. 


requirements would apply only to mothers bom after 1972. That 
1 three-fourths of the caseload. (NYT) 


' ' would initially exempt about 


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Presideait Clinton, after saying that his program to overhaul the 
' ’national health care system was widely misunderstood; “The health 
insurance industry has spent probably $20 miTH pn advertising 
against this program. Probably a total of 530 milli on has been spent 
' by various interest groups. One lobbyist was bnuging the other day 
in print, that he had created an atmosphere that would make it 
jnmossible for Social Security to pass.” (IHT) 



Liu Bag/ItaiKn 

VIEW FROM THE TOP — BiD Cfinton with Paula Zahn and Hany Smith of CBS, who interviewed Wm for a broadcast Thursday. 


By Steven A. Holmes 

New York Times Service 

Washington — a national 

survey indicates that black. His- 
panic and Asian Americans say 
they have fewer opportunities than 
whites. The survey also indicates 
that the antipathy these three mi- 
norities fed toward one another 
nearly equals the resentment they 
collectively fed toward whites. 

The survey, conducted by L H. 
Research for the National Confer- 
ence of Christians and Jews, found 
that majorities of black, Hispanic 
and Asian Americans agree that 
whites are "bigoted, bossy and un- 
willing to share power." 

Majorities of the nonwhite 
groups also say they have less 
chance to gain a good education, a 
skilled job or decent bousing than 
do whites. 

In contrast, the poll found that a 
large majority of whites fed that 
minority groups are given the same 
opportunities in these three areas. 

Survey participants were asked 
to respond to statements, some 
positive and some ugly, about other 
racial groups. In what officials of 
the conference of Christians and 
Jews called a particularly disturb- 
ing finding, many minorities 
agreed with negative stereotypes of 
other minority groups. 

For example, 46 percent of His- 
panic Americans and 42 percent of 
blacks agreed with the statement 
that Asians were “unscrupulous, 
crafty and devious in business.” 

A total of 68 percent of Asians 
and 49 percent of blacks said His- 
panic Americans "tend to have big- 
ger families than they are able to 
support," 

In addition, 31 percent of Asians 
and 26 percent of Hispanic Ameri- 
cans agreed with the statement that 
blacks “want to live on welfare.” 

In many cases, the survey deter- 
mined that minorities held more 
negative views of other minorities 
than do whites. 

The poll, conducted from June to 
September, is one of the few na- 
tional surveys that have examined 
the extent to which minorities hold 
stereotypic views of others. 

The survey tod unearth evidence 
of positive views of America’s big 
ethnic and racial groups. For exam- 
ple, more than 80 percent of those 
surveyed said they admired Asian 
Americans for "placing a high val- 
ue on intellectual and professional 


achievement" and "having strong 
family ties.” 

A majority of all groups agreed 
that Hispanic Americans "take 
deep pride in their culture and 
wont hard to achieve a better life.” 

And big majorities said blacks, 
“have mad* a valuable contribu- 
tion to American society" and "will 
work hard when given a chance." 

Also, 85 permit of Asian Ameri- 
cans, 72 percent of Hispanic Amer- 
icans, 71 percent of blacks and 66 


percent of whites say they support 
l" The rec 


"foil integration." The report did 
not say what was meant by that 
term, however. 

The survey company, headed by 
Louis Harris, even found some 
signs of improvement. In a 1978 
Harris survey, 25 percent of re- 
spondents agreed with the stereo- 
type that blades have less native 
intelligence, while in the new sur- 
vey, only 12 percent agreed. 

The survey involved interviews 
with 1,289 randomly selected 
adults. The survey team then inter- 
viewed an additional 904 blacks, 
425 Hispanic Americans and 137 
Asian Americans to ensure that 
these groups would be well repre- 
sented! Over all, the margin of error 
was plus or minus 2 percentage 
points. 




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By Lloyd Grove 

Washington Post Service 

WASHINGTON — William H. Natcher, 
chairman of the House Appropriations Com- 
mittee and thus one of the dozen or so most 
powerful people in the United States, entered 
the Capitol shortly before noon. 

He had made this pilgrimage thousands of 
twites before during his four decades as the 
Democrat representing Kentucky's 2d District, 

compiling a perfect attendance record of 18^97 
roll-call votes, a record unmatched in history — 
a seamless body of work that amounted, col- 
leagues say, to Mr. Natcher’s grand obsession. 

But this time, he was under a white sheet on a 
hospital gurney, his eyes shut, his hair wispy, 
h a - pinche d face pale and spectraL He looked 
every bit his 84 years. 

"Mr. Natcher, apparently suffering from con- 
gestive heart failure, bad come to vote Wednes- 
day, leaving his sick bed at Bethesda Naval 
Hospital to keep his record going. On Tuesday, 
when he was doing especially poorly, he per- 
suaded the House speaker, Thomas S. Foley, to 
caned the day’s legislative action so that he 
would sot miss any roll calls — or else he would 
violate doctor’s orders and come anyway. 

- He (nay or miy not have been aware of toe 
sharp maneuvering and intrigue going on in to 
committee — toe one charged witb controlling 
the. federal purse strings — over who will as- 
cend to the throne once toe king is dead. ^ 
s . “it’s just become a big deal with him; he s a 
'prisoner of his perfect voting record, said 


Representative Neal Smith, Democrat of Iowa, 
one of toe two committee members competing 
for the chairmanship in the event (rf Mr. Natch- 
er’s resignation or death. “He’s always worry- 
ing; T can't miss tins vote. When’s the next 
yote? When’s toe next vote?* Ifsa thing he's got 
to live with, I guess." 

Another member of toe committee, who has 
been working the Democratic Caucus on behalf 
of Representative David R. Obey, Democrat of 
Wisconsin, toe other candidate, said, “Casting 
votes in this chamber is Mr. Natcher’s life.” 

“Ms wife has passed away, and his faithful- 
ness to this institution is all be has," the mem- 
ber said of Mr. Natcher. 


Plastic tubes sprouted from his nostrils, an 
IV was secured to a vein in his arm, and medical 


left side Of the chamber, dozens of colleagues in 
toe chamber craned their necks to see. 

“Thank you very much,” toe chairman said 
feebly, to no one in particular. A gaggle of 
journalists pressing up against toe doors could 
see Mr. Foley squeezing Mr. Natcher’s arm and 
apparently uttering a pleasantry. Wheeled to 
the podium, Mr. Natcher handed a green voting 
card to a derk. 

It was his 18^398ih vole, a “yes,” on a proce- 
dural issue of no significance whatsoever. 

"He has been a very distinguished gentle- 
man, and he’s served with great dignity," said 
Representative Nancy Pelosi, Democrat of Cal- 
ifornia, also a committee member. “But toe 
same passion about this voting record that has 


attendants gripped the oxygen and glucose- 


enabled him to give the service that he’s given ts 

1 would 


solution tanks linked by tuba to Mr. Natch a\ 
Fred Mohrman, staff director of toe Appropri- 
ations Comrmtiee, led toe entourage through 
the Capitol basement past gawking staffers and 
tourists to a private elevator and tip to the 
Appropriations Committee suite just off the 
House chamber. 

Shortly after 2 P.M., toe House voted on 
whether to adopt toe previous day's journal — a 
pro forma vote. Mr. Natcher was not about to 
miss it. 

Still hooked up to the oxygen and IV, be was 
wheeled into the tiled hallway outside the com- 
mittee offices and, accompanied by his medical 
attendants, pushed into toe Speaker’s Lobby. 
As be glided through toe double doors on toe 


keeping him here now. As his friend, 
rather that be took it a little easier and rested. 
But this is his choice, and we have to respect 
thru.” 


18 


By evening, Mr. Natcher had cast his 
,401 si vote. Representative Jack Brooks, 


Democrat of Texas, told colleagues that Mr. 
Natcher had asked him whether ne was the first 
House member ever to vote from a stretcher. 

Shortly after R he 'was rolled out of toe 
Capitol mid bads: to Bethesda, there to rest up 


for a new day’s roll calL 
Thu 


But on Thursday, Mr. Natcher announced 
“reluctantly” from the hospital that he would 
be unable to extend his remarkable string. In a 
statement, he said be would “remain at the 
hospital and wifi be consulting with my physi- 
cians about my return to work.” 


U.S. Moves to Simplify 
Dated Secrecy System 


•' 

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• By Tim Weiner 

. . ■ Ne? York Times Service 

WASHINGTON — Descnbmg 
the government's secrecy system as 
&n absurd relic of toe Cold War, the 
chairmen of the Senate and House 
Intdigence Committees have in- 
troduced legislation 
greatly the number of damned 
documents and the length of Dme 
they remain secret. 

They said the government classi- 
fies roughly 7 million documents a 
year. Some records from World 
War 1 are stfil stamped secret on 
the ground that their release would 
endanger national security. 

Although no one is sure how 
many documents are locked awa)^ 
the number is in the bflhqns, and 
foe cost to federal agenej^anh 
private contractors is measured in 
tens of billions of dollars- 

“This is simply nonsemdcaLana 

s it must change , 39 said Senator Tten- 
ris DeCoudni, Democrat of Arao- 
na, who heads the Senate commit- 
tee. His counterpart in toe Horn*, 
Representative Dan Cbpkman. 
Democrat of Kansas, said, too 
tench information is kept sW f ( v: 
for too long, at too high a lev^ “ 


classification and at too. great an 
expense.” 

Their critique closely resembles 
the conclusions of a joint Penta- 
gon-CIA commission. The 11- 
month study by 10 longtime mffi- 
tary intelligence officials 
concluded that “toe classification 

, nniVlho 



IKs easy to subscribe 
m Luxemburg 
iustcoU: 0 800 2703 


system, laigcrr uuwm- 6"™-- — 
Eisenhower administration, has 
grown out of control 
In separate bills introduced 
Wednesday, the congressmen pro- 
pose to amplify the classification 
gSem and sharply reduce the 30- 
year waiting period now imposed 
bn most documents before renew. 

Mr DeConcinTs bill would re- 
quire declassification of secret doc- 
uments in 10 years and top secret 
ones in 15. Mr. Ghckman s calls for 
A. and 10 -year waiting periods. 
Both would allow exemptions for 
extremely sensitive information, 
such as toe names of foreign agents. 

Four levels of classification exist. 
In ascending order, they are confi- 
dential. secret, lop secret and 
codeword Codewords crea^un; 

dreds of secunty compartofflK 

even more seen* than ^ ^ 
Shielding the existence d : there 

compartments are more th^lTO 

secrecy Stnictuiw called special 

J^twotewfcttcretaHiK’P 

secret. 


Away From Politics 


• The Postal Service board of governors is likely to propose soon 
an increase of 3 or 4 cents in toe price of a first-class stamp, with the 

i vv- i__ ■ *iaa£ rr v iU. 


rates to become effective early in 1995. If approved by toe indepen- 

> make a 


dent Postal Rate Commission, which has up to 10 months to i 
d erisi on, the increase would be the first since February 1991, when 
the first-class stamp rose from 25 cents to toe current 29 cents. 


• A jmy in Houston has ordered 3M Coip. and two other compa- 
nies to pay three women S12J) milli on in damages for silicone breast 
implants that leaked. After more than four weeks of evidence and 
testimony, the Harris County jury ruled that implants used by Darla 
Lawson, Judy McMuny and Susan Doss caused health problems 
from nerve damage to hipus, a skin disease. The jury also ruled that 
toe three companies were involved in a conspiracy to avoid responsi- 
bility. 


• U.S. agents considered the idea of using a Russian “mind 
control” device to try to mflence David Koresh during the standoff 
a 1 the Brandi Davidian compound in Texas, the Village Voice 
newspaper in New York reported. The Voice quoted Steven Kfllion, 
deputy chief of the FBI’s technical services division, as saying he 
considered trying to control Mr. Koresh’s actions with “sublumnaT 
messages as they negotiated by telephone. 


• A fire that gutted a two-stray apartment house, IriHing five 
dnldren, was deliberately set, authorities in St Paul, Minnesota, 
said. 

s Taking the 20-mmate, SI tnmi ride horn Newark to Manhattan, 
at least 425 New Jersey residents have come to New York Gty to 
illegally collect welfare payments totaling more than SI million since 
1991, investigators say. 

LAT.AP. NYT 


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Washington Cf 
World Business 


THE OUTLOOK FOR GLOBAL PARTNERSHIP 


The second Washington & World Business conference will 
take place in Washington, D.C., on April 21-22, 1994. 

The conference will be addressed by a distinguished group 
of government, business and financial leaders, including: 


Ronald H. Brawn 

U.S. SECRETARY OF COMMERCE 


Robert D. Hbrnuxbs 

VICE CHAIRMAN, GOLDMAN SACHS INTERNATIONAL 


H. Chino Ending 

VICE CHAIRMAN,- CITICORP /CITIBANK 


Dk Lawrence H. Summers 

: LLS. UNDER SECRETARY OF THE TREASURY FOR ; : 
: / 'INTERNATIONAL AFFAIRS . 


Senator Malcolm Wallop 

R*i WYOMING 


Ambassador Rufus Yerxa 

DEPUTY U.S. TRADE REPRESENTATIVE 


For further information, please contact* . 
Jane Barney, Intematipnal Herald Tribune, 

: 63 Long Acre, London WC2E 9JH. 

• V: , . : .. . Tdi (44:71) 836.4^; . fex;. (44 71) 8360717. 


CO-SPONSORED : 8Y 


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Page 4 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 


** 


Serbs Rebuff an Aid Request 
As UN Backs Off on New Policy 


By John Pomfret 

Washington Post Service 

ZENICA, Bosma-Hercegovina 
— Serbian forces besieging the ra- 
dave of Maglaj in northern Bosnia 
on Thursday rejected a United Na- 
tions request to bring a food con- 
voy to what is the last Muslim 
pocket in Bosnia cut off from aid. 

The rebuff came despite a UN 
announcement last week that it 
would no longer wait for any of ihe 
three warring rides in die Bosnia 
conflict to give permission for its 
humanitarian convoys to cross bat- 
tle lines. 

It also occurred against the back- 
drop of a fundamentally changed 
strategic situation in central Bosnia 
where, for the first time since Octo- 
ber 1992, Mnsiim and Croat fac- 
tions have stopped fighting among 
themselves and could turn their at- 
tention to their Serbian enemies. 

UN officials said that for sow 
they would not contest the rejec- 
tion by the Serbs, but that an ar- 
mored platoon of British trows 
was bring sent to the area to help 
smooth the convoy’s crossing “at a 
later date.” 

But the top UN aid official in 
central Bosnia warned that any de- 
lay in food aid to the region could 
he disastrous. 

“The Serbs should not be air 


lowed to decide when we can feed 
Maglaj," said Larry Hoflmgworth 
of the UN High Commissioner for 


officials who visited the en- 
clave in mid-January Es timated 
that at least 30 percent of the pqpur 
lation was malnourished. 

■ More Trace Violations 
Gunfire resounded across the 
front fine in central Sarajevo on 
Thursday for a second consecutive 


“There have been some dramatic 
turnovers in the last two weeks, 
bringing Russia into the middle, 1 ’ 
Mr. Karadzic said. But he did not 
say how he and Russian officials 
hoped to proceed with negotia- 
tions. 


In the Sarajevo fighting, Serbs 
fired small arms toward the Jewish 
cemetery in central Sarajevo on 
Thursday morning. French troops 
deployed on the government-had 


Thursday tor a second consecunve us^iuyou u* mjtwujuwh-ibw* 
day, but UN officials said the fight- of the front line than, who 

mg was isolated and would not es- apparently were not targeted, re- 


caiate, news agencies reported from 
the Bosnian capital. 

While a separate, week-old Mus- 
Hm-Croat truce in central Bosnia 
and in the southwestern city of 
Mostar appeared to be holding, the 
head of the UN mission in former 
Yugoslavia, Yasushi Akashi, said 
he needed nearly 11,000 additional 
peacekeepers to enforce both that 
cease-fire and the one in Sarajevo, 
which is three weeks old. 

“We are profoundly disturbed 
by the lukewarm and negative re- 
sponse to date,” Mr. Akashi said in 
Zagreb, Croatia, in an unusually 
blunt reproach. 

Elsewhere, Radovan Karadzic, 
leader of (he Bosnian Serbs, ended 
a visit to Moscow and said he had 
faith in Russian “objectivity” to 
mediate an end to the war. 


spooded with warning shots. 

On Wednesday, Serbs launched 
four rocket-propdicd grenades at 
forces of the Muslim-led govern- 
ment in the vicinity of the ceme- 
tery, prompting a gun battle. 

The cease-fire in Sarajevo was 
enforced by a North Atlantic Trea- 
ty Organization ultimatum for 
Serbs to pull back heavy weapons 
from around the city, place them 
under UN control or face air 
strikes. 

Grenade launchers were not list- 
ed among the weapons that had to 
be removed from a 20-kilometer 
radius around Sarajevo. UN com- 
manders apparently did not deem 
the ceasefire violations serious 
enough to call in air strikes. 

(AP, Reuters) 



301 : 

U*S* Wields Arm 

Tin I ■II 1 

UHnmnea nun nge 1 




CLOSE CALL — A Continental Airlines MD-80 jet remaining perched at the edge of noshing Bay in Near York cm Thursday, 
where it skidded after its pilot decided to abort a takeoff in a snowstorm at La Guanfia Airport tbe mght before. There were 29 
injured among 110 passengers and 6 crew. Flights resumed Thursday on one open runway wide the pane awaited investigators. 


ELECTION: 

Boycott Weakens 


MANAGERS: Confidence to Confusion in Japan 


Continued from Page 1 


Pentagon Hoping for Bosnia Accord 
That Requires Fewer Peacekeepers 


By Eric Schmitt 

New York Times Service 

WASHINGTON — The agree- 
ment between Bosnian Croats and 
the Bosnian government could lead 
to a broader accord that would re- 
quire fewer peacekeeping troops 
than projected, according to De- 
fense Secretary William J. Peny. 

A previous peace plan to divide 
Bosnia into 10 ethnically based 
would have needed per- 
50,000 troops to enforce, the 
North Atlantic Treaty Organiza- 
tion estimated, and Washington 
bad pledged to provide half of 
them. 

In recent weeks, administration 
officials have reaffirmed their com- 


mhmeat to send troops to support 
the time 


any agreement reached by the 
factions, but they have sought to 
scale back the number, indicating 
that American forces should ac- 
count for perhaps only a third of 
the force. 

That would make U5. military 
involvement in the war more palat- 
able to Congress, which has de- 
manded prior approval before 


Iranian Stoned to Death 

Agmce Francc-Prme 

TEHRAN — A woman convict- 
ed of adultery was stoned to death 
in Qom, in the first such case to be 
reported in Iran since 1990. 


President Bill Clinton sends 
ground troops to Bosnia. 

Tbe U.S. Army commander in 
Europe, General David M. Mad- 
dox, said Wednesday that tbe Unit- 
ed States should be prepared to 
suffer casualties even under the 
best conditions. 

“Hopefully. I won’t have a Bei- 
rut, but we're going to have some 
fights there,” General Maddox 
said. “We’re going to take some 
losses in getting the job done.” 

Mr. Perry said the outline that 
the Bosnian government and Cro- 
atian nationalists signed Tuesday, 
if it were coupled with a subsequent 
agreement with the Bosnian Serbs, 
would require fewer peacekeepers. 

“That number would be very dif- 
ferent in the different kind of a 
agreement to which they’re 
i right now,” Mr. Perry said 
on an NBC News program. “Pre- 
sumably the n amber would be low- 
er; that is, we would require fewer 
troops to perform the functions if 
we ended up with a peace agree- 
ment along the lines that we moved 
toward last night." 

Pentagon officials contend that 
if the agreement is extended to in- 
clude the Serbs, there would be 
fewer contested borders and thus a 
need for fewer peacekeepers. 

One Pentagon official said an 
agreement with the Serbs that built 
on tbe Croatian-Mndim accord 
might require only 35, 000 troops. If 


Washington's allies bdd to their 
original pledge of about 25,000, 
Washington’s co mmitmen t would 
be lessened. 

Bat the United States has said it 
wDl not provide troops to enforce 
an agreement that does not include 
the Serbs, who show no sign of 
wanting to join a Mushm-Croatian 


edgy relief in a country that has 
been girding for a campaign 
marred by cmJ disorder and sabo- 
tage. 

Most polls suggest that between 
them, the parties of the Freedom 
Alliance wtD have trouble getting 
more than 10 percent to IS pereait 
of the vote. Although their popular 
support is narrow, they represent 
those groups most fearful of the 
ANC-led government expected to 
come to power in the April elec- 
tion, and a boycott would only 
sharpen their yn« of marginaliza- 
tion. 

In moving toward registering, 
the allian ce members are respona- 
ing in part to internal political pres- 
sures. Bophuthalswana’s civil sa- 
vants are currently on strike ova a 
demand that the homeland take 
part in the election. Tbe Conserva- 
tive Party (part of the Afrikaner 
Voflcsfrant) and Inaktha are each 


General Maddox said he had 
worked out several possible plans 

for troop levels to insure that the v ting spending on eampment and 

SSSmmSSSW 


Contnmed from Page I 
dent in 1964. In the early 1970s, a 
decade before the personal com- 
puter, he took the bold move of 
giving up plans to compete in the 
atomic energy business to concen- 
trate resources on semiconductors. 

By the late 1980s, NEC had be- 
come the world's biggest semicon- 
ductor maker, although it has since 
slipped to second place. 

Since the oil crisis, executives 
have risen more slowly through the 
ranks, joining the board later in 
their careers and serving a shorter 
time as president. Moreover, the 
system has tended to select men 
more for their skills as coordinator 
than leaders. 

“Today’s presidents don’t have 
the experience of being burned in 
the past,” Mr. Itasri said. “The cur- 
rent generation grew up in a so-so 
period, and have no experience in 
mflldmg major decisions and mis- 
takes!” 

Without doubt, corporate Japan 
is not string still Companies are 
dosing down assembly lines, rat- 


he emphasized that he would not 
(Mine exact numbers and composi- 
tion of the force until the three 
parties reached an agreanenL 

“I’ve worked numbers ranging 
from 20,000 to 30,000,” said Gen- 
eral Maddox, who commands 
85,000 army troops. “I ain't goin' in 
with two squads.” 

If Washington sent troops to 
Bosnia, he said, he would recom- 
mend sending than in quickly to 
establish a dominant presence; 

In recent months, army com- 
manders in Europe have empha- 
sized special t raining for peace- 
keeping. For example, troops have 
practiced dealing with civiliBns in a 
combat zone and searching for ter- 
rorists in a residential apartment 
building without using force. 

“Peacekeeping in Bosnia-Heree- 
govma is a tougher job than the 
high-intensity conflict’’ seen in the 
Gulf War, deni 


itidans within then* ranks who 
want a chance to extend their ca- 
reers in Parliament. 


They are also responding to what 
appears to have been a triumph of 
personal diplomacy by the ANC 
president. Nelson Mandela. Just as 


mg bloated product lines. 

A mowing number of presidents, 
like Hiroshi Kaneko at NEC Carp, 
and Minora Makihara at Mitsubi- 
shi Carp., also have extensive inter- 


national experience. “Re-engineer- 
ing” has become a buzzword. Tbe 
Japanese translation of the book 
“Reengineering — A Manifesto 
for Business Revolution” has sold 
nearly 300,000 copies. 

Still, corporate leaders remain 
reluctant to take more drastic ac- 
tions. The problem, said Mr. Yone- 
kura of Hitotsnbashi University, is 
that the postwar system character- 
ized by lifetime employment, the 
kdretsu corporate groupings and 
government guidance worked too 
well. 

“It’s an example of over-adapta- 
tion, like the dinosaurs which once 
ruled bat couldn’t adapt to small 
changes in the external environ- 
ment.” he said. “It’s impossible to 
change one part at a time — we 
have to change the whole system.” 

For example, some companies, 
aiming to promote leadership and 
creativity, are beginning to Hnlrw 
with the employment system that 
guarantees employees jobs for life 
and compensates workers chiefly 
fra age rather than merit In an 
effort to instill leadership in its top 
ranks, Honda Motor Coip. in June 
1992 made compensation entirely 
dependent on how wefl executives 
met their job descriptions. 

But attempts to introduce merit- 
based pay and otha changes more 


broadly run into structural chal- 
lenges. Lifetime employment, for 
example, makes possible the loyal- 
ty that justifies extensive training 
and holds a key to the nation’s 
highly regarded quality control. 
Undoing the system would require 
creating new flexibility in the do- 
mestic labor market mid new op- 
portunities for foreign employees. 

Moreover, a premise of the keir- 
etsu structure — growth — appears 
to have vanished. Traditionally, 
suppliers sacrificed short-term 
profits for prospects of long-term 
gains in market share. But with the 
era of ever-expanding market 
shares put in question by the mam- 
ration of the Japanese economy 
and its share of princip al export 
markets, the system is straining as 

S tiers seek immediate profits 
: companies at the top of the 
hierarchy are increasingly search- 
ing offshore for better deals. 

Even though Mazda's poor per- 
formance forced it in December to 
accept three board members from 
Fora Motor Coip., which owns 
24.5 percent of the company, Mr. 
Wada’s distaste for foreign mana- 
gerial concepts is widely shared 
here: few analysts think the Ameri- 
can approach, which has resulted in 
massive layoffs, is suitable Sot Ja- 
pan. 


kyo, but before tbe derision was 
announced by Mr. Kantor at a 
White House press confereqce^Mr. 
Hosokawa said Ms govanmenftad 
not derided what action to take, m 
Officials have suggested in th^past 
that Japan woularegisier a protest 
with the General Agreement on 
Tariffs and Trade. , 

Nobuyasu Abe, deputy director - 
of the Foreign Ministry’s economic 
affairs bureau, was quoted by The 
Associated Press assaying that. Su- 
per 301 could complicate Tokyo’s 
efforts to come up with their own 
set of market-opoting measures. . 

The UJS. trade deficit with Japan 
stands at $59.3 billion. Even propo- 
nents of Soper 301 agree Out, de- 
spite its reputation, the measure, is 
largely symbolic as a trade weapon. 

“It has the great virtue of bang 
useless,” said a forma deputy UR 
trade representative, Jubiis Kaif. 

“It doesn’t add anything to the ar- 
senal tire president now has. AD it 
does is farce you through a , pro- 
cess." 

If it chose to, the Chnlcra admin- 
istration would not need Super 301 
to taiget Japan for sanctions in 
response to last month’s break- 
down of negotiations on reducing 


V* 0 P ‘ 



Japan’s trade surplus. 
The 


the boycott seemed unavoidable, 
Mr. Mandela sought a 


meeting with the Tnkatha 
Chief Mangosuthu Buthelezi, a 
man with whom he has had a noto- 
riously prickly relationship. 

Sources said Mr. Mandela 
opened their Tuesday meeting by 
paying homage to Chief Bathe! ezi’s 
contribution to the liberation 
straggle. The two men reportedly 


Contmned from Page 1 

David Shuhnan, an equity strate- 
gist at Salomon Brothers. “But 
when we do have one; and I can 
guarantee you we will, it will be a 
drip, drip, drip one." 

The Dow has already tumbled 


also discussed the possibility of ?hnast 4 percent since the end of 
Chief Buthdezi's joining an ANC- Januar y' dedme has not 


leral Maddox said. 


led cabinet. Under the new consti- 
tution, all parties that receive more 
than 5 percent of the vote will be 
entitled to a cabinet position in tire 
first coalition government. 


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come in one fell swoop. Tbe Dow 
plunged 96 prints on Feb. 4, after 
the Federal Reserve Board rased a 
key interest rate, but stocks worked 
their way back up almost to their 
previous high. 

The Dow dosed up on more than 
a third of tbe trading days in Feb- 
ruary. 

Still, the trend overall has been 
down, and choppy, leaving the 

and t^^midud^kFoar’s 500 in- 
dex slightly in the red. 

A creeping slide would be a big 
change from tbe market meltdowns 
of recent memory. In the “Saddam 
Hussein” slock drop of 1990, tbe 
market tumbled more than 20 per- 
cent in 90 days. But the carnage 
quickly ended, and it was only a 
matter of months before investors 
recouped their losses. 

That is also what happened in 
the crash in 19S7, when the Dow 


plunged 508 points in one day, a 
dim of more than 20 percent. But 
by December stocks had begun to 
rise a gain The brave souls who 
storied buying stocks soon scored 
big gains. 

That is not the way earlier bear 
markets had worked. The down- 
draft that began in 1980 lasted 21 
months and slowly cnl stock prices 
by 27 percent- Tbe bear market that 
started in 1968 took 18 months to 
knock down stock prices by 36 per- 
cent 

The grizzly of all bear markets, 
which began in 1973, lasted for 21 
months and ground down stock 
prices by almost 50 percent- If such 
a market decline began today, tbe 
Dow would touch 2,000 by the fall 
of 1995. 

But memories are short, and in- 
vestment professionals who deal 
with the public arc worried. 

“If we get a correction that lasts 
six months, you’ll see petite jump- 
ing out of windows," said Harold 
Ewosky, a financial adviser in Cor- 
al Gables, Florida. Preparing his 
cheats for a long, slow decline, he 
added, is “our major concern, what 
we sprad most of our time on.” 

Many investors have 
into equity investing in the 


years, driven by falling interest 
rates that slashed tbe returns (hey 
could get in more conservative ve- 
hicles, such as hantr certificates of 
deposit. More recently, people have 
been shoveling money into stock 
funds because they are optimistic 
about the .economy. - 

But the new investors have heard 
that they should use every drop in 
tire stock market as a chance to go 
bargain hunting, and that advice 
has paid off. Indeed, their willing- 
ness to buy stocks whenever the 
market has suffered a setback has 
helped keep the market buoyant 
through the longest rally in history. 

But there are signs thai the stock 
market rally may have run out of 
steam, leaving it vulnerable to a 
downturn. 

Figures from AMG Data Ser- 
vices, a California company that 
tracks funds, indicate that while 
huge sums continue to flow into 
mutual funds, tire inflow is slowing. 
Half the money is going to funds 
that invest only overseas, which 
will not hdp markets in tire United 
States. 

Eventually, Americans will run 
out of money. 

“Households own more equities 
now than, any time once the early 


1970s,” said Gall Dudack, a strate- 
gist for S. G. Warburg & Co. "Itfs 
not a record level, but anything 
could go wrong now — say the LT^. 
market gets choppy — and those 
money flows could grind to a halt.” 

Ms. Dudack had predicted a de- 
cline of 10 percent. iit.Ae, Dow 
when tbe index neared 4,000.’ “Aid 
I fed that if Tm wrong, if s because 
it might be more,” she said. 

Without cash to push up stock 
prices, the market may become vul- 
nerable to the problems that have 
been looming for some time. ' 

By traditional measures — earn- 
ings, dividend yields, book value — 
the stock market is radically over- 
valued, according to data from the 
Leathold Group, a research com- 
pany in Minneapolis. Indeed, only 
when compared with short-term 
Treasury bflls do stocks look cheap. 
And short-term interest rates have 
hit bottom and are, in the words of 
Alan Greenspan, the chairman of 
tbe Federal Reserve, more likely to 
rise than fall 

“Ratcheting downward. That’s 
the way you should think of it,” 
said Byron Wien, director of JJS. 
portfolio strategy for Morgan Stan- 
ley. “The market is vulnerable to 
tire most serious correction if s' had 
since the fall oS 1990." 


FARRAKHAN: The Nation of Islam Leader Is a Man FuU of Contrasts 


Continued from Page I 

country in the group’s newspaper, Tbe Final 
Call, in television and radio broadcasts, and in 
audio and video topes. 

No one seems to know for sure how big the 
Nation of Islam is, and its leaders generally do 

than^O.000 members to 100JX§). Nor does 
anyone know how much support Mr. Farrak- 
han really has among blacks outride the iiwular 
world of the Nation. 

He does get plenty of attention. He smQes 
and scowls mom tire covers rtf magazines and 
'from the couch of Arsenio Hall's television 
show. But the 30-second sound bites that have 
made him feared and famous have also turned 
him into a one dimensional character: Tbe 
black twin of David Duke. 

What has been lost over the years in the 
outcry about remarks like his statement in 1984 
thatJbdaismisagotterrdigionisbowpditical- 
fy and socially conservative the Nation of Islam 
leader actually is, according to Chip Berlet, an 
analyst with Political Research Associates of 
Cambridge, Massachusetts, which studies 
rightist and fringe groups. 

“If you look at the content of his politics, ifs 
either conservative or reactionary ” Mr. Bolet 
said. “It’s aS based on Horatio Alger myths, 
separatism, relying on authoritarian measures 
to promote security and safety and scapegoat- 
ing Jews.” 

But Mr. Berlet said too much tune was spent 
discussing and condemning Mr. Farrakhan 
while larger and more influential bigoted white 
organizations were treated las harshly. 


The truth according to Mr. Farrakhan is laid 
out twice a month in the pages of The Final 
CalL It can also be found between the covers of 
his 1 993 bode, “A Torchlight for America" and 
in the group’s theology — a blend of national- 
ism, racial chauvinism, capitalism, Christianity, 
UFOs and Islam. 

According to the Nation, whites were created 
by Yakub, the mad scientist, as a test for and a 
curse on the superior black race — the chosen 
people. 

On Sunday, Mr. Farrakhan told the few 
whites in the crowd, “You are not a devil by the 
color of your skin; you are the devil by the 
teachings you have accepted.” 

Mr. Farrakhan has also been accused of 
being mti-homosexuaL He said that all 
he would never mistreat a gay person, God 
not approve of homosexuality. 

In his book, Mr. Farrakhan writes: “We must 
change homosexual behavior and get rid of the 
circumstances that bring it about. We must 
change all behavior that offends the standard of 
moral behavior set by God through His laws 
and prophets.” 

Abortion, Mr. Farrakhan writes, is equiva- 
lent to murder. But he says he is “pro-choice in 
that women should have the right to choose to 
whom they will commit their irves.” 

On crime, he talks law and order like a 
politician 20 points behind in the polls. 

Arabia, he writes, has little crime because it is 
wilting to cut off a limb or a life to punish tire 
wicked. 


nosed right wing that cherishes, tire Nation's 
unbending past. 


Khallid Mu h a mm ad is believed to be part-of 
tire Nation orthodoxy and is widely popular 


member put it, “like their rhetoric red boL" 

It is difficult to determine bow serious the 
talk of internal conflict is because of (be thick 
curtain of secrecy the Nation operates behind. 
In The Final CaB, both Mr. Farrakhan and Mr. 
Mohammad have denied a conflict 
On the surface, at least tire focus renuins on 
Mr. Farrakhan. When he bounded onto -tire 



At the convention Sen day, Mir, Farrakhan 
again denied he was anti-Semitic or anti-white 
or that he was motivated by anything other 
than God’s will and a love for his people. 

The Reverend Michael Pfleger, a white Ro- 
man Catholic priest in Chicago who has known 
Mr. Farrakhan for 10 yearn, agrees. The two 
men have visited each other’s homes, and Mr. 
Farrakhan has lectured twice from Father 
Pfleger’s pulpit. 

I have never found him to be anti-Semitic or 
anti-white," Father Pflegor said “I don't think 
there is any group or religion in America that 
has dare more for the African-American male 
than the Nation of Islam. I feel the real problem 

is, America does not know how to handle Louis' 
Farrakhan or tbe truth." 


But, so far, be says, “America has not found a 
way to curb crime and reform those in her 
society who consistently break her laws, partic- 
ularly in the black community." Part of his 
solution: Send black convicts to Africa under 
Nation of Islam supervision. 

Adolph Reed Jr„ a professor of political 
science at Northwestern University, has been 
following Mr. Farrakhan's career for years. 

“What is most disturbing about Farrakhan 
has nothing to do with what he says about 
whi tes, Mr. Reed said. “He has a very conser- 
vative. regressive, repressive take on blacks.” 

For months, blade writers and leaders of 
community groups who monitor tbe Nation of 
Islam say, there has been talk of a power 
straggle' within tbe group pitting a more 
moderate Mr. Fanaieh.ni against a more hard- 


“Teach, brother, teach!” 

But during his speech, Mr. Farrakhan 
seemed to be answering any pnienri.il chal- 
lenges to his throne. 

“Some of you want the crown, but you’re 
running from suffering," he said. “You wooJd- 
be leaders, you don’t have no government 
against you talking in an alley. Yon dooT have 
the might of the Jews against you talking in a 
base men t I’ve got it all arrayed against me." 

Before Mr. Muhammad’s speech at Kean 
College in New Jersey in November, however, 
Mr. Farrakhan had appeared to be mode rating 
his views and asking to talk with Jewish groups. 
He had also been mending fences with more 
mainstream blade political figures, including 
the Reverend Jesse L. Jackson; B enjamin Cha- 
rts, president of the National Association for 
the Advancement of Colored People, and Rep- 
resentative Kwda Mfume, Democrat of Maty* 
land. 


*•* - 




provision was bora in .1988 
when a Congress controlled . by 
Democrats, frustrated with. the 
pace of President Ronald Reagan’s 
trade negotiations with Japan, 
grafted it on to Section 301 qf U.S. 
trade law, die “crowbar” statute 
that is used to pry open foreign 
markets for U.S. exporters. Mr. 
Reagan agreed to accept Super, 301 
only if Congress limited it to a two- 
year life span. 

Mr. Clinton supported reinstate-, 
meat of Soper 301 during lhe-J[j$? 
presidential campaign, and .the 
measure has the support ol some erf 
his top aides. 

Laura D'Andrea Tyson, chair- 
man of the president's CounaLof 
Economic Advisers, wrote in. 1992 
that Super 301 and section 301 it- 
self were unquestionably “aggres- 
sive” trade actions. But the Mea- 
sures were justified, she wrote, 
where existing global trade rales 
failed to stop unfair trade and were 
preferable to protectionist actions 
to keep foreign products out ofyhe 
United States. 

As long as it remains a threat. 
Super 301 is jxrtent, experts say. 
But once it is invoked, it can hard- 
en opposition. 


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SCARE: To Many Veterans of Watt. Street, the e Creeping Crash’ Is Nigh % 


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And in tbe last couple of years, Mr. Farrak- 
han has seemed to be inching closer to orthodox 
Islam 

"We still have hopes that Farrakhan is going 
to come into tbe Islamic mainstream,” 
Abdul Karim Hasan, an orthodox Muslim and 
a former member of the Nation of Islam, who 
has known Mr. Farrakhan for neariy 40 wears. 
“Muslims are conservative. Farrakhan is con- 
servative. He’s no radicaL" 

“I believe Farrakhan is w alking on eg g- 
shells," said Ayesha FL Mnstafaa, editor of The 
Muslim Journal, a newspaper of the American 
Muslim mainstream, “we trust his sincerity but 
we don’t necessarily trust the sincerity of all thb 
people around him." 




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Mexico Peace Deal 
Lifts Hope for Poor 

Rebels Win a Broad Package 
W Reform for Southern State 


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•■ By Tim Golden 

^ ‘ New York Times Service 

■SAW CRISTOBAL DE LAS 
'CASA^ Mexico — The tenns of a 
new agreement between the gov- 
ernment and peasant rebels could 
transform the political and eco- 
nomic landscape of Mexico's poor- 
est state. 

As tart of a draft peace seitlc- 
meat that must still be approved by 
the peasant communities that sup- 
port the rebels, .the government has 


for Indians, changes in the political 
-and -judicial systems of Chiapas 
?tale"m southern Mexico, a series of 
land reforms and a deluge of new 
soda! programs. • 

The agreement did not indnde 
any "bind ing government c ommf t- 
mentsin response to the rebels* call 
'for national democratic changes in 
the' political system that President 
-Carlos Salinas de GortarFs party 
has dominated for 65 years. 

But drawing d dear connection 
between the demands of the insur- 
gents and the growing prospect of 
further political change, the negoti- 
ator for the government said it 
would support new laws to ensure 

'dectioELS and the convocation ofa 
special session of Congress this 
month to approve them. 

■ The rebel Zapatista National 
liberation Army said the agree- 
3 meats reflected a “true interest” in 
' peace by the government negotia- 
tor, Manud Camacho Solis. 

The rebels said nothing about 
the specific content of the accords, 
-however, and their silence resound- 
•ed with the mistrust shown toward 
.■government promises in the past 
- “We now have the obligation to 


reflet well on what their words 
“ £_ 881(1 *•» Zapatista leader, who 
is known only as Juan. “We must 
speak now to the collective heart 

Jhm orders us. From our own, from 

the Indians of the mountains and 
the canyons, will come the signal to 
t f* e the next step in this road, the 
destiny .of whits will either be 
peace with justice and dignity or it 
. will not." ' 

The 32-point proposed agree- 
ment read as an extraordinary ad- 
mission of shortcomings in the pro- 
gram of rapid economic 
transformation that only Iasi fall 
had seemed to crown Mr.' SaHnas as 

the envy of modernizing leaders 
throughout Latin America. 

Under one provision, the govern- 
ment said it would carefully study 
the impact of the North American 
Free Trade Agreement on Chiapas 
and its Indian communities. 

For those found to be hurl by the 
pact, the draft peace accords prom- 
ised the sort of help that the SaHnas 


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China Acts , 
To Improve 

By Lena H. Sun 

. Washington Post Service 

BEIJING — To counter U.S. hu- 
man ri^its pressure, China is step- 
ping up efforts to inqjrove its image 
abroad by arranging fosr American 
reporters to visit a Tiananmen 
Square student leader who has re- 
portedly been severefy tortured. 

In an unusual step indicative of 
the importance the Chinese are 
placing nn the arrival next week of 
-Secretary of- State Warren M. 
Christopher, officials of the State 
, Council Information Office ar- 
r rariged. forfive' Amaican journal- 
ists to travel by train Thursday to 
the laborrefonn complex in north- 
east China' s Liaoning Province. A 
graduate physics student, Liu 
Gang, 33, is being held there. 

* Mr. Iiu has been named by the 
United States as one of about 20 
priority cases whom should be ie- 
Teased on medical parole. 

Western journalists, who are 
-routinely denied access to or infor- 
mation about political prisoners, 
-have never been permitted to visit 
facilities holding such det aine e s . 
The five journalists have been told 
they wm be allowed to interview 
; Mr. Iiu in a controlled setting. 

The move appears to be an at- 
tempt by Begmg to counter criti- 
cism that it mistreats prisoners. 
'Washington has warned Begmg 
that it wfll not be able to retain its 
nonrestrictive trading status with 
Washington unless it improves its 
I mman rights performance. _ 

'This is a new step,” said Mike 
Jendizejczyk, an official with the 
Turman rights group Asia Watch. 
“This shows they are desperate to 
present the most positive possible 
mu»p» before Christopher arrives.” 


ised the sort of help that the Salinas 
administration tended to belittle in 
the past: job retraining programs, 
the creation of new industries and 
government support for the sale of 
Mexican products that face tough- 
er foreign competition. 

Except for issues relating to the 
country’s Indian peoples, the ac- 
cords focus almost entirely on Chi- 
apas, the impoverished agricultural 
state along the border with Guate- 
mala to which the Zapatista rebel- 
lion has generally been confined. 

Should the accords take effect, 
he said, “Chiapas will be converted 
into a very important laboratory, 
where we will be able to evaluate 
new answers to the social problems , 
and those of justice and freedom in 
the poorest zones of the country.” 

Selectively 9 
Its Image 

The trip arranged Thursday fol- 
lows the screening of a videotape 
for the same five journalists earner 
this week showing Mr. Iiu and four 
other prominent dissidents cele- 
brating Chinese New Year last 
month in their prisons with family 
members. 

The State Council told the jour- 
nalists — from The Associated 
Press, The New York Times, the 
Los Angeles Times, the Wall Street 
Journal, and U.S. News A World 
Report — to keep the trip secret 
until they had filed then' stories. A 
bus was sent to bring -them to the 
train station. The visit to the lin- 
gyuan Labor-Reform Camp is 
scheduled for Friday. 

According to accounts snuggled 
from the labor camp and given to 
Asia Watch, Mr. Lin, who was sen- 
tenced to six years in jail in 1991 for 
conspiring to “subvert the govern- 
ment,” has been beaten, forced to 
ait on a bench for 14 hours a day 
and denied the right to exercise or 
to maintain personal hygiene. He 
reportedly suffers from heart and 
stomach ailments for which he has 
not been permitted appropriate 
medical treatment. 

■ Another Dissident Is Held 

China detained a longtime dissi- 
dent Thursday, accusing him of 
colluding with hostile foreign 
forces to wtnp up anti-government 
activities, the semiofficial Hong 
Kong China News Service said, ac- 
cording to Rauers. 

The press agencyquoted official 
sources as saying Zhaa Guoqiang, 
39, was planning to disrupt the an- 
nual meetingof the legislature that 
begins nextThursday by distribut- 
ing T-shirts printed with provoca- 
tive slogans. 


.% U.S. Teenager in Singapore 
l^Faces Caning as Car Vandal 


S-G* Vj> 

-V: 


By Michael Richardson 

International Herald Tribune 

SINGAPORE —In a case caus- 
ing widespread concern, in Singa- 
pore's foreign community, a court 
ou Thursday ordered an American 
[iwmgw convicted of vandalizing 

can to be flogged and jailed for 
four months. 

"- Michael Peter Fay, 18, of Sl 
L ouis, Missouri, who hves here 
with his mother and stepfather, an 
American businessman, was w - 
leased on bail of 75,000 Singapore 
dollars ($ 47 , 000 ) after his lawyer 
add he would appeal the senteore- 
A senior US. diplomat cntiazed 
the sentence. “We see a large dis- 
crepancy between the offense an 
the -punishment.” said Ralph 

.1 Q ambassador. 


serious and the law in Singapore 
emphasized the need to correct 
young offenders. He sentenced Mr. 
Fay to six strokes of the cane, the 
jafl sentence and a fine of 3,500 
Singapore dollars. 

Singap ore prescribes a severe 
form of ranbtg mainly for crimes of 
violence but also for vandalism. A 
thick rattan cane is used to thrash 
the bare buttocks. The blows are 
penally hard enough to split the 
elrin and cause permanent scarring. 

The defendant’s mother, who 
was among a large number erf his 
friends and relatives in court, wept 
as the judge passed sentence. 


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OctobCT, when Mr. Faj ms a sm- 
dot at die Singapore Amencan 
school involved spray-parang 
and tossing eggs at cars, and P 05 " 
testing Singapore flags and roa 
agns left as farewell gifts by a 
Stall-. 

• Vfe Boyce said in a statement 
that the cars were no* permanently 
dama ged an d the paint was re- 
moved with thinner. However, 
"eating haves permanent scars. 
Hadadomal said. “In addintm. “ e 

tawed is a teenager and tins is his 

, District Court Judge F.G. Roje- 
(fios ignored pleas for leniency for 
*ft-FajLwho had pleaded guilty to 
^ charges erf vandalism, two of 
]%intf and one of retaining sto- 

T^cjudgesaid the offenses were 


roxal Plaza 

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INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 








UN Inspects North Korea Sites 
As South Delays War Games 


KbtiCMMl/ltflikn 


ROYAL INTERLOPER — Queen Elizabeth II and Prince Phffip, die Duke of Etfinburgh, 
casting glances at a dog that stroOed onto the grounds da r i n g a ceremony in Kingston, Jamaica. 
The royal couple are on a tour of eight current and former British territories in the Caribbean. 


VIENNA —United Nations ex- 
perts conducted their first inspec- 
tion of North Korean nuclear in- 
stallations in more than a year 
Thursday as South Korea and the 
United States suspended joint mili- 
tary exercises and Washington an- 
nounced new high-level talks with 
Pyongyang. 

The interlinked moves were part 
of a three-way deal aimed at reduc- 
ing tension on the Korean Peninsu- 
la and drawing North Korea away 
from suspected nuclear arms ambi- 
tions by offering it diplomatic and 
economic advantages. 

A six-man team of inspectors 
from the Vienna-based Interna- 
tional Atomic Energy Agency ar- 
rived in Pyongyang on Tuesday to 
examine North Korea's seven de- 
clared nuclear sites at Yoogbyon, 
to the north of the capital 

They inspected nuclear fatali- 
ties at Yoogbyon today,” Hans 
Mayer, an agency spokesman, said 
Thursday. “They telephoned after 
they got bade to their guest house 
to say they had carried out the first 
inspection.” 

The agency, which has responsi- 
bility for carrying out safeguard 
measures agreed to by its 120 mem- 
ber states under the Nuclear Non- 
proliferation Treaty, had been 
barred from North Korea since 
February 1992, apart from brief 
maintenance visits last year. 

The atomic energy agency’s di- 
rector-general, Hans Bhx, has said 


that inspecting only the seven de- 
clared sites would not provide suf- 
ficient information to give North 
Korea a dean bill of nuclear health. 

Mr. Mayer gave no details of 
inspection Thursday. He said the 
agency would not be divulging such 
information, but said the team had 
not apparently encountered any 


said the suspension of the sched- 
uled ‘Team Spirit” war games for 
this year was conditional on the 
nuclear inspection’s being complet- 
ed successfully. 

Seoul's other condition was that 


The tram, led by Ole Hdnonen 
of Finland, is made up of experts 
from countries including Finland. 
Egypt arid Malaysia, agency 
sources said. North Korea had 
been “very particular” about the 
nationalities. 

The agency’s chief spokesman. 
David Kyd, said earlier it would 
take about two weeks to conduct 
the inspections, which involve 
gathering information from the 
Noth Koreans and from the agen- 
cy’s surveillance cameras. 

Earlier Thursday, South Korea 
announced the conditional suspen- 
sion of joint military exercises with 
the United Slates, and Washington 
said it would resume high-level 
talks with North Korea on March 
21 in Geneva. 

The State Department said it 
was going forward with the official 
announcement after the nuclear ex- 
perts arrived in Pyongyang and af- 
ter North Korea and South Korea 
resumed their dialogue. 

In Seoul the Defense Minis try 


special envoys to discuss eating nu- 
clear tensions. 

The two Koreas reported little 
progress on Thursday in their first 
contact in four months at the bor- 
der village of Panmunjom. 

In fact, the talks stalled when 
North Korea demanded that South 

anii-irti^!e:^batter^ > from the 
United States. 

Negotiators agreed, however, to 
meet again Wednesday. 

‘There was no progress,” said 
Song Young Dae, the chief South 
Korean delegate. 

A tense mood prevailed through- 
out the neatly 2 ^ -hour meeting, 
and delegates on both tides ap- 
peared reluctant to shake hands 
when they parted. 

The Korean P eninsula, with two 
armies on constant alert, including 
37,000 Americans, is the last spot 
wboe the Cold War lingers on. 
General Gary E. Lock, commander 
of U.S. faces in Korea, told Con- 
gress this week that North Korea 
was America's “most critical near- 
term mili tary threat-** 

(Reuters, AP, WP) 


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Page 6 


FRIDAY, MARCH 4, 1994 


OPINION 


Eerattt 


INTERNATIONAL 



Sribitnc 


PUBLISHED WITH THE NEW YORK TIMES AMD THE WASHINGTON POST 


The Sick and the Healthy 


A sleeper issue in the American health re- 
form debate has to do not with universal 
ccwo^ot rest ccrataimnrat or anything rise 
so grand, but with the homely question: To 
what extent should the healthy help bear the 
costs of the sick? The issue goes by the dry 
name of insurance market reform. As you 
would expect, it is chiefly debated by insurers, 
but they are hardly the only ones with a stake 
in the outcome. Insurance reform win not 
create many headlines, but it hkely will create 
many winners and losers all across the society. 

The basic idea of health insurance is to 
spread the cost of illness. The healthy at any 
given moment support the sick in the expecta- 
tion that when they become sick themselves, 
they, too, win be supported. It is the ultimate 
knitting together of society — but in recent 
years tin insurance industry has strayed from 
the founding concept Instead of diffusing risk, 
too many insurers try to avoid it by ducking or 
locking out the m who then are stranded. 

Just about everyone involved in health care 
reform claims to agree that this trend toward a 
segmented insurance market needs to be re- 
versed. But not everyone means the same 
thing by reversal, nor has farad up to what 
reversal implies. The dearest core for the 
present pattern would be to restructure the 
market by creating large pools — true cross 
sections of their communities. An insurer 
would then have to offer a given policy to all 
members of the pool high-risk and low, at the 
same blended price or community rate. 

The administration would try to achieve 


this result through health alliances — one per 
community. All health care plans that wanted 
to do business in the community would have 
to register with the alliance. Then people 
would choose among the plans in what would 
amount to a highly structured free market At 
year's end, there would also be a process of 
risk adjustment whereby plans with high 
numbers of high-risk patients would be com- 
pensated by those with lighter burdens. 

The alliances have been much criticized, in 
part by insurers but also by others, on 
grounds that they would stifle competition, 
that government need not intervene to such a 
degree, and that the alliances likely would not 
be up to the task. The committee bills on 
which work is now beginning thus seem un- 
likely to include such arrangements. But if 
they do not, they are going to have to contain 
other means of achieving similar results — or 
else settle for a system in which the sickest 
people continue to pay the highest costs. 

Some people argue that there should be 
more than one alliance or insurance market 
per area; others, that insurers and providers 
ought to be able to market tbear wares outside 
alliances; st31 others, that it will snuff out 
initiative if the government sets up a mini- 
mum benefit package that every insurer most 
offer. But the more wiggle room you create in 
order to bring about and wider choice, the 
greater the possibility that the healthy and 
sick win aid up in separate lifeboats. That is 
what this difficult area of reform is about 
— THE WASHINGTON POST. 


France Is Getting Involved 


The clearest voice in European foreign 
policy today speaks French. If there is at 
long last a glimmer of hope in Bosnia, it is 
because France and America simultaneously 
decided that something had to be done, and 
agreed on how to do it The new spirit ex- 
tends well beyond Bosnia. 

The French have let the world have its 
GATT free trade deal (with a handsome 
sweetener for France). They are working more 
closely with NATO; they have more or less 
accepted, minus a reservation or two. the idea 
that a joint European military task force will 
probably have to use “NATO assets,” mean- 
ing that it will need American consent. They 
are coolly realistic about how to deal with the 
turn for the worse in Russia. For the time 
being, when America wants to know what 
Europe thinks it turns first to France. 

Although they would not say so out loud. 
Prime Minis ter Edouard BaDador and his 
foreign minister, Alain Juppfe. seem finally to 
have accepted the logic of what the events of 
the past five years mean for France. 

First, it has become clear that the end of 
the Cold War is not the end of insecurity for 
Europe. To the east, a pugnacious new Rus- 
sian nationalism has raised its head. To the 
south, an angrily anti-European version of 
Islam is trying to seize power in Algeria and 
Egypt. By itself, Europe cannot feel safe 
unless it spends hugely more on defense than 
it is willing to contemplate. Therefore Eu- 
rope needs America. 

Second, the unification of Germany has 
ended the old French hope of a Europe with a 


predominantly French flavor. Germany is too 
big now, its economy too obviously stronger 
than France's. If America went home, (he 
predominant flavor in Europe would be Ger- 
man. Here is another reason for France to 
reach across the Atlantic for reassurance. 

These things drove Mr. Bahadur and Mr. 
Jupp£ to make their quiet revolution. But then 
they shrewdly turned necessity into opportu- 
nity. Of Western Europe’s four main coun- 
tries, Germany is still in foreign policy a rich 
weakling, nervously unwfiHng to send its sol- 
diers abroad; Britain has gone into a period of 
tired parochialism, its government seemingty 
always on the brink of disaster; and Italy is in 
1994, for practical purposes, a nonpower. 
There remains France. The Balladur-Jnppfa 
t«<m saw the chance, and seized it. 

Although many Frenchmen had begun to 
see tbeir country's need to face new realities. 
President Francois Mitterrand could not 
bring himself to make the radical change that 
was needed. But now Mr. Mitterrand is older 
and wearier. Mr. Bahadur’s famous tact has 
been hard at work on the president, and the 
change has been made. 

The ghost of Charles de Gaulle no longer 
presides over French foreign policy. It is a 
striking moment At home, Mr. Bahadur still 
denies work to too many Frenchmen by 
unnecessarily tying the franc to the Deutsche 
mark, and he still too easily yields to the 
instinct to buy off those who oppose his 
economic policies. But abroad he has done 
the right thing. 

INTERNATIONAL HERALD TRIBUNE 


After Years of Lethal Mediation, a Glimmer of Justice 


L OS ANGELES —It was the chance pres- 
/ ence of television cameras at the very 
moment of the massacre of 68 people in a 
Sarajevo marketplace in February that led 
American and European governments to do 
“something,” at last, to stop the slaughter. 

For the first time in 22 months, members of 
NATO threatened air strikes convincingly 
enough to silence almost ah Serbian artillery 
around Sarajevo, assumed by most observers 
to be responsible for the massacre. 

But the deadline expired without full com- 
pliance. And NATO’s ultimatum was one- 
sided. It offered tbe Serbs the option of plac- 
ing their guns under United Nations control, 
or just moving than cut of range — where they 
could use them to intensify attacks elsewhere in 
Bosnia or to restart the war in Croatia. To their 
Bosnian victims it offered only the option of 
surrendering their meager artitfay. 

Fast United Nations cease-fires froze in 
place Serbian gains from destroying Croatian 
cities, and freed Serbian farces to seize more 
of Croatia. Encouraged by the Vance-Owen 
plan, the forces could then join with Croatia 
m carving up Bosnia. 

If the current UN-sponsored mediation, 
keeps Serbia’s victims disarmed or out- 
gunned, then — whatever tbe exact hardens 
drawn on a map in a final agreement — 
President Slobodan Milosevic’s push for a 
Greater Serbia is likely to continue. 

No Western government, and certainly not 
America’s, wED permanently commit the huge 
ground forces needed to enforce a partition 
that satisfies none of the parties to it. 

The West invited Serbia’s genoridal war 
when it made dear to tbe Serbs that it would 
not let the former Yugoslav republics acquire 
tbe arms needed to defend themselves. 


By Albert Wohlstetter 


r—j of ah minorities, continuing a tradition 
Jtofaance daring back before the Inquisition, 
which caused many heretics to take refuge in 
Sarajeva Many of the 55,000 Sabs m Sarajevo 
have played a large rede in its survival. 

In the settlement that has been pushed by 
Europe and Russia, Bosnia would be a dis- 
persed, landlocked collection of defenseless 
ghettos under siege with no secure access to 
the trade and investment it needs to survive. 
And Croatia, without tbe buffer of a viable 
Bosnia between its thin Dalmatian coast and 
a Greater Serbia, would be vulnerable to a 
renewed Serbian assault. 

But tbe White House has just brokered an 
agreement between the Muslim-led Bosnian 


That was the intent of Mr. Kozyrev’s nor- 
mally smooth deputy, Vhah Churkin, in wild- 
ly threatening “aH-oct war” if NATO used 
force. The message was aimed at Eastern 
Europe, the Baltic states and other ex-Soviet 
republics that fear a sow clearly resurgent 
Great Russian imperialism. Mr. Gtrarkm’s 



To put the new federation that 


m 


a position to defend itself 
would require onty a transient 
use ofaBied ground forces . 


In Bosnia in particular, the war was not a 
— * *= r “ancient hatreds” on 


I sides, but a heavily armed Serbian aggres- 
sion a g ainst a recognized, sovereign member 
of the United Nations. 

In a 1992 referendum, 69 percent of all 
Bosnians eligible to vote — Orthodox Chris- 
tian Serbs, Catholic Croats, Muslims and Jews 
— opted for independence. They wanted to 
live together in a democracy that protected the 


it, Croatia and the Bosnian Croats. 
- reports that the central government of the 
new federation will be responsible for “nation- 
al defense” mean that Washington wfll support 
Effing the aims embargo, this is by Far the most 
promising development since tbe war started. 

To stop Serbian assaults, the new federation 
will neat military might. The Russian foreign 
minister, Andrei Kozyrev, has said that Serbi- 
an leaders come from the old Soviet totalitar- 
ian system and recognize only superior force. 
He has also said all along that Russia opposes 
both NATO's use of superior force and letting 
Serbia's victims acquire arms themselves. 

The sudden insertion of Russian “peace- 
keepers” —who in Croatia have shamelessly 
armed the Serbs they were supposed to dis- 
arm — was plainly meant to show that NATO 
threats were empty. 


jets in the Serbs’ most flagrant 
the no-flight zone over Bosnia. 

It is Serbia’s threats to respond to a West- 
ern use of force that are empty. They are 
even less convincing than Saddam Hussein’s 
threats that Western intervention in Iraq 
would mean “the mother of all battles” and 
lead to a world war. 

Mr. Milosevic’s military power is not 
nearly as formidable as Iraq’s — it is third- 
rate. And the ragtag Bosnian Serb army has 
engaged in no normal military operation, 
but in the systematic slaughter ana torture 
of civilians. Its former deputy commander, 
General Slavko Lisica, has described it as 
the most cowardly, ill -disciplined and muti- 
nous force he has ever led. 

Heavy weapons substitute for men that it 
cannot raenrit except by force — it is not easy 
to recruit for the systematic slaughter and 
torture of tivDums, the organized rape of 
women and destruction of homes, places of 
worship, schools, libraries and marketplaces, 

Radovan Karadzic, the leader of tbe Bos- 
nian Serbs, candidly describes bis own oper- 
ation as “ethnic cleansing." Bnt he has re- 
peatedly stalled NATO responses by claim- 
ing that any particular attack that might 
arouse the West to act was the work of the 
Bosnian Muslims themselves. 

It took a year and a half to establish that an 
explosive shell that hit one of Sarajevo’s main 
streets in May 1 992, while citizens were lining 
up for bread, came from Serbian front-line 
positions northwest of the city. 

The advanced ground radar now offered by 
the United States could have traced the tra- 
jectory to its source in seconds. Among other 


the air if it is to defend itself. More than two 
years of u nr emi tting ethnic deansing by the 
Serbian dictator and his renegade Bosnian 
Sabs should finally have demolished the 
myth that keeping the Bosnians from getting 
aims would shorten die war. 

If the United States wants to avddeontrib- . 
Tiring jun on the ground to operate the radar 
equipment, some of the many countries to ■ 
which America has sold h, rndudhig Germa- 
ny and Turkey, could furnish them. 

The United Nations uses Turks in tbe air 
but not on the ground in Bosnia, for fear they, 
might be biased But it would be absurd to . 
exclude the secular Turks from operating, 
ground radar because of Ottoman conquests 
m the 14th century, while accepting ground 
forces from France, whose president re- 
marked after four months of Serbian sheflmg- 
of Sarajevo in 1 992, “I have not forgotten the 
historic ties between France and Senna.” . 

Or while using troops from Britain, whose 
Foreign Office at the end of World War II 
turned ova 25,000 Croatian, Serbian and 
Slovenian men, women and children to the 
Communist regime in Yugoslavia for a death 
march through the cities. 

And while welcoming Russians, who have 
dearly supported Mr. Milosevic in his policy 
Of ethnic ef e« raring . 

Neither the United States nor its allies are 
likely to bear the moral and political cost of 
fielding tens of thousands of ground troops to 
enforce an ethnic partition of Bosnia forever. 
But to put the new federation that Washing- 
ton has brokered in a position to defend itsea 
would require only a transient use of allied 
ground forces — if it were backed by the 
dedstve and discriminate use of the large and 
powerful air force that NATO has assembled. 

This would be a feasible strategy, and h is 
the only way out of a political, moral and 
strategic quagmire. 


* 


b 


t 



the ground 


The miter, professor emeritus at the Uni- 
versity of Chicago and author of "Swords 
From Plowshares has been an adviser to 
Democratic and Republican administrations 
on military strategy. He contributed this com- 
ment to The New York Times. 


r-_ 
#;■ : 


The TV Images Are of Crises That Governments Didn’t Avert 



By Jim Hoagland 


made them do it. A dangCIOUS 
self-delusion lurks in this fad of claim- 
ing that modem democracies are hos- 
tage to overstimulated, tmderinfonned 
public opinion. And the claim ob- 
scures a Wader and more worrying 
rfurngp! in international relations. 

No one can deny the powerful, at 
times destabilizing impact of tekna- 
rion on Ite making of foreign policy in 
industrialized democracies. But to as- 
sign overwhelming importance to the 
instant news and analysis of foreign 
events carried by CNN and other net- 
works confuses symptom and cause. 

The central problem is not that tele- 
vision's immediacy creates an air of 
crisis and the public then demands 
that governments “do something." It 
is that industrial democracies involve 
themselves abroad only when crisis 
hits the television screen and forces 
them to oigage themselves. 

Europe and America have polled 
bade from foe long-term development 


rams that they once funded to 
“! disaster in the Third World 


Wealthy nations now prefer to mobi- 
lize resources for raises after they oc- 
cur rather than try to prevent than. 

As long- term p e r sp ec tiv es for for- 
eign policy disappear, soldiers are im- 
pulsively dispatched to Somalia and 

go wrong, and nations quarrefend- 
lessly over intervening decisively or 
staying out of Bosnia. 

The most cogent bill of indictment 
against the media has been drawn up 
fay Britain’s able foreign secretary, 
Douglas Hurd, wbo maintained in a 
speech at Tbe Travellers Club in Lon- 
don last autumn that the media now 
make, as well as report, tbe news in 
foreign affairs. “Public debate is not 
rim by the' events themselves but by 
tbe coverage of those events,” Mr. 
Hurd said. Then he complained that 
the media's impact inevitably goes 
along (he path of least resistance: 

“Most journalists have become in- 


terventionists. It is a human reaction 
to what they see and report Faced 
daily with the peculiar horrors of civil 
war in the 20th century, they feel that 
anything must be better than this 
daily experience.” Reporters become 
“founder members of the ‘Something 
must be done’ school” 

Events in Bosnia since Mr. Hurd’s 
speech would seem to confirm Ms the- 
sis. Coverage of the kQfing of 68 peo- 
ple in the Sarajevo marketplace by a 
angle mortar shell forced the hand of 
NATO leaden who had been willing 
to let the ItiDing go on in smaller daily 
numbers. They finally issued a bomb- 
ing ultimatum to the Serbs and en- 
forced the no-flight zone ova Bosnia. 

This is what statesmen fear and 
deay: a wave of emotion roiled op fay 
horrific images that demand immedi- 
ate action. “Action" is usually not 
suited to tiie tools and para of tradi- 
tional statecraft Worse, die wave can 
be pushed back in the opposite direc- 
tion by new sets of heartrending im- 


ages. A ; 

ed for callousness is then i 
accusations of beam foolhardy. 

This whipsaw effect is the polm- 
rian’s nightmare. Mr. Hurd described 
what is for him the journalistic oarai- 
laiy of modem rmhtaiy intervention: 
Electronic journalists, ‘‘as the casual- 
ties grew, would interview weeping 
and angry relatives, denounce the 
foolish lad: of foresight" by the gov- 
ernment and its “crass ignorance of 
history in entangling ou radv es again” 
in an m tractable foreign conflict 

Another British official describes 
the problem in more (deliberately) 
provocative terms: “Not long after 
combs began f alling, some of them 
would hit a group of nuns playing 
with children just besde a CNN 
crew. Our hid would be that the 
bombs would k3I the children and 
completely miss the CNN crew." 

Bombs have missed their target and 
hit civilians far as long as than has 
been aerial warfare. What is new is 
CNN. Ergo CNN is the problem. 

Mr. Hard ended his speech by de- 


crying television's e mphasis on some 
— .* * t of others 


No Room for Terrorists Americans and Japanese Can Surmount Their Disagreements 


“This act of evil is not the act of a people. 
It’s the act of a person or persons. Let's show 
America and the wodd that we can make that 
distinction, that we are not only the best of 
cities, but the wisest of cities.” With those 
sound words. Mayor Rudolph Giuliani sought 
to calm a tense New York City in the aftermath* 
of Itiesday’s brutal shooting of four Hasidic 
students. The attack on the Brooklyn Bridge 
left rare student brain-dead and another criti- 
cally wounded, [t also did further injury to a 
city shaken too often by violence and tension. 

When tragedy strikes the community of New 
York, whether natural disaster or tbe work of 
the evil and insane, the first instinct of the city's 
leaders must be to pull together in pursuit of 
healing. Mr. Giuliani has set tbe right tone, 
calling on all New Yorkers to keep some per- 
spective, and idling the lawless that New York 
will not tolerate violence. Within hours of the 
shooting, tbe mayor and the Police Department 
created a sense of control that gave the public a 
reason to fed confident in their government. 

It is a relief that arrests were made on 
Wednesday. Rashad Baz, a Lebanese national, 
was charged with attempted murder, assault 
and weapons possession; two other men were 
charged with weapons possession and hinder- 
ing prosecution. Bui the mayor and others 


ly Mr. Giuliani, theJewish and Arab communi- 
ties and many elected officials — some not 
previously known for restraint — have seen the 
potential for a widening cycle of tragedy and 
have expressed themselves with caution. 

It helps immeasurably that New Yorkers 
arc hearing calls for calm, not revenge. "Ottr 
way is not to retaliate,” said Rabbi Shmuel 
Butman, director of the Lubavitch Youth Or- 
ganization, on the day of tbe shootings. “Oar 
way is to go to the synagogue and pray for the 
Eves of these students and for the Guardian of 
Israel to watch over us." 

If tbe attack was the act of one mad individ- 
ual, it needs to be divorced from the broader 
tension between Jews and Arabs. And if it was 
a larger political act, there is all the more 
reason to demonstrate, as (he mayor empha- 
sized, that most people in (his tity of immi- 
grants are not terrorists. They understand that 
condoning terror gives it a power far greater 
than tire terrible damage already done. 

— THE NEW YORK TIMES. 


Other Comment 


From Force to Diplomacy 


recognize that the admirably quick work of law 
e nf orcement authorities — a reflection of skQl 
and old-fashioned luck — might not assuage 
the bitterness and rage that could threatm the 
city’s stability. That is especially true now, as it 
awaits a verdict on suspects tried for last year’s 
World Trade Center bombing, and watches the 
violence in Israel, where a settler from Brook- 
lyn massacred Palestinians last week. 

Tbe shooting of tire Hasidic students may 
well have been in retaliation for the kfflings on 
the West Bank, but neither the mayor nor the 
police commissioner would speculate on 
Wednesday. That too. was prudent. Repeated- 


For the first time since World War n, 
European skies have witnessed an air strike. 
Far the first time, NATO was directly in- 
volved in a war operation. Four Serraan- 
Bosnian planes were shot down. The generals 
of Radovan Karadzic should by now becon- 
vinrad (hat the hard line taken by tire West 
win be applied with force. 

Fears of an extension of the conflict are, 

noting more. Bosnian Serbs are more and 
more isolated. The only solution possible 
would seem to be a diplomatic one. 

— La Rqndddica (Rome). 



International Herald Tribune 

ESTABLISHED 1887 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 
Co-Chairmen 

RICHARD McCLEAN, Publisher St Chief Executive 
JOHN VD40CUR.ExeaaiveEebor A Via Prados 
• WALTER WELLS, News Efiar • SAMUEL ABT. KATHERINE KNORK and 
CHARLES MTTOtEI>tORE,D^ittfvEfiaiw" CARLGEWlinZ.AB«w£ifii<v 

• ROBERT J . DON AHUE, Edtorafihe ErBtand Pages • JONATHAN CAGE, Business and Finance Editor 

■ RENf: BONDY, Deputy Publisher* JAMES McLEOD, Advertising Durctor 

• JUANITA 1. CASPAR], Imemalkinul Dcve&Tftncni Dirraur • ROBERT FARRfe. Grcukeion Director, Europe 

Directeurde h PubEcadcwt : Richard D. Simmons 


W ASHINGTON —The bilater- 
al relationship between the 
United States and Japan is threat- 
ened by current disagreements over 
trade. What we fear is a war of 
wordsin which both sides waste op- 
portunities to strengthen a relation- 
ship that should be tire cornerstone 
of a Pacific Community. 

We believe that: 

• The bilateral trade imbalance is 
the result, not the cause, of our real 
problems, which lie primarily within 
tbe domestic economies of Japan and 
the United States. 

• Hie United Sates should set 
aside donands for quantitative indica- 
tors for Japanese imports which sug- 

orsbould con^^mla^rolts. 

• Japan, however, cannot jost say 
“no.” It should come forward with a 
credible multiyear macroeconomic 
stimulus package and a concrete pro- 
gram for meaningful deregulation of 
its economy. 

• Greater use should be made of 
the multilateral dispute settlement 
provisions of GATT, the General 
Agreement on Tariffs and Trade, to 
dad with U.S.-Japanese trade dis- 
putes, rather than relying so heavily 
on bilateral negotiations. 

Presdent Bill Clinton has elo- 
quently described America’s enor- 
mous stake in Asia and sought to 
direct U.S. attention and energy 
across the Pacific. Japan is the most 
important economic actor in Aria, 
and its future is inextricably tied to 
Aria and to North America. In the 
1990s, Aria win be the most rapidly 
mowing market for both the United 
States and Japan. Neither can hope 
to secure its broad economic and se- 
curity in te rest s in the region without 
dose collaboration. A real gulf be- 
tween Washington and Tokyo would 
create fear and uncertainty in Asia, 
with unpredictable consequences. 

Escalation of present trade dis- 
putes between the United States and 
Japan could have profound conse- 
quences for the two nations’ abiKty to 

to advance the Aria-Pacific Econom- 
ic Cooperation forum and other mul- 
tilateral structures for economic and 


This comment is adapted from an open letter to President Bill Clinton 
and Prime Minister Morihiro Hosokawa from die U.S.-Japan Study 
Group of the Carnegie Endowment far International Peace. 

The 1 6 signers are Stephen W. Bosworth (chairman), Morton 
/. Abramomtz, Beery Bosworth, Harold Brown, Gerald Curtis, James 
Delaney, William Frmzol Selig S. Harrison, Julius L Katz, 
Frank McNeil Don Oberdorfer, George Packard, Alan Romberg 
William Sherman, Edson W. Spencer and Paul Wolfowilz. 


security cooperation, to respond to 
the emergence of China as a major 
power and to confront growing un- 
certainties about North Korea. 

Japan’s human and material re- 
sources will be vital to efforts to deal 
with tbe growing global problems of 
the environment, humanitarian cri- 
ses and the widening gap between 
rich and poor nations. It is impor- 
tant to both countries that Japan 
become more active in providing 
global leadership. 

We regret that the major new ini- 
tiatives fra global cooperation an- 
nounced at the recent Washington 
Summit received so little press and 
public attention. Tbe joint undertak- 
ing on global population matters and 
Japan’s commitment to expand its 
international assistance in tins field 
by 13 billion over tbe next seven years 
are important steps in d eating with 
this critical issue. 

Tbe joint initiative to improve the 
environment of Central and Eastern 
Europe, together with Japan’s will- 
ingness to expand financial assis- 
tance to the region by up to 51 bil- 
lion, constitute a real enhancement in 
U.5.-Japanese global cooperation. 

Economics has been moving, toward 
the center of tbe bilateral relatio nshi p 
far some time. As the world’s two 
largest economies, America and Ja- 
pan have special responsibility fra 
directing the global economy. They 
cannot ignore their differences ova 
trade, but they must deal with them 
without risking the rest of their com- 
mon economic interests. 

If the United States were to restrict 
imports firm Japan to reduce the 
current annual deficit of about $60 
billion in bilateral trade, there would 
be little lasting effect on America’s 
global deficit or tbe worldwide Japa- 


urpl 
id h 


The Challenge for a Maturing Tokyo 


facenttional Herald Tribune. 181 Avenir GiarfesHleGaiille, 9252 1 Neuilly-sur-Seine, France. 
Tel : U 1 4637.93.01 Fax :Crailatkn. 4637.065!: Adrattang.4637.5Z12. 

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SJL oo capital de 1200.000 F. RCS Nanterre B 732021126. Commission Pariiairc No. 61337 
© 1994. bsrmamd Herald Tribm. Affrights reserved. ISSN: 02948052 



T HE trade standoff is unfolding against a backdrop of political turmoil in 
Tokyo. As Prime Minister Morihiro Hosokawa pushed fra a voluntary 
markra-opening program, he was distracted by a two-woek effort to reshuffle his 
cabinet, an effort he now has abandoned. To keep Tokyo focused, the Clinton 
administration 1ms raised the specter of reinstating the tough Super 301 hade 
order, winch would allow the president to quickly impose sanctions. 

As usual, a policy change depends on Tokyo's bureaucrats, notoriously 
resistant to change. It is likely that in an attempt to placate UJk trade 
negotiator they amply will repackage past “process* 1 efforts to open markets. 
While that foot-draggmg strategy worked fra 12 years, it is unacceptable to 
President Bill Clinton Voluntary changes by Japan are preferable to imposing 
sanctions. If Tokyo truly views its relationship with the United Stales as 
manning, it must grow to this challenge. 

— Los Angeles Tones. 


ings and investment ratios m one ot 
both countries. America has had a 
large current account deficit be- 
cause Americans spend more than 
they produce. The U.S. deficit has 
risen recently because the economy 
is expanding while major trading 
partners, including Japan, are in re- 
cession. The United States should 
not blame foreigners for a trade def- 
icit that is essentially a reflection of 
its own domestic practices. 

However, the Japanese govern- 
ment’s efforts to s timula te its domes- 
tic economy have been too Hule, too 
late. A protracted recession has 
pushed Japan's global trade surplus 
to over 51 50 When a year. Tbe blest 
stimulus package does include a cut 
in income taxes, but its temporary 
nature will severely limit the effects. 

While correction of macroeconom- 
ic policies is the most urgent chal- 
lenge, the issue of access to Japanese 
markets, for America and fra the rest 
of the world, is too important and too 
politically explosive to ignore. Japan 
is less open io foreign companies and 
foreign products than the United 
States and the rest of the Group of 
Seven industrialized nations. 

Although a recent report by the 
Councal of Economic Advisors m the 
United States finds that even with 
perfect access to the Japanese market 
the trade deficit would fall by no 
more than $18 billion annually, Amer- 
ican companies would undoubtedly 
seO more m an open Japanese market 
These increased «ports would create 
additional American jobs. Moreover, 
tiie lack of open competition is most 
haimful to Japanese consumers. They 
would gain tbe most from reform. 

Tbe asymmetry of market access 
between the two countries raises seri- 
ous issues of fairness for the Ameri- 
can public. American firms should 
have the same opportunities in Japan 
as Japanese firms have in America. 
We share the frustration over the dif- 
ficultly of negotiating greater access 
to the Japanese market. But we are 
opposed to the current insistence of 
the U.S. administration that the Jap- 
anese government agree to quantita- 
tive trade indicators against which 
progress toward greater access to Jap- 
anese markets should be measured. 

Regardless of bow they might be 
expressed, quantitative indicators 
would be regarded as Japanese com- 
mitments. A failure to meet them 
would provoke charges of bad faith. 


fueling political pressures for trade 
sanctions against Japan. 

More fundamentally, American in- 
sistence on quantitative indicators 
implies that the Japanese government 
could and should bring about a given 
market outcome. The UJ5. proposal 
would reinforce rather than reduoe 
the rede of Japanese bureaucracy in 
decisions that should be left to Japa- 
nese consumers and companies. 

For the most part the difficulties 
of access to Japanese markets do not 
stem from high Japanese tariffs or 
overt barriers to trade that could be 
removed by government fiat. They 
mostly result from corporate rela- 
tionships and practices, manufactur- 
ers' control of distribution systems, 
and the maze of government regula- 
tions which handicap new entrants to 
the Japanese market and constrain 
private consumption. 

Despite our opposition to quantita- 
tive indicators, we believe that the 
Japanese government must do more 
than just say “no." It is incumbent on 
Japan to come forward with an alter- 
native approach that meets the con- 
cerns rtf the United States and tbe rest 
of the world about access to Japanese 
markets. There should be a credible 
political commitment io a serious 
timetable for concrete deregulation. 

While pressure from the outside 
can play a role in bringing about 
greater access to the Japanese econo- 
my, structural change can come only 
from within Japan. It must be seen by 
Japan as being in its own interest, not 
simply a political accommodation to 
the United States. 


Many Japanese companies can no 
longer afford not to do business with 
American and otter non-Japanese 
suppliers because they can provide 
high-quality products at Iowa cosl 
The Japanese themselves, led by 
Prime Minister Morihiro Hosokawa, 
have begna to call fra urgent eco- 
nomic deregulation. Clearly, struc- 
tural economic change must occur as 
part of an even broader process of 
political change and reform. We are 
encouraged by Mr. Hosokawa’s com- 
mitment to political reform and by 
the steps he has begun to take. 

We do not believe that heavy reli- 
ance on U.S. pressure to bring about 
change Is either effective or wise. It 
corrodes the mutual respect and trust 
that must underpin the overall rela- 
tionship. The bilateral approach is 
also contrary to the interests of both 
countries in strengthening multilater- 
al mechanisms fra the settlement of 
trade disputes. We urge both govern- 
ments to start addressing their trade 
differences through tbe dispute set 
dement mechanisms of GATT. ' 

Notwithstanding tbe tensions be- 
tween the two countries, we are opti- 
mistic about the future. Each nation 
has such an enormous stake in the 
bilateral relationship that neither can 
afford a serious rift. They will need to 
m anage disagreements, perhaps more 
frequent than in the recent past 
Thar national interests are generally 
congruent, but they are not always 
identical. Wise, prudent leadership m 
managing this enormously complex 
relationship will be indispensable. 

International Herald Tribune. 


m OUR PAGES: 100, 75 AND 50 YEARS AGO 


1894: A Clash in Africa 


LONDON — A dispatch from Free- 
town, Sierra Leone, states (hat partic- 
ulars regarding the circumstances of 
tbe second Anglo-French collision in 
the Sanrn country have now reached 
that place. It appears that the conflict 
occurred between the French and a 
body of unarmed natives who woe 
engaged under the superintendence 
of the frontier police in making a 
road to a village named Noranpah. 
None of the police were killed, but 
five of tbe natives were shot, as well 
as one French soldier. 


today afternoon [March 3] to meet 
again to-morrow, when it is expected 
something concrete wQl be accom- 
plished. There is a general tendency 
to limit Germany for a short post-war 
period to just enough hydroplanes to 
do a big share of the rarae-sweeping, 
which is the greatest menace to the 
merchant marine. 


1944: P-38s to Berlin 


1919: Taming Germany 


PARIS — After hearing Marshal 
Foch read the trams for the demobili- 
zation of the German army, the occu- 
pation of German territory, regula- 
tions of naval and air strength and 
other matters of a military nature, 


and discussing them thoroughly, the 
mcil of Ten. sittine as the Su- 


Coundl of Ten, sitting as~tfae Su- 
preme War Council, adjourned yes- 


LONDON — [From our New York 
edition:] American planes — P-38 
Lightning fighters — flew over Ber- 
lin today [March 3] for the first time 
in tiie war as the latest large-scale 
Allied air offensive against the Ger- 
mans continued with Flying For- 
tresses and Liberators attacking un- 
disclosed targets in northwest 
Germany, The Lightnings met no 
enemy planes ova Beilin, but they 
shot down two within sight of the 
German capitaL At the same time 
American Marauder medium bomb- 
ers, operating 250 strong, attacked 
four German airfields in France. 




O* 







(Nagcwno-Kaiabakh): “Governments 
and the United Nations cannot con- 
fine themselves to events in today’s 
headlines. They have to wrestle also 
with the unlit tragedies.” 

But tbe governments of Europe and 
Noth America, absorbed in domestic 
problems, are systematically depriving 
themselves of foe tods needed to deal 
with Et or unfit tragedies, as they pare 
bade foreign aid and development 
budgets and dismiss multilateral ap- 
proaches to global problems. Recent ; 
efforts in Congress to withhold UJS. 
dues already committed to the United 
Nations are symptomatic of this de- 
structive turning inward. 

Tbe baric problem in foreign policy 
formulation is not CNK s crisis cover- 
age. It is the growing number of raises 
themselves as the woridYmqra pow- 
ers disengage from leadership roles in 
long-term development and preven- 
tive diplomacy. Such shortsightedness 
guarantees CNN a busy future. 

The Washington Past 




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Sharpening Dubious Skills 

In Whitewater’s Rapids 

% William Satire 


TyAOTINGTON — In Ihehmory of 
TV modem political scandal, the cw- 
er-up is always worse than the crime 
That a the way it was in the Nixon 
White House about a stupid break-in at 
Wato^ate. That is how it was with Bush 
Justices non-prosecution of Iraqgaie. 
which Rmo Justice should be ready to 
tarn over for prosecution as soon as 
House and Senate conferees adjust the 
recently passed Independent Counsel 
Act And that is how it will be when the 
Whitewalergale federal-level cover-up 
of stale-level wrongdoing is exposed 
in the years to come. 

Take the most recent abuses of federal 
power to smother an inquiry. 

7** Press reports forced the 

Federal Deposit Insurance Corporation 

S on whether the Rose Law Finn 
Chnton, Webster Hubbell, Vm- 
iter & Co.) had disclosed its 
previous representation of the Madison 
S&L in its pitch to the FDIC for bailout 
business. Mr. Foster’s pitch letter evad- 
ed the legal requirement to disclose. 

FDIC whitewashes noted that Mr. 
Hubbell, now de facto attorney general, 
claimed to have “very generally,” and 
never in writing, advised an FDIC attor- 
neyof “a small amount of work.” 

.That government attorney directly 
disputed Mr. HubbdTs story, so did his 
supervisor. Even the Rose partner work- 
ing on the account differs from the Hub- 
bell version. Yet the Clinton FDIC 
chose to believe the profoundly conflict- 
ed Mr. Hubbell 

The Resolution Trust -Treasury -White 
Home cover-up. Although "Keating 
Five” chairman Don Riegle blocks a 
needed Smate Banking inquiry. Senator 


A1 D'Amato used a routine RTC bear- 
!PB to extract embarrassing news from 
Roger Alt m a n , acting chief of the agen- 
cy dealing with failed s*i« 

Mr, Altman, apparently ready to cut 
comers to get Lloyd Bentsen’s Treasury 
job, went to the White House to give 
savant* information on the RTCs 

S laus in Whitewatetg&te to the counsel, 
eraard Nussbaum; Hillary’s staff 
chief, Margaret W illiams, and Harold- 
Jdtes Jr. (whose father resigned with the 
famous blast at Harry Tr uman : **1 am 
against government by crony*). 

The apple-polis hing agency head was 
ordered to find out from RTC counsel if 
his agency had to provide the same in- 
side stuff on procedures to others. Duti- 
fully, Mr. Altman went back and did, 
and the tuning edge he had given the 
White House team was evident m the sly 
answer: “in due course” Pity those dop- 
ey outside parties at interest. 

Having been forced by Mr. D’ Ama- 
to's questioning to spill the beans on 
currying White House favor, Mr. Alt- 
man belatedly recused hims elf from the 
case, pleading only “badjudgmenL” To 
this moment, nobody from the nonin de- 
pendent counsel's force has asked any of 
the meeting’s participants what was 
said, or warned anybody not to destroy 
notes always taken at such meetings. 

The Stonewalling speaker. On a matter 
that cries out for congressional over- 
sight, why have there been no hearings 
in the House? 

Because at a secret 8 AAL meeting of 
Democratic satraps and staff members 
on Feb. 2 in Speaker Tom Foley’s offices, 
George "Die Enforcer” Kuodanis laid 
down the law: no Whitewater hearings 


KVTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 

OPINION 



anywhere under any circumstances. 
Erstwhile anti-corruption tigers like 
Hairy Gonzalez, John Dinged and Jack 
Brooks have cravenly obeyed orders. 

But that put the Small Business 
Committee chairman, John LaFalce, a 
New York Democrat, in a bind. He had 
already requested papers from the 
Small Business Administration, which 
readily unloaded a newsworthy pile 
about the McDougals' loans unknown 
to the nonindependent counsel. Mr. 
LaFalce had sent the hot documents to 
the General Accounting Office for 
analysis and is now frantically trying 


to get that agency of Congress not to 
give him a report 

As cover-ups go, Whitewateigate 
rates a B — less clumsy than Watergate 
but not as effective as Iraqgaie, for 
which James Baker and Wflfiam Barr 
deserve an A for befogging Janet's ju- 
nior Javert ax Justice, John Hogan. 

Bill Clinton's major contribution to 
the art of containing scandal is the nego- 
tiated subpoena, whereby damaging 
data are directed under a single rug. 
Smart maneuver; might take the Demo- 
crats past the *94 elections. 

The New York Tones. 


Today She Would Be Frightened 

T EW YORJC — My grandmoth- By Frank Rich cret Relationship Between Blacl 


N EW YORK — My grandmoth- 
er, who was no fool, took a 
strict line on people and events. 
They fell into two categories: They 
were either good for the Jews or baa 
for the Jews. 

In the simpler times of the 1950s, 
the bad-for-ue>Jews list began with 
Hitler, always the gold standard, and 
descended all the way down to the 
jerk who elbowed his way to the front 


MEANWHILE 

of the line at the Woodmont Country 
Club buffet. In between came Roy 
Cohn, Meyer Lansky and the Imperi- 
al Wizard of the Ku Klux Klan. 

Good for the Jews were Adlai Ste- 
venson. Abba Eban, Sieve Lawrence, 
Eydie Gonne, Eleanor Roosevelt and 
Sammy Davis Jr. 

About the only public personality I 
remember being a dose call, in my 
grandmother’s eyes, was Elizabeth 
Taylor, when she" converted to Juda- 
ism to marry Eddie Fisher after steal- 
ing him from Debbie Reynolds. Was 
this good for the Jews or bad? Al- 
though debated with Talmudic inten- 
sity up to the intrusion of Richard 
Burton, the issue was never resolved. 

1 can imag ing my grandmother's 
voice now adjudicating the likes oE 
Jerry Seinfeld (good for the Jews) and 
Michael Milken (you have to ask?). 
But how would she have coped with 
the recent escalation of bad-for-lhe- 
Jews developments? 

My grandmother was worldly; her 
parents had known pogroms in the 
old country and her children had ex- 
perienced anti-Semitism in the new. 
Even so, she might not have retained 


her philosophic equilibrium when 
hear ing of a Jewish terrorist like Ba- 
ruch Goldstein. Nor would she have 
easily grasped the news of Hasidic 
blood spnied on the Brooklyn Bridge. 

The more insidious poisons of hate 
polluting the air might have baffled 
her still more. For instance, I wonder 
what my grandmother, who ignored 
my parents' orders and let me stay up 
late to watch Jack Paar, would make 
of the extraordinary late-night talk 
show that Arsenio Hall bestowed 
upon the nation last Friday night. 

Mr. Hall’s sole guest was Louis 
Farrakhan. Mr. Farrakhan did not 
tuna up to play his violin & la Bill 
Clinton with his sax. He turned up to 
spread his message, and Mr. Hall a 
comedian presiding over a main- 
stream entertainment series, tacitly 
endorsed and promoted that message 
while pretending to conduct a neutral 
journalistic probe. 

Boasting of u my research depart- 
ment,” Mr. Hall told us that L IVe 
never had this many notes for an 
interview.” He threw in the names of 
Jewish friends he had consulted — at 
least be didn’t say they were some of 
his best friends — and then let his 
guest filibuster. 

Mr. Farrakhan explained to an ac- 
quiescent Mr. HaB that he wasn't a 
"new black Hitler” because he “never 
desired to put another human being 
in an oven” — thank you so very 
much! — as if this cleared him of all 
charges of anti-Semitism. 

He then plugged the anonymously 
written Nation of Islam book “The Se- 


cret Relationship Between Blacks 
and Jews" — holding up this anti- 
Semitic screed like a product on the 
QVC merchandising channel and 
claiming it to be a scholarly work by 
rabbis and eminent historians. “So u 
it is anti-Semitic,” Mr. Farrakhan 
said, “the Jews themselves are the 
ones we are quoting.” He attributed 
the book’s fictional thesis, that Jews 
controlled the slave trade, to a histo- 
rian from the respected American 
Jewish Historical SocielY- 

Mr. Hall made no effort to chal- 
lenge or verify the statement. Had he 
made a simple phone call before or 
after the taping to Michael Feldberg, 
executive director of the Historical So- 
ciety, he would have learned that that 
organization has clocked S4 distor- 
tions of fact in the first chapter alone 
of this pseudo-historical tome. 

Later Mr. Farrakhan complimented 
his host as “not just an entertainer” 
but “a man of principle.” What this 
supposed man of principle failed to see 
is any connection between Mr. Fanak- 
han ’s loose talk and rising violence 
against Jews, Mr. Farrakhan, who is 
not stupid, had scored a victory. “Ar- 
senio” gave him a wider audience be- 
yond the partisans who might watch a 
Nation of Islam broadcast, a serious 
news program or a college address. 

Thus was “The Secret Relationship 
Between Blacks and Jews” sugar- 
coated as mass entertainment — on a 
show produced by that most prized of 
American media companies. Para- 
mount, no less. In the tinderbox we 
live in now, a far cry from my grand- 
mother's secure 1950s, this isn t just 
bad for the Jews but terrifying. 

The New York Times. 


LETTERS TO THE EDITOR 


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Japan and Deregnlation 

. 'Regarding “ Mud Starts to Fly in 
Dispute Over Cellular Phones” (Busin- 
ess/ Finance Feb. 19): 

It was disappointing to read that the 
UJ5. trade representative, Mickey Kan- 
tor, has announced trade sanction pro- 
cedures against Japan for violation of a 
1989 agreement on the allocation of fre- 
.quendes for cellular telephones. 

It is important to mum Tain a 
distinction between the responsibilities 
of government authorities and the re- 
. suits of market forces and business ne- 
gotiations. This is a crucial point in 
understanding Japan’s movement to- 
ward a deregulated economy and is a 
basic tenet 01 a mature trade relation- 
ship with the United States. 

Of utmost significance is the unprece- 
dented introduction of new competitive 
forces to the cellular phone market dur- 
ing the comse of this year. For example, 
Japan is a few weeks away from liberal- 
izing sales of cellular phone terminal 


JAMES B. CONANT: Har- 
vard to Hiroshima and die 
Making of the Nuclear Age 

By James Hershberg. 948 pages. 
$35. Knopf. 

- Reviewed by 
S. S. Schweber 

I N a biographical essay written 
in 1964, a yep or so before 
" drafting his autobiography, the 71- 
year-old James Bryant Conant as- 
- serted that he could not identify the 
. set of beliefs that bad directed his 
actions during the 50 years since he 
graduated from college. He noted 
' that four entangled strands wove 
the pattern of his adult life: dhonis- 


eqmpmeaL Effective April 1, cellular 
phone service subscribers will be free 10 
buy their phone units like any other 
consumer products rather than having 
to rent them from carriers. 

The market will be completely open to 
foreign and domestic suppliers. Foreign 
suppliers will include Motorola, Erics- 
son of Sweden and Nokia of Finland. 

Japan will continue promoting dereg- 
ulation reforms that broaden market op- 
portunities. It wfll not, however, act m 
contradiction to the principles of a free 
economy by dictating market shares. 

JOHN ROSSMAN. 

Tokyo. 

The Somali Way 

Regarding the report u 60 Die in Soma- 
lia as West Pulls Bade and Chaos Re- 
turns" (Feb. 14) by Keith Richburg, and 
the editorial “ Somalia for the Somalis " 
(Feb. 16) from The Washington Post : 

If the West had let Somalia alone, 
there would have been no chaos and far 


BOOKS 


WHAT THEY'RE READING 


• Lord Cobbold, managing director 
of currency managers Galacorp in 
London, is reading “Wild Swans" 
by Jong Chang. 

“The bode is a fascinating ac- 
count of changes taking place in 
China in my lifetime — to think of 
all they were going through therein 
the 1960s while fere it was flower 
power and the swinging Sixti es.” 

(Erik Ipsen, Uf T) 


less killing. In a society based on clan- 
ship, conflict is normally resolved by an 
assembly (called a shir in Somalia.), 
where tribesmen sit under the trees and 
palaver for weeks or months on end, 
recount their history, boast of their cour- 
age and that of their ancestors, compose 
poems, pay fines, present formal excuses, 
and mark their reconciliations by giving 
their daughters in marriage. 

This works very well — as does the 
self-sustaining nomadic economy — un- 
til the postcolonial ideology of the 
World Bank or the International Mone- 

a Fund destroys that indispensable 
ice. In the long run. the rich world 
will pay, in one way or another, for 
impoverishing the poor one. 

DAVID DORRANCE. 

Paris. 

Germans in Alabama 

The story about Mercedes-Benz and its 
advent in Alabama (“Mercedes Immerses 
Executives in ’Bama," Feb. 15, by Rick 


Atkinson) was delightful. Written from 
Stuttgart, however, it missed the fact that 
for 40 years there has been a German 
enclave in Alabama much larger than the 
one in Vance, and that enclave has long 
since transformed social and intellectual 
life in the northern part of the state. 

When the UJS. Army’s ballistic mis- 
sile office was set up at Redstone Arse- 
nal in Huntsville m the early 1950s, 
Wemher Von Braun and more than a 
hundred scientists and engineers, with 
their wives and children, were trans- 
ferred from New Mexico. Thor were the 
prizes of Operation Papercup, which 
had brought them from PeeoemQnde 
and its V-2 operation in 1945. They soon 
became American citizens. 

Helped by thousands of Alabamans, 
from bulldozer operators to computer 
programmers, they put up the first U.S. 
satellite in 1957 and later powered the 
enormous American space program. 

HERB GROSCH. 

Gheserex, Switzerland. 


Merchants oi Death 

Regarding the editorial “ Tinkering 
With Deatn’ and “ Hot Asia Market Pits 
Competitors for Arms Sales " by Michael 
Richardson (both Feb. 26): 

Unfortunately for all of us, the im- 
passioned editorial against the death 
penalty appears destined to join the 
isolated minority opinion of the Su- 
preme Court Justice Harry Blackmim. 
This is because the “evolving standards 
of decency” of world leaders still 
languish in the Dark Ages, as an art- 
icle in the same issue of your newspa- 
per confirms. 

On the front page, your correspon- 
dent reports that Western governments 
are more eager than ever to profit from 
the death of human bangs. 

We must inform our leaders that reap- 
ing profits from arm sales is immoral 
and wifi no longer be tolerated. 

The only justification for aims trans- 
fers should be to assist the victimized 


and the defenseless. In those cases, mili- 
tary aid should be fxeely given. 

COLIN YOST. 

Paris. 

Strength and Panache 

Regarding “ Manv Thanks to the 
Many Class Acts" (Sports, March 1) by 
Tony Komheiser: 

Enough cannot be said of the gracious 
Katarina Witt. Her stunning reappear- 
ance in liflehammer was like a breath of 
fresh Norwegian air. She alone manag ed 
to lift figure skating back to the level of 
artistry and compassion that has been so 
sorely lacking of late. 

When two medal contendere collided 
in practice, it was Katarina who immedi- 
ately skated to their aid and scooped 
them bade up to their feet, an admirable 
and unselfish older sister whom every 
skater should strive to emulate. 

After a dazzling short program, she 
gave us a heartfelt and soulful long pro- 
gram, an expression of passion and hope 


Lest we all be overly concerned with 
the glitter erf gold and silver, the hype 
and circumstance, let us never forget 
what a true Olympian should be — an 
athlete of power and talent, humility 
and charm, someone with the timer 
strength and graceful panache of a 
Katarina Witt 

PHILIP BARTLETT. 

Paris. 

In skating to the poignant “Where 
Have All the Flowers Gone?” Katarina 
Witt became before our eyes the flowers, 
the young maids, the dying soldiers, ev- 
eryone. Seeing by what artful grace she 
wed human form to son& I was quite 
suddenly filled with joy. 

She knew she could not win. She came 
not to reclaim past glory but to share her 
poetry with the world a final time. 

Since I cannot award her the perfect 
score her art and heart deserve, I salute 
her now. Thank you, Ms. Witt, for the 
joyful moments skated out of time. 

BHEKA PIERCE. 

Copenhagen. 



sonal questions that Conant had 
raised. But he has convincingly de- 
lineated the beliefs that guided Co- 
nant’s actions and has carefully de- 


Conant entered Harvard as an 
undergraduate on a scholarship in 
1910 and by 1916 he had obtained 
his Ph. D. in organic physical 


thepatteniQimsaauiimc.uucuuiJ- * — ----- - — 

try, Harvard, Germany, and educa- circumstances that shaped them. 

I tion. Altiiough tire them^ wCTe Conant was bom in Boston ai 
. dear, he coofessed lhat hewasem- - m Dorchester, then 

. able to working-class suburb. His fath 

:.9 l “®* t ! ons . M a/t minis- was a photoengraver who succes 

■ fully dllbbled ni real estate u 

. trauma? Why did he renre construction; his mother was 

- presidency of Harvard at tacageof ^ eum m w 

60 to become the sHteb 'Comma- to cofiege his parents e 

, Stoner of Germany? And why roiled him in a small exclusiv 
he choose to make a study ' « “c private prep school — where 1 
Amen can coi came under the tutelage of Newu 
. school? He doubted that anyone H Black, a science teacher ai 
could answer these questions. recent Graduate of Harvard. Blac 


scribed tbe context and the chemistry. In 1917, after a stint as 
circumstances that shaped them. an instructor in the Harvard chem- 
" istiy department and a disastrous 

Conant was bom m Boston and venture in the realm of privaie- 


grew up in Dorchester, then a enterprise chemical manufactur- 
waridng-dass suburb. His father Conant became involved with 
was a photoengraver who success- developing defenses against gas 
fully dabbled in real estate and warfare which the Germans intro- 
construction; his mother was a duced m 1915, After the United 
homemaker. To ensure their son’s states entered the fray, Conant be- 
admission to college his parents en- came an officer in the Chemical 
rolled him in a s m a ll , exclusive, Warfare Service of the Army. In 
private prep school — where he 1918 he was put in charge of a 
came under the tutelage of Newton highly seraet chemical plant in Wfl- 


In his splendid portrait of Co- 
nant, James Hershberg has likewise 
refrained from answering the per- 


Henry Black, a science teacher and lough by, Ohio, that produced lew- 
recent graduate of Harvard. Black, isite, a lethal gas that Conant con- 
recognizing Conan t’s talents, over- coved as “tbe great American gas 
saw his scientific studies and got which would win the war." 


him into Harvard. 


BRIDGE 


By Alan Truscott monds and a spade and beaten the 

T HE Chinese finesse ^ ^East pointed out that covering 
Chinese nor a finesse: It is me woo j ( j ^ m emof jf West held a 
lead of an unsupported honor inui 5^)5^ heart ace. This was not a 
can gain only u datpe sups ^kely dicwnstance, and it did not 
fand fails w coyer the dotot. a evince West. The second line of 
related position is the heart layou defense was stronger, 
shown m the diagram. H “Helen would have made it even 

leads the heart gueen, be can if 1 covered,” said East. “If you lead 

legitimately if West has a angaon a diamond when yoa win the heart 
jack. He can also gam , Chines©- ^ j ^ wo diamond tricks but 
style if East has a doubleton Kmg dummy’s last diamond takes care 
and fails to cover the 3 u . ea J‘ , nrv of the spade laser. If we get a spade 
- . The deal was played in January w ^ ^ ■ 

ia a social game m Hota Swnd, trj(4s . 

-JTS*" 

was . distinctly, 

modest invitation would have led *4 

fA the sural! result- _ , WEST EAST 

*jv nt 1 

■SSTtfs^-^K: :a.7« ittff 

and’led the heart queen. When East 

failed to F® ver drawn m 7 3 2 

ass* : 

and South md so. r . were vulnerable. 

rr £ 1 ? 5£ 

told his partner. “Tw® ^ ^ west Ml tbe tftnmo ad four, 
have taken a heart tncs. lwv 


In 1920 he was called back to aor 10 wcsl uermany. 

Harvard and rapidly climbed the In his introduction to his superb 
academic ladder. By the end of the study, Hershberg reveals that be 
dacadehewasafull professor, chair- was not sure whether he “liked” 
man of the department of chemistry, Conant. I suspect that Conant nev- 
and recognized as probably the er cared much whether people liked 
leading organic chemist in the Unit- him but that he cared deeply 
ed Stales. He had also married Pat- whether they respected him. He did 
ty, the daughter of the chairman of not see the moral order in black- 


the country to be ready for the con- 
frontation with Nazi Germany that 
he felt was inevitable. Conant be- 
came deputy director of the Office 
of Scientific Research and Develop- 
ment committee that oversaw the 
making of the atomic bomb. 

He was at first dubious that such 
a gadget could be made to work, 
bnt immediately recognized its dev- 
astating potential should it prove 
achievable and was horrified by the 
prospect. 

Conant saw the harnessing of 
nuclear energy as justified if it 
could produce a bomb during war- 
time. He was highly dubious of tbe 
value of nuclear power for civilian 
purposes. He baa a profound mis- 
trust of human nature and was 
deeply worried about the ability of 
mankind to handle atomic power 
without destroying itself. 

Until the outbreak of the Korean 
War, Conant had harbored hopes 
that in time a peaceful settlement 
would be reached in the armed 
truce between the United States 
and the USSR. The Korean con- 
flict converted him into a fierce 
cold warrior. 

In 1953, just as Senator McCar- 
thy was to begin his corrosive in- 
vestigations of American universi- 
ties, Conant reagned the Harvard 
presidency to become the U. S. 
High Commissioner in Germany, 
and later tbe American ambassa- 
dor to West Germany. 

In his introduction to his superb 
study, Hershberg reveals that be 
was not sure whether he “liked” 
Conant. I suspect that Omani nev- 
er cared much whether people liked 
him but that he cared deeply 


his department, Theodore William 
Rkharids, and had started raiang a 
family. In 1933 he was offered the 
presidency erf Harvard. 

Conant’s acceptance of the presi- 


and-white terms, and he was deeply 
aware of the fragility of human 
institutions. 

S. £. Schweber, who teaches phys- 


dency of Harvard coincided with ia and history at Brandos Universi- 
Hi tier’s rise to power m Gennany. ty and is an associate in the depart - 
He early recognized the threat of meni of the history of science at 
fascism and became one of the most Harvard University, wrote this for 
outspoken advocates for rearming The Washington Post. 


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Now Printed in 
NEWARK 
FOR SAME DAY 
Delivery in Key Cities 

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International Herald Tribune 
Friday, March 4, 1994 
Page'8 



Rjv Ccrahooroev Btac* St» tor Tbc New Yoit Tin 

Built in 1870 as a grand home for a merchant family , the Bela Vista commands sweeping views of the harbor. 


Best of Old and New in Macao 


By Barbara Basler 

New York Times Service 


M 


ACAO — For years the Bela 
Vista Hotel in Macao enchant- 
ed visitors with its faded colo- 


nial charm, its overgrown 
i its sweeping views of the har- 


courtyard and its sweeping views 
bor. 


By the late 1980s, though, the hold was 
literally crumbling, and its fate was uncer- 
tain until the Macao government organized a 
joint-venture company to revive the hotel's 
fading glory. 

After a meticulous SS.8 mflh' on renova- 
tion, the Bela Vista reopened in the fall of 
1 992, and it is a delight — a tiny aristocratic 
hotel with only eight rooms, where guests 
can live as the wealthy Portuguese famines of 
Macao once did, amid rich Oriental and 
European art and furnishings. 

Built in 1870 as a grand home for a mer- 
chant family, the Bela Vista evokes memo- 
ries of the traders, adventurers and gamblers 
who once made this Portuguese enclave a 
rich and romantic Asian port. 

The imposing home quickly became a 
small hotel, and the hotel passed through 
scores of incarnations over the years, from 
an illegal gambling den to a school. 

The Bela Vista played host to Shang hai 
millionaires, mistresses of wealthy Hong 
Kong merchants, and, in the turbulent 
1960s, even Red Guards from Ghina who 
temporarily took over the hold, placing Mao 
Zedong's “little Red Bode” on the bedside 
tables. (Macao is scheduled to revert to Chi- 
nese rule in December 1999. two years after 
Hong Kong does.) 

The hotd sits proudly att» Penha Hill, 
above Macao's inner harbor, the Praia Gran- 
de Bay, an estuary of the Pearl River. Audit 
looks much as it did on turn-of-the-centuzy 
postcards. 

The lovdy mansion, with its two tiers of 
columned balconies, has even been painted 
its original pale yeflow. 

The renovation was supervised by a lead- 


Graceful arches supported by broad white 
columns give the lobby drama, as does the 
double height of its ceding. The room also 
has an intimacy that comes from the 
thoughtful decor — green potted p alms, blue 
and white porcelain vases, European candle- 
stick lamps and old bo tanical prints. 

The guest rooms upstairs have been deco- 
rated individually, but all have high ceffings, 
elegant tall windows and views of the harbor 
or the city. Rooms are furnished with a mix 
of antique Portuguese armoires, needlepoint 


Guests can order an elegant room-service 
breakfast, have the table wheeled onto the 
veranda and enjoy the view of Macao and its 
harbor — from the gaudy roof of the frantic 
Lisboa Casino, to the Taipa Bridge, to the 
huts of a Chinese fishin g village in the dis- 
tance. 


The romance of 19th - 
century colonial life is 
perfectly preserved in the 
$5.8 million renovation. 


rugs and Chinese tables and carpets. Service 
is attentive and friendly. 

I stayed at the hotd shortly after its open- 
ing and returned for a visit in November. 1 
had reserved the Guia Room, the least ex- 
pensive, at $204, with its king-size bed and 
three large windows all swathed in a beauti- 
ful floral chintz. 

The Guia bathroom is the size of a bed- 
room. with two huge rinks, a deep tub and a 
separate glassed shower. The room has a 
view of the Macao harbor, which is particu- 
larly impressive at night, when the fights of 
the Taipa Bridge shine in the distance. 

The Bela Vista Suite, at $512, is large, 
comfortable and elegant, from the two sofas 
in the sitting room to the huge carved Portu- 
guese headboard in the bedroom. There are 
fresh flowers on the fireplace mantel, a de- 
canter of good Port wine, and in the wood 
cabinet tastefully hiding the television, a 
laser-disk and a compact-di sk p layer, along 
with a selection of classical CDs. The bath- 
room is large and luxurious, but the most 
outstanding feature of the suite is its long 
veranda. 


The hotel has a charming dining room but 
many guests prefer to eat on the second 
veranda, just below the one that wraps 
around the guest rooms. 

This veranda is lined with <maH marble 
tables and wicker chairs. Slow-circling ced- 
ing fans stir the warm afternoon air, and the 
loudest noise is the splashing of the fountain 
on the terrace just below. 

At night guests can linger over glasses of 
Portuguese wine and watch the moan float 
over the Pearl River, just as visitors did more 
than 100 years ago. 

Rose, beige and black stones pave the 
terrace, which is surrounded by a white bal- 
ustrade and ill uminat ed at night by rectan- 
gular glass lampposts. 

The hotel menu, in Portuguese and Eng- 
lish, is uniquely Macanese, heavy on fresh 
fish and local dishes such as spicy African 
chicken. The food is not gourmet, but nei- 
ther is it pricey. Dinner for two with drinks 
costs about $55. 


L UNCH and dinner begin with 
warm crusty wholewheat bread 
and traditionally end with a small 
cup of rich Portuguese coffee. 

It is usually warm enough to eat outride, 
but when winter comes in January and Feb- 
ruary. guests can eat in the dining room with 
its wall of glassed doors looking out on the 
view, or the cozy bar, where a fire is kept 
burning in the bride fireplace. 

Most tourists stream into Macao from 


nearby Hong Kong, making the hourlong 
trip by jetfoS to gamble in the crowded 


ing Asian hotel chain, the Mandarin Orien- 
tal Hotd Group, in conjunction with the 


lal Hotd Group, in conjunction with the 
Macao Tourist Office and Shun Tak Hold- 
ings, a Macao devdopment company. 

The Bda Vista work has been done with 
integrity. The hotd had been architecturally 
corrupted; the renovation involved razing a 
1930s addition. Removing that wing reduced 
the number of rooms from 22 to right 

The atmosphere of the Bela Vista is no 
longer one of decadent intrigue. But the 
romance of 19th-century colonial life is per- 
fectly preserved, from the red-carpeted stair- 
case and gleaming waxed wood floors in the 
lobby, to the bright flowers and sweet-smell- 
ing fruit trees in the terrace garden. 


1 After all the buildup — will they, 
tm’t they, is it censorship, and other i 


trees in the terrace garden. 


won’t they, is it censorship, and other ally 
questions — ABC aired a “Roseanne” 
show in which she kisses Marid 
Hemingway, who plays a lesbian 
stripper. ABC says it got mostly positive 
calls from viewers and had a full plate 
of ads for the show. As it arms out, ratings 
were higher than for the Grammys. 

This means something — but what? 


casinos. 

But some Hong Kong residents and for- 
eign. tourists visit Macao to enjoy a bit of 
European charm, and they are the guests the 
Bela Vista is drawing, along with Japanese 
bridal couples, local dignitaries and the pres- 
ident of Portugal, who in October booked 
the entire hotd for the weekend when he 
made an official trip to Macao. 

If guests notify the hotd of their arrival 
time, they can be met at the ferry by a porter 
who will usher them into a Mercedes; the 
service is included in the room rate. 

The hotd can also arrange for guests to be 
driven to its larger sisterhotd, the Mandarin 
Oriental Macao, to gamble at its casino and 
use its health dub or swimming pool, also at 
no extra charge. 

The Hotel Bela Vista, 8 Rua do Comenda- 
dorKouHoNeng, Macao. Tel: (853) 965-333. 
fax (853)965-588. 


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W/ 


The Cheaper Flight to Papua 


By James Heer 


T HE Mopati Airlines ticket agent 
was shouting: “Quickly! Quiddy! 
This way! Plane leaves now. r he 
said, motkmmg toward an exit 
door and the inky blackness that, so far, 
defines my image of Biak International Air- 
port and the Indonesian island of Irian Jaya. 

It is 4 in the morning. I have just axled a 
36-hour flight from Toronto — via Chicago, 


Los Angeles and Honolulu — and my mind is 
as dear as split pea soup. I can’t quite figure 


out if the ticket agen t’s emotive pleas are for 
me or for someone standing among the 
hordes that push in behind me. Fortunately, 
the ticket agent senses my confusion. 

“Quiddy. Quickly,’' he repealed, lifting the 
hinged section of the check-in counter and 
puffing me through to the other side; “You 
must get on the plane.” 

Holding firmly to my forearm, he guides 
me through the exit doors, down the tarmac 
and into die night. It occurs to me. with the 
kind of conviction that is germinated by ris- 
ing fear, that maybe Tm bemg incarcerated or 
boarded onto a plane back to Canada. To 
aiTest those emotional bandits, 1 remind my- 
self that I am jet-lagged — “flight frozen.” 
What appears to be is not necessarily so. Still, 
I have trouble disregarding two irrefutable 
facts — the ticket I brad in my hand is for a 
flight that isn't scheduled to leave for another 
seven hours, and my destination is Papua 
New G uinea. This is Irian Jaya, the Indone- 
sian half of the island. 

Papua New Guinea and Indonesia are not 
friendly neighbors and I am, in a way, leaving 
and entering by the back door of each. That is 
highly suspicious behavior, especially to the 
customs agent who bolds my. passport for 
more than an hour, processing all trie other 
passengers, before d emanding a full explana- 
tion of my itinerary. 


Too tired to turn back, and not entirely 
snre where I*d go if I did, I grab hold of the 
rbrn. pole-like railing s , and dnnb up the nar- 
row, near-perpendicular stairs. Inside, the 
plan<» is an empty shell -—open from front to 
rads and lighted by a string of bulbs fixed 
loosely to its spine like Christmas lights on 
eaves-troughs. There are no windows, seats, 
overhead luggage compartments, coffee 
carts, or in-flight instruction cards. Riveted 
pieces of meial sheering create a patchwork 
where passengers might otherwise expect to 
see p lush paisl ey wall-coverings and fflinni- 
nated “no smoking” symbols. Instead of a 
cheerful flight attendant, a man in blue over- 
alls — overlord of the large crates stacked 
and strapped inside the fusdage — helps me 


lich Yes, he tells me, we are on our way to 
Jayapura, a small town on the border of I ri a n 
Jaya and Papua New Guinea. Since I was the 

1 1 1! — /fq\r 


he adds matto'Of-f actly that the ticket agent 
decided to pnt me on a carao plane, instead of 
firi n g up a small aircraft or, even worse, 
making me wait a day or so for a few more 
customers. In Jayapura, 1 must connect to 
another flight, a mere seven minutes in dura- 
tion, that will cany me over the border, he 
said. After that, I will continue io bop along 
the coast to my final destination, Port Mor- 
seby, riding a series of short flights. 







T RAVELING into Papua New 
Guinea from the north through Iri- 
an Jaya, instead of from the south 
through Australia, meant I would 
save $600 on flight costs. But, as my Toronto 
travel agent cautioned a few months before 
my departure, following such an unusual 
route might be a bit “ticklish” at times. 
“There’s a reason why the Papua New Guin- 
ea government use the slogan “Expect the 
Unexpected,’ ” she said. 

A dozen meters or so short of the plane’s 
roaring propellers. I begin to understand 
what she meant. Even the Merpari agent 
appears to be temporarily paralyzed by the 
sight of the lumbering craft 


off with my backpack. He directs me up a 
second set of stairs where I find the pilots 
and, just behind them, a wooden bench where 
I sit down. 

In nrinnten, the plane grudgingly lifts its 
nose up into the dawn. Once the plane is wdl 
off the ground, a wo man in a red Merpati 
uniform appears from below. She offers me 
cookies, ham candies and tea. Her presence is 
disarming. I find myself confessing that I had 
fully intended to mickle up before takeoff, 
but couldn’t find a seat bdL She smfles po- 
litely. She doesn’t understand a word. 

Upon finishing my tea, I cautiously stand 
and stretch, feigning interest in a lightbuib 
just inches above my head. Since no one 
seems alarmed by those movements, 1 decide 
to step in closer to the control panel and 
brazenly audit the buttons, lights and knobs 
that have held my curiosity from that first 
glance behind a cockpit door, nearly 15 years 
earlier. 

One erf the three pilots speaks a little Eng- 


F LYING is an adventure that can’t 
be avoided on this island of two 
nations, lire terrain is completely 
inhospitable. A spine of mountains 
dashes t h e island in half, while wide rivers, 
deep canyons and rain forestilaydaim to the 
rest Here, geography is as awe inspiring as U 
is intimidating - It's one reason Europeans 
trying to “cmHze” the island’s people, 200 
years earlier, were largely unsuccessful Even 
today, parts of the island remain unexplored. 
And its still not unusual to hear of the 
discovery of a “lost tribe” fpm a Stone Age 
society. 

Throughout my travels, I wQl experience 
neariyevery kind of aircraft I can imagine — 
from Twin Ottos and Beechcraft Barons, to 
F28s, Dash 7s and large jets. The passengers 
are often just as colorful as the vessel — 
businessmen, missionaries, aid workers, 
farinas and chickens, even young warriors in 
tribal dress with bird-of-paradise plumage 
j utting from their hair. , ' 

But as I stand behind the pilot ea route to 
Jayapura, I know nothing; of the airborne 
adventures that lie ahead For the moment I 
am content to gaze over the misty, amber 
landscape that drifts beneath us. Eventually, 
I coax all three aviators into abandoning thetr 
controls long enough to tum and smile for a 
photo. 

When the lights from Jayapura grow in 
intensify. I know my ride w31 soon be over. 
But even as we begin our descent, no one 
orders me back to my bench. And as the 
landscape grows in size and proximity, 1 
begin to question the sanity o^ standing in a 
plane about to hit solid ground. 

“Is this O.K.?” I call out to anyone who 
can understand. Then, in the final seconds 
before robber meets tarmac., the pilot looks 
over his shoulder and calmly issues his final 
landing instruction. “Bend your knees!” he 
shouts. 


James Heer, a documentary filmmaker and 
writer, wrote this for The New York Times. 


I EE MU IE SPUE 


Tombfts du CM 


Directed by Philippe lioreL 
France. 


Arturo (Jean Rochefort) has 
dual nationality, French and 
Canadian; he also has a Span- 
ish wife and an Italian address. 
While he took a nap at a Mon- 
treal airport, be was divested of 
his goods, his passports, even 
his shoes, and he lands at 
Roissy in his stocking feeL Bor- 
der authorities treat him like an 
fun gal immigrant and relegate 
him to a hard seat in the transit 
zone. The underworld of the 
vagrant stateless lets him in. 
There is a boy from Guinea 
named Zola (Ismaila Mate), a 
beautiful Colombian (Laura 
Del Sd), a delirious outlaw 
(Ticky Holgado) and a noble 
black named Knak (Sotigui 
Kouyate) who speaks his own 
mysterious language. Arturo 
has such a good time, he's not in 
a hurry to get back to civiliza- 
tion or his wife (Marisa Pcr- 
edes), who is in hot pursuit 
through satellites. The actors 
are good, especially Rochefort, 
heavy- lidded and unfazed, who 
moves through this world of 
clandestine traffickers like a 
child on holiday. At times, the 
comedy gets too close to whim- 
sy, but Laoret, a sound engineer, 
has made a fetching first film 
about a modern predicament: 
We may all be world citizens 
whose identity hangs on a 
thread, but some dozens have it 
better than others. 

(Joan Dupont, IHT) 







manner. Katherine Heigl, play- 
ing the teenage daughter who is 


• * . 1 t IV .* i r\.7VT ' ~ ■ 



mistaken for Depardieu's girl- 
friend, parades about in skimpy, 
bathing suits, displaying almost 
everything bin a sense of hu- 
mor. Based on a French film 
called “Mon Pfere, Ce Hfros,” 
this remake sends Audit (De- 
pardieu) and his half-American 
daughter on a tropical vacation, 
which helps them to settle their 
longstanding differences. Noth- 
ing else about the film is mov- 
ing. Depardieu, who in fan 
docs quite a funny Chevalier 
imitation, shambles beefily 
through the story and manages 
to suggest that a spa might have 
been a better setting. 

(Janet Maslin, NYT) 


Depardieu, Heigl and Dalton James in “My Father. 1 


Last Song 

Directed by Shigemitsu Su- 
gita. Japan. 

Shu is the hard rocker who is 
supposed to make this youth- 
targeted piece of commercial- 


ism into a hit He does evepr- 
thmg right: messes up the nice 
girl so mat she wiQ, in the man- 
ner of these pictures, follow him 
around forever; turns against 
Us sidekick only to realize that 
fame isn’t all and male friend- 
ship is; even makes a stand 
against the lug money in order 
to realize his art. Nothing 
works, however. A picture this 
formula-packed is not to be be- 
lieved in — not even by the 
innocent young. As in many of 
these prefabs, the accumulating 
of quite dead stereotypes results 
in a tedium that all the energy 
of a lively cast cannot dispeL 
Ubiquitous young star Masa- 
hiro Motoko a former vocalist, 
does his best as Shu. He struts, 
glares, screams, weeps and 
overacts in a manner unusual 
even for a Japanese pop picture. 
For this exhibition he garnered 
the best actor award at the 
hometown Tokyo International 


Film Festival This was his only 
reward, however, because even 
he cannot budge this dead heap 
of predigested formulas. Some- 
one has said that the producers 
of Japan's youth films average 
60 years of age. This is probably 
untrue. Seventy might be more 
like il. 

(Donald Richie, IHT) 


Ufa and Times of Allan 
Ginsberg 

Directed by Jerry Aronson. 

as. 


My Father, The Hero 

Directedby Steve Miner. U.S. 
In this latest example of that 
all-American art form known as 
“le remake,” GCrard Depardieu 
wears loud shirts, cavorts on a 
Jet Ski, lets American teenagers 
get the better of him and imi- 
tates Maurice Chevalier rin g in g 
"Thank Heaven for Little 
Girls." Many words could de- 
scribe what be does here, but 
“hero” is not one of them. Steve 
Miner, the director, stages the 
film in a startlingly perfunctory 


Having led the most public of 
private lives, Allen Ginsberg 
makes a difficult subject for a 
biographer. So Jerry Aronson's 
“Life and Times of Allen Gins- 
berg” is more dutiful than sur- 
prising, with more emphasis on 
the poet’s limes than on his life. 
Ginsberg has written so inti- 
mately and eloquently about his 
own experience that the film is 
most revealing when it lets him 


speak (or read his poetry) for 
himself. Aronson has assem- 
bled a helpful array of home 
movies, brief interviews and 
wonderful photographs, but be- 
yond that he cannot outdo his 
subject when it comes to candor 
or revelation. Only when his 
own words and images (from a' 
collection of remarkable photo- 
graphs) dominate the film does 
it have real force. 

(Janet Maslin, NYT) 


enuru i 


ACROSS 


\ Spit the kabobs 

7 NQdl 

(tioftday figure) 

11 Nosy Parker 

12 Accommodat- 
ing 

14 At tier small 

condo, actress 

Glenn was 

17 The 

Progress' 

IB 1903 NobeliSt 


it “Go, team!* 

20 Time lories 
vacanoes 
» Mount 
22 Forengn- 
exchange cost 
S3 Novelist 
Buntfi ne 

24 Prencti friend's 
pronoun 
23 Falling 
27 Hot spots 
29 Levels 


Solution to Puzzle of March 3 


soanmn □□□□ ana 
mantniia aana asa 
aoniQananaas □□□ 
nas anaa aaaa 
laaii no an aannin 
□□□□ □nananaana 

IHnnnaoHB □□□ 
asaana GjaaaaH 
SEE GKDaQQGHlH 
nQHOGJQmuaa aaaa 
□EQtiB □□□□ aaa 
Hsaa omaa □□□ 
nos □□□aaQaanaai 
□□□ eq 30 aciaaas 
□an asaa aaaaaa 


30 in her corset, 
actress Beatrice 

was 

34 Operetta 
composer 
as Kind of cake 
as Cowcatcher 
38 Before time 
3» Friday, e.g.:- 
Abbr. 

42 * may look 

on a king 
Heywood 
49 Hold forth 

46 Broadway's 

'High ■ 

47 Cal. pages 
46 Kind of bar 
48Vsign 

51 The holiday 
gathering at 
actress Betty's 

was 

S4 Boll down 
ss CTrck beetles 
56 Retreats 
37 Watch 
mechanism 


1 Natural 
a Chatted 
3 Axis end 


4 Army addresses 

s Guitarist 

Paul 

a Making a 
stand? 

t Scotland yards? 
■ Republic since 

1948 

BUnloyalsort 

10 Make it keep 
going, and 
going, and .. 

11 Lorelei 

12 Unvarnished 
ia Finished 

second 

is Canadian prov. 
i« Brake 
equipment 

21 Recital works 

22 Put on 

24 Miss America 

prop 

28 Clean 

27 Deadly repule 

28 Skittish 
aoDugongs 

31 Drubbed 

32 Did not move 
decisively 

33 Wash 

94 Source ot line 
fleece 


© New York Tunes Edited by Will Shorty 



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37 Gin hounds 
31 Bee's target 


46 Tyke's 
four-wheeler 


«i Lock aaRei.ol college 

44 Ethnic group boards 

* so Cigar's end 

45 ' — du lieber!" sa Italian — 

46 Knock lor a loop 53 Rfiunion. e.g. 


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The town of Chihuahua with , inset , the Quinta Luz Museum, Poncho Villa, above left, and some of his followers. 


Pancho Villa, the Museum 


C HIHUAHUA, Mexico — -The 
Man Who Dared Invade the 
U.SA_” proudly proclaims the 
faded black and white poster out- 
side the Quinta Luz Museum here. That 
man happened to be the famous bandit- 
general Pancho Villa, and La Quinta Luz is 
the name of his pastd-pink hacienda. Now 
the hadenda is part shrine to one of Mexi- 
co’s greatest heros, part mo numen t to the 
histcny of die country’s revolution. 

Chihuahua has always been one of the 
most important centers far Mexico’s long 
struggle far independence and revolution — 
from the moment in 1811 when the radical 
priest Miguel Hidalgo first raised the ay for 
independence from Spain, until 1910, when 
Pancho Villa made it his headquarters for 
the revolution. 


By John Brunton 


leave their son at the age of 7 in an orphan- 
age. By IS, he had already run away and 
joined a group of bandits. At 1 6, he setded in 
Chihuahua, where he took cm the nam e 
Francisco Villa, after a bandit from Oaxaca. 
A year later, he broke all bridges with society 
by Wiling a member of the gentry who had 
assaulted his sister. The myth of Pancho 
Villa was bom. 


The most striking thing about Villa’s resi- 
dence is that it is unpretentious. His only 
luxury was a private chapel, and most of the 
rooms are simply furnished. The ground 
floor is stacked with personal memorabilia, 
containing his collection of pistols and sa- 
bres, uniforms and sombreros and the saddle 
decorated with a carved wooden head that is 
featured in all of his official portraits. 


peasants, unemployed workers, women and 
children. 

Chihuah ua is only a ISO miles (240 kilo- 
meters) south of the American border at H 
Paso, and Pancho Villa's house is by no 
mams the only reason to visit. Tbe city is 
often mistakenl y dismis sed in a couple of 
lines by guide books, often just through 
disappointment that the streets are not filled 
with the tiny, hairless dogs that have made 
the town's name famous (chihuahuas actual- 
ly come from the arid desert surrounding the 
city, and there is not even one breeder left 
locally). 


Today Chihuahua is still Pancho Villa's 
town. Pus statue dominates the town square, 
there, are dozens of murals glorifying his . 
campaigns, and there is even, a brand oflocal 
tequila named Viva Villa. But it is_at_ La 
Quinta Luz where you really get an insight 
into the complex, contradictory character of 
a man who was transformed from the aban- 
doned child of a penniless peon to a ruthless 
m ountain bandit into a romantic hero of the 
revolution. He was a man who redistributed 
land to the poor, ruled a semi-independent 
state and even minted his own currency. 

A T ONE point in his careor. Villa 
actually signed an exclusive con- 
tract for £25,000 with the Mutual 
Film Corporation of New York to 
film his exploits. Yet, the next moment, he 
had the gall to invade the United States. 

Pancho Villa was bom Doroteo Arango 
on June 5, 1878, in the state of Durango, not 
far from where John Fold shot his most 
famous Westerns and John Wayne built his 
Rancho de la Joya. His parents were landless 
peons, and their poverty forced them to 


There’s the “Wanted Poster” put ont by 
the American government after he razed the 
town of Columbus, New Mexico, killing 17 
Americans. In the courtyard is his limousine 
— a Dodge purchased across the border — 
which is ndrned with bullets of his assassina- 
tion in 1923. His widow, Luz Corral, died in 
1981 at the age of 90. and there is a real 
feeling that this is stQl someone's home rath- 
er than a museum. 


state ana 1 

A 


The upper galleries of the hadenda are 
dedicated to retracing the history of the 
Mexican Revolution, from the downfall of 
Ptafirio Diaz, the subsequent civil war that 
brought to power the revolutionary Robin 
Hoods, Francisco Vffla and EmUiano Za- 
pata, the futile invasion of Mexico by Gener- 
al John Joseph Pershing's expeditionary 
force sent by President Woodrow Wilson to 
root out ViUa, up to the establishment of a 
stable constitution in 1917. 


T HIS has always been a genuinely 
rebellious region. Chihuahua was 
one of the last colonial dries 
founded by the Spanish, as late as 
1709, because of the difficulty of pacifying 
Apache Indians from Arizona and Com- 
manches from Texas. The state of Chihua- 
hua has always been one of the wealthiest in 
Mexico due to rich silver and copper mines 
in the nearby canyons of the Sierra Madre 
Mountains. 

At the height of Pancho Villa's success, 
there was a strong possibility that northern 
Mexico could become an independent state. 
Before V21a invaded the United States, 
Woodrow Wilson was even prepared to take 
him seriously as a possible future head of 
state. Today, however, cattle fanning has 
replaced mining as tbe region’s major busi- 
ness. 


Tbe collection of black and white and 
sepia pictures documenting the era are excel- 
lent, especially some original prints by the 
Italian photographer Tina ModottL It is easy 
to forget that at one point Villa stood at the 
head of an army made up of 30,000 armed 


ViUa finished his days as a wealthy farmer. 
It was as he was taking a peaceful drive in his 
new car to a baptism that be was killed, 
assassinated by the government or an old 
rival who had decided that the name “Pan- 
cho Villa” was too dangerous a threat to 
political stability. 

La Quinta Luz Museum, 3014 Calle 10 
Norte, Chihuahua. Open daily 9 A.M. to 7 
P.M. 


John Brunton is a free-lance journalist. 


Making Company Time Your Time 


By Roger Coilis 

I nt emotional Herald Tribute 


What business travelers say is most impor- 
tant to them is a free continental breakfast, a 


I N my corporate days, consumer re- 
search saved two major functions: to 
postpone a decision by highlighting 
the need for more research, and to 
prove pretty well anything you want 
So I was intrigued to disom’er that at least 
one of the principles is alive and well in the 
form of two conflicting research reports that 


large work desk with phone and fax, and no 
hotel charges on credit card calls — ameni- 
ties you should expect in any business hold. 

Hyatt offers all this plus computer hook- 
up, "“enhanced lighting,” round-the-clock 
coffee and access to printers, copiers and 
office supplies in its Business Flan, which 
costs $15 a day on the room rale. Hyatt says 
the program will be available at 85 hotels 
throughout North America by March 31. 

Meanwhile, Club Columbus is helping un- 
dermine the Puritan work ethic with a wide- 
ranging information service cm how to un- 
wind, entertain and keep fit at 47 business 
destinations around the world. It will be 
extended to cover 163 cities in 50 countries. 

Members, paying $125 a year, request an 
up-to-date briefing by fax on leisure acrivi- 


Ht frtfitit Trirtltr 


landed on my desk the other day: Hyatt 
Hotels Corporation saysthat ^oamcM 1 
elers want to work harder, wd Cbb G> 
lnmhns — a new enterprise offering^ A 
world Of leisure for business travelers — 
says that “Business travelers are losing out 
SblS timer while they are on 


““ BoTLmpanies. of coune, h^e epnrfuct 
10 meet their respective rraponctois -^. 
The Hvatl survey among 500 frequent 

J^ngStomem found that 

nle “need help to work harder on the road 

Sff53?5K“J!5a^ 


There's a lot more to 
business travel than sitting 
in your hotel room 
watching TV and calling up 


for lack of opportunity: 37 percent of re- 
spondents say they have a spare evening on 
almost every trip; and 25 percent have a 
spare weekend on over half their trips. 

My own informal research shows that 
what the frequent traveler really wants is an 
excuse to bond a vacation on the back of a 
business trip. Or vice versa. 

Clearly, the top priority for most business 
travelers is to get there and bad; as quickly 
as possible. But tbe professional “business 
extender” will typically stop over some- 
where, take off the middle weekend, or add a 
day or two to other end of a week’s trip for 
rest and recreation. 

The travel trade provides plenty of oppor- 
tunities, ran ging from half-price rooms on 
weekends and activity breaks to partner 
fares and two-for-one deals. Rationalize it 
other as a buffer for getting your act togeth- 
er before vital meetings, or in the cause of 
saving money. Some companies encourage 
their executives to go out on Saturday for a 
Monday meeting and come back Sunday 
instead of Friday. 


room service. 


tbe same percentage « 

“sSSss 

say to* 


ties tailored to their interests in the cities 
they are about to vi&L Information on sports 
facilities, cultural events and other activities 
can be accessed 24 hours a day. 

“Business travel is a pretty lonely and 


ductivity is T *hqy wed 

on busines. 9^ of «- 

free tune during tbe wPv ™ inconve- 


unmemorable experience," says BUI Dix, the 
founder president of Chib Cahrmbus in Lon- 


KM&7- « com,,My 

-Wifi'S’" 

nuke our 9“®“ ‘iff J Lmrering them,” 


make our pampering thorn” 


^DarSi H3rt.ey ; Uon S O. P— 

Hyatt Hotels Corp - l 1 


— , our gueststetius diem to be 

a hotel are services that rhw are in the 


lotel are services tnaiw ^ - m the of 350 frequent 

productive on the ro^ . J ngcgssajy, do not make thi 
to.arouBdthedo£w*>eni 


*•**£££# Si 

“me rasas' ■*“ TSd for in- 

dear from “re business travel” be 

creased productivity in buane® 


“What Tm trying to do is to add some 
memorability to a trip," he said. “Salespeo- 
ple, for example, fed pretty lonely at the best 
of times. They at in (bear hotel room because 
they don’t know what is on in the place 
they’re heading for." 

He added, “There's a lot more to business 
travel than sitting ia your hotel room watch- 
ing TV and calling up room service.” 

Club Columbus (Tel; [44] 628-662-622, 
Fax: 628-603-486) owes its genesis to a study 
of 350 frequent travelers who say that they 
do not make the most of their free time on 
international trips. What they do mostly is 
“paperwork in room” (55 percent); “TV in 
room" (49 percent); “wander around town" 
(52 percent) and "nothing” (28 percait). Not 


S UCCESSFUL business extension 
needs both a strategic and tactical 
approach. Look after the long-haul 
trips, and the side-trips wfll look 
after themselves. 

First, p lan your long-haul itinerary for 
opportunistic stopovers. If you are flying 
business or full economy, you can take ad- 
vantage of free airline stopover packages for 
flying through certain hubs. Or combine a 
money-saving point-to-point fare on the way 
out with a fare that allows stopovers on the 
wsy back. 

Always point out how much money you 
are saving the company. Pi ggy back as far as 
you can on expenses, and then takeoff with a 
local air pass or cheap ticket. . 

Professional extenders never permit busi- 

. ■ r TLa ca n rat 


ness to get in the way of pleasure. The secret 
is preemptive p lanning . You make sure that 
whatever pre-trip crisis occurs, you are in - 
eluded out. Sandwich your golf break be- 
tween two “inviolable" business meetings- 
An (almost) surefire way W prevent an 
extension bring scuppered at the last minute 
is to make complex APEX bookings that 
can’t be changed. , 

A friend of mine in Ireland has developed 
this technique into an art form. Whenever he 
files to Paris on business, be saves his com- 
pany money by coming to the Cote d Azur 
for the weekend. 


Milan Fashion: Subtle Armani 


By Suzy Menkes 

Iiuermuioml Herald Tribune 


M ILAN — Giorgio Armani cele- 
brated 20 years in fashion with 
an all-star audience lineup and 
a fine collection that contained 
no fashion Fireworks. 

They exploded backstage at Fendi, where 
Karl Lagerfeld had to be dragged physically 
on to the runway to take a cursory bow for a 
collection that he said he “did not agree with 
100 percent,” 

A row had erupted between the Fendi 
sisters and their designer of 30 years, because 
Lagerfeld bad wanted to show’ publicly only 
fakes, with a separate private presentation of 
real furs. Instead, the two were mingled — 

often in one garment — in the fast-paced 
collection. 

Armani’s landmark show seemed to rein- 
force his conviction that women want simple 
clothes, subtly constructed and in inventive 
fabrics. Tbe show was no new departure, but 
was about pantsuits and how to wear them in 
a soft, f eminin e way, by putting a long tunic 
under an elongated jacket. The tunic seemed 
Hke a dress, especially when it was drawn 
into a bell shape and worn with the slim 
pants or leggings that ended in a boot. 

The only alternative to pants was an an- 
kle-skimming skirt. Armani showed no short 
hemlines — a significant statement in a Mi- 
lan season that has majored on brief. A-line 
skirts. 

If the show lacked the lyrical lightness of 
last season, it was because Armani’s subtle 
Indonesian patterns or even the ethnic sack 
bags seemed less effective for winter. Ar mani 
said that it was more difficult for him to work 
in the heavier materials, although even velvet 
or rough-weave wool cascaded like r unning 
water, and knits were light and Onffy. Colors 
were the designer’s signature neutrals from 
beiges and grays through indigo. 

The evening outfits were an extension of 
the rest — tunics and pants or long dresses, 
decorated with embroideries of t winkling sil- 
ver or jet, or with fringed shawls. From the 
models' neat heads sprayed with a glossy 
finish to the feet peeping out under long 
hemlines, the show was about the refinement 
of 20 years’ research into fabric and tech- 
nique. 

“1 am content — and because I am at 
heart a simp le man, I am pl eased that all 
these important people wanted to come to 
see my show,” said Armani, dressed in a 
navy T-shirt and pants even for the party he 
gave in his apartment decked out with Indo- 
nesian fabrics. He was referring to the star 



Moot/Hiomi 

Silvery embroidery from Armani. 


guests who included Sophia Loren, Robert 
de Niro, Isabella Rossellini, Fanny Ardant, 
Omclla Mud and the MTV star Ben Stiller, 
who summed up the designer's clout after 20 
years in the fashion world. 

“Armani — it has become an adjective," 
Stiller said. 

Lagerfeld’s Fendi collection dodged neat- 
ly his dilemma: Should he stay with a corn- 


back to the start of his career? Or should he 
foDow his head and — like Calvin Klein in 
America — get out of fur? 

His answer was pretty smart: to shoot off 
a new line of doth coats in one direction and 
cover tbe furs with confusion. Perforated 
rubber covers were worn over golden sables 
that, anyway, were turned to the inside, with 
just a glossy fringe of pelt breaking through 
the seams. Oh, and by the way, the coats 


were also smothered in gilded rings like 
manic body-piercing. 

What in this mefee was what? Only by 
touching the furs backstage could you possi- 
bly .separate the curly fake Mongolian lamb 
from the real thing, curling round the edges 
of a coal that might also be edged in plastic 
telephone wire. Plastic was knitted to look 
like mohair, mohair was fluffed like fur, here 
a real chinchilla bolero with fake gray leather 
coat, there squirrel with fake chinchilla 

The coats were all of the easy, swingy, 
fling-il-on variety that Lagerfeld cuts very 
well. They could be tied into an empire 
waist, belted like a bathrobe or just worn 
open over the fluffy dresses with boots that 
were the basis of the show. 

Lagerfeld is designing for the world’s most 
famous fur bouse which, according to Carla 
Fendi, has sold 9,000 furs through the winter 
1993 season. So how could the designer pos- 
sibly have considered showing only fake? 
That is. indeed, his problem. 

Ferragamo continued the forward stride 
of a company that was once famous only for 
its footwear. Its sporty style for the new 
season included college kids prancing out in 
colorful wool duffel coats over brief kill 
skins. The short pleated sltirt is the star of 
the Milan season, and Ferragamo made it 
credible by teaming it with curvy tailored 
tweed jackets, long shearling coats and knits 
mixed with leather. In a season when high 
beds have made a comeback — although 
most models do not seem able to walk in 
them — Ferragamo had well-balanced high- 
rise ghOlies and boots. 

Prada is another bouse that made its name 
with shoes and bags — and maybe it should 
stick with them. An opening group of black 
nylon sportwear, a take on Prada’ s signature 
bag, was promising, right down to the glossy 
black zipper-front boots. But then the tailor- 
ing turned military and flimsy dresses looked 
like they were run up in wartime out of lining 
silk. In spite of fine sweater sets and coats 
cut from a raised waist, the midriffs banded 
with thin belts, the show seemed like a fash- 
ion statement for the runway rather than for 
real. 

The Italian season, which will be followed 
Friday by the Paris ready-to-wear shows, 
closed on a note of disappointment. Al- 
though the Made in Italy product is as im- 
pressive as ever in its quality and cut, the 
runway shows have tried too hard to gener- 
ate excitement with fancy styling tricks. The 
trends are to push the ultra short skirt and 
the dress, often as a tunic over pants. It is a 
big season for knitwear, especially mohair. 
Boudh, alpaca, velour and other inventive 
I talian fabrics gave tailoring a soft touch. 


TIE MIS SUM 


AUSTRIA 


Salzburg 

Grosses Festsplelhaus, tef; (662) 
804-5361. March 26 to April 4: 'Os- 
terfestpiete'. including Mussorgsky's 
"Boris Godunov," directed by Her- 
bert Wernicke, conducted by Claudio 
Abba do (March 26 and April 4): 
Beethoven's "Mtssa Solemn is," con- 
ducted by Sir Georg Solti (March 27 
and April 1). 

Vienna 

Albertina, tei: (1) 53-4S-30, open 


Hungarian Stale Symphony Orches- 
tra (March 1 7); performances by the 
Hungarian State Opera, including 
Wagner's "Das Rherngotd" (March 
18 and 19) and "Parsilal" (April 1), 
Mozart's "Cosl Fan Tutte." (March 
20 and 29), Verdi's "Don Carlos." 
(March 23); ballet and folk dance as 
well as theater including guest per- 
formances by Greek, German, 


by the German-bom artist who set- 
tled In the United Stales after being a 
student and a teacher at the Bau- 
haus. 


Moshe Leiser, conducted by Louis 
Langree, with Brigitte Baileys. Shar- 
on Coste, Simon Keenlyside and 
Gregory Kunde. March 1 3, 1 5. 1 7, 20 
and 23. 


JAPAN 


Tokyo 

Idemitsu Museum of Arts, tei: (3) 
3213-9404, closed Mondays. To 


UNITED STATES 


daily. To May 23: "Kokoshka: Das 
Frunwerk. " 200 of Kokoshka's early 


Fruhwerk. " 200 of Kokoshka's early 
drawings and water colors created 
from 1 898 to 191 7. as well as studies 
and drafts for the portraits of Karl 
Kraus and the fans lor the artist's 
muse, Alma Mahier. 

Kunsttorum dor Bank Austria, tef: 
(222) 531 -24, open daily. To June 5: 
"Chagall Us Picasso: Meisterwerke 
aus dem Guggenheim Museum New 
York." 70 major paintings and sculp- 
tures by Picasso, Kandinsky, Klee. 
Matisse and Mondrian, among oth- 
ers. 


BRITAIN 


London 

English National Opera, tel: (71) 
836-3161. Bizet's "The Pearl Fish- 
ers." Directed by Philip Prowse. con- 
ducted by Alexander Sander, with 
Gillian Webster/ Elizabeth Wooilett, 
John Hundson and Jonathan Sum- 
mers. March 5. 12, 17. 19, 23, 25 and 
30. 

Hayward Gallery, tel: (7t) 928- 
3002, open daily. To May 29: "Salva- 
dor Dalt: The Early Years." 50 paint- 
ings, 50 drawings and photographs 
following Dali's career from his earty 
years in Figueras and Madrid to Sur- 
realism. In these earty works, Dali 
experiments with a variety of styles, 
from neo-impressionism, to Symbol- 
ism and Cubism. The subjects in- 
clude scenes from cafe me in the 
'20s, portraits of his family and 
friends, and the port of Cadaques. 



New York 

Guggenheim Museum, tel; (212) 
423-3840, dosed ThurKlays. Con- 
tinuing/To April 17: “Robert Morris: 
The Mind/Body Problem." A survey 
of the minimalist artist's career from 
the earty 1960s to the present, in- 
cluding conceptual works, environ- 
mental installations and investiga- 
tions of materials. Al the Guggenheim 
Museum SoHo, nine works with mir- 
rors are on exhibit. 


San Francisco 


Museum of Modem Art, tei: (415) 
252-4000. To April 24: "Jess: A 
Grand Collage, 1951-93." Centered 
on three major bodes of work, this 
exhibition follows the artist's career. 
Jess drew Inspiration from numerous 
sources, Including Art Nouveau, Vic- 
torian imagery and the San Francisco 
Bay Area poeiry renaissance. 


“Reclining Woman with Green Stockings ” by Egon 
Schiele at the National Gallery of Art, Washington 


Washington 


French and Portuguese companies, 
and various art exhibitions including 
works by Vieira da Siva and Arpad 
Szenes at the Historical Museum 
(opening March 29). 


March 27: “Ink Paintings in the 15th 
and 16 th Centuries." Paintings on 
folding screens and on paper, as well 
as works by Tohaku Hasegawa and 
Yusho Kaihoku. from the Muromachl 
and Momoyama periods. 


National Gallery of Art, tel: (202) 
842-6353, open daily. To May 8: 
"Egon Schiele." A retrospective ol 
70 paintings, water colors and draw- 
ings by the tearing figure of Austrian 
expressionism. The exhibition In- 
cludes portraits, landscapes and still 
iifes and his only major sculpture, 
"Self- Portrait." 


IRELAND 


DubHn 

Irish Museum of Modem Art tel: 
671-6666, closed Mondays. Contin- 
uing /To March 27: “Josel Albers.” 
Includes earty Expressionist draw- 
ings, collages and abstract paintings 


SWITZERLAND 


Lausanne 


Theatre Municipal, tel: (21) 312- 
64-33. Gluck's Iphlgente en Taur- 


ide." Directed by Patrice Caurter and 


Ren wick Gallery, tei: (202 ) 357- 
1 729. To April 1 7: "KPMG Peat Mar- 
wick Collection of American Craft A 
Gift to the Renwtck Gallery." A col- 
lection of contemporary crafts by 
American artists, including collages 
by Lenore Tawney. porcelains by Ru- 
dolf Staffei. 




Montreal 

Musde des Beaux-Arts. tel: (514) 
265-2000, closed Mondays. To May 
15: "Flora Photographica: The Flow- 
er in Photography, from 1835 to the 
Present" A “floral bouquet" o! 200 
photographs focuses on composition 
and technique as well as symbolism 
aid allegory. 


Rate the world's best restaurants 
with Patricia Wells. 


DENMARK 


Copenhagen 

The Royal Theater, lei: 33-14-10- 
02. A new production of Beethoven's 
‘‘Rdelk)." Directed by Dieter Kaegi, 
conducted by Paavo Berglund, with 
Stig Fogh Andersen /Poul Emlng, 
Arrtje Jansen/Tina Kiberg and Chris- 
tian Chrlstiansen/Jorgen Klint. 
March 1 7 (premiere). 19. 29, April 6. 
9, 11. 14, 18 and 20. 


The IHTs restaurant critic has set out 
on a rare and ambitious gastronomic journey, a 
search for the 10 best restaurants in the world 




Parte 

Musde National de I'Orangerfe, tel: 
42-97-48-16, closed Tuesdays. To 
May 23: "Les Nymphdas at Louis 
Cane." Explores Claude Monet's 
"Nympheas" through the eyes of 
Louis Cane, a contemporary painter. 
Rbwhss 

Mus&e des Beaux-Arts, tel: 99-28- 
. 55-85, closed Tuesdays. To April 25: 
"De Dorer a Friedrich: Quatre Stedes 
de Dess ns Allemands.'’ Drawings 
from the Wallraf-Richartz Museum in 
Cologne exemplify diverse styles, 
from Realism to Symbolism, from the 
Renaissance through the 19th centu- 
ry- 


She will be rating, in month-to-month 
articles, the top restaurants from region to 
region, and comparing them to one another. 

Whether it's the best in dim sum, 
delicious but secret sushi bars or the finest of 
French tables, she will guide readers with 
articles about inexpensive restaurants as well 
as the grand ones in the world's major cities. 

She wm also share her tips on how to select 
|H|ak quality restaurants in unfamiliar territory. 


Don't miss this series. 


COMING MARCH 14th 

SPAIN 


HUNGARY 


Budapest 

Budapest Spring Festival, tel: 



(361 ) 266-4051 (box office). March 
It to April 10: An extensive program 


1 1 to April 10: An extensive program 
of concerts, starting with Beetho- 
ven’s "Ninth Symphony," with the 


Patricia Wells is the author of The Food 
^-Lovers Guide to Paris, now in its 
third edition. 



















































































































The most important 

people in the 
Chinese economy 
would like to meet 

the most influential 

* 

people from the 
world’s multinationals. 


The International Herald Tribune and the State 
Commission for Restructuring the Economic Systems of China 
are inviting the world’s business leaders to an unprecedented 
three-day Summit meeting on China’s economic reform. 

Its aim is to foster a dialogue as well as business 
development opportunities at the highest levels amongst the 
leaders of the Chinese government and the global business 

community. 

The Summit, “The Socialist Market Economy of the 
Pteople’s Republic of China, 1994 - 2000: Implications for 
Global Business” will be held in Beijing on May 11th, 12th and 
13 th of this year. 

participating will be the major figures of the 
Government of China as well as key provincial government 
and state industry leaders. It will be a rare opportunity to hear 
^ personally meet the people who are driving China’s 
economic direction into the next millennium. 

As you would expect with an event of this stature, it 


will be a closed-door conference and will not be open to the 
general public. 

The International Herald Tribune is inviting a limited 
number of the largest multinational corporations with a stake 
in the future of the Chinese economy to participate as Summit 
Sponsors. There will be 3 levels of sponsorship: Summit, 
Corporate and Supporting. Each will offer a comprehensive 
communications package consisting of conference-related 
benefits and advertising in the International Herald Tribune 
and a leading Chinese-language daily newspaper. The deadline 
for registration is March 15th. 

For a complete information package, please fax 
Mr. Richard McClean, Publisher, at +33 (1) 46372133. Or call 
+33 (1) 46379301. 

The International Herald Tribune China Summit. It will 


prove to be the major business event of 1994 for China, for 

Asia and for the t ^ international 

companies participating. 



HtLEoas wtt* me mew ran time* mutut mctngton rasr 


the international herald tribune china summit. 


















Page 12 


ABC INVESTMENT ft SERVICES CO iEXJ 
HUmOr&MMO 20KFx 53300 Tl SMBS 
mABC Futures Fund Ud— 4 13154 

mi ABC litamfc Fund (E.CJ—S (209 

mABC Global Rocoverv FO_S 106.18 

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w Cotumble Securities, —FI 15448 

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w Tram Europe Fund I * M3B 

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w AIG Eure Small Co Fa Pic J I57JM6S 

w AIG Europe Fd Ptc 5 1313458 

ir AIG Japan Fund S 114.1793 

w AIQ Latin America Fd Pie J 1549999 

wAIGMmaurancvBdFdPfcJ 1013417 

w AIG South East Asia Fd s TOMU 

d High Life Fund Ecu 950 

d UBZ EureOtfbntar Fund.Eai 1257 

d UBZ Ltauklttv Fundi 3 1128341 

4 UBZ UauMItV Fund DM DM 1210928 

d UBZ LtauMHv Fund Ecu —Ecu 1242M1 

d UBZ Liquidity FmM 9F Sf 12L77« 

ALFRED BERG 

d Alfred Berg Harden S 18489 

Alfred Berg Sfcav 

d Far East * HWS 

d Germany DM 23AM 

d dadal * 17353 

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INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 


ADVERTISEMENT ' 


INTERNATIONAL FUNDS 


March 3, 1994 


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FOKIM BANK AS-ttOBSM 
tv Seorrtands Inn Growth Fd_J 1.12 

FUND MARKETING GROUP (BID] 

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mFMGGMMigiJ(M) S 15J> 

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mFMG EMGMKT (21 Jan).— 8 1174 

mFMG Q PI m « liJO 

FX CONCEPTS (BERMUDA] LTD 
w concern Forex Fund ■ — % 1479 

GAIA CURRENCY FUNDS 

wGataHedgtil 5 14417 

v Gdc Hedge 111 S »733 

w Goto Subs Franc Fd SF 523? 

w GAIA F* t IKS 

mGataGuaraMwdai S 8484 

mGata Guarontagd CL II s 8445 

gaRtmore mdgsuez funds u/am 
Tel : (352) 445424 476 
Fax: (352)445(23 
BOND PORTFOLIOS 

d DEM Bend DIS564 DM 450 

d Dlvertond JJtaZO SF 111 

d Dollar Bond Db229 S 249 

a European Bd Ms 120 Ecu 131 

d French Frmc-Dls 1147— FF 1141 

d Globa! Bond Ob 220 — 1 248 

EQUITY PORTFOLIOS 

d ASEAN S 935 

d Arto Pacific S US 

a Continental Europe Ecu i JO 

d Developing Martels S 472 

d Frzatce FF 1131 

0 Gerawiy DM 531 

0 (rrtemalfoncri- S 248 

d janen Y 27360 

d North America 1 209 

d SwttttrtgncL, SF IK 

0 United KSnadcra 1 \J6 

RESERVE FUNDS 

0 Cottar, Dl*208 S 1141 

d French Franc FF 125i 

0 Y«l Reserve Y 2842 

GEFINOR FUNDS 

London ; 071-494171, Geneva : 41-22355530 

w East I nv estment Fund 8 74748 

w Scottish World Fund S 4719912 

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GENESEE FUND Ltd 

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GEO LOGOS 

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GLOBAL ASSET MANAGEMENT 

OFFSHORE FUNDS 

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wGAMerico S 440.14 

ir GAM Artjttrauo s 3*177 

K> GAM ASEAN S 47746 

IV GAM Austro Ha S 21973 

nr GAM Boston S 36433 

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w- GAM Cross-Market s 10848 

iv GAM Europeoa S 9194 

IV GAM France FF 207.48 

NrGAMFranc-vo( SF 27117 

IV GAM GAMCO S 21742 

iv GAM High Yield S 16156 

w GAM East Asia Inc S 734J5 

ivGAM Japcsi S STUM 

m GAM Money MtrtsUSS S 10837 

0 Do Sterling £ 10078 

d Do Swiss Franc SF 10841 

0 Do De u tschemcr k DM 10091 

rf DO Yen Y 1001268 

iv GAM Allocated Mltt-Fd S 18144 

iv GAM Emerg MktS Mlrt-Fd 4 19170 

ir GAM MHFEurope USS S U7.S5 

■r GAM MHV Europe DM— DM 14754 1 

wGAMMINGMalUSS S T94JN 

IV GAM Market Neutral S 11944 

ir GAM Trading OM DM 13949 

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iv GAM SF Saedat Bend SF 13347 

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■v GAM Value S 11481 

w GAM Whi te thorn S 19038 

■v GAM VMMdwidV S 47234 

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IV CAM Bond USSnedai 8 20751 

iv GAM Bond SF SF 10440 

iv GAM Bond Yen Y 145*460 

iv GAM Band DM OM 12154 

w GAM Bond C I 16741 

w GAM CSpedol Band ( 14945 

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iv GSAM Composite S 35775 

SWISS REGISTERED FUNDS 41-1-422 2626 
Muhtebochstraae 171CH flCKZurtdi 

0 GAM (CHJ America SF 198647 

d GAM (Of) Europe SF VB52 

0 GAM (Ol) Mandtai SF 176248 

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SEC REGISTERED FUNDS 

IB East 57rtf 5treeWY 10022712-8884200 

iv GAM Europe S 9041 

iv GAM Global I 153A5 

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nr GAM North Amertco S 8857 

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IRISH REGISTERED UCITS 
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iv GAM Amerlama Acc DM *661 

iv GAM Eoropa Act DM 13415 

iv GAM Orient Acc DM 16566 

ivGAM Tokyo AOC DM 172X9 

iv GAM Total Band DM Acc— DM 11132 

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GLOBAL CAPITAL MANAGEMENT LTD 


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INCOME PARTNERS (ASIA] LIMITED 
w Aston Fixed Income Fd— S 10.138 

MTERINVE5T (BERMUDA) LTD 
C/n Boik ot Bermuda Tei : an 2K 4000 
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INTERNATIONAL ASETS FUND 
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INTERNATIONAL MGMT INCOME FUND 

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0 L-tla Tk ier WrvTtvil % 4Nnn 

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0 GW RW. 1994 | o*w 

PREMIER SELECT FUNDS 

d American Growth— 3 4.1 EDO 

0 Amerkm Enterprise— J 106700 

0 Asia Tiger Growth s 1ZI20D 

0 Dollar Reserve 4 4 yaw 

0 European Growth 5 £1600 

d European Enterprise— s 64500 

0 Global Emerging MarketaJ 97700 

0 GtotXri Growth S i5900 

0 Nippon Enterprise— J 75800 

0 Nippon Grawtii 5 £1000 

0 UK Growth t 54000 

0 Starling Reserve——! 

0 North Anwlcnn Warrant —j 55700 

0 Greater China Oops S turn 

ITALFORTUNE INTU FUNDS 

•v Class A (Aggr. Growth ItoLlS 780100 

w Class B (Globol Eawltv) S 1155 

w Class C (GMxd Bond) S 1079 

w Class D (Ecu Bond) Ecu 11.10 

JARDINE FLEMING . GPO Box D44t Hs Kg 

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0JF For East WrntTr s 3476 

d JF Global Corrv. Tr S 1410 

d JF Hong Kong Trust J 20.98 

0 JF Japan Sm. Co Tr Y 5061460 

0 JF Japan Trial Y 1S2550 

0 JF Motortto Trust S 2872 

0 J F Podflc Inc. Tr. S 1118 

0 JF Thailand Trust S 3456 

JOHN GOVETT MANY (LDMJ LTD 
Tel: 44524 • 6294 20 

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d Basraond SF 

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d Equftoer Europe — — SF 

d SFR-BAER SF 

d Stockbor SF 

0 Swtsstwr SF 

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0 Dollar Bond Fund S 

0 Austro Band Fond— AS 

0 Swiss Bond Fund SF 

0 DM Bond Fund DM 

0 Convert Band Fund SF 

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0 US Stock Fund S 

0 Poctflc Stack Fund s 

0 Swiss Stock Fund SF 

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0 Japan Stock Fund Y 

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0 Korean Stock Fund S 

0 Swiss Franc Cash SF 

0 DM Cash Fund DM 

0 ECU cosh Fund Ecu 

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0 Doilar Cash Fund s 

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m Key Gtabol Hedoe S 11977 

mKey Hedge Fund Inc S 14757 

m K*y MeOoc Investment* — s 14491 

KIDDER. PSABODY 

b Chesapeake Fund Ltd S 26NLB 

bill Fund LM S 109460 

b Inti Guarantied Fund S 12*670 

b Stonehenge Ltd 8 1645.18 

LATIN AMERICAN SECURITIES 

Tel : London 071 638 1234 

0 Argentinian I nvest Co StcovS Z7.79 

d Brazilian invest Co Skcav S 3465 

tvCotombtan Invest Co Sicav-5 1413 

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0 Latin America Income Co_S 1062 

d Latin American Invest Co— S 1261 

d Mexican Invest Co Stcav s 44J9 

IV Peruvkxl invest Co Stoiv— s 1114 

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0 Asian Dragon Port NVB— 3 10.15 

0 Global Advisors 11 NVA S 

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0 Global Advisors Port NV A_S 1146 

0 Global Advisors Port NV B-J 1141 

0 Lehman Cur Adv. A/B S 641 

0 Premier Futures AdvA/B-J 971 

LIPPO INVESTMENTS 
24/F Llnoa Tower Centra 89 Queen e n m JtK 
TM (8521 867 MU Fax (852) 596 0M8 

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iv I DR Money Martel Fd 5 1234 

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w Aston Growth Fund J 1Z57 

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L0M4AR ft ODIER 4 CIE - GROUP 
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0 Mulhcurrencr * 3157 

0 DoDW Medium Term S 2S48 

0 Dollar Lung Term S 2144 

d Japanese Yea Y 492450 

d Pound Sterling 1 2448 

d Deutsche Mark DM 1464 

0 Dutch Florin FI 19.15 

0 HY Eura Currendra Ecu 1656 

0 Swiss Franc SF 1171 

0 US Donor Short Term s 1253 

0 HY Euro Curr DM0 Pay — Ecu 1173 

0 Swiss Moth currency SF 17J8 

d European Currency Era 21M 

0 Belgian Franc BF 14073 

0 Convert tWe S 1553 

0 French Franc — — — FF 16474 

0 Swiss MultFDtvidend SF 1036 

0 Swiss Franc Short-Term — SF 10S99 

0 Canadian Dollar, cs 14.18 

0 Dutch Florin Muifl FT 1571 

0 Swiss Franc DWM Pay SF 1157 

d CADMuJtteur. Dtv CS 1151 

0 Medit e r r anean Curr SF K.99 

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MALABAR CAP MGMT (Bermuda) LTD 

mMoktaar Inti Fund S 22.17 

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mMlnt Limited - OnSncvy S 5345 

inMlnt UHIsd- Income. 8 1402 

mMlnt Gtd Ltd -Spec Issue— S 3236 

mMinl Gld Ltd - NovZH2 S 27.19 

mAMM Gtd Ud- Jon 1994 S 22.14 

mMinl GW Ltd -Dec 1994 S 2066 

mMlnt Gtd Ltd -Aw 1995 s 1776 

mMlnt GW Currencies S 11.1# 

m Mint Gld Currencies 8901 S 1157 

mMlnt SP Res LM I BNP) S 11409 

m Athena Gtd Futures 8 1336 

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mAHL Commodity Fund $ 1851 

mAHL Currency Fund S 9.17 

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MCKINLEY CAPITAL PARTNERS, LTD 

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MERRILL LYNCH SHORT-TERM 
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THE TRIB INDEX: 113 

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T** IT 


1093 

1894 

1883 

^ North Amoric.i 


Latin America 

Approx. ireighflng:2fi% 

IhJEI 

Approx, weighting: 5% 

Close: 95,43 Pn»_ 9555 

Close 13081 Ptbvj 12951 



17m indar trades t/.£ doSor values of slocks frr Tokyo, Naw York, London, and 
Argentina, Aratrafa, Austria, Belgium, Brad, Canada, ChBa, Denmark, Finland, 
France, Germany, Kang Kong, Holy, Mexico, Netherlands, New Zealand, Norway, 
Singapore, Spain, Sweden, Switzerland and Venezuela. For Tokyo, New York and 
London, ft ie index is composed of the 20 tap Issues ki hums a f market capitalization, 
otherwise tie ten top stocks ere kecked. 


Industrial Sectors 


nu. 


% 

change 


Energy 112.07 11131 -K).68 CapM Goode 111,33 111 JO +0.12 

mSft» 123.36 122J0 -t(L37 RftlhlwMt 116J2 116-33 40.42 

Finance 117.35 117.42 -0.06 Consomr Goods 98 J3 99.44 -051 


Services 121.26 121.45 -0.16 Mhcafcneoiia 128.18 128.13 40.04 

For mom information about the Index, a booklel is avaBsblefrsa of charge. 

Write io Trib Index, 181 Avenue C&arfes de GauBe, 32521 Notify Cedex, Frmce. 


EBRD Halts Growth in Lending as Austerity Bites 


By Erik Ipsen 

IiuentaiiomU Herald Tribune 

LONDON — Only three vears after it 
was formed, the European Sank for Re- 
construction and Development is slowing 
down. 

In a development sure to spark contro- 
versy, source said Thursday that the bank 
win inform its shareholder countries at 
next month's annnal meeting in Sl Peters- 
burg that its period of rapid loan growth 
has come to an end — at least temporarily. 

The bank which was set up to spur 
economic development in Eastern Europe 
and the former Soviet Union, will for the 
first time in its brief existence hold the 
growth in its loans and investments this 
year steady with last year’s levels. 

Last year, (he bank signed off on 1.8 
billion European Currency Units (S2 bil- 


lion) worth of new loans and investments. 
That represented a near doubling of 1992’s 
total of 950 million Ecus. 

While few observers had expected the 
bank to double its commitments again this 
year, virtually none had predicted what the 
Bank now projects — no growth at aH 
Observer say die retrenchment will have 
repercussions well beyond the bank's Lon- 
don headquarters. 

“As a representative of Eastern Europe I 
am not happy," said a board member who 
represents several Eastern European coun- 
tries. “The process of economic transfor- 
mation needs to be completed the sooner 
the better, and if the bank wants to be a 
leader in that process then the more loans 
the better.” 

Ron Freeman, the bank’s No. 2 official , 
confirmed the bank’s lending would at 


most total I S billion Ecu next year, but he 
vigorously defended what he railed the 
bank's “year of pause.” He masted that 
holding commitments level with last year 
hardly means the bank is sitting on its 
hands. 

“It’s not as if there is nothing happen- 
ing,” Mr. Freeman said. “No one in the 
world is doing as many transactions in 
these countries as we are.” 

Board members agreed that while the 
slowdown represented a significant slow- 
down, it is nonetheless necessary. But di- 
rectors from some of the bank's recipient 
countries called it unfortunate — especial- 
ly in light of their growing need for money. 

Behind the sudden slowdown lies a pain- 
ful collision between an operational budget 
that has been frozen at last year’ levels and 


a changed and costlier set of priorities set 
by the bank’s new president 

Against that austere backdrop, the 
bank's management has derided that it 
should concentrate its efforts on two 
things: building operations in its borrower 
countries and investing more in small- and 
medium-sized enterprises. 

Both of those initiatives are expensive in 
terms of manpower as well as money and 
represent a tremendous shift of emphasis 
from the era of Jacques Attali, the bank’s 
first president who was ousted last summer 
amid a scaodal over the bank’s lavish 
spending habits. 

The bank’s new more conservative pace 
is a reflection of its new president, Jacques 
de Larosifcre, who once headed the Interna- 
tional Monetary Fund in Washington. 
Shortly after he arrived at the bank in 


September. Mr. de Laiosiere set up a task 
force to help set operational priorities for 
(be institution. 

The result is a bank that has returned to 
its ori ginal mandate, which was to concen- 
trate its financial and intellectual firepower 
on die private sector. 

It is a route directors and staff members 
hope will maximiz e the impact or the bank. 
It also is one that further distances the 
bank from its larger international cousins, 
such as the World Bank, which typically 
make big-ticket loans for large infrastruc- 
ture projects, such as power grids and 
roads. 

Gone, say many bank directors, is the 
Attali-era ambition to do everything. Under 

See EBRD, Page 14 


Q JMwnatfcnaf HmU Trihuna 


92% Back 
IGMetaU 
Strike Call 

Agence France- Prase 

HANNOVER, Germany — 
Metal-industry workers in the state 
of Lower Saxony have voted over- 
whelmingly to strike starting Mon- 
day, union leaders said Thursday. 

A leader of the IG Metal] union, 
Jurgen Peters, said 922 percent of 
the state’s 4 1,000 union members at 
230 companies backed a strike in 
balloting earlier this week. 

“This shows that the workers fi- 
nally want concrete action," Mr. Pe- 
ters said. He predicted about 10,000 
workers would join the strike over 
wage demands. The union has been 
holding warning strikes throughout 
Germany since early February, and 
public-service workers began their 
own actions this month. 

IG MetaS leaders are scheduled 
to meet Friday in Frankfurt to de- 
ride which factories win be target- 
ed, and also to discuss a call from 
the employers’ organization, Ge- 
samtmeiall, for top-level falk^ 

The Gesamtmetall employers 
group president, Hans-Joacmm Go- 
nschol. said, “We have taken the ini- 
tiative for a summit meeting because 
we want to do everything posable to 
reach a solution to the pay conflict, 
taking the situation into account 
and avoiding a labor conflict in 
which everybody would lose." 


French- German TV Venture 

Canal Plus and Bertelsmann Branch Out 


By Jacques Neher 

Internationa! Herald Tribune 

PARIS — Canal Pins SA, the fast-growing 
French pay- television company, and the German 
media conglomerate Bert elsmann AG said Thurs- 
day that they would join forces to develop interna- 
tional pay TV operations outside of their home 
markets. 

Analysts said the move could be the first step 
toward a much wider media alliance between Ber- 
telsmann and Canal Plus as the players in the 
global td ecomm uni cations, publishing, Rim and 
broadcasting sectors converge in a race to develop 
the so-called multimedia industry of the future. 

Canal Phis, a broadcast and cable service that 
has captured 3.7 million subscribers in France for 
its mix of movies and sports prog ramming , has 
worked with various partners to create similar pay 
services in other markets. For the last three years, 
the French company, Bertelsmann and Kirch 
Gruppe have been partners in the Premiere service 
in Germany, which now has 780,000 subscribers. 

The companies signed a letter of intent to estab- 
lish a joint venture by this summer covering vari- 
ous television concepts — outride of France and 
Ge rman y — not supported by advertising, such as 
subscription pay TV, pay-per-view, video-on-dc- 
mand and home shopping services. 

Manfred Harnyschfeger, spokesman for Bertels- 
mann, said his company planned to contribute its 
marketing know-how in book dubs to bdp sell 
new pay TV services. 

“We have 30 milli on households that are mem- 
bers of our book dubs in 20 countries,” he said. 
“It’s the same system, whether the product is 
books, magazines or pay TV.” 


Last week, Bert elsmann, Kirch and Deutsche 
Tdekom said they would form a pay TV joint 

venture for the Ger man market. 

Investment levels in the new joint venture have 
not beat set, but Mr. Harnyschfeger said capital 
would likely be pledged on a “step by step” basis. 
To set up a pay channel in one country, be said, 
requires an investment of up to 800 minion Deut- 
sche marks ($471 million) over a 
Both companies have deep pockets. 

British Telecommunications bundles a trial nm 
of interactive video services. Page 15. 

mann last year reported a profit of 660 milli on DM 
on sales of 17 billion DM. C anal Plus in 1992 
earned 1.1 billion francs (S190 million) on sales of 
7.9 billion francs. Sales advanced to 8.67 billion 
francs last year. 

■ EU Supporting Broadcasting Quotas 

Tom Bueride of the International Herald Tribune 
reported from Brussels: 

Giving strong support to European televirion 
quotas that are vigorously opposed by Hollywood, 
a report said Thursday that most broadcasters 
were meeting a requirement that a majority of their 
programming be European. 

In its first report on the 1991 broadcasting 
directive, the European Commission said 65 per- 
cent to 70 percent of broadcasters were complying 
with the requirement, as well as a stipulation that 
10 peroral of programs, or programming budgets, 
be devoted to independent producers. Even uhere 
broadcasters fell short, the report cited a trend 
toward more European content 


WALL STREET WATCH 


Texas Instruments Clicks 


By Allen R. Myerson 

New York Tima Service 

DALLAS — After a day spent hearing Ms Texas 
Instruments Inc. executives forecast the longest eco- 
nomic recovery in history, strong worldwide de- 
mand for computer chips and the screaming success 
of new products, even Jeny R. Junldns, the compa- 
ny’s chief executive, saw the need for some balance: 

“We've about worn you out with all these posi- 
tive attitudes,” he told a roomful of analysts and 
money manag ers at the company’s headquarters in 
Dallas on Wednesday, with a broad grin. “Fd like 
to try to correct that’ 

He went on to say that about S1.5 billion of the 

company’s operations, out of annual sales of S8.5 
billion, were falling behind his profitability goals, 
and that Texas Instruments probably would not 
keep financing all of the inventions his aides had 
boasted of just minutes earlier. 

Texas Instruments predicted the world’s semi- 
conductor demand will grow 17 


Mr. 


0 grow 17 percent this year. 

™i „_ing that his company's own 

sales growth has outpaced the semiconductor mar- 
ket’s, warned that slower increases in personal 
comparer purchases could reduce growth in chip 
demand to the single dirib- 
Mr. Junldns had good reason for remaining 
cautious. Last year’s record sales and profits came 

after a tong stretch of disappointments to analysis 

and customers alike. 

The analysts, however, sounded as enthusiastic 
this week as if they had been at a meeting for 
Motorola Inc. or Intel Carp., two semiconductor 
companies that over the long run have had much 
hotter stocks. 

Mr. Junldns had some reasons for boasting, also. 
He hardly had to remind anyone that five years 
ago his company looked like a doomed victim of 
rniTiiary-hiidget cuts and a crowded semiconductor 
market dominated by Japanese businesses. 


Since then, it has invested heavily in the devel- 
opment of the specialized chips that go into cars, 
high-powered computer won: stations, cdldar 
and computer components including 
drives and audio and video equipment. 

Texas Instruments still makes the familiar pock- 
et calculators, but its other consumer products are 
now limited to a few high-end laptop computers. 

To smooth out performance in the cyclical semi- 
condnctor industry and overcome investor seasick- 
ness, the company has improved efficiency and 
found international joint-venture partners. 

After missing most of the stock market's ad- 
vance during the late 1980s and early 1990s, Texas 
Instruments has recently been trading near its 52- 
week high of 84.25. 

[The stock was trading at S84 Thursday after- 
noon, up $1, in pan a reaction to this artid& which 
appeared in the New York Times on Thursday.) 

But even at its current level, the stock is trading 
at only about 13 tunes analysts’ estimated 1994 
earnings of $6.25 a share, compared with a multi- 
ple of about 15 far the broader market. 

Does Texas Instruments deserve better? While 
Motorola, which makes not just chips but also the 
cellular phones several of the analysts were toting, 
trades at about 20 times projected earnings, Intel 
carries a multiple of about 1 1. 

Some analysts suggest that Texas Instruments 
might dow enjoy a delayed spurt “If you look at 
those other companies, you had a doubling or 
tripling of value,” said Mona E Eraiba of Gruntal 
& Co. “This is the only major stock in the semicon- 
ductor group that didn't do well” 

What is more, the current market cycle, with 
reviving inflation fears and rising interest rates, 
could well favor cyclical companies, especially 
those whose products offer the technology to im- 
prove corporate efficiency. 


Philips Profit Beats Forecasts 


Canqnkd by Our Suff From Daptaches 

EINDHOVEN, Netherlands — 
Philips Electronics NV said Thurs- 
day it returned to profitability in 
1993 and resumed paying divi- 
dends after a three-year gap as 
sweeping cost reductions paid off. 

A turnaround took fourth-quar- 
ter net income to 512 million guil- 
ders ($269 million), after a toss of 1 
billion guilders in October- Decem- 
ber 1992. Net profit for the year 
rose to 1.97 tdlhan guilders after a 
loss of 900 million in 1991 

The 1993 results included a one- 
time gain of 1.11 billion guilders 
from the sale of Philips’ 5 percent 
stake in Matsushita Electronics 
Corp. and its share in proceeds 
from placement of shares by its 
recording subsidiary, PolyGTam 
NV. Philips owns 75 percent of 
PolyGram. 

Sales for the year rose to 58.83 
billion gtriktors from 5853 million 
guilders in 1992. 

The results were better than fore- 
cast, and Philips shares rose 4 guil- 
ders to 50 ($26.13), a 52-week high, 
on the Amsterdam Stock Exchange. 
On the New York Stock Exchange, 
Philips American depositary re- 
ceipts, which represent one share 
each, jumped $225 to $27. 

Expectations for Philips’ annual 
profit ranged from 614 million to 
840 milli on guilders, with the aver- 
age at 767 million. 

“The new management team has 
done a very good job of focusing on 
the most important thing — the bal- 
ance sheet,” said Wnttam Coleman 
of James Capd & Co. in London. 

Philips said the profit owed 
much to cost cuts, which will con- 
tinue. increased U.S. earnings and 


a narrowing of consumer-electron- 
ic losses. 

The company remained cau- 
tious, however. Its chief executive 
officer, Jan D. Timmer, said, “We 
have no Elusions that the pressure 
on margins will abate in 1994.” 

Philips has said it would shed 
about 3,300 jobs by mid- 1995. It 
already cut its woridbree to about 
14,000 from 20,000 last year. 

Mr. Timmer said earnings would 
continue to be weighed down by 
Grundig AG, the troubled German 
consumer-electronics company in 

The most serious 
problems are 
behind ns and 
we’re on the road 
to recovery.’ 

Jan D. Timmer, 

Philips chief executive. 

which Philips owns 31.6 percent. 
Philips also owns convertible bonds 
through which it can increase its 
Grundig stake to 50 5 percent. 

Mr. T immer said he has contact- 
ed German government officials to 
pul pressure on Grundig to cut 
more jobs than it currently plans. 

Mr. Timmer said manufacturing 
costs in Europe were becoming re- 
strictive, but said “We want to revi- 
talize Europe.” 

Philips’ net cash position rose to 
6.61 billion guilders and its ratio of 
net debt to group equity improved 
to 40 to 60 at the rad of 1 993, from 
58 to 42 a year earlier. 


“We reached our goal of 40 to 60 
earlier than we dreamed we 
would,” said Dudley Eustace, exec- 
utive vice president. 

Philips named Floris Maljers, 
the retiring chairman of Unilever, 
as chairman of its supervisory 
board. He succeeds Wisse Dekker, 
former Philips’ president, who is 
retiring at 70. 

Philips said it would pay a divi- 
dend of 50 Dutch cents a share. It 
also said it would pay an unspeci- 
fied dividend for tne current year. 
Philips last paid a dividend in 1 989. 

The dividend “is an expression 
of our confidence that the most 
serious problems are behind us and 
that we’re on the road to recovery,” 
Mr. Timmer said. 

The component and semicon- 
ductor unit more than doubled 
earnings, to 1 billion guilders, as 
sales increased 13 percent, to 6.9 
billion. Doug Dunn, chairman of 
the semiconductor division, was 
named to the management board. 

In North America, income from 
operations increased to 546 milli on 
guilders from 76 million in 1992. 
Sales increased 9 percent, to 13.87 
billion guilders. 

In Asia, income from operations 
increased to 745 milli on guilders 
from 495 million a year earora Far 
East business wiB continue to grow, 
Mr. Timmer said, suggesting an au- 
tonomous business may be estab- 
lished there. (Bloomberg, AP) 


"Which Way Ara 
The Markals Moving?" 

An IHT conference on global fend 
management, March 23-24. 
For details, (ax Brenda Hogorty 

al [44-71] 836 0717. 


CURRENCY A INTEREST RATES 


, Cross Rates 


i 

is 


_ DJUL 

2 W uni 
SJff 




.33- V 


March 3 

__ n PI BJF. S»F- VM CS Pete* 

nun • — ua * 1X0 un * 

“fSlSS-tam — ** mb TO 

S* ww AJB7J* lira uc* urn *»“ 

“5 72* urn vm nwis-mm — 

to s am 1.17U0 tiff i*w® 

.ZZ an us in» urn ums 

^ '££■ us l» <25 J»* 

.... 111! 54S 2MH 7171 7** a»s 

S j*; •*;: ;; s: » £■* 

|BB3 » 07471 W74 l - HW 

iiW DM US 11773 UM MSI 

^ York and Zurich, nxtnts In other oaten; Toronto 


one 


'Aautandam — 

‘Bnstefe 3122 SUITS 

***** W _ 

i (a) UKS ^ 

MQJB7 200071 >1711 
wam liHUO 15B2B IWJ 

-NnrVarktM — '- 71 ' 

! ferti ms un win 

Turn. hlu uub n® 

'Twix* in u» J™ 

Zwidj UB 1W2S 8S» 

itai us use ijeh 

I SDR UO W 

Ctoonos in Amsterdam, London, 
rates at 3 mu 

« To buy one pound: h. To ouy 
moHaMft 

Other Dollar Value* 

C-iVac* P«* “rrw»CT 

fetoLKio W»1 jn n 

Aa*u.s 141M MOOB ^ # £5s 

Awtr.MUL TZD25 HS-W" 

*nBSow. UUB 

S2XS S 

Buntpono a* “S 

**Lanridm SJM5 Motcnr-rW- 

**-w»rd Itat** 

tenner *mt cawxfl«i‘» Hor 

Pom* Berth* MW Japanese Y** 

Dw w»nw* 1JW j_a3si 

Arttt franc 14374 14*0 '■*» 


Eurocurrency Deposits 




March3 




Swiss 


French 


ECU 


Dollar 

D-Mark 

Franc 

Sterling 

Franc 

Yen 

1 month 

3»w39k 

M*fe 

4VWW. 

MM 


2U-2M 

Othite 

3monttn 

3U-39b 

51w5W< 

4-m 

5-5V* 

6Vh-6ft 

3 *-2* 

6U-4U 

6 months 

34MHt 

MLd4 

IrHrJrai 

3<MMi 

56Vfe 

5>Hr4* 

!Mh 

6%-W. 

lyeor 

4Uh4fc 

5JW4 7W 

37M 

JWH 


2K.-ZW 

64 Vb 


MetaUgesellschaft Trader 
Files Suit for $500 Million 


Sources; Reuters, LkmbBaA. 

Rcdaafx>8coUetolntertxinkdcficmefnmmonmtomm(oreautvakml). 


eottor: *: tM* * in: **■' no/ quaka: NJL: ** 


Currency 

UKLpMD 

tLz mwti 

worm, krone 

PM. pm® 

Potttxioty 
Pert MOM* 
mianwM* 
Saudi rival 
Sin®.* 


Par* 

125 

17332 

74195 

27.55 

31881. 

17112 

169300 

17*97 

\JS8ff 


Currency Pori 
5, Afr. read 1*465 
5.KMMMM M440 
SW WLI WI W U02 
Taiwan i 2445 
Thai baht 2S 33 
TWttanra 19021 
UAE 347 

VeMZ.bODv. 111-95 


Key Money Rates 

United State 
Dtoaontrode 
Pr im e rate 
Federal funds 
XnoottiCDs 
Comm, paner OB don 
3-montti Treasury MU 
rtmj 


Close Prev. Britain 


5-mar Tteasary note 
7-yrar Treasury note 
l*mnr Treason- nota 
XMrearTreasry band 
Morrill iraSSdar Ready aset iul 


UO 

3J» 

Bonk boa role 

S» 

5«i 

LOO 

too 

Cod money 

550 

too 

3h 

UO 

T ■ni.Jh Intnotinak 

i-roooxn MonraiK 

56 

5h 

124 

3<A 

3-tooBtij Interbank 

SYt 

514 

IBS 

190 

6-mosn tateftM&k 

5«. 

5V* 

144 

146 

16-nnram 

7.16 

7,13 

195 

192 

Fnmet 



411 

463 

Intcrvanttoa rate 

6.10 

4.10 

577 

£50 

Can money 

6* 


513 

564 

l-mtwfli Interbank 

64 

6h 

L34 

IUL 

Hooetti latertmrtc 

6% 

6U 

613 

£79 

tmonHitatartnA 

400 

M> 

IUL 

275 

tewrOAT 

4J9 

42 9 


Discount rule 
CoR money 


1« IK 
2% 21k 



Hnaatatatertxufl: 

2U 

IVt 

Gold 




3-wonHi InhotioaK 

let 

2h 




*-montt muitwufc 

TVt 

l*t 


AM. 

PJA. 

60 any K4n 

W-reor Gwenunom bowl 

184 

3 Si 

Zurich 

run. 

377.95 

U5S2 1JHH 

Corroony 



London 

377 JO 

377 JO 

m* mss 

Lowbort rati 

4K 


New York 

37080 

37030 


SSKSS** i2» i4*o I** taruaM/ ss 

INC Bank ^msterdranUi^^^ To kyo (Tokyo!: *** « 

6W dnu am Fn** ^J^^sondAP. 

(Tommol: IMF (SOR). Otnerdoutrem 


Can money 
1-moaiti falertxmK 
Mwdti tatertxmk 
Ssnuntb Interbank 
* y ea r Bund 


6.15 itt 

4.15 6.15 

MS 555 
5J0 550 

630 441 


Sources: Reuters, Bloomberg, Merrill 
Lynch, Bank of Tokyo. Commerzbank. 
Green we l l Montagu, Credit LramolS- 


CITge 
+ M0 
+ BJ5 
— 060 

UJ. dollars per ounce. London oNIdOl fbr- 
tnov Zurich md New York aoenhw end ctosr 
Ingpric ta: New York Cemex I April I 
Source: Reuters. 


By Lawrence Malkin 

International Herald Tribune 
NEW YORK — The chief cal 
trader for MetaUgesellschaft AC is 
sums the huge German company 
and its lead banker, Deutsche Bank 
AG, for $500 million, alleging that 
they abandoned him in a winning 
strategy and then asked him to rig 
the market illegally. 

W. Arthur Benson filed the suit 
this week in Federal District Court 
in Maryland, where be now lives, 
and Ms Baltimore lawyers refused 
to elaborate. A Deutsche Bank 
spokesman in Frankfurt refused 
comment because the bank plans to 
fight the suit in court The Frank- 
furt headquarters of Metallgesdls- 
chaft did not return calls. 

Mr. Benson chimed the two 
companies were “able to exodse 
astounding economic power” and 
had defamed him by press leaks 
and statements blaming their losses 
of $1 J billion on the hedging slrat- 
he bad devised, instead of on 
own failure to understand the 


plan he had outlined to than. He 
said they refused to provide Mm 
additional bank credit lines of $350 
million to protect their bets until 
the oil market recovered from its 
lowest levels in five years. 

In essence. Mr. Benson’s suit 
paints the classic picture of a trader 

who seeks more money to keep go- 
ing wbei the market turns against 
him, and a banker who loses his 
nerve and decades to cut his l os s es 

Mr. Benson contends that if the 
German conglomerate had not 
palled the plug, it “would have re- 
alized positive cash flow in the hun- 
dreds of millions of dollars. And 
there never would have been a near 
collapse of MetaUgesellschaft.” 

Instead, he said, the Metallge- 
seflsehaft supervisory board headed 
by Ronaldo Schmitz of Deutsche 
Bank had taken effective control last 
December, fired hint, mstaiyd a 
trader with no experience in futures 
and other derivatives, and forced the 
liquidation of Ms long-term posi- 
tions at huge losses. 


European Bourses 
Recover Despite 
Lingering Fears 


By Carl Gewirtz 

Internationa I Herald Tribune 

PARIS — A nervous calm re- 
turned to European financial mar- 
kets Thursday. Prices on stocks and 
bonds in all markets rose modestly, 
except London stocks, even though 
the Bundesbank left interest rates 
unchanged at its regular biweekly 
policy-making meeting. - 

Although uo change was really 
anticipated after the report issued 
Wednesday of a massive 20.6 per- 
cent in last month’s growth in the 
M-3 measure of money supply 
growth, the fact that markets 
shrugged off the inaction was itself 
taken as a positive sign. 

The Frankfurt DAX index 
inched up 0.87 percent and the Par- 
is CAC-40 index recovered by 0.45 
percent. The European component 
of the International Herald Tri- 
bone Stock Index rose 0.56 percent 
in late trading. 

Analysts attributed the better 
mood to short-covering by profes- 
sional traders. 

They were obliged to repurchase 
securities that had been sold on the 
assumption prices would fall fur- 
ther when it became clear that mar- 
kets had been s tabilize d by deft 


injections of liquidity on Wednes- 
day through purchases by Europe- 
an central banks and treasuries. 

Nevertheless, analysts were un- 
willing to declare that the bouts of 
panic selling experienced on Euro- 
pean markets Wednesday and last 
week had been exhausted. 

“I do ihinlc the worst is over,” 
said Hermann Remsperger at BHF 
Bank in Frankfurt. “But it’s dear 

Bundesbank leaves key rates un- 
changed. Page IS 

that markets are going to have to 
learn to live with huge volatility. 
Markets are nervous and very vul- 
nerable.” 

In 1994, stock markets have fall- 
en 7.7 percent in London, more 
than 7 percent in Frankfurt and 
almost 9 percent on the Paris 
Bourse. 

In London, Gordon Johns of 
Kemper Financial Services said 
that it was impossible to say wheth- 
er the worst was over. “Prices were 
driven down by profit-takidng, de- 
gearing and panic selling which had 
nothing to do with fundamentals. 

See MARKETS, Page 14 


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Page 14 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 


** 


MARKET DIARY 


U.S. Trade Action 
Strengthens Yen 


I Via Ancidatad Picu 



Dow Jones Averages 


Compiled by Our Staff From Dispatches 

NEW YORK — The govern- 
ment's revival of legislation allow- 
ing itto slap stiff trade penalties on 
Japan sent the dollar sliding 
against the yeo, but the UJS. unit 
edged up against European curren- 
cies on interest rate considerations. 

The dollar closed at 103.90 yen, 
down from 104.20 on Wednesday, 
after Trade Representative Mickey 
Kantor confirmed the revival of a 

Foreign Exchange 

measure known as Super 301. The 
rule allows the United States to 
harsh sanctions against any coon try 
it perceives as having dosed mar- 
kets. 

Analysts said the government 
could accompany trade sanctions 
against Japan with attempts to talk 
the yen higher. A stronger yen is 
seen as a way to reduce Japan’s 
trade surplus because it reduces the 
cost of foreign goods for Japanese 
consumers. 

“The market knows that the U.S. 
administration, particularly the 
Treasury, doesn’t mind if the yen 
goes higher,” said Win Thin, a cur- 
rency analyst with MCM Cur- 
rency Watch. “That’s what is really 
hurting the Japanese economy and 
that's what could force Japan back 
to the negotiating table.” 

A dealer at a Japanese bank said 


there were rumors the Bank of Ja- 
pan told several Japanese banks 
not to bold short positions in dol- 
lars overnight, hinting it may inter- 
vene against the yen's appreciation 
or even cut interest rates to halt the 
rally. 

The dollar was supported against 
European currencies by sentiment 
the U.S. employment report for 
February, due Friday, could cause 
the Federal Reserve Board to again 
push op U.S. interest rates. 

Traders said cold and snowy 
weather in February could result in 
a weaker report, but the potential 
for surprisingly strong data kept 
the dollar underpinned. 

Currency markets also were buf- 
feted by rumors that the Bundes- 
bank would make some type of 
monetary-policy announcement 
despite leaving interest rates un- 
changed at its biweekly council 
meeting Thursday. 

Traders said they would keep a 
close eye on the German central 
bank's money-market operations 
for any signs of an easing of rates. 
The dollar edged up to 1.7110 
Deutsche marks from 1.7050 
Wednesday. 

The dollar rose to 1.4370 Swiss 
francs from 1.4310 Wednesday, 
and to 5.8125 French francs from 
5.8020. The pound slipped slightly 
toSl.4960framSl.4964. 

(Reuters, AFX, Kni$U-Ridd&) 


i-'-. 

vwjvj ‘ 


Own Mgh Law Lg« Chs. 

Indus JB29X? 383268 330864 382443 —7.32 
Trans 173*04 17384# 1727* 1729.87 -1.99 
Util 211.05 21 1 .fid 210.19 21826 —1J8 
Comp 137145 1 37400 1369.10 137022 —112 


Standard A Poor’s Indexes 


High Lew Cfen Cite 
54457 54225 542J3-IJ3 
47U5 41119 41B6S - lx 7 
14252 141.47 UZ2S —0.57 
43.14 CM 4280 -025 
444S3 442J0 44101 -150 
43245 035 430.18 — 1.9? 


* .y f 


NYSE Indexes 


K’4 y-v\ 


' * v 




HU* Low Last On. 

25747 25447 254^8 -079 
317.97 314.89 317.15 —077 
2M.15 24480 26580 -{MB 
21784 214.30 21440 —OJA 
21044 20*21 20981 Zu« 


NYSE Most Actives 


NASDAQ Indexes 

High Low Lost Os. 


78482 

8X89 

48385 

919.97 

HWM 

79585 

17102 


MARKETS: Exchanges Calmer 


Confiraied from Page 13 

Fundamental values are there, but 
that’s not been what the market has 
been about.” 

One point empfaarized by these 
analysts was that lasL year's big 
rally in bonds was essentially over 
rather than simply interrupted. 

“Lots of people keep thinking 
the 1993 rally will restart,” ob- 

N.Y. Stocks 

served Jim O’Neill at Swiss Bank 
Corp. in London. “But I doubt it. 
That's not to say we are in a bear 
market. Bond prices can recover, 
but I don’t see a huge rally. This is 
going to be a year of erratic mar- 
kets and carefully selected oppor- 
tunities." 

He said the Feb. 4 rise in short- 
term U.S. interest rates signaled 
that the cyclical bottom of Ameri- 
can rates had been reached. “AH 
U 5. rates are headed up, and rising 
bond yields will make it more diffi- 
cult for all bond markets.” 

“European short-term rales can 
easily move independently of U.S. 
developments, but not bond 
yields,” he added. 

He said that UJL funds, which 
had fueled a significant pan of last 
year's rally in European bond mar- 
kets, would head home with do- 
mestic interest rates and the dollar 


rising. European investors, mean- 
while, would be reluctant to bay 
long-term domestic bonds at a time 
when yields appeared to be close to 
their cyclical lows. 

■ Blue Gups Decline 

U.S. slocks posted moderate 
drops on Thursday on concerns 
that the Federal Reserve Board 
would soon push interest rates 
higher, Bloomberg Business News 
reported from New York. 

The Dow Jones industrial index 
had fallen as much as 22.79 points, 
to 3,808.95, before it rebounded to 
dose at 3,824.42. This was off 7.32 
points from a reading of 3,831.74 
on Wednesday. 

About nine stocks fdi for every 
seven that advanced on the New 
York Stock Exchange, while vol- 
ume was little changed from the 
total on Wednesday of 257.47 mil- 
lion shares. 

“Many people feel the Fed is 
gang to act very soon to raise the 
fed funds rate again." said Richard 
Gardullo, chief trader at Eagle As- 
set Management, adding that the 
central bank might push the over- 
night interbank loan rate up as ear- 
ly as Friday, when the report on 
U.S. nonfarm employment for 
February is due. 

Interest rate concerns also lifted 
the yield on the benchmark 30-year 
Treasury bond to 6.83 percent. 



VOL W 

Law 

Lost 

Chg. 

T«t*Aex 

54183 *0% 

44% 

44% 

— % 


44245 32U 

31 

3TH 

— % 

WDtglti 

37955 19% 

18 

18% 

*% 

Oirysfa 

33509 58% 

57% 

58% 

♦% 

NtSnmi 

3273* 24 

22% 

23% 

♦ % 

GnMoir 

39847 41% 

40% 

*0% 

♦ % 

RJRNob 

29548 7% 

6% 

6% 


Glaxo 

29516 31 U 

20% 

71% 

♦ % 

Cenrpr 

3*032 30% 

19% 

19% 

+ V* 


35B43 39% 

38% 

38% 

—1% 


3S199 30% 

19% 


. % 

AT&T 

34170 53% 

51% 

51% 

— % 

Travel r s 

21992 35% 

35 

35% 

eee 

WalMHs 

717*4 38% 

27% 

27% 

♦ % 

HostMn 

30437 11% 

10% 

11% 



T84JB 78444 -1.17 
82789 82888 *285 
68087 48083 — 1 JO 
917.38 917.39 *085 
§79.38 88132 — 1J2Q 
792.93 793JS *184 
17087 17082 — 097 


AMEX Stock Index 


NASDAQ Most Actives 



VaL 

Mgh 

LOW 

Last 

dig. 

DeitCptr 

BJQ 55 

38% 

34% 

>7 

♦ 2% 

Quantum 


18% 

19 

♦ % 

ReodRf 

m 

13% 

13% 

13% 

♦ % 

PrlcCsts 

21% 

19% 

21% 

♦ 1% 

Intel x 

wr^i 

48% 

66% 

48 

♦ 1% 

Seagate 


27% 

27% 

— % 

Maxtor 


8 

7% 

7% 

♦% 

Oden 

35380 » 

18% 

19% 


TetCmA 

■. ■ - J 

23% 

31% 

21% 

— 1% 

AST 


23% 

23% 

♦ !* 

Ciscos 


77% 

75 

74% 

♦ 1% 

Chiron 


75% 

«9% 

75% 

♦ 1% 

Rock Ten 


■7% 

14% 

16% 


MQs 


26% 

25% 

25% 

— % 


2S5Q3 

15% 

14% 

14% 

— % 


NYSE Diary 


Advanced 

950 

798 

Declined 

1185 

1404 

Unchanged 

617 

579 

Total issues 

2753 

2771 

NawKghs 

54 

23 

New Lows 

61 

140 


AMEX Diary 


Advanced 
Declined 
Unchanged 
Total bsues 
NewH&ts 
New Laws 


NASDAQ Diary 



am 

1492 

Rw. 

1097 

Declined 

1458 

2081 


1843 

1434 

Tattri issues 

4813 

4809 

VawHIghs 

93 

57 

New Laws 

a 

117 


High Lew 

Last am. 

444X4 445X4 

46SJ1 —061 

Dow Jones Bond Araragw 

Close 

20 Bonos 10108 

ioutmiles 1D1X4 

ID Industrials 1003 

Chfae 

— 004 

— 0L19 
+ 007 

I 

% 

NYSE 4 pun. volume 

NYSE arev. cons, close 

Amex 4 ouiL votume 

Amex prev. cans, close 
NASDAQ 4 pun. votume 
NASDAQ prev. 4 cun. votume 

291.780600 
431645X90 
20609 JOO 
30377600 
289,130000 
32*430100 

N.Y.S.E. Odd-Lot Trading 


EUROPEAN FUTURES 


Cine 


HW Low prev. Close 


Food 

COCOA (| eg ) 

Sterling per metric toowots of * tow 


Mar 

887 

888 

B92 

884 

891 

894 

May 

904 

905 

911 

901 



Jut 

914 

917 

923 

915 

YU 

923 


928 

«30 

934 

928 

932 

V» 

Dec 

941 

94? 

948 

941 

945 



9S7 

958 

9*4 

9W 

940 


May 

9*7 

949 

974 

974 

970 


Jot 

974 

9J8 

N.T. 

N.T. 

IUL 


Sap 

987 

990 

N.T. 

N.T. 

— 

— 

Dec 

995 

1605 

N.T. 

N.T. 

— 

— 


Esi. volume: 1891. 

COFFEE (LCE) 

Bailors per motrtctpa I i HbUHm 
M ar U20 1,224 1.222 1JBJ U97 1J00 

**— 1,231 1532 1338 tf» 1.210 1J1 

l T3f V22t 1332 1,215 1210 1211 

1230 1232 lS 1219 ’210 12U 

1234 12*0 1230 1275 1222 1223 

1233 1235 1227 1227 1220 1222 

1227 1225 12M 12M 1215 1220 

Est. volume; 3254. 

Hieb Law Close Woe 

WHITE SUGAR (MottO 

DaHars per metric tan-tots Ot SI tons 

May 33050 32050 329 JX + 323 

32450 32100 3230) 32**» + 1.50 
X100 wo 307.5 8 38150 + 1JD 
N.T. N.T. 29820 301-“ + If? 
29750 29750 29*M 29950 UnfJL 
lay N.T. N.T. 29720 301 2D + 020 
Est volume: 18IE Open bit: 12285. 


JW 

Sep 

l*gv 

Jan 

Mar 


Aog 

oa 

Dec 


Metals 


BM A ** 

ALUMINUM (HM Grade) 
DoDars per metric too 
SPO* 126350 126450 

Forward 122550 128550 

COPPER CATHODES (Hlgtl 
Dolton per metric to* 

Sea* 187350 1874X0 

Forward 1B9260 189320 

LEAS 

Dalian per metric too 
Soot X45 ai 44650 

Forward *9980 44000 

NICKEL 

Do Oon per m etri c t on 
Seal 564550 

Forward 5700-00 570520 

TIN _ 

Delian oar metric fan 
Spat 529QJM 5300X0 

Forward 533 5 00 S340JM 

ZINC (Spedol Hlgti Grade) 
Dot Ion per metric too 
Spat 92550 92450 

Forward 94100 44400 


Previous 
BM Ask 


124850 124950 
127250 177100 

‘ I) 


184950 185050 
187200 187250 


44900 
act no 


menn 54X00 
^utr nn cwit i 


emu 534000 
537000 emm 


93550 

95350 


93650 

95400 


Buv Soles Short* 
March) 1038090 1J3AJ14 201,954 

March 1 997531 1553590 137,117 

Pefc- 2B 916899 1851861 79580 

FeO.25 960736 1850717 54275 

Fed. 24 945X258 1032.196 169550 

'Included to me sates ffgunex 


SAP lOO Index Options 


Sfttte CBb-Ud 
Price Mar Apr May in 


M - - - - 
295 — - - - 


411 — - B - 

415 tlfc — - - 

GO II MVS — m 

u 


4J5 8V: 


March 1 
Peb-ust 
r Apt Her, 
fa 9k — 

6 4- 

v. m — 

at 

% i*t 
*t tw 
6 I* » * 
16 J6 5H - 
16 A 76 t 
» Ft 9 - 


196 A 


ansa 

Prev. 

430 

5V. 

vn 

tifa 

14V. 

4fa 

8 

IBfa 

Qfa 

Jan 

9*H 

94X1 

9*52 

— 061 



as 

» 

9b 

Bfc 

m. 

r\ 

M 

ini 


Sea 

9*73 

9*45 

9*32 

Itoch. 

2fi9 

186 

448 

1 Ik 

M 

* 

8 

m 

IZfa 

15k. 

Ufa 

Dec 

9462 

9474 

9*82 

+062 

312 

451 

445 

* 

2 

4 


15V 

15% 



Mar 

9461 

9*74 

9*61 

+ 061 

219 

20S 

a 

tk 

1 

2* 

4 

28 

19% 

zr*. 


Jun 

9*72 

9462 

9*71 

+ 065 

800 

642 

05 

ft 

Ik 

IX 

— 

2Sfa 

— 



_ 

Sep 

9*57 

94X5 

9456 

+ 067 

16 

7 

450 

Ik 

«. 

— 

m 



_ 





Dec 

9*38 

901 

9438 

+ 063 

17 

31 

4*5 

W 

fa 

— 

— 

— 

— 

34% 

— 

Mar 

9*2* 

94.14 

9*21 

+ 063 


Cafe: MM ML 7JM; total open M. MIJIS 

Prim Dec 94 Drcts Dec fa d*cm d*c« Dec w 

1-42 — — — h, — — 

am — - — % — — 

43 ft, - — 116 166 — 

421* - - - 2 2 - 

45 — — — P4 J% — 

Cilli: hliil VDL Jt; Wei on M. J04I5 
Ptfs: total Ml U4l; total wen ML 161639 
Seurcs: CBOE 


Financial 

High Low Close Change 
8-MONTH STERLING (L1FFE) 

1300800 -PfloMM Kt 


Jon 

Sep 

Dec 

Mar 

Job 

Sen 

Dec 


Est volume: 55872- Open inf.: 447,145. 
3-MONTH EURODOLLARS (UFFE) 

SI mlllloa - pts of 100 pci 


9484 

9*61 

9484 

+ 061 

9492 

9484 

9467 

UncfL 

9477 

9470 

9452 

+ 061 

9457 

94.50 

9*53 

+ 061 

9*28 

9420 

9424 

+ 067 

9367 

9368 

9191 

+ 061 

93X3 

9155 

915* 

— 061 

9138 

9320 

9127 

+ 062 

9363 

9259 

an 

Unch. 

9229 

9271 

9270 

— 064 


Joo 

Mcr 

9*17 

9*1* 

9*15 

Jon 

9575 

9572 

9572 


SOP 

9569 

9567 

9567 


Dec 

9476 

9495 

9496 

“ 

Mar 

N.T. 

N.T. 

947* 

4* 

Jun 

N.T. 

N.T. 

9453 

Sop 

N.T. 

N.T. 

9*30 


Est. volume: 10BS. Open Ini.: 14071 
3-MONTH EUROMARKS (LIFFE] 

OM1 million- pts of KM Pd 

Alar 9420 9414 9417 + 002 


Jim 9410 9194 9403 + 006 

Est. volume: 188524. Ooon lot: 1X02X07. 
LONG GILT (LIFFE) 

BUM • pts & nidi or 1M pet 
Mar 11241 111-83 111-2* —444 

Jun 111-10 11442 HO-23 —Mi 

SH N.T. N.T. 109-27 —MB 

Est. volume: 147442. Open lot: 197558. 

GERMAN GOVERNMENT BUND (UFFE) 
DM 258688 - PtS Of lM Pd 
Mar 9138 9520 *52 9 +BB5 

Juo 9590 9490 9184 +057 


Mgh 


LOW Close Change 


■l* 


9S3S 9500 9523 +020 

.volume: 305637. Dora tnt: 500624 


Industrials 

Htgh Low Lost Settle Dte 
GASOIL (IPE) 

U5. doitora pgr metric tOP-M* of 100 tons 
Mr 14150 148.75 14050 14050 —OSD 

Apr 141X10 13950 13973 13975 —073 

Mar 139-75 13075 13950 13950 -050 

Jon 14025 13950 13975 13975 -075 

JoT 14175 14L7S 14150 14175 —150 

AOC U375 WOO 14300 14375 -075 

Sep 144W 3*575 1*575 14558 —ITS 

Oct M87S 14875 14875 14550 —ITS 

NOV N.T. N.T. N.T. 15060 —175 

Dee 15350 15275 15275 15275 —150 

Jan N.T. N.T. N.T. 15350 —ITS 

Fa b H.T. N.T. N.T. 153 57 — US 

EsL volume: 125*2. Open Int. 121549 

BRENT CRUDE OIL (IPE) 
UJ-dntlonper b a iTOl lot* of 16M barrH 
Apr 1348 1348 1158 1357 —053 

Mar 1378 1357 1346 1346 —052 

JuO 1185 1170 1180 1179 — 007 

JM 1450 1385 1372 1192 —009 

ATC 14.13 1450 1455 1455 —0.10 

S*P 14.19 W.12 14.19 1472 —Oil 

Od N.T. N.T. N.T. 1478 —Oil 

NOV N.T. N.T. N.T. 1*53 —013 

Dk 1448 1442 1448 1470 — 012 

Est. volume 1 37778. OpoA M. 140582 


U.S./AT THE CLOSE 


Stock Indexes 

FTSE IM CUFFE3 
(25 pgr index poinf 

Ntr 32600 32015 win +L0 

Jan 2M20 32145 37*55 +65 

Sop N.T. M.T. 32665 +65 

Est. volume: 10137. Open bit.: 78445. 
Sources: Reuter X Motil Associated Press, 
London lari Fhwutefat Futures Exchange, 
Inn Petroleum Exchange. 


Spot Commodftlas 


Commodity 
Aluminum, lb 
Cottee, Braz. lb 
Copper etedrutrllc. lb 
iron FOB. ton 
Lead, to 
Sllvor. trov m 
Steel (scrap), ton 
Tin. lb 
Zinc lb 


Today Pnrv. 

0574 0567 

070 070 

07775 07775 

nun 71350 

034 034 

574 574 

13333 13333 

35713 35715 

04496 08496 


Dhrlckmds 


Company 

Per Amt 

Pay 

ROC 

INCREASED 



Mark IV. 

Q 6275 

3-18 

331 

Midland Co 

Q .1X5 

3-1* 

46 

Ptotos Spirt! Fact 

Q .125 

3-15 

331 


INITIAL 



I 

l 

xa 

3-15 

+1 

IRREGULAR 



OceVan DerGrtn 

X 7020 

+15 



x-opprax amount: payable date unan- 
nounced. 


OMITTED 


Adava Group 



Q 

06 

3-11 

>79 


M 

.10 

3-11 

>25 

Allegheny Power 

Q 

XI 

3-14 

>31 

Amerada Hess 

O 

.15 

3-14 

331 

BoKfirstCPOa 

Q 

X3 

•Vfl 

>22 


O 

37 

331 

+15 

Browning Ferris 

Q 

.17 

3-14 

4-7 


a 

.1875 

3-18 

+1 

Engelhard Core 

a 

.11 

3-34 

>31 

Essex Ctv Gas 

a 

38 

3-14 

41 


Q 

XI 5 

331 

415 

Fst Liberty 

Q 

08 

3-15 

41 


Q 

63 

3-11 

>25 

HRE Properties 

Q 

.27 

3-31 

437 


Q 

65 

3-15 

330 

Kohler Cara 

Q 

67 

4-4 

425 

MFS Charter Inca 

M 

6*5 

3-15 

331 

MFS Govt Mklslnco 

M 

044 

3-15 

33) 

MFS Infermlnco 

M 

04* 

3-15 

331 

MFS Multiink! Inco 

M 

647 

3-35 

>31 


M 

.058 

3-15 

331 

MFS Sped Value 

M 

1375 

3-15 

331 

Met Pro CP 


.25 

4-15 

4J9 

Omega Pncl 

Q 

.16 

3-17 

>31 

Opoen MultlSed 

M 

6B3 

3-11 

>25 

Pm n Indus 

Q 

10 

3-23 

48 

Titan Hktos 

U 

■0525 

3-14 

>78 

USF&G PochoJder 

a 

X75 

3-23 

330 

Universal HlthReott 

Q 

4)5 

>35 

331 

Vaimont Indus 

Q 

D75 

>75 

415 

Vulcan Inti 

Q 

20 

>10 

>18 


Aircraft Led Factory Orders in U.S. 

WASHINGTON (Bloomberg) — Orders for America’s factories ad- 
vanced 2.1 percent in January as demand for commercial and military 
aircraft contributed to tfreaxth consecutive monthly gain, the Commerce 
Dcpaitinent said Thursday. ' ' . ' ‘ 

Not all industries shared in the advance. Excluding tran^KKlatioo, 
factory orders were up only 03 percent for the month, rite Commerce 
Department said. Excluding the military, orders increased 1 .6 percent. 

In a sr panu* report, the Labor Department said the number of worker 
fifing Haimc for imanployment benefits declined last week by the larges 


workers 

fifing Ha i me for mirmplcyment benefits declined last week by the largest 
amount in IS months. Claims were down by 57,000, to a seasonally £ 
adjusted 318,000, suggesting labor markets were recovering from winter 

storms and the California earthquake. 

U.S. Car Sales Jumped in February 

DETROIT (Combined Dispatches) — Detroit’s automakers sold 24 
percent more North American-made cars and fight-duty trucks in the 
U.S. during February than fee y did a year earlier, as consumers were 
heartenedby the strengthening economy and concerned abont higher 
interest rates down fee road. 

“The overall general economy is picking 19 and more people are 
coming through fee doors to boy instead of just look,” said Joe Fruzyna, 
new car sales manag er with Honda of Joliet, southwest of Chicago. 

General Motors Corp., Ford Motor Co. and Chrysler Corp. sard fear 
combined February sales rose to 865,570 from 700,666 a year ago, 
reflecting strong growth in demand for light trucks and sport utility 
vehicles. On an annual baas and including sales of North American- 
made cars by Japanese makers, U.S. car sales last month readied an 
amnia! rate of 13 million, op from the 6 milli on rate in February 1993. 

Chrysler said Thursday it might expand production by more than a 
third and add as many as 6,000 jbbs as it tries to meet demand for the Jeep 
Grand Cherokee, Dodge Ram pickup truck and other vehicles. If the 
automaker gets agreements it wants from labor, governments and suppli- 
ers, it would spend $1.8 billion to increase production to 3 J mffioa 
vehicles annually worldwide by 1996. (Bloomberg. AP) 

Dell Earnings Beat Expectations 

AUSTIN, Texas (Bloomberg) — Dell Computer Corp. posted fmzrth- 
quarter earnings Thursday that exceeded analysts' expectations by more 
than 20 percent. Althongh net income was down 43 percent from a year 
ago, Defl shares rose $2,625 to $27.50. 

In fee quarter ended Jan. 30, the maker of personal computers earned 
$17.7 million, down from $31 3 million. 



Microsoft, TQ to Test TV Service 

NEW YORK (Knight-Ridder) — Microsoft Corp. said it will test 
interactive television service using its own software wife the cable 

provider Triftfn imniiniftitifliw Inc. 

The two-phase program w31 start in the fourth quarter wife a test of 
opoating system software among TCI and Microsoft employees in the 
Seattle area. In 1995. fee secondphase will indude a marketing test of 
interactive TV service among TCI residaitiaJ cable customers in the 
Seattle and Denver areas. 

For Hie Record 

Wheefing-PHtsbmgh Corp. said its Wheeling-Pi ttsbnrgh Steel Carp, 
unit and the United Steelworkers of America reached a tentative agree- 
ment regarding a new collective bargaining agreement (Bloomberg) 

Woohrarth Corp. posted a loss of $46 mini on in the fourth quarter of 
1993, compared wife a gain of $165 million, because of a charge to sell its 
Woolco Canadian stores to Wal-Mart Stores Inc. For the year, the 
company posted a loss of $495 million, compared wife a profit of $280 
million m 1992. (Bloomberg) 

Bear Steams & Co. said its chief economist, Lawrence Kudlow, is 
resigning to pursue other personal and professional interests; it did not 
came a replacement. (Reuters} 


EBRD: Under New Leadership , Lending Slows and Priority Shifts to the Private Sector and Small Businesses 


Canthmed from Page 13 

Mr. de Larosifere, a life-long civil servant 
the em phasis is on quality, not quantity. 

Many inside the bank ruefully acknowl- 
edge the need for management to rebuild 
its credibility wife its donor country gov- 
ernments — to win back their hearts and 
fear budgets in the wake of last year’s 

sranrials. 


But they also expressed regret about fee 
timing of the retrenchment “It is not in the 
interests of economic reform to see this 
bank cow slow down,” a director said. 

The slower pace coincides wife a surpris- 
ing change in fee prevailing attitude of fee 
institution to one based oa. humility and an 
awareness of limits. “Our 12 billion Ecu 
capital sounds like a lot but given fee size 
of these economies we are working wife we 


have to think hard about how to maximize 
our impact” one donor country director 
said. 

Outside the bank, some observers admit 
they miss Mr. Attali. who not only saw his 
bank as the leading lender to fee region but 
also as its biggest and certainly its loudest 
cheerleader. 

In place of Mr. ActaFs occasional ti- 
rades about rich countries of the world 


closing fedr borders to Eastern European 
exports and turning a blind eye toward the 
region's dangerously aged midear power 
plants there is silence. Mr. de Larosifrre has 
yet to grant a single interview much less to 
hold a news conference. 

Hie new president's austere approach 
has even had an impact on fee infamously 
grand lifestyle of the bank’s executives. He 
has shuttered the lavish private executive 


dining rooms and doubled the prices in fee 
main dining room. 

Leading by example, Mr. de Larosirc 
himself has only set fool in fee executive 
dining room once. Instead, he takes his 
lunch in fee staff cafeteria. 


Eta 

fw "IWIWB ■■ynuwOll 

neod THE MONEVQFORT 
every Saturday in the JOT 





(■ 


k H' 1 " • • 




M:- 


■Midi; ->■. : 
.'link. .\, 


WORLD STOCK MARKETS 


Apenca franco Frcno March 3 


Amsterd am 


ABN Amra Hid 

ACFHokflno 

Amon 

AlKM 

Akxo 

AMEV 

Bdlj-Wewwwn 

C3M 

DSM 

ElMVior 

Fokker 

Ght-Brocodn 

HBG 

H emofc en 

Hoouovans 

Huffler Douglas 

IHCCatand 

In lor Mueller 

Inti N e derland 

KLM 

KNP BT 

Nfldilayd 

Oce Grlnten 

PuMioed 

Philips 

Polygram 

RoOcco 

Rodomco 

Roilnco 

Rorenla 

Royal Dutch 

Stork 

Unilever 

Van Ofruneren 

VNU 

WoHers/Kluwer 


65JD 6550 
5730 S&JO 

9550 96JD 

50.10 49 JO 
20650 20340 

7*50 7640 
P M 4Z2D 

Alja 7050 

111X70 10740 
T7BJ0 178 
2090 2030 
5240 53 

2B650 28550 

22450 224.10 

5950 5450 
8830 86 

4150 4150 
8540 8SJ0 
8220 8130 
4750 -UL« 
45 4550 
6050 6940 
7550 7550 

51.10 51.10 

50 46 

7950 76.90 
12520 1247a 
6120 6140 
126.90 12730 

9430 9470 

202 20140 
41 4020 
21150 2107B 
4820 47.90 
179 178 

116 11510 


EOE index : 41241 
Preview : 40727 


Brussels 


Acec-UM 2570 2570 

AG Fin 2770 2770 

Artoed *415 43«o 

Baron 2285 2290 

• Bokaert 24Z75 24000 

Cockwlll 175 174 

Cobepa 5640 5630 

Delhalze 1408 1412 

Ehtclrafcei 6290 6250 

GIB 1535 1550 

GBL 4265 4270 

Govaert 9530 9480 

Kredhftxmfc 7280 7310 

Petraflna loiso 10125 

Powvrfin 3205 3205 

Royal Betae 5660 5730 

Soc Gen Banaue 8340 0330 

socGenBetgMue 2660 2700 

Safina 1500014900 

SotVCTV 14400 14W3 

TraaetoH 1D72S 10625 

UCB 24125 23975 

RRBflMr ,,aiBai 


Frankfurt 


AEG 1625016150 

Allianz Hold 3450 2415 

Allan 636 622 

Asko 1005 1000 

BASF 39650 290J0 

Boyar 355.7035X40 

Bay. Hyno Dank 440 440 

Bay Verrtnst* 475 47? 

BBC 600 485 

BHF Bank 42242050 

BMW 840 825 

Commerzbank 3375033750 
Continental 26426150 

Daimler Banz 78377850 
Deausaa 496 496 

Dl Babcock 24150239J0 
OewtadH Bank 785 781 

Douglas 540 543 

Drasdner Bank 38338530 
FetdmuetiJe 3335033*50 
FKruppHaescb 1775017448 
Harpener 33050 330 

Henkel *06 605 

Hochtief 1090 1080 

Hoecfts! 29750 29250 

Holzmam 920 9*0 

Hortsn 22S 225 

IWKA 37850 376 

Kgll 5«l* 14614950 

Karstadt 530 532 

KaufflOf iU 4*3 

KHD 13650 131 

KioecknerWferfce 12850 129 

Unde 8*5 845 

LufltXRM 1695016850 
MAN 420 420 

Memesmann Kf> da 

MetolhKsell 19050 18750 
Mutncft RuCCk 3330 3340 

Porsche 879 879 

praumo 46670 461 

PWA 224 220 

RWE 43130 <26 

Rhdnmetall 319 313 

Sctierlng 1008 1015 

SEL 400 392 

Siemens 6745067050 

Thvssen 25750 252 

Vorta 354 351 

veba 46*5046150 

VEW 3*9 350 

VlOB 47540 477 

VallURMOOen 435 5042850 
Walla 800 795 

DAX Index : 283758 

Previous ; 7743) 


Helsinki 


Amor-Yhtymo 

1*0 

11 

Enso-Gutzett 

4250 

4! 

Huhtomakl 

715 

21- 

KJXP. 

13 

>: 


124 

124 

Metro 

225 

22! 

Nokia 

377 

333 

Pah Ida 

95 

w 

ReooJa 

104 

107 

SlutvkllUMBl 

29* 

300 


hex Index: 112129 
Previous:! 6*9.1 y 


Hong Kong 

Bk East Asia 32 33 

Cathay Podflc 12+0 1258 
Cheuno Kong 4350 4250 
China Light Pwr 41 JS 4150 
Dairy Farm Inn 1150 11.90 
Hang Lung Dev i£20 1140 
Hang Song Bank 5750 57 

Henderson Land 47.25 4650 
HK Air Em. 4125 46 

HK China Gas 17 1B50 
HK Electric 24e0 2450 
HK Land 2450 2*50 

HK Realty Trust 2358 2160 
HSBC Holdings 102 102 

HKShangHtls 1Z10 1150 
HK Telecomm 14.10 1*20 
HK Ferry lOJa iaro 

Hutch Whampoa 332S 33 

Hyson Dev 2*60 2S4D 
Jar din* Maltl. 6130 6*50 
Jordtne Sir Hid 29JO 30 
Kowloon Motor U40 1550 
Mandarin Oiirnt 1131 1190 
Miramar Hotel 2160 2190 
New World Dev 3025 31J5 
SHK Prep* 5750 3650 

5MUX *70 *55 

SwtraPoeA 53 53 

Tol Cheuno Pros 1120 1160 
TVE 355 158 

Whorl ’Hold 3075 3050 
Whs On CO MH 1250 IZ30 
Wlnsar Ind. 1260 1170 


Johannesburg 

AECI 
Aliech 
Anoka Am er 
Barlows 
Blyvoor 
Buffets 

De Bears 
Drlefontehi 
Gencnr 
GFSA 
Harmony 
Htotnold Steel 
Kloof 

NedtxnkGrp 
Rancffanteln 
Ruiplot 
SA Brews 
Si Helena 
Sam 
woman 
western Deep 


20 20 
93 92 

21150 205 

27-75 27J5 
850 8 

48 47 

1095010650 
52 5*75 
960 9 

9*50 95 

25 25 

18 18.10 
<7.25 47 

2675 2658 
a 4058 
8350 8450 
8125 8350 
43 46 

2355 2275 
42 44 

180 190 

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Madrid 

BBV 3175 

Bee Central Htv. 2825 
Banco Santan de r *650 
CEPSA 2960 

Droeadas 2330 

Endesa 7320 

Era-os 156 

Iberdrola I 1025 

Remo) 4490 

Tobacaiera *000 

Telefonica 1905 


3200 

27S5 

6520 

2900 

23251 

72101 

156 

10151 

4430 

39J0 

1835 


ftmlrcsfxi 


32U6 


Milan 


Boms Comm 
Bosks! 

Benetton group 

cioa 

C1R 

Crad ttal 
Enldiem 

PuflH 

1 ■gran 
FerflnRbp 
Flat SPA 

Fhwt»«anl« 

Generali 

IF1 

Italcem 
1 to leas 
Italmoblllare 
Mediobanca 

Montedison 

Olivetti 

Ptralil 

RAS 

Rl nase ent e 
fi afaem 


6110 6034 
84 8558 
25370 25110 
770 702 

2170 2095 
2674 2U12 
vn 2350 
1780 1773 
801 791 

*695 4650 
1680 1705 
38800 3U30 
IBIS 17603 

11780 11635 

5220 5199 
37600 37000 

14930 14800 

1142 1118 
2340 2275 
4350 4110 
25150 24780 

9465 9*00 

3144 3140 

San Paolo Torino 10770 10(50 
SIP 4015 3MS 

SME 3699 3629 

Stda 1800 1850 

Stando 3*570 34090 

siel 4427 4345 

Toro Asst RIbi 27100 26400 

SSRSSS?«ff“ 


Montreal 

Akan Aluminum 31% 31% 
Brck Montreal 28% 28% 
Bell Canada 48% 48% 
Bombardier B 20% 20% 
Ctrmbtor 2m 2m 

Cascades 7% TVS 

Oomkilen Text A 7% 7% 

Donohue A 26% 26U 

MocMIllon Bl 22V. 22V, 
Natl Bk Canada 10 10% 
P ower Cora. 22% 22 

Quebec Tel 22 V, 23 

Quebecor A 19% 2D 
Qvebewr 8 20% 20 

Telealooe 20% 2D% 

Unlvo 6% 6% 

VUeotron 29% 29% 

industrhiis Index : 189764 
Prcnan ; 109U1 


CfasoProv. 


Paris 


Accor 69S 689 
Air UtHJkfc 811 807 
Alcatel Alsthem 704 692 


Axo 
Banarire (Cle) 
B1C 
BNP 


1405 142D 
605 6 T9 

1310 1310 
25860 28120 
696 6f7 

BSN-GD 894 900 

Carrefour *008 4010 

CjCJF. 263 271 

Cerus 14040 140J0 

Charaeurs 1360 1375 

aments Franc 38*M381J0 
Club Med 379 371 

Etf-Aaultafne *08 40040 

EH-Sanafl 1058 JOB? 

Eura Disney 33.10 

Gen. Earn 2609 2610 

Havas 459.90 447 

I metal 637 446 

Lafarge Coapee 


Lyon. Eaux 
Oreo! (L‘> 
UVJVU* 
Matra+tachette 


5690 5568 


1223 1190 

3870 3823 

155 153 

2SJJ246Jg 
14913540 
491JW 503 

Pechlnevlntt 192 1B7 

Pernod-Rkxrd *00-70 <00 


MtcheilnB 

MoullnexB 


Peugeot 
Prlntemp9 (Au) 
Radtatrchnlque 
PtvPouienc A 

Raft St. Louts 
Redoute (La) 

Saint Goto in 

S.EJL 

Sto Generate 
Sims 


866 
933 935 

515 510 

138 13*50 
1660 1640 
881 881 
670 660 

577 578 

682 696 

32100 326 


Thamsan-CSF 1B3A018170 
Tata! 3U.I0 307 

UA9. ISO JO 19*70 

Valeo 1436 1395 

CACeOinda : 215441 
PrevknSTn**** 


Sao Paulo 


Banco do Brasil 

1370 

860 

1*30 

LS2 


KUO 

1C 


MUD 

Ml 


13X0 

I3JC 


11250 

112 

Tefabras 

3030 29X0 

Jale RIoDoce 

71-50 

70 

Jar la 

N.T. 

100 

BnoMlndu: 
Previous : TBZ14 

18957 



Singapore 
Cerebos 8 

OtyDev, 6 IS US 

DBS 11J0 T 1 JB 

Fraser Neave 18 18 

Gontfng 1650 17.10 

Golden Hope PI 275 288 

Haw Par SJ6 3A0 

Hume industries SJH 

Inaicape S65 565 

Keppet law 1050 

KLKooong XOA 112 

Lum Chang l£3 1B3 

Malayan Banks 880 SJ5 


KBC 
0UB 
OUE 

S em bo w cmi 
Shongrlia 
Slmo Darby 
SIA 

5\we Land 
s*oore Press 
Sing Stegnatilo 
5Hara Telecom 
Straits Trodtno 
UOB 
UOL 


1248 1260 

ass ud 

7J5 7 JO 
mo 1210 
530 5.40 
4 282 
740 7 JO 
7 JO 7A0 
1*30 1440 
286 190 
24* 144 
X00 284 
1X50 1090 
123 234 


Stockholm 

«0 436 


AGA 
Asm A 
Astro A 
Alios Copco 
Electrolux B 
Ericsson 
Esselte-A 
Honddstxeiken 
inve s tor B 
Nonk Hydro 
Procordia AF 
Srcdvm B 
SCA-A 
S-E Banked 
Stand la F 
Skanska 
5KF 
Stora 

Tretieboro BF 
Votvo 


S54 551 

176 176 

*69 461 

& a 
118 116 
115 113 

190 187 

Z34g » 
135 133 

126 128 

141 140 

6050 60 

148 167 

703 202 

142 142 

426 422 

■a <§ 


Amcor 
ANZ 
BHP 
Enrol 

Bougainville 

Coles Mver 

Comalco 

CRA 

CSR 

Dunlap 

Fosters Brow 

Goodmrc Field 

ICI Australia 

Mogeflrc 

MIM 

Not Aust Bank 
News Corp 
Nine Network 
N Broken Hill 

Inn 


Sydney 

9AB 980 
5JJ6 £13 
1744 1740 
*22 *32 
1-00 0.9? 
*95 *95 
485 *71 
1740 17.12 
*97 *99 
545 540 
133 TJ4 
140 147 

1020 1040 
2.12 230 
2.90 2M 
1136 1126 
fS5 9.90 


6.15 6.15 
342 349 
320 3.16 
Nmndv Pasddan 2M 115 
QCT Resources 1J7 131 
Santos *00 *00 

TNT 120 11* 

Western Mining 7JJ0 6^5 
Westaoc Ban king *83 *90 
Woodsfde *12 *02 

215140 


AH ardbnles Mi 
Piinioos : 215*00 


Tokyo 


450 4SS 


1150 1170 
1540 1580 
1540 1540 
1650 1*60 
1240 1Z70 


AkOl EteCtr 
Asahl Chemical 
AsoM Glass 
Bank of Tokyo 
Brldseslonc 
Crcon 
Casio 

Dai Nippon Print 1830 1870 
Daiwa House 1670 1670 
Doiwa Socurfttes 1680 1720 
4240 4270 
2260 2240 
2430 2470 
999 1010 
927 9*4 

807 806 

1730 1740 
5750 5B0 
697 

640 650 

953 965 

2880 2890 
353 360 

1190 1190 
85B 860 


FuRL- 
Fuji Photo 
Fujitsu 
HltocW 
Hitachi CoMe 


llo Yokoda 
Itochu 

Japan Airlines 
Kallma 
Kansal Power 
Kawasaki Steel 

Kirin Br ewery 

Komatsu 
Kubota 
Kyocera 
Matsu Elec Inds 
Motsu Elec Wks 
MltsuMshlBk 
Mitsubishi Kusei 

Mltsuttshl Elec 

Mitsubishi Hev 
Mitsubishi Cora 
Mitsui and Co 
Mitsukahl 
Mitsumi 
NEC 

NGK insulators 
Nlkko Securities 
Nippon Kopoku 
Nippon Oil 
Nippon Stool 
Nippon Yusen 
Nison 

Nomura Soc 

NTT 

Olympus Optical 

Pioneer 

Ricoh 

SmvoEkc 

Shore 

SMnwau 

SMngtsuChgm 

Sony 

Sumitomo Bk 

SumHomo Chem 

Sum! Marine 

Sumitomo Motat 

TMselCora 

Toisho Alaring 

TakedoChem 

TDK 

Ten in 

Tokyo Marine 
T okyo ElCCPn 
Tgppon Printing 
Turov Ind. 
Toshiba 
Toyota 
Yamaletil See 
a: x WO. 


6630 6710 

1690 1740 

1190 1190 
2B20 2340 
441 446 

573 
704 701 

1050 1050 
763 770 

925 930 

2S40 2060 
996 I COD 
1030 1050 
1300 1340 
995 taco 

744 755 
338 346 

574 592 

841 846 

2270 2330 
9280a MTOo 
1000 1070 
2550 2610 
757 Ml 
470 480 

U60 1600 
as 685 
2040 2120 
6060 6180 
2130 7140 
423 426 

864 880 
271 279 

691 693 

829 871 

1250 1240 
4490 4510 
450 455 

1200 1290 
3400 3430 
1350 1340 
660 661 
749 765 

2010 7020 
869 881 


Toronto 


Abfttti Price 

17 

17 


15% 

15% 

UrConrtO 

*% 

4% 

Uberta Energy 

19% 

19% 


33 

32% 

8CE 

49 

48% 

3k Nova Scotia 

30% 

30% 

BCG« 

1* 

I* 


79% 

25% 


N.Q. 

BIB 


0X3 



9% 

wk 

ZAE 

* 

* 


460 

460 

:ibc 

34% 

34% 

Canadian Pacific 

22% 

22% 


Con Packers 
Can Tire A 
Cantor 
Corn 

CCL ind B 
Oneplox 
Com Inca 
Conwesi Expt 
Don ban Min B 
Dickenson Min A 
Dofasco 
Dvtex A 
Echo Bay Mines 
Equity Sliver A 
FCAlntt 
Fed Ind A 
Fletcher Chsll A 
FPI 
Genii u 
Gold Carp 
GuH CdO Res 
Hoes Inti 
HemtoGid Mines 
Holllnger 

Horsham 
Hudson's Bay 


Inca 

Interarav pipe 
Jqnnock 
Labatl 
LoWowCo 
Mocfcorale 
Magna intiA 
Morttlmo 
Mark Res 
MocLean Hunter 
MofconA 
NomoIndA 
Noranda Inc 
Narando Forest 
Norcen Energy 
Nthorn Telecom 
Nova Carp 
Oshowa 
PogurlnA 
Ptcreer Dame 
Poco Petroleum 
PWA Carp 
Hayrack 
Renalssonce 
Rog ers B 
Rothmans 
Royal Bonk Con 
Sceotre Res 
ScotfY Hasp 
Serctam 
Sears Con 
Shell Cor 
Sherrill Gordon 
SHL System rise 
Southom 


StBkDA 
Talisman Enera 
Teckfl 

Thomso n News 
Toronto Domn 
Torstar B 
Trarvsaito Util 
TransCtla Pipe 
Triton FM A 
Trkmoc 
THieeA 
Uni core Energy 
ISE 300 Index 

Pnjywas : 


12% 12% 
12% 12% 

48 47% 
*K *30 
9 9% 
195 185 

20 19% 
22% 22% 
023 024 
6% CK 
24% 24 

073 0-76 
16% 16% 
092 0.93 

3JW IM 

7% 7% 
20 'A 20% 
5% 5 

057 056 

9V> 9% 

*45 *55 
15V. 15% 
12% 12% 
14% 14% 
18% 18% 
31% 31% 
39% 39% 
33% 33% 
32% 32% 

20% 20% 

22 % 22 % 

23% Z» 

II n 
66% 66% 

25 24% 
8% 8% 
16% 16% 

26 24% 
6% 6% 

25% 25% 
13% 13% 
IS 14% 
41V. 40% 
9% 9% 

22 % 22 % 
3J0 3J0 
31 3IW 
9% 9% 

IM IM 
17% 17% 
ZTVk 26% 

21 % 21 % 

83 84 

29V. 29% 
13% 13% 
8% ■% 
3BVk 37% 
7% 7% 

39 38% 
11 % 11 % 
9% 9% 
18% 18 
17% IS 


24% 24% 
17% 17% 
22 22 
24% 24% 
15% 15% 
19% 19% 
*10 *05 
16% 16% 
OBS 085 
*85 1 


Zurich 


Ad la Inti B 229 2M 

Ahrailue B new 635 627 
BBC Brwn Bov B 1035 1 015 


Ctta Getov B 
C3 Holdings B 
ETektrow B 
Fischers 
infgrtilseouTTf b 
J eimoll 8 
Lonffis Gyr H 
Leo Hid B 
MoevenpIckB 
Nestle R 
OenilL Buehrte R 
PoraesaHWa 
Roche Hdg PC 
Sofia Republic 

Sandor B 

Schindler B 
SuizerPC 
Survelllanco B 
Swiss Bnk Cores 
SwtB Reinsur R 
Swissair R 
UBS B 

Wimerffiur B 
Zurich am a 
SBS Index : M2J? 
Previous : 973J5 


865 828 

636 6)6 
3720 3710 
1Z75 1215 
2370 2270 
BOS 815 
935 93S 

N.T. 600 
430 425 
1235 TOO 
146 141 

1510 1500 

6730 6700 
140 144 

3810 3760 
mo 7400 
995 910 
1940 1930 
445 444 
613 600 

800 780 

1240 1262 
735 706 

1395 1390 


To our readers ti ftmfria 


I'sfMrbMfleaua' 
fa wtaafev wd w*e. 
JtBtcdfaUee 
066BBI55 
or fcsc 06069- 1754)3 


U.S. FUTURES 


Vfa Awacfated Prew 


Mtfi Uwr 


Open HWi Low Close Chg OpJnt 


14IVJ-4L05V. 
127 — 0JS 


i3i -tun 

Ul *4-003 


Grains 

WHEAT (CBOT) sagwiiMniiv.«giknn 
194% WO MorM 14J 344 137% 

172 100 MOV W 143 147% 139 

156 196 JUIM 134% 136% 127% 

357V. 3JB Sep 94 135% 137V. 130 

3*5 109 Duc»4 144% 145 138 

156% 155 MOT 95 

342% 111 Jut 95 131% 131% 127 

Est. sale* NA. Wed's. sM *126 
Wed's open Ini 41435 up 191 
WHEAT (KBOT1 ugObunWWiwn-dabnM 
191 198 MIX 94 158% 159 152 

179% 198 Mov 94 145% 166% 140% 

155 197 All 94 134% 134% 128% 

155V. 102%S»9f 134% 135 3JJ 

160 113%Dec94 141 141 136 

ISIS. 143'-Mcx95 

Est-sMes NA. Wed's. sales 5^40 
wed's open W S7J14 off 416 
CORN (CBOT) 5JWbunWV.mil i*4X» i«e> 

111% 232%Mwt4 232% 2J2% 17* 

116% 238%Mov94 190% 290% 233% 

116% 141 MU 2.92% 193 166% 

272% 240% Sep 94 160 1BBW 176 

173% 736% D#C 94 167 247% 267% 

279% 2J3%Mtx95 273 273% 270 

282 273 Mov 95 27* 276 27* 

2J3** 174VbJul«5 279 179 176% 

2M% 151 Dec 95 255 25* 252 

Est soles r*A. Wed's, srtes B569 
Wed's open m»_ 327 L 1 «2 OH 3*2* 

SOYBEANS (CBOT) MObimMiun-E 
764 S69HMOT94 *76% *74% *62 
731 191% May 94 67916 *81 *46% 

730 5.94% jmw 662% 663% *61 

735 62S Aug 94 *75 674% *63 

*69% *17 Sep 94 *41% *11% 630 

7-57% 535% NOV 94 467% *50 460% 

*70 *18% 6X1 95 *51 634 665 

*73% *47 Mix 95 *54% *57% 630 

*73 *42% Jui 95 462 *63 *54 

*50% *61% New 95 *23 *23 *14 

Est.sdes NA Wed's. sales 4*zn 
Wed's ooenke I5S6I7 Oft 1597 
SOYBEAN MEAL (aon inn-aanw 
21730 1 8570 Mar 94 19210 19170 19960 

23200 1 8530 May 94 17100 19140 19030 

23060 19220 JulM 19170 19*10 19080 

22100 ITTJOAubW 19230 19130 19QJ0 

21*00 1 9930 Sep 94 192W 19230 IBM 

20*00 TS7J0CMM 19090 19160 T88J0 

209JO 460 Dec 94 190.00 I9Q3C 18730 

20060 18630 Joifl 19*10 19*10 18860 

19*00 19200 Mar 9S 

Estsrtes HA. Wed-LSWes 17345 
Wed's open InJ 8570 off TI92 
SOYBEAN Oft. (CBOT) IUOIv.dMnH.IHta. 

0073 7I.13MOT94 2837 2*57 2837 2121 -065 *147 

3063 21 30 MOV 94 2832 1837 2864 2*34 -039 39,009 

2970 2135Jui9d 2B6S 2865 7*09 2*17 — 038 746S4 

7970 71 65 Aug 94 2100 21M 2733 7773 -062 *9|S 

2860 2260 Sec 94 Z760 1730 2775 2734 —034 *773 

2765 221000 94 2*80 2AM 2A6S 2A*3 —077 *315 

2660 030 Dec 94 2*10 2*20 25.90 2*13 -0.10 11,942 

2*68 22656xi9j 2*03 2*03 2365 25.96 -012 1333 

7*13 2330 Mar V3 2565 2565 2565 7465 —073 44 

»J0 2520 May 95 2140 -0J8 2 

Esl safes HA Wed's. sales 71476 
wed’s ooen Int 10*08 on 1421 


253 — (LSI 


465V.— 0.10% 9311 


*65% — 0.105 
*51%— 0.1WL .. „ 
*41% — QJ3TA 25371 
*45 -O0B 2601 
630 -0.08% 

*a -tun 
*i*%- oon 


19060 —160 *375 
191-10 -200 3211? 
19160 -230S4J33 
79070 -240 7347 
18960 -220 *243 
imp —230 2884 
187.90 -1.90 2TO 
10*00 —160 927 

18830 —030 II 


Livestock 


CATTLE (QMBR) AOMtai^cmwta. 

8275 7370 Apr 91 7*55 7*60 7*30 7*72 

7110 713566194 7*57 7*70 7*40 7*32 

7U7 
7*00 
7450 
7US 
7110 


7070 Aug 94 7130 71X 7102 7212 

71 37 Od 84 7367 7170 7152 7362 

7235 Dec 94 7150 7197 7365 73.97 

7100FW95 7165 71*5 7157 7357 

7130 Apr 95 74» 7*85 7*10 7*85 


Ed. (IMS 73*9 Wed'S, tales «3« 

Weirs open int 83.924 oft T9 
FESJBt CATTLE 10*09} SUMbs-aMiPH-ta 
5635 79 31 Mar 94 81 JO 8322 8167 8210 

79 JO Aar 94 81.15 BUO 81.10 8155 


8568 
8460 

wn nn 

•i.n 

8163 793000 91 8015 80.90 BR70 

8*00 7765 Nov 94 BUS BUS 81 

80.90 79X06X19* 

EsLsdes 74* Wed 1 * sales *79 
Wed'S open xi! 12J78 uo VO 
NOES (CMES) AUBObi.-emwperb. 


71. to May 94 80J0 11.10 SOJO 80.90 
7V35AUOM 8137 81.90 8137 8168 
7930SCP94 81 JO «U2 61.15 II JO 


IMS. 

80.45 


♦ 0.10 38J*5 
20.795 
—0.13 12111 
—005 9604 
20S7 
— OCR 179 

5» 


♦025 2191 
1US 2934 

♦ OJO 2*93 

♦ OZ3 2119 

♦065 37B 

—002 497 

♦063 1*3 

II 


3937 Aar 94 48JS 4055 4025 4032 ♦0.10 OSS 


f Iw/JuTli III 


py.Q 

iM 




1 .v p ” l ' ■ 


LiV/l 



■yr" 

B i 




■ i t Q 

Q-; P ' J 



ft 1 1 8 ■ ^ / (J 

Lj .1 


y \ \ J 


P™~tT 

| ^ r 

L a l l 

El 

rT B 

r" 7 ' B 

g 1 u 

BffTT 



[ T 1 

frj 

E L 1 

W ■ * m 




rrm 

f/J 



PnT 



mm 

HHH 



Bn 









51.92 
S*J7 
5*37 
5160 
49 JS 
5050 
5080 
4860 
51 JO 


Wed's open Int 3IJOO oft «96 
PORK BELLES (CIAB8) 4Wta-»4i, vta. 
8110 3860 Mar 94 5560 5*90 SIM 5*43 

*160 4060 May 94 3*95 57.95 5*60 57 JO 

*2X10 J9JQJUIH 5765 5860 5*70 5761 

59 JO 4260 Aug 94 5*X 55JS 5*30 5*53 

*1.15 3* 10 Ft* 95 5960 9.80 9*75 5*75 

5925 5975 Mar 95 59.90 59.90 5930 59.90 

6035 *025 May 95 *060 *290 BLOO M30 

EsLsdn 2*38 Wed’s, sales 2745 
Wcd , i«ianir4 9,785 up 204 


♦ 1.01 587 

• 1165 5,794 

♦060 263* 
♦067 M3 
— 072 13 

-e.ro 1 
-aw 1 


Food 


W.JS 

4120 Mor 94 

7*40 

7SL7J 

74J0 

7S«5 

♦ 1.15 

730 

njo 

*325 May 94 

7*15 

n« 

7*M 

77.10 

*075 29X91 

87 JB 

A4.90 Jul 94 

7760 

71 JO 

7760 

78XS 

♦ *90 

7687 

8850 

*8505*094 

78.W 

80.15 

7850 

7960 

+ 1.00 

U1CI 

9160 

77.10 Dec** 

80.10 

IIJQ 

■nm 

8160 

• 160 

XlSl 









aus 

8250 MOV 95 8325 

8X25 

1X25 

sue 

*1.10 

77 

8560 

8100 Jul 95 




BX90 

>1.10 

1 


EsL sales 8,774 Wed’s, soles 18633 

Wad-topcftin! 42340 UP 174 

SUGAR-WORLD II (NCSE3 liuOOIw.-etaHrta 

11.95 BJOMayM 1160 1169 1172 11.7* -061 *3615 


| Season Season 






Hiati 

Low Open 

Hkrii 

Lap 

Oose 

aw 

OpJnt 

1x11 

9.13 Jul 94 11.98 

1X67 

1162 

116* 

♦801 28204 

_ 11X4 

7X200 94 1152 

I1XC 

11X7 

iixa 

—062 ZL515 

1152 

9.17 Mar 75 1153 

11X3 

112! 

1125 

—061 

7214 

1L48 

!057Moy9S 1153 

1123 

M2! 

1122 

—061 

1.221 

1169 

1067 Jul 95 1152 

1122 

1122 

1122 

-061 

981 

1142 

1067 Od 95 



11.19 

-U 

3*0 

- Esl sales 12697 Wed’s, scries HXBi 




l wecrscpCTirt 125,420 up 

1404 





GOODA CNC5EI ID ample lore- 1 perton 




1473 

733MW94 1137 

1137 

113* 

nn 


514 

1348 

978 Mov 94 1143 

1151 

1134 

1139 

-14 37X43 

; 13*3 

999JUIM 1170 

1175 

11*0 

11*3 

—14 14686 

1 1377 

1 020 Sep W 1198 

1200 

1187 

11(7 

—15 

7278 

13» 

1041 Dec 94 1227 

1227 

1217 

1218 

—15 

*X54 

1382 

1077 Mir 95 T2S3 

1260 

1253 

1251 

—11 

85 

' 1400 

llllMayK 

T223Jtim 



1275 

—11 

1407 



OK 

— JT 

X4M 

ISO 

1273 Sep 93 



1314 




13«Dec9S 1338 


1338 

1338 



Est. scries 5X4* WecfiKrie 

*654 




Wed-sopenfat 0*4*4 off 18*7 
ORANGE JUtCE WCTN) lXOHfe*- 








13*25 

B4J0MarM 10960 

10960 

107X1 

10850 

-0.15 

1635 

13560 

8960 MOV 74 17160 

11260 

110X0 

11125 

-0X5 

8«l 

wnn 


11*50 

11361 

11X18 

-0X5 

4X05 


10SJ0S6PW 11S40 

11*00 

11525 

11525 

-0X5 

1634 

13*00 

10860 MCN 94 11460 

tl*75 

11568 

11360 

—120 


13260 

10X50 Jon 95 11760 

11760 

11*00 

11*95 

-065 

1201 

13*25 

10460 Mir 95 11960 

11960 

11966 

TI8X5 

-0X5 



&001 





| Wecfs open fat 18682 off 374 






Metals 




HI GRADE COPPER (NCMX) tun 




10760 

7X00 Mir W 17.10 

I ‘I 

8*93 

8760 

+0X5 

5X00 

90.10 

7*50 Apr 94 87X0 

■ 71 

■ > 8 

8725 

♦025 

1618 

KUO 

73X0 Mor 94 8725 

B763 

8760 

8763 

♦030 33607 

mjo 

7*10 Jun 94 



8760 

•-025 


102.95 

7450 Jut 94 K7.« 

8725 

87.10 

87X5 

♦0.15 

81(4 

10X30 

74SQ Sep 94 87X0 

87X5 

8720 

1725 

♦810 


t*1.»0 

7525 Dec 94 8810 

S8M 

(760 

8760 

-805 

tell 

1920 

7*90 Jan 95 



87.95 

-065 


9960 


B820 

8820 

8810 

— OSS 


89 Jt 



*820 

8825 

—065 

1216 

8960 

7*85 MOV 75 8920 

4960 

8920 

(840 

—065 


89 JO 

7800 Jul 95 



8960 

-065 


8870 

7550 Auo 95 



8760 

♦ais 


7030 

79.10 S*P 95 



89X0 

-805 


era 




87X0 

♦ 005 


KUO 

ml 



8720 



9*90 

8830 Dec 93 



9060 

—005 

188 














Wed’SOMnM 59687 Oft 33S 





Iff M .. 

CNGMXj s.«BYwet-amp©f ranrot 



53*5 

34*6 Mor 94 5280 

SB6 


53*1 

-36 

2,540 

53*6 

51 96 Apr 94 5326 


Egl 

5316 

—16 

2 

H55 

3716Movf4 5296 

S216 


5272 

—15 

*638 


3716 Jul 94 BXC 

5356 

5296 

5316 


3*15 

37*5 Sep 94 5396 

5296 

3356 

5356 

—15 


at jo 

3880 Dec 94 3416 






5 *46 

40 16 Jen 73 



5426 

-IS 



rcirM.-. - i/waiim 





*441 

58*6 

4)86Moy95 S*5 

4206 Jul W 

5556 

5556 

5512 

-13 

5956 



55*5 

—25 

148 


49X0 Sep 73 5436 


5*56 

541X 

—36 


ik m 



S7X0 

S58B 

-36 









Est, scries 12603 WetTLSdes 3*234 









1 PLATPKJM fNMScI etmix-aenwinirB. 



1 4B.50 


39*50 

3*1X0 

k ,1 1 

♦890 13681 

IZ_L| 


Ui-l 

L+I 

|< / 1 ''Q 



It i i 


FZTl 

ET3 

t | 

♦ 128 

1680 

41060 

37*80 Jan 75 



39420 

♦ 120 


40160 

39060 Apr 95 39860 

39860 

39860 



*90 

EN. scries HA wed's, sries 

*803 















4)850 

33*30 Apr 94 37860 

37920 

37*60 







379X0 


1 

41 720 

319X0 Jun 94 381.10 

■160 

37960 

3(060 

—0X0 34X73 

41560 

34160 Auo 94 38X40 

8U0 

hum 

382X0 

-0X0 

5213 I 

41760 

34460 Od 94 



36X30 

— 



34X00 Dec 94 38800 

■860 

38*90 



*1160 

36368 HS 75 





2X20 

4)760 

34*50 Apr 9] 37150 

173X0 

37360 

3*138 

—CM 







1972 

41160 

38060 Aug 95 



399.10 


41130 

410280(3 95 






42960 

40800Dee9S Ml Jo 

0520 

0520 



1,167 

1 A 

W • 



IKEfl 1 Mi I II M 






Season Season 
tfioh Low 


Open Heh Low Oose Che Op.M 


Financial 


UST.BUU (ONGRI slmtat-nenuacL 

9*74 9*846x1 94 9*19 9*19 9*12 9*14 —063 27.902 

9*68 9579 Sep 94 9565 9566 9560 9561 -003 5288 

«*W 9568 Dec 94 9565 9S6S 9145 9S6S -005 76W 

Eslsoke 4676 We<fs.sdes 1*6*3 

Wed's apenM 4* 348 off 791 

5 YR. TREASURY (CBOT) llBmxh-MSaadMDd 
113-055108-77 Mor 941 09-10 109-11 108-295 109-00— 04 S1J97 

6xi94 108-17 108-175 K0-0S 108-074- 045 1J764I 
110-1TSJ7-115 Sep 94 107-138- 0*5 05 

Ed. sofas KA Wed's, sales 111J6I 
Wed's ooen Int 219673 an 17311 
niriLTWASUitr (CBOT) ngunxM-miaae iom 

“ ’* ‘ 10 112315 

II 1*5657 
2*92 
73 


IT6-09 108-00 Mv 94110-14 110-24 109-25 109-30- 

115-31 H8-T0 Jun94 109-IS 109-19 108-2* 108-00 — 

115-01 I0MI SCPH 108-17 108-17 108-07 188-07 — 

W-W Dec N 108-02 MM2 107-18 187-19 — 

111- 07 MB-0* IMixH 107-03 — 

UsMes NA Wad's, totes 1W6B8 
Wed's ocon inf 711,739 Oft 10741 

J20-31 90-00 Mix W1 11-09 1T1-1# 1KWJ7 110-15 — 23 125,912 

JM» Jt" 710-13 109-04 10*. 13— 23 

!"2 S’ 1 ! 109-16 108-09 108-17- 21 3*70* 

H! °««7*-?l *08-31 187-23 107-31- 22 SoB? 

IB-08 NKX95TOB-04 H8-04 107-04 107-04— 22 

115-19 90-15 60195 1Q5-IB — » 

112- 15 108-88 Sen 95 lS-31- 71 

113- U 104-25 Dk?S |Em_ 70 

Est.sotes HA WoO’s.saeS 441.978 
W tafsopc nW 45*9*7 uo tot . 

NZMpML BONDS (CBOT) m, tthtii* mum 

»-» 97-00 MIX 94 97-13 97-13 M-| S 94-17- & I6J9S 

104- 07 95 -11 6xtM 8*-13 94-14 95- 1| 95.70 _ 2* 1465* 

EiLstfes NA Wed's, sows 30.104 
W ed's ope n Int 31691 up <81 
EUWOOLLARS . CO«RJ 

SHIS S-IS9 »*>» »i» jisj*j 

UflSJ Un ! < ,i7 ® 95.7*0 95690 9*710 —10441633 

90J*05ep9l 9SJ90 9S6I0 7*320 9U90 — m m fwi 

M9« SSS 2J2S M - TO 9 * m 

9*999 90.340 Mar 95 947B0 94J90 94J10 9*720 — 


1649 

44 

II 

5 


9*730 90L7MJun9S 9*540 9*550 94670 '94680 -30188.12* 

94620 91 J TO Sep 95 9U20 9*340 9*250 9*270 -30M7632 

94JH 91.110 Dec 95 94600 9*108 946» 94638 -30114695 

Ed.safas NA Wad’s: wriei 7BMR 
Wwfsopenbri 2*77,173 up 1470 
MOTKHPMMD (CMER) Star pound- IwAtwi Mr P14HM 
15384 16000 Mar 94 169*4 16916 1^0* IMbt ♦fl 329*9 

15150 1647460194 16920 16938 1685* 16920 *10 12724 

16950 16440 Sep 94 16908 16900 16850 16888 *8 452 

16950 16500 Dec 94 1.444 *8 12 

EsL solas NA wed's, siries 22280 
Wed’s open W 48,157 oft 345 

CANADIAN DOLLAR (CMER) ipvdX-tiaMeautasHJWl 
28712 273*3 Mor 94 27391 27392 27370 07390 —I 34473 

07805 07357 Jun 94 27375 07388 273*6 07385 1279* 

27740 ' 27345 Sen 94 27347 27375 173*5 27379 *1 7*0 

07*70 07315DOC94 2739 17340 07350 07373 *2 577 

27605 07345Mar9S 273*4 *3 17* 

27522 07374 Jim 95 07354 +3 13 

Est. soles NA Wed’S, soles 11, IS 
Wufsopenkri 40343 up 1318 

GERMAN MARK (CMER) s nr mark- 1 mm MuatilAOOOt 
26205 25642 Mar 94 05861 25863 15B31 05849 —13117664 

1*133 05407 Jun 94 25828 05833 25801 25819 —13 176*8 

2*0*5 05400 SOP 94 25799 —13 2617 

15790 05590 Dec M 05789 —13 7b 

Est. sales ma wed-s-safas 51J77 
WetrsananM 13*623 up 993 

J APANE SE YEN (CMER) Imt wn- 1 WtatlUH 
20099300 JOnOOMw 9420091072019*7720095800609648 >44 8BJ12 

B JIP99*5m 0Bg7T-fcill 94 2009840200971720096220609489 **4 12718 

QX«99(K2O04W2Sep94 0J»W7«CXW)7«JUOT7*XiaTJ7»l ,0) 1.109 

1009490L009Q5DecM 10098 IOQXB901OOXXW8TOO-OO90OI *52 13 

Est. safes NA Wed’vsates 33.11* 

Viters open Int 100X63 up 1)99 

SWISS FRANC (CHBO IMrtanc- IMViajplOMt 

2 7195 2*500 Mar 94 2«77 2*992 2*951 0695* -W 446*1 

27070 2*590 Jun 94 0696* 06990 06M7 2® S3 —79 JM2 

17080 IMOOSflpM 14965 26090 14860 06958 -29 91 

Ea sales NA waTs-siries 34J80 

Wed's cperW S2J96 elf 164 


Industrials 

COTTON 2 fNCTIO feMta-anpva 


<L8SApr94 4174 4560 45XO 

<130 May 94 4275 4365 4330 

060 Jun 94 4360 4170 43JD 

4170 Jul *4 44.70 4*25 4190 

44JSAU09* 4*75 4565 4470 

4S.«SapM 4565 44.10 4565 

466500*4 *760 4760 44.90 

47X5 Nov *4 *765 4765 4765 

48X0 DecM 4895 4965 4860 

*375 Jan 95 4960 4960 49X5 

49XS Feb 95 5060 5060 4960 
48X0 Mor 95 4960 4960 4960 

47. 10 Apr 95 4121 «J1 031 

VMTfa y9S 4880 4860 4860 

4860 Jun 95 47.90 47.90 47.90 

4772 AM 95 4848 48X8 48X8 


1468 Aar 94 14J* 1460 1464 

1 430 May 94 1*90 1490 1470 

MMAX1** 1561 liffl 1467 
1463 Jut 94 1118 1119 1569 

1367 Aug *4 1334 TSJ4 1563 
16285^94 1350 1SJ2 15X* 
13540094 13*2 1568 1561 

IH1E! 0 *? 157S ,s ® lira 

560 Dec 94 1208 1206 15,93 

I A. 10 Jan 95 16.15 1315 Ills 
1 US Feb 95 1*32 1U2 1*32 

1*35 Mar 95 1*60 1*X5 14X0 

1*61 Apr 95 
1*70 Mav 95 

IHS-SSi 5 *“* i*76 

1*90 Jut 95 1*87 1*67 1*85 

17.1* Aug 95 
1768 Sep 95 

1775 Dec 95 17X0 I7JD 177* 
MoM 

2T D ^^4 S r^ 5 ^ 

4*70 May 94 44.10 4*25 065 
*160 4535 Jun 94 4*68 4*75 447 * 

mm M>JS OM ^ 

NLOO OJSAugto 4*65 4*90 4**n 

5*00 AWSepM 4*50 SS «Jo 

4415 4*00008* 434) 4535 ait 

«60 4360N0W9* 44X0 4460 44 M 

Es.saies NA Wed's. iates 23x7s 
Wed's open mi 112315 up 2951 


456* 

4L75 

4360 

4*13 

44.M 

439S 

4*95 

47.90 

4865 

49J5 

49.1S 

47 JO 
4735 
4765 
47 J5 


—108 48J19 
—066 4*181 
-2)1 27X61 
—111 19.34* 
—211 1X79 
-ail 7613 
-211 4,574 
-211 3X64 
-ail 4,737 
-211 3J7* 
-an 1.1*4 


—an 

—411 

-an 

-an 

—an 


375 

309 

71* 

213 

327 


14JS 
1467 
1*99 
15.14 
1331 
15X9 
1564 
1101 
1194 
1*17 
1*28 
1*41 
1*64 
146* 
T474 
1*85 
1*M 
17JD 
1733 
17 J7 


4SJ& 

4*32 

*672 

44.92 

*462 

4467 

4537 

4*57 


real 

—001110X51 
—201 41.111 
-204*3378 
—067 34X0* 
—209 1*934 
-007 18688 
-218 13380 
-210 10625 
—an 70x25 
—213 7617 

—an aw 
-214 8640 
-2(4 7.544 
-214 1145 
-214 14645 
— au 

—214 824 

-0.14 5655 
-214 19473 


-209 37609 
-212 35638 
—219 17X82 
—212 5. DM 
—212 *904 
-212 1327 
-2)2 1J» 
♦203 1,732 


Stock indexes 


SU>COMf>.MpEX (CMER) «.*** 

*H.1D 430QMOTM 4Ain 4Q L0 Q mj/k usja gn iw 7fR 
44U0JWIM SUM SUM S2 
4SU0 44060SCPM 4*5.95 4*860 i§XD 2*95 - js 
_W09.7JDecM 470JO «B40 SaS J3 jSi 

EsLMries NAimtrs. Vries 11*9*4 
Wed's open .rt 303,715 off 483 
NYSECOMP.MDBX (HYFE) taWgmon 

|| near s ss ^ ns zb » 

S3 “ »- “ is s 

»jdes NA WM-LWries *JS9 ■“ 

WMfsopwieri 563* up 5*8 


Moody's 
Reuters 
DJ. Futures 
Com. Reseordi 


Commodity Indexes 

Clnw» 


1,18460 

1JI6J0 

14451 

m 19 





U.a in - • 

■ 1 . »: v . i 


79X5 

55X2 Mar 94 

7*60 

7725 






7920 

57X7 May 94 

7*34 

7725 

7520 

SK 

-161 2*159 


8815 

5820 Ju) 94 

77.10 

77.90 

7461 




5961 Od 94 

7*04 

7*90 

7*6* 





7249 

59X8 Dec 94 

7120 

72X9 

71X5 





*260 Mir 95 

7X30 

7X20 





_ • 


6460 May 95 




7X37 









7175 

+ 0JS 

14 


Fsl-Krin 

HA. Wetr* safes 

13677 




l0 "hieh ,/ 
in 



Ni, :: ■ • 




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8. In the last 12 months? approximately how man y nights 
have you spent in hotels on business? 








None d Q 30-49 Q 75 

1-7 □ 15-29 □ 50 - 74 Q 


or more I 




MmmM 






-v ■* ~ 

jfcj.Sff'.s*- ■jvt ■ ■■$■ “ • 



mm- 






■ **- *.!>;— V:..,: 




^ 01 AND THE INTERNATIONA!. HERALD TR1BLNE 


1. Where do you usually obtain your copies of the 
Internationa] Herald Tribune? 

subscription delivered to your home I i1 n i^ 
subscnption delivered to your office — personal subscription Q 

- circulated copy d 
buy regularly from newsagent / newsstand d 
buy occasionally from newsagent / newsstand d 
friend or colleague’s copy d 

airline / hotel copy d 

2a. How often do you usually read or look at the IHT? 

5-6 days a week □ l-2daysaweek dro 

3-4 days a week d Less often than once a week d 

2b. Where do you usually read or look at the IHT? 

(Please check all that apply) 

At home d Traveling abroad 1 Tlnsn 

Atwork □ Elsewhere □ 

Traveling to and from work d 

3a. Does your spouse/partner read your copy of the IHT? 

' Yes □ No 1 

3b. And how many people in tota l? exc luding yourself, 
usually read your copy of the IHT? 

One Q Three d Five or more □ 

Two Q Four d No one else d 

4. How interested would you b e in r eading a lengthier, 
magazine-type article in the IHT? 

Very interested d Quite interested d Not interested dns> 


TRAVEL 


5. Approximately how many business air trips did you 
make in the last 12 months? (Count a round trip as one). 

Noned 3-5 □ 10-19 d 35+ Q* 

1-2 d 6-9 d 20-34 d IF NONE i#^kip to Q8 

6. To which of the following destinations did you fly on 
business In the last 12 months? 

EUROPE THE AMERICAS 

d MOn USA □«. Indonesia CL 


9. In the last 12 months, how many times have you rented a 
car (for business or personal reasons, at home or abroad)? 

Not rented d 3-6 rentals d 1 5 rentals or more CL 
1 - 2 rentals d 7 - 14rentals Q 

10. Please indicate whether you have done either of the 
following in the past 12 months: 

FOR PERSONAL FOR BUSINESS 
REASONS REASONS 

Flown in a privately chartered aeroplane d d m. 

Used your company's private aeroplane d d 

11a. Please indicate whether you own any of the following 
companies' calling cards, excluding pre-paid telephone 
cards. (Please check all that apply) 

AT&T d MCI d Sprint CL 

Other d Do not own one Cl*** skip 700.12 

lib. How many times, on your last business trip outside 
your own country, did yon use your calling card? 

None d Twice d 6 - 9 times CL, 

Once d 3-5 times Cl 10 or more times d 


ABOUT YOU 


12a. Of which country (or countries) are you a citizen? 

(Write in) gg 

12b, In which country are you currently resident? (Write in) 

(41-42, 

!±«L 

12c. For how long have yon been living in your present 
country of residence? 

Less than 6 months d 1-2 years □ 5-10 years 
6-12 months Q 2-5 years Q 10or ^g □ 

13. Are you? Male □ Female Q. 


14. What is your age? 

Under 25 d 35-44 □ 55-64 CL 

25 - 34 d 45 - 54 d 65 or over d 

15. What is the highest educational level you attained? 

Doctorate/ i — i University degree/ equivalent i — , 
higher university degree LjJ professional qualification Law 

MBA d . Secondary or high school d 

16. Into which of the following groups does your pre-tax 
annual household income from all sources fall? 

(Check in US$ or write in your own currency) 

Up to US $50,000 □ $150,000 to $199,999 Q„ 

$50,000 to $74,999 □ $200,000 to $249,999 Q 

$75,000 to $99,999 □ $250,000 to $499,999 Q 

$100,000 to $149,999 □ $500,000 or more □ 

Or annual income in own currency (write in) 

17a. How many cars are there in your household, 
including any company cars? 

No car d One d Two d Three or more Gk 

17b. What do you estimate to be the current cost of your 
main car, if purchased new (to the same specification)? 



A U.S. DOLLAR FROM YOU TO A CHARITY 



YOUR OCCUPATION 


20. Are you . . . ? 

Working full-time d Student d Not in a paid occupation dm 

Working part-time d Retired d Other d 

If you are not -working full-time or part-time, please skip to bottom of page. 

21. What is the principal activity of the organisation for 

which yon work? Education dm 

Primaiy/Public Utilities disi Legal d 

Manufacturing/Engmeering d Medical d 

Wholesale/Retail d . Government/ i j 

i — . Dinlnmarir Spr\# ire I — il 


Belgium / | — [ 

Luxembourg L-ilnsm 

France dl 

Germany d 

Italy d 

Spain d ASIA/PACIFIC Other Asia/Pacific [ J 

Switzerland d Hong Kong Qj MIDDLE EAST d 

Netherlands d Singapore [J 

Scandinavia/ I I Japan d AFRICA j_J 

Finland Lju . . — t i — i 

British Isles Q Taiwan |_j) ELSEWHERE LsJ 

□,* ™ land □ 

Other Eastern rn Malaysia |_J 

European Cou ntries La 

7a. For business trips, which class of air travel do you 
usually use? short _haul trips long-haul trips 

(Up to four hours) (Over four hours) 

First Class _i(z, CL 

Business Class U 

Economy d 

No such trips d 

7b Do you belong to an airline’s executive/frequent 
flier dub? Yes □ No Q « 

7c. If yes. which one(s) do you mainly use? 

(Please write in) 

1. — ~ 2m ~ ■ 


USA d m* Indonesia dU 

Canada d Cl 

Latin America [ 3) Australia 1 J 

New Zealand d 

ASIA/PACIFIC Other Asia/Pacific d 

Hong Kong d . — 1 

“ MIDDLE EAST ] B | 
Singapore Q 

Japan Q U 

Taiwan d ELSEWHERE d 


Under US $15,000 d 
$15,000 to under $25,000 d 
$25,000 to under $40,000 d 


$40,000 to under $75,000 dc 
$75,000 or more d 


Other Eastern I | 
(wan Countries ! — u 


FOR 

LONG-HAUL TRIPS 
(Over four hours) 

d(23) 

□ 

d 

□ 


18. Which, if any, of these cards do you use? 

(Please check as many as apply) 

Access/Eurocard/Mastercard (Gold) d Diners Club dL 

Access/Eurocard/Mastercard d Visa Gold/Premier d 
American Express Gold/Platmum d Visa/Carte Bleue d 
American Express Green d None of these d 

19a. Which, if any, of the following types of investment do 
you or members of your household have? 

Stocks and Shares dtssi Life Assurance Policies dL 

Bonds d Derivative Products d 

Government Securities □ Gold/Precious Metals Q 

Investment funds (including n Real H 

Mutual Funds/Unit Trusts ) L* _ .... . residence) U 

TV_* x n • Hi ' n Collectibles (art, antiques, pi 

Private Pension Plans [J coins, stamps, etc.) LiJ 

Other d 

19b. What is the approximate total value of the above and 
any other investments (excluding your main home) 
owned by you and members of your household (in US $)? 

Under US $50,000 d $500,000 to under $1 million dL 
$50,000 to under $ 100,000 d $ 1 million to under $5 million d 
$100,000 to under $250,000 d us $5 or more H3 
$250,000 to under $500,000 □ 


Legal Practitioner d1 « 

Medical Practitioner dl 

Scientist/Researcher/ | | 
Technologist UjJ 
Academic d 


Teacher d 


which you work? Education 

Primaiy/Public Utilities dw Legal d 

Manufacturing/Engmeering d Medical d 

Wholesale/Retail d Government/ 1 j 

r,. . , _ . 1 — 1 Diplomatic Service ^ 

Financial Services I J _ , , 1 — 1 

. \==> Other (Urile in) I 5 I 

Other Business Services 

22. What is your job status? Lega] Q 

Proprietor/Partner d m 

Chairman/ 1— 1 Medical Practitioner |_J 

Chief Executive/President LiJ Scientist/Researcher/ | — | 

Managing Director/ 1 — 1 Technologist 

General Manager L_aJ Academic 1 «\ 

Other Senior Management d Teacher d 

Middle Management d ^riOTGcvcmmcntOffi^/ Q 

Executive d Other (Please gnv details) d 
Self Employed/ ri 1 L - n 

Independent Consultant LzJ 

23. For which, if any, of the goods and services listed below 
are you wholly or partly responsible for company decisions 
to purchase or lease, or to appoint or change a supplier? 

(Please check as many as apply) 

COMPUTERS/SOFTWARE m 

Network Systems d Corporate Financial Services do* 
PCs/Desktop Computers/WPs d Fund Management d 

Laptop Computers d Foreign Exchange d 

Computer Peripherals d Insurance Services d 

Software/Software Services d Company Credit Cards d 


TELECOMMUNICATIONS 
Facsimile Equipment d 

Telecommunications 1 — j 
Systems or Equipment I— a 


BUSINESS SERVICES 

Legal Services d 
Management Consultancy 1 — 1 


Telecommunications rn Management Consultary n 
Systems or Equipment L_z) Services 

Executive Recruitment 1_J 

other equipment g Management Training Courses □*. 

Company Airemft Q Cnn W Travel U 

Company Vehicles □ Conferences^xhibitions |_J 

Plant and Equipment □ PR/Marketing/ r-| 

Scientific Instruments d A ^vertismg/Market Research L_d 
Raw Materials d Courier/Freight Services d 

t ^ Busing ftomses/ j— 1 Information Services d 

Industnal Site Selection L_zi ^ 

Data Management l_J 
TNANCIAL SERVICES 1 — 1 

Domestic Banking I H None of these | — aJ 


FINANCIAL SERVICES 1 — 1 

Domestic Banking Jd None of these I — aJ 

International Banking d 

24. Does your company operate outside the country in 
which you are currently based? Yes d No dnsj 

25. How many people does your company employ . . . 


10-49 

□ 

50-249 

□ 

250-999 

□ 

1000-4999 

□ 

5000+ 

d(«] 

□ 

□ 

□ 

□ 

d(B7) 


26a. Which of the following international activities do you 
carry out in the course of your work? 

I purchase goods/services from I — 1 I manage the company 1 — 1 

suppliers in other countries ' — ri nnances at an international level I — 3]^ 

I influence strategic decisions 1 □ 

about the company's n mtemationally ^ 

international operations I— 2] None of these d 

26b. In which of the following countries/regions are you 
involved in the course of your work? Africa d 


Western Europe dL 
Other Europe d 
USA /Canada d 
Latin America d 
Middle East d 


Japan d 
South East Asia d 
Other Asia d 
Australia/New Zealand d 
None of these d 










FOLD IN SEQUENCE 

First fold to Fourth fold. 

Then tuck Flap B into Flap A 


II 


(Z) 

Cfl 

o 

o 


p 

u 


THIRD FOLD 



FOURTH FOLD 







*Tl 


P 
c n 
H 

“Tj 

O 

r 

a 


lit fOii" 

iCiitR" 1 '’ 





T 'HE International Herald 
Tribune has donated around 
$65,000 to charity, on behalf 
of our readers, in connection 
with periodic reader studies 
like this one. 


_■ 


CT - : 




P LEASE help us continue 
this important program by 
completing and forwarding 
the questionnaire on the 
reverse side of this sheet. 

Our warmest thanks for 
your help. 


NYSE 


x Vki.*C : cs 


■?7 


r. .T- . 

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I 




I 


Page 15 



Bundesbank 

Opts for Steady 
Interest Rates 


ribunc 

vill. % • 

Hem id 
ted around 
>n behalf 
nnection 
studies 


ontmue 
at! ram b} 
,-ardnie 
the 
heet. 
rjks idr 


Rtrutas 

FRANKFURT — Hie Bundes- 
bank left interest rates unchanged 
on Thursday, but economists said it 
was only a matter of time before its 
credit policy wcttld ease. 

A huge year-on-year surge of 
<20.6 percent in Germany’s M-3 
money amply in January, which 

.had sent fin a n cial markets around 
Europe into a tailspin on Wednes- 
day, was not considered likely to 
stand in the way of interest rates 
cuts. 

In a bid to calm markets worried 
that money data had put Goman 
monetary policy on hold, the 
Bundesbank launched a camp aign 

Spain Moves 
On Its Own 
To Cut Rate 

The Associated Press 
MADRID — The Bank of Spain 
reduced its key interest rate Thurs- 
day in an unusual unilateral at- 
tempt to lift the Spanish economy 
out of the Europe-wide malaise. 

V While some traders had specu- 
lated that European Union central 
banks would cut rates together, 
Spanish monetary authorities took 
matters into their own hands and 
; dropped their key lending rate 
> from 8 5 percent to 8 percent 
Officials hope the move will help 
: stimulate growth in an economy 

■ mired in unemployment The Na- 
tional Statistics Institute an- 

gross domestic product^fein per- 
cent in 1993. 

While tire institute assured Span- 
iards that the numbers “confirm 
. that the economic recession that 
began al the end of 1992is deeder- 
' ating markedly,” the central bank 

■ nevertheless mewed to give the 
economy an extra push. 

“I was rather surprised because 
it doesn't conform to Bazik of Spain 
guidelines on when to col rates,” 
said Darien Williams of Merrill 

■ Lynch & Co. in London. 

“There has been a pohey of cut- 
ting rates with other European 
countries,” said Mr. Williams. This 
time “They’ve done something that 
. can be considered exceptional by 
responding to financial markets.” 


Thursday to stress that the January 

figures were heavily distorted. 

Otmar Issing, the central bank’s 
™ef economist, made dear that 
the Bundesbank’s policy of cau- 
tious interest rate cuts would not be 
subtracted by the money data. He 
was qnoted as saying that the M-3 
increase for January “obviously 
doesn l make us happy, but there is 
no reason to panic.” 

Major distortions to M-3 that 
bloated January growth wefl out- 
side the Bundesbank's target ced- 
ing of 6 percent for expansion have 
rekindled a detrale in Germany 
about the sense of monetary target- 
ing when M-3, a broad measure of 
money supply, has so often proved 
to be unreliable; 

However, economists said that 
the Bundesbank was Hkdy to con- 
tinue u sing M-3 as an indicator for 
monetary decisions in the longer 
term, even if it would take a prag- 
matic approach to M-3 giwth 
when the barometer was subject to 
aberrations. 

The Bundesbank had not been 
expected to cut its discount rate on 
Thursday. This rate, charged on a 
limited number of loans to com- 
mercial banks, had already been 
trimmed by one- half percentage 
point, to 123 percent, just two 
weeks ago. The unlimited Lombard 
emergency financing rate was held 
at 6.7S percent. 

Financial markets had hoped the 
Bundesbank might back up Mr. 
taring's calming words about M-3 
growth with the announcement of a 
small cut in the repo rate, a key 
short-term rate, after the Bundes- 
bank meeting on Thursday. 

But the bond market reacted 
calmly to the lade of any news and 
prices held steady around levels 
seen late cat Wednesday. 

The 30-share DAX index dosed 
floor trading nearly 1 percent high- 
er, at 2,037.90, after losing more 
than 3 percent in value at one stage 
on Wednesday. 

■ Data Show Stabilization 

West Germany’s industrial out- 
put was steady in Jammy com- 
pared with December and rose 02 
percent from a year earlier, die 
Economics Ministry said on Thurs- 
day, Renters reported. 

Economists said the figures, cou- 
pled with a substantial upward re- 
vision of the December data, 
showed the economy was stabiliz- 
ing. 


BT Tests Superhighway 

Trials of Interactive Video Launched 


Raaers 

LONDON — British Telecommunications PLC 
announced Thursday its first step onto the so- 
called information superhighway with a small vid- 
eo trial 

But the privatized market leader is taking its 
time while it checks out whether the superhighway 
will pay off. 

BT, which made nearly £2 billion (S3 bflhon) in 
pretax profit in 1993, is offering interactive ser- 
vices on phone lines to 70 of its employees before 
starting a bigger trial in the autumn. 

“We’re looking to find out the most cost-effec- 
tive way of providing a service and find out the 
level of consumer demand,” said Paul Reynolds, 
an official of BT. 

_ BT wants to assess consumer demand for ser- 
vices such as home banking home shopping and 
entertainment, including movies and television 
programming, before embarking on the trillions of 
pounds of investment needed to build an interac- 
tive network. 

In an interactive multimedia network, images 
can be stored in massive computers, waiting for use 
by consumers through their telephones. Revenues 
are available from network use and prog ra m ming 
as well as from Lbc hardware to access the services. 

Mr. Reynolds would not say how much BT was 
spending on its preliminary trial but added that it 
would be mating charges when it offered its ser- 
vices to 2^500 consumers in the autumn. He said 
the trial would last six months before the company 
evaluated the findings and pondered the next step. 

“The potential investments in (his area are very 
large indeed,” said Mr. Reynolds, adding that 


estimates were certainly in the billions of pounds. 

Industry analysis estimate, depending on the 
technology used, that a network could cost £5 to £20 
bflBon. In comparison, cable-television co m pani es, 
backed by mainly North American companies, are 
aiming to spend £6 billion by the year 2000 to bufld 
their television and telephone network. 

BT is testing two technologies. One would use 
the copper wires currently connec ting most British 
homes to the BT network, while the other involves 
hooking homes trp directly to fiber-optic cables, 
giving massive capacity for digital signals. 

Mr. Reynolds said that the recent collapse of the 
merger between Bell Atlantic Corp. and Tele- 
communications Inc. had not affected BTs deci- 
sions about interactive multimedia. “We didn’t get 
into this activity as a result of the Bell deal and we 
certainly won’t be dissuaded from it as a result of it 
falling apart,” said Mr. Reynolds. 

BT is not allowed u> send broadcast information 
emits telephone lines until 2001 under rules set up 
to protect the cable companies. Bnt it said its 
system allowed consumers to call up videos on 
demand, which is considered a category separate 
from broadcasting. 

■ Orade Wins BT Contract 

Oracle Carp, said Thursday that it had wen a 
contract to supply software and systems integration 
to BT for its planned delivery of interactive services 
to the home, Knight- Ridder reported from New 
York. The size of the contract, which will be the 
third major one received by Orade in the past year, 
was not announced. Orade announced an agree- 
ment with U S West Inc. last May and an accord 
with Bell Atlantic in January. 


Boeing and Airbus Extend Jet Study 


Reuters 

LONDON — Boeing Co. agreed 
with its European rivals Thursday 
to continue studies for jointly 
building a “superjumbo” airliner. 

Boeing and the four partners in 
Europe’s Airbus Industrie decided 
at a meeting in London to continue 
their 13-month feasibility study for 
another year, British Aerospace 
PLC, said. 

The aircraft, which is called the 
Very Large Commercial Transport, 
would carry at least 500 passengers 
and possibiy as many as 800. 

“There’s agreement to continue 
the studies until nrid-1995 a BAe 
spokesman said after the meeting. 

It was also decided that Airbus 
Industrie should advise on the joint 
project, be said. 

Previously the Airbus partners 
have only been involved in the 
studies with Boeing as individual 
companies. 

The Airbus partners are Aero- 
spatiale of France; the Daimler- 
Benz AG mrit Deutsche Aerospace 


AG, Construcdanes Aeronauticas 
SA of Spam, and British Aero- 
space. 

Airbus has been conducting its 
own studies of building such a 
plane, bigger than Boeing’s latest 
747-400&, which can cany about 
400 passengers on long flights. 

But with development of a bigger 
airliner, with costs estimated at as 
much as 515 trillion, there were 
doubts whether the market could 
support the production of more 
than one such type of aircraft. 

Boeing has already said that if 
the huge plane were to be buill a 
new company probably would be 
formed, grouping it with the four 
European companies with other 
manufacturers ra the world also 
likely to be invitol to join. 

■ Air France CSA Stake 

Air France has agreed to sell its 
19.1 percent stake m debt-ridden 
airline CSA bade to Czechoslova- 
kia, a Transport Ministry official 
said Thursday in Prague. 


■v 


NYSE 

Thursday’s Closing 

Tables include the nationwide prices up to 
the closing on Wail Street and do not reflect 
late trades elsewhere. Wa The Associated Press 


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But the offidal added: “The 
has not yet been exactly 
’ He said the Czech govern- 
ment’s Koosohdacni Banka would 
buy the French stake. 

Officials have refused to say why 
they want to buy out Air France 
but industry sources suggested the 
French airline had resisted Czech 
ideas for restructuring CSA. 

Negotiations between Air 
France representatives, the deputy 
transport minister, Ivan Foltyn, 
and Konsoiidacni Banka opened in 
Paris last month. 

Transport Minister Jan Strasky 
has suggested that a foreign airline, 
likely to be one that was “geo- 
graphically far away,” would prob- 
ably take the Air France stake by 
the end of the year. 

Air France acquired half of a 
382 percent stake for S30 million 
throimh a 50-50 joint venture with 
the European Bank for Recon- 
struction and Development in 
199Z The Czech government owns 
49.3 percent of CSA. 


Russia Cuts 
Natural Gas 
To Ukraine 

Compiled by Our Staff Fnm Dispatches 

MOSCOW — Russia began cut- 
ting natural-gas deliveries to 
Ukraine and Belarus on Thursday 
because the former Soviet republics 
were behind on their payments. 

Gennady Kremenskov, deputy 
head of Russia’s natural-gas mo- 
nopoly, Gazprom, said supplies 
would gradually be cut back over a 
three-day period and then halted 

He said Ukraine owed Russia 12 
trillion rubles (S70G mflhan) in back 
payments from last year, while Be- 
larus owes 500 billion rubles. 

“We will resume deliveries after 
an agreement on back payments is 
reacted," Mr. Kremenskov said. 

Russia supplies about 161 mil- 
lion cubic meters (3.64 billion cubic 
feet) of gas a day to Ukraine and 
cut that amount by 30 mOHon cubic 
meters on Thursday. Belarus gets 
about 52 nriffion cubic meters of 
gas a day from Russia. 

Officials in Ukraine co nfirm ed 
the cutback. 

“The pressure in the pipeline has 
fallen, but we don't know the exact 
figures yet.” said Vasily Rozgon- 
yuk, chief engineer of the state nat- 


Ukrarne has pledged to pay S20 
million by Saturday cm its debt to 
Gazprom, said Stepan Belei, a 
Ukraine Energy Ministry offidaL 
He said Russia had “no reason now 
to halt its gas supplies.” 

Mr. Kozgonyuk said a third of 
the industries in Ukraine might 
have to dose if Russia completely 
halts deliveries. 

Kiev has already urged Ukraini- 
an businesses to cut their gas con- 
sumption in half, but no quick so- 
lution to the problem seems 
apparent in light of the govern- 
ment's financial crisis, which is de- 
priving it of room to maneuver. 

Ukraine is already suffering 
from the halt of deliveries at the 
end of February from Turkmeni- 
stan, which had provided a fourth 
of Ukraine’s gas supply. Ukraine 
owes Turkmenistan 5700 million. 

Gazprom temporarily stopped 
deliveries to Ukraine last February, 
but this time “the threats seem 
more serious," said Grigori Se- 
lianov, a Ukrainian energy special- 
ist. 

Russia has accused Ukraine of 
siphoning natural gas destined for 
western customers. Russia's natu- 
ral-gas exports to the West — 
mainly Germany, Italy and France 
— amount to 100 bQhon cubic me- 
ters a year, 90 percent of which 
comes through pipelines that cross 
Ukraine. 

(AFP, AP) 



Ladbroke Books Its Losses 


Reuters 

LONDON — Ladbroke Group 
PLC slashed its dividend and an- 
nounced large one-time charges 
Thursday in a clcar-out of past mis- 
haps that the company said would 
lay solid foundations for the future. 

The betting, hold and retail 
company, with a new management, 
reported pretax profits of £62.1 
mfllion ($93 million) for last year 
after an exceptional charge of £55.4 
million. Analysts had not been an- 
ticipating big write-downs and the 
depth of the dividend cut. 

lire 1993 payout wfll be 6 pence 
a share after 11.15 pence in 1992. 

“It had to be done,” the chief 


executive, Peter George, said. Cyril 
Stein, chairman since 1 966, stepped 
down in January. 

Ladbroke, which operates 159 
holds including the Fulton chain, 
Britain's biggest betting business, 
Texas home improvement stores 
and property interests, had profit 
before taxes and losses of £1 17 J 
million, compared with £148.6 mil- 
lion in 1992. 

The 1992 profit after exceptional 
costs was just £52 million. 

“They were very encouraging on 
hotels and racing and disappoint- 
ing on Texas,” Russell Duckworth 
i. Warburg said. 


MARUSAN ASIA GROWTH FUND 

Registered office: 7 roe du Marcfie-oux-Herfees, 

L- 1 728 Luxembourg 

R.G Luxembourg - 0-31 .505 

NOTICE 

Shareholders are hereby informed that on 28th February, 1994 
Wardlcy Asia Investment Services (Luxembourg) SA, management 
company of Marman Asia Crowth Fund, changed its name to HSBC 
Amain vestment Services Luxembourg SA. 

As from 1st March, 1994s unitholders of Marusan Asia Crowth Fund 
are invited to present their unit certificates to Banque Internationale 
& Luxembourg, 2 Boulevard Royal Luxembourg in order to have 
them duly stamped to reflect the name change of the management 
company. 

After 5th April 1994 only stamped unit certificates will be of good 
delivery on the Luxembourg Stock Exchange. 

The Board of Directors 


notice: to the shareholders 
OF 

DAIWA CAPEEAL-L.CF. EDMOND DE ROTHSCHILD 
evdernahonal equity fund 

20, Boulevard Emmanuel Servais 
L-2535 LUXEMBOURG 
R.G B 28616 


IS BE ^ 

iS « w 


Notice is hereby given that the Annual General Meeting of the 
shareholders of DAIWA CAPITAL - L.C.F. EDMOND DE 
ROTHSCHILD INTERNATIONAL EQUITY FUND will be held at the 
registered office of the company on March 15th, 1994 at 12.00 noon. 

AGENDA 

1. Approval or Ihc report of the Board of Directors and the report of the 
Auditor, 

2. Approval ofltefaanctd statements for Ihe year ending on December 
31sl 1993; 

3. Allocation of the net result: 

4. Dischaige of the outgoing Directors and the Auditor from their duties 
for die year ending on December 31st, 1993; 

5. Appointment ofthc Agents of the company; 

- Re-election ofthc Dbcdore; 

- Re-cksction of the Auditor 

6. Any other business. 

Resolutions on the above-mentioned agenda mil require no quorum and 
the resolutions will be passed by a simple majority of the shares present 
or represented at (he meeting. 

A shareholder may act at any meeting by proxy. 

On behalf of ihc Company, 

BANQUE PMVEE EDMOND DE ROTHSCHILD S.A. 

Snccursale de Laxemboar^ 

20) Boulevard Emmanuel Servais 
L-2535 LUXEMBOURG 



Sources: Reuters, AFP 


iMenabno] Herald Tribune 


Very briefly: 


: bdosnez, the investment banking arm of Compagtse de Suez; 
. a net 753 milli on French francs ($129 nnUicm) in 1993, up from 
101 milli on francs in 1992. 

• Affianz Versfcbenmgs-AG, an insurance subsidiary of Allianz AG 
Holding, earned 498 million Deutsche marks ($293 million) in domestic 
net income in 1993, down from 518 milli on DM in 1992 because of 
increased claims from flood and storm damage; 

• CretEto ItaEano SpA and Basra Coumrerdale Italians SpA have lowered 
the percentage of snares that may be controlled by a single shareholder to 
23 percent from 3.0 percent. 

• Slovakia has started a 10 percent customs surcharge on imported 
consumer goods to improve the trade balance and boost domestic 
production. 

• Spam's gross domestic product fell 03 percent in the fourth quarter of 
1993, compared with the same period a year earlier: GDP fell 1.0 potent 
for the entire year. 

• Heuwfceu N.V., the second-largest hrewea in the world, is buying a 24.9- 

percent share of Zaklady Prwowarskic S A-, a Polish brewer, for 77 
million guilders ($40 mflhcm). Bloomberg, AP. AFP 


Zeneca Profit Up After Split 


Compiled by Our Stiff' Fnm Dispatches 

LONDON — Zeneca Group 
PLC said Hmrsday its pretax prof- 
its j umped to £642 million ($961 
million) in 1993, its first year as an 
independent company, from £102 
million in 1992. 

Zeneca reaped the benefits from 
restructuring and separating from 
Imperial Chemical Industries PLC 
said Sir Denys Henderson, the 
chairman of ImperiaL 

The pharmaceutical company 
said sales increased about 12 per- 
cent, to £4.44 bflhoiz from £j.98 
billion in 1992. 

But company executives said 


market conditions remained 
strained in much of Europe and the 
United States because of mcreasing 
drug cost controls and slack econo- 
mies. 

“Governmental pressures for 
healthcare reform and the change 
in European agricultural policy 
bring additional complexity,” taiH 
David Barnes, chief executive of 
Zeneca. 

Zeneca's pharmceuticals divi- 
sion saw sales increase 16 percent 
and profit increase 21 perceuL 

In the agrochemicals division, 
sales increased 14 percent but prof- 
its only edged higher. 

(Bloomberg AFX) 


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lSMonth 
Hfeh Low Stock 


NASDAQ prices 


Thursday's Prices 

I prices fl» 0*4 pjn. New Y 


pjn. New York time. 


This fist compiled by lh* AP. consists of the 1.000 
most traded securities In terms of dollar value. It is 
updated twice a year. 


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INTERNATIONAL 


TRIBUNE, FRIDAY, MARCH 4, 1994 


gram 

Eiimil 


Televised Marketing, What a Deal! 

Japanese Trading Houses Import Home Shopping 


- A fence France- Presse 

* 'TOKY O — N KK Corp-* one of 
5 apmTs largest steelmaker, said 
Hurray it was reducing work 
boonL'and was considering cutting 
its dividend to cone with stra gg ling 
performance; 

"Ait'NKK spokesman said the 
'ffividead might not be paid for the 
^-tasinras year, which begins 
Apdl 1. Ajreportin the economic 
newspaper Nihon Kdzai said it 
wonld be the first time since 1945 
that the company failed to pay a 
dividend. 

f The newspaper also reported 
that NKK would post a 70 Wffion 
yen ($670 million) pretax loss, ex- 


yg i: 


a * 
& =* 


W M 

1*1 .« 


rti M 

Zi * < 

ay 


a*.' *■•= ' 
<f~ 


current year. The spokesman 
would not comment on the report 

The company also ordered all of 
its 17,600 employees to work two 
fewer days per month starting in 




2,000 managers alNKK’s hod of- 
fice and two steel mills in Kawasald 
and Hiroshima have been talcing 
two days off per mouth since Octo- 
ber, he" said. 

The company decided to expand 
the measure to all of employees in 
order to receive a larger amount of 
government subsidies, be said. The 


Toyota Seen 
Setting Goal 
^ On U.S. Parts 

" *i ' ; .. ..*• Raters 

■ TOKYO — Toyota Motor 

: . Corp., the largest automaker in Ja- 

pan. is ready to lead the industry in 
\ ' setting voluntary targets for buying 

- - UJS.-made-auto parts, the Kyodo 

'• newsagency reported. 

- > ' ;.f, TOyota is litely to set a target of 
Buymg$6 trillion in U-S. auto parts 
*' V in the 1996-97finacaal year, and 

. . ! . other Japanese automakers wifi 

probably follow that lead. 

• * : Japan's jl automakers already 

pieced fo buy U.S." auto parts 
. worth’ $19 bfflron in tte 1994-95- 

year, which starts April 1, when 
Geoq£ Bosh visited Tokyo in 1991 
The new initiativ e would be 
" agned .at. breaking the trade dead? 
- s lock between Washington and To- 
" sSC " 

‘ Toyota suggested the voluntary 
target -on the condition that the 
United States hot retaliate if Japa- 
nese automakers failed to reach the 
; goaV.Kyodo said. ' 

• The chairman of Toyota said 

Japanese and U.S. carmakers were 
! on good terms and that it was bet- 
- ‘ ler to set voluntary targets than to 
. damag e those relations. 


Japanese government provides spe- 
oal subsidies to industries that are 
designated to be most severely hit 
by the recession. 

TTk spokesman said NKK’s to- 
tal sted output would not be inQu- 
^ by the reduction in working 

Other major Japanese steel- 
makers also are expected to post 
losses and reduce dividends, the 
Nihon Keizai said. It predicted that 
Nippon Steel Corp., the world’s 
largest steelmaker, would post a 
loss of 70 billion to 90 bfiliou yea. 

Kawasald Sted Corp. and Sumi- 
tomo Metal Industries are likely to 
see about a 50 trillion yen pretax loss 
before securities sales gains, it said. 

Also on Thursday, the Japan 
Iron and Steel Federation said Ja- 
pan’s steel exports increased 20.6 
percent in January from December, 
to 1 _5 million metric tons, boosted 




Sted exports to South Korea 
surged 86.8 percent, to 258,000 
tons, while shipments to the United 
States jumped 43.9 percent, to 
164,000 ton s. 

Steel imports to Japan fell 5.1 
percent, to 470,000 tons, because of 
prolonged economic slump, the 
federation said. 


Kobe, Alcoa 
Join Forces in 
China Venture 

Agave France-Pmse 

TOKYO —Kobe Sted Ltd. 
announced Thursday an 
agreement with Aluminum 
Co. ofAmerica and Grina Na- 
tional Non-Ferrous Metals In- 
dustry Corp. to develop Chi- 
na’s aluminum sector. 

The three companies have 
formed a. study team to ex- 
plore prospects for muring raw 
mnfennlc and maVfng alumi- 
num products, with the initial 
exchange of information to be 
completed by the end of May, 
Kobe announced. 

Kobe said China’s alumi- 
num output is estimated to 
I have grown 11 3 percent, to 
more than IJ2 million metric 
tons, in 1993. 

' Kobe said -its Chinese part- 
my. wps planumgjp, modgirac 
"plants, - ratiooalb£~pperafiohs 
and expand production. “The 
opportunities for consideration 
may include market develop- 
ment, materials procurement 
opportunities, modenrizatiun 
and technical support of exist- 
ing plants and me training of 
technical, production and man- 
agerial personnel” Kobe said. 


Bloomberg Business News 

TOKYO — Trading companies, the van- 
guard of Japan's corporate elite, are taking 
the phtnge into the sometimes garish world of 
televised home shopping. 

Known for flashy zirconium rings and fan- 
cy steak hrife sets, home shopping is a trig 
business in the United States. 

The leading trading companies, Sunritomo 

Cotp. and Mitsui & Co., are out to see if U.S.- 
styte borne-shopping programs can nmVc as 
much of a splash among Japan's 124 million 
consumers. 

“Right now, there is no home shopping like 
you'd find in the United States,” said Kunio 
Tsunnm, a Sumitomo spokesman. 

Sunritomo, one of Japan’s largest ca bl e 
television station operators, announced last 
wed: (hat it may form a joint venture with 
Home Shopping Network Inc. and Tele- 
communications Inc. to develop a cable 
shopping program that could start airing in 
Japan this year. 

Meanwhile, Mitsui & Co. will broadcast 
Japanese versions of National Media Corp.'s 
30-mmute commercials to sell imported fish- 
ing rods and other goods on regular channels 
for a year’s trial in July. 

Some might question the companies’ tim- 
ing, given that consumption in Japan is sag- 
ging amid three years of economic slump. 

Still, executives at Sunritomo and Mitsui 
said they saw reasons to be npbe&L They 
cited a growing interest in ordering by mail 
and other non traditional methods of shop- 
ping and a recent push by the government to 
nurture Japan's multimedia industries. 

The home-shopping programs envisioned 
by Sunritomo and Mitsui would consist of 
broadcasts in which viewers were invited to 


phone orders for hems shown on the screen. 

Sumitomo may also begin experiments 
with interactive programming, which allows 
consumers to order through controls hooked 
up directly to their sets. However, application 
of the technology could be some years away. 


The closest thmg Japan now has to Ameri- 
can-styie home-shopping programs are short 
direct-marketing segments tucked into day- 

'Right now, there is no 
home shopping like you’d 
find in the United 
States. 9 

Kimifl T a nt- n mi, 
a Sumitomo spokesman. 


time television talk shows. The spots are 
often used to seD appliances. 

The market for those spots is said to be 
several billions of yen per year,” said Ryiridri 
Kamoshita, a spokesman for Mitsui 

Executives at Sumitomo and Mitsui said a 
recent boom in catalog shopping is another 
reason they want to bring shopping to TV. 

For many years, Japanese consumers 
spumed catalog merchants, which had pom: 
reputations for quality and uninspired prod- 
ucts. Now, however, catalogs are gaining 
popularity with attractive yet reasonably 
priced goods. 

They currently pull in about 1 trillion yen 
($9.6 billion) in revenue a year, about 1 per- 
cent of Japan's retail sales. 


Department stores, which once prospered 
with a mixture of impeccable sendee, cartful 
displays and high pikes, are now losing out 
to discount shops and catalog merchants. 

The forces behind the rise in catalog sales 
— falling wages and a growing number erf 
two-career households — could also mate 
television shopping a hh. 

A key to Sumitomo's strategy is growth in 
Japan's cables television industry. After years 
of stagnating under strict regulation, Japan's 
operators are getting a lease an life. 

The Ministry of Posts and Telecommuni- 
cations is eager to catch up in the race to 
build what is called an information super- 
highway. 

In December, the ministry ab olished a rule 
that operators could not broadcast in more 
than one district. That restricted growth and 
also prevented cable companies from achiev- 
ing economies of scale, said Leon Rapp of 
Baring Securities. 

The nrizristry has also lifted a role prevent- 
ing foreign investment in Japanese cable 
companies. Last month, minis try officials 
said they would speed up plans to build a 
nationwide fiber optic network, which would 
serve as the backbone for interactive pro- 
gramming. 

Sumitomo operates 18 cable stations and 
has an interest in 10 others. Sumitomo’s cable 
operations cover about 3 million households, 
but the company currently has just 50,000 
subscribers. 

In all of Japan, there are currently about 
250 cable companies. These companies have 
the potential to reach about eight millio n 
households, but only about 2 percent are 
hooted up. 





Mayne Nickless to Close Italian Shipper 


Compl/erf by Oer Staff From Dtqxncha 

MELBOURNE — Mayne Nick- 
less Ltd, a freight transportation 
company, on Thursday announced 
it was dosing its I talian business 
and signaled n was losing patience 
with its Spanish operations after 
thou- losses dragged down its first- 
half profit. 

Mayne Nickless said net profit 
fell to 34.49 milli on Australian dol- 
lars ($24 million) in the half-year 
ended Jan. 2, from 47.44 imTH nn a 
year earlier. Sales rose 4 percent, to 
1.4 billion dollars. 

The company said earnings were 
dragged down by 27.2 million dol- 


lars of one-time losses related to 
the planned closure of its Bergagho 
Transport! unit in Italy later this 
mouth and retrenchments at Tran- 
sposes Helgnera in Spain. 

Mayne Nickless said it planned 
to dose the Italian transport busi- 
ness because of losses there and lay 
off 200 of the 500 employees at the 
Spanish operation. 

The managing director. Bill 
Bytheway, said the Spanish busi- 
ness remained a problem and the 
company had a number of options 
to deal with it 

Asked if there was a good chance 
it would be dosed, he said be did 
not " think we could accept a con- 


tinuation of the losses” at that rate: 

When these losses were exclud- 
ed, profit rose 30 percent in the first 
half, to 61.7 million dollars. 

Mayne Nickless, which also has 
security and health-care interests, 
said the profit improvement was 
helped by low interest rates and the 
fall in the corporate tax rate to 33 
percent from 39 percent during the 
year. 

It said an improvement from 
transport and sound performance 
from hospitals were partially offset 
by reduced earnings from general 
security and armored car opera- 
tions in Australia and Britain. 

A 70 percent rise in transport 


earnings reflected im provements in 
Australia, European contract ware- 
housing and distribution and 
North American express freight, it 
said. 

The company said earnings for 
security services fell 29 percent be- 
cause of reduced demand and price 
competition and despite a mainte- 
nance of market share by most 
businesses. 

Mayne Nkddess said earnings 
from its Health Care erf Australia 
unit rose 152 percent as the hospi- 
tals portfolio generated satisfactory 
returns despite the Australian pri- 
vate health care industry’s need for 
changes. (Reuters, Bloomberg) 


m Pertamma, the Indonesian state-owned oil company, wifi cut 13,000 
jobs over the next five years through attrition and early retirement. 
Pertamma now has 46,621 employees. 

• Antara Koh Development Pte. Ltd. of Singapore and The People's 
Committee of Hinoi plan to build a $260 million complex of apartments, 
shops and a 500-room hotel in Hand. 

• Goldstar Go. of South Korea said ithad agreed with Thang Lot Co. and 
See Young Co^ both of Vietnam, to invest $6 million in building a color- 
tdevision plant in Vietnam. 

• Taiwan opened its first quality-control laboratory for aerospace compo- 
nents as part of a government-badeed drive to boost high technology. 

• Nissan Motor Co. of Japan has set its sales target for the year starting in 
April at 1.18 motion units, up 7 percent from the current year. The 
country’s second-largest carmaker said its bullish target was based on 
expectations the market would recover in the second half from its three- 
year slump. 

• Aostrafia's retail sales climbed to a record high in January of 8.46 billion 
Australian dollars, up 15 percent from the year-earlier month. 

• Gina's number of credit-card holders will jump this year to 7 million 

from 4 mOtion at (be end of last year, the official Economic Information 
Daily said. Reuters. AP, AFP 


TNT Express Weighs Ties 
To ASEAN Post Offices 


Philippines Seeks to Create Warm Investment Climate 


The Associated Press 

MANILA — The Philippines 
.has begun revising foreign-invest- 
ment laws to attract and broaden 
investment, a cabinet official said 
Thursday. 

The trade and industry secretary, 
Rizatino Navarro, said the cabinet 
has already lowered the minim u m 
equity requirement for forcign- 
owned companies to 5150,000 from 
$500,000. 

• Foreign investment last year 
amounted to 14.415 billion pesos 


(5515 million), about double the 
amount in 1992. 

Manila also will e liminate invest- 
ment areas oft limits to foreigners 
and repeal a prohibition on for- 
eigners holding full ownership in 
pioneer enterprises, Mr. Navarro 
said. “Once approved by Congress, 
these proposals wifi relax invest- 
ment areas where entry by foreign 
investors were once restricted.” 

The Philippines has missed much 
of the foreign investment going 
into the rapidly developing coun- 


tries of Southeast Asia, largely be- 
cause of poor infrastructure, regu- 
lations, and social unrest 

Mr. Navarro said, “There seems 
to be a mind-set now, both in the 
public and private sectors, to really 
put our country in the right eco- 
nomic setting.” 

This week, the House approved 
amendments to a law that would 
give investors more security and 
flexibility in land tenure. 

Some of the changes have been 
demanded by foreign business 


groups. Foreign businessmen also 
have complained erf red tape and 
frequent changes in regulations. 

Mr. Navarro said a decision to 
allow the entry rrf foreign banks has 
already prompted two to sign 
leases. 

A major Japanese retailer also 
expressed interest in investing after 
hearing of a proposal to relax retail 
trade, Mr. Navarro said. 

He said the government was tar- 
geting investments in electronics, 
petrochemicals and steel 


LONDON — TNT Express 
Worldwide Ltd. said Thursday 
it was discussing a link-up with 
the post offices of the six 
ASEAN countries, a move that 
could give the delivery compa- 
ny the biggest express postal 
network in the world. 

John Mullen, chief executive 
of TNT Express Worldwide, 
said talks were under way with 
the post offices of Singapore, 
Indoneaa, Malaysia, Thailand, 
the Philippines and Brunei. 

TNT Express Worldwide is 
*50 percent owned by Australia's 
TNT Ltd. and 50 percent by 
GD Net BV, a company com- 
prising the post offices of Cana- 


da, France, Germany, the Neth- 
erlands and Sweden. 

“There are a number of coun- 
tries negotiating as blocs to be- 
come TNT Express Worldwide 
’participants,” Mr. Mullen said. 
“I would certainly hope there 
will be more shareholders in- 
volved in a year or so." 

A TNT Express Worldwide 
spokeswoman said the compa- 
ny did not intend to sell any of 
its own 50 percent stake to new 
participants. She said that new 
entrants would have to buy 
shares from the existing five 
post office shareholders or, if 
this proves impossible, join the 
network as operating partici- 
pants rather than shareholders. 



Auction sale at (he Palais de Justice of NANTERRE, Thursday, March 24, 1 994 af 2 p.m. 

SUPERB PRESTIGIOUS TRIPLEX 




' Owner safe 

SWBBUWUfaOSVTW 

RORHJTfrt 


U^rio Retiy ^ 


rwn.-.-* ^ 


trad Inn repukrty. at yoofh«**» 

,y* aatedevi of 

4*33&C?a)lB fac 33^7103639 
. • & vwfc to: i£ PAnrawKHforei 
’***■ . 34030 Wunlijjar ehfa* 0», ^ 


fr coafartaht B mown wife 



|i fj 1 






C3DE 

- 

nM'.:! >V"I 

3SX 











about 300 sq.m. 

High qualify decoration, new inferior fittings. 

Entry, double reception (private garden), dining room, large stairhead, 3 bedrooms, large bathroom with jacuzzi, 2nd 
bathroom, WC. Adjoining studio with kitchenette and washroom. Equipped professional kitchen, laundry room, 
shower, WC and stateroom. Three basement parking spaces. AircoiKfifioned, centralized alarm and locking system. 


TUI T 




[HAUT&D&5EINEJ - FRANCE 




27-31 boulevard Richard-Wallace and boulevard Commandcmt-Charcof. 

Unoccupied and Unrented 

STARTING PRICE; FF 7,000,000 

Contact Mtillre Midhel POUQ4ARD, Avacat aux Bcrreau des Hauts-de-Seme 
9, roe RbberHavergne, ASNERES (92600) - TeL 47.98.94.14 «d 49.33.40.29 
or all lawyers in the district of the Trfcunal de Grande Instance at Ncrterre 
and on site Corvid Monday March 14 aid Monday March 21 ,1994 from lOajn. to noon. 


So did neariy half 
a minimi potential 
rat estate buyers worldwide 
Shouldn't you advertise 
your proparty in the 

INTERNATIONAL 
HERALD TRIBUNE? 


y% Looking for 
property in 

Swiss real estate! Switzeitoid? 
LOVELY APARTMENT 


fax bedrooms, terras, i^bca. Prices start 
from SI. 30Q.000 k Attractive finance tanas 


Ueumd Sato Anr EcM* Broker 
Cat Pirn C. Jam M CMC 
If ca ii Mod. 

T«L'<t tliniSUS . Fasti 21/TOUU7 


SB 


£U££|{H 


r.i 


‘Tagedl 

Tt | 33-92 )6SPffF* 3M3 aiy * 


aSE.' Exausvrnf 


ARM telSjw25»« 




SPECIAL HEADING 

MARCH 11, 1994 

To place your classified ad or for more information: 
Contact the IHT in PARIS 

TdL- G»*l) 46 37 93 85 - Fm C33-3J 46 37 93 70 

OR YOUR LOCAL I.H.T. OFFICE 
OR REPRESENTATIVE 


AUCTION SALE at the CHAMBRE DES NOTAIRES 
12 avenue Victoria PARIS ler 
on March 22 , 1994 at 2 : 30 P.M 


BUILDING 43 rue Bezout PARIS 14eme 

9 floors on cellar space. SDHOP 1680 sq.m. Living space 1370 sqra 
of which 245 sqjn unoccupied. 

Visits on March 8, 16, 21 from 10D0 a.m to 1230 pin 
and March 10. 14, 18 from 200 p.m to 430 p.m 
Income FF 1.246.046. Starting price : FF 1 8.000 JQOO 

Notalre responsible for sale. 

Maftre NOIR tel. France (33) 31 21 60 38 



MEGEVE 

Recently built 280 sqm. chalet set in 1275 sqm 


uearooms witn fireplace), 4 Mtns, 2 separate 
garages, 

T«L: Faria (1] 44 94 $5 50 - FUc [1] 426617 34 


"Real Estate Marketplace" 

appears every FRIDAY 








































INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 


SPORTS 



Penn Tops Princeton, 53-43, 


Secures NCAA Tourney Slot 


The Associated Pros 


Penn is in. 

The Ivy League school became the 
first to qualify for this season’s 64-team 
NCAA college basketball tournament 
by beating Princeton, 5343, Wednesday 
night. 

The 25th-ranked Quaker (22-2, 12-01 
moved into The Associated Press rank- 
ings this week for the first time since 
1979, the year they surprised everyone 
by making the NCAA semifinals. Now 
they are back in the tournament for the 
second straight year. 

Matt Maloney led Penn with 24 
points, 4 assists and 4 steals. 

“Really, in a win this tag, you can't 
single out just one person, 71 Maloney 
said. “We all really stepped it up when 
we had to.” 

Either Penn or Princeton has been the 
Ivy League champion for the past six 
seasons. 

The Ivy league does not have a post- 
season tournament and sends its cham- 
pion straight to the 64-team tournament, 
as does the Big Ten and Pac-10. 

No. 3 Michigan, despite losing to Wis- 
consin, can clinch the Big 10 bid with 
victories in its final three games. The 
Pac-10 race is between Arizona and 
UCLA, both of which are 12-3. 

Penn, which offset 32 percent shoot- 
ing with excellent defense, forced 
Prince ton into 21 turnovers. 

The Tigers (16-8, 9-3) tied it at 39-39 
with 8:43 left on Chris Mooney’s layup 
and drew to 41-40 on Sydney Johnson's 
free throw at 6:51. But Maloney’s steal 
set up Eric Moore's three-pointer at 
5:30, making it 44-40. Princeton never 
threatened again as Penn closed with a 
9-3 run. 

No. 1 Arkansas 108, LSU 105: A1 
Dillard's three-pointer for Arkansas (23- 
2, 13-2 Southeastern Conference) sent 
the game at LSU into overtime and 
Scotty Thurman's three-pointer won it 


to give his team a share of the SEC 
regular-season title and the Western Di- 
vision title outright. 

Jamie Brandon missed a desperation 
three-pointer at the buzzer for LSU (11- 
14, 5-10), which has lost seven straight 
games for the first time in Dale Brown’s 
22 years as coach. Clarence Ceasar led 
the Tigers with 33 points. 

No. 2 Dube 73, Maryland 69: The 
visiting Blue Devils (22-3, 12-3 ACC) 
clinched the Atlantic Coast Conference 
regnlar-season title for the third time in 
four years when they won and North 
Carolina lost at Wake Forest 

Grant H31 scored 11 of Duke’s final 
21 points and finished with 19 points 


von Crudup got 19 points as the Tigers 
erased an early lead by Kansas State (17- 
10,4-9). 

No. 7 Kentucky 80, No. 19 Florida 77: 


Travis Ford’s three-pointer with 4:43 to 
go gave the host Wildcats (23-5. 12-3 


COLLEGE BASKETBALL 


and eight assists, both team highs. Duke 
has not lost to Maryland (15-10, 7-8) 
since January 1988. 

Wisconsin 71. No. 3 Michigan 58: The 
Badgers, playing at home, strengthened 
their hopes for an at-large NCAA berth 
as Michael Finley scored 20 points and 
used his defense to hold Jalen Rose to 15 
points. 


go gave the host Wildcats (23-5, 12-3 
Southeastern Conference) the lead for 
good after they came back from a 19- 
point first-half deficit. 

Florida. (22-6, 114) had a chance to 
tie, but Dan Cross’ 30-foot ( 9 . 1 -meter) 
shot sailed over the backboard as time 
expired. 

No. 10 LornsriBe 82, Southern Misas- 
sappi 75: Greg Minor scored five of his 
team-high 22 points in a game-turning 
second-half run by the Cardinals (244, 
10-2 Metro Conference). Southern Miss 
dropped to 1342,5-6. 

No. 11 Massachusetts 92, Duquesne 
7& Massachusetts (24-6, 14-2 Atlantic- 



£ \ 


Real Golf Season 
Begins, Promising 
A Battle for No. 1 




Sea- - 


51>Il 


jr... . .# ■*.. '*?*.■ • 


Ir 1 -' 


10) led Duquesne (15-11, 8-8) by 75-70 
with under three minutes left, but Donta 


with under three minutes left, but Donta 
Bright put the game out of reach with 10 
points at the free- throw line in the last 


points at the free- throw line m the last 
two minutes. 

Nebraska 89, No. 21 Oklahoma State 
81: Eric Piatkowski had 32 points and 
Jaron Boone added 15 for host Nebraska 


The Badgers ( 1 6-8, 7-8 Big Ten), losers 
f eight of 12 after an 1 1-0 start, end a 


of eight of 12 after an 1 1-0 start, end a 
nine-game winning streak for the Wol- 
verines (20-5, 12-3), who hadn’t played 
since F«to. 22 and shot just 36 percent 
Wake Forest 68, North Carolina 61: 
Randolph Childress scored 18 points de- 


(17-8, 7-6 Big Eight), which led bv at 
least six throughout the second naif. 


spite missing an eight-minute stretch of 
the second half with a shoulder injury 
and the Demon Deacons (19-9. 9-6 
ACC) posted their third upset of a top- 
five team this season. 

The Tar Heels (23-6, 10-5), after their 
worst shooting half (28.1 percent) this 
season, tnriled by 15 at intermission. 

No. 6 Missouri 68, Kansas State 59: 
The visiting Tigers (23-2, 13-0 Big Eight) 
moved within one victory of the first 
perfect Big Eight season since 1971. Je- 


least six throughout the second half. 
Bryant Reeves had 27 points and 11 
rebounds for Oklahoma State (20-8. 9- 
4). 

• The annual musical -chairs game 
played by U.S. college basketball coach- 
es has begun, with struggling Pitt, Day- 
ton, Creighton and F urman hang ing out 

“vacancy" signs. 

Paul Evans of Pitt was told his con- 
tract would not be renewed, Jim O’Brien 
was HismiwaH at Dayton, Rick Johnson 
resigned at Creighton and Butch Estes 
resigned at Fur man. 

Evans had taken Pitt to five of the last 
seven NCAA tournaments, and the Pan- 
thers were 13-5 this season before their 
current seven-game losing streak. 



Antonio Lang had a shot rejected by MmyfcmiPs Joe Smitfi, but Duke woo the ACC regular-season title. 




Utah’s 7th Straight Cools Off Spurs 


The Associated Pros 

First, it was the Houston Rockets and 
Seattle SupoSonics. Then (he Phoenix 
Suns got going, before the San Antonio 
Spurs went on a tear. 

Now it’s Utah’s turn to dominate the 
Western Conference. 

The Jazz won their seventh straight 
game, including two victories each over 
the Spurs and Rockets and one over the 
Suns, with a 106-96 triumph Wednesday 
night that snapped San Antonio’s 14- 
game home winning streak. 

“We’re playing well during this 


sparked the late charge, scoring 10 of his 
23 paints in the final five minutes. He 
scored six points during an 8-0 run that 
pul Utah ahead to stay. 

Malone pushed for the Homacek 
trade and said be was pleased with the 
early results. 

“He’s already meant a lot for us,” 
Malone said. “I don’t want to put too 


NBA HIGHLIGHTS 


stretch, but Fm trying to keep from 
getting too excited/ Karl Malone said 


getting too excited, Karl Malone said 
after scoring 24 points against the Spurs. 

The Jazz, 416 games behind Houston 
and four behind San Antonio in the 
Midwest Division at the All-Star break, 
now trail the Rockets by two games and 
the Spurs by 116. 

“If you’ve ever played in this league, 
you know as soon as you start rally 
feeling good about yourself you’re going 
to get beat by 50 points next time out,” 
said Utah's coach, Jerry Sloan. “But this 
was a good win for us. I think we’ve got 
cur heads in the right direction.*’ 

Utah got points on 11 straight posses- 
sions in the fourth quarter, outscoring 
the Spurs by 38-24 over that period to 
improve its record over San Antonio to 
4-0 this season. The Jazz hit 59 percent 
of their shots for the game and 68.8 
percent in the final quarter. 

A new acquisition, Jeff Homacek, 


much pressure on him, but he’s given us 
a big boost. He does so many little things 
that help us that don’t show up in the 
box score." 

John Stockton had 16 points and 13 
assists for Utah, while David Robinson 


scored 32 points and Viuny Del Negro 
had 22 points and 13 assists for San 
Antonia 

Lakers 97, BuBs 89: Los Angeles add- 
ed to Chicago's home-court doldrums as 
Vlade Divac scored 27 points and Nick 
Van Exd 22 

The loss was the Bulls' third straight 
and fifth in seven games at Chicago 
Stadium, after they had won 17 straight 
there. The Lakers won for just the ninth 
time in 28 road games. 

Sootrie Pippen, who had 24 points and 
13 rebounds, capped a 154 run with a 
short jumper with 3:08 left, making it 87- 
84. But Divac sank two free throws and 
Van Exd a 3-pointer with 1:30 left for a 
92-84 lead. 


Not Missing Michael 


The Associated Press 


NEW YORK — The retirement of 
Michael Jordan has not had an adverse 
affect on NBA attendance, which, 
through Tuesday night's games, was up 
1.93 percent Even that of the Chicago 
Chicago was up, by 0.08 percent. 

The two Los Angeles teams, the Qip- 
pers and Lakets, hare had huge declines, 
while the attendance of 12 teams is up 
and that of five is unchanged because of 
continuing sellout streaks. 

The largest jumps are in Texas: San 
Antonio, up 3538 percent in the new 
Alamodome, and Houston, up 20.72 
percent. 


Heat 108, Timberwofres 100: Miami 
blew a 12-point lead in the fourth quar- 
ter before outscoring Minnesota 11-3 in 
oyatime for a sweep of a five-game road 
trip. Gkn Rice had 33 points and Steve 
Smith 22 as the Heat won their sixth 
straight ovoafl. 

Clippers 118, Hornets 109: Domi- 


nique Wilkins scored 33 points, with 
four baskets during a 124) run in the 
fourth quarter, as Los Angeles handed 
via ting Charlotte its seventh straight 
loss and 15th in 16 games without Larry 
Johnson and Alcnzo Mourning. 

Cavafiera 110, Celtics 96: Mark Price 
had 32 pants and 10 assists as Cleveland 
won its eighth straight and dealt Boston 
its 13th consecutive defeat The Celtics 
last won on Jan. 30. 



Goim/Ajencc France- Pmit 

Vbde Divac tamed back BJ. Armstrong as the Lafceis banded tbe BuBs their third straight loss at home. 


By Larry Dorman 

New York Tima Service 

MIAMI — ff any doubts remained about when dte - 
real golf season begins, they were dispelled during the - 
strdl through the lobby of the Doral Resort and' 
Country. Chib. With rain pouring down on thegolf . 
coarse oatskie, the reigning royalty of the game milled 
about within. 1 

Greg Norman, tbe No. 1-rankcd player in the wodd, 
ambled through the doorway leading to Champions ' 
Restaurant. Nick Faldo, ranked No. 2, stood under an 
awning looking out at the practice putting green. Nick" 
Price, the foarth-ranked player, bounded up a stair- ’ 
case and into an interview room. 

As the Doral- Ryder Open got under way Thursday 
on the fabled Bine Monster course hoe at Doral, so. 
did the golf sea- „ 

soul The road to ‘ “ 

kiEKriS The road to the , : 

serious tuning and Masters starts at the J 

game-shaping by i u j 

the game s top Dorai-Kyder 

Open in Miami. . ■; 

So, loo, has the . 

speculation. With \ 

the game’s best players on hand — only third-ranked r 
Bernhard Law, who does not want to play four' 
weeks in a row, is missing from the top five — the time 
is right to begin tbe debate on who really is the Noi l ■ 
player in the game. 

The Sony Rankings say it is Norman, the defending ~ 
Doral-Ryder champion, who does not mind the desig- - 
nation but does not like the source. ’ 

“I don’t agree with those rankings,” he said. “Even ' 
though I’m Na 1 in the worid according to them, I 
don’t necessarily agree with them. I just don’t believe 1 
in the system. Besides, Na 1 in the world has no 
priority on my agenda.” 

The Sony Rankings alloLa certain number of points; 
to tournaments around the worid based on strengthof*- 
field. A player’s performance in those events over a 
three-year period is charted. Norman rose to the top. 
spot a month ago after his victory in the Johnnie a 
Walker Asian Classic. 

Faldo, the player who spent 81 weeks atop the 
ranking before he was displaced by Norman, regards 
both the ranking and the importance of being Na 1 
differently than Norman. 

“Sure, yeah, the No. 1 thing is important,” Faldo * 
said. “That’s a goal and the majors are a goal The.’ 
majors are mare important, but so is the other.” 

To prepare for a 1994 run back to the top spot, L t 
Faldo embarked on a grueling fitness regimen in the ', 
off season, working out for 90 minutes daily at a gym 
near his home at Surrey, England 
When he was run through a battery of tests at the 
British Olympic Association Medical Center in Nqvem- 1 
ber, his overall fitness put him among the top 2 percent,, 
of his country, and he had Olympic ratings in areas like 
leg strength, wrist strength and aerobic capacity. 

Fit and enthused, Faldo plans to play five, of the ! 
next six weeks in the United States, skipping only the 
Nestle Invitational at Bay Hill in two weeks, leading' 
up to tbe Masters winch runs from April 7 to April 10. 1 

Price also aspires to the top spot, though he shares' 
Noonan’s antipathy toward the Sony Rankings.' He’, 
jpqrnts out that be wot ] 1 tournaments, inducting one ’ 
major, during the 20-month period between tbe 1992 ; 
PGA Championship and his victory last mouth in the ' 
ICL International m South Africa. The highest rank- 
ing he achieved during that period was thud 
“To me. No. 1 on tbe money list is more important , 
than being Na 1 on the Sony Rankings," said Pnce,wbo-s 
won $2.78 inDioa last year. “But the big dung is,. I just 
want to win tournaments. If I do that, the money and the 
rankings and everything else will take care of themselves." 

Norman, Faldo and Price are all poised for what 3 
could be a monumental battle for No. 1. Norman and 
Price already have won tournaments in 1994. 

Faldo has played jusfonce, missing the cut at the 
Johnnie Walker Desert Classic Longer, who has been ■ 
working on his game with David Leadbetter, finished 
third at the Johnnie Walker in Thailan d and will-open ■ 
his United States schedule next week, one week late. - 
As Norman showed last year when his four-stroke.? 
victory hoe served as a portent for his climb bade to 
the top of the world ranking, the real golf season ’ 
begins right here, right now. Training camp is over. I 




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Aboard 






























I 





SPORTS 


PVTEHNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 




Page 19 


"*>; *>onr : , n 


Mariners Ma 
95 Season in Japan 

V Hu X^nrfMI Ptiocn •< ■ • 




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The road tf, 


Master. •>! 


Doral-fU?"" 1 * 


• oer 

Open in \i; 


samj, 


^ By Murray Chass 

, Mw M 7Wj Service 

SCOTTSDALE, Arizona — -Ne- 
gotiations are under way with pro* 
spective Japanese sponsors for the 
Seattle Mariners and another ma- 
jor league baseball team to play 
their season-opening series in Ja- 
pan in 1995- 

If the series comes about, it 
would be the first time major 
league, teams have played regular- 
season games in a country other 
than the United States and Cana- 
da-' 

Mariners officials said Wednes- 
day they believe there’s a better 
than 50:50 chance that the Japa- 
nese series will take place, bat a 
Players Association lawyer said 
“there’s a host of issues that have to 
be resolved.” 

^We’re excited about the possi- 
bility, but we by no means are these 
yet,” Lauren Rich, the union law* 


Major League Baseball Intenu- 
“it would be good for 


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ytr. said by telephone from New 
V^re not halfway there. 


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York. “W« w 

But we are in serious discussions. 
They no larger are exploratory." 

John EUis, the Mariners’ chair- 
man and chief executive officer, 
and Chuck Armstrong, the dub 
president, said the Mariners have 
proposed the Japanese series fa 
three reasons: their ownership is a 
- -Japanese group, the people who 
~'Tnake Nintendo games; their geog- 
raphy,' and the view of officials in 


. W? re talking about getting spe- 
cud dispensation,” Armstrong said 
after a meeting of the 28 dub own- 

era. gomg there early and playing 

some exhibition games, getting ac- 
climated, playing two or three 
g 3 ®*® as the opening scries, then 
coming back and taking a few days 
to get reaccfimated?’ 

In what is a secondary but by no 
means insignificant element to the 
idea, the proposal is bring negotiat- 
ed jointly by Baseball Internationa] 
and the Players Association. 

Rich said they have been in con- 
tact with prospective Japanese 
sponsors “for some cane.” 

The idea is too premature for the 
Mariners to know who their oppo- 
nent would be, but the most likely 
possibilities would be the New 
York Yankees, who probably still 
have the most recognizable name 
internationally despite their 12- 
year championship drought, and 
the Detroit Tigers, whose first 
baseman, Cecil Fielder, remains a 
hero in Japan from Ms home run- 
hitting season of 1989. 

The executive council would 
have to approve such a series, bul 
it’s not very likely that the major 
leagues’ international division 
would negotiate something and 
then have the ruling body quash it 



Tough Parma Defense 
Holds Ajax to 0-0 Draw 


The Anoaaied Press 

The Dutch league leaders Ajax 
could not break down a packed 
Parma defense in Amsterdam on 
Thursday night and had to settle 
for a 0-0 draw in the first leg of 
their European Cup Winners’ Cup 
quarterfinal. 


The Italian cup Judders looked 
pleased with thenr evening's work 


as they left the field at Olympic 
xmrni- 


■ 

Ed Aodriaki/nic Axsociilal Pita 


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Majors Moving Ahead 
On Another Expansion 


at AotmaMune Asmmal Pita 

Andres Galarraga, the home-nm-hitting first baseman who played a big part in the Rockies’ 
their first season, chatting with the team’s manager, Don Baylor, at trailring camp in Tucson, Arizona. 


Stadium in Amsterdam after 1 

tying an Ajax attacking lineup that 
has scored more than 60 goals this 
season. 

Both sides started slowly and 
passes were under-bit on a field 
made heavy by rain during the day 
in the Dutch capital. 

The home team had the best of 
the first-half chances, with Stefan 
Pettersson seeing his dose-range 
shot cleared off the line after 15 
minutes. 

Frank Rijkaard squandered an 
easy chance shortly before the in- 
terval when he headed wide from 
point-blank range after a run down 
the left side by Edgar Davids. 

Parma’s Colombian striker, Fau- 
stus AspriHa — named by the 
Dutch coach, Louis van Goal, as 
the Italians’ most dangerous player 
— never came to teams with the 
soggy field, which did not let the 
ball ran. 


placed Dan Petersen, and five min- 
utes lata Davids was replaced by 
Peter van Ossen, another of the 
attackers, as Ajax pressed forward 
fora goal. 

However the well-drilled Parma 
back line, deprived of three key 
players through suspension, held 
film, and the Italians win now be 
the favorites to progress to the 
jymi finals. 


In an evenly played second half, 

Ginda came within a foot of mak- 


With 25 minutes to go, Marc 
Ovennars, sidelined by flu, re- 


Paris St Germain 1, Real Madrid 
0: In Madrid, Paris Sl Germain 
won on a first-half goal from a 
little-used Nigerian, George Weah, 
in a first-leg, quarterfinal match in 
Cup Winners Cup play. 

Sl Germain grabbed the 1-0 lead 
in the 32d minute when Weah 
chipped the ball in ban six meters 
after a perfectly placed crossing 
pass from David Ginola. 

The goal was extra sweet for 
Weah, who became a surprise start- 
er at striker instead of the Brazilian 
RaL 

The two clubs played an even 
first half with the Chilean Ivan Za- 
morano of Real Madrid claiming 
the the Cist scoring chance when be 
hit the post to the right of the St. 
Germain keeper, Bernard Lama, 
on a header in 17th minute. 

Ginda had SL Germain’s first 
scoring chance moments later on a 
blistering shot in the 20th minute 
from 30 meters stopped by the Real 
Madrid keeper, Francisco Buho. 


! played an even spitting 
i Phifam Ivan Za- defends 


ing it 2-0 late in the half when he 
out raced a Madrid defender to the 
goal but then shot just wide as he 
failed to decoy Buho, 

Salzburg 1, ESntrecht Frankfurt 
0: Salzburg gnm«d an upset in a 
roughly played first-leg quarterfi- 
nal UEFA Cup match played in 
Vienna. 

Adolf Huetter, a midfielder, had 
the match’s only goal, taking ad- 
vantage of a rebound off a Frank* 
fun player in the 30th minute to 
boot the ball home solidly from 
about 12 meters. 

The game was plagued by fouls 
and injury timeouts, requiring 
more than 10 minutes of overtime 
in the second half alone. 

With emotions running high af- 
ter a scuffle early in the second 
period, the Russian referee, Sergei 
Kussainov, banished Salzburg’s 
coach, Otto Baric, to the stands for 
pitting in the face of a Frankfurt 
lefeadex, Kachaber Zchadadse. 


“He said a very improper word," 
Baric said after the match. “He 
insulted my mother.” 

Baric had promised aggressive 
play by his underdogs, and his sen- 
doff appeared to inspire than to 
outplay Frankfurt dining most of 
the second period, narrowly miss- 
ing several chances to widen the 
lmid 


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By Richard Justice 

Washington Pan Service 

SCOTTSDALE, Arizona — 
■_ With the rfflT/ltng successes erf the 
„■ Colorado Rockies and Florida 
Marlins in their first seasons in 
mind and an eye toward interlea- 
gue play, major league baseball has 
begun the process of adding its 
29th and 30th teams. 

The owners created an expan- 
si on study committee Wednesday. 
Headed by the general partner of 
the Boston Red Sox, John Harring- 
ton, it likdy will present a prehnu- 


nary report in June. 
Expansic 


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tp an si on almost certainly 
won't occur until the owners and 
players hammer out a new labor 
agreement Negotiaticms wfll begin 
Monday in Tampa, but it may take 
• ~ a year or more to strike a deal as 
"Owners, atten^pt to. convince the 
"■ players to accept a salary cap simi- 


lar to the one now in place in the 
National Football 

Nevertheless, once so slow to 
change, the summer g^rnie appears 
to be headed towardputting those 
new teams on the field by 1998. 
Their arrival would give baseball 
six five-team divisions and proba- 
bly mark the start of inteiieague 
play. 

Tampa-SL Petersburg and Phoe- 
nix are solid front-runners for the 
two slots. In fact, they enjoy such 
widespread support that one owner 
speculated there might be no need 
for the public beauty contests that 
preceded the 1991 expansion an- 
nouncement. 


But even thoug h the expansion 
fee amid rise from the 1991 price of 
$95 annum per team to about $200 
million, there will be no shortage of 
cities hoping for the opportunity to 
put their money on the table. 


BaiulEn Route 
To White House 


Reuters 

KIEV — O ksana Band, the figure 
skater who won Ukraine's only 
Olympic gold medal, joined the en- 
tourage Thursday of President Leo- 
nid S. Kravchuk an his official visit to 
Washington. 

“Oksana was invited by UJL Presi- 
dent Bill Clinton,” said Vasyl Kar- 
lenko, a National Olympic Commit- 
tee official. 

He added: “Clinton wants to figure 
out how a skater from a little place 
like Ukraine could have beaten 
America’s favorite, Nancy Kerrigan.” 

Clinton is to meet with Kravchuk 
at the White House on Friday. 

“din ton is going to see Oksana 
even before he meets Kravchuk,” 
Karienko said with a laugh. “She'D 
hdp to solve a lot of problems and 
make it easier for our president to 
talk with Clinton.” 


Van Hasten Barred by Doctor From World Cup 


CarpUed by Our Staff From Dispatches 

DEURNE, Belgium — Dutch soccer 
star Marco van Basten will not be able to 
play in this summer's World Cup because 
Ms injured ankle is healing too slowly, the 
doctor who operated on it said Thursday 

after an ex amina tion. 

“He wfll not be able to make it for the 
World Cup," Dr. Mare Martens said by 
telephone from Antwerp. “It cannot be 
done without taking risks.” 

“What can I say," van Basten said in 
Deurne. *TD have to listen to the doctors." 

“But it’s a positive surprise that there is 
some improvement,” he added. 

Van Basten, 29, a three-time European 
player of the year and a key striker for 
both the AC Milan dub in Italy and the 
Dutch national team, refused to set a new 
dale for Ms return to competition. 

“I used to set myself new goals but I 
could never reach them.” he said. “Now I 
can also forget about the World Cup and 
see when I can come back.” 


Martens said a scan of the anH* had 
revealed a “dear improvement But it's a 
very slow process. It hasn’t recovered 
enough to start talking about resuming 

t raining ** 

Martens operated on Van Basten’s right 
ankle a second time last June to remove 
splintered cartilage. The striker has been 
unable to play since. 

“It is a very complex problem," Martens 
said. “It needs a lot of time.” 

He said Van Basten wiD have to contin- 
ue with individual framing for at least 
three more months. At that time, be will 
check in again for another examination of 
the ankle. 

Van Basten said his training program 
mainly consisted of some cycling, swim- 
ming and fitness. 

“Sitting still doesn't serve any purpose,” 
he said. “You just get fatter and bad- 
tempered.” 

He said be had also visited other special- 
ists in Spain, the United States and the 
Netherlands, with the approval of Martens 


and AC Milan's team doctor, Roberto Ta- 
vana. 

“We always readied the same conclu- 
sions” he said. 

Van Basten first underwent surgery on 
the right ankle in late 1992, but continued 
to feel pain. 

' After being sidelined for almost five 
months, he returned to play in Milan ’s 
defeat by Marseille in the 1993 European 
Cup final and two league matches. But 
playing with pain, he was quickly off the 
pitch again. 

Now, Martens said, some progress was 
visible during scanning of toe tender an- 
kle: “There are rays of hope. The healing 
process has started.” 

Van Basten’s skills were crucial in the 
Netherlands’ 1988 European champion- 
ship and his prolific scoring led AC Milan 
to a series of domestic and international 
soccer trophies. 

His reputation made him the target of 
tough tackling, which led to a history of 


ankle injuries. In his first season with AC 
Milan, in 1987-88, he was sidelined fra: 
several months after to Ms left 

ankle. 

Van Basten was the top scorer m the 
Italian league soccer in 1990 and 1992, 
playing alon^ide Ms compatriots, Ruud 
Gullit and Frank Rijkaard. 

The Netherlands qualified for the 
World Cup without Van Basten and relied 
on the drills of striker Dennis Bergkamp of 
Inter Milan to edge out England. 

Still the Dutch team had hoped to have 
both Bergkamp and van Basten ready for 
the World Cup finals, which start June 17 
in the United States. 

The Netherlands is in a first-round 
group that also includes Belgium, Moroo- 
co and Saudi Arabia. 

“Perhaps Fm too stubborn to accept 
that it could be over for me,” van Basten 
said. “But now the picture has showed 
there is a small glimmer of hope.” 

(AP, R e u t ers) 


__ 


SCOREBOARD 


BASKETBALL 


Utah 


(V-' 

.1 _■ 

NBA Standings 



Jtt. : 






•r : j 

• ■ ■ • 

EASTERN CONFERENCE 



- 


AHantfc Dtvtefaa 






W L 

Pet 

GB 


■ ' _ 

New York. 

37 19 

461 

— 



Orlando 

33 21 

j41I 

3 



Mtoml 

31 25 

-554 

6 

•x -a . - 


New Jersey 

29 26 

527 

7V, 



Boston 

20 36 

J57 

17 


• . -- 

Ptmodetohla 

20 36 

.357 

17 

h • 


WdsWngfon 

17 3 9 

JIM 

20 

6 r : ... • 



Central Dhrtoloa 




• 


39 16 

709 

— 

* 


CNcaao 

37 19 

-661 

2W 

r: - ' 

; 

Qeveiand 

33 24 

J79 

7 


■- 

tofloia 

29 25 

-537 

9V, 



anrfotte 

23 32 

4118 

16 



MDnaukce 

16 40 

-286 

23Vj 



Detroit 

13 43 

732 

28V4 



-WESTERN CONFERENCE 



_ 1 


Midwest Dtvbtaa 






W L 

Pel 

GB 

h: 


Houston 

39 15 

722 

— 

■■ 

Sw Antonio 

40 17 

702 

Vi 



Utah 

39 » 

-672 

2 



Denvor 

27 28 

A91 

12V, 

* 


Minnesota 

16 39 

791 

23V, 

, i 


Dofias 

8 48 

.143 

32 

• 

% 


Pacific Dhriston 





SwtHe 

40 14 

741 

— 

& 


Pboealx 

36 17 

JBTt 

3V, 



Portland 

35 22 

.614 

6V, 


- 

Gulden State 

32 23 

-382 

BV, 


“ 

LA Laker* 

21 33 

.389 

19 

\ 


lAOtpaere 

19 36 

J45 

21 Vi 


, ioenanento 
WEI 

19 36 

J45 

21 Vi 

V* 

0 

WES DA VS RESULTS 




Portland 

3S 23 

33 * 

»— in 


nan 3i — in 
V 17 a M- N 
U: MotocM 11-17*4 K Homwak 7-127-7 23; 
S: RoMraen 1041 1 1-M32> Del Nwn; 7-1 AM22. 
Rebounds— UMi » { Malone 1 0). Sai Antonio 
37 (Rodman 13). AssMs-UMi 32 (Stockton 
13), San Antonio 23 (Del Neara 13). 

nan n—m 
31 31 ac a*— tie 
C : BjlckowsM 13-19 04 as Curry B-T7 M2Q; 
LA: WllUm 14-24 54 XL Ellis 10-12 *4 23. 
Rebou nd s CtortrttaS* (Canton 13), Las An- 
ottos 30 (Outtawt). Assists— awrtotto 29 (bo- 
oms 13), Las Angelas 34 (Jackson B). 


Major College Scores 




Detroit — - 

P: C. Robinson 11-20 S* 27. StrWUond 4-14 S- 
1121 Draxtor 1V792-22B. Murrov Ml W 20; 
D: Mills 13-2Q 4-5 30, Dutnoni M4 w 19. Rb- 
toweds runmtai0(Wllltoms14).PotroH49 
(Milli 9). Assists— Porttaid 2* (Strickland 
M>. Detroit 29 (Thomas TO). 

CMmlaad zr 33 3t xt — iw 

Mae 21 23 27 2»- 94 

C: Hill 74 B-n 22, Price 13-17 M 32; B: 
Deuokts 1V21 3-3 25. Oliver S-14 1-2 17. Re- 
to eea i Cleveland <1 (WUHomsi). Beston47 
(Pox 6k Assists— Cleveland 24 (Price 101. 
Baton 22 (Douglas, Brown 7). 

LA Lakers 23 21 21 2T-W 

CMcuea 22 If 24 24-j» 

LA: Dhiac 9-19 34>27, Von Exrt 7-183422; X: 
PlPPtn IT-23 04 Mi LofttMV 7-U 2-2 
to—dt Las Angeles 4* (Dlvac ID. a***; 
ss (Ptonm ra. Assists— Las Angeles 22 
IThnaH TO), eweaoo 24 (ArmsninB 7). 
Ulhai 38 W 21 » I" 

Mtnema 27 17 20 83 J-J" 

*i Rice 14-25M3X&Smim UkX2-633rM1: 
Lntttaer 9-14 3-5 21, CSmlth 7-U 4* 79. _R e- 
>*Ms-4Wami«0(5elkafy 10 ), Minnesota* 
(Utottaw 15). Assists— Miami 24 (Show si. 
* >Miuju 23 ItSmllti M- 


EAST 

Drexel 40. Delaware so 
Hartford 9a Vermont 44 
Maine 9 7. New Hampsh ir e 70 
Massachusetts 92. (*tavesne 78 
Penn S3, Pr in ceton 43 
Penn St. 73. Worth west er n 71 
P r ovi d ence 77, VH Ionova 47 
Rhode Island 49. George Washington U 
SL Joseph* 91, West Virginia 83 
Virginia 70, Virginia Tech 61 
SOUTH 

Alabama 40, Mississippi 5t. 49 
Arkansas 108. L3U 105. OT 
damson 82. N. Carolina St. 43 
Duke 73, Maryland » 

Florida St. 71. Georgia Tech 48 
Georgia 72, South Carolina 4* 

Kentucky 80, Florida 77 
Louisville 82, Southern Miss. 75 
Memphis St. 109. SE MIsmwI 83 
Mississippi <& Auhum 42 
W. Kentucky 71. Texae-Pan American 40 
wake Forest 48, North Carolina 61 
MIDWEST 
Ball SL 74, w. Michigan 47 
Cincinnati 81. DePtwl 45 
Cleveland SL 77. Buffalo S3 
E. Michigan 80, Bawling Green 77 
Evansville 73. Terw-Martta 54 
MtomL Ohio 70, Akron 40 
Michigan SL ML Iowa 72 
Missouri 48, Kronas St. 37 
Nebraska 89. OUtdwmo 51 81 
Ohio U. 71. Kent 70 
Toledo 49. Cent Michigan 56 
Wfs^MUwaukee S3. Chkaga Sl 43 
Wisconsin 71, MkhVgon 58 
SOUTHWEST 

Southern Meth. 74, Oral Roberts 43 
Texes 78, Rke 70 
Texas TecSi 94, Texas ChrWfan 90 
FAR WEST 

IL ArEeona 94. S. Utah 91. 20T 
Okkdnma 92. Cotarado 84 

TOURNAMENTS 


Us Angeles 22 33 9 S3 271 248 

Edmonton 18 38 10 44 205 20 

WEDNESDAY'S RESULTS 
Haw Jersey 0 2 1-3 

Florida 2 B 0—2 

First Period: f=-MeOanby3<(Hawgood. Lo- 
makin) (op); F-Murphy 12 (Sluvdtond). Sec- 
ond Period: NJ.-Guerln 14 (Mfllen. PMurol; 
NXNIctwIts, 14 I Stevens). Third Period: 
NJ,- Richer 23 (S. Nleder ma yer. Carpenter). 
Shots on goal: NJ (hi Vanbtosbrouck) 6-1 B- 
11—35. F (on Brodeur) 134-8—27. 

Buffalo 2 3 2:7 

Ottawa 1 1 0:2 

First Period: B-Audottr 21 IMooftny, 
Plante) (pp); O-McBaln B (Daigle. 
McUwaln) (pp) ; P -tl a werc h ufc2»l Khmvlpv, 
Dawe).Seceod Period: B-Swecney 11 (dh).-O- 
Lauer2(Lamb) (sti); 8- Ray 3 (SmotUlk. Han- 
nan); B-Boucher X Third Period: B-Boucher 
4 (Meal toy, Plante) tpo) . B-Wo«l 1 7. Shot* on 
goal: B (on Modotoy, BlUIngtOo) 49-17—34. 0 
(on Hasek) 104-11— Z7. 

Los Angelos 2 0 2-4 

Hartford 1 0 0—1 

First Period: UA.-GrenkY 33 (ward); H- 
Verbeek 31 (ZatoPsfcL Patrick) (pp); LJL- 
ZnltnUc 11 (Gretzky, RobUaOle) (pp). Second 
Period: Nano. Third Period: LA-Lang5(Ro- 
bltallln, Druco) ; l_A.-MC5«1ey 3 (en). Shots 
aa goal: LA. (on Burke) 94-11—24. H (on 
Hrudev) ii-KMF-31. 

Quebec 2 • 0-2 

MY. Rangers 1 2 2-5 

First Period: H.Y.-Lanmr 16 (sh>; Q- 
Young20 (Stodto,Sundln);Q-Rlcd21 (Butch- 
er). Second Period: M-Y_-Graves44 (Kyprros, 
Mossier]; N-Y.-Andersson 1 (Messier, 
Gartner) (shl. Third Period: N.Y^Ttkloanen 
21 (Graves. Andersson) (pp); N.Y.-Bauk»- 
boarn 5 (NemcMnov, Kovalev) (en). Shots en 
goal: O (on RJchter) 15-10-9-34 N.Y. (on FI- 
set) 12-14-1 1—37. 

0 11—2 
1 2 1—4 

First Period: W-Romanfuk 3 (Steen. Mir- 
onov) (pp). Second Period: W-Gtthen7(Ktoft 
Doml); w-Qulntol 7 (McScan); D-McKenzfe 
3 [Ctsirta, N. Bnitsn). TMrd Period: D- 
Gaoner 22 (DTOilen, Craig) (pp)J W-Dami B 
(Eogles.Zhamnov). Shots aa goal: D (an Es- 
sensa) 7-15- TO— 32. w (an Mooa) 9-11-7-27. 
Muutrtat 2 1 2-5 

Anaheim 1 ■ 1— 2 

First Period: MOamphousse » (Mutter. 
OdeMn) (pp); A-Oouris 10 rvolk. Corkum); 
M- Be I lows 24 (OdeMn, Damphousse) (pp). 
Second Period: M-Ronan S. TMrd Period: M- 
SctmettJer is (Odelein Muller) (pp); M-Le- 
Clalr 15 ( Brunet, Cartnnneau) ; A-Cantbadc 9 
(Williams, Ewen). Shots oa goal: M [on He- 
bert) 14-9-1D-33. A (on Tuanutt) 7-413-24 



SIDELINES 


Eagleson Indicted for NHL Deals 


BOSTON (AP) — Alan Eagleson, who founded the NHL players 
union and was an agent for several top players, was indicted Thursday on 
racketeering and other charges. 

A federal grand jury has been hearing testimony and reviewing 
evidence into Eagleson ’s conflicts of interest for almost two years. He was 
charged with 32 counts of embezzlement, fraud and racketeering while 
head of the NHL Players Association. 


Garrido (the Elder) Leads in Golf 


TORREVEEJA, Spain (AP) — Antonio Ganido of Spain, a framer 
Ryder Cup player who turned 50 last month and plays from time to time 
on the PGA European tour, shot 6-under-par 66 Thursday for a one- 
stroke lead after the first round of the Mediterranean Open. 

At 67 were Klas Eriksson of Sweden, Juan Qufros of Spain and 
Eduardo Romero of Argentina. Garado’s son, Ignacio — one of Spain’s 
promising young players — shot 72. 


For the Record 


Ridard Nci/Thr AaorfMa! Prea 


Wayne Gretzky, left, beat Hartford goalie Sean Brake for has 798th goal — be now needs three to tie 
Gordie Howe, the NHL’s aB-time top goal-scorer — as Los Angeks ended a nme-game winless streak. 


The United Arab Emirates qualified for cricket’s World Cup in 1996 by 
beating the Netherlands in the Inter national Cricket Council tournament 
in Nairobi. The Netherlands, batting first, scored 194 all out; the UAE, 
the pre- tournament favorite, was 195 for four. (.IP) 

WflBe A&ens, wbo with Kansas City Royals teammates Willie Wilson, 
Jerry Martin and Vida Blue in 1983 were caught trying to buy cocaine, 
has been charged with one federal count of distributing about 31 grams of 
crack cocaine to an undercover Kansas City officer. (AP) 

Dan Hearing, a former coach of the San Diego Chargers and Atlanta 
Falcons, was hired to Boston College. He succeeds Tom Coughlin, who 
left tO'Coacb the NFL expansion Jacksonville Jagoars. (AP) 

Chris Mohr signed a $2 million, three-year contract with the Buffalo 
Bills that makes him the highest-paid punter in the NFL (AP) 

Hie Banesto team will compete in this year’s Tour of Spain under an 
agreement reached with the oiganizers; triple Tour de France winner 
Miguel In duniin will ride in the Spanish race next year under the terms of 
the agreement (Reuters) 

The Los Angeles Marathon wiD be run Sunday as scheduled despite the 
Jan. 17 earthquake, race officials said. (AP) 


Qqa f tC ril p afr 

Moronoutto NJ- 8B Mount SL MoiY*, MB. 77, OT 
Rldof 74. St- Fronds. Pa » 

Robert Morris 71. MarW 52 
ftopmr 9a FafiTeWi Dtakhnon si 






NHL Standings 


: An incorrect final tabulation of 
ike medals won at the LHkharrun&' 
Winter Olympics was published Feb. 
IS. 77rfr u the correct table: 


fWHTRY 

taniay 

Germany 


G S 
10 « 


1*v.. 

fcfcflStotos 


toottno 




1 Awarded 41 


si * 


eastern conference 
A ttaaftc DtvWoo 

w L TW6FBA 
uy Ranger? 41 « 4 84 224 1« 

SiSST 34 » 9 77 226 172 

31 27 t a»w 

» 31 4 62 224 M 

26 27 10 62 177 T7B 

f^Sandoro 27 29 6 48 210 208 

M « 8 J6 172 »T 

torfl*** 

^ 34 22 9 77 219 183 

33 19 11 77 210 17S 

si M U 74 224 223 

32 26 l SSS 

34 34 S S3 282 2Jfl 

21 36 7 49 171 H6 

H « rt,0rO in 47 B 28 IS* MI 

"“"WOTE.* «■««»“ 

CoPWM DtvWon 

w L T pts OF GA 
„ 38 20 5 81 277 213 

D* tro V_ 34 19 U 79 213 180 

Toronto « a 8 76 225 208 

W' 1 ® , » 24 8 fr 2M 218 

SI. W 1 * 29 27 7 65 187 177 

OltoOOb a B 44 194 271 

padftc OtvW«p 

B 2J 18 74 235 202 

Canon v 3 43 209 206 

Vancouver „ , 2 56 178 212 

500 J#W 54 36 5 53 182 282 

AnaMto* 


INTERNATIONAL FRIENDLY 
Mexico 8. CohimUa 0 

ENGLISH FJL CUP 
FHtft RaiiDd Rcalim 
Charlton Z Bristol City 0 
Ipswich L Wehwhontpton 2 

ENGLISH LEAGUE CUP 
Semifinals, uiumi lh 
S hotfleM Wodnesdav 1, Monchostor United 4 
(Mroichdter advancoa on 5-1 u ganaati) 
ENGLISH PREMIER LEAGUE 
Tattanham l. Aston vino l 

CHAMPIONS LEAGUE 
WMaudaift Garnet 
Group A 

A5 Monaco 3. Gotata s or c y 0 
Group 9 

AnderiMhL BMgtorn L FC Porto, Porivaal 0 
AC Milan 2. Warder Bremen 1 


soa tofleklers; and Allen Bottte and Mldwel 
Huft outflekton. on lyear contracts. 

KANSAS CITY— Agreed to lemw with 
Rusty Meadwn, pltdwr, and Kevin Kos- 
lafskLoutfleklerrfai l-yoor contracts and Jose 
deJesus. pitcher, on mlnor-leogue contrncL 

MILWAUKEE— Agreed to terms wtthDouo 
Henrv and Chcrlle Rogers, pttdwr&and Mike 
Maltwfiv, catcher, an 1-year contracts. 

TEXAS— Agreed to tome with Hector Fa- 
lardo and Steve Drover, pltdwrs; Douo 
Strasw, InftoUer; and Dan Ptttler, tofletder- 
outftokser, « ane-war contracts. 




Arotek 


BASEBALL 
American League 

BALTIMORE— Agreed to terms with Jim 
Poole, Dltcher.aid Daman ButonLoutfWitar. 
en 1-yero' eontroe H . 

BOSTO N Agr sod to terms wBhKonRyan. 
pitcher, on 1-rero* contract. 

CALIFORNIA— Agreed to terms ntttiMlka 
Butcher, oltchar, an 1-yaar contract. 

CHICAGO WHITE SOX-AgroM to term 
wttti Scott sondersoa oUriier, an minor- 
league contract. Agreed to terms wttti Ro- 
berto Hernandez, Luis Andatar, James Bal- 
dwin. Brkoi Boen r t n ow. Rod Bolton, Robert 
Elite. Scott Ruffoorn and steva Schrmk, 
pttehero; Doug Undsev. batcher; Esteban 
Bsltre, Drew Denson, Gtemt DeSardna, Ray 
Durham. Nerberto Martin and Brandon WII- 


Not tonal Leaeae 

NL— Named Leonard Colemon president. 

FLORIDA— Agreed to terms wttti Chuck 
Carr and Darrell Wfittmere. ouHMden; 
Row Nen, Richie LMH6, Dave Weathers and 
Malt Turner, pttebers; Grog Cottmmn, first 
baseman; and Rick Renteria, second base- 
man, an 1-ycar contracts. 

LOS ANGELES— Agreed to terms with 
Dave Hansen tnflefeter. and Cartas Hernan- 
dez. c a tcher, on Wear contracts, 

MONTREAL— Anreed to terms with Denis 
Boucher, Kirk Rurier, Tim Scott Miguel Ba- 
tista and Pedro Morttnez. pltdtofa; Freddie 
BenavMHbCIlfl Flovd and Mike Loosing, In- 
fleWers; row Curtis Pride, outfielder. 

N.Y. METS— Aoroed to terms wtlh Rvan 
Thomason outfhrider;MawroGono,Dtteher; 
and Ttto NavTOTo. Infldder; Todd Hundley, 
anchor; Eric Hlllmon. Peto Sdwwrek and 
Frank Semlnara. rttenere; Jwrnny Bumltz, 
outfielder; Tim Bowr, shortstop; and Jeff 
McKnlgM and Jeff Kent.lnflBlder6.flii Wear 
contracts. 




FIRST ONE-DAY INTERNATIONAL 
New Zcafroid vs. PaUctao 
Thursday, to Dunedto. New Zealand 
New Zealand: 122-9 (3D overs! 

Pakistan; 123-5 (26.1 overs) 

Result-- Paklston wan bv five wkfcehk 


ESCORTS 4 GUIDES 


BELGRAVIA 

ORCHIDS 


INTERNATIONAL CLASSIFIED 


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Page 20 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 4, 1994 


POSTCARD 


Pop Press 9 Starmaker 


Joan Brady’s Theory of Ancestral Suffering 


By Howard Kurtz 


W ASHINGTON — In the be- 
ginning — all rigbt, it was 
1974 — there was Burt & Dinah 
and Jackie 0 and Martha Mitchell 
end Faye Dunaway and Raqud 
Welch and Paul Newman and 
Mary Tyler Moore. 

Some 16 Whoa copies later, the 
formula has barely changed: Fam- 
ous names, inside gossip. lots of pic- 
tures, rin g in g cash registers. Last 
week’s People magazine bad Jackie 
Ocm the cover, with inade features 
cm the likes of Mkbad Jackson and 
Mel Gibson and Jerry Garcia and 
David Lctterman’s mother. 

Peopte'is celebrating its 20th an- 
niversary with a 322-page double 
issue, two coffee-table books, a be- 
hind-the-scenes book, an $$ million 
adve rtising campaign and a two- 
hour ABC spedaL 
□ 

What is most striking about the 
spectacular success of People — a 
magazine that has pot Princess Di- 
ana cm the cover 55 times —is how 
the rest of the journalistic world 
now shamelessly pants after the 
same kinds of stories. 

“It’s the celebrification of Amer- 
ica,” says Steve Friedman, execu- 
tive producer of the “Today” show. 
“We ve come into a world where 
everyone’s treated like a celebrity, 
whether they’re a politician or an 
author or whatever." 

Two decades after the magazin e 
was launched by Tune Incu the great 
media beast has grown ever more 
insatiable, demanding more celebri- 
ties and pseudo-celebs to fill all 
those pages and ah that air time. 
And People, whose choice of a cover 
subject can cause a mflHon-copy 
swing in newsstand sales, has an 
unerring fed for who's hot and 
who’s history. 

“People is a must-read for me, 
has been for some time,” says CBS 
News anchor Dan Rather. “I am a 
hard-news guy, but Tm also a hard- 
news guy trying to last. I won’t do 
anyone much good if I’m fishing 
and drinking a fifth a day in Flori- 
da. A lot of our viewers read People 
and 1 should be reading at least 
some of what they read.” 

Landon Y. Jones, who has been 
with People since the beginning 
and is now manag ing editor, says 
his task has grown infinitely harder 
because of the explosion of media 


outlets — particularly tabloid 
shows that pay for interviews — 
chasing the same brand-name stars. 

“When we had the field to our- 
selves. we could put anybody on 
the cover," Jones says. “Anybody 
in a hot TV show or bot movie, the 
public was really interested. Usual- 
ly they had a product to push, and 
we wrote about it, and people 
bought it." Now, he says, “there’s 
celebrity fatigue, celebrity clutter.” 

Yet, People remains a kqr cp^ in 
the starmaker machinery, offering 
a nonconfrontational forum for 
those mired in controversy. “The 
general presumption is if s going to 
be a ‘friendly’ interview, Jones 
says. “I recognize that if there’s an 
unfriendly result. I'm going to have 
a PR problem with that publicist. It 
would be naive not to think that.” 

This gpolle journalism has helped 
the magazine score some wide-rang- 
ing exdusrves. It helps explain why 
Supreme Court Justice Clarence 
Thomas, after Anita Hill's sexual 
harassment allegations, posed for 
the ma gazine hu gging his wife, Vir- 
ginia, who defended him in an inter- 
view. And why Nancy Kerrigan 
granted an exclusive interview and 
photo spread (“At home with the 
injured skater as she renews her 
quest for Olympic gold”). It didn’t 
hurt that Kerrigan had previously 
been named one of People's 50 Most 
Beautiful People. 


From the beginning, founding 
editor Richard StoQey nad a basic 
formula: “Young is beater than old. 
Pretty is better than ugly. Rich is 
better than poor. TV is better than 
music. Music is better than movies. 
Movies are better than sports. Any- 
thing is better than politics. And 
nothing is better than the celebrity 
dead.” 

Stoll ey, now a Time Inc. execu- 
tive, also decreed a focus on “ordi- 
nary people caught up in extraordi- 
nary circumstances,” which 
broadened the weekly's appeal. “If 
we tried to be an all-celebrity mag- 
azine. we would’ve run out of celeb- 
rities and it would not have token 
hold the way it did,” he says now. 

Fortunately for People, many 
famous-for-bemg/amous folks can 
be endlessly recycled The 20th an- 
niversary issue, retailing the fuss 
over ^jiggle TV," offers a reunion of 
“Charlie’s Angels” — Farrah Faw- 
cett, Kate Jackson and Jadyn Smith 
— in a cleavage-baring centerfold 


By Susan Keselenko Coll 

r T' OTNES, England — Joan Brady has 
X some taks so jarring they seem utterly 
at odds with her placid life in this pictur- 
esque Devon village. Her grandfather was 
soul into slavery at the age of A and her 
latest novel, “Theory of War,” weaves fact 
with fiction to tell the story of a boy who 
endures humiliation, starvation, ana bru- 
tal beatings, induding the extraction of his 
full set of teeth with a copper-plated 
wrench. 

What distinguishes this account from 
most others is that hear grandfather was 
white, and was “bound out” for $15 in a 

S raetice not uncommon after the Civil 
far. Startling British readers with this 
unsavory slice of American history, “The- 


ory of war” was recently selected as the 
Whitbread Book of the Year, catapulting 
the novel onto bcst-sdkr lists. An unas- 
suming 54-year-old widow with a beat-up 
Volkswagen too old to insure, this httle- 
known writer is the first woman to win the 
prestigious £23,000 ($34,250) prize, and if 
her ancestral tale raptures the imagina- 
tion, her own life story is every bit as 
poignant and painful as her book. 

An intelligent, reflective, and gripping 
novel, this book is not a soothing read 
Aside from the unhappy lives of every one 
of her characters, there is her unrelenting 
use of harsh metaphor. A brain-damaged 
child bites all the skin from her hands, 
letting ants feast on what is left of the 
flesh; her grandfather spends his life 
haunted by graphic dreams of squashing 
tobacco worms; and readers are presented 
with the reccuring image of an animal 
eating its own innards. 

Brady grew up in San Frandsco, dis- 
missing such stories as background noise. 
“Youknow the way parents leD you about 
their parents,” she says, “it doesn’t matter 
what they say. you’d just accept 
it . . . You just make the assumption 
that whatever they say is sort of duU, it’s 
old, you just don’t pay much attention.” 

But about 10 years ago it occurred to the 
writer that ter family history was not quite 
typical. Slavery aside, there were the sui- 
cides. Brady’s grandfather, years after es- 
caping and starting his own Family, starved 
himself to death. Then, in the next genera- 
tion, four of his seven children, inducing 
Brady’s own father, who was an economics 
professor at the University of California at 
Berkeley, took their own lives. 

Her sister’s therapist observed that the 
family bears all the hallmarks of alcohol- 
ism. “But alcohol has no part in it," she 
writes, “it’s the emotional skids and the 
dark anger that taint anybody, black or 
white, even at the distance of two genera- 
tions away from slavery." 



In contrast to her jarring prose, Joan Brady leads a placid life in a Devon village. 


If any such anger remains in Brady, she 
has done a remarkable job of sublimating 
it in her work. Rather than deep-set rage, 
what one detects is an air of sadness; her 
husband died five years ago after a long, 
degenerative illness, and the experience 
seems to have sapped some of her strength 
and spirit 

As a young ballerina in San Fransisco, 
Brady round herself deeply attracted to 
the writer Dexter Masters, author of the 
1955 novel "The Accident.” Masters was a 
dose family friend, a contemporary of her 
parents, married to an artist for The 
New Yorker. 

The 18-year-old Brady moved to the East 
Coast to dance, and quickly landed a role 
with the New York Gty Ballet before quit- 
ting to study philosophy at Columbia Uni- 
veraty. Masters happened to live there, too. 


and after his wife died, the romance began. 
There are other juicy tidbits to the story, bait 
Brady says we will have to wait for her next 
novel to find item out 

They were married for 25 relatively in- 
sular years. “I thought he was fascinat- 
ing," she says. “We (Sd stay very much to 
ourselves, which I think is probably not a 
very good idea, even if it seems like it at 
the time." 

Since Masters's death she has found her- 
self in a state of “posttraumatic shock," 
unab le to either read for pleasure or listen 
to muse Although rise has a grown sen 
who fives in Cambridge, she is otherwise on 
her own in the house that she and Masters 
bought when they first arrived here on 
vacation three decades ago, with a baby in’ 
tow and no definite plans to stay on. 

Even if Irving alone is not her preference, 
solitude seems to serve her writing wdL 


Describing the life of any female writer who 
always has half her min d focused on what 
to cook fra dinn er, Brady finds herself 
strangely liberated these days. 

Her independence may have likewise 
affected her style. One reviewer comment- 
ing on her 1979 novel, “The. Imposter," 
quipped that if she would just unclench 
her teeth she might have something, and 
with “Theory erf War” she seems to have 
done just that It is not a particularly 
“ feminine " book, rite says, and Brady 
speculates that the novel, which met with a 
tentative critical reception when it was 
released, might have been reviewed differ- 
ently bad she been male. 

“If h had in fact earned the name John 
Brady, I think the reception might have 

beat different I may te reading into 

this, but I rhink they just don’t like it when 
a woman writes lflce that” 

Although Brady’s first two books were 
published in America, “Theory of War” has 
so far had a shaky reception at home. Sales 
have been disappointing, she says, and she 
hopes that the recent spate of Whitbread 
pubfirity will generate some trans-Atlantic 
interest when the paperback is released 
there this week. 

Even from the start, the book seemed 
destined to ™ke its way ratio English turf. 
The manuscript was originally tamed down 
by Brady's New York agent, and only came 
to fight when her Totnes neighbor, best- 
selling novelist Mary Wesley, passed the 
novel on to her own editor who thought it 
was, says Brady, “a seriously good book." 

Since the prize was announced in late 
January, Brady has been the subject of a 
controversy that began when she trans- 
posed the name erf a source in the back of 
her book. Once die provided the correct 
name of the author, Chaimcey Del French, 
and his 1938 out-of-print book, “Railroad- 
man,” she was accused of plagiarism by 
rate of the Sunday tabloids. 

Brady defends her work, claiming the 
she d id not use the portions in question. 
This is “very szDy stuff,” she says. “It is 
one of those situations where yon get held 
up for your virtues and not for your vices," 
suggesting that if she hadn't bothered to 
acknowledge her source, she might have 
saved hwatf this particular headache. 

Despite the angst of being under such 
dose scrutiny, there are other, objective 
rewards. Mentally calculating current in- 
terest rates, Brady muses about the prize 
money. A new car figures into her fanta- 
sies. but the rest will probably go into 
savings. “It’s got to go in the bank," she 
says. T can't believe this sort of thing will 
go on.” 

Susan Keselenko CoD is a free-lance writ- 
er living in London. 


PEOPLE 

'Schindler's List' Opens 
In City Where It Began 

More than 900 people attended 
the Polish premiere of Steves 
Spielberg’s “Schindler's List" in 
Krakow, where ihe movie about the \ 
Holocaust was filmed and where 
the real story happened. “We can- 
not look into the future without 
r ememb ering the past,” is the film's fU 
message, said Spielberg, who was 
on band for the opening. He was 
then to leave for Israel to attend the 
film’s opening there. 

O 

Boa tie fans take heart. Finally, it 
appeals, Pari McCartney, George 
Harrison and Rin$> Starr are sing- 
ing together again, albeit amid 
much secrecy in England They re- 
portedly have been spending much 
of the last month recording new 
songs, including “Free as a Bird,” a 
slow, graceful John Lemon ballad. . 

D 

proposals to build wind farms in 
and around the English village of 
Haworth, the area that inspired 
Emily Bronte’s "Wuthering 
Heights” have produced an outcry. 
Edna O’Brien, Alan Ayckbourn, 
Muriel Spark, iris Murdoch and 
Tom Stoppard, among others, 
signed a recent letter of protest in 
The Times Literary Supplement. 

□ 

little Richard, the Shirefles, the 
Coasters Jerry Butter and Bn E. 
King were among 13 groups and 
artists honored at the 5th Annual 
Rhythm & Blues Foundation 
Awards Show in New York. 

D 

Ed Sddossberg, the husband of 
CarottneKramedy, has been cleared 
of a eiatm that he ran his van into _ 
John Wbooley. a tourist who was 
videotaping the family's estate in 
Palm Beach, Florida. Prosecutors 
said Whodey's video didn't show 
anybody getting hit. 

□ 

Charles Althorp has warned his 
sister. Princess Diana, in an “emo- 
tional and intimate" letter, against 
looking foolish by appearing loo 
much in public after declaring her 
withdrawal from the media spot- 
light, Today newspaper reported in 
London. _ _ 

IIVTERIVATIONAL 

CLASSIFIED 

Appears on Pages 4, 8 & 17 


Q- r 8 , i i 

biCo lll ' ia ! 

it . T. ' , r\ M 

i if\: 

: ff(i0 u 


WEATHER 


WEEKEND SKI REPORT 


Europe 


QVOTtaQan 

Carta Dirt Sol 
OuHn 


SLflrtmtiwg 

&taeMvtoi 


Today 

Mgh Low W 
OF OF 
20JBB 1ZJ&3 • 
W48 2/35 • 
11*2 1*4 sh 

18*4 7*4 « 
18*4 8/48 a 

8/48 -1*1 r 
7/44 1*4 C 

12*3 4*9 pc 
7/44 -1*1 I 
SMI 2*8 a 
19*8 12*3 ■ 
12*3 7/44 c 

9 MB 7M4 e 
18*1 2*5 a 

7M4 -1*1 ah 
13*9 3*7 a 

-4/28 Ml/13 al 
12*3 4*9 ah 
25/77 14*7 a 
18*4 12*3 a 
12*3 7/44 a 

18*4 10*0 C 

18*1 2*8 a 

•1*1 -11/13 a 
7M4 -2*9 pc 
18*4 4*9 a 

2*8 -1*1 pa 

18*4 10*0 a 
14*7 8/43 pc 
6M1 -2*9 1 
3*7 -1*1 bi 
18*4 8/43 a 

■1*1 -8*2 rf 
1*4 -4*5 I 
12*3 1*4 a 

4124 -11113 * 
12*3 3*7 pc 

7/44 -1*1 di 
3*7 -3*7 an 
12*3 1*4 a 


Tomorrow 
Mgh Low W 

of ae 

18*4 11*2 a 
11*2 4*9 ah 
2*6 -8*2 wi 
15*9 8M3 po 
18*8 11*2 a 
8/48 3*7 pc 
12*3 2*6 pa 
13*6 3*7 ah 
8/4 8 3*7 a 
BM8 0*2 C 
20*8 12*3 a 
ID ISO 4*9 r 
8M8 409 ah 

17*2 8/48 a 
12*3 205 pc 
15*9 4*8 a 
104 ■ 7*0 c 
9M8 1*4 ah 

23/73 18*1 pc 
18*1 10*0 ah 
10*0 3*7 ah 
19*8 7*4 a 

18*4 8M3 a 

1*4 -8/18 pc 
13*8 307 pc 

18*4 9 MB a 
4*8 -2*9 an 
18*4 12*3 a 
18*1 6M1 ah 

9/48 2*6 pc 
2*9 - 2*8 pc 
18*4 TM4 a 
2*6 -6*2 c 
7M4 -1*1 an 
17*2 307 pc 
2*8 -8122 c 
14*7 8/46 a 
11*2 409 a 
8/43 104 pc. 

17*2 409 pc 


Oceania 


Forecast for Saturday through Monday, as provided by Accu-Weather. 






JaUraam 


I U n a— onaMy 

Cold 


Un aa aaondrty 

KM 


North America 

Heavy snow wffl blanket the 
Marilfmes this weekend. 
More tranquil weather will 
return to the Northeast, 
allowing residents la dean 
up from this week's major 
snow and ice storms, Scat- 
tered rain wi shift from San 
Francteco to Phoenix later 
Ms weekend Wo Monday. 


Europe 

Heavy raina win persist hum 
northern Scotland to western 

Norway later this week. 
Heavy snow will continue 
over me interior of Scandi- 
navia. London to Paris wBI 
be mild Saturday Into Mon- 
day with a tew showers 
across London. Spain to Raty 
wW hove spring* e warmth 
this weekend. 


Asia 

Tokyo will be quite windy 
Saturday, then dry and mBd 
Sunday Into Monday. Sap- 
poro wM have a few mgerfng 
snow showers Saturday. 
Dry, moderate weather Is 
expected Sunday Into Mon- 
day. Manta will be dry and 
mum whBa scattered rains 
soak south-central Chtnai 


Bangkok 

Badno 

Hang Kong 


Today Tomorrow 

19*1 Low W Mgh Low W 
OF OF OF OF 


Middle East 


Today To r -row 

Mgh Low W Mgh Low W 

OF CF OF CIF 

21/70 12/93 a 21/70 12*3 pc 

27*0 9/48 * 28/79 12*3 pc 

18*4 S/41 • 18*4 7M4 pc 

19*8 8MB a 18*4 9M8 pc 

32*9 9/48 ■ 32*9 13*5 pc 

24/75 14*7 pc 27*0 14*7 pc 


Latin America 

Today Tomorrow 

Mgh Low W M* Low W 

OF OF OF OF 
Buama/lns 32*B 22/71 pc 31*9 21/TO a 

Caracas 29*4 23/73 a 29*4 28*3 po 

Uma 25/77 20*8 po 27*0 21/TO pc 

ModcoCty 22/71 10*0 a 23*3 7M4 po 

RtodaJawfeo 31*8 28 m I 29*4 23/73 pa 

Sarttaga 31*8 18*1 • 38*7 18*4 pc 


22/71 16*9 pc 29/73 18*1 pc 
24/76 18*4 po 24/75 17*2 pc 


LagwKfc o-eunny, pc-pertty dandy, ixaoudy. Wv-ghowere. W un daralonie. r-reta. rtonow ftitica. 
anonow, Hce, W-WeoBier. Ml maps, forecasts and data provided by Accu-Weather, Inc. © 1994 


N0oa 18*4 12*3 go 19*8 13*6 po > 

Capa Town 24/78 19*6 pc 27*0 17*2 pc 

CaaatAaca 22m 9/48 • 21/70 BM8 pc 

Ham 22/71 SMB pc 28*2 11*2 pc 

Lagoa 31*8 27*0 0 32*9 28/70 po 

Nafrofal 23/73 11*2 pc 2B/7B 14*7 pc 

IWk 23/73 7M4 a 22/71 11*2 pc 

North America 


Mnw -9/18 . 
Mania ztm 

Barton 6M1 

Chicago 9M8 

Oanmr 18*4 

Dam* 7M4 

HonoUr 29*2 

hausen 28/79 

Los Angelas 24*8 

Mori 24/76 

Wrap* BMB 

Mmheai -8*7 

Nassau 27*0 

Maw York 8/43 

Phoank 37*0 

SanFmn. 18*4 

Beads 11*3 

Toronto -1*1 

WflwrW io an 10*0 


Depth Min. Res. Snow Last 

Assort L U PMa ptstas State Snow Commeoto 

Andorra 

Pas data Casa 140190 Good Open spring 1/3 FuHy open, good spring anting 
Sotdeu 130 220 Good Open PCM 1/3 AHMsopen, mostly good skltag 

Austria 

Igts 0 SO Fair Ctsd Var 2/3 Open pistes sting we* 

Kitzbuhel 40140 Fair Fair Var 1/3 Top stapes good, poor tamer dom 

Saalbach 40130 Fair Open Var 1/3 AHMsopen, mpermns goad 

Schladming 40 ISO Good Worn Var 1/3 Good above 1200m 

S t-Anton S0g80_Good_Fitff Var 1/3 Ptenyat good gtihgmtiUUe 

France 

Aiped'Huaz 150 290 Good Fair Var 2/3 Good sting most pistes 

Lea Arcs 105 320 Good Fair Var 2/3 Runs a tote slushy beta* SOOltai 

Avortaz 180 220 Goad Fair Var 2/3 Good titing. spedeHy + IBOOn 

Chatel 30150 Fair Open Var 2/3 ttaper stapes sting wbB 

Chamonix 45 370 Good Fax Var 2/3 AS Bits open, mostly good 

Courchevel ISOIflO Good Good Var 2/3 AH Sts and pistes open 

LOS Deux Alpes 50 310 Good Open Var 2/3 Fresh snow, mostly good 

Flalne 105315 Good Fak Hvy 2/3 Generally good, gars open 

bote 250 320 Good Good Var 1/3 Grertskftw 

Mdrtbel 60 190 Good Fair Var 2/3 Good sting, best * IBOOm 

La Ragne 160 300 Good Fair Vnr 2/3 Good everywhere ahme 2000m 

serre chevalier 50 175 Good slushy Var 28/2 Bast above mU stations 
Tlgnes 150300 Good Good Var 2/3 Good sting most pistes 

Vdd'ksrie 130 365 Good Good Var 2/3 Good sting, bit slushy bottom 

VriThorera 140 300 Good Good Var 2/3 Good sting with racer* nemsnow 


5 240 Good Some Var 2/3 Good upper stapes, patchy tamer 

5180 Good Soma Var 2/3 Good sting, tower runs patchy 

10150 Fair Open Petal 1/3 BOcm snow et bormto 2000 


40 140 
40130 
40150 
50 280 

Fan 

Fak 

Good 

Good_ 

Fair 
Open 
Worn 
_ Fair 

Var 

Var 

Var 

Var 

1/3 

1/3 

1/3 

1/3 

Tap slopes goad, poor tamer down 
AHMsapen, mper tens goad 
Gaadaboee 1200m 

Ptamy at good sting eygUUe 

150 290 

Good 

Fair 

Var 

2/3 

G cod sting most pistes 

105 320 

Good 

Fak 

Var 

2/3 

Risk a ftto slushy below 2000m 

180 220 

Good 

Fak 

Var 

2/3 

Good sting. spedeHy + IBOOm 

30 150 

Fak 

Own 

var 

2/3 

Upper stapes sting weB 

45 370 

Good 

Fax 

Var 

2/3 

AHMsapen. mostly good 

150160 

Good 

Good 

Var 

2/3 

All Ms end pistes open 

50 310 

fowl 

Open 

Var 

2/3 

Freshmnr. moody good 

105 315 

Good 

Fak 

Hvy 

2/3 

Generally good, gars open 

250 320 

Good 

Good 

Var 

1/3 

Gmot skBng 

60 190 

Good 

Fak 

Var 

2/3 

Good sting, best ♦ IBOOm 

160 300 

Good 

Far 

Var 

2/3 

Good everywhere abate 2000m 

50 175 

Good Pusrty 

Var 

28/2 

Best abase mid stations 

150300 

Good 

Good 

Var 

2/3 

Good sting most pistes 

130365 

Good 

Good 

Var 

2/3 

Good sting, bit shahy bottom 

140 300 

Good 

Good 

Var 

2/3 

Good sting with recent nowsnow 


Garmtach 

Oberstdort 


Raoul 

Gervtnia 

Cortina 

Courmayeur 

Selva 

Sealriere 

80 1—1 

Trysil 


Depth Min. Roe. Snow Last 
L U Ptaiea PM— State 8now Comments 

70 350 Good Good Var 1/3 Good sting on most petes 

15 110 Fair Open Var 6/2 AH 40 Ms open good sting 

110 250 Good Same Var 1/3 AH Hits open, generally good sting 

40 100 Fair Open Pckd 24/2 AH Hits, and seHa rondo open 

12Q2S0 Good Good Fckd 1/3 Good sting, mHky way inks open 

150 200 Good Open Pwdr 3/3 Fmsh snow, oxcetent skiing 


mole 


La Molina 30100 . Fair Open spring 2Q/2 Typical spring conditions 

Swtti erUnd 

Arosa 110110 Good Open Pwdr 2/3 Good sting w%n fresh srxw 

Crans Montana 40160 Far Fair Var 2/3 Good + 3000m, p&no mono best 

Davos 75190 Goad Fair Var 2 3 Good sting, sugary snow tower 

Grindelwald 10 100 Fair Worn Var 2/3 stsi good above iSOOm 

St -Moritz 120 250 Good Open Var 1/3 Deep enmuctner at bH levels 

Vert ter 20 350 Fair dusfty Var 1/3 Unrest runs a Mile slushy 

Wengen 20 80 Fair Wb/n Hvy 2/3 Upper slopes toting our wen 

Zermatt 60210 Good poor Var 2/3 Good sting, home runs m om 

IL1 

Aspen 145 155 Good Open Var 26 'Z AHBMsopen 

Heavenly 105 245 Good Open Pckd 1/3 21. 34 etts open 

Mammoth 165 210 Good Open Pckd 27/2 24-30 Arts open 

Park City 90 190 Good Open Var i>3 1 4 Ms open 

TaliurMa 135 155 Good Open Var J '3 AO torn open 

Vail 125158 Good Open Var 1/3 AH 25 lifts and back bc*4s 


Good Open Var 26'Z Alt B Ohs Open 

Good Open Pckd 1/3 21.24 Bits open 

Good Open Pckd 27/2 24-30 open 

Good Open Var 1-3 14 Ms open 

Good Open Var ?.'3 AO to Ms open 

Good Open Var l/3 AH 25 nils end back herds open 


Whrstter 55 28S Good Open Va 2/3 Gereraflv good, best + IBOOm 

Key UUtteptfi fc cm on tower and upper slopes. Mtn. Mota-Mountainside pistes. Roe. 
Ptetee-Runs toadng to resort v«aga. ArtAntflcia! snow 

Reports suppPeo bv the Ski Club of Gram Britain 


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Armenia- 

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Bulgaria 

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France 

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8*14111 Bahrain 

022-905-011 Cyprus* 

OTrt-i 1-0010 bred 
00-1800-0010 Kuwait 

99-38-0011 Lebanon (Beirut) 
00-42<H)01§1. Saudi Arabia 
8001-0010 Taring* 


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vsi 

90099-00-11 

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800-001 

" 080-90010 -52“ 

177-100-Z727 *££ 

800-288 


Lotomba 980-11-0010 ' 

'Costa Rka*a 114 

Ecuador* 119. 

HSahadca'a 190 ’ 

■ Guatemala* 190 : 

OarmstsT* 16? 

Honduras^ 12j 

MexkOAA* 95800462-4240 

NfearagM (Maneges) 174 

Pmtsam 109 

Pent* 191 

Suriname 156 

Uruguay 004)410 

Venezuela- 80011-120' 

CARIBBEAN 

Bahemae 1-800872-2881 


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Grenada* 


426601 Ndh-AntU 
1-800-100 ’ ■ St Kto /Nevis 

00-800-12277* 


9800 ~ 100 ~ 10 AMERICAS Egypt" (Cairo) 

19*4)011 Argentina* 001-800-200-1111 Gebog* 

01304)010 Beifae* ' ' 555 ' Granhia* 


1-800-872-2881 

i -800-872-2881 
b 1-300-872-2881. 

1-800-872-2881 . 

001-800-972-2883 

0- 800-872-2881 '. 
001 ■800-072-2881 

1- 800-872-2881 
AFRICA 

>) 5104)200 


0130-0010 Bribe* 
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00*-8004)lin Brad 
999-001 chBe 


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000*010 Liberia ; 

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C 1994 ABET